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M O N T H L Y B U S I N E S S R E V I E W C o v e r 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
