The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE MONTHLY B usiness R eview C o v e r in g B u s in e s s a n d A g r ic u l tu r a l C o n d itio n s in th e S i x t h F e d e r a l R e s e r v e D i s t r i c t . F E D E R A L R E S E R V E B A N K O F A T L A N T A JOS. A. McCORD, Chairman of the Board and Federal Reserve Agent WARD ALBERTSON, Assistant Federal Reserve Agent VOL. 9 ATLANTA, GA., MARCH 29, 1924 No. 3 BUSINESS CONDITIONS IN THE UNITED STATES Prepared by the Federal Reserve Board Employment at industrial establishments increased in February and the output of basic commodities was slightly larger. Distribution, both at wholesale and retail continued large; wholesale prices were somewhat higher; and there was a further increase in the volume of borrowing for commercial purposes. Production The Federal Reserve Board's Index of production in basic industries, adjusted to allow for length of month and other seasonal variation, increased less than one per cent in February. Production of pig iron, steel ingots, and flour increased, while mill consumption of cotton and production of cement and lumber declined. Factory employment advanced one per cent in February, following successive decreases during the three preceding months. Increases in working forces were reported by most industries and were particularly large at iron and steel plants, automobile factories and textile finishing establishments. Fuller employment through reduction of part time work is indicated by an increase of over 5 per cent in average weekly earnings. Building activity was slightly less than in January, though contracts awarded were seven per cent larger than a year ago. Trade Railroad shipments in February were in greater daily volume than in January and car loadings of practically all important commodities were larger than a year ago. The daily average volume of wholesale business in creased about five per cent in February but was slightly smaller than a year ago. Sales of meat, dry goods, and hardware were larger than in February 1923, while sales of shoes were smaller. Department store sales in Febru ary averaged about the same daily volume as in January and about 8 per cent more than a year ago, while merchandise stocks at these stores at the end of the month were six per cent above last years level. Business of mail order houses and chain stores also showed increased activity in comparison with January. Prices Wholesale prices, as measured by the index of the Bureau of Labor Statistics, advanced slightly in February. Prices of fuel, metals, and building materials increased, while prices of farm products, clothing, and chemicals declined. During the first two weeks in March price declines occurred in wheat, cotton, silk, hides, and rubber, and price advances in hogs, copper and crude petroleum. Bank Credit The volume of borrowing for commercial purposes at member banks in leading cities in the early part of March continued the increase which began in the latter part of January, and on March 12 total loans of the reporting banks were higher than at any time since the seasonal peak at the turn of the year, and about $275,000,000 higher than a year ago. At the Federal Reserve Banks during the four week period ending March 19, a further decline in the volume of discounts for member banks and of acceptances was offset by an increase in the holdings of United States Securities, so that total earning assets were at about the same level as in February. Federal Reserve Note Circulation continued to decline, while the total money in circulation increased. Easier money conditions were reflected in a slight decline in rates for commercial ppaer to 4% per cent and also in lower rates for bankers acceptances and reduced yields on treasury certificates. The March offering of $400,000,000 of one year treasury certificates bearing interest at 4 per cent as compared with 4% per cent on a similar issue sold in December, was over subscribed. THE MONTHLY BUSINESS REVIEW 2 W H OLESALE P R IC E S PERCENT JW PtR.CE.MT 300 cUU 200 t•U nr* VJ ’00 o o 1919 ' 1920 1921 1922 1923 192** Index of 22 basic commodities corrected for seasonal Index of U. S. Bureau of Labor Statistics. (1913=100 variation. (1919=100) Latest figure February 121 Base adopted by Bureau) Latest figure February 152 Index for 33 manufacturing industries. (1919=100) Latest figure February 99. Weekly figures for 12 Federal Reserve Banks. Latest figure March 19. SIXTH DISTRICT SUMMARY for the approaching season are considerably behind for this time of the year. The wet weather has also con tinued to adversely affect to some extent the volume of wholesale and retail trade, while conditions in the cotton manufacturing industry are still more or less unfavorable because of the irregular market for raw cotton and the lagging demand for cotton products. Aside from the effects which bad weather conditions and the irregular cotton market have had during the past month or two, the general situation in this district continues on a satisfactory basis. Rains during the past month have continued to interfere with farm and in most of the district preparations operations, THE MONTHLY BUSINESS REVIEW Taking seasonal factors into consideration, however, and the fact that February was a short month, business statistics for the month show favorable comparisons in a majority of instances. Retail trade is always smaller in volume in February than in January, but figures for February 1924 show sales in this district more than seven per cent greater than in the same month last year. Of the nine lines of wholesale trade reporting to the Federal Reserve Bank, five lines showed increased sales in February compared with Jan uary, while six lines reported sales larger than in Feb ruary a year ago. Month to month comparisons are more than likely to reflect seasonal influences to a considerable extent, but increases in the volume of sales over the same month a year ago reflect funda mental improvement or changes in the level of prices, and in this instance wholesale prices, according to the United States Bureau of Labor Statistics, are now lower than they were at this time last year. Building permits continue to reflect a large program of construction, and the index number for twenty cities in this district for February stands at 236.9, compared with 224.3 for February last year. The employment 3 situation continues fairly satisfactory, and there is very little unemployment reported throughout the district. RETAIL TRADE Sales during February by 43 reporting department stores in this district were on the whole 7.3 per cent greater than during the same month last year. De creases at Atlanta and Jackson were more than offset by increased sales in other reporting cities. Chatta nooga continues to report the most favorable compari son with the corresponding month last year. Stocks of merchandise on hand at the end of February in creased 12.9 per cent during the month, and were 12.2 per cent higher than at the close of February 1923. The rate of turnover, indicated by the relation of stocks to sales, was 2 2 times per year in February, compared with nearly 2.4 times per year in January.* The index number of sales for the district in Febru ary stands at 84.0, which is higher than February of 1923 or 1922, and is only very slightly lower than the figures of 86.4 for February 1921 and 86.6 for Febru ary 1920. CONDITION OF RETAIL TRADE—FEBRUARY Sixth Federal Reserve District A tlan ta (4) ................. Birm ingham (5) ....... Chattanooga (6) ....... Nashville (5) ........... New Orleans (5) ....... Savannah (3) ____ Other Cities (12)....... DISTRICT (43)......... P ercentage of Increase or Decrease (4) (3) (1) (2) Comparison of net sales with Percentage of average stocks Percentage of outstanding Stocks a t end of Feb. 1924 orders a t end of Feb. those of corresponing a t end of each m onth compared with 1924 to total purchases period last year from Ja n . to date (2 during calendar m onths) to average B year 1923 A A B m onthly sales Ja n . Feb. Feb< Ja n . 1 to over same 1924 1923 Feb. 29 period 4.7 554.5 + 17.8 —15.0 — 7.3 — 9.0 4.5 558.6 +24.3 +31.0 + 5.6 + 8.6 6.0 606.3 + 9.5 +37.5 +38.3 +36.2 X 597.9 + 19.5 — 3.8 + 6.8 + 10.7 7.8 546.5 + 4.9 + 6.7 + 4.8 + 5.1 8.6 516.1 +10.8 + 8.4 +10.7 + 4.5 8.0 667.6 +15.2 + 2.0 — 0.9 + 4.0 6.1 587.1 + 9.3 + 8.0 + 10.6 + 7.1 6.8 551.8 + 12.2 + 12.9 + 7.3 + 6.7 WHOLESALE TRADE The volume of wholesale trade in the district in Febru ary, on the whole, was larger than in January, although the index number of the aggregate sales in the four originally reporting lines was slightly smaller, due to declines in groceries and hardware. The largest decrease, compared with January, was shown by 32 wholesale hardware firms whose February sales were 9.6 per cent lower than in January. The increases over January shown in dry goods and electrical supplies were small, but shoes, furniture and farm implements reported more substantial gains. Compared with February 1923, six of these lines showed increased business ranging from 4.6 per cent in hard ware to 25.1 per cent in electrical supplies. The index number of total sales in four principal lines during February stood at 81.0 compared with 83.9 in January, and 78.0 in February last year. The number for February this year is higher than was attained in February during the past three years. A comparison of total sales, by lines, is shown in the following table: Groceries (40 firm s) ........ ..... Dry Goods (31 firm s) .............. H ardw are (32 firm s) .............. F urniture (21 firm s) .......... Electrical Supplies (10 firm s) Shoes (10 firm s) ...................... Stationery (4 firm s) .............. Drugs (6 firm s) .......... ....... ....... F arm Implements (7 firm s) .... Feb. 1924 compared w ith : Feb. 1928 Ja n . 1924 +11.5 — 2.1 — 6.1 + 1.3 + 4.6 — 9.6 +24.2 + 7.9 + 1.3 +25.1 +11.8 —12.8 — 8.7 — 1.8 — 6.2 + 14.7 +36.4 +11.8 Groceries Sales in February by 40 wholesale grocery firms were on the whole 2,1 per cent lower than in January, 4 THE MONTHLY BUSINESS REVIEW due to decreased volume of sales at Atlanta, Jackson sales by 29 of these reporting firms stands at 82-3 for ville and New Orleans. Compared with February 1923 February this year, compared with 90.3 for January, all cities showed increased sales, ranging from 4'.7 per and 74,2 for February last year. It is also higher than cent at New Orleans to 29.3 per cent at Meridian. The for February of 1922 or 1921. Reports indicate some index number for February, based on sales by 39 firms slight price recessions, but state that on the whole and related to monthly average sales in 1919, was 86.6 prices are firm. Collections are stated by many re compared with 88.7 in January, and with 81.5 for Febru porting firms to be good. ary last year. Comparisons of February sales by cities are indicated in the following table: Collections were reported good by 11 firms, fair by Feb. 1924 sales compared w ith : Ja n . 1924 Feb. 1923 11, and poor by 1. Conditions in the trade have not tlanta (3 firms) ............................... * —10.6 + 6.2 changed mtaerially during the month, small price ad A Chattanooga (3 firms) ....................... — 5.2 + 4.1 + 5.2 vances on some articles being accompanied by slight Jacksonville (3 firms) .................. ......... — 5.1 Montgomery (3 firms) ........................... —28.9 +10.1 declines on others. Percentage comparisons by cities Nashville (4 firms) ....................... ..... . + 17.5 + 3.9 —15.4 — 1.7 New Orleans (5 firms) ....................... are shown below: Other Cities (11 firms) ........................ —15.3 + 10.4 Feb. 1924 compared w ith : Ja n . 1924 Feb. 1923 A tlan ta (5 firm s) ................................. .......— 6.0 + 15.8 Jacksonville (4 firms) ........................... .......— 5.7 M eridian (3 firms) .................. ........................-f 5.7 New Orleans (10 firms) ........................ .......— 7.1 4* 4.7 Vicksburg .(4 firm s) ........................... .......+14.8 + 15.0 Other Cities (15 firms) ............. .................4* 0.9 4-11.4 DISTRICT (40 firms) ......................... .......— 2.1 +11.5 Dry Goods While the decline in the price of raw cotton, and the unfavorable weather, have interfered to some extent with sales of dry goods, a number of reporting firms state that they expect better business when spring weather arrives. February sales were slightly larger than in January, but five per cent lower than in Febru ary last year. The index number for February stood at 77.3, compared with 77.1 for January, and with 80.6 for February last year. It was higher than for February of either 1922 or 1921. The reports indicate that prices on some articles have declined to some extent because of the lower price /of raw cotton but on the whole they indicate that the market is in an unsettled condition with buying restricted, to a very large extent, to current and very near future re quirements. Collections in February were reported good by 2 firms, fair by' 17, and poor by 1. Comparisons of sales in February by reporting cities are shown below: A tlan ta (4 firms) ____ Jacksonville (4 firms) , Knoxville (3 firms) .... Nashville (3 firms) .... New Orleans (5 firms) , O ther Cities (12- firms) DISTRICT (31 firms) Feb. 1924 sales compared w ith : Feb. 1923 Ja n . 1924 — 7.9 —12.1 — 7.4 — 5.6 + 9.9 +18.0 —18.8 — 0.3 — 1.6 — 5.2 — 8.6 + 4.6 + 1.8 — 5.1 Hardware Due partly to unfavorable weather, which has pre vented farm work in most of the district to a great extent, sales by wholesale hardware fiwms during January and February have not been up to expecta tions. February sales were nearly ten per cent lower than in January, but almost five per cent higher than in February last year. The index number of harware DISTRICT (32 firms) ......................... — 9.6 + 4.6 Furniture February sales by 21 wholesale furniture firms in creased 24.2 per cent over January, and were nearly eight per cent higher than in February last year. These reports indicate that conditions in the trade have not changed materially during the month, most of them reporting prices as stationary, while two report advances on metal beds, and one or two others report slight declines on some articles. Most of the reports state that the outlook for spring business is gooct Comparisons of sales by reporting cities is shown below: Feb. 1924 sales compared w ith : Ja n . 1924 Feb. 1923 A tlanta (7 firms) .......... ......................... +34.5 • +21.3 Chattanooga (3 firms) ........................... +28.7 — 3.8 Nashville (3 firms) ........................... +20.6 — 1.8 +13.3 O ther Cities (8 firms) ............................... +16.4 DISTRICT (21 firms) ....................... +24.2 + 7.9 Electrical Supplies February sales of electrical supplies by 10 wholesale firms were a little higher than in January, and 25.1 per cent greater than in February 1923. The small increase over January is due to a larger volume of sales at Atlanta, as reports from New Orleans and from “Other Cities” showed declines. Increases over February last year were indicated in every report. The reports state that present, conditions are better than were expected, and that the outlook is satis factory. Collections are reported good by four firms and fair by six firms. Comparisons of February sales are indicated below: Feb. 1924 sales compared w ith : Ja n . 1924 Feb. 1923 + 7.0 +21.7 A tlanta (3 firms) .......................... . New Orleans (3 firms) ....................... — 8.8 4-18.6 O ther Cities (4 firms) ....................... — 0.7 4 3 8 .0 + 1.3 + 25.1 DISTRICT (10 firms) ....................... Shoes Sales during February by ten wholesale shoe firms were nearly twelve per cent larger than in January, and showed continued recovery from the low point reached in December. Current figures continue to run below last year, however, February showing a de- THE MONTHLY BUSINESS REVIEW crease of 12.8 per cent compared with February 1923. The index number for February shtands at 54.4, com pared with 48.6 in January, and while lower than the index number of 61.6 for February last year, was higher than February of 1922 or 1921. The reports state that no material changes have taken place during the month, and that prices are stationary. Sales com parisons are shown below: Feb. 1924 sales compared w ith : Ja n . 1924 Feb. 1923 A tlan ta (3 firms) ...................•........... +13.5 —20.9 Other Cities (7 firms) ........................... +11.1 — 8.5 DISTRICT (10 firms) ........ .................. +11.8 —12.8 Sales by four wholesale stationery firms were lower in February than in either the preceding month of the corresponding month a year ag<f. Drug sales were somewhat smaller than in January although nearly 15 per cent larger than in February 1923. Collections were reported to be disappointing, excepting one firm which reported its collections good. Farm implement sales during February were 36.4 per cent larger than in January and showed a favorable comparison with February last year. AGRICULTURE The freezing weather and the rains during the past month or two have interfered to a considerable extent with plowing and preparation of ground for planting, although in Florida and Louisiana farming operations for the coming season are well under way. Farm work is reported behind in Georgia, Alabama and Mississ ippi Reports from Florida indicate that the supply of farm labor is about eighty-seven per cent of the demand. The supply and need of farm labor in Florida has been complicated by conditions in the citrus belt where an unusual slump in seasonal demana for labor has occurred. Itinerant labor is drifting from the citrus belt to supply the needs of the staple farming section and the general result is that the actual need of growers is being met at a falling scale of wages. Farm land values, which have been dropping rather steadily since 1921 as a part of the adjustment to post war conditions, showed an average increase of about 14 per cent in Florida on January 1, 1924 compared with a year ago, although in Tennessee there was a decline of approximately 10 per cent during the same period. A recent statement by the Department of Agriculture states that Georgia is likely become a major tobacco state this year, as a result of the replacing of cotton with tobacco in large areas in south Georgia as a prin cipal money crop, accompanied by the construction of a number of new warehouses. The commercial acreage of white potatoes in Florida is estimated at 30,000, compared with 19,000 last year. A considerable part of the increased acreage this season is outside of the principal potato growing section. 5 The number of pecan trees of bearing in Florida has been increasing from ;ftear to year, and is now estimated at 138,000 as against 135,000 last year. Of the trees of bearing age this year, about 63 per cent, or 87,000, are improved varieties. It is estima ted that between eight and nine thousand threes were set out during the past season. COTTON MOVEMENT Sixth Federal Reserve D istrict (Bales Ja n . 1924 Feb. 1924 Receipts—P o rts : New Orleans ........... Mobile ....................... Savannah ................... Interior Towns: A tlanta ................... Augusta ................... Macon ....................... Montgomery ........... Vicksburg ................. Shipments—P o rts : New Orleans ......... Mobile .......... -•........... Savannah ................. Interior Tow ns: A tlanta ..................... Augusta ..................... Macion ...................... Montgomery ............. Vicksburg ................. Stocks—P o rts : New Orleans ........... Mobile ....................... Savanah ................... Interior Tow ns: A tlanta .......... ........... Augusta ................... Macon ....................... Montgomery ............. Vicksburg ................. F e b .1923 110,019 4,605 27,039 176,371 7,346 36,065 127,251 2,669 27,003 9,369 8,464 1,278 1,243 16,348 11,471 11,629 2,039 1,308 16,147 16,066 20,780 436 1,041 22,147 148,660 4,832 43,245 222,383 11,569 37,306 171,135 8,784 40,031 14,389 13,933 2,436 1,832 12,962 19,430 16,144 2^694 3,899 11,044 21,616 18,579 653 3,327 18,008 170,141 9,840 54,593 208,782 10,070 70,799 160,690 6,661 50,846 30,861 33,864 7,343 13,126 5,930 35,861 44,710 8,501 13,715 7,632 73,941 55,545 19,494 14,400 7,100 COTTON MOVEMENT (BALES) UNITED STATES Since August 1. 1924 1923 1922 1921 Receipts a t U. S. Ports.... 5,821,206 5,047,251 4,417,194 4,637,629 Overland to Nor. Mills and Cnaada ..................... 738,468 1,033,192 1,209,547 908,343 Southern Mills Takings 2,608,000 2,978,000 2,729,000 2,056,676 Interior Stocks in excess of those held a t close Com’l Year ............................... 409,483 394,848 143,902 735,348 Total movement of crop for 213 days ................. 9,577,157 9,453,291 8,499,643 8,337,996 Foreign exports ................. 4,196,522 3,536,150 American Mills N & S and Canada ....................... 4,360,795 5,240,961 ............... American Cotton thus fa r 7,771,000 8,800,000 8,835,000 Citrus Fruits The condition of orange and grapefruit trees is re ported to be good, but not up to last year's condition. Orange trees are reported at 91 per cent of normal, compared with 92 per cent at this time last year, and grapefruit trees are reported at 91 per cent of normal compared with 93 per cent at this time last year. Con dition of lime trees is higher than usual at this time, 90 per cent of normal, compared with 86 per cent last year. The bloom, for the citrus belt as a whole, is somewhat later than usual but is showing up fairly heavy wherever reported. Condition of pineapple plants is 90 per cent compared with 93 per cent a year ago. Figures compiled by Chase & Co. of Jacksonville, are shown below, indicating the car lot movement of fruits and vegetables from Florida for the season: THE MONTHLY BUSINESS REVIEW 6 Oranges 4.......... . G rapefruit ............... T angerines ......... ....... Total fcitrus fru its ............... Lettuce .............. ....... Vegetables ............... Tomatoes ................. Peppers ................... Cabbage ................... Pineapples ............... 1 Celery ....................... Straw berries ........... Total vegeables * Tangerines included Feb. 1924 4,281 * 2,635 118 Season through Feb. 1923Feb. 1924 Feb. 1923 4,118 19,101 17,787 2,148 11,576 10,472 0* 1,001 0* 7,034 6,266 163 507 443 480 1,120 795 77 101 988 160 1 9 1,673 1,225 214 438 4,679 3,707 w ith oranges. 31,678 1,642 2,198 1,750 614 1,786 2,972 385 11,356 28,259 2,040 1,096 1,079 229 323 5 1,789 550 7,111 SUGAR A l t h o u g h i n t e r r u p t e d b y r a i n s , p lo w i n g a n d p l a n t i n g o f s u g a r c a n e in L o u is ia n a h a s m a d e c o n s id e ra b le p r o g r e s s , a n d c o n d itio n s p r e s e n t a f a v o ra b le o u tlo o k w ith g o o d p r o s p e c ts f o r th e c o m in g se a s o n . In d ic a tio n s p o in t to a s o m e w h a t l a r g e r a c r e a g e in c a n e th i s y e a r th a n la s t. SUGAR MOVEMENT—FEBRUARY Raw Sugar—Pounds Feb. 1924 Ja n . 1924 Feb. 1923 Receips: New Orleans ....... 119,632,725 74,348,116 101,508,002 Savannah .... ............ 37,946,670 7,387,852 45,269,150 M eltings: New Orleans ......... 117,417,340 76,665,170 113,006,131 Savannah ................. 35,580,664 19,768,271 32,876,799 S tocks: New Orleans ........... 35,720,533 33,505,148 13,461,885 Savannah ............... 4,345,728 1,979,722 12,762,022 Refined Sugar—Pounds Feb. 1924 Ja n . 1924 Feb. 1923 S hipm ents: New Orleans ........... 113,679,273 80,156,199 132,267,383 Savannah ................. 26,211,615 20,582,013 32,695,917 S tocks: New Orleans ........... 57,625,779 59,959,765 23,764,801 Savannah ...^............. 9,098,038 1,338,664 5,351,676 RICE MOVEMENT—FEBRUARY Rough Rice (Sacks) P o rt of New Orleans Feb. 1924 Ja n . 1924 Feb. 1923 40,072 86,844 51,284 Receipts ...,....................................... Shipments ......................................... 53,206 73,093 43,961 Stocks ................ .............................. 34,897 48,031 64,249 Clean Rice (Pockets) P o rt of New Orleans Receipts ........................................... 192,560 234,866 203,795 Shipments .................................... . 203,225 228,712 308,663 Stocks .............................. j................. 181,276 191,940 175,180 Receipts of Rough Rice (Barrels) Season to L ast Season to Feb. 1924 Feb. 29, 1924 Feb. 28,1923 Association Mills ..................... 310,404 4,568,587 4,879,706 New Orleans Mills................... 40,072 656,309 1,017,647 Outside Mills ........................... 229,446 1,651,336 1,771,203 579,922 6,876,232 D istribution of Milled Rice (pockets) Association Mills ..................... 562,924 3,974,751 New Orleans Mills ................... 69,865 648,914 Outside Mills ................................... 293 1,469,623 7,668,556 4,110,454 1,151,178 1,278,245 926,545 6,084,288 6,539,877 Stock on Hand . . . March 1,1924 March 1,1923 Association Mills ............................... 1,056,585 1,262,517 New Orleans ....................................... 212,203 236,923 Outside Mills ................................... 411,585 539,700 1,680,373 2,039,140 F IN A N C IA L W e e k ly r e p o r t s m a d e t o t h e F e d e r a l R e s e r v e B a n k b y 3 9 m e m b e r b a n k s in s e l e c t e d c i t i e s o f t h e d i s t r i c t s h o w t h a t a n i n c r e a s e i n lo a n s o n s t o c k s a n d b o n d s , b e t w e e n F e b r u a ry 6 a n d M a rc h 5, w a s m o re th a n o ffs e t b y d e c lin e s in l o a n s b a s e d o n g o v e r n m e n t o b l i g a t i o n s a n d other miscellaneous loans, resulting in a net decline of nearly four millions of dollars. Holdings of United States securities and other stocks and bonds did not fluctuate materially, and the net result for the four weeks was a decline of $3,919,000 in the total loans, discounts and investments of these 39 member banks. Compared with figures for March 7, 1923, current figures show an increase of $20,194,000 in loans and discounts, and of $21,480,000 in total loans discounts and investments. Both demand and time deposits registered small increases over figures for February 6, and while time deposits were larger than at the same time las* year, demand deposits showed a decline. Ac commodation at the Federal Reserve Bank was a little larger than a month ago, and nearly four times the figures for March 1923, as indicated in the following tables: Member Banks in Selected Cities (000 Omitted March 5, 1924 Feb. 6 1924 M arch 7, 1923 Bills D iscounted: Secured by Gov’t Obligations.... .$ 8,838 66,499 251,682 $ 8,972 62,537 359,411 $ 7,395 61,971 337,459 427,019 39,387 39,396 430,920 38,457 40,344 406,825 40,559 36,938 505,802 178,252 282,038 509,721 176,144 281,888 484,322 166,048 286,632 23,256 20,169 6,106 Total loans, discounts and Accommodation a t Federal Reserve Bank .......... ............ The weekly statement of the Federal Reserve Bank of Atlanta on March 12 showed increases over figures a month earlier in loans secured by Government obligations of $2,722,000, and other bills, of $4,956,000, which, taken with a small increase in bills bought in the open market, resulted in a gain of $8,135,000 in the volume of bills on hand. Holdings of United States securities c^oubled during that period. Federal Reserve Notes in actual circulation increased $1,950,000 during this four weeks period. Comparison with figures for March 14 last year show that bills dis counted were considerably more than double the loans at that time, while holdings of govement securities are apreciably smaller. Note circulation is about $8,500,000 higher now than at this time last year. The following figures show comparisons of important items in the weekly statement of March 12, with figures of a month ago and the same time last year: Bills D iscounted: Federal Reserve Bank (000 Omitted) M arch 12, 1924 Feb. 13, 124 M arch 14,1923 Secured by Govt, obligations....^ 10,648 7,926 $ 2,001 All O ther ............................. 33,112 28,156 13.993 Total bills discounted............... Bills bought in open m arket....... 43,760 10,161 36,082 9,704 15.994 11,532 Total bills on hand............... . United S tates securities ........... Total earning assets............ ........ Cash reserves ............................... Total deposits ............................... P. R. Notes in actual circulation Reserve Ratio ............................... 53,921 5,360 59,281 133,225 63,106 132,888 68.0% 45,786 2,673 48,458 139,957 61,389 130,938 27,526 15,061 42,588 143,333 61,318 124,317 72.8% 77.2% Saving deposits for February, reported to the Federal Reserve Bank by 96 banks in the district, are shown in the following table: THE MONTHLY BUSINESS REVIEW A tlan ta (7 banks B irm ingham (5 b* Jacksonville (5 bs Nashville (11 ban' New Orleans (9 1 O ther Cities (59 SAVINGS DEPOSITS—FEBRUARY 1924 Comparison of Feb. 1924 Ja n . 1924 Feb. 1924-Jan. 1924 Feb. 1923 $ 30,912,057 $ 31,193,856 — 0.9 $ 29,075,260 21,404,472 21,404,797 — 0.0 19,893,350 19,314,539 19,568,971 + 1.8 17,460,471 16,024,114 16,254,793 + 1.4 13,584,288 46,616,144 49,742,910 4- 6.7 46,736,941 86,933,547 85,301,893 + 1.9 77,287,519 224,816,750 219,855,343 + 2.3 204,037,829 DEBITS TO INDIVIDUAL ACCOUNTS Sixth Federal Reserve D istrict Week Ended Mar. 12, 1924 Feb. 13,1924 Albany ........................... $ 859,000 $ 673,000 A tlan ta ...................... . 29,915,000 29,016,000 A ugusta ......................... 6,215,000 7,757,000 Birm ingham ................. 25,564,000 25,170,000 Brunswick ..................... 654,000 678,000 Chattanooga ................. 8,410,000 8,394,000 Columbus .............. ....... 2,534,000 2,596,000 Dothan ........................... 688,000 729,000 E lberton ......................... 205,000 238,000 Jackson ......................... 3,754,000 3,756,000 Jacksonville ................. 13,554,000 12,325,000 7,376,000 6,379,000 Knoxville ....................... Macon ........................... 4,484,000 4,459,000 2,501,000 2,348,000 Meridian ....................... Mobile ........................... 6,541,000 6,482,000 Montgomery ................. 5,337,000 5,182,000 Nashville ............................. 18,864 14,608,000 Newnan .......................... 390,000 402,000 New Orleans ............... 80,952,000 77,642,000 Pensacola ....................... 1,814,000 1,629,000 Savannah ....................... 8,407,000 9,430,000 Tampa ......................... 8,840,000 7,500,000 1,065,000 1,004,000 Valdosta ......................... Vicksburg ......................... 1,695,000 1,895,000 Mar. 14,1923 $ 1,700,000 31.245.000 9.482.000 23.272.000 621,000 8.838.000 3.735.000 615.000 304.000 3.181.000 13.056.000 6.728.000 5.201.000 2.506.000 6.452.000 5.605.000 16.335.000 558.000 70.192.000 1.512.000 10.310.000 7.614.000 1.174.000 1.951.000 Total ...............................$240,618,000 $232,187,000 $230,292,000 N um ber: Ja n . 1924 136 2,108 Feb. 1923 135 1,508 $ 2,452,051 51,272,508 $ 4,029,704 40,627,939 IMPORTS AND EXPORTS Preliminary figures compiled and published by the Department of Commerce show increased imports, but a decline in exports, in February compared with the preceding month, but both of these items are larger than for February of last year. February imports were larger than for any month since last May, and had been exceeded only six times during the last five years- Exports, on the other hand, were lower in February than in any of the five months immediately preceding. Comparison of Feb. 1924-1923 — 6.3 + 7.6 + 12.1 + 19.7 + 6.4 + 12.5 +10.2 Preliminary figures for February, and figures for January are shown below: COMMERCIAL FAILURES Figures compiled by R. G. Dun & Co. show that the number of commercial failures in the United States during February was somewhat smaller than in Janu ary, but a little larger than in February 1923, while the total of liabilities showed declines compared with both of those periods. In the sixth district failures were lower than either the preceding month or the corresponding month last year, both in number and in liabilities. Figures for February 1924, with comparison, are shown below: Feb. 1924 Sixth D istrict ........... 129 U nited States ........... 1,730 L iabilities: Sixth D istrict ........... $ 2,361,030 U nited States .......... . 35,942,037 7 1924-1923 •Im p o rts: February ............................................ $ 335,000,000 Jan u ary ......... ..................................... 295,550,706 E ight months ending with February ............................................... 2,334,800,383 E x p o rts: 367,000,000 February ............................................ Jan u ary ............................................... 395,170,129 E ight months ending w ith February ............................................. 2984,255,075 corrected 1922-1923 !& 303,412,419 329,253,664 2,326,005,148 306,957,419 335,416,506 2,663,548,111 New Orleans The value of merchandise imported through the port of New Orleans during January amounted to $15,699,616, an increase of two millions of dollars over Decem ber, and of more than three and a half millions over February last year. Coffee imports were slightly lower in volume and value than in February 1923, but sugar imported amounted to 59,613,928 pounds valued at $2,872,760, compared with 7,382,154 pounds valued at $225,339 imported in February last year. Creosote oil and mineral oil are among other items showing in creases, while burlaps, bananas, newsprint paper and molassQs were smaller in volume but larger in value than during that month. Mahogany showed in increase in volume but a decrease in value. Figures for Feb ruary for the last ten years are shown below, for comparison: February February February February February 1924.......... $15,699,616 1923.......... 12,007,709 1922.......... 10,221,268 1921........ .. 9,157,304 1920.......... 19,081,631 February F ebruary February February February 1919......... $ 1918......... 1917......... 1916....... .. 1915......... 6,568,004 6,256,358 9,395,425 6,493,557 4,163,288 Some of the principal articles of import during Feb ruary are as follows: Volume Coffee, lbs........................................... 40,045,203 Sugar lbs............................... .................... 59,613,928 Burlaps lbs................................ ......""Z ”! iM10!402 21,504 N itrate of Soda—tons............................. Gasoline gals.............................................. 11,172,000 Creosote oil gals........... .......................... 4,337,826 M ineral oil gals........................................ 48,122,900 Bananas bun............................................. 1,439,972 Value 5,297,234 2,872,760 1,443,969 1,154,962 878,218 778,341 739,155 508,467 Grain Exports The volume of grain exports from New Orleans con tinues to show decline compared with figures for the corresponding period last year, as indicated in the following figures for February, and for the season since July 1: Oats .... Barley ... Rye ...... Feb. 1924 145,100 1,160,042 18,215 Feb. 1923 903,546 1,701,776 66,990 1,323,357 2,826,597 ’’154,285 Feb. 29,1924 Feb. 28.1923 5,829,695 22,724,543 3,165,304 14,435,876 233,295 453,119 10,428 195j913 525.000 .9,424,207 38,148,966 THE MONTHLY BUSINESS REVIEW 8 BUILDING The statement which follows shows the number and value of permits issued at twenty cities in the sixth district during February. The aggregate value of February permits is $8,542,134, an increase of 5.6 per cent over figures for the corresponding month a year, and 13.3 per cent larger than for January 1923. Some of the cities reported noticeable increases, while in other instances large percentage decreases appear, especially in the case of Atlanta, Savannah, Chattanooga and Nashville. The decrease at Nashville, however, it should be stated, was due to unusually large total for February last year. The index number for February stands at 236.9, compared with 209.2 for January, and 224.3 for February 1923. BUILDING PERM ITS—FEBRUARY 1924 Sixth Federal Reserve D istrict 4 A lterations & Repairs No. Value A lab am a: A nniston ....................... . B irm ingham ................... Mobile ........................ Montgomery ................... F lo rid a: Jacksonville ................... Miami ......... ..................... Orlando ........................... Pensacola ...... ................ Tampa ............................. G eorgia: A tlan ta ........................... Augusta ........ ............. ...... Columbus .......................... Macon .............................. Savannah .......................... L ouisiana: New Orleans .................. A lexandria ...................... T ennessee: Chattanooga .................. . Johnson Citv _________ Knoxville ............................................... Total 20 Cities. 11 181 51 62 210 67 32 52 136 $ 4,415 93,256 20,240 22,601 65,089 49,110^ 33,636 18,811 27,063 17 421 31 8 $ 44,125 1,317,015 45,140 258,350 Total Feb. 1924 $ 48,540 1,410,271 65,380 280,951 T otal Feb. 1923 $ P ercentage of Increase or Decrease 37,850 567,360 65,750 35,784 + 28.2 + 148.6 — 0.6 +685.1 + 44.6 +546.5 + 84.9 +2489.2 + 38.4 83 257 115 4 169 1,095,950 1,302,790 163,055 322,000 263,482 1,161,039 1,351,900 196,690 340,811 290,545 803,113 209,100 106,353 13,163 209,902 88 8 89 15 5,596 7,440 21,208 11,810 14 11 78 39 136,918 62,650 58,746 83,800 1,017,473 142,514 70,090 79,954 97,610 2,007,558 77,012 89,459 89,459 238,025 45 29 224,060 6,972 156 18 625,700 46,220 849,750 52,192 680,725 75,727 116 1 117 104 1353 91,010 2,000 28,210 31,419 $762,935 23 17 113 61 1,635 151,300 30,440 453,090 298,955 $6,759,726 242,310 32,440 481,300 330,374 $8,542,134 654,295 36,625 647,965 1,510,887 $8,086,773 Feb. 1924 140 Mills 262,349,070 295,228,680 314,571,147 Ja n . 1924 138 Mills 374,834,418 354,985,536 323,999,406 Feb. 1923 138 Mills 349,693,622 324,873,650 301,957,332 331,783,339 796,123,698 916,435,193 342,794,448 784,376,734 936,099,169 350,214,930 830,672,460 954,879,389 237,932,574 290,779,800 455,096,789 LUMBER Production of Southern Pine Lumber has receded from about 93 per cent of normal in the second and third weeks of February to 88 per cent of normal during the last week of that month and the first week of March. Orders increased from 71 per cent of normal production for the week ended February 15, to 72 per cent the following week, then declined to 67 percent, and for the week ended March 7 recovered to. 70 per cent of normal production of reporting members of the Association. It was not to be expected that the heavy buying which characterized the opening weeks of the year would continue, but largely as a result of that buying ,shipments since that time have exceeded orders, and have ranged nearer to actual production. Weather conditions have interfered with production, and in some instances with shipments. The latest figures available, however, (for the week ended March 7) show that of 87 mills which reported their running time, 63 operated full time and 11 operated five days, and of the 63 which operated full time 5 operated double shifts, and 3 others operated overtime. Preliminary figures reported to the Southern Pine DigitizedAssociation for FRASER up to March 15, are shown below: New Buildings No. V alue Orders ................................... Shipments ........................... Production ........................... Norm al production these mills ............................. Stocks end of M onth......... Norm al stocks these mills Unfilled orders end of m onth .......... ................. — + — — — 49.3 85.1 10.6 10.6 59.0 + 24.8 — 81.1 — — — — + 63.0 11.4 25.7 78.1 5.6 COTTON CONSUMPTION Feb. 1924 Ja n . 1924 Cotton Consumed: L int ........................... 507,876 576,604 L inters ....................... 41,698 40,281 On H and in Consuming E stablishm ents: L in t ........................... 1,578,272 -1,633,332 L inters ....................... 123,099 120,034 In Public Storage and a t Compresses: L int ............................. 2,485,009 2,966,466 L inters ....................... 87,087 82,742 E x p o rts: L in t ........................... 469,871 538,990 L inters ....................... 12,275 7,263 Im ports ............................. 48,601 47,692 Active Spindles ............... 32,683,786 33,339,806 Cotton Growing S tates Feb. 1924 J|m . 1924 Cotton Consumed ........... 349,759 391,038 On H and in Consuming E stablishm ents ....... 944,007 1,004,743 In Public Storage and a t Compresses ............... 2,197,578 2,667,432 Active spindles ............... 16,269,204 16,346,206 Feb. 1923 566,805 47,296 2,020,900 157,533 2,803,304 45,052 354,732 4,925 66,329 35,304,423 Feb. 1923 356,098 1,252,359 2,488,145 16,030,159 9 THE MONTHLY BUSINESS REVIEW MANUFACTURING Cotton Cloth Reports for February were made to the Federal Reserve Bank by thirty mills which manufactured approximately 28,350,000 yards of cloth during that month. This is a small increase, nearly 2 per cent, over the output in February last year, but was more than 15 per cent lower than production of the same mills during January of this year, when seasonal influences caused larger output. February shipments were smaller than either the preceding month or the same month last year, and the same is true of both orders booked during the month and unfilled orders on hand at the end of the month. Stocks of cloth were larger than at the end of January or February 1923. The reports indicate that the mills had orders which will keep them operating on an average of seven weeks. Reporting mills state that the demand for goods is very slow, that prices offered are unsatisfactory, and that there is some curtailment already with more in prospect. Cloth production ............. Cloth shipm ents .............. .< Orders booked ................. Unfilled orders ................. Stocks of cloth on hand... Num ber on payroll ......... . Feb. 1924 compared w tih : Ja n . 1924 Feb. 1923 + 1.9 —15.4 —13.8 — 3.5 —15.4 —28.2 — 5.7 —32.6 4-10.2 +59.7 + 1.6 + 1.1 Cotton Yarn Reports from 22 mills manufacturng cotton yarn reflect much the same conditions as in the manufacture of cloth. Prices are reported unsatisfactory, and the demand for yarns continues dull, orders booked by the mills during February being 6.4 per cent below January and 31.6 per cent lower than in February last year. Reporting mills produced in February 6.769,898 pounds of yam, which was 7.8 per cent lower than in January, although slightly more than was produced by the same mills in February a year ago. Shipments also declined, but stocks showed a small increase over January, and were nearly 18 per cent larger than at the end of February last year. Reporting mills had orders on hand which would keep them operating for 7.6 weeks. Y arn production .......... ............................ Y arn shipments ......................................... Uunfilled orders ......................................... Stocks of yarn on hand........................... Number on payroll ................................. Feb. 1924 compared w tih : Ja n . 1924 Feb. 1923 — 7.8 + 0.4 — 3.8 + 2.2 — 6.4 —31.6 + 1.8 + 17.8 — 0.7 — 8.8 Overalls Reports from overall manufacturers for February were characterized by a decline of 15.4 per cent in the volume of orders booked compared with January, and of 38,2 per cent compared with February last year. Production in February was less than two per cent below January output, but showed an increase a£ more for than eleven per cent over February a tear ago. Digitized FRASER Stocks were larger than either of those months, and notwithstanding the decrease in orders booked, the reports showed an increase over January in unfilled orders. Cancellations were reported to be somewhat smaller in January.' Overals m anuafctured .......... .................. Stocks of overalls on hand..................... Orders booked ........................................... Unfilled orders ........................................... Number on payroll .................................. Feb. 1924 compared w tih: Ja n . 1924 Feb. 1923 — 1.7 +11.4 + 7.9 +52.9 —15.4 —38.2 +20.5 —39.0 — 0.3 — 1.3 Brick Brick production in February was slightly larger than in January, but considerably lower than in Febru ary last year. The same is true, but to a greater degree, in the case of orders booked, and unfilled orders. Orders received by reporting plants exceeded those in January by 18.2 per cent, but were 30 per cent lower than were booked by the same plants in February last year, while unfilled orders at the end of February were 48.2 per cent greater than a month earlier, but 27,3 per cent lower than a year ago* Brick production ..................................... Stocks of brick on hand......................... Orders booked ........................................... Unfilled orders .................. ...................... NumberNumber on payroll ................... Feb. 1924 compared w tih : Ja n . 1924 Feb. 1923 + 0.9 —17.8 —25.7 +21.9 +18.2 —30.0 +48.2 —27.3 + !0 .2 + 4.7 Hosiery Slightly smaller production, but larger orders re ceived, shipments and stocks, are indicated in the follow ing figures compiled by the Census Bureau from reports of 37 mills for February compared with January. Can cellations were also a little larger, and unfilled orders declined slightly compared with a month earlier. Product m anufactured ....................... Shipments ................................................. Finished product on hand a t end of m onth ............................................... Orders booked .......... ............................ Cancellations ........................................... Unfiled orders on hand a t end of month ............................................... Feb. 1924 616,258 556„081 Ja n . 1924 623,108 542,632 1,447,700 461,742 40,937 1,358,758 414,578 29,866 1,049,828 1,161,207 EMPLOYMENT With the exception of slight unemployment in some parts of the district, and part time operations in some industrial plants, employment conditions continue on a fairly satisfactory basis. Practically all plants in Georgia are running, but some little unemployment is apparent. All industrial plants in Atlanta are in opera tion although some are on part time. There is, however, little unemployment. There is a surplus of common labor at Augusta, and some slight unemployment at Columbus and Savannah, though building operations, and prospective projects, are expected to keep these tradesmen occupied. No great demand for farm labor is noticeable. In Florida building activities continue, and it is anticipated that within the next few weeks the floating 10 THE MONTHLY BUSINESS REVIEW labor, which came to Florida to escape the cold weather in the north, will have departed for their homes. In Jacksonville the supply and demand for labor are about equal. There is a slight surplus of cigar makers in Key West, and in most other places industrial employ ment condition continue fairly satisfactory. With a few exceptions all industrial plants in Alabama are operating in a satisfactory basis, with normal quotas of employees. Iron and steel continues on an upward trend. Fertilizer plants show more activity, reflecting an increase in employment. Lumber and woodworking plants and textile mills register slight decreases in employment, but the majority are on a full time basis. Goal mining reports increases in the number employed, but the mines continue largely on a part time basis and there is a surplus of miners. Industrial activities in New Orleans continue on a satisfactory basis, revealing an increase in employment in the majority of local industries. Railroad shops maintain the same level of employment as in January. The rice milling season is nearing its end, and has re leased numbers of workers, but building construction is steadily increasing and these tradesmen are fully employed. The demand for, and supply of, labor in Mississippi are well balanced, especially in the lumber industry, while employment in textile mills declined slightly and a surplus of workers exists. Favorable weather condi tions have permitted work on highway construction at some joints. Most industrial plants are operating, though some are on a part time basis. Industrial employment conditions in Tennessee im proved throughout February. Lumber mills and wood working plants, and other miscellaneous industries recovered from the decline of January, and a number of other classifications showed slight gains. Coal mining shows some improvements, but part time operations prevail in a majority of the mines and a surplus of workers exists. Building construction is active and some sections report a shortage of these workers. COAL MINING Production of bituminous coal in the United States declined from a level well above eleven and a half Digitizedhas for FRASER million tons per week in January and early February to 9,596,000 tons for the week ended March, according to statistics compiled by the Geological Survey. Dur ing the month there were slight improvements in market conditions accompanying the cold spells, but generally the market lacked strength and the demand has gradually receded as the end of the coal year, and spring weather, approach. February 22nd was observed as a holiday in some of the union districts, but the observance was not general, and the decline during the week ended February 23 is only partly attributable to that fact. The figure for the week ended March 8 is the lowest weekly output reported since the close of the strikes in August 1922, excepting some weeks in which production was limited by the observance of holidays. The following figures indicate the weekly output since beginning of February: Week Ended February 2 .................. F ebruary 9 .................. February 16 ................. F ebruary 23 .............. March 1 ................. ....... March 8 ..... ................... M arch 15 (a) .............. (a) subject to revision Tons 11.337.000 11.501.000 11.139.000 10.367.000 10.700.000 9.617.000 9.640.000 The production of soft coal in the United States during the first 267 days of the coal year 1923-1924 was 513,058,000 net tons, compared with 396,316,000 tons in the same period of 1922-23, 410,026,000 tons in 1921-22, and 514,200,000 tons in 1920-21. IRON The month of February brought a further increase in the daily rate of production and in the total output of pig iron in the United States, acocrding to statistics com piled by he Iron Age. The gain in February was more than two and a half times that of January, the largest gain since November 1922. The producton in February amounted to 3,074,757 tons, of 106,026 tons per day, compared with 3,018,890 tons produced in January, or 97,384 tons per day, and with 2,994,187 tons produced in February last year, or 106,935 tons per day. The index number of production for February stands at 120.6, compared with 118.5 for January, and 117.5 for February 1923. The number of furnaces in active operation on March 1 was 264, an increase of 16 over the number active on February ,1 but still 14 less than were oper ating March 1 last year. The output of pig iron in Alabama was slightly lower in* February, due in part to the shorter month, THE MONTHLY BUSINESS REVIEW although the daily rate of production was larger than in January. The Iron Age gives the Alabama pro duction in February as 219,358 tons, compared with 225,556 tons produced in January, and shows that 23 furnaces with a capacity of 7,510 tons were active at the end of the month, compared with 24 furnaces with a capcity of 7,650 tons at the end of January, although local correspondents report that the same number of furnaces were active on both dates. The index number for Alabama production in February is 124.8, compared with 128,3 in* January, and 129*3 in February last year. Sales in Birmingham district have continued equal to the make, and prices have ranged from $23-00 to $24.00. Both pressure and soil pipe makers are receiving business, and rail, wire and nail mills are producing and shipping steadily. Local fabricating plants are making more steel, and letters received from correspondents indicate a satisfactory outlook. The following figures, and the index numbers on the last page of the Review, show comparisons of February statistics with preceding months: ^ [ n ite d S tates: Zf* Production 'q Daily rate f —* Furnaces .. UJ Feb 1924 Ja n . 1924 Feb. 1923 3,074,757 106,026 264 3,018,890 97,384 248 2,994,187 106,935 278 O Tfrjjabama: •y:. Production Daily rate Furnaces 219,358 7,568 23 235,556 7,276 24 tuauing the December. The demand for both turpentine and rosin has been lagging all through the month, with some little im provement in evidence since the beginning of March. The average price during February of spirits of turpentine was 95% cents, the same as in January, while the average price of the twelve grades of rosin declined from $5.07% in January to $5.02% in Febru ary. Bad weather conditions in the north and west are said to be partly responsible for the slow demand. The following table shows the movement three markets in this district: Feb. 1924 Receipts—T u rp en tin e: Savanah _____________ the United States Steel Corpo29 totaled 4,912,901 tons, conupward movement which began in J a n . 1924 at the Feb. 1923 1,644 2,612 822 6,009 1,669 1,504 3,227 1,083 ....._____ 5,078 10,788 5,814 R osin: Savannah ______ _____ Jacksonville __________ Pensacola _______ ____ 16,344 26,156 8,110 21,056 30,940 9,975 12,952 23,135 10,557 50,610 61,971 46,644 5,277 6,291 906 8,529 Jacksonville Pensacola ... 7,373 3,664 5,754 6,696 3,347 Total 12,474 19,566 15,797 E osin: Savannah ___ ____ ..... Jacksonville _____ ____ Pensacola ___ ________ 51,566 30,456 14,085 50,980 40,598 9,932 29,801 34,862 21,125 T otal 96,107 101,510 85,788 Stocks—T u rp en tin e: Savannah ....<._______ .... 8,838 Jacksonville ________ __ Pensacola ___________ 21,822 3,488 12,471 25,499 3,572 5,931 16,711 6,596 34,148 41,545 29,238 80,727 128,216 • 52,166 115,949 132,516 58,141 78,122 167,598 36,890 261,109 306,606 282,610 Jacksonville _________ Pensacola __ _________ Total Total ___ Shipments—T urp en tin e: S avannah ______ ____ 227,254 8,116 25 >- o 11 uj _______ 3,110 m UJ cr Cfc Uj NAVAL STORES Qsieceipts of both turpentine and rosin showed further Ifesonal declines during February, figures for the three principal markets of the district showing that spirits of turpentine receipts in February were less than half those in January, while rosin receipts were also smaller. Stocks of both commodities were lower than a month earlier, but turpentine stocks were some Digitized FRASER whatforlarger than at the end of February 1923. Totals R osin: Savannah ______ ______ , ... Jacksonville ____ Pensacola ............ .......... ' Total THE MONTHLY BUSINESS REVIEW 12 MONTHLY INDEX NUMBERS The following index numbers, except where indicated otherwise, are computed by the Federal Reserve Bank of Atlanta, and are based upon average figures for 1919. That is, average monthly figures for the year 1919 are represented by 100, and the current monthly index numbers show the relation of activity in these lines to that prevailing in 1919. Retail Trade 6th Dist. (D epartm ent Stores) Birm ingham ................................................ Chattanooga ................................................ Jackson .................................. ..................... Feb. 1924 63.1 97.6 Feb. 1923 74.3 92.4 Aug. 1923 70.9 97.7 87.9 58.9 76.6 90.2 74.8 76.9 85.0 51.7 87.3 87.4 61.0 98.9 92.1 92.0 66.4 70.6 77.7 67.1 83.5 80.2 94.1 73.7 82.1 92.1 Nashville .................................................. . New Orleans ......................... .................... 52.5 80.0 O ther Cities ................................................ D istrict (43) firms) .................................. 84.0 Oct. 1923 118.1 Nov. 1923 104.1 Dec. 1923 146.3 Ja n . 1924 119.2 168.4 155.1 209.9 100.6 112.9 146.5 138.4 127.2 144.1 161.8 102.7 79.4 Sept. 1923 90.6 130.5 138.4 90.4 117.9 134.3 114.0 118.0 69.3 163.8 74.3 127.7 83.7 104.0 1.79.6 130.9 150.0 96.8 121.3 167.8 87.2 61.3 78.2 Retail Trade—U. .S (1) D epartm ent Stores ............................ Mail Order Houses ........................... Chain S to re s: Grocery ........................................ Drug .............................................. Shoe ............................................... 5 & 10 Cent....*............................... Music ............................. .............. Candy ............................................ Cigar ............................................ 101 96 88 84 100 73 112 92 148 164 142 122 203 118 109 99 185 143 93 140 97 166 124 160 126 72 117 88 133 110 171 145 95 153 103 179 135 170 143 127 151 102 176 140 191 152 139 180 137 185 138 187 141 131 176 149 174 134 185 185 171 331 214 261 192 191 141 99 126 84 154 119 Wholesale Trade 6th Dist. Dry Goods .......................................... H ardw are ............................................ Shoes ...................................... ............. Toftal ...................... ............................ 81.5 80.6 74.2 61.6 78.0 87.4 94.4 85.8 71.6 87.2 91.4 111.6 86.6 73.7 93.1 100.7 103.6 102.1 82.7 100.2 94.7 80.4 89.5 72.1 81.2 84.1 45.2 78.5 36.6 69.9 88.7 77.1 90.3 48.6 83.9 224.3 222.6 164.0 265.6 269.3 203.3 209.2 120.6 124.8 117.5 129.3 134.8 122.6 121.2 123.6 121.2 113.6 122.7 114.6 131.1 121.7 118.5 128.3 81.9 121.5 90.3 84.0 77.9 73.9 74.2 80.1 86.6 77.3 82.3 54.4 81.0 Building Permits 6th Dist. Pig Iron Production: U nited States ............................................ A labam a .................................................... Unfilled Orders of U. S. Stefcl Corp,;n (1) Computed by Federal Reserve Board.
@FedFRASER