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T H E

M O N TH LY

Business

R

eview

Covering B usiness a n d A g ricu ltu ra l C onditions in th e S ix th Federal Reserve D istrict.
F E D E R A L

R E S E R V E

B A N K

O F

A T L A N T A

JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent
W ARD ALBERTSON, Assistant Federal Reserve Agent
VOL. 7

ATLANTA, GEORGIA, M A Y 29, 1922

UNITED STATES SUMMARY
Steady improvement indicated in the yield of the principal
agricultural products has been an outstanding feature in the
developments of the past month. Improvement in the prices
of cotton, grains, and other products is also a noteworthy
feature of the month.
In appraising the m anufacturing situation a distinction must
be drawn between basic commodities and those of a more highly
finished sort. The marked improvement in the ease of iron and
giteel noted in business surveys of previous months has continued
during May, unfilled orders increasing m aterially and ingot pro­
duction being the greatest in any one month since November,
1920. Much the same may be said with respect to copper and
the other non-ferrous metals. The situation in other im portant
lines of manufacture is less easy to characterize. Due to the
continuation of the textile strike the output of cotton goods
has been m aterially lessened, although in the southern cotton
mill districts plants are reported as operating near the full
capacity. A very pronounced increase in unfilled orders has
been noted by representative cotton mills in the A tlanta Dis­
tric t which is typical of the general situation. There was a
recession of activity in woolen m anufacturing during April, es­
pecially in the worsted branch of the industry, while the silk
industry is suffering from a condition of continued depression
and inactivity. A mixed situation confronts m anufacturers of
boots and shoes. In the St. Louis D istrict, activity has been
well m aintained, bu t in the Boston, Philadelphia and Chicago
D istricts some recession has apparently occurred. A portion
of this must be ascribed to seasonal reaction.
The general index number of wholesale prices compiled by
the Federal Reserve Board shows an advance of two points
as compared with the preceding month, making it 149 (which
closely approximates the index number 146 of the correspond­
ing month a year ago). This advance is due to the advances in
the prices of agricultural products and in materials* used in
certain basic industries. On the whole the adjustm ent of prices
among commodities and industries is approaching a more normal
relationship.
Reflecting the improved condition in agriculture and the large
disbursement in wages in many basic industries, retail trade ex­
hibits an enhancement of buying power, returns being more
favorable than those of recent months. In wholesale trade, how­
ever, the situation is spotty, some lines, such as hardw are, being
favorably influenced by the great activity in building. On the
whole there appears to have been a decrease in unemployment
which has been brought about through the increased seasonal
demand for outdoor labor, the enlarged opportunities for em­
ployment in the mines, and in other directions. F actory demand
has not kept pace w ith the growth in other branches but, on the
whole, has receded, especially if voluntary unemployment due
to strikes in certain sections of the country be considered.
Financially the month of May has also been a period of com­
parative stability. Among domestic developments the strik ­
ing event of the month has been the announcement of a cut
of ten per cent in railroad rates by the Interstate Commerce
Commission. Wfhat effect this will have upon commodity move­

ments is as yet uncertain.


No. 5

SIX TH DISTRICT SUMMARY
Improvement in the business situation in the Sixth Federal
Reserve D istrict has continued throughout April, although
there were a number of factors which influenced th e trend of
progress adversely.

There has, without doubt, been a gradual

increase of confidence, and reports made to the Monthly Busi­
ness Review are more cheerful in their tone during the last
month or two than has been the case in more> than a year.
U nfavorable w eather in the early months of the year has
affected both the agricultural and commercial aspects of the
situation. Rains have prevented preparation of the soil as
early as would otherwise have been done, and the delay in
planting cotton has increased the likelihood of damage later
on from the boll weevil. Some reports have indicated th a t this
insect has already appeared in some fields. While in more
recent weeks there have been more sunshiny days than here­
tofore, still there has been enough rain to cause increased specu­
lation as to the season’s production, and the current price of
the raw staple has increased approximately two cents a pound.
In Mississippi and Louisiana high w aters and the consequent
breaks in the river levees have caused hundreds of thousands
of acres of land to be inundated, and the resultant loss of
cotton, corn, sugar cane and other crops in th a t locality is
serious.
Retail trade in April continued the improvement which had
already begun, and sales by department stores in thirteen cities
of the district showed a satisfactory increase over the preceding
month ,and were almost equal to sales by the same stores
last year. This is the first time in a number of months th a t
the volume of sales has even approximated the amount for the
corresponding month a year earlier, and while of course the in­
crease is largely attributable to seasonal activity, still funda­
mental improvement in other lines is exerting its influence on
the business of the departm ent stores. Reports show th a t both
wholesale and retail firms are exercising caution in making their
purchases, and figures contained in the statem ent on retail
trade show th a t these firms are buying frequently and in small
lots in order to avoid an accumulation of stocks. Wholesale
trade in the D istrict did not equal in April the March volume
of sales, but comparison of statem ents shown in this Review
w ith those last month show th a t the decreases in April compared
with March were smaller than the increases which occurred in
March over February business, and indicate th a t the trend

2

T H E

M O N T H L Y

B U S IN E S S

is toward improvement. A. noticeable increase in sales by re­
porting wholesale dealers in farm implements took place over
March, the volume of April sales being almost fifty per cent
larger than in the preceding month, and almost eighty per
cent larger than in April a year ago.
The statem ent of charges to individual accounts a t banks in
the principal cities of the D istrict showed a less favorable comparison w ith the same period a year ago4 than was the case last
month. In March a decrease of only 2.9 per cent was shown
in the to tal for the D istrict, while April 1922 debits were 3.8
per cent less than those for April, 1921. Improvement in de­
mand deposits to the extent of about three and one-half per
cent over a month earlier was indicated in the weekly report to
the Federal Reserve Board made for the last week in April
by 42 member banks in selected cities of the D istrict, and a
slight increase is also noted in savings deposits of 80 banks
which report to the Review.
Building activity in the D istrict has continued and permits
issued in April show substantial increases a t some of the cities
in the D istrict over those of a year ago. A t other points, while
decreases are shown, they are in some cases attributed to
large single projects for which permits were issued a year ago.
Substantial improvement has taken place in the lumber industry
in this D istrict, and orders have for the past few weeks been in
excess of production, and unfilled orders on hand a t the end
of April were larger than for any recent month.
While the output of cotton cloth mills in this D istrict in April
was a little less than during March, orders on hand a t the end
of the month by both cloth and yarn mills were considerably
larger than a month earlier, and indicate an increase in the de­
mand for these products. Improvement in the iron and steel
industry is indicated by the fact th a t in the Birmingham Dis­
tric t three additional furnaces were blown in during April, and
the output of pig iron increased more than 9 per cent over
the preceding month. The local price of pig iron has also in ­
creased $2.50 during the past two months, and stocks of iron
on the yards have decreased about 23 per cent.
Employment conditions continue to improve. Of four cities in
the D istrict from which reports are received by the United
S tates Employment Survey regarding the number employed in

R E V IE W

the larger industrial establishments, only one showed a de­
cline ; and of nine cities from which reports are made showing
the number employed in the smaller industrial concerns, only
two showed decreases, compared w ith the preceding month.
RETAIL TRADE
Reports regarding conditions in the retail trade were rendered
by thirty-four representative departm ent stores located in th ir­
teen different cities of the S ixth Federal Reserve D istrict for
April. April sales by these stroes, in the aggregate, were 15
per cent greater than sales by the same firms for the preceding
month. For March an increase of 17 per cent had been recorded
over February, and this additional increase reflects a continua­
tion of seasonal activity which is due, partly, a t least, to the
fact th a t this year E aster came in April.
Sales reported by these firms for the first four months of
1922 compared w ith the same period of last year show up more
favorably than for any time since last June, and revealed a
decline of only 14.9 per cent. The volume of April 1922 sales
for the D istrict showed a decrease, in comparison w ith sales
during April a year ago, of only 1.6 per cent. Increases at
New Orleans and Jackson were more than offset by decreases at
other cities in the D istrict.
Stocks of merchandise on hand a t the end of April this year
were a little more than one-half of one per cent larger than at
the same time last year, increases a t A tlanta, Jackson and
New Orleans slightly outweighing the decreases shown a t
other points. An increase of seven-tenths of one per cent took
place in the amount of stocks on hand a t th e end of April in
comparison w ith stocks at the end of March, 1922.
The relation of stocks to sales, which rose from 593.2 in J a n ­
uary to 821.5 in February, declined in March to 581.7, and in
April to 549.1, showing th a t the rate of turnover in April
was more favorable than for any of the three preceding months
this year. The relation which the amount of orders outstanding
a t the end of April bears to the to tal amount of purchases
made during last year was 4.3 per cent, bearing out statem ents
made by correspondents th a t retailers are buying in small quan­
tities and making purchases more often than has been the case
in a number of months past.

CONDITION OF RETAIL TRADE DURING APRIL 1922
Sixth Federal Reserve District
Indicated by Reports of 34 Representative Department Stores
Birming­
ham
Jackson
(5 )*
(3 )*

N ash­
ville
(4 )*

—0.9

—9.9

4 -1 5.5

—S. 6

+ 1 2 .3

+ 1 5 .4

4 -22.6

A tlanta
(3 )*
Sales during April, 1922, compared with
April 1 9 2 1 ___________________
Sales during April, 1922, compared w ith
March, 1922 _____________________




4-1 0.3

New
Orleans Savannah
(3 )*
( 6)*

Other
Cities
( 10)*

D istrict

4 -3 .6

—7.7

—3.5

—1.6

4 JL8.O

+ 1 2 .9

+ 1 0 .4

+ 1 5 .0

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

3

1-C

Sales January 1 to April 30, 1922, compared w ith same period in 1 9 2 1 ___
—16.3
— 28.2
—2.4
— 11.1
—12.3
—23.7
—15.6
—14.9
2-A Stocks April 30, 1922, compared with
stocks April 30, 1921 __ _ _ _____
+ 1 6 .2
—2.1
+ 20.1
—4.3
+ 1.6
—11.4
—3.2
+ 0.6
2-B Stocks April 30, 1922, compared with
stocks March 31, 1922 _____ ___
+ 8 .9
+ 5 .8
—3.0
—1.0
—0.9
—4.0
+ 0 .7
3.
Relation of average stocks on hand at
end of each month, January to April,
to average monthly sales during same
604.5
period ----- -- _____ _________
599.6
513.2
523.8
500.4
564.8
666.2
549.1
4.
Relation of outstanding orders April 30,
1922, to total purchases during cal­
endar year, 1921 —
— _____
3.8
5.6
X
4.1
4.0
5.8
2.4
4.3
*Indicates number of reports.
NOTE: Other cities include cities in the Sixth Federal Reserve D istrict from which fewer than three reports were received
for April.

---------------—

WHOLESALE TRADE
Reports made to the Monthly Business Review by represen­
tative wholesale dealers in the Sixth Federal Reserve District
indicate a slackening in the volume of business which is usual,
according to some of the reporting firms, in the month of April.
Increases in sales in March over February were shown by all
of the eight lines of wholesale trade under investigation. In
April, however, dealers in seven of these lines reported figures
which in the aggregate showed decreases in comparison with
those for March. Farm implements is the only line which in
April shows aggregate sales of the reporting firms to be
greater than their sales in March. Wholesale stationery, how­
ever, is the only one of the remaining seven lines to show
a decrease, in comparison w ith March sales, larger than the
increase shown in March over February.
Wholesale grocery sales* according to reports received from
31 dealers in the District, were, in the aggregate, 13.8 per
cent smaller in April than in March, and 15.9 per cent less
than sales by the same firms in April last year. All of the
individual cities showed declines in comparison with March,
and M eridian is the only city to show an increase over April,
1921 sales. Correspondent firms in New Orleans state th at the
flood conditions in th a t territory, due to breaks in the levees on
the Mississippi River, have had a serious effect on the volume
of business in all lines, and at least a part of the decline shown
for New Orleans is attributed to this cause. Collections in the
cities are showing improvement, but in the smaller towns are
still slow.
Sales by 20 wholesale drygoods dealers, in the aggregate, fell
off 13.2 per cent in April in comparison with their sales for
March, but were only 3.3 per cent smaller than sales by the
same firms during April, 1921. An increase of 20 per cent was
shown a t Nashville, and “ other cities” reported figures aver­
aging 4.8 per cent larger for April, 1922, than for April last
year, but the total for the D istrict resulted in a decrease. Cor­
respondents state th at prices on staple cotton goods have
strengthened as a result of the recent increase in the price of




cotton. Some of the reports indicate th at correspondent firms
are selling more accounts, but for smaller amounts, th at buyers
are cautious, but th at considerable improvement has taken place
in collections.
Twenty wholesale hardware firms reported sales during, the
month of April aggregating 8.6 per cent less than during the
preceding month, and 6 per cent less than during April, 1921.
An increase of 13.6 per cent was shown by Nashville firms over
March sales, and an increase of 16.9 per cent by Nashville, and
8.7 per cent by Jacksonville, were shown over sales in April last
year. Correspondent firms state th a t there have been moderate ad­
vances in wire and wire products, sheets and bars, and th a t prices
as a whole are more firm than they have been for the past year
and a half. Collections are reported to have shown improve­
ment, and according to the reports received, the outlook is more
cheerful than it has been in recent months.
Business of wholesale shoe firms in April was considerably
better than during the corresponding month a year ago, sales
of 9 reporting firms being 23.8 per cent larger than during th at
month. Compared with March, 1922, however, an increase was
shown at A tlanta, but decreases at other points resulted in an
average decrease of 4.5 per cent. Correspondent shoe firms
state th at collections on current business are very good, but
that collections on past due accounts continue slow. Some
reports indicate th a t slight reductions have been made in
prices on some grades of shoes, and that some orders are being
received for future delivery, although buyers are exercising
caution in making th e ir , purchases.
Wholesale furniture sales at A tlanta increased 19.5 per cent
in April over those in March, and 16.8 per cent over sales m
April, 1921. Declines at other points, however, resulted in de­
clines being shown for the whole District, April sales being 8*2
per cent less, in the aggregate than March sales, and 6.9 per
cent below sales by the same reporting firms in April, 1921.
Correspondent firms in other lines report th at while collec­
tions in those lines are not altogether satisfactory, there are
evidences of general improvement and th at the outlook is better.

4

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

CONDITION o r WHOLESALE TRADE—APRIL 1922
Sixth Federal Reserve District
1.
Comparison of Sales During April 1922 with March 1922
Groceries Dry Goods
(31)*
(20)*
Atlanta _____________ ____________________ _—17.8% —14.8%
—9.2%
x
Jacksonville ______________________________
Knoxville ____ _______________ __________
x
—18.1%
Meridian ________________________________ _—10.4%
x
x
—13.6%
N a sh v ille________________________________
x
New Orleans_____________________________ _—21.3%
V icksburg_______________________________ _—16.1%
x
Other C it ie s ____ __________________________—11.3%
—7.3%
District ______ ______ _____________________—13.8% —13.2%
*Indicates number of reports,
xlndicates less than three reports.
2.

Farm
Hardware Shoes Furniture Implements Stationery Drugs
(20)*
(9)*
(10)*
(6)*
(3)*
(4)*
x
+10.2% +19.5%
x
x
x
—9.9%
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
+13.6%
x
x
x
x
x
—15.9%
x
x
x
x
x
x
x
x
x
x
x
—10.6% —10.8% —12.2% +49.6%
—5.6%
—7.8%
—8.6%
—4.5%
—8.2% +49.6%
—5.6%
—7.8%

Comparison of Sales During April 1922 with April 1921

Farm
Groceries Dry Goods Hardware Shoes Furniture ImplementsStationery Drugs
(31)*
(20)*
(20)*
(9)*
(10)*
(6)*
(3)*
(4)*
Atlanta ______________________ - _________
—19.4% —3.5%
x
+26.7% +16.8%
x
t
c
x
—1.3%
x
■+8.7%
x
x .
x
x
x
Jacksonville -------------------------------------------Knoxville _______________________________
x
—21.9%
x
x
x
x
x
x
Meridian ------------------------------------------------+2.8%
x
x
x
x
x
x
x
Nashville — -------------------------------------------x
+20.0% +16.9%
x
x
x
x
x
—23.8%
x
—16.3%
x
x
x
x
x
New Orleans_____________________ _______
x
x
x
x
x
x
x
V ick sb u rg----------- ------------------------------ ------ —20.0%
—11.5%
+4.8%
—6.8% +22.4% —10.5% +79.9%
—5.0% +8.7%
OtheT C it ie s -------------------------------------------—6.9% + 79*
9% —5.0%
+8.7%
District ------------------------------------------------- —15.9% —3.3% —6.0% + 23-8%
*Indicates number of reports,
xlndicates less than three reports.

AGRICULTURE
Agricultural conditions in some parts of the Sixth Federal
Reserve District have improved considerably during the past
month, while other parts of the District have been less fortunate.
General rains throughout the plains States and the Mississippi
Valley have caused local floods in many places. Unusually
high water has broken the Mississippi River levees at three
points in Louisiana where many hundred thousands of acres
of farm lands are under water. One estimate places the figure
at nine hundred thousand acres; millions of dollars worth of
property, including crops, have been destroyed, and there is a
gloomy outlook for agricultural work in this area. It will be
very difficult, reports state, if not impossible, to produce a crop
of cotton on the land inundated, and correspondents state that
it will also be impossible to raise corn on this land because
of the fact that where corn is planted after an overflow cut
worms always appear and cut the plants down as soon as they
get aibove the ground. Business conditions in this section are
reported to be very much affected by the high water condition,
not only in the volume of business but also in a gradual de­
Digitized cline of deposits in the banks.
for FRASER


There has been a larger proportion of dry weather in other
parts of the District than was the case during the last two or
three months, and farm work has made progress, although it
is still behind. Florida continues to experience a drought which
has existed thorough April and part of March. The dry weather
damaged the truck crops, both as to production and quality;
the condition of the citrus fruits has fallen and shedding in
some localities has been severe; staple crops have suffered but
little, except on a small, extremely early acreage. Some rains
have fallen during the past week or two, and have improved
the condition of the fruit and staple crops. Dry weather
has not interfered materially with the progress of plowing
and planting in the State. Spring plowing was estimated to
be 94 per cent complete on May 1st this year, while spring
planting and sowing was 87 per cent complete, both plowing
and planting being one point ahead of last year. Field peas
and velvet beans are reported considerably below the usual
condition at this time of the year, due partly to the dry
weather. The condition of Irish potatoes on May 1 was 86
peT cent of normal, a drop from 94 per cent a month earlier,

T H E

M O N T H L Y

but better than the 80 per cent reported for the same date
last year. The bulk of the crop has been harvested, and this
condition figure applies principally to the last acreage which
has felt the effect of dry w eather. Shipment of tomatoes from
the E ast Coast is well advanced; the condition of the crop
in the central peninsular acreage, which needs rain, on May 1st
was 73 per cent of normal, compared w ith 85 per cent a
month ago, and 82 per cent last year. Peaches are begin­
ning to move from lower central Florida. As a result of the
drought, the condition has dropped from 85 per cent on
A pril 1st to 73 per cent on May 1st. E arly expectations of
a good pear crop have not materialized, the condition being es­
tim ated a t 55 per cent. Melons are moving from South Florida
and are about ready for shipment in the lower central sec­
tion. The lack of rain has cut thq crop short on early plan t­
ings.
The per cent of spring plowing done in Alabama to May 1st
this year was below the ten-year average by 3 points, being
reported a t 75. This estimate is 7 points below the estimate
on the same date last year, which was 82. A reduction of 5
per cent in the acreage from which hay will be cut this year
is indicated in a report recently issued by the S tatistician of the
Bureau of M arkets and Crop Estim ates. The estimated acreage
is shown to be 818,000 acres. The condition of hay at present
is reported a t 88 per cent of normal. Some of this acreage
has already been cut the first tim e and has yielded a fair
amount of splendid hay. Twenty-two per cent of last y e a r’s
hay crop is reported still on the farm s. The acreage which
will probably be harvested to w heat is reported as 19,000, and
the condition of the crop, 85 per cent, indicating a total pro­
duction of 201,000 bushels this year, a little less than the
amount harvested last year. The report of the statistician also
shows the number of farm animals per thousand dying in the
State during the year, which is as follows: horses and mules 20;
cattle (from disease) 23, (from exposure) 20; sheep 42; lambs
45; hogs 50.
Farm work in G-eorgia is considerably delayed and only 73
per cent of the spring plowing had been done by May 1st,
according to inform ation gathered by the Agricultural S tatis­
tician for th a t S tate. The usual amount on this date is 81
per cent. Less than half of the cotton has been planted in the
upper third of the State, and a negligible amount is up to a
stand. Corn is further behind than cotton. Rains have in ­
terfered w ith work in the northern p art of the S tate where
planting averages more than two weeks late. P lanting is
practically completed in the central and southern; parts of the
S tate, and more than two-thirds of the cotton is up to a
stand, w ith about th irty per cent chopped out. Nearly tw enty
per cent of the fields have been planted w ithout fertilizer.
Increased acreages to watermelons and canteloupes are also in ­
dicated in the report. Other crops which show appreciable in ­
creases in acreage in middle Geocrgia are sweet and Irish po­
tatoes, pimentos, cabbage, and peas, peanuts, sorghum and
corn.
Spring plowing in Louisiana to May 1st this year is esti­
mated a t 82 per cent, compared w ith 83 per cent on the same




B U S IN E S S

5

R E V IE W

date last year, and w ith the 85.4 per cent average for the past
ten years, on May 1st. Spring planting and sowing done by
May 1st is estimated a t 72 per cent, compared w ith 75 per cent
May 1st last year, and a ten-year average of 75.6 per cent. The
expected hay acreage in Louisiana in 1922 is about 214,000
acres, the condition on May 1st 88 per cent, and the forecasted
production for both tame and wild hay is 278,341 tons. These
figures are compared w ith a total hay acreage in 1921 of 223,000
acres, a condition of 92 on May 1st, 1921, and a to tal production
in 1921 of 287,000 tons. The stock of hay on Louisiana farm s
on May 1, 1922, is estimated a t 48,620 tons.
Farm ing operations in Mississippi average ten days later than
usual for th is season. Flood w aters from the Yazoo river have
covered many thousands of acres of farm land in the lower
delta counties. The cotton4 corn and other crops of this section
are reported to be a total loss, and reports srtate th a t replanting
will ibe impossible because of the lateness of the season. P lan t­
ings of corn average nine days late. The oat crop is excellent
on the uplands, but in the low lands some damage has taken
place. Many sections of the S tate report increased acreage
of cotton; plantings for the S tate as a whole will average seven
days late, although much cotton in the upper delta counties
was planted earlier than usual. F ru it prospects are better than
for several years, but many orchards show deterioration from
inattention. Excellent pastures have placed livestock in good
condition. The watermelon acreage is about the same as last
year.
W et weather has greatly delayed plowing and planting in
Tennessee. I t is estimated th a t about 65 per cent of the plow*
ing had been done by May 1st, and about 50 per cent of the
planting, compared w ith 70 per cent, and 55 per cent, respective­
ly, on the same date last year. The wheat} crop of Tennessee,
after w intering in the best shape for many years, is showing
depreciation, and the condition on May 1st, 93 per cent, is
lower than th a t of a month ago. The plant passed the w inter
healthy, w ith little or no heaving, and has made rapid growth,
but the wet w eather of the past two months has caused it to
become too sappy and spindling, the lower blades have been
dying for some time, and rust is now showing in many places.
The rye crop is also becoming somewhat infected with rust, and
the condition has declined. The acreage for hay is practically
the same as last y e a r’s harvest, and the condition on May 1st,
96 per cent, was very good. There has been but little of disease
among livestock, and, on account of the mild w inter, deaths
from exposure have been light. The general condition is
above the average.
MOVEMENT OF COTTON (Bales)
April 1922
Receipts—Ports:
New Orleans _______ 106,397
Mobile ------- _______ 17,322
Savannah ---- ________ 53,587
Receipts—Interior Towns:
A t l a n t a _____ ________ 10,541

March 1922

April 1921

84,456
9,950
69,788

81,406
6,423
43,941

17,979

16,338

6

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M O N T H L Y

B U S IN E S S

Augusta — I.-—. ____ 27,207
J a c k s o n __ — ;—------- 1,116
Meridian _______ — - 1,077
Montgomery ------------- 1,584
Vicksburg __________ 26,154

29,953
602
1,221
587
25,786

19,600
412
771
482
12,278

Shipments—Ports:
New Orleans — — —164,085
___ — 25,286
Mobile
Savannah ———-------- 78,039

122,367
11,195
91,360

82,405
2,060
48,733

Shipments—Interior Towns:
A tla n ta ___ — —____ 18,688
Augusta ____________ 29,298
Jack son — . _______ —
879
Meridian ___________ 4,272
Montgomery --------- 6,575
Vicksburg _________ _ 25,876

24,843
39,699
1,548
4,939
3,178
23,221

14,353
21,522
710
496
1,279
4,705

Stocks—Ports:
New O rleans___ •
—— 227,604
Mobile
- ___ - ......... 7,191
•Savannah ______ - - ___111,977

233,705
11,802
136,419

401,635
2,060
157,593

Stocks—Interior Towns:
A tla n ta ------------- - .... 32,593
Augusta ----------— , .111,571
. 11,283
Jackson _________
. 10,300
Meridian ----------20,627
Montgomery _ ,----7,590
Vicksburg -------- -

40,740
115,925
11,084
13,495
25,618
9,777

35,501
139,497
10,008
13,601
30,728
13,067

CITRUS FRUITS
Practically the entire citrus belt in Florida has had ex­
tremely dry weather during April and most of March. The
condition of oranges has dropped from 96 per cent of normal
on April 1st, to 86 per cent, and the condition of grapefruit
has dropped from 91 per cent on April 1st to 81 per cent on
May 1st. A similar situation existed a year ago when, during
the same period, the condition of oranges dropped from 96 per
cent Of normal to 88 per cent, and grapefruit from 96 per cent
to 89 per cent. In some localities, where the drought has been
of unusual duration, the resulting damage will lower production
for the season of 1922-23, but oveT most of the belt the damage
is more apparent than real.

Shedding, which has been general

as a result of the dry weather, has not proceeded much farther

R E V IE W

Statement of Car Lot Shipments of Citrus Fruit and Vegetables
from Florida During the Month of April
Month of April
1921
1922
1,439
Grapefruit-------------2,329
2,092
O ranges----------------1,168
160
1,567
Potatoes _________
1
Lettuce _______ ’
—
31
1,587
Vegetables ______ _ 847
96
Cabbage — ----- -—
313
0
P ep p ers--- ------------- 126
1,454
Tom atoes________ _ 2,329
Celery ____________ 1,035
861
6
Straw berries______
45
0
B e a n s ------------------- 146
Beets ____________
7
0
4
M e lo n s___ :_______
8
Cucumbers _______ _ 1,145
0

Seasons totals to
April 30, inc.
1922
1921
11,763
13,979
17,571
19,904
2,290
1,612
2,285
2,657
2,493
2,037
2,846
1,406
322
3
5,276
2,820
3,896
3,959
291
105
1
168
21
0
8
'4
1,192
9

SUGAR
Wet, cool weather throughout April and early May has
greatly retarded farm work in the Louisiana Sugar District, and
has interfered with the normal progress of the cane. Large
sugar plantations in the lower part of the State have been
flooded and the crop destroyed, while in other parts of the
State the crop has been affected by the damp weather.
Movement of Sugar
Raw Sugar
April 1922
Receipts:
New Orleans — 131,494,226
Savannah _____ 25,022,887
Meltings:
New O rlea n s___ 122,954,439
Savannah -------- 22,932,428
Stock:
New O rlea n s__ 41,206,494
Savannah _____ 16,269,173

(Pounds)
March 1922

April 1921

171,251,295
43,843,658

148,463,339
33,860,125

146,042,438
35,256,874

112,409,637
29,947,565

32,666,907
14,178,715

47,895,660
1,832,712

Refined Sugar
Shipments:
April 1922
March 1922
New Orleans - - 119,474,181
________
Savannah ——
23,395,976
23,508,696
Stock:
New O rlea n s__ 30,205,205
____ .___
Savannah - ____ 10,974,400
12,725,268

April 1921
104,881,012
13,054,450
31,682,925
11,687,552

than to remove the surplus fruit from a heavy early bloom.
The condition of limes has dropped during the month from
85 per cent of normal to 78 per cent on May 1st.
Following is a statement of shipments in carload lots of fruits
and vegetables from Florida during the month, and for the
season to date:



LOUISIANA SUGAR PRODUCTION 1921
Louisiana produced 648,861,430 pounds of sugar, and 6,454,388 gallons of sirup from the cane harvested in 1921, according
to statistics compiled by the Agricultural Statistician for that
State. The following statement was compiled from reports
made by sugar and sirup factories.

T H E

M O N T H L Y

Year of Cane Harvest
Item
1921
1920
Factories making sugar:
Number ____________
124
122
Sugar made:
Pounds ____________ 648,861,430 338,254,000
Tons _______________
324,431
169,127

121
242,000,0*00

121,000

155.2

136.1

129.0

4,180,780
226,366

2,492,524
182,843

1,883,000'
179,900

Average cane per acre:
Tons _______________

18.5

13.6

10.5

Sirup made:
22 parishes, gallons — 2,422,388
E ntire S tate, gallons _ 6,454,388

2,111,928
4,639,885

Imports
Rough rice _________ 301,468
Clean rice __________ 4,014,767
Brewers Rice ----------74,350
Exports
Domestic r i c e _______ 58,222,300

April
Association Mills ___ 135,379
New Orleans Mills — 85,551
Outside Mills _______
88,326
309,256

46

Total to Mch.
3 1 ,1 9 2 2

Total to Mch.
3 1 ,1 9 2 1

4,721,700
49,017,441
677,223

20,947,192
33,454,065
672,678

349,101,400

237,938,719

Total to
Apr. 3 0 ,1 9 2 2
5,205,296
1,364,662
1,692,556
8,262,514

Total to
Apr. 3 0 ,1 9 2 1

8,557,474

Distribution of Milled Bice (Pockets)
2,510,000’
3,672,000

Average sirup per ton
of cane (22 p arish e s):
Gallons ____________

21.0

20.7

20.2

Cane used for sirup:
22 parishes, t o n s ------E ntire State, t o n s ___

115,125
307,125

101,845
224,205

124.000
196.000

April
315,769
60,071
123,640

Association Mills ----New Orleans M ills ___
Outside Mills ______ -

499,480

BICE
Lack of activity in the rice m arket seems to be due to an
apparent unwillingness on the part of sellers to reduce present
prices while buyers are reported disinclined to make pur­
chases a t the prevailing quotations. Stocks on hand of both
clean and rough rice are larger than at the same period last
year. April receipts and shipments were considerably below
figures for the preceding month and were less* than those for
April, 1921.
Bough Bice (Sacks) Port of New Orleans




April 1921
332,722
347,113
148,143
173,428

Foreign Trade in Bice—United States (Pounds)

12,991,000

6.9

6.8

52

April 1922
85,551
72,683
76,068
24,158

March 1922
533,478
423,044
311,774
89,691

Receipts of Bough Bice (Barrels)
16,856,867

52

Receipts —_____ ____
Shipments ____ - _____
S t o c k _______________
Left-over ___________

April 1922
188,367*
161,537
338,604
89,691

Receipts ____________
Shipments __________
Stock ______________
Left-over ___________

March 1922

Average molasses per ton
of cane:
6.1

:7

Clean Bice (Pockets) Port of New Orleans

Cane used for sugar:
Tons _______________
Acres _____________

Gallons -------------------Factories making sirup
(22 sugar parishes):
Number ____________

R E V IE W

1919

Average sugar per ton of
cane
P o u n d s _____________

Molasses made:
Gallons ____________ 25,423,341

B U S IN E S S

March 1922
232,778
236,356
63,200
24,158

April 1921
126,032
122,949
49,172
6,428

Stock
May
Association M il ls ___
New Orleans M ills ___
Outside M i l l s _______

Total to
Apr. 30, 1922
4,817,879
1,213,765
1,586,921
7,618,565

Total to
Apr. 3 0 ,1 9 2 1

7,751,168

(Bough and Milled)
1, 1922
May 1, 1921
742,811
392,028
201,060

1,335,899

1,593,049

TBEND OF CBOP PBICES UPWARD—MEAT ANIMAL
PBICES DECBHASE
The level of prices paid producers of the U nited States for
the principal crops increased about 2.8 per cent during April.
In the past ten years the price level increased about 5.9 per
cent during April. On May 1 the index figure of prices was
about 12.3 per cent higher than a year ago, 60.1 per cent lower
than two years ago, and 29.8 per cent lower than the average
of the past ten years on May 1.
The prices of meat animals (hogs, cattle and sheep) to pro­
ducers of the United States decreased 1.1 per cent from March
15 to April 15. In the past ten years prices increased in like

8

T H E

M O N T H L Y

B U S IN E S S

period 3.5 per eent. On April 15 the index figure of prices
for these meat animals was about 2.6 per cent higher than a
year ago, 36.3 per cent lower than two years ago, and 15.9 per
cent lower than the average of the past ten years on April 15.
FLORDXA COMMERCIAL WATERMELON CROP
The commercial area of watermelons in Florida this yeaT
is estimated at 35,400 acres, compared with 18,700 acres har­
vested in 1921. The indicated yield based on the condition of
the crop on May 1 is 360 melons! per acre, compared with 434
melons reported for 1921, from which a production of 12,744
cars of 1,000 melons each is forecast, compared with the pro­
duction of 8,116 cars of 1,000 melons each in 1921.
The estimated production represents the maximum figure to
be expected from the acreage stated above and is usually in
excess of the carlot movement.
LOUISIANA STRAWBERRY CROP
The Louisiana strawberry season was nearly over by the end
of the first week of May, when it appeared that the early
estimates of a 1,700-car output would be fulfilled. Although
market prices this year have not been comparable on the whole
with the average obtained the last few years, the growers
generally have done well, and considering the late start, the
crop has been successfully marketed.
Data compiled at the local field station of the U. & Depart­
ment of Agriculture show that berries were Shipped this year
to 85 markets compared with 67 last year. Of the total shipped
to May 1, 326 cars went to Chicago, 73 cars to Detroit, and
91 cars to Boston. At least 32 States received Louisiana ber­
ries this season. The fact that a larger number of market out­
lets were used this season indicates further progress in the
solution of the Louisiana distribution problem.
MOVEMENT OF LIVESTOCK—A PR IL 1922
Receipts—Cattle and Calves:
April 1922
Atlanta ------------------------ 4,420
Jacksonville ___________
291
_
Montgomery _______ - _ 6,020
Nashville ______________ 6,206
Purchases for local slaughter:
A tla n ta ___ ____ ________ 3,419
Jacksonville _____ - _____ 621
Montgomery ___________ 4,531
Nashville ______________ 4,451

March 1922 April 1921
7,740
4,733
462
326
6,644
5,690
7,096
6,447
3,732
1,009
4,623
4,100

2,801
606
5,403
3,953

9,308
6,530
5,417
53,528

18,715
9,043
16,504
48,450

7,908
5,481
10,645
57,066

Purchases for local slaughter:
A tla n ta ________________ 4,046
Jacksonville ___________ 9,093

8,870
15,486

2,943
1,651

Receipts—Hogs:
Atlanta ....... ......................
Jacksonville ___________
Montgomery ___________
Nashville ______________




R E V IE W

Montgomery ___________ .
Nashville _________ ____
Receipts—Sheep:
A tla n ta ________________
Montgomery ___________
Nashville ______________ .
Purchases for local slaughter:
A tla n ta _______ ________
Montgomery ___________
Nashville ______________ .
Receipts—Horses and Mules:
A tla n ta -- ---------------------Montgomery ___________

4,421
9,458

13,635
13,079

8,657
9,267

0
43
4,527

176
8
1,561

17
445
3,677

12
43
1,878

33
7
1,561

17
422
1,410

1,339
21

2,695
12

361
7

FIN A NCIA L
A comparison of debits to individual accounts at the fifteen
clearing house cities in the Sixth Federal Reserve District,
for which figures for a year ago are available, discloses a de­
crease of 3.8 per cent in the amounts charged during the four
weeks ended April 26, 1922, compared with the four weeks ended
April 27, 1921. For several months this comparison had grown
more favorable, and in March the decrease, compared with the
corresponding period a year ago, was only 2.9 per eent, but the
figures reported for April disclose a slightly larger decrease.
Increases took place at Augusta, Birmingham, Knoxville, Macon,
and Pensacola, and decreases, some of them only slight, took
place at the other ten cities included in the compilation. Not­
withstanding this slight apparent setback in the amount of
actual charges against accounts at the banks, reports received
from correspondent member banks and business and industrial
concerns are more optimistic and state that definite improve­
ment in fundamental conditions is taking place. In Louisiana
and Mississippi fiood conditions referred to in another part of
this Review have caused great damage to crops, have mad«
numbers of families homeless, and as a consequence there has
been some gradual decline in bank deposits.
Figures taken from the weekly report made to the Federal
Reserve Board for the week ended April 26 indicate that de­
mand deposits of the 42 reporting member banks had increased
from $229,326,000 on March 29, 1922, to $237,040,000 on April
26, or 3.4 per cent; the April 26 total is larger by 5.7 per cent
than the figure for April 27, 1921, which was $224,323,000.
Loans secured by Government obligations, reported by these
42 banks, on April 26, 1922, were $9,839,000, a decline of 34.5
per cent from the total of <$15,022,000 of a year ago. Total loans,
discounts and investments of the same banks on April 26 were
reported to be $410,093,000, a decline of 2.4 per cent from the
total of $420,326,000 on March 29, and a decrease of 5.4 per
cent compared with the total of $433,306,000 on April 27, a year
ago.
The total of bills discounted for member banks in the Sixth
Federal Reserve District, and bought in the open market, by the
Federal Reserve Bank of Atlanta on April 26 stood at $40,205,761, showing a decline of 1.8 per cent in comparison with the
total of $49,212,094 on March 29, and a decrease of 65.8 per

T H E

M O N T H L Y

B U S IN E S S

cent compared w ith the to tal of $117,470,628 on April 26, 1921.
Federal Reserve Notes were outstanding in the amount of
$114,239,405 on April 26, 1922. This was an increase of 3.9
per cent over the to tal of $109,865,055 a month earlier, but a
decrease of 30.4 per cent compared w ith the $164,110,040 out­
standing on the corresponding date a year ago.
Reports showing the amount of savings deposits a t the end
of April, and March, 1922, and April, 1921, were made to the
Monthly Business Review by 80 banks in the iSixth Federal
Reserve D istrict, and disclose an increase of eight-tenths of
1 per cent in the aggregate amount a t the end of April over
the total deposits on March 31st, and an increase of 1.7 per

9

R E V IE W

cent over the amount of savings deposits in these same banks
on April 30, a year ago. The tabulation below «hows figures
for the various states of the D istrict. While an increase oc­
curred in each state over the total for March, all of the in ­
creases were less than 1 per cent, except in the case of Florida,
where an increase of almost 3 per cent resulted from a compari­
son of the figures reported. In comparing savings deposits w ith
those of a year ago, figures reported from Alabama showed a
decrease of 4 per cent, and from Tennessee a decrease of onetenth of one per cent, but were overcome by increases shown
in the reports received from the other four states.

Savings Deposits—April 1922

April 30
1922
$ 27,386,041
25,215,544
36,868,466
37,075,096
7,399,785
20,126,934
154,071,866

Florida

Total

DEBITS TO INDIVIDUAL ACCOUNTS—APRIL 1922
At Fifteen Clearing House Cities—Sixth Federal Beserve
District
Four weeks
Four weeks Increase
ended
ended
or
April 26
April 27
1922
1921
Decrease
A t l a n t a _ - _________
_
92,428,000
92,538,000
—0.1%
21,291,000
19,950,000
+ 6 .7 %
Augusta ___________
B irm ingham _________
62,765,000
56,251,000
+ 1 1 .6 %
C h attan o o g a_________
28,126,000
34,393,000
—18.2%
Jacksonville ________
43,926,000
48,690,000
—*9.8%
Knoxville __________
24,400,000
24,131,000
+ 1 .1 %
15,373,000
15,304,000
+ .5 %
M a c o n ______________
Mobile _____________
21,640,000
22,646,000
—4.0 %
13,551,000
13,602,000
—.4%
Montgomery ________
61,991,000
78,816,000
—21.3%
Nashville __________ New Orleans _______
219,289,000
222,825,000
—1.6%
P e n s a c o la ___________
7,124,000
5,920,000
+ 2 0 .3 %
Savannah ___________
37,245,000
39,002,000
—4.5%
Tampa _____________
22,895,000
24,508,000
—6.6%
4,966,000
4,986,000
—.4%
Vicksburg __________
Total Sixth D istrict - 677,010,000
703,562,000
—3.8%
Total U nited S tates-35,206,871,000 30,216,462,000
+ 1 6 .5 %
ACCEPTANCES
Twenty-five reports regarding acceptance transactions during
the month of April, 1922, were made to the Monthly Business
Review by member banks in the Sixth Federal Reserve D istrict,
17 showing no transactions of any kind in acceptances during



March 31
1922
$27,266,091
24,497,562
36,706,073
37,030,953
7,383,491
19,950,343
152,834,513

Comparison of
April 30
March 31
1922
+ 0 .4 %
+ 2 .9 %
+ 0 .4 %
+ 0.1%
+ 0.2%
+ 0 .9 %
+ 0.8%

Comparison of
April 30
1921
$ 28,539,230'
24,329,773
36,588,961
34,519,998
7,348,581
20,147,582
151,474,125

April 30
1921-22
—4.0%
+ 3 .6 %
+ 0.8%
+ 7 .4 %
+ 0 .7 %
—0.1%
+ 1 .7 %

the month. Figures contained in the other 8 reports indicated
domestic acceptances executed during April in amounts aggre­
gating 24.6 per cent less than were executed by the same banks
during the preceding month, and representing a decrease of
41.8 per cent in comparison w ith domestic acceptances executed
during April, 1921. Foreign acceptances were executed in
amounts aggregating 7.2 per cent less than the amounts exe­
cuted during March, but 21.6 per cent greater than were exe­
cuted during April of last year. Acceptances held by the re­
porting banks unsold were reported in amounts only a little
less than for the preceding month, but more than four times
as large as the amounts shown for the corresponding tim e last
year.
Acceptances rediscounted and purchased in the open m arket
by the Federal Reserve Bank of A tlanta during April were, with
the exception of February, less than for any month since last
August, showing a decrease of 34.1 per cent in comparison
w ith the preceding month, but an increase of 19.6 per cent in
comparison with the corresponding month a year ago.
COMMERCIAL FAILURES
Commercial failures in the Sixth Federal Reserve D istrict
were larger in April, in both number and amount of liabilities,
than during the preceding month, according to statistics com­
piled and published by R. G-. Dun & Company. The amount of
liabilities for this D istrict for April was larger than for any
month in recent years, but the number had been exceeded in
both January and February of the present year.
The number of failures shown for the U nited States is smaller
than for any month since last November; the liabilities, how­

10

T H E

M O N T H L Y

ever, were slightly larger than for the two preceding months,
but had been exceeded only by the total of liabilities for De­
cember, 1921, and for January* 1922.
Following are figures showing the number and total liabilities
for the Sixth District, and for the United Staes, with the re­
lation to the preceding month and the corresponding month a
year ago.
Sixth District
United States
Liabilities
Liabilities
No.
No.
$73,058,637
$6,557,398
2167
April 1922 _____ 264
71,608,000
5,560,000
2463
March 1922 ----- 221
38,567,769
1,997,350
1487
April 1921 _____ 136
Comparison of April—12.0%
+2.0%
+17.9%
March 1922 ___ _ +16.3%
Comparison of April 1922—
+45.7% +89.4%
April 1921......... . +94.1% +228.3%
IMPORTS AND EXPORTS
Statement issued by the United States Department of Com*
merce show that both imports and exports during April, 1922,
were smaller than for the preceding month and for the cor­
responding month a year ago.
The total value of merchandise imported during the month
of April was given as $217,000,000 which is 15.3 per cent lower
than the figure of $256,178,000 for March, 1922, and was 14.8
per cent less than the total of $254,579,000 for April, 1921.
Exports from the United States during April were $321,000,000. This represents a decline of 2.8 per cent compared with
exports for the preceding month, and is 5.7 per cent less than
the total of $340,364,000 for April of last year.
The total value of imports for April had been exceeded only
twice, in March and in December, 1921, in the past twelve
months, while the total of exports was larger, except for March,
than any month since last October.
The excess of exports over imports for April was $104,000,000, compared with $74,089,000 for March, and with $85,785,000 for April a year ago.
PORT OF N EW ORLEANS
Merchandise to the value of $11,757,367 was imported at
New Orleans during the month of March, 1922. This total
shows a gain over the preceding month of $3,609,942, but a de­
crease in value compared with figures for March, 1921 of about
$5,000,000. Most of this difference is accounted for by the
difference in the value of sugar imported. In March, 1921,
153,191,896 pounds of sugar, valued at $8,243,517 were im­
ported at this port, while in March of this year 186,611,786
pounds were received but the value is shown as only $3,768,191;
while the actual volume was 33,419,890 pounds greater than
last March, the total value of this larger volume was $4,475,326
less than the value of the smaller volume brought in during
March last year. The following statement also shows increased
volume of molasses, mineral oil and bananas, while a falling off
was shown in the amount of sisal, nitrate of soda, mahogany
and coffee. Among articles imported during March of this




B U S IN E S S

R E V IE W

year which were not listed a year ago are burlaps, print paper,
tin and copra.
1922
1921
Commodity
Volume
Value
Volume
Value
Sugar (lbs.) — 1186,611,786 $3,768,191 153,191,986 $8,243,517
Coffee (lbs.) __ / 26,192,717 3,096,787
47,958,337 4,124,288
Burlaps (lbs.) — 20,835,216 1,733,678
_______
Bananas (bun.) . 1,834,459
602,621
1,664,911
668,605
Tin (in pigs) lbs. 1,703,704
530,559
___ __
Mineral Oil (gal.) 57,159,437
662,292
497,415
44,193,156
Nitrate of soda
(tons) -------5,266
238,586
12,664
562,916
Fertilizers (tons)
_____
3,556
61,883
Sisal (tons) ----2,847
286,851
9,745 1,028,984
Copra (lbs.) ----- 2,330,000
110,675 •
937,302
Print Paper (lbs.)
----------28,803
_____
Mahogany ( ft .)_
928,000
78,630
1,525,000
182,084
Molasses (gal.) . . 2,718,194
53,201
2,529,500
56,543
The following figures give the value of imports through New
Orleans during March, for the years shown:
-------------------$11,757,367
1922
1921
--------------------- 16,704,456
1920
^_____ 28,249,555
17,762,192
1919 ----- —-----------------------------1918
11,266,683
1914 ____________________ _______ 7,710,592
1912 ------------------------------------------ 7,396,127
Grain exports through the port of New Orleans during April,
1922, showed a falling off of 3,049,877 bushels compared with
the corresponding month a year ago. The April, 1922, total
was 3,273,220, comprising 2,110,925 bushels of corn, 929,244
bushels of wheat, 188,571 bushels of rye, 33,130 bushels of oats,
and 11,350 bushels of barley; while the April, 1921, total of
8,323,097 bushels was made up of 7,009,253 bushels of wheat,
1,065,514 bushels of corn, 165,714 bushels of rye, 56,360 bushels
of oats, and 26,256 bushels of barley.
The figures following indicate the total exports of grain
through the port of New Orleans from July 1 to April 30, for
the 1922 and 1921 seasons, respectively:
Bushels 1922
Wheat __________________________ 29,988,874
Corn ____________________________ 23,452,495
Oats ___________________________
481,150
302,460
Barley __________________________
R y e _____________________________
582,400

Bushels 1921
63,366,089
5,874,485
624,995
4,982,440
969,428

Figures recently published show that exports of corn from
the United States have shown a substantial increase in the
last year. During March of this year, 22,000,000 bushels were
exported, as against 13,000,000 bushels in March, 1921, and
for the nine months ending March 31, 1922, total exports of
corn amounted to 135,000,000 bushels, as compared with a
total of 36,000,000 bushels exported during the same period of
the preceding year.
The production of petroleum in Louisiana during March is re­

T H E

M O N T H L Y

B U S IN E S S

ported to have exceeded all previous high records. The
March total is reported to be 4,166,000 barrels, an increase of
1,186,000 barrels over February production and an increase
of 1,893,000 barrels over production of March, 1921.
BUILDING
Building is being carried on actively in almost all of the
cities and larger towns in the S ixth D istrict. The statem ent

R E V IE W

11

shown below contains figures showing permits issued during the
month of April. Increases are shown a t twelve of the cities,
and decreases a t eight of the cities, compared w ith permits
issued in April, 1921. Residence permits comprise a substantial
portion of the amounts shown for some of these cities, while
decreases in a few instances are attributed to permits issued
a year ago for a large school, church, apartm ent house or
other large item.

BUILDING PERM ITS—A PR IL 1922
Repairs and
A lterations
Value
No.
Alabama:
Anniston — ___
Birmingham _
Mobile -------Montgomery -

_

7
233
— 4

Florida:
288
Jacksonville - __________
____________ 75
M jia m i_
O rla n d o -------- ____________ 17
P e n s a c o la ________________ 54
St. P etersburg--(Combined Figures)
__________ 135
T a m p a -------Georgia:
_____
167
A tlanta -------___________
97
Augusta _ —.
9
Columbus __
___
__
126
M a c o n ----_____
— 21
Savannah

$

New Buildings

Total

Total

April, 1922

April, 1921

Increase
or
Decrease

No.

Value

4,350
63,067
950
49,664

2
232
25

$ 33,000
340,665
36,450
22,975

$ 37,450
403,732
37,400
72,639

$ 28,500
479,842
87,100
52,360

+ 3 1 .4 %
—15.9%
—57.1%
+ 3 8 .7 %

56,217
64„500
10,842
11,921

72
109
36
13

251,850
161,200
64,272
22,250

285,472
424,300
106,604
55,288

+ 7 .6 %
—46.8%
—29.5%
—38.2%

49,872

93

216,007

308,067
225,700
75,114
34,171
406,300
265,879

512,628

—48.1%

127,154
18,374
7,480
18,457
11,945

336
36
20
45
40

1,170',297
148,946
38,705
110,620
151,925

1,297,451
167,320
46,185
129,077
163,870

7781,328
67,218
135,150
55,290
110,760

+ 6 6 .7 %
+ 1 4 .9 %
—65.8%
+ 1 3 3 .4 %
+ 4 8 .0 %

Louisiana:
New Orleans _________

44

79,750

206

652,600

732,350

652,625

+ 12.2%

Mississippi:
Vicksburg — ______

10

1,575

11

10,885

12,460

3,310

+ 2 7 6 .4 %

Tennessee:
_______ 194
Chattanooga .
— 3
Johnson City _ ____
__ 119
Knoxville ------ 160
Nashville ------ „ _ _

35,225
850
73,166
36,900

16
25
69
77

105,000
104,450
409,560
454,051

140,225
105,300
482,726
490,951

169,039
51,100
287,898
167,905

—17.0%
+ 1 0 6 .1 %
+ 6 7 .7 %
+ 1 9 2 .4 %

___

LUMBER
There has been a marked improvement in the lumber busi­
ness in the Sixth Federal Reserve D istrict during April. Cor­
respondents report th a t the demand has for some weeks been
considerably in excess of production, and th a t values are
firmer, w ith a tendency to advance on those items in seasonal
demand. Weekly statem ents issued by the Southern Pine As­
sociation ghow th a t for three of the four weeks ending in



April orders exceeded actual production, the excess for the
last two weeks being about 20 per eent. Average orders
reported by 131 subscribing members of the Southern Pine As­
sociation for the week ended Friday, April 28, were 827,192
feet, the largest figure for any week since the war. Orders for
this week were 20.9 per cent greater than normal production
of these mills, and 42.2 per cent in excess of the actual pro­
duction for the week by the reporting mills. Shipments during

T H E

12

M O N T H L Y

that week also exceeded normal production by about 6 per
cent, and exceeded the w eek’s actual production by approxi­
mately 25 per cent. Unfilled orders at the end of the week
also reached a new high point. The sudden increase in business
is attributed to the wholesalers who have bought more liberally
during the last two weeks of the month than at any time dur­
ing the last three years. Retailers are buying more or less
heavily direct from the mills, but generally follow the policy
of placing frequent orders and insisting upon immediate'ship­
ment.
Reports on operating time were rendered to the Southern
Pine Association, for the week indicated by 72 mills, and show
that 58 of these mills were operating full time, and six were
operating five days a week. Of the remaining eight, four were
operating four days a week, and one mill operated three days,
one mill two days, and one mill one day.
The amount of orders, shipments, production and stocks for
April and for March, reported to the Southern Pine Association
by 118 subscribing mills for each of these months, are shown be­
low. It will be seen that orders in April were for 371,414,028
feet for the 118 mills reporting for April, while in March the to­
tal was 305,651,455 feet for the same number of mills which
reported for that month. Unfilled orders were appreciably
larger at the end of April than at the close of the preceding
month. Shipments and stocks were also larger, but production
was somewhat less than that reported for March:
April 1922
March 1922
118 mills, ft.
118 mills, ft.
Orders ___________________ 371,414,028
247,852,100
Shipm ents____ - ___________ 322,668,386
238,332,788
Production ____ - .................... 282,528,795
296,272,361
Normal production these mills 334,722,352
333,373,397
850,544,025
Stocks end of m on th ______ 865,576,206
Normal stocks these m ills _ 919,850,173
897,657,586
Unfilled orders end of mo. — 251,876,986
198,636,480
COTTON CONSUMPTION—APRIL 1922
(In Bales)
United States Census
April 1922
Cotton Consumed:
Lint —............... ........ 446,843
L in te r s___________
46,288
On Hand in Consuming
Establishments:
Lint _____________ 1,458,219
L in te r s___________
175,543
In Public Storage and at
Compresses:
Lint _____________ 3,214,386
L in te r s___________
118,453
Exports:
Lint _____ r—
600,971
L in te r s____ _______
11,598
Imports ....... ..................—
15,115
Active Spindles —.........31,389,256



Bureau
March 1922

April 1921

518,450
44,177

409,247
48,227

1,553,961
185,289

1,315,706
215,985

3,765,804
124,059

5,026,984
301,639

452,375
9,109
59,957
31,875,212

315,185
4,748
18,731
32,597,453

B U S IN E S S

R E V IE W

Cotton Growing
April 1922
Cotton C o n su m ed _____
297,303
On Hand in Consuming
E stab lish m en ts____
696,201
In Public Storage and a t
Compresses _______ 2,796,838
Active S p in d le s_______ 15,504,463

March 1922
337,166

States
A pril 1921
248,676

765,881

598,042

3,347,713
15,557,286

4,547,112
14,835,274

COTTON MANUFACTURING
Cotton Cloth
The production of cotton cloth by 38 mills in the Sixth Fed­
eral Reserve D istrict which reported to the M onthly Business
Review declined 7.6 per cent in Aprils 1922, in comparison w ith
the output for March, but was 46.4 per cent greater th an the
amount of cloth m anufactured by these mills in April of last
year. Figures reported by the mills also show th a t shipments
of manufactured cloth during April were a little more than
9 per cent less than in March, although 70 per cent larger than
during the corresponding month a year ago.
Orders on hand a t the end of the month, however, show im­
provement, being 15 per cent larger than a t the end of March,
and correspondents state th a t there is a 'better feeling in the
m arket and a b etter outlook indicated by this increase in orders.
Reports indicate th a t there has been some improvement in the
demand for export, and other correspondents state th a t business
in specialties is b etter but staple goods are not moving very
rapidly. Size of the orders being received still indicates a hand
to mouth policy in buying, on the p art of a m ajority of cus­
tomers.
April 1922 compared w ith
40 Mills
March 1922
April 1921
_|_46.4%
1. Cloth production — l -------------------- —7.6%
2. Cloth shipments ---------------------------—9.2%
_|_70.2%
3. Orders on hand a t the end of the
m o n th ______ __________________ |_15.0%
_|_139.5%
4. Stocks of m anufactured cloth on hand
a t end of m o n th ______________ —2.9%
—27.5%
5. Average time required to complete
orders on hand ---------------------_|_2.3%
_|_69.6%
6. Number of employees on p a y r o ll _—0 .3 %
_|_40.5%
Cotton Yam
Reports from correspondent yarn mills in this D istrict vary
as to the condition of the yarn m arket during the month.
Some of the reports state th a t the m arket is weak and th a t such
sales as are made are a t a loss to the mill. Other reports indi­
cate th a t the m arket has strengthened somewhat and th a t the
demand has increased. Figures contained in reports from 36
yarn mills in the D istrict show th a t orders on hand a t the ond
of the month were almost 22 per cent greater than orders a t
the end of March. The reports state th a t there is more demand
for low grade yarns than there has been recently. The recent
increase in the price of the raw staple has stim ulated the yarn
m arket somewhat.
Production of yarn during April by the 36 reporting mills
was only slightly in excess of th a t during March, but was 59.5

T H E

M O N T H L Y

B U S IN E S S

per cent greater than the amount of yarn manufactured by
these same mills during April* 1921. Shipments fell off 14
per cent compared with those in March, but were almost 39
per cent larger than April, 1921, shipments.
April 1922 compared with
March 1922
April 1921
1. Yarn production-------------------------- +0.6%
+59.5%
2. Yarn sh ip m en ts_________________ —14.0%
+38.8%
3. Orders on hand at end of
month _____________________ +21.7%
+28.3%
4. Stock of manufactured yarn on hand
—14.9%
at end of m o n th ------------------- —1.0%
5. Average time required to complete
same
orders on h a n d ---------------------- —14.7%
+42.2%
6. Number of employees on payroll — —1.1%
MISCELLANEOUS MANUFACTURING
Cotton Hosiery
Three reports received from cotton hosiery manufacturing
concerns in the Sixth Federal Reserve District show produc­
tion at these plants during the month of April to be 4 per
cent leas than during the preceding month, but 11.3 per cent
greater than during the corresponding month a year ago. Orders
booked during April reported by these concerns were almost
21 per cent larger than during March, and 22 per cent larger
than during April, 1921. The amounts of manufactured prod­
uct on hand at the end of the month declined 6.2 per cent
compared with the end of March, and were 11.2 per cent less
than stocks at the close of April, 1921. Unfilled orders at the
end of April were 7.2 per cent greater than a month earlier,
but 7.7 per cent leas than at the time last year.
April 1922 compared with
March 1922
April 1921
1. Hosiery m anufactured----------- ------ — 4.0%
+11.3%
2. Hosiery on hand at end of m on th _—6.2%
—11.2%
3. Raw materials on hand at end of
m on th ______________________ —16.8%
+31.6%
+22.2%
4. Orders booked during m on th ----------- f_20.7%
5. Unfilled orders at end of month __ +7.2%
—7.7%
6. Number of employees on payroll at
end of month -------------------- +2.1%
+25.0%
•Correspondents state that while the current demand for hos­
iery has increaaed during April, there is still no extensive buy­
ing for future delivery. Labor conditions in this industry aTe
reported normal, and prices of the finished product are reported
to have gradually receded.
Overalls
Five reports were made to the Monthly Business Review by
overall manufacturers showing April figures compared with the
preceding month and the April of last year. Production by
these companies in the aggregate showed a decrease of 11.5
per cent in April compared with March, and a decline of 24.6
per cent in comparison with the amounts reported for April,
1921. Correspondents state that there has been a leasening
in the FRASER
Digitized fordemand for work clothes during the last few months.


13

R E V IE W

One company which up to the first of April had been oper­
ating three factories to fairly full production, on that date
put two of these plants on half time. Another correspondent
firm atates that its business in April was about equal to that
of March and almost double that of Last April. Correspondents
report that their customers aTe demanding low prices but in­
sisting upon merchandise of good quality.
April 1922 compared with
April 1921
March 1922
1. Overalls m anufactured---------------- —11.5%
—24.6%
2. On hand at end of month _______
+16.1%
—56.8%
—31.8%
3. Orders booked during month . .. __ —25.0%
+17.6%
4. Unfilled ordera at end of month _ —16.7%
5. Number of employees on payroll at
+33.7%
end of m o n th --------------------- - —4.4%
Brick
Correspondent manufacturers of brick in this District report
that there has been a very material increase in the demand
for, and the use of brick, during the month of April.
The
gain is estimated at probably fifty per cent over any month
during the past year, and information received in regard to pro­
duction indicatea that the output in April was about fifty per
cent larger than during March. There is also reported a
strengthening of the price, and the outlook is said to have im­
proved considerably during the last month or two.
Cottonseed Oil
The season of manufacturing activity in the cottonseed oil
industry ia practically over* and most of the mills reporting to
the Review state that their plants have been closed during the
past month. Some reports showed small receipts of seed, and
amounts of crude oil, cake and meal manufactured, but due
to the short cotton crop of laat year most of the mills have
finished their crushing for this season.
LABOR
The monthly survey of employment conditions made by the
United States Department of Labor for April shows increases
in the number employed in 40 cities, and decreases in 24 cities,
one other city reporting the same number employed at the end
of April as at the end of March. This survey ia based on figures
taken from the larger industrial payrolls of 65 of the principal
industrial centers of the country. On April 30th, the 1428
firms, each of which usually employs more than 500 workers,
reported 11,875 more employees on their payrolla than they
carried on March 31st* an increase of .74 per cent.
Industrial classifications showing increases in employment
in April are:
Vehicles for land transportation ----------------- 10.4%
Stone, Clay and Glass --------------------------------- 7.8%
Iron and Steel and their producta-------------- 5.7%
Metal and Metal products -------------------------2.1%
Chemicals and allied products -------------------1.8%
Lumber and its manufacture ----------------------.5%

14

T H E

M O N T H L Y

Industries showing decreases in employment in April are:
8.2%
Leather and its finished products -------------Textiles and their p ro d u c ts -------------------------7.6%
Liquor and beverages -------------------------------7.3%
Food and kindred p r o d u c ts -------------------------- 3.96%
Paper and p r in tin g -------------------------------------1.9%
Miscellaneous in d u s trie s -------------------------------1.1%
Tobacco m a n u fa ctu re rs---------------------------------.5%
Railroad repair shops -------------------------------.31%
The total decrease in these 8 industries is shown by the sur­
vey to be 33,711, while the total increase in the 6 industries
shown above was 45,586.
The largest increase in employment during April over March
shown by any of the 65 cities was for Chattanooga, where em­
ployment in these larger industrial concerns increased 16.8 per
cent. Figures for other cities in the Sixth Federal Reserve
D istrict from which reports* were rendered by firms employ­
ing 500 or more workers, are as follows:
Chattanooga -------------------------------- _|_16.8%
Birmingham -------------------------------- + 7 .1 %
A t l a n t a ---------------------------------------+ . 6£&
New O rle a n s -------------------------------- —7.4%
Reports are also received by the departm ent from a number
of cities showing inform ation in regard to employment condi­
tions among industrial concerns ordinarily employing less
than 500 workers. Figures for cities in this Federal Reserve
D istrict contained in the Survey are as follows:
City
Number of
Number Employed Increase or
Firm s
April 15 March 15
Decrease
19,921
19,492
+ 429
A tlanta _____ —— 135
Augusta ________ 13
2,903
2,664
+ 239
B irm in g h a m _____ 42
8,690
8,682
+8
9,070
8,744
+ 326
Chattanooga _____ 66
Columbus ___ ____ 38
5,067
5,143
—76
Jacksonville _____ 34
2,046
2,115
—69
Knoxville _______ 49
12,384
11,523
+ 861
Mobile _________ 53
3,235
3,192
+ 43
Savannah _______ 30
6,238
6,166
+ 72
The survey shows th a t 88 textile mills in the state of Georgia,
employing on April 15th 23,610 workers, show a decrease for
the month of 106. Industrial employment throughout the State,
however, is steadily advancing in volume. Heaviest increases
are shown in vehicles and miscellaneous industries, while sub­
stantial increases are also noted in iron and steel, lumber, chem­
icals and railroad shops. This also applies to A tlanta, where
industrial activities are going forw ard, steadily increasing
employment. At Savannah textiles, lumber, railroad shops
and miscellaneous industries showed an increase in employment,
while food and kindred products suffered a slight decrease.
Workers in building trades and the lumber industry working
on short time. At Columbus decreases occurred in textiles and
chemicals, but all other lines show steady, although slight in ­
creases. A t Macon conditions show improvement, a number of
industrial concerns having opened up during the month and
added to the number employed. A t Augusta there has been
a progressive increase in employment w ith all industries op­




B U S IN E S S

R E V IE W

erating on practically a normal basis. Building trades are
actively employed in the construction of buildings for a
bank, the Y. M. C. A., a hospital, an office building, county
bridge and other structures valued a t almost a million and
a half dollars.
Florida reports indicate some improvement in industrial con­
ditions throughout the State. A t Jacksonville there is a
gradual increase in employment and the outlook for practically
all industries is reported good. Unemployment in various lines
is becoming less apparent, w ith the exception of unskilled la­
bor. Some machine shops and planing mills are running parttime. There was a large increase in lumber employment, but a
considerable decrease in the chemical industry. A t Tampa
there was some improvement in employment, the building
trades becoming more active. M etal trades and cigar indus­
tries are operating p art time w ith about half the usual force.
The Citrus industry has afforded employment for large num­
bers of workers. Unemployment is still heavy in Key W est cigar
factories, and also in the building trades and machine shops
there.
Actual figures from principal cities in Alabama indicate con­
siderable increase in employment. Textiles, lumber and coal
mines show improvement. Coke production is increasing as
sixty more by-product coke ovens have started. Twenty-one
textile mills in Alabama employed 128 more workers on April
15th than on March 15th, and seventy-four lumber mills in the
State reported an increase of 593 in the number of workers
employed. Seventy-five coal mines reported an increase of 335
workers for the month. A t Birmingham forty-tw o industrial
concerns reported the number employed by them on April 15th
compared w ith a month earlier. Eighteen of these concerns are
running full time, nineteen p art tim e, or w ith reduced forces,
and five are closed. Increases occurred a t Birmingham in em­
ployment in iron, steel and their products, food and kindred
products, and in building m aterials. Steel mills are oper­
ating a t practically full time, and increased activity is reported
in the various foundries and steel fabricating industries of the
district. Reports from Montgomery state the employment
situation is somewhat relieved, farm ing and road construction
employing considerable labor although there is still some un­
employment among unskilled and semi-skilled workers. At
Mobile of fifty-three reporting concerns, thirty-five are run­
ning full time, sixteen p art tim e or w ith reduced forces, and
only two are closed. Plans were made for two shipbuilding
companies to sta rt work May 1st employing about 2,000 men.
Other industries have increased the number of workers em­
ployed, but shipyards remain closed.
In Louisiana, the survey shows, the employment situation
is gradually improving. Employment in New Orleans has in ­
creased somewhat but much idleness still prevails. Lumber
products are making lim ited increases in the number employed.
Building construction is active, and a somewhat greater activity
is noted in public improvements w ith an atten d an t increase in
employment of common labor. In other industries, however,
improvement is slow.
A slight decrease in employment indicated in Mississippi
lumber, mills was caused by inclement w eather, which seriously

T H E

M O N T H L Y

interfered with logging operations. About 85 per cent of
the hardwood mills were reported closed down. Most of the
small pine mills are closed, but the larger ones are running
steadily. At Meridian local employment conditions are im­
proving; workers have been recalled in one railway shop, and
another is operating on practically a normal basis. A t Jack ­
son the labor situation remains about the same notw ithstanding
the closing down of several industries. The building trades and
spring planting are requiring much labor.
Substantial increases in employment are indicated in reports
from the principal cities of Tennessee. Road construction which
will soon begin will absorb considerable unskilled labor in all
parts of the S tate and relieve the unemployment situation.
At Chattanooga an increase of 326 workers is indicated in re­
ports from sixty-six industrial concerns, forty-one of which are
running full time, twenty-one part-tim e or with reduced forces,
and only four closed. An increase in employment is shown in
stone, clay, glass, chemicals and allied products. A slight in ­
crease is shown in food and kindred products, and iron and
steel and their products, while m anufacture of building ma­
terials show considerable increase. A t Knoxville forty-nine
reported an increase of 661 workers during the month. Twentyeight of these plants are running full time and w ith normal
or above normal forces, nineteen are running with reduced
forces or part-tim e, and only two w ith any m aterial reduction.
Of forty-five concerns in Nashville reporting, twenty-seven are
running full time, sixteen part-tim e or w ith reduced forces, and
only two are closed. Increases in employment were indicated
in food and kindred products, stone, clay and glass, and to­
bacco m anufacture. Lumber products and paper and p rin t­
ing remain stationary, while iron and steel, chemicals, and
miscellaneous industries show a decrease.
Railroad shops
are working part-tim e.

OOAI.
Prelim inary estimates made by the United States Geological
Survey place the total output of soft coal in April a t 15,780.000 tons. This is much below the production of any April
in recent years, and is approximately 3,000,000 tons below the
output of November, 1919, when as now, a general strike of
bituminous miners was in progress. The average production
per working day in April was 645,000 tons.
Production of soft coal increased at the beginning of the sixth
week of the strike (M ay 8-13). The preliminary estimate in­
dicates an output close to four and a half million tons. The
revised figures for the fifth week (M ay 1-6) show 4,161,0G'0
tons of bituminous coal, and 6,000 tons of anthracite, a
combined output of 4,167,000 tons. In the corresponding week
of the 1919 strike 5,245,000 tons of soft coal, and 2,014,000
tons of anthracite were preduced, a total of . 7,259,000 tons. For
the first time since the strike began, loadings of coal exceeded
the 13,000 car m ark on May 8, and were also larger than this
figure on each of the next three days. Figures available indi­
cate loadings for the week May 8-13 would total 4,400,000 to
4.500.000 tons. The increase has been general in those districts
not affected by fhe strike. I t is stated to be due less to



B U S IN E S S

15

R E V IE W

resumption of work a t mines hitherto closed by the strike,
than to an increase of activity caused by quickening demand
in those fields not affected by the strike.
In the Birmingham D istrict April output was not equal to
th a t of March, showing a decline from 1,370,000 tons in March
to 1,170,000' tons in April. Correspondents state th a t the first
half of April production ran about 320,000 tons per week,
but the last half of the month it dropped to about 265,000 tons
per week. The large tonnage in March and the early p art of
April was stated to be due to the railroads stocking up on ac­
count of the coal strike. Purchases by railroads during the la t­
ter part of April are reported to have been light.
Reports made by the carriers to the Southern Appalachian
Coal Operators Association indicate th at total loadings for Ten­
nessee for April were 3,877 cars, or approximately 193,850 tons
of coal. This is a decrease of 263,150 tons, compared with
loadings for the preceding month. Since the first of May a great
many mines have been started th a t were not running in April.
This is partly attributed to a somewhat increased demand, and
also to the fact th a t some of the mines in the states th a t were
affected by the strike have been able to negotiate arrangements
with their employees to resume work. About 75 per cent of
the mines in the territory of this association are in opera­
tion.
IRON AND STEEL
Published reports and statistics show th a t the co u n try ^ out­
put of pig iron in April made a substantial gain over th at
for March despite the coal strike. During April the produc­
tion was 2,072,114 tons, or 69,070 tons per day, as compared
with 2,035,920 tons produced in March, or 65,675 tons per day.
Twenty furnaces were blown in during April and thirteen were
blown out or banked. Active capacity on May 1st was 72,875
tons per day for the 162 furnaces in ^operation, against 69,015
tons per day for the 155 furnaces operating on April 1st, a
gain of 3,860 tons per day. • The total number of furnaces in
blast on May 1st was 162, compared with 155 on April 1st, with
138 on March 1st, and w ith only 69 on August 1, 1921, the
low point of last y e a r’s slump. In March the net gain in the
number of furnaces in operation over February was 17, and in
February the net gain over January was 12 furnaces. The
daily rate of production during April, compared with pre­
ceding months, is shown below:
Merchant
Iron
April 1922 ---------------------------- 12,140
March ---------------------------------- 12,128
February ----------------------------- 11,387
January ------------------------------- 10,933
April 1921 -------------------------- - 5,914

Non-Merchant
Iron
56,930
53,547
46,827
42,130
33,854

Total
69,070
65,675
58,214
53,063
39,768

In the Alabama D istrict conditions have continued the im­
provement noted last month, both in point of production of pig
iron, and in prices. On May 1st there were eighteen furnaces
in active operation, compared with fifteen on April 1st, and
with eight on May 1st, 1921. The production of pig iron in
Alabama increased to 171,823 tons during April, a gain of a

16

T H E

M O N T H L Y

little more than 9 per cent over the output for March. At
this tim e Iasi; year the price of No. 2 foundry iron was $ 21.00,
a t Birmingham, where on May 1st of this year the price was
$17.00 to $17.50. The $17.00 price has now disappeared, and
iron is firm a t $17.50. This is an increase of $2.50 per ton dur­
ing the past sixty days*. Stocks of iron on furnace yards in the
Birmingham D istrict on May 1st were 81,000 tons, compared
with 221,000 tons a t the same time last year. Stocks in this
D istrict decreased approxim ately 24,500 tons during the past
month. The m arket is reported active, and shipments exceed
the tonnage being produced. Correspondents state th a t in ­
quiries and orders are being received th a t will require opera­
tion for several months. In many instances iron has been
sold for delivery in the third quarter of the year, and in some
instances sales have been made for delivery in the last quarter.
Several correspondents state th a t business received during April
was b etter than for any month in the past year and a half.
Some of the furnace interests aTe holding off the m arket, how­
ever, and are not contracting for delivery in the third quarter.
Shipments of pig iron are being made from this section in
every direction, except to the extreme east, and some inquiries
are coming from th a t portion of the country. Inquiries are
being received from the fa r W est, and some sales have been
made requiring shipment to California. Local consumption
continues to increase, high-pressure and soil pipe plants melting
more iron than heretofore while foundries and machine shops
are taking on the product also.
NAVAL STORES
The first month of the naval stores season has brought w ith
it a change for the b etter in conditions and prospects in this
industry. The production of naval stores during April has been
retarded somewhat because of the cool weather but the move­
ment has been greater than a t the corresponding time last year.
There is much diversity of opinion among correspondents re­
porting to the Monthly Business Review in regard to the
1922-23 crop season. They are agreed, however, th a t the cool
w eather has affected the productiveness of the trees and
caused the present season to be delayed, and has also been
p artly responsible for the increased prices. Stocks of both
turpentine and rosin a t the beginning of the new season were
considerably lower than a t the first of last season, indicating
th a t the entire production for the year was consumed and a
large, p a rt of the stocks brought over from the previous season.
Shipments continue to exceed the receipts of both commodities.
The present demand is strong, and correspondents state th a t
most of the orders being received are for prompt delivery, in ­
dicating an absence of stocks in the hands of consumers.
Movement of Naval Stores—April 1922
April 1922 March 1922 April 1921
Receipts—Turpentine:
5,898
4,985
837
S a v a n n a h -------4,989
6,317
1,976
Jacksonville —.........
1,942
3,168
591
P e n sa c o la ----------- -Rosin:
13,180
20,415
16,537
S a v a n n a h -------- ----10,182
32,432
24,174
Jacksonville ’
--------


B U S IN E S S

R E V IE W

7,175

4,890

5,994

3,125
11,800
956

4,138
10,026
4,502

6,271
2,924

33,017
36,831
17,492

23,125
33,070
6,700

12,167
9,472

. 2,484
. 7,641
956

624
13,124
5,657

5,558
16,962
5,892

53,050
147,310
54,966

65,652
151,709
64,650

72,858
173,848
55,007

Shipments—T urpentine:

Pensacola
Rosin:

*

*

Stocks—Turpentine:

P e n s a c o la __
Rosin:

*Not reported.

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