Full text of Economic Review (Federal Reserve Bank of Atlanta) : November 30, 1926, Volume 11, Number 11

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M O N T H L Y
C o v e r in g

C o n d it io n s

FED ERAL

in

th e S ix t h

RESERVE

O SO A B N EW TO N .
C h a ir m a n a n d F e d e r a l R e s e r v e A g e n t

VOL. 111, No. 11

B U S IN E S S

R E V IE W

F e d e ra l R e se rv e

BANK

OF

D is t r ic t .

ATLA N TA
W ARD A LB ER T S O N .
A s s is t a n t F e d e r a l R e s e r v e A g e n t

(C o m p ile d N o v e m b e r 18,1920)

ATLANTA, GA., NOVEMBER 30, 1926
B U S IN E S S

C O N D IT IO N S

IN

TH E

U N IT E D

T h i s R e v ie w r e le a s e d f o r p u b l i c a t i o n I n a f t e r ­
n o o n p a p e r s o f T u e s d a y N o v e m b e r. 30.

STA TES.

(P r e p a r e d b y t h e F e d e r a l R e s e r v e B o a r d .)
I n d u s t r i a l a c t iv it y c o n t in u e d i n la r g e v o lu m e i n O c t o b e r ,
w h ile t h e g e n e r a l le v e l o f p r ic e s d e c lin e d s lig h t ly .
N o t­
w it h s t a n d in g t h e s e a s o n a l in c r e a s e i n b o r r o w in g f o r co m ­
m e r c ia l p u r p o s e s , t h e v o lu m e o f b a n k c r e d it o u t s t a n d in g
d e c lin e d i n r e c e n t w e e k s r e f le c t in g t h e c o n t in u e d liq u id a ­
t io n o f lo a n s o n s e c u r it ie s .

s t o c k s in c r e a s e d m o re t h a n is u s u a l in S e p te m b e r a n d
O c t o b e r a n d a t t h e e n d o f O c t o b e r w e re la r g e r t h a n i n
19 25. F r e i g h t c a r l o a d i n g s w e r e i n r e c o r d v o l u m e i n O c ­
t o b e r a n d N o v e m b e r, b e c a u s e o f u n u s u a lly la r g e s h ip ­
m e n ts o f c o a l a n d o re a n d a c o n t in u e d h e a v y m o v e m e n t o f
o t h e r c o m m o d it ie s .

P ro d u c t io n

P ric e s

P ro d u c t io n in
b a s ic in d u s t r ie s , a s
m e asu red
by
th e
F e d e ra l R e se rv e
B o a r d ’s i n d e x , w h i c h m a k e s a l l o w a n c e f o r t h e u s u a l s e a s o n a l
v a r ia t io n s , s h o w e d lit t le c h a n g e in O c to b e r a s c o m p a re d
w it h S e p te m b e r.
T e x t ile - m ill a c t iv it y a n d t h e d a ily a v e ra g e
o u t p u t o f ir o n a n d s te e l w a s m a in t a in e d d u r in g O c to b e r
b u t i n N o v e m b e r t h e r e w a s a d e c r e a s e i n s t e e l p r o d u c t io n .
T h e o u t p u t o f b it u m in o u s c o a l w a s s t im u la t e d b y e x p o rt
a n d b u n k e r d e m a n d a n d a t t a in e d n e w h ig h r e c o rd s in
O c t o b e r a n d N o v e m b e r, a n d p e t r o le u m p r o d u c t io n w a s a ls o
la r g e .
T h e r e w a s a s h a r p d e c lin e i n a u t o m o b ile p r o d u c ­
t io n a n d t h e o u t p u t o f c a r s w a s s m a lle r i n O c t o b e r t h a n i n
a n y m o n t h s in c e J a n u a r y .
T h e v o lu m e o f b u ild in g a c ­
t iv it y a s in d ic a t e d b y t h e v a lu e o f c o n t r a c t s a w a rd e d , h a s
d e c lin e d f o r t h e p a s t t h r e e m o n t h s , a s is u s u a l a t t h is
s e a s o n o f t h e y e a r , a n d h a s b e e n t h r o u g h o u t t h e p e r io d
a t a s lig h t ly lo w e r le v e l t h a n d u r in g t h e e x c e p t io n a lly
a c t i v e a u t u m n s e a s o n o f 1925. R e s i d e n t i a l c o n t r a c t s d u r i n g
t h e s a m e p e r io d h a v e b e e n s m a lle r t h a n a y e a r a g o , w h ile
t h o s e f o r e n g in e e r in g p r o je c t s a n d p u b lic w o r k s h a v e b e e n
la r g e r .
T ra d e

D i s t r i b u t i o n o f c o m m o d it ie s a t w h o le ­
s a le d e c lin e d i n
O c to b e r, c o n tra ry
t o t h e u s u a l t r e n d f o r t h a t m o n t h a n d w a s i n s m a lle r v o lu m e
t h a n i n O c t o b e r o f a n y y e a r s i n c e 1922. S a l e s o f d e p a r t ­
m e n t s to re s sh o w e d t h e u s u a l s e a s o n a l g ro w th in O c to b e r,
b u t o w in g p a r t l y t o le s s f a v o r a b le w e a t h e r c o n d it io n s
a n d t o a s m a lle r n u m b e r o f t r a d in g d a y s , w e re a t a so m e ­
w h a t lo w e r le v e l t h a n i n t h e sa m e m o n t h o f la s t y e a r .
S a le s
o f m a il o r d e r h o u s e s w e re a ls o s m a lle r t h a n a y e a r a g o .
S t o c k s o f m e r c h a n d is e c a r r ie d b y w h o le s a le f ir m s w e re
s lig h t ly s m a lle r t h a n a y e a r a g o , w h ile d e p a r t m e n t s t o r e

W h o le s a le p r ic e s o f n e a r l y a l l g r o u p s
o f c o m m o d it ie s d e c lin e d i n O c t o b e r
a n d N o v e m b e r . P r i c e s o f b it u m in o u s c o a l, h o w e v e r , a d ­
v a n c e d s h a r p ly a s t h e r e s u lt s o f t h e f o r e ig n d e m a n d c a u s e d
b y t h e B r it i s h c o a l s t r ik e , b u t r e c e n t ly t h e r e h a s b e e n so m e
d e c lin e i n c o a l p r ic e s .
T h e p r ic e o f r a w c o t t o n , a f t e r
f a llin g r a p id ly in S e p te m b e r a n d e a r ly O c to b e r, h a s b e e n
s te a d y in r e c e n t w e e k s. P r ic e s o f n o n - a g r ic u lt u r a l co m ­
m o d it ie s , a s c la s s if ie d i n t h e B u r e a u o f L a b o r s t a t i s t i c s
p r ic e in d e x e s , d e c lin e d s lig h t ly b e t w e e n S e p te m b e r a n d
O c to b e r , w h ile t h o s e o f a g r ic u lt u r a l p r o d u c t s d e c lin e d
a b o u t 2 p e r c e n t t o t h e l o w e s t l e v e l s i n c e t h e s u m m e r o f 1924.
B a n k C r e d it
m em ber b a n k s
c o n t in u e d liq u
seq u en ce th a t
of th e se b a n k s
s m a lle r t h a n a

S e a s o n a l g r o w t h i n t h e lo a n s f o r co m ­
m e r c ia l a n d a g r ic u lt u r a l p u r p o s e s a t
i n le a d in g c it ie s h a s b e e n a c c o m p a n ie d b y
id a t io n o f lo a n s o n s e c u r it ie s , w it h t h e c o n ­
t h e t o t a l v o lu m e o f lo a n s a n d in v e s t m e n t s
i n t h e m id d le o f N o v e m b e r w a s c o n s id e r a b ly
m o n t h e a r lie r .

A t t h e r e s e r v e b a n k s t h e d e c lin e i n t h e v o lu m e o f m e m b e r
b a n k c r e d it h a s b e e n r e f le c t e d in a r e d u c t io n o f t h e t o t a l
b i l l s a n d s e c u r i t i e s t o a l e v e l $ 3 7 ,0 0 0 ,0 0 0 b e l o w t h e c o r r e s ­
p o n d in g d a t e i n 1925. D i s c o u n t s f o r m e m b e r b a n k s w e r e
i n a b o u t t h e s a m e v o lu m e a s a y e a r a g o , W h ile h o ld in g s
o f a c c e p t a n c e s a n d o f U n it e d S t a t e s S e c u r it ie s w e re s m a lle r .
E a s ie r c o n d it io n s p r e v a ile d i n t h e m o n e y m a r k e t i n N o ­
v e m b e r.
R a t e s o n p r im e c o m m e r c ia l p a p e r d e c lin e d f r o m
4 §-4 f p e r c e n t in O c to b e r to 4J p e r c e n t in N o ve m b e r, a n d
t h e r e w a s a ls o a r e d u c t io n o f J p e r c e n t in * t h e r a t e s |!o n
b a n k e rs’ a cce p ta n ce s.

PERCENT

PERCENT

PERCENT

In d e x o f

22 b a s i c

c o m m o d i t i e s a d j u s t e d f o r s e a s o n a l v a r i a t i o n s (1919— 100.)
L a t e s t f i g u r e . O c t o b e r 122.




I n d e x o f U n i t e d S t a t e s B u r e a u o f L a b o r S t a t i s t i c s . (1913— 100, b a s e a d o p t e d
b y b u r e a u . ) L a t e s t f i g u r e O c t o b e r 149.7.

2

THEMONTHLYBUSINESSREVIEW

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M o n t h ly a v e ra g e s o f d a i ly f ig u r e s f o r 12 F e d e r a l R e s e rv e B a n k s .
fig u r e s a r e a v e ra g e s o f f ir s t 22 d a y s o f N o v e m b e r.

La te st

M o n t h ly a v e ra g e s o f w e e k ly f ig u r e s f o r b a n k s i n 101 le a d in g c it ie s . L a t e s t
f ig u r e s a r e a v e ra g e s f o r f ir s t 3 w e e k ly r e p o r t d a t e s i n N o v e m b e r.

S IX T H D IS T R IC T SU M M A RY.
E s t im a t e s m a d e b y t h e D e p a r t m e n t o f A g r ic u lt u r e b a s e d
u p o n c o n d it io n s p r e v a ilin g a t t h e b e g in n in g o f N o v e m b e r
c o n f ir m t h e e a r lie r f o r e c a s t s o f g r e a t e r p r o d u c t io n in t h e
s i x t h d i s t r i c t o f c o r n , w h e a t , o & ts, p o t a t o e s a n d c o t t o n ,
a n d s h o w a b o u t t h e sa m e t o t a l p r o d u c t io n o f t o b a c c o ,
c o m p a r e d w i t h 1925 c r o p s .
T h e r e w a s so m e s lig h t d e c lin e
in t h e c o n d it io n o f t h e o ra n g e c ro p in F lo r id a d u r in g O c ­
t o b e r , b u t g r a p e f r u i t im p r o v e d d u r i n g t h e m o n t h .
The
e s tim a te d p r o d u c t io n o f c o t to n in t h e s ix t h d is t r ic t b a s e d
u p o n c o n d i t i o n s o n N o v e m b e r 1, ( n o t i n c l u d i n g t h o s e
p a r t s o f T e n n e s s e e , M is s is s ip p i a n d L o u is ia n a lo c a t e d
i n o t h e r F e d e r a l r e s e r v e d i s t r i c t s ) i s 9 .7 p e r c e n t g r e a t e r
t h a n i n 1925, w h i l e f o r t h e c o u n t r y a s a w h o l e t h e N o v e m ­
b e r 1, e s t i m a t e i s 1 1 .3 p e r c e n t g r e a t e r t h a n t h e f i n a l g i n ­
n i n g s f r o m t h e 1925 c r o p .
F o r t h e f i r s t t i m e s i n c e S e p t e m b e r 1925, s a l e s b y r e p o r t ­
in g r e t a il f ir m s i n t h e s ix t h d is t r ic t d u r in g O c t o b e r t h is y e a r
h a v e s h o w n a d e c r e a s e i n v o lu m e c o m p a r e d w it h t h e s a m e
m o n th a y e a r ago.
O c t o b e r s a l e s w e r e 8 .3 p e r c e n t l e s s t h a n
in O c to b e r la s t y e a r.
A ll r e p o r t in g lin e s o f w h o le s a le
t r a d e s h o w e d d e c r e a s e s i n s a le s c o m p a r e d w it h O c t o b e r
1 9 25, a n d d e c r e a s e s c o m p a r e d w i t h t h e p r e c e d i n g m o n t h
w e re s h o w n in s ix o f t h e s e lin e s .
L o a n s a n d d is c o u n t s o f
r e p o r t in g m e m b e r b a n k s i n s e le c t e d c it ie s o f t h e d is t r ic t
o n N o v e m b e r 1 0 t h w e r e 15J m illio n s le s s t h a n o n t h e c o r ­
r e s p o n d in g r e p o r t d a t e la s t y e a r .
D e m a n d d e p o s i t s w e r e 39
m illio n s le s s t h a n a y e a r a g o , b u t t im e d e p o s it s o f t h e s e
b a n k s in c r e a s e d n e a r ly 9 m illio n s .
D is c o u n ts b y th e F e d ­
e r a l R e s e rv e B a n k of A t la n t a fo r it s m e m b e r b a n k s o n N o ­
v e m b e r 10 w e r e 6 i m i l l i o n s l e s s t h a n f o u r w e e k s e a r l i e r , b u t
w e r e d o u b le t h o s e o n t h e s a m e d a t e l a s t y e a r .
S a v in g s
d e p o s i t s a t 91 r e p o r t i n g b a n k s l o c a t e d t h r o u g h o u t t h e
d i s t r i c t w e r e 1.5 p e r c e n t g r e a t e r a t t h e e n d o f O c t o b e r
t h a n a m o n t h e a r l i e r , a n d w e r e 5 .2 p e r c e n t g r e a t e r t h a n
a y e a r ago.
D e b it s to in d iv id u a l a c c o u n t s in c r e a s e d s e a ­
s o n a lly in O c to b e r c o m p a re d w it h S e p te m b e r, b u t w e re
8 .1 p e r c e n t l e s s t h a n i n O c t o b e r l a s t y e a r .
B u ild in g p e r­
m it s is s u e d a t t w e n t y c it ie s o f t h e d is t r ic t i n O c t o b e r w e re
8 .8 p e r c e n t l e s s t h a n f o r t h e s a m e m o n t h l a s t y e a r , b u t
c o n t r a c t a w a r d s i n t h e d i s t r i c t s h o w e d a d e c r e a s e o f 4 1 .5
p e r c e n t c o m p a re d w it h t h a t m o n th .
T h e c o n s u m p t io n o f

A t l a n t a (4).............
B ir m i n g h a m (5).
O h a t t a n o o g a (6)
N a s h v ille (5)_____
N e w O r le a n s (5).
S a v a n n a h (3)____
O t h e r C it ie s (17).
D I S for
T R IFRASER
C T (4 5 )..
Digitized

C O N D IT IO N
IN

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- 3.1
- 7.8
— 4.4
- 1 5 .0
- 6.5
- 7.8
- 1 4 .7
— 8.3

R E T A IL

TR A D E

D IS T R IC T

D U R IN G

BA SED

(B )
J a n . 1 to
O c t . 30.1925

(A )
O c t . 1925

+ 6 .9
+ 7 .1
+ 2 .2
— 0.7
+ 1 .1
+ 9 .8
+ 9 .7
+ 4 .6

+ 2.5
+ 2 0.1
+ 8.0
— 7.3
+ 6.0
+ 2 5 .2
+ 6.5
+ 7.0

O CTO BER

UPO N

1926

R EP O R TS

3

S to c k s a t e n d of m o n th .
p e rc e n t a g e In c r e a s e o r
d e c re a se c o m p a r e d w i t h :

(B )
S e p t . 1926

+ 0.7
+ 4.5
+ 1 3 .0
+ 8.2
+ 1 1 .2
+ 6.8
+ 4.9
+ 7.3

TR A D E.

T h e v o lu m e o f r e t a i l t r a d e , r e f le c t e d i n s a le s r e p o r t e d b y
r e p r e s e n t a t iv e d e p a r t m e n t s to r e s t h r o u g h o u t t h e s ix t h
d is t r ic t , r e g is t e r e d a f u r t h e r s u b s t a n t ia l in c r e a s e i n O c ­
t o b e r o v e r t h e m o n t h s im m e d ia t e ly p r e c e d in g , d u e t o s e a s o n ­
a l fa cto rs.
T h e i n d e x n u m b e r c o m p u t e d f r o m r e p o r t s b y 39
o f t h e r e p o r t i n g s t o r e s i n c r e a s e d f r o m 9 6 .7 i n S e p t e m b e r
t o 1 3 5 .5 i n O c t o b e r .
T h is w a s, h o w e v e r, n o t so g re a t a s
t h e r is e a t t h e s a m e t im e la s t y e a r , w h e n t h e in d e x n u m b e r
i n c r e a s e d f r o m 9 0 .5 f o r S e p t e m b e r t o 1 4 6 .5 f o r O c t o b e r 1925.
O c t o b e r s a le s t h is y e a r w e re s m a lle r t h a n i n t h e s a m e m o n t h
la s t y e a r , b u t w it h t h is e x c e p t io n , w e re g r e a t e r t h a n f o r
O c t o b e r o f a n y y e a r s i n c e 1920. D e c r e a s e s c o m p a r e d w i t h
O c t o b e r 1925 w e r e s h o w n i n s a l e s a t a l l p o i n t s f r o m w h i c h
t h r e e o r m o re r e p o r t s w e re r e c e iv e d , t h e d is t r ic t a v e ra g e
b e i n g 8 .3 p e r c e n t .
T h i s d e c r e a s e b r in g s t h e a v e ra g e i n ­
c r e a s e i n s a l e s f o r t h e f i r s t t e n m o n t h s o f 1926 d o w n t o 4 .6
p e r c e n t o v e r s a l e s i n t h e s a m e p e r i o d o f 1925.
S to ck s on
h a n d i n c r e a s e d 7 .3 p e r c e n t o v e r t h o s e a t t h e e n d o f S e p ­
t e m b e r , a n d w e r e 7 .0 p e r c e n t g r e a t e r t h a n a y e a r a g o .
T h e a v e ra g e s t o c k t u r n o v e r w a s a t a le s s r a p id r a t e t h a n
i n O c t o b e r l a s t y e a r , a n d f o r t h e f i r s t t e n m o n t h s o f 1926
c o m p a r e d w i t h t h e s a m e p e r i o d o f 1925.
O u t s t a n d in g o rd e rs
a t t h e e n d o f O c t o b e r w e r e 1 0 .7 p e r c e n t l e s s t h a n a m o n t h
a g o , a n d 2 .8 p e r c e n t l e s s t h a n a y e a r a g o .
A cco u n ts R e ­
c e i v a b l e a t t h e e n d o f O c t o b e r w e r e 1 3 .6 p e r c e n t g r e a t e r
t h a n a m o n t h a g o , a n d 1 4 .8 p e r c e n t g r e a t e r t h a n a t t h e e n d
o f O c t o b e r 1925.
C o lle c t io n s d u r in g
O c to b e r in c r e a s e d
1 7 .5 p e r c e n t o v e r S e p t e m b e r , a n d w e r e 0 .3 p e r c e n t g r e a t e r
t h a n in O c to b e r la s t y e a r.
T h e r a t io o f c o lle c t io n s d u r in g
O c to b e r to a c c o u n t s o u t s t a n d in g a t t h e b e g in n in g o f t h e
m o n t h f o r 24 f i r m s w a s 3 4 .7 p e r c e n t .

2

N e t s a le s - -p e r c e n t a g e
ln c r e a s e
or
d e c r e a se
co m p a red w it h :

O c t . 1925

c o t t o n d u r in g O c t o b e r i n t h e c o t t o n - g r o w in g s t a t e s w a s
1 0 .4 p e r c e n t g r e a t e r t h a n i n O c t o b e r l a s t y e a r , b u t t h e
p r o d u c t io n o f c o t t o n y a r n a n d c lo t h b y m ills r e p o r t in g t o
th e F e d e ra l R e se rv e B a n k sh o w e d d e c re a se s c o m p a re d w ith
th a t m o n th .
R e c e ip t s o f b o th t u r p e n t in e a n d r o s in a t t h e
t h r e e p r in c ip a l m a r k e t s o f t h e d is t r ic t d e c lin e d s e a s o n a lly
in O c t o b e r , a n d p r e v a ilin g p r ic e s i n O c t o b e r w e re lo w e r f o r
b o t h o f t h e s e c o m m o d it ie s t h a n i n e i t h e r S e p t e m b e r , o r i n
O c to b e r la s t y e a r.

FR O M

45 S T O R E S
1

4

P e r c e n t a g e o f s a le s to
a v e ra g e s t o c k s i n O c t .
(sto ck
tu rn o v e r
fo r
th e m o n th ):

P e r c e n t a g e o f s a le s t o
a v e ra g e
sto ck s
fro m
J a n . 1 t o O c t . 31 ( S t o c k
tu rn o v e r fo r y e a r to
d a te )

P e rce n ta g e
of
o u ts t a n d in g o r d e rs a t e n d
o f m o n th to p u rc h a se s
d u r i n g c a le n d a r y e a r .
1925:

(A )
1925

(B )
1926

(A )
1925

(B )
1926

(A )
S e p t.

(B )
O ct.

41.9
32.6
25.3
32.2
27.5
33.7
31.2
31.4

38.4
23.2
24.5
30.2
24.1
26.2
24.4
26.7

288.3
246.7
189.2
243.0
221.7
222.9
235.3
236.3

299.4
213.5
196.2
250.9
207.1
218.7
237.2
229.5

3.8
9.8
4.2
4.8
12.0
18.0
8.3
8.4

4.3
4.6
3.2
4.6
11.7
8.8
6.3
7 .0

3

THEMONTHLYBUSINESSREVIEW
W H O LESA LE

TR A D E.

T h e v o lu m e o f t r a d e a t w h o le s a le i n t h e s ix t h d is t r ic t
d u r in g O c t o b e r w a s s m a lle r t h a n i n S e p te m b e r , a n d a ls o
sh o w e d d e c re a s e s c o m p a re d w it h O c to b e r la s t y e a r.
D u r in g
t h e f o u r y e a r s i m m e d i a t e l y p r e c e d i n g 1926, s a l e s b y w h o l e ­
s a le f ir m s w h o s e s t a t is t ic s a r e u s e d in t h e c o m p u t a t io n
o f o u r in d e x n u m b e r s h a v e r e a c h e d t h e p e a k in O c to b e r,
b u t i n 1921 t h e p e a k w a s r e a c h e d i n S e p t e m b e r . T h e i n d e x
n u m b e r c o m p u t e d fr o m s a le s r e p o r t e d b y fir m s d e a lin g in
g r o c e r ie s , d r y g o o d s, h a r d w a r e a n d s h o e s f o r O c t o b e r is
1 0 0 .1 , b a s e d u p o n t h e m o n t h l y a v e r a g e f o r 1919 a s r e p r e ­
s e n t e d b y 100. T h i s i n d e x n u m b e r i s l o w e r t h a n f o r O c ­
t o b e r o f 1923, 1924 o r 1 925.
G r o c e r ie s

S a le s o f g r o c e r ie s a t w h o le s a le , r e ­
p o r t e d b y 36 f i r m s , w e r e 3 .6 p e r c e n t
l e s s i n O c t o b e r t h a n i n S e p t e m b e r , a n d 18 p e r c e n t l e s s t h a n
i n O c t o b e r 1925. J a c k s o n v i U e a n d “ O t h e r C i t i e s ” s h o w e d
in c r e a s e s o v e r S e p te m b e r, b u t d e c re a s e s c o m p a re d w it h
a y e a r a g o , w e re r e p o r t e d fro m a ll c it ie s s h o w n in t h e s t a t e ­
m e n t.
S t o c k s o n h a n d a t t h e e n d o f O c t o b e r w e r e 4 .8 p e r
c e n t g r e a t e r t h a n a m o n t h e a r l i e r , b u t 5 .0 p e r c e n t s m a l l e r
th a n a y e a r ago.
A c c o u n t s R e c e i v a b l e w e r e 2 .7 p e r c e n t
g r e a t e r t h a n a t t h e e n d o f S e p t e m b e r , b u t w e r e 7 .2 p e r c e n t
s m a l l e r t h a n a t t h e e n d o f O c t o b e r 1925.
C o lle c t io n s d u r in g
O c t o b e r w e r e 4 .7 p e r c e n t g r e a t e r t h a n i n S e p t e m b e r , b u t
w e r e 1 7 .3 p e r c e n t l e s s t h a n i n O c t o b e r l a s t y e a r .
O cto ber 1926 com pared w it h :
Sep t. 1926
O ct. 1925
— 4.5
—10.8
A t la n t a (5 firm s)...........................................
Ja c k so n v ille (4 firm s)..................................
+ 1 .6
—21.2
M eridian (3 firm s).........................................
— 9.0
—28.2
N ew O rle an s (8 firm s)................................. * — 3.4
—23.1
V ic k sb u rg (3 firm s)......................................
—26.0
—16.4
O th e r C itie s (13 firm s)................................
+ 4.3
-1 0 .5
D I S T R I C T (36 firm s)..................................
- 3.6
- 1 8 .0
D ry G oods

D r y G o o d s s a le s d u r in g O c to b e r d e ­
c lin e d i n c o m p a r is o n w it h S e p te m b e r
a t a l l p o i n t s s h o w n i n t h e t a b l e , a v e r a g i n g 3 .9 p e r c e n t .
C o m p a r e d w i t h O c t o b e r 1925, f i g u r e s f o r t h e m o n t h j u s t
e n d e d s h o w a d e c r e a s e o f 1 9 .6 p e r c e n t .
T h e re p o rts in ­
d ic a t e t h a t t h e d e c lin e in t h e p r ic e o f c o t t o n h a s r e s u lt e d
i n s o m e w h a t lo w e r p r ic e s f o r c o t t o n g o o d s .
S to ck s on
h a n d a t t h e e n d o f O c t o b e r d e c r e a s e d 8 .8 p e r c e n t c o m ­
p a r e d w i t h t h e p r e v i o u s m o n t h , b u t w e r e 1 9 .5 p e r c e n t
g re a te r t h a n a y e a r ago.
A c c o u n t s R e c e i v a b l e w e r e 5 .0
p e r c e n t g r e a t e r t h a n a t t h e c l o s e o f S e p t e m b e r , b u t 1 .2
p e r c e n t le s s t h a n a t t h e c lo s e o f O c t o b e r l a s t y e a r .
O c­
t o b e r c o l l e c t i o n s w e r e 3 7 .1 p e r c e n t g r e a t e r t h a n t h o s e i n
S e p t e m b e r , b u t w e r e 1 4 .5 p e r c e n t l e s s t h a n i n O c t o b e r 1 9 25.
O c t. 1926 com pared w it h :
Sep t. 1926
O c t. 1925
A t la n t a (3 firm s)...........................................
— 0.2
—19.8
N a sh v ille (3 firm s)........................................
- 1 1 .6
- 2 6 .8
N ew O rle a n s (3 firm s).................................
—10.6
— 7.3
O th e r C it ie s (15 firm s)................................
— 0.6
—19.3
D I S T R I C T (24 firm s )..................................
— 3.9
- 1 9 .6
H a rd w a re

E x c e p t i n A t la n t a , s a le s o f h a r d w a r e
a t w h o le s a le d u r in g O c t o b e r w e re i n
g r e a t e r v o lu m e t h a n i n S e p te m b e r , t h e a v e ra g e in c r e a s e
f o r t h e d i s t r i c t b e i n g 7 .5 p e r c e n t .
A d e c r e a s e o f 1 2 .3 p e r
c e n t is s h o w n co m p a re d w ith O c to b e r la s t y e a r, J a c k s o n ­
v ille b e in g t h e o n ly c i t y s h o w n i n t h e t a b le t o r e p o r t a n
in c r e a s e o v e r t h a t p e r io d .
S to c k s on h a n d a t th e en d of
O c t o b e r w e r e 2 .9 p e r c e n t l e s s t h a n a m o n t h a g o , a n d 1 .7
p e r c e n t s m a lle r t h a n a y e a r a g o .
A c c o u n t s R e c e iv a b le
w e r e 3 .7 p e r c e n t g r e a t e r t h a n f o r S e p t e m b e r , a n d 6 .2 p e r
c e n t g re a te r t h a n fo r O c to b e r la s t y e a r.
C o lle c t io n s in ­
c r e a s e d 8 .9 p e r c e n t o v e r S e p t e m b e r , a n d w e r e 1 .2 p e r c e n t
g r e a t e r t h a n i n O c t o b e r 1925.
O cto ber 1926 com pared w it h :
Sep t. 1926
O c t. 1025
—12.1
—26.9
+ 6 .2
+32.3
+ 0 .9
—11.7
+15.5
— 4.5
+ 5 .8
—11.6
+13.2
—17.4
+ 7.5
- 1 2 .3

A t la n t a (3 firm s)...........................................
C h a tta n o o g a (3 firm s)................................
J a c k so n v ille (3 firm s)..................................
N a s h v ille (3 firm s )........................................
N ew O rle a n s (6 firm s).................................
O th e r C itie s (12 firm s)................................
D I S T R I C T (30 firm s)...................................
F u r n it u r e ^ .

W h o le s a le f u r n i t u r e s a le s d u r in g O c ­
t o b e r a v e r a g e d 7 .3 p e r c e n t l e s s t h a n
i n S e p t e m b e r , a n i n c r e a s e o f 1 2 .3 p e r c e n t a t C h a t t a n o o g a
b e in g m o re t h a n o f f s e t i n t h e d is t r ic t a v e ra g e b y d e c r e a s e s
re p o rte d fro m A t la n t a a n d “ O t h e r C it ie s ."
T h e d e crea se
c o m p a r e d w it h O c t o b e r l a s t y e a r w a s g e n e r a l, a n d a v e ra g e d
3 0 .7 p e r c e n t .
S t o c k s o n h a n d w e r e 8 .7 p e r c e n t l e s s t h a n
a m o n t h e a r U e r , b u t w e r e 1 .9 p e r c e n t g r e a t e r t h a n f o r
O c to b e r la s t y e a r.
A c c o u n t s R e c e iv a b le w e re t w o - t e n t h s




o f o n e p e r c e n t l e s s t h a n f o r S e p t e m b e r , b u t w e r e 1 3 .3 p e r
c e n t g r e a t e r t h a n f o r O c t o b e r 1925. C o l l e c t i o n s i n O c t o b e r
in c r e a s e d o n e -te n th o f o n e p e r c e n t o v e r S e p te m b e r, b u t
w e r e 5 .3 p e r c e n t l e s s t h a n i n O c t o b e r l a s t y e a r .
O c to b e r 1926 c o m p a re d w i t h :
S e p t . 1926
O c t . 1925
— 11.4
— 46.5
+ 1 2 .3
— 15.9
- 1 9 .4
- 3 4 .0
- 7 .3
- 3 0 .7

A t l a n t a (4 f ir m s ) ................................................
C h a t t a n o o g a (3 f ir m s ) ...................................
O t h e r C it ie s (5 f ir m s ) ......................................
D I S T R I C T (12 f ir m s ) ......................................

E le c t r ic a l S u p p lie s

S a le s a t w h o le s a le o f e le c t r ic a l s u p ­
p lie s d u r in g O c t o b e r s h o w e d a n i n ­
c r e a s e o f 1 4 .7 p e r c e n t o v e r S e p t e m b e r , p r o b a b l y d u e t o t h e
h o lid a y d e m a n d f o r r a d io a n d o t h e r h o lid a y g o o d s.
Com ­
p a r e d w it h O c t o b e r la s t y e a r , c u r r e n t s a le s s h o w a n a v e ra g e
d e c r e a s e o f 1 2 .2 p e r c e n t .
S to ck s on h a n d a t th e en d of
O c t o b e r w e r e 1*4 p e r c e n t l e s s t h a n a m o n t h e a r l i e r , a n d 1 .3
p e r c e n t le s s t h a n a y e a r a g o .
A c c o u n t s R e c e iv a b le in ­
c r e a s e d 5 .0 p e r c e n t o .v e r S e p t e m b e r , b u t w e r e 1 .0 p e r c e n t
s m a lle r t h a n a y e a r a g o .
C o lle c t io n s i n O c to b e r in c r e a s e d
1 3 .3 p e t c e n t o v e r S e p t e m b e r , b u t w e r e 3 .4 p e r c e n t l e s s t h a n
i n O c t o b e r 1 9 25.
O c t o b e r 1926 c o m p a r e d w i t h :
S e p t . 1926
O c t . 1925
A t la n t a (3 f ir m s ) ...............................................
N e w O r le a n s (4 f ir m s ) ....................................
O t h e r C it ie s (4 f ir m s ) .....................................
D I S T R I C T (11 f ir m s ) ......................................

+ 1 4 .4
+ 1 5 .6
+ 1 3 .9
+ 1 4 .7

— 12.4
+ 2.5
— 34.5
- 1 2 .2

S a le s c o m p a r is o n s i n t h e o t h e r t h r e e lin e s a r e s h o w n
o n ly f o r t h e d is t r ic t , a s t h r e e r e p o r t s i n a n y o f t h e s e lin e s
w e re n o t r e c e iv e d fr o m a n y s in g le c it y .
D e cre a se s in O c­
t o b e r s a le s a r e s h o w n i n a ll t h r e e lin e s c o m p a r e d w it h
S e p te m b e r, a n d w it h O c to b e r la s t y e a r.
O c to b e r 1926 c o m p a re d w i t h :
S e p t . 1926
O c t . 1925
S h o e s (7 f ir m s ) ....................................................
— 9.8
- 2 2 .8
S t a t io n e r y (4 f ir m s ) .........................................
— 14.4
— 24.1
D r u g s (4 f ir m s ) ....................................................
— 9. 1
— 0. 6

A G R IC U L T U R E .
B a s e d u p o n c o n d it io n s p r e v a ilin g o n N o v e m b e r 1, t h e
e s tim a te s b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u lt u r e
o f p r o d u c t i o n o f p r i n c i p a l c r o p s d u r i n g 1926 s h o w g r e a t e r
c r o p s o f w h e a t , p o t a t o e s a n d c o t t o n , b u t s m a lle r p r o d u c ­
t io n o f c o r n , o a ts a n d to b a c c o .
T h e e s tim a te s b a s e d u p o n
N o v e m b e r 1 c o n d it io n s in d ic a t e t h e sa m e p r o d u c t io n o f
w h e a t a n d o a t s a s w a s in d ic a t e d b y t h e O c t o b e r 1 f ig u r e s ,
b u t p ro sp e cts fo r cro p s o f c o rn , to b a c co , p o ta to e s a n d
c o t t o n im p r o v e d d u r in g t h e m o n t h .
I n t h e t a b le w h ic h
fo U o w s a r e s h o w n t h e D e p a r t m e n t ’s e s t im a t e s f o r N o v e m b e r ,
a n d p e r c e n t a g e c o m p a r is o n s w it h t h e f in a l c r o p s o f 1925:
(0 0 0 O m i t t e d )

C o m , b u s h e ls ......................................
W h e a t, b u s h e ls ..................................
O a t s , b u s h e ls ......................................
T o b a c c o , p o u n d s ..............................
P o t a t o e s , b u s h e ls .....................
C o t t o n , b a l e s ..............................

1926
2,
2,693,963
839,818
1,282,414
1,304,494
360,727
17,918

P e rc e n ta g e
Com ­
p a r is o n
-7 .3
+ 2 6 .0
— 15.2
— 5.0
+ 10.7
+ 1 1 .3

1925
2,905,053
666,437
1,512,123
1,374,400
325,902
16,104

F ig u r e s fo r t h e S ix t h d is t r ic t , b a s e d u p o n N o v e m b e r 1
c o n d it io n s , s h o w t h e s a m e p r o s p e c t iv e c r o p s o f w h e a t a n d
o a t s , b u t la r g e r p r o d u c t io n o f c o r n , t o b a c c o , p o ta t o e s a n d
c o t t o n t h a n w a s i n d i c a t e d o n O c t o b e r 1. T h e o n ly o n e o f
t h e s e c r o p s t o s h o w s m a l l e r p r o d u c t i o n t h a n i n 19 2 5 w a s
t o b a c c o , a n d t h e in d ic a t e d d e c r e a s e is o n ly o n e t e n t h o f o n e
p er ce n t.
I n d i c a t e d p r o d u c t i o n f o r 1926, a n d c o m p a r is o n s
w it h f in a l c ro p s la s t y e a r, a re s h o w n in t h e t a b le :
(0 0 0 O m i t t e d )

W h e a t, b u s h e ls .

C o tto n , b a le s .

1926
191,189
8,669
20,021
127,055
11,318
3,685

P e rc e n ta g e
Com ­
p a r is o n
+ 1 9 .9
+ 6 6 .3
+ 39.1
— 0.1
+ 3 4 .4
+ 9.7

1925
159,448
5,214
14,389
127,167
8,421
3,358

T h e p r o d u c t io n o f c o r n in T e n n e s s e e t h is y e a r is e x p e c te d
t o e x c e e d t h e 1925 c r o p b y n e a r l y 22 m illio n b u s h e l s , a c ­
c o r d in g t o t h e r e p o r t o f t h e D e p a r t m e n t o f A g r ic u lt u r e ,
a n d i n G e o r g i a t h e i n c r e a s e i s n e a r l y 11 m i l l i o n b u s h e l s ,
w h ile i n L o u is ia n a t h e r e p o r t in d ic a t e s t h e c ro p w ill b e a
li t t l e m o re t h a n 2 J m illio n b u s h e ls s m a lle r t h a n t h a t o f la s t
y e a r . T h e N o v e m b e r c ro p r e p o r t f o r G e o r g ia in d ic a t e s
s u b s t a n t i a U y i n c r e a s e d p r o d u c t i o n o v e r 1925 o f w h e a t ,

THEMONTHLYBUSINESSREVIEW

4

o a t s , w h it e a n d s w e e t p o ta t o e s , h a y , s o rg h u m , w a t e r ­
m e lo n s , a p p le s a n d p e a c h e s , w h ile s m a lle r c r o p s o f t o b a c c o
a n d p e a n u ts w e re s h o w n b y t h e re p o rt.
T h e c o n d it io n
o f o r a n g e s i n F l o r i d a o n N o v e m b e r 1 w a s 76 p e r c e n t o f
n o r m a l, c o m p a r e d w it h 7 7 % a m o n t h e a r lie r .
G r a p e f r u it
w a s r e p o r t e d a t 6 5 % , c o m p a r e d w it h 6 1 % o n O c t o b e r 1.
T h e r e p o r t f o r L o u is ia n a in d ic a t e s a s c a r c it y o f la b o r in t h e
c o t t o n p r o d u c in g s e c t io n w h ic h is r e t a r d in g t h e p ic k in g o f
t h e c ro p . T h e s u p p ly o f f a rm la b o r w a s r e p o r t e d a s a p ­
p r o x im a t e ly 83 p e r c e n t o f t h e d e m a n d o n N o v e m b e r 1.
C o tto n

T h e r e p o r t i s s u e d N o v e m b e r 22, b y t h e
U n it e d S t a te s D e p a rt m e n t o f A g r ic u l­
t u r e , a n d b a s e d u p o n c o n d i t i o n s o n N o v e m b e r 14, i n d i c a t e s
t h a t t h e 1926 c o t t o n c r o p w i l l a m o u n t t o 1 8 ,3 9 9 ,0 0 0 b a l e s ,
t h e g re a te s t in h is t o r y .
T h i s i n d i c a t e d c r o p i s 2 ,2 9 5 ,0 0 0
b a l e s g r e a t e r t h a n t h e 1925 c r o p .
T h e re p o rt in d ic a t e s
la r g e q u a n t it ie s o f u n p ic k e d c o t t o n i n T e x a s a n d O k la h o m a ,
a n d s t a t e s t h a t t h e r e i s u n c e r t a i n t y , b e c a u s e o f t h e lo w
p r ic e , a s t o w h e t h e r t h is c o t t o n w ill b e p ic k e d .
I n t h e t a b le
a r e s h o w n t h e e s tim a t e s f o r t h e s ix s t a t e s o f t h is d is t r ic t ,
a n d g i n n i n g s t o N o v e m b e r 14, c o m p a r e d w i t h f i g u r e s f o r
la s t y e a r :
E s t im a t e d
F in a l
G in n in g s to G in n in g s
P r o d u c t io n P r o d u c t io n N o v . 14,
t o N o v . 14,
1926
1925
1926
1925
1,356,719
1,257,611
1,242,073
A l a b a m a .................... 1,440,000
F l o r i d a ........................
30,000
38,182
30,075
38,935
G e o r g ia ....................... 1,490,000
1,163,885
1,204,178
1,145,299
790,000
L o u i s i a n a ..................
910,468
683,375
778,626
M is s is s ip p i ................ 1,880,000
1,990,537
1,429,182
1,411,087
T e n n e s s e e ..................
380,000
517,276
321,409
342,905
U n it e d
S t a t e s ......... 18,399,000
_______________________________
16,103,679
12,953,708
12,260,352
Note: P a r t s o f T e n n e s s e e , M is s is s ip p i a n d L o u i s i a n a a r e i n o t h e r
F e d e r a l R e s e rv e D is t r i c t s .

C o t t o n M o v e m e n t (B a le s ) — U n it e d S t a t e s .

R ic e M o v e m e n t.
R o u g h R ic e ( S a c k s ) P o r t o f N e w O r le a n s .
R e c e ip t s ...........................................................
S h ip m e n t s ......................................................
S t o c k ..................................................................

Sugar Cane and
Sugar

U n s a t is f a c t o r y p ro g re ss d u r in g O c t o b e r is in d ic a t e d o f t h e s u g a r c a n e
c ro p in L o u is ia n a in t h e N o vem b e r 1
r e p o rt o f U n it e d S t a t e s t h e D e p a r t m e n t o f A g r ic u lt u r e , t h e
c o n d it io n o f t h e c ro p d e c lin in g o n e p o in t d u r in g O c to b e r .
T h e c o n d it io n o n N o v e m b e r 1 w a s 5 0 % o f n o r m a l, c o m p a r e d
w it h 7 5 % o f n o r m a l a t t h e s a m e t im e l a s t y e a r .
T h e cane
a v e ra g e s s h o r t a n d s m a ll. H a r v e s t in g h a s b e g u n i n so m e
s e c t io n s . W e a t h e r c o n d it io n s h a v e b e e n fa v o r a b le f o r
f a l l p l a n t in g , w h i c h i s la r g e ly c o m p le t e d . T h e e s t im a t e d
p r o d u c t i o n o f c a n e i s 1 ,4 4 2 ,4 5 0 s h o r t t o n s , c o m p a r e d w i t h
2 ,6 4 4 ,5 3 6 s h o r t t o n s p r o d u c e d l a s t y e a r , a n d t h e q u a n t i t y
o f s u g a r t o b e p r o d u c e d i s f o r e c a s t a t 9 9 ,0 8 2 s h o r t t o n s ,
c o m p a r e d w i t h 1 3 9 ,3 8 1 s h o r t t o n s p r o d u c e d i n 1 9 2 5 .
M o vem en t o f S u g a r.
R a w S u g a r— (P o u n d s)
O c t . 1926

S e p t . 1926

O c t . 1925

R e c e ip t s :
N e w O r le a n s ........................
S a v a n n a h ..............................

125,855,240
24,238,018

163,377,096
46,826,388

62,271,251
27,473,459

M e lt in g s :
N e w O r le a n s ........................
S a v a n n a h ....................^—

142,436,753
34,574,141

154,836,776
37,967,394

75,957,271
28,223,451

S to ck s:
N e w O r le a n s ........................
S a v a n n a h . . ..........................

22,119,367
1,987,725

38,712,315
12,323,848

1,740,990
N one

R e f in e d S u g a r (P o u n d s )

Shipments:
N e w O r le a n s ........................
S a v a n n a h ..............................
S to c k s:
N e w O r le a n s ........................
S a v a n n a h ..............................

121,428,499
28,266,433

162,692,081
38,364,227

97,237,447
29,538,531

77,128,015
12,953,959

61,293,548
8,386,528

43,404,997
2,152,169

G e n e r a lly fa v o r a b le w e a t h e r f o r h a r ­
v e s t in g a n d t h r e s h in g r ic e p r e v a ile d
i n t h e L o u is ia n a b e lt d u r in g O c to b e r , a n d o n N o v e m b e r 1
a p p r o x im a t e ly 96 p e r c e n t o f t h e c r o p h a d b e e n h a r v e s t e d
a n d 88 p e r c e n t t h r e s h e d .
T h e e s tim a t e d p r o d u c t io n is
1 6 ,1 2 8 ,0 0 0 b u s h e l s , c o m p a r e d w i t h 1 4 ,9 8 5 ,0 0 0 b u s h e l s l a s t
y ea r.
R ic e




S e p t . 1926 O c t . 1925
121,947
87,133
90,840
91,116
40,308
16,528

C le a n R ic e ( P o c k e t s ) P o r t o f N e w O r le a n s .
; R e c e ip t s .........................................................
S h ip m e n t s ....................................................
S t o c k ................................................................

258,895
259,205
124,145

154,874
132,495
124,455

155,368
186,218
194,524

R e c e ip t s , D is t r ib u t io n a n d S t o c k
( F u r n is h e d b y R ic e M ille r s A s s o c ia t io n )
R e c e ip t s o f R o u g h R ic e .

T h i s y e a r ( b a r r e ls ) ................................................
L a s t y e a r (b a r r e ls ) ................................................

M o n th of
O cto b e r
1,681,130
925,254

S easo n
T o t a ls
3,088,590
2,344,852

D i s t r ib u t io n o f M ille d R ic e .
T f t i s y e a r (p o c k e ts )...............................................
L a s t y e a r (p o c k e ts )...............................................

1,034,736
842,366

2,062,218
1,776,683

1,879,502
751,680

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

S to ck s.
T h i s y e a r (p o c k e ts )...............................................
L a s t y e a r (p o c k e ts )...............................................

F IN A N C IA L .
S a v in g s D e p o s it s

S a v in g s d e p o s it s a t t h e e n d o f O c tt o b e r , r e p o r t e d b y 91 b a n k s i n t h e
s i x t h d i s t r i c t , i n c r e a s e d 1 .5 p e r c e n t o v e r t h e t o t a l r e p o r t e d
a t t h e e n d o f S e p te m b e r.
A n i n c r e a s e o f 5 .2 p e r c e n t i s
s h o w n i n t h e t o t a l o f s a v in g s d e p o s it s r e p o r t e d b y t h e s e
b a n k s o ver th o s e a t t h e e n d o f O c to b e r la s t y e a r.
T o t a ls
f o r F e d e r a l R e s e rv e B a n k a n d b r a n c h c it ie s a re s h o w n in
t h e t a b le b e lo w , w i t h c o m p a r is o n s :

S in c e A u g u s t 1.
1926
1925
1924
R e c e ip t s a t a l l U . S . P o r t s ...................... 4,381,003 3,583,205 3,030,990
O v e r la n d a c r o s s t h e M is s is s ip p i,
O h io a n d P o t o m a c R iv e r s t o N o r .
M iiia a n d C a n a d a ................................
1,358
352,790
185,065
I n t e r io r s t o c k i n exce ss o f t h o s e h e ld
a t c lo s e o f c o m m e r c ia l y e a r ...........
486,885 1,122,707
806,974
S o u t h e r n m ill s t a k i n g s n e t . .................. 1,219,000 1,100,857
879,695
F o r e ig n e x p o rts .............................................. 2,352,801 2,158,269 ...................
♦ A m e rica n M ills N . & S . & C a n a d a . ~ 1,886,282 1,817,042 ...................
A m e r ic a n c o t t o n t h u s f a r ........................ 3,670,000 3,384,000 2,611,000
T o t a l f o r 90 d a y s ............................................ 6,370,246 6,159,559 4,902,724
• O f w h ic h 507,013 b y N o r t h e r n s p in n e r s a g a i n s t 616,757 a n d 1,379,269
b y S o u t h e r n s p in n e r s a g a i n s t 1,200,185 l a s t y e a r .

O c t . 1926
105,289
96,389
49,208

S a v in g

D e p o s it s .

(0 0 0 O m i t t e d )
O o m p ariC o m p ari­
so n
so n
O c t.
Se p t. O c t. 1926- O c t.
O c t.
1926
1926 Se p t. 1926 1925 1925-1926
+ 0 .8 $ 34,023
+ 9 .6
A t la n t a (7 b a n k s ) ............$ 37,306 $37,017
B irm in g h a m (5 b a n k s ) .. 24,729
24,011
+ 3 .0
24,104
+ 2.6
Ja c k so n v ille (5 b a n k s ) .- 28,772
28,021
+ 2 .7
28,136
+ 2.3
N a sh v ille (10 b a n k s )........ 25,846
25,677 + 0 .7
23,009
+12.3
N ew O rle a n s (8 b a n k s ) - 47,267
47,523 - 0 . 5
47,590
— 0.7
O th e r C it ie s (56 b a n k s ) .. 110,154 107,698
+ 2 .3
103,629
+ 6.3
T o t a l (91 b a n k s ) ................ 274,074 269,947 + 1 .5
260,491
+ 5.2
D e b it t o in d iv id u a l A cco u n ts

D e b it s t o in d iv id u a l a c c o u n t s a t r e ­
p o r t in g c it ie s i n t h e s ix t h d is t r ic t
s h o w e d a f u r t h e r s e a s o n a l in c r e a s e
i n O c t o b e r , o v e r p r e c e d i n g m o n t h s , b e i n g 1 4 .5 p e r c e n t
g r e a t e r t h a n i n S e p t e m b e r , b u t t h e t o t a l w a s 8 .1 p e r c e n t
s m a lle r t h a n f o r O c t o b e r 1925. T h e r e w e r e s ix c it ie s t o
s h o w in c r e a s e s o v e r O c to b e r la s t y e a r , B ir m in g h a m , C h a t ­
t a n o o g a , N a s h v ille , K n o x v ille , N e w n a n a n d B r u n s w ic k .
M o n t h ly , f ig u r e s a r e a r r iv e d a t b y p r o - r a t in g f ig u r e s f o r
t h o s e w e e k s w h ic h d o n o t f a ll e n t ir e ly w it h in a s in g le m o n t h .
(0 0 0 O m i t t e d )
O c t. 1926
A la b a m a :
B irm in g h a m ................................... $
D o t h a n ..............................................
M obile................................................
M ontgom ery...................................
F lo r id a :
J a c k so n v ille ....................................
P e n sa co la .........................................
T a m p a ...............................................
G e o rg ia :
A lb a n y ..............................................
A t la n t a ........................ ....................
A u g u s ta ............................................
B r u n s w ic k .......................................
C o lu m b u s.........................................
E lb e r t o n ...........................................
M acon ................................................
N e w n a n ............................................
S a v a n n a h .........................................
V a ld o s t a ...........................................
L o u is ia n a :
N ew O rle a n s ...................................
M ississip p i:
♦Jackson ...........................................
M e rid ia n ...........................................
V ic k s b u rg .........................................
T en nessee:
C h a tta n o o g a ..................................
K n o x v ille ..........................................
N a s h v ille ..................................... .

S e p t. 1926

O c t. 1925

156,653
4,203
45,440
26,567

$ 141,232
4,830
37,775
25,088

$ 154,749
5,841
49,330
30,978

107,467
9,000
65,561

94,411
8,143
59,538

135,040
10,903
103,139

6,128
174,848
32,602
3,633
14,068
1,084
27,859
3,350
63,600
6,486

6,511
154,714
32,243
3,365
14,862
783
24,964
2,479
64,826
6,841

6,159
189,631
40,081
3,577
18,176
1,413
29,043
3,200
66,535
6,954

408,699

333,014

436,085

23,387
16,909
9,241

20,579
16,461
8,245

17,877
11,084

64,150
35,714
89,181

48,912
31,626
78,233

50,344
35,520
87,156

T o t a l 23 C it ie s ..................................... $1,372,443 $1,199,031 $1,492,815
•Ja c k s o n n o t in c lu d e d I n to t a ls d u e to in co m p le te fig u re s I n 1925.

5

THEMONTHLYBUSINESSREVIEW
C o n d it io n o f M e m - D u r in g t h e f o u r w e e k s p e r io d b e t w e e n
b e r B a n k s i n S e l e c t - O c t o b e r 13 a n d N o v e m b e r 10, l o a n s
e d C it ie s
a n d d is c o u n t s o f 35 r e p o r t in g m e m b e r
b a n k s lo c a t e d i n A t la n t a , N e w O r le a n s
B ir m in g h a m , J a c k s o n v ille , N a s h v ille , C h a t t a n o o g a , K n o x ­
v i l l e a n d S a v a n n a h , d e c r e a s e d $ 7 ,8 3 1 ,0 0 0 , a n d o n N o v e m b e r
1 0 , w e r e $ 1 5 ,5 8 3 ,0 0 0 l e s s t h a n o n t h e s a m e d a t e l a s t y e a r .
L o a n s a n d d is c o u n t s o f t h e s e b a n k s d e c lin e d d u r in g t h e
s p r i n g a n d e a r l y s u m m e r t o a l o w p o i n t o f $ 4 9 4 ,8 6 2 ,0 0 0 , o n
J u n e 30.
T h i s w a s f o llo w e d b y a g r a d u a l in c r e a s e a n d o n
O c t o b e r 2 0 , t h i s t o t a l r e a c h e d $ 5 3 8 ,0 4 9 ,0 0 0 d e c l i n i n g d u r i n g
t h e t h r e e w e e k s w h i c h f o l l o w e d t o $ 5 1 9 ,5 7 7 ,0 0 0 o n N o v e m b e r
10 .
T o t a l lo a n s , d is c o u n t s a n d in v e s t m e n t s o f t h e s e b a n k s
h a v e f o llo w e d m u c h t h e s a m e c o u r s e , e x c e p t t h a t t h e lo w
p o in t i n m id s u m m e r w a s r e a c h e d o n e w e e k la t e r .
Dem and
d e p o s i t s o f t h e s e b a n k s d e c l i n e d f r o m $ 3 7 4 ,8 9 6 ,0 0 0 t h e s e c ­
o n d w e e k i n J a n u a r y t o $ 3 3 0 ,3 9 6 ,0 0 0 o n J u n e 3 0 , a n d t h i s
w a s f o llo w e d b y s o m e w h a t g r e a t e r f ig u r e s , b u t o n S e p te m ­
b e r 29 t h e y r e a c h e d t h e lo w p o in t s o f a r t h i s y e a r , a t
$ 3 3 0 ,1 9 4 ,0 0 0 .
On
N o v e m b e r 10, t h e s e
d e m a n d d e p o s it s
a m o u n t e d t o $ 3 3 5 ,6 0 4 ,0 0 0 c o m p a r e d w i t h $ 3 7 4 ,8 7 6 ,0 0 0 o n t h e
sam e d a te la s t y e a r.
T i m e d e p o s i t s o n N o v e m b e r 10 t o t a l e d
$ 2 2 5 ,1 0 4 ,0 0 0 , c o m p a r e d w i t h $ 2 3 2 ,6 1 5 ,0 0 0 o n O c t o b e r 13, a n d
w i t h $ 2 1 6 ,2 6 2 ,0 0 0 a y e a r a g o .
T h e a m o u n t of accom m od a­
t io n e x t e n d e d t o t h e s e r e p o r t in g m e m b e r b a n k s in s e le c t e d
c i t i e s b y t h e F e d e r a l R e s e r v e B a n k o n N o v e m b e r 10 w a s
$ 2 4 ,6 2 7 ,0 0 0 , c o m p a r e d w i t h $ 3 1 ,2 8 7 ,0 0 0 o n O c t o b e r 13, a n d
w i t h $ 1 6 ,0 6 7 ,0 0 0 o n N o v e m b e r 10, 192 5 . P r i n c i p a l i t e m s i n
t h e w e e k ly s t a t e m e n t , p r e p a r e d f r o m r e p o r t s b y t h e s e 35
b a n k s , a re s h o w n in t h e t a b le .
M e m b e r B a n k s in S e le c t e d C it ie s .

O c t . 13,
1926

N o v . 10,
1925

$ 5,556
103,108
418,744
527,408
46,237
58,562

$

8,223
101,621
425,316
535,160
42,199
51,604

632,207
232,615
340,106
31,287

628,963
216,262
374,876
16,067

T o t a l d is c o u n t s b y t h e F e d e r a l R e s e r v e
B a n k of A t la n t a fo r it s m em b er b a n k s
i n t h e s i x t h d i s t r i c t d e c l i n e d $ 6 ,2 8 1 ,0 0 0
b e t w e e n O c t o b e r 13 a n d N o v e m b e r
1 0 , a n d o n t h i s l a t t e r d a t e h a d d e c l i n e d $ 1 2 ,6 5 1 ,0 0 0 f r o m
t h e h ig h p o in t f o r t h e y e a r w h ic h w a s r e a c h e d o n S e p ­
t e m b e r 2 9 , w h e n d i s c o u n t s t o t a l e d $ 5 8 ,6 4 0 ,0 0 0 . D i s c o u n t s
b y t h e F e d e r a l R e s e r v e B a n k o n N o v e m b e r 10 t h i s y e a r w e r e
m o re t h a n d o u b le t h o s e o f a y e a r a g o , w h e n t h e t o t a l w a s
$ 2 2 ,6 6 1 ,0 0 0 . I n v e s t m e n t s i n U n i t e d S t a t e s s e c u r i t i e s a n d
i n b ills b o u g h t in t h e o p e n m a r k e t , w h ile s o m e w h a t g r e a te r
t h a n f o u r w e e k s a g o , w e re s u b s t a n t ia lly le s s t h a n a y e a r
a g o , a s e v i d e n c e d b y a d e c r e a s e o f $ 1 8 ,6 3 3 ,0 0 0 i n t h e h o l d ­
in g s o f b ills b o u g h t in t h e o p e n m a r k e t , a n d a d e c re a s e o f
$ 1 3 ,1 3 1 ,0 0 0 i n h o l d i n g s o f G o v e r n m e n t s e c u r i t i e s .
As a
c o n s e q u e n c e , t h e t o t a l o f b ills a n d s e c u r it ie s o n N o v e m b e r
1 0 t h i s y e a r w a s $ 8 ,6 3 2 ,0 0 0 l e s s t h a n a y e a r a g o .
C a sh re­
s e r v e s d e c l i n e d $ 6 ,5 2 7 ,0 0 0 b e t w e e n O c t o b e r 13 a n d N o v e m b e r
1 0 , b u t w e r e $ 1 2 ,9 9 8 ,0 0 0 g r e a t e r t h a n a y e a r a g o .
D e p o s it s
d e c l i n e d $ 8 8 1 ,0 0 0 c o m p a r e d w i t h f o u r w e e k s a g o , a n d w e r e
$ 1 6 ,0 5 1 ,0 0 0 l e s s t h a n a y e a r a g o .
F e d e ra l R e se rv e N o te s in
a c t u a l c i r c u l a t i o n w e r e $ 4 ,5 2 3 ,0 0 0 l e s s t h a n o n O c t o b e r 13,
b u t $ 1 4 ,6 8 7 ,0 0 0 g r e a t e r t h a n o n t h e c o r r e s p o n d i n g d a t e l a s t
y ea r.
P r i n c ip a l it e m s in t h e w e e k ly s t a t e m e n t o f t h e
F e d e r a l R e s e r v e B a n k , w it h c o m p a r is o n s , a r e s h o w n in t h e
t a b le :
O p e r a t io n s o f t h e
F e d e ra l R e se rv e
Bank

F e d e ra l R e se rv e B a n k .
(000 O m i t t e d )
N o v . 10,
192(5

O c t . 13,
1926

NOV. 10.
1925

B i l l s D is c o u n t e d :
S e c u r e d b y G o v t . O b lig a t io n s $ 4,376
A l l O t h e r s ............................................
41,613
45,989
T o t a l D is c o u n t s ........... ............
B i l l s b o u g h t i n o p e n m a r k e t ..........
37,173
U . S . S e c u r it ie s ............. .........................
1,883
85,046
T o t a l B i l l s a n d S e c u r it ie s .................
C a s h R e s e r v e s ....................................... ..
160,910
T o t a l D e p o s it s ..........................................
70,032
F . R . N o t e s i n a c t u a l c ir c u la t i o n
171,382
R e s e rv e R a t i o ............................................
66.7

$ 8,181
44,089
52,270
31,261
1,849
86,080
167,437
70,913
175,905
67.8

$




S t a t i s t i c s c o m p ile d b y R . G . D u n &
C o . , i n d i c a t e t h a t t h e r e w e r e 1 ,7 6 3
c o m m e r c ia l f a ilu r e s
in
t h e U n it e d
S t a t e s d u r i n g O c t o b e r , c o m p a r e d w i t h 1 ,4 3 7 i n S e p t e m b e r ,
a n d w i t h 1 ,5 8 1 i n O c t o b e r 1 9 2 5 . L i a b i l i t i e s o f f i r m s w h i c h
f a i l e d i n O c t o b e r a m o u n t e d t o $ 3 3 ,2 3 0 ,7 2 0 , c o m p a r e d w i t h
$ 2 9 ,9 8 9 ,8 1 7 i n S e p t e m b e r , a n d w i t h $ 2 9 ,5 4 3 ,8 7 0 i n O c t o b e r
la s t y e a r .
F ig u r e s fo r t h e s ix t h d is t r ic t s h o w t h a t in O c ­
t o b e r 116 f i r m s i n t h i s d i s t r i c t f a i l e d , c o m p a r e d w i t h 7 5 i n
S e p t e m b e r , a n d w i t h 67 i n O c t o b e r l a s t y e a r , a n d l i a b i l i t i e s
o f t h e s e f i r m s i n O c t o b e r t o t a l e d $ 2 ,1 7 1 ,3 3 6 , c o m p a r e d w i t h
$ 9 3 1 ,9 0 9 i n S e p t e m b e r , a n d w i t h $ 8 8 8 ,1 3 7 i n O c t o b e r 1 9 2 5 .
F a i l u r e s f o r t h e U n it e d S t a t e s , d iv id e d b y F e d e r a l R e s e r v e
d is t r ic t s , a re s h o w n in t h e t a b le :
N u m b e r L ia b ilitie s
L ia b ilitie s L ia b ilitie s
O c t . 1926 O c t . 1926
S e p t . 1926
O c t . 1925

D is t r i c t

148
B o s t o n .................... N e w Y o r k . . ............. .... . 273
56
P h ila d e lp h ia ...........
C l e v e l a n d - ..............
167
127
R ic h m o n d ................
116
A t l a n t a ........ . ............
C h ic a g o _______ ______
292
S t . L o u i s ------ -----67
M in n e a p o lis ............
118
K a n s a s C i t y ............
111
D a l l a s _______ _________
68
S a n F r a n c is c o ., . ______ 220
T o t a l _____________

1,763

IM P O R T S

$ 2,791,209
7,056,807
2,540,877
2,572,720
3,394,205
2,171,336
5,566,978
801,234
949,573
1,386,409
1,181,400
2,817,872

$ 2,346,091
13,298,895
1,277,514
1,888,576
1,604,500
931,909
2,905,412
548,162
1,106,200
1,139,741
431,900
2,510,917

$ 5,061,076
5,549,095
1,784,719
3,176,711
2,524,656
888,137
2,675,923
1,756,347
1,267,785
1,476,916
590,436
2,792,069

$33,230,720

$29,989,817

$29,543,870

AND

EX PO R TS.

U n it e d S t a t e s

(000 O m i t t e d )
N o v . 10,
1926
B i l l s D is c o u n t e d :
S e c u r e d b y G o v t . O b lig a t io n s $ 5,611
S e c u re d b y S t o c k s a n d B o n d s 103,162
410,804
A l l O t h e r — ......................................
T o t a l D is c o u n t s ......................— - 519,577
38,927
TJ. S . S e c u r it ie s ......... ........................ —
O t h e r S t o c k s a n d B o n d s -----------59,485
T o t a l L o a n s , D is c o u n t s a n d I n ­
v e s tm e n t s ............................................. 617,989
T im e D e p o s it s .................... ...................... 225,104
D e m a n d D e p o s it s ________ ______________ 335,604
A c c o m m o d a t io n a t F . R . B a n k —
24,627

C o m m e r c ia l
F a ilu r e s

4,696
17,965
22,661
55,806
15,014
93,678
147,912
86,083
156,695
60.9

P r e l i m i n a r y s t a t i s t i c s c o m p ile d a n d
p u b lis h e d b y t h e U n it e d s t a t e s D e ­
p a r t m e n t o f C o m m e r c e in d ic a t e a s o m e w h a t la r g e r v o lu m e
o f b o t h e x p o r ts a n d im p o r t s i n O c t o b e r a s c o m p a r e d w it h
S e p te m b e r.
E x p o r t s fro m t h e U n it e d S t a t e s d u r in g O c to b e r
a m o u n te d to
m illio n s o f d o lla r s , a n d e x c e e d e d S e p te m b e r
e x p o rts b y
b u t w e re
le s s t h a n e x p o r ts
in O c to b e r
Im p o r t s d u r in g O c to b e r t o t a le d
m illio n s , e x c e e d in g S e p t e m b e r im p o r t s b y
and
e x c e e d in g im p o r t s i n O c t o b e r
by
F o r th e
m o n t h o f O c t o b e r , e x p o r t s e x c e e d e d im p o r t s b y
m illio n s ,
a n d fo r te n m o n th s of
e x p o r ts h a v e e x c e e d e d im p o r ts
by
c o m p a re d w it h a n e x c e ss o f e x p o rts o v e r
im p o r ts a m o u n t in g t o
d u r in g t h e f ir s t t e n
m o n th s o f la s t y e a r.
P r e lim in a r y f ig u r e s f o r O c to b e r , w it h
c o m p a r is o n s , a r e s h o w n i n t h e t a b l e :

457
$8,276,365,
1925.

$33,566,814

$39,521,182
$8,926,086.
74

1925

$161,396,014,

1926

383

$540,219,821

1926
1925
Im p o r t s :
O c t o b e r _______ _________________________$ 383,000,000
$ 374,073,914
S e p te m b e r_____ ______ _________________
343,478,818
349,953,680
10
m o n t h s e n d in g w it h O c t o b e r 3,705,092,062
3,453,518,164
E x p o rts :
O c t o b e r _____ ______________ _____________ $ 457,000,000
$ 490,566,814
S e p te m b e r_____ ________________________
448,723,635
420,368,140
10______________ m o n t h s e n d in g w i t h O c t o b e r 3,866,488,076
3,993,737,985

$18,826,988

Im p o rts
N e w O r le a n s

M e r c h a n d is e t o t h e v a lu e o f
w a s im p o r te d t h r o u g h t h e p o r t o f
N e w O r le a n s d u r in g t h e m o n t h o f A u ­
g u s t, t h e la t e s t m o n t h f o r w h ic h d e t a ile d s t a t is t ic s a re
a v a ila b le .
T h is t o t a l is la r g e r b y
t h a n fo r J u ly ,
a n d exceed ed th e to ta l fo r A u g u st
by
p e r ce n t.
I n c r e a s e s i n t h e v o lu m e a n d v a lu e o f c o f f e e , c r u d e p e t r o ­
le u m , g a s o lin e a n d c r e o s o t e o il w e r e s h o w n o v e r im p o r t s
i n A u g u s t la s t y e a r , w h ile d e c r e a s e s w e re s h o w n i n im p o r t s
o f s u g a r , m o la s s e s , b u r la p , a n d m a h o g a n y .
P rin c ip a l
it e m s im p o r te d i n A u g u s t a r e s h o w n i n t h e t a b l e :

$1,623,950
1925
12.1

O o f fee, p o u n d s ............ — ...................... ..........
S u g a r , p o u n d s ..................... ................................
B a n a n a s , b u n c h e s ............................... ..............
J u t e w a s t e b a g g in g , p o u n d s ______________
N e w s p r in g p a p e r , l b s ......................................
C r u d e p e t ro le u m , g a llo n s — ......................
G a s o lin e , g a llo n s ------------------------------C re o s o te o il, g a l lo n s .........................................
B u r la p s , p o u n d s ..................................................

E x p o rts
N e w O r le a n s

V o lu m e
33,245,637
150,882,896
1,772,050
3,248,183
9,355,767
66,074,453
15,078,388
2,576,440
15,024,911

e x p o rte d th r o u g h th e
O r le a n s d u r in g A u g u s t
a m o u n te d to
by
t h a n in J u ly , a n d
le s s t h a n i n A u g u s t
W h e a t f lo u r , c o t t o n , b o t h lo n g a n d s h o r t s t a p le ,
o a k b o a r d s , a n d g a s o lin e w e r e e x p o r t e d i n la r g e r v o lu m e
t h a n in A u g u s t a y e a r a g o , w h ile e x p o r ts o f r o u g h S o u t h e r n
P i n e b o a r d s , c y l i n d e r l u b r i c a t i n g o il, r e f i n e d p a r a f f i n w a x
a n d t o b a c c o w e re s m a lle r t h a n a y e a r a g o .
Som e of th e
p r in c ip a l it e m s a r e lis t e d i n t h e t a b le :

$2,199,902
1925.

M e r c h a n d is e
p o rt of N ew

V a lu e
$5,851,379
3,484,015
940,907
143,617
300,132
1,912,440
1,763,000
836,782
1,716,109

1926

$1,081,833

$27,456

6

THEMONTHLYBUSINESSREVIEW
L a r d , p o u n d s .........................................................
W h e a t f lo u r , b a r r e ls ..........................................
L o n g s t a p le c o t t o n , b a le s .............................
S h o r t s t a p le c o t t o n , b a l e s ............................
R o u g h S o u . P in e B o a r d s , fe e t...................
O a k b o a r d s , fe e t ..................................................
G a s o li n e , g a llo n s ................................................
I l l u m i n a t i n g o il. g a llo n s ...............................
T o b a c c o , p o u n d s .................................................

V o lu m e
4,540,790
197,661
21,368
32,137
8,286,000
6,024,000
56,164,849
18,578,751
9,373,204

V a lu e
$ 780,897
1,386,719
2,381,677
2,850,589
445,438
410,024
7,906,799
1,752,715
1,406,362

G r a in E x p o r t s — N e w O r le a n s .
T h e v o lu m e o f g r a in e x p o r te d t h r o u g h t h e p o r t o f N e w
O r l e a n s d u r i n g O c t o b e r a m o u n t e d t o 1 ,8 2 8 ,0 7 7 b u s h e l s a n d
s h o w s a g a i n o f 9 6 2 ,3 5 0 b u s h e l s w h e n c o m p a r e d w i t h 8 6 5 ,7 2 7
b u s h e ls e x p o r te d t h e s a m e t im e l a s t s e a s o n .
T h e e x p o rta ­
t io n o f w h e a t is r e s p o n s ib le f o r t h i s g a in , a c o n s id e r a b le
d e c r e a s e b e in g s h o w n i n c o r n a n d o a t s f o r t h e m o n t h .
T h e f o llo w in g t a b le is g iv e n f o r c o m p a r is o n .
O ct.

O ct.

W h e a t...................................
C o m . . . ................................
O a t s ......................................

1,536,314
241,002
50,761

86,190
695,470
84,067

Seaso n th ro u g h
~ c t . 31.
~ c t . 31.
O
O
1926
1925
4,099,075
2,116,659
1,606,466
1,901,814
381,205
286,927

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

1,828,077

865,727

6,086,746

lQPfi

102*1

4,305,400

B U IL D IN G .
D u r in g O c t o b e r p e r m it s w e re is s u e d a t t h e t w e n t y re g ­
u la r ly r e p o r t in g c it ie s o f t h e s ix t h d is t r ic t f o r b u ild in g s
t o b e v a l u e d a t a n a g g r e g a t e o f $ 1 8 ,6 6 5 ,6 6 3 . T h i s t o t a l i s
8 .8 p e r c e n t l o w e r t h a n t h e t o t a l o f $ 2 0 ,4 7 0 ,4 3 8 r e p o r t e d f o r
t h e s e t w e n t y c i t i e s f o r O c t o b e r 1925. T h e in d e x n u m b e r
f o r t h e s e t w e n t y c i t i e s c o m b i n e d f o r O c t o b e r i s 5 1 7 ,7 , a n d
h a s b e e n e x c e e d e d i n t h is s e r ie s o n ly b y t h e in d e x n u m b e r s
fo r F e b r u a r y t h is y e a r , a n d fo r A u g u s t, S e p te m b e r a n d
O c t o b e r 1925. F i g u r e s f o r f iv e c i t i e s i n F l o r i d a w h i c h h a v e
r e p o r t e d r e g u l a r l y s i n c e 1919 a n d w h o s e s t a t i s t i c s a r e u s e d
i n t h e t o t a l s a n d i n d e x n u m b e r s , s h o w a d e c r e a s e o f 6 0 .2
p e r c e n t i n O c to b e r , c o m p a re d w it h a y e a r a g o , w h ile f o r
t h e o t h e r f if t e e n c it ie s w h o s e fig u r e s a re u s e d , O c to b e r p e r­
m i t s w e r e 1 5 8 .7 p e r c e n t g r e a t e r t h a n f o r O c t o b e r 1 9 2 5 . T h i s
is p a r t ly a c c o u n t e d fo r , h o w e v e r, b y t h e f a c t t h a t t h e O c ­
t o b e r t o t a l f o r N e w O r le a n s in c lu d e s a n o f f ic e b u ild in g a n d
a t h e a t r e t h e p e r m i t s f o r w h i c h t o t a l 5£ m i l l i o n d o l l a r s .
T h e r e p o r t f r o m M ia m i f o r O c t o b e r s t a t e s t h a t o f t h e t o t a l
r e p o r t e d , a l it t le m o re t h a n 3 m illio n d o lla r s c o v e r s p e r m it s
is s u e d t o r e p a ir d a m a g e c a u s e d b y t h e S e p te m b e r h u r r ic a n e .
I n t h e t a b le b e lo w a r e s h o w n f ig u r e s r e p o r t e d f o r O c t o b e r
co m p a re d w ith a y e a r ag o , a n d p e rc e n ta g e c h a n g e s , a n d o n
p a g e 8 a p p e a r in d e x n u m b e r s f o r F e d e r a l R e s e rv e " B a n k
a n d b r a n c h c it ie s o f t h e d is t r ic t .
S t a t i s t i c s o f b u ild in g c o n t r a c t s a w a r d e d , c o m p ile d b y t h e
F . W . D o d g e C o r p o r a t io n a n d d iv id e d b y F e d e r a l R e s e r v e
d is t r ic t s b y t h e D iv is io n o f R e s e a r c h a n d S t a t is t ic s o f t h e
F e d e r a l R e s e r v e B o a r d , sh o w t o t a l a w a r d s in t h e s ix t h
d i s t r i c t d u r i n g O c t o b e r a m o u n t i n g t o $ 3 4 ,9 7 9 ,4 3 2 , a d e ­
c re a s e o f 6 p e r c e n t c o m p a re d w it h a w a rd s in S e p te m b e r,
a n d s m a l l e r b y 4 1 .5 p e r c e n t t h a n t h e t o t a l o f a w a r d s i n t h i s
d i s t r i c t i n O c t o b e r 1925.

N o.
A la b a m a :
A n n is to n —
25
B ir m in g h a m
574
M o b ile .............
56
M o n tg o m e ry
94
F lo r id a :
J a c k s o n v ille . 806
M ia m i..............3,118
O r la n d o ......... 248
P e n s a c o l a . . . 161
T a m p a ............ 669
• L a k e la n d .—
79
•M ia m i B e a c h
17
G e o r g ia :
A t l a n t a ........... 348
A u g u s t a ......... 107
C o lu m b u s ...
58
M a c o n ............. 254
S a v a n n a h ...
53
L o u is ia n a :
N e w O r le a n s 175
A le x a n d r ia ..
85
T en n essee:
C h a t t a n o o g a 341
J o h n so n C it y
25
K n o x v ille —
232
N a s h v ille .—
304
T o t a l 20 O it ie s — 7,733
I n d e x N u m b e r ..............




O c t . 1926
V a lu e
$

N o.

P ercen ta g e
O c t . 1925 C h a n g e i n
V a lu e
V a lu e

31,950
2,046,808
88,045
95,455

11
625
48
112

$

8,325
1,571,435
75,162
38,438

+ 283.7
+ 30.3
+ 17.1
+ 147.6

1,142,946
4,015,222
361,513
64,741
640,597
323,730
139,100

485
1,773
501
55
842
191
41

2,004,090
10,183,419
1,241,015
80,000
2,153,824
674,000
1,220,300

1,079,107
47,611
154,923
250,761
165,036

327
112
55
138
60

656,018
40,585
159,430
85,511
139,135

+ 64.5
+ 17.3
2.8
+ 193.2
+ 18.6

6,249,777
63,097

199
115

1,021,787
166,657

+ 511.7
62.1

1,105,380
406,784
412,044
243,866

384
15
222
202

408,647
28,725
199,380
198,767

+ 170.5
+ 1,316.1
+ 106.7
+ 22.7

$18,665,663
517.7

6,277

$20,470,438
567.7

—
-

-

43.0
60.6
70.9
19.1
70.3
52.0
88.6

8.8

LU M B ER.
P r e lim in a r y r e p o r t s f o r O c to b e r , r e c e iv e d b y t h e S o u t h ­
e r n P i n e A s s o c ia t io n f r o m 128 s u b s c r i b i n g m ills , i n d i c a t e
a v o lu m e o f p r o d u c t io n b y t h e s e m ills a m o u n t in g t o
3 0 3 ,2 8 1 ,4 2 9 f e e t .
T h i s is t h e s e c o n d c o n s e c u t iv e m o n t h ,
a n d t h e f o u r t h t im e d u r in g t h i s y e a r , t h a t o r d e r s h a v e b e e n
r e c e iv e d b y r e p o r t in g m ills i n a v o lu m e s m a lle r t h a n t h e i r
p r o d u c t io n .
O r d e r s b o o k e d d u r i n g O c t o b e r b y t h e s e 128
r e p o r t i n g m i l l s t o t a l e d 2 9 0 ,8 0 2 ,6 1 4 f e e t , 4 .1 p e r c e n t l e s s
t h a n t h e ir p r o d u c t io n , 6 p e r c e n t le s s t h a n t h e ir s h ip m e n t s ,
a n d 1 0 .9 p e r c e n t l e s s t h a n t h e c o m p u t e d n o r m a l p r o d u c ­
t io n o f t h e s e m ills .
O c t o b e r p r o d u c t io n b y t h e s e m ills
w a s 7 .1 p e r c e n t l e s s t h a n t h e i r n o r m a l p r o d u c t i o n , a n d
1 .9 p e r c e n t l e s s t h a n s h i p m e n t s d u r i n g t h e m o n t h .
S to ck s
o n h a n d a t t h e e n d o f O c t o b e r , r e p o r t e d b y t h e s e 128 m ills ,
a m o u n t e d t o 7 1 3 ,6 1 1 ,5 9 3 f e e t , a n d w e r e 1 4 5 .4 p e r c e n t g r e a t ­
e r t h a n t h e v o lu m e o f o r d e r s b o o k e d d u r in g t h e m o n t h ,
a n d 1 3 5 .3 p e r c e n t g r e a t e r t h a n p r o d u c t i o n , b u t w e r e 1 4 .7
p e r c e n t le s s t h a n t h e n o r m a l s t o c k f o r t h e s e m ills .
U n­
f i l l e d o r d e r s o n h a n d a t t h e e n d o f O c t o b e r t o t a l e d 2 1 6 ,4 5 4 ,5 2 4
f e e t , a n d w e r e 2 5 .6 p e r c e n t l e s s t h a n t h e v o l u m e o f o r d e r s
r e c e i v e d d u r i n g t h e m o n t h , a n d 2 8 .6 p e r c e n t l e s s t h a n
t h e m o n t h ’s p r o d u c t io n b y t h e s e m ills .
T h e la t e s t r e p o r t
o f o p e r a t in g t im e is s u e d b y t h e S o u t h e r n P in e A s s o c ia t io n ,
f o r t h e w e e k e n d e d N o v e m b e r 5 , i n d i c a t e s t h a t o f 119 m i l l s
w h i c h r e p o r t e d t h e i r r u n n i n g t im e , 104 o p e r a t e d 5 J d a y s
o r a f u l l w e e k , a n d o f t h i s n u m b e r , 19 r e p o r t e d o v e r t i m e
a g g r e g a t i n g 597 h o u r s f o r t h e w e e k , o r a n a v e r a g e o f a b o u t
3 1J h o u r s o v e r t im e f o r e a c h m ill.
P r e lim in a r y f ig u r e s fo r
O c t o b e r , w it h c o m p a r is o n s , a r e s h o w n b e lo w :
O c t . 1926
S e p t . 1926
O c t . 1925
...............
..... m ills
‘ )
(128 m ills ) (140 m ills
)
(133
O r d e r s ....................................................... 290,802,614 317,195,937 330,369,887
S h ip m e n t s ............................................. 309,208,892 329,153,108 327,354,875
P r o d u c t io n ................ .......................... 303,281,429 321,126,665 326,248,228
N o r m a l p r o d u c t io n t h e s e m ills 326,291,503 344,943,899 312,527,175
S t o c k e n d o f m o n t h ........................713,611,593
763,846,980 808,614,832
N o r m a l s t o c k t h e s e m ill s ............. 836,617,660 908,414,463 825,274,746
U n f i lle d o rd e rs e n d o f m o n t h .. 216,454,524 240,055,232 241,706,976

T E X T IL E S .
C o tto n C o n su m p t io n

T h e c o n s u m p t io n o f lin t c o t t o n in t h e
U n i t e d S t a t e s d u r i n g O c t o b e r 1926,
a c c o r d in g t o s t a t i s t i c s c o m p ile d b y t h e
U n i t e d S t a t e s C e n s u s B u r e a u , a m o u n t e d t o 5 6 8 ,5 3 2 b a l e s ,
o n e - h a lf o f o n e p e r c e n t le s s t h a n w a s c o n s u m e d i n S e p ­
t e m b e r , b u t 4 .6 p e r c e n t g r e a t e r t h a n t h e c o n s u m p t i o n i n
O c t o b e r 1925. S t o c k s o n h a n d a t t h e e n d o f O c t o b e r i n
c o n s u m i n g e s t a b l i s h m e n t s w e r e 2 9 .7 p e r c e n t g r e a t e r t h a n
a t t h e e n d o f S e p te m b e r , b u t w e re f r a c t io n a lly s m a lle r t h a n
a y e a r ago.
S t o c k s in p u b lic s to r a g e a n d a t c o m p re s s e s
i n c r e a s e d 6 6 .1 p e r c e n t o v e r S e p t e m b e r , a n d w e r e 2 1 .6 p e r
c e n t g re a te r t h a n a y e a r ago.
E x p o r t s i n O c t o b e r w e r e 7 2 .4
p e r c e n t g r e a t e r t h a n i n S e p t e m b e r , a n d 3 .6 p e r c e n t l e s s
t h a n i n O c t o b e r 1925. T h e n u m b e r o f s p in d le s a c t iv e
d u r i n g O c t o b e r w a s 1 .4 p e r c e n t g r e a t e r t h a n i n S e p t e m b e r ,
a n d o n e - h a lf o f o n e p e r c e n t g r e a t e r t h a n i n O c t o b e r la s t
y e a r.
T h e c o n s u m p t io n o f li n t c o t t o n i n t h e c o t t o n - g r o w in g
s t a t e s d u r i n g O c t o b e r a m o u n t e d t o 4 0 4 ,2 1 6 b a l e s , a d e ­
c r e a s e o f 7 ,0 6 3 b a l e s , o r 1 .7 p e r c e n t c o m p a r e d w i t h S e p ­
t e m b e r , b u t 1 0 .4 p e r c e n t g r e a t e r t h a n t h e c o n s u m p t i o n i n
t h e s e s t a t e s d u r i n g O c t o b e r 1925. S t o c k s i n c o n s u m i n g
e s t a b l i s h m e n t s i n c r e a s e d 4 1 .2 p e r c e n t o v e r S e p t e m b e r , b u t
w e r e 5 .8 p e r c e n t s m a l l e r t h a n a y e a r a g o .
S to c k s in p u b ­
l i c s t o r a g e a n d a t c o m p r e s s e s i n c r e a s e d 6 9 .1 p e r c e n t o v e r
S e p te m b e r, r e f le c t in g p r o g r e s s in p ic k in g a n d g in n in g , a n d
w e r e 1 9 .6 p e r c e n t g r e a t e r t h a n a y e a r a g o .
T h e num ber
o f s p in d le s a c t iv e in O c t o b e r w a s 1 p e r c e n t g r e a t e r t h a n in
S e p t e m b e r , a n d 2 .5 p e r c e n t g r e a t e r t h a n i n O c t o b e r 1925.
T h e s e C e n s u s B u r e a u s t a t is t ic s in d ic a t e t h a t in O c to b e r
7 1 .1 p e r c e n t o f t h e c o u n t r y ’ s t o t a l c o n s u m p t i o n o f c o t ­
t o n w a s i n t h e c o t t o n - g r o w i n g s t a t e s , c o m p a r e d w i t h 72
p e r c e n t i n S e p t e m b e r , a n d w i t h 6 7 .3 p e r c e n t i n O c t o b e r
la s t y e a r , a n d o f t h e t o t a l n u m b e r o f s p in d le s a c t iv e in
O c t o b e r , 5 3 .1 p e r c e n t w e r e i n t h e c o t t o n s t a t e s , c o m p a r e d
w i t h 5 3 .4 p e r c e n t i n S e p t e m b e r , a n d w i t h 5 2 .1 p e r c e n t i n
O c to b e r la s t y e a r.
W h ile t h e O c t o b e r c o n s u m p t io n i n t h e
c o t t o n s t a t e s d e c l i n e d 7 ,0 4 3 b a l e s , c o n s u m p t i o n i n t h e o t h e r
s t a t e s i n c r e a s e d 4 ,4 7 0 b a l e s , c o m p a r e d w i t h S e p t e m b e r .
U n it e d S t a te s .
O c t . 1926
O o tto n C o n s u m e d :
L i n t .......................................
568,532
L i n t e r s ................................
75,539
S t o c k s i n C o n s u m in g E s t a b li s h m e n t s :
L i n t .................................
1,215,873
L i n t e r s ................................
99,318

S e p t . 1926

O c t . 1925

571,105
74,352

543,679
75,750

937,129
100,058

1,216,437
22,606

7

THEMONTHLYBUSINESSREVIEW
S t o c k s i n P u b l i c S to r a g e a n d a t C o m p r e s s e s :
L i n t - - ..................................
5,469,809
3,293,217
42,868
38,488
L i n t e r s ................................
E x p o r t s ...........- ........................ 1,369,820
794,584
I m p o r t s - - . ........................— 30,449
10,007
A c t iv e S p in d le s ...................... 32,592,806
32,134,682
C o t t o n G r o w in g
C o t t o n C o n s u m e d ...............
S to ck s:
I n C o n s u m in g E s t a b ­
li s h m e n t s ................ ..
I n P u b l ic S to ra g e a n d
a t C o m p r e s s e s .........
A c tiv e S p in d le s ......................

4,499,382
28,694
1,421,482
11,402
32,425,206
S ta te s.

O c t . 1926
404,216

S e p t . 1926
411,259

O c t . 1925
366,099

842,977

596,952

894,725

5,269,231
17,313,622

3,116,169
17,145,328

4,407,513
16,890,532

C o n f id e n t ia l r e p o r t s f o r O c to b e r w e re
re n d e re d to th e F e d e ra l R e se rv e B a n k
o f A t la n t a , b y c o t t o n g o o d s m a n u f a c t u r e r s w h o d u rin g
O c t o b e r p r o d u c e d 2 8 ,2 8 7 , 0 0 0 y a r d s o f c l o t h .
T h is p ro ­
d u c t i o n w a s 3 .4 p e r c e n t g r e a t e r t h a n t h e i r o u t p u t i n S e p ­
t e m b e r , b u t w a s 3 .1 p e r c e n t l e s s t h a n t h e i r p r o d u c t i o n i n
O c t o b e r 1925.
S h ip m e n t s w e r e s m a lle r t h a n i n S e p t e m b e r ,
o r in O c t o b e r la s t y e a r , w h ile o r d e r s b o o k e d d u r in g t h e
m o n th s h o w e d in c r e a s e s o v e r b o t h o f t h o s e p e rio d s .
U n ­
f ille d o r d e rs a n d s t o c k s o n h a n d w e re g r e a t e r t h a n r e ­
p o r t e d f o r S e p t e m b e r , b u t le s s t h a n f o r O c t o b e r la s t y e a r .
T h e n u m b e r o f w o r k e r s o n t h e p a y r o lls o f t h e s e m ills a t
t h e e n d o f O c t o b e r w a s s m a lle r t h a n f o r e it h e r o f t h e p e r io d s

d u c t io n w a s g r e a t e r t h a n in t h e c o r r e s p o n d in g w e e k s la s t
y e a r , a s i n d i c a t e d i n t h e f ig u r e s b e lo w . T o t a l p r o d u c t i o n
o f b i t u m i n o u s c o a l d u r i n g t h e c a l e n d a r y e a r 1 926 t o N o ­
v e m b e r 6, a p p r o x im a t e ly 262 w o r k in g d a y s , a m o u n t e d t o
4 7 4 ,0 1 4 ,0 0 0 t o n s , c o m p a r e d w i t h 4 2 9 ,4 2 3 ,0 0 0 t o n s p r o d u c e d i n
t h e c o r r e s p o n d in g p e r io d o f 1925.
P r o d u c t io n in A la b a m a d u r in g O c t o b e r e x c e e d e d f ig u r e s
f o r t h e c o r r e s p o n d i n g w e e k s o f 1925 e x c e p t in g f o r t h e w e e k
e n d e d O c t o b e r 9, w h e n t h e o u t p u t w a s lo w e r .
In T en n essee
d u r in g t h i s p e r io d , p r o d u c t io n w a s g r e a t e r t h a n a y e a r a g o
f o r tw o w e e k s , b u t s m a lle r f o r t h r e e w e e k s , a s in d ic a t e d
in t h e f ig u r e s b e lo w :
(000 O m i t t e d )

C o tto n C lo t h

u nder

c o m p a r is o n .
O c t o b e r 1926 c o m p a re d w i t h :
S e p t . 1926
O c t . 1925
+ 3.4
— 3.1
— 6.6
— 6.4
+ 24.1
+ 2 4 .3
+4.2
— 21.3
+ 2.6
— 5.0
— 0.3
— 4.3

P r o d u c t io n ................................... - ..............................
S h ip m e n t s ........................ .............................................
O r d e r s b o o k e d .............................................................
U n f i lle d o r d e rs ............ ...............................................
S t o c k s o n h a n d ......................... ................................
N u m b e r o n p a y r o ll..................................................
C o tto n Y a rn

R e p o rts
fo r
O cto b e r w ere
r e c e iv e d
f r o m y a r n m ills w h ic h d u r in g O c t o b e r
p r o d u c e d 7 ,3 0 6 , 0 0 0 p o u n d s o f y a r n , a n i n c r e a s e o f t w o - t e n t h s
o f o n e p e r c e n t o v e r S e p t e m b e r , b u t 2 .2 p e r c e n t s m a l l e r t h a n
f o r O c t o b e r 1925.
S h ip m e n t s d u r in g O c t o b e r , o r d e rs b o o k ­
e d , a n d u n f ille d o r d e rs s h o w e d in c r e a s e s o v e r S e p te m b e r
a n d o v e r O c t o b e r la s t y e a r , b u t s t o c k s o n h a n d d e c re a s e d
8 . 7 p e r c e n t c o m p a r e d w i t h S e p t e m b e r , a l t h o u g h 1 6 .2 p e r
c e n t g re a te r t h a n a y e a r ago .
T h e n u m b e r of w o rk e rs on
t h e p a y r o l l s o f t h e s e m i l l s w a s 2 .1 p e r c e n t s m a l l e r t h a n a t
t h e e n d o f S e p t e m b e r , a n d 7 .9 p e r c e n t g r e a t e r t h a n a y e a r
ago.
O c t o b e r 1926 c o m p a re d w i t h :
S e p t . 1926
O c t . 1925
+ 0.2
— 2.2
+ 6.0
+ 1 2.5
+ 3 6 .3
+ 51.6
+ 3 3 .9
+1.7
— 8. 7
+ 1 6 .2
+2.1
+7.9

P r o d u c t io n ....................................................................
S h ip m e n t s .............................................. ................ ....
O r d e r s b o o k e d .............................................................
U n f i lle d o r d e r s ............................................. ..............
S t o c k s o n h a n d ................................... .................... ..
N u m b e r o n p a y r o ll..................................................
H o s ie r y

F ig u r e s fo r O c to b e r re p o rte d to t h e
U n i t e d S t a t e s C e n s u s B u r e a u b y 34
id e n t ic a l e s t a b lis h m e n t s m a n u f a c t u r in g
h o s ie r y in
th e
s ix t h d is t r ic t s h o w in c r e a s e s o v e r S e p te m b e r in p r o d u c tio n ,
s h ip m e n t s , a n d i n c a n c e lla t io n s , b u t s m a lle r s t o c k s , o r d e r s
b o o k e d , a n d u n f ille d o rd e rs .
F o llo w in g a r e t o t a l f ig u r e s
re p o rte d :

P r o d u c t io n __________________________________________
S h ip m e n t s ............— ______ ________________________
S t o c k s o n h a n d ____________ ______________________
O r d e r s b o o k e d _______ _____________________________
C a n c e lla t io n s ........... .............. ............ ..................
U n f i lle d o r d e r s .............................. ........................

( D o z e n P a ir s )
O c t . 1926
S e p t . 1926
704,097
620,709
875,374
769,055
1,998,516
2,118,168
913,569
945,933
44,841
25,164
893,531
896,089

CO A L.
T h e u p w a r d t r e n d in t h e p r o d u c t io n o f b it u m in o u s c o a l
i n t h e U n it e d S t a t e s w h ic h h a s b e e n i n e v id e n c e d u r in g
r e c e n t m o n t h s , c o n t in u e d in O c to b e r , a n d t h e e s tim a t e d
p r o d u c t io n d u r in g t h e w e e k w h ic h e n d e d O c to b e r 30 is t h e
h ig h e s t w e e k ly o u t p u t e v e r r e c o r d e d , a c c o r d in g t o s t a ­
t i s t i c s c o m p ile d a n d m a d e p u b lic b y t h e U n it e d S t a t e s
B u r e a u o f M in e s , i n t h e D e p a r t m e n t o f C o m m e r c e .
The
o u t p u t f o r t h a t w e e k w a s p l a c e d a t 1 3 ,4 8 6 ,0 0 0 t o n s .
D a ily
lo a d in g s f o r t h e f o llo w in g w e e k , w h ic h e n d e d N o v e m b e r 6,
in d ic a t e t h a t t h e lo s s o n t o n n a g e w a s p a r t ly d u e t o e le c tio n
d a y , w h ic h w a s a h o lid a y in so m e s t a t e s a n d w h ic h c o u n t e d
f o r a b o u t s e v e n - te n t h s o f a d a y , a n d p r o b a b ly in p a r t to
t h e o b s e r v a n c e o f r e lig io u s h o lid a y s e a r ly in t h e w e e k .
A c t iv it y in t h a t w e e k w a s so g re a t, h o w e v e r, t h a t c o u n t ­
in g N o v e m b e r 2 a s s e v e n - t e n t h s o f a n o r m a l d a y , t h e d a ily
a v e ra g e o u t p u t fo r t h e w e e k w a s e v e n h ig h e r t h a n in t h e
w e e k e n d e d O c to b e r 30. D u r in g e a c h o f t h e w e e k s w h ic h
e n d e d O c t o b e r 2 t o N o v e m b e r 6, i n c l u s i v e , s o f t c o a l p r o ­




W eek E n d e d
O c t o b e r 2...............................
O c t o b e r 9 .......................... O c t o b e r 16.............................
O c t o b e r 23.............................
O c t o b e r 30.............................
N o v e m b e r 6.................. —

U n it e d S t a t e s
1926
1925
12,008
11,008
12,363
11,681
12,386
11,770
12,712
12,088
13,486
12,485
13,116
12,171

A la b a m a
T e n n e sse e
1926
1925
1926 1925
453
447
113
133
446
465
113
127
473
463
129
128
471
466
123
132
481
447
124
121

IR O N .
S t a t i s t i c s c o m p ile d a n d p u b l is h e d b y t h e I r o n A g e i n d i ­
c a t e t h a t t h e d a ily r a t e o f p ig ir o n p r o d u c t io n i n t h e U n it e d
S t a t e s d u r i n g O c t o b e r i n c r e a s e d 3 ,0 1 0 t o n s , o r 2 .9 p e r c e n t ,
o v e r t h e d a ily a v e ra g e fo r S e p te m b e r, a n d t h a t t h e t o t a l
o u t p u t f o r t h e m o n t h i n c r e a s e d 6 .3 p e r c e n t o v e r t h e t o t a l
fo r S e p te m b e r.
T h e t o t a l p r o d u c t io n in O c to b e r , in d ic a t e d
b y t h e I r o n A g e s t a t i s t i c s , w a s 3 ,3 3 4 ,1 3 2 t o n s , c o m p a r e d w i t h
3 ,1 3 6 ,2 9 3 t o n s p r o d u c e d i n S e p t e m b e r , a n d w i t h 3 ,0 2 3 ,3 7 0
t o n s in O c t o b e r 1925. T h e in d e x n u m b e r f o r O c t o b e r is
1 3 0 .8 , c o m p a r e d w i t h 1 2 3 .1 f o r S e p t e m b e r , a n d w i t h 1 1 8 .6
fo r O c to b e r la s t y e a r.
T h e d a ily a v e ra g e r a t e o f p r o d u c ­
t i o n i n O c t o b e r w a s 1 0 7 ,5 5 3 t o n s , c o m p a r e d w i t h 1 0 4 ,5 4 3
t o n s i n S e p t e m b e r a n d w i t h 9 7 ,5 2 8 t o n s i n O c t o b e r 1 9 2 5 .
T h e d a ily a v e ra g e fo r O c to b e r t h is y e a r is t h e h ig h e s t a v e r­
a g e r e c o r d e d f o r O c t o b e r o f a n y y e a r s in c e 1918. T h e r e
w a s a n e t g a in o f f o u r f u r n a c e s in a c t iv e o p e r a t io n d u r in g
O c t o b e r , e le v e n h a v e b e e n b lo w n in , a n d s e v e n b lo w n o u t
o r b a n k e d , l e a v i n g 21 9 f u r n a c e s a c t i v e a t t h e b e g i n n i n g o f
N o v e m b e r.
A t t h e s a m e t im e l a s t y e a r , 206 f u r n a c e s w e r e
r e p o r t e d a c t iv e .
T h e p r o d u c t io n o f p ig ir o n i n A la b a m a d u r in g O c t o b e r
a m o u n t e d t o 2 4 9 ,5 8 4 t o n s , c o m p a r e d w i t h 2 3 0 ,3 4 5 t o n s p r o ­
d u c e d i n S e p t e m b e r , a n d w i t h 2 1 6 ,5 5 0 t o n s p r o d u c e d i n
O c t o b e r 1 9 2 5 . T h e i n d e x n u m b e r f)o r A l a b a m a o u t p u t i n
O c t o b e r i s 1 4 2 .0 , c o m p a r e d w i t h 1 3 1 .0 i n S e p t e m b e r , a n d
w i t h 1 2 3 .2 i n O c t o b e r l a s t y e a r .
T h e Ir o n A g e s t a t is t ic s
in d ic a t e n o n e t c h a n g e in f u r n a c e a c t iv it y d u r in g O c to b e r ,
o n e f u r n a c e h a v in g b e e n b lo w n in , a n d o n e b lo w n o u t ,
le a v in g 23 a c t iv e a t t h e e n d o f t h e m o n t h .
T h e cu rre n t
p r ic e c o n t in u e d a t $20.
S in c e e a r ly O c to b e r , h o w e v e r,
r e p o r t s in d ic a t e t h a t b u y in g h a s b e e n i n s m a ll a m o u n t s ,
a n d w h ile so m e in q u ir ie s h a v e b e e n m a d e f o r t h e f ir s t
q u a r t e r o f 1927, n o q u o t a t io n s h a v e b e e n m a d e o n t h a t
d e liv e r y .
U n f ille d O r d e r s — U . S . S t e e l C o r p o r a t io n .
U n f ille d o rd e rs o n h a n d a t t h e e n d o f O c to b e r , m a d e
p u b lic b y t h e U n it e d S t a t e s S t e e l C o r p o r a t io n , a m o u n t e d
t o 3 ,6 8 3 ,1 6 6 t o n s , a n i n c r e a s e o f 8 9 ,6 5 7 t o n s o v e r t h e t o t a l
r e p o r t e d a t t h e e n d o f S e p t e m b e r , b u t 4 2 3 ,0 2 7 t o n s s m a l l e r
t h a n re p o rte d a t t h e e n d o f O c to b e r la s t y e a r.
T h e O c to b e r
t o t a l is la r g e r t h a n h a s b e e n r e p o r t e d s in c e A p r il.
N AVAL STO RES.
R e c e ip t s o f b o t h t u r p e n t in e a n d r o s in a t t h e t h r e e p r in ­
c ip a l m a r k e t s o f t h e d is t r ic t d e c lin e d in O c to b e r , co m ­
p a re d w ith S e p te m b e r, b u t w e re g re a te r t h a n in O c to b e r
a y e a r ago.
T u r p e n t i n e r e c e i p t s d e c r e a s e d 7 .7 p e r c e n t
i n O c t o b e r , c o m p a r e d w i t h S e p t e m b e r , b u t w e r e 1 7 .7 p e r
c e n t g r e a t e r t h a n i n O c t o b e r 1925. R e c e i p t s o f r o s i n i n
O c t o b e r w e r e 4 p e r c e n t l e s s t h a n i n S e p t e m b e r , b u t 2 6 .8
p e r c e n t g re a te r t h a n in O c to b e r la s t y e a r.
S u p p lie s o f
t u r p e n t in e o n h a n d a t t h e e n d o f O c to b e r d e c lin e d f r a c ­
t i o n a l l y f o r t h e m o n t h , b u t w e r e 1 8 .5 p e r c e n t g r e a t e r t h a n
a y e a r a g o , w h i l e s t o c k s o f r o s i n i n c r e a s e d 6 .8 p e r c e n t o v e r
S e p t e m b e r , b u t w e r e 1 2 .9 p e r c e n t l e s s t h a n a y e a r a g o .
A c o m p a r is o n o f s t a t is t ic s f o r O c t o b e r o f r e c e n t y e a r s d is ­
c lo s e s t h e f a c t t h a t r e c e ip t s o f b o t h t u r p e n t in e a n d r o s in
i n O c t o b e r 1926 w e r e e x c e e d e d b y f i g u r e s f o r t h e s a m e m o n t h
o f o n ly o n e y e a r , 1923, o u t o f t h e p a s t t w e lv e y e a r s .
S to ck s
o f r o s i n o n h a n d a t t h e e n d o f O c t o b e r 192 6 a r e s m a l l e r t h a n
a t t h e s a m e t im e o f a n y o f t h e p a s t t w e lv e y e a r s .
P re ­
v a ilin g p r ic e s w e re lo w e r in O c t o b e r t h a n i n S e p te m b e r ,
o r in O c to b e r la s t y e a r.
T h e a v e ra g e p r ic e o f t u r p e n t in e
o n t h e S a v a n n a h m a r k e t d u r in g O c to b e r t h is y e a r w a s 84J
c e n t s , c o m p a re d w it h 86 c e n t s in S e p te m b e r , a n d w it h

8

THEMONTHLYBUSINESSREVIEW

$ 1 .0 5 } i n O c t o b e r l a s t y e a r , a n d t h e a v e r a g e o f r o s i n p r i c e s
i n O c t o b e r w a s $12.75, , c o m p a r e d w i t h $ 1 4 .0 7 J i n S e p t e m b e r ,
a n d w i t h $ 1 4 .4 2 i i n O c t o b e r a y e a r a g o .
R e c e ip t s a n d
s to c k s a t t h e t h r e e p r in c ip a l m a r k e t s a re s h o w n in t h e

R e c e ip t s —T u r p e n t in e :
S a v a n n a h ................... .................
J a c k s o n v ille .............. .................
P e n s a c o la ........... ....... .................
T o t a l ........... l --_. .................
R e c e ip t s — R o s i n :
S a v a n n a h ................ .................

O c t . 1926

S e p t . 1926

O c t . 1925

16,069
11,465
4,682

19,418
12,077
3,423

12,674
10,003
3,690

32.216

34,918

26.367

56,028

63,185

50,226

J a c k s o n v i lle .......................
.
P e n s a c o l a ............................ . . . . .

41,908
16,184

44,253
11,430

36,662
3,140

T o t a l .............................. . . . .
S t o c k s —T u r p e n t i n e :
S a v a n n a h ......... - ................. . . . . .
J a c k s o n v i lle .......................
P e n s a c o l a ............................----_
_
.
T o t a l .............................. ----S to c k s— R o s in :
S a v a n n a h . —..................... ...... ..
J a c k s o n v i lle .......................
P e n s a c o la ............................. . . . .

114,120

118,868

90,028

14,893
31,831
10,646
_
57,370

15,772
33,711
8,118

15,099
23,688
9,617

57,601

48,404

72,314
65,859
20,037

71,535
57,578
19,064

87,354
72,863
21,396

158,210

148,177

181,613

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

-

M O N T H L Y IN D E X N U M B E R S .
T h e f o llo w in g in d e x n u m b e r s , e x c e p t w h e r e in d ic a t e d o t h e r w is e , a r e c o m p u t e d b y t h e F e d e r a l R e s e r v e B a n k
o f A t l a n t a , a n d a r e b a s e d u p o n a v e r a g e f i g u r e s f o r 1 9 1 9 . T h a t i s , a v e r a g e m o n t h l y f i g u r e s f o r t h e y e a r 1919 a r e
r e p r e s e n t e d b y 100 , a n d t h e c u r r e n t m o n t h l y i n d e x n u m b e r s s h o w t h e r e l a t i o n o f a c t i v i t y i n t h e s e l i n e s t o t h a t
p r e v a i l i n g i n 191 9 .

R E T A IL

TR A D E 6TH

D IS T R IC T

( D e p a r t m e n t S t o r e s .)
A t l a n t a .............................................................................................
B i r m i n g h a m .................................................................................
C h a t t a n o o g a . ............................................................................
N a s h v i l l e ..........................................................................................
N e w O r l e a n s . ..............................................................................
S a v a n n a h ........................................................................................
O t h e r C i t i e s .................................................................................
D i s t r i c t .............................................................................................

A u g u st

S e p te m b e r

O c to b e r

A u g u st

S e p te m b e r

O cto b e r

1926

1926

1926

192 5

1 925

1925

1 0 4 .1
1 0 8 .1
6 9 .8
8 0 .9
8 2 .6
6 0 .1
8 5 .2
8 7 .3

113 5
1 1 4 .8
7 8 .6
7 8 .9
9 6 .1
6 8 .5
9 7 .7
9 6 .7

1 6 7 .9
1 5 7 .3
1 1 9 .9
1 0 9 .9
1 3 1 .0
1 0 9 .0
1 2 9 .0
1 3 5 .5

8 1 .0
9 7 .4
6 8 .2
7 4 .4
8 3 .8
4 8 .9
7 7 .0
7 9 .8

9 5 .2
1 1 0 .6
7 2 .7
8 0 .8
9 1 .6
5 6 .2
9 4 .0
9 0 .5

1 7 2 .0
170 5
1 2 5 .4
1 2 8 .3
1 4 0 .2
1 1 8 .2
1 4 3 .6
1 4 6 .5

R E T A I L T R A D E U . S . (1 )
D e p a r t m e n t S t o r e s ...........................................................
M a i l O r d e r H o u s e s ............................................................
C h a in S t o r e s :
G r o c e r y . . ..............................................................................
D r u g . ........................................................................................
S h o e ...........................................................................................
5 & 10 C e n t .........................................................................
M u s i c .......................... .............................................................
C a n d y ......................................................................................
C i g a r .........................................................................................

1 0 5 .0
9 7 .8

1 3 0 .4
1 1 9 .6

1 5 7 .9
1 4 9 .7

98
89

122
113

164
170

2 9 5 .3
1 9 4 .8
1 2 1 .6
2 0 4 .0
1 3 1 .1
1 9 3 .8
1 4 8 .1

3 0 3 .1
1 9 2 .4
1 4 1 .8
2 1 1 .0
1 3 7 .5
2 1 8 .1
1 5 2 .6

3 2 9 .4
2 0 9 .0
1 5 7 .7
2 5 7 .1
1 5 1 .0
2 2 6 .8
1 6 2 .1

241
171
120
195
128
202
142

243
17 0
134
191
136
202
142

315
179
164
23 7
141
215
151

W H O LE S A L E T R A D E 6TH D IS T R IC T
G r o c e r i e s _____ 1 ........................................................................
D r y G o o d s .................................................................................
H a r d w a r e ...................................................................................
S h o e s .............................................................................................
T o t a l ................................................................................. ...........

9 4 .1
9 3 .0
9 7 .8
6 6 .1
8 8 .2

1 0 3 .6
1 1 7 .5
1 0 7 .4
8 4 .1
1 0 0 .6

9 9 .8
1 1 3 .2
1 1 6 .8
7 5 .9
1 0 0 .1

9 2 .1
1 0 1 .1
1 0 0 .6
6 8 .6
9 4 .0

1 0 5 .2
1 2 1 .0
1 1 3 .7
7 7 .5
1 0 7 .8

1 1 1 .0
1 3 3 .7
1 3 7 .6
9 8 .4
1 2 0 .8

W H O L E S A L E P R I C E S U . S . (2 )
F a r m P r o d u c t s .....................................................................
F o o d s . ..........................................................................................
C l o t h s a n d C l o t h i n g .......................................................
F u e l a n d L i g h t i n g . ..........................................................
M e t a l s a n d M e t a l P r o d u c t s ......................................
B u i l d i n g M a t e r i a l s ............................................................
C h e m i c a l s a n d D r u g s .....................................................
H o u s e F u r n i s h i n g s ..........................................................
M i s c e l l a n e o u s .........................................................................
A l l C o m m o d i t i e s ..................................................................

1 3 7 .9
1 5 0 .8
1 7 4 .7
1 7 9 .5
1 2 6 .6
1 7 1 .8
1 3 0 .8
1 6 0 .8
1 2 1 .8
1 4 9 .2

1 4 1 .1
1 5 2 .0
1 7 5 .2
1 8 2 .0
1 2 7 .0
1 7 2 .4
1 3 0 .8
1 6 0 .4
1 2 0 .4
1 5 0 .5

1 3 9 .4
1 5 2 .0
1 7 1 .5
1 8 4 .4
1 2 6 .7
1 7 2 .1
1 2 9 .3
1 6 0 .3
1 1 8 .6
1 4 9 .7

1 6 3 .1
1 5 9 .2
1 8 9 .7
1 7 0 .0
1 2 7 .3
1 7 2 .4
1 3 4 .6
1 6 9 .2
1 3 7 .9
1 6 0 .4

1 6 0 .4
1 6 0 .3
1 8 9 .3
1 6 9 .3
1 2 7 .2
1 7 4 .1
1 3 5 .6
1 6 7 .6
1 3 4 .9
1 5 9 .7

1 5 5 .3
1 5 7 .6
1 8 9 .5
1 7 1 .7
1 2 7 .9
1 7 3 .9
1 3 4 .9
1 6 7 .9
1 3 8 .0
1 5 7 .5

B U IL D IN G P E R M IT S 6 T H D IS T R IC T
A t l a n t a ........................................................................................
B i r m i n g h a m ............................................................................
J a c k s o n v i l l e ............................................................................
N a s h v i l l e .....................................................................................
N e w O r l e a n s ...........................................................................
O t h e r C i t i e s ............................................................................
D i s t r i c t (20 C i t i e s ) . . .......................................................

8 7 .3
5 5 6 .2
9 0 9 .6
1 3 8 .8
1 5 3 .9
5 0 2 .4
3 7 9 .4

1 1 3 .0
4 2 2 .8
4 0 6 .7
3 4 2 .4
2 5 1 .5
4 8 2 .5
3 4 6 .9

1 2 3 .9
6 2 5 .8
3 8 2 .1
1 2 8 .8
1 , 4 2 8 .8
5 3 3 .3
5 1 7 .7

8 9 .4
5 2 7 .6
5 0 3 .4
1 5 1 .1
4 8 0 .9
8 4 9 .4
5 2 6 .6

8 9 .4
4 8 3 .2
5 7 5 .4
3 3 1 .4
6 7 2 .0
5 1 6 .0
5 9 1 .2

7 6 .5
4 8 0 .4
6 7 0 .0
1 0 5 .0
2 3 6 .6
1 , 0 1 2 .8
5 6 7 .7

C O TTO N CO N SU M ED :
U n i t e d S t a t e s ........................................................................
C o t t o n - G r o w i n g S t a t e s ................................................
A l l O t h e r S t a t e s ............................................................... 1
C o t t o n E x p o r t s ....................................................................

9 3 .6
1 2 1 .8
5 9 .6
6 6 .5

1 0 6 .8
1 3 9 .3
6 7 .6
1 4 4 .5

1 0 6 .3
1 3 6 .9
6 9 .5
2 4 9 .1

8 3 .9
1 0 2 .5
6 1 .8
5 7 .4

9 0 .3
111 .7
6 4 .9
1 3 6 .8

1 0 1 .6
1 2 4 .0
7 5 .1
2 5 8 .5

P IG IR O N P R O D U C T IO N :
U n i t e d S t a t e s ........................................................................
A l a b a m a ......................................................................................

1 2 5 .6
1 3 5 .8

1 2 3 .1
1 3 1 .0

1 3 0 .8
1 4 2 .0

1 0 6 .1
1 3 0 .1

1 0 7 .0
1 2 2 .6

1 1 8 .6
1 2 3 .2

5 9 .1

5 9 .9

6 1 .4

5 8 .6

6 2 .0

6 8 .5

U N F IL L E D O R D ER S -^ U . S. S T E E L C O R ­
P O R A T I O N .............................................................................
(1 )
C o m p ile d b y F e d e r a l R e s e r v e B o a r d .
(2 )
C o m p ile d b y B u r e a u o f L a b o r S t a t is ­
t ic s .
(1913— 1 0 0 .)