Full text of Economic Review (Federal Reserve Bank of Atlanta) : August 28, 1926, Volume 11, Number 8

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

M O N T H L Y
C o v e r in g

C o n d it io n s

FED ERAL

in

th e S ix t h

RESERVE

O SO A R N EW TO N .
C h a ir m a n a n d F e d e r a l R eserv e A g e n t

VOL. 11, No. 8

B U S IN E S S

R E V IE W

F e d e ra l R e se rv e

BANK

OF

D is t r ic t .

A TLA N TA
W ARD A LB E R T S O N .
A s s is t a n t F e d e r a l R e s e r v e A g e n t

( C o m p ile d A u g u s t 17.1926)

ATLANTA, GA., AUGUST 28, 1926
B U S IN E S S

C O N D IT IO N S IN

TH E

U N IT E D

T h i s R e v ie w r e le a s e d f o r p u b lic a t i o n i n
S u n d a y p a p e r s A u g u s t 29

STA TES.

( P r e p a r e d b y t h e F e d e r a l R e s e r v e B o a r d .)
P r o d u c t io n i n b a s ic in d u s t r i e s a n d f a c t o r y e m p lo y m e n t
a n d p a y r o lls d e c lin e d s lig h t ly i n J u ly , b u t t h e d e c r e a s e i n
p r o d u c t io n w a s s m a lle r t h a n is u s u a l a t t h i s s e a s o n .
W h o le ­
s a le p r ic e s , a f t e r a f u r t h e r d e c lin e i n J u l y , w e re a t t h e
lo w e s t le v e l i n n e a r ly t w o y e a r s .
P r o d u c t io n

T h e F e d e r a l R e s e r v e B o a r d ’s i n d e x
o f p r o d u c t io n in
b a s ic in d u s t r ie s ,
w h ic h is a d ju s t e d f o r s e a s o n a l v a r ia t io n s , in c r e a s e d a b o u t
o n e p e r c e n t in J u ly .
D e c lin e s i n t h e o u t p u t o f ir o n a n d
s t e e l a n d a n t h r a c it e , a n d i n t h e a c t iv it y o f t e x t ile m ills
w e re la r g e r t h a n t h e u s u a l s e a s o n a l r e d u c t io n s , w h ile
p r o d u c t io n o f f lo u r , c o p p e r, z in c , c e m e n t , a n d p e t r o le u m
in c r e a s e d .
T h e m a n u f a c t u r e o f a u t o m o b ile s d e c lin e d f u r ­
t h e r a n d w a s s m a lle r t h a n a y e a r a g o .
F a c t o r y e m p lo y ­
m e n t a n d p a y r o lls s h o w e d t h e u s u a l s e a s o n a l d e c lin e i n
J u ly , w h ic h is d u e la r g e ly to c lo s in g f o r s t o c k - t a k in g a n d
r e p a ir s a n d t o su m m e r v a c a t io n s .
D e c lin e s w e re n o t e d
i n n e a r ly a ll o f t h e im p o r t a n t in d u s t r ie s fo r w h ic h r e p o r t s
a r e r e c e iv e d , w it h t h e e x c e p t io n o f le a t h e r a n d s h o e s a n d
c e r t a in fo o d p r o d u c t s a n d b u ild in g m a t e r ia ls . B u ild in g
c o n t r a c t s a w a r d e d i n 37 s t a t e s e a s t o f t h e R o c k y M o u n ­
t a in s d e c lin e d i n J u l y f o r t h e f o u r t h c o n s e c u t iv e m o n t h
a n d , a s i n J u n e , w e re s m a lle r t h a n a y e a r a g o . F i g u r e s f o r
t h e f i r s t t h r e e w e e k s i n A u g u s t w e r e a ls o b e lo w t h o s e f o r
t h e c o r r e s p o n d in g p e r io d o f la s t y e a r .
T h e p r in c ip a l d e­
c re a s e s w e re in t h e N e w Y o r k a n d A t la n t a D is t r ic t s .
T h e C o m p o s it e c o n d it io n s o f a ll c r o p s , a s r e p o r t e d b y t h e
D e p a r t m e n t o f A g r ic u lt u r e , s h o w s a n im p r o v e m e n t o f 2
p e r c e n t i n J u l y o w in g la r g e ly t o t h e i n c r e a s e i n t h e e x ­
p e c t e d p r o d u c t io n o f w h e a t .
C o t t o n p r o d u c t io n , o n t h e
b a s i s o f A u g u s t 16, c o n d i t i o n s , i s e s t i m a t e d a t 1 5 ,2 4 8 ,0 0 0
b a l e s , c o m p a r e d w i t h a n o u t p u t o f 1 6 ,1 0 3 ,6 7 9 i n 1925.
T ra d e
in J u ly ,
er th a n
s m a lle r .
d e c lin e d

V o lu m e o f t r a d e a t w h o le s a le a n d r e ­
t a i l s h o w e d a f u r t h e r s e a s o n a l d e c lin e
b u t c o n t in u e d t o b e la r g e .
R e t a il t r a d e w a s la r g ­
a y e a r a g o , w h ile w h o le s a le t r a d e w a s s lig h t ly
S a le s o f d e p a r t m e n t s t o r e s a n d m a il o r d e r h o u s e s
le s s t h a n u s u a l a t t h is s e a s o n a n d w e re f o u r p e r

c e n t a n d 13 p e r c e n t , r e s p e c t i v e l y , l a r g e r t h a n i n J u l y o f
la s t y e a r.
M e r c h a n d is e in v e n t o r ie s a t d e p a r t m e n t s to r e s
c o n t in u e d t o d e c lin e i n J u l y a n d a t t h e e n d o f t h e m o n t h
w e r e i n a b o u t t h e s a m e v o lu m e a s l a s t y e a r .
S to ck s of
m e a t, d r y g o o d s, a n d s h o e s c a r r ie d b y w h o le s a le f ir m s
w e re s m a lle r t h a n a y e a r a g o b u t s t o c k s o f g r o c e r ie s , h a r d ­
w a r e , a n d d r u g s w e re la r g e r .
S h ip m e n t s o f g o o d s b y r a il­
r o a d s w e r e m a in t a in e d a t a h ig h le v e l d u r in g J u l y f o r n e a r ly
a ll t y p e s o f c o m m o d it ie s . L o a d i n g s o f g r a i n w e r e l a r g e r
t h a n f o r a n y m o n t h s i n c e O c t o b e r 1924, a n d w e r e i n r e c o r d
v o lu m e f o r J u l y .
P ric e s

T h e B u r e a u o f L a b o r S t a t is t ic s in d e x
o f w h o le s a le p r ic e s d e c lin e d a b o u t
1 p e r c e n t i n J u l y t o t h e l o w e s t l e v e l s i n c e S e p t e m b e r 1924.
P r ic e d e c lin e s w e re s h o w n f o r m o s t c o m m o d ity g r o u p s ,
p a r t ic u la r ly f a r m p r o d u c t s a n d fo o d s , w h ile p r ic e s o f s t e e l
a n d o t h e r m e t a ls a d v a n c e d .
I n t h e f ir s t th re e w e e k s o f
A u g u s t t h e p r ic e s o f g r a in s , c o t t o n , a n d r u b b e r d e c lin e d
f u r t h e r , w h ile c a t t le , h o g s , p o t a t o e s , c o a l, a n d c o k e a d v a n c ­
e d i n p r ic e .
B a n k C r e d it .

B e t w e e n t h e m id d le o f J u l y a n d t h e
m id d le o f A u g u s t , t h e t o t a l lo a n s
a n d in v e s t m e n t s o f m e m b e r b a n k s i n le a d in g c it ie s i n ­
c re a s e d s lig h t ly , r e f le c t in g a g r o w t h in t h e s e a s o n a l d e ­
m a n d f o r c r e d it f o r c o m m e r c ia l p u r p o s e s .
L o a n s o n se­
c u r i t i e s o n A u g u s t 18 w e r e i n a b o u t t h e s a m e v o l u m e a s a
m o n t h e a r lie r , w h ile t h e b a n k s * in v e s t m e n t s d e c lin e d .
B e t w e e n J u l y 21 a n d A u g u s t 18, d i s c o u n t s f o r m e m b e r b a n k s
a n d t h e h o ld in g s o f a c c e p t a n c e s in c r e a s e d c o n s id e r a b ly ,
w h ile U n it e d S t a t e s s e c u r it y h o ld in g s w e re s o m e w h a t
r e d u c e d , w i t h t h e c o n s e q u e n c e t h a t t h e t o t a l v o lu m e o f
R e s e r v e b a n k c r e d i t i n c r e a s e d b y a b o u t $ 5 0 ,0 0 0 ,0 0 0 . M o n e y
m a r k e t c o n d it io n s b e c a m e f ir m e r i n A u g u s t .
T h e rate on
c o m m e r c ia l p a p e r , w h ic h w a s f o u r p e r c e n t i n J u n e a n d J u l y ,
i n c r e a s e d t o 4 £ -4 £ p e r c e n t , a n d t h e r a t e o n 90 d a y B a n k e r s *
a c c e p ta n c e s a d v a n c e d to 3J p e r c e n t.
T h e d is c o u n t r a t e
of th e F e d e ra l R e se rv e B a n k of N ew Y o r k w as a d v an ce d on
A u g u s t 1 3, f r o m 3 J t o 4 p e r c e n t .
PER CENT

I n d e x o f 22 b a s i c c o m m o d i t i e s a d j u s t e d f o r s e a s o n a l v a r i a t i o n s (1919— 100.)
L a t e s t fig u r e . J u ly J1 9 .0 .




PER CENT

I n d e x o f U n i t e d S t a t e s B u r e a u o f L a b o r S t a t i s t i c s . (1913— 100. b a s e a d o p t e d
b y b u r e a u . ) L a t e s t f i g u r e J u l y 150 .7.

THEMONTHLYBUSINESSREVIEW

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BILLIONS OF DOLLARS

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1922

1924

1925

192$

W e e k ly r a t e s i n N e w Y o r k m o n e y m a r k e t : c o m m e r c ia l p a p e r r a t e o n 4 to 6
m o n t h s p a p e r a n d a c c e p t a n c e r a t e o n 9 0 -d a y p a p e r .

S IX T H

D IS T R IC T

M o n t h ly a v e ra g e s o f w e e k ly f ig u r e s f o r b a n k s i n 101 le a d in g c it ie s . L a t e s t
f ig u r e s a r e a v e ra g e s f o r f ir s t 3 w e e k ly r e p o r t d a t e s i n A u g u s t .

SU M M ARY.

e r t h a n i n J u n e , a n d 9 .5 p e r c e n t g r e a t e r t h a n i n J u l y l a s t
y ea r.
T h e a v e ra g e p r ic e p r e v a ilin g o n t h e S a v a n n a h m a r k ­
e t f o r r o s i n s i n J u l y w e r e o v e r 32 p e r c e n t h i g h e r t h a n i n
J u ly la s t y e a r.
B u i l d i n g p e r m i t s i s s u e d a t 20 c i t i e s i n t h e
s ix t h d is t r ic t d u r in g J u ly a m o u n t e d to
$ 1 3 ,8 0 2 ,4 4 0 a d e ­
c r e a s e o f 1 8 .8 p e r c e n t c o m p a r e d w i t h J u l y l a s t y e a r .
Con­
t r a c t s a w a r d e d i n t h i s d i s t r i c t d u r i n g J u l y w e r e 1 7 .1 p e r
c e n t g r e a t e r t h a n i n J u n e , b u t 3 0 .9 p e r c e n t s m a l l e r t h a n
i n J u l y 1925.

A g r ic u lt u r a l c o n d it io n s in t h e s ix t h d is t r ic t d u r in g J u ly
a n d e a r ly A u g u s t h a v e b e e n s e a s o n a l, b u t so m e c ro p s a r e
s t ill la t e b e c a u s e o f t h e la t e , c o o l s p r in g .
I n so m e s e c t io n s
o f t h e d i s t r i c t t h e r e h a s b e e n e x c e s s iv e r a i n r e c e n t ly , w h ile
in o t h e r lo c a l c o m m u n it ie s t h e r e h a s b e e n a c o n t in u e d la c k
o f m o is t u r e .
R e t a i l t r a d e , a s i s u s u a l i n t h e m id - s u m m e r
m o n t h s , s h o w s a d e c lin e c o m p a re d w it h t h e p r e c e d in g
m o n t h s , b u t J u l y s a le s w e r e 3 .6 p e r c e n t g r e a t e r t h a n i n
th e sam e m o n th la s t y e a r.
F o r th e f ir s t se v e n m o n th s o f
1926 r e t a i l t r a d e h a s b e e n 6 . 8 i f e r c e n t g r e a t e r t h a n f o r t h e
c o r r e s p o n d in g p e r io d o f la s t y e a r .
F o r J u l y w h o le s a le
t r a d e r e a c h e d a p o in t lo w e r t h a n i n J u n e o r i n J u l y la s t
y e a r ; h o w e v e r , e x c e p t f o r J u l y 1925, w h o l e s a l e t r a d e i n J u l y
t h is y e a r w a s b e tte r t h a n h a s b e e n re co rd e d fo r t h a t m o n th
s i n c e 1920. F o l l o w i n g a d e c l i n e o f a p p r o x i m a t e l y 3 2 } m i l l i o n
d o lla r s b e t w e e n t h e m id d le o f M a r c h a n d t h e m id d le o f J u l y ,
l o a n s a n d d i s c o u n t s b y 36 m e m b e r b a n k s i n s e l e c t e d c i t i e s
o f t h e s ix t h d is t r ic t in c r e a s e d n e a r ly 5 m illio n d o lla r s b e ­
t w e e n J u l y 14 a n d A u g u s t 11. T h e r e w a s a l s o a n e t i n c r e a s e
i n in v e s t m e n t s in s t o c k s a n d b o n d s o f a lit t le m o re t h a n tw o
m illio n d o lla r s i n t h i s p e r io d .
T im e d e p o s it s in c r e a s e d ,
b u t t h e r e w a s a d e c lin e i n d e m a n d d e p o s it s .
D is c o u n ts
b y th e F e d e ra l R e s e rv e B a n k of A t la n t a fo r it s m em b er
b a n k s in c r e a s e d i n t h i s f o u r w e e k s p e r io d n e a r ly 5J m illio n
d o lla r s .
S a v in g s d e p o s it s a t t h e e n d o f J u l y r e p o r t e d b y
91 b a n k s i n t h e d i s t r i c t d e c r e a s e d 4 . 8 p e r c e n t c o m p a r e d
w i t h J u n e , f o llo w in g t h e i n t e r e s t p e r io d , b u t w e r e 9 .7 p e r
c e n t g re a te r th a n
a y ea r ago.
D e b it s to In d iv id u a l
a c c o u n t s a t 24 r e p o r t i n g c i t i e s i n t h e d i s t r i c t w e r e 4 . 9 p e r
c e n t g r e a t e r i n J u l y t h a n i n J u n e , a n d 6 .1 p e r c e n t g r e a t e r
t h a n in J u ly la s t y e a r.
C o t t o n c o n su m e d d u r in g J u ly in
t h e c o t t o n g r o w in g s t a t e s , a c c o r d in g t o t h e U n it e d S t a t e s
C e n s u s B u r e a u ’s s t a t e m e n t , in c r e a s e d 2 .4 p e r c e n t
over
J u l y la s t y e a r , b u t m ills i n t h e s ix t h d is t r ic t r e p o r t e d d e ­
c re a s e s in p r o d u c t io n o f c o t to n c lo t h a n d y a r n .
T h e p ro ­
d u c t io n o f p ig i r o n i n A la b a m a i n J u l y w a s 3 .2 p e r c e n t g r e a t ­

C O N D IT IO N
IN

TH E

S IX T H

FED ER A L

O F R E T A IL

R ESER V E

A t l a n t a (4)......................... ........
B ir m in g h a m (5)........................
C h a t t a n o o g a (6).......................
N a s h v ille ( 5 ) . . ............... ............
N e w O r le a n s (5)........................
S a v a n n a h (3)___________________
O t h e r C it ie s (17).......................
D I S T R I C T (45)..........................




+ 5.9
+ 3.4
+ 1 1 .9
+ 0.4
— 1.8
+ 5.5
+ 9.9
+ 3.6

TRA D E

D IS T R IC T

BA SED

D U R IN G
UPON

JU LY

1926

R EP O R TS

FR O M

(A )
J u l y , 1925

(B )
J u n e 1926

h 5.4
h l0 .2
b 2.9
b 1.5
b 2.4
b ll.4
H17.5
- 6.8

+ 1.2
+ 2 4 .4
— 4.9
- 6.6
+ 4.1
+ 1 8.6
+ 8.4
+ 6.0

- 0 .1
- 5 .5
+ 2 .5
- 7 .8
+ 2 .5
- 6 .5
- 6 .6
- 1 .7

P e r c e n t a g e o f s a le s to
a v e ra g e s t o c k s i n J u l y
(sto ck
tu rn o v e r
fo r
th e m o n th ):
(A )
1925

25.9
22.2
14.6
19.7
18.5
23.1
19.5

20 .2

45 S T O R E S
5

4

3

S to c k s a t e n d of m o n th .
p e rc e n t a g e in c r e a s e o r
d e c re a se c o m p a r e d w i t h :

(B )
J a n . 1 to
J u l y 31* 1925

TRA D E.

T h e in d e x n u m b e r s o f r e t a il s a le s i n t h e s i x t h d is t r ic t
f o r J u l y w a s 8 3 .9 , a n d w a s h i g h e r t h a n f o r a n y o t h e r J u l y
s i n c e 1920. T h e i n d e x n u m b e r s f o r r e t a i l s a l e s a t A t l a n t a ,
B ir m in g h a m a n d O t h e r C i t i e s w e r e a ls o h ig h e r t h a n h a v e
b e e n r e c o r d e d f o r J u l y s i n c e 1920. P e r c e n t a g e c o m p a r i s o n s
a r e s h o w n i n t h e t a b l e b e l o w , a n d i n d e x n u m b e r s o n p a g e 8.

2

1
N et
sa le s -- p e r c e n t a g e
in c r e a s e
or
d ecre ase
co m p a red w it h :

(A )
J u l y . 1925

R E T A IL

A f u r t h e r s e a s o n a l d e c lin e w a s e x h ib it e d b y r e t a il s a le s d u r in g
J u l y a s c o m p a r e d w i t h t h e m o n t h s im m e d ia t e ly p r e c e d in g ,
b u t a n i n c r e a s e o f 3 . 6 p e r c e n t o v e r J u l y 1925 w a s s h o w n b y
f i g u r e s r e p o r t e d b y 45 d e p a r t m e n t s t o r e s l o c a t e d t h r o u g h ­
o u t t h e d is t r ic t .
T h e t o t a l s a le s d u r in g t h e f ir s t s e v e n
m o n t h s o f t h e y e a r s h o w a n i n c r e a s e o f 6 .8 p e r c e n t o v e r
t h e v o lu m e o f b u s in e s s r e p o r t e d f o r t h e
c o r r e s p o n d in g
p e r io d l a s t y e a r b y t h e sa m e s t o r e s .
S t o c k s o f m e r c h a n d is e
a t t h e e n d o f J u l y d e c lin e d 1 .7 p e r c e n t c o m p a r e d w i t h
J u n e , b u t w e r e 6 .0 p e r c e n t g r e a t e r t h a n a y e a r a g o .
The
a v e ra g e tu r n o v e r fo r th e d is t r ic t , fo r J u ly , a n d fo r th e y e a r
to d a t e ,w a s a lit t le le s s r a p id in b o t h in s t a n c e s t h a n f o r t h e
s a m e p e r io d s l a s t y e a r .
O u t s t a n d in g o rd e rs a t t h e e n d
o f J u l y i n c r e a s e d 4 4 .4 p e r c e n t o v e r t h o s e o u t s t a n d i n g a
m o n t h e a r l i e r , b u t w e r e 1 1 .0 p e r c e n t l e s s t h a n a y e a r a g o .
A c c o u n t s r e c e i v a b l e a t t h e e n d o f J u l y w e r e 1 0 .3 p e r c e n t
s m a l l e r t h a n a t t h e e n d o f J u n e a n d 1 0 .8 p e r c e n t g r e a t e r
t h a n a t th e e n d of J u ly la s t y e a r.
C o lle c t io n s in
J u ly
w e r e 8 .2 p e r c e n t le s s t h a n i n J u n e , a n d 3 .9 p e r c e n t g r e a t e r
t h a n i n J u l y 1925.

(B )

P e r c e n t a g e o f s a le s to
a v e ra g e
sto ck s
fro m
J a n . 1 to J u l y 31 ( S t o c k
tu rn o v e r fo r y e a r to
d a te )

P ercen tag e
of
o u ts t a n d in g o r d e rs a t e n d
o f m o n th to p u rc h a s e s
d u r i n g c a le n d a r y e a r .
1925:

1926

(A )
1925

(B )
1926

(A )
Ju n e

(B )
J u ly

29.5
16.6
17.8
20.6
17.0
21.7
19.3
19.1

205.7
169.6
133.3
167.8
157.2
154.9
162.2
165.7

217.8
154.0
139.3
173.5
147.6
157.5
178.8
163.0

2.4
6.6
4.0
3.4
8.7
3.4
3.1
5.3

5.2
7.0
3.7
5.4
10.0
4.7
7.0
7.4

3

THEMONTHLYBUSINESSREVIEW
W H O LESA LE

TR A D E.

J u d g in g fro m f ig u r e s c o n t a in e d i n c o n f id e n t ia l r e p o r t s
m a d e t o t h e F e d e r a l R e s e r v e B a n k b y 130 w h o l e s a l e f i r m s
d e a lin g i n e ig h t d if f e r e n t lin e s , w h o le s a le t r a d e w a s a t a
lo w e r le v e l i n J u l y t h a n i n J u n e , o r i n J u l y a y e a r a g o .
Tw o
l in e s r e p o r t e d in c r e a s e d s a le s o v e r J u n e a n d s ix lin e s r e ­
p o r t e d s a le s i n s m a lle r v o lu m e .
C o m p a r e d w i t h J u l y 1925,
s ix lin e s r e p o r t e d d e c r e a s e s i n t o t a l s a le s a n d t w o r e p o r t e d
in c r e a s e s .
T h e in d e x n u m b e r o f w h o le s a le t r a d e , c o m p u t e d
fr o m f ig u r e s r e p o r t e d b y f ir m s d e a lin g i n g r o c e r ie s , d r y
g o o d s , h a r d w a r e a n d s h o e s , f o r J u l y i s 7 7 .2 , c o m p a r e d w i t h
7 9 .5 i n J u n e , a n d w i t h 7 9 .1 f o r J u l y 1925. W i t h t h e e x c e p ­
t i o n o f J u l y l a s t y e a r , h o w e v e r , t h e i n d e x n u m b e r o f 7 7 .2
f o r J u l y j u s t e n d e d is h ig h e r t h a n f o r a n y o t h e r J u l y s in c e
1920. D u r i n g t h e t i m e s i n a e t h i s s e r i e s w a s s t a r t e d i n
1920, t h e l o w p o i n t o f t h e y e a r i n w h o l e s a l e s a l e s h a s b e e n
re a c h e d in J u n e in fo u r of th e y e a rs, a n d in J u ly in th re e
y ea rs.
G r o c e r ie s

S a l e s o f g r o c e r i e s a t w h o l e s a l e b y 37
r e p o r t in g f ir m s s h o w e d a d e c r e a s e
o f 5 .2 p e r c e n t c o m p a r e d w i t h J u n e , a n d 4 .8 p e r c e n t s m a ll­
e r t h a n in J u ly la s t y e a r.
I n c r e a s e s o v e r J u l y 1925 w e r e
r e p o r t e d fro m A t la n t a , J a c k s o n v ille a n d O t h e r c itie s , b u t
t h e s e w e re o u t w e ig h e d i n t h e a v e ra g e b y d e c r e a s e s r e p o r t ­
e d fro m o t h e r p o in t s .
S t o c k s in c r e a s e d 9 .8 p e r c e n t o v e r
J u n e , a n d w e r e 9 .6 p e r c e n t g r e a t e r t h a n a y e a r a g o . A c ­
c o u n t s R e c e iv a b le a t t h e e n d o f J u ly w e re f r a c t io n a lly
g r e a t e r t h a n a m o n t h e a r lie r , b u t d e c lin e d 3 .7 p e r c e n t
c o m p a re d w it h J u ly la s t y e a r .
C o l l e c t i o n s w e r e 3 .5 p e r
c e n t s m a lle r t h a n i n J u n e , a n d 9 .5 p e r c e n t s m a lle r t h a n
i n J u l y 1925.
J u ly 1926 com pared w it h :
J u n e 1926
J u ly 1925
—4.2
+ 6.4
A t la n t a (5 firm s)...........................................
Ja c k so n v ille (4 firm s)..................................
—8.3
+ 2 .2
M e rid ia n (3 firm s ).........................................
—8.5
—16.8
N ew O rle a n s (8 firm s ).................................
—7.0
—19.1
+ 7.8
—17.5
V ic k s b u rg (3 firm s)......................................
O th e r C itie s (14 firm s )................................
—4.2
+ 8.7
D I S T R I C T (37 firm s )..................................
- 5 .2
- 4.8
D ry G oods

J u l y s a l e s r e p o r t e d b y 25 w h o l e s a l e
d r y g o o d s f ir m s in c r e a s e d t w o - t e n t h s
o f o n e p e r c e n t o v e r t h o s e i n J u n e , b u t w e r e 1 7 .0 p e r c e n t
le s s i n v o lu m e t h a n i n J u l y l a s t y e a r .
D e c re a se s co m p a re d
w it h J u ly a y e a r a g o w e re s h o w n a t a ll p o in t s in c lu d e d in
th e sta te m e n t.
S t o c k s i n c r e a s e d 1 .1 p e r c e n t o v e r J u n e ,
a n d w e r e 5 .0 p e r c e n t g r e a t e r t h a n a y e a r a g o .
A cco u n ts
R e c e iv a b le w e r e 4 .8 p e r c e n t s m a lle r t h a n a t t h e e n d o f
J u n e , b u t 0 .3 p e r c e n t g r e a t e r t h a n a t t h e e n d o f J u l y 1925.
C o l l e c t i o n s i n J u l y w e r e 4 .3 p e r c e n t s m a l l e r t h a n i n J u n e ,
a n d 1 .1 p e r c e n t s m a l l e r t h a n i n J u l y a y e a r a g o .

A t la n t a (3 firm s)...........................................
Ja c k so n v ille (3 firm s)..................................
N a sh v ille (3 firm s)...... .................................
N ew O rle a n s (3 firm s).................................
O th e r C it ie s (13 firm s)................................
D I S T R I C T (25 firm s )...................................

J u ly 1926 com pared w it h :
J u n e 1926
J u ly 1925
— 0.8
—21.6
—11.5
—21.3
+ 9.4
—26.7
+32.5
— 7.4
— 4.1
—14.0
+ 0.2
- 1 7 .0

H a rd w a re

S a l e s o f h a r d w a r e a t w h o l e s a l e b y 28
r e p o r t i n g f i r m s i n J u l y w e r e 2 .4 p e r
c e n t s m a lle r t h a n i n J u n e , b u t s h o w e d a n a v e ra g e in c r e a s e
o f 5 .7 p e r c e n t o v e r J u l y 1925. I n c r e a s e s o v e r J u l y l a s t y e a r
a t C h a t t a n o o g a , N a s h v ille a n d N e w O r le a n s o u t w e ig h e d
d e c r e a s e s r e p o r t e d fro m o t h e r p o in t s .
S to ck s on h a n d
a t t h e e n d o f J u l y d e c lin e d 2 .3 p e r c e n t c o m p a r e d w i t h
J u n e , a n d w e r e 7 .6 p e r c e n t s m a l l e r t h a n a y e a r a g o . A c ­
c o u n t s R e c e i v a b l e a t t h e e n d o f J u l y w e r e 2 .4 p e r c e n t g r e a t ­
e r t h a n a m o n t h e a r l i e r , a n d 2 .8 p e r c e n t g r e a t e r t h a n a
y e a r ago.
C o l l e c t i o n s i n J u l y w e r e 2 .3 p e r c e n t s m a l l e r
t h a n i n J n u e , b u t w e r e 7 .7 p e r c e n t g r e a t e r t h a n i n J u l y
la s t y e a r.
J u ly 1926 com pared w it h :
J u n e 1926
J u ly 1925
A t la n t a (3 firm s)...........................................
—4.5
— 5.0
C h a tta n o o g a (3 firm s)................................
—6.7
+12.1
Ja c k so n v ille (3 firm s)..................................
—1.8
— 0.6
N ash v ille (3 f ir m s ) - ....................................
+ 3.5
+38.8
N ew O rle a n s (5 firm s).................................
—3.2
+ 4 .1
O th e r C itie s (11 firm s).............................. .
—2.8
— 1.3
D I S T R I C T (28 firm s)...................................
—2.4
+ 5.7
F u r n it u r e

J u l y s a le s o f f u r n it u r e a t w h o le s a le
b y 14 r e p o r t i n g f i r m s w a s 9 .4 p e r c e n t
s m a l l e r i n v o l u m e t h a n i n J u n e , a n d 4 .7 p e r c e n t l e s s t h a n
in J u ly la s t y e a r.
S to c k s o n h a n d a t th e e n d o f J u ly w e re
0 .5 p e r c e n t g r e a t e r t h a n a m o n t h e a r l i e r , b u t w e r e 2 .3 p e r
c e n t s m a lle r t h a n a y e a r a g o . A c c o u n t s R e c e iv a b le a t
t h e e n d o f J u l y w e r e 0 .9 p e r c e n t l e s s t h a n a t t h e e n d o f
J u n e , b u t s h o w e d a n i n c r e a s e o f 1 4 .6 p e r c e n t o v e r t h o s e




a t t h e e n d o f J u l y 1925. J u l y c o l l e c t i o n s d e c r e a s e d 4 .9
p e r c e n t c o m p a r e d w i t h J u n e , b u t w e r e 1 6 .0 p e r g r e a t e r
t h a n in J u ly la s t y e a r.
A t l a n t a (6 f ir m s ) ...............................................
C h a t t a n o o g a (3 f ir m s ) ...................................
O t h e r C it ie s (5 f ir m s ) .....................................
D I S T R I C T (14 f ir m s ) ......................................

J u l y 1926 c o m p a r e d w i t h :
J u n e 1926
J u l y 1925
+ 6.0
~ 20 §
- 6.0
+ 1 6 .7
- 9 .4
- 4.7

E le c t r ic a l S u p p lie s

R e p o r t s f r o m 11 w h o l e s a l e e l e c t r i c a l
s u p p l y f i r m s s h o w a d e c r e a s e o f 15 .2
p e r c e n t i n s a l e c o m p a r e d w i t h J u n e , a n d a d e c r e a s e o f 8 .0
p e r c e n t co m p a re d w ith J u ly la s t y e a r.
In c r e a s e s a t N ew
O r le a n s w e re o u t w e ig h e d i n t h e a v e ra g e b y d e c r e a s e s r e ­
p o r te d fro m A t la n t a a n d O t h e r C it ie s .
S to ck s on h a n d
i n c r e a s e d 3 .7 p e r c e n t o v e r t h o s e o n h a n d a t t h e e n d o f
J u n e , a n d w e r e 3 6 .2 p e r c e n t g r e a t e r t h a n a y e a r a g o .
A c­
c o u n t s R e c e i v a b l e d e c r e a s e d 1 5 .3 p e r c e n t c o m p a r e d w i t h
J u n e , b u t w e r e 2 1 .6 p e r c e n t g r e a t e r t h a n a y e a r a g o .
C o l­
l e c t i o n s i n J u l y w e r e 9 .6 p e r c e n t l e s s t h a n i n J u n e , b u t w e r e
3 3 .3 p e r c e n t g r e a t e r t h a n i n J u l y l a s t y e a r .
J u l y 1926 c o m p a re d w i t h :
J u n e 1926
J u l y 1925
A t l a n t a (3 f ir m s ) ...............................................
— 21.1
— 14.2
N e w O r le a n s (4 f ir m s ) ....................................
+1.5
+ 5.4
O t h e r C it ie s (4 f ir m s ) .....................- ..............
— 19.7
— 9.0
D I S T R I C T (11 f ir m s ) ......................................
- 1 5 .2
- 8.0

P e r c e n t a g e c h a n g e s in s a le s f o r t h e o t h e r t h r e e lin e s a re
s h o w n o n ly f o r t h e d is t r ic t , a s t h r e e r e p o r t s w e re n o t r e ­
c e iv e d f r o m a n y c it y i n a n y o f t h e s e lin e s .
S a le s o f s h o e s
a t w h o l e s a l e w e r e 1 0 .7 p e r c e n t l e s s t h a n i n J u n e , a n d 1 1 .1
p e r c e n t le s s t h a n i n J u l y la s t y e a r .
S a le s o f s t a t io n e r y
s h o w e d d e c r e a s e s i n b o t h in s t a n c e s , b u t s a le s o f d r u g s
w e re g r e a te r t h a n in e it h e r o f t h o s e m o n t h s .

S h o e s (6 f ir m s ) ....................................................
S t a t io n e r y (4 f ir m s ) .........................................
D r u g s (5 f ir m s ) ....................................................

J u l y 1926 c o m p a re d w i t h :
J u n e 1926
J u l y 1925
- 1 0 .7
- 1 1 .1
— 7. 1
— 19.1
+ 5.3
+ 8.4

A G R IC U L T U R E .
T h e F lo r id a c it r u s f r u it c ro p w a s in ju r e d in t h e t r o p ic a l
s to r m la t e i n J u ly , b u t s t i ll p ro m is e s a c ro p m a t e r ia lly la r g ­
e r t h a n t h a t o f t h e p a s t s e a s o n , a c c o r d in g t o a r e p o r t
is s u e d e a r ly in A u g u s t b y t h e U n it e d S t a t e s B u r e a u o f
A g r i c u lt u r a l E c o n o m ic s .
G e n e r a l fa rm c ro p s sh o w f a ir
p ro s p e c t s b u t w e re s e t b a c k so m e w h a t b y t h e h e a v y r a in s .
D u r i n g m o s t o f t h e m o n t h c i t r u s f r u i t s s h o w e d a n im ­
p r o v e d c o n d it io n .
T h e d a m a g e v a r ie d fro m n o n e i n so m e
s e c t io n s t o a s h ig h a s 30 p e r c e n t i n p a r t s o f S o u t h F l o r id a
w h e r e t r e e s w e r e b lo w n d o w n a n d lo s s e s i n m a n y c a s e s
w e re h e a v y .
T h e c o n d it io n o f f ie ld c ro p s i n F lo r id a is
b e l o w t h a t o f A u g u s t 1 , 1925 b u t n o t f a r f r o m t h e a v e r a g e
f o r t h i s t im e o f t h e y e a r .
T h e re p o rt of th e B u re a u of
A g r i c u lt u r a l E c o n o m ic s
f o r M is s is s ip p i in d ic a t e s
th a t
p r o s p e c t s i n t h a t s t a t e , b a s e d u p o n c o n d it io n s A u g u s t
1, p o in t t o a s m a lle r c r o p p r o d u c t io n t h i s s e a s o n t h a n la s t
fo r m o st c ro p s.
T h e c ro p s o f o a ts a n d w h it e p o ta to e s
w e r e s o m e w h a t l a r g e r t h a n i n 1925, a n d p r o s p e c t s a r e f o r
la r g e r c r o p s o f h a y a n d a p p le s , b u t o t h e r p r in c ip a l c ro p s
w ill p r o b a b ly b e s m a lle r t h a n a y e a r a g o .
T h e re p o rt fo r
A la b a m a s t a t e s t h a t s o m e w h a t b e t t e r c o n d it io n s p r e v a il
t h is y e a r t h a n la s t f o r m o s t c ro p s , e x c e p t c o t t o n , w h ile
t h e s m a l l e r a c r e a g e o f p e a n u t s w i l l g iv e n e a r l y a m i l l i o n
b u s h e ls le s s i n p r o d u c t io n .
C o n d it io n s a p p e a r to b e f a ir ­
ly u n if o r m o v e r t h e s t a t e .
T h e y ie ld o f w h e a t p e r a c r e i n
T e n n e s s e e , 1 7 .5 b u s h e l s p e r a c r e , i s r e p o r t e d t o b e t h e
la rg e s t e v e r s h o w n in t h a t s ta te .
T h e q u a lit y is re p o rte d
e x c e p t io n a l.
T h e t o t a l c r o p i s e s t i m a t e d a t 7 ,7 0 0 ,0 0 0 b u s h ­
e l s , a g a i n s t 4 ,5 8 8 ,0 0 0 b u s h e l s l a s t y e a r .
T h e e x tre m e h o t,
d r y w e a t h e r o f J u l y d a m a g e d t h e c o r n c ro p , t h e c o n d it io n
o n A u g u s t 1 b e in g 80 p e r c e n t .
O n t h is b a s is , t h e e s tim a t ­
e d c r o p i s 7 4 ,3 7 6 ,0 0 0 b u s h e l s , c o m p a r e d w i t h 6 3 ,2 4 0 ,0 0 0 b u s h ­
e ls la s t y e a r .
C o tto n

T h e re p o rts is s u e d b y t h e D e p a rt­
m e n t o f A g r ic u lt u r e in A u g u s t in d ic a t e
a c o n d i t i o n o f c o t t o n o f 6 9 .8 p e r c e n t o f n o r m a l o n A u g u s t
1 , a n d a c o n d i t i o n o f 6 3 .5 p e r c e n t o f n o r m a l o n A u g u s t 16,
c o m p a r e d w i t h 6 5 .6 p e r c e n t o n A u g u s t 1 l a s t y e a r a n d 6 2 .0
p e r c e n t o n A u g u s t 1 6, l a s t y e a r .
T o o m u c h r a in in m o st
p a r t s o f t h e b e lt c a u s e d a g r o w t h o f t h e p la n t a t t h e ex­
p e n s e o f t h e f r u i t , a n d f a v o r e d m u lt ip lic a t io n o f t h e b o ll
w e e v il a n d o t h e r in s e c t s .
I n t h e s ix s t a t e s o f t h is d is t r ic t
t h e c o n d i t i o n o n A u g u s t 1 w a s l o w e r t h a n o n J u l y 16, a n d
f u r t h e r d e t e r io r a t io n w a s s h o w n o n A u g u s t 16. T h e c o n ­
d i t i o n o n t h a t d a t e w a s a l s o l o w e r t h a n o n th e * s a m e d a t e
l a s t y e a r . P r o d u c t i o n , b a s e d o n t h e c o n d i t i o n A u g u s t 16,

THEMONTHLYBUSINESSREVIEW

4

i s e s t i m a t e d a t 1 5 ,2 4 8 ,0 0 0 b a l e s , a r e d u c t i o n o f 3 7 3 ,0 0 0 b a l e s
fo r th e f ir s t h a lf o f A u g u s t .
T h e f in a l o u t t u r n o f t h e
c r o p w ill d e p e n d u p o n w h e t h e r t h e v a r io u s in f lu e n c e s a f f e c t ­
in g t h e c ro p d u r in g t h e r e m a in d e r o f t h e s e a s o n a r e m o re
o r le s s fa v o r a b le t h a n u s u a l.
If th e p e r ce n t of co tto n
a r e a a b a n d o n e d d u r in g t h is s e a s o n s h o u ld b e e q u a l to t h e
a v e r a g e o f t h e p a s t t e n y e a r s , t h e a c r e a g e w h ic h w o u ld
r e m a in t o b e h a r v e s t e d in t h e U n it e d S t a t e s t h is y e a r w o u ld
b e 4 7 ,1 5 3 ,0 0 0 a c r e s .
T h e r e p o r t f o r G e o r g ia in d ic a t e s so m e
d e t e r io r a t io n in t h e s o u t h e r n h a lf o f t h e s t a t e , c a u s e d b y
e x c e s s iv e r a in s , s h e d d in g o f s m a ll b o lls , a n d in c r e a s e d w e e ­
v il a c t iv it y .
T h e re p o r t fo r A la b a m a in d ic a t e s t h a t t h e
a c t iv it y o f th e c o tto n h o p p e r h a d so m e w h a t a b a te d a n d
t h a t f r u i t i n g w a s t a k i n g p la c e w i t h r e n e w e d v ig o r .
Th e
w e e v il w a s r e p o r t e d m o re a c t iv e i n m a n y s e c t io n s .
T h e
r e p o r t fo r L o u is ia n a in d ic a t e s t h e c ro p is fro m tw o to
t h r e e w e e k s la t e , a n d t h a t w e e v il d a m a g e is in c r e a s in g .
In
M is s is s ip p i d a m a g e b y t h e
co tto n h o p p e r d e cre a se d
g r e a tly d u rin g th e la s t h a lf o f J u ly .
A re a in
C u lt i v a t io n
J u n e 25.
1926
A l a b a m a ............................ 3,787,000
F l o r i d a - ............................
113,000
G e o r g ia .............................. 4,028,000
L o u i s i a n a .......................... 1,979,000
M is s is s ip p i........................ 3,781,000
T e n n e s s e e .......................... 1,191,000
C o tto n

•
C o n d it io n o f t h e
A u g . 16, A u g . 1,
1926
1926
65
67
70
74
56
59
64
67
67
68
70
70

C ro p
A u g . 16.
1925
70
78
61
65
77
82

M o v e m e n t— S ix t h D is t r ic t .

J u l y 1926J u n e 1926 J u l y 1925
R e c e ip t s *
N e w O r le a n s ........................................
100,009
91,083
55,517
2,830
4,859
1,508
M o b i l e . . . . ..............................................
S a v a n n a h ................. ............................
34,898
39,608
9,229
3,872
6,402
1,996
A t l a n t a ...................................................
A u g u s t a . ................................................
6,944
8,108
3,714
M o n tg o m e ry .............................. ,-----1,208
1,732
196
S to c k s:
N e w O r le a n s ........................................
152,265
204,165
49,*75
M o b ile — . ............... ...............................
3,389
3,627
1,303
S a v a n n a h ..............................................
27,073
46,899
7,572
15,272
22,700
4,757
A t l a n t a ................ .................... ..............
A u g u s t a . . ............................... ..............
32,850
41,060
10,311
M o n t g o m e ry ........................................
9,111
12,207
4,141
Sug ar C ane and
Sug ar

W e a t h e r c o n d it io n s d u r in g J u ly a n d
e a rly A u g u s t h a v e c o n tin u e d fa v o r­
a b le in t h e c a n e b e lt o f L o u is ia n a .
T h e c a n e is r e p o r t e d g r o w in g r a p id ly t h r o u g h o u t t h e e n ­
t ir e d is t r i c t a n d s h o w s a v ig o r o u s a n d h e a lt h y g r o w t h ,
w it h c a n e t h a t w a s m a r k e d ly e a r lie r in t h e s e a s o n r a p id ly
o v e r c o m in g i t s b a c k w a r d c o n d it io n .
L a y in g - b y o p e r a t io n s
h a v e b e e n p r a c t i c a l l y c o m p le t e d .
M ovem ent
R aw

of

Sug ar

S u g a r.

(P o u n d s)

J u l y 1926
R e c e ip t s *
N e w O r le a n s .............
S a v a n n a h ...................
M e lt in g s :
N e w O r le a n s .............
S a v a n n a h — ...........
S to c k s:
N e w O r le a n s .............
S a v a n n a h . . ...............

S h ip m e n t s :
N e w O r le a n s .............
S a v a n n a h ____________
S to c k s:
N e w O r le a n s .............
S a v a n n a h ...................

193,200,092
25,841,088

154,016,182
41,559,991

151,721,672
38,995,730

192,719,359
29,878,165

26,034,592
11,266,390

73,956,703
35,816,076

26,724,194
N one

Sugar
162,357,204
46,401,050

185,781,382
36,085,863

64,332,830
9,653,126

67,879,945
18,256,735

60,386,764
1,363,479

M o v e m e n t.

( S a c k s ) P o r t o f N e w O r le a n s .

R e c e ip t s ......................................................
S h ip m e n t s .................................. ..............
S t o c k ............. ...............................................
R ic e

(P o u n d s)

154,983,033
42,845,963

R ic e

C le a n

J u l y 1926
11,285
10,115
7,642

(P o c k e ts)

P o rt

J u n e 1926
7,642
13,823
6,472

of N ew

R e c e ip t s ...........— ..................................
39,215
S h ip m e n t s .................................................
34,528
S t o c k — ......... ............................................. 166,523
R e c e ip t s
( F u r n is h e d

by

J u l y 1925
1

144,716,699
45,784,838

R e fin e d

R o u g h R ic e

J u n e 1926

106,094,071
17,010,305

D is t r ib u t io n

th e

R e c e ip t s

R ic e
of

R ough

and

34,068
89,607
63,529

S to c k

A s s o c ia t io n )

R ic e .

M o n th of
J u ly
T h i s y e a r (b a r r e ls ) ................................................. 74,634
L a s t y e a r ( b a r r e ls )..................................................
8,252




O r le a n s .

97,921
129,725
161,836

M ille r s

J u l y 1925
5,598
20,931
3,846

Seaso n
T o t a ls
7,348,870
7,168,536

D i s t r i b u t i o n o f M ille d R ic e .
M o n th o f J u ly .
T h i s y e a r ( p o c k e t s )................. j* .. ........................
L a s t y e a r < p o c k e ts)................................................

278,871
140,316

Seaso n
T o t a ls
6,956,854
7,480,232

S to ck s
T h i s y e a r ( p o c k e t s ) ................................................
L a s t y e a r (p o c k e ts )................................................

767,627
95,427

F IN A N C IA L .
S a v in g s D e p o s it s

F o llo w in g t h e i n t e r e s t p e r io d a t m id ­
y e a r , s a v i n g s d e p o s it s a t t h e c lo s e
o f J u l y h e l d b y 91 b a n k s i n t h e d i s t r i c t w h i c h o p e r a t e s a v ­
i n g s d e p a r t m e n t s s h o w e d a d e c r e a s e o f 4 .8 p e r c e n t , c o m ­
p a re d w it h a m o n t h e a r lie r .
A y e a r a g o s a v in g s d e p o s it s
d e c l i n e d 3 .8 p e r c e n t i n J u l y c o m p a r e d w i t h J u n e .
Sav­
i n g s d e p o s i t s a t t h e c l o s e o f J u l y t h i s y e a r w e r e 9 .7 p e r
c e n t g re a te r t h a n a t th e e n d of J u ly la s t y e a r.
T o t a ls
in
e v e n t h o u s a n d s , w it h p e r c e n t a g e c o m p a r is o n s , a r e
sh o w n in t h e t a b le :
(0 0 0

O m it t e d )

J u ly
1926
$ 35,839
B ir m in g h a m (5 b a n k s ) —. 24,027
J a c k s o n v i lle (5 b a n k s ) .~ . 27,567
N a s h v ille (10 b a n k s ) ......... 25,057
N e w O r le a n s (8 b a n k s ) - . 49,071
. 106,867
268,428

Ju ne
1926 J
$ 36,268
25,954
28,334
25,875
52,546
113,010
281,987

C o m p a r i­
C o m p a r i­
so n
so n
S- J u l y
J u ly
I 1925 1926-1925
—1.2 $ 29,891
+ 1 9 .9
— 7.4
23,641
+ 1.6
— 2.7
23,797
+ 1 5 .8
— 3.2
19,666
+ 2 7 .4
—6.6
47,869
+ 2.5
- 5 .4
99,721
+ 7.2
— 4.8
244,585
+ 9.7

D e b it s t o I n d iv i­
d u a l A cco u n ts

T h e v o lu m e o f d e b it s t o in d iv id u a l
a cco u n ts
a t 24 r e p o r t i n g
c it ie s in
t h e s ix t h d is t r ic t d u r in g J u ly in c r e a s ­
e d 4 .9 p e r c e n t o v e r J u n e , a n d w a s 6 .1 p e r c e n t g r e a t e r t h a n
i n t h e m o n t h o f J u l y 1925.
C o m p a r a t iv e f ig u r e s a r e s h o w n
i n t h e t a b le b e lo w .
M o n t h ly f ig u r e s a re a r r iv e d a t b y p r o ­
r a t in g t h e f ig u r e s f o r t h o s e w e e k s w h ic h d o n o t f a ll e n t ir e ­
ly w it h in a s in g le m o n t h .
(0 0 0 O m i t t e d )
J u l y 1926
A la b a m a :
B ir m i n g h a m ----- .............................. $145,435
D o t h a n ----- ------ -..............................
2,686
36,700
M o b ile ......................— ......................
M o n tg o m e ry .
..................... ..
21,717
F lo r id a :
J a c k s o n v i lle ........ .............................. 105,251
8,926
P e n s a c o la - ............ ..............................
T a m p a .................... ...............................
69,751
G e o r g ia :
A l b a n y ...................................................
4,328
A t l a n t a .................................................. 156,663
A u g u s t a ................. .......................... ..
23,356
3,918
B r u n s w i c k ...........................................
13,239
C o lu m b u s ............. ...............................
E lb e r t o n ................ ..............................
708
M a c o n ..................... ..............................
24,220
N e w n a n ____________ .............................
2,254
S a v a n n a h ............................................
45,175
V a ld o s t a ................................................
7,231
L o u is ia n a : .
N e w O r l e a n s .. . .............................. 337,263
M is s is s ip p i:
J a c k s o n ................... ............................
22,701
M e r id ia n ............
..............................
14,775
7,608
V i c k s b u r g .............................................
T e n n e sse e:
48,683
C h a t t a n o o g a _____ ............................
36,785
K n o x v ille ................. ............. ..............
86,220
N a s h v ille ................. ............................
T o t a l 24 C i t i e s .............. ..........................$1,225,593

J u n e 1926i J u l y 1925
$132,301
2,580
36,965
21,002

$129,802
2,704
31,999
20,756

108,412
8,965
68,941

95,638
9,717
74,379

4,437
153,929
21,315
3,315
12,032
717
21,573
1,950
42,618
5,147

4,018
145,622
23,287
3,218
14,180
720
25,459
2,063
39,228
5,396

318,718

330,636

17,705
14,511
6,771

16,337
14,754
6,759

46,893
35,334
82,712

42,920
31,920
83,887

$1,168,843

$1,155,399

C o n d it io n o f M e m W e e k ly r e p o r t s r e n d e r e d t o t h e :
b e r B a n k s in S e le c t - e r a l R e s e r v e
Bank
by
36 m e m b e r
e d C it ie s
b a n k s lo c a t e d in A t la n t a , N e w O r ­
le a n s ,
B ir m in g h a m ,
J a c k s o n v ille ,
N a s h v ille , C h a t t a n o o g a , K n o x v ille a n d S a v a n n a h s h o w a n
i n c r e a s e o f $ 4 ,9 6 0 ,0 0 0 i n t h e v o l u m e o f l o a n s a n d d i s c o u n t s
i n t h e f o u r w e e k s p e r i o d b e t w e e n J u l y 14 a n d A u g u s t 1 1 .
D is c o u n t s s e c u r e d b y G o v e r n m e n t O b lig a t io n s in c r e a s e d
$ 1 0 8 ,0 0 0 d i s c o u n t s s e c u r e d b y s t o c k s a n d b o n d s i n c r e a s e d
$ 3 ,6 5 2 ,0 0 0 a n d o t h e r c o m m e r c i a l d i s c o u n t s i n c r e a s e d $ l ,2 0 0 ,0 0 0
d u r in g t h is p e r io d .
U n it e d S t a t e s S e c u r it ie s o w n e d b y
t h e s e 3 6 m e m b e r b a n k s d e c r e a s e d $ 1 5 3 ,0 0 0 b u t o t h e r s t o c k s
a n d b o n d s i n c r e a s e d $ 2 ,2 5 6 ,0 0 0 a n d t h e n e t i n c r e a s e i n
l o a n s , d i s c o u n t s a n d i n v e s t m e n t s a m o u n t e d t o $ 7 ,0 6 3 ,0 0 0 .
T i m e d e p o s i t s i n c r e a s e d $ 5 0 2 ,0 0 0 b u t d e m a n d d e p o s i t s d e ­
c l i n e d $ 7 2 0 ,0 0 0 . A c c o m o d a t i o n
to
th e se
b a n k s b y th e
F e d e r a l R e s e r v e B a n k w a s $ 4 ,1 4 9 ,0 0 0 g r e a t e r o n A u g u s t 11
t h a n f o u r w e e k s e a r lie r .
C o m p a r e d w it h f ig u r e s f o r t h e

THEMONTHLYBUSINESSREVIEW
c o r r e s p o n d in g r e p o r t d a t e la s t y e a r , t o t a l d is c o u n t s o n
A u g u s t 11 t h i s y e a r w e r e $ 2 0 ,0 9 9 ,0 0 0 g r e a t e r t h a n o n A u g u s t
12, 1 9 2 5 ; U n i t e d S t a t e s s e c u r i t i e s w e r e o w n e d t o a n e x t e n t
$ 2 ,4 3 0 ,0 0 0 g r e a t e r t h a n a t t h a t t i m e ; O t h e r s t o c k s a n d
b o n d s s h o w e d a n i n c r e a s e o f $ 1 2 ,2 1 7 ,0 0 0 a n d t h e t o t a l i n ­
c r e a s e in lo a n s , d is c o u n t s a n d in v e s t m e n t s a m o u n te d t o
$ 3 4 ,7 4 6 ,0 0 0 . T i m e d e p o s i t s s h o w a n i n c r e a s e o f $ 2 0 ,8 3 2 ,0 0 0
a n d d e m a n d d e p o s i t s a n i n c r e a s e o f $ 3 3 3 ,0 0 0 o v e r f i g u r e s
f o r A u g u s t 12 l a s t y e a r .
A c c o m o d a t io n a t t h e F e d e r a l
R e s e r v e B a n k a t t h a t t i m e a m o u n t e d t o $ 1 0 ,3 7 7 ,0 0 0 c o m ­
p a r e d w i t h $ 2 0 ,3 8 1 ,0 0 0 o n A u g u s t 11 t h i s y e a r .
P r in c ip a l
it e m s i n t h e w e e k ly s t a t e m e n t a r e s h o w n i n t h e t a b le :
M e m b e r B a n k s in S e le c t e d C it ie s .
(000 O m i t t e d )
A u g . 11,
1926
$ 5,778
107,628
388,649
502,055
40,235
59,711

B i l l s D is c o u n t e d :
S e c u r e d b y G o v t . O b lig a t io n s
S e c u re d b y S to c k s a n d B o n d s
A l l O t h e r s ----- ----------------------T o t a l D i s c o u n t s ..............................
U . S . S e c u r it ie s ............. „ ......................
O t h e r S t o c k s a n d B o n d s ...................
T o t a l L o a n s , D is c o u n t s a n d I n ­
v e s tm e n t s .......................... .................. 602,001
T im e D e p o s it s ........................................... 222,385
D e m a n d D e p o s i t s .— ......................—
342,798
A c c o m m o d a t io n a t F . R . B a n k . —
20,381

J u l y 14,
1926
$ 5,670
103,976
387,449
497,095
40,388
57,455

A u g . 12,
1925
$ 7,614
91,016
383,326
481,956
37,805
47,494

594,938
221,883
343,518
16,232

567,255
201,553
342,465
10,377

O p e r a t io n s o f t h e
F e d e ra l R e se rv e
Bank

B ills d is c o u n t e d b y t h e F e d e r a l R e se rv e B a n k o f A t la n t a fo r m em b er
b a n k s in th e d is t r ic t sh o w e d a n in ­
c r e a s e o f $ 5 ,4 5 8 ,0 0 0 d u r i n g t h e f o u r
w e e k s p e r i o d b e t w e e n J u l y 14 a n d A u g u s t 1 1 . D i s c o u n t s
s e c u r e d b y G o v e r n m e n t o b l i g a t i o n s i n c r e a s e d $ 1 ,2 3 3 ,0 0 0 ,
a n d A l l O t h e r d i s c o u n t s i n c r e a s e d $ 4 ,2 2 5 ,0 0 0 . B i l l s b o u g h t
i n t h e o p e n m a r k e t i n c r e a s e d $ 1 ,6 3 9 ,0 0 0 d u r i n g t h i s p e r i o d ,
a n d U n it e d S t a t e s S e c u r it ie s o w n e d b y t h e b a n k in c r e a s e d
$ 1 2 2 ,0 0 0 , a n d t h e n e t i n c r e a s e i n t o t a l b i l l s a n d s e c u r i t i e s
a m o u n t e d t o $ 7 ,0 9 1 ,0 0 0 .
C a s h R e s e r v e s d e c l i n e d $ 1 1 ,6 4 6 ,0 0 0
d e p o s i t s d e c l i n e d $ 2 ,2 3 7 ,0 0 0 a n d F e d e r a l R e s e r v e N o t e s i n
a c t u a l c i r c u l a t i o n d e c r e a s e d $ 5 ,1 2 9 ,0 0 0 .
C o m p a re d w it h
f ig u r e s f o r t h e c o r r e s p o n d in g r e p o r t d a t e a y e a r a g o , t o t a l
d i s c o u n t s o n A u g u s t 11 s h o w e d a n i n c r e a s e o f $ 1 5,975,0 0 0 o v e r
t h o s e o n A u g u s t 12 l a s t y e a r .
B ills b o u g h t in th e o p e n
m a r k e t a m o u n t e d t o $ 2 6 ,1 4 5 ,0 0 0 c o m p a r e d w i t h $ 1 3 ,5 6 1 ,0 0 0
w h ile U n it e d S t a t e s s e c u r it ie s o w n e d b y t h e b a n k t o t a le d
$ 1 ,9 6 7 ,0 0 0 c o m p a r e d w i t h $ 1 4 ,3 2 5 ,0 0 0 a y e a r a g o .
T o ta l
b i l l s a n d s e c u r i t i e s o n A u g u s t 11 w e r e $ 1 6 ,4 7 1 ,0 0 0 g r e a t e r
th a n a y e a r ago.
C a s h r e s e r v e s s h o w a n i n c r e a s e o f $33,
2 5 2 ,0 0 0 , d e p o s i t s a d e c r e a s e o f $ 1 ,1 6 1 ,0 0 0 , a n d F e d e r a l r e ­
s e r v e n o t e s i n a c t u a l c i r c u l a t i o n a n i n c r e a s e o f $ 4 4 ,6 7 1 ,0 0 0 ,
c o m p a re d w it h
f i g u r e s f o r A u g u s t 12, 1925. P r i n c i p a l
it e m s i n t h e w e e k ly s t a t e m e n t a r e s h o w n i n t h e t a b le :
F e d e ra l R e se rv e B a n k .
(000 O m i t t e d )
A u g . 11,
1926
B i l l s D is c o u n t e d :
S e c u r e d b y G o v t . O b lig a t i o n s —
$ 3,258
40,844
A l l O t h e r s — ......................................
44,102
T o t a l D is c o u n t s ..............................
26,145
B i l l s b o u g h t i n o p e n m a r k e t ... .
U . S . S e c u r i t i e s ................... ....................
1,967
T o t a l B i l l s a n d S e c u r i t i e s ............ —
72,914
C a s h R e s e r v e s _____________________ ______ 183.125
71,323
T o t a l D e p o s it s ............... —......................
F . R . N o t e s i n a c t u a l c ir c u la t i o n - 179,156
R e s e rv e R a t i o ............................................
73.1

J u l y 14,
1926
$

2,025
36,619
38,644
24,506
1,845
65,823
195,771
73,560
184,285
75.5

A u g . 12,
1925
$

4,495
23,632
28,127
13,561
14,325
56,443
149,873
72,484
134,485
72.4

C o m m e r c ia l
F a ilu r e s

A c c o r d in g t o s t a t i s t i c s c o m p ile d a n d
p u b lis h e d b y R . G . D u n & C o ., c o m ­
m e r c ia l f a ilu r e s in t h e U n it e d S t a t e s
d u r i n g J u l y 19 2 6 n u m b e r e d 1 ,6 0 5 , c o m p a r e d w i t h 1 ,7 0 8 d u r ­
i n g J u n e , a n d w i t h 1 ,6 8 5 d u r i n g J u l y l a s t y e a r , a n d l i a b i l i ­
t i e s o f f i r m s w h i c h f a i l e d i n J u l y a m o u n t e d t o $ 2 9 ,6 8 0 ,0 0 9 ,
c o m p a r e d w i t h $ 2 9 ,4 0 7 ,5 2 3 i n J u n e , a n d w i t h $ 3 4 ,5 0 5 ,1 9 1 i n
J u l y 1 9 2 5 . F i g u r e s f o r t h e s i x d i s t r i c t s h o w 75 f a i l u r e s ,
w i t h l i a b i l i t i e s a m o u n t i n g t o $ 2 ,5 0 4 ,4 5 3 , c o m p a r e d w i t h 72
f a i l u r e s i n J u n e w i t h l i a b i l i t i e s t o t a l i n g $ 8 3 9 ,3 2 7 , a n d w i t h
81 f a i l u r e s i n J u l y
19 2 5 w i t h l i a b i l i t i e s
a m o u n t in g
to
$ 2 ,4 5 7 ,9 5 0 . I n t h e t a b l e b e l o w a r e s h o w n f a i l u r e s f o r t h e
U n it e d S t a t e s d iv id e d b y F e d e r a l R e s e r v e D i s t r i c t s :
N u m b e r L ia b ilit ie s L ia b ilit ie s L ia b ilit ie s
D is t ric t
J u l y 1926 J u l y 1926
J u n e 1926 J u l y 1925
B o s t o n ......................................... 152 $ 2,742,235 $ 3,438,111 $ 2,185,740
“
—
--------------------9,503,272
6,260,119
227
3,707,615
2,303,980
76
3,318,600
1,802,298
3,078,135
137
3,986,465
3,202,436
1,719,126
105
1,692,277
839,327
2,457,950
75
2,504,453
6,255,014
5,038,051
232
5,555,849
S t . L o u i s .........
1,124,730
882,180
940,025
59
93
505,003
1,765,878
1,020,053
M in n e a p o lis 896,131
112
1,107,829
885,249
1,034,020
350,729
72
969,986
2,370,939
265
2,733,956
2,207,259
T o ta l.




.1 ,6 0 5

$29,680,009

$29,407,523

$34,505,191

5

IM P O R T S
U n it e d S t a t e s

A N D

E X P O R T S .

A c c o r d in g
to
p r e lim in a r y
f ig u r e s
c o m p ile d a n d p u b lis h e d b y t h e U n i t ­

e d S ta te s D e p a rtm e n t o f C o m m e rce , e x p o rts fro m th e c o u n ­
t r y d u r in g J u ly
a m o u n te d to
m illio n s o f d o lla r s ,
a n d e x c e e d e d t h e v a lu e o f im p o r t s f o r t h e m o n t h b y
m illio n s .
J u ly e x p o rts e xce ed e d th o se in J u n e b y
a n d th o se in J u ly
b y a p p r o x im a t e ly
Im p o r t s d u r in g J u ly a m o u n t in g t o
m illio n s , e x c e e d e d
im p o r t s d u r in g J u n e b y n e a r ly t w o m illio n s o f d o lla r s , a n d
e x c e e d e d im p o r t s i n J u ly la s t y e a r b y a b o u t
m illio n s .
F o r th e se v e n m o n th s o f
h o w e v e r , t h e v a lu e o f im ­

1926

369

000,

1925

31
$30,898,
$29,340,000.

338

12£

1926,

$64,568,997,

p o r t s h a s e x c e e d e d t h e v a lu e o f e x p o r t s b y
c o m p a r e d w it h a n e x c e s s o f e x p o r t s o v e r im p o r t s a m o u n t in g
to
f o r t h e c o r r e s p o n d in g s e v e n m o n th s o f
P r e lim in a r y f ig u r e s f o r J u ly , w it h c o m p a r is o n s , a r e s h o w n
b e lo w :
1926
1925
Im p o rts :
J u l y ...........................................................$ 338,000,000
$ 325,648,257
J u n e ......................................... - ............
336,061,119
325,215,735
7 m o n t h s e n d in g w i t h J u l y . —
2,640,861,376
2,389,404,944
E x p o rts:
J u l y ...........................................................
369,000,000
339,660,368
J u n e .......................................— ............
338,102,043
323,347,775
7 m o n t h s e n d in g w i t h J u l y . . . . 2,576,292,379
2,702,980,285

$313,575,341

1925.

Im p o r ts
N e w O r le a n s
m o n th

fo r

$14,971,612,

p r e c e d in g

T h e t o t a l v a lu e
p o rte d
th ro u g h

o f m e r c h a n d i s e im th e
p o rt
of
N ew

1926

O r le a n s d u r in g M a y
(th e la t e s t
w h ic h
d e ta ile d
f ig u r e s
a re
a v a ila b le )
w as
le s s t h a n h a lf t h e v a lu e o f im p o r t s d u r in g t h e
m o n t h , a n d s m a lle r t h a n t h e t o t a ls f o r M a y

o f a n y o f t h e t h r e e p r e c e d in g y e a r s .
l a s t y e a r , im p o r t s o f m o la s s e s a n d s u
i n v o lu m e b u t s m a lle r i n v a lu e , a n d
sh o w e d d e c re a se s in b o th q u a n t it y
lo w a r e so m e o f t h e p r in c ip a l c o m
J u ly :
B a n a n a s , b u n c h e s ...............................................
C o ffe e , p o u n d s ............- .......................................
C r u d e p e t ro le u m , g a llo n s ...............................
G a s o lin e , g a llo n s ..................................................
C re o s o te o il, g a l lo n s ...........................................
S u g a r , p o u n d s ........................................................
M o la sse s a n d s u g a r s y r u p , g a llo n s ...........
B u r la p , p o u n d s ............................................. ..
E x p o rts
N e w O r le a n s

C o m p a re d w it h M a y
g a r s y r u p w e re la r g e r
o t h e r p r in c ip a l it e m s
a n d t o t a l v a lu e .
B e­
m o d it ie s im p o r t e d i n

V o lu m e
1,878,416
21,393,428
41,424,998
6,592,026
2,819,927
135,061,569
19,950,222
5,184,771

V a lu e
$ 979,383
4,401,040
1,279,731
774,000
371,565
6,018,886
550,613
720,270

C o m m o d it ie s

e x p o rte d
d u rin g
M ay,
t h e p o r t o f N e w O r le a n s
w e r e v a lu e d a t
a n in c r e a s e
of
p e r c e n t o v e r t h e t o t a l f o r A p r il, a n d 6 p e r c e n t
g r e a t e r t h a n t h e v a lu e o f e x p o r t s in M a y
In c re a s e s
o v e r M a y la s t y e a r a r e s h o w n i n e x p o r t s o f c o t t o n , g a s o lin e
a n d il l u m i n a t i n g o il, b u t d e c r e a s e s o c c u r r e d i n s o m e o f
t h e o t h e r p r i n c i p a l it e m s . T h e t a b le b e lo w s h o w s t h e q u a n ­
t i t y a n d v a lu e o f so m e o f t h e p r in c ip a l, it e m s e x p o r t e d
in M a y :

1926 t h r o u g h

17.8

$33,908,130,

1925.

T o b a c c o , p o u n d s ..................................................
W h e a t f o u r , b a r r e ls ..............................................
L a r d , p o u n d s ............... ...................................... .
S h o r t s t a p le c o t t o n , b a l e s ..............................
L o n g s t a p le c o t t o n , b a le s ................................
R o u g h S o u . P i n e B o a r d s M F t ................A
O a k B o a r d s , M F t . - . - ......... ............................
G a s o lin e , g a llo n s ..................................................
I l l u m i n a t i n g o il, g a l lo n s ........ ........................
C y lin d e r lu b r ic a t in g o il, g a l lo n s ......... —
R e f in e d p a r a f f in w a x , p o u n d s .....................
G r a in

E x p o rts— N ew

V o lu m e
10,943,975
109,989
4,883,502
78,660
20,674
10,283
4,701
80,364,893
13,553,065
1,422,607
7,601,199

V a lu e
$1,184,297
825,408
790,285
7,726,803
2,400,916
573,691
334,824
11,095,794
1,002,872
342,370
407,887

O r le a n s .

E x p o r t s o f g r a in t h r o u g h t h e p o r t o f N e w O r le a n s d u r ­
in g J u ly t h e b e g in n in g o f t h e n e w s e a s o n a m o u n t e d t o
b u s h e ls s h o w in g a g a in o f
b u s h e ls w h e n
co m p a re d w it h
b u s h e ls e x p o rte d in
J u ly
d u e t o i n c r e a s e s i n t h e v o lu m e o f c o r n a n d o a t s e x p o r t e d .

1,118,005

1,014,944

103,061

J u l y 1926
W h e a t ............................................................................... 397,348
C o r n ................................................................................... 623,796
O a t s ...................................................................................
96,861
T o t a l ..........................................................................1,118,005

1925;

J u l y 1925
632,837
336,732
45,375
1,014,944

B U IL D IN G .
T h e a g g r e g a te v a lu e o f b u ild in g s f o r w h ic h p e r m it s w e re
is s u e d d u r in g J u l y a t t w e n t y c it ie s i n t h e s ix t h d is t r ic t
w h i c h h a v e b e e n r e p o r t i n g c o n t i n u o u s l y s i n c e 191 9 , w a s
$ 1 3 ,8 0 2 ,4 4 0 , l o w e r b y 1 8 .8 p e r c e n t t h a n t h e t o t a l f o r J u l y
l a s t y e a r , a n d lo w e r t h a n f o r a n y o t h e r m o n t h s in c e A p r il
1925. T h e in d e x n u m b e r , c o m p u t e d f r o m f i g u r e s f o r t h e s e
t w e n t y c i t i e s , w a s 3 8 2 .8 f o r J u l y , c o m p a r e d w i t h 4 3 6 .9 f o r

6

THEMONTHLYBUSINESSREVIEW

J u n e , a n d w i t h 4 7 1 .3 f o r J u l y l a s t y e a r .
T h ir t e e n o f th e se
t w e n t y c it ie s w h o s e f ig u r e s a r e in c lu d e d in t h e in d e x , s h o w ­
e d in c r e a s e s o v e r J u ly la s t y e a r , h o w e v e r , w h ile t h e o t h e r
s e v e n , a n d tw o a d d it io n a l c it ie s w h ic h b e g a n r e p o r t in g a t
a l a t e r t im e , s h o w e d d e c r e a s e s c o m p a r e d w i t h J u l y 1925.
T h e i n d e x n u m b e r f o r J a c k s o n v i l l e f o r J u l y w a s 7 5 3 .4 , a n d
h a s b e e n e x c e e d e d o n ly t w ic e , i n D e c e m b e r 1925 a n d i n O c t o ­
b e r 1923, s in c e t h e s e r ie s b e g a n i n 1920.
S t a t is t ic s o f b u ild ­
in g c o n t r a p t s a w a r d e d i n 37 s t a t e s , c o m p ile d b y t h e F . W .
D o d g e C o r p o r a t io n a n d s u b d iv id e d b y d is t r ic t s b y t h e D iv i­
s io n o f R e s e a r c h
a n d S t a t is t ic s o f t h e F e d e r a l R e s e rv e
B o a r d , sh o w a t o t a l o f c o n t r a c t a w a r d s in t h e s ix t h d is t r ic t
d u r i n g J u l y 1 9 2 6 a m o u n t i n g t o $ 4 2 , 7 1 5 , 0 0 0 a n i n c r e a s e o f 1 7 .1
p e r c e n t o v e r t h e t o t a l o f $ 3 6 ,4 9 2 ,0 0 0 f o r J u n e 1 9 2 6 , b u t a d e ­
c r e a s e o f 3 0 .9 p e r c e n t c o m p a r e d w i t h t h e t o t a l o f $ 6 1 ,7 9 3 ,0 0 0
f o r J u l y 1925.
T h e n u m b e r a n d d o lla r v a lu e o f p e r m it s
is s u e d d u r in g J u ly , a r e s h o w n in t h e t a b le , t o g e t h e r w it h
f ig u r e s f o r J u l y la s t y e a r a n d p e r c e n t a g e c o m p a r is o n s .
In ­
d e x n u m b e rs , b a s e s u p o n t h e m o n t h ly a v e ra g e f ig u r e s in
1919, a p p e a r o n p a g e 8.

Pftrppntfl
No.

J u l y 1926
V a lu e

No.

19
579
61
88

$
19,200
2,271,359
152,515
389,450

19
579
77
93

394
575
205
45
561
79
26

2,253,415
1,518,730
512,641
57,500
490,325
209,598
185,960

282 f 1,177,363
415 * 4,526,216
203 M l 470,703
49
55,923
583
2,925,295
129
1,560,675
65
3,547,133

+
—
+
+
—
—
-

91.4
66.4
8.9
2.8
83.2
86.6
94.8

335
123
68
170
66

1,191,151
203,158
144,373
61,420
279,020

357
123
67
110
61

647,793
176,057
143,650
81,249
169,334

+
+
+
—
+

83.9
15.4
0.5
24.4
64.8

210
91

1,490,303
115,907

305
86

1,692,614
60,081

— 12.0
+ 92.9

300
21
162
273

890,375
158,300
1,336,420
266,878

212
12
215
242

767,000
35,000
826,296
612,358

+ 16.1
+ 352.3
+ 61.7
— 56.4

T o t a l 20 C i t i e s ......... - 4 ,3 4 6 $13,802,440 4,090
In d e x N o ____________ __________
382.8 .........
♦Not in c lu d e d i n t o t a l s o r in d e x n u m b e r s .

$16,994,968
471.3

- 18.8
.............

B u i l d i n g P e r m it s
A la b a m a :
A n n i s t o n ___________
B ir m i n g h a m ______
M o b ile .......................
M o n t g o m e ry ..........
F lo r id a :
J a c k s o n v i lle ...........
M ia m i.........................
O r la n d o ____________
P e n s a c o l a __________
T a m p a .................
♦ L a k e la n d _________
♦M iam i B e a c h . —
G e o r g ia *
A t l a n t a ...............—
A u g u s t a - ................
C o lu m b u s ...............
M a c o n _______________
S a v a n n a h . .............
L o u is ia n a :
N e w O r le a n s .........
A l e x a n d r i a ......... -

Tgmigssgg*

C h a t t a n o o g a ........
Jo h n so n C it y .—
K n o x v ille ___________
N a s h v ille ___________

J u l y 1925 C h a n g e
V a lu e
i n V a lu e
$

29,490
2,232,835
277,000
88,711

— 34.9
+ 1.7
— 44.9
+ 339.0

LU M BER.
P r e lim in a r y s t a t i s t i c s f o r t h e m o n t h o f J u l y r e c e iv e d b y
t h e S o u t h e r n P in e A s s o c ia t io n u p t o t h e m id d le o f A u g u s t
f r o m 131 s u b s c r i b i n g m i l l s i n d i c a t e a v o l u m e o f p r o d u c t i o n
b y t h e s e m i l l s d u r i n g J u l y a m o u n t i n g t o 3 1 7 ,7 1 1 ,1 6 2 f e e t ,
a n d a v o lu m e o f o r d e r s r e c e iv e d b y t h e s e m ills d u r in g t h e
m o n t h a m o u n t i n g t o 3 1 9 ,0 4 4 ,1 3 5 f e e t .
T h i s v o lu m e o f o r d e r s
w a s le s s t h a n o n e - h a lf o f o n e p e r c e n t g r e a t e r t h a n p r o ­
d u c t i o n , a n d w a s 3 .4 p e r c e n t s m a l l e r t h a n t h e m o n t h ’s
s h i p m e n t s w h i c h t o t a l e d *330,175,880 f e e t .
S h ip m e n t s e x ­
c e e d e d p r o d u c t i o n b y 3 .9 p e r c e n t , b u t w e r e 1 .6 p e r c e n t
s m a l l e r t h a n t h e n o r m a l p r o d u c t i o n o f t h e s e 131 r e p o r t i n g
m ills .
S t o c k s h e ld b y t h e s e m ills a t t h e e n d o f J u l y a m o u n t ­
e d t o 7 5 1 ,2 3 9 ,6 1 7 f e e t , w h i c t L w a s 1 2 .6 p e r c e n t s m a l l e r t h a n
t h e i r c o m p u t e d n o r m a l s t o c k s , b u t 1 3 5 .5 p e r c e n t g r e a t e r
t h a n t h e v o lu m e o f o r d e r s r e c e iv e d d u r in g t h e m o n t h .
U n f ille d o rd e rs* o n h a n d a t t h e e n d o f J u ly a m o u n te d to
2 2 7 ,8 5 7 ,4 5 7 f e e t , 2 8 .3 p e r c e n t l e s s t h a n t h e m o n t h ’s p r o ­
d u c t i o n , a n d 2 8 .6 p e r c e n t l e s s t h a n t h e v o l u m e o f o r d e r s
r e c e iv e d
d u r in g
th e
m o n th .
T h e l a t e s t a v a ila b le w e e k ly r e p o r t o f o p e r a t in g t im e is s u e d
b y t h e S o u t h e r n P in e A s s o c ia t io n , f o r t h e w e e k e n d e d
A u g u s t 6 , s h o w t h a t 103 m i l l s o p e r a t e d f u l l t i m e o r 5 | d a y s ,
a n d 21 r e p o r t e d o v e r t i m e a g g r e g a t i n g 7 3 4 h o u r s , o r a n a v e r ­
a g e o f a p p r o x i m a t e l y 35 h o u r s o v e r t i m e f o r e a c h m i l l d u r i n g
th a t w eek.
P r e s s r e p o r t s in d ic a t e a n a c t iv e d e m a n d fro m
t h e S o u t h a n d S o u t h w e s t a n d a f a ir v o lu m e o f o r d e r s fro m
o t h e r p ia r t s o f t h e c o u n t r y .
P r e lim in a r y f ig u r e s f o r J u ly ,
w it h c o m p a r is o n s , a r e s h o w n i n t h e t a b le :

O r d e r s ......................... - ..........................
S h ip m e n t s .............................................
P r o d u c t io n — ..................... - ..........N o r m a l p r o d u c t io n t h e s e m ills
S t o c k e n d o f m o n t h .......................
N o r m a l s t o c k s t h e s e m ill s ..........
U n f i lle d o r d e rs e n d o f m o n t h -




J u l y 1926
(131 m ills )
319,044,135
330,175,880
317,711,162
335,394,655
751,239,617
859,290,970
227,857,457

J u n e 1926
(131 m ills )
289,969,344
308,682,094
300,136,821
313,811,338
729,000,973
825,802,736
213,042,130

J u l y 1925
(131 m ills )
331,950,689
315,652,367
317,161,408
322,617,169
832,116,666
860,319,686
228,323,151

T E X T IL E S .
C o tto n C o n su m p tio n

1925-26,

D u r in g t h e c o tto n s e a s o n of
e x t e n d in g fro m A u g u s t
th ro u g h
J u ly of th e p re se n t y e a r, th e co n ­
s u m p t io n o f c o t t o n , a c c o r d in g t o s t a t i s t i c s c o m p ile d b y
t h e U n it e d S t a te s C e n s u s B u r e a u , h a s a m o u n te d to
b a le s , a d e c r e a s e o f
b a le s , o r
p e r c e n t, co m p a re d
w it h t h e c o n s u m p t io n d u r in g t h e p r e c e d in g y e a r , w h ic h
a m o u n te d to
b a le s .

1,1925

742,430

6,450,987

10.3

7,193,417

1926
11.1

D u r in g t h e m o n t h o f J u ly
c o t t o n c o n s u m e d t o t a le d
b a le s , s m a lle r b y
p e r ce n t th a n th e co n su m p ­
t io n in J u n e , a n d
p e r c e n t le s s t h a n t h e a m o u n t c o n ­
su m e d in J u ly la s t y e a r.
S t o c k s o f c o t t o n in c o n s u m in g
e s t a b lis h m e n t s a t t h e e n d o f J u l y d e c lin e d
per cent
co m p a re d w it h th e m o n th b e fo re , b u t w e re
per cent
g re a te r t h a n a y e a r ago.
S t o c k s in p u b lic s to r a g e a n d
a t co m p re sse s w e re
p e r c e n t s m a lle r t h a n a t t h e e n d
o f J u n e , b u t w e r e n e a r ly t h r e e t im e s g r e a t e r t h a n a t t h e
e n d of J u ly a y e a r ago.
J u ly e x p o rts of c o tto n w e re
p e r ce n t g re a te r th a n in J u n e , a n d
p e r ce n t g re a te r
t h a n in J u ly
S p in d le s a c t iv e a t t h e e n d o f J u ly n u m ­
b e re d
a d e cre a se of
c o m p a re d w it h th e
p r e c e d in g m o n t h , a n d a d e c r e a s e o f
c o m p a re d w ith
J u ly

460,918

4.8

13.5
26.6

19.6

5.4

80.5

1925.
31,082,482,

618,418
654,864

1925.

S t a t i s t i c s f o r t h e c o t t o n g r o w in g s t a t e s in d ic a t e t h e c o n ­
s u m p tio n o f
b a le s d u r in g J u ly , a d e c r e a s e o f
per
c e n t c o m p a re d w it h J u n e , b u t a n in c r e a s e o f
per cent
o v e r t h e c o n s u m p t io n i n J u l y
S to c k s o f c o tto n in
c o n s u m in g e s t a b lis h m e n t s a n d i n p u b lic s t o r a g e a n d a t
c o m p r e s s e s w e re s m a lle r in b o t h in s t a n c e s t h a n a m o n t h
a g o , b u t g r e a t e r t h a n a t t h e s a m e t im e la s t y e a r .
The num ­
b e r o f s p in d le s a c t iv e i n J u l y d e c lin e d
c o m p a re d w ith
Ju n e, b u t w as
g re a te r t h a n in J u ly

334,752

2.4

1925.

76,348

353,350

8.4

1925.

U n it e d S t a t e s .
J u ly 1926
J u n e 1926
C o tto n C o n su m e d :
460,918
518,504
L i n t ...................................
L in t e r s .............. ...............
61,240
65,063
S to c k s in C o n su m in g E s ta b lish m e n ts :
L i n t ...................................
1,096,521
1,267,796
L in t e r s .............. ...............
144,347
153,718
S to c k s in P u b lic Storage a n d a t Com presses:
L i n t ...................................
1,936,662
2,407,816
L in t e r s _____ _____________
53,548
62,989
E x p o rts........ .................... —
365,522 ,
346,774
Im p o rts....... — .................... .
1,090
22,137
Active S p in d le s ........... .......... 31,082,482
31,700,900
C o t t o n G r o w in g S t a t e s .
J u l y 1926
334,752
C o tto n C o n su m e d ..............
S to c k s :
I n C o n su m in g E s ta b ­
lish m e n ts----------625,246
I n P u b lic S to rag e a n d
a t Com presses........
1,709,210
A ctive S p in d le s .................... 16,931,110

J u ly 1925
483,926
63,034
865,842
128,916
514,006
28,698
202,468
9,927
31,737,346

J u n e 1926

J u l y 1925

365,467

327,040

746,675

428,647

2,169,191
17,007,458

389,488
16,577,760

C o t t o n C lo t h

C o n f id e n t ia l re p o r t s fo r J u ly w e re
re n d e re d to th e F e d e ra l R e se rv e B a n k
b y c o t t o n m ills i n t h e s ix t h d is t r ic t w h ic h m a n u f a c t u r e d ,
d u r in g J u ly , n e a r ly
m illo n y a r d s o f c lo t h .
T h is p ro d u c ­
t io n w a s a d e c r e a s e o f f iv e - t e n t h s o f o n e p e r c e n t c o m p a re d
w i t h t h e J u n e o u t p u t b y t h e s a m e m ills , a n d s h o w e d a d e ­
c r e a s e o f 2 .6 p e r c e n t c o m p a r e d w i t h t h e i r p r o d u c t i o n i n
J u ly la s t y e a r.
S h ip m e n t s a n d o r d e r s b o o k e d d u r in g J u ly ,
a n d u n f ille d o r d e r s o n h a n d a t t h e e n d o f t h e m o n t h a ll
e x h ib it e d in c r e a s e s o v e r J u n e , a n d o v e r J u l y a y e a r a g o .
S t o c k s o n h a n d d e c l i n e d 1 2 .0 p e r c e n t c o m p a r e d w i t h J u n e ,
b u t w e r e 1 .2 p e r c e n t g r e a t e r t h a n a y e a r a g o .
The num ­
b e r o f w o r k e r s o n t h e p a y r o lls o f t h e s e r e p o r t in g m ills d e ­
c re a se d
p e r c e n t in J u ly c o m p a re d w it h J u n e , b u t w a s
1.2 p e r c e n t g r e a t e r t h a n a y e a r a g o .
J u ly 1925 com pared w ith :
J u n e 1926
J u ly 1925
P ro d u ctio n -----------------------------------— 0 .5
— 2.6
S h ip m e n ts .......................................................
+5.4
+9.7
O rders bo oked __________________________________
+ 7 5 .0
+ 6 7 .2
U n fille d orders.............................................
+ 4 5 .3
+ 3 4 .3
S to ck s on h a n d -----------------------------— 12.0
+1.2
N um ber on p a y ro ll............-........................
— 2. 0
+1.2

26

2.0

C o tto n Y a rn

J u l y p r o d u c t io n b y c o t t o n y a r n m ills
w h ic h p ro d u c e d
m illio n p o u n d s
o f y a r n d u r in g t h e m o n t h s h o w s a d e c re s a e o f
per cent
c o m p a r e d w i t h t h e i r o u t p u t i n J u n e , a n d w a s 6 .6 p e r c e n t
s m a lle r t h a n t h e ir p r o d u c t io n i n J u l y la s t y e a r .
S h ip ­
m e n ts , o rd e rs b o o k e d a n d u n f ille d o rd e rs w e re g re a te r t h a n
a m o n t h a g o , b u t e x h ib it e d d e c r e a s e s c o m p a r e d w it h f ig u r e s
fo r J u ly
S to c k s o n h a n d w e re
p e r ce n t g re a te r
th a n at th e en d of Ju n e , an d
p e r c e n t g re a te r th a n
a y e a r ago.
T h e n u m b e r o f w o r k e r s e m p lo y e d b y t h e s e
m ills d e c r e a s e d f iv e - t e n t h s o f o n e p e r c e n t c o m p a r e d w it h
Ju n e , b u t w as
p e r c e n t g re a te r t h a n in J u ly la s t y e a r.

6.3

1925.

45.6

2.6

9.3

6.5

7

THEMONTHLYBUSINESSREVIEW
P r o d u c t io n ............................................................
S h ip m e n t s .............................................................
O r d e r s b o o k e d ....................................................
U n f i lle d o r d e rs ...................................................
S t o c k s o n h a n d ..................................................
N u m b e r o n p a y r o ll..........................................

J u l y 1926 c o m p a r e d w i t h :
J u n e 1926
J u l y 1925
— 6.5
— 6.6
+4.3
— 6.0
+ 1 0.1
— 9. 8
+ 0.1
— 5.9
+ 9.3
+ 4 5 .6
— 0.5
+ 2.6

O V ER A L LS .
A s u b s t a n t ia l d e c lin e in p r o d u c t io n d u r in g J u l y is in d i­
c a t e d i n r e p o r t s r e c e iv e d f r o m o v e r a ll p la n t s .
J u ly o u t­
p u t w a s 3 9 ,5 p e r c e n t s m a l l e r t h a n i n J u n e , a n d 1 5 .3 p e r c e n t
le s s t h a n in J u ly la s t y e a r .
S t o c k s d e c lin e d s lig h t ly co m ­
p a r e d w i t h J u n e , a n d w e r e 9 .5 p e r c e n t s m a l l e r t h a n a y e a r
ago.
O r d e r s , a n d u n f ille d o rd e rs , w e re n o t r e p o r te d b y
e n o u g h m ills t o m a k e a c o m p a r is o n .
J u l y 1926 c o m p a re d w i t h :
J u n e 1926
J u l y 1925
— 39.5
— 15.3
O v e r a lls m a n u f a c t u r e d .................................
O v e r a lls o n h a n d ..............................................
— 0.1
— 9.5
O r d e r s b o o k e d ....................................................
x
x
U n f i lle d o r d e rs ...................................................
x
x
N u m b e r o n p a y r o ll ..........................................
+ 0.4
+ 3 9 .8
B R IC K .
C o n f id e n t ia l r e p o r ts fro m b r ic k m a n u f a c t u r e s in d ic a t e
a s l a c k e n in g i n t h e d e m a n d f o r b r i c k b e t w e e n t h e m id d le
o f J u n e a n d t h e f ir s t o f J u ly r e s u lt in g in a d e c lin e in o r d e rs .
P r o d u c t i o n i n J u l y w a s 6 .6 p e r c e n t l e s s t h a n i n J u n e , s t o c k s
i n c r e a s e d 8 .4 p e r c e n t , a n d o r d e r s b o o k e d s h o w e d a d e c r e a s e
o f 1 7 .3 p e r c e n t .
U n f ille d o rd e rs a t t h e e n d o f J u ly w e re
2 4 .7 p e r c e n t s m a l l e r t h a n
a m o n th e a r lie r .
C o m p a red
w i t h J u l y 1 9 2 5 , p r o d u c t i o n s h o w e d a d e c r e a s e o f 1 0 .1 p e r
c e n t , a n d s t o c k s a s in c r e a s e o f 74 p e r c e n t .
O rd e rs b o o ked
s h o w e d a d e c r e a s e o f 3 7 .1 p e r c e n t , a n d u n f i l l e d o r d e r s a
d e c r e a s e o f 6 1 .5 p e r c e n t .
J u l y 1926 c o m p a re d w i t h :
„ . ,
J u n e 1926
J u l y 1925
B r i c k m a n u f a c t u r e d .......... ............................
— 6.6
— 10.1
B r i c k o n h a n d ....................................................
+8.4
+ 7 4 .0
O r d e r s b o o k e d .....................................................
— 17.3
— 37.1
U n f i lle d o r d e r s ...................................................
— 24.7
— 61.5
N u m b e r o n p a y r o l l ..........................................
— 10.3
+ 5.7

U n i t e d S t a t e s d u r i n g J u l y a m o u n t e d t o 3 ,2 2 3 ,3 3 8 t o n s , c o m ­
p a r e d w i t h 3 ,2 3 5 ,3 0 9 t o n s p r o d u c e d i n t h e s h o r t e r m o n t h
o f J u n e , a n d c o m p a r e d w i t h a p r o d u c t i o n o f 2 ,6 6 4 ,0 2 4 t o n s
in J u ly la s t y e a r.
T h e d a ily a v e ra g e p r o d u c t io n fo r t h e
31 d a y s i n J u l y w a s 1 0 3 ,9 7 8 t o n s , c o m p a r e d w i t h a n a v e r a g e
o f 1 0 7 ,8 4 4 t o n s f o r t h e 3 0 d a y s o f J u n e , b u t 21 p e r c e n t g r e a t e r
t h a n t h e a v e r a g e o f 8 5 ,9 3 6 t o n s i n J u l y a y e a r a g o . T h e J u l y
d a ily a v e r a g e w a s s m a lle r t h a n f o r a n y o t h e r m o n t h s in c e
N o v e m b e r l a s t y e a r , a n d t h e : t o t a l p r o d u c t io n w a s a ls o
s m a lle r t h a n f o r a n y o t h e r m o n t h s in c e t h a t t im e e x c e p t t h e
sh o rt m o n th of F e b ru a ry .
T h e r e w a s a n e t lo s s o f 4 f u r n ­
a c e s i n J u l y , 12 h a v i n g b e e n s h u t d o w n a n d 8 b l o w n i n .
In
J u n e t h e r e w a s a lo s s o f 8 f u r n a c e s , a n d i n M a y a lo s s o f 9.
T h e r e w e r e 216 f u r n a c e s a c t iv e o n A u g u s t 1, c o m p a r e d w it h
2 2 0 o n J u l y 1 , a n d w i t h 190 a c t i v e o n A u g u s t 1 , 1 9 2 5 .
T h e p r o d u c t io n o f p ig ir o n i n A la b a m a d u r in g J u l y , a c ­
c o r d i n g t o t h e s e I r o n A g e s t a t i s t i c s , a m o u n t e d t o 2 4 6 ,1 2 4
t o n s , l a r g e r b y 3 .2 p e r c e n t t h a n i n J u n e , a n d 9 .5 p e r c e n t
g r e a t e r t h a n t h e o u t p u t o f 2 2 4 ,8 3 7 t o n s i n J u l y 19 2 5 . T h e
s t a t i s t i c s s h o w n o n e t c h a n g e i n f u r n a c e a c t iv e i n A la b a m a
d u r in g J u ly , 23 b e in g a c t iv e a t t h e b e g in n in g , a n d t h e sa m e
n u m b e r a t th e e n d of th e m o n th .
T h e in d e x n u m b e r o f
i r o n p r o d u c t i o n i n A l a b a m a d u r i n g J u l y w a s 1 4 0 .0 a n d h a d
b e e n e x c e e d e d o n ly t w ic e t h is y e a r .
C o rre sp o n d e n ts sta te
t h a t t h e p r i c e r e m a i n s s t a t i o n e r y a t $ 2 1 .0 0 p e r t o n a n d t h a t
s t o c k s h a v e a c c u m u la t e d t o a s m a ll e x t e n t d u r in g J u l y .
R e p o r t s in d ic a t e t h a t s a le s d u r in g t h e la t t e r p a r t o f J u n e
a n d t h r o u g h J u ly h a v e c o v e re d a v e r y la rg e p r o p o r t io n
o f t h e p r o b a b le p r o d u c t io n d u r in g t h e t h i r d q u a r t e r , a n d
so m e s a le s h a v e b e e n m a d e f o r t h e f o u r t h q u a r t e r .
U N F IL L E D

O R D E R S — U. S. S T E E L

CO RPN .

U n f il le d o r d e r s o n h a n d a t t h e c lo s e o f J u l y , r e p o r t e d b y
t h e U n i t e d S t a t e s S t e e l C o r p o r a t i o n , t o t a l e d 3 ,6 0 2 ,5 2 2 t o n s ,
a n i n c r e a s e o f 1 2 3 ,8 8 0 t o n s o v e r t h e t o t a l r e p o r t e d a
m o n t h e a r lie r .
T h is is t h e f ir s t in c r e a s e r e p o r t e d d u r in g
1926.

H o s ie r y .
A n in c r e a s e in u n f ille d o r d e rs o n h a n d a t t h e e n d o f J u ly ,
a n d a n in c r e a s e o f c a n c e lla t io n s , b u t d e c r e a s e s in o u t p u t ,
o r d e r s , s h ip m e n t s a n d s t o c k s , a r e s h o w n i n c o m p a r a t iv e
s t a t is t ic s r e p o r te d to t h e U n it e d S t a t e s C e n s u s B u r e a u fo r
J u l y a n d J u n e , b y 32 id e n t ic a l e s t a b lis h m e n t s m a n u f a c ­
t u r in g h o s ie r y in t h e s ix t h d is t r ic t .
T h e f ig u r e s a r e s h o w n
in th e t a b le :
( D o z e n P a ir )
„
^
.
J u l y 1926
J u n e 1926
P r o d u c t io n .......... .........................................................
491,317
627,986
S h ip m e n t s ............................................................... ..
578,678
693,180
1,715,063
S t o c k s o n h a n d . ........................................................ 1,670,964
O r d e r s b o o k e d - .................................................... ..
628,365
691,216
C a n c e lla t io n s - .........................................................
31,957
29,353
U n f i lle d o r d e rs ..................................................... ..
794,950
772,539

CO A L.
A c c o r d in g t o s t a t i s t i c s c o m p ile d a n d p u b lis h e d b y t h e
B u r e a u o f M in e s o f t h e U n it e d S t a t e s D e p a r t m e n t o f C o m ­
m e rc e , t h e p r o d u c t io n o f c o a l in t h e U n it e d S t a t e s r e a c h e d
a le v e l i n J u l y s l i g h t l y h i g h e r t h a n i n t h e m o n t h s im m e ­
d ia t e ly p r e c e d in g , d u e t o a n in c r e a s e i n t h e d e m a n d c a u s e d
b y t h e a p p r o a c h o f c o o l w e a t h e r . P r o d u c t io n d u r in g t h e
w e e k e n d in g J u l y 3 w a s r e d u c e d b y t h e a p p r o a c h in g h o li­
d a y , a n d t h e f i g u r e s f o r t h e w e e k e n d i n g J u l y 10 r e f l e c t
t h e o b s e rv a n c e o f In d e p e n d e n c e D a y .
P r o d u c t io n w e e k ly
h a s b e e n g re a te r t h a n la s t y e a r e x ce p t in T e n n e s s e e . I n
t h e t a b le b e lo w , t h e f i g u r e s f o r l a s t y e a r a r e f o r w e e k s w h i c h
e n d e d w i t h J u l y 4 ,1 0 ,1 8 , 25, A u g u s t 1 a n d 8 a n d t h e e f f e c t s
o f t h e h o l i d a y a p p e a r o n e w e e k e a r l i e r i n t h e 1925 f i g u r e s
t h a n in th o se fo r t h is y e a r.
T h e s e t a b le s s h o w t h e w e e k ly
p r o d u c t io n i n t h e U n it e d S t a t e s a s a w h o le , a n d i n A la b a m a
a n d T e n n e s s e e , t h e c o a l p r o d u c in g s t a t e s o f t h is d is t r ic t ,
a n d c o m p a r a t iv e f ig u r e s f o r l a s t y e a r .

N AVAL

S t a t is t ic s f o r J u l y r e c e iv e d fro m t h e t h r e e p r in c ip a l
n a v a l s to r e s m a r k e t s o f t h e d is t r ic t s h o w a n in c r e a s e o f
o n l y 1 .5 p e r c e n t i n r e c e i p t s o f t u r p e n t i n e , a n d 4 .2 p e r c e n t
in r e c e ip t s o f r o s in s , o v e r J u n e .
J u ly r e c e ip t s o f t u r p e n ­
t in e w e re s lig h t ly s m a lle r t h a n t h o s e i n J u l y la s t y e a r , b u t
r o s i n r e c e i p t s w e r e 6 .5 p e r c e n t g r e a t e r .
S to c k s of b o th
c o m m o d it ie s w e r e la r g e r t h a n a m o n t h a g o , b u t s u p p lie s
o f t u r p e n t in e w e r^ f o u r t e n t h s o f o n e p e r c e n t s m a lle r t h a n
a t t h e e n d o f J u l y l a s t y e a r , a n d s u p p lie s o f r o s in s w e re
3 7 .7 s m a l l e r t h a n a t t h a t t i m e .
F o r th e n a v a l sto re s se a ­
s o n t o d a t e ( A p r il- J u ] ,y ) r e c e i p t s o f t u r p e n t i n e h a v e b e e n
7 .6 p e r c e n t l e s s t h a n d u r i n g t h e c o r r e s p o n d i n g p e r i o d
l a s t y e a r , a n d r o s i n r e c e i p t s s h o w a d e c r e a s e o f 4 .2 p e r c e n t .
Im p r o v e m e n t i n J u l y i n p r ic e s p r e v a ilin g o n t h e S a v a n n a h
m a r k e t i s in d ic a t e d i n s t a t i s t i c s c o m p ile d b y t h e T u r p e n ­
t in e a n d R o s in P r o d u c e r s A s s o c ia t io n w h ic h s h o w s t h e
a v e r a g e p r ic e o f t u r p e n t i n e i n J u l y a s 82 c e n t s , c o m p a r e d
w it h 8 0 } i n J u n e , a n d w it h 90 c e n t s i n J u l y la s t y e a r , a n d
t h e a v e r a g e p r i c e o f r o s i n s a s $ 1 3 .0 0 , c o m p a r e d w i t h $ 1 2 .2 2 |
i n J u n e , a n d w i t h $ 9 .8 2 J i n J u l y 1 9 2 5 . E a r l y i n A u g u s t t h e
p r i c e o f t u r p e n t i n e i n c r e a s e d t o 95 c e n t s , b u t r e c e d e d s o m e ­
w h a t fro m t h is h ig h p o in t .
J u l y 1926

U n it e d S t a t e s
1926
1925
9,490
7,351
8,306
8,639
10,116
8,965
10,150
9,343
10,540
9,457
10,140
9,971

A la b a m a
T e n n essee
1926
1926 1925
1925
377
315
97
90
346
364
97
108
400
380
105
107
392
382
100
113
420
392
109
112

S t a t i s t i c s c o m p ile d a n d p u b l is h e d b y t h e I r o n A g e i n d i ­
c a t e a d e c lin e i n t h e t o t a l p r o d u c t io n , a n d i n t h e d a ily a v e r ­
a g e o u t p u t , o f p ig ir o n in J u ly .
T o t a l p r o d u c t io n in t h e




J u l y 1925

.
.

23,819
13,831
5,472

21,787
14,851
5,865

22,525
14,522
5,657

.

43,122

42,503

43,704

.
.
.

73,587
52,213
17,615

67,294
52,278
18,012

71,068
46,061
17,480

143,415

137,584

134,609

16,904
21,892
5,966

11,820
21,314
3,398

12,701
23,795
8,461

R e c e ip t s — R o s i n :

S t o c k s —T u r p e n t i n e :
.
P e n s a c o la .
.

IR O N .

J u n e 1926

R e c e ip t s —T u r p e n t i n e :

(000 O m i t t e d . )
_
, „
W eek E n d e d

STO RES.

S to c k s—R o s in :
Savannah— .
J a c k s o n v ille ..

44,762

36,532

44,957

67,652
46,823
17,174

55,029
43,394
14,091

105,430
88,087
17,935

131,649

112,514

211,452

THEMONTHLYBUSINESSREVIEW

8

M O N T H L Y IN D E X

N U M BERS.

T h e f o llo w in g in d e x n u m b e r s , e x c e p t w h e r e in d ic a t e d o t h e r w is e , a r e c o m p u t e d b y t h e 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 , a n d a r e b a s e d u p o n a v e r a g e f i g u r e s f o r 1919.

T h a t i s , a v e r a g e m o n t h l y f i g u r e s f o r t h e y e a r 1919 a r e

r e p r e s e n t e d b y 100, a n d t h e c u r r e n t m o n t h l y i n d e x n u m b e r s s h o w t h e r e l a t i o n o f a c t i v i t y i n t h e s e

lin e s

to

th a t

p r e v a i l i n g i n 1919.

R E T A IL

TR A D E

6TH

D IS T R IC T

( D e p a r t m e n t S t o r e s .)
A t l a n t a .............................................................................................
B i r m i n g h a m .................................................................................
O h a t t a n o o g a ...............................................................................
N a s h v i l l e ..........................................................................................
N e w O r l e a n s ................................................................................
S a v a n n a h ........................................................................................
O t h e r C i t i e s .................................................................................
D i s t r i c t ............................... .............................................................
R E T A I L T R A D E U . S . (1)
D e p a r t m e n t S t o r e s ...........................................................
M a i l O r d e r H o u s e s ............................................................
C h a in S t o r e s :
G r o c e r y . . . ............................................................................
D r u g ..........................................................................................
S h o e ...........................................................................................
5 & 10 C e n t ........... .............................................................
M u s i c ........................................................................................
C a n d y ........... ..........................................................................
C i g a r ........................................................................................

M ay

Ju n e

J u ly

M ay

Ju n e

J u ly

1926

1926

1926

1925

1925

1925

1 5 3 .2
1 4 3 .8
9 7 .7
1 1 0 .9
1 1 3 .3
9 0 .8
1 2 4 .5
1 2 2 .6

1 1 8 .9
1 2 8 .6
1 0 5 .8
9 0 .0
1 0 8 .1
8 2 .2
1 1 4 .1
1 0 9 .7

9 5 .1
9 7 .7
7 3 .4
6 7 .9
8 1 .0
7 0 .8
8 9 .4
8 3 .9

1 4 0 .2
1 3 1 .8
8 7 .6
1 0 2 .9
1 0 8 .0
7 6 .5
9 4 .8
1 1 0 .7

1 0 9 .9
1 2 1 .8
9 5 .4
8 3 .6
1 0 3 .6
7 2 .1
9 0 .7
1 0 0 .7

8 9 .8
9 4 .5
6 3 .3
6 7 .6
8 2 .5
6 7 .1
7 9 .3
8 1 .0

137
105

1 2 9 .7
1 0 7 .3

9 9 .1
9 7 .8

128
94,

126
101

96
86

302
190
174
214
109
220
160

2 9 9 .5
1 8 6 .8
1 5 3 .4
2 0 4 .0
1 1 8 .4
2 0 3 .9
1 5 2 .5

3 3 3 .1
1 9 7 .5
1 4 4 .7
2 0 6 .3
1 0 7 .9
2 1 0 .0
1 5 5 .4

254
163
147
191
96
195
143

257
167
151
187
99
184
134

262
166
122
183
104
181
136

W H O LE S A L E T R A D E 6TH D IS T R IC T
G r o c e r i e s ...................................................................................
D r y G o o d s .................................................................................
H a r d w a r e ...................................................................................
S h o e s .............................................................................................
T o t a l ................... ................................................ ........................

9 3 .9
7 2 .1
9 9 .4
5 8 .6
8 3 .6

9 3 .9
6 2 .6
9 1 .7
4 9 .1
7 9 .5

8 8 .7
6 2 .5
8 8 .7
5 0 .4
7 7 .2

8 1 .8
6 1 .3
8 4 .0
5 9 .7
7 5 .8

8 3 .0
5 4 .5
8 6 .6
4 3 .3
7 4 .6

8 5 .2
6 7 .8
8 8 .6
4 6 .8
7 9 .1

W H O L E S A L E P R I C E S U . S . (2)
F a r m P r o d u c t s . ........................................... .....................
F o o d s ...........................................................................................
C l o t h s a n d C l o t h i n g .......................................................
F u e l a n d L i g h t i n g . ..........................................................
M e t a l s a n d M e t a l P r o d u c t s . ....................................
B u i l d i n g M a t e r i a l s ............................................................
C h e m i c a l s a n d D r u g s __________________________________
H o u s e F u r n i s h i n g s ..........................................................
M i s c e l l a n e o u s ....................................................... .........
A l l C o m m o d i t i e s .......................... .......................................

1 4 4 .2
1 5 3 .8
1 7 6 .1
1 7 8 .7
1 2 5 .2
1 7 1 .6
1 3 0 .7
1 6 2 .2
1 2 4 .7
1 5 1 .7

1 4 3 .7
1 5 6 .6
1 7 5 .1
1 7 9 .2
1 2 5 .1
1 7 1 .2
1 3 1 .1
1 6 1 .7
1 2 2 .5
1 5 2 .3

1 4 0 .8
1 5 3 .6
1 7 3 .3
1 7 7 .0
1 2 6 .2
1 7 1 .5
1 3 0 .9
1 6 1 .1
1 2 2 .5
1 5 0 .7

1 5 1 .9
1 5 3 .2
1 8 8 .4
1 6 8 .2
1 2 7 .2
1 7 3 .6
1 3 3 .1
1 7 0 .5
1 3 1 .3
1 5 5 .2

1 5 5 .4
1 5 5 .3
1 8 8 .2
1 7 2 .6
1 2 6 .1
1 7 0 .7
1 3 2 .8
1 6 9 .9
1 3 7 .8
1 5 7 .4

1 6 1 .8
1 5 7 .3
1 8 8 .8
1 7 2 .1
1 2 6 .4
1 7 0 .1
1 3 3 .3
1 6 9 .2
1 4 3 .4
1 5 9 .9

B U IL D IN G P E R M IT S 6 T H D IS T R IC T
A t l a n t a . ......................................................................................
B i r m i n g h a m ............................................................................
J a c k s o n v i l l e ............................................. .............................
N a s h v i l l e ....................................................................................
N e w O r l e a n s . . .......................................................................
O t h e r C i t i e s . ........... .............................................................
D i s t r i c t (20 C i t i e s ) ............................................................

2 4 7 .9
5 2 2 .6
7 0 3 .2
1 6 6 .6
1 9 4 .0
5 9 3 .6
4 2 2 .4

1 1 4 .1
5 8 9 .2
7 3 4 .6
3 2 4 .0
3 1 0 .7
5 8 4 .6
4 3 6 .9

1 3 6 .8
6 9 4 .4
7 5 3 .4
1 4 1 .0
3 4 0 .7
4 2 7 .1
3 8 2 .8

1 4 9 .3
5 3 9 .8
2 4 2 .1
3 2 6 .9
2 7 4 .1
6 4 9 .9
4 2 2 .4

1 0 4 .7
►5 4 3 .4
2 6 8 .4
3 6 7 .6
2 7 3 .0
7 6 5 .9
4 6 4 .1

7 4 .4
6 8 2 .7
3 9 3 .6
3 2 3 .4
3 8 7 .0
7 1 7 .4
4 7 1 .3

CO TTO N CO N SU M ED :
U n i t e d S t a t e s . . ....................................................................
C o t t o n - G r o w i n g S t a t e s ...............................................
A l l O t h e r S t a t e s ..................................................................
C o t t o n E x p o r t s . . . .............................................................

9 6 .6
1 2 3 .1
6 4 .8
7 6 .3

9 6 .9
1 2 3 .8
6 4 .7
6 3 .1

8 6 .2
1 1 3 .4
5 1 .3
6 6 .5

9 9 .3
1 2 1 .6
7 3 .0
6 0 .2

9 2 .3
1 1 4 .4
6 6 .0
3 9 .6

9 0 .5
1 1 0 .8
6 6 .3
3 6 .8

P IG IR O N P R O D U C T IO N :
U n i t e d S t a t e s ........................................................................
A l a b a m a ......................................................................................

1 3 6 .6
1 4 4 .6

1 2 6 .9
1 3 5 .7

1 2 6 .5
1 4 0 .0

1 1 5 .0
1 3 7 .4

1 0 4 .9
1 3 0 .5

1 0 4 .5
1 2 7 .9

6 0 .9

5 8 .0

6 0 .1

6 7 .6

6 1 .9

5 9 .0

U N F IL L E D O R D E R S — U . S. S T E E L C O R ­
P O R A T I O N .............................................................................
(1 )
C o m p ile d b y F e d e r a l R e s e r v e B o a r d .
(2 )
C o m p ile d b y B u r e a u o f L a b o r S t a t is ­
t ic s .
(1913— 1 0 0 .)




'