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The Monthly B usiness R eview C o v e r in g B u s in e s s a n d A g r ic u ltu r a l C o n d itio n s in the S i x t h F e d e r a l R e s e rv e D is tr ic t F E D E R A L R E 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. 5 ATLANTA, GEORGIA, SEPTEMBER 25, 1920 No. 9 The loans of the member and non-member banks of this D istrict, as well as those of the F ederal Reserve Bank, are a t a high level fo r the season of the year. However, it is also tru e th a t the deposits and to ta l resources are a t a high level. This condition does not m aterially change the ability of the banks in the D istrict to handle the crop moving from those of form er years, and no anxiety is being felt for financing. When the movement of cotton gets well under way, liquidation should begin and conditions should be sary for wholesale hardw are firms to buy fa r ahead in order to obtain goods when needed, retailers are reported to be buying often and very cautiously. g rea tly relieved. crop in the S tates of this D istrict on A ugust 25th , 1920, as A GRICU LTU RE The follow ing table shows the condition of the cotton compared to the previous m onth and the same m onth last year: W H O LESA LE AND RETA IL TRADE All rep o rtin g departm ent stores in the D istrict show increases in sales during A ugust over the previous m onth and over figures fo r A ugust, 1919. P ercentages of in creases over A ugust, 1919, range from 8.4 per cent to 46.8 per cent, the average being 24.3 per cent. An increase is likewise shown in the stocks on hand over July of 5.9 per cent, and over A ugust, 1919, of 32.8 per cent. It is ap p aren t the consuming public still confidently ex pects lower prices, and there is an increasing tendency to conservatism being exercised until prices reach a lower level. A ugust 25, Ju ly 25, A ugust 25, 1920 1920 1919 A labam a _________________ ____58 Florida __________________ ____57 Georgia __________________ ____58 L o u is ia n a _________________ ____55 M ississippi _______________ ____60 Tennessee ________________ ____75 D istrict ________________ ____60.5 67 64 68 71 71 76 69.5 55 38 55 47 61 69 54.1 R eports from wholesale grocery firms show th a t g rea t M arked deterioration is shown in the condition of the cot caution is being exercised by both wholesale and reta il stores, and the trend of prices is definitely downward, al ton crop on A ugust 25, as com pared w ith the previous m onth, though some item s show increases during the month. R eports from wholesale hardw are firms vary as to fu tu re prices. Tennessee firms report a slight tendency of prices to advance to cover the fre ig h t ra te increase. In F lorida th ere is some opinion prices will come to lower levels, while other reports predict advances. W hile it is neces in all S tates in this D istrict, except in Tennessee, where the decline was only one point. In Georgia alm ost an unprecedented decline occurred in the lower tw o-thirds of the S tate, where the condition declined in some counties as much as 13 or 14 points. A t the tim e of the rep o rt the condition w as still declining. Continuous rainy w eather the early p a rt of Septem ber has no doubt increased 2 T H E M O N T H L Y B U S I N E S S the activities of the boll weevil and caused continued shed ding and boll rot. In Southern A labam a also much dam age has been done by the boll weevil, and by shedding and boll rot. T em pera tu res have not run high enough this year to in terfere very seriously w ith the activity of the weevil, and reports show the infestation continues very heavy. In about three-fifths of the S tate the weevil is attack in g grown bolls, as well as squares and blooms. Picking is in progress in southern counties. Some cotton is being sold, but much of it is being placed in w arehouses. Some picking is also being done in the middle counties. General dam age to the crop in F lorida is reported during the la st week in A ugust by rains and g reatly increased weevil infestation. P rospects are for fu rth e r decline in the condi tion of the crop. From the condition shown the average yield is estim ated to be 94 pounds per acre, or a to tal production fo r the S tate of about 23,500 bales, com pared to 15,925 bales produced la st year. The crop in M ississippi deteriorated to the extent of 11 points between the rep o rts of July 25 and A ugust 25 by the field ag ents of the D epartm ent of A griculture. A condition of 60 p er cent of norm al on A ugust 25 indicates a crop of 930,000 bales. The condition on Ju ly 25, 71 per cent, indicated a production of 1,004,000 bales, showing the A ugust deterio ra tion fo r the S tate to have been 74,000 bales. The w eather during A ugust has been highly unfavorable for the crop, ex cept in N orthern M ississippi (w hich is in another F ederal Reserve D istric t). There were few clear days during A ugust, the continuous rains being favorable to grow th of grass and weeds as well as the increasing ravages of the boll weevil; it also favored boll ro t, of which there is much com plaint, and caused unprecedented shedding of squares and young bolls in t h e , older cotton of the southern counties. W hile opening has not become general on account of the w et w eather, lig h t picking and ginning is in progress in some counties. W eather conditions have also been unfavorable in Louisiana, where a decline of 16 points in the condition of the crop has taken place since Ju ly 25. A condition of 55 per cent of norm al on A ugust 25 forecasts a probable average yield of about 143 pounds p er acre, and a production of about 467,953 bales, com pared to la st y e a r’s production of 296,889 bales. A sp irit of pessim ism prevails am ong the cotton farm ers of the S tate because of the continued w et w eather and the ac tivities of the weevil. In m any sections the cotton stalk is larg e and sappy w ith too little fru it. Boll ro t and shedding is also causing considerable com plaint. There has been com parativ ely little picking and ginning up to this tim e because of adverse w eather conditions. L ittle change has occurred in the condition of Tennessee’s cotton crop. The w eather has been for the m ost p a rt ra th e r unfavorable, the continuing rains have caused a rapid grow th R E V I E W of weeds b u t have retard ed the developm ent of th e fru it. Cool nights and excessive m oisture have caused considerable shedding. The condition of 75 per cent of norm al indicates a production of about 309,000 bales. The corn crop in Georgia has shown m arked im provem ent during A ugust, the condition being 85 per cent of norm al on A ugust 25. Sweet potatoes also show some im provem ent. P eanuts have been up to the ten -y ear average, b u t in some cases th ere is com plaint of g rass and w orm dam age. ' Cowpeas and velvet beans are h ard ly up to the average. Syrup crops are spotted, b u t the increased acreage will insure crops equal to th a t of la st y ear. In S outheastern A labam a the p ean u t h arv e st is in p ro gress, Spanish nuts coming into m a tu rity . An average price of $125 per ton is being offered, b u t the disposition of fa rm ers reg a rd in g the acceptance of this price is not y et in evidence. Field crop prospects in F lorida show very little change from la st m onth. H arv estin g is in pro g ress w ith corn, early sw eet potatoes, sorghum for syrup, p eanuts and th e hay crops. Yields, while not excellent, are reported as generally satisfacto ry , and th ere will be no serious sh o rtag e in p ro duction of staple crops. T otal production will probably ex ceed la st y e a r’s for p eanuts, su g ar cane, sw eet potatoes, rice and tobacco. Corn, velvet beans, sorghum fo r syrup and the hay crops will show a to tal production sm aller th an fo r la st year. The follow ing table shows the production fo r la st y ear, the condition Septem ber 1st, 1920, and the indicated 1920 production of principal F lorida crops: Production 1919 Corn, bushels 12,600,000 O ats, bushels 1,140,000 P otatoes, bushels 1,824,000 Condition Indicated Sept. 1st, 1920 1920 Production 80 10,934,000 _ _ 9 99 ,0 00 - - 2,520 ,0 0 0 Sweet P otatoes, bu sh els.._ 4,100,000 89 4,280 ,0 0 0 Tobacco, pounds 3,990,000 92 4 ,250,000 Rice, bushels 42,000 88 52,000 P eanuts, bushels 3 ,402,000 90 4 ,317,000 Sorghum , gallons 78,000 89 75,000 S ugar Cane, gallons 4 ,590,000 __ No estim ate yet The follow ing table shows the condition of principal crops in Louisiana, on Septem ber 1st, 1920, w ith the estim ated crop, and the estim ated production la st year: T H E M O N T H L Y B U S I N E S S R E V I E W 3 CLEAN RICE (P ockets) Corn, bushels Cotton, bales Rice, bushels S ugar Cane, short tons __ S ugar, short tons Sweet Potatoes, bushels _ H ay, tons A lfalfa, tons O ats, bushels P eanuts, bushels Condition Sept. 1, 1920 E stim ated Production 1920 E stim ated Production 1919 84 55 90 75 40,026,000 467,953 25,200,000 2,644,410 180,613 32,375,000 296,858 19,712,000 1,183,000 121,000 6,300,000 - - 84 _ _ _ _ 73 85 6,482,700 488,200 46,400 1,282,200 89,250 510,000 62,000 1,650,000 93,000 The corn crop in Tennessee has also shown considerable im provem ent during the m onth of A ugust. The w eather was, generally favorable for grow th and development. Some of the earlier plantings took on new life, and late corn developed rapidly, though there was some com plaint of dam age from heavy rains along some of the stream s. Both w hite and sweet potatoes made rapid development and heavy top grow th during the month. Tobacco held its own, though in a num ber of localities ru st or wildfire put in its appearance, and, while but little dam age was done to Septem ber 1st, the tendency of the disease is to spread rapidly, and m any farm ers are housing th eir tobacco in a green condi tion. The yield of hay is about the average. A considerable am ount was dam aged by rains, lowering the w eight and quality. RICE The average condition of the rice crop in Louisiana for Septem ber 1st, was 90 per cent of norm al, com pared to 91 per cent on A ugust 1st, and 92 per cent on July 1st, and was the same as the condition on Septem ber 1st, 1919. The probable yield on the basis of the present average con dition is approxim ately 36 bushels an acre, or a to ta l p ro duction fo r the S tate of 25,200,000 bushels, com pared with the forecast a m onth ago of 25,480,000 bushels. The general com plaint is too much rain, which has retard ed the h arvesting and threshing of early rice. The slump in the rice m arket caused considerable uneasiness, but the resu lt of several m eetings of the p lanters has served to resto re confidence. The advertising cam paign of the Rice M illers’ Association is rapidly tak in g shape, and it is expected will have its ef fect tow ard stabilizing the m arket. ROUGH RICE (S acks) New O rleans— A ugust, 1920 July, 1920 A ugust, 1919 Receipts _____ _____ 172,155 32,960 115,840 Shipm ents _________ 107,677 42,401 91,139 S t o c k _______________ 7 0,90 6 6,428 38,307 New O rleans— Receipts Shipm ents Stock . A ugust, 1920 July, 1920 A ugust, 1919 __ 18,207 130,575 180,975 13,739 93,398 173,428 45,475 171,490 90,080 SUGAR The condition of the sugar cane crop in Louisiana i proved one per cent over the condition A ugust 1st, being 75 per cent on the 1st of Septem ber, compared to 56 per cent on Septem ber 1st, 1919. This average condition forecasts a yield of 180,613 short tons of sugar for the S tate, an in crease of 1,424 tons over the forecast based on the A ugust 1st report. The w arm w eather and abundant rain fall were generally favorable for the progress of the cane crop, although some places rep o rt too much rain, and others rep o rt th a t rain in te r f e r e d with the final working of the crop. Stubble cane con tinues u nsatisfactory. The su g ar m ark et has been steadily falling, causing g rea t losses to those who bought sugar a t the peak. LIVESTOCK The high price of feed is given as the cause of the reported tendency on the p a rt of farm ers in Tennessee to m arket th eir stock instead of feeding. It is reported th a t cattle and hogs are being sent to m ark et th a t should rem ain on the farm s fo r feeding and breeding purposes. W hile the corn crop in th a t S tate is large, there is a disposition on the p a rt of the farm ers to crib th eir corn and not feed it. P resen t indications point to a decrease in livestock production in Tennessee. In F lorida this industry is showing considerable progress. LUMBER L ittle im provem ent has been experienced in the car supply, and m an u factu rers are still experiencing difficulties in ship ping. There are quite a satisfacto ry num ber of inquiries be ing received for lum ber, b ut little business develops, and a g re a t m any of the mills are curtailing, while some have shut down. U nder ordinary circum stances the lumber m arket would be active fo r the next two or th ree m onths, a t least until w inter intervenes. Stocks in the hands of dealers and consumers are a t the low est point of the year. U nsettled conditions caused by the tran sp o rta tio n situation, however, and the increase in fre ig h t rate s, have added to the quiet tone of the m arket. Lack of confidence w ith respect to prices is causing buyers to postpone all but necessary p u r chases, and the decided d rift of commodity values tow ard lower levels is giving prolonged life to this policy. R etailers are, however, placing a lim ited volume of orders, though there is a noticeable lack of business from dealers in the la rg er cities. R ailroads are now buying more freely than 4 T H E M O N T H L Y B U S I N E S S R E V I E W has been the case before, while prospects are good th a t de m and from this source will become steadily heavier. The causes are the g rain em bargo in E urope, lack of facili ties a t this p o rt and labor troubles a t o th er p o rts. Published as a p a r t of this Review is the sta tistica l rep o rt of the Southern Pine A ssociation fo r the week ending F riday, Septem ber 3, w ith to tals for the four weeks ending A ugust 6th , 13th , 2 0 th and 27th. A new coal trip p le is being erected w ith all speed, th a t will be able to handle w ith efficiency not only bunkers, but the cargo coal requirem ents of ships using th is p o rt. The em bargo on g rain to New O rleans still exists, b u t h as been am eliorated by the introduction of th e p erm it system . Co operation and the placing the elevators on a 24-hour o p era t ing basis have im proved th e situation. NAVAL STORES W eather conditions fo r the first half of the producing sea son have been unfavorable. The estim ated production has been m aterially decreased, although the gross am ount pro duced is about 40 p 6r cent in excess of th a t of last year. Prices of both rosin and turp en tin e have shown a declin ing tendency during Ju ly and A ugust. W hile prices did not go so low th a t producers could not m anufacture a t a profit, any fu rth e r appreciable decline would strike the cost of pro duction, which has risen trem endously. The fall dem and prom ises to set in early and the outlook is fo r increased activity in production, demand and b etter prices. F oreign inquiries are reported im proving and deal ers show a more confident feeling as to the m arket. Im ports a t the p o rt of New O rleans fo r th e m onth of Ju ly , 1920, showed an increase of $ 17 ,514,885 over figures for July, 1919. Ju ly , 1920 ________________________________ $34,087,935 July, 1 9 1 9 ________________________________ 16,573,060 July, 1 9 1 0 ________________________________ 5,629,059 Specific figures of im ports to New Orleans for July, 1920, are as follows: S ugar Coffee Sisal B ananas Garbanzos Peas Clean Rice _ _ N itrate of Soda Creosote Oil Ferro-M anganese K ainite B urlap _____ Palm N ut K ernels Cocoanut Oil Cake M ahogany _ _ Molasses Am ount 126,154,823 41,030,809 8,357 2,040,216 66,706 1,901,889 3,067 863,819 1,169 2,439 4 42,000 1,475,152 8 ,039,944 1,480,000 7,855,000 pounds pounds tons bunches bushels pounds tons gallons tons tons pounds pounds pounds fe e t gallons Value $20,447,346 8,561,633 1,588,651 9 20,474 352,567 199,918 133,752 161,367 157,477 52,428 61,382 71,123 123,488 140,491 175,447 This p o rt recently cleared 126 vessels in one week, as com pared to the record of 100 vessels a m onth six years ago. As m any as 121 ships have been reported a t New O rleans recently, th e la rg e st num ber ever in the p o rt a t one tim e. A direct steam ship line h as been established betw een New Orleans and Rio Jan eiro , and a building purchased to es tablish h ead q u arters in New O rleans. T here is also the probability of a line betw een Chile and New O rleans, and the v isit of the Jap an ese cruiser, K asuga, will v ery likely serve to stim ulate trad e relatio n s w ith th e O rient. IMPORTS AND EX PO RTS—N EW ORLEANS Commodity The M ississippi R iver B arge Line has received new barges and is expecting new tu g s. I t is now seeking additional w h arf space in the p o rt. The causes of its expansion are due largely to the basis of 20 per cent reductions on w ater tran sp o rta tio n and the f a c t th a t in th is service is found a r e lief from car sho rtag e and p o rt congestion. I t is expected the barg e line will be especially valuable in m oving th e fall crops. FIN A N C IA L The m ovem ent of crops, while not y et a t its height, has caused quite a heavy dem and fo r funds w hich will continue for several w eeks. The supply of money ap p ears to be sufficient to m eet th e dem and from all leg itim ate sources. The banks are scru tin izin g very closely all applications fo r loans on securities, and are denying all loans fo r speculative purposes. N o tw ith stan d in g the heavy dem and, m any banks re p o rt in creases in deposits, and especially in savings deposits, over A ugust, 1919. Some savings banks re p o rt deposits decreased by w ithdraw al of funds used in p u rch asin g homes. Collections a re gen erally rep o rted as good, and wholesale h ardw are firm s in F lorida sta te th a t m any of th e ir custom ers are discounting. COAL, IRON AND ST E E L Coal actu ally mined and rep o rted by the A labam a S ta tis tical B ureau fo r the week ended Septem ber 4, is shown to be 2 53,292 tons, com pared to 279 ,4 20 tons fo r th e previous week. W hile some new labor is being b ro u g h t to th e mines, the strik e recently called is h aving some effect in reducing the output. The la rg e iron and steel in d u stries, how ever, which have la rg e coal m ining operations, own th e ir m ines, railro ad s, coal cars, and locomotives. The strik e has n o t reached these com panies, and th e ir car supply is sa tisfacto ry . Iron and steel production is rep o rted as very satisfacto ry . The railro ad s have been able to supply an increased num ber T H E M O N T H L Y B U S I N E S S of box cars, and cars especially constructed for handling pipe, pig iron, and other like commodities, and as a result ship ments during the month of August were very heavy. Pro duction of pig iron in Alabama for the month of August will be equal to, if not more than, that of July, which was the highest in many months. Alabama’s production of iron for the first half of 1920 is shown to be 1,225,246 tons, and it is estimated that for the last half a greater amount w ill be produced. Activity at by-product plants in Birmingham has kept the coke production up. Demand for coke is very strong and prices are inclined to be high. Home consumption of coke shows no holdup, and prospects are that the active condi tions will continue. Cast-iron pipe shipments are being rushed as cars are be ing obtained. Heavy shipments of cast-iron pipe via Mobile, thence by water through the Panama Canal to California points have attracted attention. The scrap iron and steel market is still strong, with the dealers holding up prices and expecting a steady demand. Groceries Alabama Florida Georgia Louisiana Mississippi Tennessee District mines following the call for a general strike on September 8th. Press dispatches on the 17th of September reported the killing of a mine company manager and two deputy sheriffs, and State troops have been ordered to the scene to protect Dry Goods 10.4* ___ 12.5 Hardware Shoes 10.1* 22.1 24.2 10.6 46.3 20.9* 1.8 ___ 1.9* ----1.5* 6.4 1.3 0.4 5.3 __ 27.1 ----10.1* 180.2f 13.3 8.6 1 (b )—Percentage of increase (or decrease) in net sales for August, 1920, over same month last year: Groceries Alabama Florida Georgia Louisiana Mississippi Tennessee District 18.4* ___ 9.4 _ Dry Goods Hardware 14.4 10.0 13.1* __ 32.1* 27.4 20.4 18.2* 26.6 28.0 __ 1.8* 21.1 2.6 Shoes 39.7 12.7 __ 41.1 18.2 61.4 21.2 2 (a )—Percentage of increase (or decrease) in unfilled or ders for August, 1920, over previous month: LABOR A serious situation has developed in the Alabama coal 5 R E V I E W Groceries Alabama Georgia Tennessee Dry Goods Hardware 50.0 Shoes __ 54.0* ----- ----- __ 43.3* 44.4 ----- 2 (b )—Percentage of increase (or decrease) in unfilled or ders for August, 1920, over same month last year: property and preserve order. While the Mine Workers claim manded. CONDITION OF WHOLESALE TRADE DURING AUGUST, 1920 Federal Reserve District No. 6. 1 (a )— Percentage of increase (or decrease) in net sales for August, 1920, over previous month: Groceries 50.0 75.0 Dry Goods __ ----- Hardware __ ----- Shoes 47.1 * Decrease. t This increase occasioned by large extension of organiza tion, and not considered in arriving at average. CLEARIN GS— AU GU ST August 1920 Atlanta, G a .__ __ $222,698,586 Augusta, G a . ___ __ Birmingham, A la----Chattanooga, Tenn._ Columbus, Ga_____ 11,250,673 74,692,342 31,170,631 Jackson, Miss. _ _ _ Jacksonville, F la___ Knoxville, Tenn_____ 2,518,088 46,257,931 14,785,927 30,730,531 10,707,160 6,867,053 Macon, Ga._ _ _ _ _ Mobile, A la___ _____ Montgomery, A la----- 3,911,165 Per Cent Decrease Reports indicate that the supply of farm labor shows some improvement, although inefficient and high priced. Mis sissippi reports indicate an adequate supply of labor for harvesting the crops. In Louisiana crops have not suffered from the lack of labor as much as they have been hampered by its inefficiency and the short hours and high wages de Alabama Georgia I Per Cent Increase 15.000 men have left their jobs, the operators state that only 7.000 men are idle, including between 2,000 and 3,000 who were already on a strike. The contention is reported to be entirely over the refusal of operators to recognize and deal with unionism, the question of w ages not entering into the controversy. The union miners have been unable thus far to seriously affect the operation of the mines of the large steel and iron companies, their principal activities having been with the commercial operators. 12,964,850 53,055,305 _ 0.2 13.2 24,596,711 3,445,719 26.7 13.5 1,921,533 33,219,324 12,900,566 22,581,552 9,086,821 31.1 39.3 14.6 36.5 17.8 6,169,909 11.3 August 1919 $223,116,095 40.8 _... __ _ __ 6 T H E M O N T H L Y B U S I N E S S R E V I E W MOVEMENT OF COTTON CLEA RIN G S— AUGUST— (C ontinued) A ugust 1920 § $ q; f-i A ugust 1919 r 'i ^ I—I Nashville, T e n n .___ New O rleans, L a .__ Pensacola, F l a .____ S avannah, Ga--------T am pa, F la ________ V icksburg, Miss-------- 9 1,83 0,0 22 2 66,821,257 10,645,156 31,884,342 8,404,153 1,443,071 62,16 0,9 36 2 24,009,819 9,579,996 3 3,890,037 6,464,150 47.7 19.1 11.1 1,318,293 9.5 -+-> o» C M 0) o3 U 2 s g Oh Q ALABAMA A nniston Birm ingham Savannah Value No. V alue 9 271 4,850 92,365 4 114 $ 10,250 478,935 13 16 77,990 10,775 ____ Mobile — M ontgom ery 98 7 Selma 20,176 7,693 Preceding Month Y ear Ag< A ugust, 1920* J u l y ,1920 A ugust, 19 35,063 1,364 7,972 53,215 4,180 5 1,194 41,38 4 2,962 69,745 S.2 30.0 R E C E IPT S— IN T E R IO R TOWNS A tla n ta A ugusta M ontgom ery Increase or De crease in Total Volume O v e r New Buildings A ugust, 1919 No. R E C E IP T S — PORTS New O rleans Mobile BUILDING O PER A TIO N S—AUGUST R epairs and A lterations Month of R eport Dec. $ 43,600 70,019 Inc. Inc. Dec. 58,340 3,748 3,756 151 8,233 9,560 232 27 29 20,411 20,278 New O rleans Mobile 62,916 1,540 136,888 3,021 Savannah 14,229 31,166 Jackson Canton Vicksburg 9,101 13,472 574 111 583 38,418 SH IPM EN T S— PORTS 153,240 18,475 132,209 8,574 SH IPM EN TS— IN T E R IO R TOWNS FLO RID A 35 164,666 19 Jacksonville 169 4,700 22 Miami 60 23,265 50 Orlando (Combined figures) Pensacola 22 59,360 70 Tam pa 2 9,500 2 Palm Beach 130,150 611,800 177,125 39,415 91,425 Inc. Inc. Dec. Inc. 37,651 355,500 517,442 86,870 8,000 130 140 11 5 55 13 7 100,021 40,583 1,345 14,800 76,933 32,900 1,632 ---- 501,721 52,075 7,350 ---------33,150 587,300 ---------- Dec. Dec. Dec. Dec. Dec. Inc. Inc. 13 24,985 Dec. Dec. 56 30 9 ---14 56 390,783 89,388 10,980 19,800 35,674 385,000 New O rleans 12,507 744 10,285 16,271 506 106 20 Jackson Canton V icksburg 15,255 29,080 778 982 14,917 14,787 583 36,340 77 8,257 1,593 107,926 9 43,350 33 9 6 72 New O rleans Mobile Savannah 200,164 2,192 52,641 228 ,0 17 2,543 58,898 264,100 25,656 186,628 13,171 6 1,461 5,572 17,930 1 12,083 15,698 7,310 5,491 2,078 STOCKS— IN T E R IO R TOWNS 1,297 A tla n ta ____ A u g u sta ___ M ontgom ery 11,645 43,005 4,952 108,284 Jackson ____ 243 Canton ____ V icksburg 707 5,494 LO U ISIA N A A lexandria Baton Rouge A ugusta M ontgom ery STOCKS— PORTS GEORGIA A tlan ta A ugusta Brunswick Columbus Macon Savannah W aycross 5,274 A tlan ta 24,580 299,610 Inc. 159,310 15,489 _______ Inc. 9,200 1,365 M ISS IS S IP PI M eridian REPO RT ON COTTON G IN N IN G T E N N E S SE E Johnson C i t y ---Knoxville 61 N ashville 209 ---------20,669 7 17 74,777 27 17,450 62,247 200,100 Inc. Dec. Inc. 10,000 472,372 131,832 N um ber of bales of cotton ginned from the grow th of 1920 p rio r to Septem ber .1, 1920, and com parative sta tistics to the corresponding date in 1919 and 1918: T H E 1920 M O N T H L Y B U S I N E S S Running Bales 1919 1918 UNITED S T A T E S ____________ 367,241 142,625 A labam a _____________________ 1,555 A r k a n s a s --------------------------------30 C alifornia ------------------------------1,545 F lo r i d a _______________________ 117 15,170 Georgia ______________________ L o u is ia n a --------------------------------2,629 M ississippi ___________________ 827 N orth C a ro lin a ________________ 7 Oklahoma ____________________ 326 South C a ro lin a ________________ 699 Tennessee ____________________ ______ Texas ________________________ 3 44,019 All O ther S t a t e s ______________ 317 5,549 29 541 1,123 77,573 561 502 997 107 16,199 1 39,364 79 35,481 8,819 1,071 1,347 117,515 32,682 33,911 1,851 19,212 34,186 224 751,763 13 Cotton on hand in consum ing establishm ents on July 31 was 1,356,777 bales, and in public storage and a t com presses, 2,056,212 bales. The num ber of active consum ing cotton spindles fo r th e m onth w as 34,666,842. The to ta l im ports fo r the m onth of July, 1920, w ere 28,988, and the exports of domestic cotton, including linters, were 211,841 bales. MOVEMENT OF LIVESTOCK bl o O CM £ Oi o <M 05 O 05 h +JH. pC i, 9 G >> R e c e i p t s -------N ashville 6,910 Jacksonville 474 M ontgom ery 8,116 O _ 05 P- t-H OCOi ^ ft o‘ STi r3 C attle --------5,392 5,259 580 2,005 8,954 3,037 be o C CM 05 ^ rC "H O g a> 5 & £ Receipts N ashville 2,247 1,267 475 2,344 ____ 2,005 ------- - H o g s --------32,394 23,940 33,217 Jacksonville 2,181 M ontgom ery 2,713 3,251 1,384 --------- Calves 2 ,375 2,269 4,401 4,971 Raw S u g ar (b a g s) W hite S u g ar (pockets) Ju ly , 1920 A ug., 1919 408 ,4 76 560,971 278,079 __________ 38,310 84,312 Savannah— Raw S ugar (pounds) 18,896,800 3 4,684,000 54,505,750 21,255,946 33,623,637 22,158,928 3,159,635 1,580,134 2,389,313 Shipm ents Savannah— Refined S ugar (lb s.) Stocks Savannah— Refined S ugar (lb s.) MOVEMENT OF NAVAL STORES FOR FOU R YEARS Receipts of T urpentine April 1 -Septem ber 2. 1920-21 Savannah ----------------- 51,035 1919-20 30,037 1918-19 26,554 J a c k s o n v ille ------------- 60,790 44,490 42,949 78,383 P e n s a c o la ----------------- 26,301 18,912 15,521 34,726 138,126 93,439 85,024 166,933 D ecrease or increase fo r 192021 com pared w ith form er y e a r s --------------------------------- 1 .4 4 ,6 8 7 1 .5 3 ,0 1 2 998 686 1,038 719 1,309 229 875 --------- S h eep ---------9,019 54 246 1917-18 53,824 I. 47.8 I. 62.4 D. 28,807 D. 17.3 Receipts of Rosins A pril 1-Septem ber 2. 1920-21 Savannah ---------- -— 155,162 J a c k s o n v ille ________ 185,018 P e n s a c o la --------------- 77,974 1919-20 81,110 140,190 65,623 1918-19 93,229 135,574 48,965 1917-18 161,435 215,838 98,500 4 18,154 2 86,923 277 ,7 68 475,773 Decrease o r increase fo r 192021 com pared w ith form er y e a r s ____________________ 1 .1 3 1 ,2 3 1 1 .1 4 0 ,3 8 6 F er cent decrease or in c rease-- I. 45.8 I. 50.5 D. 57,619 D. 12.1 T urpentine Stocks, Close Septem ber 2. 6,456 5,886 3,607 3,036 3,537 3,570 Jacksonville 1,178 M ontgom ery 2,649 1,307 4,286 1,384 ___ 186 105 279 54 ___ Receipts Y ear Ago New O rleans— Purchases for S laughter N ashville Preceding Month A ug., 1920 P er cent increase or d e c re a se ._ 271 14,385 444 281 Receipts - 05 779 8,526 ___ 187 Month of R eport Hat Purchases fo r S laughter N ashville 2,352 M ontgom ery 2,294 Jacksonville 473 MOVEMENT O F SUGAR 1,038,078 Cotton consumed during the m onth of July, 1920, am ounted to 525,405 bales. «H 7 R E V I E W Pensacola H orses and Mules DigitizedMfor FRASER 202 ontgom ery 133 Savannah Jacksonville ___ __ _____ __ 1920-21 9,929 12,370 1919-20 8,680 9,004 1918-19 28,484 57,947 6,406 6,657 36,280 44,983 40,447 28,705 24,341 122,711 120,309 1917-18 38,879 8 T H E M O N T H L Y B U S I N E S S R E V I E W Rosin Stocks, Close Septem ber 2. F o r the W eek (1 4 6 M ills) 1920-21 Savannah ___________ 44,164 J a c k s o n v ille _________ 62,233 Pensacola ___________ 38,026 1919-20 4 5,768 1918-19 69,951 1917-18 92,879 99,235 59,434 138,696 51,230 144,238 89,174 144,423 204 ,4 37 2 59,877 326,290 STA TISTICA L R EPO RT O F SOU TH ERN P IN E ASSOCIATION Week Ending F riday, Septem ber 3, 1920. (1 5 1 Mills R eporting) Cars O rders on hand beginning of w eek______ 18,394 O rders received during w e e k ___________ A verage P e r Mill 265 ,5 23 ft. 3 97,893 ft. 4 65 ,9 27 ft. 6 21 ,4 80 ft. f t = 1 4 .5 8 % ft.= 4 3 .0 1 % o f t.= 3 3 .2 8 % f t .= 2 5 .0 3 % f t.= 3 5 .9 6 % f t.= 5 7 .2 8 % f t .= 4 .7 8% Previous R eports. F eet 4 18,077,226 1,764 40,093,956 T o t a l _____________________________ 20,158 4 58,171,182 Shipm ents during w e e k __________:--------- T otal O rder ___________________________ 4 0,09 3,9 56 f t. Shipm ents ______________________ 6 0,09 5,4 76 f t. P ro d u c tio n ______________________ 7 0,355,035 ft. N orm al production these m ills____ 9 3,84 3,5 16 ft. Shipm ents below production fo r the week _____________________________ 10,259,559 O rders below production for th e week ______________________ !--------- 3 0,26 1,0 79 O rders below shipm ents fo r the week__ 2 0,00 1,5 20 A ctual production below n o rm al______ 23,48 8,4 81 Shipm ents below norm al production__ 33,74 8,0 40 O rders below norm al production______ 53,74 9,5 60 D ecrease in “orders on h an d ” during week _____________________________ 2 0,00 1,5 20 2,644 60,095,476 O rders on hand end of w eek------------ 17,514 398,075,706 bo C xfi o CD <D A ugust A ugust A ugust A ugust 3 ft £JV 6 13 20 27 151 149 137 146 C 0> bQ72 03 Fh Sh Q) V rv 0) C bfi 0) C3 g © I >H © o bJD o a ^ ft s *s.g3 d 'n<D m Feet Feet Feet Feet 400,361 4 54,733 4 08 ,4 58 287,226 344,851 3 82 ,1 22 390,209 4 22,510 4 67,023 478 ,4 43 449,491 4 81,275 6 42,107 654,661 6 39,586 646,180 18,898 19,660 17,228 17,831 CONDITION OF R ETA IL TRADE DURING AUGUST, 1920 F ederal Reserve D istrict No. 6. P ercentage of Increase (o r D ecrease) (1 ) (2 ) Com parison of net sales Stocks a t end of w ith those of corresponding m onth com pared w ith period la st year: B A A July 1 to Same Month B July D ate L ast Y ear L ast Month A tlan ta New O rleans B irm ingham Jacksonville N ashville D ISTRICT 17.9 31.5 31.5 42.1 17.2 27.6 14.5 20.2 30.3 32.5 12.2 19.5 17.3 50.3 43.4 5.7 27.8 39.8 2.3 4.3 2.3 9.2 10.8 5.4 (3 ) P ercen tag e of a v e r age stocks a t end of each m onth from Ju ly 1 to date, to average m onthly sales over same period. (4 ) P ercen tag e of o u t stan d in g orders a t end of m onth to t o t a l purchases d u r i n g calendar y ear 1919. 329.6 280.7 674.7 __ _ 321.7 345.7 15.3 18.5 13.2 _._ 9.0 15.6
@FedFRASER