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C o v e r in g C o n d itio n s in th e S ix th F e d e r a l R e se r v e D is tr ic t.

FED ERAL
OSOAR NEW
TON.
Chairman and Federal Reserve Agent

VOL. 10, No. 8

RESERVE

BANK

OF

(Compiled August 17, 1925)

ATLANTA, GA., AUGUST 30, 1925

A TLA N TA
W
ARD ALBERTSON,
Assistant Federal Reserve Agent
This Reviewreleased for publication In
Sunday papers, Aug. 30.

BUSINESS CONDITIONS IN THE UNITED STATES
(Prepared by the Federal Reserve Board)
vious July, and weekly figures for August indicated a con­
Production in basic industries turned upward in July
tinued large volume of loadings. Sales at department
after a continuous decline since January. Wholesale prices
stores showed less than the usual seasonal decline in July
advanced further and the distribution of commodities
and were three per cent larger than a year ago, and mall
continued in large volume.
order sales were considerably above the corresponding
Production
The Federal Reserve Board’s index of pro­
period a year ago.
duction in basic industries, which makes al­
lowance for usual seasonal variations, advanced by about
Prices
Wholesale prices advanced further by nearly
2 per cent in July to a point nearly 20 per cent a2 per cent in July, according to the index of
bove the low level of a year ago. Increased output
the Bureau of Labor statistics. Prices of farm products
was shown for lumber, coal, and cement. Cotton con­
and of miscellaneous commodities rose over 4 per cent, re­
sumption declined less than usual at this season
flecting chiefly increases in live stock and rubber, while in
while the output of the iron and steel industry and
the other commodity groups prices changes were relatively
the activity in the wool industry continued to decrease.
small. The general level of prices in July was nine per cent
In nearly all the industries activity was greater than in July
higher than a year ago, the rise being chiefly in agricul
of last year. Among industries not represented in the
tural commodities. In August raw sugar, potatoes, silk,
index the production of automobiles, rubber tires and silk
metals, and fuels advanced, while grains, leather, hogs
continued to be large. Volume of factory employment
and rubber declined.
and earnings of industrial workers declined further in
July, seasonal increases in the clothing, shoe and meat
Bank Credit Demand for commercial credit at member
packing industries being more than offset by decreases in
banks in leading cities increased in August
the other industries. Building contracts awarded in July
and the volume of commercial loans on August 12 was larger
were in only slightly smaller volume than the exceptionally
than at any time since the middle of May, but still con­
large total reached in June and the total for the first seven
siderably below the level at the beginning of the year.
months of this year exceeded that for any previous corres­
Loans on securities increased between the middle of July
ponding period. Estimates by the department of Agricul­
and the middle of August, while the banks' investments
ture indicated a less favorable condition of all crops com­
showed little change for the period. Discounts for member
bined on August first than a month earlier. Expected
banks increased at all the reserve banks in recent weeks
yields of corn, wheat, rye, tobacco, and hay were some­
and the total on August 19 was the largest in more than a
what smaller than in July, while the indicated production
year and a half. The reserve banks* holdings of securities
of oats, barley, and white potatoes was larger. According
and bills bought in the open market continued to decline
to present indications the yields of all principal crops ex­
but total earning assets in the middle of August were near
cept corn and barley, will be smaller than last year. The
the high point for the year. During the latter part of July
Mid-August cotton crop estimate was 13,990,000 bales as
and the first half of August conditions in the money market
compared with a forecast of 13,566,000 bales on August 1.
were somewhat firmer. The prevailing rate on prime com­
Trade
Freight car loadings during July were larger
mercial paper which had remained at 3i to 4 per cent since
than in June and exceeded those of any pre­
early in May, advanced in August to 4} per cent.




PSA CENT

PCR-CENi

P tn c e n t

Index of U. S. Bureau of LabD Statistics (1913-10) Base adopted by
r
Bureau. Latest figure July 159.9.

THE MONTHLY BUSINESS REVIEW

2

1922
1923
19241925
W
eeklyfigures for 12Federal Reserve Banks. Latest figure August 19.
building permits issued at twenty cities of the district. Con­
SIXTH DISTRICT SUMMARY.
ditions in the lumber industry show some improvement, and
Improvement in fundamental conditions in the sixth
better textile manufacturing conditions are indicated in
district is indicated in business statistics gathered for
reports received from representative cotton mills, and in the
July and early August. Agricultural conditions in the
statement recently issued by the Census Bureau showing
district are, on the whole, favorable, although rain is badly
that in July 35.6 per cent more cotton was consumed by the
needed in some parts of the district. The estimates by the
mills in the cotton growing states than in July last year.
Department of Agriculture indicate larger crops of corn,
RETAIL TRADE.
wheat, oats, and tobacco, in this district than were pro­
duced last year, but smaller crops of hay and potatoes.
The volume of sales during July reported by 47 depart­
The Department’s estimate of the cotton crop is placed
ment stores in the sixth district was 6.7 per cent greater
at 13,566,000 bales, compared with an actual production
than sales by the same stores during July last year. The
last year of 13,627,000 bales. The tobacco crop in Georgia
table shows percentage comparisons for all cities from which
this year is estimated by the Department of Agriculture
three or more reports were received, other reports being
at somewhat under 50 million pounds, as compared with 30
included in “Other Cities.” All of the cities shown in
million pounds marketed last season, and the sugar crop
the statement shared in the increase except Chattanooga,
in Louisiana, according to latest estimates, is expected to
where July sales this year were 14.4 smaller in volume than
be more than double that of last year. Savings deposits
a year ago. For the first seven months of 1925 all cities
at the end of July held by 93 banks were 7.3 per cent greater
shown in the statement except Chattanooga and Nash­
than a year ago, and debits to individual accounts for the
ville showed a larger volume of business than during the
week ended August 12 were 50 million dollars greater than
same period a year ago. Stocks of merchandise continued
during the corresponding week last year, an increase of
to decline during July and were 4.1 per cent smaller than a
nearly 26 per cent. An indication of the improved condition
month earlier, and 8.0 per cent smaller than at the end of
of the banks is the fact that while discounts by 36 member
July 1924. Stock turnover was more rapid during July this
banks in selected cities show an increase of 17 per cent
year than during the same month last year except at Chat­
over a year ago, the total discounts by the Federal Reserve
tanooga, but was seasonally slower than during June
Banks is smaller than at this time last year. Demand de­
except at Savannah. The turnover for the first seven
posits held by these member banks in selected cities are
months of the year was better at all cities than during
about 25 per cent greater than at this time last year.
the same period last year.
The index number of retail sales, computed from figures
Both retail and wholesale trade show favorable compari­
reported by 41 of these stores, was 81.0, the highest figure
sons with a year ago. July sales by 47 department stores
for July since 1920. For comparison, the figures for July
were 6.7 per cent greater than in July last year, and nine
of the past five years are shown below:
lines of wholesale trade reported greater sales than at that
July 1925.........................81.0
July 1922........................ 68.8
time. Building continues in large volume in this district,
July 1924.........................73.8
July 1921„_......................72.9
particularly in Florida. July is the third consecutive
July 1923.........................77.3
July 1920................ ........ 96.3
month to witness new high points reached in the value of
CONDITION OF RETAIL TRADE DURING JULY 1926
IN THE SIXTH FEDERAL RESERVE DISTRICT BASED UPON REPORTS FROM 47 STORES

Atlanta (5)..................
Birmingham (5)...........
Chattanooga (5)..........
Jackson (3)..................
Nashville (5)................
New Orleans (5)...........
Savannah (3)...............
Other Cities (16)...........
DISTRICT
(47)............



3
1
2
Net sales--percentage Stocks at end of month. Percentage of sales to
increase or decrease percentage increase or average stocks in July
compared with:
decrease comparedwith: (stock turnover for
the month):
(A)
July 1924
+14.7
+ 3.0
-14.4
+ 5.4
+ 8.7
+ 7.5
+19.3
+ 6.4
+ 6.7

<)
B
(A
)
Jan. 1to July 1924
July 31.1924
—
13.3
+ 6.2
- 9.2
+ 2.1
—
15.9
-20.1
-4 .5
+ 5.0
—
12.7
- 3.1
+ 2.8
—2.5
+ 6.5
-15.4
—6.1
+ 5.6
—8.0
+ 1.4

(B)
June 1925

(A)
1924

(B)
1925

-7 .4
—4.1
- 0.7
—8.8
—6.8
- 0.5
—
13.6
—6.5
-4.1

19.0
18.9
14.8
19.1
15.8
16.9
16.9
17.1
17.3

25.9
22.2
14.6
21.2
19.7
18.5
23.1
19.5
20.2

4
Percentage of sales to
average stocks from
Jan. 1to July 31 (Stock
turnover for year to
date)
(A)
(B)
1925
1924
160.4
152.9
128.8
143.1
148.8
146.0
129.4
142.8
147.2

205.7
169.6
133.3
148.1
167.8
157.2
154.9
162.2
165.7

5
Percentage of outstanding orders at end
of month to purchases
during calendar year.
1924:
(B)
(A)
July
June
3.2
8.8
3.0
X
2.2
8.9
2.6
3.3
5.6

2.6
7.4
3.1
X
7.1
10.6
12.3
10.3
7.6

♦

THE MONTHLY BUSINESS REVIEW
WHOLESALE TRADE.
Sales during July by 147 representative wholesale firms
in the sixth district reflect improvement over the preced­
ing month and the corresponding month a year ago. Of
the nine lines of wholesale trade from which reports are
received, eight of these lines showed increased sales in
July over those in June, ranging from an increase of 1.5
per cent in Hardware to 25.4 per cent in Dry Goods. Month
to month comparisons are, however, affected to a con­
siderable extent by seasonal influences.
Compared with figures reported for July 1924, sales for
same month this year were greater in all of the nine lines of
wholesale trade, ranging from an increase of 6.2 per cent in
drugs to an increase of 78.5 per cent in electrical supplies.
The tables which follow show percentage comparisons of
sales in each line, where three or more reports in a line are
received from an individual city, other reports being in­
included under “Other Cities.” In the table immediately
following, are shown index numbers for the month of July
for five years. It will be noted that the numbers for July
1925 are higher than those for July of the past four years
in all but two instances, the figures for Dry Goods in July
1922, and for Shoes in July 1923 being slightly above those
for July 1925.
J u ly
J u ly
J u ly
Ju ly
J u ly

G roceries D ry G oods H ard w are Shoes
1 9 2 5 ...-..-. 85.2
67.8
88.6
46.8
58.8
69.8
37.4
1924......... . 81.7
1923......... .
77.8
65.6
72.1
47.2
1922..— . . . 68.1
68.3
73.5
39.7
1921............. 69.3
60.2
53.8
40.0

T o ta l
79.1
70.3
71.1
67.3
61.5

Groceries

July sales of 39 reporting wholesale grocery
firms were 2.4 per cent greater than in June,
and 6.9 per cent greater than their sales in July last year.
Increases over June were reported from all cities excepting
Atlanta and New Orleans; compared with July a year ago
increases were reported from Jacksonville, Vicksburg and
“Other Cities,” and decreases from Atlanta, Meridian and
New Orleans. July collections were reported Excellent
by 1 firm, Good by 8, and Fair by 8. The reports indicate
that prices advanced somewhat during the month, and
that in a few instances retail merchants are placing orders
ahead, but in most cases they are awaiting more defnite
information as to the outcome of the crops. Percentage
comparisons of sales are shown below:
A tla n ta (5 firm s).......................................
Jacksonville (4 firm s)..............................
M eridian (3 firm s)................................... .
New O rleans (8 firm s).............................
V icksburg (4 firm s)..................................
O th er C ities (15 firm s)............................
D ISTR IC T (39 firm s)...............................

J u ly 1925 com pared w ith :
J u n e 1925
J u ly 1924
— 3.0
—14.0
+ 7 .1
+28.3
+ 0.5
- 1.4
— 2.4
— 8.6
+16.3
+11.3
+ 0 .3
+19.9
+ 2 .4
+ 6.9

Dry Goods

The fact that retail merchants are beginning
to buy fall merchandise is indicated in an in­
crease of 25.4 per cent in dry goods sales in July over June,
by 27 wholesale dry goods firms reporting to the Federal
Reserve Bank. All reporting cities showed increases over
June, ranging from 11.2 per cent at Atlanta to 53.3 per cent
at Nashville. Compared with July last year, decreases were
reported from Atlanta and Knoxville, but increases at other
points more than sufficient to offset them, the average
for the district being an increase of 16.7 per cent. Col­
lections during July were reported Good by 6 firms, and
Fair by 11. The reports indicate that prices were strong,
with possibly some few advances. Percentage changes in
sales at reporting cities are shown below:
, ^
x
A tla n ta (4 firm s)................ ......... ...........
Knoxville (3 firm s).................... ..............
Jacksonville (3 firm s)..............................
N ashville (3 firm s)..................................
New O rleans (4 firm s)................. ...........
O th er C ities (10 firm s)............................
D ISTR IC T (27 firm s)...............................

Hardware

J u ly 1925 com pared w ith :
J u n e 1925
J u ly 1924
+11.2
— 11.0
+12.7
— 19.5
+31.8
+100.5
+53.3
+ 24.2
+21.9
+ 1 5 .9
+25.3
+ 33.6
+25.4
+ 16.7

July sales reported by 30 wholesale hardware
firms were in the aggregate 1.5 per cent larger
than in June, and 12.6 per cent greater than in July last
year. Chattanooga and Nashville showed decreases com­
pared with June, but Chattanooga is the only city to show
a decrease compared with July 1924. The large business
in Florida is reflected in the percentage figures for Jack­
sonville and to some extent the figure for “Other Cities.”
Most of the reports state the outlook for fall business is
good. Collections were reported Excellent by 1 firm, Good
by 3, Fair by 8, and Poor by 1. Percentage comparisons
Digitized sales are shown in the table:
of for FRASER


July 1925compared with:
June 1925
July 1924
Atlanta (3 firms).............................
+10.9
+13.3
Chattanooga (3 firms).....................
—
14.0
—
13.3
Jacksonville (3firms)......................
+11.8
+42.9
Nashville (3firms)...........................
—5.2
+15.9
New Orleans (6firms)......................
+1.7
+1.9
Other Cities (12firms).....................
+ 4.7
+32.8
DISTRICT (30firms).......................
+ 1.5
+12.6
Furniture
July is usually a dull month in the wholesale
furniture business, and sales during July
this year were 15 per cent smaller than in June, but 32.6
per cent greater than in July last year. July collections
were reported Good by 7 firms, and Fair by 8 firms. Some of
the reports indicate slight decreases in prices, but many
of them state that the outlook for fall business is good.
Percentage comparisons of sales are indicated below:
July 1925 compared with:
June 1925
July 1
924
Atlanta (7 firms).............................
-13.5
+75.0
Chattanooga (3 firms).....................
—
32.4
+23.6
Nashville (3 firms)...........................
+31.0
+56.8
Other Cities (6 firms)......................
—5.7
+12.4
DISTRICT (19firms).......................
-15.0
+32.6
Electrical
The growing demand for radio supplies and
Supples
the continued building activity are both
reflected in the constantly increasing sales by electrical
supply dealers. July sales by 11 wholesale firms were 16.5
per cent greater than in June, and 78.5 per cent greater than
in July a year ago. Sales at New Orleans were not equal
to those in June, but the increase over July a year ago was
general. Collections were reported Good by 4 firms, and
Fair by 6. Prices advanced somewhat on insulated copper
wire due to increased cost of copper bars and crude rubber.
Comparisons of sales are shown below:
July 1925 compared with:
June 1925
July 1924
Atlanta (3 firms).............................
+31.4
+90.8
New Orleans (3 firms).....................
—
16.9
+47.5
Other Cities (5firms).....................
+14.2
+74.9
DISTRICT (11 firms).......................
+16.5
+78.5
The figures which follow show comparisons of the total
sales reported in each of these lines, for the district only,
as three reports were not received in any of these lines
from a single city. Sales of shoes show a seasonal increase
over June, but are also 21.9 per cent greater than in July
a year ago. Collections are reported fair. Stationery
sales increased 18.1 per cent over June, and both station­
ery and farm implements showed large increases over last
year. Collections were reported fair to good in these lines.
July 1925 compared with:
June 1925
July 1924
Shoes, District (7 firms)...................
+7.8
+21.9
Stationery. District (3 firms)............
+18.1
+33.8
Drugs. District (4 firms)..................
+ 7.0
+ 6.2
Farm Implements, District (7 firms)..
+9.0
+61.2

AGRICULTURE.
Cotton.
The Mid-August report issued August 24 by the Departof Agriculture, based upon the condition of the cotton crop
on August 16, places the estimated production for the
season at 13,990,000 bales, an increase of 424,000 bales over
the estimate two weeks earlier based upon the condition
on August 1. The condition of the crop as a whole on Au­
gust 16 is given as 62 per cent of normal, compared with
65.6 per cent two weeks earlier, and with 64.6 per cent on
August 15, 1924. The total production last year amounted
to 13,627,936 bales. The average condition of the crop in
Georgia on August 16 was 61 per cent of normal, compared
with 66 per cent two weeks earlier, and with 74 per cent on
July 16. The estimated crop on August 16 was 1,000,000
bales. The decline in condition is largely due to excessive
shedding of forms and small bolls caused by droughty con­
ditions and hot winds over a large part of the state. The
dry weather while checking the progress of the crop, also
held weevils in check. Good prospects are still reported
in the southern half of the state, although the outlook is
not so good as it was a month ago. The Department’s
estimate on August 16 for Alabama is reported as 70 per
cent, compared with 78 per cent a month ago. Weevil infes­
tation in the southern counties was heavy, but the great­
est part of the old cotton was past the stage where weevils

8

THE MONTHLY BUSINESS REVIEW

4

could do serious damage. In those counties with a large
percentage of young cotton, however, the weevil infesta­
tion is a factor. The condition of the crop in Louisiana on
August 16 was 65 per cent of normal, compared with 76 per
cent a month earlier. The decline is mostly due to drought
and weevil damage, but the cotton leaf worm, rust, lice,
and wilt have each contributed. The condition of the
Mississippi crop on August 16 was 77 per cent, compared
with 83 pfr cent a month earlier, a smaller decline than usu­
al for this period. There are widespread complaints of
rust and wilt, and of increased weevil activity, and some
small damage from army worms. There have been rains in
the western part of Tennessee, but the middle and eastern
counties have not fared so well. The middle counties have
had a few showers, but the eastern counties remained very
dry and deterioration was very noticeable. On the whole,
however, the condition of the crop was 82 per cent of normal
on August 16, the same as two weeks earlier, and three
points better than on July 16.
Other Crops.
The largest tobacco crop ever produced in Georgia is
now being marketed through the warehouses. Indicated
production will total somewhat under 50 million pounds,
according to a statement by the Bureau of Agricultural
Economics. There are 44 warehouses being operated this
year, against 19 operated in 1924. The average price per
pound received this year for the first two weeks is some­
what lower than for the corresponding period last year,
the quality of the crop not being equal to that of last year.
The quality of the tobacco is, however, improving with the
advance of the season.
The condition of oranges and grapefruit in Florida im­
proved during July, but the improvement relates more to
the trees than the fruit on them. Light setting of fruit
is general over the belt and there is reported to be no pros­
pect of heavy yields except in a few sections. The outlook
for oranges is better than for grapefruit.
Estimates of production, based on August 1 condition,
show increases for the month in wheat, oats and potatoes
in the sixth district, but lower figures are shown for corn,
hay and tobacco. Compared with last year’s final yield,
the August 1 estimates this year indicate larger production
of corn, wheat, oats and tobacco, but smaller crops of hay
and potatoes. The table below shows comparisons for this
district; the figures do not include those parts of Ten­
nessee, Mississippi and Louisiana situated in other Federal
Reserve districts.
Estimated Production.

C o m , b u sh e ls...........
W heat, b u sh e ls.........
O ats, b u sh e ls............
H ay, to n s ...................
Tobacco, p o u n d s----P o tato es, b u s h e ls .. .

Aug. 1,1925
184,136
5,865
16,803
2,436
127,769
9,998

J u ly 1,1925
199,452
5,780
16,701
2,563
129,910
9,871

F in a l Yield
1924
176,332
4,112
12,728
2,927
110,326
12,661

Cotton Movement—Sixth District.—Bales.
J u ly 1925
R eceipts:
55,517
New O rlean s................. — .........
1,508
Mobile.............................
9,229
S a v a n n a h ...................... ................
1,996
A tla n ta ..........................
3,714
A u g u sta ......................... ................
196
M ontgom ery.................. ..............
249
M acon.............................................
Stocks:
49,275
New O rlean s................. ..............
1,303
M obile............................. ..............
7,572
S av a n n a h ...................- ..............
..............
4,757
A tla n ta ...........................
10,311
A u g u sta .......................... ...............
4,141
M ontgom ery.................. ..............
4,848
M acon...................-........ ..............
77
V icksburg...................... ..............

J u n e 1925 J u ly 1924
55,503
62,407
1,421
7,165
19,045
2,522
3,656
4,961
4,360
3,833
548
1,080
990
745
89,990
1,369
10,594
9,382
18,524
5,448
6,059
213

50,702
557
8,390
5,485
7,911
5,189
2,350
775

Cotton Movement (Bales) United States
Since August 1, 1924.
1925
1924
1923
51,305
60,177
87,961
R eceipts a t all U. S. P o rts ..................................
O verland across Mississippi, O hio a n d P o to ­
m ac Rivers to N or. Mills a n d C an­
8,364
4,317
9,548
a d a .........................................................
90,000
45,142
65,036
S o u th e rn Mills T ak in g s n e t..................
In te rio r stock in excess of th o se h eld a t
9,592
20,435
th e com m encem ent of se aso n ........ _
T o ta l ta k in g s A m erican m ills N. & S.
& C a n a d a th u s f a r * ........................ 114,532
318,000 194,000 220,000
A m erican c o tto n th u s f a r ................
 in clu d e 14,107 b y n o rth e rn sp in n e rs a g a in s t 10,927.
*These



SUGAR CANE AND SUGAR
The condition of sugar cane in the Louisiana Cane
Belt declined 3 points during July, but on August 1 was 6
points above the ten-year average on that date. The
condition on August 1 was 85 per cent of normal, compared
with 88 per cent a month earlier, and 65 per cent a year ago.
Dry weather early in the season was favorable for cultiva­
tion, but during July local rains have been frequent and
grass has grown vigorously to the detriment of the cane.
Mosaic disease and root rot are reported in many fields.
Rain is needed in some localities. The condition of 85 per
cent on August 1, according to the Bureau of Agricultural
Economics, indicates a probable average yield per acre of
about 15.73 tons, and a total production for the State on the
acreage to be used for sugar this year of approximately
3,385,593 short tons of cane, compared with a production of
1,228,339 short tons in 1924. Sugar production, indicated
by these data, is estimated at 237,567 short tons, compared
with 88,483 short tons produced last year.
Sugar Movement.
Raw Sugar (Pounds.)
Receipts:
New O rlean sS a v a n n a h .......
M eltings:
New O rleans..
S a v a n n a h .......
Stocks:
New O rle a n sS a v a n n a h ___

J u ly 1925

J u n e 1925

J u ly 1924

193,200,092
25,841,088

162,149,445
43,356,015

157,730,828
62,222,212

192,719,359
29,878,165

163,907,401
45,682,748

182,646,105
41,755,350

26,724,194

37,431,126
4,037,077

29,594,188
29,990,025

Refined Sugar (Pounds.)
S h ip m e n ts:
New O rleans.
S a v a n n a h .......
S to ck s:
New O rleans..
S a v a n n a h ___

J u ly 1925

J u n e 1925

Ju ly 1924

185,791,382
36,085,863

153,680,872
36,697,018

171,816,349
32,331,239

60,386,764
1,363,475

63,710,823
14,043,627

49,105,668
10,965,597

RICE.
The condition of the rice crop in Louisiana fell off 9
per cent during July, and on August 1 was 76 per cent of
normal, compared with 80 per cent at the same time a year
ago. According to the Bureau of Agricultural Economics,
this condition of 76 per cent on August 1 indicates a prob­
able production for the State of 16,331,000 bushels of rice,
against a production in 1924 of 17,078,000 bushels. This
low condition is the result of the severe drouth of 1924 and
1925 which has resulted in a scarcity of fresh water to
irrigate the crop. The crop irrigated by wells is in good
condition, but that portion irrigated by canals containing
salt water is in bad shape.
Rice Movement.
Rough Rice (Sacks) Port of New Orleans.
R eceipts—
S hipm ents .
S tock --------

J u ly 1925
5,598
20,931
3,846

J u n e 1925
9,972
13,749
19,179

J u ly 1924
2,236
9,416
27,008

Clean Rice (Pockets) Port of New Orleans.
R eceip ts—
S hipm ents .
S tock____ _

34,068
89,607
63,529

17,717
38,849
119,068

15,341
41,036
72,008

Receipts of Rough Rice (Barrels).
A ssociation Mills......... New O rleans M ills........
O utside M ills-------------

Season to
Season to
J u ly 1925 J u ly 31.1925 J u ly 31,1924
4,838,084
4,403,225
2,854
731,253
992,621
5,598
1,772,690
1,785,746
8,252

7,168,536

7,355,083

Milled Rice (Pockets).
38,087
77,378
24,851

4,571,900
1,076,929
1,831,403

5,177,562
846,980
1,925,492

140,316

A ssociation Mills.
New O rleans Mills..
O utside M ills--------

7,480,232

7,950,034

z on Hand.
A ssociation M ills.. New O rleans Mills,.
O utside M ills--------

Aug. 1, 1925
8,136
66,191
21,100
95,427

J u ly 1925 Aug. 1. 1924
38,147
42,256
97,844
135,460
29,250
45,826
223,542

165,241

THE MONTHLY BUSINESS REVIEW
FINANCIAL.
Financial statistics for the early part of August indicate increases in loans, investments, deposits, and re­
discounts by member banks in selected cities compared
with a month ago. Reports received by the Federal Reserve
Bank for August 5 from 36 member banks in Atlanta, New
Orleans, Birmingham, Jacksonville, Nashville, Chattanooga,
Knoxville and Savannah, show a volume of discounts on that
date more than 5| millions greater than on July 8. The
larger total is due to increased loans on government obliga­
tions and on other stocks and bonds, loans for other com­
mercial purposes showing a decrease of about 1| millions.
There was a small decrease in the volume of United States
securities owned, during the period July 8 to August 5,
but Other Stocks and Bonds increased nearly two million,
resulting in a net increase in investments of more than 1.1
millions. The increase in the total loans, discounts and
investments on August 5 over July 8 was $6,747,000. During
this period time deposits decreased about 1{ millions, but
demand deposits increased $10,412,000. Accommodation at
the Federal Reserve Bank increased $1,431,000 during this
period. Compared with the corresponding report date in
August 1924, figures for August 5 this year show increases
of $68,830,000 in discounts, $13,017 in investments, and an
increase in total loans, discounts and investments of $81,847,000. Time deposits showed an increase of $15,166,000,
and demand deposits an increase of $65,922,000.
Member Banks in Selected Cities.
(000 Omitted).
A ugust 5, J u ly 8. A ugust 6.
1925
1925
1924
B ills D isco u n ted :
$ 6,871
$ 7,588
Secured b y Gov. O b lig a tio n s... $ 7,533
86,547
64,044
Secured by Stocks a n d B o nds,. 92,742
374,676
375,940
334,489
469,358
474,951
406,121
37.908
38,586
29,766
46,450
44,618
41,575
T o ta l lo an s, d isc o u n ts a n d invest559,309
552,562
477,462
202,912
204,153
187,746
334,334
323,922
268,412
8,294
6,863
5,751
Accommodation at F. R. Bank-

Total borrowing at the Federal Reserve Bank, indicated
in the weekly statement for August 12, shows a volume of
discounts six million dollars greater than on July 15, but a
decrease of $1,517,000 compared with the corresponding
report date last year. Bills bought in the open market
and United States Securities owned by the Federal
Reserve Bank on August 12 were 2J million lower than a
month earlier, but were $12,800,000 greater than a year ago.
Total earning assets were nearly 3J million dollars greater
than a month ago, and were 24 million dollars greater than
on August 13, 1924. Cash reserves were $6,306,000 greater
than a month ago, but $5,705,000 smaller than a year ago.
The table which follows shows the principal items of the
weekly statement of the Federal Reserve Bank of Atlanta
for August 12, compared with figures for a month and a year
earlier.
Federal Reserve Bank.
000 Omitted.)
Aug. 12,
1925
Bills D isco u n ted :
Secured b y G ovt. O b lig atio n s.. $ 4,495$
23,632
All O th ers....................
28,127
T o ta l D isc o u n ts..........
13,561
Bills b o u g h t in o pen m a rk e t...........
13,561
14,325
U. S. S ecurities.......... ......... .............
14,325
56,443
T o ta l e a rn in g a sse ts------------------56,443
149,873
C ash R eserves............................ .
149,873
72,484
T o ta l D ep o sits....................................72,484
F. R . N otes in a c tu a l c irc u la tio n -. 134,485
72-4
Reserve R a tio - - ........... ................-

J u ly 15. Aug. 13.
1925
1924
$ 1,493
20,649
22,142
16,007
14,417
52,997
143,567
68,047
131,813
71.8

$ 2,884
26,760
29,644
862
1,958
32,461
155,578
58,517
131,296
82.0

Savings Deposits.
The figures contained in the following table represent
the aggregate savings deposits reported by 93 banks in the
district at the end of July, compared with figures for a
month and a year earlier.
(000 Omitted.)
Com pariO om pariso n of
son of
J u n e J u ly 1925- J u ly J u ly 1925J u ly
1925 J u n e 1925
1924
1924
1925
— 0.5
A tla n ta (7 b a n k s )— $ 29,891 &33,583 -11.0 $ 31,463
24,283 — 2.6
22,218
+ 6.4
B irm in g h am (5 b an k s) 23,641
25,712 — 7.6
Jacksonville (5 b a n k s ) 23,797
20,096
+18.4
22,572 -1 2 .9
19,569
+ 0.5
N ashville (10 b a n k s ) - 19,666
50,518 - 5.2
48,360
— 1.0
New O rleans (8 b an k s) 47,869
+15.5
86,661
97,982 + 2.2
O th er C ities (58 banks)100,089
228,367
+ 7.3
T o ta l (93 b a n k s ) ....... 244,953 254,650 - 3.8




DEBITS TO INDIVIDUAL ACCOUNTS*
Sixth Federal Reserve District.
W Ended
eek
Aug. 12,1925July 8,1925Aug. 13,1924
Albany^-..... ................ $ 1,100,000$ 802,000 $ 774,000
Atlanta............................. 31,529,000 33,233,000 26,151,000
Augusta.......................... 4,648,000 4,910,000 4,340,000
Birmingham...................... 26,430,000 27,925,000 24,007,000
Brunswick.............. ....... ....
766,000
837,000
633,000
Chattanooga..................... 10,279,000
9,834,000 7,995,000
Columbus...... ................ ...
3,621,000 ~3,144,000 2,156,000
Dothan.................. .........860,000
618,000
395,000
Elberton---.-...................
136,000
195,000
144,000
Jackson......... ..................
4,900,000 3,803,000 3,100,000
Jacksonville...................... 20,967,000 19,182,000 13,412,000
Knoxville..........................
7,510,000 7,877,000 6,437,000
Macon..............................
5,157,000 5,325,000 4,814,000
M
eridian...........................
3,149,000 3,506,000 2,966,000
6,108,000 6,832,000 5,205,000
Mobile............. -...............
Montgomery......................
4,753,000 5,644,000 3,889,000
Nashville........................... 16,999,000 17,607,000 14,922,000
Newnan............................
498,000
532,000
304,000
New Orleans...................... 68,426,000 84*711,000 57,914,000
Pensacola............... ..........
1,982,000 1,922,000 1,461,000
Savannah.........................
8,611,000 8,572,000 6,773,000
Tampa...........................
18,104,000 16,460,000 7,391,000
Valdosta...........................
1,821,000 1,103,000 1,285,000
1,429,000 2,110,000 1,430,000
Vicksburg...... ...........
Total (24 Cities)................. $249,783,000 $266,684,000 $197,898,000
Commercial Failures.
The following table contains figures compiled by R.
G. Dun & Co., showing the number and total liabilities
of defaulting firms during July, and a comparison of liab­
ilities with the preceding month and the same month a
year ago. Liabilities for July were smaller than for July
1924 in the New York, Philadelphia, Cleveland, Kansas
City and San Francisco districts, but greater in the Boston,
Richmond, Atlanta, Chicago, St. Louis, Minneapolis and
Dallas districts.
N um ber
D istrict
J u ly 1925 J u ly 1925
B o sto n................... .......
155 $ 2,185,740
New Y ork .............. ----288
9,503,272
P h ila d e lp h ia ........ .......
70
1,802,298
C leveland.............. ........ 191
3,986,465
R ich m o n d .............
156
3,207,713
A tla n ta ..................
81
2,457,950
C hicago................. .......
280
5,038,051
St. L o u is............... .......
60
940,025
M inneapolis____ ........
75
1,765,878
K an sas C ity .........
91
896,131
D allas..................... ....
33
350,729
S an F ra n c is c o .... ........ 205
2,370,939
T o ta l............... .....

L ia b ilities
J u n e 1925
J u ly 1924
$ 3,343,294 $ 1,539,996
4,560,093
12,717,797
2,373,659
3,057,246
5,512,039
5,947,876
2,196,548
2,675,646
2,099,949
1,299,886
7,112,848
3,777,361
883,277
579,643
3,342,444
1,427,184
1,342,887
1,150,169
536,229
242,424
3,398,229
2,398,010

1,685 $34,505,191

IMPORTS AND EXPORTS.
Preliminary figures for July, compiled and published
by the Department of Commerce, indicate a volume of im­
ports larger by less than a million dollars than in June,
and an increase of nearly 15 million dollars in the volume
of exports for the same period. July figures this year,
however, indicate an increase of more than 47 million dollars
in imports over July last year, and an increase of more than
61 million dollars in exports. In July there was an excess
of exports over imports of 12 million dollars, while in June
imports exceeded exports by $1,835,347. In July 1924 there
was an excess of imports over exports of $1,944,491. For
the seven months ending with July this year, exports ex­
ceeded imports by $311,709,552, compared with an excess
of exports for the same period a year ago of $238,187,216.
Preliminary figures for July, revised figures for June, and
comparisons with a year ago, are shown in the table:
Im ports:
1925
J u ly ................................ ............ . $ 326,000,000
June
......... ..
325,167,292
7 m o n th s e n d in g J u ly ............... 2,389,768,451
E xports i
J u ly ............................ .................... $ 338,000,000
J u n e . . . .......
......... .
323,331,945
7 m o n th s e n d in g J u l y ---- ------ 2,701,478,003

1924
$ 278,593,546
274,000,688
2,128,184,437
$ 276,649,055
306,989,006
2,366,371,653

New Orleans.
Merchandise was imported through the port of New
Orleans during the month of May 1925 to the value of $26,280,264, a gain of over $6,500,000 compared with the preceding
month, and with the corresponding month a year ago.
Large increases were shown in molasses, burlaps and bana­
nas, and the value and volume of creosote oil, newsprint
paper, sisal and mahogany were also larger than a year ago.
The quantity of coffee imported during May was slightly
smaller than in May 1924, but the dollar value was greater,
while the opposite is true in regard to sugar. The prin­
cipal commodities imported during May were:

THE MONTHLY BUSINESS REVIEW

6

Volum e
V alue
$6,758,497
Coffee, p o u n d s ................ ............................ 31,533,955
S u g ar, p o u n d s .............................................. 232,761,046
5,927,480
1,134,706
Molasses, g allo n s.........................................
15,524,572
2,370,389
B u rlap s, p o u n d s .......................................
18,927,063
1,839,119
P etroleum , g allo n s.......... -.........................
66,148,000
528,474
C reosote Oil, g allo n s----------- -------------3,922,392
848,636
G asoline, g a llo n s........................................
8,689,674
2,860,041
1.384,066
B a n a n a s, b u n c h e s......................................
177,648
News P rin t P ap er, p o u n d s . . . _____ ___
6,041,495
R ags for p ap er stock, p o u n d s .................
3,256,071
75,500
829,656
Sisal, to n s ______ __________ __________
5,873
275,623
M ahogany, feet— .....................................
3,013,000
T h e fo llo w in g f ig u r e s , s h o w in g t h e v a lu e o f i m p o r t s
d u rin g M ay fo r p re c e d in g y e a rs, a re sh o w n fo r c o m p a ris o n :
$26,280,264
1921........................... $11,582,890
1925.....................
1924............................ 19,737,844
1920............................ 28,469,606
1923............................ 19,092,150
1919............................ 18,891,683
1922-........................... 11,373,907
1918..................... .
9,768,838
T h e t o t a l v a lu e o f c o m m o d itie s e x p o r te 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 t h e m o n t h o f M a y 1925, w a s
$31,975,058, s m a l l e r b y o v e r 7? m i l l i o n d o l l a r s t h a n i n A p r i l .
S om e o f t h e p r in c ip a l ite m s e x p o r te d in M ay w e r e :
Volume
V alue
57,936
$7,427,867
S h o rt sta p le c o tto n , b ales.......... ...............
L ong sta p le c o tto n , b a le s...........................20,149
2,688,521
L in ters co tto n , b ales........ .............................
5,760
248,379
W heat flo u r, b a rre ls........................ ...........- 148,970
1,210,804
Tobacco, p o u n d s............................................. 6,177,500
1,260,007
G asoline, in b u lk , g allo n s............. ............. 21,403,841
3,043,528
H lu m in atin g oil, in b u lk , g a llo n s---------- 6,679,295
444,128
1,024,884
G as a n d fu el o il, g a llo n s............ ............... . 30,788,223
R o u g h Sou. P in e b o ard s, M f t ....... ............
10,716
595,704
O ak b o ard , M f t ................. — .......................
5,029
531,486
R efined p ariffin wax. p o u n d s..................... 8,157,281
450,497
L ard , p o u n d s.................................................... 5,500,961
951,526
G ra in E x p o rts .
G r a in e x p o r ts th r o u g h t h e p o r t o f N ew O rle a n s d u r in g
th e m o n th o f J u ly , t h e f ir s t m o n th o f t h e n e w s e a s o n , w ere
44,306 b u s h e l s g r e a t e r t h a n d u r i n g t h e s a m e m o n t h a y e a r
ag o , d u e to g r e a te r m o v e m e n t o f w h e a t a n d o a ts . T h e re
w a s a d e c r e a s e o f 49,541 b u s h e l s o f c o r n . T h e f o l lo w i n g
fig u re s s h o w c o m p a ris o n s :
Ju ly 1925
Ju ly 1924
W heat, b u sh e ls.......................- ------ -------------632,837
575,000
C o rn ...................................... .................... ............
336,732
386,273
O ats............................. -............. — - ....................
45,375
9,365
1,014,944

T o ta l..

970,638

BUILDING.
For the third consecutive month the aggregate value
of buildings for which permits were issued at twenty cities
in the sixth district reached a new high point in July. Dur­
ing July there were 4,090 permits issued at these twenty
cities for buildings to be valued at $16,994,968, compared
with $16,736,920 in June, and with $10,524,624 in July a year
ago. These figures indicate an increase in the total of
61.5 per cent over July last year. Only six cities reported
totals smaller than a year ago. The largest figure for the
month was reported from Miami, but the greatest per­
centage increase over July 1924 was indicated in the Tampa
figures. Substantial increases were also shown at Birm­
ingham, Miami Beach, Oolumbus and Chattanooga. De­
tailed figures are shown below, and index numbers appear
on page 8:
A labam a:

P ercentage
J u ly 1925
J u ly 1924 C hange
No. Value
No. V alue in V alue
19 $ 29,490
579 2,232,835
77
277,000
93
88,711

19 $ 18,600
505 1,851,770
86,040
73
79
79,898

+ 58.5
+ 20.7
+221.9
+ 11.0

282
415
203
49
583
129
65

1,177,363
4,526,216
470,703
55,923
2,925,295
1,560,675
3,547,133

313
253
138
59
311

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

+ 43.0
+134.8
+ 75.4
+ 8.4
+740.5
+ 47.1
+546.0

357
123
67
110
61

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

411
144
138
77

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

- 62.2
- 21.4
+187.3
— 46.7
— 18.4

305
86

1,692,614
60,081

264
54

1,310,775
119,141

+ 29.1
- 49.6

212
12
215
242

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

157
31
249
248

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

+550.4
— 52.1
+ 66.8
+ 12.1

T o ta l 2 C ities.................. 4 9 $ 6 9 ,9 8 3 3 $ 0 2 ,6 4
0
,0 0 1 ,9 4 6 ,5 2 1 ,5 4 2
Index N o ....................................
471.3 . . . .
291.9

+ 6 .5
1

B irm ingham ..
M obile............
F lo rid a:
Ja c k so n villeO rla n d o -

♦Miami B each .
G eorgia:
A tla n ta ...........
A u g u s ta ..........
C o lu m b u s.......
M acon.............
S a v a n n a h .......
L o u isian a:
New O rleans..
A le x a n d ria -.T ennessee:

’27

♦-Not included in totals or index numbers.




.........

LUMBER.
Preliminary figures for July, received from subscribing
mills by the Southern Pine Association up to the middle of
August, show a volume of orders booked by 131 reporting
mills amounting to 331,950,689 feet, 4.7 per cent greater than
actual production by these mills, 2.9 per cent greater than
their normal production, and exceeding their shipments
during July by 5.2 per cent. Shipments, which amounted
to 315,652,367 feet were one-half of one per cent below actual
production, and actual production was 1.7 per cent below
normal production of these mills. Stocks on hand at the
end of July totaled 832,116,666 feet, and were 3.3 per cent
less than the normal figure for these mills. Weekly reports
by the Southern Pine Association show that an increas­
ingly larger number of reporting mills have operated full
time during recent weeks, and during the four weeks ended
August 7, of an average of 61 mills which operated full time,
an average of 16 mills reported overtime operation aggregat­
ing 2,130 hours, or an average of 33 hours overtime per mill
each week. The relation between orders, production and
shipments has brought about lower stocks on hand, and has
resulted in strengthening in prices. The large amount of
building going on in Florida is an important factor in the
present situation. Preliminary figures are shown below,
with com parisons:
J u ly 1925
(131 mills)
O rd e rs ................. -............. ......... 331,950,689
S h ip m e n ts .................................... 315,652,367
P ro d u c tio n ................................... 317,161,408
N orm al p ro d u c tio n th ese Mills 322,617,169
Stock en d of m o n th .............. 832,116,666
N orm al stocks th ese M ills .... 8 0 1 ,6 6
6 ,3 9 8
U nfilled orders en d of m o n th . 228,323,151

J u n e 1925
(131 m ills)
288,601,425
299,541,501
298,311,431
304,018,752

J u ly 1924
(145 mills)
381,442,071
350,559,243
342,528,166
361,131,797

793,338,377 864,553,892

8 1 3 ,5 4 9 5 8 ,2 2
3 ,3 3 4 7 ,3 7 3

206,143,888 223,814,955

COTTON CONSUMPTION.
The consumption of cotton in July, according to figures
compiled by the United States Census Bureau, was 483,898
bales, nearly 10,000 bales less than in June, but more than
39 per cent greater than the consumption in July a year ago.
In the cotton growing states 327,087 bales were consumed
in July, compared with 337,651 bales in June, but an in­
crease of 35.6 per cent over the number consumed in July
1924, which was 241,157 bales.
The Census Bureau’s statement places the total con­
sumption of cotton during the cotton year which ended
July 31, at 6,191,349 bales, compared with 5,680,554 bales
consumed during the preceding cotton year, an increase
of 9 per cent. Exports during the year were 8,195,896 bales,
an increase of 42 per cent over the total exported during
the preceding year, which was 5,772,000 bales.
Following are figures for July, with comparisons:
United States.
Ju ly 1925
C o tto n C onsum ed:
L in t- - - ...................................
483,898
L in te rs— ............................
62,523
I n C onsum ing E stab lish m en ts:
L in t ........................................
866,259
L in te rs...................................
128,478
I n P u b lic S torage a t Com presses:
L in t......... ...............................
514,196
L in te rs...................................
28,628
E xports.........................................
202,468
Im p o rts ------....................... —
9,927
Active S pindles.......................... 31,760,596

J u n e 1925

J u ly 1924

493,765
60,577

347,099
41,732

1,123,813
146,673

721,589
100,632

759,945
35,173
217,786
19,957
32,309,896

673,925
54,026
211,533
6,579
28,798,754

Cotton Growing St >tes.
C o tto n C onsum ed.....................
327,087
I n C onsum ing E stab lish m en ts 428,759
I n P u b lic S torage a n d a t Com­
presses....................................
389,678
Active S pindles.......................... 16,575,778

337,651
597,862

241,157
340,157

536,519
16,757,892

526,662
15,469,864

MANUFACTURING.
Cotton Cloth.
Reports for July made to the Federal Reserve Bank by
mills in the sixth district which manufactured nearly 27
million yards of cloth show an increase of 3.5 per cent over
June output, and an increase of 18 per cent over July 1924.
Shipments during July by these reporting mills were also
greater than in either the preceding month or the same
month last year. Orders booked ware slightly larger than
in June, but 4.3 per cent smaller than in July 1924, and
unfilled orders on hand at the end of July were nearly 1
per cent larger than a month earlier, and nearly 3 per cent
larger than a year ago. Stocks of manufactured cloth were
slightly smaller than a month ago, but 33.8 per cent smaller
than at the end of July last year.

7

THE MONTHLY BUSINESS REVIEW
July 1925 com
pared, with:
June 1925
July 1924
Production..............................
4-3.5
+18.0
Shipments...................................
+16.9
+17.0
Orders booked.............................
+ 0.4
—4.3
Unfilled Orders............................
+ 0.9
+ 2.9
Stocks on Hand...........................
—0.6
—
33.8
Number on payroll.......................
+1.6
+2.5
Cotton Yarn.
Reports from mills which manufactured during July,
6,830,465 pounds of yarn also show favorable comparisons
of production and shipments during July. Compared with
June, July production was 11 per cent greater and shipments
were 22.5 per cent greater, while July production this year
was 57 per cent larger than in the same month last year,
and shipments showed an increase of 65.8 per cent over
that month. Orders booked by these mills were 29.2 per
cent greater than in June, but 7.9 per cent smaller than
those booked in July 1934. Unfilled orders on hand showed
increases over both of these months, while stocks on hand
showed decreases in both instances. Comments contained
in the reports indicate a small margin of profit, but state
that most orders are for rush delivery.
July 1925 compared with:
June 1925
July 1924
+11.0
+57.0
Production...................... .........
Shipments..................................
+22.5
+65.8
Orders booked.............................
+29.2
-7.9
Unfilled Orders............................
+ 7.1
+ 2.6
Stocks on hand...................... .
—2.0
—
13.9
Number on payroll.......................
+0.4
+14.8
Overalls.
Reports for July from overall manufacturers indicate
an improvement in the demand over June, but show a small
decrease in output. Compared with July last year, orders
booked during the month just ended showed a decrease of
36 per cent, but production was 26.6 per cent greater.
Stocks were larger than for either of the months under
comparison, as were also unfilled orders at the end of the
month. Labor is reported plentiful, with prices somewhat
stronger. Percentage changes are shown in the table:
July 1925 compared with;
June 1925
July 1924
Overalls manufactured.... ............
— 4.0
+26.6
+ 7.9
B* 5.9
Overalls on hand................ .......
Orders booked........... ... .............
+ 14.6
—36.1
+100.0
+100.0
Unfilled orders.................... ........
Number on payroll— ..... ...........
+3. 8
+7. 2
BRICK
Excepting for a fractional decrease in the number of
workers employed, compared with June, figures reported
by brick manufacturers showed increases in all items over
June, and over July a year ago. Production was 7.1 per
cent greater than in June, and 51.6 per cent greater than
in July 1934. Stocks were slightly larger than a month
earlier, but more than double those on hand at the end of
July last year. Orders booked were 14.1 per cent greater
than at the end of June, and 43.7 per cent greater than a
year ago, and unfilled orders, while only 1.3 per cent larger
than a month ago, were 35.7 per cent greater than at the end
of July last year. Percentage comparisons are shown in
the table:
July 1925compared with:
June 1925
July 1924
Brick manufactured.. -....... . ..
+7.1
+51.6
Brick on hand.............................
+2.5
+117.0
Orders booked.............................
+14.1
+43.7
Unfilled orders........................ .
+1.3
+35.7
Number on payroll......................
—0.7
+10.0
HOSIERY.
According to figures reported to the United States
Census Bureau by 34 identical establishments in the sixth
district, shipments of hosiery in July were slightly larger
than in June, but decreases were shown in production,
stocks, orders booked and unfilled orders, and in cancella­
tions. The following figures are aggregates of those re­
ported by 34 establishments for July and June
(dozen pairs)
July 1925 June 1925
Production.................. ......................... 797,790
846,562
Shipments............................................ 839,498
821,974
Stocks on hand..................................... 1,972,097 1,986,985
Orders booked....................................... 684,529
790,020
Oarcellations.................. .....................
46,481
87,695
Unfilled orders...................................... 1,676,191 1,844,762
COAL.
Since the week ending July 4, when production was
curtailed because of the observance of the holiday, the
output of
 bituminous coal has shown a steady increase


each week due to a general improvement in the demand.
The production for the week ended August 8 was 9,657„000
tons, the highest level touched since the first week in Feb­
ruary. The output in Alabama and in Tennessee during
July was also greater than at any time since the beginning
of the new coal year, on April 1. The total production of
bituminous coal during the year 1925 through the week
ended August 8 amounted to 385,493,000 tons, compared with
274,615,000 tons mined to the same date last year.
Following are weekly figures for the United States com­
pared with the corresponding period a year ago, together
with figures showing the current weekly production in Ala­
bama in Tennessee:
Week E nded
1925
J u ly 4 .................................. ............................... 7,351,000
J u ly 11................................................................ 8,639,000
J u ly 18................................................................ 8,965,000
J u ly 25................................................................ 9,343,000
A ugust 1....... .................................................... 9,456,000
A ugust 8........................................................... 9,957,000
Week E nded
A labam a
Ju ly 4, 1925........................................ ...............
315,000
364,000
J u ly 11......... — : ...............................................
J u ly 18............ ............. .................... .................
380,000
Ju ly 25.................................................. .............
382,000
A ugust I - - . ....... .
....................................
392,000

1924
5,738,000
7,502,000
7,401,000
7,543,000
7,484,000
7,800,000
Tennessee
90,000
108,000
107,000
113,000
112,000

IRON.
Statistics compiled and published by the Iron Age in­
dicate a further small decrease in total production of pig
iron during July, but a gain in the number of furnaces in
operation. Production of pig iron during July was 2,664,034 tons, compared with 3,67d,457 tons in June, and with
1,784,899 tons produced in July a year ago. The daily rate
of production in July was 85,936 tons, compared with 89,115
tons in June, and with 57,577 tons in July 1934. The July
output is the lowest for the year, but is more than 28,300
tons higher than in July last year. There were eight fur­
naces blown in, and seven blown out or banked during
July, making a net gain of one, and bringing the total num­
ber active on August 1st to 190. The index number of pro­
duction in July is 104.5, compared with 104.9 for June, and
with 70.0 for July 1924.
The Iron Age gives the July production in Alabama as
234,837 tons, compared with 339,453 tons in June, and with
318,676 tons in July last year, the index number being 127.9
for July against 130.5 for June, and 124.4 for July 1924.
Of the 38 furnaces in Alabama, 23 were active on August 1,
compared with 34 active a month earlier. Correspondents
state that the price has advanced from $18.00 to $18.50 and
while new business is not heavy,shipments are satisfactory
and stocks have been steadily reduced during the past
three months. Sales recently have been of small tonages
and principally for consumption in local territory.
Unfilled Orders ~U. S. Steel Corporation.
Unfilled orders on the books of the United States Steel
Corporation on July 31 aggregated 3,539,467 tons, a decrease
of 170,991 tons compared with the end of June, but 352,395
tons greater than at the same time a year ago. This de­
crease for July is the smallest since the downward movement
began.
NAVAL STORES.
Receipts of turpentine at the three principal naval
stores markets of this district were a little larger in July
than in June, but somewhat smaller than a year ago. July
receipts of rosin exceeded those of June or of July 1924.
Stocks of turpentine on hand at the end of the month
were greater than a month ago or a year ago, and supplies
of rosin, while about the same as a month ago, were con­
siderably smaller than at the end of July last year. The
average prices for these commodities, published by the
Turpentine and Rosin Producers Association, are 90 cents
for turpentine in July, compared with 92 cents in June,
and with 77 5-8 cents in July last year, and $9.82| for rosins,
compared with $9.42£ in June, and with $4.85 in July 1924.
Rosins continued in good demand, and reports indicate
that the daily offerings have been keenly competed for,
but there have been only minor fluctuations in the turpen­
tine market, the offerings being readily absorbed and
buyers apparently being willing to take all offerings at
around 90 cents. The export demand has been quiet.
Receipts and stocks at the three principal ports of this dis­
trict are shown below:

THE MONTHLY BUSINESS REVIEW

8

R eceipts—T u rp e n tin e :
S a v a n n a h ....................................
Jack so n v ille......................
P en sa co la.......................... .........

Ju ly 1925

Stocks—T u rp e n tin e :
S a v a n n a h ........................
Jack so n v ille...................... ------P en sa co la.......................... .........

21,368
14,961
5,817

21,746
18,641
6,184

T o ta l................. -........ .... ...
R eceipts—R o sin :
S a v a n n a h -........................
Jack so n v ille........... i ........
P en saco la............ - ............ .........

43,704

42,146

46,571

71,068
46,061
17,480

61,148
47,985
17,489

63,318
50,004
16,585

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

134,609

126,622

12,701
23,795
8,461

8,454
19,343
7,605

T o ta l.............. -............ .........
Stocks—R o s in :
S a v a n n a h ................. - ......
Jack so n v ille......................
P en sa co la.......................... .........

J u n e 1925 J u ly 1924

22,525
14,522
5,657

44,957

35,402

34,200

105,430
88,087
17,935

95,994
93,994
21,071

100,770
121,896
47,552

211,452

211,059

270,218

129,907

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

10,489
15,845
7,866

MONTHLY INDEX NUMBERS.
The following index numbers, except where indicated otherwise, are computed by the Federal Reserve Bank
of Atlanta, and are based upon average figures for 1919. That is, average monthly figures for the year 1919 are
represented by 100, and the current monthly index numbers shown the relation of activity iri these lines to that
prevailing in 1919.______________________________________ _____ _____________________ _________________
RETAIL TRADE 6TH DISTRICT
(Department Stores.)
Atlanta.____ ___ _____ ________________
Birmingham.................... .............................. .
Chattanooga................................................. .
Jackson............. ....................... ........................
Nashville............. ..............................................
New Orleans............... .................. _..................
Savannah_______ _____ _________ ______
Other C ities,.___ _____________________
District_________ ________ _____________
RETAIL TRADE U. S. (1)
Department Stores_______________ ____
Mail Order Houses..___ ______ ________
Chain Stores:
Grocery...____ _____ _______________
Drug............................................................
S h o e...___ ______ ______ __________
5 & 10 Cent.................................................
Music..______ _____________________
Candy........... .................................... ..........
Cigar............................. ............ ................

May

June

July

May

June

July

1925

1925

1925

1924

1924

1924

140.2
131.8
87.6
110.2
102.9
108.0
76.5
94.8
110.7

109.9
121.8
95.4
107.9
83.6
103.6
72.1
90.7
100.7

89.8
94.5
63.3
88.1
67.6
82.5
67.1
79.3
81.0

97.8
131.5
107.9
109.2
117.7
106.0
78.6
91.3
106.4

87.6
122.4
115.9
101.9
88.3
94.9
73.3
88.4
96.6

65.7
91.8
7fe .0
83.6
62.2
76.8
56.3
70.4
73.8

128
94

*126
101

96
86

126
90

120
89

91
69

254
163
147
191
96
195
143

257
167
151
187
99
184
134

262
166
122
183
104
181
136

212
150
150
174
82
189
143

196
143
146
162
75
176
131

207
151
111
163
72
195
129

WHOLESALE TRADE 6TH DISTRICT
Groceries____________ _______________
Dry Goods_____ _____ _______________
Hardware______ _____________________
Shoes............................. .................................
Total. _________ _____ _______________

81.8
61.3
84.0
59.7
75.8

83.0
54.5
86.6
43.3
74.6

85.2
67.8
88.6
46.8
79.1

81.5
54.1
74.6
49.3
72.1

75.8
49.8
71.3
38.5
65.8

81.7
58.8
69.8
37.4
70.3

WHOLESALE PRICES U. S. (2)
Farm Products........... ........................ ..........
Foods...............................................................
Cloths and Clothing.._________________
Fuel and Lighting_________ __________
Metals and Metal Products........................ .
Building Materials..... ..................................
Chemicals and Drugs...................................
House Furnishings........................ ...............
Miscellaneous.............. .................................
All Commodities.............................................

151.9
153.2
188.4
168.2
127.2
173.6
133.1
170.5
131.3
155.2

155.4
155.3
188.2
172.6
126.1
170.7
132.8
169.9
137.8
157.4

161.8
157.3
188.8
172.1
126.4
170.1
133.3
169.2
143.4
159.9

136.4
136.6
186.8
177.3
134.5
180.3
127.3
172.5
112.3
146.9

134.0
135.6
187.2
174.7
132.2
172.7
126.6
171.8
111.1
144.6

140.9
138.7
187.5
173.2
130.4
168.8
126.5
170.8
112.4
147.0

149.3
539.8
242.1
326.9
274.1
649.9
422.4

104.7
543.4
268.4
367.6
273.0
765.9
464.1

74.4
682.7
393.6
323.4
387.0
717.4
471.3

195.0
501.6
180.3
272.5
488.5
250.2
284.0

96.6
279.5
139.7
639.5
231.1
264.2
230.8

196.6
566.1
275.3
288.5
298.7
288.8
291.9

99.3
121.6
73.0
60.2

92.3
114.4
66.0
39.6

90.5
110.8
66.3
36.8

77.3
98.2
52.3
59.4

65.5
83.3
43.5
42.0

64.8
81.7
44.7
38.5

115.0
137.4

104.9
130.5

104.5
127.9

102.6
141.8

79.5
124.9

70.0
124.4

67.6

61.9

59.0

60.5

54,4

53.2

BUILDING PERMITS 6TH DISTRICT
Atlanta..........................................................
Birmingham................. .................................
Jacksonville.............. .............. .................. .
Nashville. ........................................................
New Orleans...................................................
Other Cities................................................ .
District (20 Cities) .......... ........ ........ ............
COTTON CONSUMED:
United States...............................................
Cotton-Growing States................................
All Other States.............................................
Cotton Exports_ ___________ ________
_
PIG IRON PRODUCTION:
United States........... ...................... ............
Alabama............................... ..........................
UNFILLED ORDERS—U. S. STEEL CORP­
ORATION............................................ .........
(1) Compiled by Federal Reserve Board.
(2) Compiled by Bureau of Labor Statis­
tics.
 (1913—100.)