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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 is t r ic t . FEDERAL RESERVE BANK OF ATLANTA OSGAR NEWTON. Chairman and Federal Reserve Agent VOL. 11, No. 2 (Compiled Feb. 17,1926) WARD ALBERTSON, Assistant Federal Reserve Agent ATLANTA, GA., FEBRUARY 28, 1926 M ^ W 3pub,Iwtlonta BUSINESS CONDITIONS IN TH E UNITED STATES. (Prepared by the Federal Reserve Board.) In d u strial activ ity in January was in sligh tly smaller vol ume th a n in December, and th e d istrib u tion of commodities show ed a season al decline. T he level of prices remained p ractically unchan ged . P rod uction T h e Federal Reserve Board’s index of produc tio n in selected basic in d u stries was about one per cen t, lower in January th a n in December. T he o u t p u t of iron and steel, copper and zinc increased while activ ity in th e w oolen and petroleum in d u stries declined, and mill consum ption of cotton , th e cu t of lumber, and bitum i n o u s coal prod uction increased less th a n is u su al at th is season of th e year. Autom obile production, n o t included in th e index w as slightly smaller th a n in December, b u t considerably larger th a n in January, 1925. Factory em ploym ent changed b u t little in January b u t th e earnings of workers decreased considerably owing to th e closing of p la n ts in m ost in d u stries at th e opening of th e year for inventory-taking and repairs. T he volume of building co n tra cts awarded in January, alth ou gh seasonally less th a n in Dec^mber, exceeded th a t of any previous January on record. C ontracts awarded were particularly large in th e New York and A tlanta D istricts. Trade Sales of departm ent stores and mail order h ou ses show ed more th a n th e u su al seasonal decline in January, b u t were larger th a n in January of la st year. Wholesale trade declined considerably and was in smaller volume th a n a year ago. Stocks at departm ent stores show ed more th a n th e u su al increase in January and were about 11 per cent, larger th a n at end of January, 1925. F reight car loadings declined in January and th e daily average for th e m onth was approximately th e same as a year earlier. Prices Wholesale prices as m easured by th e index num ber of th e B ureau of Labor S ta tistics, remained practically u nchan ged from December to July. By groups of commodities, prices of grains, coke, and paper and pulp increased, w hile dairy products, co tto n goods, bitum inous coal and rubber declined. In th e first th ree weeks of February th ere was a decline in th e prices of grains, and follow ing th e settlem ent of th e strike in th e an th racite region, a drop in th e prices of bitum inous coal and coke. Price advances were show n for refined sugar, copper and petroleum . Bank Credit At member banks in leading cities th e season al decline in th e demand for credit, w hich be gan at th e tu rn of th e year, came to an end tow ard th e close of January, and in th e early part of February th e volume of loan s and in vestm en ts at th e se banks increased considerably. The increase was largely in loan s for com mercial purposes, w hich after declining alm ost co n tin u o u sly from their seasonal peak in early October, advanced by more th a n $50,000,000 in February. The grow th in th e commercial dem and for credit th rou gh out th e country, to g eth er w ith some in crease in currency requirem ents, was reflected in a w ithdraw al of fu n d s from th e New York m oney market and w as a factor in th e in crease in th e demand for Reserve bank credit after th e end of January. Reserve B an ks’ holdings of bills and secu rities increased by about $66,000,000 b etw een January 27 and February 17. As th e result of th e w ithdraw al of fu n d s from New York th e rates on call loan s became som ewhat firmer in Feb ruary, b u t commercial paper rates were sligh tly lower. PER CENT In d e x o f 22b a s i c o o i m o d i t i e s a d j u s t e d f o r s e a s o n a l v a r ia t io n s (1919— 100.) on** PER CENT In d e x o f U n i t e d S t a t e s B u r e a u o f L a b o r S t a t i s t i c s . (1919-100. b a s e a d o p t e d b y b u r e a u . ) L a t e s t f ig u r e J a n u a r y 156. 2 T H E M O N T H L Y B U S IN E S S R E V IE W PERCEKT PERCENT 6 6 “ k . ■w r ' n / 1 ................. K\> U / 3 . Jr~ ~ J * ty * VM 2 M C)N E Y R A T E S ■— Commercia/ Paper Ra<fe — NY. Reiserve Bank Discount Rate — Acceptionce Rate ....... ...... 1922 M o n th ly averages of w eekly fig u re s fo r b a n k s in 101 leading citie s. fig u res are averages fo r fir s t w e e kly rep ort dates in F e b ru a ry . L a te s t S IX TH D IS TR IC T SUMMARY. B u sin ess sta tistics gathered and compiled for th e M onth ly B usin ess Review con tin u e to reflect generally favorable con d itions in m ost in stan ces. W holesale and retail trade, reflected in con fidential reports from departm ent stores and w holesale firms dealing in eigh t d ifferen t lin es, and located in all parts of th e d istrict, show a larger volume of sales th a n was recorded for January, 1925, bank deposits, b o th dem and and savings, are greater th a n a year ago, and th e volume of d eb its to individual accou n ts in d icates a larger volume of tran saction s se ttle d by check th a n for th e corresponding periods la st year. Where w eather con d itions have perm itted, th ere has been some progress in farm work in preparation for th e coming season. Farm work h as b een retarded in some sections, however, by w et w eather. T he volume of retail trade, reported by 44 departm ent stores, was 7.6 per cen t greater in January th is year th a n last, and stock s of m erchandise were sligh tly smaller. Sales by w holesale firms were greater th a n in January, 1925, in seven of th e eight lin es from w hich reports were received. Commercial failures in th e sixth d istrict were approxi m ately h alf as large as in January la st year, b o th in num ber and in to ta l liabilities. Savings d ep osits at th e end of January, held by 91 banks in th e d istrict, were 15.2 per cent, greater th a n a year ago. Dem and deposits on February 10, held by 36 member banks in selected cities of th e d istrict, increased 12.6 per cent, over th e corresponding report d ate last year, and th eir to ta l loans, d iscou n ts and in vestm en t increased 18.3 per cen t. Building activity in th e d istrict con tin u es at a h igh level. 1925 1S24 1923 1926 W eekly rates in New Y o r k m oney m a rk e t: com m ercial paper ra te on 4 to 6 m onths paper an d acceptance ra te on 90-day paper. In January perm its were issu ed at 20 reporting cities for b uildings to be valued a t $13,931,680, sh ow ing an increase over perm its issu ed in January, 1925, of 79.8 per cen t. Prices received by naval stores producers for b o th tu r p en tin e and rosin have improved during January, and are w ell above th o se prevailing at th is tim e la st year. R E T A IL TRAD E. Sales of m erchandise at retail during January exhibited a sharp decline from th e h ig h level recorded for Decem ber, becau se of th e large volume of h olid ay trade, b u t was b ette r th a n in January a year ago. Sales during Jan uary reported by 44 departm ent stores sca ttered th r o u g h o u t th e d istrict averaged 7.6 per cen t, greater th a n in Jan uary, 1925. D e creases a t C hattanooga, N ashville and Savann ah were more th a n o ffset in th e general average for th e d istrict b y in creases reported from o th er cities sh ow n in th e sta te m ent. T he index num ber of Jan uary sales, com puted from figures reported b y 39 of th e se stores, w as 92.1, and was higher th a n th e index num ber for January of an y year sin ce 1920, w hen it was 100.1. T his also applies to individual index num bers for A tlanta, Jack son and “ O ther C ities.” T he January, 1926, index for Birm ingham is h igher th a n h as b een recorded in January for th a t city, and th e New Orleans index is th e h ig h est recorded in January for th a t city sin ce 1921. S tocks of m erchandise a t reporting de partm ent stores increased 9.1 per cent, over stock s at th e end of December, b u t were 0.6 per cen t, smaller th a n th o se on h and at th e end of January, 1925. Stock turnover for January was at a rate more rapid th a n in January, 1925, excep ting at N ashville and New Orleans. D etailed com parisons are show n below, and index num bers appear on page 8: CONDITION OF R E T A IL TRADE DURING DECEM BER 1925 IN TH E SIX TH FED ERAL RESERVE D ISTR IC T BASED UPON REPO RTS FROM 44 STORES 1 2 N e t sales--percentage ln crease o r decrease com pared w it h : S to ck s a t end of m o n th . percentage Increase or decrease com pared w it h : (A ) J a n . 1925 A tla n ta (3)................................. B irm in g h a m (5)..................... C h attan o o g a (5).................... Ja c k so n (3)................................ N ash ville (5)............................. New O rleans (5)..................... S a v a n n a h (3)........................... O th er C itie s (15).................... D I S T R IC T (44)....................... +14.7 + 7.8 —10.0 +11.9 - 5.7 + 5.2 - 1 9 .2 +27.0 + 7.6 „ (B ) J a n . 1 to J a n . 31.1925 Same as 1-A 3 4 Percentage o f sales to average stocks in J a n . (sto ck tu rn o ve r fo r th e m o n th ): (A ) J a n . 1925 (B ) D ec. 1925 (A ) 1925 (B ) 1926 - 7.8 - 3 2 .3 — 8.9 + 6.6 + 5.0 +10.5 -1 3 .1 + 6.7 - 0.6 +21.1 + 3.0 - 4.4 + 4.4 + 0.4 +10.0 —22.7 +17.4 + 9.1 24.4 18.8 23.4 19.0 21.4 23.4 22.9 19.6 22.2 81.1 21.4 30.3 21.4 20.3 21.5 25.7 24.7 23.3 5 P ercentage of sales to average sto cks from J a n . 1 to J a n . 31 (S to ck tu rn o ve r fo r y e a r to date) (A ) 1925 Same as 3-A 1 Percentage of o u ts ta 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. 1925: (B ) 1926 (A ) D ec. (B ) Ja n . Same as 3-B 1.3 5.6 1.8 z 2.6 11.2 8.0 5.6 4.7 5.1 4.8 4.3 z 4.5 7.7 X 6.0 5.9 1 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. D i s t r i b u t i o n o f m e r c h a n d i s e a t w h o le s a l e i n t h e s i x t h d is t r ic t d u r in g J a n u a r y w a s g re a te r in d r y g o o d s, h a r d w a r e , a n d s h o e s , t h a n in D e c e m b e r, b u t s m a lle r t o t a l s a le s w e r e s h o w n i n a g g r e g a t e f i g u r e 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 ie s , f u r n i t u r e , e le c t r ic a l s u p p lie s , s t a t io n e r y a n d d r u g s . I t i s p r o b a b le t h a t t h e s e d e c r e a s e s a r e d u e , t o s o m e e x t e n t a t l e a s t , t o s e a s o n a l c a u s e s , a s t h e l a r g e r v o lu m e o f s a le s in D e c e m b e r is n o d o u b t d u e to p u r c h a s e s b y r e t a il m e r c h a n t s f o r t h e h o lid a y t r a d e . C o m p a re d w it h J a n u a r y a y e a r a g o , a ll lin e s r e p o r t e d in c r e a s e d s a le s e x c e p t s t a t io n e r y , w h e r e t h e r e w a s a d e c re a s e o f o n e - h a lf o f o n e p e r c e n t . T h e in d e x n u m b e r f o r J a n u a r y , c o m p u t e d fr o m s a le s b y f ir m s d e a lin g i n g r o c e r ie 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 , i s 9 8 .9 , a n d i s h i g h e r t h a n t h e n u m b e r f o r a n y o t h e r J a n u a r y s i n c e 1 920. T h e n u m b e r s f o r s a l e s o f g r o c e r i e s , h a r d w a r e a n d s h o e s a r e a ls o h ig h e r t h a n f o r t h e s a m e m o n t h o f a n y y e a r s i n c e 1920 . G r o c e r ie s Ja n u a ry s a le s o f g r o c e r ie s a t w h o le s a le , r e p o r t e d b y 35 f i r m s i n t h e d i s t r i c t , a v e r a g e d t h r e e - t e n t h s o f o n e 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 D e c e m b e r. T h is is d u e to d e c re a s e s re p o rte d fro m N e w O r le a n s a n d V ic k s b u r g , a s o t h e r p o in t s r e p o r t e d in c r e a s e d s a le s o v e r D e c e m b e r . C o m p a r e d w i t h J a n u a r y , 1925, d e c r e a s e s i n s a le s a t A t la n t a , M e r id ia n , N e w O r le a n s a n d V ic k s b u r g w e r e m o re t h a n o f f s e t b y in c r e a s e s a t J a c k s o n v ille a n d O t h e r C it ie s , r e s u lt in g i n a n a v e r a g e in c r e a s e o f 1 .7 p e r c e n t . C o l l e c t i o n s w e r e r e p o r t e d g o o d b y 14 f i r m s , a n d f a i r b y 1 0. 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 b e lo w : J a n . 1926 compared w it h : Dec. 1925 J a n . 1925 +10.8 —10.0 A tla n ta (5 fir m s ).— ................................ — Ja c k so n v ille (4 firm s )--------------------+1.1 +42.1 M erid ian (3 firm s ).............................................. +7.1 —16.1 New O rle an s (8 firm s )........................ ............ — 5.7 —22.4 —15.4 —16.1 V ick sb u rg (3 f ir m s ) ..._______ ____________ O th er C itie s (12 firm s )___________________ +2.5 +9.6 D I S T R IC T (35 f ir m s ) - __________________ - 0.3 + 1.7 D ry G oods S a l e s o f d r y g o o d s a t w h o le s a l e d u r i n g J a n u a r y w e r e s e a s o n a lly g r e a t e r t h a n i n D e c e m b e r , a v e r a g i n g 1 2 .0 p e r c e n t , i n t h e d i s t r i c t . C o m p a r e d w i t h J a n u a r y la s t y e a r , in c r e a s e s a t J a c k s o n v ille a n d “ O t h e r C it ie s ” m o re t h a n o ffs e t d e c re a s e s re p o rte d fro m A t la n t a a n d N e w O r le a n s , t h e a v e ra g e in c r e a s e f o r t h e d is t r ic t b e i n g 9 .9 p e r c e n t . T h e r e p o r t s i n d i c a t e a d e c id e d h e s i t a n c y o n t h e p a r t o f r e t a i l m e r c h a n t s t o p la c e o rd e rs f o r a n y c o n s i d e r a b l e p e r io d a h e a d . C o l l e c t i o n s w e r e r e p o r t e d e x c e l le n t b y 1 f ir m , g o o d b y 3 , f a i r b y 8 , a n d p o o r b y 2. P e r c e n t a g e c o m p a r is o n s a r e s h o w n i n t h e t a b l e : J a n . 1926 compared w it h : Dec. 1925 J a n . 1925 +19.8 — 3.5 +8.9 +43.3 +11.4 —22.2 +10.8 +12.0 + 9.9 A tla n ta (4 firm s )___________ ______________ Ja c k so n v ille (3 firm s )....................................... New O rleans (3 f ir m s ).................................... O ther C itie s (15 firm s )-------- --------- +11.9 D I S T R IC T (25 firm s )_____________________ H a rd w a re J a n u a r y s a le s o f h a r d w a r e a t w h o le s a le , r e p o r t e d b y 25 f ir m s i n t h e d is t r i c t a v e r a g e d 1 .4 p e r c e n t , g r e a t e r t h a n i n D e c e m b e r , i n c r e a s e s a t A t l a n t a a n d N e w O r le a n s s lig h t ly m o re t h a n o f f s e t t in g d e c re a s e s a t J a c k s o n v ille a n d “ O t h e r C it ie s .” A ll c it ie s s h o w n in t h e s t a t e m e n t r e p o r t e d i n c r e a s e s o v e r J a n u a r y , 1925. T h e r e p o r t s in d ic a t e c a u t io u s b u y in g o n t h e p a r t o f r e t a i l m e r c h a n t s . C o lle c t io n s w e re r e p o r t e d g o o d b y 9 f ir m s , a n d f a ir b y 8 . 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 f o l l o w : A tla n ta (3 firm s )— ......................................... Ja c k so n v ille (3 firm s ).................................... .. New O rleans (4 firm s )- .- .......................... ... O th er C itie s (15 firm s )— .......................... D I S T R IC T (25 f ir m s ) - ................................... J a n . 1926 compared w it h : D ec. 1925 J a n . 1925 +13.3 +13.6 — 3.1 +39.2 +12.5 + 4.0 — 5.0 +35.3 +1.4 +22.7 F u r n it u r e S a l e s i n J a n u a r y b y 17 r e p o r t i n g w h o le s a l e f u r n it u r e d e a le r s a v e r a g e d 1 7 .8 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 D e c e m b e r , b u t w e r e 1 3 .5 p e r c e n t , g r e a t e r t h a n i n J a n u a r y , 19 25 . A d e c r e a s e o f 5 .5 p e r c e n t , a t C h a tta n o o g a , c o m p a re d w it h J a n u a r y a y e a r a g o , w a s m o re t h a n o f f s e t b y in c r e a s e s a t o t h e r p o in t s . C o ll e c t io n s w e re r e p o r t e d g o o d b y 9 f ir m s , a n d f a ir b y 5. 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 b e l o w : A tla n ta (6 firm s )................................................. Ch attan o o g a (3 firm s )............................. — O th er C itie s (8 firm s )................. ..................... D I S T R IC T (17 firm s )....................................... J a n . 1926 compared w it h : Dec. 1925 J a n . 1925 —22.4 +73.8 — 9.4 — 5.5 —19.4 +2.5 -1 7 .8 +13.5 3 R E V IE W Electrical Supplies The volume of sales during January reported by 10 w holesale electrical supply firms de creased 38.3 per cent, compared w ith Decem ber, b ut were still about half again as large as sales in Jan uary a year ago. The reports indicate no m aterial change in prices during th e m onth. C ollections were reported good by 3 firms, and fair by 6. The table shows percentage changes in sa le s : A tla n ta (3 firm s )................. ............-................ N ew O rleans (4 f ir m s )- ........... .................. .. O th er C itie s (3 firm s )--------------------D I S T R IC T (10 firm s )____________________ J a n . 1926 compared w it h : Dec. 1925 J a n . 1925 —47.7 +82.2 —21.1 +11.7 —22.3 +47.0 -3 8 .3 +49.8 In th e other three lines percentage changes are show n only for th e district, as three reports were n ot received in any of th ese lines from a single city. January sales by w holesale shoe firms were 1.8 per cent, greater th a n in December, and 18.3 per cent, greater th a n a year ago. Sta tionery sales showed decreases in b o th in stan ces, and sales of drugs, w hile smaller th a n in December, were 9 per cent, greater th a n in January a year ago. Collections during January were reported fair by 3 w holesale shoe firms, and fair by 3 w holesale drug firms; good by 3 w holesale sta tionery firms, and fair by 1. Shoes (6 firm s )------------------------ ---S ta tio n e ry (4 firm s )_____ ________________ D ru g s (5 firm s )---- ----- -_______ _________ J a n . 1926 compared w it h : Dec. 1925 J a n . 1925 +1.8 +18.3 —18.4 — 0.5 — 7.0 — 9.0 AGRICULTURE. Weather conditions in some sections of th e district have been su ch as to retard th e progress of farm work in prepa ration for th e coming season, b ut where plowing has been possible, some progress has been made. No inform ation is yet available as to th e probable acreage to be p lanted in co tto n , or in other crops, b u t reports in dicate th a t th e supply of farm labor will be an im portant factor in th is con n ection . Farm Animals S ta tistics are compiled and published an nu ally by th e D epartm ent of A griculture dur ing January show ing th e num ber and value of live stock on th e farms in th e U nited S tates on January 1 of each year. For January, 1926, th e sta tistics recently published show th e to ta l num ber of farm animals, in clu d ing horses, mules, cattle, milk cows, sheep and swine, to be 173,358,000, compared w ith 179,621,000 a year ago. The average value per head shows a small decrease for mules, b u t increases in all other in sta n ces, and th e to ta l value for January, 1926, is reported as $5,001,297,000 as compared w ith $4,685,021,000 in January, 1925. In th e sixth d istrict there was a decrease in all of th e sta te s in th e to ta l num ber of farm animals on January 1, 1926, compared w ith a year ago, am ounting to an average of 8.4 per cen t, for th e district. In Alabama, due to in creased values of mules and cattle, there was an increase of 1.3 per cent, in th e to ta l value of farm animals compared w ith a year ago. In M ississippi and T ennessee lower values were reported for horses and mules, b u t increased values per head of cattle, sw ine and sheep, and in b o th of th ese sta tes th e to ta l value of farm animals was 0.4 per cent greater th a n a year ago. In Florida, Georgia and Louisiana to ta l values were reported lower th a n a year ago, and for th e d istrict as a w hole, th e aggregate value of farm animals was 2.1 per cent, smaller th a n a year ago. The follow ing figures show th e values reported for th e sta te s of th is district on January 1, 1926, compared w ith revised figures for a year ago: A lab am a............................. .................— .............. $ F lo rid a .................................- .................................. G eo rgia ...................................................... L o u is ia n a _________________________ M ississip p i ______ ____ ___ ___________ Tennessee ......... ................................ -........ 1926 55,769,000 24,613,000 68,566,000 47,506,000 58,735,000 73,945,000 T o t a l - . . . ............ .................................$329,134,000 1925 $ 55,073,000 26,058,000 72,196,000 50,708,000 58,496,000 73,678,000 $336,209,000 Florida Fruits Revised estim ates by th e Departm ent of and Vegetables Agriculture show a probable to ta l produc tio n of 14 million boxes of citrus fru its dur ing th e present season, of w hich 8 | million boxes will be oranges and 5i million boxes grapefruit, including fru it already shipped. The Departm ent states th a t th e to ta l movement to February 1 has been around 7 million boxes, and states th a t th e crop is approximately half moved. The report sta tes th a t while th e lighter settin g of fruit th is year T H E 4 M O N T H L Y B U S IN E S S h a s probably b een th e m ost im portant factor in th e de creased yields, th e cu ttin g up of groves in to sub-divisions, storm damage and heavy crops, in some section s have con trib u ted to th e lower crop. R E V IE W Clean Rice (Sacks) Port of New Orleans. R eceip ts........................................................... S h ip m en ts..................................................... S to c k ................................................................. A ssociation M ills ......................... N ew O rle an s M ills...................... O utside M ills .................................. 9,884 7,270 14,820 8,941 T o t a l................................. 6,101 T o ta l movement of vegetables 911 18,134 2,017 24,649 6,954 J a n . 1926 Season th ro u g h Dec. 1925 J a n . 1925 280,775 13,264 48,855 16,389 30,077 2,078 3,716 387,414 29,764 84,892 30,459 42,525 6,448 5,560 250,987 12,041 42,986 11,382 12,463 2,770 1,882 475,335 23,876 92,006 56,526 104,592 25,148 24,961 500,199 24,429 104,642 60,447 108,957 28,897 415,100 11,568 67,113 47,321 62,089 19,294 8,359 Cotton Movement—United States. Since August 1, (Bales) Sugar and While th e estim ate of th e D epartm ent of AgriSugar Cane cu lture in dicated a production of sugar in Louisiana more th a n tw ice as large as in 1924, reports in dicate th e grinding season has b een one of th e m ost u n satisfactory experienced. Poor sugar con ten t of th e cane early in th e season delayed grinding o p era tio n s; th is was follow ed by unfavorable w eather con d itions dur in g th e grinding season and a shortage of labor, w hich, w ith th e severe freeze near th e end of th e year, resu lted in th e loss of th ou san d s of to n s of cane w hich th e factories were unable to grind. Sugar Movement. Raw Sugar (Pounds) S to c k s: Savannah. J a n . 1926 Dec. 1925 J a n . 1925 108,150,141 31,977,666 103,010,045 31,111,238 86,231,781 38,957,403 94,233,362 29,085,724 102,618,168 31,111,238 67,438,361 38,957,403 22,747,662 2,891,942 8,851,358 23,531,645 Sugar (Pounds) J a n . 1926 S h ip m en ts: New O rle a i S a v a n n a h .. S to c k s: N ew O rle a i Savannah. D ec. 1925 J a n . 1925 92,550,112 26,996,926 80,158,695 26,038,324 72,408,850 31,052,128 24,733,465 3,208,441 30,571,181 5,332,633 6,390,290 2,998,586 Rice. Bough Rice (Sacks) Fort of New Orleans. J a n . 1926 R eceip ts.......................................................... 121,062 Sh ip m en ts ...................................................................... a . . . 95,788 S to ck s............................................................... 65,928 Dec. 1925 141,345 128,534 39,734 6,802,957 A ssociatio n M ills ......................... New O rleans M ills...................... O utside M ills .................................. 598,278 52,450 260,850 2,880,953 554,665 838,948 3,375,648 704,174 1,300,720 911,578 4,274,566 5,380,542 F e b . 1, 1926 A sso ciation M ills ......................... 1,274,096 272,458 N ew O rle an s................................... O utsid e M ills .................................. 622,000 2,168,554 J a n . 1, 1926 Fe b . 2, 1925 1,318,077 1,047,876 191,454 303,211 536,250 516,140 2,045,781 1,867,227 F IN A N C IA L . S a v in g s D e p o s it s S a v in g s d e p o s it s r e p o r t e d t o t h e F e d e r a l R e s e r v e B a n k b y 91 b a n k s i n t h e d i s t r i c t , a s o f t h e la s t o f J a n u a r y , s h o w e d a n in c r e a s e o v e r t h e p r e v io u s m o n t h o f t h r e e - t e n t h s o f o n e p e r c e n t ., n o t w it h s t a n d in g t h e w it h d r a w a l o f so m e f u n d s a f t e r t h e in te re s t p a y m e n t a t th e e n d o f th e y e a r. In c re a s e s w e re re p o r t e d fro m J a c k s o n v ille , N a s h v ille a n d “ O t h e r C i t i e s .” A l l c i t ie s s h o w n i n t h e t a b le r e p o r t e d in c r e a s e s o v e r J a n u a r y , 1925, t h e a v e r a g e f o r t h e d i s t r i c t b e i n g 1 5 .2 p e r c e n t . P e r c e n t a g e c o m p a r is o n s a r e s h o w n i n t h e t a b l e b e l o w : (0 0 0 O m i t t e d ) 1926 1925 1924 1923 R eceipts a t a ll U .S . po rts 7,451,433 7,301,714 5,450,816 4,612,905 O verland across th e Miss is sip p i. O h io , Poto m ac R iv e rs to N or. 969,977 873,202 610,709 954,551 M ills an d C a n a d a — In te rio r stocks in excess of those held a t close 581,901 523,924 of Com m ercial year— 1,490,942 937,002 S o u th e rn m ills t a k in g s . 2,975,000 2,649,282 2,516,859 2,807,075 N et to ta l 182 d a y s............... 12,887,352 11,761,200 9,102,308 8,956,432 Fo re ig n exports.................... 5,316,937 5,345,174 ♦American M ills N o r. & S o u th an d C a n a d a - 4,824,433 4,322,370 A m erican cotton th u s f a r 9,073,000 8,113,000 7,040,000 *Of w h ic h 1,601,829 b y N o rth e rn sp in n e rs ag ain st 1,441,042 la s t year a n d 3,222,604 b y S o u th e rn sp in ners ag ain st 2,881,328 la st year. M elting s: 6,167,009 Distribution of Milled Rice (Pockets.) Stock. Cotton Movement—Sixth D istrict. (Bales) R e ce ip ts: 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 acon....................................................... S to c k s: 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 acon...................................................... 206,396 219,817 254,505 Season to J a n . 1926 J a n . 31, 1926 J a n . 31,1925 576,004 4,084,961 4,230,359 121,962 690,948 842,658 321,600 1,391,100 1,729,940 1,019,566 Season th ro u g h J a n . 1926 J a n . 1925 J a n . 1926 J a n .1925 C itru s F r u it s : O ranges................................... 3,181 G ra p e fru it............................. 2,436 T a n g e rin e s............................. 484 240,874 204,210 159,348 Receipts of Rough Rice (Barrels). The figures below, reported by Chase & Co., show the citru s m ovem ent in cars 26.4 per cen t, smaller th rou gh January th a n for th e same period la st season, and th e car lo t m ovem ent of vegetables h as b een less th a n one-third as large as for th a t period a year a g o : 222,972 72,805 216,950 J a n . 1925 79,519 105,001 60.219 Com parison Co m pari_ of son of Ja n . Dec. J a n . 1926- J a n . Ja n . A .i . i s . „ 1925 Dec. 1925 1925 1926-1925 A tla n ta (7 b a n k s ).......... *--$ 34,922 $ 35,513 —1.7 $ 32,546 + 7.3 B irm in g h a m (5 b a n k s ) ... 23,964 25,017 —4.2 22,658 + 6.2 Ja c k so n v ille (5 b a n k s)— . 30,238 28,640 + 5.6 20,111 +50.4 N a sh ville (10 b a n k s )------ 25,150 24,898 + 1.0 20,674 +21.7 New O rleans (8 b a n k s )— 48,053 48,777 —1.5 47,717 + 0.7 O th er C itie s (56 b a n k s)— 108,285 107,036 + 1.2 91,243 +18.7 T o ta l (91 b a n k s ).................... 270,612 269,881 + 0.3 234,859 +15.2 D e b it s t o In d iv id u a l A c c o u n ts T h e v o lu m e o f d e b i t s t o i n d i v i d u a l a c c o u n t s re p o r t e d fro m im p o r t a n t c it ie s in t h e d is t r ic t c o n t in u e t o e x c e e d t h e t o t a l f ig u r e s f o r 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 . F o r t h e w e e k e n d e d F e b r u a r y 3 a n i n c r e a s e o f 2 0 .7 p e r c e n t , w a s s h o w n o v e r th e sam e w e e k la s t y e a r , a n d fo r th e w e e k e n d e d F e b r u a r y 10 t h e t o t a l f i g u r e s s h o w a n i n c r e a s e o f 10.9 p e r c e n t . T h e s t a t e m e n t b e lo w s h o w s d e b it s t o in d iv id u a l a c c o u n t s b y r e p o r t i n g c i t i e s i n t h e d i s t r i c t f o r J a n u a r y , 1926, c o m p a r e d w it h t h e p r e c e d in g m o n t h , a n d w it h t h e c o r r e s p o n d in g m o n t h la s t y e a r . T h e m o n t h ly f ig u r e s a r e a r r iv e d a t b y p r o r a t in g t h e f ig u r e s f o r t h o s e w e e k s w h ic h d o n o t f a l l e n t ir e ly w i t h i n a s i n g le m o n t h . J a n . 1926 Dec. 1925 J a n . 1925 A la b a m a : B irm in g h a m .......................$155,109,000 $145,136,000 $153,141,000 D o th a n .................................. 4,332,000 4,221,000 4,120,000 M obile..................................... 41,072,000 42,408,000 37,562,000 _ M ontgom ery....................... 27,069,000 27,975,000 24,776,000 F lo rid a : Ja c k s o n v ille ........................ 138,162,000 144,950,000 74,954,000 P e n sa co la ............................. 10,060,000 11,259,000 7,935,000 _ T a m p a .................................... 108,803,000 110,759,000 52,414,000 G eorgia * ‘ A lb a n y .................................... 5,693,000 5,694,000 4,886,000 A t la n t a ................................... 171,890,000 178,530,000 160,295,000 A u g u sta - ............................... 31,882,000 32,737,000 29,455,000 B r u n s w ic k ........................... 3,624,000 3,465,000 3,138,000 C o lu m b u s............................. 15,980,000 15,600,000 15,037,000 E lb e rto n ................................ 951,000 1,095,000 1,423,000 M acon..................................... 23,682,000 27,843,000 22,410,000 N e w n a n ............................... 2,424,000 2,820,000 3,730,000 S a v a n n a h ............................. 49,957,000 55,623,000 41,950,000 V a ld o sta ................................ 7,602,000 7,539,000 5,805,000 L o u is ia n a : New O rle a n s....................... 398,768,000 409,468,000 419,085,000 M ississip p i: •Ja c k s o n ................................. 22,159,000 ....................... 18,810,000 M e rid ia n ................................ 15,105,000 15,995,000 15,309,000 V ic k sb u rg ............................. 9,808,000 9,669,000 10,944,000 T6nn6ss66 * C h a tta n o o g a ...................... K n o x v ille ............................... N a sh v ille ............................... 48,979,000 40,095,000 82,450,000 49,051,000 34,955,000 85,469,000 42,362,000 34,662,000 89,162,000 T o ta l 23 C itie s ......................... $1,393,487,000 $1,422,261,000 $1,254,555,000 #Ja c k so n fig u re s om itted fro m to ta ls because December fig u res In complete. T H E M O N T H L Y B U S IN E S S Condition of Member Banks in Selected Cities Weekly reports received by th e Federal Reserve Bank from 36 member banks located in A tlanta, New Orleans, Birmingham, Jacksonville, N ash ville, C hattanooga, Knoxville and Savannah, show an increase of $537,000 in th e volume of loans and dis co u n ts on February 10, compared w ith January 6. Dis co u n ts secured by Government obligations increased $2,229,000 during th is period, b u t there were decreases in loans secured by stocks and bonds, and “ Other L oan s.” Investm ent holdings of U nited S tates securities, and of other stock s and bonds declined som ewhat during th is period, and to ta l loans, d iscou n ts and investm ents were $3,233,000 smaller th a n a m onth ago. There were also declines in time and demand deposits, and rediscounts at th e Federal Reserve Bank declined from $24,720,000 on Jan uary 6 to $13,908,000 on February 10. Compared w ith figures for February 11,1925, th e to ta l of d iscou nts by th e se banks on February 10, th is year, showed an increase of $72,105,000, and, w ith increased investm ent holdings, th e to ta l of loans, d isco u n ts and in vestm en ts showed an increase of $96,068,000. Member Banks in Selected Cities. (000 Omitted.) J a n . 6, 1926 Fe b . 11. 1925 $ 7,595 98,003 421,110 526,708 43,240 52,410 $ 5,366 98,176 422,629 526,171 45,030 54,390 $ 7,453 72,894 374,256 454,603 30,228 41,459 622,358 217,466 368,312 13,908 625,591 219,923 370,490 24,720 526,290 189,950 327,182 2,987 Fe b . 10, 1926 B ills D isco u n te d : Secured b y G o vt. O b lig atio ns Secured b y Sto cks an d B o n d s A ll O th ers.........-................................T o ta l D isc o u n ts..................-.......... U . S . S e cu ritie s______________________ O th er S to cks an d B o n d s............... — T o ta l L o a n s , D isco u n ts an d I n vestm ents..................................-.......... T im e D e p o s it s ......................... ............... Dem and D ep osits.................................... Accom m odation a t F . R . B a n k ... Operations of D uring th e five week period betw een January 13 and February 17 there was an in the Federal Reserve Bank crease of $5,893,000 in Federal Reserve bank d iscou nts for member banks in th e sixth district. U nited S tates securities owned, however, declined $2,286,000 during th is period, and there was a decrease of $28,066,000 in holdings of bills b ough t in th e open market, resu lting in a decrease of $24,460,000 in th e to ta l am ount of bills and securities held. Cash reserves increased $31,633,000 during th is time. Since th e weekly statem ent on December 23rd there has been a gradual withdraw al of Federal Reserve N otes from circulation, th e decrease am ounting on Febru ary 17, to $15,868,000. H oldings of bills b ough t in th e open market have also declined from th e high point of $76,045,241 on December 30 to $28,491,559 on February 17. The reserve ratio on February 17 was 72.0, compared w ith 59.9 five weeks earlier, and w ith th e low point for 1925, 49.9, reached on December 23rd. Compared w ith figures for th e correspond ing report d ate a year ago, increases are show n in d iscou nts, U nited S tates secu rities owned, and in holdings of bills b ough t in th e open market, and on February 17 to ta l bills and secu rities am ounted to $70,880,000 compared w ith $21,067,000 on February 18, 1925. Reserves are $7,265,000 lower th a n a year ago, and increases are show n in b o th deposits and n o te circulation over th a t time. Im portant item s in th e w eekly statem ent, w ith com parisons are show n b elo w : Federal Reserve Bank. (000 Omitted.) $ 3,910 16,656 20,566 56,558 17,929 95,340 146,062 82,425 161,312 59.9 $ 00 4 B ills D iso u n te d : Secured b y G o vt. O b lig a tio n s— 5 4,436 A ll O th ers------------------------22,022 26,459 T o t a l D isc o u n ts _______ _____ B ills bought in open m a rk e t.......... 28,492 U . S . S e cu ritie s......................................... 15,643 70,880 T o ta l B ills an d S e cu ritie s................. C a sh Reserves............................................. 177,695 T o ta l D eposits______________________ 88,084 F . R . Notes in a ctu a l c irc u la tio n 158,773 Reserve R a t io ........................................... .. 72.0 J a n . 13, 1926 p<* Fe b . 17, 1926 1925 504 11,183 11,688 5,514 3,403 21,067 184,960 69,652 140,458 88.0 Commercial According to sta tistics compiled and publishFailures ed by R. G. D un & Co., commercial failures in th e U nited S tates during January, 1926, numbered 2,296, compared w ith 2,317 for January a year ago, and liabilities totaled $43,661,444 compared w ith $54,354,032 for January last year. Figures for th e sixth district show th a t January failures num bered only slightly more th a n one-half th o se in January last year, and liabilities were half th ose reported for th a t m onth. Digitizedapproximately for FRASER B R E V IE W D istric t N um ber L ia b ilitie s L ia b ilitie s J a n . 1926 J a n . 1926 Dec. 1925 B o sto n ................ ................ .. 211 $ 6,691,046 $ 4,994,177 New Y o r k _____ ................. 466 8,636,584 7,521,099 56 1,348,759 2,649,331 P h ilad elp h ia.. 5,581,160 C leveland -......... ................. 244 4,338,840 3,516,504 ................. 182 R ich m o n d 3,596,748 1,355,434 A t la n t a .............. ............... .. 80 1,206,227 C h ic a g o .......... . ................. 316 8,180,404 5,467,071 2,116,266 S t. L o u is _______................. 136 1,323,752 M inneapolis... _________ 113 1,298,783 1,414,078 K a n s a s C it y — — ........... 147 1,348,728 1,176,400 D a lla s __________ — ........... 108 1,457,716 608,088 2,130,060 S a n Fra n cisco ................ .. 237 2,232,349 T o ta l U n ite d States-2,296 $43,661,444 $36,528,160 L3 ia b ilitie s J a n . 1925 $ 3,742,645 20,028,016 1,747,846 4,937,059 4,029,401 2,750,320 9,753,298 433,149 1,095,724 1,678,389 1,312,836 2,845,349 $54,354,032 IMPORTS AND EXPO RTS. United States Preliminary figures compiled and released by the United States Department of Com merce for January show that increased imports and de creased exports during the month resulted in an excess of 15 million dollars in the amount of imports over exports. January exports amounted to 399 millions of dollars, a de crease of over 69 million dollars compared with the month before, and nearly 47J millions smaller than in January, 1925. Imports increased more than 17 millions over Decem ber, and were nearly 68 millions greater than in January last year. For the seven months ending with January, exports have totaled $2,945,492,856, compared with $2,947,704,335 for the same period a year ago, and imports have totaled $2,577,522,820, compared with $2,106,536,977 during the same period a year ago. Preliminary figures for Jan uary, with corrected figures for December, and comparisons with those months a year ago, are shown below: 1926 1925 Im p o rts: $ 414,000,000 $ 346,165,289 Ja n u a r y ............. ..................................... .. December (1925-24)............................. 397,330,053 333,192,059 Seven m onths ending w ith Ja n u a ry 2,577,522,820 2,106,536,977 Exp o rts: Ja n u a r y ......... .................................................. $ 399,000,000 $ 446,443,088 December (1925-24)............................ 468,270,706 445,748,393 Seven m onths ending w ith Ja n u a ry 2,945,492,856 2,947,704,335 Imports Notwithstanding decreases in some important New Orleans commodities, the total value of merchandise im ported during November, 1925, (the la test m onth for w hich detailed figures are available), exceeded th e to ta l for November a year earlier by $752,308, and was th e largest to ta l record for November in more th a n ten years, w ith th e exception of th e year 1919. D ecreases in volume and value, compared w ith November, 1924, were shown in coffee, petroleum , gasoline, sisal, sugar, new sprint paper, and sodium nitrate, while increases were show n in burlap, bananas, m ahogany and molasses. Principal item s imported in November w er e: Coffee, po un d s.................................................. B u rla p , p o un d s................................................. P e t r o l e u m , g a l l o n s .............. ............................................... G aso line, g allo n s__________________ _____ S is a l, to n s.. N ew sp rin t paper, p o u n d s.. Sodium N itra te , to n s______ Volum e 31,920,219 7,083,744 28,545,946 9,072,126 3,498,225 4,198 1,450,931 4,420,000 3,085,328 9,069,272 5,865,674 6,823 V alu e $6,546,262 953,517 861,947 915,042 473,363 730,615 746,576 374,103 106,710 536,695 173,329 500,793 The to ta l value of im ports th rou gh New Orleans for th e m onth of November for preceding years is show n for com parison : November November November November 1925..........$14,834,047 1924............ 14,081,739 1923.............12,820,974 1922— — 10,609,085 November 1921......... $ 6,788,624 November 1920........... 8,317,750 November 1919.20,670,304 Exports The to ta l value of m erchandise exported New Orleans th rou gh th e port of New Orleans during November, 1925, was $52,085,204, compared w ith $48,448,750 for th e corresponding m onth a year earlier. De clines in some commodities were more th a n offset by in creases in others. Some of th e larger item s exported in November, 1925, were: S h o rt staple co tto n , b a les____ Lo n g staple co tto n , bales____ Tobacco, p o u n d s_________ _____ Wheat flo u r, barrels___________ R o u g h Sou. P in e B o a rd , M feet___ O ak B o ard s, M feet__________________ G aso line, in b u lk , g allo n s__________ Illu m in a tin g O il in b u lk , g allo n s.. C y lin d e r L u b ric a tin g O il, g a llo n s.. R efin ed p a ra ffin w ax, po un d s.......... Volum e 224,584 68,129 15,278,849 109,435 - 4,304,956 9,700 5,234 29,407,763 6,600,179 11,975,305 2,009,554 7,906,237 V a lu e $25,975,999 9,162,181 1,035,948 833,409 766,768 444,079 323,990 3,670,233 369,195 400,441 539,986 413,914 T H E 6 M O N T H L Y Grain Exports Grain exports through the port of New Or leans during January show a decrease of 1,031,800 bushels when compared with January, 1925. Corn exports were larger than last year but a substantial decrease is shown in wheat and oats. The following table is given for comparison: Grain Exports. W heat............................. C o m ................................. O a ts............-................... J a n . 1926 38,300 991,880 55,539 Season th ro u g h J a n . 1925 J a n . 31.1926 J a n . 31,1925 1,716,075 2,339,670 21,998,637 295,543 4,140,498 1,701,655 105,882 463,138 514,045 1,085,719 2,117,500 6,943,306 24,214,337 B U IL D IN G . B u i l d i n g p e r m i t s w e r e i s s u e d d u r i n g J a n u r a y , 1926, a t t w e n t y r e p o r t in g c it ie s in t h e s ix t h d is t r ic t to t h e v a lu e o f $13,931,680. T h i s t o t a l i s n e a r l y t h r e e m i l l i o n d o l l a r s s m a l le r t h a n t h e t o t a l fo r D e c e m b e r, b u t e xc e e d s t h e a g g re g a te o f p e r m i t s i s s u e d a t t h e s a m e c i t i e s i n J a n u a r y , 1925, b y 79.8 p e r c e n t . T h e i n d e x n u m b e r f o r J a n u a r y i s 386.4, c o m p a r e d w i t h 461.3 f o r D e c e m b e r , a n d w i t h 214.9 f o r J a n u a r y , 1925. F o u r t e e n o f t h e s e c i t i e s r e p o r t e d i n c r e a s e s o v e r J a n u a r y a y e a r a g o , w h ile o n ly s ix r e p o r t e d d e c r e a s e s . F l o r i d a c i t i e s c o n t i n u e t o r e p o r t g a in s o v e r a y e a r a g o , b u t a t J a c k s o n v i l l e , M ia m i a n d T a m p a t h e v a l u e o f p e r m i t s i n J a n u a r y w a s c o n s id e r a b ly s m a lle r t h a n i n D e c e m b e r, a n d n o t i c e a b l e g a in s o v e r J a n u a r y , 1925, w e r e r e p o r t e d fro m K n o x v ille , N a s h v ille , S a v a n n a h a n d A n n is t o n . D e t a i l e d f i g u r e s , w i t h p e r c e n t a g e c o m p a r is o n s f o r J a n u a r y , a r e s h o w n i n t h e t a b le b e lo w , a n d in d e x n u m b e r s f o r A t la n t a a n d t h e b r a n c h F e d e r a l R e s e r v e B a n k c it ie s i n t h is d i s t r i c t a p p e a r o n p a g e 8. Percentage J a n . 1926 J a n . 1925 C hange N o. V a lu e N o. V a lu e in V alu e A la b a m a : A n n is to n .................. 25 $ 170,150 16 $ 32,200 +428.4 B irm in g h a m .......... 470 1,252,826 439 1,733,815 — 27.7 M obile-— ................ 56 71,136 83 120,320 — 40.9 89 48,595 74 72,476 — 33.0 M ontgom ery.......... F lo rid a : Ja c k so n v ille ........... 373 1,383,555 246 374,467 +269.5 M iam i.......... .............. 1,235 3,431,350 339 1,058,631 +224.1 O rlan d o .................... 270 648,255 184 284,067 +128.2 P e n saco la________ 59 144,525 53 34,061 +324.3 T a m p a ....................... 786 1,864,175 499 765,382 +143.6 1,329,500 101 169,640 +683.7 * L a k e la n d ................. 206 G eo rg ia: A tla n ta ...................... 261 1,483,998 298 1,463,667 + 1.4 A u g u sta .................... 89 36,165 61 46,181 — 21.7 Co lu m b u s................ 42 45,445 36 24,535 + 85.2 M acon........................ 131 78,173 132 150,804 — 48.2 S a v a n n a h ................ 66 213,125 32 44,350 +380.6 L o u is ia n a : 733,165 157 625,600 + 17.2 N ew O rle an s......... 139 A le x a n d ria .............. 78 97,456 100 146,166 - 33.3 Tennessee * C h a tta iio o g a ......... 210 232,550 132 172,703 + 34.7 6 34,200 18 29,975 + 14.1 Jo h n so n C it y ____ K n o x v ille _________ 204 1,335,498 165 312,642 +327.2 N a sh ville .................. 136 627,338 193 258,273 +142.9 T o ta l 20 C itie s...............4,725 $13,931,680 3,257 $ 7,750,315 In d ex N o ............-....................... 386.4 ............ 214.9 *Not in clu d e d in to ta ls or index num bers. + 79.8 ------- LUM BER. Prelim inary figures received by the Southern Pine Asso ciation up to the middle of February from 124 subscribing mills show a volume of orders for January amounting to 296,854,730 feet. This total of orders for January was 5 per cent greater than the production by these reporting mills, and exceeded their January shipments by 6.5 per cent. It was, however, 4.1 per cent smaller than the computed norm al monthly production of these mills. Shipments by these 124 reporting mills during January amounted to 278,708,420 feet, and was 1.4 per cent smaller than production, and was 10 per cent smaller than their normal monthly produc tion. Actual production in January by these reporting mills amounted to 282,657,113 feet, 8.7 per cent smaller than the normal production of these mills. Stocks on hand at the end of January, reported by these 124 mills, amounted to 753,978,418 feet, and were 7.4 per cent smaller than normal stocks for these m ills, but were approximately three times the volume of unfilled orders on hand at the end of the month. Unfilled orders totaled 249,904,200 feet, and were 15.8 per cent smaller than the volume of orders booked dur ing January, 10.3 per cent smaller than their shipments, 11.6 per cent smaller than their actual production, and 19.3 per cent smaller than their normal monthly production. The latest weekly report of running time issued by the Southern Pine Association, (for week ending February 12), shows that of 117 mills which reported, 99 operated days or for fu FRASER ll time, and of this number 19 reported overtime aggre Digitized B U S IN E S S R E V IE W gating 765 hours, or an average of 40i hours overtime each for the week. The Annual Trade Barometer for the year 1925, issued by the Southern Pine Association, shows that for 113 iden tical mills which reported for each of the 52 weeks in the year, actual production for the year was 8.04 per cent be low normal; orders exceeded production by 2.42 per cent, and shipments exceeded production by 2.36 per cent. Preliminary figures for January, with comparisons, are shown in the table: O rd ers............................................ .......... Sh ip m en ts............................................... P ro d u ctio n .................................. .......... N orm al p ro d u ctio n these m ills S to ck end of m o n th ......... ............... N orm al stocks these m ills _____ U n fille d orders end of m o n th - J a n . 1926 (124 m ills ) 296,854,730 278,708,420 282,657,113 309,665,415 753,978,418 814,465,834 249,904,200 D ec. 1925 (127 m ills) 259,366,248 282,519,153 275,349,514 294,821,138 735,686,993 783,723,049 229,814,020 J a n . 1925 (131 m ills) 280,729,785 278,132,762 305,910,912 308,978,683 711,116,972 825,064,982 218,497,565 TEXTILES. C otton The con su m p tion of lin t co tto n in th e U nited C onsum ption S ta tes during January, 1926, according to th e C ensus B u reau ’s statem ent, am ounting to 583,192 bales, exceeding consum ption in December, 1925, by one per cent., b u t was 1.8 per cent, smaller th a n consum p tio n in January a year ago. Stocks of lin t co tto n in con suming estab lish m en ts increased 5.4 per cen t, in January over December, and were 25.6 per cen t, greater th a n a year ago. Stocks in public storage and at com presses declined 7.7 per cent, in January compared w ith December, b u t were 34.1 per cent, greater th a n a year ago. Exports in January were 23.8 per cent smaller th a n in December, and were 30.3 per cent smaller th a n in January, 1925. There was a decline of 197,718 in th e num ber of active spindles in January com pared w ith December, and a decline of 517,402 compared w ith January la st year. For th e cotton-grow ing sta te s, th e sta tem en t show s an increase of 3.1 per cen t in Jan uary consum ption over December, and an in crease of 1.8 per cen t over January, 1925. Stocks in consum ing estab lish m en ts were 1.7 per cen t larger th a n a m onth ago, and 26.5 per cen t greater th a n a year ago, and stock s in p ub lic storage and at com presses, w hile 8.2 per cen t smaller th a n in Decem ber, were 38 per cen t greater th a n a year ago. A ctive spindles de clined 14,776 compared w ith Decem ber, b u t num bered 226,150 more th a n in January, 1925. U nited S ta tes. Jan. 1926 Dec. 1925 Jan. 1925 Cotton Consumed: 583,192 577,271 594,010 Lint...... .......................... Linters_______ ______ 56,465 55,701 51,137 Stocks: In Consuming Establishments: Lint________________ 1,811,392 1,717,972 1,441,699 Linters______________ 159,875 135,448 137,367 In Public Storage and at Compresses: Lint-___ _______ ___ 5,175,834 5,608,066 3,860,333 Linters_________ ____ 69,588 50,723 57,953 Exports---- ------ -........... —_ 749,967 984,061 1,076,075 Imports---------- ------- -----62,061 34,474 54,822 Active Spindles..................... 32,803,156 33,000,874 33,320,558 C otton Growing S ta tes. Jan. 1926 Dec. 1925 Jan. 1925 412,242 399,908 404,868 Cotton Consumed........-....... Stocks: In Consuming Establish ments----- ------ ------ 1,122,299 1,104,001 887,497 In Public Storage and at compresses-............... 4,944,981 5,389,070 3,582,245 Active Spindles..................... 17,176,666 17,191,442 16,950,516 C otton C loth A decrease in p rod uction during January is show n in figures reported by co tto n mills in th e sixth d istrict, w hich produced during th e m onth 26,887.000 yards of cloth. This o u tp u t was 11.3 per cen t below th e production by th e same m ills in December, and 11.5 per cen t smaller th a n th eir o u tp u t in January a year ago. January shipm ents exceeded th o se in Decem ber by 6 per cent, b u t decreases are show n in orders booked, u n filled orders, and in stock s on hand. Compared w ith January a year ago, stock s were 9.9 per cen t larger, b u t production, shipm ents and orders show ed decreases. P ercen tage com parisons are show n below : Jan. 1926 compared with: Dec. 1925 Jan. 1925 Production..................................... ... —11.3 —11.5 Shipments.......................................... +6.0 —12.1 Orders booked....... ............................ —27.3 —15.1 Unfilled orders................................... — 2.5 — 5.6 Stocks on hand.................................. —12.4 +9.9 Number on payroll.................... ........ +2.2 +8.6 C otton Yarn January reports received from yarn mills in th e d istrict w hich during th e m onth produced 8.287.000 p oun ds of yarn, show a decrease of 0.8 per ce n t compared w ith Decem ber, an d 6.8 per ce n t com pared w ith T H E M O N T H L Y January, 1925. Shipm ents, orders booked, and stock s on hand show ed in creases over December, b u t u nfilled orders reported were in sm aller volume. Compared w ith January a year ago, production, shipm ents and u nfilled orders were smaller, b u t orders booked and stock s on h and were greater. Comparisons are show n in th e t a b le : P ro d u c tio n .............................................................. S h ip m e n ts........................................................... O rders booked...................................................... U n f ille d orders.................................................... S to c k s on h a n d ................................................... Num ber on p a y ro ll........................................... J a n . 1926 compared w it h : D ec. 1925 J a n . 1925 — 0.8 — 6.8 +6.1 — 6.3 +102.9 +48.6 — 4.1 — 5.7 + 0.6 +13.2 +2.6 — 4.4 Overalls. Production by reporting overall p lants during January exceeded th eir December ou tp u t by 10.4 per cent, and was 23.8 per cen t greater th a n their ou tp u t in January a year ago. Stocks and unfilled orders were greater th a n a m onth ago, but orders were booked in smaller volume. Stocks and orders booked were greater th a n a year ago, b u t u n filled orders were 2 per cent smaller. O veralls m a n u fa ctu re d .........-....................... O veralls on h a n d ................-............................. Orders b o o ked .. ............-............................. .. U n fille d orders..................................................... Num ber on p a y ro ll........................................... J a n . 1926 compared w it h : Dec.H925 J a n . 1925 +10.4 +23.8 + 1.1 +51.8 —35.7 +44.7 +34.4 — 2.0 +1.7 +13.6 Brick. January production at reporting brick p lants was 19 per cen t smaller th a n in December, b u t stocks, orders and u nfilled orders were reported in larger volume. Compared w ith January, 1925, increases are show n in all item s re ported. B r ic k m a n u fa ctu re d .. B r ic k on h a n d - ............. Orders b o o ke d .. ........... U n fille d orders.............. N um ber on p a y r o ll... ............... ........ .......... ............... ........................ .......................... .......................... J a n . 1926 compared w it h : Dec. 1925 J a n . 1925 — 19.0 + 16.7 + 30.5 +111.0 +178.2 + 18.2 + 16.9 +167.1 + 9.7 + 5.5 Hosiery Figures reported to th e C ensus B ureau by 35 id en tical establishm ents in th e sixth district, show increases in January over December in production, shipm ents, stock s on hand, orders received during th e m onth and unfilled orders on h and at th e end of th e m onth, and a decrease in cancellations, as in dicated in th e table b elo w : P ro d u c tio n ------Sh ip m en ts-------Sto cks on h a n d .. Orders b o o k e d ... C a n ce lla tio n s___ U n fille d ord ers.. (Dozen Pairs) Jan. 1926 Dec. 1925 728,681 653,997 651,319 613,463 1,541,403 1,460,530 699,353 519,680 31,384 36,969 1,178,967 1,163,052 COAL. A ccording to sta tistics compiled and published weekly by th e U nited S tates Geological Survey, th e production of bitum inous coal in th e U nited S tates has been m aintained at a h igh level sin ce early in January, b u t th e o u tp u t in th e la st tw o w eeks of January and th e first w eek in February was n o t equal to th a t atta in ed for th e weeks ending Jan uary 9th and 16th. The statem en t of th e Geological Survey in dicates th a t th e peak of production in th e coal year, w hich begins April 1 and ends March 31, was reached for th e week ending Jan uary 16, as production heretofore has gradually declined from th a t tim e on th rou gh March. It will be n oted from th e figures show n below th a t production th is year has con tin u ed to exceed th e ou tp u t for corres ponding w eeks a year ago. T he table also includes current figures for p roduction in Alabama and T ennessee. The production of bitum inous coal during th e present coal year th rou gh February 6 (262 days) am ounts to 460,149,000 ton s, approxim ately 14 per cen t greater th a n during th e corresponding period of th e year 1924-25. Week En d e d J a n u a r y 9— ............................................................. J a n u a ry 16................................................................... J a n u a r y 23-................................................................ J a n u a r y 30................................................................... Fe b ru a ry 6............................................................... .... Ja n u a ry J a n u a ry Ja n u a ry Ja n u a ry 9..................................................................... 16................................................................... 23........................................................ .......... 30................................................................... 1926 13,031,000 13,069,000 12,431,000 12,563,000 12,134,000 A lab am a 502,000 504,000 475,000 516,000 1925 12.590.000 12.044.000 11.588.000 11.073.000 10.910.000 Tennessee 129.000 132.000 123.000 132.000 IRON. S ta tistics compiled and published by th e Iron Age in dicate a gain in to ta l production, and in th e daily average ou tp u t iron during January, alth ou gh th ere was a decrease Digitizedof forpig FRASER B U S IN E S S R E V IE W in th e num ber of furnaces active compared w ith th e pre ceding m onth. The to ta l p roduction of pig iron in Jan uary was 3,316,201 tons, compared w ith 3,250,448 to n s pro duced in December, and w ith 3,370,336 to n s in January a year ago. The daily average rate of production was 106,974 to n s in January, compared w ith 104,853 to n s in Decem ber, and w ith 108,720 to n s in January, 1925. N otw ith stan d in g th is increase in to ta l production, and in th e daily aver age o u tp u t, compared w ith December, there was a decrease in th e number of furnaces active from 234 at th e end of December to 224 at th e end of January. The to ta l ou tp u t in January is th e h ig h est since March, 1925, and th e daily average is higher th a n any m onth since April la st year. The index num ber of production for January is 130.1, com pared w ith 127.5 for December, and w ith 132.1 for January, 1925. S ta tistics for Alabama con tained in th e Iron Age's tabu la tio n s show th a t January production of iron in Alabama am ounted to 248,274 to n s, compared w ith 257,705 to n s pro duced in December, and w ith 231,465 to n s in January, 1925. According to th e se sta tistics there was a loss of 1 furnace during January, leaving 24 active at th e end of th e m onth, th e same num ber reported active at th is time la st year. R eports from correspondents sta te th a t prices remain firm at from $22.00 to $23.00 per ton , and th a t there appears to be demand for all th e iron produced by th e furnaces now active. Surplus pig iron on yards con tin u es to be re duced. U nfilled Orders—U. S. Steel Corp’n. For th e first tim e since th e upward tren d was resumed la st September, u nfilled orders on hand at th e end of Jan uary, reported by th e U nited S tate Steel Corporation, showed a decline compared w ith th e previous m onth. Un filled orders at th e end of January aggregated 4,882,739 tons, a decrease of 150,625 to n s compared w ith th e end of December. NAVAL STORES. F urther seasonal declines were show n in figures reported from th e three principal naval stores m arkets of th e dis trict show ing January receipts of b o th tu rp en tin e and rosin. D ecreases are also show n in comparing January receipts of b oth of th ese commodities w ith th o se of Jan u ary a year ago. Stocks of tu rp en tin e were smaller at all three p oints th a n a m onth earlier, and w hile there was a small increase over January, 1925, at Savannah, combined stocks for th e th ree m arkets were smaller. Jacksonville reported sligh tly larger supplies of rosin th a n a m onth ago, b u t th e combined stocks were considerably smaller, and were 10.5 per cent smaller th a n at th e end o f January la st year. Figures compiled by th e T urpentine and R osin Pro ducers A ssociation for th e naval stores year to date, April 1, 1925, through January 31, 1926, show tu rp en tin e receipts at th e three principal m arkets during th e season so far have been 7.4 per cent smaller th a n for th e preceding season, and rosin receipts have been 4.6 per cent smaller. There was improvement in January in prices of b o th tu rp en tin e and rosin. According to price sta tistics compiled by th e T urpentine and R osin Producers A ssociation, th e average price of tu rp en tin e prevailing on th e Savannah m arket in January was 99| cents, compared w ith 94 5-8 cen ts in Decem ber, and w ith 86J cen ts in January, 1925, and th e average of th e prevailing prices for th e various grades of rosin was $14.00, compared w ith $13.45 in December, and w ith $7.52J in January a year ago. R eceipts and stock s at th e three principal m arkets of th e d istrict are show n in th e ta b le : Receipts—1T u ip e n tin e : Sa va n n a h ________ ______ Ja c k so n v ille ........................... Receipts—R o s in : P e n saco la . Stocks—T u rp e n tin e : Pensacola.. J a n . 1926 2,214 3,273 1,025 Dec. 1925 J a n . 1925 3,310 8,636 4,614 8,149 1,420 3,324 6,512 20,109 9,344 12,346 18,961 5,159 38,293 39,129 14,648 16,026 28,544 7,059 36,466 102,070 51,629 12,192 23,227 8,998 15,222 24,984 11,041 11,783 25,397 12,336 44,417 51,247 49,516 73,588 100,233 25,680 90,754 99,347 30,378 70,697 112,335 40,054 T o t a l . . ............................. 199,501 220,479 223,086 Stocks—R o sin .: 8 T H E M O N T H L Y B U S IN E S S R E V IE W MONTHLY IN DEX NUMBERS. The follow ing index num bers, except where in dicated 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 num bers show th e relation of a ctivity in th e se lin es to th a t prevailing in 1919. R E T A IL TRADE 6TH D ISTR IC T November December January November December January 1925 1925 1926 1924 1924 133.1 150.9 98.8 126.2 103.6 129.7 97.1 123.7 125.0 202.7 235.8 135.3 199.6 166.3 199.8 157.6 198.5 193.4 100.4 104.9 74.9 89.3 69.0 100.2 55.5 93.5 92.1 111.0 145.1 118.6 110.5 100.4 122.1 80.4 97.7 114.9 185.8 217.8 151.7 160.5 161.3 180.9 127.4 156.1 174.7 145 144 224 166 115 116 141 131 210 148 109 108 268 167 136 220 139 195 136 330 220 188 427 214 280 212 281 178 108 166 101 167 127 226 145 146 199 111 184 138 250 186 188 366 184 276 192 245 155 107 151 92 162 122 94.8 88.4 129.1 71.8 99.9 98.3 66.0 122.6 49.4 94.3 98.9 75.5 127.9 60.1 98.9 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 89.2 153.9 160.2 187.9 174.8 129.8 175.6 135.4 165.9 142.0 157.7 152.2 157.1 187.1 174.8 129.5 177.0 134.5 165.9 138.2 156.2 151.8 156.2 185.5 176.5 128.9 177.9 133.2 164.9 135.3 156.0 149.5 153.8 190.4 162.8 128.7 171.6 134.0 172.0 122.9 152.7 156.7 157.9 191.4 164.6 132.9 175.1 134.6 172.4 128.6 157.0 163.4 159.8 191.1 167.9 136.3 179.3 235.2 172.6 127.1 160.0 A tlanta.............................................. ................... Birmingham.......................................................... Jacksonville.......................................................... N ash ville. ............................................................... New Orleans......................................................... Other C ities......................................................... D istrict (20 Cities) .............................................. 50.8 331.2 723.9 108.8 239.9 723.7 434.6 27.8 593.7 864.0 106.0 145.6 741.7 461.3 170.4 383.0 462.6 331.4 167.6 570.3 386.4 154.3 591.1 108.3 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 U nited S tates....................................................... Cotton-Growing S ta tes.................................... All Other S ta tes.................................................. C otton Exports.................................................... 101.5 129.4 68.1 219.5 107.5 135.5 74.2 179.0 109.0 139.6 72.3 136.4 92.0 117.7 61.2 237.6 99.5 120.5 74.6 195.7 110.2 136.7 78.7 195.7 U nited S ta te s......................j .............................. Alabama.......... ...................................................... 118.3 134.7 127.5 146.6 130.1 141.2 98.5 133.6 116.2 131.3 132.1 131.7 76.4 84.0 81.4 67.3 80.3 84.0 (Departm ent Stores.) A tlanta....................................................................... B ir m in g h a m ___ _ ____ __________ ___________________ C hattanooga............................................................ Jackson............................................... __................... N ashville................................................................... New Orleans............................................................ Savannah................................................................... Other C ities.............................................................. D istrict.......... .......................................................... 1925 87.5 97.3 81.3 79.7 73.1 95.3 68.7 72.8 85.9 R ET A IL TRADE U. S. (1) D epartm ent S tores.......................................... Mail Order H ouses.............................................. Chain S to res: Grocery............................................................... Drug.................................... ............................... 9hoe___............................................................... 5 & 10 C en t........................................................ Music................................................................... Candy.................................................................. Cigar................................................................. WHOLESALE TRADE 6TH D ISTR IC T Groceries................................................ .............. Dry G ood s............................................................. Hardware.............................................................. Shoes......................... ............................................. T otal. _ ................................................................. WHOLESALE PRICES U. S. (2) Farm Products .................................................. Foods, ................................................................... Cloths and C lothing.......................................... Fuel and L ightin g.............................................. Metals and Metal P rod ucts............................. Building Materials.............................................. Chemicals and D rugs_________ _______ __ H ouse F urnishings............................................ M iscellaneous............................. ........................ All Commodities.................................................. BUILDING PERM ITS 6TH D ISTR IC T COTTON CONSUMED: PIG IRON PRODUCTION: U N FILLED ORDERS—U. S. STEEL CORPORATION............................................................ (1) Compiled by Federal Reserve Board. (2) Compiled by Bureau of Labor S tatis tics. (1913—100.)
@FedFRASER