View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

F

e d e r a

R

l

e s e r

v

B

e

a

n

k

OF A TLA N TA .

A TLA N TA , GA., F ebruary 25.1920.

M o n th ly R e p o r t o n

B u s in e s s

an d

A g r ic u ltu ra l C o n d itio n s

in

th e

S ix th F e d e ra l R e s e rv e D is tric t.
----- BY----J O S .

A.

M C C O R D ,

FE E A R SE V A E T
D R L E R E GN

INTRODUCTION—
T he b e tte rm e n t of prevailing conditions re s ts largely w ith th e general public and especially
w ith labor. I t is believed th a t th e public and labor have come to realize th is to some extent. I t
is essential th a t production be increased and m aintained a t a m axim um to com bat th e p resen t
high prices; th is responsibility re s ts w ith labor as well as w ith th e em ployers. I t m u st be re ­
m em bered th a t prices a re regulated by a day’s labor, and th e real un it of value is not th e dollar,
b u t an h o u r’s w ork, and th e dollar is a m ere incident to th e tran sactio n . The cu rtailm ent of cred­
it is also essential to com bat th e advanced prices, and w ith th e volume of m oney in th e hands
of th e public, th e tim e is opportune to liquidate obligations and to save on system atic lines, fin ­
ally, buying should be confined to essentials only.
AGRICULTURE—
The plan tin g and prep aratio n s fo r th e new crops have been som ew hat reta rd e d by w eath er
conditions. It is im possible to fo recast how th e acreage planted to cotton th is season will com­
pare w ith previous years. However, it is known th a t in certain sections o f th e d istric t th e acre­
age will be reduced as th e re su lt of th e dam age la s t year by th e boll weevil, and th e hold th is
insect now has in those sections. T here is every indication th a t th e re will be m ore diversifica­
tion of crops th e coming season th a n heretofore. Sm all g rain has been som ew hat dam aged by w et
w e a th er; it is reported th a t th e w h eat acreage in Tennessee is estim ated from 20 to 50 per
cent, of th e usual sowing. The recent ra in and flood dam age to crops along th e A tlantic C oast
in F lorida has been considerable. The potato crop is reported as nearly 90 p er cent, planted, of w hich
12 to 15 per cent, was covered by w ater, and it will probably be necessary to rep lan t a consider­
able p a rt of th e crop. In p a rts of th e S ta te o th e r vegetables have been sim ilarly affected. The
oats crop in C entral F lorida is reported in good condition. Indications a re th a t th ere will be a
large cabbage crop, w hich is now reported fa ir. The following table shows th e m ovem ent in
car lots of citrus fru its and vegetables during th e m onths of Decem ber and Ja n u ary , 1919, and
Jan u ary , 1920
Dec., 1919.
Jan., 1919.
Jan ., 1920.
O ranges ..................................................................................
G rap efru it ..............................................................................
Celery ......................................................................................
Cabbage ..................................................................................
Lettuce ....................................................................................
Tom atoes ................................................................................
Miscellaneous vegetables ....................................................




4,486
949
0
6
689
34
281

2,863
1,397
42
97
606
20
135

3,680
1,452
120
344
1,169
219
165

Prices th is season fo r g ra p e fru it have been disappointing and grow ers have not, so fa r,
realized th e p ro fit th ey anticipated. A large proportion of th e crop is y et to be shipped and th e
m ark et appears som ew hat stronger.
The prices of oranges th is season have been
low­
er th a n th e high prices of la s t season.
However, th ey have show n a fa ir p ro fit to th e grow er,
and th e m ark e t now h as an upw ard tendency.
Cane grow ing in certain p a rts of th e d istric t is receiving m ore a tte n tio n each y ear and is
proving to be a profitable crop fo r th e farm er. Indications a re th a t th e production will be increas­
ed th is year w ith a corresponding increase of th e o u tp u t of syrup.
L IV E STOCK—
D uring th e year N ineteen H undred N ineteen th e re w as an increase of fa rm anim als th ro u g h ­
out th e D istrict.
On Ja n u a ry 1st, 1920, th e to ta l of fa rm anim als fo r G eorgia w as $201,840,000,
as com pared w ith $193,481,000 on Ja n u a ry 1st, 1918, and fo r M ississippi rep o rts indicate an
increase in valuation of approxim ately $4,250,000.
All classes of stock, w ith th e possible ex­
ception of sheep, a re receiving m ore a tte n tio n yearly. P u re breds or high g rad es of all classes
and breeds a re increasing rapidly th ro u g h o u t th e D istrict. The cattle tick is being eradicated,
and contagious diseases are being largely controlled. More a tte n tio n is also being given to p a s­
tu re s and housing.
N early all of th e S ta te s in th e D istrict have m ade su b sta n tia l gains in th e cream ery indus­
try , according to th e D epartm ent of A griculture. M ississippi now has tw enty-seven cream eries in
operation and will soon have th irty -fiv e . H er b u tte r production has increased th ir ty p er cent.,
and already a stead y and grow ing m ark e t has been created fo r d a iry products in th e la rg e r cities
of th e D istrict. Tennessee m ade th e g re a te s t g ain in th e cream ery developm ent in th e D istrict
d uring th e p a st year, several m odern plants recently having been completed. B u tte r production
from th e various cream eries show from tw enty-five to one hundred p e r cent, m ore b u tte r w as
m ade last year th a n during any previous year. The outlook fo r d a iry in g in Tennessee, according
to th e D epartm ent of A griculture, is unusually b rig h t. A labam a has also m ade developm ent in
th e cream ery ind u stry , and th ere is now being erected a t E u fau la a m odern p lan t fo r handling
th e dairy products.
LUM BER—
The dem and fo r lum ber contiues heavy, being g rea tly in excess of th e supply. P rices have
advanced considerably since Ja n u a ry 1 st; th e ou tp u t continues below norm al on account of th e
w eath er conditions which prevailed th ro u g h o u t th e Southern pine belt. H igh prices have influ ­
enced th e erection of num bers of sm all mills and sc attere d tra c ts of tim b er w hich is being cut very
m uch closer th a n previously.
NAVAL STORES—
T he 1919 crop has practically all been m arketed and th e stocks in p o rts are rep o rted low. T he
operators are p rep arin g fo r th e new crop. Indications point to an increased production fo r
N ineteen H undred Tw enty, unless ham pered seriously by labor and w eath er conditions. Some
delay is being experienced by th e failu re of cup m an u fa ctu rers to fu rn ish cups th a t have been
ordered. Prices reached th e ir h ig h est point a few weeks ago, and it is believed th a t th e sm all
stocks will tend to keep prices a t a hig h level.
BU ILDING—
Even w ith th e high prices of labor and of building m aterial, th e erection of business houses,
m an u factu rin g plants, ap a rtm e n ts and dwellings continue unabated. T h ere is still a g re a t de­
m and fo r houses both in th e cities and tow ns, and even w ith th e large am ount of building done
in th e la st few m onths, th e situ atio n does not appear to have been relieved and re n ts have con­
tinued to advance. Real e sta te conditions a re very active and th e re is m uch p ro p erty changing
hands, usually a t advanced prices.
LABOR—
T here have been no strik es of im portance since th e beginning of th e year, and no unusual
labor u n re st has been reported. The labor situ a tio n in th e in d u stria l cen ters and in th e cities has
som ew hat im proved and th e re is not th e dem and th a t th e re w as some m onths ago. The fa rm ­




er, however, is view ing th e coming season w ith m uch concern over th e fa rm labor situation.
H igh prices paid in th e cities and about in d u stries continue to a ttr a c t labor from th e country.
Much is being done to supplant m an power on th e farm s w ith horsepow er; th e purchase of tra c ­
to rs and o th er farm in g m achinery is heavy. This will not, however, entirely com pensate fo r th e
lack of m an power. T he fa rm e r plans f o r increased crops and live stock production are seriously
handicapped fo r th is reason. N aval stores industries, in common w ith farm ing, rep o rt a lack of
labor. The recru itin g sy stem is being l’esorted to, w ith th e resu lt th a t prices fo r th is class of
labor have advanced m aterially.
FIN A N C IN G —
T hroughout th e D istrict bank deposits a re holding up well. M any banks rep o rt th a t deposits
continue to increase. T here is an upw ard tendency of in te re st and discount ra te s and a prevailing
disposition to re s tric t credit. Collections a re reported as “ sa tisfa c to ry ,” “good,” or “very good.”
COMMERCIAL—
R eports from th e wholesale tra d e a re som ew hat varied, although, as a whole, th e am ount
of sales g rea tly exceed those of a y e a r ago, and th e m ajo rity of establishm ents show increased
volume. W hile th e re has been some decline in th e prices of foodstuffs, th e re h as been no ap p ar­
en t reduction in prices of d ry goods and w earing apparel, but, on th e contraryy, th e re h as been
a stead y increase— m ore especially is th is tru e w ith reg ard to h a ts, shoes, and clothing. Some dif­
ficulty is being experienced in g e ttin g orders filled. More caution is being used in extending
credit, and generally th ere is a disposition not to allow bills to lap.
COAL—
R eports from th e B irm ingham d istric t and in Tennessee a re to th e effect th a t th e coal pro­
duction is g rea tly reduced by th e car sh o rtag e from w hich th e re is no indication of im m ediate
relief. T here is a heavy dem and fo r coal of all grades. However, w ith th e continued w arm w eath ­
er th e supply of dom estic coal has been sufficient to m eet th e dem ands w ithout any serious
su ffe rin g on th e p a rt of th e public. The stocks of all grades on hand are a t m inim um and th e
dem and fo r steam , coking and gas coal is reported extrao rd in ary .
IRON AND ST E E L —
G reat activ ity prevails in th e m etal business in th e B irm ingham te rrito ry y . All ind u strial
plants a re operating th ro u g h o u t th e d istric t to capacity. P ig iron is selling from $40.00 to $43.00
per ton, w ith no accum ulating stocks in th e yards.
The production fo r Ja n u ary , 1920, w as 205,363 tons, as com pared w ith 200,671 tons in December, 1919, or an increase of 4,691 tons. The un­
filled steel tonnage of th e U nited S ta te s Steel C orporation reported as of Ja n u a ry 31st, 1920,
am ounted to 9,285,541 tons, as com pared w ith 8,265,366 tons on Decem ber 31st, 1919, or an in­
crease of 1,020,175 tons.
RAILROAD SER V ICE—
T he c a r sh o rta g e is reported as acute and seriously affectin g th e coal operators m ore th a n
any o th er one industry. However, th e dem and of lum ber m an u factu rers fo r c a rs g reatly exceeds
th e supply,and to some e x te n t th e car sh o rtag e extends to o th er industries.
W EA T H ER CONDITIONS—
The tem p e ra tu re th ro u g h o u t th e d istric t h as been mild, while th e rain fall has been heavy.
The w et w eath er has prevented th e fa rm e rs from going forw ard w ith prep aratio n s fo r th e com­
ing season and h as sim ilarly affected naval stores industries.
B E E INDUSTRY—
Much in te rest is being m anifested in c e rtain sections of th e d istric t in th e bee ind u stry . Re­
cently th e re was shipped w ith in th e d istric t a c a r load of bees containing 200 hives. The p u r­
chaser is said to be a large bee owner, hav in g colonies in Georgia, Florida and o th er so uthern
s ta te s. A nother ow ner is credited w ith 10,000 colonies of bees, and besides is th e p roprietor of a
larg e m an u factu rin g p lan t of bee supplies. In connection w ith th e fac to ry th e re is operated a
packing departm ent. Shipm ents of honey a re being m ade in c a r load lots and sm aller qu an ti­
ties.




CLEARIN GS—JA N U A RY .
1919.

1920.

A tlan ta , G a........................................................................ $269,276,033.33
A ugusta, Ga......................................................................
14,512,263.41
Macon, Ga...........................................................................................................
Savannah, Ga...................................................................
29,839,087.10
Jacksonville, F la ..............................................................
36,100,258.22
Tam pa, F la .........................................................................
8,592,296.97
Pensacola, F la ....................................................................
7,701,000.00
New Orleans, L a ...............................................................
278,319,190.28
V icksburg, Miss. .............................................................
2,288,932.39
C hattanooga, T enn..........................................................
25,996,917.85
Knoxville, Tenn.................... ...........................................
11,427,812.25
N ashville, T enn................................................................
72,754,366.20
B irm ingham , A la.............. ..............................................
54,752,289.19
Mobile, A la.........................................................................
7,865,890.38
M ontgom ery, A la............................................................
7,595,004.93

$363,868,491.61
28,074,120.93
38,450,291.00
57,541,827.10
54,529,151.93
11,417,127.98
11,483,000.00
352,695,949.63
2,694,616.68
36,938,616.95
16,152,172.86
118,053,551.70
88,176,781.39
11,634,181.78
12,030,717.65

BU ILDING O PERA TIO N S—JA N U A R Y , 1920.
R epairs and A dditions.
N um ber.
A nniston, Ala. ........................................ ........................
B irm ingham , A la................................... ........................
Florence, A la........................................... ........................
Gadsden, A la........................................... ........................
Mobile, A la........................................... .... ........................
M ontgom ery, Ala. ............................... ........................
Gainesville, F la ........................................ ........................
Tam pa, F la ............................................... ........................
Orlando, F la ............................................. ........................
Miami, F la ............................. .................. ........................
Pensacola, F la ......................................... ........................
Jacksonville, F la ...................................... ........................
W est Palm Beach, F la ......................... ........................
A tlan ta, G a............................................... ........................
A ugusta, G a.....................................................................
Savannah, Ga.......................................... ........................
N ashville, T enn....................................... ........................
Knoxville, T enn....................................... ........................
Johnson City, T enn..............................
New O rleans, L a ................................... ........................
B runsw ick, Ga......................................... ........................
Columbus, Ga.......................................... ........................
Macon, G a................................................ ........................
C hattanooga, T enn................................ ............... ........




12
200
5
4
2
78
4
70
16
7
(old and
22
(old and
137
97
23
184
25
47
3
10
38
120

Value.
$ 11,500.00
53,340.00
4,125.00
700.00
400.00
12,800.00
700.00
39,530.00
510.00
4,200.00
new)
175,111.50
new)
194,766.00
22,822.00
16,535.00
130,105.00
9,050.00
26,176.00
725.00
2,780.00
19,825.00
33,532.00

New B uildings.
N um ber.

Value.

102
3
13
8
14
6
34
36
182

$ 486,935.00
12,600.00
21,200.00
11,000.00
58,330.00
12,900.00
284,685.00
46,101.00
350,200.00
54,970.00
190,247.00
69,270.00
1,526,800.00
90,105.00
112,865.00
196,244.00
63,887.00
22,200.00
311,984.65
15,300.00
8,600.00
83,260.00
524,500.00

33
99
20
34
32
11
13
40
16
4
12
7