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T H E M O N T H L Y BUSINESS REVIEW C o verin g B u s in e s s a n d A g r ic u ltu r a l C o n d itio n s in th e S ix th F e d e r a l R eserve D is tr ic t. FEDERAL RESERVE BANK OF ATLANTA JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent W ARD ALBERTSON, Assistant Federal Reserve Agent VOL. 9 ATLANTA, GA., JULY 28, 1924 No. 7 BUSINESS CONDITIONS IN THE UNITED STATES. Prepared by the Federal Reserve Board. Production; of basic commodities and factory employment showed further large declines during Ji&ie. Trade, both at wholesale and retail, also decreased during the month and was in smaller volume than a year ago. PRODUCTION. The Federal Reserve Board’s index of production in basic industries, adjusted to allow for seasonal varia tions, declined about 9 per cent in June to a point 22 per cent below the level of the first two months of the year. Iron and steel and cotton manufacturing industries continued to show the most marked curtailment of activity, and decreases were general in other industries. Factory employment decreased 3 per cent in June, the metal, automobile, textile and leather industries reporting the largest reductions in forces. Value of building con tracts awarded in June was 8 per cent smaller than in May, though 4 per cent larger than in June of last year. Condition of the corn crop on July 1, as reported by the Department of Agriculture, was the lowest on record for th at date and Indicated a probable yield about 500,000.000 bushels less than last year. Condition of the cotton crop the middle of July was reported less satisfactory than on June 25, while forecasts for wheat; and oats were larger than in June. TRADE. Railroad shipments decreased in June and were about 15 per cent less than a year ago, owing to smialler loadings of fell classes of freight except grain and livestock. Wholesale trade showed a further slight declixie in June and was 11 per cent smaller than a year ago. Sales of Hardware, drugs, shoes, and dry goods decreased, while sales of groceries and meat increased slightly. Sales of department stores and chain stores showed more than the usual seasonal decrease during June and were smaller than last year. Mail order sales in June showeki less than the usual seasonal decline and were larger than a year ago. Department stores further reduce® stocks of merchandise and slightly increased their outstanding orders. PRICES. Wholesale prices, as measured by the index of Bureau of Labor Statistics, declined more than one per cent in July to a level 5 per cent below the high point for this year. Prices of all groups of commodities, except clothing, showed declines and decreases were particularly large for building materials. During the first three weeks of July quotations on wheat, com and hogs advanced sharply, while prices of sugar, cotton goods, and iron and steel products were lower. BANK CREDIT. Commercial loans at member banks in leading cities during June and the first two weeks of July remained at a relatively constant level, considerably below the peak reached in April, while investment holdings $n<j loans secured by stocks and bonds increase rapidly and carried total loans and investments to the high, point for the year. Demand deposits, owing partly to the growth of bankers balances at financial centers, advanced to a record level. At the Reserve Banks there was a continued decline in discounts and an increase in pur chases of government securities in the open market. As a consequence, total earnings assets in the middle pf July were only slightly less than at the beginning of June. Member banks reserve balances increased rapidly, reflecting a return flow of currency from circulation and further imports of gold; total deposits at the Re serve Banks on July 16, were larger than at any time since the organization of the system. Money rates in July were comparatively steady but continued to show a somewhat easier tendency *1 Discount rates, at the Federal Reserve Banks of Kansas City and Dallas were reduced during July from 4} to 4 per cent. THE MONTHLY BUSINESS REVIEW 2 PRODUCTION IN BASIC INDUSTRIES Index of 22 basic commodities corrected for seasonal variation. (1919^=100). Latest figure June 94. Index for 33 manufacturing industries. (1919==100). Latest figure June 90. SIXTH DISTRICT SUMMARY ■ June and early July have brought material improvement in the condition of agricultural crops, especially cotton, and the prospects for the season’s production may reasonably be said to be considerably brighter than they were two or three months ago, although, of course, weather conditions during the remain* der of July and August will have an important bearing on the outcome. The;Department of Agriculture, in reporting upon the condi tion of the cotton crop on June 25, estimated that it had imjjtoved from 65.6 per cent of normal on May 25 to 71.2 per cent on June 25, and all of the states in this district have reported improvement except Alabama, where the condition was 70 per WHOLESALE PRICES Index of U. S. Bureau of Labor Statistics (1913=100 base adopted by Bureau.) Latest figure June 145. Weekly ligures for 12 Federal Reserve Banks. Latest figure Ju ly 23. cent on both of these report dates. The scarcity of farm lalor has made necessary for the farmer long hours and hard work, and the limited credit which some have been able, to obtain has resalted in the practice of xipd economy. Increased use of insect poison, following the cold weather of last winter, has re sulted in a considerably smaller number of Weevils this year. The prospective output of su?ar and rice in Louisiana are also some yhat better than last year. Busiress in most lines is experiencing a seasonal lull which Is. usaal at this time. Retail and wholesale trade, and manu facturing in various lines, show recessions probably some vhat greater than might be expected because of seasonal factors, and business generally is hesitating until more Accurate and de finite information is available regarding the outcome of the 3 THE MONTHLY BUSINESS REVIEW season’s crops. A lagging market has resulted in a continued low level of coal production, and iron mining in the Birming ham District, as well as in the country as a whole, declined sub stantially during June. Unemployment has continued in June to show some increase in this district, due to part time opera tions in a number of industries, although building construc tion and road work continued to employ large numbers. Savings deposit statistics continue to show small increases from month to month, and the total of savings held by 94 banks at the end of June was 7.1 per cent greater than at the same time a year ago. Bank loans are at a low point, while res erves are high, and the same is true of the Federal Reserve Bank, the reserve ratio being higher in the weekly statement on July 16 than in any preceding report date in nearly a year and a half. R E T A IL T R A D E Sales and stocks both registered declines in June, according to confidential figures reported by 43 department stores in the sixth district. The index number of sales by these 43 reporting stores in June is 96.6, compared with 106.4 in May, and stocks of merchandise on hand at the end of June were 6.7 per cent lower than a month earlier. This decline in sales was some what greater than that which occurred last year at the same time, when the index number declined from 108.1 in May to to 104.7 in June. Sales for June this year were 8.4 per cent lower than in June last year, but for the first half of 1924 the volume of sales was only one-half of one per cent lower than for the first half of 1923. Stocks at the end of June were 2.4 per cent larger than at the same time last year. Index numbers for individual reporting cities are shown on page 12 of this Review. CONDITION OF RETAIL TRADE—JUNE 1924 Sixth Federal Reserve District Percentage of Increase or Decrease (1) (2) C om parison of n e t sales w ith 1 th o se of corresponding S tocks a t e n d of m o n th com pared w ith p eriod la s t year j1 B Ja n . 1 B A A June Ju n e May to J u n e 30 1924 1923 -1 1 .2 — 8.5 — 5.8 —12.4 -1 0 .4 - 6.3 — 7.3 -1 0 .5 --- 8.4 A tla n ta (4)............ B irm in g h am (5)_ C h a tta n o o g a (6).. Ja c k so n (3)........... N ashville (5)......... New O rlean s (5).. S av an n ah (3)........ O th e r P ities (12).DISTRIOT (43) - - - — 7.1 0.1 + 16.3 - 1.5 - 1.6 - - 0.7 — 2.5 - 3.5 - 0.5 - 4 .6 + 1 0 .9 + 8.5 + 8.1 — 0.6 + 1.8 — 7.4 + 2.7 + 2.4 — 3.9 - 5 .1 — 9.3 - 4 .8 — 6.7 — 8.3 -4 .9 — 4.9 - 6.7 W HOLESA LE TRAD E Confidential reports made to the Federal Reserve Bank for June by more than 150 representative wholesale firms in the sixth district, in nine different lines of trade, show a smaller volume of business than in either the preceding month or the corresponding month last year. Electrical supplies is the only line to show a larger volume of sales in June than in May or in June 1923. The declines in the other eight lines compared with May may be attributed largely to seasonal influences, but the unfavorable comparisons with June last year are due partly to the lower price level now prevailing, the fact that buying power generally is somewhat lower now than then because of in creased idleness resulting from ths curtailed operations in some industries, and to the fact that business generally is running at a somewhat slower pace than at this time a year ago. Percent age comparisons of sales, by lines of trade, are shown in the following table: May 1924 G roceries (40 firm s)— D ry G oods (31 firm s). H ard w are (31 firm s).. - 7.6 -1 0 .4 — 8.2 24.4 +14.5 -2 1 .8 —17.0 — 5.2 -19.8 Shoes (10 firm s)...................... S tatio n ery (4 firm s)............... D rugs (5 firm s)....................... F arm Im plem ents (7 firm s).. (3) 1 (4) P ercentage of average stocks P ercentage o f o u tsta n d in g orders a t e n d of J u n e a t e n d of each m o n th 1924 to to ta l purchases from J a n . 1924 to d a te d u rin g c alen d ar (6 m onths) to aver age m o n th ly sales y ear 1923 over sam e period 500.1 449.7 543.1 483.5 469.9 489.2 572.5 542.8 493.8 1.4 2.8 X X 4.9 8.7 4.0 2.4 5.6 were reported excellent by one firm, good by eight firms, fair by twelve, and poor by one. On the whole the reports indicate a satisfactory outlook for the trade during the coming months. Some of the firms state that while their volume of business dur ing the first half of 1924 has been smaller than during the same period last year, they have realized more profit than they did during that period. Our index number for wholesale grocery sales in June is 75.8, compared with 81.5 for May, and 81.6 for for June last year. Percentage comparison by cities are shown below: J u n e 1924 sales com pared w ith : May 1924 J u n e 1923 A tla n ta (5 firm s).............................................— 4.0 Jacksonville (4 firm s).................................. ..—10.8 M eridian (3 firm s)........................................ ..—10.8 New O rleans (9 firm s)................................. ..— 3.2 V icksburg (4 firm s)...................................... ..— 8.9 O th e r C ities (15 firm s)...................................—10.1 D ISTR IC T (40 firm s)................................... ..- 7 . 6 + 2.3 T-1.0 + 4.2 — 5.9 —13.2 - 5 .5 - 4 .3 J u n e 1923 - 4.3 -1 7 .3 -1 5 .2 7-37.3 + 12.8 -3 5 .8 -1 8 .3 - 7 .3 -1 2 .9 G ro c e rie s Forty wholesale grocery firms reported sales in June which were, in the aggregate 7.6 per cent lower than in May, but only 4.3 per cent lower than in June 1923. Atlanta and Meridian showed increases over June last year. Collections during June 1 D ry G o o d s Dry Goods sales during June at Atlanta and New Orleans were larger than in May, but declines at other points resulted in an average decrease for the district of 10.4 per cent, while compared with June 1923, sales showed a decline of 17.3 per cent. Collections were reported good by six firms, fair by thirteen, and poor by one. The tone of the reports indicate that considering the midsummer season a satisfactory volume of business is being obtained, and many of them state that the outlook for the last half of the year is good. Percentage com parisons of sales by cities is indicated in the following table: THE MONTHLY BUSINESS REVIEW 4 J u n e 1924 sales com pared w ith : May 1924 J u n e 1923 J u n e 1924 sales com pared w ith : May 1924 J u n e 1923 A tla n ta (4 firm s).......................................... Jacksonville (4 firm s).................................. Knoxville (3 firm s)....................................... Nashville (3 firm s)....... ................................ New O rleans (5 firm s)................................. O th er Cities (12 firm s)................................ DISTRICT (31 firm s)................................... + 3 .3 —16.2 —15.4 -1 2 .6 + 0 .5 -1 5 .1 -1 0 .4 — 7.9 —11.0 —23.5 -1 6 .8 —14.4 -1 9 .9 -1 7 .3 A tla n ta (3 firm s)....................................— —31.9 O th e r C ities (7 firm s)............... -................. —16.9 D ISTR IC T (10 firm s)................................... -2 1 .8 —41.8 —33.1 -3 5 .8 Comparisons of sales in the other three lines are indicated in the first table under Wholesale Trade, as many as three re ports not having been received from any individual city. H a rd w a re C o n d itio n s in th e w holesale h a rd w a re bu sin e ss d u rin g J u n e w ere m u ch th e sa m e a s in o th e r lines. W holesale firm s s t a te t h a t som e m e rc h a n ts a re p lacin g som e fall o rd ers fo r goods w hich m u s t b e o rd e re d a h e a d , b u t as a g en eral th in g a re b u y in g s u p p lies of m o st a rtic le s only a s th e y a re re q u ire d . J u n e sales w ere la rg e r a t C h a tta n o o g a a n d N ew O rlean s th a n in M a y , b a t fo r th e d is tr ic t as a w hole w ere sm a ller b y 8.2 p e r c e n t th a n in M a y , w h ile c o m p a re d w ith J u n e 1923 a decline of 15.2 p e r c e n t w as sh o w n , C h a tta n o o g a b ein g th e only c ity to r e p o rt in crease d b u sin e ss o v er t h a t m o n th . S om e of th e re p o rts s ta te t h a t tra v e lin g m en a re usu ally b r o u g h t in d u rin g J u n e a n d p a r t of J u ly in p r e p a r a tio n fo r th e b eg in n in g of th e fall season. A m a jo rity of th e re p o rtin g firm s in d ic a te t h a t w ith good crop p ro sp e c ts th e o u tlo o k fo r b u sin e ss d u rin g th e fall is good. P e r cen ta g e co m p ariso n s b y re p o rtin g cities follow : J u n e 1924 sales com pared w ith : May 1924 J u n e 1923 A tla n ta (3 firm s).............................................—13.6 C h a tta n o o g a (3 firm s).................... . ............+ 4 . 2 Jacksonville (3 firm s).................................. ..—37.4 N ashville (4 firm s)..........................................— 8.3 New O rleans (5 firm s)................................. ..+ 1 . 4 O th er C ities (13 firm s)................................ ..—14.5 D ISTRICT (31 firm s).....................................- 8.2 —12.0 + 15.3 —23.1 -2 3 .5 —22.0 — 8.8 -1 5 .2 F u rn itu re J u n e sa le s b y six teen w holesale fu rn itu re firm s in th e d is t r ic t w ere low er b y 24.4 p e r c e n t th a n in M a y , a n d b y 37.3 p e r c e n t th a n in J u n e la s t y ear. T h e re p o rts in d ic a te t h a t th e m o n th is u su ally a q u ie t one, a n d in te r e s t is usu ally c e n te re d in th e o p en in g o f th e larg e fu rn itu re m a rk e ts early in Ju ly . T h e follow ing fig u res show co m p ariso n s of sales in cities w h ere th re e o r m o re firm s a re re p o rte d fo r th e m o n th : J u n e 1924 sales com pared w ith : May 1924 J u n e 1923 A tla n ta (4 firm s)..............................................—31.5 C h a tta n o o g a (3 firm s)................................ .. —19.5 N ashville (3 firm s)........................................ .. —26.3 O th er C ities (6 firm s).................................. .. —25.4 D ISTR IC T (16 firm s)................................... —24.4 —22.5 —48.3 —44.7 —26.4 -3 7 .3 E le ctrical S u p p lies Sales d u rin g Ju n e b y 12 w holesale electrical su p p ly firm s in th is d is tric t exceeded M a y b u sin e ss b y 14.5 p e r c e n t, a n d w ere 12.8 p e r c e n t larg er th a n in Ju n e la s t y ear. C o m m e n ts c o n ta in ed in th e re p o rts in d ic a te t h a t m u ch of th e in crease in b u sin ess is d u e to in crease d sales of electric fan s. P e rc e n ta g e co m p ariso n s follow : A G R IC U L T U R E C otton The hot, dry weather which came during a part of June caused considerable improvement in the condition of growing cotton between May 25 and June 25, the dates upon which the Departpartment of Agriculture estimates the condition of the crop. Throughout the cotton belt the condition of the crop improved from an average of 65.6 per cent of normal on May 25 to 71.2 per cent a month later. The condition of the crop improved during that period in all of the states in the sixth district except ing Alabama, where the condition was reported as 70 per cent of normal on both report dates, while in Tennessee a gain of thirteen points was reported. The area in cultivation throughout the belt is estimated by the Department of Agriculture to be about 40,403,000 acres, an increase of 1,702,000, or 4.4 per cent, as compared with the revised estimate of acreage in cultivation a year ago, and the estimated production is placed at 12,144,000 bales, based upon this acreage and the condition on June 25. Georgia’s crop is in better condition and the prospects for making a crop are brighter than in several years. Fields on June 25 were report ed to be in a good state of cultivation in most of the state; plants are fruiting rapidly in southern Georgia and squares forming in the northern part of the state. Very few weevils are found in northern Georgia, and the number in the southern part of the state is very much smaller than last year. Reports from Alabama indicate a stand on June 25 about 77 per cent perfect, and a poisoning of about 13.5 per cent of the acreage in an attempt to control the weevil. The number of weevils repported on June 25 was 20 per cent lower than last year. Not withstanding a decrease of 35 per cent in the acreage planted in Florida, prospects are reported good for a crop in that state. Weevils are reported fewer this year than last, and farmers are using increased measures of control. The same is true in Louis iana, where the acreage this year is five per cent greater than last, and where the condition improved eight points during June. Many stands in Mississippi are poor, but the crop gener ally is clean of grass, and weevils are not so numerous as last year. The Tennessee crop showed an improvement of thirteen points during June, and while there are still a number of grassy fields and quite a few poor stands, most of the crop is in good shape, in healthy condition, and growing rapidly. The following table shows the condition on June 25, and May 25, this year, and June 25 a year ago, together with the esti mated acreage in cultivation on June 25 this year, compared with the revised estimate for the same date a year ago: J u n e 1924 sales com pared w ith : May 1924 J u n e 1923 A tla n ta (3 firm s)........................................... + 2.6 New O rleans (5 firm s)................................. + 19.4 O th e r Cities (4 firm s)................................. + 3 1 .3 D ISTR IC T (12 firm s)................... .............. +14.5 + 8.2 + 1 3 .0 + 21.4 + 12.8 A labam a. S h o es T ennessee. D ecreases of 21.8 p e r c e n t co m p ared w ith M a y , a n d 35.8 p e r c e n t c o m p ared w ith J u n e la s t y ear, w ere show n b y re p o rts fro m t e n w holesale shoe firm s in th is d is tric t fo r J u n e . L ittle com m e n t is c o n ta in e d in th e re p o rts , ex cep t t h a t re ta ile rs c o n tin u e b u y in g only c u rre n t re q u ire m e n ts. C o n d itio n J u n e 25 May 25 J u n e 25 1924 1924 1923 . 75 68 56 79 77 65 70 70 68 78 70 69 .. 74 69 67 . .. 67 54 67 Acreage J u n e 25 1923 1924 3,767,000 111,000 3,190,000 1,537,000 3,256,000 1,184,000 3,844,000 171,000 3,190,000 1,464,000 3,392,000 1,221,000 O th e r C rops Reports and statistics from Alabama indicate increased pro duction this year over last of most of the principal crops, except ing sweet potatoes and oats. The corm crop is estimate*! at THE MONTHLY BUSINESS REVIEW nearly six million bushels larger than last year, while a consider able increase is also indicated in cotton, peanuts, white potatoes and sorghum syrup. An increase of more than three million bushels of corn is indicated on a slightly increased acreage in Florida, and other staple crops indicate favorable prospects. Pecan prospects are not as good as they were earlier in the season, but good crops of peaches, pears and pineapples are in prospect. The acreage planted to com in Georgia is reported to be 4,115,000, an increase of two per cent over last year, and the production is estimated at nearly 63,000,000 bushels, com pared with 49,215,000 bushels last year. Although the crop is late, satisfactory progress was made during June. The peanut acreage is estimated at 25 per cent larger than last year, the condition better than at this time a year ago, and probable production estimated at 125,590,000 pounds, compared with 77, 824,000 pounds produced last year. Georgia’s tobacco acreage has reached a new high mark this year, the official acreage of aU types of tobacco in the state being 34,000 acres, twice as large as last year, and the condition of the crop is better than at this time a year ago. In Tennessee there was an increase in the corn acreage, and in white potatoes, but a slight decline in the acreage of sweet potatoes. While crops are still late, June weather brought considerable improvement. After severe losses from “wild-fire” last season, the acreage of tobacco in Tennes see shows a decided decline, especially in the middle and west ern parts of the state where the dark types are grown. The acreage of Burley in the eastern part of the state shows a decided increase over last year. Cotton Movement (bales) United States Since August 1. COTTON MOVEMENT I n te rio r T ow ns: A tla n ta .......... A u g u sta......... M acon............. M ontgom ery. May 1924 J u n e 1923 S u g a r an d S u g a r C ane The weather in the Louisiana cane belt during recent weeks has been favorable for cultivation and fields are generally' quite clean and the crop is growing well. The condition of the cane, however, on July 1 was 69 per cent of normal, compared with 80 per cent at the same time last year. The report of the Agri cultural Statistician in Louisiana states that the acreage and condition of the crop indicate a production of approximately 2,979,972 short tons of cane on the area to be used for sugar this year, and a yield for the state of 210,282 short tons of sugar, compared with 162,023 tons last year. . In te rio r T ow ns: A tla n ta .......... A u g u sta ......... M acon............ . . Stocks—P o rts: New Orleam M obile......... . . In te rio r T ow n s: M ontgom ery. V icksburg , - Receipts: New O rle a n s.... ...... S av a n n a h .......... ........ J u n e 1923 90,811,909 28,691,839 166,100,725 49,547,839 115,240,063 25,729,183 M eltings: New O rle a n s.... .... . 148,085,423 S av a n n a h ......... .......... 41,848,988 130,354,191 29,379,437 112,669,877 32,430,453 Stocks: New O rle a n s.... ......... S av a n n a h .......... ......... 111,783,979 22,680,312 46,700,733 13,175,849 54,510,465 9,523,163 Refined Sugar—1Pounds New O rleans— ....... S a v a n n a h ........... ....... J u n e 1924 178,679,118 48,393,463 May 1924 111,586,425 26,725,794 J u n e 1923 82,572,888 30,534,059 S tocks: New O rlean s— ... .. S a v a n n a h .................... 47,289,863 3,433,539 90,253,870 14,111,644 137,106,344 11,738,122 59,734 11,509 41,373 111,335 12,269 28,841 35,112 2,515 16,945 8,202 6,699 1,576 2,024 16,680 8,144 7,823 2,827 1,718 16,653 2,776 8,227 1,234 418 22,848 113,724 11,787 36,093 95,079 13,471 35,821 62,674 2,090 21,276 12,052 7,969 3,075 3,331 18,060 13,504 6,825 3,464 4,177 17,582 15,303 5,266 4,044 1,169 22,328 81.818 1,437 32,859 135,808 2,017 26,839 70,040 1,030 20,185 S ta te 8,684 13,952 2,926 6,510 1,149 12,534 19,441 4,375 7,817 1,600 18,943 18,960 7,971 6,995 3,476 L o u isian a................... T exas............................ A rkansas..................... C alifornia................... O th e r........................... U nited S ta te s............ S h ip m en ts—P o rts : 1921 ♦Decrease. Shipm ents: Sixth Federal Reserve District . , - 1922 MOVEMENT OF SUGAR Raw J u n e 1924 May 1924 The condition of oranges in Florida continued in June to de cline at a time when improvement should be evident. The aphis infestation has caused a condition on July 1 of 83 per cent of normal, compared with 85 per cent a month earlier, and 93 per cent on July 1, 1923. Condition of grapefruit showed a slight improvement. Trees are not up to last year’s condition, and the trend of reports is not optimistic. J u n e 1924 1923 1924 R eceipts a t U. S. P o rts 6,740,018 4,821,872 6,172,744 6,553,023 O verland to Nor. Mills a n d C a n a d a .............. 921,797 1,235,527 1,569,624 1,384,730 S o u th ern Mills T ak in g s............................. 3,273,000 3,857,001 3,347,738 2,570,051 In te rio r Stocks i n ex cess of th o se h e ld a t close of Com’l. y ear. *10,895 34,544 531,208 437,462 T o ta l m ovem ent of crop fo r 332 d a y s .... 10,945,710 10,879,856 10,558,898 10,945,266 Am erican Mills N . & S. C a n a d a ................. 5,404,687 6,664,381 ..................................... Am erican C o tto n th u s f a r ............................... 10,574,000 11,744,000 12,099,000 ................ C itru s F ru its R eceipts—P o rts: 5 R ice The area sown to rice in Louisiana in 1924 is estimated by the Agricultural Statistician of that state to be 485,000 acres, an increase of one per cent over last year, but 15,000 acres less than the ten-year average. The condition of the crop on July 1 was 90 per cent of normal, the estimated yield about 35.1 bushels per acre, and a total probable production of about 17, 024.000 bushels, compared with 15,840,000 bushels last year. The rice acreage in the United States this year is estimated at 899,000 acres, compared with 892,000 acres last year; the condition at 91.1 per cent, and the probable total production at 35.829.000 bushels, against 33,256,000 bushels produced in 1923. Following are figures for the rice-growing states: E stim ated Acreage C o n d itio n 1924 J u ly 1 485,000 156,000 154,000 90,000 14,000 899,000 90 91 95 90 .. 91.1 E stim ated P ro d u c tio n (bushels) 17,024,000 5,536,000 7,754,000 5,184,000 331,000 35,829,000 THE MONTHLY BUSINESS REVIEW 6 RICE MOVEMENT Rough Rice (sacks) Port of New Orleans R eceipts........................................ S h ip m en ts................................... S to ck ............................................. J u n e 1924 740 1,701 34,188 May 1924 6,413 7,505 35,149 J u n e 1923 39,402 35,597 37,879 and the total of all loans, discounts and investments was lower than on any preceding reporting date this year, and slightly lower than on July 11, 1923. Reserves were higher than in a number of weeks. Time deposits reached a new high point for this year on July 2, but declined slightly the following week. Member Banks in Selected Cities Clean Rice (Pockets) R eceipts........................................ S h ip m en ts................................... S tock............................................. 14,133 34,646 97,703 44,252 71,433 118,216 159,959 131,517 191,994 Receipts of Rough Rice (Barrels) J u n e 1924 . A ssociation M ills... New O rleans Mills.. O utside Mills........... . 2,026 740 6,700 T o ta l.................. Season to L a st season to J u n e 30, 1924 J u n e 30. 1923 4,835,482 729,017 1,784,946 5,560,470 1,190,459 2,164,317 7,349,445 8,915,246 Distribution of Milled Rice (pockets) A ssociation Mills....................... New O rleans Mills— .............. O utsid e Mills.............................. 68,347 21,972 44,775 5,116,871 812,377 1,885,527 5,538,863 1,361,556 1,910,082 T o ta l....................... .............. 135,094 7,814,775 8,810,501 Stock on Hand J u ly 1,1924 J u n e 1,1924 J u ly 1, 1923 Association Mills........ ............... New O rleans Mills— .............. O utside Mills............... .............. 105,159 129,181 68,300 172,218 151,285 106,300 476,694 226,985 262,200 T o ta l....................... .............. 302,640 429,803 965,879 FIN A N C IA L Declines in loans and discounts and continued increases in time and savings deposits are indicated in reports received from member banks in selected cities for June and early July. The total of loans and discounts by 36 member banks which report weekly reached on July 9 a new low point for this year, although still a little higher than on the corresponding reporting date last year. Investments in United States securities, and also in other stocks and bonds, likewise reached a new low point, (000 Omitted) J u ly 9,1924 J u n e 11,1924 Ju ly 11, Bills D iscounted: Secured b y Govt. O bligations Secured b y stocks a n d bondsAll o th e rs..................................... T o ta l Bills D iscounted......... U. S. Securities................................. O th er Stocks a n d B onds................ T o ta l loans, d isco u n ts a n d invest m ents................................................ T im e d eposits..................................... D em and deposits.............................. Accom m odation a t F . R . B a n k - $ 7,771 67,330 335,363 410,464 28,751 40,999 $ 7,915 66,371 346,916 421,202 33,262 41,380 $ 7,713 61,990 331,921 401,624 43,194 38,735 480,304 189,041 268,448 8,182 495,844 185,979 269,594 18,720 483,553 176,813 271,779 14,705 The weekly statement of the Federal Reserve Bank of Atlanta showed the total of bills discounted on July 16 at the lowest point of the year, and also lower than at the corresponding time a year ago. Acceptances purchased in the open market, and the total of bills held by the bank were both at new low levels for the year, as well as being lower than on July 18 last year. Earn ing assets reached the lowest point this year on July 16, but re serves were not far from the highest point for the year- which was reached on June 25. Federal Reserve Notes in actual cir culation were lower than in a number of weeks, and the ratio of reserves to deposit and notes liabilities was 83.4, higher than on any reporting date in nearly a year and a half. Federal Reserve Bank (000 Omitted) Ju ly 16, 1924 J u n e 18, 1924 J u ly 18,1923 Bills D iscounted: Secured b y Govt. O bligations $ 2,778 $ 4,809 $ 5,893 All O th er...................................... 26,854 28,880 31,710 T o ta l bills d isc o u n te d .............. 29,632 33,690 37,603 Bills b o u g h t in open m a rk e t........ 1,293 2,992 4,462 U. S. Securities................................. 428 195 287 T o ta l earn in g assets........................ 31,353 36,876 42,352 C ash reserves..................................... 161,152 162,004 143,992 T o ta l deposits.................................... 56,999 60,151 54,745 F. R . N otes in a c tu a l circu latio n 136,211 138,740 134,057 Reserve R a tio .................................... 83.4% 81.5% 76.3% SAVINGS DEPOSITS—JUNE 1924 Sixth Federal Reserve District J u n e 1924 A tla n ta (7 b a n k s )................................................................$ 32,528,003 B irm ingham (5 b a n k s)....................................................... 23,050,528 Jacksonville (5 b a n k s )........................................................ 20,381,635 N ashville (10 b a n k s )............................................................ 19,769,542 New O rleans (8 b a n k s )...................................................... 48,954,474 O th er C ities (59 b a n k s )...................................................... 88,855,301 T o ta l (94 b a n k s)............................................................ $233,539,483 DEBITS TO INDIVIDUAL ACCOUNTS Sixth Federal Reserve District J u ly 16,1924 A lb an y ............. ................... $ 746,000 A tla n ta ............ .................... 32,680,000 5,850,000 A u g u sta........... ................... B irm ingham — -............. 26,333,000 B ru n sw ick — .................... 638,000 8,638,000 C h a tta n o o g a ..................... 2,605,000 C olum bus....... ................... 424,000 D o th a n ............ ................... 182,000 E lb e rto n .......... ................... 3,500,000 Ja c k so n ........... ................... Ja ck so n v ille....................... 14,231,000 Knoxville........ M acon.............. ................... 5,318,000 M eridian.......... ................... 2,975,000 Mobile.............. ................... 6,161,000 M ontgom ery.. ................... 5,007,000 J u n e U, 1924 J u ly 18.1923 $ 896,000 $ 861,000 28,620,000 29,631,000 5,740,000 5,802,000 24,788,000 24,270,000 712,000 689,000 8,054,000 9,380,000 2,656,000 2,571,000 ____ ___ 430,000 267,000 123,000 3,500,000 2,808,000 13,937,000 13,202,000 7,102,000 7,462,000 4,442,000 5,282,000 2,614,000 3,822,000 6,527,000 6,421,000 5,365,000 4,218,000 C om parison of May 1924J u n e 1924-May 1924 J u n e 1923 $ 31,853,958 22,205,706 19,760,962 19,664,833 47,838,961 87,478,718 $228,803,138 + -f+ + + + + 2.1 3.8 3.1 0.5 2.3 1.6 2.1 N ashville.............................. N ew n an ............................... New O rleans....................... P ensacola............................ S av a n n a h ............................ T am p a.................................. V aldosta.............................. Vicksbxirg............................ C om parison of J u n e 1924-1923 $ 31,650,496 21,949,833 18,460,867 17,466,878 45,588,405 83,007,208 $218,123,687 17,205,000 331,000 67,272,000 1,763,000 9,012,000 8,650,000 986,000 1,958,000 T o ta l................................. $222,446,000 17,790,000 374,000 62,848,000 1,618,000 8,333,000 9,781,000 1,031,000 1,833,000 $219,298,000 + 2.8 -f-15.0 +10.4 + 3.2 + 7.4 + 7.0 + 7.1 17.585.000 390.000 58.996.000 1,682,000 7.531.000 7.246.000 971.000 1.630.000 $205,071,000 COMMERCIAL FAILURES The number of commercial failures in the United States during June, according to statistics compiled by R. G. Dun & Co., was smaller, and the total liabilities of defaulting concerns were slightly lower, than in any preceding month this year. June totals were, however, somewhat higher than figures for the same month last year. T H E M O N T H L Y B U S IN E S S June liabilities in the New York district were higher, with the exception of March, than in any other month this year, while in the Atlanta, Chicago, Minneapolis and Dallas districts the number was the smallest thi3 year, and in the Richmond and Kansas City districts the total of liabilities was smaller, while in the San Francisco district both number and total liabilities were the lowest of the year. N um ber: J u n e 1924 S ixth D istrict.............. 103 U n ited S ta te s.............. 1,607 L iabilities: S ixth D is tr ic t.............. $ 1,805,051 U n ited S ta te s .............. 34,099,031 May 1924 113 1,816 J u n e 1923 91 1,358 $ 1,717,606 36,590,905 $ 1,294,943 28,678,276 IMPORTS AND EXPORTS Preliminary statistics compiled and published by the Depart ment of Commerce show declines in June in both imports and exports, compared both with the revised figures for the pre ceding month this year, and the corresponding month a year ago. Exports exceeded imports for the month by $30,000,000, For the twelve months ending with June, the value of imports was a little lower, and the value of exports somewhat higher, than during the twelve months ending with June 1923. The following figures show the detailed comparisons: 1924 Im ports: J u n e ............................................... $ 277,000,000 May....................................-........... 302,999,517 Twelve m o n th s en d in g w ith J u n e ............................................ 3,557,147,532 E xports: J u n e ................................................$ 307,000,000 334,949,901 May.......................................... — . Twelve m o n th s en d in g w ith J u n e ............................................ 4,311,625,797 Excess of im ports.. Volume 171,687,335 32,055,280 11,295,058 13,158,000 38,768,274 2,025,525 11,630 9,220,507 2,514,423 3,634 5,608,184 1,187,000 M ineral Oil. g als_____ B an an as, b u n c h e s___ N itrate of Soda, to n s . Molasses, gals............... Creosote, gals............... Sisal, to n s ____ ______ N ew sprint paper, lbs._ M ahogany, M -ft........... The following figures, indicating the value of imports at New Orleans during May of the past ten years, are shown for comp ariso n : 1924.. _______$19,737,844 1923.. ...............19,092,150 192? ................11,373,907 1921. ........... -11,582,890 1920 ...............28,469,608 May May May May May May May May May May 1919.................$18,891,683 1918.................. 9,768,838 1917.................. 8,653,218 1916.................. 8,316,966 1915 .................. 7,740,371 With the exception of com, grain exports through the port of New Orleans continued in June to show declines compared with the same period a year ago. Corn exports in June, how ever, were greater by 112,596 bushels than during June last year. 3,780,958,965 $ 319,956,953 316,359,470 3,956,733,373 J u n e 1923 $19,433,539 548,484 18,885,055 $4,870,389 8,648,499 $6,065,947 3,581,081 2,484,866 ................ During the year ending with June 1924 imports of gold amounted to $417,025,638, while exports totaled $10,206,941, and imports of silver were $79,939,985, while exports were $96,785,586. New Orleans The value of imports through the port of New Orleans during the month of May amounted to $19,737,844, slightly lower than in April, but nearly seven hundred thousand dollars greater The totals for the month, however, show substantial declines and the total for the eleven months of the season is only a little more than one-fourth of the total for the preceding season. Season through J u n e 1924 me 1923 June 1924 June 1923 W heat......... C orn................... O ats.............. R ye................ B arley........... 258,000 292,664 22,575 51,423 T o ta l.........- 624,667 1,412,682 180,068 29,335 312,857 1,934,992 6,614,095 5,264,745 317,580 333,056 26,163,193 18,671,192 630,844 1,502,031 10,428 12,529,476 46,977,688 BUILDING Building permits issued during June at twenty cities in the sixth district aggregated $8,323,117, nearly two million dollars less than in May, but practically the same as the total for June 1923. The index number for the district for June is 230.8, com pared with 284.0 in May, and with 230.6 in June a year ago. The high total for Macon includes a city auditorium and large apartment, while included in the Nashville figure is a permit for a large hotel to cost more than eight hundred thousand dollars. Index numbers are shown on page 12. BUILDING PERMITS—JUNE 1924 Sixth Federal Reserve District A lteratio n s & R e p airs New B uildings No. V alue No. V alue A labam a: A n n isto n ........ B irm ingham .. • Mobile............. M ontgom ery.. 16 138 48 55 $ 4,495 82,000 19,110 14,467 15 294 28 12 $ F lo rid a: Jack so n v ille.. *L akeland........ Miami.............. *Miami B each . O rlan d o .......... P en saco la___ T a m p a ......... ... 203 18 _ 7 39 40 176 74,991 19,485 ____ 22,200 34,205 10,000 40,907 61 47 __ 312,850 130,150 _ " 893,350 391,622 15,000 227,215 V alue $7,456,280 5,290,947 1,109,154 1,033,279 721,998 694,566 530,796 469,636 452,703 424,405 159,403 154,804 $ 320,233,799 372,544,578 J u n e 1924 $25,181,117 268,015 24,913,102 3,778,110 than in May 1923. This is due to the increase in the value of coffee, nitrate of soda, molasses and creosote imported during the month. Imports of sugar, both in volume and value, were considerably smaller than in May last year. Some of the principal commodities imported during May are shown below: Grain Exports Gold and Stiver Silver 7 1923 The following figures show imports and exports of gold and silver during June: Gold Im p o rts....................................... Exports....................................... R E V IE W 80 7 144 16,100 832,275 63,075 9,950 T o ta l J u n e 1924 T o ta l J u n e 1923 $ $ 20,595 914,275 82,185 24,417 417,841 149,635 1,078,460 920,550 425,827 25,000 268,122 Percentage of Increase or Decrea 16,585 903,855 61,776 188,472 -h 24.2 4 “ 1-2 + 33.0 — 87.0 419,126 100,050 649,200 377,510 140,766 74,655 216,939 - 0.3 f 49.6 + 66.1 +143.8 +202.5 - 51.4 + 23.6 T H E 8 M O N T H L Y G eorgia: A tla n ta .......................................................... 120 A u g u sta .......................................................... 97 C o lu m b u s............. ...................................................... M acon.................... ........................................ 66 5 S a v a n n a h ............- ....................-.................. L o u isian a: New O rlean s........ ................... .................... A lexandria....... ............. ................... ........... 48 33 T ennessee: C h a tta n o o g a ....................... ......................... 150 Jo h n s o n C ity ...................... .............. ....................... K noxville.................................................................... . N ashville......................................................... 109 T o ta l 20 C ities........................................ ............. 1,343 B U S IN E S S R E V IE W 780^116 49,440 841,224 98,973 17,000 802,134 56,940 2,540,178 201,034 60,550 60,306 135,675 — 66.9 — 50.8 71.9 +1225.8 — 58.0 210 14 887,200 136,780 1,014,850 165,414 1,397,125 49,704 — 27.4 -h 232.8 46,862 40 26 115,450 98,100 78,985 $792,675 185 1,428 $5,835,612 162,312 98,100 599,370 1,210,078 $8,323,117 133,273 35,400 335,484 694,899 $8,315,002 - f 21.8 “h 177.1 + 78.7 -b 74.1 189,181 11,670 241 37 652,043 87,303 22^018 7,500 19 25 127,650 28.634 I~i3i'09§ + 0.1 *Not in clu d ed in to ta ls or index num bers. Cotton Growing States LUM BER No material change has taken place in the lumber industry in the district during the month of June. Weather has been more favorable to manufacturing operations, but reports in dicate that lumber manufacturers are making an effort to keep their production very close to their orders and shipments and not accumulate heavy stocks. During the four weeks ending July 4, orders, shipments and production of the mills report ing weekly to the Southern Pine Association ranged near 85 per cent of normal output, excepting for the last week of this period which included the holiday. During the week ended July 11, however, with production at eighty per cent of normal, and ship ments slightly lower, orders received by the 130 mills which re ported for that week increased substantially and exceeded their normal production by two per cent. Of the 85 mills which re ported operating time for that week, 37 operated full time, 35 operated five days, and ten operated four days. Of those which operated full time, five operated double shifts. Figures for the month of June received by the Southern Pine Association from its reporting mills, through July 15, are shown below: J u n e 1924 143 Mills May 1924 145 Mills O rders.................................... ..286,779,846 S h ip m en ts...............................286,502,439 P ro d u c tio n ........................... ..301,302,116 N orm al p ro d u c tio n th ese m ills......................................344,158,842 Stocks en d of m o n th ......... ..838,771,980 N orm al stocks th ese mills. 908,937,169 U nfilled orders en d of m o n th ...................................184,091,553 329,255,495 367,381,242 367,272,312 J u n e 1923 142 Mills 268,073,520 J u n e 1924 May 1924 413,649 42,481 542,026 48,944 On H a n d in C onsum ing E stab lish m en ts: L in t.............................. . 950,625 L in ters.......................... 110,778 1,157,778 122,043 1,347,468 144,726 I n P u b lic S torage a n d a t Com presses: L in t........ ........................ 882,204 L in te rs......................... 69,742 1,126,711 74,437 1,227,184 42,224 307,102 19,255 16,107 30,493,165 212,949 1,902 13,367 34,855,520 Exports: L in t...... ........................ L in te rs ......................... Im p o rts.............................. Active S p in d les________ 350,277 39,583 J u n e 1923 217,598 13,381 13,641 29,216,486 J u n e 1923 289,987 351,181 490,867 636,619 707,850 749,269 15,582,725 962,786 15,784,301 935,636 16,021,970 M A N U F A C T U R IN G C otton C loth Reports for June were made to the Federal Reserve Bank by 31 cotton mills which manufactured 24,716,073 yards of cloth during the month. This output was smaller by 14.5 per cent than the production of these same mills during May, and showed a decline of 15.4 per cent compared with June last year. Ship ments also showed declines compared with both of these months, as did also unfilled orders on hand at the end of the month, al though orders received during June were slightly larger than in May. Comments contained in the reports indicate a lagging market, due to the fact that many buyers are awaiting more definite information regarding the season’s crop than is now avail able before making their commitments. Percentage comparisons of June figures are shown below: J u n e 1924 com pared w ith : J u n e 1923 May 1924 —14.5 —-1 8 .4 . . + 4.8 — 0.1 + 9.2 . . . - 3.0 361,578,801 360,083,209 888,008,277 813,947,843 982,596,162 967,783,350 189,719,748 May 1924 247,478 262,996,279 312,905,359 343,015,786 COTTON CONSUMPTION C o tto n C onsum ed: L in t.............................. L in te rs ......................... J u n e 1924 C o tto n C onsum ed....... — O n H a n d in C onsum ing E stab lish m en ts................ I n P ublic S torage a n d a t Compresses........................ -1 5 .4 — 6.6 -4 7 .6 — 7.6 + 83.2 —10.7 C otton Y arn Reports received from 26 yarn manufacturers reflect much the same conditions as obtain among cloth manufacturers. The demand is reported to be very poor, and market prices are said to be below cost of production. June output, shipments, orders received and unfilled orders all showed declines com pared both with the preceding month and with the correspond ing month a year ago, while stocks were somewhat larger than at either of these periods. J u n e 1924 com pared w ith : May 1924 J u n e 1923 Y a m p ro d u c e d ................................................. —21.8 Y arn sh ip p e d .................................................... —16.1 Orders b o o k e d ..................... ............................ —20.3 U nfilled o rd ers..................................................— 8.7 Y a m o n h a n d ..................................................+ 8.8 N um ber o n p ay ro ll-........................................ — 6.0 -2 6 .4 -3 3 .1 -6 3 .7 —38.0 + 43.8 - 6.1 T H E M O N T H L Y B U S IN E S S Overalls Reports received from overall manufacturers for June show decreased production, but a small increase in orders booked during the month. Stocks on hand were a little larger than a month ago, but unfilled orders declined eleven per cent. Cur rent demand is reported very light, and the outlook uncer tain. Percentage comparisons of June figures are shown below: J u n e 1924 com pared w ith : May 1924 J u n e 1923 Overalls p ro d u ced ....... ...... ............................ — 7.1 Stocks o n h a n d .......—. ........ ................... - . . . + 4.0 O rders b o o k ed -.............................................. _+ 2.3 U nfilled o rd ers......................................... - . . —11.1 N um ber o n p ay ro ll................. ..................... + 3.2 —13.2 — 4.9 +10.0 —46.7 — 2.8 Brick June production of brick was somewhat larger than the output either in May this year or June a year ago. Orders were smaller than those received in May, but nearly forty per cent larger than the volume received in June 1923, but unfilled orders declined in comparisons with both of those periods. Reports indicate a slight weakening in prices during the month. J u n e 1924 com pared w ith : May 1924 J u n e 1923 Brick m a n u fa c tu re d ..................................... + 9.2 Stocks o n h a n d ................................ ...... ........ — 0.6 Orders b o o k ed .................................... ............. — 8.0 U nfilled o rd ers.............................. .................. —10.2 N um ber o n p ay ro ll............ .................. ..........— 7.6 +10.8 — 5.9 +39.5 —53.6 + 9 .9 Hosiery The following table contains figures reported to the Census Bureau by 25 identical establishments for May and June. Production declined slightly during June, as compared with May, and shipments also showed a decrease, resulting in an increase in stocks of hosiery on hand at the end of the month. Orders booked and unfilled orders on hand at the end of June also declined, and there was a decrease in cancellations. J u n e 1924 May 1924 438,975 438,589 1,426,743 385,355 47,257 974,554 438,878 447,518 1,416,344 437,301 50,732 1,078,492 R E V IE W A surplus of common labor is apparent in some sections of Georgia. Fair-sized building programs in the larger cities af ford employment to the resident tradesman. Most industrial plants are operating and skilled labor is very well employed. The supply of and demand for farm labor are about evenly balanced. A surplus of labor in Atlanta is particularly notice able among textile and cotton-oil workers. Most plants are operating, though some are on part time schedules. Cotton mills at other points in the state are on part time, but with this exception most industrial plants are running full time. Labor conditions throughout Florida are considered satis factory for this time of the year. The supply of unskilled labor about meets the demand for naval stores operations, farm work, and road construction. Part time operations prevail in the cigar-manufacturing industry, and there is a surplus of these workers in Tampa. Large building and construction programs are keeping most workers employed throughout the state, and there is little unemployment. Some unemployment is reported in certain sections of Ala bama. Railroad shops are reducing forces in appreciable num bers and running below normal, and part time operations and further decreases in employment occured during June in coal mining, and a large surplus of this class of labor exists. Lum ber mills and textile plants show no improvement and continue on part time schedules. Highway construction and building continue to afford employment to a large number of skilled and unskilled workers. In Louisiana there has been some slackening in almost all in dustries and a surplus of labor exists in some sections. Slight reductions were made in the forces of oil refineries and railroad repair shops. Sugar planters report a shortage of labor, as men have been drawn from this industry to saw mills and highway construction. Decreases in employment and some part time operations were noted in lumber mills, while metal and metal products other than iron and steel have reduced forces, but are running full time. Large building programs are under way in most cities. EMPLOYMENT Although there is a surplus of labor in Mississippi, there is no serious amount of unemployment. A large number of lumber mills have made cuts in forces, but a majority are on full time schedules, and a very slight surplus of labor obtains, as those workers released have been employed in agricultural pursuits. Textile mills report additional shutdowns, de creases in forces, part time operations, and some surplus of labor but highway construction shows a large increase over the month before, and building continues steady. The month of June brought some increase in unemployment in the sixth district, according to reports made to the United States Employment Service, from all parts of the district. Idleness is probably most pronounced among textile mills, where quite a number have closed down and others are on part time or are operating with reduced forces. Building and construction in cities, however, and highway and road work, have continued to employ large numbers of workers. In Tennessee reductions are reported in employment in prac tically all industries. Railroad repair shops have made no further cuts in forces, but are operating below normal capacity and some part time is reported. Further decreases have taken place in coal mining and a number of mines have closed, and part time operations prevail. A majority of lumber mills are on full time, but have reduced forces, and a considerable surplus of labor exists. There is a surplus of textile workers due to part Hosiery m a n u fa c tu re d ----------------------S h ip m en ts___________________________ O n h a n d a t en d of m o n th ____________ O rders b o o k ed _______________________ C a n cellatio n s_______ _________________ U nfilled o rd ers_______________________ 9 T H E 10 M O N T H L Y time operations, but building continues to afford employment to large numbers. Coal Weekly statistics compiled and published by the Geological Survey indicate a slightly higher level of production of bitumi nous coal during June than that which prevailed during the two months preceding. The figures, however, reflect a lagging de mand for coal which has resulted in part time operations on the part of a large number of mines, and complete shut downs in other instances. Current weekly production has been consider ably below the rate maintained at this time last year. Produc tion of soft coal during the first 153 working days of the calendar year 1924 was 226,172,000 net tons, compared with the follow ing figures for the preceding six years: Y ears of activity: 191 8 .281,390,000 n e t to n s 192 0 262,084,000 n e t to n s 1923.................................................................. 270,811,000 n e t to n s Y ears of depression: 191 9 192 1 192 2 ................... 217,145,000 n e t to n s 199,061,000 n e t to n s -.192,899,000 n e t to n s Weekly production figures for June, and early July, are shown below: Week E n d ed : 1924 J u n e 7................................7,373,000 to n s J u n e 14................................7,152,000 to n s J u n e 21................................7,202,000 to n s J u n e 28................................7,371,000 to n s J u ly 5.................................5,738,000 to n s J u l y 12................................ 7,455,000 to n s 1923 10,676,000 to n s 10,575,000 to n s 10,422,000 to n s 10,458,000 to n s 8,742,000 to n s 10,925,000 to n s IR O N The production of pig iron in the United States during June, according to statistics published by the Iron Age, amounted to 2,026,221 tons, a loss during the month of nearly six hundred thousand tons, and lower, than the output in any other month since August 1922, when only 1,816,170 tons were produced. The daily rate of production in June, 67,541 tons, was also lower than the daily rate for any month since August 1922, when the daily average was 58.586 tons. The relation of June pro duction to that of the preceding month and the corresponding month a year ago is indicated by an index number of 79.5 for June 102.6 for May, and 143.9 for June 1923, based upon 100 as re presenting the average monthly production in 1919. The number of furnaces in active operation declined during June by 20, which added to those blown out during May and April makes a total of 106 blown out during the past three months, and leaving only 164 furnaces active on July 1. B U S IN E S S R E V IE W Production of iron in Alabama, contrary to the tendency in May, showed a sharp decline in June, to 119, 507 tons, com pared with 249,268 tons in May, and 239,589 tons in June last year. Quotations in the Birmingham district have also declined to $18.50 during the month, compared with $21.00 at the begining of June, and $25.00 at this time last year. Reports indicate that a little buying is being done, and that the delivery of iron on old and new contracts continues rather steady, but consumers of iron in the territory have not come into the market with business beyond their immediate needs. Comparisons of June statistics with those for the preceding month, and the corresponding month a year ago, follow: U n ited S tates: J u n e 1924 May 1924 J u n e 1923 2,026,221 67,541 164 2,615,110 84,358 184 3,676,445 122,548 119,507 3,984 22 249,268 8,041 24 P ro d u c tio n ................. D aily r a te .................... ♦F urnaces active......... A labam a: P ro d u c tio n ................. D aily r a te .................... ♦Furnaces active......... 29 ♦First of follow ing m o n th . Unfilled orders of the United States Steel Corporation at the end of June showed a further decline of 365,584 tons, and at that time totaled 3,262,505 tons. While the decrease in un filled tonnage was less pronounced than in May, it brought the total to the lowest mark in ten years. The declines during the past three months have amounted to a little more than a million and a half tons, the June tonnage being slightly more than half as large as at the end of June 1923. NAVAL S T O R E S Receipts of spirits of turpentine at the three principal ports of the district during June were slightly larger than in either the preceding month or the corresponding month a year ago, while rosins were not received in quite the volume of either of those months. Stocks of both commodities were somewhat larger at the end of June than at the end of May or of June 1923. The average price prevailing during June for spirits of turpentine was 77 5/8, compared with 83 1/8 in May 89| in April, and 95* in June last year, while the average price of the various grades of rosin declined from $5.00 in May to 4.82J in June, compared with $4.87J in June a year ago. Following are figures show ing the movement during June: T H E M O N T H L Y B U S IN E S S NAVAL STORES-May 1924 R osin: J u n e 1923 S a v a n n a h ................ .. Jacksonville................. P ensacola..............— . . J u n e 1924 May 1924 18,063 16,114 5,443 15,801 14,617 4,531 17,227 16,179 5,608 39,620 84,949 39,014 48,321 48,245 13,522 45.534 52.801 14.236 48,732 52,854 15,266 110,088 112,571 116,852 S hipm ents - T u r p e n tin e : S a v a n n a h ................. . Jack so n v ille-. ........ . P e n s a c o la ...— 16,148 11.117 3,451 14,006 15,950 3,854 22.747 16.538 5.758 S a v a n n a h .._— . . — Jacksonville— _____ P ensacola____ ______ T o ta l.-.* -. 30,716 33,810 45,043 T o ta l- - ..- - .— R eceipts—T u rp e n tin e : S a v a n n a h ............... . Jacksonville............... P en saco la........ . - T o ta l......... B osin : S a v a n n a h ........... Jack so n v ille.. . . — . . . P e n s a c o la ........... . . T o ta l- .- . 11 R E V IE W T o ta l......... 40,105 45,817 17,692 31,790 29.937 9,309 48.088 51.932 13,710 103,614 71,086 113,730 9,525 17,828 5,146 7,610 12,831 3,154 2,670 9.149 1,357 32,499 23,595 13,176 80.447 112,136 48,525 72.231 109.718 52.695 71,829 109.891 33,3*0 241,108 234,644 215,090 Stocks—T u rp e n tin e : S a v a n n a h ....... Jacksonville.......... . P e n sa c o la .. T o ta l......— .... R osin: .. T H E 12 M O N T H L Y B U S IN E S S R E V IE W MONTHLY IN D EX NUMBERS The following index numbers, except where indicated otherwise, are computed by the Federal Reserve Bank of Atlanta, and are based upon average figures for 1919. That is, average monthly figures for the year 1919 are represented by 100, and the current monthly index numbers show the relation of activity in these lines to that prevailing in 1919. R E T A IL TRADE 6TH D IS TR IC T April May June April May June (Department Stores) 1924 1924 1924 1923 1923 1923 100.0 129.3 111.3 111.7 98.0 115.0 77.0 100.2 108.7 97.8 131.5 107.9 109.2 117.7 106.0 78.6 91.3 106.4 87.6 122.4 115.9 101.9 88.3 94.9 73.3 88.4 96.6 96.9 117.4 85.6 97.7 94.8 107.6 73.5 94.1 100.7 105.9 139.5 99.8 112.6 107.4 109.1 73.9 96.1 108.1 99.4 133.8 118.5 116.3 98.6 101.3 80.3 95.6 104.7 132 114 126 90 120 89 119 103 128 98 127 86 209 145 178 178 88 208 130 212 150 150 174 82 189 143 196 143 146 162 75 176 131 180 135 125 142 99 159 125 189 142 143 154 100 170 136 183 149 144 154 97 176 136 Atlanta.............................................. Birmingham............ ........................ ........... Chattanooga................... ............................ Jackson........ ............... _______________ Nashville................................... .................. New Orleans......... ........ ....... .................. ... Savannah............................... ..................... Other Cities................................................. District (43 firms)........................ .............. R E T A IL TRADE U. S. (1) Department Stores........ ................... . Mail Order Houses............................... Chain Stores: Grocery.......................... ................ Drug................................................ Shoe........................... .................... 5 & 10 cent..................... ................. Music.......................................... Candy.............................................. Cigar_________ _________ ______ WHOLESALE TRADE 6TH D ISTR IC T Groceries_______________________ Dry Goods___ _ ________________ Hardware............................... ........... Shoes.................... ................................. Total.................................................... WHOLESALE PR IC ES U. S. (2) Farm Products_____ _____________ Foods__________________________ Cloths and Clothing____ _________ Fuel and lightning. ______________ _ Metals and metal products________ Building materials____ ______ ____ Chemicals and drugs____________ „ House furnishings_____ ___ ____ _ Miscellaneous.___ ___ _______ ____ All commodities_____ ____________ BUILD IN G PERM ITS 6TH D ISTR IC T Atlanta______ ____________ _____ Birmingham.......................................... J acksonville._ ________ ___________ Nashville_______________________ New Orleans________ ___________ Other Cities............. ............................ District (20 cities)_______ ________ PIG IRON PRODUCTION: United States.......................-............... Alabama........ ........................................ U N FILLED ORDERS—U. S. S TEEL CORPN____________ _____________ _____ (1) Compiled by Federal Reserve Board. (2) Compiled by Bureau of Labor Sta tistics. (1913=100) 84.1 64.3 78.7 60.5 76.8 81.5 54.1 . 74.6 49.3 72.1 75.8 49.8 71.3 38.5 65.8 80.9 67.2 78.1 59.4 75.5 83.2 62.2 79.1 66.4 76.1 81.6 56.8 80.2 59.3 73.9 139 137 189 179 139 182 128 175 113 148 136 137 187 177 134 180 127 173 112 147 134 136 187 175 132 173 127 172 111 145 141 144 205 200 154 204 136 187 126 159 139 144 201 190 152 202 134 187 125 156 138 142 198 186 148 194 131 187 123 153 176.8 316.4 172.9 435.0 408.8 397.8 321.7 195.0 501.6 180.3 272.5 488.5 250.2 284.0 96.6 279.5 139.7 639.5 231.1 264.8 230.8 565.2 461.8 123.5 263.3 237.1 298.4 353.9 276.3 307.6 184.2 160.6 232.2 251.3 249.8 291.7 276.3 143.5 367.0 319.4 159.2 230.6 126.9 131.1 102.6 141.8 79.5 68.0 139.2 137.5 151.8 142.1 143.9 136.3 70.2 60.5 54.4 121.6 116.5 106.5
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