Full text of Economic Review (Federal Reserve Bank of Atlanta) : October 30, 1922, Volume 7, Number 10

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THE MONTHLY

Business

Review

Covering B usiness a n d A g ricu ltu ra l C onditions in th e S ix th Federal Reserve D istrict.
F E D

E R A

L

R E S E R

V

E

B A N

K

O

F

A

T L A

N

T A

JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent
WARD ALBERTSON, Assistant Federal Reserve Agent
VOL. 7

ATLANTA, GEORGIA, OCTOBER 30, 1922
UM1TJBD STATES STJMHABY

Difficulties in fajmflliiig the increased freight traffic due to car
shortage have been an important factor in the current industrial
situation. The total number of cars loaded increased during
September chiefly because of heavy loadings of coal and live
stock. The production of bituminous and anthracite coal was re­
stricted in the latter part of September when a shortage of
about 40,000 coal cars developed. A shortage of box cars ap­
peared in the first week in August, and by October 7 amounted
to 71,063 ears. The difficulty in securing cars for shipment has
led to some curtailment of production in lumber and finished
steel products. The output of pig iron and steel ingots, how­
ever, has expanded steadily since August. Cotton and woolen
mills continue to operate at close to capacity. Agricultural re­
ceipts continue to be heavy.
Wholesale trade showed improvement during September. In ­
creases occurred in sales of hardware and furniture which re­
flected the large volume of residential building. Seasonal de­
clines occurred in sales of farm implements and automobile sup­
plies, but sales were mueh larger than a year ago. Betail trade
continued to improve during September and department store
sales were larger in all districts than in September 1921.
The wholesale price index of the Bureau of Labor Statistics
declined from 155 in August to 153 in September, owing chiefly
to the fa ll of coal prices. Prices of building materials and
metals continued to rise. Bank debits in 140 cities excluding
New York were 4 per cent larger in September than in August,
1922 and 9 per cent larger than in September 1921.
Loans of reporting banks in leading cities show an increase of
$366,000,000 for the four weeks ending October 18, and demand
deposits advanced $245,000,000. Federal Reserve Bank dis­
counts for the four weeks ended October 25 increased $49,000,000, and note circulation expanded by $56,000,000. The Reserve
Ratio shows a slight decrease from 78.4 to 77.6 per cent.



No. 10

SIX TH DISTRICT SUMMARY
Business conditions in the Sixth Federal Reserve District at
the present time are unmistakably better than they have been
at any time in more than two years. Generally speaking, a great
deal of progress has been made in the past few months toward
that condition termed normal. The attitude of business men,
an important factor in judging conditions, is different and indi­
cates that normal business conditions are in prospect in the
not far distant future.
While the coal and railroad strikes have been settled, the
effects of both are still being felt, and w ill be felt for some
time to come. Coal prices are high, and this fact is having
the effect of retarding industrial activity to some extent, while
railroad equipment, both cars and locomotives, is in bad shape
and difficulties of transportation are being experienced in all
lines of industrial and commercial activity where the shipment
of commodities is an important factor.
Retail trade, reported to the Review by representative de­
partment stores throughout the Sixth District, was larger in
the aggregate during September than in the same month last
year. This is the first time in many months that sales have
shown an increase over the corresponding month a year earlier,
and may be taken as the definite turning point toward a better
volume of business. Wholesale trade in September in this Dis­
trict was not quite up to that of August, especially in those
lines highly seasonal, but the decreases reported were all small,
and six of the eight lines under investigation reported increase
over September 1921. Transportation difficulties are responsi­
ble in part for the lack of activity.
The financial return from the agricultural crops of the District
this year w ill exceed that of last year by a substantial amount,
although in some sections some of the crops produced have not
equalled those of last year in actual volume. The cotton crop
is larger than last year in each state in this District except Ten­
nessee and the higher price prevailing w ill show a substantially
higher return to this section than was received for the 1921 crop.
Reports from different parts of the District indicate that the crop
is being picked, ginned and marketed more rapidly this year than
was the case last year, and the statement published by the
Census Bureau showing cotton ginned, shows that 3,883,006
bales of the present crop had been ginned prior to September
25, 1922, while only 2,920,392 bales had been ginned up to that
time in 1921. The banks are amply provided with funds for
crop moving and harvesting, and report considerably increased

2

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

deposits At the end of September in comparison with the same
The recovery which is of course partly due to seasonal in­
period last yea*.
fluences was evident a month ago in almost all lines of Whole­
There is an enormous volume of building in the course of sale trade, and for September figures reported by 37 representa­
construction in almost all parts of the District. The lumber tive department stores show that, except at Hew Orleans and
industry is seriously handicapped, however, by the transporta­ Savannah, the aggregate volume of sales in each of the other
tion situation, and in a number of instances lumber manufac­ .pities shown in the Review’s retail statement were larger than
turers are unable to obtain anything like half of the cars in September 1921. The largest increase is shown by Birming­
necessary to move their output. Cotton mills in the District ham, where September business was almost 22 per cent greater
report materially better conditions than prevailed at this time than in September 1921.
last year, both production and unfilled orders showing increases
Stocks of merchandise on hand at the end of September were
over that period. Coal productions in both Alabama and Ten­ mailer, by 6.3 per cent, than on the corresponding date last
nessee during September registered declines as compared with year, but registered an increase of 8.6 per cent, for the district,
the preceding month, due almost entirely to the shortage of over those of a month ago. Atlanta is the only point to show
railway equipment. Employment conditions continue to show an increase in aggregate stocks over those held at the end of
improvement, and with the railroad strike settled, there is al­ September 1921, but increases over • stocks at the en d of
most no unusual idleness.
August 1922 Were shown by figures reported from all of the
cities in the statement.
R E T A IL TRADE
Improvement in the rate of turnover is also shown in item
For the first time since February 1921, reports made to the
3
of this statement. The relation of stocks on hand to sales
Monthly Business Review by department stores throughout the
Sixth Federal Reserve District show an aggregate volume of during the three months ending with September was 550.1,
sales during September larger than those of the corresponding showing a turnover of a little more than twice a year.
month a year ago.
CONDITION OF R E T A IL TRADE—-SEPTEM BER 1922
Sixth Federal Reserve District
Peroentage of Increase or Decrease

(1 )

(8)

(2)

oo
CO

+

+ 3.6

+ 6.8

+13.9

591.1

5.0

— 3.9

+ 7.0

470.7

7.1

Chattanooga ( 4 ) ---- —

—15.0

—17.0

+ 3.3

295.2

X

— 3.3

— 0.7

+16.9

577J

X

+ 4.8

— 7.8

+ 6.1

575.1

6.9

New Orleans ( 5 ) ------ .................. — 3.8

— 5.3

— 4.0

+ 7.2 -

565.3

11.1

Savannah (3) ---------___ _____ — 9.6

—16.8

—22.7

+ 9.2

704.4

6.2

Other Cities (10)------

— 2.5

—15.8

+ 12.6

661.6

5.7

— 1.6

— 6.3

+ 8.6

550.1

8,0

i
i

i*

1
1
11
1
1
11
1
1
i

i
i
i
i

Nashville (4) ______

ii
ii
ii
iii
i

Jackson (3) -----------

CO
k>

+17.3

+

+21.9

ii
ii
ii
•ii
i

Birmingham (4) -------________

+M +
+
cn ©
M GO

Atlanta (4) ------------

i
i
i
i
i
i
i
i
i
i

Comparison of net
Stocks at end of
month compared
sales with those of
with
corresponding period
last year.
A
B
A
B
July 1 same month
Sept. 1921
to date
last year
last month

W
^« o gi rg
cj
S’
©
I ’g n g
1 § 5 %
s |
§ 2 8
O
.
V S f
8 ^
g rtf A .2
© M©
| | l 1 1
■*»
S -£ o § ® rH
D -8 8 t,
■S« s ©
2 §C
8* ^ §
g.£©.3**
i o IS sH & IB ®
S4 ®
o. 02 O

District (37) _______________ + 3.8
Figures in parenthesis show number of reports.



<
(

2)

T H E

M O N T H L Y

B U S IN E S S

WHOI-ESALE TRADE
Eeports made to the Review by wholesale firms in various
lines of trade for September are not as uniformly favorable as
last month. In August seven lines reported increased sales over
July, and for September four of the lines under investigation
reported figures which showed increased volume of sales during
September as compared with August.
Evidence of the general improvement in wholesale trade
conditions, however, is contained in the comments made by
reporting firms.
The reports are practically uniform in their
statement that the outlook for fall and winter trade is mater­
ially better, and that prospects for business are better now than
they have been for about two years.
The coal strike, and the strike of railway shop workers, have
had an effect on business which has by no means ended with
the settlement of the strike, as shipments are still extremely
uncertain and the condition of railway equipment unsatisfactory.
The following figures show comparisons of the volume of
sales during September with the preceding month, and with the
corresponding month last year, in the eight lines of trade co­
operating with the Federal Reserve Bank in this monthly in­
vestigation.
September 1922 sales compared with:
Wholesale Trade
Aug. 1922 Sept. 1921
Groceries (37 reports) ----------------- --- — 0.8%
— 0.0%
—22.6%
Dry Goods (21 rep o rts)-------------------- — 2 .2 %
Hardware (24) rep o rts-------------------- _|_ 5.3%
4 . 9.6%
_|_25.4%
Furniture (19 reports) -------------------- _j_14.8%
Shoes (11 reports) ----------------- -------- — 6.2%
_]_12 .2 %
Farm Implements (6 rep o rts)_______ — 1 .8 %
-j- 7.5%
Stationery (4 reports) —----------------- _|_58.4%
_j_34.2%
Drugs (3 reports) -------------------------- -j- 7.0%
_|_19.1%

Groceries
Figures reported by thirty-seven wholesale grocery concerns
for September show their sales in the aggregate were less than
one per cent below the volume of sales in August. Sales during
August were about 16 per eent greater than in July.
Com­
pared with September a year ago, business of these 37 firms
showed a fractional decrease. September sales were larger than
August in Atlanta, Jacksonville and New Orleans, while de­
creases were reported from Vicksburg and other cities. Jack­
sonville and Vicksburg showed increases in September this year
over the same month last year.
Some of the reports indicate that shipments of merchandise
ordered for fall trade have been considerably delayed by reason
of the railroad strike. The almost universal comment, however,
is that better business is expected during the fall and winter
months.
Figures showing in detail the comparison of sales, by cities,
are as follows:
September 1922 sales compared with:
Groceries
Aug. 1922
Sept. 1921
Atlanta (4 reports) -------------- . --------- 4 . 11.1 %
— 11.3 %
Jacksonville (6 reports) ------------------- 4 . 2.2%
4-25.3%
New Orleans (8 reports) ----------------- 4 . 0.7%
— 9.1%
Vicksburg (4 re p o rts)----- ---------------- — 3.0%
4 . 3.6%
Other Cities (15 reports) ___________ — 6 .6 %
District (37 reports) ___ .___________ — 0.8%
— 0.0




3

R E V IE W

Dry Goods
Reports from 21 wholesale dry goods firms for September show
a volume of trade, in the aggregate, 2.2 per cent less than for
August, but 22.6 per cent less than September a year ago.
Knoxville firms reported increased sales in September over
August, but decrceases occurred at other points, and all eities
shown in the statement reported smaller volume of business in
September this year than last.
Corespondents state that prices are firm and that there have
been advances on staples. Collections are improving, and one
correspondent firm states that their collections are about normal
for this season of the year. Warm weather thoughout most of
September retarded business to some extent, while the transpor­
tation situation has been a contributing factor.
Figures for individual cities in the District are as folows:
September 1922 sales compared With:
Dry Goods
Aug. 1922 Sept. 1921
Atlanta (4 reports)_________ —19.0%
—39.2%
Knoxville (3 rep o rts)---—+14.7%
•—16.2%
Nashville (3 reports) ___ .............— — — 8 *8 %
Other Cities (11 reports) ........... —- — — 8 .6 %
—25.1%
—22 .6 %
District (21 reports)__ ------------------ — 2 .2 %

Hardware
Conditions in the wholesale hardware business in this District
continue to improve, according to reports received from 24 rep­
resentative firms for September. Sales in the aggregate were
5.3 per cent greater than in August, increases being reported
from all points shown in the statement except New Orleans.
All points, except Jacksonville, reported increases over Sep­
tember a year ago.
Correspondents state that since July there has been an ad­
vance estimated at from 8 to 18 per cent, in steel and iron com­
modities, and reports indicate that the demand is better and
the volume of goods being moved is larger 'than at any tithe dur­
ing the past two years. Some correspondent firms state that the
greatest obstacle to trade at present is the difficulty of obtaining
shipments of goods;
Figures for individual cities are as follows:
September 1922 sales compared with:
Hardware
Aug* 1922 Sept. 1921
Atlanta (3 reports)___ . . .
- .............
4-13.8%
4-14.0%
Jacksonville (3 reports) . -.............— - 4-,14.3%
— 2.0%
Nashville (3 rep o rts) _______. . . ------------- ----- —
4 .1 1 .3 %
4^04%
New Orleans (5 reports) .--------------- -------------------- — 7.9%
4 -3 . 6%
Other Cities (10 reports) -------------- 4 . 19.0%
4 - 4.9%
District (24 reports)------ .............. .......... 4 - 5.3%
4 - 9.6%

Furniture
Continued improvement is reported by correspondent whole­
sale furniture concerns reporting to the Review. Following an
incease of 37.8 per cent in August sales over July, 17 firms re­
port a further inrcease of 14.8 per cent, in September as com­
pared with August. Reports are uniformly optimistic in their
tone, and state that the fall and winter months should bring a
satisfactory volume of business. Prices are showing an upward
tendency, especially prices of mirrors, which have advanced, ac­
cording to some of the reports, from 25 to 40 per cent since May.

T H E

4

M O N T H L Y

B U S IN E S S

The demand continues strong, however, and some of the reports
from firms who are both manufacturers and wholesalers state
that they are sold for a number of weeks ahead.
September 1922 sales compared with:
Furniture
Aug. 1922 Sept. 1921
Atlanta (6 reports) -------------. . . --------- _j_ 9.4%
_|_21 .2 %
Chattanooga (3 reports) ------------------- -|_11.7%
_|_39.0%
Other Cities (8 reports) -------------------- _|_19.4%
-)-19.8%
District (17 reports)
---------------------- _|_14.8%
_j_25.4%

Shoes
Business (reported by wholesale shoe merhants in this District
during September was not quite up to that of August, although
somewhat in excess of the total for September of last year.
August sales were 9 per cent greater than July, but a decrease
of 6.2 per cent was reported in September compared with August.
Correspondent firms report that the leather market is firm, and
that the cost of production is more, rather than less, than it has
been. Some factories are, however, running at full capacity,
and are unable to supply the demand. While wants are being
anticipated a little more freely, buying is being done with con­
siderable caution because of the rapid change in styles.
September 1922 sales compared with:
Shoes
Aug. 1922
Sept. 1921
Atlanta (3 reports) -------- — ------------ — 6.2%
+29.0%
Other Cities (8 reports)------------------- - — 6 .2 %
3.(
District (11 r e p o r ts)----- ------------------ — 6.2%
Figures showing the comparisons of September 1922 sales with
August, and with September 1921, in the other lines of whole­
sale trade, are shown in the first table under this subject, as a
sufficient number of reports was not received to show any city
individually.
A decrease of 9.4 per cent in farm implement sales in August,
compared with July, was followed by a further decline of 1.8
per cent, in September as compared with August. September
sales were, however, 7.5 per cent greater than in the correspond­
ing month last year.
Wholesale stationery firms reported figures which showed an
increase of 58.4 per cent, in September over August, and 34.2
per cent greater than September 1921. Sales by wholesale drug
firms were also larger than during the preceding month or the
same month last year.

AGRICULTURE—COTTON
The cotton crop in the United States deteriorated from a con­
dition of 57 per cent, of normal on August 25 to 50 per cent of
normal on September 25, and estimates by the Department of
Agriculture place the total production for the 1922 season at
10,135,000 bales. The principal feature at the present time is
the rapidity with which the staple is being picked. The state­
ment of cotton ginned to September 25, printed later in this Re­
view, shows that for the present crop, there had been ginned to
that ,date 3,883,006 bales, while last season only 2,920,392 bales
had been ginned to September 25, 1921. Ginnings this year
have been heavier in all of the cotton states except Georgia,
South Carolina, California and Arizona, the decrease in Georgia
and South Carolina being to a large extent attributed to the
size of the crop.
The following figures taken from reports issued by Agricul­
tural
statisticians of the United States Department of Agricul­



R E V IE W

ture for the various states show the condition of the crop on
September 25, compared with the condition a month earlier, and
the estimated production for the 1922 season compared with final
ginnings of last year’s crop:
Condition
Forecast
Final
Sept. 25
Aug. 25
Sept. 25 Ginnings
1922
1922
1922
1921
Alabama _____ _____ 55
60
843,000
580,000
Florida — ............. ...... 55
60
25,000
11,000
44
910,000
787,000
G eorgia----- ------------- 37
Louisiana_____ _____ 53
60
407,000
279,000
60
1,029,000
813,000
Mississippi ------------- 54
Tennessee _________ 56
65
268,000
302,000
V ir g in ia -------- --------- 63
68
22,000
16,000
North Carolina_____ 59
65
730,000
776,000
South Carolina_____ 38
46
620,000
755,000
Texas — ....... ..........- 52
59
3,412,000 2,198,000
Arkansas ________51
63
975,000
797,000
M issouri----------------- 70
70
82,000
70,000
Oklahoma _________ 42
53
691,000
481,000
California —_______ 80
91
120,000
34,000
Arizona ....................... 80
87
51,000
45,000
New M e x ic o ----- ------ 85
85
23,000
9,641
United S ta te s -------— 50
57
10,135,000 7,953,641
In spite of declines in condition, the estimated output in Ala­
bama, Florida, Mississippi, Arkansas and New Mexico are some­
what higher based on the condition September 25, than the fig­
ures which had previously been published based on the August
25 condition. Weather in most parts of the District has been
ideal for the maturing crop, and for picking, throughout Sep­
tember.
Production in 1922 is estimated to be less than in 1921 in
'lennessee, North Carolina and South Carolina, but in all of
the other states producing cotton the output for this year is es­
timated to be larger.
The crop in the southern part of Georgia is reported to have
been gathered very rapidly and is well picked out. In the cen­
tral part of tha state there is much less now on the plants than
usual at this time of the season. , The crop in the upper third
of the state was late but is opening and gathering should be
largely completed by the end of October. The southern half of
the state has made a crop which is from ten to twenty per cent
better than that of last year, while the northern half is making
considerably less.

M ISCELLANEOUS CROPS
Alabama
The prospective value of the ten principal crops in Alabama
as estimated by the Agricultural Statistician for that state de­
clined about seven and one-half million dollars from September 1
to the beginning of October. The total value of the ten leading
crops based on the condition of October 1 was stated to be $185,833,000, compared with $133,407,000 at the same time last year.
Increased output is reported for cotton, sweet and white pota­
toes, and oats, production of hay is the same as last year, and
decreases are indicated for corn, peanuts, sorghum syrup, sugar
cane syrup, and wheat. Most of the increased value-, as compared
with the same time last year, is accounted for by the increased
production and price of cotton. The state’s crop is estimated

T H E

M O N T H L Y

B U S IN E S S

at 843,000 bales this year, compared with 580,000 bales last year,
and the yield, including that from lint and seed, is estimated at
$96,940,000 compared with $50,800,000 last year.

Florida
As harvesting advances reports indicate that production of
field crops in Florida will hardly come up to last year. A de­
creased acreage was planted to corn, tobacco, rice, peanuts and
sugar cane, and as none of these crops are showing exceptional
yields, production will be lower than for last year. Sweet pota­
toes, sorghum for syrup and the hay crops, especially cowpeas,
promise to exceed last year’s production, although the condition
of late sweet potatoes is dropping and production may be lower
than indicated at the beginning of October. Crops harvested
earlier in the year have made the best showing, white potatoes
on an increased acreage, producing almost a million bushels more
than last year, and oats, with a very low yield, leading last year
in production on account of a larger acreage cut far grain.
As a result of flooding rains, South Florida truckers have lost
part of their planted acreage. Replanting is in progress, some
sections reporting that the damaged acreage will be reset fully,
while from others there are indications that much of the flooded
acreage will not be cultivated. Further up the state truck work
is making good progress.

Georgia
An estimate of the value of 1922 agricultural crops in Georgia,
made by the Agricultural Statistician for that state, places the
total value of farm crops at $223,944,000, compared with $177,986.000 at this time last year. Increased valuations are indicated
for corn, cotton, sweet potatoes, cotton seed, hay, sugar cane and
peanuts. Decreases are shown for wheat oats, rye, white pota­
toes, tobacco, cowpeas for grain, sorghum for syrup, apples,
peaches and pecans. Notwithstanding this increased valuation at
the beginning of October, the yields of all of the major crops,
except cotton, are considerably smaller this year than last.

Louisiana
According to the latest report by the Agricultural Statistician
for Louisiana, agricultural production in that state for the
present season will not come up to that of last year. Increases
are indicated in the output of rice, hay, pears, apples and grapes,
but declines in total production occurred in corn, sugar cane used
for sugar, in sugar, white and sweet potatoes, oats, peanuts and
peaches. The output of corn for the state is estimated as
29.488.000 bushels, compared with 35,022,000 bushels last year,
but owing to a higher price the value of the present crop is
somewhat more than is estimated to have been realized for the
last crop. The condition of other crops on October 1 are stated
to be: Tobacco 95 grain sorghum 77, sorghum cane for syrup 77,
clover seed 85, pasture 84.

Mississippi
Extremely dry weather in all parts of Mississippi has caused
some deterioration in all crops, according to the report of the
Agricultural Statistician for that state. The drought has re­
duced the probable average corn yield to about 17.2 bushels per
acre, compared with 18 bushels last year, and the total produc­
tion for the state is forecast at 49,186,000 bushels. This is a
million and a quarter bushels less than the esthnate a month ago,
and almost eight milion less than the crop of last year. Sweet
potatoes have also been injured by dry weather, the prospective

production
being about 10,605,000 bushels. This, however, is an


5

R E V IE W

increase of a million and a half bushels over last year’s output.
Sorghum for syrup shows a slight increase over the probable out­
put last month, but is still more than a million gallons less than
last year.

Tennessee
Notwithstanding adverse weather, the corn crop of Tennessee
is practically the same in condition as a month ago. Numerous
local rains have improved the late plantings to a small degree,
though other sections have suffered still further. The crop is
rounding out in fairly good shape in the upper central and east­
ern parts of the state. Practically all of the tobacco crop has
been housed. That remaining in the field till late September
showed some improvement, both in growth and quality. This,
coupled with the earlier harvesting, indicates a slightly better
condition at harvest than was shown a month ago. Further de­
terioration is noted in most field crops since the beginning of
September, due to weather conditions. The condition of corn
on October 1 was 75 per cent of normal, indicating a production
of 75,214,000 bushels, the same as the September 1 estimate, com­
pared with 90,715,000 bushels last year. The condition of to­
bacco at the time of harvest was 76 per cent of normal and indi­
cated a production for the state of 99,286,000 pounds, compared
with 78,750,000 pounds last year.

CITRUS FRU IT
The condition of both oranges and grapefruit was higher on
October 1 than a month earlier. Fruit is developing excellent
sizes and, if the season continues favorable, the commercial crop
will very likely exceed last month’s estimate of 15,000,000 boxes.
Some splitting is reported, resulting from several weeks of heavy
rains, and the fruit is coloring up rather slowly in localities
which have had continuous cloudy, wet weather. The condition,
compared with last month and a year ago, with estimates of pro­
duction for this season and final production last season, are as
follows:
Crop
Condition
Production
Oct. 1 Sept. 1 Oct. 1
Preliminary Final
1922
1922 1921
1922-23
1921-22
Oranges — 90% 89% 81% 8,400,000 boxes 7,300,000 boxes
Grapefruit
88 % 86 % 80% 6,600,000 boxes 6,000,000 boxes
Limes ____ 85% 84% 79%
l iv e s t o c k :

Reports from Florida indicate that hog marketing in Sep­
tember showed an increase of from 10 to 20 per cent over the
corresponding month last year, and that a fairly good run is in
sight for October. Georgia is showing an improvement over last
year’s run both in number and quality. However, for the 192223 season, as a whole, present prospects indicate that both states
will be somewhat under last year.
The movement of cattle to market continues light, although
there has been some increase during the month.

MOVEMENT OF LIVESTO CK—SEPTEM BER 1922
Cattle and
Calves
Receipts:
Sept. 1922Aug. 1922
A tla n ta ----------------- 5,337
4,062
Jack son ville----- —
116
613
Nashville -------------- 12,866
10,125
Purchases for Local Slaughter:
Atlanta — ........... — 3,671
3,794
Jacksonville ----------44
309
Nashville ----------------- 4,917
4,531

Sept. 1921
3,446
46
11,445

2,639
0

3,817

6

T H E

M O N T H L Y

Hogs

Receipts:
Atlanta --------------- 5,289
Jacksonville---------- 4,556
Nashvile------------- 35,661
Purchases for Local Slaughter:
Atlanta --------------- 3,244
Jacksonville_____ - 3j92
Nashville ________ 8,7i0
Sheep
Receipts:
A tlanta__________
105
Jacksonville -------0
Nashville
.............
0
Purchases for Local Slaughter:
Atlanta --------------108
Jacksonville - ____
0
Nashville ________ 2,437

B U S IN E S S

R E V IE W

COTTON MOVEMENT—UNITED STATES
(BA LES) AUG. 1—SEPT. 29
2,102

3,909
41,196
1,197
278
6,985

503
123
4,596

4,562
3,349
34,898

1922
1921
1920
Receipts at U. S. ports. - 937,280 1,052,668 588,325
Overland to N. mills and
Canada ------ -75,518 219,544
71,708
Interior
stock..............
.
3*4,715
6,282
68,640
4,194
Southern
mills
takings
-.
544,000
480,144
369,555
199
8,916 Total movement ____ 1,871,513 1,746,074 1,098,228
Foreign exports___
587,868 854,406
Total mill takings
America and Canada.._ 749,600 806,998
202 Supply to d a te ____ _ 2,633,717 4,057,770

2,873

COTTON CUNNING

82,596
16,873
77,753

R IC E

1919
503,681
102,661
52,324
360,864
914,882

Number of bales of cotton ginned from the growth of 1922 prior
to September 25, 1922, and comparative statistics to the corres­
194
107 ponding date in 1921 and 1920.
0
83
Running Bales
2,321
2,978
(Counting round as half bales and
Horses and Mules
excluding linters:)
State
1922
1921
1920
Receipts:
United States------------ 3,883,006 2,920,302 2,249,606
1,030
1,204
Atlanta ___ 1,705
Alabama---------------------- 323,292
230,380
84,031
Arizona -------------2,035
2,970
5,622
MOVEMENT OF COTTON—SEPTEMBER 1922
Arkansas------------ ------------- 279,060
157,940
57,240
(In Bales)
California ......... ........... ............
1,060
1,480
6,808
RECEIPTS—PORTS:
Sept. 1922 Aug. 1922 Sept. 1921
Florida----------------------------- 12,373
4,287
3,280
New Orleans — •-------------113,441
24,557
104,237
392,569
279,820
Georgia --------------------------- 373,248
M o b ile_____ _____________
15,045
2,606
19,520
Louisiana
.
.
.
----------------158,209
101,478
86,887
Savannah _______________
96,661
28,148
112,259
250,767
96,193
Mississippi --------- --------------- 349,506
INTERIOR TOWNS:
Missouri ------------- ............. 20,726
14,231
239
Atlanta ________ __________ 18,466
6,971
28,646 North Carolina------------------- 149,240
141,040
31,691
Augusta _______ _________
41,477
18,941
62,236 Oklahoma ..................... ........... 184,580
140,686
66,522
12,107
264
8,335 South Carolina-------------------- 148,786
Meridian ____ ___________
215,249
171,451
Montgomery ___ - - _______
21,047
3,169
16,696 Tennessee ------------------------53,453
42,314
820
3,765
27,609
3,689 Texas..................... .................. 1,825,568 1,223,484
Vicksburg _____ ________
1,359,002
All other states ___________ _
1,870
1,517 ______
SHIPMENTS—PORTS:
New Orleans -------------------- 50,198
Mobile —................... ................ 5,625
Savannah
;___________ 67,145
INTERIOR TOWNS:
A tla n ta ____ - ......................15,207
Augusta
................. 25,430
Meridian - ________ _______ 3,220
Montgomery ------------------ - 15,561
V ick sb urg__ _______ ______
1,222
STOCKS—PORTS:
New Orleans
___ — — 105,837,
Mobile —-------------------------- 10,509
S a v an n ah ___ w - ________
76,333
INTERIOR TOWNS:
A tla n ta ............................. ........ 12,859
A u g u s ta __ _________- ___ - 58,810
Meridian ________ ________ 9,995
-Montgomery _____________
17,389
Vicksburg
___________ 5,4*99 ,




58,129
3,760
27,308
9,340
19,137
536
3,391
31,956
42JSH
1,528
46,827
9,600
50,743
1,108
11,903
2,936

The condition of the rice crop in Louisiana was the same on
October 1 as a month earlier, and 1.1 per cent above the ten
year average :on that date. The estimated condition was 86
18,644 per cent: of .normal, compared with 88 per cent of normal on
21,290 August 1, and 92 per cent on July 1 . The condition on October
4,491 1 last year was 83 per cent of normal.
13,812
The .condition of 86 per cent on October 1 this year forecasts
548 a probable yield per acre of about 34.4 bushels, and a total out­
put of 18,335,000 bushels. Last year the yield per acre was the
436,302 same as estimated for this year, total production being 16,560,000
20,177 bushels.
Harvesting and threshing are going on rapidly. While the
162,842
yields are very satisfactory so far, the crop is spotted, Grass,
216,383 weeds, and red rice, together with about the usual amount of
117,153 insect damage, and heavy rains at seeding time, are the princi­
15,268 pal causes of the -decline which has taken place, but at the
27,649 present time the. outlook for the crop is reported to be prom­
10,353 ising.

T H E

M O N T H L Y

BOUGH RICE (Sacks) FORT OF NEW ORLEANS
Sept. 1922
R eceipts________________ 178,308
Shipments ______________ 171,584
Stock ___________________ 37,942

Aug. 1922
95,959
85,925
31,218

Sept. 1921
173,694
171,774
40,419

CLEAN RIC E (POCKETS) PORT OF NEW ORLEANS.
Sept. 1922
R eceipts____________ _
213,948
Shipm ents____ _________ 243,967
S to ck ___________________ 95,627

Aug. 1922
111,478
226,831
125,646

Sept. 1921
282,611
271,444
136,549

RECEIPTS OF ROUGH RICE ( Barrels)
Season to
Season to
Sept. 1922 Sept. 30,1922 Sept. 30,1921
Association Mills _______ 582,831
838,879
1,094,530
New Orleans M ills ______ 178,308
295,451
395,253
Outside M ills ___________ 148,220
223,926
258,564
T o ta l_____________ 909,359

1,358,256

1,748,347

DISTRIBUTION OF M ILLED RICE (Pockets)
Sept. 1922
416,526
224,609
149,331

Association

Season to
Season to
Sept. 30,1922 Sept. 30,1921
651,040
1,029,195
436,281
382,875
222,797
250,424

790,466

1,310,118

1,662,494

STOCKS
Oct. 1,1922
398,265
128,970
94,170
621,405

Sept. 1,1922
204,427
154,681
43,170
402,278

Oct. 1,1922
399,026
168,518
118,800
686,344

RICE CROP—UNITED STATES
SEASON 1921-1922
Rice produced----------------------------------------- 11,112,080 bbls.
Total supply for M illin g__________________ 11,363,054 bbls.
Total carry-over in U. S . _________________
853,956
Total distribution of domestic r ic e _________ 4,433,912 pockets
Total consumption in U. S . ________________ 4,889,742 pockets
Total consumption per c a p ita _____________
4.53 lbs.
Total consumption of Foreign rice in U. S.—
clean -------------------------- -------- --------------- 15,804,357 lbs.
Total consumption of Foreign rice in U. S.—
unclean _______________________ _______
687,261 lbs.
Imports of foreign rice in U. S.
cleaned------------ ------------------------------------ 19,214,058 lbs.
uncleaned -------------------------------------------- 4,683,673 lbs.
E x p o rts--------------------------------------------- — 723,226,961 lbs.

SUGAR AND SUGAR CANE
Sugar cane in Louisiana fell off 2 points in condition during
September, following a decline of 2 points in August and 3 points
in July. The condition of the crop on October 1 was 77 per
cent of normal, compared with 79 per cent on September 1, 81 per
cent on August 1, and 84 per cent on July 1. The condition on
October 1, 1921 was 84 per cent of normal. The condition of 77
Digitized
FRASER
perforcent
at the begining of October 1922 forecasts a probable


B U S IN E S S

R E V IE W

7

production of about 3,333,330 short tons of sugar cane on the
acreage to be used for sugar this year, and an output for the
state of about 233,333 tons of sugar. In 1921, 324,431 short tons
of sugar were produced, and in 1920, 169,127 short tons. Not­
withstanding the three successive declines, the condition on Oc­
tober 1 was approximately equal to the ten year average.
The deterioration is stated to be due to a complex of causes.
Earlier in the season excessive rain interfered with proper cul­
tivation. As a result, much cane was “ laid b y ” grassy, and
has never fully recovered. Grass developed to such an extent
in many fields as to greatly check the growth, in some instances
causing abandonment. The recent cool nights and dry weatheT
have also checked the growth of the cane to some extent. In
some sections the cane borer is reported worse than in many
years.

MOVEMENT OF SUGAR
Raw Sugar
RECEIPTS:
New Orleans ___
Savannah - -.
MELTINGS:
New Orleans .—
Savannah -----.... —
STOCKS:
New Orleans .____
Savannah — -...

Sept. 1922
67,306,085
32,779,570

Aug. 1922
173,267,159
56,812,368

Sept. 1921
16,087,652
7,177,280

119,705,017
27,376,141

178,388,577
44,305,760

25,131,286
17,582,720

16,931,615
17,910,037

69,330,546
12,506,608

623,818

161,707,736
34,323,744

51,287,640
28,559,142

9,583,256
11,613,579

31,015,755
568,340

0

Refined Sugar
SHIPMENTS:
New Orleans .
89,079,588
Savannah —
21,381,147
STOCKS:
New Orleans ___ 30,197,420
Savannah __
16,167y246

TREND OF FARM PRICES
The level of prices paid producers of the United States for
the principal crops decreased about 2 per cent during September.
In the past ten years the price level decreased about 4.5 per cent
during September. On October 1 the index figure of prices was
about 1.3 per cent lower than a year ago, 45.5 per cent lower
than two years ago, and 30.1 per cent lower than the average of
the past 10 years on October 1 .
The level of prices paid producers for meat animals—hogs,
cattle, sheep—decreased 2.4 per cent from August 15 to Sep­
tember 15. In the past 10 years the price level decreased in Uke
period 1.2 per cent. On September 15 the index figure for these
meat animals was about 8.1 per cent higher than a year ago,
37.1 per cent lower than two years ago, and 20.5 per cent lower
than the average of the past 10 years on September 15.

FIN AN CIAL
Representative member banks in practically all parts of the
Sixth Federal Reserve District report that conditions are show­
ing continued improvement, that farm products are being har­
vested and that a large percentage of the farmers are paying
up their indebtedness, some of which was incurred for the pres-

8

T H E

M O N T H L Y

B U S IN E S S

6nt crop and some of which has been carried over from the last
season or two. Most of these reports state that cotton is being
picked rapidly, and that most of the farmers are selling their
cotton promptly. Industrial conditions are also favorable, ex­
cept that the car shortage is limiting the output of coal and
lumber, deposits are increasing, and there is a general improve­
ment in the outlook spreading over this section of the country.
Some of the larger city banks report that their country corres­
pondents are already anticipating loans which were to mature
the latter part of October, and in November and December, and
that there is an increase in the number of new savings accounts
being opened. The statement of debits to individual accounts
at principal cities in the district shows an increase over the
same period last year, although for the week ended October 11
the total was somewhat less than for the preceding week.
Figures reported weekly by member banks in selected cities
show an increase in both loans and deposits for the week ended
October 11, compared with the first week in September, and with
the corresponding week last year. The total of loans, discounts
and investments for the week ended October 11 was $442,802,000
an increase of 2.9 per cent over the total of $430,126,000 on Sep­
tember 6, and an increase of 6.7 per cent over the total of
$415,017,000 on October 12, 1921.
Loans and discounts increased 5 per cent from $355,986,000 on
September 6, to $373,492,000 on October 11; this figure was also

R E V IE W

an increase of 9.1 per cent over the total of $342,691,000 on Oc­
tober 12, last yOar.
Loans secured by Government obligations continued the de­
cline which has teen in evidence for some time, being on October
11 $7,000,000, or 5.2 per cent less than the total of $7,370,000 on
September 6 , and 47.3 per cent less than the total of $13,284,000
on October 12, 1921.
Demand deposits on October 11 were $263,492,000, an increase
of 5.5 per cent over the total of $249,695,000 on September 6 , and
an increase of 20.9 per cent over the total of $217,975,000 on
October 12, 1921.
The total of bills discounted for member banks in the Sixth
Federal Reserve District, and bought in the open market, by the
Federal Reserve Bank of Atlanta, on October 11, was $36,516,491,
an increase of 13.6 per cent over the total of $32,152,587 on
September 12, but a decrease of 64.1 per cent in comparison with
the total of $101,640,445 on October 11, 1921.
Federal Reserve notes in actual circlation on October 11 were
$123,783,055 or 7.9 per cent greater than the figure of $114,767,955 on September 13, but 5.0 per cent less than the total of $130,308,905 on October 11 last year.
The following figures show a comparison of savings deposits
at the end of September compared with August, and with Sep­
tember 1921.

SAVINGS DEPOSITS—SEPTEM BER 1922
Sept. 30, 1922
Alabama (12 b a n k s)---------------------_______ ______ $ 28,486,785
Florida (14 b a n k s)---------------------- ______________ 27,143,616
Georgia (23 b a n k s)---------------------- ______________ 37,768,777
Louisiana (9 b a n k s)-------------------- ______________ 36,694,551
7,938,361
Mississippi (9 banks) ----------------- ________ _____
Tennessee (11 b a n k s)----- — -------- ______________ 21,070,792
TOTAL (78 b a n k s)----------- — _____ _________$159,102,882

D EBITS TO IN D IVID U AL ACCOUNTS
Sixth Federal Reserve District
WEEK ENDED
Oct. 11,1922 Oct. 4,1922 Oct. 12,1921
Albany, Ga. _____ - __ $ 1,130,000 $ 1,322,000 $....................
Atlanta G a . ______ 29,167,000
28,723,000
26,548,000
Augusta, Ga......................
7,146,000
7,881,000
7,706,000
.Birmingham, A l a , ------- 23,443,000
24^530,000
7,146,000
Brunswick, Ga. ______
778,000
660,000
--------------Chattanooga, T en n .----7,632,000
8,437,000
8,077,000
Columbus Ga....................
3,835,000
3,245,000
-------------Cordele, G a .__________
610,000
674,000
...................
Dothan, A la .----------—
800,000
1,034,000
--------------Elberton, Ga.
______
259,000
310,000
-------------Jackson, M i s s .----- -----2,851,000
2,559,000
-------------Jacksonville, Fla. . . . __
9,908,000
10,360,000
8,445,000
Knoxville, T e n n .___ . .
5,871,000
6,930,000
6,518,000
Macon, Ga. ——
4,917,000
5,385,000
4,432,000




Aug. 31, 1922
$28,381,534
27,130,638
38,166,945
36,984,868
7,743,430
21,286,291
$159,693,706

Comparison of
Sept. 30—Aug. 31 Sept. 30
1921
1922
+0.4%
+ 0 .0 %
— 1 .2 %
— 0 .8 %
+ 2.5%
— 1 .0 %
—0.4%

$27,916,295
23,675,275
35,927,250
36,184,265
7,537,323
20,701,098
$151,941,506

Meridian, Miss. ------ —
2,450,000
Mobile, Ala. ----------- —
5,792,000
5,170,000
Montgomery, Ala. . . . ....
Nashville, Tenn. ----- — 16,740,000
Newnan, G a ._______
422,000
New Orleans, La..........
63,911,000
1,287,000
Pensacola, F l a . -------- ...
Savannah, Ga. --------— 10,430,000
5,380,000
Tampa, Fla........... ........ . .
Valdosta, Ga. ______
1,211,000
Vicksburg, M is s .-----. . .
1,819,000
Total (15 C ities)..— $198,613,000
Total (25 C ities).....$212,959,000

Compari­
son of
Sept. 30
1922-21
+ 2 .0 %
+14.6%
+ 5.1%
+ 1.4%
+ 5.3%
+ 1 .8 %
+ 4.7%

2.183.000
5,380,000
7.141.000
5,182,000
4,361,000
17,154,000
29,323,000
585,000
79,788,000
52,722,000
1,550,000
1,317,000
11,086,000 . 13,860,000
5.701.000
4,956,000
1.090.000
1.819.000
1,878,000
$221,667,000 $182,669,000
$235,329,000

COMMERCIAL FA ILU R ES.
The number of commercial failures in the Sixth Federal Re­
serve District registered a further decline in September of 21.1
per cent, following a decrease in August of 12.1 per cent com­

T H E

M O N T H L Y

B U S IN E S S

pared with July. The total of liabilities in September were
$2,765,041, a decrease of 4.4 per cent compared with August, but
18.7 per cent greater than for September 1921.
For the United States the number of reported failures in Sep­
tember was 1,566, a decrease of 8.6 per cent compared with the
total of 1.714 in August, but 6.8 per cent larger than the total
for September last year. Total liabilities were $36,908,126,
which was 8.4 per cent less than for August, but only 0.3 per
cent less than for September a year ago.
Sixth District
United States
Number Liabilities
Number
Liabilities
$2,765,041
1,566
$36,908,126
Sept. 1922 ________ 120
Aug. 1922 ________ 152
2,890,891
1,714
40,279,718
Sept. 1 9 2 1 ________ 125
2,328,764
1,466
37,020,837
Comparison of
Sept.-Aug. 1922 ___ —21.1%
—4.4%
— 8 .6 %
—8.4%
Comparison of
Sept. 1922-1921 ___ —4.0%
-f-18.7%
+ 6 .8 %
—0.3%

ACCEPTANCES
No change of any importance has taken place in acceptance
maTket conditions in this District during September. Twenty one reports made to the Review for the month showed no trans­
actions of any kind, and very few of the reports indicated the
execution of either domestie or foreign acceptances. Twentyseven reports were received for the month. Three banks reported
purchases of paper during the month. Four banks reported the
execution of foreign acceptances during September, and only
two banks reported domestic acceptances executed.
Acceptances purchased in the open market and discounted for
member banks by the Federal Reserve Bank of Atlanta during
September totalled $6,100,532.00 compared with $1,087,601 for
August, and with $5,256,783 for September 1921.

PORT! OF NEW ORLEANS
Imports through New Orleans during August totalled $10,829,880.00; showing a gain of $3,000,000.00 over August 1921,
when import receipts amounted to $7,226,425.00.

PORT OF NEW ORLEANS
Commodity

Volume
Value
Volume
Value
1922
1921
Sugar, l b s .____ 171,169,618 $5,258,760 50,095,940 $ 1,442,436
Coffee, lb s .____ 16,493,237 2,158,088 28,097,603
2,320,485
Burlaps lb s .___ 8,207,524
632,407 12,410,340
1,141,968
Bananas, bun. -- 1,951,018
591,783
1,969,095
676,662
Mineral Oil, gal. 48,267,030
582,474 35,541,156
398,940
Mahogany, ft. — 1,645,000
265,263 ------------------------Magnesite, tons 6,117
123,194 ------------------------Sisal & istle, tons
3,096
275,747 Sisal 2,710
285,927
Ferro-Manganese,
t o n s ......... ........
3,207
197,875 ________
________
Cocoanut oil, lbs. 2,381,180
87,693 ------------------------Lemons, l b s ----967,960
27,563 ------------- -------------Molasses, g a l . ____ 1,582,014
10,522 500,000 . 10,000.00
Below are given the value of imports during August for the
years shown:
1923 -_________________________ $10,829,880.00



R E V IE W

9

1921
7,226,425.00
1920
- ______________ 38,281,152.00
1919
14,713,208.00
1918 _________________________ 13,559,626.00
1914 _________________________ 5,888,088.00
1912 _________________________ 6,068,319.00
Sugar molasses and mineral oil showed a considerable increase.
Grain exports through New Orleans during September 1922
totaled 5,456,165 bu.; which is a gain of 1,043,112 bu. over the
business of a year ago; when the exports totaled 4,413,052 bu.
This increase is the first the port has shown in the grain depart­
ment in several months; and is largely due to the increase in
wheat exports.

GRAIN EXPORTS—PORT OF NEW ORLEANS
(Bushels)
Sept. 1922 Sept. 1921 Since 7,1 ,2 2 Since 7,1,21
4,396,130
3,976,133
13,118,084
19,973,289
Wheat
2,749,436
1,339,245
986,075
385,711
C o r n ----157,754
81,495
65,389
27,875
Oats _ .
23,333
10,428
59,679
Barley ....
25,714
8,571
8,571
Rye -----Reports for September show that 147 vessels of 348,771 tons
entered the port of New Orleans, as compared to 191 vessels of
510,566 tons during the same month of 1921. 168 ships of 402,026 tons, cleared from New Orleans for foreign countries; while
in September 1921, 226 ships of 628,057 tons sailed from this
port.
New Orleans shipments of timber and lumber for the year
ending June 30, 1922 amounted to 181,792,000 ft. The 1921
record was 141,519,000 ft. and the 1914 record 302,375,000 ft.
The August production of petroleum in Louisiana totaled
2,852,000 barrels; which is slightly less than in July; but ex­
ceeds the May and June production by 300,000 and 200,000 bar­
rels respectively.
Freight received and forwarded during August by rail car­
riers entering New Orleans exceeded July movement by 6,500
cars and broke all records for the year; according to a recent
report, 24,293 carloads of freight were received and 16,303 car­
loads forwarded, making a total of 40,596 cars; which compares
with 34,074 carloads in July. The number of cars received com­
pares with an average monthly movement for the first six
months of 1922 of 20,199 cars, and the number of carloads for­
warded compares with an average monthly movement of 14,692. A large part of the grain is represented by the increased
wheat receipts.
Port tonnage for the first half of the year are as follows:
1922
1921
Exports ---------------------------- 2,535,130 tons.
2,957,874 tons
Imports __________________ 2,971,796 tons.
2,495,361 tons
T o ta l_________ _____ 5,506,926
5,453,235
The total receipts show a slight increase over 1921. The loss
in export tonnage is largely attributable to the heavy decline
in the movement of wheat through New Orleans during the
spring of 1922, while increased import tonnage is due to the
gain in sugar and mineral oil receipts.

10

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

TONNAGE FIGURES- -FIRST S IX MONTHS

Exports (Decrease)
Wheat
-----------Mineral oils -------- --Steel products ______
(increase)
C orn--- ----------------Lumber and wood
products_________
Cotton ---- -------------Imports (Increase)
Crude Mineral oil____

1922
222,512 tons
889,800 tons
93,352 tons

1921
954,629 tons
969,076 tons
135,893 tons

545,056 tons

194,506 tons

234,645 tons
147,106 tons

176,714 tons
157,536 tons

1,946,010 tons

1,665,537 tons

Burlaps___
(declines)
Mahogany_
Coffee ____
N itrates___
Sisal-------Creosote Oil

1922
421,248 tons
139,567 tons
270,825 tons
37,820 tons
23,268
90,759
14,580
13,960
13,759

tons
tons
tons
tons
tons

1921

251,336
113,800
235,530
25,009

tons
tons
tons
tons

27,364 tons
93,910 tans
19,119 tons
43,168 tons
30,588 tons

BUILDING PERM ITS—SEPTEM BER 1922

Alterations New Buildings
Total
Total
Increase or
and Repairs
No.
Value
Sept. 1922 Sept. 1921
Decrease
No.
Value
7
4,700
2
2,000
6,700
313,270
— 97.9%
185
63,650
272
170,647
585,093
— 60.0%
234,297
23
13,285
27
283,650
296,935
4-719.1%
36,250
83
12,646
15
25,465
38,111
49,552
— 23.1%

Alabama:

Florida:
197
76
43
43
35
131

89,496
29,700
17,343
12,115
35,250
39,678

60
97
57
19
98
98

445,600
498,900
267,046
20,575
436,050
183,507

535,096
528,600
284,389
32,690
471,300
223,185

465,851
412,100
83,427
41,034
385,575
363,226

+ 14.9%
4 28.3%
4-240.9%
— 20.3%
4 22 .2 %
— 38.6%

148
179
24
127
31

68,328
27,699
6,345
19,727
33,725

327
29
9
47
25

2,251,248
25,782
4,550
234,728
46,257

2,319,576
53,481
10,895
254,455
79,982

916,620
115,904
10,500
230,811
102,840

4153.1%
— 53.9%
4
3.8%
4 10 .2 %
— 22.2%

42
53

7,938
108,080

16
186

27,770
603,150

35,708
711,230

41,525
769,900

— 14.0%
— 7.6%

(combined)
7,125
3
2,960
12

4
10

26,500
40,800

87,500
33,625
43,760

67,600
29,430

4 * 48.7%

190

42,130

21

0

0

115
89

34,476
22,233

19
119

86,900
37,900
317,592
515,105

129,030
37,900
352,068
537,338

148,858
56,700
264,186
517,103

— 13.3%
-—33.2%
4 . 33.3%
+ 3.9%

Georgia:

Louisiana:

Mississippi:

— 50.3%

Tennessee:

XiUMBEB.

Transportation difficulties continue to be the principal deter­
rent iii the lumber industry. The situation has improved little,
if any, even though the strike has been settled, because of the
inability of lumber manufacturing concerns to obtain cars for



102

shipment. Reports from lumber correspondents state that they
are obtaining less than ten per cent of the cars necessary to ship
their current business. Orders have fallen off greatly, but these
firms still have more business than they are able to take eare
of on account of the shortage of railroad cars. Buyers appear

T H E

M O N T H L Y

B U S IN E S S

willing, and even eager, to place orders in their accustomed man­
ner, but are deterred by the uncertainty of deliveries. While
both shipments and production have declined, mills reporting to
the Southern Pine Association indicate that shipments are only
about seventy per cent of current production, which is being
maintained because of their desire to get their reserve stocks
in a condition more nearly normal. Correspondents indicate that
there has been a satisfactory volume of business available, that
prices are strengthening, and that collections are good, but that
some of them have had to discontinue accepting orders because
of their inability to obtain cars, and some plants have been
closed down.
The folowing figures show the volume of orders, shipments,
production, etc., reported to the Southern Pine Association
for September by 115 mills and similar figures for August for
119 mills:
September 1922
August 1922
In Feet
115 Mills
119 Mills
356,135,192
Orders _____________________ 234,154,341
Shipments __________________ 237,469,740
305,630,543
Production _________________ 296,049,188
334,785,976
Normal production these m ills.- 303,560,450
327,474,577
Stocks end of m onth_________ 818,131,416
792,055,796
Normal stocks these mills_____ 830,747,924
881,993,608
Unfilled orders end of m onth _ 336,568,626
353,444,747

Cotton Consumed:
Sept. 1922
Lint ----------- --- — _
459,344
59,833
Linters ___________
On hand in consuming
establishments:
Lint ------- ------------ .. 1,065,117
97,205
Linters
--------- In public storage and
at compresses:
Lint _______ _______
3,217,639
Linters ----------------- . . 21,262
Exports:
Lint ---------------------365,988
Linters ___________ ~
2,902
Imports _______________
4,628
Active Spin dles____ ___ ..33,296,513

Aug. 1922
527,404
60,825

Sept. 1921
484,718
60,710

1,024,994
116,891

1,016,032
156,295

1,549,789
30,534

4,309,893
304,699

268,818
4,490
__
32,499,324

513,782
9,057
6,362
33,874,620

Cotton Crowing States
Sept. 1922
327,263
Cotton Consumed -------On hand in consuming
513,743
establishments _____
In public storage and
at com presses__ .___
3,000,169
Active Spindles
-------- -15,724,568

Aug; 1922
338,628

Sept. 1921
295,198

408,961

533,427

1,277,735
15,613,632

3,974,171
15,283,366

COTTON MANUFACTURING
Cotton Cloth
While the output of cotton cloth manufacturing plants in the




Sixth Federal Reserve District in September was not equal to
the rather high mark of activity reported during August, fig­
ures reported by 31 mills for September show an increase of 12
per cent over the coresponding month last year. Orders on hand
at the end o f September, however, reported by 27 of these mills
were 31.6 per cent greater than at tht end of August, and in­
dicate that the demand for cotton cloth is increasing over that
of the past few months, and reports made to the Review express
the opinion that the outlook is brighter than it has recently
been.
Production for September was 15.9 per cent less than during
August, but 12.1 per cent greater than in September 1921.
August output, however, showed an increase of 44 per cent over
that of July, so that there is a considerable gain in September
over July, and the demand is definitely better. Shipments in
September were 7 per cent smaller than in August, but 15.5 per
cent in excess of those during September 1921.
Quite a number of the mills report that they have orders on
hand which will keep them operating at capacity for the bal­
ance of the year, and some for a longer time.

1.
2.

3.
4.

COTTON CONSUMPTION—SEPTEM BER 1922

11

R E V IE W

5.
6.

Sept. 1922
31 Mills
Aug. 1922
Cloth production _________
—15.9%
Cloth shipments - __________ - — 7.0%
Orders on hand at end of month +31.6%
Stocks of manufactured cloth
on hand at end of month___ — 10.0 %
Average time required to com
plete orders on hand — _ - . +30.8%
Number em ployed_______ .- + 1.5%

compared with:
Sept. 1921
+ 12.1 %
+15.5%
+ 9.9%
—38.2%
+30.1%
+15.7%

COTTON YARN
A definite improvement in the demand fer cotton yarns is
reported by 30 cotton yarn mills in the District during Septem­
ber and early October, although the amount of yarn produced
during the month was a little smaller than during August.
The output of yarn in August was about 18 per cent greater
than in July, and September showed a decrease of a little less
than 8 per cent. Orders on hand at the end of the month, how­
ever, like those for cotton cloth, were more than 30 per cent
larger than at the end of August. Compared with the end of
September 1921, orders at the close of September 1922 showed
an increase of 80.6 per cent.
Reporting mills state that the demand for finished yarns is
better now than it has been at any time during the past two
years, and that prices are showing some improvement.
30 Mills

Sept. 1922

1. Yarn production ----------------- — 7.8%
2 . Yarn shipments -------------- —12.3%

3.
4.

Orders on hand at end of month + 3 1 .2 -Stocks of manufactured yarns
on hand at end of month—____[*,12.4%
5. Average time required to com­
plete orders on hand-------------- 1~19.5%
6. Number em ployed___ _____ - + 1.9%

Sept. 1921
+28.5%
+19.1%
+80.6%
^28.3%
+29.0%
+73.4%

T H E

12

M O N T H L Y

B U S IN E S S

Brick

M ISCELLANEOUS MANUFACTURING

Cotton Hosiery
While Teports from cotton hosiery mills in the District do not
show up so well for September as for August, some of the mills
stg te that improvement was noticeable during the last part of
the month and in early October. Orders received by reporting
mills during September were 11.1 per cent larger than in August,
although the output was 2.3 per cent smaller than the August
production. Reports for September were received from four
mills, although all of them do not contain figures for September
on a comparative basis with the preceding month and the cor­
responding month last year. One correspondent mill states it
is operating 24 hours a day, but others state that they have
accepted some business during September at cost in order to
keep their plants in operation.
September 1922 compared with:
Sept. 1921
August 1922
+ 6.5%
1. Hosiery m anufactured----------— 2.3%
2 . Hosiery on hand at end of
+ 4.9%
3.

Baw materials on hand at end

4.
5.

Orders booked during month----- (-11.1%

— 20 .0 %
— 8.3%

Unfilled orders on hand at end
same

6 . Number of employees on payroll
at end of m o n th ---------------------1- 1 .1 %

4-13.1%

Overalls
Reports were received from six overall manufacturing plants
for September. Figures contained in these reports, while not
complete, indicate a continued improvement in this industry.
Production of five mills during September was 8.9 per cent
greater than in August, and the output of three mills which re­
ported figures for September last year was 11.7 per cent greater
than during that month. Orders booked during September by
two mills were 43.6 per cent greater than during August, and
51.4 per cent greater than in September last year, while orders
unfilled at the end of the month showed increases of 13.5 per
cent over the preceding month and 27.3 per cent over the cor­
responding month a year ago. Beports state that the demand
is improving, and that ■some advance has been made in prices,
but that this does not seem to check buying.
September 1922 compared with:
Sept. 1921
Aug. 1922
4-11.7%
4
8.9%
Overalls
manufactured
-------1.
2.

Overalls on hand at end of

3.
4.

4-63.5%
Orders booked during month— 4-43.6%
Unfilled orders on hand at end
4-13.5%

5.

4-25.0%
4-51.4%
4-27.3%

Number of employees on pay­

roll at end of m on th ----------- 4 - 3.4%



R E V IE W

4 . 4.1%

Beports received from brick manufacturing concerns in this
District state that this industry is badly handicapped by its
inability to secure empty cars in which to ship their product..
One firm states that in spite of the transportation situation, it
has been able to ship in a fair volume, and that if the car
shortage can be remedied conditions will be more nearly normal.
With one of the reporting firms operating at only about onefourth of its capacity during September, the output of three
concerns was 34.2 per cent greater than in August, but 46.7 per
cent less than during September 1921. Supplies on hand in­
creased 32.1 per cent over August, and were 15.1 per cent great­
er than at the end of September a year ago, while orders booked
duing the month, and unfilled at the end of the month, both
registered declines.
September 1922 compared with:
Sept. 1921
Aug. 1922
—46.741. Brick manufactured .______ - 4-34.2%
4-15.1%
|_32.1%
2 . Brick on hand at end of month —
— 2 .0 %
3. Orders booked during the month —38.0%
X
4. Orders unfilled at end of month —25.2%
on
payroll
Number
of
employees
5.
X
at end of month — - ......... — —24.7%

LABOR
Increases in employment took place in all but four of the
major industrial groups from which reports are received each
month by the United States Employment Service. Of the 65
leading cities from which these reports are Teeeived, 47 cities
reported increased employment at the end of September com­
pared with the preceding month, and 17 cities reported decreas­
es, while one city reported no change. On September 30th 1428
concerns in these 65 cities had 28,668 more employees on their
payrolls than they carried on August 31st. Railroad repair
shops reveal a most encouraging increase, having added 11,362
workers. The tobacco industry increased employment by 1,837
workers; textiles 11,858; iron and steel 11,576; food and kindred
products 3,932; miscellaneous industries, 4,695; leather 543; lum­
ber 206; paper and printing 188, and chemicals 195. Seasonal
conditions caused a drop of 16,232 workers in the vehicle in­
dustry. Metal and metal products, other than iron and steel,
through inadequate transportation, suffered a decrease of 653
workers, Stone, clay and glass products released 98 employees,
and liquor and beverages 92, largely due to turnover. Of these
65 larger industrial centers, two in the Sixth Federal Reserve
District, Atlanta and Chattanooga, reported increased employ­
ment, and two others, Birmingham and New Orleans, reported
decreased employment. Industrial employment throughout the
country has been accelerated by the adjustment of the coal
and railroad shop controversies. Inadequate car and fuel sup­
ply has retarded a further improvement. The iron and steel
and lumber industries are especially affected by the inability to
obtain railroad cars, while adjustment of the textile labor con
troversy in New England has resulted in a tremendous increase
in employment in that industry. Building construction is re­

T H E

M O N T H L Y

B U S IN E S S

ported to be maintaining a steady pace in practically all sec­
tions of the country, and shortages in the building trades are
apparent in a number of stats.

SIXTH DISTRICT.
In Georgia industrial conditions are becoming more satisfac­
tory, and employment is practically normal. In Atlanta prac­
tically all skilled workers are said to be employed, but a sur­
plus of about 2,400 unskilled laborers is expected to be sub­
stantially reduced in the near future by work on public im­
provements. The situation in Savannah is improving, although
inadequate transportation facilities continues to be an obstacle.
All industrial plants are working practically full time, and the
surplus is said to be confined to clerical workers. All plants in
Augusta are operating, though some are on part time, due to
lack of materials.
Three plants in Macon are temporarily
closed, due to lack of materials. Of 104 manufacturing plants,
87 are running full time, and 9 are running double shift. Con­
struction of public buildings is causing shortage of building
tradesmen. In Columbus a majority of the plants are running
full time, but some are on a part-time basis due to inadequate
transportation.
The employment situation in Florida is reported to be very
satisfactory. Large numbers of apartments and residences are
under construction providing employment for the building trades.
Farm labor throughout the state is well employed. Phosphate
mines are working at nearly normal capacity, and saw mills are
working at full capacity. At Jacksonville the labor market is
well balanced, although a surplus is threatened by the influx of
workers from other states. A majority of the plants are work­
ing full time. At other points employment is increasing, a short­
age of cigarmakers being reported at Key West.
Conditions in Alabama are also showing improvement. Tex­
tile mills, coal mines, iron and steel and their products show an
increase in employment, but lumber mills report a decrease.
Coal mines and lumber mills are suffering for lack of cars.
Coal mines would be working to capacity if cars were available.
In the Birmingham district a number of construction projects
are under way which will provide work for many workers.
These include two cement plants to cost five million dollars, over
five hundred buildings, street construction and highway work.
Increased employment is reported from other points throughout
the state.
Reports from Louisiana indicate a more encouraging situa­
tion, although average increases are rather small. Food pro­
ducts offer work to many, and textiles have increased some­
what. In New Orleans employment has appreciably gained, al­
though the situation is affected adversely by railroad con­
ditions. Increases in a number of different lines are immin­
ent. At Alexandria the situation is reported as encouraging,
with labor supply and demand well balanced. Lumber mills
are normal with moderate additions to working forces. Build­
ing construction absorbs the majority of these craftsmen. Ag­
ricultural labor is in fair demand.
Transportation difficulties appear to be the only cause of de­
creases in employment in Mississippi. Textiles report a slight



13

B E Y IE W

increase, while the cotton fields are making trong demands for
cotton pickers. At Jackson, aside from the car shortage which
has caused some mills to close down, the employment situation
is normal. Building construction is employing the building
trades, with the supply sufficient. At Meridian 7 industrial
concerns are running full time and 1 part time. Cotton and
knitting mills are using extra shifts, and the buillding trades
are occupied.
In Tennessee industrial conditions are reported to be highly
satisfactory, although slight set-backs have been caused by
tranportation difficulties. Large increases have taken place
in lumber mills and coal mines. At Chattanooga textiles, lum­
ber and miscellaneous industries reveal increased employment.
Of 53 industrial concerns at Knoxville, 26 are running full time,
and only 9 part time, while 35 plants at Nashville are running
full time and only 5 part time. Building is active in both
places.

COAIi
Except for the second week in September* the output of bi­
tuminous coal in the United States steadily increased each suc­
ceeding week in August and September. The slight setback for
the week ended September 9 was attributed to the Labor Day
holiday, the daily rate of production exceeding that of the
week before.
In all of the large producing fields of the country, coal is
now being offered up to the ability of the rail and water car­
riers to transport it. The current rate of production is above
that of 1921, but below that of other recent years.
Production of anthracite coal continues to increase, and the
total output is about 1,900,000 per week. The total of all coal
mined is, therefore, around 11,500,000 tons, and is said to be
considerably below the amount needed to meet current con­
sumption and the heavy movement up the Lakes, and at the
same time to rebuild consumers’ stocks.
The following figures show the volume of output for the week
ending in September and early October:
Week Ended
Bituminous Anthracite Total Output
September 2 ----------- --9,359,000
38,000
9*,180,000
September 9 _______ _8,791,000
53,000
8,844,000
September 1 6 __ - _____9,737,000
1,064,000
10,801,000
September 2 3 _______ _9,744,000
1,956,000
11,600,000
September 3 0 _______ _9,776,000
1,947,000
11,720,000
October 7 ------------------9,600,000
1,959,000
11,559,000
September production of coal in Alabama is estimated at
1,400,000 tons, compared with 1,750,000 tons produced in August,
and 1,075,000 tons in September last year. The decline, as
compared with the August output, is said by correspondents to
be due solely to the shortage of cars and locomotives for trans­
porting coal. Attention is also called to the fact that much of
the coal tonnage being produced in this District is by iron and
steel companies owning and operating their own railroad equip­
ment, and but for this fact, correspondents state that the total
output would be less than it now is.

14

T H E

M O N T H L Y

Beports to the Southern Appalachian Coal Operators ’ Associa*
tion for September indicate the loading of 4,294 cars, or 214,700 tons of coal in Tennessee during that month. This is a de­
crease of 138,450 tons as compared with the loading in August,
and is stated to be entirely due to the poor car supply.
IRON AND STEEL
Following the settlement of the coal and railroad strikes, re­
covery of blast furncae operations in the United States was
shown by the increase of 45 active furnaces during September.
The total number active on the last day of September was 188,
compared with 143 in blast at the end of August. Increases
were also shown in the average daily production, and in the to­
tal production for the month, but these do not reflect completely
the improved operations because September was shorter by one
day than August, and also because of the fact that many of
the furnaces did net resume operations until late in the month.
The net gain in operating furnaces was the largest of any single
month since the steel strike, when in October 1919 53 furnaccs
resumed operation.
Total production of pig iron in September ,according to statis­
tics compiled by the Iron Trade Review, was 2,016,778 gross
tons, a gain of 206,113 tons over the August output of 1,810,665
tons. Ttie increase recovered about one-third of the loss shown
in August. Merchant iron produced in September totaled 349,087 tons, a gain of 5,565 tons over the August total of 343,522
tons. Non-merchant or steelworks output in September was
1,667,691 tons, a gain of 200,548 tons over the production of
1,467,143 tons in August. The average daily production of both
merchant and non-merchant iron in September was 67,225 tons,
the smallest, except for August, since last March.
Sept. 1922 Aug. 1922
Sept. 1921
343,522
157,728
Merchant ir o n ---------------349,087
1,467,143
828,067
Non-merchant ir o n ______ 1,667,691
985,795
1,810,665
Total o u tp u t ----- - ---------- 2,016,778
32,857
58,408
Average daily production 67,225
^Production of pig iron in Alabama showed a slight decline in
September, as compared with Amgust, and the number of active
furnaces declined from 23 at the end of August to 22 at the end
of September. Total production for September was 203,664
tons, oompared with 204,389 tons produced in August. Merchant
iron produced in the state during September amounted to 129,488 tons, while non-merchant output was 74.176 tons. There
has been some improvement in the transportation situation, but
producers are still unable to obtain anything like a satisfactory
number of cars. Whil# big sales are tapering off, business is
still being done in smaller lots, and prices are firm. Spot iron
is selling at $28.50 per ton, delivery during the last quarter of
this year. Surplus stocks at the end of the month were aroaad
100,000 tons, an increase of about 25,000 tons over stocks at the
end of August. Inquiries are being received for iron into the
first quarter of next year. Correspondents in the iron and
steel and associated industries report that business is good and
that orders are being received, but that they are able to obtain
only from 52 to 50 per cent of the cars needed for shipment.
As a consequence some of these concerns are compelled to limit
their production, while others are increasing their stocks, in
Digitizedanticipation
for FRASER of better shippings conditions.


B U S IN E S S

R E V IE W

N AVAL STORES
The principal feature of the Naval Stores market in this district
has been a continued strengthening of the current prices, particu­
larly of turpentine, over those prevailing a month ago. Turpentine
prices in the Savannah market on October 7 had increased to
$1.32%, compared with $1.23 a month earlier. Prices on the
higher grades of rosin on October 7 were at approximately the
same levels as those which prevailed a month ago, but on the lower
grades there has been some increase. These lower grades have
been produced in much smaller quantities this season than hereto­
fore. Figures reported by three principal markets in the district
show that receipts of turpentine were somewhat less in September
than in August, but a little larger than during September last
year. Rosin receipts declined in September as compared with
August, but showed a substantial increase over the corresponding
month a year ago. Stocks of turpentine at these ports were con­
siderably smaller at the end of September 1922 than on the same
date last year, while stocks of rosin were a little larger.

MOVEMENT OF NAVAL STORES—SEPTEM BER 1922
Receipts—Turpentine
Sept. 1922
Savannah - _____________ 12,944
Jacksonville ____________ 12,250
Pensacola_______________
4,669
Total _ _____- ___ - ___

Aug. 1922 Sept. 1921
14,370
11,946
14,862
12,154
5,214
5,254

29,863

34,446

29,354

42,749
38,701
23,656

46,556
46,976
16,096

37,120
37,612
12,226

109,620

86,958

11,365
11,279
3,455

10,481
12,896
3,329

Rosin
Savannah ...........................—
Jacksonville ___ - ________
P ensacola_________ _______

T o ta l_________ ____ . 105,106
Shipments—Turpentine
Savannah -------- --------------Jacksonville ------------------Pensacola_______________
T o ta l___ - _____ - ___

11,613
11,567
2,931
26,111

26,099

26,706

Rosin
Savannah------------------------ 33,627
Jacksonville ______ _____ # 44,543
Pensacola----- ----------------- 10,702

30,839
45,957
11,622

33,594
41,742
16,043

T o ta l....... ................88,872

88,418

91,379

Stocks-—Turpentine
Savannah---------------------- Jacksonville
---------- —
Pensacola----- -----------------

10,707
13,658
5,236

9,376
12,975
3,498

9,098
25,471
20,940

Total —............... ............

29,601

25,849

55,509

Rosin
Savannah............. .................. 104,269
Jacksonville v ....... .................. 165,925
Pensacola -------- -------------- 65,308

95,147
171,767
62,354

76,424
174,522
73,540

Total ................... .......... 335,602

329,268

324,486

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

15

FEDERAL RESERVE BANE OF ATLANTA
Weekly Statement of
RESOURCES AND LIABILITIES
Resources:
Gold and Gold Certificates_________ _________________________________________________
Gold Settlement F u n d ___________________________ __________________________________

Oct. 11, 1922
5 5^9 825.50
27,040,362.13

Oct. 11, 1921
$ 4,955,052.40
7,709,079.69

Total Gold held by bankk___________ .___________________________________________
Gold with Federal Reserve A gen t____________________________________________________
Gold Redemption F u n d _________________ ___________________________________________

$ 33,160,187.63
102,$34,105.00
1,709,616.73

$ 12,664,132.09
48,486,555.00
4,714,601.22

Total Gold Reserve-------- ----------------- ----------------------------- ----------------------------------Legal Tender Notes, Silver, E t c ._____________________________ _______________________

$137,203,909.36
5,941,755.85

$ 65,865,288.31
7,861,418.00

Total R eserve___________________________ _____________ _______________________
Bills Discounted:
Secured by Government Obligations-------------------------------------------------------------------All O ther___ _____ _________ ___________________ ____ ________ ____ ___________
Bills Bought in Open M arket____________________________________________________

$143,145,665.21

$ 73,726,706.31

2,065,339.40
30,246,258.46
4,204,893.21

33,345,071.37
62,827,447.76
5,467,925.46

Total Bills on H a n d ----------------------------------------- ----------- -----------------------------------U. S. Bonds and N o te s_____________________________________________________________
One year Cert, of Indebtedness (Pittman Act) ------------------------------------------------------------All other Cert, of Indebtedness----------------------------- -------- -------------------------------------------

$ 36,516,491.07
140,350.00
2,999,000.00
2,030,914.00

$101,640,444.59
10,398,539.60
8,564,000.00
890.00

Total Earning A ssets----- ------------- ---------------------------------- -------------- --------------------Bank Premises_______ ____ ________________________________ _______________________
Five per cent Fund against F. R. Bank N o te s-------------------------- ----------------------------------Uncollected ite m s__________ - ___________________________ _—-----------------------------------All other resources_________________________ ____ __________ _______________________

$ 41,686,755.07
1,781,240.78
467,550.00
26,033,267.89
141,447.67

$120,603,874.19
875,795.65
545,550.00
23,368,783.14
801,077.75

Total Resources ------------------------------------------------------------------------------------------------

$213,255,926.62

$219,921,787.04

Capital paid i n ___________ ._________ _____ ___________________________ ____________
Surplus fu n d _______________ .1.____________________________ _______________________
Reserved for Government Franchise T a x _____________________________________________
Deposits:
Government----------------------------------------------------------------- ----------------------------------Member Banks—Reserve accounts_______________________ ___________________ . . .
All O ther_______________________________________ _____ ____________ ___________

$ 4,343,300.00
9,113,570.99
___________

$ 4,145,750.00
8.708.282.32
3,703,162.03

1,541,587.31
49,363,821.14
105,465.60

2,236,010.57
43,264,487.11
349,512.05

Total Deposits ______________________________________________ _____ _________ __
Federal Reserve Notes in actual circulation__________________________________________
Federal Reserve Bank Notes in actual circulation_____________________________________
Deferred availability ite m s ___________ _______ _____________________________________
All Other L iabilities----------------------------------------------------------- -------- ---------------------------

$ 51,010,874.05
123,783,055.00
2,843,100.00
20,956,576.76
1,205,449.82

$ 45,850,009.73
130,308,905.00
7,749,600.00
18,430,360.64
1.025.717.32

Liabilities:

Total Liabilities_________ ___________________________________________




$213,255,926.62

$219,921,787.04