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O F A TLA N TA .
A tlanta, Ga., Ja n u ary 25, 1920.
M o n th ly R e p o r t o n
B u s in e s s
an d
A g r ic u ltu r a l C o n d itio n s
in
th e
S ix th F e d e r a l R e s e rv e D is tric t.
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J O S .
A.
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M c C O R D ,
F E D E R A L R E S E R V E AG EN T
INTRODUCTION
W ith th e passing of th e holiday season, and th e end of a year m arked from beginning to
end by u n restricted spending on th e p a rt of th e individual which am ounted alm ost to reckless
extravagance, th e public m ind is giving m ore th o u g h t to th e economic situation. The observance
of T h rift W eek has served to bring to th e m inds of m any th e seriousness of conditions which
exist, and it is believed will resu lt in a •more united e ffo rt on the p a rt of th e public to com bat th e
tendency to extravagance. W ith th e increasing prices of clothing, shoes, and articles of food, and
the alm ost constant increasing* of rentals, ther£* 1s ^ rVa£^ee.d for universal th r if t and fo r a study
by th e individual of those fea tu re s of th e economic situation which .affect him, and fo r a concerted
effo rt tow ard g re a te r production, in order 10 prevent th e conditions which a continuous increase in
th e price of comm odities will bring.
COMMERCIAL
There has been little if an^p/sickening ill'file wholesale or"retail tradji during Jan u ary . R etail
buying is m ore along th e line (5f*^ecessities; however. .SipcQ.tbe, JioJiday ‘sfeason th ere has not ap
peared th e usual a fte r holiday let-up. K-epovfa show th a t wholesale M erchants are receiving orders
for spring goods earlier th is year th a n us*uai. The drygoods business continues very active, w ith
m erchandise scarce and prices inclined upw ard. All m an u factu rin g enterprises rep o rt th a t th ey
have num bers of unfilled orders. In a few cases it was necessary to re s tric t operations during
th e coal shortage, and orders accum ulated which have not yet been filled. All lines rep o rt very
lim ited stocks of goods on hand, and new supplies difficult to obtain.
FIN A N C IA L
Financial conditions th ro u g h o u t th e D istrict continue highly satisfacto ry . P ractically all
banks rep o rtin g show splendid increases in deposits for th e year 1919 over th e year 1918. The dem and
for m oney is reported as healthy, and th e supply has been sufficient to m eet all legitim ate require
m ents. I t has been an exceptionally good year fo r th e banks and th e ir earnings have been gen
erally satisfacto ry . Clearings fo r th e m onth of December, as compared w ith th e previous December,
show increases w ith one exception, and th e sam e is tru e for th e year 1919 as com pared w ith th e
year 1918, in m ost instances th e increases being verjr substantial. Collection conditions in all lines
are reported satisfacto ry .
AGRICULTURE
The value of ag ricultural products raised in Georgia during th e year 1919, exclusive of any live
stock, is estim ated to be $613,000,000, by th e Co-operative Crop R eporting Service, conducted
jointly by th e U nited S tates B ureau of Crop E stim ates and th e Georgia S tate D epartm ent of
A griculture. This is m ore th a n fifteen millions increase over th e previous year, although it was th e
w orst crop season in a decade, and a record fo r boll weevil dam age.
The year has been m arked agriculturally by the adding of tobacco and su g ar cane to th e list
of principal crops. The season of 1918 had already seen peanuts and velvet beans become princi
pal crops, and w ith th e continuous spread of th e boll weevil fu rth e r diversification is expected.
The early ravages of th e insect th e p a st year caused heavy abandonm ent of cotton, which was
largely replaced by food and feed crops.
Below are given figures, published by th e U nited S ta te s D ep artm en t of A griculture, show ing
th e num ber of bales of cotton ginned in th e S ta te s of th e S ixth Federal R eserve D istrict p rio r to
Ja n u a ry 1, 1920:
Alabam a ..............................
680,459
F lo r id a ..........................■........
17,515
Georgia ................................ 1,637,738
L ouisiana ............................ 291,222
M ississippi .......................... 823,082
Tennessee ............................ 239,876
Ginnings of Sea Island cotton prior to J a n u a ry 1 w ere:
F lo r id a .................................. .............................. 2,886
G eorgia ...............................................................
650
A labam a rep o rts indicate th a t very little prep aratio n has so f a r been m ade fo r th e approach
ing season’s crops. The unfavorable w eather conditions have prevented fa rm w ork to any g re a t
extent.
The crop of su g ar cane syrup fo r th e p a st season is estim ated a t from 60 p er cent to 70 per
cent of norm al.
The rice crop of Louisiana fo r 1919 is valued a t $53,000,000, being sold all over th e country,
and shipped to Cuba, P orto Rico and all L atin-A m erican countries, in addition to larg e E uropean
shipm ents. The su g ar crop h as already been sold fo r high prices, w hich in a m easure has o ffset
th e sh o rt crop. The estim ated value of th e 1919 crop, including by-products, is $50,000,000.
Tennessee rep o rts show 1919 crops to be below norm al, except tobacco and hay. Tobacco
production is estim ated a t 20 p er cent above th a t of 1918. Corn and cotton w ere badly dam aged
by rain. The w heat acreage is sta te d to be only 50 p er cent of t h a t sowed in 1918, and oats, rye
and barley average about 75 per cent of norm al, both as to acreage and condition of crop.
•
R eports from F lorida indicate th a t fro sts about th e fii'st of J a n u a ry did considerable dam age
to grow ing crops in th e southern p a rt o,£ tbQ .§tate, th e section to w hich a g ric u ltu re is practically
confined a t th is season of th e y e a r .:
7 $weY er, saved th e ir seed beds, and will rep la n t th e
stock th a t h as been fro s te d ..
t
•* %
. *
•* ,
A heavy average of po t^tg e^ 'is being planted. ’Thje^*.*V3 a larg e acreage of cabbage w hich
h as not been dam aged b y 'th e fro s ts ,.a n d is. jn.gpleH did'oondition. A larg e q u a n tity of seed cane
is being banked, indicating’-a large vict^a£& ©£* uii$ product*-,fiexJ> season.
An increase of several thousand acres in p lan tin g s of torrtafceeg th is season is indicated. The
recent cold w eath er dam aged.^tke -e.arly. {Jan.tings tp aboirt 10*p&**cent to 20 p er c e n t; th ese seed
beds, however, w ere also s a t f ^ i kpfH thjS'^ifeJtfte \£ot.lje»jreplanted.
• ••• • ••••••« •* !/
JjJ ! i
FLO RIDA FR U ITS
About 35 per cent or 40 per cent of th e F lorida O range crop has been shipped, and while
prices th is season have been m uch lower th a n th e abnorm ally hig h prices w hich prevailed d u ring
last season, resu lts on th e average have been very good.
A bout 40 per cent of th e G rap efru it crop h as been shipped. P rices up to th is tim e have been
disappointing, especially in view of th e high costs of producing th e f ru it and m ark e tin g it. W hile
little profit has been realized, th e m ark e t now is show ing m ore stre n g th , and b e tte r prices are
expected.
L IV E S T O C K
In te re st in stock raisin g continues to increase in all p a rts of th e D istrict, and m ore pure bred
cattle, hogs and sheep are being raised and m arketed. In Tennessee th e increase fo r 1919 in cattle
and hogs is estim ated a t 50 p er cent over th e production of 1918. The Union Stock Y ards of N ash
ville show a net gain of 28 per cent in combined r e c e i p t s of cattle, hogs, calves and sheep fo r 1919
over the combined receipts fo r 1918.
LUM BER
The dem and fo r lum ber continues in excess of the supply, and prices continue high. The w in ter
season has th u s f a r been unfavorable to production, w hich has rem ained from 20 p er cent to 40 p er
cent below norm al. The car supply has also been inadequate during th e p a st few weeks. R etail
stocks are low, and prices show a tendency to advance.
NAVAL STORES
Producers of th ese com m odities are engaged in p rep arin g fo r th e com ing season's crop. D em and
is im proving, and if sufficient labor can be obtained th e approaching crop will be largely increased
over th a t of last year. Foreign buying is very m uch restric te d , owing to depreciation of exchange.
South A m erica and Japan, however, have tak en large qu an tities of naval stores.
FO REIG N TRADE
Conservative estim ates have placed th e y ear 1919 as th e banner year in th e h isto ry of th e
development of foreign tra d e th ro u g h th e Gulf ports. This condition is confirmed by figures show
ing the value of im ports fo r th e m onth of Novem ber, 1919, as com pared w ith th e two previous
years a t New O rleans:
Novem ber, 1917.................................... $5,845,706
Novem ber, 1918....................................
9,933,429
Novem ber, 1920.................................... 20,676,304
A corresponding increase h as been shown fo r th e balance of th e year. By commodities, coffee
takes th e lead w ith over 52,000,000 pounds, valued a t $11,761,594; su g ar is second w ith 75,000,000
pounds, valued a t $4,210,230.
W ork on th e New In d u strial Canal a t New Orleans is being pushed rapidly, the completion of
w hich is expected to f u rth e r increase both im ports and exports.
COAL
The output of coal, except fo r th re e or fo u r days during th e C hristm as holidays, has shown
a steady increase since th e ending of th e Coal M iners’ strike. The ou tp u t fo r December am ounted
to 1,325,552 tons, com pared to 1,080,810 tons in Novem ber. There are no large stocks in th is
te rrito ry , and consequently all grades of coal are in demand.
IRON, ST E E L AND M ISCELLANEOUS INDU STRIA LS
R eports from B irm ingham indicate th a t th e industrial plants in th a t d istric t are w orking to
capacity, w ith sufficient orders booked to keep th e actively employed for some tim e. Steel mills,
b last furnaces, shipbuilding plants are kept busy, and in m any plants double sh ifts are necessary
to keep up w ith contracts fo r quick deliveries, and to enable them to m eet th e needs and req u ire
m ents of new business.
Pig iron production in A labam a for th e year 1919 aggregated 2,096,854 tons, com pared w ith
2,587,852 tons for 1918. The decreased tonnage was caused by difficulties in securing raw m ate
rials and th e sho rtag e and inefficiency of labor d uring a p a rt of th e year.
RAILROAD SER V ICE
There is a sh o rtag e of railroad equipm ent in which to ship pig iron, and th ere fo re it would
very m aterially unless th e railroads could fu rn ish h ard ly be practicable to increase furnace capacity
equipm ent to move th e iron. Unless sufficient cars are fu rnished to move iron and steel out of th is
te rrito ry , it will m aterially a ffe c t th e p rosperity of th e Iron M asters and severely h u rt th e gen
eral p rosperity of th is entire com m unity.
CLEARIN GS— DECEM BER
1918.
A tlanta, Ga............................................................................................ $263,563,026
A ugusta, Ga..........................................................................................
17,870,124
Macon, Ga..........................................................................................................................
Savannah, Ga............................................... ........................................
30,842,861
Jacksonville, F la ...................................................................................
33,803,441
Tam pa, F la ............................................................................................
7,715,197
Pensacola, F la .......................................................................................
8,581,789
New O rleans, L a ..................................................................................
268,348,446
Vicksburg, M iss...................... .............................................................
2,237,814
C hattanooga, T enn..............................................................................
25,037,002
Knoxville, Tenn.....................................................................................
11,260,699
Nashville, Tenn.....................................................................................
74,021,266
B irm ingham , A la.................................................................................
59,044,888
Mobile, A la............................................................................................
7,020,287
M ontgomery, Ala.................................................................................
7,180,199
CLEARINGS Y EA R 1918-1919
1918.
A tlanta, Ga............................................................................................$2,528,485,083
A ugusta, Ga. .................................................................................-^ ljM g J.6 9
Macon, G a.................................................................... ............... 365,957,539
Savannah, G a........................................................................... / . ........
35?£33,014 \
Jacksonville, F la ..................................................................... 1 . . . . Z 2 . ' $8g£$M,7«^U \
Tam pa, F la ...............................................................................1........ y
I
-
1919.
$376,294,509
26,296,574
42,675,783
65,971,026
50,460,453
10,033,633
8,908,104
366,961,217
2,094,444
35,593,232
14,117,706
110,059,700
82,224,685
10,464,532
9,169,247
1919.
$3,290,186,377
230,462,786
487,813,232
450,587,496
97,439,849
Pensacola, F la .......................................................................................
84,454,644
New Orleans, L a.................................................................................. 2,660,460,335
V icksburg, M iss....................................................................................
21,217,764
C hattanooga, T enn........................................................... ...................
258,822,628
Knoxville, T enn....................................................................................
139,393,356
Nashville, Tenn.....................................................................................
746,156,610
B irm ingham , A la.................................................................................
347,306,278
77,258,108
Mobile, A la.............................................................................................
M ontgom ery, A la.................................................................................
80,426,537
107,719,830
3,170,247,164
22,187,370
321,417,761
148,051,255
863,911,695
716,290,927
101,283,177
92,293,748
BU ILDING O P E R A T IO N S - D E C EM B E R 1919
R epairs and A dditions
Anniston, Ala. ......
Bessefner, A la.........
B irm ingham , Ala.
Florence, A la...........
Mobile, A la..............
Tuskaloosa, Ala. ...
Jacksonville, Fla. ...
Pensacola, F la .........
Gainesville, Fla. ....
Miami, F la ...............
Orlando, F la ............
W est Tam pa, Fla.
Palm Beach, Fla. ...
A tlan ta, G a.............
A ugusta, Ga...........
Columbus, G a.........
Brunsw ick, Ga........
Macon, Ga................
Savannah, G a.......
Knoxville, T enn......
Nashville, T e n n .....
*New Orleans, La.
*M eridian, Miss. ...
imber
5
12
198
2
1
Value
$5,350
3,990
55,935
2,110
1,484
14
78
5
4
10
6
6
102
93
60,500
9,176
625
1,250
600
1,010
5,775
107,866
44,410
3
39
7
36
193
235
23,568
4,400
28,393
77,379
New Buildings
N um ber
4
14
109
3
7
3
22
12
7
197
64
9
41
22
2
15
8
24
10
19
117
3
Value
22,000
36,800
304,810
6,650
19,584
7,500
1,080,150
43,800
5,350
301,750
93,525
311,650
706,028
72,150
3,000
13,700
10,145
79,075
69,375
74,600
1,199,395
12,000
I repairs.
:m its i s s u e d ,
Bessem er, A la.......
B irm ingham , Ala.
Florence, A la.........
Tuskaloosa, Ala.
Jacksonville, Fla. .
Pensacola, F la .......
Miami, F la ..............
Orlando, F la ..........
W est Tam pa, Fla.
Palm Beach, Fla. .
A tlan ta, Ga............
A ugusta, Ga..........
Columbus, Ga........
Brunsw ick, G a.......
Macon, G a..............
Knoxville, Tenn. .
N ashville, T enn.....
New Orleans, La. .
M eridian, M iss......
1 9 1 8 -1 9 1 9
1918.
$38,600
1,793,872
50,776
21,975
1,145,341
315,639
1,250,925
23,125
3,572,086
452,344
113,500
304,000
643,345
605,824
133,000
1919.
$486,421
3,969,315
312,398
99,800
3,591,906
1,095,925
3,152,265
633,367
21,635
937,025
10,442,739
1,390,416
389,500
342,445
922,438
2,654,213
2,484,456
5,249,092
246,970
@FedFRASER