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C o v e r in g C o n d it io n s i n 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 i c t .

F E D E R A L R E SE R V E BANK O P A T L A N T A
OSCAR NEWTON
C h a irm an a n d F e d e ra l R eserve A gent

VOL. 10, No. 3

(C om piled M arch 16. 1925)

ATLANTA, GA., MARCH 31, 1925

WARD ALBERTSON
A ssistan t F e d e ra l R eserve A gent

Tfft*n*?n

BUSINESS CONDITIONS IN THE UNITED STATES
By the Federal Reserve Board
Production in basic industries declined in February
this year February had one less business day. Department
from the high rate of output in January, but continued
store sales were one per cent smaller in February than in
above the level of a year ago. Notwithstanding a decline
the corresponding month of 1924. Wholesale trade in all
in prices of agricultural commodities, the average of whole­
lines, except meats and hardware, was less than a year ago,
sale prices rose slightly owing to a further advance in
and showed in February about the usual seasonal changes.
prices of certain other commodities.
Sales of groceries, meats and drugs decreased, while sales
of dry goods and shoes increased.
Production
The Federal Reserve Board’s index of pro­
duction in 22 basic industries which is ad­
Prices
The slight rise in the wholesale price index
justed to allow for differences in the numberofworking
of the Bureau of Labor Statistics was due
days and for seasonal variations, declined three per cent in
to advances in the fuel and lighting group, largely in petro­
February, but continued to be higher than at any time
leum, and in building materials, while prices of all the other
since the peak reached in May 1923. Average daily output
commodity groups declined. In the first three weeks of
of iron and steel was exceptionally heavy, and copper pro­
March prices of hogs, cotton goods and rubber increased,
duction per day was the largest since 1918. There was a
while prices of many other commodities decreased, the
slight decline in activity in the woolen industry, and more
largest decreases being those for wheat and other grains.
considerable reductions in the output of lumber, cement,
Bank Credit Loans of member banks in principal cities
bituminous coal and crude petroleum. Production of
continued to increase between the middle
automobiles increased 19 per cent in February the largest
of February and the middle of March and on March 11
monthly increase in nearly two years, but the output was
were larger than at any time in the past four years.
still over 25 per cent smaller than a year ago. Factory em­
The volume of loans for commercial purposes has been
ployment increased by about 2 per cent in February, con­
at a high and almost constant level since last autumn,
siderable increases being reported for the automobile, iron
and loans on stocks and bonds, which have increased
and steel and clothing industries, while the number of
continuously since the summer of 1924 reached in March
workers in the packing and cement industries declined.
the largest amount on record. Increases in loans were
Earnings of industrial workers in February were larger
accompanied by further reduction in the holdings of
than in January, reflecting in part the resumption of full
securities, particularly at banks in the financial centers.
time work after the inventory period. Reports to the De­
At the Reserve banks demand for credit increased between
partment of Agriculture of intentions to plant in 1925
the end of January and the middle of March chiefly as the
indicate that the acreage of practically all grains and of
result of the export demand for gold and the growth in
tobacco will be larger, and that of white potatoes smaller
domestic currency requirements, with the consequence
than in 1924.
that earning assets increased. After March 15, however,
Trade
Total railroad freight movements continued
temporary abundance of funds arising out of treasury
at approximately the same daily rate in
operations resulted in a sharp reduction in member bank
February as in January, and shipments of merchandise
borrowings. Somewhat firmer conditions in the money
increased in recent weeks and were much larger than a
market in the latter part of February and the early weeks
year ago. Wholesale and retail sales were smaller during
of March were indicated by a rise of the rate on 4-6 months
February than a year ago, owing partly to the fact that
prime commercial paper from 3f to 4 per cent.

Index of 22basic commodities corrected for seasonal variation

(1919—
100.) Latest figure. February 123.5.


Index of U. S. Bureau of Labor Statistics. (1913— base adopted
100)
by Bureau. Latest figure. February 161.

“

THE MONTHLY BUSINESS REVIEW

2

P CENT
in

PER CENT

In d ex fo r 33 m a n u fa c tu rin g in d u s trie s (1919-100).
L a te s t figure F e b ru a ry 95.

W eekly figures fo r m em ber b a n k s i n 101 le a d in g c ities.
L a te s t figure. M arch 11.

SIXTH DISTRICT SUMMARY.

peak on February 11 and have declined only two million
dollars since that time.
The value of building permits issued during February
this year exceeded February 1924 by 54 per cent, and is the
second largest total recorded during the past six years.
Lumber mills have been more active than in January, when
weather conditions interrupted their operations and forced
many to shut down for a time.

Notwithstanding February had three less business days
than January of this year, and one less than in February
last year, business statistics in several instances show im­
provement over those months. Two important indexes to
business conditions show substantial improvement in the
sixth district over February last year. Debits to individual
accounts, measuring the volume of payments by check,
were $24,594,000 greater at 24 cities for the week ended
March 11 than for the same week last year, and commercial
failures, in point of liabilities, were $764,647 smaller in
February this year than last.
Wholesale trade which suffered in January from bad
weather, showed improvement in five lines over that month,
and six lines reported increased business over February
last year. Retail trade was better than in January at sev­
eral points in the district, but was three per cent lower
than in February 1924. Stocks at department stores, how­
ever, were smaller, and the rate of stock turnover was bet­
ter than a year ago.
Weather conditions were considerably better in Febru­
ary than in the preceding month, and farm work in prepa­
ration for the spring and summer crops has made substan­
tial progress.
Time deposits at thirty-six member banks in selected
cities which report weekly, are at the highest level recorded
in more than two years, while demand deposits reached the

RETAIL TRADE.
Reports made to the Federal Reserve Bank of Atlanta
for February by 47 department stores located in various
cities throughout the sixth district show a volume of sales
3 per cent less than in February 1924. Improvement was
reported from Birmingham and “Other Cities” , but de­
creases were reported from other cities shown in the state­
ment. Compared with the preceding month, increased
sales were indicated in reports from Atlanta, Birmingham,
Nashville and “Other Cities”. Stocks of merchandise were
5.9 per cent smaller than a year ago, but increased 8.1 per
cent over those on hand at the end of January.
The form of the retail statement has been changed so as
to show turnover for the current month, and the same
month last year, and also for the year to date, compared
with the same period last year. The figures below show
some improvement in turnover for February over February
1924, and also for the period since the beginning of 1925
over the same period a year ago.

CONDITION OF RETAIL TRADE DURING FEBRUARY 1925,
IN THE SIXTH FEDERAL RESERVE DISTRICT, BASED UPON REPORTS FROM 47 STORES
1
N e t sa les, P e rc e n ta g e
in c re a se o r d ecrease
co m pared w ith :

2
3
S to ck s a t e n d o f m o n th , P e rc e n ta g e o f sa le s to
p e rc e n ta g e in c re a se or
average sto c k s i n F eb .
d ecrease com p ared w i t h : (stock tu rn -o v e r fo r
t h e m o n th ):

(A)
F eb . 1924

A tla n ta (5) .....................
B irm in g h am (4)...............
C h a tta n o o g a (6)..............
Ja c k s o n (3).......................
N a sh v ille (5)— ................
N ew O rle a n s (5)...............
S a v a n n a h (3)....................
O th e r C itie s (16)..........
D ISTR IC T (47).................




(B)
J a n . 1 to
F eb . 28,1924

(A)
Sam e mo.
l a s t yr.

(B)
L a st m o n th

(A)
1924

(B)
1925

— 3.4
♦13.1
—25.0
- 3 .1
— 2.2
— 4.9
— 0.9
♦ 2 .7
— 3.0

- 2.5
+ 7.8
—23.8
— 1.1
— 1.2
— 2.0
♦ 8.8
- 0 .1
— 2.4

♦ 0.9
-1 3 .4
+28.4
— 1.2
-1 6 .0
♦ 2 .0
—13.1
— 4.6
— 5.9

♦ 0.8
♦ 9.0
♦17.8
♦14.8
♦ 4.1
♦ 9.3
♦ 9.2
♦9.1
♦ 8.1

40.0
22.5
21.4
24.2
29.2
30.3
23.4
30.3
28.4

39.3
35.9
21.1
23.2
33.9
26.9
25.7
31.1
30.4

4
P e rc e n ta g e o f sa le s to
av erag e sto c k s from
J a n . 1 to F eb . 28 (S tock
tu r n o v e r fo r y e a r to
d a te )
(A)
(A)
1924
1925

75.3
48.0
49.9
49.8
54.0
63.4
46.5
57.0
57.9

73.6
70.1
66.0
48.9
63.1
59.4
56.8
57.0
61.6

5
P e rc e n ta g e o f o u t ­
s ta n d in g o rd e rs a t e n 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 y ear,
1924:
(A)
(B)
Ja n .
Feb.

3.0
7.5
6.0
X
8.0
11.0
10.5
7.3
8.1

5.0
7.4
6.0
X
6.2
12.6
9.2
9.4
9.2

THE MONTHLY BUSINESS REVIEW
WHOLESALE TRADE.
Wholesale trade in the sixth district during February
was somewhat better than in January in dry goods, fur­
niture, electrical supplies, shoes and farm implements,
but sales declined in groceries, hardware, stationery and
drugs. Compared with February of last year, six of these
lines showed increased sales, while three reported decreases,
the largest decrease being 6.1 per cent in sales of dry goods.
The tables which follow show percentage comparisons of
sales in the different lines by cities where three or more
firms report from a city; where less than three reports are
received from a city these are included in Other Cities, and
in the case of stationery, drugs and farm Implements per­
centage changes are shown for the District only as three
reports were not received from any individual dty.
Groceries
February sales by 39 wholesale grocery firms
in various parts of the district were 10.7 per
cent less than in January. Vicksburg is the only d ty to
report increased business over January. Compared with
February 1924, increased sales were reported from Jackson­
ville and Vicksburg, but decreases at other reporting cities
more than offset these increases, and the district average
was a decrease of 2.7 per cent. Collections during Febru­
ary were reported good by 10 firms, fair by 12, and poor by 1.
Reports indicate that prices of meat, lard, sugar and canned
goods were firm, but there was some weakness exhibited
in prices of flour. Percentage changes by cities are shown
in the following table:
February 1025comparedwith:
January 1925 February 1924
—
12.6
—4.5
Atlanta (5firms)— ......................
—4.3
♦ 9.0
Jacksonville (4Anns)....................
Meridian (3firms).........................
—5.8
—5.5
New Orleans (8firms)...................
--24.0
—9.4
Vicksburg (4firms).......................
♦ 7.7
*10.6
—7.8
—8.9
Other Cities (15firms)-------------DISTRICT (39firms)----------------10.7
—2.7
Dry Goods
February sales by 26 reporting dry goods
firms showed an increase of 13.8 per cent
over January. The increase was shared by all reporting
.ties except Jacksonville. The decrease at Jacksonville,
aowever, is accounted for by the fact that January sales
at that point were 61.7 per cent over December compared
with a district average increase of only 8.1 per cent, indi­
cating that the difficulties encountered at other places
in the district did not prevail to the same extent in Florida
during January, and also that the season is earlier in that
state. Compared with February a year ago, the different
reporting cities show varying comparisons, the average for
the district being a decrease of 6.1 per cent. Collections
were reported good by 8 firms, fair by 8, and poor by 1. The
reports indicate small advances in prices during the month.
Percentage changes by cities are shown below:
February 1925compared with:
January 1925 February 1924
Atlanta (4firms)...........................
*14.5
—0.5
Jacksonville (3firms)...................
—
12.4
*16.7
KnoxvUle (3firms).....................-*15.3
-25.0
Nashville (3firms)........................
*30.1
♦ 9.8
New Orleans (3firms)....................
*35.5
—
29.7
Other Cities (10firms)...................
♦ 9.3
♦ 4.7
DISTRICT (26firms)....................
*13.8
- 6.1
Hardware
Sales in February by 31 wholesale hardware
dealers were 12.3 per cent smaller than in
January, but were 3.6 per cent greater than in February a
year ago. AH reporting cities showed decreases compared
with January, but increases over February 1924 were re­
ported from Atlanta, Chattanooga, and Other Cities.
Some of the reports state that hardware sales were still
being affected by the bad weather in January and others
state that retailers appear reluctant to place orders until
the season is more advanced. Some firms state that their
February collections were good, while a few report collec­
tions slow. Percentage comparisons by reporting cities
follow:
February 1925comparedwith:
January 1925 February 1924
Atlanta (3firms)...........................
—
14.3
* 4.7
Chattanooga (3firms)...................
- 3.4
*19.9
Nashville (4firms)........... -...........
—0.9
—7.3
New Orleans (6firms)...................
—
12.7
—4.0
Other Cities (15firms)...................
-17.5
*16.6
DISTRICT (31firms).....................
-12.3
♦ 3.0



3

Furniture

Furniture sales by 20 wholesale dealers dur­
ing February increased 13.3 per cent over
January, the increase being shared by all reporting cities
except Nashville. Compared with February last year, sales
during the month just ended showed a fractional increase
due to increased business at Other Cities Collections were
reported good by 6 firms, and fair by 8. The reports state
that retail merchants are buying in limited quantities
for current requirements only. Percentage changes are
shown below:
A tla n ta (7 firm s)....................................
C h a tta n o o g a (3 firms)..........................
N ashviU e (3 firm s).................................
O th e r C itie s (6 firm s)— ...................
D ISTR IC T (20 firm s)............................

F e b ru a ry 1925 co m p ared w ith :
J a n u a r y 1925 F e b ru a ry 1924
* 9 .2
— 4.7
*19.7
— 5.9
— 2.9
—11.2
*13.6
*11.8
*13.3
♦ 0.1

Electrical
February sales by 10 wholesale dealers in
Supplies
electrical supplies increased 4.2 per cent
over January, and were 16.2 per cent greater than in Feb­
ruary 1924. Prices were reported to be firm and the out­
look for spring and summer business satisfactory due to
the large amount of building in prospect and to other
developments. Collections were reported good by 4 firms,
and fair by 5. Percentage changes in sales are shown below:
A tla n ta (3 firms)....................................
N ew O rle a n s (3 firm s).........................
O th e r C itie s (4 firm s)...........................
D ISTR IC T <10 firm s)............................

*12.7
— 5.7
♦ 0.8
♦ 4.2

♦ 7.4
*20.6
*29.9
*16.2

Shoes

February sales by 9 wholesale shoe dealers
in this district increased 21.7 per cent over
January, and were 1.3 per cent larger than in February
1924. Retail dealers are placing some orders, but the re­
ports indicate that current requirements only are being
filled and that retail merchants are buying cautiously.
There have been small advances in prices during the month.
Percentage changes in sales are shown below:
A tla n ta (3 firms)...................... ...............
O th e r C itie s (6 firm s)...........................
D ISTRICT (9 firm s)............ .................

F e b ru a ry 1925 com pared w ith :
J a n u a ry 1925 F e b ru a ry 1924
*15.6
—11.8
*24.2
♦ 7.5
*21.7
♦ 1.3

Percentage changes in sales in the district in the other
three lines, are shown below: Collections in stationery
were fair to good, and in drugs, fair. Farm Implement
sales in February increased substantially over the preced­
ing month, and over the same month a year ago.
S ta tio n e ry (4 firm s).............................
D ru g s (8 firms)— .................................
F arm Im p le m e n ts (6 firm s)................

F e b ru a ry 1925 com pared w ith :
J a n u a r y 1925 F e b ru a ry 1924
— 4.8
♦ 1.0
— 4.9
— 2.5
*30.7
*23.3

AGRICULTURE
Weather conditions in most parts of the sixth district
during February have been better than in January, and
farm work in preparation for the coining season is under
way. Some rain, with higher temperatures have prevailed
during most of the month. Reports from Florida indicate
that preparations for planting are going forward under
favorable weather conditions. In Mississippi and in Louis­
iana weather conditions have been favorable and progress
is being made. Reports from various parts of the district
indicate that more fertilizer is being used this year than
last.
Livestock
A recent statement by the Department of
Agriculture shows a poor condition of live­
stock in some sections of Georgia because of a shortage of
feed. Large numbers of cattle were drowned by the flood
in the southeastern part of the state in January. In
Florida the range grasses are sprouting earlier than usual
and oats are furnishing good grazing in the northern part
of the state. The Mississippi pastures are ^reported as
being in fairly good condition for this season of the year;
farm supplies of hay are low and more farmers than usual
are buying feed. liv e stock in numbers have been sold
because of th e low feed supplies. Pastures and hay lands
are in poor condition in Louisiana although alfalfa is re­
ported good.

THE MONTHLY BUSINESS REVIEW

4

Cotton Movement
Sixth Federal Reserve District
R e c e ip ts:
N ew O rle a n s .........................
M o b ile.
S a v a n n a h ----A tla n ta ____ _
A u g u sta.......M ontgom ery..
V ic k s b u rg .—
M acon.......
S to ck s:
N ew O r le a n s - - ......................
M o b ile.
S a v a n n a h .......
A tla n ta -------A u g u sta..........
M on tg o m ery V ic k s b u rg —
M acon______

RICE MOVEMENT
Rough Rice (Sacks) Port of New Orleans

F eb . 1925

J a n . 1025

154.2
13,497
50,430
15,399
16,512
4,146
30,475
3,798

250,987
12.041
42,986
11,382
12,463
2,770
29,646
1,882

Sl0.019
4,605
27,039
9,369
8,464
1,243
16,348
1,278

F eb. 1924

318,392
11.941
52,241
39,476
56,470
15.499
5,365
8,580

415,100
11.568
67,113
47.3&1
62,089
19,294
8,068
8.359

170.141
9,840
54.593
30.861
33,864
13,126
5,930
7,343

R e c e ip ts — ______ ______________________
S h ip m e n ts ................................................. ............
S to ck s ......................................................................

1924
1923
1922
5,850.173 5.008.442 4.392.109

SUGAR
Favorable conditions have prevailed generally in the
sugar belt in Louisiana during the last few weeks. Reports
indicate that cane is sprouting rapidly and in some in­
stances a fair stand is now showing in fall plant. Reports
state that the excellent condition of the seed cane should
enable growers to spread the usual number of stalks over
a considerably larger area.
Movement of Sugar
Raw Sugar (Pounds)
Feb. 1925 Jan. 1925 Feb. 1924
Receipts:
New Orleans...........-______ 126,839,726 86,231,781 119,632,725
Savannah...... -.................... - 51.489.972 38.957.403 37.946.670
Meltings^Orleans--...................... 141.508.308 67.438,361 117,417,340
Savannah.............................. 40,865,418 38,957,403 35.580.664
Stocks:
New Orleans.......................... 8,863.563 23,531,645 35,720,533
Savannah-.......-.................... 10,624,554 ........ — 4,345,728
Refined Sugar (Pounds)
Feb. 1925 Jan. 1925 Feb. 1924
Shipments:
New Orleans...........-.......... -.1 2 0 ,6 7 6 ,3 9 6 72,408,850 113,679,273
Savannah-......... .............. — 37,097,599 31,052,128 26,211,615
Stocks:
New Orleans...........—........... 19,049,058 6.390,290 57.625.779
Savannah.................... .......... 4.269,059 2.998.586 9.098.038




40,072
53,206
34,897

150,598
128,858
276,245

206,396
219,817
254,505

192,560
203,224
181,276

S eason to L a st S eason to
F eb. 1925 F eb . 28,
F eb . 29,
100,628
74,286
22,300

1925
4,330,987
916,944
1,752,240

1924
4,568,587
656,309
1,651,336

197,214

A ssociation M ills ----------------------------------New O rle a n s M ills ______ _______________
O u tsid e M ills ___________________________

7,000,171

6,876,232

Distribution of Milled Rice (Pockets)
A ssociation M ills ________ ______________
New O rle a n s M ills --------------------------------O u tsid e M ills ---------------------------- --------------

376,674
42,367
124,205

3,752,322
746,541
1,424,925

3,974.751
648,914
1,460,623

543,246

5,923,788

6,084.288

F eb. 1,
1925
1,047,876
303,211
516,140

M arch 1,

1925
787,031
342,848
429,800
1,559.679

1.867,227

1,680.373

Stock on Hand
M arch 1,
. «

A sso ciatio n M ills ------------------------- - .
N ew O rle a n s M ills ----------------------------O u tsid e M ills ........................ ........................

*-Of which 1,613,420 by Northern spinners against 1,348,341 last year and
3,087,307 by Southern Spinners against 3,015,911 last year.
CITRUS FRUITS
Citrus groves in Florida are showing a good early bloom
with growing conditions very satisfactory. The United
States Department of Agriculture reports that produc­
tion of oranges for the 1 9 2 4 - 2 5 season is expected to fall
short of the early estimate of 1 3 , 4 0 0 , 0 0 0 boxes because of
small sizes. Condition of the bearing trees on March 1 is
reported at 9 1 per cent of normal for oranges, 9 0 per cent
for grapefruit, 9 2 per cent for tangerines, 8 6 per cent for
limes, and 8 2 per cent for satsumas.
The car lot movement of fruits and vegetables from
Florida is indicated in the table below:
Season totals through
Feb. 1925 Feb. 1924 Feb. 1925 Feb. 1924
Oranges-__________ ___ - 5.157
4,281
20,114
19.101
Grapefruit._____________ 3,156
2,635
12,289
11,576
Tangerines_____________
169
118
1,628
1,001
Total-_____________ 8.482
7,034
34,031
31.678
Vegetables—............. - 2.674
3,464
7,503
10,962

F eb . 1924

79,518
105,001
60,219

Receipts of Rough Rice (Barrels)

696,159 1,031.871 1,208,277
140,595
410,711
414,969
2,602,283 2,968,938 2,724,193
9,559,686 9,424,220 8,465,174
4,164,1744,364,252
7.754.000 8.780.000 .

74,286
64,323
70,182

Clean Rice (Pockets) Port of New Orleans
R e c e i p t s - .......................... ......... ......... —
S h ip m e n ts_______ ____ _________________
S to c k s, _____________ _____________________

Cotton Movement—United States
Since August 1
1925
R e c e ip ts a t a ll U. S. p o rts......... 7.997.714
O v erlan d acro ss t h e Miss.,
O h io , P o to m ac riv ers to
979.809
N or. M ills a n d C a n a d a - In te rio r S to ck i n excess of
th o se h e ld close of com ’l.
813,342
y e a r -------------------------- —
S o u th e rn M ills T a k in g n e t — . 2,797,000
T o ta l m ovem ent 211 d a y s ........... 12,587,865
6,010,510
F o re ig n e x p o rts............ - ........ .
♦A m ericanM illsN . & S. C a n a d a . 4,700,727
A m erican c o tto n t h u s f a r .......... 9.278.000

F eb. 1925 J a n . 1925

1924
1,056,585
212 203
41L585

FINANCIAL
The volume of discounts by 36 member banks located in
Atlanta, New Orleans, Birmingham, Nashville, Jackson­
ville, Chattanooga, Knoxville and Savannah, which report
weekly to the Federal Reserve Bank, reached a new hig]
point on March 4, when the total was $467,307,000, declin­
ing to $465,517,000 on March 11, the following week. Gov­
ernment securities are less than at the beginning of the
year, and on March 11 were about ten million dollars less
than on the corresponding report date last year. On
March 11 other stocks and bonds were approximately
$500,000 more than a month earlier and $2,500,000 more than
on March 12,1924. Deposits for the reporting banks reach­
ed a level on March 11 higher than on any other report
date in over two years.
The principal items contained in the weekly statement
are shown below for March 11,1925, compared with a month
and a year ago:
Member Banks in Selected Cities
(000 Omitted)
ta*
B ills D isc o u n te d :
S e c u re d b y G ovt. O b lig a tio n s .. .
S ecu red b y S to ck s a n d B o n d s ..
A ll O t h e r s .,......... .............. ............
tt o
T o ta l D isc o u n ts ----------- --------U . S. S e c u ritie s ................ — --------------O th e r S to ck s a n d B onds__________
T o ta l L oans, D isc o u n ts a n d In v estm e n ts — ------------------- -------------T im e D ep o sits---------------------------. . .
D em an d D e p o s its----------------- ------A ccom m odation a t F. R . B a n k ____

M arch 11, F eb . 11, M arch 12,

1925

1925

$ 7,388
75,566
382,563
465,517
29,875
41,946

$ 7,453
72,894
374,256
454,603
30,228
41 459

537,338
194,516
325,102
6,811

526,290
189,950
327,182
2,987

19^
4

$

8 996
67*715
349',475
426,186
39 967
39 285
505,438
177,274
286 397
23,541

Discounts by the Federal Reserve Bank of Atlanta on
March 18 were approximately five million dollars more than
a month earlier. Bills purchased in the open market in­
creased about six and one-half million dollars, for the same
period and the total earning assets increased from $21,067,000 on February 18 to $33,152,000 on March 18. Cash reserves
were five and one half million dollars less than a month
ago, and about fifty million dollars greater than a year ago.
Deposits and Federal Reserve Notes in circulation were
higher than on February 18 of this year or on March 18 las
year. Principal items in the weekly statement of the
Federal Reserve Bank of Atlanta are shown below, with
comparisons:

THE MONTHLY BUSINESS REVIEW
IMPORTS AND EXPORTS

Federal Reserve Bank
(000 Omitted)
M arch 18,
1925

F eb . 18,
1925

B ills D isc o u n te d :
S ecu red b y G ovt. O b lig a tio n s - $ 4,764
$
505
12,047
11,183
A ll O th e r s - - ....... - ....................— T o ta l D isc o u n ts.........- ____ _____
16,81111,688
B ills b o u g h t in o p en m a rk e t--------12,294
5,514
U. S. S e c u ritie s.................... -..............3,584
3,403
T o ta l e a rn in g a s se ts.............. .............
33,152
21,067
C ash R eserves......................................
179,456
184.960
T o ta l D e p o s its.....................................
73,508
69,652
F .R . N o tes i n a c tu a l c i r c u l a t i o n .- 142,507
140,458
R eserve R a t i o . . ------------------ -----83.1
88.0

M arch 19,
1924
$ 9,816
37.597
47,413
9,055
5,377
61,847
128,604
60,652
133,853
66.1

Debits to individual accounts at 24 cities in the district
during the week ended March 11 amounted to $265,212,000,
an increase of $24,594,000 over the corresponding week
last year.
Commercial Failures in this district during February
numbered 124, with total liabilities of $1,596,383, compared
with $2,361,030 during February 1924.
Saving Deposits
(000 Omitted)
C om parC om par­
iso n of
iso n of
F eb. 1925 J a n . 1925Feb.1925-Feb.1924 F eb . 1925J a n . 1925
1924
A tla n ta (7 b an k s) ....... $ 32,946 $ 32,546
+1.2 $ 30,961
*6.4
B irm in g h am (5 b a n k s ). 22,881
22,570
*1.4
21,404
* 6.9
J a c k s o n v ille (5b a n k s ) . 20,045
20,111
™0.3
19,569
♦ 2.4
N a sh v ille (10b a n k s ) — 21,690
20,661
+5.0
19,254
+13.2
N ew O rlean s (8b a n k s ) - 47,952
47,718
+0.5
46,693
+ 2.7
O th e rC itie s(5 9 b a n k s ). 93,641
92,008
*1.8
86,701
+ 8.0
T o ta l (94 b a n k s )............. 239,155 235,614
+1.5
224.582
+ 6.5

DEBITS TO INDIVIDUAL ACCOUNTS
Sixth Federal Reserve District
Week E n d e d
M arch 12,
F eb . 11,
M arch 11,
1924
1925
1925
859 .000
$ 1,500, ,000 $ 1,173,000 $
29,915 .000
35,326, ,000 31.836.000
6,215 .000
7.276.000
8,188, 000
25,564 ,000
27,775 ,000 28.980.000
735.000
654 ,000
704 ,000
8,410,.000
9.340.000
9,227, 000
2,534,.000
3.633.000
3,504 ,000
688,.000
876.000
863,,000
205,.000
253.000
,000
290L
3,754 .000
4.500.000
4,600,,000
13,554,.000
17,435 ,000 17.870.000
7,376,.000
7.094.000
7,236,,000
4.877.000
4,484 .000
5,319,,000
2.501 ,000
3.504.000
4,331 ,000
6,541, ,000
7.366.000
7,291 ,000
5,337, ,000
5.250.000
6,608 ,000
18,864, ,000
18,442 ,000 18.087.000
390, 000
720.000
621,,000
80.952, 000
77.442, 000 78.517.000
1.754.000
1,814, 000
1,774 ,000
8,407, ,000
10,120,000 9.258.000
8,840, ooo
13,233, ,000 12.160.000
1.597.000
1,065, 000
1,223, 000
1,695, ,000
2/160, 000 2.323.000

A lb an y---------A tla n ta --------A u g u sta--------B irm in g h a m B ru n sw ick
C h a tta n o o g a C o lu m b u s—
D o th a n ...........
E lb e rto n - - ..
J a c k s o n ........ Ja c k so n v ille . K n o x v ille-----M acon........
M e rid ia n .....
M o b ile_______
M ontgom ery.
N a s h v ille ........
N ew n an .........N ew O rle a n s ..
P e n sa c o la —
S a v a n n a h .....
T a m p a ............
V ald o sta-------V ick sb u rg ------

$265,212,000 $258,979,000 $240,618,000

T o t a l . .......

COMMERCIAL FAILURES
Commercial Failures in the United States, according to
statistics compiled by R. G. Dun & Co., were smaller both
in number and in total liabilities in February than in
January, but somewhat larger than in February 1924.
Figures for four districts showed liabilities of defaulting
firms larger than in January, and in eight districts decreases
were shown. Compared with February a year ago, six dis­
tricts showed increases and six decreases.
N um ber
Feb.1925
D is tr ic t
173
B o s to n ....................
324
N ew Y o rk -............
72
P h ila d e lp h ia .......
120
C lev e la n d .............
121
R ic h m o n d ............
124
A tla n ta ..................
287
C hicago..................
107
S t. L o u is................
92
M in n e a p o lis........
90
K a n sa s C ity -------79
D a lla s ......................
204
S a n F ra n c isc o -----. . . .
T o ta l— ....... -

1,793




Preliminary figures released by the Department of Com­
merce indicate a decrease in both imports and exports for
February in comparison with January, but an increase in
each instance compared with February 1924. The table
below shows the advance figures for February, compared
with corrected figures for the preceding month and the
same months last year :
1925

F eb . 1924
$ 2,608,111
5,594,337
2,376,178
2,824,143
3,456,937
2,361.030
8.733.400
1,489,558
1.216,850
1,968,081
1,280.548
2.032.864

$54,354,032

$35,942,037

1924

Im p o rts:
F e b ru a ry .......................................... $ 334,000,000
J a n u a r y . ................................
346,180,245
8 m o n th s e n d in g w ith F e b ru a ry - 2,440,551,933

$ 332.323,121
295.506,212
2,332.275,396

E xports:
F e b r u a ry ................ ......-...............
J a n u a r y .... ......... ...................
8 m o n th s e n d in g w ith F e b ru a ry .

$ 365,774.772
395,172,187
2.982,880.852

$ 373,000,000
446.576,582
3.320.832,974

New Orleans
Imports through the port of New Orleans in December
(the latest month for which detail figures are available)
amounted to $14,921,218, which was greater than for the
same month of any recent year. This increase is partly
due to the higher price of coffee now prevailing. The
value of gasoline imported during December was also
higher than a year ago, although the quantity was slightly
smaller. Some of the principal articles imported during
December are shown below:
Coffee, lb s .........................
B u rla p , lb s ........ ...........
G aso lin e, g a ls .................
S isal, t o n s . . . ....................
C ru d e P etro le u m , g als..
C reosote O ils, g a ls.........
M olasses, g a ls ..................
B a n a n a s, b u n c h e s .........

.........
.........
.........
.........
.........
.........
.........

Volum e

43.152.824
3,193.121
13,146.000
4,806
39.475.000
3.302.663
4,280.080
877,399

V alue
$8,882,505
405,656
1.169,604
632,166
913,480
364,865
367,882

The total value of imports at New Orleans during Decem­
ber for the past six years is shown below for comparison:
D ecem ber 1924.............. $14,921,218
D ecem ber 1923.............. 13,650,149
D ecem ber 1922— ........ 10,443,786

D ecem ber 1921— ....... -$ 9,568,730
D ecem ber 1920 _______ 9,138,561
D ecem ber 1919 - ........... 12,997,097

The total value of merchandise exported through the
port of New Orleans during December 1924 was $56,543,998;
some of the principal commodities were:
S h o rt s ta p le c o tto n , b a le s ......
L ong s ta p le c o tto n , b a le s ...........
G aso lin e a n d o th e r l i g h t p ro d u c ts
g a ls........ -............................... —
W heat flour, b b ls...............................
I llu m in a tin g o il, g a ls......................
Tobacco, lb s ............. .........................
R ice, lb s .............. ........ — ....................
L ard , lb s.- — ----------------------------R o u g h s o u th e rn yellow p in e
bo ard s, f t ------------------------------

V olum e
139,625
78,110

V alu e
$17,813,676
10.980,500

23,490,703
531,352
13.033.284
5,729.240
15.419.145
3,144,048

2,564,304
2,664,127
824,454
947,192
875,708
550,648

6,458,000

339,906

Qrain Exports—New Orleans
Grain exports for February 1925, through the port of
New Orleans, amounted to 2,439,671 bushels, showing an
increase over the same month last year of more than
1,100,000 bushels. A considerable decline is noticed in
the export of corn, but the increase in wheat figures is
responsible for the 1,100,000 gain. Figures for the differ­
ent grains exported, are given in the following table:
S eason th r o u g h
F eb . 1925 F eb . 1924 F eb . 1925 F e b . 1924
W heat................................... 2,173,043
145,100 24.171.681 5,829,685
C o m ..................................... 163,879 1,160,042
1,865,534 3,165,304
O a ts..................................... 102,749
18,215
616,794
233,295
R ye............................................ ............................... .
195,913
2,439,671

L ia b ilitie s
J a n . 1925
F eb. 1925
$ 2,095,778 $ 3,742,645
20,028,016
13,046,091
2,162,977
1,747,846
2,057,013
4,937,059
3,690,398
4,029,401
1,596,383
2.750.320
5,464,081
9,753,298
3,343,246
433,149
1,548,919
1,095,724
1,093.915
1,678,389
1,670,801
1,312,836
2,353,415
2,845,349
$40,123,017

5

1,323,357

26,654,009 9,424.207

BUILDING PERMITS
Indicative of a large volume of building in prospect, per­
mits issued at twenty reporting cities in the sixth district
during February amounted to $13,155,489, the second
largest figure during the six years these figures have been
gathered by the Federal Reserve Bank. Permits issued in
February at Miami, Lakeland, Tampa, and Nashville were
more than double those issued in February last year, and
increases are also shown at 7 other cities, while decreases

THE MONTHLY BUSINESS REVIEW

6

w e re r e p o r te d fro m t h e o th e r t e n c itie s sh o w n in t h e s t a te ­
m e n t . T h e l a r g e t o t a l f o r N a s h v ille i n c l u d e s p e r m its i s s u e d
f o r t h r e e o ffic e b u i l d i n g s t o c o s t m o r e t h a n a m illio n a n d a
h a l f d o lla r s . D e ta il f ig u r e s a r e s h o w n i n t h e f o llo w in g
s ta te m e n t:
F e b ru a ry 1925 F e b ru a ry 1924 P e rc e n ta g e
N o.
V alu e
N o.
V alue c h a n g e i n
v a lu e
A lab am a:
A n n isto n -.......................
21 $
20,869
28 $ 48.540 —57.0
B irm in g h a m .................
686 2,276.350
602 1,410.271 *61.4
M o b ile.............................
75
58.980
82
65.380 — 9.8
M ontgom ery.................
59
32.815
60
280.951 —88.3
F lo rid a :
J a c k so n v ille .................
•L a k e la n d .................
M iam i..............................
O rla n d o .........................
P e n sa c o la ......................
T a m p a ............................

280
86
388
150
192
410

404.620
226.650
3.716.990
319.659
27.421
753,667

293
....
324
147
56
305

1.161.039
94.075
1.351.900
196.690
340.811
290.545

G e o rg ia :
A tla n ta ...........................
A u g u sta-.........................
C o lu m b u s......................
M acon-....... ...................
S a v a n n a h .......................

343
147
51
148
44

1,241.502
125,531
52,000
158.437
64,285

....
102
19
117
54

1,017,473 +22.0
142,514 —11.9
70,090 —25.8
79.954 +98.2
97,610 —44.4

L o u is ia n a :
N ew O rlean s.................
A le x a n d r ia ....................

146
110

1,201,621
99.928

201
47

849,750 +41.4
52.192 +91.5

Te^ h a t t a 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 .......................

232
11
202
186

430.116
10.450
347,650
1,822,598

138
18
230
165

242.310 +77.5
32.440 —67.8
481,300 —27.8
330.374 +451.7

T o ta l 20 C itie s ..................... 3.881 $13,155,489
in d e x N u m b er.--------------364.8

2.988 $8,542,134
236.9

-6 5 .2
+140.9
+174.9
+62.5
-9 2 .0
+159.4

+54.0

•-N o t in c lu d e d i n to t a l s o r in d e x n u m b e rs.

LUMBER
Weather conditions throughout most of the district were
more favorable for the manufacture and distribution of
lumber in February than in January, although some parts
of Mississippi report heavy week end rains with regularity.
Production by reporting members of the Southern Pine
Association, indicated by the weekly barometor, averaged
6.28 per cent below normal, during the four weeks ended
March 6. Shipments were 9.65 per cent below normal pro­
duction during that period, while orders, which exhibited
a decidedly lower trend during the last week in February
and first week in March, averaged 12.07 per cent below
normal production during the four weeks period. An
average of 80 operating mills reported their running time,
and of this number, an average of 30 operated over time,
and an average of 19 operated double shifts. Reports in­
dicate that retailers are entering the market, and that the
steady demand from the railroads and industrial users is
accounting for a considerable portion of the business. Pre­
liminary figures for February, with comparisons, are shown
in the following table:
O rd e rs............................................
S h ip m e n ts-...................................
P ro d u c tio n ...................................
N orm al P ro d u c tio n th e s e
M ills.........................................
s to c k /3 e n d Of m o n th -................
N o rm al sto c k s th e s e M ills .....
U n fille d o rd ers e n d o f m o n th .

F eb . 1925
136 M ills
280.297.328
281.519.048
300.844.470

J a n . 1925
131 M ills
280.729.785
278.132.762
305.910.912

F eb . 1924
140 M ills
262.349.070
295.228.680
314.671.147

321.799.285
780,437.338
879.849.216
237.746.712

308.978.683
711.116.972
825.064.982
218.497.565

331.783.339
796.123.698
916.435.193
237.932.574

COTTON CONSUMPTION—FEBRUARY
United States Census Bureau
United States
F eb . 1925 J a n . 1925 F eb . 1924
C o tto n C onsum ed:
L in t ...................................................
L in te rs -.............................................

550.132
50.598

589.725
51.800

508.677
41.683

I n C o n su m in g E sta b lish m e n ts :
L in t- _________-..............................
L in te rs ..............................................

1.546,210
149.292

1.433.814
137.634

1.583,439
123.186

I d n t - .........................- ....................... 3.075.140
L in te rs ............................. ................
69.661

3.863.475
58.290

2.497.075
86.993

Cotton Growing States
_
F e b . 1925
O o tto n C onsum ed-................................
372.524
I n C on su m in g E sta b lish m e n ts .........
914.801
I n P u b lic S to ra g e a n d a t Com press­
e s ......................................................
2,751,915
A ctive S p in d le s ..................................16,995,783

J a n . 1925 Feb*"1924
403.562
349.902
886.755
946,245
3,585,413 2,205,587
16,965,378 16,298,424

MANUFACTURING
Cotton Cloth
Reports for February were made to the Federal Reserve
Bank by 29 mills which during the month manufactured
approximately 29,500,000 yards of cloth. This was a de­
crease of 1 0 .2 per cent compared with the January output
of the same mills, but an increase of 4.2 per cent over their
production in February 1924. Shipments were smaller
than in either of those months. Orders booked during the
month averaged 28.1 per cent greater than in January, but
were smaller by 31.5 per cent than in February a year ago.
Unfilled orders on hand at the end of the month declined
5.4 per cent compared with January, but were 10.5 per cent
greater than a year ago. Stocks on hand showed decreases
compared with both of those months. The individual re­
ports indicate conflicting tendencies; some of the mills re­
ported decreases in orders while others reported increases.
Curtailment in operating time is indicated in a few reports.
„ ,
,
P ro d u c tio n ..............................................
S h ip m e n ts-..............................................
O rd ers b o o k ed ........................................
U n fille d o rd e rs ......................................
S to ck s o n h a n d -.....................................
N u m b er o n p a y ro lL ..............................

F eb . 1925 co m p ared w i t h :
J a n . 1925
F e b . 1924
—10.2
♦ 4.2
—9.8
—0.7
+28.1
—31.5
—5.4
+10.5
—14.9
—29.3
+ 1 .2
+ 4 .8

Cotton Yarn
Twenty two mills reported to the Federal Reserve Bank
the production during February of 8,207,000 pounds of yam.
This was a decrease of 13.4 per cent compared with the Jan­
uary production by these same mills, but an increase of
13.1 per cent over their out put in February a year ago
Orders received during February were smaller than in
either the preceding month or the same month last year.
Shipments and unfilled orders on hand at the end of the
month were smaller than for January, but larger than for
February 1924. Stocks on hand were slightly larger than
at the end of January, but fractionally smaller than a
year ago. Some of the reports state that yarn prices have
not followed the advance in the price of the raw material
and that buyers are only placing orders for thirty to sixty
days requirements. Some slight curtailment in operation
is indicated in a few reports.
P ro d u c tio n .............................................
S h ip m e n ts...............................................
O rd ers b o o k ed ........................................
U n fille d o rd e rs .....................................
S to ck s o n h a n d ................... ..................
N u m b er o n p a y ro lL ..............................

F e b . 1925 co m p ared w ith :
J a n . 1925
F eb . 1924
—13.4
+13.1
—14.3
♦ 9.2
—23.5
—
42.0
—9.0
+29.3
+1.1
—0.1
—1.3
+ 5.9

Overalls
The production of overalls during February increased
1.4 per cent over January and was 8 per cent larger than in
February 1924. Stocks on hand were slightly larger than
at the end of January, but were fractionally smaller than
a year ago. Orders received during the month decreased
21.4 per cent compared with January, but were 17.9 per
cent greater than those booked in February 1924. Report­
ing mills operated during February at an average of 86 per
cent of capacity, compared with 85 per cent in January,
and with 79 per cent in February last year.
O v eralls m a n u fa c tu re d - .....................
O v eralls o n h a n d -.................................
O rd ers b o o k e d .......................................
U n fille d o rd ers-......................................
N u m b er o n p a y ro U ............. *...............

F e b . 1925 co m p ared w ith :
J a n . 1925
F e b . 1924
+ 1 .4
+ 8 .0
+ 2 .1
—0.4
—21.4
+17.9
x
x
—1.4
—1.8

I n P u b lic S to ra g e a n d a t Com press-

E x p o rts.....................................................
811.838 1.076.075
482.146
Im p o rts.....................................................
59.984
54.822
48.602
A ctive S p in d le s..................................... 33,277.189 33.180.758 32.710.622




BRICK
Substantial increases over figures for January were shown
in reports from brick manufacturers. February produc­
tion was 62 per cent greater than in January, stocks were

7

THE MONTHLY BUSINESS REVIEW
50.9 per cent greater, orders received increased 54.1 per
cent, unfilled orders increased 73.5 per cent, and the num­
ber employed increased 15.5 per cent. Compared with
February 1924, production and orders, and the number on
payrolls, were larger in the month just ended, but stocks
and unfilled orders showed decreases, as indicated in the
following table :
F e b . 1925 com pared w ith :
J a n . 1925
F eb . 1924
+62.0
+47.7
+50.9
—31.7
+54.1
+ 0.7
+73.5
—33.5
+15.5
+10.0

B ric k m a n u fa c tu re d ............................
B ric k o n h a n d .......................................
O rd ers b o o k ed .......................................
U n fille d o rd e rs ......................................
N u m b er o n p a y ro ll...............................

Hosiery
Figures shown in the table below, reported to the United
States Census Bureau, show a small decrease in produc­
tion of hosiery during February, compared with January,
by 41 identical establishments. Orders received, cancella­
tions, and unfilled orders also declined, but shipments and
stocks on hand were slightly larger than in January.
P ro d u c tio n ...........- ______ ______
S h ip m e n ts...............................................
S to c k 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 e rs ......................................

(D ozen p airs)
F e b ru a ry 1925 J a n u a r y 1925
839,270
847,328
815,457
769,173
1.691,128
1,660,440
746,402
955,475
27,021
44,462
1,613,747
1,695,910

COAL
The decline in production of bituminous coal in the
United States which began in January continued through
February, figures for each week being smaller than those
for the preceding week. The unseasonably warm weather
which prevailed during February resulted in a decided
slackening in the demand, and the rate of output declined
in practically all producing districts. During the last three
weeks in February, in some districts, the mines worked less
than half time, and in others the half way mark was ap­
proached. Transportation disability as a factor limiting
production has practically disappeared, and all other
causes became almost negligible when compared with “no
market”. The steady softening of the market resulted in
the closing of many mines. The decline was, however,
halted, at least temporarily, in the first week of March,
when preliminary figures indicated an output of 9,394,000
net tons. This is an increase over the preceding week of
539,000 tons, and as only a part of the loss in that week was
due to the observance of the holiday, the increase indica­
tes some improvement in the market. Weekly figures, com­
pared with a year ago, follow:
W eek E n d ed
F e b ru a ry 7..............................................
F e b ru a ry 14.............................................
F e b ru a ry 21.............................................
F e b ru a ry 28.............................................
M arch 7....................................................

1925
10,910,000
9,758,000
9,464,000
8,855,000
9,394.000

1924
11,501,000
11,139,000
10,367.000
10,700,000
9.617,000

World production of coal m 1924, estimated by the Geolo­
gical Survey and based upon information so far available,
is placed at 1,350,000,000 tons, compared with 1,359,000,000
tons in 1923. Of these totals United States production is
as follows:
B itu m in o u s.— . . . -.......... ™ . . ..........
A n th ra c ite ...................- .........................

1924
438,420,000
82.000.000

1923
511.791,872
84,675.282

in February than in any month since July 1923. The daily
rate in February was 114,791 tons, an increase of 6,071 tons
per day, or 5.5 per cent, over the preceding month. Total
production, however, because of the shorter month, fell
slightly below that of January but exceeded any other
month since May last year. The total output in February
amounted to 3,214,143 tons, compared with 3,370,336 tons
produced in January, and with 3,074,757 tons in February
a year ago. The index number for February is 126.1, com­
pared with 132.1 in January and with 120.6 for February
1924. There were 7 furnaces blown in during February,
and 4 blown out, a net gain of three in active operation.
In Alabama the output of pig iron during February was
also lower than in January, although the daily rate was
higher. February production in Alabama totaled 224,679
tons, compared with 231,465 tons in January and 219,358
tons in February 1924. Two furnaces were blown in during
February and one blown out, a net gain in Alabama of one
furnace in active operation. Correspondents state that
the rate of production in Alabama is now the highest since
the war, and that while many inquiries are being received
inviting concessions in prices, the furnace companies are
holding firmly to $22 per ton for No. 2 foundry.
Unfilled Orders — S. Steel Corporation
U.
Unfilled orders on hand at the end of February, reported
by the United States Steel Corporation, totaled 5,284,771
tons, compared with 5,037,000 tons at the end of January,
and 4,912,901 tons at the end of February 1924. The Feb­
ruary total is the highest reported since August 1923.
NAVAL STORES
Receipts of turpentine and rosin during the last two or
three months of the Naval Stores year, which ends March
31, are usually at a low level. February receipts of turpen­
tine this year were somewhat higher than during the same
month last year, while rosin receipts were slightly smaller.
Supplies of turpentine on hand at the close of February
were smaller than a month ago, but more than at the end of
February 1924, while stocks of rosin showed decreases
compared with both of those periods. Price averages for
the month, compiled by the Turpentine and Rosin Pro­
ducers Association, were somewhat higher than in January;
the average for turpentine for February was 87-7-8 cents,
compared with 86J cents in January, and with 95£ cents in
February 1924, and the average for rosiii during February
was $7.62i, compared with $7,521 in January, and with
$5.02| in February last year. During the month, however,
there was some softening in the demand for rosin, and dur­
ing the week ended February 14 prices on some of the
lower grades decreased slightly, followed by small gains
during the two weeks following, but during the first week in
March these prices exhibited a further weakness. Receipts
and stocks at the three principal markets of the district
are shown below:
R e ceip ts—T u r p e n tin e :
S a v a n n a h ..................
Ja c k so n v ille .............
P e n sa c o la .................
T o ta l..........
R eceip ts—R o sin :

S tocks—T u rp e n tin e :
S av an n ah ...
P en sa co la...

IRON
Production of pig iron in the United States, according to
Iron Age statistics, was at a higher rate in February than
in January. The daily average production was also higher




S to c k s - R o s in :

Feb.1925
2.323
2.810
1,034

J a n . 1925 F eb . 1924
3.310
4.614
1.420

1.644
2.612
822

6.167

9.344

5.078

19.590
22,319
7,413

16,026
28.544
7.059

16.344
26.156
8.110

49,322

51.629

50.610

8.557
19.761
9.288

11.783
25.397
12.336

8.838
21.822
3.488

37.606

49.516

34.148

63.676
100,114
36.106

70.697
112.335
40.054

80,727
128,216
52,166

199,896

223,086

261,109

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.
December

January

February

December

January

February

(Department Stores)

1924

1925

1925

1923

1924

1924

Atlanta. __ _
_ __ __ __________
Birmingham___ ___________ _____
Chattanooga- ____ _ _ __________
Jackson
_____ _ _ ___ __ _ _ ____
Nashville
____ ______ ___ _
New Orleans______ ___
________
Savannah
___ _________ _
Other Cities.__ _ _ _ _____ _____
District______ _ ____

185.8
217.8
151.7
160.5
161.3
180.9
127.4
156.1
174.7

101.6
109.0
65.9
71.4
80.1
85.3
54.5
81.3
85.5

146.3
209.9
144.1
161.8
163.8
179.6
130.9
150.0
167.8

69.3
100.6
102.7
79.4
74.3
96.8
61.3
78.2
87.2

RETAIL TRADE 6TH DISTRICT

RETAIL TRADE U. S. (1)
_
Department Stores____ ■ _ __
Mail Order Houses..___ _
_
Chain Sores :
Grocery_____________ _____
Drug_________ ___________
Shoe____________________
5 & 10 cent__________ ____
Music_ __ _________________
Candy____________________
Cigar____ ______________

87.5
97.3
81.3
79.7
73.1
95.3
68.7
72.8
85.9

63.1
97.6
87.9
73.7
82.1
92.1
52.5
80.0
84.0

210
148

109
108

100
116

202
118

109
99

101
96

250
186
188
366
184
276
192

245
155
107
151
92
162
122

246
161
149
209
120
207
140

201
185
171
331
214
261
192

191
141
99
126
84
154
119

185
143
93
140
97
166
124

WHOLESALE TRADE 6TH DISTRICT:
Groceries___ _ _
Dry Goods-_____________
Hardware.-. _
Shoes
Total ___
__

95.0
53.4
93.1
45.0
81.4

97.2
87.3
94.1
44.5
89.2

86.6
71.2
85.8
54.2
80.2

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_______
__

156.7
157.9
191.4
164.6
132.9
175.1
134.6
172.4
128.6
157.0

163.4
159.8
191.1
167.9
136.3
179.3
235.2
172.6
127.1
160.0

161.5
156.9
191.0
177.5
135.6
182.8
134.5
172.5
124.5
160.6

145
147
203
162
142
178
130
176
116
151

144.4
143.2
200.1
168.9
141.9
181.0
131.8
175.8
116.6
151.2

143.0
143.1
196.0
179.8
142.9
182.0
130.9
175.9
113.5
151.7

BUILDING PERMITS 6TH DISTRICT:
Atlanta____ __ _
Birmingham- __________ _ ___
Jacksonville.
Nashville _ __
New Orleans __ __
Other Cities.. _ ___ _
District (20 Cities)_____________

359.9
726.4
105.4
170.7
108.4
275.4
296.8

168.1
530.1
125.2
136.4
143.0
222 .3
214.9

142.5
696.0
135.3
962.7
274.7
419.0
364.8

268.7
443.8
123.8
88.2
159.3
155.4
203.3

165.4
440.4
195.1
144.3
337.1
157.2
209.2

116.8
431.2
388.2
174.5
194.3
251.9
236.9

COTTON CONSUMED:
United States___
Cotton-Growing States______
All Other States_____ ____ ...
Cotton Exports______ ___ ___ _

99.5
120.5
74.6
195.7

110.2
136.7
78.7
195.7

102.8
126.2
76.1
147.6

86.3
104.5
64.7
153.8

107.8
132.4
78.5
99.3

94.9
118.5
66.9
87.7

PIG IRON PRODUCTION:
United States... _ _____ _ _
_
Alabam a.____ _________ ___

116.2
131.3

132.1
131.7

126.1
127.8

114.6
121.7

118.5
128.3

120.6
124.8

80.3

84.0

88.2

74.2

80.1

81.9

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



84.1
45.2
78.5
36.6
69.9

88.7
77.1
90.3
48.6
83.9

86.6
77.3 •
82.3
54.4
81.0