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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 T H E 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. © D C 13 © T 3 © L l ®©©g.2 -3 i l 5^ ©Q© )