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Economic Review THE MONTHLY Business Review Covering Business and Agricultural Conditions in the Sixth Federal Reserve District. FED ERAL RESERVE BANK OF ATLAN TA JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent WARD ALBERTSON, Assistant Federal Reserve Agent VOL. 7 ATLANTA, GEORGIA, OCTOBER 30, 1922 No. 10 UM1TJBD STATES STJMHABY SIXTH DISTRICT SUMMARY Difficulties in fajmflliiig the increased freight traffic due to car Business conditions in the Sixth Federal Reserve District at the present time are unmistakably better than they have been shortage have been an important factor in the current industrial at any time in more than two years. Generally speaking, a great situation. The total number of cars loaded increased during deal of progress has been made in the past few months toward September chiefly because of heavy loadings of coal and live that condition termed normal. The attitude of business men, an important factor in judging conditions, is different and indi­ stock. The production of bituminous and anthracite coal was re­ cates that normal business conditions are in prospect in the stricted in the latter part of September when a shortage of not far distant future. While the coal and railroad strikes have been settled, the about 40,000 coal cars developed. A shortage of box cars ap­ effects of both are still being felt, and w ill be felt for some peared in the first week in August, and by October 7 amounted time to come. Coal prices are high, and this fact is having to 71,063 ears. The difficulty in securing cars for shipment has the effect of retarding industrial activity to some extent, while railroad equipment, both cars and locomotives, is in bad shape led to some curtailment of production in lumber and finished and difficulties of transportation are being experienced in all steel products. The output of pig iron and steel ingots, how­ lines of industrial and commercial activity where the shipment of commodities is an important factor. ever, has expanded steadily since August. Cotton and woolen Retail trade, reported to the Review by representative de­ mills continue to operate at close to capacity. Agricultural re­ partment stores throughout the Sixth District, was larger in ceipts continue to be heavy. the aggregate during September than in the same month last year. This is the first time in many months that sales have Wholesale trade showed improvement during September. In ­ shown an increase over the corresponding month a year earlier, creases occurred in sales of hardware and furniture which re­ and may be taken as the definite turning point toward a better flected the large volume of residential building. Seasonal de­ volume of business. Wholesale trade in September in this Dis­ trict was not quite up to that of August, especially in those clines occurred in sales of farm implements and automobile sup­ lines highly seasonal, but the decreases reported were all small, plies, but sales were mueh larger than a year ago. Betail trade and six of the eight lines under investigation reported increase continued to improve during September and department store over September 1921. Transportation difficulties are responsi­ sales were larger in all districts than in September 1921. ble in part for the lack of activity. The wholesale price index of the Bureau of Labor Statistics The financial return from the agricultural crops of the District this year will exceed that of last year by a substantial amount, declined from 155 in August to 153 in September, owing chiefly although in some sections some of the crops produced have not to the fa ll of coal prices. Prices of building materials and equalled those of last year in actual volume. The cotton crop metals continued to rise. Bank debits in 140 cities excluding is larger than last year in each state in this District except Ten­ New York were 4 per cent larger in September than in August, nessee and the higher price prevailing w ill show a substantially 1922 and 9 per cent larger than in September 1921. higher return to this section than was received for the 1921 crop. Reports from different parts of the District indicate that the crop Loans of reporting banks in leading cities show an increase of is being picked, ginned and marketed more rapidly this year than $366,000,000 for the four weeks ending October 18, and demand was the case last year, and the statement published by the deposits advanced $245,000,000. Federal Reserve Bank dis­ Census Bureau showing cotton ginned, shows that 3,883,006 counts for the four weeks ended October 25 increased $49,000,- bales of the present crop had been ginned prior to September 25, 1922, while only 2,920,392 bales had been ginned up to that 000, and note circulation expanded by $56,000,000. The Reserve time in 1921. The banks are amply provided with funds for Ratio shows a slight decrease from 78.4 to 77.6 per cent. crop moving and harvesting, and report considerably increased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 2 THE MONTHLY BUSINESS REVIEW deposits At the end of September in comparison with the same The recovery which is of course partly due to seasonal in­ period last yea*. fluences was evident a month ago in almost all lines of Whole­ There is an enormous volume of building in the course of sale trade, and for September figures reported by 37 representa­ construction in almost all parts of the District. The lumber tive department stores show that, except at Hew Orleans and industry is seriously handicapped, however, by the transporta­ Savannah, the aggregate volume of sales in each of the other tion situation, and in a number of instances lumber manufac­ .pities shown in the Review’s retail statement were larger than turers are unable to obtain anything like half of the cars in September 1921. The largest increase is shown by Birming­ necessary to move their output. Cotton mills in the District ham, where September business was almost 22 per cent greater report materially better conditions than prevailed at this time than in September 1921. last year, both production and unfilled orders showing increases Stocks of merchandise on hand at the end of September were over that period. Coal productions in both Alabama and Ten­ mailer, by 6.3 per cent, than on the corresponding date last nessee during September registered declines as compared with year, but registered an increase of 8.6 per cent, for the district, the preceding month, due almost entirely to the shortage of over those of a month ago. Atlanta is the only point to show railway equipment. Employment conditions continue to show an increase in aggregate stocks over those held at the end of improvement, and with the railroad strike settled, there is al­ September 1921, but increases over • stocks at the en d of most no unusual idleness. August 1922 Were shown by figures reported from all of the RETAIL TRADE cities in the statement. For the first time since February 1921, reports made to the Improvement in the rate of turnover is also shown in item Monthly Business Review by department stores throughout the 3 of this statement. The relation of stocks on hand to sales Sixth Federal Reserve District show an aggregate volume of during the three months ending with September was 550.1, sales during September larger than those of the corresponding showing a turnover of a little more than twice a year. month a year ago. CONDITION OF RETAIL TRADE—-SEPTEMBER 1922 Sixth Federal Reserve District Peroentage of Increase or Decrease (1 ) (2) (8) W S’ ^« o gi rgcj Comparison of net Stocks at end of © I ’g n g sales with those of month compared s | 1 § 5 % corresponding period with § 2 8 O . last year. 8 ^ V S f A B A B g rtf A .2 © M © | | l 1 1 July 1 same month ■*» s ©S -£ o § ® rH Sept. 1921 to date last year last month ■S« 2 §CD -8 8 t, i o I s & I g.£© S4** ®8*^ § S H B ®o. .3 02 O i i i i i i i CO o o Atlanta (4) ------------ i i i + 3.6 + 6.8 +13.9 + 591.1 5.0 Birmingham (4) -------________ +21.9 +17.3 — 3.9 + 7.0 470.7 7.1 i i i • i i Chattanooga ( 4 ) ---- — i i i i © —15.0 —17.0 + 3.3 + 295.2 X i i i i i GO i i i i i Jackson (3) ----------- cn — 3.3 — 0.7 +16.9 + 577J X 1 1 1 1 1 1 1 1 M M Nashville (4) ______ 1 1 + 4.8 — 7.8 + 6.1 + 575.1 6.9 <(2) New Orleans (5 )------ .................. — 3.8 — 5.3 — 4.0 + 7.2 - 565.3 11.1 Savannah (3) ---------___ _____ — 9.6 —16.8 —22.7 + 9.2 704.4 6.2 i i* i i i i i i CO Other Cities (10)------ k > — 2.5 —15.8 + 12.6 + 661.6 5.7 District (37) _______________ + 3.8 — 1.6 — 6.3 + 8.6 550.1 8,0 Figures in parenthesis show number of reports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE MONTHLY BUSINESS REVIEW 3 WHOI-ESALE TRADE Dry Goods Eeports made to the Review by wholesale firms in various Reports from 21 wholesale dry goods firms for September show lines of trade for September are not as uniformly favorable as a volume of trade, in the aggregate, 2.2 per cent less than for last month.
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