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M O N TH LY
R E V IE W
O f Agricultural, Industrial, Trade and Financial
Conditions in the Sixth Federal Reserve District
FEDERAL RESERVE BANK OF ATLANTA
O sc a r N e w to n ,
W ard
Chairman of the Board and Federal Reserve Agent
Assistant Federal Reserve Agent
A lb e r ts o n ,
(Compiled August 18, 1928)
VOL. 13, No. 8
ATLANTA, GA., AUGUST 31, 1928
BUSINESS CONDITIONS IN THE UNITED STATES
Industrial and trade activity was in larger volume in
July than is usual in mid summer and the general level of
commodity prices advanced slightly. Member bank hold
ings of securities and loans on securities declined in July
and August, while all other loans increased to the highest
level since 1921. Conditions in the money market remain
ed firm.
Production
Production of manufactures and min
erals showed a smaller decrease
than usual in July, and the index of industrial production,
which makes allowance for seasonal variations, advanced.
Production of steel, bituminous coal, petroleum, automobiles,
and footwear was larger in July than in June, while
activity in textile mills, meat packing, and copper and
anthracite mines declined. Lumber production showed
less than the usual seasonal decrease. Steel mill activity,
which during July was at an unusual high level for the
summer season, was well maintained during August.
Weekly reports from Detroit factories showed a larger
volume of employment in the middle of August than at
any previous date, indicating that automobile production
continued large in that month. Building contracts award
ed declined by somewhat more than the usual seasonal
amount in July, but were larger than in any previous
July, the increase over last year being chiefly in residen
tial building. Contracts awarded in the first two weeks
in August were slightly smaller than in the same period
of last year. Estimates of the Department of Agriculture
as of August 1 indicate considerable improvement in crop
conditions during July. Estimated wheat production was
891,000,000 bushels, larger by 91,000,000 than on July 1
and slightly larger than the yield in 1927. The corn crop
is expected to be more than 3,000,000,000 bushels, an in
crease of 250,000,000 bushels from last year. Forecasts
for other grain crops were also larger than the July 1
estimates and in most cases exceed last years yields. The
P ER C EN T
P ER C EN T
Index numbers of production of manufacturers and minerals com
bined, adjusted for seasonal variations (1923-1925 average—100).
Latest
July 109.
Digitized for figure,
FRASER
August 1 forecast of cotton production was 14,290,000 as
compared with yields of 12,955,000 bales in 1927 and
nearly 18,000,000 bales in 1926.
Trade
Distribution of commodities at whole
sale and retail was in larger volume
in July. Sales of dry goods and shoes at wholesale were
larger than in June, and those of other lines were only
slightly smaller. Department store sales, after allow
ance for seasonal changes, increased in July. Compared
with July a year ago trade of both wholesale and retail
firms were larger. Stocks of department stores and of
wholesale firms continued smaller than a year ago. Freight
car loadings increased by more than the usual seasonal
amount in July and for the first time this year were larger
than in the corresponding month of 1927. Increases, com
pared with last year, were reported in loadings of miscel
laneous commodities and of grain, reflecting the early
harvesting of the crop this year. The largest decrease,
as compared with a year ago, was irf livestock shipments.
During the first two weeks in August, total loadings were
in about the same volume as in the corresponding weeks
of last year.
Prices
The general level of wholesale com
modity prices increased slightly in
July, reflecting chiefly advances in the prices of livestock
and meats, although there were also small increases in
hide and leather products, textiles, petroleum products,
and building materials. There was a sharp decline in the
price of grains, other than corn, and some decreases in
chemicals and drugs, silk, rubber, and automobile tires.
During the first half of August there were increases in
the price of sugar, hogs and pork products, coke, and
lumber, and decreases in grains, cotton, wool, and hides.
Bank Credit
Between July 18 and August 15 total
loans and investments of member
banks in leading cities decreased by about $130,000,000.
(Continued on Page Seven)
PER CEN T
P ER CENT
Index of United States Bureau of Labor Statistics. 1926—100, base
adopted by bureau). Latest figure July 98.3..
MONTHLY REVIEW
2
1924
1925
1926
1927
1928
Monthly averages of weekly figures for banks in 101 leading cities.
Latest figures are averages for the first three weekly report dates in
August.
SIXTH DISTRICT SUMMARY
A further seasonal decline in retail trade, increases
over June in wholesale trade and in building activity, and
improvement in agricultural conditions during July are
indicated in statistics gathered for the August Monthly
Review. Retail trade declined seasonally in July, but was
2.5 per cent greater than in July last year. The volume
of wholesale trade increased slightly over June, but was
at a lower level than in July a year ago. Rapid growth,
and improvement in condition generally, of agricultural
crops was indicated in the August 1 reports of the United
States Department of Agriculture. The cotton crop in the
sixth district this year, omitting those parts of Tennessee,
Louisiana and Mississippi located in other districts, is esti
mated at 2,472,000 bales, compared with 2,836,000 bales
produced last year, a decrease of 12.8 per cent. Sugar
production in Louisiana is estimated at more than twice
that of last year. Savings deposits in the district declined
in July, following the semi-annual interest period, but
continued greater than last year. Weekly reports of re
porting member banks indicate a decline in loans on
securities between July 11 and August 8, but an increase
in these banks’ holdings of government obligations. Dis
counts by the Federal Reserve Bank for its members con
tinued to increase during that four weeks period. Com
mercial failures in the sixth district, in point of liabilities,
increased slightly over June, but were less than in July a
year ago. Building permits increased more than twelve
per cent over June, but were 2 per cent less than in July
last year, and contract awards in the district increased
12 per cent over June, and were 14 per cent greater than
a year ago. Smaller production of cloth and yarn in the
district, and smaller consumption of cotton, is the result
of curtailed operations on the part of mills in various
localities.
Weekly rates in New York money market: Commercial paper rate
on 4-to-6 months paper and acceptance rate on 90-day paper.
RETAIL TRADE
The volume of retail trade in the sixth district, as re
flected in sales statistics reported confidentially to the
Federal Reserve Bank by 46 department stores in the
district, exhibited a further seasonal decline in July. Total
sales by these stores during July this year show an in
crease of 2.5 per cent over July 1927. During the period
since 1919 that these statistics have been collected, the low
level for the year in retail trade has been reached in July
of every year except 1925, when sales in August were
slightly less than in July. Increases over July last year
are shown for Atlanta, Nashville and New Orleans, but
decreases for Birmingham, Chattanooga, and Other Cities.
For the first seven months of 1928, sales by these 46 de
partment stores show an increase of 2.8 per cent over the
same period last year. Stocks at the end of July declined
3.6 per cent compared with a month earlier, but were 1.8
per cent greater than a year ago. Accounts receivable at
the end of July were 7.6 per cent less than a month earlier,
but were 14.1 per cent greater than at the end of July 1927.
Collections in July decreased 4.8 per cent compared with
June, and were seven tenths of one per cent smaller than
in July last year. The ratio of collections during July to
accounts receivable and due at the beginning of the month,
for 33 firms, was 31.6 per cent, compared with 31.9 per
cent for June, and for July last year, 36.4 per cent. For
July, the ratio of collections against regular accounts out
standing for 33 firms was 33.5 per cent, and the ratio of
collections against installment accounts for 9 firms was
15.6 per cent.
CONDITION OF RETAIL TRADE DURING JULY 1928 AT 46 DEPARTMENT STORES
SIXTH FEDERAL RESERVE DISTRICT
Comparison of Net Sales
Comparison of Stocks
Rate of Stock Turnover
July 1928 with
Jan. 1 to July 31, July 31, 1928 with July 31, 1928 with
July
.Jan. 1 to July SIJuly 1927
1928 with same
July 31, 1927
June 30, 1928
1927
1928
1927
1928
_____ __________ period in 1927__________ _______________
Atlanta (5) ___
+ 4.5
-+11.8
+15.3
— 5.3
.25
.22
2.13
1.85
Birmingham (5) .
0.8
+ 0.1
— 2.7
+ 7.4
.23
.17
1.51
1.39
Chattanooga (6) .
—- 4.3
0.6
— 2.9
— 0.2
.16
.16
1.35
1.33
Nashville ( 5 ) __
~+ 7.0
+12.0
+ 6.1
— 3.4
.20
.19
1.85
1.67
New Orleans (5) . „+ 1.6
— 0.3
— 2.9
— 0.8
.16
.14
1.35
1.22
Other Cities (20)
+ 2.9
3.9
— 3.2
—10.2
.20
.16
1.59
1.37
District (46) ___
_+ 2.5
+ 1.8
+ 2.8
— 3.6
.19
.17
1.58
1.42
NOTE—The rate of stock turnover is the ratio of sales during given period to average stocks on hand.
MONTHLY REVIEW
W H O LESA LE TRADE
The distribution of m erchandise a t wholesale in the sixth
district during Ju ly , reflected in sales sta tistics reported
confidentially by rep resentative firm s in eight different
ines, w as in slightly la rg e r volume th a n during June but
w as a little below the level of Ju ly a year ago. Ju ly sales
of dry goods, fu rn itu re , electrical supplies, shoes and
statio n ery w ere la rg e r th an in June, but sales of groceries,
hardw are and drugs declined slightly.
Com pared w ith
Ju ly la s t year, figures fo r Ju ly 1928 show increases in
sales of groceries, fu rn itu re , electrical supplies and s ta
tionery, b ut decreases in dry goods, hardw are, shoes and
drugs. Collections in m ost of these lines during July
w ere sm aller th a n in June, or in Ju ly la st year. Bad
w eather, and the uncertain ty as to the outcome of crops,
are given in some rep o rts as the principal causes of the
hesitancy on the p a r t of m erchants in the sm aller towns
in placing orders. Com parisons of reported figures are
shown in the tables which follow.
G roceries
Sales of groceries a t wholesale during
Ju ly w ere approxim ately the same as
in Ju n e, increases a t Jacksonville and V icksburg being
n early offset by decreases a t A tla n ta, New O rleans and
other cities. Ju ly sales this y ear averaged 5.3 per cent
g re a te r th a n a year ago, Jacksonville rep o rtin g the only
decrease. Stocks on hand a t the end of Ju ly declined, as
did also collections, com pared w ith June and w ith Ju ly
la st y ear, bu t accounts receivable w ere slightly la rg e r
th a n fo r those periods.
July 1928 compared with:
Sales:
June 1928 July 1927
Atlanta (3 firms) —---- ------------— 8.4
+ 6.6
Jacksonville (4 firms) --- ------------+ 1.8
—13.4
New Orleans (6 firms) ____ _____
— 1.0
+ 8.5
Vicksburg (3 firms) _____________
-{"10.4
+ 11.0
Other Cities (15 firms) --------------—1.5
+3.6
— 0.0______+ 5.3
DISTRICT (31 firms) __________
Stocks on hand ____ __________ _ —10.7
— 1.9
+ 0.7
+ 0.8
Accounts receivable ______________
Collections ----- -- ---------------------— 9.1
— 7.1
D ry Goods
Ju ly sales of dry goods a t wholesale
w ere sm aller th a n in June a t A tlan ta,
but la rg e r a t other rep o rtin g points, and averaged 9.2
p er cent, g re a te r fo r th e d istrict. D ecreases are shown
a t all rep o rtin g points com pared w ith Ju ly a year ago.
Stocks on hand increased over both of those periods, but
accounts receivable and collections show decreases in
both instances.
July 1928 compared with:
Sales:
June 1928 July 1927
Atlanta (3 firms) ____ __ __ __ __
—12.4
—45.4
Nashville (3 firms) ______ ____
+28.0
—18.7
New Orleans (4 firms) __________
+ 1.3
— 8.9
Other Cities (15 firms) _______ _
+10.1
—21.7
DISTRICT (25 firms) __________
+ 9.2______—21.9
Stocks on hand ------------------------+4.4
+4.3
Accounts receivable -- ------ -- -------— 5.2
-—11.8
Collections ____________________
—11.3
—18.0
H ardw are
H ardw are sales a t wholesale during
Ju ly averaged slightly sm aller th a n in
June, and w ere 3.7 per cent less th a n in Ju ly la st year.
An increase of 11.7 per cent over Ju ly 1927 shown a t New
Orleans w as more th a n offset by declines a t N ashville and
O ther Cities. Stocks on hand increased, but accounts re
ceivable and collections declined in com parison w ith both
periods.
Sales:
Nashville (3 firms) ___________
New Orleans (5 firms) _________
Other Cities (18 firms) _________
DISTRICT (26 firms) __________
Stocks on hand _________________
Accounts receivable ________ _____
Collections ____________ _______
July 1928 compared with:
June 1928 July 1927
—11.4
— 9.9
— 1.7
+11.7
— 1.1
—11.2
— 0.3
— 3.7
+ 8.2
+ 2.6
— 0.1
— 3.8
— 5.9
— 6.7
F u rn itu re
Ju ly sales of fu rn itu re a t wholesale
by reporting firms in the sixth district
increased over those in June, and w ere g re a te r th a n in
Ju ly a year ago. Accounts receivable of rep o rtin g firms
increased slightly over June, and were 32.2 per cent
g re a te r th a n in Ju ly la st year, but collections showed de
creases com pared w ith both periods.
July 1928 compared with:
Sales:
June 1928 July 1927
Atlanta (4 firms) _____________
+14.5
+ 4.4
Other
Cities
(8
firm
s)
__________
3.6
+14.6
DISTRICT (12 firms) __________
+ 5.2______+12.8
Accounts receivable _______________ + 0.8
+32.2
Collections ____________________
— 7.7
— 0.5
Electrical
Distribution of electrical supplies at
Supplies
wholesale during July was in greater
volume at Atlanta, and averaged slightly greater for the
district, than in June, the increase at Atlanta offsetting
decreases at New Orleans and Other Cities. July sales
averaged 2.0 per cent greater this year than last.
Stocks increased slightly over June, but were 17.7 per cent
smaller than a year ago, and accounts receivable and col
lections showed increases over both of those periods.
July 1928 compared with:
Sales:
June 1928 July 1927
Atlanta (3 firms) ________ ___ _
+11.1
+ 6.3
New Orleans (4 firms) ___ ______
— 2.2
+12.4
Other Cities (7 firms) __________
— 8.5
—12.0
DISTRICT (14 firms) ___________
+ 0.6______+ 2.0
Stocks on hand ________________
+ 0.2
—17.7
Accounts receivable _____________
+ 5.8
+16.4
Collectionss ___________________
+ 1.7
+ 1.7
Comparisons for the other three lines are shown only
for the district as three or more reports were not received
in any of these lines from an individual city. July sales
of shoes and stationery were larger than in June, but
drugs showed a decrease, and sales of stationery were
greater than in July a year ago, but sales of shoes and
drugs were smaller.
July 1928 compared with:
June 1928 July 1927
Shoes: Sales ____ ______________
+ 2.7
— 5.7
Stationery: Sales ___ ___________
+ 4.5
+ 2.9
Drug: Sales __________________
— 1.5
— 7.9
Accounts receivable ________
— 0.9
— 3.5
Collections _______ ______
+ 1.7
— 7.0
AGRICULTURE
August crop reports issued by the United States De
partment of Agriculture indicate that crops generally
made rapid progress during July, and that the composite
condition of all crops on August 1 was about nine per cent
above the condition a month earlier. This year’s total
acreage in 19 cultivated crops is about 2.4 per cent above
that harvested last year. Too much rain in the eastern
cotton belt has delayed cultivation, hindered fruiting of
cotton and tobacco harvest, has caused some rotting of
peaches and melons, and on some low lands has even
washed out the crops. Cotton, corn, and other field crops
have made fairly good growth, though they are late and
many fields are very weedy. Indicated yields show in
creases in potatoes, and in deciduous fruits, for all states
of the district; the corn crop is smaller in Georgia, Ten
nessee, Alabama and Mississippi; sweet potatoes show a
small increase in Tennessee, but decreases in other states;
peanuts show an increase in Florida, but decreases else
where; and tobacco production is greater than last year in
Georgia, Florida and Tennessee but about the same in
Louisiana. The peach crop in Georgia is the largest on
record, being estimated at 9,856,000 bushels, compared with
5,943,000 bushels last year. Returns from the melon and
peach crops are reported unsatisfactory, and prices being
received for tobacco are lower than those which prevailed
last year. In the table are shown estimates of the princi
pal crops, based upon conditions on August 1, compared
with yields last year, for the sixth district.
Estimated
Final
1928
1927
Corn, bu __ __ ___ _______ 149,418,000
184,477,000
Wheat, bu. ______________
4,490,000
4,528,000
Oats, bu. ______ 1_________ 10,832,000
14,282,000
Hay, tons ______ __ ______
2,886,000
3,141,000
Tobacco, lbs. _________ __ 138,634,000
121,134,000
White Potatoes, bu. ................
15,591,000
12,303,000
NOTE: Parts of Tennessee, Mississippi and Louisiana are
situated in other Federal Reserve districts.
Cotton
The first estimate by the United
States Department of Agriculture, re
leased on August 8, indicates the production of 14,291,000
bales of cotton this season, compared with a total crop in
1927 of 12,955,000 bales. The crop is still from one to
two weeks late, ginnings of this year’s growth prior to
August 1 amounted to only 87,888 running bales, compar
ed with 162,283 bales ginned to the same date last year.
The Department’s report indicates that danger of damage
from the boll weevil is fully as great as a year ago. The
indicated production this year is smaller in Alabama,
Georgia and Mississippi than last year, and larger in
MONTHLY REVIEW
4
Florida, Louisiana and Tennessee. Total estimated pro
duction in the sixth district, omitting those parts of Ten
nessee, Mississippi and Louisiana which are in other Fed
eral Reserve districts, is 2,472,000 bales, a decrease of 12.8
per cent compared with the total of 2,836,000 bales produc
ed in the district last year. In the table are shown the
indicated production this year, compared with last year’s
crop, in the states of the district.
Estimated 1928 Final 1927
(Bales)
1,192,392
871.000
Alabama —
16,496
19,000
Florida --1,100,040
._ 1,070,000
Georgia--548,026
568.000
Louisiana —
1,355,252
_ 1,229,000
Mississippi .
359,059
401.000
Tennessee
12,955,000
14,291,000
United States
NOTE: The information relating to condition of crops and estimates of
production are based upon conditions prevailing on August 1, and
do not take into consideration the storms and heavy rains ^in
Florida and Georgia about the middle of August. No information
is yet available as to( the effect of these storms upon crops.
Sugar Cane
and Sugar
Weather conditions in the Louisiana
belt during Julv and early August
have been generally favorable for the
crop. The August estimate by the Department of Agri
culture indicates the production of 173,038 short tons of
sugar this year, compared with 70,792 short tons last
year. The crop is from two to three weeks later than
usual for this time of the year.
SUGAR MOVEMENT (Pounds)
Raw Sugar
July 1927
July 1928
June 1928
Receipts:
New Orleans _______ 98,863,445
99,998,019 146,321,569
17,766,601
9,386,703
16,577,449
Savannah —_______
Meltings:
117,458,680 105,988,846 141,729,696
New Orleans
17,594,017
26,453,547
23,686,117
Savannah _
Stocks:
72,957,280
58,948,324
40,280 389
New Orleans
34,408,234
35,605,693
21,306,279
Savannah --Refined Sugar
Shipments:
New Orleans _______ 44,741,989
Savannah __________ 32,680,255
Stocks:
__ 44,741,989
New Orleans
____ 11,101,730
Savannah ---
52,299,657
27,474,805
87.548.643
32,208,314
52,299,657
24,232,203
87.548.643
17,228,434
According to the August report of the
Department of Agriculture, the rice
crop in Louisiana is from one to two weeks later than
usual. The condition of the crop on August 1 was 84 per
cent of normal, compared with 86 per cent on July 1, and
with 85 per cent on August 1, last year. Total produc
tion is estimated at 15,355,000 bushels, on the 457,000
acres sown to rice this year, compared with 17,316,000
bushels produced on the 481,000 acres sown to rice last
year.
Rice
FINANCIAL
Sayings
Deposits
Following the semi-annual payment
of interest on savings accounts at the
close of the half year, savings deposits
at the end of July reported by 85 banks located through
out the sixth district showed a decrease at each reporting
city, averaging 3.1 per cent for the district. Compared
with savings deposits on July 31 last year, increases are
shown for each city except Jacksonville, the district aver
age being 2.7 per cent. In the table are shown totals for
Atlanta, and for Branch Federal Reserve Bank cities, and
reports from banks located elsewhere are grouped under
“Other Cities.”
(000 Omitted)
CompariComparison
son
July June July-June July
July
1928
1928 1928
1927 '28-’27
$ 45,662 $ 47,755 — 4.4 $ 42,350 + 7.8
Atlanta (7 banks)_
Birmingham (4 banks) ..._ 25,226 26,468 — 4.7 24,844 + 1.5
Jacksonville (5 banks) __ 29,680 30,898 — 3.9 30,109 — 1.4
. 26,175 27,256 — 4.0 25,015 + 4.6
Nashville (8 banks)
New Orleans (7 banks) —
_ 48,095 50,929 — 5.5 47,969 + 0.8
Other Cities (54 banks) .... 116,299 117,010 — 0.6 113,243 + 2.7
District (85 banks) --- . 291,137 300,316 — 3.1 283,530 + 2.7
Debits to
Individual
Accounts
The volume of debits to individual accounts at 26 reporting cities in the
sixth district during July showed a
further seasonal decline of 3.5 per cent
compared with June, and was 2.3 per cent smaller than
the total for July last year. Nine of these cities show in
creases over July last year, while sixteen reported de
creases. Monthly totals are derived from weekly figures,
by prorating figures for those weeks which do not fall en
tirely within a single calendar month.
(000 Omitted)
Alabama
July 1928 June 1928 July 1927
Birmingham
$ 144,839 $ 148,338 $ 140,651
Dothan ___
2,937
2,637
2,830
Mobile
37,573
40,394
39,132
Montgomery _
23,503
24,019
24,365
Florida
Jacksonville _
71,329
76,459
79.054
Miami ____
28,047
32,682
38,102
Pensacola __
7,432
7,810
7.553
Tampa _____
37,955
40,943
43,523
Georgia
Albany ____
3,537
3,507
4,959
Atlanta ___
148,742
155,804
151,944
Augusta ___
23,781
24,056
23,606
Brunswick
3,914
4,103
3.554
Columbus
12,275
13,318
13,660
Elberton _
738
913
752
Macon _
20,990
22,245
21,928
Newnan
1,896
1,962
1,759
Savannah _____
41,377
42,679
47,567
Valdosta _______
5,616
4,623
5,997
Louisiana
New Orleans ___
326,052
320,190
315,230
Mississippi
Hattiesburg ____
7,284
7,269
7,462
Jackson ______ _
24,079
25,434
22.055
Meridian ...
17,124
17,089
17,534
Vicksburg ______
7,419
7,052
6,922
Tennessee
Chattanooga _____
46,310
49,472
48,787
Knoxville ________
36,879
37,623
34,681
Nashville _______
89,557
102,909
94,684
Total 26 cities _____
$1,171,185 $1,213,530 $1,198,291
Condition of
Weekly reports received from 31
Member Banks in member banks located in Atlanta,
Selected Cities
New Orleans, Birmingham, Jackson
ville, Nashville, Chattanooga, Knoxville and Savannah
indicate that between July 11 and August 8 loans and dis
counts declined nearly 3% million dollars, but investments
during this period in United States government securities
increased more than 8V2 millions, and as a result, total
loans, discounts and investments of these reporting banks
on August 8 were nearly 5 millions greater than four
weeks earlier. During this period there were declines in
loans by these banks secured by Government obligations
and by other stocks and bonds, but “All Other” loans in
creased more than 4V2 millions. Compared with figures
for the corresponding report date last year, loans secured
by stocks and bonds other than government securities
show an increase of more than 20 millions, but those
secured by government obligations and “All Others” show
declines, and total discounts were slightly more than 15
million greater than at the same time a year, ago. Hold
ings by these banks of United States securities were 16 ^
millions greater than a year ago, and holdings of other
stocks and bonds show an increase of nearly 12 millions.
Decreases are shown in both demand and time deposits
compared with a month ago and with the corresponding
report date last year. Borrowings by these banks from
the Federal Reserve Bank of Atlanta increased from 46
millions on July 11 to nearly 54 millions on July 18, de
clined during the two following weeks to 45 millions on
August 1, and on August 8 were $2,689,000 greater than
four weeks ago. Principal items in the weekly report,
for the three report dates under comparison, are shown in
the table:
(000 Omitted)
Aug. 8, July 11, Aug. 10,
Bills Discounted:
1928
1928
1927
Secured by Govt. Obligations..
„.$ 4,235 $ 4,344 $ 5,766
Secured by Stocks and Bonds_
132,220 140,112 111,907
All Other ______________
366,696 362,131 370,404
Total Discounts ______
503,181 506,587 488,077
U. S. Securities
69,229 60,599 52,691
Other Stocks and Bonds ______
71,084 71,336 59,208
Total Loans and Investments... . 643,464 638,522 599,976
Time Deposits
237,858 245,704 243,262
Demand Deposits _________
316,296 324,865 324,915
Borrowings from F. R. Bank..
48,783 46,094 15,290
MONTHLY REVIEW
Bank Deposits of Reports of net demand and time deA1I Member Banks posits held by all member banks in
the district are compiled as of the
Wednesday preceding the 14th of each month. Demand
deposits have shown a continuous decline since January,
out except for January, February and April, these deposits
have been greater than at the corresponding time last
year, while time deposits, as shown in the table, have in
creased each month since February and in July were more
than three per cent greater than a year ago.
<000 Omitted)
Demand
Time
1927
1928
1927 1928
January ---------------- $634,598 $635,846 $465,326 $443,142
February __ _______ 625,307 637,019 461,400 451,322
March ____________ 621,048 618,079 465,757 453,357
April .......................... 612,186 614,672 467,351 456,010
May _____________ 607,138 601,350 471,907 462,732
June _____________ 596,668 587,188 471,953 460,112
July _____________ 578,233 574,848 475,096 460,957
Operations of the
Federal Reserve
Bank
The weekly statement of the Federal
Reserve Bank of Atlanta for August
8 shows an increase of $8,783,000 in
total discounts over figures for July
11, but there were small declines in holdings of United
States securities and of bills bought in the open market,
and total bills and securities on August 8 were a little less
than eight million dollars greater than four weeks earlier.
Discounts secured by government obligations declined from
$19,944,000 on July 11 to about 12% millions on July 25,
but increased over five millions during the two following
weeks, and on August 8 totaled $17,599,000 compared with
$3,701,000 on the corresponding report date a year ago.
“All Other” discounts, largely for commercial, agricultural
and industrial purposes, on August 8 totaled $57,704,000,
an increase of over 11 millions compared with the total on
July 11, and slightly more than double the total for August
10, last year. Holdings of bills bought in the open market
were greater than a year ago, but United States securities
were held in smaller volume, and total bills and securities
on August 8 were $93,040,000 compared with $52,123,000
a year ago. Reserves were lower, but deposits slightly
higher than on either of the previous dates under com
parison, and notes in actual circulation show decreases
compared with both of those periods. Principal items in
the weekly statement for the three report dates under com
parison are shown in the table:
(Omitted)
Aug. 8, July 11, Aug. 10,
1928
1927
1928
Bills Discounted:
.
$ 17,599 $ 19,944 $ 3,701
Secured by Govt. Obligations
57,704 46,576 28,467
All Others --------------------75,303 66,520 32,168
Total
... 12,754 13,340
7,609
Bills Bought in open market
4,983
5,205 12,046
U. S. Securities ------------- --93,040 85,065 52,123
... 109,461 118,456 169,028
Cash Reserves
68,625 67,413 64,757
128,771 132,100 153,252
77.5
59.4
55.5
Reserve Ratio
Commercial
Failures
According to statistics compiled by R.
G. Dunn & Company, commercial fail
ures in the United States during July
were fewer in number, and liabilities were smaller, than
for the preceding month or the corresponding month last
year. Figures for the sixth district show increases in both
instances over June, but declines compared with July a
year ago. In the table are shown failures in the United
States divided by Federal Reserve districts:
Number Liabilities Liabilities Liabilites
District
July 1928 July 1928 June 1928 July 1927
Boston ___________
137 $ 2,345,127 $ 3,242,468 $ 4,150,388
New York _________
137
7,937,412
6,475,521
6,360,670
Philadelphia _______
76
1,366,704
1,806,562
1,710,627
Cleveland _______ __ 132
3,248,216
2,847,201
7,269,891
Richmond _________
122
1,838,607
1,397,502
4,065,583
Atlanta ___________ 110
1,997,327
1,984,306
4,162,344
Chicago __________
243
3,295,071
4,901,261
5,153,253
St.. Louis ___________ 98
2,288,466
962,860
1,041,215
Minneapolis __________ 74
496,225
498,560
729,296
Kansas City _________ 78
467,828
1,060,074
939,692
Dallaas __________
54
1,072,213
539,916
293,924
San Francisco ______
235
3,197,437
4,110,842
7,293,091
Total _________ 1,723 $29,586,633 $29,827,073 $43,149,974
Gold
Movement
There were declines in July in both
exports and imports of gold compared
with June, but increases are shown in
both
exports and imports compared with July last year.
Exports of gold during July amounted to $74,190,000,
compared with $99,932,000 in June, and compared with
$1,083,000 in July last year. Imports of gold during July
totaled $11,531,000 compared with $20,000,000 in June, and
with $10,738,000 in July a year ago. The net outward
movement in July totaled $62,659,000, as against net im
ports of $8,935,000 in July last year; for the seven months
of 1928 the net export movement has totaled $535,201,000,
compared with net imports amounting to $140,438,000
during the same part of 1927.
IMPORTS AND EXPORTS
Preliminary statistics compiled by the
United States Department of Com
merce indicate declines in both imports and exportts of
merchandise in July compared with June. Exports were
greater than in July 1927, while imports were slightly
smaller. In the table below are shown preliminary figures
for July, and for the year to date, with comparisons.
Exports:
1928
1927
July ------------------------------ $ 382,000,000 $ 341,809,000
June ---------------------------388,636,000
356.966.000
7 months ending with July ____ 2,759,533,000 2.708.102.000
Imports:
July ------------------------------ $ 316,000,000 $ 319,298,000
June ----------------------- ----- 317,290,000
354.892.000
7 months ending with July __ 2,401,866,000 2.442.473.000
United States
New Orleans
The value of merchandise imported
into the United States through the
port of New Orleans during May 1928, the latest month
for which detailed figures are available, was $16,431,105,
compared with $19,131,917, a decrease of about 14 per
cent, and was about 13 per cent smaller than in May*last
year.
Exports from the port of New Orleans during May 1928
amounted to $30,215,673, slightly greater than in April,
but 3.4 per cent smaller than the total of $31,266,936 for
May last year. Increases over May a year ago were
shown in exports of long staple cotton, and in pine and
oak boards, but decreases occurred in other important
items.
Grain Exports—New Orleans
The export movement of grain through the port of New
Orleans during July, the first month of the new season,
shows a smaller movement of wheat, corn and oats, the
total being only slightly more than half as large as in
July 1927, as indicated by the comparative figures in the
table:
July 1928
July 1927
Wheat, bu. __________________ 94,127
315,656
Corn, bu. ----------------------------- 256,232
385,266
Oats, bu. ___________________ 77,068
126,004
Total, bu__ __________________ 427,427
826,926
BUILDING
July statistics of both permits and contracts awarded
show increases over June, and while permits issued at re
porting cities in the district were slightly below the level
of July last year, contracts awarded in the district were
greater.
The volume of prospective building indicated by permits
issued at regularly reporting cities in the sixth district for
July was slightly more than nine million dollars, an in
crease of more than twelve per cent over the total for
June, and only 2.1 per cent less than the total for July
1927. Twelve of these cities reported increases over July
last year, but eight cities reported decreases compared
with that month. The index number for July is 80.4 com
pared with 71.5 for June, and with 82.1 for July 1927.
Contracts awarded in the sixth district during July 1928,
according to statistics compiled by the F. W. Dodge Cor
poration, amounted to $31,995,838, an increase of 11.9 per
cent over the total for June, and 13.9 per cent greater
than for July last year. The index number of contract
awards in the sixth district for July is 91.2, compared
with 81.5 for June, and with 80.0 for July 1927.
Total contracts awarded during July in the 37 states
east of the Rocky Mountains amounted to $584,496,400,
smaller by 10.1 per cent than in June, but 9.4 per cent
greater than for July 1927. Of the July total, 39 per cent
was for residential construction, 23 per cent for public
works and utilities, and 16 per cent for commercial build
ings.
In the table are shown building permits at reporting
cities of this district in July, compared with the same
5
MONTHLY REVIEW
6
month last year.
Index numbersappear on page 8.
Percentage
July 1928July 1927
Change
Alabama
No. Value
No.
Value in value
Anniston ______ .... $ 72,600 22 $ 37,800 -f- 92.1
Birmingham ____ 625 2,175,631 547 1,324,341 -j- 64.3
Mobile _______ 120 208,676
38
121,028 + 72.4
103
226,922 + 42.0
Montgomery ------ 276 322,217
Florida
Jacksonville ____ 345 657,247
377 1,278,595 — 48.6
Miami ________ 177 264,749
223
363,636 — 27.2
Orlando ______ 75 231,825
89
109,905 -f-110.9
Pensacola a____ 94 193,332
52
75,390 -j-156.4
Tampa ________ 287 250,266
395
276,333 — 9.4
5 11,125
25
50,650 — 78.0
♦Lakeland ______
♦Miami Beach ___ 26 207,875
22
698,044 — 70.2
Georgia
Atlanta _______ 327 1,220,813 359
939,127 + 30.0
Augusta ______ 142 116,457
107
100,388 + 16.0
Coh&jfota _____ 70 108,547
53
141,035 — 23.0
Macoa ________ 273 476,210
192
237,521 + 100.5
Savannah ______ 58 221,060
55
202,510 + 9-2
Louisiana
New Orleans ___ 260 1,021,977 250 1,493,027 — 31.5
Alexandria _____ 3
37,873
42
85,431 — 55.7
Tennessee
Chattanooga ___ 241 145,854
255
606,514 — 76.0
Johnson City ___ 14
80,750
17
49,980 + 61.6
Knoxville ...... ..... 181 788,978
199
565,032 + 39.6
Nashville ___ __ 279 451,040
.... 1,003,000 — 55.0
Total 20 Cities ____ 3907 9,041,102 3395 9,237,515 — 2.1
80.4
82.1
Index No. -------------♦Not included in totals or index numbers.
LUMBER
Preliminary figures for the month of July, received by
the Southern Pine Association from 108 subscribing mills,
indicate that the volume of orders received during July
by these mills exceeded both shipments and production,
that "actual production was somewhat below the threeyear average output of these mills, and that stocks on
hand at the end of July were somewhat below the threeyear relative stocks. July output of these 108 reporting
mills, amounted to 264,870,514 feet, which was 8.5 per
cent less than their three-year average production. Orders
received during July exceeded output 7.4 per cent, and
were slightly larger than the month’s shipments; in July
last year, production of reporting mills was 15.1 per cent
less than normal production. Stocks on hand at the end
of July were 6.6 per cent less than the three-year relative
stocks of these mills, while in June stocks were greater
than the three-year relative stocks of mills which reported
for that month, and a year ago stocks were 1.6 per cent
below normal. Unfilled orders on hand at the end of
July amounted to approximately 82 per cent of a month’s
production at the rate which prevailed in July. The
weekly statements of operating time issued by the
Southern Pine Association indicate that the average run
ning time for all reporting mills during recent weeks has
continued below standard, because the number of mills
operating less than sixty hours per week exceeded those
operating more than standard time. Preliminary figures
for July with comparisons follow:
July 1928 June 1928 July 1927
(feet)
108 mills
99 mills 114 mills
Orders
___ __________ 284,497,008 254,105,584 239,982,521
Shipments
_ _________ 284,454,932 259,804,985 248,684,781
Production __________ _— 264,870,514 254,376,337 261,182,986
Three-year Average Production _ 289,417,528 279,211,730 307,656,303
Three-year Relative Stocks __ 728,550,731 702,859,688 822,505,126
Stocks, end of month .......... ... 680,767,115 710,327,466 809,756,127
Unfilled orders ___________ 216,523,096 206,545,451 177,978,540
TEXTILES
Cotton
According to the monthly statement
Consumption
compiled by the United States Census
Bureau, consumption of cotton in the
United States declined in July and was in smaller volume
than for any single month since August 1924. There were
also declines in exports and in stocks, and the number of
spindles active was smaller than in the previous month
or at the same time a year ago. July consumption of cot
ton totaled 438,743 bales, 14.1 per cent less than in June,
and 23 per cent smaller than in July 1927. Stocks in both
consuming establishments and in public storage and at
compresses were somewhat smaller than a year ago. July
exports were 25.3 per cent smaller than in June, and 12.2
per cent less than in July last year. The number of
spindles active in July declined 396,464 compared with
June, and was smaller by 4,096,402 than in July 1927.
Statistics for the cotton-growing states show that the
consumption of cotton in these states during July was 15.4
Digitizedper
for FRASER
cent smaller than in June, and 20.1 per cent less than
in July last year. The number of spindles active in these
states declined 80,680 in July compared with June, and
was greater by 19,204 than in July 1927. In other states
the number of spindles active declined 314,784 in July com
pared with June, and was 4,115,606 less than in July a
year ago. The Census Bureau’s statement indicates that
75.5 per cent of the total consumption of cotton was in the
cotton-growing states, in July, compared with 76.8 per
cent in June, and with 72.9 r»er cent in July last year.
COTTON CONSUMPTION
United States (Bales)
Cotton Consumed:
July 1928 June 1928 July 1927
Lint ___________
438,743
510,565
569,565
Linters _________
62,921
63,587
69,872
Stocks in Consuming Establishments:
Lint __________
1,007,017
1,158,531
1,404,815
Linters _____ ___
159,894
182,632
198,745
Stocks in Public Storage! and at Compresses:
Lint ___________
1,189,565
1,645,971
1,882,552
Linters __________
44,569
53,580
52,819
Exports __________
341,849
457,781
389,358
Imports __________
18,473
14,587
31,147
Active Spindles .......
28,228,024
28,624,488
23,324,426
Cotton Growing States (Bales)
Cotton Consumed ____
331,961
392,489
415,423
Stocks in Consuming
613,618
734,462
882,427
Establishments ____
Stocks in Public Storage
and at Compresses ....
1,036,183
1,469,919
1,498,452
Active Spindles ____
17.674.582
17,755,262
17,655,378
Cotton
Cloth
Confidential reports for July were
rendered to the Federal Reserve
Bank of Atlanta by cotton mills which
during that month manufactured approximately 26 million
yards of cotton cloth, an output 8.8 per* cent smaller than
in June, and 9.7 per cent smaller than in July 1927. Ship
ments in July increased fractionally over those in June,
but other items reported show decreases. Compared with
July last year, orders and stocks show increases, but ship
ments, unfilled orders and number of workers show de
creases. Percentage comparisons of reported figures are
shown in the table.
July 1928 compared with:
June 1928 July 1927
Production
9.7
Shipments
+ 0.1
— 4.4
Orders booked ----— 3.9
+ 7.3
Unfilled orders ......
— 7.8
—30.5
Stocks on hand __
— 7.3
-f-54.7
Number on payroll
— 0.6
— 0.0
Cotton
Yarn
Reports were also received from mills
which manufactured during July
5% million pounds of yarn, a de
crease of 7.5 per cent compared with their output in June,
but about the same was in July last year. All of the
other reported items show decreases compared with June.
Orders and stocks show increases over July last year, but
shipments, unfilled orders and number of workers show
decreases. Percentage comparisons of reported figures
are shown in the table.
July 1928 compared with:
June 1928 July 1927
Production ___ _
— 7.5
-f 0.0
Shipments _____
— 1.3
— 5.7
Orders booked ---—32.1
+ 17.8
Unfilled orders __
— 4.3
— 9.6
Stocks on hand --—11.0
+37.0
Number on payroll
— 0.3
— 0.4
COTTON SEED AND COTTON SEED PRODUCTS
♦Sixth District
United States
Aug. 1 to July 31,
1928
Cotton Seed, tons
1927
1928
1927
Received at mills 1,440,452 1,991,090
4,586,160
6,379,160
Crushed --------- 1,462,349 1,971,707
4,653,663
6,305,775
On Hand -------4,567
26,673
21,781
89,784
Production:
Crude Oil, lbs. --- 481,367,460 625,130,385 1,476,535,672 1,887,910,155
Cake and Meal, tons 636,269
854,624
2,093,127
2,840,084
Hulls, tons ____ 422,892
601,751
1,319,946
1,854,389
Linters, bales _
266,407
315,257
876,498
1,041,864
**
**
Stocks:
Crude Oil, lbs. _ 4,464,245 1,953,186
13,872,004
4,949,207
Cake and Meal, tons
7,780
15,574
32,601
63,632
6,039
Hulls, tons ____
32,796
30,571
168,045
11,474
Linters, bales ---19,490
42,697
46,177
♦Georgia, Alabama, Louisiana, and Mississippi.
♦♦Not including stocks held by refining and manufacturing establish
ments, and in transit to refiners and consumers.
Hosiery
Figures reported to the Census Bureau
by 41 identical establishments in the
sixth district manufacturing hosiery show decreases in
July compared with June in production, shipments, stocks,
orders and cancellations, but a small increase in unfilled
MONTHLY REVIEW
orders on hand at the end of the month.Comparative
figures are shown in the table.
(Dozen
Pairs)
July 1928
June 1928
Production .................. .............
559,641
616,988
619,908
679,254
Shipments __ ___ __________
Stocks ___________________
1,733,849
1,749,801
Orders __________________
665,183
780,176
Cancellations .............................
26,933
32,279
Unfilled orders ............. ............
1,073,156
1,062,832
COAL
According to statistics compiled and published by
the United States Bureau of Mines, production of bitu
minous coal in the United States during the month of
July amounted to 36,276,000 net tons. This is an in
crease of less than one per cent over production in June,
which totaled 35,963,000 tons, but is 7.8 per cent greater
than the output in July 1927, which amounted to 33,637,000
tons. Average output for the 25 working days in July
was 1,449,000 tons per day, compared with 1,383,000 tons
per day for the 26 working days in June, and compared
with an average output of 1,345,000 tons per day for the
25 working days in July last year. Weekly production
figures since the latter part of June have been higher than
for corresponding weeks last year. Weekly figures for
Alabama indicate a lower level of output than prevailed
in that state at the same time a year ago, but figures for
Tennessee indicate greater production except for the week
ended July 7. Total production of bituminous coal during
the present calendar year to August 4, approximately 183
working days, amounted to 276,083,000 tons, compared
with 316,580,000 tons produced during the corresponding
period of 1927.
(000 Omitted)
United States
Alabama
Tennessee
Week Ended:
1928
1927
1928 1927
1928 1927
245
280
73
78
July 7 ______ 6,830 6,577
July 14 _____ 8,610 8,245
299
802
115
92
July 21 _____ 8,642 8,259
295
310
105
95
July 28 _____ 8,964 8,594
292
321
102
99
Aug. 4 _____ 8,748 8,495
290
352
97
92
Consumed stocks of coal on July 1 this year, accord
ing to statistics compiled by the Bureau of Mines, amount
ed to 41,700,000 tons, compared with 63,400,000 tons on
hand at the same time a year ago. The highest level con
sumers' stocks have reached in recent years was 75 mil
lion tons, on April 1, 1927. The following figures indicate
stocks on comparative dates during recent years, in mil
lions of tons:
1928
1927
1926
Jan. 1 ................................
55.5
55.0
49.0
April 1 _______________
48.3
75.0
40.0
July 1 ________________
41.7
63.4
39.0
Oct. 1 _______________ ______
61.9
43.0
IRON
According to statistics compiled and published by the
Iron Age, the production of pig iron in the United States
during July declined compared with the output in June,
and there was a decrease in the number of furnaces active
on August 1 compared with a month earlier. The output
in Alabama also declined, but the number of furnaces re
mained the same.
Total production of pig iron in the United States dur
ing July amounted to 3,071,824 tons, compared with 3,082,000 tons in June, and with 2,951,160 tons produced in
July 1927. The daily averagd rate of pig iron production
in July was 99,091 tons, compared with 102,733 tons in
June, and with 95,199 tons in July lasts year. Seven fur
naces were blown in during July, and eleven were blown
out, showing a net loss of four in active operation. On
August 1 there were 185 furnaces active, compared with
189 on July 1, and with 190 active on August 1, 1927.
Statistics for Alabama indicate that July production
amounted to 189,383 tons, a decrease of 5.6 per cent com
pared with the total of 200,643 tons produced in June, and
9.3 per cent less than the production in July last year
which amounted to 208,939 tons. The index number of
Alabama production in July was 81.5, and is lower than
for any other month since June 1922. On August 1 there
were 16 furnaces in active operation, the same as a month
earlier, and on August 1 a year ago there were 19 fur
1
naces active. Press reports indicate that quotations con
tinue at $15.50 per ton, at Birmingham, the base estab
lished on June 20. Sales have improved during July, and
the greater portion of third-quarter iron is under con
tract. Shipments have been large for several weeks and
stocks in the Birmingham district have been noticeably
reduced. Buying is mostly in small lots for quick deliv
ery.
NAVAL STORES
Receipts of turpentine during July, at the three principal
markets of the district declined slightly compared with
June, and were smaller than a year ago, while receipts of
rosin increased over June but were somewhat smaller than
in July last year. Stocks of both commodities increased
during July, and while stocks of turpentine were greater
than a year ago, supplies of rosin were slightly smaller.
While July receipts of both commodities were smaller
than for July 1927, they were greater than during July of
any other recent year. This is also true for the season to
date (April to July inclusive). Stocks of turpentine on
hand at the end of July this year were greater than at
the same time of any of the past ten years. Supplies of
rosin at the end of July were larger than at the same
time of 1926 and 1920, but were smaller than at the end
of July in any other recent year. Press reports indicate
that the demand for both commodities has not been
strong, and prices have weakened somewhat. The price
of turpentine has fluctuated betwen 51% cents on July
and 47% cents on August 11, and there have also been
small declines in the prices of the various grades of rosin.
Rains which threatened to interfere with production dur
ing the second wek in July were followed by favorable
weather. Reports have not been received regarding the
effect of the storms during August. Receipts and stocks
at the three principal markets of the district are shown
in the table, with comparisons.
July 1928 June 1928 July 1927
Receipts—Turpentine
Savannah
23,690
24,234
27,958
16,618
17,363
16,022
Jacksonville
Pensacola ----6,329
6,514
6,486
Total ---46,637
48,111
50,466
Receipts—Rosin
78,135
75,862
90,767
Savannah ---Jacksonville _
52,033
55,260
59,758
Pensacola___
18,082
16,919
18,919
Total ---148,041
169,439
148,250
Stocks—Turpentine
26,549
Savannah ---19,677
19,330
Jacksonville_
30,385
26,095
24,965
Pensacola----19,183
17,041
5,746
Total ___
69,245
58,390
61,336
Stocks—Rosin
Savannah ___
98,956
93,633
92,186
Jacksonville _
59,313
56,674
67,508
Pensacola ___
19,956
15,297
20,040
Total ___
179,734
178,225
165,604
(Continued from first page)
This decline reflected a considerable reduction in invest
ments, chiefly at banks in New York City, and some
further decline in loans on securities. All other loans,
which include loans for commercial purposes, showed a
small seasonal increase and at the middle of August were
in the largest volume since early in 1921 and nearly $230,000,000 larger than at the autumn peak of last year.
There was a further large decline in net demand
deposits, and practically no change in time deposits.
Volume of reserve bank credit outstanding showed
little change between July 25 and August 22. Dis
counts and acceptance holdings increased slightly while
United States security holdings were practically un
changed. Increased demand for currency, which is usual
at this time of the year, has not resulted in an equivalent
growth in reserve bank credit, because it was offset in
part by a decline in reserves required by member banks,
which reflected the decrease in their depoosits.
There were further increases between the middle of July
and the middle of August in open market rates on col
lateral loans, commercial paper, and bankers acceptances.
MONTHLY REVIEW
8
MONTHLY INDEX NUMBERS
The following index numbers, except as indicated otherwise, are computed by the Federal Reserve Bank
of Atlanta monthly. The index numbers of retail and wholesale trade are based upon sales figures reported con
fidentially by representative firms in the lines of trade indicated, and the other series of index numbers are based
upon figures reported to the bank or currently available through the daily or trade press. These index numbers,
except as indicated in the foot-notes, are based upon the monthly averages for the three year period 1923-25 as
represented by 100.
RETAIL TRADE 6th DISTRICT
(Department Stores.)
Atlanta______________________________
Birmingham__________________________
Chattanooga__________________________
Nashville ____________________________
New Orleans__________________________
Other Cities___________________________
DISTRICT ___________________________
May
1928
157.8
120.8
89.9
119.5
97.7
109.8
114.0
June
1928
122.9
106.1
100.0
91.0
86.2
100.5
99.6
July
1928
99.0
85.7
65.8
71.0
68.9
75.5
78.0
May
1927
138.0
99.8
94.9
114.1
93.3
111.6
108.0
June
1927
108.6
107.0
100.6
88.7
93.0
96.6
99.0
July
1927
88.5
86.5
66.1
66.4
67.8
78.9
76.0
RETAIL TRADE U. S. (1)
Department Stores___________________
Mail Order Houses___________________
Chain Stores:
Grocery _________________________
5 & 10 Cent_______________________
Drug ___________________________
Cigar ____________________________
Shoe_____________________________
Wearing Apparel__________________
Candy ___________________________
107.2
115.6
103.4
127.0
77.7
119.1
102.
99.
101.
107.
75.
93.
213.0
139.0
163.8
110.0
129.9
220.8
126.8
207.1
139.3
161.9
107.8
146.7
216.1
121.5
198.5
128.4
163.8
100.0
115.9
180.4
117.5
171.
123.
134.
113.
109.
171.
115.
178.
178.
136.
109.
118.
172.
114.
167.
121.
141.
111.
109.
157.
112.
WHOLESALE TRADE 6th DISTRICT
Groceries __________________________
Dry Goods__________________________
Hardware______ __ _________________
Furniture __________________________
Electrical Supplies________ __________
Shoes _____________________________
Stationery _________________________
Drugs ____________________________
TOTAL ___________________________
86.4
74.0
85.3
83.9
78.5
93.9
68.2
108.0
84.5
79.7
59.8
81.5
77.3
84.2
66.2
62.3
99.6
77.5
79.2
66.6
79.2
81.6
86.8
71.5
65.1
97.8
78.6
92.5
83.6
85.5
70.8
79.8
93.0
73.3
99.9
87.1
87.9
76.1
82.1
77.4
78.5
79.0
64.7
105.3
83.4
77.2
84.9
81.2
72.0
79.5
75.3
63.2
105.9
80.2
WHOLESALE PRICES U. S. (2)
Farm products_____ _______________
Foods _____________________________
Hides and leather products__________ Textile products ____________________
Fuel and lighting____________________
Metals and Metal products____________
Building materials___________________
Chemicals and drugs_________________
Housefurnishing goods_______________
Miscellaneous ______________________
ALL COMMODITIES________________
109.8
101.2
126.3
96.6
81.8
98.6
93.5
95.3
97.8
85.1 98.6
106.7
100.3
123.7
96.3
82.1
98.7
93.9
94.9
97.0
82.2
97.6
107.1
102.3
124.4
96.8
82.8
98.6
94.4
94.5
96.9
80.8
98.3
96.3
94.4
103.7
93.9
83.9
98.6
95.1
95.4
97.8
91.3
93.7
96.5
94.4
107.3
94.3
84.2
98.2
94.6
95.8
98.0
90.2
93.8
97.6
93.9
111.7
94.3
84.2
97.7
93.7
95.3
98.0
89.3
94.1
BUILDING PERMITS 6th DISTRICT
Atlanta _____________
__________
Birmingham ________________________
Jacksonville ________________________
Nashville___________________________
New Orleans _______________________
Other Cities________________________
DISTRICT (20 Cities)_________________
382.0
129.0
88.8
90.6
62.3
73.3
123.9
72.7
114.2
80.7
46.1
63.4
63.1
71.5
78.9
146.8
79.9
71.1
79.4
64.2
80.4
73.6
139.9
140.4
113.2
56.1
67.2
84.3
61.2
113.5
131.6
65.4
76.8
62.0
75.6
60.7
89.3
155.4
158.1
116.0
58.4
82.1
92.6
81.5
91.2
88.6
88.9
80.0
113.7
126.6
85.1
96.2
100.4
112.2
74.5
74.5
86.3
95.0
67.2
55.6
124.5
130.6
111.2
102.2
130.4
135.8
118.3
78.4
112.0
118.9
96.8
63.3
113.5
107.8
103.4
94.8
98.8
89.9
63.9
63.9
65.8
CONTRACTS AWARDED 6th DISTRICT
COTTON CONSUMED:
United States_______________________
Cotton-Growing States ______________
All Other States_____________________
Exports____________ : ________________
*
PIG IRON PRODUCTION:
102.8
103.2
109.9
United States__________________ ____
81.5
86.4
89.2
Alabama ___________________________
UNFILLED ORDERS—U. S. STEEL
74.8
76.2
71.6
CORPORATION_____________________
(1) Compiled by Federal Reserve Board.
(2) Compiled by the Bureau of Labor Statistics. Base 1926—100.
@FedFRASER