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M O N T H L Y B U S I N E S S R E V I E W C o v e r i n g C o n d i t i o n s in t h e S i x t h F e d e r a l R e s e r v e D i s t r i c t . FEDERAL RESERVE BANK OF ATLANTA O SC A R N EW TO N . C h a irm a n an d Fe d e ral Reserve A gent VOL. 11, No. 1 • (C om piled J a n . 18. 1926) ATLANTA, GA., JANUARY 31, 1926 W ARD A L B E R T S O N , A ssista n t F e d e ra l Reserve A gent T h is R eview released fo r p u b lic a tio n in S u n d a y papers, Ja n u a r y 31. BUSINESS CONDITIONS IN THE UNITED STATES. (Prepared by th e Federal Reserve Board.) P roduction and d istribution of commodities w as in larger th e price level during th e year were smaller th a n in any year volume in December th a n in November, and th e volume of in more th a n a decade. Among agricultural commodities, retail trade w as larger th a n in any previous m onth. Whole th e prices of livestock and dairy products declined in Decem sale prices declined to th e level prevailing la st spring, ber, w hile grain prices advanced. Among non-agriculw hich was th e low p oint for th e year. tural commodities th e principal declines were in th e prices of co tto n goods, paper, and rubber w hile som ewhat higher P roduction The Federal Reserve Board's index of pro prices were show n for silk, coal and lumber. In th e first d u ction in basic in d u stries advanced six per three w eeks of January q uotations on hogs, coke, and cen t in December to th e h igh est level in ten m onths. The hardwood lumber advanced w hile prices of corn, cattle, rise in th is index h as b een nearly con tin u ou s since last and rubber declined. A ugust, w hen th e volume of p roduction was at th e low p oin t for 1925. In December th e production of iron and Bank Credit Changes in th e demand for currency have steel and bitum inous coal and factory consum ption of been th e principal factor in flu en cin g th e co tto n increased considerably, and th e production of volume of Reserve bank credit in u se since th e middle of lumber, cem ent, and copper was m aintained at relatively November. D uring th e five w eeks b etw een November h igh levels. T he volume of factory employment and pay 18 and December 23, th e Reserve banks paid o u t in to domes rolls after increasing during th e late summer and autum n tic circulation a n e t am ount of about $320,000,000, of cur m onths, con tinu ed practically u nchan ged in November rency in th e form of gold and gold certificate Reserve n o tes an d December, w ith increases in some im portant in du s and other kinds of m oney and during th e follow ing four tries o ffsettin g seasonal declines in others. B uilding w eeks th e return flow of currency from circulation am ount con tra cts awarded during December were th e largest re ed to about $430,000,000. T hese currency m ovem ents were corded f/or th a t m onth and exceeded in value th ose awarded reflected in corresponding changes in th e volume of Re in November, alth ou gh a seasonal decrease in building serve bank d iscou n ts for member banks. At member activity usually occurs at th a t time of th e year. banks in leading cities to ta l loan s and investm ents, w hich had increased alm ost con tinu ously during 1925, reached Trade Sales at departm ent stores, chain stores and th e h ig h est level on record at th e end of December, b u t mail order h ou ses in Decemb er in dicated th e declined by about $200,000,000, during th e first tw o w eeks largest volume of Christmas trade on record. Trade at of th e New Year. B oth th e increase in bank loan s in th e w holesale declined seasonally, b u t con tin u ed larger th a n latter part of December and th e decline after th e tu rn of la st year. Stocks at departm ent stores showed less th a n th e year were largely in loan s on securities, particularly th e u su al decline in December and were 4 per cen t larger at member banks in New York City, th ese changes in th e a t th e end of 1925 th a n a year earlier. F reight car load demand for loan s a t member banks were related b o th to ings con tinu ed large during Decem ber w ith shipm ents of th e changes in custom ers currency requirem ents and to m erchandise and m iscellaneous commodities, coke and end-of-year disbursem ents by many in du strial and finan coal particularly heavy. cial in stitu tio n s. C onditions in th e m oney market, w hich Prices The general level of prices, as m easured by th e had become firmer in th e la st h alf of December, were w holesale price index of th e B ureau of Labor easier in January. R ates on bankers acceptances in S ta tistics declined by about one per cen t in December and creased follow ing th e advance in th e buying rate of th e was at th e end of th e year som ewhat lower th a n a year earlier. New York Federal Reserve Bank effective January 8, w hich The average of w holesale prices for th e year 1925 as a w hole, rates on commercial paper showed little change during however, w as th e h igh est in five years and th e changes in th e period. PERCENT V J w f i r 100 50 PI RO D U C TIO N IN ; SIC IN D U S T F U E S ba 1 192 2 1923 1924 19 2 5 1 926 Ind ex of 22 b asic commodities ad ju ste d fo r seasonal varia tio n s (1919—100.) L a te s t fig u re , December 122. Ind ex of U n ited States B u re a u of L a b o r S ta tistic s. (1913—100, base adopted b y b u re a u .) L a te s t fig u re December 156. 2 T H E M O N T H L Y B U S IN E S S In d e x of sales o f 359 stores (1919—100.) L a te s t fig u re s : Decem ber: ad ju ste d in d e x 142, u n a d ju s te d in d e x 228. R E V IE W M oney in c irc u la tio n d a ta are averages of firs t-o f-m o n th fig u re s a n d reserve b a n k cre d it d a ta are m o n th ly averages of d a ily fig u re s. L a te s t fig u re s : J a n u a r y p a r tly estim ated. RETAIL TRADE. SIXTH DISTRICT SUMMARY. C onditions a t th e close of 1925 in th e Sixth Federal Re R etail trade in th e sixth d istrict during Decem ber reach serve D istrict, tak en as a w hole, were probably b etter ed a very h ig h level. D ue to th e large volume of holiday th a n a t th e end of any recen t year. Most of th e series of b u sin ess, sales and sto ck turnover were b o th greater th a n bu sin ess sta tistics, and oth er inform ation gathered for for any other m onth d uring th e year. C onfidential reports th e Review, compare very favorably w ith th e years imme received from 48 represen tative d epartm ent stores scat d iately preceding. T here are p arts of th e d istrict w here tered th r o u g h o u t th e d istrict show a volume of sales in agricultural con d ition s were unfavorable. A num ber of Decem ber 9.2 per ce n t greater th a n in th e corresponding co u n ties in th e n orth-central and n o rth eastern part of m onth a year ago, and th e D ecem ber index num ber com Georgia, devoted largely to co tto n , su ffered to a greater p u ted from sales figures of 42 of th e se reporting stores e x te n t perhaps th a n any other part of th e d istrict from th e reached 193.4, th e h ig h e st p o in t to u ch ed sin ce th is series lon g extended drought and th e extreme tem peratures. of index num bers w as first b egu n in 1920. T he December T he d rou gh t in L ouisiana also affected th e lic e crop, and index num ber w as also th e h ig h e st so far recorded for A t w hile th e sugar crop in L ouisiana is estim ated by th e De la n ta , Birmingham, Jackson, Savannah and Other Cities, p artm ent of A griculture a t a figure considerably larger b u t higher num bers were recorded for C hattanooga in th a n th a t of 1924, th e low price of sugar h a s prevented th e December 1924 and 1923, for N ashville in Decem ber 1922 and growers from receiving a return com m ensurate w ith th e 1920, and for New Orleans in Decem ber 1920, as in dicated increased production. On th e w hole, however, accord in th e follow ing table: in g to th e estim ate of th e D epartm ent of A griculture, th e D ec. D ec. Dec. D ec. D ec. D ec. six sta te s have received approximately 96J million dollars 1925 1922 1920 1924 1923 1921 more for their 1925 crops th a n th e year before, and th is A t la n t a ................................... 202.7 185.8 146.3 142.3 126.6 152.2 B irm in g h a m -..................... 235.8 217.8 209.9 183.5 156.7 217.1 figure is probably lower th a n th e actu al return for th e 99.4 99.5 C h a tta n o o g a ..................... 135.3 151.7 144.1 reason it is based on December 1 prices, and m ost of th e Ja c k s o n ............................. .... 199.6 160.5 161.8 164.1 171.8 c o tto n produced in th is d istrict w as probably sold before N a sh ville ............................... 166.3 161.3 163.8 166.7 166.1 172.5 N ew O rlean s....................... 199.8 188.9 179.6 174.6 174.5 200.1 th a t time, w hen th e price w as som ew hat higher. S a v a n n a h ............................. 157.6 127.4 130.9 123.9 138.9 T he volume of d eb its to individual a ccou n ts at 24 cities O th er O ities........................ 198.5 156.1 150.0 151.4 132.1 139.3 D is tric t................................... 193.4 177.9 167.8 161.7 154.3 178.7 in th e d istrict is greater th a n for corresponding periods Sales for th e year 1925 by th e 48 reporting stores were a year ago. Demand dep osits a t reporting member banks 4.1 per cen t greater th a n for th e preceding year. Stocks are su b stan tially higher, and savings d ep osits a t th e close at th e end of December were six-ten th s of one per cen t great of December held by 92 b anks were 13.8 greater th a n a year er th a n a year earlier, b u t were 19.7 per cen t smaller th a n ago. There were decreases of 18.4 per cen t in th e num ber at th e end of November. Stock turnover for December of failu res and 24.2 per ce n t in liab ilities, in th e sixth dis was b etter except a t Birmingham, C hattanooga and New trict in 1925, compared w ith 1924. Naval Stores producers Orleans, th a n during December 1924, and for th e year a have received m aterially b etter prices during 1925 th a n b etter rate of turnover w as shown for each city in th e during th e year before. T he volume of building in th is statem en t except C hattanooga. C ollections were reportd istrict in 1925 h as exceeded all previous figures, and w as ed Excellent by 6 stores, Good by 14, and Fair by 8.________ 61.5 per ce n t greater th a n in 1924.________________________ CONDITION OF RETAIL TRADE DURING DECEMBER 1925 IN THE SIXTH FEDERAL RESERVE DISTRICT BASED UPON REPORTS FROM 48 STORES A tla n ta (5)............. B irm in g h a m (5)~ O hattanooga (6). 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 O ities (16). D I S T R ICFRASER Digitized for T (48)-- 2 1 N et sa le s--percentage in crease o r decrease com pared w it h : (A ) D ec. 1924 + 9.1 + 8.2 - 1 0 .8 +24.3 + 3.1 + 5.8 +23.7 +24.0 + 9.2 (B ) J a n . 1 to D ec. 31.1924 + 6.0 + 3.0 —16.9 + 8.0 — 0.1 + 3.9 +10.8 +14.2 + 4.1 3 Sto ck s a t end of m o n th . percentage increase or decrease com pared w it h : (A ) D ec. 1924 — 9.9 + 9.9 + 3.0 — 6.6 — 8.4 +10.0 — 5.0 -6 .7 + 0.6 5 4 Percentage of sales to average stocks in D ec. (sto ck tu rn o ve r fo r th e m o n th ): Percentage o f sales to average sto cks from J a n . 1 to D ec. 31 (S to ck tu rn o ve r fo r y e a r to date) (B ) Nov. 1925 (A ) 1924 (B ) 1925 (A ) 1924 (B ) 1925 —23.1 - 1 8 .3 - 1 8 .6 —20.2 —19.3 -1 7 .1 -1 8 .1 —25.0 —19.7 44.5 46.4 37.8 32.7 40.8 42.8 36.5 39.8 42.1 55.0 45.4 35.0 43.2 45.2 42.3 47.2 52.8 46.0 319.0 300.2 251.5 255.7 280.9 279.5 245.8 262.6 282.6 378.1 321.2 247.3 290.0 316.7 292.2 300.9 321.5 312.0 Percentage of o u tsta n d in g orders a t end of m o n th to pu rch ases d u rin g ca le n d a r y e a r. 1924: (A ) . N ov. 2.9 7.0 2.1 X 3.2 9.3 7.8 3.4 5.5 (B ) D ec. 1.3 5.6 1.8 X 2.6 11.2 8.0 5.6 4.7 T H E W H O LESA LE M O N T H L Y B U S IN E S S TRAD 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 i s t r i c t w a s s e a s o n a l l y s m a l le r i n D e c e m b e r t h a n i n t h e m o n th s o f S e p te m b e r, O c to b e r a n d N o v e m b e r, b u t w a s g r e a t e r i n a l l r e p o r t i n g l i n e s t h a n d u r i n g D e c e m b e r 1924. D e c e m b e r s a l e s b y r e p o r t i n g w h o le s a l e f i r m s d e a li n g i n g r o c e r ie s , 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 w e re g r e a t e r t h a n f o r N o v e m b e r , b u t s m a l le r t o t a l s w e re sh o w n fo r d ry g oods, h a rd w a re , f u r n it u r e a n d sh o e s. W h o le s a le t r a d e i s u s u a l l y a t a c o m p a r a t i v e l y lo w le v e l i n D e c e m b e r , b u t a l l o f t h e e ig h t r e p o r t i n g l i n e s s h o w e d i n c r e a s e d s a le s o v e r D e c e m b e r la s t y e a r , a n d in d e x n u m b e r s o f s a l e s b y f i r m s d e a li n g i n g r o c e r i e s , d r y g o o d s , h a r d w a r e a n d s h o e s a r e h i g h e r f o r D e c e m b e r 1925 t h a n f o r D e c e m b e r o f a n y y e a r s i n c e t h i s s e r i e s w a s b e g u n i n 1920, a s i n d i c a t e d i n t h e fo llo w in g t a b l e ; Dec. Dec. Dec. Dec. Dec. Dec. 1925 1924 1923 1922 1921 1920 95.0 84.1 76.0 69.9 91.5 G roceries________________ 98.3 D ry G oo ds______ _______ 66.0 53.4 45.2 51.2 37.0 40.1 H a rd w a re _______________ 122.6 93.1 78.5 80.1 67.2 73.4 45.0 36.6 45.9 42.4 33.3 Shoes____________________ 49.4 T o t a l_____________________ 94.3 81.4 69.9 69.7 60.6 73.1 G r o c e r ie s D e c e m b e r s a l e s b y 38 r e p o r t i n g w h o le s a l e g r o c e r y f i r m s w e r e 3 .4 p e r c e n t g r e a t e r t h a n i n N o v e m b e r , a n d 3 .2 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 1924. A t l a n t a i s t h e o n ly p o i n t s h o w n i n t h e t a b le a t w h i c h s a l e s w e r e s m a l le r t h a n i n N o v e m b e r , w h i l e t h e i n c r e a s e o v e r D e c e m b e r la s t y e a r is d u e to la r g e r s a le s a t J a c k s o n v ille a n d “ O t h e r C i t i e s .” S o m e r e p o r t s in d ic a t e p r ic e a d v a n c e s o n s a m e a r t ic le s d u r in g t h e m o n t h . C o lle c t io n s w e r e r e p o r t e d g o o d b y 12 f i r m s , a n d f a i r 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 a r e s h o w n i n t h e t a b l e : A tla n ta (5 firm s )--------------------------Ja c k so n v ille (4 firm s )..............................— M eridian (3 firm s )------------- ----------New O rleans (8 firm s )___________________ V ick sb u rg (4 firm s )__________ ____________ O ther C itie s (14 firm s )___________________ D I S T R IC T (38 firm s )........................ ............... Dec. 1925 compared w it h : Nov. 1925 Dec. 1924 —8.3 — 6.2 +9.4 +48.7 +0.9 —16.3 +3.4 —23.6 +3.9 —10.2 +0.8 +11.4 +3.4 +3.2 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 D e c e m b e r w e r e 2 5 .7 p e r c e n t s m a l l e r i n t h e a g g r e g a t e t h a n i n N o v e m b e r, b u t , d u e t o la r g e r s a le s a t J a c k s o n v i l l e a n d “ O t h e r C i t i e s ” , a n i n c r e a s e o f 5 .5 p e r c e n t i s s h o w n o v e r D e c e m b e r a y e a r a g o . S m a ll d e c re a s e s in p r ic e s a r e in d ic a t e d i n so m e o f t h e r e p o r t s b e c a u s e o f t h e lo w e r p r i c e o f c o t t o n . 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 5 f i r m s , a n d f a i r b y 7 . 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 re s h o w n in th e t a b le : A tla n ta (4 firm s )--------------------------Ja c k so n v ille (3 firm s )____________________ N ash ville (3 firm s )------------- ----------N ew O rleans (3 firm s )___________________ O th er C itie s (13 firm s )___________________ D I S T R IC T (26 firm s) — ______ __________ Dec. 1925 compared w it h : Nov. 1925 Dec. 1924 —18.8 — 9.2 — 6.0 +69.9 —31.9 — 7.7 —45.5 —19.5 —26.2 +3.9 —25.7 +5.5 H a rd w a re S a l e s d u r i n g D e c e m b e r b y 30 r e p o r t i n g w h o le s a l e h a r d w a r e f i r m s w e r e o n l y f r a c t i o n a l l y s m a l le r t h a n i n N o v e m b e r, in c r e a s e s a t 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 ” b e in g s l ig h t l y m o re t h a n o f f s e t b y d e c re a s e s a t A t la n t a , C h a t t a n o o g a a n d N e w O r le a n s . T h e a g g r e g a t e , h o w e v e r , w a s 25 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 a y e a r a g o . F lo r id a f ir m s s t i l l r e p o r t d if f i c u lt y in o b t a in in g m e r c h a n d is e . C o lle c t io n s i n D e c e m b e r w e re r e p o r t e d g o o d b y 5 f i r m s , f a i r b y 6 , a n d p o o r b y 1. P e r c e n t a g e c o m p a r is o n s o f s a l e s a r e s h o w n b e l o w : A tla n ta (3 firm s )_____ _____________ ______ C h attan o o g a (3 f ir m s ) _____ ____________ Ja ck so n v ille (3 f irm s ).— ________________ N ashville (3 firm s )___________ ______ _____ New O rleans (7 f ir m s ) ..._______ _________ O ther C itie s (11 firm s )___________________ D I S T R IC T (30 firm s )..................................... F u r n it u r e Dec. 1925 compared w it h : Nov. 1925 Dec. 1924 —9.3 +25.4 —3.1 —16.7 +1.3 +64.6 +6.8 +27.0 —8.3 +6.0 +6.3 +47.1 —0.6 +25.0 D e c e m b e r s a l e s o f f u r n i t u r e a t w h o le s a l e w e r e 8 .5 p e r c e n t s m a l l e r t h a n i n N o v e m b e r , N a s h v ille b e in g t h e o n ly c i t y t o r e p o r t a n in c r e a s e . C o m p a r e d w i t h D e c e m b e r 192 4, a d e c r e a s e a t C h a t t a n o o g a p a r t ly o f f s e t in c r e a s e s a t o t h e r p o in t s , b u t t h e a g g re g a t e s a l e s w e r e 7 .3 p e r c e n t g r e a t e r . D e c e m b e r c o l l e c t i o n s w e re re p o rte d g o o d b y 6 f ir m s , a n d f a ir b y 4. P e rc e n ta 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 : 3 R E V IE W A tla n ta (5 firm s )........ ...................................... C h attan oo g a (3 firm s )---- --------- ----N ashville (3 firm s )— -..................................... O ther C ities (7 firm s )...................................... D I S T R IC T (18 f ir m s ) ............... -................... Dec. 1925 compared w ith : Nov. 1925 Dec. 1924 — 8.9 +34.4 — 8.8 —16.8 + 5.1 +43.2 —10.6 +5.2 — 8.5 +7.3 Sales during December by 12 w holesale electrical supply firms exceeded their sales in November by 27.6 per cen t, and were 82.3 per cent greater th a n in December a year ago. The reports in dicate th a t m erchants are buying cautiously. No m aterial changes in prices are indicated. C ollections were reported good by 4 firms, and fair by 4. P ercentage comparisons of sales are show n in th e table: E le c t r ic a l S u p p lie s A tla n ta (3 firm s )______________ ___________ New O rleans (4 firm s )------------- ------O ther C itie s (5 firm s ).............-.....................D I S T R IC T (12 firm s )..................-................... Dec. 1925 compared w it h : Nov. 1925 Dec. 1924 +43.0 +101.6 — 3.8 +12.0 +27.8 +119.2 +27.6 + 82.3 In th e other three lines, December sales exceeded those in th e same m onth a year ago in each in stan ce, b ut whole sale shoe sales were seasonally smaller th a n in November. No price changes of im portance were reported. Collec tions were reported good by 2 shoe firms and fair by 3, good by 2 station ery firms, and 1 drug firm, and fair by 1. Per centage comparisons of sales are shown only for th e dis trict, three reports n o t having been received in any of th ese lines from a single city. Shoes (7 firm s )..................................................... D rugs (3 firm s ).......... ...................— ............ S ta tio n e ry (3 firm s ).......................................... Dec. 1925 compared w it h : Nov. 1925 Dec. 1924 —31.2 +4.7 +10.1 + 4.2 +2.4 +16.1 AGRICULTURE Final estim ates made by th e Departm ent of Agriculture of th e production during 1925 of th e different agricultural crops, taken w ith price sta tistics on December 1, show a farm value on th a t date of th e crops produced in th e six sta tes of th e sixth Federal Reserve D istrict am ounting to $1,268,571,000, an increase of $96,636,000, over th e value on December 1,1924, of th e agricultural crops produced during th a t season. Values in arriving at th is comparison are based upon December 1 prices and are therefore not en tirely representative of th e actual average return to th e farmers from th e season ’s crops. The figures, particu larly th ose relative to cotton, show a smaller return than has been actually received by th e farmers for th e reason a large part of th e co tto n crop was harvested early and sold at a b etter price th a n th a t w hich prevailed on December 1. Total figures for th ese six sta tes disclose a decrease in th e value of agricultural production in Georgia, and in T ennessee, compared w ith 1924, but increases in th e other four sta tes. The table below shows th e estim ates of these to ta l farm values, by states, compared w ith figures for 1924, revised since a year a g o ; 1925 Fa rm V alues of C ro p s: A la b a m a _____ _________________ $254,757,000 F lo rid a _________________________ 103,550,000 G eo rg ia _________________ ____— 230,524,000 L o u is ia n a ___ _______ ___________ 179,735,000 M is s is s ip p i...- ___ ______ ____ — 287,005,000 Tennessee........................................................ 213,000,000 1924 $246,324,000 86,199,000 257,921,000 136,802,000 214,689,000 230,000,000 The final estim ates by th e D epartm ent of A griculture divided according to th e boundaries of th e d istrict (parts of Louisiana, M ississippi and T enn essee are located in other Federal Reserve D istricts) show th e follow ing estim ated to ta ls for th is d istrict in th e principal crops: C o rn , b u sh e ls ........................... ................ W heat, b u sh els _____________ _______ O ats, b u sh e ls ....... .......................... .......... H a y , to n s . — ............................................. Tobacco, p o u n d s ...................................... Potatoes, bushels .................... ................ C o tto n , b a le s ... ....... ............................... 1925 159,448,000 5,214,000 14,389,000 1,974,000 127,518,000 8,421,000 3,302,000 1924 156,149,000 3,688,000 10,067,000 2,428,000 113,493,000 10,933,000 2,455,000 Florida The car lo t m ovem ent of fru its and vegeF ruits and ta b les for Decem ber was, as in th e case of V egetables November, considerably smaller th a n for th e same m onth a year ago. T h rou gh December, only 12,039 cars of oranges, grapefruit and tangerin es had b een ship ped, compared w ith 17,128 cars shipped during th e same period of th e 1924 season, and only 1,162 cars of vegetables, compared w ith 1,700 cars th e previous season. Compari sons are show n below : 4 T H E C itru s F r u it s : O ra n g e s-._______ ________ G ra p e fru it_______________ T a n g e rin e s_______________ M O N T H L Y B U S IN E S S Season th ro u g h Dec. 1925 Dec. 1924 Dec. 1925 Dec. 1921 3,921 2,015 410 5,852 1,863 572 T o t a l_________________ 6,346 T o ta l movemen t of vegetables 679 8,287 1,267 10,017 6,247 12,039 1,162 17,128 1,700 C otton M ovem ent—Sixth D istrict. (Bales) Dec. 1925 R eceip ts: New O rle an s____________________ 397,414 M o b ile - .._______ ________________ 29,764 S a v a n n a h ________________________ 84,892 A tla n ta ---------------- ----------30,459 A u g u sta ------- ----- --------- ---42,525 M ontgom ery.................. -................... 6,448 ' M aco n -._______ ___________________ 5,560 ‘ S to ck s: New O rleans....................................... 500,199 M o b ile -.................................................. 24,429 S a v a n n a h ________________________ 104,642 A tla n ta — : . - - ...................... ............... 60,447 A u g u sta __________________________ 108,957 M ontgom ery.................... ............ .. — 28,897 26,286 M aco n ..................................................... Nov. 1925 Dec. 1924 379,801 33,527 87,541 39,354 39,610 9,597 4,017 376,639 25,907 67,181 36,579 28,225 6,351 5,293 451,015 28,302 129,514 60,637 110,727 28,710 25,331 467,773 17,125 85,544 65,558 70,024 22,938 10,661 C otton M ovement—U nited S tates Since A ugust 1, (Bales) 1925 1924 1923 Receipts a t a ll U . S. P o rts ................- 7,074,358 6,885,910 5,203,343 O verland across th e M ississippi, O h io, Potom ac R iv ers to N or. 914,945 781,932 569,411 M ills and C a n a d a ---------------In te rio r stocks in excess of those h eld a t close of Com m ercial 546,913 ye a r________________________________ 1,519,035 1,054,057 So u th ern M ills ta k in g s ......................... 2,886,000 2,552,855 2,441,246 T o ta l 168 days-_______________________ 12,394,338 11,274,754 8,760,913 Fo re ig n exports_______________________ 4,966,414 4,826,786 •Am erican M ills N or. & S o u th an d C a n a d a ----------------------------- 4,601,537 4,030,716 A m erican cotton th u s f a r --------- - 8,444,000 7,486,000 6,556,000 •Of w h ic h 1,500,691 b y N o rth e rn sp in ners a g ain st 1,271,241 la st year an d 3,100,846 b y S o u th e rn sp in ne rs a g ain st 2,759,475 la s t ye ar. Sugar, Syrup The production of sugar in Louisiana durand Molasses ' in g 1925 is estim ated by th e D epartm ent of A griculture at 395,055,332 pounds, equivalent to 197,528 sh ort to n s. T he p rod uction in 1924 was 88,483 short ton s, and tw o years ago was 162,023 sh ort ton s. The prod uction of syrup in th e L ouisiana cane b elt is estim ated at 4,628,250 gallons, compared w ith 9,280,118 gallons in 1924. T he pro d u ctio n of m olasses is estim ated at 22,981,058 gallons, com pared w ith 9,589,544 gallons in 1924. T he acreages in sugar cane u sed for sugar, syrup and seed, are show n in th e ta b le : T o t a l. 1925 221,078 15,000 51,822 1924 162,640 44,536 88,129 287,900 Su g ar cane acreage used fo r S u g a r..........-.......... S u g ar cane acreage used fo r S y ru p ...................... Su g ar cane acreage used fo r Seed-------------- 295,305 Sugar M ovement. Raw Sugar (Pounds) Dec. 1925 103,010,045 31,111,238 Dec. 1924 52,399,312 7,501,239 41,745,727 22,054,834 43,114,917 11,110,104 8,851,358 M elting s: N ew O rleans- Nov. 1925 48,464,218 22,054,834 102,618,168 31,111,238 R eceip ts: New Orleans- 8,459,481 4,738,225 S to c k s: N ew O rle a n sSavannah— R efined Sugar (Pounds) Sh ip m en ts: New O rle an s----------S a v a n n a h ......... ................. S to ck s: New O rleans-......... — S a v a n n a h ______________ Dec. 1925 80,158,695 26,038,324 Nov. 1925 71,415,679 21,646,178 Dec. 1924 48,534,925 16,056,635 30,571,181 5,332,633 11,421,445 1,646,867 12,078,816 849,223 The prod uction of rough rice in Louisiana in 1925 is estim ated by th e D epartm ent of A griculture at 15,985,000 b ush els, compared w ith 15,224,000 b ush els in 1924. The average yield per acre is estim ated at 33.3 b ush els, and th e harvested acreage is estim ated at 450,000 compared w ith 440,000 acres in 1924. The to ta l farm value of th e rice crop in Louisiana on December 1, 1925, was $22,927,000, compared w ith $20,705,000 a year earlier. Rice M ovement. R ough Rice (Sacks) Port of New Orleans. Rice R eceip ts__________ _____ -............ Sh ip m en ts........ ........-___________ S to c k __________________________ - Dec. 1925 141,345 128,534 39,734 Nov. 1925 78,948 68,553 26,923 Dec. 1924 114,126 82,279 85,701 R E V IE W Clean Rice (Sacks) P ort of New Orleans R eceip ts________________________ Sh ip m en ts_______ _____________ S to c k ___________________________ 240,874 204,210 159,348 190,724' 172,564 122,684 226,026 151,143 267,926 R eceipts of R ough Rice (Barrels). A ssociation M ills ................ .. New O rleans M ills ...................... Outside M ills .......... ...................... Season to D ec. 1925 Dec. 31,1925 Dec. 1,056,330 3,508,957 4 140,345 568,986 475,050 1,069,500 1 1,671,725 5,147,443 31,1924 023,444 763,139 568,068 6 354,651 D istrib u tion of Milled Rice (P ockets). A ssociation M ills _____________ New O rleans M ills........... .......... O utside M ills - _____ __________ 495,441 107,560 148,700 2,282,675 502,215 578,098 751,701 3,362,988 2 ,754,340 574,834 1, 070,174 4,399,348 Stock. J a n . 1, 1926 Dec. 1, 1925 J a n . 1, 1924 A ssociation M ills ....................... 1,318,077 742,326 1, 423,711 New O rleans M ills - .................. 191,454 142,245 340,432 O utside M ills— .......................... 536,250 206,000 582,371 2,045,781 1,090,571 2 ,346,514 FINANCIAL. F inancial sta tistic s gath ered for th e M onthly B u sin ess Review, and replies to general in qu iries addressed to mem ber b anks sca ttered over th e d istrict co n tin u e to reflect generally favorable com parisons w ith th e corresponding period a year ago. Savings Savings d ep o sits reported to th e Federal D eposits R eserve Bank for Decem ber by 92 banks w hich operate savings d ep artm ents show ed an aggregate in crease over th e preceding m onth of 1.6 per cen t, and an increase over savings d ep osits a t th e end of Decem ber 1924 of 13.8 per cen t. In creases greater th a n th e average were show n from Jacksonville, N ashville and O ther Cities, as in d ica ted in th e follow ing t a b le : Savings D eposits. (000 O m itted) C o m pariC o m parison of son of Dec. Nov. Dec.-N ov. Dec. Dec. 1925 1925 1925 1924 1925-1924 A tla n ta (7 b a n k s )______ $ 35,513 $ 34,691 +2.4 $i 33,088 + 7.3 B irm in g h a m (5b an k s)._ 25,017 24,430 +2.4 23,732 + 5.4 Ja c k so n v ille (5 b a n k s)... 28,640 27,813 + 3.0 20,267 +41.3 N ash ville (10 b a n k s )— 24,898 23,619 +5.4 20,419 +21.9 N ew O rleans (8 b a n k s ).. 48,777 48,138 +1.3 48,672 + 0.2 O th er C ities (57 b a n k s) 107,075 106,894 +0.2 90,934 +17.8 T o ta l (92 b a n k s )............ 269,920 265,585 +1.6 237,112 +13.8 id itio n of Member Weekly reports received by Banks in S elected Cities Federal R eserve B ank from 36 member b anks in A tlanta, New Orleans, Jacksonville, Bir mingham, N ashville, C hattanooga, Knoxville and Savannah show a decrease of $3,850,000 in th e volume of d isco u n ts on January 6, compared w ith a m onth earlier. In th is period there was a decline of $2,967,000 in loan s secured by G overnm ent O bligations, an increase of $4,219,000 in loan s secured by other stock s and bonds, b u t a decrease of $5, 102.000 in All O ther loans. H oldings of U nited S ta tes se cu rities on January 6 were $3,331,000 greater th a n on D e cember 9, however, and in vestm en ts in other stock s and bonds increased $4,868,000 bringing th e to ta l of loan s, dis co u n ts and in vestm en ts to $625,591,000, an in crease of $4,349,000 over th e to ta l on December 9. There w as also an increase in time dep osits and demand deposits, and accom m odation at th e Federal Reserve B ank increased from $16, 966.000 on December 9 to $24,720,000 on January 6. Com pared w ith figures for January 7, 1925, figures for th e cur rent report date show a decline in loan s secured by Govern m ent O bligations b u t in creases in other loan s and in in v est m ents, and th e to ta l of loans, d isco u n ts and in v estm en ts on January 6 th is year was $93,369,000 greater th a n a year ago. Principal item s in th e w eekly sta tem en t, w ith com parisons, are show n in th e follow ing t a b le : T H E M O N T H L Y B U S IN E S S Member Banks in S elected Cities (000 O m itted.) J a n . 6, 1926 B ills D isco u n te d : Secured b y G o v t. O b lig atio n s Secured b y S to cks an d B o nd s A ll O th ers________________________ T o ta l D isc o u n ts ________________ U . S . S e cu ritie s_________ I ___________ O ther Sto cks an d B o n d s...........— T o ta l lo a n s, d isco u n ts an d in vestm ents............................................ Tim e D ep o sits............ .................... .......... D em and D ep osits_____________ _____ Accom m odation at F . R . B a n k ... Dec. 9, 1925 J a n . 7, 1925 $ 5,366 98,176 422,629 526,171 45,030 54,390 $ 8,333 93,957 427,731 530,021 41,699 49,522 $ 7,599 69,232 379,050 455,882 34,138 42,205 625,591 219,923 370,490 24,720 621,242 217,156 365,756 16,966 532,222 188,414 320,258 8,967 5 R E V IE W a decrease of 13J per cen t compared w ith November, and th e liab ilities a decrease of 41.6 per cent, w hile b o th number and liab ilities were approximately h alf th o se reported for December a yearago. T otal figures for 1925 for th e sixth dis trict show th a t during th e year there were 1,089 failures, w ith liab ilities am ounting to $19,985,666, a decrease of 18.4 per cen t in num ber and 24.2 per cen t in liab ilities compared w ith to ta l figures for 1924. S ta tistics for Decem ber divided by Federal Reserve D istricts are show n in th e table: B o sto n ......................... N ew Y o r k _________ P h ila d e lp h ia ........... Cleveland ---- ----R ic h m o n d - ......... .. A tla n ta ....................... C h icag o -----------S t. L o u is __________ M in neap olis______ K a n s a s C it y ______ D a lla s ______________ S a n F ra n c is c o — Num ber L ia b ilitie s L ia b ilitie s L ia b ilitie s Dec. 1925 Dec. 1925 Nov. 1925 Dec. 1924 228 $ 4,994,177 $ 2,118,334 $ 4,847,858 422 7,521,099 5,734,875 8,107,914 2,649,331 92 1,011,228 1,812,308 194 4,338,840 3,428,114 3,678,704 106 3,596,748 1,631,370 2,771,624 64 1,206,227 2,065,090 2,445,897 260 5,467,071 7,065,391 7,962,883 ... 80 1,323,752 5,173,004 2,133,944 89 1,414,078 963,797 2,032,300 100 1,176,400 1,153,488 6,667,478 49 608,088 995,237 368,159 194 2,232,349 4,582,493 2,450,212 Operations T otal d iscou n ts by th e Federal Reserve B ank of th e F eder-on January 13, 1926 show ed a decline of al Reserve $7,225,000 compared w ith figures for th e corresBank p ond ing report d ate a m onth earlier. D e creases were show n b o th in loan s secured by Governm ent O bligations, and in “All O ther” loan s. H oldings of bills b o u g h t in th e open m arket declined $9,480,000 during th is period, b u t th ere w as an increase of $4,919,000 in U nited T o t a l.................... 1,878 $36,528,160 $35,922,421 $45,279,281 S ta tes S ecu rities owned. There w as a decrease for th e period in to ta l bills and secu rities of $11,860,000. There w as an in crease of $5,096,000 in cash reserves, and a decrease of $2,144,000 in dep osits and a decrease of $1,773,000 in Fed eral Reserve N otes in actu al circulation, resu ltin g in a IMPORTS AND EXPORTS rise in th e Reserve R atio from 56.9 on Decem ber 16 to 59.9 on January 13. Compared w ith th e corresponding report U nited Preliminary figures compiled and released by d ate a year ago, January 14, 1925, th ere was an increase of S tates th e Departm ent of Commerce in d icate increas $5,258,000 in d iscou nts, and h oldings of bills b ou gh t in th e es in th e value of b o th im ports and exports of m erchan open m arket and U nited S tates secu rities were very m uch dise during Decem ber 1925 compared w ith November, and larger, resu ltin g in an increase in to ta l bills and securities w ith December a year ago. Im ports in December am ounted from $26,488,000 a year ago to $95,340,000 on January 13 th is to 394 m illions, and exceeded th e value of November im ports year. Principal item s in th e w eekly statem en t of th e Feder by $17,362,000 and were $60,808,000 greater th a n in December al R eserve Bank, w ith com parisons, are show n in th e table : 1924. Exports in December 1925 am ounted to 468 millions, exceeding November exports by $20,987,000 and exceeding Federal Reserve Bank. exports in December 1924 by $22,252,000. For th e 12 m onths (000 O m itted.) of 1925 im ports to ta led $4,224,225,962, compared w ith a to ta l of $3,609,962,579 for 1924, and exports totaled $4,908,743,259 J a n . 13, Dec. 16, J a n . 14, B ills D isco u n te d : 1926 1925 1925 compared w ith a to ta l of $4,590,983,845 for 1924. Prelimi Secured b y G o vt. O b lig atio n s $ 3,910 $ 5,715 $ 2,476 nary figures for December, w ith com parison, are show n A ll O th ers----------------------16,656 22,076 12,832 in th e ta b le : T o t a l D is c o u n ts .. . . ___________ 20,566 27,791 15,308 B ills bo ug ht in open m a rk e t.. U . S . S e cu ritie s........... .................... ........ T o ta l B ills an d se cu ritie s_________ C a sh Reserves---- ------------------T o ta l D ep osits________ ______________ F . R . Notes in a c tu a l c irc u la tio n . . Reserve R a t io ............ ............................... 56,558 17,929 95,340 146,062 82,425 161,312 59.9 66,038 13,010 107,200 140,966 84,569 163,085 56.9 7,183 3,733 26,488 174,191 68,704 137,912 84.3 DEBITS TO INDIVIDUAL ACCOUNTS Sixth Federal Reserve D istrict Week Ended Jan. 13,1926 Dec. 16, 1925 Jan. 14,1925 Albany............................... $ 1,285,000$ 1,344,000 $ 1,153,000 Atlanta____ ___ ________ 38,100,000 40,613,000 36,015,000 Augusta---------------- ........ 7,197,000 6,969,000 7,191,000 Birmingham------------------ 36,290,000 35,210,000 35,258,000 Brunswick............................ 831,000 * 864,000 771,000 Chattanooga........................ 12,238,000 11,756,000 11,543,000 Columbus.................. ......... 3,244,000 4,034,000 3,441,000 Dothan---------------- -------- 1,063,000 941,000 961,000 Elberton............................ . 214,000 226,000 376,000 Jackson______ _________ 5,102,000 5,100,000 3,700,000 Jacksonville..... ......... .......... 33,693,000 35,834,000 16,050,000 Knoxville______________ 10,237,000 8,098,000 9,117,000 Macon-------------------------- 5,452,000 6,281,000 5,400,000 Meridian______ ________ 3,657,000 3,798,000 3,249,000 Mobile.......... .................. ... 8,921,000 9,864,000 7,793,000 Montgomery.................... 6,465,000 6,190,000 5,780,000 Nashville....... .................. . 19,987,000 22,565,000 21,983,000 Newnan--------------- -------566,000 551,000 736,000 New Orleans........................ 83,315,000 96,241,000 92,565,000 Pensacola---------------------- 2,196,000 2,728,000 1,602,000 Savannah...................... . 12,252,000 12,276,000 9,234,000 Tampa----------- ------- ------ 26,252,000 24,839,000 11,172,000 Valdosta..-................. ........ 1,761,000 1,812,000 1,259,000 Vicksburg.. __________ 2,115,000 2,441,000 2,663,000 Total 24 Cities......... .......... .$322,754,000 $340,575,000 $289,012,000 Commercial A ccording to sta tistic s compiled and pubilshFailures ed by R. G. D un & Co., commercial failures in th e U nited S tates during December am ounted to $36, 528,160. This compares w ith $35,922,421 for November, and w ith $45,279,281 for Decem ber 1924. T he num ber of failures in December was 1,878, compared w ith .l,6 7 2 in November, and w ith 2,040 in Decem ber a year ago. F igures for th e sixth d istrict show th a t there were 64 failures in December, compared w ith 74 in November, and w ith 123 in Decem ber 1924, and th a t liab ilities am ounted to $1,206,227, compared w ith $2,065,090 in November, and w ith $2,445,897 in December 1924. The num ber of failures show s Im p o rts: D ecem b er-................................................... $ November........................ ................ ............ 12 m onths ending w ith December E x p o rts: December---------------- ----- ------- $ November..........-................ .............. .......... 12 m onths ending w ith December 1925 1924 394,000,000 $ 333,192,059 376,637,798 296,147,998 4,224,225,962 3,609,962,579 468,000,000 $ 445,748,393 447,012,945 493,572,921 4,908,743,259 4,590,983,845 Im ports M erchandise valued a t $15,690,666 w as imNew Orleans ported th r o u g h th e port of New Orleans during th e m onth of O ctober 1925, (th e la te st m onth for w hich d etailed fig u res are available). T his is som ew hat low er th an th e to ta l value of im ports in O ctober 1924, b u t larger th a n for th e same m onth of any oth er recen t year. The volume of sugar im ported w as larger th a n in O ctober 1924 b u t th e value w as smaller owing to low er prices. De creases in b o th volume and value were show n in coffee, crude petroleum , gasoline and m ahogany, b u t increases were show n in burlaps, b an an as, m olasses, new sprint paper and sisal. P rincipal com m odities im ported in O ctober w ere: Su g ar, pounds . M ahogany, feetS isa l, to n s- Volum e 32,984,244 60,221,416 14,513,337 1,603,068 28,161,000 2,940,000 1,516,461 953,000 12,612,420 6,238,545 5,734 V alu e $6,518,640 1,353,062 2,130,244 755,695 745,628 276,383 199,871 110,022 779,230 187,935 922,287 The to ta l volume of im ports during O ctober of previous years is show n for com parison: October 1925.— .......$15,690,666 October 1924.................15,903,057 October 1923.............-.13,433,161 October 1922..........-.$11,655,448 October 1921................ 5,480,716 October 1920................ 12,201,083 Grain Grain exp orts th ro u g h th e port of New OrExports lea n s during Decem ber co n tin u ed very m uch smaller th a n la st year. Corn exports were larger, b u t oats were exported in smaller volume during December, and w h eat exports co n tin u ed to show su b sta n tia lly decreased volume. 6 T H E D r* IQ p 9^ W heat, b u sh e ls____ C o rn , bu sh els______ O ats, b u sh e ls______ 80,712 929,441 56,744 Dec. 1924 2,676,880 201,395 108,550 T o t a l . . _________ 1,066,897 M O N T H L Y Season th ro u g h Dec. 1925 Dec. 1924 2,301,370 20,282,562 3,148,617 1,406,112 407,599 408,163 2,986,825 5,857,586 22,096,837 B U IL D IN G . T h e v a lu e o f b u ild in g p e r m it s is s u e d d u r in g D e c e m b e r a t t w e n t y r e p o r t i n g c i t i e s w a s $ 1 6 ,6 3 3 ,0 1 4 , c o m p a r e d w i t h $ 1 5 ,6 7 1 ,2 1 0 f o r N o v e m b e r , a n d w i t h $ 1 0 ,7 0 3 ,6 5 1 f o r D e c e m b e r a y e a r a g o . T h e in d e x n u m b e r f o r D e c e m b e r f o r t h e s e t w e n t y c i t i e s i s 4 6 1 .3 , c o m p a r e d w i t h 4 3 4 .6 f o r N o v e m b e r , a n d w i t h 2 9 6 .8 f o r D e c e m b e r 1924. T h e p e r c e n t a g e i n c r e a s e o v e r D e c e m b e r a y e a r a g o i s 5 5 .4 p e r c e n t . O f t h e t w e n t y t w o c i t i e s f r o m w h i c h r e p o r t s a r e r e c e i v e d , t w e lv e r e p o r t e d in c r e a s e s o v e r D e c e m b e r a y e a r a g o , a n d te n re p o rte d d e c re a s e s. T h e t o t a l v a lu e o f p e r m it s is s u e d in t h e d is t r ic t d u r in g 1925 h a s a m o u n t e d t o $ 1 8 6 ,6 0 8 ,1 7 2 , a n i n c r e a s e o f 6 1 .5 p e r c e n t o v e r t h e t o t a l f o r t h e y e a r 1 9 24 . T h e v o lu m e o f b u i l d i n g i n F l o r i d a w a s v e r y l a r g e f o r 1925, a n d p e r m i t s i s s u e d f o r t h e y e a r a t J a c k s o n v i l l e , M ia m i , O r l a n d o a n d T a m p a a g g r e g a t e $ 1 0 6 ,3 9 7 ,9 4 2 , a s c o m p a r e d w i t h $ 3 3 ,8 9 3 ,8 1 2 d u r i n g 1924. D e t a ile d f ig u r e s f o r D e c e m b e r a re s h o w n in t h e t a b le , w it h c o m p a r is o n s : Percentage D ec. 1925 Dec. 1924 Ch an ge No. V a lu e No. V alu e in V alu e Alabama * A n n is to n _________ 22 B irm in g h a m --:-- 416 M obile_____________ 31 M ontgom ery.......... 49 F lo rid a : Ja c k s o n v ille ........... 339 M iam i............ ............ 1,434 O rla n d o ......... .......... 287 P e n s a c o la - ........... 57 T a m p a ____________ 600 ♦ Lakeland_________ 198 ♦Miami B e a c h _____ 48 Georgia * ' A t la n t a ___________ 153 71 A u g u sta __________ C o lu m b u s................ 36 M a co n ....................... 90 S a v a n n a h .............._ 34 L o u is ia n a : N ew O rle an s_____ 132 A le x a n d ria _______ 68 Tennessee * C h attan o o g a........ 197 Jo h n s o n C it y - — 8 K n o x v ille _________ 155 N a s h v ille ................. 103 23,750 1,941,956 43,470 23,270 5 468 54 68 4,400 2,376,022 370,805 20,290 +439.8 — 18.3 - 88.3 + 14.7 2,584,380 6,172,489 684,185 57,885 2,967,950 892,750 1,077,950 212 348 172 40 343 106 21 315,257 786,380 221,567 28,446 821,730 503,985 769,500 +719.8 +684.9 +208.8 +103.5 +261.2 + 77.1 + 40.1 242,153 36,644 25,675 55,418 125,275 259 102 16 99 58 3,133,880 30,003 90,980 56,645 102,425 - 92.3 + 22.1 - 71.8 — 2.2 + 22.3 636,702 50,510 147 62 474,000 93,531 + 34.3 - 46.0 131,740 15,600 613,232 200,730 119 21 261 175 151,925 106,000 1,196,280 323,085 T o ta l 20 C itie s ............-4,282 $16,633,014 3,029 $10,703,651 In d ex N o ______ _____________ 461.3 _____ 296.8 — — — 13.3 85.3 48.3 37.9 + 55.4 _______ LUMBER. Prelim inary fig u res received by th e S outhern Pine A ssociation up to th e m iddle of January from 127 subscrib in g mills show a fallin g off in th e volume of orders in pro p ortion to shipm ents, p rod uction , and norm al production, as com pared w ith m on th s p ast. For a num ber of m onths p ast th e volume of orders h as exceeded shipm ents and a ctu a l p rod uction , and h as b een in excess of norm al produc tio n of th e reporting mills. Orders booked in December by th e 127 reporting m ills am ounted to 259,366,248 feet, 8.2 per ce n t smaller th a n th eir Decem ber shipm ents, 5.8 per cen t smaller th a n their production in December, and 12 per cen t below th eir norm al m onthly p rod uction . Ship m en ts by th e se 127 rep ortin g mills in December am ounted to 282,519,153 fee t, and exceeded th eir actu al prod uction by 2.6 per cen t, b u t were 4.2 per cen t smaller th a n their normal p rod uction . A ctu al p rod u ction during December am ounted to 275,349,514 fee t, 6.6 per cen t below th e normal p rod uction of th e se reporting mills. Stocks on h and at th e end of Decem ber am ounted to 735,686,993 feet, and were smaller by 6.1 per c e n t th a n norm al stock s for th e se mills. U nfilled orders on h and at th e end of Decem ber reported by th ese 127 mills am oun ted to 229,814,020 feet, 16.5 per cent smaller th a n th eir a ctu al p rod uction for th e m onth, 22 per cen t below th eir normal production, and were 88.6 per cen t of th e volum e of orders booked d u rin g th e m onth. T he la te s t w eekly report of ru n nin g time issu ed by th e S outhern P ine A ssociation , for th e week ended January 8, show s th a t of 114 m ills reporting, 90 operated 5f or 6 days, and of th o se op eratin g fu ll tim e 12 reported overtime aggre B U S IN E S S R E V IE W g a tin g 459 hours, or an average overtim e for each of th ese 12 of 38 h ou rs for th e w eek. Prelim inary figures for De cember, w ith com parisons, are show n in th e table : O rders_____________________________ S h ip m e n t s - ........................................ P ro d u ctio n ___________ _____ ______ N orm al p ro d u ctio n these m ills Sto 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 - D ec. 1925 (127 m ills ) 259,366,248 282,519,153 275,349,514 Nov. 1925 (133 m ills) 324,078,313 309,141,405 276,529,144 Dec. 1924 (140 m ills) 293,544,546 299,684,395 299,143,580 294,821,138 317,048,268 330,280,474 735,686,993 774,383,281 703,904,374 783,723,049 845,559,118 903,646,991 229,814,020 265,540,296 245,894,418 TEXTILES C otton The con su m p tion of co tto n during th e m onth C onsum ption of Decem ber, accord in g to th e C ensus B u rea u ’s report, am oun ted to 575,271 b ales of lin t co tto n , com pared w ith 543,098 b ales consum ed in November, and w ith 533,789 bales consum ed in Decem ber a year ago. De cember con su m p tion w as th e h ig h e st reported since la st April. C otton reported on h a n d a t consum ing esta b lish m ents was ab ou t four h un dred th o u sa n d bales greater th a n a year ago, and co tto n in p u b lic storage and a t com p resses show ed an in crease over t h a t tim e of a b o u t a mil lion bales. Exports d u rin g Decem ber were 984,061 bales, compared w ith 1,206,786 b ales in November, and 1,075,923 bales in Decem ber a year ago. The con su m p tion of co tto n in th e cotton -grow in g sta te s during Decem ber am oun ted to 399,908 b ales w h ich w as g reat er w ith one excep tion th a n for an y m onth since th e b egin n in g of th e 1919-1920 season. T he num ber of sp ind les ac tive during D ecem ber show ed an in crease of 83,750 over November, and an in crease of 411,178 over Decem ber a year ago. COTTON CONSUMPTION—DECEMBER U n ited S ta tes. Dec. 1925 Nov. 1925 Dec. 1924 Cotton Consumed: Lint................................. 575,271 543,098 533,789 55,701 65,966 47,738 Linters____________ Stocks: In Consuming Establishments: Lint____ ____ _____ _ 1,717,972 1,456,166 1,319,736 Linters___ __________ 135,448 106,370 121,095 In Public Storage and at Compresses: Lint_ ________ ___ - 5,608,066 _ 5,206,283 4,616,919 Linters_______ _____ 50,723 36,608 53,525 Exports_____ ____ _____ 984,061 1,206,786 1,075,923 Imports................................ 34,474 27,000 48,663 Active Spindles...............—. 33,000,874 32,892,324 32,720,568 C otton Growing S tates. Dec. 1925 Nov. 1925 Dec. 1924 Cotton Consumed................ 399,908 382,136 355,262 Stocks: In Consuming Establish ments........................ 1,104,001 1,007,567 867,675 In Public Storage and at Compresses..........—- 5,389,070 5,074,085 4,343,421 Active Spindles..................... 17,191,442 17,107,692 16,780,264 C otton P roduction of co tto n cloth during December Cloth by mills w hich m anufactured 28,649,000 yards during th e m onth, was at a rate 12.5 per cen t greater th an in November, and 11.1 per cen t greater th an in December 1924. Stocks on hand at th e end of th e m onth increased 16.6 per cen t over November, and were 0.7 per cen t larger th an stocks a year ago, b u t shipm ents, orders and u n filled orders showed decreases compared b oth w ith No vember and w ith December la st year. The num ber of work ers employed by th ese mills declined 10.1 per cen t compared w ith November, b u t was 6.6 per cen t greater th a n in De cember 1924. Dec. 1925 compared with: Nov. 1925 Dec. 1924 Production------------------------------+12.5 +11.1 Shipments..............-.......................... — 4.3 — 6.4 Orders booked-....... —...................... — 6.1 — 9.1 Unfilled orders..... ........ ..................... -1 0 .1 -1 6 .2 Stocks on hand------------------ -----— +16.6 + 0.7 Number on payroll_______ _______ —10.1 +6.6 C otton Yarn R eports received from mills w hich m anufac tured during Decem ber 7,756,000 p oun ds of yarn, showed an increase of 9.6 per cen t over their o u tp u t in November, and an increase of 10.2 per cen t over Decem ber 1924. These reperts also show an in crease in shipm ents of 15.2 per cen t over November, and of 8.1 per cen t over December a year ago. Orders booked during th e m onth, however, showed (decreases compared w ith b o th periods, as did also th e volume of u nfilled orders on hand at th e end of th e m onth, b u t stock s were larger th a n for eith er of th ose periods. P ercentage ch an ges are show n in th e ta b le : T H E M O N T H L Y Dec. 1925 compared w it h : Nov. 1925 Dec. 1924 P ro d u c tio n _____________ ___________________ +9.6 +10.2 +15.2 + 8.1 S h ip m en ts.................................................... .......... O rders booked_______ _____________________ —45.0 —30.5 U n fille d orders____________________________ — 9.8 — 6.2 S tocks on h a n d ___________________________ +14.1 +13.5 N um ber on p a y ro ll_______________________ — 0.7 — 1.2 O v e r a lls P r o d u c t i o n o f o v e r a ll s a t r e p o r t i n g p l a n t s d u r i n g D e c e m b e r w a s a t a r a t e 17.1 p e r c e n t s m a l le r t h a n i n N o v e m b e r , b u t 15.6 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 a y e a r a g o . S t o c k s o n h a n d w e re la r g e r t h a n a t e i t h e r o f t h o s e p e r io d s , b u t u n f i l l e d o r d e r s w e r e s m a l le r . O r d e r s b o o k e d d u r i n g D e c e m b e r d e c li n e d 19.1 p e r c e n t c o m p a r e d w i t h N o v e m b e r , b u t w e r e 146.8 p e r c e n t g r e a t e r t h a n a y e a r ago. Dec. 1925 compared w it h : Nov. 1925 Dec. 1924 O veralls m an u factu re d __________________ —17.1 +15.6 O veralls on h a n d _________________________ +24.1 + 54.7 Orders booked____________________________ —19.1 +146.8 U n fille d orders_________________ __________ —28.3 — 6.5 Number on p a y ro ll_______________________ 0.0 +14. 4 B r ic k D e c e m b e r p r o d u c tio n at r e p o r tin g b r ic k p l a n t s w a s 1 6.4 p e r c e n t le s s t h a n i n N o v e m b e r a n d a s c o m p a re d w it h D e c e m b e r a y e a r ag o th e re w a s a n i n c r e a s e o f 18.6 p e r c e n t . S t o c k s o n h a n d w e r e s m a l le r t h a n a m o n t h a g o , a n d 14 p e r c e n t g r e a t e r t h a n a y e a r a g o . O r d e r s i n c r e a s e d 2 .8 p e r c e n t o v e r N o v e m b e r , b u t w e r e 6 .7 p e r c e n t s m a l le r t h a n a y e a r a g o , u n f i l l e d o r d e r s , w h i l e 2 .9 p e r c e n t s m a l le r t h a n a m o n t h a g o , w e r e s u b s t a n t i a l l y g r e a t e r t h a n a t t h e e n d o f D e c e m b e r 1924. 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 : Dec. 1925 compared w it h : Nov. 1925 Dec. 1924 B r ic k m an u factu re d _____________________ —16.4 +18.6 B r ic k on h a n d ____________________________ — 4.9 +14.0 +2.8 — 6.7 Orders booked____________________________ U n fille d orders____________________________ — 2.9 +268.9 Num ber on p a y ro ll_______________________ —15.6 +43.7 H o s ie r y F ig u r e s fo r D e c e m b e r re p o rte d to th e C e n s u s B u r e a u b y 36 i d e n t i c a l e s t a b l i s h m e n t s i n t h e s i x t h d i s t r i c t , s h o w s e a s o n a l d e c li n e s i n p r o d u c t i o n , s h ip m e n t s , e t c . , o f h o s ie r y c o m p a re d w it h N o v e m b e r. O r d e rs b o o k e d , a n d u n f ille d o rd e rs o n h a n d a t th e e n d o f th e m o n t h , w e r e a ls o s m a l le r , a s i n d i c a t e d i n t h e t a b le s h o w in g t o t a l f i g u r e s f o r t h e s e t w o m o n t h s f o r t h e 36 r e p o r t i n g e s t a b lis h m e n t s : (Dozen pairs) Dec. 1925 Nov. 1925 P ro d u c tio n --------------------------------662,594 765,063 Sh ip m en ts---------------------------------633,690 731,273 Sto cks on h a n d ___________________________ 1,550,257 1,510,731 Orders booked____________________________ 497,300 602,323 C a n ce lla tio n s_____________________________ 36,969 46,127 U n fille d orders________________ _____ _____ 1,160,552 1,263,238 CO A L. P r o d u c t io n o f b it u m in o u s c o a l in t h e U n it e d S t a t e s , a c c o r d i n g t o w e e k l y s t a t i s t i c s o f t h e G e o l o g ic a l S u r v e y , h a s b e e n m a i n t a i n e d a t a l i i g h le v e l d u r i n g D e c e m b e r , e x c e p t in g f o r t h e l a s t t w o w e e k s , i n w h i c h h o l i d a y s o c c u r r e d . D u r in g C h r is t m a s w e e k p r o d u c t io n f e ll o ff s h a r p ly , th e r e p o r t in d ic a t in g t h a t S a t u r d a y o f t h a t w e e k w a s o b se rv e d a ls o a s a h o l i d a y a t m a n y m in e s , a n d t h e w e e k e n d i n g J a n u a r y 2 a ls o s h o w e d a l o w e r le v e l t h a n o t h e r w e e k s b e c a u s e o f t h e o c c u r r e n c e o f N e w Y e a r ’ s d a y , o b s e rv e d i n so m e o f t h e m in e s a s a h o l i d a y , b u t n o t i n a l l . W i t h t h e e x c e p t i o n o f t h e s e tw o w e e k s , h o w e v e r, t h e o u t p u t s in c e D e c e m b e r f ir s t h a s b e e n a t a le v e l h i g h e r t h a n h a s p r e v a i le d d u r i n g t h e p a s t t w o o r t h r e e y e a r s . S t a t i s t i c s f o r A la b a m a a n d T e n n e s s e e a ls o s h o w a l a r g e r v o lu m e o f p r o d u c t i o n d u r i n g t h e f ir s t th re e w e e k s o f D e c e m b e r t h a n fo r th e m o n th b e fo re , b u t d u e t o t h e h o l i d a y s t h e o u t p u t w a s n o t so la r g e i n th e la t t e r p a rt o f th e m o n th . T h e e s t im a t e d p r o d u c t io n o f b it u m in o u s c o a l in t h e U n i t e d S t a t e s f o r t h e c a l e n d a r y e a r 1925 a m o u n t e d t o 522, 967,000 t o n s , c o m p a r e d w i t h 4 83 ,6 8 7 ,0 0 0 t o n s i n 1924, a n d w i t h 564,5 6 5 ,0 0 0 t o n s i n 1923. W e e k ly f i g u r e s f o r D e c e m b e r a re s h o w n in th e t a b le : Week End ed 1925-6 1924-5 Decem ber5................. ............ ............ ............ .......... 12,867,000 10,612,000 December 12----------------------------------- 12,914,000 10,723,000 December 19----------------------------------- 12,684,000 10,760,000 December 26----------------------------------8,431,000 7,638,000 Ja n u a ry 2----------------------------------10,667,000 10,805,000 J a n u a ry 9-------------------------------------- 12,883,000 12,555,000 Week End ed A lab am a Tennessee December 5-----------------------------------513,000 140,000 December 12______________ ___________________ 530,000 155,000 December 19.................................... ____............ .. 520,000 143,000 December 26_____ _____ ____________ __________ 306,000 81,000 J a n u a ry 2 - . . - ...................................................... .. 445,000 127,000 B U S IN E S S 7 R E V IE W IRON. S ta tistics compiled and published by th e Iron Age show increases in th e daily average, in to ta l production, and in th e number of pig iron furnaces active at th e close of De cember, as compared w ith similar sta tistics for November. The to ta l production of iron in th e U nited S tates during December was 3,250,448 tons, compared w ith 3,023,006 tons (revised) produced in November, and w ith 2,961,702 ton s produced in December 1924. The daily average ou tp u t in December was 104,853 tons, an increase of 4,086 to n s greater th a n th e daily average of 100,767 to n s for November, and showed a m aterial increase over the daily average of 95,539 to n s for December la st year. There was a n et gain of 14 furnaces in active operation at th e end of December, th e to ta l being 234, compared w ith 220 active at th e end of November. The to ta l production and th e daily average for December are higher th a n for any m onth since April la st year. S ta tistics for Alabama contained in th e Iron Age’s tabu lations show a p roduction in th a t sta te during De cember of 257,705 ton s, th e h igh est during th e past five years except th e to ta l for April la st year. There were no changes in furnace activity reported in Alabama, and th e num ber of active furnaces remained at 25. C orrespondents report th a t stocks are unu sually low due to th e fact ship m ents during the past several m onths have been co n sta n t and heavy. Furnaces are reported to be sold up for the first quarter of th e year, and the price remains firm at from $22 to $23 per ton. Bookings for second quarter de livery are n o t heavy althou gh inquiries indicate large needs for th a t period. Unfilled Orders—U. S. Steel Corporation. U nfilled orders on th e books of th e U nited S ta tes Steel Corporation at th e close of December am ounted to 5,033,364 tons, an increase of 451,584 tons over th e to ta l reported for November. There has been a steady increase since A ugust, and th e total is now higher th an for any m onth since last February. NAVAL STORES R eceipts of b o th spirits of turpentin e and rosin at th e three principal m arkets of th e district were som ewhat great er during December th a n in November, and stocks on hand at th e close of December showed increases in both com m odities over November. Compared w ith December 1924, however, receipts of turpentin e showed a decrease of 6,080 barrels, and receipts of rosins a decrease of 17,146 barrels. Stocks of tu rp en tin e on hand at th e end of December were smaller th an a year ago by 10,132 barrels, and stocks of rosins were 36,003 barrels smaller th a n at th a t time. S tatistics for th e naval stores year to date, (April 1 to December 31) show decreases in receipts of b oth turpentin e and rosins compared w ith th e two years preceding 1925. Stocks of rosin at the end of 1925 were smaller th an at th e same time of any previous year since 1919. There were small declines in prices of both turpentin e and rosin before th e holidays, b ut there has been some recovery since th a t time. The average price in December for turpentine, according to sta tistics compiled by the T urpentine and Rosin Producers A ssociation, was 9 4 cents, compared w ith $1.05| in Novem ber, and w ith 77J cen ts in December 1924. The average price of rosins in December was $13.45, compared w ith $14.37! in November, and w ith $6.82J in December a year ago. Figures showing receipts and stocks at the three principal markets of th e district are shown below: R eceipts—T u rp e n tin e : S a v a n n a h _____________ Ja c k so n v ille ----------P e n saco la_____________ Dec 1925 8,636 8,149 3,324 T o t a l_______________ R eceipts—R o s in : S a v a n n a h _____________ Ja c k so n v ille __________ Pen saco la_____________ T o t a l______________ Stocks—T u rp e n tin e : S a v a n n a h _____________ Ja c k so n v ille ___________ P e nsaco la_____________ T o t a l ........................... . 18.001 26,189 38,293 39,129 14,648 T o t a l_____ _________ Sto cks—R o s in : S a v a n n a h _____________ Ja ck so n v ille -................. . Pen saco la_____________ Dec. 1924 11,381 11,489 3,319 20,109 - Nov. 1925 7,804 6,968 3,229 34,265 28,860 14,366 49,127 55,633 14,456 102,070 77,491 119,216 15,222 24,984 11,041 11,382 22,628 11,046 16,826 31,176 13,377 51,247 45,056 61,379 90,754 99,347 30,378 85,349 86,166 25,424 94,529 120,620 41,333 220,479 196,939 256,482 8 T H E M O N T H L Y B U S IN E S S R E V IE W MONTHLY INDEX NUMBERS. The following index numbers, except where indicated otherw ise, are com puted by th e Federal Reserve Bank of A tlanta, and are based upon average figures for 1919. T hat is, average m onthly figures for th e year 1919 are represented by 100, and th e current m onthly index numbers show th e relation of activity in th e se lin es to th a t prevailing in 1919. RETAIL TRADE 6TH DISTRICT (Departm ent Stores.) A tlanta__________ _____________ Birmingham_____________________ ________ C hattanooga_______ ___________ __ _ Jackson_______________________ _ __ Nashville_____ ____ _____________ _________ New Orleans________ ______ _ . Savannah______ ________________________ Other C ities_________________ ________ D is t r ic t .____ ____ _______________ ___ _ O ctober November D ecem ber O ctober Novem ber D ecem ber 1925 1925 1925 1924 1924 1924 172.0 170.5 125.4 164.8 128.3 140.2 118.2 143.6 146.5 133.1 150.9 98.8 126.2 103.6 129.7 97.1 123.7 125.0 202.7 235.8 135.3 199.6 166.3 199.8 157.6 198.5 193.4 105.9 151.8 121.6 118.5 111.9 129.5 97.8 106.8 111.6 111.0 145.1 118.6 110.5 100.4 122.1 80.4 97.7 114.9 185.8 217.8 151.7 160.5 161.3 180.9 127.4 156.1 174.7 RETAIL TRADE U. S, (1) Departm ent S to r e s.__ _________________ Mail Order H ouses____________ _____ Chain S to res: Grocery_ _________________________ _ Drug--------------------------------------------------S hoe_______ ____________________ __ 5 & 10 C ent_________________________ Music. _______________ ___________ C andy____________ ________________ Cigar _ _________ _________ _______ 164 170 145 144 224 166 141 141 141 131 210 148 315 179 164 237 141 215 151 268 167 136 220 139 195 136 330 220 188 427 214 280 212 236 159 138 203 124 202 144 226 145 146 199 111 184 138 250 186 188 366 184 276 192 WHOLESALE TRADE 6TH DISTRICT Groceries, ____________________ Dry G oods_________________ _ _ ___ Hardware________ _____ _ _ _ S h o e s _________________________ T o t a l _____ _ __ ___________ ______ 111.0 133.7 137.6 98.4 120.8 94.8 88.4 129.1 71.8 99.9 98.3 66.0 122.6 49.4 94.3 106.4 100.6 102.3 76.9 101.8 90.4 73.5 90.6 61.3 84.5 95.0 53.4 93.1 45.0 81.4 WHOLESALE PRICES U. S. (2) Farm P rod u cts____ ___________________ F o o d s________ _________ _ Cloths and C lothing.. ______________ Fuel and L ig h tin g .__ ________ ____ _ Metals and Metal P rod u cts___ __ _ Building M aterials____ _______ ._ . . . Chemicals and D rugs_______________ H ouse F urnishings________________ M iscellaneous________ __ All Commodities____ ________ ______ 155.3 157.6 189.5 171.7 127.9 173.9 134.9 167.9 138.0 157.5 153.9 160.2 187.9 174.8 129.8 175.6 135.4 165.9 142.0 157.7 152.2 157.1 187.1 174.8 129.5 177.0 134.5 165.9 138.2 156.2 149.2 151.6 188.4 162.1 127.2 170.7 132.2 171.0 119.9 151.9 149.5 153.8 190.4 162.8 128.7 171.6 134.0 172.0 122.9 152.7 156.7 157.9 191.4 164.6 132.9 175.1 134.6 172.4 128.6 157.0 76.5 480.4 670.0 105.0 236.6 1012.8 567.7 50.8 331.2 723.9 108.8 239.9 723.7 434.6 27.8 593.7 864.0 106.0 145.6 741.7 461.3 153.3 760.5 163.4 109.8 325.9 208.9 250.7 154.3 591.1 108.3 92.9 149.5 249.2 225.3 359.9 726.4 105.4 170.7 108.4 275.4 296.8 101.6 124.0 75.1 258.5 101.5 129.4 68.1 219.5 107.5 135.5 74.2 179.0 99.6 126.5 67.4 172.3 92.0 117.7 61.2 237.6 99.5 120.5 74.6 195.7 118.6 123.2 118.3 134.7 127.5 146.6 97.2 142.5 98.5 133.6 116.2 131.3 68.5 76.4 84.0 58.8 67.3 80.3 BUILDING PERMITS 6TH DISTRICT A t la n t a ___ _ ______ __ _ Birmingham___ _______ _ ___ __ Jacksonville____________________ N ashville___________________ New Orleans_____________ __ Other C ities____ ____________ D istrict (20 C ities)_________________ _ COTTON CONSUMED: United S tates___ __ _______ _ C otton-Growing S ta tes_________ All Other S ta tes_________________ _ C otton Exports_____________ __ PIG IRON PRODUCTION: U nited S tates_____ __ Alabama____ ________ _____ UNFILLED ORDERS—U. S. STEEL COR PORATION________________ (1) Compiled by Federal Reserve Board. (2) Compiled by Bureau of Labor S tatis tics. (1913—100.) SU PPLEM EN T M O N T H L Y B U TO S I N TH E E S S R E V I E W FEDERAL RESERVE BANK OF ATLANTA J A N U A R Y , 1926 SELECTIO N AND D U TIES OF FED ERA L RESERVE BANK DIRECTO RS T he tak in g of office a t tlie b egin in g of th e N ew Year by a num ber of new Federal Reserve B ank d irectors makes it appropriate to review th e m ethod by w hich directors of th e Reserve B anks are chosen, th e typ e of men who serve, and their powers and d u ties. M ethod of S election Each of th e twelve Federal R eserve B anks h as a Board of n in e directors w hich is responsible, u nder th e general supervision of th e Federal Reserve Board in W ashington, for th e policy and adm inistration of th e bank. Of th e n in e directors, six are elected by th e member banks and th ree are appointed by th e Federal Reserve Board. Of t h e six elected by member banks th ree may be bankers, and th e oth er th ree m ust be actively engaged in commerce, agriculture, or in d u stry in th e d istrict, and w hile serv in g as Reserve B ank directors may n o t serve as directors or officers of any other bank. Of th e th ree directors ap p oin ted by th e Federal Reserve Board, one a cts as chair man of th e board, a man of banking experience, and de v otes h is en tire tim e to th e Federal Reserve Bank, carry in g in ad dition th e title and d u ties of Federal Reserve A gent. T he other tw o appointed by th e Federal Reserve Board m ust have no other banking con n ection w hile serv in g a t directors. H ence, th e y are u su ally b u sin ess men. Business Men in M ajority T hus, of th e n in e directors of each R eserve Bank, five are ordinarily b u sin ess men, th ree are active bankers (fre q u en tly w ith b u sin ess in te re sts in addition), and one is chairm an and Federal Reserve A gent. D irectors hold office for th ree years and may be re-appointed or re-elected. Of th e p resen t 108 directors of th e twelve Reserve Banks, twelve are chairm en of th e board and thirty-six are active bankers. T he rem aining sixty, co n stitu tin g th e m ajority, have th e follow ing o cc u p a tio n s: 19 m anufacturers 2 law yers 14 m erchants 2 railroads 1 con tractor 4 farmers 4 lumbermen 1 cattlem an 2 in surance 1 public u tilities 3 in vestm en t bankers 1 m ining 1 savings bank officer 3 retired b u sin ess men 2 publishers In each of th e twelve Federal Reserve d istricts it is men w ith th is wide range of in terests an d familiar w ith con d i tio n s in th e d istricts who are responsible for th e m anagem ent of th e Reserve Bank. Directors of th e A tlan ta Bank The directors of th e Federal Reserve B ank of A tlanta are th e follow in g: Elected by Member B a n k s: W. H. Hartford, Leon O. Simon, E. R. Black, J. A. McCrary, E. C. Melvin, Vacancy. M anufacturer M erchant Banker M unicipal C ontractor Banker A ppointed by th e Federal Reserve Board: Oscar N ew ton, Banker W. H. K ettig, M erchant and M anufacturer Lindsey H opkins, In vestm en t Banker Of th ese directors, Mr. Melvin, ju s t elected by th e b anks, is serving h is first term. Mr. K ettig, Mr. H artford, and Mr. McCrary have served on th e Board since it w as first organized, in 1914. In addition to th e directors of th e 12 Reserve Banks each of th e 23 bran ch es h as a board of seven directors, resid en ts of th e branch territory, of w hom 4 are appointed by th e Federal Reserve B ank of th e district and 3 by th e Fed eral Reserve Board. T he directors of branches have a range of occup ations and in terests similar to th a t in dicated above for th e directors of th e banks. In th e A tlanta district there are 4 branches, located a t New Orleans, Birmingham, Jacksonville and N ashville. T he follow ing are directors of th e se b ra n ch es: New Orleans Branch: Leon C. Simon, Marcus Walker, J. P. B utler, Jr., P. H. Saunders, R. S. H echt, F. W. F oote, A. P. Bush, M erchant Banker Banker Investm ent Banker Banker Banker M erchant Birmingham B ra n c h : W. H. K ettig, Alex E. Walker, Oscar Wells, W. E. H enley, W. W. Crawford, J. H. Frye, Joh n P. K ohn, Merchant and M anufacturer Banker Banker Banker Banker Banker In surance Jacksonville B r a n c h : F u lto n Saussey, George R. D eSaussure, Edw. W. Lane, C. P. K endall, Joh n C. Cooper, G. G. Ware, L. C. Edwards, Commission Broker Banker Banker Banker A ttorney Banker Citrus F ru its Nashville B r a n c h : W. H. Hartford, Joel B. Fort, Jr., E. A. Lindsey, J. E. Caldwell, P aul M. Davis, T. A. Embry, Wm. P. Ridley, M anufacturer Banker Banker Banker Banker Banker Farmer Local and N ational In terest The Board of D irectors of each Reserve B ank appoints its officers and is responsible for its policy and m anage m ent, su b ject to th e general supervision of th e Federal Reserve Board. A certain co-ordination is necessary be tw een th e twelve Reserve B anks in im portant m atters of policy. T he law therefore provides th a t decisions of any Reserve Bank as to ch an ges in th e d iscou n t rate m ust be approved by th e Federal Reserve Board. T ransactions in bankers accep tances and sh ort governm ent secu rities in th e open m arket are co-ordinated th rou gh a com m ittee of Reserve B ank officers appointed by th e Federal Reserve Board and actin g under th e approval and au th o rity of th e directors of th o se Reserve B anks w hich may from tim e to time participate in su ch tran saction s. U nder th e terms of th e Federal Reserve A ct and cur ren t procedure, th e m anagem ent of th e Federal Reserve System is so designed as to bring to bear u pon any im p ortant question of policy b o th local and n ation al p oin ts of view, together w ith th e opinions of men of many d ifferen t occupations and in terests.
