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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 in g C o n d it io n s in t h e S ix t h F e d e r a l R e s e r v e D i s t r ic t . F E D E R A L R E SE R V E BANK O F A T L A N T A OSOAR NEW TON C h a irm an a n d F e d e ra l R eserve A gent VOL. 10 WARD ALBERTSON A ssistan t F e d e ra l R eserve A gent ATLANTA, GEORGIA, FEBRUARY 28, 1925 No. 2 BUSINESS CONDITIONS IN THE UNITED STATES By the Federal Reserve Board Further growth in production during January carried Prices Wholesale prices as measured by the index the output of basic commodities to the highest point of the Bureau of Labor Statistics rose 2 per reached since the spring of 1923. Employment at indus cent during January to the highest level in four years. trial establishments increased slightly, but remained below The increase of ten per cent in the index since last June the level of a year ago. Prices of farm products continued represents an advance of 19 per cent in prices of agricul to advance and there were smaller increases in the whole tural commodities and three per cent in other commodities. In the first half of February prices of grains, wool, coal, and sale prices of most of the other groups of commodities. lead declined while petroleum and gasoline prices advanced Production Production in basic industries, after a sharply and cotton, silk and rubber showed smaller in rapid increase in recent months, advanced creases. 8 per cent in January and was 34 per cent above the low Bank Credit Loans and investments of member banks in point of last summer. The most important factor in the leading cities, following the rapid growth increase in the level of production since August has been during the last half of 1924, declined by about $100,000,000 the greater activity in the iron and steel industry, but in between the middle of January and the middle of February. January the output of lumber, minerals, food products, This decrease represents a reduction in the holdings of and paper and the mill consumption of cotton also showed investments, chiefly at banks in New York, partly offset by considerable increases. The woolen industry was some an increase in loans. Loans on stocks and bonds increased what less active in January and output of automobiles, though less rapidly than in the latter part of 1924, while though larger than in December, was considerably smaller loans for commercial purposes declined slightly from the than a year ago. Further increases during the month in high level reached in the middle of January. Net demand employment in the metal, textile, and leather industries deposits, owing largely to decreases at New York fCity were largely offset by seasonal declines in the number em Banks declined sharply from the high point reached in ployed in the building materials and food products in the middle of January. At the Federal Reserve Banks dustries. Building activity, as measured by contracts the seasonal liquidation resulting from thejreturn flow of awarded, though less in January than during the closing currency from circulation came to a close by January 21 months of 1924, was near the high level of a year ago. and during the following four weeks* there was an increase in total earning assets. This increase reflected largely Trade Railroad shipments were in record volume the demand for gold for export, which led member banks to for this time of year, and loadings of mer increase their discounts at the reserve banks. Reserve chandise and miscellaneous products were particularly bank holding of United States securities declined further heavy. Wholesale trade in January, however, was slightly while acceptances showed ^relatively little change for the smaller than in December. Sales of groceries, shoes, and period. hardware were in smaller volume, while sales of dry goods Money rates, after remaining comparatively steady dur and drugs increased. Department store sales in most dis ing most of January, showed a firmer tendency during the tricts were somewhat smaller than a year ago, but sales of early part of February when rates for prime commercial mail order houses were considerably larger. paper advanced to 3f per cent. PER CENT Index of 22basic commodities corrected for seasonal variation January 126, 100.) Latest figura. (1919— Index of tr. S. Bureau of Labor Statistics. (1913—100. base adopted by Bureau). Latest figure. January 160. THE MONTHLY BUSINESS REVIEW 2 BILLIO N S OF D O L L A R S B ILLIO N S OF DOLLARS Weekly figures fo r m em ber b a n k s in 101 le a d in g cities. L a te s t figure. F e b m a ry 11. W eekly figures fo r 12 F e d e ra l R eserve B anks. L a te st figure F e b ru a ry 18. SIXTH DISTRICT SUMMARY. Weather conditions during January constituted the prin cipal deterring factor in business and agricultural condi tions in the sixth district. There were excessive rains over a large part of the district. In a number of places roads were rendered impassable for a time and transportation seriously interrupted. Farm work in preparation for the coming season’s crops was practically suspended, lumber mills at many points were forced to close down for several days, and naval stores operations were interfered with for nearly a month. Business statistics compiled for the month show conflict ing tendencies. There was a seasonal falling off in the vol ume of retail business, compared with preceding months, and January sales were also lower than in the same month a year ago. Six lines of wholesale trade reported sales larger than in January last year, and three lines reported de creases. The volume of debits to individual accounts for the week ended February 11 was larger by $28,687,000 than during the corresponding week last year. Building per mits at twenty cities in the district were higher than in January 1924. Increased production was reported for the month by cotton and yarn mills. The Census Bureau’s statement, published elsewhere in this Review, shows a larger quantity of cotton consumed in the cotton-producing states in January, than in the preceding month or the same month a year ago, and active spindles increased 179,749 over December, and 622,870 over January 1924. RETAIL TRADE. Reports made to the Federal Reserve Bank for January by 47 department stores located in nineteen different cities in the sixth district show the volume of business 3 per cent less than in January last year. Sales at Jackson and New Orleans showed increases of less than one per cent, and at Savannah sales were 13 per cent greater than during that month, but decreases were reported from other points. While smaller than a year ago, the aggregate sales reported by these firms was larger than in January of 1923 or 1922. Stocks of merchandise at the close of the month were 7.3 per cent smaller than a year ago, but 8.4 per cent larger than at the end of December. CONDITION OF RETAIL TRADE—JANUARY 1925. Sixth Federal Reserve District. P e r c e n ta g e T o f I n c r e a s e o r D e c r e a s e (1) C om parison of n e t sales w ith th o se of co rre sp o n d in g p e rio d la s t year A tla n ta (5)_____ B irm in g h am (5). C h a tta n o o g a (6). J a c k so n ( 3 ) — N ash v ille (5)----New O rlean s (5)S a v a n n a h (3)___ O th e r C ities (15). D istric t (47)____ S tocks a t en d of m o n th com pared w ith J a n u a ry J a n u a ry 1924 D ceem ber 1924 — 2.0 — 4.0 —20.8 * 0.8 — 2.3 + 0.4 — 4.6 — 5.2 —48.4 + 2.9 —15.5 — 1.2 — 9.8 - 3.3 — 7.3 + 1.0 +44.2 + 7.3 — 8.5 —10.0 + 8.9 —10.6 + 5.9 + 8.4 *14.3 3.0 — — 3.0 WHOLESALE TRADE Wholesale trade in the sixth district during January, re flected in confidential reports from 150 representative firms in nine different lines, compared favorably with the volume of business a year ago, notwithstanding adverse weather conditions over a large part of the district. Increased sales over January 1924 were reported in groceries, hard ware, furniture, electrical supplies, stationery and farm implements. Decreases were shown in sales by firms deal Digitized ingforinFRASER dry goods, shoes and drugs. Compared with the pre (3) (2) (4) P e rc e n ta g e of average sto c k s a t en d of J a n u a ry to sales in sam e p erio d P e rc e n ta g e o f o u ts ta n d in g orders a t e n d of J a n u a ry 1925 to to ta l p u rc h a se s d u rin g c a le n d a r y ear 1924 431.5 595.3 321.6 544.8 441.9 3.0 7.5 5.0 4412.1 26.5 551.8 462.6 X 8.0 11.0 10.5 7.3 8.1 ceding month, increases were reported in groceries, dry goods, hardware and shoes, and decreases in furniture, stationery, drugs, farm implements and electrical supplies Groceries January sales by 39 wholesale grocery firms were less than one per cent larger than in December, but exceeded their sales in January 1924 by 8.1 per cent. Increases at Atlanta, Jacksonville, Meridian and other Cities, were only a little more than enough to offset de creases at New Orleans and Vicksburg. Increases ove1 January last year were recorded at all reporting cities. THE MONTHLY BUSINESS REVIEW Prices on some items have increased during the month, but sugar and lard prices were reported weak. Collections were reported good by ten firms, fair by eleven, and poor by 1. Percentage comparisons of sales are shown below: A tla n ta (5 firms)— ............................... Ja c k so n v ille (4 firm s)......................... M e rid ian (3 firm s)___ ____ — ............ N ew O rlean s (8 firm s).......................... V ick sb u rg (4 firm s)_______________ O th e r C itie s (15 firms) - ... ............ D ISTR IC T (39 firm s ).... ............. . J a n u a ry 1925 com pared w ith : D ecem ber 1924 J a n u a r y 1924 +14.9 * 1 .6 + 5.2 ♦ 8.2 +6.9 + 8.3 — 7.4 +10.0 — 5.5 +17.6 + 2.2 + 5.2 +0.6 ♦ 8.1 Dry Goods January sales by 26 wholesale dry goods firms exceeded their December business by 8.1 per cent, but were 12.8 per cent smaller than in Jan uary last year. Some of the reports state that because of weather conditions during the month retail dealers were not placing spring orders in the usual volume. Collections during January were reported good by five firms, fair by six, and poor by two. Percentage comparisons of sales by reporting cities are shown below : A tla n ta (4 firm s).................................... Ja c k so n v ille (3 firms) - - ................— K n o x v ille (3 firm s)------------- ---------N ash v ille (3 firm s)- . ..................... ...... New O rlean s (3 firm s)_____________ O th e r C itie s (10 firm s)____________ D ISTR IC T (26 firm s )......... ................. J a n u a ry 1925 com pared w ith : D ecem ber 1924 J a n u a ry 1924 **-12.8 —23.5 +61.7 +35.9 +11.7 —23.5 +17.8 —15.9 —11.8 —45.8 — 5.4 + 3.6 + 8.1 —12.8 Hardware Thirty-one wholesale hardware firms re ported January sales 3.9 per cent greater than in December, and 5.5 per cent greater than in January last year. Compared with December, decreases at Jackson ville and Nashville were more than offset by increases at other points. All reporting cities showed increases over January last year except New Orleans. A number of the reports state business in the first week of the month was good, but bad weather and impassable roads interferred with sales during the remainder of the month, Percentage comparisons of sales, by reporting cities, follows: A tla n ta (3 firms)................................ C h a tta n o o g a (3 firm s)............ ............ J a c k so n v ille (3 firm s)-------- ----------N ash v ille (4f i r m s ) - - - .............. .......... N ew O rlean s (5 firms)-------------------O th e r C ities (13 firm s)____________ D ISTRICT (31 firm s)______________ J a n u a ry 1925 com pared w ith : D ecem ber 1924 J a n u a ry 1924 +30.7 +6.4 + 8.5 +19.7 — 2.8 + 0.5 —12.5 + 6.3 +13.5 — 7.9 +0.5 +13.1 +3.9 +5.5 Furniture January sales by 18 wholesale furniture firms were 19.4 per cent smaller than in December, although larger by 9.2 per cent than in January last year. Collections were reported excellent by one firm, good by four, and fair by nine. Percentage comparisons are shown below: A tla n ta (6 firm s).......................... ........ C h a tta n o o g a (3 firms)-------------------N ash v ille (3 f i r m s ) - - ....... — ........— O th e r C ities (6 firm s)_____________ D ISTRICT (18 firm s)______________ J a n u a ry 1925 com pared w ith : D ecem ber 1924 J a n u a ry 1924 —26.3 + 7.3 —20.1 +12.3 — 6.2 — 0.6 —18.1 + 9.8 —19.4 ♦ 9.2 Electrical Supplies Sales in January by 11 wholesale electrical supply firms declined substantially com pared with the preceding month, but were 15 per cent greater than in January a year ago. The de crease compared with December is attributed by some re porting firms entirely to the bad weather conditions. Holi day business in December is also, no doubt, an important factor. Collections during January were reported good by three firms and fair by eight. Percentage comparisons of sales are shown below: J a n u a r y 1925 com pared w ith : D ecem ber 1924 J a n u a r y 1924 A tla n ta (3 firms)................................... —42.9 + 3.3 N ew O rlean s (3 firms)............ ............. —16.0 +20.7 O th e r C ities (5 firm s)......... ............. - —22.0 +27.6 D ISTR IC T (11 firm s)....... .................... -3 1 .3 +15.0 Shoes January sales by 9 reporting wholesale shoe firms were 2. per cent larger than in December, but 8.4 per cent smaller than in January 1924. Some of these firms state that the volume of business in Jan 3 uary was limited by the bad weather. Prices have advanced slightly. Collections are reported improving. Percentage comparisons of sales are shown below: J a n u a ry 1925 com pared w ith : D ecem ber 1924 J a n u a r y 1924 A tla n ta (3 firms)--------------------------— 9.1 —13.4 ’O th e r C ities (6 firm s)------- ------------+ 7.5 — 6.2 D ISTR IC T (9 firm s)__________ ____ + 2.0 - 8.4 Percentage changes in sales of stationery, drugs and farm implements are shown only for the District, as three reports were not received in any of these lines from any single city. Stationery sales were slightly less than in De cember, and slightly more than in January lasy year, both changes being less than one per cent. Sales of drugs show ed a decrease of 1.3 per cent compared with December, and of 0.1 per cent compared with January a year ago. Farm Implements sales, while 19.4 per cent less than in December, showed an increase of 17.7 per cent over January 1924. S ta tio n e ry —D is tric t (4 firm s)........... D rugs—D is tric t (6 firms)__________ F arm Im plem ents—D is tric t (7 firms) J a n u a ry 1925 com pared w ith : D ecem ber 1924 J a n u a r y 1924 — 0.5 + 0.3 — 1.3 — 0.1 —19.4 +17.7 AGRICULTURE. Weather conditions in parts of the sixth district during the past month have interrupted preparations for the com ing crop season. The excessive rains in the southern part of Georgia rendered roads impassable for a time, and rail transportation was seriously interfered with by the wash ing away of bridges and trestles. The movement of the citrus crop from Florida was delayed somewhat by these washouts, and the resulting detours, but by the middle of February through service had been restored and citrus fruits were moving on a basis approximately normal. Farm work in the flooded areas of Georgia has been pract ically at a standstill. In Tennessee there has been consider able cold weather with more or less rain, and very little out door work has been done. Abundant rainfall in many sec tions of Mississippi has prevented plowing. Since the final breaking of the drought in Louisiana in November, consider able rain has fallen. The ground is reported in good shape for plowing, and rapid progress is being made in prepara tion for spring crops. Heavy frosts in Tennessee, with lack of snow covering have done considerable damage to wheat, quite a proportion of the growth having been killed, al though the damage has not been estimated. Farm Animals. Statistics have recently been compiled by the United States Department of Agriculture showing the number and value of live stock on the farms at the beginning of the year, compared with preceding years. The value of animals on farms in the six states comprising the sixth district declined $12,349,000, compared with figures for January 1, 1924, and were $35,439,000 lower than the value two years ago. There was an increase in the number of horses on the farms in all six states. The number of mules on the farms was approximately the same as a year ago in Alabama, Florida, Louisiana and Mississippi; an increase was shown in Georgia, and a decrease in Tennessee. The number of milk cows was reported about the same as a year ago in Alabama, Louisiana and Mississippi, while increases were reported from Florida, Georgia and Tennessee. All six states reported a decline in the number of hogs. The following figures show the value of live stock on the farms January 1, 1925, with comparative figures for the past two years: F lo rid a -----♦Georgia____ L o u isia n a - M ississippiT ennessee . . 1925 $ 66.979 28,364 95,047 44,653 62,858 74,958 (000 om itted ) 1924 $ 73,180 30,997 78,512 49,449 70,567 82,503 1923 $ 80,033 33,233 70.583 55,088 74,341 95,020 $372,859 $385,208 $408,298 *Note: Georgia figures include Hogs in 1925, but not in other years. 4 THE MONTHLY BUSINESS REVIEW Stocks on hand. Cotton Movement—Sixth District. J a n . 1925 R eceip ts: New O rle a n sM o b ile______ S a v a n n a h ___ A tla n ta _____ A u g u sta_____ M ontgom ery.. V ick sb u rg — M acon______ S to ck s: New O rle a n sM o b ile______ S a v a n n a h ___ A tla n ta -------A u g u sta_____ M ontgom ery-V ick sb u rg ___ M acon_______ Dec. 1924 J a n . 1924 250,987 12,041 42,986 11,382 12,463 2,770 29,646 1,882 376,639 25,907 67,181 36,579 28,225 6,351 29,325 5,293 176,371 7,346 36,065 11,471 11,629 1,308 16,147 2.039 415,100 11,568 67,113 47,321 62,089 19,294 8,068 8,359 467,773 17,125 85,544 65,558 70,024 22,938 12,261 10,661 208,782 10,070 70,799 35,861 44,710 13,715 7,632 8,501 Cotton Movement (Bales) United States Since August 1,1924 1925 1924 1923 1922 R e ceip ts a t a ll U. S. P o rts ___ 7,275,8£ 69,783 38,036 4,053,814 O verland across th e Miss. O hio, P o to m ac riv ers to N or. M ills a n d C a n a d a — 0,700 610,709 954,551 1,0 I n te rio r sto ck in excess of th o se h e ld a t close of t h e com ’l y e a r______________ 955,402 523,924 581,901 225,944 S o u th e rn M ills T a k in g s n e t - 2,655,000 2,520,667 2,813,572 2,611,969 T o ta l m ovem ent 183 d a y s ___ 11,716,996 9,125,083 8,988,060 7,990,165 F o re ig n exports -___ _______ 5,254,747 3,754,306 *American M ills N. & S. C a n a d a ________________ 4,243,131 4,079,409 A m erican c o tto n th u s f a r ___ 8,096,000 7,036,000 7,788,000 *Of w h ic h 1,356,046 b y n o r th e rn s p in n e rs a g a in s t 1,197,521 la s t year, a n d 2,887,046 by s o u th e rn s p in n e rs a g a in s t 2,881,888 la s t year. SUGAR Rains in the Louisiana cane belt since the middle of Jan uary have not been sufficient to retard field operations to any serious extent, and continued progress is reported. The prospects for a good stand of cane are reported good. Movement of Sugar (Pounds.) Raw Sugar. J a n . 1925 Receipts* N ew O rle a n s___________ 86,231,781 S av a n n a h _________ ____ 38,957,403 D ec. 1924 J a n . 1924 52,399,312 7,501,239 74,348,116 7,387,852 M eltings: New O rle a n s....................- 67,438,361 S a v a n n a h _____________ 38,957,403 43,114,917 11,110,104 76,665,170 19,768,271 S tocks: N ew O rle a n s...................... 23,531,645 S av a n n a h ....................................... ........ 4,738,225 ................ 33,505,148 1,979,722 Refined Sugar. S h ip m en ts: N ew O rle a n s ........... ......... S av a n n a h -____ ________ J an* 1925 D ec. 1924 J a n . 1924 72,408,850 31,052,128 48,534,925 16,056,635 80,156,199 20,582,013 S tocks: N ew O r le a n s ........ - ........ S a v a n n a h ______________ 6,390,290 2,998,586 12,078,816 849,223 58,247,212 1,338,664 RICE. Rough Rice (Sacks) Port of New Orleans. R e c e ip ts ____________________ S h ip m en ts__________________ S to ck _______________________ J a n . 1925 79,519 105,001 60,219 Dec. 1924 114,126 82,279 85,701 J a n . 1924 86,844 73,093 48,031 Clean Rice (Pockets) Port of New Orleans. R e c e ip ts__ S hipm ents-. S to ck _____ 206,396 219,817 254,505 226,026 151,143 267,926 234,866 228,712 191,940 Receipts of Rough Rice (Barrels.) A ssociation M ills - N ew O rlean s Mills-. O u tsid e M ills_____ J a n . 1925 206,915 79,519 161,872 448,306 S eason to L ast S eason to J a n . 31,1925 J a n . 31,1924 4,230,359 4,258,183 842,658 616,237 1,729,940 1,421,890 6,802,957 621,308 129,340 230,546 3,375,648 704,174 1,300,720 3,411,827 579,049 1,166,867 981,194 5,380,542 5,157,743 F eb. 1,1925 J a n . 1, 1925 J a n . 1, 1924 1,047,876 1,423,711 1,306,407 303,211 340,432 235,612 516,140 582,371 476,800 1,867,227 2,346,514 2,018,819 FINANCIAL. Loans and discounts reported to the Federal Reserve Bank weekly by thirty-six member banks in Atlanta, New Orleans, Birmingham, Jacksonville, Nashville, Knoxville, Chattanooga and Savannah were approximately $25,000,000 more on February 11 than on the corresponding report date last year, although approximately $1,250,000 lower than on January 7. There was a decline of nearly four million dollars in the volume of Government securities owned by these banks during the five weeks period, January 7 to February 11. Other stocks and bonds owned declined about three quarters of a million dollars, and the total decline in loans, discounts and investments during this five weeks period amounted to $5,932,000. Demand depos its of these reporting banks on February 11 were at a high level. Savings deposits reported monthly by 94 banks in the dis trict were 1.4 per cent lower at the close of January than a month earlier, although 6.2 per cent greater than at the end of January 1924. Member Banks in Selected Cities. (000 Omitted) F eb. 11,1925 J a n . 7,1925 F eb. 13,1924 B ills D isc o u n te d : S ecu red by G ovt. O b li g a tio n s_____________ $ 7,453 $ 7,599 $ 8,899 S ecured by S to ck s a n d B o n d s______________ 72,894 69,232 65,291 All O th e rs _____________ 374,256 379,050 355,480 T o ta l D isc o u n ts____ 454,603 455,882 429,670 U. S. S e c u ritie s______________ 30,228 34,138 38,792 O th e r S tocks a n d B o n d s ____ 41,459 42,205 39,066 T o ta l L oans, D isc o u n ts a n d In v e stm e n ts___________ 526,290 532,222 507,528 T im e D ep o sits_______________ 189,950 188,414 177,740 D em and D e p o s its___________ 327,182 320,258 286,749 A ccom m odation a t F. R. B a n k 2,987 8,967 14,536 Discounts by the Federal Reserve Bank of Atlanta for member banks have continued to decline and on February 18 reached a new low point, at $11,688,000. Discounts secured by United States Government Obligations were nearly two million dollars lower than on January 14, and Other Bills Discounted also declined more than one and one-half mil lion dollars. Federal Reserve Notes in actual circulation on February 18, were two and one-half million dollars higher than on January 14, and about ten and one-half million dol lars higher than on the corresponding report date a year ago. Reserves continued to increase, and the reserve ratio on February 18 was 88.0. Federal Reserve Bank. (000 Omitted) ’eb. 18, 1925 J a n . 14,1925 F eb. 20,1924 B ills D isc o u n te d : S ecu red by G ovt. O b li g a tio n s________________ $ 505 $ 2,476 $ 8,750 A ll O th e rs __________________ 11,183 12,832 33,725 T o ta l D isc o u n ts________ 11,688 15,308 42,475 B ills b o u g h t in o p en m a rk e t „ 5,514 7,183 10,532 U. S. S e c u ritie s______________ 3,403 3,733 3,503 T o ta l e a rn in g a sse ts_________ 21,067 26,488 56,511 C ash R eserves_______________ 184,960 131,829 T o ta l d ep o sits_______________ 69,652 68,704 60,160 F. R . N o tes i n a c tu a l c irc u la t i o n ___________________ 140,458 137,912 130,111 R eserve R a tio _______________ 88.0 84.3 69.3 174,191 Savings Deposits. (000 O m itted) 6,296,310 Distribution of Milled Rice (Pockets.) A sso ciatio n M ills_____ - _____ New O rlean s M ills__________ O u tsid e M ills_______________ A ssociation M ills____________ N ew O rlean s M ills__________ O u tsid e M ills_______________ A tla n ta (7 b an k s) ___ $ B irm in g h am (5 b a n k s ). J a c k so n v ille (5b a n k s ). N ash v ille (10b a n k s )--. N ew O rlean s (8 b an k s) O th e r C ities (59 b an k s) T o ta l (94 b an k s)______ 32,546 C o m p ar C om par iso n of iso n of Dec. 1924 Jan.1925' Jan.1924 J a n . 1925D ec. 1924 1924 $ 33,088 —1.6 $ 31,184 +4.4 —4.9 21,405 20,267 - 0 .8 19,315 +4.1 20,412 +1.3 19,426 +6.4 49,159 —2.9 44,069 *8.3 92,172 - 0 .3 *6.5 —1.4 +6,2 22,568 23,731 20,111 20,674 47,717 91,917 235,533 238,829 *5.2 86,293 221,692 5 THE MONTHLY BUSINESS REVIEW DEBITS TO INDIVIDUAL ACCOUNTS S ix th F ed eral Reserve D istrict F eb. 11,1925 J a n . 14,1925 F eb. 13,1924 673,000 A lb a n y - .- ................. ........... .....$ 1,173,000 $ 1,153,000 $ 29.016.000 36.015.000 A tla n ta ................ - .....— - ........ - 31,836,000 ................. 7.757.000 7.191.000 A u g u s ta ____ ____ ____________ 7,276,000 25.170.000 35.258.000 B irm in g h am -------- ----------------- 28,980,000 678.000 771.000 B ru n sw ic k ....... .................... ........ 735,000 8.394.000 11.543.000 C h a tta n o o g a --------- -------------9,340,000 2.596.000 3.441.000 C olu m b u s______________ ____ 3,633,000 729.000 961.000 876,000 D o th a n ___________ ____ _____ 238.000 376.000 E lb e ito n ....... ...... ......................... 253,000 3.756.000 3.700.000 Ja c k s o n ........... ............................. 4,500,000 12.325.000 16.050.000 Ja c k so n v ille ................................ 17,870,000 6.379.000 9.117.000 K n o x v ille........ ............ . ............ 7,094,000 4.459.000 5.400.000 M acon_________ ____ ___ 4,877,000 2.318.000 3.249.000 M e rid ian .....................- ..........3,504,000 6.482.000 7.793.000 M o b ile.......................................... 7,366,000 5.182.000 5.780.000 M ontgom ery_______________ 5,£50,000 14.608.000 21.983.000 18,087,000 N a s h v ille ______ ___ - ........... 402.000 736.000 N e w n a n ..................... - ............... 720,000 77.642.000 92.565.000 New O rle a n s................ ..........— 78,517,000 1.629.000 1.602.000 P e n sa c o la ...............................— 1,754,000 9.234.000 9.430.000 S a v a n n a h .___ _______ _______ 9,258,000 7.500.000 11.172.000 T a m p a ........................................... 12,160,000 1.259.000 1.004.000 V ald o sta...........— ___________ 1,597,000 2.663.000 1.895.000 V ick sb u rg ......... .................. ........ 2,323,000 T o ta l____________ _____ $258,979,000 $289,012,000 $230,292,000 COMMERCIAL FAILURES (R. G. D u n & C om pany) D ec. 1924 J a n . 1924 J a n . 1925 N u m b er L ia b ilitie s L ia b ilitie s L ia b ilitie s D istric ts: 217 $ 3,742,645 $ 4,847,858 $ 7,173,862 B o s to n ....... ........... 8,107,914 8,884,038 New Y o r k - ........... 416 20,028,016 2,157,916 1,812,308 1,747,846 P h ila d e lp h ia -----80 3,678,704 6,160,933 4,937,059 C lev elan d —....... — 199 2,771,624 3,505,170 4,029,401 R ic h m o n d --------188 2,750,320 2.445,897 2,452,051 A tla n ta .............. 156 9,753,298 7,962,883 12,641,812 C h icag o .................. 345 1,669,880 433,149 S t. L o u is________ 127 2,032.300 1,129,225 1,095,724 103 M in n e ap o lis____ 1,678,389 6,667,478 2,035.090 K a n s a s C ity ......... 134 1,312,836 368,159 1,170,988 D a lla s__________ 78 2,450,212 2,845,349 2,291,543 S an F ra n c isc o ___ 274 2,133,944 T o ta l....... — 2,317 $54,354,032 $45,279,281 $51,272,508 IMPORTS AND EXPORTS. Exports from the United States during January 1925 ex ceeded imports in value by approximately 101 million dol lars, according to preliminary figures published by the De partment of Commerce. The value of January imports was larger than for any month since May 1923. Exports were larger in volume than in the preceding month, or in January 1924. Preliminary figures for January, with comparisons, are shown below: Im p o rts: 1924-25 J a n u a r y ......................................... $ 346,000,000 D ecem ber....................................... 333,173,571 7 m o n th s e n d in g w ith J a n ....... 2,106,353,200 1923-24 $ 295,506,212 288,304,766 1,999,952,275 E x p o rts: J a n u a r y ......................................... $ 447,000,000 445,742,577 D ecem ber...................................... m o n th s e n d in g w ith J a n ....... 2,948,255,431 $ 395,172,187 426,665,519 2,617,106,080 7 New Orleans. Imports through the port of New Orleans during Novem ber (the latest month for which detail figures are available) amounted to $14,081,739, the second largest in the history of the port for that month. Increased values were shown in im ports of coffee, petroleum, gasoline, bananas and molasses, while declines were shown in burlap, sisal, mahogany, sugar and newsprint paper. Some of the principal articles im ported in November were: Coffee, lb s................................................ B u rlap , lb s .............................................. P etro le u m , g a ls...................................... G aso lin e, g als........................................ M ahogany, f e e t ...................................... S u g ar, lb s ................................................. Volum e 35,527,063 3,279,191 44,150,820 10,920,000 2,350,000 7,486,529 V alue $7,016,149 406,689 1,124,129 1,011,916 184,589 304,580 Total amount of imports in November of the past six years are shown below, for comparison: N ovem ber 1924.............. $14,081,739 N ovem ber 1923............... 12,820,974 N ovem ber 1922............... 10,609,085 N ovem ber 1921.............. $ 6,788,624 N ovem ber 1920.............. 8,317,750 N ovem ber 1919.............. 20,670,304 The total value of exports through New Orleans during November was $48,448,750, some of the principal commodities being: S h o rt s ta p le c o tto n , b ales.. L ong s ta p le c o tto n , b a le s .. G aso lin e, g a ls........................ W heat flour, b b ls................... in a tin g oils, g a ls........ DigitizedIllu formFRASER Z in c , l b s . . ............................... V olum e 138,597 54,398 34,456,304 407,650 14,445,477 14,062,008 V alue $17,741,258 7,530,091 3,403,680 2,755,603 1,474,816 886,782 Grain Exports—New Orleans. There was a decrease in corn exports in January compared with January 1924, but an increase over December. Exports of wheat and oats were not as large as in December, but were larger than in January a year ago. S eason J a n . 1925 J a n . 1924 J a n . 1925 1,716,075 74,000 21,998,637 295,543 861,309 1,701,655 105,882 10,305 514,045 0 0 0 W heat................................... C o m ..................................... O ats...................................... R y e ...................................... T o ta l.......................... 2,117,500 945,614 24,214,337 th ro u g h J a n . 1924 5,684,595 2,005,261 215,080 195,913 8,100,849 BUILDING PERMITS. The volume of building permits issued during January at twenty cities in the sixth district totaled $7,750,315, an in crease of 2.2 per cent over the value of permits issued at the same cities during January 1924, and larger than the Jan uary total for any of the past five years. Relatively large increases were reported from some of the cities, but de creases occured at others. Detailed figures are shown in the following table, and index numbers are included on page 8: J a n u a ry 1924 P ercenta J a n u a ry 1925 N u m b er V alue N um ber V alue ch an g e A labam a: v alu e 16 $ 32,200 19 $ 37,020 —13.0 A n n is to n ............. B irm in g h am .. .. 439 1,733,815 1,440,312 494 ♦20.4 120,320 M obile— . ........... — 83 79 53,650 +124.3 M ontgom ery----- — 72,476 53 21,622 +235.2 74 F lo rid a : Ja c k so n v ille ___ . . . ♦ L ak elan d ............. M iam i.................... — ♦ M iam iB each. . O rla n d o ............... P en sa c o la ............ T a m p a.................. ... 246 374,467 99 240,645 339 1,058,631 26 338,300 184 284,067 53 34,061 499 765,382 266 74 285 31 205 60 276 583,459 - 35.8 142,650 + 68.7 454,999 +132.7 216,300 + 56.4 227,460 + 24.9 41,842 — 18.6 303,538 +152.2 298 1,463,667 46,181 61 36 24,535 132 150,804 32 44,350 322 108 23 113 40 1,440,561 + 1.6 60,182 — 23.2 62,880 — 61.0 58,710 +156.9 180,475 - 65.4 L o u is ia n a : New O rle a n s ___ A le x a n d ria .......... 157 100 625,600 146,166 180 59 1,474,425 - 5 7 . 6 76,837 * 90.2 T ennessee: C h a tta n o o g a — . Jo h n s o n C ity __ K n o x v ille......... — .. N a s h v ille ............. 132 18 165 193 172,703 29,975 312,642 258,273 124 28 171 174 172,450 + 0.1 42,550 — 29.6 578,652 — 46.0 273,261 — 5.5 G eorgia: A tla n ta ................ A u g u sta................ C olum bus............ M acon................... S a v a n n a h ............ T o ta l 20 C ities.............. In d ex N u m b er.............. . 3,257 $7,750,315 214.9 3,079 $7,584,885 209.2 + 2.2 *~Not in c lu d e d in to ta ls o r in d ex n u m b ers. LUMBER. The excessive rainfall and impassable roads made it neces sary for many of the smaller mills, and some of the larger ones, to close down for a time. Reports early in February in dicated that while many of the smaller mills were still idle, the larger plants were practically all in operation. Th e baro meter of the Southern Pine Association for the week ended February 6 shows production only 5.6 per cent below nor mal, with shipments 10 per cent and orders 15.7 per cent, below normal production. Operating time reported by 82 mills showed 71 operated full time and 5 operated five days. Of the 71 which operated full time, 11 operated over time, and 7 of these operated double shifts. Preliminary figures for January, with comparisons, are shown below: J a n . 1925 131 m ills O rd ers............................................ 280,729,785 S h ip m en ts..................................... 278,132,762 P ro d u c tio n ................................... 305,910,912 N orm al p ro d u c tio n th e s e m ills ..................................... 308,978,683 S tocks e n d of m o n th ................. 711,116,972 N orm al sto c k s th e s e m ills........ 825,064,982 U n filled o rd ers e n d o f m o n th . 218,497,565 Dec. 1924 140 m ills 293,544,546 299,684,395 299,143,580 J a n . 1924 138 m ills 374,834,418 354,985,536 323,999,406 330,280,474 703,904,374 903,646,991 245,894,418 342,794,448 784,376,734 936,009,169 290,779,800 THE MONTHLY BUSINESS REVIEW 6 COTTON CONSUMED. UN ITED STATES CENSUS BUREAU UNITED STATES J a n . 1925 D ec. 1924 J a n . 1924 589,725 51,800 532,047 46,182 578,468 40,589 I n C o n su m in g E s ta b lis h m e n ts : 1,433,814 L in t ...................................... 137,634 L in te rs ................................. 1,319,265 118,924 1,637,824 120,394 I n P u b lic S to rag e a n d a t Com presses: L in t....................................... L in te rs ................................. 3,863,475 58,290 4,623,863 53,017 2,963,983 79,853 E x p o rts.......................................... 1,076,075 54,822 Im p o rts .......................................... A ctive S p in d le s ........................... 33,180,758 1,075,923 48,663 32,661,949 546,853 47,693 33,279,926 C o tto n C onsum ed: L in t....................................... L in te rs ................................. COTTON GROW ING STATES J a n . 1925 403,562 C o tto n C onsum ed....................... 886,755 I n C o n su m in g E sta b lish m e n ts I n p u b lic sto ra g e a n d a t 3,585,413 com presses.......................... A ctive S p in d le s ........................... 16,965,378 D ec. 1924 355,662 865,960 J a n . 1924 391,091 1,005,420 4,351,023 16,785,629 2,659,414 16,342,508 MANUFACTURING Cotton. Reports for the month of January were made to the Fed eral Reserve Bank by cotton mills in the sixth district which manufactured during the month approximately 24,000,000 yards of cloth, and about 8,650,000 pounds of yarn. Pro duction and shipments at these mills showed increases over the p* eceding month. Production of cloth was slightly less than \)hat reported for January 1924, although shipments of cloth exceeded January 1924 by 12.6 per cent, and both production and shipments of yarn exceeded January last year by approximately 19 per cent. Orders booked during January, however, showed only a fractional increase over December in the case of cloth, while orders for yarn were smaller by 13.7 per cent than in December. Unfilled orders for cloth, and supplies of cloth on hand, at the end of Jan uary declined 12.8 per cent and 10.8 per cent, respectively, compared with December. Unfilled orders for yarn were 6.8 per cent smaller than a month earlier, but stocks in creased 5.8 per cent. Cloth mills had orders which would require their operation for nearly ten weeks, while yarn mills had orders for nine weeks* operation. P ro d u c tio n ......................... S h ip m e n ts........................... O rders b o o k ed................... U n fille d ord ers.................. S to ck s o n h a n d ................. N u m b er o n p a y r o ll.......... C lo th Y am J a n . 1925 com pared J a n . 1925 com pared w ith w ith : Dec. 1924 J a n . 1924 Dec. 1924 J a n . 1924 *10.0 — 1.2 +13.9 *19.3 *12.0 +12.6 +13.7 *19.4 +0.5 +14.5 -1 3 .7 — 1.0 —12.8 ♦ 9.6 — 6.8 *40.2 —10.8 —12.4 +5.8 * 8.8 — 2.7 +5.7 +10.0 + 7.2 Overalls. Production of overalls during January was 3.1 per cent higher than in December, and showed an increase of 26.2 per cent over January last year. Stocks also showed an in crease over December, but were slightly smaller than a year ago. Orders booked, and unfilled orders at the end of Jan uary, both showed increase compared with the preceding month and were substantially larger that at the same time last year. O v eralls m a n u fa c tu re d ....................... O v eralls o n h a n d .................................. O rders b o o k ed ........................................ U n fille d ord ers....................................... N um ber o n p a y r o l l ............................ J a n . 1925 com pared w ith : Dec. 1924 J a n . 1924 +3.1 *26.2 +3.1 — 0.6 + 6.8 *36.0 +15.7 *48.8 +2.1 *19.0 BRICK. Brick manufacturers report that smaller production, stocks and orders during January were attributable partly to the excessive rains during the month, which made roads impassable, interrupted transportation, and slowed down construction activities perceptibly. Unfilled orders at the endforofFRASER the month were larger than a month earlier, although Digitized smaller than at the same time a year ago. B rick m a n u fa c tu re d ............................. B rick o n h a n d ........................................ O rders b o o k e d ........................................ U n fille d orders....................................... N um ber o n p a y ro ll............................... J a n . 1925 com p ared w ith : D ec. 1924 J a n . 1924 —20.7 + 9.1 —30.6 —49.2 —25.0 —27.9 +11.5 —26.6 + 0 .0 — 1.7 HOSIERY The following figures, reported to the Census Bureau by 40 identical establishments in the sixth district, show in creases in January over December in orders, production and shipments, but smaller stocks and unfilled orders. Cancellations were also slightly larger. (D ozen pairs) J a n u a ry 1925 D ecem ber 1924 P ro d u c tio n ..................... ......... .............. 938,746 802,906 S h ip m en ts-..................................... ........ 910,808 828,223 S tocks o n h a n d ---------------------------2,063,885 2,264,109 1,034,113 874,876 O rders booked............ -............-........ C a n c e lla tio n s ....................... ................ 83,448 80,875 U nfilled orders..................... ......... 1,892,273 1,906,507 COAL. Production of bituminous coal in the United States, in dicated in statistics compiled by the Geological Survey, reached a level during the week ended January 10 higher than for any week during 1923 or 1924. The output declined during the week of January 17, approximately half million tons, due to transportation difficulties, The chief factor causing the decline for the week ended January 24 was a general slackening in the demand. Traffic conditions were considerably improved in several of the districts that had previously reported large losses through transportation difficulty. The decrease in the week ended January 31 was attributed chiefly to softening of the demand, losses from other causes being relatively insignificant. Weekly figures, compared with a year ago, follows: Week E n d e d : 1925 J a n u a r y 3............................................. 10,805,000 J a n u a r y 10...........................................12,555,000 J a n u a r y 17..................................... ......12,028,000 J a n u a r y 24..................................... ......11,588,000 J a n u a r y 31..................................... ......11,073,000 F e b ru a ry 7..................................... ......10,900,000 1924 9,068,000 11,921,000 11,622,000 11,569.000 11,337,000 11,501,000 Coal production in Alabama in January is reported as 1,634,000 tons, compared with 1,547,000 in December. Opera tors generally experienced a better demand for all grades. The domestic market was reported as being quite active; the steam market evidenced greater strength than for many weeks past, while th.e increased demand for bunker coal was particularly notideable. Reports from Tennessee indicate a decline in production, with poor demand. IRON. Production of pig iron in the United States increased in January, for the sixth Consecutive month, bringing the output to the highest point since March last year. The month's output according to statistics compiled and pub lished by the Iron Age, amounted to 3,367,264 tons, compared with 2,961,702 tons produced in December, and with 3,018,890 tons in January 1954. The index number for January, based upon the monthly average in 1919', stands at 132.1, compared with 116.2 in December, and 118.5 in January la'styear. The daily rate of production in January was 108,621 tons a gain of 12 cent over the rate of 95,539 tons in December, and as against 97,384 tons in January 1924. Production of iron in Alabama showed a small increase, amounting in January to 231,465 tons,compared with 230,760 tons in December, and with 225,556 tons in January a year ago. Three additional furnaces were blown in during Jan uary, and on February 1 there were 24 in active operation, compared with 21 on the first of January, and 24 on the first of February 1924. The market on iron in Alabama has ad vanced from $22 to $23 per ton, as compared w ith$23 to$23.5( at this time last year. Reports indicates that the market is 7 THE MONTHLY BUSINESS REVIEW firm though sales are not as active as they have been, and that the probable make of the first quarter has been prac tically disposed, of with inquiries being received for the second quarter. Shipments by furnaces and pipe foun dries during the month are reported to have been heavy. Unfilled Orders—U. S. Steel Corporation. Unfilled orders reported by the United States Steel Cor poration at the end of January amounted to 5,037,000 tons, compared with 4,816,756 tons at the close of December, and 4,798,429 tons at the end of January 1924. and Rosin Producers Association showed an increase ovor December on both turpentine and rosin. The average for the month on turpentine was 86J cents compared with 77 k cents in December, and on rosin was $7.52J compared with $6.82J in December. R e ceip ts—T u r p e n tin e : J a n . 1925 Dec. 1924 J a n . 1924 S a v a n n a h _____________ _____ Ja c k so n v ille __________ _____ P e n sa c o la _____________ _____ 3,310 4,614 1,420 11,381 11,489 3,319 3,110 6,009 1,669 T o ta l........................ ........... 9.,344 26,189 10,788 S a v a n n a h _____________ ........... Ja c k so n v ille __________ _____ P en sa c o la ___ ________ _____ 16,026 28,544 7,059 49,127 55,633 14,456 21,056 30,940 9,975 T o ta l____________ _____ 51,629 119,216 61,971 S a v a n n a h _____________ _____ Ja c k so n v ille __________ ........... P en sa co la ___ ____ _____ _____ 11,783 25,397 12,336 16,826 31,176 13,377 12,471 25,499 3,572 T o ta l-_____ ______ ........... 49,516 61,379 41,545 S a v a n n a h _____________ _____ Ja c k so n v ille ________________ P en sa co la_____________ _____ 70,697 112,335 40,054 94,529 120,620 41,333 115,949 132,516 58,141 T o ta l____________ 223,088 256,482 306,606 R o sin : NAVAL STORES. Receipts and stocks of turpentine and rosin at the three principal markets showed a seasonal falling off during Jan uary. Stocks of turpentine were somewhat larger than those on hand at the end of January a year ago but sup plies of rosin were considerably smaller. The unpreceden ted rains experienced in January affected from sixty to seventy per cent of the turpentine producing area of Georgia. In the territory affected work was abandoned for two weeks or more, and reports indicate that while the waters were receding it would be another two weeks before operators could begin to measure the damage done. Prices prevailing during January, on the Savannah mar ket, according to statistics published by the Turpentine S tocks—T u rp e n tin e : R osin: THE MONTHLY BUSINESS REVIEW 8 MONTHLY INDEX NUMBERS. The following index numbers, except where indicated otherwise, are computed by the Federal Reserve Bank of Atlanta, and are based upon average figures for 1919. That is, average monthly figures for the year 1919 are represented by 100, and the current monthly index numbers show the relation of activity in these lines to that prevailing in 1919. RETAIL TRADE 6TH DISTRICT (Department Stores) ___________ Atlanta___________ Birmingham __ ___ _______________ Chattanooga ____ _____________ Jackson .. ________ __ _ _ _ _ Nashville. _ _ _ _ _ _ ____ _ _ _ __ _ New Orleans ______ __ _____ Savannah- _ ___ _____ ______ Other Cities_ ________________ District ___ _ __ _ ___ ____ RETAIL TRADE U. S. (1) Department Stores __ __ _______ Mail Order Houses_______ ______ Chain Stores: Grocery._ __ ______ ___ Drug. __ __ _ _ ___ _ _ __ __ Shoe________ _ ___ _ 5 & 10 cent___ _ _ __ ______ Music ___ ____ _ ___ _ Candy ______ _ ____ ___ Cigar _ ________ ___ ______ WHOLESALE TRADE 6TH DISTRICT Groceries ____ _______ _____ Dry Goods, _ ___ _ _______ __ ______ Hardware__ _ Shoes _ _ _ _ _ _ _ _ ___ Total __ __ ___________ ______ WHOLESALE PRICES U. S. (2) _______ Farm Products. . . . Foods_ __ ______ _ ___ _ Cloths and Clothing___ _____ _ Fuel and Lighting______ _____ Metals and Metal P rod u cts,..___ Building Materials.__ ______ Chemicals and Drugs_____ _ _ __ House Furnishings____ ________ Miscellaneous_________________ All Commodities. _________ ____ BUILDING PERMITS 6TH DISTRICT Atlanta.. _ _____ ______ Birmingham __ __ _ _______ _ Jacksonville___ _____ _____ Nashville._ _______ _ ___ New Orleans__ _____ ________ Other Cities _ _____________ __ District (20 Cities)_____________ COTTON CONSUMED: United States_____ _ _________ Cotton-Growing States_______ _ All Other States. _ __ _ _ _ _ ___ _ Cotton Exports.__ _ _ ________ PIG IRON PRODUCTION: United S tates._ _____ _ __ ___ A labam a.__ _ __________ ___ UNFILLED ORDERS—U. S. STEEL CORPN_______________________ (1) Compiled by Federal Reserve Board. (2) Complied by Bureau of Labor Statistics. (1913—100) November December 1924 1924 111.0 145.1 118.6 110.5 100.4 122.1 80.4 97.7 114.9 185.8 217.8 151.7 160.5 161.3 180.9 127.4 156.1 174.7 141 131 210 148 226 145 146 199 111 184 138 250 186 188 366 184 276 192 January November December January 1923 1923 1924 104.1 155.1 127.2 114.0 118.0 127.7 83.7 104.0 121.3 146.3 209.9 144.1 161.8 163.8 179.6 130.9 150.0 167.8 69.3 100.6 102.7 79.4 74.3 96.8 61.3 78.2 87.2 109 108 142 122 202 118 109 99 245 155 107 151 92 162 122 202 141 131 176 149 174 134 201 185 171 331 214 261 192 191 141 99 126 84 154 119 1925 87.5 97.3 81.3 79.7 73.1 95.3 68.7 72.8 85.9 90.4 73.5 90.6 61.3 84.5 95.0 53.4 93.1 45.0 81.4 97.2 87.3 94.1 44.5 89.2 149.5 153.8 190.4 162.8 128.7 171.6 134.0 172.0 122.9 152.7 156.7 157.9 191.4 164.6 132.9 175.1 134.6 172.4 128.6 157.0 163.4 159.8 191.1 167.9 136.3 179.3 235.2 172.6 127.1 160.0 146 148 201 167 141 181 130 176 118 152 154.3 591.1 108.3 92.9 149.5 249.2 225.3 359.9 726.4 105.4 170.7 108.4 275.4 296.8 168.1 530.1 125.2 136.4 143.0 222.3 214.9 92.0 117.7 61.2 237.6 99.5 120.5 74.6 195.7 98.5 133.6 67.3 94.7 80.4 89.5 72.1 81.2 84.1 45.2 78.5 36.6 69.9 88.7 77.1 90.3 48.6 83.9 145 147 203 162 142 178 130 176 116 151 144.4 143.2 200.1 168.9 141.9 181.0 131.8 175.8 116.6 151.2 216.9 245.2 106.5 1530.7 214.8 193.1 269.3 268.7 443.8 123.8 88.2 159.3 155.4 203.3 165.4 440.4 195.1 144.3 337.1 157.2 209.2 110.2 136.7 78.7 195.7 99.4 121.5 73.1 140.0 86.3 104.5 64.7 153.8 107.8 132.4 78.5 99.3 116.2 131.3 132.1 131.7 113.6 122.7 114.6 121.7 118.5 128.3 80.3 84.0 72.9 74.2 80.1
@FedFRASER