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C o v e r in g C o n d it io n s in t h e S ix t h F e d e r a l R e s e r v e D i s t r ic t .

F E D E R A L R E SER V E BANK O F A T L A N T A
OSCAR NEWTON
C h a irm an a n d F e d eral Reserve A gent

VOL. 10, No. 7

(C om piled J u ly 16. 1925)

ATLANTA, GA., JU LY 31, 1925

WARD WILBSRTSOW
A ssistant F e d e ra l R eserve A gent

T^ o ™ - n 6 p a p ^ ^ uWication

BUSINESS CONDITIONS IN THE UNITED STATES
Prepared by the Federal Reserve Board
were reduced further in June, but were slightly larger than
Production of basic commodities and factory employ­
ment declined further in June, while railway freight ship­
a year ago. Wholesale stocks of groceries, shoes and hard­
ware were smaller at the end of June than a month earlier,
ments and the volume of wholesale trade increased. Whole­
but those of dry goods and drugs were larger. Compared
sale prices, after declining for two months, advanced in
with a year ago stocks of groceries and drugs were larger in
June.
Production
Production in basic industries as indicated
value while stocks of dry goods, shoes and hardware were
smaller.
by the Federal Reserve Board’s index, declined
about one per cent in June to the lowest level since the
Prices
Wholesale commodity prices advanced 1.4 per
autumn of 1924 but was 18 per cent above the low point of
cent in June according to the index of the
last summer. Output of pig iron, steel ingots, lumber,
Bureau of Labor Statistics, following declines in April and
newsprint, and petroleum, and mill consumption of cotton
May. The largest increase for any commodity group was for
decline in June, while production of bituminous coal, sole
the miscellaneous group which includes crude rubber.
leather, and wheat flour increased. The number of auto­
Prices of farm products, foods, and fuel and lighting also
mobiles manufactured during June was slightly less than
advanced while prices of building materials declined con­
in May. Factory employment declined one per cent and
siderably. In the first half of July quotations on flour,
factory payrolls over 2 per cent between May 15 and June
beef, hogs, wool, copper, petroleum, hides and rubber in­
15, reflecting substantial declines in the automobile, boot
creased, while prices on sugar, bituminous coal and hard­
and shoe, textile and iron and steel industries. Building
wood lumber declined.
contracts awarded during June were larger in value than
during May and almost equaled the peak figures for April.
Bank Credit At member banks in leading cities the volume
In square feet of floor space the June awards were a little
of loans on securities continued to increase
smaller than those for May. Residential contracts in June
after the middle of June and during the first half of July
were the smallest for any month since February. But
was at a higher level than at any previous time. Demand
greatly exceeded those of a year ago. The department of
for bank credit for commercial purposes was relatively
agriculture estimate of the condition of all crops combined
inactive and the volume of commercial loans at reporting
on July 1 showed some improvement from the month before.
member banks remained near the low level for this year,
The corn crop forecast places it at approximately 550,000,000
although considerably above the amount for the corres­
bushels over last year. The July 15 cotton crop estimate
ponding period in 1924. At the Reserve banks the seasonal
was 13,588,000 bales compared with a forecast of 14,339,00
demand for credit and currency was reflected in increased
bales on June 25.
borrowing by member banks which carried discounts at the
Trade
Freight car loadings were larger during June
beginning of July to the highest level in more than a year,
than during May, as is usual at that season,
and notwithstanding the subsequent decline the total on
and also considerably exceeded the figures for June, 1924,
July 22, was still at a relatively high level. Total earning
the low point of last year. Sales at department stores dur­
assets on that date showed little change as compared with
ing June were seasonally smaller than in May, but totaled
the figures for four weeks earlier. Firmness in the money
5 per cent more than last year. It should be borne in mind
market at the close of the fiscal year was followed by an
however, that in June of this year there were 4 Sundays as
easing of money after the first week of July. In the latter
compared with 5 in the preceding month as well as in June,
part of the month there was again evidence of firmer money
1924. Mail order sales were 6 per cent larger than in May and
conditions. These changes were reflected chiefly in the
exceeded the amount for June, 1924. Sales of wholesale
movement of rates for call money, quoted rates on prime
firms were 5 per cent greater than in May and larger than
commercial paper and on bankers acceptances remaining
in any June in the last five years. Department store stocks
throughout the period at 34-4 per cent and 3j per cent.
P RCN
E ET
P RC N
E ET
P RCM
E ET
Ptft CEMT

Index of 22basic commodities adjusted for seasonal variation
Latest figure. June 1
10.

(1919—
100.)



Index of U. S. Bureau of Labor Statistics. (1913— base adopted
100)
by Bureau. Latest figure, June 157.4.

THE MONTHLY BUSINESS REVIEW

2

P RC N
E ET

PER CENT

1

BILLIONS OF DOLLARS

z

i
FED ERA L RESERVE
C
B A N K 1 R E D IT
P<3yro‘i
_

--- ------------------- .... z X

dr

100
1 Earning A sse ts |

Employment

Discounts!

50
L
-----------X---------L.

F A C T O R Y E M P LO YM EN T
A N D P>\ Y R O L L

Acceptancjes

r
U .S .S e c ^

i

J

ft

/ \
'A - ./ '

^

1925

1924-

1923

1922

1925
192^
1923
1922
I n d e x fo r 33 m a n u f a c tu rin g in d u s trie s (1919—100)
L a te s t fig u res J u n e em p lo y m en t 94.2. P a y ro lls 105.2.

jC

W eekly figures fo r 12 F e d e ra l reserve b an k s.
L a te st fig u res fo r J u l y 22

SIXTH DISTRICT SUMMARY.
While the usual seasonal slackening in business was
evident to some extent in June, business and financial sta­
tistics for this district on the whole show favorable compari­
sons with a year ago, and reflect increased confidence in
the outcome of the season’s crops. The cotton acreage
in this district is considerably larger than last year, and
with the higher condition of the growing plant, a larger
crop is in prospect. The tobacco acreage in Georgia is 75
per cent larger than last year, and in Tennessee the acreage
and condition on July 1 indicate a prospective crop of about
98J million pounds. The estimated production of rice and
sugar in Louisiana are larger than last year’s production
of these crops.
Prospective building in the district reached a new high
point in June, the total value of buildings for which permits
were issued at 20 cities being the greatest since these sta­
tistics were first gathered by the Federal Reserve Bank,
and more than double the total for June last year. Savings
deposits at 93 banks in the district at the close of June were
more than 10 per cent greater than a year ago, and demand
deposits of 36 banks which report weekly were 55J million
dollars higher on July 8 than a year ago. Loans and invest­
ments in stocks and bonds by these 36 banks were much
greater than at this time last year, and debits to individual
accounts at 24 cities in the District for the week ended July
8 were 62 million dollars greater than for the same week
last year.
Retail and wholesale trade, while seasonally smaller in
some lines in June than in May, showed increases in busi­
ness over June last year. Cotton manufacturing fell off
somewhat in June compared with May, but increases over

June 1924 are indicated in production, shipments and orders
of cloth and yarn mills reporting direct to the Federal
Reserve Bank, and the Census Bureau’s statement of cotton
consumption shows that in June there were consumed in
the cotton-growing states 337,651 bales of cotton, compared
with 237,240 bales in June, 1924, and that the number of
spindles active in June this year, in the cotton-growing
states, was 1,164,650 larger than a year ago.
RETAIL TRADE.
Sales during June reported by 49 department stores
located throughout the district exceeded figures for the
corresponding month a year ago by 3.4 per cent. Reports
from Atlanta, Jackson, New Orleans and Other Cities show
increases over June 1924, but decreases are shown at Bir­
mingham, Chattanooga, Nashville and Savannah. The
usual summer slowing down in retail sales was indicated
at all of these cities except Chattanooga, where the ag­
gregate sales of six stores was larger than for any other
month this year. Aggregate sales reported by all of these
49 stores during the first six months of 1925 showed an in­
crease of one-half of one per cent over the same period a
year ago. Stocks of merchandise continued to decline in
June, and were 8.3 per cent smaller than for June 1924.
The rate of turnover in June was better at all reporting
cities excepting Birmingham, where it was the same as in
June last year; for the first half of the year, however, turn­
over was more rapid at all of these cities, the average for the
district being 145.2 per cent, compared with 131.0 for
the first half of 1924. The index number of retail sales,
computed from figures reported by 43 of these reporting
stores, in June was 100.7, compared with 110.7 in May, and
96.6 for June last year.

CONDITION OF RETAIL TRADE DURING JUNE 1925
IN THE SIXTH FEDERAL RESERVE DISTRICT BASED UPON REPORTS FROM 49 STORES
1
N et sales, P e rc e n ta g e
in c re a se or decrease
co m pared w ith :
(A)
J u n e 1924

A tla n ta ................ ......... .
B irm in g h am ....... .............
C h a tta n o o g a ....................
J a c k so n -...........................
N a s h v ille — ....................
New O rle a n s....................
S a v a n n a h ,................ ........
O th e r C itie s.....................
D ISTR IC T .........................

+13.5
—0.5
—17.7
+5.9
- 5 .4
+9.2
—1.6
+3.5
♦3.4




2
S tocks a t en d of m o n th ,
p e rc e n ta g e in c re a se or
decrease com pared w ith :

(A)
(B)
J u n e 1924
J a n . 1 to
J u n e 30, 1924
+5.2
+1.9
—20.4
—0.2
- 4 .5
+2.2

* .2
4
* .7
4
+0.5

—18.0
—8.2
—18.8
—5.7
-1 0 .7
- 1 .6
—8.7
—5.4
—8.3

(B)
May 1925

—6.7
—6.4
—7.1
—7.4
- 3 .1
—5.1
- 3 .2
- 9 .5
- 6 .1

3

i

P e rc e n ta g e of sa les to
average sto c k s in J u n e
(stock tu rn -o v e r fo r
t h e m o n th ):
(A)
1924

(B)
1925

21.1
23.9
21.4
21.6
21.1
20.1
20.9
21.8
21.2

29.4
23.9
21.8
23.9
23.0
22.6
22.7
24.1
24.0

P e rc e n ta g e of sa les to
average sto c k s from
J a n . 1 to J u n e 30(Stock
tu rn -o v e r fo r y e a r to
d a te )
(A)
(B)
1924
1925

151.4
133.5
113.5
123.2
132.4
129.2
111.9
125.1
131.0

179.1
147.1
118.7
126.3
147.4
138.6
130.8
142.0
145.2

5
P e rc e n ta g e o f o u ts ta n d in g o rd ers a t en d
of m o n th to p u rc h a se s
d u r in g c a le n d a r year,
1924:
(B)
(A)
Ju n e
M ay

2.4
8.1
3.0
x
1.9
8.2
3.7
2.4
4.9

3.2
8.8
3.0
x
2.2
8.9
2.6
3.3
5.6

THE MONTHLY BUSINESS REVIEW

3

WHOLESALE TRADE.
The volume of sales (luring June, reported by 148 whole­
sale dealers in nine different lines, was materially better
than in the corresponding month a year ago, the percent­
age increases ranging from 7.2 in groceries to 55.3 in farm im­
plements. Compared with May, five lines reported increased
sales in June, sales of groceries, hardware, electrical supplies,
stationery and drugs were all greater in June than in May,
but decreases were reported in dry goods, furniture, shoes
and farm implements. The index number, computed from
reports of wholesale dealers in groceries, dry goods, hard­
ware and shoes, stands at 74.6 for June, compared with
75.8 for May, and with 65.8 for June 1924.
Sales of groceries in June by 39 wholesale
firms aggregated 1.3 per cent more than in May
and were 7.2 per cent greater than in June last year. Sales
were smaller than in May at Atlanta, Meridian and Vicksburg,
but greater than in May at Jacksonville, New Orleans,
and Other Cities. Decreases compared with June 1924
were reported from Atlanta and Meridian, but increases
from the other points shown in tlie table. Some of the
reports indicate advances in prices of canned goods. Col­
lections during June were'(reported good by 10 firms, fair
by 10, and poor byp. Percentage comparisons of sales are
shown in the following table:

A tla n ta (7 firm s)....... ......... .........
C h a tta n o o g a (3 f irm s ).- - .............
N ash v ille )3 firm s)_____ ____ —27.6
O th e r C ities (6 f ir m s ) - - ...............
DISTRIOT(19 firm s)__________

Electrical
Increased sales of electrical supplies are indiSupplies
cated in reports for June by 10 wholesale
dealers, compared with both May 1925, and June 1924. June
sales at New Orleans were smaller than during June last
year, but at Atlanta and Other Cities large increases are
shown. Collections during June were reported good by
2 firms, fair by 3, and poor by 1. Percentage comparisons
of sales follow:

Groceries

A tla n ta (5 firm s )...........................
Ja c k so n v ille (4 firm s)— ....... —M e rid ian (3 firm s)_____________
New O rlean s (8 firm s )-------------V ick sb u rg (4 firm s)___________
O th e r C ities (15 firm s)------------DISTRICT (39 firm s)___ ______

J u n e 1925 com pared w ith :
May 1925
J u n e 1924
—2.5
—8.3
+5.4
*31.8
—6.0
—3.4
*3.6
+5.2
—7.5
+2.3
+2.8
+3.4
+1.3
+7.2

June sales by 27 wholesale dry goods firms
were seasonally lower than for May, but were
14.2 per cent greater than for June a year ago. The low
point for the summer is usually reached in June. The in­
dex number of dry goods sales for June this year is 54.5,
compared with 48.9 for June 1924 and 56.8 for June of 1923
and 56.2 for June of 1922 and 1921. No material changes in
prices during the month were reported. Collections were
reported good by 9 firms, fair by 5, and poor by 2. Per­
centage comparisons of sales follows:

A tla n ta (3 firm s)____ ____ +19.5
N ew O rlean s (3 firm s)-------------O th er C ities (4 firm s)__________
D ISTRICT (10 firm s)....... .............

J u n e 1925 com pared w ith :
May 1925
J u n e 1924
—3.7
+4.5
—12.7
+51.5
—10.1
—3.8
-2 6 .7
+10.3
—15.0
+7.1
—3.8
+24.7
—11.1
+14.2

Hardware

June sales by 31 wholesale hardware firms
were 1.7 per cent greater than in May, and 12.2
per cent greater than in June last year. Increases over
May were reported from Chattanooga, Nashville and Other
Cities, but decreases were shown in aggregate figures for
Atlanta, Jacksonville and New Orleans. Chattanooga is
the only city in the table where a decrease is shown in com­
parison with June a year ago. Prices during the month
were fairly steady, some small increases being offset by
decreases. Collections were reported good by 5 firms, and
fair by 11. Percentage comparisons of sales are indicated
in the table:
A tla n ta (3 firm s )--------------------C h a tta n o o g a (3 firm s)------------J a c k so n v ille (3 firm s)____ _____
N ash v ille (3 firm s)----------------- New O rlean s (6 firm s)-------------O th er C ities (13 firm s)-------------D ISTRICT (31 firm s)----------------

Furniture

J u n e 1925 com pared w ith :
May 1925
J u n e 1924
—5.8
+24.5
+23.6
—3.5
—6.0
+2.1
+23.6
—1.4
+1.1
+3.4
+24.4
+1.7
+12.2

*2
2,9

June sales by 19 wholesale furniture dealers
were 1.4 per cent smaller, in the aggregate,
than for May, but were 36.9 per cent greater than for June
last year. Increases over May were shown in figures report­
ed from Atlanta and Chattanooga, but decreases more than
sufficient to offset them were reported from Nashville and
Other Cities. Prices exhibited no material change, ac­
cording to these reports. Collections were reported good
by 6 firms, fair by 7, and poor by 1. Percentage comparisons
of sales are shown in the following table:



J u n e 1925 com pared w ith :
May 1925
J u n e 1924
+39.9
+10.6
—2.4
+6.2
+31.9
+13.8
+26.3

The figures which follow show percentage changes in
sales in the other four lines, as three reports were not
received from any single city. Sales were larger than in
June 1924, in all four of these lines, and increases over May
this year were reported by stationery and drug firms.
Shoes (7 firm s).......................
S ta tio n e ry (4 firm s)...............
D ru g s (5 firm s)------------ —
F arm Im p lem en ts (6 firm s)-

Dry Goods

A tla n ta (4 f irm s)______________
J a c k so n v ille (3 firm s)-------------K nox v ille (3 firm s)____________
N ash v ille (3 firm s)____________
N ew O rlean s (4 firm s)-------------O th e r C itie s (10 firm s)_________
D ISTR IC T (27 firm s)----------------

J u n e 1925 com pared w ith :
May 1925
J u n e 1924
+8.8
+89.7
+11.4
*38.5
+43.1
—13.3
*8.1
—1.4
+36.9

J u n e 1925 com pared w ith :
May 1925
J u n e 1924
-19.6
+7.5
+4.8
+32.3
+0.4
+14.2
+55.3
-11.9

AGRICULTURE.
Cotton.
A report issued early in June by the United States De­
partment of Agriculture places the estimated area in cul­
tivation to cotton this year in the United States at 46,448,000
acres, compared with the revised estimate of the acreage
in cultivation a year ago of 42,641,000 acres, being an increase
of 3,807,000 acres, or 8.9 per cent. The condition of the
growing crop on June 25 this year was 75.9 per cent of nor­
mal, compared with 76.6 per cent on May 25, and with 71.2
per cent on June 25, 1924.
All of the six states in this district report increased
acreages over last year, ranging from an increase of 10 per
cent in Alabama to about 40 per cent in Florida, the smallest
cotton state in the district. The acreages of cotton in
these states on June 25 is indicated in the table:
A labam a—
F lo rid a ____
G eo rg ia___
L o u is ia n a - .
M ississippi T en n essee. .

1925
3.425,000
115.000
3,564.000
1.916.000
3,424.000
1,219,000

1924
3.114.000
82.000
3.099.000
1,666.000
3,057.000
1,016.000

79 per cent of normal, compared with 70 per cent at the same
time last year. In most of the State stands are good, weevils
are not numerous and there has been enough rain to keep
the plant growing and fruiting. In Florida early weather
was favorable for the crop, and with average weather
throughout the season a fcrop of about 22,000 bales is indica­
ted. A decline in condition since May was reportedinthedry
areas of the northern half of Georgia, and applies laregly
to the very small late cotton that came to a poor stand
under droughty conditions. In most of the southern
part of the state cotton has made splendid progress, al­
though weevils are becoming more numerous, particularly
in those sections where frequent showers have been re­
ceived. The acreage in Louisiana is 15 percent greater than
last year, a considerable increase in cotton being reported
from the sugar and rice belts. The condition on June 25
was 81 per cent of normal, compared with 78 per cent on
June 25, 1924. The condition is best in the southern and
southwestern sections of the state, the lower condition in
the northwest section being due to lack of moisture. The
Mississippi cotton acreage is 12 per cent greater than last

4

THE MONTHLY BUSINESS REVIEW

year, the condition on June 25 being 88 per cent of normal,
14 points higher than the ten-year average. With few ex­
ceptions the crop is reported well cultivated and free from
grass. Rainfall has been below normal over most of the
state, and weevil infestation is lighter than usual. The
Tennessee acreage is 20 per cent greater than last year,
the condition on June 25 was 85 per cent compared with
67 per cent at the same time last year, and very few weevils
are reported.
Other Crops.
There is reported an increase of 75 per cent in the
acreage planted to tobacco in Georgia this year over last.
The condition is slightly lower than at this time last year
due to irregular stands and lack of moisture,but June rains
have been very beneficial, and remarkable progress has
been made. The tobacco acreage in Tennessee is reported
as 135,000, compared with 125,000 acres in 1924, the condition
is 76 per cent, and estimated production 98,550,000 pounds.
The figures in the following table show the estimated
production of the crops named in this district, compared
with last year. These figures are for the district, and do
not include those parts of Tennessee, Mississippi and
Louisiana which are in other Federal Reserve Districts.
Sixth District (000 Omitted)
1925
199,452
5,780
16,701
2,563
129,910
9,871

C o m , b u s h e ls ........
W heat, b u sh e ls ___
O ats, b u sh e ls.........
H ay, to n s ________
T o b acco , p o u n d s P o ta to e s, b u sh e ls .

1924
176,332
4,112
12,728
2,927
110,326
12,661

Cotton Movement—6th District.
Bales.
R e ceip ts:
N ew O rle a n s________
M o b ile--------------------S av an n ah ___________
*A tla n ta _____________
A u g u sta................. ........
M ontgom ery_________
M acon— .............. ..........
S to ck s:
New O rle a n s -----------M o b ile______________
S a v a n n a h ----------------*A tla n ta -------------------A ugusta-------------------M ontgom ery_________
M acon.............................
V ic k sb u rg ---------- -----♦-R eport n o t received.

J u n e 1925
62,407
1,421
2,522
4,360
548
745

1,369
10,594
18~524
5,448
6,059
213

May 1925

59,734
11,509
41,373

115,408
1,550
16,661
19,419
26,647
6,423

81,818
1,437
32,859
8,864
13.952
6,510
2,926
1,149

6,699
2,024
1,576

1923
5,818,122

873,969
3,270,856

1,235,527
3,850,881

10,895

34,544

10,954,402
5,387,794

10,869,986

5,424,820
10,582,000

11,734,000

*-Of w h ic h 2,101,849 b y N o rth e rn s p in n e rs a g a in s t 1,633,260 la s t y ear a n d
4,265,717 b y S o u th e rn sp in n e rs a g a in s t 3,791,560 la s t year.

SUGAR.
The condition of sugar cane in Louisiana is reported
19 per cent higher than last year, being 88 per cent of normal
on July 1 compared with 69 per cent last year. The indi­
cated yield is about 15.85 short tons of sugar cane per acre,
or a total production of approximately 3,410,352 short tons
of cane on the acreage to be used for sugar, and a pros­
pective production for the State of about 239,300 short tons
of sugar. The season started out very dry, but rains dur­
ing June have benefitted the crop and it is progressing
rapidly.
Sugar Movement.
Raw Sugar (Pounds).



83,228,181
6,363,810

54,510.465
9,523,163

J u n e 1925
153,680,872
36,697,018
63,710,823
14,043,627

May 1925
145,815,583
36,765,681

J u n e 1924
178,679,118
48,393,463

63,964,682
9,558,912

47,289,863
3,433,539

RICE.
The area sown to rice in Louisiana in 1925 is estim ated
at 544,000, or about 10 per cent more than last year. The
condition of rice on July 1 was 85 per cent of normal, in ­
dicating a yield of about 33.15 bushels per acre, and a total
production of about 18,034,000 bushels for the State, com­
pared with 17,078,000 bushels last year. The low condition
is due to the drouth last year, and to the lack of sufficient
rain during the present season.
Rough Rice (Sacks) Port of New Orleans.
R e c e ip ts ____________________
S h ip m e n ts__________________
S tocks................. ................... .

J u n e 1925
9,972
13,749
19,179

May 1925
6,338
8,348
22,956

J u n e 1924
740
1,711
34,188

Clean Rice (Pockets) Port of New Orleans.
R e c e ip ts _____________ _______
S h ip m e n ts_____________ _____
S tock-______________________

A ssociation M ills........... ...........
New O rle a n s M ills ___ ______
O u tsid e M ills______ _____ — -

8,202

1924
6,798,682

R e c e ip ts:
J u n e 1925
May 1925
New O rle a n s__________— 162,149,445 120,230,664
S a v a n n a h _____________— 43,356,015
16,890,946

148,085,423
41,848,988

Refined Sugar (Pounds).
S h ip m e n ts:
New O rle a n s____________
S a v a n n a h ___ ____________
S tocks:
New O rle a n s____________
S a v a n n a h _______________

J u n e 1924

Cotton Movement (Bales) United States.
Since August 1,1924.
1925
R e ceip ts a t IT. S. P o rts----------- 9,345,836
O v erlan d to N or. M ills a n d
C a n a d a --------------------------- 1,218,880
Sou. M ills ta k in g s n e t ----------- 3,769,000
I n te rio r sto c k s i n excess of
th o se h e ld a t close of com’l
34,176
y e a r -------------------------------T o ta l m ovem ent of crop 330
14,367,892
d ays-------------------- ------ —
F o re ig n e x p o rts-------------------- 7,817,771
♦A m erican M ills N. & S. a n d
C a n a d a --------------------------- 6,367,566
A m erican C o tto n t h u s f a r ------ 13,585,000

153,585,151
31,039,788

17,717
38,849
119,068

34,214
117,128
140,200

14,133
34,646
97,703

Receipts of Rough Rice (Barrels).

62,799
3,938
6,901
5,345
6,241
106

646

M eltin g s:
New O rle a n s____________ 163,907,401
S a v a n n a h _______________ 45,682,748
S to ck s:
N ew O rle a n s ____________ 37,431,126
4,037,077
S a v a n n a h ___ _______ ____

J u n e 1924
90,811,909
28,691,839

S eason to
S easo n to
J u n e 1925 J u n e 30,1925 J u n e 30,1924
19,596
4,400,571
4,835,482
9,972
987,023
729,017
15,650
1,772,690
1,784,946
45,218

7,160,284

7,349,445

Distribution of Milled Rice (Pockets).
A ssociation M ills____________
New O rlean s M ills__________
O u tsid e M ills_______________

123,675
32,640
36,192

4,533,813
999,551
1,806,552

5,116,871
812,377
1,885,527

192,507

7,339,916

7,814,775

Stock on Hand.
A ssociation M ills.......................
New O rlean s M ills__________
O u tsid e M ills_____ __________

J u l y 1, 1925 J u n e 1, 1925 J u ly 1,1924
42,256
141,068
105,159
135,460

156,479

129.181

233,542

363,747

302.640

45,826

66,200

68,300

FINANCIAL.
Increased discounts, investments and deposits, and
decreased borrowing from the Federal Reserve Bank, com­
pared with a year ago, are indicated in reports received from
36 banks in selected cities of the sixth district. Savings
deposits at the end of June, reported by 93 banks, were 10.1
per cent greater than on the same date last year. Weekly
reports received from 36 member banks located in Atlanta,
New Orleans, Birmingham, Jacksonville, Nashville, Chat­
tanooga, Knoxville and Savannah indicate a volume of loans
and discounts nearly 59 million dollars higher on July 8
than on the corresponding report date last year, and their
holdings of United States Securities and of “Other Stocks
and Bonds’*were nearly 13J million dollars greater than at
that time. Demand deposits reported by these banks on
July 8 were nearly 55J million dollars greater than a year
ago. Principal items in the weekly condition report are
shown in the following table:
Member Banks in Selected Cities.
(000 Omitted.)
B ills D isc o u n te d :
S ecu red by Gov . O b lig a tio n ... $
S ecured by S to ck s a n d Bonds.
A ll O th e r s — ------- -----------------T o ta l D isc o u n ts---------------------U. S. S e c u ritie s----------------------------O th e r S tocks a n d B o n d s---------------T o ta l lo a n s , d is c o u n ts a n d in v e s t­
m e n ts ------------------------------------Tim e d e p o sits -------- ------- -------------D em and d e p o s i t -------------------------A ccom m odation a t F. R. B a n k -------

6,871
86,547
375,940
469,358
38,586
44,618

$ 7,903
87,043
375,988
470,934
37,540
43,937

$ 7,771
67,330
335,363
410,464
28,751
40,999

552,562
204,153
323,922
6,863

552,411
199,875
334,642
5,259

480,304
189,041
268,448
8,182

THE MONTHLY BUSINESS REVIEW
Total borrowing from the Federal Reserve Bank of
Atlanta, indicated in the weekly statement for July 15,
was $7,490,000 less than on the corresponding report date
last year, but holdings of acceptances and United States
securities amounted to $30,424,000 compared with $1,721,000
last year. Total earning assets were more than 21f millions
greater than a year ago, but reserves were about 17J millions
smaller. The ratio of reserves to deposit and note liabili­
ties on July 15 was 71.8, compared with 83.4 at the same
time last year. The statements which follow show (1)
principal items in the weekly statement of the Federal
Reserve Bank, (2) savings deposit statistics reported
monthly by 93 banks, and debits to individual accounts at
24 reporting cities in the district, with comparisons:
Federal Reserve Bank.
(000 Omitted.)
B ills D is c o u n te d :
S ecu red by G ovt. O b lig a tio n s—
A ll o t h e r s ---------------- -------------T o ta l D isc o u n t -.............. - ........
B ills b o u g h t i n o p e n m a rk e t---------U. S. S e c u ritie s---------- ------- ---------T o ta l e a rn in g assets................... ........
C ash Reserves-------- ----------..........—
T o ta l d e p o s i t ------------ -----------------F . R . N otes i n a c tu a l c ir c u la t io n - R eserve R a tio — --------------------------

J u ly
15,1925
$1,493
20,649
22,142
16,007
14,417
52,997
143,567
68,047
131,813
71.8

Ju n e
17,1925
$4,634
19,259
23,893
18,654
13,876
56,854
148,987
70,431
135,969
72 .2%

J u ly
16,1924
$2,778
26,854
29,632
1,293
428
31,353
161,152
56,999
136,211
83.4%

Savings Deposits.
(000 Omitted.)

C om pari­
C om pari­
son of
son of
Ju n e
May J u n e 1925 J u n e J u n e 1925
1925 May 1925 1924
-1924
$32,528
♦3.2
A tla n ta (7 b a n k s).......... $33,583$34,010 *-1.3
23,051
B irm in g h am (5 b a n k s ).
24,283
23,491
+3.4
+5.3
20,382 +26.1
J a c k so n v ille
b an k s)
25,71220,825 +23.5
19,770 +14.2
N a s h v ille (10b a n k s ) —
22,572
22,423
+0.7
New O rlean s (8 b a n k s ).
50,518
49,142
+2.8
+3.2
48,954
88.401 +10.8
O th e r C itie s f58 b an k s)
97,982
96,408
+1.6

(5

Total (93banks)____ $256,650 $246,299 +
♦10.1
4.2 $233,0
Debits to Individual Accounts
Sixth Federal Reserve District.
W Ended
eek
July 8,1925 June 10, 1925 July 9,1924
Albany._______________ $ 802,000$ 1,068,000 $ 795,000
Atlanta____ _______ ___ 33,233,00036,615,000 25,221,000
Augusta_____ _________ 4,910,000
5,809,000
4,571,000
Birmingham..-_________ 27,925,000 30,988,000 25,010,000
Brunswick_____________
837,000
941,000
673,000
Chattanooga....................... 9,834,000
9,377,000 7,988,000
Columbus._ ____ ______ 3,144,000
_
3,589,000 2,777,000
Dothan......—__________
618,000
802,000
454,000
195,000
249,000
158,000
Elberton— ________ ___
Jackson—_____________ 3,803,000
4,323,000
4,005,000
Jacksonville..... .................. 19,182,000 23,431,000 11,524,000
7,148,000
7,724,000
Knoxville—............. ........... 7,877,000
Macon..... ............. ....... ...... 5,325,000
5,034,000
4,146,000
Meridian........-................. - 3,506,000
3,654,000 2,907,000
Mobile_______________ - 6,832,000
7,967,000
5,275,000
Montgomery____________ 5,644,000
5,599,000
4,490,000
O
Nashville.......... ........... ...... 17,607,000 19,132,CO 15,708,000
Newnan_______________
532,000
404,000
379,000
New Orleans. —___ _____ 84,711,000 80,217,000 60,711,000
Pensacola___ __________ 1,922,000
2,239,000
1,387,000
Savannah...... .............. ...... 8,572,000 10,065,000 8,792,000
Tampa_ _____________ 16,460,000 19,366,000
_
7,186,000
Valdosta____ ___ ______ 1,103,000
1,314,000
990,000
Vicksburg___ __________ 2,110,000
1,832,000
1,780,000
Total__________ _____— $266,684,000 $281,163,000 $204,651,000
COMMERCIAL FAILURES.
Commercial failures in the United States in June accord­
ing to statistics compiled and published by R. G. Dun & Co.,
numbered 1,745, compared with 1,607 during June last year,
and liabilities were $36,701,496, compared with $34,099,031
a year ago. In the Sixth District there was a decrease in
the number of failures, but an increase in total liabilities,
compared with May 1925, and with June last year. The
table shows figures for the United States divided by Fed­
eral Reserve Districts:
D istric t
B o sto n ....... .......
New Y ork------P h ila d e lp h ia —
C le v e la n d ------R ic h m o n d -..
A tla n ta ---------C h icag o .......... St. L o u is--------M in n e a p o lis ...
K a n sa s C i t y - . .
D a lla s------------S an F ra n cisco ..
T o ta l............................—




N um ber
L ia b ilitie s
J u n e 1925 J u n e 1925 May 1925
$ 3,343,294 $2,563,135
200
4,560,093 8,959,077
320
70
2,373,659 1,108,264
5,512,039 4,496,342
149
116
2,196,548 5,752,331
2,099,949 1,418,655
73
7,112,848 2,896,011
229
883,277 1,369,633
86
89
3,342,444 1,371,418
1,342,887 1,956,286
109
536,229 1,956,651
44
3,398,229 3,178,749
260
1,745

J u n e 1924
$2,724,380
10,967,752
1,323,953
3,658,790
2,701,150
1,805,051
5,387,561
975,155
1,432,514
1,013,266
765,071
1,317,388

$36,701,496 $37,026,552 $34,099,031

5

IMPORTS AND EXPORTS.
Preliminary figures compiled and published by the De­
partment of Commerce indicate only a slight falling off in
the value of imports in June, compared with May, and an
increase of about 52 millions of dollars compared with June
last year. Exports in June were approximately 45 million
dollars less than in May, but were about 18 million dollars
greater than in June 1924. The preliminary figures for
June indicate that both imports and exports amounted to
$326,000,000; in June 1924 there was an excess of exports
over imports of nearly 33 million dollars. For the twelve
months ending with June there was an excess of exports
over imports of $1,042,681,497, compared with an excess of
$757,622,537 for the twelve months ending with June 1924.
Im p o rts:
1295
J u n e ................................................. $326,000,000
327,518,721
M ay_________ _________________
12 m o n th s e n d in g w ith J u n e ___3,824,972,847
E xperts:
J u n e ........... .............. ......... ............. $326,000,000
M ay______ ___________________
371,402,583
12 m o n th s e n d in g w ith J u n e —
4,867,654,344

1924
$274,000,688
..................
302,987,791
3,554,036,954
$306,989,006
335,098,701
4,311,659,491

New Orleans.
Merchandise was imported through the port of New
Orleans during the month of April to the value of $19,715,204
a total more than six million dollars smaller than in March.
This total for April has been exceeded only twice for the
same month in the past ten years. In April 1924 the total
was $579,662 larger, and in April 1920 the total was $11,116,478
greater than in the same month this year.
Increases over April 1924 were shown in both volume
and value of gasoline, molasses, sisal, newsprint paper,
mahogany and nitrate of soda, while decreases were shown
in burlap and bananas. Smaller quantities of coffee and
petroleum were imported, but the total value of these com­
modities exceeded figures for April 1924, while a larger quanity of sugar was imported than a year ago, but the total
value was smaller because of lower prices. The following
are principal articles imported in April:
Coffee, p o u n d s --------- ------------------S u g a r,p o u n d s___ ______ _________
B u rlap s, p o u n d s G aso lin e, g a llo n s ___ ____
P etro le u m , g a llo n s ........ —
M olasses, g a llo n s .................
B a n a n a s, b u n c h e s ..............
S isal, to n s ......... ......... ..........
N ew sp rin t p a p e r, p o u n d s .
M ahogany, f e e t........—........
N itr a te of S oda, to n s .........

V olum e
25,012,163
197,498,043
4,130,087
10.148.000
44,111,080
15,323,164
1,296,170
5,319
2,581,448
2.339.000
28,173

V alu e
$5,780,160
5,677,912
533,117
1,299,990
1,070,769
610,435
1,087,007
76,639
161,935
1,444,715

The value of imports during April of the last six years
is shown below for comparison:
A pril 1925............... $19,715,204
A p ril 1924------------ 20,294,866
A p ril 1923------------ 18,741,660

A pril 1922...... ..........$ 9,688,664
A p ril 1921................ 13,375,145
A p ril 1920................ 30,831,682

The total value of commodities exported through the
port of New Orleans during April 1925 was $39,630,991, only
about one million dollars less than in March. Some of the
principal items exported were:
S h o rt sta p le c o tto n , b a le s________
L ong sta p le c o tto n , b a le s ................
L in te rs, co tto n , p o u n d s........ ......... .
T obacco, p o u n d s________________
L a rd , p o u n d s_________ ______ ___
W heat flo u r, b a r re ls ....... ..................
G a s o lin e , g a llo n s (b u lk )--------------Illu m in a tin g O il, g a llo n s (b u lk )—
C y lin d er L u b ric a tin g O il, g a llo n s..
R o u g h Sou. P .n e b o ard s, M f t -------O ak boards, M f t — ______ _______

V olum e
69,597
34,940
5,420,077
8,628,431
3,444,983
203,554
23,657,156
11,823,774
1,757,252
11,970
7,857

V alu e
$9,814,953
4,606,005
434,245
1,860,821
625,838
1,683,284
3,497,854
706,321
524,156
668,887
546,831

Grain Exports.
Exports of grain through the port of New Orleans dur­
ing June 1925 amounted to 1,354,601 bushels, more than
double the figures for June last year. Increases for the
month were shown in wheat, corn and oats, but a decrease
in rye. During the twelve months ending with June total
exports of wheat and oats were greater than during the
previous year, but corn and rye were exported in smaller
quantities. Figures for the month, and for the year, are
shown below:
Season th r o u g h
,
J u n e 1925 J u n e 1924 J u n e 1925 J u n e 1924
W heat, b u sh e ls.-----------578,442
258,000 33,075,413 6 614 095
C o m , b u s h e ls ..............
602,423
292,664 3,365,872 5,264'745
O ats, b u sh e ls....... ..............
173,736
22,575 1,106,486
317*580
R ye, b u sh e ls.
0
51,428
94,285
333;056
T o ta l..................................... 1,354,601

624,667 37,642,056 12,529,476

THE MONTHLY BUSINESS REVIEW

6

B U IL D IN G .
B u ild in g p e r m its is s u e d a t tw e n ty c itie s i n t h e s ix th
d is tr ic t, r e a c h e d a n e w h ig h p o in t in J u n e . T h e a g g re g a te
v a lu e o f b u ild in g s f o r w h ic h p e r m its w e re is s u e d in J u n e
a t t h e s e t w e n t y c i t i e s i s $16,736,920, g r e a t e r b y $1,500,000 t h a n
in M ay, a n d a l ittle m o re t h a n d o u b le t h e v a lu e f o r J u n e
l a s t y e a r . S ix c i t i e s r e p o r t e d f i g u r e s s m a l l e r t h a n i n J u n e
a y e a r a g o , t h e re m a in d e r r e p o r tin g in c re a s e s , so m e o f
t h e m v e r y l a r g e . T h e f i g u r e r e p o r t e d f r o m M ia m i i s m o r e
t h a n f i v e t i m e s g r e a t e r t h a n f o r J u n e 1924, a n d s u b s t a n t i a l
i n c r e a s e s w e r e a l s o r e p o r t e d f r o m M ia m i B e a c h , L a k e l a n d ,
T a m p a , B irm in g h a m a n d C h a tta n o o g a . T h e in d e x n u m b e r
f o r J u n e , b a s e d o n r e p o r t s f r o m 20 c i t i e s w h i c h h a v e b e e n
r e p o r t i n g f o r s ix y e a r s , i s 464.1, c o m p a r e d w i t h 422.4 f o r M a y ,
a n d w i t h 23 0 .8 f o r J u n e l a s t y e a r . D e t a i l e d f i g u r e s f o r t h e
r e p o r t i n g c itie s a r e s h o w n i n t h e fo llo w in g t a b le , a n d
in d e x n u m b e rs a re o n p a g e 8:
A labam a:
No.
A n n isto n __________ 18
B irm in g h am ________ 711
M o b ile_____________
58
M ontgom ery________ 82

J u n e 1925
J u n e 1924
V alue
No.
V alue
$ 7,650
31
$ 20,595
1,777,201 432
914,275
197,100
76
63,075
118,610
67
24,417

^ J a c k s o n v i l l e ____________
M iam i
........-........ - 371
O rlan d o ____________ 143
P e n sa c o la _____ _____
50
T am p a_________ 537
♦ L a k e la n d __________
107
61
*Miami .B e a c h ______

802,803
6,688,950
532,515
61,835
1,207,287
1,169,525
2,017,424

264
_—
119
47
320
65
7

417,841
1,078,460
425,827
25,000
268,122
149,635
920,550

PG
rc6nt&
s6
C hange in
V alue
—62.9
+94.4
+212.5
+385.8
+92.1
+520.2
+25.1
+147.3
*350.3
+681.6
+119.2

G e° A tla n ta ____ ____ 391
911,634 361
841,224
+8.4
A u g u s ta _______ ____ 117
205,620 134
98,973
+107.8
C o lu m b u s__________ 52
194,110 . . . -17,000 +1041.8
51,845
85
802,134
—93.5
M acon_______ ______ 173
S a v a n n a h __________
61
132,920
30
56,940
+133.4
L o u is ia n a :
+18.1
New O rle a n s_______ 228 1,198,295 258 1,014,850
A le x a n d ria _________ 86
98,874
47
165,414
—40.2
TPTITlGSSftG *

C h a tta n o o g a _______
J o h n s o n C ity -______
K n o x v ille__________
N a s h v ille __________

250
6
217
233

1,568,880 190
22,500
26
262,404 -----695,887 294

162,312
98,100
599,370
1,210,078

+866.6
-77.1
—56.2
—42.5

T o tal2 0 C ities_________ 3,784 $16,736,920 2,771 $8,323,117
In d ex N o---------------------- -----464.1 ---230.8
*-Not in c lu d e d in to ta ls or in d ex n u m b ers.

+101.1
----

LUM BER.
P re lim in a r y f ig u r e s f o r J u n e re c e iv e d b y t h e S o u th e r n
P i n e A s s o c i a t i o n u p t o t h e m i d d l e o f J u l y f r o m 131 s u b s c r i b ­
i n g m ills s h o w a v o lu m e o f p r o d u c t i o n d u r i n g J u n e o f
298,311,431, c o m p a r e d w i t h a n o r m a l p r o d u c t i o n b y t h e s e
s a m e m i l l s o f 304,018,752 f e e t . S h i p m e n t s d u r i n g J u n e w e r e
s lig h tly i n e x c e ss o f a c t u a l p r o d u c tio n , a n d o r d e r s re c e iv e d
b y t h e s e m i l l s a m o u n t e d t o 288,601,425, a n d w e r e 9,710,006
b e lo w a c t u a l p r o d u c t i o n . S to c k s o n h a n d a t t h e e n d o f
J u n e r e p o r t e d b y t h e s e m i ll s a m o u n t e d t o 793,338,377 f e e t ,
n e a r l y 38 m i l l i o n f e e t b e l o w n o r m a l . P r i c e s a r e r e p o r t e d
firm , a l t h o u g h t h e r e h a s b e e n n o g e n e r a l a d v a n c e . B u y e rs
a r e r e p o r te d to b e p la c in g o r d e rs f o r im m e d ia te r e q u ir e ­
m e n t s b u t a r e n o t p la c in g a n y f o r l a t e r d e liv e ry . T h e
w e e k ly s t a te m e n t o f o p e r a tin g tim e is s u e d b y t h e S o u th e r n
P i n e A s s o c i a t i o n i n d i c a t e s t h a t d u r i n g t h e f iv e w e e k s e n d e d
J u l y 10 o u t o f a n a v e r a g e o f 52 m il ls w h i c h o p e r a t e d f u l l
t i m e , a n a v e r a g e o f 9 o p e r a t e d |; d o u b l e s h i f t s , a n d i n
a d d i t i o n , a n a v e r a g e o f 5 o t h e r m ills o p e r a t e d a n a v e r a g e
o f 21 h o u r s o v e r t i m e . P r e l i m i n a r y f i g u r e s a r e s h o w n b e ­
lo w :
J u n e 1925
May 1925
J u n e 1924
(131 m ills) (147 m ills) (143 m ills)
O rders
___________ 288,601,425 346,077,382 286,779,846
Shipm ents"
___________
299,541,501 355,608,946 286,502,439
P ro d u c tio n
___________
298,311,431 356,279,077 301,302,116
N o rm a lp ro d u c tio n th e s e M ills 304,018,752 353,134,121 344,158,842
qtn o k s en d of m o n th ________ 793,338,377 861,001,213 838,771,980
N orm al sto c k s th ese M ills____ 831,333,544 915,591,014 908,937,169
U n fille d orders en d of m o n th . 206,143,888 218,919,162 184,091,553
C O T T O N C O N S U M P T I O N — J U N E 1925.
U n ite d S ta te s C e n su s B u re a u .
U n ite d S ta te s .
P n tto n C onsum ed:
J u n e 1925
May 1925
J u n e 1924
___________
493,765
531,471
350,021
L in t
L in te r s :'.:^ -_____________
60,577
61,187
40,016
Tn C onsum ing E sta b lish m e n ts:
L in t
______________
1,123,813
1,348,304
949,647
L in te r s .:” : ______________
146,673
154,632
110,816
I n P u b lic S torage a n d a t ComL ir itSeS*
_____________
L in te r s :::::______ _______




759,945

1,134,920

882,204

35,17 3

45.255

69,742

E x p o rts_____________________
Im p o rts_____________________
Active S p in d le s .— __________

217,786
19,957
32,309,896

330,697
14,219
33,147,632

230,979
13,641
29,219,484

Cotton Growing States.
C o tto n Consum ed___________
337,651
I n C o n su m in g E sta b lish m e n ts
597,862
I n P u b lic S to ra g e a n d atC om presses__________ ______536,519
Active S p in d le s_____________
16,757,892

358,986
733,575

237,240
490,838

864,268
16,872,364

749,202
15,593,242

MANUFACTURING.
Cotton Cloth.
Reports were made to the Federal Reserve Bank for
June by mills which manufactured 25,780,000 yards of cloth,
an output smaller than in May by 13.1 per cent, but 7.1 per
cent greater than in June 1924. Further decreases were
also shown in shipments, orders booked and orders on
hand at the end of the month, compared with May, while
all of these items showed increases compared with June a
year ago. Stocks on hand at the end of June were slightly
larger than a month ago, but were 28.9 per cent smaller
than at the same time last year. The mills report figures
indicating that they have orders on hand which will keep
them operating on an average of about 6 weeks. Contin­
ued light demand and narrow margin of profit are indicated
in the reports. Percentage comparisons of reported
figures are shown in the following table:
P ro d u c tio n .................... ................ ......
S h ip m en ts_______ ____ ____________
O rdersB ooked----- ------------------------U n fille d O rd ers__________ ________
S tocks on H a n d . ___ ____________
N um ber o n p a y r o ll_______________

J u n e 1925 com pared w ith :
May 1925
J u n e 1924
—13.1
—3.1
—12.5
—18.6
+1.7
—2 .3

+7.1
+21.7
+40.6
+6.0
—28.9
+4.4

Cotton Yarn.
Further decline in production is also reported by yarn
mills which during June manufactured 6,381,000 pounds of
yarn. June output was 6.1 per cent smaller than in May,
but was 36.2 per cent greater than in June 1924. The volume
of orders booked by these mills in June was 6.5 per cent
larger than in May, but shipments and stocks were smaller.
Compared with June last year, all of these items showed
increases excepting stocks on hand. The mills had orders
on hand which will keep them operating on an average of
7 i weeks. Demand is reported to be dull, and prices being
offered do not afford any profit for the mills, according to
some of the reports. Percentage comparisons of reported
figures are shown below:
P ro d u c tio n ___ ______ ___________
S h ip m en ts_______________________
O rdersbooked____________________
U n fille d O rders__________________
S to c k s o n h a n d ______ ____________
N um ber o n p a y r o l l ................. .........

J u n e 1925 com pared w ith :
May 1925
J u n e 1924
—6.1
—8.9
+6.5
—14.5
—4.3
—3 .4

+36.2
+34.5
+79.4
+24.4
—13.1
+15.2

Overalls.
Production increased 3.8 per cent over May as shown in
reports for June from overall manufacturers. Stocks on
hand were reported 28.6 per cent greater than at the end
of May, but orders booked, and unfilled orders were report­
ed considerably smaller than for May. Compared with June
last year, production, stocks and orders for June this year
showed substantial increases, but unfilled orders showed
a decrease. Reports indicate that the demand is showing
improvement in July. Percentage comparisons of reported
figures are shown below:
O veralls m a n u fa c tu re d ___________
O veralls o n h a n d -------------------------O rd ersb o o k ed ___________________
U n fille d o rd e rs---------------------------N um ber o n p a y r o ll-----------------------

J u n e 1925 com pared w ith :
May 1925
J u n e 1924
+3.8
+28.6
—12.5
—40.0
—2 .8

+107.7
+68.4
+16.7
—25.0
+15.7

Brick.
Figures reported for June indicate small increases in
production of brick compared with May, and with June a
year ago. Stocks on hand showed decreases compared
with both of those months. Orders booked, and unfilled
orders were smaller than for May, but larger than for June
last year. Percentage comparisons follow:

7

THE MONTHLY BUSINESS REVIEW
B rick m a n u fa c tu re d ______________
B rick o n h a n d -------------- ------ --------O rders b o o k ed .___ _______________
U n fille d ord ers___ _______________
N um ber o n p a y r o ll-----------------------

J u n e 1925 com pared w ith :
Mayl925
J u n e 1924
+2.9
+4.6
—15.5
—12.5
—13.6
+27.0
—1.2
+98.2
+7.4
+50.0

HOSIERY.
Production of hosiery in this district was somewhat
smaller in June than in May. The figures shown below,
reported to the Census Bureau by 33 identical establish­
ments in this district, show smaller output, orders booked,
and unfilled orders on hand at the end of June, but an in­
crease over May in shipments. Cancellations weie some­
what larger, and stocks on hand also showed an increase.
P ro d u c tio n — ___________________
S h ip m en ts______ _________________
S to ck s o n h a n d _____ ________ ____
O rders b o o k ed____ _______________
C a n c e lla tio n s -----------------------------U n fille d o rd ers.__________________

(Dozen P airs)
J u n e 1925
May 1925
858,553
873,693
822,152
796,467
2,032,076
1,944,963
792,172
950,489
65,620
47,727
1,823,150
1,922.163

Coal.
Weekly statistics compiled and issued by the Geological
Survey, show that the production of bituminous coal in the
United States during the month of June was maintained
at a level well above eight million tons per week, slightly
higher than during May, and considerably higher than
during the corresponding weeks last year. For the week
ended July 4, however, because of the general observance
of Independence Day, production dropped to 7,381,000
tons, or a decrease of nearly 1,300,000 tons compared with
the preceding week. For the corresponding week in 1924,
however, the output was only 5,738,000 tons. The produc­
tion for the year 1925 through July 4 has amounted to
239,170,000 tons, against 235,685,000 tons produced in the
corresponding period last year. Following are weekly
figures for the United States compared with 1924,'and also
current figures for Alabama and Tennessee:
Week E n d ed
J u n e 6----------------- --------------------- J u n e 13---------------------------------------J u n e 20----------------------------------------J u n e 27---------------------------------------J u ly 4 ------------------------------------------

1925
8,375.000
8,622,000
8,402,000
8,671,000
7,381,000

1924
7,373,000
7,152,000
7,202,000
7,371,000
5,738,000

Week E n d ed
J u n e 6,1925---------------------------------J u n e 13— ------------------------------------J u n e 20---------------------------------------J u n e 27----------------------------------------

A labam a
340,000
334,000
347,000
359,000

T ennessee
89,000
99,000
101,000
101,000

A recent statement by the Geological Survey indicates
that stocks of bituminous coal in the hands of consumers
have been constantly decreasing since January of last year.
At that time stocks were estimated at 62,000,000 tons, and by
June 1 this year supplies had declined to 38,000,000, a de­
crease of more than sixty per cent. Stocks on June 1, 1924
were 51,000,000 tons, and on June 1, 1923, 42,000,000 tons.
IRON.
Further lowering of production and a net loss in the
number of active furnaces are indicated in statistics for
June compiled and published by the Iron Age. The produc­
tion of pig iron for the 30 days of June amounted to 2,673,457
tons, a decline of 257,350 tons compared with the preceding
month and lower than production in any month since
November last year. June output this year was, how­
ever, 647,236 tons greater than in the corresponding month
last year. Our index number for pig iron production for
June stands at 104.9, compared with 115 for May, and with
79.5 for June a year ago. The daily average output in June




was 89,115 tons, compared with 94,542 tons in May, and with
67,541 tons in June 1924. There were 10 furnaces blown out
or banked and 3 blown in, making a net loss of 7 furnaces
in active operation on July 1, and bringing the number of
active furnaces to 189. The production during the first
half of the year totaled 19,011,948 tons, compared with
17,434,492 tons for the first half of 1924, and with 20,841,534
tons for the first half of 1923.
The production of iron in Alabama during June amount­
ed to 229,453 tons, smaller by 12,158 tons than in May, but
greater than in June a year ago. Our index number for
Alabama for June is 130.5, compared with 137.4 for May, and
with 124.9 for June 1924. No change in furnace activity
was reported, there being 24 furnaces active at the be­
ginning and at the end of the month. Reports from various
sources indicate that the price has declined, and the Iron
Age quotes the Birmingham range of prices at $18.50 to
$19.00. A few sales of iron for fourth quarter delivery have
been made, but some of the furnace interests are reported
as unwilling to sell into the fourth quarter at present
prices.
Unfilled Orders—U. S. Steel Corporation.
Unfilled orders on the books of the United States Steel
Corporation at the end of June totaled 3,710,458 tons, a de­
cline of 339,342 tons compared with the end of May. This
was the fourth consecutive decrease in tonnage and
brought the total to the lowest point since last October.
NAVAL STORES.
Receipts of both turpentine and rosin at the three prin­
cipal markets of this district showed further increases in
June over the preceding months, and were larger than in
the corresponding month last year. Turpentine receipts
were, in fact, larger in June this year than in June of any
other year since 1917, according to statistics compiled and
published by the Naval Stores Review, and rosin receipts
in June, 1925 were larger than for the same month in any of
the preceding ten years. Stocks of turpentine at the end
of June were larger than at the end of May and at the end
of June 1924; stocks of rosin, while larger than a month ago,
were about 30,000 barrels smaller than at the same time
last yean Prices of turpentine have averaged a little lower
during June than in May, the average reported by the Tur­
pentine and Rosin Producers* Association for June being
92 cents per gallon, while the average price of the different
grades of rosin during June was $9.42^, compared with
$9.30 in May. These prices show substantial improvement
over the average of 77 5 /8 cents for turpentine, and $4.82J
for rosin which prevailed in June 1924. Receipts and stocks
at the three principal naval stores markets are shown in
the following table, with comparisons:
J u n e 1925

May 1925

J u n e 1924

21,368
14,961
5,817

16,083
13,222
5,074

18,063
16,114
5,443

T o ta l__________

42,146

34,379

39,620

R eceip ts—R o s in :
S av an n ah _________
Ja c k so n v ille _______
P en sa co la_________

61,148
47,985
17,489

49,622
41,727
15,075

48,321
48,245
13,522

126,622

106,424

110,088

8,454
19,343
7,605

7,605
15,034
4,122

9,525
17,828
5,146

35,402

26,761

32,499

95.994
93.994
21,071

72,315
73,300
16,355

80,447
112,136
48,525

211,059

161,970

241,108

R e ceip ts—T u r p e n tin e :
S av a n n a h _________
Ja c k so n v ille ---------P en sa c o la _________

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 n s a c o la ---------------T o ta l____________
S to ck s—R o sin :
S a v a n n a h ___________
J a c k so n v ille ________
P e n sa c o la ------- ---------

Total-.......... ........

THE MONTHLY BUSINESS REVIEW

8

MONTHLY INDEX NUMBERS.
The following index numbers, except where indicated otherwise, are computed by the Federal Reserve Bank of
Atlanta, and are based upon average figures for 1919. That is, average monthly figures for the year 1919 are repre­
sented by 100, and the current monthly index numbers show the relation of activity in these lines to that prevailing
in 1919.
RETAIL TRADE 6TH DISTRICT

April

May

June

April

May

June

(Department Stores.)

1925

1925

1925

1924

1924

1924

A tlan ta___ _ _____ _______ ___ _
Birmingham. ______
___ _ ___
Chattanooga._ __ _ _____ ______
Jackson _____ _ ____
__ _._
Nashville _ _______ ______ __ __
New Orleans._ ___ _ ____ ______
Savannah__ _ __ _________ ___
Other Cities. ____ ___ __ ________
District___ _ _________________

125.6
128.2
91.9
108.8
94.7
118.8
75.1
100.9
111.5

140.2
131.8
87.6
110.2
102.9
108.0
76.5
94.8
110.7

109.9
121.8
95.4
107.9
83.6
103.6
72.1
90.7
100.7

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

135
117

128
94

126
101

132
114

126
90

120
89

264
159
177
195
107
210
134

254
163
147
191
96
195
143

257
167
151
187
99
184
134

209
145
178
178
88
208
130

212
150
150
174
82
189
143

196
143
146
162
75
176
131

RETAIL TRADE U. S. (1)
Department Stores__ ,__ _____
Mail Order H o u s e s . _________
Chain Stores:
Grocery. __ ________ _
Drug______ ____________ _
Shoe _ __ _____ _____r ____
5 & 10 Cent________________
_ _ _ ___ _
Music____
Candy.
___ _ ______ _
Cigar____ _ _ _ _____ _ _
WHOLESALE TRADE 6TH DISTRICT
Groceries. ____
____ ,___
Dry G oods___ _ _ ___ _____
Hardware___ _ _ _ _ _ _ _ _ _ _ _
Shoes_ ________ _ ___s__
Total_________________________

84.4
70.2
91.5
56.0
80.2

81.8
61.3
84.0
59.7
75.8

83.0
54.5
86.6
43.3
74.6

84.1
64.378.7
60.5
76.8

81.5
54.1
74.6
49.3
72.1

75.8
49.8
71.3
38.5
65.8

WHOLESALE PRICES U. S. (2)
Farm Products.
___ _______
Foods___
__ ___ ___ _____
Cloths and Clothing____________
Fuel and Lighting.__ ______ ____
Metals and Metal Products______
Building Materials,_ __________
_
Chemicals and Drugs _
_ _ ____
,_
House Furnishings __________ _
Miscellaneous______ _________
All Commodities_____ _ ______

153.0
154.0
189.9
169.0
128.7
174.4
133.6
170.5
128.8
156.2

151.9
153.2
188.4
168.2
127.2
173.6
133.1
170.5
131.3
155.2

155.4
155.3
188.2
172.6
126.1
170.7
132.8
169.9
137.8
157.4

138.5
137.1
189.1
178.6
138.7
181.6
128.4
174.7
112.9
148.4

136.4
136.6
186.8
177.3
134.5
180.3
127.3
172.5
112.3
146.9

134.0
135.6
187.2
174.7
132.2
172.7
126.6
171.8
111.1
144.6

BUILDING PERMITS 6TH DISTRICT
Atlanta^ _
______
Birmingham_ _____ _ _ _ _ _ _
Jacksonville
_____
_ _
Nashville,_ __
_____
New Orleans___ ________ ___
Other Cities^ __ ___v____ __
District (20 Cities)_______ _

98.2
534.7
218.8
535.0
330.1
402.3
323.8

149.3
539.8
242.1
326.9
274.1
649.9
422.4

104.7
543.4
268.4
367.6
273.0
765.9
464.1

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

COTTON CONSUMED:
United States__________ _ _
Cotton-Growing States.______ _
All Other States______ _ ___ _
Cotton Exports,, ___ _
___

111.6
135.3
83.6
85.9

99.3
121.6
73.0
60.2

92.3
114.4
66.0
39.6

89.7
110.8
64.7
58.3

77.3
98.2
52.3
59.4

65.5
83.3
43.5
42.0

PIG IRON PRODUCTION:
United States_____________ . . .
Alabama. ____________ ________

127.9
162.3

115.0
137.4

104.9
130.5

126.9
131.1

102.6
141.8

79.5
124.9

74.2

67.6

61.9

70.2

60.5

54.4

UNFILLED ORDERS—U. S. STEEL
CORPORATION_______ ^______
(1) Compiled by Federal Reserve
Board.
(2) Compiled by Bureau of Labor
Statistics. (1913—100.)