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The Monthly B usiness R eview C o v e r in g B u sin ess a n d A g r i c u l t u r a l C o n d itio n s in th e S i x t h F e d e r a l R e s e rv e D is tr ic t F E D E R A L R E SE R V E B A N K O F A T L A N T A J O S . A . M c C O R D , C h a i r m a n o f th e B o a r d a n d F e d e r a l R e s e r v e A g e n t W A R D V O L . 5 A L B E R T S O N , A s s is t a n t F e d e ra l R e s e r v e A g e n t A T L A N T A , G E O R G IA , W H O LESA LE AND RET A IL TRA D E F igures compiled from reports of D epartm ent Stores th ro u g h o u t the D istrict show a net increase of 12.6 per cent in sales during the m onth of Septem ber over Septem ber 1919, and an increase of 16.9 per cent during the period July 1st to Septem ber 30th, over the same period last year. Stocks have increased 37.5 per cent over Septem ber, 1919, and 13.1 per cent over those held the last of A ugust, 1920. R eports from w holesale establishm ents vary in regard to sales during S eptem ber 1920 as com pared to the previous m onth, and to Septem ber 1919. W hile in Georgia, wholesale grocery firms report an average increase in sales of 47.5% in Septem ber over A ugust, and in M ississippi an increase of 3.4% , reports from other States show decreases which bring the net increase for the D istrict down to 1.9% . In Dry Goods all states show a decrease, the average for the D is tric t being 22.9% . A net increase for the D istrict in h a rd w are is shown at 1.4% , and in shoes of 4.6% . As com pared to Septem ber 1919, G roceries, Dry Goods and Shoes show net average decreases of 5.9% , 9.4% , and 15.9% respectively, while hardw are shows an average in crease of .9% . D uring the m onth large departm en t stores and clothing establishm ents, especially, have widely advertised reduced prices in an effort to revive trade. T heir efforts have been successful to a certain extent, but the buying public appears to be satisfied to delay buying until it seems certain prices have reached a lower and p erm anent level. A G RICU LTU RE The condition of cotton Septem ber 25, in the S tates of the Sixth F ederal Reserve D istrict is shown in the follow ing table. O C T O B E R 2 5 ,1 9 2 0 Sept. 25, 1920 A labam a ..............................................49 Florida .................................................. 50 Georgia ................................................ 51 Lpuisiana ............................................47 M ississippi ..........................................50 Tennessee ..........................................66 D istrict ..........................................52.1 No. Aug. 25, 1920 58 57 58 55 60 75 60.5 10 Sept. 25, 1919 35 54 38 52 64 40.5 C otton has opened very rapidly in Georgia, and w ith continued favorable w eather, and sufficient labor, picking will be over by the last of the m onth. T here is practically no top crop, and all underm atured bolls have been affected by the weevil and will not open. A condition of 51% of norm al indicates a yield of 149 pounds to the acre, and a production of 1,532,000 bales for the S tate. Adverse w eather conditions in Florida during late August and early Septem ber have apparen tly been more responsible for the drop in condition than the ravages of the weevil, although the weevil is present and at w ork w herever the crop is growing. P roduction is estim ated at 25,000 bales, com pared with 15,925 bales last year. Picking is well ad vanced and very little cotton rem ains in the field. The crop in M ississippi showed fu rth e r deterioration in condition during the rep o rtin g period. The condition of 50% of normal indicates a yield of 867,000 bales for the S tate, which will be about ten percent less than the production of last year. Picking is proceeding rapidly in all sections. In the southern half, all cotton is open and picking well ad vanced. Good grades are being obtained. Ginning is slow, and farm ers generally are holding for b etter prices. Labor is adequate for harvesting in m ost counties. The Tennessee crop also showed a decided decline in condition com pared w ith the repo rt August 25. The condi 2 THE M ONTHLY tion Septem ber 25, of 6 4 % of norm al indicates a crop of about 305,000 bales. The w et w eather which prevailed th rou g h o u t the cotton section of the S tate practically all of A ugust and until the middle of Septem ber, not only re tarded the developm ent of the fruit, but was responsible for shedding, rust, w ilt and blight. Insects have done little dam age, but a heavy grow th of foliage has caused the b o t tom crop to rot in m any fields, and a top crop is entirely absent. Cotton in Louisiana showed a decline of eight points below the condition on A ugust 25. T he presen t condition forecasts a yield per acre of 134 pounds, and a to ta l p ro duction of 439,000 bales, show ing a decrease of 28,953 bales from last m onth’s forecast. The causes of the decline are unfavorable w eath er, unusual activity of the boll weevil, boll ro t and shedding of bolls. Some im provem ent in the w eath er has taken place the la tte r part of Septem ber. Some sections rep o rt sufficient labor, and oth er sections a scarcity of hands. All reports show continued inefficiency of labor and unreasonable w age dem ands. The condition of 83 per cent of norm al, for the corn crop in A labam a, indicates an acre yield of 17 bushels, and a to tal crop of 69,989,000 bushels for the S tate, com pared U 62,843,000 bushels g ath ered last year. The yield of. oats Ts estim ated at 19 bushels per acre, and the to tal production at 6,707,000 bushels, com pared to 7,031,000 bushels harvested last year. P eanuts are shown at 80 per cent, and a crop of 10,752,000 bushels is forecast. The co n dition of sw eet potatoes is show n at 89 per cent of norm al, indicating a to ta l crop of 15,092,000 bushels. Irish p o tato es have been gathered, the condition at h a r vest being 82 per cen t of norm al, indicating a yield of 89 bushels, and a to tal crop of 4,272,000 bushels. The condition o f ‘sorghum for syrup is given at 85 percent of norm al, and a crop of 10,450,000 gallons is forcasted Sugar cane is show n at 84 per cent, and a total crop is fo re casted of 10,248,000 gallons. BUSINESS REVIEW T here was no m aterial change in the condition of so r ghum cane for syrup, the present estim ate for the crop being 1,395,000 gallons. Apples are rep o rted at a condition of 73 per cent, which is one point below the condition of last m onth, giving a production of 1,757,000 bushels. All w heat m ark eted by O ctober first show ed to be 70 per cent of the crop raised this year. T he average yield of oats per acre is 21 bushels, w ith the quality at 89 per cent. P ro d u ctio n estim ates of F lorida crops, as of O ctober first, com pared w ith last year, show a g eneral shortage of the feed crops; corn, oats, hay and probably velvet beans. In creased production is indicated for practically all other staple crops; cotton, sugar cane, sw eet potatoes, rice, to bacco, etc. P roduction of p ean u ts for g rain will be con siderably larg er th an for the last y ear if farm ers h arv est the acreage indicated by earlier rep o rts. The corn crop has been m ature for some tim e and h a r vesting is well advanced. W ith the exception of N orthw est F lorida, prospects are poor b oth as to yield and quality, following a grow ing season of too much rain and generally unfavorable conditions. T he condition of the N orthw est F lorida crop is good and yield will be up to last y e a r’s yield. Lim ited areas over the rest of the S tate have also m ade excellent corn as a resu lt of either favorable location or b e tte r th an the average m ethod of cultivation. T he acreage is estim ated at 781,000, the yield at 14 bushels, and production 10.934.000 bushels. The condition of sw eet p o tato es has d eterio rated slightly during the p ast m onth, w ith the p ro bability of ra th e r light yields from late plantings. E arly p lan tin g s, w here h arvested, have show n some excellent yields although occasional com plaints are heard of th ere being m ore vines th an po tato es. L ate plan tin g s w ere heavier th an usual this year. P ro d u c tion is estim ated at 4,360,000 bushels, com pared w ith 4,100,000 bushels last year. T he average yield of oats is estim ated at 17 bushels, th e acreage at 54,000, and production at 918,000 bushels, com pared with 1,140,000 bushels- for last year. Corn in G eorgia show ed no :marked im provem ent over the condition on previous rep o rt, being 85 per c e n t.o f not rnal, which indicates a production of 69,405,000 bushels T here w as a decline of three points in Irish po tato es, and one point in sw eet potatoes. The condition of Irish p o ta toes is shown at 78 per cent of norm al, indicating a production of 1,584,000 bushels, and the condition of sw eet potatoes at 88 per cent of norm al, and production of 13,764,000 bushels The tobacco grow ing section of F lorida, principally in Gadsden County, w ith sm aller acreage in o th er counties, reports a condition of 92% of norm al at tim e of h arvest. Production is estim ated at 4,250,000 pounds, com pared w ith 3.990.000 pounds last year. The condition of tobacco was 80 per cent, indicating a production of 19,224,000 pounds with' the average yield pel acre of about 900 pounds. P eanuts declined tw o points, being a t 85 per cent. A production of 18,838,000 bushels is predicted. The acreage of p eanuts th a t will be h arv ested for grain is u n certain , although the sh o rtag e of hogs for fattening com bined w ith ideal h arv estin g w ea th er may result in a h arv ested acreage th a t will come up to the early ex p ecta tions of grow ers. The crop has dropped in condition during THE M ONTHLY BUSINESS S eptem ber, but yields are show ing up much b e tte r th an for last year. Based on present condition of 8 6% of norm al, production is estim ated at 4,120,000 bushels. The condition of corn in Mississippi on O ctober first was rep o rted as 75 per cent of norm al, w ith forecast a to tal production for the S tate of 66,618,000 bushels, com pared w ith 59.700.000 bushels last year. The present condition of the sw eet potato crop forecasts a to tal production of 9,608,000 bushels, com pared w ith 10,200.000 last year. The small acreage of fall Irish p otatoes, grown for home and seed purposes, show about average stands and condition. A decidedly b e tte r than usual corn crop is predicted in T ennessee, although the crop has suffered to some extent in m any localities from continued w et w eather, high winds, and light frost. A large per cent of the oats and barley crop has been shown and is germ inating nicely. The condition of buckw heat is good. Irish and sw eet potatoes prom ise a fair ^ield. The to bacco crop has been housed very rapidly, though th e re still rem ains some of the crop in the field. “Blackfire” dam aged a num ber of fields, but a g rea ter dam age resulted from the fear m any farm ers had of this disease and caused a large per cent of the crop to be hous.ed too green. This will resu lt in a th in n er texture and low er yield. T he apple crop has shown up very spotted this season. A num ber of localities have had splendid crops and good yields are reported, but the crop of the entire S tate is not up to the average. R EPO R T ON COTTON GINNING N um ber of bales of cotton ginned from the grow th of 1920 prior to Septem ber 25, 1920, and com parative statistics to the corresponding date in 1919 and 1918. REVIEW 3 M ississippi ...................................... 93,997 239 M issouri ............................................ N orth Carolina ............................. 31,701 O klahom a ........................................ 65,372 South Carolina ............................... 171,112 T ennessee ........................................ 820 Texas ..................................................1,362,021 Virginia ............................................................... All other S tates .............................................. 121,125 1,820 80,782 82,953 330,971 7,134 401,998 155 110 289,906 4,484 78,709 155,601 351,926 45,185 1,570,222 28 373 The statistics in this repo rt include 73,665 round bales for 1920; 19,561 for 1919; and 88,250 for 1918. Included in the above are 3,365 bales of A m erican Egyptian for 1920; 2,166 for 1919; and 498 for 1918. The num ber of sea-island bales included is 43 for 1920; 698 for 1919; and 3,028 for 1918. CONSUM PTION, STOCKS, IM PORTS AND EX PO R TS— UNITED STATES Cotton consumed during the m onth of August, 1920, am ounted to 483,193 bales. Cotton on hand in consum ing establishm ents on A ugust 31 was 1,130,694 bales, and in public storage and at com presses 1,968,218 bales. The num ber of active consum ing cotton spindles for the m onth was 34,471,515. The to tal im ports for the m onth of A ugust, 1920, were 23,106 bales, and the exports of dom estic cotton, including linters, were 146,668 bales. W orld S tatistics The w orld’s production of com m ercial cotton, exclusive of linters, grow n in 1919, as compiled from published reports, docum ents, and correspondence, was approxim ately 19,620,000 bales of 500 pounds net, while the consum ption of cotton (exclusively of linters in the U nited S tate s) for the year ending July 31, 1920, was approxim ately 18,181,000 bales of 500 pounds net. T he to ta l num ber of producing cotton spindles, both active and idle, is about 150,000,000. RUNNING BALES (C ounting round as half bales and excluding linters) 1920 U nited S tates ................................. 2,243,030 A labam a ............................................ 84,033 A rizona .............................................. 5,622 A rkansas .......................................... 56,558 California .......................................... 6,808 Florida .............................................. 3,124 G eorgia .............................................- 275,011 Louisiana ...................................... 86,612 1919 1918 1,835,214 138,701 3,588 63,550 5,345 5,154 539,796 52,032 3,770,611 259,676 1,204 198,679 4,571 6,658 626,527 176,862 RICE The condition of rice in Louisiana snowed a decline oi two points under th a t of a m onth ago, being 8 8% . The condition Septem ber first was 9 0% , and O ctober 1919 was F9%. The p resen t condition forecasts a probable yield per acre of 35.2 bushels, and a to tal yield for the S tate of 24,640,000 bushels, which is 560,000 less than expected from last m o n th ’s figures. THE 4 M ONTHLY The slight decline in condition w as due to the presence of grass, insects, and red rice. T he early p art of the m onth was too rainy for harvesting, but the w eath er has improved. The storm dam aged the uncut rice in its path, b ut not to BU SINESS REVIEW totalled $32,281,152.00. A ugust, 1919 $14,713,208.00, 1918 $13r 559,626.00, 1910 $6,742,545.00. The follow ing is an item ized list of im p o r ts : a g rea t extent. An effort w as m ade to have the farm ers hold rice for $7 and $8 per barrel, but the mills re p o rt they can g et all the rice they can handle betw een $5 and $6 per barrel. Some producers are sending th eir rice to the mills on a toll basis, and are holding the clean rice from the m arket, causing it to stiffen and causing prices to hold firm. ROUGH RICE (SA C K S) PO R T OF N E W ORLEANS Sept. 1920 Receipts ............... ...................... 247,671 S hipm ents ......... ........................192,907 Stock ................... ........................125,670 Aug. 1920 Sept. 1919 172,155 107,677 70,906 268,561 240,468 66,400 Com modity A m ount Sugar ................................... ...........116,616,197 Coffee ................................. ........... 48,943,058 M olasses ............................ ........... 6,556,458 M ineral Oil ...................... ...........102,067,416 B ananas ........................... ........... 2,377,430 Sisal G rass ...................... C reosote Oil .................... 1,078,298 9,759 N itrate of Soda ............. 3,550,204 1,162 F erro -M an g an ese M ahogany Logs ........... 1,356,000 M attin g pounds pounds gallons gallons bunches gallons tons pounds tons feet 101,521 yards V alue $20,503,048.00 8,816,294.00 1,475,136.00 1,182,172.00 1,036,465 00 2,117,360.00 236,081.00 491,461.00 491,062.00 172.902 00 185,947.00 86,241.00 35,922.00 CLEAN RICE (P O C K E T S ) PO R T O F N EW ORLEANS Sept. 1920 Receipts .............. ......................... 45,362 Shipm ents ......... ........................255,704 Stock ..................... .........................186,688 Aug. 1920 Sept. 1919 18,207 130,575 180,975 42,490 237,534 164,362 SUGAR T he condition of sugar in Louisiana show ed a decline of three points since Septem ber 1st, being 72% on O ctober 1st, 75% on S eptem ber 1st, and 53% O ctober 1919. T he p rese n t condition indicates a yield of approxim ately 180,094 tons of sugar for th e S tate, w hich is 519 tons less th an w as anticipated from th e Septem ber 1st condition. T he decline during th e m onth is largely due to th e dam age by the tropical hurricane, the extent of which cannot yet be accurately setim ated. P la n t cane suffered m ore th an stubble; much native cane was blown down, but this, it is th ou g h t, will straig th en up. C onsiderable cane, how ever, was broken off and some uprooted. T he price of sugar shows a steady decline, and this is causing anxiety to planters. The b arrier again st the ex p o rtatio n of sugar from Brazil has been partially lifted. Figures show ing the receipts of raw sugars at this p o rt for the nine m onths ending S eptem ber 30th , show th a t 428,257 tons more w ere im ported th an du rin g th e previous m onths, and 740,000 tons m ore th a n th e im p o rtatio n s for the «.ame period in 1917, w hich w as a norm al y ear. Besides this, some 600,000 pockets of sugars read y for consum ption w ere b ro u g h t in by local b ro k ers and dealers. T hese sugars w ere b ro u g h t from all p o rts of th e w orld, including contributions from Jav a, P eru and San D om ingo, for the first tim e in m any y ears. T he grain shipm ents for th e m onth of S eptem ber exceed those for A ugust, which w as th e record m onth. G rain S h ip m en ts (b u sh e ls) W h eat B arley Corn O ats Sept. 1920 Aug.1920 Sept. 1919 9,667,216 ....1,285,129 92,496 70,560 8,696,647 1,008,884 1,499,053 2,193,316 70,410 573,365 IM PO R T S AND E X P O R T S -N E W ORLEANS T he larg est single cargo of w h eat for the m onth am o u n t ed 408,000 bushels—3,000 bushels un d er the record cargo for A ugust. R ecord for loading grain in a single day, for ex port, was bro k en w hen 943,186 bushels w ere loaded into the holes of nine vessels. In spite of th e decline in the value of coffee and sugar, A ugust is the record m onth for im ports, exceding the high record of July by $4,000,000.00. T he im ports for A ugust, 1920 T he export of fo rest products fo r this p o rt shows an increase for th e y ear ending Ju n e 30, 1920, b u t have n o t yet a tta in e d th e norm al pre-w ar figures. T he M exican Gulf THE M ONTHLY p o rts lead in exports of lum ber, exporting 752,776,000 feet, all ports exporting 1,753,000,000. LU M BER R eports indicate th a t the u n certain ty prevailing in regard to com m odity prices generally is having a stro n g influence upon the lum ber m arket, and until the tran sitio n of prices from higher to low er levels is com pleted the outlook for a revival of activity is not bright. It is generally believed th a t production will continue to decline, as m anufacturers are inclined to regulate production in accordance w ith the requirem ents of the trade. Buying is rep o rted to have resolved itself into a sta te of placing orders for absolute necessities, and few orders for m aterial for future req u ire m ents have been reported. COAL, IRON AND ST E E L The com m ercial coal business in the A labam a mining d istrict is still h arassed by the strike called on Septem ber 8 h by the U nited Mine W o rk ers. The output of the larger m ining com panies is reduced according to the in ten sity of the strike in th eir particular cases. The S tate M ilitia is still kept in the district and as a result violence has been reduced to a minimum, although th e re are still freq u en t o u tb reaks. The car supply and tra n sp o rta tio n service have been g reatly improved and as a resu lt th ere have been heavy m ovem ents of pig iron, cast iron pipe, iron and steel products out of the district. T he pig iron m arket is quiet and th ere is g eneral belief th a t low er prices will be quoted at an early date. In the pipe business, th e re has been a slight advance in price on the p a rt of some in terests, while o thers have made no change. The coal output is now m ore than 260,000 tons, and coke production is picking up as the coal output increases. W hile th*. cast iron pipe trad e is not as active as it has been, there is still a steady m elt a t the plants. The scrapiron and sicel m arket continues quiet, but dealers sta te th a t the condition is tem porary. STA TEM EN T BY FED ER A L R E SE R V E BOARD REGARDING AGRICULTURAL CR ED ITS OCTOBER 18th, 1920 In v ie w of th e r e p r e s e n t a t io n s w h ic h have r e c e n tly been BUSINESS R EVIEW 5 made to the B oard as to the unavailability of credit in ag ri cultural sections the B oard requested inform ation co n cern ing credit condition^ thro u g h o u t the co untry from the Chairm en and G overnors of F ederal Reserve Banks at their autum n conference here this week. T he B oard is advised th a t credit has been steadily available for the successive seasonal requirem ents of agriculture, as well as for the needs of com m erce and industry, and th a t th ere is no ground for expecting th a t its availability for these purposes will not continue. The present im proved credit situation is due in p art to the tim ely steps tak en last spring, following con ferences betw een the Board and Governors and D irectors of F ederal Reserve Banks to provide credit for crop moving requirem ents, and in p art to the subsequent im provem ent in tran sp o rta tio n rep o rted from all districts except in a few localities. Betw een Ja n u ary 2 and O ctober 1 of the p resen t yeai about 800 leading m em ber banks from all sections of the country w hich rep o rt their condition to the B oard w eekly and which rep resen t approxim ately 70 per cent of m em ber bank resources, have increased th eir loans for agricultural, industrial and com mercial purposes by an am ount exceeding $1,800,000,000.00. This g re a t increase in the credit extended to their custom ers has in th e main been made possible by the accom odation extended m em ber banks by the Federal Reserve Banks. D uring th e sam e period the 12 F ed eral Reserve B anks have increased th eir holdings of agricultural and com mercial paper by m ore th an $500,000,000.00, and from Ja n u ary 23 to O ctober 1, 1920 increased their issues of F ederal R eserve notes by over $460,000,000.00. A t the same time, F ederal Reserve Banks having surplus funds have extended accom o dation to F ed eral R eserve Banks in agricultural and live stock districts by m eans of discounts, ag g reg atin g on O cto ber 1, over $225,000,000.00. The disturbances in price and dem and w hich have re cently m anifested them selves in m ark ets for various agricul tu ral and o th er com m odities, n ot only in the U nited S tates, but in oth er countries as well, are inevitable and unavoidable consequences of th e economic derangem ents occasioned by the W orld W ar. The U nited S tates continues to have a heavy volume of exports although foreign dem and for certain agricultural staples has som ew hat decreased. But th e chief m ark et for our raw and m anufactured products is at home, and our p rese n t huge crops of im m ense value m ay be expected gradually and in regular course to move from producers to consum ers. T he recen t census, reckoning our population a t 105,000,000 em phasizes anew our own capacity as consum ers irrespective of the dem ands of o th er countries. THE 6 M ONTHLY BUSINESS C L E A R IN G S -^SE P T E M B E R R EVIEW D EBITS TO IN D IV ID U A L ACCOUNTS AT CLEARING Septem ber 1920 S eptem ber 1919 Per Cent Increase Per Cent Decrease HOUSE BANKS, SIX T H F E D E R A L R E SE R V E D IST R IC T . (T housands o m itted) --------------W eek E nding------------A tlanta, Ga............................... $237,068,617 $281,836,707 15.9 A ugusta, Ga............................. 13,291,584 24,069,048 44 £ Birm ingham , A la................... 80,386,782 63,706,696 26.2 C hattanooga, T en n .............. 35,440,443 27,950,348 26.8 Columbus, Ga.......................... 4,942,007 4,961,071 0.4 Jackson, M iss......................... 2,887,971 2,837,987 1.8 Jacksonville, F la................... 45,528,939 34,923,496 30.4 31.8 Knoxville, T en n ..................... 17,711,138 13,439,595 M acon, Ga................................ 31,296,351 38,865,622 195 Mobile, A la.............. ................. 10,978,265 8,872,873 M ontgom ery, A la.................. 6,985,755 7,840,000 23.7 N ashville, T en n ..................... 96,571,226 64,513,612 49.7 New O rleans, L a................... 267,393,637 247,306,424 8.1 Pensacola, F la........................ 10,600,089 10.9 8,732,640 21.4 42,374,241 2.1 Savannah, Ga........................... 41,483,973 Tam pa, F la.............................. 9,365,125 7,001,646 33.8 V icksburg, M iss...................... 1,622,456 1,415,546 14.6 Oct, 6,1920 Sep. 29,1920 Oct. 8 ,1 9 9 A tlan ta .......................................... $ A ugusta ........................................ Birm ingham ............................... C h attanooga ............................. Jacksonville ............................... Knoxville ..... ................................ Macon ............................................ Mobile ........................................... M ontgom ery ............................. Nashville ...................................... New O rleans ............................. Pensacola .................................... Savannah ..................... ................ Tam pa ...........-............................. V icksburg .................................... 31,243 9,598 18,745 12,343 14,019 8,064 6,722 8]&97 5,276 29,982 79,029 2,518 17,435 6,560 1,804 $252,235 $ 26,942 8,835 16,687 10,295 12,465 6,205 6,873 7,393 4,635 22,442 86,600 2,416 17,669 5,433 1,396 $236,286 $ 34,632 14,072 15,401 12,220 10,981 6,965 9,094 8,344 6,562 23,238 72,919 2,618 22,350 4,856 2,051 $246,304 THE. M O N TH LY BUSINESS REVIEW 7 C o n d it io n o f R e t a il T r a d e D u r in g S e p t e m b e r , 19 2 0 Percentage of increase (or decrease) (1) (2) (3) (4) Comp, of net sales with those of corresponding period last year Stocks at end of month compared with % of average stocks at e n d o f each month from July 1 to date, to average monthly sales over same period % of outstanding orders at end of month to total purchases during calendar yeat 1919. 534.4 433.1 406.5 276.1 398.9 430.1 9.1 13.4 9.1 9.8 Districts and Cities— Sept. Atlanta ............................ New Orleans .................. Birmingham ... ............... Jacksonville .................... Nashville .......................... DISTRICT ...................... B July to Date 10.9 19.7 24.6 138 7.6 169 5,2 17.1 23.4 3.8 0.9 12.6 A B Same month last .year Last month 3.0 46.4 40.5 23.5 25.7 37.5 27.7 12.2 12.8 12.0 7.7 13.1 6.8 10.9 C o n d it io n o f W h o le s a le T r a d e D u r in g S e p t e m b e r , 1 9 2 0 (a)—Percentage of increase (or decrease) in net sales for September, 1920, over previous m onth: Groceries Alabama ......... Florida ............ Georgia .......... Louisiana ....... Mississippi .... Tennessee ..... DISTRICT , ...N ot Reported. * Decrease. 16.6* 3.8* 47.5 8.6* 3.4 10.4* 1.9 Drygoods 23.1* 8.8* 30.8* ..... 29.0* 22.9* Hardware Shoes 16.0 6.5* 3.7 8.7* 50.3 5.9 9.2* 1.9 1.4 ..... 28.7* 4.6 (b)—Percentage of increase (or decrease) in net sales for September, 1920, over same month last year: Groceries Alabama ......... Florida ............. Georgia ........... Louisiana ........ Mississippi ..... Tennessee ..... DISTRICT ...Not Reported. * Decrease. 19.8* 6.0 10.8* 10.2* 6.9* 6.1 5.9* Drygoods Hardware Shoes 7.0 6.8* 32.3* 35.6* 4.1 4.2 17.0 16.6* 9.0* 5.5* 9.4* 15.1 .9 22.1* 15.9* THE 8 M ONTHLY BU ILDIN G O PE R A TIO N S—S E P T E M B E R R epairs and A lterations Value No. Increase or D e crease in T o tal New Volume Over Buildings Value Sep., 1919 No. A LA B A M A : A nniston Birm ingham Gadsden Mobile Selma 16 307 2 4 13 8 $ 39,000 123 280,100 6 92,100 78,300 17 3,750 3 $ 6,450 105,048 700 2,200 2,117 Inc. Inc. Inc. Inc. $ 21,150 90,777 86,800 3.950 FLO R ID A : 11 16,900 163 166 162 16 61 18 3 267,916 63,194 3,055 25,229 18,000 1,050 53 22 50 Miami 308,800 G E O R G IA : 808,740 42,250 Dec. Inc. 36,866 8,439 14 38 1 44,900 265,450 2,500 Inc. Inc. Inc. 8,4! 9 54,960 1,450 92,508 61 208,331 Dec. 6 48,705 1 1,000 C hattanooga 220 .Johnson City 85 Knoxville 175 N ashville 53,628 7 4 20 47 20,500 14,500 775,437 78,080 A tlanta A ugusta Brunsw ick Macon S avannah W aycross ^ 5,274 12,507 744 14,917 13,315 27,466 7,210 33 205,489 1,090 101,807 200,164 2,192 52,641 253,639 8,456 199,712 STOCKS—IN T ER IO R TOW NS : A tlanta ...................... 11,466 A ugusta ................... 73,305 M ontgom ery ......... 10,833 V icksburg ............... 5,761 11,645 43,005 4,952 5,494 28,919 155,047 20,746 3,621 STOCKS—P O R T S : New O rleans .............. Mobile ~............................. Savannah ....................... A u^., 1920 106,587,974 18,896,800 Sep., ] 9 1 9 84,860,144 24,232,225 239,461 S H IPM E N T S : New O rleans .... 20,797,546 Savannah .......... 13,080,350 25,868,225 21,255,946 43,525,574 22,546,327 Inc. 29,055 M ELTIN G S: New O rleans .... 81,787,993 S avannah .......... 14,312,548 112,404,407 23,539,943 107,598,719 23,421,488 Dec. Dec. Inc. Dec. 94,797 9,400 644,816 223,375 ST O C K S : New O rleans .... 7,088,280 Savannah .......... 2,058,956 50,222,974 3,159,635 7,943,421 1,428,465 T E N N E S SE E : 24,479 44,480 S H IPM E N T S —IN T E R IO R TO W N S: A tlan ta .......................... 3,908 A ugusta ........................ 11,165 M ontgom ery .............. 4,064 V icksburg ..................... 53 R E C E IPT S : Sep , 1920 New O rleans ....40,041,414 S avannah .......... 17,094,675 M IS S IS S IP P I: M eridian R EVIEW M O V EM EN T OF SUGAR (P o u n d s ) L O U IS IA N A : New O rleans BUSINESS M OV EM ENT OF LIV ESTOCK MH M onth of R eport Sep., 1920 Preceding M onth 1920 49,222 1,139 82,649 35,063 1,364 7,972 Y ear Ago Sep., 1919 32,841 5,708 94,842 R E C E IP TS —IN T E R IO R T O W N S : A tlanta ........................... A ugusta ......................... M ontgom ery .............. V icksburg ..................... 3,729 46,768 9,923 320 3,748 3,756 151 20,411 24,304 82,989 12,258 1,353 S H IPM E N T S —P O R T S : New O rleans .............. Mobile ............................. Savannah ....................... 43,897 1,743 33,483 62,916 1,540 14,229 <u £° & &v u £ 2 s ^ Ph R E C E IP T S —P O R T S : New O rleans .............. Mobile ............................ Savannah ....................... ® o S! 'M o r M O V EM EN T OF COTTON 43,302 6,665 30,941 Purchases for S laughter Nashville 3,394 2,352 473 Jacksonville 739 * M ontgom ery ........ re p o rte d . . v ££ ><in 2,711 O X o bo ^ CM ™n O OJ ° £•& .s *3 - Z ° 3 On ><in ■Calves 3,210 2,375 1,177 1,179 1,038 982 1,012 -------- ■ Hogs -------53,103 32,394 90,241 2,181 4,195 3,435 ........ Purchases for Slaughter 6,456 N ashville 6,337 1,178 Jacksonville 1,939 ........ *M gntgom ery *N o t o SO bfl O §!n -------- C a ttle -------7,339 10,809 6,910 1,012 794 474 ........ R e c e ip ts: Nashville Jacksonville ^M ontgom ery R e ce ip ts: Nashville Jacksonville ^M ontgom ery .5 ^ 2,638 4,195 3,954 2,792 - Sheep 8,256 4,949 8,256 2,078 THE M ONTHLY BUSINESS R EVIEW 9 M O V EM EN T O F NAVAL STO R ES FOR FOU R YEARS STA TISTICA L R E P O R T OF SOU TH ERN P IN E R eceipts of T urp en tin e A pril 1-O ctober 7 ASSOCIATION 1920-21 1919-20 1918-19 1917-18 Savannah ............................. 64,544 Jacksonville .................... 76,730 P ensacola ......................... 33,242 37,621 56,833 23,924 31,308 51,243 19,186 63,166 91,334 40,063 174,516 118,378 101,737 194,563 Increase or decrease for 1920-21 com pared w ith form er years I. 56,138 Per cent decrease or increase.... I. 47.4 I. 72,779 I. 71.5 D. 21,137 D. 10.9 W eek E nding F rid ay , O ctober 1, 1920. (135 Mills R ep o rtin g ) Cars F eet O rders on hand beginning of w eek................ 13,847 1,952 O rders received during w eek ......................... 315,531,589 44,480,224 T otal ........................................................................ 15,799 Shipm ents during w eek........................................ 2,797 360,011,813 63,735,239 O rders on hand end of w eek....................... 13,002 296,276,574 Receipts of Rosins April 1-O ctober 7. Savannah ............... Jacksonville ........... Pensacola ............. 1920-21 1919-20 1918-19 1917-18 198,482 231,449 97,908 107,135 181,583 82,164 113,285 163,937 61,448 194,017 260,561 117,004 527,839 370,882 338,670 571,582 Increase or decrease for 1920-21 com pared w ith form er years 1 .156,957 P er cent decrease or increase.... I. 42.3 1 . 189,169 D. 43,713 I. 55.8 I). 8.2 T u rpentine Stocks, Close O ctober 7. Savannah ........................... Jacksonville ....................... Pensacola ..... ..................... 1920-21 1919-20 1913-19 1917-18 16,715 20,655 9,890 9,773 12,274 4,494 29,883 57,6C4 37,291 31,018 43,987 42,640 47,260 26,541 124,843 122,645 1920-21 1919-20 1918-19 1917-18 Savannah ..... ...................... 54,616 Jacksonville . ..................... 87,420 Pensacola .......................... 43,695 41,191 93,957 56,530 66,340 131,448 47,930 82,691 128,449 86,3:2 185,731 191,678 245,718 297,492 O rders ................................................................. 44,480,224 ft. 329,483 ft. Shipm ents ......................................................... 63,735,239 ft. 472,113 ft. Production ......................................................... 62,769,563 ft. 464,960 ft. Normal production these mills.............. 87,674,183 ft. 649,438 ft. Shipm ents above production for the w eek .................................................................... 965,676 ft. = 1.54% O rders below production for the week.. 18,289,339 ft. = 29.14% O rders below shipm ents for the week.... 19,255,015 ft. = 30.21% Actual production below n o rm al................ 24,904,620 ft. = 28.41% Shipm ents below norm al production........23,938,944 ft. = 27.30% O rders below norm al production.............. 43,193,595 ft. = 49.27% D ecrease in “orders on h an d ” during week ................................................................... 19,255,015 ft. = 6.10% Previous R eports. G tj M <L> <L> G R osin Stock, Close O ctober 7. A verage P er Mill T o tal tn O J=S C l. v bo u <z> ud 'O< v >u <o F eet Sept. 3 Sept. 10 Sept. 17 Sept. 24 Oct. 1 151 136 146 134 134 265,523 295,143 353,979 382,447 329,483 <L> £ b0« £a .2 a o •*-« U u <u o 2 S -a > W, > > o° F eet F eet F eet 397,983 440,374 493,198 450,128 472,113 645,927 471,505 479,021 460,353 464,960 < w T3 <V bo H bo 621,480 646,583 635,981 631,173 649,438 O « i Cars 17,514 15,333 14,866 13,169 13,002 THE 10 M ONTHLY BUSINESS REVIEW PRO D U C TIO N OF CORN, W H E A T , COTTON, OATS AND HAY, BY FE D E R A L R E SE R V E D IST R IC T S, OCTOBER 1, 1920, FORECA ST OF T H E BU REA U OF CRO P E ST IM A T ES. (I n thousands o f units m easu rem en t) TOTAL W H E A T (B u sh els) CORN (bushels) F E D E R A L R E SE R V E D ISTRICT Boston ............... ........ New Y ork ................. Philadelphia ............. Cleveland ................. Richm ond ................. A tlan ta ..................... Chicago ........................ St. Louis .................... M inneapolis ............. K ansas City .......— Dallas .......................... San F rancisco ......... TO TA L ............... Oct. 1 F orecast for 1920 8,166 39,171 62,563 211,282 199,349 259,043 939,972 468,004 260,030 561,543 197,680 9,389 3,216,192 Sept. 1 F orecast for 1920 7,692 37,866 61,769 212,077 202,334 259,295 896,181 464,938 234,226 548,679 196,997 9,295 3,131,349 E stim ate for 1919 Oct. 1 F orecast for 1920 10,276 41,089 66,444 212,297 188,994 240,315 927,852 380,722 242,363 372,870 225,743 8,485 2,917,450 440 11,834 23,808 34,487 37,613 6,614 63,037 54,684 147,994 259,108 15,113 95,916 750,648 COTTON FED E R A L R ESE R V E D ISTR IC T Boston ................... - ....................:....... New Y ork ............................................ Philadelphia ....................... Cleveland .............................................. Richm ond ............................................ A tlanta .................................................. Chicago ...........................~................... St. Louis ....................... ...................... M inneapolis ........................................ K ansas City ....................................... Dallas .............................. ..................... San Francisco .................................... TOTAL ............................................. Oct. 1 F orecast for 1920 Sept. 1 F o recast for 1920 Sept. 1 E stim ate F o recast for 1919 for 1920 468 11,816 23,808 34,597 37,613 6,614 63,990 54,722 161,631 260,723 15,166 98,867 770,015 SPR IN G W H E A T (B u sh els) Sept. 1 Oct. 1 F o recast F o recast for 1920 for 1920 480 12,493 25,922 63,748 37,094 10,326 112,202 108,022 135,094 300,994 33,605 101,008 940,988 (B ales) E stim ate for 1919 440 740 298 460 468 722 298 570 48G 750 316 1,034 13,566 799 140,809 17,644 707 42,544 218,007 14,519 837 154,446 19,259 760 45,495 237,374 19,140 1,001 129,337 16,463 898 39,933 209,352 OATS (B u sh els) E stim ate for 1919 2,086 2,665 .......... 2,230 2,833 2,372 2,816 2,023 2,11 2 1,789 1,018 4,126 (a ) 189 (b ) 12,123 1,126 4,284 (a ) 184 (b ) 12,783 832 3,097 (a ) 117 (b ) 11,030 Oct. 1 F o recast for 1920 Sept. 1 F o recast for 1920 13,599 48,283 28,291 85,291 28,005 27,177 559,327 70,585 287,150 204,218 48,155 44,281 1,444,362 13,752 46,118 26,287 84,140 27,522 28,566 557,071 72,701 291,933 202,799 44,946 46,004 1,441,389 E stim ate for 1919 12,123 31,856 23,214 70,279 26,397 29,008 461,082 63,595 208,857 182,677 99,004 40,219 1,248,311 (a ) In addition the following am ounts w ere estim ated grown in Low er C alifornia (M exico), O ctober 1 and Septem ber 1, 1920 fo recast—89,000 b a le s; estim ate for 1919, 52,000 bales. (b ) C otton grow n outside of cotton belt included as follows: O ctober 1, 1920, fo recast—16,000 bales; Septem ber 1, 1920 forecast—14,000 b a le s ; estim ate for 1919, 7,000 bales.
@FedFRASER