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M O N T H L Y B U S I N E S S R E V I E W C o v e r in g C o n d itio n s in th e S ix th F e d e r a l R e se r v e D is tr ic t. FED ERAL OSCAR NEWTON. C h a irm an a n d F ederal Reserve A gent V O L. 10, No. 9 RESERVE BANK OF A TLA N TA (Compiled Sept. 16, 1925) A T L A N T A , G A ., S E P T E M B E R 30, 1925 WARD ALBERTSON. A ssistan t F ederal Reserve A gent a^rMonep O “ o i0riPUbllcati0nin ap T BUSINESS CONDITIONS IN THE UNITED STATES (Prepared by the Federal Reserve Board) Production of basic commodities declined in August month since last October. Coal shipments, preceding theanthracite strike, were especially heavy, less-than-carload-lot to the lowest level of the year but was considerably higher than during the summer of 1924. Distribution of goods shipments continued to increase, and the movements of at wholesale and retail continued in greater volume than a livestock and grains were seasonally greater than in July, year ago. Seasonal growth in the demand for credit, arising although smaller than in August 1924. partly from financing of the crop movement, was reflected in an increase in the volume of commercial borrowing. Prices Wholesale prices showed a further slight ad vance in August and were near the high level Production The Federal Reserve Board’s index of pro reached in the spring of this year. Prices of agricultural duction in basic industries, which is adjusted commodities, which in recent months have been above for seasonal variations, declined 4 per cent in August, but the average for all commodities, increased further while was 15 per cent higher than a year ago. Output of steel prices of other commodities declined slightly. Between and of bituminous and anthracite coal and activity in the the end of August and the latter part of September prices woolen industry increased in August, while mill consump of bituminous coal, pig iron, rubber and cotton advanced tion of cotton and the production of flour and lumber and prices of spring wheat, corn, raw sugar, and wool de decreased. Employment and earnings of factory workers clined. were larger in August than in July but continued smaller than in June. Building contracts awarded during August, Bank Credit At member banks in leading cities loans owing chiefly to large awards in New York, exceeded all chiefly for commercial and agricultural pur previous records. Crop reports of the Department of Agri poses showed further seasonal increases during the first culture at the beginning of September as compared with half of September and at the middle of the month were forecasts a month earlier indicated somewhat larger yields about $275,000,000 higher than at the end of July. In of spring wheat, oats, barley, hay and tobacco, and smaller vestment holdings remained in about the same volume yields of corn and potatoes. The mid-September cotton as during previous months, but loans on securities in crop estimate was 13,931,000 bales compared with a fore creased and, on September 16 were near the highest level cast of 13,740,000 bales on September 1. of the year. A further growth in the total of reserve bank credit in use occurred during the five week period ending Trade Wholesale trade was five per cent larger in September 23. Member bank borrowings increased in the August than in July owing to seasonal in early part of September, and after a temporary decline dur crease in the sales of dry goods and shoes, and sales of all ing the period of treasury financing, increased to a larger lines except groceries were greater than those in August, total than at any time since the beginning of 1924. The 1924. Sales at department stores and at mail order houses seasonal growth in the demand for currency during August showed less than the usual increases in August but con was reflected in an increase of $65,000,000, in total money tinued in greater volume than last year. Stocks of mer in circulation. chandise at Department stores increased in August and for the first time this year were considerably larger than Money rates showed a firmer tendency during the last in the corresponding month a year ago. Wholesale firms week of August and the first three weeks of September. in all leading lines except drugs and hardware reported The prevailing rate on prime commercial paper remained smaller stocks on August 31 than a month earlier. Total at 4^ per cent but there was an increased proportion of freight car loadings were larger during August than in any sales at 4J per cent. pcacckt pe* a m P RCN E E-J CM St Index of 2 basic commodities adjusted for seasonal variations (1919-100) 2 Latest figure Aug. 10 . 8 Index of U. S. Bureau of Labor Statistics (1913-10) Base adopted by Bureau. Latest figure Aug. 160.4. THE MONTHLY BUSINESS REVIEW 2 Index fo r 33 m a n u fa c tu rin g in d u strie s (1919—100). L atest figures Aug. em ploym ent 93.9. P ay rolls 104.8. Weekly figures fo r m em ber b a n k s in 101 lead in g cities, L a te st fig u re, Sept. 16. SIXTH DISTRICT SUMMARY indicates a cotton crop of 13,931,000 bales in the United States, and figures for this district show a small increase Favorable comparisons with the corresponding period over the 1924 crop. The estimates for corn, hay and po last year are shown by nearly all of the series of business tatoes are smaller than last year’s crop, but those of wheat, statistics complied or gathered for the Monthly Business oats and tobacco are larger than last year. The rice crop Review. The volume of retail trade in the district, reflect in Louisiana, according to the Department’s estimates, ed in reports from 48 department stores, was 3.9 percent will be somewhat smaller than a year ago, but the estimate greater for August of this year as compared with August of the production of sugar is more than double that of last year, and increased sales were reported by all of the last year. nine lines of wholesale trade from which reports are re ceived. For the fourth consecutive month, the volume of RETAIL TRADE building permits issued in this district reached a new high The volume of sales during August reported by 48 point in August; the increase over August 1924 was 30 per department stores in the sixth district exceeded by 3.9 cent. Figures from Florida indicate a great volume of per cent the total sales during August a year ago. The building activity, and orders from that state have been a table below shows percentage comparisons for those factor in the improving lumber conditions, except that cities from which three or more reports are received, other lately there has been an embargo on shipments to some reports being included in “Other Cities.” The largest points. Cotton Consumption, shown in the monthly increase in sales over August 1924 was shown by reports statement issued by the United States Census Bureau, in from “Other Cities”. Sales reported from Atlanta, Bir August exceeded by 15 per cent the amount consumed in mingham and Chattanooga were not equal to those in the same month last year, and in the cotton-growing states August last year. Reports indicate that the hot dry the increase over August last year was 23 per cent. Prices weather has interfered seriously with the sale of early being received for spirits of turpentine and rosin have fall merchandise, and this condition is reflected in figures increased during the latter part of August and early Sep reported from these three points. For the first eight tember. months of the year, sales by these 48 stores have been 1.7 Banking statistics continue to show increases over a per cent greater than during the same period last year. year ago in loans and deposits, both demand and savings, After declining for several months, stocks of merchandise the volume of debits to individual accounts, indicating on hand, in preparation for fall business, increased 9.8 probably better than any other single index the volume of per cent at the end of August over the previous month, general business, was 19 per cent greater for the week but were only 1.6 per cent greater than a year ago. Stock ended September 9 than for the corresponding week a turnover for the month of August was better than a year year ago. ago at all reporting cities except Atlanta and Chattanooga, but for the year to date the turnover was considerably better In spite of deterioration in some sections due to the at all points. Detailed comparisons are shown in the table: drought, the Department of Agriculture’s latest estimate CONDITION OF RETAIL TRADE DURING AUG. 1925 IN THE SIXTH FEDERAL RESERVE DISTRICT BASED UPON REPORTS FROM 48 STORES 1 (A) A ug. 1924 A tla n ta (5)........... B irm ingham (5)~ O h a tta n o o g a (6). Ja ck so n (3).......... N ashville (5)___ New O rleans (5). S av an n ah (3) — O th er Cities (16). D ISTR IC T (48)_- — 4.4 — 2.0 —18.2 + 2.7 + 4.3 -1- 9.2 + 4.5 +20.9 + 3.9 Stocks a t en d of m o n th . percentage increase or decrease com pared w it h : (B) (A) J a n . 1 to A ug. 1924 Aug. 31.1924 + 5.1 + 1.6 —19.5 + 0.7 — 2.3 + 3.5 + 6.4 + 7.0 + 1.7 +14.5 — 6.6 — 7.2 - 7.0 — 7.5 + 5.2 —12.2 - 0.7 + 1.6 4 3 2 N et sa le s--percentage increase or decrease com pared w ith : P ercentage of sales to average stocks in Aug. (stock tu rn o v er fo r th e m o n th ) : P ercen tag e of sales to average stocks from J a n . 1 to Aug. 31 (Stock tu rn o v er fo r y ear to d ate) (B) Ju ly 1925 (A) 1924 (B) 1925 (A) 1924 (B) 1925 +35.6 + 3.2 + 9.6 + 5.3 + 5.0 + 2.9 + 7.2 +10.9 + 9.8 21.7 21.0 17.3 15.6 19.0 17.2 14.4 16.1 18.3 20.6 22.2 15.5 17.0 22.0 IS.6 17.5 20.8 19.5 193.2 173.7 146.0 158.1 167.8 163.7 143.6 158.7 167.2 221.1 191.4 148.0 164.7 189.3 175.5 171.9 182.0 184.4 P ercen tag e of o u t s ta n d in g orders a t en d of m o n th to p u rch ase s d u rin g cale n d a r year. 1924: (A) J u ly 2.6 7.4 3.1 x 7.1 10.6 12.3 10.3 7.6 (B) Au k. 4.8 10.9 Z.l x 9.8 11.5 14.4 8.0 8.3 3 THE MONTHLY BUSINESS REVIEW Furniture W HOLESALE TRA D E R e p o r t s f o r A u g u s t r e c e i v e d f r o m 144 w h o l e s a l e f i r m s d e a lin g in n in e d if f e r e n t lin e s , sh o w in c r e a s e s in s a le s o v er th e p re c e d in g m o n th , a n d o v er th e c o rre s p o n d in g m o n th l a s t y e a r. A t o n ly a fe w p o i n t s w e re A u g u s t s a le s in a n y o f t h e s e l i n e s l o w e r t h a n i n J u l y o r i n A u g u s t 1924. T h e a g g r e g a t e i n c r e a s e s o v e r J u l y r a n g e f r o m 3 .4 p e r c e n t i n D r u g s , t o 5 1 .5 p e r c e n t i n D r y G o o d s , a n d c o m p a r e d w i t h A u g u s t l a s t y e a r t h e i n c r e a s e s r a n g e f r o m 1.7 p e r c e n t i n G r o c e r i e s t o 125.4 p e r c e n t i n F a r m I m p l e m e n t s . A c o m p a r is o n of t h e in d e x n u m b e r s of f o u r lin e s , s h o w n in th e t a b l e w h i c h f o l lo w s , i n d i c a t e s t h a t A u g u s t 1925 s a l e s i n G ro c e rie s , D ry G o o d s a n d H a r d w a r e e x c e e d th o s e in A u g u s t o f a n y y e a r s i n c e 1920, a n d s a l e s o f S h o e s w e r e g r e a t e r i n o n l y o n e i n s t a n c e , A u g u s t 1923. T h e c o m b i n e d i n d e x n u m b e r f o r A u g u s t is h ig h e r t h a n f o r a n y o t h e r A u g u s t s i n c e 1920. G roceries Dry Goods H ardw are Shoes A ugust A u g ust A u g ust A u gust A u g ust 1925___ _92.1 1924___ _87.2 1923___ _87.4 1922___ _77.0 1921___ _76.9 101.1 94.2 94.4 95.7 85.6 100.6 79.7 85.8 75.8 63.9 68.6 63.0 71.5 63.5 60.3 T o ta l 94.0 85.1 87.2 79.5 74.2 G ro c e rie s A u g u s t s a l e s b y 39 w h o l e s a l e g r o c e r y f i r m s w e re 8 p e r c e n t g r e a te r t h a n in J u ly , th e in c r e a s e b e in g s h a r e d b y a ll r e p o r t i n g c i t i e s e x c e p tin g N e w O rle a n s , w h e r e t h e r e w a s a f r a c ti o n a l d e c r e a s e . D e c lin e s c o m p a re d w ith A u g u s t la s t y e a r w e re r e p o r te d fro m A t l a n t a , N e w O r le a n s a n d O t h e r C itie s , b u t in c r e a s e s a t o t h e r p o in ts s lig h tly m o re t h a n o f fs e t t h e s e d e c lin e s , t h e a v e ra g e f o r t h e d i s t r i c t b e i n g a n i n c r e a s e o v e r A u g u s t 1924 o f 1.7 p e r c e n t. T h e r e p o r ts in d ic a te a fe w s lig h t d e c lin e s in p r ic e s d u r in g t h e m o n th . C o lle c tio n s w e re r e p o r te d G o o d b y 12 f i r m s , a n d F a i r b y 7. P e r c e n t a g e c o m p a r i s o n s o f s a le s a r e s h o w n b e lo w : Aug. 1925 com pared w ith : J u ly 1925 Aug. 1924 A tla n ta (5 firm s)......... .......................................+ 7.3 + 5 .1 Jacksonville (4 firm s)-------------------- .. M eridian (3 firm s)___ _____ ___ — . _ + 9.5 New O rleans (8 firm s).------ --------------------- — 0.1 V icksburg (4 firm s).................. ...... ........ ..........+30.4 O th er C ities (15 firm s)----------------- ----------- + 8 .4 DISTRICT (39 firm s).........................................+ 8.0 — 5.0 +32.9 + 1.7 —19.4 +23.5 — 2.5 + 1.7 D ry G o o d s R e p o r t s f o r A u g u s t f r o m 26 w h o l e s a l e d r y g o o d s firm s s h o w a s e a s o n a l in c r e a s e i n s a le s o v e r J u ly . T h e i n c r e a s e w a s s h a r e d b y a ll r e p o r t i n g c itie s , t h e a g g r e g a te s a le s i n A u g u s t e x c e e d in g t h o s e i n J u l y b y a l i t t l e m o r e t h a n 50 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 1924 a d e c r e a s e o f 2 7 .8 p e r c e n t w a s r e p o r t e d f r o m A t l a n t a , b u t in c r e a s e d s a le s fro m o th e r p o i n t s m o re t h a n o f fs e t th is , a n d b r o u g h t th e a v e ra g e fo r th e d is tr ic t to a n in c r e a s e o f 5 .9 p e r c e n t . T h e r e p o r t s i n d i c a t e t h a t p r i c e s re m a in e d a b o u t t h e sa m e d u r in g th e m o n th . C o lle c tio n s w e r e r e p o r t e d E x c e l l e n t b y 2 f i r m s , G o o d b y 5, a n d F a i r b y 7. P e r c e n t a g e c o m p a r i s o n s o f s a l e s a t r e p o r t i n g c i t i e s a r e s h o w n b e lo w : Aug. 1925 com pared w ith : Ju ly 1925 Aug. 1924 A tla n ta (4 firm s)----------------------------- -------+47.7 Jacksonville (3 firm s)------------------------------+ 3 . 4 Knoxville (3 firm s)______________________ +39.3 Nashville (3 firm s)______________________ +51.8 New O rleans (3 firm s)---------------------- ------- +93.0 O th er Cities (10 firm s)______________ ____ +63.3 D ISTRICT (26 firm s)....................................... +51.5 — 27.8 +66.1 +1.5 +18.4 +5.0 +5.8 + 5.9 H ard w are S a le s b y r e p o r t i n g w h o le s a le h a r d w a r e f irm s w e re la r g e r in A u g u s t t h a n in e ith e r J u ly o r A u g u s t l a s t y e a r a t a ll r e p o r t i n g c itie s e x c e p t C h a tt a n o o g a . A g g r e g a t e s a l e s b y 31 r e p o r t i n g f i r m s i n A u g u s t w e r e 12.1 p e r c e n t g r e a t e r t h a n i n J u l y , a n d 16.8 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 1924. S l i g h t d e c r e a s e s i n s o m e p r i c e s w e r e a b o u t o f f s e t b y s m a ll i n c r e a s e s i n o t h e r s . C o lle c tio n s d u r in g A u g u s t w e r e r e p o r t e d E x c e l l e n t b y 2 f i r m s , G o o d b y 4, a n d F a i r b y 7. P e r c e n t a g e c h a n g e s i n s a l e s a r e s h o w n b e l o w : Aug. 1925 com pared w ith : Ju ly 1925 Aug. 1924 A tla n ta (3 firm s)...............................................+32.9 C h a tta n o o g a (3 firm s)______________ ____ — 2.3 Jacksonville (3 firm s)------------------------------ +16.8 N ashville (3 firm s)______________________ +37.3 New O rleans (6 firm s)______________ _____+ 4 . 1 O th er Cities (13 firm s)...... ...... ............. +10.6 D ISTRICT (31firm s).~ — - — — - — ~ +12.1 +13.4 — 7.4 +46.5 +21.5 +7.4 +30.1 +16.8 August sales reported by 1 8 wholesale fur niture dealers exceeded their business in July by 5 0 . 6 per cent, and were 2 9 . 6 per cent greater than their sales during August last year. The reports indicate that retail merchants are buying a little more freely. No ma terial changes in prices are indicated in the reports. Col lections during iUigust were reported Good by 6 firms, and Fair by 7. Percentage changes in sales are shown below: Aug. 1925 com pared w ith : J u ly 1925 Aug. 1924 A tla n ta (6 firm s)___________________ C h a tta n o o g a (3 firm s)--------------------N ashville (3 firm s)__________________ O th er Cities (6 firm s)_______________ D ISTRICT (18 firm s)............. ................ +33.5 +44.1 +19.9 +76.0 +50.6 +28.0 +21.6 +33.1 +35.8 +29.6 Electrical Reports for August from 11 wholesale dealers Supplies in electrical supplies show aggregate sales 3 . 5 per cent greater than in July, and 4 3 . 2 per cent greater than in August a year ago. Sales at Atlanta were slightly smaller than in July. The increase over August 1 9 2 4 is due at least partly to the constant growth in the demand for radio supplies, and to the large volume of building. August collections were reported Good by 3 firms, and Fair by 8. Percentage changes in sales are shown below: Aug. 1925 com pared w ith : J u ly 1925 Aug. 1924 A tla n ta (3 firm s)___________________ — 0.4 +41.8 New O rleans (3 f i r m s ) - ........... -............ + 5.0 + 5.7 O ther C ities (5 firm s _______________ +10.3 +75.8 + 3.5 +43.2 D ISTR IC T (11 firm s)_______________ ) The figures which follow show comparisons of sales in the other four lines, for the district only, three reports not being received in any of these lines from a single city. Collections in these lines were reported Fair to Good. Slight increases in prices of shoes were indicated in some of the reports. Comparisons of sales are shown by the following figures: Aug. 1925 com pared w ith : J u ly 1925 A ug 1924 Shoes, D istrict (7 firm s)____________ ____ +46.9 S tatio n ery , D istrict (3 firm s)_____________+20.0 D rugs, D istrict (3 firm s)____________ _____+ 3 . 4 F arm Im plem ents, D istrict (6 firm s). . +35.4 + 7.4 +13.1 + 4.3 +125.4 AGRICULTURE Cotton The mid-September report on the cotton crop issued by the Department of Agriculture, based upon the condition of the crop on September 16, places the Department’s estimate of the crop at 13,931,000 bales, an increase of 191,000 bales over the estimate two weeks earlier, but 59,000 bales smaller than the estimate based upon the condition in the middle of August. The 1924 crop, according to final ginnings, amounted to 13,627,936 bales. The condition of the crop as a whole is given in the Department’s report as 53.8 per cent on September 16, compared with 56.2 per cent two weeks earlier, and 62 per cent on Aug ust 16. The earliness of the crop is indicated by excep tionally heavy ginnings, the Census Bureau reporting that 4,275,928 bales were ginned prior to September 16 this year, while only 2,662,636 bales were ginned to the same date last year. The estimates by the Department are larger for each of the states in this district on September 16 than they were a month ago except for Tennessee, where the crop suffered severe deterioration during the last half of August due to the heat and drought. The estimate for Georgia is a little higher than a month ago, but condi tions in the northeast and north-central counties were such that the crop there is extremely poor. The South ern part of the state is making the best crop in years, ac cording to the Department’s report. The hot dry weather in Alabama during August served to hold weevils in check to such a point that they practically disappeared. Re ports indicate that the staple is short from the premature opening of the bolls. In spite of the drought, boll weevils, wilt, rust, lice, boll worms and cotton leaf worms, the latest estimate of the Louisiana crop is 169,000 bales greater than that made a month earlier. The condition in Mississippi has improved and the latest estimate is 125,000 bales larger than was made a month ago. Picking and ginning is re ported considerably ahead of any previous season. 4 T H E M O N T H L Y The figures in th e table show th e la test estim ates of th e p resent crop, and final ginnings of th e crop last year for th e sta te s of th is district: G eo rg ia-................................................................... F lo rid a ...................................................................... A la b a m a ......... — .......................................... ........ L o u is ia n a ___________________ ______________ M ississipp i........... ............ ...................................... Tennessee............................................... ............ __ U n ite d S ta te s..................................................... .. E stim a te 1925 1,019,000 32,000 1,063,000 729,000 1,447,000 425,000 13,931,000 F in a l 1924 1,030,000 19,752 985,276 496,232 1,116,611 355,929 13,627,936 G innings prior to September 16 th is year, compared w ith la st year are show n b elow : G eo rg ia____ F lo rid a ----A la b a m a ___ L o u is ia n a ... M ississip p i.. TennesseeU n ite d S ta te s........ ............................................... 1925 601,482 22,404 510,355 412,360 573,084 32,260 4,275,928 1924 288,131 8,844 223,178 160,341 226,980 214 2,662,636 Other Crops The con tinu ed drought has had an adverse effect on other crops and th e estim ates for September 1 are lower th a n th o se for a m onth earlier. Except .in Florida, th e corn crop has deteriorated and th e September estim ate for th e sixth d istrict is 17 m illion b u sh els lower th a n was in dicated on A ugust 1. There have also been decreases in th e estim ated p roduction of oats, hay, tobacco and p ota toes, as in dicated in th e figures b elo w : (000 Omitted) C o rn , bu sh e ls.......... W heat, b u sh els— O ats, b u sh els........... H a y , to n s........... — Tob acco , p o u n d s.. Potatoes, bushels^ E stim a te d P ro d u c tio n . F in a l Y ie ld Sept. 1, 1925 A ug . 1. 1925 1924 176,332 166,968 184,136 5,865 5,865 4,112 16,695 16,803 12,728 2,155 2,4 2,927 121,354 127,769 110,326 9,542 12,661 Cotton Movement—Sixth D istrict.—Bales. R ece ip ts: New O rle an s....................... M obile...................................... S a v a n n a h ............... -............ A t la n t a .......................-.......... A u g u sta -------- ---------M o n tg o m e ry ................. . . M acon-------------------Sto ck s: New O rle an s................... -. M obile..................... ................. S a v a n n a h .............................. A t la n t a .......................-.......... A u g u sta —............................. M ontgom ery.................... .. M acon......................... .......... .. V ic k sb u rg .......................... ... A u g . 1925 J u ly 1925 A u g . 1924 89,060 9,005 100,671 8,306 28,298 11,193 3,698 55,517 1,508 9,229 1,996 3,714 196 249 41,990 6,343 19,864 2,166 6,072 3,676 1,233 84,787 7,126 50,188 5,965 18,859 7,324 3,546 3,008 49,275 1,303 7,572 4,757 10,311 4,141 4,848 77 40,850 1,389 21,756 3,628 8,128 5,436 2,299 801 Cotton Movement—United States. Since August 1, 1925 (Bales) 1922 1924 1923 1925 586,307 363,130 383,249 238,141 R eceip ts a t a ll U . S . P o rts -----O verland across M ississipp i, O h io , Potom ac R iv e rs to 13,245 29,735 24,542 52,396 N o r. M ills an d C a n a d a .. . In te rio r stock in excess of those h eld a t close of com m ercial 197,997 y e a r__________________________ 197,997 44,759 107,169 57,971 250,000 123,715 200,733 535,552 Sou th e rn M ills T a k in g s (n e t). T o ta l movement of crop fo r 35 1,047,549 561,339 715,693 684,060 d aj's ______________ *Am erican M ills N . & S . C a n ad a 331,941 218,423 Am erican C o tton th u s f a r ........... 817,000 548,000 570i000 375,908 283,851 Fo reig n exports fo r se a so n .---•Of w h ich 54,921 b y N o rth e rn S p in n e rs ag ain st 61,406 la st year and 277,020 b y So u th e rn S p in n e rs ag ain st 157,017 la s t ye ar. SUGAR CANE AND SUGAR The con d ition of sugar cane in th e Louisiana Cane Belt, according to th e la te st report of th e D epartm ent of A griculture, declined 7 p oints during A ugust, and on Sep tember 1 was 78 per cen t of normal, compared w ith 52 per cent on th e same date la st year. The falling off in condi tion was due to a num ber of causes, th e principal one being th e drought and lack of m oisture in th e soil and sub soil. Local showers have been beneficial to some extent. B U S IN E S S R E V IE W The Departm ent of Agriculture estim ates production of cane on th e acreage to be used for sugar at approximately 3,190,746 short to n s of cane, compared w ith a production of 1,228,339 short ton s of cane used for sugar in 1924. The q u a n tity of sugar to be produced, based on th e September 1 condition, is estim ated at 223,895 short to n s, compared w ith 88,483 short to n s of sugar produced last year. Movement of Sugar. R eceip ts * N ew O rle a n s__________ S a v a n n a h ______________ M elting s: N ew O rle a n s__________ S a v a n n a h -------------S to ck s: New O rlean s................... S a v a n n a h — .............. A u g . 1925 J u ly 1925 150,134,234 55,265,854 193,200,092 25,841,088 *141,619,975 8,058,598 A u g . 1924 155,145,663 55,265,854 192,719,359 29,878,165 146,012,675 38,048,623 19,375,580 26,724,194 ...................................................... 25,202,153 ....................... Refined Sugar (Pounds.) Sh ip m en ts: N ew O rlean s____ _____ S a v a n n a h ......................... S to ck s: New O rlean s................... S a v a n n a h .......................... A u g . 1925 J u ly 1925 148,328,006 39,847,265 185,781,382 36,085,863 129,047,300 32,471,746 A u g . 1924 56,166,388 1,872,195 60,386,764 1,363,479 55,684,436 13,844,95* R IC E. The condition of th e rice crop in Louisiana declined 6 p oints during A ugust, according to th e report of th e De partm ent of Agriculture, and on September 1 was 70 per cent of normal, in dicating a production of about 15,422,000 bushels, compared w ith 17,078,000 bushels produced last year. Rice Movement. Rough Rice (Sacks) Port of New Orleans. R e ce ip ts— . . ..............-_____ __________ S h ip m e n ts - ............-______ __________ S to c k _____ ______________ _____ ______ A u g . 1925 129,073 109,283 23,636 J u ly 1925 A u g . 1924 5,598 80,544 20,931 16,487 3,846 91,065 Clean Rice (pockets) Port of New Orleans. R eceip ts........................................................ Sh ip m en ts................................. -............ .. S to ck ................. .......................................... .. 127,329 101,054 89,804 34,068 89,607 63,529 19,855 1,979 89,884 Receipts of Rough Rice (Barrels). A sso ciatio n M ills ................ .............. New O rleans M ills............... .............. O utside M ills .................... .. ........... .. A u g . 1925 347,099 132,919 86,250 566,268 Season to A u g . 31, 1925 347,099 132,919 86,250 566,268 L a s t Season to A u g . 31, 1924 143,453 107,552 94,360 345,365 Distribution of Milled Rice (Pockets) A sso ciatio n M ills ............... ............177,637 98,100 N ew O rlean s M ills-------- ________ 39,502 O u tsid e M ills -------------- ................ 177,637 98,100 39,502 79,343 2,453 49,128 315,239 315,239 130,924 A ug . 1. 1925 8,136 66,191 21,100 Sept. 1, 1924 103,980 177,913 117,060 95,427 398,953 Stock. A sso ciatio n M ills .................. ________ New O rlean s M ills ............. ________ O u tsid e M ills ......... -............... _________ Sept. 1 1925 226,659 110,277 61,250 398,186 FINANCIAL. R eports for A ugust and early September show subssta n tia l increases in loans, discou nts, in vestm en ts, depo sits, b oth demand and savings, and in th e volume of b usi ness tran saction s settled by check as represented in debits to individual accounts, over figures for th e corres ponding periods last year. The to ta l of debits to in di vidual accoun ts at 24 reporting cities in th is district for th e week ended September 9 was 19 per cent greater th a n for th e corresponding week last year. Savings deposits re ported by 93 banks were 7.5 per cent greater at th e end of A ugust th a n a year ago. The w eekly reports by 36 banks in A tlanta, New Orleans, Birmingham, Jacksonville, N ash ville, C hattanooga, Knoxville and Savannah on September 9 in dicate a to ta l volume of d iscou nts am ounting to $504, 844,000, an increase of $89,614,000 or 21.6 per cent over dis cou n ts on th e corresponding report date last year. An increase of over 20 million dollars is also show n in in v est m ents, th e to ta l of all loans, d iscou n ts and in v estrm a ts T H E M O N T H L Y B U S IN E S S on September 9 is 22.6 per cent greater th a n a year ago. Time deposits reported by th ese 36 b an k s were 11 per cent greater, and demand deposits 26.2 per c e n t greater, th a n at th a t time. Compared w ith figures for A ugust 5, th e reports for September 9 show increases of $29,893,000 in d isco u n ts; $35,847,000 in tota l loans, discou nts and in v est m ents ; $3,803,000 in time deposits and $20,773,000 in demand deposits held by th ese banks. Member Banks in Selected Cities. (000 Omitted) Sept 9, B ills D isco u n te d : 1925 Secured b y G o vt. O b lig atio n s $ 7,306 Secured b y Sto ck s an d B o n d s 92,803 A ll O th e rs............................................... 404,735 T o t a l D isc o u n ts................................. 504,844 U . S . S e cu ritie s............... ........................... 38,738 O th er Sto cks an d B o n d s..................... 51,574 T o t a l lo a n s, d isc o u n ts a n d in ve st m e n ts - - ................................................... 595,156 T im e deposits................. .......................... 206,715 D em and deposits......................, ............... 355,107 Accom m odation a t F . R . B a n k . . . . 15,840 A ug . 5, 1925 $ 7,533 92,742 374,676 474,951 37,908 46,450 Sept. 10, 1924 $ 7,803 61,181 346,246 415,230 29,664 40,533 559,309 202,912 334,334 8,294 485,427 186,276 281,482 Total borrowing by member banks from th e Federal Reserve Bank of A tlanta increased from $28,127,000 on A ugust 12 to $36,877,000 tw o weeks later, b ut su bsequ en tly declined to $28,885, 000 on September 16. Oa th is date, how ever, d iscounts were larger by $3,422,000 th a n on th e correing report date last year. Bills bought in th e open market erably and Government securities were owned in considspondlarger volume, and to ta l earnings assets were conse q uently 25 million dollars greater th a n a year ago. Cash reserves were only slightly lower, b ut deposits were 16 millions greater and Federal Reserve N otes ou tstand in g were 13 m illions greater, th a n at th a t time. Principal item in th e weekly statem ent of th e Federal Reserve Bank are show n below: Federal Reserve Bank. (000 Omitted) Sept. 16, B ills D isco u n te d : 1925 ____ Secured b y G ov. O b lig a tio n s$ 6,494 ! A ll O th e rs............................................... 22,391 T o t a l D isc o u n ts................................. 28,f~~ . 28,885 12,088 B ills b o ug ht in open m a rk e t......... - 12, i U . S . S e c u ritie s...................................... 13,860 55,140 T o t a l e a rn in g assets......... -.......... — 55,140 C a sh R eserves............................................... 168,937 T o t a l D ep osits............................................. 81,152 F . R . Notes in a c tu a l c irc u la tio n . 147,631 Reserve R a t io .................................... ........... 73.8% A u g . 12, 1925 $ 4,495 23,632 28,127 13,561 14,325 56,443 149,873 72,484 134,485 72.4% S ept. 17, 1924 $ 1,750 23,713 25,463 1,920 2,852 30,235 169,277 64,980 134,595 84.8% Savings Deposits. The figures contained in th e follow ing table represent th e aggregate savings deposits reported by 93 banks in th e district at th e end of A ugust, compared w ith figures for a m onth and a year earlier. (000 Omitted) C o m pariCo m pari son of son of Aug. J u ly A ug . 1925- A u g . A u g . 1925 1925 1925 J u ly 1925 1924 1924 A tla n ta (7 b a n k s )— $ 32,273 $ 29,891 +8.0 $ 31,607 + 2.1 23,641 +0.9 B irm in g h a m (5 b a n k s) 23,860 + 8.3 22,024 23,797 +3.2 +23.2 Ja c k so n v ille (5 b a n k s) 24,557 19,932 N a sh ville (10 b a n k s) 19,798 19,666 + 0.7 20,015 - 1.1 — 0.9 New O rleans (8 b a n k s) 47,567 47,869 —0.6 48,014 O th e r C itie s (58 b a n k s) 98,777 100,089 —1.3 88,083 +12.1 T o ta l (93 b a n k s )............ 246,832 244,953 +0.8 229,675 + 7.5 D E B IT S T O IN D IV ID U A L A C C O U N T S . S ix t h F e d e ra l R e s e rv e D is t r ic t . Week E n d e d Sept. 9. 1925A u g . 12, 1925 Sept. 10, 1924 A lb a n y .......................................... $ 2,202,000 $ 1,100,000 $ 1,417,000 A t l a n t a .. .................................. 30,961,000 31,529,000 29,232,000 A u g u sta ...................................... 6,698,000 4,648,000 7,347,000 B irm in g h a m ........................ 26,840,000 26,430,000 25,191,000 B ru n s w ic k ................................. 690,000 766,000 692,000 C h a tta n o o g a.......................... 9,284,000 10,279,000 8,786,000 C o lu m b u s................................... 4,262,000 3,621,000 2,941,000 D o th a n ........................................ 1,482,000 860,000 1,200,000 E lb e rto n ..................................... 187,000 136,000 225,000 Ja c k s o n ....................................... 4,100,000 4,900,000 3,500,000 Ja c k s o n v ille ........................ 22,250,000 20,967,000 12,375,000 K n o x v ille ..........-....................... 6,635,000 7,510,000 7,542,000 M acon........................................... 6,418,000 5,157,000 5,438,000 M erid ia n ..................................... 4,205,000 3,149,000 3,420,000 M obile........................................... 7,898,000 6,108,000 6,266,000 M ontgom ery............................. 6,500,000 4,753.000 6,194,000 N a sh ville __________ _________ 16,476,000 16,999,000 17,137,000 N e w n a n ....................................... 486,000 498,000 459,000 New O rle a n s............................ 77,973,000 68,426,000 65,523,000 P en saco la................................... 1,751,000 1,982,000 1,568,000 S a v a n n a h ............................ .. 14,049,000 8,611,000 12,551,000 T a m p a ............................. ............ 18,910,000 18,104,000 7,966,000 V a ld o sta ...................................... 1,830,000 1,821,000 1,623,000 V ic k sb u rg ................................... 2,069,000 1,429,000 1,797,000 T o ta l (24 C itie s ).....................$274,156,000$249,783,000 $230,3000,000 5 R E V IE W Commercial Failures. The following table con tains figures compiled by R. G. D un & C o., showing th e number and to ta l liabilities of firms w hich failed during A ugust, and comparative figures for liabilities for th e preceding m onth and the corresponding m onth la st year. The tota l number of firms failing in A ugust th is year was 1513, compared w ith 1685 in July, and w ith 1520 in A ugust la st year. Liabilities, however, were about 2$ million dollars greater than in July, b u t were about 18 million dollars smaller th an in A ugust 1924. Liabilities in th e sixth d istrict were material ly smaller in A ugust th a n for th e m onths immediately pre ceding or for A ugust la st year. Num ber D is tric t A ug . 1925 A ug . 1925 $ 2,362,284 B o sto n ...................... . . . 139 5,183,046 N ew Y o r k -------212 45 748,439 P h ila d e lp h ia ........ 4,871,170 153 C levelan d ................ 1,565,924 98 R ich m o n d .............. 1,179,942 89 A t la n ta ................ .... 196 6,923,656 C h icag o .................... 91 1,049,444 S t. L o u is .................. 91 894,217 M in n e a p o lis.......... 127 1,610,394 K a n s a s C it y ........... 1,039,183 D a lla s ...................... ______ 66 260 9,731,162 S a a F ra n c is c o .. T o t a l................. 1,513 $37,158,861 L ia b ilitie s J u ly 1925 A ug . 1924 $ 2,185,740 $ 1,635,381 9,503,272 28,414,523 1,802,298 1,366,943 3,986,465 3,620,367 3,207,713 4,233,075 2,457,950 1,945,017 5,038,051 3,461,597 940,025 922,409 1,765,878 939,258 896,131 5,418,201 350,729 938,431 2,370,939 2,258,779 $34,505,191 $55,153,981 IMPORTS AND EXPORTS. Preliminary figures compiled and published by the D epartm ent of Commerce show su b stan tial increases in b o th im ports and exports for th e m onth of A ugust, com pared w ith th e preceding m onth and w ith th e correspond ing m onth a year ago. The value of m erchandise im ported during A ugust is given as 375 m illions of dollars, exceeding th e July to ta l by about 49 millions, and 120 m illions greater th a n for A ugu st 1924. Exports in A ugust totaled 383 mil lions, and exceeded J u ly exports by 43 m illions, and for A ugust la st year 52 m illions. Preliminary figures for Au gu st, w ith comparisons, are show n b elo w : 1925 1924 Imports: August................. .................. $ 375,000,000 $ 254,542,143 July— ................................... 325,915,845 278,593,546 8 months ending with August 2,764,742,532 2,382,726,580 Exports: August.................................... 383,000,000 330,659,566 July...................-.................... 339,629,653 276,649,055 8 months ending with August 3,085,949,035 2,697,031,219 New Orleans. M erchandise valued a t $19,265,472 was im ported through th e port of New Orleans during th e m onth of June, th e la te st m onth for w hich d etail figures are available. T his to ta l is seven m illion dollars smaller th a n th e value of im ports during May, b u t is an increase of $5,575,021 over th e to ta l for Ju n e 1924. Increases in b o th volume and value occured in nearly all of th e principal commodities, except coffee, w hich show s a decrease of 3,764,247 pounds in vol ume and of $9,166 in value. There was also decrease in th e value of m ahogany im ported. Principal articles im ported during Ju ne w er e: Volume Value Coffee, lbs.................... ...................... 1 7,365,273 $ 3,336,230 Sugar, pounds........ ------- -------------- 144,793,269 3,386,057 Bananas, bunches............................ 3,428,247 1,657,282 News print paper, pounds........................... 6,375,656 189,260 Rags for paper stock, pounds............... — 3,129,151 64,079 Crude Petroleum, gallons................... 50,182,480 1,357,622 Gasoline, gallons........ ........ ............... 12,250,770 1,160,286 Molasses, gallons................................ 11,482,421 913,459 Burlaps, pounds................................. 13,075,989 1,661,476 Mahogany, feet................... .............. ................... 1,406,000 86,435 Sisal, tons................ .......................... 16,987 2,432,109 T he follow ing figures, showing th e value of im ports at New Orleans for Ju ne of preceding years are shown for comparison : 1925................................$ 1924............. ................... 1923— -......... .............. .. 1922................-................. 1921......... — ................... 19,265,472 13,690,451 13,334,356 12,972.956 7,958,514 1920________ _______ .$ 31,384,171 1919........................ .......... 14,049,139 1918--........................... 9,769,838 1917.......................... .. 8,653,219 1916-_________________ 8,316,966 The to ta l value of com m odities exported through th e port of New Orleans during th e m onth of Ju ne 1925 was $24,936,749, ab out seven m illion dollars smaller th a n in May. Some of th e principal com m odities exported in Ju ne w er e: 6 T H E M O N T H L Y Volum e Short. S ta p le C o tto n , b a le s_________________ 31,469 L in t e rs C o tto n , b a le s________________________ 2,973 G a so lin e , in b u lk , g a llo n s------------------ 33,134.864 Illu m in a t in g O il, b u lk , g allo n s------------ 5,742,148 G a s an d F u e l O ils, g a l l o n s . ------ --------13,931,825 C y lin d e r L u b ric a tin g O il, g a llo n s-------797,963 C ru d e P e tro le u m , g a llo n s------------------- 11,008,790 R e fin e d P a r iff in Wax, p o un d s-------------- 6,208,282 8,604 R o u g h S o u th e rn P in e B o ard s, M. f t .......... O ak B o ard s, M. f t ______________________ _____ 5,543 To b acco , p o u n d s _____________________________ 6,599,776 W heat F lo u r , b a rre ls-------- ----------------190,890 L a r d , p o u n d s____ ____________________ ______ 5,071,233 V alu e $4,017,489 102,214 4,704,039 331,684 485,842 215,221 331,431 349,643 475,912 369,242 1,438,573 1,508,131 903,792 Grain Exports. Grain exports through th e port of New Orleans during th e m onth of A ugust am ounted to 1,629,509 b u sh els show in g a decrease of 692,745 b ush els w hen compared w ith A ugust a year ago. While there is show n an increase b o th in corn and oats, th e decrease is due en tirely to th e ex porting of w heat. The follow ing figures show comparisons. Wheat . C o rn .-O a ts— T o t a l___________ _ A u g . 1925 1,112,791 440,340 76,378 A u g . 1924 2,082,649 249,580 20,025 Season th ro u g h A ug . 31. A u g . 31, 1924 1925 1,745,628 2,657,649 777,072 635,853 121,753 29,390 1,629,509 2,352,254 2,644,453 3,322,892 BUILD IN G . The aggregate value of building perm its issued at tw en ty cities in th e sixth d istrict reached a new h igh level in Au gu st for th e fou rth con secu tive m onth. T hese tw enty cities reported perm its issued in A ugust totallin g nearly 19 m illion dollars compared w ith 14i million dollars for th e same m onth la st year. T he increase over A u gu st 1924 w as 30.2 per cen t. T he index num ber for th ese tw en ty cities for A u gu st 1925 is 526.6, th e h igh est so far recorded. Of th e 22 cities show n in th e statem ent, only seven d ecreases were show n compared w ith A ugu st la st year, w hile some of th e in creases are very large. The seven cities reporting from Florida show a to ta l considerably more th a n double th a t for A ugust 1924. The relatively large in crease show n for Alexandria, Louisiana, is due to perm its for th e erection of a new h igh school b uilding to cost a b o u t $850,000. P ercentage comparisons by cities are show n in th e table below, and index num bers for Feder al Reserve Bank and branch cities, and for th e d istrict, appear on page 8 : A lab am a: A n n is to n ---------B irm in g h a m _____ M obile............................ M ontgom ery______ F lo r id a : Ja c k s o n v ille ______ M ia m i-------------O rla n d o — ............. P e n saco la --------T a m p a — .............. * L a k e la n d ................. *M iam i B e a c h ----- ___ G e o rg ia : A t la n t a -----------. A u g u s ta ----------C o lu m b u s............... . M acon------- -----S a v a n n a h .........- ... L o u is ia n a : N ew O rle a n s......... A le x a n d ria ............. Tennessee: C h a tta n o o g a ----Jo h n so n C it y —. . . K n o x v ille ---------N a s h v ille ..- ......... . . . . No. Percentage A u g . 1925 A u g . 1924 Change V alu e No. V alu e in V alu e 18 $ 116,650 593 1,725,566 69 104,925 91 100,468 33 $ 100,790 550 1,744,959 83 100,710 73 36,342 + 15.7 — 1.1 + 4.2 +176.5 315 516 283 84 676 183 ___ 1,505,673 6,024,177 1,216,745 92,350 2,718,187 596,175 2,290,350 290 279 116 63 341 76 25 975,244 3,578,980 190,297 59,830 885,065 217,200 393,750 + 54.4 + 68.3 +539.4 + 54.4 +207.1 +174.5 +481.7 378 121 44 180 58 778,308 58,131 124,690 282,268 95,190 354 142 36 149 55 1,680,693 92,070 47,970 91,431 99,975 - 53.7 - 34.9 +159.9 +108.7 — 4.8 304 95 2,103,515 954,746 232 49 3,719,400 — 43.4 44,012 +2069.3 238 18 210 258 289,639 56,900 352,704 286,067 186 19 299 278 215,173 28,100 395,611 498,160 + 34.6 +102.5 - 10.8 — 42.6 4,549 $18,986,899 3,627 $14,584,812 T o t a l 20 C itie s -------... 526.6 404.5 In d e x N o ---------------— *Not in clud ed in to ta ls or index num bers. + 30.2 LUMBER. Preliminary figures for A ugust, received from subscrib ing mills by th e Southern Pine A ssociation up to th e middle of September, show a volume of orders booked by 136 re porting mills am ounting to 346,834,635 feet, 2.3 per cent greater th a n th e A ugust production by th ese mills, 3.7 per cent greater th a n their normal production, and exceed ing their shipm ents by 2.4 per cent. Shipments, which totaled 338,641,515 feet, were only slightly lower th an ac tu a l production for th e m onth, b u t were 1.2 per cent great er than th e normal production of these mills. Stocks on B U S IN E S S R E V IE W hand at th e close of A ugust were reported by th ese 136 mills as 847,552,495 feet, and were 4.7 per cen t less than their normal stocks. Improvement in condition in th e lumber industry is indicated in th e fa ct shown by recent weekly reports of th e Southern Pine A ssociation, th a t during th e five weeks ended September 11 an average of 104 mills operated full time, and of th is number an average of 23 mills operated an aggregate of 3,937 hours overtime, or an average of 34 hours overtime per mill for th is five week period. R eports in dicate th a t buyers are resisting th e upward ten dency of prices and th a t orders are, in m ost in stan ces, being placed only for immediate needs. The demand from Florida con tin u es to play an im portant part in market conditions, except th a t lately embargoes have interfered w ith th e movement of lumber to some Florida points. O rd ers______________________________ S h ip m e n ts_________________________ P ro d u c tio n _______________________ N orm al p ro d u ctio n these M ills S to ck end of m o n th ____ ________ N orm al stocks these M ills____ U n fille d orders end of m on th- A ug . 1925 136 m ills 346,834,635 338,641,515 338,980,419 334,573,349 847,552,495 889,726,819 251,948,944 J u ly 1925 131 m ills 331,950,689 315,652,367 317,161,408 322,617,169 832,116,666 860,319,686 228,323,151 A ug . 1924 143 m ills 373,136,557 365,962,867 341,872,274 348,521,176 847,612,391 966,634,042 243,562,836 COTTON CONSUMPTION—AUGUST. United States. A u g . 1925 C o tto n C o nsum ed: L i n t -------------------------448,665 L in t e r s ______________________ 63,583 I n C o nsu m in g E sta b lish m e n ts: L i n t _________________________ 680,527 L in t e r s ----------------------97,230 In P u b lic Storage a t Compresses : L i n t _________________________ 1,040,178 L in t e r s ______________________ 22,747 315,825 E x p o rts__________________________ Im p o rts-------------------------9,266 A ctive S p in d le s________________ 31,269,774 J u ly 1925 A u g . 1924 482,898 62,513 389,678 44,296 866,259 128,478 552,789 82,816 514,196 28,628 202,468 9,927 31,760,598 802,064 44,239 277,647 4,136 29,010,630 ites. C o tto n Co nsum ed____________ 302,604 I n Co nsu m in g E sta b lish m e n ts 335,220 In P u b lic Storage an d a t Com presses__________________ 949,151 A ctive S p in d le s________ ______ _ 16,479,272 327,087 428,759 245,779 226,229 389,678 16,575,778 705,111 15,291,114 MANUFACTURING. P roduction and shipm ents of b o th clo th and yarn by mills reporting to th e Federal Reserve Bank for A ugu st were smaller th a n for July, w hile orders booked and u n filled orders on hand a t th e end of A ugu st b o th showed su b stan tial increases over th e previous m onth. Cotton Cloth. A ugust reports were received from mills w hich m anu factured during th a t m onth more th a n 25 m illion yards of cloth. T his was a decrease of 5.3 per cen t compared w ith th e July production by th e same mills, and a decrease of 4.4 per cent compared w ith their o u tp u t in A ugu st la st year. Shipm ents were also lower th a n in eith er of th o se m onths. Orders booked during A ugust by th ese mills were 131 per cen t greater th a n in July, b u t were 11.9 per cen t smaller th a n th o se booked in A ugust 1924. U nfilled orders on hand at th e end of A ugust increased 16.6 per cen t over July, b u t were 4.2 per cen t smaller th a n at th e same time la st year. Stocks of m anufactured clo th in creased 1 per cen t over July, b u t were 31 per cen t smaller th a n at th e close of A ugust 1924. C orrespondent mills sta te th a t there h as been some slight im provem ent in th e demand, b u t th a t orders th ou gh frequ en t are small and th a t buyers appear to be holding back in th e hope for lower prices. There h as been some curtailm ent of operation due to shortage of power, caused by th e drought. P ro d u c tio n ------------------------------S h ip m en ts_______________________________ O rd e rsb o o ke d ___________ _______________ U n fille d ord ers________________ _____ _ S to cks on h a n d ------------------------N um ber on p a y r o ll.................................... A ug . 1925 compared w it h : J u ly 1925 A u g . 1924 — 5.3 — 4.4 — 3.1 —10.8 +131.4 —11.9 +16.6 — 4.2 + 1.0 —31.0 — 1.1 + 0.8 Cotton Yarn. R eports for A ugu st from mills w hich m anufactured more th a n 6,300,000 p oun ds of yarn, showed a decrease of 12 per cen t in o u tp u t compared w ith July, b u t an in crease of 14.4 p e r c e n t over their production during A ugust la st T H E M O N T H L Y year. Shipm ents by th ese mills were 8.9 per cen t smaller th a n in July, and 16.9 per cen t greater th an for A ugust 1924. Orders booked during A ugu st were 26.4 per cen t greater th a n th o se booked in July, and 25 per cen t greater th a n were received by th ese mills during A ugust 1924. U n filled orders at th e end of A ugust were 6.9 per cen t larger th a n a m onth earlier, and 20.4 per cen t greater th an at th e same time la st year. Stocks on hand declined 4.2 per cen t compared w ith July, and were smaller by 13.9 per cen t th a n a t th e end% f A ugu st 1924. Individual reports sta te in some in sta n c es th a t th e demand for yarn is improving. Several mills were sh u t down during A ugust b ecause of th e shortage of power due to th e drought. P ro d u c tio n ............................ ........................... S h ip m e n ts........................................................... Orders booked................................................. U n fille d o rd ers................................................ S to cks on h a n d .............................................. N um ber on p a y r o ll....................................... A u g . 1925 compared w it h : J u ly 1925 A u g . 1924 —12.0 +14.4 — 8.9 +16.9 +26.4 +25.0 + 6.9 +20.4 — 4.2 —13.9 +1.3 — 3.9 Overalls. R eports for A ugust from overall m anufacturers show a m aterial in crease in production over July, and over Au gu st la st year. Stocks on h and at th e end of A ugust de clined 18.9 per cen t compared w ith a m onth earlier, b u t were 10.4 per cen t greater th an at th e same time a year ago. Orders booked during A ugust were smaller in volume th a n in July, and 24.7 per cen t greater th a n in A ugust 1924. Un filled orders on hand at th e end of th e m onth, however, were considerably larger th an a m onth earlier, b u t were smaller th an at th e same time la st year. O veralls m a n u fa c tu re d ............................. O veralls on h a n d ........................................... O rders booked................................................. U n fille d orders................................................ N um ber on p a y ro ll...................................... A u g . 1925 compared w it h : J u ly 1925 A u g . 1924 +83.4 +34.2 —18.9 +10.4 —11.9 +24.7 +54.4 —12.0 +55.0 +29.9 B R IC K . Due to curtailm ent of operations b ecause of th e sh ort age of w ater power, production of brick declined 4.5 per cen t during A ugust, and stocks on hand decreased 2.7 per cen t compared w ith a m onth earlier. Orders received during th e m onth, and unfilled orders on h and at th e end of th e m onth were 12.4 per cent, and 11.4 per cent, res pectively, greater th a n in July. Compared w ith A ugust a year ago, in creases were reported in production, stocks, orders and u nfilled orders. Percentage com parisons are show n b elo w : A u g . 1925 compared w it h : _ . . . J J u ly 1925 A ug . 1924 B n c k m an u factu re d ................................... — 4.5 +41.8 B r ic k on h a n d .................................................. — 2.7 +21.6 O rders b o o k e d - .- ......................................... +12.4 +57.6 U n fille d ord ers................................................ +11.4 +61.5 N um ber on p a y r o ll...................................... + 0.4 + 4.3 Aggregate figures reported to th e U nited S tates Cen sus Bureau for A ugust by 33 id en tical establishm ents, show an increase in prod uction of 6.4 per cent over July, b ut declines are show n in shipm ents, stocks, orders booked and u nfilled orders o n hand at th e end of th e m onth. The table below show s to ta ls for th e two m onths: (dozen p a irs) A u g . 1925 J u ly 1925 789,284 742,151 775,814 802,743 1,871,483 1,891,818 632,315 650,073 30,796 40,851 1,381,856 1,527,631 COAL. Weekly sta tistic s compiled and published by th e U nited S ta tes G eological Survey in d icate increased prod uction of bitum inous coal for each w eek during A ugu st, alth o u g h there w as recorded a slig h t decrease for th e week ended September 5 compared w ith th e w eek before. The report of th e Survey sta tes, however, th a t th e occurrence of th e Labor Day holiday considerably affected th e com plete n ess of th e reports. T he increase in o u tp u t w as general as increases were show n for all Qf th e producing sta tes, R E V IE W 7 Production in Alabama increased from 392,000 to n s for th e w eek ended A ugu st 1 to 455,000 to n s for th e w eek ended Au g u st 29th, and in T enn essee production increased from 112, 000 to n s to 130,000 to n s during th e same period. T otal pro d uction of bitum inous coal in th e U nited S tates during th e calendar year 1925, up to September 5, is reported as 328,301,000 to n s, an increase of 19,720,000 to n s over produc tio n during th e same period of 1924. Follow ing are w eekly figures for th e U nited S tates compared w ith th e corresponding periods a year ago, and also cu rren t w eekly figures for Alabama and Tennessee. Week En d ed 1925 9,971,000 A u g u st 8. 1925................................................................ A u g u st 15......................................................................... 10,261,000 A u g u st 22......................................................................... 10,522,000 A ug u st 29.......................................................................... 11,202,000 September 5.................................................................... 10,808,000 Week End ed A lab am a A ug u st 8, 1925........................................................ .. 418,000 A u g u st 15.................................................................— . 438,000 A u g u st 22......................................................................... 430,000 455,000 A ug u st 29......... ................ .............................................. 1924 7,800,000 7,909,000 8,313,000 8,719,000 7,958,000 Tennessee 121,000 126,000 122,000 130,000 IRON. S ta tistics compiled and published by th e Iron Age in d icate th a t in A ugust, for th e first time since la st March, th e production of pig iron in th e U nited S ta tes was larger th a n in th e previous m onth. A ugust ou tp u t was reported as 2,704,476 ton s, and was larger th a n th e production in Ju n e or July, b u t smaller th a n figures for other preceding m onths since la st November. A ugust o u tp u t th is year was, however, nearly 50 per cen t greater th a n during th e same m onth in 1924, w hen th e to ta l production w as 1,887,145 tons. The index num ber for A ugust is 106.1, compared w ith 104.5 for July, and w ith 74.2 for A ugust 1924. The daily rate of production in A ugust was 87,241 to n s per day, compared w ith 85,936 tonsper day in July, and w ith 60,875 to n s per day in A ugust la st year. There were 9 furnaces blown in during A ugust,and 7 blown o u t or banked, making a n et gain of 2, th e num ber active on September 1 being 192. The Iron Age gives th e A ugust production in Alabama as 228,642 ton s, som ewhat larger th a n in July, b u t smaller th a n th e other preceding m onths of th e year except Febru ary. The index num ber for Alabama production in A ugust was 130.1, compared w ith 127.9 for July, and w ith 122.6 for A ugust 1924. One furnace w as blown in in Alabama during A ugust, w ith 24 in active operation on September 1. Cor resp ond en ts reported at th e begining of Septem ber th a t there w as a vigorous demand for Alabama iron w ith th e market firm at $18.50 and for fo u rth quarter delivery $19. is quoted. Inquiries are being received for delivery in th e first quarter of 1926, b u t no q uotations are available for th a t period. R eports sta te th a t iron and steel p rod ucts and clay products are being shipped from th e Birmingham d istrict to Florida in large quantity. Shipm ents on th e whole have exceeded production during th e p a st few m onths and surplus stocks have declined as a consequence. Unfilled Orders—U. S. Steel Corpn. Hosiery _ . ^ P ro d u c tio n ............................................................. Sh ip m en ts............................................................... S to cks on h a n d ................................................... O rd ersb o o ke d ...................................................... C a n c e lla tio n s........................................................ U n fille d orders.................................................... B U S IN E S S U nfilled orders on th e books of th e U nited S ta tes Steel Corporation a t th e close of A ugu st were reported as 3,512,803 tons, a decrease of only 26,664 to n s compared w ith July b u t 223,326 to n s greater th a n were reported for Au g u st 31,1924. T he figure for A ugust is th e low est reported for any m onth since la st September. NAVAL STORES. D ue partly to th e extended drought, receipts of b o th turpentin e and rosin during A ugust were som ewhat small er th a n in July. R eports in d ica te th a t operators in some section s stopped chipping on a ccou n t of th e con d ition of th e trees, and in some section s w hich have n o t had rain forest fires have done some damage, and in some cases killed m any trees. Stocks of tu rp en tin e on hand a t th e end of A ugu st a t th e three principal ports were larger th a n th ey were a t th e same time la st year, and also larger th a n at th e end of July. Supplies of rosin showed a de cline from July, and a considerable decrease compared w ith A ugu st 1924. Prices of b o th commodities have im proved perceptibly during recen t w eeks, because of a greatly improved demand. Compared w ith an average price of 9 cen ts for th e m onth of July, th e price of tur pen tin e increased during th e la tter p art of A ugu st and early September, to $1.07 on th e 12th of September prices of rosin also reached th e h ig h est p oin t of th e season. 8 T H E A u g . 1925 M O N T H L Y B U S IN E S S S to ck s—T u rp e n tin e : S a v a n n a h ................................. Ja c k s o n v ille ........................... P e n saco la................................. ............ 18,571 13,348 5,023 T o t a l...................................... . . . . R e ce ip ts—R o s in : S a v a n n a h ................................... Ja c k s o n v ille ............................. P e n sa co la .................................. ........... 36,942 43,704 40,605 62,792 43,541 15,689 71,068 46,061 17,480 58,505 52,059 14,312 T o t a l________ ___________ ............ 122,022 134,609 18,657 30,170 9,610 T o t a l................................... S to ck s—R o s in : S a v a n n a h ......... ....................... Ja c k s o n v ille ........................... P en saco la ................................. ............ J u ly 1925 A u g . 1924 R e ce ip ts—T u rp e n tin e : 22,525 19,651 14,522 15,887 5,657 5,067 S a v a n n a h ............... ................. ............ Ja c k s o n v ille ........................... P e n saco la .................... ........................ R E V IE W 58,437 44,957 43,567 101,483 84,092 16,672 105,430 88,087 17,935 114,254 121,640 38,711 202,247 211,452 274,605 124,876 T o t a l................................... 12,578 21,204 9,785 12,701 23,795 8,461 MONTHLY IN DEX NUMBERS. The follow ing index num bers, except where in dicated otherw ise, are com puted by th e Federal Reserve Bank of A tlanta, and are based u pon average figures for 1919. T h at is, average m onthly figures for th e year 1919 are represented by 100, and th e current m onthly index num bers show n th e relation of activity in th e se lin es to th a t prevailing in 1919._______________________________________________________________________________________________ R ET A IL TRADE 6TH D ISTR IC T (Departm ent Stores.) A t l a n t a , , . ______ ______ _____ _____ _____ Birmingham, __ __________________________ C hattanooga. __________________ _____ ___ Jackson_________________________ _________ N ashville________ ______ ________________ New Orleans______________________________ Savannah______ ________________ _______ Other C it ie s ____________ ___________ ___ D istrict __ __ _ ___________________ ____ June Ju ly August June Ju ly August 1925 1925 1925 1924 1924 1924 109.9 121.8 95.4 107.9 83.6 103.6 72.1 90.7 100.7 89.8 94.5 63.3 88.1 67.6 82.5 67.1 79.3 81.0 97.4 68.2 69.1 74.4 83.8 48.9 77.0 79.8 81.0 87.6 122.4 115.9 101.9 88.3 94.9 73.3 88.4 96.6 65.7 91.8 75.0 83.6 62.2 76.8 56.3 70.4 73.8 64.0 99.4 83.5 67.3 71.3 76.7 46.8 59.2 73.7 126 101 96 86 98 89 120 89 91 69 93 74 257 167 151 187 99 184 134 262 166 122 183 104 181 136 241 171 120 195 128 202 142 196 143 146 162 75 176 131 207 151 111 163 72 195 129 199 153 108 172 90 184 138 R ET A IL TRADE U. S. (1) Departm ent S tores_____________________ Mail Order H ouses_____________________ _ Chain Stores : Grocery_ ______________ __________ _ Drug__________________________________ S h o e .. ________ _______________________ 5 & 10 Cent__ __________ _____ ________ Music_________ _ _____________________ Candy ___ ___________________________ Cigar____ _ _________ ______________ WHOLESALE TRADE 6TH D ISTR IC T 83.0 54.5 86.6 43.3 74.6 85.2 67.8 88.6 46.8 79.1 92.1 101.1 100.6 68.6 94.0 75.8 49.8 71.3 38.5 65.8 81.7 58.8 69.8 37.4 70.3 87.2 94.2 79.7 63.0 85.1 155.4 155.3 188.2 172.6 126.1 170.7 132.8 169.9 137.8 157.4 161.8 157.3 188.8 172.1 126.4 170.1 133.3 169.2 143.4 159.9 163.1 170.0 127.3 172.4 134.6 169.2 137.9 160.4 134.0 135.6 187.2 174.7 132.2 172.7 126.6 171.8 111.1 144.6 140.9 138.7 187.5 173.2 130.4 168.8 126.5 170.8 112.4 147.0 145.3 144.0 189.9 169.7 130.4 169.2 130.1 171.0 115.0 149.7 A t la n t a ______ ___________ _____________ Birmingham ____________ ______ _______ J a c k s o n v ille .___ _________________ _____ Nashville________________________ _____ New Orleans__________________________ Other Cities ________________ _______ ___ D istrict (20 C ities)__________ ____________ 104.7 543.4 268.4 367.6 273.0 765.9 464.1 74.4 682.7 393.6 323.4 387.0 717.4 471.3 89.4 527.6 503.4 151.1 480.9 849.4 526.6 96.6 279.5 139.7 639.5 231.1 264.2 230.8 196.6 566.1 275.3 288.5 298.7 288.8 291.9 156.3 201.8 97.5 748.9 377.0 178.5 222.6 U nited S tates___________ ______ _________ Cotton-Growing S ta te s ................................ All Other S ta tes....................... .......................... C otton E xports.. ______________ ____ ___ 92.3 114.4 66.0 39.6 90.5 110.8 66.3 36.8 83.9 102.5 61.8 57.4 65.5 83.3 43.5 42.0 64.8 81.7 44.7 38.5 66.8 83.9 46.4 50.5 U nited S tates_________________ ________ A labam a._ . _ _ __ __ __________________ 104.9 130.5 104.5 127.9 106.1 130.1 79.5 124.9 70.0 124.4 74.2 122.6 61.9 59.0 58.6 54.4 53.2 54.9 Groceries_________ . . __________________ Dry Goods__________ __________________ H a r d w a r e ..._____ ____________________ Shoes. __ _______ __________ __________ T otal. ____ _____ _____ ________________ WHOLESALE PRICES U. S. (2) Farm P rod u cts____ ____ . . . . . . _____ . . . Foods _____ . ___________ ^_______ Cloths and C lothing.. __________________ Fuel and L ighting. __ _________________ Metals and Metal P rod ucts______________ Building M aterials_______ _____________ Chemicals and D rugs_____________ _____ _ H ouse F urnishings_____________________ M iscellaneous___________________________ All Commodities____________ ____________ BUILD IN G PERM ITS 6TH D ISTR IC T COTTON CONSUMED: PIG IRON PRODUCTION: U N FILLED ORDERS—U. S. STEEL COR PORATION_______________________________ (1) Compiled by Federal Reserve Board. (2) Compiled by Bureau of Labor Statis tics. (1913—100.) 159.2 189.7
