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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 in

F E D E R A L

B U S IN E S S
t h e S ix t h F e d e r a l R e s e r v e D i s t r i c t .

R E S E R V E

B A N K

J O S . A. M e C O R D ,
C h a ir m a n a n d F e d eral Reserve A g e n t

V O L. 9

22 b a sic co m m od ities ad ju ste d fo r se a so n a l v a ria tio n s
(1919=100.)

L a te st figu re. Novem ber, 107.




O F

A T L A N T A

W ARD ALBERTSO N ,
A s s is ta n t F e d e ral Reserve A g e n t

A T L A N T A , G A ., D E C E M B E R

B U S IN E S S C O N D IT IO N S I N T H E U N IT E D S T A T E S
B y T h e F e d e ra l R e se rv e B o a rd
P r o d u c t i o n i n b a s i c i n d u s t r i e s a n d f a c t o r y em ­
p l o y m e n t c o n t i n u e d a t a b o u t t h e s a m e le v e l i n N o ­
v e m b e r a s i n O c to b e r . T h e r e w a s a f u r t h e r s l i g h t
r is e i n t h e g e n e r a l le v e l o f p r i c e s r e f l e c t i n g a d v a n c e s
i n n e a r l y a ll g r o u p s o f c o m m o d itie s .
P r o d u c t i o n . P r o d u c t i o n o f b a s i c c o m m o d itie s w a s
a t a b o u t t h e s a m e r a t e i n N o v e m b e r a s i n O c to b e r ,
b u t o w in g t o t h e s m a lle r n u m b e r o f w o r k i n g d a y s
n o t a llo w e d f o r i n t h e a d j u s t m e n t f o r u s u a l s e a s o n a l
v a r i a t i o n s , t h e F e d e r a l R e s e r v e B o a r d ’s i n d e x o f p r o ­
d u c tio n d e c lin e d b y a b o u t tw o p e r c e n t. I n c re a s e d
a c tiv ity w a s s h o w n in t h e ir o n a n d s te e l in d u s t r y a n d
i n c o t t o n a n d w o o le n t e x t i le s , w h ile p r o d u c t i o n o f
f o o d , c o a l, lu m b e r , p a p e r a n d a u to m o b i le s d e c lin e d .
T h e r e w a s l i t t l e c h a n g e i n t h e v o lu m e o f f a c t o r y em ­
p l o y m e n t i n N o v e m b e r. B u i ld i n g c o n t r a c t s a w a r d e d
d e c l i n e d s o m e w h a t i n N o v e m b e r, b u t t h e t o t a l w a s
c o n s i d e r a b ly l a r g e r t h a n f o r t h e c o r r e s p o n d i n g
m o n th o f a n y r e c e n t y e a r. F in a l e s tim a tin g b y t h e
d e p a r t m e n t o f a g r i c u l t u r e o f c r o p y ie ld s i n 1924 s h o w ­
e d a g r e a t e r a g g r e g a t e p r o d u c t i o n t h a n i n 1923 a n d
a n i n c r e a s e o f a b o u t n i n e p e r c e n t i n t h e t o t a l v a lu e
o f a ll c r o p s . Y ie ld s o f w h e a t , o a t s , c o t t o n , p o t a t o e s ,
a n d h a y w e re l a r g e r t h a n i n 1923, b u t t h e p r o d u c t i o n
o f c o r n a n d t o b a c c o w a s s m a lle r. M a r k e t i n g c o n ­
t i n u e d i n l a r g e r v o lu m e i n N o v e m b e r a n d e x p o r ts o f
a g r i c u l t u r a l p r o d u c t s w e re t h e l a r g e s t f o r t h a t m o n t h
in a n y re c e n t y e ar.

In d e x of

R E V IE W

3 1 , 1924

N o . 12

P r ic e s . T h e le v e l o f w h o le s a le p r ic e s , a s m e a s u r e d
b y t h e in d e x o f 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 , a d ­
v a n c e d s l i g h tl y i n N o v e m b e r, p r i c e i n c r e a s e s i n m o s t
o f t h e c o m m o d ity g r o u p s b e in g n e a r l y o f f s e t b y a c o n ­
s id e r a b l e d e c lin e i n t h e p r i c e s o f a n im a l p r o d u c t s .
D u rin g th e f ir s t h a lf of D ecem b er th e r e w e re f u r t h e r
a d v a n c e s i n t h e p r i c e s o f g r a in s , f l o u r , s h e e p , m e ta ls ,
a n d lu m b e r , w h ile t h e p r i c e s o f b e e f , h i d e s , s ilk a n d
b r i c k d e c lin e d .
T r a d e . R a il r o a d f r e i g h t s h i p m e n t s , t h o u g h s m a lle r
i n N o v e m b e r t h a n i n O c t o b e r o w in g t o s e a s o n a l i n ­
f l u e n c e s , w e re i n a b o u t t h e s a m e v o lu m e a s i n 1923.
W h o le s a le t r a d e s h o w e d t h e u s u a l d e c lin e i n N o v e m ­
b e r a n d w a s a b o u t a s a c tiv e a s a y e a r a g o . S a le s o f
f u r n i t u r e a n d m e a t w e re l a r g e r t h a n l a s t y e a r , w h ile
t h e v o lu m e o f b u s i n e s s i n n e a r l y a ll o t h e r lin e s w a s
s m a lle r. R e t a i l t r a d e w a s s o m e w h a t m o re a c tiv e i n
N o v e m b e r; a n d s a le s o f m a il o r d e r h o u s e s a n d c h a i n
s t o r e s w e r e l a r g e r t h a n l a s t y e a r . M e r c h a n d is e
s t o c k a t d e p a r t m e n t s t o r e s w e re s l i g h tl y r e d u c e d a n d
w e r e t w o p e r c e n t le s s t h a n a y e a r a g o .
B a n k C r e d it . T o t a l l o a n s a n d i n v e s t m e n t s o f m em ­
b e r b a n k s i n l e a d i n g c itie s c o n t i n u e d t o i n c r e a s e
d u r in g th e f o u r w e ek s e n d in g D e ce m b er t e n t h a n d o n
t h a t d a t e w e re i n l a r g e r v o lu m e t h a n a t a n y p r e v io u s
tim e . T h e i n c r e a s e d u r i n g t h e p e r io d w a s c h ie f ly i n
l o a n s s e c u r e d b y s t o c k s a n d b o n d s a n d a c c o m p a n ie d
c o n t i n u e d a c t i v i t y i n t h e s e c u r i t y m a r k e ts . C o m m e rc ia l
lo a n s s h o w e d a s e a s o n a l d e c lin e fr o m t h e h i g h p o i n t
o f t h e y e a r r e a c h e d i n t h e m id d le o f N o v e m b e r, b u t

In d e x o f U n it e d S ta te s B u r e a u of L a b o r S ta tistic s. (1913=100,
b ase a d o p te d b y b u re a u .) L a te st figu re , Novem ber, 152.7.

2

T H E

In d e x fo r 33 m a n u fa c t u r in g in d u strie s.
figu re , 91.

M O N T H L Y

(1919=100.)

L a t e st

c o n t i n u e d a b o v e t h e le v e l o f a y e a r a g o . S e c u r i t y
h o l d in g s a f t e r i n c r e a s i n g r a p i d l y s in c e t h e S p r i n g o f
t h e y e a r , r e a c h e d a p e a k o n N o v e m b e r 19 a n d a f t e r
t h a t tim e s h o w e d a s l i g h t d e c lin e . A t t h e R e s e rv e
B a n k s t o t a l e a r n i n g a s s e t s i n c r e a s e d c o n s i d e r a b ly
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 17, r e f l e c t i n g
th e se a so n a l d e m a n d fo r c u rre n c y a n d th e e x p o rt of
g o ld . T h e v o lu m e o f d i s c o u n t s o f t h e R e s e r v e B a n k s
i n c r e a s e d b e t w e e n t h e m id d le o f N o v e m b e r a n d t h e
m id d le o f D e c e m b e r , t h e i r h o l d in g s o f a c c e p t a n c e s
a ls o s h o w e d a n e t i n c r e a s e , w h ile U n i t e d S t a t e s s e ­
c u r i t y h o l d in g s d e c l i n e d s o m e w h a t.
F irm e r c o n d itio n s in t h e m o n e y m a r k e t d u r in g t h e
la s t h a lf of N o v em b er a n d t h e f ir s t h a lf of D ecem b er
w e re in d ic a te d b y h ig h e r r a te s o n b a n k e rs a c c e p ta n ­
c e s a n d a r i s e o f o n e h a l f p e r c e n t i n t h e r a t e o n co m ­
m e r c ia l p a p e r .

B U S IN E S S

R E V IE W

W eekly fig u r e s fo r 12 F e d e ra l reserve b a n k s .
De ce m be r 17.

L a t e s t f ig u r e s fo r

m o n th s of t h e y e a r w h a t t h e y h o p e t o d is p o s e o f b e ­
f o r e t h e i n v e n t o r y p e r io d .
L o a n s o f w e e k ly r e p o r t i n g m e m b e r b a n k s i n c r e a s ­
e d d u r in g r e c e n t w e e k s t o a h ig h p o in t. D e p o s its ,
b o t h d e m a n d a n d tim e , w e r e h i g h e r t h a n o n a n y
r e p o rtin g d a te d u r in g th e la s t tw o y e a rs, a n d t h e
b a n k s h a v e b e e n i n a p o s i t i o n t o a c c o m m o d a te t h e i r
c u s t o m e r s w i t h o u t r e d i s c o u n t i n g i n g r e a t v o lu m e
w i t h t h e F e d e r a l R e s e r v e B a n k w h e r e d i s c o u n t s w e re
a t a lo w p o i n t f o r t h e y e a r o n D e c e m b e r 17. D e b i ts
t o i n d i v i d u a l a c c o u n t s a t 24 c it i e s i n t h e d i s t r i c t f o r
t h e w e e k e n d e d D e c e m b e r 10 w e r e a b o u t 17 m illio n s
o f d o l la r 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 w e e k a y e a r
a g o , a n d c o m m e rc ia l f a i l u r e s d u r i n g N o v e m b e r, i n
p o i n t o f l ia b i li t ie s , w e r e le s s t h a n h a l f t h o s e i n N o v e m ­
b e r 1923. L u m b e r m ills t h r o u g h t h e s o u t h w e r e m o re
a c tiv e , a n d t h e n u m b e r o f a c t i v e s p i n d l e s i n t e x t i le
p l a n t s i n t h e c o t t o n g r o w in g s t a t e s i n c r e a s e d 218,000
o v e r O c to b e r .

S I X T H D I S T R I C T SU M M A RY
G e n e r a l b u s i n e s s c o n d it i o n s i n t h e S ix th F e d e r a l
R e s e r v e D i s t r i c t h a v e e x h ib i t e d s o m e f u r t h e r im ­
p r o v e m e n t d u r i n g N o v e m b e r a n d e a r l y D e c e m b e r.
T h e s t a t e s c o m p r is in g t h i s d i s t r i c t h a v e p r o d u c e d t h i s
y e a r a m u c h l a r g e r p r o p o r t i o n o f t h e c o u n t r y ’s c o t ­
t o n c r o p t h a n i n t h e l a s t y e a r o r tw o , a n d t h e i n ­
c r e a s e d m o n e y r e t u r n f r o m t h i s c r o p a lo n e , b a s e d
o n D e c e m b e r 1 p r i c e s , w ill a m o u n t t o a v e r y c o n s i d e r a ­
b l e s u m . C r o p s a s a w h o le h a v e t u r n e d o u t w e ll f ro m
t h e s ta n d p o in t of m o n ey r e tu r n to th e fa rm e rs, n o ta ­
b l y t h e t o b a c c o c r o p i n G e o r g ia , e x c e p t t h a t t h e
L o u is ia n a s u g a r c ro p h a s h a d a n u n fa v o ra b le se a s o n
a n d t h e p r o d u c t i o n o f c a n e , a n d o f s u g a r , w ill b e
m u c h b e lo w t h a t o f l a s t y e a r .
R e ta il t r a d e d u r in g N o v e m b er w a s b e t t e r t h a n in
O c t o b e r , a l t h o u g h s t i ll a l i t t l e b e lo w t h e c o r r e s p o n d ­
i n g m o n t h l a s t y e a r . W h o le s a le t r a d e s h o w e d t h e
u s u a l s e a s o n a l d e c l i n e i n N o v e m b e r, b e c a u s e o f t h e
f a c t r e t a i l m e r c h a n t s o n ly b u y d u r i n g t h e l a s t tw o




R E T A IL T R A D E
C o n tra ry to th e u s u a l tr e n d in th is d is tric t, th e
v o lu m e o f r e t a i l s a le 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 d u rin g N o v em b er w a s la r g e r t h a n in O c to b e r.
D u rin g t h e p re c e d in g f o u r y e a rs , sa le s h a v e in c r e a s ­
e d r a th e r s h a r p ly in O c to b e r, re c e d e d i n N o v e m b er,
a n d ris e n to a p e a k in D ecem b er w h e n th e b u lk of
h o l id a y b u y i n g is d o n e . T h i s y e a r , N o v e m b e r b r o u g h t
a n i n c r e a s e o v e r O c t o b e r b u s i n e s s , a l t h o u g h s a le s
i n N o v e m b e r w e r e 4.3 p e r c e n t b e lo w t h e t o t a l f o r N o ­
v e m b e r 1923. A t l a n t a i s t h e o n ly c i t y t o r e p o r t a n
in c r e a s e o v e r N o v e m b er l a s t y e a r. S to c k s of m er­
c h a n d i s e w e r e 5.0 p e r c e n t lo w e r t h a n a t t h e e n d o f
N o v e m b e r l a s t y e a r , a n d 2.4 p e r c e n t b e lo w t h e t o t a l
f o r O c t o b e r t h i s y e a r . O u r i n d e x n u m b e r o f s a le s ,
c o m p u t e d f r o m f i g u r e s f o r 42 s t o r e s , w a s 114.9 f o r
N o v e m b e r, 111.6 f o r O c t o b e r , a n d 121.3 f o r N o v e m b e r
a y e a r ag o . I n d e x n u m b e r s f o r in d iv id u a l r e p o r t ­
i n g c it i e s a r e s h o w n o n p a g e 11.

T H E

M

O N T H L Y

B U S IN E S S

R E V IE W

3

C O N D I T IO N O F R E T A IL T R A D E —N O V E M B E R , 1924
S ix th F e d e ra l R e se rv e D is tr ic t
Percentage of Increase or Decrease

(1)

(2)

C o m p a riso n o f n e t sales w ith
th o se of co rrespo n d in g
period la s t year______
B
J u ly
A
N ov.
to
N ov.
A t la n t a (5)..........
B ir m in g h a m (5)„.
C h a t t a n o o g a (6)~
J a c k s o n (3).........
N a s h v ille (5).......
N e w O rle a n s (5)._
S a v a n n a h (3)......
O th e r C itie s (11)..
D I S T R I C T (43)__

+ 6.3
— 5.8
— 7.6
— 3.2
-1 5 .2
— 2.5
— 3.7
— 8.9
— 4.3

+
—
—
—
—
—
—

9.3
3.8
9.1
4.2
14.5
2.4
2.7

-

3.1

— 6.1

S to c k s a t en d o f m o n th
com pared w ith
A
NOV.
1923
+ 3.7
— 11.9
-2 0 .4
— 0.5
— 13.0
— 0.4
-1 0 .5
— 2.4
— 5.0

(4)

(3)

B
O ct.
1924

Percentage o f average stocks
a t e n d o f each m o n th from
J u ly to d a te (5 m o n th s) to
average m o n th ly sales
over sam e period

-3 .3

Percentage o f o u ts t a n d in g
orders a t e n d o f N o ve m b e r to
to ta l purch ase s d u r in g
cale n dar year 1923

2.8

395.7
486.7
477.4
538.6
488.6
491.5
581.7
555.3
478.8

—1.6
— 6.4
-1 .5

+1.2

— 2.7
-3 .4
-1 .3
-2 .4

4.0

6.0

3~7
9.6
7.3
1.5

6.0

F ig u re s i n p a re n th e sis in d ic a te n u m b e r o f r e p o rtin g stores.

W HOLESALE TRADE
W h o le s a le t r a d e i n t h e S i x t h D i s t r i c t , r e p r e s e n t e d
b y f i g u r e s r e p o r t e d b y a b o u t 150 w h o le s a le d e a l e r s
i n e i g h t d i f f e r e n t lin e s , e x h ib i t e d t h e u s u a l s e a s o n a l
d e c l i n e i n N o v e m b e r . A ll o f t h e r e p o r t i n g l in e s
s h o w e d d e c l i n e s c o m p a r e d w i t h O c t o b e r , a n d six
l i n e s s h o w e d s a l e s s m a lle r t h a n i n N o v e m b e r l a s t
y e a r, e le c tric a l su p p lie s a n d d r u g s r e p o r tin g in ­
c re a se s.
A s is u s u a l a t t h i s t m e o f t h e y e a r , t h e r e p o r t s i n ­
d i c a t e t h a t r e t a i l d e a l e r s a r e b u y i n g o n ly w h a t t h e y
h o p e t o d is p o s e o f b y t h e e n d o f t h e y e a r i n o r d e r
t o s h o w s m a ll i n v e n t o r i e s . M o s t o f t h e r e p o r t s i n d i ­
c a te t h a t t h e o u tlo o k f o r b u s in e s s d u r in g t h e com ­
i n g y e a r i s g o o d , e s p e c ia lly i n F l o r i d a w h e r e t h e
t o u r i s t s e a s o n is a b o u t t o o p e n . P e r c e n t a g e com ­
p a r i s o n s b y r e p o r t i n g l i n e s a r e s h o w n b e lo w :
Novem ber 1924 com pared w ith :
O ctob er 1924
Novem ber 1923
Groceries (40 firm s)........................... — 12.9
- 2.2
D r y G o o d s (27 firm s)........................ — 27.4
- 5.3
H a rd w a re (32 firm s).......................... — 11.3
-3 .3
F u r n itu r e (19 firm s).......................... — 16.0
-2 .4
E le ctrica l S u p p lie s (9 firm s).............. — 8.8
+19.4
Sh o e s (10 firm s)................................. —20.2
-1 7 .9
S ta tio n e ry (4 firm s)...... ................... — 30.8
— 21.9
D r u g s (5 fir m s )................................. — 2.1
+ 3.4

G r o c e r ie s
N o v e m b e r b u s i n e s s r e p o r t e d b y 40 w h o le s a le g r o c e r y
firm s f e ll n e a r l y 13 p e r c e n t b e lo w t h e i r v o lu m e f o r
O c t o b e r , b u t w e r e o n l y 2.2 p e r c e n t lo w e r t h a n i n
N o v e m b e r 1923. T h e r e p o r t s i n d i c a t e a d v a n c e s i n
p r i c e s d u r i n g N o v e m b e r o n s o m e a r t i c l e s . C o lle c t­
i o n s w e r e r e p o r t e d g o o d b y 9 f ir m s a n d f a i r b v 12.
C o m p a r is o n s o f s a le s b y r e p o r t i n g c it i e s a r e s h c .v n
b e lo w :
Novem ber 1924 sales com pared w i"h :
O ctober 1924
N ovem ber 1923
— 18.0
-1 3 .9
— 4.5
— 1.2
— 19.6
-3 .6
— 9.9
- 1.0
-2 6 .2
+ 8.4
— 12.0
- 3.1
-1 2 .9
— 2.2

G roceries
A t la n t a (5 firm s).........
J a ck so n v ille (4 firm s)...
M e r id ia n (3 firm s).......
N e w O rle a n s (9 firm s).V ic k s b u r g (4 f irm s).....
O th e r C itie s (15 firm s)..

D ry G o o d s
N o v e m b e r s a le s b y 27 w h o le s a le d r y g o o d s f ir m s w e r e
lo w e r b y 27.4 p e r c e n t t h a n i n O c t o b e r , a n d 5.3 p e r
c e n t lo w e r t h a n i n N o v e m b e r l a s t y e a r . S m a ll i n ­
c r e a s e s o v e r N o v e m b e r 1923, w e r e , h o w e v e r , r e p o r t ­




e d f r o m A t l a n t a a n d N a s h v ille . S o m e o f t h e r e p o r t s
s t a te t h a t r e ta il c u s to m e rs a r e o rd e rin g a l it t le m o re
fre e ly t h a n t h e y h a v e b e e n , b u t a r e s till c o n fin in g
th e ir p u r c h a s e s to t h e i r r e q u ire m e n ts f o r t h e n e a r
f u t u r e . C o lle c tio n s w e r e r e p o r t e d g o o d b y 8 firm s ,
f a i r b y 5, a n d p o o r b y 1. C o m p a r is o n s b y r e p o r t i n g
c it i e s fo llo w :
D ry G oods

Novem ber 1924 sales c o m pared w ith :
O cto b e r 1924
Novem ber 1923

A t la n t a (4 firm s).........................
J a ck so n v ille (3 firm s)...................

— 26.4
-1 4 .5
-3 0 .5
-2 6 .2
-3 8 .3
-2 1 .7
-2 7 .4

+ 2.5
— 6.7
— 9.3
+ 0.1
-1 4 .4
— 1.7
-5 .3

H a rd w a re
H a r d w a r e s a le s i n N o v e m b e r w e r e m o re t h a n 11
p e r c e n t lo w e r t h a n i n O c t o b e r , a n d 3.3 p e r c e n t b e ­
lo w N o v e m b e r 1923. R e p o r t s i n d i c a t e t h a t p r i c e s
h a v e a d v a n c e d o n m a n y a r t i c l e s o f h a r d w a r e , e s p e c ia l­
ly w ire p r o d u c t s , a n d t h a t t h e o u t l o o k i s g o o d f o r
b u s i n e s s a f t e r t h e b e g in i n g o f t h e y e a r . R e t a i l m e r ­
c h a n t s a t p r e s e n t , h o w e v e r , a r e b u y i n g f o r im m e d ia te
r e q u i r e m e n t s . S o m e f ir m s s t a t e t h e i r c o ll e c t io n s
a r e g o o d . P e r c e n t a g e c o m p a r is o n s b y r e p o r t i n g
c it i e s a r e s h o w n b e lo w :
H a rd w a re
A t la n t a (3 firm s)........
C h a t t a n o o g a (3 firm s).
J a ck so n v ille (3 firm s)..
O th e r C itie s (12 firm s)..
D I S T R I C T (32 firm s)—

N ovem ber 1924 sales co m p are d w ith :
O cto b e r 1924
Novem ber 1923
— 9.6
— 1.6
— 13.0
+ 1.5
- 1.2
— 9.0
— 13.8
— 9.8
— 18.7
— 12.1
— 5.7
+ 6.4
— 11.3
— 3.3

F u rn itu re
S a le s b y 19 w h o le s a le f u r n i t u r e d e a l e r s d e c l i n e d 16
p e r c e n t in N o v e m b er c o m p a re d w ith O c to b e r, a n d
w e r e 2.4 p e r c e n t lo w e r t h a n i n N o v e m b e r l a s t y e a r .
T h e re p o rts in d ic a te t h a t s to c k s o f r e ta il d e a le rs a re
f a i r l y c o m p le te a n d t h a t t h e y a r e n o w o n ly p l a c i n g
fill- in o r d e r s u n t i l a f t e r t h e h o l id a y s a n d i n v e n t o r y
p e r io d . P r i c e s a r e r e p o r t e d s t a t i o n a r y , a n d t h e
o u tlo o k g o o d fo r b u s in e s s a f te r t h e e n d o f t h e y e a r.
C o m p a r is o n s o f s a le s b y r e p o r t i n g c itie s fo llo w :
N ovem ber 1924 sales c om pared w ith :
F u rn itu r e
O cto b e r 1924
N ovem ber 1923
A t la n t a (7 firm s)............................... — 12.6
+ 6.5
C h a t t a n o o g a (3 firm s)....................... — 18.0
— 8.3
N a sh v ille (3 firm s)...................... ...... — 27.6
— 8.0
O th e r C itie s (6 firm s)........................ — 16.2
— 1.9
D I S T R I C T (19 firm s)......................... -1 6 .0
- 2.4

T H E

4

M O N T H L Y

B U S IN E S S

R E V IE W

E l e c t r i c a l S u p p lie s

C o tto n G in n in g

W h ile s a le s o f e l e c t r i c a l s u p p l i e s f e ll o f f 8.8 p e r c e n t
i n N o v e m b e r c o m p a r e d w i t h O c t o b e r , t h e y w e r e s t i ll
m o r e t h a n 19 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, re fle c tin g p rin c ip a lly t h e g ro w th in d e m a n d
f o r r a d i o s u p p lie s . C o l le c ti o n s w e r e r e p o r t e d g o o d
b y 5 f ir m s a n d f a i r b y 4, p r i c e s s t e a d y , a n d t h e o u t l o o k
g o o d . C o m p a r is o n s a r e s h o w n b e lo w :

A lm o s t 93 p e r c e n t o f t h i s y e a r ’s c r o p h a d b e e n
g i n n e d p r i o r t o D e c e m b e r 1, t h e C e n s u s B u r e a u r e p o r t ­
i n g t h e a c t u a l g i n n i n g s a s 12,225,025 b a le s , a g a i n s t
9,251,264 b a le s g i n n e d t o t h e s a m e d a t e l a s t y e a r .
F i g u r e s f o r t h e s t a t e s i n t h i s d i s t r i c t f o llo w :

Novem ber 1924 sales com pared w ith :
O cto b er 1924
Novem ber 1923
— 15.6
+ 1 .0
- 8.8

A t la n t a (3 firm s)...............................
O th e r C itie s (6 firm s)........................
D I S T R I C T (9 fir m s )________________

+16.0
+23.7
+19.4

1924

1923

G e o r g ia .........................................
977,904
F lo r id a . . ........................................
19,321
A la b a m a .......................- ...............
952,569
L o u is ia n a ----------- ---------- ------ --------470,793
1,077,143
M is s is s ip p i.....................................
T ennessee........... ................. .........
295,886
U n it e d S t a te s ....................... ......... 12,225,025

Shoes

583,631
13,154
583,405
356,296
594,784
200,147
9,251,264

C o tto n M o v e m e n t-S ix th D is tr ic t

T h e lo w v o lu m e o f s h o e s a le s , b o t h b y w h o l e s a le r s
a n d r e ta ile r s , is a t t r i b u t e d p rin c ip a lly t o t h e c o n ­
t i n u e d w a r m w e a t h e r d u r i n g t h e f a ll. N o v e m b e r
s a le s w e r e 20 p e r c e n t lo w e r t h a n i n O c t o b e r , a n d
n e a r l y 18 p e r c e n t lo w e r t h a n i n N o v e m b e r a y e a r
a g o . G o o d b u s i n e s s is e x p e c te d b y t h e m e r c h a n t s ,
h o w e v e r , a f t e r t h e h o l id a y s .

N ov. 1924

R e ce ip ts— P o rts:
N e w O r le a n s -

O ct. 1924

. 368,669
- 24,431
- 82,731

N o v. 1923

347,423
24,083
118,057

244,108
10,197
69,900

59,375
40,392
9,968
27,244
6,878

51,757
47,284
18,641
19,521
9,737

30,734
40,804
7,438
12,471
7,641

.

373,361
18,738
90,676

277,997
12,681
70,071

236,035
11,260
89,412

-

65,814

.

9,271
25,565
14,462

33,448
41,593
6,878
22,818
13,071

41,636
55,783
9,341
17,827
9,355

In te rio r T o w n s :
.
M o n tgo m e ry-

N ovem ber 1924 sales com pared w ith :
O cto b e r 1924 N ovem ber 1923
A t la n t a (3 firm s)...............................
O th e r C itie s (7 firm s)...........- ......... D I S T R I C T (10 firm s).........................

— 26.9
— 17.3
-2 0 .2

— 21.3
— 16.5
-1 7 .9

.

M acon..
S to c k s — P o rts:

In t e rio r T o w n s :

A G R IC U L T U R E

A u g u sta _
Macon_

C o tto n
T h e f i n a l e s t i m a t e b y t h e D e p a r t m e n t o f A g ri­
c u l t u r e , r e le a s e d o n D e c e m b e r 8, i n d i c a t e s a p r o ­
d u c t i o n t h i s y e a r o f 13,153,000 b a le s o f c o t t o n ,
a g a i n s t 10,159,498 b a le s p r o d u c e d i n 1923. T h e s t a t e ­
m e n t is s u e d b y th e D e p a rtm e n t s ta te s t h a t th e
v a lu e o f t h e c r o p t h i s y e a r is m o r e t h a n o n e
a n d t w o - t h i r d s b i ll i o n s o f d o l la r s , i n c l u d i n g a v a lu e
of lin t c o tto n , b a s e d o n t h e fa rm p ric e o n D e ce m b er 1
o f 22.6 c e n t s p e r p o u n d , o f $1,421,356,262, t h e v a lu e o f
c o t t o n s e e d o f a p p r o x im a t e ly $200,000,000, a n d i n a d d i ­
t i o n t h e v a lu e o f l i n t e r s w h i c h w ill p r o b a b l y r u n i n t o
e i g h t o r n i n e h u n d r e d t h o u s a n d b a le s . T h i s y e a r ’s
c r o p is t h e f i f t h l a r g e s t i n h i s t o r y i n p o i n t o f v a lu e ,
a n d t h e n i n t h l a r g e s t i n p o i n t o f siz e .
T h e f o llo w in g f i g u r e s s h o w t h e f i n a l e s t i m a t e o f t h e
c ro p fo r th e s ta te s in th is d is tric t, c o m p a re d w ith
la s t y e a r :
1924

1923

G e o r g ia ......... ................................
F lo r id a -....... .................................
A la b a m a ........................................
L o u is ia n a ............ ..........................
M is s is s ip p i.......... .......... - .............
T ennessee .......... ............................

1,000,000
22,000
990,000
480,000
1,080,000
330,000

612,531
13,628
598,924
373,574
621,836
233,980

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

3,902,000

2,454,473

Note: T h e se are t o t a l fig u r e s fo r th e states in d ic ate d . How ever,
p a rts o f L o u is ia n a , M is s is s ip p i a n d Tennessee are i n oth er Fed ­
eral Reserve D istric ts.

T h is t a b l e i n d i c a t e s a n i n c r e a s e o f 1,447,527 b a le s
f o r t h e s e six s t a t e s . T h e m o n e y r e t u r n f r o m t h i s
y e a r ’s c r o p f o r t h e s e s t a t e s b a s e d o n t h e p r i c e o f 22.6
c e n t s p e r p o u n d o n D e c e m b e r 1, is $540, 926,000, co m ­
p a r e d w i t h a r e t u r n f r o m t h e 1923 c r o p , b a s e d o n t h e
p r i c e o f 31 c e n t s p e r p o u n d o n D e c e m b e r 1, 1923, o f
$380,443,315, s h o w in g a n i n c r e a s e o f m o r e t h a n a h u n d ­
e d a n d s ix
Digitizedrfor FRASER ty m illio n s o f d o lla r s .



C o tto n M o v e m e n t-U n ite d S ta te s
S in c e A u g u s t 1
1924
R e c e ip ts a t a ll U . S. P o r ts
O v e rla n d acro ss M is s is s ­
ip p i, O h io , P o to m a c
R iv e r to N o r. M ills a n d
C a n a d a ______________
In t e r io r S to c k s i n excess
of th o se h e ld a t close o f
com m ercial y e a r— .......
S o u th e rn M ills T a k in g s
(n e t)..........- ......... ......
T o t a l m ovem ent 120 d a y s
fro m A u g u s t 1......... —
F o re ig n E x p o rts.............
A m e ric a n M ills N . & S.
C a n a d a .................... A m e ric a n C o t t o n t h u s fa r

4,716,393

1923

1922

1921

3,748,953 3,426,068 2,976,868

349,405

325,773

587,538

732,628

1,096,711

817,547

817,014

245,128

1,535,000 1,518,427 1,633,063 1,513,527
7,697,509 6,410,700 6,463,683 5,468,151
3,028,342 2,276,913 ...................... —
2,319,125 2,464,377 ............
4,435,000 4,162,000 4,719,000

....... —
............

C itru s F r u i t
S h ip m e n ts o f c itr u s f r u i ts fro m F lo rid a a re i n ­
c r e a s in g , b u t t h e s e a s o n is s o m e w h a t l a t e , a n d s h i p ­
m e n t s a r e b e lo w t h o s e o f l a s t y e a r . T h e q u a l i t y o f
t h e f r u i t is e x c e lle n t, b u t c o lo r in g h a s b e e n r e t a r d e d
b y t h e m ild w e a t h e r .
T h e fo llo w in g f i g u r e s s h o w c a r l o t s h i p m e n t s o f
f r u i t s a n d v e g e ta b le s f r o m F l o r i d a d u r i n g N o v e m b e r,
w i t h c o m p a r is o n s :
S e a so n th r o u g h
N ov. 1924 N ov. 1923 N o v. 1924Nov. 1923
O r a n g e s .............. ...... ........
G r a p e fr u it ________________
T a n g e r in e s ____ ___________

3,903
2,998
291

5,449
2,468
196

4,155
4,411
291

6,465
4,683
198
11,346

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

7,192

8,113

8,857

O th e r fr u it s a n d vegetables

382

503

402

518

T o t a l m ove m e n t_______

7,574

8,616

9,259

11,864

T H E

M O N T H L Y

B U S IN E S S

Sugar C ane an d Sugar
D u rin g t h e l a t t e r p a r t o f N o v e m b er a n d e a rly D e­
c e m b e r t h e r e h a v e b e e n g e n e r a l r a i n s i n t h e L o u is ­
i a n a c a n e b e lt w h ic h h a v e b e e n b e n e fic ia l to t h e
c r o p . R e p o r t s . i n d i c a t e t h a t t h e r e c e n t c o ld s p e ll
k i ll e d t h e b u d s , a n d i n a n u m b e r o f d i s t r i c t s , k ille d
t h e ey es o f th e c a n e , a n d c a n e w h ic h h a v e n o t b e e n
p l a n t e d o r w in d r o w e d b e f o r e t h e f r e e z e i s n o t f i t f o r
p l a n tin g p u rp o s e s . Som e f a c to r ie s h a v e f in is h e d
g r i n d i n g , b u t o t h e r s a r e s t i l l g r i n d i n g slo w ly . T h e
y ie ld o f s u g a r c o n t i n u e s g o o d t h r o u g h o u t t h e d is ­
t r i c t . T h e c a n e i s sm a ll, b u t w h t h a h i g h s u g a r c o n ­
t e n t . T h e t o t a l to n n a g e , h o w e v e r, is s h o r t.
M ov em en t o f S u g a r (P o u n d s)
Raw Sugar

Nov. 1924

Oct. 1924

Nov. 1923

51,999,643
...............

85,227,536
31,703,011

Meltings:
New O rle a n s-............ 16,504,716
S avannah.— .............. 26,689,368

65,350,505
11,829,359

49,839,517
36,375,879

Stocks:
New O rleans............... 15,615,678
S avannah.................... 3,608,865

...............
2,201,123

35,976,983
7,046,623

Receipts *
New Orleans............... 36,077,509
Savannah.................... 28,097,110

Stock on Hand
Dec. 1,1924
A sso c ia tio n M i l ls ............
1,540,783
N e w O rle a n s M i l ls ..........
237,838
O u tsid e M i l ls .................
486,500
T o t a l........................

Oct. 1924

49,611,632
3,020,035

Stocks:
New Orleans_______ 18,123,541
Savannah.................... 4,907,668

42,703,804
22,797,466
29,303,533
18,121,442

M O V E M EN T OF RICE
Rough Rice (Sacks) Port of New Orleans

Receipts............................Shipm ents.........................
Stock...................................

Nov. 1924
170,815
158,763
53,854

Oct. 1924
196,375
188,817
41,802

Nov. 1923
117,374
109,375
26,445

332,614
300,075
179,425

341,162
307,721
136,175

Clean Rice (Pockets)

Receipts.............................
Shipm ents..........................
Stock....................- ......... .

352,968
339,350
193,043

Receipts of Rough Rice (Barrels)

Association Mills..............
New Orleans Mills— .......
Outside Mills__________
'

T o ta l..................... —

Nov. 1924
1,249,733
170,815
484,620
1,905,168

Season to Last Season to
Nov. 30, 1924 Nov. 30,1923
3,505,890
2,958,696
649,013
421,249
1,227,048
874,960
5,381,951

Distribution of Milled Rice (Pockets)

830,959
165,723
304,093

2,097,917
553,429
814,124

2,109,284
451,828
672,107

T o tal............................

1,300,775

3,465,470

3,233,219

1,567,621

2,265,121

1,734,533

Member Banks in Selected Cities
(000 Omitted)
Dec. 10, 1924 Nov. 12,1924 Dec. 12,1923
B il ls D isco u n te d :
$ 7,484
$ 9,682
Secured b y G ov t. O b lig a tio n s $ 7,652
62,278
65,160
Secured b y S to c k s a n d B o n d s 65,679
A ll O th e rs............................ 381,497
367,693
370,945
437,455
445,787
T o t a l D is c o u n t s ................. 454,828
41,940
31,239
U . S. Se cu ritie s..........................
O th e r S to c k s a n d B o n d s ----- -----42,851
43,021
T o t a l L o a n s , D is c o u n ts a n d I n ­
511,144
530,748
vestm ents............................... 528,918
191,603
183,750
T im e D e p o s its ............................. 191,896
305,259
D e m a n d D e p o s its ................ ...... 306,624
274,093
49,612
A c c o m m o d a tio n a t F . R . B a n k —
10,820
5,454

L o a n s t o m em b e r b a n k s b y t h e F e d e ra l R e se rv e
B a n k o f A tla n ta d e c lin e d f u r t h e r d u r in g t h e p a s t
m o n t h , a n d o n D e c e m b e r 17 r e a c h e d a n e w lo w p o i n t .
B ills b o u g h t i n t h e o p e n m a r k e t , a n d U n i t e d S t a t e s
S e c u r it i e s , w e r e s l i g h t l y lo w e r t h a n o n N o v e m b e r 19.
D e p o s i t s a ls o d e c l i n e d , b u t F e d e r a l R e r s e v e N o t e s
i n C ir c u la tio n w e re h ig h e r t h a n o n a n y o t h e r r e p o r t­
in g d a te th is y e a r, a n d re se rv e s re a c h e d a n e w h ig h
p o in t.
Federal Reserve Bank
(000 Omitted)
Dec. 17, 1924 N ov. 19, 1924 Dec. 19,1923
B i l ls D isc o u n te d :

4,254,905

Association Mills..............
New Orleans Mills.......—
Outside Mills.....................

Dec. 1.1923
1,200,846
147,037
386,650

C o n t i n u e d g r o w t h i n t h e d e m a n d f o r f u n d s i s ev i­
d e n c e i n a f u r t h e r i n c r e a s e i n t h e l o a n s a n d d is ­
c o u n t s o f 36 m e m b e r b a n k s i n s e l e c te d c it i e s o f t h e
d i s t r i c t w h i c h r e p o r t w e e k ly t o t h e F e d e r a l R e s e r v e
B a n k . W ith t h e e x c e p tio n o f t h e f i g u r e f o r J a n u a r y
2, t h e t o t a l o f l o a n s , d i s c o u n t s a n d i n v e s tm e n ts o f
t h e s e 36 b a n k s w a s h i g h e r o n D e c e m b e r 10 t h a n o n
a n y o t h e r r e p o r t i n g d a t e d u r i n g t h e y e a r . D e p o s its ,
b o t h d e m a n d a n d tim e , w e r e o n t h i s d a t e h i g h e r t h a n
a n y fig u re re c o rd e d d u rin g th is y e a r o r la s t. R e­
p o r t s f r o m m e m b e r b a n k s a r e i n t h e m a in o p tim is tic
i n r e g a r d t o g e n e r a l c o n d it i o n s , a l t h o u g h i n a fe w
i n s t a n c e s d e p o s i ts h a v e n o t g r o w n b e c a u s e o f t h e
f a c t c o t t o n i s b e in g h e l d o f f t h e m a r k e t t o so m e
e x t e n t . S a v in g s d e p o s i ts 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 94 b a n k s i n c r e a s e d n e a r l y 1 p e r
c e n t o v e r O c to b e r , a n d w e r e n e a r l y 7 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 ovem ber la s t y e a r.

Nov. 1923

76,582,326
24,203,954

Nov. 1.1924
1,058,350
213,695
295,576

F IN A N C IA L

Refined Sugar

Nov. 1924
Shipm ents:
New O rleans.......... — 51,594,774
S avannah................... 23,352,261

5

R E V IE W

B i l ls b o u g h t i n o p e n m ark e t U . S. Se cu ritie s.....................

Reserve R a tio ..

5 1,497
16,647
18,144
8,390
3,815
30,613
173,124
63,052
142,994
84.0

$ 1,191
20,807
21,998
8,683
4,101
34,782
164,500
64,794
137,584
81.3

$ 20,443
50,868
71,311
11,155
203
82,721
117,024
56,279
144,932
58.2

SAVIN G S DEP O SIT S
N ov. 1924

J a ck so n v ille (5 b a n k s )............... -................................
N a sh v ille (10 b a n k s ) ................... - ...... ...... ...............N e w O rle an s (8 b a n k s )-------- ------------------------------ --------O th e r C itie s (59 b a n k s )................... ........................ —
,




$ 32,391,825
23,132,623
19,377,191
20,536,876
20,536,876
47,706,715
96,725,198
96,725,198
........—
$239,870,428

C o m p a r is o n o f
O ct. 1924 N o v 1924— O ct. 1924
$ 31,787,875
22,992,821
19,728,692
20,180,818
20,180,818
47,164,389
96,142,841
96,142,841
--------------- —
$237,997,436

+1.9
....
+0.6
— 1.8
+1.8
+1.8
+1.1
+0.6
+0.6
* +0.8

N ov. 1923

C o m p a r is o n of
Nov. 1924— 1923

$ 32,019,210
21,484,295
18,589,146
18,522,448
44,263,225
90,213,750
$225,092,074

+ 1.2
+ 7.7
+ 4.2
+10.9
+ 7.8
+ 7.2
+ 6.6

T H E

6

DEBITS TO INDIVIDUAL
Sixth Federal Reserve

M O N T H L Y

ACCOUNTS

B U S IN E S S

R E V IE W

I m p o r t s a n d e x p o r ts o f g o ld a n d s ilv e r a r e s h o w n i n
t h e fo llo w in g t a b l e :

District

Dec. 10, 1924Nov. 12, 1924 Dec. 12. 1923
A lb a n y ................... ...... $ 1,375,000
A t l a n t a - ....................... 32,086,000
A u g u s t a ........................
7,808,000
B ir m in g h a m .................. 31,946,000
657,000
B r u n s w ic k . . ___________
C h a t t a n o o g a .................
9,408,000
C o lu m b u s ......................
3,122,000
D o t h a n ..........................
821,000
E lb e r to n .......................356,000
J a c k s o n .........................
4,200,000
J a c k so n v ille ................. - 15,650,000
K n o x v ille ............... - ......
6,342,000
M a c o n ....... ...................5,399,000
M e r id ia n ............. - .........
3,561,000
M o b ile ..... .....................
6,666,000
M o n tg o m e ry ..................
5,142,000
N a s h v ille ....................... 16,358,000
N e w n a n — .....................
728,000
N e w O r le a n s — ............. - 89,274,000
P e n s a c o la .......... ...........
2,432,000
S a v a n n a h - - ............... 9,961,000
T a m p a .— ........... - ......... 11,828,000
V a ld o s t a ......... — ..........
1,181,000
V ic k s b u r g .................. .
2,776,000

$ 1,284,000
31,408,000
6,662,000
30,754,000
655,000
9,052,000
3,157,000
950,000
311,000
3,700,000
13,079,000
6,570,000
5,611,000
3,364,000
6,298,000
4,951,000
18,597,000
643,000
72,491,000
1,604,000
9,612,000
8,697,000
1,270,000
2,755,000

$ 1,174,000
27,137,000
9,208,000
21,789,000
668,000
8,725,000
3,070,000
968,000
280,000
4,186,000
13,567,000
8,185,000
5,431,000
2,568,000
7,862,000
6,013,000
16,977,000
525,000
90,835,000
1,869,000
9,575,000
7,931,000
1,140,000
2,479,000

T o t a l........................$269,077,000

$243,475,000

Im p o r ts :
N o v. 1924
G o l d ___________________ $19,849,589
6,480,816
S i l v e r - - ............... ........

O ct. 1924
$19,701,640
5,828,572

N ov. 1923
$39,757,436
5,269,173

E x p o rts:
G o ld - — .................
S ilv e r------- -------------

I 4,125,268
9,465,023

;

$252,162,000

$ 6,689,182
9,401,406

N ew O rle a n s
I m p o rts of m e rc h a n d is e t h r o u g h t h e p o r t o f N ew
O r l e a n s d u r i n g S e p t e m b e r 1924 a m o u n t e d t o $16,894,181
a n i n c r e a s e o f m o r e t h a n t h r e e m illio n d o l la r s o v e r
t h e s a m e m o n t h l a s t y e a r . S u g a r , b u r l a p s a n d m in ­
e r a l oil a r e p a r t l y r e s p o n s i b l e f o r t h e g a in . F r o m J a n u a r y t h r o u g h S e p te m b e r, im p o r ts h a v e a m o u n te d to
a b o u t $161,000,000, a g a i n s t $130,734,000 d u r i n g t h e
s a m e p e r i o d i n 1923. I n v o lu m e s u g a r i m p o r t s a r e
c o n s id e ra b ly la r g e r t h a n l a s t y e a r, a n d t h e in c r e a s ­
e d p r i c e o f c o f fe e h a s a b o u t d o u b l e d t h e v a lu e o f
i m p o r t e d c o f fe e o v e r l a s t y e a r . S o m e o f t h e p r i n c i ­
p a l a r t i c l e s i m p o r t e d d u r i n g S e p t e m b e r 1924 a r e :
V o lu m e

C O M M E R C IA L F A IL U R E S
C o m m e rc ia l f a i l u r e s i n t h e S i x t h D i s t r i c t d u r i n g
N o v e m b e r, a c c o r d in g t o s t a t i s t i c s c o m p lie d b y R . G .
D u n & C o ., w e r e m o r e n u m e r o u s , a l t h o u g h s m a lle r
i n p o i n t o f t o t a l l ia b i li t ie s , t h a n i n O c t o b e r . T h e
s a m e a p p li e s t o c o m p a r is o n s w i t h N o v e m b e r a y e a r
a g o . F o r t h e U n i t e d S t a t e s a s a w h o le f i g u r e s f o r
N o v e m b e r t h i s y e a r s h o w a s m a ll d e c lin e i n n u m b e r ,
b u t a m a t e r i a l d e c r e a s e i n t o t a l l ia b i li t ie s c o m p a r e d
w i t h N o v e m b e r 1923.
N ov. 1924
N u m b e r L ia b ilitie s
istricts:
B o s t o n .......... .
N e w Y o r k ------P h ila d e lp h ia — ..
C le v e la n d .......
R ic h m o n d
ATLANTA
C h ic a g o ....... .
St. L o u is -------M i n n e a p o li s - K a n s a s C it y
D a l l a s ________
S a n Fran cisco . -

Oct. 1924
L ia b ilitie s

Nov. 1923
L ia b ilitie s

141
323
62
133
111
113
211
102
65
123
68
201

$ 5,368,846
6,278,358
1,129,368
2,441,042
1,715,396
1,604,013
4,429,890
1,039,945
2,063,142
1,082,957
904,820
3,066,133

$ 2,728,188
11,106,118
1,388,662
4,737,431
1,765,371
1,767,982
4,337,448
1,945,106
1,160,571
1,277,290
543,300
3,241,337

$10,727,470
8,126,848
3,864,301
4,001,582
2,223,757
3,710,159
6,433,450
2,233,369
1,565,635
892,862
4,445,724
2,066,551

T o t a l........... -1,653

$31,123,910

$36,098,804

Coffe, lb s ...................— ....... — ........
S u g a r , lb s ....... .......... ......... ...... - ........
B u r la p , lbs._
M in e ra l O il, ga ls.G a so lin e , g a ls .....
S isa l, t o n s .........
B a n a n a s , b u n ___
N itr a te of So d a , tons..
______
Molasses, g a ls ________ ___________ ____

Septem ber
Septem ber
Septem ber
Septem ber
Septem ber

Im p o r ts :
1924
N ove m b er...............................$ 296,000,000
O cto b e r............................. .
310,802,053
11 m o n th s of th e y e a r ............. 3,276,672,967
E x ports:
Novem ber....... ......................
O cto b e r.......................... ......
11 m o n th s of th e ye a r.............




494,000,000
527,232,503
4,145,726,294

1923
$ 291,333,346
308,290,809
3,503,761,197
401,483,872
399,199,014
3,740,827,561

V a lu e
$3,692,334
4,673,908
1,620,477
1,164,666
249,349
948,669
605,191

1924____ $16,894,181
1923....... 13,797,130
1922____
8,003,459
1921.......
4,726,924
1920------- 21,820,271

Septem ber
Septem ber
Sep tem b er
Septem ber
Se ptem ber

19191918191719161915-

$21,413,024
7,413,296
7,749,104
5,526,861
. 6,755,934

G r a i n E x p o r ts - N e w O r l e a n s
T h e la r g e in c r e a s e i n w h e a t e x p o rts t h r o u g h N ew
O r l e a n s i n O c t o b e r c o n t i n u e d i n N o v e m b e r. I n c r e a s e s
o v e r t h e s a m e m o n t h a y e a r a g o w e r e a ls o s h o w n i n
e x p o r ts o f c o r n a n d o a t s , a s i n d i c a t e d i n t h e fo llo w ­
in g t a b l e :
S e a so n t h r o u g h
N ov. 1924
N ov. 1923

N o v. 1924

Nov. 1923

5,382,663
202,571
102,490

503,304
82,824
20,690
22,342

17,605,682
1,204,717
299,613

5,242,915
752,988
179,005
195,913

5,687,724

C o m ..
O a ts-.
Rye—

P r e l im i n a r y f i g u r e s r e l e a s e d b y t h e D e p a r t m e n t o f
C o m m e rc e s h o w e d a lo s s i n b o t h i m p o r t s a n d ex­
p o r t s d u r i n g N o v e m b e r, c o m p a r e d w i t h O c t o b e r ,
b u t a n i n c r e a s e o v e r N o v e m b e r 1923 i n b o t h i n s t a n c e s .
T h e r e w a s a n e x c e s s o f e x p o r ts d u r i n g N o v e m b e r o v e r
i m p o r t s o f $198,000,000, c o m p a r e d w i t h $110,150,526 f o r
N o v e m b e r l a s t y e a r . F o r t h e e le v e n m o n t h s o f t h i s
y e a 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 $869,053,327,
a g a i n s t $237,066,364 d u r i n g t h e s a m e p e r i o d i n 1923.
P r e l im i n a r y f i g u r e s f o r N o v e m b e r, w i t h c o m p a r is o n s ,
f o l lo w :

21,341,130
139,645,318
16,460,653
50,106,000
2,940,000
6,992
1,637,062
15,713
11,961,179

T o ta l fig u r e s f o r S e p te m b e r o f t h e p a s t t e n y e a rs
a r e s h o w n b e lo w f o r c o m p a r is o n :

$50,291,708

IM P O R T S A N D E X P O R T S

746,794
8,775,474

629,160

9,110,012

6,370,821

B U IL D IN G P E R M IT S
B u i ld i n g p e r m i t 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 f r o m t w e n t y c it i e s i n t h e d i s t r i c t f o r N o v e m b e r
t o t a l e d $8,124,453, c o m p a r e d w i t h $9,708,665 f o r N o v e m ­
b e r a y e a r a g o . T h is is a lo s s o f 16.3 p e r c e n t , o r
$1,584,212. D u e , h o w e v e r , t o a n e x c e p ti o n a ll y l a r g e
f i g u r e r e p o r t e d f r o m N a s h v ille f o r N o v e m b e r l a s t
y e a r , f i g u r e s f o r t h i s c i t y e x h ib i t e d a d e c r e a s e c o m ­
p a r e d w i t h t h a t m o n t h o f $2,722,052, a n d t h i s a c ­
c o u n t s f o r t h e lo w e r a g g r e g a t e f i g u r e s . O u r i n d e x
n u m b e r f o r N o v e m b e r , b a s e d o n 1919 a s r e p r e s e n t i n g
100, is 225.3, c o m p a r e d w i t h 269.3 f o r t h e c o r r e s p o n d ­
in g m o n th la s t y e ar.

T H E

M O N T H L Y

B U S IN E S S

Percen tage
N ovem ber 1924 N o vem ber 1923 c h a n g e
No.
V a lu e
No.
V a lu e i n value

Alabam a:
A n n is t o n ........
B ir m in g h a m —
M o b ile ............
M o n tg o m e ry —
F lo r id a :
J a c k so n v ille —
vL a k e la n d ........
M ia m i.............
♦M iam i B e a c h —
O r la n d o ..........
P e n s a c o la ...... .
T a m p a ...........
G e o rg ia :
A t la n t a ..........
A u g u s t a .........
C o lu m b u s .......
M a c o n - - ........
S a v a n n a h ------L o u is ia n a :
N e w O r le a n s A le x a n d ria ___
Tennessee:
C h atta n o o ga J o h n s o n C it y .
K n o x v ille ....... .
N a s h v ille ....... .
T o t a l 20 C itie s .....
In d e x N u m b e r.....
* - N o t in c lu d e d i n to ta ls

22,100

22

584
73
62

21 $

1,933,498
64,855
17,605
324,073
189,970
1,395,660
477.500
212,660
61,031
460,836

376

400
113

161
48

1,343,696
49,163
18,972
85,091
557.500

62

654,075
66,024

18,705
802,126
91,520
18,061

+ 18.2
+141.0
— 29.1
— 2.5

218,605
743,325
475,438
203,950
276,430
43,572
230,173

+ 48.2
— 74.4
+193.6
+134.1
-2 3 .1
+ 40.1
+100,3

132
41

1,889,264
38,114
110,609
400,071
83,470

— 28.8
+ 29.0
— 82.8
— 78.7
+567.9

234
65

939,750
82,602

— 30.4

218,760 ft3
40
53,750
409,314 244
175,790
$8,124,453
225.3
or in d e x n u m b ers.

307,607
125,825
558,931
2,897,842
$9,708,665
269.3

— 28.9
- 57.3

110
22

$

296
33
241
60

210

170
33

— 20.1

16.3

LUM BER
T h e v o lu m e o f o r d e r s b e i n g r e c e iv e d b y m e m b e rs
o f t h e S o u t h e r n P i n e A s s o c ia t io n c o n t i n u e d i n N o ­
v e m b e r a t a h i g h le v e l. F o r t h e f i r s t t im e i n a n u m b e r
o f w e e k s , o r d e r s f e ll b e lo w n o r m a l p r o d u c t i o n f o r t h e
w e e k e n d e d D e c e m b e r 5, t h i s b e in g t h e f i r s t i n d i c a ­
t i o n o f t h e u s u a l s e a s o n a l d e c lin e . P r o d u c t i o n h a s
c o n t i n u e d a t a le v e l b e t w e e n 85 a n d 90 p e r c e n t o f
n o rm a l. S h ip m e n ts h a v e e x c e e d e d p r o d u c tio n e a c h
w e e k . F o r t h e w e e k e n d e d D e c e m b e r 5, o f 81 o p e r a t ­
i n g m ills w h i c h r e p o r t e d t h e i r r u n n i n g tim e , 74 o p e r a t ­
e d f u l l tim e , a n d o f t h e s e 14 o p e r a t e d o v e r tim e , a n d 5
o f t h e s e o p e r a t e d d o u b le s h i f t s . R e p o r t s i n d i c a t e
t h a t p r i c e s h a v e m o v e d u p w a r d d r r i n g N o v e m b e r,
a n d t h a t b u y e r s a r e n o w h o l d i n g b a c k a ll b u t t h o s e
o r d e rs n e c e s s a ry t o m e e t t h e i r c u r r e n t r e q u ir e m e n ts .
P r e l im i n a r y f i g u r e s f o r N o v e m b e r, r e p o r t e d t o t h e
S o u t h e r n P i n e A s s o c ia t io n u p t o t h e 1 5 th o f D e c e m b e r
a r e s h o w n b e lo w , w i t h t h e u s u a l c o m p a r is o n s :
Nov. 1924
147 M ills
O rd e rs................ ............ 377,861,646
S h ip m e n t s ....................... 354,065,178
P r o d u c tio n ........ .......... .
313,427,922
N o r m a l p ro d u c tio n these
m ills____________ _____
348,949,072
Sto ck s, en d o f m o n t h ------ 789,144,345
N o rm a l sto c ks these m ills 956,478,867
U n fille d orders e n d of
m o n t h ......... ................ 258,754,605

O ct. 1924
144 M ills
373.340.640
368,451,300
348.302.640

N ov. 1923
145 M ills
319,061,670
326,972,454
350,485,372

355,410,230
853,459,356
983,267,407

357,104,180
866,665,958
955,615,515

243,829,260

222,108,864

C O T T O N C O N S U M P T IO N
UNITED STATES
C o t t o n C o n su m e d :
N ov. 1924
L i n t ...... ............................
492,233
L in te rs ...............................
50,960
I n C o n s u m in g E sta b lish m e n ts:
L i n t ................................... 1,046,612
L in te rs....... - .....................
95,781
I n P u b lic S to ra g e a n d a t C o m ­
presses:
L i n t ................................... 4,914,219
L in t e r s ..............................
51,804
Ex p o rts:
L i n t ................................... 1,289,239
L in t e r s ...............................
17,311
Im p o r ts ...................................
17,549
A ctive S p in d le s ........................ 31,789,876




COTTON GROWING STATES
N ov. 1924

587
75
64

256
94
420
24
157
41
373

;

R E V IE W

O ct. 1924
532,629
55,095

Nov. 1923
532,702
48,843

730,656
74,405

1,444,440
96,120

4,224,854
46,958

3,769,204
43,870

943,176
4,380
18,113
31,078,804

762,192
5,097
16,564
31,123,732

C o t to n C o n s u m e d - - ...............
347,548
I n C o n s u m in g E sta b lish m e n ts.
699,862
I n P u b lic Sto ra g e a n d a t C o m ­
4,646,786
presses........ - .......... ....... —
A ctive S p in d le s ........................ 16,682,076

O ct. 1924

N ov. 1923

373,390
468,578

358,642
929,172

3,980,449
16,463,988

3,609,220
16,164,912

M A N U F A C T U R IN G
C o t t o n C l o th
R e p o rts fo r N o v e m b er w e re m a d e to t h e F e d e ra l
R e s e r v e B a n k b y 28 c o t t o n m ills w h i c h m a n u f a c t u r e d
d u r i n g t h e m o n t h n e a r l y 29,000,000 y a r d s o f c l o t h .
T h i s w a s a d e c r e a s e o f 6.8 p e r c e n t c o m p a r e d w i t h t h e i r
o u t p u t i n O c to b e r, b u t a b o u t t h e sam e a s r e p o r te d
f o r N o v e m b e r l a s t y e a r . S h i p m e n t s w e r e s m a lle r
t h a n i n O c t o b e r , b u t l a r g e r t h a n i n N o v e m b e r 1923,
O rd e rs b o o k e d d u rin g N o v em b er in c re a s e d n e a rly 7
p e r c e n t o v e r O c to b e r, a n d u n f ille d o r d e rs a t t h e e n d
o f t h e m o n t h i n c r e a s e d n e a r l y 20 p e r c e n t , a n d s t o c k s
d e c lin e d . T h e m ills h a v e o r d e r s w h i c h w ill k e e p t h e m
o p e r a t i n g o n a n a v e r a g e o f 13 w e e k s .
November 1924 compared w ith:
Oct. 1924
Nov. 1923
Cloth m anufactured.................................... — 6.8
— 0.1
Cloth shipped-...... .................— ................. — 6.4
+14.4
Orders booked.......... .................................... + 6 .7
— 4.7
Unfilled orders.............................................. +19.8
+22.8
C loth on h a n d — ........................................ — 8.8
+ 7.5
Number on payroll....................................... + 0.9
+ 6.4
C o tto n Y a m
T w e n t y f o u r y a r n m ills r e p o r t e d t h e p r o d u c t i o n i n
N o v e m b e r o f n e a r l y 8,000,000 p o u n d s o f y a r n , 3.5 p e r
c e n t lo w e r t h a n i n O c t o b e r , b u t 13.7 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 . O r d e r s r e c e iv e d w e r e
a b o u t t h e sa m e a s i n O c to b e r, m o re t h a n h a lf a g a in
a s l a r g e a s i n N o v e m b e r 1923 a n d U n f i l le d o r d e r s w e r e
l a r g e r t h a n a t e i t h e r o f t h o s e p e r io d s . T h e m ills h a v e
o r d e r s w h i c h w ill k e e p t h e m o p e r a t i n g o n a n a v e r a g e
o f 12J w e e k s . C o m m e n ts c o n t a i n e d i n t h e r e p o r t s
i n d i c a t e im p r o v e m e n t i n t h e o u t l o o k f o r t h e i n d u s t r y .
November 1924 compared w ith:
Oct. 1924
Nov. 1923
Y arn m anufactured............. ....................... ..— 3.5
Y am shipped...................................................— 8.2
Orders booked— ...........................................+ 0 .2
Unfilled orders.............. .................. ..............+11.1
Y am on h a n d .............................................. ..+10.1
Number on payroll...................................... ..+ 5.0

+13.7
+11.7
+55.0
+41.4
— 4.0
— 3.2

O v e ra lls
T h e N o v e m b e r o u t p u t o f 6 o v e r a ll m a n u f a c t u r i n g
f ir m s w a s 13 p e r c e n t lo w e r t h a n i n O c t o b e r , a n d 5.1
p e r c e n t b e lo w t h e i r o u t p u t i n N o v e m b e r l a s t y e a r .
S t o c k s o n h a n d a ls o d e c l i n e d , b u t o r d e r s r e c e iv e d
i n c r e a s e d s l i g h tl y , w h ile u n f i l l e d o r d e r s r e p o r t e d a t
t h e e n d o f t h e m o n t h w e r e c o n s i d e r s b ly l a r g e r t h a n
a t e i t h e r o f t h o s e p e r io d s . C o m m e n ts c o n t a i n e d i n
t h e r e p o r t s s t a t e t h a t c u r r e n t d e m a n d i s b e lo w
n o r m a l, a n d t h a t b u y i n g i s lim i te d t o a c t u a l n e e d s .
R e p o r t i n g f ir m s o p e r a t e d a t 90 p e r c e n t o f c a p a c i t y
i n N o v e m b e r, c o m p a r e d w i t h 89 p e r c e n t i n O c t o b e r
a n d 71 p e r c e n t i n N o v e m b e r l a s t y e a r .
November 1924 compared w ith:
Oct. 1924
Nov. 1923
Overalls m anufactured................................ —13.0
— 5.1
Overalls on h a n d .......................................... — 2.6
—24.6
Orders booked............................................... + 1 .7
+ 1 .2
Unfilled orders—..................... .................... +36.8
+51.4
Number on payroll....................................... + 3.2
+16.1

8

T H E

M O N T H L Y

B U S IN E S S

B ric k
B ric k p r o d u c tio n i n N o v e m b er w a s c o n s id e ra b ly
lo w e r t h a n i n O c t o b e r , a l t h o u g h a t a h i g h e r r a t e
t h a n in N o v em b er a y e a r ago, a n d sto c k s o n h a n d
w e r e lo w e r t h a n a t e i t h e r o f t h o s e p e r io d s . O r d e r s
s h o w e d a s m a ll i n c r e a s e o v e r O c t o b e r , b u t w e r e c o n ­
s i d e r a b l y l a r g e r t h a n a y e a r a g o . U n f i l le d o r d e r s
w e r e a ls o m a t e r i a l l y l a r g e r t h a n a y e a r a g o b u t s l i g h t l y
s m a lle r t h a n a m o n t h e a r l ie r .
N ovem ber 1924 com pared w ith :
O ct. 1924
N ov. 1923
B r ic k m a n u fa c tu re d ............................... ..— 28.9
B r ic k o n h a n d ........................................ .— 21.8
O rde rs b o o k e d ........................................ ..+ 2 . 8
U n f ille d orders....................................... ..— 2.8
N u m b e r o n p a y r o ll— — : ...................... .+ 3 . 3

+11.1
— 13.3
+63.5
+35.2
+ 7 .2

H o s ie r y
F ig u re s r e p o rte d to t h e C e n su s B u r e a u fo r N ovem ­
b e r b y 23 i d e n t i c a l e s t a b l i s h m e n t s i n t h e 6 t h d is ­
t r i c t sh o w a fa llin g o ff i n p r o d u c tio n o f h o s ie ry
c o m p a r e d w i t h O c t o b e r . S h i p m e n t s w e r e a ls o lo w e r,
a n d s t o c k s o n h a n d a ls o d e c l i n e d . O r d e r s b o o k e d
w e r e o n ly s l i g h t l y lo w e r t h a n i n O c t o b e r , a n d u n ­
f i ll e d o r d e r s o n h a n d a t t h e e n d o f t h e m o n t h i n ­
c re a s e d . C a n c e lla tio n s w e re m a te ria lly la r g e r t h a n
i n O c to b e r.
N o v. 1924
H o s ie r y m a n u fa c tu re d .................
S h ip m e n t s ...................................
S t o c k s o n h a n d ...........................
O rd e rs b o o k e d .............................
C a n c e lla t io n s ...............................
U n fille d o rd ers............................

508,506
575,235
1,239,082
680,845
20,048
1,163,788

EM PLO Y M EN T
I n f o r m a t i o n r e c e iv e d f r o m v a r io u s s o u r c e s i n d i c a t e s
s a t i s f a c t o r y e m p lo y m e n t c o n d i t i o n s i n t h i s d i s t r i c t
d u r i n g N o v e m b e r, w i t h s o m e fe w e x c e p tio n s . R e ­
p o r t s r e c e iv e d f r o m c o t t o n c l o t h a n d y a r n m ills,
o v e r a ll a n d b r i c k m a n u f a c t u r i n g p l a n t s , s h o w so m e
in c r e a s e i n t h e n u m b e r o f w o rk e rs c o m p a re d w ith t h e
p r e c e d i n g m o n t h . T h e r e i s so m e u n e m p l o y m e n t i n
G e o r g ia d u e p r i n c i p a l l y t o t r a n s i e n t s c o m in g i n t o
t h e s t a t e f r o m t h e N o r t h . O o t t o n - o il m ills a t A u g u s t a
a r e t e m p o r a r i l y c lo s e d , b u t o t h e r i n d u s t r i a l p l a n t s
a r e o p e r a t i n g a n d l i t t l e u n e m p l o y m e n t i s i n e v id e n c e .
A t A tla n ta so m e b u ild in g m e c h a n ic s a r e b e in g r e ­
l e a s e d , a n d s o m e p l a n t s a r e o n p a r t tim e . T h e b u i l d ­
i n g p r o g r a m t h r o u g h o u t F l o r i d a is k e e p i n g r e s i d e n t
w o rk e rs o c c u p ie d , b u t t h e r e is so m e s u r p lu s o f u n ­
s k i l le d t r a n s i e n t l a b o r . C o n s t r u c t i o n o f h i g h w a y s
a n d r a i l r o a d l i n e s w ill c o n t i n u e t h r o u g h o u t t h e
w i n t e r a n d a f f o r d e m p lo y m e n t t o n u m b e r s o f u n ­
s k i l le d w o r k e r s . C i g a r f a c t o r i e s a r e w o r k i n g o v e r ­
tim e o n h o l i d a y o r d e r s . S o m e im p r o v e m e n t i s r e p o r t ­
e d fro m t h e B irm in g h a m d is tr ic t, w h e re p r a c tic a lly
a ll p l a n t s a r e o n a f u l l t im e b a s i s a n d i n c r e a s e s t o
f o r c e s h a v e b e e n m a d e . i n c o a l m in in g , t e x t i l e m ills
a n d l u m b e r p l a n t s . P a r t t i m e o p e r a t i o n i s i n e v id n c e
a t M o b ile a n d A n n i s t o n , b u t i n c r e a s e d e m p lo y m e n t
i s r e p o r t e d a t M o n tg o m e r y , D r o u g h t c o n d i t o n s
•h a v e a f f e c t e d e m p l o y m e n t i n L o u i s i a n a , b u t i n c r e a s e s
w e re m a d e t o fo rc e s i n s u g a r re fin e rie s a n d o n p la n ­
t a t i o n s , a n d o il r e f i n e r i e s a r e o n f u l l tim e , a n d a fe w
o f t h e l a r g e r l u m b e r p l a n t s a r e o n d o u b l e s h i t f s , em ­
p l o y in g a l a r g e a m o u n t o f l a b o r . I n M is s is s ip p i
i n d u s t r i a l e m p lo y m e n t i m p r o v e d c o n s i d e r a b ly , ex­
c e p t i n g i n t e x t i l e m ills , s o m e o f w h i c h a r e id le , a n d




o t h e r s o n p a r t t im e . L u m b e r m ills a r e o n f u l l t im e ,
a n d c o t t o n o il m ills a r e o n f u l l t im e w i t h i n c r e a s e d
fo rc e s . L ittle c h a n g e is r e p o r te d fro m T e n n e s s e e
w h e r e a s u r p l u s s t i l l e x is ts . A n u m b e r o f c o a l m in e s
h a v e r e s u m e d o p e r a t i o n s , s o m e o f t h e m o n p a r t tim e ,
b u t th e s u rp lu s o f th is k in d o f la b o r h a s d e c re a se d .
T e x t i le f o r c e s h a v e i n c r e a s e d , a l t h o u g h t h e r e i s s t i l l
s o m e p a r t t im e , a n d s o m e s u r p l u s .
COAL
P ro d u c tio n o f co al i n t h e U n ite d S ta te s , in d ic a te d
i n s t a t i s t i c s c o m p ile d b y t h e G e o lo g ic a l S u r v e y , w a s
l e s s t h a n o n e m illio n t o n s g r e a t e r d u r i n g t h e f iv e
w e e k s sin c e t h e f ir s t o f N o v e m b er t h a n d u r in g t h e
sa m e p e rio d a y e a r a g o .
O u tp u t d u rin g th e f r s t
w e ek o f N o v em b er w as a ffe c te d b y th e o b se rv a n c e of
A ll S o u l’s D a y a n d E l e c t i o n D a y a s h o l id a y s . A rm is ­
t i c e D a y a m o u n t e d t o a b o u t 60 p e r c e n t o f a f u l l d a y ,
a n d p ro d u c tio n d u rin g t h e la s t w e ek o f N o v em b er
w a s r e d u c e d b y t h e o b s e rv a n c e o f T h a n k s g iv in g D a y .
T h e f i g u r e f o r t h e w e e k e n d e d D e c e m b e r 6, h o w e v e r ,
is t h e l a r g e s t w e e k ly o u t p u t s i n c e M a r c h 1 s t.
Week E n d e d :
1924
N ove m b e r 8....................
9,331,000 t o n s
N o ve m b e r 15................... 10,129,000 t o n s
N o ve m b e r 22................... 10,559,000 t o n s
N o ve m b e r 29...................
9,640,000 t o n s
D ecem ber 6..................... 10,612,000 t o n s
T o t a l fo r th e ye ar t h r o u g h
Decem ber 6................ 433,797,000 t o n s

1928
10,726,000 t o n s
9,717,000 t o n s
10,160,000 t o n s
8,943,000 t o n s
9,829,000 to n s
514,200,000 to n s

O ct. 1924

441,058
509,315
1,198,453
675,467
102,846
1,253,407

R E V IE W

IR O N
F o r t h e f o u r t h c o n s e c u tiv e m o n th , p ig i r o n p r o ­
d u c tio n d u rin g N o v em b er re g is te re d a n in c re a s e o v er
t h e p re c e d in g m o n th , a c c o r d in g t o I r o n A ge s t a t i s ­
t i c s . T h e N o v e m b e r o u t p u t a m o u n t e d t o 2,509,673
t o n s , a n d w a s n e a r l y 41 p e r c e n t h i g h e r t h a n t h e lo w
f i g u r e r e a c h e d i n J u l y , w h e n o n l y 1,784,899 t o n s w e r e
p r o d u c e d . T h e d a il y r a t e o f p r o d u c t i o n i n N o v e m b e r
w a s 83,656, a g a i n s t 79,907 t o n s i n O c t o b e r . B o t h t h e
d a il y r a t e a n d t h e t o t a l p r o d u c t i o n w e r e , h o w e v e r ,
lo w e r t h a n d u r i n g N o v e m b e r l a s t y e a r . T h e r e w e r e
27 f u r n a c e s b l o w n i n d u r i n g N o v e m b e r a n d o n l y 4
b l o w n o u t o r b a n k e d , t h e n e t g a i n b e i n g 23, c o m ­
p a r e d w i t h a g a i n o f 9 i n O c t o b e r , a n d 23 i n S e p t e m b e r .
O u r i n d e x n u m b e r f o r N o v e m b e r p r o d u c t i o n i s 98.5,
a g a i n s t 97.2 i n O c t o b e r , a n d 113.6 i n N o v e m b e r l a s t
y e a r.
I r o n p r o d u c t i o n i n A la b a m a , c o n t r a r y t o f i g u r e s
f o r t h e c o u n tr y a t la rg e , s h o w e d a d e c lin e fro m O c­
t o b e r . N o v e m b e r o u t p u t w a s 2 3 3,124, c o m p a r e d w i t h
250,472 i n O c t o b e r , a n d 215,613 i n N o v e m b e r l a s t y e a r
O u r i n d e x n u m b e r f o r A la b a m a i r o n o u t p u t i n N o ­
v e m b e r i s 133.6 a g a i n s t 142.5 f o r O c t o b e r , a n d 122.7
f o r N o v e m b e r 1923. O n e f u r n a c e i n A l a b a m a w a s
b l o w n o u t d u r i n g N o v e m b e r, l e a v i n g 22 a c t i v e a t t h e
e n d of t h e m o n th . D u rin g t h e m o n th t h e p ric e o f
i r o n i n c r e a s e d f r o m a le v e l o f $17.50-$18.00 t o $19.50
p e r t o n , a n d s a l e o f a s m a ll t o n n a g e w a s r e p o r t e d
e a r l y i n D e c e m b e r a t $20.00. R e p o r t s ' i n d i c a t e t h a t
t o n n a g e d i s p o s e d o f i n N o v e m b e r w ill c o v e r t h e p r o ­
b a b le m a k e o f t h e f i r s t t h r e e m o n th s o f n e x t y e a r,
a n d i n q u i r i e s c o n t i n u e i n l a r g e vo lu m e*
U n f i l le d O r d e r s - U . S . S t e e l C o r p o r a t i o n
U n f i l le d o r d e r 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
t h e U n ite d S ta te s S te e l C o r p o r a tio n a m o u n te d t o
4,031,969, a n i n c r e a s e o f 506,699 o v e r t h e t o t a l a t t h e
e n d o f O c to b e r. T h is is t h e f o u r t h c o n s e c u tiv e m o n th
i n w h ic h a g a in w a s re c o rd e d , a n d t h e g a in i n N o ­
v e m b e r i s t h e l a r g e s t f l u c t u a t i o n s i n c e M a r c h 1922,
w h e n a d r o p o f m o r e t h a n six h u n d r e d t h o u s a n d
to n s w as re co rd e d .

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

9

N ov. 1924

NAVAL ST O R E S

Oct. 1924

N ov. 1923

Receipts— T u r p e n t in e :

E x e rc is e o f t r u s t p o w e r s b y S t a t e m e m b e r b a n k
s u b j e c t t o b o a r d ’s g e n e r a l c o n d i t i o n o f m e m b e r ­
s h ip .
T h e b o a r d r e c e n t l y r u l e d t h a t t h e o p e n in g o f a
t r u s t d e p a r tm e n t b y a S ta te m em b e r b a n k , w h ic h
h a d t h e r e t o f o r e e x e r c is e d o n ly t h e g e n e r a l p o w e r s
o f c o m m e rc ia l b a n k i n g , c o n s t i t u t e d a m a t e r i a l b r o a d ­
e n in g in t h e f u n c tio n s of th e b a n k w ith in t h e m e a n ­
i n g o f t h e b o a r d ’s g e n e r a l c o n d i t i o n o f m e m b e rs h ip
t o w h i c h t h e b a n k h a d a g r e e d u p o n b e c o m in g a
m e m b e r. T h e s u b s t a n c e o f t h i s c o n d i t i o n is n o w
c o n t a i n e d i n t h e b o a r d ’s R e g u l a t i o n H , s e r ie s o f
1924, a s c o n d i t i o n N o. 1 o f S e c ti o n IV , a n d is a s f o l lo w s :
E x c e p t w i t h t h e p e r m is s io n o f t h e F e d e r a l R e s e r v e
B o a rd , s u c h b a n k o r t r u s t c o m p a n y sh a ll n o t c a u se
o r p e rm it a n y c h a n g e to b e m ad e in th e g e n e ra l
c h a r a c te r of its a s s e ts o r in t h e sco p e of th e fu n c ­
t i o n s e x e r c is e d b y i t a t t h e tim e o f a d m is s io n t o
m e m b e rs h ip , s u c h a s w ill t e n d t o a f f e c t m a t e r i a ll y
t h e s t a n d a r d m a i n t a i n e d a t t h e tim e o f i t s a d m is s io n
t o t h e F e d e r a l R e s e r v e S y s te m a n d r e q u i r e d a s a
c o n d i t i o n o f m e m b e rs h ip .
T h e b o a r d r u l e s , t h e r e f o r e , t h a t e v e ry S t a t e b a n k
w h i c h h a s b e e n a d m i t t e d t o m e m b e rs h ip s u b j e c t t o
t h e te rm s of th is g e n e ra l c o n d itio n o r w h ic h h a s b e e n
o r m a y b e a d m i t t e d t o m e m b e rs h ip s u b s e q u e n t t o
t h e e f fe c tiv e d a t e o f t h e b o a r d ’s R e g u l a t i o n H , s e r ie s
o f 1924, viz, A u g u s t 15, 1924, m u s t o b t a i n p e r m is s io n
o f t h e F e d e r a l R e s e rv e B o a r d b e f o r e s u c h b a n k o p e n s
a t r u s t d e p a rtm e n t o r e n g ag e s de n ovo in t r u s t b u s i­
n ess.
R i g h t o f m e m b e r b a n k h a v in g t r u s t p o w e r s t o d e ­
p o s i t u n i n v e s t e d t r u s t f u n d s i n i t s s a v in g s d e p a r t ­
m e n t a n d t r e a t t h e m a s t i m e d e p o s i ts f o r r e s e r v e
p u rp o se s.
T h e q u e s t i o n s w e re r e c e n t l y r a i s e d w h e t h e r a m em ­
b e r b a n k w h i c h is a u t h o r i z e d t o e x e rc is e t r u s t p o w e r s
m a y d e p o s i t t r u s t f u n d s a w a i t i n g i n v e s t m e n t o r d is ­
t r i b u t i o n i n i t s s a v in g s d e p a r t m e n t a n d , if so , u n d e r
w h a t c ir c u m s t a n c e s s u c h d e p o s i ts m a y b e t r e a t e d




10,722
10,092
4,110

11,700
11,364
3,794

10,991
11,668
3,927

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

14,924

26,858

26,586

S a v a n n a h . - ...................
Ja ck so n v ille ..... .............
P e n sa c o la -................. —

44,428
46,316
14,263

43,515
37,059
12,388

42,680
48,239
15,169

T o t a l--------------------------

105,007

92,962

106,088

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

12,750
26,254
12,485

11,112
20,336
10,139

14,588
20,611
4,022

T o t a l.....................—

51,489

41,587

39,221

80,895
109,551
38,227

85,452
108,992
34,170

131,204
140,786
44,830

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

R U L IN G S O F T H E F E D E R A L R E S E R V E B O A R D

S a v a n n a h — ..................
J a ck so n v ille ...................
P e n sa co la ......................

S a v a n n a h .............. ........
J a ck so n v ille ____ ______
P e n sa c o la .............. - ......

R e c e ip t s o f s p i r i t s o f t u r p e n t i n e c o n t i n u e d t o d e ­
c lin e d u r i n g N o v e m b e r, a t t h e t h r e e p r i n c i p a l m a r k ­
e ts o f t h e d is tr ic t. R o s in r e c e ip ts , h o w e v e r, w e re
i n s l i g h t l y l a r g e r v o lu m e t h a n i n O c t o b e r , b u t s m a lle r
t h a n in N o v e m b er la s t y e a r. S to c k s of t u r p e n t i n e i n ­
c r e a s e d a b o u t t e n t h o u s a n d b a r r e l s , w h ile s u p p l i e s
o f r o s i n w e r e a b o u t t h e s a m e a s a m o n t h e a r l ie r .
P r i c e s o f r o s i n , a c c o r d in g t o s t a t i s t i c s o f t h e T u r ­
p e n t i n e & R o s i n P r o d u c e r s A s s o c ia tio n , w e r e c o n ­
s id e ra b ly h ig h e r in N o v em b er t h a n in O c to b e r, t h e
a v e r a g e b e in g $ 6 .7 2 |, c o m p a r e d w i t h $6.22^ f o r O c to ­
b e r , a n d $5.60 f o r N o v e m b e r 1923, w h ile t h e a v e r a g e
p r i c e o f t u r p e n t i n e i n N o v e m b e r w a s 79f c e n t s , a g a i n s t
84J c e n t s i n O c t o b e r , a n d $1.52i i n N o v e m b e r l a s t y e a r .

228,673

228,614

316,820

R o s in :

S to c k s— T u r p e n t in e :

R o s in :

a s tim e d e p o s i ts f o r p u r p o s e s o f r e s e r v e r e q u i r e ­
m e n t s . W ith r e g a r d t o t h e s e q u e s t i o n s t h e b o a r d
r u l e d a s f o l lo w s :
A m e m b e r b a n k le g a lly a u t h o r i z e d t o a c t a s t r u s t e e ,
e x e c u to r , e tc ., m a y d e p o s i t t r u s t f u n d s a w a i t i n g i n ­
v e s t m e n t o r d i s t r i b u t i o n i n i t s s a v in g s d e p a r t m e n t ,
a s w e ll a s i n i t s s t r i c t l y c o m m e rc ia l d e p a r t m e n t , p r o ­
v id e d t h a t t h e t e r m s o f t h e t r u s t p e r m i t a n d t h a t
a p p r o p r i a t e c o l l a t e r a l s e c u r i t y is d e p o s i te d i n t h e
b a n k ’s t r u s t d e p a r t m e n t , a s p r o v id e d i n S e c ti o n V o f
t h e b o a r d ’s R e g u l a t i o n F , s e r ie s o f 1924. I n t h i s
c o n n e c t i o n t h e p h r a s e “ c o m m e rc ia l d e p a r t m e n t , ”
a s u s e d i n S e c ti o n V o f t h e b o a r d ’s R e g u l a t i o n F ,
is i n t e n d e d t o r e f e r g e n e r a ll y t o t h e b a n k i n g d e ­
p a r tm e n t of th e tr u s t e e b a n k , as d is tin g u is h e d fro m
i t s t r u s t d e p a r t m e n t , a n d t o i n c l u d e i t s s a v in g s a n d
o t h e r tim e a c c o u n t s d e p a r t m e n t s .
D e p o s its o f t r u s t f u n d s t h u s m a d e i n t h e t r u s t e e
b a n k ’s s a v in g s d e p a r t m e n t m a y b e t r e a t e d a s t im e
d e p o s i ts f o r r e s e r v e p u r p o s e s , p r o v id e d t h e y c o n f o rm
t o t h e r e l e v a n t p r o v is io n s o f t h e b o a r d ’s R e g u l a t i o n
D , s e r ie s o f 1924. W h e t h e r o r n o t d e p o s i ts o f u n i n ­
v e s te d t r u s t f u n d s in t h e b a n k in g d e p a r tm e n t of t h e
t r u s t e e b a n k g iv e r i s e t o d e m a n d , o r t o tim e d e p o s i t
l ia b i li t ie s , w ill d e p e n d u p o n t h e c o n d i t i o n s u n d e r
w h i c h s u c h d e p o s i ts a r e m a d e , a n d t h i s q u e s t i o n is t o
b e d e t e r m i n e d i n t h e l i g h t o f t h e b o a r d ’s r u l i n g s a n d
r e g u l a t i o n s d e f in i n g d e m a n d a n d tim e d e p o s i ts .
I t is t o b e r e m e m b e r e d , o f c o u r s e , t h a t d e p o s i ts
o f t r u s t f u n d s s h o u l d n o t b e p e r m i t t e d t o r e m a in
i n t h e s a v in g s o r c o m m e rc ia l d e p a r t m e n t o f t h e
t r u s t e e b a n k f o r a n u n r e a s o n a b l e tim e , s in c e t h e la w
c le a r ly c o n t e m p l a t e s a n d t h e b o a r d ’s R e g u l a t i o n F
p r o v id e s t h a t o n ly t r u s t f u n d s a w a i t i n g i n v e s t m e n t
o r d i s t r i b u t i o n m a y b e e m p lo y e d i n t h e t r u s t e e b a n k ’s
b a n k in g d e p a rtm e n t.
A ll s u c h d e p o s i ts s h o u l d ,
th e re fo re , b e w ith d ra w n fro m th e b a n k in g d e p a r t­
m e n t w h e n re a d y fo r d is trib u tio n o r as so o n as a n
o p p o r t u n i t y t o i n v e s t t h e m i n m o re a p p r o p r i a t e a n d
r e m u n e r a t i v e c h a n n e l s a r is e s , I n v iew o f t h e s e c o n ­
s i d e r a t i o n s , i t w o u ld s e e m i n a p p r o p r i a t e i n m o s t c a s e s
t o m a k e d e p o s i ts o f t r u s t f u n d s s u b j e c t t o n o t i c e o f
w ith d ra w a l.




T H E

M O N T H L Y

B U S IN E S S

11

R E V IE W

M O N T H L Y IN D E X N U M B E R S
T h e fo llo w in g i n d e x n u m b e r s , e x c e p t w h e r e i n d i c a t e d o t h e r w is e , a r e c o m p u t e d b y t h e F e d e r a l R e s e r v e B a n k
o f A t l a n t a , a n d a r e b a s e d u p o n a v e r a g e f i g u r e s f o r 1919. T h a t is , a v e r a g e m o n t h l y f i g u r e s f o r t h e y e a r 1919 a r e
r e p r e s e n t e d b y 100, a n d t h e c u r r e n t m o n t h l y i n d e x n u m b e r s s h o w t h e r e l a t i o n o f a c t i v i t y i n t h e s e l in e s t o t h a t
p r e v a i li n g i n 1919.
R E T A IL T R A D E 6 T H D I S T R I C T

S e p te m b e r

O c to b e r

N ovem ber

S e p te m b e r

O c to b e r

N ovem ber

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

1924

1924

1924

1923

1923

1923

94.6
121.6
108.1
101.4
9 0.2
96.8
6 2.4
83.7
9 6.3

105.9
151.8
121.6
118.5
111.9
129.5
97.8
106.8
111.6

111.0
145.1
118.6
110.5
100.4
122.1
8 0.4
97.7
114.9

90.6
119.2
112.9
98.9
92.1
92.0
66.4
80.2
94.1

118.1
168.4
146.5
138.4
130.5
138.4
90.4
117.9
134.3

104.1
155.1
127.2
114.0
118.0
127.7
83.7
104.0
121.3

119
106

141
141

141
131

112
92

148
134

142
122

205
145
124
169
110
185
137

236
159
138
203
124
202
144

226
145
146
199
111
184
138

183
143
127
151
102
176
140

200
152
139
180
137
185
138

202
141
131
176
149
174
134

97.5
114.4
91.6
76.7
9 7.7

106.4
100.6
102.3
76.9
101.8

91.4
111.6
86.6
73.7
93.1

100.7
103.6
102.1
82.7
100.2

143
148
187
168
128
171
131
171
116
149

149
152
188
162
127
171
132
171
120
152

149.5
153.8
190.4
162.8
128.7
171.6
134.0
172.0
122.9
152.7

144
147
202
176
144
182
128
183
121
154

144
149
199
172
142
182
129
183
120
153

137.2
395.6
138.2
197.7
224.8
222.1
209.5

153.3
760.5
163.4
109.8
325.9
208.9
250.7

154.3
591.1
108.3
92.9
149.5
249.2
225.3

129.9
228.8
102.9
154.6
292.8
145.3
164.0

130.1
472.1
816.7
377.6
356.2
147.3
265.6

216.9
245.2
106.5
1530.7
214.8
193.1
269.3

80.6
135.8

97.2
142.5

98.5
133.6

122.6
121.2

123.6
121.2

113.6
122.7

57.9

58.8

67.3

84.0

77.9

72.9

A t l a n t a ........ .......... .....................................................
B ir m in g h a m ......... .......... .......... .......... .....................
C h a t t a n o o g a ........... .................................................
J a c k s o n . . . . . . .......................... . . ........................
N a s h v ille .................... ......................... ...................
N e w O r l e a n s , ...........................................................
S a v a n n a h ____________ _____ _______ ________
O t h e r C i ti e s _______________ ________________
D i s t r i c t _________________ ________ _______ . .
R E T A IL T R A D E U . S. (1)
D e p a r t m e n t S t o r e s ____ ______________
M a il O r d e r H o u s e s .......................................
C h a in S t o r e s :
G r o c e r y . __................................................
D r u g . . . ____________________ ______
S h o e ________ ________ _____________
5 & 10 c e n t ....................................... ........
M usic.. ........................... ..............................
C a n d y —, .................................................. ..
C i g a r . . . .................... . . . ...........................
W H O LESA LE TR A D E 6T H D IS T R IC T
G r o c e r i e s ............................................................
D r y G o o d s ......................... . . ............................
H a r d w a r e .................... . . . .............................
S h o e s ........ ...................................... .....................
T o t a l . ........... .................... . . ......................... __
W H O L E S A L E P R I C E S U . S. (2)
F a r m P r o d u c t s ..............................................
F o o d s .............. .......................................... ..........
C l o th s a n d C l o t h i n g ___________ ______
F u e l a n d l i g h t i n g . . ______ ____________
M e ta ls a n d m e t a l p r o d u c t s . . ......... ........
B u i ld i n g m a t e r i a l s . .................... ..
_
C h e m ic a ls a n d d r u g s ........................ . . . .
H o u s e f u r n i s h i n g s ___________________
M is c e ll a n e o u s _________________________
A ll c o m m o d itie s ______________________
B U IL D IN G P E R M IT S 6 T H D I S T R I C T
A t l a n t a __________ ___________________
B ir m in g h a m ___________________________
J a c k s o n v i ll e ___________________________
N a s h v ille ___ . _________ ____________
N e w O r l e a n s ___________________ ______
O t h e r C i ti e s __________________________
D i s t r i c t (20 c it i e s ) ________ . . . ___ _
P I G IR O N P R O D U C T IO N :
U n i t e d S t a t e s ________________________
A la b a m a ______________________________
U N F IL L E D O R D E R S —U . S. S T E E L
C O R P N __________ _____________________
(1) C o m p ile d b y F e d e r a l R e s e r v e B o a r d .
(2) C o m p ile d b y B u r e a u o f L a b o r S t a ­
t i s t i c s . (1913=100)




90.4
73.5
90.6
61.3
84.5

9 4 .7
80.4
89.5
72.1
81.2
146
148
201
167
141
181
130
176
118
152