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M O N T H L Y B U S I N E S S R E V I E W 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 NEWTON. 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 WARD 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 LabDr Statistics (1913-10) Base adopted by Bureau. Latest figure July 159.9. THE MONTHLY BUSINESS REVIEW 2 1922 1923 19241925 Weeklyfigures 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 of sales are shown in the table: 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 1924 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 ................ *These 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. 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). A ssociation Mills. New O rleans Mills.. O utside M ills-------- 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 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. Week Ended 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 Meridian........................... 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 20C ities.................. 4,090 $16,994,968 3,532 $10,524,624 Index N o .................................... 471.3 . . . . 291.9 + 61.5 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 .... 860,319,686 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) 381,442,071 350,559,243 342,528,166 361,131,797 793,338,377 864,553,892 831,333,544 975,387,232 206,143,888 223,814,955 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 compared, 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 J u n e 1925 J u ly 1924 22,525 14,522 5,657 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............................ ......... 134,609 126,622 129,907 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.......................... ......... 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.......................... ......... 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 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.)