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THE MONTHLY B U S I N E S S R C o v e rin g B u s i n e s s a n d A g r i c u lt u r a l C o n d it io n s i n F E D E R A L R E S E R V E E V I E W th e S i x t h F e d e r a l R e s e r v e D i s t r i c t . B A N K O F A T L A N T A JO S . A . M c C O R D , C h a irm a n o f th e B o a rd a n d F e d e ra l R e s e rv e A g e n t W A R D A L B E R T S O N , A s s is ta n t F e d e ra l R e s e rv e A g e n t VO L. 9 A T L A N T A , G A ., O C T O B E R 3 0 , 1924 N o ; 10 B U S IN E S S C O N D IT IO N S I N T H E U N IT E D S T A T E S . P r e p a re d b y t h e F e d e ra l R e se rv e B o a rd . P r o d u c t i o n o f b a s i c c o m m o d itie s , f a c t o r y e m p lo y m e n t, a n d d i s t r i b u t i o n o f m e r c h a n d i s e i n c r e a s e d i n S e p te m b e r . D u r i n g S e p t e m b e r a n d e a r l y i n O c t o b e r t h e r e w a s a c o n s i d e r a b le i n c r e a s e i n t h e v o lu m e o f b o r r o w in g f o r c o m m e rc ia l p u r p o s e s . P ro d u c tio n T h e F e d e r a l R e s e r v e B o a r d ’s i n d e x o f p r o d u c t i o n i n b a s i c i n d u s t r i e s , a d j u s t e d t o a llo w f o r s e a s o n a l v a r i a t i o n s , r o s e 9 p e r c e n t i n S e p t e m b e r , t h e f i r s t a d v a n c e s i n c e l a s t J a n u a r y . I n c r e a s e d a c t i v i t y w a s r e p o r t e d Jn m a n y l in e s o f i n d u s t r y i n c l u d i n g t e x t i l e s , i r o n a n d s t e e l , a n d c o a l. F a c t o r y e m p lo y m e n t i n c r e a s e d 2 p e r c e n t d u r i n g S e p t e m b e r , r e f l e c t i n g l a r g e r w o r k i n g f o r c e s i n n e a r l y a ll r e p o r t i n g i n d u s t r i e s . A v e ra g e w e e k ly e a r n i n g s o f i n d u s t r i a l w o r k e r s i n c r e a s e d s l i g h tl y , o w in g t o a d e c r e a s e i n t h e e x t e n t o f p a r t - t i m e e m p lo y m e n t. B u ild i n g c o n t r a c t s a w a r d e d s h o w e d a s m a ll s e a s o n a l d e c l i n e i n S e p te m b e r , b u t w e r e c o n s i d e r a b l y l a r g e r t h a n a y e a r ag o . C ro p c o n d itio n s , a s r e p o r te d b y t h e d e p a r tm e n t o f A g ric u ltu re , sh o w e d a f u r t h e r s lig h t im p ro v e m e n t d u t i n g S e p t e m b e r , a n d t h e e s t i m a t e s o f p r o d u c t i o n f o r s p r i n g w h e a t , o a t s , b a r le y , a n d w h i t e p o t a t o e s o n O c t o b e r 1 w e r e l a r g e r t h a n t h e m o n t h b e f o r e . E s t i m a t e s o f t h e y ie ld s o f c o r n , t o b a c c o , a n d c o t t o n , h o w e v e r w e r e r e d u c e d . M a r k e t i n g o f w h e a t w a s e x c e p ti o n a ll y h e a v y i n S e p t e m b e r a n d e x p o r t s o f w h e a t a n d c o t t o n w e re la r g e r t h a n fo r t h e sam e m o n th o f a n y r e c e n t y e a r. T rad e D i s t r i b u t i o n o f c o m m o d itie s , a s r e f l e c t e d i n r a i l r o a d s h i p m e n t s i n c r e a s e d d u r i n g S e p t e m b e r a n d w a s g r e a t e r t h a n l a s t y e a r , o w in g t o l a r g e r l o a d i n g s o f m is c e lla n e o u s m e r c h a n d i s e g r a i n , a n d c o a l. W h o le s a le t r a d e w a s 11 p e r c e n t l a r g e r t h a n i n A u g u s t , a s a r e s u l t o f i n c r e a s e d b u s i n e s s i n a lm o s t a ll r e p o r t i n g l in e s . S a le s o f g r o c e r i e s a n d d r u g s w e r e l a r g e r t h a n a y e a r a g o , w h ile s a le s o f m e a t a n d s h o e s w e r e s m a lle r . R e t a i l t r a d e s h o w e d m o r e t h a n t h e u s u a l s e a s o n a l i n c r e a s e i n S e p te m b e r, a n d s a le s o f d e p a r t m e n t s t o r e s a n d m a il o r d e r h o u s e s w e r e c o n s i d e r a b ly l a r g e r t h a n l a s t y e a r . M e r c h a n d i s e s t o c k s a t d e p a r t m e n t s t o r e s i n c r e a s e d m o r e t h a n 1 u s u a l d u r i n g S e p t e m b e r , b u t c o n t i n u e d t o b e s l i g h t l y s m a lle r t h a n a y e a r a g o . P ric e s W h o le sa le p r i c e s o f f a r m p r o d u c t s , c lo t h i n g , f u e l, a n d m e t a ls d e c l i n e d s o m e w h a t i n S e p t e m b e r , w h ile p r ic e s o f f o o d p r o d u c t s , b u i l d i n g m a t e r i a ls , a n d c h e m ic a ls a d v a n c e d . T h e g e n e r a l le v e l o f p r i c e s , a s m e a s u r e d b y 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 I n d e x , w a s s l i g h t l y lo w e r i n S e p t e m b e r t h a n i n A u g u s t . D u r i n g t h e f i r s t h a l f o f O c t o b e r q u o t a t i o n s o n w h e a t , f l o u r , c a t t l e , h o g s , w o o l, a n d r u b b e r i n c r e a s e d , w h i l e p r i c e s o f c o t t o n l u m b e r , a n d g a s o lin e d e c lin e d . B a n k C r e d it D u r i n g t h e fiv e w e e k s e n d i n g O c t o b e r 15, l o a n s a n d i n v e s t m e n t s o f r e p o r t i n g m e m b e r b a n k s i n l e a d i n g c it i e s i n c r e a s e d b y m o r e t h a n $600,000,000. C r e d i t d e m a n d f o r f i n a n c i n g t h e m a r k e t o f c r o p s a n d t h e f a ll a c t i v i ty o f t r a d e w e r e r e f l e c t e d i n i n c r e a s e d c o m m e rc ia l l o a n s t h r o u g h o u t t h e c o u n t r y a n d t h e t o t a l v o lu m e o f t h e s e l o a n s r o s e t o a le v e l c o n s i d e r a b ly a b o v e t h e p e a k o f O c t o b e r , 1923. M e m b e r b a n k i n v e s t m e n t s i n s e c u r i t i e s c o n t i n u e d t o i n c r e a s e a n d l o a n s o n s t o c k s a n d b o n d s a ls o a d v a n c e d . A f u r t h e r g r o w t h o f d e m a n d d e p o s i t s c a r r ie d th e i r t o t a l t o t h e h ig h e s t fig u re o n re c o rd . A t t h e F e d e ra l R e se rv e B a n k s, d is c o u n ts c h a n g e d b u t l i t t l e i n S e p t e m b e r a n d d e c l i n e d i n t h e f i r s t t h r e e w e e k s o f O c t o b e r , w h ile h o l d i n g s o f a c c e p t a n c e s i n c r e a s e d c o n s i d e r a b l y a n d t h e r e w a s a ls o s o m e i n c r e a s e 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 s a c o n s e q u e n c e , t o t a l e a m i n g s a s s e t s w e r e l a r g e r t h a n a t a n y tim e s i n c e e a r l y i n t h e y e a r . L a r g e r c u r r e n c y r e q u i r e m e n t s p a r t l y s e a s o n a l i n c h a r a c t e r w e r e r e f l e c t e d b e t w e e n A u g u s t 1 a n d O c t o b e r 1, i n a n i n c r e a s e o f $140,000,000 i n t h e t o t a l v o lu m e o f m o n e y i n c ir c u la tio n . M o n e y r a t e s i n t h e N e w Y o r k M a r k e t r e m a in e d r e la ti v e ly c o n s t a n t i n t h e l a t t e r p a r t o f S e p t e m b e r a n d t h e e a r l y p a r t o f O c t o b e r . O n O c t o b e r 15 t h e d i s c o u n t r a t e o f t h e F e d e r a l R e s e r v e B a n k o f M in n e a p o lis w a s r e d u c e d f r o m 4£ t o 4 p e r c e n t . T H E M O N T H L Y B U S IN E S S R E V IE W s m a lle r , b o t h i n n u m b e r a n d i n t o t a l l i a b i l i t i e s , t h a n i n A u g u s t o r i n S e p t e m b e r , 1923. S I X T H D I S T R I C T SU M M A R Y B u s in e s s c o n d itio n s i n t h e S ix th F e d e r a l R e se rv e D i s t r i c t h a v e s h o w n im p r o v e m e n t s i n c e t h e c o m m e n c e m e n t o f t h e F a l l s e a s o n , a n d w h ile t h e a g r i c u lt u r a l s i t u a t i o n a s a w h o le sh o w s im p ro v e m e n t o v e r a y e a r a g o t h e r e a r e so m e in s ta n c e s a n d so m e s e c tio n s w h e re c o n d itio n s a r e n o t q u ite so fa v o ra b le a s a y e a r a g o , t h e p r in c ip a l o f t h e s e b e in g t h e s u g a r c a n e i n d u s t r y in L o u is ia n a , w h e r e t h e c ro p w a s b a d ly d a m a g e d b y t h e lo n g d r o u g h t. T h e d ry w e a th e r w as m o re o r le s s g e n e r a l t h r o u g h o u t t h e d i s t r ic t d u r in g t h e g r o w i n g s e a s o n a n d c a u s e d s o m e d a m a g e t o a ll c r o p s . H o w e v e r , t h e d i s t r i c t w ill p r o d u c e a c o n s i d e r a b ly l a r g e r c o t t o n c r o p t h a n t h a t o f l a s t y e a r , a n d l a r g e r r e t u r n s a r e b e i n g r e a l i z e d f r o m a ll c r o p s . D u r in g t h e la s t h a lf o f S e p te m b e r c o n tin u e d r a in s w h ic h w e re m o re o r le s s g e n e r a l t h r o u g h o u t t h e d i s t r ic t e n t i r e l y h a l t e d t h e c o t t o n p i c k i n g a n d t o s o m e ex t e n t m a d e f o r lo w e r g r a d e s . F a i r w e a t h e r h a s p r e v a ile d f o r t h e f i r s t f i f t e e n d a y s i n O c t o b e r m a k i n g i t p o s s ib l e t o c o n t i n u e t h e g a t h e r i n g o f t h e c r o p s . W h o le s a le t r a d e h a s , i n c r e a s e d i n v o lu m e s i n c e m id s u m m e r, a n d fig u re s f o r S e p te m b e r i n d ic a te t h a t e ig h t, o f t h e n in e lin e s r e p o r tin g , sh o w e d in c r e a s e s o v e r S e p t e m b e r 1923. T h e v o lu m e o f r e t a i l t r a d e i n S e p te m b e r s h o w e d a n in c r e a s e o v e r t h e sa m e m o n th l a s t y e a r , a f t e r s h o w i n g u n f a v o r a b l e c o m p a r is o n s d u r in g t h e f o u r p r e c e d in g m o n th s . R e p o r ts fro m m e r c h a n ts c o n ta i n o p tim is tic s t a te m e n t s i n a g r e a t m a n y i n s t a n c e s r e g a r d in g t h e o u tlo o k f o r fa ll a n d w in te r b u s in e s s . D e b its t o in d iv id u a l a c c o u n ts a t t h e b a n k s , s h o w i n g t h e v o lu m e o f b u s i n e s s t r a n s a c t i o n s s e t t l e d b y c h e c k , w e r e l a r g e r b y n e a r l y f o r t y m illio n s o f d o l la r s d u r in g t h e w e e k e n d e d O c to b e r 8 t h a n in t h e sam e w e e k la s t y e a r. F a ilu re s d u r in g S e p te m b e r w e re S a v in g s d e p o s i t s w e r e s l i g h t l y lo w e r a t t h e e n d o f S e p te m b e r t h a n a m o n th e a rlie r, b u t s till la r g e r t h a n a y e ar ago. L o an s a t re p o rtin g m em ber b a n k s h av e i n c r e a s e d o v e r t h e lo w p o i n t s r e c o r d e d d u r i n g m id su m m er, b u t b o rro w in g s a t t h e F e d e r a l R e se rv e B a n k c o n t i n u e lo w . B u ild in g p e r m its c o n ti n u e t o b e is s u e d a t p r in c ip a l c i t i e s i n t h i s d i s t r i c t i n r a t h e r l a r g e v o lu m e . T h e r e w a s so m e s lig h t im p ro v e m e n t i n t h e e m p lo y m e n t s i t u a t i o n d u r in g S e p te m b e r, a l t h o u g h t h e r e is s till so m e id le n e s s a t v a r io u s p o in ts . R E T A IL T R A D E A f te r s h o w in g u n f a v o r a b le c o m p a r is o n s d u r in g t h e m o n th s o f M ay, J u n e , J u ly a n d A u g u s t, w ith t h e c o r r e s p o n d i n g m o n t h s l a s t y e a r , t h e v o lu m e o f s a l e s b y d e p a r tm e n t s to r e s in t h e S ix th D is tr ic t in S e p te m b e r w a s 6.5 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 1923. T h e in c r e a s e o v e r t h e p re c e d in g m o n th s m a y b e a t t r i b u t e d p a r tl y t o s e a s o n a l b u y in g , b u t t h e c o m p a ris o n w ith a y e a r a g o , re fle c ts t h e in c r e a s e d r e t u r n s b e in g re a liz e d , a n d i n p r o s p e c t, fro m a g r ic u lt u r a l p r o d u c tio n d u rin g th e se a so n j u s t e n d e d . T h e in d e x n u m b e r o f r e t a i l s a l e s f o r S e p t e m b e r i s 96.3, a n d i s h i g h e r t h a n t h e in d e x n u m b e r f o r S e p te m b e r o f t h e p re c e d in g t h r e e y e a r s , b u t s o m e w h a t lo w e r t h a n f o r S e p te m b e r , 1920. N e v e r t h e l e s s , s o m e o f t h e d e p a r t m e n t s to r e s r e p o r t t h a t d u r i n g t h e l a s t h a lf o f S e p te m b e r, w h e n i t r a in e d a t so m e p o in ts e v e ry d a y f o r s e v e n te e n day s, th is a d v e rse w e a th e r h a d q u ite a n e ffe c t on s a l e s d u r i n g t h i s p e r io d . C O N D IT I O N O F R E T A IL T R A D E — S E P T E M B E R 1924 S ix th F e d e ra l R e se rv e D is tr ic t Percentage of Increase or Decrease (1) (2) C o m p a riso n o f net sales w ith those of co rre sp on d in g period la st year B J u ly l A Sept. to Sept. A t la n t a (5).......... B ir m in g h a m (5)— C h a tta n o o g a (6)~ J a ck so n (3)......... N a sh v ille (5)....... N e w O rle an s (5).. S a v a n n a h (3)- -.. O th e r C itie s (12).. D I S T R I C T (44) — 4-19.5 + 9.7 — 6.7 + 2.8 — 3.3 + 8.6 — 3.3 + 2.2 + 6.5 +10.3 + 7.7 - 9.9 + 0.7 -1 1 .5 — 1.0 — 7.6 - 3.5 - 0.4 1 S to c k s at end o f m o n th com pared w ith A Sept. 1923 B Aug. 1924 - 0.5 +13.3 — 9.0 — 0.1 — 16.1 — 2.7 — 5.4 — 3.5 - 2.6 +16.5 + 7.3 + 1.0 +15.8 + 7.8 + 7.2 +15.1 +11.8 + 9.4 (3) Percentage o f average sto cks a t en d o f each m o n th from J u ly to Sept. to aver age s m o n th ly sales over sam e p eriod 447.5 468.7 543.4 591.7 545.6 549.3 673.5 631.5 526.5 1 (4) Percentage o f o u t s t a r d in g orders a t en d o f Sept. 1924 to to ta l p u rch a se s d u r in g ca le n d a r ye ar 192? 6.0 8.2 6.0 7’0 12.4 9,5 4.3 8.7 T H E M O N T H L Y B U S IN E S S W HOLESALE TRA D E C o n s i d e r a b l e im p r o v e m e n t i n w h o l e s a le t r a d e c o n d i t i o n s i n t h e S i x t h F e d e r a l R e s e r v e D i s t r i c t is i n d i c a te d in r e p o rts m ad e to t h e F e d e ra l R e se rv e B a n k b y m o r e t h a n 150 w h o le s a le f ir m s i n n i n e d i f f e r e n t lin e s o f b u s in e s s f o r t h e m o n th o f S e p te m b e r. E ig h t o f t h e s e l i n e s r e p o r t e d l a r g e r s a le s i n S e p t e m b e r t h a n i n A u g u s t , t h e o n l y d e c r e a s e b e i n g r e p o r t e d b y e le c t r i c a l s u p p l y f ir m s w h o s e b u s i n e s s i n A u g u s t w a s a t a h i g h p o i n t . W h o le s a le s t a t i o n e r y firm s r e p o r t e d a s u b s t a n t i a l in c r e a s e o v e r A u g u s t, b u t t h e i r sa le s w e r e tw e lv e p e r c e n t lo w e r t h a n i n S e p t e m b e r , 1923. T h i s is t h e o n l y d e c l i n e c o m p a r e d w i t h S e p t e m b e r la s t y e ar, a lth o u g h th e in c re a s e re p o rte d b y sh o e a n d h a r d w a r e f ir m s w a s sm a ll. M u c h o f th e in c re a s e o v er t h e p re c e d in g m o n th m u s t, of c o u rs e , b e a t t r i b u t e d to s e a s o n a l in flu e n c e s b e c a u s e t h e e a r l y f a ll m o n t h s a r e a lw a y s l a r g e r i n p o i n t o f s a l e s a t w h o l e s a le t h a n t h o s e im m e d ia t e l y p re c e d in g . A n o th e r f a c to r w h ic h m u s t b e c o n s id e r e d h o w e v e r , is t h e f a c t t h a t t h e s e six s t a t e s h a v e t h i s y e a r p r o d u c e d a c o n s id e r a b ly l a r g e r p r o p o r tio n of t h e t o t a l c o tt o n c ro p t h a n t h e y d id a y e a r ag o , a n d f a r m e r s a r e a ls o r e c e iv i n g a b e t t e r r e t u r n f r o m so m e of t h e o th e r c ro p s. C o m p a riso n s o f sa le s b y lin e s a r e in d ic a te d b e lo w : Septem ber 1924 com pared w ith : A u g u s t 1924 Septem ber 1923 G roceries (39 firm s )......... ...... _........ +10.5 +10.5 D r y G o o d s (28 fir m s )-... .. . . ____ ... + 4.5 +17.0 + 0.6 +13.6 +19.6 +33.4 E le ctrica l S u p p lie s (9 fir m s ). +23.5 ~~ 6.1 + 0.4 +21.8 — 12.2 +40.1 + 6.6 + 5.1 +47.3 +25.3 G ro c e rie s S e p t e m b e r s a le s r e p o r t e d b y 39 w h o l e s a le g r o c e r y firm s w e r e 10.5 p e r c e n t l a r g e r t h a n i n A u g u s t , a n d b o re t h e sa m e p e r c e n ta g e r e la tio n o f t h e i r s a le s d u r in g S e p te m b e r la s t y e a r. T h e in c r e a s e d b u s in e s s w a s s h a r e d i n b o t h i n s t a n c e s b y a ll o f t h e c i t i e s s h o w n i n t h e s t a te m e n t . T h e to n e o f t h e r e p o r t s is c h e e r f u l a n d m o s t o f t h e m i n d i c a t e a s a t i s f a c t o r y o u t lo o k . P ric e s o n som e a r tic le s , in c lu d in g c a n n e d g o o d s, a re r e p o r te d to h a v e in c r e a s e d b e c a u s e o f a lim ite d s u p p ly s a i d t o b e d u e t o l a t e c r o p s a n d t h e d r o u g h t . C o l le c tio n s d u r in g S e p te m b e r w e re r e p o r t e d g o o d b y tw e lv e firm s a n d f a i r b y t e n . C a u t i o u s b u y i n g o n t h e p a r t o f b o t h w h o l e s a le r s a n d r e t a i l e r s is i n d i c a t e d i n t h e r e p o r t s , a n d i n v e r y fe w i n s t a n c e s a r e firm s b u y in g fo r m o re t h a n t h e i r c u r r e n t r e q u ir e m e n ts . Septem ber 1924 com pared w ith : A u g u s t 1924 Septem ber 1923 A t la n t a (5 f i r ms ) — +34. 3 + 9.0 J a ck so n v ille (4 f i r m s ) . . - - - . , . - . . . . - - . , , + 0 .6 + 6 .1 M e r id ia n (3 fir m s )............................+24.8 +11.5 N e w O rle a n s (9 firm s)..— . . . ....... + 4.9 + 7.7 V ic k s b u r g (4 firm s)..... ............... . . +13.3 +10.5 O th e r C itie s (14 f ir m s ) . . . . . . . . . . . . . . . . . . +10.8 +16.6 +10.5 D I S T R I C T (39 fir m s ).... . . . . . . . . .... , , . . +10.5 3 R E V IE W D ry G oo d s S e p t e m b e r s a l e s o f d r y g o o d s w e r e l a r g e r a t a ll r e p o r t in g c itie s e x c e p tin g N ew O rle a n s t h a n in A u g u s t, w h ile K n o x v ille a n d N a s h v ille r e p o r t e d s m a ll e r s a l e s t h a n i n S e p t e m b e r , 1923. T h e a g g r e g a t e h o w e v e r w a s a n i n c r e a s e o f 17.0 p e r c e n t o v e r A u g u s t , a n d o f 4.5 p e r c e n t o v er S e p te m b e r la s t y e a r. Som e of th e s e r e p o r ts s t a te t h a t th e ra in y w e a th e r d u rin g th e la s t h a lf of S e p t e m b e r i n t e r f e r e d w i t h t h e i r s a le s , w h ile t h e f l u c t u a t i n g p r i c e o f r a w c o t t o n a ls o h a d s o m e w h a t o f a r e t a r d i n g i n f l u e n c e . C o l le c ti o n s w e r e r e p o r t e d g o o d b y e i g h t firm s , a n d f a i r b y n i n e . C a u t i o u s b u y i n g s t i l l p r e v a i ls , a n d w h ile t h e r e p o r t s s t a t e t h a t s o m e w h o l e s a le firm s a r e p l a c i n g a fe w o r d e r s f o r n e x t s e a s o n ’s g o o d s , m o s t o f t h e b u y i n g is l im i te d t o t h e p r e s e n t s e a s o n , a n d r e ta ile r s a r e b u y in g o n ly fo r c u r r e n t r e q u ir e m e n ts . Septem ber 1924 com pared w ith : A u g u s t 1924 Septem ber 1923 A t la n t a (4 firm s)........ .............. ......... Ja ck so n v ille (4 fir m s )________ ______ K n o x v ille (3 firm s)...... ......... - ...... ...... N a s h v ille ( 3 firm s)__________________ N e w O rle a n s (3 firm s)— .................. . O th e r C itie s (11 firm s)......................... D I S T R I C T (28 fir m s)....... ............. ..... + 7 .8 +17.0 +56.1 +40.7 — 3.0 + 3.2 +17.0 + 6 .4 + 0.2 — 7.9 — 8.1 +19.5 +16.6 + 4.5 H a rd w a re W h o le s a le h a r d w a r e m e r c h a n t s a t a ll r e p o r t i n g c i t i e s r e p o r t e d i n c r e a s e d s a le s o v e r A u g u s t , b u t t h e a g g r e g a t e o f S e p t e m b e r s a l e s w a s o n ly s l i g h t l y l a r g e r t h a n in S e p te m b e r la s t y e a r, d u e t o d e c re a s e s a t N ew O r l e a n s a n d C h a t t a n o o g a . R e p o r t s n e a r l y a ll i n d i c a t e t h a t t h e o u t l o o k f o r b u s i n e s s d u r i n g t h e f a ll a n d w i n t e r is g o o d , a n d s o m e o f t h e m i n d i c a t e t h a t c o u n tr y m e r c h a n ts a re p la c in g m o re o rd e rs t h a n fo r s o m e t im e p a s t , r e f l e c t i n g t h e im p r o v e d c o n d i t i o n i n a g r i c u l t u r a l c o m m u n i ti e s . B u y i n g is , h o w e v e r , l im i te d t o r e q u i r e m e n t s f o r t h e c u r r e n t s e a s o n . Septem ber 1924 com pared w ith : A u g u s t 1924 Septem ber 1923 A t la n t a (3 fir m s ) ------ -------------- . .... C h a t t a n o o g a (3 firm s).......... ......... N e w O rle a n s (5 firms).. O th e r C itie s (12 firm s) . D istric t (30 fir m s)------ - + 4.5 + 8.1 +25.5 +17.4 + 5.4 +21.1 +13.6 +13.0 — 0.6 + 3.9 + 0.7 -17.0 +13.4 + 0.6 F u rn itu re F u r t h e r s e a s o n a l i m p r o v e m e n t is i n d i c a t e d i n r e p o r t s f r o m 20 w h o l e s a le f u r n i t u r e d e a l e r s f o r S e p te m b e r , w h o s e a g g r e g a t e s a l e s w e r e 33.4 p e r c e n t g r e a t e r t h a n i n A u g u s t . T h i s fo llo w s a n i n c r e a s e i n A u g u s t o v e r J u l y o f 46.7 p e r c e n t . T h e r e p o r t s a ls o s h o w a n i n c r e a s e o v e r S e p t e m b e r l a s t y e a r o f n e a r l y 20 p e r c e n t , a l t h o u g h s a l e s a t N a s h v ille w e r e s m a ll e r t h a n fo r t h a t m o n th . T h e r e p o rts in d ic a te , in m a n y in s ta n c e s , t h a t c u r r e n t n e e d s o n l y a r e b e i n g s u p p l i e d , b u t i n a fe w 4 T H E M O N T H L Y c a s e s o r d e rs a r e b e in g p la c e d f o r r e q u ir e m e n ts o f t h e se a so n . N o p ric e c h a n g e s w e re re p o rte d , a n d t h e o u t l o o k is d e s c r i b e d a s g o o d f o r t h e f a l l a n d w i n t e r . Septem ber 1924 com pared w ith : A u g u s t 1924 Septem ber 1923 A t la n t a (7 firm s)................................. .. +32.4 C h a t t a n o o g a (4 fir m s )......................... ..+41.6 N a s h v ille (3 firm s)............................... ..+53.9 O th e r C itie s (6 fir m s )............................. +22.6 D I S T R I C T (20 firm s)........................... .. +33.4 +32.7 +23.0 — 7.4 +15.0 +19.6 E le c tr ic a l S u p p lie s S e p t e m b e r s a l e s b y 9 w h o l e s a le e l e c t r i c a l s u p p l y d e a le r s w e re s o m e w h a t lo w e r t h a n i n A u g u s t, b u t 23.5 p e r c e n t l a r g e r t h a n i n S e p t e m b e r l a s t y e a r . C o l l e c t i o n s w e r e r e p o r t e d g o o d b y t h r e e firm s , f a i r b y fiv e, a n d p o o r b y o n e . P r i c e s w e r e r e p o r t e d g e n e r a l l y s t e a d y , b u t w i t h a fe w s l i g h t d e c l i n e s d u r i n g t h e m o n t h . T h e o u t l o o k is s t a t e d t o b e g o o d , b u t b u y i n g i s l i m i t e d t o n e e d s f o r t h e i m m e d ia t e f u t u r e . Septem ber 1924 com pared w ith : A u g u s t 1924 Septem ber 1923 A t la n t a (3 fir m s )................................. O th e r C itie s (6 fir m s )........................... D I S T R I C T (9 firm s)............................ — 11.6 + 2 .2 — 6.1 +21.6 +26.1 +23.5 Shoes S e p t e m b e r b u s i n e s s r e p o r t e d b y w h o l e s a le s h o e firm s i n c r e a s e d c o n s i d e r a b l y o v e r A u g u s t , b u t i n t h e a g g re g a te w a s a b o u t t h e sa m e a s in S e p te m b e r la s t y e a r . S a le s b y A t l a n t a r e p o r t i n g firm s w e r e s m a ll e r t h a n i n S e p t e m b e r , 1923, b u t s m a ll i n c r e a s e s w e r e r e p o r t e d fro m o t h e r c itie s . P r ic e s a r e r e p o r t e d to h a v e in c r e a s e d v e ry s lig h tly . Septem ber 1924 com pared w ith : A u g u s t 1924 Septem ber 1923 A t la n t a (3 fir m s )................................. O th e r C itie s (7 fir m s )........................... D I S T R I C T (10 firm s)........................... +34.9 +16.5 +21.8 — 3.1 + 2 .2 + 0.4 S a le s o f s t a t i o n e r y i n S e p t e m b e r i n c r e a s e d f o r t y p e r c e n t o v e r A u g u s t, a n d r e p o r ts s t a t e t h a t c u s t o m e r s a r e a s k i n g f o r i m m e d ia t e d e liv e ry . C o lle c t io n s a re r e p o r te d f a ir to g o o d . C o n d itio n s i n t h e w h o l e s a le d r u g b u s i n e s s h a v e u n d e r g o n e n o m a t e r i a l c h a n g e d u r in g t h e m o n th , a c c o rd in g t o s e v e n r e p o r t s w h ic h sh o w s a le s s o m e w h a t l a r g e r t h a n in A u g u s t , o r i n S e p t e m b e r l a s t y e a r . C o l le c ti o n s w e r e f a ir . F a r m I m p le m e n t s a le s b y s e v e n d e a le r s i n t h is d is tr ic t w e re s u b s ta n tia lly la rg e r t h a n in t h e p re c e d in g m o n th , o r in t h e sam e m o n th a y e a r ago. A G R IC U L T U R E C o tto n T h e c o t t o n c r o p d e c l i n e d t o t h e e x t e n t o f 90,000 b a le s i n t h e t w o w e e k s f r o m S e p t e m b e r 16, t o O c t o b e r 1, a c c o r d i n g t o a r e p o r t i s s u e d b y t h e D e p a r t m e n t o f A g ric u ltu re w h ic h e s tim a te d t h e t o t a l p r o d u c tio n fo r B U S IN E S S R E V IE W 1924, b a s e d o n t h e c o n d i t i o n o n O c t o b e r 1, t o b e 12.499.000 b a l e s . L a s t y e a r 10,139,671 b a l e s w e r e g ro w n . T h e c o n d itio n of t h e c ro p o n O c to b e r 1 w a s 53.5 p e r c e n t o f n o r m a l , i n d i c a t i n g a y i e l d p e r a c r e o f 148.0 p o u n d s . A c c o rd in g t o t h i s r e c e n t r e p o r t , p r o s p e c ts f o r c o t t o n p r o d u c tio n i n t h e A tla n tic s t a te s , e x c e p t F lo rid a , g r e a tly d e c lin e d d u r in g t h e l a t t e r h a lf o f S e p te m b e r. E x c e s s iv e r a i n s c h e c k e d t h e o p e n i n g o f b o l ls , a n d c a u s e d r o ttin g of lin t a n d s p ro u tin g of seed . Som e lin t w as lo s t b y b e a tin g ra in s , a n d m u c h o f t h e lin t h a s b e e n r e d u c e d i n g r a d e . S o m e b o l ls c o n s i d e r e d s a f e t h e m id d le o f S e p t e m b e r w e r e f o u n d t o b e i n b a d c o n d itio n . T h e c lo u d y , r a in y w e a t h e r t h a t p r e v a ile d i n t h e c o t t o n a r e a f r o m V i r g i n ia t o G e o r g i a r e s u l t e d i n g r e a t l y i n c r e a s e d w e e v il a c t i v i t y . I n t h e s o u t h e r n t w o - t h i r d s o f G e o r g i a , w e e v ils h a v e b e c o m e n u m e r o u s a n d h a v e p u n c t u r e d m a n y b o l ls , s i n c e p r a c t i c a l l y n o s q u a r e s w e r e f o r m in g f o r t h e m t o f e e d o n . R a i n s a n d c o n s e q u e n t d a m a g e i n A la b a m a w e re le s s s e v e re t h a n in th e A tla n tic s ta te s . T h e r a in s in th is s t a te h a v e b r o u g h t o u t a n e w c r o p o f s q u a r e s a n d b lo o m s w h i c h w ill h a v e n o o t h e r r e s u l t t h a n t h e f u r n i s h i n g o f w e e v il f o o d a n d h a t c h i n g q u a r t e r s , w i t h e f f e c t s t o b e f e lt n e x t y e a r. T h e c o n d itio n o f t n e c ro p im p ro v e d s o m e w h a t in L o u is ia n a d u r in g S e p te m b e r, a n d t h e e s t i m a t e d c r o p is l a r g e r t h a n w a s e x p e c t e d a m o n t h a g o . W e a th e r c o n d i t i o n s i n M is s is s ip p i h a v e b e e n g e n e r a lly f a v o ra b le , a n d d e te r io r a t io n h a s b e e n s m a ll e r t h a n w a s e x p e c te d , r e s u l t i n g i n a s o m e w h a t, h i g h e r e s t i m a t e f o r t h i s s t a t e a ls o t h a n t h a t o f a m o n th ago. A fro s t in T e n n e ss e e o n th e la s t n ig h t o f t h e m o n th w a s s o m e w h a t d a m a g in g i n so m e lo c a l itie s . T h e f o llo w in g t a b l e s s h o w t h e c o n d i t i o n o f t h e c r o p i n t h e s t a t e s o f t h i s d i s t i i 3 t , o n O c t o b e r 1, a m o n t h e a r l i e r a n d a y e a r e a r l ie r , a n d t h e e s t i m a t e d c r o p b a s e d u p o n th e s e c o n d itio n fig u re s . C o n d itio n o f C o tto n C ro p O ct. 1,1924 G e o r g ia .............. ........... F lo r id a ............... ........... A la b a m a ........................ L o u is ia n a ........... ........... M is s is s ip p i..................... T en n essee........... .......... U n it e d S t a te s ..... .......... 53 75 53 49 57 57 53.5 Sept. 1.1924 Sept. 25,1923 64 72 61 47 60 65 59.3 31 20 42 45 37 47 49.5 E s tim a te d p r o d u c tio n O ct. 1, 1924 G e o r g ia ......................... F lo r id a .......................... A la b a m a ........................ L o u is ia n a ...................... M is s is s ip p i..................... Te n n e sse e...................... T o t a l six sta te s .............. T o t a l U n ite d S ta te s ..— 1,118,000 32,000 959,000 423,000 1,113,000 402,000 4,047,000 12,499,000 Sept. 1, 1924 1,209,000 27,000 943,000 871,000 1,033,000 421,000 4,009,000 12,787,000 Sept. 25.1923 700,000 13,000 741,000 340,000 752,000 340,000 2,886,000 11,015,000 T H E M O N T H L Y B U S IN E S S R E V IE W 5 C o tto n G in n in g T obacco A r e p o r t is s u e d b y t h e C e n su s B u r e a u in d ic a te s t h a t c o t t o n g i n n e d t o O c t o b e r 1, 1924, a m o u n t e d t o 4,525,520 b a le s , s h o w in g a v e ry s u b s t a n t i a l i n c r e a s e o v e r la s t y e a r. F ig u re s fo r t h e s ta te s i n t h is F e d e ra l R e se rv e D is tric t, a n d t h e to ta ls , a re sh o w n in t h e t a b l e b e lo w : A f i n a l r e p o r t o n t h e G e o r g ia t o b a c c o c r o p , i s s u e d b y t h e G e o r g ia C o o p e r a t i v e C r o p R e p o r t i n g S e rv ic e , i n d i c a t e s t h a t 30,024,502 p o u n d s o f t o b a c c o w e r e m a r k e te d i n G e o rg ia w a re h o u s e s d u r in g t h e s e a s o n w h i c h e n d e d a b o u t t h e m id d le o f S e p te m b e r . A ll o f t h i s w a s p r o d u c e d i n G e o r g ia e x c e p t 552,000 p o u n d s , w h i c h w a s r e p o r t e d a s b e i n g p r o d u c e d i n A la b a m a , F l o r i d a a n d S o u t h C a r o li n a . T h is i s c o n s i d e r a b ly m o r e t h a n d o u b l e t h e p r o d u c t i o n i n t h e s t a t e i n 1923, w h i c h i s g iv e n a s 11,237,000 p o u n d s . T h e a v e r a g e p r i c e r e c e iv e d f o r t h e 1924 c r o p is r e p o r t e d a s 21.82 c e n t s p e r p o u n d , a n d t h e t o t a l v a lu e o f t h e c r o p is g iv e n a s $6,551,659.86. C o tto n G in n e d to Oct. 1.1924 Sept. 16.1924 Sept. 1.1924 Sept. 25.1923 399,799 A la b a m a ............... F lo r id a ....... .......... 10,958 G e o r g ia ................. 393,786 L o u is ia n a ........... . 263,069 M is s is s ip p i.......... 464,626 Tennessee .............. 15,888 T o t a l U n ite d S ta te s 4,525,520 223,178 8,844 288,131 160,341 226,980 214 2,662,636 65,924 329,908 3,470 .............. 115,593 186,205 57,573 108,436 61,188 109,753 . 3,407 958,204 3,235,974 C o tto n M o v em en t S ix th F e d e ra l R e se rv e D is tr ic t Sept. 1924 A u g . 1924 Sept. 1923 R e c e ip ts— P o r ts : N e w O rle a n s.. ........ ..... . M o b ile ........................... S a v a n n a h ............ ......... 181,818 21,709 148,669 41,990 6,343 19,864 108,550 3,231 55,263 In t e r io r T o w n s : A t la n t a .............. ......... A u g u s t a ......... .............. M o n tg o m e ry ................ . V ic k s b u r g ...................... M a c o n .................... . 17,131 49,909 32,758 8,523 10,522 2,166 6,072 3,676 17,004 1,223 4,275 35,251 13,649 13,649 1,922 S h ip m e n ts — P o r t s : N e w O r le a n s ........ ......... M o b ile ........................... S a v a n n a h ....... ........... . 93,530 11,615 104,050 51,842 5,551 6,498 73,941 183 10,214 In t e r io r T o w n s : A t la n t a ......................... A u g u s t a ........................ M a c o n ........... ................ M o n tg o m e ry .................. V ic k s b u r g .......... ..___ - 9,995 18,537 8,033 22,370 1,883 4,023 3,756 1,274 3,429 18,732 3,776 10,650 966 6,949 912 S t o c k s — P o rts: N e w O rle a n s— ............. M o b ile ........................... S a v a n n a h ............ ........ 129,538 11,298 66,375 40,850 1,389 21,756 75,775 3,228 57,061 In t e r io r T o w n s : A t la n t a ......................... A u g u s t a ........................ M a c o n .................... . M o n t g o m e r y ................. V ic k s b u r g ..................... 10,764 26,360 4,788 15,824 7,446 3,628 8,128 2,229 5,436 801 6,869 25,118 4,373 12,172 2.659 S in c e A u g u s t 1, 1924 1924 1923 1922 1.450,383 1,115,556 51,322 125,301 374,064 430,824 478,855 584,328 2.354,624 972,006 2,256,009 743,566 1,357,000 T h e a c r e a g e p l a n t e d i n t o b a c c o t h i s y e a r w a s 7,000 a c r e s a g a i n s t 4,000 a c r e s l a s t y e a r ; t h e y ie ld w a s n o t a s h i g h a s t h a t o f l a s t y e a r , b u t t o t a l p r o d u c t i o n is e s t i m a t e d a t 5,600,000 p o u n d s , c o m p a r e d w i t h 4,294,000 p o u n d s la s t y e ar. C IT R U S F R U IT S T h e c o n d itio n of o ra n g e s in F lo rid a sh o w s a s lig h t im p ro v e m e n t o v er a m o n th ag o , a n d o n O c to b e r 1 w a s 89 p e r c e n t o f n o r m a l , c o m p a r e d w i t h a u s u a l c o n d i t i o n o f 85 p e r c e n t . T h e c r o p is l a t e b u t m a t u r i t y w as h a s te n e d so m e w h a t b y th e re c e n t cool w e a th e r. T h e c o n d i t i o n o f g r a p e f r u i t i s 85 p e r c e n t o f n o r m a l , t h e s a m e a s o n S e p t e m b e r 1. T h e u s u a l c o n d i t i o n o n O c t o b e r 1 i s 80 p e r c e n t . T h e c r o p i s c o lo r i n g u p n i c e l y a n d m o v e m e n t h a s s t a r t e d f r o m so m e p o i n t s in t h e b e lt. Im p ro v e m e n t is r e p o r te d i n t h e c o n d i t i o n o f lim e s , w i t h h a r v e s t i n g w e ll a d v a n c e d f o r t h e seaso n . O th e r C ro p s T h e c o r n c r o p w a s s m a lle r t h i s y e a r , b a s e d o n O c t o b e r 1 e s t i m a t e s , i n A la b a m a , M is s is s ip p i a n d T e n n e s s e e t h a n l a s t y e a r , b u t i n G e o r g ia a n d F l o r i d a la r g e r p r o d u c tio n w a s in d ic a te d . C o t t o n M o v e m e n t (B a le s ) U n i t e d S t a t e s R e c e ip ts a t a ll U . S . P o r t s - 1,567,203 O v e rla n d across M ississip p i. O h io . P o to m a c R iv e r to 69,237 N o r. M ills a n d C a n a d a . . . In t e r io r sto c k s in excess of th o se h e ld a t close o f com 377,440 m e rcial y e a r.................... S o u th e r n M ills T a k in g s 415,000 (n e t)............................ T o t a l m ovem ent fo r 64 d a y s fro m 8-1 t o d a te .............. 2,428,880 F o re ig n E x p o r ts ................. 1,048,200 A m e rican M ills N . & S. C a n 678,729 a d a ................................. A m e rican O o tto n t h u s f a r - 1,420.000 T h e c o n d itio n o f t h e to b a c c o c ro p in T e n n e s s e e j u m p e d f r o m 71 o n S e p t e m b e r 1 t o 78 o n O c t o b e r 1, a n d r e p r e s e n t s a p r o d u c t i o n o f a b o u t 96,212,000 p o u n d s , c o m p a r e d w i t h 109,500,000 p r o d u c e d l a s t y e ar. 1,772.000 B a s e d o n O c t o b e r 1 e s t i m a t e s a n d p r ic e s , t h e S t a t i s t i c i a n o f t h e A la b a m a D e p a r t m e n t o f A g r ic u l t u r e e s t i m a t e s t h e p r e s e n t v a lu e o f n i n e le a d i n g c r o p s t o b e $226,360,000, c o m p a r e d w i t h t h e h a r v e s t e d v a lu e o f t h e s a m e c r o p s l a s t y e a r o f $209,841,000. In quan tit y p ro d u c e d , th e c ro p s of c o rn , h a y , sw ee t p o ta to e s , s u g a r c a n e s y r u p a n d o a t s w e r e s m a lle r t h a n l a s t y e a r , w h ile i n c r e a s e d r e t u r n s a r e a ls o i n d i c a t e d f r o m c o tto n , p e a n u ts , a n d so rg h u m sy ru p . P e a n u ts in G e o rg ia h a v e re a c h e d t h e e n d o f t h e s e a s o n w ith a T H E 6 M O N T H L Y c o n d i t i o n b e t t e r t h a n l a s t y e a r , a l t h o u g h s t i l l som e* w h a t b e lo w t h e a v e r a g e . T h e e s t i m a t e d p r o d u c t i o n t h i s y e a r is 117,610,000 p o u n d s , c o m p a r e d w i t h a p r o d u c t i o n l a s t y e a r o f 72,824,000 p o u n d s . SU G A R CANE AND SU G A R T h e c o n d itio n of s u g a r c a n e in t h e L o u is ia n a c a n e b e lt d e c lin e d 8 p o in ts d u r in g S e p te m b e r, a n d o n O c t o b e r 1 w a s 44 p e r c e n t o f n o r m a l , b e i n g 31.5 p o i n t s b e lo w t h e t e n - y e a r a v e r a g e c o n d i t i o n o n t h a t d a t e . O ne of th e p rin c ip a l c a u s e s of th e c o n tin u e d d e te r io r a t i o n is t h e p r o t r a c t e d d r o u g h t, w h ic h h a s c o n t in u e d w ith m o re o r le s s r ig o r s in c e e a rly i n J u n e . T h e re h a v e b e e n lo c a l r a in s , b u t n o h e a v y g e n e ra l r a i n s , u n t i l v e r y r e c e n t l y . T h e c r o p is v e r y l a t e , s t a n d s a r e t h i n , a n d t h e s t a l k s h a v e a s m a ll d i a m e t e r a n d a re v e ry s h o r t. T h e c o n d i t i o n o f 44 p e r c e n t o n O c t o b e r 1 f o r e c a s t s a p r o b a b l e y ie ld o f 8 .58 s h o r t t o n s p e r a c r e , a n d a t o t a l p r o d u c t i o n f o r t h e s t a t e o f 1,947,660 s h o r t t o n s o f c a n e , a g a i n s t a p r o d u c t i o n o f 2,386,648 s h o r t t o n s o f c a n e u s e d f o r s u g a r i n 1923. 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 , b a s e d o n t h i s O c t o b e r 1 c o n d i t i o n is e s t i m a t e d a t 137,437 s h o r t t o n s , c o m p a r e d w i t h 162,123 s h o r t to n s of s u g a r la s t y e a r. M O V E M EN T OF SUGAR Raw Sugar— Pounds Sept. 1924 A u g . 1924 Sept. 1923 N e w O r le a n s ......... S a v a n n a h .............. 126,516,307 42,737,249 141,619,975 8,058,598 52,728,689 37,642,874 M e ltin g s : N e w O r le a n s .......... S a v a n n a h .............. 138,367,598 28,706,767 146,012,675 38,048,623 73,783,430 31,479,025 25,202,153 ............. 21,409,287 6,163,849 S to c k s: N e w O r le a n s ......... 13,350,862 S a v a n n a h .............. 14,030,482 R E V IE W H a rv e s tin g a n d t h r a s h in g a r e m a k in g r a p id p ro g re ss w ith w e a th e r fa v o ra b le fo r b o th o p e ra tio n s . A p p r o x i m a t e l y 49 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 u p t o S e p t e m b e r 15. F i e ld s p r o p e r l y i r r i g a t e d w i t h f r e s h w a t e r a r e r e p o r t e d t o b e y i e l d i n g w e ll, b u t in th o s e p la c e s w h e re s a lty w a te r w a s u s e d t h e y ie ld d e c lin e s w ith t h e i n c r e a s e d s a l ty c o n t e n t in th e w a te r. T h e e s tim a te d p r o d u c tio n fo r t h e U n ite d S ta te s is g iv e n a s 32,292,000 b u s h e l s , c o m p a r e d w i t h 33,300,000 b u s h e l s p r o d u c e d l a s t y e a r . M O V E M E N T OF RICE Rough Rice (Sacks) Port of New Orleans Sept. 1924 R e c e ip ts........................ S h ip m e n t s ..................... S to c k -.................. ........ 174,271 231,092 34,244 A u g . 1924 80,544 16,487 91,065 Sept. 1923 98,896 118,223 40,686 Clean Rice (pockets) Port of New Orleans R e c e ip ts........................ S h ip m e n t s ..................... S t o c k ............................. 289,918 232,916 146,886 19,855 1,979 89,884 156,151 156,469 92,631 Receipts of Rough Rice (Barrels) S e a s o n to L a s t se aso n to Sept. 1924 Sept. 30. 1924 Sept. 30, 1923 A s so c ia tio n M i l ls ................. N e w O rle a n s M i l ls ............... O u ts id e M i l ls ...................... 581,349 174,271 193,005 724,802 281,823 287,365 471,419 184,120 175,570 T o t a l - - ........... ......... 948,625 1,293,990 831,109 Distribution of Milled Rice (Pockets) A s so c ia tio n M i l ls ................. N e w O rle a n s M i l ls ............... O u tsid e M i l ls ...................... 354,536 207,225 168,783 433,879 209,678 217,911 595,898 216,896 215,546 T o t a l................ ............ 730,544 861,468 1,028,340 Stock on Hand — Refined Sugar— Pounds Sept. 1924 B U S IN E S S A u g . 1924 Sept. 1923 Sh ip m e n ts: N e w O r le a n s......... S a v a n n a h .............. 126,023,887129,047,300 103,371,041 24,096,262 32,471,746 32,925,099 S to ck s: N e w O rle a n s.......... S a v a n n a h .............. 57,721,082 17,078,576 55,684,436 13,844,956 O ct. 1. 1924 Sept. 1924 O ct. 1.1923 A sso c ia tio n M il ls ................. N e w O rle a n s M i l ls ............... O u tsid e M i l ls ...................... 339,186 172,690 126,427 103,980 177,913 117,060 158,042 114,676 82,800 T o t a l........ .................... 638,303 398,953 355,518 24,471,931 777,051 F IN A N C IA L R IC E T h e c o n d itio n o f t h e ric e c ro p i n L o u is ia n a o n O c t o b e r 1, w a s 73 p e r c e n t o f n o r m a l , h a v i n g f a l l e n o if t w o p o i n t s d u r i n g S e p t e m b e r , a n d b e i n g 11.9 p o i n t s b e lo w t h e t e n - y e a r a v e r a g e c o n d i t i o n o n O c t o b e r 1. T h i s c o n d i t i o n is lo w e r t h a n f o r a n y c o r r e s p o n d i n g d a t e s i n c e 1912, t h e n e a r e s t a p p r o a c h t o i t b e i n g 78 p e r c e n t o n O c t o b e r 1, 1917. A c o n d i t i o n o f 73 p e r c e n t o n O c t o b e r f o r e c a s t s a p r o b a b l e a v e r a g e y ie ld p e r a c r e o f a b o u t 29.7 b u s h e l s , a n d a t o t a l p r o b a b l e p r o d u c t i o n o f 14,410,000 b u s h e l s f o r t h e s t a t e . I n 1923 t h e a v e r a g e w a s 33 b u s h e l s , a n d p r o d u c t i o n w a s 15,840,000 b u s h e l s . W e e k ly r e p o r t s m a d e t o t h e F e d e r a l R e s e r v e B a n k b y 36 m e m b e r b a n k s i n s e l e c t e d c i t i e s o f t h e d i s t r i c t sh o w e d a t o ta l o f lo a n s a n d d is c o u n ts o n O c to b e r 8 s o m e w h a t h i g h e r t h a n t h e y h a v e b e e n o n a n y w e e k ly r e p o r t i n g d a t e s i n c e A p r il, a n d s l i g h t l y h i g h e r t h a n o n th e c o rre s p o n d in g r e p o rt d a te a y e a r ag o . I n v e s tm e n ts o f th e s e b a n k s i n U n ite d S ta te s S e c u ri t i e s w e r e c o n s i d e r a b l y lo w e r t h a n a t t h i s t im e l a s t y e a r, b u t h o ld in g s o f o t h e r s to c k s a n d b o n d s sh o w e d a n i n c r e a s e . B o t h d e m a n d a n d t im e d e p o s i t s w e r e l a r g e r t h a n a y e a r a g o , w h ile a c c o m m o d a t i o n a t t h e F e d e ra l R e se rv e B a n k d e c lin e d v e ry m a te ria lly com p a r e d w i t h t h a t tim e . T H E M O N T H L Y B U S IN E S S T h e r e i s a t o n e o f o p t im i s m c o n t a i n e d i n r e p o r t s r e c e iv e d f r o m a n u m b e r o f m e m b e r b a n k s i n d i f f e r e n t s e c tio n s o f t h e d is tr ic t. T h e la r g e r c o tt o n c ro p p r o d u c e d i n t h i s 1s e c ti o n , w i t h b e t t e r r e t u r n s f r o m so m e o t h e r s ta p le c ro p s , h a s b r o u g h t a c o n s id e r a b ly b e t t e r o u t lo o k w h ic h is r e f le c te d i n r e p o r t s fro m b a n k s a n d fro m v a r io u s lin e s o f b u s in e s s . Member Banks in Selected Cities (000 Omitted) Oct. 8. 1924 Sept. 10. 1924 O ct. 10.1923 B i l ls D is c o u n te d : Secu red b y G o v t. O b lig a tio n s . Se cu red b y S t o c k s a n d B o n d s . A l l O t h e r s .............................. T o t a l................................... U . S . Se c u ritie s........................... O th e r S to c k s a n d B o n d s ............. T o t a l L o a n s . D is c o u n t s a n d I n vestm ents................................. T im e D e p o s it s ............................. D e m a n d D e p o s it s ........................ A c c o m m o d atio n a t F . R . B a n k .... $ 7,668 60,861 357,447 425,976 29.993 42,994 $ 7,803 61,181 346,246 415,230 29,664 40,533 $ 8,963 65,893 350,363 425,219 48,544 38,392 498,963 188,078 285,282 6,536 485,427 186,276 281,482 5,328 512,155 178,423 261,900 43,947 T h e v o lu m e o f b ills d i s c o u n t e d f o r m e m b e r b a n k s b y t h e F e d e ra l R e se rv e B a n k o f A tla n ta re a c h e d a n e w lo w p o i n t f o r t h e y e a r o n O c t o b e r 8. T h e f o l l o w i n g w e e k , f i g u r e s f o r w h i c h a r e s h o w n b e lo w , 7 R E V IE W s h o w e d s o m e r e c o v e r y , b u t d i s c o u n t s o n O c t o b e r 15 w e re s till s lig h tly lo w e r t h a n a m o n th e a r lie r , a n d l e s s t h a n o n e - t h i r d t h e v o lu m e o n t h e c o r r e s p o n d i n g r e p o r t d a t e a y e a r a g o . B ills b o u g h t i n t h e o p e n m a r k e t, a n d U n ite d S ta te s S e c u r itie s , a r e s till h e ld i n l a r g e r v o lu m e t h a n t h e y h a v e b e e n d u r i n g t h e p a s t fe w m o n t h s . R e s e r v e s c o n t i n u e h i g h , a l t h o u g h n o t u p t o t h e fig u re s h o w n a m o n th a g o . D e p o s its w e re s l i g h t l y lo w e r t h a n a m o n t h a g o , w h i l e F e d e r a l R e se rv e N o te s in a c tu a l c ir c u la tio n w e re s o m e w h a t h ig h e r Federal Reserve Bank (000 Omitted) O ct. 15. 1924 Sept. 17. 1924 Oct. 17. 1923 B i l ls D isc o u n te d : Secured b y G o v t. O b lig a tio n s. $ 2,502 $ 1,750 $ 21,108 A l l O th e rs ............................. 22,557 23,713 61,389 T o t a l.................................. 25,060 25,463 82,497 4,004 B i l ls b o u g h t i n o p e n m a r k e t 1,920 5,452 2,852 U . S. Se c u ritie s........................... 3,232 240 T o t a l e a rn in g asse ts.................... 32,296 30,235 88,241 C a s h reserves.............................. 163,864 99,348 £169,277 T o t a l d e p o sits............................. 63,195 64,980 56,707 F . R . N o te s in a c tu a l circ u la tio n . 136,177 134,595* 134,518 Reserve R a t i o .............................. 82.2 84.8 52.0 SAVINGS D EPO SITS— SEPTEM BER 1924. Sept. 1924 $ 31,783,025 22,112,939 20,008,067 20,036.835 47,304,296 90,223,154 231,468,316 B ir m in g h a m (5 b a n k s).. Jack so n v ille (5 b a n k s ).. N a sh v ille (10 b a n k s ) — N e w O rle a n s (8 b a n k s).. O th e r C itie s (59 b a n k s ). T o t a l (94 b a n k s )...... DEBITS TO IND IVIDUAL ACCOUNTS Sixth Federal Reserve District Week E n d in g O ct. 8. 1924 Sept. 10,1924 Oct. 10.1923 A lb a n y .......... ............. $ 1,055,000 $ 1,417,000 $ 1,155,000 31,908,000 29,232,000 A t la n t a ......... ............. 29,613,000 A u g u s t a ........ ............. 8,422.000 7,347,000 7,066,000 B irm in gh a m ... ............. 29,274,000 25,191,000 25,849,000 B r u n s w ic k __ - ........... 765,000 692,000 713,000 8,748,000 C h a t t a n o o g a . ............. 8,786,000 8,316,000 3,264,000 2,941,000 C o lu m b u s ...... 3,414,000 D o t h a n ......... ............. 1,009,000 1,200,000 815,000 E lb e r to n ....... 351,000 225,000 362,000 J a c k s o n ......... ............. 5,600,000 3,500,000 3,780,000 J a c k s o n v ille .. ............. 14,599,000 12,375,000 12,247,000 7,266,000 K n o x v ille ------ ............. 7,542,000 7,257,000 5,289,000 M a c o n ........... . . . . . . . . . . 5,348,000 4,715,000 M e r id ia n ....... ............. 3,892,000 3,420,000 2,088,000 M o b ile ........... 7,782,000 6,266,000 5,602,000 6,134,000 6,194,000 M o n tg o m e ry . ............. 6,671,000 18,358,000 17,137,000 N a s h v ille ...... ............. 17,403,000 N e w n a n ........ ............. 575,000 459,000 434,000 90,440,000 N e w O rle a n s. ............. 65,523,000 68,431,000 P e n s a c o la ------ ............. 1,521,000 1,568,000 1,809,000 S a v a n n a h .— ........... . 11,411,000 12,551,000 12,662,000 8,518,000 T a m p a .......... ............. 7,966,000 6,705,000 V a ld o s t a ....... ............. 1,177,000 1,623,000 1,196.000 2,511,000 1,797,000 V ic k s b u r g . . ... ........... . 1,812,000 T o t a l.......... ............. $269,829,000 $230,300,000 $230,115,000 C O M M E R C IA L F A IL U R E S C o m m e r c ia l f a i l u r e s i n t h e U n i t e d S t a t e s d u r i n g S e p t e m b e r w e r e s m a ll e r , b o t h i n n u m b e r a n d t o t a l lia b ilitie s , t h a n i n A u g u s t, b u t w e re s lig h tly la r g e r t h a n i n S e p t e m b e r 1923 a c c o r d i n g t o f i g u r e s c o m p ile d b y R . G . D u n & C o. T h e n u m b e r o f fa ilu r e s d u r in g S e p t e m b e r j u s t e n d e d w a s s m a ll e r i n e i g h t o f t h e C o m p a r iso n of A u g . 1924 Sept. 1924— A u g . 1924 $ 31,607,311 +0.6 22,023,781 +0.4 19,931,971 +0.4 20,000,806 +0.2 48,011,013 -1 .5 90,347,456 -0 .1 231,922,338 -0.2 Sept. 1923 $ 31,456,218 21,432,038 18,314,803 18,790,083 44,043,921 83,680.123 217,717,186 C o m p a r iso n o f Sept. 1924— 1923 +1 .0 +3.2 +9.2 +6.6 +7.4 +7.8 +6.3 F e d e r a l R e s e r v e D i s t r i c t t h a n i n a n y p r e v io u s m o n t h t h i s y e a r , a n d l i a b i l i t i e s w e r e t h e s m a ll e s t o f t h e y e a r i n f o u r d i s t r i c t s . T h e f o llo w in g t a b l e s s h o w t h e n u m b e r if f a ilu r e s , a n d t h e t o t a l lia b ilitie s , b y d is tric ts . Number of Failures Sept. 1924 itricts: F ir s t — B o s t o n ............ 94 Se c o n d — N e w Y o r k ....... 238 73 T h ir d — P h ila d e lp h ia 102 F o u r t h — C le v e la n d ....... .... 84 F if t h — R ic h m o n d ......... S ix th — A t la n t a ............. 85 Seventh— C h ic a g o ........ 213 71 E ig h t h — St. L o u i s .......... 54 N i n t h — M in n e a p o lis ___ 78 T e n th — K a n s a s C it y — 34 Ele ve n th — D a ll a s .......... 180 T w e lfth — S a n F ra n c isc o T o t a l— U n it e d States.. .. 1,306 A u g . 1924 Sept. 1923 102 280 63 158 101 102 183 91 57 123 52 208 113 228 44 95 66 91 172 71 63 64 79 140 1,520 1,226 Liabilities Sept. 1924 A u g . 1924 Sept. 1923 D is tric ts : F irs t — B o s t o n .....................$ 1,119,242 $ 1,635,381 $ 1,476,871 9,374,964 28,414,523 6,283,981 Se c o n d — N e w Y o r k ............ T h ir d — P h ila d e lp h ia .......... 1,315,533 1,366,943 2,695,645 F o u r t h — C le v e la n d ............. 3,259,688 3,620,367 2,741,378 F if t h — R ic h m o n d ............... 1,212,869 4,233,075 964,349 S ix th — A t la n t a ................... 1,375,317 1,945,017 2,840,497 Seventh— C h ic a g o .............. 8,945,484 3,461,597 6,219,732 E i g h t h - S t . L o u i s .............. 3,586,174 922,409 536.652 N i n t h — M in n e a p o lis ........... 453,528 939,258 637.652 T e n t h — K a n s a s C i t y .......... 1,339,489 5,418,201 1,622,295 Ele ve n th — D a ll a s .............. . 580,455 938,431 1,757,766 T w e lfth — S a n F ra n c isc o — 1,733,523 2,258,779 921,831 T o t a l— U n it e d S t a te s ------ $34,296,276 $55,153,981 128,698,649 8 T H E M O N T H L Y IM P O R T S A N D E X P O R T S P r e l i m i n a r y f i g u r e s c o m p ile d a n d p u b l i s h e d b y t h e D e p a r t m e n t o f C o m m e rc e s h o w in g i m p o r t s a n d ex p o r t s d u r i n g S e p t e m b e r , i n d i c a t e a v o lu m e o f m e r c h a n d is e e x p o r te d d u r in g t h e m o n th la r g e r t h a n f o r a n y s i n g l e m o n t h s i n c e F e b r u a r y 1921. I m p o r t s d u r in g S e p te m b e r w e re la r g e r t h a n fo r J u n e , J u ly o r A u g u s t , a n d w e r e a ls o l a r g e r t h a n d u r i n g t h e c o r r e s p o n d i n g m o n t h i n 1923. B U S IN E S S 158 b a g s f r o m P o r t o R ic o , 15,067 b a g s f r o m H o n d u r a s a n d 5,765 b a g s f r o m M e x ic o . S is a l i m p o r t s i n c r e a s e d f r o m 2,775 t o n s i n A u g u s t 1923 t o 10,515 t o n s d u r i n g A u g u s t t h i s y e a r . M i n e r a l o il g a i n e d a p p r o x i m a t e l y 10,000,000 g a ll o n s , a n d t h e r e w e r e a ls o 1,603,684 p o u n d s o f r i c e i m p o r t e d t h i s y e a r . F ig u re s fo r A u g u s t o f t h e p a s t t e n y e a rs a re sh o w n fo r c o m p a ris o n : A u gu st A u gu st A u gu st A u gu st A u gu st T h e f o l lo w in g t a b l e s h o w s p r e l i m i n a r y f i g u r e s f o r S e p te m b e r, c o r r e c te d fig u re s f o r A u g u s t, a n d co m p a r i s o n s w i t h t h e s a m e m o n t h s i n 1923: Im p o r ts : 1924 1923 $ 253,645,380 Se p te m b er........- ..................... $ 285,000,000 A u g u s t ......................- ............ 254,629,899 275,437,993 9 m o n th s e n d in g w ith Septem ber 2,667,893,336 2,904,137,042 Ex p o rts: Se p te m b er............................... 427,000,000 381,433,570 A u g u s t ......- ......................... 330,672,764 310,965,891 9 m o n th s e n d in g w ith Septem ber 3,124,146,417 2,940,144,675 G o ld a n d S ilv e r I m p o r t s a n d e x p o r t s o f g o ld a n d s ilv e r a r e i n d i c a t e d b y t h e f o l lo w in g f i g u r e s : Im p o r ts : Sept. 1924 G o l d ....................................... $ 6,555,341 Silv e r.........................- ............ 6,916,402 E x p o rts: G o l d ....................................... 4,579,501 Silv e r...................................... 10,345,205 Sept. 1923 $27,803,931 8,517,971 862,697 8,123,460 R E V IE W 1924.......... $21,740,810 A u g u s t 1919.... 1923.......... 5,417,391 A u g u s t 1918.... 1922.......... 10,829,880 A u g u s t 1917......... 1921.......... 7,226,425 A u g u s t 1916______ A u g u s t 1915......... 1920---------- 38,231,152 G r a in E x p o r ts E x p o r ts o f g r a in t h r o u g h t h e p o r t o f N ew O r le a n s d u r in g S e p te m b e r w e re c o n s id e r a b ly la r g e r t h a n in S e p te m b e r o f la s t y e a r. C o rn a n d o a ts s h o w e d i n c r e a s e s , b u t t h e v o lu m e o f w h e a t e x p o r t e d i n S e p t e m b e r w a s 4,344,416 b u s h e l s , c o m p a r e d w i t h o n l y 649,064 b u s h e l s e x p o r t e d i n S e p t e m b e r , 1923. W h e a t e x p o rts in S e p te m b e r w e re la r g e r t h a n f o r a n y m o n th s i n c e A u g u s t 1922. T h e f o l lo w in g t a b l e s h o w s c o m p a r a tiv e fig u re s fo r t h e m o n th , a n d f o r t h e s e a s o n th r o u g h S e p te m b e r: S e a so n t h r o u g h Sept. 1924 Sept. 1923 Sept. 1924 W h e a t.............. 4,344,416 649,034 7,002,055 C o m ................ 175,897 145,216 811,750 O a t s ................ 61,436 44,010 90,826 R y e .......................................... ......................... . T o t a l............ N ew O rle a n s M e rc h a n d is e w a s im p o rte d t h r o u g h t h e p o r t o f N ew O rle a n s d u r in g A u g u s t, t h e l a t e s t m o n th fo r w h ic h f i g u r e s a r e a v a i l a b l e , t o t h e v a lu e o f $21,740,810. T h i s is q u i t e a s u b s t a n t i a l i n c r e a s e o v e r A u g u s t o f l a s t y e a r , a n d w i t h t h e e x c e p t i o n o f A u g u s t 1920 i s l a r g e r th a n fo r t h a t m o n th in a n y re c e n t y e a r. A n in c re a s e i n t h e p r i c e o f c o f f e e o f a b o u t six c e n t s a p o u n d is a n i m p o r t a n t f a c t o r , a s d u r i n g A u g u s t , 1924, 45,000,000 p o u n d s w e re im p o r te d c o m p a re d w ith le s s t h a n 11,500,000 p o u n d s i m p o r t e d d u r i n g A u g u s t , 1923. D u r i n g A u g u s t t h i s y e a r 167,000,000 p o u n d s o f s u g a r w e r e i m p o r t e d c o m p a r e d w i t h 22,684,929 p o u n d s i n A u g u s t la s t y e ar. S u g a r i m p o r t s f o r t h e f i r s t n i n e m o n t h s o f 1924 w e r e l a r g e r b y 878,210 b a g s t h a n d u r i n g t h e s a m e p e r i o d o f 1923. T h e t o t a l a m o u n t r e c e iv e d w a s 3,759,031 b a g s , o f w h i c h 3,701,041 b a g s c a m e f r o m C u b a , 37,- $14,713,208 13,559,626 11,694,165 5,273,349 7,405,234 4,581,749 833,290 7,904,641 Sept. 1923 3,729,214 540,224 101,550 126,428 4,497,416 B U IL D IN G B u ild in g p e r m its is s u e d a t t w e n ty c itie s i n t h e S i x t h D i s t r i c t d u r i n g S e p t e m b e r t o t a l e d $7,554,388, c o n s id e r a b ly lo w e r t h a n i n A u g u s t w h e n t h e h i g h e s t p o i n t o n r e c o r d w a s r e a c h e d , b u t s t i l l 2 7 .7 p e r c e n t g r e a te r th a n in th e c o rre s p o n d in g m o n th a y e a r ago. I t is s i g n i f i c a n t t h a t o f t h e t w e n t y - t w o c i t i e s s h o w n i n t h e s t a t e m e n t b e lo w , s e v e n t e e n r e p o r t e d l a r g e r t o t a l s t h a n i n S e p t e m b e r , 1923. T h e i n d e x n u m b e r f o r t w e n t y c it i e s f o r t h e m o n t h o f S e p t e m b e r is 209.5, a n d c o m p a r e s w i t h S e p t e m b e r o f p r e v io u s y e a r s a s in d ic a te d b y th e s e f ig u r e s : S e p t e m b e r 1924________________________ 209.5 S e p t e m b e r 1923________________________ 164.0 S e p t e m b e r 1922____________ ___________ 187.8 S e p t e m b e r 1921.......................... ............... 156.7 S e p t e m b e r 1920_______________ _______ _130.4 B u i l d i n g P e r m i t s — S e p t e m b e r 1924 S ix th F e d e ra l R e se rv e D is tr ic t A lte ra tio n & R e p a irs N o. V a lu e A la b a m a : A n n is t o n ....... B ir m in g h a m .. M o b ile .......... M o n tgo m e ryF lo rid a : J a c k s o n v ille .. • L a k e la n d ...... M ia m i .......... ♦M iam i B e a c h . O r la n d o ........ P e n s a c o la — T a m p a .......... 7 194 63 89 224 28 107 8 49 50 174 $ N e w B u ild in g s No. V a lu e T o ta l Sept. 1924 800 107,841 27,850 17,168 11 415 21 15 $ 20,525 1,185,956 49,430 39,725 $ 21,325 1,293,797 77,230 56,893 80,521 58,275 101,490 16,000 30,280 15,945 64,678 66 76 237 19 119 11 180 332,840 353,310 1,325,049 392,900 220,870 105,340 308,510 413,361 411,585 1,426,539 403,900 251,150 121,285 373,188 T o ta l S e p t 1923 $ P e rce n tage of In cre a se or Decrease 36,705 748,310 65,241 49,345 — -+ + + 42.0 73.4 18.5 15.3 307,774 172,400 489,725 268,500 167,667 97,942 312,655 + 34.3 +133.7 +191.3 + 52.3 + 49.8 + 23.8 + 19.4 T H E G e o rg ia : A t la n t a ............................................ A u g u s t a . . . . ..................................... C o lu m b u s ......................................... M a c o n .............................................. S a v a n n a h .................................. .— L o u is ia n a : N e w O r le a n s .............................. . A le x a n d ria ........................................ Tennessee: C h a t t a n o o g a .................................... J o h n so n C i t y ............................... . K n o x v ille ............................. ........... N a s h v ille ............ ............................. T o t a l 20 C itie s........................- ............. M O N T H L Y B U S IN E S S R E V IE W 158 136 198,608 22,817 276 19 995,917 36,333 107 ----- 48,630 35 ' 451590 48 46 145,800 12,820 180 20 194 2 149 120 1.917 48,148 530 28,212 87,350 $ 1,039,488 22 30 119 187 1,963 9 1,194,525 59,150 31,000 94,220 89,270 1,131,792 95,047 23,760 61,856 74,025 + 5.5 — 37.8 + 30.5 + 52.3 + 20.6 842,000 29,710 987,800 42,530 1,280,675 57,161 - 2 2 .9 — 25.6 55,000 91,860 423,120 236,855 $ 6,394,630 103,148 92,390 451,332 374,205 $ 7,554.388 105,141 77,895 439,206 292,602 $ 5,914,524 + + + + 1.9 18.6 2.8 27.9 27.7 • N o t in c lu d e d i n to ta ls o r In d e x n u m bers. LUM BER M A N U F A C T U R IN G P r o d u c t i o n d u r i n g S e p t e m b e r b y l u m b e r m ills r e p o r t i n g w e e k ly t o t h e S o u t h e r n P i n e A s s o c i a t i o n w a s i n te r f e r e d w ith t o so m e e x te n t i n so m e p a r ts o f t h e t e r r i t o r y b y e x c e s s iv e r a i n s , b u t o n t h e w h o le r e p o r t s r e c e iv e d f r o m i n d i v i d u a l firm s i n d i c a t e t h a t c o n d i t i o n s h a v e s h o w n im p r o v e m e n t d u r i n g t h e p a s t fe w w e e k s . D u r i n g t h e fiv e w e e k s e n d e d O c t o b e r 10, o r d e r s r e c e iv e d b y r e p o r t i n g m ills r a n g e d b e t w e e n 5 a n d 17 p e r c e n t b e lo w n o r m a l p r o d u c t i o n , s h i p m e n t s r a n g e d b e t w e e n 6 a n d 10 p e r c e n t b e lo w n o r m a l p r o d u c t i o n a n d p r o d u c t i o n i t s e l f r a n g e d b e t w e e n 10 a n d 14 p e r c e n t b e lo w n o r m a l . M a n u f a c t u r e r s r e p o r t a g e n e ra l im p ro v e m e n t i n d e m a n d f o r y a r d a n d s h e d s t o c k s , i n d i c a t i n g t h a t r e ta il e r s * s u p p l i e s a r e r a t h e r lo w , a n d i n d u s t r i a l c o n s u m e r s a n d r a i l r o a d s a r e s a i d t o b e b u y i n g . O f 83 m ills w h i c h r e p o r t e d t h e i r o p e r a t i n g t im e f o r t h e w e e k e n d e d O c t o b e r 10, 66 op e r a t e d f u l l t im e . S ix o f t h e s e o p e r a t e d o v e r t im e , w h ile t h r e e o p e r a te d d o u b le s h if ts . F o llo w in g a r e p r e lim in a r y fig u re s f o r t h e m o n th o f S e p te m b e r, r e p o r t e d b y 138 m ills , w i t h c o m p a r i s o n s : Sept. 1924 138 mills Orders................... , .............. 317.555,399 Shipm ents............................ 332,160,899 P roduction........................... 334,781,050 Normal production these mills.................................... 345,011,835 Stocks end of m onth.......... 847,380,727 Normal stocks these m ills- 967,594,125 Unfilled orders. .................. 222,859,065 Aug. 1924 143 mills 373,136,557 365,962,867 341,872,274 Sept. 1923 143 mills 341,395,592 314,357,657 325,253,573 343,581,176 847,612,391 966,634,042 243,562,836 345,933,465 810,502,529 936,039,303 243,265,497 C O T T O N C O N S U M P T IO N U N IT E D S T A T E S C otton Consumed: Sept. 1924 Aug. 1924 l i n t ............................ 435.216 357,455 _ L inters............................ 49,976 44,296 On H and in Consuming Establishm ents: L in t— . .......................... 514,537 552,669 L inters............. ............. 70,479 83,334 In Public Storage and a t Oompresses: L in t............................... . 2,072,956 810,913 L inters............... -......... . 33,202 44,239 Exports: L in t.......... ............. . 733,512 271,577 L inters............................ 3,493 6,034 Im ports............................... 9,654 4,136 Active Spindles................ . 30,122,334 28,945,603 C O T T O N G R O W IN G S T A T E S Sept. 1924 Aug. 1924 C otton Consumed.............. 303,473 247,766 On H and in Consuming E stablishm ents................ 240,574 228,410 In Public Storage a n d a t Compresses.......... 2,002,473 713,960 Active Spindles. -. 15,962,640 15,293,911 Sept. 1923 485,665 50,652 772,632 93,341 2,147,012 22,678 685,693 3,742 6,603 33,930,948 Sept. 1923 327,260 873,400 2,019,963 16,009,198 C o tto n C lo th C o n fid e n tia l r e p o r ts fo r t h e m o n th o f S e p te m b e r w e r e m a d e t o t h e F e d e r a l R e s e r v e B a n k b y 25 r e p r e s e n t a t i v e c o t t o n m ills w h i c h m a n u f a c t u r e d d u r i n g t h e m o n t h n e a r l y 25,000,000 y a r d s o f c l o t h . T h is o u t p u t i n S e p t e m b e r w a s n e a r l y six p e r c e n t b e lo w t h a t o f A u g u s t o r o f S e p t e m b e r 1923. S h i p m e n t s b y t h e m ills a ls o d e c l i n e d s o m e w h a t c o m p a r e d w i t h b o t h o f th o s e m o n th s . O rd e rs b o o k e d d u r in g S e p te m b e r, w h ile o n l y s l i g h t l y i n e x c e s s o f t h o s e r e c e i v e d i n A u g u s t, w e re m o re t h a n h a lf a g a in a s la r g e a s t h o s e b o o k e d d u rin g t h e sam e m o n th la s t y e a r. U n f ille d o r d e r s a t t h e e n d o f t h e m o n t h , w h i l e s m a ll e r t h a n o n t h e sa m e d a te a y e a r a g o , w e re c o n s id e ra b ly l a r g e r t h a n a t t h e c lo s e o f A u g u s t . S o m e o f t h e m ills r e p o r t t h a t b u s i n e s s i n S e p t e m b e r w a s v e r y s a t i s f a c t o r y , w h ile o t h e r s r e p o r t t h e o p p o s i t e v ie w . Som e re p o rts in d ic a te t h a t o rd e rs sh o w e d q u ite a n im p r o v e m e n t w h e n r a w c o t t o n a d v a n c e d f r o m 21 c e n t s , b u t w h e n i t r e a c h e d 25 c e n t s b u y e r s s e e m e d t o h o l d off. M ills s t i l l c o m p l a in t h a t t h e m a r g i n o f p r o f i t is u n s a t i s f a c t o r y . Septem ber 1924 co m p are d w ith : A u g . 1924 Sept. 1923 C lo t h m a n u fa c tu re d ........ ..................... — 5.6 — 5.8 C l o t h s h ip p e d ........................................ — 9.8 — 0 .1 +52.8 O rd ers b o o k e d ...................... ................................... + 0.6 U n f ille d o r d e r s ......................... ............. +17.7 — 11.7 C lo t h o n h a n d ....................................... + 1 . 3 +15.1 N u m b e r o n p a y r o ll................................ + 5.3 + 3.8 C o tto n Y a rn R e p o r t s t o t h e F e d e r a l R e s e r v e B a n k b y 23 m ttls m a n u fa c tu rin g c o tto n y a rn sh o w ed a to ta l o u tp u t o f o v e r 6,000,000 p o u n d s f o r t h e m o n t h , n e a r l y 14 p e r c e n t g r e a t e r t h a n i n A u g u s t , a n d s h o w in g a s m a ll i n c r e a s e o v e r S e p t e m b e r o f l a s t y e a r . S h i p m e n t s a ls o w e r e l a r g e r , a n d o r d e r s b o o k e d b y t h e m ills d u r i n g S e p te m b e r w e re m o re t h a n d o u b le th o s e i n A u g u s t, a n d o v e r h a lf a g a in a s la rg e a s th o s e b o o k e d d u r i n g S e p t e m b e r , 1923. U n f ille d o r d e r s o n h a n d a t t h e e n d o f t h e m o n t h a ls o r e f l e c t e d t h e im p r o v e m e n t i n d e m a n d . T h e r e p o r t s i n d i c a t e t h a t t h e m ills h a d o rd e rs o n h a n d a t t h e e n d o f S e p te m b e r w h ic h w o u ld t a k e 16 w e e k s ’ o p e r a t i o n t o fill, c o m p a r e d w i t h 8 | w e e k s a m o n t h a g o , a n d 10 w e e k s a t t h i s t i m e l a s t y e a r. T h e re h a s b e e n so m e re s u m p tio n o n t h e p a r t o f m ills w h i c h h a v e b e e n c lo s e d d o w n . T h e r e p o r t s i n d i c a t e t h a t y a r n t a k i n g s b y k n i t t e r s o n b a s i s o f 22 T H E 10 M O N T H L Y c e n ts c o tto n w e re s a tis f a c to r y , b u t t h a t s in c e t h e p ric e o f c o tto n h a s a d v a n c e d o rd e rs h a v e n o t b e e n so n u m ero u s. September 1924 compared w ith: Aug. 1924 Sept. 1923 Y am m anufactured..................................... + 13.9 + 3 .0 Y arn shipped................................................. + 21.7 + 5 .2 Orders booked............................................~ +109.4 +55.8 +12.3 Unfilled orders.............................................. + 39.6 Y am on h a n d ................................................ — 18.2 +22.2 Number on payroll....................................... — 3.6 —21.0 O v e r a lls T h e o u t p u t d u r i n g S e p t e m b e r o f o v e r a lls f a c t o r i e s r e p o r tin g t o t h e F e d e ra l R e se rv e B a n k w a s m o re t h a n d o u b l e t h a t i n A u g u s t, a n d e x c e e d e d t h a t o f S e p t e m b e r, 1923 b y n e a r l y 22 p e r c e n t . S to c k s o n h a n d a ls o sh o w ed la rg e in c re a s e s c o m p a re d w ith b o th of th o s e p e r io d s . O r d e r s r e c e iv e d d u r i n g S e p te m b e r, a n d u n f i ll e d o r d e r s o n h a n d a t t h e e n d o f S e p te m b e r, w e re b o t h c o n s i d e r a b ly l a r g e r t h a n i n A u g u s t, b u t lo w e r t h a n i n S e p te m b e r 1923, w h ile c a n c e l l a t i o n s w e r e la rg e r t h a n in e ith e r o f th o s e m o n th s . T h e re p o rtin g f a c t o r i e s o p e r a t e d a t a n a v e r a g e o f 83 p e r c e n t o f c a p a c i t y i n S e p te m b e r , c o m p a r e d w i t h 71 p e r c e n t i n A u g u s t, a n d w i t h 80 p e r c e n t i n S e p te m b e r a y e a r ago. September 1924 compared w ith: Aug. 1924 Sept. 1923 Overalls m anufactured.......................... . +119.2 +21.9 Overalls on h a n d .......................................... + 35.5 +39.9 Orders booked............................................... +53.7 —16.7 Unfilled orders.............................................. + 50.0 —25.0 Number on payroll...................................... + 97.9 + 3 .9 B ric k P r o d u c tio n a n d d is tr ib u tio n of b ric k w e re in te r f e re d w ith d u r in g S e p te m b e r b y u n f a v o ra b le w e a th e r c o n d itio n s . T h e o u tp u t of b ric k m a n u fa c tu rin g p l a n t s w a s n e a r l y 3 p e r c e n t s m a lle r t h a n i n A u g u s t , a n d m o r e t h a n 10 p e r c e n t b e lo w t h a n i n S e p t e m b e r o f l a s t y e a r . S t o c k s o n h a n d i n c r e a s e d o v e r A u g u s t, a n d o r d e r s s h o w e d a s m a ll i n c r e a s e . P r i c e s w e r e s l i g h tl y lo w e r t h a n i n A u g u s t. September 1924 compared w ith: Aug. 1924 Sept. 1923 Brick m an u factu red ..................................... — 2.9 —10.7 Stocks on h a n d ............................................. +52.6 — 7.3 Orders booked....................... -...................... + 2 .6 +14.3 Unfilled orders.............................................. — 2.6 — 1.5 — 3.6 Number on payroll............................. ......... — 5.2 H o s ie r y T h e f o llo w in g t a b l e c o n t a i n s f i g u r e s r e p o r t e d t o t h e C e n s u s B u r e a u f o r A u g u s t a n d S e p t e m b e r 1924, b y 24 i d e n t i c a l e s t a b l i s h m e n t s m a n u f a c t u r i n g h o s i e ry . P r o d u c t m a n u f a c tu r e d d u r in g th e m o n th of S e p te m b e r sh o w e d a s u b s ta n t ia l in c r e a s e o v e r A u g u s t 1924, a n d t h e r e w a s a ls o a n i n c r e a s e i n t h e s h i p m e n ts d u r in g t h e m o n th o f S e p te m b e r o v e r t h e a m o u n t o f s h ip m e n ts d u r in g A u g u s t. T h e fin is h e d p r o d u c t o n h a n d a t t h e e n d o f S e p t e m b e r w a s le s s t h a n t h e p r o d u c t o n h a n d a t t h e e n d o f A u g u s t , 1924. September 1924 August 1924 Hosiery m anufactured............... -— 461.392 415,089 Shipments ........................................... 520.381 476,808 On Hand end of m onth...................... 1,292 579 1,323,848 Orders booked...................................... 60S, 168 561.230 Cancellations....................................... 25,434 10,878 Unfilled orders,. - ______ ________ 1,086,055 1,008,944 B U S IN E S S R E V IE W EM PLO Y M EN T I n f o r m a tio n a n d r e p o r t s fro m v a rio u s s o u rc e s in d i c a t e t h a t t h e r e w a s s o m e s l i g h t im p r o v e m e n t i n e m p lo y m e n t c o n d i t i o n s i n t h e S i x t h D i s t r i c t d u r i n g S e p te m b e r. C o tto n y a r n m a n u f a c tu r e r s r e p o rte d a s m a lle r n u m b e r e m p lo y e d a t t h e c lo s e o f S e p t e m b e r t h a n a m o n t h e a r l ie r , b u t c l o t h m a n u f a c t u r e r s r e p o r t e d i n c r e a s e d e m p lo y m e n t. T h e f a r m l a b o r s i t u a t i o n a p p e a r s t o b e fa ir ly s a tis f a c to r y . I n f o r m a t i o n c o m p ile d a n d p u b l i s h e d b y t h e D e p a r t m e n t o f L a b o r s h o w s t h a t w h ile t h e r e is s t i l l a s u r p lu s of la b o r a t som e p o in ts i n t h e D is tr ic t, t h e r e w a s so m e g e n e r a l im p r o v e m e n t d u r i n g S e p t e m b e r . S o m e o f t h e t e x t i l e m ills i n G e o r g i a w h i c h h a v e b e e n c lo s e d d o w n h a v e r e s u m e d o p e r a t i o n s . T e x t i le m ills i n N e w O r l e a n s a r e o n p a r t t im e , h o w e v e r , a n d a n u m b e r o f m ills i n M is s is s ip p i a r e s t i l l c lo s e d , w i t h o t h e r s o n p a r t tim e . M o s t o f t h e o t h e r i n d u s t r i a l p l a n t s i n G e o r g ia a r e o p e r a t i n g , a n d t h e l a r g e b u i l d i n g a n d c o n s t r u c t i o n p r o g r a m u n d e r w a y a f f o r d s e m p lo y m e n t t o a l a r g e n u m b e r o f w o r k e r s . T h e s a m e is t r u e i n F lo rid a , a lt h o u g h t h e r e is r e p o r t e d t o b e a s u r p lu s o f w o r k e r s a t s o m e p o i n t s . T h e r e is a ls o a s u r p l u s o f l a b o r r e p o r t e d f r o m A la b a m a , a l t h o u g h t h e r e w a s i m p r o v e m e n t d u r i n g S e p t e m b e r , w h e n c o a l m in e s i n c r e a s e d t h e i r f o r c e s , a n d s t e e l m ills w e r e m a r e a c t i v e . S t r e e t p a v in g a n d h i g h w a y c o n s t r u c t i o n a f f o r d e m p lo y m e n t t o m a n y w o r k e r s . M o b ile a n d M o n tg o m e r y r e p o r t a l a r g e r s u p p l y o f l a b o r t h a n is r e q u i r e d d u e t o p a r t tim e o p e r a t i o n s . T h e r e i s s t i ll a c o n s id e ra b le s u r p lu s i n L o u is ia n a . R a ilr o a d s h o p s a r e o n p a r t tim e r e s u l t i n g i n s o m e i d le n e s s , b u t i n c re a se s h a v e b e e n m ad e to fo rc e s a t o th e r in d u s t r i a l p l a n t s . C o t t o n p i c k i n g h a s g iv e n w o r k t o a l a r g e n u m b e r o f u n s k i l l e d w o r k e r s i n M is s is s ip p i. W h ile so m e im p r o v e m e n t w a s r e p o r t e d i n T e n n e s s e e , t h e r e is s t i l l a s u r p l u s o f w o r k e r s . C o a l m in e s i n T e n n e s s e e h a v e in c r e a s e d o p e ra tio n s , a n d a s i n o t h e r s t a te s , h i g h w a y w o r k c o n t i n u e s t o e m p lo y l a r g e n u m b e r s . COAL T h e p r o d u c tio n o f b itu m in o u s c o a l in t h e U n ite d S t a t e s , a c c o r d i n g t o s t a t i s t i c s c o m p ile d a n d r e l e a s e d b y t h e G e o lo g ic a l S u r v e y , h a s c o n t i n u e d d u r i n g A u g u s t a n d S e p te m b e r to in c re a s e . T h e f i r s t w e e k of S e p te m b e r r e f le c te d t h e c e le b r a tio n o f t h e h o lid a y o n L a b o r D a y b u t s in c e t h a t tim e t h e o u t p u t e a c h w e e k h a s b e e n s t e a d i l y c lim b in g . F o r t h e w e e k e n d e d S e p t e m b e r 27 t h e v o lu m e o f b i t u m i n o u s c o a l m in e d p a s s e d t h e t e n m illio n t o n m a r k f o r t h e f i r s t tim e s i n c e M a r c h f i r s t . A lo n g w i t h t h i s i n c r e a s e i n p r o d u c t i o n , t h e r e h a s b e e n a d e c l i n e i n l o s s e s a t t h e m in e s a s c r i b e d t o “ n o m a r k e t ’*, a n d s o m e i n c r e a s e i n lo s s e s d u e t o t r a n s p o r t a t i o n d i f f ic u l ty , a l t h o u g h m o s t o f th e s e h a v e b e e n d u e to h e a v y r a in s w h ic h c a rrie d a w a y b r i d g e s a n d c a u s e d w a s h o u t s t h a t m a d e i t im p o s s ib l e f o r t h e r a i l r o a d s s e r v i n g s u c h t e r r i t o r y t o fu r n is h c ars. T H E M O N T H L Y B U S IN E S S T h e t o t a l e s tim a te d p r o d u c tio n i n t h e U n ite d S ta te s fo r th e c a le n d a r y e a r, th r o u g h th e w eek e n d i n g O c t o b e r 4, a m o u n t s t o 342,341,000 t o n s , c o m p a r e d w i t h 421,712,000 t o n s p r o d u c e d i n t h e s a m e p e r i o d o f 1923. C o rre s p o n d e n ts i n T e n n e s s e e r e p o r t t h a t c a r lo a d in g s o f c o a l i n t h a t te r r i t o r y a re in c re a s in g c o n s id e r a b l y . T h e d e m a n d f o r a ll g r a d e s i s i n c r e a s i n g , a n d p r i c e s a r e im p r o v in g . T h e f o llo w in g f i g u r e s s h o w t h e w e e k ly o u t p u t f o r S e p te m b e r. 1924 Wock Dtid od * 7,958,000 t o n s Septem ber 6.— ........ ..... Septem ber 13................ .. 9,529,000 t o n s Septem ber 20...... .......... 9,830,000 t o n s Septem ber 27............ — 10,140,000 t o n s O c to b e r 4...................... 10,268,000 t o n s 1923 10,485,000 t o n s 11,378,000 t o n s 11,454,000 t o n s 11,347,000 to n s 10,699,000 t o n s C o m m e rc ia l s t o c k s o f s o f t c o a l o n S e p t e m b e r 1,1924, a r e e s t i m a t e d i n a r e c e n t r e p o r t b y t h e G e o lo g ic a l S u r v e y , t o to te d 47,000,000 t o n s , a d e c r e a s e o f 4,000,000 t o n s f r o m s t o c k s o n J u n e 1, a n d 15,000,000 t o n s f r o m t h e r e c o r d o f J a n u a r y 1, 1924. T h e c o u r s e o f s to c k s h a s b e e n c o n s ta n tly d o w n w a rd s in c e t h e e a r l y w e e k s o f t h e y e a r . S t o c k s o n S e p t e m b e r 1, w e r e 9,000,000 le s s t h a n o n t h e s a m e d a t e a y e a r a g o , b u t w e re m o r e t h a n d o u b l e t h o s e o n S e p t e m b e r 1, 1922. IR O N F u r t h e r i m p r o v e m e n t i n p i g i r o n p r o d u c t i o n is i n d i c a t e d i n s t a t i s t i c s c o m p ile d a n d p u b l i s h e d b y t h e I r o n A ge f o r S e p te m b e r. T h e t o t a l p r o d u c tio n o f ir o n f o r t h e 30 d a y s o f S e p t e m b e r a m o u n t e d t o 2,053,264 t o n s , o r 68,442 t o n s p e r d a y , a s c o m p a r e d w i t h 1,887,145 t o n s , o r 60,875 t o n s p e r d a y d u r i n g t h e 31 d a y s o f A u g u s t . T h i s i s a n i n c r e a s e o f m o r e t h a n 1 2.4 p e r c e n t i n t h e d a il y r a t e o f p r o d u c t i o n o v e r A u g u s t . T h e r e w e r e 26 f u r n a c e s b lo w n i n d u r i n g S e p t e m b e r , a n d o n l y 3 b l o w n o u t , le a v i n g a n e t g a i n o f 23 f u r n a c e s i n a c t iv e o p e r a t i o n o n t h e f i r s t o f O c t o b e r o v e r a m o n t h e a r l ie r . O u r I n d e x n u m b e r o f p i g i r o n p r o d u c t i o n , b a s e d o n t h e s e s t a t i s t i c s o f t h e I r o n A g e , is 8 0.6 f o r S e p t e m b e r , a n d is h i g h e r t h a n t h e i n d e x n u m b e r s f o r t h e t h r e e m o n t h s im m e d ia t e l y p r e c e d in g . C o m p a r is o n s o f t h e s e i n d e x n u m b e r s a r e s h o w n o n p a g e 12 o f t h i s R e v ie w . T h e p r o d u c t i o n o f i r o n i n t h e A la b a m a d i s t r i c t i n S e p t e m b e r w a s a ls o h i g h e r t h a n i n t h e t h r e e m o n t h s p r e c e d in g . T h e S e p t e m b e r o u t p u t w a s 221,190 t o n s , a n d o u r i n d e x n u m b e r f o r A la b a m a p r o d u c t i o n i n S e p t e m b e r is 125.8. T w o a d d i t i o n a l f u r n a c e s w e r e m a d e a c t i v e i n A la b a m a d u r i n g S e p te m b e r . C o r r e s p o n d e n ts s t a t e t h a t i r o n is b e in g s te a d ily s h ip p e d t o t h e f o u n d r i e s . C o n s e r v a ti v e e s t i m a t e s i n d i c a t e t h a t t h e f o u r t h q u a r t e r w a s b e g u n w i t h a b o u t tw o m o n t h s ' p r o b a b l e m a k e a l r e a d y s o ld . S a le s w e r e m a d e i n S e p t e m b e r a s lo w a s $17.50, b u t s i n c e t h e t u r n o f t h e m o n t h t h e p r i c e h a s a v e r a g e d $18.50, a n d s o m e o f t h e s m a lle r i n t e r e s t s a r e q u o t i n g $19.00. 11 R E V IE W T h e f o llo w in g f i g u r e s s h o w t h e u s u a l c o m p a r is o n s : Sept. 1924 U n it e d Sta te s: P r o d u c tio n .............. 2,053,264 D a i ly rate........ ....... 68,442 ♦F u rn ace s a c t iv e . .___ 173 A la b a m a : P r o d u c tio n ......... .... 221,190 D a i ly rate ................ 7,373 ♦F u rn ace s active........ 23 •First o f f o llo w in g m o n th . (a) Corrected sin ce la s t m o n th . A u g . 1924 Sept. 1923 1,887,145 (a) 60,875 (a) 150 (a) 3,125,512 104,184 255 215,556 6,953 21 (a) 213,033 7,103 21 U n f ille d O r d e r s —U . S . S t e e l C o r p 'n . U n f ille d o r d e r s r e p o r t e d b y t h e U n i t e d S t a t e s S t e e l C o r p o r a t i o n o n h a n d a t t h e c lo s e o f S e p t e m b e r b u s i n e s s a m o u n t e d t o 3,473,780, t o n s , l a r g e r t h a n t h e f i g u r e s f o r t h e l a s t t h r e e m o n t h s , b u t lo w e r t h a n t h e t o t a l o f 5,035,750 r e p o r t e d f o r S e p t e m b e r 1923. NAVAL ST O R E S T h e h e av y r a in s over a g o o d p a r t of t h e n a v a l s to re s p r o d u c in g t e r r i t o r y d u r in g t h e l a t t e r p a r t o f S e p t e m b e r r e s u l t e d i n s m a lle r t o t a l r e c e i p t s o f b o t h r o s i n a n d t u r p e n t i n e f o r t h e m o n t h c o m p a r e d w i t h A u g u s t. T h e m o v e m e n t o f b o t h c o m m o d itie s w a s s m a lle r t h a n i n A u g u s t, a n d s u p p lie s o f t u r p e n t i n e a t t h e e n d o f t h e m o n th sh o w e d som e in c re a s e , b u t s to c k s o f ro s in w e r e s l i g h t l y s m a lle r . S t o c k s o f t u r p e n t i n e w e r e l a r g e r t h a n a t t h e e n d o f S e p te m b e r , 1923, b u t s u p p lie s o f r o s i n w e r e s m a lle r. Im p ro v e m e n t in t h e d e m a n d fo r ro s in s d u r in g S e p t e m b e r is r e f l e c t e d i n a n i n c r e a s e i n t h e a v e r a g e p r ic e , r e p o rte d b y t h e T u r p e n tin e a n d R o s in P ro d u c e rs A s s o c ia t io n , f r o m $ 5 .0 7 | i n A u g u s t t o $ 5 .4 7 | i n S e p t e m b e r. T h e a v e r a g e p r e v a i li n g i n S e p t e m b e r , 1923 w a s $4.70. T h e a v e r a g e p r i c e o f t u r p e n t i n e f o r t h e m o n t h o f S e p t e m b e r w a s 82 c e n t s , c o m p a r e d w i t h 83 c e n ts i n A u g u s t, a n d w ith 91§ c e n ts i n S e p te m b e r o f la s t y e ar. Receipts—Turpentine: Sept. 1924 Aug. 1924 Sept. 1923 Savannah...................... 15,720 19,651 16,029 Jacksonville................. 13,921 15,887 14,793 Pensacola....................... 4,723 5,067 4,871 T o ta l........................... Iiosin: Savannah....................... Jacksonville-............ . Pensacola........ ............. T o t a l - . ..................... Shipments—T urpentine: Savannah...................... Jacksonville............ - Pensacola............. ...... T otal_____ _______ Rosin: Savannah...................... Jacksonville............ ... Pensacola— ____ ____ T otal.......................... . Stocks -T urpentine: Savannaa................ . Jacksonville................... Pensacola-—.................. T otal___ ______ Rosin: Savannah...................... Jacksonville................. . Pexisacola....................T o ta l........................... 34,364 40,605 35,693 51,996 47,474 13,739 58,505 52,059 14,312 50,140 48,562 15,606 113,209 124,876 114,308 17,377 6,892 936 17,562 10,273 3,148 11,933 12,627 4,330 25,255 30,988 28,990 64,015 40,463 9,705 45,021 52,315 23,153 42,462 32,637 13,052 114,183 120,489 88,201 11,101 23,233 13,522 12,578 21,204 9,735 17,062 16,152 3,161 52,856 43,567 36,375 102,235 123,641 42,845 114,254 121,640 33,711 117,950 130,035 41,579 274,605 289,564 273,721 12 T H E M O N T H L Y B U S IN E S S R E V IE W 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 i n d e x n u m b e r s , e x c e p t w h e r e i n d i c a t e d o t h e r w i s 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 1919. T h a t is , 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 li n g i n 1919. R E T A IL T R A D E 6 T H D I S T R I C T J u ly A ugust S e p te m b e r J u ly A ugust S e p te m b e r (D e p a rtm e n t S to re s ) 1924 1924 1924 1923 1923 1963 6 5.7 9 1 .8 7 5 .0 8 3 .6 6 2.2 7 6 .8 5 6.3 7 0.4 7 3.8 64.0 99 .4 8 3.5 6 7 .3 71.3 7 6 .7 4 6 .8 5 9 .2 7 3 .7 9 4 .6 121.6 108.1 101.4 9 0 .2 9 6 .8 6 2 .4 8 3 .7 9 6 .3 70.3 9 5 .4 8 2 .6 7 5 .6 69.5 79.5 67.5 69.6 7 7.3 91 69 93 74 119 106 89 74 100 73 112 92 207 151 111 163 72 195 129 199 153 108 172 90 184 138 205 145 124 169 110 185 137 177 141 102 143 82 176 128 179 145 95 153 103 179 135 183 143 127 151 102 176 140 A t l a n t a ____________________________________ B ir m in g h a m _________- ................................ .......... C h a t t a n o o g a ........... .......... ....................................... J a c k s o n —........... ....................................................... 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 ti e s .............................................................. D i s t r i c t (43 f i r m s ) .................................................. R E T A IL 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 ail 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 ic ____ _________________________ C a n d y ....................... .............................. C i g a r .............................................. .............. W H O LESA LE T R A D E 6T H D IS T R IC T G r o c e r i e s ........ ........................................ .......... 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 .................................................... ................. 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 ta ls a n d m e t a l p r o d u c t s . ................. .. B u i ld i n g m a t e r i a l s _______- ....................... C h e m ic a ls 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 is c e ll a n e o u s .......................... ....................... A ll c o m m o d itie s ....... ...................................... B U IL D IN G P E R M IT S 6 T H D I S T R I C T A t l a n t a ______________________ _________ B ir m in g h a m ___________________________ J a c k s o n v i ll e ______ ____________________ N a s h v i l le ___________ _______ _________ N e w O r l e a n s _______ __________ ________ O t h e r C i ti e s _______________ ________ D i s t r i c t (20 c i t i e s ) __________________ P I G 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 la b a m a .................................... ...................... U N F IL L E D O R D E R S — U . S . S T E E L C O R P 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 i s t i c s . (1913= 100) 81.7 58 .8 6 9 .8 3 7 .4 70.3 87.2 9 4 .2 7 9 .7 6 3 .0 85.1 97 .5 114.4 9 1 .6 7 6 .7 9 7 .7 77 .8 65 .6 72.1 4 7 .2 71.1 7 0 .9 9 7 .7 9 0 .2 7 4 .8 87.3 87.4 61 .0 67.1 82.5 87.4 9 4 .4 8 5 .8 71.5 87.2 9 0 .6 119.2 112.9 9 8 ,9 9 2 .1 9 2 .0 6 6 .4 8 0 .2 9 4 .1 9 1 .4 111.6 8 6 .6 7 3 .7 9 3 .1 141 139 188 173 130 169 127 171 112 147 145 144 190 170 130 169 130 171 115 150 143 148 187 168 128 171 131 171 116 149 135 141 193 183 145 190 129 187 121 151 139 142 193 178 145 186 127 183 120 150 144 147 202 176 144 182 128 183 121 154 196.6 566.1 275.3 288.5 298.7 288.8 291.9 193.0 533.5 326.1 263.1 850.3 402.6 404.5 137.2 395.6 138.2 . 197.7 224.8 222.1 209.5 219.7 197.5 136.6 229.2 3 25.8 240.8 232.8 156.3 201.8 9 7 .5 748.9 3 77 .0 178.5 222.6 129.9 2 28.8 102.9 154.6 292.8 145.3 164.0 7 0.0 124.4 7 4.2 122.6 8 0 .6 135.8 144.4 134.3 134.8 131.1 122.6 121.2 53.2 54.9 57.9 9 8 .6 90.3 8 4 .0 ' I
@FedFRASER