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M O N T H L Y B U S I N E S S R E V I E W C o v e r 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.)