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Fe d e r a l R e s e r v e B a n k OF ATLAN TA. Atlanta, Ga., November 25, 1919. Monthly Report on Business and Agricultural Conditions in the Sixth Federal Reserve District. -------- JOS. by -------- A. M c C O R D , INTRODUCTION There has never been a time when the economic situation in the United States requires so much thought and consideration by every influential citizen. The general restlessness and high prices make it necessary for increased production and decreased consumption by everyone, regard less of his position, and it is believed that the thoughtful men and women have realized the condi tions and are resolved to find a solution for the problems which are now before them, and to bring about better social and economic conditions. The restlessness in the public mind is principally due to the cost of living, and while the wage for individual labor has been climbing upward, the demands are for still further increases which are made as a result of the high cost of living. This condition could go on still further and no good result would be accomplished. After all, the real question is not so much the cost of living, but the margin between the amount earned and the cost of living. It therefore seems imperative for every one to use all their efforts and energies toward increased production and decreased consumption, and especially those in positions of leadership, for it is to them that the people look for example. Let this be the slogan of all: “ Work and Save.” COMMERCIAL The volume of fall trade as reported by both wholesale and retail dealers is active; merchants generally, while not carrying large stocks, seem to have sufficient to meet ordinary demands. Both retail and wholesale houses are buying as needed, replenishing their stocks from time to time and meeting any depletions that may take place caused by heavy purchases in any line in excess of what they anticipated. This frequent buying is partly causedJoy inability of many merchants to receive shipments of purchased goods. The warm weather has caused delay in purchasing by consumers, such lines as drygoods, shoes and clothing, but this trade has taken on considerable activity during the past two or three weeks of cooler weather. The volume of trade as reported by one large wholesale shoe house is about 15% better than that of last October. FINANCIAL There has been no reduction in the demand for money throughout the District. Interest rates are reported steady, and collections are satisfactory for the season of the year. Many reports indicate increases in deposits, due in some cases to sales of cotton, which many have held for 40 cents a pound. EXPORTS Statistics just published by the Department of Commerce covering the foreign commerce of the United States for the first eight months of 1919, ending with August, show that the port of Savan nah has gained more than 100% in exports as compared with the same period last year, and very nearly 1 0 0 in the total of import,and export trade combined. The imports at Savannah during the first eight months of 1919 were $11,740,334, compared to $9,638,042 for the same period 1918. The exports for the first eight months of 1919 were $143,432,496, compared to $71,051,191 for the same period 1918. AGRICULTURAL Crops have practically all matured with the exception of velvet beans and sugar cane, which in some sections is still in splendid growing condition. All hay crops have been harvested. Peanuts are being picked from the vines and marketed, and practically all corn has been housed. The yield of hay has been exceptionally good. Peanuts are giving fair yield, though poorly cultivated on account of excessive rains during the growing and cultivating period. The cotton crop is the shortest on record in this territory. The damage caused by the boll weevil has been very great, and the infested area is still spreading. It is estimated the crop in Alabama will be about 50/4 of a normal crop, and at least 100,000 bales less than produced last year. The total of the corn crop of Alabama is estimated to be 66,375,000 bushels, which is slight ly under last year’s production. The average yield of peanuts in Alabama is estimated at 21 bushels per acre. The acreage planted this year to peanuts was about 530,000, which is more than 200,000 less than that of last year. This will mean a total crop for this season of over 11,000,000 bushels, compared to 17,470,000 bushels gathered last year. The sweet potato crop is not equal to earlier forecasts, although it is more than five million bushels larger than the crop of last season. The crop this year is estimated at 19,928,000 bushels. It is estimated the total cotton produced in Alabama will be 696,000 bales. ucts estimated as follows: Hay, tons ............................ 1,590,000 Irish Potatoes, bushels.. .... 5,100,000 Wheat, bushels........ —........ 1,530,000 Other farm prod Oats, threshed, bushel......... 2,620,000 Sorghum Syrup, gallons....... 13,923,000 The production of apples in Alabama is estimated at 35 percent of normal, and the average quality is only 60 percent of a high medium grade. The following figures show the estimated production of the crops indicated in Mississippi: Corn ..................................................... ........................... 60,528,000 bushels Sweet Potatoes ... .......................... ...................... ....... 9,400,000 “ Sugar Cane (syrup) ................................................. _.. 6,630,000 gallons The fall crop of Irish potatoes in Mississippi consists largely of patches for home consumption. Th^ yield is estimated at 85 bushels to the acre. The crop of cowpeas is very short in both acre age and yield; the fall rains have rotted or severely damaged a very large proportion of the actual production. The following figures show the estimated average yield per acre of the crops shown, in Georgia, the information being taken from the November crop sketch issued by the Co-operative Crop Re porting Service for Georgia: Corn .................................................. — ........................ 15.1 Irish Potatoes .. .............................. ............................. 68.8 Sweet Potatoes .._...................... ...... ........................... 95.2 Tobacco ................................................................. ........613.6 Peanuts ........ ............................ .................................... 29.2 Sorghum ........................................................................ 89.5 bushels “ “ pounds bushels gallons Reports from Florida indicate that the Sea Island cotton market has improved somewhat, sales now being made at 75 cents. There has been an increase of about 20% in the cotton goods market, notwithstanding the prevailing high prices. Collections are good. Large orders for spring delivery are beginning to be received. Interest continues to grow, throughout the District, in winter cover crops and in deep plough ing, and there is a decided increase in the number of alfalfa and clover plots. During the summer and early fall tractor manufacturers and selling agents have been active, and many tractors have been placed which are now being used in the preparation of grain crops and in fall ploughing. Interest in live stock continues to increase, and the demand for breeding animals is greater than it has ever been. There is also a decided increased interest in sheep. Reports indicate that practically every farmer is handicapped to some extent on account of the shortage of farm labor. They are, however, taking every advantage by using tractors and other labor-saving implements, and it may be expected that the system of farming may be gradually adjusted to a basis of proportionately more horse power to man power than heretofore. FLORIDA FRUITS AND VEGETABLES The citrus fruits have been greatly affected by the unseasonable weather and are not ma turing as they should. Some shipments have not carried well, and owing to this, and to poor color of the fruit, the market has been very poor, and returns for both oranges and grapefruit have been disappointing. It is felt that with cooler weather the market will improve, and that the fruit will take color and carry better. Excepting cotton and peanuts, all sta ple crops and live stock in North and Middle Florida are reported fully normal. Reports are that truckers are preparing land for fall planting. Very warm weather during October and early November has been had for fall vegetables and especially celery. FLORIDA MEATS The run of cattle has been very light and the prices have been on a very good level for heavy stuff throughout October; the market being dull, however, in all medium and off quality stock, with indications that few cattle will be fed in this territory during this winter. The October run of hogs was about in line with that for October of last year. An advance in price in the last few days gives promise of a better run for the balance of November. The increase, in Florida, in hog production is estimated at about 20% over that of last year; the increase in cattle about 15%, and of other live stock 10%. LUMBER The volume of trade in lumber is reported to be satisfactory for the season of the year. There has been a slight let-up in the number of orders received, but it is expected this will be followed within the next few weeks by active buying for spring requirements; some dealers are already re ceiving orders for January and February delivery. Lumber stocks are very light at the mills, probably averaging about 75 of normal. Production in this section is estimated to be not above 80% of normal for the season, due to shortage and inefficiency of labor and to unfavorable weather conditions. NAVAL STORES Florida reports indicate that the weather has been favorable for Naval Stores products, and receipts have been proportionately larger than previous months. Notwithstanding the heavier re ceipts, the market has kept up well and prices continue excellent. Export demand is increasing and there is a large domestic demand for both rosin and turpentine. COAL The nationwide strike of coal miners has had its effect upon conditions in the Alabama and Tennessee Districts, though there are a large number of miners in these districts not affiliated with the unions. Where the miners have been well organized, the strike has been effective, but those mines operated on an open shop policy have succeeded in producing coal, and consumers drawing their coal requirements from those districts have so far not materially suffered. IRON, STEEL AND MISCELLANEOUS INDUSTRIALS Business in iron and steel is reported to be very active in the Alabama district. The demand for both products is increasing, and the plants are working to capacity. Pig Iron production in October amounted to 208,793 tons as compared to 195,252 tons in September. CLEARINGS—OCTOBER 1918. Atlanta, Ga...................................................................... Augusta, Ga. ................................................................. Macon, Ga. ..................................................................... Savannah, Ga.................................................................. Jacksonville, Fla. ....................................................... .... Pensacola, Fla.................................................................. Tampa, Fla. ................................................................... New Orleans, La.............................................................. Vicksburg, Miss............................................................... Chattanooga, Tenn. ........................................................ Knoxville, Tenn................................................................ Nashville, Tenn............................................................... Birmingham, Ala............................................................. Mobile, Ala....................................................................... Montgomery, Ala...................... _..................................... 1919. $319,925,472.10 22,975,597.69 ........................ 45,750,745.97 29,359,042.92 8,265,944.58 6,151,433.58 237,217,322.65 2,369,907.55 25,683,829.19 13,086,033.09 84,009,803.26 61,670,195.00 6,875,823.00 8,502,843.00 $406,219,578.93 35,584,891.54 40,551,757.85 69,977,569.33 41,168,973.17 10,306,350.07 8,229,177.54 318,237,459.01 2,691,413.70 32,088,246.27 15,674,784.40 86,670,847.45 81,511,899.00 10,358,461.00 8,863,938.00 BUILDING OPERATIONS—OCTOBER, 1919 Repairs and Additions Atlanta, Ga. ................................. Augusta, Ga. ............................... Brunswick, Ga. ............................ *Macon, Ga. ................................. Rome, Ga. ..................................... Savannah, Ga. .............................. Waycross, Ga. .............................. Anniston, Ala. ......................... . Bessemer, Ala. ......................... .... Birmingham, Ala. ......................... Florence, Ala. ........... -................... Gadsden, Ala. ............................... Mobile, Ala. .................................. Montgomery, Ala. ......................... Sheffield, Ala. .............................. Gainesville, Fla............................... Jacksonville, Fla............................. Miami, Fla. ......................... .......... Palm Beach, Fla. ........................... **Pensaeola, Fla............................. Tampa, Fla. ........... .................... West Tampa, Fla. .. ...................... Chattanooga, Tenn.......................... Clarkeville, Tenn. .................... .... Knoxville, Tenn.............................. Nashville, Tenn............................... Johnson City, Tenn......... ...... ........ •Not reporting. ••Combined figure. New Buildings NUMBER V ALU E NUMBER VALU E 199 158 13 $305,613 42,187 2,010 56 29 15 $500,200 100,300 7,700 5 21 6 9 10 311 6 104,200 9,325 2,645 4,800 5,700 87,898 7,150 2 56 7,575 639,595 2 136 6,000 40,702 12 19 6 5 2,425 78,500 5,600 22,350 5 76 126 1 9 16 43 2 3 38 93 11 85 5 190 5 75 252 37,155 11,000 146,040 406,122 4,000 19,875 48,975 124,409 ’ 5,375 1,550 255,250 262,650 209,100 164,344 141,925 2,000 73,100 842 121,938 212,035 28,550 13,988 645 17,595 39,678 25 5 13 17 24 48 10
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