View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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 ic t .

F E D E R A L R E SE R V E BANK O F A T L A N T A
OSCAR NEWTON
C h a irm an a n d F ed eral R eserve A gent

VOL. 10, No. 5

(C om piled May 16. 1925)

ATLANTA, GA., MAY 31, 1925

WARD ALBERTSON
A ssistant F e d e ra l Reserve A gent
T his Review released for p u b lic a tio n in
S unday p ap ers May 31.

BUSINESS CONDITIONS IN THE UNITED STATES
Prepared by the Federal Reserve Board
increase in April but were in about the same volume as a
Production in basic industries and factory employment
year ago. Freight car loadings of merchandise were greater
continued at approximately the same level during April as
in March. Factory pay rolls were smaller, and wholesale
than in March and larger than in any previous April.
prices declined sharply. Distribution of commodities was
Prices
Wholesale prices according to the index of the
maintained at higher levels than a year ago.
Bureau of Labor Statistics, declined three
per cent in April, following an almost uninterupted rise
Production The output in basic industries declined less
since the middle of 1924. All groups of commodities shared
than one percent in April. Decreased pro­
duction of iron and steel, flour, and copper was largely
in the decline of prices except house furnishings and the
offset in the Federal Reserve Board’s production index by
miscellaneous group. The largest declines were in farm
products and foods, which has shown the most rapid in­
increases in mill consumption of cotton and in the pro­
duction of newsprint and petroleum. The output of auto­
creases. During the first three weeks in May prices of
mobiles, which are not included in the index, has increased
grains, beef, hogs, flour, and rubber advanced while declines
occurred in cotton, wool, lumber, and iron prices.
rapidly since December and in April was the largest ever
recorded. Automobile tire production was maintained at
Bank Credit At the middle of May total loans and in­
the high level reached in March. Number of men employed
vestments of member banks in leading cities
at industrial establishments remained practically the same
were near the le^vel which has prevailed with only minor
in April as in March, but owing to less full time operation,
fluctuations, since the first of the year. Loans chiefly for
particularly in the textile, leather, and food industries,
commercial purposes decline slightly between the middle
total factory pay rolls decreased about 2 per cent. Build­
of April and the middle of May, while loans on securities
ing contracts awarded during April were the largest on
rose to a high point at the end of April and decreased some­
record both in value and in square feet. Estimates by the
what during the first two weeks of May. Total investment
department of Agriculture on May 1 indicated a reduction
holdings which increased considerably during the first
of six per cent from the April forecast in the yields of winter
half of March have declined somewhat since that time. Net
wheat and rye. The winter wheat crop is expected to be 25
demand deposits increased considerably from the low point
per cent smaller than last year and the indicated yield of
at the end of March, but were still $500,000,000 less than at
rye is nine per cent less.
the middle of January. At the Reserve Banks there was a
marked decline in the volume of member bank borrowing
Trade
Wholesale trade was smaller in all lines except
after the first week in May and total earning assets of the
hardware during April than in March. ComReserve Banks on May 20th were less than $1,000,000,000 for
paied with a year ago, sales of groceries and shoes were less
the first time since January. Acceptances and holdings
but sales of meats, dry goods, and drugs were larger. Sales
of United States securities on that date were in about the
at department stores and by mail order houses showed more
same volume as a month earlier. Money conditions con­
than the usual seasonal increase in April and were larger
than during April 1924. Wholesale stocks of groceries, shoes
tinued relatively easy during the latter part of April and
the first part of May. At 3| per cent the open market rate
and hardware were smaller at the end of April than a month
earlier while dry goods were larger. Merchandise stocks
for prime commercial paper was slightly below the level
for the preceding month.
at department stores showed less than the usual seasonal
PC* CENT

Index of 22basic commodities corrected for seasonal variation
(1919-100.) Latest figure. April 119.




P RCN
E ET

Index of 0. S. Bureau of Labor Statistics. (1913— 0 base adopted
10 )
by Bureau. Latest figure. April 156.2.

THE MONTHLY BUSINESS REVIEW

2

P RC N
E ET

P RCN
E ET

In d ex fo r 33 m a n u f a c tu rin g in d u s tr ie s (1919—100)
L a te st figures A p ril em ploym ent 96.0. P ay ro lls 107.6.

W eekly figures fo r m em ber b a n k s in 101 le a d in g c itie s.
L a te s t figure, May 13.

SIXTH DISTRICT SUMMARY.
General improvement over conditions which prevailed
at this time last year is indicated in practically all of the
business and financial statistics compiled for the sixth dis­
trict for April and early May. Bank debits, indicating the
volume of transactions settled by check, at 24 cities, for the
week ended May 15 were more than 37 millions of dollars
greater than for the corresponding week last year. Com­
mercial failures, in point of liabilities, were 60 per cent
smaller in this district in April this year than for the same
month last year, and building and construction continues
at a fairly high level.

tal of discounts 16.7 millions less than on the correspond­
ing report date last year, but a larger volume of govern­
ment securities owned, and acceptances bought, and re­
serves and deposits are both higher than a year ago, al­
though slightly lower than last month. Savings deposits at
the end of April reported by 93 banks were 7 per cent greater
than a year ago.

Agricultural conditions in the district have been more
favorable this year than for several years past. A consider­
ably larger percentage of plowing and planting had been
accomplished up to May 1 than is usual, and rains since the
early part of May have benefited the crops. The supply
of farm labor is more satisfactory than in a number of years.
Retail trade in April was only slightly better than a year
ago, but the April index number is higher than for the same
month of the preceding four years, and the same is true of
the wholesale index number. Loans by 36 member banks
in selected cities show a small decline during the past month
but are still considerably higher than a year ago. Time and
demand deposits are both at high levels, while accommoda­
tion received by these 36 banks from the Federal Reserve
Bank is about ten million dollars less than a year ago. The
weekly statement of the Federal Reserve Bank shows a to­

RETAIL TRADE.
The volume of sales at retail reflected in reports from 49
department stores located throughout the sixth district,
was one-half of one per cent greater for April than for the
corresponding month last year; Atlanta, New Orleans and
“Other Cities’*reported increases while decreases were re­
ported from the other points. There was an increase in
retail trade in April over March, due principally to seasonal
influences, but this increase was not as large as that shown
in April 1924 over March of that year. The statement below
shows that the volume of sales by 49 reporting department
stores during the first four months of 1925 has exceeded the
volume during the same period last year by one-tenth of
one per cent. Index numbers computed from the figures
reported by 43 of these stores during the past six years in­
dicate that the month just ended is better than any other
April in point of sales since 1920, figures for the month be­
ing as follows:
A pril. 1920.............. ........ 124.2
A pril, 1921....................... 99.7
A pril, 1922 ....................... 98.3

A pril. 1923....................... 100.7
A pril, 1924...................... 108.7
A pril. 1925....................... 111.5

CONDITION OF RETAIL TRADE DURING APRIL 1925
IN THE SIXTH FEDERAL RESERVE DISTRICT BASED UPON REPORTS FROM 49 STORES
1
N et sales, P e rc e n ta g e
in c re a se or d ecrease
co m pared w ith :

I

3
S to ck s a t e n d of m o n th , P e rc e n ta g e of sa les to
p e rc e n ta g e in c re a se o r average sto c k s in A pr.
d ecrease com pared w i t h : (stock tu rn -o v e r fo r
th e m o n th ):

(A)
Apr. 1924

(B)
J a n . 1 to
Apr. 30,1924

(A)
Apr. 1924

(B)
Mar. 1925

(A)
1924

(B)
1925

♦9.0
- 0 .9
—26.9
—2.7
—3.4
+3.4
—0.5
♦3.5
♦0.5

+3.6
+3.1
—21.6
—2.3
—1.5
+0.7
*3.1
+4.5
♦0.1

—19.7
—5.6
—25.2
—4.4
—15.8
—3.3
—8.0
—4.5
—10.0

+7.1
+4.4
+2.5
+1.2
+1.2
+0.2
+1.4
+1.4
+1.4

24.9
23.1
18.3
22.1
21.9
22.9
21.1
22.5
22.6

31.8
25.9
19.4
22.7
25.0
24.6
22.7
25.7
25.6

A tla n ta (5)..........................
B irm in g h am (5)................
C h a tta n o o g a (6)................
J a c k so n (3).........................
N a sh v ille (5).......................
N ew O rlean s (5)................
S a v a n n a h (3).....................
O th e r C ities (17)................
D ISTR IC T (49)_________




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

100.2
84.3
72.6
78.3
82.6
86.6
72.7
80.8
85.3

113.2
94.1
77.2
78.0
95.7
92.2
83.9
92.8
94.4

5
P e rc e n ta g e o f o u ts ta n d in g o rd ers 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)
M ar.
Apr.

5.0
7.4
6.0
X
6.2
12.6
9.2
9.4
9.2

2.7
4.6
3.0
X
2.9
7.9
4.0
3.8
4.8

THE MONTHLY BUSINESS REVIEW
Stock turnover during the month of April, and for the
four months this year, has been more rapid than during the
corresponding periods last year. Stocks of merchandise
were 1.4 per cent larger at the end of April than a month
earlier, but were 10 per cent smaller than a year ago. Col­
lections were reported excellent by four stores, good by 15,
fair by 14 and poor by 1.
WHOLESALE TRADE.
The volume of wholesale trade in the sixth district during
April was somewhat smaller than for March, but was larger
than in April of the preceding four years. The index num­
ber, computed from sales by a majority of the reporting
firms dealing in groceries, dry goods, hardware and shoes,
is 80.2 for April, compared with 88.5 for March, and with
76.8 for April 1924. The decreases in the principal lines,
compared with March, is due largely to seasonal influence.
There were, however, small increases reported in electrical
supplies, stationery, drugs and farm implements. In the
following tables, percentage changes are shown by cities
where as many as three firms report, other reports being
included under “Other Cities.”
Groceries
Sales by 39 wholesale grocery firms during
April were 8.4 per cent smaller than in March,
but only 4.3 per cent smaller than in April 1924. April sales
were smaller than in March at all of the cities shown in the
statement. Decreases compared with April a year ago were
reported from all points except New Orleans. Prices on
some articles are reported to have strengthened during the
month, but good prospects for truck and similar crops have
caused some decline in prices of vegetables. Collections
in April were reported good by 7 firms, fair by 12, and poor
by 2. Percentage comparisons of sales are shown below:
April 1925compared with:
M
arch 1925
April 1924
Atlanta (5 firm
s)...........................
—
7.3
—
7.3
Jacksonville (4firms)....................
—
8.2
—
3.4
-17.2
-S.8
Meridian (3firms)........................
New Orleans (8firm
s)...................
—
4.1
+2.6
Vicksburg (4firm
s).......................
—
13.2
—
7.6
Other Cities (15firms)..................
-7.8
-7.8
DISTRICT (39firms).....................
-8.4
-4.3
Dry Goods April sales by 27 wholesale dry goods firms
were 16.3 per cent lower than in March, but
were 9.0 per cent larger than in April last year. The in­
crease over a year ago was shared by all reporting cities ex­
cept Knoxville. Comments contained in the reports state
that conditions are sound and that both wholesalers and
retailers are buying in fair quantities for current require­
ments. Indications are that forward buying is being done
to a very limited extent, if at all, and that retailers and whole­
salers are very conservative in placing their orders. One
firm states that while their volume of orders on the whole is
fairly satisfactory, their parcel post and express business is
excellent, indicating that retail merchants are buying fre­
quently and only for their current needs. Collections were
reported excellent by 1 firm, good by 7, fair by 7, and poor by
1. Percentage comparisons are shown below:
April 1925compared with:
M
arch 1925
April 1924
Atlanta (4 firm
s)..........................
—
14.6
+
6.5
Jacksonville (3 firms)....................
—
7.1
+50.6
—
21.6
—
10.6
Knoxville (3firms).......................
Nashville (3firms)........................
—
27.5
+7.0
New Orleans (4 firms)...................
—
13.3
+11.2
Other Cities (10firms)..................
—
11.2
+14.4
DISTRICT (27 firms).....................
-16.3
+9.0
Hardware Business in April reported by 30 wholesale
hardware firms was 4.5 per cent smaller than
in March, although increases were reported from Chatta­
nooga and Nashville. All reporting cities showed increases
over April last year, the average being 8.8 per cent for the
district. The reports indicate that there has been some
weakness in prices during the month, and that the con­
tinued dry weather had an adverse effect upon the volume
of business. Percentage comparisons of sales follow:
April 1925compared with:
M 1925
arch
April 1924
Atlanta (3firms)...........................
—
19.5
*12.4
Chattanooga (3firms)...... ............
*11.3
*12.8
Nashville (3firms)........................
*0.6
*0.7
New Orleans (6firm
s)...................
—
2.1
+2.2
Other Cities (16firms)...................
—
7.3
+18.3
DISTRICT (30firms).....................
-4.5
+8.8



3

Furniture

Sales in April by 19 wholesale furniture dealers
were 3.6 per cent lower than in March, in­
creases at Atlanta and Nashville being more than offset by
decreases at Chattanooga and “Other Cities.” Compared
with April last year, aggregate sales were 8.9 per cent larger.
No change in prices was reported, and retail merchants are
reported to be placing few orders except for their immediate
requirements. Collections were reported good by 6 firms,
fair by 7, and poor by 1. Percentage comparisons of sales
are shown below:
A tla n ta (8 firms)....................................
C h a tta n o o g a (3 firms)..........................
N ash v ille (3 firm s)................................
O th e r C ities (5 firm s)...........................
DISTRICT (19 firm s)............................

A p ril 1925 com pared w ith :
M arch 1925
A p ril 1924
+2.3
+0.7
—10.2
+11.4
+1.3
+63.4
—1.7
+2.3
- 3 .6
+8.9

Electrical
An increase of 3.9 per cent was shown in sales
Supplies
during April over March. Decreases were re­
ported from Other Cities, but were more than offset by in­
creases at Atlanta and New Orleans. No material change
in conditions was indicated in the reports, and prices were
reported as being practically stationary, except that prices
on copper and steel products had weakened. Collections
were reported good by 2 firms, fair by 5, and poor by 1. Per­
centage changes in sales are shown below:
A tla n ta (3 firms)....................................
New O rlean s (3 firms)..........................
O th e r C ities (4 firm s)...........................
D ISTR IC T (10 firm s)............................

A p ril 1925 com pared w ith :
M arch 1925
A p ril 1924
*4.3
+2.3
*12.8
*2.4
—2.2
*36.3
*3.9
*10.6

Shoes

Reports for April were received from 8 whole­
sale shoe firms whose business showed a de­
crease of 20.2 per cent compared with March, due at least
partly to seasonal influences, and a decline of 8.1 per cent
compared with the corresponding month a year ago. Re­
tail merchants are reported to be buying cautiously for cur­
rent requirements only. Prices have not changed to any
appreciable extent during the m onth. Comparisons of
sales are shown below:
A tla n ta (3 firms)....................................
O th e r C ities (5 firm s)...........................
D ISTRICT (8 firm s)..............................

A p ril 1925 com pared w ith :
M arch 1925
A p ril 1924
—19.4
—18.1
—20.5
—3.0
-2 0 .2
- 8 .1

The figures shown below indicate percentage changes in
the other three lines, as not a sufficient number of reports
were received to show percentage changes by cities. Col­
lections were fair in drugs and farm implements, and fair
to good in stationery:
S ta tio n e ry D istric t (4 firms)..............
D rugs—D istric t (3 firms).....................
F arm Im plem ents—D is tr i c t s firms)

A p ril 1915 com pared w ith :
M arch 1925
A p ril 1924
*0.1
*4.7
*3.5
*7.9
*2.0
*63.7

AGRICULTURE.
Weather conditions during April and early May have been
favorable for farm work, and plowing and planting in this
district have made better progress this year than in any
other season, according to reports by the Bureau of Agri­
cultural Economics. Rain had been needed, however, for
some time, and the rain which has fallen in May has had a
beneficial effect upon the planted and growing crops. In
Georgia ten per cent more plowing and planting than usual
had been done up to May first. Ninety per cent of the sea­
son's plowing and 78 per cent of the planting had been done
in Alabama up to May 1st, compared with 76 per cent and 62
per cent respectively, last year. In Louisiana 90 per cent of
plowing, and 89 per cent of planting, had been done by May
1, compared with 88 per cent of plowing, and 78 per cent of
planting, last year. In Mississippi 90 per cent of plowing,
and 80 per cent of planting had been done, compared with
78 per cent of plowing, and 70 per cent of planting to the
same time last year. In Tennessee 83 per cent of all plow­
ing, and 70 per cent of planting had been done on May 1,
compared with 72 and 55 per cent respectively, last year.
Farm labor is somewhat more plentiful this year than
last. In Alabama the supply is 85 per cent of normal, com­
pared with only 77 per cent last year, and the supply is 90 of
the demand, while last year it was only 80 per cent. The
demand for farm labor in Florida is reported to be slightly
in excess of the supply,,but there is no acute shortage any-

4

THE MONTHLY BUSINESS REVIEW

where in the state. In Louisiana the supply on May 1 was
91 per cent of normal, and the demand 92 per cent of normal.
In Mississippi the supply is about 4 per cent less than the
demand, and in Tennessee about 96 per cent of normal.
The commercial peach crop in Georgia this year is expect­
ed to amount to about 12,800 cars, according to a report by
the Georgia Cooperative Crop Reporting Service. This is
not quite up to last year, but is larger than the crop of
1923, 1922 or 1921. The season is about two weeks earlier
than last year. For the most part, trees are not too heavily
fruited, and promise to give fruit of splendid size.
Cotton Movement—6th District—(Bales)
R e ceip ts:
N ew O rlean s .
M o b ile--------S av a n n a h ___
A tla n ta -------A u g u sta_____
M ontgom ery..
M acon............S tocks:
New O rle a n s........... .............
M obile .
S av an n ah___
A tla n ta -------A ug u sta_____
M ontgom ery..
V ick sb u rg _
_
Macon----------

A pril 1925

M arch 1925

A pril 1924

76,994
5,674
26,422
6,687
6,019
754
3,214

163,200
12,160
52,830
18,197
17,855
2,808
6,421

123,687
5,211
28,299
9,270
5,571

175,416
1,763
22,475
20,369
35,279
7,369
1,149
8,244

270,561
7,694
35,381
35,051
49,895
9,046
2,642
9,750

119,552
4,218
33,819
17,894
20,237
10,296
3,123
5,012

1,000

2,617

Cotton Movement—United States
Since August 1 (Bales)
I ?* 1922
Q*1924
1925
5,567,092 5, 353,312
R e ceip ts a t a l l U. S. P o rts .......... 9,039,129
6,426,944
Overland, across th e Miss., O hio,
P otom ac R ivers to N or. M ills
828,497 1,153,994 1,414,4
a n d C a n a d a -------- ------ ------- 1,180,141
I n te rio r sto ck i n excess of th o se
h e ld a t close of com ’l. y e a r .. 293,168
146,941
131,580
S o u th e rn M ills ta k in g n e t _____ 3,427,000 2,962,575 3,395,303 2,,908,557
T o ta l m ovem ent 274 d a y s --------- 13,939,438 10,364,957 10,247,969 9,,483,508
F o re ig n ex p o rts_______________ 7,312,388 4,915,422 ---------- ..
*A m erican M ills N. & S. C a n ad a. 5,849,488 5,008,791 ---------- -A m erican C o tto n th u s fa r_____ 11,956,000 9,400,000 10,476,000 ..
-O f w h ic h 2,007,476 b y n o r th e rn sp in n e rs a g a in s t 1,557,888 la s t year, a n d
3,842,012 by so u th e rn sp in n e rs a g a in s t 3,450,903 la s t year.

S yrup m ade:
22 p arish es, G a llo n s ...................
E n tire s ta te . G a llo n s--------------Average syrup p e r to n of can e (22
p a rish e s),
G a llo n s_________
Cane u sed for siru p (22 p arish es)
T o n s____________
E n tire S ta te .
T o n s...... ............—

9,280,118
9,920,118

O ran g es........ ......... ........ ............... G ra p e fru it_______________ ____
T a n g e rin e s___________________
T o ta l _____________ ______
V egetables-....... ..............................

Season th r o u g h
Apr. 1925 Apr. 1924 Apr. 1925 Apr. 1924
915
4,386
24,444
28,919
4,545
2,305
19,100
17,003
127
1
1,686
1,027
5,587
4,138

6,692
4,383

45,230
16,708

46,949
21,495

SUGAR.
Final figures for the production of sugar and syrup in
Louisiana during the 1924 season are shown in the following
table:
Y ear of can e h arv est
1924
1923
1922
Item
82
109
112
F acto ries m ak in g su g a r. N u m b e r.
S u g ar m ade P o u n d s............................. 176,965,428 324,046,042 590,190,213
88,483
162,023
295,095
T o n s------------------------Average su g a r p e r to n of can e
156.2
135.8
144.1
P o u n d s----- ------ ---------C ane u se d fo r S u g ar:
1,228,339 2,386,648 3,778,110
T o n s------------ -----------241,433
217,259
162,640
Acres------------------------Average can e p e r acre.
15.6
11.1
7.6
to n s --------------------M olasses m ade. G a llo n s---------------- 9,589,544 15,719,425 22.718,640
Average m olasses p e r to n of can e
6.6
6.0
7.8
G a llo n s---------------F acto ries m a k in g sy ru p (22 su g a r
59
46
49
p arish es) n u m b e r .........




2,962.527
6,489,527

26.5

21.8

20.5

350,749
383,749

178,156
329,956

143,947
324,827

Sugar Movement.
Raw Sugar (Pounds)
Apr. 1925 Mar. 1925 Apr. 1924
R eceip ts *
New O rle a n s................................- 257,804,423 204,443,268 201,370,501
S av a n n a h ________________ ____ 20,238,673 65,372,810 17.609,643
M eltings:
New O rle a n s...............................- 178,979,524 175,518,251 174.501,874
S av an n ah -_____ ______________ 16,932,048 58,789,337 27,891,142
S tocks:
• N ew O rle a n s ________ _________ 116,612,979 37,788,080 76,037,445
S a v a n n a h ....... - ............- .................. 20,512,652 17,208,027 2,511,775

Refined Sugar (Pounds)
Apr. 1925 Mar. 1925 Apr. 1924
S h ip m en ts:
New O rle a n s_________________ 134,673,109 154,909,282 153,335,807
S a v an n ah ............ ............... ............. 23,738,753 34,299,890 29,084,715
S tocks:
New O rle a n s ........... — ............. — 63,242,608 27,807,896 78,591,774
S a v a n n a h ......................................... 18,115,076 23,959,033 11,776,922

RICE.
Rough Rice (Sacks) Port of New Orleans
Apr.

1925
14,323
27,617
24,966

R e c e ip ts ____________ __________________________
S h ip m en ts ......... ............................ - ..........—
S to ck s....................- ______________ -

Mar.

1925
13,145
45,067
38,260

Apr.

1924
16,415
27,094
36,241

Clean Rice (Pockets) Port of New Orleans
R e c e ip ts ____________ __________________________
S h ip m en ts ____________ ______________ ______ _
S to ck s. _________________ ______ — - ..........— .

53,915
95,082
223,114

100,202
118,163
264,281

100,117
95,165
145,397

Receipts of Rough Rice (Barrels)
A pril

CITRUS FRUIT.
As a result of the drought, and other causes, the condi­
tion of oranges and grapefruit in Florida shows a decline.
Oranges are 81 per cent of normal, compared with 85 per
cent a month ago, and grapefruit on May 1 were 78 per cent
of normal, compared with 85 per cent a month earlier. A
number of factors contribute to bring about the low condi­
tion figures. Early bloom was erratic, setting of fruit was
uneven, vitality and growing condition below the average
over a large part of the belt because of the dry April, and
heavy aphis infestation on oranges and tangerines.
The car lot movement of fruits and vegetables is some­
what smaller this year than last, as indicated by the follow­
ing figures:

3,894,940
6,718,420

1925

S eason to L ast seaso n to
A pril 30
A pril 30

20,142
A ssociation M ills ........................................
New O rleans M ills ________________________
14,323
O u tsid e M ills ____________ ______________________ _________ -

1925
4,376,313
970,713
1,757,040

1924
4,827,883
721,864
1,776,246

34,465

7,104,066

7,325,993

Distribution of Milled Rice (Pockets)
A ssociation M ills ......................................
N ew O rlean s M ills ................................. O u tsid e M ills. _______ _________ ______________

194,882
60,843
134,190

4,222,970
876,178
1,711,040

4,874,328
758,806
1,740,552

389,915

6,810,188

7,373,686

STOCK
May 1,1925 Apr.
310,733
239,873
123,500

1,1925
511,742
292.607
255,300

674,106

A ssociation M ills __________________ ________
New O rleans M ills ..................... ................
O u tsid e M ills ____________ ______ _____________

1,059,649

May

1,1924
338,155
175,571
204,500
718,226

FINANCIAL
There has been no material change in the banking and
financial situation of the sixth district during the past
month. The weekly reports made to the Federal Reserve
Bank of Atlanta by 36 member banks located in Atlanta,
New Orleans, Birmingham, Jacksonville, Nashville, Savan­
nah, Chattanooga and Knoxville indicate a total volume of
loans, discounts and investments on May 6, about 5 million
dollars less than a month ago, but approximately 50 million
dollars higher than on the corresponding report date a
year ago. The bulk of this increase is due to loans on
stocks and bonds and “All other loans”, investments in
United States securities, and in other stocks and bonds,
showing relatively small increases over last year. Time de­
posits of these 36 banks were 13! millions higher than a year
ago, and demand deposits were nearly 55 millions greater
than at that time. Accommodation extended by the Feder­
al Reserve Bank to these banks increased $1,057,000 over a
month ago, but was 10 million dollars less than on the cor­
responding report date last year.

5

THE MONTHLY BUSINESS REVIEW
COMMERCIAL FAILURES

Member Banks inSelected Cities
(000 Omitted)
B ills D isc o u n ted :
Secured by Govt. O b lig a tio n s Secured by S to ck s a n d Bonds ..
All O th e rs _________ „_________
T o ta l D isc o u n ts___________
U. S. S ecu ritie s__________________
O th er S tocks a n d B onds__________
T o ta l lo an s, d isc o u n ts a n d in v est­
m e n ts ________________________
Tim e D eposits____________________
D em and D ep o sits________________
A ccom m odation a t F. R. B a n k ____

May 6,1925 Apr. 8,1925 May 7,1924
$ 7,747$ 8,578
$ 8,409
80,761
77,413
69,081
379,604
392,438
346,045
468,112
478,429
423,535
39,650
36,102
36,753
42,609
40,476
41,374
550,371
196,899
329,802
7,312

555,006
198,178
323,756
6,255

501,662
183,379
275,028
17,327

The volume of bills held under discount by the Federal
Reserve Bank of Atlanta on May 13 showed a small increase
over the figure a month earlier, but was little more than
half the total for May 14 last year. Bills bought in the
open market were held in smaller volume than on April 15,
but more than four million dollars higher than a year ago.
United States securities were held to the extent of $8,222,000
compared with only $51,000 at the same time last year.
Total earning assets on May 13 were larger by more than
$1,900,000 than a month ago, but were $3,431,000 smaller
than the same time last year. Cash reserves and deposits,
while a little smaller than a month ago, each showed in­
creases of more than 10 million dollars compared with fig­
ures for May 14, 1924.
The following tables show principal items in the weekly
statement of the Federal Reserve Bank, with comparisons;
savings deposits reported to the bank by 93 banks in the
district, and debits to individual accounts at 24 reporting
clearing house cities:
Federal Reserve Bank
(000 Omitted)
May 13,1925 Apr.15,1925 May 14,1924
B ills D isco u n ted :
S ecured by G ovt. O b lig a tio n s..
A ll O th e rs____________________
T o ta l D isc o u n ts______________
B ills b o u g h t in o p en m a rk e t--------U. S. S ecu ritie s__________________
T o ta l e a rn in g assets______________
C ash R eserves____________________
T o ta l D ep o sits___________________
F. R. N otes in a c tu a l c irc u la tio n - Reserve R a tio -------------------------

$ 2,874
16,622
19,496
10,603
8,222
38,752
166,314
69,625
139,472
79.5%

$ 3,078
15,819
18,897
13,074
4,379
36,813
169,465
69,715
142,011
80.0%

$ 4,901
31,300
36,202
5,930
51
42,183
155,293
59,001
140,232
77.9%

Com pariC om pari­
son of
son of
Apr. 1925 Mar. 1925 Apr. 1925- Apr. 1924 Apr. 1925Mar. 1925
1924
+
0.1 $ 31,083 +7.2
A tla n ta (7 b a n k s )------- $ 33,310 $ 33,273
+1.0
21,844
+5.9
22,889
B irm in g h a m (5 b an k s) _ 23,127
+2.4
19,744
20,509 —1.5
Ja c k so n v ille (5 b a n k s ) . 20,209
19,220 +15.5
19,401 +14.4
N ash v ille (10 b a n k s ). . - 22,197
+
1.0
47,757
48,140
+
1.8
New O rlean s (8 b an k s) - 48,602
+0.3
86,620
+9.6
94,905
95,200
O th er C ities (58 b an k s)
+1.3
226,449
+7.0
T o ta l (93 b an k s)---------- 242,350 239,231

D E B IT S T O IN D IV ID U A L A C C O U N T S
S ix th F e d e ra l R e se rv e D is tric t
Week E nded
May 15,1925 Apr. 15, 1925 May 14,1924
A lbany_____________________ $ 1,020,000 $ 1,125,000 $
803,000
A tla n ta _____________________ 32,986,000 33,629,000
29,623,000
A u gu sta____________________
5,290,000 7,611,000
5,133,000
B irm in g h am ________________
29,245,000 30,632,000
25,075,000
B ru n sw ick__________________
788,000
747,000
682,000
C h a tta n o o g a _______________
9,971,000 10,064,000
8,822,000
C olum bus___________________
3,498,000
3,295,000
2,564,000
D o th a n _____________________
864,000
878,000
563,000
E lb e rto n ____________________
192,000
300,000
248,000
Ja c k so n ____________________
4,600,000
4,300,000
4,800,000
Ja c k so n v ille ________________
19,276,000 19,222,000
15,052,000
K no x v ille___________________
6,710,000 7,434,000
5,787,000
M acon______________________
4,950,000
5,480,000
4,306,000
M eridian____________________
3,481,000
3,214,000
334,000
M obile_____________________
6,786,000
8,130,000
6,130,000
M ontgom ery________________
4,900,000 5,340,000
4,515,000
N a s h v ille ___________________
17,555,000 19,698,000
16,243,000
N ew nan____________________
415,000
491,000
344,000
New O rle a n s________________ 78,808,000 79,091,000
64,924,000
P en saco la___________________
1,735,000
1,970,000
1,502,000
S av an n ah ___________________
7,883,000
9,312,000
8,315,000
T am p a___________________ _- 14,209,000
13,715,000
8,558,000
V ald o sta____ ___ ____ _____
1,092,000
1,092,000
1,000,000
V ick sb u rg ___________ ___ _
1,626,000
1,796,000
1,504,000




N um ber
D istric t
Apr. 1925 Apr. 1925
229
$ 4,995,937
B o sto n _________
12,377,626
386
New Y ork_______
....
96
1,605,999
P h ila d e lp h ia
165
2,604,395
C leveland_______
R ic h m o n d ______
109
2,079,733
A tla n ta _________
87
981,798
307
6,234,526
C hicago________
81
1,694,044
St. L o u is________
75
678,977
M in n eap o lis____
96
K ansas C ity ____
1,096,191
59
792,113
D a lla s__________
S an F rancisco
— . 249
2,047,283
T o ta l________

1939

$37,188,622

L ia b ilitie s
Mar. 1925
Apr. 1924
$ 4,203,160 $ 2,875,171
6,543,180
8,362,947
1,639,315
1,548,342
3,132,010
13,040,996
2,640,261
3,351,299
1,802,227
2,491,189
6,805,675
10,664,228
531,515
1,033,327
1,924,921
1,254,620
1,782,243
1,243,363
682,936
881,236
2,317,288
2,157,734
$34,004,731 $47,904,452

IMPORTS AND EXPORTS
Preliminary figures released by the Department of Com­
merce indicate a volume of imports and exports during April
somewhat smaller than in March, but exceeding in both in­
stances figures for April a year ago. The total of imports
during April is placed at $349,000,000, which, with the ex­
ception of March this year, is higher than for any other
month since May 1923. The value of exports during April
exceeded the value of imports by $51,000,000, compared with
an excess of about $68,000,000 in March, and of $22,644,736
in April 1924. The usual comparisons follow:

$220,827,000

Im ports:
A p ril_________________________
M arch________________________
10 m o n th s e n d in g w ith A p r i l - -

1925

1924

$ 3 9,000,000
385 490,733
3,174,485,079

$ 324,290,966
320,482,113
2,977,048,475

E xports:
A p ril_________________________
M arch________________________
10 m o n th s e n d in g w ith A pril_
_

Savings Deposits
(000 Omitted)

T o ta l........ - - .... - ________ $257,880,000 $268,566,000

Commercial failures in the United States during April,
compiled and published by R. G. Dun & Co., were somewhat
larger in number and in liabilities of defaulting concerns
than in March, and while the number of failures was larger
than in April last year, the total liabilities were smaller by
nearly eleven and three-quarters millions.
In the Sixth district the number of failures in April was
87, compared with 110 in April 1924, and liabilities were only
$981,798, against $2,491,189. This total for April 1925 is the
smallest recorded for the sixth district for any month since
October 1920.

$ 400,000,000
453,434,288
4,171,816,839

$ 346,935,702
339,755,230
3,669,571,784

New Orleans
The value of merchandise imported through the port of
New Orleans during February (the latest month for which
detail figures are available) was $12,340,619, about five mil­
lion dollars smaller than for February 1924, and about six
million dollars below the total for January of this year.
The decrease compared with February last year is due prin­
cipally to smaller figures for coffee and sugar. Coffee im­
ports during February this year were about 28 million
pounds in quantity, and nearly three million dollars lower
in value than in February 1924, and sugar showed a decrease
of about 22 million pounds, and of about two million dollars,
in quantity and value, respectively. Decreases in value
are also shown in bananas, newsprint paper, and petro­
leum, while increases are shown in burlaps, molasses, sugar
beet seed, gasoline and mahogany. The following are
principal items imported during February:

Coffee, lb s ----------------------------------S ugar, lb s --------- --------------------------B ananas, b u n . ----------------------------N ew s-print p ap er, lb s ------------------P etroleum , g a ls----------------------------B u rlap , lb s ---------------------------------Molasses, g a ls-----------------------------S ug arb eet seed, l b s . ______________
G asoline, g a ls-----------------------------M ahogany, f t -------------------------------

F e b ru a ry 1925
V olum e
V alue
8,949,480
$2,148,551
91,504,508
2,764,135
621,341
263,936
1,588,042
48,686
24,134,000
685,690
15,269,047
2,122,553
14,468,504
1,047,817
1,408,636
150,048
8,820,0^0
828,482
1,353,000
120,122

The total value of imports during February of the past
six years is shown for comparison:
F eb ru ary 1925________$12,340,619
F eb ru ary 1924________ 17,484,812
F eb ru ary 1923________ 13,585,903

F e b ru a ry 1922_______ $ 8,147,458
F e b ru a ry 1921________11,518,660
F e b ru a ry 1920-_______ 15,401,360

THE MONTHLY BUSINESS REVIEW

6

The total value of merchandise exports through the port
of New Orleans during February was $45,570,992, some of the
principal commodities being:
Volum e
119,607
45,806
40,982,143
249,037
3,951,307
5,499,150
12,853,870
9,361
6,465

S h o rt S ta p le c o tto n , b a le s ..............
L ong sta p le c o tto n , b a le s ..................
G aso lin e, g a ls------ ----------------------W heat flour, b a rre ls_____ _________
L ard , lb s _______________ _________
T obacco, lb s ._________ _____-........ I llu m in a tin g o il, g a ls -----------------R o u g h sou. p in e b o ard s, M feet----O ak b o ard s, M feet-------------- ---------

V alue
$15,177,725
6,684,611
4,603,505
2,020,543
695,883
946,244
779,395
486,921
398,179

Grain Export—New Orleans
Exports of grain through the port of New Orleans during
April totaled 3,268,909 bushels, against 754,183 bushels dur­
ing April 1924. The large increase is due principally to in­
creased shipments of wheat. Oat shipments were also
larger, while corn and rye both showed decreases. The
following table shows figures for the month, and for the
season to date, with comparisons:
Season th r o u g h
A pril 1925 A pril 1924 A pril 1925 A pril 1924
W heat................ -................. 2,834,424
249,098
29,983,832 6,082,495
C o m .......................... ..........
338,464
416,939
2,492,665 4,548,227
O ats.__________________
87,450
19,575
851,105
269,560
8,571
68,571
8,571
264,485
R ye_____ _________ _____
T o ta l....... ..........-.......... 3,268,909

33,336,173 11,164,767

Building permits were issued during April at twenty
cities in the sixth district for construction of building ag­
gregating $11,675,961 in value. This is an increase of 0.7
per cent over the corresponding month last year. It is
significant, however, because of the fact that in 1924 and in
1923 the peak in the spring was reached in April, while this
year permits rose in February to a point higher than was
reached at any time in 1923 and only once exceeded in 1924.
Ten cities Reported increases over April last year, and the
remaining cities.reported decreases. The number and value
of April permits, compared with last year, are shown below
with percentage comparisons:
A pril 1925
No.
V alue

F lo rid a :
P en saco la—
G eo rg ia:
A tla n ta ----A ug u sta----C olum bus—
M a c o n -----S av a n n a h —
L o u isia n a :

T ennessee:
K n o x v ille.........

A pril 1924
No.
V alue

P ercen tag e
ch a n g e in
V alue

19
609
67
144

$17,700
1,748,745
295,985
138,382

766
89
87

$28,390
1,034,745
121,290
90,957

—37.7
+69.0
+144.0
+52.1

309
334
208
62
525

654,384
2,729,548
393,930
37,697
923,821

331
284
137
69
363

517,192
1,915,342
269,435
55,000
1,462,088

+26.5
+42.5
+46.2
—31.5
—36.9

854,936 436
141,963 157
123,630
9j ,27o 121
225,840
87

1,540,235
286,061
45,000
84,471
178,835

—44.5
—50.4
+174.7
U2.8
+26.3

165
127
67
122
64
221
82

1,443,775
62,372

298
46

1,788,200
71,236

—19.3
—12.4

264
15
293
255

208,000
30,985
536,118
1,012,872

219
53
394
325

510,386
106,300
662,676
771,212

—59.2
—70.9
-19.1
+31.3

$11,675,961 4262
323.8

$11,598,373
321.7

+0.7

3952
In d ex N u m b e r-

LUMBER
Weekly statements issued by the Southern Pine Associa­
tion, and reports received from individual lumber firms, in­
dicate active operations in the lumber industry during
April and early May. Preliminary figures for the month of
April, received by the Association up to the 15th of May,
from 138 subscribing mills, show their production during
April was 346,451,831 feet, while their normal output is only
333,405,472, and that they had on hand at the end of April
unfilled orders amounting to 221,860,809 feet, or consider­
ably more than half a month’s normal output. Orders and
shipments during the month, reported by these 138 mills,



O r d e r s ..........................................
S h ip m en 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 tocks en d of m onth_________
N orm al sto ck s th e s e m ills .--.U nfilled orders en d of m o n th .

A pril 1925 M arch 1925
(138 M ills)
(145 M ills)
347,617,977 311,665,322
347,129,250 335,630,172
346,451,831 358,505,373
333,405,472 346,588,048
851,286,685 865,903,770
886,683,245 946,970,546
221,860,809 238,225,260

A pril 1924
(145 Mills)
323,773,610
348,311,894
356,694,267
349,845,555
881,921,155
968,225,675
229,867,224

COTTON CONSUMPTION—APRIL
United States Census Bureau
United States
C o tto n C onsum ed:
L in t.............. ...........................
L in te rs....................................

A p ril 1925

M arch 1925

A pril 1924

597,104
59,136

582,674
58,845

478,583
42,080

I n C onsum ing E sta b lish m e n ts:
L in t .........................................
L in ters-...................................

1,514,514
162,861

1,644,793
157,872

1,329,901
129,456

I n P u b lic S torage a n d a t Com­
presses:
L in t.......... ..............................
L in ters-..................... - ............

754,183

BUILDING

A labam a:
A nniston------B irm in g h am -

both exceeded production by a small margin. The weekly
statement of operating time indicates that an average of 16
mills operated an average of 33 hours overtime each, during
the four weeks period, and that an average of 7 mills oper­
ated double shifts. Preliminary figures, with comparisons,
are shown below:

1,666,147
49,663

2,237,115
62,256

1,510,619
81,533

E x p o rts..........................................
Im p o rts.............. - .........................
A ctive S p in d le s ...........-.............

472,555
22,409
33,412,650

734,697
33,955
33,225,182

320,774
40,435
31,863,454

Cotton Growing States
A p ril 1925
399,465
C o tto n Consum ed....... ...............
I n C onsum ing E sta b lish m e n ts
828,134
I n P u b lic S torage a n d a t Com­
p resses_______ ____ ______
1,345,722
Active S p in d le s.......................... 16,962,656

M arch 1925
391,422
950,569

A p ril 1924
324,254
748,770

1,911,030
16,926,512

1,320,539
16,019,218

MANUFACTURING
Cotton Cloth
Reports for April were made to the Federal Reserve Bank
by cotton mills which manufactured during the month
29,544,000 yards of cloth, a total output 1.1 per cent larger
than the production by the same mills during March, and
3.7 per cent larger than their production in April 1924.
Shipments in April were smaller than in March, but exceeded
shipments in April last year by 2.7 per cent. Orders booked
by the reporting mills were 14.1 per cent larger than in
March, and 25.8 per cent greater than the volume of orders
booked in April a year ago. Unfilled orders, however, were
reported in smaller volume than for March, although 25.6
per cent greater than a year ago, while stocks on hand were
a little larger than a month ago, but were 22.2 per cent be­
low stocks at the end of April 1924. The number of work­
ers on the pay rolls of reporting mills was 1.5 per cent smaller
at the end of April than at the end of March, and 3.7 per
cent smaller than a year ago. These mills had orders
which would keep them operating for an average of 8 weeks.
Reports from various sources indicate an unsatisfactory
demand for textile goods, and state that prices being ob­
tained are not sufficient to allow a margin of profit to the
mills. Percentage comparisons are shown below:
A pril 1925 com pared w ith :
M arch 1925 A p ril 1924
P ro d u c tio n .........................................-...........
+1.1
+3.7
S h ip m en ts......... ...................................................
—10.6
+2.7
O rders B ooked ....................... -........ — ............
*14.1
+25.8
U n filled o rd ers,............................ ........ ........ - . .
—2.7
+25.6
S tocks o n h a n d ------------------- ------------------+2.1
—22.2
N um ber o n p a y r o ll..........................................
—1.5
—3.7

Cotton Yarn
Reports received from cotton yarn mills, which manu­
factured during April more than 9,000,000 pounds of yarn,
show lower shipments and unfilled orders, but a small in­
crease in orders booked, compared with the preceding
month. April production was 18.6 per cent larger than in
the same month last year, and increases over that month
were also shown in shipments, orders booked and in unfill­
ed orders, but a small decrease in stocks on hand. The
number of workers employed at these yarn mills in April

7

THE MONTHLY BUSINESS REVIEW
was 2.5 per cent larger than in March, and. 6.6 per cent
larger than in April last year. Reporting mills had orders
on hand which would keep them operating for an average
of a little over six weeks. Percentage comparisons are
shown in the following table :
April 1925compared with:
M 1925 April 1924
arch
Production-------------------------------*0.2
+18.6
Shipments------------------ ---- ---------—
2.2
+20.1
Orders booked____ _______________
+31.6
+30.9
Unfilled orders._ _______________
_
—
16.1
+
18.1
Stocks on hand........................... ........
+8.7
—
0.4
Number on payroll............. ............ ......
+
2.5
+
6.6
Overalls
Overalls were manufactured during April by reporting
mills at a rate only slightly lower than in March, but the
April output exceeded that of the same month last year by
29.6 per cent. Orders were received in about the same vol­
ume as a year ago, but exceeded the preceding month by 8.6
per cent. Unfilled orders showed declines compared with
both of those months, while employment by these mills
increased slightly over March, and was 15.3 per cent laiger
than a year ago. The reports indicate hand to mouth buy­
ing by customers, and comments made by the mills indicate
small current demand, plentifullabor and prices unchanged,
during the month. Percentage comparisons follow:
April 1 comparedwith:
925
M
arch 1
925 April 1924
Overalls manufactured_____________
—
0.4
+29.6
Overalls on hand-------------------------+2.7
—
6.1
Orders booked___________________
+8.6
0.0
Unfilled orders___________________ —
12.5
—
65.0
Number on payroll------ -----------------+0.2
+
15.3
Brick
There Hvas a ^decline in output of reporting brick plants
during April of 9.2 percent compared with March, but Ian
increase of 15.1 per cent in output is shown over April last
year. Stocks on jhand iand orders jreceived both increased
over March, but' were smaller than a year ago. Unfilled
orders on hand at the end of April were 17.4 per cent great­
er than a fcnonth earlier, but exceeded the figure for the end
of April 1924 by only p.4 (per cent. Employment;showed in­
creases tover both of ]these months. Percentage compari­
sons are ]shown below:
April 192' comparedwith:
M 1925 April 1924
arch
—
9.2
+15.1
Brick manufactured_______________
Brick on hand................. .....................
+19.3
—
11.2
Orders booked....................... ....... .......
+4.2
—
1.7
Unfilled orders......... ............................
+17.4
+0.4
Number on payroll-........ .....................
♦11.2
+14.5
HOSIERY.
Figures in the following table, reported to the Census
Bureau by 39 identical establishments in the Sixth District
show decreased production in April, compared with March.
Decreases were also shown in orders, shipments and can­
cellations, but stocks on hand at the end of April, and un­
filled orders on hand, both showed increases over a month
ago.
(Dozen pairs)
April 1925
M
arch 1925
Production......... ........................
930,062
1,035,558
Shipments_________________
903,245
918,566
Stocks on hand___ __________
1,902,482
1,862,243
Orders booked_______________
976,948
1,018,295
Cancellations__________ ____
48,959
52,093
Unfilled orders..... ................. ....
1,890,816
1,842,268
COAL
The first few weeks of the new coal year, which began
the first of April, have brought little change in the dullness
at the mines. The observance of the Eight-hour holiday
and of the Easter Monday holiday caused (
some decrease in
output during the weeks ended April 4, and April 18, )Contributed to the decline for those weeks. The opening of
the Lake season has however, caused some slight recovery
evidenced by the figures for the week ended April 25 and
the two weeks following. The following figures show the
weekly production in the United States compared with the
corresponding weeks in 1924:
W Ended
eek
1925
1924
April 4.................. ....... —_________ 7,546,000 6,826,000
April 11----------------- -------- ---------- 7,843,000 6,834,000
April 18.................... ................. .......... 7,515,000 6,918,000
April 25.............- ___ ________ ____ 8,030,000 6,724,000
M 2..... .............. ............ ................... 7,975,000 6,832,000
ay
M 9........... ...............—..................... 8,281,000 7,125,000
ay
The weekly statement issued by the Geological Survey
has recently been changed to show weekly output by states,
and the following figures are given for Alabama and Tennes­
see:



M arch 28.
A p r il4 -- .
A pril 11..
A pril 18..
A pril 25-.
May 2._
_

A labam a
333.000
319.000
337.000
338.000
338.000
341.000

Week E nded

T ennessee
90.000
94.000
96.000
93.000
95.000
94.000

IRON
According to statistics compiled and published by the
IronlAge, April production of pig iron in the United States
fell below that of March in total output, daily average pro­
duction, and in the number of active furnaces. April pro­
duction amounted to 3,258,958 tons, compared with 3,564,247 tons in March, and with 3,233,428 tons in April last year.
The daily average output for the 30 days in April amounted
to 108,632 tons, and was lower than in any of the three pre­
ceding months this year, but slightly larger than the aver­
age of 107,781 tons in April 1924. There was a net loss of 25
furnaces in active operation during April, 30 furnaces hav­
ing been shut down and only 5 blown in.
Contrary to this declining output in the United States as
a whole, the production of iron in Alabama during April in­
creased to 285,351 tons, compared with 253,820 tons in March
and with 230,548 tons in April 1924. The index number for
Alabama output in April is 162.3 compared with 144.4 in
March, and 131.1 in April last year. April output in this
state was the highest reported in more than five years.
There was, however, a loss of one furnace in active opera­
tion during April. Reports indicate that there has been
little buying of pig iron, and^some of the furnaces are add­
ing to their supplies, stocks on the furnace yards being
greater than at any time in the past six months. While
some of the furnaces have shaded prices, the larger iron
producers are quoting $22.00 base.
Unfilled Orders-— S. Steel Corporation
U.
Unfilled orders on the books of the United States Steel
Corporation at the end of April totaled 4,446,568 tons, a de­
crease of 416,996 tons compared with the total for March,
and lower than the total reported for any month since No­
vember last year. It is higher, however, than the total of
4,208,447 tons on hand at the end of April last year.
NAVAL STORES.
The new Naval Stores year began in April with a slight
increase in the receipts of turpentine and rosin at the
three principal Naval Stores markets of the district over the
same month a year ago. Supplies, however, of turpentine
were 1,098 barrels smaller at the end of April this year than
at the same time last year, and stocks of rosins were about
24 per cent smaller than at that time, and were smaller than
at the same time of any year since 1920. Prices which have
prevailed on the Savannah market during April range be­
tween 85 and 90 cents for turpentine. Since the beginning
of May, however, there has been a substantial strengthen­
ing in the market, and the price increased from 91£ cents
on Wednesday, May 6th, to $1.01 on the Saturday following.
Increases also took place in the prices on the various grades
of rosin. Reports indicate that with the advancing prices
there has not appeared to be any lessening in the demand
for both commodities. It is estimated by the Turpentine
and Rosin Producers Association that because of the con­
tinued dry weather during the fall and winter months the
production for the 1925-26 season will be reduced approxi­
m ately 15 per cent. The following table shows receipts and
stocks at the three principal ports:
R e ceip ts—T u rp e n tin e :
S avannah ------------------Ja c k so n v ille ----- --------P en saco la......................

A pril 1925
7,994
6,342
2,549

M arch 1925
2,150
2,769
988

A pril 1924
6,885
6,472
2,224

16,885

5,907

15,581

26,039
23,943
8,198

14,185
30,678
5,274

20,846
25,281
11,183

T o ta l...................... .
S tocks—T u rp e n tin e :
S av a n n a h -------- ---------Ja c k so n v ille ............ —
P en saco la____________

58,180

50,137

57,310

4,323
13,263
2,772

2,059
16,168
4,604

5,815
14,164
2,477

T o ta l______ _____S tocks—R o sin :
S av a n n a h ....... .................
Ja ck so n v ille_________
P en saco la------------------

21,358

22,831

22,456

52,730
80,501
21,013

51,338
87,871
31,988

58,487
96,904
47,768

154,244

171,197

203,159

T o ta l-------------------R e ceip ts—R o sin :
S av an n ah -............ ...........
Ja c k so n v ille.......... .........
P en sa co la........................

T o ta l..

THE MONTHLY BUSINESS REVIEW

8

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

February

March

April

February

March

April

(Department Stores)

1925

1925

1925

1924

1924

1924

Atlanta_ __ __
_
Birmingham_ ___ ___ ___ _ ___
Chattanooga, ___
Jackson___
_____
Nashville_____
__
__ _
New Orleans
__
_ ___
Savannah____________ _
Other Cities. ______________ _____
District___ _ _ _______ _____

101.6
109.0
65.9
71.4
80.1
85.3
54.5
81.3
85.5

104.6
128.4
82.2
91.9
93.1
106.8
65.1
91.5
101.1

125.6
128.2
91.9
108.8
94.7
118.8
75.1
100.9
111.5

93.8
119.4
107.7
95.1
91.8
99.7
64.8
82.7
96.8

100.0
129.3
111.3
111.7
98.0
115.0
77.0
100.2
108.7

100
116

121
120

135
117

101
96

115
106

132
114

246
161
149
209
120
207
140

255
160
127
177
105
188
131

264
159
177
195
107
210
134

185
143
93
140
97
166
124

199
149
118
163
99
181
136

210
145
178
178
93
208
130

RETAIL TRADE U. S. (1)
Department Stores.__ _ _
___ _
Mail Order Houses___ __ _
Chain Stores:
Grocery___ _ ___ _ _____
Drug__ _ __ _ ___ ________
Shoe_________________
__
5 & 10 cent___ __ _
Music_ ___ ________ ___ __
Candy____________________
Cigar_ _ _ _ ___
____ ___

63.1
97.6
87.9
73.7
82.1
92.1
52.5
80.0
84.0

WHOLESALE TRADE 6TH DISTRICT:
Groceries. _
___ _____ _
Dry Goods_
Hardware______ __ _ _ _
Shoes __________ _
_ _
Total____________________

86.6
71.2
85.8
54.2
80.2

91.6
88.3
91.0
66.6
88.5

84.4
70.2
91.5
56.0
80.2

86.6
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

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

161.5
156.9
191.0
177.5
135.6
182.8
134.5
172.5
124.5
160.6

161.3
158.9
190.7
174.4
133.7
179.8
134.2
170.1
125.4
161.0

153.0
154.0
189.9
169.0
128.7
174.4
133.6
170.5
128.8
156.2

143.0
143.1
196.0
179.8
142.9
182.0
130.9
175.9
113.5
151.7

137.2
140.8
191.4
180.8
143.6
182.1
129.9
174.8
112.9
149.9

138.5
137.1
189.1
178.6
138.7
181.6
128.4
174.7
112.9
148.4

BUILDING PERMITS 6TH DISTRICT:
Atlanta. ___ _ __
Birmingham________ _ ___ _
Jacksonville. __ _ _
Nashville____
__ _ _ _ __
New Orleans __
Other C itie s ____
______
District (20 Cities)__ _ _______

142.5
696.0
135.3
962.7
274.7
419.0
364.8

123.6
619.9
214.8
547.4
280.1
408.3
334.5

98.2
534.7
218.8
535.0
330.1
402.3
323.8

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

COTTON CONSUMED
United States______ _ _ ___
Cotton-Growing States___ ______
All Other States.
_ _ __
Cotton Exports.. _____ _____

102.9
126.2
75.1
147.6

108.9
132.6
80.9
133.6

111.6
135.3
83.6
85.9

94.9
118.5
66.9
87.7

90.5
112.5
64.2
60.4

89.7
110.8
64.7
58.3

PIG IRON PRODUCTION:
United States_______ _ ______
Alabama _______ _______ _ _ __

126.1
127.8

139.9
144.4

127.9
162.3

120.6
124.8

136.0
131.9

126.9
131.1

88.2

81.1

74.2

81.9

79.8

70.2

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