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T H E

M O N T H L Y

BUSINESS REVIEW
C o verin g B u s in e s s a n d A g r ic u ltu r a l C o n d itio n s in the S ix th F e d e r a l R eserve D is tr ic t.

FEDERAL RESERVE BANK OF ATLANTA
JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent
W ARD ALBERTSON, Assistant Federal Reserve Agent
VOL. 9

ATLANTA, GA., AUGUST 30, 1924

No. 8

BUSINESS CONDITIONS IN TH E UNITED STATES.
Prepared by the Federal Reserve Board.

Production in basic industries, after a considerable decline in recent months, was maintained in July at the
same level as in June. Factory employment continued to decline. Wholesale prices increased for the first
time since early in the year, reflecting chiefly the advance in the prices of farm products.
PRODUCTION.
The Federal Reserve Board’s index of production in basic industries which had declined 22 per cent between
February and June, remained practically unchanged during July. Iron and steel and woolen industries show­
ed further curtailment while production of flour, cement, coal and copper was larger than in June. Factory
employment decreased four per cent in July owing to further reduction of forces in the textile, metal, and au­
tomobile industries. Building contract awards showed more than the usual seasonal decline in July, but were
ten per cent larger than a year ago. Crop conditions, as reported by the department of Agriculture, were
higher on August first than a month earlier. Estimated production of nearly all of the principal crops except
tobacco was larger than in July and the yields of wheat, oats, rye, and cotton are expected to be considerably
larger than last year.
TRADE
Railroad shipments increased in July owing to larger loadings of miscellaneous merchandise, grain and coal.
Wholesale trade was three per cent larger than in June, owing to increased sales of meat, dry goods, and drugs,
but was three per cent smaller than a year ago. Retail trade showed the usual seasonal decline in July, and
department store sales were one per cent greater and mail order sales seven per cent less than a year ago. Mer­
chandise stocks at department stores continued to decline during July and were only slightly larger at the end
of the month than a year earlier.
PRICES.
Wholesale prices, as^measured by the index of the Bureau oi Labor statistics, increased more than one per
cent in July. Prices of farm products, foods, and clothing increased, while prices of building materials again
declined sharply and prices of metals, fuel, and house furnishings also decreased. During the first half of
August quotations on com, beef, sugar, silk, copper, rubber and anthracite advanced, while prices of cotton,
flour, and bricks declined.
BANK CREDIT.
Commercial loans of member banks in leading cities, owing partly to seasonal influences, increased consid­
erably early in August. Loans secured by stocks and bonds and investments continued to increase, so th at
at the middle of August total loans and investments of those banks were larger than at any previous time.
Further growth of demand deposits carried them also to the highest level on record. Between the middle of
July and the middle of August Federal Reserve Bank discounts for member banks declined further and their
holdings of acceptances decreased somewhat. United States security holdings increased, however, and total
earning assets of Federal Reserve Banks remained practically unchanged. Continued easing in money rates
in the New York market during July and early August is indicated by a decline of J of one per cent in prevail­
ing rates for commercial paper to 3~3i per cent.
After the middle of August there was some advance in open market rates for bankers acceptances and short
term government securities. During August the discount rate at the Federal Reserve Bank of New York was
reduced from 3 | to 3 per cent and at the Federal Reserve Bank of Cleveland and of San Francisco from 4 to 3J
percent.



T H E

2

M O N T H L Y

B U S IN E S S

W H O LESA LE PRICES

P R O D U C T IO N IN B A S IC IN D U S T R IE S
PER CENT

R E V IE W

PER CENT

PER CENT

PER CENT

Index of 22 basic commodities corrected for
seasonal variation.
(1919=100). Latest figure July 94.

Index of U. S. Bureau of Labor Statistics
(1913=100 base adopted by Bureau.) Latest
figure July 147.

Index
for 33 manufacturing industries.
(1919=100). Latest figure July 87.____________

Weekly figures for member banks in 101 leading
cities. Latest figure August 13.______________

SIXTH DISTRICT SUMMARY
Business statistics for July indicate that some lines
of trade and industry in the Sixth Federal Reserve
District have experienced improvement during the
month, while others are still rather quiet, due to
seasonal influences. The effects of seasonal fac­
tors vary considerably in different lines. July is
usually the lowest month in the year in point of sales
by retail stores and in some wholesale lines, but re­
covery is already in evidence in wholesale groceries,
dry goods, stationery, and drugs, confidential repports received from a large number of representative
wholesale firms indicate that, unless agricultural
conditions take an unfavorable turn, the outlook
for business during the fall and winter is at least
satisfactory.



The condition of cotton declined between June 25
and August 1, but not to the extent expected during
that period, and the estimate by the Department of
Agriculture indicates a crop of 12,351,000 bales. Corn
and hay have been damaged to some extent by the
dry weather in July. The yield and quality of wheat
have been better this year than last, but total pro­
duction in Tennessee is reported to be the lowest
since the Civil War. Oranges and grapefruit in
Florida have improved considerably during July.
The largest tobacco crop ever raised in Georgia is now
being marketed. Approximately 34,000 acres were
planted this year, more than double the 1923 acreage
in the state, and production is expected to be be­
tween 25,000,000 and 35,000,000 pounds, with a value
to the producers of around six million dollars.

T H E

M O N T H L Y

B U S IN E S S

Saving deposits at the end of July showed a small
decline which is not unusual following the semi-an­
nual interest period, but were more than six per cent
greater than at the end of July last year. Debits to
individual account continue to show increases com­
pared with a year ago, and failures, while more nu­
merous, were considerably smaller in total liabilities
during July than in June, or in July 1923. Building
permits in July at twenty cities were 24 per cent
greater than were issued during July last year.

R ET A IL TRADE
While only 5.4 per cent lower than in July 1923, the
volume of sales reported by 43 department stores in
the Sixth District during July reached the lowest
point for the year. This is not unusual, however,
as during each of the preceding four years July has
brought the lowest index number of department
store sales for the year with the exception of 1920,
when the low point for the year was registered in
February. The index number for July was 73.8, com­
pared with 96.6 for June, and with 77.3 for July 1923,
based upon the monthly average for 1919 represent­
ed by 100.

Industrial employment throughout the district re­
gistered a small decline, but the building and highway
construction programs under way are serving to keep
large numbers of laborers employed. Recent weeks
have brought a substantial increase in the volume of
orders being placed with lumber mills in the district,
and while some cotton mills remain closed and others
are on curtailed operating schedules, the volume of
business being placed with textile mills is increas­
ing.

Jackson, Mississippi, is the only reporting city to re­
port increased sales over July last year. Stocks of
merchandise increased over June slightly at New
Orleans, but were smaller at all other reporting cities,
and increases were reported over July 1923 from Bir­
mingham, Jackson, and “Other Cities.” Index num­
bers are shown on page 12.

CONDITION OF RETAIL TRADE—JULY 1924
Sixth Federal Reserve District
Percentage of Increase or Decrease

(1)

(2)

Com parison of n e t sales w ith
th o se of corresponding
period la s t y ear______
B
A
J u ly 1
to
J u ly
J u ly 30
A tla n ta (4)............
B irm ingham (5)—
C h a tta n o o g a (6)~
Ja ck so n (3)...........
N ashville (5).........
New O rleans (5)~
S av an n ah (3)........
O th er C ities (12)~
D ISTRICT (43)-„

- 8.5
- 3.8
-1 3 .1

+10.6
-10.6
— 3.4
—16.7

(Sam e
as
1-A.)

—1.0
- 5.4

Stocks a t en d of m o n th
com pared w ith
A
J u ly
1923

B
Ju n e
1924

+11.6
- 1.8

- 9.3
- 5.7
- 4.2

- 8.1
+ 3.9
- 0.2

+
-

+ 5.6
- 5.8
- 0.5

WHOLESALE TRADE
There was seasonal improvement in some lines of
wholesale trade in this District during July, as re­
flected in confidential reports made to the Federal
Reserve Bank by more than 150 representative firms
in nine different wholesale lines. The improvement
over June was most noticeable in dry goods, with
July sales more than twenty-four per cent larger,
while increased business was also reported in station­
ery, drugs, groceries and farm implements. Sales in
July by wholesale hardware firms and wholesale shoe
firms were slightly lower than in June, but furniture
and electrical supply sales showed larger declines
because of seasonal influences.
In only three lines, however, were July sales larger
than in the corresponding month last year. Grocery
sales were nearly six per cent larger, electrical supply
business was 10.2 per cent greater, and sales by drug
firms were 1.6 per cent larger.
The index number compiled from the combined
sales by grocery, dry goods, hardware and shoe firms,
based upon the monthly average in 1919 as represent­
ed by 100, was 70.3, showing some recovery from the
low point reached in June, but still lower than in the
first five months of the year, compared with 71.1 for
July last year. Percentage comparisons, by lines,
are shown below, and index numbers are shown on
page 12.



3

R E V IE W

-10.0
4.6
0.9
6.9
6.7
3.8

(3)

(4)

P ercentage of o u tsta n d in g
orders a t e n d of J u l y
R elatio n of stocks a t en d of
1924 to to ta l purchases
m o n th to sales d u r­
d u rin g calen d ar
in g m o n th
year 1923

529.4
506.5
659.8
535.1
639.0
603.2
626.5
612.4
586.5

3.0 *
4.8

6.0
x 1
6.2

10.7
5.0
3.9
7.1

J u ly 1924 sales com pared w ith :
J u n e 1924
J u ly 1923
4-6.7
+ 5 .8
+24.4
—14.0
— 1.9
— 9.0
— 8.2
—21.1
—13.3
+10.2
— 2.8
—24.7
+12.7
— 4.4
+9.9
+1.6
+ 4.0
—10.6

G roceries (40 firm s)......................................
D ry Goods (29 firm s)...................................
H ardw are (30 firm s)....................................
F u rn itu re (18 firm s)....................................
E lectrical S upplies (9 firm s).....................
Shoes (10 firm s)............................................
S tatio n ery (4 firm s).....................................
D rugs (6 firm s)......... -..................................
F arm Im plem ents (7 firm s).......................

Groceries
Increased sales in July compared with June were
reported by wholesale grocers at all reporting cities
in this district except Meridian, and increases over
July a year ago were shown at all cities except Vicks­
burg. Aggregate sales by forty reporting firms in­
creased 6.7 per cent over June, and were 5.8 per cent
larger than in July 1923. Nearly all of the reports
state that prices have strengthened during the
month. Cautious buying is still the rule however,
and retailers are placing orders only for their current
requirements. Collections during July were reportjd excellent by two firms, good by seven, and fair by
fifteen. Percentage comparisons of sales by report­
ing cities are shown in the following table:
J u ly 1924 sales com pared w ith
J u n e 1924
J u ly 1923
A tla n ta (5 f irm s )- ....................................... + 4 . 7
+3.9
Jacksonville (4 firm s).................................. +10.1
+10.0
M eridian (3 firm s)........................................ — 1.5
+ 6.2
New O rleans (9 firm s)................................. + 8.1
+ 9.0
—10.3
V icksburg (4 firm s)...................................... + 6 . 9
O th er C ities (15 firm s)................................ + 6.1
+ 7.4
DISTRICT (40 firm s)................................... + 6 . 7
+5.8

T H E

4

M O N T H L Y

S a le s d u r i n g J u l y b y w h o le s a le d r y g o o d s f ir m s r e ­
f le c te d s u b s ta n t ia l im p ro v e m e n t o v e r t h e p re c e d in g
m o n t h , a l t h o u g h c o n s i d e r a b ly lo w e r t h a n i n J u l y
l a s t y e a r . J u l y s a le s b y 29 f ir m s w h i c h r e p o r t e d t o t h e
F e d e r a l R e s e r v e B a n k w e r e 24.4 p e r c e n t g r e a t e r t h a n
i n J u n e , t h e i n c r e a s e b e i n g s h a r e d b y a ll o f t h e r e p o r t ­
i n g c itie s . A t l a n t a , N a s h v ille a n d “ O t h e r C i t i e s ’*
r e p o r te d t h e la r g e s t in c re a s e s . C o m p a re d w ith J u ly
1923, s a le s w e r e l a r g e r i n A t l a n t a a n d a t “ O t h e r
C i ti e s ” , b u t d e c l i n e s o c c u r e d a t o t h e r r e p o r t i n g
c itie s . T h e i n d e x n u m b e r o f J u l y s a le s w a s 58.8, c o m ­
p a r e d w i t h 48.9 f o r J u n e , a n d 65.6 f o r J u l y l a s t y e a r .
T h e r e p o r t s s t a t e t h a t t h e r e is n o i n d i c a t i o n o f a n y
fo rw a rd b u y in g , b u t t h a t r e ta ile r s a re p la c in g o rd e rs
o n ly f o r s u c h m e r c h a n d i s e a s t h e y e x p e c t t o n e e d i n
t h e v e r y n e a r f u t u r e . C o lle c tio n s w e r e r e p o r t e d
g o o d b y fiv e f irm s , f a i r b y tw e lv e , a n d p o o r b y tw o .
P e r c e n t a g e c o m p a r is o n s b y c it i e s a r e s h o w n i n t h e
f o llo w in g t a b l e :
J u ly 1924 sales com pared w ith :
J u n e 1924
J u ly 1923
A t la n t a (4 firm s)....................................+37.3
J a c k so n v ille (4 firm s).............................+10.4
K n o x v ille (3 firm s)........................... ... + 7 . 6
N a sh v ille (3 firm s)...................... . ..........+36.3
N e w O rle a n s (4 firm s)................... ...... ..+20.2
O th e r C itie s (11 firm s)........................ . +84.7
D I S T R I C T (29 fir m s )........................... ..+24.4

+ 8 .4
— 6.1
— 20.9
— 26.0
— 28.6
+ 1 .6
-1 4 .0

H a rd w a re
B u s i n e s s h a s c o n t i n u e d r a t h e r d u l l w i t h w h o le s a le
h a rd w a re d e a le rs in th is d is tr ic t d u r in g J u ly , th e
v o lu m e o f s a l e s b y 30 r e p o r t i n g f ir m s b e in g a b o u t t w o
p e r c e n t lo w e r t h a n i n J u n e a n d n i n e p e r c e n t lo w e r
t h a n i n J u l y l a s t y e a r . J u l y s a le s a t A t l a n t a a n d
“ O t h e r C i ti e s ” w e r e l a r g e r t h a n i n e i t h e r J u n e o r J u l y
l a s t y e a r , a n d a t C h a t t a n o o g a a n i n c r e a s e o f 3.2 p e r
c e n t w a s s h o w n o v e r J u l y 1923. T h e r e p o r t s i n d i c a t e
t h a t p ric e s h a v e b e e n fa ir ly s te a d y , a n d t h a t b o t h
w h o l e s a le r s a n d r e t a i l e r s a r e b u y i n g v e ry c a u t i o u s l y
a n d f o r i m m e d ia t e n e e d s o n ly , e x c e p t i n t h e c a s e o f
t h o s e i te m s w h i c h i t is n e c e s s a r y t o b u y a h e a d . P e r ­
c e n t a g e c o m p a r is o n s o f s a le s b y r e p o r t i n g c it i e s a r e
sh o w n b e lo w :
J u ly 1924 sales com pared w ith :
J u n e 1924
J u ly 1923
+21.5
— 2.3
— 5.8
— 4.3
— 16.8
+ 9.2
- 1.9

+ 5.8
+ 3.2
— 18.1
— 15.3
-2 4 .0
+ 4.3
- 9.0

F u rn itu re
T h e v o lu m e o f s a le s d u r i n g J u l y r e p o r t e d b y e i g h t ­
e e n w h o le s a le f u r n i t u r e d e a l e r s w a s 8.2 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 21.1 p e r c e n t b e lo w t h e i r
s a le s i n J u l y 1923. I n c r e a s e s w e r e h o w e v e r , r e p o r t ­
e d f r o m A t l a n t a a n d N a s h v ille , o v e r J u n e b u s i n e s s ,
a n d a s m a ll i n c r e a s e a t A t l a n t a o v e r J u l y a y e a r a g o .
S o m e o f t h e r e p o r t i n g f ir m s r e p o r t l a r g e r s t o c k s o n
h a n d , w h ile a n u m b e r o f o t h e r s r e p o r t s m a lle r s u p ­
p lie s t h a n a t t h i s tim e l a s t y e a r . W h ile t h i s is t h e
d u ll s e a s o n o f t h e y e a r, t h e r e p o r ts in d ic a te t h a t i n ­
q u i r ie s h a v e a l r e a d y s h o w n i m p r o v e m e n t , a n d t h a t
p r o s p e c ts a p p e a r to b e c o n s id e ra b ly b e t t e r t h a n th e y
w e r e tw o o r t h r e e m o n t h s a g o . S a le s c o m p a r is o n s b y
Digitized r e pFRASER it i e s a r e s h o w n b e l o w :
for o r t i n g c



R E V IE W

J u ly 1924 sales co m pared w ith :
J u n e 1924
J u ly 1923

D ry G o o d s

A t la n t a (3 firm s)............... ..........
.
C h a t t a n o o g a (3 firm s)......... .......
J a ck so n v ille (3 fir m s )..................
.
N a s h v ille (4 firm s).......................
.
N e w O rle a n s (5 firm s).......................... .
O th e r C itie s (12 fir m s ).................
D I S T R I C T (30 firm s)...................

B U S IN E S S

A t la n t a (6 firm s)............. .................... .+25.5
C h a t t a n o o g a (3 firm s)................. ....... .— 24.3
N a s h v ille (3 firm s).................................+ 4.4
O th e r C itie s (6 fir m s )........................... .— 9.3
D I S T R I C T (18 firm s).............................- 8 . 2

+ 3 .7
— 32.7
-3 3 .0
— 19.5
— 21.1

E le c tr ic a l S u p p lie s
J u l y s a le s o f e l e c t r i c a l s u p p l i e s r e p o r t e d b y t e n
f ir m s i n t h e d i s t r i c t fe ll 13.3 p e r c e n t b e lo w t h e i r J u n e
b u s i n e s s , a l t h o u g h s h o w in g a n i n c r e a s e o v e r t h e c o r ­
r e s p o n d i n g m o n t h l a s t y e a r . T h e s e r e p o r t s a ls o i n ­
d i c a t e a n im p r o v e d o u t l o o k . C o l le c ti o n s w e r e r e ­
p o r t e d e x c e ll e n t b y o n e f ir m , g o o d b y t w o a n d f a i r b y
s e v e n . P e r c e n t a g e c o m p a r is o n s f o llo w :
J u ly 1924 sales co m pared w ith :
J u n e 1924
J u ly 1923
A t la n t a (3 fir m s )..................................
O th e r C itie s (7 firm s)...........................
D I S T R I C T (10 firm s)...................... — .

— 3.4
— 21.7
-1 3 .3

+15.1
+ 5 .4
+10.2

Shoes
J u l y s a l e s r e p o r t e d b y t e n w h o l e s a le s h o e d e a l e r s
w e r e a l i t t l e lo w e r t h a n i n J u n e , a n d a b o u t t w e n t y fiv e p e r c e n t b e lo w t h e i r s a l e s i n J u l y l a s t y e a r . T h e
v o lu m e o f b u s i n e s s i n J u l y w a s t h e l o w e s t f o r a n y
m o n t h t h i s y e a r , b u t t h i s is a h i g h l y s e a s o n a l lin e ,
a n d J u l y is u s u a l l y t h e s m a ll e s t m o n t h o f t h e y e a r
w i t h t h e e x c e p ti o n o f D e c e m b e r . R e t a i l d e a l e r s , a c ­
c o r d in g t o t h e s e r e p o r t s , c o n t i n u e t o b u y f o r c u r r e n t
n e e d s o n ly , a n d w h ile u p p e r l e a t h e r a n d s o le l e a t h e r
a d v a n c e d s lig h tly e a rly in A u g u s t, n o a d v a n c e in t h e
p ric e s o f sh o e s w e re r e p o r te d . P e r c e n ta g e c o m p a ri­
s o n s o f s a le s d u r i n g J u l y w i t h t h e p r e c e d i n g m o n t h ,
a n d t h e c o r r e s p o n d i n g m o n t h a y e a r a g o , f o llo w :
J u ly 1924 sales com pared w ith :
J u n e 1924
J u ly 1923
A t la n t a (3 fir m s ).................. ..............
O th e r C itie s (7 firm s).................... ......
D I S T R I C T (10 fir m s )____ ______ _______

— 26.8
+ 6 .8
— 2.8

— 31.4
— 22.6
— 24.7

D is tr ic t p e r c e n ta g e 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 in th e f ir s t ta b le , a s th r e e o r m o re r e p o r ts w e re
n o t r e c e iv e d i n a n y o f t h e s e l in e s f r o m a n y s i n g l e c ity .
I n c r e a s e d s a l e s w e r e r e p o r t e d i n e a c h o f t h e s e l in e s
c o m p a re d w ith J u n e , b u t S ta tio n e r y a n d F a rm Im ­
p l e m e n t s a l e s w e r e s m a lle r t h a n i n J u l y l a s t y e a r .
C o l le c ti o n s w e r e r e p o r t e d g o o d b y o n e s t a t i o n e r y firm
a n d f a i r b y t h r e e ; f a i r b y f o u r d r u g f ir m s a n d p o o r
by one.

A G R IC U L T U R E
C o tto n
T h e c o n d itio n o f t h e c o tt o n c ro p , a c c o r d in g to r e ­
p o r t s c o m p ile d a n d p u b l i s h e d b y t h e D e p a r t m e n t o f
A g r i c u l t u r e , d e c l i n e d d u r i n g t h e p e r i o d f r o m J u n e 25
t o J u l y 16, a n d b e t w e e n t h a t d a t e a n d A u g u s t 1. T h e
d e c lin e in
c o n d itio n , h o w e v e r, w a s le s s t h a n
t h a t w h i c h m i g h t b e r e a s o n a b l y e x p e c te d d u r i n g t h o s e
p e r io d s , a n d c o n s e q u e n t l y t h e D e p a r t m e n t ’s e s t i ­
m a t e o f t h e c r o p f o r t h i s y e a r i n c r e a s e d f r o m 12,144,000
b a le s , b a s e d u p o n a c o n d i t i o n o f 71.2 p e r c e n t o f n o r ­
m a l o n J u n e 25, t o 12,351,000 b a le s , b a s e d u p o n a c o n ­
d i t i o n o f 67.4 p e r c e n t o f n o r m a l o n A u g u s t 1.
T h e t a b l e s h o w n b e lo w i n d i c a t e s t h e c o n d i t i o n
o f c o tto n in e a c h of th e p ro d u c in g s ta te s . I n th is
d is tr ic t, T e n n e s s e e r e p o rte d a h ig h e r c o n d itio n t h a n

T H E

M O N T H L Y

o n t h e e a r l i e r r e p o r t i n g d a t e s , A la b a m a r e p o r t e d t h e
s a m e c o n d i t i o n , w h ile t h e o t h e r f o u r s t a t e s r e p o r t e d
d e c lin e s, t h e c o n d itio n o f t h e c ro p i n L o u is ia n a b e ­
i n g 58 p e r c e n t o f n o r m a l , c o m p a r e d w i t h 78 p e r c e n t
o n J u n e 25.
T h e r e w a s so m e s h e d d i n g o f s q u a r e s a n d y o u n g b o lls
i n t h e c e n t r a l a n d n o r t h e r n p a r t s o f G e o r g ia , w h e r e
a p e r io d o f m o d e ra te d r o u g h t t h e l a s t h a lf o f J u ly
f o llo w e d a p e r i o d o f f r e q u e n t s h o w e r s e a r l i e r i n t h e
m o n t h . W ee v ils a r e p r e s e n t b u t i n g r e a t l y r e d u c e d
n u m b e rs , a n d d a m a g e so f a r h a s n o t b e e n s e rio u s
o v e r a n y c o n s i d e r a b le a r e a . T h e A la b a m a c r o p i s
f r o m t e n d a y s t o t w o w e e k s l a t e . W eevil d a m a g e h a s
b e e n s l i g h t b e c a u s e o f h i g h t e m p e r a t u r e s . W h ile
t h e F l o r i d a c r o p is r e p o r t e d t o b e l a t e , h a r v e s t i n g h a s
a l r e a d y b e g u n a n d is b e i n g c a r r i e d f o r w a r d r e p id l y ,
w e e v il d a m a g e b e i n g m u c h le s s t h a n u s u a l . T h e
c a u s e o f t h e d e c l i n e o f 20 p o i n t s i n t h e c o n d i t i o n o f
c o t t o n i n L o u i s i a n a is t h e p r o t r a c t e d d r o u g h t , t h e r e
h a v in g b e e n n o r a i n s in c e e a r l y J u n e i n t h e n o r t h e r n
a n d n o rth w e s te rn p a r t of th e s ta te . I n c e n tra l
L o u i s i a n a c o n d i t i o n s a r e b u t s l i g h t l y b e t t e r , w h ile
in t h e s o u t h e r n p a r t o f t h e s t a t e r a in is v e ry m u c h
n e e d e d . I n M is s is s ip p i t h e p l a n t s a r e g e n e r a l l y u n ­
d e rsiz e d , d u e to b o t h d r y w e a th e r a n d l a t e p la n tin g .
T h e r e h a s b e e n c o n s i d e r a b le s h e d d i n g i n m a n y p la c e s .
T h e d r o u g h t h a s , h o w e v e r , a s i n o t h e r s t a t e s , b e e n e f­
f e c t iv e i n h e l p i n g c o n t r o l w e e v il a c t i v i t y , a n d d a m a g e
f r o m t h e i n s e c t h a s s o f a r b e e n n e g lig ib le . T h e d r y
w e a t h e r a ls o p e r m i t t e d r a p i d c u l t i v a t i o n , a n d t h e
c r o p i s m a t u r i n g e a r l i e r t h a n u s u a l . S in c e A u g u s t
f i r s t m o s t p a r t s o f t h e s t a t e h a v e r e c e iv e d lo c a l s h o w ­
e rs w h ic h s h o u ld t e n d to s tr e n g th e n t h e la te g ro w th
a n d s t o p so m e o f t h e s h e d d i n g . F u r t h e r i m p r o v e m e n t
is r e p o r t e d i n T e n n e s s e e , w h e r e t h e c r o p is i n a s p l e n ­
d id s t a t e o f c u ltiv a tio n . V e ry fe w g ra s s y fie ld s a r e
s e e n , a n d t h e p l a n t lo o k s u n u s u a l l y h e a l t h y . B o ll
w e e v ils a r e r e p o r t e d f r o m m a n y c o u n t i e s , b u t s o f a r
h a v e d o n e l i t t l e d a m a g e . S h e d d i n g h a s b e e n n e g li ­
g ib le .
T h e f o llo w in g f i g u r e s s h o w t h e c o n d i t i o n o f t h e
c ro p in t h e c o tto n p ro d u c in g s t a te s o n r e c e n t r e p o r t­
in g d a te s , a n d c o m p a ra tiv e fig u r e s f o r t h e e n d o f
J u l y 1923:
S ta te
A la b a m a .

S o u t h C a r o lin a -

A u gu st 1
1924
70
.. 75
.
. 73
.
. 58
67
69
, 51
58
60
66
. 71
. 72
.
. 76
91
92
. 74
. 67.4

J u ly 16
1924
70
76
76
66
70
68
54
56
59
69
70
65
72
90
94
70
68.5

J u n e 25
1924
70
79
75
78
74
67
61
73
69
70
68
60
72
90
92
72
71.2

J u ly 25
1923
66
52
48
68
65
69
88
52
64
71
68
70
63
88
91
_
67.2

O th e r C ro p s
T h e p r o s p e c t i v e c o r n c r o p i n M is s is s ip p i d e c l i n e d
m o r e t h a n tw e lv e m illio n b u s h e l s d u r i n g t h e m o n t h
o f J u l y b e c a u s e o f t h e c o n tin u e d d r y w e a th e r . T h is
is a lo s s o f m o r e t h a n 28 p e r c e n t o f t h e c r o p i n p r o s ­
p e c t a m o n t h e a r l ie r , a n d u n l e s s s u b s e q u e n t c o n d i ­
tio n s a r e m o re fa v o ra b le t h a n u s u a l, in d ic a te s a c ro p
s m a lle r t h a n a n y s i n c e 1909. I n m o s t p l a c e s e a r l y




B U S IN E S S

R E V IE W

5

c o rn h a s s u f f e r e d m o re t h a n t h a t p la n te d la te r . O n
so m e h i ll l a n d t h e c r o p h a s b e e n a lm o s t a c o m p le te
f a i l u r e . D r y w e a t h e r a ls o r e d u c e d t h e p r o s p e c t s f o r
a l a r g e r p r o d u c t i o n o f c o r n i n G e o r g ia , b u t t h e i n d i ­
c a t e d c r o p is s t i l l f u l l y u p t o t h e a v e r a g e . R a i n s
s i n c e t h e r e p o r t d a t e h a v e b e e n v e r y b e n e f i c i a l. T h e
c o r n c r o p i n T e n n e s s e e im p r o v e d d u r i n g t h e f i r s t
h a lf of J u ly , b u t th e d r o u g h t d u rin g th e la s t h a lf of
th e m o n th h a d a d is a s tr o u s e ffe c t o n t h e e a r lie r
p l a n t i n g s . T h e r e a r e , h o w e v e r , m a n y e x c e ll e n t f ie ld s
o f c o r n i n a ll p a r t s o f t h e s t a t e .
C itru s F r u its
T h e c o n d itio n of o ra n g e s h a s t a k e n a s h a r p u p w a rd
t u r n s in c e t h e J u l y r e p o r t , a n d o n A u g u s t 1, w a s 89
p e r c e n t o f n o r m a l , c o m p a r e d w i t h 83 p e r c e n t a m o n t h
e a r l ie r , a n d a u s u a l c o n d i t i o n o n t h i s d a t e o f 87 p e r
c e n t . T h e D e p a r t m e n t ’s r e p o r t s t a t e s t h a t t h e a p h i s
i n f e s t a t i o n w ill n o t a f f e c t p r o d u c t i o n a s m u c h t h i s
s e a s o n a s n e x t , f r u i t f o r t h e 1924-25 c r o p b e i n g s t i l l
o n th e tre e s w ith b u t little a p p a r e n t d am ag e. J u ly
w e a t h e r h a s a ls o b e n e f i t t e d g r a p e f r u i t a n d t h e o u t ­
lo o k is m o re f a v o r a b l e t h a n a m o n t h a g o . L a t e b lo o m
w a s f a irly h e a v y a n d r a in s h a v e fa lle n a b o u t a s n e e d ­
e d o v e r m o s t o f t h e b e l t . O n A u g u s t 1, t h e c o n d i t i o n
o f 88 p e r c e n t w a s n o t u p t o l a s t y e a r ’s f i g u r e o f 91
p e r c e n t o n t h e d a t e , b u t is a b o v e t h e u s u a l c o n d i ­
t i o n a t t h a t tim e . C o n d i t i o n o f lim e s i s lo w e r t h a n a
m o n t h a g o , r e s u l t i n g f r o m t h e e x tr e m e ly h o t , d r y
w e a th e r o n th e K ey s.
COTTON M O VEM EN T
Sixth Federal Reserve District
J u ly 1924

Ju n e 1924

R e ce ip ts— P o rts:
N e w O r le a n s ............
M o b ile ......................
S a v a n n a h ................

55,503
7,165
19,045

59,734
11,509
41,873

18,147
1,920
22,652

In te rio r T o w n s :
A t la n t a .....................
A u g u s t a ................... .....
M a c o n ......................
M o n tg o m e ry .............. ...
V ic k s b u r g ................ .

4,961
3,833
990
1,080
16,683

8,202
6,699
1,576
2,024
16,680

966
3,063
n ___
688
22,851

S h ip m e n ts— P o r t s :
N e w O r le a n s ............
M o b ile ..................... ....
S a v a n n a h ................

78,724
7,866
43,514

113,724
11,787
36,093

40,317
1,580
30,803

In te rio r T o w n s :
A t la n t a .....................
A u g u s t a ....................
M a c o n _____________
M o n tg o m e ry ..................
V ic k s b u r g ................ ......

8,160
7,410
1,325
2,401
18,437

12,052
7,969
3,075
3,331
18,060

9,261
5,231
1,209
22,968

Sto c k s— P o rts:
N e w O r le a n s ............ .
M o b ile .......................
S a v a n n a h ................ ..

50,702
557
8,390

81,818
1,437
32,859

47,870
850
12,040

5,485
7,911
2,350
5,189
775

8,684
13,952
2,926
6,510
1,149

10,648
14,237
4,013
6,476
2,839

.

In te rio r T o w n s :
A t la n t a .....................
A u g u s t a ....................
M a c o n ...........................
M o n tg o m e ry ..............
V ic k s b u r g .................

J u ly 1923

Cotton Movement (bales) United States^SincelAugust 1, 1924.
1924

1923

1922

1921

16,613

27,212

24,957

78,719

4,791
T a k in g s - 28,000

4,647
41,284

18,606
89,305

28,007
60,850

R e ce ip ts a t a ll U . S. P o r ts
O v e rla n d across M iss..
O h io . P o to m a c R ive rs
to N o r. M ills a n d Can-

Southern M ills

T H E

6

M O N T H L Y

B U S IN E S S

R E V IE W

Receipts of Rough Rice (Barrels)

S ugar C ane an d S ugar
B e c a u s e o f t h e lo n g d r o u g h t i n L o u is ia n a , c a n e is
g r o w i n g slo w ly , a n d i n so m e l o c a l it i e s is s u f f e r i n g f o r
m o i s t u r e , a l t h o u g h t h e r e h a v e b e e n l i g h t , lo c a l s h o w ­
e rs. A g e n e ra l r a in w a s b a d ly n e e d e d o n t h e l a s t c ro p
r e p o r t d a t e . F ie ld w o r k is i n e x c e ll e n t s h a p e . T h e
c o n d itio n o f t h e c a n e d e c lin e d f o u r p o in ts d u r in g
J u l y , a n d w a s 65 p e r c e n t o f n o r m a l o n A u g u s t 1, i n d i ­
c a t i n g a p r o b a b l e y ie ld o f 12.1 t o n s p e r a c r e , a n d a
t o t a l p r o d u c t i o n f o r t h e S t a t e o f a p p r o x im a t e ly
2,853,240 s h o r t t o n s o f c a n e o n t h e a c r e a g e t o b e u s e d
f o r s u g a r , a s a g a i n s t 2,386,648 s h o r t t o n s l a s t y e a r .
T h e q u a n ti t y o f s u g a r , b a s e d o n t h e A u g u s t 1 c o n d i­
t i o n , is f o r e c a s t a t 201,000 s h o r t t o n s , c o m p a r e d w i t h
162,123 s h o r t t o n s l a s t y e a r . T h e t h i n s t a n d s , l a t e ­
n e s s o f t h e c r o p , s m a ll s iz e o f t h e s t a l k s , a n d slo w
g r o w t h a r e a ll f a c t o r s e n t e r i n g i n t o t h e lo w c u r r e n t
c o n d itio n .
MOVEMENT OF SUGAR
Raw Sugar—Pounds

Season to
J u ly 1924 J u ly 31, 1924
A sso c ia tio n M il ls .................
2,602
4,838,084
N e w O rle a n s M i l l s . ............ 2,236
731,253
O u tsid e M i l ls ......................
800
1,785,746
T o t a l.............................

5,638

7,355,083

J u n e 1924

S e a so n to L a s t season to
J u ly 1924 J u ly 31, 1924
J u ly 31, 1923
5,177,562
5,693,424
A sso c ia tio n M i l ls ................. 60,691
N e w O rle a n s M i l ls ............... 34,603
846,980
1,464,378
O u tsid e M i l ls ...................... 39,965
1,925,492
1,998,282
T o t a l............................. 135,259

7,950,034

157,730,828
62,222,212

90,811,909
28,691,839

56,504,459
9,743,998

M e ltin g s:
N e w O r le a n s ...........
S a v a n n a h ...............

182,646,105
41,755,350

148,085,423
41,848,988

50,427,181
15,733,977

Stock :
N e w O r le a n s ...........
S a v a n n a h ...............

29,595,188
29,990,025

54,510,465
9,523,163

52,778,011
7,185,870

9,156,084

Stock on Hand
A u g u s t 1, 1924 J u ly 1,1924 A u g u s t 1,1923
A sso c ia tio n M i l ls .............—
38,147
105,159
388,224
N e w O rle a n s M il ls ............. - 97,844
129,181
172,207
O u tsid e M i l ls ...................... 29,250
68,300
184,050
302,640

744,481

J u ly 1923

R e ce ip ts *
N e w O r le a n s ...........
S a v a n n a h ...............

9,019,184

Distribution of Milled Rice (Pockets)

T o t a l............................ 165,241

J u ly 1924

L a s t season to
J u ly 31, 1923
5,606,924
1,233,883
2,178,377

Refined Sugar—Pounds
J u ly 1924

J u n e 1924

J u ly 1923

S h ip m e n ts:
N e w O r le a n s ...........
S a v a n n a h ...............

171,816,349
32,221,239

178,679,118
48,393,463

84,223,041
24,121,411

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

49,105,668
10,965,697

47,289,863
3,433,539

107,709,041
3,893,507

R ic e
T h e c o n d itio n o f t h e ric e c ro p i n L o u is ia n a h a s f a l­
le n o ff t e n p e r c e n t d u r in g J u ly , b e c a u s e of th e p ro ­
l o n g e d d r o u g h 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 80
p e r c e n t o f n o r m a l , c o m p a r e d w i t h 90 p e r c e n t a m o n t h
e a r l ie r , a n d a t e n y e a r a v e r a g e o n A u g u s t 1, o f 87.8 p e r
c e n t. T h e c o n tin u e d d ry w e a th e r h a s b ro u g h t a b o u t
a g r e a t d e f ic ie n c y o f f r e s h w a t e r n o t o n ly i n s t r e a m s
a n d l a k e s , b u t i n w e lls , a n d m a n y i r r i g a t i n g p l a n t s
h a v e c e a se d to o p e ra te .
F o r t h e U n i t e d S t a t e s a s a w h o le , t h e c o n d i t i o n o f
t h e r i c e c r o p o n A u g u s t 1, w a s 83.4 p e r c e n t o f n o r m a l ,
a s a g a i n s t 91.1 p e r c e n t o n J u l y 1. T h e p r o b a b l e p r o ­
d u c t i o n i n L o u i s i a n a t h i s y e a r is n o w e s t i m a t e d a t 15,
132,000 b u s h e l s , 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 1, a n d
f o r t h e U n i t e d S t a t e s e s t i m a t e d p r o d u c t i o n is 32,859,
000 b u s h e l s , 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 33,300,000
b u s h e ls la s t y e a r.
RICE MOVEMENT
Rough Rice (Sacks) Port of New Orleans
J u ly 1924
R e c e ip ts..........................2,236
S h ip m e n t s ..........................
9,416
S t o c k ..................- ............... 27,008

J u n e 1924
740
1,701
34,188

J u ly 1923
43,424
39,336
41,967

Clean Rice (Pockets) Port of New Orleans
J u ly 1924
R e c e ip ts..............................
S h ip m e n t s ..........................
S t c k ..................................
foroFRASER

Digitized


J u n e 1924

15,341
41,036
72,008

14,133
34,646
97,703

J u ly 1923
104,741
163,448
133,287

F IN A N C IA L
W ee k ly r e p o r t s r e c e iv e d f r o m m e m b e r b a n k s i n t h e
p r i n c i p a l c it i e s o f t h e d i s t r i c t s h o w e d s l i g h t
but
s te a d y d e c lin e s i n lo a n s a n d d is c o u n ts d u r in g t h e
l a s t t h r e e w e e k s i n J u l y , a s m a ll i n c r e a s e b e i n g r e p o r t ­
e d f o r t h e w e e k e n d e d A u g u s t 6, h o w e v e r o v e r t h e p r e ­
c e d in g w eek . T h e t o t a l o n A u g u s t 6 w a s s lig h tly h ig h e r
t h a n o n t h e c o rre s p o n d in g r e p o rtin g d a te la s t y e a r.
T im e d e p o s i t s h e l d b y t h e s e b a n k s w e r e a l i t t l e s m a ll e r
o n A u g u s t 6 t h a n o n J u l y 9, b u t l a r g e r t h a n o n A u g u s t
8, 1923, w h ile d e m a n d d e p o s i t s w e r e s m a lle r o n A u g u s t
6 t h a n o n e ith e r of th o s e r e p o rtin g d a te s .
Member Banks in Selected Cities
(000 Omitted)
A u g . 6, 1924 J u ly 9,1924 A u g . 8,1923
B ills D is c o u n te d :
Secured b y G o v t. O b lig a t io n s $ 7,588
$ 7,771
$ 7,797
64,044
Secured b y sto cks a n d b o n d s
67,330
62,575
A ll o th e r..................... ......... 334,489
335,363
328,635
T o t a l--------------- ------ ----------- 406,121
410,464
399,007
U . S. Se cu ritie s............. ............
29,766
28,751
43,377
O th e r S to c k s a n d B o n d s _______
41,575
40,999
40,185
T o t a l lo a n s, d isc o u n ts a n d in ve st­
m e n ts.......... ..................... ..... 447,462
480,304
482,569
T im e d e p o sits............. .............. 187,746
189,041
177,869
D e m a n d d e p o sits_____ _________ 268,412
268,488
272,720
A cc o m m o d a tio n a t F. R . B a n k — .
5,751
8,182
* 15,211

T h e w e e k ly s t a t e m e n t o f 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 f o r A u g u s t 13 s h o w e d a t o t a l o f b ills d is ­
c o u n te d s lig h tly la r g e r t h a n a m o n th ag o , a lth o u g h
o n A u g u s t 6 a n e w lo w p o i n t f o r t h e y e a r w a s r e a c h e d .
A c c e p ta n c e s p u r c h a s e d in t h e o p e n m a rk e t d e c lin e d
n e a r l y o n e t h i r d d u r i n g t h e f o u r - w e e k p e r io d , w h ile
U n i t e d S t a t e s s e c u r i t i e s o w n e d b y t h e b a n k in c r e a s e d .
T o ta l e a rn in g s a s s e ts in c r e a s e d so m e w h a t d u r in g
t h i s p e r io d , b u t w e r e s u b s t a n t i a l l y lo w e r t h a n o n t h e
c o rre s p o n d in g r e p o rtin g d a te la s t y e a r. T h e re w as
a d e c lin e i n c a s h r e s e r v e s , a n d a s m a ll d e c r e a s e i n t h e
r e s e r v e r a t i o , n o t w i t h s t a n d i n g a lo w e r v o lu m e o f
F e d e ra l R e se rv e N o te s in c ir c u la tio n .
Federal Reserve Bank
(000 Omitted)
A u g . 13,1924 J u ly 16,1924 A u g . 15,1923
B ills D isc o u n te d :
>
$ 2,778
Secured b y G ovt. O b lig a tio n s | 2,884
$ 8,633
26,760
26,854
33,596
A ll O t h e r...........
29,644
29,632
42,229
B ills b o u g h t i n o p e n m a rk e t.
862
1,293
8,542
U . S. S e c u ritie s..... ...............
1,958
428
272
32,464
31,353
51,043
155,578
132,870
161,152
58,517
56,999
53,248
F. R . N o te s in a c tu a l c irc u la tio n 131,296
136,211
132,203
82.0%
83.4%
71.6%

T H E

M O N T H L Y

B U S IN E S S

7

R E V IE W

S a v in g s d e p o s i t s a t t h e e n d o f J u l y , w i t h t h e u s u a l c o m p a r is o n s , r e p o r t e d
a r e s h o w n i n t h e f o llo w in g t a b l e :
J u ly 1924
A t la n t a (7 b a n k s ) ................................................... $31,462,936
B ir m in g h a m (5 b a n k s )............................................ 22,218,250
J a ck so n v ille (5 b a n k s ) ............................................ 20,096,269
N a s h v ille (10 b a n k s ) ............................................... 19,569,117
N e w O rle a n s <8 b a n k s ) ........................................... 48,360,174
O th e r C itie s (59 b a n k s ) .......................................... 87,093,183
T o t a l (94 b a n k s )................................................$228,799,929

DEBITS TO INDIVIDUAL ACCOUNTS
Sixth Federal Reserve District
Week E n d in g
A u g . 13,1924
A lb a n y .......................... $
A t la n t a .........................
A u g u s t a ........................
B ir m in g h a m ..................
B r u n s w ic k .....................
C h a t t a n o o g a .................
C o lu m b u s ........ — ...........
D o t h a n ............. - ..........
E lb e r to n . .............. ........
J a c k s o n .........................
J a c k so n v ille ...... ...........
K n o x v ille .......................
M a c o n ...........................
M e r id ia n ........................
M o b ile ................... .......
M o n tg o m e ry ..................
N a s h v ille .......................
N e w n a n .........................
N e w O r le a n s ..................
P e n s a c o la ......................
S a v a n n a h ......................
T a m p a ...........................
V a ld o s t a ........................
V ic k s b u r g ......................

774,000
26,151,000
4,340,000
24,007,000
633,000
7,995,000
2,156,000
395,000
144,000
3,100,000
13,412,000
6,437,000
4,814,000
2,966,000
5,205,000
3,889,000
14,922,000
304,000
57,914,000
1,461,000
6,773,000
7,391,000
1,285,000
1,430,000

T o t a l ....................... $197,898,000

J u ly 16. 1924 A u g . 15.1923
$ 746,000
32,680,000
5.850.000
26.333.000
638.000
8.638.000
2.605.000
424.000
182.000
3.500.000
14.231.000
2.975.000
6.161.000
5.007.000
17.205.000
331.000
67.272.000
1.763.000
9.012.000
8.650.000
966.000
1.958.000

$ 816,000
24.748.000
4.051.000
21.680.000
714.000
8.342.000
2.340.000
365.000
248.000
2.502.000
10.578.000
6.550.000
3.712.000
1.785.000
5.908.000
3.489.000
14.689.000
223.000
48.003.000
1.631.000
7.296.000
6.360.000
987.000
1.428.000

$222,446,000

$178,445,000

■^m ooo

C o m m e r c ia l F a i l u r e s
C o m m e rc ia l f a i l u r e s i n t h e S i x t h F e d e r a l R e s e r v e
D is tric t d u r in g J u ly w e re a b o u t th e sam e in n u m b e r
a s i n J u n e , b u t t h e t o t a l l ia b i l i t i e s o f d e f a u l t i n g c o n ­
c e r n s w a s h a l f a m illio n d o l la r s s m a lle r , a c c o r d i n g t o
s t a t i s t i c s c o m p ile d b y R . G . D u n & C o. T h e n u m b e r
o f f a ilu r e s w a s la r g e r t h a n i n J u ly l a s t y e a r, b u t lia b i­
l i t i e s w e r e c o n s i d e r a b l y s m a lle r .

by

94 b a n k s i n t h e

C o m p a riso n o f
J u n e 1924J u ly 1924-June 1924 J u ly 1923
$32,528,003
23,050,528
20,381,698
19,768,741
49,615,972
89,924,763
$235,269,705

—
—
—
—
—
-

3.3
3.6
1.4
1.0
2.5
3.1
2.7

d is tric t,

C o m p a riso n o f
J u ly 1924-1923

$30,529,041
21,419,759
18,191,122
18,502,639
45,023,954
81,933,579
$215,600,094

+ 3.1
+ 3.7
+10.5
+ 5.8
+ 7.4
+ 6.3
+ 6.1

C o m p a r e d w i t h J u n e , t h e t o t a l a m o u n t o f lia b i li ­
t i e s i n J u l y i n c r e a s e d p r e c e p t i b l y i n t h e C le v e la n d
a n d S a n F r a n c is c o d is tr ic ts , b u t r e g is te r e d a n o tic e ­
a b le d e c r e a s e i n t h e B o s t o n , C h ic a g o a n d S t. L o u is
d i s t r i c t s . C o m p a r e d w i t h J u l y 1923, m a t e r i a l i n c r e a s e e s o c c u r r e d i n t h e N e w Y o r k , R ic h m o n d a n d S a n
F r a n c i s c o d i s t r i c t s , w h ile d e c r e a s e s w e r e s h o w n i n t h e
C h ic a g o , K a n s a s C ity a n d D a lla s d i s t r i c t s . C o m p a r i­
so n s o f fig u re s fo r t h e s ix th D is tric t, a n d fo r t h e
U n ite d S ta te s , a re s h o w n b e lo w :
J u ly 1924
N u m b e r:
S ix t h D is t r ic t ...........
U n ite d S t a te s ...........

J u n e 1924

102
1,615

L ia b ilitie s :
S ix t h D is t r ic t ........... $ 1,299,886
U n it e d S ta te s ........... 36,813,238

J u ly 1923

103
1,607
$ 1,805,051
34,099,031

82
1,231
$ 1,743,751
35,721,188

B U IL D IN G
T h e v a lu e o f p e r m i t s i s s u e d a t t w e n t y r e p o r t i n g
c it i e s i n t h e s i x t h d i s t r i c t d u r i n g J u l y t o t a l e d $10,
524,624, a n d w a s m o r e t h a n 25 p e r c e n t l a r g e r t h a n
th e to ta l fo r J u ly a y e a r ago, a n d exceeded th e J u n e
f ig u re b y a s lig h tly la r g e r p e r c e n ta g e . T h e in d e x
n u m b e r f o r J u l y s t a n d s a t 291.9, c o m p a r e d w i t h 230.8
f o r J u n e a n d 232.8 f o r J u l y 1923. L a r g e t o t a l s w e r e
r e p o r t e d f r o m B ir m in g h a m , J a c k s o n v i ll e , M ia m i, A t l a n ­
t a a n d N e w O r l e a n s , t h e l a s t t w o h o w e v e r b e in g s o m e ­
w h a t lo w e r t h a n t h e v a lu e o f p e r m i t s i s s u e d d u r i n g
J u l y l a s t y e a r a t t h o s e t w o c itie s . A l t h o u g h n o t i n ­
c lu d e d i n t h e t o ta ls , o r in d e x e d n u m b e rs , t h e J u l y
f i g u r e r e p o r t e d f r o m L a k e la n d , F l o r i d a , w a s a ls o u n ­
u s u a l l y l a r g e . C o m p a r a tiv e f i g u r e s i n d e t a i l a r e s h o w n
i n t h e f o llo w in g t a b l e , a n d i n d e x n u m b e r s a r e s h o w n
o n p a g e 12.

BUILDING PERMITS—JULY 1924
Sixth Federal Reserve District
A lte ra tio n & R e p a irs
No.
V a lu e

N e w B u ild in g s
No.
V a lu e

A la b a m a :
A n n is t o n ......
B i r m in g h a m M o b ile ..........
M o n tgo m e ry ~

8
161
54
57

2,310
141,459
16,740
17,743

11
344
19
22

$ 16,290
1,710,311
69,300
62,155

$ 18,600
1,851,770
86,040
79,898

F lo r id a :
Ja ck so n v ille . .
♦ L a k e la n d ____
M ia m i...... ....
♦ M ia m i B e a c h .
O r la n d o ........
P e n s a c o la —
T a m p a ..........

233
_
_
81
10
48
58
159

94,234

80
___
172
17
90
10
152

729,250

295,540
65,000
30,180
11,600
43,776

1,632,290
484,100
238,225
40,000
304,255

G e o rgia :
A t la 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 ___

151
113
_
_
103
14

113,555
10,285
_______
50,376
8,400

260
31
__
35
63




$

1,598,803
213,704
102,175
199,125

T o ta l
J u ly 1924

T o ta l
J u ly 1923
$

P ercentage of
In cre a se or
Decrease

14,400
645,539
71,831
156,100

+ 29.2
+ 186.9
. + 19.8
48.8

823,484
1,061,155
1,927,830
549,100
268,405
51,600
348,031

408,641
82,325
1,229,900
363,965
349,620
23,768
199,247

+ 101.5
+1189.0
+ 56.7
+ 50.9
— 23.2
+ 117.1
+ 74.7

1,712,358
223,989
50,000
152,551
207,525

1,913,080
76,860
58,530
154,773
225,325

— 10.5
+ 191.4
— 14.6
—
1.4
—
7.9

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

L o u is ia n a :
N e w O r le a n s .....................................
A le x a n d ria .............- ................. ........

56
36

165,350
11,996

208
18

1,145,425
107,145

1,310,775
119,141

1,425,200
25,875

Tennessee:
C h a t t a n o o g a ............................ ........
J o h n s o n C i t y ......... - ........-...............
K n o x v ille ..........................................
N a s h v ille ........................ .........— —

140
5
118
99

87,078
5,500
17,300
65,965

17
26
131
149

90,850
67,600
478,020
480,314

117,928
73,100
495,320
546,279

349,876
24,430
607,800
433,959

T o t a l 20 C itie s ....... ................................

1G94

$1,189,387

1838

$9,285,237

$10,524,624

$8,394,754

—

8.0
+ 360.4

49.2
+ 199.2
18.5
+ 25.9
+

25.4

♦N ot in c lu d e d in to ta ls or index num bers.

IM P O R T S AN D E X P O R T S
P r e l im i n a r y s t a t i s t i c s c o m p ile d a n d p u b l i s h e d b y
t h e D e p a r t m e n t o f C o m m e rc e s h o w a s m a ll i n c r e a s e
i n t h e v a lu e o f m e r c h a n d i s e i m p o r t e d d u r i n g J u l y
c o m p a r e d w i t h J u n e , b u t a d e c lin e i n t h e v o lu m e o f
e x p o r ts .
B o th im p o r ts a n d e x p o rts sh o w e d d e ­
c rea se s
co m p a red w ith
J u ly
la s t y e ar.
The
t o t a l v a lu e o f i m p o r t s d u r i n g t h e s e v e n m o n t h s
e n d i n g w i t h J u l y w a s s o m e w h a t lo w e r t h a n d u r ­
i n g t h e s a m e p e r i o d a y e a r a g o , w h ile a s m a ll i n ­
c r e a s e is s h o w n i n t h e v a lu e o f e x p o r ts d u r i n g t h a t
p e r i o d o v e r t h e s a m e tim e l a s t y e a r .
D e t a i l e d c o m p a r is o n s a r e i n d i c a t e d b y t h e f o llo w in g
fig u re s :
1924

$ 287,433,769
320,233,799
2,375,053,669

EXPJu ly

$ 302,186,027
319,956.953
2,247,745,214’

G o ld a n d S ilv e r
I m p o r t s a n d e x p o r t s o f g o ld a n d s ilv e r a r e s h o w n i n
t h e f o llo w in g t a b l e :
J u ly 1924
Im p o rts:
$ 18,834,423
G o l d ------ ------ - ............ - ......... *
7,127,613
S ilv e r .....................................
E x p o rts:
G o l d ........- ............................ $
Silv e r.....................- ...............

327,178
9,190,362

J u ly 1923
27,929,447
10,066,463
522,826
6,233,163

N ew O rle a n s
T h e v a lu e o f m e r c h a n d i s e i m p o r t e d t h r o u g h t h e
p o r t o f N e w O r l e a n s d u r i n g J u n e a m o u n t e d t o $13,
690,451, s m a lle r b y a b o u t six m illio n d o l la r s t h a n i n
M ay , b u t a n i n c r e a s e o f m o r e t h a n $300,000 o v e r J u n e
la s t y e a r. C o m p a re d w ith M ay, t h e r e w a s a la rg e d e ­
c lin e i n t h e v o lu m e a n d v a lu e o f c o f fe e i m p o r t e d , w h ile
o t h e r d e c r e a s e s a r e a ls o s h o w n i n t h e v a lu e o f s u g a r ,
g a s o lin e , b u r l a p s , m o la s s e s , n i t r a t e o f s o d a a n d n e w s ­
p r i n t p a p e r . C o m p a r e d w i t h J u n e 1923, d e c r e a s e s
a r e n o t e d i n t h e v a lu e o f s u g a r a n d m in e r a l o il, b u t i n ­
c r e a s e d v a lu e s a r e r e p o r t e d i n a n u m b e r o f o t h e r im ­
p o r t a n t a r t i c l e s o f i m p o r t . F o llo w in g a r e p r i n c i p a l
a r t i c l e s i m p o r t e d d u r i n g J u n e 1924:
V o lu m e

Sisa l, to n s.

N itr a te of So
 d a, to n s .


20,129,520
97,189,197
9,617
11,920,000
10,727,217
42,728,148
1,969,750
3,322,127
6,280,997
3,492
4,961,418

June
June
June
June
June

1924........... .$13,690,451
1923......... — 13,334,356
1922...........-12,972,956
1921.............. 7,958,514
1920......... — 31,384,171

June
June
June
June
June

V a lu e
$3,345,396
3,295,631
1,158,850
1,021,118
997,086
827,432
715,937
513,525
415,035
194,836
146,927

1919............ $14,049,139
1918............. 9,769,838
1917............. 8,653,219
1916____ ____ 8,316,966
1915............. 7,740,371

G r a in E x p o rts
G r a i n e x p o r ts f r o m N e w O r l e a n s d u r i n g t h e m o n t h
o f J u l y 1924 w h i c h b e g in s t h e n e w s e a s o n , a m o u n t e d
t o 970,638 b u s h e l s , s h o w in g a d e c l i n e o f o v e r 400,000
b u s h e l s w h e n c o m p a r e d w i t h t h e f i g u r e o f J u l y 1923,
1,373,795. D e c r e a s e s a r e s h o w n i n a ll e x p o r t s w i t h
t h e e x c e p ti o n o f c o r n , w h i c h s h o w s a n i n c r e a s e o f
181,853 b u s h e l s .

1923

Im PJ u ly ......................... - ......... $ 278,400,000
June".’_______________________
274,015,523
Seven m o n th s e n d in g w ith J u ly 2,128,084,726
— ................................ $ 278,000,000
J u n e . . .................. - ...............
306,982,365
Seven m o n th s e n d in g w ith J u ly 2,367,720,131

Im p o r t fig u re s a t N ew O rle a n s f o r J u n e of th e p a s t
t e n y e a r s a r e s h o w n b e lo w f o r c o m p a r is o n :

J u ly 1924

J u ly 1923

575,000
386,273
9,365

1,013,977
204,420
28,970

970,638

O a t s . ..
B a r le y .
R y e ___

L373J95

LUM BER
W h ile p r o d u c t i o n o f l u m b e r b y m ills r e p o r t i n g w e e k ­
ly t o t h e S o u t h e r n P i n e A s s o c ia t io n h a s b e e n m a i n ­
t a i n e d a t a le v e l b e t w e e n 80 a n d 90 p e r c e n t o f n o r m a l ,
t h e 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 h a s b e e n
s u b s ta n tia lly la rg e r, a n d h a s e x ce ed ed n o rm a l p ro ­
d u c tio n d u r in g t h e la s t tw o w e e k s i n J u l y a n d f ir s t
w e e k i n A u g u s t . S h i p m e n t s h a v e a ls o c o n t i n u e d t o
e x c e e d t h e o u t p u t e a c h w e e k . E ig h t y - s i x m ills r e ­
p o r t e d t h e i r r u n n i n g tim e f o r t h e w e e k e n d i n g A u g u s t
1, a n d o f t h i s n u m b e r s e v e n t y - n i n e o p e r a t e d f u l l
tim e o r fiv e d a y s , w h ile fiv e o p e r a t e d o v e r tim e a n d
f o u r of th e s e o p e r a te d d o u b le s h if ts . R e p o rts in d i­
c a te t h a t p ric e s h a v e s tr e n g th e n e d a s a r e s u lt of th e
i n c r e a s e d d e m a n d a n d t h e t r e n d is n o w u p w a r d .
F u r n i t u r e f a c to r ie s a re s a id to b e p la c in g m o re o rd e rs ,
a n d r a i l r o a d s a r e a ls o r e p o r t e d t o b e p l a c i n g so m e
b u s i n e s s . T h e fo llo w in g a r e p r e l i m i n a r y f i g u r e s r e ­
p o r t e d t o t h e S o u t h e r n P i n e A s s o c ia t io n f o r J u l y ,
w ith c o m p a r is o n s :
Ju ly 1923
Ju n e 1924
J u ly 1924
129 Mills
143 Mills
145 M ills
O rd e rs.............................
S h ip m e n t s ______________
P r o d u c tio n ...... ....... ......
N o rm a l p ro d u c tio n these
m ills .............................
S to ck s e n d o f m o n t h .......
N o rm a l sto cks these mills..
U n fille d o rders..............

381,442,071
350,559,243
342,528,166

286,779,846
286,502,439
301,302,116

247,321,171
294,574,823
306,456,202

361,131,797
864,553,892
975,387,232
223,814,955

344,158,842
838,771,980
908,937,169
184,091,553

321,531,092
725,020,138
863,574,004
204,603,223

COTTON CONSUMPTION
J u ly 1924
C o t to n C o n su m e d :
L i n t ..................
L in t e r s ..............

346,671
40,884

O n H a n d in C o n s u m in g E s ta b lis h m e n ts:
L i n t ............................
718,827
L in t e r s ........................
100,640

J u n e 1924

J u ly 1923

350,277
39,583

462,654
45,933

950,625
110,778

1,093,618
127,139

T H E

M O N T H L Y

I n P u b lic Sto ra ge a n d a t Com presses:
L in t . — ....................
673,934
L in t e rs .................... 57,796

882,204
69,742

938,903
36,000

E x p o rts:
L i n t . ..........................
202,627
L in t e r s ........ ..............
8,906
Im p o r t s ___________ ______
6,597
Active S p in d le s ................ 28,710,359

217,598
13,381
13,641
29,216,486

B U S IN E S S

167,808
3,661
6,356
34,243,817

9

R E V IE W

J u ly 1924 com pared w ith :
J u n e 1924
J u ly 1923
Y a m p ro d u ce d ......................... ......... — 3.7
Y a r n sh ip p e d ------------ ---------- ---------- — 1.5
Orders b o o k e d ________ ______ _______ 4-146.6
U n fille d o rders.................. ................. +31.2
Y a m o n h a n d __________ __________ _
+ 6 .8
N u m b e r o n p a y r o ll__________________
— 1.1
O v e r a lls

Cotton Growing States
J u ly 1924
241,069
C o t to n C o n s u m e d _______
O n H a n d in C o n s u m in g
E sta b lis h m e n ts _________
339,439
I n P u b lic Sto ra ge a n d at
Com p re sses......................
526,671
Active S p in d le s ................ 15,392,664

— 23.8
— 35.4
+35.3
— 5.9
+51.5
— 4.3

J u n e 1924
247,478

J u ly 1923
308,262

490,867

532,076

749,269
15,582,725

753,283
15,872,395

M A N U F A C T U R IN G

O v e r a ll p r o d u c t io n d u r i n g J u ly s h o w e d d e c lin e s
c o m p a r e d w it h b o t h th e p r e c e d in g m o n t h a n d th e
c o r r e s p o n d in g m o n t h la s t y e ar.
O r d e r s r e c e iv e d b y
r e p o r t i n g m ills , h o w e v e r , a n d o r d e r s o n h a n d a t t h e
e n d o f th e m o n th , w e re s u b s t a n t ia lly la r g e r t h a n in
e ith e r J u n e t h is y e a r o r J u ly a y e a r a g o , r e s u lt in g i n a
c o n s id e r a b ly s m a lle r q u a n t i t y o f s t o c k s o n h a n d .
S o m e o f th e r e p o r t s s ta t e t h a t c u r r e n t d e m a n d is s t ill
r a t h e r s lo w b u t t h a t t h e o u t lo o k is h o p e fu l.
P e rce n t­
a g e c o m p a r is o n s f o l lo w :

C o t t o n C l o th
R e p o rts fo r J u ly w e re m a d e to th e F e d e ra l R e se rv e
B a n k b y 31 m ills i n t h i s d i s t r i c t m a n u f a c t u r i n g c o t ­
t o n c lo t h . T h e i r p r o d u c t i o n i n J u l y w a s 22,831,892
y a r d s o f c l o t h , a n d w a s 5.7 p e r c e n t s m a lle r t h a n t h e i r
o u t p u t i n J u n e , b u t o n ly 3.6 p e r c e n t le s s t h a n t h e i r
p r o d u c tio n in J u ly l a s t y e a r. S h ip m e n ts , o rd e rs
re c e iv e d , a n d u n f i l l e 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 w e re l a r g e r t h a n f o r e i t h e r t h e p r e c e d in g
m o n th o r th e c o rre s p o n d in g m o n th a y e a r ago.
O r d e r s b o o k e d d u r i n g J u l y t h i s y e a r w e re , i n f a c t ,
m o r e t h a n t h r e e t im e s a s l a r g e a s d u r i n g J u l y 1923,
w h ile s t o c k s o n h a n d w e r e m o re t h a n t w ic e a s la r g e
a s a t t h e e n d o f t h a t m o n t h , a l t h o u g h s h o w in g o n ly
a n e g lig ib le i n c r e a s e o v e r J u n e t h i s y e a r .
C o r r e s p o n d e n t m ills s t a t e t h a t t h e i r i n q u i r i e s a r e
s h o w in g c o n s i d e r a b le i m p r o v e m e n t , t h a t t h e y a r e
b o o k i n g m o re b u s i n e s s , w h i c h is e v id e n c e d b y t h e i n ­
c re a se in o r d e rs r e p o rte d , b u t t h a t p ric e s a re s till u n ­
s a t i s f a c t o r y . P e r c e n t a g e c o m p a r is o n s a r e s h o w n b e ­
lo w .

J u ly 1924 com pared w ith :
J u n e 1924
J u ly 1923
O veralls p r o d u c e d - . ............................ — 3.1
O veralls o n h a n d . ........................ ...... — 33.6
O rders b o o k e d ...... ............................. +85.4
U n fille d o rd e rs....... ......... .......... ....... +375.0
N u m b e r o n p a y r o ll...... ......... ............. + 2 . 7

— 8.9
— 51.5
+232.0
+171.4
— 11.6

B r ic k
P r o d u c t io n o f b r ic k d u r in g J u ly w a s la r g e r t h a n
i n J u n e , b u t s m a lle r t h a n i n J u ly la s t y e a r.
Sto ck s
o n h a n d s h o w e d a s lig h t in c r e a s e o ve r J u n e , b u t w e re
l o w e r t h a n a t t h e e n d o f J u l y 1923.
O rders b o oked
d u r i n g t h e m o n t h s h o w e d a d e c id e d d e c lin e ,
and
r e p o r t s in d ic a t e t h a t p r ic e s d e c lin e d t o so m e e x t e n t a s
a r e s u lt .
C o m p a r is o n s o f J u ly f ig u r e s w it h t h o s e fo r
June, an d
f o r J u l y 1923, f o l l o w :
J u ly 1924 com pared w ith :
J u n e 1924
J u ly 1923
B r ic k m a n u fa c tu re d -.......................... .+18.0
S to c k s o n h a n d ____ ____ - .......... ....... ..+ 0 . 0
O rders b o o k e d _______________________ _— 21.0
U n fille d ord e rs....... ............................ ..— 4.4
N u m b e r o n p a y r o ll. ...... ..................... .+ 3 . 0

— 14.1
— 7.4
+12.3
— 8.1
— 33.7

J u ly 1924 com pared w ith :
J u ly 1924
J u ly 1923
C lo t h p ro d u c e d __________ _____ ______
C lo t h s h ip p e d ____ _____ ______ ____ ...
O rders b o o k e d -.............. ....................
U n fille d o rd ers....................................
C lo t h o n h a n d ...... ..............................
N u m b e r o n p a y r o ll...... .........- ............

- 5.7
4 9.8
-1-80.0
4 -6 .6
4- 1.3
4 -0 .2

-3.6
414.1
4233.1
426-5
4103 2
— 9.0

C o tto n Y a rn
R e p o r t s r e c e iv e d f r o m 26 y a r n m a n u f a c t u r e r s , w h o s e
o u t p u t d u r i n g J u l y a m o u n t e d t o n e a r l y fiv e m illio n
p o u n d s o f y a r n , s h o w e d a d e c r e a s e o f 3.7 p e r c e n t
c o m p a r e d w i t h t h e p r e c e d i n g m o n t h , a n d a d e c lin e o f
23.8 p e r c e n t c o m p a r e d w i t h p r o d u c t i o n d u r i n g J u l y
1923. S h i p m e n t s o f y a r n a ls o s h o w e d a s m a ll d e c lin e
c o m p a r e d w i t h J u n e , b u t a m o re s u b s t a n t i a l o n e i n
c o m p a r is o n w i t h J u l y 1923. O r d e r s , h o w e v e r , s h o w e d
a s u b s t a n t i a l i n c r e a s e o v e r J u n e , a n d w e re 35 p e r
c e n t g r e a t e r t h a n w e r e r e c e iv e d d u r i n g J u l y l a s t y e a r .
U n f ille d o r d e r s a n d s t o c k s o n h a n d w e r e b o t h l a r g e r
t h a n f o r J u n e , a n d w h ile s t o c k s w e r e h a l f a g a i n a s
l a r g e a s a t t h e e n d o f J u l y 1923, a n u n f a v o r a b l e c o m ­
p a r i s o n w a s s h o w n b y t h e v o lu m e o f u n f i l l e d o r d e r s .
Q u ite a n u m b e r o f th e s e r e p o r ts in d ic a te a n u n s a t is ­
f a c to r y m a rk e t fo r y a rn s , a lth o u g h som e of th e m
s t a t e t h a t i n q u i r i e s a r e b e g i n n i n g t o im p r o v e . S o m e
m ills a r e s t i l l c lo s e d d o w n , w h ile o t h e r s c o n t i n u e t o
o p e r a t e o n l im i te d s c h e d u l e s b e c a u s e o f t h e d u l l
m a r e t.
Digitized forkFRASER



H o s ie r y
T h e fo llo w in g t a b l e c o n t a i n s f i g u r e s r e p o r t e d t o t h e
C e n s u s B u r e a u f o r J u n e a n d J u l y b y 24 i d e n t i c a l e s ­
ta b lis h m e n ts m a n u f a c tu r in g h o sie ry . P r o d u c tio n
i n J u l y w a s a l i t t l e lo w e r t h a n i n J u n e . S h i p m e n t s
i n c r e a s e d s li g h tl y , h o w e v e r , a n d s t o c k s o n h a n d a t
t h e e n d of J u ly w e re n o t q u ite u p to th o s e h e ld a
m o n t h e a r l ie r . O r d e r s b o o k e d d u r i n g t h e m o n t h
g a v e so m e i n d i c a t i o n o f f a ll b u y i n g , a n d c a n c e l l a ­
t i o n s w e r e n o t so l a r g e a s i n J u n e .
J u ly 1924
H o sie ry m a n u fa c tu re d _________ ______
S h ip m e n t s ___________________________
O n H a n d end of m o n t h ______________
O rders b o o k e d _______________________
C a n c e lla t io n s ________________________
U n fille d orders___________ ___________

E M

P L O

Y M

J u n e 1924

412,411
440,736
1,378,927
445,730
38,663
927,871

426,636
431,499
1,406,756
360,475
47,257
956,032

E N

T

I n c r e a s e d u n e m p l o y m e n t d u r i n g J u l y is i n d i c a t e d
i n r e p o r t s m a d e t o t h e U n i t e d S t a t e s E m p lo y m e n t
S e rv ic e f r o m v a r io u s c it i e s t h r o u g h o u t t h e S ix th D is­
t r i c t . P a r t tim e o p e r a t i o n s a r e r e p o r t e d f r o m m a n y

T H E

10

M

O N T H L Y

l o c a l it i e s , a n d a n u m b e r o f p l a n t s a r e o p e r a t i n g w i t h
r e d u c e d fo rc e s . T h e r e w a s som e r e s u m p tio n a m o n g
c o a l m in e s i n T e n n e s s e e d u r i n g t h e m o n t h . I n G e o r ­
g ia s o m e t e x t i l e m ills, s t e e l , a n d s t r u c t u r a l i r o n p l a n t s
a r e c lo s e d , a n d t h e r e is a s u r p l u s o f l a b o r a p p a r e n t i n
t h e l a r g e c it i e s . R e s i d e n t b u i l d i n g t r a d e s m e n a r e
f a i r l y w e ll e m p lo y e d , a n d t h e s u p p l y o f f a r m l a b o r
a b o u t e q u a l s t h e d e m a n d . M a n y lo c a l i n d u s t r i e s i n
A t l a n t a a r e o p e r a t i n g o n p a r t tim e w i t h r e d u c e d f o r ­
c e s . C o t t o n m ills a t A u g u s t a a r e c lo s e d , a f f e c t i n g
a b o u t 2,500 e m p lo y e e s . A t M a c o n m o s t i n d u s t r i a l
p l a n t s a r e r u n n i n g , so m e o n p a r t tim e , r e s u l t i n g i n a
s u r p lu s o f la b o r. T h e sa m e is t r u e o f S a v a n n a h .
T h e r e i s a s m a ll s u r p l u s o f c o m m o n l a b o r i n so m e
s e c t i o n s o f F l o r i d a . T h e s u p p l y o f s k i l le d l a b o r , e s ­
p e c ia lly i n t h e b u ild in g t r a d e s , c o n tin u e s a b o u t e q u a l
to d e m a n d . L o ca l in d u s tr ia l p la n ts a re o p e ra tin g o n
a s a t i s f a c t o r y b a s i s i n m o s t o f t h e c it i e s i n t h e S t a t e
e x c e p t t h a t r a i l r o a d s h o p s a t S a n f o r d a r e o n a fiv e d a y
s c h e d u l e , a n d s o m e p l a n t s i n T a m p a a r e o n a p a r t t im e
b a s is . B u ild in g is a c tiv e a n d th e s e tr a d e s m e n a r e
w e ll e m p lo y e d .
W h ile t h e r e w a s s o m e s l i g h t d e c r e a s e i n e m p lo y ­
m e n t i n so m e o f t h e l a r g e r i n d u s t r i e s i n A la b a m a d u r ­
i n g J u l y , a l a r g e a m o u n t o f b u i l d i n g is u n d e r w a y a n d
h i g h w a y c o n s t r u c t i o n a f f o r d s e m p lo y m e n t t o a l a r g e
n u m b e r o f w o rk e rs . Som e u n e m p lo y m e n t is a p p a r e n t
i n t h e B irm in g h a m d i s t r ic t b e c a u s e o f a te n d e n c y
t o w a r d r e d u c t i o n o f f o r c e s o r i n w o r k i n g t im e . A
s u r p l u s a ls o e x is ts i n m o s t i n d u s t r i e s a t M o b ile , w h e r e
p a r t t im e o p e r a t i o n s c o n t i n u e . R a i l r o a d s h o p s t h e r e
h a v e t e m p o r a r i l y r e l e a s e d 100 m e n . D e c r e a s e s i n em ­
p l o y m e n t a n d p a r t t i m e o p e r a t i o n s a r e a ls o r e p o r t e d
f r o m M o n tg o m e r y , w h e r e t h r e e c o t t o n m ills a r e c lo s e d
a n d a r a i l r o a d s h o p h a s m a d e a 25 p e r c e n t r e d u c t i o n
in fo rc e s.
U n e m p lo y m e n t a ls o s h o w e d a s l i g h t i n c r e a s e i n
L o u i s i a n a d u e t o s e a s o n a l c lo s in g o f so m e i n d u s t r i e s .
A t N e w O r l e a n s t h e r e w a s a d e c r e a s e i n e m p lo y m e n t
i n p r a c t i c a l l y a ll l in e s . C a n n e r i e s , c o t t o n - o i l m ills,
c o t t o n m ills, a n d r a i l r o a d r e p a i r s h o p s c o n t i n u e t o
o p e ra te o n a p a r ttim e b a s is , a ffe c tin g a la rg e n u m b e r
of w o rk e rs.
D e c r e a s e d e m p lo y m e n t, a l t h o u g h s l i g h t , is r e p o r t ­
e d f r o m M is s is s ip p i, e s p e c ia lly i n t h e l u m b e r a n d t e x ­
t i l e m ills , a l t h o u g h b u i l d i n g a n d h i g h w a y c o n s t r u c ­
t i o n c o n t i n u e t o e m p lo y a l a r g e n u m b e r o f w o r k e r s .
T h e r e is a s u r p l u s o f l a b o r i n p r a c t i c a l l y a ll i n d u s t ­
r i e s i n T e n n e s s e e . C o a l m in i n g c o n d i t i o n s im p r o v e d
s o m e w h a t t h r o u g h o u t t h e S t a t e a n d p r a c t i c a l l y a ll
t h o s e m in e s t h a t w e r e c lo s e d i n A p r il h a v e r e s u m e d
o p e r a tio n s o n p a r ttim e s c h e d u le s . R a ilr o a d s h o p s
c o n tin u e t o o p e r a te w ith r e d u c e d fo rc e s. A la rg e
a m o u n t o f b u ild in g a n d h ig h w a y c o n s tr u c tio n a f­
f o r d s s t e a d y e m p lo y m e n t f o r s k i l le d w o r k e r s .

R E V IE W

c o a l y e a r , A p r il 1. T h e h o l i d a y o n t h e F o u r t h o f J u l y
w a s g e n e r a l l y o b s e r v e d a m o n g a ll u n i o n m in e s a n d
t h e r e w e r e o n l y a fe w s c a t t e r e d m in e s i n s o m e o f t h e
n o n - u n i o n f ie ld s t h a t d i d n o t c lo s e f o r t h e d a y . M a n y
m in e s d i d n o t r e o p e n o n S a t u r d a y f o llo w in g t h e h o l i ­
d a y , a n d a t o th e r s t h a t d id o p e n , m o re m e n t h a n
u s u a l d i d n o t r e p o r t f o r w o r k . T h e w e e k f o llo w in g ,
h o w e v e r , b r o u g h t i n c r e a s e d w o r k i n g t im e a n d p r o ­
d u c tio n , a n d i n so m e d is t r ic ts t h e p e r c e n ta g e o f c a ­
p a c ity p ro d u c e d w as th e h ig h e s t re c o rd e d fo r m a n y
w e ek s. T h e p r in c ip a l f a c t o r i n t h e im p ro v e m e n t w a s
a g e n e r a l t h o u g h s m a ll i n c r e a s e i n d e m a n d . C u r r e n t
f i g u r e s a r e , h o w e v e r , c o n s i d e r a b l y b e lo w p r o d u c t i o n
fig u re s fo r t h e c o rre s p o n d in g p e rio d l a s t y e a r, s h o w n
i n t h e f o llo w in g t a b l e :
Week E n d e d :

1924

COAL

1923

J u ly 5............- ............. ..5,738,000 to n s
J u ly 12.............................7,502,000 t o n s
J u ly 19.............................7,401,000 t o n s
J u ly 26.............................7,543,000 t o n s
A u g u s t 2.................. .
. 7,484,000 t o n s
A u g u s t 9........................ ..7,789,000 t o n s
A u g u s t 16 ...................... ..7.831.000 t o n s

8,742.000
10,925,000
10,676,000
10,817,000
10,564,000
9,851,000
10.843.000

ton s
ton s
ton s
ton s
to n s
ton s
ton s

IR O N
T h e p r o d u c t i o n o f p ig i r o n i n t h e U n i t e d S t a t e s
d u r in g J u ly , a c c o r d in g t o I r o n A ge s t a ti s t i c s , a m o u n t­
e d t o 1,784,899 t o n s , o r 57,577 t o n s p e r d a y a s c o m ­
p a r e d w i t h 2,026,221 t o n s , o r 67,541 t o n s p e r d a y d u r i n g
t h e t h i r t y d a y s o f J u n e . T h i s i s a d e c r e a s e o f 241,322
t o n s , o r 9,964 t o n s p e r d a y , o r n e a r l y f i f t e e n p e r c e n t .
T h e J u l y r a t e i s t h e l o w e s t s i n c e J a n u a r y 1922. O u r
i n d e x n u m b je r f o r J u l y p r o d u c t i o n i s 70.0, c o m p a r e d
w i t h 79.5 f o r J u n e , a n d w i t h 144.4 f o r J u l y l a s t y e a r ,
b a s e d u p o n 100 r e p r e s e n t i n g t h e m o n t h l y a v e r a g e f o r
1919.
T h e lo s s i n a c t i v e f u r n a c e s d u r i n g J u l y a m o u n t e d
t o 17, c o m p a r e d w i t h t h e r e v is e d f i g u r e o f 23 i n J u n e ,
t h e r e b e i n g 144 f u r n a c e s a c t i v e o n A u g u s t 1, a g a i n s t
161 o n J u l y 1.
P r o d u c t i o n o f i r o n i n A la b a m a d u r i n g J u l y t o t a l e d
218,676 t o n s , c o m p a r e d w i t h t h e c o r r e c t e d f i g u r e f o r
J u n e o f 219,507 t o n s , a n d o n l y o n e a c t i v e f u r n a c e w a s
b lo w n o u t d u r in g t h e m o n th . C o r r e s p o n d e n ts s t a t e
t h a t t h e r e h a s b e e n v e r y l i t t l e i r o n s o ld d u r i n g t h e
m o n t h o f J u l y , a n d t h e p r i c e h a s d e c l i n e d t o $18.00,
so m e r e p o r t s i n d i c a t i n g t h a t s a l e s h a v e b e e n m a d e a s
lo w a s $17.50. P r o d u c e r s o f i r o n a r e r e p o r t e d t o b e
p i li n g p a r t o f t h e i r p r o d u c t i o n . R e p o r t s i n d i c a t e
t h a t t h e r e w a s so m e s lig h t im p ro v e m e n t d u r in g t h e
l a s t t e n d a y s o f t h e m o n th .
T h e f o llo w in g f i g u r e s s h o w c o m p a r is o n s o f J u l y s t a ­
tis tic s w ith th o s e fo r J u n e , a n d fo r J u ly a y e a r ago.
U n it e d Sta te s:

J u ly 1924

J u n e 1924

J u ly 1923

1,784,899
57,577
144

2,026,221
67,541
161 (1)

3,679,810
118,656
298

P r o d u c t io n .............
D a i ly ra te ...............
‘F u rn a c e s active -------

T h e w e e k ly s t a t e m e n t c o m p ile d a n d i s s u e d b y t h e
G e o lo g ic a l S u r v e y i n d i c a t e s a h i g h e r le v e l o f p r o ­
d u c tio n o f b itu m in o u s c o a l s in c e t h e f i r s t w e e k i n
Ju y th a n
Digitized for lFRASER h a s p r e v a i le d s i n c e t h e b e g i n i n g o f t h e n e w



B U S IN E S S

A la b a m a :
P r o d u c t io n .............
D a i ly ra te ...............
♦F u rn ace s active .......
♦F irst o f f o llo w in g m o n th .
(1) Corrected.

218,676
7,054
21

219,507 (1)
7,317 (1)
22

236,049
7,614
27

•

T H E

M O N T H L Y

B U S IN E S S

U n f i l le d o r d e r s o f t h e U n i t e d S t a t e s S te e l C o r p o r a ­
t i o n a t t h e e n d o f J u l y d e c l i n e d 75,433 t o n s c o m p a r e d
w i t h t h e p r e c e d i n g m o n t h , t o t a l l i n g 3,187,072, c o m p a r ­
e d w i t h 3,262,505 o n J u n e 30, a n d w i t h 5,910,763 a t t h e
e n d o f J u l y a y e a r a g o . T h e d e c lin e s d u r i n g t h e p a s t
f o u r o r fiv e m o n t h s h a v e b r o u g h t t h e v o lu m e o f u n ­
f ille d o r d e r s d o w n t o t h e lo w e s t p o i n t i n m o r e t h a n
tw e lv e y e a r s .

R E V IE W

11

J u ly 1924
R e ce ip ts T u rp e n tin e :
21,746
S a v a n n a h -— .................
J a ck so n v ille .............—
18,641
P e n sa co la ......................
6,184

J u n e 1924

J u ly 1923

18,063
16,114
5,443

18,837
16,261
5,750

T o t a l....................... ... 46,571

39,620

40,848

R o s in :
S a v a n n a h ......................... 63,318
J a c k so n v ille .................. ... 50,004
P e n sa c o la ......- .............. ... 16,585

48,321
48,245
13,522

56,628
55,040
16,081

T o t a l.......................

NAVAL STO R E S
T o ta l r e c e ip ts o f b o t h t u r p e n t i n e a n d r o s in d u r in g
J u ly , a t th e th r e e p rin c ip a l m a rk e ts of th is d is tric t,
w e re so m e w h a t la r g e r t h a n d u r in g e ith e r J u n e , o r
J u l y l a s t y e a r . S h i p m e n t s o f t u r p e n t i n e w e r e a ls o
la r g e r t h a n d u r in g e ith e r of th o s e m o n th s , b u t th e
m o v e m e n t o f r o s i n s w a s i n s m a lle r v o lu m e . S to c k s
o f b o t h c o m m o d itie s w e r e l a r g e r t h a n a t t h e e n d o f
J u n e , a n d sh o w e d s u b s ta n tia l in c re a s e s c o m p a red
w ith J u ly la s t y e ar.
T h e a v e ra g e p ric e o f s p ir its o f t u r p e n t i n e d u r in g
J u ly , a c c o rd in g to s t a ti s t i c s o f t h e T u r p e n tin e a n d
R o s i n P r o d u c e r s A s s o c ia tio n , w a s 77 5 /8 c e n t s , t h e sa m e
a s i n J u n e . H o w e v e r, a f t e r r e m a i n i n g a t a b o u t t h a t
f i g u r e f o r so m e w e e k s , t h e p r i c e r o s e o n A u g u s t 8 t h
a n d 9 t h t o 83J c e n t s . T h e a v e r a g e f o r a ll g r a d e s o f
r o s i n i n J u l y w a s $4.85, c o m p a r e d w i t h $4.82^ i n J u n e ,
a n d w a s t h e s a m e a s i n J u l y a y e a r a g o . T h e f o llo w in g
fig u re s sh o w th e J u ly m o v e m e n t:




129,907

110,088

127,749

S h ip m e n ts T u rp 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 ......................

20,782
20,874
3,464

16,148
11,117
3,451

11,365
16,926
4,150

T o t a l....................... ... 45,120

30,716

32,441

R o s in :
S a v a n n a h ......................... 42,995
J a c k so n v ille .................. ... 40,244
P e n sa c o la ..........- .......... ... 17,558

40,105
45,817
17,692

42,516
64,025
17,175

100,797

103,614

123,716

S a v a n n a h ......................
J a c k s o n v ille -..-.............
P e n sa co la ......................

10,489
15,845
7,866

9,525
17,828
5,146

10,142
8,186
2,957

T o t a l.......................

34,200

32,499

21,285

S a v a n n a h - ....................
J a c k so n v ille ..................
P e n sa co la ......................

100,770
121,896
47,552

80,447
112,136
48,525

85,941
100,908
32,286

T o t a l.......................

270,218

241,108

219,135

T o t a l.......................
S to c k s— T u r p e n t in e :

R o s in :

12

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

M O N T H L Y IN D E X N U M B E R S
T h e f o llo w in g i n d e x n u m b e r s , e x c e p t w h e r e i n d i c a t e d o t h e r w i s 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 l i n e s t o t h a t
p r e v a i li n g i n 1919.
R E T A IL T R A D E 6 T H D IS T R IC T

M ay

June

J u ly

M ay

June

J u ly

( D e p a r tm e n t S to re s )

1924

1924

1924

1923

1923

1923

9 7 .8
131.5
107.9
109.2
117.7
106.0
7 8.6
91.3
106.4

8 7.6
122.4
115.9
101.9
8 8 .3
9 4.9
7 3.3
8 8 .4
9 6.6

65.7
9 1.8
7 5.0
8 3.6
6 2.2
7 6 .8
70.4
73.8

105.9
139.5
9 9 .8
112.6
107.4
109.1
7 3 .9
96.1
108.1

9 9 .4
133.8
118.5
116.3
9 8 .6
101.3
8 0 .3
9 5 .6
104.7

70.3
95.4
82.6
75.6
69.5
79.5
6 7 .5
69.6
7 7.3

126
90

120
89

91
69

128
98

127
86

89
74

212
150
150
174
82
189
143

196
143
146
162
75
176
131

ie i "
in
163
72
195
129

189
142
143
154
100
170
136

183
149
144
154
97
176
136

178
141
102
143
82
176
128

A t l a n t a ________ - ......................................................
B i r m i n g h a m ................................................................
C h a t t a n o o g a ....... .....................................................
J a c k s o n . .....................................................................
N a s h v i l le .................... .......... .......................................
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 (43 f i r m s ) ..................................................
R E T A IL 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 il 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 ic ................. ...........................................
C a n d y .........................................................
C i g a r . ..........................................................
W H O LESA LE T R A D E 6T H 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 . ......... ........................................ .................
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 ta ls a n d m e t a l p r o d u c t s .....................
B u i ld i n g m a t e r i a l s ........................................
C h e m ic a ls 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 is c e lla n e o u s - __________ _____________
A ll c o m m o d itie s _______________________
B U IL D IN G P E R M IT S 6 T H D I S T R I C 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 ille ..................................... .......................
N e w O r l e a n s _________________________ _
O t h e r C i ti e s ................. ....................................
D i s t r i c t (20 c i t i e s ) ......... ................................
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 _____ _________ ________________
U N F IL L E D O R D E R S — U . S . S T E E L
C O R P 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 i s t i c s . (1913=100)




81.5
54.1
74.6
49.3
72.1

7 5 .8
49 .8
71.3
3 8 .5
6 5 .8

56.3

8 1.7
58.8
69.8
3 7.4
70.3

8 3 .2
6 2 .2
79.1
6 6.4
76.1

8 1.6
5 6 .8
8 0 .2
5 9 .3
73.9

7 7.8
65.6
72.1
47.2
71.1

136
137
187
177
134
180
127
173
112
147

134
136
187
175
132
173
127
172
111
145

141
139
188
173
130
169
127
171
112
147

139
144
201
190
152
202
134
187
125
156

138
142
198
186
148
194
131
187
123
153

135
141
193
183
145
190
129
187
121
151

195.0
501.6
180.3
272.5
488.5
250.2
284.0

9 6 .6
279.5
139.7
639.5
231.1
264.8
230.8

196.6
566.1
275.3
288.5
298.7
288.8
291.9

276.3
307.6
184.2
160.6
232.2
251.3
249.8

291.7
276.3
143.5
367.0
319.4
159.2
230.6

219.7
197.5
136.6
229.2
325.8
240.8
232.8

102.6
141.8

7 9.5
6 8.0

70.0
124.4

151.8
142.1

143.9
136.3

144.4
134.3

60.5

54.4

53.2

116.5

106.5

98.6