The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
T H E M O N T H L Y B usiness C o v e r in g B u s in e s s R eview a n d A g r i c u l t u r a l C o n d it io n s i n th e S i x t h F e d e r d t R e s e r v e D i s t r i c t . F E D E R A L R E S E R V E B A N K O F A T L A N T A JOS. A. McCORD, Chairm an o f the Board and Federal R esen /e A gent W ARD A L B E R T SO N , A ssistan t Federal R eserve A gent VOL. 9 A T L A N T A , GA., MAY 31, 1924 No. 5 BUSINESS CONDITIONS IN THE UNITED STATES Prepared by the Federal Reserve Board Factory employment and production of basic commodities declined in April and there was a further reces sion in wholesale prices. Retail trade was larger than in March, chiefly because of Easter buying, and was at about the level of earlier months of the year. There was a decrease in the volume of borrowing for com mercial purposes and further easing of money rates. Production The Federal Reserve Board’s index of production in basic industries, adjusted to allow for seasonal variations, declined two per cent in April. Declines were particularly large in the iron and steel, coal, and woolen industries. Mill consumption of cotton, on the other hand, showed less than the usual seasonal reduction between March and April. Factory employment declined two per cent in April, owing chiefly to large reduction of foi'ces at textile and clothing establishments. Contract awards for new buildings reached a higher value than in March and were also larger than a year ago; value of building permits granted, however, declined and was smaller than in the corresponding month of 1923. Department of Agriculture estimates of May 1st of the yield of winter wheat and rye are somewhat above the forecasts made in April. The acreage of winter wheat is estimated at seven per cent less than last year. Trade Railroad shipments, which since the middle of March have been smaller than last year, were three per cent less in April than a year ago. Shipments of coal were much below last year, while loadings of merchandise and miscellaneous freight were higher. Wholesale trade in April was in about the same volume as during the preceding month and as in April 1923. Sales of Dry Goods and Hardware were smaller than a year ago, while sales of drugs and shoes showed some increase. Department store sales were considerably larger in April than in March, partly owing to the unusually late Easter; total sales for the two months were two per cent greater than in: the corresponding period of 1923. Merchandise stocks at the department stores showed less than the usual seasonal increase in April, but were at a higher level than a year ago. Prices Wholesale prices, according to the Bureau of Labor Statistics index, declined one per cent during April and reached the lowest point since May 1922. Farm products, however, advanced two per cent in April. Metals and foods showed substantial reductions; prices of clothing, fuel, and chemicals also declined; while prices of building materials and house furnishing remained unchanged. During the first half of May quotations on cotton, wheat, flour and hogs increased, while prices of sugar, silk, wool, and metals declined. Bank Credit During the five week period ending May 14, the volume of borrowing for commercial purposes at member banks in leading cities declined somewhat from the high level reached early in April. There were increases however, in loans on stocks and bonds and in investments in securities; so that the total of all loans and investments at the middle of May was higher than a month previous, and in larger volume than at any time in more than three years. Volume of borrowing by member banks at Federal Reserve Banks declined further during the last week of April and in May, while holdings of securities bought in the open market increased slightly. Total earning assets declined to $795,000,000 on May 21, the lowest figures since the autumn of 1917. Further easing of money conditions during the last week of April and the first three weeks of May was reflected in a continued rise of prices in Government securities, a reduction from 4% to 4% per cent in the rate for prime commercial paper, and a decline in the rate for bankers’ acceptances from 4 to 3 per cent. On May first the discount rate of the Federal Reserve Bank of New York was reduced from 4 xk to 4 per cent. THE MONTHLY BUSINESS REVIEW 2 Index of 22 basic commodities corrected for seasonal variation (1900=100.) Latest figure—April 114. Index of U. S. Bureau of Labor Statistics. (1913=100 Base adopted by Bureau.). MILLIONS ■HJUU OfDOLLARS Latest figures—April 148. R E S E R V E BAN K C R E D IT VflLlO*3 Of DOLLARS / V '' 3000 p 2000 ZOCK) \ 1000 ''V w rtonSc.eSse&c. -'•*v U f* V r'| IA /D O iscou*nt: A1 $ a 'V '* ‘v •• o 1919 otaglAs.sefs EarT nin 1920 1921 1922 1923 0 192<* Index for 33 mnaufacturing industres (1919=100). Weekly figures for 12 Federal Reserve Banks. Latest figure—April 97. Latest figure—May 21. SIXTH DISTRICT SUMMARY General conditions in the Sixth District have not changed materially during the past month. There has been some warm, dry weather, and farmers have taken advantage of it to the fullest extent, but there was enough wet weather during April and early May to interfere with farming operations and enough cool weather to delay germination and growth of crops already planted. Judging from reports received from various parts of the district it may be assumed that the acreage planted to cotton this year is as large, and possibly a little larger, than the acreage of last year. Some of the counties in South Georgia have turned THE MONTHLY BUSINESS REVIEW large acreages to tobacco and while it is impossible to determine accurately at this time, indications are that the cotton acreage for the district this year will be about the same as last year. Reports from member banks and other sources indicate that farmers are using more and better fertilizer this year than last, and that more calcium arsenate is also being used. Boll weevils have already appeared in some sections. Aside from the seasonal influences affecting the busi ness situation, there appears to be somewhat of a slowing up, resulting in a waiting attitude, until some definite estimate can be made as to the seasons crop production. Retail trade in this district was better than for any preceding month this year, while wholesale trade did not show up so favorably. Savings deposits continue to show small increases each month, and at the end of April were 8.6 per cent larger than a year ago. Building permits in April at 20 reporting cities aggrega ted $11,598,373, being second only to the total of $12,760,848 for April last year, the highest point for which figures are available. Pig Iron production in the United States declined from 3,466,086 tons in March to 3,233,428 tons in April, while in the Alabama district the output declined from 231,817 tons in March to 230,548 tons in April. Coal mining continues at a rather low level. Employment conditions in this dis trict, while fairly satisfactory as a whole, show a tend 3 ency to decline, caused principally by the curtailment in textile mills and partime operations in some other lines. RETAIL TRADE Sales at retail reported to the Federal Reserve Bank by 43 department stores in this district showed further improvement in April over the preceding months. March business was 15 per cent better than in February, and April sales were more than 12 per cent greater than in March. April business also showed an increase of 7.4 per cent over the corresponding month last year, increased sales being reported from all of the reporting cities. The high point in spring sales in this section during the past few years has come in March, April or May, according to weather conditions and the lateness of the season. April 1924, however, brought a volume of business higher than was reached in the spring of either of the past two years. Index numbers on the last page of this Review show the relation of sales at the different reporting cities to preceding months and the same months a year ago. Stocks of merchandise at the end of April were nearly six per cent larger than on the same date last year, but only four-tenths of one per cent larger than a month ago. CONDITION OF RETAIL TRADE—MARCH 1924 Sixth Federal Reserve District A tlan ta (4) ________ Birm ingham (5) __ Chattanooga (6) ___ Jackson (3) __ ____ Nashville (5) _____ New O rleans (5) ___ Savannah (3) ____ Other Cities (12)___ DISTRICT (43)......... Percentage of increase or Decrease (4) (3) | (1) (2) Comparison of net sales with Percentage of outstanding of average stocks! Stocks a t end of m onth P ercentage those of eorrenponing orders a t end of A pril a t end of each m onth compared with period last year 1924 to total purchases from Ja n . to date (4 during calendar m onths) to average B B A A year 192$ m onthly sales Ja n . 1 M arch A pril April over same to | 1924 1923 period Apr. 30 + 1.6 464.8 -I- 2.9 —11.3 3.4 — 5.5 + 6.7 483.5 +23.2 -f 10.1 4.5 + 5.3 __ 2.2 575.1 +21.3 5.0 +23.8 +25.1 — 0.9 + 2.2 555.1 X + 14.4 + 8.8 + 2.9 500.7 + 3.6 5.2 + 3.4 + 1.2 — 1.3 + 4.6 494.4 7.2 + 6.8 + 1.4 — 2.1 505.0 — 5.2 3.3 + 6.9 — 2.7 — 3.0 571.4 1.5 + 2.7 + 2.9 — 1.8 + 0.4 506.6 5.1 + 5.9 + 7.4 + 2.6 WHOLESALE TRADE The volume of wholesale trade in this dristrict during April, reported to the Federal Reserve Bank by more than 150 dealers in nine different lines, was not equal to that in March. Of the nine lines reporting, only one, hard ware, showed aggregate sales by 31 firms to be larger than in March, and the increase was a little less than three percent. All other lines reported decreased sales, although some of the decreases were very slight, notably electrical supplies, furniture and drugs, while the largest decline was in stationery. Compared with sales in April 1923, increases occurred in groceries, electrical supplies, and drugs, but declines were registered in the other six lines. Unfavorable weather during the latter part of the winter and during the spring, with its effect on mercantile business as well as agricultural conditions and prospects, is at least partly responsible for the lagging conditions prevailing in wholesale trade. Following are percentage comparisons, by lines, of sales in April, with the preceding month and the same month a year ago: A pril 1924 compared w ith : M arch 1924 Groceries (40 firms)....*._____________ Dry Goods (31 firm s)_______________ H ardw are (31 firm s)_______________ F urn itu re (19 firm s)_______________ Electrical Supplies (9 firm s)............... Shoes (10 firm s)........... ...................... . Stationery (4 firm s)................................. Drugs (6 firms) ..................................... Farm Implements (7 firm s)................... — 5.5 — 6.1 + 2.9 — 0.2 — 0.1 — 7.1 —13.9 — 0.2 — 6.4 A pril 1923 + 3.3 — 4.6 — 3.6 — 7.3 + 8.8 — 2.5 —11.3 + 8.5 —30.5 4 THE MONTHLY BUSINESS REVIEW Groceries Sales by wholesale grocery firms in April were smaller, except at Vicksburg and “Other Cities,” than during March, the aggregate volume by 4'0 firms being 5.5 per cent lower. Increases were shown over April last year, however, at all points except New Orleans, the district average being 3.3 per cent. The index number of wholesale grocery sales, prepared from most of the reports received, was 84.1 for April, as compared with 88.6 for March, and with 80.9 for April a year ago. Most of the reports indicate that retail firms are buying more often, but in small lots, and are carrying stocks at a low point. Some reports state that April prices were a little lower than in March. Collections were reported good by 9 firms, and fair by 14. Percentage comparisons of sales, by reporting cities, are shown in the following table: April 1924 compared w ith: March 1924 A pril 1923 A tlan ta (5 firm s)..................................... Jacksonville (5 firm s)............................. Meridian (3 firm s)................................... New Orleans (9 firm s)........................... Vicksburg (4 firm s)................................. Other Cities (15 firm s)........................... DISTRICT (40 firm s).......... .................... — 3.0 — 6.5 — 3.1 —14.1 + 4.0 + 0.9 — 5.5 + 1.4 + 18.2 +12.4 — 5.7 + 4.8 + 3.9 + 3.3 Dry Goods Dry Goods sales in April were smaller than in either March, or April a year ago. Reports came from 31 firms which reported sales in the aggregate 6.1 per cent smaller than in March, the only increase being at “Other Cities”. Compared with April last year, business was larger at Atlanta, Knoxville, Nashville and Other Cities, but these increases were more than offset by declines at Jacksonville and New Orleans, and the result is a net decline of 4.6 repcent. The index number prepared from figures reported by most of these firms, for April stands at 64.3, compared with 68.5 for March, and with 67.2 for April a year ago. The reports state that wholesalers are necessarily placing a few orders for next season, but that buying is being done very cau tiously and that stocks are being kept at a very low point. There were some slight price declines because of lack of demand. Collections were reported good by 1 firm, fair by 16, and poor by 2. Percentage comparisons of sales, by cities, are indi cated below: A pril 1924 compared w ith : M arch 1924 A pril 1923 A tlan ta (4 firm s)..................................... ...... — 6.9 Jacksonville (4 firm s)............................. — 4.7 Knoxville (3 f i r m s ) . ............................ ...... — 8.1 Nashville (3 firm s)........................................— 7.7 New Orleans (5 firms............................... ...... —12.9 Other Cities (12 firm s)........................... .......+ 1.0 DISTRICT (31 firm s)..................... ........ • — 6.1 +10.7 —17.6 + 0.8 + 3.4 —21.4 + 3.2 — 4.6 Hardware Wholesale hardware sales during April by 31 firms in the district were nearly three per cent larger than in March, although 3.6 per cent lower than in April last year. The backward spring has seriously interfered with retail sales, especially by merchants in the smaller towns, and this is reflected in the volume of sales by wholesale firms. Business at Atlanta and New Orleans was smaller in April than in March, partially offsetting the increases at other points, while compared with April 1923 increases were reported only from Jacksonville, Montgomery and Other Cities. The reports indicate a general, though slight, tendency of prices to decline. Comparisons of sales by cities are indicated below: A tlanta (3 firm s).......................... ........... Chattanooga (3 firm s)........................... . Jacksonville (3 firm s)............................... Montgomery (3 firm s)............................. Nashville (4 firm s)................................... New Orleans (5 firms)....*....................... Other Cities (10 firm s)........................... DISTRICT (31 firm s)............................. A pril 1924 compared w ith : March 1924 A pril 1923 — 6.5 —10.2 + 5.8 — 0.3 +19.5 + 7.5 + 6.0 +18.2 +16.6 — 5.8 — 6.4 —10.1 + 0.6 + 1.7 + 2.9 — 3.6 Furniture Business reported by 19 wholesale furniture dealers in April was only two-tenths of one per cent lower than in March, although more than 7 per cent lower than in April last year. The reports indicate that collections are improving, but that no substantial volume of busi ness is looked for until after the summer markets and the fall trade begins. The reports show some tendency toward declining prices. Retailers are reported to be buying only to meet their current requirements. Com parisons by cities are shown in the following figures: A tlanta (6 firm s)........... Chattanooga (3 firms).. Nashville (3 firm s)......... Other Cities (7 firms).... DISTRICT (19 firms).... _A pril 1924 compared w ith : M arch 1924 A pril 1923 — 7.4 +10.5 — 1.6 —28.6 + 0.7 —37.6 + 5.6 + 5.7 — 0.2 — 7.3 Electrical Supplies Sales by 9 wholesale dealers in electrical supplies ^declined only one-tenth of one per cent in April com pared with March. Sales were, however, 8.8 per cent larger than in April 1923. Much the same conditions prevail in this line as in the others. It is probable, however, that the lag in business may not be felt to the same extent, however, because of the growing popu larity of electrical labor saving devices and demand for radio supplies. Comparisons of April sales are shown below: A tlanta (3 firm s)..................................... Other Cities (6 firm s)........................... .. DISTRICT (9 firms)...,........................... A pril 1924 compared w ith : M arch 1924 A pril 1923 — 1.1 + 6.1 + 1.1 +12.5 — 0.1 + 8.8 Shoes Sales by 10 wholesale shoe firms declined 7.1 per cent in April compared with March, but were only 2.5 per cent smaller than in April last year. Retail merchants are reported to be buying only for present urgent needs, and the reports indicate a general disposition to delay buying for fall. Collections are good. Comparisons of sales are shown below: THE MONTHLY BUSINESS REVIEW A pril 1924 compared w ith : March 1924 A pril 1923 A tlan ta (3 firm s)..................................... — 4.2 + 4.5 — 8.4 — 5.4 Other Cities (7 firm s)........................... DISTRICT (10 firm s)............................. — 7.1 — 2.5 Comparisons of April sales by drug, stationery and farm implement firms are shown in the first table under Wholesale Trade. Individual cities are not shown for the reason as many as three reports were not received from any city. Collections in stationery are indicated as good, and only fair in drugs. Reports in both lines indicate small buying by retailers, and increasing re sistance to sales. AGRICULTURE Weather conditions during April and early May, while not all that could be desired, were more favorable than during the earlier months of the year. There has been more warm weather, but there is still more rain and cool weather than is needed, and farm work is consider ably behind on this account, in some parts of the district. Spring plowing and planting in Alabama are slightly ahead of last year but behind the average, plowing being 76 per cent completed and planting 62 per cent. Field work in Florida is slightly behind schedule, plowing having been delayed and farmers have had little oppor tunity to catch up. Planting has been generally later than usual, and on May 1 was 84 per cent complete, compared with 89 per cent last year, and 87 per cent of the work usually accomplished by that time. In Georgia preparation of land and planting are a little behind last year and considerably behind the ten year average. A large proportion of the corn and cotton remains to be planted in the ^pper part of the state, but work has been going forward rapidly in the last few weeks. In Louisiana spring plowing is well advanced compared with recent years, and is in excess of the ten-year average. Plowing accomplished by May 1 this year is estimated at 88 per cent, compared with 80 per cent last year, and a ten-year average of 85.9 per cent. Planting is estimated at 78 per cent complete, compared with 67 per cent last year. In Mississippi preparations are 78 per cent complete, as against 67 per cent at the same time last year, while spring planting and sowing are 70 per cent complete. Tennessee’s plowing is 72 per cent accomplished, com pared with 66 per cent last year, and planting 55 per cent compared with 50 per cent at this tme a year ago. Farm Labor Excepting in Alabama and Tennessee, the farm labor situation is not so favorable as it was a year ago. The table below shows the relation of the supply of farm labor to normal supply in the states of this district, the relation of current demand to a normal demand, and the relation of the present supply to the present demand: F arm Labor Supply Farm Labor Demand Ratio of Supply P er Cent of Normal Per Cent of Normal to demand April April A prii April A pril April 1923 1924 1923 1924 1924 1923 81 90 93 89 80 87 Alabama 91 90 96 97 93 87 Florida .... 90 80 76 87 70 84 Georgia ... 9(> 87 94 87 91 82 Louisiana 81 94 98 82 88 Mississippi ___ 77 90 84 89 95 80 88 Tennessee 5 COTTON MOVEMENT Sixth Federal Reserve D istrict Receipts—P o rts : New Orleans............... Mobile ........................... Savannah .................... Interior Towns: A tlanta ....................... Augusta ....................... Macon ........................... Montgomery ............... Vicksburg ................... Shpments—P o rts : New Orleans ............... Mobile ......................... . Savannah ..................... Interior Towns: A tlanta ....................... Augusta ....................... Macon ....................... Montgomery ............... Vicksburg .......... ,......... Stocks—P o rts : New Orleans ............... Mobile ......................... Savannah ..................... Interior Towns: A tlan ta ......................... Augusta ....................... Macon ....................... Montgomery ............... Vicksburg ................... April 1924 123,687 5,211 28,229 M arch 1924 79,229 3,752 18,272 A pril 1923 55,760 1,419 23,683 9,270 5,571 2,617 1,000 16,626 7,480 4,706 1,407 668 16602 5,678 6,788 840 935 22,737 132,246 6,952 38,952 121,259 86,070 28,323 107,265 5,226 42,941 15,371 9,164 4,318 3,657 16,032 14,346 9,176 2,037 861 14,124 17,699 13,032 1,162 2,151 20,243 119,552 4,218 33,819 128,111 5,988 44,542 120,747 1,896 37,345 17,894 20,237 5,012 10,296 3,123 23,995 6,713 25,998 12,933 5,007 50,026 30,616 11,962 7,047 5,450 COTTON MOVEMENT—UNITED STATES (Bales) Since A ugust 1. 1924 1923 1922 1921 Receipts a t U. S. P orts— 6,376,706 5,569,803 5,374,158 5,561,337 Overland to Nor. Mills and Canada .......... 873,581 1,153,994 1,414,469 1,192,898 Sou. Mills Takings............. 2,970,000 3,404,284 2,914,058 2,213,220 Interior Stocks in excess of those held a t close of Com’l year................. 151,290 131,580 192,830 616,306 Total movement of crop 276 days .............. .......... 10,371,577 10,259,661 9,509,855 9,583,761 Foreign exports ................. 4,944,912 4,111,573 ........................... American Mills N & S Canada ............................. 5,006,555 6,052,107 ........................... American cotton thus far 9,407,000 10,488,000 10,369,000 ...... Citrus Fruits Movement of the citrus crops for 1923-24 is well advanced, and the season will close earlier than for last year. Commercial production is expected to exceed the estimate of 20,000,000 boxes by a small amount. Less than ten per cent of the crops remain to be shipped. The condition of citrus trees of all kinds is lower than it was a month ago. Oranges were 89 per cent of normal on May 1, compared with 93 per cent a month earlier, and 90 per cent a year ago| Grapefruit on May 1 were 85 per cent of normal, compared with 92 per cent a month ago, and 88 per cent a year ago. Con dition of limes has also dropped heavily as the result of dry weather on the Keys, and is 84 per cent of normal, compared with 92 per cent a month ago and 90 per cent at this time last year. All citrus trees have bloomed freely and the setting of fruit has been good over most of the belt. Early prospects for next season are report ed good. The following figures, compiled by Chase & Co., of Jacksonville, show the car lot movement of fruits and vegetables from Florida: THE MONTHLY BUSINESS REVIEW 6 Oranges ............... G rapefruit ........... Tangerines ( a ) __ A pril 1924 4,461 2,310 2 April 1923 1,972 2,202 0 Total citrus fru its 6,773 (a) Tangerines form erly included Lettuce ................. 58 Vegetables ........... 635 Tomatoes ............... 1,614 Cabbage ............... 663 Celery ................... 1,381 Potatoes ............... 1,077 Total Vegetables 5,428 Season through April 1924 April 1923 28,831 22,876 16,913 15,712 1,027 0 4,174 46,771 w ith oranges. 17 1,850 1,384 3,351 2,466 5,168 205 3,804 1,760 6,435 826 1,154 38,588 6,658 18,934 2,554 2,984 5,629 1,115 5,787 865 21,762 SUGAR The following table shows the production of sugar and syrup in Louisiana during the season of 1923. These figures were compiled by the Louisiana Statistician of the Bureau of Agricultural Economics: Y ear 1923 Factories m aking sugar —num ber ................................. ........... 105 Sugar made—pounds................. 324,046,042 tons ........................................... 162,023 Average sugar per ton of cane—pounds ....................... 135.8 Cane used fo r su g a r: Tons ..................................... 2.388,648 Acres ..................................... 217,259 Average can per acre—tons.... 11.1 Molasses made—gals.................. 15,719,425 Average molasses per ton of cane—g als................................ .............. 6.6 Factories m aking syrup (22 sugar parishes) num ber 46 Syrup made—entire state—gals. 6,718,420 Average syrup per ton of cane—gals................................ ............. 21.8 Cane used for syrup—to n s....... 329,956 80,057 7,325,993 Distribution of Milled Rice (Pockets Association Mills ................... 354,540 4,874,328 New Orleans Mills................. 26,338 758,806 Outside Mills ......................... 89,618 1,740,552 8,593,446 4,931,920 1,314,000 1,656,175 470,496 7,373,686 7,902,095 Stocks on Hand May 1, 1924 A pr. 1, 1924 May 1,1923 338,155 729,529 947,462 Association Mills ................... New Orleans Mills ............... 175,571 182,243 202,969 270,200 424,620 Outside Mills .................... 204,500 718,225 1,181,972 1,575,051 FINANCIAL Weekly reports to the Federal Reserve Bank of by 36 member banks in this district show a decline in the amount of loans and discounts during the four weeks period ending May 7 of a little more than five and a quarter millions of dollars. Small declines occurred in loans secured by Government Obligations, and loans secured by stocks and bonds, but most of the decrease was in “Other loans.” Holdings by these Banks of Government securities, and of other stocks and bonds, also declined, resulting in a decrease in the total of loans, discounts and investments of about $8,877,000 during that period. Time deposits increased more than three and a half million dollars, while demand deposits decreased nearly three million dollars. Borrowing of these banks at the Federal Reserve Bank declined more than four and a half millions dollars. The following detail figures, in even thousands of dollars, show com parisons with a month ago, and with the corresponding time last year: of Cane H arvest 19221921Atlanta 112 124 590,190,213 648,861,430 295,095 324,431 156.2 155.2 3,778,110 241,433 15.6 22,718,640 4,180,780 226,366 18.5 25,423,341 6.0 6.1 59 6,489,527 52 6,454,388 20.5 324,827 21.0 307,125 Weather conditions in Louisiana during most of the past month or six weeks have been favorable and much field work has been accomplished. The crop has shown considerable improvement, but the more recent cool weather has to some extent interrupted the development and growth. The crop is now decidely backward in de velopment, full stands not yet having shown above the ground. SUGAR MOVEMENT—A PRIL Raw Sugar—Pounds April 1924 March 1924 * R eceipts: New Orleans ______ 201,370,501 155,618,671 S av an n ah ................. 17,609,643 35,029,826 M eltings: New Orleans ......... 174,501,874 142,170,386 Savannah .......... ...... 27,891,142 26,582,280 Stocks: New O rleans ........... 76,037,445 49,168,818 2,511,775 12,793,274 S avannah ................. Refined Sugar—Pounds April 1924 March 1924 S hipm ents: New O rleans ........... 153,335,807 117,876,966 Savannah ................. 29,084,715 18,556,795 S tocks: New O rleans ........... 78,591,774 54,602,322 Savannah ................. 11,771,922 14,964,524 RICE MOVEMENT Rough Rice (sacks) P o rt of New Orleans April 1924 M arch 1924 Receipts ....................................... 16,415 49,140 Shipments .... .............................. 27,094 37,117 Stock .................. .......................... 36,241 46,920 Clean Rice (Pockets P o rt of New Orleans Receipts ......... ........................... 100,117 136,839 Shipm ents ................................... 95,165 177,670 Stock .................. .......................... 145,397 140,445 Receipts of Rough Rice (barrels) Season to L ast season to A pril 1924 A pril 1924 A pril 30,1923 38,616 4,827,883 5,391,973 Association Mills................... New Orleans Mills................. 16,415 721,864 1,131,336 Outside Mills ....................... 25,026 1,776,246 2,070,137 April 1923 144,189,787 32,468,327 165,636,860 33,133,142 41,943,631 15,870,364 A pril 1923 138,129,791 31,514,756 71,045,565 11,733,630 A pril 1923 96,324 98,859 51,526 317,446 315,485 155,533 Member Banks in geelcted Cities (000 Omitted) Bills Discounted: May 7, 1924 A pril 9, 1924 May 9,1923 $ 8,552 $ 7,756 69,428 Secured by stocks and bonds...... 69,081 63,307 333,943 All other ......................................... 346,045 350,837 428,817 405,006 Total bills discounted................... 423,535 39,855 46,029 U. S. Securities.......................... ....... 36,753 35,205 41,867 O ther Stocks and bonds................. 41,374 Total loans, discounts and invest 510,539 486,240 m ents ............................................... 501,662 179,739 169,729 Time deposits ..................................... 183,379 278,584 277,938 Demand deposits .......................... . 275,028 21,876 9,157 Accommodation a t F. R. Bank— 17,327 The weekly statement of the Federal Reserve Bank of Atlanta for May 14 showed a decline in total bills under discount of nearly three million dollars during the four weeks ended on that day. Discounts secured by Government obligations declined $1,700,000, while other bills declined more than a million dollars. Ac ceptances purchased in the open market also declined nearly three million dollars. Deposits and Federal Reserve Notes in actual circulation both showed in creases. Cash reserves increased nearly six million dollars during the four weeks perod. The following figures show comparisons of important items in the 7 THE MONTHLY BUSINESS REVIEW weekly statement for May 14, with April 16, and with May 16, last year: Bills D iscounted: Federal Reserve Bank (000 Omitted) May Secured by Govt. Obligations....$ All O ther ....................................... Total bills discounted ........... Bills bought in open market...... 14, 1924 Apr. 16,1924 May 16,1923 4,901 $ 6,636 $ 4,391 31,300 32,411 22,971 36,202 39,048 27,362 5,930 7,092 30,316 Total bills on hand............... 42,132 51 U. S. Securities ........................... Total earning assets ................... 42,183 Cash reserves ................................. 155,293 Total deposits ............................... 59,001 F. R. Notes in actual circulation 140,232 77.9 Reserve Ratio ..................................... 46,139 101 46,241 149,400 57,835 140,009 75.5 57,679 958 58,637 134,412 61,462 134,188 68. Savings deposits for April, reported to the Federal Reserve Bank by 94 banks in the district, are shown in the following table: SAVING DEPOSIT3—APRIL 1924 Sixth Feredal Reserve D istrict April 1924 A tlanta (7 ban k s).................................................................. $ 31,083,331 Birmingham (5 banks)........................................................... 21,843,645 Jacksonville (5 b an k s)....................................................... 19*744,074 Nashville (10 ban k s).............................................................. 19,400,741 New O rleans (8 b an k s)......................................................... 47,757,044 Other Cities (59 b anks)......................................................... 87,058,176 Total (94 ban k s)............................................................... 227,410,011 DEBITS TO NIDIVIDUAL ACCOUNTS S ix th Federal Reserve D istrict Week Ended Apr. 16, 1924 May 16,1923 May 14, 1924 $ 803,000 $ 950,000 $ 1,023,000 Albany ................. 32,090,000 34,138,000 A tlan ta ............... ......... 29,623,000 5,133,000 6,518,000 6,715,000 Augusta .......... ...... 26,870,000 26,288,000 25,075,000 Birm ingham 682,000 642,000 Brunswick ........... 691,000 8,906,000 9,128,000 8,822,000 Chattanooga ...... 2,974,000 2,564,000 2,860,000 Columbus ............. 563,000 556,000 504,000 Dothan ................. 248,000 206,000 179,000 Elberton ............... 4,800,000 4,100,000 Jackson ............. 2,792,000 15,052,000 19,238,000 13,438,000 Jacksonville ......... Knoxville ............. 5,787,000 8,464,000 7,661,000 Macon ................... 4,306,000 8,029,000 4,910,000 Meridian .......... . ............ 334,000 2,639,000 2,799,000 6,130,000 Mobile ................... 6,087,000 7,271,000 Montgomery ....... 4,515,000 5,601,000 4,800,000 16,243,000 Nashville ............. 19,117,000 18,539,000 Newnan ........... 344,000 390,000 432,000 New Orleans 64,924,000 81,141,000 63,332,000 Pensacola ............. 1,502,000 1,831,000 1,709,000 8,315,000 Savannah ........... 9,306,000 9,390,000 Tampa ................... 8,558,000 9,037,000 8,267,000 Valdosta ....... ..... 1,000,000 1,112,000 969,000 Vicksburg ............. 1,504,000 1,917,000 1,783,000 Total ...... ....... ......... $220,827,000 $256,650,000 $230,589,000 COMMERCIAL FAILURES The number and total liabilities of firms which went into bankruptcy during April are shown in the following figures, compiled by R. G. Dun & Co. The number is a little larger than for April last year, but liabilities were lower. Compared with March, however, liabilities showed a decline of about one-half, due to the failure during March of one very large firm. Increased lia bilities in April over March were reported from the Cleveland, Chicago and Minneapolis disticts, while declines were reported from the New York, Richmond and Atlanta districts. Following are comparative figures for the sixth district and for the United States: Number A pril 1924 March 1924 A pril 1923 Sixth D istricts.................... 110 128 97 United States ................... 1,707 1,817 1,520 L iabilities: Sixth D istrict ............... $ 2,491,189 $ 5,111,223 $ 1,260,290 United States ............. 48,904,452 97,651,026 51,491,941 March 1924 $ 30,825,107 21,595,246 20,048,098 19,506,177 46,931,213 87,462,680 226,368,521 Comparison of Apr. 1924-Mar. 1924 April 1923 + 0.8 $ 29,975,120 20,828,209 + 1.2 17,777,652 — 1.5 — 0.5 16,641,702 + 1.8 43,859,976 80,313,127 — 0.5 209,395,786 + 0.5 Comparison of April 1924-1923 + 3.7 + 4.9 +11.1 +16.6 + 8.9 + 8.4 + 8.6 IMPORTS AND EXPORTS Preliminary figures compiled by the Department of Commerce show small gains in both imports and exports of merchandise during April as compared with the cor rected figures for March. April imports, however, were smaller this year than in April 1923, while exports were somewhat larger than during that month. For the ten months ending with April, imports were only slightly smaller than a year ago, while exports were a little larger. The figures for April just ended indicate an excess of exports of $24,000,000, while for April last year imports exceeded exports by $38,760,369. Follow ing are preliminary figures for April, with corrected figures for March: 1924 Im ports: April ...................................................$ 324,000,000 March ...,............................................. 320,616,043 Ten Months ending with April ... 2,977,077,487 E x p o rts: April ................................................ 348,000,000 March ................................................. 339,674,106 Ten months ending with A pril 3,670,938,080 1923 $ 364,252,544 397,928,382 3,088,186,074 325,492,175 341,376,664 3,320,416,950 Gold and Silver The following figues show imports and exports of gold and silver during April: Gold Im ports ...............................................$ Exports ................................................. Excess of im ports........................... Silver Imports .................................................$ Exports ................................................. Excess of exports........................... April 1924 45,418,115 1,390,537 44,027,578 3,907,745 8,801,689 3,893,944 $ $ A pril 1923 9,188,470 655,235 8,533,235 4,261,869 4,336,338 74,469 During the ten months ending with April imports of gold amounted to $350,770,871, compared with $218,499,816 during the same period a year ago, while exports amounted to $9,345,636, compared with $47,649,047 during the corresponding period a year ago. Imports of silver during this ten months period totaled $69,430,014', against $54,419,932 a year ago, while exports of silver amounted to $80,450,570 against $48,826,517 dur ing the same period last year. 8 THE MONTHLY BUSINESS REVIEW New Orleans The value of merchandise imported through the port of New Orleans during March was greater than in February, principally because of larger sugar imports, but was not so large as the value of imports during March 1923 or March 1920. Sugar was imported in much heavier volume than during March 1923, however, and increased values were also indicated in mineral oil, sisal, bananas, and molasses, but decreases occurred in some other items, omparative figures for March for the past ten years are shown below: M arch March March M arch March 1924________ $20,220,239 1923................ 23,552,610 1922................ 11,757,367 1921................ 16,704,456 1920................ 28,249,555 March March March M arch March 1919.......... ,....$17,762,192 1918............... 11,266,683 1917............... 9,103,473 1916............... 9,888,910 1915............... 8,150,932 Grain Exports Grain exports through New Orleans continue to show declines compared with a year ago, as indicated in the following figures for April: A pril 1924 249,098 W heat ......... . , 416,939 .... 19,575 68,571 TOTAL 754,183 A pril 1923 420,914 1,437,549 33,930 ............... 98,460 Season to L ast Season to A pril 1924 A pril 1923 6,082,495 23,684,811 4,548,227 17,846,345 564,544 269,560 ....__ ....... 10,428 264,485 872,031 1,990,853 11,164,767 42,978,159 BUILDING The value of building permits issued at twenty cities in this district during April was considerably larger than during any of the three preceding months this year, but not so large as during April 1923. There were wide differences among the different cities, but the aggregate value of April 1924 permits was 9.1 per cent lower than in April last year. Substantial increases over April last year are shown at Tampa, Miami, Chattanooga, Nash ville, and other points. The index number for the dis trict for April stands at 321.7, compared with 240.6 for March, and 353.9 for April 1923. Index numbers for Federal Reserve Bank and Branch cities are shown on the last page of the Review. BUILDING PERM ITS—A PRIL 1924 Sixth Federal Reserve D istrict A lterations & Repairs No. Value New Buildings No. Value A labam a: A nniston ............................ ...................... A nniston ................................................... Mobile ...................................................... Montgomery ............................................. 267 57 77 F lo rid a: Jacksonville ............................................. ♦Lakeland .................................. .............. Miami ......................................................... ♦Miami Beach ........................................... Orlando .................. .................................. Pensacola ............................... .................. Tam pa ..... ................................................. 247 80,867 84 436,325 "*84 12 57 54 211 *97,*230 10,600 22,160 6,992 74,909 200 51 80 15 152 i*,*818,112 1,063,850 247,275 55,000 1,387,180 $67,105 12,605 14,657 499 32 10 $ 967,640 108,685 76,300 Total A pril 1924 Total A pril 1923 Percentage of Increase or Decrease $28,390 1,034,745 121,290 90,957 $24,350 1,510,337 120,000 64,633 - f 16.6 — 31.5 + 1.1 + 40.7 517,192 291,510 1,915,342 1,074,450 269,435 61,992 1,462,088 369,356 178,040 836,300 531,520 692,625 179,179 189,605 + 40.0 + 63.7 +129.0 +102.1 — 61.1 — 65.4 +671.1 4,922,972 116,877 35,275 192,200 190,605 — 68.7 +144.8 + 27.6 — 56.1 — 6.2 Georgia: A ltanta .................................... ................ A ugusta ......................................................... Columbus ................................................. Macon .......... ............................................ Savannah ................................................. 142 128 303,020 28,502 294 29 1,237,215 257,559 *102 21 **317590 13,485 *19 66 52,881 165,350 1,540,235 286,061 45,000 84,471 178,835 L ouisiana: New Orleans ............................................. A lexandria ............................................... 60 33 117,125 28,776 238 13 1,695,475 42,460 1,788,200 71,236 1,037,100 211,450 + 72.4 — 66.3 182 4 194 119 2039 352,606 3,125 33,750 52,330 $1,340,944 37 49 200 206 2,223 157,780 103,175 628,926 771,212 $10,208,550 510,386 106,300 662,676 823,542 $11,598,373 124,170 602,125 843,210 498,454 . $12,760,823 +311.0 — 82.3 — 21.6 + 65.2 — 9.1 Tennessee: Chattanooga ............................................. Johnson C ity ............................................. Knoxville ............... .................................. . Nashville ................................................... Total 20 Cities................. ♦Not included in totals or index numbers. LUMBER Production of lumber by mills reporting to the Southern Pine Association during the past four or five weeks has ranged between 88 and 93 per cent of normal, the output for the latest week available, May 9, being 91 per cent of normal. Orders booked by these mills ranged from 76 per cent of normal production to 87 9 THE MONTHLY BUSINESS REVIEW per cent. Shipments have exceeded production during two of these weeks, but were slightly below producton during the other three weeks. Full time operations are reported in a large number of instances. Of 79 mills reporting their running time for the week ended May 9, 68 operated full time and five of these operated double shifts. Shipments have exceeded orders during several recent weeks, and there is consequently a downward tendency in unfilled orders. The weather has been more favorable for production during the past month, but buying has not been as active as was expected, and while some mills report small increases in prices, the general tendency has been slightly downward. Preliminary figures for April, reported to the Southern Pine Association up to May 15, by 145 mills, are shown below: April 1924 (145 mills) 323,773,610 348,311,894 356,694,267 ........................... Orders Shipments ........................... Production .......... ................ Norm al production these mills .................................349,845,555 Stocks end of m onth........... 881,921,155 Norm al stocks these mills 968,225,675 Unfilled orders end of m onth ........................... 229,867,224 April 1924 March 1924 (140 mills) 295,617,405 308,430,455 339,868,835 343,209,608 842,556,496 948,322,162 April 1923 (144 mills) 331,849,143 369,892,729 329,941,954 „ 363,498,414 830,745,147 971,287,243 241,452,475 396,283,804 M arch 1924 A pril 1923 Cotton Consumed: 483,928 480,010 L in t ................. 42,289 41,030 L inters ........... On Hand in Consuming Establishm ents: 1,498,266 1,328,273 L in t .................. ...... 126,149 130,245 L inters ........... In Public S torage and a t Compresses: 1,983,544 1,512,086 L i n t .................. 89,032 83,344 L inters ........... E x p o rts: 311,213 315,055 L in t ................. 17,091 9,561 L inters ........... 49,832 40,436 Im ports .......... ........ 32,392,171 31,871,665 Active Spindles .... M arch 1924 April 1924 Cotton Growing States 332,109 327,031 Cotton Consumed On H and in Consuming 856,633 748,043 Establishm ents ... In Public Storage and 1,725,228 1,326,559 a t Compresses ... 16,184,814 16,113,421 Active Spindles ..... 576,514 52,595 1,878,198 179,941 1,965,714 53,807 257,215 2,769 37,271 35,512,737 April 1923 363,477 1,072,656 1,655,516 16,073,276 MANUFACTURING Cotton Cloth The output during April 1924 of 30 cotton mills manufacturing cloth, which reported to the Federal Reserve Bank, was 29,993,614 yards, an increase of one-half of one per cent over their production in March, but a decrease of 1.1 per cent compared with their out put in April 1923. Declines were registered in ship ments, and in both orders received during the month and unfilled orders on hand at the close of the month. Stocks were slightly larger than at the end of March. Compared with April last year, shipments showed a slight increase, but orders booked and unfilled orders declined, while stocks on hand were more than twice as Digitizedlarge. for FRASER Most of the reports which contain comment indicate a very dull market, and state that prices offered are still below the cost of production based on current prices of raw cotton. Some of the mills have curtailed their operations by cutting off night shifts, and others have adopted a basis of three days a week pending improve ment in market conditions. April 1924 compared w ith: March 1924 Cloth production .................. ............ Cloth shipments ................................. Orders booked ..................................... Unfilled orders ................................... Stocks of cloth on hand................... Number on payroll............................. + — — — + — 0.5 6.2 3.6 4.5 2.3 1.7 A pril 1923 — 1.1 + 0.8 — 29.7 — 15.3 +175.6 + 3.3 Cotton Yarn The output of 26 mills manufacturing cotton yarn during April was reported as 7,117,508 pounds, an increase of one-tenth of one per cent over March. Ship ments increased 3 per cent, but unfilled orders registered a decline of 8.6 per cent. Stocks of yarn on hand at the close of the month were nearly 6 per cent larger than a month ago. Compared with April last year, declines were shown in production, shipments and un filled orders, while stocks on hand were 27 per cent larger than at that time. Some of the mills have already curtailed their operations, and others state that unless conditions improve very soon it will be necessary for them to do likewise. The reports state that little buying is being done, pending the time when information as to the new crop will become available. April 1924 compared w ith: March 1924 April 1923 Yarn production ...... Yarn shipm ents ............. Unfilled orders ............... Stocks of yarn on hand.. Number on payroll......... -f 0.1 + 3.0 —8.6 -f 5.9 —0.6 — 1.8 — 2.2 —29.1 +27.1 Overalls Overall factories reporting to the Federal Reserve Bank recovered in April some of the ground lost in March, production in April being more than 16 per cent larger than in March, although about the same as in April last year. Stocks on hand increased 9 per cent, and orders received also showed ,an increase, Jbut unfilled orders on hand at the end of the month declined one-third. Compared with April last year, stocks were nearly 24 per cent larger, but orders booked and unfilled orders showed decreases of 35.8 per cent, and 74 per cent, respectively. Reports indicate that prices have been cut, and that demand in any appreciable volume is still lacking. Overalls m anufactured ........ Stocks of overalls on hand.. Orders booked ......................... Unfilled orders ....................... Number on payroll ............. April 1924 compared w ith: March 1924 A pril 1923 + 16.4 — 0.1 + 9.0 + 23.9 + 8.2 —35.8 - 33.3 —74.0 5.1 — 9.7 THE MONTHLY BUSINESS REVIEW 10 Brick Brick production during April declined 5 8 per cent in comparison with March, due partly at least to wet weather. Stocks oh hand were also smaller. Orders, however, showed on increase of 23.4 per cent over those received in March, and unfilled orders on hand at the end of April were 34 per cent greater than a month earlier. Compared with April a year ago, production and unfilled orders showed declines, although orders booked during the month were larger. Brick production .......................... Stocks of brick on hand.............. .......... Orders booked .............................. Unfilled orders .................. .•.......... Number on payroll........................ April 1924 compared w ith : A pril 1923 March 1924 — 5.8 —17.3 — 1.1 — 9.3 +11.1 +23.4 +34.0 —53.7 — 9.1 + 7.8 Hosiery The table below shows figures reported to the Census Bureau for April by 27 identical establishments operat ing 38 hosiery mills in the Sixth District, compared with their figures for March, and for April last year, April output, shipments and orders booked were smaller than in either March this year or April last year. Stocks, cancellations and unfilled orders were a little higher than in March, but lower than in April 1923. Hosiery m anufactured....................... Shipments ............................................. Product on hand a t end of m onthOrders booked ....................................... Cancellations ....................................... Unfilled orders ..................................... A pril 1924 540,749 529,580 1,534,125 604,328 49,815 1,190,558 M arch 1924 596,851 545,223 1,496,515 660,449 40,981 1,157,355 A pril 1923 651,582 621,375 1,038,039 691,578 59,719 2,056,971 EMPLOYMENT There has been evidence of a tendency toward a slight decline in empolyment in this district during the past month. Cotton mills report that they are unable to dispose of their product at a profit and some of them have curtailed their operating time, while in one or two instances mills have closed down until a better demand is in evidence. of the State. There is some part time in Tampa in the cigar-making industry, shop repair work, and machine shops, but all other plants are operating on a satisfac tory basis. In Alabama part time operations continue in the coal mining industry, but there appears to be no slackening in iron and steel. The supply of labor is ample and the demand normal. Cast-iron pipe shops and water and gas pipe and soil pipe producers are operating steadily. Little if any improvement is shown in cotton mills; the supply of labor in this line is considerably in excess of the demand, and operating time has been curtailed, although the number of employees in most cases has not been decreased. Most lumber mills are on full time operations, with a slight shortage of labor developing in some sections because of agricultural demands. Industrial employment conditions in Louisiana im proved somewhat during the month, but in New Orleans there are indications of a slackening in most industries, and a surplus of unskilled labor prevails. There were slight reductions in forces and part-time operations in furniture factories, woodworking plants, and in food production, with the exception of sugar refineries which report full time operations. Railroads have made some further slight reductions, while garment manufacturers, tobacco, and paper printing made some gains and are on full time operation. Shipyards and dry docks are working overtime, employing a large number of workers, and shipping occupations are very busy. Excepting brick masons, there is an adequated supply of building labor. Employment conditions continue satisfactory in Mississippi. The majority of lumber mills are operating full time, with very slight if any reduction in number employed. Some further curtailment has taken place in operations of cotton mills, although most skilled labor is being retained. Highway construction is increasing, although weather conditions in April were not very favorable. The labor supply in most sections is ample for requirements. The supply of labor in Georgia is fairly well employed and there appears to be no large surplus of any class of workers. There is a slight surplus of transient common labor in Atlanta, where all plants are operating, though some cotton-oil mills are on a somewhat cur tailed production and employment basis. Employment conditions throughout the state are satisfactory except that there exists a rather serious shorage of farm labor. Despite the fact there is great activity in building and highway construction in Tennessee, and that agri cultural demands have been great, a large supply of unskilled labor exists throughout the state. Lumber mills and woodworking plants show some slackening and part time operations. The textile industry reports further curtailment, and a considerable surplus of labor. A large number of coal mines are closed, and a surplus of this class of labor also exists. In Florida there appears a slight surplus of tradesmen at Jacksonville, but at some other points a slight short age of unskilled labor is reported. Reports from Miami indicate a slight shortage of plasterers, masons, Digitizedplumbers for FRASER and carpenters. Building is active in all parts COAL MINING Statistics compiled by the Geological Survey and included in its weekly report indicate that the decline in production of bituminous coal which began in Febru- THE MONTHLY BUSINESS REVIEW ary has continued and reached a low point, for the week which ended April 26, of 6,724,000 tons. The two following weeks brought increased production which is reported to be due to slight, but widespread, improve ment in market conditions and to resumption of work in the southwest, but the rate of production is still lower than at the same time in any of the past four years excepting 1922, when a strike was in progress. I»ack of demand remains by far the dominant factor limiting production, and in a majority of the producing fields losses through no market exceed more than fifty per cent of full time capacity. The following figures indicate the weekly production since the beginning of April: Week Ended Tons April 5...................................................................6,826,000 A pril 12................................................................ 6,834,000 A pril 19.................................................................6,918,000 April 26................................................................ 6,724,000 May 3.................................................................... 6,832,000 May 10..................................,............................... 7,125,000 May 17...................................................................7,074,000 The weekly report of coal production in the Southern Appalachian Coal Field, for the week ended May 10, shows a production of 113,995 tons, which is only 28.14 per cent of full time capacity. Of the 71.86 per cent loss in tonnage for the week, 67.82 per cent is attributed to no market. During the week 132 mines were in operation, and 160 mines in the district were closed down. IRON Iron production statistics compiled by the Iron Age indicate a falling off in output during April compared with the preceding month, as well as a reduction in the number of active furnaces. April production is report ed as 3,233,428 tons, against 3,466,086 tons produced in March, or a daily rate of output of 107,781 tons in April compared with 111,809 tons in March. At the close of April 230 furnaces were active, a loss of 40 during the month, offsetting the gain of 39 active furnaces since the beginning of 1924. Our index number of iron production in the United States declined from 136.0 in March to 126-9 for April, as against 139.2 for April 1923. Production in the Alabama district was relative more favorable than for the country as a whole, April output being 230,548 tons, against 231,817 tons produced in March. The index number of April production was 131.1, against 131.9 for March, and 137.5 for April a year ago. While correspondents state that 24 furnaces were active in April, the Iron Age gives the number as 23, the same as a month ago. The southern market is reported to be quiet, with little buying except in small lots. The price at the close of April was nomi nally $23-00 with some reports indicating a range from $22 to $23. Reports state that stocks of iron on furnace yards are low, that melters of iron have no very heavy stocks on their yards, and that furnaces are shipping their product at a heavy rate. Pipe foundries are melting a heavy tonnage and shipping their product as made. Collections and labor conditions are reported fair. The following figures show comparisons of April statistics with those for the preceding month and the same month a year ago: 11 United S ta te s : Production ................... Daily rate ................... Furnaces ....................... A labam a: Production ................. Daily rate ................... Furnaces ....................... A pril 1924 3,233,428 107,781 230 230,548 7,685 23 March 1924 3,466,086 111,809 270 231,817 7,478 23 A pril 1923 3,547,551 118,324 310 241,698 8,057 27 Unfilled orders on the books of the United States Steal Corporaton at the close of April aggregated 4,208,447 tons less than reported for March, and the smallest amount reported since February 1922. The index number for April, based on the monthly average for 1919 as representing 100, is 70.2, compared with 79.8 for March, and 121.6 for April last year. NAVAL STORES The beginning of the Naval Stores season, which opens with April, showed a slight increase in the receipt of spirits of turpentine at the three principal markets in this district over April a year ago, but a smaller quantity of rosin compared with that month. Stocks of turpentine were somewhat greater at the close of April this year than at the same time a year ago, but supplies of rosin showed a slight decrease. Prices are somewhat lower than they were at this time last year. The price of turpentine declined from 94 cents during the week ended April 12 to 86 cents a week later, drop ping to 82% cents on Monday and Tuesday, April 28 and 29, but recovering to 86% cents on May 3. The following week the price declned from 87 cents on Monday to 82 cents on Thursday, May 8, and on Saturday, May 10, the price was 84 cents. The demand for rosin is reported fair, with the prices holding fairly steady. Following are figures for April, with comparisons: NAVAL STORES—APRIL 1924 Receipts—T urpentine: S avannah ......................... Jacksonville ..................... Pensacola ........................... 6,885 6,472 2,224 1,252 2,458 1,116 6,107 8,792 350 T otal......................... 15,581 4,826 15,249 10,491 13,811 5,514 20,211 38,212 1,285 Rosin: Savannah ......................... .... 20,846 Jacksonville ........................... 25,281 Pensacola ............................. 11,183 T otal......................... Shipmens—T u rp en tin e: Savannah ......................... Jacksonville ....................... Pensacola ........................... 57,310 29,816 59,708 6,221 8,417 1,974 4,939 8,873 2,377 5,052 6,550 244 Total......................... .....16,612 R osin: Savannah ................................20,785 Jacksonville .......... ............ .....45,740 Pensacola ........................... .....14,401 16,189 11,846 32,792 29,786 6,694 28,464 45,410 11,963 Total ....................... Stocks—T u rp en tin e: Savannah ........................... Jacksonville ..................... Pensacola ......................... 80,926 69,272 85,837 5,815 14,164 2,477 5,151 16,109 2,227 2,777 10,388 2,253 Total.......... ,............. R osin: Savanah ............................. Jacksonville ..................... Pensacola ......................... 22,456 23,487 15,418 58,487 96,904 47,768 58,426 117,363 50,986 55,930 115,452 32,294 226,775 203,676 T o ta l..... .............. 203,159 THE MONTHLY B U SIN E SS REVIEW 12 MONTHLY INDEX NUMBERS The following index numbers, except where indicated otherwise, are computed by the Federal Reserve Bank of Atlanta, and are based upon average figures for 1919. That is, average monthly figures for the year 19.19 are represented by 100, and the current monthly index numbers show the relation of activity in these lines to that prevailing in 1919. RETAIL TRADE 6TH DISTRICT (Department Stores) Atlanta ........................................ Birmingham ................................... Chattanooga ................................... Jackson .................................. .... Nashville ....................................... New Orleans ............. ..................... Savannah ...................................... Other Cities .... .............................. District (43 firms)......................... RETAIL TRADE U. S. (1) Department Stores....................... Mial Order Houses .................. Chain Stores : Grocery ........ Drug ............. Shoe ............................ . 5 and 10 cent....................... Music ......... Candy ......................... ...... Cigar ................................. WHOLESALE TRADE 6th DISTRICT Groceries ............ Dry Goods .............. Hardware .......... ................. Shoes ........... .............. Total ...................................... 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 ..................... . BUILDING PERMITS 6TH DISTRICT j Atlanta ................... .............. Birmingham .............................. Jacksonville ............................. Nashville ................................. New Orleans ............................. Other Cities ............................. District (20 cities)................... PIG IRON PRODUCTION United States ............................ Alabama .............................. ... UNFILLED ORDERS—U. S. STEEL CORPN...................................... FEB. 1924 68.1 97.6 87.9 73.7 82.1 92.1 52.5 80.0 84.0 MARCH 1924 93,8 119.4 107.7 95.1 91.8 99.7 64.8 82.7 96.8 APRIL 1924 100.0 129.3 111.3 111.7 98.0 115.0 77.0 100.2 108.7 FEB. If 23 74.3 92.4 58.9 76.6 76.9 85.0 51.7 70.6 77.7 MARCH 1923 103.4 129.6 96.2 100.8 98.2 110.0 82.4 93.3 105.1 APRIL 1923 96.9 117.4 85.6 97.7 94.8 107.6 73.5 94.1 100.7 102 96 115 106 L32 114 90 84 124 113 119 102 199 143 93 140 97 166 124 199 149 118 163 99 181 136 210 145 178 178 93 208 130 169 126 72 117 88 133 110 205 145 145 162 96 187 135 168 135 125 142 99 159 125 80.6 77.3 82.3 54.4 81.0 88.6 68.5 76.3 65.1 79.3 84.1 64.3 78.7 60.5 76.8 81.5 80.6 74.2 61.6 78.0 88.9 92.5 86.4 88.1 89.0 80.9 67.2 78.1 59.4 75.5 143 143 196 180 143 182 131 176 113 152 137 141 191 181 144 182 130 175 113 150 139 137 189 179 139 182 128 175 113 148 142 141 199 212 139 192 132 184 126 157 143 143 201 206 149 198 135 185 127 159 141 144 205 200 154 204 136 187 126 159 116.8 431.2 388.2 174.5 194.3 251.9 236,9 144.4 638.0 255.0 178.9 246.0 212.8 240.6 176.8 316.4 172.9 435.0 408.8 397.8 321.7 230.5 173.5 ' 268.5 798.1 155.6 169.9 224.3 245.5 381.4 150.1 232.7 165.3 217.1 227.9 565.2 461.8 123.5 263.3 237.1 298.4 353.9 120.6 124.8 136.0 131.9 126.9 131.1 117.5 129.3 138.2 144.6 139.2 137.5 81.9 79.8 70.2 121.5 123.5 121.6 (1) Compiled by. Federal Reserve Board. (2) Compiled by Bureau of Labor Statistics.
@FedFRASER