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M O N T H L Y B U S I N E S S R E V I E W C o v e r i n g C o n d i t i o n s in 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 . FEDERAL RESERVE BANK OF ATLANTA O SC A R N EW TO N . C h a irm a n an d Fe d e ra l R eserve A gen t VOL. 10, No. 10 (C om piled O ct. 16.1028) ATLANTA, GA., OCTOBER 30, 1925 W ARD A LB E R T S O N . A ssista n t F e d e ra l Reserve A g en t T h is R eview released fo r p u b lic a tio n in M o r^ i.g papers. O ct. 30. BUSINESS CONDITIONS IN THE UNITED STATES (Prepared by the Federal Reserve Board) P roduction in basic in du stries and factory employment increased in September. D istribution of commodities, both a t w holesale and at retail, con tin u ed in large volume, and th e level of prices remained practically unchanged. Production The Federal Reserve Board’s Index of pro d uction advanced 2 per cen t in Sept#mber, n o tw ith stan d in g th e su spension of an th racite m ining. The volume of ou tp u t increased considerably in th e iron and steel, bitum inous coal, and textile industries, w hile th e decreases w hich occurred in some other in du stries were relatively small. Automobile production was larger th a n in A ugust, b u t con tinu ed to reflect th e effects of cur tailm ent in cid en tal to changes in m odels. Number of em ployees on factory payrolls in September was larger th a n in A ugust in nearly all reporting industries. B uilding con tra cts awarded during September did n o t equal th e record level of A ugust, b u t con tinu ed large as compared w ith earlier m onths. T otal con tracts awarded during th e first n ine m onths of th is year were nearly as large as for th e entire year 1924. Crop conditions, as reported by th e D epartm ent of A griculture, showed considerable im provement in Septem ber, and th e in dicated yields of cotton , corn, oats, barley, and h ay were larger th a n a m onth earlier, w hile forecasts of w heat and tobacco production were slightly smaller. M arketing of crops increased furth er in September, b u t was smaller th a n last year. Trade Wholesale trade was 9 per cen t larger in Sep tem ber th a n in A ugust, and sales in all lines except dry goods were larger th a n a year ago. Sales of departm ent store and mail order houses showed consider ably more th a n th e u sual increase in September and were larger th a n a year ago. Stocks of m erchandise a t depart m ent stores also increased in September more th a n u sual and at th e end of th e m onth were 4 per cen t greater th a n a year ago. Wholesale firms in all leading lin es except gro ceries reported smaller stocks on September 30 th a n a m onth earlier. Ind ex of 22 b a sic com m odities ad ju ste d f~>r seasonal v a ria tio n s (1919-100) L a te s t fig u re September 111. Total and m erchandise freight car loadings in Septem ber were larger th a n during th e same m onth of any pre vious year. Coal shipm ents were smaller th a n in A ugust, owing to th e a n th racite strike, and shipm ents of coal and of grain products were smaller th a n in September of la st year. Prices The level of w holesale prices, as m easured by th e index of th e Bureau of Labor S tatistics, declined sligh tly in September. Among groups of com m odities grains, w oolen goods, and furnitu re show ed price declines, w hile prices of coal and building m aterials ad vanced. In th e first h alf of October prices of grains, wool, and rubber increased w hile prices of sheep, hogs, sugar, and co tto n declined. Bank Credit A t member banks in leading cities th e volume of loans, b oth for commercial purposes and on securities, increased furth er b etw een September 16 and October 14, and at th e middle of October to ta l loans of th ese banks were nearly $650,000,000 larger th a n at th e end of July. D uring th e same period demand deposits of th ese banks increased by ab out $360,000,000, b u t w ere below th e level of th e beginning of th e year, w hile th e volume of their borrowings at th e reserve banks increased by about $200,000,000 to th e h ig h est point of th e year. T otal volume of reserve bank credit ou tstan d in g was larger in October th a n a t any other time during 1925, re flectin g increases during th e tw o preceding m onths b oth in discounts for member banks and in acceptances bough t in open m arket. This grow th has been due primarily to th e seasonal increase during th e period of about $100,000,000 in currency in circulation and there has also been a consider able increase in member bank reserve balances, accompany in g a grow th in their deposits. In October th e xates on prime commercial paper were firmer and th e renewal rate on call loans averaged higher th a n in September. In d ex of U . S . B u re a u of L a b o r S ta tis tic s (1913-10) B a se adopted b y B u re a u . L a te s t fig u re September 160. 2 T H E BILLIONS OP DOLLARS __________________ __________ — M O N T H L Y B U S IN E S S R E V IE W BILLIONS OF OOLLARS FEDERAL RESERVE BANK CREDIT Total Bills i and securities!. F A „ V \ & Us diaco J \ Bills La, bought„ ? /— ►V \ 1922 1 A i U.SSe£s/v^ A 1923 w ' 1924* Weekly fig u re s fo r 12 Fe d e ral Reserve B a n k s . 1925 • SIX TH D ISTR IC T SUMMARY. 1924 1925 Weekly fig u re s fo r member b a n k s in 101 le a d in g c itie s. L a te s t fig u re , O ctober 14. L a te s t fig u re O ctober, 21. In m ost in stan ces, sta tistics and other inform ation compiled and gathered for th e M onthly B usiness Review show favorable com parisons for September and early Oc tober w ith figures for th e corresponding period a year ago. R etail trade was directly affected by th e dry, h o t w eather w hich con tinu ed all through September w ith u n u sually high tem peratures, and sales by departm ent stores were n ot equal to th e volume for September a year ago. Wholesale trade, however, while also affected to some ex te n t by w eather conditions, showed considerable improve m ent over A ugust and over September last year, and com m ents contained in m any reports indicate a good outlook for fall and w inter business. The la test report issued by th e Departm ent of A griculture in dicates a crop of 15,226,000 bales, and increases over last year are show n for all of th e sta te s in th is district. The consum ption of cotton in th e cotton-grow ing sta tes during September, according to th e Census B ureau’s statem ent, increased 8.1 per cent over Sep tember a year ago, and increased production of b oth yarn and cloth was reported by mills in th is district. Prices being received for spirits of tu rp en tin e and rosin on th e Savannah naval stores market are su b stan tially larger th a n prevailed at th is time a year ago. Building perm its issued in th is district, for th e fifth consecutive m onth, reached a new high level in September, w hen tw en ty cities reported perm its for buildings to be valued at $21,319,124. The index num ber is 591.2, compared w ith 209.5 for September a year ago. 1923 19Zd D ebits to individual acco u n ts at 23 cities in th e district reflecting probably more accurately th a n any other single index th e volume of b usiness being tran sacted , show ed an increase of 22.8 per cen t for th e w eek ended O ctober 14 over th e same w eek la st year. Savings d eposits at th e end of September were 10.6 per cen t greater th a n a year ago, and demand deposits were also a t a h igh level. R E T A IL TRADE. R etail trade in th e sixth district, reflected in confi dential reports from 48 departm ent stores, exhibited a seasonal increase in Septem ber compared w ith A ugust, b u t showed a decrease in aggregate sales of 7.4 per cen t compared w ith September 1924. Figures reported by 16 stores scattered th rou gh th e d istrict and grouped in th e statem en t below under ‘‘Other C ities” show an increase of 8.9 per cent over September la st year, b u t reports from other p oin ts show n in th e sta tem en t due to th e u n u su a lly warm w eather all th rou gh th e m onth, show decreases. For th e n ine m onths of 1925 sales by th e se 48 stores have been six te n th s of one per cen t greater th a n during th e same period la st year. Stocks of m erchandise on hand a t th e end of September were eight te n th s of one per cen t smaller th a n a year ago, b u t increased 7.1 per cen t over A ugust in preparation for th e fall season. Stock tu rn over for September was n o t q uite so good as in September a year ago, b u t for th e first n in e m onths of 1925 it h as been som ewhat b etter. D etailed com parisons are show n below, and index num bers appear on page 8. CONDITION OF R E T A IL TRADE DURING SEPTEM BER 1925 IN THE S IX TH FED ERAL RESERVE D ISTR IC T BASED ON REPO RTS FROM 48 STORES I 3 N et sa le s--percentage increase or decrease com pared w it h : 5 4 3 Stocks a t end of m o n th . percentage increase or decrease compared w it h : Percentage of sales to average stocks in Sept. (stock tu rn o ve r fo r th e m o n th ): Percentage of sales to average stocks from J a n . 1 to Sept. 30 (Sto ck tu rn o ve r fo r y e a r to date) Percentage of o u tsta n d in g orders a t end of m on th to pu rch ases d u rin g ca le n d a r ye a r, 1924: (A ) Sept. 1924 A tla n ta (5)................................. B irm in g h a m (5)..................... C h attan o o g a 16)................... Ja ck so n (3)................................ N ash ville (5)............................. New O rleans (5).................... S a va n n a h (3)........................... O th er C itie s (16)___ ______ D I S T R IC T (48)..............— - (B ) J a n . 1 to Sept. 30.1924 (A ) Sept. 1924 (B ) A u g . 1925 (A ) 1924 (B ) 1925 (A ) 1924 (B ) 1925 (A ) Aug. (B ) Se p t. — 9.4 — 9.0 -3 2 .7 - 9.4 -1 0 .4 - 5.4 -1 0 .1 + 8.9 - 7.4 + 3.4 + 0.3 —21.0 - 0.5 - 3.3 + 2.5 + 4.6 + 7.3 + 0.6 -1 2 .8 — 1.5 - 2.6 - 6.4 — 4.3 + 6.6 — 4.1 + 2.1 — 0.8 —11.1 +12.9 + 6.0 +16.6 +11.5 + 9.6 +22.0 +14.6 + 7.1 24.5 24.6 22.3 23.8 15.2 20.3 21.9 19.1 17.5 22.5 20.5 216.1 197.4 167.7 177.9 189.8 184.4 160.6 178.1 188.6 245.7 213.9 162.4 183.6 210.1 193.6 187.4 203.2 204.1 4.8 10.9 3.1 4.8 9.3 3.2 22.2 20.9 22.3 21.4 17.9 20.5 22.2 X 9.8 11.5 14.4 8.0 8.3 X 6.5 12.0 13.7 6.4 8.0 T H E M O N T H L Y WHOLESALE TRADE. September reports received from 144 w holesale firms dealing in n in e d ifferen t lin es in th e sixth district show increased volume of sales in all lin es over A ugust, and over September 1924, n otw ith stan d in g th e dry w eather all th rou gh September interfered to some exten t w ith b usiness. Com m ents con tained in m any of th e reports in dicate th a t th e outlook for b usiness during th e fall is good. Some firms in Florida sta te th a t it is d ifficu lt to obtain shipm ents of goods because of th e con gestion of traffic. Index num bers in Groceries, Dry Goods, Hardware and Shoes, for Sep tem ber of th e p ast four years are show n below for com parison : Groceries Dry Goods Hardware Shoes Total September 1925.. 105.2 121.0 113.7 77.5 107.8 September 1924.. 97.5 114.4 91.6 76.7 97.7 September 1923- 91.4 111.6 86.6 73.7 87.2 September 1922- 78.8 94.5 80.2 73.6 81.9 September 1921- 79.5 115.5 73.0 82.4 85.5 Groceries Sales in September by 39 w holesale grocery firms were 14.3 per cen t greater th a n in Au g u st, and 7.2 per cen t greater th a n in September 1924. All p oints show n in th e statem ent reported increased sales over A ugust, b u t there were decreases compared w ith September a year ago reported from A tlanta, Meridian and New Orleans. Some of th e reports sta te th a t prices of sugar, dried beans and tom atoes were rather weak, b u t th a t other canned vegetables and fru its were firm. Col lectio n s were reported good by 10 firms, and fair by 10. P ercentage com parisons of sales are show n below: Sept. 1925 compared with: Aug. 1925 Sept. 1924 — 11.5 Atlanta (5firms)............................ ............+26.0 Jacksonville (4 firms)......................... ........+19.6 +56.1 Meridian (3 firms).......................................+8.9 — 10.9 New Orleans (8 firms).................................+ 6.9 — 15.7 Vicksburg (4 firms)............................. ........+ 2.2 +11.5 Other Cities (15 firms)........................ ....... +21.4 +13.3 DISTRICT (39 firms)...... .......................... +14.3 + 7.2 September reports from 24 w holesale dry goods firms show ed a volume of sales 6.4 per cen t greater th a n in A ugust, and 2.1 per cen t greater th a n in September 1924. Increases over A ugust were reported from all p oints show n in th e table except New Orleans, w hile th e increase.over September la st year is due to a large increase reported from Jacksonville, other p oints re porting sales smaller th a n a year ago. Some of th e reports in dicated a stren gth en in g of prices during th e m onth. C ollections during September were reported excellent by 2 firms, good by 5, and fair by 10. Percentage com parisons are sh ow n in th e ta b le : Sept. 1925 compared with: Aug. 1925 Sept. 1924 Atlanta (3 firms).......... ...............— ... +7.6 —7.1 Jacksonville (3 firms)..................................+27.4 +76.9 Nashville (3 firms)............................+10.9 —6.7 New Orleans (3 firms)......................— — 13.0 — 5.9 Other Cities (12 firms)........................ ........+6.2 —0.1 DISTRICT (24 firms).......................... ....... + 6.4 + 2.1 B U S IN E S S $ R E V IE W According to m any of th e reports, prices did n o t change m aterially during September. C ollections were reported good by 6 firms, and fair by 7. P ercentage comparisons of sales follow : A tla n ta (6 firm s )................... ............................. C h attan o o g a (3 firm s ).................................... N ash ville (3 firm s ).............................................. O th er C ities (6 firm s )...................................... D I S T R IC T (18 firm s )............. ......................... Sept. 1925 compared w it h : A ug . 1925 Sept. 1924 +11.3 + 7.3 +20.8 — 0.5 +16.6 +26.7 +18.9 +29.2 +17.3 +14.0 Electrical Sales of electrical supplies at w holesale, reSupplies ported by 11 firms in th is district, were 19.6 per cen t greater in September th a n in A ugust, and 59.6 per cen t in excess of sales by th ese same firms in September a year ago. The increase over A ugust is partly seasonal, b u t th e com parison w ith a year ago reflects th e co n sta n tly growing demand for radio o u tfits and supplies and th e con tin u ed large volume of con stru ction . Prices did n o t change m aterially during th e m onth. C ollections were reported good by 3 firms, and fair by 7. P ercentage com parisons are show n in th e tab le: Sept. 1925 compared w it h : A ug . 1925 Sept. 1924 +13.6 +41.3 A tla n ta (3 firm s )................... ............ ........... N ew O rleans (3 firm s )..................................... +35.9 +41.1 O th er C itie s (5 firm s )...................................... +19.8 +109.8 D I S T R I C T (11 firm s )....................................... +19.6 +59.6 The figures w hich follow show percentage compari sons of sales in September by firms in th e other four lines, three reports n o t being received in any of th ese lin es from a single city. Increases are show n in all of th ese lines over A ugust, and over September 1924. No material change in prices are indicated in th ese reports, and collections were reported fair to good. Sept. 1925 compared w it h : A ug . 1925 Sept. 1924 Shoes (7 firm s )............. ...........................-— . +14.9 +4.1 +85.9 +49.7 Sta tio n e ry (4 firm s )...................................... . D ru g s (4 firm s ).............-...................................... +13.1 +13.1 F a rm Im plem ents (6 firm s )......................... + 6.8 +65.6 Dry Goods Hardware Septem ber sales by 31 reporting w holesale hardware firms were 10.8 per cen t greater th a n in A ugust, and 15.5 per cen t greater th a n in Septem ber a year ago, all p oin ts reporting increases over b oth m onths except C hattanooga. Prices rem ained firm during September according to m any of th e se reports. Some firms sta ted th a t th e h o t dry w eather delayed th e buying of mer chandise u su ally purchased during September. C ollections were reported excellent by 1 firm, good by 7, fair by 5, and poor by 1. P ercentage com parisons are show n in th e table : Sept. 1925 compared with: Aug. 1925 Sept. 1924 Atlanta (3 firms)........................... +20.3 +31.3 Chattanooga (3 firms)..................... . —0.1 — 13.9 Jacksonville (3 firms).......................... +10.5 +58.6 Nashville (3 firms).............................. +15.5 +13.0 New Orleans (6 firms)......... ............... +5.6 +8.2 Other Cities (13 firms).........-.............. +13.8 +21.9 DISTRICT (31 firms).......................... +10.8 +15.5 F urniture F urnitu re sales at w holesale during Sep tem ber, reported by 18 firms, were 17.3 per ce n t greater th a n in A ugust, and 14 per cen t greater th a n in September 1924. Some of th e reports sta te th a t retail ers in p lacing orders are in sistin g on im mediate delivery. AGRICULTURE Cotton The report issued October 26th, by th e D epartm ent of Agriculture, based upon conditions prevailing on October 18, placed th e D epartm ent’s estim ate of th e co tto n crop at 15,226,000 bales, an increase of 1,295,000 bales over th e estim ate a m onth earlier, and 1,598,064 bales greater th a n th e final ginnings from th e 1924 crop. For th e six sta te s of th is district th e estim ate in dicates a production of 5,585,000 bales, an increase of 1,581,108 bales over th e ginnings in th ese sta te s la st year. The rapidity w ith w hich th e crop has m atured is in dicated in th e fa ct th a t, according to th e Census B ureau’s statem ent, 9,519,781 bales of th is year’s crop had been ginned u p to October 18, compared w ith 7,615,981 bales ginned la st year up to th e same time. Rains w hich have fallen in some parts of th e district during th e la tter part of September and in Oc tober have interfered to some exten t w ith picking, and have probably caused some lowe dng of th e grade of th e co tto n w hich was unpicked. T he crop h as tu rn ed o u t b etter th a n was expected in m any parts of th e d istrict. In Ala bama it is estim ated th a t approximately 69 per cen t of th e crop had been ginned prior to October 1, th e largest am ount ginned to th is date since 1914, and th e largest proportion of any crop ginned up to th is time of th e season. A lthough very low yields were realized in about th irty cou n ties in th e n orth eastern part of Georgia, th e splendid crop in so u th ern cou n ties o ffset th is to a great extent. Practically all parts of th e sta te have a larger co tto n acreage th a n la st year. The in dicated crop in Mississippi is th e largest pro duced in th a t sta te since 1904, and ginnings have been larger th a n ever before up to th e same time of th e year. Rains early in September have caused an improvement in prospects of th e crop in T ennessee, w here p la n ts th a t were shriveling and drying took on new life, w ith th e resu lt th a t innum erable bolls th a t seem ed hopeless have filled and opened. T he follow ing figures show th e la te st estim ate of th e 1925 crop for th e sta te s of th is district, and final ginnings la st y e a r : 4 T H E M O N T H L Y F in a l 1924 1,030,092 19,762 985,276 496,232 1,116,611 355,929 13,627,936 Estim ated 1925 G eo rg ia.................................... ................ H o n d a ..................................... ................... A la b a m a ................................-................. L o u is ia n a .................................................. M ississip p i................................................ Tennessee.................................................. U n ite d S tates.................................................... B U S IN E S S 1.12U.000 40,000 1,270,000 860,000 1,820,000 475,000 15,226,000 J,this year, compared w ith last year, are show n b elow : G eo rgia....................................-.............. F lo r id a ................................................... A la b a m a ................................. -............... L o u is ia n a ................................................ ■ M ississip p i................- ........................... Tennessee-.............................................. U n ite d State s......................-.............. 1925 1,051,785 35,900 1,064,222 6d3,485 1,182,2*2 234,672 9,519,784 1924 668,179 16,295 658,942 369,416 723,685 105,796 7,600,836 Other Crops. A recent statem en t by th e Cooperative Crop R eporting Service in dicates th a t over 49 m illion pounds of tobacco were sold at th e Georgia m arkets th is season, compared w ith a little over 30 m illion pounds m arketed during th e 1924 season. B ecause of th e lower quality, however, and th e smaller average price, th e crop brought only a little over 7 million dollars, compared w ith a little more th a n 6 million dollars for th e 1924 crop. A nother short corn crop is being harvested in Georgia. The severe drought caused alm ost a complete failure of th e crop in some cou n ties, and th e D epartm ent estim ates th e to ta l production at 41,943,000 bushels, compared w ith 50.203.000 b ushels harvested la st year. The estim ates for Louisiana and Mississippi are m uch more favorable, th e Louisiana crop show ing an increase of 38 per cen t over la st year, and th e M ississippi crop show ing an increase of 44 per cent. The Georgia crop of sw eet p otatoes is also som ewhat smaller th a n la st year, w hile in Louisiana th e estim ated production is 7,079,000 bushels, compared w ith 3.900.000 b ushels last year, and in Mississippi th e crop is estim ated at 8,294,000 b ush els compared w ith 4,400,000 bushels last year. Cotton Movement—Sixth D istrict.—Bales. Sept. 1925 A ug . 1925 R ece ip ts: Sept. 1924 341,223 51,712 . 220,362 . 34,892 „ 117,992 44,918 . 28,081 181,818 21,709 148,669 17,131 49,909 32,758 10,522 303,321 35,345 165,605 27,407 80,921 21.227 20,485 11,865 S to ck s: 89,060 9,005 100.671 8,306 28,298 11.193 3,698 84,787 7,126 50,188 5,965 18,859 7,324 3,546 3,008 129,538 11,298 66,375 10,764 26,360 15,824 4,788 7,446 Cotton Movement—United States Since Aug 1. (Bales) 1925 1,995,752 1924 1,545,098 w ith a prod action of 1,228,33.9 short to n s of cane u sed for sugar in 1924. The Departm ent estim ates th a t 229,787 short ton s of sugar will be produced th is year, compared w ith 88,483 sh ort to n s produced in 1924. Movement of Sugar. R eceip ts: New O rleans....................... S a v a n n a h ...... ...................... M elting s: New O rleans ...................... S a v a n n a h .......................... S to ck s: New O rleans....................... Savannfth Sept. 1925 SUGAR CANE AND SUGAR The Louisiana sugar cane crop held its own during th e m onth of September, and th e condition on October 1 was reported as 78 per cent of normal, th e same as a m onth earlier. This compares w ith a condition of 44 per cen t on October 1 la st year, and w ith a ten year average condition on October 1 of 71.9 per cent. Rains and high tem peratures in th e cane b elt have enabled th e cane to make grow th su ffi cient to offset borer damage, w hich in some in stan ces, was reported very severe. The condition of 78 per cent on Oc tober 1, according to th e D epartm ent of A griculture’s re port, forecasts a probable production of 3,274,713 short to n s of cane on th e acreage to be u sed for sugar, compared Sept. 1924 A u g . 1925 147,236,511 39,203,704 150,134,234 55,265,854 126,516,307 42,737,249 134,245,155 38,453,706 155,145,663 55,265,854 133,367,598 28,706,767 15,589,151 19,375,580 13,350,862 14,030,482 749.993 Refined Sugar (Pounds). Sept. 1925 S h ip m en ts: New O rleans ...................... S a v a n n a h .... ...................... Sto ck s: N ew O rleans....................... S a v a n n a h .......................... A ug . 1925 Sept. 1924 123,211,486 33,980,056 148,323,006 39,847,265 128,023,887 24,096,262 61,368,974 3,544,590 56,166,388 1,872,195 57.721,032 17,078,576 R IC E The report of the Department of Agriculture on the Louisiana rice crop shows that, as in the case of sugar, the rice crop held its own during September because of the rainfall over most sections of the rice belt. The condition on October 1 was the same as on September 1, 70 per cent of normal; a year ago the condition was 73 per cent. The low condition is due to the lack of sufficient supply of fresh water in the canals for irrigation purposes. This condition was prevalent to some extent at this time last year, and due to dry weather. The Department’s latest estimate is 15,612,800 bushels, compared with 17,078,000 bushels produced in 1924. Rice Movement. Rough Rice (Sacks) Port of New Orleans. Sept. 1925 R eceip ts.................................................. 128,641 S h ip m en ts............................................. 131,766 S to ck ......................................................... 20,511 A u g . 1925 129,073 109,283 23,636 Sept. 1924 174.271 231,092 34,244 Clean Rice (Pockets) Port of New Orleans. R eceip ts....................................... .......... Sh ip m en ts............................................. S to c k ........................................................ 1S1.348 135,778 135,374 127.329 101,054 89,804 289,918 232,916 146,886 Receipts of Rough Rice (Barrels). Season to Season to Sept. 1925 Sept. 30,1925 Sept. 30,1924 A ssociation M ills-............................ 596,233 943,382 724,802 N ew O rleans M ills........................... 127,597 260.516 281,823 215.700 287,365 O utside M ills...................................... 129,450 853.330 1,419.598 1,293,990 Distribution of Milled Rice (Pockets). A ssociation M ills.............................. 420,558 N ew O rleans M ills...................... - 104,261 O utside M ills ...................................... 94.259 619,078 1923 1,417,610 R eceipts a t a ll U . S. P o rts............ O verland across M ississippi, O h io, Potom ac R ivers to N or. M ills an d C a n a d a — 76,361 78,361 51,322 In te rio r stock in excess of those h eld a t close of com m ercial 661,092 376,360 374,064 y e a r................................................... 552,000 402,144 469,873 So u th e rn M ills T a k in g s net 2,402,078 2,312,869 T o ta l fo r 63 d ays.................................. 3,285,205 _________ 1,033,567 Fo reig n exports..................................... 1,232,736 A m erican C o tto n th u s f a r ............ 1,726,000 1,393,000 1,315,000 ♦American M ills N or. & South & .................. 673,600 787,415 C a n a d a ...... .................................... •O f w h ic h 184,544 b y N o rthern sp in ners ag ain st 205,637 la s t year an d 602.871 b y So u th e rn sp in ners ag ain st 467,963 la st ye ar. R E V IE W 598,195 202,361 133,761 934,317 433,879 209,678 217,911 861,468 Stock. Oct.. 1. 1925 376,645 149,299 106,500 Sept. 1. 1925 226,659 110,277 61,250 O ct. 1924 339.186 * 172.690 126,427 632,444 A ssociation M ills ............................. N ew O rleans M ills.......................... O utside M ills— ................................ 398,186 638,303 FIN AN CIAL. R eports for September and early October show su b stan tial increases over th e corresponding period a year ago in loans, discou nts, investm ents, demand and savings deposits, and in th e volume of business tran sacted by check as represented in debits to individual accoun ts. The to ta l debits to individual accou n ts at 23 reporting cities in th is district, show n in a table on th e follow ing page, was 22.8 per cen t greater for th e week ended October 14 th a n for th e corresponding week la st year. Savings deposits on hand at th e close of September, reported by 93 banks in th e district, were 10.6 per cen t greater th a n on th e corres ponding date la st year, and were 3.5 per cen t greater th a n a m onth earlier. Weekly reports of 36 member banks lo cated in A tlanta, New Orleans, Birmingham, Jacksonville, Nashville, C hattanooga, Knoxville and Savannah for Oc tober 7 show ed a to ta l of discou nts am ounting to $524,898,000, an increase of $20,054,000 over figures for September 9, and $98,922,000 greater th a n on October 8, 1924. The volume of U nited S tates Securities and of Other Stocks and Bonds T H E M O N T H L Y B U S IN E S S held by th e se 36 banks increased $4,883,000 since September 9, and was $22,213,000 greater th a n on October 8 a year ago. The to ta l loans, d iscou n ts and investm ents on October 7 was $24,942,000 greater th a n on September 9, and $121,135,000 greater th a n on October 8 la st year. Time and demand deposits both increased over a m onth ago, and time de posits were $19,031,000 greater th a n a year ago, and demand d ep osits were $75,350,000 greater th a n at th a t time. Member Banks in Selected Cities. (000 Omitted). OCC. 7. B ills D isco u n te d : 1925 Secured b y G o vt. O b lig atio n s $ 7,352 Secured b y Stocks an d B o n d s 98,549 A ll o th e rs ............................................. 418,997 T o ta l D isco u n ts............................... 524,898 U . S . Se cu ritie s.......................................... 42,354 O th er Stocks an d B o n d s.................... 52,846 T o ta l lo ans, discounts an d in vest m ents............................................... ........ 620,098 Tim e deposits................- ..................—. 207,109 Dem and deposits............................ ........ 360,632 Accom m odation a t F . R . B a n k — 19,078 Sept. 9, 1925 $ 7,306 92,803 404,735 504,844 38,738 51,574 O ct. 8. 1924 $ 7,668 60,861 357,447 425,976 29.993 42.994 595,156 206,715 355,107 15,840 498,963 188,078 285,282 T otal borrowing from th e Federal Reserve Bank of A tlanta indicated in th e w eekly statem en t for O ctober 14 am ounted to $30,075,000, compared w ith $28,885,000 on Sep tember 16, and w ith $25,060,000 on October 15 a year ago. Bills bough t in th e open m arket totaled $21,921,000 on October 14, compared w ith $12,088,000 four weeks earlier, and w ith $4,004,000 on th e corresponding report date la st year. U nited S tates securities owned by th e Federal Reserve Bank am ounted to $14,330,000, a small increase over th e figure for a m onth earlier, b ut considerably larger th a n th e to ta l of $3,232,000 for th e same report date a year ago. The total of bills and secu rities on October 14 was $66,588,000, an increase of $11,448,000 over th e figure for September 16, and more th an double th e figure for October 15 la st year. Reserves were nearly ten million dollars greater th a n a year ago, and b oth deposits and Federal Reserve N otes in circulation increased about tw en ty mil lion dollars over th a t period. Federal Reserve Bank. O ct. 14. 1925 B ills D isco u n te d : Secured by G o vt. O b lig atio ns $ 6,397 23,678 A ll O th ers— ....................................... 30,075 T o t a l D isco u n ts................-............ 21,921 B ills bo ug ht in open m a rk e t----14,330 U . S . S e cu ritie s................................... .. 66,588 T o ta l b ills an d se cu ritie s.................. C a sh Reserves-........................................... 173,690 84,042 T o ta l deposits............................................ F . R . Notes in a c tu a l c irc u la tio n 157,598 71.9 Reserve R a tio ........... .................................. Sept. 16. 1925 $ 6,494 22,391 28,885 12,038 13,860 55,140 168,937 81,152 147,631 73.8 O ct. 15. 1924 $ 2,502 22,557 25.060 4,004 3,232 32,296 163,864 63,195 136,177 62.2 Savings Deposits. (000 Omitted.) A tla n ta (7 b a n k s )...........$ B irm in g h a m (5 b a n k s) Ja c k so n v ille (5 b a n k s) N ashvU le (10 b a n k s )— N ew O rleans (8 b a n k s) O th er C itie s (58 b a n k s) T o ta l (93 b a n k s )_______ C o m pariC om pari son of son of A u g . Sept. 1925- Sept. Sept. Sept. 1925 A u g . 1925 1924 1925-1924 1925 ~ ‘ * 33,457 $ 32,273 + 3.7 $ 31,733 + 5.3 23,860 + 0.1 -----22,113 + 8.0 23,886 20,003 +25.9 24,557 + 2.6 25,193 20,037 +13.2 19,798 +14-5 22,676 47,304 + 0.2 47,567 — 0.3 47,420 98,777 + 4.1 89.820 +14.5 102,825 255,457 246 832 + 3.5 23t ,065 +10.6 DEBITS TO INDIVIDUAL ACCOUNTS Sixth Federal Reserve D istrict. Week Ending Oct. 14, 1925Sept. 9. 1925 Oct. 15.1924 Albany................................. $ 1,359,000 $ 2,202,000 $ 1,286,000 Atlanta................................ ................ 41,991,000 30,961,000 33,379,000 Augusta................................................ 9,461,000 6,698.000 7,574,000 Birmingham...................................... 32,670.000 26,840.000 31,594,000 Brunswick.......................................... 796,000 690,000 521,000 Chattanooga.................................... 11,602,000 9,284,000 10,025,000 Columbus........................................... 3,916,000 4,262,000 3,096,000 Dothan.................................................. 1,298,000 1,482,000 1,050,000 Elberton............................................... 280,000 187,000 316,000 Jackson.......................................................................... 4,100,000 5,500,000 Jacksonville....................................... 26,800,000 22,250,000 12,639,000 Knoxville............................................. 8,008,000 6,635,000 7,368,000 Macon-................................................ 6,379,000 6,418,000 5,766,000 Meridian-.— . ............................... 4,105,000 4,205,000 3,542,000 Mobile............. ...................................... 10,055,000 7,893,000 7,341,000 Montgomery...................................... 7,038,000 6,500,000 6,135,000 Nashville............. ................................ 18.475,000 16,476,000 18,647,000 Newnan........................ ....................... 735,000 486,000 477.000 New Orleans..................................... 89,482,000 77,973,000 83,838,000 Pensacola............................................ 2,240,000 1,751.000 1,379,000 Savannah............................................ 14,423,000 14,049.000 10,141,000 Tampa................................................. 21,709.000 18,910.000 7,820.000 Valdosta...................................... .. 1,570.000 1,830,000 1,153,000 Vicksburg............................ .. 2,350,000 2,069,000 2,917,000 Total 23 cities..................................$316,742,000 $270,056,000 $258,004,000 & R E V IE W Commercial Failures. The following table contains figures compiled by R. G. D un & Co., show ing th e number and liabilities of failing firms in th e U nited S tates during September, separated by districts. The to ta l liabilities for th e United States for September are th e sm allest for any m onth in two years, and th e number is th e sm allest since September la st year. Num ber L ia b ilitie s L ia b ilitie s D is tric t Sept. 1924 Sept. 1925 A ug . 1925 B o sto n ..................... .............. 144 $ 7,700,181 $ 2,362,284 New Y o r k ............ .............. 257 6,623,159 5,163,046 P h ila d e lp h ia ..... .............. 64 928,390 748,439 .............. 131 1,439,015 C leve lan d .............. 4,871,170 2,330,536 R ich m o n d ............. .............. 101 1,565,924 A tla n ta ................... .............. 61 1,533,988 1,179,942 .............. 202 4,500,402 6,923,656 1,133,071 S t. L o u is ................ .............. 54 1,049,444 405,371 M in neap olis...... .............. 66 894,217 853,793 K a n s a s C it y ---- .............. 88 1,610,394 412,370 D a lla s ..................... .............. 46 1,039,183 2,817,043 S a n F ra n c isc o .................. 251 9,731,162 T o t a l................ ...........1,465 $30,687,319 $37,158,861 L ia b ilitie s Sept. 1924 $ 1,119,242 9,374,964 1,315,533 3,259,688 1,212,a69 1,375,317 8,945,494 3,536,174 453,528 1,339,489 5*0,455 1,733,523 $34,296,276 IMPORTS AND EXPO RTS. Prelim inary figures for September, compiled and pub lished by th e D epartm ent of Commerce, in d icate an in crease of ab out n ine million dollars in th e value of imports in September, compared w ith A ugust, and an in crease of $42,137,453 dollars in th e value of exports. Compared w ith September 1924, im ports show ed an increase of nearly 62 million dollars, w hile exports showed a decrease of near ly 5£ m illions. For th e m onth of September th is year, exports exceeded im ports by 73 million dollars, w hile for th e same m onth a year ago there was an excess of over 140 million dollars in th e value of exports over imports. Pre liminary figures for September, w ith comparisons, are show n below: 1925 Im p o rts: Septem b er............................................. $ 349,000,000 A u g u st.........................r — . : ................. 340,074,140 9 m onths ending S e p te m b e r... 3,078,549,034 E x p o rts: September............................................... $ 422,000,000 A u g u st....................................................... 379,862,547 9 m onths ending S e p te m b e r... 3,504,823,015 1924 $ 237,144,334 254,542,143 2,669,870,914 $ 427,459,531 330,659,566 3,124,490,750 New Orleans. M erchandise valued a t $17,918,819 was im ported th rou gh th e port of New Orleans during th e m onth of July, th e la te st m onth for w hich detailed figures are available. This to ta l is a little smaller th a n was recorded in June, b u t is $2,618,219 greater th a n th e value of im ports in July 1924, and also exceeds figures for July of any previous year excepting 1920. Increases in b oth volume and value were recorded for m olasses, petroleum , gasoline, and bananas. The value of Ju ly im ports of coffee, sugar, creosote oil and burlap was greater th a n in Ju ly a year ago alth ou gh th e q u a n tity im ported was smaller. M ahogany and new sprint paper showed declines in b oth volume and value. Some of th e principal articles im ported during Ju ly are show n b elo w : M ahogany, feet-. Volum e 34,435,069 93,312,687 9,182,523 34,020.000 9,7 2,268 2,919,319 1,935.787 2,139.361 395.000 3,891,403 V a lu e $7,291,372 4,814,334 733,135 933,643 981,852 338,179 949.643 273.230 35,919 114,425 The follow ing figures, show ing th e value of im ports a t New Orleans during Ju ly of preceding years, are show n for com parison: J u ly 1925....................... $17,918,819 J u ly 1924....................... 15,300,600 J u ly 1923........................ 11,654,615 J u ly 1922...................... $12,9S0,157 J u ly 1921....................... 6,177,936 J u ly 1920....................... 34,037,935 The to ta l value of m erchandise exported through th e port of New Orleans during Ju ly was $30,746,626, nearly six million dollars greater th a n exports for June, some of th e principal commodities being: 6 T H E Volum e 30,444 49,169,298 21,566,532 12.148,279 1,873,901 9,486,235 31,146,826 4,716,493 190,866 22,998,799 10,720 5,849 7,030,531 S h o rt staple cotton, bales................................. G aso lin e , in b u lk , g a llo n s - ............................ G as an d fu e l, o ils, g allo ns---- -----------Illu m in a tin g o il, b u lk , g allo n s...................... C y lin d e r lu b ric a tin g o il, g allo n s.................. C rud e petroleum , g allo n s................................... Tob acco, p o u n d s ...................................-............... L a r d , p o un d s............................ ............ ..................... W heat flo u r, b a rre ls.................................. ............. Su g ar, p o u n d s.............................. -........................... R o u g h S o u . P in e B o ard s, M f t ....................... O ak boards, M f t ....................................................... R e fin e d p a ra ffin w ax, p o u n d s........ .............. M O N T H L Y V alu e $3,815,667 7,381,3d2 795,204 665,367 500,661 348,609 3,058,220 903,741 ,499,831 901,608 559,435 359,800 377,263 Grain Exports. Exports of grain th rou gh New Orleans during Septem ber show a su b stan tial decrease due to th e small quan tity of w heat shipped. Increases are show n in th e volume of corn and oats exported compared w ith September 1924. The table below show s figures for th e m onth, and for th e season sin ce July 1, compared w ith th e preceding season: W heat, bu sh els . C o rn ...........-............ O a t s . ...................... T o ta l - Season th ro u g h Sept. 1925 Sept. 1924 Sept. 1925 Sept. 1924 .. 283,841 4,344,416 2,030,469 7,002,065 .. 429,272 175,897 1,206,344 811,750 .. 81,107 61,436 202,860 90,826 795,220 4,581,749 3,439,673 7,904,641 B U IL D IN G . F o r t h e f i f t h c o n s e c u t iv e m o n t h , t h e a g g re g a te v a lu e o f b u ild in g p e r m it s is s u e d a t t w e n t y 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 i c t r e a c h e d a n e w h ig h le v e l in S e p t e m b e r, w h e n t h e r e w e r e i s s u e d a t t h e s e t w e n t y c i t i e s p e r m it s f o r b u i l d i n g s t o t h e v a l u e o f $ 2 1 ,3 1 9 ,1 2 4 . T h i s f i g u r e c o m p a r e s w it h a l i t t l e le s s t h a n n in e t e e n m illio n d o lla r s i n A u g u s t , a n d i s n e a r l y t h r e e t i m e s t h e t o t a l f o r S e p t e m b e r 1924, w h i c h w a s $ 7 ,5 5 4 ,3 8 8 . T h e i n d e x n u m b e r f o r S e p t e m b e r i s 5 9 1 .2 , c o m p a r e d w i t h 5 2 6 .6 f o r A u g u s t , a n d 2 0 9 .5 f o r S e p te m b e r la s t y e a r . In c r e a s e s o v e r t h e sa m e m o n th la s t y e a r w e re s h o w n a t a l l r e p o r t in g c it ie s in F lo r id a , a n d r e la t iv e ly la r g e i n c r e a s e s w e r e a l s o r e p o r t e d f r o m N e w O r l e a n s , C h a t t a n o o g a , N a s h v ille a n d B ir m in g h a m . P e r c e n t a g e co m p a r i s o n s a r e s h o w n i n t h e t a b l e b e lo w , a n d i n d e x n u m b e r s f o r F e d e r a l R e s e r v e B a n k a n d B r a n c h , c it ie s a p p e a r o n p a g e 8: PPT tfl era PPH No. Sept. 1925 V a lu e N o. A la b a m a : A n n is to n .................... 22 $ 31,450 B irm in g h a m ............ 611 l,5b0,428 M obile........................... 63 73,617 M ontgom ery............ 100 69,683 F lo rid a : Ja c k so n v ille ............................ 1,720,970 M ia m i........................... 1,275 5,fa03,9rf9 O rla n d o ..................... 424 1,117,500 56 151,055 P e n saco la.................. T a m p a ........................ 834 4,9b0,205 ♦ Lakeland.................... 226 839,000 *M iami B e a ch ........... 67 3,049,700 G e o rg ia : A t la n t a ..................... 334 778,245 A u g u sta ...................... 120 48,307 C o lu m b u s.................. 65 63,795 M a c o n ........................ 145 61,103 S a v a n n a h .................. 65 288,475 L o u is ia n a : New O rle a n s ........... 238 2,939.508 A le x a n d ria ................ 78 50,889 Tennessee * C h a tta n o o g a .......... 250 402,145 Jo h n so n C i t y ......... 16 34,100 K n o x v ille .................... 201 496,338 N a sh v ille .................... 188 627,342 Sept. 1924 Change V alu e in V alu e 807 $ 21,325 609 l,293,7i)7 84 77,2-0 104 56,893 + 47.5 + 22.2 — 4.7 + 22.4 290 344 168 61 354 104 27 413,361 1,426,539 251,150 121,285 303,510 411,585 408,900 + 316.3 + 306.9 + 345.0 + 24.5 +1514.3 + 103.8 + 645.8 434 155 ... 142 ... 1,194,525 59,150 31,000 94,220 89,270 — — + — + 228 66 987,800 42,530 + 197.6 + 19.7 216 32 268 307 103,148 92,390 451,332 374,205 + 289.9 - 63.1 + 10.0 + C7.6 T o t a l 20 C itie s................. 5,085 $21,319,124 3,880 $7,554,388 In d e x N o............................. .......... 591.2 . . . . 209.5 *Not in clu d e d in to tals or index num bers. + 182.2 ................ 34 8 18.3 105.8 35.1 223.1 COTTON CONSUMPTION—SEPTEM BER. United States. C otton Consum ed: L i n t ..................................... L in t e r s ................................ In Co nsum ing E s ta b lis h i L i n t - ................................ .. L in t e r s ................................. L in te rs . E xp o rts_____ Im p o rts........ Sept. 1925 A ug . 1925 Sept. 1924 483,266 70,008 448,665 63,583 438,373 50,781 866,011 79,904 ipresses: 3,137,620 18,875 752,324 15,121 31,551,630 680,527 97,230 515,593 69,729 1,040,178 22,747 315,835 9.266 31,269,774 2,066,895 38,952 737,185 9,654 30,154,006 B U S IN E S S R E V IE W Cotton Growing States. C o tto n Consum ed........................... 329,859 In Co nsum ing E sta b lish m e n ts 536,944 I n P u b lic Storage an d a t Com presses............. ............................... 3,057,139 A ctive sp in d les.............................. — 16,653,624 302,604 335,220 305,255 240,599 948,151 16,479,272 1,996,412 15,990,678 LUMBER. Preliminary figures for September, received from sub scribing mills by the Southern Pine Association up to the middle of October, show a volume of orders booked by 143 mills amounting to 345,882,874 feet, 2.3 per cent greater than the September production by these mills, which amounted to 338,195,234 feet, and 3.9 per cent greater than their normal production. Orders booked exceeded ship ments by only four tenths of one per cent, and shipments exceeded production by 1.9 per cent. Actual production, according to these preliminary figures, exceeded normal production for these mills by 1.6 per cent. Stocks on hand at the end of September, which totaled 855,680,209 feet, were 3.1 per cent lower than normal, stocks for these mills. Un filled orders on hand at the end of September totaled 252,026,325 feet, or about 75 per cent of the month’s actual production, and 75.7 per cent of their normal production. Weekly reports issued by the Southern Pine Association showing the operating time of reporting mills for the four weeks ended October 9, show that an average of 96 mills operated fu ll time, and that of this number an average of 18 mills operated overtime aggregating 2711 hours, or an average overtime for each ot these 18 mills of 37.6 hours per week. While business is well up to the average of former fall seasons, reports indicate that retailers in the north and east are buying sparingly, while shipments to Florida, where a large amount of construction is scheduled for completion by the end of the year, are interfered with by traffic restrictions. Prelim inary figures for September, with comparisons, are shown below: Sept. 1925 (148 m ills) O rders— .................................................. 345,882,874 S h ip m en ts........ ................................... .. 344,605,174 P ro d u ctio n ............................................. 338,195,234 N orm al p ro d u ctio n these m ills 332,755,504 Sto cks, end of m o n th .................... 855.680,209 N orm al stocks these m ills .......... 883,104.820 U n fille d orders end of m o n th .. 252,026,325 A ug . 1925 (136 m ills) 346,834.635 338,641,515 338,980,419 334,573,349 847,552,495 889,726,819 251,948,944 Sept. 1924 (138 m ills) 317,555,399 332,160,899 334,781,050 345,911,835 847,280,727 967.594,125 222,859,065 MANUFACTURING Increased production during the month of September was indicated in reports received from mills in the sixth district which manufactured both yarn and cloth. Orders booked during the month and unfilled orders on hand at the end of September were reported larger in both instances than for a month earlier. Cotton September reports from mills which manuCloth factured nearly 25| million yards of cloth, show an increase in production over August of 4.5 per cent, and over September last year of 3.7 per cent. Ship ments were 7.9 per cent greater than in August, and 3.6 per cent greater than in September 1924. Orders booked in September were 15.2 per cent greater than in August, and 10.5 per cent greater than in September 1924, and un filled orders on hand at the end of the month were 37.4 per cent greater than a month earlier, and 6.2 per cent greater than a year ago. Stocks decreased 3.7 per cent compared with August, and were 33.9 per cent smaller than a year ago. P ro d u ctio n ......... ................................... ............. Sh ip m en ts.............................................. .............. Orders b o o ked . _ T -------- ------------------- ----------U n fille d orders................................................. Stocks on h a n d ............................................... N um ber on p a y r o ll- .................................... Sept. 1925 compared w it h : A u g . 1925 Sept. 1924 + 4.5 + 3.7 +7.9 +3.6 +15.2 +10.5 +37.4 +6.2 — 3.7 —33.9 +1.9 — 4.1 Cotton Yarn Reports for September from mills which pro duced over 7 million pounds of yarn, show an increase in output over August of 8.5 per cent, and over September last year of 8.4 per cent. Shipments during September were smaller than in either of the months under comparison, and as a result stocks on hand at the end of the month showed increases over both of those periods. Orders booked by these mills in September increased 76.4 per cent over August, but were 1 per cent smaller than bookings in September a year ago. Unfilled orders on hand T H E M O N T H L Y at th e end of th e m onth were 59 per cen t greater th a n a month^earlier, and_10.9 per cen t greater th a n a year ago. B U S IN E S S T R E V IE W Week En d ed . . Sept. 1925 compared w it h : A u g . 1925 Sept. 1924 P ro d u ctio n .......................................................... + 8.5 Sh ip m en ts........................................................... ............— 6.7 O rders booked..............................................................+76.4 U n fille d orders.............................................................+59.0 Sto cks on h a n d ............................................... ............+ 3.9 N um ber on p a y ro ll....................................... ............+ 3.7 + 8.4 — 7.0 — 1.0 +10.9 + 2.8 +22.2 Week End ed September 5......... . September 12......... September 19......... September 26........ October 3................ 1925 10,827.000 9,983,000 10,880 000 11,232,000 11,003.000 11,696,000 A lab am a 441,000 421.000 453,000 458,000 447,000 1924 7,958,000 9,529,000 9,830,000 10,140,000 10,275,000 10,553,000 Tennessee 128,000 123,000 126,000 132,000 133,000 Overalls. Increased p roduction and orders, and decreased stocks on hand, are show n in reports from overall m anufacturers for September compared w ith A ugust. Compared w ith September a year ago, o u tp u t and stock s show increases, b u t orders were practically th e same. Sept. 1925 compared w it h : A u g . 1925 Sept. 1924 O veralls m an u factu re d .............................. O veralls on h a n d ............................................ Orders booked.................................................. U n fille d orders................................................. N um ber on p a y ro ll— ................................ +36.9 —21.5 +25.0 +25.0 + 7.2 +13.8 +30.0 0.0 0.0 +14.5 B rick. R eports from brick m anu factu ring p lan ts for Septem ber reflect th e curtailm ent of operations because of th e sh ortage of power. D ecreases compared w ith A ugust are show n in production, stocks, and in orders. Correspond en ts sta te , however, th a t th e demand is comparatively good and th is is reflected in an increase of 70.9 per cent in orders compared w ith September a year ago, and an in crease of 225 per cen t in u nfilled orders compared w ith th a t period. T he reserve stocks of some p lan ts are being exhausted, and prices have undergone a.m arked advance, according to some reports. Sept. 1925 compared w it h : A u g . 1925 Sept. 1924 B r ic k m an u factu re d ................................... B r ic k on h a n d ................................................. Orders booked.................................-.............. U n fille d orders................................................ N um ber on p a y r o ll- —......... —.............. — 11.2 —12.7 —15.1 —18.1 0.0 + 20.3 - 17.1 + 70.9 +225.0 + 0.8 Hosiery. A small aggregate decrease in production, b u t increased orders, shipm ents and unfilled orders on hand at th e end of th e m onth, are show n in figures reported to th e U nited S ta tes C ensus Bureau for September and A ugust by 36 id en tical establishm ents in th e sixth district. Comparisons are in dicated in th e follow ing ta b le : (dozen p a irs) Septem ber P ro d u c tio n ., . O rders b o o ke d .. C a n ce lla tio n s— . U n fille d ord ers. . 691,259 715,518 1,345,498 605,275 26,553 1,246,100 COAL. T he w eekly reports of th e U nited S tates Geological Survey in d icate th a t th e production of bitum inous coal in th e U nited S tates h as b een m aintained during September a t a level higher on th e average th a n during th e preceding m onths of th e coal year. Figures for th e week ended September 12 reflect th e lower production because of th e observance of th e Labor D ay holiday in th e u n ion fields, and it is probable th a t th e con tin u ed warm w eather all during September h as h eld orders back to some extent. T otal production of bitum inous coal in th e U nited S tates during th e year 1925 u p to October 10, has am ounted to 383,050,000 ton s, an Increase of 22,505,000 ton s, or 6.2 per cen t, over th e same period of 1924. Follow ing are w eekly figures for th e U nited S tates w ith comparisons, and also current w eekly figures for Alabama andJTennessee: Unfilled Orders—U. S. Steel Corporation. U nfilled orders on th e books of th e U nited S tates Steel Corporation at th e end of September to ta led 3,717,297 ton s, an increase of 204,494 to n s compared w ith th e preceding m onth. This gain is th e first reported since la st February w hen u nfilled orders aggregated 5,284,771 ton s. The index num ber for September is 62.0, compared w ith 58.6 for Au gu st, and w ith 57.9 for September a year ago, w hen u n filled orders totaled 3,473,780 tons. A u g u st 669,500 741,231 1,325,077 897,902 21,796 1,386,539 IRON. S ta tistics compiled and published b y th e Iron Age in dicate th a t th e increase in pig iron ou tp u t w hich set in during A ugu st con tin u ed in September w ith increasing m omentum. The daily rate in September was 3,632 to n s greater th a n in A u g u st; in A ugust th e daily rate w as 1,305 to n s greater th a n in July. The to ta l production of pig iron in th e U nited S tates during September was 2,627,198 tons, an o u tp u t larger th a n in any of th e th ree m onths preceding, and considerably larger th a n in September la st year. T he Index number of September production is 107.0, compared w ith 106.1 in A ugust, and w ith 80.6 in September 1924. The daily rate of o u tp u t in September was 90,873 ton s, compared w ith a daily average of 87,241 to n s in A ugust, and w ith 68,442 to n s in September la st year. There was a n et gain of 8 furnaces in active operation during September, 11 having been blown in and 3 blow n o u t, leaving 200 active a t th e end of th e m onth. The figures for Alabama show th a t September pro d u ction in th a t sta te am ounted to 215,597 to n s, th e small est ou tp u t for any m onth since A ugust 1924. This is prob ably due, however, at lea st partly, to th e fa ct th a t two furnaces were blow n o u t for repairs, leaving only 22 fur naces active a t th e end of September. T he index number index number for Alabama production in September is 122.6, compared w ith 130.1 for A ugust, and w ith 125.8 for Septem ber la st year. Press reports in dicate th a t prices being asked for Alabama iron range from $19.00 to $19.50 and th a t in some cases $20 has been quoted on iron for immediate delivery. T he make for th e balance of th e year is reported to be well taken, and inquiries are being received for iron to be delivered in th e first quarter of n ext year. The market is firm and some makers are shipping iron faster th a n th ey are making it. NAVAL STORES. R eceipts of b o th tu rp en tin e and rosin during September were smaller th a n in A ugust, or in th e corresponding m onth a year ago. Stocks of b oth commodities on hand at th e end of September, reported from th e three principal mar kets of th e district, likew ise show decreases compared w ith A ugust, and w ith September a year ago. R eports in dicate th a t stock s a t interior p oints are also considerably small er th a n th o se h eld a t th is time la st year. The demand for b o th tu rp en tin e and rosin has con tinu ed rather active during September as reflected in th e average prices for th e m onth. S tatistics compiled by th e T urpentine and R osin Producers A ssociation show th a t th e average price of turpentin e in September on th e Savannah m arket was $1.05J compared w ith $ .94f in A ugust, and w ith $ .90§ in September 1924, w hile th e average prices received for rosins in September was $13.20, compared w ith $10.67J in A ugust, and w ith $4.70 in September la st year. Press reports indi cate th a t th e demand is general, and th a t b oth domestic and foreign consumers are participating in th e buying. Some operators have discon tinu ed operations earlier th a n u sual on accoun t of th e drought. Some rain has fallen in some of th e sections a ffected b u t it was n o t su fficien t to relieve th e dry condition, and it is too la te for production to be m aterially affected. 8 T H E R eceip ts—T u rp e n tin e : S a v a n n a h __________ ______ .......... Ja c k so n v ille -------------- - ............ Pensacola M O N T H L Y B U S IN E S S Sept. 1925 A ug . 1925 Sept. 1924 16,711 12,756 4 546 18,571 13,348 5,023 34,013 36,942 Sto ck s—T u rp e n tin e : S a v a n n a h — ........................ , Ja c k so n v ille ............................ P e nsaco la................................. ______ 15,720 13,921 4,723 34,364 T o t a l ................................. ............ R e c e ip ts - R o s in : S a v a n n a h ........................ ........ Ja c k so n v ille ............................ ........... Pensacola 55,241 43,908 2 945 62,792 43,541 15,689 102,094 122,022 T o t a l................................... ... Stocks—R o s in : S a v a n n a h ................................. Ja c k so n v ille ............................ P en saco la................................. ............ 51,996 47,474 13,739 T o t a l.................... .............. ............ R E V IE W 113,209 T o t a l................................... . — 16,617 21,871 9,661 11,101 28,233 13,522 18,657 30,170 9,610 48,149 58,437 52,856 92,219 71,521 18,200 101,483 84,092 16,672 102,235 128,641 42,845 181,940 202,247 273 721 MONTHLY INDEX NUMBERS. The following index numbers, except where indicated otherwise, are com puted by th e Federal Reserve Bank of A tlanta, and are based upon average figures for 1919. That is, average m onthly figures for th e year 1919 are represented by 100, and th e current m onthly index numbers shown th e relation of activity in th e se lines to th a t prevailing in 1919. ______________________________________________ ____________ R ET A IL TRADE 6TH D ISTR IC T (Departm ent Stores.) A tlan ta....................... ............................................ Birmingham............................. .................... C hattanooga............ ......................... ............. Jackson___________ __________ __ N ashville____________________________ New Orleans................................................. S a v a n n a h ........ ......... ...................................... Other C ities........ .................................... ........... D istrict........ ............................................................ Ju ly August September Ju ly 1925 1925 1925 1924 89.8 94.5 63.3 88.1 67.6 82.5 67.1 79.3 81.0 81.0 97.4 68.2 69.1 74.4 83.8 48.9 77.0 79.8 95.2 110.6 72.7 91.9 80.8 91.6 56.2 94.0 90.5 96 86 98 89 262 166 122 183 104 181 136 1924 1924 65.7 91.8 75.0 83.6 62.2 76.8 56.3 70.4 73.8 64.0 99.4 83.5 67.3 71.3 76.7 46.8 59.2 73.7 94.6 121.6 108.1 101.4 90.2 96.8 62.4 83.7 96.3 122 113 91 69 93 74 119 106 241 171 120 195 128 202 142 243 170 134 191 136 202 142 207 151 111 163 72 195 129 199 153 108 172 90 184 138 205 145 124 169 110 185 137 85.2 67.8 88.6 46.8 79.1 92.1 101.1 100.6 68.6 94.0 105.2 121.0 113.7 77.5 107.8 81.7 58.8 69.8 37.4 70.3 87.2 94.2 79.7 63.0 85.1 97.5 114.4 91.6 76.7 97.7 161.8 157.3 188.8 172.1 126.4 170.1 133.3 169.2 143.4 159.9 163.1 159.2 189.7 170.0 127.3 172.4 134.6 169.2 137.9 160.4 160.4 160.3 189.3 169.3 127.2 174.1 135.6 167.6 134.9 159.7 140.9 138.7 187.5 173.2 130.4 168.8 126.5 170.8 112.4 147.0 145.3 144.0 189.9 169.7 130.4 169.2 130.1 171.0 115.0 149.7 143.1 147.7 186.5 168.0 128.2 170.7 130.6 171.1 115.8 148.8 74.4 682.7 393.6 323.4 387.0 717.4 471.3 89.4 527.6 503.4 151.1 480.9 849.4 526.6 89.4 483.2 575.4 331.4 672.0 516.0 591.2 196.6 566.1 275.3 288.5 298.7 288.8 291.9 193 .0 533.5 326.1 263.1 850.3 403.6 401.5 137.2 395.6 138.2 197.7 224.8 222.1 209.5 90.5 110.8 66.3 36.8 83.9 102.5 61.8 57.4 90.3 111.7 64.9 138.8 64.8 81.7 44.7 38.5 66.8 83.9 46.4 50.5 81.4 102.8 55.7 134.0 104.5 127.9 106.1 130.1 107.0 122.6 70.0 124.4 74.2 122.6 80.6 135.8 59.0 58.6 62.0 53.2 54.9 57.9 R ETA IL TRADE U. S. (1) Department Stores............................................ Mail Order H ouses..................... ....................... Chain S to res: G rocery..................................... ....................... Drug..................................................................... S h o e .................................. ................................. 5 & 10 C ent................ ...................................... M usic........................................... _.............. __ C andy............................... ................................. C ig a r ................................................................ WHOLESALE TRADE 6TH D ISTR IC T Groceries............ _................................................. Dry G oods............................. __......... .................. Hardware....................................... ...................... S hoes..................... ............................................... T o t a l ............................................. ...................... WHOLESALE PRICES U. S. (2) Farm Products .................. ....................... Foods _______ ___________ __________ Cloths and C lothing____ . . . ___________ Fuel and L ightin g_________ ________ ____ Metals and Metal P rod ucts............................. Building M aterials.............................................. Chemicals and D rugs______________ ____ _ House F urnishings............................................ M iscellaneous........... ........................................... All Commodities.................................................. BUILDING PERM ITS 6TH D ISTR IC T A tlanta, ..................... .......................................... Birmingham.......................................................... J ackson ville............ ................. .......................... N ash ville............................................................. New Orleans...... .................... ............................ Other C ities............................... ......................... D strict (20 C ities)................. ............................ I United S ta te s.............. ............................. .........1 1 Cotton-Growing S ta tes.................................... All Other S ta tes................... .............................. C otton E xports................................................... COTTON CONSUMED: PIG IRON PRODUCTION: U nited S ta te s...................................................... Alabama. ...................................... ....... ......... ....... U N FILLED ORDERS—U. S. STEEL COR PO RA TIO N .......................................................... (1) Compiled by Federal Reserve Board. (2) Compiled by Bureau of Labor S tatis tics. (1913—100.) August September
