Full text of Economic Review (Federal Reserve Bank of Atlanta) : February 28, 1922, Volume 7, Number 2

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TH E

M O N TH LY

B usiness

Review

Covering B usiness an d A gricu ltu ra l C onditions in th e S ix th Federal Reserve D istric t.

FEDERAL RESERVE BANK OF ATLANTA
JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent
WARD ALBERTSON, Assistant Federal Reserve Agent
VOL. 7

ATLANTA, GEORGIA, FEBRUARY 28, 1922
UNITED STATES SUMMARY

During the past month improvement of conditions in several
basic industries has furnished a more hopeful prospect for the
trade of the coming months. This better outlook has in some
measure been offset by labor and other difficulties in the textile
industry which have resulted in reduced activity in that branch
of business. Fluctuations in the price of raw materials have
subjected the textile trade to still further difficulty, while in
that as well as in others, the lack of forward orders has made
it difficulty to plan policies! far in advance. In iron and steel
varying opinions exist as to the situation and outlook. It is
to be noted, however, that there has been distinct increase in
the activity of independent mills. The net outcome of these
changes has been to diminish the irregularity and unevenness
noted in the movement of industry during 1921. Textiles and
allied lines which have been far in advance of others are losing
their relative momentum. The evening tendency thus evident
by current readjustments is reflected in the fact that the
Board’s price index remains unchanged at 138. Wholesale and
retail trade indexes are disposed to show recession of buying
in most parts of the country save for seasonal activity in
special lines, such as dry goods. The volume of employment
(another important factor in influencing the demand for goods)
shows but little modification. As compared with last year, the
volume of building is very much larger, January permits being
more than double what they were a year ago. Financially the
month has shown continued reduction in the volume of credit
required by the community. Foreign exchange has shown a
decidedly stronger tendency, the highest levels for a long time
past having been reached in sterling, francs and some other
European currencies. Business failures are on a materially
higher level than in 1921, while the month of February, as
previously predicted by commercial agencies, also shows an in­
crease in commercial failures as contrasted with January.



No. 2

SIXTH DISTRICT SUMMARY
General conditions in the Sixth Federal Reserve District
during the month of January exhibited a degree of inactivity
in some lines Which usually follows Christmas buying and
the holiday season. Fundamentally, however, some progress is
being made toward better conditions, although such progress
is irregular. The season is almost at hand when preparations
for the crops must be made, and all information points at
this time to another crop season characterized by the strictest
economy. Farmers are planning to raise their 1922 crops with
as small an outlay of money as possible, both in regard to ex­
penditures for fertilizer and for labor. Many farmers have
already realized the wisdom of providing themselves with
home-raised food and feed, and this fact was the cause of
many of them being in fair financial shape at the close of the
1921 season although they received but little net return from
their marketed crops.
The relative volume of business transacted during the
month is probably best shown in the amount of checks against
individual accounts paid by the banks of the District. The
statement for January containing aggregate figures from
fifteen clearing house cities shows a decrease of 12.5 per cent,
compared with the same period a year ago. In December the
comparison revealed a decrease of 16.5 per cent. Failures
in this District, while larger in number in January than dur­
ing the preceding month, were 17.4 per cent smaller in
amount of total liabilities. Representative department stores
in mo3t of the important cities of the District reported
to the Monthly Business Review aggregate figUTesi which
show a volume of retail sales during January this year 19.4
per cent smaller in terms of dollars than sales by the same
stores in January, 1921. It will be remembered, however, that
indexes of (retail prices showed steady declines last year to
June, and that a somewhat smaller volume of sales in Janume of sales in January over December. In wholesale drysical volume of merchandise. Stocks of goods which retailers
are carrying are about the same as those of last year, a com­
parison of figures showing a decrease of only 2.3 per cent at
the end of January 1922 compared with the same date in 1921.
Compilation of figures reported by wholesale firms in various
lines of trade show irregular improvement. January is us­
ually a quiet month in most of the lines under investigation.
Spring buying of dry goods has begun, however, and business
in this line was 26.2’ per cent larger in January than in De-

T H E

2

M O N T H L Y

B U S IN E S S

R E V IE W

cember and only 1.5 per cent smaller than in January last
year.
Statistics showing the estimated value of the principal agri­
cultural crops produced in the District have been compiled by
the Department of Agriculture, and show a decrease of ap­
proximately 25 per cent in the money value of principal crops
in these six States. The largest decrease, 34.6 per cent, was
shown in Georgia, where the cotton crop was most damaged,
and the smallest decrease was in Alabama, which showed a
decrease of 11 per cent.
Building campaigns in the larger cities of the District have
been retarded only slightly on account of the winter weather,
and January 1922 figures show increases in substantial amounts
over permits issued in January of last year. Increasing activ­
ity is reported from a number of lumber plants, and January
orders and shipments were in excess of those for December.
A number of mills in this section closed down for the week
between Christmas and New Years, while for the last week
in January, of 75 mills reporting their operating time to the
Southern Pine Association only four were shut down. Manu­
facturing in the District changed little, on the whole, during
January. The unsettled price of cotton has caused some un­
steadiness in cotton manufacturing, but cotton cloth produc­
tion by reporting mills in January was less than two per cent
lower than in December, while about 18 per cent more cotton
yarn was manufactured in January than in December. Coal
mining and pig i*on production in the Alabama district showed
some gain in January over the preceding month.

uary 1921 does not appear as favorable as was the case a
month ago. The aggregate of sales by th-ese thirty-four stores
in January was 19.4 per cent less, measured in terms of dol­
lars and cents, than their sales during January 1921, while a
comparison of December sales with those of the corresponding
month a year earlier showed a decrease of 16.8 per cent.
Jackson, Mississippi, is the only one of the reporting cities to
show an increase in January sales. January, however, is usu­
ally more or less quiet following the Christmas buying in De­
cember, and this slight set-back in retail business is not taken
as indicating anything more than the usual condition prevail­
ing after the Christmas season.
Stocks of reporting department stores at the end of Jan­
uary were only slightly less than at the end of the preceding
month and the corresponding month a year ago. The rela­
tion of stocks to sales for the month, therefore, was some­
what higher than was the ease a month ago.
January was a month of more or less unfavorable weather;
some cold weather stimulated the buying of apparel, but a
number of rainy days during the month affected the total
vodume of business adversely.
Probably the most important factor in connection with the
slow progress of retail business is the wage and unemployment
situation. Wages have declined in many lines to a point
where workers find it imperative to curtail their purchases in
a manner which cannot but retard business, and while there
has been some slight improvement in the unemployment situa­
tion e a c h month, there still are numbers of workers in va­
rious lines out of work, and many more who are on part time.
Special sales by some of the stores have, however, moved a
RETAIL TRADE
considerable volume of merchandise and in this way made it
A comparison of the volume of business done by thirty-four possible for many of their customers to buy at sale prices
four representative department stores in the Sixth Federal articles which they would not otherwise have felt able to
Reserve District during the month of January 1922 with Jan­ purchase. Collections are reported to be slow.
CONDITION OF RETAIL TRADE DURING JANUARY, 1922
Federal Reserve District No. 6
As Reflected by Reports of Thirty-four Representative Department Stores
Atlanta
Sales during January, 1922 compared
with January, 1921 -------------------1-B. Sales January 1, 1922 to January 31,
1922 compared with same period 1921
2-A Stocks January 31, 1922 compared with
Stocks January 31, 1921 -...........—
2 -B. Stocks January 31, 1922 compared with
stocks December 31, 1921________
3.
Relation of stocks January 31, 1922 to
sales during month_____________
4.
Relation of outsanding orders January
31, 1922 to total purchase during
1921
____________________

Birmingham Jackson

Nashville

New
Orleans Savannah

Other
Cities

District

1-A.

N o te .

O t h e r C i t i e s in c lu d e




c it ie s in

—24.9

—37.9

-[-6.8

—10.7

15.2

33.0

15.1

19.4

Same as 1-A.
+12.9

—7.4

-|_66.8

—6.3

—2.0

—8.0

—5.5

—2.3

—0.08

_|_1.3

-f.17.3

—8.1

+0.4

—1.1

+2.4

—0.2

726.4

957.0

x

502.2

449.4

957.4

661-4

593.2

6.4

7.5

x

8.2

9.0

2.8

6.5

7.7

t h i s F e d e r a l R e s e r v e D i s t r i c t f r o m w h i c h f e w e r t h a n t h r e e r e p o r t s w e r e re c e iv e d .

T H E

M O N T H L Y

B U S IN E S S

WHOLESALE TRADE
Reports made to the Monthly Business Review by repre­
sentative firms in eight important lines of wholesale trade
show that general fundamental conditions are making produring January. Some of these lines show an improved vol­
ume of sales in January over December. In wholesale dry­
goods, for instance, eighteen reports showed increased sales
in January over the preceding month, but this is attributed
largely to the fact that retail merchants are beginning to buy
for spring business. The fact, however, that the aggregate
of January sales by twenty-one firms in various cities of the
District is only 1.5 per cent below sales during January 1921,
taken with the faet that wholesale prices declined steadily
through June of last year, shows that these twenty-one firms
sold a much larger quantity of merchandise in January of
this year. The same may be said of other lines under in­
vestigation. While declines are shown in the volume of sales
in January 1922 compared with those a year ago, except in
furniture, these declines are substantially less than the re­
ductions which have taken place in prices.
The aggregate sales of 32 representatives wholesale grocery
firms were 10.2 per cent less in January than in December,
and 18.8 per cent less than in January a year ago. Retailers
are reported to be buying cautiously and on a strictly hand
to mouth basis. Some wholesale firms say they accept orders
only for prompt delivery.
Although wholesale dry goods sales increased in January
over December, some of the reporting firms state their busi­
ness is being retarded by the financial condition of some of
their customers. One firm states that it filled only about onehalf of the orders received rather than extend further credit

R E V IE W

3

to customers who are not in position to made satisfactory
payments on their accounts.
Wholesale hardware reports indicate no change of impor­
tance during the month. In some parts of the District there
appears to be a somewhat better feeling. High labor costs in
manufacturing plants, however, are still a deterrent factor in
the wholesale and retail hardware business. The opinion is
general, however, that whatever further declines are made in
hardware prices will be very slow and will not effect the
volume of business.
Sales during January by wholesale shoe firms were only
slightly under December sales. Some improvements is reported
in both sales and collections, and orders, though not large, are
being received.
Business done by wholesale furniture dealers in January
was not up to that reported in December, but showed an in­
crease of 17.8 per cent over sales in January of last year.
Reports indicate that prices are fairly stationary, collections
are fair and conditions generally in this line are improving.
Business reported by wholesale drug firms, and also by
wholesale paper and stationery firms, was slightly better dur­
ing January than in December, but less in dollar value than
during January of last year.
Farm implement sales in January were reported 32.4 per
cent smaller than in December; in December, however, an in­
crease of 43.7 percent was shown over November. January
1922 sales were 17.2 percent less than in January 1921, but
reporting firms state that their business for the first part of
February indicated further improvement.

CONDITION OF WHOLESALE TRADE—JANUARY 1922
Sixth Federal Reserve District
1. Comparison of Sales during January with Sales during December 1921
Groceries Dry Goods
(32)*
(21)*
+10.1% +64.5%
X
— 1.1%
+31.4%
X
X
— 6.7%
+50.8%
X
X
—16.3%
X
—26.5%
— .5% + 4.5%
—10.2% +26.2%

Hardware Shoes
(22)*
(9)*
+17.5% +28.0%

Farm
Furniture Implements Stationery
(13)*
(6)*
(4)*
X
X
—42.7%

Drugs
(4)*

X
A tlanta_________
X
X
X
X
X
X
Jacksonville-------X
X
X
X
X
X
Knoxville ----------X
X
X
X
X
X
Meridian-----------X
X
X
X
—14.9%
—36.7%
Nashville _______
X
X
X
X
X
+ .6%
New Orleans ____
X
X
X
X
X
X
Vicksburg----------—12.2% —13.6% —37.1% —32.4% + 3.3% + .3%
Other Cities -- _ —
— 4.4% — 2.7% —38.3% —32.4% + 3.3% + .3%
DISTRICT _ ____
•Indicates number of reports.
2. Comparison of Sales during January 1922 with Sales during January 1921
Farm
Furniture Implements Stationery
Drugs
Groceries Dry Goods Hardware Shoes
(4)*
(4)*
(9)*
(13)*
(6)*
(22)*
(21)*
(32)*
X
X
X
_ _
_____
—18.8% —13.6% —19.9% —25.6% —10.7%
X
X
X
X
X
X
X
— 6.1%




4

______
Knoxville -- --------Meridian............ ......... ___ ____
Nashville ____________
New Orleans -----------Vicksburg---- ----------Other Cities __ - _____
DISTRICT _ ______ _
^Indicates number of reports.

T H E

M O N T H L Y

x
+
6 .1 %
x
—16.4%
-J.52.9%
x
x
—21.9%
X
—24.4%
—27.5% — 1 1 . 8 %
—18.8% — 1.5%

B U S IN E S S

AGRICULTURE
With the exception of cotton, agricultural production in the
Sixth Federal Reserve District during 1921 compared favor­
ably with figures for the preceding year. A substantial in­
crease occurred in the acreage planted in corn in all of the
states of the District, and increased production resulted in
all of the states except Florida, and Tennessee. The increase
in corn production in Alabama during 1921 over that of 1920
was almost six million bushels; in Georgia four million, in
Louisiana five million and in Mississippi twelve and one-half
million, while Florida and Tennessee showed decreases of ap­
proximately four million and two and one-half million bushels.
Cotton produced in these six states in 1921 amounted to
2.993.000 bales, raised on 11,226,000 acres, compared with 3,703,777 bales produced in 1920 on 13,010,000 acres. The larg­
est decline was in Georgia, which raised only 840,000 bales
compared with 1,415,000 bales in 1920, while Tennessee in­
creased its production from 32'5,00'0 bales in 1920 to 340,000
bales in 1921.
Potatoes, both white and sweet, were produced in slightly
smaller total volume for the District in 1921 than in 1920.
Production of white potatoes in Florida, Mississippi and Ten­
nessee declined, and in Alabama, Georgia and Louisiana in­
creases were shown over 1920, resulting in a somewhat smaller
total crop for the District. In Alabama, Georgia, Louisiana
and Tennessee sweet potatoes were produced in larger volume
than in 1920, but declines occurred in Florida and Mississippi.
In both sugar cane syrup and sorghum syrup substantial in­
creases were shown in 1921 over 1920 production. All of the
producing states reported increases in sugar cane syrup over
1920 production, and all except Florida and Louisiana reported
increases in sorghum syrup.
Both acreage and production of tobacco were less in 1921 in
this District than in 1920. Substantial decreases are reported
in both Georgia and Tennessee, the two important tobaceo
states of the District. In Tennessee the 1920 acreage of 117,000 was reduced in 1921 to 105,000 acres, and production de­
clined from 85,410,000 pounds to 78,750,000 pounds in 1921.
In Georgia the 1920 acreage of 23,000 acres was reduced in
1921 to 14,000 acres, and production declined from 13,800,000
pounds in 1920 to 7,896,000 pounds in 1921.
Excepting apples, production of deciduous fruits was larger
in 1921 than in 1920. The Georgia' peach crop increased from
3.799.000 bushels in 1920 to 6,550,000 bushels in 1921, but the
production of apples in Georgia declined from 1,270,000
bushels in 1920 to 698,000 bushels in 1921.



X

X

X

X

X

X

X

X

X

X

X

X
X

+13.9%
— 8.4%
X

—12.7%
—

R E V IE W

8 .8 %

X

+91.9%

X

X

X

X

X

X

X

X

X

X

X

X

+ 4.5%
— 8.3%

—17.5%
+17.8%

—17.2%
—17.2%

Com (Bushels)
1921
Acreage Production
Alabama ------Florida -------Georgia-------Louisiana -----Mississippi ---Tennessee ------

3,997,000
788,000
4,665,000
1,796,000
3,172,000
3,516,000

61,291,000
6,237,000
69,975,000
35,022,000
57,096,000
90,713,000

— 1 0 .8 %
— 1 0 .8 %

— 3.0%
— 3.0%

1920
Acreage Production
3,563,000
750,000
4,396,000
1,569,000
2,770,000
3,325,000

55,374,000
10,125,000
65,940,000
30,125,000
44,320,000
93,100,000

Total -------- 17,943,000 320,334,000

16,373,000 2*98,984,000

Cotton (Bales)
1921 .
Acreage Production
635,000
Alabama ____ 2',352,000
Florida -------77,000
13,000
Georgia _____ 4,140,000
840,000
Louisiana ------ 1,282,000
295,000
870,000
Mississpipi ___ 2,668,000
Tennesese ____ 707,000
340,000

1920
Acreage Production
2,766,000
663,000
100,000
18,114
4,900,000
1,415,000
1,470,000
387,663
2,950,000
895,000
824,000
325,000i

Total _____ 11,226,000
2,993,000 13,010,000
White Potatoes (Bushels)

Alabama ____
Florida _____
Georgia _____
Louisiana ____
Mississippi___
Tennessee ____
Total _____

1921
Acreage Production
32,000
2,400,000
17,000
1,564,000
23,000
1,725,000
27,000
1,809,000
16,000
1,088,000
35,000
1,820,000
150,000

10,406,000

3,703,777

1920
Acreage Production
27,000
1,809,000
23,000
2,415,000
22,000
1,628,000
27,000
1,755,000
16,000
1,392,000
28,000
2,324,000
143,000

11,323,000

Sweet Potatoes (Bushels)

Alabama ____
Florida _____
Georgia _____
Louisiana ____
Mississippi ___
Tennessee ____
Total _____

1921
Acreage Production
135,000 12,150,000
32,000
2,720,000
146,000 12,410,000
88,000
8,272,000
107,000
8,560,000
44,000
4,400,000
552,000

48,512,000

1920
Acreage Production
118,000 11,446,000
30,000
2,850,000
132,000 12,276,000
80,000
8,080,000
103,000 11,330,000
42,000
4,284,000
505,000

50,266,000

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

5

Sorghum Syrup (Gals)
Mississippi----------- 146,030,000
169,268,000
—13.7
Tennessee-----------139,500,000
208,016,000
—*32.9
1921
1920
T o ta l---------------$754,688,000 $1,005,982,000
—24.9
Acreage Production
Acreage Production
•Sugar cane omitted.
90,000
7,650,000
71,000
7,029,000
Alabama ____
Florida _____
1,000
120,000
1,000
142,000
AREA OF SUGAR CANE AND PRODUCTION OF CANE
Georgia _____
37,000
3,478,000
35,000
3,290,000
SYRUP, 1920 AND 1921
Louisiana ____
1,000
90,000
2,000
220,000
Mississippi ___
53,000
4,664,000
50,000
4,500,000
Area
Tennessee ____
42,000
4,032,000
20,000
1,800,000
Total cane area.
harvested
Syrup made
for syrup
Total _____ 224,000 20,034,000
179,000 16,981,000
1921
1920 1921 1920
1921
1920
State:
Acres Acres Acres Acres Gallons Gallons
Tobacco (Pounds)
S. Carolina 8,700 8,200 8,200 7,800 820,000 858,000
1921
1920
Georgia
61,100 53,100 45,200 44,100 7,322,000 9,697,000
Acreage ProductionAcreage Production Florida
34,000 28,000 30,000 24,000 6,300,000 6,110,000
Alabama ____
2,000
1,500,000
2,000
1,400,000 Alabama 71,000 55,000 60,000 42,000 8,760,000 7,665,000
Florida _____
4,000
3,600,000
4,000
4,200,000 Mississippi 39,200 33,100 33,700 28,300 7,583,000 7,358,000
Georgia _____
14,000
7,896,000
23,000 13,800,000 Louisiana 288,100 268,300 21,500 18,300 7,053,000 4,640,000
Louisiana ____
1,000
450,000
1,000
500,000 Texas
18,000 16,400 12,000 7,100 3,192,000 2,215,000
--------------------------Arkansas
3,000 3,200 2’,400 2,500 437,000 437,000
Mississippi ---Tennessee ____ 105,000 78,750,000
117,000 85,410,000
Total
523,100 465,300 213,000 174,100 41,467,000 38,980,000
Total _____ 126,000 92,196,000
147,000 105,310,000
MOVEMENT OF COTTON (Bales)
Deciduous Fruits (Bushels)
Jan. 1922*
Dec. 1921
Jan. 1921
Apples
Peaches
Pears
RECEIPTS—PORTS:
1921
1920
1921
1920 1921
1920
New Orleans
87,868
122,068
162,742
Alabama 890,000 1,186,000 1,230,000 974,000 180,000 158,000
10,142
Mobile
8,866
11,457
Florida
____
____ 130,000 150,000 40,000 24,000
Savannah
40,099
58,836
51,198
Georgia
698,000 1,270,000 6,550,000 3,799,000 —..................
Louisiana 35,000 34,000 264,000 269,000 38,000 47,000 RECEIPTS—INTERIOR TOWNS:
Atlanta
12,088
30,980
18,691
Mississippi 145,000 190,000 322,000 412,000 167,000 167,000
Augusta
19,094
37,953
21,232
Tennessee 754,000 1,500,000 --------------------- ------- ------Jackson
506
1,485
1,271
Meridian
989
2,741
1,683
Total -2,522,000 4,180,000 8,496,000 5,604,000 425,000 396,000
Montgomery
1,233
1,680
1,063
Value of 1921 Crops
Vicksburg
24,414
23,428
11,198
The reports of the Agricultural Statisticians recently issued SHIPMENTS—PORTS:
contain estimates of the total value of agricultural production
New Orleans
121,791
217,714
177,735
during 1921 compared with the preceding year. According to
Mobile
7,729
8,250
5,803
these estimates the total value of all principal crops raised in
Savannah
55,629
68,119
51,260
the states comprising the Sixth Federal Reserve District in SHIPMENTS—INTERIOR TOWNS:
1921 was $754,688,000, which, compared with the total of $1,21,802
Atlanta
20,418
18,516
005,982,000 for 1920, shows a decline of 24.9 per cent for the
Augusta
28,683
23,740
2'6,877
District. The highest percentage decline in the District was
J ackson
2,386
1,130
1,432
shown in figures for Georgia, which disclosed a value in 1921
2,176
2,296
Meridian
1,310
of $169,250,000, or 34.6 per cent lower than the total of
2,882
Montgomery
1,838
928
$258,889,000 for 1920, the next highest being Tennessee, with
Vicksburg
19,235
16,926
2,417
a decline of 32.9 per cent. Florida production in 1921 was 31.2 STOCKS—PORTS:
per cent lower than in 1920, Louisiana’s 24.6 per cent lower,
305,191
339,114
New Orleans
436,633
Mississippi 13.7 per cent lower, and the value of Alabama’s
16,802*
18,855
23,939
Mobile
1921 crops were estimated to be only 11 per cent less than in
167,444
151,914
Savannah
149,566
1920.
STOCKS—INTERIOR TOWNS:
Estimated Value Estimated Value Per Cent
52,018
61,732
31,433
Atlanta
135,412
145,330
Augusta
162,002
1921
1920
Decrease
14,393
12,511
11,2*26
Jackson
Alabama ................$169,961,000
$190,999,000
—11.0
17,434
18,352
Meridian
13,515
Florida _________ 50,176,000
72,976,000
—31.2
30,175
31,824
Montgomery
32,719
Georgia_________ 169,250,000’
258,889,000
—34.6
Vicksburg
13,714
12,391
14,275
•Louisiana
_______ 79,771,000
.105,834,000
—24.6



T H E

6

M O N T H L Y

COTTON CONSUMPTION—JANUARY, 1922
U. S. Census Bureau (In Bales)

B U S IN E S S

R E V IE W

a box at shipping points, while grapefruit have been held as
high as $3.25 a box. Extremely cold weather at distributing
points in the north is stated to have hindered the movement of
Jan. 1921 citrus fruits during the past few weeks. According to statistics
Jan. 1922'
Dec. 1921
Cotton Consumed:
the shipments of oranges to the end of January since the be­
511,800
366,463 ginning of the season have been approximately 11,349 carloads
Lint -------- ------ 526,552.
29,782 by rail, and an estimated 1,500 carloads by water route. Last
L inters-----------40,499
41,698
On Hand in Consuming Establishments:
year’s movement of oranges at this date was stated to be 11,1,263,961 379 carloads by rail, and an esitmated shipment of 300 carloads
1,737,771
Lint --------------- 1,675,033
167,862
238,312 by water route. The movement of grapefruit to the end of
L inters------------ 173,791
In Public Storage and at Compresses
January is given as 7,254 carloads by rail and an estimated
5,645,482 500 carloads by water route. This compared with approxi­
Lint --------------- 4,618,226
5,177,266
336,913 mately 6,456 carloads to February 2 last year. According to
171,303
Linters ----------- 134,226
Exports:
estimates, the crop is less than 45 per cent shipped, and up­
635,421
600,135 wards of 6,500 carloads are said to be still on the trees.
Lint __________ 458,868
4,394
5,246
17,042
Linters -----------The statement of the Agricultural Statistician for Florida re­
24,024 garding production in 1921 places the estimate of the total
60,996
42,093
Imports ---------------31,539,431 crop of oranges at 8,200,000 crates, compared with 8,100,000
34,488,640
Active Spindles_____ 34,457,509
crates produced in 1920, and 7,000,000 crates produced in 1919.
Cotton Growing States
There were 4,175,000 orange trees of bearing age in Florida dur­
Jan. 1921 ing 1921, 3,928,000 in 1920, and 3,646,000 in 1919. The 1921
Dec. 1921
Jan. 1922
234,944 grapefruit crop amounted to 5,400,000 crates, raised on 1,900,304,825
Cotton Consumed---- 324,875
000 trees of bearing age, compared with 5,100,000 crates pro­
On Hand in Consuming
614,750 duced on 1,800*000 trees of bearing age in 1920 and 5,500,000
922,991
Establishments — 867,051
crates produced on 1,681,000 trees in 1919.
In Public Storage and
4,807,823
5,203,596 Statement of Car Lot Shipments of Citrus Fruit and Vegetables
and at Compresses 4,239,937
14,755,198
15,509,256
Active Spindles------- 15,650,718
From Florida During the Month of January
Seasons totals to
Month of January
Jan. 31st, inc.
1922
1921
1922
1921
COTTON GINNED
Grapefruit
2163
2165
7254
6456
A report issued by the Census Bureau gives the amount of Oranges
3191
3787
11349
11379
cotton ginned to January 16, 1922, as 7,913,971 bales, including Lettuce
696
815
1200
1851
123,569 round bales, 32,363 bales of American-Egyptian, and Vegetables
266
307
475
398
3,110 bles of sea island cotton. Ginnings to the same date last Cabbage
361
159
374
168
year amounted to 12,014,742 bales, including 204,507 round Peppers
58
1
98
2
bales, 73,695 bales of American-Egyptian cotton, and 1,525 Tomatoes
55
102
86
114
bales of sea island cotton.
Celery
275
375
275
382
Ginnings to January 16, 1922
SUGAR
1922
1921
1920
1919
Sugar cane growers in Louisiana are said to be joining in the
Alabama _______ 585,143
646,697
692,514
763,167 diversification campaign for 1922, and are planning to put
12,117
18,536
17,110
29,242 more acres in food and feed crops and fewer in cane. The
Florida ________
Georgia ________ 818,502 1,387,559 1,648,968 1,994,572 acreage planted to cane in Louisiana in 1921 exceeded the acre­
Louisiana ______ 282,202
376,653
294,542
540,782 age of 1920, and although the yield was excellent the return to
Mississippi _____ 813,567
841,746
844,587 1,073,403 the grower was unsatisfactory.
Tennessee ______ 296,224
277,912
256,258
290,662?
Movement of Sugar (Pounds)
Total 6th Dist._2,807,755 3,549,103 3,753,979 4,691,828
Jan. 1922
Dec. 1921
Jan.1921
Other S ta te s ____5,106,216 8,465,639 6,553,141 6,356,824 RECEIPTS:
New Orleans _____ 67,127,083
49,585,673
24,618,827
Total U. S_____ 7,913,971 12,014,742 10,307,120 11,048,652
Savannah ________ 17,069,957
9,341,112
18,285,150
MELTINGS:
CITRUS FRUIT
New Orleans _____ 61,213,347
46,573,231
16,334,451
Savannah ________ 17,069,957
9,341,112
23,303,810
The freeze in California the latter part of January has re­
sulted in a stronger tone to the Florida citrus market, prices STOCK:
New Orleans _____ 12,990,474
7,076,738
11,294,124
on both oranges and grapefruit having strengthened following
Savannah ________
0
0
16,877,404
the damage to the California crop which is estimated at from
30
to
35
per
cent.
Prices
on
oranges
range
from
$3.25
to
$4.50



T H E

M O N T H L Y

B U S IN E S S

R E V IE W

7

BICE

FINANCIAL

The rice market in New Orleans during most of the month
has been quiet, due to the strictly hand to mouth policy of the
dealers in their buying and to the firmness of holders and
planters in their refusal to sell at lower prices than have pre­
vailed. There have been periods of activity, but the month as
a whole may be characterized as quiet. Receipts and shipments
were considerably smaller than for December, and stocks of
clean rice increased over those on hand at the end of December.
Rough. Bice (Sacks) Port of New Orleans
Jan. 1922*
Dec. 1921
Jan. 1921
Receipts __________ 104,856
193,487
113,196
Shipments _________ 105,860
159,648
134,566
Stock_____________
68,660
69,664
36,712
Left over from
last season_____
24,158
24,158
6,428
Clean Rice (Pockets) Port of New Orleans
Jan. 1922
Dec. 1921
Jan. 1921
Receipts __________ 221,271
315,233
304,470
Shipments _________ 185,931
277,821
351,341
Stocks____________ 206,790
171,450
368,699
Left over from
last season-------89,691
89,691
173,428
Foreign Trade in Bice (Pounds)
Total this
Same time
Dec. 1921
season
1920
Imports:
Routh rice - 785,524
3,700,443
14,167,619
Clean rice__ 6,328,800
31,572,862
22,376,721
Brewers rice 76,453
432,779
539,219
Exports:
Foreign rice- 5,061,674
22,638,722
27,494,493
Domestic rice 35,916,554
227,177,608
113,425,874
Receipts of Bough Bice (Barrels)
Total this Same time
Jan. 1922
season
last year
Association M ills-------- 647,900
3,565,982
944,712
New Orleans Mills_____ 104,856
Outside M ills_________ 214,069
1,147,628

The volume of business transacted at fifteen clearing house
cities of the Sixth Federal Reserve District, reflected in the
statement of debits to individual accounts at these cities dur­
ing the five weeks ended February 1, 1922, was smaller by 12.5
per cent than during the corresponding period last year. The
total debits reported from these fifteen cities for the current
period was $929,745,000, compared with $1,062,433,000 for the
same period in 1921. Comparison of the total figures reported
for the United States reveals a decline of 8.1 per cent for the
same period. These figures represent actual payments by check
against individual accounts in the fifteen clearing house cities,
and are probably the most accurate indicator of the relative
volume of business.

966,825
5,658,322
Distribution of Milled Bice (Pockets)
Total this
Jan. 1922
season
Association M ills-------- 605,752
3,109,529
New Orleans M ills------85,452
889,981
Outside M ills_________ 171,350
901,074
862,554
4,900,584
Stock (Bough and Milled)
Feb. 1,1922
Association Mills ------------------------- 934,963
New Orleans M ills------------------------ 246,358
Outside M ills____________________ 324,200



1,505,521

6,286,199
Same time
last year

4,456,930
Same time
last, year

2,430,782

Figures reported by forty-three member banks in selected
cities of the District show a decline in total loans and invest­
ments from $509,165,000 on January 28, 1921, to $424,395,000 on
January 25, 1922, or a decline of 16.6 per cent. The January
25th figure is also 4.7 per cent lower than that for December
28th, 1921. Demand deposits show an increase of 4.4 per cent
over those of a month earlier, being on January 25, 1922, $222’,953,000 compared with $213,528,000 on December 28, 1921, but
a decline of 6 per cent compared with the total of $237,302,000
for January 28, 1921.
The total of bills discounted for member banks and bought in
the open market by the Federal Reserve Bank of Atlanta de­
clined from $129,943,936 on February 1, 1921, to $72,425,140 on
February 1, 1922, a decrease of 44.3 per cent. Federal Reserve
Notes of the Federal Reserve Bank of Atlanta in actual circu­
lation on February 1, 1922, were $110,834,565, compared with
$169,562,490 on the same date a year ago, showing a decline
of 34.6 per cent for that period.
Eighty banks in this District reported direct to the Monthly
Business Review the amount of their savings deposits at the
end of January, compared with the preceding month and with
the corresponding month a year ago. The figures reported in­
dicate, on the whole, little fluctuation in the amount of money
in savings banks, compared with either December, or with Jan­
uary a year ago. Florida banks reported savings deposits 4.4
per cent larger on January 31, than on December 31, while
banks in the other states reported figures which showed de­
creases. The average for the District was a decline of eighttenths of one per cent from savings deposits a month earlier.
Comparing January 31 savings deposits with those a year ear­
lier, banks in Georgia, Louisiana and Mississippi reported fig­
ures which were 2.6 per cent, 3 per cent, and 3.3 per cent in
excess of savings deposits January 31, 1921, while the other
three states showed decreases. Aggregate figures for the Dis­
trict reflected an increase of only one-tenth of one per cent
over savings deposits on January 31, 1921. This result is fa­
vorable, rather than otherwise, because the past year has been
characterized by much unemployment which would ordinarily
tend to decrease the amount of money in savings banks and in
savings departments. Home buying has also taken a substantial
amount of money which might otherwise have found its way
into the savings banks.

8

T H E

M O N T H L Y

B U S IN E S S

DEBITS TO INDIVIDUAL ACCOUNT
At Fifteen Clearing House Cities—Sixth. Federal Reserve District
Increase
Five weeks ended Five weeks ended
or
Feb. 1, 1922
Feb. 2, 1921
Decrease
Alabama:
Birmingham
73,663,000
92,909,000
—20.7%
Mobile____
30,835,000
35,599,000
—13.4%
Montgomery
17,866,000
20,116,000
—11.2%
Florida:
50,295,000
63,512,000
Jacksonville _
—20.8%
Pensacola __
6,627,000
8,840,000
—25.0%
Tampa ___
31,638,000
29,738,000
+ 6.4%
Georgia:
125,572,000
131,775,000
A tlanta___
— 4.7%
29,949,000
Augusta ___
32,328,000
+ 7.9%
—23.5%
Macon____
17,788,000
23,254,000
Savannah __
50,409,000
56,805,000
—11.3%
Louisiana:
New Orleans -- 339,491,000
371,263,000
— 8.6%
Mississippi:
Vicksburg_
8,994,000
8,056,000
+11.6%
Tennessee:
—22.3%
49,281,000
Chattanooga
38,288,000
— 5.2%
33,470,000
Knoxville__
31,720,000
—31.2%
74,231,000
107,886,000
Nashville __
—12.5%
Total 6th District
929,745,000
1,062,433,000
Total United States-42,474,901,000
46,240,509,000
— 8.1%
ACCEPTANCES
Twenty-six reports regarding acceptance transactions during
the month of January 1922 were made to the Monthly Business)
Review by accepting member banks in the Sixth Federal Re­
serve District. Of this number, 14 reports showed no trans­
actions of any kind in acceptance during January. Twelve re­
ports showed domestic acceptances executed during January
1922 in amounts aggregating 10.5 per cent more than during the
preceding month, December 1921, and more than three times
the amount of domestic acceptances executed during January
1921. Foreign acceptances executed by these banks during
January 1922, however, were 3.7 per cent less than those ex­
ecuted during December 1921, and 17.9 per cent less than were
executed during January a year ago. Only two of the report­
ing banks showed acceptances purchased during the month,
while five banks reported acceptances in varying amounts held
in their own portfolios and not sold.
Acceptances purchased in the open market during January
1922 by the Federal Reserve Bank of Atlanta were smaller by
one-third than the total for the preceding month, and were 10.6
per cent smaller than for January a year ago.
FAILURES
While the number of failures in the Sixth Federal Reserve
District during January showed an increase, the total of liabil­
ities was 17.4 per cent smaller than the total for December
1921, although larger, by 23.6 per cent, than liabilities for Jan­
uary
a year ago. The January 1922 total of liabilities was



R E V IE W

exceeded in 1921 in two instances, October and December. The
January 1922’ number of failures for this District was the larg­
est recorded for any single month in several years, being 48.9
per cent larger than the number for December 1921, and 45.1
per cent greater than for January a year ago.
The total liabilities in the United States for January 1922
was $73,795,780, larger than for any month in recent years, ex­
cepting the immediately preceding month, December 1921,
when the total was $87,502,382. The comparison with Decem­
ber 1921 reflects a decline of 15.7 per cent, but an increase of
41.5 per cent is shown in comparing liabilities for the United
States in January 1922 with those of January 1922. The num­
ber of failures reported was larger, by 11.4 per cent, than for
December, and by 43.7 per cent than for January a year ago.
Sixth District
United States
Number Liabilities Number Liabilities
January 1922 ......... £83
$5,012,931
2723
$73,795,780
December 1921 ---- 190
6,066,401
2444
87,502,382
January 1921 ------- 195
4,054,436
1895
52,136,631
Comparison of
Jan. 1922-Dec. 1921 +48.9% —17.4% +11.4% —15.7%
Comparison of
Jan. 1922-Jan. 1921 +45.1% +2'3,6% +43.7% +41.5%
IMPORTS AND EXPORTS—UNITED STATES
Statistics issued by the Department of Commerce of the
United States show the total of both imports and exports for
January 1922 to be smaller than for the preceding month, De­
cember 1921. Imports during January 1922 amounted to $216,000,000, which is a decrease of 9 per cent when compared with
total imports for December 1921, which were $237,482,338, but
an increase of 3.4 per cent over the total of imports for Jan­
uary 192'2, which were $208,796,989.
Merchandise to the value of $279,000,000 was exported in
January 192'2, according to the Government figures. This total
represents a decline of 56.9 per cent in the total value of ex­
ports in January 1922 compared with the value of goods ex­
ported during January a year ago, when $645,271,423 worth of
merchandise was exported, and a decline of 5.8 per cent com­
pared with the total for December 1921. The excess of exports
over imports for January 1922 was $63,000,000, compared with
an excess for January 1921 of $445,474,434.
The Government figures exhibit a general tendency on the
part of exports to decline, and an upward trend in imports not­
withstanding the fact that the total for January was not quite
up to that for December.
PORT OF NEW ORLEANS
Merchandise to the value of $9,568,730' was imported at New
Orleans during the month of December 1921. This was an in­
crease of approximately $3,000,000 in value over imports dur­
ing November, and an increase of about $430,000 over the value
of imports during December 1920. Increases occurred in both
volume and value of most of the principal articles of import,
coffee and mineral oil being especially noticeable. The import
of mineral oil from Mexico in December was the largest of any
single month in the history of the port, and only three times
have the coffee receipts for that month been exceeded. Follow-

T H E

M O N T H L Y

B U S IN E S S

mg is a comparison of figures showing the volume and value of
principal articles of import in December 1921 with the same
month 1920:
■Commodity
Creosote oil
Nitrate soda
Coffee
Sisal
Burlaps
Mineral oil
Bananas
Tin
Mahogany
Molasses
Sugar

December 1921
gal 1,994,469 $ 216,166
106,950
ton
2,139
lbs. 46,277,275 5,117,504
383,873
4,097
ton
lbs 15,261,425 1,118,203
gal 103,325,000 1,261,876
419,748
bu 1,281,154
282,776
lbs 1,120,922
121,530
ft. 1,019,000
39,138
gal 2,256,972
72,946
lbs 2,688,000

December 1920
10,930 $ 479,465
29,216,304 2,921,292
394,075
3,547
12,599,000 1,153,493
651,757
53,439,120
535,423
1,259,270
2,756,000
5,405,506
14,769,278

308,935
121,624
1,788,078

The following table gives the value of imports received at
New Orleans during December, for the years shown:
December
December
December
December
December

1921_____________ $ 9,568,730.00
1920 _____________ 9,138,561.00
1919_____________ 12,997,097.00
1918_____________ 5,982,513.00
1914______ ______ 4,032,652.00

Total shipments of grain from the port of New Orleans dur­
ing the month of January 1922 amounted to 6,190,813 bushels.
This compares favorably with the total of 5,986,780 bushels for
January 1921, and with the December 1921 total of 5,291,974
bushels. Corn shipments increased from 689,814 bushels in
January 1921 to 4,351,121 bushels in January 1922, while wheat
shipments declined from 4,852,988 bushels in January last year
to 1,593,815 bushels in the month just ended. For the season
July 1 1921 to and including January 31st, total grain shipments
from the port of New Orleans were 38,506,081 bushel; com­
pared with 54,357,997 bushels exported during the same period
in 1920-21. Shipments of corn in this period increased from
1,456,165 bushels for the seven months in 1920-21 to 11,222',272
bushels for the same period in 1921-22, while figures for other
grains show declines. Wheat shipments declined from 47,437,233 bushels for the period in 1920-21 to 26,414,595 bushels for
the same period this season, and declines were also shown in
oats, barley and rye.
Tonnage statistics for the port of New Orleans for 1921 show
a 14 per cent gain over 1920. The 1920 figures show 10,654,486
tons handled during the year, while in 1921 cargoes passing
through the port approached the 12,000,000 ton mark. The total
value of exports and imports declined from $986,543,444 in
1920 to $533,858,971 in 1921.
During 1921 the port showed a gain in the export of grain,
flour, srice, mineral oil, agricultural implements, and a decline
in cotton, manufactured cotton products, fiber manufactures,
machinery, and especially in iron and steel products. Imports
of nitrate of soda, coffee, sisal grass, molasses and sugar fell off,
while gains were recorded by creosote oil, burlaps and mineral
oil. New products exported during 1921 included stilphate of
ammonia, glucose and photo film. New imports were benzine,
naptha
and pig tin.



9

R E V IE W

LUMBER
After experiencing the usual slowing up in December, the
lumber market is reported to have been more active in January,
both orders and production being larger than in the preceding
month. Advices from correspondent lumber companies are
conflicting, some reports being more or less optimistic and
others stating that their business has changed little during the
last month. Winter weather has interfered to some extent with
mill and logging operations, but on the whole there appears to
have been some improvement in the lumber industry since the
turn of the year. For the week ending February 3rd, 75 mills
which are members of the Southern Pine Association reported
their operating time. Of this number 57 were operating full
time, six operated five days, during the week, five mills operated
four days, two mills operated three days and one mill operated
two days, and only four mills, of the 75 reporting, were shut
down. This compares favorably with the last week in De­
cember, when 22 mills, of 78 reporting, were shut down, and
only six operated full time. This was for the week between
Christmas and New Year, however, and it is not unusual for
some mills to close down during this period. The weekly state­
ments of the Southern Fine Association have shown actual pro­
duction of reporting mills to be fairly steady at about 81 per
cent of normal since the beginning of 1922, with the exception
of the first week, when production was somewhat lower on ac­
count of the holiday. For the week ending February 3rd, or­
ders and shipments were approximately 33 per cent below nor­
mal production, while orders were 17 per cent and shipments
were 18 per cent below actual production for the week. There
was a slight increase in orders on hand at the end of the week.
Figures reported to the Southern Pine Association by 108
mills covering the month of January show orders received dur­
ing the month and orders on hand at the end of the month to
be more than these items for 117 mills for the month of De­
cember. Shipments and production of these 108 mills during
January amounted to almost as much as shipments and pro­
duction of 117 reporting mills during December. Following is
a statement showing comparison of the principal items for
January and December:
January 1922 December 1921
108 Mills
117 Mills
Orders------- ------ ----------------- 241,135,404 ft 228,412,667 ft
Shipments ---- --------------------- 224,732,954 ft 248,346,779 ft
Production -------------------------- 273,909,956 ft 284,834,989 ft
Normal production these mills---- 323,284,515 ft 333,901,127 ft
Stocks, end of month_________ 813,374,871 ft 797,433,127 ft
Normal stocks these mills-------- 875,235,905 ft 896,842,859 ft
Unfilled orders end of month___178,937,725 ft 156,775,680 ft
BUILDING
Building T<statistics for January 1922 compare favorably in a
majority of instances with figures for January 1921, although
not as many increases occurred in January as in December,
compared with statistics for one year earlier. There is usually
a slowing up in building during the winter months, but this
winter the weather has been unusually mild, with only a few
short cold spells, and building has continued in an unusually
large volume during the past few months. Most of the cities

T H E

10

M O N T H L Y

B U S IN E S S

and larger towns experienced a serious shortage of homes, both
for renting purposes and for sale, during 1919 and 1920, and
the active building campaigns which were inaugurated early in
1921, following a reduction in building costs, have continued.

R E V IE W

Building for manufacturing and industrial purposes has not
revived to the same extent as home building, and probably a
majority of the permits issued during 1921 were for residences.

BUILDING PERMITS—JANUARY 1922
New Buildings

Repairs and

Total

Total

Increase

Alterations
No.

Or

Value

No.

Value

Jan.1922

Jan. 1921

Decrease

Alabama:
7

7,500

7,500

66,500

25,316

121

320,260

345,576

220,433

+

56.8%

7

1,200

5

29,600

30,800

16,700

+

84.4%

56

12,602

4

11,000

23,602

90,355

Jacksonville_________

174

36,852

42

418,850

455,702

419,525

Miami______________

56

17,700

133

181,500

199,200

229,700

Orlando ------------------

22

6,750

48

826,870

833,620

68,497

Pensacola --------- -------

40

12.510

21

4,960

17,470

58,600

59

172,850

172,850

196,100

—

11.9%

Anniston____________
Birmingham ---- :______

—
124

Mobile--------------------Montgomery--------------

— 88.9%

73.9%

—

Florida:
+
—

8 .6%

13.3%

+ !| ,117.0%
— 70.2%

St. Petersburg------------

---

Tampa --------------------

157

60,985

101

139,901

200,886

97.975

+

105.0%

89

198,603

181

846,802

1,045,405

586,909

+

78.1%

125

14,513

22

62,480

76,993

46,540

Columbus -----------------

8

1,455

12

43,175

44,630

86,100

+ 65.4%
— 48.2%

Macon ______________

57

11,642

81

36,363

48,005

21,698

+

62,075

62,475
242,611

Georgia:
Atlanta----------------—
Augusta --------------------

(combined)

Savannah —--------------

—

121.2%
-

0 .6%

Louisiana:
45

94,900

170

475,975

570,875

Meridian--------------------

2

1,000

7

9,300

10,300

Vicksburg------- ------- —

10

33,065

11

39,800

72,865

118

25,739

10

390,400

416,139

23

31,800

31,800

11,100

186.5%

New Orleans -------------Mississippi:

Tennessee:
Chattanooga -------....... ------

Johnson City

Knoxville _ - -

26

15,384

81

147,210

162,594

50,706

-f 220.7%

Nashville

80

38,285

19

40,855

79,140

79,917

—

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




1.0%

T H E

MANUFACTURING

M O N T H L Y

B U S IN E S S

R E V IE W

11

quiries. Buying is said to be for spot delivery, and some mills
say they are unable to secure orders under present conditions
for future delivery.
Figures reported by 40 representative cotton cloth manufac­
turers for January show a decrease in cloth production of 1.7
per cent compared with the amount of cloth manufactured dur­
ing December by the same firms, but an increase of 39.1 per
cent over cloth produced in January a year ago. Shipments by
reporting mills increased 3.4 per cent over shipment by identi­
cal mills during December, and 29.4 per cent over their ship­
ments during January 1921. Orders on hand reported by the
mills aggregated 6.8 per cent more than at the end of the pre­
ceding month, and 8.2 per cent more than on January 31, 1921,
while stocks of manufactured cloth declined 1.4 per cent dur­
ing the month, and were 24.1 per cent less than at the end of
January a year ago.

Cotton seed oil mills in the Sixth Federal Reserve District
continued in January the slowing up which began in December.
Cotton seed received at reporting mills during January was 30.6
pear cent le&'s in volume than the amount received in December,
although 23 per cent greater than during January 1921. The
amount of seed crushed during January was 6 per cent smaller
than in December but 53 per cent greater than during January
of last year. The amount of seed on hand at the mills at the
end of January was 50 per cent less than at the end of De­
cember and 22 per cent less than at the end of January of last
year. Crude oil manufactured was 9.8 per cent less than in
December, but 60 per cent more than in January last year;
shipments were 27 per cent less than in December, but 68 per
cent greater than in January 1921; stocks of crude oil on hand
at the end of January were six-tenths of one per cent smaller
than at the end of December and 45 per cent smaller than one
Jan. 1922
year ago. Cake and meal were manufactured and shipped in
Cotton Cloth Statistics Compared with:
about the same relation as crude oil, except that cake and meal
40 Mills
Dec. 1921
Jan. 1921
shipments for January 1922 were slightly les's than during 1. doth Production_____________ —1.7%
-[-39.1%
January a year ago. Stocks on hand also were larger than dur­ 2. Cloth Shipments -------------------- +3.4%
+29.4%
ing the preceding month or the corresponding month last year. 3. Orders on hand at end of month.. +6.8%
+ 8.2%
Reports from correspondent brick manufacturing plants in­ 4. Stocks of manufactured cloth on
dicate no appreciable change in conditions in that industry,
hand at end of month_________ —1.4%
—24.1%
except possibly some improvement in the demand. Building
activity has held up unusually well this winter, but with the
approach of spring an increase in building is naturally to be
expected, and this is being reflected to some extent in improve­
COTTON YARN
ment in the demand for brick and clay products.
Reporting overall manufacturing plants indicate that while
Production of cotton yarn by 391 representative mills in this
business is not rushing with them, orders on hand are sufficient District increased approximately 18 per cent in January over
to keep them running for some weeks. At this time last year the preceding month, and was 90.6 per cent greater than in
business in this line was extremely dull, and some plants January of last year.
Shipments of yarn also showed increases over the preceding
operated part time principally to keep their help intact. For
several months, however, operation has been at or very near month and the corresponding month a year ago; the increase
full capacity, and conditions are better than had been ex­ over December shipments was only 2.8 per cent, but compared
pected in the early months of last year.
with shipments in January 1921 figures for the month just
Cotton hosiery manufacturing plants are operating on about ended show an increase of 108.1 per cent.
the same as for the past month or two, production being about
Some of the mills report inquiries and orders are few, but
the same basis as for the past month or two, production being the aggregate of unfilled orders on hand at the end of January
about the same as during December. Orders booked during Jan­ reported by all of these mills was 15.9 per cent larger than
uary were appreciably larger, however, than during December, orders on hand at the end of December, and 20.5 per ^ent larger
and are about the same as reported for January last year.
than orders on hand at the end of January 1921.
Furniture factories report operation as about 75 per cent of
Improvement in cotton manufacturing conditions was no­
capacity, and state that January business was substantially ticeable at the beginning of January, but have been affected
better than for the same month a year ago.
by the unsettled price of the raw staple. The demand for
low grade yarns appears to be weak, consumers showing prefer­
COTTON MANUFACTURINGence for the better grades. Yarn buyers are following a handCotton Cloth
to-mouth policy and making purchases only as needed Spin­
ners are carrying very small stocks.
Cotton manufacturing during January has been characterized
by a slight unsteadiness caused for the most part by the lack
Jan. 1922
of stability in the price of the raw staple. Cotton cloth manu­
Cotton Yarn Statistics Compared with:
facturers report that the unsettled condition in the cotton mar­
39 Mills
Dec. 1921
Jan. 1921
ket has had some adverse effect in the manufacturing industry. 1. Yarn Production------------------ +17.9%
+90.6%
Reports show that there was an increase of inquiries and or­ 2 . Yarn Shipments-------------------- + 2.8%
+108.1%
ders immediately following the beginning of 1922', and that dur­ 3. Orders on hand at end of month— +15.9%
+20.5%
ing January there followed a slowing up in the demand for 4. Stocks of manufactured yarn on
goods. February has, however, brought an increase of in­
hand at end of month________ — 2.4%
—22.8%



12

T H E

LABOR

M O N T H L Y

B U S IN E S S

R E V IE W

Florida reports indicate that there is no serious unemploy­
ment in either skilled or unskilled native labor. Floating labor
The survey of employment conditions made by the United is not in large demand. A number of large projects through­
States Department of Labor for the month ending January 31, out the state are affording steady employment to a large num­
1922, shows increases in employment in 40 cities, and decreases ber of skilled and unskilled workers. A small decrease in em­
in employment in 25 cities. This monthly survey is based on ployment occurred at Pensacola, mostly in the metal trades.
actual figures taken from the larger industrial payrolls of the Shipping has increased, and building trades are fairly well
country, in 65 principal industrial centers. In all, 1428 firms employed. Naval stores and lumber plants are working on
usually employing more than 500 workers each, or a total of about a 60 per cent schedule. Part time prevails in most lum­
1,600,000, are comprised in the survey. On January 31st these ber mills; machine trades report reduced forces and part time.
1428 firms had 63,400 more employees on their payrolls than Jacksonville's unemployment is principally confined to unskilled
on December 31st, an increase of 4.2 per cent.
help, and augmented by floaters. Key West and Tampa both
The largest increase shown for any city was 89.9 per cent report unemployment in cigar factories.
increase at Detroit, Michigan, and is largely attributed to in­
Alabama reports indicate the steel mills are operating at a
creased activity in the automobile industry. In this Federal better rate than has been expected, and coal operators report
Reserve District New Orleans showed an increase of 3.2 per some new business. The expected activity in lumber for the
cent, and Atlanta an increase of six-tenths of one per cent, new year has not developed; weather conditions have re­
over the end of December, while Chattanooga and Birmingham tarded production so that stocks have not accumulated. Fif­
showed decreases in employment of 16 per cent and 6.2 per teen textile mills in Alabama employing on January 15th 5,546
cent, respectively. Industries reporting an increase in employ­ workers, show a net increase of 518. Fifteen lumber mills in
ment were vehicles for land transportation 58.4 per cent; Alabama employing on January 15th 2,308 workers, show a net
leather and its finished products 3.7 per cent; metals and metal decrease of 440. In Birmingham 11 industrial concerns usually
products 2.8 per cent; paper and printing 2.6 per cent; food employing less than 500 each, report on January 15th 1,009
and kindred products 1.8 per cent; miscellaneous 1.7 per cent; workers, a net decrease of 97 compared with a month earlier.
liquors and beverages 1.2 per cent, and chemicals and allied There is slight improvement in the coke trade. Resumption of
products .8 per cent. Industries reporting decreases in em­ foundries, manufacturing soil, cast iron pipe and other iron
ployment were railroad repair shops 3.9 per cent, tobacco man­ products is helping the coke trade. Steel mills indicate a de-ufacture 2.6 per cent; stone, clay and glass products 1 per mand for steel wire and steel rails warranting increased opera­
cent; lumber and its manufacture .3 per cent; textiles and tions in these departments. Coal and iron companies have
their products .3 per cent, and iron and steel products .21 per added 340 workers to their forces including workers at the fur­
naces and coal iron mines. Building trades show progress.
cent.
Textile mills in Mississippi report increased employment on
Reports from, 107 industrial concerns in Atlanta usually em­
January
15th compared with a month earlier, and lumber mills
ploying less than 500i persons show a decrease of 107 on Jan­
uary 31st compared with December 31st. While there is unem­ also report a larger number of workers. Railroad repair shops
ployment in all industrial and commercial lines in Atlanta, at Meridian have increased their forces, and building trades at
some improvement is noted) since the first of the year. Metal other Mississippi towns have been fairly active.
In New Orleans unemployment and part time continue to be
trades and railroad repair shops show greatest unemployment.
Oil mills are operating at about 75 per cent of their maximum greatest in shipyards, metal trades, water front, and clerical
employment, and steel plants and kindred industries remain workers, and among unskilled labor. The number of migra­
at a low ebb. Many manufacturing plants are running on part tory workers who have arrived from the north and east have
tim,e. Building activity continues to furnish employment to aggravated the situation. Food products plants have added to
the building trades, and public work which will soon begin is their forces during the past month, while railroad shops, cotton
expected to relieve the local unemployment situation to some textiles and wood working plants have reduced forces. Build­
extent. Increased unemployment is indicated in all lines in ing trades are about 65 per cent employed.
A net increase of 1,741 workers was reported on January 15th
Savannah. Fertilizer plants and cotton compresses are operat­
ing only about 25 per cent of full force. Slight improvement is by 56 textile mills in Tennessee. 26 lumber mills also reported
beginning to be noticeable in cotton and naval stores move­ an increase of 96 workers on January 15th compared with a
ment, while building trades and lumber industry also show month earlier. In Chattanooga 42 industrial concerns employ­
slight improvement. No serious unemployment is reported at ing usually less than 500 workers, reported on January 15th
Columbus, the textile industry employing practically its full 5,124 on their payrolls, an increase of 153. Although building
force. Slight unemployment exists in the iron trades at that is active there is still a shortage of houses. Industries gen­
point. 21 industrial concerns in Augusta employing on Jan­ erally are active and new industries which are about to open
uary 15th 3,122 workers reported a decrease of 21, and there up will furnish employment for many workers. At Knoxville
continues considerable unemployment in both skilled and un­ 27 manufacturing plants report an increase of 94 workers on
skilled labor. Textiles show slight increase in employment at January 15th over the number employed a month earlier. Of
Augusta, but other industries show no improvement. At Macon the 27 plants, 19 are running full time and with full forces. A
42 industrial concerns employing on January 15th 7,547 work­ decrease of 144 is shown by 28 industrial concerns at Nashville
ers, report an increase of 131. There is, however, a consid­ during the month. Generally there has been little change in
Digitized forerable
FRASER
the employment situation at Nashville during the month.
surplus of common labor.


T H E

IRON AND STEEL

M O N T H L Y

B U S IN E S S

R E V IE W

13

weekly bituminous coal produced in January this year as com­
pared with January 1921 are shown below:
Pig iron production in the United States during the month of
Week ending:
1922
1921
January 1922, according to statistics compiled and published by
January 7 -----------7,476,000
9,633,000
the Iron Trade Review, amounted to 1,645,804 tons, an increase
10,763,000
January 14 --------- 8,302,000
of two-tenths of one per cent over December production, but
January 21 --------- 8,782,000
9,936,000
a decrease of 31.8 per cent as compared with production in
January 28 --------- 9,620,000
8,570,000
January 1921. While the increase over production in the pre­
February 4 --------- 9,708,000'
8,132,000
ceding month was small, the fact that an increase occurred con­
Reports
made
to
the
Southern
Appalachian
Coal Operators
tinues the upward trend in pig iron production which began in
August of last year. January’s production was the highest in Association indicate that 7171 cars, representing a tonnage of
eleven months, being s-econd to that of February 1921, which approximately 358,550 tons, were loaded in Tennessee during
was 1,929,394 tons. The number of furnaces in blast continued January. Compared with December, this reflects a gain of 1190
to show improvement, 127 being active on January 31 compared cars, or approximately 59,500 tons. Correspondents state that
with 123 a month earlier. December showed an increase of nearly all of the mines in the state are operating more or less
three active furnaces over the figure for November. The regularly.
Production of coal in the Birmingham District during the
amount of merchant pig iron produced in January was 362,008
tons, or 9,992 tons less than the output of merchant iron in De­ month of January was 985,000 tons, compared with 960,000 pro­
cember, which totalled 372,000 tons. Non-merchant iron pro­ duced in December, and 1,321,00 tons produced in January a
duced in January was 1,283,796 tons, compared with Decem­ year ago. Local demand is reported to be very light with no
prospect of an appreciable increase as summer approaches. In
ber’s output of 1,266,337 tons.
In the Alabama district, ten furnaces are in blast now as view of the impending strike in northern and eastern coal fields
compared with eleven on the last of December. Pig iron pro­ some inquiry is being received from western points which do
duction, however, increased from 115,632 tons in December to not ordinarily purchase their coal in this district.
121,067 tons in January in Alabama. Of this total, 63,895 tons
NAVAL STORES
were merchant iron and 57,172 tons were non-merchant iron.
Correspondents state that sales during January were heavier
Receipts of both spirits of turpentine and rosin at the three
than during the preceding month, and also heavier than January
principal markets of this District declined substantially during
of last year, when fourteen furnaces were in operation. At that
January as compared with the preceding month. Receipts of
time the prevailing price was $27.50 to $30.00, as compared
with $16.00 now prevailing for the same grade. Stocks of pig turpentine were also smaller than during January 1921, but
receipts of rosin were larger in January 1922 than a year
iron on the furnace yards in this district are reported to have earlier.
increased slightly. Inquiries are numerous, however, and cor­
Production is about over for this season and interest is now
respondents state that the outlook is more promising. At the
being centered in the crop for the next season which begins
steel mills favorable reports indicate a demand for steel wire
April 1st. Reports indicate that producers of rosin have held
and nails, steel rails and other shapes which warrants fairly
good operation. January business is reported to have been con­ large stocks back and that these supplies will have to be dis­
siderably better than during December. Stocks of steel and posed of before the market for rosin will be materially im­
wire products in the hands of jobbers throughout this territory proved Some correspondents state that the present price of
are said to be low, buying is being done in a hand to mouth rosin is substantially below the cost of production. Indica­
fashion and immediate deliveries are demanded. Prices on tions are that consumers, both at home and abroad, are very
structual steel were reported to be lower in January, and a slow in covering their needs. Firms that in former years car­
fair volume of business was transacted. With most of the cold ried reasonably good stocks are purchasing in very small quan­
weather behind, however, construction work is picking up and tities and only to meet requirements in sight.
correspondents state that prospects are for improved business.
MOVEMENT OF NAVAL STORES—JANUARY 1922
Jan. 1922
Dec. 1921
Jan. 1921
COAL
Production of bituminous coal in the United States has in­ Receipts—Turpentine :
7,587
*
Savannah ----------------- 1,921
creased each week since the beginning of 1922, and figures com­
Jacksonville ----------- 3,702
10,718
4,361
piled by the United States Geological Survey indicate that the
Pensacola --------------- 1,496
4,831
2,018
December slump has been practically overcome. The statement
issued by the Survey on February contains figures showing the Receipts—Rosin:
Savannah --------------- 21,592
41,467
*
weekly production this year compared with last, and indicates
----------30,388
48,057
16,838
Jacksonville
that present production is large enough to meet current require­
Pensacola --------------- 10,206
25,657
6,779
ments for consumption and exports, and at the same time add
Shipments—Turpentine:
to the reserve in storage. The latest count of consumers ’ stocks
Savannah --------------- 5,598
5,004
*
showed 47,000,000 tons on hand, or 16,0000,000 tons less than the
Jacksonville
----------6,332
11,619
4,532
maximum built up at the end of the war. Figures showing the
Pensacola--------------- 9,843
3,416
2,156



T H E

14

M O N T H L Y

B U S IN E S S

Shipments—‘Rosin:

R E V IE W

0

29,064
30,156
13,225

21,495
45,308
9,174

5,388
7,009

11,019
27,011
15,393

13,584
29,64:
23,740

26,043
11,385

Stocks—Turpentine:

>rS
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Stocks—Rosin:
83,495
1,974
69,463

89,456
174,472
72,482

2

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