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T h e M o n th ly B usiness R eview C o v e r in g B u sin ess a n d A g r i c u l t u r a l C o n d itio n s in th e S i x t h F e d e r a l R e s e rv e D is tr ic t FED ER A L R ESER V E BAN K O F A TLA N TA JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent W ARD ALBERTSON, Assistant Federal Reserve Agent VOL. 6 ATLANTA, GEORGIA, SEPTEMBER 28, 1921 The outstanding featu re of the business situation since the last issue of the M onthly Business Review is the improvement in the South’s econo mic position resulting fo r the most p a rt from the advance of approxi mately fo rty dollars a bale, from $60 to $100, in the price of cotton, the principal agricultural product of the District. On August 15th cotton was around 12 cents per pound, and one month later, or about the middle of September the price had advanced to ap proxim ately 20 cents per pound. This advance in the price of the leading commodity of the Sixth Federal Reserve D istrict has had a stim ulating effect on business, as well as having a good psychological effect. Based on estim ates of the production of cotton, made by the D epartm ent of A griculture, the value of the crop in the States comprising the Sixth Federal Reserve D istrict has increased about $94,000,000 since the date of the July estim ate. The D epartm ent's estim ate based on the condition of the crop on the 25th of July, fo r the six states of this D istrict, was 2,765,000 bales. A t a price of 11.10 cents per pound, on the 25th of July, this would have brought approxim ately $153,457,500. While the estimates on August 25th were slightly increased for Alabama, F lorida and Ten nessee, the total for the six states was only 2,473,000, and a t the price of 20 cents per pound which was reached about the middle of September, the crop would have been w orth about $247,300,000. No. 9 According to the Bureau of the Census of the D epartm ent of Commerce, the am ount of cotton on hand in public storage and a t compresses a t the close of February, 1920, was 3,530,654 bales, as against 5,497,019 bales a year later. The total crop yield of 1920, 12,987,000 bales, added to the total estim ated for this year, 7,037,000 bales, gives a gross production for the two years of 20,024,000 bales, or an average of 10,012,000 bales, as against a five-year average for 1915-1919 of 11,481,000 bales. The exports for the two years from July 1, 1919 to July 1, 1921 am ount ed to 12,324,510 bales, an average of 6,162,255 bales, as compared w ith a five-year average fo r the period ending July 31, 1919 of 6,122,945 bales. All reporting lines of wholesale trade show increases fo r A ugust over July, and while sales fo r August this year were less than for the same m onth last year, the volume of goods sold was greater in alm ost eyery instance. The increase in the buying power of the southern farm er, outlined above, coupled w ith the improvement, both seasonal and general, in the commercial trades, the continued building activity and consequent improve m ent in lumber, the quickening of activity in textile and other m anufac turing lines, in coal, iron and steel, all reflect the general betterm ent of conditions throughout the District. T H E 2 M O N T H L Y B U S IN E S S RETAIL TRADE. The midsummer dullness reported in retail trade during July continued through August. Sales by 29 representative Department Stores in the District showed a decrease of 23.2 per cent compared with sales by the same store during Au gust last year. Stocks of goods on hand at the end of August were reported to be 19.8 per cent less than those on R E V I E W hand a year previous, but 6.6 per cent more than on July 31, 1921. This increase over July is also reflected in in creased sales in the wholesale trades. With prices averaging 35 to 40 per cent lower than those prevailing at the same time in 1920, these figures show that a larger volume of merchandise is being disposed of, although July and August are always months of seasonal dullness. CONDITION OF RETAIL TRADE DURING AUGUST, 1921 Federal Reserve District No. 6 As Indicated by Reports of Twenty-nine Representative Department Stores Birming ham (3) Nash ville (4) New Orleans (5) Other Cities (14) District (29) 1 A Sales during August, 1921, compared with August, 1920—35.1 —32.9 —15.7 —10.9 —28.0 —23.2 B Sales July 1-August 31, 1921 compared with same period, 1920 .............................................................................—36.4 —36.2 —17.5 — 9.9 —29.0 —21.7 2 A Stocks August 31, 1921, compared with stocks Aug ust 31, 1920 .............................................................................—23.3 —20.3 —22.8 —17.4 —21.0 —19.8 + 0.02 +10.1 + 3.2 +16.2 + 6.6 Average stocks July and August, 1921, compared with average sales for same period............................................ 620.8 809.7 556.7 510.9 784.1 616.9 Outstanding orders August 31, 1921, compared with total purchases in 1920 ........................................................ 10.9 5.5 7.6 11.8 7.2 8.0 Atlanta (3) B Stocks August 31, 1921 compared with July 31, 1921 ....+ 8.3 3 4 Note:—“Other Cities” include Augusta, Columbus, Macon, Albany and Savannah, Ga., Knoxville, Tenn., Jacksonville, Fla., and Alexandria, La. WHOLESALE TRADE. WHOLESALE GROCERIES. Conditions prevailing in the wholesale trades reporting to the Federal Reserve Bank for the month of August are ma terially improved over those in July. Some of the improve ment is undoubtedly due to seasonal fluctuations, but con fidential reports rendered by more than eighty wholesale firms furnish conclusive evidence that fundamental conditions are on the upward trend. Of the wholesale lines reported on, probably the most seasonal in character are dry goods and shoes. These lines show 45.5 per cent and 51.3 per cent, re spectively, more business done in August than in the preced ing month. Collections in all of these lines are better than for the earlier summer months, and buying generally by the retailer is now on a better basis. Definite improvement in the wholesale grocery business during August is indicated by the increases in sales during that month over those for the preceding month at all points shown individually in our statement, although a slight de crease is shown for “other cities.” The average increase for the District, arrived at by the use of figures in 27 confiden tial reports, was 10.2 per cent over July sales. Compared with sales for August, 1920, these same stores show an aver age decrease for the District of 30.8 per cent. Considering the price reductions which have been made in almost all of the articles handled, these figures represent a somewhat larger actual volume of business. Wholesale Wholesale Wholesale Wholesale Wholesale Auguust, 1921 Sales Compared with July, 1921 Aug., 1920 Groceries (27 reports) .... +10.2 —30.8 Dry Goods (18 reports) ..... +45.5 —33.0 Hardware (17 reports) .... +17.9 —48.2 Shoes (10 reports) ....... . . +51.3 —42.6 Furniture (8 reports) ...... . +47.9 —26.8 It is doubtfuul if any of this improvement can properly be attributed to seasonal fluctuations in trade, and all of the reports received reflect general improvement in the con dition of business, and show that retailers are more willing to buy than at any time in the past year. T H E M O N T H L Y B U S IN E S S August, 1921 Wholesale Grocery Sales Compared with Atlanta .................................................. New Orleans ........................................ Jacksonville .......................................... Meridian ................................................ Vicksburg .............................................. Other Cities .......................................... District (27 reports) .......................... July, 1921 Aug., 1920 +10.9 +11.4 +14.6 + 4.9 + 7.2 — 1.6 +10.2 —41.3 —27.0 —23.5 —39.8 —36.7 —31.7 —30.8 R E V I E W 3 quirements than to a tendency to stock up by either whole salers or retailers. Collections in the coal, lumber and cot ton sections are still reported poor, the recent advance in cotton not having as yet any noticeable effect on accounts in this line. Some prices are reported to be declining, while staples are holding firm. Unfilled orders are reported to be confined to those booked for future shipment, and are nomi nal. At the same time last year wholesale hardware firms had large orders booked for future shipment, and a large proportion of them were cancelled upon the decline in prices and business. August, 1921 Wholesale Dry Goods Sales Compared with July, 1921 WHOLESALE DRY GOODS. Eighteen reports were received from Wholesale Dry Goods firms for August, and only one report showed smaller sales during the month than for July, while most of the firms re ported sales substantially larger in volume. In Atlanta sales amounted to 63.2 per cent more in August than during July, although 24.1 per cent less than during August of last year. The average increase for the month in the District was 45.5 per cent, compared with sales for July, and the total amount was 33.0 per cent less than for August, 1920. There have been slight advances in the prices of cotton goods, following the advance in the price of cotton, but the figures reported show that larger volume of merchandise is being sold than during the same period last year. Much of the activity in the dry goods business is attributed to sea sonal requirements. Retailers are reported to be more liberal in their purchasing, and some of the wholesalers report bet ter business in August than at any time during this year. Collections on old accounts continue slow, but collections on current accounts are reported satisfactory. August, 1921 Wholesale Dry Goods Sales Compared with Atlanta .................................................. Knoxville .............................................. Other Cities .......................................... District (27 reports) .......................... July, 1921 Aug., 1920 +63.2 +42.1 +43.6 +45.5 —24.1 —29.0 —38.0 —33.0 WHOLESALE HARDWARE. An average increase of 17.9 per cent in wholesale hard ware sales during August, compared with July, was obtained by using figures in reports rendered by 17 wholesale hard ware firms for the month. Compared with August, 1920 sales, a decrease of 48.2 per cent was shown for the month. The turn of the half year has brought increased confidence because of more general knowledge of the extent and cause of the depression, but the tendency as yet is to buy only such stocks as will cover immediate requirements. The increase over July business is reported to be due more to seasonal re Atlanta ......................................................... +26.8 New Orleans ............................................... +14.6 Other Cities ................................................. +19.4 District (17 reports) ................................. +17.9 Aug., 1920 —66.5 —47.6 —36.2 —48.2 WHOLESALE SHOES. August brought a substantial increase in sales by whole sale shoe dealers, compared with business for the preceding month, although still much below figures for August, 1920. A net average decrease of 42.6% for the District was obtained by use of figures contained in ten confidential reports by wholesale shoe firms for August. Compared with July sales, an increase of 51.3 per cent was shown in these reports. The reports show that retailers are buying cautiously but with more confidence. The figures shown above indicate that approximately the same volume of business is being done this year, at lower prices; fancy stock is from 50 to 75 per cent lower in price, while staple styles are from 30 to 40 per cent lower than the prices prevailing at this period last year. August, 1921 Wholesale Shoe Sales Compared with July, 1921 Aug., 1920 +77.8 +39.8 +51.3 —50.3 —37.2 —42.6 Atlanta .................................................. Other Cities .......................................... District (10 reports) .......................... AGRICULTURE. The Cotton Crop. Decline in the condition of the cotton crop during August caused a reduction of 1,166,000 bales in the final production estimate of the Department of Agriculture. Based on the average condition of 49.3 per cent of normal on August 25, the estimated production was 7,037,000 bales, compared with 8,203,000, the estimate a month earlier, when the condition was 64.7 per cent. Last year’s crop was 13,439,603 bales, the condition on August 25, 1920 being 67.5 per cent. The decline 4 T H E M O N T H L Y in condition from July 25 to August 25 was 15.4 points, com pared with an average decline of 7.7 points during the same period for the last ten years. The condition of the crop on August 25 was the lowest it has ever been in any month in the history of the cotton-growing industry, according to re cords of the United States Department of Agriculture. The forecasted production in Georgia, 827,000 bales, is lower than the figure for any crop since 1892, when Geor gia’s cotton production was 800,000 bales. The deterioration between July 25 and August 25 was 18 points, from 59 on the 25th of July to 41 on the 25th of August. The Georgia crop last year was 1,414,652 bales, and the ten year average 1911-1920, was 2,038,000 bales. Following protracted drought earlier in the season, the weather in August was too wet and in some parts too cool, and conducive to boll weevil activity. Weevils are decidedly active over the entire state, in many sections attacking the larger bolls. Excessive shedding of squares and young bolls is complained of, and some boll rot and rust are reported. Cotton is opening rapidly in the southern and slowly in the northern part of the state. The best condition is reported in the northern counties; in the southern counties about 44 per cent of a crop is expected, while in the central counties less than a third of a crop is looked for. The condition of 53 per cent of normal in Alabama fore casts a probable total production for the State of 465,000 bales, compared with a production last year of 663,000 bales. The weather in Alabama during August was favorable and weevil damage was not nearly so heavy as in Georgia. Some improvement in the crop was shown in the south-central counties and in the Tennessee Valley, and the estimated total production for the State is higher than it was a month ago. In Mississippi the condition of the crop dropped from 68 per cent on July 25 to 57 per cent on August 25, forecast ing a crop but slightly more than one-half of the 1918 crop. The intense heat of August caused premature opening, re ducing the length of the fibre. Picking and ginning are in progress in all counties. The condition of the crop in Tennessee declined only one point during August. The rains after the long dry spell have caused the plant to put on a new and rapid growth, and a good deal of shedding has resulted. Rust and Red spider are doing damage in many localities. The boll weevil has reached Tennessee, although losses from this cause are not as yet very serious. B U S IN E S S R E V I E W CONDITION AND ESTIMATED PRODUCTION OF COTTON. Estimated Production based on Aug. July June May Condition 25, 25, 25, 25, August 1921 1921 1921 1921 25, 1921 Virginia ................... ..... North Carolina South Carolina . GEORGIA .............. FLORIDA .............. . ALABAMA ............ MISSISSIPPI ...... LOUISIANA Texas ....................... Arkansas ................. TENNESSEE Missouri ................... Oklahoma ................. California .............. Arizona ................... All Others ...... United States ........ 63 62 50 41 59 53 57 45 42 63 74 78 48 83 85 85 49.3 82 75 62 59 60 58 68 59 62 76 75 80 68 83 89 88 64.7 70 67 65 64 70 59 67 64 72 78 74 80 75 77 88 69.2 77 65 58 63 60 57 60 57 71 70 69 75 74 75 84 95 66 11,000 523,000 744,000 827,000 16,000 472,000 679,000 244,000 1,938,000 729,000 235,000 50,000 474,000 75,000 47,000 7,037,000 Alabama Increases compared with these crops for last year in the probable production of corn, white potatoes, sweet potatoes, hay, sorghum syrup, and oats, are indicated in a report issued by the Alabama Agricultural Statistician of the Cooperative Crop Reporting Service. The crops of sugar cane syrup, wheat and peanuts are estimated to be somewhat smaller than the 1920 production of these commodities. The production of hay, oats, and wheat for 1921 is estimated from preliminary reports on actual yield per acre; other figure* are arrived at by computing present condition into acreage planted. The condition of other crops in the state on September 1st is given as follows: beans 74, peas 76, pastures 79, apples 51, tobacco 80, tomatoes 68, cabbage 69, pears 61. The report indicates that of the following crops, the per centages named represent the total production this year com pared with the normal total production: watermelons 83; cantaloupes 80; peaches 68; alfalfa 75. Florida The production of citrus fruits is estimated by the Statis tician of the Bureau of Markets and Crop Estimates, to be 13,600,000 boxes. The commercial crop of 1920 was, in round numbers, 13,200,000 boxes. Most of the small anticipated increase will be in grapefruit, the tangerine crop is short compared with last year, and the production of limes will be lower than usual. Over the citrus belt conditions are highest on the West Coast, decidedly spotty through the T H E M O N T H L Y B U S IN E S S R E V I E W central highland section, and rather poor in South Florida, especially on the lower East Coast. The condition of corn, field peas and velvet beans has im proved as the season draws to a close. Sweet potatoes are turning out unsatisfactory yields where harvesting is in pro gress. Rice harvesting is in progress. The condition is not up to the usual figure and light yields are anticipated. The condition of pecans is 70 per cent of normal compared with 40 per cent a year ago; nuts are opening and harvesting has started on a small scale. Georgia Favorable weather during August stimulated the growth of all crops except cotton, and September 1st found all crops except wheat and apples above the average production for the five years 1916-1920. The estimated wheat crop, based on the condition September 1st, was 2,468,000 bushels, com pared with 2,110,000 bushels in 1920, and the five year aver age of 2,674,000 bushels. The crop of apples was estimated to be 1,184,000 bushels, compared with 1,764,000 bushels last year, and a five year average of 1,498,000 bushels. Corn, oats, potatoes and sweet potatoes, tobacco and peaches show notable increases over the five year averages, although the tobacco crop is considerable less than the 1920 production. The corn crop promises to be the largest since records have been kept. Mississippi The condition of the corn crop in Mississippi on Septem ber 1st was 83 per cent of normal, and the forecasted pro duction 92,363,000 bushels. The largest crop ever grown be fore was 77,613,000 bushels in 1917, more than 14 million bushels less than the present crop. The condition a year ago was 77 per cent of normal, and the crop for 1920 was 63,680,000 bushels. Sweet potatoes generally are late; the condition on September 1st was 83 per cent. Hot, dry weather has been unfavorable to the crop. Estimated production is 10,408,000 bushels, slightly under last year's yield. The hay crop has suffered from drought; cowpeas were damaged very little by weevils and are fruiting better than for several years. Watermelons for the past two months have been large, num erous and of excellent quality. Tennessee General rains for the greater part of August have made a decided improvement in all crops in Tennessee. Late corn is rounding out in good shape, and much of the earlier corn has shown improvement. Tobacco has also taken on rapid growth and is well developed, though much of it is late. Little complaint is heard of any damage, though rust has ap peared in a few places. Cutting and housing is in progress with the earlier crops. Late white potatoes are coming on in good shape, although the early crop was poor. Water melons and muskmelons show splendid yields. The condition of peanuts is good. Though the acreage is larger this year than last, it is much below former years. 5 Aug. 1921 July, 1921 Aug. 1920 RECEIPTS—PORTS: New Orleans ............ Mobile ......................... Savannah .................. 73,826 13,469 37,873 66,288 10,100 63,494 35,063 1,364 7,972 RECEIPTS—INTERIOR TOWNS: Atlanta ................................ 8,194 Augusta .................... 16,712 Jackson ....................... 546 Meridian..................... 1,528 Montgomery ............ 3,411 Vicksburg.................. 12,701 9,597 13,542 554 1,196 1,333 12,581 3,748 3,756 27 118 226 18,279 SHIPMENTS—PORTS New Orleans ............ Mobile ....................... Savannah .................. 95,144 14,366 68,242 62,916 1,540 14,229 12,790 26,470 2,021 1,650 2,485 9,540 5,396 12,507 455 490 824 14,917 410,530 18,136 128,336 430,311 12,987 132,215 200,164 2,192 52,641 STOCKS—INTERIOR TOWNS: Atlanta ....................... 16,381 Augusta ..................... 91,726 Jackson ....................... 6,228 Meridian .................... 11,424 Montgomery ............ 24,765 Vicksburg.................. 7,212 23,720 98,875 7,367 12,630 26,348 8,535 11,523 43,005 3,296 1,154 4,974 5,363 93,607 7,736 41,752 SHIPMENTS—INTERIOR TOWNS: Atlanta .............................. 15,533 Augusta ..................... 17,167 Jackson............. ......... 1,685 Meridian ..................... 2,734 4,994 Montgomery ............ Vicksburg ................. 10,983 STOCKS—PORTS: New Orleans ............ Mobile ......................... Savannah .................. COTTON MOVEMENT FOR AUGUST IN UNITED STATES. 1921 1920 1919 1918 Receipts at U. S. Ports . ... 406,823 159,586 238,271 226,242 Overland to North ern Mills and Canada ................. 95,025 28,166 63,330 50,482 Southern Mill takings ............... 226,000 169,000 167,000 236,000 American Mills have taken ......... 369,420 254,685 Foreign Exports .... 391,398 149,398 524,398 Stocks at Seaboard & Southern Interior centers ................. 2,167,927 1,365,397 1,412,048 Supply to date .... 2,928,745 1,769,669 2,255,960 T H E 6 M O N T H L Y B U S IN E S S MOVEMENT OF RAW SUGAR (POUNDS). COTTON CONSUMPTION—AUGUST, 1921. U. S. Census Bureau (In Bales) Aug., 1921 R E V I E W RECEIPTS: July, 1921 Aug., 1920 Cotton consumed— Lint .................................... 467,103 410,120 483,560 Linters .............................. 50,871 50,019 49,412 On Hand in consuming establishments— Lint ................................ 1,002,981 1,115,847 1,126,783 Linters ............................ 188,937 202,252 252,085 New Orleans........... Savannah ................ SHIPMENTS: New Orleans ......... Savannah ............... Aug., 1921 88,460,634 20,902,400 July, 1921 Aug., 1920 26,645,247 106,588,074 22,064,000 18,896,800 1,800 --------------- ------------.................... .................... .................... MELTINGS: New Orleans ....... Savannah ................ 86,808,361 29,691,737 STOCKS: New Orleans ......... Savannah ................ 9,667,472 10,405,440 58,600,386 112,404,407 24,552,719 23,539,943 8,016,999 9,961,280 59,431,845 28,800,000 In public storage and at compresses— Lint ................................ 3,480,783 3,724,512 1,964,463 Linters ............................ 241,333 235,104 357,566 Imports .............................. 5,630 3,432 23,106 Lint ................................ 487,242 523,996 144,979 L inters............................ 7,888 3,327 1,689 Active Spindles ............... 33,059,211 32,446,281 34,513,203 FOR COTTON GROWING STATES. Exports— Cotton consumed ............. 277,923 245,425 284,311 On hand in consuming establishments ............. 397,990 460,139 438,356 In public storage and at compresses .................... 3,081,009 3,255,680 1,639,488 Active Spindles ............... 14,905,675 14,442,782 15,118,910 SUGAR. The condition of the sugar crop in Louisiana on September 1st was 88% of normal, as compared to 91% on Auguust 1st, 1921. This condition would forecast a production of 3,260,000 short tons of cane. The sugar produced in Louisiana in 1920 was 169,127 short tons, while the forecast this year would indcate a production of 222,527 short tons of sugar. RICE. The condition of the Louisiana rice crop on September 1st, 1921, was reported as 85% of normal, as compared with a con dition of 89% on August 1st, 1921. This condition would fore cast a production of 14,994,000 bushels of rice in Louisiana, as compared to 25,200,000 bushels in 1920. The harvesting has been advancing steadily. Some sections reported that too much rain had checked thrashing recently. The rice market is steady, but receipts are slow. A recent article in the press predicts a bright future for the rice industry. As a result of the nation-wide advertising cam paign, the popularity of rice is steadily increasing; new mar kets for the inferior grades are being found, as tests prove that rice is a satisfactory food for live stock and poultry; there are prospects of the paper mills making use of the here tofore useless rice straw, and the draft of the new tariff bill insures protection against the cheap rice of the Orient. ROUGH RICE (Sacks) PORT OF NEW ORLEANS. Aug., 1921 July, 1921 Aug., 1920 86,771 172,155 Receipts ............................ 221,559 Shipments ........................ 207,218 103,371 107,677 Stock .................................. 38,499 24,158 70,906 CLEAN RICE (Pockets) PORT OF NEW ORLEANS. Aug., 1921 July, 1921 Aug., 1920 Receipts ............................ 418,635 237,823 138,122 Shipments ........................ 382,944 331,005 130,575 Stock ................................ 125,382 89,691 180,975 RECEIPTS OF ROUGH RICE (Barrels). Total this Same time Aug., 1921 season last year Association Mills ........... 619,096 619,096 -------New Orleans Mills ......... 221,559 221,559 -------Outside Mills ................. 140,064 140,064 -------980,719 980,719 280,511 T H E M O N T H L Y DISTRIBUTION OF MILLED RICE (Pockets). Total this Same time season last year Aug., 1921 Association Mills ........... 573,545 New Orleans M ills......... 203,953 Outside Mills .................. 132,960 573,545 203,953 132,960 ---------------------- 910,458 910,458 241,766 STOCKS (Rough and Milled). Sept. 1, 1921 Association Mills .................................... 420,738 New Orleans Mills .................................. 153,134 Outside Mills ............................................ 122,870 B U S IN E S S R E V I E W 7 Loans and investments of forty-three member banks in selected cities of the Sixth Federal Reserve District on Au gust 31st were $448,197,000, or $1,994,000 less than on Au gust 3rd, and $117,070,000 less than on September 3rd, 1920. Demand deposits of the same banks on August 31st were $209,466,000, an increase of $1,489,000 over demand deposits on August 3rd, but $51,424,000 less than for September 3rd, 1920. Time deposits were reported by the same banks to be $142,024,000, or $1,493,000 less than those of a month ago, and $8,397,000 less than for September 3rd, 1920. The de crease in total loans and investments in the twelve months’ period was 20.7 per cent, and the decrease in the combined demand and time deposits was 14.5 per cent. Same time last year ---------------------- ACCEPTANCES. Little activity was reported in acceptance market conditions in this district during August. Thirteen accepting member banks replied to the monthly questionnaire for August, and 533,726 most of these banks reported no dealings of any kind in ac 696,742 ceptances. Four banks reported acceptances held unsold in their own portfolios in amounts approximately the same, in FOREIGN TRADE IN RICE—UNITED STATES. the aggregate, as for the preceding month, while only two (Pounds) banks reported domestic acceptances executed during August, Season to Season to and three reports showed foreign acceptances executed during end of end of the month. With the agricultural crops of the District be IMPORTS: July, 1921 July, 1921 July, 1920 ginning to move, the requirements of this feature of the sit uation prevent the investment of large sums in acceptances Rough rice ............. 758,344 30,473,460 24,315,533 or commercial paper generally, except such paper as may be Clean rice ............... 1,407,580 53,905,221 148,753,902 executed in connection with the movement of cotton or other Brewer’s rice ......... 42,213 893,792 1,711,487 products. EXPORTS: Domestic rice ......... Foreign rice ........... 63,264,950 486,306,244 7,512,433 58,309,500 479,410,405 99,242,926 Open market purchases by the Federal Reserve Bank of Atlanta during August were about 12 per cent less than in July and approximately 35 per cent less than in August, 1920. FAILURES. FINANCIAL. Thirty-four replies were received to a questionnaire sent to a selected list of member banks at the close of August. These replies indicate that the rapid rise in the price of cot ton has brought improvement in the general situation which may not be disclosed in answers to the usual questions, and has produced a high degree of optimism throughout the South in most all lines of business, and more especially among the cotton producers themselves, many of whom have a part of their 1920 crop still unsold. It is stated that a substantial percentage of the indebtedness of growers can now be liqui dated, relieving them of debt to a large extent, if not com pletely, and releasing those funds for other purposes. While correspondent banks report the demand for funds during August steady, in a few instances increases have been noted in agricultural and industrial requirements. Interest rates are stationary at from 7 to 8 per cent. Commercial failures in the Sixth Federal Reserve District during August, as compiled and published by R. G. Dun & Co., numbered 198, compared with 42 failures during August, 1920. Total liabilities for the month were $4,489,443, an in crease of 72.3 per cent over the figure for August last year. For the United States the total number of failures during August was 1,562, compared with 673 for August, 1920, and the total liabilities were $42,904,409, against a total of 28,372,895 a year ago, or an increase of 51.2 per cent. The total number of failures in the United States in Au gust was larger than for any month in 1918, 1919 or 1920, but was exceeded in Jannary and February of this year. The total liabilities were slightly in excess of those for July, but smaller than for January, February, March and May. In the Sixth District the number of failures was larger than for any month in recent years, and the total amount of liabilities was larger than for any month, except May, 1921, in the last few years. 8 T H E M O N T H L Y B U S IN E S S CLEARINGS—AUGUST, 1921. August, 1921, Compared with August, Aug., 1920 1920 Aug., 1921 July, 1921 ALABAMA Birmingham $63,699,208 Mobile ......... 5,921,568 Montgomery 4,748,407 $67,086,084 $74,692,342 —14.4% 6,022,879 10,707,160 —44.6% 4,272,575 6,867,053 —30.8% FLORIDA Jacksonville .. 33,207,671 Pensacola ..... 6,300,908 Tampa ............ 8,445,945 34,743,882 6,026,534 7,836,400 46,257,931 —28.2% 10,745,529 —41.3% 8,404,144 + 0.5% R E V I E W GEORGIA Atlanta ......... 147,392,568 Augusta ....... 6,968,137 Columbus ..... 2,952,423 Macon ........... 14,711,943 Savannah ..... 16,082,725 152,271,820 222,698,586 —33.8% 7,749,669 11,250,673 —38.1% 3,154,930 3,911,165 —24.5% 16,282,989 30,730,536 —52.1% 15,989,606 31,884,342 —49.5% LOUISIANA New Orleans 161,190,174 162,526,187 266,821,257 —37.7% MISSISSIPPI Meridian ..... 2,819,124 Vicksburg .... 1,087,649 TENNESSEE Chattanooga 19,661,548 Knoxville ..... 11,961,808 Nashville ..... 61,852,177 TOTAL ...... 569,003,983 2,552,469 1,037,892 2,837,058 — 0.7% 1,443,071 —24.6% 19,732,088 31,170,631 —36.9% 12,394,559 14,785,927 —19.1% 61,278,199 91,830,022 —32.6% 580,958,762 867,037,427 —34.4% CHARGES TO INDIVIDUAL ACCOUNT At Fifteen Clearing House Cities Federal Reserve District No. 6. (000 omitted) WEEK ENDED WEEK ENDED August 10, 1921 August 17, 1921 August 24, 1921 August 31, 1921 August 11, 1920 August 18, 1920 Atlanta ................................... 19,562 22,635 19,356 19,876 27,947 30,283 29,965 26,452 Augusta ................................... 4,181 4,612 3,654 4,192 7,022 7,498 6,987 6,153 Birmingham ........................... 12,510 12,394 10,759 8,808 16,604 15,258 16,191 16,707 Chattanooga ........................... 7,633 7,694 6,685 5,906 11,938 12,510 10,221 10,219 Jacksonville............................. 8,562 8,411 8,258 8,517 14,549 12,935 12,416 12,665 Knoxville ................................. 4,955 6,100 4,901 5,065 6,991 7,015 6,325 7,310 Macon....................................... 3,644 4,118 3,406 3,229 5,711 6,651 5,299 5,009 Mobile....................................... 4,827 4,803 4,720 4,648 8,410 8,137 7,429 8,186 Montgomery ........................... 2,733 3,675 3,200 3,000 4,242 4,083 3,836 4,949 Nashville ...... '.......................... 24,925 24,251 23,271 22,223 23,057 24,787 22,656 22,927 New Orleans........................... 48,467 46,667 45,343 50,373 70,105 73,414 80,461 83,887 Pensacola................................. 1,428 1,642 1,297 1,146 2,572 2,611 2,051 2,487 Savannah ................................. 9,380 8,601 8,329 8,939 13,535 11,202 12,746 15,015 Tampa ..................................... 4,727 4,978 4,440 4,017 5,958 5,275 5,486 5,675 Vicksburg ............................... 1,144 1,104 919 1,152 1,700 1,430 1,370 1,291 Total Sixth District ............ 158,678 161,685 148,538 151,091 220,341 223,089 219,439 228,932 Total United S tates.............. 6,635,133 6,984,527 6,211,813 6,287,178 8,113,324 8,507,721 7,962,614 8,420,759 August September 1, 1920 25, 1920 T H E M O N T H L Y B U S IN E S S IMPORTS AND EXPORTS—NEW ORLEANS. The imports received through the port of New Orleans dur ing July, 1921, were valued at 6,177,936.00. The principal articles of import were as follows: Commodity Volume 862,182 gal. Creosote O il............... 4,033 tons Nitrade of Soda ....... ......... 290,062 lbs. Cocoa ........................... ■ 21,532,409 lbs. Coffee........... ............... 4,844 tons Sisal ............................ ......... 9,257,404 lbs. Burlap ......................... Bananas .............. ...... ........... 1,895,689 bunches 64,089,031 gal. Mineral O il.................. 759,000 ft. Mahogany ................... 1,020,880 lbs. Lemons ........................ Molasses ...................... ......... 2,502,184 gal. 5,461,421 lbs. Sugar ............................ Value $ 33,828.00 185,904.00 60,672.00 2,116,736.00 555,234.00 786,464.00 657,922.00 987,181.00 75,775.00 19,270.00 46,127.00 150,364.00 The following table shows the value of imports received at New Orleans during July, for the years shown: 1921 . $ 6,177,936.00 1920 34,087,935.00 1919 16,573,060.00 1918 10,434,592.00 1914 ............... ......................... 7,123,156.00 Although the receipts of coffee and sugar at this port show a considerable decrease both as regards volume received and value, when compared with 1920, still the other commodities show a healthy increase in the quantities received. Grain receipts and shipments from this port have shown considerable gains over the receipts and shipments of last month. A new high record was established here when 8,644 cars of grain were inspected and loaded on shipboard during the month of August. The shipments comprised: Wheat ..................................................9,722,840 bushels Corn ...................................................... 68,571 bushels Total .......................................................... 9,791,411 bushels The August, 1921, movement of grain was 85,000 bushels more than for the same month last year. In spite of the in crease, the movement was handled with ease and no conjestion has resulted. Reports of immense purchases for ex port and the improved conditions in financing, shipping, and in the reduced rates for shipment of grain from St. Louis by the barge line, all seem favorable for a large development of exports through this port. The Interstate Commerce Com mission has authorized Western and Southwestern railroads serving the Gulf ports to reduce freight rates on export grain 5V2 cents per 100 pounds. This partially meets the reduction of 7% cents per 100 pounds granted by the Commission to the Eastern lines. The Mississippi Barge Line set a new high record in August when the revenue for the month was estimated at more than $200,000.00 in spite of the fact that the terminals’ R E V I E W 9 equipment is in most instances, incomplete. The Cairo ter minals have just been completed, and will begin operations on September 15. Work is being pushed at the other termi nals. The Warrior Section of the Barge line has started a down stream merchandise service to bring cotton into New Orleans. The $1,000,000.00 coal tipple at New Orleans has been com pleted. In its test, the tipple shows a capacity for 500 tons an hour, and there is loading space for three ships. Important figures published for the fiscal year ending June 30, 1921, give the total value of imports as $190,950,076.00, against $252,587,790.00 for 1919-1920. The difference is due largely to the depreciation in values, for a healthy growth was shown in the quantities of every article of import, except sugar; and there was a considerable increase in the number of articles received. The principal articles imported were as follows: Commodity Volume Crude bonds ............ 46,148,243 lbs. 12,531,564 gal. Creasote Oil ............. Nitrate of soda ......... 88,908 tons Chemicals and drugs Clay ................. *........... 15,238 tons Crude cocoa ............... 1,418,007 lbs. Coffee .......................... . 395,809,106 lbs. 14,904 tons Fertilizers .................. 93,910 tons Sisal ............................ 2,538,992 yds. Bagging ..................... 84,487,098 lbs. Burlaps ....................... Fish ............................. 19,393,504 bunches Bananas ...................... 11,032,239 Cocoanuts ................... 4,432,200 lbs. Kernel nuts ............... 5,806 tons Ferro-manganese ..... 872,727,105 gal. Mineral Oil ............... 1,905,614 lbs. Printing paper ......... 7,348,200 lbs. Salt ............................. 1,901,298 lbs. Sugar beet seed......... 19,558,000 ft. Mahogany ................. 1,915,194 lbs. 732,460 lbs. Chicory ....................... yds. 873,343,900 Cotton thread ............. 112,450 gross Matches ...................... 55,922,726 gal. Molasses ..................... 832,932,134 lbs. 149,486 bu. Garbanzos peas ......... Value $ 616,284/00 2,819,449.00 4,056,560.00 200,694.00 70,716.00 181,080.00 49,348,520.00 514,957.00 $11,546,583.00 296,124.00 10,130,767.00 84,723.00 7,953,626.00 437,308.00 248,917.00 902,995.00 10,934,697.00 104,364.00 64,360.00 488,248.00 2,380,752.00 200,672.00 58,532.00 187,393.00 59,835.00 1,224,817.00 81,043,627.00 713,387.00 T H E 10 M O N T H L Y B U S IN E S S BUILDING. While building figures reported by important cities in the Sixth Federal Reserve District for August are in some in stances not up to the high figures of recent months, at most points August, 1921, permits were very much larger than those issued in August last year. Of the larger cities, Bir mingham, Mobile and Savannah reported decreases compared with August, 1920, caused principally by the issuance of per mits in August last year for manufacturing and industrial plants, warehouses and similar buildings, with no large proj ects of this kind in August, 1921. In every instance where building figures were classified, the number of residence permits in August exceeded those issued a year ago. The total number reported was 747 for August this year, valued at $2,108,560, against 253 permits issued in August a year ago for residences valued at $3,115,885. These figures are conclusive evidence of the fact that as a general rule the building of homes this year is being done along much less pretentious lines than last year, and also that reduction in the cost of building has taken place. The com parative numbers of permits for dwellings issued in August of 1921-1920 is shown, as a matter of information, as follows: Permits for Dwellings Aug., 1920 Aug., 1921 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. Birmingham .... Chattanooga .... Johnson City ... Knoxville ----Macon New Orleans ... 36 30 59 5 1 17 4 11 10 0 7 7 62 5 127 41 126 25 8 47 17 46 26 14 14 64 178 14 BUILDING PERMITS—AUGUST, 1921. Repairs and Alterations No. Value ALABAMA 11 Anniston .... Birmingham ....197 15 Mobile .......... Montgomery ....127 10,850 64,720 5,050 27,329 New Buildings No. Value Aug.,1921 compared with Aug., 1920 11 37,700 182 369,606 14 27,200 19 37,988 +221.5% — 23.0% — 58.4% + 63.1% R E V I E W FLORIDA Jacksonville 247 Miami Orlando .... ..... .. 50 Pensacola ........ 79 Tampa .............. 162 W. Palm Beach. . 21 70,133 69 440,425 + 73.4% 29,195 14,324 46,822 10,225 60 252,110 14 38,000 125 318,016 26 50,950 + 40.1% + 32.7% + 141.8% + 3.8% 223 56 7 13 40 73 524,446 124,469 6,975 76,540 207,241 136,900 + 26.4% + 60.8% +332.2% +417.1% +109.6% — 77.8% 321 960,050 +127.7% GEORGIA Atlanta ............ 157 109,877 Augusta .......... 203 24,590 Brunswick 8,130 25 Columbus . (Combined) Macon .............. 48 23,570 Savannah ........ .. (Combined) LOUISIANA Alexandria New Orleans .... 64 152,030 MISSISSIPPI Meridian ........ Vicksburg 2,400 3,375 14 1 37,050 1,100 Chattanooga ....198 93,845 Johnson City ..... (Combined) Knoxville ........ 93 82,770 Nashville ........ .255 81,411 27 28 56 169 202,600 250,128 170,280 554,700 3 3 TENNESSEE +154.7% +1518.9% +205.2% + 376.4% LUMBER. There is an encouraging tone to reports by wholesale lum ber correspondents for the month of August. Orders re ceived during the month have increased, and for the week ended September 2nd, 130 mills, members of the Southern Pine Association, reported orders to be 5.7 per cent larger than normal production of these mills. Actual production dur ing August was approximately 24.3 per cent less than normal Shipments increased each week during the month, and for the week ended September 2nd were only 9.7 per cent under nor mal production. Orders on hand for this week were larger than for any week since May 20th. Southern pine values are reported to be firm, with a ten dency toward slightly higher levels. The growing scarcity in the better grades has caused buyers to extend the scope of their orders to future needs. The improvement in demand is reported to be confined principally to the Southern States. Some of the mills which were closed during July had reopened in August, and there is a more optimistic attitude generally in the trade. Further substantial resumption in the lumber trade, correspondents state, is retarded by other lines of com modities, and wage scales, including freight rates and wages, T H E M O N T H L Y which have not yet been permitted to follow the general trend. Prices actually realized at this time are, of course, much lower than prevailed a year ago, but the market is reported to be considerably stronger than it was a month ago. Mexico and Argentina continue to be the leading foreign purchasers of lumber in this District. Buying by Mexico was slightly less in July and August than June, but purchases by Argentina during July and August were considerably larger than in June. The United Kingdom is showing signs of a reviving market in a small increase of purchases of both timber and lumber, but whether this is sporadic, to fill de pleted stocks, or is an indication of a genuine revival of busi ness is yet uncertain. The statistical report for the Southern Pine Association for the week ending September 2nd, 1921, is as follows: 130 Mills Report: Cars Feet Orders on hand beginning of week ....... 9,597 207,189,633 Orders received during week.................... 4,254 91,839,606 299,029,239 Shipments during week ............................ 3,634 78,454,426 Orders on hand end of week ................... 10,217 220,574,813 Total (feet) Average Per Mill (feet) For the week (130 Mills): Orders .............................................. 91,839,606 706,459 Shipments ........................................ 78,454,426 603,496 Production ........................................ 67,766,786 521,283 Normal Production These Mills ...................................... 86,898,605 668,451 Shipments above production for the week .................................................. 10,687,640 ft. = 15.77% Orders above production for the week .................................................. 24,172,820 ft. = 35.52% Orders above shipments for the week .................................................. 13,385,180 ft. = 17.6 % Actual production below normal..... 19,131,819 ft. = 22.02% Shipments below normal production 8,444,179 ft. = 9.72% Orders above normal production .... 4,941,001 ft. = 5.69% Increase in “Orders on Hand” during week .................................................. 13,385,180 ft. = 6.46% R E V I E W t l PREVIOUS REPORTS. Average Average Mills Avg. Avg. Avg. Normal Unfilled reOr- Ship- Pro- Pro- Total Orders Week port- ders ments duction duction unfilled Per Mill ended ing (feet) (feet) (feet) (feet) cars (feet) Aug. Aug. Aug. Aug. Sept. 5 12 19 26 2 136 133 130 140 130 496,181 501,857 621,099 647,670 706,459 513,318 522,301 548,195 556,842 603,496 503,754 491,734 521,068 511,780 521,283 670,648 8,770 1,391,593 685,392 8,365 1,357,268 691,349 9,018 1,497,612 667,594 9,969 1,537,291 668,451 10,217 1,696,729 LABOR. SOUTHERN PINE STATISTICS. TOTAL ................................................13,851 B U S IN E S S Statistics compiled by the United States Employment Serv ice, Department of Labor, indicate a slight decrease in employ ment during July in the 65 principal industrial centers of the United States. Their information is taken from reports by 1,428 firms, usually employing more than 500 people, in these 65 centers. The 1,428 reporting firms employed 1,510,210 workers on July 31, 1921, compared with 1,527,124 workers on June 30, 1921. The net decrease for July was 16,914, or 1.1 per cent. In the Sixth Federal eserve District a slight increase in employment took place at New Orleans in July, a small de crease at Atlanta and a Decrease of 6.5 per cent at Birming ham. The statement is made that with textiles, glass bottle works, and furniture factories running full time, employment conditions in Chattanooga are more favorable than at any previous time during the year. At Knoxville unemployment exists chiefly in railroad occupations. There is a fair amount of building, and textiles are on full time. At Nashville un employment is general, with practically all industries on part time, though few are entirely closed. Part time prevails to seme extent in important industries in Atlanta. In Jackson ville there is a surplus of office help and unskilled labor, and there is unemployment in cigar making in Tampa and Key West. In Alabama unemployment exists chiefly among coal miners and workers in iron and steel, and there is much parttime employment. New Orleans reports indicate some im provement in shipyards, railroad repair shops, cotton textiles and the building trades. Sugar refineries and the metal trades continue quiet. MANUFACTURING. There was some resumption during August in activity by cotton seed oil mills, although this industry is largely season al and full time operations do not generally begin until cotton is picked and ginned. Many of the mills report their plants dormant during August, but planned to begin active work early in September. Although correspondents state little T H E 12 M O N T H L Y B U S IN E S S business is being done, there is a more optimistic tone to their reports. Manufacturers of cotton hosiery in this District report signs of revival in this line of business, and some increase in selling prices over those prevailing in July. Correspondent mills are operating at from 50 to 100 per cent of capacity. Stocks of manufactured product on hand are approximately 5 per cent less than at the end of July. Orders unfilled were reported as 25 per cent larger than for July, and 50 per cent more than for August, 1920. Collections in this line are re ported excellent. August saw a slight increase in the manufacture of brick and clay products in the District. Prices are reported by correspondents to have declined approximately 2 per cent during the month, and are about 35 per cent lower than in August, 1920, while wages are reported 50 per cent lower than those prevailing a year ago. Collections are reported fair, and general conditions improving. Marked improvement is reported by overall manufacturers during the past month. Spot demand is still limited to parcel post orders, but future orders are being placed for fall ship ment. Other lines of manufacture report improvement over July business, although not up to conditions prevailing a year ago. CENSUS REPORT ON COTTON SEED PRODUCTS. Aug.,1921 100,496 tons Cotton seed crushed......... Cotton seed on hand 124,377 tons at mills .......................... Crude Oil produced ........ 29,630,396 lbs. Crude Oil on hand .......... 16,693,133 lbs. Refined Oil produced .... 30,172,028 lbs. Refined Oil on hand .... 155,236,372 lbs. 44,785 tons Cake and Meal produced 29,801 tons Cake and Meal on hand .. Orders on hand at the end of August were 7.8 more than at the close of July, but 70.3 per cent less than at the end of August last year. This decrease, though large, is a slight improvement over the comparison of unfilled orders for July, 1921 and 1920. The amount of manufactured product on hand was reported by five mills to be somewhat less, and by two mills to be slightly more, than for July. Increases over August, 1920, stocks were shown by four mills and decreases by three. There is reported to be a gradual improvement in the de mand for cotton goods, and most of the mills are operating at full capacity and on full time. The recent advance in the price of the raw staple has done much to restore confidence in the textile industry. August, 1921, Cotton Cloth Statistics Compared with July, 1921 Aug., 1920 1. Cloth production...... .............+ 7.2 —39.8 2. Cloth shipments ....................+36.5 —13.6 3. Orders on hand at end of m onth..................................+ 7.8 —70.3 COTTON YARN. 32,923 4,992,705 13,152,376 11,020,195 230,692,747 8,696 82,092 tons lbs. lbs. lbs. lbs. tons tons 5,155,133 lbs. 36,636 tons 2,663,330 lbs. 484 tons COTTON MANUFACTURING. Cotton Cloth. Thirty-three representative cotton cloth mills in the Sixth Federal Reserve District produced 7.2 per cent more cloth in August than during July, but 39.8 per cent less than in Au gust last year. A more substantial increase over July was shown in ship ments of cloth, the percentage being 36.5, while compared with August, 1920, the decrease was only 13.6 per cent. Aug., 1920 20,099 tons EXPORTS. Oil .......................................... Cake and Meal ...... *............ R E V I E W Impetus was given the manufacture of cotton yarn in this District during August. The amount of yarn produced by 34 representative cotton yarn mills in August was 14.4 per cent more than the total amount for the preceding month, and only 8.7 per cent under the figure for August, 1920. Shipments of yarn for the month were 36.9 per cent in ex cess of those for July and 1.5 per cent more than for August, 1920, and unfilled orders were 56.4 per cent greater than for July and 3.7 per cent more than for August last year. The rapid rise in the price of cotton is reported to have caused a better, though unsettled, market for yarns, and the reports indicate that buyers no longer fear a cheaper market. August, 1921, Cotton Yarn Statistics Compared with July, 1921. Aug. 1920. 1. Yarn production ................. +14.4 — 8.7 2. Yarn shipments ................. +36.9 + 1.5 3. Orders on hand at end of month .............................. -+56.4 + 3.7 T H E M O N T H L Y IRON AND STEEL. Statistics compiled and published by the Iron Trade Review show the total production of pig iron in the United States in August to be 948,850 tons, or a gain of 84,208 tons over the July output, both July and August being 31-day months. The average daily production also increased from 27,892 tons in July to 30,608 tons in August. The same total number of stacks were in operation on August 31 as on July 31, August being the first month since last September that the number of active furnaces did not show a loss. In the Alabama iron district one additional furnace was put in operation in August, making a total of two furnaces now on foundry iron and four on basic iron. The total pro duction in Alabama in August was 72,699 tons, compared with 66,573 tons in July. Sales for August were slightly better than for July, being confined principally to small tonnages for immediate shipment in the immediate Birmingham District. The prevailing price is reported as $19.00 furnace, compared wth $42.00 a year ago. The demand for iron and steel prod ucts is reported to be improving, and correspondents report the receipt of numerous inquiries, and an appreciable im provement in orders. B U S IN E S S R E V I E W There has been some buying during the month for domestic purposes, but retail coal dealers appear to be well supplied and buying has not become general. MOVEMENT OF NAVAL STORES FOR FOUR YEARS. Receipts of Turpentine April 1-September 1. 1921-22 Savannah ................. 57,471 56,809 Jacksonville ............. Pensacola ................. 30,155 1920-21 50,781 60,056 26,217 1919-20 30,037 44,490 18,912 1918-19 26,554 49,813 15,521 144,435 137,054 I 7,381 I 05.9 93,439 I 50,996 I 54.6 91,888 I 52,547 I 56.1 Dec. or Inc., 1921 .... Per cent Dec. or Inc. Receipts of Rosins April 1-September 1. Savannah ................. Jacksonville ............. Pensacola ................. COAL. Production of bituminous coal in the United States aver aged 1,279,000 tons on the 27 working days of August, the total output being placed at 34,538,000 tons, according to the weekly report on coal production issued by the United States Geological Survey. Although an increase of 4,153,000 tons over the revised figure for July, this was far below normal for August. In the eight years preceding the lowest figure for August occurred in 1914, yet that month showed 37,751,000 tons, or 3,213,000 tons more than August, 1921. Statistics show that up to the end of August, production for the year 1921 was 91,000,000 tons behind 1920, 38,000,000 tons behind 1919, 131,000,000 tons behind 1918, and 106,000,000 tons be hind 1917. The output of coal in Alabama during August was approx imately 850,000 tons, an appreciable increase over the July figure. In Tennessee records of cars loaded with coal in August showed 6,744 cars, and production was therefore approximate ly 337,200 tons, being a gain over July of 866 cars, or 43,300 tons. 13 1921-22 151,884 133,846 61,490 1920-21 154,764 182,977 77,343 1919-20 81,100 140,190 65,623 1918-19 93,229 158,830 48,965 347,220 415,084 D 67,864 D 16.3 286,913 I 60,307 I 21.2 301,024 I 46,196 I 15.3 Dec. or Inc., 1921 ..., Per cent Dec. or Inc. Turpentine Stocks Close September 1. Savannah ................. Jacksonville ............. Pensacola .................. 1921-22 7,986 24,229 18,948 1920-21 9,863 12,327 6,322 1919-20 8,680 9,004 6,657 1918-19 28,484 57,091 36,280 51,163 28,512 24,341 121,855 Rosin Stocks Close September 1. 1921-22 Savannah .................. 73,861 Jacksonville ....... ...... 176,017 Pensacola ................. 75,241 1920-21 44,334 61,859 38,820 1919-20 45,768 99,235 59,434 1918-19 69,951 129,551 51,230 3 2 5 ,1 1 9 1 4 5 ,0 1 3 2 0 4 ,4 3 7 2 5 0 ,7 3 2 14 T H E M O N T H L Y B U S IN E S S R E V I E W DIVERSIFICATION IN SOUTHERN STATES. Monthly Crop Reporter United States Department of Agriculture. Acreage and value of important crops in 10 Southern States, 1916 to 1921, inclusive, and five year averages (19151919 and 1910-1914), North and South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, Texas, Arkansas and Oklahoma, which produce about 95 per cent of the cotton crop. ACREAGE—(000 omitted). 1921 1920 1919 1918 1917 1916 19151919 average Corn ........................................ Wheat .................................... . , Oats ........................................ Barley .................................... Buckwheat.............................. Rye .......................................... Potatoes.................................. .. Sweet Potatoes .................... Hay ........................................ Tobacco .................................. Rice ........................................ ....... 37,701 5,984 6,043 153 497 724 33,307 5,414 5,313 141 10 185 343 907 6,316 720 1,174 32,671 7,552 5,982 90 11 197 352 863 6,012 679 936 32,973 5,342 5,440 30 14 163 444 788 5,144 566 1,006 34,255 6,021 4,999 17 12 102 323 766 4,892 458 898 32,144 6,015 5,880 17 10 95 239 626 3,510 364 811 33,094 6,341 5,675 34 11 129 320 727 4,516 492 884 31,535 3,469 3,503 15 10 70 221 476 2,463 247 728 Total, above crops ............... Cotton .................................... ----25,613 53,830 34,965 55,3.45 32,439 51,910 34,722 52,743 32,564 49,711 33,846 52,223 32,805 42,737 34,314 CROPS 176 357 1,006 19101914 average PERCENTAGE OF TOTAL CROP AREA IN 10 COTTON STATES IN CROPS SPECIFIED. 1921 1920 1919 1918 1917 Corn .............................................. W heat............................................ Oats .............................................. Barley .......................................... Buckwheat .................................. Rye ................................................ Potatoes ....................................... Sweet Potatoes ........................... Hay .............................................. Tobacco .......................................... Rice .............................................. 44.4 7.0 7.1 .2 .01 .2 .4 1.2 7.9 .6 .9 37.5 6.1 6.0 .2 .01 .2 .4 1.0 7.1 .8 1.3 37.2 8.6 6.8 .1 .01 .2 .4 1.0 6.8 .8 1.1 38.1 6.2 6.3 .03 .02 .2 .5 .9 5.9 .7 1.2 40.2 7.1 5.9 .02 .01 .1 .4 .9 5.7 .5 1.1 38.5 7.2 7.0 .02 .01 .1 .3 .7 4.2 .4 1.0 Total, above crops ....................... Cotton .......................................... . 69.9 30.1 60.6 39.4 63.0 37.0 59.9 40.1 61.8 38.2 59.5 40.5 CROPS 1916 19151919 average 19101914 average 38.9 7.5 6.7 .04 .01 .2 .4 .9 5.3 .6 1.0 40.9 4.5 4.5 .02 .01 .1 .3 .6 3.2 .3 .9 61.4 38.6 55.5 44.5* * The cotton acreage, in percentage of total acreage of total by years, was: 1914, 44.9 per cent; 1913, 45.2 per cent; 1912, 43.6 per cent; 1911, 45.5 per cent, and 1910, 43.4 per cent. T H E M O N T H L Y T R E N D O F F A R M P R IC E S . M o n th ly Crop R e p o rte r U n ite d S tates D e p a rtm e n t o f A g r ic u ltu r e . The le ve l o f prices pa id producers o f th e U n ite d States f o r th e p rin c ip a l crops increased ab ou t 2.5 p e r cent d u rin g J u ly . I n th e p a st 10 yea rs th e p rice le vel increased ab o u t 0.2 pe r cent d u rin g J u ly . O n A u g u s t 1 th e in d e x fig u re o f prices w as a b o u t 59.4 p e r cent lo w e r th a n a y e a r ago, 59.3 pe r cen t lo w e r th a n tw o years ago, and 36.1 p e r cen t lo w e r th a n the average o f th e p a s t 10 years on A u g u s t 1. T he prices o f m ea t an im a ls— hogs, c a ttle and sheep— to producers o f th e U n ite d States increased 4.6 p e r cent fro m June 15 to J u ly 15. I n th e p a st te n yea rs prices increased in lik e p e rio d 0.9 p e r cent. On J u ly 15 th e in d e x fig u re o f prices f o r these m e a t a n im a ls was ab ou t 38.3 p e r cent lo w e r th a n a y e a r ago, 51 p e r cent lo w e r th a n tw o years ago, and 19.1 p e r cent lo w e r th a n th e average o f th e p a s t 10 years on J u ly 15. C E N S U S R E P O R T O N C O T T O N G IN N IN G . N u m b e r o f bales o f c o tto n ginn ed fr o m th e g ro w th o f 1920 p r io r to S eptem ber 1, 1921 and c o m p a ra tive s ta tis tic s to th e corre sp o n d in g date in 1920 and 1919. R U N N IN G B A L E S (C o u n tin g ro u n d as h a lf bales and e x c lu d in g lin te rs ) STATE U n ite d S tates ...... A la b a m a .............................. A rka n sa s ............................ C a lif o r n ia ............................ F lo rid a ................................ G eo rg ia .............................. L o u is ia n a ............................ M is s is s ip p i .......................... N o r th C a ro lin a ................. O k la h o m a ........................... S ou th C a ro lin a ................. Tennessee .......................... Texas .................................. A ll o th e r states ............ 1921 1920 1919 48J,788 13,941 265 173 359 49,124 2,688 3,803 73 1,167 1,040 2 409,026 127 351,589 1,574 42 1,755 119 13,913 2,789 849 7 63 704 — 329,457 3117 142,625 5,549 29 541 1,123 77,573 561 502 997 107 16,199 1 39,364 79 The s ta tis tic s in th is re p o rt in clud e 36,208 ro u n d bales f o r 1921, 17,451 f o r 1920, and 1,118 f o r 1919. The n u m be r o f sea is la n d bales in clud ed is 31 f o r 1921, 3 f o r 1920, and 26 f o r 1919. The s ta tis tic s f o r 1921 in th is re p o rt are s u b je ct to s lig h t co rre ctio n s. W O R L D S T A T IS T IC S . T he w o rld ’s p ro d u c tio n o f com m e rcial cotton , exclusive o f lin te rs , g ro w n in 1920, as com piled fro m pu blishe d re p o rts , docum ents and correspondence, was a p p ro x im a te ly 18,810,000 bales o f 500 pounds ne t, w h ile th e con sum p tion o f c o tto n (e x clu sive o f lin te rs in th e U n ite d S tates) f o r th e y e a r en ding J u ly 31, 1921, was a p p ro x im a te ly 15,520,000 bales o f 500 pounds net. The to ta l n u m be r o f p ro d u c in g co tto n spindles, b o th a ctive and id le , is a b o u t 155,000,000. B U S IN E S S R E V I E W 15 C O M P A R A T IV E S T A T E M E N T O F F R U IT S A N D V E G E T A B L E S S H IP P E D I N C A R LO T S F R O M F L O R ID A S E A S O N S 1919-20 and 1920 (E N D IN G J U L Y 17). 1920-21 1919-20 12,991 13,316 G ra p e fru it ...................................... O ranges ........................................... 20,616 17,198 Cabbage ........................................... 1,406 5,366 C e lery ............................................... 4,239 3,073 L e ttu c e ............................................. 2,657 2,754 Potatoes ........................................... 2,334 3,137 Pineapples ....................................... 135 225 T o m a to e s ........................................... 5,983 3,869 M elons ............................................... 5,051 M O V E M E N T O F L IV E S T O C K — A U G U S T , 1921. C a ttle and Calves Receipts J u ly , 1921 A u g ., 1920 A u g ., 1921 2,568 2,531 A tla n ta ............................ 3,104 98 — Jackso n ville ................... 76 M o n tg o m e ry ................. 2,840 1,543 8,895 7,397 9,285 10,557 N a s h v ille ....................... Purchases f o r L o ca l S la u g h te r A tla n ta ..................... 2,913 3 Ja ckso n ville ............ 1,928 M o n tg o m e ry .......... 4,019 N a s h v ille ................ 2,352 34 1,236 2,685 * — 2,526 3,390 H ogs Receipts A tla n ta ..................... J a ckso n ville ........... . M o n tg o m e ry ......... . N a s h v ille ............... . 2,830 2,410 1,470 45,910 2,193 1,747 1,474 26,708 2,070 Purchases f o r L o ca l S la u g h te r 2,353 A tla n ta ..................... 160 J a ckso n ville ........... 1,190 M o n tg o m e ry ......... . 6,635 N a s h v ille ............... 2,128 185 1,348 5,845 2,599 6,456 431 142 166 12,159 73 — 187 8,526 — 2,773 32,394 * — Sheep R eceipts A tla n ta .................... Ja ckso n ville ........... M o n tg o m e ry ......... N a s h v ille ................ 336 78 6 6,307 Purchases f o r L o c a l S la u g h te r A tla n ta ............................ 336 J a ckso n ville ................... 78 M o n tg o m e ry ................. 17 N a s h v ille ....................... 2,895 H orses and M ules Receipts A tla n ta ........................... 482 M o n tg o m e ry ................. 22 *R ecord im com plete. . 431 142 130 3,273 73 — 176 3,036 44 9 * 133
@FedFRASER