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M O N T H L Y C o v e r in g C o n d it io n s FED ERAL in th e S ix t h RESERVE O SO A B N EW TO N . C h a ir m a n a n d F e d e ra l R ese rv e A g e n t VOL. 11, No. 12 B U S IN E S S R E V IE W F e d e ra l R e se rv e BANK OF D is t r ic t . ATLAN TA W ARD A LB ER T SO N . A s s is t a n t F e d e r a l R e s e r v e A g e n t ( C o m p ile d D e c e m b e r 16,1926) ATLANTA, GA., DECEMBER 30, 1926 T h i s R e v ie w r e le a s e d f o r p u b l i c a t i o n i n t h e m o r n in g p a p e r s o f T h u r s d a y , D e c . 30. B U S IN E S S C O N D IT IO N S IN T H E U N IT E D S T A T E S . (P r e p a r e d b y t h e F e d e r a l R e s e r v e B o a r d .) p e r c e n t la r g e r . S t o c k s o f m e r c h a n d is e c a r r ie d b y w h o le A c t iv it y in m a n u f a c t u r in g in d u s t r ie s d e c re a s e d in N o vem b e r a n d D e c e m b e r, w h ile p r o d u c t io n o f im p o r t a n t m in e r a ls s a le fir m s d e c r e a s e d f u r t h e r i n N o v e m b e r a n d w e re s m a lle r a t th e e n d of th e m o n th th a n a y e a r ago. In v e n t o r ie s c o n t i n u e d a t a h i g h le v e l. W h o le s a le p r ic e s d e c lin e d t o t h e lo w e s t le v e l i n m o r e t h a n t w o y e a r s . F irm e r m o n e y o f d e p a rtm e n t s to r e s , h o w e v e r, in c r e a s e d s lig h t ly m o re t h a n is u s u a l in N o v e m b e r. F r e ig h t c a r lo a d in g s d e c lin e d c o n c o n d it io n s i n D e c e m b e r r e f le c t e d t h e u s u a l s e a s o n a l r e q u ir e m e n t s i n c o n n e c t io n w it h h o lid a y a n d e n d -o f-y e a r s id e r a b ly in N o v e m b e r a n d D e c e m b e r fro m t h e r e c o r d h ig h a c t iv it y . le v e ls o f O c t o b e r , a lt h o u g h t h e m o v e m e n t o f c o a l c o n t in u e d heavy. P r o d u c t io n F a c t o r y e m p lo y m e n t a n d p a y r o lls d e c lin e d i n N o v e m b e r, r e f le c t in g d e c r e a s e d a c t iv it y i n m a n y im p o r t a n t i n d u s t r ie s , b u t o w in g t o t h e la r g e o u t p u t o f m in e r a ls , t h e F e d e r a l R e s e r v e B o a r d ’s in d e x o f p r o d u c t io n in b a s ic in d u s t r ie s a d v a n c e d so m e w h a t d u r in g t h e m o n th . P r o d u c t io n o f b it u m in o u s c o a l a n d p e t r o le u m i n r e c e n t w e e k s h a s e x c e e d e d a ll p r e v io u s r e c o rd s , a n d o u t p u t o f c o p p e r a n d z in c d u r in g t h e m o n t h o f N o v e m b e r w a s i n u n u s u a lly la r g e v o lu m e . P ig ir o n p r o d u c t io n a ls o in c r e a s e d s lig h t ly i n N o v e m b e r , b u t s t e e l m ill o p e r a t io n s i n t h a t m o n t h a n d in D e c e m b e r w e re c o n s id e r a b ly r e d u c e d . A u t o m o b ile p r o d u c t io n , w h ic h i s n o t i n c lu d e d i n t h e in d e x o f p r o d u c t io n in b a s ic in d u s t r ie s , d e c lin e d s h a r p ly in N o v e m b e r f o r t h e s e c o n d c o n s e c u t iv e m o n t h , a n d w a s s m a lle r t h a n i n a n y m o n t h s in c e A u g u s t , 1925. T e x t i l e m ill a c t i v i t y w a s m a i n t a i n e d d u r i n g N o v e m b e r a t a p p r o x im a t e ly t h e sa m e r a t e a s i n O c t o b e r . The v a lu e o f b u ild in g c o n t r a c t s a w a r d e d s h o w e d le s s t h a n t h e u s u a l s e a s o n a l d e c lin e i n N o v e m b e r, a n d w a s s lig h t ly la r g e r t h a n i n N o v e m b e r , 192 5 . A w a r d s f o r t h e f i r s t h a l f o f D e c e m b e r lik e w is e e x c e e d e d t h o s e r e p o r t e d i n t h e c o r r e s p o n d in g p e r io d o f la s t y e a r . A g ric u lt u r e T h e D e p a r t m e n t o f A g r ic u lt u r e e s ti m a t e s t h e v a l u e o f 55 p r i n c i p a l c r o p s r a i s e d i n 1926, o n t h e b a s is o f D e c e m b e r 1 f a r m p r ic e s , a t $ 7 ,8 0 2 ,0 0 0 ,0 0 0 c o m p a r e d w i t h $ 8 ,9 5 0 ,0 0 0 ,0 0 0 i n 1925. O f t h e d e c r e a s e i n t h e v a lu e o f c r o p s , t h e d e c lin e i n t h e v a lu e o f t h e c o t t o n c r o p a c c o u n t s f o r $ 5 0 0 ,0 0 0 ,0 0 0 , a n d t h a t o f t h e c o r n c r o p f o r a b o u t $ 2 6 0 ,0 0 0 ,0 0 0 , w h i l e t h e t o t a l v a l u e o f t h e w h e a t c r o p i n c r e a s e d b y n e a r l y $ 4 0 ,0 0 0 ,0 0 0 . T ra d e . I n N o v e m b e r d is t r ib u t io n o f m e r c h a n d is e a t w h o le s a le a n d r e t a i l s h o w e d t h e u s u a l d e c lin e fro m t h e a c t iv it y e a r lie r in t h e a u t u m . C o m p a r e d w it h a y e a r a g o , h o w e v e r , w h o le s a le t r a d e w a s i n a b o u t t h e s a m e v o lu m e a n d r e t a i l t r a d e la r g e r . S a le s o f d e p a rtm e n t s to r e s w e re a b o u t 7 p § r c e n t la r g e r t h a n la s t y e a r , a n d t h o s e o f le a d in g m a il o r d e r h o u s e s w e r e s ix P ric e s T h e g e n e r a l le v e l o f w h o le s a le p r ic e s d e c lin e d in N o v e m b e r a n d p r ic e s o f m a n y im p o r t a n t b a s i c c o m m o d it ie s d e c r e a s e d f u r t h e r i n t h e f ir s t h a lf o f D e c e m b e r. T h e B u r e a u o f L a b o r S t a t is t i c s ’ in d e x o f w h o le s a le c o m m o d it ie s p r ic e s f o r N o v e m b e r w a s 148, t h e l o w e s t l e v e l s i n c e J u l y 1 9 2 4 . B i t u m i n o u s c o a l p r ic e s in c r e a s e d s h a r p ly d u r in g O c to b e r a n d t h e e a r ly p a r t o f N o v e m b e r, b u t in r e c e n t w e e k s h a v e d e c lin e d b y a b o u t t w o - t h ir d s o f t h e p r e v io u s r is e . P e tr o le u m p r ic e s h a v e b e e n r e d u c e d s in c e e a r ly in N o v e m b e r, a n d t h e r e h a v e a ls o b e e n d e c lin e s i n p ig ir o n , c o p p e r , z i n c , le a d , a n d s ilv e r . T h e f a l l i n p r ic e s o f a g r i c u l t u r a l c o m m o d it ie s , w h ic h h a s la s t e d w it h fe w in t e r r u p t io n s f o r o v e r a y e a r , c o n t in u e d in N o v e m b e r. G r a in s , h o w e v e r, h a v e r is e n so m e w h a t s in c e t h e la t t e r p a r t o f t h a t m o n t h . T h e c lo t h in g m a t e r ia ls a n d h o u s e - f u r n is h in g s g r o u p s h a v e d e c lin e d s t e a d ily i n p r ic e d u r in g r e c e n t m o n t h s t o t h e lo w e s t le v e ls o f t h e p o s t - w a r p e r io d . B a n k C r e d it L o a n s a n d in v e s t m e n t s o f m e m b e r b a n k s i n le a d in g c it ie s in c r e a s e d b v o v e r $ 1 0 0 ,0 0 0 ,0 0 0 d u r i n g t h e f o u r w e e k s e n d i n g D e c e m b e r 1 5, r e f l e c t i n g i n p a r t t h e g r o w t h i n t h e d e m a n d f o r c r e d i t a n d c u r r e n c y t h a t u s u a lly o c c u rs in D e ce m b e r. T h e in c r e a s e w a s i n lo a n s o n s e c u r it i e s , w h ile c o m m e r c ia l lo a n s d e c lin e d s o m e w h a t fro m t h e i r s e a s o n a l h ig h p o in t i n N o v e m b e r. T h e v o lu m e o f r e s e r v e b a n k c r e d it s h o w e d t h e u s u a l s e a s o n a l in c r e a s e a f t e r t h e m id d le o f N o v e m b e r b u t w a s lo w e r t h a n i n t h e c o r r e s p o n d i n g p e r i o d o f 19 2 5 , p a r t l y b e c a u s e t h e r e w a s a s m a lle r in c r e a s e t h i s y e a r i n t h e a m o u n t o f m o n e y in c ir c u la t io n . M o n e y m a r k e t c o n d it io n s b e c a m e s lig h t ly f ir m e r i n D e ce m b e r t h a n a t t h e e n d o f N o v e m b e r. C o m m e r c ia l p a p e r ra te s w e re u n c h a n g e d b u t o p e n -m a rk e t r a t e s o n b a n k e rs ’ a c c e p t a n c e s a d v a n c e d b y o n e e ig h t h o f o n e p e r c e n t a n d c a ll r a t e s o n s e c u r it y lo a n s a v e ra g e d h ig h e r f o r t h e m o n t h . PER CENT PER CENT PERCENT PER CEN T 1 150 /\Payr0,,s mA V £ 10 0 ti 150 150 100 100 100 Employment 5 0 5 0 5 0 FACTO>RYEMPLOYrMENT AliD PAYROLLS i 1922 i WHCILESALE PFRICES i _____________________ 1923 Digitized for F e dFRASER e r a l R e s e r v e B o a r d ’s in d e x e s 192*1* 19 25 1926 o f f a c t o r y e m p lo y m e n t a n d p a y r o lls 1 9 2 2 19 23 i 1924- I n d e x o f U n it e d S t a t e s B u r e a u o f L a b o r S t a t i s t ic s . 19 25 1926 (1913— 100, b a s e a d o p t e d THEMONTHLYBUSINESSREVIEW 2 M o n t h ly a v e ra g e s o f d a i l y f ig u r e s f o r 12 F e d e r a l R e s e rv e B a n k s . f ig u r e s a r e a v e ra g e s o f f ir s t 21 d a y s o f D e c e m b e r. La te st S IX T H D IS T R IC T SU M M A R Y. T h e s e rie s o f b u s in e s s s t a t is t ic s r e la t in g to t h e S ix t h F e d e r a l r e s e rv e d is t r ic t c o n t in u e in m o st in s t a n c e s to c o m p a re f a v o r a b ly w it h t h o s e o f la s t y e a r . R e t a il t r a d e in t h e s ix t h d i s t r i c t d u r i n g 1926 h a s e x c e e d e d t h e v o l u m e r e p o r t e d f o r e a c h m o n t h o f 1925 e x c e p t i n g f o r O c t o b e r , a n d f o r t h e y e a r t h r o u g h N o v e m b e r r e t a i l s a l e s b y 45 d e p a r t m e n t s t o r e s h a v e a v e r a g e d 5 .0 p e r c e n t g r e a t e r t h a n f o r t h e s a m e p e r i o d o f 1925. W h o l e s a l e t r a d e d u r i n g t h e f i r s t s i x m o n t h s o f 1926 w a 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 s o f 1925, b u t s in c e t h e b e g in n in g o f t h e la s t h a lf o f t h e y e a r h a s b e e n in s m a lle r v o lu m e t h a n i n t h e c o r r e s p o n d in g m o n t h s la s t y e a r . I n c o n n e c t io n w it h w h o le s a le t r a d e , h o w e v e r , it s h o u ld b e n o t e d t h a t t h e le v e l o f w h o le s a le p r ic e s h a s b e e n lo w e r t h a n t h a t w h ic h p r e v a ile d a y e a r a g o , a n d t h e la t e s t s t a t e m e n t c o m p ile d b y t h e B u r e a u o f L a b o r S t a t i s t i c s s h o w s t h e g e n e r a l i n d e x n u m b e r o f w h o l e s a l e p r i c e s o f 404 c o m m o d i t i e s f o r N o v e m b e r w a s 1 4 8 .1 , c o m p a r e d w i t h 1 5 7 .7 f o r N o v e m b e r l a s t y e a r , a d e c l i n e o f 6.1 p e r c e n t . S a v in g s d e p o s it s r e p o r t e d t o t h e F e d e r a l R e s e r v e B a n k b y 91 b a n k s i n t h e d i s t r i c t w e r e 2 .5 p e r c e n t g r e a t e r a t t h e e n d o f N o v e m b e r t h a n a y e a r a g o , t h e in c r e a s e i n s a v in g s o v e r la s t y e a r s h o w in g a s t e a d y d e c l i n e d u r i n g 1926 f r o m t h e h i g h p o i n t o f 1 5 .2 p e r c e n t in J a n u a r y . D e b i t s t o I n d i v i d u a l A c c o u n t s a t 23 c it i e s i n t h e d i s t r i c t d u r in g N o v e m b e r w e r e 8 .6 p e r c e n t s m a lle r i n t o t a l v o lu m e t h a n d u r i n g N o v e m b e r 1925. T o t a l l o a n s a n d d i s c o u n t s o n D e c e m b e r 8 o f 35 r e p o r t i n g m e m b e r b a n k s i n t h e d i s t r i c t w e r e $ 8 ,3 9 7 ,0 0 0 l e s s i n v o l u m e t h a n a y e a r a ig o . T i m e d e p o s i t s r e p o r t e d b y t h e s e b a n k s w e r e $ 6 ,9 2 4 ,0 0 0 g r e a t e r t h a n a y e a r a g o , b u t t h e i r d e m a n d d e p o s i t s w e r e $ 3 2 ,8 8 8 ,0 0 0 l e s s t h a n a t t h a t t i m e . T o t a l d is c o u n t s b y t h e F e d e ra l R e se rv e B a n k of A t la n t a fo r m em b er b a n k s o n D e c e m b e r 8 w a s $ 4 6 ,8 6 9 ,0 0 0 , c o m p a r e d w i t h $ 2 5 ,0 3 9 ,0 0 0 o n t h e c o r r e s p o n d in g r e p o r t d a t e la s t y e a r . B u ild in g p e r m it s i s s u e d a t 20 r e p o r t i n g c i t i e s o f t h e d i s t r i c t d u r i n g N o v e m b e r w e r e 3 6 .7 p e r c e n t s m a l l e r i n v a l u e t h a n w e r e r e c o r d e d f o r N o v e m b e r 1925, a n d c o n t r a c t s a w a r d e d i n t h i s d i s t r i c t s h o w e d a d e c r e a s e o f 1 3.3 p e r c e n t . T h e c o n s u m p t io n o f c o t t o n i n t h e c o t to n - g r o w in g s t a t e s d u r in g N o v e m b e r w a s t h e g r e a t e s t , w it h o n e e x c e p t io n , r e c o r d e d d u r in g t h e p a s t C O N D IT IO N IN TH E S IX T H FED ER A L O F R E T A IL R ESER V E 1 I n d e x o f v a lu e o f b u i l d i n g c o n t r a c t s a w a r d e d a s r e p o r t e d b y t h e F . W . D o d g e C o r p o r a t io n , (1919— 100). L a t e s t f ig u r e N o v e m b e r 188. seven y e a rs. P r o d u c t io n o f c lo t h in t h e s ix t h d is t r ic t w a s s o m e w h a t le s s t h a n i n N o v e m b e r a y e a r a g o , b u t t h e o u t p u t o f y a r n w a s 1 .5 p e r c e n t g r e a t e r . C o a l p r o d u c t io n in A la b a m a w a s g r e a t e r f o r e a c h w e e k i n N o v e m b e r t h a n a y e a r a g o , a n d t h e N o v e m b e r p r o d u c t io n o f p ig i r o n i n A la b a m a w a s t h e g r e a t e s t f o r a n y m o n t h i n s ix y e a r s . A v e ra g e p r ic e s o f t u r p e n t in e a n d r o s in d u r in g N o v e m b e r w e re so m e w h a t lo w e r t h a n i n O c t o b e r o r i n N o v e m b e r 1925. R E T A IL TRA D E D IS T R IC T D U R IN G BA SED N O VEM BER UPON 1926 R EP O R TS S to c k s a t e n d of m o n th . p e rc e n t a g e in c r e a s e o r d e c r e a se c o m p a r e d w i t h : FRO M 45 S T O R E S i 3 2 N et s a le s - - p e r c e n t a g e ln c r e a s e or d e c re a se co m p a red w it h : TRA D E. T h e v o lu m e o f r e t a il t r a d e i n t h e s ix t h d is t r ic t d u r in g N o v e m b e r , r e f l e c t e d i n s a le s b y 45 r e p r e s e n t a t i v e s d e p a r t m e n t s to r e s lo c a t e d t h r o u g h o u t t h e d is t r ic t , w a s n o t a s g re a t a s in O c to b e r. T h i s is , h o w e v e r , u s u a l f o r t h i s t im e o f t h e y e a r , a s d u r in g t h e p a s t s e v e n y e a r s N o v e m b e r s a le s b y t h e s e d e p a r t m e n t s t o r e s h a v e e x c e e d e d O c t o b e r s a le s i n o n l y o n e i n s t a n c e , 1 9 24. T h e g r e a t e s t v o l u m e o f f a l l b u y in g is u s u a lly d o n e in O c to b e r , w it h a d e c r e a s e in N o v e m b e r, a n d t h e h o lid a y t r a d e i n D e c e m b e r c a r r ie s t h e t o t a l v o lu m e o f r e t a il t r a d e t o t h e h ig h e s t le v e l f o r t h e y e a r . N ovem ber s a l e s t h i s y e a r a v e r a g e d 5 .6 p e r c e n t g r e a t e r t h a n i n N o v e m b e r 1 9 2 5 , a n d f o r t h e e l e v e n m o n t h s o f 192 6 t h e v o l u m e o f s a l e s h a s b e e n 5 .0 p e r c e n t g r e a t e r t h a n i n t h e c o r r e s p o n d i n g p e r io d o f 1925. S t o c k s o f m e r c h a n d is e r e p o r t e d o n h a n d a t t h e e n d o f N o v e m b e r w e r e 0 .8 p e r c e n t s m a l l e r t h a n a m o n t h a g o , b u t w e r e 5 .2 p e r c e n t g r e a t e r t h a n a y e a r a g o . • T h e r a t e o f t u r n o v e r , r e f le c t e d i n t h e r a t io o f s a le s t o a v e r a g e s to c k s , w a s le s s r a p id in N o v e m b e r, a n d f o r t h e y e a r s o f a r , t h a n f o r c o r r e s p o n d in g p e r io d s o f la s t y e a r . O u t s t a n d i n g o r d e r s a t t h e e n d o f N o v e m b e r w e r e 2 2 .1 p e r c e n t l e s s t h a n a m o n t h a g o , a n d * 1 3 .7 p e r c e n t l e s s t h a n a t t h e s a m e t im e l a s t y e a r . A c c o u n t s r e c e i v a b l e w e r e 6 .0 p e r c e n t g r e a t e r t h a n a t t h e e n d o f O c t o b e r , a n d 1 6 .9 p e r c e n t g r e a t e r t h a n a t t h e e n d o f N o v e m b e r 1925. N ovem ber c o l l e c t i o n s w e r e 1 4 .9 p e r c e n t g r e a t e r t h a n i n O c t o b e r , a n d 1 .4 p e r c e n t g r e a t e r t h a n i n N o v e m b e r l a s t y e a r . The r a t io o f c o lle c t io n s d u r in g N o v e m b e r t o a c c o u n t s o u t s t a n d i n g a n d d u e a t t h e b e g i n n i n g o f t h e m o n t h f o r 24 f i r m s w a s 3 5 .2 p e r c e n t . P e r c e n t a g e o f s a le s to a v e ra g e s t o c k s i n N o v . (sto ck tu rn o v e r fo r th e m o n th ): 5 P e r c e n t a g e o f s a le s t o a v e ra g e sto ck s fr o m J a n . 1 t o N o v . 30 ( S t o c k tu rn o v e r fo r y e a r to d a te ) of o u tP ercen tag e s t a n d in g o r d e rs a t e n a o f m o n th to p u rch a se s d u r i n g c a le n d a r y e a r , 1925: (A ) N o v . 1925 (B ) J a n . 1 to N o v . 30.1925 (A ) N o v . 1926 (B ) O c t . 1920 (A ) 1925 (B ) 1926 (A ) 1925 (B ) 1926 (A ) O ct. (B ) N ov. + 4.7 + 3.3 + 7.7 + 2.2 + 1 2 .0 - 0.9 - 2.6 + 5.6 + 8 .4 + 6 .7 + 2 .8 — 0.4 + 2 .4 + 8 .5 + 8 .3 + 5 .0 + 4.3 + 2 3 .3 + 6.8 — 7.6 + 2.8 + 1 5.1 + 6.3 + 5.2 + 1 .8 + 4 .5 — 7.7 + 2 .5 — 3.6 - 3 .2 + 0 .5 - 0 .8 31.9 26.6 22.0 25.4 25.1 27.1 29.3 26.8 31.6 22.0 21.2 27.6 26.1 22.8 25.1 25.8 320.7 273.4 212.0 268.4 247.4 250.2 265.5 263.5 336.7 235.5 218.7 278.6 234.4 242.4 262.7 256.8 4.3 4.6 3.2 4.6 11.7 8.8 6.3 7.0 3.7 4.1 0.1 3.6 9.5 4 .7 4 .5 5.5 A t l a n t a (4)................................... B ir m in g h a m (5)......................... C h a t t a n o o g a (6)....................... N a s h v ille (5)............... - ............ N e w O r le a n s (5)_______________ S a v a n n a h (3)......... .................. .. O t h e r C it ie s (17)..................... .. D I S T R I C T (45)......... - .............. THEMONTHLYBUSINESSREVIEW W H O LES A LE T R A D E T h e v o lu m e o f b u s in e s s a t w h o le s a le i n t h e s i x t h d i s t r i c t i n e ig h t d if f e r e n t lin e s s h o w e d s e a s o n a l r e c e s s io n s d u r in g N o v e m b e r, a n d i n a ll o f t h e s e lin e s e x c e p t d r u g s , s a le s in N o v e m b e r w e r e s m a lle r t h a n i n t h e sa m e m o n t h la s t y e a r . T h e in d e x n u m b e r o f s a le s b y w h o le s a le f ir m s d e a lin g i n g r o c e r ie s , d r y g o o d s, h a r d w a r e a n d s h o e s , w h ic h h a v e b e e n r e g u la r ly r e p o r tin g s in c e is p e r c e n t fo r N o v em b e r, c o m p a re d w it h fo r O c to b e r, a n d w it h fo r N ovem ber W it h t h e e x c e p t io n , h o w e v e r , o f N o v e m b e r la s t y e a r , t h e c u r r e n t in d e x n u m b e r is h ig h e r t h a n f o r N o v e m b e r o f a n y o t h e r y e a r i n t h e s e r ie s , w h ic h b e g a n i n In th e t a b le s w h ic h f o llo w a r e s h o w n p e r c e n t a g e c o m p a r is o n s o f s a le s i n t h e s e e ig h t lin e s , a n d c o m p a r is o n s i n e a c h lin e a r e s h o w n s e p a r a t e ly f o r t h o s e c it ie s fro m w h ic h t h r e e o r m o re r e p o r t s w e r e r e c e iv e d . 1919, 100.1 1925. 90.6 99.9 1920. G r o c e rie s N o v e m b e r s a le s o f g r o c e r ie s a t w h o le s a le by r e p o r t in g f ir m s i n t h e d is t r ic t : w e r e p e r c e n t s m a l le r i n t o t a l v o lu m e t h a n i n O c t o b e r , a n d w ere p e r c e n t le s s t h a n i n N o v e m b e r la s t y e a r . In c r e a s e s a t N e w O r le a n s c o m p a re d w it h O c t o b e r , a n d a t O t h e r C it ie s c o m p a re d w it h N o v e m b e r a y e a r ag o , w e re o u t w e ig h e d i n t h e d is t r ic t a v e r a g e b y d e c r e a s e s a t o t h e r p o in ts . S o m e o f t h e r e p o r t s in d ic a t e so m e w e a k e n in g o f p r ic e s d u r in g N o v e m b e r. A c c o u n t s r e c e iv a b le w e r e per c e n t le s s t h a n f o r O c t o b e r , a n d p e r c e n t le s s t h a n a y e a r a g o , a n d c o l l e c t i o n s w e r e 2 .8 p e r c e n t s m a l l e r t h a n i n O c t o 6.4 36 10.4 1.1 9.2 b e r, a n d 17.6 p e r c e n t s m a lle r t h a n i n N o v e m b e r la s t y e a r. N o v e m b e r 1926 c o m p a re d w i t h : O c t . 1926 N o v . 1925 A t l a n t a (5 f ir m s ) ................................................ — 0. 6 — 3. 5 — 5. 6 — 23.0 J a c k s o n v i lle (4 f ir m s ) .......... - ........................ M e r id ia n ( 3 f i r m s ) . . _______ __________________ — 10.6 — 13.2 + 3.6 — 9.7 N e w O r le a n s (8 f i r m s ) . ................... .............. V ic k s b u r g (3 f i r m s ) - ...................................... — 28.5 — 11.2 O t h e r C it ie s (13 f ir m s ) ............ - .............. — 5.7 + 2.7 D I S T R I C T (36 f ir m s ) ....................... .............. — 6.4 — 10.4 D ry G oods D r y g o o d s s a le s a t w h o le s a le d u r in g N ovem ber b y r e p o r t in g f ir m s a v e r aged p e r c e n t s m a lle r i n t h e a g g r e g a t e t h a n i n O c t o b e r , a n d w e re p e r c e n t le s s t h a n i n N o v e m b e r la s t y e a r . A c c o r d in g t o so m e o f t h e s e r e p o r t s p r ic e s c o n t in u e d to d e c lin e s l ig h t ly i n N o v e m b e r b e c a u s e o f t h e lo w e r le v e l o f c o t t o n p r ic e s . S to ck s o n h a n d a t th e e n d of N ovem ber w e r e 6 .2 p e r c e n t s m a l l e r t h a n a m o n t h e a r l i e r , b u t w e r e p e r ce n t g re a te r th a n a t th e e n d o f N o vem b er A c c o u n t s r e c e iv a b le a t t h e c lo s e o f N o v e m b e r w e r e p e r c e n t le s s t h a n a m o n t h e a r lie r , a n d w e re p e r c e n t le s s t h a n a t t h e s a m e t im e l a s t y e a r . N o v e m b e r c o lle c t io n s e x ce e d e d th o se in O c to b e r b y p e r c e n t, b u t w ere per c e n t s m a lle r t h a n in N o v e m b e r 16.3 22 3.8 15.3 1925. 3.8 0.3 3.6 1925. 10.3 N o v e m b e r 1926 c o m p a r e d w i t h : O c t . 1926 N o v . 1925 — 24.5 — 0.6 — 4. 1 — 0.3 — 19.9 — 4.8 — 16.3 — 3.8 A t l a n t a (3 f ir m s ) ................................................ N a s h v ille (3 f ir m s ) ----------- --------- -------O t h e r C it ie s (16 f ir m s ) ................................... D I S T R I C T (22 f ir m s ) ...................................... H a rd w a re N o v e m b e r s a le s o f h a r d w a r e a t w h o le s a le w e r e s m a lle r a t a ll r e p o r t in g c it ie s o f t h e d is t r ic t t h a n in O c t o b e r , a n d w e re le s s t h a n d u r in g N ovem ber a t a ll r e p o r t in g c it ie s e x c e p t N e w O r le a n s . S to c k s o n h a n d a t th e e n d o f th e m o n th w e re per cent le s s t h a n a t t h e e n d o f O c to b e r , b u t w e re per cent g re a te r th a n a y e a r ag o . A c c o u n t s R e c e i v a b l e w e r e 2 .5 p e r c e n t s m a lle r t h a n a m o n t h a g o , b u t w e r e per cent g re a te r th a n fo r N o vem b er C o lle c t io n s w e re per c e n t l e s s t h a n d u r i n g O c t o b e r , b u t w e r e 1 .2 p e r c e n t g r e a t e r t h a n in N o v e m b e r la s t y e a r. N o v e m b e r 1926 c o m p a re d w i t h : O c t . 1926 N o v . 1925 A t l a n t a (3 f ir m s ) ......................................... .. — 8. 0 — 25.3 J a c k s o n v ille (3 f ir m s ) ..................................... — 4.4 — 26.0 N a s h v ille (3 f ir m s ) ................... ........................ — 13.1 — 0. 4 N e w O r le a n s (5 f ir m s ) .................................... — 1.0 + 4.4 O t h e r C it ie s (14 f ir m s ) ............ ...................... — 9. 7 — 18.0 D I S T R I C T (28 f ir m s ) — ............... ................ — 7. 1 — 10.8 1925 0.2 1.0 4.0 1925. F u r n it u r e 2.7 W h o le s a l e f u r n i t u r e s a l e s b y 12 f i r m s in th e d is t r ic t d u r in g N ovem ber w e re p e r c e n t le s s i n t o t a l v o lu m e t h a n i n O c t o b e r , a n d a v e ra g e d p e r c e n t le s s t h a n i n N o v e m b e r la s t y e a r . S to c k s o n h a n d a t th e e n d o f N o vem b e r w ere per cent g r e a t e r t h a n a m o n t h e a r l i e r , b u t w e r e 1 .0 p e r c e n t s m a l l e r th a n a y e a r ago. A c c o u n t s r e c e iv a b le a t t h e e n d o f t h e m o n t h w e r e 0 .8 p e r c e n t g r e a t e r t h a n a m o n t h a g o , b u t p e r c e n t s m a lle r t h a n a y e a r a g o . C o lle c t io n s d u r in g N o vem b er w ere p e r c e n t s m a lle r t h a n i n O c t o b e r , a n d p e r c e n t s m a lle r t h a n i n N o v e m b e r 9.3 2.6 20.7 21.7 N o v e m b e r 1926 c o m p a re d w i t h : O c t . 1926 N o v . 1925 — 2. 0 — 46.4 A t l a n t a (4 f ir m s ) --------- --------------------C h a t t a n o o g a (3 f ir m s ) ............ - .................... — 6. 5 — 3. 7 O t h e r C it ie s (7 f ir m s ) — .............................. - 1 3 .3 - 2 0 .9 D I S T R I C T (14 f ir m s ) ...................................... - 9.3 - 2 1 .7 E le c t r ic a l S u p p lie s Sables d u r i n g N o v e m b e r o f e l e c t r i c a l s u p p lie s a t w h o le s a le , r e p o r t e d b y 12 f i r m s , a v e r a g e d 7 .8 p e r c e n t s m a l l e r t h a n i n O c t o b e r , a lt h o u g h a s m a ll in c r e a s e w a s s h o w n f o r O t h e r C it ie s . N o v e m b e r s a l e s a v e r a g e d 2 6 .6 p e r c e n t l e s s t h a n i n t h e s a m e m o n th la s t y e a r. S to ck s on h a n d a t th e en d of th e m o n th w e r e 1.1 p e r c e n t s m a l l e r t h a n a m o n t h a g o , b u t w e r e 7 .1 p e r ce n t g re a te r t h a n a y e a r ago. A c c o u n t s r e c e iv a b le d e c r e a s e d 9 .0 p e r c e n t c o m p a r e d w i t h O c t o b e r , a n d w e r e 2 0 .6 p e r c e n t s m a l l e r t h a n f o r N o v e m b e r l a s t y e a r . C o lle c t i o n s d u r i n g N o v e m b e r w e r e 8 .8 p e r c e n t g r e a t e r t h a n i n i n O c t o b e r , a n d 5 .5 p e r c e n t g r e a t e r t h a n i n N o v e m b e r 1925. N o v em b e r 1926 co m p a re d w i t h : O c t . 1926 N o v . 1925 — 8. 8 — 26.1 — 14.0 — 4.5 +0.9 — 40.3 - 7.8 - 2 6 .6 A t l a n t a (3 f ir m s ) ........ ..............- ............— N e w O r le a n s (4 f ir m s ) ..................................O t h e r C it ie s (5 f ir m s ) ............. ........................ D I S T R I C T (12 f ir m s ) ___________________— S a le s c o m p a r is o n s i n t h e o t h e r t h r e e lin e s a r e s h o w n o n ly f o r t h e d is t r ic t , a s t h r e e r e p o r t s i n a n y o f t h e s e lin e s w e re n o t r e c e iv e d f r o m a n y s in g le c it y . S a le s i n a ll t h r e e lin e s w e r e s m a lle r i n v o lu m e t h a n i n O c t o b e r , a n d w h ile s a le s o f d r u g s w e r e 4 .8 p e r c e n t g r e a t e r t h a n i n N o v e m b e r 1 9 25, d e c re a s e s w e re s h o w n in sh o e s a n d s t a t io n e r y c o m p a re d w ith t h a t m o n th . N o v e m b e r 1926 c o m p a re d w i t h : O c t . 1926 N o v . 1925 - 8.2 — 2.9 — 28.8 — 17.4 — 7. 3 +4.8 S h o e s (7 f ir m s ) ......................................- ............ S t a t io n e r y (4 f ir m s ) .................... ................... D r u g s (5 f ir m s ) .................. ................................ A G R IC U L T U R E . T h e la t e s t r e p o r t is s u e d b y t h e U n it e d S t a t e s D e p a rtm e n t o f A g ric u lt u r e , b a s e d u p o n c o n d i t i o n s o n D e c e m b e r 1, i n d i c a t e s a f u r t h e r in c r e a s e in t h e s e a s o n s c o t to n c ro p , t h e la rg e s t e v e r p r o d u c e d . A f t e r m a k in g a llo w a n c e f o r t h e p r o b a b ilit y o f so m e lo s s o f o p e n c o t t o n fro m b e a t in g s to r m s a n d fro m t h e te n t e n d e n c y o f g r o w e r s t o le a v e lo w g r a d e c o t t o n u n p ic k e d b e c a u s e o f t h e lo w p r ic e a n d e x p e n s e o f p ic k in g , t h e D e p a r t m e n t e s t i m a t e s t h e c r o p a t 1 8 ,6 1 8 ,0 0 0 b a l e s . T h is is g re a te r b y m illio n b a le s t h a n t h e la r g e c ro p p r o d u c e d i n 1925, a n d n e a r l y 5 m i l l i o n b a l e s g r e a t e r t h a n t h e 1924 c r o p . T h i s la t e s t r e p o r t in d ic a t e s t h a t i n t h e s ix s t a t e s o f t h i s d i s t r i c t t h e c r o p i s 2 4 6 ,0 0 0 b a l e s g r e a t e r t h a n i n 1 9 25, b u t t h is d o e s n o t t a k e in t o c o n s id e r a t io n t h a t p a r t s o f T e n n e s s e e , M is s is s ip p i a n d L o u is ia n a a r e lo c a t e d i n o t h e r F e d e r a l R e s e rv e d is t r ic t s . T h e i n c r e a s e o v e r 1925 i n t h i s d is t r ic t i s d u e t o la r g e r c r o p s i n A la b a m a a n d G e o r g ia , a s p r o d u c t io n i n o t h e r f o u r s t a t e s is s m a lle r t h i s y e a r t h a n la s t . T h e r e p o r t in d ic a t e s t h a t t h e a c r e a g e a b a n d o n m e n t h a s a m o u n t e d t o 2 .9 p e r c e n t o f t h e a c r e a g e i n c u l t i v a t i o n o n J u n e 25. I n t h i s d i s t r i c t t h e a b a n d o n m e n t a v e r a g e s 1 .9 p e r c e n t . I n t h e t a b le a re s h o w n t h e la t e s t e s t i m a t e s b y s t a t e s o f t h i s s e a s o n ’s c r o p , a n d g i n n i n g s p r i o r t o D e c e m b e r 1, t o g e t h e r w i t h s i m i l a r f i g u r e s f o r l a s t y e a r . C o tto n F in a l G in n in g s to G in n in g s E s t im a t e d P r o d u c t io n P r o d u c t io n D e c . 1, t o D e c . 1, 1925 1926 1925 1926 1,350,884 1,490,000 1,356,719 1,300,799 A l a b a m a ........... 31,865 39,448 33,000 38,182 F l o r i d a ............... 1,475,000 1,163,885 1,284,090 1,165,994 G e o r g ia --------740,733 826,356 820,000 910,468 L o u i s i a n a ......... 1,990,537 1,553,696 1,570,048 1,930,000 M is s is s ip p i— 357,396 475,000 517,276 406,661 T e n n e s s e e ......... 14,644,966 13,870,507 16,103,679 U n it e d S t a t e s .. . . 18,618,000 Note: P a r t s o f T e n n e s s e e , L o u i s i a n a a n d M is s is s ip p i a r e s it u a t e d i n o t h e r F e d e r a l rese rv e d is t r ic t s . C o t t o n M o v e m e n t— S ix t h D is t r ic t . 1925. NOV. 1926 O c t . 1926 518,446 89,576 146,548 59,149 45,236 23,877 532,355 106,085 225,449 81,557 83,660 40,556 N o v . 1925 379,801 33,527 87,541 39,354 39,610 9,597 648,823 76,791 170,338 87,444 114,861 30,593 512,356 44,947 185,892 75,247 110,110 23,486 451,015 28,302 129,514 60,637 110,727 28,710 R e c e ip t s : 3.7 8.7 3 S to c k s: THEMONTHLYBUSINESSREVIEW 4 C o tto n M ovem ent (B a le s ) U n it e d S ta te s. S a v in g D e p o s it s . S i n c e A u g u s t 1. 1923 1924 1925 1926 5,071,046 3,971,270 R e c e ip t s a t a l l U . S . P o r t s 6,910,784 5,578,640 O v e r la n d acro ss th e M is s is s ip p i, O h io a n d P o t o m a c R iv e r s t o N o r . m ills a n d C a n 538,840 690,652 495,352 373,221 a d a ------------------------I n t e r io r s t o c k i n excess o f t h o s e h e ld a t clo se 764,594 709,227 1,404,869 1,116,840 o f c o m m e r c ia l y e a r . . S o u t h e r n M ills t a k i n g s 1,641,255 2,262,000 2,050,716 1,856,636 n e t -------- ----------------4,325,326 3,829,445 F o r e ig n e x p o rts-----------♦ A m e rican M ills N . & S . & C a n a d a _______________ 3,382,084 3,373,495 8,339,874 677507340 T o t a l f o r 125 d a y s _________ 10,420,851 9,724,877 4,871,000 A m e r ic a n c o t t o n t h u s f a r 6,261,000 6,000,000 ♦Of w h ic h 8 4,278 b y N o r t h e r n s p in n e r s a g a in s t 1,142,559 la s t y e a r a n d 2,497,£ 5 b y S o u t h e r n s p in n e r s a g a in s t 2,230,936 l a s t y e a r . Sugar Cane and Sugar W e a th e r c o n d it io n s in t h e L o u is ia n a c a n e b e lt d u r in g t h e la t t e r p a r t of N o v e m b e r a n d e a r ly D e c e m b e r w e re , f o r t h e m o st p a r t , f a v o r a b le f o r h a r v e s t in g t h e c a n e c ro p . H a r v e s t in g h a s p ro g re ss e d r a p id ly a n d a n u m b e r o f f a c t o r ie s h a v e c o m p le t e d t h e i r g r in d in g . P re s s re p o rts in d i c a t e t h a t t h e r e t u r n s a re d is a p p o in t in g , b o t h in t h e t o n n a g e y ie ld p e r a c r e a n d i n t h e s u g a r c o n t e n t o f t h e c a n e . S u g a r— (P o u n d s) N o v . 1926 R e c e ip t s : N e w O r le a n s .. S a v a n n a h ----M e lt in g s : N e w O r le a n s .. S a v a n n a h ----- O c t . 1926 N o v . 1925 114,023,567 28,265,661 125,855,240 24,238,018 48,464.218 22.054.834 97,408,762 30,253,386 142,436,753 34,574,141 41,745,727 22.054.834 38,942,480 22,119,367 1,987,725 8,459,481 S to c k s: N e w O r le a n s .. S a v a n n a h ........ R e f in e d S u g a r— (P o u n d s) S h ip m e n t s : N e w O r l e a n s - - . ......... — . S a v a n n a h . — ............. — - 90,936,982 22,585,243 121,428,499 28,266,433 71,415,679 21,646,178 S to c k s: N e w O r l e a n s - - . ......... — . 79,310,519 S a v a n n a h ____________ ______ ___ 15,167,619 77,128,015 12,953,959 11,421,445 1,646,867 R IC E . R o u g h R ic e (S a c k s) P o rt of N ew N o v . 1926 84,348 104,798 28,758 s) O r le a n s . O c t . 1926 105,289 96,389 49,208 N o v . 1925 78,948 68,553 26,923 P o r t o f N e w O r le a n s . 329,402 307,692 145,855 R e c e ip t s — S h ip m e n t s . R e c e ip t s , D is t r ib u t io n and 258,895 259,205 124,145 S to ck 190,724 172,564 122,684 ( b a r r e ls ) ( F u r n is h e d b y R ic e M ille r s A s s o c ia t io n ) R e c e ip t s o f R o u g h R ic e . N ovem ber S easo n of Seaso n of 1926-27__ ________ ___ 1,252,887 1925-26____ ____ —-...... 1,130,866 D is t r ib u t io n Seaso n T o t a ls 4,341,477 3,475,718 o f M ille d R i c e . 1,077,146 834,604 S e a s o n o f 1926-27S e a s o n o f 1925-26- 3,139,364 2,611,287 S to ck s 2,196,817 1,090,571 D e c e m b e r 1. 1926D e c e m b e r 1, 1925. F IN A N C IA L . S a v in g s d e p o s it s a t t h e e n d o f N o v e m b e r , r e p o r t e d b y 91 b a n k s i n t h e s i x t h d is t r ic t , d e c lin e d s e v e n t e n t h s o f o n e p e r c e n t c o m p a re d w i t h t h e p r e c e d i n g m o n t h , O c t o b e r , a n d w e r e 2 .5 p e r c e n t g r e a t e r t h a n a t t h e e n d o f N o v e m b e r 1925. W h i l e t h e s e m o n t h l y f i g u r e s s t i l l s h o w i n c r e a s e s o v e r 1925, i t i s s i g n i f i c a n t t h a t , b e g i n n i n g i n J a n u a r y w i t h a n i n c r e a s e o f 1 5 .2 p e r c e n t , t h e g a in o v e r t h e c o r r e s p o n d in g m o n t h la s t y e a r h a s b e e n s t e a d ily s m a lle r e a c h m o n t h d u r in g t h e y e a r , w it h t h e e x c e p t io n o f M a r c h , w h e n a f r a c t io n a lly la r g e r in c r e a s e w a s s h o w n t h a n in F e b r u a r y . T o ta ls , w it h p e r c e n t a g e c o m p a r is o n s , a r e s h o w n i n t h e t a b le f o r F e d e r a l re se rv e b a n k a n d b ra n c h c it ie s : S a v in g s D e p o s it s C o m p a r iC o m p a r i so n so n O c t . N o v .- O c t . N o v . N ov. 1926 1926 1925 1926-1925 $ 37,306 + 1 .4 $ 34,691 + 9.0 24,430 24,729 - 0 .5 + 0.7 + 0 .5 + 4.0 28,772 27,813 + 10.4 25,846 + 0 .9 23,619 — 0.5 48,138 — 2.3 47,267 110,154 — 2.3 106,856 + 0.7 274,074 - 0 .7 265,547 + 2.5 D e b i t s t o I n d i v i d u a l F o l l o w i n g a s e a s o n a l i n c r e a s e o f 1 4 .5 A cco u n ts p e r c e n t i n t h e t o t a l v o lu m e o f d e b it s t o i n d i v i d u a l a c c o u n t s a t 23 r e p o r t i n g c it ie s i n t h e s ix t h d is t r ic t i n O c to b e r , c o m p a re d w it h S e p t e m b e r , t h e t o t a l o f d e b i t s a t t h e s e 23 c i t i e s i n N o v e m b e r d e c l i n e d 16.1 p e r c e n t c o m p a r e d w i t h t h e O c t o b e r t o t a l . L a s t y e a r , d e b its t o in d iv id u a l a c c o u n t s i n N o v e m b e r d e c l i n e d 1 5 .6 p e r c e n t c o m p a r e d w i t h O c t o b e r 1925. T o t a l d e b i t s i n N o v e m b e r t h i s y e a r w e r e 8 .6 p e r c e n t l e s s t h a n i n N o v e m b e r 1925, a n d i n O c t o b e r t h i s y e a r t h e t o t a l w a s 8 .1 p e r c e n t s m a l l e r t h a n i n O c t o b e r 1925. M o n t h l y f i g u r e s , s h o w n i n t h e t a b le b e lo w , a r e d e r iv e d f r o m w e e k ly r e p o r t s b y p r o r a t in g t h e f ig u r e s f o r t h o s e w e e k s w h ic h d o n o t f a ll e n t ir e ly w it h in a s in g le c a le n d a r m o n t h . (0 0 0 O m i t t e d ) M o vem en t of S u g a r. Raw N ov. 1926 A t l a n t a (7 b a n k s ) ________ $ 37,821 B ir m in g h a m (5 b a n k s ) - . 24,595 J a c k s o n v ille (5 b a n k s ) . . 28,926 26,084 N a s h v ille (10 b a n k s ) N e w O r le a n s (8 b a n k s ). - 47,047 O t h e r C it ie s (56 b a n k s X .. 107,590 T o t a l (91 b a n k s ) __________ 272,063 N o v . 1926 A la b a m a : B ir m i n g h a m ....... ............................. 141,599 D o t h a n ____________ ___________________ 3,431 40,973 M o b ile ______________ ________ __________ 23,614 M o n tg o m e ry . ___________________ F lo r id a : ___________________ 93,300 J a c k s o n v i lle 7,785 P e n s a c o l a ............. ................- .......... T a m p a .................... .— ............. 61,822 G e o r g ia : A l b a n y . ........... .. ___________ ________ 4,984 A t l a n t a ------------- ..................... .. 156,909 26,029 A u g u s t a ------------ ............................. B r u n s w i c k .......................... — .......... 3,282 13,948 C o lu m b u s --------- ___________________ 1,009 E lb e r t o n .......... .. ............................. M a c o n — ...................................... .......... 23,963 N e w n a n . .................________ __________ 2,299 56,296 S a v a n n a h ...............___________ ________ 6,011 V a ld o s t a ___________ _________ _________ L o u is ia n a : ............................. 300,423 N e w O r le a n s M is s is s ip p i: ♦ J a c k s o n .................___________________ 20,999 M e r id ia n ................. .............................. 15,316 8,178 V i c k s b u r g ...............___________________ Ten n essee: 47,860 C h a t t a n o o g a — ............................. 32,757 K n o x v ille — ......... .............................. 79,070 N a s h v i lle - ......... .. ___________________ O c t . 1926 N o v . 1925 156,653 4,203 34,440 26,457 131,265 4,668 33,946 23,642 107,467 9,000 65,561 120,079 9,851 93,922 6,128 174,848 32,602 3,633 14,068 1,084 27,859 3,350 63,600 6,486 5,580 162,592 29,943 3,308 15,128 1,045 24,571 2,231 51,465 5,996 408,699 364,147 23,387 16,909 9,241 14,778 8,983 64,150 35,714 89,181 44,995 30,739 76,771 T o t a l 23 C i t i e s _______ __________________ $1,150,858 $1,372,443 $1,259,645 ♦ J a c k so n n o t in c lu d e d i n t o t a ls d u e t o in c o m p le te f ig u r e s f o r 1925. C o n d it io n o f M e m T o t a l lo a n s a n d d is c o u n t s r e p o r t e d b e r B a n k s in S e le c t - w e e k ly b y m e m b e r b a n k s lo c a t e d in e d C it ie s A t la n t a , N e w O r le a n s , B ir m in g h a m , J a c k s o n v ille , N a s h v ille , C h a t t a n o o g a , K n o x v ille a n d S a v a n n a h o n D e c e m b e r 8 w e re a p p r o x im a t e ly tw o m illio n d o lla r s g r e a t e r t h a n w a s r e c o r d e d f o u r w e e k s e a r lie r , s h o w n in t h e N o v e m b e r R e v ie w . H o ld in g s o f U n it e d S t a te s s e c u r it ie s a n d o f o t h e r s to c k s a n d b o n d s d e c r e a s e d , a n d t h e t o t a l o f lo a n s , d is c o u n t s a n d in v e s t m e n t s o n D e c e m b e r 8 w a s $ 5 9 8 ,0 0 0 g r e a t e r t h a n o n N o v e m b e r 10. T i m e d e p o s i t s r e p o r t e d b y t h e s e b a n k s d e c r e a s e d $ 1 ,0 2 4 ,0 0 0 , a n d d e m a n d d e p o s i t s d e c r e a s e d $ 2 ,7 3 6 ,0 0 0 b e t w e e n t h e s e r e p o r t in g p e r io d s . T h e h i g h e s t l e v e l r e a c h e d s o f a r i n 1926 b y t h e t o t a l l o a n s a n d d i s c o u n t s o f t h e s e r e p o r t i n g m e m b e r b a n k s w a s $ 5 2 9 ,61 1 ,0 0 0 o n O c t o b e r 6. I n 1925, t h e h i g h e s t p o i n t f o r t h e y e a r w a s r e a c h e d o n N o v e m b e r 10, w h e n t o t a l l o a n s a n d d i s c o u n t s a m o u n t e d t o $ 5 3 5 ,1 6 0 ,0 0 0 . D e m a n d d e p o s i t s o n t h e s e c o n d r e p o r t i n g d a t e o f 1926 w e r e a p p r o x i m a t e l y $ 3 7 5 ,00 0 ,0 0 0 a n d b y t h e e n d o f J u n e h a d d e c l i n e d a b o u t 46 m i l l i o n d o lla r s , t o a le v e l le s s t h a n 3 m illio n d o lla r s b e lo w t h e t o t a l f o r D e c e m b e r 8. T im e d e p o s it s r e p o r t e d b y t h e s e b a n k s e a r l y i n J a n u a r y a m o u n t e d t o a b o u t 22 0 m i l l i o n s , b u t d e c l i n e d t o a p p r o x i m a t e l y 216 m i l l i o n s o n F e b r u a r y 17, a n d i n c r e a s e d t o n e a r l y 227 m il l i o n s b y t h e e n d o f J u n e . D u r in g t h e la s t h a lf o f t h e y e a r t im e d e p o s it s o f t h e s e b a n k s h a v e r a n g e d b e t w e e n t h a t l e v e l a n d 21 5 m i l l i o n s , a n d o n D e c e m b e r 8 w e r e $ 2 2 4 ,0 8 0 ,0 0 0 . P r i n c ip a l it e m s i n t h e w e e k ly r e p o r t a re s h o w n i n t h e t a b le , w it h s im ila r f ig u r e s f o u r w e e k s a g o , a n d f o r t h e c o r r e s p o n d in g r e p o r t d a t e la s t y e a r : THEMONTHLYBUSINESSREVIEW M em ber B a n k s in S e le c t e d IM P O R T S C it ie s . B i l l s D is c o u n t e d : S e c u re d b y G o v t . O b lig a t io n $ 5,573 S e c u re d b y S t o c k s a n d B o n d s 108,233 A l l O t h e r .............................................. 407,818 T o t a l D is c o u n t s -------------------- 521,624 TJ. S . S e c u r it ie s ................. ...................... 38,162 O t h e r S t o c k s a n d B o n d s — ............. 58,80L T o t a l L o a n s , D is c o u n t s a n d I n v e s tm e n t s ............................................. 618,587 T i m e D e p o s it s ........................ - ................ 224,080 D e m a n d D e p o s it s ________ ______________ 332,863 A c c o m m o d a t io n a t F . R . B a n k . . . 26,592 N o v . 10, 1926 D e c . 9, 1925 $ 5,611 103,162 410,804 519,577 38,927 59,485 93,957 427,731 530,021 41,699 49.522 617,989 225,104 335,604 24,627 621,242 217,156 365,756 16,966 T o t a l d is c o u n t s b y t h e F e d e r a l R e se rv e B a n k o f A t la n t a fo r it s m e m b e r b a n k s i n c r e a s e d $ 8 8 0 ,0 0 0 d u r i n g t h e f o u r w e e k s p e r io d b e t w e e n N o v e m b e r 10 a n d D e c e m b e r 8 , d u e t o a n i n c r e a s e i n lo a n s s e c u r e d b y g o v e rn m e n t o b lig a t io n s . H o ld in g s o f b i l l s b o u g h t i n t h e o p e n m a r k e t d e c l i n e d $ 1 1 ,6 2 1 ,0 0 0 d u r in g t h i s p e r io d , b u t U n it e d S t a t e s s e c u r it ie s o w n e d i n c r e a s e d o n l y $ 2 ,0 0 0 . T o t a l b i l l s a n d s e c u r i t i e s o n D e c e m b e r 8 w e r e $ 1 0 ,7 4 0 ,0 0 0 l e s s t h a n o n N o v e m b e r 10. R e s e r v e d e p o s i t s d e c r e a s e d $ 5 5 4 ,0 0 0 , a n d F e d e r a l R e s e r v e N o t e s i n a c t u a l c i r c u l a t i o n d e c l i n e d b y $ 5 ,3 1 4 ,0 0 0 , w h i l e c a s h r e s e r v e s i n c r e a s e d $ 6 ,5 6 2 ,0 0 0 . A s a r e s u l t o f t h e s e f l u c t u a t i o n s t h e r e s e r v e r a t i o i n c r e a s e d f r o m 6 6 .7 o n N o v e m b e r 10 t o 7 1 .1 o n D e c e m b e r 8. O p e r a t io n s o f t h e F e d e ra l R e se rv e Bank T o t a l d is c o u n t s f o r m e m b e r b a n k s b y t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a r e a c h e d t h e h i g h p o i n t s o f a r f o r 1926 o n S e p t e m b e r 2 9 , w h e n t h e t o t a l w a s $ 5 8 ,6 3 9 ,8 3 4 , a n d h a v e s i n c e t h a t t i m e d e c l i n e d t o $ 4 6 ,8 6 9 ,5 0 4 o n D e c e m b e r 8. H o l d in g s o f U n it e d S t a t e s s e c u r it i e s u p t o t h e m id d le o f A p r il 1926 r a n g e d b e t w e e n 15 a n d 19 m i l l i o n s , b u t b y t h e m i d d l e o f J u n e d e c l i n e d t o $ 1 ,8 4 9 ,0 0 0 , a n d w i t h t h e e x c e p t i o n o f t h e la s t w e e k in J u n e a n d f ir s t w e e k in J u ly h a v e f lu c t u a t e d b e t w e e n $ 1 ,8 0 0 ,0 0 0 a n d $ 2 ,0 0 0 ,0 0 0 s i n c e t h a t t i m e . H o l d in g s o f b ills b o u g h t i n t h e o p e n m a r k e t a t t h e b e g in n in g o f 1926 t o t a l e d n e a r l y 70 m i l l i o n s , b u t b y A p r i l 7 h a d d e c l i n e d t o $ 1 0 ,8 0 2 ,6 4 0 , t h e l o w e s t p o i n t s o f a r r e c o r d e d t h i s y ea r. F r o m t h a t d a t e t h r o u g h t h e m id d le o f S e p t e m b e r h o l d i n g s o f t h e s e b i l l s r a n g e d b e t w e e n 2 0 a n d 30 m i l l i o n s , a n d f r o m S e p t e m b e r t h r o u g h N o v e m b e r b e t w e e n 30 a n d 37 m illio n s . P r i n c ip a l it e m s i n t h e w e e k ly s t a t e m e n t , w it h c o m p a r is o n s , a r e s h o w n i n t h e t a b l e : F e d e ra l R e se rv e (000 Bank. O m it te d ) D e c . 8, 1926 B i l l s D is c o u n t e d : S e c u r e d b y G o v t . O g lig a t io n s $ 5,356 41,513 A l l O t h e r s ......................................— 46,869 T o t a l D is c o u n t s .............................. 25,552 B i l l s b o u g h t i n o p e n m a r k e t .......... 1,885 U . S . S e c u r it ie s ........................................ 74,306 T o t a l B i l l s a n d S e c u r it ie s ----------C a s h R e s e r v e s ............................................ 167,472 69,478 T o t a l D e p o s it s ............. - .......................... F . R . N o t e s i n a c t u a l c ir c u la t i o n 166,068 71.1 R e s e rv e R a t i o ............................................ NOV. 10. 1926 $ 4,376 41,613 45,989 37,173 1,883 85,046 160,910 70,032 171,382 66.7 D e c . 9, 1925 $ 3,810 21,228 25,039 67,556 15,290 108,225 136,082 82,236 161,173 55.9 C o m m e r c ia l F a ilu r e s S t a t i s t i c s c o m p ile d b y R . G . D u n & O o. in d ic a t e a g r e a te r t o t a l n u m b e r o f fa ilu r e s in t h e U n it e d S t a te s in N o vem b e r t h a n i n O c t o b e r , b u t lia b ilit ie s o f f ir m s w h ic h f a ile d w e r e s lig h t ly s m a lle r . T h e sa m e is t r u e to a g r e a te r e x te n t i n c o m p a r in g f ig u r e s f o r N o v e m b e r t h is y e a r a n d l a s t . In t h e s ix t h d is t r ic t t h e n u m b e r o f f a ilu r e s in N o v e m b e r is c o n s id e r a b ly s m a lle r t h a n i n O c to b e r , b u t g r e a t e r t h a n i n N o v e m b e r 1925, a n d t h e t o t a l o f l i a b i l i t i e s i s s m a l l e r t h a n fo r e it h e r o f t h o s e m o n th s . I n t h e t a b le a r e s h o w n f a ilu r e s f o r t h e U n it e d S t a t e s , d iv id e d b y F e d e r a l r e s e r v e d is t r ic t s : D is t r i c t s B o s t o n ........ . N ew Y o r k .. S t . L o u i s ......... M in n e a p o lis .. S a n F r a n c is c o - N u m b e r L ia b ilitie s L ia b ilitie s N o v . 1926 N o v . 1926 O c t . 1926 ......... 221 $ 3,425,829 $ 2,791,209 363 5,931,843 7,056,807 72 2,620,000 2,540,877 134 2,775,023 2,572,720 120 3,067,845 3,394,205 92 1,875,122 2,171,336 237 5,633,337 5,566,978 69 806,848 801,234 721,000 83 949,573 105 777,792 1,386,409 95 1,543,071 1,181,400 239 3,516,283 2,817,872 T o t a l ............................ ,-1830 $32,693,993 AND EX PO R TS. U n it e d S t a te s (000 O m i t t e d ) D e c . 8. 1926 5 $33,230,720 L ia b ilitie s N o v . 1925 $2,118,334 5,734,875 1,011,228 3,428,114 1,631,370 2,065,090 7,065,391 5,173,004 963,797 1,153,488 995,237 4,582,493 $35,922,421 P r e li m in a r y s t a t i s t i c s c o m p ile d a n d p u b lis h e d b y t h e U n it e d S t a t e s D e p a r t m e n t o f C o m m e rc e s h o w t h a t m e r c h a n d is e t o t h e v a lu e o f 481 m i l l i o n s o f d o l l a r s w a s e x p o r t e d d u r i n g N o v e m b e r , a n i n c r e a s e o f $ 2 5 ,4 3 2 ,0 0 0 o v e r t h e v a l u e o f e x p o r t s i n O c t o b e r , a n d $ 3 3 ,1 9 6 ,0 0 0 g r e a t e r t h a n i n N o v e m b e r l a s t y e a r . Im p o r t s d u r in g N o v e m b e r d e c lin e d a b o u t 2 J m illio n s co m p a r e d w i t h O c t o b e r , a n d w e r e $ 4 3 1 ,2 9 0 l e s s t h a n i n N o v e m * b e r 1925. F o r N o v e m b e r , e x p o r t s e x c e e d e d i m p o r t s b y 105 m i l l i o n s , c o m p a r e d w i t h a n e x c e s s o f 74 m i l l i o n s i n O c t o b e r , a n d a n e x c e s s o f o v e r 71 m i l l i o n s i n N o v e m b e r a y e a r a g o . F o r t h e y e a r 1926 t h r o u g h N o v e m b e r , e x p o r t s h a v e e x c e e d e d i m p o r t s b y $ 2 6 9 ,2 1 7 ,7 5 8 , c o m p a r e d w i t h a n e x c e s s o f $ 6 1 1 ,5 9 2 ,108 f o r t h e s a m e p e r i o d o f 1925. P r e l i m i n a r y f i g u r e s f o r N o v e m b e r, w it h c o m p a r is o n s , a r e s h o w n i n t h e t a b le : 1926 Im p o rts : N o v e m b e r......... ........................................ $ 376,000,000 O c t o b e r -----------------------------------378,247,032 11 m o n t h s e n d in g w it h N o v e m b e r 4,075,034,606 E x p o rts: N o v e m b e r ............................ - .................... $ 481,000,000 455,567,763 O c t o b e r ............................................ .......... 11 m o n t h s e n d in g w i t h N o v e m b e r 4,344,252,364 1925 $ 376,431,290 374,073,914 3,829,949,454 $ 447,803,577 490,566,814 4,441,541,562 Im p o rt s N e w O r le a n s M e r c h a n d is e im p o r t s th ro u g h th e p o r t o f N e w O r le a n s d u r in g S e p te m b e r (th e la t e s t m o n th fo r w h ic h d e t a i l e d s t a t i s t i c s a r e a v a i l a b l e ) d e c l i n e d t o $ 8 ,6 1 9 ,7 0 0 , c o m p a r e d w i t h $ 1 8 ,8 2 6 ,9 8 8 i n A u g u s t , a n d w i t h $ 2 4 ,4 9 6 ,4 5 6 i n S e p t e m b e r 1925. T h i s t o t a l i s s m a l l e r t h a n f o r S e p t e m b e r o f t h e t h r e e y e a r s p r e c e d i n g 1 9 25, a n d f o r S e p t e m b e r o f 1919 a n d 1 9 20, b u t l a r g e r t h a n f o r S e p t m b e r o f 1921 a n d 1922. A l l o f t h e l a r g e i t e m s i m p o r t e d i n S e p t e m b e r l i s t e d i n t h e t a b le b e lo w s h o w d e c r e a s e s c o m p a r e d w i t h S e p t e m b e r la s t y e a r : V o lu m e C o ffe e , p o u n d s ............ — ..................................... S u g a r , p o u n d s ........................................................ B a n a n a s , b u n c h e s ................................................ S is a l, t o n s .............. - ................................................. C r u d e P e t r o le u m , g a llo n s ..................... .......... G a s o li n e , g a llo n s .................................................. S o d iu m n it r a t e , t o n s .......................................... J u t e b u r la p s , p o u n d s ........................................ 15,241,765 86,474,677 672,480 1,767 16,296,370 3,642,988 7,979 3,402,603 V a lu e $3,030,434 1,791,951 329,366 288,016 486,083 401,602 456,904 430,111 E x p o rts N e w O r le a n s M e r c h a n d is e w a s e x p o rte d t h r o u g h t h e p o r t o f N e w O r le a n s d u r in g S e p te m b e r to th e v a lu e o f $ 2 8 ,2 5 4 ,2 3 8 , a s m a ll in c r e a s e o v e r t h e p r e c e d in g m o n t h , a n d t h e s a m e m o n t h l a s t y e a r . D e c r e a s e s c o m p a r e d w i t h S e p t e m b e r 1925 a re s h o w n in e x p o r ts o f t o b a c c o a n d c o t t o n , b u t in c r e a s e s a r e s h o w n i n la r d , w h e a t f l o u r , lu m b e r a n d g a s o lin e a n d o il. S o m e o f t h e la r g e it e m s e x p o r te d i n S e p te m b e r a r e s h o w n in th e t a b le : V o lu m e T o b a c c o , p o u n d s .................................................. L a r d , p o u n d s .......................................... ................ W h e a t f lo u r , b a r r e ls ................ . . ...................... R o s i n , b a r r e ls .................. ....................................... L o n g s t a p le c o t t o n , b a le s -------------------S h o r t s t a p le c o t t o n , b a l e s . ........................ — R o u g h S o u . P in e b o a r d s , f e e t ......... ............ O a k b o a r d s , fe e t -............................... .................. G a s o lin e , g a llo n s .................................................. I l l u m i n a t i n g o il, g a llo n s .......... ...................... C y lin d e r lu b r ic a t in g o il, g a llo n s ............... R e f in e d p a r a f f in w a x , p o u n d s ..................... 7,114,423 4,997,422 257,835 12,248 7,263 55,797 7,896,000 4,113,000 60,984,802 15,710,799 1,414,340 10,212,001 V a lu e $1,390,898 831,459 1,797,407 272,044 729,731 4,307,302 399,454 358,218 8,162,335 1,351,715 350,867 524,902 G r a in E x p o r t s — N e w O r le a n s . T h e v o lu m e o f g r a in e x p o r t e d t h r o u g h t h e p o r t o f N e w O r le a n s w a s g r e a te r in N o v e m b e r t h is y e a r t h a n la s t , d u e to g re a te r e x p o rts o f w h e a t a n d o a ts, a s sh o w n in t h e t a b le : Seaso n th ro u g h N o v . 1926 N o v . 1925 N o v . 1926 N o v . 1925 W h e a t, b u s h e ls .............. C o r n , b u s h e ls ................. O a t s , b u s h e ls ......... ........ 843,979 225,621 89,213 T o t a l ............................ 1,158,813 103,999 317,362 63,928 4,943,054 1,832,087 470,418 2,220,658 2,219,176 350,855 7,245,559 4,790,689 B U IL D IN G . B u i l d i n g p e r m i t s i s s u e d d u r i n g N o v e m b e r 1 926 a t t w e n t y r e p o r t i n g c i t i e s i n t h e s i x t h d i s t r i c t t o t a l e d $ 9 ,9 2 0 ,4 9 3 , c o m p a r e d w i t h t h e t o t a l o f $ 1 8 ,6 6 5 ,6 6 3 f o r O c t o b e r , a n d 3 6 .7 p e r c e n t l e s s t h a n t h e t o t a l o f $ 1 5 ,6 7 1 ,2 1 0 f o r N o v e m b e r 1925. O f t h e s e r e g u l a r l y r e p o r t i n g t w e n t y c i t i e s , n i n e r e p o r t e d in c r e a s e s o v e r N o v e m b e r la s t y e a r , w h ile e le v e n THE MONTHLY BUSINESS REVIEW 6 reported smaller totals. The index number for November is 275.3, and is lower than has been recorded for any month since January 1925. Figures for five Florida cities which have reported regularly since 1919 total $4,515,297 for Novem ber 1926, and show a decrease of 56.8 per cent compared with their total of $10,442,026 for November last year. For the other fifteen regularly reporting cities the November total shows an increase of 3.4 per cent over November 1925. In the table below are shown figures reported for November, compared with a year ago, and percentage changes, and on page 8 appear index numbers for Federal reserve bank and branch cities of this district. Statistics of building contracts awarded, compiled by the F. W. Dodge Corporation and divided by Federal reserve districts by the Division of Research and Statistics of the Federal Reserve Board, show a total of awards for the sixth district for November amounting to $40,084, 475, an in crease of 14.6 per cent over October, but 13.3 per cent less than for November, 1925. P ercentage Nov. 1925 C hange in V alue V alue No. Nov. 1926 V alue No. 13 447 86 61 $ 12,200 1,650,500 109,738 51,875 19 491 65 87 $ 27,850 1,083,229 547,350 29,153 628 738 205 118 509 65 2,303,755 1,270,963 287,913 101,913 550,753 124,250 429 670 440 61 742 286 2,165,215 5,498,399 1,006,890 112,520 1,659,002 1,112,905 + 6.4 — 76.9 — 71.4 — 9.4 298 212 46 273 65 913,507 44,193 101,525 200,481 188,895 311 105 48 141 38 442,856 391,682 80,295 275,542 104,800 +106.3 — 88.7 + 26.4 — 27.2 + 80.2 185 61 625,679 41,204 141 108 1,049,473 78,805 — 40.4 — 47.7 252 11 163 167 276,950 14,200 621,350 552,899 321 11 204 154 217,527 26,325 668,334 205,963 + 27.3 — 46.1 — 7.0 +168.4 T o ta l 20 C itie s -_ 4,538 $ 9,920,493 3,687 Index N u m b er---------275.3 ............. ♦Not in clu d ed in to ta ls or index num bers. $15,671,210 434.6 - 36.7 ........... A labam a: A n n isto n ___ B irm ingham Mobile_____ M ontgom ery F lo rid a: JacksonvilleM iam i........... O rlan d o ___ P e n sa c o la .. . T a m p a_____ ♦L akeland— G eorgia: A tla n ta ......... A u g u sta ....... 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 lexandria. . T ennessee * C h a tta n o o g a J o h n s o n C ity Knoxville-— N ash v ille.— + + — + 54.2 52,4 80.0 77.9 LUMBER. Weekly reports issued by the Southern Pine Association during recent weeks indicate that production by Southern Pine mill's has ranged from 10. to 13 per cent below the com puted normal production, and shipments and orders have been in smaller volume each week than production. For the year 1926 through December 3, the Association’s cumu lative barometer shows that production and orders have been approximately 88 per cent of normal production, and shipments have been about 90 per cent of normal pro duction. Figures for the month of November received by the Asso ciation up to the middle of December from 130 subscribing mills show a volume of production amounting to 290, 873,089 feet, 18 per cent greater than the amount of orders received in November by these mills, but only 5.3 per cent greater than their November shipments. November production by these mills was 11.4 per cent less than their computed normal output. Stocks on hand at the end of November, reported by these mills, amounted to 732,846,166 feet, ex ceeding production by 151.9 per cent, and nearly three times the volume of orders booked during the month, but were 13.6 per cent smaller than nprmal stocks for these mills. Unfilled orders on hand at the end of November amounted to 182,579,360 feet, and were 37.2 per cent less than the month’s production, and 26 per cent less than orders booked. The report of operating time issued by the Association for the week ended December 3, showed that of 118 reporting mills, 101 operated 5| days or a full week, and of this number 21 reported overtime aggregating 678 hours, or an average of a little more than 32 hours overtime for each mill. Preliminary figures for November, with com parisons are shown in the table: Nov. 1926 (130 mills) O rders— ......... -____ __________ 246,573,608 S h ip m en ts................................— 276,147,488 P ro d u c tio n __________________ 290,873,089 N orm al p ro d u c tio n th ese m ills 328,330,252 Stocks en d of m o n th ______ 732,846,166 N orm al stocks th ese m ills____ 848,033,542 U nfilled orders e n d of m o n th - 182,579,360 Oct. 1926 Nov. 1925 (128 mills) (133 mills) 290,802,614 324,078,313 309,208,892 309,141,405 303,281,429 276,529,144 326,291,503 317,048,269 713,611,593 774,383,281 836,617,660 845,559,118 216,454,524 265,540,296 TEXTILES Cotton The consumption of lint cotton in Consumption the United States during November 1926, according to statis by the United States Census Bureau, amounted to 583,950 bales, 2.7 per cent greater than in October, and 7.4 per cent greater than in November 1925. The amount of cotton consumed in November was exceeded only twice during the previous cotton year, in January and March. Stocks of cotton at the end of November in consuming establish ments were 23.2 per cent greater than a month earlier, and only 2.8 per cent greater than a year ago. Stocks in public storage and at compresses were 19.2 per cent greater than a month ago, and 25.2 per cent greater than a year ago. Exports during November were 8.5 per cent greater than in October, and 23.2 per cent greater than in November 1925. The number of spindles active during November was frac tionally smaller than in October, and 1.0 per cent less than a year ago. In the cotton-growing states, November consumption of cotton amounted to 425,490 bales, the highest total with one exception recorded for any month in records immed iately available, which extend back to August 1919. Novem ber consumption in these states was 5.3 per cent greater than in October, and 11.3 per cent greater than in November last year. Stocks in consuming establishments showed increases over both of the periods under comparison. Stocks in public storage and at compresses increased 19.4 per cent over those a month ago, and were 22.2 per cent greater than a year ago. The number of spindles active in November was 77,668 greater than in October, and 238,326 greater than in November last year. These Census Bureau statistics indicate that in November 72.9 per cent of the country’s total consumption of cotton was in the cotton growing states compared with 71.1 per cent in October, and with 70.4 per cent in November 1925, and of the total number of spindles active, 53.4 per cent were in the cotton-growing states, compared with 53.1 per cent in October, and with 52.1 per cent in November last year. United States. Nov. 1926 Oct. 1926 C o tto n C onsum ed: 583,950 L in t________________ 568,532 L in te rs ........... ............... 62,978 75,539 Stocks in C onsum ing E stab lish m en ts: L in t________________ 1,497,844 1,215,873 L in te rs-------------------117,915 99,318 S tocks in P u b lic S torage a n d a t Com presses: L in t________________ 6,517,565 5,469,809 L in te rs-------------------52,913 42,868 E xports--------------------1,486,224 1,369,820 Im p o rts------------------------41,441 30,449 Active S p in d les_________ 32,586,770 32,592,806 Nov. 1925 543,488 71,487 1,457,456 106,702 5,206,562 36,881 1,206,786 27,007 32,912,732 Cotton Growing States. C o tto n C onsum ed-....... . Stocks: I n C onsum ing E stab lish m en ts_______ In P u b lic S torage a n d a t Compresses Active S p in d les— ......... - Nov. 1926 425,490 Oct. 1926 404,216 Nov. 1925 382,438 1,046,260 842,937 1,008,021 6,292,149 17,391,290 5,269,231 17,313,622 5,074,084 17,152,964 Cotton Cloth Confidential reports for November were rendered to the Federal Reserve Bank by cotton goods manufacturers who during November produced 26,962,660 yards of cloth. This production was 4.8 per cent less than their output in October, and 3.8 per cent smaller than their output in November last year. Shipments and orders reported by these mills were smaller than for either of the periods under comparison, and while unfilled orders, stocks on hand, and the number on pay rolls showed increases over October, decreases were shown in these items compared .with a year ago. P ro d u c tio n ----- ------ S h ip m en ts------------ O rders bo o k ed ......... . U nfilled orders.......Stocks on h a n d N um ber o n p a y ro ll. Cotton Yarn November 1926 com pared w ith : O ct. 1926 Nov. 1925 -----— 4.8 — 3.8 ......... — 8.4 — 2.6 -----—35.2 —19.3 -----+ 1.4 -2 5 .0 —— + 3.7 — 0.9 + 2.7 — 6.3 Reports for November were received from yarn manufacturers who produc ed 7,296,673 pounds of yarn during November, an increase of 2.6 per cent over October, and 1.5 per cent over their production in November 1925. Shipments, orders booked, 7 THE MONTHLY BUSINESS REVIEW and unfilled orders were smaller than for October, while stocks and the number on payrolls increased. November shipments, stocks and number employed showed increases over November last year, but orders and unfilled orders were smaller. November 1926 com pared w ith : O ct. 1926 Nov. 1925 P ro d u c tio n .................................................. 4* 2.6 + 1.5 S h ip m en ts................................................... — 5.4 + 6.1 O rders b o o k ed ........................................... —63.4 —19.4 U nfilled o rd ers.......................................... — 0.6 —13.7 Stocks o n h a n d ......................................... + 6.1 +20.6 N um ber o n p ay ro ll................................... + 0.6 + 1.7 Hosiery Figures reported to the United States Census Bureau for November and October by 35 identical establishments manufacturing hosiery in the sixth district show increases in production, cancellations and unfilled orders in November over Octo ber, but smaller shipments, stocks and orders booked. Comparative figures are shown in the table: P r o d u c tio n ______ ________ _________ S h ip m en ts---------------------- ------ ---------S tocks o n h a n d __________________ __ O r d e rs b o o k e d - ___ _______ ________ C a n cellatio n s................................... ........ U nfilled orders -. - ....... - - ___________ (Dozen P airs) Nov. 1926 O ct. 1926 743,740 719,935 823,007 889,212 2,014,488 2,053,916 873,725 928,374 51,629 44,841 932,204 912,669 COAL. Because of the continued large demand for coal, both foreign and domestic, the production of bituminous coal in the United States continues to reach new high levels. Statistics compiled by the Bureau of Mines indicate in creases in total production each week in November, ex cept the week which included Thanksgiving Day, and the lower total of production in that week may be attributed to the observance of that holiday. Production in each of these weeks has been greater than in the corresponding weeks last year. Total production during the calendar year 1926 through December 4 is estimated at 530,232,000 tons, compared with 478,653,000 tons produced to the same time of last year. Production in Alabama also increased each week in Nov ember, except for the week which included the Thanks giving Day holiday, and was greater than for the corres ponding weeks of 1925. In Tennessee production increas ed from 122,000 tons for the week ended November 6 to 158,000 tons the following week, but declined to 134,000 tons for the weeks ended November 20 and 27th. Weekly figures for the United States, and for Alabama and Tennessee, with comparisons, are shown in the table: (000 Omitted) U n ited S tates Week E n d ed 1926 1925 November 6.......... ............. 13,104 12,171 November 13.................... ...13,807 12,167 November 20.................... ...14,282 12,596 November 27................. 13,413 11,600 December 4................— 14,728 12,867 A labam a 1926 1925 479 462 499 467 524 485 510 472 T ennessee 1926 1925 122 137 158 133 134 128 134 128 IRON. Statistics compiled and published by the Iron Age indicate an increase of 337 tons in the daily average rate of produc tion of pig iron in the United States in November over the October average, although the total production was slight ly less on account of the shorter month. The daily average in November was 107,890 tons, compared with 107,553 tons in October, and with 100,767 tons in November 1925. Total production in November amounted to 3,236,707 tons, com pared with 3,334,707 tons in October, and with 3,023,006 tons in November 1925. The index number for November is 127.0, compared with 130.8 for October, and with 118.6 for November last year. Except for October, the November index number is the highest recorded since May. The November daily average rate is higher than for any other November since 1918. There was a net loss of six furnaces in active operation during November, six having been blown in and twelve shut down, leaving 213 active at the end of the month. At the same time last year there were 220 furnaces active. The November production of pig iron in Alabama, shown by the Iron Age statistics as 274,604 tons, is the largest output shown for any month in the statistics on file with the Federal Reserve Bank which extend back to 1920. This total compares with 249,584 tons in October, and 236,775 tons produced in November last year. There was one fur nace blown out in Alabama during November, leaving 22 in active operation at the end of the month. A year ago there were 25' furnaces active. Reports indicate that the pig iron market in Alabama has become less active with the decline in sale of small tonnages for prompt shipment, but steady deliveries are being made against contracts and surplus stocks in furnace yards are not extensive. The price of $20 continues. The practice of buying iron only for immediate requirements is becoming more and more general. Unfilled Orders—U. S. Steel Corp’n. Unfilled orders on the books of the United States Steel Corporation at the end of November totaled 3,807,447 tons an increase of 123,786 tons over the total reported for Octo ber, and larger than has been reported for any month since April this year. NAVAL STORES. Receipts of both turpentine and rosin at the three princi pal markets of the district declined seasonally in November compared with the preceding months, but were greater than in November last year. Receipts of turpentine were 44 per cent, and of rosin 39 per cent, greater than in Nov ember 1925, when unusually small receipts were recorded for both commodities. For the season to date (April—Nov ember) receipts, of turpentine have been 3.2 per cent greater than last season, and receipts of rosin have exceeded those for the same period last season by 4.9 per cent. Stocks of rosin at the end of November were smaller than at the same time of any of the past ten years. Price statistics compiled by the Turpentine and Rosin Producers Associa tion indicate an average price of turpentine on the Savan nah market during November of 82 cents, compared with 84| cents in October, and with $1.05| in November 1925, and an average price for rosins of $12.25, compared with $12.75 in October, and with $14.37| in November last year. Receipts and stocks at the three principal ports are shown in the table: Nov. 1926 Receipts—T u rp e n tin e : S a v a n n a h ................................... 13,317 Jacksonville................. ............. 8,974 P en saco la.............................. ........... 3,594 T o ta l.................................... ...25,885 Receipts—R o s in : S a v a n n a h .....................................52,456 Jacksonville................. -..............40,292 P en saco la................................... ..15,053 O ct. 1926 16,069 11,465 4,682 Nov. 1925 7,804 6,968. 3,229 32,216 18,001 56,028 41,908 16,184 34,265 28,860 14,366 T o ta l.................................... Stocks—T u rp e n tin e : S a v a n n a h ................................... Jacksonville............................... P en sa co la-- .............................. 107,801 114,120 77,491 20,215 31,271 12,164 14,893 31,831 10,646 11,382 22,628 11,046 T o ta l.................................... Stocks—R o sin : S a v a n n a h ................................... Jacksonville............................... P en sa co la............................... 63,650 57,370 45,056 85,545 72,476 26,384 72,314 65,859 20,037 85,349 86,166 25,424 Total.......................... 184,405 158,210 196,939 THE MONTHLY BUSINESS REVIEW 8 MONTHLY INDEX NUMBERS. The following index numbers, except where indicated otherwise, are computed by the Federal Reserve Bank of Atlanta, and are based upon average figures for 1919. That Is, average monthly figures for the year 1919 are represented by 100, and the current monthly index numbers show the relation of activity in these lines to that prevailing in 1919. RETAIL TRADE 6TH DISTRICT (Department Stores.) Atlanta............................................................... Birmingham....................................................... Qhattanooga..................................................... Nashville........................................................... New Orleans...................................................... Savannah.......................................................... Other Cities....................................................... District............................................................... September October November September October November 1926 1926 1926 1925 1925 1925 113 5 114.8 78.6 78.9 96.1 68.5 97.7 96.7 167.9 157.3 119.9 109.9 131.0 109.0 129.0 135.5 140.2 155.8 106.3 106.0 146.6 96.2 124.9 133.3 95.2 110.6 72.7 80.8 91.6 56.2 94.0 90.5 172.0 170 5 125.4 128.3 140.2 118.2 143.6 146.5 133.1 150.9 98.8 103.6 129.7 97.1 123.7 125.0 RETAIL TRADE U. S. (1) Department Stores...................................... . Mail Order Houses........................... ....... . . . Chain Stores: Grocery.. ..................................................... Drug............................................................. Shoe.............................................................. 5 & 10 Cent.................................................. Music................... ....................................... Candy.......................................................... C igar.......................................................... 130.4 119.6 157.9 149.7 155.9 152.6 122 113 164 170 145 144 303.1 192.4 141.8 211.0 137.5 218.1 152.6 329.4 209.0 157.7 257.1 151.0 226.8 162.1 346.8 197.6 149.8 247.0 145.6 232.0 149.6 243 170 134 191 136 202 142 315 179 164 237 141 215 151 268 167 136 220 139 195 136 WHOLESALE TRADE 6TH DISTRICT Groceries....................................................... Dry Goods.................... ................................. Hardware....................................................... Shoes............ .................................................. Total.............................................................. 103.6 117.5 107.4 84.1 100.6 99.8 113.2 116.8 75.9 100.1 93.5 93.1 109.0 69.8 90.6 105.2 121.0 113.7 77.5 107.8 111.0 133.7 137.6 98.4 120.8 94.8 88.4 129.1 71.8 99.9 WHOLESALE PRICES U. S. (2) Farm Products............................................. . Foods,............................................................. Cloths and Clothing. .................................... Fuel and Lighting,...................................... Metals and Metal P roducts..................... . Building Materials.......... ................... ......... Chemicals and Drugs........................... ........ House Furnishings....................................... Miscellaneous..... ........................................... All Commodities.............. _............................ 141.1 152.0 175.2 182.0 127.0 172.4 130.8 160.4 120.4 150.5 139.4 152.0 171.5 184.4 126.7 172.1 129.3 160.3 118.6 149.7 134.6 151.1 169.9 190.2 126.5 174.0 128.5 159.9 117.7 148.1 160.4 160.3 189.3 169.3 127.2 174.1 135.6 167.6 134.9 159.7 155.3 157.6 189.5 171.7 127.9 173.9 134.9 167.9 138.0 157.5 153.9 160.2 187.9 174.8 129.8 175.6 135.4 165.9 142.0 157.7 BUILDING PERMITS 6TH DISTRICT Atlanta...................... ..................................... Birmingham.................................................... Jacksonville.................................................... Nashville......................................................... New Orleans.................................................. Other Cities................................................... District (20 Cities)................ ....................... 113.0 422.8 406.7 342.4 251.5 482.5 346.9 123.9 625.8 382.1 128.8 1,428.8 533.3 517.7 104.9 504.6 770.2 292.0 143.0 261.4 275.3 89.4 483.2 575.4 331.4 672.0 516.0 591.2 76.5 480.4 670.0 105.0 236.6 1,012.8 567.7 50.8 331.2 723.9 108.8 239.9 723.7 434.6 COTTON CONSUMED: United States................................................. Cotton-Growing States................................ All Other States............................................ Cotton Exports................. ...... ...................... 106.8 139.3 67.6 144.5 106.3 136.9 69.5 249.1 109.2 144.1 67.0 270.3 90.3 111 .7 64.9 136.8 101.6 124.0 75.1 258.5 101.5 129.4 68.1 219.5 PIG IRON PRODUCTION: United States................................................. Alabama......... ................................................ 123.1 131.0 130.8 142.0 127.0 156.2 107.0 122.6 118.6 123.2 118.3 134.7 59.9 61.4 63.5 62.0 68.5 76.4 UNFILLED ORDERS—U. S. STEEL COR PORATION.................................................... (1) Compiled by Federal Reserve Board. (2) Compiled by Bureau of Labor Statis tics. (1913—100.)
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