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The Monthly

B usiness R eview
C o v e r in g B u sin ess a n d A g r i c u l t u r a l C o n d itio n s in th e S i x t h F e d e r a l R e s e r v e D is tr ic t

F E D E R A L

R E SE R V E

B A N K

O F

A T L A N T A

J O S . A . M c C O R D , C h a i r m a n o f th e B o a r d a n d F e d e r a l R e s e r v e A g e n t
W A R D

VOL. 6

A L B E R T S O N , A s s is t a n t F e d e r a l R e s e r v e A g e n t

A T L A N T A , G E O R G IA , M A R C H

28,

1921

No

3

Reports received during the month of February evi­

sales by twelve reporting Department Stores in the Sixth

dence the fact that while conditions are yet far from normal,

Federal Reserve District, compared with sales by those

confidence in business circles is slowly increasing.

stores during February 1920.

Conditions in the United States will not become normal

Decreases are shown at A t­

lanta and Nashville but are offset by increases at the other

until Europe is again in a position to buy raw materials

reporting points.

from this country, and this they are unable to do until credits

ports sales larger in dollar volume during the period January

can be arranged.

1 to February 28th, 1921, than during the same period in

The Federal International Banking Com­

pany, organized at New Orleans the latter part of 1920, has

N ew Orleans is the only city which re­

1920, the average for the District being a decrease of 4.7%.
Stocks of reporting Department Stores were an average

begun operations, and its first transaction was the financing
W ith this

of 13.6% lower on February 28th this year than at the end of

company and similar companies organizing in other districts

February 1920, but have increased 6.2% over those on hand

it is expected that the financing for export should materially

January 31, 1921. The percentage of average stocks on hand

improve the marketing of raw products.

at the end of January and February to average monthly

of 15,000 bales of Mississippi cotton for export.

sales for the same period is 405.3%; and the percentage of
RETAIL TRADE.

outstanding orders at the end of February to the total pur­

A net average nicrease of 1.4% is shown in February

chases during last year is 6.1%.

CONDITION OF RETAIL TRADE DURING FEBRUARY 1921.
Federal Reserve District No. 6.
Percentage of Increase or Decrease
(1)

CITIES

(2)

Comparison of net sales
with those of correspond­
ing period last year

btocks at end of month
compared with—

A
February
Atlanta ....................................... .—5.7
N ew Orleans ............................... 5.6
Nashville ................... .................. .—7.0
Other cities ............. ................... 7.3
DISTRICT ............... ................... 1.4
—Decrease.



B
Jan. 1
to date

A
Same month
last year

—17.2
1.6
—13.5
— 2.3
- 4 .7

—20.0
— 9.9
-17.3
—10.3
—13.6

B
Last
month
3.2
9.0
4.4
1.9
6.2

(3)
(4)
Per centage of av­
erage stocks at end Percentage o f outof each month
standing orders at
Jan. 1 to date, to
end of month to
average monthly
total purchases
sales over same
during calendar
year 1920
period
413.9
355.3

5.0
7.3

447.5
405.3

4.6
6.1

••••

THE

2

M ONTHLY

BU SIN ESS R E V I E W

WHOLESALE TRADE.
That increases are shown in sales during February com­
pared with sales during January, by w holesale dry goods,
and shoe

firms,

is

indicative

of

somd

improvement

in business conditions in the D istrict
Of reports received from thirteen wholesale grocery firms,
six reports show sales smaller in volume, while seven reports
show sales larger in volume than during January, the re­
sulting weighted average, however, showing an increase of
only .6% for the District.

D ecreases at New Orleans and

Meridian were compensated for by increases at other re­
porting points.
Sales by wholesale drygoods firms in the District during
February showed increases over sales during January in
nine of the fourteen reports received.

Decreases

at A t­

lanta and Augusta w ere more than offset by increases in
sales at other points.

Combined figures show an increase

for the District of 33.5% over sales for January.
W holesale Hardware reports, however, are not so favor­
able.

Of .nine reports received, increases are shown in

February sales, compared with those for January, in only
two instances.

The averaging of the nine reports results

in a decrease for the District of 8.8%, compared with January
sales.
Decreases in sales of shoes at wholesale in New Orleans

CONDITION OF W HOLESALE TRADE DURING FEBRUARY 1921
Federal R eserve D istrict No. 6.
A—Increase or D ecrease in sales during February 1921
compared with sales during January 1921:
Groceries Dry Goods Hardware Shoes
Atlanta ............ ................... 1.4
-1 4 .2
—19.6
32.6
Augusta ...........
—13.1
X
X
Birmingham ................... . 4.9
2.4
17.2
-1 2 .5
Jacksonville ....
35.8
-1 7 .1
44.7
X
X
Meridian ..............................—4.8
X
Nashville ............................ 5.9
56.5
10.6
9.4
153.8
N ew Orleans ......................8,0
.3
- 6 .7
Tampa .................................. 4.3
13.4
—14.6
X
DISTRICT ....... ..........
.6
33.5
— 8.8
19.4
B—Increase or D ecrease in sales during February 1920
compared with sales during February 1920:
Groceries Dry Goods Hardware Shoes
............... —34.4
-€ 8 .2
-6 5 .2
—57.9
Augusta ............
-6 2 .5
X
X
Birmingham ...................—21.3
—12.8
—43.4
X
X
—27.1
Jacksonville .... ...............
8.5
—57.9
Meridian ....................... —32.3
X
X
X
-6 8 .6
Nashville ........................ . -4 6 .9
-3 0 .1
-6 2 .7
New Orleans ................... —21.3
-6 8 .3
—45.6
—61.0
Tampa ............. ................ —21.8
—20.9
— 8.2
X
DISTRICT ................—29.7
-4 6 .9
—30.7
—59.9
— Decrease.
x No report.

were more than compensated for by increases at other
points, the average for the District being an increase of

AGRICULTURE.

19.4%. Of seven reports received from wholesale shoe firms,

Despite the handicap of unpaid debts which resulted from
the 1920 agricultural crops, preparation for the approaching
season is already being made in the District. Approximately
60% of the cotton produced in the Sixth Federal District is
still held, and a large proportion of it is pledged as collateral
for loans on a basis considerably above the present low
market price of the staple. The campaign for a reduction
in cotton acreage is being actively prosecuted.
The market price of cotton remained low through
February, but has shown some improvement follow ing the
Census Report on consumption during February, which
shows a gain of about 30,000 bales over January, and that
active spindles in the south were ahead of both last month
and February of last year. It is reported that a number of
offers for cotton at interior points have been turned down.
All indications are that crops raised this season are to
be the cheapest crops raised in a number of years. Farm
labor is reported ample and increasingly efficient. The
amount of fertilizer purchased by farmers so far this sea­
son is stated to be not more than one-fourth of the amount
usually bought by this time of the year. The weather has
not been cold enough this winter to kill the boll weevil, and

increases are shown in six instances.
Comparing February 1921 sales to those of February 1920,
average decreases are shown in all of the four lines reported
upon. An increase of 8.5% in w holesale hardware sales at
Jacksonville is the only instance of an increase over Febru­
ary 1920 sales, but this was offset by decreases at other
points.
Prices on groceries at wholesale have strengthened and
during February there have been a few minor increases
which indicate that the downward tendency has been
halted.
The increase in sales by wholesale drygoods and shoe
firms is attributed to the fact that warm weather has forced
spring buying to replenish low stocks on the shelves of
retailers.
The low price of cotton, and the fact that very little
cotton is being sold at prices offered, has had its effect all
through the business life of the District. Collections are
reported improving in larger cities but very slow and diffi­
cult in smaller towns and the country, especially in cotton
sections.



THE

M ONTHLY

BU SIN ESS R E V I E W

numbers have been found, almost fully developed, in bolls
which remained on the stalks through the winter.
About 38,250,000 bushels of Georgia’s 1920 corn crop re­
mained on the farms March 1, against 32,948,000 bushels on
the same date one year ago. Approximately 85% of the
crop was marketable, compared with 83% of the previous
crop; and about 4%, or 3,060,000 bushels of last year’s crop
was shipped out of the county where grown, compared with
2,796,000 bushels of the 1919 crop. Many counties report a
shortage of corn, and considerable quantities are being
shipped to carry the farmers over to the next crop. Stocks
of W heat on Georgia farms March 1 amounted to 380,000
bushels, in comparison with 353,000 bushels a year ago, and
stocks of oats 1,617,000 bushels, against 972,000 bushels last
year.
Farm land values in Georgia compared with those existing
at this time last year, indicate an average decline of about
30% over the State.
Plowing and preparation of ground for crops in Florida,
while behind schedule at the close of 1920, has made great
headway since that time and is now about 70% complete.
This is behind the usual percentage of plowing done by
March 1, but is quite a little ahead of conditions a year ago.
Spring planting has progressed more rapidly than usual, and
44% o f the work is already done, compared with 37% a year
ago, and a five year average of 40%. Conditions in the Citrus
section are above the average. Growth and bloom got an
early start, and with the favorable weather conditions so
far, there is every indication of a heavy setting of fruit.
Condition of bearing trees, both orange and grapefruit, on
March 1 was 92% of normal, compared with 85% for oranges
and 84% for grapefruit a year ago. The crop of fruit now
on the trees is being removed rapidly, and many groves are
already picked for the season.
Preliminary estim ates of the spring Irish Potato acreage
in Florida show about 25% reduction from last year’s plant­
ing. The State’s acreage is estimated at 19,000 acres, com­
pared with 25,000 acres last year, and 24,000 acres in 1919.
The condition of the crop is generally excellent, comparing
favorably with the splendid early condition shown in 1918,
and is far ahead of the condition of the crop a year ago,
at which time it was just recovering from heavy damage
caused by frosts and flooding rains. The condition of toma­
toes is quite a little above the average. Movement from
South Florida to market is gaining daily, and the condition
of the crop farther up the State promises excellent yields.
The stock of corn remaining on Florida farms March 1
was 4,300,000 bushels, compared with 5,100,000 bushels a year
ago. This drop of about 15% is a natural result of the de­
creased acreage slnd production last year. About 18% of
the Florida 1920 crop of oats is still in the hands of the far­
mer, compared with 16% a year ago.
Farm land values in Florida show continued increase in
value; good plow land being shown March 1 at $55.00 in



3

1921, $53.00 in 1920, and $48.00 in 1919, and the average value
of improved land being reported at the same date at $73.00
in 1921, $72.00 in 1920, and $60.00 in 1919.
W ith a crop of 93,100,000 bushels of corn, next to the
largest corn crop ever produced in Tennessee, there re­
mained on farms in that State on March 1, 51%, or 47,841,000
bushels. The very mild winter, which kept feeding down to
a minimum, and the heavy decline in prices, with slow move­
ment, were the chief factors in the large holding. There
was much large corn which did not fully maure, and the
merchantable quality amounted to 84%, slightly below the
average. Of the short wheat crop there still remains on the
farms 18%, or 725,000 bushels of the 4,028,000 bushels grown,
and 27% of the oat crop and 9% of the barley crop are still
on the farms.
Tennessee farm land values have declined about 15%, the
average of improved farm land being $65.00 compared with
$77.00 a year ago.
The corn crop of Mississippi in 1920 was about 4,000,000
bushels greater than for the preceding year, but the loss in
livestock, especially hogs, greatly lessened feed require­
ments. There were 23,565,000 bushels on farms in the State
on March 1, 1921, compared with 20,895,00 bushels March 1,
1920. Corn is the principal cereal grown in Mississippi. Oats
are grown in small plots on most of the farms, but are fed
as hay. Barley and rye are not grown within the State to
any appreciable extent, and wheat has not proved profitable.
Approximately 13,540,000 bushels, or 37%, of Louisiana’s
1920 corn crop was on the farms of that State March 1, 1921.
Thsi compares with 9,712,000 bushels, or 30%, on the farms
in 1920, and about the same percentage, but smaller volume,
in 1919. It is estimated that approximately 3% of last year’s
crop has been, or will be, shipped out of the county where
grown, compared with 2% of the preceding crop. About 80%
of the 1920 crop, or 29,276,000 bushels, was of merchantable
quality, against 76%, or 24,605,000 bushels, of the preceding
crop.
About 69,000 bushels, or 5%, of the oat crop of Louisiana
was on the farms on March 1, compared with 182,000 bushels,
or 11%, of the preceding crop.
Farm land values in Louisiana show declines on March
1 compared with the same date in 1920, but are higher than
those prevailing in 1919. The average price of good plow
lands March 1, 1921 was $50.00, March 1, 1920 $65.00, and
March 1, 1919 $44.00.
RICE.
Reports show that acreage planted to rice this year in Louisi­
ana will be only about half what the acreage of last year was,
and that planters are making the cheapest crop in their his­
tory. Only the land best fitted for rice culture is being used,
while last year inferior lands were in many instances put
into rice.
The distribution of rice is reported to be about double

THE

4

M ONTHLY

BU SINESS

th a t of the sam e period last year. The price continues low,
b u t this is an aid to the cam paign being conducted to in­
crease rice consum ption. A nother feature of the m ovem ent
to increase the consum ption of rice is the effort to have it
included in mixed stock feed. It is said th a t, w ith the pro p er
balance m aintained, rice is an im portant feed elem ent for
live stock.
RICE STA TISTICS.
R eceipts of R ough Rice (B a rre ls)

A ssociation Mills ......
New O rleans Mills....
Outside Mills ................

Feb. 1921
222,179
50,944
199,651

T otal
this Season
4,514,714
1,213,032
1,031,227

472,774
6,758,973
D istribution of M illed Rice (P o c k e ts)

A ssociation Mills .....
New O rleans Mills....
O utside Mills ..............

Feb. 1921
801,051
221,502
197,241

T otal
this Season
3,528,239
1,288,310
860,175

1,219,794
5,676,724
Stock (R o u g h and M illed)
M arch 1,1921
A ssociation Mills ................................. 1,420,098
N ew O rleans M ills............................... 232,337
O utside Mills .......................................... 283,409

RICE—PO R T OF N E W O RLEANS.
Rough R ice (S a c k s)
J a n .1921
Feb. 1921
113,196
R eceipts .......... ........................... 50,944
134,566
Shipm ents ...... ............................ 57,190
36,712
Stock ................. ............................ 30,466
Clean Rice (P o c k e ts)
Ja n . 1921
Feb. 1921
153,756
Receipts ........... ............................ 148,438
351,341
............................. 370,537
Shipm ents ......
368,699
Stock ................. ............................ 201,871

T o ta l
sam e tim e
last season

6,316,962
T o tal
sam e tim e
last season

5,117,997
Sam e time
last season
................
.............. ..
................

Feb. 1920
60,616
56,296
46,029
Feb. 1920
103,736
116,809
421,258

SUGAR.
Much b e tte r progress is being m ade in the new crop of
cane in Louisiana th a n has been possible a t the same date
for m any seasons. T he w eather has been mild, and although
a freeze was predicted it did not m aterialize, and w ith occa­
sional rains, conditions so far this season are sta te d to be



R EVIEW

satisfacto ry and favorable. T he acreage p lan ted in sugar
cane is rep o rted to be considerably increased, and field w ork
is w ell advanced.
T he advisability of experim enting upon im porting A rg en ­
tine cane into th is co u n try is under consideration. It is
claim ed th a t c e rta in su g ar canes from th e A rgentine R epub­
lic m ature earlier, produce m ore sugar, and resist disease
b e tte r th a n th e canes now cultivated in this country.
T he sugar m ark et in Louisiana has show n increasin g
activity following th e rec en t advance in price resu ltin g
from the shortness of th e Cuban sugar crop. R eceipts of th e
Cuban crop up to M arch 5 a t New O rleans are quoted at
342,832 bags, com pared w ith 517,067 bags received up to the
sam e date in 1920.
T he establishm ent of th e S ugar F inance Commission of
Cuba, w ith pow er to fix prices and reg u late sales and ship­
m ents, has been an im p o rtan t fac to r in th e control of both
prices and sales of th e Cuban product to M arkets outside of
the Island.
M O V EM EN T O F SUGAR (P O U N D S )
R E C E IP T S :
Feb. 1921
New O rleans .....................70,643,465
S avannah .............................
0
S H IP M E N T S :
New O rleans .................... 24,100,616
Savannah ........................... 16,425,720
M ELTIN G S:
New O rleans ..................... 62,407,935
Savannah ...........................
0
S T O C K S:
New O rleans .....................16,684,697
Savannah ...........................
441,013

Jan . 1921
24,618,827
18,285,150

Feb. 1920
90,330,660
30,815,525

8,731,127
15,750,405

19,138,029
23,019,485

16,334,451
23,303,810

79,368,189
24,853,512

11,294,124
16,877,404

18,847,715
975,838

IM PO R T S AND E X PO R T S —N E W O RLEA N S.
Im ports a t New O rleans for th e m onth of Ja n u a ry 1921
w ere $9,157,304, a slight in crease over im ports for th e p re ­
ceding m onth, b u t show ing a decrease com pared w ith im­
p o rts for Ja n u a ry 1920 of ab o u t 50.% . T he value of im ports
d uring Ja n u ary 1920 w ere $19,081,631. T ak in g in to consider­
ation the declines in prices, how ever, th e volume of com ­
m odities im ported d u rin g Ja n u a ry 1921 shows a h ealthy
g row th in port trad e in all com m odities except coffee and
sugar.
Follow ing is detailed sta te m e n t of im ports for Jan u ary
1921 a t New O rle a n s :
COM M ODITY
VOLUM E
S ugar .......................................... 27,673,219 lbs.
B urlaps ...................................... 8,263,250 lbs.
Coffee .......................................... 24,069,313 lbs.
Creosote Oil ........................... 4,131,922 gals.
N itrate of Soda.......................
680 to n s
S is a l ..............................................
3,327 tons
B ananas ...................................... 1,053,259 bunches
M ineral Oil ............................. 68,837,580 gals.
M ahogany ............................... 1,283,000 ft.
P o tato es ...................................
58,284 bushels
M olasses .................................... 3,052,500 gals.

V A LU E
$2,423,332
1,104,531
2,185,103
840,906
38,620
366,961
420,280
1,277,681
138,788
28,062
68,682

THE

M ONTHLY

BU SINESS R E V I E W

T he follow ing table shows the com parative values of
im ports a t New O rleans for th e m onth of Jan u ary , for the
years show n:
Ja n u ary
Ja n u a ry
Ja n u ary
Jan u ary
Ja n u a ry
Jan u ary

1921
1920
. 1919
1918
1914
1912

............................................................ ;......$ 9,157,304
.................................................................... 19,0$1,631
.................................................................... 6,568,004
.................................................................... 6,256,358
.................................................................... 5,328,483
.................................................................... 5,871,262

T he num ber of ships entered and cleared a t th e p o rt of
New O rleans for F eb ru ary 1921 exceeded the num ber for
F eb ru ary 1920 by 171.
I t is estim ated th a t during the p ast w inter 80% of the
exports from New O rleans have been to Mexico. Conges­
tion has been reported in several M exican ports, how ever,
and this to g e th er w ith a surplus of some com m odities on
hand, has served to decrease our exports to th a t country.
T he congestion is largely due to lack of rolling stock with
w hich to move the freight inland, but a large num ber of
fre ig h t cars are now being received to relieve this situation.

5

MANUFACTURING.
Conditions in the varied m an u factu rin g industries of th e
D istrict have changed little during th e m onth of F ebruary.
M an u factu rers of overalls and cotton hosiery in Tennessee,
o p eratin g on p a rt capacity, re p o rt some im provem ent, but
th e ir custom ers fea r th e low price of co tto n will cause de­
clines in th e ir products, and are buying very closely. Slight
im provem ent in cotton oil m an u factu rin g is rep o rted by one
A labam a facto ry , w hile an o th er com pany’s rep o rt shows th e
reverse. P rices of their p ro d u ct have decreased 8 % to 10%
com pared w ith Ja n u a ry prices, and 6 5% to 75% com pared
w ith prices prevailing d u ring F eb ru ary 1920, but p rese n t de­
m and is very lim ited. T ennessee m an u factu rers of stoves
and ranges rep o rt slight im provem ent, although operating
a t 4 0% to 80% capacity. C onfectionery m an u factu rers in
G eorgia rep o rt stead y operations, b ut upon a reduced scale,
w ith low er prices and w ages tjian a t th e sam e tim e last
y ear. Some im provem ent is noted in fu rn itu re m anufac­
turing in T ennessee, cost of m aterials and selling prices
being ^ b o u t 2 0% low er th a n last year, but o p eratio as are
being carried on a t half capacity.

FINANCIAL.
W hile th e dem and for money is reported as steady and
in a few instances decreasing in T ennessee and th e n o rth ­
ern p a rts of Georgia and A labam a, preparation for th e com­
ing crop season is evidenced in the southern p arts of G eorgia
an d A labam a and M ississippi by some increase in the
requests by farm ers for accom odation. V ery few farm ers
have been able to liquidate all of the debts contracted in
connection w ith la st y e a r’s crops. L ittle cotton has been
sold. R eports as to the am ount of last y ea r’s cotton crop
still being held vary from 15% to as high as 95% , and from
rep o rts it is very evident th a t a t least 50% or 6 0% of the
crop has not been sold. A pproxim ately half of the am ount
held is pledged as collaterial for loans.
R ates of in terest are sta tio n a ry a t the legal ra te in each
S tate, w ith some few loans being m ade slightly under th e
legal ra te w here balances justify.
T he volume of loans in G eorgia for F eb ru ary is reported
sm aller th an for Ja n u ary but much larger th a n for F eb ru ary
1920. In A labam a F eb ru ary loans w ere about the sam e as
for Ja n u ary , and slightly less than for F ebruary of la st year.
R ep o rts from M ississippi vary, show ing both larg er and
sm aller volume th an for F ebruary 1920. T hree rep o rts -from
T ennessee banks show smaller volume of loans th a n for
F eb ru ary 1920.
D eposits in F ebruary are reported larg er than Ja n u a ry de­
posits by all rep o rtin g banks except one, bu t less th a n th o se
for F ebru ary 1920. Savings deposits are larg er th an for F e b ­
ru ary 1920 in every instance rep o rted except one b an k in
South G eorgia w here funds are being used in preparing for
the com ing crop season.



LUMBER AND BUILDING.
R eports from lum ber firms show some slight im prove­
m ent in dem and for lum ber, although ia th e statistical re­
p o rt of th e S outhern P ine A ssociation for th e w eek ending
M arch 4 o rd ers are show n to be less th a n production and
shipm ents for th a t w eek. O rders from retailers still con­
stitu te th e bulk of th e business being done.
W hile prices of lum ber and o th e r building m aterials are
considerably low er th a n a t this tim e last y ea r, th e cost of
labor has n o t declined p ro p o rtio n ately , and this is causing
m any projects to be held up indefinitely. In some instances,
how ever, building is being proceeded w ith. Several a p a rt­
m ent houses are in course of construction in A tlan ta.
Figures show ing building perm its issued during F eb ru ary
include an ap a rtm en t in New O rleans to cost $400,000, and
61 residences, besides o th e r item s; for P ensacola, a school
building to cost $272,000; for Jacksonville, a viaduct to cost
$290,000.

BUILDING OPERATIONS—FEBRUARY.
R epairs and
A lterations
No.
V alue

New
Com pared to
Buildings
F eb ru ary 1920
No.
V alue % In c .

ALABAM A:
A nniston .... 42
B irm ingham 324
Mobile ____. 3
M ontg’y ..... 72
Selma ........... 5

$ 16,300
67,610
950
13,677
1,615

16
151
10
12
—

$ 18,500
287,410
12,600,
48,955
—.

24.5
55.2
18.7
—

T H E

6

M O N TH LY

B U SIN ESS

R EV IEW

430
63.5

32,317
16,100
7,640
20,729
101,285
2,400

68
109
51
8
52
28

456,100
183,600
54,367
280,450
186,070
39,800

GEORGIA:
Atlanta ...... 150
Augusta .... 101
Brunswick .. 18
Columbus ... . 1
Macon ...... 46
Savannah .... 17
Waycross ..... 7

144,723
25,733
3,645
3,000
9,121
12,8$0
2,955

73
20
8
3
16
33
5

408,900
23,603
2,925
11,400
105,193
72,000
8,950

—

LOUISIANA:
Alexandria .. 27
New Orleans 49

7,614
61,145

15
125

18,100
757,911

—
158.9

Week
Week
Week Week
Ending Ending Ending Ending
Feb. 4 Feb. 11 Feb. 18 Feb. 25
(feet)
(feet)
(feet)
(feet)
139
130
Number Mills reporting.... 135
135
Average Orders ..................460,277 421,308 456,114 473,509
Average Shipments ......... 442,749 465,912 461,108 469,672
Average Production ......... 429,082 462,295 475,468 455,792
Average Normal Product'n 665,073 665,621 675,382 671,546
(cars) (cars)
(cars) (cars)
Unfilled—total ..................... 10,703 10,167
10,512
9,493
________________

735

FLORIDA:
Jacksonville..178
Miami ........ 47
Orlando .... 28
Pensacola .... 69
Tampa ....... 65
W. Palm Bch 4

LABOR.

126.9
—
46 1
800.6
250.0
2.9

Plentiful labor, both skilled and unskilled, is indicated in
reports received from all parts of the Sixth Federal Reserve
District. Manufacturers are receiving applications in large
numbers, in spite of the wage reductions which have taken
place in almost all lines. Unemployment still exists to an
appreciable degree in the cities and towns, especially where
— there are manufacturing plants, mines or other industries
nearby which have closed down or are operating on greatly
curtailed schedules.
Union Carpenters in New Orleans have stopped work on
— several public buildings, owing to a disagreement with the
contracting company.
Following the announcement of a reduction in wages by
the Atlanta, Birmingham and Atlantic Railroad, employees
of that Company went out on a strike, and service has been
tied up. Operation of both passenger and freight trains,
however, has now been resumed on a limited scale.

2-1
80.8
_

MISSISSIPPI:
Meridian .... 5
Jackson ___ (combined)

58

41,500

30.0

TENNESSEE:
Chattanooga —
Johnson City 2
Knoxville .... 45
Nashville .... 89

—
19 400 152,400
28 7,944214,037
3424,000 94,281
.

158.1
91.0

3,610

(

40.5

MINING.
In the Tennessee marble industry production is at about
60% of normal, which is approximately 10% higher than pro­
STATISTICAL REPORT OF THE SOUTHERN PINE AS­ duction of two months ago. Marble prices are believed to
SOCIATION FOR WEEK ENDING FRIDAY, MARCH
be at a low level.
4, 1921—129 MILLS REPORTING.
There is also about 60% of normal production in the
Tennessee coal mines, which is a slight improvement over
Cars
Feet
December and January operations. Prices are reported low
Orders on hand beginning of week........ 9,624
208,744,560 and there is little demand.
Orders received during week.................... 2,615
56,719,350
The coal market in the Birmingham District is dull, there
being very little demand for steam and bunker coal. Some
Total ..................................................... 12,239
265,463,910 of the larger mines are running four days a week, while
a number of the smaller mines are shut down.
Shipments during week............................ 2,763
59,929,470
Orders on hand end of week............ ....... 9,476
205,534,440
IRON AND STEEL.
For the Week (129 Mills)
Average
Total
Per Mill
Orders ..................................................... 56,719,350 ft. 439,685 ft.
Shipments .............................................. 59,929,470 ft. 464,570 ft.
Production ........... .................................. 63,230,241 ft. 490,157 ft.
Normal production these mills.............. 87,430,117 ft. 677,753 ft.
Shipments below production for week.... 3,300,771 ft. = 5.22%
Orders below production for week........ 6,510,891 ft. = 10.30%
Orders below shipments for week......... 3,210,120 ft. == 5.36%
Actual production below normal........... 24,199,876 ft. = 27.68%
Shipments below normal production.... 27,500,647 ft. = 31.45%
Orders below normal production........... 30,710,767 ft. = 35.13%
Decrease in orders on hand during week 3,210,120 ft. — 1.54%




Production of pig-iron in the Alabama district continues
at a minmum, and a large majority of the furnaces are
closed, in spite of the present price of $27.00 per ton com­
pared with $42.00 per ton in February of 1920. The price
of the raw material is about the same as last year. There
is a large amount of pig-iron on furnace yards of the district.
Consumers are said to be waiting for improvement in their
own lines rather than for further reduction in prices. Castiron pipe makers have received some orders. One of the
larger foundries and machine shops has work in hand that
will warrant steady operation for several months. Sanitary
pipe plants are also receiving some orders.
Steel mill operations in the Birmingham district again
show depression. Readjustments in hours of operation and

T H E

M O N TH LY

in force employed are reflected in a somewhat reduced out­
put. Some companies have closed down with the statement
that they will open up again in one or two months. Some
slight improvement has been noted in orders for wire nails.
CLEARINGS—FEBRUARY.

B U SIN ESS

RECEIPTS—INTERIOR TOWNS:
15,979
Atlanta ....................
19,726
Augusta ...................
Canton .....................
1,180
659
Jackson ...................
Meridian ..................
2,098
Montgomery ...........
608
13,598
Vicksburg ................

Feb. 1921
compared
with
Feb. 1921
Jan. 1921
Feb. 1920 Feb. 1920 SHIPMENTS—PORTS:
130,395
New Orleans ..........
ALABAMA:
Inc. Dec.
17,652
Mobile .....................
13.6
Birmingham.... $ 60,716,962 $ 76,291,525 $ 72,657,004
Savannah .................
31,378
Mobile ........... 6,984,198
8,960,468
8,994,689
22.3
Montgomery ..
5,324,565
6,866,829
8,278,154
35.6 SHIPMENTS—INTERIOR TOWNS:
14,661
Atlanta ....................
FLORIDA:
17,325
Augusta ...................
Jacksonville .. 44,442,617
50,442,780
48,220,822
7.8
1,626
Canton .....................
6,048,290
7,170,208
9,491,901
36.2
Pensacola ....
1,621
Jackson ...................
Tampa ...........
9,663,452
10,130,898
10,355,977
6.7
2,150
Meridian ..................
GEORGIA:
1,124
Montgomery ...........
Atlanta ......... 158,183,447 204,822,875 256,670,217
38.3
Vicksburg ................
3,823
Augusta ........
7,298,914
9,468,012
17,040,409
57.1
3,025,030
3,241,418
3,911,946
22.6 STOCKS—PORTS:
Columbus ......
Macon .........
19,215,238
19,005,569
30,112,923
36.2
422,586
New Orleans ...........
Savannah ...... 19,842,696
23,408,389
40,947,927
51.5
13,432
Mobile .....................
153,718
Savannah ..................
LOUISIANA:
New Orleans.. 175,650,665 216,420,402 270,169,710
34.9 STOCKS—INTERIOR TOWNS:
MISSISIPPI:
32,751
Atlanta .....................
Meridian ......
3,863,294
3,234,353
157,931
Augusta ...................
Vicksburg ....
1,323,142
1,739,862
1,471,018
10.0
Canton .....................
9,515
10,264
Jackson ...................
TENNESSEE:
13,463
Meridian ..................
Chattanooga .. 20,355,358
25,808,871
30,288,957
32.7
32,203
Montgomery ............
noxville ........ 11,365,331
13,644,545
12,544,718
9.4
Vicksburg ................
13,598
Nashville ....... 68,824,235
81,760,273
86,835,056
20.7
DEBITS TO INDIVIDUAL ACCOUNT AT CLEARING
HOUSE BANKS.
Federal Reserve Bank No. 6.
Week Ending
Mar. 2,1921 Feb. 23,1921 Mar. 3,1920
(In thousands of dollars)
Atlanta ............................... 25,661
22,163
37,637
Augusta ............................... 5,825
4,937
11,551
16,026
19,327
Birmingham ....................... 17,750
Chattanooga ....................... 9,742
7,545
14,399
Jacksonville ....................... 11,352
10,342
15,254
Knoxville ......... ................... 6,529
5,128
7,289
Macon ................................... 4,163
3,315
7,501
Mobile ................................. 8,224
5,504
10,886
Montgomery ..................... 3,396
2,930
6,128
Nashville ............... ............. 25,614
19,595
30,919
New Orleans ..................... 74,519
53,553
92,392
Pensacola ........................... 1,385
1,295
2,460
Savannah ........................... 10,806
9,263
21,660
Tampa .................................. 6,440
6,733
7,497
Vicksburg ........................... 1,510
1,332
1,675
DISTRICT .................... 2 12,916,
169,661
286,575
MOVEMENT OF COTTON (BALES)
RECEIPTS—PORTS:
Feb. 1921 Jan. 1921
New Orleans .................. 116,348
162,742
Mobile ............................ 4,670
11,457
Savannah .... .................. 35,530
51,198




Feb. 1920
132,386
14,054
74,772

7

R EV IEW

18,691
21,232
1,252
1,319
1,839
1,063
11,198

17,833
17,993
135
1,274
1,136
1,403
16,974

177,709
5,802
51,260

132,498
20,140
143,887

18,516
23,740
2,002
1,396
1,510
928
2,417

19,982
45,267
1,659
2,771
5,083
2,662
8,425

436,633
23,939
149,566

396,439
21,192
194,434

31,433
162,002
10,522
11,226
..13,477
32,719
14,275

31,750
149,957
3,249
5,031
4,878
15,426
10,750

COTTON CONSUMPTION STATISTICS—FEBRUARY 191
From U. S. Census Bureau Report.
(In Bales)
Feb. 1921 Jan. 1921 Feb. 192i
Cotton Consumed—lint. .......... 395,563
366,270
515,599
Cotton Consumed—linters .... 33,399
23,549
26,893
On hand in consuming establishments—lint ..........
1,335,435 1,273,067 1,896,368
On hand in consuming estab205,646
231,675
283,206
lishments—linters ........
In Public Storage and at Com­
5,497,019 5,645,368 3,530,654
presses—lint ..............
In Public Storage and at Com­
368,798
323,447
336,561
presses—linters ~~......
123,880
28,055
24,024
Imports ..........................
493,426
606,002
640,320
^Exports ........................
32,458,528 31,509,021 34,655,677
Active spindles ..............
For Cotton Growing States
Feb. 1921 Jan. 1921 Feb. 1920
Cotton consumed ................... 243,023
235,233
291,481
In Consuming Establishments 643,251
623,752 1,069,277
In Public Storage and at Com­
presses ...................................5,035,846 5,201,262 3,254,000
Active Spindles ..................... 15,006,758 14,766,748 14,960,963
’‘Exports for February 1921 include 9,713 bales of linters;
•
for January 1921, 5,246 bales, and for February 1920, 6,217
bales.

8

T H E

M O N TH LY

B U SIN ESS

R EV IEW

COTTON SEED CRUSHED—AUGUST 1-FEBRUARY 28.
February
Production
Ajug. 1-Feb. 28
Cotton Seed crushed (tons)....................................................... 3,066,377
Crude Oil (lbs.) ......r.....................................................................975,828,699
Refined Oil (lbs.) ............................................. ........................... 728,040,840
Cake and Meal (tons)................................................................... 1,347,846
346,762
Linters (bales) ..............................................................................

MOVEMENT OF LIVESTOCK—FEBRUARY 1921
CATTLE AND CALVES.
R E C E IP T S :

Feb. 1921

Jan. 1921

Feb. 1920

4,025
569

3,819
471

2,219
848

N ashville ................................... 3,939
♦M ontgom ery ........................................

6,499

3,865

A tlan ta .... ..................................
Jacksonville .............................

PU R C H A SE S FO R SL A U G H TE R :
A tlanta ....................................................
Jacksonville
N ashville

.... ........................

569

...................................

2,136

♦M ontgom ery

503

750

3,733

2,094

........................................

1921
On hand
Feb. 28
416,520
168,253,867
331,402,013
212,418
268,414

February 1920
Production
On hand
Aug. 1-Feb. 28
Feb. 28
3,387,616
1,021,793,481
713,227,758
1,538,828
522,367

354120
181,830,254
297,499,509
285,050
288,383

LIVESTOCK RECEIPTS—ATLANTA.
January 1920—January 1921
HOGS
CATTLE
January 1920 ................ .................. 15,198
3,058
February ..................... ...................8,905
2,239
March ............................ ..................6,301
3,063
April ................................................ 5,748
2,489
May .......... ...... ............ .................. 5,124
2,641
June .............................. .................. 3,413
2,210
1,719
July ............................... .................. 2,208
August .......................................... . 2,070
2,513
September ................... .................. 3,212
. 4,061
October ........................ .................. 5,489
4,155
November ..................... .................. 7,461
3,551
December ..................... ...................6,729
1,659
January 1921 ......... ............. ...................8,733
3,819

HOGS
R E C E IP T S:
A tlanta .......................................

9,114

8,733

8,905

............................. 16,784

17,542

12,058

N ashville ................ .................. 33,064

41,424

49,891

Jacksonville

♦M ontgom ery ..........................................
P U R C H A SE S FO R SL A U G H T E R :
A tlan ta ....................................................
Jacksonville ............................. 15,916

16,374

9,248

N ashville

9,396

7,038

..... ............................. 10.199

♦M ontgom ery .... .....................................
SHEEP
R E C E IP T S :
A tlanta .......................................

0

0

0

Jacksonville ......... .......... .........

0

20

39

619

399

138

N ashville

......... .........................

♦M ontgom ery

........................................

PU R C H A SE S FO R SL A U G H T E R :
A tlan ta ....................................................
Jacksonville

.............................

0

20

39

N ash ville ........ ...........................

619

399

138

♦M ontgom ery

.......... ........ ................. .

R E C E IP T S:
302

M U LE S
R E C E IP T S:
A tlan ta
 ......... ............................


273

1,334

RECEIPTS OR TURPENTINE—FEBRUARY.
1921 1920 1919 1918 1917 1916
Savannah .... 1,274
920 1,543 1,952
956 1,559
Jacksonville 2,607 2,139 2,519 3,689 3,426 2,495
Pensacola .. 1,574
703 1,488 1,089 1,396 1,165
5,455

3,762

RECEIPTS OF
1921 1920
Savannah .... 5,556 7,288
Jacksonville 13,321 16,426
Pensacola .... 7,058 5,589

5,545

6,730

5,778

5,219

1915
2,309
1,900
877
5,086

ROSINS—FEBRUARY.
1919 1918 1917 1916 1915
6,668 15,841 10,571 28,995 18,082
11,495 26,323 23,135 37,157 8,580
4,537 6,862 9,858 11,408 8,624

25,935 29,303 22,700 49,026 43,564 77,560 35,286
STOCKS OF
1921
Savannah ....12,344
Jacksonville 21,150 ‘
Pensacola .... 8,261

TURPENTINE—FEBRUARY 28.
1920 1919 1918 1917 1916 1915
6,955 30,710 24,596 13,590 9,226 33,886
5,286 52,227 63,499 31,747 27,714 36,998
5,659 38,739 44,267 25,916 22,754

41,755 17,900 121,676 132,361 71,253 59,694 70,884

H O R SE S
A tlan ta .........................................

NAVAL STORES REPORT FOR JANUARY.

1,669

STOCKS OF ROSIN--FEBRUARY
1921 1920 1919 1918 1917
Savannah .. 76,803 31,606 71,503 89,891 78,335
Jack’ville.. 180,664 69,359 139,279 175,248 173,863
Pensacola .. 58,973 39,594 49,192 85,844 102,420

28.
1916 1915
58,197 129,326
165,511 134,759
115,933

316,440 140,559 259,974 350,983 354,618 339,641 264,085