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C o v e r in g C o n d it io n s in t h e S ix t h F e d e r a l R e s e r v e D i s t r ic t .

F E D E R A L R E SE R V E BANK O F ATLA N TA
OSCAR NEWTON
C h airm an a n d F e d e ra l R eserve A gent

VOL. 10, No. 4

(C om piled A p ril 16. 1925)

WARD ALBERTSON
A ssistant F e d e ra l R eserve A gent

ATLANTA, GA., APRIL 30, 1925

T^^|papJSlrt ^ ^ ,-ca n fa
tio

BUSINESS CONDITIONS IN THE UNITED STATES
Prepared by the Federal Reserve Board
Production in basic industries was smaller in March than
in the two preceding months, but was as large as at any­
time in 1924. Distribution of merchandise, both at retail
and wholesale, was in greater volume than a year ago.
Wholesale prices, after increasing since the middle of 1924,
remained in March at about the same level as in February.

Wholesale prices of most groups of commod­
ities included in the index of the Bureau of
Labor Statistics declined somewhat in March but owing to
an advance of food prices, particularly of meats, the general
level of prices remained practically unchanged. Prices of
many basic commodities, however, were lower at the middle
of April than a month earlier.

Production The Federal Reserve Board's index of produc­
tion in basic industries declined in March to
a level five per cent below the high point reached in January.
Iron and steel production and cotton consumption showed
less than the usual seasonal increase during March, and
activity in the woolen industry declined. There was a
further decrease in the output of bituminous coal. In­
creased activity in the automobile industry was reflected
in larger output, employment and payrolls. In general,
factory employment and payrolls increased during the
month. The value of building contracts awarded in March
was the largest on record, notwithstanding the recent
considerable reduction in awards in New York City.

Bank Credit The volume of loans and investments at
member banks in principal cities continued
at a high level during the five week period ending on April
15. Total loans declined, reflecting chiefly a reduction in
loans on stocks and bonds, and also some decrease in loans
for commercial purposes. Investment holdings, which
early in March had been nearly $300,000,000 below the high
point of last autumn increased by the middle of April by
about half this amount. Demand deposits, after declining
rapidly between the middle of January and March 25, in­
creased during the following weeks, but on April 15 were
still $633,000,000 below the maximum reached in January.
At the reserve banks the volume of earning assets on April
22 was about $75,000,000 below the high point at the end of
February, but continued above the level of a year ago.
Discounts for member banks were about twice as large in
April as at the exceptionally low point in the middle of
January, while total United States securities and accep­
tances held were in smaller volume than at any time during
the year.

Trade

Wholesale trade in all principal lines increased
in March and the total was larger than a year
ago. Sales at department stores and by mail order houses
increased less than usual at this time of the year. Stocks
of shoes and groceries carried by wholesale dealers were
smaller at the end of March than a month earlier, and
stocks of dry goods, shoes and hardware were smaller than
last year. Stocks of merchandise at department stores
showed more than the usual seasonal increase and were
somewhat larger than last year.

Index of 22
basic commodities corrected for seasonal variation
(1919—
100.) Latest figure. M
arch 120.


Prices

Somewhat easier money conditions in April were indicated
by a decline of one eight of one per cent in the open market
rate on 90 day acceptances to 3i per cent, and by sales of
prime commercial paper at below 4 per cent.

P Rcent
E

Index of U. S. Bureau of Labor Statistics. (1913— base adopted
100)
by Bureau. Latest figure. M 161.
arch

THE MONTHLY BUSINESS REVIEW

2

BILLIONS OF D
OLLARS

BILLIONS OF DOLLARS

10

W eekly figures fo r 12 F e d e ra l R eserve B anks.
L a te st figure. A p ril 22.

W eekly figures fo r m em ber b a n k s In 101 le a d in g cities.
L a te s t figure. A pril 15.

SIXTH DISTRICT SUMMARY.
Business and financial statistics for the month of March
and early April, show favorable comparisons with a month,
ago and with last year, in nearly all instances. The volume
of retail and wholesale trade was substantially larger in
March than in February, due partly to seasonal influences
and to the longer month. Retail sales in March were 4.9
per cent greater than in the same month a year ago, and the
rate of stock turnover showed improvement over last year,
both for the month, of March, and for the first quarter of the
year. Sales by reporting wholesale firms in eight lines were
larger than in March. 1924, while only one line exhibited a
decrease compared with that month. Deposits at report­
ing cities, both demand and savings, are materially higher
than at this time last year, and debits to individual ac­
counts, measuring the volume of payments by check, are at
a higher level thanja year ago. Commercial failures in the
district, in point of liabilities, were slightly larger in March
than in February, but considerably smaller than in March
last year. Building permits at twenty reporting cities in
the district were 39 per cent greater in March of this year
than for March 1924, and thfere is a fairly active demand for
lumber, many mills reporting overtime and some double

shifts. There was an increase in pig iron production in
March, both in the United States as a whole, and in the
Alabama district, but unfilled orders of the United States
Steel Corporation showed a decline.
RETAIL TRADE.
The volume of retail trade in the sixth district compared
favorably in March with the same month a year ago. Sales
reported to the Federal Reserve Bank by 49 department
stores were 4.9 per cent larger than in March 1924, increases
being shown for all cities shown in the statement except
Chattanooga, Tenn., and Jackson, Miss. Sales for theperiod
January 1 to March 31, however, were 0.4 per cent below the
volume for the same period last year. Stocks on hand at the
end of March this year were 9.5 per cent smaller than a year
ago, but increased 8.4 per cent over February. Stock turn­
over for the month of March this year was better at all re­
porting cities than during March last year, and for the year
to date the turnover showed improvement over the same
period a year ago at all reporting cities except Jackson, where
the turnover this year has not been quite as rapid as last
year. The relative volume of outstanding orders at the end
of March was considerably lower than a month ago.

CONDITION OP RETAIL TRADE DURING MARCH 1925
IN THE SIXTH FEDERAL RESERVE DISTRICT BASED UPON REPORTS FROM 49 STORES
_______ 1
_______
N e t sales, P e rc e n ta g e
in c re a se or d ecrease
com pared w ith :
(A)
Mar. 1924

A tla n ta (5)_____
B irm in g h am (5).
C h a tta n o o g a (6).
J a c k so n (3).........
N ash v ille (5).......
New O rlean s (5).
S a v a n n a h (3)___
O th e i C ities (17)
D ISTR IC T (49)..




♦9.2
+7.5
—23.7
—3.4
+1.4
+7.1
+0.5
♦13.4
+4.9

(B)
J a n . 1 to
Mar. 31,1924
+1.4
+4.7
-2 3 .1
—2.1
—0.7
- 0 .4
+5.5
+4.8
—0.4

S tocks a t en d of m o n th ,
p e rc e n ta g e in c re a se or
d ecrease com pared w ith :
(A)
Mar. 1924

—9.9
—10.0
—28.6
—6.5
—14.4
—4.0
—11.2
—8.4
—9.5

(B)

F eb. 1925

♦5.0

+
6.8

+4.7
+3.4
+9.4
+14.7

+
6.0
+0.4
+8.4

P e rc e n ta g e of sa les to
average sto c k s in Mar.
(stock tu rn -o v e r for
t h e m o n th ):
(A)
1924

33.9
29.7
25.4
27.4
30.4
28.2
24.8
26.2
28.8

(B)
1925

39.4
39.9
26.1
27.5
36.4
33.1
28.6
34.4
34.4

___________ 4___________
P e rc e n ta g e of sa les to
average sto c k s from
J a n . 1 to Mar. 31 (Stock
tu rn o v e r fo r y ear to
d a te )
(A)
(B)
1925
1924

107.3
85.7
75.4
77.4
84.8
88.3
71.6
80.8
87.4

118.0
96.2
80.3
76.7
98.8
93.6
85.2
93.3
96.4

P e rc e n ta g e o f o u t­
s ta n d in g o rd ers a t e n d
of m o n th to p u rc h a se s
d u r in g c a le n d a r y ear,
1924:
(B)
(A)
Mar.
F eb.
5.0
7.4

3.4
6.9

9.2
9.4
9.2

3.0
8.7
7.8
5.0
5.7

6.0
x
6.2
12.6

THE MONTHLY BUSINESS REVIEW

3

WHOLESALE TRADE.
The volume of wholesale trade in the sixth district during
March, reflected by reports for the month from 149 whole­
sale firms in nine different lines, was considerably better
than in February or in March a year ago. All of these re­
porting lines except Stationery showed sales greater in
March than in the preceoing month or the same month last
year. The tables which follow show percentage compari­
sons of sales by cities where as many as three reports in a
line are received from a city; other reports are included in
“Other Cities.”

Electrical
Sales during March by 10 wholesale dealers in
Supplies electrical supplies were 0.3 per cent larger
than in February, but were 7.3 per-cent greater than in
March a year ago. Buying is for current requirements only,
but the outlook is reported good because of the large amount of building now under way and in prospect. Collec­
tions were reported good by 2 firms, fair by 6, and poor by 2.

Groceries

Shoes

Sales by wholesale grocery firms were larger at
all reporting cities except Jacksonville in
March than in February, the average increase for the dis­
trict being 6.2 per cent. Compared with March 1924, de­
creases were reported from Atlanta and New Orleans, but
increases at other reporting points brought the district
average to an increase of 1.1 per cent. The reports in a
majority of instances indicate some declines in prices dur­
ing March. Collections were reported excellent by 1 firm,
good by 8, and fair by 12.
March 1925compared with:
February 1925 March 1924
+3.0
—
2.0
Atlanta (5firms)..........................
Jacksonville (4firms)..................
—
3.5
+7.8
+15.1
+13.1
Meridian (3 firms).......................
New Orleans (8firms)....................
+10.7
—
9.1
Vicksburg (4firms).......................
+11.7
+10.7
Other Cities (15firms)...................
+6.8
■ .5
•'0
DISTRICT (39firms).....................
+6.2
+1.1
Dry Goods Sales by wholesale dry goods dealers in this
district have shown improvement each month
this year, March sales exceeding those in February by 21.7
per cent, following an increase of 13.8 per cent in February
over January. All reporting cities showed increased busi­
ness over February, and increases were also shown at all
of these cities over March last year, the average being 25.8
per cent for the 26 firms reporting. Some of the reports
indicate that a few orders for fall delivery are being placed
by retail firms, but that in a majority of instances buying is
only for requirements in the immediate future. Collections
were reported good by 8 firms, fair by 10, and poor by 1.
March 1925compared with:
February 1925 March 1 ^
94
Atlanta (4 firms)...........................
+10.5
+17.5
Jacksonville (3firms)- . ..............
+28.6
+64.2
Knoxville (3firms)........................
+29.2
+4.7
+21.0
+36.2
Nashville (3firms)........................
New Orleans (3firms)........ ...........
+40.8
+25.8
Other Cities (10firms)...................
+13.2
+
31.0
DISTRICT i26firms).....................
+21.7
+25.8
Hardware
March sales by 31 wholesale hardware firms
exceeded those in February by 5.4 per cent,
and were larger than in March last year by 15.2 per cent.
Increases were reported from all cities shown in the state­
ment except Chattanooga, where March sales were 5.3 per
cent lower than in February, and 4.9 per cent less than in
March 1924. Some of the reports state that collections were
fair during March, that prices were fairly stable, and that
retail merchants only in rare instances were placing orders
for their future requirements.
M
arch 1925compared with:
February 1925 March 1924
Atlanta (3firms)......................—
+2.2
+31.4
Chattanooga (3firms)...................
—
5.3
-4.9
Nashville (4firms)................. ......
+2.9
+10.2
New Orleans (6firms).................
+5.6
+6.5
Other Cities (15firms)..................
♦9.3
+29.3
DISTRICT (31firms) .....................
+5.4
*15.2
Furniture Although showing an increase in sales over
February and over March last year, wholesale
furniture firms state that their business in March has not
come up to their expectations, although some of the reports
state that prospects are good. The reports indicate practi­
cally no change in prices. Collections were reported good
by 5 firms, fair by 5, and poor by 1. According to these
reports, retail merchants are placing orders only for their
current requirements.
March 1925compared with:
February 1925 March 1924
Atlanta (7firms)....... ........... -......
+10.8
—
8.7
Chattanooga (3firms)—...............
+21.2
*22.2
Nashville (3firms).................. .....
+62.8
+50.1
Other Cities (5firms)......... ..... —
+4.3
*18.2
DISTRICT (18firms)..... - .............
*15.5
+14.8



M a rch 1925 c o m p ared w ith :
M arch 1924
F e b ru a ry 1925
+1.9
+1.5
+4.6
—
1.6
♦20.3
- 0 .3
+7.3
+0.3

A tla n ta (3 firm s)...........
N ew O rle a n s (3 firms)..
O th e r C itie s (4 firm s).
D IST R IC T (10 firm s)-

March sales by 9 wholesale shoe firms were 26.6
per cent greater than in February, following
an increase in February over January of 21.7 per cent.
This is largely due to seasonal factors, however, as March
sales exceeded those in the same month a year ago by only
6 per cent. Prices are reported fairly stable, although
slightly higher than a year ago.
A tla n ta (3 firms).......... -.......................
O th e r C itie s (6 firm s)_____________
D IS T R IC T (9 firm s)______ ________

M arch 1925 co m p ared w ith :
F e b ru a ry 1925
M arch 1924
—2.8
+26.3
+9.9
+26.6
+6.0

*7
2 .5

Percentage changes in sales in the district in the other
three lines are shown below. Collections were reported
good by 2 wholesale stationery firms but poor by 1, and fair
by 2 wholesale drug firms.
S ta tio n e ry (4 firm s)............
D rugs (5 firm s)............ ..........
F arm im plem ents (7 firm s).

M arch. 1925, com pared w ith :
F eb ru ary , 1925.
M arch, 1924.

-11.0
♦12.2
♦41.8

-10.0
+4.8
+50.1

AGRICULTURE.
Weather conditions in the sixth district during March and
early April have been generally favorable for farm work, and
preparation of the ground for the planting of the season’s
crops has gone forward, and planting of cotton and other
crops is progressing. Increased use of fertilizer is indicated
in a statement issued by the New Orleans Ootton Exchange
showing that 145,929 tons more of fertilizer had been pur­
chased in the cotton-growing states for the eight months
ended March 31 than during the corresponding period of the
previous season.
Favorable outlook for fruit crops in Georgia is indicated
in a recent report by the Bureau of Agricultural Economics.
The present peach crop is estimated at 79 per cent of a nor­
mal crop, and the report indicates 82 per cent of a normal
apple crop. These figures compare with 86 per cent for
peaches and 87 per cent for apples, reported at this time
last year. The recent frosts caused only slight damage to
peaches in the Fort Valley section; in the territory immedi­
ately north of Macon the damage was more severe, but the
most serious damage was done in the northeastern area
(Cornelia) where it is estimated at about 25 per cent.
Tennessee’s wheat crop, though showing very much bet­
ter than on April 1 last year is far from being normal. The
condition last year on this date was only 63 per cent of nor­
mal, which, with the exception of April 1917, is the lowest on
record. The condition reported at this time is good in the
eastern part of the state, but low in the middle and west­
ern parts, the average being 80 per cent.
Florida’s white potato acreage this spring is estimated at
21,000 acres, approximately 70 per cent of last spring’s acre­
age. The crop is moving from South Florida, and the con­
dition in the Hastings area is excellent.
Cotton Movement
Sixth Federal Reserve District
(Bales')
R e c e ip ts:

S a v a n n a h ----A tla n ta -------A u g u sta..........
M ontgom ery..
V ic k sb u rg _
_
M acon....... .

M arch 1925 F eb. 1925
163,200
154,246
12,160
13,497
52,830
50,430
18,197
15,399
17,855
16,512
2,808
4,146
30,957
30,475
6,421
3,798

M arce 1924
79,229
3,752
18,272
7,480
4,706
668
16,602
1,407

S to ck s:
M o b ile...........
S a v a n n a h ----A tla n ta ..........
A u g u s ta ..___
M ontgom ery
V ic k s b u rg .. .
M acon............

270,561
7,694
35,381
35,051
49,895 .
9,046
2,642
9,750

318,392
11,941
52,241
39,476
56,470
15,499
5,365
8,580

128,111
5,988
44,542
23,995
25,998
12,933
5,007
6,713

4

TBE MONTHLY BUSINESS REVIEW
Cotton Movement—United States
Since August 1 (Bales)

Distribution of Milled Rice (Pockets)

1925
1924
1923
1922
R e c e ip ts a t a l l U .S . P o rts ........ 8,760,190 6,159,962 5,406,596 4,919,561
O v e rla n d acro ss M iss., O h io &
P o to m ac R iv e rs to N or.
M ills a n d C a n a d a ................ 1,119,819 779,288 1,113,439 1,350,861
I n te r io r sto c k i n excess of
of th o s e h e ld a t close of
co m m ercial y e a r .................. 504,595 255,765 219,219
36,372
S o u th e r n M ills T a k in g s n e t - 3,102,000 2,781,566 3,186,864 2,807,518
T o ta l m ovem ent f o r 246 d a y s - 13,486,604 9,976,581 9,925,864 9,041,668
F o re ig n e x p o rts-------------------- 6,917,184
4,585,759
.
A m e rican M illsN .& S .O an ad a. 5,360,368
4,723,853
.....
A m erican c o tto n t h u s f a r ____10,910,000
8,694,000 9,785,000 . . . ...

CITRUS FRUIT
The condition of citrus fruits showed an unusual decline
during March and is reported at new low figures for April.
Oranges are 85 per cent of normal compared with 91 per cent
a month earlier, and grapefruit are 85 per cent compared
with 90 per cent a month earlier. The low figures appear to
be the result of a generally unsatisfactory development of
growth and bloom. Aphis infestation is reported severe in
some localities.
M arch
1925
O ra n g e s..— .................................. 3,341
G r a p e f ru it..................................... 3,177
T a n g e rin e s ......... —......................
58
T o ta l....... — ........ - ..............
V eg etab les............... — - ..............

6,576
4,986

M arch
1924
5,269
3,027
24
8,320
6,006

S easo n t h r o u g h
M arch
M arch
1925
1924
23,455
24,370
15,467
14,603
1,686
1,025
40,608
12,489

39,998
16,968

SUGAR
An estimate recently made by the Bureau of Agricultural
Economics and the Bureau of Entomology places the dam­
age to the sugar cane crop in Louisiana during 1924 due to
the sugar cane moth borer at 13 per cent of a normal crop.
For 1923 the loss was 23 per cent, and for 1922 it was 17 per
cent. The low percentage loss in 1924 was partly due to the
fact that the cold weather of the previous winter killed
borers in exposed pieces of stubble and scraps of cane left
about the plantations.
The present cane crop has made some progress but the
cool nights have tended to retard the germination of the
spring plant cane. There have been some showers, but
general rains in the sugar belt are needed.
Movement of Sugar
Raw Sugar (Pounds)
Receipts:
M 1925 Feb. 1925 M 1924
ar.
ar.
New Orleans________ 204,443,268 126,839,726 155,618,671
Savannah-_ ______ 65,372,810 51,489,972 35,029,826
_
Meltings:
New Orleans....._____ 175,518,251 141,508,308 142,170,386
Savannah—------------ 58,789,337 40,865,418 26,582,280
Stocks:
New Orleans________ 37,788,080 8,863,563 49,168,818
Savannah___ ______ 17,208,027 10,624,554 12,793,274
Refined Sugar (Pounds)
Shipments:
M 1925 Feb. 1925 M 1924
ar.
ar.
New Orleans................ 154,909,282 120,676,396 117,876,966
Savannah..... ............... 34,299,890 37,097,599 18,5t6,*i95
Stocks:
New Orleans................ 27,807,896 19,049,058 54,602,322
Savannah..................... 23,959,033 4,269,059 14,964,524
Rice Movement
Rough Rice (Sacks) Port of New Orleans
M 1925 Feb. 1925 M 1
ar.
ar. 924
Receipts.......—-..................
13,14574,286
49,140
Shipments............................
45,06764,323
37,117
Stock..................................
38,26070,182
46,920
Clean Rice (Pockets) Port of New Orleans
Receipts..............................
100,202
150,598
136,839
Shipments___ —................
118,163
128,858
177,670
Stock.........-....... -.............264,281
276,245
140,445
Receipts of Rough Rice (Barrels)
Season to Last Season to
M 1925 M 31,1925 M 31,1924
ar.
ar.
ar.
Association Mills..-............
25,184 4,356,171 4,789,267
New Orleans Mills..... ..........
13,145
930,089
705,449
Outside Mills—...................4,800 1,757,040 1,751,220



43,129

7,043,300

7,245,936

A sso ciatio n M ills........ ...............
N ew O rle a n s M ills ....................
O u tsid e M ills..................................

275,766
68,794
151,925
496,485

4,028,088
815,335
1,576,850
6,420,273

4,519,788
732,468
1,650,934
6,903,190

Stock on Hand
A sso ciatio n M ills..........................
N ew O rle a n s M ills....... ........... O u tsid e M ills................................

A p r i - 1,1925 M ar. 1,1925 A p ril 1,1924
511,742
787,031
729,529
292,607
342,848
182,243
255,300
429,800
270,200
1,059,649

1,559,679

1,181,972

FINANCIAL
Financial statistics, based upon reports from banks in the
sixth district, continue to show favorable comparisons with
a year ago. Savings deposits held by 94 banks at the end of
March were 6.3 per cent higher than at the same time last
year, and demand deposits reported weekly by 36 banks
were 46 million dollars greater on April 8 than on the cor­
responding report date a year ago. Debits to individual
accounts at 24 reporting cities for the week ended April 15
were $9,916,000 greater than during the same week last year.
The weekly statement of the principal resources and lia­
bilities of member banks in Atlanta, New Orleans, Birming­
ham, Jacksonville, Nashville, Knoxville, Chattanooga and
Savannah for April 8 shows an increase over a month ago of
$1,190,000 in loans secured by government obligations, and
an increase of $1,847,000 in loans secured by stocks and
bonds, while other loans were about ten million dollars
greater than at that time. Total discounts on April 8 were
about 13 million dollars greater than on March 11, and
nearly 50 million dollars greater than on April 9,1924.
Member Banks in Selected Cities
(000 Omitted)
B ills D isc o u n te d :
A pril 8,1925 M ar. 11,1925 A p ril 9,1924
S e c u re d b y G ovt. O b lig a ­
t i o n s ------------ ---------$ 8,578
$ 7,388
$ 8,552
S e c u re d b y S to c k s a n d
B o n d s.............................
77,413
75,566
69,428
A ll O th e r s ..........................
392,438
382,563
350,837
T o ta l D is c o u n ts.........
478,429
465,517
428,817
U . S. S e c u ritie s ............ ...............
36,102
29,875
39,855
O th e r S to ck s a n d B o n d s_____
40,476
41,946
41,867
T o ta l lo an s, D isc o u n ts a n d
555,006
In v e s tm e n ts ........—............
537,338
510,539
T im e D ep o sits-.................. ..........
198,178
194,516
179,739
D em an d D e p o s its ...................
323,756
325,102
277,938
A ccom m odation a t F. R . B a n k
6,255
6,811
21,876

Total earning assets held by the Federal Reserve Bank
reached a level of $37,344,000, on April 1, the highest on any
report date since June 11 of last year, but declined to $36,813.000 on April 15. Total discounts on April 15 were $18,897.000 and were greater than on any other reporting date
this year except April 1. United States securities were own­
ed in larger volume on April 15 than on any other report
date this year, and bills bought in the open market, amount­
ing to $13,074,000, were also at a high level. Cash reserves
were 19J million dollars lower than the high point for this
year which was on February 25, but were 20 million dollars
greater than on the corresponding report last year.
Federal Reserve Bank
(000 Omitted)
B i ll s r i f c c i r t c d :
A p ril 1 ,1925 M ar. 18,1925 A p ril 16,1924
S ecu red b y G ovt. O b li
$ 3,078
g a tio n s ..........................
$ 4,764
$ 6,636
A ll O th e r s ________ - ........
15,819
• 12,047
32,411
T o ta l D is c o u n ts ...............
18,897
16,811
39,048
B ills b o u g h t i n o p e n m a rk e t..
13,074
12,294
7,092
U. S. S e c u ritie s-..........................
4,379
3,584
101
T o ta l e a r n in g asse ts..................
36,813
33,152
46,241
C ash R eserves..............................
169,465
149,400
179,456
T o ta l D e p o s its---------------------69,715
57,835
73,508
F . R . N o tes i n a c t u a l c irc u la t i o n - - . ......... .....................
142,011
142,507
140,009
R eserve R a ti o .............................. ......... 80.0
3.1
75.5

Savings Deposits
(000 Omitted)

C om parC om par­
iso n o f
iso n o f
M ar. 1925 Feb.1925 M ar.1925-M ar.1924 Mar.1925Feb.1925
1924
A tla n ta (7 b a n k s ) ..........$ 33,273 $ 32,946
♦1.0 $ 30,825
+7.9
B irm in g h a m (5 b a n k s ) . 22,889
22,881
+0.0 21,595
♦6.0
Ja c k s o n v ille (5b a n k s ). 20,509
20,045
+2.3
20,107
♦2.0
21,690
N a s h v ille (10 b a n k s ) .. . 19,220
-11.4
18,468
♦4.1
N ew O rle a n s (8b a n k s ) . 48,140
47,952
46,931
+0.4
♦2.6
O th e r C itie s (59 b a n k s ) 95,558
93,641
♦2.0 87,551
♦9.1
T o ta l (94 b a n k s ) ..$239,589 $239,155

♦0.2 $225,477

+6.3

5

THE MONTHLY BUSINESS REVIEW
DEBITS TO INDIVIDUAL ACCOUNTS
Sixth Federal Reserve District
Week E n d ed
Apr. 15,1925 M ar. 11,1925 Apr,. 16,1924
A lb a n y .-----------------------------..$ 1,125,000 $ 1,500,000 $
950.000
A t l a n t a . .....-.................... ........... 33,629,000 35.326.000
34 138.000
A u g u sta-------------------7,611,000
8,188,000
6 518.000
B irm in g h a m ..... .
.......
30,632,000 27.775.000
26 ,870,000
642.000
704.000
B ru n sw ic k ................. ..
747,000
,906,000
9.227.000
C h a tta n o o g a
................... - 10,064,000
C o lu m b u s.............. .
. ..
3,295,000
,974,000
3.504.000
556.000
863.000
D o th a n ......... ...............................
878,000
206.000
E lb e rto n -................................. ...
300,000
290.000
,100,000
J a c k s o n ..... ........... .....................
4,300,000
4.600.000
,238,000
J a c k so n v ille ............ - ........
.. 19,222,000 17.435.000
,464,000
7.236.000
K n o x v ille ...
- ...................
7,434,000
,910,000
5.319.000
_______
5,480,000
M acon_____ ____
,639,000
4.331.000
M e rid ian -.. ........................ 3,214,000
7.291.000
087.000
M obile. .............................. ........
8,130,000
6.608.000
601.000
5,340,000
M ontgom ery- ............................
N a s h v ille .. - ............................- 19,698,000 18.442.000
19 117.000
390.000
621.000
N ew n an — ................... - ...............
491,000
141.000
N ew O rle a n s ................................ 79,091,000 77.442.000
831.000
1.774.000
P e n s a c o la - - - ..... .......... ..........
1,970,000
306.000
S a v a n n a h ___ ______ ________
9,312,000 10.120.000
037.000
T a m p a ______ __ _____ ___ _
13.715,000 13,233,000
1.223.000
112.000
V ald o sta____________________
1,092,000
2.160.000
V ick sb u rg _________________
1,796,000
917,000
T o ta l___ ____ __________ $268,566,000 $265,212,000

6,650,000

COMMERCIAL FAILURES
Commercial failures in the United States, according to
statistics compiled by R. G. Dun & Co., were larger in num­
ber, but substantially smaller in liabilities during March
1925 than in the same month last year. The Boston, Cleve­
land and Minneapolis districts showed increases in liabili­
ties, over March 1924, but the other nine districts shows
decreases. The large decrease in the fifth district is due to
the failure in March 1924 of one large firm whose liabilities
amounted to forty millions of dollars.
N u m b er
D is tric t
Mar. 1925 Mar. 1925
B o s to n ........ ...... ..........
198
$ 4,203,160
N ew Y o rk ______ 348
6,543,180
P h ila d e lp h ia - ____
58
1,639,315
173
3,132,010
C lev elan d ____ ____
R ic h m o n d ____ _____ 127
2,640,261
A tla n ta ______ _____
116
1,802,227
C h icag o _______ ____
309
6,805,675
86
531,515
S t. L o u is_______
M in n e a p o lis................
82
1,924,921
98
1,782,243
K a n sa s C i t y ................
D a lla s..................
.
59
682,936
S an F ra n c isc o ............
205
2,317,288
T o ta l_____ __ - 1,8d9

$34,004,731

L ia b ilitie s
F eb . 1925
M ar. 1924
$ 2,095,778 $2,729,443
13,046,091
26,870,199
2,162,977
1,724,650
2,057,013
3,037,892
3,690,398
42,232,527
1,596,383
5,111,223
5,464,081
8,296,645
3,343,246
1,313,655
1,548,919
979,270
1,093,915
1,851,517
1,670,801
950,677
2,353,415
2,553,328
$40,123,017

$97,651,026

IMPORTS AND EXPORTS
Preliminary figures released by the Department of Com­
merce indicate increases in both imports and exports in
March. Imports for the month amounted to $385,000,000,
the highest figure recorded since March 1923, and exports
totaled $452,000,000, exceeding the value of exports during
any of the three preceding months. The value of exports
exceeded the value of imports by $67,000,000, compared with
an excess of $19,273,117 a year ago. The following figures
show the usual comparisons:
1925

Im p o rts:
M a rch -_____________ _____- - - - $385,000,000
F e b r u a ry ................................- — 333,680,474
9 m o n th s e n d in g w ith M arch. 2,825,217,451
E xports:
M a rc h -.-..... ...........................— .$ 452,000,000
F e b r u a ry ________ _____ _____
370,739,662
9 m o n th s e n d in g w ith M a rc h - 3,770,431,232

1924

V alue
$5,931,943
722,160
1,831,133
1,168,883
1,652,705
1,275,399
1,612,736

The total value of imports at New Orleans during January
for the past six years is shown below for comparison:
J a n u a ry 1925_________ $18,444,797
J a n u a r y 1924___
15,699,616
J a n u a r y 1923......... ..... 12,007,709

J a n u a ry 1922..................$10,221,268
J a n u a ry 1921------------- 9,157,304
J a n u a ry 1920----- ------- 19,081,631

The value of merchandise exported through the port of
New Orleans during January 1925 amounted to $48,469,478,
some of the principal commodities being:
S h o rt s ta p le c o tto n , b a le s_________
L ong sta p le c o tto n , b a le s ------------G aso lin e, n a p th a a n d o th e r lig h t
p ro d u c ts, (bulk) g a ls -----I llu m in a tin g o il, (bulk) g a ls --------C y lin d e r L u b ric a tin g o il, g a ls ------R efined p a ra ffin wax, lbs. - ........
W heat flour, b b ls - .............. ..........
T obacco, lb s ------- ----------- ------------R ice, lb s ----- ----- ------------- - ...
L ard, lb s ----------------------------—
R o u g h s o u th e rn p in e b o ard s, M f t .
O ak boards, M f t ...................................

V olum e
115,800
86,969

V alue
$15,204,015
12,412,312

33,639,323
10,680,943
l,927,r
<25
9,539,963
241,853
3,963,529
4,894,138
3,931,783
6,518
5,409

3,552,480
679,948
447,558
508,056
1,814,274
804,137
284,361
705,592
347,909
334,657

Grain Exports—New Orleans
Exports of grain through the port of New Orleans during
March totaled 3,413,255 bushels, compared with 986,375
bushels during March last year. There was a decrease of
677,316 bushels in corn, but increases of 2,974,025 bushels
in wheat, and .30,171 bushels in oats. Totals for the pres­
ent season through March show an increase of nearly 20
million bushels, due to the larger movement of wheat and
oats, while shipments of corn were about half as large as
during last season.
W heat
C o r n ..
O a ts - R ye___
T o ta l.......... - .............

S eason th r o u g h
Mar. 1925 M ar. 1924 Mar. 1925 M ar. 1924
2,977,727
3,702 27,149,408 5,833,397
965,983
288,667
2,154,201 4,131,287
146,861
16,690
763,655
249,985
0
0
0
195,913
3,413,255

6,375

30,067,264 10,410,582

BUILDING PERMITS
Permits were issued during the month of March in twenty
reporting cities in the sixth district for the construction of
buildings aggregating $12,062,101. This total is a 8.3 per
cent lower than that for February, but shows an increase
of 39 per cent over the total value for March last year, and
is higher than for that month in any of the past five years.
The largest increase was reported from Miami, and other
large increases were reported from Nashville, Knoxville,
Tampa, Montgomery and Macon, while decreases were re­
ported from only seven cities. The following figures show
a comparison of index numbers for March for the past six
years:
M arch 1925----------------------- 334.5
M arch 1924____ ___ ______ 240.6
M arch 1923_______ _______.227.9

M arch 1922....... ............ ......... 178.9
M arch 1921_______________ 148.8
M arch 1920_______ ______-.155.1

$320,482,113
332,323,121
2,652,757,509

Detail figures for reporting cities are shown below:

$ 339,755,230
365,774,772
3,322,636,082

A labam a:
A n n is to n ...... ............. B irm in g h am ________
M o b ile..................... .
M ontgom ery.................

New Orleans
The value of merchandise imported through the port of
New Orleans during January (the latest month for which
detail figures are available) was $18,444,797, an increase of
nearly three million dollars over January 1924, and exceeded
only once in January during the past ten years. The in­
crease is due to increased volume and value of a number of
articles, including bananas, gasoline, sisal, sugar beet seed,
newsprint paper, molasses and mahogany. Coffee and bur­
laps, while imported in smaller volume, showed increases in
values, because of higher prices. Some of the principal
items imported during January were:



Volum e
26,065,371
1,719,917
14,412,014
12,390,000
61,614,042
8,900
60,829,825

Coffee, lb s ................ ..........— . ..............
B a n a n a s, b u n c h e s .
B u rla p , l b s . - - ............
G aso lin e, g a ls ------------C rude p etro leu m , g a ls ..
S isal, to n s ___ ________
S ugar, lb s ------ --- ----- -

M arch 1925
N o.
V alue
16 $ 31,425
691 2,027,725
87 102,380
89 109,534

M arch 1924 P e rc e n ta g e
N o.
V alue c h a n g e in
v a lu e
22 $ 18,415
+70.6
834 2,086,740
—2.8
104
82,755
+23.7
26,462 +313.9

F lo rid a :
J a c k so n v ille ................
♦ L a k e la n d ....... .............
M iam i_______ ______
O rla n d o ____________
P e n sa c o la ............ ........
T a m p a _____ _______

300 642,592
91 225,100
326 2,737,155
206 294,617
20
36,580
484 802,986

314

762,607

278
179
60
335

643,663
271.500
43,008
455,017

—15.7
x
*325.2
+8.5
-1 4 .9
+76.5

G eo rg ia:
A t l a n t a . . . ...................
A u g u sta.......... ..............
C o lu m b u s------ --------M acon _____________
S a v a n n a h ------- --------

426 1,076,085
130 122,326
80 128,115
144 134,148
50
89,665

278 1,258,017
171
74,838
19
82,415
134
52,699
450,720

—14.5
+63.5
+55.5
+154.6
—80.1

*-Not included in totals or index numbers.

THE MONTHLY BUSINESS REVIEW

6

L o u is ia n a :
New O rle a n s ...............
A le x a n d ria _________

272
121

1,229,325
83,439

1,076,000
61,976

♦14.2
■*34.6

T e n n e ss e e :
C h a tta n o o g a ----------J o h n s o n C ity ............ K n o x v ille __________
N a s h v ille __________

250
28
307
311

303,691
178
424,230
44,950
53
128,215
1,029,104248
323,450
1,036,259338
338,776

—28.4
—64.9
♦218.1
♦205.7

4338 $12,062,1014061 $8,676,023
334.5
240.6

+39.0

T o ta l 20 C itie s___________
In d ex N u m b er--------- --------

230
48

LUMBER
Reports made to the Southern Pine Association indicate
considerable improvement in the volume of orders and ship­
ments since the beginning of April over the period imme­
diately preceding. Production of the mills which report
weekly, averaged 6.32 per cent below normal during the five
weeks ending April 10. Shipments by these same mills dur­
ing that period averaged 7.70 per cent below normal pro­
duction, while orders averaged 11.66 per cent below normal
production. Operating reports show that an average of 20
mills operated an average of 32 hours overtime weekly, and
that an average of 27 mills operated double shifts. Reports
indicate that retailers and railroad and industrial consum­
ers are buying steadily. Preliminary figures for the month
of March, reported to the Southern Pine Association up to
the 15th of April, with comparisons, are shown below:
M ar. 1925
(145 m ills)
O rders
— .........................- 311,665,322
S h ip m e n ts ________ ______- 335.630,172
P ro d u c tio n
______________ 358,505,373
N o rm al P ro d u c tio n th e s e M ills 346,588,048
s to c k s e n d of m o n th _________ 865,903,770
N o rm al sto c k s th e s e M ills___ 946,970,546
U n fille d o rd ers en d of m o n th . 238,225,260

F eb . 1925
(136 m ills)
280,297,328
281,519,048
300,844,470
321,799,285
780,437,338
879,849,216
237,746,712

Mar. 1924
(140 m ills)
295,617,405
308,430,455
339,868,835
343.209,608
842,556,496
948,322,162
241,452,475

COTTON CONSUMPTION—MARCH
United States Census Bureau
United States
C o tto n C o n su m ed . __________
L in te rs ________________

M ar. 1925
582,674
58,845

I n C o n su m in g E s ta b lis h m e n ts :
_____________
1,644,793
L in t
L in te rs—____ -_________
157,872
In

F eb . 1925
550,132
50,598
1,546,210
149,292

M ar. 1924
485,840
41,197

*

1,503,852
126,332

P u b lic S to ra g e a n d a t
C o m p resses.___________
L i n t e r s - - _____________

2.237.115
62.256

3.075,140
69.661

2.000.552
88,339

FxD orts
_______________
_____________
Im o o rts
A ctive S p in d le s _____________

734,697
33,955
33,225,182

811,838
59,984
33.277,189

332,168
49,833
32,371,978

Cotton Growing States
Mar. 1925
C o tto n C onsum ed— -------------391,492
I n C o n su m in g E sta b lish m e n ts
950,569
Tn P u b lic S to ra g e a n d a t
1.911.030
Com presses- - - - - - - ____
A ctive S p in d le s _____________ 16.926,521

F eb . 1925
372,524
914,801

Mar. 1924
333,202
856.399

2.751.915
16.995.783

1.737.090
16.181.926

MANUFACTURING
Cotton Cloth
Reports were made to the Federal Reserve Bank for March
by cotton mills which manufactured during the month
30,616,000 yards of cloth. This output was 2.5 per cent
larger than in February, and 7.4 per cent greater than in
March a year ago. Shipments were somewhat lower than
in February or in March 1924. Orders received by the mills,
and unfilled orders on hand at the end of March both ex­
hibited decreases compared with February, but were greater
than at the same time last year. The reporting mills had on
hand at the close of March orders which would require their
operation for 9.2 weeks, compared with 9.9 weeks a month
earlier, and 8.1 weeks at the same time a year ago. Percent­
age comparisons are shown below:
P r o d u c tio n ----------------------------------S h ip m e n ts-----------------------------------O rd ers B o o k e d -----------------------------U n fille d o rd ers------------------- ---------S to ck s o n h a n d . ------------------------N u m b er o n p a y r o ll-----------------------




M arch 1925 com pared w ith :
F eb . 1925
M ar. 1924
+2.5
+7.4
—2.4
—2.6
—5.1
92.8
—8.2
12.1
- 0 .4
-2 4 .0
—0.6
T4.b

Cotton Yarn
Reports for March were received from yarn mills which
produced during March about 8,000,000 pounds of yarn, an
output 5.3 per cent larger than in February, and 17.1 per
cent greater than in March 1924. Shipments showed in­
creases compared with both of those months, and orders
booked and unfilled orders, while smaller than for February,
were considerably larger than for March last year. Stocks
on hand were lower than for either of those months. Per­
centage comparisons are shown below :
M arch 1925 com p ared w ith :
F e b . 1925
M ar. 1924
+5.3
+17.1
+4.6
+21.1
—2.0
+26.4
—15.4
+29.0
—1.5
—3.8
+0.7
+8.9

P r o d u c tio n ----------------------------------S h ip m e n ts-----------------------------------O rders b o o k e d — _____ _____________
U n fille d o rd ers___________________
S to ck s o n h a n d ----------------------------N u m b er o n p a y r o ll_______________

Overalls
Increased output during March was reported by overall
manufacturers over February, and over March last year.
Stocks on hand increased compared with February, but
were lower than a year ago. Orders received and unfilled
orders both registered declines compared with February,
but were considerably larger that at this time last year.
The reports indicate that cancelletions were smaller than
during either of those months. Percentage comparisons
follow:
M arch 1925 co m p ared w ith
F eb . 1925
M ar. 1924
+10.3
+110.7
*23.5
—2.7
—11.3
+55.1
—17.5
+238.5
+6.3
+37.9

O v eralls m a n u fa c tu re d ___________
O v eralls o n h a n d ------- ------ -----------O rders bo o k ed ------------------------------U n fille d o rd ers___________________
N um ber o n p a y r o ll___________ -—

Brick
Production, stocks and unfilled orders reported by brick
manufacturing plants for March showed increases over
February, although orders received by the plants were some­
what below the volume for February. Decreases are shown
in all of these items, however, compared with March last
year, percentage comparisons being indicated in the follow­
ing table:
M arch 1925 com p ared w ith :
F eb . 1925
M ar. 1924
+4.6
—7.2
+21.6
—28.9
—6.2
—34.6
—60.8
—39.4
+4.4
+15.1

B rick m a n u fa c tu re d ...........— ..........
B rick o n h a n d ____________________
O rders b o o k ed ____________________
U n fille d o rd ers___________________
N u m b er o n p a y r o ll-----------------------

Hosiery
Figures shown in the following table, reported to the
United States Census Bureau, show a material increase in
hosiery manufactured during March over February, by 38
identical establishments in the Sixth District. Increases
are also shown in shipments, orders received and unfilled
orders, while stocks on hand were somewhat smaller than
a month earlier.
P r o d u c tio n --------------------------------S h ip m e n ts _______________________
S to ck s o n h a n d __________________
O rders b o o k e d ___________________
C a n c e lla tio n s-----------------------------U n fille d o rd e rs----------------------------

(D ozen p a irs)
M arch. 1925.
F eb . 1925.
946,323
793,722
798,796
836,489
1,703,675
1,717,608
932,364
803,552
52,114
27,667
1.731,781
1,689,786

COAL
Production of bituminous coal in the United States, ac­
cording to statistics compiled by the Geological Survey, has
shown a gradual decline since the week ended January 10,
except for the weeks ended March 7 and 28. The-improve­
ment in these weeks, which was due to some improvement
in demand in the eastern districts, was short-lived and pro­
duction registered a low level for the year during the week
ended April 4.

7

THE MONTHLY BUSINESS REVIEW
The loss of more than a million tons for two weeks ended
March 21 was due almost entirely to a rapid softening of the
market, and was accompanied by appreciable decreases in
working time in many of the producing fields. The week
ended March 28 brought a slight increase in production,
but in the week ended April 4, due partly to the observance
of a holiday in some fields, but principally to declining mar­
ket, production showed a decrease of 941,000 tons, or about
11 per cent. Weekly production figures, compared with a
year ago, are shown below:
Week E n d e d
M arch 7 ................ ...................... .............
M arch 14........... ................ ........ .............
M arch 2 1 ....................................._..........
M arch 28.......................... ........................
A p ril 4......................... ............................

1925
9,384,000
8,641,000
8,283,000
8,353,000
7,412,000

1924
9,617,000
9,626.000
9,261,000
8,818,000
6,826,000

Reports from Tennessee indicate a very light demand for
domestic coal, but a fair demand for steam coal. Prices are
reported low. Oar supply is sufficient and labor is plentiful.
IRON
Statistics compiled and published by the Iron Age indi­
cate that the total production of pig iron in the United
States amounted in March to 3,564,247 tons. This total is
350,104 tons more than the output in February, due princi­
pally to the difference in the number of days, as the daily
rate of production during March was only 184 tons higher
than in February. The daily rate in March was 114,975 tons,
compared with 114,791 tons in February. The daily rate in
March and the total output, were higher than for any month
since July 1923. There were 10 furnaces shut down, most
of them during the last week of the month, and only one
blown in, showing a net loss for the month of 9 in active
operation.
The output of pig iron in Alabama during March totaled
253,820 tons, compared with a production of 224,679 tons
during February. One furnace was blown out in Alabama
during the month, leaving 24 in active operation at the close
of the month. The index number for March production is
144.4, and is higher than for any month during the past
five years excepting March 1923, when it was 144.6, repre­
senting an output only 419 tons greater than in the month
just ended. Correspondents state there has been little
buying of iron during the month, but that furnaces are
shipping their product in heavy tonnages. The price has
ranged from $20.50 to $22.00 furnace, for #2 foundry, with
the higher price predominating.
Unfilled Orders—U. S. Steel Corporation.
Unfilled orders on hand at the end of March, according to
press reports, totaled 4,863,564 tons, a decrease of 421,207
tons compared with February, and also lower than the total
for January. Unfilled orders at the end of March 1924 were
4,782,807 tons.




NAVAL STORES
Receipts of turpentine and rosin during March, the last
month of the Naval Stores year, continued low. Statistics
published in the Naval Stores Review show that, except for
the season of 1923-24, receipts of turpentine during the year
just ended were larger than for any other season since 19161917. Rosin receipts also were somewhat smaller than during
the season of 1923-24, but larger than for any other season
during the last ten years. Stocks of turpentine at the end
of March 1925 were smaller than a year ago, but larger than
for the seasons of 1922-23, and 1921-22, while supplies of
rosin at the end of March were smaller than at the end of
any season during the past ten years. Average prices pre­
vailing during March on the Savannah market, according to
statistics published by the Turpentine and Rosin Produc­
ers Association were 86 cents for turpentine, compared with
87 7-8 in February, and 95i in March 1924, and $7.57J for
rosin, compared with $7.62| in February, and $4.87§ in
March a year ago. Average prices which have prevailed
during the twelve months were 82J cents for turpentine,
compared with 98 cents during the season of 1923-24, and
$6.12-| for rosins, compared with $4.82| during the preceding
season. Receipts and stocks at the three principal ports
are shown below:
F eb . 1925

M ar. 1924

2,150
2,769
988

2,323
2,810
1,034

1,252
2,458
1,116

5,907

6,167

4,826

14,185
30,678
5,274

19,590
22,319
7,413

10,491
13,811
5,514

.....

50,137

49,322

29,816

Stocks—T u r p e n tin e :
S a v a n n a h ....... .
Ja c k so n v ille -...
P e n sa c o la ...........

2,059
16,168
4,604

8,557
19,761
9,288

5,151
16,109
2,227

-

22,831

37,606

23,487

S tocks—R o s in :
S a v a n n a h ______
J a c k so n v ille ----P e n sa c o la -......... . . . .

51,338
87,871
31,988

63,676
100,114
36,106

58,4226
117,363
50,986

171,197

199,896

226,775

Mar. 1925
R e c e ip ts—T u r p e n tin e :
S a v a n n a h _____
J a c k so n v ille
P e n sa c o la..........
T o ta l
R e c e ip ts—R o s in :
S a v a n n a h _____
Ja c k so n v ille P e n sa c o la ..........
T o ta l

T o ta l.........

T o ta l....... -

.

THE MONTHLY BUSINESS REVIEW

8

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 repre­
sented by 100, and the current monthly index numbers show the relation of activity in these lines to that prevailing
in 1919.
RETAIL TRADE 6TH DISTRICT
(Department Stores)
Atlanta _____
Birmingham___ _
Chattanooga. _
Jackson _
Nashville _
New Orleans _
Savannah_
_
Other Cities __
District___
RETAIL TRADE U. S. (1)
Department Stores
Mail Order Houses
Chain Sores:
Grocery,
Drug___
Shoe
5 & 10 cent_
Music _
Candy__
Cigar„_ _
WHOLESALE TRADE 6TH DISTRICT:
Groceries.
Dry Goods. __
Hardware. _
_
Shoes
Total __

January

February

March

January

February

March

1925

1925

1925

1924

1924

1924

101.6
109.0
65.9
71.4
80.1
85.3
54.5
81.3
85.5

104.6
128.4
82.2
91.9
93.1
106.8
65.1
91.5
101.1

69.3
100.6
102.7
79.4
74.3
96.8
61.3
78.2
87.2

109
108

100
116

121
120

109
99

101
96

115
106

245
155
107
151
92
162
122

246
161
149
209
120
207
140

256
160
127
177
105
188
131

191
141
99
126
84
154
119

185
143
93
140
97
166
124

199
149
118
163
99
181
136

87.5
97.3
81.3
79.7
73.1
95.3
68.7
72.8
85.9

63.1
97.6
87.9
73.7
82.1
92.1
52.5
80.0
84.0

93.8
119.4
107.7
95.1
91.8
99.7
64.8
82.7
96.8

97.2
87.3
94.1
44.5
89.2

86.6
71.2
85.8
54 2
80.2

91.6
88.3
91.0
66.6
88.5

88.7
77.1
90.3
48.6
83.9

86.6
77.3
82.3
54.4
81.0

88.6
68.5
76.3
65.1
79.3

WHOLESALE PRICES U. S. (2)
Farm Products
Foods__
Cloths and Clothing
Fuel and Lighting
Metals and Metal Pioducts
Building Materials
Chemicals and Drugs
House Furnishings
Miscellaneous
All Commodities

163.4
159.8
191.1
167.9
136.3
179.3
235.2
172.6
127.1
160.0

161.5
156.9
191.0
177.5
135.6
182.8
134.5
172.5
124.5
160.6

161.3
158.9
190.7
174.4
133.7
179.8
134.2
170.1
125.4
161.0

144.4
143.2
200.1
168.9
141.9
181.0
131.8
175.8
116.6
151.2

143.0
143.1
196.0
179.8
142.9
182.0
130.9
175.9
113.5
151.7

137.2
140.8
191.4
180.8
143.6
182.1
129.9
174.8
112.9
149.9

BUILDING PERMITS 6TH DISTRICT:
Atlanta _________ _ _
Birmingham _ _ _______
Jacksonville___________________
Nashville
__
__
______
New Orleans. _ _ ____________
Other Cities _ ______ __ _____
District (20 Cities)____ ________

168.1
530.1
125.2
136.4
143.0
222.3
214.9

142.5
696.0
135.3
962.7
274.7
419.0
364.8

123.6
619.9
214.8
547.4
280.1
408.3
334.5

165.4
440.4
195.1
144.3
337.1
157.2
209.2

116.8
431.2
388.2
174.5
194.3
251.9
236.9

144.4
638.0
255.0
178.9
246.0
212.8
240.6

COTTON CONSUMED:
United States, _ ___
______
Cotton-Growing States ________
All Other States . . .
_____ __
Cotton Exports^ _ _____________

110.2
136.7
78.7
195.7

102.8
12o.2
75.1
147.6

108.9
132.6
80.9
133.6

107.8
132.4
78.5
99.3

94.9
118.5
66.9
87.7

90.5
112.5
64.2
60.4

PIG IRON PRODUCTION:
United States___ __ ________
Alabama. __
___

132.1
131.7

126.1
127.8

139.9
144.4

118.5
128.3

120.6
124.8

136.0
131.9

84.0

88.2

81.1

80.1

81.9

79.8

UNFILLED ORDERS—U. S. STEEL
CORPN_______________________
(1) Compiled by Federal Reserve
Board.
(2) Compiled by Bureau of Labor
Statistics. (1913—100)