Full text of Economic Review (Federal Reserve Bank of Atlanta) : September 30, 1926, Volume 11, Number 9

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

C o n d it io n s in

FED ERAL

th e S ix t h

RESERVE

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

VOL. 11, No. 9

B U S IN E S S

R E V IE W

F e d e ra l R e se rv e

BANK

OF

D is t r ic t .

A TLA N TA
W ARD A LB ER T S O N .
A s s is t a n t F e d e r a l R e s e r v e A g e n t

(C o m p ile d S e p te m b e r 17, 1926)

ATLANTA, GA., SEPTEMBER 30, 1926
B U S IN E S S

C O N D IT IO N S IN

TH E

U N IT E D

T h i s R e v ie w r e le a s e d f o r p u b l i c a t i o n i n
m o r n in g p a p e r s o f S e p te m b e r 30.

STA TES.

( P r e p a r e d b y t h e F e d e r a l R e s e r v e B o a r d .)
In d u s t r ia l a c t iv it y
and
d is t r ib u t io n
o f c o m m o d it ie s
c o n t in u e d i n la r g e v o lu m e i n A u g u s t a t a le v e l h ig h e r t h a n
a y e a r ago.
T h e g e n e r a l le v e l o f w h o le s a le p r ic e s r e c e d e d
f u r t h e r i n A u g u s t , r e f le c t in g p r ic e d e c lin e s f o r a g r ic u l­
t u r a l c o m m o d it ie s .
P r o d u c t io n

T h e in d e x o f p r o d u c t io n i n b a s ic i n ­
d u s tr ie s , w h ic h is a d ju s t e d f o r t h e
u s u a l s e a s o n a l v a r ia t io n s , d e c lin e d s lig h t ly i n A u g u s t ,
b u t t h i s d e c lin e w a s a c c o u n t e d f o r b y t h e f a c t t h a t t h e r e
w e r e fiv e S u n d a y s in A u g u s t a s a g a in s t f o u r i n J u ly .
T e x t ile
m ill a c t iv it y a n d p r o d u c t io n o f s t e e l in g o t s , z in c , a n d p e ­
t r o le u m in c r e a s e d , w h ile t h e o u t p u t o f p ig ir o n , lu m b e r ,
c o a l, c o p p e r, c e m e n t, a n d s u g a r w a s s m a lle r t h a n t h e
m o n th
b e fo re .
A u t o m o b ile
p r o d u c t io n
in c r e a s e d
con­
s id e r a b ly in A u g u s t a n d w a s la r g e r t h a n i n a n y m o n t h
s in c e A p r il.
F a c t o r y e m p lo y m e n t a n d p a y r o lls , a f t e r d e ­
c lin in g in J u ly , in c r e a s e d in A u g u s t, a s is u s u a l a t t h is
seaso n of th e y ea r.
B u ild in g a c t iv it y , a s m e a su re d b y
c o n t r a c t a w a r d s i n 37 s t a t e s e a s t o f t h e R o c k y M o u n t a i n s ,
w a s i n la r g e r v o lu m e i n A u g u s t t h a n i n J u l y o r i n a n y o t h e r
p r e v i o u s m o n t h w i t h t h e e x c e p t i o n o f A u g u s t 1925. I n
e a s t e r n a n d s o u t h e a s t e r n s t a t e s t h e v o lu m e o f b u ild in g
w a s s m a lle r i n A u g u s t t h a n a y e a r a g o , w h ile i n t h e m id d le
w e s t c o n t r a c t s a w a r d e d w e re la r g e r .
C o n tra c ts fo r re ­
s id e n t i a l s t r u c t u r e s w e r e s m a lle r t h a n l a s t y e a r , w h ile
th o s e f o r in d u s t r ia l b u ild in g s a n d f o r p u b lic w o r k s a n d
p u b lic u t il it ie s w e re s u b s t a n t ia lly la r g e r .
C ro p
c o n d i­
t io n s im p ro v e d i n A u g u s t a c c o r d in g t o a s t a t e m e n t b y t h e
D e p a r t m e n t of A g ric u lt u r e .
S e p te m b e r f o r e c a s t s o f y ie ld s
o f c o r n , b a r le y , h a y , t o b a c c o , a n d m o s t f r u i t a n d v e g e t a b le
c r o p s w e re a b o v e t h o s e m a d e in A u g u s t , w h ile e x p e c te d
y ie ld s o f o a t s a n d s p r in g w h e a t w e re s lig h t ly le s s .
A co t­
t o n c r o p o f 1 5 ,8 1 0 ,0 0 0 b a l e s w a s i n d i c a t e d o n t h e b a s i s o f
t h e c o n d it io n o f t h e c r o p a t t h e m id d le o f S e p t e m b e r .
The
c ro p , h o w e v e r, i s la t e r t h a n la s t y e a r a n d g in n in g s u p to
S e p t e m b e r 16 a m o u n t e d t o o n l y 2 ,5 1 1 ,0 0 0 b a l e s , c o m p a r e d
w i t h 4 ,2 8 2 ,0 0 0 , b a l e s p r i o r t o S e p t e m b e r 16, 1925.
T ra d e

V o lu m e o f w h o le s a le t r a d e a n d o f
s a le s a t d e p a r t m e n t s t o r e s in c r e a s e d
i n A u g u s t a n d r e t a il s a le s w e re la r g e r t h a n a y e a r a g o .
S t o c k s o f d r y g o o d s a n d s h o e s c a r r ie d b y w h o le s a le f ir m s
w e re s m a lle r a t t h e e n d o f A u g u s t t h a n la s t y e a r , w h ile

I n d e x o f 22 b a s i c c o m m o d i t i e s



t h o s e o f g r o c e r ie s a n d h a r d w a r e w e re la r g e r .
In v e n t o r ie s
o f d e p a r t m e n t s to r e s in c r e a s e d i n p r e p a r a t io n f o r a u t u m n
t r a d e , b u t t h is in c r e a s e w a s le s s t h a n is u s u a l a t t h is s e a ­
s o n a n d a t t h e e n d o f t h e m o n t h s t o c k s w e r e s m a lle r t h a n
a y e a r a g o . F r e ig h t c a r lo a d in g s i n A u g u s t c o n t in u e d
h ig h e r t h a n i n t h e c o r r e s p o n d in g m o n t h s o f p r e v io u s
y e a r s a n d f o r t h e w e e k s o f A u g u s t 28 a n d S e p t e m b e r 4
e x c e e d e d a ll p r e v io u s w e e k ly r e c o r d s . L o a d in g s o f g r a in
c o n t in u e d la r g e r a n d s h ip m e n t s o f m e r c h a n d is e i n le s s
t h a n c a r lo a d lo t s , m is c e ll a n e o u s c o m m o d itie s , o r e , a n d
c o k e w e re c o n s id e r a b ly la r g e r t h a n i n t h e c o r re s p o n d in g
p e r io d o f p r e v io u s y e a r s .
P ric e s

W h o le s a le c o m m o d ity p r ic e s , a c c o r d in g
to t h e in d e x o f t h e B u r e a u o f L a b o r
S t a t is t ic s d e c lin e d b y o v e r 1 p e r c e n t i n A u g u s t , r e f le c t in g
la r g e ly p r ic e s d e c r e a s e s f o r g r a in s , liv e s t o c k , a n d m e a t
p ro d u cts.
P r ic e o f c lo t h in g m a t e r ia ls , f u e ls , a n d m e t a ls
in c r e a s e d b e tw e e n J u l y a n d A u g u s t , w h ile p r ic e s o f co t*
t o n , w o o l, s u g a r , b u ild in g m a t e r ia ls , a n d r u b b e r s h o w e d
lit t le c h a n g e .
I n t h e f ir s t h a lf o f S e p te m b e r p r ic e s o f
g r a i n s , c a t t l e , s u g a r , b i t u m in o u s c o a l, a n d c o k e a d v a n c e d ,
w h ile p r ic e s o f r a w c o t t o n , s ilv e r , a n d b r ic k s d e c lin e d .
B a n k C r e d it

In c r e a s e d d e m a n d f o r b a n k c r e d it in
c o n n e c t io n w it h t h e h a r v e s t in g a n d
m a r k e t in g o f c ro p s a n d a u t u m n tra d e , t o g e th e r w it h a n
in c r e a s e i n lo a n s o n s e c u r it ie s , w a s r e f le c t e d i n a c o n ­
s id e r a b le g r o w t h b e t w e e n t h e m id d le o f A u g u s t a n d t h e
m id d le o f S e p t e m b e r i n lo a n s o f m e m b e r b a n k s i n le a d in g
c it ie s .
T h e b a n k s ’ h o ld in g s o f in v e s t m e n t s a ls o in c r e a s e d ,
t h o u g h t h e r e w a s a d e c r e a s e i n in v e s t m e n t s a t b a n k s in
N e w Y o r k C it y , a n d t o t a l lo a n s a n d in v e s t m e n ts o n S e p ­
t e m b e r 15 w e r e l a r g e r t h a n a t a n y p r e v i o u s t i m e . T h e
v o l u m e o f R e s e r v e B a n k c r e d i t i n c r e a s e d b y a b o u t $ 9 0 ,0 0 0 ,0 0 0
b e t w e e n A u g u s t 18 a n d S e p t e m b e r 2 2 , p a r t l y i n r e s p o n s e t o
se aso n a l d em an d s fo r c u rre n c y .
D is c o u n ts fo r m em b er
b a n k s r o s e i n S e p te m b e r t o t h e h ig h e s t f ig u r e f o r t h e
y e a r , a n d a c c e p t a n c e h o ld in g s a ls o in c r e a s e d , w h ile U n it e d
S t a t e s s e c u r i t i e s d e c l i n e d b y a b o u t $ 5 5 ,0 0 0 ,0 0 0 .
M o n e y r a t e s c o n t in u e d to r is e in S e p te m b e r. R a t e s o n
c o m m e r c ia l p a p e r a d v a n c e d b y o n e f o u r t h p e r c e n t t o 4 £ 4 | p e r c e n t , a n d r a t e s o n s e c u r it y lo a n s a ls o a v e r a g e d h ig h
e r th a n in A u g u st.

PER CENT

a 6 j u s t e d f o r s e a s o n a l v a r i a t i o n s (1919— 100.)

PER CENT

I n d e x o f U n i t e d S t a t e s B u r e a u o f L a b o r S t a t i s t i c s . (1913— 100, b a s e a d o p t e d
V vtrV vM ra fm 1 T .n t f t a t f ls ' iir A A u g u s t 149.2.

THEMONTHLYBUSINESSREVIEW

9

PERCENT

M o n t h ly a v e ra g e s o f d a i ly f ig u r e s f o r 12 F e d e r a l R e se rv e B a n k s ,
f ig u r e s a r e a v e ra g e s o f f ir s t 23 d a y s o f S e p te m b e r

S IX T H

D IS T R IC T

F e d e r a l R e s e rv e B o a r d ’s in d e x e s o f e m p lo y m e n t a n d p a y - r o lls (1919-100).
L a t e s t f ig u r e s A u g u s t 1926. E m p lo y m e n t 94.4; P a y R o l l s 107.7

La te st

SU M M ARY.

c o n s u m p t io n o f c o t t o n i n t h e c o t to n - g r o w in g s t a t e s i n
A u g u s t w a s 1 8 .9 p e r c e n t g r e a t e r t h a n a y e a r a g o .
Coal
m in in g i n A la b a m a a n d T e n n e s s e e w a s le s s t h a n a y e a r
a g o , b u t t h e p r o d u c t io n o f p ig ir o n i n A la b a m a s h o w e d
a n i n c r e a s e o f 4 .4 p e r c e n t .
T h e a v e ra g e p r ic e p r e v a ilin g
f o r t u r p e n t in e w a s le s s t h a n a t t h i s t im e l a s t y e a r , b u t
t h e a v e ra g e p r ic e o f r o s in w a s h ig h e r .

W h ile s e a s o n a l im p r o v e m e n t i s e v id e n t fr o m s o m e o f t h e
s e rie s o f b u s in e s s s t a t is t ic s fo r A u g u s t, n o t a ll o f th e s e
s e r ie s s h o w f a v o r a b le c o m p a r is o n s w it h f ig u r e s f o r t h e
c o r r e s p o n d in g p e r io d s l a s t y e a r .
T h e F lo r id a c it r u s c ro p
i s e s t i m a t e d a t a b o u t 2 ,3 0 0 ,0 0 0 b o x e s g r e a t e r t h a n l a s t y e a r ,
b u t t h is is b a s e d u p o n t h e c o n d it io n o n S e p te m b e r 1 a n d
d o e s n o t t a k e in t o c o n s id e r a t io n t h e d a m a g e d o n e to t h e
c ro p b y t h e r e c e n t sto rm a n d w h ic h h a s n o t y e t b e e n a c ­
c u r a t e ly e s tim a te d . T h e L o u is ia n a s u g a r c ro p is e s t i­
m a te d a t c o n s id e r a b ly le s s t h a n t h e c ro p p r o d u c e d la s t
y e a r , b u t t h e p r o d u c t io n o f r ic e is e s tim a te d a t n e a r ly a
m illio n b u s h e ls g r e a t e r t h a n a y e a r a g o .

R E T A IL

C O N D IT IO N
TH E

S IX T H

FED ER A L

O F R E T A IL

R ESER V E

1

(A )
A u g . 1925

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

+ 2 7 .7
+ 1 1 .0
+ 2.3
+ 8.6
— 1.4
+ 2 2 .9
+ 7.2
+ 8.4




TRA D E

D IS T R IC T

D U R IN G

BA SED

2

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

TR A D E.

S o m e r e c o v e ry in r e t a il t r a d e in t h e s ix t h d is t r ic t d u r in g
A u g u s t i s e v id e n c e d b y t h e r is e i n t h e in d e x n u m b e r o f
d e p a r t m e n t s t o r e s a le s , c o m p u t e d fr o m f ig u r e s r e p o r t e d
b y 39 s t o r e s , f r o m 8 3 .9 i n J u l y t o 8 7 .3 i n A u g u s t , t h e h i g h e s t
f i g u r e r e c o r d e d f o r a n y A u g u s t s i n c e 1920. T h e i n d i v i d u a l
in d e x n u m b e r s f o r A t la n t a , B ir m in g h a m , N a s h v ille a n d
N e w O r le a n s s h o w e d in c r e a s e s i n A u g u s t , b u t d e c lin e s
o c c u rre d a t C h a tta n o o g a , S a v a n n a h a n d “ O t h e r C it ie s ” .
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 , s a l e s r e p o r t e d b y 45 d e ­
p a r t m e n t s t o r e s i n A u g u s t 192 6 s h o w e d a n i n c r e a s e o f 8 .4
p e r c e n t , a n d f o r t h e f i r s t e i g h t m o n t h s o f 1926 s a l e s h a v e
e x c e e d e d t h o s e i n t h e s a m e p e r i o d l a s t y e a r b y 6 .9 p e r c e n t .
S t o c k s o f m e r c h a n d is e o n h a n d a t t h e e n d o f A u g u s t w e re
1 .7 p e r c e n t s m a l l e r t h a n a y e a r a g o , b u t i n c r e a s e d 1 .2 p e r
c e n t o ver th o se o n h a n d a t th e e n d of J u ly .
T h e ra te of
t u r n o v e r , in d ic a t e d b y t h e r e la t io n o f s a le s t o a v e ra g e
s t o c k s , w a s s lig h t ly b e t t e r i n A u g u s t t h is y e a r t h a n a
y e a r ago, b u t fo r th e y e a r th ro u g h A u g u st th e ra te h a s
b e e n s lig h t ly le s s r a p id .
O u t s t a n d in g o rd e rs re p o rte d fo r
A u g u s t w e r e 2 9 .6 p e r c e n t g r e a t e r t h a n a m o n t h e a r l i e r ,
a n d 8 .1 p e r c e n t g r e a t e r t h a n a y e a r a g o .
A c c o u n ts re ­
c e iv a b le a t t h e e n d o f A u g u s t w e re s ix - t e n t h s o f o n e p e r
c e n t s m a l l e r t h a n a m o n t h a g o , a n d 2 1 .6 p e r c e n t g r e a t e r
th a n a year ago.
C o l l e c t i o n s d u r i n g A u g u s t w e r e 1 1 .2 p e r
c e n t l e s s t h a n i n J u l y , a n d 1 1 .7 p e r c e n t g r e a t e r t h a n i n
A u g u s t 1925.

T h e v o l u m e o f r e t a i l t r a d e i n t h e s i x t h d i s t r i c t w a s 8 .4
p e r c e n t g r e a t e r f o r A u g u s t 1926 t h a n f o r t h e c o r r e s p o n d ­
i n g m o n t h l a s t y e a r , a n d f o r t h e e i g h t m o n t h s o f 1926 s h o w s
a n i n c r e a s e o f 6 .9 p e r c e n t o v e r t h e s a m e p e r i o d o f 1 9 25.
W h o le s a le t r a d e s t a t i s t i c s s h o w s e a s o n a l im p r o v e m e n t i n
a ll r e p o r t in g lin e s o v e r t h e p r e c e d in g m o n t h , b u t o n t h e
w h o le i s i n s m a lle r v o lu m e t h a n f o r A u g u s t l a s t y e a r .
A
d e c lin e o f 7 p e r c e n t i n t h e g e n e r a l le v e l o f w h o le s a le p r ic e s
m u s t , h o w e v e r, b e t a k e n in t o c o n s id e r a t io n i n c o n n e c t io n
w it h t h e s e s a le s s t a t is t ic s .
S a v in g s d e p o s it s a t t h e e n d
o f A u g u s t w e r e 8 .2 p e r c e n t g r e a t e r t h a n a y e a r a g o . D e b i t s
t o i n d i v i d u a l a c c o u n t s d u r i n g A u g u s t a t 24 r e p o r t i n g c i t i e s
o f t h e d i s t r i c t w e r e t w o - t e n t h s o f o n e p e r c e n t s m a lle r t h a n
i n A u g u s t 1925. L o a n s b y m e m b e r b a n k s i n s e le c t e d c i t i e s
o n t h e 1 5 th o f S e p t e m b e r w e r e s o m e w h a t s m a lle r i n t o t a l
v o lu m e t h a n a y e a r a g o , b u t in v e s t m e n t s o f t h e s e b a n k s
w e r e g r e a t e r t h a n a t t h a t t im e .
D is c o u n ts b y th e F e d e ra l
R e s e r v e B a n k f o r it s m e m b e r b a n k s w e re c o n s id e r a b ly
g r e a t e r i n v o lu m e t h a n a y e a r a g o . B u ild in g p e r m it s i s ­
s u e d a t 2 0 r e p o r t i n g c i t i e s o f t h e d i s t r i c t w e r e 2 7 .9 p e r c e n t
s m a lle r i n v a l u e t h a n i n A u g u s t 1925, a n d c o n t r a c t a w a r d s
d e c l i n e d 3 8 .3 p e r c e n t c o m p a r e d w i t h t h a t m o n t h .
The

IN

PER CENT

UPON

A U G U ST

1926

R EP O R TS

FRO M

3

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

45 S T O R E S .

i

P e r c e n t a g e o f s a le s t o
a v e ra g e s t o c k s i n A u g .
(sto ck
tu rn o v e r
fo r
th e m o n th ):

5

P e r c e n t a g e o f s a le s t o
a v e ra g e
sto ck s
fr o m
J a n . 1 t o A u g . 31 ( S t o c k
t u rn o v e r fo r y e a r to
d a te )

P ercen tag e
of
o u ts t a n d in g o r d e rs a t e n d
o f m o n t h to p u r c h a s e s
d u r i n g c a le n d a r y e a r .
1925:

(B )
J a n . 1 to
A u g . 31.1925

(A )
A u g . 1925

(B )
J u l y 1926

(A )
1925

(B )
1926

(A )
1925

(B )
1926

(A )
J u ly

(B )
Aug.

+ 7.6
+ 10.3
+ 2.9
+ 2.3
+ 2.0
+ 1 2 .4
+ 1 6 .0
+ 6.9

— 22.8
+ 19.2
— 10.9
- 8.7
+ 1.1
+ 1 8 .4
+ 4.2
— 1.7

- 0 .8
- 0 .6
+ 3 .6
+ 2 .8
- 0 .4
+ 7 .1
+ 6 .6
+ 1 .2

20.6
22.2
15.5
22.0
18.6
17.5
20.8
19.5

28.6
19.0
16.8
25.5
17.1
18.4
19.5
20.2

221.1
191.4
148.0
189.3
175.5
171.9
182.0
184.4

234.0
173.1
155.9
198.4
164.8
175.3
194.5
183.2

5.2
7.0
3 .7
5.4
10.0
4.7
7.0
7.4

7.9
9.0
4.5
3.3
14.3
18.0
6.2
9 .5

THEMONTHLYBUSINESSREVIEW
W H O LESA LE

TRA D E.

T h e v o lu m e o f w h o le s a le t r a d e in t h e s ix t h d is t r ic t d u r in g
A u g u s t w a s b e t t e r t h a n i n J u l y , b u t lo w e r t h a n i n A u g u s t
a y e a r ago.
W h ile t h e f l u c t u a t i o n s a r e g r e a t e r i n so m e
lin e s o f t r a d e t h a n i n o t h e r s , a ll o f t h e e ig h t lin e s f r o m
w h ic h r e p o r t s a r e r e c e iv e d s h o w a la r g e r t o t a l o f s a le s in
A u g u s t t h a n i n J u l y , r a n g i n g f r o m a n i n c r e a s e o f 1.3 p e r
c e n t i n e l e c t r i c a l s u p p l i e s t o 5 1 .8 p e r c e n t i n s h o e s a n d
5 2 .2 p e r c e n t i n d r y g o o d s .
A g g re g a te f ig u r e s fo r A u g u s t ,
h o w e v e r, sh o w d e c re a s e s in se v e n o f t h e s e lin e s c o m p a re d
w it h A u g u s t l a s t y e a r , d r u g s b e in g t h e o n ly lin e to s h o w
a n in c r e a s e o v e r t h a t m o n t h .
T h e c o m b in e d in d e x n u m b e r
o f w h o le s a le t r a d e f o r t h e d is t r ic t , c o m p u te d fro m s a le s
f ig u r e s o f f ir m s d e a lin g in g r o c e r ie s , d r y g o o d s, h a r d w a r e
a n d s h o e s , w h i l e l o w e r t h a n t h a t f o r A u g u s t 1925, i s h i g h e r
t h a n f o r A u g u s t o f a n y o t h e r y e a r s i n c e 1920.
G r o c e r ie s

T h e a g g r e g a t e s a l e s r e p o r t e d b y 36
w h o le s a le g r o c e r y f ir m s in
A u g u st
a v e r a g e d 7 .6 p e r c e n t g r e a t e r t h a n i n J u l y , b u t 6 .8 p e r c e n t
l e s s t h a n i n A u g u s t 1925.
D e c re a s e s w e re re p o rte d a t
A t la n t a a n d N e w O r le a n s a s c o m p a re d w it h J u ly , a n d in ­
c r e a s e s r e p o r t e d fro m o t h e r p o in t s o f t h e d is t r ic t .
S to ck s
o n h a n d d e c r e a s e d 4 .8 p e r c e n t c o m p a r e d w i t h J u l y , b u t
w e re n in e - t e n t h s of o n e p e r c e n t g r e a te r t h a n a t t h e e n d
of A u g u s t la s t y e a r.
A c c o u n t s r e c e i v a b l e w e r e 1.4 p e r
c e n t s m a l l e r t h a n a m o n t h a g o , a n d 1 .3 p e r c e n t s m a l l e r
th a n a y e a r ago.
C o l l e c t i o n s i n A u g u s t w e r e 5 .3 p e r c e n t
s m a l l e r t h a n i n J u l y , a n d 13.6 p e r c e n t s m a l l e r t h a n i n
A u g u s t 1925.
A u g u s t 1926 c o m p a r e d w it h
J u l y 1926
A u g u s t 1925
A t l a n t a (5 f ir m s ) ------------------------------— 1.9
+5.7
+ 3.8
4- 1.0
J a c k s o n v ille (4 f ir m s ) -----------------------M e r id ia n (3 f ir m s ) ----------------------------+4.0
— 21.0
N e w O r le a n s (8 f ir m s ) ----------------------— 4.2
—24.2
V i c k s b u r g (3 f ir m s ) --------------------------+ 6 2 .4
+1.7
O t h e r C it ie s (13 f ir m s ) . — ------- ---------+ 1.5
— 1.1
D I S T R I C T (36 f ir m s ) ________________________
+7.6
-6.8

D ry G oods

T h e v o lu m e o f s a le s d u r in g A u g u s t b y
25 w h o l e s a l e d r y g o o d s f i r m s a v e r a g e d
5 2 .2 p e r c e n t g r e a t e r t h a n i n J u l y , t h e i n c r e a s e b e i n g s h a r e d
b y a ll c it ie s fr o m w h ic h t h r e e o r m o r e r e p o r t s w e r e r e c e iv e d .
C o m p a r e d w it h A u g u s t a y e a r a g o , h o w e v e r , s a le s b y t h e s e
25 f i r m s a v e r a g e d 12.9 p e r c e n t s m a l l e r i n v o l u m e .
S to ck s
o n h a n d a t t h e e n d o f A u g u s t w e r e fiv e t e n t h s of o n e p e r
c e n t g r e a t e r t h a n a m o n t h e a r l i e r , a n d w e r e 10.7 p e r c e n t
g re a te r th a n a y e a r ago.
A c c o u n t s r e c e iv a b le a t t h e c lo s e
o f A u g u s t w e r e 9 .7 p e r c e n t g r e a t e r t h a n a t t h e e n d o f
J u l y , b u t 8 .2 p e r c e n t l e s s t h a n a y e a r a g o .
C o lle c t io n s
d e c l i n e d 2 .9 p e r c e n t c o m p a r e d w i t h J u l y , a n d w e r e 5 .7
p e r c e n t s m a lle r t h a n in A u g u s t la s t y e a r .
A u g u s t 1926 c o m p a re d w it h :
J u l y 1926
A u g u s t 1925
+ 51.3
— 20.0
+ 16.1
— 11.5
+ 61.8
— 12.4
N e w O r le a n s (3 f ir m s ) _______________________
+ 82.8
— 4.3
O t h e r C it ie s (13 f ir m s ) ______________________
+ 5 1.3
— 14.2
+ 52.2
- 1 2 .9
D I S T R I C T (25 f ir m s ) ________________________
A t la n t a (3 f ir m s )------------------------------J a c k s o n v ille (3 f ir m s ) ----- ------------------

Nashville (3firms)___________

H a rd w a re

A u g u s t s a l e s b y 30 w h o l e s a l e h a r d w a r e
f ir m s i n t h e s ix t h d is t r ic t a v e ra g e d
8 .5 p e r c e n t g r e a t e r t h a n i n J u l y , b u t w e r e 5 .2 p e r c e n t
s m a l l e r i n v o l u m e t h a n i n A u g u s t 1925.
S to ck s on h a n d
a t t h e e n d o f J u l y w e r e 1.6 p e r c e n t s m a l l e r t h a n a m o n t h
e a r lie r , a n d n in e - t e n t h s o f o n e p e r c e n t s m a lle r t h a n a
y ea r ago.
A c c o u n t s r e c e i v a b l e w e r e 2 .4 p e r c e n t g r e a t e r
th a n a t th e e n d of J u ly , a n d th re e -te n th s of on e p e r c e n t
g re a te r th a n a y e a r ago.
C o lle c t io n s in A u g u s t d e c r e a s e d
5 .9 p e r c e n t c o m p a r e d w i t h J u l y , b u t w e r e f i v e - t e n t h s o f
o n e 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 1925. T h e r e p o r t s
c o n t in u e t o s t a t e t h a t r e t a il m e r c h a n t s a r e b u y in g o n ly
f o r t h e ir n e e d s i n t h e im m e d ia t e f u t u r e .
A u g u s t 1926 c o m p a re d w it h
J u l y 1926
A u g u s t 1925
+ 19.1
— 15.3
+ 26.8
+ 44.3
+ 18.1
— 2. 4
— 1.5
— 0.4
+6.1
+5.3
+7.6
—21.4
+ 8.5
- 5.2

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

F u r n it u r e

T h e v o lu m e o f A u g u s t s a le s r e p o r t e d
b y 15 w h o l e s a l e f u r n i t u r e f i r m s w a s
3 0 .8 p e r c e n t g r e a t e r t h a n i n J u l y , b u t a v e r a g e d 1 0.4 p e r
c e n t le s s t h a n d u r in g A u g u s t a y e a r a g o .
S to ck s on h a n d
a t th e e n d of A u g u s t w e re 1 p e r c e n t g re a te r t h a n a m o n th
e a r l i e r , b u t w e r e 2 .6 p e r c e n t s m a l l e r t h a n a y e a r a g o .
A c­
c o u n t s r e c e i v a b l e a t t h e c l o s e o f A u g u s t w e r e 8 .8 p e r c e n t
g r e a t e r t h a n a t t h e e n d o f J u l y , a n d 1 7.6 p e r c e n t g r e a t e r




3

t h a n a t t h e e n d o f A u g u s t la s t y e a r.
C o lle c t io n s d u r in g
A u g u s t i n c r e a s e d 19.6 p e r c e n t o v e r J u l y , a n d w e r e 5 9 .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 1925.
A u g u s t 1926 c o m p a re d w it h
J u l y 1926
A u g u s t 1925
+ 21.4
— 31.3
+ 27.4
— 2. 6
+ 37.1
— 5.5
+ 30.8
— 10.4

A t la n t a (5 f ir m s ) ------------------------------C h a t t a n o o g a (3 f ir m s ) ______________________
O t h e r C it ie s (7 f ir m s ) ________________________
D I S T R I C T (15 f ir m s ) ________________________

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

S a l e s i n A u g u s t b y 12 e l e c t r i c a l s u p p l y
d e a l e r s w e r e 1.3 p e r c e n t g r e a t e r t h a n
in J u ly , a n d w e re p r a c t ic a lly t h e sam e a s in A u g u s t la s t
y e a r , s h o w in g a d e c r e a s e o f o n ly f o u r h u n d r e d t h s o f o n e
p er ce n t.
I n c r e a s e s in s a le s w e re r e p o r t e d fro m A t la n t a
a n d N e w O r le a n s , c o m p a re d b o t h w it h t h e p r e c e d in g m o n t h
a n d w it h t h e c o r r e s p o n d in g m o n t h la s t y e a r , b u t d e c r e a s e s
w e re re p o rte d fro m “ O th e r C it ie s ” . S to c k s o n h a n d a t
t h e e n d o f A u g u s t w e r e 1 .8 p e r c e n t s m a l l e r t h a n a m o n t h
e a r l i e r , b u t 1 2 .4 p e r c e n t g r e a t e r t h a n a y e a r a g o .
A cco u n ts
r e c e iv a b le a t t h e e n d o f A u g u s t w e re f o u r - t e n t h s o f o n e
p e r c e n t s m a l l e r t h a n a t t h e c l o s e o f J u l y , b u t w e r e 2 .2 p e r
c e n t g r e a t e r t h a n a t t h e e n d o f A u g u s t 1925.
C o lle c t io n s
i n A u g u s t i n c r e a s e d 7 .3 p e r c e n t o v e r J u l y , a n d w e r e t h r e e t e n t h s of o n e p e r c e n t g re a te r t h a n in A u g u s t la s t y e a r.
A u g u s t 1926 c o m p a re d w it h
J u l y 1926
A u g u s t 1925
+ 0 .8
+7.9
+ 4 .1
+9.6
—l.l
— 20.3
+ 1 .3
— 0.04

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

P e r c e n t a g e c h a n g e s in s a le s r e p o r t e d b y f ir m s d e a lin g
in s h o e s , d r u g s a n d s t a t io n e r y a re s h o w n o n ly f o r t h e
d is t r ic t , a s t h r e e r e p o r t s in e it h e r o f t h e s e lin e s w e re n o t
r e c e iv e d fr o m a n y o n e c it y .
A ll t h r e e lin e s r e p o r t e d la r g e r
s a le s t h a n i n J u l y , b u t s h o e s a n d s t a t i o n e r y w e r e s o ld i n
s m a l l e r v o l u m e t h a n i n A u g u s t 1925. A u g u s t c o l l e c t i o n s
r e p o r t e d b y s h o e f i r m s w e r e 7 .6 p e r c e n t s m a l l e r t h a n i n
J u l y , a n d 12.5 p e r c e n t l e s s t h a n i n A u g u s t l a s t y e a r .
A u g u s t 1926 c o m p a re d w i t h :
J u l y 1926
A u g u s t 1925
+ 51.8
—17
+ 26.6
—9 6
+4.3
+6 3

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

A G R IC U L T U R E .
C o tto n

A c c o r d in g to t h e r e p o r t s o f t h e D e ­
p a r t m e n t o f A g r ic u lt u r e , t h e c o n d i­
t io n o f t h e c o t t o n c ro p in t h e U n it e d S t a t e s d e c lin e d b e ­
t w e e n A u g u s t 16 a n d S e p t e m b e r 16 f r o m 6 3 .5 p e r c e n t o f
n o r m a l t o 5 9 .5 p e r c e n t , n e a r l y a l l o f t h i s d e c l i n e t a k i n g
p la c e d u r in g t h e la s t h a lf o f A u g u s t .
B a sed u p o n th e
c o n d i t i o n o n S e p t e m b e r 16, t h e i n d i c a t e d c r o p i s e s t i m a t e d
a t 1 5 ,8 1 0 ,0 0 0 b a l e s , l a r g e r b y 5 6 2 ,0 0 0 b a l e s t h a n t h e e s t i m a t e
a m o n t h e a r lie r .
T h e p r e lim in a r y e s tim a te o f a b a n d o n ­
m e n t o f a c r e a g e f o r t h e s e a s o n i s p l a c e d a t 1 ,6 9 1 ,0 0 0 a c r e s ,
b a s e d u p o n S e p te m b e r 1 e s tim a t e s , le a v in g f o r h a r v e s t t h is
s e a s o n 4 7 ,2 0 7 ,0 0 0 a c r e s . C o t t o n i s o p e n i n g r a p i d l y i n s o u t h e r n
G e o r g ia w it h so m e lo c a lit ie s c o n s id e r a b ly b e h in d i n p ic k ­
in g , r e s u lt in g i n so m e d a m a g e b y r e c e n t r a in s .
In th e
n o r t h e r n h a l f o f t h e s t a t e s q u a r in g a n d b lo o m in g w e r e
q u it e g e n e ra l d u r in g t h e la s t h a lf o f A u g u s t , w it h f u r t h e r
r e c o v e ry fro m e x tre m e la t e n e s s a n d h o p p e r d a m a g e .
Con­
t i n u e d r a i n s h a v e lo w e r e d t h e c o n d it io n o f t h e F l o r i d a c r o p
a n d p r o s p e c t s a r e c o n s id e r a b l y b e lo w t h e p r o d u c t io n
la s t y e a r.
T h e L o u i s i a n a c r o p d e c l i n e d f iv e p o i n t s d u r ­
in g t h e l a s t h a l f o f A u g u s t d u e p r i n c i p a l l y t o b o ll w e e v il
d a m a g e ; le a f - w o r m d a m a g e i s a ls o s e r i o u s a n d i n c r e a s i n g
in m a n y s e c t io n s o f t h e s t a t e .
E x c e s s iv e r a in s in c e r t a in
lo c a lit ie s h a v e c a u s e d so m e o f t h e lo w e r b o lls t o r o t .
In
T e n n e s s e e c o n t in u e d r a in s h a v e c a u s e d r a p id g r o w t h o f
t h e p la n t a t t h e e x p e n s e o f f r u it , a n d t h e c o n d it io n d e­
c l i n e d 16 p o i n t s s i n c e t h e m i d d l e o f A u g u s t .
T h e t a b le b e lo w s h o w s t h e c o n d it io n o f t h e c r o p o n S e p ­
t e m b e r 16 i n t h e s ix s t a t e s o f t h i s d i s t r i c t , a n d t h e e s t i m a t e d
p r o d u c t io n , w it h f ig u r e s fo r la s t y e a r :
C o n d it io n
S e p t. 16, S e p t . 16,
1926
1925
A la b a m a ------------------ 62
64
F l o r i d a --------------------- 65
75
G e o r g ia -------------------- 56
53
L o u i s i a n a ----------------- 58
70
T e n n e - s e e ----------------- 54
60
U n it e d S t a t e - ----------- 59.5
53.8

C it r u s F r u it s

E s t im a t e d
C ro p
1926
1,161,000
26,000
1,169,000
637,000
269,000
15,810,000

F in a l
C ro p
1925
1,356,088
38,168
1,163,902
909,755
517,162
16,103,679

T h e D e p a rtm e n t of A g ric u lt u r e es­
t im a t e s t h e c o m m e r c ia l m o v e m e n t o f
F l o r i d a c i t r u s f r u i t s f o r t h e s e a s o n o f 1 9 2 6 -2 7 a t 1 7 ,0 0 0 ,0 0 0
b o xes.
O r a n g e s in c lu d in g t a n g e r in e s a r e e s tim a te d a t
9 ,6 0 0 ,0 0 0 b o x e s , a n d g r a p e f r u i t a t 7 ,4 0 0 ,0 0 0 b o x e s .
Last

THEMONTHLYBUSINESSREVIEW

4

s e a s o n t h e c o m m e r c i a l c r o p a m o u n t e d t o 1 4 ,7 0 0 ,0 0 0 b o x e s
o f w h i c h 8 ,2 0 0 ,0 0 0 w e r e o r a n g e s a n d 6 ,5 0 0 ,0 0 0 g i a p e f r u i t .
W h ile t h e c r o p i s h e a v y i n s o m e s e c t io n s , f o r t h e s t a t e a s
a w h o le t h e s e t t in g o f f r u i t w a s l i g h t e r t h a n w a s a n t ic ip a t e d
f r o m t h e h e a v y b lo o m , a n d s t o r m d a m a g e l a t e i n J u l y c u t
o ff t h e e x p e c te d in c r e a s e o n t h e E a s t C o a s t a n d c a u s e d so m e
d a m a g e in o t h e r p o r t io n s o f t h e s t a t e .
T h e c o n d it io n o f
th e f r u it o n S e p te m b e r f ir s t w a s re p o rte d g o o d a n d th e
c r o p a s a w h o le e a r lie r t h a n la s t y e a r .
C o tto n

M o v e m e n t— S ix t h

D is t r ic t .

A u g . 1926

J u l y 1926

A u g . 1925

R e c e ip t s
N e w O r le a n s ............... — ................
M o b ile ..................................................
S a v a n n a h ................... ........................
A t l a n t a .................................................
A u g u s t a ................................................
M o n tg o m e ry ......................................

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

100,009
2,830
34,898
3,872
6,944
1,208

89,060
9,005
100,671
8,306
28,298
11,193

S to c k s
N e w O r le a n s ......................................
M o b ile ....................................................
S a v a n n a h ............................................
A t l a n t a ........ .................................... A u g u s t a ........................... ..............
M o n tg o m e ry ......... ...................... ..

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

152,265
3,389
27,073
15,272
32,850
9,111

84,787
7,126
50,188
5,965
18,859
7,324

1926
1925
1924
1923
R e c e ip t s a t a l l U . S . P o r t s ______ 483,646
556,166
345,491 353,626
O v e r la n d a n d a c r o s s t h e M iss­
is s ip p i, O h io a n d P o t o m a c
R iv e r s t o N o r . M ills a n d
48,108
27,667
29,735
24,542
C a n a d a ________ ___________________
I n t e r io r s t o c k i n excess o f t h o s e
h e ld a t c lo se o f c o m m e rc ia l
y e a r .................... .............................. 115,719
196,397
44,759 107,169
S o u t h e r n M ills T a k i n g s (n e t) - 221,000
240,001
119,429 192,822
T o t a l m o v em en t f o r 34 d a y s - - 637,035 1,020,231
539,414 678,159
• A m e r ic a n M i l l s N . & S . C a n a d a 374,653 350,696 - ..................................
A m e r ic a n C o t t o n t h u s f a r ......... 899,000803,000 526,000 ................... ..
F o r e ig n e x p o rts______________ ______ 433,613 365,256 ....................................
• O f w h ic h 87,035 b y N o r t h e r n S p in n e r s a g a in s t 66,760 la s t y e a r a n d
287,618 b y S o u t h e r n S p in n e r s a g a in s t 283,936 la s t y e a r.
T h e c o n d it io n o f s u g a r c a n e in t h e
L o u is ia n a
c a n e b e lt d e c lin e d
e ig h t
p o in t s d u rin g A u g u s t , a n d o n S e p ­

t e m b e r 1 s t w a s 53 p e r c e n t o f n o r m a l .
T h is c o m p a re s w it h
a c o n d i t i o n o f 61 p e r c e n t o f A u g u s t 1 , 1 9 2 6 , a n d w i t h 7 8 p e r
c e n t o n S e p t e m b e r 1, l a s t y e a r .
C a n e w a s s e r io u s ly d a m a g e d
b y t h e t r o p i c a l h u r r i c a n e o n A u g u s t 25 a n d 26.
Cane
g e n e r a lly a v e r a g e s s h o r t a n d s m a ll f o r t h i s t im e o f t h e
s e a s o n a n d it s c o n d it io n is r e p o r te d u n s a t is f a c t o r y .
Th e
t o t a l p r o d u c tio n o f c a n e o n t h e a c e ra g e to b e u s e d t h is
y e a r f o r s u g a r i s e s t i m a t e d a t 1 ,7 0 8 ,8 7 9 s h o r t t o n s , c o m ­
p a r e d w i t h 2 ,6 4 4 ,5 3 5 s h o r t t o n s o f c a n e u s e d f o r s u g a r i n
1 9 2 5 , a n d t h e o u t p u t o f s u g a r i s e s t i m a t e d a t 1 1 7 ,3 8 8 s h o r t
t o n s , c o m p a r e d w i t h 1 3 9 ,3 8 1 s h o r t t o n s .
M o vem en t of S u g a r.
R a w S u g a r (P o u n d s)
A u g . 1926
R e c e ip t s :
N e w O r le a n s — ............... 141,^59,489
S a v a n n a h - . ............... —
33,502,768
M e lt in g s
N e w O r le a n s ..................... 139,518,977
S a v a n n a h . . ........................
41,304,304
S to c k s
N e w O r le a n s .....................
28,175,104
S a v a n n a h ............. - ............
3,464,854

J u l y 1926

A u g . 1925

106,094,071
17,010,305

150,134,234
55,265,854

154,016,182
41,559,991

155,145,663
55,265,854

26,034,592
11,266,390

19,375,580
.............

R e f in e d S u g a r (P o u n d s )
S h ip m e n t s
N e w O r le a n s ............. — S a v a n n a h ............................
S to c k s
N e w O r le a n s ........... ..........
S a v a n n a h ............................
R ic e

141,533,877
35,623,537

154,983,033
42,845,963

148,328,006
39,847,265

64,135,258
10,523,402

64,332,830
9,653,126

56,166,388
1,872,195

T h e c o n d it io n o f t h e r ic e c ro p in L o u is ­
ia n a o n S e p te m b e r 1 w a s re p o rte d a s

75 p e r c e n t o f n o r m a l, c o m p a r e d w i t h 84 p e r c e n t a m o n t h
e a r l ie r , a n d w i t h 70 p e r c e n t o n t h e s a m e d a t e l a s t y e a r .
T h e e s t i m a t e d p r o b a b l e y i e l d i s 3 1 .5 b u s h e l s p e r a c r e , a n d
t h e t o t a l e s t i m a t e d c r o p i s 1 5 ,8 7 6 ,0 0 0 b u s h e l s .
T h e p ro ­
d u c t i o n i n 1 9 2 5 w a s 1 4 ,9 8 5 ,0 0 0 b u s h e l s .
E a r ly r ic e s n e a r in g
m a t u r it y w e re b a d ly in ju r e d b y a t r o p ic a l h u r r ic a n e t h e
la t t e r p a r t o f A u g u s t.
F o r t h e U n it e d S t a t e s t h e c o n d i­
t i o n o n S e p t e m b e r 1 s t w a s 8 1 .6 p e r c e n t , a n d t h e e s t i m a t e d
p r o d u c t i o n 3 9 ,3 6 7 ,0 0 0 b u s h e l s , c o m p a r e d w i t h
a p ro d u c­
t i o n i n 1 9 2 5 o f 3 4 ,2 5 9 ,0 0 0 b u s h e l s .

R o u g h R ic e

R ic e M o v e m e n t.
( S a c k s ) P o r t o f N e w O r le a n s .

R e c e ip t s ................................................
S h ip m e n t s ...........................................
S t o c k s ....................................................




88,142
142,589
102,076

39,215
34,528
166,523

127,329
101,054
89,804

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

R e c e ip t s o f R o u g h R ic e .
M o n th of
A u g u st
259,953
566,268

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

Season
T o t a ls
259,953
566,268

D i s t r ib u t io n o f M ille d R ic e .
T h i s y e a r (p o c k e t s ) ................... ...............................
L a s t y e a r (p o c k e t s )...................................... ............

310,456
315,239

310,456
315,239

S to ck s.
T h i s y e a r (p o c k e t s ) ...............- .............................-- 398,186
L a s t y e a r ( p o c k e t s ) -------------------------- ------------ ------

F IN A N C IA L .

C o t t o n M o v e m e n t— U n it e d S ta te s .
S i n c e A u g u s t 1.

Sugar Cane and
Sugar

C le a n R ic e ( P o c k e t s ) .
R e c e ip t s --------------- ---------- ----S h ip m e n t s - ................ — ..............—
S t o c k ............... - ....................................

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

J u l y 1926
11,285
10,115
7,642

A u g . 1925
129,073
109,283
23,636

S a v in g s D e p o s it s

F o l l o w i n g a d e c l i n e o f 4 .8 p e r c e n t i n
s a v in g s d e p o s it s a t t h e e n d o f J u l y
c o m p a re d w it h J u n e , t h e t o t a l o f s a v in g s d e p o s it s h e ld b y
91 r e p o r t i n g b a n k s i n t h e d i s t r i c t s h o w e d a f u r t h e r d e ­
c l i n e oi s i x - t e n t h s o f o n e p e r c e n t a t t h e e n d o f A u g u s t
c o m p a re d w it h J u ly .
A n i n c r e a s e o f 8 .2 p e r c e n t w a s s h o w n
o v e r s a v i n g s d e p o s i t s a t t h e e n d o f A u g u s t 1925. T o t a l s i n
e v e n t h o u s a n d s , w it h p e r c e n t a g e c o m p a r is o n s , a r e s h o w n
in t h e t a b le :
(0 0 0 O m i t t e d )
Aug.
1926
A t la n t a (7 b a n k s ) .............. $ 37,093
B ir m in g h a m (5 b a n k s ) . - 23,899
J a c k s o n v ille (5 b a n k s ) 27,689
N a s h v ille (10 b a n k s ) ......... 25,634
N e w O r le a n s (8 b a n k s ) - 48,903
O t h e r C it ie s (56 b a n k s ) . 103,490
T o t a l (91 b a n k s ) ............. - 266,708

O o m p a r iO o m p a r iso n
so n
J u l y A u g . 1926- A u g .
Aug.
1926 J u l y 1926 1925 1926-1925
$ 35,839
+ 3 .5 $ 32,273
+ 1 4.9
24,027
— 0.5
23,860
+ 0.2
27,567
+ 0 .4
24,557
+12.8
25,057
+ 2 .3
19,798
+ 2 9.5
— 0.3
49,071
47,567
+ 2.8
106,867
— 3.2
+ 5.2
98,409
268,428
- 0 .6
246,464
+ 8.2

D e b it s t o I n d iv i­
d u a l A cco u n ts

T h e v o lu m e o f d e b it s to in d iv id u a l
a c c o u n t s a t 24 r e p o r t i n g c i t i e s i n t h e
s ix t h d is t r ic t d u r in g A u g u s t d e c re a s e d
8 .6 p e r c e n t i n c o n p a r i s o n w i t h s i m i l a r f i g u r e s f o r J u l y ,
a n d t w o - t e n t h s o f o n e p e r c e n t s m a lle r t h a n t h e t o t a l f o r
A u g u st
la s t
y ea r.
C o m p a r a t iv e
fig u r e s
fo r r e p o r t in g
c it ie s a r e s h o w n i n t h e f o llo w in g t a b le .
M o n t h ly f ig u r e s
a r e a r r iv e d a t b y p r o - r a t in g t h e f ig u r e s f o r t h o s e w e e k s
w h ic h d o n o t f a ll e n t ir e ly w it h in a s in g le m o n t h .
(0 0 0 O m i t t e d )
A u g . 1926
A la b a m a
B ir m i n g h a m ------............................. $127,545
D o t h a n — .............___________________
2,362
M o b ile ....................................................
34,282
19,421
M o n tg o m e ry - - - ....................... —
F lo rid a
J a c k s o n v i lle ........ .— ........................
98,700
P e n s a c o l a ......... .. .............................
8,709
T a m p a .................. .. ___________________
64,054
G e o r g ia
A l b a n y --------------___________________
4,129
A t l a n t a .......................................... ........ 142,005
20,717
A u g u s t a . . . .............__________________
B r u n s w i c k ________ __________________
6,248
12,375
C o lu m b u s ...............___________________
E l b e r t o n ............ _________ _________
592
M a c o n ....................................................
22,520
N e w n a n — ....................... ..................
1,771
S a v a n n a h ...............___________________
43,911
V a ld o s t a ----------- ...............- ..........
10,089
L o u is ia n a
.............................. 309,549
N e w O r le a n s
M is s is s ip p i
J a c k s o n ................... ..............................
17,612
M e r id ia n ----------- ___________________
13,481
6,251
V i c k s b u r g ............. ........................
Te n n essee
42,054
C h a t t a n o o g a . — ___________________
K n o x v ille ................ ......................... 32,241
N a s h v ille .................— ......................
79,164
T o t a l 24 O it ie s ............. _________________ $1,119,788

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

J u l y 1926

A u g . 1925

$145,435
2,686
36,700
21,717

$121,897
4,677
29,319
21,818

105,251
8,926
69,751

95,130
9,345
76,695

4,328
156,663
23,356
3,918
13,239
708
24,220
2,254
45,175
7,231

5,769
147,381
24,089
3,116
15,011
615
25,328
1,837
47,580
8,852

337,263

302,357

22,701
14,775
7,608

15,036
14,259
6,732

48,683
36,785
86,220

40,542
30,109
74,590

$1,225,593

$1,122,084

W e e k ly r e p o r t s r e n d e r e d t o t h e F e d e r a l
R e s e r v e B a n k o f A t l a n t a b y 36 m e m b e r b a n k s lo c a t e d i n A t la n t a , N e w
O r le a n s ,
B ir m in g h a m ,
J a c k s o n v ille ,
N a s h v ille , C h a t t a n o o g a , K n o x v ille a n d S a v a n n a h in d ic a t e
a n i n c r e a s e o f $ 9 ,3 7 0 ,0 0 0 i n t h e v o l u m e o f l o a n s a n d d i s ­
c o u n t s d u r i n g t h e f i v e w e e k s p e r i o d b e t w e e n A u g u s t 11 a n d
S e p t e m b e r 15. D i s c o u n t s s e c u r e d b y G o v e r n m e n t o b l i g a ­
t i o n s i n c r e a s e d $ 5 9 9 ,0 0 0 d u r i n g t h i s p e r i o d , a n d o t h e r c o m ­
m e r c i a l l o a n s i n c r e a s e d $ 1 1 ,9 9 4 ,0 0 0 , b u t t h e r e w a s a d e ­
c r e a s e o f $ 3 ,2 2 3 ,0 0 0 i n l o a n s s e c u r e d b y s t o c k s a n d b o n d s
o t h e r t h a n g o v e rn m e n t s e c u r it ie s .
U n it e d S t a t e s s e c u r i­
t i e s o w n e d b y t h e s e b a n k s i n c r e a s e d $ 7 ,7 8 0 ,0 0 0 o v e r t h e
t o t a l o n A u g u s t 11, b u t t h e v o l u m e o f o t h e r s t o c k s a n d

THEMONTHLYBUSINESSREVIEW
b o n d s o w n e d d e c l i n e d b y $ 1 ,1 0 2 ,0 0 0 . T h e t o t a l o f l o a n s ,
d i s c o u n t s a n d i n v e s t m e n t s o n S e p t e m b e r 15 w a s g r e a t e r
b y $ 1 6 ,0 4 8 ,0 0 0 t h a n o n A u g u s t 11. T i m e d e p o s i t s o f t h e s e
b a n k s d e c l i n e d $ 1 ,4 4 7 ,0 0 0 , b u t d e m a n d d e p o s i t s i n c r e a s e d
$ 2 0 5 ,0 0 0 , a n d t h e a m o u n t o f a c c o m m o d a t i o n e x t e n d e d t o
t h e s e b a n k s b y t h e F e d e r a l R e s e r v e B a n k i n c r e a s e d $ 9 ,4 6 3 ,
000 d u r i n g t h i s f iv e w e e k s p e r io d .
C o m p a r e d w it h f ig u r e s
f o r S e p t e m b e r 16, 1925, t h e t o t a l l o a n s a n d d i s c o u n t s o n
S e p t e m b e r 15 t h i s y e a r s h o w s a d e c r e a s e o f $ 4 ,1 2 0 ,0 0 0 , d u e
t o s m a lle r v o lu m e o f lo a n s s e c u r e d b y g o v e r n m e n t o b lig a ­
t io n s a n d o t h e r c o m m e r c ia l lo a n s .
U n it e d S t a t e s s e c u r i­
t i e s o w n e d s h o w a n i n c r e a s e o f $ 2 ,7 2 0 ,0 0 0 , a n d o t h e r s t o c k s
a n d b o n d s s h o w a n i n c r e a s e o f $ 6 ,0 2 4 ,0 0 0 , a n d a s a c o n ­
s e q u e n c e t o t a l lo a n s , d is c o u n t s a n d in v e s t m e n t s o n S e p ­
t e m b e r 15 t h i s y e a r s h o w a n i n c r e a s e o f $ 4 ,6 2 4 ,0 0 0 o v e r t h e
c o r r e s p o n d in g r e p o r t d a t e l a s t y e a r .
T im e d e p o s it s s h o w
a n i n c r e a s e o v e r a y e a r a g o o f $ 1 8 ,7 5 3 ,0 0 0 , b u t d e m a n d d e ­
p o s i t s w e r e s m a l l e r b y $ 1 7 ,2 7 0 ,0 0 0 . A c c o m m o d a t i o n e x ­
te n d e d to th e se b a n k s b y th e F e d e ra l R e se rv e B a n k s o n
S e p t e m b e r 15 t h i s y e a r w a s g r e a t e r b y $ 1 2 ,7 8 7 ,0 0 0 t h a n a t
t h e s a m e t im e l a s t y e a r .
M e m b e r B a n k s i n S e le c t e d C it ie s .
(000 O m i t t e d )
S e p t . 15.
1936
B i l l s D is c o u n t e d
S e c u r e d b y G o v t . O b lig a t io n s
S e c u re d b y S to c k s a n d B o n d s
A l l O t h e r s ..........................................
T o t a l D i s c o u n t s . — ......................
U . S . S e c u r i t i e s - ....................................
O t h e r S t o c k s a n d B o n d s -----------T o t a l L o a n s , D is c o u n t s a n d I n ­
v e s tm e n t s ............................ ................
T i m e D e p o s it s .............................. ............
D e m a n d D e p o s it s ...................................
A c c o m m o d a t io n a t F . R . B a n k —

A u g . 11.
1926

$

6,377
104,405
400,643
511,425
48,015
58,609

$

5,778
107,628
388,649
502,055
40,235
59,711

618,049
220,938
343,003
29,844

S e p t . 16
1925
$

7,457
96,380
411,708
515,545
45,295
52,585

602,001
222,385
342,798
20,381

613,425
202,185
360,273
17,057

O p e r a tio n s o f t h e
F e d e ra l R e se rv e
Bank

T h e v o lu m e o f b i lls d is c o u n t e d b y
th e F e d e ra l R e s e rv e B a n k of A t la n t a
f o r it s m e m b e r b a n k s in t h e s ix t h
d i s t r i c t w a s g r e a t e r o n S e p t e m b e r 15
t h a n o n A u g u s t 11 b y $ 1 0 ,7 1 3 ,0 0 0 . B i l l s b o u g h t i n t h e o p e n
m a r k e t i n c r e a s e d $ 2 ,9 4 9 ,0 0 0 d u r i n g t h i s p e r i o d , b u t U n i t e d
S t a t e s s e c u r i t i e s o w n e d b y t h e b a n k d e c r e a s e d $ 2 2 ,0 0 0 .
T o t a l b i l l s a n d s e c u r i t i e s o n S e p t e m b e r 15 w e r e $ 1 3 ,6 4 0 ,0 0 0
g r e a t e r t h a n fiv e w e e k s e a r lie r .
T h e r e w a s a d e c lin e o f
$ 1 9 ,8 1 9 ,0 0 0 i n c a s h r e s e r v e s , a n d a n i n c r e a s e o f $ 9 0 ,0 0 0 i n
d e p o s it s d u r in g t h i s p e r io d .
F e d e ra l R e s e rv e N o te s in
a c t u a l c i r c u l a t i o n s h o w e d a d e c r e a s e o f $ 6 ,2 1 1 ,0 0 0 .
Com pap a r e d w it h f ig u r e s f o r t h e c o r r e s p o n d in g r e p o r t d a t e l a s t
y e a r , d is c o u n t s s e c u r e d b y g o v e rn m e n t o b lig a t io n s s h o w
a d e c r e a s e o f $ 1 ,1 6 9 ,0 0 0 , b u t o t h e r d i s c o u n t s w e r e m o r e
t h a n t w i c e a s l a r g e a s a t t h a t t im e , a n d t o t a l d i s c o u n t s o n
S e p t e m b e r 15 t h i s y e a r w e r e $ 5 4 ,8 1 5 ,0 0 0 a s a g a i n s t $ 2 8 ,8 8 5 ,0 0 0
o n t h e c o r r e s p o n d in g r e p o r t d a t e la s t y e a r . B ills b o u g h t
i n t h e o p e n m a r k e t , s h o w n i n t h e t a b l e b e lo w , w e r e h e ld
b y t h e F e d e r a l R e s e r v e B a n k i n c o n s id e r a b ly la r g e r v o lu m e ,
w h ile U n it e d S t a t e s s e c u r it ie s w e re o w n e d i n a m a t e r ia lly
s m a lle r v o lu m e , t h a n a y e a r a g o .
T h e t o t a l o f b ills a n d
s e c u r i t i e s s h o w s a n i n c r e a s e o v e r t h a t d a t e o f $ 3 1 ,4 1 4 ,0 0 0 .
D e c r e a s e s a r e s h o w n i n c a s h r e s e r v e s a n d i n d e p o s it s , b u t
F e d e r a l R e s e r v e N o t e s w e r e i n a c t u a l c i r c u l a t i o n i n a v o l­
u m e g r e a t e r b y $ 2 5 ,3 1 4 ,0 0 0 t h a n a y e a r a g o . P r i n c i p a l
it e m s i n t h e w e e k ly s t a t e m e n t a r e s h o w n i n t h e t a b l e :
F e d e ra l R e se rv e B a n k .
(0 0 0 O m i t t e d . )
S e p t . 15,
1926
B i l l s D is c o u n t e d
S e c u r e d b y G o v t . O b lig a t io n s $ 5,325
A l l O t h e r s .........- ................................
49,490
T o t a l D is c o u n t s ............. - ..............
54,815
B ills b o u g h t in o pen m arke t —
29,094
U . S . S e c u r it ie s ......................... .............
1,945
T o t a l B i l l s a n d S e c u r it ie s ___________
86,554
C a s h R e s e r v e s.......................................163,306
T o t a l D e p o s it s ......................... ................
71,413
F . R . N o t e s i n a c t u a l c ir c u la t i o n
172,945
R e s e rv e R a t i o ............................................
66.8

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

A u g . 11,
1926
$

3,258
40,844
44,102
26,145
1,967
72,914
183,125
71,323
179,156
73.1

S e p t . 16.
1925
6,494
22,391
28,885
12,088
13,860
55,140
168,937
81,152
147,631
73.8

T h e t a b le b e lo w s h o w s f a i l u r e s f o r t h e U n i t e d
v id e d b y F e d e r a l R e s e r v e D i s t r i c t s :

S t a t e s d i­

N u m b e r L i a b i l i t i e s L ia b iU t ie s L i a b i l i t i e s
A u g . 1926 A u g . 1926 J u l y 1926
D is t r i c t
A u g . 1925
B o s t o n ........................ ................ 179 $ 3,070,752 $ 2,742,235 $ 2,362,284
N e w Y o r k ........... — ............... 316
5,967,571
3,707,615
5,183,046
P h i l a d e l p h i a - ........ ...............
44
1,630,058
3,318,600
748,439
C le v e la n d ................................... 138
2,651,989
3,202,436
4,871,170
R ic h m o n d .................. ............... 107
1,433,713
1,692,277
1,565,924
1,930,050
A t l a n t a ...... ................. _________ 104
2,504,453
1,179,942
3,472,839
C h ic a g o ............. ......... ............... 236
5,555,849
6,923,656
S t . L o u i s ....................................
53
1,326,682
1,124,730
1,049,444
M in n e a p o lis --------- ...............
85
631,509
1,020,053
894,217
K a n s a s C i t y .............................
97
1,784,080
1,107,829
1,610,394
D a l l a s ........................... ...............
50
682,086
969,986
1,039,183
S a n F r a n c i s c o ......... ............... 184
3,548,331
2,733,956
9,731,162
T o t a l ....................................1,593

IM P O R T S

$28,129,660

AND

$29,680,009

$37,158,861

EX PO R TS.

U n it e d S t a t e s .

P r e l i m i n a r y s t a t i s t i c s c o m p ile d a n d
p u b lis h e d b y t h e U n it e d S t a t e s D e ­
p a r t m e n t o f C o m m e rc e in d ic a t e a v o lu m e o f e x p o r ts fro m
t h e U n i t e d S t a t e s d u r i n g A u g u s t a m o u n t i n g t o 386 m i l l i o n s
o f d o lla r s , a n d a v o lu m e o f im p o r t s d u r in g t h e m o n t h t o t a l­
l i n g 336 m i l l i o n s .
T h i s e x c e s s o f 50 m illio n d o lla r s i n t h e
v a lu e o f e x p o r ts o v e r im p o r ts , f o r A u g u s t , c o m p a r e s w it h
a n e x c e s s o f 31 m i l l i o n s i n J u l y , a n d a n e x c e s s o f a p p r o x i ­
m a t e l y 40 m i l l i o n s i n A u g u s t 1925. F o r t h e e i g h t m o n t h s
o f 1926, h o w e v e r , i m p o r t s h a v e s h o w n a n e x c e s s o v e r e x ­
p o r t s a m o u n t i n g t o $ 1 6 ,6 9 1 ,7 3 2 , w h i l e d u r i n g t h e c o r r e s ­
p o n d in g p e r io d o f l a s t y e a r e x p o r ts e x c e e d e d im p o r t s b y
$ 3 5 3 ,3 1 2 ,4 6 1 . A u g u s t e x p o r t s e x c e e d e d t h o s e i n J u l y b y
o v e r 171 m i l l i o n s , a n d w e r e o v e r 6 m i l l i o n s g r e a t e r t h a n i n
A u g u s t 1925. A u g u s t i m p o r t s d e c l i n e d a l i t t l e m o r e t h a n
3 m illio n s c o m p a r e d w it h J u ly , a n d w e re 4 m illio n s le s s t h a n
in A u g u s t la s t y e a r.
P r e lim in a r y f ig u r e s f o r A u g u s t , w it h
c o m p a r is o n s , a r e s h o w n i n t h e t a b le b e lo w :
1926
Im p o rts :
A u g u s t .................................................... $ 336,000,000
J u l y ............................................ ..............
339,024,218
8 m o n t h s e n d in g w i t h A u g u s t
2,977,897,594
E x p o rts
A u g u s t ....... .......................... ..................
386,000,000
J u l y — .................................................
368,359,337
8 m o n t h s e n d in g w i t h A u g u s t
2,961,205,862

Im p o rts
N e w O r le a n s

1925
$

340,085,626
325,648,257
2,729,490,570
379,822,746
3,082,803,031

M e r c h a n d is e w a s im p o r t e d t h r o u g h
t h e p o r t o f N e w O r le a n s d u r in g t h e
m o n th of J u n e
(th e la t e s t m o n th
f o r w h ic h d e t a ile d s t a t i s t i c s a r e a v a ila b le , t o t h e v a lu e o f
T h is w a s a n in c r e a s e o f
p er ce n t over th e
v a lu e o f c o m m o d it ie s im p o r t e d d u r in g M a y , b u t w a s
p e r c e n t s m a lle r t h a n t h e v a lu e o f im p o r t s i n J u n e
w h ic h t o t a le d
T h e to ta l fo r J u n e
h a s been
e x c e e d e d b y f ig u r e s f o r J u n e o f p r e v io u s y e a r s o n ly t w ic e
d u r in g t h e p a s t t e n y e a r s , in J u n e
and
Com ­
p a r e d w it h J u n e la s t y e a r , im p o r ts o f c o ffe e , n e w s p r in t
p a p e r, s u g a r a n d b u r la p s s h o w e d in c r e a s e s , b u t d e c re a s e s
w e re s h o w n i n im p o r t s o f b a n a n a s , g a s o lin e , a n d c r u d e
p e t r o le u m .
P r i n c i p a l c o m m o d it ie s im p o r t e d i n J u n e a r e
sh o w n in th e t a b le :

1926

$18,662,917.

24.7

$19,265,472.

1926

1925

V o lu m e
2,424,401
26,877,742
6,747,518
8,855,134
48,304,360
4,023,650
184,122,539
13,228,580
13,680,738
1,151,000
31,411

B a n a n a s , b u n c h e s .................. . ..........................
C o ffe e , p o u n d s ......................................................
N e w s p r in t p a p e r , p o u n d s ...............................
G a s o lin e , g a llo n s ........................................... ..
C r u d e P e t r o le u m , g a llo n s ...............................
C re o s o te o il, g a llo n s ........ ............................ —
S u g a r , p o u n d s ----- ------------------------------M o la sses a n d S u g a r S y r u p , g a l lo n s .........
B u r la p s , p o u n d s ............ ......................................
M a h o g a n y , fe e t ................................. ....................
C r u d e B e a u x it e A lu m in u m , t o n s __________

3.1
1925,

1920.

V a lu e
$1,304,758
5,477,247
211,605
1,053,500
1,327,169
486,885
3,898,724
384,749
1,817,862
125,638
145,710

$

A c c o r d in g t o s t a t i s t i c s c o m p ile d a n d
p u b lis h e d b y R . G . D u n & C o ., co m ­
m e r c ia l f a ilu r e s i n t h e U n it e d S t a t e s
d u r i n g t h e m o n t h o f A u g u s t n u m b e r e d 1 ,5 9 3 , c o m p a r e d
w i t h 1 ,6 0 5 i n J u l y , a n d w i t h 1,5 1 3 i n A u g u s t 1925, a n d l i a b i ­
lit ie s o f f ir m s w h ic h f a ile d d u r in g A u g u s t a m o u n t e d to
$ 2 8 ,1 2 9 ,6 6 0 , c o m p a r e d w i t h $ 2 9 ,6 8 0 ,0 0 9 i n J u l y , a n d w i t h
$ 3 7 ,1 5 8 ,8 6 1 i n A u g u s t l a s t y e a r .
F i g u r e s f o r t h e s ix t h d is ­
t r i c t s h o w 104 f a i l u r e s w i t h l i a b i l i t i e s a m o u n t i n g t o $ 1 ,9 3 0 ,0 5 0
i n A u g u s t , c o m p a r e d w i t h 75 f a i l u r e s i n J u l y w i t h l i a b i l i ­
t i e s a m o u n t i n g t o $ 2 ,5 0 4 ,4 5 3 , a n d c o m p a r e d w i t h 89 f a i l u r e s
i n A u g u s t l a s t y e a r w i t h l i a b i l i t i e s a m o u n t i n g t o $ 1 ,1 7 9 ,9 4 2 .




5

E x p o rts
N e w O r le a n s

T h e v a l u e o f c o m m o d it ie s e x p o r t e d
d u r in g J u n e t h r o u g h t h e p o r t o f N e w
O r l e a n s w a s $ 2 8 ,2 9 9 ,8 0 0 , 1 6 .5 p e r c e n t
l e s s t h a n t h e t o t a l f o r M a y , b u t 1 3 .5 p e r c e n t g r e a t e r t h a n
t h e t o t a l f o r J u n e l a s t y e a r w h i c h w a s $ 2 4 ,9 3 6 ,7 4 9 . D e ­
c re a s e s co m p a re d w it h J u n e la s t y e a r a re s h o w n in ex­
p o r t s o f la r d , w h e a t f lo u r , r o u g h s o u t h e r n p in e b o a r d s ,
a n d g a s a n d f u e l o ils , b u t im p o r t a n t i n c r e a s e s o c c u r r r d i n
so m e o t h e r c o m m o d it ie s .
T h e p r in c ip a l la r g e it e m s e x p o r t'
e d i n J u n e a r e s h o w n in t h e t a b le :
L a r d , p o u n d s ................................................
W h e a t f lo u r , b a r r e ls .................................
T o b a c c o , p o u n d s .......................................
L o n g s t a p le c o t t o n , b a le s .....................
S h o r t s t a p le c o t t o n , b a le s ...................
R o u g h S o u . P in e B o a r d s , M F t ........
O a k B o a r d s , M F t ......................................

.

.
.
.

V o lu m e
3,726,554
99,194
8,978,091
17,802
68,894
7,499
5,190
49,129,672
8,467,624
2,752,188
11,076,622
2,024,207

V a lu e
653,690
738,246
1,350,425
2,119,656
6,644,943
406,123
352,168
6,951,241
688,171
105,817
329,105
202,522

$

6

THEMONTHLYBUSINESSREVIEW
G r a in E x p o r t s — N e w O r le a n s .

E x p o r t s o f g r a in t h r o u g h t h e p o r t o f N e w O r le a n s d u r in g
A u g u s t t o t a l e d 1 , 2 2 2 ,6 7 4 b u s h e l s , a n d s h o w s a d e c r e a s e o f
4 0 6 ,8 3 5 b u s h e l s 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 .
E x p o rts
o f c o r n a n d o a t s in c re a s e d , b u t w h e a t w a s e x p o rte d in
c o n s i d e r a b l y s m a lle r v o lu m e .
Seaso n th ro u g h
A u g . 1926
A u g . 1925
A u g . 1926 A u g . 1925
W h e a t, b u s h e ls ______
656,424
1,112,791
1,053,772
1,745,628
C o r n , b u s h e ls .............
489,279
440,340
1,113,075
777,072
O a t s ........... ......................
76,971
76,378
173,832
121,753
T o t a l - ............. ..

1,222,674

1,629,509

2,340,679

t h i s s e r ie s w a s b e g u n i n 1920.
< S t a t i s t i c s o f b u ild in g c o n t r a c t s a w a r d e d i n 37 s t a t e s ,
c o m p ile d b y t h e F . W . D o d g e C o r p o r a t io n a n d d iv id e d b y
F e d e r a l R e s e rv e D is t r ic t s b y
t h e D iv is io n o f R e s e a r c h
a n d S ta tis t ic s o f th e F e d e r a l R e s e rv e B o a rd , sh o w
to ta l
a w a r d s in t h e s ix t h d is t r ic t d u r in g A u g u s t a m o u n t in g to
$ 3 1 ,6 5 5 ,6 7 1 , s m a l l e r b y 2 5 .9 p e r c e n t t h a n i n J u l y , a n d 3 8 .3 p e r
c e n t l e s s t h a n i n A u g u s t 1925.
T h e n u m b e r a n d d o lla r v a lu e o f p e r m it s is s u e d d u r in g
A u g u s t a r e s h o w n i n t h e t a b le , t o g e t h e r w it h s im ila r f ig ­
u r e s fo r A u g u s t la s t y e a r, a n d t h e p e rc e n ta g e in c r e a s e o r
d e cre a se .
N o.

P ercen ta g e
A u g . 1925 C h a n g e
V a lu e
i n V a lu e

11,550
1,819,136
231,245
404,143

18
593
69
91

$ 116,650
1,725,566
104,925
100,468

2,720,590
2,088,815
1,012,356
149,766
1,314,518
173,660
447,110

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

760,086
78,391
80,560
97,277
267,230

378
121
44
180
58

778,308
58,131
124,690
282,268
95,190

— 2.3
+ 34.9
— 35.4
— 35.5
+ 180.7

673,412
49,164

304
95

2,103,515
954,746

— 68.0
— 94.9

350,365
59,100
1,250,446
262,730

238
10
210
258

289,639
56,900
352,704
286,067

+ 21.0
+ 3.9
+ 254.5
— 8.2

A u g . 1926
V a lu e
$

T o t a l 20 C i t i e s ..............4,658 $13,680,880 4,549
I n d e x N o _______ ________________
379.4 -----*N o t in c lu d e d i n t o t a ls o r in d e x n u m b e r s .

$18,986,899
526.6

- 90.1
+ 5.4
+ 120.4
+302.3
+
—
+
—
—
—

______ 747,785,121 751,239,617 847,552,495
___ 900,671,991 859,290,970 8£9,726,819
T E X T IL E S .

C o tto n C o n su m p t io n

T h e c o n s u m p tio n o f lin t c o t t o n d u rin g
A u g u s t 1926, a c c o r d in g t o s t a t i s t i c s
c o m p ile d a n d p u b lis h e d b y t h e U n it e d
S t a t e s C e n s u s B u r e a u , a m o u n t e d t o 5 0 0 ,6 5 2 b a l e s .
T h is
w a s 8 .6 p e r c e n t g r e a t e r t h a n t h e c o n s u m p t i o n i n J u l y ,
a n d 1 1 .6 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 1 9 2 5 .
S to c k s in
c o n s u m in g e s t a b lis h m e n t s a t t h e e n d o f A u g u s t d e c lin e d
16 p e r c e n t c o m p a r e d w i t h J u l y , b u t w e r e 4 4 .1 p e r c e n t
g re a te r t h a n a y e a r ago.
S t o c k s in p u b lic s to ra g e a n d a t
c o m p r e s s e s a t t h e e n d o f A u g u s t w e r e 1 1 .4 p e r c e n t s m a l l e r
t h a n a m o n t h e a r l i e r , b u t w e r e 6 4 .9 p e r c e n t g r e a t e r t h a n
a ye ar ago.
E x p o r t s d u r i n g A u g u s t w e r e 7 .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 2 3 .9 p e r c e n t g r e a t e r t h a n i n A u g u s t
la s t y e a r.
T h e n u m b e r o f s p in d le s a c t iv e in A u g u s t in ­
c r e a s e d e ig h t t e n t h s o f o n e p e r c e n t o v e r J u ly , a n d le s s
t h a n tw o t e n t h s o f o n e p e r c e n t g re a te r t h a n in A u g u s t
a y e a r ago.
S t a t i s t ic s f o r t h e c o t t o n - g r o w in g s t a t e s s h o w a c o n s u m p ­
t i o n i n A u g u s t o f 3 5 9 ,7 0 8 b a l e s , 7 .5 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 1 8 .9 p e r c e n t g r e a t e r t h a n i n A u g u s t l a s t y e a r .
S to c k s in
c o n s u m in g
e s t a b l i s h m e n t s d e c r e a s e d 2 0 .8 p e r
c e n t c o m p a r e d w i t h J u l y , b u t w e r e 4 7 .8 p e r c e n t g r e a t e r
th a n a ye ar ago.
S t o c k s in p u b lic s t o r a g e a n d a t co m ­
p r e s s e s d e c r e a s e d 2 1 .8 p e r c e n t c o m p a r e d w i t h J u l y , b u t
w e r e 41 p e r c e n t g r e a t e r t h a n a y e a r a g o .
T h e n u m b er of
s p in d le s a c t iv e in A u g u s t in
t h e c o t t o n - g r o w in g s t a t e s
w a s g r e a t e r b y 3 3 ,3 1 6 , o r t w o t e n t h s o f o n e p e r c e n t , t h a n
i n J u l y , a n d g r e a t e r b y 4 8 5 ,1 5 4 o r 2 .9 p e r c e n t t h a n i n A u g u s t
1925.
U n it e d S t a t e s .
A u g . 1926
J u l y 1926
C o tto n C o nsum ed
L i n t ..................................500,652
460,915
L i n t e r s _______ _____________
67,781
61,240
S t o c k s i n C o n s u m in g E s t a b li s h m e n t s :
L i n t . . ................. ................
920,944
1,096,521
L i n t e r s _____________________
123,255
144,347
S to c k s in P u b lic S to ra g e a n d a t C o m p resses:
L i n t ................................ —
1,715,593
1,936,662
L i n t e r s _____________________
38,132
53,548
E x p o r t s __________________________
391,329
365,522
E m p o r t s ............................... —
13,280
12,090
A c t iv e S p in d le s ______________ 31,321,936
31,082,482
C o t t o n G r o w in g S t a t e s .
A u g . 1926
J u l y 1926
C o t t o n C o n s u m e d __________
359,708
334,752
S to c k s:
I n C o n s u m in g E s t a b ­
li s h m e n t s ____________.
495,466
625,246
I n P u b l i c S to ra g e a n d
1,336,942
1,709,210
a t C o m p re s s e s........
A c t iv e S p in d le s ______________ 16,964,426
16,931,110

80.7
65.3
16.8
62.2
51.6
70.9
80.5

— 27.9
---------

LU M B ER .
P r e lim in a r y s t a t is t ic s f o r t h e m o n t h o f A u g u s t r e c e iv e d
b y t h e S o u t h e r n P in e A s s o c ia t io n u p t o t h e m id d le o f S e p ­
te m b e r fro m
136 s u b s c r i b i n g m ill s i n d i c a t e a v o lu m e o f
p r o d u c t i o n b y t h e s e 136 m ills d u r i n g A u g u s t a m o u n t in g
t o 3 1 8 ,8 1 0 ,7 3 1 f e e t , a n d a v o l u m e o f o r d e r s r e c e i v e d d u r i n g
A u g u s t t o t a l i n g 3 5 8 ,8 9 7 ,3 3 3 f e e t .
T h i s v o lu m e o f o r d e r s
b o o k e d d u r i n g A u g u s t w a s 1 2 .6 p e r c e n t g r e a t e r t h a n p r o ­
d u c t i o n b y t h e s e m i l l s , 3 .5 p e r c e n t g r e a t e r t h a n t h e i r
c o m p u t e d n o r m a l p r o d u c t i o n , a n d 6 .9 p e r c e n t g r e a t e r
th a n
t h e ir s h ip m e n t s .
S h ip m e n t s e x c e e d e d p r o d u c t io n
b y 5 .3 p e r c e n t b u t w e r e 3 . 2 p e r c e n t l e s s t h a n n o r m a l p r o d u c ­
t io n .
S t o c k s o n h a n d r e p o r t e d b y t h e s e 136 m i l l s a m o u n t ­
e d t o 7 4 7 ,7 8 5 ,1 2 1 f e e t , w h i c h w a s 1 7 p e r c e n t s m a l l e r t h a n
n o r m a l s t o c k s f o r t h e s e m i l l s , b u t w e r e 1 0 8 .4 p e r c e n t g r e a t ­
e r t h a n t h e v o lu m e o f o r d e r s r e c e iv e d b y t h e m d u r i n g
A u g u s t , a n d 1 3 4 .6 p e r c e n t g r e a t e r t h a n t h e i r p r o d u c t i o n
d u rin g t h e m o n th .
U n f ille d o r d e rs o n h a n d
at th e end
o f A u g u s t r e p o r t e d b y t h e s e 1 3 6 m i l l s a m o u n t e d * t o 2 4 9 ,4 1 3 ,
8 4 0 f e e t , 2 1 .8 p e r c e n t l e s s t h a n t h e m o n t h ’ s p r o d u c t i o n ,
a n d 3 0 .5 p e r c e n t l e s s t h a i i t h e v o l u m e o f o r d e r s r e c e i v e d
d u rin g A u g u s t .
T h e la t e s t a v a ila b le r e p o r t o f o p e r a t in g
t im e i s s u e d b y t h e S o u t h e r n P i n e A s s o c ia t i o n f o r a f u l l
w e e k is f o r t l i a t e n d in g S e p t e m b e r 3, a n d s h o w s t h a t o u t




A u g . 1926 J u l y 1926
A u g . 1925
(136 m ills )
(131 m ills )
(136 m ills )
O r d e r s . ................................................... 359,897,333 319,044,135 346,834,635
S h ip m e n t s ___________ _________________ 335,707,685 330,175,8£0 338,641,515
P r o d u c t io n ____________________________ 318,810,731 317,711,162 338,980,419
N o r m a l p r o d u c t io n t h e s e m ills 346,701,155 335,394,655 334,573,349
S to c k e n d of m o n th
N o r m a l s t o c k t h e s e m ill s
U n f i lle d o r d e rs e n d o f m o n t h 249,413,840 227,857,457 251,948,944

2,644,453

B U IL D IN G .
T h e a g g re g a te v a lu e o f b u ild in g s fo r w h ic h p e rm its w e re
is s u e d d u r in g A u g u s t a t t w e n t y c it ie s w h ic h h a v e b e e n
r e p o r tin g
t h e s e s t a t i s t i c s c o n t i n u o u s l y s i n c e 1919, w a s
$ 1 3 ,6 8 0 ,8 8 0 , a d e c r e a s e o f 2 7 .9 p e r c e n t c o m p a r e d w i t h t h e
t o t a l o f $ 1 8 ,9 8 6 ,8 9 9 f o r A u g u s t l a s t y e a r .
T h e A u g u st to ta l
i s t h e lo w e s t r e p o r t e d f o r a n y m o n t h s in c e A p r i l 1925.
Ten
o f t h e s e c it ie s r e p o r te d in c r e a s e s o v e r A u g u s t la s t y e a r ,
b u t t h e o t h e r t e n , w it h tw o c it ie s lis t e d in t h e s t a t e m e n t
w h i c h b e g a n r e p o r t i n g a t a l a t e r t im e , s h o w e d d e c r e a s e s .
T h e i n d e x n u m b e r f o r J a c k s o n v i l l e f o r A u g u s t w a s 9 0 9 .6 ,
a n d is h ig h e r t h a n h a s b e e n s h o w n f o r t h a t c it y s in c e

B u i l d i n g P e r m it s
N o.
A la b a m a
A n n i s t o n ...........
17
B ir m i n g h a m ______ 580
73
M o b ile — ......... ..
M o n t g o m e ry .......... 104
F lo rid a
J a c k s o n v i lle .......... 566
M ia m i_______________ 585
O r la n d o ____________ 247
P e n s a c o l a __________
61
T a m p a ______________ 595
“" L a k e la n d _________
70
*M ia m i B e a c h —
29
G e o r g ia
A t l a n t a ________— - 382
A u g u s t a ____________ 134
C o lu m b u s ......... —
56
M a c o n _______________ 150
S a v a n n a h - ...........
63
L o u is ia n a
N e w O r le a n s ______ 185
A le x a n d r ia ________
82
T e n n essee
C h a t t a n o o g a ........ 285
J o h n so n C it y - —
15
K n o x v ille ___________ 210
N a s h v ille ___________ 268

o f 127 r e p o r t i n g m i l l s , 103 o p e r a t e d f u l l t i m e o r 5 J d a y s , a n d
o f t h o s e o p e r a t i n g f u l l t i m e , 21 r e p o r t e d o v e r t i m e a g g r e ­
g a t i n g 756 h o u r s , o r a n a v e r a g e o f 36 h o u r s o v e r t i m e f o r
e a c h o f t h e 21 m i l l s .
P r e lim in a r y f ig u r e s fo r A u g u s t , w it h
c o m p a r is o n s , a re s h o w n i n t h e t a b le :

A u g . 1925
448,665
63,583
680,527
97,230
1,040,178
22,747
315,825
9,266
31,269,774
A u g . 1925
302,604
335,220
948,151
16,479,272

C o t t o n C lo t h
b
d
d
o
d

y
u
u
u
u

C o n f id e n t ia l r e p o r t s fo r A u g u s t w e re
re n d e re d to th e F e d e ra l R e se rv e B a n k
c o t t o n m ills in t h e s ix t h d is t r ic t w h ic h m a n u f a c t u r e d ,
r in g A u g u s t , o v e r 26J m illio n y a r d s o f c lo t h .
T h is p ro ­
c t io n w a s f iv e - t e n t h s o f o n e p e r c e n t g r e a te r t h a n t h e ir
t p u t i n J u l y , a n d 3 .7 p e r c e n t g r e a t e r t h a n t h e i r p r o ­
c t i o n i n A u g u s t 1925.
T h e a g g re g a te f ig u r e s sh o w e d

d e c lin e s in s h ip m e n t s , o r d e r s , u n f ille d o r d e r s a n d s t o c k s ,
c o m p a re d w it h J u ly , b u t a n in c r e a s e in s h ip m e n t s , a n d
d e c re a s e s in o rd e rs , u n f ille d o r d e rs a n d s t o c k s c o m p a re d
w it h A u g u s t la s t y e a r , a s in d ic a t e d in t h e t a b le b e lo w :
A u g u s t 1926 c o m p a re d w i t h
J u l y 1926
A u g . 1925
P r o d u c t io n ________________________________ ______
+0.5
+3.7
S h ip m e n t s .............................................................
— 4.7
+ 1 5 .4
O r d e r s b o o k e d ............. ......................................
— 11.0
— 37.3
U n f i lle d o r d e r s ............................ .......................
— 0.1
— 1.9
S t o c k s o n h a n d _____________ ___________ ______
— 2.9
— 2.4
N u m b e r o n p a y r o ll............................. ............
+0.5
+2.5
C o tto n Y a rn

A u g u s t p r o d u c t i o n o f y a r n b y m ills
in
t h is
d is t r ic t
w h ic h
p ro d u ced

6 ,6 3 4 ,0 0 0 p o u n d s w a s 5 . 2 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
5 .5 p e r c e n t g r e a t e r t h a n i n A u g u s t l a s t y e a r .
S h ip m e n t s ,
o rd e rs , u n f ille d o rd e rs a n d s t o c k s in c r e a s e d c o m p a re d w it h
J u ly ; c o m p a re d w it h
A u g u s t la s t y e a r s h ip m e n t s a n d
s t o c k s in c r e a s e d , b u t o r d e r s a n d u n f ille d o r d e r s s h o w e d
d e cre a se s.
P e r c e n t a g e c o m p a r is o n s o f a g g r e g a t e f ig u r e s
re p o rte d , a re sh o w n in th e t a b le :

7

THEMONTHLYBUSINESSREVIEW
A u g u s t 1926 c o m p a r e d w i t h
J u l y 1926
A u g . 1925
+ 5.2
+ 5.5
+1.6
+7.6
+ 18.1
—20.9
+ 1 8 .4
— 6. 5
+ 1 1 .6
+ 2 4 .0
+1.9
— 1. 8

P r o d u c t io n ........................................... ................
S h ip m e n t s .............................................................
O r d e r s b o o k e d ........................... ...................... ..
U n f i lle d o r d e r s .......................... ........................
S t o c k s o n h a n d .................................................
N u m b e r o n p a y r o ll...................... ..................
O v e r a lls .

P r o d u c t io n o f o v e r a lls i n A u g u s t b y r e p o r t in g f ir m s r e ­
c o v e r e d f r o m t h e d e c r e a s e s h o w n i n J u l y , a n d w a s 5 .0 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 1925. S t o c k s o n h a n d d e c lin e d ,
b u t
o rd e rs
booked
sh o w ed
in c r e a s e s
co m p a red
w it h
b o t h p e rio d s .
P e r c e n t a g e c o m p a r is o n s o f r e p o r t e d f ig ­
u re s a re s h o w n in t h e t a b le :
A u g u s t 1926 c o m p a r e d w it h
J u l y 1926
A u g . 1925
+ 4 3.1
+ 5.0
— 8.4
— 0.7
+ 3 1 .2
+ 1 5 .9
x
x
+5.5
— 1.6

O v e r a lls m a n u f a c t u r e d .................................
O v e ra lls o n h a n d ..............................................
O r d e r s b o o k e d ....................................................
U n f i lle d o r d e r s ...................................................
N u m b e r o n p a y r o ll..........................................
B r ic k .

A u g u s t o u t p u t o f b r i c k b y r e p o r t i n g f i r m s w a s 2 .9 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 6 .6 p e r c e n t g r e a t e r t h a n
in A u g u st la s t y e a r.
S to c k s o n h a n d a n d o rd e rs w e re
s m a lle r t h a n i n J u l y , b u t u n f i lle d o r d e r s in c r e a s e d 3 p e r
ce n t.
S t o c k s w e re la r g e r t h a n a y e a r a g o , b u t o r d e rs a n d
u n f ille d
o rd e rs sh o w e d s u b s t a n t ia l d e c re a s e s c o m p a re d
w it h t h a t p e rio d .
A u g u s t 1926 c o m p a re d w it h
J u l y 1926
A u g . 1925
+2.9
+6.6
— 29.5
+ 25.9
— 4. 9
— 51.6
+ 3.0
— 64.7
— 10.0
— 5.3

B r i c k m a n u f a c t u r e d .................. ...................
B r i c k o n h a n d . ........... ......................................
O r d e r s b o o k e d ....................................................
U n f i lle d o r d e r s ..................................................
N u m b e r o n p a y r o ll— ............. ....................
H o s ie r y .

F ig u r e s r e p o r te d to t h e U n it e d S t a t e s C e n s u s B u r e a u
f o r A u g u s t a n d J u ly b y 34 id e n t ic a l e s t a b lis h m e n t s m a n u ­
f a c t u r in g h o s ie r y in t h e s ix t h d is t r ic t , s h o w in c r e a s e s in
A u g u s t c o m p a re d w it h J u ly in
p r o d u c t io n , s h ip m e n t s ,
a n d o rd e rs , b u t d e c r e a s e s in s t o c k s o n h a n d , c a n c e lla ­
t io n s , a n d in u n f ille d o r d e rs o n h a n d a t t h e e n d o f t h e
m o n th .
T o t a l f ig u r e s f o r t h e s e 34 e s t a b lis h m e n t s a re
sh o w n in th e t a b le :

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

( D o z e n p a ir s )
A u g . 1926
J u l y 1926
607,185
546,958
770,075
675,536
2,283,070
2,423,538
761,503
719,243
27,333
32,526
780,243
799,680

CO A L.
A c c o r d in g t o s t a t i s t i c s c o m p ile d a n d p u b lis h e d b y t h e
B u r e a u o f M in e s o f t h e U n it e d S t a t e s D e p a r t m e n t o f C o m ­
m e rc e , t h e u p w a r d s e a s o n a l t r e n d in t h e p r o d u c t io n o f
b it u m in o u s c o a l i n t h e U n it e d S t a t e s c o n t in u e d t h r o u g h
A u g u st.
D u r in g t h e w e e k e n d e d S e p te m b e r 4 p r o d u c t io n
d e c r e a s e d 1 .9 p e r c e n t c o m p a r e d w i t h t h e o u t p u t f o r t h e
w e e k im m e d ia t e ly p r e c e d in g , b u t w a s h ig h e r t h a n f o r a n y
o t h e r w e e k s in c e F e b r u a r y .
T h e c u r r e n t w e e k ly f ig u r e s
f o r t h e U n it e d S t a t e s a re h ig h e r t h a n t h o s e fo r t h e c o r re s ­
p o n d in g w e e k s la s t y e a r .
T h e t o t a l p r o d u c t io n o f b it u m i­
n o u s c o a l d u r i n g t h e c a l e n d a r y e a r 1926 t o S e p t e m b e r 4 ,
a p p r o x i m a t e l y 209 w o r k i n g d a y s , a m o u n t s t o 3 6 4 ,5 1 0 ,0 0 0
n e t to n s.
T h i s i s l i t t l e m o r e t h a n 19 m i l l i o n t o n s l e s s t h a n
t h e o u t p u t d u r i n g t h e s a m e p e r i o d o f 1923, b u t i s g r e a t e r
t h a n f o r t h e c o r r e s p o n d i n g p e r i o d o f 1925, 1924, 1922, 1921
o r 1920. P r o d u c t i o n f i g u r e s f o r A l a b a m a a n d T e n n e s s e e ,
t h e c o a l p r o d u c in g s t a t e s o f t h e s ix t h d is t r ic t , h o w e v e r,
in d ic a t e t h a t t h e o u t p u t i n t h e s e s t a t e s d u r in g r e c e n t
w e e k s h a s b e e n le s s t h a n t h e p r o d u c t io n in t h e c o r r e s ­
p o n d in g w e e k s l a s t y e a r , a s s h o w n b y t h e c o m p a r is o n s in
t h e t a b le b e lo w :

IR O N .
S t a t i s t i c s c o m p ile d a n d p u b lis h e d b y t h e I r o n A g e s h o w
a f u r t h e r s m a ll d e c lin e i n t h e p r o d u c t io n o f p ig ir o n in
t h e U n it e d S t a t e s d u r in g A u g u s t , t h e t h ir d c o n s e c u t iv e
m o n t h to s h o w a r e d u c t io n in o u t p u t . A u g u s t p r o d u c t io n
a m o u n t e d t o 3 ,2 0 0 ,4 7 9 t o n s , c o m p a r e d w i t h 3 ,2 2 3 ,3 3 8 t o n s
p r o d u c e d i n J u l y , a n d w i t h 2 ,7 0 4 ,4 7 6 t o n s p r o d u c e d i n
A u g u s t la s t y e a r.
T h e d a ily a v e ra g e r a t e o f p r o d u c t io n
i n A u g u s t w a s 103,241 t o n s , t h e l o w e s t r e p o r t e d s i n c e N o ­
v e m b e r l a s t y e a r , a n d c o m p a r e d w i t h 1 0 3 ,9 7 8 t o n s f o r J u l y ,
a n d w i t h 8 7 ,2 4 1 t o n s f o r A u g u s t l a s t y e a r .
T h ere w as a n et
l o s s o f 3 f u r n a c e s i n a c t i v e o p e r a t i o n d u r i n g A u g u s t , 11
h a v e b e e n s h u t d o w n a n d 8 b lo w n in .
I n J u ly th e n e t
lo s s w a s 4 f u r n a c e s .
T h e r e w e r e 213 f u r n a c e s a c t i v e o n
S e p t e m b e r 1 t h i s y e a r , c o m p a r e d w i t h 216 a m o n t h e a r l i e r ,
a n d w i t h 192 o n S e p t e m b e r 1, 1925.
T h e p r o d u c t io n o f p ig ir o n i n A la b a m a d u r in g A u g u s t
a m o u n t e d t o 2 3 8 ,8 1 2 t o n s , a d e c r e a s e o f 3 p e r c e n t c o m ­
p a r e d w i t h t h e p r o d u c t i o n o f 2 4 6 ,1 2 4 t o n s i n J u l y , b u t 4 .4
p e r c e n t g r e a t e r t h a n t h e A l a b a m a o u t p u t i n A u g u s t 1925.
T h e in d e x n u m b e r f o r A la b a m a p r o d u c t io n i n A u g u s t w a s
1 3 5 .8 c o m p a r e d w i t h 1 4 0 .0 f o r J u l y , a n d w i t h 1 3 0 .1 f o r A u g u s t
la s t y e a r .
T h e s t a t is t ic s sh o w n o n e t c h a n g e in fu rn a c e
a c t iv it y i n A la a b m a d u r in g A u g u s t , o n e f u r n a c e h a v in g
b e e n b lo w n o u t , a n d o n e b lo w n in .
C o rre sp o n d e n ts re ­
p o r t t h e p r i c e o f i r o n a t B i r m i n g h a m a s $ 2 1 .0 0 . T h e s e r e ­
p o r t s in d ic a t e t h a t b u y in g h a s b e e n a t a lo w e b b d u r in g
A u g u s t a n d b u s i n e s s i s n o t y e t b e i n g p l& c e d i n a n y a p ­
p r e c ia b le v o lu m e f o r f o u r t h q u a r t e r d e liv e r y .
C u rre n t
b u y in g i s lim it e d la r g e ly t o s m a ll lo t s f o r e a r ly s h ip m e n t .
U n f ille d O r d e r s — U . S . S t e e l C o r p o r a t io n .
U n f ille d o r d e r s o n h a n d a t t h e e n d o f A u g u s t , r e p o r t e d
b y t h e U n it e d S t a t e s S t e e l C o r p o r a t io n , a m o u n t e d to
3 ,5 4 2 ,3 3 5 t o n s , a d e c r e a s e o f 6 0 ,1 8 7 t o n s c o m p a r e d w i t h t h e
p r e c e d in g m o n t h .
T h i s i s t h e s m a lle s t t o t a l, e x c e p t t h a t
f o r J u n e , w h ic h h a s b e e n r e p o r t e d s in c e A u g u s t la s t y e a r .

N AVAL STO RES.
S t a t is t ic s f o r A u g u s t r e c e iv e d fro m t h e t h r e e p r in c ip a l
n a v a l s t o r e s m a r k e t s o f t h e d i s t r i c t s h o w a s m a lle r v o lu m e
o f r e c e ip t s of b o t h t u r p e n t in e a n d r o s in t h a n f o r t h e p re ­
c e d in g m o n t h .
T u r p e n t i n e r e c e i p t s i n A u g u s t w e r e 5 .8
p e r c e n t s m a lle r t h a n i n J u l y .
C o m p a re d w it h A u g u s t
la s t y e a r , h o w e v e r, r e c e ip t s o f t u r p e n t in e in A u g u s t t h is
y e a r s h o w e d a n i n c r e a s e o f 10 p e r c e n t , a n d r e c e i p t s o f
r o s i n s h o w e d a n i n c r e a s e 1 3 .7 p e r c e n t .
S to ck s of tu rp e n ­
t in e o n h a n d a t t h e s e t h r e e p o r ts a t t h e e n d o f A u g u s t
i n c r e a s e d 3 1 .6 p e r c e n t o v e r J u l y , b u t w e r e l e s s t h a n o n e
p e r c e n t g r e a t e r t h a n a y e a r a g o . S u p p lie s o f r o s in o n
h a n d a t t h e e n d o f A u g u s t in c r e a s e d o n e - f if t h o f o n e p e r
c e n t o v e r J u l y , b u t w e r e s m a l l e r b y 3 4 .8 p e r c e n t t h a n a
y ea r ago.
S t a t i s t i c s c o m p ile d b y t h e T u r p e n t i n e a n d R o s i n
P r o d u c e r s A s s o c ia t io n s h o w t h a t t h e p r ic e o f t u r p e n t in e
o n t h e S a v a n n a h m a r k e t r o s e e a r l y i n A u g u s t t o 95 c e n t s ,
b u t r e c e d e d fr o m t h a t h ig h p o in t , a n d t h e a v e ra g e p r ic e
f o r t h e m o n t h w a s 89 c e n t s , c o m p a r e d w i t h 8 2 c e n t s i n
J u ly a n d w it h 94J c e n t s in A u g u s t la s t y e a r .
T h e a v e ra g e
o f p r i c e s f o r r o s i n d u r i n g A u g u s t w a s $ 1 4 .2 5 , c o m p a r e d
w i t h $ 1 3 .0 0 f o r J u l y , a n d w i t h $ 1 0 .6 7 | f o r A u g u s t 1925.
A u g . 1926
R e c e ip t s —T u r p e n t in e
S a v a n n a h ........................
J a c k s o n v i lle ................ ..
P e n s a c o l a ............... ........




A la b a m a
Te n n e sse e
1926
1925
1926 1925
113
121
404
418
105
126
405
438
110
122
430
408
415
112
130
455
...
...

.
.

18,571
13,348
5,023

.

40,642

43,122

36,942

.
.

70,884
48,202
19,638

73,587
52,213
17,615

62,792
43,541
15,689

.

138,724

143,415

122,022

.
.

18,225
31,840
8,864

16,904
21,892
5,966

18,657
30,170
9,610

-

58,929

44,762

58,437

.
.
.

64,325
47,915
19,696

67,652
46,823
17,174

101,483
84,092
16,672

-

131,936

131,649

202,247

S t o c k s —T u r p e n t i n e :

(000 O m i t t e d )
U n it e d S t a t e s
1926
1925
10,150
9,971
10,261
10,628
10,533
10,522
11,133
11,217
11,002
10,827

A u g . 1925

23,819
13,831
5,472

R e c e ip t s —R o s i n

P e n s a c o la .

W eelf E n d e d

J u l y 1926

22,034
12,965
5,643

S t o c k s —R o s i n

THEMONTHLYBUSINESSREVIEW

8

M O N TH LY

IN D E X

N U M BERS.

T h e f o llo w in g in d e x n u m b e r s , e x c e p t w h e r e in d ic a t e d o t h e r w is e , a r e c o m p u t e d b y t h e F e d e r a l R e s e r v e B a n k
o f A t l a n t a , a n d a r e b a s e d u p o n a v e r a g e f i g u r e s f o r 1 9 19.

T h a t i s , a v e r a g e m o n t h l y f i g u r e s f o r t h e y e a r 1919 a r e

r e p r e s e n t e d b y 100, a n d t h e c u r r e n t m o n t h l y i n d e x n u m b e r s s h o w t h e r e l a t i o n o f a c t i v i t y i n t h e s e

lin e s

to

th a t

p r e v a i l i n g i n 1919.

R E T A IL

TRA D E

6TH

D IS T R IC T

( D e p a r t m e n t S t o r e s .)
A t l a n t a ........................................................................ ...................
B i r m i n g h a m ............................... .................................................
C h a t t a n o o g a . ............................................................................
N a s h v i l l e .......... ...............................................................................
N e w O r l e a n s . . . .........................................................................
S a v a n n a h .......... ............................................................................
O t h e r C i t i e s .................................................................................
D i s t r i c t . ...........................................................................................

Ju n e

J u ly

A u g u st

Ju n e

J u ly

A u g u st

1926

1926

1926

1925

1925

1925

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

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

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

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

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

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

R E T A I L T R A D E U . S . (1)
D e p a r t m e n t S t o r e s ..........................................................
M a i l O r d e r H o u s e s . ................................................ ..
C h a in S t o r e s :
G r o c e r y . . ................................................... ........................
D r u g .......... ...............................................................................
S h o e ...........................................................................................
5 & 10 C e n t . ......................................................................
M u s i c ........... ............................................................................
C a n d y ................................................... ..................................
C i g a r . . . ............................................. ............................... ..

1 2 9 .7
1 0 7 .3

9 9 .1
9 7 .8

1 0 5 .0
9 7 .8

126
101

96
86

98
89

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

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

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

257
167
151
187
99
184
134

262
166
122
183
104
181
136

241
171
120
195
128
202
142

W H O LE S A L E T R A D E 6TH D IS T R IC T
G r o c e r i e s ........... ................... ................................................. ..
D r y G o o d s .......................... ...................................................
H a r d w a r e ..................................................................................
S h o e s ................................. ........................................................ ..
T o t a l ......... ...................................................................................

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

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

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

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

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

9 2 .1
1 0 1 .1
1 0 0 .6
6 8 .6
9 4 .0

W H O L E S A L E P R I C E S TJ. S . (2 )
F a r m P r o d u c t s .................................................................. ..
F o o d s _____________________________ ______________________________
C l o t h s a n d C l o t h i n g . . .................................... r ............
F u e l a n d L i g h t i n g . ........... ..............................................
M e t a l s a n d M e t a l P r o d u c t s . ....................................
B u i l d i n g M a t e r i a l s ............................................................
C h e m i c a l s a n d D r u g s . . ................................................
H o u s e F u r n i s h i n g s _______________ ____________ _________
M i s c e l l a n e o u s ............... ........................... .............................
A l l C o m m o d i t i e s . ........................................ .................

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

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

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

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

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

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

B U IL D IN G P E R M IT S 6 T H D IS T R IC T
A t l a n t a ............................ .............................................. .........
B i r m i n g h a m ................ ........................................................ ..
J a c k s o n v i l l e ........... ............................................ ...................
N a s h v i l l e . . . ........................................ ....................................
N e w O r l e a n s . .........................................................................
O t h e r C i t i e s __________________ _________________ ____________
D i s t r i c t (20 C i t i e s ) ..........................................................

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

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

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

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

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

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

CO TTO N CO N SU M ED :
U n i t e d S t a t e s ........................................................................
C o t t o n - G r o w i n g S t a t e s ................................................
A l l O t h e r S t a t e s . . ........... ................................................
C o t t o n E x p o r t s ....................................................................

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

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

9 3 .6
1 2 1 .8
5 9 .6
6 6 .5

9 2 .3
1 1 4 .4
6 6 .0
3 9 .6

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

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

P IG IR O N P R O D U C T IO N :
U n i t e d S t a t e s ........................................................................
A l a b a m a ..................................................................................

1 2 6 .9
1 3 5 .7

1 2 6 .5
1 4 0 .0

1 2 5 .6
1 3 5 .8

1 0 4 .9
1 3 0 .5

1 0 4 .5
1 2 7 .9

1 0 6 .1
1 3 0 .1

5 8 .0

6 0 .1

5 9 .1

6 1 .9

5 9 .0

5 8 .6

U N F IL L E D O R D E R S — U . S. S T E E L C O R ­
P O R A T I O N .............. ..................................... ........................
(1 )
C o m p ile d b y F e d e r a l R e s e r v e B o a r d .
(2 )
C o m p ile d b y B u r e a u o f L a b o r S t a t is ­
t ic s .
(1913— 10 0 .)