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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
