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T H E M O Business N T H L Y R eview Covering B usiness and A gricu ltu ra l C onditions m th e S ix th Federal Reserve District* F E D E R A L R E S E R V E B A N K O F A T L A N T A JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent WARD ALBERTSON, Assistant Federal Reserve Agent VOL. 7 ATLANTA, GEORGIA, JULY 29, 1922 UNITED STATES SUMMARY. The outstanding feature of the greater part of the month has been continuance of business and industrial activity at the relatively high rate recently attained. In fact, production has shown further increases in some lines, while in those which normally would be noticeably affected by seasonal influences, decreases on the whole have been relatively slight. At the time, prices have continued their upward tendency. As the current month progressed the effects of the coal and railroad strikes began to make themselves felt. This influence has served recently to re strain productive activities in various lines, notably iron and steel. The plans recently announced by the adminis tration are expected to relieve the situation. The ouput in various lines of manufacture showed fur ther improvement in June. This was particularly notice able in the case of iron and steel, copper, automobiles, and tanning. Construction activity has been well sustained. The amount of bituminus coal mined in June showed a con siderable increase, but since the opening of the present month has fallen off greatly. Coal stocks have consequent ly been further drawn upon. Petroleum output has con tinued large; stocks are, in fact, accumulating. No. 7 SIXTH DISTRICT SUMMARY On the whole it may be said that the business situation in the Sixth Federal Reserve D istrict has undergone no very material change during the past month, although there is a continuation of the tone of cheerfulness and optimism, and indications of growing confidence, in reports made to the Monthly Business Review. A further reduction in the number of persons out of work was reported during June and scarcity of labor con tinued to be noted, especially in the building trades. Agri cultural prospects are still very satisfactory for the country as a whole. On wholesale trade there was a general improve ment during June. The volume of retail trade was well sustained though slightly less than in May. The most conspicuous feature of a large majority of re ports made to the Review for the month of June is the a tti tude of watchfulness on the part of business men in all lines. The two principal questions in the minds of the busi ness public of this D istrict are the size of the cotton crop and the consequent course of cotton prices, and the ra il road and coal strikes. There is no line of business in this section which does not feel the effect of a good or a poor price for cotton, and while during June weather conditions were a little more favorable than had been the case up to that time, infestation of the boll weevil in this D istrict is reported to be heavy and great damage is being done to squares and young bolls. The area planted in cotton this year is larger in the states of this D istrict, except in Georgia, than it was last year, Georgia and South Carolina being the only cotton growing states to plant a smaUer acreage this year than last. The condition in Georgia is also given as the lowest estimate of the condition of the cotton crop in any state. While the condition improved two points for the country at large, from May 25 to June 25, the crop showed up less favorably in four of the states of this D istrict, and improved only in Tennessee and Mississippi. June business at retail and wholesale reflected more or less of the usual summer dullness. General business ac tivity is also affected to some extent by the strikes of ra il road workers and coal miners. Financially there have beenjfew new developments noted for the month. The Federal Reserve Banks of Danas and San Francisco reduced the discount rate. Of much interest has been the announcement by the treasury call ing for redemption on December 15,1922, of approximately one billion dollars of the 4J per cent victory notes. Federal Reserve Bank portfolios show little change while member bank loans other than those secured by stocks and bonds show a downward tendency. Indicative of the improvement in conditions over those prevailing last year is a further increase in the total volume of debits to individual accounts. For the first time in many months, debits to individual accounts in May showed an increase in this D istrict over the corresponding month last year, while in June this comparison disclosed an increase of over 7 per cent in volume over June 1921. Of the fifteen cities for which these figures are compiled, only three de creases are shown for June in comparison with last Jun e, the other twelve cities reporting increases. Demand de T H E 2 M O N T H L Y B U S IN E S S posits also show improvement over figures reported at the end of May, and were a little more than twelve per cent greater than demand deposits in June last year. Savings deposits reported to the Review at the end of June were greater in five states of the D istrict than at the end of June last year, and in all of the six states increased savings de posits were reported over those at the end of May. Failures show a substantial decline in this D istrict, both in number and in liab ilities, compared with May, and the total of lia bilities in June 1922 were very much less than the figure for June a year ago. Building activity continues in large proportions, al though in June there were not as many increases over per mits issued a year ago as has been the case in recent months. The reduction in railroad rates announced some weeks ago to become effective Ju ly 1st had the affect of delaying orders, production and shipments of lumber during June, but orders are being received in larger quantity since the rates went into effect. Textile manufacturing in this Dis trict showed a further increase in June, compared with the preceding month and with June a year ago, and the rate of consumption of cotton is reported to be increasing, while R E V IE W stocks show a rather steady decrease. Employment condi tions showed increasing improvement in June throughout the D istrict. R E T A IL TRADE There was no material change in the condition of retail trade during June indicated in the reports received from 37 representative department stores. The value of June sales by these firms was 8.8 per cent smaller than for June last year, while in May a comparison with May 1921 disclosed a decrease of 7.2 per cent. Only in Jackson, Mississippi, were June 1922 sales larger than those of the corresponding month a year ago. The relation of stocks on hand to sales for the period beginning January 1 continues to improve, showing a better rate of turnover. Stocks of merchandise reported on hand at the end of June were 5.9 per cent small er than at the close of May, but only 2.4 smaller than at the end of June 1921. Correspondent department stores state that customers do not appear to respond to cut-price sales, and while a part of the decrease is attributed to the usual summer slowing up, the railroad and coal strikes are also having an effect on retail and wholesale business. CONDITION OF R E T A IL TRADE DURING JUN E, 1922. Sixth Federal Reserve D istrict. Percentage of Increase or Decrease (1) (2) Comparison of net sales w ith those of corresponding per iod last year B June Atlanta (4)*-----------------------Birmingham (4)*____ __________________ Chattanooga (4)*_______________________ Jackson (3)*_______________________ Nashville (4)*_______________________ New Orleans (6)*________________________ Savannah (3)*_______________________ Other Cities (9)*_______________________ D ISTR IC T (37)________________________ ♦-Number of stores reporting. — 5.9 — 8.1 —17.7 +6.3 — 1.1 —10.6 —15.9 —10.1 — 8.8 WHOLESALE TRADE—JUNE 1922. Jan 1 to date —11.8 —20.4 —20.2 — 1.6 — 8.2 —11.3 —20.9 —11.7 —12.6 (3) Stocks at end of month compared with A B same month last year last month + 7.5 — 4.1 — 9.8 +24.1 — 1.8 — 1.2 —12.6 — 6.0 — 2.4 — 7.3 — 0.8 — 5.3 — 8.9 — 2.6 — 8.4 — 3.8 — 5.2 — 5.9 (4) ® .d H to bJ0or J>© cJ 03 . < > © ®0a8 03 M'S § Ob g ° «t-H'd ° fl g © ® 2 « rt ® ro a3 §a HM p s a g gr oo o g ^3;• B££ <s3 O CM 375.3 646.0 X 504.1 428.7 479.7 598.2 550.7 514.1 © © 4J 034-3 j'd Ej ^© xD n^ < m ■S'S2 ° u o o3 o3u ©° 3PI ° T3* © B &P.y cj 2QS. r-i 03 4J a-3 o ** o § fc! 5 PI ■ saa 1.8 6.2 X X 6.3 7.5 4.8 4.5 6.1 those for the corresponding month last year, the only de clines reported were in hardware, 2.3 per cent, and in shoes, Reports rendered to the Review by 112 representative 7.3 per cent. The season's cotton crop, and the price which wholesale firms in the D istrict show that on the whole busi the staple commands, w ill be an important factor in in flu ness in June was not quite up to the volume for May, but in encing business conditions throughout the D istrict during six of the eight lines under investigation increases in sales the next few months, and correspondents in all parts of were reported for June 1922 over the volume of sales during the D istrict indicate that there are many of their customers June a year ago. Decreases in sales in June compared with who, while placing orders for their present requirements, May were rather small, with the exception of shoes, which are assuming an attitude of watchful waiting u n til the fall was 9.4 per cent, and farm implements, which reported a months in order to see what the outcome of the cotton decrease of 23 per cent. Comparing June 1922 sales with crop w ill be. T H E M O N T H L Y B U S IN E S S R E V IE W 3 The following figures show the comparisons of June business with May, and w ith June last year: June 1922 compared w ith : Dry Goods May 1922 June 1921 Atlanta ( 4 reports)................ +10.5% +31.3% June 1922 sales compared w ith : Knoxville ( 4 reports)________ — 8.6% —11.2% Wholesale Trade May 1922 June 1921 Nashville ( 3 reports)________ —13.5% —19.8% Groceries (34 reports).........— 1.3% +7. 0% New Orleans ( 3 reports)________ + 1.2% + 3.4% Dry Goods (23 reports)____ — 4.6% + 5.4% Other Cities ( 9 reports)________ — 2.9% + 8.3% Hardware (21 reports)____ — 4.1% — 2.3% D IS TR IC T (23 reports)________ — 4.6% + 5.4% Shoes ( 8 reports)........ — 9.4% — 7.3% Furniture (17 reports)........ — 4.9% +27.2% HARDWARE. Stationery ( 3 reports)____ + 0.1% +19.1% Farm Implements ( 6 reports).........—23.1% +66.7% Wholesale hardware business was slightly less in June Drugs ( 4 reports).........+ 2.0% + 8.5% than in May, and also registered a decline in dollar value of sales as compared with June of last year, although corre spondents state th at with the prices now prevailing the figures reported show a larger actual volume of goods. New Orleans is the only point for which an increase over GRO CERIES. May was reported, while Nashville and “ other cities” show While the volume of sales during June of the 34 whole increased sales over June a year ago. Correspondents sale grocery firms reporting to the Review was slightly less state that prices are becoming firmer and in many instances than sales by these firms in May, there is a definitely cheer showing slight advances. According to the reports, there fu l tone to a large m ajority of the reports, and statements seems to be more of a disposition on the part of jobbers to that conditions in the trade continue to show improve anticipate their wants and to take in stock at present mar ment. May business was almost 17 per cent better than ket prices. April, and in June the May volume was almost maintained, June 1922 compared w ith: the decrease being only a little more than one per cent. Hardware May 1922 June 1921 One important feature of most of the reports is the state (3 reports)________ —22.3% —10.3% ment that collections are showing material improvement. Atlanta — 6.1% Correspondents state that while there have been some ad Jacksonville ( 3 reports)________ —14.7% (3 reports)........ ....... — 6.0% +30.9% vances in prices, these have been offset by decreases in other Nashville —12.4% articles, and that on the whole prices may be considered as New Orleans ( 5 reports)............. .. + 7.1% + 2.3% on a fairly steady basis. Figures showing detailed compari Other Cities ( 7 reports)________ — 7.7% — 2.3% D ISTR IC T (21 reports)________ — 4.1% son of sales by cities follow: June 1922 compared w ith: Groceries May 1922 June 1921 Atlanta ( 3 reports)---------— 3.1% — 6.2% Jacksonville ( 7 rep o rts).............. — 5.1% +23.0% Meridian ( 4 reports)________ — 4.0% +10.0% New Orleans ( 8 reports)________ + 2.7% + 4.6% Vicksburg ( 3 reports)........ ....... — 3.2% —12.0% Other Cities ( 9 reports)---------+ 1.7% + 1.0% + 7 . 0% D IS TR IC T (34 reports)________ — 1.3% D RY GOODS. Reports were received for June from 23 representative wholesale dry goods firms in the D istrict, and figures show a small decrease as compared with May, but an increase over June 1921 business. These reports indicate that the recent advance in the price of cotton has made necessary some in crease in the price of cotton goods, but correspondents point out that consumers are paying the increase with considerable reluctance. Correspondents state that some fa ll business is being placed, but that buyers are hesitating because of the fluctuations in cotton prices and the effect of the cotton production and prices on general business in the fa ll. SHOES. The volume of sales reported by wholesale shoe firms for June shows a seasonal falling off in comparison with the preceding months. F a ll business has not yet begun to be placed, and while correspondents state that retailers are possibly buying a little more freely, there is no disposition to stock up., Collections in June are reported better than during May, and of course show improvement over June a year ago. Correspondents state that prices are fairly stable, and that there have been some slight advances in leather w ithin the past few weeks. June 1922 compared w ith : Shoes May 1922 June 1921 D ISTR IC T (8 reports)...... ...............— 9.4% — 7.3% FU RN ITU RE. Furniture sales by the 17 wholesale firms reporting to the Review for June were about five per cent smaller than in May, but were a little more than 27 per cent greater than their sales in June a year ago. Correspondents state that June is usually a light month in point of sales, because of semi-annual inventory taking and adjustments for the sec ond half of the year. Reports indicate that fa ll business is beginning to be placed, and there is a tone of optimism in 4 T H E M O N T H L Y all of the reports received this month. Prices on some lines are stationary but there have been advances in others caused by increases in the cost of raw materials, including both lumber and glass. June 1922 compared w ith: Furniture May 1922 June 1921 +40.7% Atlanta ( 6 reports)________ — 5.4% Other Cities (11 reports)________ — 4.7% +22.8% D ISTR IC T (17 reports)________ — 4.9% +27.2% FARM IMPLEMENTS. Little comment is made by reporting wholesale dealers in farm implements in transm itting their June reports. Figures contained in these reports show a decline of 23 per cent for the month, but show that June sales this year were 66.7 per cent greater than in June a year ago. Figures have shown increased sales over the corresponding month last year for every month since January of this year, and reflect a considerably improved position on the part of the farming classes as a whole. June 1922 compared w ith : Farm Implements May 1922 June 1921 D ISTR IC T (6 re p o rts )--_______ —23.1% +66.7% STATIONERY. While only three reports were received from wholesale stationery firms for June, the volume of their sales shows up about the same as for the preceding month, and 19 per cent larger than in June last year. Correspondents state that consumers are buying for immediate requirements only, but that the size of the orders received is nearly nor mal. June 1922 compared w ith : Stationery May 1922 June 1921 D IS TR IC T (3 rep orts)-.................. + 0.1% +19.1% DRUGS. Correspondent wholesale drug firms reporting to the Review believe the present situation is showing improve ment, though it is slow and gradual. There is some indica tion in the reports of a downward tendency in prices, though most of them are said to be stationary, with only a few advances. June 1922 compared w ith: Drugs May 1922 June 1921 D ISTR IC T (4 reports)______ _____+ 2.0% + 8.5% AGRICULTURE. C otton. According to reports issued by the Crop Reporting Board of the Bureau of Agricultural Economics of the United States Department of Agriculture the actual condition of cotton in the United States improved from 69.6 per cent of normal on May 25 to 71.2 per cent of normal a month later. In some of the cotton producing states weather conditions B U S IN E S S R E V IE W have been more favorable during June than in the earlier months, and the plant has made more favorable progress. In four of the states of the Sixth D istrict, however, the condition on June 25 was not up to the estimate for the same date in May. In Mississippi the condition of the plant im proved one point, and in Tennessee four points, during the month. The tabulation below shows the condition of the crop in all cotton producing states, on June 25,1922 and on the same date last year, and the estimated acreage planted to cotton this season, together with a percentage figure showing the relation which the estimated acreage this year bears to the cotton acreage of 1921: Condition June 25 1922 (per cent of normal) Relation of 1922 1921 Acreage acreage to 1922 of 1921 Alabama Florida Georgia Louisiana Mississippi Tennessee 68 75 58 69 76 83 59 70 64 64 67 74 2,995,000 122,000 4,129,000 1,311,000 3,200,000 819,000 132% 175% 95% 110% 120% 128% Virginia North Carolina South Carolina Texas Arkansas Missouri Oklahoma *California Arizona New Mexico Others 85 76 60 72 80 92 76 91 85 85 -- 70 51,000 67 1,601,000 65 2,230,000 72 12,312,000 78 2,853,000 80 156,000 75 2,840,000 77 210,000 88 105,000 87 30,000 16,000 -- 150% 113% 85% 110% 118% 150% 112% 150% 112% 230% 230% UNITED STATES 71.2 69.2 34,852,000 110.9% *-Lower California (about 128,000 acres) included in Cali fornia figures, but excluded from the United States total. I t w ill be noted from this statement that only in Geor gia and South Carolina is the cotton acreage smaller in 1922 than in 1921, while increases are indicated in all of the other states. Attention should be called to the fact that those states for which the larger percentages of increase are shown are states in which a relatively small proportion of the cotton crop is grown. Alabama. The condition of the cotton in Alabama declined from 80 per cent of normal on May 25 to 68 per cent of normal a month later. According to the report of the Field Agent for that State this condition, taken with the estimated acreage of 2,995,000 indicates a crop of about 767,000 bales for this season. This is not given out as the estimate of the Alabama cotton crop, but only as the probable production indicated by the condition and acreage on June 25th. The greatest loss in condition during the month occurred in the south central and southeastern districts of the state, where excessive rains caused loss of stands and where growth of the plant was not as good as it should have been. T H E M O N T H L Y B U S IN E S S 6 R E V IE W Florida. MISCELLANEOUS CROPS. The acreage planted to cotton in Florida this year is almost double that of last year, being 122,000, compared with 70.000 acres in 1921. The crop is well developed for the time of the year and is blooming freely. The condition dropped, however, from 85 per cent of normal on May 25 to 75 per cent on June 25, because of excessive rains, cloudy weather and increasing weevil activities, which up to June 1 had amount ed to practically nothing. The acreage of Sea Island cot ton is reported to be several times larger than that of last year, with the crop showing up well and setting a heavy bottom crop. Production of Sea Island is expected to ex ceed 5,500 running bales, compared with 2,573 bales last year. Alabama. Georgia. The cotton crop in Georgia has suffered more than in any other state, and the condition declined from 71 per cent on May 25 to 68 per cent on June 25. The continuous rains during early June prevented cultivation, induced growth of grass, and leached out much of the fertilizer. Weevils are also active in many sections to such an extent that many farmers have abandoned their cotton and turned to other crops. This proportion was large enough to be the decisive factor in making the Georgia acreage less than last year. Louisiana. The cotton acreage in Louisiana for 1922 is reported to be 119,000 acres larger than in 1921, but is s till 34,000 acres less than the ten-year average. The acreage in cotton on June 25 is estimated to be 1,311,000 acres, compared with 1.192.000 acres last year. The crop is s till about three weeks late, caused by excessive rains, late planting and in su ffi cient fertilizer in some sections. Although the plant is still small, some fields are blooming. Weevils are reported in abundance in many localities. Mississippi. The area in cotton in Mississippi in 1922 is estimated to be 3,200,000 acres, an increase of 533,000 acres over the re vised estimate of the 1921 acreage. The condition of the crop on June 25 was 76 per cent of normal, a gain of one point during the month. The estimated yield is 163.4 pounds of lin t cotton per acre, and a total production based on present condition and acreage, of 1,093,000 bales, in comparison with the fin al production last year of 812,867 bales. The crop is reported to be from 10 to 20 days late over the entire state, due to prolonged wet weather at plant ing time. Tennessee. There is a decided increase in acreage planted to cotton in Tennessee this year over last, but it is still less than the 1920 acreage. All earlier plantings are reported to be in good shape. About 40 per cent of the crop is late. The plant as a rule looks healthy, w ill average about nine inches in height, has been well cultivated, and the crop as a whole is in splendid condition and decidedly above the average. Increases are indicated in the acreages planted to nearly all of the principal crops in Alabama over the 1921 figures, the exceptions being com, peanuts and orchards. The com acreage is only 90 per cent of that planted last year; the peanut acreage is 76 per cent of that of 1921, and the acreage in orchards is reported as 91 per cent of that of last year. The number of plows operated this year is reported to be 4 per cent larger than last year. The acreage planted to white potatoes, 60,000 acres, is practically double that of last year, while substantial increases are also reported in small fru its, vegetables, cow peas, sweet potatoes, oats and hay. The following figures show the growing condition of the principal crops on Ju ly : corn 74; peanuts 80; hay 85; sweet potatoes 88; white potatoes 82; sugar cane 87; oats 70; wheat 68; apples 70; peaches 60; tomatoes 80; cabbage 70. Florida. A general improvement in the condition of crops over the state is shown in the report by the Florida Agricultural Statistician. Staple crop acreages are smaller than those of last year as a rule, with the exception of cotton. The com acreage is estimated at 756,000, compared with 788,000 acres last year. The condition is better than it was a year ago, but far from normal. Production is estimated at 10,735,0()0 bushels compared with 11,032,000 bushels last year. Plantings of sweet potatoes on the whole are about equal to those of last year, 32,000 acres. The condition was not good u n til the effect of the June rains began to be felt, but is improving rapidly and is now better than at this time last year. Production is estimated at 3,200,000 bushels, against 2,720,000 bushels last year. The acreage planted to tobacco has declined from about 4,000 acres last year to 3,100 acres this year, and estimated production is 3,131,000 pounds, compared with 3,600,000 pounds last year. While planting of late peanuts is not yet over, present prospects point to a total acreage of about 260,000, compared with 287,000 acres last year. It is estimated that probably 72,000 acres w ill be harvested for nuts, compared with 80,000 acres last year. The condition is 87 per cent, compared with 90 per cent last year, and production on the acreage harvested is estimated at about 2,000,000 bushels, or slightly under last year’s production. The acreage harvested, of course, does not depend upon the acreage planted so much as it does upon marketing conditions and prospects at about harvesting time. The grower has the choice of digging them or letting his hogs do it for him, and indications now as to the acreage to be harvested for nuts may be upset en tirely by conditions later in the season. Georgia. The condition of the 1922 corn crop in Georgia is re ported at 69 per normal, far below the average, according to the Agricultural Statistician for this state. The crop is very late in the upper half of the state, but in the southern portion the crop is somewhat better due to earlier planting. 6 T H E M O N T H L Y B U S IN E S S The condition of the sweet potato crop is reported to be 87 per cent of normal, indicating a crop slightly in excess of 13,000,000 bushels. The apple prospect continues to im prove. The total production w ill probably be greater than for several years. Peaches, however, are materially lower in condition than a month ago. The production of water melons is running above that of last year, due principally to the increased acreage, although the condition of the vines and fru it is decidedly below average. The cantaloupe season is about over, and production in the old commercial sections has been three or four times that of last year. R E V IE W INTERIOR TOWNS. 850 1,032 27,048 12,322 36,091 1,696 1,371 1,608 26,585 11,482 10,931 597 851 1,122 12,526 145,016 17,538 56,630 147,590 19,181 88,968 . 110,599 6,960 98,373 15,285 31,045 3,654 4,208 31,044 19,317 46,366 2,866 6,179 5,461 29,149 11,482 28,594 929 1,212 3,060 7,887 149,696 1,440 87,648 193,725 4,358 91,773 459,167 17,648 136,963 19,334 79,504 35,598 94,149 10,913 5,713 16,774 4,748 26,913 114,652 8,474 13,084 27,500 10,133 9,021 27,728 *Jackson.. Meridian. _ _ _ SHIPMENTS: PORTS Mississippi. General crop conditions in Mississippi at the beginning of Ju ly reflected much improvement during the month. The prolonged wet weather at planting time made all crops late in getting started, and following this many sections of the state suffered from too much dry weather. Local showers in nearly all parts of the state, however, have re sulted in much improvement. The corn acreage this year is about 2,855,000 acres, or about 10 per cent less than the 1921 com acreage. The condition is 81 per cent of normal, indicating a total production of 51,321,000 bushels. The acreage of sorghum for syrup is 79 per cent of that of last year, or about 42,000 acres. The condition is reported to be about 81 per cent, and indicates a yield of 3,810,000 gallons. The sweet potato acreage increased about 2 per cent this year over last year's planting. The reported area this year is about 109,000 acres. T ennessee. General crop conditions in Tennessee are less favorable than usual at this time of the year. Now that most crops are planted and many of them are well advanced, the effect of the late spring, excessive rains, and other unfavorable conditions are evident. A great deal more land than usual is lying idle, cultivation has not been thorough, and the condition of most crops is not up to the average. Only in pastures and hay crops is the condition above the average. The corn acreage is reported to be 3,234,700, compared with 3,516,000 acres last year. Winter wheat, which showed a sharp decline before June, went still further off during the month. Oats suffered severely from ru st, and many fields have been abandoned. The acreage of both white and sweet potatoes has decreased, because of a bad planting season. The tobacco acreage has been substantially in creased over that of last year, due to the fact that the shortage of last season held out hope of high prices. The crop got a poor start, however, and th is, together with some poor stands and wire-worm in ju ry , causes the fields to look a little ragged. IN TERIO R TOWNS: *Jackson. __ STOCKS—PO RTS: IN TERIO R TOWNS: Atlanta__________________ Augusta_________________ *Jackson___________ ____ Meridian________________ Montgomery_____________ Vicksburg__________________ *-No report. ____ 2,909 13,598 3,316 SUGAR. The acreage planted in sugar cane in Louisiana this year is approximately the same as that of last year, accord ing to a report issued by the Agricultural Statistician for Louisiana. The total acreage in sugar cane is estimated to be 278,000 adres, of which 56,000 acres are estimated as the amount to be reserved for seed and to be used for syrup, and the acreage to be used for sugar is estimated at 222,000 acres. The total sugar cane acreage in Louisiana in 1921 was 278,476 acres, of which 226,366 acres were used for sugar, and 52,100 acres were reserved for seed and used for syrup. The condition of the cane on Ju ly 1 was 84 per cent of normal, dompared with 92 per cent on the same date last year, and the estimated production for the season is 3,393,936 short tons, compared with 4,180,780 short tons produced in 1921. Weather Conditions in general have been far from satisfactory this spring. There has been too much rain and many fields have been usually grassy, the rains and soft MOVEMENT OF COTTON—JUNE 1922. ground preventing the needed cultivation. During the (In Bales.) period of floods and overflows this spring, much plantation R EC EIP T S : PORTS. June 1922 May 1922 June 1921 labor was diverted to levee work at the time it was needed New Orleans............................. 96,916 113,711 111,564 in the fields. Planters have in general fairly well caught Mobile...................... -........... — 14,954 16,557 10,351 up with their work, but the crop averaged about two and a Savannah .................................. 50,505 68,764 65,185 half weeks late. T H E M O N T H L Y MOVEMENT OF SUGAR. SHIPM ENTS: New Orleans____ May 1922 119,302,465 41,109,655 478,671 0 M ELTINGS: New Orleans____ 178,474,082 Savannah_______ 45,387,940 131,291,948 42,856,778 STO CKS: New Orleans____ Savannah_______ 63,946,458 5,716,953 1 R E V IE W RECEIPTS OF ROUGH RICE (Barrels.) Raw Sugar. R E C E IP T S : June 1922 New Orleans____ 213,682,720 Savannah_______ 36,582,643 B U S IN E S S June 1921 45,733,379 31,538,000 June 1922 Season to Season to June 30, 1922 June 30, 1921 Association Mills___ 13,327 5,252,628 New Orleans M ills.. _ 20,966 1,409,954 Outside Mills_______ 10,500 1,735,616 44,793 45,517,995 19,131,539 29,217,011 14,522,050* 39,972,130 12,876,900 SHIPM ENTS: June 1922 New Orleans____ 171,559,210 Savannah_______ 43,556,495 May 1922 136,079,307 38,365,447 June 1921 93,647,921 19,419,848 STOCKS: New Orleans........ Savannah_______ 20,194,157 11,725,746 66,210,509 2,516,212 R efined Sugar. 8,398,198 10,141,430 DISTRIBUTION OF MILLED RICE (Pockets.) June 1922 Season to Season to June 30, 1922 June 30,1921 Association MiHs__._ 177,575 5,226,976 New Orleans M ills.__ 38,638 1,360,787 Outside Mills_______ 66,985 1,795,812 283,198 8,383,575 9,958,776 STOCK. 14,691,784 10,516,862 ^-Corrected since last report. Ju ly 1,1922 June 1, 1922 Ju ly 1, 1921 534,028 Association Mills___ 335,160 541,225 311,959 New Orleans Mills___ 356,822 219,844 Outside Mills_______ 70,000 126,435 298,031 761,982 RICE. The area estimated sown to rice in Louisiana in 1922 is’ 533,000 acres, or 11 per cent, more than the acreage of 1921 and the forecast of production by the Department of Agri culture is 18,879,000 bushels, compared with 16,560,000 pro duced in 1921. The condition of the rice crop on Ju ly 1 was 92 per cent of normal. In the Prairie district the rice crop is late. In many instances where heavy rains occurred ju st after sowing, the fields were considerably damaged, necessitating resowing. In some sections rice is looking unusually well with a better prospect for a good yield than last year at this time. Along the Mississippi River rainy weather is reported favorable to the rice crop. 972,422 1,059,100 FOREIGN RICE MOVEMENT FOR THE UNITED STATES. May 1922 Season to Season to May 31, 1922 May 31,1921 IMPORTS: Rough Rice________ 248,195 Clean rice__________ 8,387,649 Brewers rice_______ 69,168 5,184,469 62,143,419 715,254 28,147,272 44,107,255 809,450 EXPO RTS: Foreign rice_______ 3,073,539 Domestic rice______ 31,132,583 47,810,685 431,142,411 43,516,901 349,271,616 ROUGH RICE (Sacks) PORT OF NEW ORLEANS. CITRUS FRUIT June 1921 119,643 The Ju ly report of the Florida Agricultural Statistician 139,537 indicates that the June bloom of citrus fruits may offset 40,758 the losses caused earlier in the season by dry weather. 6,428 The condition of oranges improved during June and was fully up to prospects a year ago, being 86 per cent of normal. Grapefruit prospects are not so good. The con CLEAN RICE (Pockets) PORT OF NEW ORLEANS. dition is estimated at 80 per cent of normal, which is no im June 1922 May 1922 June 1921 provement over a month ago, and is quite a little below the Receipts___________ 203,998 110,558 302,843 condition of 86 per cent a year ago. The condition of limes, Shipments_________ 142,528 200,198 305,436 which are moving to market, is 81 per cent of normal, com Stock______________ 310,434 248,964 182,873 pared with 79 per cent a month ago and 82 per cent at this Left-over___________ 89,691 89,691 173,427 time last year. Receipts___________ Shipments_________ Stock_______________ Left-over___________ June 1922 20,966 39,852 48,265 24,158 May 1922 24,326 33,243 67,151 24,158 8 T H E M O N T H L Y B U S IN E S S R E V IE W CAR LOT SHIPMENTS OF CITRUS FRUIT AND VEGETABLES FROM FLORIDA, JUNE. [onth of June 1922 118 31 11 0 115 2 288 695 34 0 0 0 3 5841 71 1 G rapefruit______ ________________ Oranges_______________ __________ P o ta to es_______ _________________ L ettu ce__________________________ V egetables_______________________ Cabbage_________________________ Peppers________________ _ .______ Tom atoes_____________ __________ Celery___________________________ Strawberries_____________________ Beans____________________________ B e ets_____ _______________________ Cucum bers_______________________ Melons__________________ _____ ___ P. A pples____ ______ _____________ C o m ....................... .................... .............. ♦-Included in V egetable movement. 1921 65 29 6 0 437 0 0* 728 56 0 0* 0* 0* 3797 101 0* Seasons totals to June 30th. in c. 1921 1922 14929 18094 4447 2285 2439 2868 988 9595 4293 291 223 23 2022 8116 95 3 MOVEMENT OF LIVESTOCK—JUNE, 1922. May, 1922 June, 1921 1,062 387 891 7,023 350 2,143 7,714 4,582 561 3,630 8,833 Purchases for local slaughter: 3,156 Atlanta________ _ 1.007 Jacksonville____ 1 798 Montgomery 3 562 Nashville________ 4,257 808 3,013 4,799 2,290 141 850 2,514 5,409 6,208 2,792 43,781 2,504 5,747 4,066 28,851 2,136 2,850 1,700 10,332 1,702 4,900 3,942 8,027 776 11 544 69,731 0 111 325 44,869 985 0 118 45,374 Purchases for local slaughter: 250 Atlanta-______ Al Jacksonville Montgomery 615 5,700 Nashville______ 52 95 252 4,382 412 0 83 3,173 Jacksonville_______ Montgomery-------Nashville___________ Hogs Receipts: Atlanta_____ __ Jacksonville.___ Montgomery. _ __ Nashville_______ 2,226 . 3,415 2,067 27,618 Purchases for local slaughter: 1,730 Atlanta. _ ___ . 2,512 Jacksonville 1,431 Montgomery Nashville. ........... 9,005 Sheep Receipts: Atlanta-------Jacksonville. Montgomery. . N ashville---—. 13020 20616 2332 2657 4194 1406 0* 5981 4230 105 0* 0* 0* 4780 133 0* 1922 1921 14929 18094 4447 2285 2439 2868 988 9595 4293 291 223 23 2022 8116 95 3 13020 20616 2334 2657 4212 1406 0* 5983 4230 105 0 0* 0* 5051 135 0* 468 144 Horses and Mules Cattle and Calves R ec eip ts: June, 1922 A tlan ta ___________ 2,164 Complete totals Receipts: Atlanta_____ Montgomery. 184 91 FINANCIAL Reports received from member banks in the Sixth Feder al Reserve D istrict reflect a continuation of improvement in general conditions in most every part of the D istrict. The increase in employment is an important factor and is hav ing an influence on the continued increase in savings de posits. Banks also state that their deposits on open ac count are showing an increase, and that while in some cases their loans are increasing, as a general rule agricultural loans are being held down to a minimum and farmers and merchants are borrowing only what is absolutely neces sary. Member banks report that people generally are spend ing money much less freely than they were eighteen months ago, and this in part accounts for the fact that there is less business in some mercantile lines than might be ex^ pected in view of the improvement already made in employ ment conditions and in some other lines. The statement of debits to individual accounts which follows indicates a total amount of checks drawn during the four weeks ending in June to be 7.3 per cent larger than during the corresponding four weeks of last year. This follows an increase of less than 2 per cent shown in this comparison for May this year with May 1921. Prior to May these figures had shown decreases for a number of months. At only three cities, of the sixteen for which figures are shown, are decreases in debits recorded, the other thirteen cities showing increases ranging 2.3 per cent at Mobile to 24.4 per cent at New Orleans. Debits to individual account for the United States for the period referred to in the preceding paragraph showed an increase of a little over 16 per cent in comparison with figures for the corresponding period in 1921. Figures reported weekly by forty-two member banks in selected cities of the D istrict show an increase of 2.4 per T H E M O N T H L Y B U S IN E S S cent in the total of loans, discounts and investments, from $415,738,000 on May 31, to $427,761,000 on June 28, 1922; an increase of 2.0 per cent as compared with the total of $417,237,000 on June 29,1921. Loans secured by Government obligations on June 28 were $8,451,000, a decrease of 8.7 per cent compared with the total of $9,254,000 on May 31, and a decline of 41.5 per cent compared with the total of $14,457,000 on June 29,1921. Loans and discounts on June 28 were $354,126,000, a decrease of one-tenth of one per cent from the May 31st figure, but 2.5 per cent larger than the total for June 29, last year. Demand deposits reported by these 42 member banks on June 28 were $244,819,000, an increase of 2.5 per cent over the total of $238,750,000 on May 31st, and an increase of 12.2 per cent compared with the total of $218,148,000 on June 29, last year. 9 R E V IE W The total of bills discounted for member banks in the Sixth Federal Reserve Distridt, and bought in the open market, by the Federal Reserve Bank of Atlanta on June 28 stood at $30,752,093, reflecting a decrease of 7.7 per cent compared with the total of $33,292,140 on May 31st, and a decrease of 70.2 per cent compared with the total of $103,069,594 on June 28, 1921. Federal Reserve Notes in actual circulation on June 28, 1922 were $113,335,455 or 1.8 per cent less than on May 31st, and 24.9 per cfent lower than the total outstanding on June 29 a year ago. Reports on savings deposits were made to the Review by 78 banks in the D istrict for June. Figures contained in the reports show increased savings deposits in all of the six states compared with May, while Alabama is the only state showing a decrease in comparison with savings de posits a year ago. The aggregate increase over May 30th is 2.3 per cent, and over June 30,1921,2.6 per cent. SAVINGS DEPOSITS—JUNE 1922. June 30,1922 Alabama Florida Georgia Louisiana Mississippi Tennessee $28,604,548 (12 banks).............................. ................. ......... (13 banks)..................................................... . . 20,941,100 (23 banks).......................................................... 38,178,408 (10 banks)_ ........................ ...................... ....... 37,649,679 ( 9 banks)........................ ........................... 7,721,899 (11 banks)______ _______________________ 21,003,406 TOTAL (78 banks)_________________ ___________ - - $154,099,040 DEBITS TO INDIVIDUAL ACCOUNTS—JUNE, 1922 At F ifteen Principal Cities—Sixth Federal Reserve D istrict Four Weeks Four Weeks Increase ended ended or Ju ne 28,1922 Ju n e 29,1921 Decrease A tla n ta........ ............. $ 97,899,000 $ 90,768,000 . +7.9% A u gu sta ____ _____ 23,778,000 20,445,000 +16.3% Birm ingham _____ _ 65,253,000 52,596,000 +24.0% C hattanooga_____ 23,848,000 29,866,000 —20.1% Jacksonville______ 42,966,000 38,709,000 + 11 .0 % K noxville_________ 23,445,000 21,544,000 + 8 .8% M acon___________ 15,906,000 15,347,000 + 3.6% M obile____________ 22,407,000 21,909,000 + 2.3% M ontgomery______ 18,150,000 10,182,000 +18.3% N a s h v ille ...______ 61,408,000 97,046,000 —36.5% New Orleans______ 244,947,000 196,965,000 +24.4% P en sacola.________ 5,753,000 6,075,000 — 5.3% Savannah_________ 38,507,000 36,389,000 + 5.8% Tampa___________ 20,715,000 19,897,000 + 4.1% Vicksburg________ 5,038,000 4,794,000 + 5.1% T ota l Sixth D istric t- $710,020,000 $662,532,000 + 7.3% T o ta l U nited S tates 36,640,234,00031,465,862,000 +16.4% COMMERCIAL FAILURES J u n e failures in th e S ixth Federal Reserve D istrict were su b stan tially less, b oth in num ber and in to ta l of liab ilities, th a n during th e preceding m onth. S ta tistics published by R. G. D un & Co. show 147 failures in Ju ne in th is D istrict, com May 31,1922 $27,915,686 20,563,657 37,255,908 36,963,079 7,510,850 20,488,555 $150,697,735 Comparison of Compari June 30-May 31 June 31, 1921 son of 1922 June 30 1922-1921 $29,411,319 + 2.5% - 2 .7 % 20,113,525 + 1 .8% + 4.1% 36,974,281 + 3.3% + 2.5% 35,669,442 + 1.9% + 5-.6% + 2 .8% 7,703,713 + 0 .2% 20,379,133 + 2.5% + 3.1% + 2.3% $150,251,413 + 2 .6% pared with 179 in May, or a decrease of 17.9 per cent for the month. Liabilities for June were reported as $2,041,013, compared with $3,784,262 for May, or a dedline of 46.1 per dent for the month. Compared with June last year, the number is 13 per cent larger, but liabilities are 42 per cent smaller. A decrease is also shown in the number and liabilities of failures in the United States in June compared with May but an increase compared with June 1921. Sixth D istrict United States No. Liabilities No. Liabilities June, 1922_________ 147 $2,Q41,013 1,740 $38,242,450 May, 1922__________ 179 3,784,262 1,960 44,402,886 June, 1921_____ 130 3,522,511 1,320 34,639,375 Comparison of JuneMay, 1922________ —17.9% —46.1% —11.2% —13.9% Comparison of June, 1922-1921_______ +13 1% —42.1% +31.8% +10.4% ACCEPTANCES Reports regarding acceptance transactions during the month of June were made of the Monthly Business Review by 27 accepting member banks, 20 of which showed no trans actions of any kind in acceptances during the month. Only one of the other 7 reports showed any amount of domestic acceptances executed during June, while four banks re ported the execution of foreign acceptances during the 10 T H E M O N T H L Y B U S IN E S S month in amounts aggregating about 31 per cent more than during the preceding month, and showing only a small increase over June of last year. The amounts of accept ances held by banks unsold in their portfolios aggregated about one-third less than figures reported for May, but were more than twice as large as the amounts reported for June 1921. Only two banks reported the purchase of ac ceptances from other banks in the D istrict, while only one bank reported the purchase of foreign acceptances. Acceptances bought in the open market by the Federal Reserve Bank of Atlanta during June totalled only a little less than the total for May, but were more than twice as large as for June 1921. IMPORTS AND EXPORTS. Figures recently made public by the Department of Commerce show that both imports and exports were some what larger in June than in May, imports showing an in crease of almost 3 per cent, and exports being about 9 per cent larger than those in May. Compared with June 1921, however, imports show an increase of 40 per cent, being R E V IE W $260,000,000 in June 1922 against $185,689,909 in June a year ago. Exports were about 1 per cent smaller than in June last year, being $334,000,000, against $336,898,606 in June 1921. Imports into the United States have maintained a rather steady upward trend sind'e the beginning of the fiscal year, Ju ly 1921, while figures for exports have been a little less regular. PORT OF NEW ORLEANS. Merchandise to the value of $11,373,907 was imported at New Orleans during the month of May, the latest month for which detailed figures are available. This total is p racti cally equal to the value of imports during May 1921, but is considerably below the figure for May 1920, and is somewhat less than the May 1919 figure. The close comparison with the May 1921 figure is noticeable in view of the decreases in prices of the articles imported, principally sugar. The May total exdeeded the value of imports in April by a little more than $1,500,000. Increases in volume over May 1921 figures are principally in sugar, molasses, mineral oil, and bananas, while sisal shows the largest decrease in volume recorded. May 1922 COMMODITY VOLUME Coffee (lb s.)______ _______________________________ Sugar (lbs.)____J_________________________________ Burlaps ( lb s .) - ____ ______________________________ Mineral Oil (gal.)________________________________ C reosote Oil ( g a l,)....................... ........... .............. ........... N itrate of soda (to n s)____________________________ Sisal (to n s)______________________________________ B ananas (b u n ch es)______________________________ Ferro-m anganese (to n s)____________ _____________ P rin t 1?aper (lbs.)— ____ _____ ____ _____ _________ Molasses (g a l.)...................................................... ............... May 1921 VALUE VOLUME 31,353,317 $3,824,265.00 33,326,052 132,835,074 2,946,810.00 91,190,190 14,880,239 1,165,374.00 11,971,420 80,097,068 949,086.00 61,151,076 1,502,345 142,122.00 2,687 170,000.00 3,300 1,628 161,152.00 8,162 2,199,211 689,149.00 1,345,418 71241,982.00 ____________ 1,345,096 379,931.00 .... 5,583,092 55,831.00 2,085,000 VALUE $2,746,919.00 4,702,271.00 1,458,189.00 761.067.00 143,536.00 891,653.00 515,099.00 41,700.00 Figures are also shown for total imports for the month of May for preceding years, as follows: May 1921_________________$11,582,890 May 1920.____ ___________ 28,469,606 May 1919..:______________ 18,891,683 May 1918_________________ 9,768,838 May 1914_________________ 7,410,217 May 1912_________________ 5,562,876 According to figures recently made public, the total value of imports and exports handled through the port of New Orleans during May was $42,981,880. These figures are said to be slightly below those for May 1921 but above the average for recent months. Customs receipts at New Or leans at the close of the fiscal year 1921-22 showed a gain over last year of approximately four million dollars, due principally to the larger imports of sugar from the West Indies. The following figures show grain exports through the port of New Orleans for the month of June 1922 compared with the corresponding month last year, and for the fiscal year ju st ended compared with the two preceding fiscal years: Commodity June 1922 June 1921 Wheat_________________ _______________________ Corn______________ ____________________________ Oats_________ _________________________________ Rye........................... .................. — ....................... — Barley.............................................................................. 547,237 721,356 31,715 429,857 ---1,730,165 5,218,440 428,858 50,475 52,571 —- Fiscal Year 1921-22 31,831,810 24,859,404 557,895 1,452,828 302,460 Fiscal Year 1920-21 73,667,369 7,617,019 775,480 1,081,127 5,054,656 Fiscal Year 1919-20 12,790,176 1,009,971 2,221,675 110,127 7,840,903 5,750,344 59,004,397 88,295,651 23,972,852 T H E M O N T H L Y B U S IN E S S LUMBER. 11 R E V IE W subscribing mills, and of this number 57 operated fu ll time during the week and 7 operated five days; five of the re maining mills operated four days, and three were shut down. Activity in lumber in this D istrict has not been quite so pronounced during June as in the month preceding, due principally, according to correspondents, to the fact that many buyers were waiting u n til the reduction in freight rates went into effect on Ju ly 1st. Both orders and ship ments during May had exceeded the average normal pro duction, and while during June orders were about equal to, and shipments were greater than, actual production, they were somewhat less than the figure for average normal pro duction. Correspondents state that in some sections con tinued excessive rainfall has greatly hampered logging oper ations and has compelled the mills in the sections affected to operate at about 50 per cent of capacity. Reports indi date, however, that since the beginning of Ju ly inquiries and orders are showing a healthy increase, and that the demand for a number of popular items exceeds the output to an appreciable extent. Adtual running time was reported to the Southern Pine Association for the week ending June 30, 1922, by 72 of its The following table shows orders, shipment, produc tion, etc., reported to the Southern Pine Association for June by 117 m ills, and similar figures for May reported by 122 m ills: June 1922 117 mills (feet) May 1922 118 mills (feet) Orders_________________________ _301,864,608 Shipments______________________322,797,376 Production____________________ _308,552,342 Normal production these m ills_______________________ 327,330,611 Stocks, end of month_________ _771,707,140 Normal stocks these mills_____ 888,765,705 Unfilled orders end of m onth.. 291,249,287 463,614,967 399,769,587 346,992,585 341,635,915 814,253,152 913,013,391 331,182,095 BUILDING PERMITS- -JUNE 1922. No. ALABAMA: A n n isto n ________________________________ 6 Birm ingham ___________________________ 196 Mobile________________________________ 6 M ontgomery___________________________ 41 FLORIDA: Jack son ville____________________ ____ 248 Miami_________________________________ 61 Orlando____________ _______ ___________ 24 50 P en sacola_____________________________ S t. P etersb u rg.____________ ___________ 31 Tampa_______________________ _______ 137 GEORGIA: A tla n ta_____________________ _____ ____ 145 A u g u sta _________________ _________ ___ 108 Colum bus_____________________________ Macbn___________________ _____________ 134 Savannah______________________________ 21 LOUISIANA: Alexandria____________________________ New O rleans__________________________ 47 MISSISSIPPI: Jackson Vicksburg________ _________ ____ ______ 7 TENNESSEE: 177 C h attan ooga............ ...................................... Joh n son C ity...... .............................. .............. 2 Knoxville _. ...................................................... 143 N ashville................................................. ........... 155 Repairs and Alterations Value 2,300 66,747 1,800 18,770 5 241 35 7 5,000 525,990 149,150 15,300 7,300 592,737 150,950 34,070 181,163 185,244 11,700 8,463 65,125 41,882 76 60 49 6 99 89 445,450 431.600 75,625 21,654 589,385 164,838 626,613 616,844 87,325 30,117 654,510 206,720 134,503 18,085 17’ 830 14,775 270 51 13 42 32 1,240,013 127,680 32,000 107,195 139.600 113,050 274 Cotton Consumed: 507,869 L in t________________ Linters_____________ 53,385 On Hand in Consuming establishments: L in t______ __________ 1,322,383 Linters......................... 152,065 82,811 700 170,934 34,719 10,200 - 28.4% + 42.2% +535.6% ~ 53.5% 467,117 + 34.1% 164~300 58,199 547,225 449,108 + - 46.8% 48.3% 19.6% 54.0% 1,374,516 145,765 32,000 125,025 154,375 855,716 143,331 17,600 90,830 221,170 + + + + - 60.6% 1.7% 81.8% 37.6% 30.2% 1,124,975 1,238~025 923”953 + 34 : 6% 16,450 49,500 17,610 52,000 18,200 - 131,150 23,100 517,956 265,350 213,961 23,800 688,890 300,069 131,581 36,775 143,437 229,014 + 63.6% — 35.3% +380.3% + 31.5% 1,936,025 76,386 2,561,007 94,181 4,300,386 255,911 Linters.. 478,401 12,678 448,336 12,061 489,200 6,274 Imports........ 12,662 14,320 10,105 31,877,015 31,653,061 32,760,904 26 13 115 92 4 . 8% 3 . 2% at Compresses: May 1922 June 1921 495,674 52,344 461,917 49,296 1,419,836 159,251 395,795 23,750 73,302 (combined) 1,160 COTTON CONSUMPTION—JUNE 1922. (In Bales.) U nited S tates Census Bureau. June 1922 Increase New Buildings Total Total or No. Value June 1922 June 1921 Decrease 1,203,364 208,507 Linters.. Exports: 12 T H E M O N T H L Y B U S IN E S S R E V IE W was practically 30 per cent greater than in May, and almost 78 per cent larger than during June 1921. While the volume June 1922 May 1922 June 1921 of shipments during the month was a little smaller than in 272,784 May, orders on hand at the end of June were slightly larger Cotton Consumed_____ 336,387 331,771 On Hand in Consuming than at the close of the preceding month. 512,961 establishments_____ 614,754 ' 685,792 While there is some indication in the reports received In Public Storage and that m ills are having d ifficulty in some instances in obtain 3,811,003 ing prices which mean a profit to them, in view of the recent at Compresses_____ 1,487,526 2,055,536 14,935,753 Active Spindles.. _...........15,533,332 15,350,285 advance in Cotton prices, the general run of the reports shows that inquiries are better, that prices are some better, COTTON MANUFACTURING. and that more sales are being made than at any other time in more than a year. C otton Cloth. June 1922 compared w ith: While there was a further increase in cotton cloth pro 33 mills May 1922 June 1921 duction by mills reporting to the Review for June, as com 1. Yam production................... . +29.6% +77.6% pared with the preceding months, a decline in shipments 2. Yarn shipments_____ _______— 3.6% +36.9% and a slackening in orders seems to have produced condi 3. Orders on hand at end of tions a little more unsettled than have prevailed during the +40.7% month........................ ............. + 2.1% past few months. The amount of cloth manufactured by 4. Stocks of manufactured 35 mills during June was 8 per cent greater than in May, yarn on hand at end of and 46 per cent larger than in June last year, but June month____________________— 3.4% —20.2% shipments were smaller by 13 per cent than during May, al 5. Average time required to though about 34 per cent in excess of shipments during June Complete orders on hand. + 1.3% +57.0% a year ago. Orders on hand at the end of June declined 6. Number employed.... ............... — 7.4% +44.1% 7.8 per cent in domparison with the end of May, although about 65 per cent greater than orders on hand at the end of June 1921. Some of the reporting mills state that the market is active, and at prices which mean a reasonable MISCELLANEOUS MANUFACTURING profit to the m ills. Other Correspondents advise that the C otton Hosiery demand is satisfactory, and in fact considerably better than Reports received from four cotton hosiery manufacturing it has been, but state that considering replacement costs plants in this d istrict for June reflect a slowing up which is they are unable, to obtain prices for their product which said to be usual during the summer months, both in volume w ill make a profit to them. S till other correspondents say of orders booked and in volume of goods manufactured. that their customers appear undecided as to what is ahead Correspondents state that labor conditions are about and are not placing any more business than is absolutely normal, tending to a slight scarcity, wages are stationary, necessary. Much depends upon the character of the weath and that prices of finished cotton products are tending to er during the next month or two as to whether the cotton increase following the increase in the price of raw cotton crop w ill materialize in the expected volume, and it is not June, 1922 compared w ith : probable that settled conditions w ill prevail in cotton man 4 Mills May, 1922 June, 1921 ufacturing u n til the growing season is well advanced and — 5.5% +21.7% 1. Hosiery manufactured___ the size of the present crop can be estimated with a higher 2. Hosiery on hand at end of degree of accuracy than is possible at the present. month.......................... + 2.3% — 2.9% June 1922 compared w ith : 3. Raw m aterial on hand at 35 mills May 1922 June 1921 end of month________ +33.9% +33.3% 1. Cloth Production....................... +8.0% +46.2% 4. Orders booked during 2. Cloth shipments------------ —13.1% +33.7% month.................... _....... —19.5% +40.0% 3. Orders on hand at end of 5. Unfilled orders on hand month..................................... — 7.8% +65.3% at end of month........... —- 4.1% +56.4% 4. Stocks of manufactured 6. Number of employees on cloth on hand at end of payroll at end of month-- ------- ---------- + 0.2% —43.6% m onth.............................. + 0.4% +11.7% 5. Average time required to complete orders on hand. +16.3% +42.2% Overalls 6. Number employed........ .......... + 2.7% +17.1% Reports for June were received from five overall manu facturing plants, although one of these plants was closed C otton Yarn. down during that month and the report of th is m ill con Figures reported to the Review by 33 ya rn mills in the tained no figures. Substantial increases are reported in the volume of D istrict show up better than cotton cloth figures for June. The output of yarn by these m ills during the month of June finished product manufactured during June compared COTTON GROWING STATES. T H E M O N T H L Y B U S IN E S S with the preceding month, and in the volume of orders booked during the month. Almost 52 per cent more over alls were manufactured by the reporting mills during June than in May, while orders received during the month were 63 per cent in excess of May orders. Correspondents state that while spot shipments are still light, bookings for delivery in August and September have increased to a point where they are now considered normal. The advances in cotton prices has had a stimula ting effect, but mills report that the demand is still for low priced garments. June, 1922 compared w ith : 5 Mills May, 1922 June, 1921 1. Overalls m anufactured.. . +51.9% +41.7% 2. Overalls on hand at end of month.......................... + 3.8% —61.6% 3. Orders booked during m onth............................. +63.3% +118.7% 4. Unfilled orders on hand at end of month_____ +15.0% +33.5% 5. Number of employees on payroll at end of +22.3% +88.0% month.............................. Brick While only two reports for the month of June were re ceived from brick m anufacturing plants,the figures contain ed in these reports show a vfery substantial increase in the volume of orders received during June as compared with the preceding month and the corresponding month a year ago. Manufacturing activity also shows an appreciable increase, while unfilled orders on hand at the end of June were more than double those at the close of May. Correspondents state that the improvement has resulted in an increase of about 10 per cent in prices. One of the reporting plants states that there is indication of a car shortage. LABOR The monthly survey of employment conditions made by the United States Department of Labor for June shows that further progress has been made and that increases in employment took place in an increasing number of cities from which reports were received. Of 65 leading cities from which reports by large industrial concerns, employing more than 500 workers, are obtained 52 cities reported in creased employment and only 13 cities reported decreases. A ll of the industrial classifications used by the Department in its investigations reported increased employment ex cept “ stone, clay and glass products*1, and the decrease in this industry is stated to be largely due to the seasonal lay off in some centers in June. Included in the 52 cities re porting increased employment are three cities in this Dis tric t, Chattanooga, New Orleans and Birmingham, while Atlanta is included in the cities showing decreased employ ment among these larger industrial concerns. The survey indicates that building activities throughout the country are developing to such an extent that a shortage of skilled building craftsmen is becoming apparent in many sections. R E V IE W 13 Reports received by the Department of Labor from in dustrial concerns employing less than 500 workers show in creased employment over May in all of the cities in the Sixth Federal Reserve D istrict from which figures were received. The following tabulation shows figures for this D istrict contained in the Survey: Oity Atlanta___________ Birmingham_______ Chattanooga_____ Columbus........ ......... Jacksonville______ Knoxville--.............. Macon....................... Mobile......................... Nashville........ ........... S avan n ah .............. Pensacola.................. Anniston................... No. ofNumber Employed Increase Firms June, 15 May, 15 or Decrease 121 21,546 20,849 + 697 44 7,647 6,864 + 783 114 11,013 10,429 + 584 29 4,991 4,878 + 113 66 4,434 4,089 + 345 47 12;643 12,177 + 466 55 5,796 5,684 + 112 61 2,612 2,560 + 52 66 6,010 6,000 + 10 31 6,729 6,397 + 332 33 4,985 4,719 + 266 22 3,091 2,624 + 467 Improvement in employment in the textile industry is indicated in the fact that in Georgia 82 textile miUs report an increase of 267 employees, and in Tennessee 63 mills report an increaseof 401 workers, while in Alabama 14 mills report a decreaseof 4 employees, compared with employment a month earlier. In Georgia 9 lumber mills report an increase of 8 workers; in Tennessee 111 lumbeir mills report an increase of 455 employees; in Alabama an increase of 42 occured in 53 reporting m ills, and in Mississippi 68 mills employed 372 more workers in June than in May. In Atlanta the industrial situation is gradually pro gressing towards normal. A surplus of 5500 workers is said to be confined chiefly to common labor. There is re ported a surplus of clerical workers in Savannah, while in Macon there is only a small surplus of common labor. At Columbus unemployment is confined to clerical workers, carpenters and some common labor. Unemployment in Florida is rapidly being reduced. The lumber industry is said to be improving, 506 employees having been added during the past month. In Jackson ville a m ajority of the industries are working fu ll time, ex cept for a few machine shops, foundries and lumber m ills which are on part time. There is said to be a shortage of brick masons. New building at Tallahassee has also ab sorbed the available supply of building draftsmen there and a shortage is said to exist there also. At Tampa there is some unemployment in the cigar industry, but all other plants are running fu ll time. Improvement in Alabama employment conditions are particularly noted in coal, iron and steel, and lumber pro ducts. Building construction is active and there is re ported no surplus of labor. In the coal industry, 51 mines reported an increase of 700 employees during June over May, In the Birmingham d istrict steel and iron industries con tinue to improve. The demand for cast iron, soil and sani tary pipe has resulted in an increase in the melt of pig iron The demand for saw m ill help is still heavy. 14 T H E M O N T H L Y The industrial situation in Mississippi is reported as improving, with noticeable advance in lumber and the de mand for farm labor. The scarcity of common labor is re ported to be holding some of the lumber mills back. While there was a negligible decrease in employment in textile m ills, a substantial increase in employment was reported by lumber mills in the state. In Tennessee a gradual improvement is evident in all industries. Highway construction costing three millon dollars in the eastern part of the state is absorbing skilled labor. A substantial increase in employment is reported by Tennessee coal mines, as well as textiles and lumber. Building and construction in Chattanooga, Knoxville and Nashville are keeping these trades employed, and many plants are reported to be working overtime at these points. COAL Despite a continuation of the coal miners* strike, which began A pril 1, production of coal in the United States con tinued the first part of June the upward trend which had been in evidence since about the middle of A pril. Begin ning with the last week in Jun e, however, production has shown a downward tendency. Traffic congestion caused by the railway shopmen's strike has interfered with the placement of empty cars at non-union mines, and the week ly output of coal is running considerably below the high point reached late in June. Week BituminousAnthracite Total Output 13,000 5,091,000 June 5-10.......................5,078,000 June 12-17.......................4,986,000 22,000 5,008,000 June 19-24.................. ....5,337,000 24,000 5,361,000 June 26-July 1_____ __5,207,000 25,000 5,232,000 Ju ly 3-8.................... .....3,936,000 23,000 3,959,000 Ju ly 10-15.................. .....4,114,000 31,000 4,145,000 Figures showing the coal production in the Birmingham D istrict show continued improvement, June output being placed at 1,500,000 tons, compared with 1,380,000 tons in May, and w ith about 800,000 tons produced during June of last year. The increase is attributed partly to orders received from outside districts affected by the coal strike, to large railroad orders, and to an increase in the business of iron and steel companies. According to reports of the carriers to the Southern Appalachian Coal Operator's Association, the total loading for Tennessee for the month of June was 8,235 cars, or ap proximately 411,750 tons. This is an increase of 1,217 cars over loadings in May. The tonnage in this field is preported to have dropped off about 50 per cent during the sedond week in Ju ly owing to the situation on the railroads which has curtailed the dar supply to this extent. Up to that time, however, the tonnage was reported to have been in creasing rapidly. IRON AND STEEL For the eleventh consecutive month, production of pig iron in the United States has shown an increase, notwith standing a one-day shorter month and adverse conditions in blast furnace operation. During the month the number of active stacks increased by fifteen, a slightly larger gain B U S IN E S S R E V IE W than was made in May over A pril. According to statistics complied by the Iron Trade Review the total production of pig iron in June aggregated 2,356,418 gross tons, compared with 2,309,348 tons in May, and 1,064,007 tons produced in June last year. June 1922 output is the highest since Jan uary 1921. Average daily production increased from 74,495 tons in May to 78,547 tons in June, compared w ith 35,466 tons during June 1921. Merchant pig iron produced in June amounted to 414,361 tons, a gain of 3,957 tons over the 410,404 tons produced in May, and non-merchant or steel works furnaces made 1,942,057 tons, compared w ith 1,898,944 tons in May. Blast furnaces active on the last of June totalled 190, as against 175 on the last of May, and 161 at the end of A p ril. The following figures show the total pro duction, and the division into merchant and non-merchant iron, for June compared w ith preceding months of this year and with the corresponding month a year ago. Merchant Non-Merchant Total Iron Iron Production June, 1922................... ....414,361 1,942,057 2,356,418 May.......... ..................... ....410,404 1,898,944 2,309,348 1,694,347 2,070,161 A pril__________________375,814 March_________________390,643 1,645,265 2,035,908 February____ ________355,455 1,274,725 1,630,180 January____________ __388,322 1,257,482 1,645,804 June 1921.................... .... 178,854 885,153 1,064,007 Production in Alabama registered a small decrease in June, when the total output was 189,008 tons, compared with 196,066 in May. The number of furnaces in active operation in June was 20, as compared with 19 during May. The reduction in freight rates on Ju ly 1st, however, has added impetus to both inquiries and shipments, and most of the sales being made are reported to be on the $20. basis, reflecting a continuation of the upward tendency which has been in evidence during the past few months. Stocks of iron on furnace yards in the Birmingham D istrict on Ju ly 1st are reported to be only 44,000 tons as compared with ap proximately 233,000 tons on the same day last year. The coal strike has not affected operations of furnace and steel plants in this D istrict up to the present time, according to correspondents. Correspondents report a demand for cast iron soil pipe and plumbers' cast iron goods greater than <$an be satisfied, due to the activity in building opera tions in all parts of the country. NAVAL STORES Receipts of both rosin and turpentine at the three principal markets of the Sixth D istrict exhibited a further increase during June,although not so marked as the increase in May over A pril. By the close of June, the third month of the Naval Stores producing season, correspondents state that more than a third of the season's crop has been mar keted. During the past two or three weeks the demand for turpentine has been so heavy as to advance the market rapidly. Prices rose from considerably less than $1.00 to the neighborhood of $1.40. Receipts were considerably diminished by the two or three weeks of heavy rains through out the turpentine b elt; they are now increasing, however, T H E M O N T H L Y B U S IN E S S this commodity has declined in value to between $1,10 and $1.15. Correspondents states that the drop appears to be moving in to market at about the same rate as last year, but the demand is much better than prevailed at that time. MOVEMENT OF NAVAL STORES June, 1922. June,1922 May,1922 June,1921 Receipts-—Turpentine: 13,988 Savannah________________ 12,595 11,764 13,509 Jacksonville_____________ 14,023 13,049 Pensacola............................. 5,977 4,744 4,346 Rosin Savannah_______________ Jacksonville_____________ Pensacola_______________ 41,756 47,043 13,746 37,136 44,879 11,869 35,014 31,931 11,938 WHOLESALE PRICES IN THE UNITED STATES The index number of wholesale prices in the United States compiled by the Federal Reserve Board for the pur pose of international comparisons shows that prices during 15 R E V IE W Shipments—Turpentine: Savannah_______________ Jacksonville_____________ Pensacola_______________ 8,250 11,950 5,027 12,576 18,786 4,277 17,122 2,260 Rosin: Savannah________________ J acksonville_____________ Pensacola_______________ 27,810 30,448 8,972 31,183 53,605 12,619 38,752 13,868 Stocks—Turpentine: Savannah________________ Jacksonville_____________ Pensacola_______________ 6,017 3,982 732 1,672 1,904 1,025 7,741 17,601 11,607 Rosin: Savannah_______________ Jacksonville_____________ Pensacola_______________ 72,949 155,179 59,010 59,003 138,584 54,236 81,804 170,674 55,663 June increased 4 points, or 2.5 per cent as compared with May. Imported goods advanced 4 points to 123, and domes tic goods increased 4 points 159. Raw materials rose 5 points, Producers’ Goods 4 points, and Consumers’ Goods 4 points. Index Numbers (Average price for 1913-100) 1921 June Ju ly Aug. Sept. Oct. Nov. Dec. Goods Produced Goods Imported Goods Exported Raw Materials Producers’ Goods Consumers’ Goods A LL 140 143 144 144 143 142 140 102 103 104 106 107 108 111 126 126 127 149 146 143 141 133 134 133 138 140 141 140 140 136 133 133 132 128 127 154 162 167 162 158 157 153 142 145 146 146 145 145 142 139 141 144 146 155 159 110 110 111 115 119 123 139 142 144 144 155 165 141 145 147 150 164 169 127 127 126 129 137 141 150 155 157 156 160 164 142 146 147 149 158 162 1922 Ja n . Feb. Mar. Apr. May June The index number is compiled from 100 wholesale price quotations for representative commodities taken in leading United States markets. In most cases weekly quotations are averaged to obtain monthly figures, and these in turn are weighted according to the importance of the commodity before the index number is constructed. Part of the quo tations used are furnished by the Bureau of Labor Statis tics, the rest are compiled form trade ioumals and private firms of recognized authority. 16 T H E M O N T H L Y B U S IN E S S R E V IE W FEDERAL RESERVE BANK OF ATLANTA W eekly S ta tem en t of RESOURCES AND LIABILITIES Resources: Gold and Gold Certificates____ ____________________________________ ________ Gold Settlement Fund_______ __________________ ____________________ ________ Ju ly 12, 1922 $ 5,620,608.00 22,847,237.05 Ju ly 13, 1921 $ 4,620,897.40 5,812,267.86 28,467,845.05 99,729,805.00 1,397,579.47 10,433,165.26 59,007,355.00 4,936,001.22 _____________ ________ __________ ________ ________ 129,595,229.52 6,243,393.00 74,376,521.48 Total Reserve___ __________________ ____________________________________ B ills Discounted: Secured by Government Obligations_________ _____________ .________ A ll Other_____________________________ ________ ________ ________ Bills Bought in Open Market_______________________________ . . . ________ 135,838,622.52 81,517,704.48 2,031,450.08 26,761,181.49 745,555.19 34,769,765.45 65,103,118.07 948,397.77 Total Bills on Hand_____________________________________________________ U. S. Bonds & Notes____ _______________________________ ____________ ________ One-year Certificates of Indebtedness (Pittman Act)____ _________________ All other Certificates of Indebtedness._____ ______________________ ________ 29,538,186.76 241,150.00 6,699,000.00 2,030,908.00 100,821,281.29 10,140,328.15 14,564,000.00 884.00 Total Earning Assets____________________________ _________ __ ________ Bank Premises—. ______ ____________________________ ________. . . ________ Five per cent, fund against F . R . Bank Notes.. ____________ ___ ________ Uncollected items__________________ _________ ___________ . __ _ _________ A ll other resources.__________________________ . _ _________ _____________ 38,509,244.76 1,499,597.88 467,550.00 23,153,741.65 117,296.38 125,526,493.44 756,918.94 645,550.00 21,840,717.72 814,506.48 Total Gold held by Bank_______________________________________ _______ Gold with Federal Reserve Agent__________________ _ ___ ________ ________ Gold Redemption Fund_______________ ____________________________ ________ Total Gold Reserve________ __________________ Legal Tender Notes, Silver, E tc ---- __ . . . Total Resources............. . 7,141,183.00 _ ______________ _ ________ ________ ________ Liab ilities: Capital paid in _________________________________ ___________________ Surplus fund____ __________________ __ ________________ . . . ____ _______ Deposits: Government______________________________________________ ___ ________ Member Banks-Reserve account_____________ __________ ______________ A ll other________________________ ________________ _____________ ________ 199,586,053.19 231,101,891.06 4,279,750.00 9,113,570.99 4,096,600.00 8.708.282.32 2,061,247.09 47,962,888.54 475,989.11 1.026.206.32 43,695,572.05 637,052.57 Total Deposits__________________________________________________ ________ Federal Reserve Notes in actual circulation___ ___________________________ Federal Reserve Bank Notes in actual circulation_________________________ Deferred availability items_______________________________ ________ ________ a ll other Liabilities_________________ __________ _____________________ ________ 50,500,124.74 113,478,655.00 4,848,300.00 16,239,747.72 1,125,904.74 45,358,830.94 143,669,755.00 9,167,350.00 16,708,610.84 712,390.78 Total L ia b ilit ie s ______ ______________________________________ ________ 199,586,053.19 231,101,891.06
@FedFRASER