The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
T H E M B u sin ess O N T H L Y R ev iew C o v e r in g B u s in e s s a n d A g r i c u l t u r a l C o n d itio n s tn th e S ix t h F e d e r a l R e s e r v e D i s t r i c t . F E D E R A L R E S E R V E B A N K O F A T L A N T A JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent W A R D ALBERTSON, Assistant Federal Reserve Agent VOL. 8 ATLANTA, GEORGIA, SEPTEMBER 29,1923 N O .l) BUSINESS CONDITIONS IN THE UNITED STATES The volume of merchandise distributed during August, as indicated by railway traffic and wholesale and retail trade, was large. Production of certain basic commodities and industrial employment showed fur ther slight decreases. Production The Federal Reserve Board’s index of production in basic industries declined 2 per cent during August, and was at the lowest point for this year. The August output, however, was 27 per cent larger than a year ago and production in every month this year has been at a higher level than in any month of the previous five years. Lower production index in August reflected reduced output, after a correction for the usual sea sonal trend, of pig iron, woolen goods, flour, and cement. Cotton consumption, sugar meltings, lumber cut, and bituminous coal production increased. The number and value of new building projects, as measured by permits granted in 168 leading cities,, increased during August, but actual contract awards were smaller than in July. Employment at industrial establishments throughout the United States was slightly smaller in August, while average weekly earnings advanced about 1 per cent. Increases in wages amounting to 10 per cent were granted to anthracite coal miners, and readjustment of wages and hours in the steel industry con tinued, but wage advances during August were fewer than in any month since last winter. The principal changes in crop estimates shown by the September 1 forecast of the department of Agri culture were a large reduction in the expected cotton crop, slight decreases in the probable yield of wheat, barley, and oats, and increases of yields of corn, tobacco and potatoes. Trade Railroad freight shipments were larger in August than in any previous month on record. This was due to a seasonal increase in shipments of coal, miscellaneous merchandise, and agricultural products. Whole sale trade, according to the index of the Federal* Reserve Board, increased 12 per cent in August, which is more than the usual seasonal increase, and sales were the largest of any month in three years. Sales of clothing, dry goods, and shoes showed substantial gains as compared with July and were larger than a year ago. Retail trade also increased in August and sales in all reporting lines were larger than in August, 1922. Department stores sales in all sections of the country averaged 12 per cent above last year's level. Prices The general level of wholesale prices, according to the index of the Bureau of Labor statistics, re mained relatively constant in August the change for the month being a reduction of less than one-fifth of one per cent, compared with declines of about 2 per cent in each of the three preceding months. Prices of building materials, house furnishings and fuel were materially reduced, while prices of farm products and foods increased. Prices of certain raw materials, particularly cotton and silk, advanced substantially dur ing September, while prices of petroleum and copper declined. Bank Credit After a decline during July and the first part of August the volume of bank credit in use showed a sea sonal increase during the last week of August and the first two weeks of September. Total loans and de mand deposits of member banks in principal cities increased during recent weeks, reversing the trend of the preceding two months. Loans chiefly for commercial and agricultural purposes increased by $122,000,000 and reached a high point for the year. Investment holdings of these banks, on the contrary, continued to decline and on September 12 were lower than at any time since the middle of October of last year. Between August 22 and September 19 the amount of accommodation extended to member banks by Fed eral Reserve Banks in industrial districts declined, while in agricultural districts the seasonal demand for credit and currency resulted in a considerable growth of reserve bank credit in use. The demand for currency arising out of crop moving and fall trade has been reflected in an increase of $82,000,000 in money in circulation between August 1 and September 1. Of this amount about $44,000,000 represents an increase in Federal Reserve Note circulation. Money rates were firmer during the first two weeks of September, but eased somewhat after the 15th, partly because government disbursements were temporarily in excess of tax collections. The Treasury issued on September 15th $200,000,000 of Six-months certificates being 4% per cent inter est, compared with 4 per cent borne by six months certificates issued in June. THE MONTHLY BUSINESS REVIEW 2 INDEX OF PRODUCTION IN BASIC INDUSTRIES COMBINATION Or 22 INDIVIDUAL SERIES CORRECTED FORSEASONAL VARIATION THE MONTHLY BUSINESS REVIEW SIXTH DISTRICT SUMMARY. The past month has brought a decline in agricultural 3 been 0.8 per cent under June, and August savings being prospects with a consequent rise in the price of cotton, 0.2 per cent under July, but the current figures continue more than 13 per cent greater than for the same pe and a seasonal quickening in wholesale trade, but aside riods last year. Demand deposits have shown a slight from this there has been no material change in funda decline, but debits to individual accounts continue to mental conditions in the District. show up larger than last year. Building permits con Notwithstanding a substantial increase in the area planted in cotton in the tinue to be issued in large volume, and the large amount states comprising this Federal Reserve District, the of building going on has brought improvement in the final production, according to the last estimate by the Department of Agriculture, will be only very slightly, lumber industry. Manufacturing in this District has also shown improvement during the month, as evi if at all, larger than the crop produced last year. Sta denced by the increased output reported to the Review, tistics reported to the Review show that receipts, ship and employment conditions continue satisfactory. ments and stocks of cotton during August at important cotton markets in this District were all much smaller than during the same month last year and the Census RETAIL TRADE Bureau's statement of ginnings during August shows that in the states comprising the Sixth Federal Reserve There was no substantial change in the condition of District there were ginned prior to September 1 this retail trade in this District during the month of Au year 39,540 bales, compared with 277,272 bales during the same period last year. For the United States, how gust. July and August are usually rather quiet months ever, total ginnings prior to September 1 this year 38 representative department stores show a volume of amounted to 1,141,337 bales, which is more than 300,000 sales very slightly lower than during July. Comparing bales in excess of the total of 806,189 bales ginned dur August 1923 with the corresponding month last year, ing the same time in 1922. sales reported by these 38 department stores show an Retail trade during August was about on the same level as during July, showing up only slightly less in increase of 12.5 per cent for the district. Chattanooga total volume for the District. August is usually a quiet month in retail trade. Wholesale trade, however, hag begun to show the effects of seasonal buying and all but in retail trade, and the reports made to the Review by leads the list of cities with an increase of 53.4 per cent over August 1922, the next in rank being Jackson and Birmingham with increases of 17.4 and 17.3 per cent* one of the wholesale lines reporting to the Review show while the least favorable comparison is reported b y increased business in August over July. Wholesalers Atlanta, where August sales were only 1.1 per cent in all lines report that their retail customers are buyfng above those during August last year. cautiously and are placing orders frequently for small amounts, and that no considerable amount of forward buying is being done. fair. Collections are reported to be Many of the reports in various lines state that prospects are fairly good for fall and winter business. Savings deposits for the second consecutive month have shown a fractional decline, July savings having Stocks of merchandise on hand at the end of August averaged 7.8 per cent higher than at the close of July, and 12.6 per cent above stocks at the end of August 1922. The rate of turnover for the period since July 1 was a little less rapid than it was for July, being only a small fraction more than two times a year. 4 THE MONTHLY BUSINESS REVIEW CONDITION OF RETAIL TRADE—AUGUST, 1923 Sixth Federal Reserve District Percentage of Increase or Decrease (D (2) Comparison of net Stocks at end of month compared sales with those with of corresponding period last year. A Aug. 1922 Atlanta (4) — Birmingham (4)_ Chattanooga (5)_ Jackson (3)____ Nashvile (5)__ — New Orleans (5)Savannah (3)___ Other Cities (9)_ DISTRICT (38)__ + 1.1 +17.3 +53.4 +17.4 + 6.5 +10.0 +10.0 +10.4 +12.5 1 B 1 July 1 1 to . Aug. ! 31 + 7.6 + 19.7 i +39.4 +19.8 + 8.4 + 9.0 +14.6 +11.1 + 12.9 A Aug. 1922 B July 1923 + 0.0 +10.2 + 50.3 +15.9 +10.0 +10.1 + 4.6 +17.3 +12.6 + 2.9 +10.5 +15.5 +17.7 +10.2 + 3.9 + 8.7 +13.2 + 7.8 WHOLESALE TRADE Wholesale trade in the Sixth Federal Reserve District •howed considerable recovery in August from the quiet which prevailed through most of July. All of the lines of wholesale trade which report monthly to the Review showed increased sales over July excepting Farm Im plements, August business In this line being quite a little under that of July, but showing only a fractional decrease in comparison with August a year ago. Dry Goods and Shoes, me most highly seasonal of ' these lines, reported the greatest increases, followed by furniture, stationery, hardware, drugs and groceries, In the order named. The decline in farm implement sales was no doubt due to seasonal factors. Unfavorable crop ^'conditions, and the lower prospective purchasing power resulting, have hampered business at wholesale and re, tail, according to many reports, although the recent increase in the price of cotton will benefit those far mers who have been successful in producing a crop. Percentage comparisons of sales reported by these eight lines of wholesale trade are shown in the table following: August 1923 compared with: Wholesale Trade July 1923 August 1922 Groceries (42 reports) ---------- + 9.2 -f 5.0 Dry Goods (27 reports)______ +48.7 + 0.8 Hardware (28 reports)______ +16.5 +16.9 Furniture (21 reports) ______ +32.7 +25.5 Shoes (13 reports)__________ +45.7 + 3.0 Stationery (4 reports) ---------- +31.7 — 5.6 1Drugs (6 reports) --------------- +13.0 +26.3 Farm Implements (6 reports)— —18.4 — 0.6 / (3) Percentage of average stock at end of each month from July 1923 to date (2 months) to average monthly sales over same period. fC 577.3 563.6 641.4 616.1 586.9 592.6 630.4 660.7 599.4 (4) Percentage of Out standing orders at end of Aug. 1923 to total purchases during cal endar year 1922. 7.5 7.4 8.0 x 8.6 14.5 9.6 12.5 10.9 GROCERIES Reports were made to the Review for August by 42 representative wholesale grocery firms in the District. Sales during the month by these firms were 9.2 per cent greater, in the aggregate, than in July, and but 5.0 per cent greater than in August 1922. New Orleans firms re ported the most favorable comparison with July, August business showing an increase of 15.4 per cent over that month, other points showing increases ranging from 7.9 per cent at Vicksburg down to 2.9 per cent at At lanta. There is no indication in the reports of any great amount of forward buying, a large majority of firms stating that their retail customers are buying often but in small quantities. On the whole the reports indicate a good outlook for the fall and winter. Percentage comparisons, by cities, follow: August 1923 compared with: Groceries July 1923 August 1922 Atlanta (4 reports) ________ + 2.9 + 9.0 Jacksonville (5 reports) _____ + 7.2 + 7.5 Meridian (4 reports) ----------- + 6.6 + 8.6 New Orleans (10 reports)------- +15.4 — 1.0 Vicksburg (4 reports) ______ + 7.9 + 5.4 Other Cities (15 reports)_____ + 6.0 + 9.6 DISTRICT (42 reports)______ + 9.2 + 5.0 DRY GOODS Sales during August by 27 wholesale dry goods firms were, in the aggregate, 48.7 per cent greater than dur ing July, but less than one per cent in excess of their THE MONTHLY BUSINESS REVIEW sales in August 1922. The reports indicate that this in creased business is due to the usual seasonal buying for fall business, and a majority of them state that the re tailer is very cautious in placing his orders. The market has shown some strengthening since the latter part of August, and prices have advanced on some lines of goods, in sympathy with the increased price o? cotton. All of the reporting cities shared in the increase over July, the highest percentage being shown in reports from “Other Cities.,, Percentage comparisons by cities are shown below: August 1923 compared with: Dry Goods July 1923 August 1922 Atlanta (4 reports) ------------- 4*47.3 —13.4 Knoxville (3 reports) ______ +41.2 +12.4 + 1.8 Nashville (3 reports) ______ +50.0 New Orleans (3 reports)------- +33.3 — 9.8 + 2.1 Other Cities (14 reports)------- +57.5 District (27 reports) ______ +48.7 + 0.8 HARDWARE August business in wholesale hardware reflected in reports from 28 firms, was 16.5 per cent greater than in July, and 16.9 per cent greater than in August 1922. Montgomery firms reported figures showing the largest increase, with Atlanta and New Orleans following. Some of the reporting firms state that their files of unfilled orders, principally those for delivery during the fall, are somewhat larger than they were at this time a year ago. In many reports, however, it is stated that the present crop conditions are holding business in check in many sections. Other reports state that their collections are fairly good, and that the outlook for business during the fall and winter is good. Percentage comparisons by* cities are shown below: August 1923 compared with: Hardware July 1923 August 1922 +23.2 + 3.3 Atlanta (3 reports) ----------+53.3 Chattanooga (3 reports) ---- — + 9.1 +11.4 +30.8 Jacksonville (3 reports)----+27.3 Montgomery (3 reports)---+25.6 +13.1 + 9.3 Nashville (3 reports) -------+20.0 +13.5 New Orleans (5 reports)---+12.7 +17.5 Other Cities (8 reports) — +16.9 +16.5 District (28 reports) -------- 5 FURNITURE Sales by 21 wholesale furniture dealers in this District during August showed an average increase of nearly 33 per cent over July, and were more than 25 per cent greater than during August last year. All of the report ing cities showed increases over July, and all but Nash ville showed increased business over August 1922. Many of the reports state that merchants in the smaller towns are deferring placing their orders until the outcome of the crop season is definitely known, but that in the larg er towns retailers are buying for their fall needs. Per centage comparisons for those cities from which three or more reports were received, are shown below. August 1923 compared with: Furniture July 1923 August 1922 Atlanta (6 reports) _______ . . +37.9 +21.4 Chattanooga (4 reports) __ +38.4 +15.1 Nashville (3 reports) _____ . . +37.4 — 2.2 Other Cities (8 reports) - .... +20.0 +71.6 DISTRICT (21 reports) , +32.7 +25.5 SHOES A seasonal increase in sales amounting to 45.7 per cent is indicated in August over July in reports from 13 wholesale shoe firms in this District. Atlanta firms reported figures which were almost double their sales in July, showing an average increase of 95.3 per cent. The reports indicate that while collections are not sat isfactory, some improvement has been shown in dis tricts where tobacco and cotton have started to move, and from industrial centers. Retailers are buying cau tiously, and are not placing orders beyond their early needs. Percentage comparisons follow: August 1923 compared with: Shoes July 1923 August 1922 Atlanta (3 reports)_________ +95.3 +17.3 Other Cities (10 reports)_____ +30.6 — 2.4 DISTRICT (13 reports) _____ +45.7 + 3.0 District averages for the other three lines are shown In the first table, no city being shown individually be cause three reports were not received from any city. Collections in both drugs and stationery are reported fair. THE MONTHLY BUSINESS REVIEW 6 AGRICULTURE The Cotton Crop The condition of the cotton crop in the United States declined during the month from July 25 to August 25, on the latter date being 54.1 per cent of normal as com pared with 67.2 per cent of normal on July 25, and with 57 per cent of normal on August 25, 1922. This decline In condition was shared in by all ootton producing •tates except Virginia and California, cotton in Vir ginia improving five points during that month and the crop in California remaining at the same level. The estimates of production by the Department of Agricul ture also declined a total of 728,000 bales, because of the lower condition on August 25, and abandonment of acreage. In only three states, however, is the esti mated crop this year smaller than the actual produc tion last year, due to the material increase in the acre age planted in cotton this spring. These states are: Florida, Mississippi and Arkansas, the last two being large cotton producing states. The estimated production in the six states of this Fed eral Reserve District, based on the condition August 26, is 3,310,000 bales, smaller by 235,000 bales than the Condition of Crop Aug. 25 July 25 1923 1923 Stute 66 Alabama _________ 52 52 Florida___________ 30 48 Georgia --------------- 42 68 Louisiana ------------- 48 65 Mississippi ----------- 48 69 Tennessee----------- - 64 88 V irginia--------------- 93 82 North Carolina ----- 71 64 South Carolina ----- 57 71 55 Texas ____ 68 Arkansas-------------- 57 70 Missouri -------------- 67 63 Oklahoma ------------- 46 88 California ------------- 88 91 Arizona --------------- 90 New Mexico---------- 88 67.2 UNITED STATES — 54.1 Aug. 25 1922 60 60 44 60 60 65 68 65 46 59 63 70 ~53 91 87 85 57.0 Citrus Fruits The September 1 condition of oranges and grapefruit is higher than at the same time last year. Oranges are 94 per cent oi! normal compared with 89 per cent a year ago, and a, usual condition of 86 per cent on September 1. Grapefruit are 88 per cent of normal, compared with 86 per cent a year ago, and a usual figure of 82 per cent for this date. No estimate of the 1923-24 production has yet been published, but indications are that the crop will exceed that of last season, because of the favorable con dition and also because of the thousands of acres of young groves coming into production. estimate a month earlier, and only 24,000 bales larger than the crop produced in these states last year, not withstanding an increase in the cotton acreage on June 25 this year of 1,523,000 acres over last year. Boll weevil damage has been especially severe in the southern part of Georgia, Florida, and in the lower part of Alabama. It is estimated that during August more than half the crop in southern Georgia was destroyed, and weevils are now taking toll in the upper section of the state, but the damage has not been so great. In addition to the boll weevil, damage has also been done by the Army Worm, the red spider, and the boll worm. Wet weather and weevils are responsible for the de cline in condition of the Florida crop. Most parts of Alabama,, Mississippi and Louisiana have also had un favorable weather, and boll weevils and boll worms have done great damage. The Tennessee crop has also de clined, but not to the extent expected two or three weeks earlier. Boll weevils are more or less plentiful over most of the state, but with the exception of a few places, damage by these is not yet great. Army worms have also done some damage in a few localities, but this has been held to a minimum by the planters. Forecast Aug. 25,1923 828,000 17,000 827,000 361,000 858,000 415,000 50,000 885,000 708,000 3,722,000 948.000 193.000 791.000 43.000 83.000 59.000 10,788,000 Production Final 1922 823,000 25,000 715,000 343,000 989,000 391*000 27,000 852,000 493,000 3,222,000 1,012,000 149.000 627.000 28,000 47.000 19.000 9,762,000 Corn The prospect for corn in Alabama on September 1 was slightly under that of a month earlier. Late planted corn in Georgia made considerable progress during Au gust and shows up better than at the end of July. Flo rida’s corn acreage is five per cent greater than last year, but constant rains prevented proper cultivation, and production will be slightly under last year's 10,500,000 bushels. The Louisiana corn crop is estimated to be about two and a half million bushels smaller than was produced last year, while in Mississippi the crop is esti mated to be 38,137,000 bushels, compared with 51,065,000 THE MONTHLY BUSINESS REVIEW bushels last year. Corn in Tennessee improved 7 points during August, and on September 1 was 84 per cent of normal, with an indicated production of about 78,470,000 bushels. Tobacco The tobacco crop in Tennessee showed considerable improvement during August. The condition on Septem ber 1 was 87 per cent, compared with 81 per cent a month earlier. The prospective production is about 121,* 500,000 pounds, compared with 94,250,000 pounds raised last year, the present crop being one of the largest in point of plant growth ever raised in the state. The Georgia tobacco crop is estimated at about 12,000,000 pounds, about three quarters of the crop coming from the new bright tobacco area in south-central Georgia. 7 Sugar and Sugar Cane. The condition of sugar cane in Louisiana declined six points, during August, and on September 1 was 71 per cent of normal, compared with 79 per cent of normal at the same time last year. This condition of 71 per cent on September 1 is lower than the crop has been at that time of any year since 1911, excepting on September 1,1919, when it was 56 per cent. Excessive rains earlier in the season, and extending well through the cultivat ing and growing periods, have prevented proper cultiva tion, the ground being so wet effective cultivation was impossible. A condition of 71 per cent on September 1 forecasts a probable production of about 3,410,272 short tons of sugar cane on the acreage to be used for sugar, and a yield of approximately 241,191 short tons of sugar, com pared with a production of 295,095 short tons in 1922. MOVEMENT OF SUGAR—AUGUST, 1923 Raw Sugar (pounds) COTTON MOVEMENT—AUGUST 1923 RECEIPTS—PORTS: New Orleans______ Mobile ------ — __ Savannah _______ _ INTERIOR TOWNS A tlanta______ Augusta -----— Meridian____ Montgomery _ _ -----Vicksburg __ _ SHIPMENTS—PORTS : New Orleans Mobile_____ Savannah _____ — INTERIOR TOWNS A tlanta------__ Augusta _ _ _ _ _ _ __ Meridian_ Montgomery _ _ Vicksburg ._ _ STOCK—PORTS: New Orleans M obile______ __ Savannah __ __ _ INTERIOR TOWNS A tlan ta__ ________ Augusta _________ Meridian _____ _ Montgomery ______ Digitized Vicksburg for FRASER __ __ _ _ Aug. 1923 July 1923 Aug. 1922 20,604 467 7,542 18,147 1,920 22,652 24,557 2,606 28,148 523 2,665 112 1,074 127 966 3,063 263 688 22,851 6,971 18,941 264 3,169 27,609 27,308 478 7,570 40,317 1,580 30,803 58,129 3,760 27,308 4,801 2,964 446 2,078 430 9,261 5,231 741 1,209 22,968 9,340 19,137 536 3,391 31,956 41,166 351 12,012 47,870 850 12,040 42,594 1,528 46,827 6,370 10,083 479 5,472 2,536 10,648 14,237 813 6,476 2,839 9,600 50,743 1,108 11,903 2,956 RECEIPTS: New Orleans ___ Savannah ___ MELTINGS: New Orleans ___ Savannah STOCKS: New Orleans ___ Savannah . Aug. 1923 29,437,254 16,400,683 July 1923 Aug. 1922 56,504,459 173,267,159 9,743,998 56,812,368 39,436,778 23,586,553 50,427,181 178,388,577 15,733,977 44,305,760 42,778,485 52,778,011 69,330,546 0 7,185,870 12,506,608 Refined Sugar SHIPMENTS: Aug. 1923 July 1923 Aug. 1922 New Orleans ___ 95,891,134 84,223,041 161,707,736 Savannah 19,833,337 24,121,411 34,323,744 STOCKS: New Orleans ___ 49,956,758 107,709,041 9,583,256 Savannah 4,235,588 3,893,507 11,613,579 Rice . The condition of rice in Louisiana declined 4 points during August, and the condition on September 1 was 83 per cent of normal, or 2.4 points below the 10-year average. This estimated condition of 83 per cent on September 1 indicates a probable average yield per acre of about 33.1 bushels, and a total probable production of 15,896,000 bushels of rice for the State. In 1922 the average yield per acre was 36 bushels, and the produc tion 19,980.000 bushels. Lateness of the crop, heavy rains at sowing time, grassy and weedy fields, insect damage, inferior seed, and excessive rains during har vesting and threshing period, are some of the causes of the unsatisfactory condition of rice. Heavy rains in many sections have already caused deterioration in th.% quality of rice which has been harvested. THE MONTHLY BUSINESS REVIEW 8 RICE MOVEMENT—AUGUST 1923 Rough Rice (Sacks) Port of New Orleans Receipts --------------Shipments -----------S to ck ------------------- Aug. 1923 July 1923 Aug. 1922 43,424 95,959 43,257 85,925 39,336 25,211 31,218 60,013 41,967 Clean Rice (Pockets) Port of New Orleans Receipts --------------Shipments ________ Stock -------- ---------- Aug. 1923 July 1923 Aug. 1922 111,478 104,741 61,593 226,831 163,448 101,931 125,646 133,287 92,949 Receipts of Rough Rice (Barrels) Aug. 1923 Association Mills — 249,680 New Orleans Mills— 85,224 Outside M ills ------- 102,600 437,504 Season to Aug. 31,1923 249,680 85,224 102,600 Previous Season to Aug. 31,1922 256,048 117,143 75,706 437,504 448,897 Distribution of Milled Rice (Pockets) Aug. 1923 Association Mills — 243,765 New Orleans Mills— 66,633 99,990 Outside M ills------410,388 Season to Aug. 31,1923 243,765 66,633 99,990 Previous Season to Aug. 31,1922 234,514 211,672 73,466 410,388 519,652 Stock on Hand Sept. 1,1923 Aug. 1,1923 Sept. 1,1922 204,427 388,224 Association Mills . — 277,374 154,681 172,207 New Orleans Mills— 151,856 43,170 184,050 Outside M ills______ 118,800 548,030 744,481 402,278 COTTON GINNED The first report of cotton ginned during the present season, issued by the Bureau of the Census, shows that prior to September 1, this year, 1,141,337 bales had been ginned, as against 806,179 bales to the same time last year. This is due to increased ginnings in Texas, prin cipally, where 530,000 bales more have been ginned this year than last Increases also occurred in Oklahoma, California and other States, while all of the states in the' Sixth District showed decreases. The following are figures for the Sixth District, and for the United States: State Alabama __________ Florida-----------------Georgia-----------------Louisiana _________ Mississippi ________ Tennessee_________ 1923 4,704 803 19,756 12,820 1,457 0 1922 55,680 5,379 141,107 14,366 10,6*85 55 1921 12,968 387 47,863 2,743 4,144 2 Sixth District______ Other States ---------- 39,540 1,101,797 277,272 578,917 68,107 417,680 Total United States— 1,141,337 806,189 485,787 FINANCIAL Reports received from member banks in different parts of the Sixth District indicate that from a financial standpoint conditions are satisfactory, although at the same time calling attention to the adverse weather and to the lowered prospects for the season’s agricultural production. Some of these reports state that bank de posits are holding up well. The regular weekly statis tical reports received from a stated number of banks in selected cities of the District, howevei£ shows a small decline in demand deposits, and reports made by 99 banks to the Review show a fractional decline in sav ings deposits, compared with a month ago. Both de mand and savings deposits, however, continue greater than at the same time last year. The regular weekly statement compiled from reports by 39 banks in selected cities shows a total of loans and discounts on September 5, 1923, of $402,347,000, com pared with $399,007,000 on August 8, and with $355,986,000 on September 6 a year ago. Loans secured by government obligations on Septem ber 5 totaled $7,978,000, against $7,797,000 on August 8, and $7,371,000 on September 6 last year. Total loans, discounts and investments held by these 39 banks on September 5 amounted to $487,434,000, as against $482,569,000 on August 6, and $431,440,000 on September 6, 1922. Demand deposits held by these banks on September 5 were $263,236,000, compared with $272,720,000 on Au gust 8, and with $249,695,000 on September 6, 1922. Accommodation of these 39 banks at the Federal Re serve Bank on September 5 amounted to $22,390,000, THE MONTHLY BUSINESS REVIEW 9 compared with $15,211,000 on August 8, and with $4,- other paper discounted, and $9,044,081.47 bills bought in 519,000 on September 6 last year. the open market. The volume of bills on hand held by the Federal Re Federal Reserve Notes in actual circulation on Sep serve Bank of Atlanta on September 12, 1923, totaled tember 12 amounted to $128,051,235, compared with $132,$61,836,133.12, compared with $50,771,192.68 on August 202,735 on August 15, and with $114,767,955 on Septem ber 13 a year ago. 15, and with $32,152,587.29 on September 13, 1922. The The table below shows a comparison of savings de September 5 total is composed of $12,836,362.43 of pa posits reported by 99 banks, at the end of August and per secured by government obligations, $39,955,689.22 July 1923, and August 1922: SAVINGS DEPOSITS—AUGUST 1923 Aug. 31,1923 July 31,1923 Comparison of Aug. 31—July 31 Aug. 31,1922 Atlanta (8 b ank s)------- ..$ 29,634,967 21,380,211 Birmingham (5 banks) . Jacksonville (6 banks) —_ 18,525,152 Nashville (11 banks)---- 17,859,511 New Orleans (9 banks). . 47,257,597 82,763,798 Other Cities (60 banks). TOTAL (99 banks)—..$217,421,236 $ 30,229,718 21,420,839 18,583,587 17,802,428 47,678,263 82,231,276 $217,946,111 —2.0% —0.2% —0.3% +0.3% —0.9% +0.6% —0.2% $ 25,338,021 18,370,795 16,770,819 14,737,442 45,672.431 71,413,267 192,302,775 Comparison of Aug. 31 1923-1922 +17.0% +16.4% +10.5% +21.2% + 3.5% +15.9% +13.1% DEBITS TO INDIVIDUAL ACCOUNTS COMMERCIAL FAILURES Sixth Federal Reserve District Commercial failures, compiled and published by R. G. Dun & Company, for the United States, were smaller, both in number and in total liabilities, during August this year than in the same month a year ago, as indi cated by the table below. Compared with July, figures for the country at large showed a small increase in number, but a decline in liabilities. In the Sixth District, however, while the number of failures in August 1923 was considerably smaller than the number during August last year, the total liabilities registered a substantial increase, being almost double the figure for August 1922. Compared with July sta tistics, the number of failures in August showed a small increase, while the total liabilities increased 221 per cent, being more than three times as large as liabilities of the 82 firms which defaulted in July. Week Ended Sept. 12,1923 Aug. 15,1923 Sept. 13,1922 $ 1,086,000 $ 816,000 $ 1,072,000 Albany ____ 24,748,000 25,907,000 Atlanta------ , ... 28,144,000 5,644,000 4,051,000 5,962,000 Augusta ___ 17,607,000 Birmingham ___ 22,686,000 21,680,000 714,000 Brunswick — 655,000 835,000 9,005,000 8,342,000 8,343,000 Chattanooga ___ 3,041,000 2,844,000 2,340,000 Columbus —...... 191,000 717,000 Cordele ---499,000 980,000 Dothan ---- ___ 707,000 365,000 Elberton---248,000 144,000 187,000 Jackson ______ 2,905,000 3,218,000 2,502,000 Jacksonville ___ 10,996,000 10,578,000 9,607,000 5,836,000 Knoxville —___ 7,446,000 6,550,000 Macon------- ..... . 4,471,000 3,712,000 4,140,000 Meridian 1,785,000 2,484,000 ....... 2,774,000 5,908,000 5,850,000 Mobile ___ 5,873,000 4,429,000 3,489,000 4,601,000 Montgomery ___ Nashville — . — 16,309,000 14,689,000 16,803,000 N ew nan---- ....... 585,000 223,000 360,000 48,003,000 54,169,000 New Orleans ___ 56,849,000 1,720,000 Pensacola — 1,631,000 1,412,000 7,296,000 Savannah . . . ___ 9,156,000 9,828,000 Tampa ------___ 6,705,000 6,360,000 5,032,000 Valdosta — .. ... 1,226,000 987,000 1,080,000 Vicksburg —... . 1,761,000 1,428,000 1,489,000 - .............$205,039,000 DigitizedTotal for FRASER $178,636,000 $190,140,000 Sixth District No. Liabilities 92 $5,598,050 Aug. 1923 July 1923 ........ 82 1,743,751 Aug. 1922 ____ 152 2/890,891 Comparison of Aug.-July 1923+12.2% +221.0% Comparison of Aug. 1923-1922—39.5% + 93.6% United States No. Liabilities 1,319 $34,334,722 1,231 35,721,188 1,714 40,279,718 +7.1% —3.9% —23.1% —14.8% IMPORTS AND EXPORTS t Preliminary figures published by the Department of Commerce show the volume of imports during August slightly smaller, and exports larger, than during July. 10 THE MONTHLY BUSINESS REVIEW August imports were smaller in value than for any month since July 1922. For the first eight months of the year, however, the total imports show a material in crease over the same period a year ago. The following figures show corrected totals for July and preliminary figures for August, and for the eight months of the cal endar year, compared with similar periods last year: IMPORTS: 1923 1922 August _____________ $ 275,000,000 $ 281,376,403 July _______ _____ __ 287,435,239 251,771,881 Eight months ending A u gu st___________ 2,650,200,610 1,952,556,052 EXPORTS: August _____________ 313,000,000 301,774,517 J u ly ______ ________ 303,030,404 201,157,335 Commodity The value of imports through the port of New Orleans during the month of July 1923 was smaller by a little more than a million dollars than the value of imports for the same month last year. The table below shows the principal articles imported during the month. A very substantial decrease took place in the volume and value of sugar imported, the difference in value being over two millions of dollars, while the value of coffee im ported in July this year was almost a million dollars lower than for July 1922. 9,091,050 947,430 1,792,299 20,792,927 5,018 433,000 500 8,488,309 50,143,658 26,136 896,876 1,420,610 19,200 294,645 5,272 206,198 2,340 8,225 165,801 14,200 Sisal, to n s ------Mahogany, ft. — Wood-pulp, tons Nitrate of soda, tons Flaxseed, b u .-----------------Matting, sq. yds. ------------Cement, to n s -----------------China & earthen ware, lbs. Ferro-manganese, to n s -----Bauxite, to n s -----------------Dolls & Toys, lb s .----------Pineapples, boxes ----------- The following figures show the comparative values of imports at New Orleans during July for the years indi cated: 1920_________ $34,087,935 1919- ______ 16,573,060 *1918...... ............ 10,434,592 2,423,535,135 PORT OF NEW ORLEANS Volume $54,286,622 5,630,694 Creosote Oil, g a l.----------Burlaps, lbs. ----------------Bagging for cotton, sq. yd. 1923 _______ $11,654,615 1922 —........ — 12,980,157 1921 ........ 6,177,936 Eight months ending August ----------------- 2,561,675,214 1923 Value $2,967,893.00 114,059.00 ____ __ _ 1,020,942.00 55,801.00 597,578.00 2,579,651.00 456,509.00 46,316.00 34,720,00 271,535.00 891,258.00 1,159,003,00 401.404.00 35,347.00 41,855.00 30,933.00 60,074.00 38,094.00 223,019.00 41,948.00 35,063.00 30,166.00 1922 Volume Value $183,878,205 $5,080,218.00 1,151,211 11,512.00 1,831,930 192,483.00 13,840,871 1,058,531.00 ________ 2,089,259 650,132.00 27,169,447 3,417,624.00 1,100 99,958.00 481,000 72,219.00 ____ _ 76,085,352 9,440 1,344,688 1,716,330 ________ 96l,287".00 486,332.00 224,101.00 54,898.00 881 54,404.00 July 1-Aug. July 1-Aug. Aug. 1923 Aug. 1922 31,1923 31,1923 W heat_______2,066,173 3,269,348 3,070,150 8,721,954 395,008 1,763,361 Corn _______ 190,588 1,085,976 92,365 46,950 28,570 57,540 Oats _______ 10,428 Barley --------- ------126,428 Rye ________ _____ T otal______2,285,331 7,402,274 3,649,126 10,588,108 GRAIN EXPORTS—NEW ORLEANS Grain exports during August show a considerable de cline in all items, compared with August 1922. Total grain exports for the month amounted to 2,285,331 bush els, decrease of more than 5,000,000 bushels. Digitized foraFRASER For the first seven months of 1923 carload freight traf fic in and out of Now Orleans totaled 279,968 cars, com pared with 243,422 cars during the same period in 1922. July receipts were 20,343 cars, against 18,651 during July 1922, while shipments forwarded during July were 17,064 carloads compared to 15,422 cars in July last year. 11 THE MONTHLY BUSINESS REVIEW PORT OF SAVANNAH The following table shows the values of imports and exports at Savannah during the month of July, for the past five years: July July July July July Imports 1923 ................................... $1,022,266 1922 ............................... — 1,704,602 1921___ ____ _________ 924,959 1920 _________________ 8,064,517 1919 ................. - ............ 792,551 Exports $3,429,732 6,409,525 4,359,777 5,742,339 15,541,344 BUILDING There is a very large amount of building going on throughout the Sixth District. Building permits issued at important cities in this District during the past twelve months have averaged much higher than before. The statement below shows the value of permits issued dur ing August at 25 cities. In 11 cities the August 192$ permits exceeded those issued during the same month last 3rear, but decreases were reported in 14 cities. Six teen of these cities have reported since the beginning of 1919, and the value of their permits in August was $7,783,585, compared with $8,271,519 in July, and with $8,041,430 in August last year. ALTERATIONS AND REPAIRS BUILDING PERMITS SIXTH FEDERAL RESERVE DISTRICT Alterations & Repairs No. Value Total Percentage Aug. 1922 Increase or Decrease 3,500 30,910 48,067 12,541 9 290 18 12 39,500 593,240 82,400 34,800 43.000 660,116 130,467 47,341 64,120 792,991 106,435 104,504 — 32.9 212 11 79 3 33 51 23 168 83,584 3,925 99,105 16,200 16,432 13,067 13,350 75,939 64 20 125 22 82 12 97 75 207,903 39,700 485,680 157,468 135,780 29,675 199,650 310,145 291,487 43,625 584,785 173,668 152,212 42,742 213,000 386,084 719.494 138,400 998,700 162,275 56,233 25,933 352,075 281,975 59.5 68.5 41.4 -f 7.0 -f*170.T + 64.8 — 39.5 4- 36.9 122 132 11 .122 28 115,860 288,070 5,950 23,696 18,125 246 18 11 39 32 1,245,600 37,965 70,650 54,337 91,190 1,361,460 326,035 7*6,600 78,033 109,315 1,905,197 701,683 34,210 422,534 77,380 — 28.5 — 53.5 4-123.9 — 81.5 + 41.3 7 4 13.060 975 ~~8 6 71,375 11,660 75.000 27,435 12,735 x 14,000 30,695 x 4- 96.0 — 58.5 58 32 130,725 16,184 223 14 1,518,300 46,635 1,649,025 62,819 735.495 106,415 +124.2 — 41.fr 172 197 66,740 148,270 333*,540 1,268,400 146,409 59,350 400,280 1,417,794 192,882 60,475 298,346 621,659 — 24.1 — 1.9 + 34.2: +128.1 LUMBER* Weekly statistical reports of the Southern Pine Asso ciation, and information received from correspondents of the Review, indicate improvement in the lumber in dustry in this section during the latter part of August. Production has generally been above 90 per cent of normal, and orders received by the reporting mills have also improved, being, for the week ended August 31, Total Aug. 1923 10 186 52 78 O° 1 1 ALABAMA: Anniston ----Birmingham ... Mobile ______ Montgomery __ FLORIDA: Jacksonville — Lakeland ____ Miami --------Miami Beach Orlando _____ Pensacola____ St. Petersburg Tampa _____ GEORGIA: Atlanta_____ Augusta ------Columbus-----Macon -------Savannah -----MISSISSIPPI: Jackson ------Meridian ___ Vicksburg ---LOUISIANA: New Orleans Alexandria TENNESSEE: Chattanooga Johnson City . Knoxville ---Nashville ---- New Buildings No. Value — 16.8 + 22.6 — 54.7 slightly greater than actual output. Shipments have also ranged around 85 per cent of normal production. For the first week in September, however, orders and shipments fell off slightly, while production was main tained at about the same level. The Association's report for the week ended August 31 shows that, of 81 mills which reported their oper ating time, 62 operated full time, seven of these run- THE MONTHLY BUSINESS REVIEW 12 Bing overtime, and three running double shifts, and 11 operated five days during the week. Only two reporting inills were shut down, and actual production for the week was only 9 per cent under normal. Figures for the month of August reported by Associa tion members up to the middle of September, are shown below, with similar figures for Jiily and for Au gust last year: Aug. 1923 (140 mills) Orders _________ 311,260,453 Shipments_______ 326,154,833 Production ______ 340,311,485 Normal production of reporting mills 344,469,658 Stocks end of month _______ 764,910,266 Normal stocks of reporting mills— 917,266,855 Unfilled orders at end of month___ 210,786,944 July 1923 (129 mills) 247,321,171 294,574,823 306,456,202 Aug. 1922 (119 mills) 356,135,192 305,630,543 834,785,976 321,531,092 327,474,577 725,020,138 792,055,79* 863,574,004 881,993,608 204,603,223 353,444,747 COTTON CONSUMPTION—AUGUST 1923 Cotton Consumed: Aug. 1923 July 1923 Aug. 1922 Lint _____________ 491,604 461,575 526,380 L inters___________ 47,998 44,775 62,841 On Hand in Consuming Establishments: L in t______________ 806,671 1,089,230 1,024,994 127,418 116,891 L inters___________ 106,036 In Public Storage and at Compresses: L in t_________ ____ 1,179,204 938,689 1,530,141 L inters___________ 24,832 35,876 30,098 Active Spindles______33,708,667 34,237,887 32,491,857 Imports ____________ 3,420 6,356 14,678 Exports: L in t______________ 240,590 167,808 268,318 Linters___________ 3,825 3,661 4,490 Cotton Growing States Aug. 1923 July 1923 Cotton Consumed____ 329,162 308,181 On hand in consuming Establishments____ 339,480 532,203 In public storage and at compresses_____ 1,038,462 752,888 Active Spindles______15,858,075 15,871,805 gust over July. Production by these mills increased al most 22 per cent over July, shipments were 17.7 per cent greater than in July, and orders on hand at the end of August were 42.4 per cent greater than those remaining on hand at the end of July. Still, all three of these items showed decreases in comparison with figures for August a year ago, the decrease in orders on hand, however, being only 1 per cent. A few mills have discontinued operating night shifts, but others have shown increased operations. Comments con tained in the reports indicate that the volume of in quiry improved considerably toward the latter part of August, but that there is still little profit in the prices being offered. The reporting mills have orders on hand to last them, on an average, 9 weeks at full time opera tion. Percentage comparisons are shown in the following ta ble: August 1923 compared with 35 Mills July 1923 August 1922 1. Cloth production-------------- +21.9 —15.1 2. Cloth shipments--------------- +17.7 —28.4 3. Orders on hand at end of m onth________________1_+42.4 —1.0 4. Stocks of cloth on hand at end of month---------- ---- +28.0 +24.8 ,5. Average time required to + 2.0 complete orders on hand__ +43.0 6. Number on payroll_______ — 0.8 + 1.6 Cotton Yarn As in the case of cloth, production of cotton yarn by 29 reporting mills in the Sixth District was larger in August than in July. Shipments also showed an increase and orders on hand at the end of the month were al most 20 per cent greater than at the end of July. On an average, the reporting mills have orders on hand which will keep them operating full time for 8.7 weeks. Au gust figures on the whole, however, are still a little be low those for the same month last year, production be Aug. 1922 ing 1.5 per cent lower, shipments 10.5 per cent lower, 338,588 and orders on hand at the end of the month showing a decrease of 5.1 per cent. The reports indicate that 408,958 the yarn market has shown considerable improvement over July, that the demand for yarns has increased and 1,277,322 that some improvement has taken place in prices offer 15,609,596 ed. Percentage comparisons are sho^rn in the table be low: MANUFACTURING Cotton Cloth Reports made to the Review by 35 cotton mills manu facturing cloth show considerable improvement in An* August 1923 compared with 29 Mills July 1923 August 1922 1. Yarn production — ---------- +16.1 — 1.5 2. Yarn shipments---------------- + 8.7 —10.5 THE MONTHLY BUSINESS REVIEW 3. Orders on hand at end of month---------------Stocks of yarn on hand at end of month___________ Average time required to complete orders on hand— Number on payroll---------- +19.8 — 5.1 + 9.8 + 8.4 +22.6 + 1.0 — 4.8 — 2.5 Cotton Hosiery Production of cotton hosiery by 20 mills in this Dis trict was better in August than in July, but did not re cover the ground lost during that month. The output of these mills was greater than in July by 7.2 per cent, but July production was more than 10 per cent under that of the previous month. Orders received by the re porting mills showed an increase of 9.2 per cent over July, and cancellations during August were very much smaller than in July. Shipments were somewhat larger, but unfilled orders on hand at the end of the month fell off, compared with the preceding month, although 66 per cent greater than the volume of orders on hand at the end of August last year. Some of the mills state that August is vacation month and that this fact held their production down to some extent. The volume of in quiry has shown much improvement, according to the reports, and prospects appear to be good for fall busi ness. Percentage comparisons are shown in the fol lowing table: 1. 2. 3. 4. 5. 6. August 1923 compared with 20 Mills July 1923 August 1922 +20.2 Hosiery production----------- + 7.2 Hosiery on hand at end of + 2.1 month_________________ + 0.3 + 7.2 Orders booked during month + 9.2 —18.8 Cancellations ------------------ —31.9 +20.1 Shipments during month----- + 4.3 Unfilled orders on hand at +66.2 end of month --------------- — 9.1 OVERALLS Overall production, which in July showed a rather substantial increase over the preceding month, reg istered a further increase in August. Six mills re ported for August, and production was 27.6 per cent larger than in July. Orders booked by the mills in August showed a material increase over July, while cancellations registered a substantial decline. Stocks on hand showed a decrease, while unfilled orders on hand at the end of the month were slightly larger than at the close of July. Percentage comparisons of figures reported by these mills are shown in the table below: 1. 2. 3. 4. 5. 6. 13 August 1923 compared with: July 1923 Aug. 1922 6 Mills +18.1 Overall production_________ +27.6 Overalls on hand at end of +22.2 m onth___________________ — 8.3 Orders booked during month— +160.0 —19.8 Cancellations --------------------- —85.7 X Unfilled orders on hand at end of m onth________________ + 5.0 —13.5 Number on payroll ________ — 5.8 —11.0 Brick Reports from five brick plants showed an increase in production, orders received, and stocks, for August com pared with July, but a decrease in the volume of orders on hand at the end of the month. August 1923 output was, however, a little less than production in August last year. The reports indicate that the mills operated at, or very near, full capacity during August, but that there was an indication of a seasonal slowing up in the demand for brick toward the end of the month. Per centage comparisons are shown below: 1. 2. 3. 4. 5. August 1923 compared with 5 Plants July 1923 August 1921 Brick production_________ +21.4 — 6.9 Brick on hand at end of month_________________ +11.3 + 0.1 Orders booked during month +56.7 +109.5 Unfilled orders on hand at end of m onth___________ —18.9 +17.5 Number on payroll ______ — 3.4 same Employment The report of the survey of employment conditions conducted by the United States Employment Service for August indicates that, notwithstanding a small de crease in the total number employed, compared with the preceding month, industrial employment in this country is on a satisfactory and sound basis and the outlook for the future is bright. Of the fourteen basic industrial classifications investigated, six show increas ed numbers employed, while eight show decreases, many of them very small. Of the 65 larger cities from which reports are obtained concerning firms usually employing 500 or more workers, 29 reported increased employment, 35 reported smaller numbers employed, and one city reported no change. Four of these cities are located in the Sixth District, New Orleans, Birmingham and Chattanooga reporting increases, while Atlanta re ported a decrease. Reports are also obtained showing employment condi tions in smaller industrial firms in various cities. A slight decrease was noted in the number employed in 14 THE MONTHLY BUSINESS REVIEW lumber mills in Georgia during August, but this was more than offset by the increases in cotton mills. Build ing programs and other municipal and State construc tion work continue to employ large numbers of skilled and common labor, and very little unemployment is no ticeable in any section. The labor situation in Florida is reported to be thor oughly satisfactory, although there is some scarcity of workers, both Bkilled and unskilled, in some commu nities. Crate mills have resumed operations consider ably earlier than usual in preparation for large citrus fruit production. Naval stores operators and road building contractors are using practically all the com mon labor available. A slight let-up in industrial activity is reported in Alabama, and a small decrease in iron and steel, textiles, and lumber mills in the State. In the Birmingham Dis trict, however, most plants are running on a full time basis with increased forces. Street, highway and build ing construction continues at a high rate, employing large numbers of workers. At Mobile all plants are op erating, some on part time. Shipbuilding yards have released some workers. The principal industries at Montgomery are operating full time, and likewise at other points, except that reductions in iron and steel are reported from Anniston caused by the temporary clos ing of cast-iron pipe plants, which will soon resume operations. Employment conditions in New Orleans are showing moderate gains, increased employment being reported in textile, metals and furniture manufacturing. Sugar refiners report a smaller number employed, but a re sumption of normal operations is expected upon com pletion of construction and repair work now in progress. Railroad shops and allied occupations report small in creases. Industrial employment in Mississippi is reported sat isfactory, lumber and woodworking plants reporting moderate additions to forces during the month. Prin cipal industries at most points in the State are operat ing with full employment. Improvement is reported in employment conditions in Tennessee during August. Lumber and woodworking plants, textiles, food and kindred products, and miscel laneous industries report satisfactory increases. At Chattanooga, Nashville and Knoxville increased employ ment is reported in August and practically all plants are operating full time with increased forces. Coal Mining According to reports issued by the Geological Survey, the production of. bituminous and anthracite coal in the United States during August and early September has been well maintained. Many mines were closed on Fri Digitized forAugust FRASER10, in honor of the late president, the shut day, down being so general that the day counted for barely one fourth of a normal working day. This accounts for the lower output during the week ended August 11, but for all other weeks since early July combined production has been well above 12,500,000 tons. The figures in the table below show the weekly output of both bituminous and anthracite coal since the beginning of August. There have been small losses because of labor shortage, and in some districts transportation difficulties have limited production slightly, but lack of demand has been the principal limiting factor through the week ended August 18. Increased demand was reported during the week ended August 25, losses through "no market” showing a decrease of five per cent in five of the pro ducing districts east of the Mississippi, and to a smaller extent in ten other districts. Greater improvement was prevented by a gradual tightening of the car supply, and losses due to car shortage and other forms of trans portation difficulty became more serious in many dis tricts. Despite the stronger market, however, lack of demand remained the chief factor limiting production. Total Week Ended Bituminous Anthracite Output 10,564,000 August 4 2,018,000 12,582,000 August 11 9,851,000 1,735,000 11,586,000 August 18 1,858,000 10,843,000 12,701,000 August 25 11,383,000 2,165,000 13,548,000 September 1 11,737,000 1,893,000 13,630.000 September 8 10,485,000 3,000 30,488,000 September 15a— 11,386,000 2,000 11,388,000 (a) Subject to revision. The anthracite mines have completely shut down, the figures above for the weeks since September 1 indi cating the total dredge and washery production. The output of bituminous coal was‘somewhat lower during the week ended September 8 because of the Labor Day holiday. Production of bituminous coal during the present cal endar year through September 1, amounted to 368,706,000 tons, figures for the corresponding period of the six years preceding being shown below: Years of activity Years of depression 191 7 368,651,000 tons 1919______307,474,000 tons 1918 393,093,000 tons 1921______268,641,000 tons 1920 361.117,000 tons 1922______232,918,000 tons Production of anthracite for the calendar year through September 1 amounted to 68,48*8,000 tons, against 23,616,000 tons last year. Stocks August 1, 1923 Stocks of bituminous coal in the hands of commercial consumers August 1, 1923, were estimated to be 51,000,000 tons, an increase of five million tons over supplies a month earlier. This is an increase of 29,000,000 tons over stocks on September 1, 1922, the low point reach THE MONTHLY BUSINESS REVIEW ed because of drafts on reserves during the strike a year ago. At the rate of consumption during July, average stocks on August 1 were sufficient to last 44 days. IRON PRODUCTION August brought a rather sharp drop in the production of coke and anthracite pig iron, according to statistics prepared by the Iron Trade Review. This resulted from the blowing out of 23 furnaces in July, and a further reduction of 26 in the number of furnaces active on the last dfty of August. The total output in August was reported as 3,442,614 tons, a reduction of 242,063 tons compared with July, and about 425,000 tons less than the high production in May. The production of merchant iron in August was $05,637 tons, a loss of 94,859 tons from the production in July, while nonmerchant iron produced during August amounted to 2,636,977 tons, compared with 2,784,181 tons made in July. On an average daily basis, August out put was IIJ.,052 tons per day, a drop of 7,808 tons from the July rate, and the lowest rate since February. On August 31 the* number of active furnaces was 273, com pared with 299 on July 31, and with 143 active on Au gust 31, 1922. Iron production in the Alabama district also declined in August, being 230,671 tons, compared with 238,005 in July, and with 203,892 tons in August last year. Three furnaces were blown out during August, leaving 24 in active operation, only one more than was active at the same time a year ago. Iron prices in Alabama have declined from $27.00 to $24.00, and stocks on furnace yards have increased some during the month. Surplus iron on yards of furnaces is estimated to be over 100,000 tons. Inquiries are becoming more numerous and many small lot sales are being made. Deliveries of iron from this district are steady. United States Aug. 1923 July 1923 Aug. 1922 Total output--------- 3,442,614 3,684,677 1,810,665 Non-merchant iron - . 2,636,977 2,784,181 1,467,143 805,637 900,496 343,522 Merchant iron_____ Average daily output_ 111,052 118,860 58,508 Active furnaces___ 273 299 143 Alabama Aug. 1923 230,671 Total output______ Non-merchant iron-. 98,301 132,370 Merchant iron_____ 24 Active furnaces---- July 1923 Aug. 1922 203,892 238,005 100,664 74,660 137,341 129,232 27 23 NAVAL STORES Receipts and shipments of spirits of turpentine were somewhat larger in August than in either the preceding month or the same month last year. Market conditions 15 have not fluctuated greatly during the past month or two, and the price has been fairly steady at around 88 or 89 cents. Stocks of turpentine at the three principal markets of the District were somewhat larger at the end of August than for either July, or August last year. Receipts of rosins have also shown up better during August than in July, and very much better than in Au gust a year ago. Shipments in August exceeded those during xVuguut 1922, but were considerably less than in July, and stocks on hand at the end of August were greater than a month.earlier, but smaller than at the end of August 1922. Rosin prices have sagged consid erably during the past month or six weeks, the decline being participated in by all grades. Naval Stores Movement—August 1923 Receipts—Turpentine: Aug. 1923 July 1923 Aug. 1922 Savannah________ .... 20,716 18,837 14,370 Jacksonville _____ 17,378 14,862 16,261 5,584 5,750 Pensacola________ 5,214 Total _________ 44,678 40,848 34,446 Rosin: Savannah ________ Jacksonville _____ Pensacola________ 65,213 56,875 16,232 56,628 55,040 16,081 46,556 46,976 16,096 138,320 127,749 109,628 ihipments—Turpentine: Savannah-------------- 17,842 Jacksonville _______ 11,596 5,871 Pensacola_________ 11,365 16,926 4,150 11,365 11,279 3,455 35,309 32,441 26,099 40,882 43,621 9,493 42,516 64,025 17,175 30,839 45,957 3,498 93,996 123,716 80,294 13,016 13,986 2,670 10,142 8,186 2,957 9,376 12,975 3,498 Total _________ Total ................. Rosin: Savannah _______ Jacksonville -------Pensacola-----------Total __________ tocks—Turpentine: Savannah -----------Jacksonville _____ Pensacola-----------Total -------------Rosin: Savannah -----------Jacksonville _____ Pensacola------------ 29,672 21,285 25,849 110,272 114,160 39,025 85,941 100,908 32,286 95,197 171,767 62,354 Total ............... 263,397 219,135 329,318 16 THE MONTHLY BUSINESS REVIEW FEDERAL RESERVE BANK OF ATLANTA Weekly Statement of RESOURCES AND LIABILITIES Resources: Gold and Gold Certificates ______________________________________ Gold Settlement Fund __________________________________________ Sept. 12, 1923 $ 6,178,123.00 11,824,063.40 Sept. 13, 1922 $ 5,438,913.00 28,882,528.51 Total Gold held by bank_____________________________________ 18,002,186.40 33,321,441.51 Gold with Federal Reserve A gent_________________________________ Gold Redemption Fund__________________________________________ 88,320,485.00 2,320,376.53 95,041,505.00 1,536,017.00 Total Gold Reserves ________________________________________ 108,643,047.93 130,898,963.51 Reserves other than Gold ------------------------------------------------------------ 4,816,348.00 5,051,041.10 135,950,004.61 , Total Reserves _____________________________________________ 113,459,395.93 Non-Reserve Cash --------------------------------------------------------------------- 10,931,813.97 Bills Discounted: Secured by Government Obligations----------------------------------------All O ther__________________________________________________ Bills Bought in Open Market------ -------------------------------------------- 12,836,362.43 39,955,689.22 9,044,081.47 1,723,334.33 28,606,880.07 1,822,372.90 61,836,133.12 228,800.00 32,152,587.29 Total Bills on Hand ------------------------------------------------------------U. S. Bond and N otes-----------------------------------------------------------------One Year Certificates of Indebtedness (Pittman Act)_______________ All Other Certificates of Indebtedness------------------------------------------Municipal Warrants ________________________________________ Total Earning A ssets---------------------------------- -------------------------Bank Premises ------------------------------------------------------------------------Five per cent Fund against Reserve Bank Notes_____ ______________ Uncollected Item s_______________________________________________ All other resources -------------------------------------------------------------------- 936.00 20,000.00 62,085,869.12 2,782,725.91 201,400.00 4,499,000.00 2,030,912.00 23,396,399.67 642,991.77 38,883,899.29 1,694,090.29 467,550.00 25,021,505.13 194,188.18 Total Resources-------------------------------------------------------------------Liabilities: 213,299,196.37 202,211,237.50 Capital Paid in ------------------------------------------------------------------------Surplus Fund---------------------------------------------- ------------------------------ 4,428,100.00 8,941,553.42 4,320,700.00 9,113,570.99 2,194,562.11 51,051,661.90 531,277.58 1,727,251.39 48,269,370.60 354,911.23 Deposits: Government------------------------------------------------------------------------Member Banks—Reserve account--------------------------------------------All Other —----------------------------------------------------------------------------- 53,777,501.59 50,351,533.22 Federal Reserve Notes in actual circulation-----------------------------------------Federal Reserve Bank Notes in actual circulation--------------------------------Deferred availability ite m s__________________________________________ All Other Liabilities ___________ ____ ________________________________ Total Deposits _________________________________________________ 128.051,235.00 -----------------16,980,340.50 1,120,465.86 114,767,955.00 3,830,900.00 18,675,457.03 1,151,121.26 Total Liabilities__________________________ _____ ____________ ____ Ratio of total Reserves to Deposits & F. R. Note Liability combined------------- 213,299,196.37 62.4% 202,211,237.50 82.3%
@FedFRASER