Full text of Economic Review (Federal Reserve Bank of Atlanta) : October 31, 1926, Volume 11, Number 10

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

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RESERVE

O S C A R N EW TO N ,
C h a ir m a n a n d F e d e r a l R e s e rv e A g e n t

VOL. 11, No. 10

B U S IN E S S

R E V IE W

F e d e ra l R e se rv e

BANK

( C o m p ile d O c t o b e r 18, 1926)

OF

D is t r ic t .

ATLA N TA

W ARD A L B E R T S O N ,
A s s is t a n t F e d e r a l R e s e r v e A g e n t

ATLANTA, GA., OCTOBER 31, 1926
B U S IN E S S

C O N D IT IO N S

IN

TH E

U N IT E D

STA TES.

( P r e p a r e d b y t h e F e d e r a l R e s e r v e B o a r d .)
In d u s t r ia l a n d t r a d e a c t iv it y in c r e a s e d in S e p te m b e r a n d
i s a t p r e s e n t i n c o n s id e r a b l y la r g e r v o lu m e t h a n i n m id - s u m ­
m e r.
T h e p r ic e o f c o t t o n h a s d e c lin e d s h a r p ly w it h in
r e c e n t w e e k s w h ile p r ic e s o f m o s t g r o u p s o f c o m m o d itie s
h a v e a d v a n c e d . V o lu m e o f b a n k c r e d it h a s in c r e a s e d s e a ­
s o n a lly , a n d m o n e y r a t e s h a v e r e m a in e d fir m .
P r o d u c t io n

P r o d u c t io n in b a s ic in d u s t r ie s a n d
f a c t o r y e m p lo y m e n t a n d p a y r o lls , a c ­
c o r d i n g t o 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 e s , a f t e r c h a n g ­
in g b u t lit t le fo r a b o u t f o u r m o n th s , a d v a n c e d in S e p te m b e r
to t h e h ig h e s t p o in t s s in c e la s t s p r in g . T h e in c r e a s e h a s
b e e n p a r t i c u l a r l y la r g e i n t e x t ile m ill a c t iv it y .
C o n su m p t o n o f c o t to n h a s in c r e a s e d
c o n s id e r a b l y , w o o le n m ill
a c t i v i t y is t h e la r g e s t s in c e J a n u a r y , a n d e m p lo y m e n t h a s
in c r e a s e d in n e a r ly a ll b r a n c h e s o f t h e t e x t ile in d u s t r y .
I r o n a n d s te e l p r o d u c t io n w a s m a in t a in e d fro m e a r ly in
A u g u s t u n t i l t h e l a t t e r p a r t o f O c t o b e r a t a le v e l h ig h e r
t h a n f o r t h e c o r r e s p o n d in g p e r io d o f p r e v io u s y e a r s . A u ­
t o m o b ile o u t p u t w a s r e d u c e d i n S e p t e m b e r b u t c o n t in u e d
la r g e r t h a n a y e a r a g o . M in in g o f c o a l h a s s t e a d ily in c r e a s e d
s i n c e m id - s u m m e r , a n d t h e w e e k l y r u n o f c r u d e p e t r o l e u m
fr o m w e lls i n O c t o b e r r e a c h e d t h e h ig h e s t le v e l s in c e J u n e
o f la s t y e a r .
B u ild in g c o n t r a c t s a w a r d e d d u r in g A u g u s t
a n d S e p t e m b e r w e r e o n ly s lig h t ly s m a lle r i n v a lu e t h a n t h e
a w a r d s f o r t h e c o r r e s p o n d in g p e r io d o f la s t y e a r a n d in t h e
f ir s t h a lf o f O c to b e r f a r e x c e e d e d th o s e of a y e a r ag o . A
s u b s t a n t ia l d e c lin e in c o n t r a c t s f o r r e s id e n t ia l s t r u c t u r e s
h a s b e e n la r g e ly o ffs e t b y in c r e a s e s in a w a r d s fo r in d u s t r ia l
a n d e n g in e e r in g p r o j e c t s . T h e D e p a r t m e n t o f A g r i c u l t u r e ’s
O c t o b e r 1 8 t h e s t i m a t e p l a c e d c o t t o n p r o d u c t i o n a t 1 7 ,4 5 4 ,0 0 0
b a le s , a n in c r e a s e o f a b o u t t h r e e q u a r t e r s o f a m illio n o v e r
t h e e s t i m a t e m a d e o n t h e f i r s t o f t h e m o n t h a n d o f 1 ,3 5 0 ,0 0 0
b a l e s m o r e t h a n l a s t y e a r ’s c r o p .
T ra d e

W h o le s a le a n d r e t a i l t r a d e i n c r e a s e d
in S e p te m b e r a n d w a s s lig h t ly la r g e r
t h a n la s t y e a r . In v e n t o r ie s o f d e p a r t m e n t s to r e s in c r e a s e d
s lig h t ly m o re t h a n is u s u a l in S e p te m b e r, a n d a t t h e e n d o f

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1926

I n d e x o f 22 b a s i c c o m m o d i t i e s a d j u s t e d f o r s e a s o n a l v a r i a t i o n s (1919— 100.)
L a t e s t f i g u r e , S e p t e m b e r 121.0.




t h e m o n t h w e r e i n a b o u t t h e s a m e v o lu m e a s a y e a r a g o .
R a ilr o a d f r e ig h t c a r lo a d in g s r e a c h e d n e w h ig h w e e k ly
r e c o r d s in S e p te m b e r, a n d s h ip m e n t s w e re m a in t a in e d
d u r in g t h e e a r ly w e e k s o f O c t o b e r i n m u c h la r g e r v o lu m e
t h a n i n p r e v io u s y e a r s .
A g r e a t p a r t of t h e in c r e a s e a s
c o m p a re d w it h la s t y e a r is d u e t o s h ip m e n t s o f c o a l a n d
o r e , b u t lo a d in g s o f m a n u f a c t u r e d c o m m o d itie s h a v e a ls o
b e e n la rg e r.
P ric e s

T h e g e n e r a l le v e l o f w h o le s a le p r ic e s
a d v a n c e d s lig h t ly in S e p te m b e r a n d
O c to b e r , n o t w it h s t a n d in g t h e d ro p in t h e p r ic e o f c o t t o n
t o t h e l o w e s t l e v e l s i n c e 1 9 21. T h e B u r e a u o f L a b o r s t a t i s ­
t ic s in d e x o f w h o le s a le p r ic e s w a s a b o u t o n e p e r c e n t h ig h e r
in S e p te m b e r t h a n in A u g u s t , r e f le c t in g a d v a n c e s b o t h in
a g r ic u lt u r a l a n d in
n o n - a g r i c u l t u r a l c o m m o d it ie s .
In
r e c e n t w e e k s p r ic e s o f c o r n , n o n - f e r r o u s m e t a ls , a n d p a p e r
h a v e d e c lin e d , w h ile p r ic e s o f liv e s t o c k , m e a ts , p o u lt r y a n d
d a ir y p r o d u c t s , a n d b it u m in o u s c o a l h a v e in c r e a s e d .
B a n k C r e d it

B e t w e e n S e p t e m b e r 22 a n d O c t o b e r 2 2
t h e s e a s o n a l in c r e a s e in t h e d e m a n d
f o r c r e d it f o r a g r i c u l t u r a l a n d c o m m e r c ia l p u r p o s e s w a s r e ­
f le c t e d i n a c o n t in u e d g r o w t h i n t h e c o m m e r c ia l lo a n s o f
m e m b e r b a n k s in le a d in g c it ie s . L o a n s o n s e c u r it ie s a n d
h o ld in g s o f in v e s t m e n t s d e c lin e d , b u t t h e b a n k ’s t o t a l
l o a n s a n d i n v e s t m e n t s w e r e a b o u t $ 6 0 ,0 0 0 ,0 0 0 l a r g e r o n
O c t o b e r 20 t h a n f o u r w e e k s e a r lie r . A t t h e R e s e r v e b a n k s ,
t h e v o lu m e o f m e m b e r b a n k b o r r o w in g , a f t e r c o n s id e r a b le
f lu c t u a t io n s in r e s p o n s e t o t e m p o r a r y c o n d it io n s , w a s in
O c t o b e r a t a b o u t t h e s a m e a v e r a g e le v e l a s i n S e p t e m b e r .
T h e r e w a s lit t le c h a n g e in t h e b a n k s ’ h o ld in g s o f U n it e d
S t a t e s s e c u r it ie s , w h ile a c c e p t a n c e h o ld in g s c o n t in u e d
to in c r e a s e , a s is u s u a l a t t h is s e a s o n .
E x c e p t f o r a t e m p o r a r y f ir m in g a r o u n d t h e f ir s t o f O c to ­
b e r, t h e r e h a s b e e n lit t le c h a n g e in t h e c o n d it io n o f t h e
m o n e y m a r k e t . R a t e s o n c o m m e r c ia l p a p e r a n d o n a c c e p t ­
a n c e s h a v e r e m a in e d a t t h e le v e l e s t a b lis h e d i n S e p t e m b e r .

*

THEMONTHLYBUSINESSREVIEW

M o n t h ly a v e ra g e s o f d a i ly f ig u r e s f o r 12 F e d e r a l R e s e rv e B a n k s . L a t e s t
f ig u r e s a r e a v e ra g e s o f f ir s t 22 d a y s o f O c t o b e r ___________________ __

S IX T H

D IS T R IC T

SU M M ARY.

A g r ic u lt u r a l p r o s p e c t s i n t h e s ix t h d is t r ic t , a c c o r d in g
to e s tim a t e s b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r i­
c u lt u r e , a re fo r la rg e r c ro p s o f c o rn , w h e a t, o a ts a n d p o ­
t a t o e s , t h a n w e r e p r o d u c e d i n 1925, b u t f o r s m a l l e r c r o p s
of c o tto n a n d to b a cco .
T h e sto rm in F lo r id a in S e p te m b e r
r e d u c e d t h e D e p a r t m e n t ’s e s t im a t e o f t h e c it r u s c r o p b y
t w o m illio n b o x e s , b u t t h e r e v is e d e s t im a t e is s t i ll s lig h t ly
h ig h e r t h a n t h e lo w p r o d u c t io n o f la s t s e a s o n .
R e t a il
t r a d e i n t h e s ix t h d i s t r i c t w a s i n la r g e r v o lu m e i n S e p ­
t e m b e r t h is y e a r t h a n in t h e sa m e m o n t h o f a n y y e a r s in c e
19 2 0 . S a l e s b y 4 5 d e p a r t m e n t s t o r e s w e r e 5 .7 p e r c e n t
g r e a t e r t h a n i n S e p t e m b e r 1925, a n d f o r t h e f i r s t n i n e
m o n t h s o f 1926 s a l e s b y t h e s e s t o r e s h a v e a v e r a g e d 6 .8 p e r
c e n t g r e a t e r t h a n i n t h e s a m e p e r i o d o f 1925. T h e s t o c k
t u r n o v e r f o r t h i s p e r io d , h o w e v e r , h a s b e e n a l i t t l e s lo w e r
t h a n a y e a r a g o . W h o le s a le t r a d e w a s s e a s o n a lly g r e a t 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 , b u t w a s i n s m a lle r v o lu m e
t h a n i n S e p t e m b e r 192 5 . T h e v o l u m e o f l o a n s a n d d i s ­
c o u n t s b y m e m b e r b a n k s in s e le c t e d c it ie s o n O c to b e r
13 w a s g r e a t e r t h a n a m o n t h e a r l i e r , b u t w a s a b o u t 5 J
m illio n s le s s t h a n a y e a r a g o . D i s c o u n t s b y t h e F e d e r a l
R e se rv e B a n k of A t la n t a fo r it s m e m b e r b a n k s o n O c to b e r
13 w e r e m o r e t h a n 2 2 m i l l i o n s g r e a t e r t h a n o n t h e c o r r e ­
s p o n d in g r e p o r t d a t e la s t y e a r .
S a v in g s d e p o s it s a t t h e
e n d o f S e p t e m b e r w e r e 5 .8 p e r c e n t g r e a t e r t h a n a y e a r
a g o . B u ild in g p e r m it s is s u e d a t 20 c it i e s i n t h e d is t r ic t w e r e
4 1 .3 p e r c e n t s m a l l e r i n t h e a g g r e g a t e t h a n i n S e p t e m b e r
la s t y e a r , a n d c o n t r a c t a w a r d s , w h ile s lig h t ly h ig h e r t h a n
i n A u g u s t , w e r e 4 7 .7 p e r c e n t l e s s t h a n i n S e p t e m b e r 19 25.
T h e c o n s u m p t io n o f c o t t o n i n t h e c o t to n - g r o w in g s t a t e s
i n S e p t e m b e r w a s 2 4 .7 p e r c e n t g r e a t e r t h a n i n t h e s a m e
m o n th la s t y e a r.
O f t h e t o t a l c o n s u m p t io n o f c o t t o n in
t h e U n i t e d S t a t e s i n S e p t e m b e r , 72 p e r c e n t w a s i n t h e
c o t to n - g r o w in g s t a t e s .
P r o d u c t io n
o f b o th c lo t h
and
y a r n b y m ills i n t h e s ix t h d i s t r i c t w h ic h r e p o r t t o t h e
F e d e ra l R e se rv e B a n k w a s g re a te r t h a n in A u g u s t o r in
S e p te m b e r la s t y e a r .
T h e p r o d u c t io n o f p ig ir o n i n A la ­
b a m a d u r in g S e p te m b e r w a s lo w e r t h a n i n a n y m o n t h
s i n c e O c t o b e r 1925, e x c e p t t h e s h o r t m o n t h o f F e b r u a r y .
T h e p r i c e o f i r o n a t B ir m in g h a m d e c lin e d f r o m $21. t o $20.
IN

TH E

S IX T H

+ 1 8 .6
+ 3.7
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+ 4.9
+ 2 1.9
— 1.3
+ 5.7




R E T A IL T R A D E .
F u r t h e r s e a s o n a l r e c o v e r y i n t h e v o lu m e o f r e t a i l t r a d e is
i n d i c a t e d i n f ig u r e s r e p o r t e d b y 45 d e p a r t m e n t s t o r e s i n
t h e s ix t h d is t r ic t fo r S e p te m b e r.
S e p te m b e r s a le s i n t h e
a g g re g a te w e re g r e a t e r t h a n i n A u g u s t a t a ll p o in t s e x ­
c e p t in g N a s h v ille , a n d in c r e a s e s a re s h o w n o v e r S e p te m b e r
l a s t y e a r a t a l l p o i n t s e x c e p t N a s h v i l l e a n d “ O t h e r C i t i e s ’ *.
In d e x n u m b e r s h a v e b e e n c o m p u te d fro m f ig u r e s r e p o r t e d
b y 39 o f t h e s e d e p a r t m e n t s t o r e s s i n c e 1 9 1 9 , a n d t h e S e p ­
t e m b e r n u m b e r , 9 6 .7 , i s h i g h e r t h a n h a s b e e n r e c o r d e d
f o r S e p t e m b e r o f a n y y e a r s i n c e 1920. T h e i n d i v i d u a l
in d e x n u m b e r s f o r A t la n t a , S a v a n n a h a n d “ O t h e r C it ie s ”
a r e a ls o h i g h e r t h a n f o r a n y S e p t e m b e r s i n c e 1920.
( F ig ­
u r e s f o r o n ly e le v e n s t o r e s a r e in c lu d e d i n t h e in d e x n u m ­
b e r f o r “ O t h e r C i t i e s ” ).
T o t a l s a le s in S e p te m b e r b y t h e
4 5 r e p o r t i n g d e p a r t m e n t s t o r e s w e r e 5 .7 p e r c e n t g r e a t e r
t h a n i n S e p t e m b e r 1 9 2 5 , a n d f o r t h e n i n e m o n t h s o f 1926
s h o w a n i n c r e a s e o f 6 .8 p e r c e n t o v e r t h e s a m e p e r i o d a
y e a r ago.
S t o c k s a t t h e e n d o f S e p t e m b e r i n c r e a s e d 1 2 .1
p e r c e n t o v e r t h o s e o n h a n d a m o n t h e a r l i e r , a n d w e r e 3 .7
p e r c e n t g re a te r t h a n a y e a r ago.
T h e ra te of tu rn o v e r
i n S e p te m b e r , a s e v id e n c e d b y t h e r a t io o f s a le s t o a v e ra g e
s to c k s , w a s f r a c t io n a lly m o re r a p id t h a n in S e p te m b e r
la s t y e a r, b u t fo r th e y e a r t h r o u g h S e p te m b e r h a s b e e n a
lit t le le s s r a p id .
O u t s t a n d in g o rd e rs r e p o rt e d b y d e p a r t ­
m e n t s t o r e s a t t h e e n d o f S e p t e m b e r w e r e 1 7 .2 p e r c e n t
l e s s t h a n a m o n t h e a r l i e r , a n d 4 .6 p e r c e n t l e s s t h a n a y e a r
ago.
A c c o u n t s R e c e i v a b l e i n c r e a s e d 4 .3 p e r c e n t c o m p a r e d
w i t h A u g u s t , a n d w e r e 1 9 .8 p e r c e n t g r e a t e r t h a n a y e a r
ago.
C o l l e c t i o n s d u r i n g S e p t e m b e r w e r e 5 .9 p e r c e n t s m a l l e r
t h a n i n A u g u s t , b u t w e r e 3 .3 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 1925. T h e r a t i o o f c o l l e c t i o n s d u r i n g S e p t e m b e r
t o a c c o u n t s r e c e iv a b le , d u e a n d o u t s t a n d in g o n S e p te m b e r
1, f o r 25 f i r m s , w a s 3 0 .7 p e r c e n t . ___________________________________ _

2

1

A t l a n t a (4)....................................
B ir m in g h a m ( 5 ) .......................
C h a t t a n o o g a (6)...........- ..........
N a s h v ille (5 )-_............................
N e w O r le a n s ( 5 ).......................
S a v a n n a h ( 3 ) - . . ........................
O t h e r C it ie s (17)_______________
D I S T R I C T (45)_________________

in S e p te m b e r, a n d a c o n s id e r a b le a m o u n t o f b u y in g f o r
f o u r t h q u a r t e r d e liv e r y r e s u lt e d .
S t o c k s o f t u r p e n t in e
a t t h e e n d o f S e p t e m b e r w e r e la r g e r t h a n a t t h e s a m e t im e
o f a n y y e a r s i n c e 19 1 8 , b u t s u p p l i e s o f r o s i n w e r e g r e a t e r
t h a n o n S e p t e m b e r 30 o f a n y o f t h e p a s t t e n y e a r s .
T h ere
w e r e s m a ll d e c lin e s i n S e p t e m b e r i n t h e p r e v a ilin g p r ic e s
o f b o t h t u r p e n t in e a n d r o s in .

C O N D I T I O N O F R E T A I L T R A D E D U R I N G S E P T E M B E R 1926
F E D E R A L R E S E R V E D IS T R IC T B A S E D U P O N R E P O R T S FR O M

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

(A )
S e p t . 1925

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

5

4

3

S to c k s a t e n d o f m o n th .
p e rc e n t a g e in c r e a s e o r
d e c re a se c o m p a r e d w it h :

45 S T O R E S

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

P e r c e n t a g e o f s a le s t o
a v e ra g e
sto ck s
fr o m
J a n . 1 to S e p t . 3 0 (S to c k
t u r n o v e r f o r y e a r to
d a te )

of
o u tP ercen tag e
s t a n d in g o r d e rs a t e n d
o f m o n th to p u rc h a s e s
d u r i n g c a le n d a r y e a r ,
1925:

(B )
J a n . 1 to
S e p t . 30. 1925

(A )
S e p t . 1925

(B )
A u g . 1926

(A )
1925

(B )
1926

(A )
1925

(B )
1926

(A )
Aug.

+ 8.7
+ 9.6
+ 3.4
+ 1.8
+ 2.3
+ 13.3
+ 1 4 .0
+ 6.8

+ 7.9
+ 22.7
— 10.0
— 12.1
+ 0.6
+ 15.9
+ 3.6
+ 3.7

+ 2 1 .8
+ 16.7
+ 6.7
+ 7.4
+ 7.0
+ 1 9 .0
+ 1 4 .7
+ 12.1

22.3
23.8
15.2
21.9
19.1
17.5
22.5
20.5

28.6
18.7
16.8
23.6
19.3
18.5
20.0
20.8

245.7
213.9
162.4
210.1
193.6
187.4
203.2
204.1

259.9
190.2
172.1
221.3
183.5
192.0
212.9
202.9

7.9
9.0
4.5
3.3
14.3
18.0
6.2
9.5

(B )
S e p t.

-

3.8
9.8
4.2
4.8
12.0
18.0
8.3
8 .4

THEMONTHLYBUSINESSREVIEW
W H O LES A LE

T R A D E.

T r a d e a t w h o le s a le g e n e r a lly i n t h e s ix t h d is t r ic t w a s
s e a s o n a lly g r e a te r in S e p te m b e r t h a n in A u g u s t , b u t c o n ­
t i n u e d b e lo w t h e le v e l w h i c h p r e v a ile d a t t h e s a m e t im e
la s t y e a r .
R e p o r t s f r o m 132 f i r m s i n e i g h t d i f f e r e n t l i n e s
s h o w t h a t S e p t e m b e r s a le s w e r e g r e a t e r t h a n in A u g u s t
i n s e v e n o f t h e s e l i n e s , b u t s m a l l e r t h a n i n S e p t e m b e r 1925
in s ix o f t h e r e p o r t in g lin e s .
T h e w h o le s a le in d e x n u m b e r ,
c o m p u t e d fr o m s a le s r e p o r t e d b y m o s t o f t h e f ir m s d e a lin g
i n 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 a n d s h o e s , i s 1 0 0 .6 f o r
S e p t e m b e r , c o m p a r e d w i t h 8 8 .2 f o r A u g u s t , a n d w i t h 1 0 7 .8
f o r S e p t e m b e r 192 5 .
W i t h t h e e x c e p t i o n o f S e p t e m b e r 1 9 25,
t h e c u r r e n t in d e x n u m b e r is h ig h e r t h a n f o r S e p te m b e r
o f a n y o t h e r y e a r s i n c e 1920.
G r o c e rie s

S a le s o f g r o c e r ie s a t w h o le s a le d u r in g
S e p te m b e r w e re g re a te r t h a n in A u ­

g u s t a t a ll c it ie s fro m w h ic h t h r e e o r m o re r e p o r ts w e re
r e c e iv e d , e x c e p t V ic k s b u r g , w h e r e t h e r e w a s a d e c r e a s e o f
o n ly t h r e e - t e n t h s o f o n e p e r c e n t .
A ll p o in ts sh o w n in th e
t a b le r e p o r t e d a g g r e g a t e s a le s le s s t h a n in S e p t e m b e r la s t
y e a r , t h e d i s t r i c t a v e r a g e b e i n g a d e c r e a s e o f 11.1 p e r c e n t .
T h e in d e x n u m b e r o f w h o le s a le g r o c e r y s a le s w a s , h o w e v e r ,
h i g h e r t h a n f o r a n y o t h e r S e p t e m b e r , e x c e p t i n g i n 19 25,
s i n c e 1920.
S t o c k s a t t h e e n d o f S e p t e m b e r w e r e 1 9 .4 p e r
c e n t g r e a t e r t h a n a m o n t h e a r l i e r , b u t w e r e 0 .5 p e r c e n t
s m a lle r t h a n a y e a r a g o .
A c c o u n t s R e c e iv a b le a t t h e e n d
o f S e p t e m b e r i n c r e a s e d 16.1 p e r c e n t o v e r t h o s e a t t h e e n d
o f A u g u s t , a n d w e r e 1 .2 p e r c e n t g r e a t e r t h a n a y e a r a g o .
C o l l e c t i o n s i n S e p t e m b e r w e r e 9 .5 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 , b u t 1 7 .3 p e r c e n t s m a l l e r t h a n i n S e p t e m b e r 1 9 25.
S e p te m b e r 1926 c o m p a r e d w i t h :
A u g u s t 1926
S e p t . 1925
+ 1 6 .6
- 7.3
+6.6
— 10.7
+ 2 0 .8
- 1 5 .9
+ 1 3 .9
—20.3
— 0. 3
— 0. 6
+ 10.1
— 7.8
+ 9.8
— 11.1

A t l a n t a (5 f i r m s ) . . — ......................................
J a c k s o n v i lle (4 f ir m s ) .....................................
M e r id ia n (3 f ir m s ) ............................................
N e w O r le a n s (8 f ir m s ) ........... ........................
V i c k s b u r g (3 f ir m s ) ......... ................................
O t h e r C it ie s (13 f ir m s ) ...................................
D I S T R I C T (36 f ir m s ) ......................................

T h e v o lu m e o f s a le s o f d r y g o o d s a t
w h o le s a le i n S e p t e m b e r , r e p o r t e d b y
2 4 f i r m s , i n c r e a s e d 1 9 .8 p e r c e n t o v e r A u g u s t , a n d w a s 3 .7
p e r c e n t s m a lle r t h a n in S e p t e m b e r la s t y e a r .
In c re a s e s
o v e r A u g u s t w e re s h o w n f o r e a c h r e p o r tin g p o in t , b u t t h e
i n c r e a s e s o v e r S e p t e m b e r 1925 r e p o r t e d f r o m N a s h v i l l e a n d
N e w O r le a n s w e r e o u t w e ig h e d b y d e c r e a s e s a t A t la n t a a n d
O t h e r C it ie s .
S t o c k s o n h a n d d e c r e a s e d 7 .2 p e r c e n t c o m ­
p a r e d w i t h s t o c k s a t t h e e n d o f A u g u s t , b u t w e r e 16 .3 p e r
c e n t g re a te r th a n a y e a r ago.
A c c o u n t s r e c e iv a b le w e r e
1 5 .5 p e r c e n t g r e a t e r t h a n a t t h e e n d o f A u g u s t , a n d 1 .9
p e r c e n t g r e a t e r t h a n a t t h e e n d o f S e p t e m b e r 1925.
Sep­
t e m b e r c o l l e c t i o n s w e r e 14 .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 ,
b u t 1 8 .3 p e r c e n t s m a l l 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 .

3

7 .5 p e r c e n t g r e a t e r t h a n a t t h e e n d o f A u g u s t , b u t w e r e
5 .1 p e r c e n t s m a l l e r t h a n a y e a r a g o . A c c o u n t s R e c e i v a b l e
w e r e 4 .3 p e r c e n t g r e a t e r t h a n a t t h e e n d o f A u g u s t , a n d
1 0 .3 p e r c e n t g r e a t e r t h a n a t t h e e n d o f S e p t e m b e r 1925.
C o l l e c t i o n s i n S e p t e m b e r e x c e e d e d t h o s e i n A u g u s t b y 1 7 .2
p e r c e n t , b u t f e ll b e lo w c o lle c t io n s i n S e p t e m b e r l a s t y e a r
b y 4 .0 p e r c e n t .
S e p te m b e r 1926 c o m p a re d w i t h :
A u g u s t 1926
S e p t . 1925
+ 2 3 .6
— 26.7
+1.7
— 23.3
+ 1 1 .4
— 9. 0
+9.9
- 1 7 .2

A t l a n t a (4 f ir m s ) ...............................................
C h a t t a n o o g a (3 f ir m s ) ...........................— .
O t h e r C it ie s (7 f ir m s ) .....................................
D I S T R I C T (14 f ir m s ) ......................................

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

S a l e s i n S e p t e m b e r b y 12 w h o l e s a l e
d e a l e r s i n e l e c t r i c a l s u p p l i e s w e r e 6 .3
p e r c e n t s m a l l e r t h a n i n A u g u s t , a n d 1 2 .3 p e r c e n t l e s s t h a n
i n S e p t e m b e r 1925. S t o c k s 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 e r e a b o u t t h e s a m e a s a m o n t h e a r l i e r , a n d w e r e 3 7 .0 p e r
c e n t g r e a t e r t h a n a y e a r a g o . A c c o u n t s R e c e i v a b l e w e r e 2 .2
p e r c e n t s m a l l e r t h a n a t t h e e n d o f A u g u s t , b u t w e r e 14 .5
p e r c e n t g r e a t e r t h a n a t t h e e n d o f S e p t e m b e r 1925. C o l ­
l e c t i o n s w e r e 1 6.1 p e r c e n t s m a l l e r t h a n i n A u g u s t , a n d
2 .2 p e r c e n t l e s s t h a n i n S e p t e m b e r l a s t y e a r .
S e p te m b e r 1926 c o m p a re d w i t h :
A u g u s t 1926
S e p t . 1925
+1.3
— 3.9
— 2.4
— 4.4
— 21.2
— 30.5
- 6.3
- 1 2 .3

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

P e r c e n t a g e c h a n g e s i n s a le s i n t h e o t h e r t h r e e lin e s a r e
s h o w n o n ly f o r t h e d is t r ic t , a s t h r e e r e p o r t s w e re n o t r e ­
c e iv e d f r o m a n y s in g le c i t y i n a n y o f t h e s e li n e s .
S a le s i n
a ll t h r e e lin e s i n S e p te m b e r w e re g r e a te r t h a n i n A u g u s t ,
a n d w e re g re a te r t h a n in S e p te m b e r la s t y e a r in sh o e s a n d
d ru g s.
T h e in d e x n u m b e r o f s h o e s a le s f o r S e p te m b e r is
t h e h i g h e s t f o r S e p t e m b e r o f a n y y e a r s i n c e 1920.
S e p te m b e r 1926 c o m p a re d w i t h :
A u g u s t 1926
S e p t . 1925
+ 2 7 .4
+ 7.5
+ 7 1 .0
— 16.9
+ 1 0 .2
+3.1

S h o e s (7 f ir m s ) — ..............................................
S t a t io n e r y (4 f ir m s ) .........................................
D r u g s (5 f ir m s ) ...................................................

D ry G oo d s

S e p te m b e r 1926 c o m p a re d w i t h :
A u g u s t 1926
S e p t . 1925
A t l a n t a (3 f ir m s ) ................................................
+ 2 4 .5
- 7.6
N a s h v ille (3 f i r m s ) . ..........................................
+ 4 6 ,3
+ 3.1
N e w O r le a n s (3 f ir m s ) ..................... ..............
+ 3.9
+ 4.8
O t h e r C it ie s (15 f ir m s ) ...................................
+ 16.1
— 6.7
D I S T R I C T (24 f ir m s ) ......................................
+ 1 9 .8
— 3.7
H a rd w a re

S a le s o f h a r d w a r e
a t w h o le s a le in
S e p t e m b e r , r e p o r t e d b y 30 f ir m s , w e r e
6 .7 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 , d e c r e a s e s a t C h a t t a ­
n o o g a a n d N e w O r le a n s b e in g m o r e t h a n o f f s e t b y in c r e a s e s
re p o rte d fro m
o t h e r p o in t s .
C o m p a re d w it h S e p te m b e r
1 9 2 5 , c u r r e n t s a l e s s h o w a n a v e r a g e d e c r e a s e o f 2 .3 p e r c e n t
f o r t h e d is t r ic t , n o t w it h s t a n d in g t h e in c r e a s e s s h o w n in
f ig u r e s fro m
C h a t t a n o o g a a n d J a c k s o n v ille .
S to ck s o n
h a n d a t th e e n d o f S e p te m b e r w e re th re e -te n th s o f o n e p e r
c e n t g r e a t e r t h a n a m o n t h e a r lie r , b u t s ix - t e n t h s o f o n e
p e r c e n t le s s t h a n a y e a r a g o .
A c c o u n t s r e c e iv a b le a t t h e
e n d o f S e p t e m b e r w e r e 4 .3 p e r c e n t g r e a t e r t h a n a t t h e e n d
o f A u g u s t , a n d 1 4 .7 p e r c e n t g r e a t e r t h a n a y e a r a g o .
C o l­
l e c t i o n s i n S e p t e m b e r w e r e 6 .8 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 , b u t 2 3 .7 p e r c e n t l e s s t h a n i n S e p t e m b e r 1 925.
S e p te m b e r 1926 c o m p a r e d w i t h :
A u g u s t 1926
S e p t . 1925
+ 3 7 .3
— 3.4
— 11.1
+ 2 8 .5
+ 1 2 .9
+2.1
+ 9.4
— 5. 8
— 3.5
— 3.2
+ 1 3 .9
— 5.0
+ 6.7
- 2.3

A t l a n t a (3 f ir m s ) ...............................................
C h a t t a n o o g a (3 f ir m s ) ...................................
J a c k s o n v i lle (3 f ir m s ) ............ — ................
N a s h v ille (3 f ir m s ) ...................................... —
N e w O r le a n s (6 f ir m s ) — ............................
O t h e r C i t i e s (12 f ir m s ) ...................................
D I S T R I C T (30 f ir m s ) ......................................
F u r n it u r e

T h e
v o lu m e o f w h o le s a le f u r n i t u r e
s a le s i n
S e p t e m b e r b y 14 r e p o r t i n g
f i r m s w a s 9 .9 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 , b u t 1 7 .2 p e r
c e n t s m a l l e r t h a n i n S e p t e m b e r 1925.
S to c k s o n h a n d w e re




A G R IC U L T U R E .
E s t im a t e s b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u lt u r e
b a s e d u p o n c o n d it io n s p r e v a ilin g o n O c to b e r 1 in d ic a t e
g r e a te r p r o d u c t io n in
th a n in
of w h e a t, p o ta to e s,
a n d c o t to n , b u t d e c r e a s e s in t h e p r o d u c t io n o f c o r n , o a t s ,
a n d to b acco .
I n t h e t a b le a re s h o w n t h e e s tim a te d p ro ­
d u c t io n o f t h e s e c ro p s in
b a s e d u p o n c o n d it io n s o n
O c to b e r 1 a n d t o t a l p r o d u c t io n in
w it h p e rc e n ta g e
c o m p a r is o n s :

1926

1926,

,

,

1925

1925,

U n it e d S t a te s
(000 O m i t t e d )
P e rcen ta g e
Oom C o m , b u s h e ls .......................
W h e a t, b u s h e ls .....................
O a t s , b u s h e ls .......................
T o b a c c o , p o u n d s ..................
P o t a t o e s , b u s h e ls ..................
C o t t o n , b a l e s .......................

1926
2,679,988
839,818
1,282,414
1,293,918
350,821
16,627

1925
p a r is o n s
2,905,053
— 7.7
666,437
+26.0
1,512,123
— 15.2
1,373,667
— 5.8
325,902
+ 7.6
16,104
+ 3.2

F ig u r e s f o r t h e s ix t h d is t r ic t b a s e d u p o n c o n d it io n s
O c to b e r 1 h o w e v e r, s h o w s u b s t a n t ia l in c r e a s e s i n t h e p r o ­
d u c t io n o f w h e a t , o a t s , p o t a t o e s a n d c o r n , a n d o n ly s m a ll
d e c r e a s e s c o m p a re d w it h la s t y e a r ’s p r o d u c t io n o f c o t t o n
a n d to b a c c o , a s in d ic a t e d i n t h e t a b le b e lo w :
S ix t h D is t r ic t
(0 0 0 O m i t t e d )

,

_

_

, ,

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

1926
190,677
8,669
20,021
124,735
11,251
3,307

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

P ercen ta g e
Oom p a r is o n s

+19.6
+66.3
+39.1
— 1.9
+33.6
— 1.5

T h e t r o p ic a l h u r r ic a n e w h ic h s w e p t a c r o s s t h e lo w e r
p a r t o f F lo r id a o n S e p te m b e r
p a s s e d o u t in t o t h e G u lf
o f M e x ic o , a n d t u r n e d n o r t h , p a s s i n g i n l a n d a t P e n s a c o l a
a n d M o b ile .
C it r u s f ie ld a n d t r u c k c ro p s in t h e p a t h o f
t h e s to r m w e re g r e a t ly d a m a g e d . T h e c it r u s c ro p w a s
d a m a g e d t o t h e e x t e n t o f 2 ,0 0 0 ,0 0 0 b o x e s , o f f r u i t , a c c o r d i n g
to a r e v is e d e s tim a t e b y t h e D e p a r t m e n t o f A g r ic u lt u r e .
In c r e a s e d p r o d u c t io n o v e r t h a t o f
h o w e v e r, is in d i­
c a t e d i n t h e D e p a r t m e n t ’s e s t im a t e o f p o t a t o e s , p e a n u t s ,
a n d o a t s , w h ile s m a lle r c r o p s o f c o r n , c o t t o n , s u g a r c a n e
a n d t o b a c c o a re in d ic a t e d b y t h e r e p o r t . R e p o r t s f o r o t h e r
s t a t e s in t h e d is t r ic t is s u e d b y t h e U n it e d S t a t e s D e p a r t -

18

1925,

4

THEMONTHLYBUSINESSREVIEW

m e n t o f A g r ic u lt u r e , s h o w p r o b a b le in c r e a s e s o v e r la s t y e a r
i n t^ ie p r o d u c t i o n o f c o r n i n G e o r g i a a n d M i s s i s s i p p i , b u t
d e crea se s
in
L o u is ia n a
and
Ten n essee.
D e cre a se s
in
p r o d u c t io n o f t o b a c c o a re s h o w n in G e o r g ia , L o u is ia n a
an d Ten n essee.
C o tto n

T h e r e p o r t i s s u e d O c t o b e r 25, b a s e d
u p o n c o n d it io n s p r e v a ilin g o n O c to ­
b e r 16, s h o w i n c r e a s e s i n t h e e s t i m a t e d p r o d u c t i o n o f c o t ­
t o n i n e a c h o f t h e s ix s t a t e s o f t h e d is t r ic t , a n d in d ic a t e
l a r g e r p r o s p e c t i v e p r o d u c t i o n t h a n i n 1925 i n A l a b a m a a n d
G e o r g ia .
T h e l a t e s t f i g u r e s , b a s e d u p o n O c t o b e r 16 c o n ­
d it io n s a re s h o w n in t h e t a b le :
E s t im a t e d
F in a l
G i n n i n g s t o G in n in g s
P r o d u c t io n P r o d u c t io n
O c t . 16,
t o O c t . 16,
1926
1925
1926
1925
1,400,000
1,356,719
903,688
A l a b a m a - ..
1,064,222
28,000
21,973
38,182
25,900
F l o r i d a ----1.470.000
919,520
G e o r g ia —
1,163,885
1,051,785
760.000
512,609
910,468
L o u is ia n a .
683,485
1.750.000
1,990,537
1,036,392
M is s is s ip p i.
1,182,282
480.000
517,276
183,733
Te n n e sse e234,672
16,103,679
U n it e d S t a t e s ------ 17,454,000
8,722,066
9,519,784
Note: P a r t s o f T e n n e s s e e , M is s is s ip p i a n d L o u i s i a n a a r e i n o t h e r
F e d e r a l R e s e rv e D is t r i c t s .

C o t t o n M o v e m e n t— S ix t h D is t r ic t
S e p t . 1926
R e c e ip t s :
233,856
N e w O r le a n s ......... ............—
M o b ile ____________________________
38,386
S a v a n n a h ____________ __________
232,908
A t l a n t a --------------------------14,967
A u g u s t a -------------------------87,060
31,036
M o n t g o m e r y .- . ......... ..............
S to c k s:
N e w O r le a n s ___________________
217,487
M o b ile ____________________________
24,285
S a v a n n a h -----------------------131,267
A t l a n t a ______________________ 16,250
A u g u s t a -------------------------74,570
M o n t g o m e ry ..........................—
15,328

A u g . 1926

S e p t . 1925

87,959
3,050
36,967
2,474
11,532
2,268

341,223
51,712
220,362
34,892
117,992
44,918

121,693
3,212
55,414
10,218
30,738
1,469

303,321
35,345
165,605
27,407
80,921
21,227

1926
1925
1924
R e c e ip t s a t a l l U . S . P o r t s ______________ 1,987,567 1,971,309 1,511,006
O v e r la n d a c r o s s t h e M is s is s ip p i,
O h io a n d P o t o m a c R iv e r s to N o r .
M ills a n d C a n a d a . ______ _____________
116,761
118,355
78,476
I n t e r io r s t o c k i n excess o f t h o s e h e ld
a t c lo s e o f c o m m e r c ia l y e a r ------133,001
653,012
376,360
S o u t h e r n M ills t a k i n g s , n e t - ................
540,000
539,858
389,494
T o t a l m o v em en t 62 d a y s ............ .............. 2,777,329 3,282,534 2,355,336
♦ A m e ric a n M ills N . & S . C a n a d a —
906,087
857,825
F o r e ig n e x p o rts_____________________________ 1,166,643 1,239,834
A m e r ic a n C o t t o n t h u s f a r
1
1
1,346,000
* O f w h ic h 245,897 b y N o r t h e r n S p in n e r s a g a in s t 247,591 la s t y e a r
a n d 660,190 b y S o u t h e r n S p in n e r s a g a in s t 610,234 la s t y e a r .

,892,000 ,738,000

T h e s u g a r c a n e c ro p in L o u is ia n a ,
a c c o r d in g to a r e p o r t b y t h e U n it e d
S ta te s
D e p a rtm e n t
of A g r ic u lt u r e ,
w a s v e r y u n p r o m is in g a t t h e b e g in n in g o f O c to b e r , h a v in g
a c o n d i t i o n o f 51 p e r c e n t o f n o r m a l , t w o p o i n t s b e l o w t h e
c o n d i t i o n o n S e p t e m b e r 1, a n d 2 2 .2 p o i n t s b e l o w t h e t e n
y e a r a v e r a g e c o n d it io n o n O c t o b e r 1. T h e r e c o v e r y f r o m
th e e ffe c ts of th e t ro p ic a l h u r r ic a n e in A u g u s t h a s b e e n
g e n e r a lly u n s a t is f a c t o r y .
C a n e is m u c h s h o rte r t h a n
u s u a l a n d t h e d ia m e t e r o f t h e s t a lk s is le s s t h a n n o r m a l.
T o t a l p r o d u c t io n o f c a n e o n t h e a c r e a g e to b e u s e d fo r
s u g a r t h i s y e a r i s e s t i m a t e d a t a b o u t 1,6 8 8 ,5 1 5 s h o r t t o n s ,
a g a i n s t 2 ,6 4 4 ,5 3 5 s h o r t t o n s p r o d u c e d l a s t y e a r .
T h e p ro ­
d u c t i o n o f s u g a r i s e s t i m a t e d a t 115,984 s h o r t t o n s , c o m ­
p a r e d w i t h 139,381 s h o r t t o n s p r o d u c e d i n 1925.
Sugar Cane and
Sugar

M o vem en t o f S u g a r.
R a w S u g a r (P o u n d s)
S e p t . 1926

A u g . 1926

S e p t . 1925

163,377,096
46,826,388

141,659,489
33,502,768

147,236,511
39,203,704

154,836,776
37,967,394

139,518,977
41,304,304

134,245,155
38,453,706

38,712,315
12,323,848

28,175,104
3,464,854

15,589,151
749,998

R e c e ip t s :
Savannah.
M e lt in g s :
S to c k s:

S u g a r (P o u n d s)
S h ip m e n t s :
N e w O r le a n s .
Savannah—
S to ck s:
S a v a n n a h ..

162,682,081
38,364,227

141,533,877
42,845,963

123,211,486
33,980,056

61,293,548
8,386,528

64,135,258
9,653,126

61,368,974
3,544,590

in
T h e c o n d it io n o f t h e r ic e c ro p
L o u i s i a n a o n O c t o b e r 1 w a s 75 p e r c e n t
o f n o r m a l , t h e s a m e a s a m o n t h e a r l i e r , b u t 7.1 p o i n t s b e l o 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, a c c o r d i n g
to a r e p o r t b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u l­

R ic e




T h e t o t a l e s tim a te d p r o d u c t io n o f r ic e in t h e p r in c ip a l
r ic e - p r o d u c in g s t a t e s o f t h e c o u n t r y is e s tim a t e d b y t h e
D e p a r t m e n t o f A g r i c u l t u r e a t 3 9 ,4 3 6 ,0 0 0 b u s h e l s , b a s e d
u p o n c o n d i t i o n s o n O c t o b e r 1, c o m p a r e d w i t h t h e p r o d u c ­
t i o n o f 3 4 ,2 5 9 ,0 0 0 b u s h e l s i n 1 9 25.
R ic e M o v e m e n t.
R o u g h R ic e ( S a c k s ) P o r t o f N e w O r le a n s .
R e c e ip t s ________ __________ ____________
S h ip m e n t s ____________________________
S t o c k ___________________________________

S e p t . 1926
121,947
90,840
40,308

A u g . 1926
42,824
41,265
9,201

S e p t . 1925
128,641
131,766
20,511

C le a n R ic e (P o c k e t s ) P o r t o f N e w O r le a n s .
R e c e ip t s ------------------- --------- 154,874
S h ip m e n t s _____ ______________________ 132,495
S t o c k ___________________________________ 124,455

88,142
142,589
102,076

181,348
135,778
135,374

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

R e c e ip t s o f R o u g h R ic e .
M o n th of
Sep te m b er

..................... 1,147,507

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

853,530

Season
T o t a ls

1,407,460
1,419,598

D i s t r i b u t i o n o f M ille d R ic e .

C o t t o n M o v e m e n tU n ite d S t a t e s .
S i n c e A u g u s t 1.

--------

tu re .
T h i s c o n d it io n f o r e c a s t s a p r o b a b le y ie ld p e r a c r e
o f a b o u t 3 1 .5 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 r
t h e s t a t e o f a p p r o x i m a t e l y 1 5 ,8 7 6 ,0 0 0 b u s h e l s , c o m p a r e d
w i t h 1 4 ,9 8 5 ,0 0 0 b u s h e l s p r o d u c e d i n 1 9 25.

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

717,070
619,078

1,027,482
934,317

1,217,603

632,444

S to ck s
T h i s y e a r ( p o c k e t s )_________ _________________

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

S a v in g s d e p o s it s a t t h e e n d o f S e p ­
t e m b e r r e p o r t e d b y 91 b a n k s i n t h e
s i x t h d i s t r i c t w e r e 1 .2 p e r c e n t g r e a t e r t h a n a t t h e e n d o f
A u g u st.
D e c r e a s e s w e re s h o w n in t o t a l s a v in g s a t t h e
e n d o f J u ly c o m p a re d w it h J u n e , a n d a t t h e e n d o f A u g u s t
co m p a re d w it h J u ly .
S a v in g s a t t h e e n d o f S e p te m b e r
w e r e 4 .3 p e r c e n t b e l o w t h e t o t a l r e p o r t e d a t t h e e n d o f
Ju n e.
A n i n c r e a s e o f 5 .8 p e r c e n t i s s h o w n i n s a v i n g s a t
t h e e n d o f S e p te m b e r c o m p a re d w it h t h e c o r re s p o n d in g
d a te a y e a r ago.
S a v in g s D e p o s it s .
(0 0 0 O m i t t e d )
C o m p a r iC o m p a r iso n
so n
S e p t . .A u g u s t S e p t . 1926- S e p t .
S ep t.
1926
1926 A u g . 1926
1925 1926-1925
A t l a n t a (7 b a n k s ) ........ .. $ 37,017 $ 37,093
— 0.2 $ 33,457
+ 1 0 .6
B ir m in g h a m (5 b a n k s ) . - 24,011
23,899
+ 0 .5
23,886
+ 0.5
J a c k s o n v ille (5 b a n k s ) - . 28,021
27,689
+ 1 .2
25,193
+ 1 1 .2
N a s h v ille (10 b a n k s ) .
25,677
25,634
+ 0 .2
22,676
+ 1 3 .2
N e w O r le a n s (8 b a n k s ) . - 47,523
48,903
47,420
— 2.8
+ 0.2
O t h e r C it ie s (56 b a n k s ) . . 107,698
103,490
+ 4 .1
102,430
+ 5.1
T o t a l (91 b a n k s ) . ............. 269,947
266,708
+ 1 .2
255,062
+ 5.8
D e b it s t o I n d iv id u a l A cco u n ts

D e b it s to in d iv id u a l a c c o u n t s a t r e ­
p o r t in g c it ie s in t h e s ix t h d is t r ic t d u r ­
i n g S e p t e m b e r w e r e 8 .8 p e r c e n t g r e a t ­
e r t h a n in A u g u s t , b u t f e ll
p e r c e n t b e lo w t h e t o t a l f o r
S e p te m b e r la s t y e a r .
T h e d e cre a se w a s g e n e ra l o ver th e
d is t r ic t , C h a t t a n o o g a , S a v a n n a h a n d B r u n s w ic k b e in g t h e
o n ly c it ie s r e p o r t in g in c r e a s e s o v e r S e p t e m b e r
M o n th ­
ly f ig u r e s a r e a r r iv e d a t b y p r o - r a tin g f ig u r e s fo r t h o s e w e e k s
w h ic h d o n o t f a ll e n t ir e ly w it h in a s in g le m o n th .

8.9

1925.

(OOo O m i t t e d )
S ep t.

1926 A u g . 1926 S e p t . 1925
$141,232
$127,545
$145,910
4,830
2,362
7,104
37,775
34,282
42,417
25,083
19,421
28,692
94,411
98,700
107,871
8,143
8,709
9,072
59,538
64,054
85,339
6,511
4,129
7,707
154,714 142,005
167,688
32,243
20,717
33,014
3,365
6,248
3,135
14,862
12,375
16,688
783
592
1,115
24,964
22,526
27,335
2,479
1,771
2,492
64,826
43,911
58,312
6,841
10,089
7,680
333,014 309,549
377,729
20,579
17,612
16,461
13,481
17,155
8,245
6,251
10,784
48,912
42,054
42,418
31,626
32,241
32,550
78,233
79,164
81,631

A la b a m a :
B ir m i n g h a m ______ ______ ____________
D o t h a n ............................................. __
M o b ile ..................................... ..............
M o n t g o m e r y ....................................
F lo r id a :
J a c k s o n v i lle ............................... ........
P e n s a c o la ........................................ ..
T a m p a .............. .....................................
G e o r g ia :
A l b a n y .......................................... ........
A t l a n t a — . ............. - ........................
A u g u s t a ................. ..............................
B r u n s w i c k ______________ _____________
C o lu m b u s .............................................
E lb e r t o n ------------------------ -----M a c o n _ _ .................................................
N e w n a n ............... .................... ............
S a v a n n a h ........... ................ ................
V a ld o s t a _____ ___________ _____________
L o u is ia n a :
N e w O r le a n s ________________________
M is s is s ip p i:
♦ J a c k s o n ..............................................
M e r id ia n .................................. ............
V i c k s b u r g - ..........................................
T e n n e sse e *
C h a t t a n o o g a . . — ............................
K n o x v ille ............................... ..............
N a s h v ille ...............................................

T o t a l 23 O itie s ......................$1,199,031
$1,102,176
$1,313,838
♦ J a c k s o n n o t i n c l u d e d i n t o t a l s d u e t o i n c o m p l e t e f i g u r e s i n 1925.

5

THEMONTHLYBUSINESSREVIEW
C o n d it io n o f m e m b e r B a n k s in S e le c t e d C it ie s

T o t a l lo a n s a n d d is c o u n t s o f r e p o r t in g
m e m b e r b a n k s lo c a te d in A t la n t a , N e w
O r le a n s ,
B ir m in g h a m ,
J a c k s o n v ille ,
N a s h v ille , C h a t t a n o o g a , K n o x v ille a n d
S a v a n n a h r e a c h e d a h i g h p o i n t f o r t h e y e a r o n O c t o b e r 6,
b u t d e c lin e d a lit t le m o re t h a n tw o m illio n d o lla r s t h e f o l­
lo w in g w e e k .
O n O c t o b e r 13, t h e t o t a l l o a n s a n d d i s c o u n t s
r e p o r t e d b y t h e s e b a n k s s t o o d a t $ 5 2 7 ,4 0 8 ,0 0 0 , a n i n c r e a s e o f
$ 1 5 ,9 8 3 ,0 0 0 o v e r t h e t o t a l o n S e p t e m b e r 15, b u t w a s $ 5 ,7 9 2 ,0 0 0
l e s s t h a n o n O c t o b e r 14, l a s t y e a r d u e t o a r e d u c t i o n i n t h e
v o lu m e o f lo a n s s e c u r e d b y
g o v e rn m e n t o b lig a t io n s a n d
c o m m e r c ia l lo a n s . U n it e d S t a t e s g o v e r n m e n t s e c u r it ie s
o w n e d b y t h e s e b a n k s d e c l i n e d $ 1 ,7 7 8 ,0 0 0 d u r i n g t h e p a s t f o u r
w e e k s , b u t t h e t o t a l o n O c t o b e r 13 w a s $ 3 ,6 6 2 ,0 0 0 g r e a t e r t h a n
o n t h e c o r re s p o n d in g r e p o r t d a te la s t y e a r .
O th e r sto ck s
a n d b o n d s o w n e d b y t h e s e r e p o r t in g m e m b e r b a n k s d e ­
c l i n e d $ 4 7 ,0 0 0 d u r i n g t h e p a s t f o u r w e e k s , b u t s h o w e d a n
i n c r e a s e o f $ 5 ,7 7 7 ,0 0 0 o v e r t h o s e o w n e d a y e a r a g o . T o t a l
lo a n s , d is c o u n t s a n d in v e s t m e n t s o f t h e s e m e m b e r b a n k s
o n O c t o b e r 13 w e r e $ 1 4 ,1 5 8 ,0 0 0 g r e a t e r t h a n a m o n t h a g o ,
a n d $ 3 ,6 4 7 ,0 0 0 g r e a t e r t h a n a t t h e s a m e t i m e a y e a r a g o .
D e m a n d d e p o s i t s r e p o r t e d b y t h e s e b a n k s o n O c t o b e r 13
t o t a l e d $ 3 4 0 ,1 0 6 ,0 0 0 , c o m p a r e d w i t h $ 3 4 3 ,0 0 3 ,0 0 0 o n S e p t e m ­
b e r 1 5, a n d w i t h $ 3 7 3 ,7 5 4 ,0 0 0 o n O c t o b e r 14, 1925. T i m e d e ­
p o s it s , h o w e v e r, h a v e c o n t in u e d to s h o w a g r a d u a l in ­
c r e a s e , a n d o n O c t o b e r 13 w e r e $ 2 3 2 ,6 1 5 ,0 0 0 c o m p a r e d w i t h
$ 2 2 0 ,9 3 8 ,0 0 0 o n S e p t e m b e r 15, a n d w i t h $ 2 1 1 ,3 1 5 ,0 0 0 o n O c ­
t o b e r 14, l a s t y e a r .
P r i n c ip a l it e m s in t h e w e e k ly s t a t e m e n t
o f t h e c o n d it io n o f t h e s e b a n k s , a re s h o w n i n t h e t a b le .
M e m b e r B a n k s in S e le c t e d C it ie s .
(000 O m i t t e d )
O c t . 13,
1926
B i l l s D is c o u n t e d :
S e c u r e d b y G o v t . O b lig a t io n s $ 5,556
S e c u r e d b y S t o c k s a n d B o n d s 103,108
418,744
A l l O t h e r s ...........- ........................ —
T o t a l D is c o u n t s .............................. 527,408
U . S . S e c u r it ie s ________________ _________
46,237
O t h e r S t o c k s a n d B o n d s -----------58,562
T o t a l L o a n s , D is c o u n t s a n d I n ­
v e s tm e n t s _____________________________ 632,207
T i m e D e p o s it s _____ _______________ ______ 232,615
D e m a n d D e p o s it s ............ ....................... 340,106
A c c o m m o d a t io n a t F . R . B a n k —
31,287

S e p t . 15,
1926
$ 6,377
104,405
400,643
511,425
48,015
58,609
618,049
220,938
343,003
29,844

O c t . 14,
1925
$

7,385
99,749
426,066
533,200
42,575
52,785

628,660
211,315
373,574
20,541

T o t a l d is c o u n t s b y t h e F e d e r a l R e ­
se rv e B a n k o f A t la n t a f o r it s m e m b e r
b a n k s r e a c h e d a h ig h le v e l f o r t h e
y e a r o n S e p t e m b e r 29 , w h e n t h e t o t a l
w a s $ 5 8 ,6 3 9 ,8 3 4 .5 6 , b u t d e c r e a s e s h a v e o c c u r r e d a t e a c h o f
t h e t w o r e p o r t d a t e s s in c e t h a t t im e .
O n O c t o b e r 13, t h e
t o t a l d i s c o u n t s a m o u n t e d t o $ 5 2 ,2 7 0 ,0 0 0 , $ 2 ,5 4 5 ,0 0 0 l e s s t h a n
o n S e p t e m b e r 15, b u t $ 2 2 ,1 9 5 ,0 0 0 g r e a t e r t h a n o n O c t o b e r
14, l a s t y e a r .
T h e v o lu m e o f b ills b o u g h t i n t h e o p e n m a r ­
k e t i n c r e a s e d $ 2 ,1 6 7 ,0 0 0 o v e r t h e t o t a l a m o n t h a g o , a n d
w a s $ 9 ,3 4 0 ,0 0 0 g r e a t e r t h a n o n t h e c o r r e s p o n d i n g r e p o r t
d a t e a y e a r a g o , w h ile U n it e d S t a t e s s e c u r it ie s o n O c to b e r
13, t o t a l e d $ 1 ,8 4 9 ,0 0 0 c o m p a r e d w i t h $ 1 ,9 4 5 ,0 0 0 a m o n t h
a g o , a n d w i t h $ 1 4 ,3 3 0 ,0 0 0 a t t h e s a m e t i m e i n 1925. T o t a l
b ills a n d s e c u r it ie s h e ld b y t h e F e d e r a l R e s e r v e B a n k o n
O c t o b e r 13 a m o u n t e d t o $ 8 6 ,0 8 0 ,0 0 0 , c o m p a r e d w i t h $ 8 6 ,5 5 4 ,
000 o n S e p t e m b e r 15, a n d w i t h $ 6 6 ,5 8 8 ,0 0 0 o n O c t o b e r 14,
19 25.
C a s h r e s e r v e s h e l d b y t h e b a n k i n c r e a s e d $ 4 ,1 3 1 ,0 0 0
o v e r t h o s e a m o n t h a g o , b u t w e r e $ 6 ,2 5 3 ,0 0 0 l e s s t h a n a
y e a r ago.
D e p o s i t s w e r e $ 5 0 0,000 l e s s t h a n a m o n t h a g o ,
a n d $ 1 3 ,1 2 9 ,0 0 0 l e s s t h a n a y e a r a g o . F e d e r a l R e s e r v e
N o t e s i n a c t u a l c i r c u l a t i o n o n O c t o b e r 13 i n c r e a s e d $ 2 ,9 6 0 ,0 0 0
d u r i n g t h e p a s t f o u r w e e k s , a n d w e r e $ 1 8 ,3 0 7 ,0 0 0 g r e a t e r
t h a n a y e a r a g o . P r i n c ip a l it e m s i n t h e w e e k ly s t a t e m e n t
o f t h e F e d e r a l R e s e r v e B a n k a r e s h o w n b e lo w :
O p e r a t io n s o f t h e
F e d e ra l R e se rve
Bank

F e d e ra l R e se rv e B a n k .
(000 O m i t t e d )
O c t . 13,
1926
B i l l s D is c o u n t e d :
S e c u r e d b y G o v t . O b lig a t io n s $ 8,181
A l l O t h e r s ..........................................
44,089
T o t a l D is c o u n t s ..............................
52,270
B i l l s b o u g h t i n o p e n m a r k e t ..........
31,261
U . S . S e c u r i t i e s - ......................................
1,849
T o t a l B i l l s a n d S e c u r it ie s ___________
86,080
C a s h R e s e rv e s ............................................ 167 437
T o t a l D e p o s it s _________________ _________
70.913
F . R . N o t e s i n a c t u a l c ir c u la t i o n
175,905
R e s e rv e R a t i o ............................................
67.8

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

S e p t . 15,
1926
$

5,325
49,490
54,815
29,094
1,945
86,554
163,306
71,413
172,945
66.8

O c t . 14,
1925
$

6,397
23,678
30,075
21,921
14,330
66,588
173,690
84,042
157,598
71.9

S t a t i s t i c s c o m p ile d a n d p u b l is h e d b y
R . G . D u n & C o ., in d ic a t e t h a t d u r in g
S e p t e m b e r 1926 c o m m e r c i a l f a i l u r e s i n
t h p U n i t e d S t a t e s n u m b e r e d 1 ,4 3 7 c o m p a r e d w i t h 1 ,593
i n A u g u s t , a n d w i t h 1,465 i n S e p t e m b e r 1925, a n d l i a b i l i t i e s
o f f a i l i n g f i r m s t o t a l e d $ 2 9 ,9 8 9 ,8 1 7 i n S e p t e m b e r , c o m p a r e d




w i t h $ 2 8 ,1 2 9 ,6 6 0 i n A u g u s t , a n d w i t h $ 3 0 ,6 8 7 ,3 1 9 i n S e p t e m b e r
la s t y e a r.
F ig u r e s fo r t h e s ix t h d is t r ic t s h o w a t o t a l o f
75 f a i l u r e s , w i t h l i a b i l i t i e s o f $93 1 ,9 0 9 i n S e p t e m b e r , c o m ­
p a r e d w i t h 104 f a i l u r e s w i t h l i a b i l i t i e s o f $ 1 ,9 3 0 ,0 5 0 i n A u g u s t
a n d w i t h 61 f a i l u r e s w i t h l i a b i l i t i e s o f $ 1 ,5 3 8 ,9 8 8 i n S e p t e m b e r
la s t y e a r.
F a i l u r e s f o r t h e U n it e d S t a t e s , d iv id e d b y
F e d e ra l R e se rv e D is t r ic ts , a re sh o w n in th e t a b le :
N u m b e r L i a b i l i t i e s L ia b i l i t i e s
L ia b U i t ie s
S e p t . 1926 S e p t . 192 6 A u g . 1926 S e p t . 1925
D is t r ic t
B o s t o n ........................ __________ 134 $ 2,346,091 $ 3,070,752 $ 7,700,181
13,298,895
5,967,571
6,623,159
N e w Y o r k ----------- __________ 242
1,277,514
1,630,058
928,390
70
P h i l a d e l p h i a ------- ...............
1,888,576
2,651,989
1,439,015
C le v e la n d .................. ............... 155
1,604,500
1,433,713
85
R ic h m o n d ................. __________
2,330,536
931,909
1,930,050
75
A t l a n t a ....................... ...............
1,538,988
2,905,412
3,472,839
4,500,402
C h ic a g o ...................... __________ 197
548,162
1,326,682
48
1,138,071
S t . L o u i s ................... ...............
631,509
1,106,200
405,371
M in n e a p o lis -------- ...............
95
1,139,741
1,784,080
87
853,793
K a n s a s C i t y .............................
431,900
682,086
D a l l a s ......... ................---------44
412,370
2,510,917
3,548,331
S a n F r a n c i s c o ----- ............... 205
2,817,043
T o t a l ............. — .................1,437

IM P O R T S
U n it e d S t a t e s

$29,989,817

AN D

$28,129,660

$30,687,319

E X P O R T S .

P r e lim in a r y
s t a t is t ic s
c o m p ile d a n d
p u b lis h e d b y t h e U n it e d S t a t e s D e ­

p a r t m e n t o f C o m m e r c e i n d i c a t e a v o lu m e o f e x p o r t s h ig h e r
t h a n f o r a n y o t h e r m o n t h t h i s y e a r , a n d e x c e e d in g im ­
p o r t s f o r t h e m o n t h b y $ 1 0 5 ,0 0 0 ,0 0 0 .
S e p te m b e r e x p o rts'
a m o u n t e d t o $ 4 5 0 ,0 0 0 ,0 0 0 , c o m p a r e d w i t h $ 3 8 5 ,6 2 0 ,5 5 5 i n
A u g u s t , a n d w i t h $ 4 2 0 ,3 6 8 ,1 4 0 i n S e p t e m b e r l a s t y e a r .
Im ­
p o r t s i n S e p t e m b e r t o t a l e d $ 3 4 5 ,0 0 0 ,0 0 0 , c o m p a r e d w i t h
$ 3 3 6 ,5 9 1 ,7 2 2 i n A u g u s t , a n d w i t h $ 3 4 9 ,9 5 3 ,6 8 0 i n S e p t e m b e r
1925.
F o r t h e n i n e m o n t h s o f 1926 t o t a l e x p o r t s h a v e e x ­
c e e d e d i m p o r t s b y $ 8 7 ,2 0 9 ,9 5 4 c o m p a r e d w i t h a n e x c e s s o f
e x p o rts o v e r im p o r t s d u r in g t h e sa m e p e rio d la s t y e a r
t o t a l i n g $ 4 2 3 ,7 2 6 ,9 2 1 .
P r e lim in a r y f ig u r e s f o r S e p te m b e r,
w it h c o m p a r is o n s , a r e s h o w n i n t h e t a b le :
1926
1925
Im p o rts :
S e p te m b e r ............................................. $ 345,000,000
$ 349,953,680
A u g u s t - ..................................................
336,591,722
340,085,620
9
m o n t h s e n d in g w i t h S e p te m b e r 3,323,624,518
3,079,444,250
E x p o rts:
S e p t e m b e r ...... ...................................... $ 450,000,000
$ 420,368,140
385,620,555
379,822,746
A u g u s t ----------------- ----------------9 m o n t h s e n d in g w i t h Septem b er3,41 0,834,4 72
3,503,171,171
Im p o rts
N e w O r le a n s

M e r c h a n d is e w a s im p o r t e d t h r o u g h
t h e p o r t o f N e w O r le a n s d u r in g J u ly
1926 ( t h e l a t e s t m o n t h f o r w h i c h d e ­
t a i l e d s t a t i s t i c s a r e a v a i l a b l e ) t o t h e v a l u e o f $ 1 7 ,2 0 3 ,0 3 8 .
T h i s t o t a l w a s 7 .8 p e r c e n t s m a l l e r t h a n f o r J u n e , a n d 4
p e r c e n t s m a lle r t h a n f o r J u l y 1925.
D e cre a se s co m p a re d
w it h J u ly la s t y e a r w e re s h o w n in r e c e ip t s o f c o ffe e , s u g a r
a n d b a n a n a s , b u t in c r e a s e s o c c u r r e d in n e w s p r in t p a p e r ,
c r u d e p e t r o le u m , c r e o s o t e
o il, b u r la p s , a n d m a h o g a n y
c a b in e t w o o d .
T h i s t o t a l f o r J u ly , w h ile s m a lle r t h a n
f o r J u l y o f 1925 a n d 1920, i s l a r g e r t h a n f o r J u l y o f 1921,
1922, 1923 a n d 1924.
S o m e o f t h e p r in c ip a l it e m s im p o r t e d
in J u ly a r e lis t e d in t h e t a b le :
C o ffe e , p o u n d s __________________________________
S u g a r , p o u n d s ....................................................
B a n a n a s , b u n c h e s .............................................
N e w s p r in t p a p e r , p o u n d s - — ......................
C r u d e p e t ro le u m , g a l lo n s .............................
C re o s o t e o il, g a l lo n s -------------------- -----M o la ss e s a n d s u g a r s y r u p , g a l lo n s -----B u r l a p s , p o u n d s -------------------------------M a h o g a n y c a b in e t w o o d , f e e t ...................
E x p o rts
N e w O r le a n s

V o lu m e
32,376,061
98,050,389
1,813,710
5,472,801
43,017,242
4,400,334
9,778,735
12,073,595
844,000

V a lu e
$6,488,718
2,122,248
928,511
169,779
1,201,019
548,067
398,237
1,443,501
98,463

T h e
v a lu e
o f c o m m o d it ie s e x p o r t e d
d u rin g J u ly t h r o u g h t h e p o r t o f N e w

O r l e a n s w a s $ 2 9 ,6 5 6 ,3 5 4 * a n i n c r e a s e o f
4 .8 p e r c e n t o v e r e x p o r t s i n J u n e , a n d 3 .5 p e r c e n t s m a l l e r
t h a n f o r J u l y 1925.
In c r e a s e s o c c u rre d in e x p o rts o f c o t­
t o n , g a s o lin e a n d p a r a f f in w a x , b u t d e c r e a s e s w e r e r e ­
p o r t e d i n a n u m b e r o f o t h e r it e m s .
L i s t e d b e lo w a r e t h e
p r in c ip a l c o m m o d it ie s e x p o r t e d i n J u l y :
S h o r t s t a p le c o t t o n , b a l e s . . . .....................
G a s o lin e , g a llo n s ...............................................
C y lin d e r lu b r ic a t in g o il, g a llo n s .............
I ll u m i n a t i n g o il, g a llo n s ...............................
T o b a c c o , p o u n d s ................................................
R e f in e d p a r a f f in w a x , p o u n d s ..................
R o u g h S o u . P in e B o a r d s , fe e t ...................
O a k B o a r d s , fe e t .................................................
L o n g s t a p le c o t t o n , b a le s ----------- -------W h e a t f lo u r , b a r r e ls .........................................
L a r d , p o u n d s .........................................................

V o lu m e
89,455
61,983,022
1,367,824
3,448,307
7,025,401
10,648,913
£ , 091,000
3,776,000
8,044
102,432
3,161,593

V a lu e
$8,595,803
8,586,150
353,469
292,397
1,365,762
586,310
285,041
253,517
829,247
753,184
570,269

G r a in E x p o rts

E x p o rts of w h e a t a n d o a ts th ro u g h th e
p o r t o f N e w O t le a n s in c r e a s e d i n S e p ­
t e m b e r o v e r b o t h t h e p r e c e d in g m o n t h a n d t h e c o r r e s p o n d ­
in g m o n t h la s t y e a r , w h ile s h ip m e n t s o f c o r n w e r e s m a lle r

THEMONTHLYBUSINESSREVIEW

6

t h a n f o r e it h e r o f t h o s e m o n t h s .
I n t h e t a b le a r e s h o w n
f ig u r e s fo r S e p te m b e r, a n d fo r th e se a so n to d a te , com ­
p a re d w ith a y e a r ago.
W h e a t , b u s h e ls ..............
C o m , b u s h e ls .................
O a t s , b u s h e ls ..................

S e p t . 1926
1,508,989
252,389
156,612

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

1,917,990

Season th ro u g h
S e p t . 1925 S e p t . 1926 S e p t . 1925
284,841
2,562,761
2,030,469
429,272
1,365,464
1,206,344
81,107
330,444
202,860
795,22 0

4,258,669

3,439,673

B U IL D IN G .
T h e a g g re g a te v a lu e o f b u ild in g s f o r w h ic h p e r m it s w e re
i s s u e d i n S e p t e m b e r 1926 a t t w e n t y c i t i e s i n t h e s i x t h d i s ­
t r i c t w h ic h h a v e r e p o r t e d t h e s e s t a t is t ic s m o n t h ly s in c e
1919 w a s $ 1 2 ,5 0 7 ,7 8 6 . T h i s r e p r e s e n t s a d e c r e a s e o f 4 1 .3
p e r c e n t i n t o t a l v a lu e c o m p a r e d w i t h S e p t e m b e r 1925.
T h i s i s t h e s m a l l e s t t o t a l s o f a r r e c o r d e d f o r 1926, a n d i s
s m a l l e r t h a n f o r a n y m o n t h s i n c e A p r i l 1925. I n 1925, h o w ­
e v e r, t h e t o t a l fo r S e p te m b e r w a s t h e g re a te s t sh o w n fo r
a n y m o n th in th a t y e a r.
I n 1924, t h e S e p t e m b e r t o t a l w a s
o n ly f r a c t io n a lly s m a lle r t h a n f o r J a n u a r y , w h ic h w a s t h e
l o w e s t i n t h a t y e a r , a n d i n 1923 t h e S e p t e m b e r f i g u r e w a s
t h e s m a lle s t f o r t h e y e a r .
A n a ly s is o f t h e f ig u r e s r e p o r t e d f o r S e p te m b e r d is c lo s e s
t h e f a c t t h a t p e r m it s a t f iv e r e g u la r ly r e p o r t in g c it ie s i n
F l o r i d a d e c r e a s e d 5 8 .3 p e r c e n t c o m p a r e d w i t h S e p t e m b e r
a y e a r a g o , w h ile f ig u r e s f o r t h e o t h e r f if t e e n c it ie s i n t h e
d is t r ic t in c lu d e d i n t h e t o t a ls a n d in d e x n u m b e r s d e c r e a s e d
o n l y 1 0 .4 p e r c e n t . I n S e p t e m b e r 1925 p e r m i t s a t t h e s e f i v e
F l o r i d a c i t i e s c o m p r i s e d 6 4 .6 p e r c e n t o f t h e t o t a l f o r t h e
t w e n t y r e g u la r ly r e p ) r t in g c it ie s o f t h e d is t r ic t , w h ile i n
S e p t e m b e r t h i s y e a r f ig u r e s f o r t h e s e f iv e c it i e s c o m p r is e d
4 5 .9 p e r c e n t >f t h e d i s t r i c t t o t a l .
P e r c e n t a g e c o m p a r is o n s
o f f ig u r e s r e p o r t e d b y e a c h c it y a r e s h o w n i n t h e t a b le , a n d
in d e x n u m b e r s f o r F e d e r a l R e s e 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.
S t a t i s t i c s o f b u i l d i n g c o n t r a c t s a w a r d e d i n 37 s t a t e s ,
c o m p ile d b y t h e F . W . D o d g e C o r p o r a t io n , a n d d iv id e d b y
F e d e r a l R e s e r v e D i s t r ic t s b y t h e D iv is io n o f R e s e a r c h a n d
S t a tis t ic s o f t h e F e d e ra l R e se rv e B o a rd , sh o w t o ta l a w a rd s
in t h e s ix t h d is t r ic t
d u r in g
S e p te m b e r
a m o u n t in g
to
1 6 7 ,0 0 0 I n S e p t e m b e r l a s t y e a r .
N o.
A la b a m a :
A n n i s t o n ...........
B ir m in g h a m —
M o b ile ............. ....
M o n tg o m e ry —
F lo r id a :
J a c k s o n v i lle .. .

26
568
95
102

S e p t . 1926
V a lu e
$

49,000
1,382,943
232,481
58,326

N o.
22
611
63
100

P e rcen ta g e
S e p t . 1925 C h a n g e
V a lu e
i n V a lu e
31,450
1,580,428
73,617
69,663

+ 55.8
— 12.5
+215.8
— 16.3

1,275
424
56
834
226
67

1,720,970
5,803,989
1,117,500
151,055
4,980,205
839,000
3,049,700

-2
—
—
—
—
-

_____

$

245
59
637
93

1,216,617
2,537,353
1,052,297
21,730
916,077
834,650

404
120
32
215
61

984,236
76,131
116,580
221,848
201,360

334
120
65
145
65

778,245
48,307
63,795
61,103
288,475

+ 26.5
+ 57.6
+ 82.7
+ 263.1
-30.2

177
81

1,100,259
102,341

238
78

2,939,508
50,889

— 62.6
+ 101.1

302
23
212
329

648,175
131,650
785,654
672,728

250
16
201
188

402,145
34,100
49.6,338
627,342

+ 61.2
+ 286.1
+ 58.3
+ 7.2

5,085
T o t a l 20 C it ie s ----- 5,942 $12,507,786
Tndft* N o _____________
346.9
♦Not in c lu d e d i n t o t a ls o r in d e x n u m b e r s .

$21,319,124
591.2

— 41.3

618

M iam i__________ 1,636
O r la n d o .............
P e n s a c o l a .........
T a m p a ................
♦ L a k e la n d -----♦M iam i B e a c h .
G e o r g ia :
A t l a 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 r ia —
T en n essee:
C h a t t a n o o g a ..
Jo h n so n O ity .
K n o x v ille ..........
N a s h v ille ...........

9 .3
56.3
5.8
85.6
81.6
0.5
x

LU M B ER .
P r e lim in a r y r e p o r t s f o r t h e m o n t h o f S e p te m b e r r e c e iv e d
b y t h e S o u t h e r n P i n e A s s o c i a t i o n f r o m 140 s u b s c r i b i n g
m ills in d ic a t e a v o lu m e o f p r o d u c t io n d u r in g S e p te m b e r
a m o u n t i n g t o 3 2 1 ,1 2 6 ,6 6 5 f e e t .
F o r t h e f i r s t t im e s in c e
J u n e , a n d t h e t h i r d t im e d u r in g t h i s y e a r , o r d e r s r e c e iv e d
b y r e p o r t in g m ills h a v e f a lle n b e lo w t h e i r p r o d u c t io n .
O r d e r s , a m o u n t i n g t o 3 1 7 ,1 9 5 ,9 3 7 f e e t , w e r e 1 .2 p e r c e n t
s m a l l e r t h a n p r o d u c t i o n , 8 .0 p e r c e n t l e s s t h a n n o r m a l
p r o d u c t i o n , a n d 3 .6 p e r c e n t l e s s t h a n s h i p m e n t s b y t h e s e
m ills d u r in g S e p te m b e r.
P r o d u c t i o n w a s 6 .9 p e r c e n t
s m a lle r t h a n t h e c o m p u t e d n o r m a l p r o d u c t io n o f t h e s e
m i l l s , a n d 2 .4 p e r c e n t s m a l l e r t h a n t h e i r s h i p m e n t s d u r i n g
S e p te m b e r.
S t o c k 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,
r e p o r t e d b y t h e s e 1 4 0 j f t i l l s , a m o u n t e d t o 7 6 3 ,8 4 6 ,9 8 0 f e e t ,
1 3 7 .9 p e r c e n t g r e a t e r t h a n t h e m o n t h ’s p r o d u c t i o n , 1 4 0 .8
p e r c e n t g r e a t e r t h a n t h e v o lu m e o f o r d e r s b o o k e d , a n d




1 3 2 .1 p e r c e n t g r e a t e r t h a n s h i p m e n t s .
S to c k s w e re , h o w ­
e v e r , 1 5 .9 p e r c e n t l e s s t h a n t h e c o m p u t e d n o r m a l s t o c k s
o f t h e s e m ills .
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 S e p ­
t e m b e r a m o u n t e d t o 2 4 0 ,0 5 5 ,2 3 2 f e e t , 2 5 .2 p e r c e n t l e s s t h a n
t h e m o n t h ’ s p r o d u c t i o n , a n d 2 4 .3 p e r c e n t l e s s t h a n t h e
v o lu m e o f o r d e r s r e c e iv e d d u r in g t h e m o n t h . T h e la t e s t
r e p o r t o f o p e r a t in g t im e i s s u e d b y t h e S o u t h e r n P in e A s ­
s o c ia t io n s h o w s t h a t d u r in g t h e w e e k e n d e d O c t o b e r 8, o f
1 18 r e p o r t i n g m i l l s , 86 o p e r a t e d f u l l t i m e , 8 o p e r a t e d 5 § d a y s ,
a n d 13 o p e r a t e d 5 d a y s , a n d o f t h o s e r e p o r t i n g f u l l t i m e
19 r e p o r t e d o v e r t i m e a g g r e g a t i n g 665 h o u r s , o r a n a v e r a g e
o f 3 5 h o u r s o v e r t i m e f o r e a c h o f t h e s e 19 m i l l s d u r i n g t h e
w eek.
P r e lim in a r y f ig u r e s f o r S e p te m b e r w it h c o m p a r i­
s o n s a re sh o w n in th e t a b le :
O r d e r s .......................................................
S h ip m e n t s .............................................
P r o d u c t io n ............................................
N o r m a l p r o d u c t io n t h e s e m ills
S t o c k e n d o f m o n t h ........................
N o r m a l s t o c k t h e s e m ill s .............
U n f i lle d o rd e rs e n d o f m o n t h ..

S e p t . 1926
(140 m ills )
317,195,937
329,153,108
321,126,665
344,943,899
763,846,980
908,414,463
240,055,232

A u g . 1926
S e p t . 1925
(136 m ills )
(148 m ills )
359,897,333 345,882,874
335,707,685 344,605,174
318,810,731 388,195,234
346,701,155 332,755,504
747,785,121 855,680,209
900,671,991 883,104,820
249,413,840 252,026,325

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

T h e c o n s u m p t io n o f l i n t c o t t o n i n
t h e U n it e d S t a t e s d u r in g S e p te m b e r
1926,
a c c o r d in g to s t a t
a n d p u b lis h e d b y t h e U n it e d S t a t e s C e n s u s B u r e a u , a m o u n t ­
e d t o 5 7 1 ,1 0 5 b a l e s .
T h i s w a s 1 4 .1 p e r c e n t g r e a t e r t h a n t h e
c o n s u m p t i o n i n A u g u s t , a n d w a s 1 8 .2 p e r c e n t g r e a t e r t h a n
t h e c o n s u m p t io n i n S e p te m b e r la s t y e a r .
W it h t h e p r o ­
g r e s s o f p ic k in g a n d g in n in g , s t o c k s o f c o t t o n i n p u b lic
s to ra g e a n d a t c o m p re s se s in c r e a s e d o v e r t h o s e r e p o r t e d
a m o n t h e a r lie r , a n d s t o c k s i n t h e h a n d s o f c o n s u m in g
e s t a b lis h m e n t s a ls o in c r e a s e d .
B o t h o f t h e s e it e m s w e re
g re a te r t h a n w e re s h o w n a t t h e e n d o f S e p te m b e r la s t
y ea r.
E x p o r t s d u r in g S e p te m b e r w e re a lit t le m o re t h a n
d o u b l e t h o s e i n A u g u s t , a n d 5 .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 1925. T h e n u m b e r o f a c t i v e s p i n d l e s i n S e p ­
t e m b e r i n c r e a s e d 2 .6 p e r c e n t o v e r A u g u s t , a n d w a s 1 .8
p e r c e n t g re a te r t h a n a y e a r ago.
S t a t is t ic s f o r t h e c o t t o n - g r o w in g s t a t e s s h o w t h a t S e p ­
t e m b e r c o n s u m p t i o n i n t h e s e s t a t e s a m o u n t e d t o 4 1 1 ,2 5 9
b a l e s , 1 4 .3 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 2 4 .7 p e r
c e n t g r e a t e r t h a n i n S e p t e m b e r 1925. S t o c k s o f c o t t o n
s h o w e d in c r e a s e s o v e r b o t h o f t h o s e p e r io d s .
A c t iv e s p in d ­
l e s i n S e p t e m b e r i n c r e a s e d 1 .1 p e r c e n t o v e r A u g u s t , a n d
2 .9 p e r c e n t o v e r S e p t e m b e r l a s t y e a r .
T h e s e C e n s u s B u r e a u s t a t is t ic s in d ic a t e t h a t o f th e t o t a l
c o n s u m p t i o n o f c o t t o n i n S e p t e m b e r , 72 p e r c e n t w a s i n
t h e c o t t o n - g r o w i n g s t a t e s , c o m p a r e d w i t h 7 1 .8 p e r c e n t
i n A u g u s t , a n d w i t h 6 8 .3 p e r c e n t i n S e p t e m b e r l a s t y e a r ;
a n d t h a t o f t h e t o t a l n u m b e r o f a c t iv e s p in d le s i n S e p ­
t e m b e r , 5 3 .4 p e r c e n t w e r e i n t h e c o t t o n - g r o w i n g s t a t e s ,
c o m p a r e d w i t h 5 4 .2 p e r c e n t i n A u g u s t , a n d w i t h 5 2 .8 p e r
c e n t i n S e p t e m b e r 1925.
U n it e d S t a te s .
S e p t . 1926
A u g . 1926
C o tto n C o n su m ed :
L i n t .......................................
571,105
500,652
L i n t e r s ................................
74,352
67,781
S t o c k s i n C o n s u m in g E s t a b li s h m e n t s :
L i n t .......................................
937,129
920,944
L i n t e r s , ..............................
100,058
123,255
S to c k s i n P u b lic S to ra g e a n d a t C o m p re sse s:
L i n t .......................................
3,293,217
1,715,593
L i n t e r s .................................
38,488
38,132
E x p o r t s ........................................
794,584
391,329
I m p o r t s .......................................
10,007
13,280
A c t iv e S p in d le s ...................... 32,134,682
31,321,936

C o t t o n G r o w in g
C o t t o n C o n s u m e d ................
S to c k s *
I n C o n s u m in g E s t a b ­
lis h m e n t s ...................
I n P u b l ic S t o r a g e a n d
a t C o m p r e s s e s ----A c t iv e S p in d le s ......................

C o t t o n C lo t h

S e p t . 1926
411,259

S e p t . 1925
483,082
71,643
869,419
81,842
3,114,992
18,875
752,806
15,121
31,571,554

S ta te s.
A u g . 1926
359,708

S e p t . 1925
329,772

569,952

495,466

589,035

3,116,169
17,145,328

1,536,942
16,964,426

3,034,524
16,654,578

C o n f id e n t ia l r e p o r t s fo r S e p te m b e r
w e re re n d e re d to t h e F e d e ra l R e se rv e
B a n k b y m i l l s i n t h e s i x t h d i s t r i c t w h i c h p r o d u c e d 2 7 ,7 0 7 ,0 0 0
y a r d s o f c lo t h .
T h i s o u t p u t w a s a n i n c r e a s e o f 5 .0 p e r
c e n t o v e r t h e p r o d u c t io n i n A u g u s t b y t h e s a m e m ills , a n d
a n i n c r e a s e o f 7 .1 p e r c e n t o v e r t h e i r p r o d u c t i o n i n S e p ­
t e m b e r 1925. S h i p m e n t s a l s o i n c r e a s e d o v e r b o t h o f t h o s e
p e r io d s .
T h e v o lu m e o f o r d e r s b o o k e d b y t h e s e m ills , a n d
u n f ille d o rd e rs o n h a n d a t t h e e n d o f S e p te m b e r, sh o w e d
in c r e a s e s o v e r A u g u s t , b u t w e re s m a lle r t h a n a y e a r a g o ,
a n d s to c k s sh o w e d d e c re a s e s in b o th in s t a n c e s .
The
n u m b e r o f w o r k e r s o n t h e p a y r o lls o f t h e s e m ills d e c lin e d
0 .6 p e r c e n t c o m p a r e d w i t h A u g u s t , b u t w a s 3 .1 p e r c e n t

7

THEMONTHLYBUSINESSREVIEW
la r g e r t h a n a y e a r a g o .
P e r c e n t a g e c o m p a r is o n s
g re g a te fig u r e s r e p o rte d , a re s h o w n in t h e t a b le :

of

ag­

S e p te m b e r 1926 c o m p a r e d w i t h :
A u g . 1926
S e p t . 1925
+ 7.1
P r o d u c t io n .................................................................... + 5.0
S h ip m e n t s ...................................................................... + 7 . 7
+ 1 3 .7
— 22.9
O r d e r s b o o k e d ................. ........................................... + 3 2 .7
— 22.8
U n f i l l e d o r d e r s ......................................................... .. + 3 . 8
S t o c k s o n h a n d .......................................................... — 8.4
— 10.9
N u m b e r o n p a y r o ll.................................................. — 0. 6
+3.1

C o tto n Y a r n

P r o d u c t io n a n d s h ip m e n t s o f y a r n i n
S e p te m b e r, b y m ills w h ic h r e p o r t e d
t h e p r o d u c t i o n o f 7 ,3 9 5 ,0 0 0 p o u n d s o f y a r n d u r i n g t h e
m o n t h , w e re g r e a te r t h a n in e it h e r A u g u s t o f t h is y e a r ,
o r in S e p te m b e r la s t y e a r.
S e p te m b e r o rd e rs, a n d u n ­
f ille d o r d e r s , a ls o in c r e a s e d o v e r A u g u s t , b u t w e r e s m a lle r
t h a n a y e a r a g o , a n d s t o c k s d e c r e a s e d 2 .8 p e r c e n t c o m ­
p a r e d w i t h A u g u s t , b u t w e r e 13 .5 p e r c e n t g r e a t e r t h a n a
y e a r a g o . T h e n u m b e r o f w o r k e r s r e p o r t e d b y t h e s e m ills
d e c lin e d i n c o m p a r is o n w it h b o t h o f t h o s e p e r io d s .
P e r­
c e n t a g e c o m p a r is o n s o f a g g re g a te r e p o r t e d f ig u r e s a re
sh o w n in th e t a b le :
S e p te m b e r 1926 c o m p a re d w i t h :
A u g . 1926
S e p t . 1925
P r o d u c t io n ........ ........................................................... + 9.2
+ 6.7
S h ip m e n t s ............................ — ............................ ..
+ 7.8
+ 26.1
— 8. 5
O r d e r s b o o k e d ........... - .................... .......................... + 9 5 .1
U n f i lle d o r d e rs ............ ..................... ........................ + 3 3 .9
- 1 6 .2
S t o c k s o n h a n d .........................- --------- ---------- — 2.8
+ 1 3.5
— 4.7
N u m b e r o n p a y r o ll.................................................. — 0.2

O v e r a lls
F i g u r e s r e p o r t e d b y o v e r a ll p l a n t s f o r S e p t e m b e r s h o w
a s m a l l i n c r e a s e i n p r o d u c t i o n , a n i n c r e a s e o f 4 .8 p e r c e n t
i n o r d e r s , a n d a n i n c r e a s e o f 2 .7 p e r c e n t i n t h e n u m b e r o f
w o rk e rs, a n d a d e c re a se in s to c k s o n h a n d c o m p a re d w it h
A u g u s t : d e c r e a s e s i n t h e s e it e m s , e x c e p t in g s t o c k s , a re
s h o w n c o m p a re d w it h S e p te m b e r la s t y e a r , a s in d ic a t e d in
th e t a b le :
S e p te m b e r 1926 c o m p a r e d w i t h :
A u g . 1926
S e p t . 1925
O v e r a lls m a n u f a c t u r e d ......................................... + 0 . 4
— 15.8
O v e r a lls o n h a n d ..........................- .......................... — 12.4
+ 1 1 .3
— 1.9
O r d e r s b o o k e d .......................................... .................. + 4.8
U n f i lle d o r d e r s ---------------- ----------------------x
x
N u m b e r o n p a y r o ll.................................................. + 2 . 7
— 2.1

B r ic k .
P r o d u c t io n o f b r ic k in c r e a s e d in S e p te m b e r, c o m p a re d
w it h b o t h t h e p r e c e d in g m o n t h a n d t h e sa m e m o n t h l a s t
y ea r.
S t o c k s o n h a n d in c r e a s e d o v e r b o t h o f t h o s e p e r io d s .
O r d e r s w e r e r e c e iv e d i n g r e a t e r v o lu m e t h a n i n A u g u s t ,
a n d u n f ille d o r d e r s w e r e a ls o la r g e r t h a n i n A u g u s t , b u t
s m a lle r t h a n i n S e p te m b e r la s t y e a r .
S e p te m b e r 1926 c o m p a re d w i t h :
A u g . 1926
S e p t . 1925
+ 8.7
+ 8.2
+ 67.2
+ 9 0 .8
O r d e r s b o o k e d _______________________ ________
+ 80.0
— 10.5
+ 213.3
- 4 6 .1
U n f i lle d o r d e r s — ........................................
0 .0
- 1.7
N u m b e r o n p a y r o ll.......................................
B r i c k m a n u f a c t u r e d ------------------------

H o s ie r y .
S t a t is t ic s r e p o rte d to t h e U n it e d S t a te s C e n s u s B u r e a u
fo r A u g u s t a n d S e p te m b e r b y
id e n t ic a l e s t a b lis h m e n t s
m a n u f a c t u r in g h o s ie r y i n t h e s ix t h d is t r ic t , s h o w in c r e a s e d
p r o d u c t io n , s h ip m e n t s , o r d e r s a n d u n f ille d o r d e r s i n S e p ­
te m b e r o v e r A u g u s t, a n d d e c re a s e s in s to c k s a n d in c a n ­
c e lla t io n s .
T o t a l f ig u r e s a re s h o w n in t h e t a b le :

35

P r o d u c t io n ....................................................................
S h ip m e n t s .............................. .......................................
S t o c k s o n h a n d ................................. ........................
O r d e r s b o o k e d ..............................- ............................
C a n c e lla t io n s --------------- ----------------- ............
U n f i lle d o r d e rs ...........................................................

(D o z e n P a ir s )
S e p t . 1926
A u g . 1926
639,503
609,685
791,469
771,970
2,171,568
2,286,102
960,587
764,003
25,164
27,333
914,260
782,043

CO AL.
S t a t i s t i c s c o m p ile d a n d p u b l is h e d w e e k ly b y t h e U n i t e d
S t a t e s B u r e a u o f M in e s in d ic a t e a c o n t in u a n c e o f t h e u p ­
w a r d t r e n d i n c o a l p r o d u c t io n i n t h e U n it e d S t a t e s d u r in g
t h e s ix w e e k s e n d in g O c t o b e r
D u r in g t h is p e r io d t h e
in c r e a s e fro m w e e k t o w e e k w a s in t e r r u p t e d o n ly b y t h e
d e c re a se sh o w n fo r th e w e e k e n d e d S e p te m b e r
w h ic h
i n c lu d e d t h e L a b o r D a y h o lid a y o n S e p t e m b e r 6. T h e
B u r e a u ’s s t a t e m e n t in d ic a t e s t h a t L a b o r D a y w a s e q u a l to
a b o u t f o u r - t e n t h s o f a n o r m a l w o r k in g d a y , a n d t h a t d u r ­
in g t h e r e m a in d e r o f t h a t w e e k p r o d u c t io n w a s s tim u la te d
a n d t h e a v e ra g e d a ily r a t e o f o u t p u t w a s h ig h e r t h a n i n a n y
w e e k s in c e F e b r u a r y .
T h e d a ily a v e ra g e , a n d t h e t o t a l
w e e k ly o u t p u t , h a v e c o n t in u e d t o in c r e a s e e a c h w e e k
s in c e t h a t t im e .
P r o d u c t i o n d u r i n g e a c h o f t h e s e s ix
w e e k s h a s b e e n g r e a t e r t h a n i n t h e c o r r e s p o n d in g w e e k
la s t y e a r , a v e ra g in g f o r t h is p e r io d a n in c r e a s e o f
per
ce n t.
T h e t o t a l p r o d u c t io n o f b it u m in o u s c o a l i n t h e
U n i t e d S t a t e s d u r i n g t h e c a l e n d a r y e a r t o O c t o b e r 9, a p ­
p r o x im a t e ly
w o r k in g d a y s , a m o u n t e d to
n e t to n s, c o m p a re d w it h
n e t to n s p ro d u c e d in
t h e sa m e p e r io d o f

9.

11

4.9

239

1925.




380,909,000

422,355,000

C o a l p r o d u c t io n i n A la b a m a a n d T e n n e s s e e i n r e c e n t
w e e k s h a s n o t b e e n e q u a l t o t h e o u t p u t i n t h e sa m e p e r io d s
la s t y e a r.
T h e o u t p u t i n A la b a m a w a s s m a lle r f o r e a c h o f
t h e f o u r w e e k s e n d e d S e p t e m b e r 25 t h a n a y e a r a g o , b u t
a n in c r e a s e w a s s h o w n f o r t h e w e e k e n d e d O c t o b e r 2.
D e c re a s e s c o m p a re d w it h a y e a r ag o a re sh o w n fo r e a c h
w e e k in T e n n e sse e .
(000 O m i t t e d )
W eek E n d e d

U n it e d S t a t e s
1925
1926

S e p te m b e r 11.......................
S e p te m b e r 18.......................

10,257
11,447

9,1
10, I

O c t o b e r 9...............................

12,404

11,681

T e n n e sse e
A la b a m a
1926 1925
1926
1925
441
107
128
428
123
421
112
407
126
453
116
423
132
no
430
458
133
453
447
113

IR O N .
S t a t i s t i c s c o m p ile d a n d p u b l is h e d b y t h e I r o n A g e i n d i c a t e
a n i n c r e a s e o f 1 ,3 0 2 t o n s , o r l i p e r c e n t i n t h e d a i l y r a t e o f
p r o d u c t io n o f p ig ir o n i n t h e U n it e d S t a t e s d u r in g S e p ­
t e m b e r c o m p a r e d w i t h t h e p r e v io u s * m o n t h , a n d a n i n c r e a s e
o f 13,6 7 0 t o n s , o r 15 p e r c e n t , o v e r t h e d a i l y r a t e o f p r o ­
d u c t i o n i n S e p t e m b e r 1925. T h e t o t a l p r o d u c t i o n i n S e p ­
t e m b e r a m o u n t e d t o 3 ,1 3 6 ,2 9 3 t o n s , a s l i g h t d e c r e a s e c o m ­
p a r e d w i t h t h e o u t p u t o f 3 2 ,0 0 ,4 7 9 t o n s i n A u g u s t , w h i c h w a s
d u e to th e sh o rte r m o n th .
A n i n c r e a s e o f 15 p e r c e n t w a s
s h o w n o v e r S e p te m b e r la s t y e a r.
T h e S e p te m b e r o u tp u t,
h o w e v e r , i s s m a lle r t h a n f o r a n y o t h e r m o n t h s in c e N o ­
v e m b e r 1925, w i t h t h e e x c e p t i o n o f t h e s h o r t m o n t h o f
F e b ru a ry .
T h e d a ily r a t e o f p r o d u c t io n i n S e p te m b e r w a s
1 04,543 t o n s , c o m p a r e d w i t h 103,241 t o n s i n A u g u s t , a n d
w i t h 9 0 ,8 7 3 t o n s i n S e p t e m b e r 1925. T h e i n c r e a s e i n S e p ­
te m b e r is t h e f ir s t r e p o r t e d s in c e la s t A p r il.
T h e d a ily
r a t e fo r S e p te m b e r, h o w e v e r, is t h e la rg e s t re p o rte d fo r
S e p t e m b e r o f a n y y e a r s i n c e 1918. T h e r e w a s a n e t g a i n
o f 3 f u r n a c e s i n a c t i v e o p e r a t i o n d u r i n g S e p t e m b e r , 11
h a v in g b e e n b lo w n in , a n d 8 s h u t d o w n . I n A u g u s t t h e r e
w a s a n e t lo s s o f 3 f u r n a c e s .
O n O c t o b e r 1 t h e r e w e r e 216
f u r n a c e s a c t i v e , c o m p a r e d w i t h 213 a m o n t h e a r l i e r , a n d
w i t h 200 a c t i v e o n O c t o b e r 1 ,1 9 2 5 .
T h e p r o d u c t io n o f p ig ir o n i n A la b a m a d u r in g S e p te m b e r
a m o u n t e d t o 2 3 0 ,3 4 5 t o n s , a n d w a s , w i t h t h e e x c e p t i o n o f
t h e s h o r t m o n t h o f F e b r u a r y , lo w e r t h a n f o r a n y o t h e r
m o n t h s in c e O c to b e r la s t y e a r .
T h e in d e x n u m b e r f o r
A l a b a m a p r o d u c t i o n f o r S e p t e m b e r w a s 1 3 1 .0 , c o m p a r e d
w i t h 1 3 5 .0 f o r A u g u s t , a n d w i t h 1 2 2 .6 f o r S e p t e m b e r 1925.
T h e Ir o n A g e s t a t is t ic s in d ic a t e n o n e t c h a n g e in f u r n a c e
a c t iv it y i n A la b a m a d u r in g S e p te m b e r, 2 f u r n a c e s h a v e
b e e n b l o w n o u t a n d 2 b l o w n i n , l e a v i n g 23 f u r n a c e s a c t i v e
a t th e en d of th e m o n th .
C o rre sp o n d e n ts sta te th a t d u r­
in g t h e la t t e r p a r t o f S e p te m b e r t h e p r ic e o f ir o n a t B ir ­
m i n g h a m w a s r e d u c e d f r o m $ 2 1 .0 0 t o $ 2 0 .5 0 , a n d t h e n t o
$ 2 0 .0 0 , t h e p r e v a i l i n g p r i c e .
R e p o r t s in d ic a t e t h a t a c o n ­
s id e r a b le t o n n a g e o f f o u r t h q u a r t e r ir o n w a s b o u g h t
d u r in g t h e la t t e r p a r t o f S e p te m b e r a n d e a r ly O c to b e r .
S o m e o f t h e la rg e c o n s u m e r s h a v e c o v e re d t h e ir r e q u ir e ­
m e n t s f o r t h e b a la n c e o f t h e y e a r , w h ile o t h e r s h a v e b o u g h t
o n ly p a r t o f t h e ir n e e d s .
U n f ille d O r d e r s — U . S . S t e e l C o r p o r a t io n .
U n f ille d o rd e rs re p o r t e d b y t h e U n it e d S t a t e s S te e l C o r ­
p o r a t i o n a t t h e e n d o f S e p t e m b e r t o t a l e d 3 ,5 9 3 ,5 0 9 t o n s ,
a n i n c r e a s e o f 5 1 ,1 7 4 t o n s o v e r t h e A u g u s t t o t a l , b u t s m a l l e r
t h a n t h e f ig u r e f o r S e p te m b e r la s t y e a r w h ic h a m o u n te d
t o 3 ,7 1 7 ,2 9 7 t o n s .
E x c e p t fo r A u g u s t a n d J u n e t h is y e a r,
t h e S e p te m b e r t o t a l is t h e s m a lle s t r e p o r t e d s in c e A u g u s t
1925.
N AVAL STO RES.
R e c e ip t s o f b o t h t u r p e n t in e a n d r o s in a t t h e t h r e e p r in ­
c i p a l m a r k e t s o f t h e d i s t r i c t d e c l i n e d 14 p e r c e n t i n S e p ­
te m b e r c o m p a re d w it h A u g u s t.
S e p te m b e r r e c e ip t s o f t u r ­
p e n t i n e w e r e 2 .3 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 l a s t
y e a r , a n d r e c e i p t s o f r o s i n s h o w e d a n i n c r e a s e o f 1 6 .4 p e r
c e n t o v e r t h o s e a y e a r a g o . S u p p lie s o f t u r p e n t in e o n
h a n d a t t h e e n d o f S e p t e m b e r w e r e 2 .3 p e r c e n t s m a l l e r
t h a n a m o n t h e a r lie r , w h ile s t o c k s o f r o s in s h o w e d a n
i n c r e a s e o f 1 2 .3 p e r c e n t o v e r t h o s e a t t h e e n d o f A u g u s t .
C o m p a re d w it h s to c k s a y e a r ag o , t h e a m o u n t o f t u r p e n ­
t in e o n h a n d a t t h e e n d o f S e p te m b e r s h o w e d a n in c r e a s e
o f 1 9 .6 p e r c e n t , w h i l e s t o c k s o f r o s i n w e r e s m a l l e r b y 1 8 .6
p e r ce n t.
S t a t is t ic s p u b lis h e d i n t h e N a v a l S t o r e s R e v ie w
in d ic a t e t h a t d u r in g t h e p a s t t e n y e a r s , t h e r e c e ip t s o f
t u r p e n t i n e i n S e p t e m b e r 1926 h a v e b e e n e x c e e d e d f o r t h a t
m o n t h o n l y o n c e , i n S e p t e m b e r 1923, a n d t h a t r e c e i p t s o f r o ­
s in in S e p te m b e r t h is y e a r w e re g r e a te r t h a n fo r S e p te m b e r
of a n y of th e p a st te n y e a rs.
S t o c k s o f t u r p e n t in e o n
h a n d a t th e e n d o f S e p te m b e r w e re g re a te r t h a n a t th e
s a m e t i m e o f a n y y e a r s i n c e 1918, b u t s u p p l i e s o f r o s i n w e r e
s m a lle r t h a n a t t h e s a m e t im e o f a n y t h e p a s t t e n y e a r s .

8

THEMONTHLYBUSINESSREVIEW

T h e p r e v a ilin g p r ic e o f t u r p e n t in e o n t h e S a v a n n a h m a r ­
k e t d e c l i n e d f r o m 86 c e n t s a t t h e m i d d l e o f S e p t e m b e r t o
8 3 J c e n t s o n O c t o b e r 16, a n d t h e r e w e r e a l s o s o m e d e c l i n e s
i n t h e v a r io u s g r a d e s o f r o s in , p r i n c i p a l l y t h e m e d iu m
g ra d e s.
R e c e ip t s a n d s to c k s a t t h e t h r e e p r in c ip a l p o r ts
f o r S e p te m b e r , w it h c o m p a r is o n s , a r e s h o w n in t h e t a b le :

R e c e ip t s —R o s i n :
J a c k s o n v i lle -

S t o c k s —T u r p e n t i n e :
S a v a n n a h ----------P e n s a c o la .

N av a l S to re s.
S e p t . 1926

A u g . 1926

S e p t . 1925

R e c e ip t s —T u r p e n t i n e :
S a v a n n a h _______________________
J a c k s o n v i lle ----------- --------P e n s a c o l a _______________________

19,418
12,077
3,423

22,034
12,965
5,643

16,711
12,756
4,546

T o t a l _________________________

34,918

40,642

34,013

T o t a l—
S to c k s—R o s in :
J a c k s o n v i lle T o t a l _________________________

63,185
44,253
11,430

70,884
48,202
19,638

55,241
43,908
2,945

118,868

138,724

102,094

15,772
33,711
8,118

18,225
31,840
8,864

16,617
21,871
9,661

57,601

58,929

48,149

71,535
57,578
19,064

64,325
47,915
19,696

92,219
71,521
18,200

148,177

131,936

181,940

M O N T H L Y IN D E X N U M B E R S .
T h e f o llo w in g in d e x n u m b e r s , e x c e p t w h e r e in d ic a t e d o t h e r w is e , a r e c o m p u t e d b y t h e F e d e r a l R e s e r v e B a n k
o f A t l a n t a , a n d a r e b a s e d u p o n a v e r a g e f i g u r e s f o r 1 9 19. T h a t i s , a v e r a g e m o n t h l y f i g u r e s f o r t h e y e a r 1919 a r e
r e p r e s e n t e d b y 100, a n d t h e c u r r e n t m o n t h l y i n d e x n u m b e r s s h o w t h e r e l a t i o n o f a c t i v i t y i n t h e s e l i n e s t o t h a t
p r e v a i l i n g i n 1919.

R E T A IL

TR A D E

6TH

D IS T R IC T

(D e p a r t m e n t S t o r e s .)
A t l a n t a ..................................................... .......................................
.............. .......... . ,
______
C h a t t a n o o g a _________________________________________ ________
N a s h v i l l e ................................ ..................... ..................................
N e w O r l e a n s ___________________________________________________
S a v a n n a h _______________________________________________ _________
O t h e r C i t i e s .................................................................................
D i s t r i c t _________________________ _________ _________________________

B ir m in g h a m

R E T A I L T R A D E U . S . (1 )
D e p a r t m e n t S t o r e s ______________________________________
M a i l O r d e r H o u s e s _____ ___________ ______________________
C h a in S t o r e s :
G r o c e r y . _______________________________________ _________
D r u g _____________ _____________________________________________
S h o e . ...................................... .................................................
5 &
C e n t . .......................................................................
M u s i c . . ................ ....... .................................. - ......................
C a n d y ________________________________________________________
C i g a r ___________________ ________________________ _________ . . .

10

W H O LE S A L E T R A D E 6TH D IS T R IC T
G r o c e r i e s _____ _________________ ______________________ ________
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 t a l s a n d M e t a l P r o d u c t s . ...................................
B u i l d i n g M a t e r i a l s . ..........................................................
C h e m i c a l s a n d D r u g s . _______________________ _________
H o u s e F u r n i s h i n g s .......................... ................................
M i s c e l l a n e o u s .......................................................................
A l l C o m m o d i t i e s ..................................................................
B U IL D IN G P E R M IT S 6 T H D IS T R IC T
A t l a n t a ........... ..................................................... ......................
B i r m i n g h a m ...........................................................................
J a c k s o n v i l l e _________________________________________ ________
N a s h v i l l e ....................................................................................
N e w O r l e a n s . ........................................................................
O t h e r C i t i e s ............................................................................
D i s t r i c t (20 C i t i e s ) ................................... ........................
C O TT O N CO N SU M ED :
U n i t e d S t a t e s . . ...................................................................
C o t t o n - G r o w i n g S t a t e s . . ...........................................
A l l O t h e r S t a t e s ..................... ............ ................................
C o t t o n E x p o r t s . . ........... ....................................................
P IG IR O N P R O D U C T IO N :
U n i t e d S t a t e s .......................................................................
A l a b a m a ............................................................... .....................
U N F IL L E D O R D E R S — U . S. S T E E L C O R ­
P O R A T I O N . ........... .............. ...................... ........................
(1 )
C o m p ile d b y F e d e r a l R e s e r v e B o a r d .
(2 )
C o m p ile d b y B u r e a u o f L a b o r S t a t is ­
t ic s .
(1913— 1 0 0 .)




J u ly

A u g u st

S e p te m b e r

J u ly

A u g u st

S e p te m b e r

1926

1926

1926

1925

1925

1925

95.1
97.7
73 .4
67.9
81.0
70.8
89 .4
83.9

104.1
108.1
69.8
80.9
82.6
60.1
85.2
87 .3

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

89.8
94.5
63.3
67.6
82.5
67.1
79.3
81.0

81.0
97.4

110.6

99.1
97.8

105.0
97.8

1 3 0 .4
1 1 9 .6

96
86

98
89

333.1
197.5
144.7
206.3
107.9

295.3
194.8

262
166

241
171

210.0

155.4
8 8 .7

62.5
88.7
50.4
77.2

121.6

204.0
131.1
193 .8
148.1
94.1
93.0
97.8
66.1
88.2

140.8
153 .6
173.3
177.0
126.2
171.5

137.9
150.8
174.7
179.5
126.6
171.8

1 3 0 .9
1 6 1 .1

1 3 0 .8
1 6 0 .8
1 2 1 .8
149 .2

122.5
1 5 0 .7

136

.8
6 9 4 .4

753.4

1 4 1 .0
3 4 0 .7
4 2 7 .1

382.8

8 7 .3

556.2
9 09 .6
1 3 8 .8
.9

153
502.4

3 7 9 .4

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

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

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

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

122

183
104
181
136

202

142

94.0

169.2

1 4 3 .4
1 5 9 .9

1 3 7 .9
1 6 0 .4

1 3 3 .3

7 4 .4

682.7
393.6
323.4
3 8 7 .0
7 1 7 .4
4 7 1 .3

93.6

9 0 .5
1 1 0 .8

66.5

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

126.5

125.6
135.8

1 2 3 .1
1 3 1 .0

1 0 4 .5
1 2 7 .9

5 9 .9

5 9 .0

5 9 .1

202

163.1
159.2
189.7
170.0
127.3
172.4
134.6
169.2

1 2 1 .8
59 .6

6 0 .1

120

88.6

161.8
157.3
188.8
172.1
126.4
170.1

66.3
36.8

122

113

195
128

92.1

46.8
79.1

72.7
80.8
91.6
56.2
94.0
90.5

243
170
134
191
136

101.1
100.6
68.6

86.2

1 4 0 .0

74.4
83.8
48.9
77.0
79.8

86.2

67.8

113 .4
5 1 .3

66.5

68.2

95.2

8 9 .4

527.6
503.4
1 5 1 .1
4 8 0 .9
8 i4 9 .4

526.6
8 3 .9

142

105.2
121.0

113.7
77.5
107.8
160.4
160.3
189.3
169.3 •
127.2
174.1
135.6
1 6 7 .6
1 3 4 .9
159 .7

89 .4

483.2
5 7 5 .4
3 3 1 .4
.0
.0

672
516
591.2

6 1 .8
5 7 .4

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

1 0 6 .1
1 3 0 .1

122.6

102.5

58.6

136

1 0 7 .0

62.0