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M O N T H L Y B U S I N E S S R E V I E W C o v e r in g C o n d it io n s i n t h e S ix t h F e d e r a l R e s e r v e D i s t r 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)
