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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 e d e ra l R e s e r v e D is tr io t. FED ER A L R ESER VE BANK O F A T LA N T A J O S . A . M c C O R D , C h a ir m a n o f th e B o a r d a n d F e d e ra l R e s e r v e A g e n t W ARD VO L. 8 A L B E R T S O N , A s s is t a n t F e d e ra l R e se rv e A g e n t A T L A N T A , G E O R G IA , F E B R U A R Y 28, 1923. NO. 2 SUMMARY OF BUSINESS CONDITIONS IN THE UNITED STATES Further increase in the volume of production in basic industries to a level higher than in 1919 or 1920, a continued advance in the prices of many basic commodities, additional borrowing from banks for commercial purposes and somewhat higher rates are the principal recent developments in the business situation. Production Production in basic industries as measured by the Federal Reserve Boards Index, was six per cent higher in January than in December and reached a volume exceeded only once in the past, in May, 1917. Production of steel ingots and of anthracite coal and mill consumption of cotton showed particularly large advances, and most other important industries increased their out put. Building operations have been maintained on a large scale. The expansion in production during January was accompanied by a substantial increase in freight shipments. Car loadings of forest products, reflecting the continued buildling activity, reached the highest monthly total on record, and loadings of merchandise and miscellaneous commodities were higher than in any January of recent years. Industrial employment continued to increase during January, and shortages of both skilled and unskilled labor were re ported by textile mills, steel mills, and anthracite coal mines. More wage increases at industrial establishments were an nounced than in December. There is still some unemployment in states west of the Mississippi. In industrial and commercial centers there has recently been a larger demand for office workers, although throughout the country there is much unemploy ment in this group. Prices The index number of the Bureau of Labor Statistics, compiled from the wholesale prices of about 400 commodities, in cluding finished and semi-finished products as well as raw materials, showed the same average level of prices in January as in November and December. Between December and January the prices of clothing, fuel, metals, building materials, chemicals and house furnishings advanced, but these advances were accompanied by declines in farm products and food, so that the com bined index remained unchanged. During recent weeks the prices of a number of basic commodities advanced rapidly and in many cases reached the highest points since 1920 or the early part of 1921. Among commodities reaching new high levels for the current movement, were corn, beef, cotton, wool, silk, hides, lumber, rubber, linseed oil, copper, lead and pig iron. Trade An active distribution of goods for this season of the year is indicated by reports to the reserve banks both of wholesale and retail dealers for the month of January. Sales of department stores in over 100 cities were twelve per cent larger than in January, 1922. Inventories for January show that there hsi$ been no large increase in stocks of goods held by department stores, and the rate of turnover continued rapid. In wholesale lines there were particularly large sales during January of dry goods, drugs, hardware and farm implements. Bank Credits The larger volume of commercial borrowing at member banks in recent weeks has been contrary to the usual trend of the season. Commercial loans of reporting member banks of February 14, were $243,000,000 or three per cent larger than at the end of December and seven per cent above the level at the end of July, when the general demand for credit first showed an up ward turn. This increased demand for credit at the member banks has resulted recently in an increased volume of borrowing by the member banks at the Reserve banks, chiefly Boston, New York and Philadelphia. On February 21, the loans to member banks were $628,000,000 or $248,000,000 higher than in mid-summer. During the same period the volume of government securities and bankers acceptances held by all Federal Reserve Banks declined $160,000,000, resulting therefore in a net increase of $87,000,000 in the loans and security holdings of the savings banks. The volume of Federal Reserve Notes in circulation which showed the usual post-holiday decline in January, began to increase on January 31, a week earlier than last year. Money rates also showed a tendency to become firmer, especially in recent weeks. The open market rate for commercial paper, which was four per cent last summer, rose during February from a range of four and one-quarter to four and one-half to a range of four and three-quarters to five per cent. On February 23, the discount rate on all/ classes of paper at the Boston and New York Reserve Banks was advanced from four to four and one-half per cent. 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 There is abundant evidence that business conditions in the Sixth Federal Reserve District are showing continued im provement. The attitude of business men in various lines of commercial, industrial, and financial activity is one of optimism, and almost without exception, reports to the Monthly Business Review state that the outlook is bright, and that at the present time there are no alarming developments in sight. Business men state that conditions are more nearly normal now than they have been at any time since the outbreak of the World War. Statistics compiled from information gathered for the Re view show that comparisons for January, 1923, with the cor responding month a year ago are favorable in almost every instance, and in many cases increases are shown over the preceding month. Wholesale and retail trade both reflect better conditions than existed either a year ago or in more recent months, the volume of business by firms co-operating in this work being very much above that of January, 1922. Conditions in the agricultural communities have been greatly improved because of the relatively greater returns from the last crop season. Farmers are being urged to make every effort to destroy the boll weevil. While tlhe weather for the most part of the winter has been mild, the freezing tempera tures during the middle of February will, it is believed, have the effect of destroying large numbers of the weevil and in this way reduce the amount of insect damage to the coming crop. Debits to Individual Accounts show a substantial increase over this time last year, savings deposits, reported direct to the Review by 82 banks in the District, are 12.5 per cent greater than at this time last year, and both the number and liabilities of commercial failures in the District during Janu ary showed material decreases compared with January last year. Building statistics for 24 cities in the Sixth District show substantial increases over January, 1922, in eighteen cities, and decreases in only six. Lumber mills during January expe rienced the best business in many months, from the standpoint of orders, and cotton manufacturing concerns also reported in creased production and demand. Employment conditions con tinue to improve, and at some points a slhortage of workers is noted in some lines. INDEX OF PRODUCTION IK BASIC INDUSTRIES PRICES COMBINATION OP 2 2 tilQ1VI0U*L SERIES CORRECTED FOR SEASWWC VMRMTIOIV INDEX NUMBERS OF WHOLESALE PRICES U. S. BUREAU OF LABOR STATISTICS T H E M O N T H L Y B U S IN E S S R E V IE W RETAIL TRADE The condition of retail trade in the District is indicated in the statement below, compiled from confidential reports ren dered to the Review by 37 representative department stores in various cities of the District. The volume of sales by these 37 stores during January was more than 12 per cent greater than in January ]^ast year, and the reports indicate that the outlook for business in the spring months is good. Increased sales were reported from all of the 3 cities shown, except Jackson, Mississippi, the most noticeable increase having occurred at Birmingham, where January sales were nearly 43 per cent greater than for the same month a year ago. Stocks of merchandise on hand at the end of January was 3.4 per cent greater than at the end of December, and 3 per cent in excess of those on hand at the end of January, 1922* The relation of stocks on hand at the end of the month to sales for the 37 reporting stores was 503.4, showing a turn over of 2.4 times per year, a little less rapid than the rate of 2.8 times shown for December. CONDITION OF RETAIL TRADE—JANUARY 1923 Sixth Federal Reserve District Percentage of Increase or Decrease (3) (1) (2) Atlanta (4).............................. Birmingham (3)...................... Chattanooga (4)..................... Jackson (3).............................. Nashville (4)............................. New Orleans (5)...................... Savannah (3)........................... Other Cities (11)..................... District (37)............................. United States ( ) ................ Comparison of net sales with those of corresponding peri od last year Stocks at end of month compared with A January A January 1922 + 9.0 + 1.0 + 9.4 +18.2 — 4.8 + 5.8 + 0.5 - 7.5 + 3.0 + 2.7 B January 1 to date +26.4 +42.7 + 9.5 — 2.1 + 3.9 + 7.2 + 2.4 +10.5 +12.1 +11.9 BANK CREDIT ALL FEDERAL RESERVE BANKS same as 1-a B December 1922 + 6.1 +10.5 +10.5 — 6.7 — 9.5 + 4.0 + 9.2 + 3.1 + 3.4 — 3.5 (4) Percentage of average stocks at end of January to average monthly sales for same period Percentage of out standing orders at end of January to total purchases dur ing calendar year 1922 583.3 385.2 872.4 543.8 532.1 464.7 631.5 584.3 503.4 378.9 7.6 3.9 X X 10.1 10.1 5.5 10.2 8.8 9.6 V O LU M E O F P A Y M EN T S B Y C H EC K 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 Reports from 139 representative firms dealing at wholesale in eight different lines of trade in the Sixth District showed substantial increases in the volume of business transacted during January, 1923, in comparison with the corresponding month a year ago. The smallest increase in the total amount of sales was 25.2 per cent, in both groceries and stationery, while the high figure was an increase of 96.9 per cent in the volume of sales by farm implement dealers. Comparisons with the month of December are favorable except in the case of furniture, where a decrease of 13 per cent occurred, and in the case of farm implements. December sales by farm implement concerns, however, were 39 per cent greater than in November, and the decrease in January was only 5.9 per cent under the volume of business in December. Seasonal factors are responsible in large measure for the results obtained in the month to month comparisons, but fun damental improvement is evidenced in the largely increased volume of business during the last month or two compared with the same months a year earlier. There is a tone of optimism contained in all of the con fidential reports made to the Review which points unmistakably to continued improvement. Prices are firm with a tendency in some lines to advance. The following table shows percentage comparisons of figures reported for January, with the preceding month, and with the corresponding month a year ago: January 1923 compared with: Wholesale Trade Dec. 1922 Jan. 1922 Groceries (42 reports) ........................ 4- 2.6% _|_25.2% _|_69.1% _j_58.2% Dry Goods (27 reports) .................... Hardware (28 reports) ...................... 9.4% _|_42.9% Furniture (17 reports) ........................ —13.0% _j_76.4% Shoes (12 reports) ............................... 9.5% _|_26.6% Stationery (4 reports) ........................ _[_ 5.8% _f_25.2% Drugs (3 reports) ........................... . _|— 13.9% -J_42.5% Farm Implements (6 reports) ............. — 5.9% 4_96.9% Groceries The volume of sales reported by 42 wholesale grocery firms in the District in January was, in the aggregate, only 2.6 per cent greater than in the preceding month. Correspondent firms state that business for the new year opened up in much better volume than is usually the case during January, how ever, and this is borne out by the fact January, 1923, sales by these firms were 25.2 per cent greater than during Jan uary, last year. Increases over the same month a year ago were shown at all of the cities shown in the statement, but compared with December, a decrease of eight-tenths of one per cent was shown by “ other cities,” and resulted in lower ing the average increase shown for the District. Correspondents state that prices are firm, and that there is a tendency to advance on some articles. While there is an op timistic frame of mind among both wholesalers and retailers, there is no indication of any speculative buying, and both retail and wholesale merchants are using caution and judgment in placing their orders. The following table shows comparisons, by cities, of figures reported by wholesale grocery firms for January, with the preceding month and the corresponding month last year: January 1923 compared with: Groceries Dec. 1922 Jan. 1922 Atlanta (3 reports) ............................. 4-4.7% _j_16.0% Jacksonville (6 reports) ........................ -j-6.4% _|_40.1% New Orleans (11 reports) ................ 4.1.0% _|_19.7% Meridian (4 reports) ......... .................. 4-4.0% +.31.2% Vicksburg (3 reports) ........................ -j-7.7% _|_32.3% Other Cities (15 reports) . . . _______ —0.8% _|_19.9% DISTRICT (42 reports) .................... 4 .2.6% _|_25.2% Dry Goods Spring buying is indicated in reports received from 27 whole sale dry goods firms for January. The aggregate amount of sales by all of these firms was 69 per cent greater than in December, and 58 per cent greater than in January, last year. Sales reported by firms in Atlanta and Nashville for January were more than double the business done by these firms, either in December, or in January, a year ago. The increasing price of raw cotton has resulted in some in creases in prices of cotton goods. Some of the reporting firms state that prices are already as high as they ought to be. A few of the reports indicate a tendency on the part of some retail customers to stock up to some extent, but most of our correspondents state that they are buying only what they will require, and that their retail customers, while buying more liberally than at this time last year, are still conservative in placing their orders. The following figures show comparisons by cities of sales during January, 1923, with December, 1922, and with Jan uary, 1922: January 1923 compared with: Dry Goods Dec. 1922 Jan. 1922 Atlanta (3 reports) ........................ +101.6% 4 .1 1 1 .6% Knoxville (3 reports) .................... 4 - 65.2% 4- 55.2% Nashville (3 reports) .................... 4-118.0% +106.8% New Orleans (4 reports) ............... + 41.9% — 4.2% Other Cities (14 reports) ................. -f- 57.9% 4- 67.2% DISTRICT (27 reports) !................ 4 . 69.1% 4- 58.2% Hardware Reports were made to the Review for January by 28 wholesale hardware concerns, whose total volume of sales during the month was only 9.4 per cent greater than in December. Un favorable comparisons are shown for both Chattanooga and Nashville, but other points from which report? were received showed increases. All of the cities reported increased volume T H E M O N T H L Y B U S IN E S S E E V D S W of sales over January last year, the aggregate being nearly 43 per cent. Many correspondents indicate that advances have been made in prices by manufacturers because of a decided increase in demand. The reports indicate that retail customers are dis posed to buy conservatively for spring requirements. They are not buying in such liberal quantities as was the case two or three years ago, but place orders more frequently, replacing their stock as it diminishes and as they have demand for the goods. Southern jobbers appear to be carrying fair stocks of goods. There is a decidedly better tone to the market, and the figures reported by correspondent firms indicate a sub stantially better demand than existed at this time last year. The figures following show comparisons, by cities, of sales during January with the preceding month and the correspond ing month last year: January 1923 compared with: Hardware Dec. 1922 Jan. 1922 _|_48.6% Atlanta (3 reports) ........................... -j-27.6% _|_56.5% Chattanooga (3 reports) .................... —13.5% Jacksonville (3 reports) .................... _|_16.3% _j_17.6% Nashville (4 reports) ........................ —18.2% -j-63.3% _|_36.3% New Orleans (5 reports) .................... _|_19.6% Other Cities (10 reports) .................. _|_16.6% _|_35.4% DISTRICT (28 reports) ...................... - f 9A% +-4:2.9% Furniture While the volume of business reported during January by wholesale furnitulre firms was somewhat smaller than in De cember, an increase of 76.4 per cent is shown in comparison with sales during January, 1922, and correspondents state that the trade is on a much better basis than at that time. There have been some price advances, made necessary because of rising costs of raw materials. Tihe reports indicate that the manufacturers are not accepting orders beyond their capacity. Collections are reported fair to excellent, and some of the reports state that while city business is fair, country business is very good. Comparison of sales reported by 17 wholesale firms is sihown in the following tablp: January 1923 compared with: Furniture Dec. 1922 Jan. 1922 _|_75.5% Atlanta (7 reports) ........................... —24.9% Other Cities (10 reports) .................. — 9.7% _|_76.6% DISTRICT (17 reports) .................... —13.0% +76.4:% Shoes Reports received from three wholesale shoe firms in Atlanta showed an increase of 25 per cent in sales during January, compared with December, but a very small increase at “ other cities” resulted in a District average increase of 9.5 per cent 5 for the month. An increase of 46 per cent was shown at Atlanta over sales in January last year, and 26.6 per cent for the District. Correspondents state that there is no tendency to overbuy, but that prices are firm, and that there is substantial improve ment in collections. January 1923 compared with: Shoes Dec. 1922 Jan. 1922 Atlanta (3 reports) ........................... 25.1% -j_46.0% Other Cities (9 reports) .................... 2.3% 17.7% DISTRICT (12 reports) .................... 9.5% +.26.6% District average for the other three lines of trade are shown in the first table. Figures for individual cities are not shown because three reports in a single line were not received from any city. The decrease in farm implement sales compared with Decem ber may be accounted for by the fact that December showed an increase of 39 per cent over the preceding month. All three lines show substantially increased business over January last year, and the reports indicate a good outlook for the coming months. Agriculture Preparations for the coming season are already under way, and reports from various sections of the District indicate that there will be a material increase in the acreage planted to cotton. Much more interest is being manifested in the cotton crop than was in evidence at this time last year, and rather optimistic reports are being received from sections where the boll weevil was less active during the past season. The farmers are in a substantially better position this year than at the beginning of the last season, because of the more satisfactory returns received from their 1922 crops, having liquidated prac tically all of their indebtedness. Large supplies of fertilizer are being purchased, along with plows, machinery and various kinds of farm implements. In some parts of the District plowing ihas been held in check because of the rainy weather, but preparation of the land is fairly well advanced for this season of the year, and much of the North Georgia bottom land that could not be broken last spring has already been prepared for the coming season. Livestock on Farms Statisticians in this District of the Bureau of Agricultural Economics have conducted investigations concerning the num ber and valuie of farm animal* at the beginning of 1923, and the total figures are given in the following table. The aggregate value of livestock on the farms of these six on January 1, 1923, was $425,358,700, and showed a small decrease compared with the total of $425,649,280 for the same date a year ago. An increase of more than $7,500,000 in Alabama is indicated in the value of horses, mules, states T H E M O N T H L Y B U S IN E S S R E V IE W 6 milk cows, swine and sheep, while decreases occurred in the value of other cattle, brood sows, and chickens. Decreases in the total value of farm animals are shown in Florida, Georgia, Louisiana and Mississippi, but an increase of more than $2,750,000 is indicated for Tennessee, due to increases in both the numbers and value of animals compared with last year. There has been no great increase in the numbers of Alabama Number Value $10,032,000 129.000 30.789.000 311.000 18.932.000 516.000 515.000 4.944.000 1,281,000 11.913.000 90.000 306,000 3.117.000 6,351,000 $80,033,000 72.497.000 Louisiana Number Value $12,141,000 171.000 19.888.000 176.000 8,208,000 216.000 8,600,000 585.000 756.000 5,897,000 354,000 122.000 $55,088,000 59.616.000 Horses............ Mules ............. Milk Oows___ Other Oattle. Swine............. Sheep............. Chickens___ Total 1923___ Total 1922___ Horses........... Mules______ Milk Oows___ Other Cattle. Swine............ Sheep______ Total 1923.... Total 1922.... CITRUS FRUITS The movement of both oranges and grapefruit from Florida this season has exceeded the movement a year ago, combined figures showing an increase of 3,390 cars for the season through January. The total movement of oranges this season has amounted to 13,669 cars, compared with 11,349 cars to the same date last year, and the movement of grapefruit has totaled 8,324 cars, as against 7,254 cars for the season through January, 1922;. At 360 boxes to the car,* this shows a movement of over 7,900,000 boxes this season, and estimates indicate that prob ably about fifty per cent of the crop has been moved. In some of the eastern markets prices are somewlhat higher on oranges, notwithstanding the 'heavy movement. In the middlewest the trade is generally well supplied and prices are easier. Grape fruit prices are somewhat easier in some markets where ex cessive quantities have been offered. Groves are reported to be in a very satisfactory condition and are not suffering for rain. The mild weather in January caused some apprehension, but the more recent cool weather has been generally beneficial, checking new growth on trees and lessening the danger from late cold. The following figures show the movement of fruits and vegetables in car lots from Florida during January, and for this season through January, compared with similar figures for last year: Grapefruit ......... ......... Oranges ............... ......... Lettuce ............... ......... Jan. 1923 2,662 4,327 1,001 Jan. 1922 2,163 3,191 696 Season to Jan. 31, 1923 1922 8,324 7,254 13,669 11,349 1,533 1,200 any class of livestock, but, with the exception of horses and mules, the tendency to decline has been stopped, while both beef cattle and swine show a substantial increase. The figures contained in the following table show the num ber and value of animals on the farms on January 1, 1923, and comparison of the total valuje with that of last year: Florida Number Value 38.000 $ 3,990,000 43.000 5.934.000 97.000 5.432.000 774.000 12,384,000 703.000 5.273.000 63.000 220,000 Georgia Number 95.000 390.000 509.000 700.000 2,152,000 $33,233,000 33,782,000 Mississippi Number Value 211,000 $15,192,000 302.000 28,086,000 541.000 14,607,000 677.000 6,431,500 1,207,000 9,656,000 142.000 369,200 $74,341,700 75,433,600 $87,369,000 91,812,680 Tennessee Number Vaue 309.000 $22,557,000 343.000 28,812,000 495.000 16.830.000 627.000 9.843.000 1,654,000 15.382.000 340.000 1.870.000 $95,294,000 92.508.000 Vegetables ............. ■ . . Cabbage .................. ___ Peppers .................. Tomatoes................ Strawberries ........... Cucumbers ............. 483 146 58 233 563 111 0 66.000 266 361 58 55 275 13 0 Value $ 7,485,000 40.950.000 14.252.000 7,700,000 16.786.000 196,000 616 163 128 284 564 112 5 475 374 98 86 275 13 0 COTTON MOVEMENT—JANUARY, 1923 Sixth Federal Reserve District RECEIPTS—PORTS: New Orleans ............... Mobile .......................... Savannah ...................... Jan. 1923 Dec. 1922 Jan.1922 150,151 176,564 93,041 6,167 10,309 10,142 22,090 25,667 40,099 INTERIOR TOWS: Atlanta ........................ Augusta ........................ Macon ........................... Montgomery ................ Meridian ...................... Vicksburg .................... 25,028 33,440 205 1,621 1,332 21,880 33,543 34,023 3,001 2,338 1,541 21,214 12,088 19,094 1,630 1,233 773 24,414 SHIPMENTS—PORTS: New Orleans ........... Mobile .......................... Savannah .......................... 182,582 4,399 34,082 220,575 22,373 31,573 121,791 7,729 55,629 INTERIOR TOWNS: Atlanta ............................... Augusta ............................. Macon ................................ 31,672 27,047 581 30,754 18,989 3,134 21,802 28,683 1,655 T H E M O N T H L Y B U S IN E S S R E V IE W Meridian ........................... Montgomery ...................... Vicksburg ......................... STOCKS—POETS: New Orleans .................... Mobile ............................... Savannah ........................... INTERIOR TOWNS: Atlanta ............................... Augusta ............................. Macon ............................... Meridian ........................... Montgomery ...................... Vicksburg ......................... 3,279 3,162 17,258 1,891 5,629 14,388 1,955 2,882 19,235 205,594 10,000 63,874 237,025 8,517 72,289 348,070 18,835 151,914 79,491 65,744 15,117 7,722 16,713 7,578 86,135 72,982 17,567 9,669 18,254 9,782 52,018 135,412 25,398 17,439 30,175 12,391 COTTON MOVEMENT (bales) UNITED STATES August-January prelusive 1923 Receipts at U. S. Ports ................ Overland to Northern Mills and Canada.. Soutihern Mill Takings ................ Interior Stock ......... Total Movement to end of January ... Northern Spinner's Takings ................ Foreign exports for Six Months ......... 1922 1921 1920 4,579,268 4,072,688 4,179,612 4,896,619 850,002 1,101,221 686,199 1,062,894 Arkansas ............. 3,600 3,000 3,100 2,400 531 437 Total ...........521,000 529,400 212,800 210,200 41,141 41,167 MOVEMENT OF Raw SUGAR—JANUARY, 1923 Sugar—Pounds RECEIPTS: Jan. 1923 Dec. 1922 New Orleans ........... 104,632,947 94,269,838 Savannah ................ 18,707,127 0 SHIPMENTS: New Orleans ........... 5,000 0 MELTINGS: New Orleans ........... 96,580,941 111,470,797 Savannah ................ 18,337,456 0 -STOCKS: New Orleans ........... 24,960,354 16,913,24r8 Savannah ................ 369,671 0 Refined Sugar—Pounds SHIPMENTS: New Orleans ......... 99,475,460 77,603,074 Savannah ................ 13,240,210 12,014,960 STOCKS: New Orleans ........... 45,257,548 49,953,013 Savannah .............:. 1,974,757 3,000,258 Jan. 1922 67,127,083 17,069,957 0 61,213,347 17,069,957 12,990,474 0 73,931,000 11,119,817 15,314,466 2,554,645 2,819,000 2,618,000 1,933,458 2,740,974 597,674 229,521 744,988 342,634 MOVEMENT OF RICE 8,845,944 8,021,430 7,544,257 9,043,120 1,512,725 1,689,294 1,066,406 3,205,296 3,413,808 2,981,890 Sugar Cane, Syrup and. Sugar Final statistics for the 1922 cane crop place Louisiana first as a cane sugar producing state, and fourth in cane syrup production. Louisiana had 56.4 per cent of the total sugar cane acreage of the United States, compared with a percentage of 55.6 per cent a year ago. Of these amounts, respectively, 73.8 per cent was used for sugar in 1922, and 76.9 per cent in 1921. Alabama produced more syrup than any other state. The following figures show the area of cane, amount har vested for syrup, and the production of syrup, for 1922 com pared with 1921: South Carolina Georgia ........... Florida ........... Alabama ......... Mississippi . . . . Louisiana ....... Texas .............. 7 Total Cane Acreage 1922 1921 .. 9,600 8,700 50,000 61,000 29,000 34,000 . . 79,000 71,000 37,000 39,200 294,000 294,500 . . 18,800 18,000 Production of Harvested Syrup Thousand for Syrup Gallons 1922 1921 1922 1921 8,900 8,200 1,288 1,107 40,000 45,000 7,040 7,335 24,000 30,000 4,800 6,300 69,000 60,000 11,937 8,760 32,000 33,700 7,040 7,582 21,600 18,900 6,020 6,454 14,200 12,000 2,485 3,192 Receipts ............................. Shipments ......................... Stock ................................ Jan. 1923 86,653 73,596 56,926 Dec. 1922 136,372 149,371 43,668 Jan. 1922 104,856 105,860 68,660 Clean Rice (pockets) Port of New Orleans Jan. 1923 Dec, 1922 Jan. 1922 Receipts ............................. 429,202 487,812 221,271 Shipments ......................... 347,405 417,324 185,931 Stock ................................ 280,048 198,251 206,790 Receipts of Rough Rice (Barrels) Total this Total, last Season to Season to Jan. 1923 Jan. 31, 1923 Jan. 31,1922 Association Mills ............. 645,190 4,700,099 3,565,982 New Orleans Mills ......... 86,853 966,363 944,712 Outside Mills .................... 220,250 1,609,903 1,147,626 952,293 7,276,365 5,658,322 Distribution of Milled Rice (pockets) Total this Total last season to season to Jan.1923 Jan. 31, 1923 Jan. 31,1922 Association Mills ............. 737,203 3,769,783 3,109,529 New Orleans M ills............. 60,005 1,058,479 889,981 Outside Mills ......... ......... 216,312 1,149,836 901,074 1,015,520 5,978,098 4,900,584 T H E M O N T H L Y B U S IN E S S R E V IE W 8 Stock Association Mills ................................... 1,452,471 934,963 aa increase of 13 per cent compared with the total of $355,490.000 on February 8. 1922. * * N e w O rle a n s M ills .............................. O u tsid e M ills .................................... 333,333 487,989 246,358 324,200 L o a u s se c u re d * * G o v e rn m en t o b lig a tio n s d e c lin e d 1.4 p e r cent from January 10 to $7,644,000 on F e b r u a ry 7, b u t on 2,283 793 * 1 505 521 * 3 FINANCIAL this date were 40,8 per eent smaller than on February 8, 1922 when they stood at $12,920,000. The total of all loans, discounts and investments of these banks on February 7 was $480,512,000, an increase of 1.5 per cent over the total of $473,295,000 on January 10, and 13£ per ren^ iarger than on February S last year. Evidence of continued improvement in financial conditions throughout the District is contained in letters and reports received from member banks in various sections. These communications without exception have a tone of distinct optimism concerning the progress being made toward normal business conditions, and regarding the outlook for the year. The banks, as well as business firms in other lines, are in better shape than they were at this time last year, and from information available, there is every indication that the requirements of the coming crop season will be taken care of without difficulty, Many banks have liquidated entirely their bills payable, and rediscounts with the Federal Reserve Bank are still low. Reports made weekly to the Federal Reserve Bank by forty member banks in selected cities of the District show a small increase in loans and discounts, the total on February 7 being $401,674,000, compared with $398,611,000 on January 10, but Demand deposits on February 7 were $285,883,000, being 1.7 Per cent smaller than a month earlier, bust 24.7 per cent greater than at the same time a year ago. The volume of bills on hand with the Federal Reserve Bank of Atlanta declined 27.7 per eent from January 10 to February 14, when the total on hand was $23,335,553.39, and 62 per cent as compared with the total of $61,944,200.45 on February 15, 1922. Federal Reserve Notes in circulation February 14 were $122,442,085, being four-tenths of one per cent smaller than January 10, but 12,4 per cent larger than the total of $108,943,255 outstanding on February 15, last year. The following figures show aggregate amounts of savings deposits, classified by states, reported for January by 82 banks in the Sixth District, showing comparisons with the preceding month and with the corresponding month a year ago: ------------------- SAVINGS DEPOSITS—JANUARY 1923. Jan. 31, 1923 Alabama (12 banks)................................................ Florida (15 banks)................................................... Georgia (25 banks).................................................. Louisiana (11 banks).............................................. Mississippi (9 banks).............................................. Tennessee (10 banks)............................................. TOTAL (82 banks)........................................... $ 30,339,386 29,505,069 49,860,466 37,757,685 8,374,951 21,601,800 $177,339,347 DEBITS TO INDIVZDNAI* ACCOUNTS Sixth, Federal Reserve District Week Ended Feb. 14,1923 Jan. 17,1923 Feb. 15,1922 $ 1,105,000 $ 1,082,000 Albany, Ga........... $ 1,037,000 20,600,000 32,756,000 Atlanta, G a.............. 26,840,000 A u g u s ta , G a. . . . B irm in g h a m , A la. B ru n sw ic k , G a. . . C h a tta n o o g a , T enn C olum bus, G a. . . C ordele, G a. ......... D o th a n , A la ............ E lb e rto n , G a. . . . J a c k s o n , M iss. . Ja c k s o n v ille , F la .. K n o x v ille , T en n . . M acon, G a............... M e rid ia n , M iss. . 6,478,000 25,442*000 648,000 7,541,000 2,847,000 399,000 615,000 209,000 3,024,000 11,428,000 5,823,000 4,676,000 2,608,000 7,694,000 26,850,000 598,000 9,531,000 3,207,000 322,000 1,080,000 240,000 3,355,000 13,212,000 8,728,000 5,379,000 4,725,000 15,512,000 506,000 6,944,000 2,128,000 213,000 424,000 184,000 3,455,000 10,117,000 5,699,000 3,240,000 Comparison of Comparison of Dec. 31,1922 Jan. 31,1923Jan. 31, 1922 Jan. 81,1923Dec. 31,1922 1922 $ 30,104,742 +0.8% $ 27,405,741 +10.7% 29,159,706 +1.2% 24,128,815 +22.3% 49,096,312 +1.6% 41,899,808 +19.0% 37,884,535 —0.3% 36,889,396 + 2.4% 8,481,733 —1.3% 7,416,850 +12.9% 21,368,548 +0.6% 19,856,307 + 8.3% $i76,095,576 +0.7% $157,595,917 +12.5% M obile, Ala............ 5,562,000 M o n tg o m ery , A la . . 4,968,000 N a sh v ille , T en n . . . 15,845,000 N e w n a n , G a............. 483,000 N ew O rle an s, L a .. 55,846,000 P e n sa c o la , F la . . . . 1,544,000 S a v a n n a h , G a............ 8,830,000 T am p a, F l a ................ 6,776,000 V a ld o sta , G a............. 1,470,000 V ic k sb u rg , M iss. . . 1,503,000 T o ta l (23 c itie s ) 198,364,000 T o ta l (24 c itie s ) 199,834,000 7,278,000 4,877,000 19,085,000 436,000 87,265,000 1,605,000 9,394,000 7,079,000 2,125,000 253,831,000 5,824,000 3,113,000 13,842,000 277,000 55,503,000 2,144,000 8,160,000 5,584,000 974,000 1,646,000 170,922,000 171,896,000 COMMERCIAL FAILURES C o m m ercial f a ilu r e s d u rin g th e m o n th o f J a n u a r y , c o m p iled b y R. G. D u n & C o m p an y , show s u b s ta n tia l re d u c tio n s in b o th n u m b e r a n d volum e o f to ta l lia b ilitie s , c o m p a re d w ith T H E M O N T H L Y B U S IN E S S R E V IE W January, 1922, both in the Sixth District and in the United States at large. Comparing January, 1923, with the corresponding month a year ago, the number of failures in the United States declined from 2,723 to 2,126, or a decrease of 28.1 per cent, while the total liabilities declined from $73,795,780 to $49,210,497, or a decrease of 33.3 per cent. In the Sixth District the num ber declined 34.3 per cent, and the total liabilities 46.4 per cent during the same period. Comparing January, 1923, with the preceding month, a larger number of failures was reported in the Sixth District, and in the United States, the number in this District having increased 70.6 per cent over December, while in the whole country the number showed an increase of 17.2 per cent. Liabilities in the Sixth District increased 70.6 per cent over December, however, and for the United States declined 5.5 per cent. The number of January failures was larger than in De cember in all of the Federal Reserve Districts except the Dallas and San Francisco Districts, while the amounts of liabilities showed increases in the Boston, New York, Cleve land, Atlanta, St. Louis and Minneapolis Districts, and de creases in the Philadelphia, Richmond, Chicago, Kansas City, Dallas and San Francisco Districts. Sixth District United States No. Liabilities No. Liabilities 2,126 $49,210,497 January 1923 .............. 186 $2,689,396 December 1922 .............109 1,576,358 1,814 52,069,021 January 1922 .............. 283 5,012,931 2,723 73,795,780 Comparison of Jan. 1923-Dec. 1922 .. +70.6% _|_70.6% +17.2% —5.5% Comparison of Jan. 1923-1922 __ t—34.3% —46.4% —48.1% —33.3% Commodity Bananas (bunches)....... Coffee, Lbs..................... Cotton cloth................... Sisal, ton s...................... Newsprint paper, lbs—. Mineral oil, gal............... Creosote oil, gal.......... . Ntrate of soda, tons__ Bocoanuts, number....... Curlaps, lbs.................... Mahogany, ft.................. Ferro-manganese, tons. Sugar, lbs........................ Molasses, g a l-.............. . 1922 ............................................................... $11,655,448 1921 ............................................................... 5,480,716 1920 .................................................................12,201,083 ACCEPTANCES Five banks in the Sixth District reported the execution of domestic acceptances during the month of January, the total being $6,182,575, compared with a total of $7,288,550 for December and with a total of only $2,417,700 executed in January of last year. The execution of foreign acceptances was also reported by five banks in amounts aggregating $5,907,845, compared with $7,434,682 in December, and with $4,474,521 in January a year ago. Four banks reported domestic acceptances purchased during the month, and three banks reported the purchase of foreign acceptances. The total of acceptances bought in the open market and rediscounted for member banks by the Federal Reserve Bank of Atlanta during January was $3,110,397.71, compared with a total* of $7,639,318.64 in December, and with $2,395,176 in January a year ago. IMPORTS AND EXPORTS—NEW ORLEANS Because of the additional work involved in compiling import statistics occasioned by the new tariff regulations and classi fications, effective September 22, delayed figures for imports at New Orleans for the month of October have just become available. The total value of imports at this Port during October was $11,655,448, an increase of $6,000,000 over figures for October, 1921, and established the third highest value for the month of October in the history of the Port. Almost three times as much sugar was imported in October, 1922, as in the same month of 1921, and the value was nearly four times as great. Increases in volume, and likewise in total value, also were reported in coffee, which more than doubled the October, 1921, figures, bananas, mineral oil and burlaps. The volume and value of the principal articles imported, with comparisons, are as follows: 1922 Volume 1,956,570 36,639,721 ________ 3,961 1,508,147 60,906,615 3,803,208 11,637 2,460,375 9,766,905 1,567,000 4,365 59,679,816 5,738,000 For purposes of comparison, figures are also given showing the total value of imports for the month of October for the years shown: 9 1919 1918 1914 1912 Value $ 647,518 4,655,667 80,158 393,336 46,461 801,881 363,447 500,888 54,369 1,004,408 154,217 291,950 1,951,138 42,810 1921 Volume 1,615,248 16,817,428 _______ 5,263 ___ ____ 55,062,000 ________ 9,040,200 3,233,000 255 20,564,606 3,300,000 Value $ 576,716 1,787,808 ’""44M42 "~~573~447 ” 753^255 343,665 13,971 510,567 66,012 ................................................................ 13,756,354 ................................................................ 9,002.365 ................................................................ 4,621,598 ................................................................ 5,531,798 The total tonnage imported and exported at New Orleans during the fiscal year ending June 30, 1922, was 7,260,497 tons, T H E M O N T H L Y B U S IN E S S R E V IE W 10 being greater than that of any other port except New York, and exceeding the next higihest port by more than two mil lion tons. Principal articles of import and export, with the total for the fiscal year, are indicated in the following figures: Imports Tons Petroleum ..........................................................1,640,415 Sugar and molasses .......................................... 599,301 Fruits and nuts ............................................... 485,757 Coffee ............................................................... 138,934 Textiles ............................................................. 116,537 Logs and lumber ............................................ 56,004 All others .......................................................... 160,212 Bushels Wheat....................................... Corn................................ ........ Oats.......................................... Barley............ .......................... Rye........ ........ .......................... T o ta l..................................... Alabama: Anniston......... ................................. Birmingham..................................... Mobile............................................... Montgomery.................. . _______ Florida: Jacksonville..................................... Miami................................................ Orlando............................................. Pensacola......................... St. Petersburg......... ....... _______ ____ Tampa............. ......... ....... Georgia: Atlanta............................ _______ _ Augusta........................... ................ Oolumbus-.-.................... ................ Macon..... .......................... Savannah......... ............ ............... Louisiana: New Orleans__________ _______ Alexandria____ _______ Mississippi: Jackson........................... Meridian......................... Vicksburg........................ ._______ Tennessee: Chattanooga.................. ................ Johnson Oity................... Knoxville......................... ................ Nashville.......................... ................ Tons W'heat and grain............................................... 1,970,419 Petroleujn ................ ......................................... 753,825 Lumber .............................................................. 319,310 Cotton ...................................................... ......... 275,821 Metals and manufactures................................. 149,978 Sugar ................................................................. 67,461 All others .......................................................... 526,523 GRAIN EXPORTS—JANUARY 1923 Grain exports for January, 1923, totaled 3,983,247 bushels, showing a decrease of more than 2,000,000 bushels compared with t'he figure for January, 1922, the principal decrease being in corn exports. Figures for the month, and the season to date, are shown below: Jan. 1923 1,412,232 2,464,120 46,895 0 60,000 3,983,247 Jan. 1922 1,593,815 4,376,835 43,130 29,152 173,585 6,216,517 BUILDING PERMITS. Sixth Federal Reserve District Alterations & Repairs New Buildings No. Value No. Value Total this season to Jan. 31, 1923 21,820,997 12,734,099 386,129 10,428 370,714 35,322,367 Total last season to Jan. 31, 1922 26,414,595 11,283,986 349,945 219,717 299,542 38,567,765 Total Jan. 1923 Total Jan. 1922 Increase oe Decreasr 12 186 9 67 4,900 35,140 36,150 44,182 14 247 10 11 15,900 565,523 28,800 57,350 20,800 600,663 64,050 81,532 7,500 359,699 30,800 23,706 +177.3% + 67.0% +110.9% +244.0% 224 66 24 57,564 26,300 14,185 _ 8,550 67 126 79 50 123 ___ 747,825 295,200 122,829 16,246 245,800 ___ 805,389 321,500 137,014 16,246 254 ,,350 338!(151 430,975 199,700 833,620 14,518 172,850 200,886 + + — + + + ___ 134 13 110 9 23,782 15,950 8,715 12,625 ___ 30 24 48 47 ___ 25,603 36,550 43,386 73,745 3,310,111 49,385 52,500 52,101 86,370 1,045,405 76,993 44,630 36,363 134,375 +216.6% - 35.7% + 17.6% + 43.2% — 35.7% 44 30 50,450 3,497 172 24 635,125 68,530 685,575 72,027 570,875 30,770 + 20.1% +134.1% ___ 7 7 ___ 16,000 3,915 79 7 9 271,000 21,000 23,100 271,000 37,000 27,015 37,500 10,300 72,865 +622.7% +259.2% — 62.9% 147 2 103 86 23,810 800 69,360 70,405 30 13 101 49 238,850 26,250 250,020 201,400 262,660 27,050 319,380 271,805 82,240 39,800 162,594 303,875 +219.4% — 32.0% + 96.4% — 10.6% 12 ___ LUMBER The beginning of 1923 brought substantial improvement in the already favorable conditions prevailing in the lumber Exports 86.9% 61.0% 83.6% 11.9% 47.1% 68.3% industry in this District. Production is still under normal, because of weather conditions, but shipments have improved and orders received by southern pine mills have been greatly in excess of normal production. For the week ended January 11 T H E M O N T H L Y B U S IN E S S B E Y IE W 12, orders received by 127 mills which are members of the Southern Pine Association were 66 per cent greater than aetujal production, and 36.5 per cent above normal production of these mills, and for the following week an even more favorable result was reported by 129 mills, orders rising to 69 per cent above actual production, and 52 per cent above normal production. Shipments have exceeded production for each week since the beginning of January, the margin being 27 per cent for the second week of the month. Prices have shown none of the customary mid-winter weakness, but on the contrary the volume of business has resulted in increases. Production has also shown improvement, rising from 78 per cent of normal for the first week in January to about 90 per cent of normal for the week ended February 2. Seventy-eight mills reported operating time for the week ended February 2, and 71 of this number were running either full time or five days duping the week. Members of the Southern Pine Association are reported to have unfilled order files at this time larger than at any time in their history, the business booked being approximately 560 million feet, or the equivalent of six weeks' production at the present rate. Following are figures for the month reported to the Southern Pine Association, showing a comparison of orders, production, shipments, etc., for January, with similar figures for the pre ceding month and the corresponding month a year ago: Jan. 1923 In Feet (126 Mills) Orders ........................... .. 420,870,334 Shipments .........................354,-670,805 Production .................... ...309,903,705 Normal production these mills ................ .. 323,194,914 Stocks end of month . . . 757,072,369 Normal stocks these mills 851,179,545 Unfilled orders end o f m o n t h ................ ...400,571,369 Dec. 1922 (135 Mills) 345,678,445 341,676,349 300,704,636 Jan. 1922 (108 Mills) 241,135,404 224,732,954 273,909,956 361,472,102 323,284,515 920,222,499 813,374,871 949,210,754 875,235,905 397,324,368 178,937,725 COTTON CONSUMPTION—JANUARY 1923 Cotton manufacturing in the United States showed greater activity during January than at any time in the history of the industry, the number of spindles active during the month having passed the 35,000,000 mark for the first time, according to a report issued by the Census Bureau. Consumption of cotton during January totaled 610,375 bales, which ihas been exceeded only twice heretofore, in March 1916, when 613,754 bales were consumed, and in May 1917, when 615,412 bales were used. The growth of the cotton spinning industry in the cotton-growing states is largely responsible for the increased activity. In January cotton-growing states consumed more cotton than in any month in their history and the number of active spindles was larger than ever before. Cotton Consumed: kint ............................. Linters .......................... Jan. 1923 Dec. 1922 Jan. 1922 610,375 527,945 526,698 49,804 49,078 43,626 ihand in Consuming Establishments: Lint ............................. 1,986,605 Linters ......................... 146,415 On 1,921,295 123,104 1,668,662 172,341 in Public Storage and at Compresses: 4,621,708 Lint ............................. 3,481*689 4,074,945 132,963 45,821 38,103 Linters ......................... Active Spindles ................ 35,240,853 34,968,440 34,441,419 Imoprts and Exports not available. Cotton-Growing States Jan. 1923 Dec. 1922 Jan.1922 325,104 Cotton Consumed ............. 384,019 324,437 On Hand in Consuming Establishments ................ 1,341,460 1,207,199 860,723 in Public Storage and at Compresses .................. 3,174,932 3,801,744 4,243,763 Active Spindles .................. 15,966,294 15,856,774 15,631,678 MANUFACTURING Cotton Cloth Reports made to the Monthly Business Review for January by representative cotton cloth mills in the District reflect improve ment in both oujtput and orders over December. Substan tial increases are shown by the reports for January, 1923 in comparison with the same month last year, production being 22 per cent larger, and orders on hand at the end of the month being approximately 80 per cent greater than at tne end of January 1922* Correspondent mills state that there is an active market, and that all indications point to satisfactory business during the year. Some reports indicate tlhat there is a more satis factory margin of profit now than was obtained last year, and that there is a good demand. Production by the 34 mills reporting for January, amounted to 31,725,686 yards of cloth, and was 5.3 per cent greater than in December, and 22 per cent greater than in January last year. Shipments during the month were 36,095,932 yards, being 7.9 per cent greater than in December, and 49.0 per cent larger than in January, 1922. Orders on hand at the end of January 1923, totaled 79,478,392 yards, compared with 73,360,040 at the end of December, and with 44,234,923 at the end of January last year. The following table shows percentage comparisons of figures reported for January, with those for December and for Jan uary 1922: January 1923 compared with: 34 Mills Bee. 1922 Jan. 1922 1. Cloth Production ....................... +5.3% +22.2% 2. Cloth Shipments ................................. +7.9% +49.0% 3. Orders on hand at end of month . . . +8.3% +79.7% 4. Stocks of manufactured doth on hand at end of month ............. —6.3% —47.0% 5. Average time required to complete orders cn hand ............................... +4.6% +43.0% 6. Number employed ............................. +2.1% +23.0% T H E M O N T H L Y B U S IN E S S B E Y I E W 12 Cotton Yam Production of cotton yarns in this District during January showed up more favorably than the output of cloth, report* by 31 mills showing an increase of 14.3 per cent over the output in December, and an increase of almost 25 per cent over their production in January 1922. Some of the mills state that they are receiving satisfactory prices for their product, while others indicate that their prices are not in line with the price of the raw material. Increased shipments during the month taken with the increase in orders on hand at the end of the month, show that the demand is improving, and correspondent mills state that all indications point to further, improvement* January 1923 output of the reporting mills totaled 8,492,779 pounds of yarn, and was 14.3 per cent greater than production in December, and 24.9 per cent greater than in January last yea*. Shipments amounted to 8,839,016 pounds, being 19 per cent greater than in December, and 34.1 per cent in excess of January 1922 shipments, and unfilled orders on hand at the end of January were 27,685,715, almost 4 per cent larger than at the end of December, and 93 per cent greater than at the same date last year. The following table shows percentage comparisons of figures reported for January, with those for December and January last year: January 1923 compared with: Jan.1922 Dec. 1922 +14.3% +24.9% +34.1% Yarn Shipments ............................... +19.0% 4-93.1% Orders on hand at end of month.. . . + 3.9% Stocks of manufactured yarn —33.2% on hand at end of month............. + 0.8% Average time required to complete +08.3% orders on hand ........................... + 0.1% +11.8% Number employed ........................... + 1.2% 31 Mills 1. 2. 3. 4. 5. 6. several months to come, although the high price levels now reached have tended to restrict buying to some extent. Job bers, however, appear willing to place orders for future de livery in better volume than for several) months. The following figures show percentage comparisons of figures reported for January, with those for December, and for Jan uary a year ago.. No percentage is shown for cancellations because of the fact so few of the mills furnished comparative figures. 1. 2. 3. 4. 5. 6. Overalls While the actual output of overall manufacturing companies reporting to the R eview was smaller in January than in De cember, figures reported for orders booked during the month, and for unfilled orders on hand at the end of January, both show substantial improvement. Production during January was almost 12 per cent less than in December, although half again as large as in January last year. Orders booked during January, however, increased 20 per cent over those received during December, and unfilled orders were 54.8 per cent greater at the close of January than at the end of December. Some correspondent mills state that the higher prices prevailing are affecting the demand adversely, btit others state that the demand is good, and that their difficulty lies in the fact they are unable to receive prompt delivery of denims. The figures following show comparisons of figures reported for the month, with the preceding month and the corresponding month a year ago: Cotton Hosiery Substantial improvement over the preceding month is in dicated in reports received from 22 hosiery mills in the Sixth District for January* The volume of output reported by those for which comparative data are available was 34 per cent larger in January than in December, and the volume of orders booked during the month was 88.7 per cent greater than in December. Shipments also increased, and the volume of unfilled orders on hand at the end of the month was also larger. Production in January reported by these 22 mills amounted to a little more than 500,000 dozen pairs of hosiery; orders booked during January were more than 671,000 dozen pairs; unfilled orders on hand at the end of January were 1,347,691 dozen pairs, and shipments during the month were more than 441,000 dozen pairs. Some of the reporting mills indicate that they have orders already booked which will insure their steady operation for January 1923 compared with: 22 Mills Dec. 1922 Jan.1922 Hosiery manufactured .................... +34.0% +24.8% Hosiery on hand at end of month . . . + 7.4% — 6.7% Orders booked during month ......... +88.7% +95.8% Cancellations received during month X X Shipments during month ......... . +19.2% +13.9% Unfilled orders on hand at end of month ...................... . +23.1% +123.7% 1. 2. 3. 4. 5. January 1923 compared with: Dec. 1922 Jan. 1922 Overalls manufactured ................ .. —11.9% +50.3% Overalls on hand at end of month .. +10.4% +17.4% Orders booked during month +50.0% Unfilled orders on hand at end of m onth........................ +60.0% Number employed ......................... +10.2% Brick X Comparison of orders booked during January, and unfilled orders on hand at the end of the month, show material in creases over December, although actual production of reporting brick manufacturing companies was less than in December, due to some slackening on account of the installation of ma chinery. Correspondents state that the demand is good and there is every indication of active business in the spring. Ship T H E M O N T H L Y B U S IN E S S E E V I E W ments are slow, however, on account of the difficulty in securing empty cars in which to load the product. Comparisons of figures for January, with those for De cember, and for January a year ago, are shown in the following table: 1. 2. 3. 4. 5. January 1923 compared • Jan.1022 Dec. 1022 4-1*8.^ Brick manufactured .. .................... —13.0% — 23. Brick on hand at end of month .. — 18.3% Orders booked during month ___ _|_22.3% 4- 58.1% Unfilled orders on hand 4-507.5% at end of month .................... 4-1015% Number employed .................... — 13.6% EMPLOYMENT Further gains in employment are evident throughout the Sixth Federal Reserve District, according to information gath ered by the United States Employment Service through its representatives in the principal cities and towns of the Dis trict. Extensive building programs are under way, and there appears +o be a shortage in some sections among building "raftsmen. In Georgia industrial employment has declined slightly due to the reaction from the holiday season, which chiefly affects miscellaneous industries. Some increases are reported in the number employed in iron and steel, lumber, paper and printing industries, while decreased employment was found in food and kindred products, stone, clay and glass, and vehicles. Employ ment in the textile industry is greatly increased, while fer tilizer mills have released a considerable member of workers. Half of the industries in Atlanta are running at 65 per cent of capacity, while the remainder are between 85 and 100 per cent. At other cities in the state a majority of the industrial plants are running full time, while some are on part time temporarily. The labor situation in Florida continues satisfactory, with workers generally employed. *Wihile phosphate mines are op erating at 50 to 60 per cent of capacity, many former workers* are engaged in other activities, and no surplus exists. Other principal industries of the state continufe at normal capacity, or better. At Key West and Tampa, cigar factories are on part time, due to the post-holiday lull, but most of the workers have employment. Improvement is reported from most of the cities throughout the state. At Jacksonville common labor is scarce. Many lumber mills there are re-opening with some plants working overtime. Buildling activities continue to keep workmen in this line well occupied. Industrial employment conditions in Alabama continue fa vorable. Additions are reported in iron and steel, textiles, chemicals, paper and printing, building material manufacture, food and kindred products and miscellaneous industries, while ccal mines and lumber mills, still complaining of a car shortage, disclose a small decrease. In Birmingham local industrial 1 3 plants recorded increased employment, and most are running on full time. Coal, mines, however, dn account of the con tinued car shortage, are operating at 60 per cent of normal. There is a steady increase in building, employing practically all tradesmen. Increases in the principal industrial plants are reported from other cities in Alabama, and at some points textile mills are operating day and night. Some unemployment still prevails in Louisiana, although a number of important industries have made improvement. Metal working concerns! evince consistent .gains. Lumber mills, as a whole, show an appreciable increase in operating time, though temporary employment restrictions attributed to shipping handicaps are noted in a few localities. Lumber man ufacture is brisk. Railroad shops indicate full working forces employed, while a moderate surplus of these workmen is ap parent. The demand for common labor is somewhat limited with most localities reporting a moderate surplus. In New Orleans, unemployment is diminishing, though a surpTns of clerical help and workers in seasonal occupations exists. Food and kindred products show temporary curtailments. Textiles have slightly gained. Metal working plants indicate recoverv from declines of last month, and lumber manufacture holds generally steady on a full time basis. Railroad shops report a limited advance. In Mississippi reports indicate a satisfactory state of emplovment. A number of industries report gains, among them iron and steel, chemicals, building material manufacturers, paper and printing, miscellaneous industries, textiles, and lum ber mills. The car supply shows some improvement in this state. A t Jackson employment is showing an upward trend. Forces in local industrial plants are increasing, and a ma jority are working on full time. Improvement is reported from other points, and cotton and knitting mills at Meridian are working overtime. Employment in Tennessee also shows improvement in im portant industries, although textiles, leather, clay products and food and kindred products decreased slightly. Coal mines have made encouraginsr increases in forces, and the car situation there is somewhat improved. Slight, but encouraginsr increases have been made to forces at plants in Chattanooga, especially in textiles, iron and steel, building material man ufacturers, and miscellaneous industries. A shortage of moul ders and machinists is reported, but a slight surplus of com mon labor. Textile mills at Knoxville are working overtime, and increases are reported by a number of industries at Nashville. COAX. Total production of bituminous and anthracite coal in the United States was maintained during January at a rate above 12,500,000 tons per week, having exceeded 13,000,000 tons for the week ended January 13 and for the week ended January 27. This higher level of output is due principally to the increased production of anthracite coal over the December rate. T H E M O N T H L Y B U S IN E S S R E V IE W 1 4 Weekly production of bituminous coal has shown a gradual decline since the week $nded January 13. Transportation dif ficulties are responsible for the slowing up in output before the holidays. Christmas Bay was almost universally observed, but reports show that the observance of a holiday on January 1 was scattered. Bailroads were, however, afforded an op portunity to place a large number of oars because of thesf holidays, and loadings have shown increases over the weekb immediately preceding the holiday season. The increase in production for the week ended January 13, however, was due to the greater number of working hours than in the preceding holiday week, and the daily rate of output declined. Traffic conditions grew steadily worse and losses through car shortage increased sharply. Traffic conditions improved somewhat in West Virginia and Indiana during the following week, but the improvement in those states was more than offset by in creased transportation difficulties in other states. Increased running time was the principal factor in the slight increase in production during the week ended January 27. production, which has been climbing steadily since last August, was 104,066 tons. The number of blast furnaces in active operation in the United States on the last day of January showed an increase of 8 over the close of Becember, following an increase of 10 in Becember, and of 22 in November, over the preceding month. The following figures show the weekly production of bitu minous and anthracite coal in the United States since the beginning of the year: Production in Alabama also showed an increase over the Be cember, being 232,773 tons in January, compared with 223,300 tons in Becember, and with 121,067 tons in January 1922. Furnaces in operation at the end of January numbered 25, com pared with 24 at the end of Becember, and 10 at the end of January last year. Week Ended Bituminous January 6 ................ . 10,993,000 January 13 .................... 11,217,000 January 20 .................. 10,925,000 January 27 .................... 10,985,000 February 3 .................. 10,587,000 Anthracite Total Output 1,725,000 12,718,000 2,113,000 13,330,000 2,010,000 12,935,000 2,110,000 13,104,000 2,056,000 12,643,000 The production of coal in the Birmingham Bistrict during January was reported to be highly satisfactory. During the first twenty days in the month the car supply was very satis factory, as during the holidays a great many coal cars were released and the railroads had opportunity to return them to the mines. However, near the end of the month another short age of a serious nature was evident. The output in the state during January was 1,790,000 tons, compared with 1,475,000 tons produced in Becember, and with 985,000 tons mined in January a year ago. Coal mined in Tennessee during Janujary, according to reports of loadings by the various railroads, amounted to 10,387 cars, or 519,350 tons, an increase of 112,900 tons over Becemiber figures. IKON AND STEEL For the fifth consecutive month production of coke and an thracite pig iron in the United States showed an increase over the preceding month in January, the output for that month being larger than for any month since October 1920. January output was 3,226,065 tons, an increase of 142,545 tons over the Becember production, and almost double the production in January 1922, which was 1,645,804 tons. The average daily Merchant iron produced during January amounted to 712,436 tons, a gain of 43,486 tons over the Becember output, and a substantial increase over the production of merchant iron in January a year ago, which was 388,322 tons. Non-merehant iron produced in January totaled 2,513,629 tons, compared with 2,414,570 tons in Becember, and with 1,257,482 tons produced in January last year. The number of furnaces in active oper ation at the end of January was 261, compared with 253 on the last day of Becember, and with 127 at the end of January 1922. Reports made to the Review by correspondents in Alabama indicate that conditions are steadily improving, that inquiries are more numerous, that prices are being maintained and that there is a tendency toward higher prices, one firm having withdrawn their quotation of $24 per ton. Sales are being made well into the second quarter, and in many instances at $25 per ton. Local consumption of pig iron is showing steady im provement as cast iron pipe plants increase their operations, and enlargements at various points are being completed. Even with these favorable conditions, however, there is evidence that a large part of the iron being bought at present is for immediate requirements, and this indicates that much -more iron will be needed as the season progresses. The following figures show the output in January, compared with the preceding month, and with the corresponding month a year ago: United States Jan. 1923 Merchant Iron .................. 712,436 Non-Merchant Iron ............. 2,513,629 Total Output ......................, 3,226,065 Average Baily Production , 104,066 Active Furnaces ................ 261 Bee. 1922 668,950 2,414,570 3,083,520 99,579 253 Jan. 1922 388,322 1,257,482 1,645,804 53,090 127 M O N T H L Y B U S IN E S S R E V IE W Alabama Merchant Iron .................... Non-Merchant Iron ........... Total Output ...................... Active Furnaces ............... District 127,551 105,222 232,773 25 133,196 90,104 223,300 24 63,895 57,172 121,067 10 NAVAL STORES The first three months of the calendar year are generally rather dull months in the Naval Stores industry, as they are the last three months of the Naval Stores Year. Receipts for these months are small! and scattered. For January 1923, re ceipts of turpentine amounted to 10,607 barrels, compared with 24,901 in December, but were larger than in January last year, when 7,119 barrels were received at the three principal ports of the District. Rosin receipts in January amounted to 78,238 barrels, as against 112,020 in December and 62,186 in January 1922. Stocks of turpentine are quite a little under figures for the same time a year ago, bu*t stocks of rosin show a small increase. The mild weather during most of January was responsible for the increase in receipts, compared with January a year ago, and prices suffered a little during the early part of February, but have recovered most of the ground lost. Prices on the lower grades of rosin have stiffened, while the ihigher grades have remained firm. Rosin: Naval Stores Movement—January Jan. 1923 Dec. 1922 Jan. 1922 Receipts—Turpentine: 1,921 8,452 3,319 Savannah ....................... ......... 3,702 5,479 12,070 1,496 4,379 1,809 Pensacola ...................... ....... --------7,119 24,901 Total ...................... .. , , 10,607 Rosin: 21,592 42,947 ....... 34,349 To/>lrsATiviilfi 51,341 30,388 17,732 10,206 Total ....................... Shipments—Turpentine Savannah ........................ ....... Jacksonville .................. ....... , Total ....................... ....... 15 Savannah ............................... . 32*504 Jacksonville ......................... . 41,394 iPensaeola ............................. . 15,300 96,129 43,280 16,773 29,064 30,156 13,225 Total ............................... . 89,198 Stocks—Turpentine: Savannah ............................... . 10,181 Jacksonville ....................... . 20,180 Pensacola ............................... 156,182 72,445 14,967 20,376 9,431 11,019 27,011 15,393 Total ............................... . 38,758 44,774 53,423 112,020 62,186 8,105 5,675 2*843 5,265 12,180 2,843 5,598 6,332 9,843 Savannah ............................... . 94,971 . 179,325 Pensacola ............................. . 64,661 54,515 186,370 67,418 83,495 174,974 69,463 16,623 20,288 21,773 Total ............................. . 338,957 307,303 327,932 Rosin: FEDERAL RESERVE BOARD INDEXES OF RETAIL TRADE THROUGHOUT THE UNITED STATES. (1919 monthly average-100) Number Stores Department Stores................ Mail Order Houses................. Chain Stores: Grocery......................... Drug...................... .......... Shoe............................. . Five & Ten___________ M usic..._____ ________ Cigar........................ ........ ‘ - P a r t ly E s tim a te d . Jan. 1923 Dec. 1922 Jan. 1922 176 4 99.6 88.8* 188.2 108.7 87.2 65.3 16 7 5 4 4 3 165.1* 126.5* 83.9* 115.9 88.4* 115.6 165.5 161.0 164.7 279.2 203.7 178.7 137.5 117.4 79.9 94.6 71.8 111.0 T H E 16 M O N T H L Y B U S IN E S S R E V IE W FEDERAL RESERVE BANK OF ATLANTA Weekly Statement of RESOURCES AND LIABILITIES Resources: Gold and Gold Certificates....................................................................................................................... Gold Settlement Fund............................................................................................................................... Feb. 16, 1923 $ 5,604,748.00 25,021,343.35 Feb. 17, 1922 $ 5,111,345.50 32,055,866.89 Total Gold Held by Bank........................................................................................... . .................. $ 30,626,091.35 $ 37,167,232.39 Gold with Federal Reserve A gent......................................................................................................... Gold Redemption Fund......................................................................................................... ................... 111,108,785.00 1,559,578.53 59,916,805.00 3,868,281.97 Total Gold Reserve........................................................................................................................... Reserves Other Than Gold....................................................................................................................... $143,294,454.88 9,983,755.00 $100,952,319.36 4,165,594.00 Total Reserve........................................................................................................................................ Non Reserve C ash..................................................................................................................................... $153,278,209.88 9,064,959.79 $105,117,913.36 Secured by U. S. Government Obligations................................................................................. Other Bills Discounted..................................................................................................................... Bills Bought in Open Market......................................................................................................... 1,818,431.60 14,442,930.34 7,074,191.45 16,105,560.12 43,448,375.35 2,390,264.98 Total Bills on Hand......................................................................................................................... $ 23,335,553.39 $ 61,944,200.45 U. S. Bonds and N otes........................................................................................................................... One Year Certificate of Indebtedness (Pittman A c t)..................................................................... All other Certificates of Indebtedness................................................................................................. 583,400.00 ......................... 4,530,922.00 115,600.00 7,866,000.00 898.00 Bills Discounted for Member Banks: Total Earning A ssets....................................................................................................................... $ 28,449,875.39 $ 69,926,698.45 Bank Premises........ r ................................................................................................................................. Five per cent Fund Against F. R. Bank N otes................................................................................. Uncollected Item s.......................... . ........................................................................................................ All Other Resources.................................................................................................................................. 2,090,533.91 ......................... 23,692,556.69 302,368.99 1,081,852.54 505,550.00 23,191,069.33 114,447.32 Total Resources ............................ .................................................................................................... $216,878,504.65 $199,937,531.00 $ 4,381,850.00 8,941,553.42 ......................... $ 4,215,250.00 9,113,570.99 297,551.77 Government ........................................................................................................................................ Member Banks—Reserve Account............................................................................................... All Other.............................................................................................................................................. 3,117,741.38 57,923,305.48 354,643.66 2,635,050.30 49,647,322.27 503,047.99 Total Deposits..................................................................................................................................... $ 61,395,690.52 $ 52,785,420.56 Federal Reserve Notes in Actual Circulation................................................................................... Federal Reserve Bank Notes in Actual Circulation......................................................................... Deferred Availability Item s................................................................................................................... All Other Liabilities................................................................................................................................. 122,442 085.00 19118 922.89 598,402.82 $108,943,255.00 6,190,350.00 17,690,174.44 701,958.21 $216,878,504.65 $199,937,531.00 Liabilities: Capital Paid in ............................................................................................................................................ Surplus Fund.............................................................................................................................................. Reserved for Government Franchise Tax........................................................................................... Deposits: Total Liabilities............................................................................................. Ratio of total Reserves to Deposits and F. R. Note Liability Combined 8 3 .4 % 6 5 .0 %
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