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THE MONTHLY Business Review Covering B u sin ess 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. M cCORD, Chairman of the Board and Federal Reserve Agent W ARD ALBERTSON, Assistant Federal Reserve Agent VOL. 7 ATLANTA, GEORGIA, NOVEM BER 30, 1922. UNITED STATES SUMMARY Substantial increases of productive activity are reported by basic industries during October. Due principally to in creased activity in anthracite coal mining, mineral output was nineteen per cent larger than in September. Produc tion of pig iron and consumption of cotton were the largest in two years. The total number of railroad cars loaded was nearly at a maximum, yet car shortage on November first was the largest ever reported. Increased production in October has been accompanied by continued increase in the volume of employment. Aver age pay per worker was larger in many industries, due in most cases to ah increase in hours of work. Steel mills, metal mines and building contractors s till report a shortage of skilled workers. Wholesale trade showed comparatively little change dur ing October. R etail trade continued to be greater than a year ago and also larger than in September. The total of payments by check for one hundred forty cities, not includ ing New York, was eleven per cent larger in October than in September, and thirteen per cent larger than in October 1921. The wholesale price index of the Bureau of Labor Statis tics was 154 in October as compared with 153 in September and 142 in October 1921. Prices of farm products and cloth ing showed particularly large increases during October, while fuel prices continued to decline. The increased busi ness activity has not been reflected in the movement of total loans of member banks in leading cities. There were flig h t increases in the southern and western districts and a|so in New England, but these increases were more than A s e t by reductions in other d istricts, especially in New York and Chicago. Rates on various classes of loans have remained firm or have shown a slight upward tendency, demand and time deposits both decreased during the four weeks, though again western and southern districts re corded slight increases. NO. 11 S IX TH D IS TR IC T SUMMARY The business situation in the Sixth Federal Reserve Dis tric t has undoubtedly shown further improvement during the month of October and the early part of November. There are some lines which, considered by themselves, would indicate an adverse tendency, but these are outweighed by other factors equally as important, and there is no longer any doubt as to whether business is improving. Probably the best individual indicator of the trend of actual business is the volume of debits to individual account. These statistics have been reported to the Federal Reserve Board regularly for banks in selected cities throughout the country each week for the past four or five years and have taken the place of bank clearings as the principal indicator of the actual volume of business being transacted from week to week. The latest figures available at the time this is written are for the week ending November 15. Debits at fifteen cities in the Sixth Federal Reserve D istrict for that week were $236,273,000, compared with $211,989,000 the pre ceding week, and with $190,209,000 for the week ending November 16,19211 These figures show an increase of a little more than 24 per cent over the volume of checks charged to individual depositors’ accounts during the corresponding week last year. While the volume of sales by department stores in the Dis tric t, which co-operate by rendering regular monthly re ports, was not quite so favorable as for September, the principal lines of wholesale trade from which reports are received show increased sales during October over Septem ber, and substantial increases over October 1921 are also shown by five of the eight lines under investigation. Business in some lines has been hampered greatly during the last few months by the railroad shop employees* strike and by the coal strike, and the effects of these two disturb ances have by no means disappeared. Shipments of mer chandise are still very slow, and complaints about slow de liveries are made not only by those merchants who have orders for goods to be delivered to them, but also in regard to shipments which they have made to their own customers. The outturn of the cotton crop is considerably better this year than last, and a much better price now prevails. Re T H E M O N T H L Y B U S IN E S S R E V IE W ports being received indicate that the farmers are selling their cotton very rapidly, and are to a very large extent liquidating their indebtedness with country merchants and country banks. This has resulted in an improvement in the financial situation and an increase in deposits and balances carried by the country banks with their city correspondents. While the volume of other crops is in some cases smaller than last year, because of higher prices prevailing the money re turn to the farmers this year will greatly exceed that of last year. Commercial failures in the District, taken from statistics prepared by E. G. Dun & Company, show a decline in num ber from 153 for October 1921 to 119 for October 1922, and in amount of total liabilities the amount for the past month was 67.4 less than for October last year. The amount of building going on throughout the District is exceeding all expectations for this season of the year, and reports are being received from various cities of a shortage of building craftsmen. The lumber industry has been seriously hampered by the shortage of railway equipment, and stocks of lumber have been accumulated to some extent on the lumber yards in anticipation of future improvement in the transportation situation. The cotton manufacturing industry in the District is con siderably more active than at this time last year, and in creases of more than twenty per cent are shown in the vol ume of production during October by representative mills manufacturing cloth and yarn over figures for October 1921. Orders on hand at the end of October also indicate con tinued activity, and improved conditions are also reported in other lines of manufacturing. RETAIL TRADE In spite of the improvement in general business conditions which has been going on for some months, the actual volume of business done by the department stores in the Sixth Federal Reserve District which co-operate with the Federal Reserve Bank shows a decrease for October in comparison with the same month a year ago. Reports for October were received from 35 representative department stores in the principal cities of the District. For September we received 37 reports containing figures which in the aggregate, showed an increase of almost 4 per cent in sales during September 1922 compared with Septem ber 1921, the only cities showing decreases being New Or leans and Savannah. For October 35 stores reported sales showing a decrease of 5.9 per cent in comparison with sales during October 1921, and increases were shown only at Birmingham and Atlanta. One of the principal reasons for the decrease is probably the condition of the weather. Fall buying undoubtedly began to some extent in August, and reached a reasonable volume in September. During October, however, the weather throughout much of the District was warm and there was no incentive to buy winter clothing. Stocks of merchandise on hand at the end of October were also less, by 7.6 per cent, than the value of stocks at the close of business in October last year. A small increase, how ever, of 2.4 per cent was indicated in the value of stocks at the end of October over the value of those on hand at the end of September. Evidently the volume of goods being re ceived is only a little larger than the volume of current sales, although probably during the present month larger sup plies of holiday merchandise will be received and placed in stock. CONDITION OF RETAIL TRADE—OCTOBER 1922 Sixth Federal Reserve District Percentage of Increase or Decrease (3) (1) (2) Comparison of net sales with those of corresponding peri od last year B A July 1 October to date Stocks at end of month compared with A same month last year B last month (4) Percentage of average stocks at end of each month from July to date to average monthly sales over same period Percentage of out standing orders at end of Oct. 1922 to total purchases dur ing calendar year 1921 Atlanta (4).............................. + 0.4 + 4.6 4- 6.5 4- 0.9 550.6 4.6 Birmingham (3)...................... 4-11.5 4-12.7 — 9.1 — 0.9 638.3 6.2 Chattanooga (4)..................... —15.1 —10.1 —17.0 — 0.5 847.8 X Jackson (3)............................. —14.8 — 7.8 — 8.0 — 3.2 548.0 X Nashville (4)______________ — 3.3 4- 1.3 — 6.8 + 4.8 534.1 9.0 New Orleans (5).................. . — 7.0 — 6.9 — 6.8 4- 3.1 513.5 8.9 Savannah (3)................. ........ —30.2 —21.6 —20.5 -f 3.5 623.5 5.1 Cities (9)_______ ___ DigitizedOther for FRASER http://fraser.stlouisfed.org/ District (35).................... ........ Federal Reserve Bank of St. Louis — 7.3 — 3.1 —13.8 + 4.1 574.1 6.3 — 5.9 + 2.1 — 7.6 + 2.4 554.9 7.4 T H E M O N T H L Y B U S IN E S S R E V IE W WHOLESALE TRADE Reports made to the Monthly Business Review by 128 wholesale firms in eight different lines show a more favor able comparison of business in October with the preceding month than was the case a month ago, and comparisons with the month of October 1921 are, on the whole, favorable, although decreased volume of sales is indicated by the re ports from three of the lines of wholesale trade. Reports from merchants in practically all of these lines are optimis tic. Many of them, however, indicate a fear that price ad vances, which have been noticeable during the past month or two, may have the effect of retarding business, rather than benefitting it. The strikes of coal miners and railway shop workmen, settled a month or two ago, are still being felt, and the transportation situation is still interfering with prompt deliveries of merchandise bought by whole salers and with goods sold by them to their out-of-town customers. The following figures show comparisons of October sales with those during the preceding month, and with October 1921, in the eight lines of trade under monthly investigation: October 1922 compared with: Wholesale Trade Sept. 1922 Oct. 1921 + 1 2 .8 % Groceries (38 reports).......................... .. + 9.2% - 3.4% Dry Goods (23 reports). . . . . — ............. + 1.9% +12.5% Hardware (25 reports)......... .............. .. +11.4% +20.9% Furniture (17 reports)................... .......+15.4% —10.4% Shoes (12 reports)................................... +10.6% +44.7% Farm Implements (6 reports)......... — — 3.1% +17.5% Stationery (3 reports)-------- ----------- ---—12.9% —23.0% Drugs (4 reports).................................. .. —36.3% Groceries Thirty-eight wholesale grocery firms in the District re ported figures for October which in the aggregate were more than nine per cent greater than their sales during September. Increased sales were reported from all of the cities from which we received three or more reports, with the exception of Vicksburg, where a decrease of 5.7 per cent oc curred in comparison with sales during September. Com pared with sales in October 1921, all of the reporting cities showed increased sales, the average for the district being 12.8 per cent. Correspondent firms state in their reports that there have been a number of advances in prices, but that there is little indication of buying on the part of retailers for any thing but their present requirements. Some of the reports indicate improvement in collections, resulting from the marketing of farm products, especially cotton, and the liquidation of indebtedness on the part of the farmer and the retail customers of reporting firms. The following figures show comparisons of October sales with September, and with October 1921, for the cities from which three or more reports were received: S October 1922 compared with: Groceries Sept. 1922 Oct. 1921 Atlanta (4 reports)______ ____ ______+ 8.5% + 3.8% Jacksonville (6 reports)..................... ..+ 4.9% +21.2% Meridian (3 reports)___ ______ . . . . . +13.7% +19.7% New Orleans (8 reports)........................+13.1% +11.2% Vicksburg (4 reports)........................... ..— 5.7% + 8.9% +10.0% Other Cities (13 reports).............. ........+14.5% District (38 reports)........... .............^ _ +9.2% +12.8% Dry Goods Sales during October reported by 23 representative whole sale dry goods firms reporting to the Review were approxi mately two per cent in excess of their September sales, and a little less than business of these same firms during October a year ago. Increased sales were indicated in the reports from Atlanta, Nashville, and “Other Oities,” but decreases occurred at Knoxville and New Orleans. Many of these reporting firms state that prices of mer chandise have advanced along with the price of cotton, but indicate that retailers are buying very cautiously and sales of goods for spring trade appear to be very few. Collections on current accounts are reported good, but some of these firms state that their old accounts are not being paid up as promptly as iMght be expected. Some of the reports indi cate a shortage of some classes of goods and state that it is difficult to replace some lines of merchandise. Comparisons for individual cities are as follows: October 1922 compared with: Dry Goods Sept. 1922 Oct. 1921 Atlanta (4 reports)................................ +6.6% +10.3% Knoxville (3 reports)............................. — 4.2% —22.1% Nashville (3 reports)............................. +17.4% + 7.8% New Orleans (3 reports)....................... —14.9% — 1.7% Other Cities (10 reports)...................... + 2.9% + 5.7% District (23 reports)......... .................... + 1.9% — 3.4% Hardware Reports from wholesale hardware firms for October are generally optimistic, although many of them indicate that manufacturers have made unreasonable advances in prices of some of the articles they handle. Compared with Sep tember business, decreased sales were reported from At lanta and Chattanooga, but increases from other points, and an average increase for the district of 11.4 per cent. Comparing October 1922 sales with those for the same month a year ago, increases were reported from all of the cities ex cept Atlanta, and an average increase for the district of 12.5 per cent. A number of reporting hardware firms state that collections have improved the last month or two. Many of them report that orders for future delivery are increasing, but some state that their customers are buying often and in small quantities. The following figures show comparisons for the individual cities: 4 T H E M O N T H L Y B U S IN E S S R E V IE W October 1922 compared with: under this subject. Three or more reports were not re Hardware Sept. 1922 Oct. 1921 ceived from any individual city, and for this reason only Atlanta (3 reports)............................... — 1.8% — 8.9% district figures are shown. Chattanooga (3 reports).......... ........... — 2.5% +14.2% All three of these lines showed decreased sales in October Jacksonville (3 reports)..................... +12.0% +1.1% in comparison with September, but Farm Implements and Nashville (3 reports)............................. +22.7% +24.8% Stationery reported figures which showed increases over +13.6% + 9.5% October 1921. Collections are reported to be fair, and the New Orleans (5 reports)................... Other Cities (8 reports)........ ........ . . . . +12.8% +10.8% outlook, according to these reports, is encouraging for District (25 reports)............................. +11.4% +12.5% good business during the next few months. Furniture Much the same character of comment is made by reporting wholesale furniture dealers as has already been outlined in connection with other lines. The marketing of the cotton crop, and other agricultural products, has had the effect of producing improvement in general conditions. Sales by 17 reporting firms in October were more than 15 per cent greater than their September sales, and 20.9 per cent in ex, cess of their business during October last year. Correspon dents state that increases in prices of raw materials, especial ly mirrors, and hardware, have made necessary advances in their own prices. The outlook for winter and spring busi ness is reported to be good. Some of the firms state that delays are still being experienced in shipments coming to them from the north and east, and that in many instances these shipments are taking more than three times as long to reach their destination. A comparison of sales during October with September and with October 1921, is shown in the following figures: October 1922 compared with: Furniture Sept. 1922 Oct. 1921 Atlanta (7 reports)............................... +17.2% +61.3% Chattanooga (3 reports)----- . - . ------- +39.5% + 9.8% Other Cities (7 reports)........................ + 2.6% + 9.0% District (17 reports).......................... +15.4% +20.9% Shoes Business reported by 12 wholesale shoe firms in this Dis trict for October was greater by 10.6 per cent than sales by the same firms during September. October 1922, however, was not up to the volume for the corresponding month last year, these 12 firms showing a decrease of 10.4 per cent. Correspondents state that prices have increased from 5 to 7 per cent, and that the outlook is encouraging. Collections are reported to be good, and are better than last year, both in actual amounts and in percentage of outstanding ac counts, with a fair proportion of bills being discounted. Comparisons for the District are shown in the following figures. October 1922 compared with: Shoes Sept. 1922 Oct. 1921 Atlanta (3 reports).................. ............. +0.1% —12.6% Other Cities (9 reports)........................ +16.5% — 9.4% District (12 reports).............................. +10.6% —10.4% Figures showing comparisons of October sales with Sep tember, and with October 1921, in the other lines of whole sale trade under investigation, are shown in the first table AGRICULTURE Information compiled and published by Agricultural Sta tisticians of the United States Department of Agriculture during October show that while some of the crops in the Sixth District have not been produced in as large quantity as last year, the increases in other crops are substantial, and the total money value of all of the crops will be appre ciably in excess of that of last year. This is especially true of cotton, as the estimated production-this year is over two million bales greater than the final ginnings of last year’s crop, and the range of prices this fall is more favorable than that of a year ago. The Agricultural Statistician for Alabama estimates that the total agricultural production for 1922 will be $121,058,000 greater in value than for 1921. The cotton crop of the state, 843.000 bales compared with 580,000 last year, he estimates, with the seed, to be worth $118,020,000, as against only $50,800.000 last year. The corn crop is estimated at 49,903,000 bushels, worth $49,903,000 this year, as against a crop of 61.225.000 bushels last year but worth only $38,844,000. In creased values are also shown in connection with peanuts, sweet potatoes and syrup, and an increase of more than $3,000,000 in the value of the potato crop over that of last year. The value of the hay crop, wheat and oats, is slightly less than that of these crops last year. Florida reports state that farming conditions generally are improving, that planting of fall crops is in progress. Harvesting of sugar cane has started. Most of the state has had too much rain, but showers are beginning to be needed in the northwestern part of the state. With the improved weather conditions preparation of ground and fall planting has made good progress. Late sweet potatoes continue to improve and sugar cane is showing up better than expected. Syrup making has started on a small scale. Yields from cowpeas and rice are satisfactory, but winter grazing from velvet beans will be lighter than usual. In spite of the heavy rains in early October, however, truck crop prospects are encouraging. Re-planting has been extensive in South Florida, and in the strawberry areas. Setting of pepper, celery and lettuce is well advanced with indications that the acreage will be slightly heavier than for last year. An important feature of the report for Georgia is the statement that the apple crop of the state amounted to 1.292.000 bushels, passing all expectations. It is stated, however, that the field crops register a lower yield per acre than for many years. The season started with too much i T H E M O N T H L Y B U S IN E S S R E V IE W rain, delaying plowing and planting, and causinglthe’Jsoil to be plowed wet. This made it hard to work throughout the year. Then it turned too dry, and all crops suffered as a result. Later rains did not commenca in time to benefit any but the late growing crops, and these are still below the average, though improving. The decline in production, however, has been offset by higher prices, and the net money return to the state will be much greater than last year. The report for Louisiana indicates that the yield per acre of rice, white and sweet potatoes are above the ten-year average, and that the yields of other crops in general are very satisfactory. Dry weather which has prevailed this fall has in general unfavorably affected the development of sugar cane, fall sown oats, truck crops, and late planted corn. However, the weather has been excellent for har vesting rice, sugar cane, corn, etc. Farm labor has gen erally been ample, except in some sections of the sugar belt where considerable extra help is needed to harvest the cane. Farm work is well advanced for this time of the year. The corn crop is estimated to amount to 28,084,000 bushels, com pared with 35,022,000 bushels last year. The estimate of the production of oats is 1,137,000 bushels, compared with 1,265,000 bushels last year. Production of potatoes is estimated at 2,160,000 bushels, compared with 1,809,000 bushels last year, and the production of sweet potatoes is estimated at 7.820.000 bushels, as against 8,272,000 bushels last year. The yield of peanuts is estimated at 625 pounds per acre, and total production at 10,625,000 pounds, against 8,766,000 pounds last year. The continued dry weather has permitted rapid harvest ing in all parts of Mississippi according to the report for that State. While the drought has caused some damage of the late hay crops, and has been very hard on pastures, the work of harvesting has been speeded up so that nearly all crops are now in except some late corn. Com is turning out slightly better than was at first expected, the average yield so far being 17.6 bushels per acre, and the total probable production being around 50,240,000 bushels, as against a crop or 57,096,000 last year. Sweet potatoes are also yielding higher than was anticipated a month ago, the average yield so far being 110 bushels, which indicates a total crop of 11.990.000 bushels. Sorghum is yielding about the same as last year, 88 gallons to the acre. The acreage this year is considerably less than last year, however, and the indicated total production is 3,696,000 gallons as against 4,664,000 gal lons last season. The report for Tennessee indicates that the corn crop is about in line with previous estimates. The acreage is some Less than last year, and a late spring retarded planting. While the entire crop suffered from drouth, the later plant ings were hit hardest. The estimated production is 74,405.000 bushels, compared with 90,713,000 bushels last year. The indications are that the tobacco crop will turn out a little better than was expected a month ago, the estimated production being 100,820,000 pounds, against 78,750,000 pounds last year. The white potato crop has suffered greatly'from'dry weather, but the yield is nevertheless much better than^ast'year. Estimated output is 2,856,000 bushels* compared with 1,820,000 bushels last year. Sweet potatoes have declined in yield, however, and the estimated crop is 3,864,000 bushels compared with 4,400,000 bushels last year. CITRUS FRUIT Shipments of Citrus Fruit from the state of Florida up to November 1 amounted to almost three thousand cars, an in crease of about five hundred cars over the movement to the same date last year. This includes both grapefruit and oranges. The shortage of refrigerator cars has proved a serious interference with shipments, however, and shippers have been compelled to use ventilated box cars in many instances. The continuance of daily rains during October has had a serious effect on the crops. It has retarded the coloring and maturity and has also impaired the carrying and keeping qualities of both oranges and grapefruit. The green color has naturally interfered with the movement of the fruit from the retailer to the consumer. Because of the weather conditions the fruit is rapidly growing into larger sizes, and this will increase the volume of the crop over earlier estimates unless the continued rains cause increased dropping from the trees. CAR LOT SHIPMENTS OF CITRUS FRUIT AND VEGETABLES FROM FLORIDA—OCTOBER 1922. Month of October 1922 1921 1460 Grapefruit__ 1372 576 Oranges..........1093 23 Vegetables__ 0 2 Pineapples__ 0 Cucumbers.. . 4 0 Seasons Totals to October 31st, inc. 1922 1921 1791 1743 1145 578 0 23 0 2 4 0 MOVEMENT OF COTTON—-OCTOBER 1922 (In Bales) Oct. 1922 Sept. 1922 Oct. 1921 RECEIPTS—PORTS: 113,441 15,045 96,661 232,807 24,880 147,964 84,239 52,762 6,064 13,181 19,542 12,363 18,466 41,477 10,787 12,107 21,047 3,765 52,959 63,678 6,248 5,417 12,968 11,629 New Orleans.............. 132,307 Mobile..................... ... 12,595 Savannah................... 64,115 50,198 5,625 67,145 215,600 25,939 119,159 New Orleans_______ Mobile................... Savannah................... 293,462 20,736 74,802 INTERIOR TOWNS: Atlanta...................... Augusta..................... Jackson...................... Meridian..................... Montgomery.............. Vicksburg...... ........... SHIPMENTS—PORTS: T H E M O N T H L Y B U S IN E S S R E V IE W 6 INTERIOR TOWNS: Atlanta.— ................ 37,308 Augusta...................... 26,369 4,675 Jackson...................... Meridian..................... 11,359 Montgomery............... 15,645 Vicksburg-.................. 5,303 1,222 34,678 33,250 4,444 4,955 11,142 7,965 105,837 10,509 76,333 453,509 18,412 191,647 12,859 58,810 8,007 9,995 17,389 5,499 44,664 140,218 10,618 17,907 29,475 10,876 15,207 25,430 2,780 3,220 15,561 STOCKS—PORTS: New Orleans.............. Mobile......................... Savannah-.................. 266,992 18,242 87,020 INTERIOR TOWNS: Atlanta....................... Augusta..................... Jackson...................... Meridian..................... Montgomery.............. Vicksburg.................. 59,790 70,744 9,396 11,817 21,286 10,016 COTTON GINNING Number of bales of cotton ginned from th e growth of 1922 prior to November 14,1922, and comparative statistics to the corresponding date in 1921 and 1920. Running Bales (Counting round as half bales and excluding linters:) 1922 1921 1920 United States........ 8,869,857 7,274,201 8,914,642 773,217 554,129 503,077 Alabam a............. .............. Arizona— — ....................... 22,178 18,768 40,421 Arkansas.............................. 923,197 713,697 674,254 California............. ............... 14,064 10,662 25,404 Florida____ _________ *™ 25,547 11,197 14,972 G eorgia...,...................... — 681,173 780,696 1,165,671 Louisiana— ...................... 328,649 260,841 299,201 Mississippi— ....................... 920,769 733,216 610,236 Missouri......... ....... ......... . 112,072 64,052 35,569 North Carolina......... — — 688,562 671,994 501,251 Oklahoma......................... . 590,445 461,926 612,960 South Carolina—................ 464,121 684,633 1,099,443 T en n essee.-............ ......... 330,738 260,380 165,449 Texas........... — ........... . 2,967,009 2,028,212 3,155,751 Virginia................................ 19,526 13,313 6,439 All other states................... 8,590 6,485 4,544 SUGAR CANE AND SUGAR For the fourth consecutive month the condition of the sugar cane crop in Louisiana declined slightly during Oc tober, being two per cent lower in condition at the end of the month than at the beginning. The condition on No vember 1 was 75 per cent of normal, forecasting a probable production of approximately 3,330,000 short tons of sugar cane on the acreage to be used for Sugar this year, and a yield for the state of approximately 233,000 short tons of sugar. This compares with 324,431 tons produced in 1921, 169,127 in 1920, and’an average production for the last eight years of 232,867 tons. Sugar cane harvest is in full swing. Weather conditions are reported to be generally favorable both for harvesting and seeding operations which are going rapidly forward. Practically all sugar and syrup factories have commenced grinding.. The sucrose content is, how ever, generally unsatisfactory at this time, and growers are hoping for cooler weather to ripen the cane and increase the sugar content. The price of sugar is still holding firm, which is a most un usual condition, as it has been the planters' experience to have the price drop when the cane was ready to cut. The principal reason reported for this condition of the sugar market, is the fact that Europe is buying an unprecedented amount of refined sugar from us. At the present rate, Europe will have taken, by the end of the year, 2,500,000 lbs. of refined sugar, or 1,000,000 lbs. more than last year. A recent statement in the press states that during the first seven months of 1922, Europe bought from this country more thail 30 times the amount of refined sugar that it did during the whole of 1913, the year before the war. As long as the European demand continues, and firm prices prevail in the sugar market the outlook is bright for the sugar planters. MOVEMENT OF SUGAR—OCTOBER 1922. Raw Sugar—Pounds RECEIPTS: Oct. 1922 Sept. 1922 New Orleans....... 61,879,573 67,306,085 Savannah........... 21,568,567 32,779,570 MELTINGS: New Orleans....... 53,983,867 119,705,017 Savannah............ 38,860,872 27,376,141 STOCKS: New Orleans....... 23,644,077 16,931,615 Savannah...— . 617,732 17,910,037 N ote: Shipments at New Orleans 1,183,243 lbs. Refined Sugar—Pounds SHIPMENTS: New Orleans....... 78,548,774 89,079,588 Savannah............ 28,497,318 21,381,147 STOCKS: New Orleans....... 5,461,106 30,197,420 Savannah....... . 22,769,785 16,167,246 Oct. 1921 40,835,178 14,496,425 37,539,651 11,403,392 3,919,345 3,264,000 53,117,975 8,460,004 13,504,070 1,205,598 RICE The domestic market is marking time, the planters de, manding higher, and the consumers lower prices. The ex port demand is reported fair. ROUGH RICE (Sacks) PORT OF NEW ORLEANS Oct. 1922 Sept. 1922 Oct* 1921 Receipts.............. „............. 253,577 178,308 143,017 Shipments............., ........... 255,671 171,584, 145,971 Stock.................................. 35,848 37,942 37,465 7 T H E M O N T H L Y B U S IN E S S R E V IE W CLEAN RICE (Pockets) PORT OF NEW ORLEANS Oct. 1922Sept. 1922 Oct. 1921 Receipts______________ 403,707 213,948 220,570 Shipments_____________ 397,074 243,967 205,417 102,260 95,627 151,702 S tock .._______ ________ Atlanta______ Jacksonville Montgomery Nashville-....... 6,149 1,973 1,131 11,643 3,244 392 758 8,710 7,071 1,493 716 12,264 105 89 Sheep RECEIPTS OF ROUGH RICE (Barrels) Oct. 1922 This Sea- Last Sea son to Oct. son to Oct. 31, 1922 31, 1921 Association Mills_______ 1,206,824 2,045,703 1,844,362 New Orleans Mills—......... 253,577 549,028 538,270 Outside Mills___________ 452,874 676,800 543,551 RECEIPTS: Atlanta............ Jacksonville Montgomery Nashville_____ 244 6 3,481 PURCHASES FOR LOCAL SLAUGHTER: 1,913,275 3,271,531 2,926,183 Atlanta............ 180 300 Jacksonville DISTRIBUTION OF MILLED RICE (Pockets) Montgomery 250 6 Oct. 1922 This Sea- Last Sea Nashville..___ 2,437 1,508 son to Oct. son to Oct. Horses and Mules 31,1922 31,1921 Association Mills............... 871,019 1,522,059 1,561,938 RECEIPTS: New Orleans Mills............. 279,818 716,099 539,007 Atlanta......... . 3,999 1,705 Outside Mills............. ........ 274,097 496,894 432,924 Montgomery 650 852 1,424,934 2,735,052 2,533,369 STOCK Nov. 1,1922 Association Mills......................... New Orleans Mills........................ Outside Mills.................... ........... Last Season to Nov.l, 1921 975,237 568,637 133,409 172,919 301,129 226,619 1,409,775 RECEIPTS: Atlanta............ Jacksonville Montgomery.... Nashville.......... 7,810 391 7,056 15,202 5,337 116 4,130 12,866 4,807 258 4,669 5,899 3,671 44 3,327 4,917 5,289 4,556 895 35,661 2,181 1,204 79 FINANCIAL 10,656 6,049 831 26,387 4,034 227 3,617 12,450 RECEIPTS: 10,681 6,893 1,204 46,532 27 The total of loans, discounts and investments of these banks on November 8 was reported as $462,644,000, having increased 4.5 per cent over the total of $442,802,000 on October 11, and showing a gain of 11.2 per cent compared with the total of $415,941,000 on November 9, last year. Demand deposits held by these banks on November 8 amounted to $273,805,000, reflecting an increase of 3.9 per Oct. 1921 Hogs Atlanta............ Jacksonville Montgomery Nashville-___ 2,363 2,589 73 2,725 4,684 968,175 PURCHASES FOR LOCAL SLAUGHTER: A tlanta........... Jacksonville Montgomery Nashville_____ ______ . . . Reports from representative member banks located in different parts of the Sixth Federal Reserve District are distinctly optimistic, both as to present conditions and as to the outlook for the coming months. Reports of increas ing deposits are received from a majority of the banks, and many of them report that balances kept with them by coun try banks are showing nice increases resulting from the marketing of cotton and other crops and the consequent liquidation of debts, both to merchants and banks, by the farmers. This is stated to be the cause of most of the increase in deposits, the balance being reflected by the large merchants whose business is on the upgrade. Reports made weekly by a number of banks in selected cities of the District show an increase of 3.3 per cent in the amount of loans and discounts on November 8, when the total was $385,930,000, over the total of $373,492,000 on October 11, and an increase of 12.1 per cent over the total of $344,275,000 on November 9 last year. Loans of these selected banks secured by Government obligations on November 8 were $7,330,000, an increase of 4.7 per cent over the total of $7,000,000 on October 11, this year, but a decrease of 43.2 compared with the total of $12,919,000 on November 9, 1921. MOVEMENT OF LIVESTOCK—OCTOBER 1922 Cattle and Calves Oct. 1922 Sept.1922 250 1,764 8 T H E M O N T H L Y B U S IN E S S R E V IE W cent over the total of $263 492,000 on October 11, and having increased 26.0 per cent over the total of $217,306,000 held by these banks on November 9,1921. 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 Novem ber 15, was $45,956,050, having increased 25.9 per cent over the total of $36,516,491 on October 11, but reflecting a de.oreaseof 54.1 per cent compared with the total of $100,118,685 on November 16, 1921. Federal Reserve Notes in actual circulation on November 15 were $125,192,255, an increase of 1.1 per cent compared with the amount outstanding on October 11, which was $123,783,055, and an increase of 1.9 per cent over the total of $122,822,905 on November 16, 1921. The following figures show aggregate figures classified by states, reported for October by 80 banks in the District, a few of them savings banks, but most of them commer. cial banks and trust companies having savings depart ments. Increase in savings deposits occured in all of the six states of the District over the corresponding date a year ago, and in all states except Florida over deposits on hand at the end of September. SAVINGS DEPOSITS—OCTOBER 1922 Oct. 31,1922 Alabama (12 banks)........................ ............................ $ 28,786,041 Florida (15 banks)......................................................1 27,658,371 Georgia (23 banks)....................................................... 35,509,131 Louisiana (10 banks)................................................... 36,973,936 Mississippi (9 banks).................... .............................. 8,075,261 Tennessee (11 banks).................................................. 21,161,755 TOTAL (80 banks)................................................ 158,164,495 DEBITS TO INDIVIDUAL ACCOUNTS Sixth Federal Reserve District WEEK ENDED Nov. 15,1922Nov. 8,1922 Nov. 16,1921 Albany, Ga.................. $ 1,270,000$ 1,190,000 $..................... Atlanta, Ga.......-........ 28,407,000 28,981,000 25,740,000 Augusta, Ga................ 8,508,000 7,679,000 6,699,000 Birmingham, Ala......... 24,100,000 24,332,000 12,530,000 Brunswick, Ga............ 668,000 886,000 ...................... Chattanooga, Tenn... 8,539,000 8,537,000 8,364,000 Columbus, Ga............. 3,956,0003,472,000 ..................... Oordele, Ga................. 597,000 518,000 ...................... Dothan, Ala................. 1,040,000 1,100,000 ...................... Elberton, Ga............... 244,000 299,000 ...................... Jackson, Miss.............. 3,472,000 2,995,000 ...................... Jacksonville, Fla......... 11,231,000 10,802,000 8,999,000 Knoxville, Tenn.......... 6,339,000 5,652,000 6,323,000 Macon, Ga.................... 5,669,000 4,846,000 4,244,000 Meridian, Miss............. 2,198,000 2,359,000 ...................... Mobile, Ala................... 7,035,000 7,585,000 5,435,000 Montgomery, Ala........ 5,375,000 4,939,000 3,769,000 Nashville, Tenn.......... 17,696,000 15,633,000 26,108,000 Newnan, Ga................ 414,000 416,000 .......... ........... New Orleans, La......... 93,940,000 73,495,000 62,279,000 Pensacola, Fla............. 1,403,000 1,555,000 1,675,000 Savannah, Ga............. 9,768,000 10,099,000 10,330,000 Tampa, Fla.................. 5,742,000 5,663,000 5,758,000 Valdosta, Ga............... 1,264,000 1,220,000 ...................... Vicksburg, Miss........ . 2,521,000 2,191,000 1,956,000 Total (15 Cities)..$236,273,000 $211,989,000 $190,209,000 Total (25 Cities)..$251,396,000 $226,444,000 .......... pt. 30, 1922 $ 28,487,139 27,894,636 35,238,984 36,714,604 7,938,360 21,018,790 157,292,513 Comparison of Oct. 31—Sept. 30,1922 +1.0% -0.8% +0.8% +0.7% +1.7% +0.7% +0.6% Oct. 31, 1921 $ 27,693,672 23,609,716 31,944,749 36,703,194 7,598,793 20,197,335 147,747,459 Compari son of Oct. 31 1922-21 + 3.9% +17.1% +11.2% + 0.7% + 6.3% + 4.8% + 7,1% COMMERCIAL FAILURES Commercial failures in the Sixth Federal Reserve District during the month of October were about the same in num ber as during September, but in total liabilities registered a decrease of approximately 38 per cent under the total for September. Liabilities in October were only $1,716,140, com pared with $2,765,041 in September, and were 67.4 per cent smaller than the total of $5,271,140 during October a year ago. For the United States as a whole, the number of failures increased from 1,566 in September to 1,708 in October, but was only a little less than the total of 1,713 for October 1921. The total of Liabilities for October was $34,647,438, a decline of 6.1 per cent compared with the total of $36,908,126 for September, and 34.7 per cent less than the total of liabilities for October 1921, which was $53,058,659. Sixth District United States Number Liabilities Number Liabilities Oct. 1922............. 119 $1,716,140 1708 $34,647,438 Sept. 1922........... 120 2,765,041 1566 36,908,126 Oct. 1921............. 153 5,271,140 1713 53,058,659 Comparison of Oct.-Sept. 1922...........—0.8% —37.9% +9.1% —6.1% Comparison of Oct. 1922-1921........... —22.2% —67.4% —0.3% —34.7% ACCEPTANCES There has been some increased activity in the acceptance market during October, both in connection with the exe T H E M O N T H L Y B U S IN E S S R E V IE W cution and with the purchase of acceptances. Twentythree banks replied to an inquiry regarding acceptances, but thirteen reported no transactions. Four banks re ported domestic acceptances executed during October in volume substantially larger than during the same month last year, only one of these banks reporting a figure for the preceding month. Foreign acceptances were executed by five banks greatly exceeding the volume of either September this year or October 1922. Three banks reported purchases of domestic acceptances in larger volume than either the preceding month or the corresponding month last year, while only one bank reported a figure showing foreign ac ceptances purchased during October. Acceptances purchased in the open market and discount ed for member banks by the Federal Reserve Bank of At lanta during the month of October totaled $12,885,028.94, which was more than twice the figure for September, and a little more than three times the total for October last year* 9 From the above figures, it will be noted that the imports during September 1922, were almost twice the amount re ceived in 1921, and exceeded the average receipts for Sep tember for the past ten years, with the exception of the boom years of 1919 and 1920. Not only did the imports this September exceed in value those of 1921; but the amount received showed a substantial increase in almost every in stance; mineral oil being the only noteworthy exception. GRAIN EXPORTS—PORT OF NEW ORLEANS Grain exports continue to show a favorable increase over the shipments of last year; the October 1922 exports showing a gain of 2,605,793 bu. over the same month last year. This condition is principally due to the larger wheat receipts, and the continuation of large corn consignments. Grain exports for the month of October 1922 totaled 5,944,347 bu., as compared to 3,338,554 bu. during the same month in 1921. Oct. 1921 Total this Total last season to season to Oct. 31,1922 Oct. 31, 1921 2,914,596 2,305,740 16,032,681 22,279,030 Wheat............. Corn____ . . . . 2,981,016 875,377 5,730,453 2,214,623 Oats................ 48,735 107,010 206,489 188,505 Commodity Volume Value Volume Value Barley................................. 50,427 10,428 110,106 1922 1921 8,571 25,714 Coffee, lbs................ 22,607,756 $2,858,329 7,187,314 $905,244 Rye....................................................... . sugar, lbs................. 60,897,640 1,998,815 8,075,000 228,429 The total foreign tonnage for 1921, covering the seven Burlaps, lbs............. 7,874,106 614,359 1,026,477 85,185 leading ports of the country, (New York not given) is as fol 5,611 474,581 4,390 496,709 Sisal, tons................ lows: Nitrate of soda____ 3,139 378,740 4,075 170,616 Imports Exports Bananas, bun.......... 7,874,106 341,486 1,811,596 652,884 New Orleans............ 4,665,870 6,464,386 Mineral Oil, gal........ 19,061,651 438,691 75,495,000 796,282 Galveston................. 3,862,078 3,674,488 Print paper, lbs....... 4,945,110 154,211 ................................ Philadelphia............ 3,265,414 3,260,004 Mahogany, ft........... 1,832,000 181,852 450,000 73,436 2,484,039 3,595,733 Baltimore................. Molasses, gal............ 6,685,032 66,850 2,432,256 48,649 Norfolk____ _____ 243,589 3,862,697 Bagging, lbs............. 1,188,364 93,183 ______ _____ ___ 2,149,392 512,967 Boston____ ______ Dolls & toys............. 29,917 Seattle....................... 411,976 609,909 The valuation of imports for New Orleans during Septem Customs collections at New Orleans for October 1922 to ber for the years shown are as follows: taled $1,382,340.52, showing a gain of almost $1,000,000.00 over 1922 $ 8,003,459.00 the receipts of one year ago. A substantial gain was also 1921................................ ............ 4,726,924.00 shown over the September 1922 total, which was $1,242,233.98. 1920 ............................ 21,820,271.00 Since the first of the year the total of Customs receipts have 1919 ............................................... 21,413,024.00 shown an increase, and reached their peak in April, when 1918 ............................................... 7,413,296.00 the collections amounted to $3,089,689.65. Since then, they 1914.......................................... . 5,867,380.00 have gradually decreased, but it appears that they are again 1912 ................................. ............. 5,655,312.00 on the upward trend. PORT OF NEW ORLEANS Imports through New Orleans during September 1922 showed a valuation of $8,003,459.00. The principal articles listed were as follows: Oct. 1922 T H E M O N T H L Y B U S IN E S S R E V IE W 10 BUILDING PERMITS—OCTOBER 1922 Alterations & Repairs No. Value Alabama: New Buildings No. Value Total Oct. 1922 Total Oct. 1921 Increase or Decrease 2,325 117,685 10,337 41,788 14 278 26 5 10,600 743,895 72,770 4,925 12,925 861,580 83,107 46,713 19,875 1,031,515 31,100 36,231 — 35.0% — 16.5% +167.2% + 28.9% 243 71,491 76 38,600 43 11,997 (combined) 33 25,700 161 82,351 67 136 70 355,550 438,800 138,765 144 121 276,400 189,416 427,041 477,400 148,742 21,291 302,100 271,767 370,927 347,400 182,375 47,804 355,125 417,428 + 15.1% + 37.4% — 18.4% — 55.5% — 14.9% — 34.9% Atlanta........................................ Augusta....................... ............... Columbus................................... Macon.....................— _______ Savannah...................... .............. 159 180 22 104 24 176,503 28,312 10,215 13,342 8,700 310 21 11 28 46 2,360,423 19,775 15,050 64,075 73,215 3,434,695 48,087 25,265 77,417 81,915 1,074,272 307,155 108,100 61,280 154,540 +219.7% — 84.3% — 76.6% + 26.3% — 47.0% Louisiana: New Orleans............ . Alexandria.................. ............... 39 41 29,325 38,400 170 16 1,219,400 43,885 1,248,725 82,285 727,475 68,264 + 71.7% + 20.5% Mississippi: Jackson...................................... Meridian...................................... Vicksburg.........._........ .............. (combined) 3 5,750 18 8,146 2 5 6,000 17,050 63,000 11,750 25,196 64,880 5,075 — 81.9% +396.5% 18 15 116 98 56,000 24,900 356,134 398,510 121,884 26,300 400,604 446,654 83,753 36,450 225,030 276,160 Anniston....................... .............. Birmingham.................. ............. Mobile............................ .............. Montgomery.................. ............. Florida: Jacksonville................................ Miami........................... . Orlando........................ .............. Pensacola..................... .............. St. Petersburg....... . .............. Tampa......... ................ ............... 8 252 14 88 ueorgia: Tennessee : Chattanooga.............................. Johnson City.............. ............... Knoxville..................... ............... Nashville....................... .............. 182 1 146 176 65,884 1,400 44,470 48,144 LUMBER The transportation situation is still the chief obstacle in the way of substantial improvement in the lumber business. There has been some improvement, but lumber mills in this section have been suffering very greatly under the car shortage for the past three months or more. Weather con ditions have been favorable and the labor supply sufficient to permit of full operation on the part of the mills having storage capacity, with the result that stocks are perhaps in better assortment than has been the case for some time past. Correspondents state, however, that there is still a shortage on many of the upper grades. There has been some seasonal recession in production, but this is to be ex pected. The volume of business now, however, is deter mined not by the needs of buyers, but by the transporta tion situation. Manufacturers to a great extent are still compelled to decline orders which are predicated upon prompt shipment. Production of mills reporting weekly to the Southern Pine Association has ranged around 85 or + + + + 45.5% 27.8% 78.0% 61.7% 86 per cent of normal, with orders and shipments in the neighborhood of 70 per cent of normal. For the week ended November 3, 64 mills reported their running time, as follows: 46 full time; 8 five days a week; 3 four days a week; I three days, and 6 were shut down. The following monthly figures show the volume of orders, shipments, production, etc., reported to the Southern Pine Association for October by 125 mills compared with similar figures for September reported by 115 mills: In Feet October 1922 September 1922 125 MUls 115 Mills Orders............................................245,723,159 234,154,341 Shipments.......................................254,550,935 237,469,740 Production..................... ...............304,472,218 296,049,188 Normal Production these mills- 327,100,729 303,560,450 Stocks, end of month................. ..902,817,820 818,131,416 Normal Stocks these mills......... ..900,403,967 830,747,924 Unfilled orders end of month... 346,148,928 336,568,626 T H E M O N T H L Y B U S IN E S S R E V IE W COTTON CONSUMPTION—OCTOBER Cotton Consumed: Oct. 1922 Sept. 1922 Oct. 1921 494,317 Lint__ _____ ______ 533,950 459,344 65,560 63,406 59,833 Linters____________ On hand in consuming establishments: Lint__________ _____ 1,379,770 1,065,117 1,398,138 157,877 Linters____________ 82,169 97,205 In public storage and at compresses: Lint_______________ 4,329,902 3,217,639 4,984,831 212,887 16,812 21,262 Linters____________ Active Spindles_________ 33,859,076 33,296,513 34,206,179 Cotton Growing States Oct. 1922 Sept. 1922 Oct. 1921 297,101 Cotton Consumed______ 346,435 327,263 On hand in consuming 774,848 establishments_____ 855,981 513,743 In public storage and at compresses—........... 4,124,598 3,000,169 4,677,202 Active Spindles________ 15,831,959 15,724,568 15,391,979 COTTON MANUFACTURING Cotton Cloth Improvement in the cotton manufacturing industry in the Sixth Federal Reserve District is indicated in reports made to the Monthly Business Review by thirty-five mills producing cotton cloth during the month of October. The improvement is shown, not by the actual volume of goods produced during the month, not by shipments, but by the increase in the volume of unfilled orders on hand at the end of the month. In September thirty-one mills reported unfilled orders showing an increase of 31.6 per cent over August, and October figures reported by twenty-seven m ills show a further increase of 18 per cent over September. Compared with orders on hand at the end of October 1921, an increase of 65.3 per cent is shown by figures for October 1922, Correspondent mills state that the outlook has im proved considerably during the month, and that orders are in hand which will keep some of the mills operating at capacity for some months to come. Mills producing fabric to be used in the manfacture of automobile tires report a seasonal recession in the demand, but state that orders for future shipment are being received in larger volume than is usual at this season. The following percentages show a comparison of figures reported by correspondent mills for October 1922, with the preceding month and with the month of October 1921: Oct. 1922 compared with: 35 Mills Sept. 1922 Oct. 1921 1. Cloth production------------------- + 2.5% +20.9% 2. Cloth shipments_______ ______ — 2.4% + 9.7% 3. Orders on hand at end of month +18.1% +65.3% 11 4. Stocks of manufactured cloth on hand at end of month______ +31.3% 5. Average time required to com plete orders on hand_________ +14.2% 6. Number employed____ ________ + 5.5% - 1.1% +46.0% +14.8% COTTON YARN Correspondent mills manufacturing cotton yarn report figures for October production showing an increase of more than 11 per cent over the output in September, and a more substantial increase over the volume produced in October last year. Improvement is also indicated by an in^increase of 17.8 per cent in volume of orders on hand un filled at the end of October compared with September, and more than twice the amount of orders on hand at the end of October 1921. Mills reporting to the Review state that the demand for yarns has shown continued improvement in October, and that the strength of the market for raw cotton has been re flected in a stiffening of prices for yarn. Some mills state that their output is sold further ahead at the present time than has beeh the case for several years. Comparisons of figures reported for October 1922 with the preceding month and with the corresponding month last year show the following: COTTON YARN (Continued.) 1. 2. 3. 4. 5. 6. Oct. 1922 compared with : 29 Mills Sept. 1922 Oct. 1921 Yarn production............................. +11.4% +26.2% Yarn shipments...... .......... ........... + 7.3% +15.6% Orders on hand at end of month. +17.8% +107.4% Stocks of manufactured yarn on hand at end of month............—21.1% —17.6% Average time required to com +76.5% plete orders on hand_________ +16.1% Number employed.......................... + 2.8% +33.8% MISCELLANEOUS MANUFACTURING Cotton Hosiery While the volume of output reported by cotton hosiery mills in the Sixth Federal Reserve District for October was only 2.5 per cent larger than for September, a very substantial increase in orders booked during the month, and in un filled orders on hand at the end of the month resulted from the figures contained in the reports. Orders booked by the mills were 88.7 per cent larger in volume in October than in September and unfilled orders on hand at the end of October increased 81 per cent over similar figures for*the close of September business. According to these reports T H E M O N T H L Y B U S IN E S S R E V IE W 12 there was a small decrease in the supply of raw materials on hand, compared with September, and a decrease of 36 per cent compared with October 1921. 1. 2. 4. 5. 6. October 1922 compared with: Sept. 1922 Oct. 1921 Hosiery manufactured................. .....+ 2.5% + 9.8% Hosiery on hand at end of m onth-.......................................... .... + 0.8% + 5.4% Raw materials on hand at end of month—......... . ............... . ........ .... — 8.0% —36.0% Orders booked during month_____ +88.7% +17.6% Unfilled orders on hand at end +13.0% of month.......... .................................. +81.0% Number employed.............................. +0.5% +12.4% Overalls Production by overall manufacturers reporting to the Review for October was slightly under the volume for Sep tember, although a little over 9 per cent greater than in October 1921. Orders booked during October showed a decline of almost 22 per cent, but the mills state that they are not accepting all of the business tendered because of the changing conditions in the raw material market. Labor is reported to be scarce and prices are reported to be ad vancing. Correspondents state that orders being received are as a rule smaller in size, but that they are more often. 1. 2. 3. 4. 5. October 1922 compared w ith : Sept. 1922 Oct. 1921 Overalls manufactured................ - 1.7% + 9.3% Overalls on hand at end of +50.0% month............................................. + 5.5% —21.7% +111.8% Orders booked during month— Unfilled orders on hand at end of month................................. - 8.3% +120.0% +12.9% Number employed.......................... + 0.8% Brick Reports received from brick manufacturing companies are incomplete, but show a substantial improvement in the demand during October over September. Figures con tained in the reports also show an increase of more than 42 per cent in the volume of output over production in September, an increase in stocks on hand, but a decline in orders un filled at the end of the month. 1. 2. 3. 4. 5. October 1922 compared with: Sept. 1922 Oct. 1921 Brick manufactured..................... ....+42.6% x IJrick on hand at end of month.. +39.4% x Orders booked during month— +89.1% —10.6% Unfilled orders on hand at end of month.............. - .....................—37.0% x Number employed.......................... ....— 9.8% —10.8% LABOR Further improvement in employment conditions in the leading cities throughout the United States is indicated in the statement published by the Department of Labor for October. Of the 65 principal cities from which reports by firms usually employing 500 or more workers are received, 56 cities reported increased employment, 8 reported decreases and one reported the same number employed on October 31 as on September 30. The 1428 firms whose reports are used in this analysis had 52,867 more employees on their payrolls at the end of October than a month earlier. Of the fourteen major industrial groups, increased em ployment was reported by twelve groups, prominent among them being railroad repair shops; stone clay and glass products; iron and steel; chemicals and allied products; vehicles for land transportation; lumber and its manu factures ; metal and metal products; other than iron and steel; miscellaneous industries. Slight decreases were shown by tobacco, and liquor and beverages, compared with September. All four of the cities in the Sixth District from which re ports are made by these larger industrial concerns, reported increased employment at the end of October in comparison with September, in the following order: Birmingham, Chattanooga, Atlanta and New Orleans. One of the fea tures of the month's survey is the continued steady employ ment offered to the building trades throughout the entire country. Highway construction programs of large pro portions are still under way, taking care of a tremendous amount of common labor, while municipal programs are on foot with every indication of their continuance through out the winter months except where prevented by the weather. SIXTH DISTRICT According to the report of the Department, labor condi tions in the Sixth Federal Reserve District are showing continued improvement. In Georgia the report shows that employment has greatly improved, marked increase being shown in textiles, miscellaneous industries, railroad repair shops, and other lines. Industrial concerns through out the state appear to be working for the most part on full time. A shortage of skilled workers in the building trades is reported from Macon, and a small surplus of clerical help is reported from both Macon and Savannah. The employment situation in Florida continues satis factory. There is ample labor to meet all requirements, with the possible exception of help needed for packing the citrus crop and planting the early vegetables. Farm labor is well employed, and the continuation of road construc tion throughout the winter will keep common labor employ ed. In Alabama improvement has been made in textiles, coal mining, miscellaneous industries, and the iron and steel industry, while slight reductions are reported in building T H E M O N T H L Y B U S IN E S S R E V IE W materials, food and kindred products, and chemicals. The transportation situation is slowly improving though the car shortage is still hampering the lumber and coal mining industries. Employment in Louisiana has gained considerably, greater activity being noticeable in many localities. Railroad re pair shops in New Orleans show increase in employment, and building construction and Repair work has taken practically all available craftsmen. Agricultural workers are in greater demand. In Mississippi transportation difficulties continue to hamper the lumber industry and a shortage of labor is re ported. Employment in textiles remains steady, and the rapidity with which cotton is being picked will soon release labor needed in other industries. Steady improvement is reported from Tennessee where industrial employment conditions are said to be excellent. Heavy increases have taken place in textiles, lumber, food and kindred products, iron and steel, paper and printing, tobacco and miscellaneous industries. Continued car shortage has caused a reduction in the forces of the local mines. Activity in highway and building construction continues. IRON AND STEEL Production of coke and anthracite pig iron in the United States during October continued the recovery which be gan in September, and showed the largest monthly gain in volume since the war period, according to figures published by the Iron Trade Review. The gain in October output over that of September was 605,647 tons, while the daily average output showed an increase of 17,000 tons a day. The total production in October was 2,629,655 tons, and was more than double the output of October 1921. The fact that 29 additional furnaces were in operation at the end of the month shows that the improvement is continuing. As was the case during September, a number of the stacks becom ing active were blown in during the latter part of the month, and their effect is not so apparent. The total output for October was larger than for any month since December 1920. Merchant iron made in October totaled 502,231 tons, this being a gain of 148,627 tons over the preceding month. Non merchant or steelworks output in October was 2,127,424 tons, compared with 1,670,404 tons in September. The number of furnaces in active operation increased from 189 on the last day of September to 218 on October 31, this being the highest number active since November 1920, when 255 were in blast. Oct; 1922 Sept. 1922 Oct. 1921 502,234 353,604 218,990 Merchant Iron_____ ____ Non-merchant Iron__ . . . 2,127,424 1,670,404 1,015,460 Total Output__________ 2,629,655 2,024,008 1,234,450 Average daily production 84,827 67,466 39,821 Reports from the Birmingham District indicate that 22 furnaces were active on November 1, the same as a month 13 earlier. Total production of iron in the Birmingham Dis trict during October 1922 was reported as 208,756 tons, and showed an increase over the preceding months. This total is divided into 128,033 tons of merchant iron, and 80,723 tons of non-merchant iron. Stocks of iron on furnace yards de creased approximately 9,000 tons during the month, and the stock at the beginning of November, 102,945 tons, com pares with 144,000 tons on the same yards on November 1, 1921. The prevailing price of iron in this District is $25.00 to $27.50 which compares with a price of $27.50 to $28.50 a month ago. Labor conditions are reported to be satis factory and transportation facilities have improved, al though car shortages continue to restrict normal ship ments of pig iron and finished products. Market prices on nails and wire products continue firm. COAL Production of coal in the United States has shown a steady upward tendency, according to statistics compiled and published by the Geological Survey, except for a slight setback for the week ended November 4. The increase in production of bituminous has been fairly steady, except for the week ended November 4, while the output of anthracite has fluc tuated somewhat, reaching the high figure for the week ended October 14, and dropping from 2,057,000 tons for that week to 2,003,000 tons the following week and to 1,804,000 tons for the week ended October 28. Increases have, however, been shown since that time. The gain in production during the past few weeks reflects some improvement in the trans portation situation which, however, remains the principal factor limiting the output. Production figures compiled by the Geological Survey are given as follows: Week Ended Bituminous Anthracite Total Output October 7____ ____ 9,736,000 1,959,000 11,695,000 October 14.............. 10,110,000 2,075,000 12,185,000 October 21_.............. 10,378,000 2,003,000 12,381,000 October 2 8 ............. 10,683,000 1,804,000 12,487,000 November 4 .. ........... 10,617,000 1,839,000 12,456,000 November 11............ 10,700,000 1,900,000 12,600,000 According to a statement by the Geological Survey, com mercial consumers had in storage on October 1 approximate ly 28,000,000 tons of soft coal. This is said to be an increase of 6,000,000 tons over stocks held on September 1, but does not compare favorably with the total of 63,000,000 tons in storage on April 1, when the strike was made effective. It is also substantially less than the figure for November 1 last year, which was 48,500,000 tons. Measured in tons, the stocks on October 1 were about the same as on the corresponding day of the years 1916 and 1917. Measured in terms of days supply, the present stocks are larger because the present rate of'consumption is still below normal. The trend of production is now upward, however, 14 T H E M O N T H L Y B U S IN E S S R E V IE W and the indications are that at least another 6,000,000 tons have been added to stocks since the first of October. Production in Alabama during the month of October is reported to be 1,435,000 tons, the lowest figure since last May, and is reported to be due solely to the shortage of railroad cars. This is slightly less than the September output of 1.450.000 tons, but larger than the figure for October 1921, 1.285.000 tons. Reports to the Southern Appalachian Coal Operators* Association show that loadings in Tennessee during October amounted to 9,481 cars, or 474,050 tons. These figures for October are more than double those for September, loadings for that month having amounted to 4,292 cars, or 214,700 tons. The increase is said to have been caused largely by the im provement in the car supply. NAVAL STORES IPThe strong statistical position of turpentine has been emphasized during October by a continued strengthening in the price, which increased from $1.27 on September 30 to $1.55 the last of October. Receipts of both turpentine and rosin are slightly heavier than at this time last year. The present season, which began April 1, has shown a decided advance in the value of turpentine, and a small steady ad vance in rosin values. The average returns for both tur pentine and rosin are stated by correspondents to be profi table to most of the producers. After the middle of Decem ber, as is usual, receipts will fall off substantially, until the beginning of the next season. Correspondents state that a prosperous season like the present one is usually followed by increased production during the following season. The weather continues favorable for the closing period of the crop and operators are naturally pushing their work as much as possible and squeezing every possible drop out of the cups and boxes. At the same time preliminary prepara tions for the next crop are going forward in the leasing of available timber, the purchase of cups and other supplies, and correspondents indicate that production for the next season will show an increase over that of the 1922 season. NAVAL STORES MOVEMENT—OCTOBER 1922 Receipts—Turpentine Oct. 1922 Sept. 1922 Oct. 1921 10,541 12,944 9,243 Savannah.................. 12,250 11,733 Jacksonville............. . 10,356 Pensacola................. . 4,504 4,669 3,841 Total_________ Rosin Savannah—............ Jacksonville_______ Pensacolal................ 26,778 29,863 23,440 38,997 38,478 11,777 42,749 38,701 13,656 35,214 32,121 11,940 Total__________ 89,254 95,106 79,275 9,638 10,770 3,967 11,613 11,567 2,931 9,181 7,602 4,100 Shipments—Turpentine Savannah................... . Jacksonville________ Pensacola.................... Total........ ......... . Rosin Savannah____ _____ Jacksonville................ Pensacola........ .......... 24,375 26,111 20,883 52,120 38,715 11,190 33,627 44,543 10,702 28,172 40,063 21,622 Total........ ............ 102,025 88,872 89,857 11,610 14,621 5,718 10,707 13,658 5,236 9,160 28,225 20,681 Total...................... 31,949 Rosin 91,146 Savannah....... ............. 165,688 Jacksonville________ Pensacola........................... 65,913 29,601 58,066 104,369 165,925 65,308 83,466 166,580 63,858 Total___ - 322,747 335,602 313,904 ►cks—Turpentine Savannah..................... Jacksonville................ Pensacola.......... ......... WHOLESALE PRICES—UNITED STATES The index number of wholesale prices in the United States, compiled by the Federal Reserve Board for the purpose of international comparisons, shows that prices during October increased one point to 165, thus returning to the July and August level. The influencing factor appears to be a seven point increase in Goods Imported. Domestic goods remained unchanged. Goods Exported rose six points. Raw materials declined 2 points. Producers' and Consumers* Goods rose 3 and 2 points, respectively. Index Numbers of Wholesale Prices in the United States (1913=100) Raw Producers* Consumers* 1921 Goods Goods Goods Goods Goods Materials Produced ALL Imported Exported 132 158 145 140 Oct................ .......... 107 146 128 157 141 145 142 Nov.......................... ................... 108 143 153 142 140 127 140 141 Dec—...................... _____ . . . . . HI 1922 141 127 150 142 139 Jan........................... .................... 110 139 127 146 155 143 110 142 145 Feb-------------------- ................... 127 157 147 147 144 144 111 Mar.......................... ......... ......... 129 156 149 144 150 146 115 Apr........................... 160 137 164 158 119 155 155 May.......................... .................... 164 161 141 167 158 124 163 June........................ .................... 143 163 165 177 128 165 162 July......................... ___ ______ 144 156 184 165 162 127 162 Aug.......................... .................... 147 154 164 181 128 157 Sept.............. ......... 150 156 165 179 163 161 135 Oct....................... - ................... 15 T H E M O N T H L Y B U S IN E S S R E V IE W FEDERAL RESERVE BANK OF ATLANTA Weekly Statement of RESOURCES AND LIABILITIES Resources Nov. 15,1922 Nov. 16,1921 $ 5,005,045.50 5,548,333.26 Gold and Gold Certificates__________________________________________ _____ Gold Settlement Fund.____ ____________________________________ ___________ $ 5,622,430.50 24,811,057.57 Total Gold held by bank_______________________________________________ Gold with Federal Reserve Agent___________ _______________________________ Gold Redemption Fund_________ ______________________________ __________ 30,433,488.07 98,241,705.00 1,927,151.69 10,553,378.76 45,259,055.00 4,594,001.22 Total Gold Reserve____ _______________________________________________ Legal Tender Notes, Silver, Etc____ _________________________________ ______ 130,602,344.76 6,947,633.85 60.406.434.98 7,651,924.00 Total Reserve._______________ ___________________________________ ____ Bills Discounted: Secured by Government Obligations......................................................................... All Other...... ............. ____........ .................. .......................... ........... ........_........... . Bills Bought in Open Market__________ _______________ ____________ ____ 137,549,978.61 68.058.358.98 3,575,817.75 29,974,820.29 12,405,411.72 29,839,896.09 64,619,056.70 5,659,732.21 Total BUls on Hand________ __________ ______ _______ __________________ U. S. Bonds & Notes_____ ______ ________________________________ _________ One year Oert. of Indebtedness (Pittman Act)_______________________ _______ All Other Oert. of Indebtedness_________ _____________________ ____________ 45,956,049.76 123,050.00 1,999,000.00 2,050,916.00 100,118,685.00 10,386,981.75 8,564,000.00 892.00 Total Earning Assets______________________________ ___________________ Bank Premises___________________________________________________________ Five per cent, fund against F. R. Bank Notes________ _______ __________ _____ Uncollected items............... ........ .................. ........ .............................................................. All other resources__________ __________ ____________ ________ _______ _____ 50,129,015.76 1,955,650.82 467,550.00 34,392,201.52 151,856.48 119,070,558.75 925,217.67 559,550.00 24,821,609.20 639,804.30 Total Resources_______ ____________ ______ _____ ______ ______ ________ 224,646,253.19 214,075,098.90 Liabilities Capital paid in_____ __________________________ ______ ______ ___ _____ ____ Surplus fund______ ________ ______________ 1........ .................................... ............... Reserved for Government Franchise Tax______________ _____ _______________ Deposits: Government______________________________ ___________ ______ ________ Member Banks—Reserve accounts________________ _____________________ AUother______________________________________________________ ______ 4,350,100.00 9,113,570.99 _ 4,175,750.00 8,708,282.32 4,072,686.65 2,307,552.87 52,698,526.44 133,434.40 2,224,739.89 43,329,383.18 397,516.27 Total Deposits______________________________________ ______ ___ _______ Federal Reserve Notes in actual circulation______________ ____________ ______ Federal Reserve Bank Notes in actual circulation......................................................... Deferred availability items............................... .................. ............................................... All Other Liabilities_______ ________ __________________ ________________ ___ 55,139,513.71 125,192,255.00 1,791,650.00 27,753,178.34 1,305,985.15 45,951,639.34 122,822,905,-00 7,140,350*.00 20,038,249.56 1,165,236.03 224,646,253.19 214,075,098.90 Total Liabilities
@FedFRASER