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THE MONTHLY B usiness R eview C o v e r i n g B u s i n e s s a n d A g r i c u l t u r a l C o n d i t i o n s i n th e S i x 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 WARD ALBERTSON, Assistant Federal Reserve Agent VOL. 9 ATLANTA, GA., APRIL 30, 1924 No. 4 BUSINESS CONDITIONS IN THE UNITED STATES Prepared by the Federal Reserve Board Production of basic commodities decreased during March, and there was a recession in wholesole prices. Dis tribution, both at wholesale and retail, showed less than the usual seasonal increase and was smaller than a year ago. Production The Federal Reserve Board’s index of production ia basic industries, adjusted to allow for length of month and other seasonal variations, declined 3 per cent in March. Output was reduced by most industries and the decreases were particularly large in mill consumption of cotton and production of bituminous coal and copper. Daily average production of steel ingots, however, was larger than in any previous month. The level of factory employment was unchanged but some curtailment in working hours was evidenced by a decline of one per cent in average weekly earnings. Contract awards for new buildings in March reached the highest total value on record, owing chiefly to a large increase in the New York District. Estimates by the Department of Agriculture on the basis of condition on April 1 indicate a reduction of 4' per cent in the yeild of winter wheat and of 6 per cent in the production of rye as compared with the final harvests in 1923. Trade Shipments of commodities by railroads declined each week in March and car loadings were 4 per cent less than a year ago. Wholesale trade increased slightly during March but was 8 per cent less than a year ago owing to decreases in sales of dry goods, shoes, and hardware. March sales of department stores were 8 per cent less than in March, 1923, and merchandise stocks at the end of the Month were 8 per cent larger than a year ago. Sales of mail order houses also showed less than the usual seasonal increase in March. Decrease in the volume of purchases at retail compared with last year is partly accounted for by the late Easter and the generally unfavorably weather conditions. Prices Wholesale prices, as measured by the Bureau of Labor Statistics Index, decreased slightly more than one per cent in March and were 6 per cent lower than a year ago. Prices of farm products, foods, clothing, chemicals, and house furnishings declined, building materials remained unchanged, while fuel and metals were slightly higher than in February. During the first three weeks of April quotations on pig iron, lead, coal, silk, and sugar declined, while prcies of wheat, corn, and cotton advanced. Bank Credit Volume of borrowing for commercial purposes at member banks in leading cities, after increasing during the early part of the year, remained constant at a high level between the middle of March and the middle of April. During the four week period total loans of these banks were in larger volume than at any time in more than two Discounts ana investments of the Federal Reserve Banks, which on April 2 were slightly above $1,000,000,000 declined by about $125,000,000 during the first three weeks in April to the lowest point for the year^ This decline represents a reduction in discounts and in the holdings of acceptances, while the volume of Govern ment securities increased somewhat. Money rates in the New York market during the first three weeks in April were at about the same level as in the latter part of March. Prime commercial paper was quoted at 4% per cent and 90 day bankers' accptances at 4 per cent throughout the period. THE MONTHLY B U SIN E SS REVIEW 2 P R O D U C T IO N IN B A SIC IN D U S T R IE S W H O L E S A L E P R IC E S PCMCCM ? PtRCCNT Index of 22 basic commodities corrected for seasonal variation. (1900=100). Latest figure March 116. Index of U. S. Bureau of Labor Statistics. (1913=100 Base adopted by Bureau.) Latest figure March 150. Index of sales of 333 stores in 117 cities. (1919=100). Latest figure March 115. Weekly figures for member banks in 101 leading cities. Latest figure April 16. SIXTH DISTRICT SUMMARY Adverse weather conditions continued through March and constituted the principal factor affecting agricultu ral and business conditions in the Sixth District. Prep arations for the season’s crops have been delayed, and although the last few weeks were more favorble, plow ing and planting are from two to four weeks behind in various part of the district. This inability of the farmers to get actively at work on time also affected to some extent the demand for farming tools and other supplies. Bad roads continued to make it extremely difficult for salesmen to cover their territories. Wholesale trade compares unfavorably with figures for March last year, and retail trade in the cities, reflected in business TH E MONTHLY B U SIN E SS REVIEW reported by departmen stores, while larger than in February, of this year, was lower than during March a year ago. Contributing prominently to this decrease in retail trade compared with March 1923, however was the fact that Easter was three weeks later this year, and while Easter buying last year came in March, a very large part of it was put off until April this year. The favorable weather since the beginning of April has, however, given the farmers opportunity to accomplish more, and has brought a better outlook in commercial business generally. Weekly reports of member banks, and the weekly statement of the Federal Reserve Bank, show a somewhat larger demand for funds than existed at this time last year, and all legitimate calls are being met. While demand deposits are slightly lower than at this time last year, savings deposits continue to show favorable compari sons, and debits to individual accounts for the latest week available, April 16, were more than twenty four million dollars greater than for the corresponding week a year ago. The value of building permits issued in the district was a little higher in February, but showed the same percentage increase over March 1923 as was shown in February this year over the same month a year ago. Employment conditions continue satisfcatory, except for the fact cotton mills in some parts of the district have found it necessary to curtail operations 3 because of lack of demand for their products, and coal mines in Alabama are not so active as they have been. RETAIL TRADE The volume of sales during March by 43 department stores in various cities of the Sixth District was, of course, larger than in February, but compared un favorably with the corresponding month a year ago. The increase over February is due, in large part, to seasonal purchasing. Last year, it will be recalled, Easter buying was done in March, while this year Easter comes nearly three weeks later, and it is probable that a great deal of Easter purchasing was delayed until after the beginning of April this year because of the cold and rainy weather which pre vailed during most of March. Chattanooga is the only city to report larger sales in March this year than last, while Birmingham and Chattanooga are the only cities whose March sales exceeded the monthly average for 1919, as indicated by the index numbers on the last page of this Review. The index number for the district increased from 84.0 in Feb ruary to 96.8 in March this year, compared with an increase from 77.7 to 105.1 at the same time last year. Stocks of merchandise increased 1.7 per cent over February, and were 8.7 per cent greater than at the close of March 1923. CONDITION OF RETAIL TRADE—MARCH 1924 Sixth Federal Reserve District A tlan ta (4) ________ Birm ingham (5) ....... Chattanooga (6) ___ Jackson (3) ___ N ashville (5) _____ New Orleans (5) ___ Savannah (3) ____ O ther Cities (12)___ DISTRICT (43)____ Percentage of Increase o r Decrease (4) (3) <1> (2) Comparison of n et sales with Percentage of average stocks! Percentage of outstanding Stocks a t end of month those of corresponds: orders a t end of Mrach a t end of each m onth compared w ith period last year 1924 to total purchases from Ja n . to date (3 during calendar B months) to average A A B year 192$ Ja n . 1 monthly sales Mar. Mar. Feb. to over same 1923 1924 Mar. 31 period — 7.9 — 7.0 —11.9 + 1.8 524.3 4.2 — 7.9 + 1.8 +25.7 — 7.7 622.3 4.2 + 10.4 +30.7 +25.6 + 1.2 587.5 6.0 — 0.4 + 5.7 + 6.2 + 9.2 587.9 X — 8.1 —0.3 + 1.8 + 7.3 508.9 5.9 — 9.3 — 0.7 + 8.1 + 2.8 7.3 519.7 —20.8 — 5.5 — 2.3 + 2.2 498.0 5.7 —14.5 — 2.1 + 8.8 + 5.6 596.5 3.3 — 8.2 + 0.8 + 8.7 + 1.7 5.7 548.3 WHOLESALE TRADE Wholesale trade in this district during March was not tip to the level attained during March last year, only one line out of the nine from which reports are received, showing a larger volume of sales. Electrical supply dealers reported a somewhat larger business than during March 1923, but all the other eight lines showed declines ranging from 0.0 per cent in drug* to 28.2 per lent in shoes. Compared with February 1924, five of the reporting lines showed increased sales and the other four reported smaller volume. The index numbers prepared from figures reported during the past five years increased in March over February in shoes and groceries, but de clines in dry goods and hardware produced a decrease in the aggregate sales by these four lines from 81.0 in February to 79.3 in March, compared with an increase from 78.0 in February 1923 to 89.0 for the month follow ing. Some part, at least, of the decline in sales by dry goods and shoe firms may be attributed to the lower prices. According to the index of the Bureau of Labor Statistics, prices of cloths nad clothing in March stood at 191 in March this year, (based on 1913 representing 100) compared with 201 for March a year ago. Wholesale dealers almost all state that the rainy 4 THE MONTHLY B U SIN E SS REVIEW weather and bad roads have interfered seriously with their business, and that the late spring has in many instances caused the loss of business because of the pro bability that many purchases which would have been made in an early spring will not now be made at all. The arrival of more favorable weather has, however, stimu lated business to some extent since the beginning of April, and wholesale dealers are expecting a fair busi ness during the coming months. A comparison of sales reported for March, by lines, is shown in the following table: Groceries (40 firm s)................. Dry Goods (31 firm s)................. Hardware (32 firm s)................ F urniture (20 firm s).............. Electrical Supplies (9 firms).. Shoes (10 firm s)......................... Stationary (4 firm s)................. Drugs (5 firm s)......................... Farm Implements (7 firm s)..... March 1924 compared w ith : March 1923 Feb. 1924 — 0.8 + 3.6 —25.4 —13.4 —16.2 — 7.3 — 6.3 — 0.2 + 13.7 + 8.8 —28.2 + 19.7 — 5.9 — 0.1 — 0.6 + 3.4 —14.4 + 11.6 Groceries The volume of sales reported by forty wholesale grocery dealers during March was more than three per cent larger than in February, and less than one per cent below their sales during March a year ago. Salse at Jacksonville and Other Cities were smaller than in February but at other points increased volume was reported. Jacksonville, Meridian and Vicksburg report ed sales larger than in March last year, but decreases were reported at Atlanta, New Orleans and Other Cities. Wholesale grocers almost all report the out look to be good, and state that spring weather is expected to bring better business. The index number, prepared from figures contained in a majority of these reports, increased from 86.6 in February to 88.6 in March, compared with 88-9 in March last year. Nine firms reported collections good, while fourteen reported their collections fair. Comparisons of sales by reporting cities follow: A tlanta (5 firm s)................................... Jacksonville (4 firm s)........................... Meridian (3 firm s)................................... New Orleans (9 firm s)........................... Vicksburg (4 firm s).......... .................... Other Cities (15 firm s)........................... DISTRICT (40 firm s)........................... March 1924 compared w ith : March 1923 Feb. 1924 —10.6 + 0.2 — 2.9 + 8.9 + 8.5 + 1.9 — 2.9 + 11.1 +11.5 + 4.6 — 1.9 — 5.6 + 3.6 — 0.8 Dry Goods Sales by wholesale dry goods dealers were distinctly disappointing in March, when a decline of 13.4 per cent compared with February was registered, and a decline of 25.4 per cent compared with March a year ago, in the sales by 31 firms. All reporting cities showed decreases compared with both months. Dealers state that the bad weather conditions and the lagging market for raw cotton during the month were respon sible for this lack of business. Salesmen in a great many instances were unable to cover their territories because of bad roads, and retail dealers were not dis p o se d to p u rc h a s e b e c a u s e o f u n c e r ta in p ric e c o n r d itio n s . T h e in d e x n u m b e r p r e p a r e d f r o m f i g u r e s r e p o r t e d b y m o s t o f t h e s e f i r m s d e c l i n e d f r o m 77.3 i n F e b r u a r y t o 68.5 i n M a r c h , c o m p a r e d w i t h a n i n c r e a s e f r o m 80.6 t o 92.5 a t t h e sam e tim e la s t y e a r . C o ll e c t io n s w e r e r e p o r t e d g o o d b y f o u r f i r m s , f a i r b y e le v e n f i r m s , a n d p o o r b y f o u r f i r m s . P e r c e n t a g e c o m p a r i s o n s b y r e p o r t i n g c i t i e s , a r e s h o w n b e lo w : M arch 1924 compared w ith : March 1923 Feb. 1924 —22.7 — 6.4 A tlanta (4 firm s)................................... —21.6 — 8.1 Knoxville (3 firms)....*............................... —29.4 —10.3 Jacksonville (4 firm s)........................... ... — 2.4 —27.8 Nashville (3 firm s)................................... —32.8 —28.5 New Orleans firm s)........................... —10.9 —20.5 Other Cities (12 firm s)........................... DISTRICT (31 firm s)..,....................... —13.4 —25.4 (5 H a rd w a re T h e v o lu m e o f b u s i n e s s r e p o r t e d b y 32 h a r d w a r e d e a l e r s in M a r c h w a s 7.3 p e r c e n t l o w e r i n t h e a g g r e g a t e t h a n in F e b r u a r y a n d o v e r 16 p e r c e n t l o w e r t h a n in M a r c h l a s t y e a r . C h a t t a n o o g a is t h e o n l y r e p o r t i n g c ity to sh o w in c r e a s e d s a le s o v e r F e b r u a r y , w h ile a ll c i t i e s r e p o r t e d d e c l i n e s c o m p a r e d w i t h M a r c h 1923. W e a th e r c o n d itio n s , th e r e ta r d e d a g r ic u ltu r a l s itu a tio n , a n d th e e ffe c t u p o n f a r m e r s o f th e lo w e r p ric e o f c o tto n in M a rc h , a r e g iv e n in m o s t o f th e r e p o r ts a s th e p r in c ip a l c a u s e s f o r t h e s m a lle r v o lu m e o f s a le s . T h e in d e x n u m b e r c o m p i l e d f r o m f i g u r e s r e p o r t e d b y n e a r l y a l l o f t h e s e f i r m s d e c l in e d f r o m 82.3 i n F e b r u a r y to 76.3 i n M a r c h , c o m p a r e d w i t h a n i n c r e a s e a t t h e s a m e t im e l a s t y e a r f r o m 74.2 t o 86.4. P e r c e n t a g e c o m p a r i s o n s o f s a l e s b y r e p o r t i n g c i t i e s a r e s h o w n b e lo w : A tlanta (3 firm s)................................... Chattanooga (3 firm s)........................... Jacksonville (3 firm s)........................... Montgomery (3 firm s)............................. Nashville (4 firm s).......... ....................... New Orleans (5 firm s)........................... Other Cities (11 firm s)......................... DISTRICT (32 firms)!........................... M arch 1924 compared w ith: Feb. 1924 March 1923 —18.6 —15.7 + 19.2 — 9.9 — 3.5 —14.0 —12.9 —10.6 — 15.8 —23.8 — 4.2 —15.9 — 4.4 —13.8 —7.3 —16.2 F u rn itu re S a l e s b y 20 w h o l e s a l e f u r n i t u r e d e a l e r s i n t h e d i s t r i c t in M a r c h w e r e p r a c t i c a l l y e q u a l i n a g g r e g a t e v o l u m e t o s a le s in F e b r u a r y , d e c lin in g b y o n ly tw o - te n th s o f o n e p e r c e n t . I t w il l b e r e c a l l e d F e b r u a r y s a l e s w e r e 24 p e r c e n t l a r g e r th a n in J a n u a r y . M a rc h s a le s w e re la r g e r a t A tla n ta a n d O th e r C itie s , b u t w e r e s m a lle r in C h a t t a n o o g a a n d N a s h v i l le , t h a n i n F e b r u a r y , w h il e A tla n ta r e p o r te d th e o n ly in c r e a s e o v e r M a rc h l a s t y e a r , t h e d i s t r i c t c o m p a r i s o n s h o w in g a d e c r e a s e o f 6.3 p e r cent T h e c a u s e s w h ic h p ro d u c e d d e c lin e s in o th e r l in e s a r e g i v e n b y f u r n i t u r e d e a l e r s a s b e i n g r e s p o n s i b l e fo r th e ir la g g in g s a le s , b u t m o s t o f th e m s t a te t h a t w ith th e a r r iv a l o f s p r in g w e a th e r b u s in e s s is e x p e c te d to im p r o v e . P e r c e n t a g e c o m p a r i s o n s b y c i t i e s f o l lo w s : M arch 1924 compared w ith: Feb. 1924 M arch 1923 A tlanta (6 firm s).................... ................. +14.0 ' +28.5 Chattanooga (3 firm s)........................... — 5.5 —20.3 Nashville (3 firm s)................................... —20.5 —32.9 Other Cities (8 firm s)........................ . + 1.0 — 1.8 DISTRICT (20 firm s)............................. — 0.2 — 6.3 5 THE MONTHLY B U SIN E SS REVIEW Shoes Sales by wholesale shoe dealers in this district show the best comparison of any line, with February, but were substantially lower than during March yast year. These firms, like those in other lines, however, state that retail merchants are buying very cautiously, and only as they need goods for current requirements. The index number of shoe sales increased from 54.4 in February to 65.1 in March. Percentage comparisons are shown in the following figures: A tlanta (3 firm s)..................................... Other Cities <7 firm s)............................. DISTRICT (10 firm s!........................... March 1924 compared w ith : Feb. 1924 March 1923 -fl5 .7 —33.3 -+-21.6 - -25.7 4-19.7 ... 28.2 Electrical Supplies March sales by nine whole2ale dealers in electrical supplies increased 8.8 per cent over February, and were nearly 14 per cent larger than in March a year ago. Retail dealers appear to be buying cautiously and for immediate needs only. Collections are reported good by four firms, fair by four, and poor by one. Percen tage comparisons of sales follows: A tlnata (3 firm s)..................................... O ther Cities (6 firm *)........................... DISTRICT (9 firm s)................................ March 1924 compared w ith : Feb. 1924 March 1923 -f- 0.0 -f-10.0 4 8.5 4-19.0 -j- 8.8 4-13.7 Percentage comparisons of sales in the other three reporting lines are shown in the first table. Collections reported by wholesale stationery dealers were good in two instances, fair in one, and poor in one. Wholesale business in farm implements increased 11.6 per cent over February, after an increase of 86.4' per cent in February over January, but in March sales were smaller by 14.4 per cent than in March a year ago. AGRICULTURE Weather conditions generally througout the district were unfavorable during March, although there were a few days during the latter part of the month which afforded opportunity for field work. The first few days in April were unfavorable in parts of the district, but as a general thing weather conditions have been more favorable since the beginning of April and farmers have been actively at work getting their lands in shape for planting. Farm work generally is from two to four weeks behind in the district. Preparation of ground for cotton has been much delayed by bad weather in Georgia, but more calcium arsenate is being used than last year in Georgia, Alabama and Mississippi. An increase in the acreage of tobacco is expected in Georgia and Florida, but a decrease is looked for in Tennessee. The freezes in March damaged some peaches consider ably, but Elbertas only slightly, in Georgia, while in Tennessee and Louisiana strawberries were hurt. Truck and home gardens were badly injured in all sections. The farm labor situation in Alabama and Florida is satisfactory, but in Georgia, Mississippi and Tennessee the supply is short, and in the cotton section of Louisi ana there is a shortage, although labor is reported plentiful in the rice and sugar sections. The decline in the price of cotton during February and March lessened the probability of an appreciably larger acreage over last year. The recent recovery, however, may tend to produce the opposite effect, although farmers are being constantly urged to devote sufficient acreage to foodstuffs and feed for their stock, and to plant in cotton only such acreage as they are able to properly cultivate, rather than plant larger acreages than they are in a position to take care of because of the cost of fertilizer, insect poison and proper cultiva tion. COTTON MOVEMENT Sixth Federal Reserve D istrict Feb. 1924 March 1924 Receipts—P o rte : New Orleans ........ Mobile .................... Savannah .............. Interior Towns: A tlanta .................. Augusta .................. Macon ....................... Montgomery .......... Vicksburg .... ..... . Shipments—P o rts : New Orleans ........ . Mobile .................... . Savannah .............. . Interior Towns: A tlanta ................... Augusta .................. Macon ...................... . Montgomery ........... Vicksburg ............... Stocks—P o rts : New Orleans ......... Mobile ..................... Savannah .......... ...... Interior Towns: A tlanta ................... Macon ....................... Augusta ................... Montgomery ........... Vicksburg ............... March 1923 79,229 3,752 18,272 110,019 4,605 27,039 149,506 2,943 61,327 7,480 4,706 1,407 668 16,602 9,369 8,464 1,278 1,243 16,348 18,865 34,839 77 1,802 22,682 121,259 8,070 28,323 148,660 4,832 43,245 137,944 2,919 55,570 14,346 9,176 2,037 861 14,124 14,389 13,933 2,436 1,832 12,962 30,259 30,416 416 7,439 19,820 128,111 5,988 170,141 9,840 54,598 172,250 6,195 56,603 23,995 6,713 30,861 7,343 33,864 13,126 5,930 62,047 12,445 43,093 8,263 5,818 12,933 5,007 COTTON MOVEMENT—UNITED (BALES) Since August 1. 1924 1923 Receipts a t U. S. P orts— 6,103,000 5,423,747 Overland to Nor. Mills and Canada ................... 822,367 1.113,439 Southern Mills Takings.... 2,785,000 3,191,428 Interior Stocks in excess of those held a t close Commercial year _____ 256,852 219,219 Total movement of crop 248 days ........................... 9,967,319 9,947,933 Foreign exports ............... 4,592,530 3,919,168 Amer. Mills N & S and Canada ........................... 4,717,894 5,688,237 Amer. cotton thus f a r ....... 8,685,000 9,807,000 ♦Minus STATES 1922 4,945,703 1921 5,091,194 1,350,861 2,809,611 1,090,250 2,137,504 * 36,272 690,343 9,069,903 9,009,800 9,695,000 ------ Citrus Fruits The condition of bearing orange and grapefruit trees showed some improvement in all parts of the belt during March. Old grove sections, especially where the mid-season crop was heaviest, showed the lowest condition, while many of the young grove and Valencia areas report a condition not far from normal. Bloom is generally late but heavy. The movement from THE MONTHLY B U SIN E SS REVIEW 6 Florida, shown in the figures following, shows an increase of 5,584' cars of oranges, grapefruit and tanger ines, for the season through March, compared with last season. These figures are compiled by Chase & Co., of Jacksonville, and show the car lot movement of fruits and vegetables from Florida for the month, and for the season: Oranges ...,............... G rapefruit ............... T angerines ( a ) ....... Season through March 1924 March 1928 March 1924 March 1923 5,269 3,117 24.370 20,904 3,027 3,038 14,603 13,510 24 00 1,025 00 Total citrus fru its 8,320 6,155 39,998 (a) Tangerines included w ith oranges in 1928. Lettuce ....................... Vegetables ................... Tomatoes ................... Cabbage ..................... Celery ......................... Potatoes ..................... Total vegetables 150 518 1,804 1,355. 2,082 72 497 504 2,084 587 2,238 39 4,981 3,949 1,792 2,716 3,554 3,141 5,054 77 16,334 34,414 2,537 1,600 3,163 910 4,027 39 12,275 SUGAR Weather conditions in Louisiana were generally unfavorable during most of March for growth of planted cane and farm operations generally. During the week ended March 29 favorable conditions prevailed, but the following week brought cold weather with a light frost throughout the sugar district, serving as another check to the growth of the crop, and the rain which followed interfered with field work. The second week in April has, however, brought more favorable weather, and planters are actively at work. Receipts: New Orleans Savannah ..... M eltings: New Orleans Savannah .... Stock: New Orleans Savannah .... Shipm ents: New Orleans Savannah ..... Stocks: New Orleans Savannah ..... SUGAR MOVEMENT—-MARCH Raw Sugar—Pounds March 1924 Feb. 1924 March 1923 155,618,671 35,029,826 119,632,725 37,946,670 204,164,257 45,902,241 142,170,386 26,582,280 117,417,340 35,580,664 164,706,913 42,129,084 49,168,818 35,720,533 12,793,274 4,345,728 Refined Sugar—Pounds March 1924 Feb. 1924 61,525,362 16,535,179 M arch 1923 117,876,966 18,556,795 113,679,273 26,211,615 123,359,693 27,908,451 54,602,322 14,964,524 57,625,799 9,098,038 53,448,489 12,681,428 RICE MOVEMENT—MARCH Rough Ricc (Sacks) P o rt of New Orleans March 1924 Feb. 1924 March 1923 Receipts .... ■ .............................. 49,104 40,072 17,365 Shipments ..................................... 37,117 53,026 27,553 Stock ......... 46,920 34,897 54,061 Clean Rice (pockets) P o rt of New Orleans 184,247 ........................................... 136’839 i92,560 shipments ......................................... 177,670 203,224 205,855 btock ....................... ...............- ....... 140,445 181,276 153,572 Receipts of Rough Rice (Barrels) Season to L ast Season to March 1924 Feb. 1924 March 1923 Association Mills 220,680 4,789,267 5,114,921 New Orleans Mills 49,140 705,449 1,035,012 Outside Mills ........ 99,884 1,751,220 1,914,320 369,704 7,245,936 8,064,253 Distribution of Milled Rice (pockets) Association Mills ................... 545.037 4,519,788 New Orleans Mills............... • 83,554 732,468 Outside Mills ....................... 190,311 1,650,934 Association Mills ....... New Orleans Mills....... Outside Mills ......... . 818,902 6,903,190 Stock on Hand A pril 1, 1924 M arch 1, 1924 729,529 1,056,585 182,243 212,203 270,200 411,585 1,181,972 1,680,373 4,520,834 1,202,550 1,470,976 7,194,359 A pril 1,1928 1,062,288 206,232 474*600 1,743,020 FINANCIAL Weekly reports to the Federal Reserve Bank by mem ber banks in selected cities of the district show an in crease of three million of dollars in loans on stocks and bonds between March 5 and April 9. Loans secured by government obligations, and other miscellaneous loans, showed small declines, but the total of bills discounted was a million and three quarters higher on April 9 than on March 5. Holdings of United States securities increased nearly half million dollars, and of other stocks and bonds nearly two and one-half million dollars, during that period. Time deposits of these banks increased nearly a million and a half dollars during that period, but demand deposits declined more than four million dollars, due to increased demands for agri cultural purposes. Borrowing at the Federal Reserve Bank by these banks, however, declined $1,380,000 during these five weeks. Compared with figures for April 11, 1923, loans, discounts and investments are approximate ly twenty million dollars higher, time deposits of these reporting banks nearly twelve million dollars greater, while demand deposits are four and a half million dollars lower. Accommodation at these banks at the Federal Reserve Bank at this time last year was only $5,213,000, compared with $21,876,000 on April 9 this year. Member Banks in Selected Cities (000 Omitted) A pr. 9, 1924 Mar. 5,1924 A pr. 11, 1923 Bills Discounted: $ 8,838 Secured by Govt. Obligations....!* 8,552 $ 7,541 Secured by stocks and bonds... 69,428 66,499 63,379 All other .................................. 350,837 351,682 337,893 Total bills discounted.......... 428,817 427,019 408,813 U. S. Securities ...................... 89,855 39,387 45,809 Other stocks and bonds.......... 41,867 39,396 36,028 Totals loans, discounts and 510,539 505,802 490,650 179,739 178,262 167,957 277,938 282,038 282,478 21,876 23,256 5,218 The weekly statement of the Federal Reserve Bank of Atlanta on April 16 shows a reduction since March 12 of nearly four million dollars in paper secured by government obligations. Other bills discounted declined about seven hundred thousand dollars, resulting in a decrease in total discounts of $4,712,000 during that period. Bills purchased also declined more than three million dollars, resulting in a decrease in total bills on hand of more than seven and three quarters millions of dollars. Unijted States securities owned declined from $5,350,000 on March 12 to $101,000 on April 16. Total THE MONTHLY B U SIN E SS REVIEW earning assets showed a decline of about thirteen million dollars, and cash reserves increased more than sixteen million dollars. Federal Reserve Notes in actual circulation increased more than seven million dollars during that period. The following table shows comparisons of important items in the weekly state ment for April 16 with March 12, and with April 18 last year: Federal Reserve Bank (000 Omitted) Apr.16,1924 Mar.12,1924 Apr. 18,1928 Bills Discounted: Sec. by Govt. Obligations............. $ 6,036 All other ....................................... 32,411 $ 10,648 83,112 $ 4,012 19,840 Total bills discounted ............... 39,048 7.092 Bills bought in open market Total bills on hand ................. 4ft. 139 101 V . S. Securities............................. Total earning assets..................... 46,241 Cash reserves ............................... 149,400 Total deposits .......... .................... 57,835 F. R. Notes in actual circulation 140.009 75.5 Kt*serve Ratio ............................... DEBITS TO INDIVIDUAL ACCOUNTS Sixth Federal Reserve D istrict Apr. 16,1924 Mar. 12,1924 A pr. 18,1923 Albany ........................... $ 950,000 $ 859,000 $ 960,000 A tlanta ........................... 34,138,000 29,915,000 32.395.000 Augusta ......................... 6,518,000 6,215,000 6.453.000 Birm ingham ................. 26,870,000 25,564,000 24.768.000 Brunsw ick ................... 642,000 654,000 625.000 Chattanooga ................. 8,906,000 8,410,000 9.423.000 Columbus ....................... 2,974,000 2,534,000 2.926.000 Dothan ........................... 556,000 688,000 645.000 EUberton ......................... 206,000 205,000 201.000 Jackson ......................... 4,100,000 3,754,000 2.997.000 Jacksonville ................. 19,238,000 13,554,000 14.689.000 Knoxville ....................... 8,464,000 7,376,000 7.782.000 Macon ............................. 4,910,000 4,484,000 4.938.000 Meridian ....................... 2,639,000 2,501,000 2.381.000 Mobile ............................. 6,087,000 6,541,000 6.951.000 5,337,000 Montgomery ................. 5,601,000 5.634.000 Nashvile ......................... 19,117,000 18,864,000 17.647.000 Newnan ......................... 390,000 390,000 401,000 New Orleans ............... 81,141,000 80,952,000 68.687.000 Pensacola ..................... 1,831,000 1,814,000 1.723.000 Savannah ....................... 9,306,000 8,407,000 9.179.000 Tampa ........................... 9,037,000 8,840,000 8.180.000 Valdosta ......................... 1,112,000 1,065,000 1.146.000 Vicksburg ................... 1,917,000 1,695,000 1.486.000 Total ............................... $256,650,000 $240,618,000 $232,217,000 COMMERCIAL FAILURES The total liabilities of defaulting firms during March was larger than for any month in the recent years. The Second Federal Reserve District had liabilities of defaulting firms which had been exceeded only four times in more than five years, while the Fifth Dis trict registered the largest total on record because of the failure of one firm whose liabilities were forty millions of dollars. Liabilities in the Sixth District were also appreciably larger than in the preceding month or the same month a year ago. Following are figures for this district, and for the United States, for March, with comparisons: Num ber: March 1924 Feb. 1924 128 129 Sixth D istrict ............... United Statse ................... 1,817 1,730 L iabilities: Sixth D istrict ............. $ 5,111,223 $ 2,361,030 United States ............. 97,651,026 35,942,037 March 1923 117 1,682 $ 2,788,463 48,393,138 43.760 10,161 53,921 5,360 59,281 133,225 63,106 132.888 t‘»8.0 23,852 28,581 52,433 2,525 54,958 136,311 62,842 126,951 71.8 Savings deposits for March, reported to the Federal Reserve Bank by 94 banks in the District, are shown in the following table: SAVINGS DEPOSITS—MARCH 1924 March 1924 A tlan ta (7 b an k s)............................................................... $ 30,825,107 Birmingham (5 b an k s)........................................................... 21,595,246 Jacksonville (5 banks)........;.................................................. 20,107,003 Nashville (10 b an k s)............................................................. 18,468,049 New Orleans (8 b an k s)......................................................... 46,931,247 Other Cities (59 b an k s)...................................................... 87,550,506 Total (94 banks) ........................................................... 225,477,158 7 Feb. 1924 $ 30,912,057 21.404,472 19,568,437 18,668,881 46,549,513 86,003,752 223,107,112 Comparison of Mar. 1924-Feb. 1924 M arch 1923 — 0.3 $ 29,477,127 + 0.9 20,280,946 + 2.8 17,907,871 — 1.1 16,078,143 -f 0.9 43,801,343 + 1.8 79,671,973 -|- 1.1 207,217,403 Comparison of March 1924-1923 + 4.6 + 6.5 +12.3 +14.9 + 7.1 + 9.9 + 8.8 IMPORTS AND EXPORTS. Preliminary figures compiled and published by the Department of Commerce show a small falling off during March in both imports and exports, compared with February. Imports during the nine months er.dirg \ii1h March 1924 shewed a fallin g off o*J nearly $72,500,000 compared with the same period a year ago, while exports for that period showed an increase of more than $329,000,000. During the nine months ending March 1924 the excess of exports over imports was $672,771,994 compared with $270,991,245 for the corresponding period a year earlier. Preliminary figures for March, with corrected figures for February, are shown in the following table: 1924 Im ports: March ................................................... $ 319,000,000 February ............................................... 332,539,705 N ine months ending with M arch..... 2,651,491,980 E xports: March ................................................... 341,000,000 February ............................................... 366,134,434 Nine months ending with March..... 3,324,263,974 1923 $ 897,928,382 303,412,419 2,723,933,530 341,376,664 306,957,419 2,994,924,775 Gold and Silver The following figures show the imports and exports of gold and silver: Gold March 1924 Imports .....................................................$34,322,375 Exports .................................................. 817,374 Excess of im ports................................... 33,505,001 Silver Imports ................................................... 6,220,934 Exports ................................................... 8,355,278 Excess of exports................................... 2,134,344 $ March 1923 15,951,357 10,392,100 5,559,257 4,626,376 4,731,705 105,329 During the nine months ending with March, gold imports exceeded gold exports by $297,397,657, compared with $162,317,534 for the same period a year ago, while silver exports for the nine months ended with March exceeded imports by $7,126,612, compared with an excess of imports over exports of $5,667,884 for the same period a year ago. 8 THE MONTHLY B U SIN E SS REVIEW New Orleans Because of large receipts of sugar during February, the value of merchandise imported through the port of New Orleans during that month was greater than during February of any preceding year, exceeding imports in February last year by nearly four million dollars, and being more than two million dollars higher than the value of imports in February 1920. Practically all important items showed increases over Feb ruary a year ago, excepting bananas, tin and ferro maganese. The increase in sugar amounted to $1,651,680, in coffee to $1,180,090, and increased values were also shown in nitrate of soda, burlap^, mineral oils molasses, newsprint paper and, other items. Figures for eFbruary for the past ten years are shown for comparison: February February February February February 1924........... $17,484,812 1923........... 13,585,903 1922.......... . 8,147,458 1921........... 11,518,660 1920........... 15,401,360 February February February February February 1919.. 1918.. 1917.. 1916.. 19^5.. ..$8,224,478 .. 9,772,231 .. 9,929,327 .. 6,511,475 .. 6,429,353 Some of the principal articles of import during Feb ruary are as follows: Volume Sugar, lbs................................................. 113,564,536 Coffee, lbs................................................ 37,149,154 N itrate of Soda, to n s......................... 24,090 Burlap, lbs .......................................... . 14,662,662 Gasoline, gals........................................... 5,040,000 Mineral oils, gals...................................... 58,137,156 Bnaanas, bun............................................ 1,078,412 Molasses, gals.......................................... 8,130,044 Tin in blocks, lbs.................................... 675,534 Newsprint paper, lbs.............................. 3,665,430 Value $ 5,763,694 5,098,771 1,387,704 1,382,548 455,617 983,584 372,888 304,739 275,587 113,261 Grain Exports The following figures for March show a continuation of the decline in grain exports through New Orleans: Mar. 1924 Wheat ............. 3,702 Corn ............... 965,933 Oats ................. 16,690 Barley ............... ...............0 Rye ................... ............... 0 Total ....... 986,375 Season to L ast Season to Mar. 1923 Mar. 31, 1924 Mar. 31, 1923 539,354 5,833,397 23,263,897 1,972,920 4,131,287 16,408,796 77,495 249,985 530,614 0 0 10,428 248,571 195,913 773,571 2,838,340 10,410,582 40,987,306 BUILDING Building permits issued during March 1924 at twenty reporting cities in the district are shown in the follow ing statement. The percentage comparison with March 1923 results in the same increase as obtained in Febru ary this year over February 1923. The figure for Birmingham includes one permit for the construction of railroad shops by the Southern Railway at a cost of more than a million dollars. Substantial increases over March 1923 were also shown at Jacksonville, Miami, Savannah, New Orleans, Chattanooga, and Johnson City, while decreased values were reported from a number of other cities. The index number for March stands at 240.6, compared with 2c6.9 for February, 227.9 for March a year ago. BUILDING PERMITS—MARCH 1924 Sixth Federal Reserve D istrict A lterations & Repairs No. Value A labam a: A nniston .................. ....................... Birm ingham ................................. Mobile ............................................. Montgomery .............................. ..... New Buildings No. Value Total Mar. 1924 Total Mar. 1923 14,800 2,021,635 52,000 12,700 $ 18,415 2,086,740 82,755 26,462 $ 13 390 75 $ 3,615 65,105 30,755 13,752 9 144 29. F lorida: Jacksonville ................................... Miami ............................................... Orlando .................. ..................... Pensacola ....................................... Tampa ............................................. 223 75 53 47 193 96,102 39,670 18,425 11,208 52,902 91 203 126 13 142 666,505 603,993 253,075 31,800 402,115 Georgia: A tlanta .................................. ......... Augusta ......................................... Columbus .......... .............................. Macon .......... ................................... Savannah ....................................... 122 146 6 47 29 75,811 35,983 8,675 13,580 21,445 314 25 13 87 51 L ouisiana: New Orleans .............. .................. A lexandria ..................................... 49 33 105,175 21,891 140 2 124 139 1906 Tennessee: Chattanooga .................................... Johnson City .................................... Knoxville ......................................... . ........ Nashville ......................................... ......... Total 20 Cities........................... .... $ P ercentage of Increase or Decrease 93,325 1,247,595 133,450 161,015 — + — — 80.3 67.3 38.0 83.6 762,607 643,663 271,500 43,008 455,017 449,014 442,600 444,495 49,659 355,007 -f + — — + 69.8 52.3 38.9 13.9 28.2 1,182,206 38,855 73,740 39,110 429,275 1,258,017 74,838 82,415 52,699 450,720 2,138,284 147,429 67,550 89,089 142,785 — 41.1 — 49.2 + 22.0 — 40.8 +215.7 181 15 970,825 40,585 1,076,000 61,976 722,975 56,290 + 48.8 + 10.1 52,930 575 14.530 35,991 38 51 124 199 371,300 127,640 323,450 302,785 424,230 128,215 337,980 338,776 295,768 56*750 702,294 440,513 + 45.1 ■f 125.2 — 51.9 — 23.1 $717,620 2,155 $7,958,403 $8,676,023 $8,215,887 -f 5.6 THE MONTHLY B U SIN E SS REVIEW LUMBER Production of southern pine mills reporting to the Southern Pine Association for March has ranged around 90 per cent of normal during most of the month, while orders have been between 80 and 85 per cent of normal production. Shipments during most of the month have ranged a little below output, and were slightly lower than orders during the weeks ended March 14' and 21. A very large proportion of the reporting mills have operated full time during the month, and for the week ended April 4 a statement issued by the Association shows that of 86 mills operating 67 operated full time, while 7 of these operated overtime and 5 double shift, and 8 other mills operated five days during that week. Retail demand is developing more slowly than was expected, but the cold rainy weather has retarded building to some extent in many sections. Preliminary figures for March reported to the Southern Pine Association up to April 15, by 140 Mills, are shown below; Mar. 1924 140 Mills Orders ................................. 295,617,405 Shipm ents ......................... 308,430,455 Production ........................... 339,868,835 Norm al production these mills .................. ............ 343,209,608 Stocks and of m onth........... 842,556,496 Normal Stocks these mills 948,322,162 Unfilled orders end of month ........................... 241,452,475 Feb. 1924 140 Mills 262,349,070 295,22*?, 680 314,571,147 M ar. 1923 145 Mills 333,602,041 372,899,145 365,163,546 331,783,339 796,123,698 916,435,103 364,230,617 840,813,306 963,424,520 237,932,574 425,850,544 COTTON CONSUMPTION Mar. 1924 Feb. 1924 Cotton Consumed: 483,928 507,876 L in t ........... ............ 41,698 41,030 L inters ................... On H and in Consuming E stablishm ents: 1,578,272 1,498,266 L in t .................. .... 126,149 123,999 L inters _________ In Public Storage and a t Compresses: L in t ....................... 1,983,544 2,485,009 L inters ................... 89,032 87,087 E x p o rts: L in t ....................... 315,055 469,871 L inters ................... 17,091 12,275 Im p o rts: ....................... 49,832 48,601 Active Spindles ......... . 32,392,171 32,683,786 Cotton Growing States Mar. 1924 Feb. 1924 332,109 349,759 Cotton Consumed ......... On H and in Consuming Establishm ents ......... 856,633 944,000 In Public Storage and 2,197,578 a t Compresses ......... 1,725,228 16.269.20-1 Active Spindles ........... 16,184,814 Mar. 1923 624,264 54,509 2,033,837 172,600 2,379,697 49,258 309,863 8,347 53,279 35,498,234 Mar. 1923 392,269 M arch 1924 compared w ith : M arch 1923 Feb. 1924 — 1.9 Cloth production ............. ..................... - f 0.6 — 3.2 Cloth shipm ents ............... ...... *............ + 1.7 — 58.1 ..................... —38.5 Orders booked ............... — 41.2 —36.2 Unfilled orders ....................................... 4-147.3 + 2.1 Stocks of cloth on hand ...................... + 5.0 Number on payroll .... ........................,....+ 4.5 Cotton Yarn Yarn production in this district during March, re ported by 26 mills, was one per cent larger than in February, although more than ten per cent less than their output in March a year ago. Shpments showed decreases compared with both of those periods, as did also unfilled orders at the end of the month, while stocks of yarn on hand were larger than at the close of either the preceding month or the corresponding month month last year. All of the reports which contain com ment state that the market for yarns during March was poor, and that prices offered were unsatisfactory. One mill reports fifty per cent curtailnfent pending improvement in the demand, while two other mills have closed down entirely until there is a better demand for their products. Twenty-two of the mills reported that it would require a little more than six and one-half weeks to complete their unfilled orders, while at this time last year their unfilled orders would require twelve and one-half weeks operation. Percentage comparisons are shown below: 1,221,310 2,057,306 16.067,578 MANUFACTURING Cotton Cloth Reports made to the Federal Reserve Bank for March by 30 mills manufacturing cotton cloth in this district show production for the month to be lj&ss than one per cent larger than in February, and a little under two per cent below their output in March last year. Shipments were a little larger than in Feb ruary, but over three per cent below March 1923. Orders received by the mills during the month, and unfilled orders on hand at the close of the month, both regis tered substantial declines, compared with both the preceding month and the corresponding month last year, while stocks of cloth increased slightly over those on hand at the end of February, and were nearly two and one-half times as large as at the end of March 1923. The reports contain little comment except that the dry goods market was quiet during the month. Twentyfour of the reporting mills stated it would require nearly seven weeks to complete their orders on hand, while at this time last year they had orders which would require twelve weeks operation. Following are percentage comparisons: Y arn production .... Yarn shipments ...... Unfilled orders Stocks of yarn on hand.. Number on payroll ........... March 1924 compared w ith : Feb. 1924 M arch 1923 + 1.0 —10.6 — 6.5 —15.4 —12.6 —42.8 + 4.5 —16.9 — 1.0 —12.2 Overalls A decline of 27 per cent in output was reported by seven overall plants during March compared with Feb ruary, while stocks increased nearly twelve per cent. Orders received by these plants were substantially lower than in February, or March lsat year, and unfilled orders showed still larger decreases compared with both of those months. Cancellations were about the same 10 THE MONTHLY B U SIN E SS REVIEW as during February, but a little larger during March 1923. The reports indicate a very light demand with declining prices, but state that weather conditions have contributed partly to this adverse situation. The reporting mills operated on an average of 71 per cent of full capacity during March, compared with 77 per cent during February, and with 85 per cent during March last year. Following are percentage comparisons: Overalls m anufactured ...*...................... Stocks of overalls on hand ................. Orders booked .......................... ................. Unfilled orders ......................................... Number on payroll................................... March 1924 compared w ith : Feb. 1924 March 1923 —27.0 —25.4 +11.8 +22.6 —25.7 —51.4 —58.5 —67.5 — 5.4 — 7.0 Brick With the approach of spring weather, brick pro duction showed an increase of 59 per cent over Febru ary, and was about the same as during March last year. Orders received were only slightly lower than in Feb ruary. but orders received and unfilled orders were both substantially lower than for March last year. Cold and rainy weather during March interfered to some extent with manufacturing, but reports indicate a fair demand and good prospects for the season. „ . , , . Brick production ..................................... Stocks of brick on hand.......... .............. Orders booked ......................................... Unfilled orders ......................................... Number on payroll ................................. March 1S24 compared w ith : Feb. 1924 March 1923 +59.1 + 0.8 — 4.0 +13.6 — 1.6 __60^2 __67.2 -f- 3.7 -j- 2I4 _ 4.6 Hosiery A further reduction in output during March is indi cated in figures reported to the Census Bureau by 26 identical establishments operating 37 hosiery mills in the Sixth Federal Reserve District. Shipments also declined, and stocks increased. Cancellations were slightly smaller than in February. Orders booked, however, increased from 476,742 dozen pairs in Febru ary to 648,449 dozen pairs in March, and unfilled orders at the end of the month also showed an increase. Hosiery m anufactured...,..................... Shipments ............................................... Product on hand a t end of month Orders booked ....................................... Cancellations ........................................... Unfilled orders ........... ........................... March 1924 580,699 529,514 1,482,417 648,449 40,681 1,154,673 February 1924 616*258 556,081 1,447,700 476,742 40,937 1,049,772 Note: February orders and unfilled orders corrected since last report. EMPLOYMENT Except for a shortage of farm labor, and a surplus of common labor at various points in the district, caused by curtailment in coal mines and industrial plants, the employment situation generally continues satisfactory. Industrial activity in Georgia continues on a fairly favorable basis, and employment conditions are good. All plants at Atlanta, Augusta, Macon and Savannah are operating, though cotton-oil mills at Atlanta and some cotton mills at Augusta are on part time basis. Practically all industrial plants at Macon are operat ing full time, and there is a scarcity of skilled labor, though a surplus of untrained clerical help and of com mon labor. Practically all industrial plants in Florida are oper ating full time, excepting cigar factories at Key West, and there is very little unemployment. Large building programs are under way in all parts of the state, includ ing a large railroad bridge project, an automobile assembling plant and apartments at Jacksonville, several hotels and apartments at Miami, a business block and a lumber mill and warehouse at Orlando, theatre at Pensacola, in addition to road building projects and residential construction at most all points. A surplus of labor exists in the coal-mining district of Alabama, where mines producing steam coal are operating four days a week and domestic-coal miners two days a week. A considerable number of cotton mills in the state are on part time basis. Several large projects in and around Birmingham will afford employ ment for both skilled and unskilled labor Shipbuilding yards at Mobile continue on part time, affecting a large number of workers. Building tradesmen are occupied, but there is a surplus of unskilled labor. Supply of labor, and the demand, are about equal at Montgomery where practically all plants are on full time. A surplus of unskilled labor is reported at New Orleans. Some curtailment has taken place in food, tex tiles, garment factories and other seasonal industries, such as cotton-oil and syrup canneries, and cottonseed products, while slight gains were made in the oil indus try and railroads. A few lumber mills are working overtime. The building program has been enlarged, and many projects which have been held up by weather conditions will soon be started. There is an ample supply of labor#in Mississippi, with little or no surplus apparent. A majority of lumber mills are operating full time, but there has been con siderable curtailment of operations and production in cotton mills. Reports from Jackson indicate a shortage of farm larbor, but most industrial plants are operat ing full time excepting cotton mills and cotton oil mills. A shortage of farm labor is reported in Tennessee, although there is a large surplus of unskilled labor in most towns and cities. Several coal mines are closing down, adding to the surplus, but the iron and steel industry is on steady time operations. Although wea ther conditions have been unfavorable to the lumber industry, most plants are running full time, but textile mills report curtailments in operating time and forces. Large building and construction progress will shortly relieve the present situation. THE MONTHLY B U SIN E SS REVIEW COAL MINING Production of bituminous coal in the United States, according to statistics compiled by the Geological Survey has continued the decline which began in Feb ruary. The first week of the new season, beginning with April, brought a reduction in output of 2,000,000 tons under the preceding week. The continued decline in production has been due to a general and marked soften ing of the market, larger losses of working time through lack of demand being reported from practically all of the fields. Mines were shut down on an average of 50 per cent or more of full time in 22 of the 23 dis tricts east of the Mississippi, and although there was some little improvement west of the Mississippi caused by the cold spells in March, mines in six of the twelve producing states there were closed half time or more. The sharp decreases for the week ended April 5 due in part to the wide observance, in Union districts, of the Eight-Hour Day holiday, and to slackening demand. The following figures indicate the weekly output since the beginning of March: Week Ended Tons M arch 8 .......................................................... .. 9,617,000 M arch 15 ............................................................9,626,000 March 22 ............................................................9,261,000 M arch 29 .......................................................... ...8,818,000 April 5 ................................................................6,826,000 April 12 .......................................................... ...6,834,000 April 19 (a ).............. ........................................ ...6,945,000 (a) Subject to revision. There was a falling off in coal mined in Alabama dur ing March, when 1,640,000 tons were produced, compared with 1,679,000 tons in February, notwithstanding March had more working days. Production in Alabama dur ing March 1923, was 1,950,000 tons. The mines are working from one to three days a week, although some mnes are shut down. IRON Statistics compiled by the Iron Age show another sharp increase in production of pig iron in the United States during March over the preceding months. The total tonnage produced in March is reported as 3,461,132 tons, and is higher than for any month since last July, while the daily rate of production was 111,650, also exceeding the daily output of any month since July. There were 11 furnaces blown in during March, and 5 blown out, or a net gain of 6 for the month. Active furnaces at the end of March numbered 270, compared with 264 at the end of February, and with 293 active at the end of March last year. The output of iron in the Alabama district during March was 231,763 tons, and was higher than the out put of any month since July. Buying of iron in the southern market has been rather slow, and during the month there were reports of a weakening in the price, but at the close of the month reports state that the pre vailing price was $23.00 to $23.50 per ton. Foundries are busy and are shipping a heavy tonnage of pipe. The surplus stock of iron was reduced in March about 11,000 tons, some companies having added a little to their stocks while others are shipping. The index num ber of production in Alabama during March stands at 131.8, compared with 124.8 for February, and with 144.6 for March a year ago. The following figures show comparisons for March statistics with those for February, and for March a year ago: United S tates: Production ....................... Daily rate ......................... Furnaces .................. ...... A labam a: Production ................... Daily rate ....................... Furnaces ........................... 11 March 1924 Feb. 1924 M arch 1923 3,461,132 111,650 270 3,074,757 106,026 264 3,521,275 113,675 293 231,763 7,476 23 219,358 7,568 23 254,239 8,201 27 Unfilled orders of the United Stated Steel Corporation at the close of March were 4,782,807 tons, a decrease of 130,094 tons compared with the month before, thus arresting the upward trend which began in December. Unfilled orders at the end of March a year ago were 7,403,332. NAVAL STORES Receipts of turpentine at three principal markets during March, the closing month of the naval Stores season, were slightly smaller than during February, and rosin receipts were substantially lower than in February, or in March a year ago. Stocks of both commodities at the end of March were somewhat lower than at the close of February. Compared with figures for the past ten seasons, stocks of turpentine at the close of the season just ended were lower than stocks for any year excepting 1922 and 1920, while supplies of rosin were smaller than at the same time of any year excepting 1923 and 1920. The freezing tempera tures during March have interfered with preparations for the new crop, and the movement to market has been delayed from two to three weeks. The following figures show the movement for March at the three markets in this District: NAVAL STORES—MARCH 1924 Receipts—T u rp en tin e: Savannah ........................... Jacksonville ..................... Pensacola ......................... M arch 1924Feb. 1924 M arch 1923 1,252 2,458 1,116 1,644 2,612 822 1,627 2,947 183 4,826 5,078 4,757 10,491 13,811 5,514 16,344 26,156 8,110 16,605 22,882 8,960 Total ......................... Shipments—T u rp en tin e: Savannah ..................... Jacksonville ................... Pensacola ......................... 29,816 50,610 48,445 4,939 8.873 2,377 5,277 6,291 906 5,836 11,502 2,797 Total ........................... R osin: Savannah ........................... Jacksonville .......... ............ Pensacola ......................... 16,189 12,474 20,135 32,792 29,786 6,694 51,566 30,456 14,085 30,542 67 840 11*304 Total ......................... Stocks—T u rp en tin e: Savannah ........................... Jacksonville ..................... Pensacola .......... .............. 69,272 96,107 109,685 5,151 16,109 2,227 8,838 21,822 3,488 1,722 8,146 4,724 Total ........................... R osin: Savannah ........................... Jacksonville ................... Pensacola ........................... 23,487 34,148 14,592 58,426 117,363 50,986 80,727 128,216 52,166 64,183 122,650 35,668 Total .......... .............. 226,775 261,109 222,501 Total ...................... R osin: Savannah ......................... Jacksonville ..................... Pensacola ......................... THE MONTHLY BU SIN E SS REVIEW 12 MONTHLY INDEX NUMBERS The following index numbers, except where indicated otherwise, are computed by the Federal Reserve Bank of Atlanta, and are based upon average figures for 1919. That is., average monthly figures for the year 1919 are represented by 100, and the current monthly index numbers show the relation of activity in these lines to that prevailing in 1919. Retail Trade 6th Dist. (D epartm ent Stores) A tlanta ....................................................... Birm ingham ............................................... Jan . 1924 69.3 100.6 Chattanooga ............................................... Jackson ....................................................... 102.7 79.4 Nashville ..................................................... New Orleans ............................................. Savannah ..................................................... Other Cities ................................................ D istrict (43 firm s)....................... •.............. 74.3 96.8 Feb. 1924 63.1 97.6 87.9 61.3 78.2 73.7 82.1 92.1 52.5 80.0 87.2 84.0 March 1924 93.8 119.4 107.7 95.1 91.8 99.7 64.8 82.7 96.8 Ja n . 1923 71.3 Feb. 1923 88.8 74.3 92.4 63.8 58.9 76.3 72.0 76.6 76.9 95.7 57.2 77.2 85.0 81.7 51.7 70.6 77.7 March 1923 103.4 129.6 96.2 100.8 98.2 110.0 82.4 93.3 105.1 Retail Trade— U. S. (1) D epartm ent Stores ........................ 109 99 101 Shoe .............................................. 191 141 99 185 143 93 Five and Ten Cent...................... Music ........................................... Candy ....................................... Cigar ............................... 126 84 154 119 140 Mail Order Houses ........................ 96 115 106 100 88 88 84 123 113 109 149 118 163 99 131 136 165 129 86 115 95 160 126 72 190 145 117 88 145 162 96 132 116 133 110 187 135 Chain S to re s: Grocery .................................. ...... Drug ......................... ................... 97 166 124 Wholesale Trade 6th Dist. Groceries ............................................. Dry Goods ............................................ H ardw are .......... ............................ Shoes ................................................. Total ....................................... 88.7 77.1 90.3 48.6 83 9 86.6 77.3 82.3 54.4 81.0 38.6 68.5 76.3 65.1 79.3 79.2 89.4 89.5 51.2 81.8 81.5 80.6 74.2 61.6 78.0 88.9 92.5 86.4 88.1 89.0 209 2 236.9 240.6 210.1 224.3 227.9 118.5 128.3 120.6 124.8 135.8 131.8 126.7 132.4 117.5 129.3 138.2 80.1 81.9 79.8 115.3 121.5 123.5 Building Permits 6th Dist. Twenty Cities ................................... Pig Iron Production United States .......................... Alabam a ................................... Unfilled Orders of U. S. Steel Corp’n (1) Computed by Federal Reserve Board. 144.6
@FedFRASER