View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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