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C o v e r i n g C o n d i t i o n s in t h e S i x t h F e d e r a l R e s e r v e D i s t r i c t .

FEDERAL RESERVE BANK OF ATLANTA
O SO AR N EW TO N .
C h a irm a n an d Fe d e ra l Reserve A gen t

VOL. 10, No. 12

(Com piled Dec. 16,11)25)

W ARD A L B E R T S O N ,
A ssista n t F e d e ra l Reserve A gent

ATLANTA, GA., DECEMBER 31, 1925

T h is R eview released fo r p u b lic a tio n in
afternoon papers. T h u rs d a y Dec. 31.

BUSINESS CONDITIONS IN THE UNITED STATES
(Prepared by the Federal Reserve Board)
Production of basic commodities in November continued
in about th e same volume as th e m onth before, and th e
general level of prices remained unchanged. A ctivity of
w holesale and retail trade was below th e record level of
October b u t larger th an in November of last year.

during November reached new high levels for th e m onth.
Movements of m erchandise and m iscellaneous commodities,
coal and coke were larger, w hile th o se of live stock, grain,
and forest products were som ewhat smaller th a n in No­
vember of th e two preceding years.

Production. O utput of basic in du stries included in th e

Prices

Federal Reserve Board's index of production
was at about th e same rate in November as in October, b u t
owing to a smaller number of working days th e index de­
clined by about one per cent. Increases occurred in aver­
age daily production of pig iron, steel in gots, copper, and
bitum inous coal, and in th e consum ption of cotton, while
th e production of flour, sugar and meat products declined.
Autom obile production in November was seasonally less
th a n in October, b u t con tinu ed large for th is time of th e
year. Employment and payrolls in m anufacturing in ­
dustries showed small increases in November as compared
w ith October. Employment and workmen's earnings in ­
creased in th e m achinery industries, w hile in food pro­
d ucts and tobacco and in th e cloth in g in du stry there
were seasonal declines. Building con tracts awarded were
smaller in November th an in October, b u t were larger w hen
compared w ith th e volume for November of previous years.
Final estim ates by th e Departm ent of A griculture in 1925
indicate th a t th e acreage of all crops harvested was slight­
ly larger th a n in 1924, b u t th a t th e aggregate production
of crops was in about th e same volume. Yields of cotton,
corn and tobacco were considerably larger th a n last year,
w hile th e production of w heat, oats, p otatoes, and hay
was smaller.

Trade

Sales in leading lines of w holesale trade
show ed th e u sual decline in November from
th e seasonally h igh levels in October b u t con tinu ed larger
th a n in th e corresponding m onth of any of th e p ast five
years. Total volume of trade at departm ent stores and
mail order h ouses was smaller th a n in October, owing
largely to th e smaller num ber of b usin ess days in Novem­
ber, compared w ith earlier years however, departm ent
store sales were th e largest on record for November and
sales at mail order h ouses were th e largest for th a t m onth
in th e past six years. M erchandise stock s at departm ent
stores showed considerably more th a n th e u su al increase
in November and were 4 per cen t larger th a n in November
of la st year. D istrib u tion of commodities by railroads




Wholesale prices, according to th e index of
th e Bureau of Labor S tatistics, remained
th e same in November as in October. Prices of live stock,
m eats and co tto n goods declined b u t th ese decreases were
offset in th e general averages by advances in th e price
of grains, fuel, lumber, and rubber. In th e first three
weeks of December prices of w heat, flour and hardwood
lumber were slightly higher th a n in November, w hile quo­
ta tio n s on cattle, cotton, coke, copper, and hides were
lower.

Bank Credit At member banks in leading cities th e volume
of credit o u tstan d in g on December 9 was
near th e h igh level reached early in November. Loans for
commercial and agricultural purposes declined som ewhat
during th e period, and there was also a decrease in th e
banks' secu rity holdings. C ontinued grow th of loans on
securities, however, was su fficien t to o ffset th ese reduc­
tion s and th e to ta l of loans and investm ents remained
practically u nchanged. At th e Reserve banks th e sea­
sonal demand for currency and credit resulted in an in ­
crease of to ta l bills and securities in December to th e
h ig h est level in nearly four years. This increase in Re­
serve bank credit in u se has been in th e form of discou nts
for member banks, as th e volume of purchased bills held
changed b u t little b etw een th e middle of November and
th e middle of December, and holdings of U nited S tates se­
curities also remained co n sta n t, except for a temporary
increase con n ected w ith treasury finan cing on December
15. Money in circulation increased by $71,000,000 betw een
November 1 and December 1 and th e con tinu ed demand for
currency in Decem ber was reflected at th e Reserve banks
b o th in in creased Federal Reserve n o te circulation and
in a decline in cash reserves. D uring th e la tter part of
November and early part of December open-market rates
on commercial paper and acceptances remained su b stan ­
tially unchan ged . Later in December increased demand
for credit and currency, largely seasonal in character, was
reflected in firmer m oney conditions.

PERCENT

Ind ex of U n ite d States B u re a u of L a b o r S ta tistic s. (1913—100, base adopted
b y b u re a u .) L a te s t fig u re November 158,

2

T H E

B L N O DLAS
IL IO S P O L R
z

1322

M O N T H L Y

B U S IN E S S

R E V IE W

B L N O D LAS
IL IO S P O L R
z

1923

192*

1925

Weekly fig u re s fo r 12 F e d e ra l Reserve B a n k s . L a te s t fig u re December 16.

SIX TH D ISTR IC T SUMMARY.
Except in th e localities affected by th e drought, gen­
erally satisfactory con d itions in m ost parts of th e Sixth
Federal Reserve D istrict are in d icated in confidential re­
ports made to th e Federal Reserve Bank and in other in ­
form ation and sta tistics gathered for th e M onthly B usi­
n ess Review. Sales figures reported by w holesale and re­
tail firms th rou gh ou t th e district have, in th e aggregate,
show n th e u su al seasonal movem ents during
th e
fall
m onths, b u t b oth retail and w holesale trade is in larger
volume th a n a year ago. R etail sales of reporting stores
in November were 8.6 per cen t greater th a n in th e same
m onth la st year, and w holesale figures are larger in all
lines from w hich reports are received.
The December report issu ed by th e U nited S tates De­
partm ent of A griculture estim ates th e prod uction of co t­
to n th r o u g h o u t th e b elt th is year at 15,603,000 bales, com­
pared w ith th e 1924 crop of 13,627,936 bales. The esti­
m ates for th e six sta te s of th is d istrict in dicate a crop
am ounting to 5,845,000 bales, an in crease of 46 per cen t
over th e production in th e se sta te s in 1924 as in dicated
by th e C ensus report of final ginnings. G innings of cot­
to n in th e se sta te s up to December 1, according to th e
C ensus B u reau ’s report, have am ounted to 5,307,980 bales,
an increase of 39.9 per cen t over ginnings for th e same
period la s t year. With th e exception of th o se cou n ties
in w hich, due to extreme drought, or other causes, th e
crop was alm ost a com plete failure, it may be reasonably
expected th a t th e larger prod uction of co tto n will m uch
more th a n offset th e lower price prevailing, as compared
w ith a year ago.
B uilding activity co n tin u es in th e d istrict on a level
m uch higher th a n a year ago, alth ou gh in November to ta l
perm its were som ew hat lower th a n were registered in

Weekly fig u res fo r b a n k s in 101 lead ing citie s. L a te s t fig u res, December 9.

th e la te summer. This is especially tru e in Florida, b u t
railroad con gestion and em bargoes have in terfered during
recen t m onths w ith sh ipm ents of all com m odities in to
th e sta te. Loans an d deposits of banks in th e principal
cities of. th e d istrict are at a h igher level th a n a year ago,
and savings deposits for November were 11 per cen t great­
er th a n la st year. T he volume of d eb its to individual
co u n ts a t 24 cities in th e d istrict for th e la te s t w eek avail­
able, December 16, exceeded th o se for th e same w eek la st
year by more th a n 18 per cent.

R E T A IL TRADE.
C onfidential reports to th e Federal Reserve B ank
for November, rendered by 48 departm ent stores lo ca ted
th ro u g h o u t th e sixth d istrict, show a fa llin g off in th e
volume of retail sales in November com pared w ith October,
b u t an increase over November 1924 of 8.6 per cent. This
is contrary to w hat took place a year ago, b u t is in lin e
w ith th e trend exhibited during th e years 1920 to 1923
inclusive. Fall sales u su a lly rise n oticeab ly in October,
recede som ewhat in November, and reach a peak for th e
year in December. Stocks of m erchandise on h an d at
th e end of November were fraction ally larger th a n a m onth
earlier, b u t were 1.8 per cen t smaller th a n a year ago.
Stock turnover in November w as n o t so rapid as in October,
b u t was b etter a t all reporting cities except Birmingham
and C hattanooga th a n in November la st year. For th e
eleven m onths of 1925 th e turnover has b een more rapid
at all reporting cities except C hattanooga th a n during
th e same period la st year. T he index num ber of retail
sales, com puted from figures reported by 41 of th e se stores,
was 125.0 for November, compared w ith 146.5 for October,
and w ith 114.9 for November la st year. November col­
lection s were reported E xcellent by 5 firms, G ood by 17,
and Fair by 11. D etailed com parisons are show n below ,
and index num bers for reporting cities appear on page 8.

CONDITION OF R E T A IL TRADE DURING NOVEMBER 1925
IN TH E SIX TH FED ERAL RESERVE D ISTR IC T BASED UPON REPO RTS FROM 48 STO RES.
2

1
N et sales--percentage
in crease or decrease
com pared w it h :

(A )
N ov. 1924
A tla n ta (5).................................
B irm in g h a m (5).....................
C h attan o o g a (6)....................
Ja c k so n (3)................................
N a sh ville (5).............................
N ew O rlean s (5).....................
S a v a n n a h (3)...........................
O th er C itie s (16)....................
D I S T R IC T (48)......................




+16.1
+ 4.0
—16.7
+14.2
+ 3.2
+ 6.3
+20.8
+22.5
+ 8.6

3

S to cks a t end of m o n th .
percentage increase or
decrease com pared w it h :

4

Percentage of sales to
average stocks in Nov.
(sto ck tu rn o ve r fo r
th e m o n th ):

5

P ercentage of sales to
average sto cks from
J a n . 1 to Nov. 30 (S to ck
tu rn o ve r fo r y e a r to
d ate)

of
o u tP ercentage
sta n d in g orders a t end
of m o n th to p u rch ases
d u rin g ca le n d a r y e a r.
1924:

(B )
J a n . 1 to
N ov. 30. 1924

(A )
N ov. 1924

(B )
O ct. 1925

(A )
1924

(B )
1925

(A )
1924

(B )
1925

(A )
O ct.

<B)
N ov.

+ 6.2
+ 2.1
- 1 8 .0
+ 6.8
— 0.6
+ 3.6
+ 8.5
+11.2
+ 3.1

—13.0
— 1.0
— 5.7
- 5.7
— 5.0
+ 4.9
— 3.7
+ 0.4
- 1.8

- 0 .2
+ 2.7
- 6 .6
+ 5.5
+2.9
—0.6
+ 5.3
+1.1
+ 0.3

23.5
26.8
24.9
20.1
22.9
24.5
20.7
22.2
23.9

31.9
26.6
22.0
25.4
25.4
25.1
27.1
29.3
26.8

271.6
253.0
216.2
220.5
238.8
235.6
207.9
224.8
239.8

320.7
273.4
212.0
243.9
268.4
247.4
250.2
265.5
263.5

3.2
6.5
3.1
X
4.4
10.1
9.6
5.8
6.3

2.9
7.0
2.1
X
3.2
9.3
7.8
3.4
5.5

T H E

M O N T H L Y

B U S IN E S S

W H O LESA LE TR A D E.
T h e v o lu m e o f s a l e s a t w h o le s a l e i n t h i s d i s t r i c t s h o w n
i n c o n f i d e n t i a l r e p o r t s r e c e i v e d f r o m 137 w h o le s a l e f i r m s
i n e ig h t d i f f e r e n t l i n e s , w a s n o t s o l a r g e i n N o v e m b e r a s
in O c to b e r, b u t w a s g re a te r th a n in N o ve m b er a y e a r ago.
A n u m b e r o f t h e r e p o r t s s t a t e t h a t t h e lo w e r p r ic e o f c o t ­
t o n h a s s e r io u s ly r e t a r d e d s a le s a n d c o lle c t io n s , p a r t ic u ­
l a r l y i n t h e s m a l l e r t o w n s . T h e lo w p r i c e o f s u g a r h a s
a ls o a f f e c t e d b u s in e s s a d v e r s e ly i n L o u is ia n a , a n d s a le s
i n v a r io u s lin e s i n F lo r id a , a lt h o u g h a t a h ig h le v e l, a r e
r e t a r d e d b y t h e d if f ic u lt ie s w h o le s a le r s a r e h a v in g i n o b ­
t a i n i n g g o o d s b e c a u s e o f c o n g e s t io n o n t h e r a i l r o a d s .
T h e d e c li n e i n s a l e s c o m p a r e d w i t h O c t o b e r , e v id e n c e d
i n a l l lin e s e x c e p t e le c t r ic a l s u p p lie s , m a y b e a t t r ib u t e d to
s e a s o n a l in f lu e n c e s . D u r in g s e v e r a l y e a r s p a s t t h e p e a k
o f f a l l s a l e s a t w h o le s a l e h a s b e e n r e a c h e d i n O c t o b e r , w i t h
d e c l i n i n g v o lu m e i n N o v e m b e r a n d D e c e m b e r . T h e c o m ­
b in e d in d e x n u m b e r , c o m p u te d fr o m s a le s r e p o r t e d b y
f i r m s d e a li n g i n 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 a n d s h o e s ,
f o r N o v e m b e r i s 9 9 .9 , b a s e d o n t h e a v e r a g e m o n t h l y s a l e s
i n 1919 a s r e p r e s e n t e d b y 100. I n t h e s e f o u r l i n e s , t h e
N o v e m b e r in d e x n u m b e r f o r g r o c e r ie s is t h e h ig h e s t s in c e
1 9 2 0 ; t h e n u m b e r f o r s h o e s w a s g r e a t e r i n N o v e m b e r 1923
a n d 1921, b u t t h e i n d e x n u m b e r s f o r d r y g o o d s , h a r d w a r e ,
a n d f o r t h e c o m b in e d s a l e s i n t h e s e f o u r l i n e s w a s h i g h e r
t h a n h a s b e e n r e g is t e r e d i n N o v e m b e r, s in c e t h is d a t a h a s
b e e n c o m p lie d , a s i n d i c a t e d b y t h e f o l l o w i n g f i g u r e s :
November
November
November
November
November
November

Groceries D ry Goods H ard w are Shoes
88.4
129.1
71.8
1925.......... .. 94.8
73.5
90.6
61.3
1924............. 90.4
1923 _____ _94.7
80.4
89.5
72.1
1922_____ _83.3
78.1
84.0
64.3
1921.......... ..69.7
69.7
72.6
74.0
1920.......... ..97.3
69.3
84.1
57.9

T o ta l
99.9
84.5
81.2
81.2
70.9
81.6

S a l e s o f g r o c e r i e s a t w h o le s a l e , r e p o r t e d b y
39 f i r m s d e c li n e d 1 4 .5 p e r c e n t i n N o v e m b e r
c o m p a re d w it h O c t o b e r . D u e t o in c r e a s e s o v e r N o v e m b e r
1924 r e p o r t e d f r o m J a c k s o n v i l l e a n d “ O t h e r C i t i e s ” , t h e
d i s t r i c t a v e r a g e i s a n i n c r e a s e o f 3 .1 p e r c e n t , b u t d e c r e a s e s
w e re re p o rte d fro m o t h e r r e p o r t in g c it ie s s h o w n in t h e
t a b le .
C o lle c t io n s i n N o v e m b e r w e r e r e p o r t e d e x c e lle n t b y
1 f i r m , g o o d b y 7 , a n d f a i r b y 9 . P e r c e n t a g e c o m p a r is o n s
o f s a le s a re s h o w n b e lo w :
Nov. 1925 compared w it h :
O ct. 1925
Nov. 1924
A tla n ta (5 firm s )................... -.....................
- 1 3 .6
- 1.7
Ja c k so n v ille (4 f ir m s ).— ..............................
— 4.2
+55.4
M erid ian (3 firm s )..............................................
- 2 2 .7
- 1 0 .9
—11.7
—22.4
N ew O rleans (9 f ir m s )....................................
V ick sb u rg (4 firm s )........................ .............. - —30.8
—12.8
O th er O ities (15 firm s )— .............................
—18.8
+4.4
D I S T R I C T (39 firm s )...............................— - 1 4 .5
+ 3.1

3

R E V IE W

in November la st year. The reports in dicate th a t retail
m erchants are b uying only for prospective requirem ents
for th e balance of th e year in order to show low inventories
at th e close of th e year’s business. Collections were re­
ported good by 5 firms, and fair by 7. P ercentage com­
parisons of sales are in dicated in th e follow ing table:
A tla n ta (6 firm s )...........-.......... .......................
C h attan o o g a (3 fir m s )........................ ..........
N ash ville (3 firm s )________________________
O th er C itie s (6 firm s ). - ........... . . .................
D I S T R IC T (18 f ir m s ) - ......... — ............ —

Nov. 1925 com pared w it h :
O ct. 1925
Nov. 1924
— 4.6
+48.7
—18.4
+3.9
- 2 9 .5
+ 9.7
—20.5
+18.7
- 1 6 .6
+21.0

Electrical
November sales by 11 w holesale electrical
Supplies
supply dealers increased 6.3 per cent over
October, and were 66.5 per cent greater th a n in November
la st year. Some of th e reports in d icate th a t wholesalers
are unable to fill th e demand for radio supplies, because
of their own in ab ility to obtain shipm ents from m anu­
facturers. Collections were reported good by 6 firms, and
fair by 4. P ercentage comparisons of sales are show n
b elo w :
A tla n ta (3 firm s ).................................................
N ew O rleans (3 firm s )......... ...........................
O th er C itie s (5 firm s )................... ...................
D I S T R I C T (11 f ir m s ).— _______ _________

Nov. 1925 compared w it h :
O ct. 1925
Nov. 1924
+ 9.4
+ 80.5
— 8.5
+14.2
+14.2
+107.4
+ 6.3
+ 66.5

Figures contained in th e table show percentage
comparisons of sales in th e other three lines, three re­
ports n ot having been received from any city in any of
these lines. Seasonal declines are shown compared w ith
October, b u t increases in sales over November la st year
are shown in all three lines. Collections were reported
good by 1 shoe firm, and fair by 4; good by 2 stationery firm s;
and fair by 2 drug firms.
Nov. 1925 compared w it h :
O ct. 1925
Nov. 1924
—27.0
+14.0
—35.3
+22.1
—14.1
+7.2

G r o c e r ie s

D ry Goods

N o v e m b e r s a l e s r e p o r t e d b y 26 w h o le s a l e
d r y g o o d s f i r m s w e r e 3 4 .4 p e r c e n t s m a l l e r
i n v o lu m e t h a n i n O c t o b e r , b u t w e r e 8 .9 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 1924. D e c r e a s e s a t A t l a n t a a n d N a s h ­
v ille , c o m p a re d w it h a y e a r a g o , w e re m o re t h a n o ffs e t b y
in c r e a s e s a t J a c k s o n v ille , N e w O r le a n s a n d “ O t h e r O it ie s .’ ,
C o lle c t io n s w e r e r e p o r t e d e x c e lle n t b y 1 f ir m , g o o d b y 8,
f a i r b y 9 , a n d p o o r b y 1. P e r c e n t a g e c o m p a r is o n s o f s a l e s
fo llo w :
Nov. 1925 compared w it h :
O ct. 1925
Nov. 1924
A tla n ta (4 firm s )........................................ —
—41.4
—25.1
Ja c k so n v ille (3 firm s )---- ---------------—20.0
+87.1
N ash ville (3 firm s )------------------ ----- —48.4
—10.1
N ew O rleans (3 firm s ).....................................
—28.6
+21.9
O th er C itie s (13 fir m s )....................................
—32.3
+8.7
D I S T R IC T (26 f ir m s ) ......................................
- 3 4 .4
+ 8.9
H a rd w a re

S a l e s o f h a r d w a r e a t w h o le s a l e d u r i n g N o ­
v e m b e r , r e p o r t e d b y 29 f i r m s , w e r e 1 0 .2 p e r
c e n t s m a l l e r i n v o lu m e t h a n i n O c t o b e r , b u t w e r e 2 7 .2 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 1924. C o l l e c t i o n s i n N o ­
v e m b e r w e re re p o rte d g o o d b y 6 f ir m s , a n d f a ir b y 9. P e r ­
c e n t a g e c o m p a r is o n s o f s a l e s a r e s h o w n i n t h e t a b l e :
Nov. 1925 com pared w it h :
O ct. 1925
Nov. 1924
A tla n ta (3 firm s )...............-...............................
— 9.9
+35.1
C h attan o o g a (3 firm s )................. ...................
—15.1
— 9.2
Ja c k s o n v ille (3 firm s )........... ...........................
+14.0
+80.2
N ash ville (3 firm s ).................. .....................—
—18.7
+31.6
N ew O rleans (5 firm s )----------- --------—13.7
+11.5
O th er O ities (12 firm s )............... .......... ..........
— 6.9
+37.8
D I S T R I C T (29 f ir m s ) ......................................
-1 0 .2
+27.2

F u r n it u r e

N o v e m b e r r e p o r t s f r o m 18 w h o le s a l e f u r n i ­
t u r e f i r m s s h o w a v o lu m e o f s a l e s 1 6.6 p e r
c e n t s m a l l e r t h a n i n O c t o b e r , b u t 21 p e r c e n t g r e a t e r t h a n




Shoes (7 firm s )............... ......................... ............
S ta tio n e ry (3 firm s )...................— ...............
Drugs (4 firm s ).................................................. .

AGRICULTURE
Cotton
The final estim ate by th e D epartm ent of Agriculture,
made public early in December, and based on conditions
December 1, in d icates a to ta l production of cotton th is
year am ounting to 15,603,000 bales, an estim ate higher by
305,000 bales th a n th a t made two weeks earlier and based
on conditions th e middle of November. According to
th is estim ate th is year’s crop will be 14.5 per cen t or nearly
two million bales greater th a n th e 1924 crop, w hich totaled
13,627,936 bales. The report sta tes th a t w eather con­
ditions during th e la st half of November were unusually
favorable for picking in most of th e sta tes and growers
have picked, or expected to pick, some co tto n w hich a
few weeks earlier th ey feared would be lost. The report
explained th a t th e number of bales ginned in Georgia and
South Carolina up to December 1 was larger th an th e es­
tim ated production, because th e census report of gin­
n ings is in “running b ales” while th e D epartm ent of Agri­
cu lture’s estim ate of production is in equivalent 500 pound
bales, containing 478.1 pounds of lin t cotton, and 21.9
pounds of bagging and ties. The abandonm ent of acre­
age is estim ated by th e D epartm ent at 4.6 per cen t of th e
estim ated acreage of cotto n in cultivation June 25. The
abandonm ent ran as h igh as 9 per cen t in Texas. In th is
district it was estim ated at 2 per cen t in Georgia; 1.5 per
cent in Florida, Louisiana and Tennessee, and 1.0 per cent
in Alabama and Mississippi.
The estim ated production for th e six sta te s comprising
th e sixth d istrict am ounts to 5,845,000 bales, an increase
of 46 per cent over th e 4,003,892 bales produced in these
sta tes during th e 1924 season. The table below shows
th e estim ates for th ese states, compared w ith final gin­
nings of th e 1924 crop :
F in a l E stim a te
1925
1,335,000
40,000
1,150,000
900,000
1,930,000
490,000
5,845,000
15,603,000

A la b a m a .......... ........................... ..................................
F lo r id a ______ ____________ _____________________
G eo rg ia............................................ .............................
L o u is ia n a ----- ~ ---------------- --------..........
M ississip p i....................................................................
Tennessee..................................... ................................
T o ta l six sta te s_______________ ______ _______
T o ta l U n ite d S ta te s..............................................

G in n in g s
1924
985,276
19,752
1,030,092
496,232
1,116,611
355,929
4,003,892
13,627,936

4

T H E

M O N T H L Y

B U S IN E S S

T h e f o llo w in g t a b le c o n t a in s f ig u r e s t a k e n fr o m t h e
r e p o r t o f t h e C e n s u s B u r e a u s h o w in g t h e a m o u n t o f c o t ­
t o n g i n n e d p r i o r t o D e c e m b e r 1, c o m p a r e d w i t h s i m i l a r
f i g u r e s f o r 1924. G i n n i n g s t h i s y e a r s h o w a n i n c r e a s e i n
t h e s e s i x s t a t e s o f 39.9 p e r c e n t o v e r f i g u r e s f o r t h e s a m e
p e r io d l a s t y e a r . F o r t h e U n i t e d S t a t e s a s a w h o l e , h o w ­
e v e r , t h e i n c r e a s e o v e r 1924 o n D e c e m b e r 1 i s 13.2 p e r c e n t .
G in n in g s p rio r to
Dec. 1.1925 Dec. 1. 1924
1,301,471
952,569
A la b a m a ____________ _______ _________________
F lo rid a ________________________________________
39,467
19,321
G e o rg ia.......... ...................................... .........................
1,167,306
977,904
L o u is ia n a .................... .................................................
823,589
470,793
1,570,769
1,077,143
M ississip p i................ -.......... -.......... — ...................
Tennessee-------------- ----------------------405,378
295,886
T o ta l six sta te s------------- ----- ----------5,307,980
3,793,616
T o ta l U n ite d S ta te s________________________ 13,857,686
12,237,659
F l o r i d a F r u i t s a n d V e g e t a b le s .
T h e m o v e m e n t o f c it r u s f r u it s f o r N o v e m b e r, a n d fo r
th e p r e s e n t se a so n u p to th e e n d o f N o v e m b e r, is c o n ­
s i d e r a b l y s m a l le r t h a n f o r t h e c o r r e s p o n d i n g p e r io d s a
y e a r a g o . T h e N o v e m b e r m o v e m e n t o f v e g e t a b le s w a s
s l i g h t l y s m a l le r t h a n i n t h e s a m e m o n t h a y e a r a g o , b u t
th e t o t a l f o r t h e s e a s o n to d a te is s lig h t ly la r g e r . F ig u r e s
s h o w in g t h e t o t a l c a r l o t s h i p m e n t s o f c i t r u s f r u i t s a n d
v e g e t a b le s , r e p o r t e d b y C h a s e & C o . a r e s h o w n i n t h e t a b le :
Season th ro u g h
Nov. 1925 Nov. 1924 Nov. 1925 Nov. 1924
C itru s F r u it s :
3,903
2,378
4,155
O ran g es....................................... 2,076
2,998
2,636
4,411
G ra p e fru it................................. 1,805
T an g e rin e s.................................
76
291
77
291
T o t a l____________ _____ - 3,957
T o t a l movement of vegetables
374

7,192
381

5,091
417

R efined Sugar (P ounds).
Nov. 1925
S h ip m en ts:
N ew O rle a n s_________ _____ 71,415,679
S a v a n n a h .................... ............... 21,646,178
S to ck s:
N ew O rle a n s— ............—
11,421,445
S a v a n n a h .................. -.......... . .
1,646,867

O ct. 1925

Nov. 1924

97,237,447
29,538,531

51,594,774
23,352,261

43,404,997
2,152,169

18,123,541
4,907,668

Rice Movement.
Rough Rice (Sacks) Port of New Orleans.
Nov. 1925
R eceip ts___________ ___________________
S h ip m en ts____________________________
S to c k _________ _____ ___________________

78,948
68,553
26,923

O ct. 1925

Nov. 1924

87,133
91,116
16,528

170,815
158,763
53,854

Clean Rice (Pockest) Port of New Orleans.
R eceip ts_______ ___________________—
S h ip m en ts_____ _______ ______________
S to c k ....................................... ..................... ..

190,724
172,564
122,684

155,368
186,218
104,524

352,968
339,350
193,043

Receipts of Rough Rice (Barrels).
Last
Season to Season to
N ov. 1925 N ov. 30, 1925 Nov. 30, 1924
A sso ciatio n M ills ...................................... 818,918
2,452,627
3,505,890
N ew O rlean s M ills ___________ ______
79,948
428,641
649,013
O u tsid e M ills ............................. -.......... - 232,000
594,450
1,227,048

8,857
401

1,130,866

O ct. 1925

Nov. 1924

379,801
33,527
87,541
39,354
39,610
9,597
4,017

458,439
47,082
167,621
45,645
186,093
24,378
13,291

368,669
24,431
82,731
59,375
40,392
9,968
6,878

A sso ciatio n M ills ...................... ............... 605,237
N ew O rle an s M ills.............................—
60,317
O u tsid e M ills _____ ___________________ 169,050

1,787,234
394,655
429,398

2,097,917
553,429
814,124

834,604

2,611,287

3,465,470

451,015
28,302
129,514
60,637
110,727
28,710
25,331

434,247
43,282
161,293
47,670
105,657
26,344
27,817

373,361
18,738
90,676
65,814
63,995
25,565
9,271

(B a le s )
Nov. 1925

3,475,718

5,381,951

Distribution of Milled Rice (Pockets).

C o tt o n M o v e m e n t— S ix t h D is t r ic t .

Hec6ipts *
N ew O rle a n s...............................— M obile________________________ —
S a v a n n a h ............................................
A t la n t a - ___________________ _____
A u g u sta -------------- ------------M ontgom ery.............. . .......................
M a c o n - ............................ .....................
S to c k s:
N ew O rle an s— ............-.................
M obile........... ...........................................
S a v a n n a h ............................. —............
A t la n t a .........-...................— -------A u g u sta-................................... -..........
M ontgom ery.............. .......... ...............
M acon......................................................

R E V IE W

Stock.
D ec. 1, 1925 N ov. 1, 1925 Dec. 1,1924
A sso ciatio n M ills _________ ______ 742,326
N ew O rlean s M ills________ _____ —
142,245
O u tsid e M ills ............................................... 206,000
1,090,571

504,292
1,540,783
115,388
237,838
132,000
486,500
751,680

2,265,121

C o t t o n M o v e m e n t (B a le s ) U n it e d S t a t e s

FINANCIAL.

S i n c e A u g u s t 1 ,1 9 2 5 .
1925
1924
1923
5,529,219 «5,107,929 4,032,761

R eceip ts a t a ll U . S . P o rts ......... ..........
O verland across M ississipp i, O h io,
Potom ac R iv ers to N o r. M ills
an d C a n a d a ____________________ —
637,147
495,352
373,221
In te rio r sto ck in excess of thoseheld
a t close of Com m ercial y e a r---- 1,426,661 1,116,840 764,594
S o u th e rn M ills T a k in g s n e t.............. - 2,079,000 1,680,717 1,665,861
T o ta l fo r 126 d ays______________ ______ 9,672,027 8,400,838 6,836,437
Fo reig n exports......... ................................— 3,837,776 3,432,646
♦American M ills N or. & S o u th &
C a n a d a ___________________ ______ — 3,256,285 2,669,011
A m erican C o tto n th u s f a r ----------- 5,902,000 4,932,000 4,547,000
♦Of w h ic h 1,049,736 b y N o rth e rn sp in n e rs a g a in st 846,646 la s t y e ar
an d 2,206,549 b y S o u th e rn sp in n e rs a g a in st 1,828,365 la s t y e a r.

SUGAR CANE AND SUGAR
W eather con d itions in th e L ouisiana sugar cane b elt
during th e la st w eek of November and early December are
reported to have b een more favorable for ripening of th e
oane, and some improvement w as n o ted in th e sugar con­
te n t of th e cane, alth o u g h th e yield is still reported low
for th is season of th e year. G rinding is going on rapidly
and all factories are reported operating.
Movem ent of Sugar.
Raw Sugar.
Nov. 1925
O ct. 1925
R eceip ts *
N ew O rle an s......... ...............- 48,464,218
62,271,251
S a v a n n a h __________ _______ _22,054,834
24,473,459
M elting s:
N ew O rle an s_______________ __41,745,727
73,957,271
S a v a n n a h ______ ____________ __22,054,834
28,233,451
S to ck s:
N ew O rle an s— ............—
8,459,481
1,740,990
S a v a n n a h ................................... ... .................................................




Nov. 1924
36,077,509
28,097,110
16,504,716
26,689,368
15,615,678
3,608,865

R eplies to general in q u iries addressed to member banks
scattered th ro u g h o u t th e six th d istrict co n tin u e to in ­
dicate generally satisfactory con d ition s in m ost sections.
In some in sta n c es reports have b een received sta tin g th a t
farmers are h olding th eir co tto n for h igher prices th a n
now prevail, b u t in a m ajority of cases th e reports in d ica te
th a t th e crop h a s b een disposed of. L oans d uring re­
cen t w eeks have b een redu ced a t reporting cities and
th ere h as b een some decline in dem and deposits, b u t sav­
in g s d ep osits reported by 93 b anks a t th e end of N o­
vember were 1.9 per ce n t greater th a n a m onth earlier,
and 11 per cen t greater th a n a year ago. D eb its to indivi­
dual a cco u n ts a t 24 cities during th e w eek ended Decem ber
16 were 18.4 per cen t greater th a n d uring th e same w eek
la st year.
Weekly reports received from 36 member b anks lo ca ted
in A tlanta, New Orleans, Birmingham, Jacksonville, N ash­
ville, C hattanooga, Knoxville and Savannah, show a de­
cline of 1 per cen t in to ta l d isco u n ts from November 11
to December 9, b u t on th e la tte r date were 16.5 per cen t
greater tharf a year ago. In vestm en ts of th e se banks
were also som ew hat higher th a n a t th a t time, and th e
to ta l of their loan s, d isco u n ts and in v estm en ts on De­
cember 9 w as $621,242,000, 17.5 per cen t greater th a n on
th e corresponding report d ate la st year. Time d ep osits
reported by th ese 36 banks for Decem ber 9 show ed a small
increase for th e m onth, b u t dem and d ep osits declined
2.4 per cen t during th a t time. Compared w ith a year
ago, time d ep osits show ed an increase of 13.2 per cent,
and demand d ep osits an increase of 19.3 per cent. Prin­
cipal item s in th e w eekly statem en t, w ith com parisons,
are show n in th e ta b le :

T H E

M O N T H L Y

B U S IN E S S

Member Banks in Selected Cities.
(000 Omitted.)
B ills D isc o u n te d :
Secured b y G ovt. O b lig atio n s
Secured b y Sto cks an d B o n d‘ s
‘ “
A ll O th ers................. -........
T o ta l D is c o u n ts_______
U . S . S e cu ritie s____________
O th er Sto cks an d B o n d s..
T o ta l lo an s, d iscou n ts an d invest­
m en ts___________________________ _
Tim e D ep o sits_______________________
Dem and D ep osits___________________
Accom m odation a t F . R . B a n k ...

Dec. 9,
1925

Nov. 11,
1925

Dec. 10,
1924

$ 8,333
93,957
427,731
530,021
41,699
49,522

$ 8,223
101,621
425,316
535,160
42,199
51,604

$ 7,652
65,679
381,497
454,828
31,239
42,851

_______
621,242
217,156
365,756
16, f "

628,963
216,262
374,876
16,067

528,918
191,896
306,624
10,820

The w eekly statem en t of th e Federal Reserve Bank of
A tlanta for December 16 shows a volume of d iscou n ts for
member banks in th e d istrict am ounting to $27,791,000
smaller by $533,000 th a n a m onth earlier, b u t $9,647,000 or
53.2 per cen t greater th a n on th e corresponding report
date a year ago. In vestm en ts in accep tances b ough t
in th e open market and in U nited S tates securities were
greater th a n a year ago, and to ta l bills and securities on
December 16 am ounted to $107,200,000 greater by $76,587,000
or 250.2 per cent, th a n at th e same time a year ago. Cash
reserves were 9 million dollars greater th an a m onth ago,
b u t 32 million dollars less th a n a year ago. D eposits were
2 li m illions greater, and Federal Reserve N otes in circu­
lation were 20 m illions greater th a n at th a t time. Prin­
cipal item s in th e weekly statem en t of th e Federal Reserve
Bank, savings deposits, and d eb its to individual accoun ts,
are"shown in th e tables follow ing:

Federal Reserve Bank.
(000 Omitted.)
B ills D isco u n te d :
Secured b y G o vt. O b lig atio n s
A ll O th ers____________ ______ _
T o ta l D isc o u n ts----------------B ills bo ug ht in Open M arket____
U . S . S e cu ritie s---------------------T o ta l b ills an d se cu ritie s_________
C a sh Reserves_______________________
T o ta l D ep osits_______________________
F . R . Notes in a c tu a l c irc u la tio n
Reserve R a t io ________________________

Dec. 16,
1925

Nov. 18,
1925

$ 5,715
22,076
27,791
66,038
13,010
107,200
140,966
84,569
163,085
56.9%

$ 6,985
21,339
28,324
65,667
15,183
109,408
131,922
86,429
155,818
54.5%

Dec. 17,
1924
$ 1,497
16,647
18,144
8,390
3,815
30,613
173,124
63,052
142,994
84.0%

Savings Deposits.
(000 Omitted.)

A tla n ta (7 b a n k s )-------$
B irm in g h a m (5 b a n k s )..
Ja c k so n v ille (5 b a n k s )..
N a sh ville (10 b a n k s )—
New O rle an s (8 b a n k s ).
O th er C itie s (58 b a n k s)
T o ta l (93 b a n k s )________

Co m pari­
C om pari­
son of
son of
Nov.
O ct. N ov.-O ct. Nov. Nov.
1925
1925
1925
1924 1925-1924
34,691 $ 34,023 +2.0 $ 32,392 + 7.1
24,430
24,104 +1.4
23,133 + 5.6
27,813
28,136 —
1.1 19,377 +43.0
23,619
23,009 + 2.7
20,537 +15.0
48,138
47,590 +1.2
47,707 + 0.9
107,228 104,006 +3.1
96,349 +11.3
265,919 260,868 +1.9 239.495 +11.0

D EBITS TO INDIVIDUAL ACCOUNTS
Sixth Federal Reserve D istrict.

K n o x v ille - .............. ..........
M acon___________________
M e rid ia n ________________
M obile____ _____ _________
M ontgom ery____________
N a s h v ille ________________
N e w n a n _________________
N ew O rle a n s ....................
P e n saco la_______________
S a v a n n a h __________ ____
T a m p a ____________ ____
V a ld o sta __________ ______
V ic k sb u rg ___________

Week End ed
Dec. 16, 1925 Nov. 18,1925 Dec. 17, 1924
$ 1,344,000 $ 1,598,000 $ 1,379,000
40,613,000
45,180,000
33,158,000
6,969,000
8,466,000
8,356,000
- 35,210,000
37,260,000
33,731,000
864,000
993,000
776,000
11.756,000
13,652,000
10,059,000
4,034,000
4,763,000
3,823,000
941,000
1,180,000
992,000
226,000
326,000
289,000
5,100,000
5,600,000
4,450,000
35,834,000
34,740,000
18,660,000
8,098,000
8,819,000
8,052,000
6,281,000
7,318,000
6,232,000
3,798,000
4,343,000
3,266,000
9,864.000
9,574,000
7,910,000
6,190,000
6,581,000
5,380,000
22,565,000
22,161,000
18,817,000
551,000
528,000
834,000
96,241,000 108,698,000
90,574,000
2,728,000
2,956,000
1,905,000
12,276,000
13,347,000
10,279,000
24,839,000
26,033,000
12,009,000
1,812,000
1,598,000
1,280,000
2,476,000
2,501,000
..
2,441,000

T o ta l 24 C it ie s ..................

$369,190,000 $287,712,000

A u g u sta —
B irm in g h a n
B ru n s w ic k .
D o th a n . . .
E lb e rto n .

Commercial Failures.
According to sta tistics compiled and published by R. G.
D un & Oo., commercial failures in th e U nited S tates during
November am ounted to $35,922,421, som ewhat larger th a n



R E V IE W

5

for th e preceding m onth or for th e same m onth la st year.
The number of failures in November was reported as 1,672
compared w ith 1,581 in October, and w ith 1,653 in Novem­
ber 1924. L iabilities of failing firms in th e sixth district
for November am ounted to $2,065,090, more th an twice
th e low figure reported for October, and som ewhat larger
th a n for November la st year. S ta tistics divided by Federal
Reserve D istricts are show n in th e table:
Num ber L ia b ilitie s L ia b ilitie s
L ia b ilitie s
Nov. 1925 Nov. 1925
O ct. 1925 Nov. 1924
B o sto n -----------158 $ 2,118,334 $ 6,081,076 $ 5,388,846
New Y o r k ________
302
5,734,875
5,549,095
6,278,358
49
1 011,228
P h ila d e lp h ia
1,784,719
1,129,368
165
3,428,114
C levelan d ________
3,176,711
2,441,042
91
R ich m o n d _______
1,631,370
2,524,656
1,715,396
A tla n ta ----------74
2,065,090
888,137
1,604,013
C h icag o __________
218
7,065,391
2,675,923
4,429,890
74
5,173,004
S t. L o u is _________
1,756,347
1,039,945
M in n e a p o lis ......
90
963,797
1,267,785
2,063,142
100
K a n s a s C ity
1,153,488
1,476,916
1,082,957
D a lla s ------------71
995,237
590,436
904,820
S a n F ra n c is c o -. . _______ 280
4 582,493
2,792,089
3,068,133
T o t a l_________ _______1,872

$35,922,421

$29,543,870

IMPORTS AND EXPO RTS.
Preliminary figures for November, compiled and pub­
lished by th e D epartm ent of Commerce, in dicate an in ­
crease in th e value of im ports over th e preceding m onth
and th e corresponding m onth a year ago, b u t a decrease
of exports in b o th comparisons. November im ports am ounted to 378 million dollars, about 4 million dollars
greater th a n in October, and $81,852,002 greater th a n in
November a year ago. November exports totaled 448 mil­
lion dollars, and were $42,600,964 smaller th a n exports in
October, and $45,572,921 less th a n in November 1924. For
th e eleven m onths of 1925, im ports have shown an increase
of $554,804,936 over 1924, and exports have increased $296,
573, 204. D uring th is period, exports have exceeded im­
ports by $610,233,200, w hile during th e same period la st
year, exports exceeded im ports by $868,464,932. Prelimi­
nary figures for November, w ith comparisons, are shown
b elo w :
1925
Im p o rts:
Novem ber_________________________$ 378,000,000
374,061,206
October______________________________
11 m onths ending w ith Nov.
3,831,575,456
E xp o rts:
November___________________________ $ 448,000,000
October------ -----------------------490,600,964
11 m onths ending w ith Nov.
4,441,808,656

1924
$ 296 147,998
310,751,608
3,276,770,520
$ 493,572,921
527,171,781
4,145,235,452

New Orleans.
Merchandise valued at $24,496,456 was im ported through
th e port of New Orleans during th e m onth of September,
th e la test m onth for w hich detailed figures are available.
This is an increase of nearly eight m illion dollars, or nearly
fifty per cen t over th e value of im ports during th e pre­
ceding m onth, and during th e corresponding m onth la st
year, and is th e largest figure for September during th e
past ten years. Compared w ith September la st year, de­
creases are shown in th e volume and value of sugar and
burlaps; th e volume of crude petroleum w as som ewhat
smaller th a n was im ported in September 1924 b u t th e to ta l
value was greater, and other im portant item s showed
increases in b oth th e volume im ported and in th e to ta l
value. Following are th e large item s im ported during
Septem ber:
Volum e
Coffee, p o u n d s.............. ....................... ................... 59,398,587
Creosote O il, g a llo n s_______________________
4,114,651
G aso line, g a llo n s---------------------------5,250,000
Crud e petroleum , g a llo n s------------------ 43,470,372
N itra te of Soda, to n s----------------------18 548
N ew sp rin t paper, p o u n d s----------------7,387,202
S is a l, to n s ------------------------------------9,365
B a n a n a s, b u u ches--------------------------2,389,972
Molasses, g a llo n s_________ _________________ 16,742,590
M ahogany, feet------------------------------- 4,175,000
B u rla p , p o u n d s-----------------------------5,755,310
Su g ar, p o un d s-------------------------------- 118,378,769

V a lu e
$11,747,921
521,322
618,522
1,242,869
833,142
223,918
1,571,009
1,104,945
1,247,529
421,651
775,081
2,859,426

The to ta l value of im ports during September of pre­
vious years is show n below for com parison:
September
S eptember
September
September

1925_____$24,496,453
1924______16,894,181
1923______13,797,130
1922______ 8 003,459

September
September
September
September

1921____ $ 4,726,924
1920----- 21,820,271
1919_____ 21,413,024
1918_____ 7,413,296

The to ta l value of exports through th e port of New
Orleans during September am ounted to $27,512,457, smaller
by only a little more th a n a million dollars th a n for th e
preceding m onth. Some of th e principal item s were:

6

T H E

M O N T H L Y

Volum e
L a r d , p o u n d s........................ ........................... ............... 3,278,180
Wheat flo u r, b a rre ls_________________________
114,016
Su g ar, p o u n d s________________________________ 13,153,228
R o s in , b a rre ls________________________________
7,678
Lo n g stap le co tto n , bales------------------13,218
S h o rt staple cotton, ba les_________________
69,365
R o u g h So u . P in e B o ard s, M f t ____________
6,932
Dressed So u . P in e B o ard s, M f t ____ ______
2,539
3,411
O ak B o a rd s, M f t ........... ....................... ...................
G aso lin e in b u lk , g allo n s------------------- 30,076,722
Illu m in a tin g o il in b u lk , g a llo n s_________ 12,550,677
C y lin d e r lu b ric a tin g o il, g a llo n s--------1,356,630
7,690,186
R e fin e d p a riffin w ax, lb s------ ------------C a rb o n b la c k , lb s .------ ---------------------2,890,225
Tob acco, l b s .................................................. ............. 10,165,959

V a lu e
$ 641,061
899,771
460,614
105,826
2,070,235
8,495,023
349,878
109,805
227,866
4,290,395
665,892
374,071
390,015
230,565
1,785,582

Grain Exports.
Grain exports th rou gh th e port of New Orleans during
November con tin u ed very m uch smaller th a n la st year.
Wheat exports declined very su bstan tially, and oats are
also bein g exported th rou gh New Orleans in smaller volume
th a n a year ago, as in d icated in th e follow ing ta b le :
Season th ro u g h
Nov. 1925 Nov. 1924 Nov. 1925
Nov. 1924
5,382,663
2,220,658
17,605,682
W heat, b u sh e ls..........- 103,999
202,571
2,219,176
1,204,717
C o rn , b u sh e ls________ 317,362
102,490
350,855
299,613
O ats, b u s h e ls ............... 63,928
T o ta l, b u s h e ls .. .

485,289

5,687,724

4 790,689

19,110,012

BUILD IN G .
The value of building perm its issu ed at tw en ty re­
p orting cities in th e sixth d istrict during November was
ab out 25 per cen t less th a n in October, b u t w as nearly 93
per cen t greater th a n in November la st year. While th e
in crease over November 1924 w as due in large part to th e
in creases reported from Florida cities, still there were
in creases reported from te n of th e fifte en reporting cities
located in other states. The to ta l value of perm its issued
a t tw en ty cities in November w as $15,671,210, compared
w ith $20,470,438 in October, and w ith $8,124,453. The N o­
vember index num ber w as 434.6, compared w ith 567.7 in
October, and w ith 225.3 in November la st year. The No­
vember index num ber is higher th a n th a t for th e same
m onth during th e p ast five years. P ercentage changes
are show n in th e table b elo w :
Nov. 1925
V a lu e

No.

Percentage
Nov. 1924 Ch an ge
V alu e
in V alu e

27,850
19 $
491
1,083,229
65
547,350
87
29,153

21
584
73
62

$ 22,100
1,933,498
64,855
17,605

+ 26.0
— 44.0
+744.0
+ 65.6

429
670
440
61
742
286

2,165,215
5,498,399
1,006,890
112,520
1,659,002
1,112,905

256
420
157
41
373
94
24

324,073
1,395,660
212,660
61,031
460,836
189,970
477,500

+568.1
+294.0
+373.5
+ 84.4
+260.0
+485.8

311
105
48
141
38

442,856
391,682
80,295
275,542
104,800

376
110
22
161
48

1,343,696
49,163
18,972
85,091
557,500

— 67.0
+696.7
+323.2
+223.8
-- 81.2

141
108

1,049,473
78,805

169
62

654,075
66,024

+ 60.5
+ 19.4

321
11
204
154

217,527
26,325
668,334
205,963

170
33
285
264

218,760
53,750
409,314
175,790

—
+
+

T o t a l 20 C itie s .............. 4,,586 $15,671,210 3,687
In d ex N o ____________________
434.6 . . .
*Not in clu d e d in to ta ls or ind ex num bers
xNovember rep ort n o t received.

$8,124,453

A la b a m a :

F lo rid a :

“ k e la n d .........
"La
*M iam i B e a c h .
G e o rg ia:

Savannah.
L o u is ia n a :
Tennessee:
C h a tta n o o g a ---Jo h n so n C it y —

N o.

X

X

0.6
51.0
63.3
17.2

+ 92.9

LUMBER.
According to prelim inary figures for November, re­
ceived by th e Southern Pine A ssociation up to December
15, th e volume of orders booked by 133 subscribing mills
in November w as su b stan tially larger th a n either ship­
m ents or production. Orders reported by th ese 133 mills
am ounted to 324,078,313 feet, greater by 17.2 per cen t th a n
their actu al production, 2.2 per cen t greater th a n their
normal production, and 4.8 per cen t greater th a n their
shipm ents. November shipm ents by th ese 133 mills, am ounting to 309,141,405 feet, exceeded their actu al pro­
d u ction by 11.8 per cent, b u t were 2.5 per cen t smaller
th a n their normal production. Production during No­
vember, am ounting to 276,529,144 feet, was 12.8 per cen t



B U S IN E S S

R E V IE W

below normal production for th e se reporting mills. Stocks
on hand at th e end of November am ounted to 774,383,281
feet, and were 8.4 per cen t smaller th a n normal stock s
for th ese mills. U nfilled orders on h an d a t th e end of
November am ounted to 265,540,296 fee t, only 4 per cen t
less th a n th eir a ctu al prod uction in November, and 16.2
per cen t smaller th a n their norm al p rod uction , and were
ab out 82 per cen t of th e volume of orders booked during
th e m onth. The la te st available report
of operating
time issu ed by th e S outhern P ine A ssociation show s th a t
during th e w eek ended Friday, Decem ber 11, of 113 mills
reporting, 101 operated eith er fu ll tim e of 5§ days, and
17 operated overtime aggregating 589 hours, or an average
of 35 hours each for th e week. T he co n tin u ed excess of
orders over o u tp u t h as m aintained a co n tin u ed shrink­
in g in stock s on hand. The approach of th e an nu al in ­
ventory season is reported as having some e ffec t on b usi­
n ess, as retailers generally desire to have as small stock s
on hand a t th e end of th e year as possible, b u t consider­
able b usin ess for delivery after January 1 is being offered.
Preliminary figures for November, w ith com parisons, are
show n in th e ta b le :
O rd e rs - ......... ....................... ...................
S h ip m en ts------------------------P ro d u c tio n --------- --------------N orm al p ro d u ctio n these m ills
Sto cks end of m o n th ____________
N orm al stocks these m ills______
U n fille d orders end of m o n th -

Nov. 1925
133 m ills
324,078,313
309,141,405
276,529,144
317,048,268
774,383 281
845,559,118
265,540,296

O ct. 1925
133 m ills
330,369,887
327,354,875
326,248,228
312,527,175
808,614,832
825,274,746
241,706,976

Nov. 1924
147 m ills
377,861,646
354,065,178
313 427,922
348,949,072
789,144,345
956,478,867
258,754,605

COTTON CONSUMPTION—NOVEMBER
U nited S tates.
Nov. 1925
C o tto n Consum ed:
L i n t ................................................
543,098
L in t e r s ..........— ............ ............
65,966
In C o nsu m in g E sta b lish m e n ts:
L i n t .......... ..................... .................
1,456,166
L in t e r s ................ .........................
106,370
I n P u b lic Storage a n d a t Com presses:
5,206,283
L i n t ............ .............. .............. ..
L in t e r s ................................. ..
36,608
E xp o rts— ...............................
1,206,786
Im p o rts............................................
27,000
A ctive S p in d le s............................... 32,892,324

O ct. 1925
543,679
75,750

Nov. 1924
495,182
52,554

1,216,437
82,606

1,049,327
97,379

4,499,382
28,694
1 421,482
12,402
32,425,206

4,802,943
49,928
1,306,550
12,549
31,858,088

C otton Growing S ta tes.
Nov. 1925
C o tto n Consum ed
382,136
I n Co nsu m in g E sta b lish m e n ts 1,007,567
I n P u b lic Storage an d a t Com ­
p r e s s e s - ........................ ............
5,074,805
A ctive S p in d le s...................... ..
17,107,692

O ct. 1925
366,099
894,725

N ov. 1924
347,823
701,164

4,407,513
16,890,532

4,535,591
16,691,304

MANUFACTURING.
Cotton
Cloth

C onfidential reports to th e Federal Reserve
B ank for November, render& by co tto n
&
mills in th e sixth d istrict w hich m anufactured during
November over 29 m illion yards of cloth , show a decline
in production, shipm ents, and orders compared w ith th e
preceding m onth, and w ith th e corresponding m onth a
year ago. U nfilled orders and stock s on h and were some­
w hat greater th a n reported for October, b u t were smaller
th a n at th e same tim e la st year. T he num ber of workers
on payrolls w as nearly five per cen t larger th a n a m onth
ago, and w as 1.2 per cen t larger th a n a year ago. T he
decline in orders is partly becau se of th e approaching
inventory period, and is n o d oub t due also in p art to th e
decline in price of raw co tto n . P ercentage ch an ges are
show n in th e ta b le :
P r o d u c tio n ................................. .............. .
Sh ip m en ts_____________________________
Orders booked................................. ............
U n fille d ord ers-----------------------Sto cks on h a n d ......................-.......... ..
N um ber on p a y r o ll__________________

Nov. 1925 com pared w it h :
O ct. 1925
Nov. 1924
- 3.6
— 0.7
-1 3 .8
—14.8
-3 2 .9
—33.9
+ 3.6
—19.8
+ 5.7
—19.6
+ 4.9
+ 1.2

Cotton Yarn R eports received from m ills w h ich during
November produced 7,659,000 p oun ds of yarn,
show a fraction al decline in p rod u ction compared w ith
October, b u t an in crease of 4.2 per cen t over th eir o u tp u t
in November 1924. Shipm ents exhibited in creases in b o th
in sta n ces, b u t orders booked during th e m onth w ere in
smaller volume th a n for eith er of th o se periods. U nfilled
orders, however, were greater, w hile sto ck s on h a n d were
smaller, th a n for th e preceding m onth, or for th e same
time la st year. P ercentage ch an ges follow :

T H E

P ro d u c tio n ______________________________
S h ip m e n ts_____ ____________________ _____
O rders booked__________________________
U n fille d orders____ ________________ ____
S to cks on h a n d _________________________
Num ber on p a y ro ll____________________

M O N T H L Y

Nov. 1925 compared w it h :
O ct. 1925
Nov. 1924
— 0.6
+4.2
+ 5.1
+ 4.0
—30.7
—16.6
+10.8
+13.1
- 5.6
- 4.4
+1.3
+1.8

O v e r a lls

P r o d u c t io n o f o v e r a lls i n N o v e m b e r w a s a t
a r a t e o n e p e r c e n t s m a lle r t l i a n i n O c t o b e r ,
b u t m o r e t h a n h a l f a g a i n a s la r g e a s 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 w e r e g r e a t e r t h a n f o r e it h e r o f t h o s e p e r i­
o d s . O r d e r s b o o k e d , a n d u n f i l l e d o r d e r s , w e r e le s s t h a n
re p o rte d fo r O c to b e r, b u t g re a te r th a n a y e a r ag o. R e ­
p o r t s in d ic a t e t h a t t h e f a llin g o ff in p r o d u c t io n a n d o rd e rs
is d u e p r in c ip a lly to s e a s o n a l in f lu e n c e s .
P e rc e n ta g e
c h a n g e s fo llo w :
Nov. 1925 compared w it h :
O ct. 1925
Nov. 1924
O veralls m an u factu re d _______________
— 1.0
+54.9
O veralls on h a n d _______________________
+34.5
+ 49.5
Orders booked__________________________
— 4.4
+138.3
U n fille d orders_________________________
—31.0
+17.6
N um ber on p a y r o ll- .................... ..............
— 6.9
+17.3
B r ic k

P r o d u c t i o n o f b r i c k d e c l i n e d 2 .7 p e r c e n t
in N o v e m b e r, c o m p a re d w it h O c to b e r, a n d
o r d e r s w e r e 2 9 .5 p e r c e n t s m a l le r . U n f i l l e d o r d e r s a ls o
d e c l i n e d , b u t s t o c k s o n h a n d w e r e 2 9 .3 p e r c e n t g r e a t e r .
C o m p a re d w it h N o v e m b e r a y e a r a g o , p r o d u c tio n , s to c k s
a n d u n f ille d o r d e r s s h o w e d in c r e a s e s , b u t o rd e rs b o o k e d
s h o w e d a d e c r e a s e o f 1 6 .2 p e r c e n t . P e r c e n t a g e c h a n g e s
a re s h o w n in th e t a b le :
Nov. 1925 compared w it h :
O ct. 1925
Nov. 1924
B r ic k m a n u fa c tu re d __________________
— 2.7
+31.8
B r ic k on h a n d __________ ____ ___________
+29.3
+4.6
Orders booked__________________________
—29.5
-16.2
U n fille d ord ers______ ________________ __
— 2.9
+98.7
+2.7
+0.7
N um ber on p a y ro ll____________________
H o s ie r y .
In c r e a s e d s to c k s o n h a n d , b u t d e c re a s e s in p ro d u c ­
t io n , o r d e r s , s h ip m e n t s , u n f ille d o r d e r s , a n d i n c a n c e lla ­
t io n s , a r e in d ic a t e d in f ig u r e s r e p o r t e d to t h e U n it e d S t a t e s
C e n s u s B u r e a u f o r N o v e m b e r a n d O c t o b e r , b y 39 i d e n t i c a l
e s t a b lis h m e n t s i n t h e S i x t h D i s t r i c t . T o t a l f ig u r e s r e p o r t ­
e d f o r th e s e tw o m o n th s a re s h o w n b e lo w :
(Dozen p a irs)
November
P ro d u ctio n _________________ ___________ ____ _
947,418
S h ip m e n t s .- ............. ................................. ..........
817,309
2 ,292,109
Sto cks on h a n d -----------------------------O rders booked______________________________
731,046
C a n c e lla tio n s______ _________________________
46,058
1,444,012
U n fille d orders___________________ _____ ____

October
959,342
896,841
2,126,326
885,983
66,157
1,526,984

COAL.
The production of bitum inous coal in th e United S tates,
according to sta tistic s compiled and published by th e
U nited S tates Geological Survey, was m aintained during
November at a level w hich averaged som ewhat higher
th a n in October, and w as ab out tw o m illion to n s per w eek
greater th a n during th e corresponding period la st year.
Figures for th e w eeks ended November 7, 14, and 28, re­
flect th e effec ts of th e observance of All Souls D ay as a
holiday on November 2, Arm istice D ay on th e 11th, and
T hanksgiving D ay on November 26th. The to ta l o u tp u t
for th e calendar year 1925 th rou gh Decem ber 5 am ounted
to 480,679,000 ton s, compared w ith 443,891,000 to n s pro­
duced to th e same d ate la st year. Weekly production
figures for th e U n ited S tates, compared w ith correspond­
in g periods a year ago, and current w eekly figures for
Alabama and T ennessee, are show n b elo w :
Week E n d e d
November 7______________ ____________________
November 14................................. .............................
November 21................................................................
November 28................................................................
December 5...................................................................
November 7........................... ......................................
N o v e m b e rs ......................... ......................................
November 21.......... ...................................... ........... ..
November 28.................................... ...........................

1925
12,171,000
12.167,000
12,596,000
11,600,000
12,768,000

Alabama

462,000
467,000
485,000
472.000

1924
9,331,000
10,129,000
10,559,000
9,640,000
10,612,000

Tennessee

B U S IN E S S

7

R E V IE W

cline in total production of pig iron in the United States
compared with October, because of the shorter month,
the daily rate of output in November was 2988 tons higher
than prevailed in October, and was higher than for any
month since last April. The daily rate for November was
100,516 tons, compared with 97,528 tons in October, and
with 83,656 tons in November a year ago. Total produc­
tion was 3,015,482 tons, compared with 3,023,370 tons in
October, and with 2,509,673 tons produced in November
1924. There was a net gain of 14 active furnaces during
November 19 having been blown in and 5 blown out during
the month.
Statistics for Alabama show an increase of over 20,000
tons in pig iron production over the output in October.
November production amounted to 236,775 tons,
compared with 216,550 tons produced in October, and with
233,124 tons produced in November last year. The Iron
Age lists four Alabama furnaces which were blown in
during November, and states that were 25 active at the
end of the month. Reports from correspondents early
in December, however, indicate that 27 furnaces were
operating, and state that the entire output of these stacks
is moving as rapidly as produced. Stocks on furnace
yards continue to decrease, and the price of iron in Ala­
bama is reported at $22 to $23. Buying is largely confined
to spot shipment, and the aggregate tonnage is reported
small. Inquiry for the second quarter of 1926 is reported
limited, and some of the furnaces are said to be unwilling
to quote for that delivery.
U nfilled Orders—U. S. Steel Corporation.

Unfilled orders on the books of the United States Steel
Corporation at the end of November were 472,597 tons
greater than a month earlier, and totaled 4,581,780 tons.
This is the largest volume of orders unfilled reported for
any month since last March. The index number, based
on the monthly average for 1919, is 76.4 for November, com­
pared with 68.5 for October, and 67.3 for November 1924.
NAVAL STORES.

Statistics received for November show a further season­
al failing off in receipts of both spirits of turpentine and
rosin at the three principal naval stores markets of the
d istrict. November receipts of turpentine were, how­
ever, somewhat larger than in November last year, but
receipts of rosin show a considerable falling off compared
with that month. Stocks of turpentine on hand at the
end of November were smaller than a month or a year
earlier; supplies of rosin increased over October, but were
smaller than at the end of November 1924. Prices on the
Savannah market have declined during the four weeks
between November 14 and December 12. The price of
turpentine has declined from $1.06} on November 14 to 97
cents, for the week ended December 12, and while the four
highest grades of rosin remained at the same level, prices
of grade “ I ” and lower declined from $14.20 on November
14 to $12.05 on December 12. While the supplies of tu r­
pentine show varying comparisons with past years, stocks
of rosin are lower than they have been at the end of No­
vember during any of the past ten years. Figures showing
the receipts and stocks at the three principal markets
of the district are shown in the table:
Nov. 19.?5

10,722
10,092
4,110

26,367

14,924

34,265
28,860
14,366

50,226
36,662
3,140

44,428
46,316
14,263

90,028

105,007

11,382
22,628
11,046

Ja c k so n v ille ..

Nov. 1924

12,674
10,003
3,690

77,491

Receipts—R o s in :

O ct. 1925

7,804
6,968
3,229
18,001

R eceip ts—T u rp e n tin e :
S a v a n n a h ___________
Ja c k so n v ille _________
P en saco la___________

15,099
23,688
9,617

12,750
26,254
12,485

Sto cks—T u rp e n tin e :

137,000
133,000
128,000
128,000

45,056

48,404

51,489

85,349
86,166
25,424

87,354
72,863
21,396

80,895
109,551
38,227

196,939

181,613

228.673

Stocks—R o s in :

IRON.

Statistics compiled and published by the Iron Age
for November indicate that while there was a small de­



8

T H E

M O N T H L Y

B U S IN E S S

R E V IE W

MONTHLY INDEX NUMBERS.
The following index numbers, except where indicated otherw ise, are com puted by th e Federal Reserve Bank
of A tlanta, and are based upon average figures for 1919. T hat is, average m onthly figures for th e year 1919 are
represented by 100, and th e current m onthly index numbers show th e relation of activity in th e se lin es to th a t
prevailing in 1919.
RETAIL TRADE 6TH DISTRICT
(Departm ent Stores.)
A tlan ta________ ____ _____________________
Birmingham____ __ _____________________
C hattanooga______ _ _____ _______ ______
Jackson_______
__
_
_ __ _ _
Nashville____ _______ ___ __ . . . ________
New O r le a n s___ _
___ ________ ________
Savannah_____ ___ ______________________
Other C itie s.________ ____ _________ _______
D istr ic t... _

Septem ber O ctober

November Septem ber October

N ovem ber

1925

1925

1925

1924

1924

1924

95.2
110.6
72.7
91.9
80.8
91.6
56.2
94.0
90.5

172.0
170.5
125.4
164.8
128.3
140.2
118.2
143.6
146.5

133.1
150.9
98.8
126.2
103.6
129.7
97.1
123.7
125.0

94.6
121.6
108.1
101.4
90.2
96.8
62.4
83.7
96.3

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
80.4
97.7
114.9

RETAIL TRADE U. S. (1)
Departm ent Stores. ____________________
Mail Order H ouses_______________ _______
Chain S to res:
Grocery_______ __ ___________ _____
Drug______________ __________________
Shoe____. . . ___________________________
5 & 10 C en t___________________________
Music, ______ ____ ___________________
Candy. __ ______________ ________ _ __
_________
__________________
Cigar

122
113

164
170

145
144

119
106

141
141

141
131

243
170
134
191
136
202
142

315
179
164
237
141
215
151

268
167
136
220
139 195
136

205
145
124
169
110
185
137

236
159
138
203
124
202
144

226
145
146
199
111
184
138

WHOLESALE TRADE 6TH DISTRICT
G roceries____________
___ __ ________
Dry Goods___ ________________________
Hardware_____________________ ________
Shoes________________ ________ ______ _
T otal. _____ ____ __________________

105.2
121.0
113.7
77.5
107.8

111.0
133 .7
137.6
98.4
120.8

94.8
88.4
129.1
71.8
99.9

97.5
114.4
91.6
76.7
97.7

106.4
100.6
102.3
76.9
101.8

90.4
73.5
90.6
61.3
84.5

WHOLESALE PRICES U. S. (2)
Farm P r o d u c ts.. . . . ________________
Foods _ . . . _____ _____ . . . __ . . .
Cloths and C lothing___ . . . . . . ________
Fuel and L ightin g______________________
Metals and Metal P roducts. . . . ________
Building M aterials______ ______ _
Chemicals and D ru gs.. ________ ________
House F u r n is h in g s ____________________
M iscellaneous___ _
All Commodities. _

160.4
160.3
189.3
169.3
127.2
174.1
135.6
167.6
134.9
159 .7

155.3
157.6
189 .5
171.7
127.9
173.9
134.9
167.9
138.0
157.5

153.9
160.2
187.9
174.8
129.8
175.6
135.4
165.9
142.0
157.7

143.1
147.7
186.5
168.0
128.2
170.7
130.6
171.1
115.8
148.8

149.2
151.6
188.4
162.1
127.2
170.7
132.2
171.0
119.9
151.9

149.5
153.8
190.4
162.8
128.7
171.6
134 .0
172.0
122.9
152.7

89.4
483.2
575.4
331.4
672.0
516.0
591.2

76.5
480.4
670.0
105.0
236.6
1012.8
567.7

50.8
331.2
723.9
108.8
239.9
723.7
434.6

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

90.3
111.7
64.9
136.8

101.6
124.0
75.1
258.5

101.5
129.4
68.1
219.5

81.4
102.8
55.7
134.0

99.6
126.5
67.4
172.3

92.0
117.7
61.2
237.6

107.0
122.6

118.6
123.2

118.3
134.7

80.6
135.8

97.2
142.5

98.5
133.6

62.0

68.5

76.4

57.9

58.8

67.3

BUILDING PERMITS 6TH DISTRICT
A tlanta __________
_ __
Birm ingham .__ ________ _ _________
Jacksonville______ _
N ashville___________ _
New Orleans__________ _
Other C it ie s ___ _____ ____ _ . . .
D istrict (20 C ities)_______________ __
COTTON CONSUMED:
U nited S tates_______ _ ___ _
C otton-Growing S ta tes. _____ _ ________
All Other S ta tes_____________ ______ . .
C otton E x p o r ts___ _________
______
PIG IRON PRODUCTION:
__ _
U nited S tates_____ . . .
Alabama___
_________ _ ___ . . .
UNFILLED ORDERS—U. S. STEEL COR­
PORATION_____________________________
(1) Compiled by Federal Reserve Board.
(2) Compiled by Bureau of Labor S tatis
tics. (1913—100.)