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THE MONTHLY

B usiness

Review

Covering B usiness a n d A gricu ltu ra l C onditions in th e S ix th Federal Reserve D istrict.

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

ATLANTA, GEORGIA, MARCH 28, 1922

n T~3

SIXTH DISTRICT SUMMARY
WHOLESALE PRICES
Improvement in business conditions in the Sixth Federal Re­
The index number of wholesale prices in the United States
compiled by the Federal Reserve Board for the purpose of in­ serve District is somewhat more apparent than was the case a
ternational comparisons showed that prices during February in­ month ago. Progress toward better conditions, though still
creased 4 points, or 2.9 per cent. Imported goods* did not ad­ irregular, is in evidence, and correspondents throughout the
vance, the index standing at 110 in both January and February, District reporting to the Monthly Business Review indicate a
but domestic goods increased 4 points from an index of 140 to better mental attitude and a more encouraging outlook.
144. The} largest increases were in raw materials and finished
Farm work in connection with the coming season is under
consumers’ goods.
way, but in some parts of the District has been interfered with
Index Numbers of Wholesale Prices in the United State®
by the almost continuous! rains. Reports received from all
(Average price for 1913-100)
parts of the District indicate that the farmers are exhibiting
1921
Goods Goods Goods Raw Produc- Consum­ All great determination to keep expenses down to the minimum,
ers’
pro­ import export mate-• ers’
and while a reasonable amount of fertilizer is being used there
ials goods goods
duced ed
ed
154 is every indication that the crop will be produced with as
152
158
152
February
156
113
135
150 small an outlay of money and the use of as little credit as pos»153
March
152
114
125
146
151
143 eible. Plans? are being made to plant some cotton as a money
148
147
145
109
121
136
April
142
144
145
139
145
105
125
May
139 crop, but foodstuffs and feed will be raised in sufficient quan­
142
102
122
141
145
133
June
142 tities*, in most instances, to supply home requirements.
153
144
134
136
103
122
July
142
123
133
133
157
August
145
104
Evidence of improvement in the business of the District dur­
152
143 ing February is shown in comparisons of retail and wholesale
133
September
145
106
144
138
141
132
145
143
107
141
140
October
140 trade, and debits to individual accounts shown in this issue of
142
141
128
143
108
November
138
140
138 the Review. Actual increases are shown in sales in some of
139
111
127
December
140
136
1922—
January
140
110
141
126
139
138 the wholesale lines, and the percentages of decrease shown in
135
142 others, in retail sales, and in debits to individual accounts, re­
February
127
145
144
110
137
145
The index number is compiled from 90 wholesale price quota- flect a more favorable comparison than has been the case here­
tions for representative commodities! taken in leading United tofore, The statement of debits to individual accounts at fif­
States markets. In most cases weekly quotations are averaged
to obtain the, monthly figures, and these in turn are weighted teen eities of the District for February showed a decrease of
according to the importance of the commodity before the index 8.9 per cent compared with the same period a year ago; the
number is constructed. Part of the quotations used are fur­ comparison for January reflected a decrease of 12.5 per cent,
nished by the Bureau of Labor Statistics, the rest are compiled and for December, a decrease of 16.5 per cent. Sales by de­
from trade journals and private firms of recognized authority. partment stores, representing the condition of retail trade dur­
ing February were 15.5 per cent below figures for February a
UNITED STATES SUMMARY
year ago, but this percentage shows the most favorable com­
The outstanding feature in business development during the
past few weeks has been the improvement in basic industries, parison for several months, and price levels* are considerably
including steel, especially railway equipment, copper, and other lower than was the case in February, 1921. Lumber manufac­
metals. A marked increase in the production of automobiles turers are encouraged over the increase in the volume of in­
haa also been a feature of the month. Building which has been quiries being received, although buying hast shown only mod­
on the upgrade for several months past continued its growth
in activity, February permits being about forty per cent in erate improvement. Building continues active in most of the
excess of those of February, 1921, while the advance is still cities and towns of the District. Building trades are well em­
continuing. As against this favorable trend in the physical ployed, and public improvements, some under way and others
volume of production in basic lines is the fact that a variety in prospect, will furnish employment to many workers now
of conditions* have operated to offset the encouraging improve­
ment which has been noted in textiles during the winter months. idle. While cotton manufacturers reporting to the Review
Prominent among these unfavorable influences is the disturbed show a slackening in output during February, the survey con­
relations with labor, but uncertainty as to cost of production ducted by the United States Department of Labor showed a
and lack of forward orders has had a depressing effect in those slight increase in the number of textile workers employed in
(Continued on page 9)




T H E

2

M O N T H L Y

B U S IN E S S

Georgia on February 15th over the number on payrolls on Jan­
uary 15th. In other states, however, there was a downward
tendency in textile employment. While production of both
cotton yarn and cotton cloth in this District was less in Feb­
ruary than during January, figures reported by representative
mills showed substantial increase over production, shipments,
and orders on hand for February, 1921.
Production of coal in Tennessee during February showed ma­
terial improvement over figures for January, while in the Bir­
mingham District an increase was shown over production for
the preceding month and also February, 1921. Pig iron pro­
duction in the Birmingham District was slightly less in Feb­
ruary than in January, but the decrease is small considering
February was shorter by three days.
RETAIL TRADE
Retail trade conditions in the Sixth Federal Reserve Dis­
trict have not changed materially in February from those ex­
isting at the time of the last report. February business as re­
ported by thirty-three representative Department Stores in the
District shows up somewhat better in comparison with sales of

R E V IE W

the same month a year ago than has been the case since last
October, when a comparison with the same month in the pre­
vious year revealed a decline of 15.1 per cent. February 1922
sales by these thirty-three department stores were 15.5 per cent
less, in the aggregate, than sales by the same stores in Feb­
ruary, 1921.
Stocks of merchandise increased at some of the reporting
stores, both as compared with the preceding month and with
February, 1921. In the aggregate, however, stocks for all of
the stores declined four-tenths of one per cent in comparison
with those on hand at the end of February, 1921, but were 8.2
per cent larger than the sstocks on hand at the end of January,
1922.
Weather conditions have continued to exert an unfavorable
effect on retail trade. Little cold weather and much rain have
together caused retail sales to be rather sluggish, and have re­
tarded business generally throughout most of the month. Spe­
cial sales have been conducted in an effort to dispose of stocka,
and these have been successful in a measure, but trade has not
come up to expectations. The unemployment situation, though
showing some improvement, is still having a more or less se­
rious effect on retail and wholesale trade in the District.

CONDITION OF RETAIL TRADE DURING FEBRUARY, 1922
Federal Reserve District No. 6
As reflected by reports from Thirty-three Representative Department Stores

Atlanta
(3)

Birming­
ham Jackson
(3)
(4)

Nash­
ville
(4)

New
Orleans Savannah
(3)
(6)

Other
Cities
(10)

District

Sales during February, 1922 compared
with sales during February, 1921----

—10.7

—7.1

— 1 1 .0

—26.2

—15.0

—15.5

—21.0

—35.3

—2.3

—8.8

—13.2

—30.7

—15.3

—17.2

Stocks on hand February 28, 1922 com­
pared with stocks February 28, 1921—

4.

—33.5

Sales January 1 to February 28, 1922
compared with sales during same per­
______ ___ ___
iod 1921

3.

—17.4

+2.8

—7.3

X

—4.7

+1.2

—6.9

—2.3

—0.4

—6.0

+5.6

+11.1

+12.2

—3.1

+11.7

+8.2

Stocks on hand February 28, 1922 com­
pared with stocks January 31, 1922-Relation of average stocks at end of each
month January to February inclusive
to average sales during same period—
Relation of outstanding orders February
28, 1922 to total purchases during cal­
endar year 1921 ---------------------—
N o te .

O th e r

C it ie s




in c lu d e

c it ie s

in

th e

S ix th

690.8

5.5
R e se rve

X

917.4

X

470.5

510.7

757.8

743.0

821.5

5.2

X

5.9

8.4

3.9

4.8

6.4

D is tr ic t fro m

w h ic h f e w e r t h a n th r e e r e p o r t s w e r e r e c e iv e d .

T H E

M O N T H L Y

B U S IN E S S

WHOLESALE TRADE
Business at wholesale in the Sixth Federal Reserve Dis­
trict was better in four lines reporting to the Monthly Bus­
iness Review, and decreases, compared with January business,
were shown by four lines. The decreases in groceries, drugs
and stationery, however, shown in the statement following,
were only 0.2 per cent, 2.0 per cent, and 3.1 per cent, respect­
ively, and hardware, therefore, may be said to be the only one
of the eight lines under investigation to show any substantial
decrease in February sales compared with those for the pre­
ceding month.
An increasing number of wholesale grocery reports contain
the statement that collections are improving. Some of the re­
ports state that advances in the price of some staple articles
have taken place and that confidence is rapidly being restored.
Most of the reports indicate that business from the agricul­
tural sections is lagging, but that city sales and collections
are showing improvement. One report states that there is a
decided decrease in the number of checks returned by banks
unpaid.
Sales by wholesale dry goods firms were 13.4 per cent greater
in February than during the preceding month, although 13.7
per cent less than during February, 1921. Weather conditions
throughout the winter have seriously interfered with business
in dry goods, and wholesale merchants are disappointed at not
being able to move the volume of winter goods they had ex­
pected to dispose of. Spring business has opened up, however,
and while buying is being done with extreme care and caution,
the seasonal increase has brought a better outlook.

R E V IE W

3

Few comments are made by wholesale hardware firms in for­
warding their February reports. One report states that the de­
crease in sales compared with those of a year ago is due much
more to price declines than to actual volume of goods sold.
Collections are still unsatisfactory. All reports indicate cau­
tious buying, and state that purchasing is being done for
actual requirements only. Much the same conditions are in­
dicated in reports received from wholesale shoe dealers. Firms
in Atlanta, which last month showed an increase over the pre­
ceding month of 28 per cent, reported figures which were
slightly under their January business, but reports from other
cities taken together showed an increase in February of 31.5
per cent in sales over those in January. The average increase
for the District over January business was 19.1 per cent, and
February 1922 sales were only one-tenth of one per cent smaller,
in the aggregate, than sales during February 1921.
Wholesale furniture business in this District was better in
February by 11.9 per cent than in January, and sales were
14.5 per cent larger than in February a year ago. Consider­
able hesitation is reported by these wholesale firms, however,
who state that dealers are carrying small stocks and only buy­
ing what is necessary.
Wholesale farm implement firms reported figures for Feb­
ruary which reflected a substantial increase, 86.6 per cent, over
January business, and 26.9 per cent over sales during February
of last year. This line of course is affected greatly by sea­
sonal requirements, but correspondents believe that business is
on a better basis this year than last, although economy is to
be the watchword again this year in agricultural activities.

CONDITION OF WHOLESALE TRADE—FEBRUARY, 1922
Sixth Federal Reserve District
1. Comparison of sales during February with sales during January, 1922
Groceries Dry Goods Hardware
(21*)
(19*)
(31*)
________

+ 0.9%

Jacksonville --------------- ________

— 0.4%

Knoxville -----------------

_____________

X

+10.9%
X

—11.1%
—19.1%

Farm
Furniture Implements Stationery
(4*)
(6*)
(11*)
X
X
— 1.3% +21.3%
Shoes
(8*)

Drugs
(4*)
X

X

X

X

X

X

+13.4%

X

X

X

X

X

X

X

X

X

X

X

X

X

+33.6%

X

X

X

X

X

X

X

X

X

X

X

Meridian ----------------- ________
________

— 3.3%

New Orleans ---- —........ ________
Vicksburg------------ ----- ________

— 2.1%

X

+11.0%

X

X

X

X

X

X

X

......... — .

+ 4.6%

+ 0.1%

—12.7%

+31.5%

+10.2%

+86.6%

— 3.1%

— 2.0%

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

— 0.2%

+13.4%

—12.4%

+19.1%

+11.9%

+86.6%

— 3.1%

— 2.0%

• In d ic a t e s n u m b e r o f re p o rts .




X

—11.4%

4

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

2. Comparison of sales during February with sales during February 1921
Farm
Groceries Dry Goods Hardware Shoes
Furniture Implements Stationery
Drugs
(31*)
(19*)
(21*)
(8*)
(6*)
(11*)
(4*)
(4*)
— 1 8 . 2 %
Atlanta _________________
+
2 . 4 %
— 1 2 . 1— 1 7 . 4 %
%
+ 2 3 . 3 %
X
X
X
Jacksonville _______________
X
—
7 . 7 %
X
—
5 . 7 %
X
X
X
X
x
Knoxville ________________
— 3 2 . 8 %
X
X
X
X
X
X
Meridian ________________
X
— 1 5 . 8 %
X
X
X
X
X
X
X
Nashville ________________
+ 1 6 . 4 %
X
X
X
X
X
X
—24.2%
New Orleans ______________
X
— 1 9 . 4 %
X
X
X
X
X
Vicksburg________________
— 2 0 . 5 %
X
X
X
X
X
X
X
Other Cities______________
—17.3% —12.7% — 1 2 . 9 % + 1 0 . 4 % +12.8% +26.9% —11.1% + 1.1%
— 1 8 . 9 %
District__________________
—13.7% — 1 4 . 8 % — 0.1% + 1 4 . 5 % +26.9% —11.1% + 1.1%
*Indicates number of reports.
AGRICULTURE
Farm work has been considerably delayed in some parts of
the Sixth Federal Reserve District by the heavy and almost
continuous rains during February. In Georgia, particularly,
planting operations are already from two to five weeks behind,
according to 'reports from various sections of the State. Truck
farmers in all paTts of the state have been handicapped, as re­
ports show that the ground has been so wet that they have
been unable to plant many early vegetables which should have
been in the ground in January.
Farmers have been especially anxious to have their ground
ready for the early planting of cotton in order that the crop
may have as good a start as possible before the middle of the
summer. Reports indicate that there may be some increase of
acreage in Alabama planted to cotton, Irish potatoes, and vege­
tables, that the acreage to sweet potatoes and sugar cane will
be about the same as last year, and acreages for other crops
will be reduced. The statement by the Agricultural Statistician
for the Bureau of Markets and Crop Estimates states that far­
mers seem disposed to use some fertilizers at reasonable prices.
The condition of the farmers last year was greatly improved
by the fact that a large proportion of them raised most, if not
all of their foodstuffs and feed, and there is no indication
that this diversification will not prevail this year.
The amount of corn held on Georgia farms on March first ex­
ceeded in amount that of any previous yeaT, according to a
statement issued by the Georgia Statistician of the Bureau of
Markets and Crop Estimates. The large reserve is the more
striking because the amount of corn sold was also above the
usual figures. The index figure prepared by the Bureau show­
ing the amount on the farms March 1st, was 53, against a tenyear average of 49, and the index of the amount shipped out
of the county where grown was 6, compared with a ten-year
average of 4.
In Alabama the statement issued by the Agricultural Sta­
tistician for that state shows the amount of the unused surplus
on hand on March to be 31,200,000 bushels, or 51 per cent of
last year’s crop. This compared with 48 per cent held a year
ago. It is estimated that 13 per cent of the wheat grown last
year in the state was still on the farms March 1st.
In Tennessee 48 per cent of last year's crop, of 43,542,000
bushels^ was held on farms March 1st. This amount is
considerably below the figure of 50,137,000 bushels last year.



The estimated amount of wheat on farms in Tennessee is 720,000 bushels, or 16 per cent of last year’s crop.
The statisticians of the Bureau of Markets and Grop Esti­
mates have also compiled and issued statements showing the
number and value of farm animals in the individual states on
January 1. A table showing this data is included in this re­
view, page 15, as a matter of information.
Feb. 1922
Receipts—Ports:
New Orleans______ 68,931
Mobile ______ ____ 10,334
Savannah
31,313
Receipts—Interior Towns:
Atlanta _ _ _ _ _ _ _ . 12,279
Augusta
. 21,856
Jackson ___
_
_
779
Meridian ______ _ .. 1,640
Montgomery ____ ___
631
Vicksburg ____ _ . 24,658
Shipments—Ports:
New Orleans _ __
102,506
Mobile
_ ___
15,449
Savannah---_ _ . 25,236
Shipments—Interior Towns:
Atlanta ____ ____ 16,693
Augusta
________ 25,888
Jackson ____ __
1,261
Meridian ____ __ ___ 3,290
Montgomery _ _ _
2,597
Vicksburg
_______ . 20,701
Stocks—Ports:
New Orleans _ __ 271,616
Mobile _ _ _ ____ _ 13,418
Savannah ___ ____ 157,991
Stocks—Interior Towns:
Atlanta __
47,604
Augusta __________ 128,968
Jackson __ — __
12,030
Meridian ____ ____ 15,784
Montgomery_ ___ 28,209
Vicksburg _____
11,169

Jan. 1922

Feb.1921

87,868
10,142
40,099

116,348
4,670
35,530

12,088
19,094
506
824
1,233
24,414

15,979
10,726
659
1,853
608
11,927

121,791
7,729
55,629

130,395
17,652
31,378

21,802
28,683
2,386
1,333
2,882
19,235

14,661
17,325
1,631
1,851
1,124
3,823

305,191
18,855
151,914

422,586
10,954
153,718

52,018
135,412
12,511
17,434
30,175
12,391

32,751
157,931
10,264
13,248
32,203
13,598

T H E

M O N T H L Y

B U S IN E S S

COTTON CONSUMPTION—FEBRUARY 1922
U. S. Census Bureau
(In Bales)
Feb. 1922
Jan. 1922
Feb. 1921
Cotton Consumed:
Lint _____________ 473,073
526,552
395,115
Linters ___________ 38,509
40,499
37,565
On Hand in Consuming Establishments:
Lint ____________ 1,596,582
1,675,033
1,327,155
Linters _________ 177,472
173,791
206,243
In Public Storage and at Compresses:
Lint ____________ 4,221,830
4,618,226
5,503,139
Linters _________ 122,645
134,226
322,863
Exports:
Lint _____________ 325,746
458,868
483,713
Linters ___________ 12,694
17,042
9,713
Imports ____________
54,761
42,093
28,055
34,457,509
32,496,856
Active Spindles______ 33,797,329
Cotton Growing States
Feb.1922
Jan.1922
Feb.1921
Cotton Consumed ------------- 303,156
324,875
246,925
On Hand in Consuming Es­
tablishments __________
798,445
867,051
634,253
In Public Storage and at
Compresses! ____________ 3,840,168 4,239,937 5,041,934
Active Spindles _________ 15,673,771 15,650,718 15,007,198

CITRUS FRUIT

R E V IE W

5

Statement of Car Lot Shipments of Citrus Fruit and Vegetables
Prom Florida During the Month of February
Season totals
Month of Feb.
to Feb. 28t'h, inc.
1922
1921
1921
1922
2101
1673
9423
8217
3373
14902
3015
14455
583
437
1827
2295
318
257
802
646
796
503
1182
673
1
39
138
3
441
361
529
480
Celery -----1089
1101
1389
1495
79
45
92
58
Strawberries
SUGAR
It is generally believed that the Louisiana sugar planters
will plant about 288,000' acres in cane this year. This is ap­
proximately the same as the 1921 acreage. The planting of
cane has been hampered by rainy and cold weather, but so far
the cane already planted has been reported not damaged by the
cold. The per capita consumption of sugar in the United States
in 1921 was 97.8 pounds, the highest recorded. In 1920 the
per capita consumption was 91.4 pounds'. The United States
consumed 10,548,451,000 pounds of sugar in 1921, and the su­
gar produced in the continental United States in 1921 totalled
2,532,246^160 pounds. Domestic production was, therefore, 24.1
per cent of the domestic consumption in 1921; in 1920 this
country produced 17.4 per cent of the amount consumed.
Movement of Sugar (Pounds)
Receipts:
Feb. 1922
Jan. 1922
Feb. 1921
New Orleans — 80,166,213
67,127,083
70,643,465
Savannah ____ 34,469,944
17,069,957
0
Meltings:
New Orleans — 85,698,227
61,213,347
53,565,363
Savannah ____ 27,222,888
17,069,957
0
Stocks:
Now Orleans — 7,458,460
12,990,474
28,372,226
Savannah ____ 7,247,056
0
441,013

The movement of citrus fruits to market during February
was somewhat smaller than during the preceding month. Move­
ment of oranges was, however, larger than during February
1921, while grapefruit shipments were slightly less. Reportsi
indicate that practically all business in oranges is being done
on prompt shipment order subject to packers’ confirmation.
The markets are taking at a substantial premium the desirable
sizes in standard pack. A slight increase in the demand for
RICE
grapefruit has also been manifest. The freeze in California
The rice movement during February, both domestic and for­
during January has caused damage to the orange crop in that eign, has isliown considerable activity. Rough rice receipts and
locality which has been estimated as high ay fifty per cent, shipments nearly doubled those of the same month last year;
and this has given strength to the market for Florida oranges. clean rice receipts were larger than for the same period a year
The total number of carlot shipments from the beginning of ago, but distribution was not quite so large. The statement
the present season to February 28th shows an increase of 1206 following shows receipts of rough rice by Association Mills,
cars of grapefruit, but a decrease of 447 cars of oranges, com­ New Orleans Mills and Outside Mills to have been about equal
pared with figures for the same period last season. The avail­ for the seas'on to February 28th, 1922, to the figure for the same
able stock of oranges left in the state on March 1 was esti­ date last season, although the 1921 crop was considerably
mated to be a little less than 4,000 cars, including Valencias, smaller than that of the year before. Distribution figures sho^v
and the estimate of grapefruit in the state on March 1 was an increase over the preceding season.
placed at a little more than 4,000 cars.
Rough Rice (Sacks) Port of New Orleans
Following is a statement of car lot shipments of fruits and
vegetables from Florida during February, and for the season
Feb. 1922
Jan.1922
Feb.1921
to date. Figures for the season show smaller total shipments Receipts _______________ 101,621
104,856
50,944
this year than last of lettuce and celery, but larger total ship­ Shipments ______________103,503
105,860
57,190
ments of vegetables, cabbage, peppers, tomatoes and straw­ Stock _________________ 66,778
68,660
30,466
Left-over at end season------ 24,158
24,158
6,428
berries.



6

T H E

M O N T H L Y

B U S IN E S S

Glean Bice (P ockets) P o rt of New Orleans
Feb. 1922
J a n .1922
F e b .1921
Eeeeipts __________________ 327,986
221,271
212,490
185,931
370,537
Shipments ________________ 333,436
Stock ____________________ 201,340
206,790
210,652
Left-over a t end season____ 89,691
89,691
173,428

Feb. 1922
656,921
101,621
234,410

Season to
Feb. 28,1922
4,222,903
1,046,333
1,382,038

Preceding
season to
Feb. 28,1921
4,514,714
1,213,032
1,031,227

992,952:

6,651,274

6,758,973

D istribution of M illed Rice (Pockets)

Association Mills -------------New Orleans M ills ________
Outside Mills --------------------

654,343
113,525
252,507

Preceding
season to
Season to
T 29,1922 Feb. 28,1921
eb.
3,763,872
3,528,239
1,288,310
1,003,506
860,175
1,153,581

1,020,375
5,920,959
Stock (Rough and M illed)

5,676,724

March 1st, 1922
Association M i l l s -------------- 1,080,220
New Orleans M ills ________ 246,874
Outside M ills -------------------- 326,200

M arch 1st, 1921
1,420,098
232,337
283,409

1,653,294

1,935,844

Foreign Trade in Rice (Pounds) U nited States
Preceding Season
Jan . 1922 to Jan. 31,1922 to Jan . 31,1921
Imports:
18,450,399
4,069,442
368,999
Eough rice
---39,910,749
25,472,872
.8,337,887
Olean r i c e --------623,564
506,589
73,810
Brewers rice ---Exports:
33,277,201
27,761,178
. 5,137,456
Foreign rice —
258,816,982
.23,639,373
153,326,917
Domestic rice —

MOVEMENT OF LIVESTOCK—FEBRUARY
C attle and Calves
Receipts—
Feb. 1922
A tla n ta ________________ 9,806
Jacksonville ___________
306
Montgomery ----------------- 6,287
Nashville ______________ 5,996
Purchases for local slaughter:
A tlanta ___ ____ ______ 2,619
J a c k s o n v ille _- _________ 161
Montgomery ___________ 5,706
Nashville ______________ 3,059



Hogs
Eeeeipts:
— 27,168
. .. 8,373
30,429
- 4 6 ,7 5 6

25,927
8,825
26,402
48,155

9,114
4,741
2 0,950
33,064

.13,367
. 3,238
.27,074
10,369
Sheep

12,089
4,308
25,261
12,625

4,605
19,384
10,199

0
0
0
779

0
0
0
689

0
0
71
619

2
0
0
654

*

Purchases for local slaughter:

Receipts of Rough Rice (B arrels)

Association M i l l s _________
New Orleans M ills ________
Outside Mills ____________

R E V IE W

1922

Jan . 1922
6,660
418
6,458
7,813

Feb. 1921
4,025
35
5,124
5,251

2,974
365
5,929
3,704

*
35
4,620
3,115

Receipts:
Atlanta ___
Jacksonville
Montgomery

Purchases for local slaughter:
A tlanta --------________
2
Jacksonville
. . . ________
0
Montgomery -. ___________
0
743
Nashville ____ . _____
Horses and Mules
Eeeeipts:
A tlan ta --------________ 2,015
Montgomery
________
30
^Indicates incomplete record.

4,533
156

*

0
59
619
*
0

TREND OF FABM PRICES UPW ARD DURING MONTH OF
JANUARY
H ie level of prices paid, producers of the U nited S tates fo r
the principal crops increased about 2.6 per cent during J a n ­
uary, compared w ith an average Jan u ary increase during the
past ten years of aj like amount (2.6 per c e n t). On February
1 the index figure of prices was about 18.4 per cent lower th an
a year ago, 60.3 per cent lower than two years ago, and 33.4
per cent lower th an the average of the past ten yearsi on
F ebruary 1.
The prices of m eat animals—hogs, cattle, sheep—to producers
of the U nited States increased 4.7 per cent from December 15
to Jan u ary 15. D uring the p ast ten years prices increased in
like period 1.5 per cent. On Jan u ary 15 the index figure of
prices fo r these m eat animals was about 20i8 per cent lower
.
th an a year ago, 45 per cent lower th an two years ago,, and
23.4 per cent lower th an the Ja n u ary 15 average of the past
ten years.
FIN A N C IA L
The statem ent of debits to individual accounts a t fifteen
clearing house cities of the Sixth Federal Reserve D istrict fo r
the four weeks ended March 1, 1922, while not showing an in ­
crease over the same period in 1921, reflects a continuation of
th e improvement of preceding periods, in th a t th e percentage
of decrease is growing smaller each month. For the period
ended F ebruary 1, 1922, the comparison revealed a decrease of
12.5 per cent, and fo r the four weeks ended December 28th ,
1921, the decrease was 16.5 per cent. Figures for Montgom­
ery, Pensacola and Tampa showed actu al increases, though

T H E

M O N T H L Y

B U S IN E S S

small, a t those points, but declines were shown a t the other
twelve points for which comparative figures were available.
These figures represent actual payments by check against in ­
dividual accounts a t clearing house banka in the cities shown,
and have come to be recognized as probably the most accurate
indicator of the relative volume of business from month to
month.
Figures reported by forty-three member banks in selected
cities of the D istrict show a decline in to tal loans, discounts
and investments, including bills discounted w ith the Federal
Reserve Bank, from $424,395,000 on January 25, 1922, to $417,180,000 on March 1, 1922, or a decline of 1.7 per cent. Com­
pared w ith a year ago, a decline of 19.5 per cent is shown from
the to tal fo r March 4, 1921, which was $518,484,000. Demand
deposits reported by these same banks were $226,686,000 on
March 1, 1922, or 1.7 per cent more than the to tal of $222,953,000 reported on January 25, 1922, but 3.9 per cent less than
the to ta l of $236,114,000! on March 4, 1921.
The to tal of bills discounted for member banks and bought
in the open m arket by the Federal Reserve Bank of A tlan ta
on March 1, 1922 stood a t $53,410,717, compared w ith $72,425,140 a month earlier, and $127,155,176 on March 1, 1921, a
decline of 57.9 per cent as compared w ith the la tte r date, while
the to tal amount of outstanding Federal Reserve Notes of the
Federal Reserve Bank of A tlanta on March 1, 1922, was $109,276,905, compared w ith $164,086,540' on the same date in 1921,
a decline of 33.4 per cent.
Reports were received directly from seventy-six banks in the
Sixth Federal Reserve D istrict showing their savings deposits
on the last of February, in compariaon w ith the amount for
the last of January and February 1921. Aggregate figuires
contained in all of the 76 reports reflect a decline of seventenths of one per cent in the total amount in savings banks
and savings departm ents on February 28th, 1922, compared
w ith the amount on deposit on January 31st, 1922, but an in ­
crease of 2.4 per cent compared w ith savings deposits on Feb­
ruary 28, 1921. Reporting banks in Alabama and Florida
showed increases over January of four-tenths of one per cent,
and nine-tenths of one per cent, respectively; Louisiana and
Mississippi banks showed fractional increases, while in Ten­
nessee a decrease of seven-tenths of one per cent took place,
and in Georgia a decrease of 2.8 per cent. Compared w ith the
figures reported for February 28, 1921, Georgia banks reported
a n et increase of 9.7 per cent, Louisiana an increase of 7 per
cent, and Mississippi an increase of 4.4 per cent, while Ten­
nessee reported a decrease of 1.7 per cent, Florida a decrease
of 4.3 per cent, and Alabama a decrease of 5.7 per cent. The
results of the inquiry are ahown in tabular form below.
Savings Deposits February 1922
(0 0 0 Omitted)

Alabama (1 0 bks)
Florida (12 bks)
Georgia (2 4 bks)

Comparison
Comparison
Feb. 28, Jan . 31, Feb.- Feb. 28 Feb. 1922
1922
1922
$ 24,143 $ 24,143 + 0 .4 % $ 25,702 —5.7%
17,128
16,967 -\-0.9%
17,905 —4.3%
36,341
37,394 —2.8%
33,131 + 9 .7 %




R E V IE W

7

Louisiana (11 banks) 36,255 36,253
+
Mississippi (8 banks)
6,389
6,386
+
Tennessee (1 1 b k s)
19,957 20,092 —0.7%
Total 76 banks)
140,307 141,235 —0.7

33,878
6,119
20,310
137,045

+ 7 .0 %
+ 4 .4 %
—1.7%
+ 2 .4 %

DEBITS TO INDIVIDUAL ACCOUNT—FEBRUARY 1922
At Fifteen Clearing House Cities—Sixth Federal Reserve
District
Four weeks
ended
March 1 ,1 9 2 2

Four weeks
ended
March 2 ,1 9 2 1

Increase or
Decrease

Alabama:
Birmingham ___ $
Mobile ________
M o n tg o m ery ___

62,193,000 $
23,951,000
12,705,000

65,201,000 — 4 .6 %
25,250,000 — 5.1%
12,586,000 + .9%

Florida:
Jacksonville ___
Pensacola _____
Tampa ________

40,098,00
5,727,000
26,026,000

44,817,000 —10.5%
5,679,000 + .8%
24,908,000 + 4 .5%

Georgia:
A tlanta _______
Augusta _______
Macon ________
Savannah --------

88,279,000
20,221,000
13,162,000
34,539,000

96,689,000
22,375,000
15,228,000
40,540,000

Louisiana:
New O rle a n s___

238,096,000,

242,332,000 — 1.7%

Mississippi:
Yickaburg _____

6,374,000

6,436,000 — 1.0%

Tennessee:
Chattanooga ----26,669,000
34,502,000
K n o x v ille ---------23,937,000
26,039,000
Nashville ______
56,535,000
85,369,000
Total 6th D is tr ic t__ $ 678,512,000 $ 745,003,000
Total U nited States—$31,440,296,000 # $30,391,425,000

— 8.7%
— 9.6%
—13.6%
—14.8%

—22.7%
— 8.1%
—33.8%
— 8.9%
+ 3.5%

ACCEPTANCES
Twenty-three reports regarding acceptance transactiona dur­
ing the month of F ebruary 1922 were made to the Monthly
Business Review by accepting member banks in this D istrict,
and of this number, twelve reports showed no transactions of
any kind in acceptances during the month. Six of the report­
ing banks executed domestic acceptances during February in
amounts aggregating 12.4 per cent more than in the preceding
month of January, and 68 per cent larger than during February,
1921. Foreign acceptances were executed by six banks during
the month in amounts 18.6 per cent greater than during the
preceding month, and 64 per cent larger th an during February
last yearr. Acceptances held unsold were reported by five
Jan .
banks to be 15.7 per cent larger than during January. Ac­
1921 Feb. 1921
ceptances sold by the drawers to other than the Federal Re­
serve Bank during the month were 27.9 per cent greater than
during January, and more than twice the to tal for February

8

T H E

M O N T H L Y

B U S IN E S S

of last year. Few of reporting banks showed any accept­
ances bought, and the amounts were small.
Acceptances rediscounted and purchased in the open m arket
during February by the Federal Reserve Bank of A tlanta
showed a further decline, and were 47.9 per cent less than dur­
ing January, but 147 per cent greater than during February
of last year.
IMPORTS AND EXPORTS—UNITED STATES
Statem ents compiled and published by the D epartment of
Commerce of the U nited States show th a t both imports and
exports weire smaller during February than during January,
following declines shown in both imports1 and exports in J a n ­
uary as compared w ith December figures. February 1922 im­
ports, as published, by the Department* amounted to $217,000,000, a decrease of one-tenth of one per cent compared w ith the
revised figure for January, which was $217,195,196. This total
was, however, 1.1 per cent greater than imports during Feb­
ruary 1921, which amounted to $214,529,680.
Merchandise was exported during February to the value of
$251,000,000. This represents a decrease of approximately 10
per cent in comparison w ith the revised figure for January,
$278,872,591, and a decrease of 48.4 per cent compared w ith the
to tal exports during F ebruary 1921, $486,454,090. The excess
of exports over the amount of imports during February was
$34,000,000, compared w ith a difference last February of $271,924,410.
PORT OF NEW ORLEANS
Merchandise to the value of $10,221,268 was imported a t New
Orleans during the month of January 1922. The actual quan­
tity of merchandise imported in January exceeded the receipts
of any previous month in the history of the port, and in value
were only surpassed by receipts during 1920 when prices were
very much higher. As an example, 23,000,000 pounds of sugar
received in January 1920 were valued approximately $2,000,000,
while the value of 62^260,560 pounds received in Jan u ary 1922
was only $1,223,627. Coffee, also, has declined considerably in
value. The large increase in coffee receipts is partly a ttrib u ta ­
ble to the improved facilities for handling coffee at this port.
Two new articles appear on the list of imports for th e first
time in January: tin bars and cork insulations. The former
comes from Singapore, India, in American bottoms, two ship­
loads having already been received in New Orleans markets.
Below is shown a statem ent in detail of the quantity and value
of the principal articles of import for January:
J a n .1921
J a n .1922
Volume
Value
Value
Volume
Commodity
41,973,273 $4,957,970 24,069,313 $2,185,103
Coffee ( lb )----62,260,569 1,223,627 27,673,219 2,423,332
Sugar ( l b ) ----8,263,250 1,104,531
16,496,906 1,365,355
Burlaps (lb ) - 366,961
43,430
3,327
461
Sisal ( t o n ) ----1,053,249
420,280
412,110
Bananas (bun) ___ 1,350,202
966,206 68,837,580 1,227,681
M ineral Oil (g a ls)—83,256,000
----------- ----------301,357
1,121,053
Tin bars (lb ) —
1,283,000
251,799
138,788
Mahogany ( f t ) ___ 2,554,000
----------- ----------28,567
Cork insulations (lb ) 590,897
(g a l) ___ 7,028,202
3,052,500
140,564
68,682
Molasses


R E V IE W

The following figures show the total value of im ports re­
ceived a t New Orleans during January for the years shown:
Jan u ary 1922 _______ _______ -$10,221,268.00
Jan u ary 1921 ------------------------- 9,157,304.00
January 1920 ------------------------- 19,081,631.00
Jan u ary 1919 ________________ 6,568,004.00
Total shipments of grain through the port of New Orleans
during the month of February were 5,702,382 bushels, show­
ing a decrease compared w ith the to ta l of 7,291,122 for Feb­
ruary 1921. F ebruary 1922 grain exports consisted of 937,343
bushels of wheat, 4,648,694 bushels of corn; 27,820 bushels of
oats; 71,383 bushels of barley, and 17,142 bushels of rye.
These figures represent increases in shipments of corn and oats,
from 1*735,750 bushels and 24,775 bushels respectively, over
F ebruary 1921 figures, b u t decreases in other grains. The de­
crease in wheat shipments is noticeable, the F ebruary 1921
figure being 4,974,017 bushels, and the February 1922 to tal only
937,343 bushels. For the season Ju ly 1st to the end of Feb­
ruary, to tal exports were 44,234,180 bushels, compared w ith the
to tal last year of 61,649,122. Declines are shown, for the eightmonths period, in all b ut corn exports.
The amount of coffee imported into the U nited S tates during
1921 exceeded all previous records, to the extent of 44,000,000
pounds. Im portaions of green coffee during 1921 totalled
1.341.000.000 pounds, compared w ith 1,297,000,000 pounds in
1920., Of this to tal, New Orleans received 349,801,717 pounds,
or 2,650,913 bags, and of this amount Brazil supplied 2,350,0i3
bags. The per capita consumption of coffee in the United States
has been estim ated as 1 2 % pounds in 1921.
Exports! of flour from New Orleans in 1921 were double the
1920 figures, and exceeded all previous records. The total of
1921 flour exports was 3,024,567 barrels, valued a t $22,028,350,
and went to fo rty different countries. The nearest approach to
these figures was in 1918 when 2,789,336 barrels were ex­
ported. This was partly due to large consignments sent to
countries a t war.
Lumber exports through the port of New Orleans declined in
1921, as did also both rosin and turpentine, is indicated by the
following figures:
Lumber Exports (000 feet)
1921
1920
Timber ------------------------ 25,770
22,684
L u m b e r........ .......................... 113,313
130,619

1913
28,500
349,487

Total ------------------------139,083
153,303
377*987
Naval Stores Exports (Round Barrel 280 Lbs.)
1921
1920
Rosin ------------------------------------- 174,627
300,796
Turpentine ------------------------------1,075,164
1,053,523
Total — ----------------------------- 1,249,791

1,354,319

BUILDING
Reports of the value of building perm its issued a t 14 of the
cities in the D istrict show increases over figures for February
1921, while 9 reports reflect decreases in the volume of permits
for the month. Building continues active a t many points in

T H E

M O N T H L Y

B U S IN E S S

the D istrict and the housdng situation is being relieved to a
great extent by the number of residence and apartm ent build­
ings which are being built.
Following is a statem ent of the number and value of permits
issued in February, in comparison with figures for February a

R E V IE W

9

year ago. This monthly statem ent does not accurately reflect
the building situation because of the fact th a t some of the
cities which show unfavorable comparisons for February, for
instance, exhibited substantial increases in January 1922 per­
mits over those issued in January a year ago.

BUILDING- PERMITS—FEBRUARY, 1922
Page 23
Repairs and
Alterations
Alabam a:

No.

Anniston
_ ____
B irm ingham ----Mobile
..................... ..
Montgomery ................... -------

Value

Total

Total

Increase
Or

Value

Feb. 1922

Feb. 1921

Decrease

New Buildings
No.

1,100
( Combined
11,500
16,175

5
—
9
15

73,800
-------18,960
53,000

74,900
1,189,576
30,460
69,175

34,800
462,520
13,250
23,766

+ 1 1 6 .2 %
+ 1 5 7 .2 %
+ 1 2 9 .9 %
+ 1 9 1 .1 %

63,738
10,000
2,835
14,275
( Combined)
38,008

71
87
51
13
100

374,318
98,500
412,440
16,540
-------202,916

438,056
108,500
415,275
30,815
227,550
240,924

488,417
199,700
62.007
300,774
349,550
287,355

— 10.3%
— 45.7%
+ 5 6 9 .7 %
— 89.7%
— 34.9%
— 16.1%

4
81
12

83,987
(Combined)
1,875
7,831
4,275

257
—
9
30
36

963,442
-------37,750
62,351
253,495

1,047,429
189,878
39,625
70,182
257,770

553,623
49,336
14,400
114,224
85,430

+ 89.2%
+ 2 8 4 .9 %
+ 1 7 5 .2 %
— 38.6%
+ 2 0 1 .7 %

39

70,950

151

513,075

584,025

819,056

— 28.7%

3
3

4,500
1,600
( Combined)

5
3

11,400
11,000

15,900
12,600
49,500

3,610
1,325
25,500

+ 3 4 0 .4 %
+ 8 5 0 .9 %
+ 94.1%

137
3
44
91

29,435
4,050
20,436
41,933

9
17
74
48

138,889
32,050
267,750
243,700

168,324
36,100
288,186
285,633

419,947
140,000
221,981
116,001

— 59.9%
— 74.2%
+ 29.8%
+ 1 4 6 .2 %

7
4
72

F lorida:
Jacksonville ___ _
_
Miami ---------------------O rlan d o -------- _
Pensacola _ _
_ ___
St. Petersburg
__ _
Tampa
................... ......

194
45
13
44
127

—

Georgia:
A t l a n t a ----- -A u g u sta ..............................
Columbus — ----- -Macon
_______
Savannah ------------- _

122

Louisiana:
New O rle a n s -- ---------M ississippi:
M e rid ia n _______ __
Vicksburg
..............
Ja c k s o n __ _
__
Tennessee:
Chattanooga ____ —
Johnson City
____
Knoxville ................ .. _
Nashville ..........................

UNITED STATES SUMMARY
(Continued from page 1)
districts where no labor troubles* have made themselves felt.
No im portant changes have been observed in other manufac­
turing lines, such as leather, boots and shoes.
Agriculturally the month has been one of favorable develop­
ment considering the season. According to official figures, a
marked, even if still limited, decrease in unemployment isl un­
der way. In trade, both retail and wholesale, the tendency
has been on
the whole downward, although not pronouncedly


so. Retail trade is uniformly lower than it was a month ago,
or than it was a t this time last year.
The movement of commodities to market during the month
has been very satisfactory. Increase in earloadings has been
noticeable in many parts' of the country. The advance in the
index number of wholesale prices shown by the Federal Re­
serve B oard’s compilation amounts to four points for the
month. Financially the month has shown but little change.
Discount and interest rates have not moved m aterially. For­
eign trade shows a somewhat further decline with a much closet
approach to adjustment of export and import figures* both here
and abroad. Increasing stability in foreign exchange, with
the exception of marks, has been the rule.

10

T H E

M O N T H L Y

B U S IN E S S

LUMBER
Conditions in the lumber industry in the Sixth Federal Re­
serve D istrict have continued to show improvement through
February, although production has been held back considerably
by unfavorable weather conditions. Figures reported to the
Southern Pine Association show actual production for the week
ended March 3rd to be 22.67 less than normal, which is some­
w hat higher than for the preceding weeks of February. Or­
ders for the week were 26 per cent below normal production
of the reporting mills, but a slight increase occurred in orders
on hand a t the end of the week. Orders were shown to be be­
low production for each of the four weeks in February, being
4.77 per cent below production for the week ended March 3rd.
Shipments for the week were reported 7.5 per cent below pro­
duction. Of 73 reporting mills which reported their operating
time, 57 were operating full time, and only 3 were shut down.
Correspondents state th a t the volume of inquiry has improved
considerably, and th a t the volume of buying shows a moderate
improvement. Prices are said to be somewhat firmer, but have
not as yet advanced m aterially because of the lack of active
demand. Mill stocks are as a rule not heavy, and there are
still numbers of items which are short. Yard stocks are gen­
erally reported comparatively light. Building activity in the
D istrict is causing a fairly steady flow of small orders which
are generally accompanied by requests for prompt shipment.
Following are monthly figures reported to the Southern Pine
Association for February and January:
F ebruary 1922
January 1922
112 Mills
108 Mills
O r d e r s ________________ 247*852,100 f t
241,135,404 f t
Shipments ____________ 238,332,788 f t
224,732,954 f t
P ro d u c tio n ___ _________ 266,202,470 f t
273,909,956 f t
Normal production these
323,284,515 ft
mills _____ _______ 337,068,037 f t
Stocks end of m onth___ 865,918,942 f t
813,374,871 f t
Normal stocks these mills 908,208,050 f t
875,235,905 f t
Unfilled orders a t end
of month _________ 192,196,400 f t
187,937,725 f t
MANUFACTURING
The season of principal activity in the cotton seed oil in ­
dustry is almost over, and some correspondents state their mills
have already closed for the season and will remain closed until
October. Some of the mills closed down the last of December
this season as well as last season, because of a scarcity of seed.
According to the reports received, the demand for cotton seed
products has improved, and prices have advanced to some ex­
tent, but stores are not plentiful. Figures reported by some
of the mills show 20.4 per cent less seed received during Feb­
ruary than in January, and a decrease of 42.7 per cent com­
pared w ith February 1921. Cotton seed crushed during Feb­
ruary was 36.1 per cent less than in January, and 40 per cent
less than in February last year, while cotton seed on hand at
the end of February was 18.6 per cent less than last month and
11.9 per cent less than February 28, 1921. Crude oil m anufac­
tured during February was 38.2 per cent less than in January,
and 43.2 per cent less than in February last year, and February
shipments
 of crude oil were 33.5 per cent smaller than in J a n ­


R E V IE W

uary and 15.9 per cent less than in February 1921. Cake and
meal m anufactured in February declined 35 per cent from the
figure for January, and 36.67 per cent from February 1921, but
shipments increased 9.6 per cent over January shipments;, and
4.5 per cent over those in February 1921. Cake and meal on
hand a t the close of F ebruary amounted to 14.7 per cent more
than a t the end of January, but 16.2 per cent less than a t the
end of February last year. Mills state th a t labor is plentiful,
th a t prices are strong, and th a t wages are returning to normal,
though slowly.
No change of importance is indicated in reports received
from a few brick m anufacturing concerns in this D istrict for
February. The plants of these firms were not in active opera­
tion during February, and stocks on hand showed some decline
as compared w ith previous months. One correspondent states
they are receiving inquiries, but purchases are slow.
Overall m anufacturing continues on about the same basis as
in the past few months. Some of the mills report practically
no demand, while other mills are running a t capacity and have
orders which w ill keep them busy for a number of weeks. A
mild epidemic of influenza has interfered w ith production by
some of the reporting mills. Correspondents state th a t the de­
mand is principally for a cheap-priced overall b u t good quality
is insisted upon.
Reports received from cotton hosiery m anufacturing plants
show conditions in February not quite so favorable as during
the preecding month or two. Orders booked during the month
were reported about the same as during January, but about
31 per cent less than in February last year. The amount of
hosiery m anufactured by reporting mills in February was
smaller by 5.6 per cent than in January, but larger by 32.3 per
cent than in F ebruary 1921. Unfilled orders declined 21 per
cent the last of February compared w ith January, and 32.5
per cent in comparison w ith those on hand at the end of F eb ­
ruary last year. The reports indicate th a t wages are about
stationary, w ith prices showing some slight recessions.
Candy m anufacturers report February sales larger than those
during January, and production showed an increase of 35.7 per
cent for the months although a decrease of 18.8 per cent com­
pared w ith February a year ago. Orders booked during Feb­
ruary are reported 59.5 per cent in excess of January orders.
Reports state th a t raw m aterials have advanced a little, th a t
labor is plentiful, especially unskilled labor. Prices are stated
to be stationary.
COTTON MANUFACTURING
Cotton Cloth
Cotton m anufacturing in the Sixth Federal Reserve D istrict
continued in February to experience the irregularity and un­
steadiness which was apparent in the preceding month. The
demand during the month was not so good as in the past month
or two, as indicated by a decline of 4.7 per cent in the amount
of orders on hand a t the end of February, compared w ith or­
ders a t the end of January. The unsettled condition of the
m arket for the raw staple is an im portant factor in the cotton
goods and yarn m arket.
Forty-one mills in the Sixth Federal Reserve D istrict manu­
factured cloth in amounts aggregating 3.6 per cent less, during

T H E

M O N T H L Y

February, than during January 1922, but 42.2 per cent in excess
of the amount of cloth produced in February 1921. Shipments
by these mills during February amounted to 1.8 per cent more
than in January, and 72.5 per cent more than in February of
last year. While orders on hand at the end of February were
4.7 per cent smaller than a t the close of January, they were
53.3 per cent greater than orders a t the end of F ebruary 1921.
Stocks of m anufactured cloth held on hand by the mills a t the
end of February increased 9.3 per cent over stocks on January
31, b u t were 15.3 per cent smaller than on F ebruary 28, 1921.
February 1922 cotton cloth statistics compared with:
Jan. 1922
41 Mills
—3 .6 %
1. Cloth Production - — ----------+ 1.8%
2. Cloth Shipments ------------------3. Orders on hand a t end of month
—4.7%
4. Stocks of m anufactured cloth
+ 9 .3 %
on hand a t end of m onth-----

Feb. 1921
+ 4 2 .2 %
+ 7 2 .5 %
+ 5 3 .3 %
—15.3%

Cotton Tam
Production of cotton yarns during February in this D istrict
showed up less favorably than cotton cloth. A decrease of
17.6 per cent occurred in the amount of yarn m anufactured by
38 representative cotton yarn mills in this D istrict in F ebruary
compared w ith production by the same mills in January, al­
though February showed an increase of 33.8 per cent over F eb­
ruary 1921. Correspondent mills sta te th a t difficulty is being
experienced in placing business a t prices equal to cost of pro­
duction by reason of speculative stocks said to be in the hands
of large eastern brokers. Other mills report th a t the demand
seems to be principally for low grade yarns., and th a t freight
rates are preventing profits.
Shipments of yarn during F ebruary by the same reporting
mills showed a decrease of 9.7 per cent compared w ith January
shipments, but an increase of 35.6 per cent compared w ith ship­
ments during February 1921. Orders on hand declined 15.5 per
cent in comparison w ith those a t the end of January, but were
13.8 per cent greater than orders on hand a t the end of Feb­
ruary last year. Stocks of m anufactured yarn on hand a t the
end of the month increased one-half of one per cent over Ja n ­
uary, b u t were 19.7 per cent smaller than on February 28, 1921.
February 1922 Cotton Tarn Statistics
Compared with:
Jan . 1922
38 Mills
—17.6%
1. Y arn P ro d u c tio n ----------------2. Y arn S h ip m en ts------------------— 9.7 %
3. Orders on hand a t end
—15.5%
of m o n th ---------------------------4 Stocks of m anufactured yarn
on hand at end of month------+ 0 .5%

F e b .1921
+ 3 3 .8 %
+ 3 5 .6 %
+ 1 3 .8 %
—19.7%

LABOR
The survey of employment conditions made by the United
States D epartment of Labor for the month ending February
28th, 1922, shows increases in employment took place in 4 4
cities among firms usually employing 500 or more workers, while
decreases in
 employment occurred in 21 cities among the same


B U S IN E S S

R E V IE W

1
1

class of firms. This monthly survey is based on actual figures
taken from the larger industrial payrolls of the country, esti­
mates and guess-work being thus eliminated. The statistics
on w*hich its computations are based are gathered each month by
the D epartm ent’s Special Agents in 65 principal industrial cen­
ters. In all, 1,428 firms each usually employing more th an 500
workers, or a to tal of 1,600,000 are comprised in the survey.
On February 28th these 1,428 firms had 8,894 more employees
on their payrolls th an on January 31stj an increase of 0.57 per
cent.
Lidustrial classifications showing increases in employment
during February are: food and kindred products; iron and steel
and their products; lumber and its manufacture; leather and
its finished products; liquors and beverages; chemicals and al­
lied products, stone, clay and glass products; metals and metal
products other th an iron and steel; tobacco manufactures; ve­
hicles for land transportation; railroad repair shops, and mis­
cellaneous industries. The industries which show decreases are:
textiles and their products; paper and printing.
Ill the Sixth Federal Reserve D istrict increases among these
larger industrial concerns were shown to have taken place a t
Chattanooga, New Orleans, and Birmingham, the increase a t
Chattanooga being 7.7 per cent, a t New Orleans 5.1 per cent,
and a t Birmingham 5 per cent. A decrease of 1 per cent is
shown by the survey at A tlanta.
While employment in textiles a t A tlanta showed a downward
tendency, the survey shows th a t 138 textile mills in the state
of Georgia employing 36,023 workers on February 15th showed
an increase for the month of 222. I t also indicates th a t 42
fertilizer factories which on February 15th employed 1205
workers showed an increase of 325. In lumber, however, 21
plants which on February 15th employed 796 workers showed
a decrease of 25 for the month. In Atlanta,, 116 industrial con­
cerns which usually employ less than 500 on February 15th re­
ported 19,214 workers, or 89 less th an on January 15th. While
some unemployment still exists in most lines, improvement in
the situation is taking place, and work on public improvements
about to begin will furnish employment for many. A t Savan­
nah 28 industrial concerns which on February 15th had 6,375
employees on their payrolls showed a n et increase of 297 since
January 15th. Unemployment, however, continues to some ex­
ten t in all industries. F ertilizer plants and cotton compresses
will soon re-open w ith about 25 per cent of full force. Con­
tracts have been let by the city for paving work which will
afford employment fo r common labor. A t Augusta a n et in­
crease of 27 workers took place during the month among 16
industrial concerns which on February 15th employed 3,077
workers. Unemployment shows slight change over last month
and almost all lines are affected, both skilled labor and un­
skilled labor. Reports from Macon indicate a surplus of com­
mon labor and untrained clerical workers. A decrease of 76
workers occurred during the month among 56 industrial con­
cerns which on February 15th had 7,796 on th eir payrolls.
Public and private building, road work and public construction
expected w ithin the next few weeks will absorb some of the
surplus of unskilled labor, and the opening up of various indus­
trial concerns will relieve the situation somewhat.
In Florida unemployment is confined principally to labor con­
nected w ith phosphate mines, both skilled and unskilled, and

12

T H E

M O N T H L Y

B U S IN E S S

floating labor. Contracts have been let for construction pro­
jects throughout the State which will provide work for num­
bers of laborers. At Pensacola employment shows heavy gains
in iron and steel and slight increases in chemicals and mis­
cellaneous industries. Skilled trades are fairly well employed,
except machinist and metal trades which are about 30 per cent
below normal. Road improvements and street paving are fu r­
nishing work for several hundred.
Home unemployment con­
tinues! a t Tampa in all industries. P a rt time prevails in the
cigar industry and metal trades, and building is sluggish. At
Key W est, also, little change has taken place during the month,
unemployment continuing among cigar and office workers, ma­
chinists and the building trades.
While some decrease has taken place in Alabama in textile
manufacturing, lumber mills which on February 15th reported
3,652 employees showed a net increase of 504. In Birmingham
24 industrial concerns reported a net increase of 112 workers
during the month. Seven concerns are running full time, and
seventeen p art time or with reduced forces. Several departments
of the steel mills have orders on hand which promise to keep
them busy for several months. Railroad repair shops have af­
forded employment for a number of workers which have been
idle. At Montgomery there is considerable unemployment among
unskilled and semi-skilled labor. No plants have closed down
entirely, although many are running on short time. An in ­
crease in employment is reported from Mobile.
Employment in New Orleans shows little change during the
month. Limited gains are noted in some lines but are offset by
losses in others. Food and kindred products show an upward
trend. Textile manufacturing is restricted. Railroad repair
shops and operating departments are curtailed, and building is
sluggish. An influx of idle transient labor has served to prevent
improvement in the general situation.
Textile mills in Mississippi show a net decrease in employment
during February, but lumber mills report an increase in the
number of workers on February 15 compared w ith a month
earlier. At Meridian railroad repair shops have reinstated a
number of workes, and most local manufacturing plants are re­
ported busy. There is some unemployment a t Vicksburg among
railroad and machine shopmen. At Jackson there has been no
m aterial change. The various plants are operating full time,
but there is considerable unemployment.
In Tennessee both textile manufacturing and lumber mills re­
port decreases in employment during the month. A slight in­
crease took place a t Chattanooga however, among 19 industrial
concerns in th a t city, and the opening of a number of plants is
expected to furnish work for a number of those now idle. Un­
employment is stated to be not serious, but prevalent among
machinists, brick-layers, electricians and moulders. A net in­
crease of 30 workers took place a t Knoxville among 6 industrial
concerns of th a t city, and a number of large building projects
will keep the building trades actively employed. At Nashville,
also, a slight increase took place in 36 im portant industrial
plants ,of which 18 are running full time, 16 p art time or with
Digitized reduced forces, and only 2 are shut down.
for FRASER


R E V IE W

COAL
In the month of February 1922 the total production of bitum i­
nous coal in the United States, according to statem ents compiled
by the United States Geological Survey, was 40,951,000 net tons,
or a t the rate of 1,706,000 tons per working day. Although
smaller than in the boom years, 1916-1918, this was greater
than in any year before or since. In comparison w ith January
it was an increase of 9 per cent. This favorable showing is
stated to be principally due to an effort of consumers to accumu­
late reserve stocks against a possible interruption of supply
rather than to any marked increase in the rate a t which coal is
being consumed. The latest published report of the Survey on
stocks showed the supply on hand January 1, 1922. On th a t
day there were about 47,500,000 tons in the hands of consumers,
and another 7,200,000 tons on the lake docks. Since January 1
production has exceeded consumption and it is clear th a t con­
sumers have added m aterially to their stocks.
Production in the Birmingham district during February is
stated to be 1,025,000 tons, compared with 985,000 tons in J a n ­
uary, and with 1,023,000 tons in February 1921. The prospect
of labor troubles in other coal fields has resulted in some im­
provement in this district. There is, however, little improve­
ment in the demand for domestic coal. The opening up of two
additional furnaces in this d istrict during February, and the
increased production of coal, have given employment to a num­
ber of idle workers. The railroads also report improved busi­
ness and this has been reflected in the commercial coal industry.
Shipment of a small quantity of coal to western points has a l­
ready been made in anticipation of the proposed strike.
According to reports made to the Southern Appalachian Coal
Operators’ Association by the carriers, total loading during Feb­
ruary were 7,771 cars, representing approximately 388,550 tons.
Compared with loading during January, this represents an in­
crease of 600 cars, or approximately 30,000 tons of coal loaded
during February. During February there were 112 mines re­
ported operating, and 91 mines not operating.
IRON AND STEEL
While the total production of coke and anthracite pig iron
in February was somewhat lower than the output of January
the daily rate of production showed a substantial gain. There
were in the U nited States 139 furnaces in blast on the last of
February, an increase of 12 over the number in operation on
the last of January, and the increased daily production in Feb­
ruary was the result of this increased furnace activity. Total
production for February was 1,630,180 gross tons, compared
w ith 1,645,804 tons in January, a falling off in total of 15,624
tons. The fact th a t February was a 28-day month as compared
with the 31-day month of January was responsible for the
lower total. The daily average, however, was larger than th a t
for any month since February 1921. Merchant pig iron pro­
duced in February amounted to 355^455 tons, a loss of 32,867
tons from the 388,322 tons of the previous* month. Steelworks
and non-merchant furnaces produced a total of 1,274,725 tons
which, compared w ith the 1,257,482 tons for January, was an
increase of 17,243 tons. Of the total number of stacks active
on the last day of the month, 36 were merchant and 103 non­
merchant.

T H E

M O N T H L Y

B U S IN E S S

Production in the Alabama district during February
announced to 109,865 tons, compared with a total of 121,067
tons produced in January. Of this total, 52,731 tons were mer­
chant, and 57,134 tons were non-merchant. On the last of F eb­
ruary twolve furnaces were in blast in the Birmingham Dis­
trict, as compared w ith ten furnaces in active operation a
month earlier, and with fourteen furnaces in operation a t the
same time last year. There are also two furnaces making
charcoal iron in the southern territory. The present price of
pig iron is $15.00 to $15.50 furnace for No. 2 foundrry, as com­
pared w ith $26.50 to $27.00 on March 1st last year. Inquiry
fo r southern iron is reported by correspondents to be more
active and from an extended territory. Most of the buyers
prefer to purchase small tonnages for prompt shipment. Stocks
of iron on furnace yards in the Birmingham D istrict are re­
ported to have decreased 23,282 tons during the month of
February. While prices have not strengthened, there appears
to be an improved demand. This applies als'o to the more highly
finished lines, such as nails, wire and fence. These mills are
running at a greater capacity than for some months past.
F ebruary business in structural steel was also reported to be
b etter than for any single month in a year and a half, although
prices were unsatisfactory. Reports from correspondents in
the Birmingham D istrict have a decidedly better tone than
has been the case for a number of months past.
Unfilled Orders U. S. Steel Corporation
Unfilled tonnage of the United States Steel Corporation de­
creased 100,609 during February. On February 28th, the un­
filled tonnage totalled 4,141,069, as compared w ith 4,241,678 on
January 31st, 4,268,414 on December 31st, and 6,933,,867 on
February 28th, 1921.

NAVAL STOKES
Receipts of both rosin and turpentine showed further declines
in February compared w ith January figures. The 1921 pro­
ducing season ended some weeks ago, and the 1922 season will
begin the first of April. February is, therefore, a betweenseason month, and chief interest is being centered on the fo rth ­
coming crop season. Buyers are holding back except where it
is necessary to make purchases for present requirements.
Stocks of both of these commodities are somewhat lower than
last month, and are also lower than a t the close of February
last year, excepting a slight increase in turpentine at Jackson­
ville. Warm w eather during the last month or two in p arts of
the district has brought a great deal of activity and some pro­
ducers have already stilled their first dip. Unless a cold wave
Should set in the producing season will be one of the earliest in
the history of the industry. The current demand is light and is
reported devoid of any special interest from either domestic or
foreign sources.




R E V IE W

13

MOVEMENT OF NAVAL STORES—FEBRUARY 1922
Feb. 1922
Receipts—Turpentine.
Savannah _________
1,551
1,637
Jacksonville ______
752
Pensacola -------- —
Receipts—Rosin:
Savannah ------------- ____ 16,566
17,720
J ackson ville ______
5,448
P e n s a c o la -------— Shipments—T urpentine:
Savannah -------- —
8,645
7,474
J a c k s o n v ille _____
Pensacola — ------- -------9,041
Shipments—Rosin:
27,821
Savannah ----- ---32,089
. J a c k s o n v ille -- ------8,451
Pensacola ------------Stocks—T urpentine:
Savannah ------------3,925
21,174
J a c k s o n v ille _—
8,105
P e n s a c o la -------------Stocks—Rosin:
Savannah
----------72,240
Jacksonville __ ___
160,605
Pensacola — — —_____ 66,460
*Not reported.

J a n .1922

Feb. 1921

1,921
3,702
1,496

1,274
2,607
1,574

21,592
30,388
10,206

5,556
13,321
7,058

5,598
6,332
9,843

*
7,500
4,498

29,064
30,156
13,225

5,676
2,748

11,019
27,011
15,393

12,344
20,561
8,261

83,495
174,974
69,463

76,803
180,651
58,973

*

FAILURES
Statistics compiled by R. C. Dun & Company show 270 com­
mercial failures in the Sixth Federal Reserve D istrict during
February, compared w ith 283 in January, and 175 in February
a year ago. The total amount of liabilities, however, in­
creased from $5,012,931 in January to $5,331,050 in February,
an increase of 6.3 per cent, and were 82.5 per cent larger than
the total of $2,920,497 for February 1921.
For the United States the number of failures in February
was 2,331, which was a decrease of 14.4 per cent from the
January figure of 2,723, but 42 per cent larger th an the number
for February last year, 1,641. Liabilities were only slightly
less than for the preceding month, and were 19.2 per cent
greater than the total of liabilities for February 1921.
Sixth
Number
February 1922 ----270
Jan u ary 1922 ------283
F ebruary 1921 ----175
Comparison of Feb.
1922—Jan . 1922
— 4 .6%
Comparison of Feb.
1922-—Feb. 1 9 2 1 ----- [-54.3%

D istrict United
Liabilities Number
$5,331,050 2,331
5,012,931 2,723
2,920,497 1,641

States
L iabilities
$72,608,393
73,795,780
60,852,449

+ 6 .3 % —14.4%

— 1.6%

+ 8 2 .5 % + 4 2 .0 %

+ 1 9 .2 %

14




T H E

M O N T H L Y

B U S IN E S S

R E V IE W

T H E

M O N T H L Y

B U S IN E S S

FARM ANIMALS
The following statem ent shows the estimated number, and
the value, of animals on farms in the the states of this D istrict
on January 1, 1922, w ith similar figures for January 1, 1921:
Horses

A la b a m a _
_
Florida ___
G e o r g ia ----L o u is ia n a _
Mississippi _
Tennessee __

1922
Number
130,000
38,000
101,000
173,000
21,000
315,000

Value
$ 9,880,000
4,370,000
7,676,000
13,321,000
14,770,000
22,625,000

1921
Number
130,000
38,000
132,000
175,000
211,000
312,000

Value
$11,700,000
4,674,000
14,784,000
14,875,000
18,568,000
28,016,000

Mules

A la b a m a __
Florida ----Georgia ----L o u is ia n a _
Mississippi _
Tennessee - -

1922
Number
299,000
42,000'
394,000
178,000
296,000
346,000

Value
$28,206,000
6,2-16,000
39,006,000
21,004,000
27,232,000
29,756,000

1921
Number
302,000
42,000
347,000
180,000
293,000
349,000

Value
$34,126,000
7,014,000
53,091,000
25,740,000
35,453,000
38,390,000

Milk Cows

_
Alabama _
Florida ----G e o rg ia ___
L o u is ia n a _

1922
Number
506,000
95,000
509,000
220,000




Value
$14,674,000
5,462,000
14,761,000
9,460,000

1921
Number
496,000
90,000
470,000
220,000

Value
$19,840,000
6,660,000
21,150,000
11,440,000

R E V IE W

Mississippi _
T en n e sse e_

541,000
495,000

A la b a m a __
Florida ___
G e o r g ia ___
L o u is ia n a _
Mississippi _
Tennessee __

1922
Number
515,000
774,000
686,000
591,000
677,000
597,000

A la b a m a __
Florida ___
G e o r g ia ___
L o u is ia n a _
Mississippi _
T en n e sse e_

1922
Number
83,000
65,000
70,000
124,000
142,000
332,000

15

16,230,000
17,325,000

530,000
490,000

24,910,000
24,010,000

1921
Number
536,000
766,000
763,000
586,000
684,000
634,000

Value
$ 6,498,000
16,622,000
15,260,000
13,888,200
9,644,400
13,060,000

Other Cattle
Value
$ 5,150,000
12,461,000
11,854,080
8,983,200
7,311,600
9,074,000
Sheep
Value
$ 224,000
201,000
189,000
347,200
426,000
1,328,000

1921
Number
79,000
63,000
119,000
124,000
148,000
349,000

$

Value
348,000
220,000
487,900
471,200
503,200
2,024,000

Swine
1922
Number
A la b a m a __ 1,307,000
Florida ___
725,000
G e o rg ia ----- 2,131,000
Louisiana _756,000
Mississippi _ 1,219,000
T en n e sse e_ 1,546,000

Value
$11,240,000
5,075,000
18,326,600
6,501,600
9,752,000
12,368,000

1921
Number
1,347,000
740,000
3,102,000
749,000
1,195,000
1,594,000

Value
$13,470,000
7,400,000
35,673,000
8,763,300
11,352,500
14,143,000




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