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T H E M O N TH LY Business C o v e r in g B u s i n e s s a n d A g r ic u ltu r a l C o n d itio n s in R th e eview S ix th F ed era l R eserve D is tr ic t. FED ER A L R ESER VE BANK O F A TLA N TA JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent WARD ALBERTSON, Assistant Federal Reserve Agent VOL. 7 ATLANTA, GEORGIA, DECEMBER 31, 1922. NO. 12 EDITORIAL NOTE: Beginning with this issue we publish a national summary of business and credit condi tions which is to be prepared eacli month by the statistical services of the Federal Reserve Board and the Federal Reserve Banks. This summary will deal with the latest available facts regarding production, prices, trade and bank credit. The figures for banking will be those of the current month, but the other figures will necessarily relate to the preceding month. The index of production includes the following 22 series: pig iron, steel ingots, cotton, wool, wheat flour, sugar, hogs slaughtered, cattle slaughtered, calves slaughtered, sheep slaughtered, lumber, bituminous coal, anthracite coal, copper, zinc, leather, newsprint, cement, petroleum, cigars, cigarettes, manufactured tobacco. In combining these series in a single index the different items have been weighted in accordance with their relative importance. Allowance has been made for seasonal variations, so that the index does not reflect changes due to seasonal causes. The combined production index compares current output with the production in 1919. The wholesale price index is that of the Bureau of Labor Statistics which uses average prices in 1913 as a base. SUMMARY OF BUSINESS CONDITIONS IN THE UNITED STATES. The volume of production and employment continued upward in November, and prices registered a further advance. Production Contrary to the usual trend at this season of the year production in basic industries in November continued to increase. Since July, 1921, when production was lower than at any time in recent years, there has been an almost un interrupted rise month by month. The index illustrated in the chart, in which allowance has been made for seasonal changes, shows that production in basic industries during November was 52 per cent higher than in July, 1921, and 7 per cent higher than in October 1922. The chief advances from October to November were in mill consumption of cotton which reached a monthly total exceeded only once since 1917, and in the production of pig iron which was larger than at any time in the past two years. Building operations were maintained on a large scale despite the ap proach of winter. Final estimates for the year placed the yields of all principal crops ahead of 1921, except that of corn which was unusually large in 1921. As a result of these larger yields and the higher prices as well, the total farm value of crops grown in 1922, based on prices received at the farm, as of December 1, is estimated to be 25 per cent larger than in 1921, but 17 per cent less than in 1920. Increased production was accompanied by continued heavy freight movement. The total number of railroad cars loaded during November was substantially larger than in the corresponding month of previous years, although 5 per cent less than in October. The decline in the demand for cars and a further decrease in the proportion of cars out of repair have resulted in a considerable reduction in the freight car shortage. Demand for labor continued to increase, as shown by the volume of employment at industrial establishments. Local shortages of labor were reported by steel mills, textile mills, and building contractors in eastern districts, but some surplus of common labor was reported from agricultural districts. Wholesale Prices Wholesale prices advanced during November and reached the highest level since March, 1921. The rise of two points in the Bureau of Labor statistics index to 156 was due chiefly to advances in the prices of farm products, foods, and clothing, which rose to the highest point of the year. These advances more than offset the decline in the prices of fuels and metals. Volume of Trade Wholesale trade in lines reported to Federal Reserve Banks was substantially larger during November than in the corresponding month last year. Sales of department stores and mail order houses during November were also larger than a year ago, and reports of Christmas trade thus far received indicate sales larger than in either 1920 or 1921. The volume of payments by check was 7 per cent smaller in November than in October, due partly to the smaller number of business days, but was 10 per cent larger than in November 1921. Bank Credit During the period between November 22 and December 20, Federal Reserve Banks have been called upon to supply the extra currency needs of holiday trade, and this demand is reflected in an increase of $157,000,000 in Federal Reserve Note Circulation, bringing the total to the highest point for the year. A decline of $43,000,000 in gold reserve was also largely due to increased use of gold for currency purposes. The total earning assets of the Federal Reserve Banks rose during the period $145,000,000 partly in response to the demand for currency, and partly in consequence of heavy government operations on December 15. In the four weeks prior to December 13, the loans and investments of member banks in leading cities were little changed, though in the latter part of the period a renewed demand was manifested for commercial loans, off-set to some extent by a decline in investments. T H E M O N T H L Y B U S IN E S S R E V IE W 2 SIXTH DISTRICT SUMMARY Continued improvement in fundemental business condi tions is indicated in reports made to the Monthly Business Review for the past few weeks, and in statistics compiled by the Federal Reserve Bank and various other agencies. Retail and wholesale trade in the District are showing sub stantial improvement over conditions existing a year ago, and other lines report progress in the face of some obstacles. The transportation situation, which has not yet been fully rectified, has been improved considerably during the past few weeks, and shipments of coal and lumber, and other commodities, are being made with better prospect of reaching their destinations. The fact that retail prices of coal remain high, however, indicates that the supply of cars for the movement of coal has not yet become adequate. Wholesale firms in other lines also report that they are still experiencing some difficulty and delay in receiving their consignments, although the situation has recently shown improvement. Evidences of improvement are also contained in the fact that failures in the Sixth District have declined more than 40 per cent in number, and 48 per cent in liabilities, in Novem ber of this year compared with the same month a year ago. The volume of debits to individual accounts for the second week in December this year also show an increase of almost 17 per cent over the corresponding week in 1921, while both IN D E X O F P R O D U C T IO N PERCENT Manufacturing in the District continues to show increased output. Statistics compiled by the Census Bureau show that the consumption of cotton is increasing not only in the United States as a whole, but also in the cotton-growing states, and reports made to the Review by Mills manufac turing cotton cloth, yarn, hosiery and overalls show that the output during November 1922 was larger than in October and substantially greater than in the same month last year. RETAIL TRADE The volume of sales during the month of November by department stores in the Sixth District which report to the Monthly Business Review showed improvement, in the aggre gate, over the corresponding month last year. A noticeable increase is indicated in reports from four stores in Birmingham, where November 1922 business was more than 23 per cent greater than in November 1921. Chat tanooga stores reported figures which showed an increase of 7.2 per cent, and Jackson firms showed an increase of nine-tenths of one per cent, while reports from miscellaneous cities in the District, less than three from each city, showed an increase of 9.5 per cent over November last year. De creases were registered by Atlanta, Nashville and New OrPRICES IN B A S I C I N D U S T R I E S C O M B IN A T IO N OF 22 IN D IV ID U A L SE R IE S C O RRECTED FOR SEASONAL VARIATION demand and savings deposits continue to show increases over figures for the same period last year. ( 131$ =100 ) INDEX NUM BERS OF W H O LES A LE PRICES U. S . BUREAU OF LABOR S T A T IS T IC S PER CENT PER CENT ( MONTHLYAVERAGE 1913 * IOO) PER CENT LATEST FIGURE-156 BASE ADOPTED BY THE UNITED STATES BUREAU OF LABOR STATISTICS a T H E M O N T H L Y B U S IN E S S R E V IE W leans, but the largest of these, Nashville, was only 3.3 per cent. Cumulative sales from July 1 to the close of November showed a decline of two-tenths of one per cent. The volume of merchandise in stocks at the end of Novem ber was 5.1 per cent smaller than at the same time in Novem ber 1921, although increases were shown at Atlanta and Jackson. Compared with stocks on hand at the end of October, November figures showed increased supplies of goods at Birmingham, Jackson, and New Orleans, and an average increase for the District of 1.2 per cent. The relation of stocks on hand to the volume of sales, for the cumulative period July 1 to November 30 for the 36 re porting stores, was 499.2 per cent, and indicates a turnover at the rate of 2.4 times a year, while the figure for October 30, 554.9, showed a turnover at the rate of a little less than 2.2 times. Correspondent department stores report that their col lections are improving, and that their holiday business is developing in much larger volume than during November. The colder weather in the past two or three weeks has also added incentive to winter buying. CONDITION OF RETAIL TRADE—NOVEMBER 1922 Sixth Federal Reserve District Percentage of Increase or Decrease (3) (1) (2) (4) Comparison of net sales with those of corresponding peri od last y e a r _______ Atlanta (4).............. Birmingham (4)___ Chattanooga (4)._. Jackson (3)............. Nashville (4).......... . New Orleans (4) . . . Other Cities (13)... District (36)______ United States (506). A November B July 1 to date — 0.6 + 3.3 +18.2 4.9 5.7 +23.1 + 7.2 + 0.9 — 3.3 — 1.5 + 9.5 + 3.9 + 9.0 VO LUM E OF PAYM ENTS + 1.0 5.4 — 3.1 — 0.2 + 6.0 Stocks at end of month compared with A same month last year + 9.4 — 8.8 — 0.7 + 2.9 — 7.7 — 4.8 — 0.6 BILLIONS OF DOLLARS 4.3 5.9 x x 6.4 — 1.1 + 1 .2 + 2 .2 BY CHECK 484.3 426.4 812.0 523.7 515.5 484.2 577.6 499.2 397.7 +1.5 — 11.1 —05.1 Percentage of out standing orders at end of November to total purchases dur ing calendar year 1921 — 1.1 +9.3 —2.4 +3.4 —1.3 C H E C K S D R A W N O N B A N K S IK 1 4 0 C E N T E R S . N E W Y O R K N O T IN C L U D E D B last month Percentage of average stocks at end of each month from July to date to average monthly sales over same period BANK CREDIT 800 MEMBER BANKS IN LEADING BILLIONS OF DOLLARS 11.0 3.4 7.3 7.4 CITIES BILLIONS OP COLLARS 4 T H E M O N T H L Y B U S IN E S S R E V IE W WHOLESALE TRADE Wholesale trade in the Sixth Federal Reserve District dur ing the month of November, as reflected in reports received from more than a hundred representative wholesale firms in various lines of trade, was not up to the volume of business in October. Decreases in the aggregate volume of sales reported were shown in all of the seven lines from which reports for the month were received, ranging from a fractional decline of 0.4 per cent in groceries to as high as 32.7 per cent in farm implements. That this decrease may be attri buted principally to seasonal factors, however, isindicatedin the fact that November sales were considerably larger this year than sales for the corresponding month last year, ex cept in wholesale shoes, where a decrease of 10.2 per cent was shown by the reports from twelve firms. The tenor of the reports, however, are distinctly optimistic, and carry evidences of a bright outlook for the coming year. Many of the reporting firms state that the transportation situation, which has been affecting business for the past several months, has improved to some extent, but that the supply of cars is still short and that this fact has been the principal cause of some of the increases in prices which have taken place, and the cause of the failure of prices in some other instances to decline. The following figures show percentage comparisons of sales reported by wholesale firms for November 1922, with sales by the same firms in October 1922, and in November 1921. November 1922 compared with: Nov. 1921 Wholesale Trade Oct. 1922 +21.4% Groceries (35 reporss).................... . . . . . - 0 .4 % Dry Goods (25 reports)....... .......... ___ —19.6% +26.0% Hardware (26 reports).................... . .... -6 .5 % +15.9% +22.7% Furniture (19 reports)................... . . . . . - 1.4% —10.2% Shoes (12 reports)........................... ----- —21.3% +45.0% Stationery (3 reports).................... . . . . -1 .3 % +22.9 % Drugs (4 reports)_____________ . . . . - 0 .8 % +46.1% Farm Implements (6 reports) . . . . -32.7% Groceries Reports were received from thirty-five representative wholesale grocery firms in the District for November, and the aggregate of their sales for the month was four-tenths of one per cent less than during October. Considering, how ever, the past several months, the gains in August and in October show that the volume of business is steadily gaining despite the fractional declines shown in September and November, both of which were less than one per cent. Com paring the November 1922 sales of these 35 firms with their sales for November 1921, an increase of 21.4 per cent is shown. Correspondent firms state that their deliveries have not been as good as might be expected, and that the transporta tion situation is still causing trouble. As a whole the reports are optimistic in their tone, and indicate a bright outlook far the coming year. The follow ing figures show increases and decreases, for the individual cities from which three or more reports were received, for the month: Groceries Atlanta (4 reports)... Jacksonville (6 repor Meridian (3 reports). District (35 reports). November 1922 compared with: Oct. 1922 Nov. 1921 +12.7% - 3.1% +31.9% + 6.3% - 7.4% +23.5% +20.4% + 0.5% —19.2% + 5.0% +21.0% + 3.2% +21.4% - 0.4% Dry Goods Reports received from twenty-five wholesale dry goods firms in the District indicate that the falling off in sales during November, as indicated by the figures contained in these reports, was due solely to seasonal factors. Corres pondent firms report that conditions are improving con stantly, and that there appears to be a tendency for re tailers, in some instances, to stock up for spring business. The reports indicate an improvement in collections, and some of the firms report that their collections during the month were considerably more than their sales. Prices are report ed to be firm, and increases have taken place during the month on some articles which are said to be difficult to re place. The following figures show percentage comparisons of November 1922 sales with sales during the preceding month and the corresponding month last year. While November sales were smaller in volume than those in October at all of the cities shown in the statement, it will be noted that in creases are shown at allpoints compared with November last year. November 1922 compared with: Dry Goods Oct. 1922 Nov. 1921 Atlanta (4 reports)____ ____________ —19.2% +32.2% Knoxville (3 reports).................. .......... —21.5% +10.0% Nashville (3 reports)......... ................... —28.8% +35.2% +4.5% New Orleans (3 reports)............... ........ —11.9% Other Cities (12 reports)_____ _____ —15.3% +41.1% District (25 reports)....... ........ .............. —19.6% +26.0% Hardware Twenty-five reports were received from wholesale hard ware firms in the District for November. Aggregate figures for the month showed a decrease of 6.5 per cent in volume compared with October, but were 15.9 per cent greater than for November 1921. Jacksonville is the only city shown in tl^B tabulation which shows an increase over October, but all of the cities show increased sales in November over Novem ber of last year. Prices are reported to be firm. There have been some increases during November, and prices on some articles have decreased. The level for the month, however, is reported by correspondent firms to be a little higher th an in October, and most of our correspondents T H E M O N T H L Y B U S IN E S S R E V IE W state that indications point to continued strength for the next few months. Orders are being received more fre quently by wholesalers from the retail firms, but in small quantities. Collections are reported to be improving, especially from cotton sections of the District. Comparisons of November 1922 sales with those of the pre* ceding month and the corresponding month last year are indicated in the following table: November 1922 compared with: Hardware Oct. 1922 Nov. 1921 Atlanta (3 reports)________________ — 5.3% +22.4% Chattanooga (3 reports)___________ —11.2% +10.5% Jacksonville (3 reports)____________ +14.6% +18.6% Nashville (3 reports)_____ _________ —13.5% +37.9% +14.7% New Orleans (5 reports)___________ — 8.5% +5.6% Other Cities (9 reports)____________ — 0.6% District (26reports)_______________ — 6.5% +15.9% Furniture The volume of sales during November reported by 19 whole sale furniture firms was only 1.4 per cent less than in October, and 22.7 per cent greater than in November 1921. Reports received from furniture dealers are optimistic as to business during the winter and spring and state that general condi tions are showing improvement. Price advances have been necessary, the reports indicate, because of the increased cost of raw materials, principally plate glass, and some of our correspondents express the fear that if these advances by manufacturers are carried much further it will have the effect of seriously retarding busi ness. A majority of reporting firms state that collections during November have been good, and some of them state that their December business is showing up much better than in November. Shoes Aggregate sales during November reported by twelve wholesale shoe firms in the District were 21.3 per cent smaller than in October, and a little more than 10 per cent under their sales during November a year ago. The decline in comparison with the preceding month is due to seasonal influences, and the November 1922-1921 comparison is on approximately the same basis as the comparison of sales for October 1922 with those for October 1921. Reports show that there have been some advances in prices, but that no general advance of any moment is anticipated. Correspond ents state that wholesale and retailers are buying their require ments a little further ahead than has been the case for some time, and that collections are showing some improve ment. November 1922 compared with: Shoes Oct. 1922 Nov. 1921 —13.3% Atlanta (3 reports)..................... .......... —23.2% Knoxville (3 reports)______________ —29.5% —16.4% — 5.5% Other Cities (7 reports)____________ —16.3% District (12 reports)_______________ —21.3% —10.2% Reports from firms in stationery and drugs show that general conditions in those lines are very much better than they were a year ago, and this is borne out by the increases in sales during November 1922 with the same month last year The decreases under October are small in both instances. AGRICULTURE The final estimate made by the Department of Agriculture from reports made by field agents of the various states, in dicates the total production of cotton for the 1922 season to be 9,964,000 bales, a reduction of 171,000 bales from the fore cast made in October. The final estimate is smaller than November 1922 compared with any of the four forecasts made during earlier months of the Furniture Oct. 1922 Nov. 1921 year based on the condition of the growing crop in the vari Atlanta (8 reports)________________ —18.1% +35.8% ous months of the growing season. Chattanooga (3 reports)___________ — 4.9% + 7.0% The following figures show the estimates, by states, of the Other Cities (8 reports)____ _______ +10.8% +26.3% District (19 reports)_______________ — 1.4% +22.7% production of cotton during the season Just ended, com pared with the crops of the three preceding years: Virginia______________ __________ ________ North Carolina.................... ......................... ........ South Carolina_____________ ______ _______ Georgia------------- ------- ________ ___________ Florida___ ______________ ________ ________ Alabama________ _________________________ Mississippi__________ ____ _____ __________ Louisiana_________ _______ _______ _______ Texas..................... ................................................. Arkansas................................................................. Tennessee............ ................................................. Missouri....................................... ...... ..................... Oklahoma............ ................ ........................ ......... California............................................................... A rizona................................................ ................ All other states........................ ................... .......... 1922 25,000 852,000 530,000 725,000 25,000 835,000 1,010,000 357,000 3,290,000 1,040,000 400,000 149,000 635,000 85,000 42,000 15,000 1921 16,368 776.222 754,560 787,084 10,905 580.222 813,014 278,858 2,198,158 796,936 301,590 69,931 481,286 34,100 45,323 8,715 1920 21,337 924,761 1,623,076 1,415,129 18,114 662,669 895,312 387,663 4,345,282 1,214,448 325,085 78,856 1,336,298 75,183 103,121 13,239 1919 22,523 830,293 1,426,146 1,659,529 15,922 713,236 960,886 297,681 3,098,967 884,473 310,044 64,031 1,061,129 56,107 59,849 4,947 Total------------------- -------------------------- 9,964,000 7,953,641 13,439,603 11,420,763 T H E M O N T H L Y B U S IN E S S R E V IE W 6 A statement issued by the Department of Agriculture in regard to the total value of agricultural crops for the 1922 season states that all of the nation’s crops this year are worth $7,572,890,000, based on their farm value on December 1. This is an increase in value of $1,842,978,000 more than the value of last year’s crops, reflecting improvement in prices for farm products prevailing now as compared with a year ago, and increased production in some crops. Record production was made this year in rye, white po tatoes, sweet potatoes, and hay. Other bumper crops were: rice, with the third largest production; tobacco, with the fourth largest crop in history; wheat, with the fifth largest production, and corn, with its seventh largest crop. Cotton this year is the fourth most valuable crop of that staple ever grown, although a small crop in point of production. The following figures show the total estimated production and the total value, based on prices prevailing December 1st, of the principal crops: Crop Volume Value Corn bu__________________ 2,890,712,000 $1,900,287,000 Wheat, bu_________________ 856,211,000 864,139,000 Oats, bu__________________ 1,215,496,000 478,584,000 186,110,000 97,751,000 Barley, bu________________ Rye, bu___________________ 951,497,000 66,085,000 Buckwheat, bu------------------15,050,000 13,312,000 Flax seed, bu______________ 12,238,000 25,869,000 Crop Rice, bu___ ___ _ __ . Potatoes, bu. ___ _ Sweet Potatoes, bu.__ _ __ _. Hay, tons_ __ ___ _________ Tobacco, pounds ______ Cotton, bales-. _ __ _ Cottonseed, tons__ __ __ Clover seed, bu._ _____ Sugar beets, tons _______ _ Beet Sugar, l b s .___________ Cane Sugar, lbs._ _ _ ___ _ _ . Maple sugar and syrup (as sugar), lbs._ _______ _ Sorghum syrup, gal— _ __ _ . Peanuts, lbs._ _ _ _ _ _ _ _____ Beans, bu____ _ _ _ _ _ . _ Grain sorghums, bu — ____ Broom corn, t o n s ___ _ _ . Onions, bu__________ ____ Cabbage, tons__ ________ Cranberries, barrels___ __ .. __ Apples, bu— ___ ___ _ __ . Peaches, bu. ___ __ ____ _ Pears, bu___ _____ ________ Oranges, boxes____________ Volume Value 4 1 ,9 6 5 ,0 0 0 4 1 ,8 2 6 ,0 0 0 4 5 1 ,1 8 5 ,0 0 0 2 6 2 ,6 0 8 ,0 0 0 1 0 9 ,5 3 4 ,0 0 0 8 4 ,4 9 2 ,0 0 0 1 1 2 ,7 9 1 ,0 0 0 1 ,3 3 1 ,6 7 9 ,0 0 0 1 ,3 2 4 ,8 4 0 3 6 0 ,1 6 2 ,0 0 0 9 .9 6 4 ,0 0 0 1 ,1 9 0 ,7 6 1 ,0 0 0 4 ,4 2 4 ,0 0 0 $ 1 7 7 ,7 5 6 ,0 0 0 1 ,8 7 5 ,0 0 0 1 8 ,9 0 5 ,0 0 0 5 ,2 4 3 ,0 0 0 2 9 ,6 0 5 ,OOf 1 ,,3 8 2 ,0 0 0 ,0 0 0 4 2 8 ,7 2 5 ,0 0 0 ___ ___ 3 4 1 ,8 0 6 ,0 0 0 7 ,6 2 3 ,0 0 0 3 6 ,5 3 2 ,0 0 0 2 5 ,9 4 6 ,0 0 0 6 2 3 ,5 0 7 ,0 0 0 2 9 ,2 2 2 ,0 0 0 1 1 ,8 9 3 ,0 0 0 4 4 ,4 2 9 ,0 0 0 9 0 ,3 8 1 ,0 0 0 7 9 ,1 3 6 ,0 0 0 3 4 ,5 0 0 7 ,6 1 4 ,0 0 0 1 7 ,9 4 0 ,0 0 0 1 6 ,4 7 1 ,0 0 0 1 ,0 9 7 ,6 0 0 1 4 ,3 0 1 ,0 0 0 2 5 ,9 1 0 ,0 0 0 2 ,2 0 0 ,0 0 0 5 0 2 ,0 0 0 5 ,7 2 0 ,0 0 0 2 0 3 ,6 2 8 ,0 0 0 2 0 2 ,1 0 2 ,0 0 0 5 6 ,7 0 5 ,0 0 0 7 5 ,6 1 3 ,0 0 0 1 8 ,6 6 1 ,0 0 0 1 9 ,7 8 9 ,0 0 0 2 4 ,9 0 0 ,0 0 0 6 1 ,3 9 5 ,0 0 0 COTTON GINNED Cotton ginned prior to December 13 amounted to 9,493,296 running bales, including 161,698 round bales, counted as half bales; 24,613 bales of American-Egyptian and 5,255 bales of Sea Island. To December 13, last year, ginnings were 7,790,656 running bales, including 122,649 round bales, counted as half bales; 25,827 bales of American Egyptian and 3,062 bales of Sea Island. Ginnings to December 13 by states follows: 1922 1920 1921 1919 Alabama______________________________ 604,876 811,759 580,471 658,465 66,794 Arizona______________________________ 31,461 30,327 40,811 Arkansas_____________________________ 990,168 772,722 889,646 655,944 38,131 California_____________________________ 19,782 20,461 33,907 Florida_______________________________ 27,052 12,032 17,789 16,763 1,319,247 Georgia______________________________ 724,879 812,160 1,608,024 Louisiana_____________________________ 354,374 341,970 279,337 279,370 Mississippi____________________________ 976,624 804,402 776,186 779,604 Missouri______________________________ 49,360 130,706 67,415 43,999 680,684 North Carolina________________________ 830,305 767,150 755,525 861,393 Oklahoma_____________________________ 626,172 473,751 681,645 South Carolina________________________ 502,594 1,364,081 1,366,024 767,996 Tennessee____________________________ 373,069 235,439 291,758 219,661 Texas_________________________________ 3,065,972 2,097,318 3,597,519 2,233,523 12,376 Virginia__________ ____________________ 24,972 15,762 19,653 All other states.________ _______________ 15,132 8,273 8,368 3,730 Total__________________ ____________ 9,493,296 CITRUS FRUIT The movement of citrus fruits from Florida during the present season has shown improvement over figures for last season, in spite of the fact that a sufficient number of refrigerator cars has not been available and it has been necessary to use ventilated box cars in numbers of instances. 7,790,656 10,876,263 9,396,646 The cooler weather of more recent weeks has improve the condition of the fruit, which is now putting on more color and is rapidly reaching a higher degree of maturity. There is a much more active demand from all markets, especi ally those in which fruit is distributed by means of auction. These markets are taking good fruit at very satisfactory pricefe. 7 T H E M O N T H L Y B U S IN E S S E E V IE W Total shipments of oranges and grapefruit from Florida for the season, to November 30, showed an increase of more than 1400 cars over shipments up to the same time last sea son. The following figures show car-lot shipments of fruits and vegetables from Florida during November, and for the season: November Season to November 30 1921 1922 1922 1921 3818 2671 Oranges____________ 2673 2093 3747 Grapefruit_________ 2270 1956 4013 0 Cucumbers_________ 1 0 5 14 19 14 19 Peppers____________ Pineapples_________ 2 0 2 2 56 117 Vegetables_________ 56 94 116 23 116 23 Lettuce____________ 0 Beans_____________ 2 0 2 COTTON MOVEMENT SIXTH DISTRICT—NOVEMBER 1922 RECEIPTS—PORTS: Nov. 1922 Oct. 1922 Nov. 1921 166,141 New Orleans________ 266,811 293,462 17,130 20,786 12,847 Mobile_____________ Savannah_____ _____ 40,329 74,802 69,975 INTERIOR TOWNS: Atlanta____________ 60,787 50,057 Augusta _ ________ Meridian________ 5,300 Montgomery___ ____ 7,798 Vicksburg__________ 18,880 SHIPMENTS—PORTS: New Orleans._______ 252,767 Mobile__ _________ 14,154 Savannah. ____ ______ 45,577 INTERIOR TOWNS: Atlanta. ____ __ _ 37,231 Augusta __ _______ 29,009 Meridian_____ ______ 6,513 Montgomery________ 7,589 Vicksburg___ ____ 11,033 STOCKS—PORTS: New Orleans________ 281,036 Mobile . . . ________ 20,905 Savannah__________ 81,772 INTERIOR TOWNS: Atlanta_______ ___ 83,346 A u giista... _______ 77,473 Meridian.____ ______ 11,019 Montgomery__..... __ 21,545 Vicksburg____ _____ 10,803 84,239 52,762 16,181 19,542 12,363 37,585 45,546 4,049 4,814 18,781 132,307 12,595 64,115 153,899 14,049 84,895 37,308 26,869 11,359 15,645 5,303 31,079 35,772 3,836 4,814 11,769 266,992 18,242 87,020 465,751 16,563 176,727 59,790 70,774 11,817 21,286 10,016 51,170 143,365 17,907 31,982 14,224 SUGAR, SYRUP AND MOLASSES A preliminary report issued by the Agricultural Statisti cian for Louisiana shows the estimated productions of sugar in Louisiana for the 1922 season to be 482,752,000 pounds, equivalent to 241,376 short tons. The production in 1921 was estimated at 324,431 tons. The total production of syrup in the state in 1922 is es timated at 6,020,000 gallons; 2,493,000 gallons made inside the cane belt, and 3,527,000 gallons outside of the sugar producing section, the latter being to a considerable ex tent non-commercial syrup used locally. The syrup pro duction for the state in 1921 was estimated at 6,454,888 gal lons. The production of molasses this season is estimated at 20,420,000 gallons, compared with 25,423,841 gallons last year. MOVEMENTOF SUGAR—NOVEMBER 1922 Raw Sugar—Pounds RECEIPTS: Nov. 1922 Oct. 1922 Nov. 1921 New Orleans..___ 115,201,918 61,879,573 60,277,462 7,391,594 21,568,567 15,437,121 Savannah_____ SHIPMENTS: New Orleans__ _______ 0 1,183,243 6,817,708 Savannah_____ _______ 0 0 0 MELTINGS: New Orleans___ 104,731,788 53,983,867 8,009,326 38,860,872 Savannah_____ STOCKS: New Orleans___ 34,114,207 23,644,077 Savannah_____ _______ 0 0 Refined Sugar—Pounds SHIPMENTS: New Orleans___ 91,462,129 78,548,774 Savannah_____ 17,370,476 28,497,318 STOCKS: New Orleans. . . . Savannah_____ 17,362,021 15,015,218 5,461,106 22,769,785 50,969,217 18,701,120 2,968,296 0 55,371,715 16,453,737 15,007,241 2,988,921 RICE Rough Rice (Sacks) Port of New Orleans Nov. 1922 Oct. 1922 Nov. 1921 Receipts_________ 194,110 253,577 83,941 Shipments________ 173,291 255,671 85,581 Stock____________ 56,667 35,848 35,825 Clean Rice (Pockets) Port of New Orleans Nov. 1922 Oct. 1922 Nov. 1921 Receipts_________ 462,009 403,707 198,314 Shipments________ 436,506 397,074 215,978 Stock____________ 127,763 102,260 134,038 Receipts of Rough Rice (Barrels) This Last Season to Season to Nov. 1922 Nov. 30, 1922 Nov. 30, 1921 Association Mills__ 1,174,635 3,220,338 2,399,245 New Orleans Mills... 194,110 743,138 622,211 Outside MiHs______ 411,381 1,038,181 760,500 1,780,126 5,051,657 3,781,956 8 T H E M O N T H L Y B U S IN E S S R E V IE W Distribution of Milled Rice (Pockets) Association Mills__ New Orleans Mills._. Outside Mills______ Nov. 1922 875,968 184,256 226,983 1,287,207 Stocks Association Mills... New Orleans Mills. Outside Mills____ received are better, and the farmer’s total receipts this year will greatly exceed the money he received for the 1921 crops. Some of the banks report that farmers in their localities have paid up their indebtedness and have money on hand. Deposits continue to increase, and the banks have been in splendid condition to finance the movement of crops. Reports made weekly »to the Federal Reserve Banks by 41 member banks in selected cities of the District show an in crease of only 1.3 per cent in the total of loans and discounts on December 6, when the total figure was $390,867,000, over the total of $385,930,000 on November 8, but an increase of 14.4 per cent over the total of $341,782,000 on December 7, 1921. This Last Season to Season to Nov. 30,1922 Nov. 30,1921 2,398,027 2,009,625 900,355 655,717 723,877 613,124 4,022,259 3,278,466 Dec. 1, 1922 1,329,939 181,377 492,343 Last Season to Dec. 1,1921 705,106 150,419 273,400 2,003,659 1,128,925 Loans secured by Government obligations reported by these selected banks on December 6 were $7,587,000, an in crease of 3.5 per cent over the total of $7,330,000 on November 8, but a decline of 40.6 per cent compared with the total of $12,782,000 on December 7,1921. COTTON MOVEMENT (Bales) UNITED STATES Aug. 1st.—Nov. 30th The total of all loans, discounts and investments of these selected banks on December 6 was $468,552,000, an increase of 1.3 per cent over the total of $462,644,000 on November 8, and an increase of 14.5 per cent compared with the total of $409,255,000 on December 7,1921. 1922 1921 1920 1919 Receipts U. S. Ports... 3,440,547 3,033,992 2,691,337 2,808,577 Overland to Northern Mills and Canada... 481,513 737,862 336,191 534,145 Southern MU1 takings 1,688,000 1,560,000 1,076,247 1,508,256 Stock, excess of those at close of coml. year 817,722 250,389 527,412 389,896 Tot. Cotton movement for 4 months______ 6,427,782 5,580,243 4,631,187 5,240,874 Foreign exports_____ 2,270,921 2,338,370 1,732,034 Stocks...... ................... 2,223,656 2,709,795 2,610,961 Supply for 4 mos____ 7,189,966 7,891,939 6,092,594 FINANCIAL Reports received from member banks in all parts of the District continue to be optimistic. Improvement in finan cial conditions throughout the District has resulted prin cipally from the money receipts obtained by the farmers for their crops during the season just ended. Not only is cot ton production larger than it was in 1921, but the price be ing received for the staple is considerably better than the range of prices which prevailed during the fall of 1921, and while in the case of some of the other agricultural crops the total production may not equal that of last year, the prices Demand deposits on December 6 reported by these banks amounted to $273,863,000, a fractional increase over the total of $273,805,000 on November 8, but an increase of 26.9 per cent over the total of $215,890,000 on December 7, 1921. The volume of bills on hand with the Federal Reserve Bank of Atlanta on December 13 was $42,078,605, a decline of 0.6 per cent compared with the total on November 15, $45,956,050, and a decrease of 56.8 per cent compared with the total of $97,311,917 on hand on December 14, 1921. The volume of Federal Reserve Notes in actual circulation on December 13, $124,479,035, while less than one per cent under the total of $125,192,255 on November 15, registered an increase of 4.6 per cent compared with the total of $119,035,205 on December 14, last year. The following figures show aggregate figures for savings deposits classified by states, reported for October by 81 banks in the District, a few of them savings banks, but most of them commercial banks and trust companies having sav ings departments. SAVINGS DEPOSITS -NOVEMBER 1922. Alabama (12 banks).................................................... Florida (15 banks)........ ............................................ Georgia (23 banks)....... .................. .......................... Louisiana (11 banks)............................................ . Mississippi (9 banks)....... ......................................... Tennessee (11 banks)............................................... T O T A L (81 b a n k s )....................................................... Nov. 30, 1922 Oct. 31, 1922 $29,138,486 28,199,404 36,243,661 37,797,764 8,161,411 21,086,602 $28,791,141 27,657,247 35,508,631 37,979,726 8,075,261 21,161,122 +1.3% +1.6% +2.1% -0.5% +1.1% -0.4% $27,629,639 23,430,249 32,003,321 36,766,571 7,630,776 20,246,017 Compari son of Nov. 30 1922-1921 + 5.5% +20.4% +13.2% + 2.8% + 7.0% + 4.2% $159,173,128 +0.9% $147,706,573 + 8.7% $160,627,328 Comparison Of Nov.30-0ct. 31, 1922 Nov. 30,1921 T H E M O N T H L Y B U S IN E S S R E V IE W DEBITS TO INDIVIDUAL ACCOUNTS Sixth Federal Reserve District Week Ended Dec. 13, 1922 Dec. 6, 1922 Dec. 14, 1921 Albany, Ga----------- $ 1 ,128,000 $ 1,300,000 $_________ 26,182,000 24.629.000 28,521,000 Atlanta, Ga.______ 5.379.000 7,340,000 6,648,000 Augusta, Ga____ __ Birmingham, Ala__ 23,309,000 20,823,000 15.331.000 663.000 662,000 Brunswick, Ga____ 8.112.000 Chattanooga,Tenn.. ,626,000 8,307,000 3,019,000 Columbus, Ga------3,027,000 452.000 444,000 Cordele, Ga_______ Dothan, Ala______ 644.000 610,000 244.000 237,000 Elberton, Ga--------3,165,000 Jackson, Miss__ _ 2,959,000 9.767.000 12,330,000 Jacksonville, Fla---12,104,000 6.163.000 ,632,000 6,224,000 Knoxville, Tenn----3.923.000 4,487,000 Macon, Ga-----------5,227,000 2,220,000 Meridian, Miss------2,165,000 6.179.000 7,633,000 Mobile, Ala----------6 621.000 3.883.000 5,278,000 Montgomery, Ala— 4,796,000 16,111,000 14.823.000 Nashville, Tenn----16,027,000 363.000 342,000 Newnan, Ga---------78,432,000 57.472.000 New Orleans, La___ 66,576,000 1.626.000 1,814,000 Pensacola, Fla---- 1,555,000 9.599.000 8,879,000 7,876,000 Savannah, Ga------5.902.000 ,960,000 6,766,000 Tampa, Fla_______ 969,000 Valdosta, Ga--------1,123,000 2,370,000 1.683.000 Vicksburg, Miss___ 1,916,000 Total (15 Cities).„_$203 ,394,000 212,976,000 174,471,000 Total (25 Cities)___ 216 ,182,000 222,925,000 COMMERCIAL FAILURES Commercial failures during the month of November were a little larger than in October both in number and in total of liabilities, both in the Sixth Federal Reserve District and in the United States as a whole. Substantial declines are shown, however, in November 1922 compared with the cor responding month a year ago. Statistics complied by R. G. Dun & Co., show that there were 122 failures in the Sixth District in November compared with 119 in October, and with 204 in November 1921. This was an increase of 2.5 per cent over October, but a decrease of a little over 40 per cent compared with November 1921. The total of liabilities for November was reported as $1,928,165 an increase of 12.4 per cent over October, but a decline of 48 per cent compared with the total of liabilities for Novem* ber last year. For the United States, there were 1737 failures during November, with total liabilities of $40,265,297, this being an increase in number of 1.7 per cent, and in liabilities of 16.2 per cent over October figures, but a decrease of 12.6 per cent in number, and 24.7 per cent in liabilities, compared with November 1921. 9 Sixth District No. Liabilities 122 $1,928,165 119 1,716,140 204 3,711,252 United States Liabilities No. $40,265,297 1737 34,647,438 1708 53,469,839 Nov. 1922.............. . Oct. 1922________ Nov. 1921_______ Comparison of Nov.-Oct. 1922________ + 2.5% +12.4% + 1.7% +16.2% Comparison of Nov. 1922-1921_________—40.2% —48.0% —12.6% —24.7% ACCEPTANCES November was not quite up to the preceding month in activity in the acceptance market. Five banks reported the execution during November of domestic acceptances totalling $7,196,295, compared with $7,692,504 in October, and with $1,913,292 in November last year. Seven banks reported foreign acceptances executed during November totalling $6,738,829, compared with $4,977,085 in October, and with $4,264,316 in November 1921. Four banks reported acceptances held in their own port folios and not sold on the last of November in amounts totalling $535,117, compared with $3,491,483 at the end of October, and with $383,742 at the close of business Novem ber 30, 1921. Only two banks reported the purchase of domestic accept ances during November, while two other banks reported the purchase of foreign acceptances during that month. The total of acceptances purchased in the open market and discounted for member banks by the Federal Reserve Bank of Atlanta during tbe rccnth of November was $3,646,764.42 compared with $12,885,028.94 during October, and with $2,170,519 during November 1921. NOVEMBER EXPORTS A new high record for the year in American exports was established during the month of November, according to official overseas trade statistics made public by the Bureau of Foreign and Domestic Commerce of the Department of Commerce. Returns from Customs Districts all over the United States received by the Department of Commerce show that American agriculture and industry benefitted from export business totaling $383,000,000 during November. This sum is about $90,000,000 higher than the value of shipments during Novem ber 1921. It is $12,000,000 greater than the value of exports during October, which was the best previous month on record for the present year. Comparing November 1922 with the same period of 1913, an increase of more than $138,000,000 over pre-war shipments abroad is shown. Import statistics for October and November are not yet available on account of delay in compilation incident to the new tariff. GRAIN EXPORTS—NEW ORLEANS Grain exports through New Orleans during November con tinued to show a steady gain, with the advance over last T H E M O N T H L Y B U S IN E S S R E V IE W 10 41,480 72,485 247,969 260,990 year, increasing each month, November receipts totaled Oats________ 80,458 10,428 109,565 5,380,712 bu., which was an increase of 3,144,398 bu. over Barley______ ________ 152,142 _______ _ 160,714 25,714 November 1921; when the total exports amounted to 2,236,314 Rye_________ bu. Wheat and corn form the bulk of the exports. The freight movement for New Orleans established the Total this Total last high record for 1922, during the month of October, when a season to season to Nov. 1922 Nov. 1921 Nov. 30,1922 Nov. 30,1921 total of 42,789 carloads of commodities were received at, and Wheat_______ 3,008,643 1,189,291 19,049,324 23,468,321 dispatched from, this port. This compares favorably with Corn________ 2,178,447 894,080 7,908,900 3,108,703 the 10-months average of 36,424 carloads. Receipts amount ed to 26,900 cars, and shipments to 15,889 cars. BUILDING PERMITS—NOVEMBER 1922 Sixth Federal Reserve District New Buildings Alterations & Repairs Total No. Value No. Value Nov. 1922 Alabama: Anniston___ _________ ____ _ Birmingham___ ____ _ ________ Mobile_______________ ________ Montgomery__________ ________ Florida: Jacksonville____ ______________ M iami____ ____ __________ Orlando_______ __________ Pensacola. __ __ ________ St. Petersburg____ ________ Tampa______________ _ __ ____ Georgia: Atlanta___________ _ Augusta_____________ ________ Columbus______ _____ Macon_____ __________ ________ Savannah___________ _ ________ Louisiana New O rleans____ _ _________ Alexandria.. . ________ ________ Mississippi: Jackson._ _______ ____ ____ . . . Meridian____ _______ Vicksburg_____ ____ . . . ________ Tennessee Chattanooga_________ ________ Johnson City_________ ________ Knoxville___ ________ ________ Nashville____________ ________ 12 222 11 70 Increase or Decrease 2,955 53,303 13,550 22,576 9 240 8 13 18,000 415,801 52,592 267,150 20,955 469,104 66,142 289,726 19,735 644,475 109,930 24,400 + 6.2% —27.2% -39.9% -f 1087.4% 258 74,487 81 18,500 31 10,662 37 4,713 22 9,750 (combined) 57 135 79 22 134 261,750 172,850 142,310 30,185 230,100 336,237 191,350 152,973 34,898 239,850 187,265 331,715 440,000 125,250 60,212 355,125 229,561 + — 4— — — 120 140 20 128 20 91,204 55,037 6,785 22,563 20,225 313 23 17 42 38 1,614,384 25,375 33,450 50,400 67,710 1,705,588 80,412 40,235 72,963 82,935 667,661 207,084 7,038 49,623 80,175 + 155.5% — 61.2% + 471.7% + 47.0% + 3.4% 45 30 63,950 3,399 156 22 399,300 34,877 463,250 38,276 618,010 46,276 — 25.0% — 17.3% (combined) 5 1,230 11 7,150 5 5 34,030 8,425 62,000 35,260 15,575 8,525 15,135 + 313.6% + 2.9% 18 22 102 71 53,950 37,250 829,970 147,325 87,211 37,350 858,884 198,937 142,560 50,000 207,462 118,460 — 38.8% — 25.3% + 314.0% + 68.0% 153 1 111 176 33,261 100 28,914 51,612 LUMBER Lumber manufacturers and dealers in this District con tinue to report a shortage of railway cars, although they state that improvement has taken place in the car supply during the month just past. Some of our correspondent mills state that the difficulty of obtaining cars is their only trouble, as prices are firm and the mills seem to have a suf ficient volume of orders on hand. Weather conditions have as a general rule been good, and labor is rather scarce in some sections, while wages have been advanced. Lumber manufacturers maintain a volume of production that is well Total Nov. 1921 1.4% 56.5% 22.1% 42.0% 32.5% 18.4% up to the average for the year, and it appears that if a cur tailment is effected during the winter months it will be be cause of weather conditions and not market conditions. Mills which report weekly to the Southern Pine Association have kept production at about 85 or 86 per cent of normal, and orders and shipments during the latter part of November were considerably better than during the preceding weels. Running time for the week ended December 1 was reported to the Southern Pine Association by 66 mills, as follows: 49 mills operated full time, and 10 operated 5 days; 2 operated 4 days; 2 operated 3 days, and 3 were shut down. 11 T H E M O N T H L Y B U S IN E S S R E V IE W The following are figures reported monthly to the South ern Pine Association, showing a comparison of orders, ship ments, production, etc. for November, 1922, and October and November last year. Southern Pine Statistics (Feet) Nov. 1922 Oct. 1922 Nov. 1921 137 mills 125 mills 123 mills Orders________________ 344,389,422 245,723,159 270,398,021 Shipments_____________ 344,284,735 254,550,935 312,901,889 Production____________ 339,520,549 304,472,218 298,703,651 Normal production these mills_________________ 365,380,039 327,100,729 337,901,775 Stocks end of month____ 994,956,237 £02,817,820 798,701,239 Normal stocks these mills. £81,592,SCO fC0,4C3,£67 949,338,471 Unfilled orders end of month_______________ 395,159,625 346,148,928 186,453,432 COTTON CONSUMPTION—NOVEMBER 1922 Cotton Consumed: Nov. 1922 Oct. 1922 Nov. 1921 Lint_____ __________ 577,561 533,950 527,940 Linters____ ________ 55,122 62,406 57,949 On hand in consuming Establishments: Lint_______________ Linters____________ 1,721,425 95,969 1,379,770 82,169 In Public Storage and at Warehouses: Lint_______________ 4,198,095 4,329,902 Linters____________ 21,634 16,812 Active Spindles_________ 34,664,630 33,895,076 Cotton Growing States Nov. 1922 Oct. 1922 Cotton Consumed______ 363,813 346,435 On Hand in Consuming 1,107,826 855,981 Establishments_____ In Public Storage and at Compresses______ 3,983,041 4,124,598 Active Spindles_________ 15,859,962 15,831,959 The following figures show comparisons of figures reported for November 1922, with October 1922 and November 1921, by representative cotton mills in the Sixth District reporting to the Monthly Business Review: 1. 2. 3. 4. 5. 6. November 1922 compared w ith: 34 Mills Oct. 1922 Nov. 1921 Cloth production______________ +4.8% +20.3% Cloth shipments______________ +7.1% +49.9% Orders on hand at end of month. —0.8% +76.8% Stocks of manufactured cloth on hand at end of month__________ —8.1% —32.9% Average time required to com +60.9% plete orders on hand_____ ________ —5.2% Number employed_____________ ___ +2.1% +17.9% Cotton Yarn Increased production during November over both the pre ceding month and the corresponding month a year ago was shown by the reports received from representative cotton yarn mills reporting to the Review. November output was 3.5 per cent greater than in October, and 28.7 per cent larger 5,292,941 than in the same month last year. Shipments during No 177,378 vember showed a more substantial increase, being 17.6 per 34,428,339 cent greater than in October, and 33.8 per cent larger than during November 1921. Unlike cotton cloth, orders on hand at the end of the month reported by yarn mills were larger Nov. 1921 than either the preceding month or the corresponding 322,593 month a year ago, but stocks of goods on hand showed a decrease. Correspondent mills state that prices of yarns are 877,486 not quite so firm as they were during the past several weeks. On the whole the comments made by reporting mills indicate 4,952,202 a rather optimistic attitude toward business for the coming 15,489,965 months. The figures following show comparisons of figures re ported to the Review for November 1922, with October 1922 and November 1921: 1,655,359 152,652 COTTON MANUFACTURING Cotton Cloth Further improvement in the volume of production over the preceding months is indicated in reports received for November from a number of representative cotton mills in the Sixth Federal Reserve District manufacturing cotton cloth. November output of S4 mills was almost 5 per cent greater than in October, and more than 20 per cent in excess of the number of yards of goods produced during November last year. Shipments likewise showed an increase, Novem ber shipments being 7.1 per cent larger than those during October, and approximately 50 per cent greater than in November 1921. Orders on hand at the end of the month showed a slight decrease compared with October, but a sub stantial increase over the corresponding month last year. Correspondent mills state that during September and Octo ber they received many orders for future delivery but that during November the market was considerably more quiet and not so much business was booked. Some of the mills state that they have orders on hand which will keep them in full operation for several months. 1. 2. 3. 4. 5. 6. November 1922 compared with: 26 Mills Oct* 1922 Nov. 1921 Yarn production______________ +3.5% +28,7% Yarn Shipments_____________ +17.6% +33.8% Orders on hand at end of month. + 3.3% +114.3% Stocks of manufactured yarn on hand at end of month_______ — 3.1% — 18.4% Average time required to com plete orders on hand__________ — 2.8% + 63.9% Number employed______________ +2. 3% + 24.6% MISCELLANEOUS MANUFACTURING Cotton Hosiery Beginning with November an effort has been made to im prove our statistics on cotton hosiery manufacture. A new form of confidential report has been prepared, and the subject was submitted to more than a hundred cotton hosiery 12 T H E M O N T H L Y B U S IN E S S R E V IE W mills in the Sixth Federal Reserve District. Thirty-five of these mills have signified their willingness to cooperate in this matter, but for November we have received only 19 re ports, some of the mills stating that they will begin report ing for December. Not all of these 19 reports contained figures which permit of comparisons of production, orders, and other items for November 1922 with these items for October, 1922 and with November 1921. Total figures reported by these 19 mills for the month of November 1922 are as follows: Item (In dozen pairs) Number of mills reporting Hosiery manufactured........ 19 Hosiery on hand at end of month.......... ........ ........ . 16 Orders booked during m onth________________ 18 Cancellations received during month__________ 18* Shipments_________ _____ 17 Unfilled orders on hand at end of month__________ 17 *11 mills reported no cancellations. Volume 437,837 760,873 650,924 1. 2. 16,019 349,938 3. 4. 1,006,029 The reports which contained comment, and those which give figures for November comparatively with the preceding month and the c orresponding month a year ago show improve ment in the industry. The volume of production reported by 14mills in November was a little more than 20 per cent greater than the output of the same mills in October, and 7mills reported production in November 23.9 per cent in excess of their output in November last year. Also indicative of im provement are increases in orders booked during the month, in the volume of unfilled orders on hand at the end of the month, compared with both the preceding month and the corresponding month a year ago. The comparison of can cellations shows a large increase but only a very few mills reported cancellations and the fluctuations therefore appear greater than would be the case if a larger number of mills had reported this item. The advance in the price of cotton during the fall has caused a strengthening in the yarn market and has an in fluence over the price of cotton hosiery. Some mills state that the prices of cotton hosiery now are not in line with the cost of the raw materials. One mill which reported a decrease in its output stated that it was due solely to its inability to obtain sufficient skilled labor. 1. 2. 3. 4. 5. 6. November 1922 compared with: 19 Mills Oct. 1922 Nov. 1921 Hosiery manufactured— + 2 0 .1 % +23.9% Finished Hosiery on hand at end of m onth.. — 4.7 + 1.9% Orders booked during m onth........................ + 8 .2 % +124.4% Cancellations received % during month.............. . + 6 6 .8 % +205.9% Shipments during month.............................. + 2.9% + 20.3% Unfilled orders on hand at end of month............. +19.7% + 58.3% Overalls Reports concerning production of overalls were received from four factories whose November output was 7,604 pairs, one other report being received which did not give produc tion figures. These reports, while they do not give com plete statistics for these companies indicate some improve ment in the volume of overalls manufactured during No vember over the output in October and November 1921, but the increase in orders booked during November, and in unfilled orders on hand at the end of November, over both the preceding month and the corresponding month last 7ear is very noticeable. 5. November 1922 compared with: Overalls Oct. 1922 Nov. 1921 Overalls manufactured._ + 1.6% + 7.8% Overalls on hand at end of month_________ —35.2% — 26.9% Orders booked during month.............................. +80.6% + 91.2% Unfilled orders on hand at end of m onth______ +81.8% +233.3% Number employed_____ - 4.6% - 1.1% Brick Reports were received from four brick manufacturing companies for November, the output of three of them being a little less than five million brick in November; the fourth did not report its production. The combined figures shown in these reports show that the output in November was 9 per cent less than in October, although a fraction of one per cent greater than in November 1921. That business is falling off with the approach of cold weather, however, is shown by a decline in both orders received during November, and in unfilled orders on hand at the end of November, compared with the preceding month. Correspondents state that the car supply has been very indefinite, and this fact has had a serious effect in delaying puchases. Labor is reported to be sufficient, with wages slightly increasing. Coal is stated to be offered freely but at prices not much less than those which have prevailed in recent months. November 1922 compared with: Brick Oct. 1922 Nov. 1921 1. Brick manufactured___ - 9.0% + 0.4% 2. Brick on hand at end +18.8% of month_______ _____ -11.5% 3. Orders booked during —19.8% —28.8% month............................. 4. Unfilled orders on hand —31.3% X at end of month............. +13.8% - 2.3% 5. Number employed........... EMPLOYMENT United States The survey of employment conditions throughout th e United States made by the United States Employment Ser T H E M O N T H L Y B U S IN E S S R E V IE W vice discloses further gains in employment during the month of November over preceding months. The 1428 larger industrial concerns in the 65 principal industrial cities reported 44,653 more employees on their payrolls on November 30 than on October 31, the heaviest gain being in iron and steel which added 12,735 workers. Improvement in iron and steel was reflected in metal and metal products other than iron and steel with an employment increase of 3,294. The leather industry also gave evidence of improve ment in employment with a return of 3,069 workers, and 6,539 workers were added by textile concerns in these cen ters. Increased employment was also reported by the fol lowing classifications in addition to those already indicated: Vehicles for land transportation, 5,715; miscellaneous in dustries, 4,698; food and kindred products, 2,961; paper and printing 1,737; tobacco, 1,471; chemicals and allied pro ducts, 1,429; railroad repair shops, 1,001; and lumber and its manufactures, 798. Employment in stone, clay and glass products suffered a heavy decrease through labor diffi culties. Liquor and beverages also registered a slight decline in the number of workers. The approach of winter has caused a decline in building operations in many parts of the country without causing a surplus of workers in these lines. In some cities, how ever, building programs are unabated and increasing in volume. With the advantage of open weather, highway construction and public improvements have continued to absorb large numbers of unskilled workmen. 13 Reports from Alabama indicate that the industrial employ ment situation is highly satisfactory, and that increases are taking place in all cities and towns. The transporta tion situation is slightly better, but coal mines and lumbe$ mills are still suffering from a car shortage. Iron and steel reveal a considerable increase in the number employed, while increases in smaller volume were also reported from textiles, lumber mills, coal mines, building material manu facturers, and other lines. Most of the industrial plants throughout the State are in operation, and some of the textile plants have found it necessary to operate on a double shift. A shortage of building craftsmen is reported from several points. Reports from Louisiana show an advance in employment from all cities. A steady increase in employment in New Orleans is reported by a number of different lines, notably in food and kindred products. Textiles register a moderate employment advance in the larger plants, and a slight de cline in the smaller plants. Lumber manufacturers indicate a steady upward trend. An influx of transient workers has caused a slight surplus of building tradesmen. Com mon labor is in fair demand on public improvements. The employment situation in Mississippi shows improve ment. Textile and lumber mills have slightly increased their forces, revealing some shortage of labor in the lumber mills, which are hampered by car shortage. Increases are re ported in a number of different lines, and highway construc tion continues to offer much employment. Tennessee industrial employment continues satistactory. The heaviest increase during November was reported by Of the four cities in the Sixth Federal Reserve District lumber mills, while a number of other lines also reported from which reports are made by these larger industrial smaller increases. Coal mines and lumber mills are still concerns usually employing 500 or more workers, Chatta suffering from a car shortage, although the transporta nooga, New Orleans and Birmingham reported increases in tion situation has improved. Heavy building construction employment, in the order named, and Atlanta reported a continues. Labor released by early cotton picking is being decrease. Employment conditions generally throughout absorbed in other industries. the District, as indicated by reports rendered by a mumber of smaller industrial concerns, those usually employing less than 500 workers, have shown continued improvement through November, and are reported satisfactory. COAL In Georgia the employment situation is fairly steady. Cotton mills have made substantial increases in their forces, Production of coal in the United States has continued and a majority of the industrial concerns through the State through November the upward trend which has been in are operating at or near full capacity. At Savannah, how evidence since the end of the strike in August. The output ever, a railroad labor controversy still exists. A surplus of bituminous coal appears to have found a temporary level of clerical workers still prevails at that point. At Macon just above 11,000,000 tons a week, according to the statistics there is a shortage of common labor in factories and also compiled and published by the TJn.ted States Geological of building tradesmen. Survey. The Thanksgiving holiday, however, reduced the Employment conditions in Florida are reported as fairly output for that week to 10,336,000 tons, but the following satisfactory, although the arrival of transient workmen week brought recovery. The decrease in the week ending coming into the State for the winter is causing a surplus of November 25 was stated to be due to increased traffic diffi workers. Cigar factories at Key West and Tampa are re culties. Labor difficulties were also reported in some sec ported working full time and at full capacity, and a shortage tions, while the losses attributed to no market were general of cigar makers is indicated in reports from both of these throughout the western states, except in Utah an<l New cities. Industrial plants at other points in the State are in Mexico. Weekly production figures compiled by the Geologi operation, and building programs are still being prosecuted. cal Survey were as follows: Sixth District 14 T H E M O N T H L Y B U S IN E S S R E V IE W Week Ended Bituminous Anthracite 10,617,000 1,839,000 November 4________ 10,147,000 1,900,000 November 11_______ November 18_______ 11,215,000 2,191,000 November 25_______ 11,100,000 2,174,000 December 2 ._______ 10,887,000 1,819,000 December 9________ 11,495,000 2,038,000 December 1 6 *______ 10,518,000 2,197,000 Total Output 12,456,000 12,047,000 13,406,000 13,274,000 12,206,000 13,503,000 12,715,000 ♦-Subject to revision. The estimated cumulative production of bituminous coal this year to December 2, inclusive, stands at 365,387 tons, which is 3 per cent less than in the corresponding period of 1921; 28 per cent less than in 1920; 14 per cent less than in 1919; 32 per cent less than in 1918; and 28 per cent less than in 1917, as indicated by the following totals: 191 7 ____ 510,419,000 191 8 ______ 540,196,000 191 9 _________________425,104,000 192 0 ________ 505,366,000 192 1 __.377,286,000 1922_ ___ ___________________365,387,000 Reports from Alabama indicate that production in that State during November was 1,550,000 tons, an increase over the total of 1,435,000 tons mined during October, and also over the total of 1,285,000 for November a year ago. While there has been improvement in the transportation situation, coal mines in this State are still handicapped by a shortage of coal cars. Reports to the Southern Appalachian Coal Operators’ As sociation indicate the loading in Tennessee during Novem ber of 8,595 cars, or 429,750 tons of coal. This is a decrease of 44,300 tons compared with the October loading, and is re ported to be due to the poor car supply. IRON AND STEEL Production of coke and anthracite pig iron in the United States during the month of November shewed a further in crease, and continued the month to month increase which has taken place, except for February, August and Septem ber this year, since August 1921, the February decrease be ing due to the short month. The total output for November was higher than for any month since November 1920. The gain over October was approximately 216,CC0 tens, or an average daily gain of about 10,000 tons. Although there is usually a slackening in the volume of production as the winter approaches, there has been no evidence of any slow ing up so far this year. The number of furnaces in active operation in the United States increased by 22 during No vember, more than half of these becoming active during the latter part of the month. The total output of pig iron during November, as com piled and published by the Iron Trade Review, was 2,845,595. Compared with the 2,629,655 tons produced in October, this is an increase of 215,940 tons during the month. The total for November 1922 is more than double the total of 1,414,958 tons produced during November 1921. The average daily production for November 1822 was 94,853 tons, compared with 84,827 tons in October, and with 47,165 tons in November last year. Merchant Iron produced in November totaled 602,884 tons or 100,653 tons greater than the 502,231 tons produced in October. On an average daily basis this represented 20,0£6 tons per day, an improvement over the 16,201 tons produced daily in October. Non-merchant or steelworks output in November was 2,242,711 tons, a total which was 115,287 tons better than the 2,127,424 tons of the preceding month. This represents 74,757 tons a day, or a gain of 6,131 tons over the daily rate of 68,626 tons in October. Blast furnaces in active operation at the end of November numbered 240, as against 218 at the end of October, and 189 at the end of September. This number was exactly double the number of furnaces in operation at the end of November 1921. Production in the Birmingham District during the month of November totaled 208,934 tons, a small increase over the total of 208,756 tons produced in October, but substantially greater than the production of 108,201 tons in November last year. Blast furnaces in active operation at the close of November in Alabama numbered 23, compared with 22 at the end of October, and 12 in operation at the end of November 1921. Reports received from the Birmingham Eistrict state that buying of pig iron into next year has not started as briskly as had been anticipated, although one of the smaller companies has withdrawn from the market for the first quarter, and other companies have made seme sales for de livery in that period. Surplus stocks on the yards of iron foundries are steadily decreasing. It is reported that sales have been made in this district on a basis of $23, and $24, compared with a range a month ago of from $25 to $27.50. There has been some improvement in the car supply reported during November. Some manufacturers of steel commodi ties report a small seasonal decline which is stated to be usual at this time of the year, in inquiries and orders, espe cially of wire nails and other articles used in building and construction. United States Nov. 1922 Oct. 1922 Nov. 1921 Merchant Iron________ . Non-merchant Iron____ Total Output__________ Average daily production. Active furnaces________ 602,884 2,242,711 2,845,595 94,853 240 502,231 2,127,424 2,629,655 84,827 218 304,535 1,110,423 1,414,958 47,165 120 133,891 75,043 208,934 23 128,033 80,723 208,756 22 55,230 52,971 108,201 12 Alabama: Merchant Iron---------- . Non-merchant_________ Total O utput........... ........ Active furnaces___ _____ 15 T H E M O N T H L Y B U S IN E S S R E V IE W Rosin Savannah____ ________ Jacksonville___________ Pensacola_____________ 42,529 47.323 15,041 38,997 38,478 11,777 39,291 39,903 19,066 Total___ __________ 104,893 89,254 88,260 Shipments—Turpentine Savannah_____________ Jacksonville.................. Pensacola_____________ 10,265 5.868 2,237 9,638 10,770 3,967 7,528 7,843 3,583 Total______________ 18,370 24,375 18,954 Rosin Savannah____________ _ Jacksonville___________ Pensacola_____________ 25,978 34,702 14,495 52,120 38,715 11,190 53,273 34,489 16,905 Total____ _________ 75,175 102,025 104,667 Stocks—Turpentine Savannah........................ . Jacksonville___________ Pensacola_____________ 11,780 20,486 7,895 11,610 14,621 5,718 11,001 30,542 22,370 Total............................ 40,161 31,949 63,913 Rosin Savannah.............. ............ Jacksonville___________ Pensacola............ .............. 107,697 178,309 66,459 91,146 165,688 65,913 69,484 171,993 66,019 352,465 322,747 307,49(5 NAVAL STORES The naval stores market in this District has exhibited some weakness during November. The receipts of both rosin and turpentine show considerable increase over November a year ago, because of the extraordinarily favorable weather which enabled the producers to prolong the season of making gum* Under the pressure of the heavy receipts prices suffered considerably, both turpentine and rosin registering declines. The price of turpentine has declined from around $1.55 the last of October to $1.30 the first part of December, which is almost back to the September 30th level. Cumulative re ceipts of both turpentine and rosin from the beginning of the present season, April 1, through the month of November, disclosed increases over the corresponding period last sea son. Total receipts of turpentine were 222,556, an increase of 2.3 per cent over the total of 217,542 last jear, and receipts of rosin for the present season through November 30 were 738,582, an increase of 22.2 per cent over the total of 604,543 for the same period last year. These figures are for the three principal ports in the Sixth District. Monthly figures for November are shown in the following statement. NAVAL STORES MOVEMENT—NOVEMBER 1922 Receipts—Turpentine Nov. 1922 Oct. 1922 Nov. 1921 10,435 10,541 8,869 Savannah___.......................... Jacksonville.......................... 11,733 11,733 10,160 Pensacola..... ............. ........... 4,414 4,504 5,272 Total................................ 26,582 26,778 Total............................... 24,301 FEDERAL RESERVE BOARD INDEXES OF RETAIL TRADE THROUGHOUT THE UNITED STATES. (1919 monthly average-100) 4 November 1922 127.4 112.5 October 1922 134.3 110.0 November 1921 121.3 83.3 16 7 5 4 4 3 159.1 122.2 122.0 152.3 120.7 126.9 148.4 133.0 121.2 156.6 118.8 127.1 133.5 115.2 119.1 134.1 107.0 124.8 Number Department Stores.............................. _____ _____176 Mail Order Houses_______________ ____________ Chain Stores: Grocery......................................... ____ _____ Drug....................................... ...... ___ ________ Shoe______________________ _......... ........... . Five & Ten____ ______________ ____________ Music________ _______________ ____________ Cigar....................... ......................._____ ______ 16 M O N TH LY B U S IN E S S R E V IE W FEDERAL RESERVE BANK OF ATLANTA Weekly Statement of RESOURCES AND LIABILITIES Resources Gold Settlement Fund................ Dec. 13, 1922 $ 5,658,775.50 25,639,501.92 $ 5,001,050.50 7,003,953.46 Total Gold held by bank.— Gold with Federal Reserve Agen Gold Redemption Fund.............. 31,298,277.42 100,644,085.00 1,701,458.03 12,005,003.96 42,376,705.00 6,479,851.22 Total Gold Reserve----------Legal Tender Notes, Silver, Etc. 133,643,820.45 6,314,679.90 60,861,560.18 6,786,519.00 139,958,500.35 67,648,079.18 Bills Discounted: Secured by Government Obligations....... AllOther___ _______ ______________ ____ Bills Bought in Open Market____ _______ 3,937,145.36 26,755,881.81 11,385,578.22 24,966,072.10 68.537,901,92 3,807,942.63 Total Bills on Hand...................................... U. S. Bonds & Notes____________ ______ ____ One year Oert. of Indebtedness (Pittman Act). All other Oert. of Indebtedness____________ _ Municipal Warrants.............. ...... .............. ........... 42,078,605.39 165,400.00 999,000.00 2,030,918.00 8,000.00 97,311,916.65 11,612,523.90 8,564,000.00 894.00 Total Earning A ssets......... .................. ......... Bank Premises..................... ............ ..................... Five per cent fund against F. R. Bank Notes___ Uncollected items........................ ........ ................ . All other resources...... ........ ................................. 45,281,923.39 2,007,408.48 467,550.00 29,552,053.69 304,103.07 117,489,334.55 1,037,387.19 505,550.00 22,869,542.42 741,601.64 217,571,538.98 210,291,494.98 Dec. 14, 1921 Liabilities Capital paid in ................................................ ................ Surplus fund...................................................................... Reserved for Government Franchise Tax___________ Deposits: Government......................................... ...... ............... Member Banks—Reserve account........................... AllOther............................. ............................... ......... 4,308,800.00 9,113,570.99 4,178,200.00 8,708,282.32 4,381,313.85 1,596,189.42 52,720,145.18 212,772.21 2,053,134.50 43,322,983.70 389,359.70 Total Deposits........................................................ Federal Reserve Notes in actual circulation________ Federal Reserve Bank Notes in actual circulation___ Deferred availability items_______ _______________ All other Liabilities---- ----------- --------------------------- 54,529,106.81 124,479,035.00 776,800.00 22,984,324.12 1,379,902.06 45,765,477.90 119,035,205.00 7,633,700.00 19,332,791.79 1,256,524.12 210,291,494.98 Ratio of total Reserve to Deposits & F. R. Note liability combined:. 217,571,538.98 78.2% 41.0?$
@FedFRASER