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M O N TH LY

B U S IN E S S

R E V IE W

Covering Conditions in the Sixth Federal Reserve District.
F E D E R A L

R E S E R V E

B A N K

O F

A TLA N TA

O
SCAR NEW
TON,
_____ Chairm and Federal Reserve Agent______________ (Com
an
piled April 18, 1927).________
V O L . 12, No. 4

A T L A N T A , G A ., A P R I L 30, 1927.

BUSINESS CONDITIONS IN THE UNITED STATES
Prepared by the Federal Reserve Board
Industrial activity increased further in March and was
larger than a year ago, while the general level of prices
continued to decline. Distribution of commodities at
wholesale and retail was somewhat smaller than a year
ago.
Production: Industrial production, after increasing
continuously for three months, was larger in March, (no
allowance is made for usual seasonal changes), than in
any month since last September. Output of Bituminous
Coal, Crude Petroleum and Steel Ingots, and mill con­
sumption of raw cotton in March were larger than in any
previous month. Since April 1, however, steel mill opera­
tions have been somewhat curtailed, and Bituminous Coal
output has been reduced by about 40 per cent since the
beginning of the miners strike on April 1. The consump­
tion of silk and wool, sugar meltings, flour production and
the output of rubber tires increased in March. Produc­
tion of automobiles has shown seasonal increases since the
first of the year, but has been in smaller volume than a
year ago. The value of building- contracts awarded in
March was larger than at any previous time, and the pro­
duction of building materials has increased considerably
in recent weeks. The largest increases in contracts, as
compared with last year, were in the Middle Western
States, while the largest decreases occurred in the South­
eastern States. In the first half of April, contracts award­
ed were in slightly smaller volume than in the same pe­
riod of last year.
Trade: Sales of department stores increased less than
usual in March and were slightly smaller than last year
owing in part to the lateness of Easter. Sales of mail
order houses and chain stores, however, were somewhat
larger than a year ago. Inventories of department stores
increased slightly more than is usual in March in antici­
pation of the expansion in retail trade before the Easter
Holidays ,and at the end of the month they were in about
the same volume as a year ago. Wholesale trade in
March continued slightly smaller than in the correspond­




W
ARD ALBERTSON,
Assistant Federal Reserve Agent.
This

in * *

ing period a year ago. Stocks of merchandise carried by
wholesale firms were seasonally larger at the end of
March than in February, but in most lines continued
smaller than last year. Freight car loadings which
showed seasonal increases in March, declined in the first
ten days of April, owing to the smaller shipments of coal,
but continued larger than in the corresponding period of
previous years. Loadings of miscellaneous freight and
of merchandise in less-than-car-load lots were in larger
volume.
Prices: The general level of wholesale commodities
prices declined further in March, reflecting decreases in
most of the important groups of commodities. Prices of
non-agricultural commodities as a group declined to the
lowest level since the war, while the average for agri­
cultural products, which advanced somewhat from No­
vember to February, remained practically unchanged in
March. During the first half of April prices of winter
wheat, sugar, silk, Bituminous Coal, and hides advanced,
while those of hogs, Crude Petroleum, gasoline and nonferrous metals declined.
Bank Credit: There was some decline in the volume
of loans for commercial purposes and in loans on securi­
ties at member banks in leading cities, between the mid­
dle of March and the middle of April. Member bank
holdings of United States Securities, which had increased
considerably in the middle of March in connection with
the operations of the Treasury, have declined by more
than $100,000,000 since that time, but are still about
$200,000,000 larger than in the early months of the year.
At the Reserve Banks total bills and securities, which
have fluctuated near the $1,000,000,000 level since the end
of January, showed little change during the six weeks
ending April 20. Discounts for member banks were in
about the same volume on that date as on March 9, while
acceptances showed a decrease and holdings of United
States Securities a slight increase.
During the first three weeks of April quoted rates on
Prime Commercial Paper and on Acceptances were the
same as in the latter part of March, while call money
averaged somewhat higher.

THE M ONTHLY BUSINESS REVIEW

2

awarded as reported by the F. W Dodge Corporation (1923-25 average
.
—
100). Latest figures M
arch, adjusted index 131; unadjusted index
151.
SIXTH DISTRICT SUMMARY
Some of the series of business statistics gathered for
the Monthly Business Review show increased activity in
March, compared with February, due to seasonal influ­
ences and the longer month, but continue to show vary­
ing comparisons with the corresponding month a year
ago. The volume of retail trade in March, reflected in
sales of department stores throughout the district, was
greater than in February, and all of the eight reporting
lines of wholesale trade showed increased business over
February. Compared with March last year, wholesale
trade was in smaller volume, and retail sales were 4.2
per cent smaller. Easter this year was two weeks later
than last year, so that much of the consumer buying may
have been delayed until after April 1, but the spring sea­
son is much further advanced this year than last. Stocks
of department stores increased 6.9 per cent over those on
hand at the end of February, and were 4.3 per cent
greater than at the end of March, 1926. Turnover was
more rapid during the first quarter of 1927 at Atlanta,
Nashville and Savannah than in the same period of 1926,
but the average for the district was somewhat less favor­
able than last year. Savings deposits at the end of
March were 4.0 per cent greater than a year ago. Debits
to individual accounts at 24 reporting cities in March were
10.3 per cent smaller than in March, 1926. Loans and
discounts reported by member banks in selected cities of
the district were nearly three per cent less than a year
ago. Demand deposits of these banks were 5.1 per cent
less, but time deposits were 7.9 per cent greater than
at that time. Discounts by the Federal Reserve Bank of
Atlanta for its member banks on April 13 were 32.2 per
cent smaller than a year ago. Building permits issued
at twenty reporting cities in March were 4.3 per cent
greater than in February, but 29.2 per cent smaller than

Atlanta (4). ...............
Birmingham (5)
__
Chattanooga, (fi)
Nashville (5)_______
New Orleans (5)
Savannah (X
)
Other Cities (17)___ ...
District (45)



M
onthly averages of weekly figures for banks in 101 leading cities.
Latest figures are averages for first three weekly report dates in
April.
in March last year. Contracts awarded in the sixth dis­
trict in March were 43.8 per cent greater than in Feb­
ruary, but were 20.7 per cent less, than in March, 1926.
Production of both cloth and yarn by cotton mills in the
district reporting to the Federal Reserve Bank was
greater than in February, or in March last year. Coal
mining in Alabama and Tennessee continues greater each
week this year than for the corresponding week of 1926.
Alabama production of pig iron in March was greater
than for any other month since April, 1925, with the ex­
ception of November last year. Weather conditions dur­
ing March and early April have been generally favorable
for farm work, and the season is considerably advanced
as compared with last year. The Department of Agri­
culture’s report on the acreages which farmers intended
on March 1 to plant to some of the principal crops, cot­
ton not included, shows important increases over the
acreages actually planted last year.
RETAIL TRADE
The volume of retail trade in the sixth district during
March, reflected in sales reported confidentially by 45
department stores located throughout the district, was
seasonally larger than during the months of January and
February, but 4.2 per cent smaller than in March, 1926.
Increases in sales over than month reported from At­
lanta, Chattanooga and Nashville were offset in the total
by decreases from other reporting cities. Aggregate
sales for the first three months of 1927 have averaged
1.6 per cent less in volume than during the same period
of 1926. Stocks of merchandise on hand at the end of
March were 4.3 per cent greater than a year ago, and 6.9
per cent greater than a month earlier. The average
stock turnover for the district for March, and for the
year to date, is somewhat less favorable than for cor­
responding periods last year. The index number of sales

CONDITION OF RETAIL TRADE DURING M
ARCH, 1927
IN THE SIXTH FEDERAL RESERVE DISTRICT BASED UPON REPORTS FRO 45 STORES
M
1

2

3

onth, Percentage of sales to
Net sales—
percentage Stocks at end of m
ar.
increase or decrease percentage increase or average stocks in M
decrease com
pared with: (Stock turnover for
com
pared with:
the month) :
(A)
x (B)
(B)
(A)
Jan. 1 to
M
arch
(A)
(B)
1926
1927
M
arch 31,
February
1926
M
arch
1926
1926
1927
-f-13.4
+ 18.4
31.2
+8.7
+ 6.2
27.8
—
14.4
—
9.2
+ 2.5
21.9
+ 4.7
25.2
17.8
+ 2.0
+ 5.5
+ 11.5
24.2
+ 1.1
—
0.4
+ 11.3
27.0
+ 0.6
— 2.4
25.5
—
0.7
18.5
— 4.8
+ 6.1
22.1
+ 11.6
—11.7
23.3
— 1.6
+ 18.6
25.1
+ 1-9
—
13.2
—
9.5
22.0
—
10.2
— 5.1
25.5
—
1.6
— 4.2
24.4
+ 4.3
+ 6.9
22.1
1
1 __

4
Percentage of sales to
average stocks from
January 1 to M
arch 31
(Stock turnover for
year to date)
(A)
1926
82.0
69.5
77.5
68.9
62.3
61.2
77.2
69.7

(B)
1927

1

89.3
57.4
54.5
77.3
57.8
62.0
66.2
64.9

5
Percentage of outstand­
ing orders at end of
m
onth to purchases
during calendar year
1926.
(B)
(A)
M
arch
February
8.0
5.4
6.3
7.7
9.2
8.2
6.4
7.7

3.4
4.2
5.0
3.6
6.6
6.4
4.4
4.9

3

THE M ONTHLY BUSINESS REVIEW
for March is 107.0, compared with 95.5 for February, and
with 111.1 for March, 1926. The individual index num­
ber for Atlanta was 132.6, and was higher than for
March of any other year, the index number for Birming­
ham, 132.3, was higher than for March of any other year
excepting 1926.
Outstanding orders at the end of March were 36.1 per
cent smaller than a month earlier, and 8.4 per cent
smaller than a year ago. Accounts Receivable were 2.5
per cent smaller than for February, but were 3.7 per cent
greater than for March, 1926. Collections in March were
0.4 per cent less than in February, but 1.1 per cent
greater than in March last year. The ratio of collections
during March to accounts outstanding and due at the be­
ginning of the month for 25 firms was 35.3 per cent, com­
pared with 34.0 per cent in February.
WHOLESALE TRADE
The volume of wholesale trade in the sixth district,
reflected in confidential reports received from 124 whole­
sale firms in eight different lines, was seasonally greater
than in February or in January of this year, but was still,
on the whole, considerably smaller than in the corres­
ponding month last year. Sales in each of the eight
reporting lines were greater than in February, and all of
these lines showed decreases compared with March, 1926.
The combined index number of wholesale trade, com­
puted from sales of groceries, dry goods, hardware and
shoes, for March is 84.8, and is somewhat lower than for
March of 1926 or 1925 or 1923, but is higher than for
March of 1921, 1922 or 1924. In the tables following are
shown percentage comparisons of sales in the eight re­
porting lines, divided by cities where three or more firms
report from a single city.
Groceries
Sales of groceries at wholesale dur­
ing March by 33 reporting firms
averaged 11.7 per cent greater than in February, but
were 16.1 per cent less than in March last year. The
index number of wholesale grocery sales for March is
97.4, compared with 87.1 for February, and with 110.7 for
March, 1926. Stocks on hand were 2.0 per cent greater
than at the end of February, but 12.1 per cent smaller
than a year ago. Accounts Receivable were eight-tenths
of one per cent smaller than a month ago, and 14.2 per
cent smaller than a year ago. March collections in­
creased 7.0 per cent over those in February, but were
25.5 per cent smaller than in March, 1926.
M
arch 1927 com
pared with:
February 1927 M 1926
arch
__
+ 9.9
— 8.9
Atlanta (4 firms)--- ---__
+ 7.7
—
31.7
Jacksonville (4 firms)_
__
+ 10.7
—
10.9
New Orleans (7 firms) „
__
+ 8.4
—
24.1
Vicksburg (3 firms)___
+ 16.7
— 3.3
Other Cities (15 firms)„
.....
+11.7
—16.1
District (38 firms)----March sales of dry goods at whole­
Dry Goods
sale by 23 firms averaged 20.2 per
cent greater than in February, but were 2.8 per cent
smaller than in March, 1926. Sales at Atlanta and Nash­
ville were greater than in March last year, but these in­
creases were outweighed in the average by decreases at
other cities. Stocks on hand increased factionally over
February, but were 23.7 per cent smaller than a year
ago. Accounts Receivable were 2.0 per cent greater than
for February, but 6.9 per cent smaller than for March,
1926. Collections in March were 8.9 per cent greater
than in February, but 13.6 per cent smaller than in March
last year.
M
arch 1927 com
pared with:
February 1927 M 1926
arch
Atlanta (3 firms)-----------+ 7.3
+16.0
Nashville (3 firms)---------+40.6
+ 2.4
Other Cities (17 firms)___
+ 17.1
— 6.2
District (23 firms)_______ --+20.2
— 2.8
Hardware
March sales of hardware at whole­
sale by 29 reporting firms were 5.1
per cent greater than in February, but were 23.5 per
cent smaller than in March, 1926. Stocks on hand de­
creased 1.1 per cent compared with February, and were
5.3 per cent smaller than a year ago. Accounts Receiv­
able at the end of March were seven-tenths of one per
cent less than a month earlier, and 10 per cent smaller




than a year ago. Collections in March were 1.2 per cent
smaller than in February, and 18.8 per cent less than
in March, 1926.
M
arch 1927 com
pared with:
February 1927 M 1926
arch
Atlanta (3 firms)_____________
+ 3.3
—19.4
Jacksonville (3 firms)__________
+ 2.9
—46.4
Nashville (3 firms)___________
+ 6.7
— 2.0
New Orleans (3 firms)________
+ 5.2
—
20.0
Other Cities (14 firms)________
+ 5.1
—
29.4
District (29 firms)___________
+ 5.1
—
23.5
Furniture
Sales of Furniture at wholesale dur­
ing March increased 31.0 per cent
over February, but were 8.5 per cent smaller than in
March last year. Stocks on hand at the end of March
were 4.1 per cent smaller than a month earlier, but were
2.4 per cent greater than a year ago. Accounts Receiv­
able at the end of March were 3.8 per cent smaller than
at the end of February, but were 13.7 per cent smaller
than a year ago. March collections were 15.4 per cent
greater than those in February, but 12.9 per cent smaller
than in March, 1926.
M
arch 1927 com
pared with:
February 1927 M 1926
arch
Atlanta (5 firms)____________
+24.9
— 5.7
Other Cities (9 firms)__________
+82.7
— 9.2
District (14 firms)____________
+31*0
— 8.5
Electrical
Due to a larger volume of sales reSupplies
ported from New Orleans, sales of
electrical supplies at wholesale dur­
ing March averaged 2.4 per cent greater than in Feb­
ruary, but were 28.9 per cent less in volume than in
March, 1926. Stocks on hand increased 1.0 per cent over
February, and were 9.7 per cent greater than a year ago.
Accounts Receivable at the end of March were 10.7 per
cent smaller than a month earlier, and 47.7 per cent
smaller than a year ago. Collections in March were sixtenths of one per cent smaller than in February, and 12.3
per cent smaller than in March, 1926.
M
arch 1927 com
pared with:
February 1927 M 1926
arch
New Orleans (4 firms)...
--+20.0
— 0.5
Other Cities (7 firms)__
— 5.7
—
39.1
District (11 firms)____
+ 2.4
—
28.9
Sales comparisons in the other three lines are shown
for only the district, as three reports in any of these
lines were not received from a single city.
M
arch 1927 com
pared with:
February 1927 M 1926
arch
Shoes (5 firms)____
+ 20.2
—
16.6
Stationery (4 firms)..
+ 0.01
—
14.5
Drugs (5 firms)___
+20.5
— 0.3
AGRICULTURE
Recent reports issued by the Bureau of Agricultural
Economics of the United States Department of Agricul­
ture indicate that the season generally over the country
is fully two weeks early, and that in the south it is nearly
a month ahead of last year, except in northern Texas
and Oklahoma. The reports issued late in March and
early in April through the Agricultural Statisticians of
the states comprising the sixth Federal reserve district
indicate rather important increases in the prospective
acreages in some of the principal crops. In the table
below are shown percentage comparisons of the acreages
which farmers in these states intended on March 1 to
plant to other principal crops, with the acreages which
they planted to these crops last year.
Ala.
C
orn
W
hite Potatoes
+25
Sweet Potatoes ---+20
Hay
+20
Oats
+20
Peanuts
+50
Tobacco
x indicates same as last year.

G
a.
+50
+30
+20
+10
+40
+51

La. M
iss.
+80 +35
+50 +30
+ 8 +20
+60
+40
+70 +40
x
x

Tenn.
+10
I 5
+5
+ 5
+35
—
25

The Tennessee report also indicates a prospective de­
crease of 5 per cent in the barley acreage this year as
compared with last. The Louisiana report indicates a
decrease of 5 per cent in the acreage of rice, and indi­
cates that the sugar cane acreage has been materially
decreased. These reports are not forecasts of the acre­
age which will be planted to these crops, but merely state

4

THE M ONTHLY BUSINESS REVIEW

what the reporting farmers intended on March 1 to plant
to these crops, and enable growers to make adjustments
in their intended acreages as they may see fit in the
light of the information disclosed by the inquiry.
The Florida crop reported for April indicates a condi­
tion of citrus trees generally lower than a year ago.
Grapefruit is reported at 76 per cent, compared with 90
per cent last year; oranges at 82 per cent, compared with
95 per cent; and tangerines at 78 per cent, compared
with 92 per cent last year. Bloom will average lighter
in nearly all sections of the state than last year.
Peach prospects in Georgia were reduced to some extent
by low temperatures and heavy frosts during March. The
average condition in the state on April 1 was 55 per
cent of a full crop, compared with 59 per cent last year,
and with 79 per cent at the same time of 1925.
Wages paid to farm labor generally are lower than at
this time last year.
C TTO M
O N OVEM
ENT (BALES) UNITED STATES
Since August 1
1926
1927
1925
Receipts at all U. S. ports__ 11,586,817 8,750,408 8,818,778
O
verand across the M O
iss., hio,
and Potomac Rivers to Nor.
M and Canada _____ 1,186,780 1,302,801 1,169,577
ills
Interior stock in excess of
those held at close of C ’l
om
Year _______________
370,902 1,182,861 484,595
Southern M takings, net _ 3,770,000 3,338,998 3,081,552
ills
Total 224 days __________ 16,914,499 14,575,068 13,554,502
Foreign Exports ................. 8,899,173 6,587,479 ____
♦American M
ills, Nor. M
ills
_
and Canada _ ______— 6,159,220 6,062,935 ........
American cotton thus far__ 12,964,000 11,656,000 10,978,000
♦O which 1,349,695 by Northern spinners against 2,214,539 last
f
year and 4,309,525 by Southern spinners against 3,848,396 last year.
Sugar Cane
Weather conditions in the Louisiana
and Sugar
cane belt during the past month or
six weeks have been generally favor­
able, although interrupted by rains and cool spells in
March. The crop is growing rapidly and is well ad­
vanced, being about thirty days ahead of a normal season.
M
OVEM
ENT O SUGAR—(POUNDS)
F
Raw Sugar
ar.
M 1927 Feb. 1927 M 1926
ar.
Receipts:
New Orleans ____ 218,472,270 186,024,092 151,568,403
Savannah
58,266,670 69,088,698 70,640,562
Meltings:
196,242,773 122,934,790 153,990,^55
New Orleans
51,913,076 34,419,865 61,377,276
Savannah --Stocks:
New Orleans -....... 122,332,220 100,183,351 50,422,765
Savannah ---------- 48,081,164 41,727,570 39,976,309
Refined Sugar
Shipments:
108,405,253 140,459,765
New Orleans ____ 157,270,f
31,047,242 27,615,835 36,467,113
Savannah ---Stocks:
83,459,463 54,835,375 61,346,755
New Orleans .
33,145,702 13,465,239 33,732,739
Savannah ---RICE M
OVEM
ENT—
NEW ORLEANS
Rough Rice (Sacks)
ar.
M 1927 Feb. 1927 M 1926
ar.
39,763
79,301
48,467
Receipts ...
47,718
73,570
51,979
Shipments
24,882
26,575
32,306
Stock --e (Pockets)
Clean
210,967
153,586
221,119
Receipts ...
176,229
177,220
199,258
Shipments
234,323
310,630
232,491
Stock —
—
M
OVEM
ENT O RICE (BARRELS)
F
(Furnished by Rice M
illers Association)
Receipts (Rough Rice)
M
arch
Season Totals
621,153
7,454,069
Season 1926-27
6,855,107
210,515
Season 1925-26
Distribution (M d Rice)
illed
6,767,025
734,405
Season 1926-27
5,381,585
498,419
Season 1925-26
M
illed)
1,867,788
April 1, 1927 „
1,059,649
April 1, 1926 ...
FINANCIAL
Savings deposits at the end of March,
1927, reported by 90 banks in the
sixth district, were 1.7 per cent great­
er than a month earlier, and were 4.0 per cent greater
than at the same time a year ago. While these totals
have shown increases each month over the corresponding
month a year ago, this is the largest increase which has
been shown since October last year. Total figures with

Savings
Deposits



percentage comparisons are shown in the table for Fed­
eral Reserve Bank and branch cities:
(000 Om
itted)

Compari
Com
parison
son
M
arch
Feb. M
ar. M
ar.-Feb: M
arch
1927
1927
1927
1926 ’27-’26
Atlanta (7 banks)..... .
139,479 $ 37,778 + 4.5 $ 35,442 + 11.4
Birmingham (5 banks)
24,478 25,221 —
2.9 24,356 + 0.5
Jacksonville (5 banks)'
30,406 29,559 +2.9 29,901 + 1.7
27,559 27,462 + 0.4 25,354 + 8.7
New Orleans (8 banks).... 47,456 45,998 + 3.2 48,237 — 1.6
Other Cities (56 banks)... 111,978 110,674 + 1.2 107,205 + 4.5
Total (91 banks)_____ 281,356 276,691 + 1.7 270,495 + 4.0
Debits to Individual The total volume of debits to indiAccounts
vidual accounts at 24 reporting cities
m the sixth district during March
increased 8.9 per cent over February, but was 10.3 per
cent less than in March last year. The monthly figures
shown in the table below are derived from weekly figures
by pro-rating the figures for those weeks which do not
fall entirely within a single month. Figures for Miami
and Hattiesburg are not included in the totals due to the
lack of figures for March last year.
Alabama:
Birmingham
Dothan _
_
M
obile ......
M
ontgomery
Florida:
Jacksonville
M i
iam
Pensacola _
Tam .... .
pa
Georgia:
Albany ___
Atlanta ___
Augusta ___
Brunswick __
Colum
bus __
Elberton ___
M
acon ........
Newnan ......
Savannah __
Valdosta ....
Louisiana:
New Orleans
Mississippi:
Hattiesburg ...
Jackson ___
M
eridian ___
Vicksburg _
Tennessee:
Chattanooga .
Knoxville ....
Nashville __
Total

(000 Omitted)
M 1927 Feb. 1927 M 1926
ch.
ch.
$143,412
130,644 $155,315
3,204
2,688
4,063
40,570
37,936
40,785
23,613
23,378
26,487
106,773
81,889
8,019
56,981

94,079
71,962
7,494
53,374

132,292
9,349
98,879

5,281
165,145
26,453
3,591
14,047
928
22,014
2,249
47,310
5,911

4,296
147,470
23,750
3,222
12,753
699
19,756
2,156
42,015
5,919

6,919
197,508
28,639
3,525
14,134
1,014
23,896
1,892
49,762
6,642

349,263

328,802

361,988

8,069
21,964
17,642
7,643

8,442
21,363
17,031
7,682

47,949
42,460
34,571
31,968
91,952
83,360
$1,246,485 $1,144,295

23,460
16,185
8,093
48,385
34,398
96,115
$1,389,725

Operations of the
Federal Reserve
Bank

The total discounts by the Federal
Reserve Bank of Atlanta for its mem­
ber banks in the sixth district in­
creased from $27,980,000 on March 9
to nearly $32,500,000 on March 23, but have since de­
clined and on April 13 amounted to $27,686,000, 1.1 per
cent less than on March 9, and 32.2 per cent smaller
than on the corresponding report date last year. Hold­
ings of Bills bought in the open market were slightly
greater than on either of the dates under comparison,
and holdings of United States securities amounted on
April 13 to $3,284,000, compared with $2,320,000 on March
9, and with $19,451,000 on April 14, 1926. Total bills and
securities on April 13 were $42,581,000, compared with
$41,691,000 on March 9, and with $72,109,000 on the cor­
responding report date of 1926. Cash reserves on April
13 were 2.2 per cent greater than on March 9, but were
2.2 per cent smaller than a year ago. Deposits were 1.1
per cent less than on March 9, and 15.4 per cent less
than a year ago. Federal Reserve Notes in circulation
were 4.0 per cent greater than on March 9, but 11.3 per
cent less than on April 14, last year. Principal items in
the weekly statement for April 13, with comparisons, are
shown in the table following:
(000 Om
itted)
M 13, M 9, April 14,
arch
arch
n.n
.. .
1927
1927
1926
Bills Discontinued:
Secured by G
ov’t. Obligations..! 2,756 $ 3,554 $ 8,700
All others --------------------- 24,930 24,426
32*164
Total Discounts .............. .... 27,686 27,980
40,864

THE M ONTHLY BUSINESS REVIEW
11,391 10,887
Bills bought in open market-----2,320
U. S. Securities ----------------«,284 41,691 19,451
72,109
Total Bills and Securities............. 42,581 203.853 212,936
C Reserves --------------------- 208,321 72,291 84,449
ash
Total Deposits ----- -—--- ------ £1,475 168,370 197,358
F. R. Notes in actual circulation.. 175,1^8
75.6
84.7
Reserve Ratio ............................
The total loans and discounts reCondition of
Member Banks in ported to the Federal Reserve Bank
Selected Cities
weekly by 34 member banks located
in Atlanta, New Orleans, Birming­
ham, Jacksonville, Nashville, Chattanooga, Knoxville and
Savannah on April 13 amounted to $393,530,000 compared
with $388,872,000 five weeks earlier, and with $408,976,000 on the corresponding report date of 1926. Loans
secured by stocks and bonds, including government se­
curities, on April 13 were $1,043,000 less than on March
9, but were $495,000 greater than on April 14 last year.
“All other loans,” which are largely for commercial pur­
poses, on April 13 were $4,658,000 greater than on March
9, but were $15,466,000, or 3.8 per cent, smaller than a
year ago. Total loans and discounts were seven-tenths
of one per cent greater on April 13 than on March 9,
but were 2.9 per cent less than at the same time last
year. Holdings by these banks of government securities
on April 13 were $13,014,000 greater than on March 9,
due to participation in the government's offering on
March 15, and were 13.3 per cent greater than a year ago.
Holdings of other stocks and bonds decreased slightly
compared with those on March 9, but were 7.9 per cent
greater than a year ago. Total loans, discounts and in­
vestments of these reporting banks on April 13 were 2.6
per cent greater than on March 9, but were seven-tenths
of one per cent less than a year ago. Time deposits in­
creased 1.5 per cent over those on March 9, and 7.9 per
cent over those a year ago, but demand deposits were
one-half of one per cent smaller than on March 9, and
5.1 per cent less than a year ago. Principal items in the
weekly report, with comparisons, are shown in the table:
<000 Om
itted)
arch
April 13, M 9, April 14,
1926
1927
1927
Bills Discontinued:
Secured by G
ovt. Obligations $ 5,494 $ 5,562 $ 7,686
Secured by Stocks and Bonds... 109,544 110,519 106,857
All other ------------------- 393,530 388,872 408,976
Total Discounts ------------- . 508,568 504,953 523,519
U. S. Securities ........................ 54,281 41,267 47,913
O ther Stocks and Bonds--------- . 58,488 59,281 54,215
O
Total Loans, Discounts and In­
vestments _____________ 621,337 605,501 625,647
Time Deposits ---------- ---------- 237,038 233,631 219,778
Dem
and Deposits ----------------- 341,710 343,584 360,182
Accom odation at F. R. Bank--- . 13,997 13,508 27,259
m
Commercial
Failures

Statistics compiled by R. G. Dun &
Co. indicate that commercial failures
in the United States during March
numbered 2,143 compared with 2,035 in February, and
with 1,984 in March, 1926, and that liabilities of firms
which failed in March amounted to $57,890,905, compared
with $46,940,716 in February, and with $30,622,547. Fail­
ures in the sixth district in March numbered 152, with
liabilities amounting to $4,530,678, compared with 191 in
February with liabilities of $1,686,424, and compared with
79 in March last year with liabilities of $1,127,953. The
table below shows failures for March divided by Federal
Reserve Districts:
Number Liabilities Liabilities Liabilties
Dstrict—
M 1927 M 1927 Feb. 1927 M 1926
ch.
ch.
ch.
Boston ..... ..
234 $ 7,960,696 $3,412,009 $3,249,565
New York ___ ... 380
10,932,189 9,722,481 6,463,891
Philadelphia ..
83
3,966,722 8,272,430 1,776,957
Cleveland ___ ... 193
4,724,804 3,494,055 3,738,723
Richm
ond ___.... 147
3,585,847 4,248,597 2,004,057
Atlanta ____ — 152
4,530,678 1,686,424 1,127,953
Chicago ____ ... 322
11,840,265 3,738,344 4,062,641
St. Louis ___ ... Ill
1,088,841 2,006,081 2,808,588
M
inneapolis
- 89
868,720 1,144,000
926,970
Kansas City
116
1,684,193 2,137,188 1,214,509
Dallas ______ ... 59
1,415,400 2,023,100
809,191
San Francisco
257
5,292,550 5,086,007 2,439,502
2143 $57,890,905 $46,940,716 $30,622,547
IMPORTS AND EXPORTS
Preliminary statistics compiled by
the United States Department of
Commerce indicate that the volume of exports during

United States




March was larger than in either the preceding month or
the same month last year, and imports were also greater
than in February, but somewhat smaller than in March,
1926. In March the value of exports exceeded the value
of imports by 33 million dollars, while in March last year
imports exceeded exports by more than 68 millions. For
the first quarter of 1927, exports have exceeded imports
by nearly 158 millions, while for the same period of 1926
imports were nearly 123 millions greater than exports.
Preliminary figures for March, with comparisons, are
shown below:
1927
1926
Imports:
M
arch ______ __ _____ $ 377,000,000 $442,899,000
February
310,917,000 387,306,000
9
months ending: with M 3,173,748,000 3,409,790,000
arch
Exports:
M
arch
410,000,000 374.406.000
February _____________
372,679,000 352.905.000
9 months ending: with M
arch 3,804,492,000 3,670,675,000
Imports
Merchandise valued at $18,964,355
New Orleans
was imported through the port of
New Orleans during the month of
January, 1927, compared with $16,511,673 in December,
and with $20,712,352 in January last year. Increases
were shown in imports of newsprint paper, petroleum,
gasoline, sugar, and burlaps, but decreases in a number
of other large items. Principal items imported in Janu­
ary were:
Volume
Value
Bananas, bunches
1,538,861 $ 851,547
C
offee, lbs.
----------------------- 42,080,745 7,585,870
321,311
Newsprint paper, lbs.......................... 10,418,831
C
rude petroleum, bbls.................. ......
917,174 1,250,747
Gasoline, bbls................................... .
304,017 1,539,440
Sugar, lbs______ ______________ 99,800,667 3,148,191
Burlaps, lbs. __________________ 15,317,772 1,698,924
Exports
New Orleans

The total value of commodities exported during January through the
port of New Orleans was $40,607,450,
compared with $43,201,148 in December, and with $44,761,406 in January, 1926. Movement of tobacco, wheat
flour, rough Southern pine boards, oak boards, and parafine wax was in larger volume than a year ago, but other
important items showed decreases. Some of the larger
items are shown in the table:
Volum
e
Value
Tobacco, lbs. _________________ 10,918,797 $ 965,642
Lard, lbs.
4,848,480
699,532
W
heat flour, bbls___ __________
139,132
981,497
Lons: staple cotton, bales________
44,757 3,440,047
Short staple cotton, bales________
190,214 14,215,416
Rough Southern pine boards, ft.____ 8,749,000
440,677
O boards, ft___ ___________._ 11,685,000
ak
748,039
Gasoline, bbls-------------------------- 1,079,859 6,005,821
Illuminating oil, bbls. __ ..._______
433,688 1,547,641
Cylinder lubricating: oil, bbls_____ _
58,268
604,682
Refined paraffin wax, lbs._______
9,411,362
481,316

Grain Exports—New Orleans
Grain exports in March through the port of New Or­
leans amounted to 967,773 bushels, showing a gain of
232,508 bushels compared with 735,265 bushels exported
in March, 1926. Wheat, Oats, and Rye show considerable
gains, while corn continues to decline. Figures for March,
and for the season to date, are shown in the table, with
comparisons.
Season Through
M 1927 M 1926 M 31, M 31,
ch.
ch.
ch.
ch.
1927
1926
W
heat
398,940 71,183 7,245,711 2,424,347
C ________
orn
376,633 635,847 3,396,268 5,362,178
Oats ________
106,486 23,268
904,170
514,316
Rye ________
85,714
4,967
377,142
4,967
967,773 735,265 11,923,291 8,305,808
BUILDING
Building permits were issued during March at twenty
regularly reporting cities in the sixth district for build­
ings valued at $10,664,251, an increase of 4.3 per cent
over the total for February, and greater than the totals
for any month since October last year. The March total
is, however, 29.2 per cent smaller than for March last
year. Nine of these cities reported increases over March,
1926, while eleven reported decreases. The index num­
ber for the district for March is 295.8, compared with
283.6 for February, and with 417.7 for March last year.

6

TH E M ONTHLY BUSINESS REVIEW

Statistics of contracts awarded compiled by the F. W.
Dodge Corporation show a total of awards in March for
the United States amounting to $620,738,200, greater by
57.2 per cent than the total for February, and greater
than has been reported for any single month in recent
years. The Division of Research and Statistics of the
Federal Reserve Board divides these statistics by Federal
Reserve districts, and the March total for the sixth dis­
trict is $45,921,113, an increase of 43.8 per cent over the
total of $31,927,801 for February, but 20.7 per cent small­
er than the total for March last year.
Percentage
M 1926 Change
ch.
M 1927
ch.
in Value
No. Value No. Value
Alabama:
. 17 $ 31,300 22 $ 12,700 + 146.5
Anniston
Birmingham -------661 1,633,346 669 2,688,812 — 39.3
161,313 + 18.1
190,515
M
obile ------------- 57
129,200 — 8.4
118,372
M
ontgom ---- -- 136
ery
Florida:
1,021,049 481 1,546,203 — 34.0
Jacksonville ...... -—
556
890,329 975 3,330,923 — 73.3
M i ________ 379
iam
400,570 — 43.1
227,775 224
Orlando ........ .......162
89,098 +219.3
284,455 47
Pensacola ---------- 66
584,452 1013 1,779,336 — 67.2
Tam -------------478
pa
459,150 — 88.8
51,350 160
♦Lakeland --------- 34
463,450 — 85.6
66,600 26
♦M i Beach ------ 16
iam
Georgia:
1,094,393 358 1,117,491 — 2.1
Atlanta ................. 397
79,224 + 163,0
208,359 145
Augusta ----------- 39
133,440 + 61.5
215,512 72
Colum
bus ______ 68
193,751 + 349.8
871,545 124
M
acon ________ 220
133,567 + 48.6
198,540 66
65
Savannah ......
Louisiana:
..193 1,511,421 160 1,869,164 — 19.1
New Orleans
112,057 — 14.6
95,710 103
Alexandria ............104
Tennessee:
284,540 + 153.7
721,766 295
Chattanooga ------ 242
40,020 — 20.7
31,750 18
Johnson City ------ 24
698,350 — 33.6
463,689 241
Knoxville ............253
260,303 + 3.7
269,973 213
Nashville --- _------263
4380 $10,664,251 5392 $15,060,062 — 29.2
Total 20 Cities--417.7
295.8
Index No.
♦Not included in totals or index numbers.
LUMBER
Preliminary figures for March, received from 130 sub­
scribing mills by the Southern Pine Association up to the
18th of April, show that these mills booked orders during
March amounting to 314,283,977 feet, while their produc­
tion totaled 307,459,443 feet. Orders for March exceeded
production by 2.2 per cent, while in February orders
were smaller by 2.1 per cent than the month’s output.
March shipments were slightly greater than the volume
of orders, and were 2.3 per cent greater than production.
March production was only 6.8 per cent below the com­
puted normal production of the reporting mills, while in
February the output was 15.1 per cent smaller than nor­
mal production of the mills which reported for that month.
Stocks on hand at the end of March fell three-tenths of
one per cent below normal stocks for the reporting mills,
while in February stocks were 2.8 per cent greater than
normal. Unfilled orders on hand at the end of March
amounted to 227,085,921 feet, and were 26.1 per cent
less than the month's output. Figures of 93 identical
mills show that for the week ended April 8 this year
orders booked were 6 per cent smaller than in the same
week a year ago, while production was 4.5 per cent
greater. The statement of operating time for the week
ending April 8 shows that of 113 reporting mills, 95 oper­
ated 5 1-2 days or a full week, and of those operating full
time 16 reported overtime aggregating 628 hours, or an
average of 39 hours overtime for each of these 16 mills
during that week. Preliminary figures for March, with
comparisons, are shown in the table:
M 1927 Feb. 1927 M 1926
arch
arch
130 M
ills 130 M
ills 126 M
ills
feet
feet
feet
..314,283,977 271,330,645 308,887,709
O
rders ...... .....................
..314,623,513 251,417,649 308,013,983
Shipments -------------- --. 307,459,443 277,208,001 314,005,232
Production ----------------Normal production, these mills__ 329,720,564 326,604,182 311,828,854
Stocks, M
arch 31 ___________ 863,180,940 862,661,854 765,852,327
Normal Stocks, these mills.... ...... 865,607,884 838,989,173 811,522,704
Unfilled Orders, M
arch 31..............227,085,921 219,205,180 161,784,952
TEXTILES
According to statistics compiled and
published by the United States Cen­
sus Bureau, the consumption of cot­
ton in the United States during March, 1927, reached the
Cotton
Consumption




highest level ever recorded. Total consumption in March
was 694,193 bales of lint, the greatest quantity ever con­
sumed in a single month, 17.6 per cent greater than the
consumption in February, and 9.2 per cent greater than
in March last year. Stocks in consuming establishments
increased slightly over those at the end of February, and
were 11.8 per cent greater than a year ago. Stocks in
public storage and at compresses declined 17.5 per cent
compared with February, but were 7.9 per cent greater
than a year ago. For the seventh consecutive month,
cotton exports for March exceeded a million bales, bring­
ing total exports for the first eight months of the cotton
year to 8,829,056 bales, including linters. The number of
spindles active in March increased 47,186 over February,
but was 325,866 smaller than in March, 1926.
Consumption of cotton in the cotton growing states in
March totaled 497,169 bales, an increase of 16.9 per cent
over February consumption, and 13.0 per cent greater
than in March last year. Spindles active in the cottongrowing states in March increased 51,286 over February,
and were 329,498 greater than in March, 1926. In other
states spindles decreased 4,100 in March compared with
February, and were fewer by 643,976 than in March,
1926. The Census Bureau’s statement indicates that in
March 71.6 per cent of the total consumption of the coun­
try was in the cotton-growing states, compared with 72.1
per cent in February, and with 69.2 per cent in March
last year.
UNITED STATES (Bales)
Cotton Consumed:
M 1927 Feb. 1927 M 1926
arch
arch
Lint
694,193
590,447
635,896
Linters __
68,176
60,336
65,636
Stocks in Consuming Esetablishments:
Lint --------------------- 1,980,103 1,933,077 1,771,897
Linters ------------------ 226,987 195,106
183,508
Stocks in Public Storage and at Compresses:
Lint ---------------------- 4,491,955 5,443,820 4,164,062
Linters ..... ................... 79,140 71,988
87,763
Exports —........................... 1,129,537 1,010,507
519,732
Im
ports .......................... .
41,267 39,702
45,726
Active Spindles _________ 32,919,288 32,782,102 33,245,114
C TTO GRO ING STATES (Bales)
O N
W
M 1927 Feb. 1927 M 1926
arch
arch
Cotton Consum ................ 497,169 425,442
ed
439,838
Stocks in Consuming Estabments _____ ___ ____ 1,339,185 1,310,397 1,073,405
Stocks in Public Storage and
at Com
presses .............. 4,123,620 5,068,744 3,932,260
Active Spindles .........................17,596,644 17,545,358 17,267,146
Cotton
Confidential reports for March were
Cloth
rendered to the Federal Reserve
Bank by cotton mills in the sixth
district which manufactured during March 32,266,000
yards of cloth, an output 13.7 per cent greater than in
February, and 11.0 per cent greater than in March last
year. The increase over February may be attributed
partly to the larger number of working days in March.
Shipments, orders booked, unfilled orders and the num­
ber of workers on payrolls all showed increases over both
periods under comparison, while stocks of manufactured
goods on hand showed decreases in both instances.
M
arch 1927 com
pared with:
Feb. 1927 M 1926
arch
Production ...........
+11.0
+ 13.7
Shipments ...........
+23.6
+26.7
Orders booked .....
+67.9
+ 0.3
Unfilled orders __
+ 11.3
+67.0
Stocks on hand __
— 4.4
—13.9
Number on payroll
+ 5.5
+ 1.7
Cotton
Reports for March were received
Yarn
from mills which during the month
manufactured 8,322,000 pounds of
yarn, a production 15.6 per cent greater than in February,
and 6.3 per cent greater than in March last year. The
number on payrolls showed increases over both of these
periods. March shipments and orders booked were
greater than in February, but smaller than in March,
1926, and unfilled orders and stocks on hand were smaller
than for February but greater than for March last year.
M
arch 1927 com
pared with:
Feb. 1927 M
arch 1926
Production ..... .....
+15.6
+ 6.3
Shipments _____
+ 4.3
— 0.8
Orders booked .....
+ 8.7
— 6.8
Unfilled orders __
— 9.7
+10.1
Stocks on hand _
— 2.8
+40.3
Number on payroll
+ 0.1
+ 3.1

THE M ONTHLY BUSINESS REVIEW
Hosiery

Production, shipments and stocks of
hosiery reported to the United States
Census Bureau by 33 identical establishments in the
sixth district manufacturing hosiery, were greater for
March than for February, but orders booked, and unfilled
orders showed decreases, as indicated in the totals shown
in the table:
(Dozen Pairs)
M 1927
arch
Feb. 1927
Production __ __ ________
_
747,743
683,946
Shipments ..................... ............
766,827
679,145
Stocks ......... ..... .......................
1,597,457
1,567,559
O
rders booked ____ ____ ___
_
759,012
777,152
Cancellations _ ___ _____....
_
27,977
21,275
Unfilled orders ........... ...... ......
902,830
931,511

C TTO SEED AND COTTONSEED PRODUCTS
O N
♦Sixth District
United States
Aug. 1 to M
arch 31
Aug. 1 to M
arch 31
1927
1926
1927
1926
Cottonseed,tons:
6,109,858
5,376,068
Received at mills..... 1,901,713 1,775,173
Crushed ........... .....
1,754,259 1,602,259
5,563,298
4,995,037
O Hand ....... .... .
n
154,539
174,384
562,882
410,875
Production:
C
rude O lbs__ 551,697,607 477.804,563 1,658,106,078 1,441,067,988
il,
_
Cake and M tons
eal,
752,445
740,674
2,491,597
2,329,063
Hulls, tons ___ __
530,350
450.236
1,624,208
1,376,714
Linters, bales _____
279,526
296,807
907,216
942,267
Stocks— arch 31:
M
(**)
(♦*)
C
rude Oil, lbs____ 32,148,959 16,524,140 98,631,318 42,201,039
C and M tons
ake
eal,
63,271
104,223
179,376
344,618
61,881
29,209
232,375
166,348
Hulls, tons ______
Linters, bales ____
45,948
61,158
174,873
200,243
♦Georgia, Alabama, Louisiana and M
ississippi.
♦♦Not including stocks held by refining and manufacturnig establish­
ments, and in transit to refiners and consum
ers.
COAL
Statistics compiled by the United States Bureau of
Mines indicate that the production of bituminous coal
in the United States was maintained at a high level
through the week ending March 26, but declined sharply
during the two following weeks. Production for the week
ending March 26 was higher than for any other week
since December 11. The coal year ends March 31, and
the suspension of mining in many of the union fields is
given as the chief cause of the decline since the opening
of the new coal year. April 1 is also usually observed in
union fields as “Eight-Hour Day.” The output during
the week ending April 9, was 5,115,000 tons, or 38 per
cent, smaller than for the week ending March 26, the last
full-time week before the expiration of the wage agree­
ments.
Weekly figures for Alabama and Tennessee, the coal
producing states of the sixth district, show a greater de­
gree of activity for each week during March than at the
same time last year. Weekly figures for the United
States, and for Alabama and Tennessee, are shown in
the table, together with comparative figures for corres­
ponding weeks last year:
(000 Om
itted)
United States
Alabama Tennessee
1927 1926 1927 1926 1927 1926
M
arch 5 ....... _ 13,262 10,460 482 403 129 108
_
M
arch 12 ___ ..... -.13,778 10,690 479 416 133 120
M
arch 19
........13,020 10,263 472 426 128 110
M
arch 26
........18,373 9,626 483 391 127 103
April 2 .......... __ 11,054 9,040 450 396 122 106
April 9 _____ ____ 8,258 9,420
World production of coal in 1926 was approximately
1,335 million tons, practically the same as in 1924 and
1925, according to statistics of the Bureau of Mines. The
decline in the output of the United Kingdom caused by
the great strike was largely offset by increases in the
other principal porducing countries.

m°N

Statistics compiled and published by the Iron Age indi­
cate that the month of March, 1927, recorded the greatest
total production of pig iron in the United States in two
years, and in Alabama March production, while slightly
smaller than in November, 1926, was greater than for
any other month since April, 1925. Total production in
the United States during March amounted to 3,483,362
tons, compared with the production of 2,940,679 tons re­
ported for the 28 days of February, and compared with
an output of 3,441,986 tons in March last year. The daily
average rate of production in March was 112,366 tons,
greater by
7,342 tons per day than in February, and


1,334 tons per day greater than in March, 1926. The
daily rate in March, 1927, is greater than for any month
since April, 1926, and with this exception is greater than
has been reported since March, 1925. There was a net
gain of six furnaces in active operation during March,
nine having been blown in and three shut down. In Feb­
ruary there was a net gain of nine, and in January a
gain of five, making a gain for the first quarter of the
year of 20 furnaces. There were 223 furnaces active
April 1, compared with 217 a month earlier, and with 236
active a year ago. The March index number of pig iron
production was 136.7, compared with 115.4 for February,
and with 135.1 for March, 1926.
The production of pig iron in Alabama in March
amounted to 271,097 tons, compared with 236,786 tons in
February, and with 244,403 tons in March 1926. The
March index number for Alabama production of iron is
154.2 compared with 134.7 for February, and with 139.0
for March last year. There was no change in furnace
activity in Alabama during March, 22 furnaces having
been active on March 1 and on April 1. At the same
time last year there were 23 furnaces active in Alabama.
Press reports indicate that the price of No. 2 foundry at
.'Birmingham continues at $18.00 per ton, with $19.00 be­
ing asked on spot shipments. Buying continues largely
on a hand to mouth basis, but business booked recently
has resulted in plans for curtailed production being aban­
doned for the time being.
Unfilled Orders—U. S. Steel Corporation
Unfilled orders on hand at the end of March reported
through the press by the United States Steel Corporation
amounted to 3,553,140 tons, a decrease of 43,979 tons, and
smaller than for any month since August last year. At
the end of March last year unfilled orders totaled 4,380,822 tons.
NAVAL STORES
Receipts during March of both turpentine and rosin
at the three principal markets of the district were con­
siderably larger than in February, and in March last
year, because of the generally warm and favorable
weather conditions as contrasted to the cold wet spring
of 1926. Receipts of spirits of turpentine for the twelve
months of the Naval Stores year which ends with March,
were greater than for the two preceding seasons, and
with the exception of the season of 1923-24, were greater
than for any season since 1916-17. Receipts of rosin
were greater than during the preceding year, smaller
than the seasons of 1923-24 and 1924-25, and greater than
any of the six seasons from 1917-18 through 1922-23.
Stocks of turpentine on hand at the end of March were
somewhat smaller than a year ago, and supplies of rosin
were the smallest reported at the end of any season in
about twenty-five years. According to statistics com­
piled by the Turpentine and Rosin Producers Association,
the average of prices prevailing on the Savannah market
in March for turpentine was 67 3-4 cents compared with
68 1-4 in February, and with 93 5-8 in March last year,
and the average of prices of rosin in March was $10.85,
compared with $12.65 in February, and with $12.70 in
Receipts—
Turpentine:

Total ____
Receipts—
Rosin:
Savannah .....
Jacksonville
Pensacola ....
Stocks—
Turpentine:
Savannah ___
Jacksonville __
Total _
_
Stocks—
Rosin:
Savannah
Total

M 1927 Feb. 1927 M 1926
ch.
ch.
4,686
1,229
2,057
4,185
2,174
1,535
1,261
735
907
10,132
5,138
3,599
15,620 10,509
5,320
15,737
7,076 11,404
4,965
3,472
4,542
36,322 22,127 20,196
3,653
8,130
4,612
17,043 23,321 19,697
3,972
8,596
2,557
24,668 40,047 26,866
24,255 44,595 34,580
34,546 74,408 65,037
22,212 28,632 17,615
81,013 147,635 117,182

THE M ONTH LY BUSINESS REVIEW

8

MONTHLY INDEX NUMBERS
The following index numbers, except where indicated otherwise, are computed by the Federal Reserve Bank
of Atlanta, and are based upon average figures for 1919. That is, average monthly figures for the year 1919 are
represented by 100, and the current monthly index numbers show the relation of activity in these lines to that
prevailing in 1919.
RETAIL TRADE 6TH DISTRICT
(Department Stores.)
Atlanta_______________________________
Birmingham___________________________
Chattanooga__________________________
Nashville_____________________________
New Orleans__________________________
Savannah_____________________________
Other Cities__________________________
District______________________________
RETAIL TRADE U. S. (1)
Department Stores___________________
Mail Order Houses__________________
Chain Stores:
Grocery__________________________
Drug_____________________________
Shoe__________________________ ____
__
5 & 10 Cent__________________ ____
Music_______________ _____________
Candy___ _________________________
Cigar____________________________
WHOLESALE TRADE 6TH DISTRICT
Groceries___________________________
Dry Goods__________________________
Hardware..,___________ _ .
Shoes_______________________________
Total_______________________________
WHOLESALE PRICES U. S. (2)
Farm Products__________________:___
Foods_________________ .
Cloths and Clothing_________________
Fuel and Lighting___________________
Metals and Metal Products____ _ ____
_
Building Materials__________ _ _____
Chemicasl and Drugs________________
House Furnishings_________________
Miscellaneous_______________________
All Commodities________________ __
BUILDING PERMITS 6TH DISTRICT
Atlanta_____________________________
Birmingham_________________________
Jacksonville_________________________
Nashville___________________________
New Orleans________________________
Other Cities___ -____________________
District (20 Cities)__________________
COTTON CONSUMED:
United States_______________________
Cotton-Growing States______________
All Other States____________________
Cotton Exports______________________
PIG IRON PRODUCTION:
United States_______________________
Alabama____________________________
UNFILLED ORDERS—U. S. STEEL
CORPORATION_____________________
(1) Compiled by Federal Reserve Board.
(2) Compiled by Bureau of Labor Statis­
tics. (1913—100.)




January February
1927
1927

March
1927

January February
1926
1926

March
1926

112.7
102.1
77.9
68.2
94.1
64.2
91.6
91.5

106.5
110.9
71.3
78.9
99.4
62.2
98.6
95.5

132.6
132.3
82.2
91.6
104.7
80.2
96.7
107.0

98.9
104.9
71.7
69.0
100.2
55.5
93.5
91.6

104.0
120.9
67.1
79.4
90.2
56.5
102.6
93.1

117.0
154.5
81.4
91.0
110.0
90.7
106.7
111.1

114.3
107.4

106.0
106.7

128.4
131.8

115
116

105
111

130
130

342.8
209.2
106.3
177.3
94.2
178.1
134.4

332.8
201.4
110.0
191.0
106.3
194.4
136.9

386.5
223.9
125.3
212.7
107.9
215.6
153.2

281
178
108
166
101
167
127

289
172
97
170
105
173
127

302
196
143
199
112
206
142

89.0
62.2
95.4
57.1
78.0

87.1
87.1
78.0
64.6
75.6

97.4
89.9
82.5
77.6
84.8

106.6
73.3
122.1
52.4
96.0

98.1
79.0
109.7
63.3
90.3

110.7
89.8
110.2
86.1
99.4

137.2
149.6
167.3
179.8
124.4
169.7
122.1
157.4
117.9
146.9

136.9
148.9
168.7
177.1
122.2
167.9
122.0
157.5
118.5
146.4

136.6
147.1
168.4
168.3
122.8
166.8
120.7
157.4
118.6
145.3

151.8
156.2
185.5
176.5
128.9
177.9
133.2
164.9
135.3
156.0

149.9
153.2
183.9
179.4
128.4
177.1
132.3
163.9
132.9
155.0

144.0
151.4
180.5
175.1
127.7
175.5
131.6
163.9
128.3
151.5

122.4
553.8
335.6
202.1
287.6
260.4
260.2

122.9
542.4
440.9
179.9
457.3
251.1
283.6

125.7
499.4
341.4
142.6
345.5
346.4
295.8

174.4
383.0
462.6
331.4
167.6
570.3
386.4

663.8
585.9
480.3
119.1
524.2
577.9
560.7

128.3
822.1
516.9
137.5
427.3
511.4
417.7

113.0
148.3
70.6
202.9

110.4
144.1
69.8
183.8

129.8
168.4
83.3
205.4

109.0
139.6
72.3
136.4

106.0
135.2
71.1
101.1

118.6
148.5
83.0
94.5

121.8
140.2

115.4
134.7

136.7
154.2

130.1
141.2

114.7
130.2

135.1
139.0

63.4

60.0

59.3

81.4

77.0

73.1

c