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T H E M B u sin ess O N T H L Y R ev iew C o v e r in g B u s in e s s 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 tx t h F e d e r a l R e s e r v e D i s t r i c t . F E D E R A L R E S E R V E B A N K O F A T L A N T A JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent W ARD ALBERTSON, Assistant Federal Reserve Agent VOL. 8 ATLANTA, GEORGIA, OCTOBER 29, 1923 NO . 10 BUSINESS CONDITIONS IN THE UNITED STATES. Prepared by the Fed eral Reserve Board. Production of basic commodities declined during September, wholesale trade continued large, while retail trade, though larger than a year ago, increased less than is usual at this season of the year. Wholesale prices, particularly those of agricultural products, advanced during the month. Production. Production in basic industries, according to the Federal Reserve Board’s index, declined 5 per cent during September, and was 10 per cent below the peak output of May. The principal factors in this decline were the sus pension of anthracite coal mining for over two weeks and a substantial reduction in the production of iron and steel. Cement production and sugar meltings were larger than in August. The decline in the production in dex, which is corrected for seasonal variations and reflects chiefly changes in the output of raw and semi-finished products, was not accompanied by a reduction of employment at industrial establishments. New build ing construction showed about the usual seasonal decline in September, due to a curtailment in contracts for residences. Contract awards for business and industrial buildings, however, were larger than in August. Esti mates by the Department of Agriculture on October 1 showed some reduction from the September forecasts in the yields of corn, wheat, oats, and tobacco, but increased yields of cotton, potatoes, and hay. Trade. Distribution of all classes of commodities by railroads continued at a high rate throughout September. Wholesale trade, according to the Federal Board’s index, in September reached the largest total in three years and was 9 per cent larger than a year ago. Sales of meat, hardware, and drugs were considerably larger than in last September, while shoe sales were smaller. Retail trade was slightly larger in September, but the increase was much less than is usual at this season of the year. Department store sales were 6 per cent more than in September, 1922, and stocks at the end of the month were 13 per cent larger than a year ago. Prices. Wholesale prices increased over 2 per cent during September, according to the index of the Bureau of La bor Statistics, particularly large increases occuring in the prices of clothing, farm products, and foods. Fuel prices, on the other hand, declined in September for the eighth successive month, and prices of building mate rials and metals were also lower. During the first three weeks of October prices of certain farm products continued to advance, wheat and cotton reaching the highest points of the current year, while prices of hogs, coal, and metals declined. Bank Credit. Demand for bank credit showed a seasonal increase in September and the early part of October, loans of member banks in leading cities increasing by $116,000,000 between September 12 and October 10. This increase reflected chiefly the demand for commercial loans, which on the latter date stood at a new high point for the year, almost $100,000,000 above the total on September 12. Increases in the holdings of government securi ties by these banks were partly offset by reductions in corporate security holdings. The demand for accommodation at the Federal Reserve Banks in some of the agricultural districts in creased, while at the Reserve Banks in the East the vol time of discounts for member banks declined. Federal Reserve Note Circulation continued to increase and in the middle of October was about $100,000,000 above the July level. In October money rates showed an easier tendency and after the fifteenth of the month rates for commer cial paper in the New York Market declined from a range of 5%-5% to 5-5*4 per cent. 2 THE MONTHLY BUSINESS REVIEW 3 THE MONTHLY BUSINESS REVIEW SIXTH DISTRICT SUMMARY Reports made to the Monthly Business Review from all parts of the Sixth Federal Reserve District indi cate a varied condition. More favorable reports are received from Florida where agricultural products other than cotton are relied on, while conditions in south Georgia and some sections of south Alabama are probably worse than in any other parts of the dis trict due to unfavorable seasons and the ravages of the boll weevil, resulting in almost complete failure of the cotton crop. No state in the district has as high a cotton condition as the average for the United States, estimated at 49.5 per cent of normal on September 25, the lowest being Florida, although producing only 13,000 bales, which had an estimated condition of 20 per cent, while the best condition in the district prevails in Tennessee where the condition is estimated at 47 per cent of normal. According to the estimates of the Department of Agriculture, this district will produce a cotton crop smaller by 180,000 bales this year than last, and the increased prices of cotton will not mean a great deal in some sections where the crop is almost a complete failure. Cotton ginnings in this district up to September 25th were less than half the amount ginned up to the same date last year, although other cotton pro ducing states had ginned slightly more than last year. The consumption of cotton, both in the United States at large and in the cotton growing states, was slightly smaller in September than in August, and unfilled or ders reported to the Review by cotton manufacturing firms in this District were considerably larger than a month ago. In some sections of Georgia tobacco growing is re ceiving more attention. There are now eleven tobacco warehouses in this state, and this year, according to figures compiled by the Georgia Department of Agricul ture, 9,101,343 pounds of tobacco were sold at public sales, at an average price of 25 7/10 cents. Wholesale and retail trade continue to compare fav orably with the volume of business at this time last year. The total of sales by 38 representative depart ment stores during September was about 10 per cent greater than during September 1922, and sales by wholesale firms were larger in six of the eight lines of wholesale trade from which reports are received. All reports indicate that merchants in various lines are buying what they need for current requirements, but that there is no indication of future buying, and price advances are meeting resistance. After showing slight declines in July and August, approximating about 1 per cent, savings deposits at the end of September revealed an! increase of .9 per cent, practically recovering the ground lost during the two preceding months. September savings were al most 14 per cent greater than at the same time a year ago. Debits to individual account also continue to show increases over the corresponding period last year. While there has been a seasonal decline in permits issued for new buildings, there is a very large amount of building and construction going on all through the district, and labor is, on the whole, well employed. RETAIL TRADE Warm weather throughout practically all of Septem ber resulted in a smaller volume of department store trade than might have been expected with different weather conditions. Sales during September reported to the Review by 38 representative department stores throughout the District show, in the aggregate, an in crease of 9.6 per cent over September last year, al though the rate of increase varies considerably be tween reporting cities. Atlanta and Savannah were nearest the average, while Birmingham and Chatta nooga were higher and other points lower. For the three months of the last half of the year sales have been 11.3 per cent greater than in the corresponding period a year ago. Stocks of merchandise on hand at the end of Sep tember were 12.4 per cent greater than at the same date a year ago, and showed an increase of 7.5 per cent over stocks at the end of August. Reporting stores at Atlanta and Savannah reported smaller stocks than at the end of September 1922, while Chattanooga firms reported a decrease compared with the preceding month. 4 THE MONTHLY BUSINESS REVIEW CONDITION OF RETAIL TRADE—SEPTEMBER, 1923 Sixth Federal Reserve District Percentage of Increase or Decrease (1) (2) Comparison of net Stocks at end oi sales with those month compared with of corresponding period last year. Atlanta (3) — _ Birmingham (5)_ Chattanooga (5)_ Jackson (3)----Nashville (5)---New Orleans (5) Savannah (3)---Other Cities (9)_ District (38)---- A o6pt. B July 1 to Sept. 30 A Sept. 1922 D Aug. 1923 -[-10.1 + 18.6 +40.1 + 4.4 + 1.7 + 5.5 + 9.0 + 2.0 + 9.6 -+- 8.3 -I-19.5 +39.8 + 9.9 + 5.8 + 7.2 +12.5 + 6.8 +11.3 — 3.6 +23.7 +35.3 +12.0 +10.8 +10.3 — 0.9 + 12.3 +12/4 + 12.0 + 9.2 — 6.2 + 12.5 + 7.9 + 7.6 + 6.2 +14.3 + 7.5 (3) Percentage of average stocks at end of each month from July 1923 to date (3 months) to average monthly sales over same period. (4) Percentage of out standing orders at end of Sept. 1923 to total purchases dur ing calendar year 1922. 557.2 476.0 562.6 599.2 582.6 591.0 631.0 704.1 576.4 5.4 11.0 6.0 X 8.8 12.5 8.5 6.0 9.6 WHOLESALE TRADE Groceries The volume of sales reported to the Review by 149 representative wholesale concerns throughout the Sixth Federal Reserve District during the month of September compares favorably, except in the case of drugs, with the amount of business done during Au gust and in all lines except shoes and stationery with the volume reported for September last year. Au gust brought rather substantial increases in some of these lines of trade over July business, and in seven lines the month of September brought still further in creases, although, except in the case of stationery and farm implements, September business did not increase over August in the same proportion shown in August over July. Sales during September were, however, smaller in shoes and stationery than during the same month last year, but in other lines increases were shown ranging from 0.9 per cent in furniture to 22.1 per cent in fsftrm implements. Percentage comparisons of figures reported by these eight lines for September are shown in the following table: Reports for September were received from 41 whole sale grocery firms in the Sixth District, the aggregate amount of business being 4.1 per cent larger than sales by the same firms during August, and 9.4 per cent greater than their sales during September 1922. All cities from which three or more reports are re ceived, except Vicksburg, shared in the increase over August, while increased sales compared with Septem ber last year were reported from all points. Advances have been made on the prices of some articles, and collections are indicated by the reports as fair in some instances and good in others. The following figures show percentage comparisons of sales in cities from which three or more stores re* port: Sept. 1923 compared with: Groceries Aug. 1923 Sept. 1922 Atlanta (5 reports) ___ ____ — +17.9 +10.9 Jacksonville (4 reports) ____ + 0.9 + 3.8 Meridian (4 rep orts)______ + 7.9 +22.5 New Orleans (10 reports) + 7.5 + 6.4 Vicksburg (4 reports) _______ —16.5 + 7.1 +17.4 Other Cities (14 reports) ___ + 4.0 DISTRICT (41 reports) ™ + 4.1 + 9.4 Sept. 1923 compared with: Wholesale Trade Aug. 1923 Sept. 1922 Groceries (41 reports)____:____ + 4.1 + 9.4 Dry Goods (28 reports) _______ +11.1 +15.5' Hardware (31 reports) _______ + 3.4 +13.2 Furniture (23 reports) ________ + 0.4 + 0.9 Shoes (10 reports)____________ + 5.3 — 3.0 Stationery (4 reports) ________ +49.2 —11.1 Drugs (6 reports) ____________ — 3.0 + 9.4 Farm Implements (7 reports)__ +25.8 +22.1 Dry Goods The aggregate amount of sales reported by 28 whole sale dry goods firms during September was 11.1 per cent larger than during August, and 15.5 per cent greater than during September last year. Reports from Montgomery and New Orleans, however, show decreased THE MONTHLY BUSINESS REVIEW sales compared with both the preceding month and the same month a year ago. The reports as a whole indicate that both wholesalers and retailers are buy ing for immediate requirements and are placing orders conservatively, because of the fluctuations of the price of cotton and its effect upon the price of cotton goods. Advances have been made on some items during the month according to the reports. Percentage comparisons of sales during September are shown below: Sept. 1923 compared with: Dry Goods Aug. 1923 Sept. 1922 +32.9 Atlanta (4 reports) _______ ---- +28.5 +31.4 +18.3 Knoxville (3 reports) -------— 0.2 —14.4 Montgomery (3 reports) ___ +20.2 +34.1 Nashville (3 reports) _____ —14.5 New Orleans (4 reports)___ —16.9 +15.1 + 4.2 Other Cities (11 reports)___ +11.1 DISTRICT (28 reports) ____ +15.5 Hardware Aggregate sales during September by 31 wholesale hardware firms reporting to the Review were 3.4 per cent greater than in August, August business having been 16.5 per cent greater than in July. The reports indicate that conditions in the wholesale hardware business are good, but that it, in common with all other lines, is affected by the uncertainty as to prices. Some advances have been made during recent weeks, and the reports indicate that retail customers are buy ing frequently in small lots and very cautiously, and are buying few futures. Better weather conditions have been favorable, but a seasonal decline in build ing and construction has some effect on the demand for builders' hardware. Collections are reported by some firms to be good. Percentage comparisons of September business are shown in the table below: Sept. 1923 sales compared with: Hardware Aug. 1923 Sept. 1922 Atlanta (3 reports) _______ — + 3.1 — 7.0 Chattanooga (3 reports) ____ — 8.8 +13.7 Jacksonville (3 reports) ____ + 2.7 +18.2 Montgomery (3 reports) ____ „ +24.5 +36.7 Nashville (4 reports) ______ +15.1 +15.6 New Orleans (5 reports) ____ — 7.9 +13.4 Other Cities (10 reports) + 7.9 +13.4 DISTRICT (31 reports) +13.2 ™ + 3.4 Furniture The volume of sales by 23 wholesale furniture deal ers in September was about on a level with that dur ing August, and September 1922, being only .4 per cent above August, and .9 per cent above the same 5 month last year. The decrease shown in Chattanooga is equalized by increases in Atlanta and Nashville. The reports indicate that on the whole conditions in this line are satisfactory, although retail customers are buying very cautiously and are not anticipating their needs for the coming months, practically all or ders being placed for immediate shipment. Percentage comparisons are shown in the following table: Sept. 1923 compared with: Furniture Aug. 1923 Sept. 1922 Atlanta (7 reports) _______ +12.5 +20.4 Chattanooga (4 reports) ___ ...... —11.8 —14.7 Nashville (3 reports) ______ +12.4 — 1.3 Other Cities (9 reports) ___ + 2.2 + 6.0 DISTRICT (23 reports) + 0 .4 + 0.9 Shoes Wholesale shoe sales were larger during September than in August, but averaged 3 per cent lower than during September last year. Some of the reports in dicate that prices are possibly a shade lower than dur ing September last year, and the decline in dollar sales may be attributed to this fact. The reports in dicate that prices of leather are slightly lower than a month ago, but that increased wages may operate to offset the decline in raw material costs. Comparisons are shown below: Sept. 1923 compared with: Shoes Aug. 1923 Sept. 1922 — 6.6 Atlanta (3 reports) __________ +10.6 Other Cities (7 reports) ______ + 2.8 — 1.1 DISTRICT (10 reports) ______ + 5.8 — 3.0 Average percentages for the other three lines are shown in the first table, three reports not having been received from any one city. Stationery sales showed a further substantial increase in September over August, but were smaller than in September last year. Collections are fair to good. Drug sales were a little less than in August, although greater than in September 1922, with collections fair. Farm Imple ments more than recovered in September the ground lost in August, and showed favorable comparisons with both the preceding month and the corresponding month last year. AGRICULTURE The Cotton Crop The report issued by the Department of Agriculture early in October showed a decline in the condition of the cotton crop as a whole, but an increase of 227,000 bales in the total estimated production, due to increased estimates for Texas, Oklahoma and South Carolina. The total crop based on the condition Sep 6 THE MONTHLY BUSINESS EE VIEW tember 25 is estimated at 11,015,000 bales, as against an estimate of 10,788,000 bales based upon the cdnditiwi August 25. The condition on September 25 was given as 49.5 per cent of normal, compared with a condition of 54.1 per cent of normal a month earlier. In Texas and Oklahoma, however, the condition im proved one point and three points, respectively, and the estimated output in those states, and in South Carolina, is now reported to be larger than was fore casted a month ago. For the Sixth Federal Reserve District the figures in dicate a production for this year of 1,769,000 bales. This estimate is smaller by 180,000 than the final pro duction of the 1922 season, and is 260,000 smaller than the estimate made a month ago for this season. The Condition of Crop Sept. 25 Aug. 25 Sept. 25 1923 1923 1922 State 52 Alabama ______ 42 55 30 55 Florida ________ 20 42 37 Georgia________ 31 48 53 Louisiana ______ 45 48 54 Mississippi _____ 37 64 Tennessee ______ 47 56 Virginia ___ _ _ 83 93 63 59 North Carolina_ 64 71 South Carolina __ 53 .57 38 32 __ ' 56 55 Texas _ 50 57 57 Arkansas __ Missouri _ __ __ 64 67 70 Oklahoma _ 49 42 46 88 California _ __ 84 80 A rizon a ____ _ 90 90 80 All o th e r ______ 84 88 85 54.1 50.0 UNITED STATES 49.5 condition of the Alabama crop declined 10 points dur ing the month, due to weevils and the leaf worm in the northern counties. In southern Georgia and Florida the crop is practically a failure, the average condition in Florida being 20 per cent of normal, and the con dition in some counties in south Georgia being as low. The condition of Mississippi cotton declined 11 points, and the estimated production is lower by 106,000 bales, than a month ago. In Louisiana a decline of only 3 points was registered, while in Tennessee the condition was the highest of any in the District, although 17 points lower than on August 25. The crop was damaged by weevils, and rains during the latter part of August and early September caused many bolls to rot. Forecast Sept. 25,1923 741.000 13,000 700.000 340.000 752.000 340.000 48,000 877,000 783,000 4,168,000 926,000 198,000 945,000 44,000 83,000 57,000 11,015,000 Production Forecast Aug. 25,1923 828,000 17,000 827.000 361.000 858.000 415.000 50,000 885,000 708,000 3,722,000 948,000 193,000 791,000 43,000 83,000 59,000 10.788.000 N o te :— T h e S ix th F e d e r a l R e s e rv e D is tr ic t in c lu d e s p a r t, b u t n o t all, of T e n n e sse e , M is sis sip p i a n d L o u is ia n a . on p a g e 16. Citrus Fruits Production of Citrus Fruits in Florida for the season of 1923-24 is estimated by the Department of Agri culture at twenty million boxes. Of this total, about twelve million boxes will be oranges, and eight mil lion boxes grapefruit. Last season the commercial crop totaled 16,900,000 boxes, of which about 9,700,000 boxes were oranges and 7,200,000 were grapefruit. The in creased production of grapefruit this season will be due to a generally heavy crop along the West coast, which has fully recovered from the storm of two years ago, and to the crop from young groves just coming into bearing. The groves which produced last season's crop, especially through the lower ridge section, have much less fruit on them this season. Orange trees all over the belt are reported to be heavily loaded. The crop differs from last season's crop in the fact that practically all fruit is from early bloom, while fruit from early bloom last season was light. Production of tangerines will be slightly heavier than for last sea son. The lime crop will run from ten to fifteen per cent heavier than for last season, with most of the increase on the keys. Final 1922 823.000 25,000 715.000 343.000 989.000 391.000 27,000 852,000 493,000 3,222,000 1,012,000 149,000 627,000 28,000 47,000 19,000 9,762,000 S ee m a p COTTON MOVEMENT—SEPTEMBER 1923 (Bales) Sept. 1923 Aug. 1923 Sept. 1922 RECEIPTS—PORTS: New Orleans ______ 108,550 20,604 113,441 M obile____ _______ 3,231 467 15,045 Savannah _______ 55,263 7,542 96,661 INTERIOR TOWNS: Atlanta ___ _______ 4,275 523 18,466 Augusta ---- _______ 35,251 2,665 41,477 Macon ___ _______ 1,922 79 12,543 * Meridian . 112 12,107 Montgomery _____ 13,649 1,074 21,047 Vicksburg ._______ 1,035 127 3,765 SHIPMENTS—PORTS: New Orleans _______ 73,941 27,308 50,198 * Mobile ____ _______ 183 5,625 478 Savannah ... _______ 10,214 7,570 67,145 INTERIOR TOWNS: Atlanta ___ 4,801 ........ 3,776 15,207 Augusta ----_____ _ 10,650 2,964 25,430 M acon_____ 966 675 8,969 * 3,220 Meridian __ 446 7 THE MONTHLY BUSINESS REVIEW Montgomery ______ Vicksburg_________ STOCK—POiRTS: New Orleans______ M obile____________ Savannah _________ INTERIOR TOWNS: Atlanta ___________ Augusta --------------Macon ____________ Meridian--------------Montgomery ______ Vicksburg_________ *No report. 6,949 912 2,078 430 15,561 1,222 75,775 3,228 57,061 41,166 351 12,012 105,837 10,509 76,333 6,869 25,118 4,373 * 12,172 2,659 6,370 10,083 3,417 479 5,472 2,536 12,859 58,810 11,920 9,995 17,389 5,499 SUGAR AND SUGAR CANE The condition of sugar cane in Louisiana fell off one point during September, and on October 1 was 70 per cent of normal, compared with 77 per cent on the same date a year ago. The condition of cane has been lower than this figure on October 1 only twice since 1911, in October 1919 when it was 51 per cent, and in October 1915 when it was 65 per cent. This con dition of 70 per cent of normal forecasts a probable production of about 3,468,416 short tons of sugar cane on the acreage to be used for sugar, and a yield for the state of approximately 245,304 short tons of sugar, compared with last year’s production of 295,095 short tons, with 324,431 short tons in 1921, and an average for the last nine years of 235,361 short tons. MOVEMENT OF SUGAR—SEPTEMBER 1923 Raw Sugar (Pounds) RECEIPTS: Sept. 1923 Aug. 1923 Sept. 1922 New Orleans___ 49,716,932 29,437,254 61,382,406 Savannah---------- 37,642,874 16,400,6*83 32,779,570 MELTINGS: New Orleans___ 65,302,294 39,436,778 108,356,876 Savannah ______ 31,479,025 23,586,553 27,376,141 STOCKS: New Orleans___ 20,503,816 42,778,485 16,931,614 Savannah --------- 6,163,849 0 17,910,037 (Shipments New Orleans—314,457) Refined Sugar (Pounds) SHIPMENTS: Sept. 1923 Aug. 1923 Sept. 1922 New Orleans___ 95,833,887 95,891,134 81,133,401 Savannah ______ 32,925,099 19,833,337 21,381,147 STOCKS: New Orleans___ 24,151,539 49,956,758 25,835,940 Savannah ______ 777,051 4,235,588 16,167,246 RICE The rice crop in Louisiana deteriorated 2 points dur ing September, and on October 1 was 3.8 points below the ten-year average. The condition of 81 per cent of normal on October 1 forecasts a probable average yield of about 32.48 bushels per acre, and a total prob able production of 15,591,000 bushels for the state, compared with a production in 1922 of 19,981,000 bush els, and a ten-year average of 16,988,000 bushels. Har vesting and threshing are progressing, although thresh ing of early rice has been delayed by rains. Rough Rice (Sacks) Port of New Orleans Sept. 1923 Aug. 1923 Sept. 1922 98,896 43,257 178,308 Receipts -----------118,223 25,211 171,584 Shipments --------37,942 S to ck ___________ 40,686 60,013 Clean Rice (Pockets) Port of New Orleans Sept. 1923 Aug. 1923 Sept. 1922 213,948 Receipts -----------156,151 61,593 101,931 243,967 156,469 Shipments ______ 92,631 S to ck ---------------92,949 95,621 Receipts of Rough Rice (Barrels) Season to Sept. Sept. 1923 30,1923 Association Mills —... 221,739 471,419 New Orleans Mills. 98,896 184,120 72,970 Outside M ills-----175,570 Season to Sept. 30,1922 838,879 295,451 223,926 393,605 831,109 Distribution of Milled Rice (Pockets) Season to Sept. 30,1923 Sept. 1923 595,898 Association Mills —- 352,133 New Orleans Mills _- 150,263 216,896 115,556 215,546 Outside M ills____ 1,358,256 617,952 1,028,340 Stock on Hand October 1, Sept. 1, 1923 1923 277,374 Association Mills —_ 158,042 New Orleans Mills. - 114,676 151,856 82,800 118,800 Outside Mills 1,310,118 355,518 548,030 Season to Sept. 30,1922 651,040 436,281 222,797 Oct. 1, 1922 398,265 128,970 94,170 621,405 COTTON GINNED The table shown below indicates the number of bales of cotton ginned prior to September 25, in the six states comprising the Sixth Federal Reserve Dis trict, together with total figures for the country, for the current season, with comparative figures for the two preceding seasons. Ginning in this District to September 25 were less than half the number of bales ginned to the same date 8 THE MONTHLY BUSINESS REVIEW last year. Due to this decrease in these states, the total for the United States was somewhat smaller than for last year, although figures for the remainder of the cotton producing section were slightly larger. State 1923 1922 1921 Alabama _____________ 161,047 329,908 230,380 Florida —............... .......... 4,501 4,287 12,666 Georgia ________ _____ . 186,579 373,397 392,569 Louisiana ------------------- 107,629 159,109 101,478 Mississippi ___________ 93,452 352,570 250,767 Tennessee ____________ 2,552 42,314 53,713 Sixth District ______ 555,760 1,281,363 1,021,795 Other S ta tes................. 2,659,634 2,585,033 1,898,597 Total United States____ 3,215,394 3,866,396 2,920,392 FINANCIAL Increased demands upon the banks in connection with the marketing and movement of agricultural crops in the District is reflected in the increasing loans and discounts, and in increased rediscounting with the Fed eral Reserve Bank during recent weeks. Weekly re ports made to the Federal Reserve Bank by 39 banks in selected cities show an increase of a little more than seventeen million dollars in the loans and dis counts by these 39 banks between September 5 and October 3, and a similar increase in their accommo dation at the Federal Reserve Bank, together with a decline of nearly four million dollars in demand de posits. Sept. 30, 1923 SAVINGS DEPOSITS—SEPTEMBER, 1922 Comparison of Aug. 31, 1923 Sept. 30-Aug. 31 Sept. 30,1922 Atlanta (8 banks) _____$ 31,456,218 Birmingham (5 banks) — 21,432,038 Jacksonville (6 banks).. 18,653,208 Nashville (11 b ank s)___ 17,744,631 New Orleans (9 banks).. 47,141,437 Other Cities (60 banks)— 83,627,807 Total (99 banks) ........ ..$220,055,339 $ 30,126,621 21,376,211 18,525,283 17,972,491 47,256,720 82,794,549 $218,051,875 DEBITS TO INDIVIDUAL ACCOUNTS Sixth Federal Reserve District Week Ended Oct 10,1923 Sept 12,1923 Oct. 11,1922 $ 1,086,000 $ 1,130,000 Albany ---------- $ 1,155,000 28,144,000 29,167,000 Atlanta---------- 29,613,000 5,644,000 7,146,000 A ugusta--------- 7,066,000 Birmingham . . . 25,849,000 23,443,000 22,686,000 713,000 835,000 778,000 Brunswick ----Chattanooga — 8,316,000 9,005,000 7,632,000 3,414,000 3,041,000 3,835,000 Columbus -----815,000 *07,000 800,000 D othan--------- Loans and discounts reported by these 39 banks on October 3 totaled $419,444,000, as against $402,347,000 on September 5 and $375,013,000 on October 4, 1922. Loans secured by Government Obligations on Oc tober 3 amounted to $8,593,000, compared with $7,978,000 on September 5, and with $7,151,000 on October 4, last year. The total of all loans, discounts and investments on October 3 was $506,784,000, against $487,434,000 on September 5, and $448,638,000 on October 4, 1922. Demand deposits on October 3 were $259,311,000, compared with $263,236,000 on September 5, and with $256,505,000 on October 4, 1922. Accommodation of these banks at the Federal Re serve Bank increased from $22,390,000 on September 5 to $39,764,000 on October 3, compared with $10,317,000 on October 4, a year ago. The total of bills on hand held by the Federal Re serve Bank on October 10 amounted to $84,190,238.39, against $61,836,133.12 on September 12, and $36,516,491.07 on October 11, 1922. This total on October 10, 1923, was composed of $18,042,333.66 paper secured by government obligations, $57,121,694.29 other paper dis counted, and $9,026,210.44 bills bought in the open market. Federal Reserve Notes in actual circulation on Oc tober 10 stood at $133,426,135, compared with $128,051,235 on September 12, and with $123,783,055 on October 11, 1922. The table below shows a comparison of savings de posits reported by 99 banks at the end of September and August, and September 1922. +4.4% • +0.3% +0.7% —1.3% —1.2% +1.0% +0.9% Elberton ------Jackson --------Jacksonville — Knoxville ____ Macon ---------Meridian ------Mobile _______ Montgomery__ N ashville------Newnan --------New Orleans — Pensacola ____ Savannah ___ . $ 26,674,154 18,447,425 16,786,708 14,737,436 45,116,704 71,854,658 193,617,085 362,000 3,780,000 12,247,000 7,257,000 4,715,000 2,088,000 5,602,000 6,671,000 17,403,000 434,000 68,431,000 1,809,000 12,662,000 Comparison of Sept. 30,19231922. +17.9% +16.2% +11.1% +20.4% + 4.5% +16.4% +13.7% 187,000 2,905,000 10,996,000 7,446,000 4,471,000 2,774,000 5,873,000 4,429,000 16,309,000 585,000 56,849,000 1,720,000 9,156,000 259,000 2,851,000 9,908,000 5,871,000 4,917,000 2,450,000 5,792,000 5,170,000 16,740,000 422,000 63,911,000 1,287,000 10,430,000 9 THE MONTHLY BUSINESS REVIEW Tampa ______ Valdosta _____ Vicksburg------ 6,705,000 1,196,000 1,812,000 Total ______$230,115,000 6,705,000 1,226,000 1,761,000 5,380,000 1,211,000 1,819,000 $205,039,000 $212,349,000 COMMERCIAL FAILURES The figures shown below are taken from statistics published by R. G. Dun & Co., and show the number and liabilities of firms which failed during September in this District and in the United States. In this District the number of failures during September was about the same as during August, but the total of liabilities was only slightly more than half as large; compared with September 1922, the number showed a decline of 24 per cent, but total liabilities were slightly larger. Figures for the United States showed declines in both number and liabilities compared with both the pre ceding month and the corresponding month a year ago. United States Sixth District No. Liabilities No. Liabilities $28,698,649 $2,840,497 1,226 Sept. 1923 ____91 34,334,722 1,319 5,598,050 Aug. 1923 ____92 36,908,125 2,765,041 Sept. 1922 ___ 120 1,566 Comparison of -16.4% Sept.-Aug. 1923 — 1.1% -49.3% 7.1% Comparison of Sept. 1923-1922 —24.2% + 2.7% —21.7% —22.2% IMPORTS AND EXPORTS Preliminary figures published by the Department of Commerce for September show a falling off in the amount of goods imported, but a substantial increase in exports over August. The total value of goods ex ported from the United States during September is given at $381,000,000. This figure had been exceeded only once in the past two years and a half, the total for January 1923 being a little larger, but no other month being as high since March 1921. The excess of exports over imports during September was $126,000,000, compared with a little less than fifteen milCommodity Bananas, (bunches Coffee, lb s .--------Sisal, tons _____ News print paper, Mineral oil, Gal. . Burlaps, lbs. -----Bagging, sq. yd Bauxite, ton ____________ China & Earthen ware, lbs. Dolls & Toys, lbs. ______ Sugar, lbs. _____________ Molasses, gal. __________ lion dollars during the same month a year ago. For the first nine months of the year, both imports and exports show increases over the same period last year, the increase in imports for the period being $654,501,404, and that for exports being $204,285,446. Preliminary figures for September, and corrected figures for Au gust, are shown below, together with comparative figures for last year: IMPORTS: 1923 1922 September _________ $ 255,000,000 $ 298,493,403 August _____________ 275,437,993 281,376,403 Nine months ending with September____ 2,905,550,859 2,251,049,455 EXPORTS: $ 313,196,557 September__________ $ 381,000,000 August .......................... 311,352,288 301,774,517 Nine months ending with September___ 2,941,017,138 2,736,731,692 PORT OF NEW ORLEANS The value of merchandise imported through the port of New Orleans in August fell off rather sub stantially, as compared with the preceding month and with the corresponding month of the past several years. The total value of imports during August was reported as $5,417,391, approximately one half of the value of imports during the same month last year, and smaller than for any August since 1916. Prac tically all of the items listed show declines in volume and value. An exception is molasses, of which the imports for August increased substantially in both quantity and value over August 1922. The value of burlap imported during August also showed an in crease, although the quantity was smaller than during the same month last year. Sugar shows a substantial reduction in both the volume imported and the value, while the value of coffee imported during August is not much more than half that of a year ago. The following table shows principal articles of im port during August, with comparative figures, where available, for August last year: Volume Value 1923 1,364,135 $ 488,761 11,425,286 1,247,264 2,775 142,233 2,743,749 86,028 28,011,712 519,470 6,255,187 698,306 981,750 68,907 236,800 21,201 - 1,386,000 135,189 8,233 37,971 265,870 22,946 130,202 27,947 22,684,929 1,288,330 9,558,455 193,949 Volume 1,951,018 16,493,237 3,096 _ 48,267,030 8,207,524 Value 1922 $ 591,783 2,158,088 275,747 _______ 582~474 632,407 1~645,000 _______ _______ 171,169*,618 1,582,014 "’ "265’,263 ~5,258’,760 10,52 10 THE MONTHLY BUSINESS REVIEW Figures shown below indicate the value of imports at New Orleans during the month of August for the years indicated: 1923 -$ 5,417,391 1918_______ $13,559,626 1922 10,829,880 1917_______ 11,694,165 1921 7,226;425 1916_______ 5,273,349 1920 _______ 38,281,152 1915_______ 7,405,234 1919 14,713,208 1914_______ 5,888,080 PORT OF SAVANNAH The following figures have been received showing the value of imports and exports through the port of Savannah for the month of August, for the years shown: Imports Exports August 1923 --------------------- $ 957,826 $ 1,460,379 3,341,004 August 1922 --------------------- 2,103,641 August 1921______________ 868,463 3,990,423 August 1920 - _____________ 3,500,112 3,591,390 August 1919______________ 1,166,921 15,122,251 GRAIN EXPORTS—NEW ORLEANS Grain exports during the month of September showed a material decline compared with the preceding month, and with the same month a year ago. Declines are BUILDING noted in all commodities, but the decrease is largely The statement below shows the number and value due to the substantial reduction in the volume of of permits issued at 25 cities in this Federal Reserve wheat passing through the port. The following table District. At fourteen of these cities the value of per shows the detail figures for September, and for the mit’s issued in September 1923 was larger than for the season since July 1, 1923, with comparative figures for same month last year, while eleven cities reported the same periods last year: Season Season decreases. through through While there is a very large amount of building go Sept. 1923 Sept. 1922 Sept. 1923 Sept. 1922 ing on in most parts of the District, September per W h ea t_____ 649,064 4,396,130 3,719,214 13,118,084 mits show a falling off in comparison with the months Corn_______ 145,216 986,075 540,224 2,749,436 immediately preceding it. Sixteen of these cities re O a ts______ 44,010 65,389 101,550 157,754 ported figures which totaled $5,719,003 for September, 10,428 compared with $7,783,585 for August, the September B arley------- ---------------- ---------8,571 total being smaller than for any month since December Rye ______ _____ _______ 126,428 Total____ 838,290 5,447,594 4,487,416 16,044,273 last year. BUILDING PERMITS Sixth Federal Reserve District i\ew .Buildings Alterations & Kepairs Total i otai Percentage Value No. No. Value Sept. 1922 Increase Sept. 1923 or Decrease ALABAMA: Anniston ------------- ______ 8 2,315 15 34,390 6,700 36,705 +447.7 342 139 41,369 Birmingham _____ _____ 706,941 234,297 +219.4 748,310 52 15,416 24 Mobile __________ ______ 49,825 65,241 296,935 — 78.0 __ Montgomery______ ______ 19,527 29,818 49,345 38,111 + 29.0 FLORIDA: 258,732 307,774 209 49,042 58 535,096 — 42.5 Jacksonville ______ ______ 24 9,650 20 58,800 172,400 + 95.9 88,010 Lakeland ________ _____ 137 425,550 Miami ---------------- _____ 84 64,175 489,725 528,600 — 7.3 Miami Beach _____ _____ 5 3,800 13 264,700 268,500 112,990 +137.6 135,637 167,667 284,389 — 41.0 106 Orlando ____ _____ ______ 57 32,030 90,000 97,942 32,690 +199.6 7,942 12 Pensacola ________ 60 49 36,400 113 290,300 326,700 471,300 — 30.7 St. Petersburg____ _____ 256,297 312,655 128 77 56,358 223,185 + 40.1 Tampa __________ _____ GEORGIA: 870,773 — 51.2 1,131,792 2,319,576 ™ 139 Atlanta __________ 261,019 261 22,512 33 72,535 133 95,047 53,481 + 77.7 Augusta ---------------........... 16,100 +118.1 11 7,660 16 23,760 10,895 Columbus ------------ _____ 45,467 61,856 16,389 29 254,455 — 75.7 107 Macon __________ ______ 60,275 79,982 — 7.4 12 13,750 28 74,025 Savannah ________ _____ , MISSISSIPPI: _____ _ 113,000 87,500 «. — Jackson __________ + 29.1 40,321 43,760 — 7.8 10 32,836 Vicksburg ------------.... ........... 7,485 7 LOUISIANA: 1,280,675 711,230 1,214,725 + 80.1 50 05,950 195 New Orleans —----- _____ 47,975 35,708 57,161 + 60.1 39 7,186 16 Alexandria -----------........... ; TENNESSEE: 58,400 105,141 129,030 — 18.5 46,741 15 155 Chattanooga ______ _____ 37,900 74,695 77,895 +;05.5 2 3,200 21 Johnson City — __ _____ 371,490 439,206 352,068 + 24.8 265 67,716 87 Knoxville _____- — ____ 238,600 192,602 537,338 —* 45.5 54,002 78 _____ 120 Nashville ------ THE MONTHLY BUSINESS REVIEW 11 Exports: LUMBER Lint ...... ..................... - 685,693 240,590 365,488 The weekly reports of the Southern Pine Association 3,742 3,825 2,902 Linters ____________ during September indicate that production of pine lum Imports______________ 6,608 3,420 5,012 ber has continued at or above 90 per cent of normal Active Spindles______ 33,929,885 33,708,667 33,316,444 production, while there has also been improvement in orders and shipments. During the last three weeks of Cotton Growing States September orders exceeded both shipments and pro Sept. 1923 Aug. 1923 Sept. 1922 duction, and during the second and fourth week the Cotton Consumed ___ 327,441 329,162 326,591 volume of orders was greater than the normal pro On Hand in Consuming duction of the reporting mills. During the last week Establishments ____ 374,507 339,380 517,624 of September 62 mills operated full time, 6 mills In Public Storage and operated five days, two operated four days, one operated at Compresses_____ 2,025,069 1,038,461 3,000,362 three days and one operated two days, while three Active Spindles _____16,011,049 15,858,075 15,723,262 were shut down. Of the 62 mills reporting full time operations, four operated over time, and two of these operated on double shift. Correspondent firms also state that the demand improved during the month, and MANUFACTURING that prices are responding with a moderate upward Cotton Cloth movement. There is some indication of a scarcity of cars, but reports in hand indicate that shipments have Reports for September were made to the Review by not been seriously affected. Hardwood dealers in Ten 32 mills which manufactured nearly 27,000,000 yards nessee also report improvement in production and in of cloth during September. While this was a decline the demand, with somewhat better prices. of over 13 per cent compared with the output of these Figures reported to the Southern Pine Association for mills during August, shipments during September were September, with comparisons, are shown in the table larger, and orders on hand at the end of the month below: were reported in figures aggregating 17 per cent more Sept. 1923 Aug. 1923 Sept. 1922 than at the end of August. September production, shipments and orders on hand were, however, smaller 143 Mills 140 Mills 115 Mills Orders _________ 341,396,592 311,260,453 234,154,341 than for September 1922, but stocks on hand were con Shipments______ 314,357,667 326,154,833 237,469,740 siderably larger. The reporting mills have orders Production ______ 325,253,578 340,311,485 .296,049,188 which will keep them operating on an average of 10 2/3 weeks, whereas a month ago they had orders for 8 Normal production of reporting mills 345,932,465 344,469,658 303,560,450 1/3 weeks operation. Percentage comparisons are shown in the following Stocks end of month _______ 810,502,529 764,910,266 818,131,416 table: Normal stocks of Sept. 1923 compared with: reporting mills— 936,089,303 917,266,855 830,747,924 32 Mills Aug. 1923 Sept. 1922 Unfilled orders end — 7.7 1. Cloth production ________ —13.4 of month______ 243,265,497 210,786,944 336,568,626 2. Cloth shipments _________ +17.0 —14.3 Note: These are not complete figures for the month, 3. Orders on hand at end of but are totals of figures received by the Southern m onth-------------------------- +35.8 — 7.2 Pine Association up to the 15th. 4. Stocks of cloth on hand at end of month __________ + 5.0 +37.1 5. Average time required to complete orders on hand__ +29.0 + 1.0 COTTON CONSUMPTION—September 1923 6. Number on payroll----------- + 0.1 + 3.5 Cotton Consumed: Sept. 1923 Aug. 1923 Sept. 1922 Cotton Yarn 494,013 Lint ______________ 483,852 491,604 61,474 Linters ____________ 49,587 47,998 Production of 29 yarn mills which reported to the On Hand in Consuming Establishments: Review for September was also smaller than during L i n t ............................- 773,173 806,671 1,065,916 August, and also slightly smaller than during Septem 97,786 ber 1922. Shipments were somewhat larger, and or Linters ........................ 92,819 106,036 In Public Storage and at Compresses: ders on hand at the end of September Were 16.5 per Lint ..............................2,147/830 1,179,204 3,217,939 cent greater than at the end of August, but 20 per 21,592 cent smaller than at the same time last year. A few Linters _____:___ ___ 22,197 24,832 12 THE MONTHLY BUSINESS REVIEW of the mills state that there is some improvement in the demand, while other mills report a slow demand. A part of the decline in production may be at tributed to the fact a few reporting mills did not operate during the whole of September. The total output for the month by these 29 mills was approx imately 6,800,000 pounds of yarn. The reporting mills had orders on hand which will keep them operating on an average of 10 1/3 weeks, while a month ago their orders were for 9 1/3 weeks’ operation. Percentage comparisons are shown in the following table. Sept. 1923 compared with: 29 Mills Aug. 1923 Sept. 1922 1. Yarn production -------------- — 8.4 — 1.9 2. Yarn shipments -------------- + 3.5 + 4.3 3. Orders on hand at end of month _______________ +16.5 —20.1 4. Stocks of yarn on hand at end of month-------------- —17.5 —16.7 5. Average time required to complete orders on hand__ +26.3 — 0.7 6. Number on payroll ---------- + 4.1 — 1.3 Hosiery The production of hosiery by 19 reporting mills in this District during September was somewhat less than during August, but considerably larger than during September last year. Shipments during the month were a little larger, and stocks on hand at the end of the month were somewhat smaller than a month earlier, and orders booked during September were reported substantially greater than during August, with a de cline in cancellations. Notwithstanding this increase in orders, mills state that business is not developing to the extent expected. Prices were advanced because of the increased cost of yarns and cotton, and the reports state that buyers are not willing to commit themselves on the new prices, resulting in a continuation of the hand-tomouth policy on the part of jobbers and wholesalers who are purchasing only for their very near future requirements. Percentage comparisons of figures reported by the mills are shown in the following table: 1. 2. 3. 4. .5. Sept. 1923 compared with: Aug. 1923 Sept. 1922 19 Mills +22.8 Hosiery production ---------- — 6.7 Hosiery on hand at end — 0.5 of m onth______________ — 4.7 +60.4 Orders booked during month +87.9 X Cancellations ______ _____ — 2 1 .1 + 7.0 Shipments during month----- + 2.0 6. Unfilled orders on hand at end of month __________ +10.7 +82.0 Overalls Figures reported by five mills manufacturing overalls showed a material increase in production and unfilled orders for September. A part of this is, however, due to very limited operation during Au gust by one of these mills which resumed operations during September. Some of the reports indicate a rather light current demand, with only fair outlook, due to increased prices following the advances in pro duction costs. Mills state that buyers are very con servative and are running on light stocks, and that their bookings for fourth quarter delivery are below the average. Percentage comparisons are shown below: Sept. 1923 compared with: 5 Mills Aug. 1923 Sept. 1922 1. Overall production ---------- +126.9 + 12.5 2. Overalls on hand at end of m onth______________— 28.0 + 13.7 3. Orders booked during month + 20.0 + 20.0 4. Cancellations ___________ 0.0 0.0 5. Unfilled orders on hand at end of month _________ +166.6 +100.0 6. Number on payroll---------- +112.9 — 0.2 Brick Production of brick at four reporting plants for Sep tember was somewhat larger than during either Au gust or September last year. Orders received also showed some increase, but stocks on hand were sub stantially larger than at the end of August at some mills. Labor is reported plentiful. Percentage com parisons of reported figures are shown below. Sept. 1923 compared with: Sept. 1922 Aug. 1923 4 Plants +33.7 + 7.8 1. Brick production _ 2. Brick on hand at end of —il2.3 month ----- ------- ------ +53.5 +76.6 3. Orders booked during month +12.9 4. Unfilled orders on hand at end of month— _ __ __ — 7.0 — 9.6 — 3.3 5. Number on payroll __ _ _ + 3.5 EMPLOYMENT The October report of the United State Employ ment Service shows a decrease of one-tenth of one per cent in the number of workers employed by 1,428 industrial concerns usually employing 500 or more in 65 principal industrial centers of the United States. The report states that large increases were disclosed in five of the fourteen basic industries, the net decline being attributed to the readjustment which is taking THE MONTHLY BUSINESS REVIEW place in the iron and steel industry and a slight slack ening reported in the activities connected with the manufacture of chemicals and allied products. Of the 65 industrial centers from which these reports by large firms are received, 28 cities reported increased em ployment, 36 reported decreases, and one city reported no change. All of the four cities in the Sixth District showed increased employment. With few exceptions the report indicates all indus trial plants in Georgia are operating on a satisfactory basis, with normal quotas of employees. Building pro grams and other municipal and state construction work afford employment to vast numbers of skilled and com mon labor and there is very little unemployment re ported in any section. The supply of labor is about equal to the demand in Atlanta, Augusta and Savannah, while there is shortage of both skilled and common labor in Macon. Except for a few plants temporarily closed, prac tically all plants in Atlanta are operating, some on part time basis, and others working over time. The demand and supply of unskilled labor in Florida are about equal, but there is a slight shortage of skilled labor in some of the cities where building projects are being pushed to completion for occupancy this win ter. Picking of the citrus crops has commenced, and road-building programs afford employment to large numbers of semi-skilled and common labor. The reduction in the forces of iron and steel and textile industries in Alabama during August has re covered, showing a substantial increase for Septem ber, while lumber and woodworking plants reveal another decrease. A slight increase in the forces of coal mines is noted, a large part of which are on parttime operations. All building craftsmen are steadily employed throughout the state. A considerable sur plus of labor exists at Mobile in most of the skilled trades on account of parttime operations in shipbuild ing yards. At Montgomery slight gains are reported in principal industrial plants, with supply of labor equal to demand. In Louisiana the report indicates a slight downward trend in industrial employment, despite gains in the cotton-oil industry, rice mills and other seasonal work. Lumber mills registered a considerable decrease, oil refining activities continue somewhat restricted, and railroad shops and allied lines hold steady throughout the state. In New Orleans the employment situation is generally favorable, except for some inactivity in ship loading. Textiles, metals and railroadshops con tinue to gradually gain, but sharp curtailments in oper ating time are evidenced in the sugar refining indus try. The supply of workers in Mississippi is larger than at any time during the current year, on account of the short cotton crop which has made available quite a number who would have been engaged in gathering 13 crops. Lumber mills and woodworking plants report a considerable increase in the number employed, while textiles have somewhat reduced forces, but are on fulltime operations. Industrial activities in Tennessee continue on a sat isfactory basis, increased employment being reported from practically all towns and in every industry. Coal mining conditions are materially improved, there are more mines in operation and they are operating more days per week. The labor shortage in highway con struction which has existed for some time appears to be relieved. There is a shortage of skilled labor, in woodworking plants and a surplus of unskilled labor, but full employment is reported in textile mills with no shortage or surplus evident. COAL MINING Excepting for the effect of the holiday on Labor Day, during the first week of September, bituminous coal mining was well maintained during that month. The strike on the first of the month in anthracite mines resulted in negligible production during the first two weeks, but with its termination the output of anthra cite coal recovered to 877,000 tons during the week ended September 22, and during the next week to the level of production which has prevailed during recent months. The termination of the strike of anthracite miners, however, brought a further softening of the bituminous market during the first week in October, and production fell off about five per cent, to 10,782,000 tons. There was some loss because of transportation difficulties during the month, but the week ending September 29 brought improvement in that line but a slackening of demand. The present dally rate of pro duction is below that which prevailed in the fall of 1920 and considerably below that in 1918, but exceeded that in 1920, 1921 and 1922. Total Anthracite Output Week Ended Bituminous 10.488.000 3.000 Sept. 8 _____ 10,485,000 11.380.000 2.000 Sept. 1 5 ____ 11,378,000 12.331.000 877,000 Sept. 2 2 ____ 11,454,000 2.025.000 13.372.000 Sept. 2 9 ____ 11,347,000 12.715.000 2.015.000 Oct. 6 _____ 10,700,000 12.780.000 2.009.000 Oct. 1 3 * ____ 10,771,000 ♦Subject to revision. Stocks September 1, 1923 Commercial stocks of bituminous coal on the first of September were four million tons greater than the revised estimate a month earlier. The Geological Survey estimates place the amount of coal in stocks of commercial consumers on September 1 at 56,000,000, compared with 52,000,000 tons on August 1, and with 22,000,000 tons held on September 1, 1922. At the rate of consumption during August the stocks on September 1 were sufficient to last 46 days on the average. THE MONTHLY BUSINESS REVIEW 14 IRON PRODUCTION The production of pig iron in the United States during the month of September was smaller than in August by more than 300,000 tons, according to sta tistics compiled by the Iron Trade Review. A part of this decline is due to the fact September has one day less than August, but the principal cause of the decline was the smaller number of furnaces operating during the month.* At the end of September 257 furn aces were in operation, a loss of 13 for the month, while 52 furnaces discontinued operations during June and July, so that a total of 65 furnaces have been made inactive since the close of June. The total output during September was 3,123,611 tons, as against 3,448,886 tons in August, and 2,024,008 tons produced in September a year ago. Average daily pro duction in September was 104,120 tons, compared with 111,254 tons in August and 67,466 tons in September last year. September output was the lowest since February, and was 744,611 tons less than the high pro duction in May of this year. Iron production in Alabama exhibited a tendency similar to that for the United States at large, the total output declining from 230,671 in August to 213,319 in September, and the number of active furnaces declining from 24 at the end of August to 21 at the close of September. While the open market price is given at $23 and $24, reports indicate that some sales are taking place at $21 or $21.50. Surplus stocks of iron in the yards have increased, despite the blow ing out of three furnaces during the month, and are estimated at 115,000 tons. United States Sept. 1923 Aug. 1923 Sept. 1922 2,024,008 3,448,886 Total output______ 3,123,611 1,670,404 2,620,723 Non-merchant iron __ 2,385,072 353,604 828,163 Merchant i r o n ___ 738,539 Average daily output- 104,120 111,254 67,466 257 270 188 Active furnaces___ Note:—Figures for Aug. 1923 and Sept. 1922 corrected since published in the Review. Alabama Sept. 1923 Total output______ 213,319 Non-merchant iro n _ 91,735 Merchant iron ____ 121,584 21 Active furnaces ----- Aug. 1923 230,671 98,301 132,370 24 Sept. 1922 203,664 74,176 129,488 22 NAVAL STORES Receipts of both turpentine and rosin at the three principal markets of the District were somewhat small er in September than in August, although greater than during September 1922. Shipments of turpentine were smaller than in August, but larger than in September last year, while rosin shipments were smaller than either the preceding month or the corresponding month a year ago. Stocks of turpentine at the end of September exceeded those a month earlier and a year ago, and stocks of rosin were greater than at the end of August but* considerably smaller than at the close of September last year. The price of spirits of turpentine increased from around 88 cents on Monday, the 10th of September to 95 cents at the end of that week, fluctuating between 95 and 91 cents, and being at 95% cents on October 6. Prices of rosins have also fluctuated during the same period, which resulted in a net gain of only 5 cents on some grades and 10 cents on others. NAVAL STORES MOVEMENT—September 1923 Receipts—Turpentine: Savannah _______ Jacksonville _____ Pensacola ______ Sept. 1923 16,029 14,793 4,871 Total _________ _35,693 Rosin: Savannah ________ _50,140 Jacksonville ______48,562 Pensacola ______ _15,606 Aug. 1923 Sept. 1922 20,716 12,944 17,378 12,250 5,584 4,669 44,673 29,863 65,215 56,875 16,232 42,749 38,701 23,656 Total _________ 114,308 Shipments—Turpentine: Savannah______ 11,983 Jacksonville _____ 12,627 Pensacola ______ 4,380 138,320 105,106 17,842 11,596 5,871 11,613 11,567 2,931 Total _________ _28,990 Rosin: Savannah _______ _42,462 Jacksonville ______32,687 Pensacola ______ _13,052 35,309 26,111 40,882 43,621 9,493 33,627 44,543 10,702 Total _________ Stocks—Turpentine: Savannah _______ Jacksonville _____ Pensacola _______ 88,201 93,996 88,872 17,062 16,152 3,161 13,016 13,986 2,670 10,707 13,658 5,236 Total _________ 36,375 Rosin: Savannah _______ 117,950 Jacksonville _____ 130,035 Pensacola ______ 41,579 29,672 29,601 110,272 114,160 39,025 104,269 165,925 65,308 263,397 335,602 Total _________ 289,564 15 THE MONTHLY BUSINESS REVIEW FEDERAL RESERVE BANK OF ATLANTA Weekly Statement of RESOURCES AND LIABILITIES Resources: Gold and Gold Certificates ___________________________________ _______ Gold Settlement Fund ______________________________________________ Oct. 10,1923 $ 6,561,765.50 10,189,476.55 Oct. 11,1922 $ 5,519,825.50 27,640,362.13 Total Gold held by b ank ________________________________________ 16,751,242.05 33,160,187.63 Gold with Federal Reserve Agent ___________________________________ Gold Redemption Fund_____________________________________________ 73.247,885.00 3,958,366.16 102,334,105.00 1,709,616.73 Total Gold Reserves ____________________________________________ Reserves other than Gold____________________________________________ 93,957,493.21 4,598,332.00 137,203,909.36 5,941,755.85 Total Reserves_________________________________________________ 98,555,825.21 143,145,665.21 Non-Reserve Cash -------------------------------------------------------------------------- 7,864,244.08 ________________ Bills Discounted: Secured by Government Obligations _____________________________ All Other ________________________________________________________ Bills Bought in Open Market_____________________________________ Total Bills on Hand ____________________________________________ U. S. Btonds & Notes __________________________________________ Certificates of Indebtedness _____________________________________ One Year Cert, of Indebtedness (Pittman Act)______________________ All Other Cert, of Indebtedness _________________________________ Municipal Warrants ____________________________________________ 18,042,333.66 57,121,694.29 9,026,210.44 2,065,339.40 30,246,258.46 4,204,893.21 84,190,238.39 36,516,491.07 260,200.00 140,350.00 16,938.00 ________________ ____________ 2,999,000.00 __________ 2,030,914.00 50,913.33 ________________ Total Earning A ssets______________________ _________________ Bank Premises---------------------------------------------- --------------------------------Five per cent Fund against Reserve Bank Notes________________________ Uncollected Items _________________________________________________ All other resources ________________________________________________ 84,518,289.72 2,828,259.46 ____________ 25,224,820.63 660,094.59 41,686,755.07 1,781,240.78 467,550.00 26,033,267,89 141,447.67 Total Resources _______________________________________________ Liabilities: Capital paid i n _____________________________________________________ Surplus Fund ______________________________________________________ Deposits: 219,651,533.69 213,255,926. 4,426,650.00 8,941,553.42 4,343,300.00 9,113,570.99 1,409,570.29 51,273,116.56 129,740.57 1,541,587.31 49,363,821.14 105,465.60 Government ___________________________________________________ Member Banks—Reserve Account_________________________________ All Other ______________________________________________________ Total Deposits _________________________________________________ 52,812,427.42 51,010,874.05 Federal Reserve Notes in actual circulation __________________________ Federal Reserve Bank Notes in actual circulation______________________ Deferred availability items __________________________________________ All other Liabilities _______________________________________________ 133,426,135.00 ____________ 18,688,919.50 1,355,848.35 123,783,055.00 2,843,100.00 20,956,576.76 1,205,449.82 Total Liabilities___________________________________________ Ratio of total Reserves to Deposits & F. R. Note Liabilities combined: 2 1 9 ,6 5 1 ,5 3 3 .6 9 213,255,926.62 5 2 .9 % 81.9% THE MONTHLY BUSINESS REVIEW
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