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M

O

N

T

H

L

Y

R

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V

I E

W

O f Agricultural, Industrial, Trade and Financial
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 T L A N T A

(Compiled Atigust 18, 1929)
VOL. 14, No. 8

ATLANTA, GA., August 31, 1929.
1
&
’

BUSINESS CONDITIONS IN THE UNITED STATES
Industrial production decreased slightly during July,
but continued at a higher level than in other recent years.
Wholesale commodity prices increased further during the
month, reflecting chiefly higher prices of agricultural pro­
ducts. Loans for commercial and agricultural purposes
by reporting member banks increased during July and the
first half of August.
Production

Output of manufactures decreased in July,
while mineral production increased. Aver­
age daily output of automobiles, copper, tin, zinc, and cot­
ton and wool textiles decreased and there was a small de­
cline in the production of iron and steel. In all of these
industries, however, output was larger than in the same
month in earlier years. Activity increased during July
in silk and shoe factories and in meat packing plants,
and there was also a larger output of bituminous coal and
crude petroleum than in June. Reports for the first half
of August indicate sustained activity in the iron and steel
and automobile industries, and a further increase in the
output of coal and petroleum. Employment in manufac­
turing industries decreased in July by less than one per
cent, while a somewhat greater decrease in payrolls was
reported. At this level, factory employment and payrolls,
as in earlier months, was larger than in any other year
since 1926. Value of construction contracts awarded in
July was higher than in the preceding month or in July
1928, reflecting chiefly a sharp increase in contracts for
public works and utilities. For the first half of August
however, total contracts declined to a level below the
corresponding period a year ago. The August estimate of
the Department of Agriculture indicates a wheat crop of
774,000,000 bushels, slightly below the five-year average,




This review released for publication in
the afternoon papers of August 30.

and 128,000,000 bushels below last year’s production, and
a corn crop approximately equal to the five-year average
crop and about 100,000,000 bushels smaller than in 1928.
The cotton crop is estimated at 15,543,000 bales, 7 per
cent larger than last year.
Distribution

Freight car-loadings increased seasonally
during July and the first two weeks of Au­
gust, reflecting chiefly increased loadings of coal, grain,
and ore, while shipments of miscellaneous freight contin­
ued in about the same volume as in June. Sales of de­
partment stores declined seasonally from June and on a
daily basis were about the same as in July a year ago.
Prices

Wholesale prices in July continued the rise
which began in June, according to the index of
the Bureau of Labor Statistics, reflecting chiefly higher
prices for farm products and their manufactures, particu­
larly livestock and meats, grains and flour, and potatoes.
Prices of hides and leather also increased. Wool, rayon,
and textile products declined slightly in price. There was
a marked advance in the price of sugar and rubber prices
also rose somewhat. Prices of petroleum and gasoline de­
clined and prices of iron and steel were somewhat lower.
During the first three weeks in August there were declines
in the prices of cotton, petroleum, beef, sugar, oats, rub­
ber, and tin, and marked fluctuations in prices of pork
and wheat.
Bank Credit

Loans for commercial purposes by report­
ing member banks increased to new high
levels during the four weeks ending August 14, while
security loans, after increasing further during the latter
part of July, declined during the first two weeks in Au(Continued on page 7)

2

MONTHLY REVIEW

PIRC N
l T
7

P RC N
E ET

1927
1928
1929
M
onthly averages of weekly figures for reporting banks in leading
cities. Latest figures are averages of first three weeks in August.
SIXTH DISTRICT SUMMARY
Statistics received for the Monthly Review indicate that
during July there was improvement in agricultural pros­
pects in the sixth district, and increases over the preced­
ing month and the corresponding month last year in
wholesale trade, debits to individual accounts, and in the
production of cotton cloth and yarn, but retail trade con­
tinued at a seasonally low level, and was somewhat small­
er in volume than a year ago.
The August crop reports of the United States Depart­
ment of Agriculture indicate improved prospects for corn,
hay, tobacco and potatoes* in the sixth district over a
month earlier, and most of these crops, and cotton, are
expected to be greater than for last season. The esti­
mated sugar production in Louisiana is substantially larg­
er than last year’s crop, but the estimate of the rice crop
is somewhat smaller than for last year. The Department’s
estimate of cotton production indicates greater crops in
each of the six states of the district than were produced
last year but weevil activity is reported in many sections.
Retail trade, based on confidential reports from depart­
ment stores located throughout the district, declined 18.6
per cent in July compared with June, and averaged 2.2 per
cent less than in July 1928. July sales by reporting
wholesale firms, however, averaged 4.6 per cent greater
than in June, and 5.4 per cent greater than in July last
year. Savings deposits declined in July, and were less
than at the same time last year. Debits to individual ac­
counts averaged 5.4 per cent greater than for June, and 10
per cent greater than for July 1928. Loans of weekly
reporting member banks were slightly smaller in volume
on August 14 than five weeks earlier, but somewhat great­
er than a year ago, and discounts for member banks by
the Federal Reserve Bank of Atlanta increased nearly
four millions between July 10 and August 14, and were
4.4 millions less than a year ago. Commercial failures in
the district, in point of liabilities, were 14 per cent greater
than in June, and one-third smaller than for July last year.

Monthly rates in the open market in New York: commercial paper
rate on 4- to 6-month paper and acceptance rate on 90-day bankers’
acceptances. Latest figures are averages for first 24 days in August.
Contract awards in the district were 31 per cent less than
in June, but less than onet per cent smaller than for July
1928. Output of bituminous coal in Alabama and Tennes­
see averaged somewhat less than in July last year, but
Alabama production of pig iron was 19 per cent greater.
RETAIL TRADE
The distribution of merchandise at retail in the sixth
district, reflected in sales figures reported confidentially to
the Federal Reserve Bank of Atlanta by representative
department stores located throughout the district, exhibit­
ed a further seasonal decline in July, as compared with
previous months, and averaged somewhat smaller than in
July last year. Stocks of merchandise were smaller than
a month, or a year, earlier, and the rate of turnover was
slightly less favorable.
July sales by 42 reporting department stores declined
an average of 18.6 per cent, compared with the preceding
month, and were 2.2 per cent smaller than in July 1928.
Cumulative sales from January 1 through July 31 aver­
aged two per cent smaller this year than during the same
period last year. An increase for July, and for the first
seven months of the year, over corresponding periods last
year, was shown at Atlanta, but decreases were reported
from other reporting cities. Stocks averaged 3.9
per cent smaller at the end of July than a month
earlier, and 3.0 per cent smaller than a year ago.
Accounts receivable at the end of July averaged 7.9 per
cent smaller than for June, but were 2.8 per cent larger
than for July 1928. Collections during July decreased
1.6 per cent compared with June, but were 3.2 per cent
greater than in July last year. The ratio of collections
during July to accounts receivable and due at the be­
ginning of the month, for 32 firms, was 31.3 per cent; for
June this ratio was 30.8 per cent, and for July last year,
31.6 per cent. For July the ratio of collections against
regular accounts for 32 firms, was 33.4 per cent, and the
ratio of collections against installment accounts, for 9
firms, was 16.1 per cent.

RETAIL TRADE IN THE SIXTH DISTRICT DURING JULY 1929
BASED ON CONFIDENTIAL REPORTS FROM 42 DEPARTMENT STORES
Comparison of Net Sales
Comparison of Stocks
July 1929 Jan. 1to July 31, July 31,1929
July 1929
July 31,1929
1929 with same
with
with
with
with
June 30, 1929
period in 1928 July 31, 1928
uly 1928
June 1929
+ 3.2
Atlanta (5) _________ + 8.0
—
14.7
— 4.2
— 1.7
Birmingham (4)____
—
18.7
— 1.4
— 3.4
— 4.0
— 4.3
— 3.2
Chattanooga (6)____
— 4.4
—
33.3
— 3.0
— 3.6
Nashville (4) ______
— 6.0
—
25.8
— 1.8
— 6.0
— 3.7
— 4.8
— 9.6
—
19.0
New Orleans ( 4 ) _
_
— 0.7
— 5.3
Other Cities (19) ___
— 4.5
— 9.8
— 0.6
—
14.0
4.2
DISTRICT (42)____
— 2.2
—
18.6
— 2.0
— 3.0
— 3.9
N o te :

The

r a t e o f s to c k t u r n o v e r is t h e r a t i o o f s a le s d u r i n g g i v e n




p e r io d t o a v e r a g e s to c k s o n h a n d .

Rate of Stock Turnover
July
July Jan. 1to July 31
1928
1929 1928
1929
1.85
1.95
.22
.24
1.37
.17
.16
1.39
1.32
.16
.16
1.38
1.66
.19
.18
1.67
1.18
.14.
.42.. 1.22
1X1
.16
.15
at
.17
.16
1.42
1.89

MONTHLY REVIEW

WHOLESALE TRADE
There was some improvement in the volume of whole,le trade in the sixth district in July, compared with
Doth the preceding month and the corresponding month
last year, as reflected in sales and other figures reported
confidentially to the Federal Reserve Bank by 120 whole­
sale firms in eight different lines of trade. Total sales
in July by these firms were 4.6 per cent greater than in
June, and 5.4 per cent greater than in July last year.
Stocks on hand, accounts receivable and collections all
show increases compared with similar items for June, and
the last two items show increases also over July 1928, but
stocks were somewhat smaller than for that month. The
figures in the table show comparisons of reported items
for all reporting firms.
July 1929 compared with:
June 1929
July 1928
_ + 4.6
+ 5.4
Sales .............. .....................
Stocks on hand ___________
..... + 0.7
— 2.1
..... + 2.2
+ 3.5
Accounts receivable ________
+ 4.6
+ 6.8
Collections ______________
Groceries

Sales of groceries at wholesale increased at
all reporting cities in July as compared
with June, and were also greater than for July last year
except at Vicksburg. Total sales averaged 4.2 per cent
greater than in June, and 6.3 per cent greater than in
July 1928. Stocks on hand increased over both of these
comparative months. Accounts receivable increased over
June, but were smaller than for July last year, and col­
lections show decreases compared with both of those
periods.
July 1929 compared with:
Sales:
June 1929
July 1928
..... + 3.5
+ 2.1
Atlanta (3 firms)
..... + 2.3
+24.4
Jacksonville (4 firms)
New Orleans (6 firms) ________
+13.5
+ 0.3
Vicksburg (3 firms) __________
_ + 1.1
—
10.4
Other Cities (13 firms) ________
_ + 0.9
+ 8.3
+ 6.3
DISTRICT (29 firms) __________ ..._ + 4.2
+ 5.8
Stocks on hand __
+ 4.2
— 4.1
Accounts receivable
+ 6.1
— 3.3
Collections _____
— 0.5
Dry Goods

July sales of dry goods at wholesale in the
sixth district averaged 10.3 per cent great­
er than in June, although there was a decrease shown
for New Orleans. Total sales in the district were 1.7 per
cent greater than in July last year. Stocks on hand, and
accounts receivable increased less than one per cent over
June, and collections decreased slightly, and stocks de­
clined compared with those a year ago, but accounts re­
ceivable, and collections show increases over July last
year.
July 1929 compared with:
Sales:
June 1929
July 1928
Atlanta (3 firms) ______ _________ + 1 3 .8
+ 2 1 .4
Nashville (3 firms) _______________ + 2 5 .3
+ 1 0 .1
New Orleans (4 firms) __________ __ —
10.3
+ 2.3
Other Cities (14 firms) _____________ + 1 3 .1
— 4.0
DISTRICT (24 firms) _____________ + 10.3________ + 1.7___
Stocks on hand ___________________ + 0.2
—
17.8
Accounts receivable ________________ + 0.7
+ 2.6
Collections ---------------------------------- — 0.4
+ 4.1
Hardware
Notwithstanding decreases reported from
Nashville, compared with both the preced­
ing month and the same month a year ago, sales of hard­
ware at wholesale in July averaged greater than for either
of those months. Stocks declined, but accounts receivable
and collections showed increases compared with both
of those comparative periods.
July 1929 compared with:
•Sales:
June 1929
July 1928
Nashville (4 firms) ___________ ___ — 6.6
— 0.6
New Orleans (5 firms) _________ ___ + 1.2
+ 9.2
Other Cities (18 firms) ____________ + 1 5 .5
+ 1 2 .9
DISTRICT (27 firms) _____________ + 6.2________ + 9.3
Stocks on hand _________________ ~ —' 0.4
— 1.0
Accounts receivable ________________ + 3.9
+ 7.7
Collections ______________________ + 5.0
+ 1 5 .7
Furniture
July sales of furniture at wholesale aver­
aged smaller in volume than in June or in
July last year. Stocks on hand at the end of July were
larger than a month ago, but smaller than at the same




3

time last year, and accounts receivable were smaller than
for June but larger than for July 1928. Improvement
was shown in collections compared with both of those
comparative periods, as indicated in the table.
July 1929 compared with:
June 1929
July 1928
Sales:
..... —
22.5
— 8.4
Atlanta (5 firms)
+ 0.2
+ 1.3
Other Cities (7 firms) ----_ — 4.8
— 0.6
DISTRICT (12 firms) ___
+ 4.3
— 7.7
Stocks on hand __
+ 8.6
— 1.5
Accounts receivable
+18.2
+15.7
Collections -------Sales of electrical supplies at wholesale im­
proved slightly in July over June, but aver­
aged somewhat smaller than in July last
year. Stocks on hand increased slightly over June, and
were greater than a year ago, and collections show im­
provement over both of those periods. Accounts receiv­
able declined compared with June but were larger than a
year ago.
July 1929 compared with:
July 1928
Sales:
June 1929
..._ + 5.6
New Orleans (4 firms)
+ 5.7
Other Cities (9 firms) .
—
10.1
_ + 0.7
— 4.4
+ 2.5
DISTRICT (13 firms) .
+30.2
Stocks on hand ----------------------------- + 1.3
Accounts receivable ------------------------- — 3.1
+ 2.3
Collections ............... ............................. +13.7
+ 4.5
Electrical
Supplies

Comparisons in the other three lines are shown only
for the district as three or more reports were not received
in any of these lines from any single city.
July 1929 compared with:
June 1929 July 1928
Shoes: Sales ......
._ + 4.9
+ 0.5
Stationery: Sales
+ 4.0
— 9.3
Drugs f Sales
+ 1.0
+13.8
+ 3.4
+ 3.7
Accounts receivable ________
Collections ________________ +5.8
‘ ‘
+9.4
AGRICULTURE
The first estimate of the 1929 cotton crop by the United
States Department of Agriculture, released on August 8
and based upon conditions up to August 1, indicates the
production of 15,543,000 bales this season. This compares
with final ginnings of 14,478,000 bales from the 1928 crop.
The condition of the crop on August 1 was 69.6 per cent of
normal, and was 2.2 points above the average condition on
that date. While the crop is earlier than in 1928, it is
about three days later than the average of the past five
years, for the cotton belt as a whole. The report indi­
cates that with usual weather conditions during the re­
mainder of the season there will be more weevil damage
this year than last in all states except Oklahoma and Ar­
kansas. In Georgia most of June and July favored the
rapid development of the crop, but excessive rains in the
r-outhern part of the state late in July resulted in increas­
ed weevil activity. Fruiting in Louisiana and Mississip­
pi was more advanced than average on August 1, Georgia
was about average, and the other states less advanced
than the average for that date. The condition of cotton
was higher on August 1 this year than a year ago in each
of the six states of this district, and the estimated produc­
tion in each of these states is also greater than that of
last season.
Number of Bales
Estimated 1929 Final 1928
1,109,126
Alabama ______ _____ ______________1,317,000
Florida _____ ____________________ 25,000
19,203
Georgia ......................................^_____ 1,182,000
1,029,499
Louisiana ________________________ 715,000
690,958
M
ississippi ________________________1,921,000
1,474.875
Tennessee ------------------------------------ 468,000
429,284
Total six states ---------------------------5,628,000
4,752,945
Production of tobacco in Georgia this year is estimated
at 79,118,000 pounds, a little more than five million pounds
less than last year, while the Tennessee crop is estimated
at over 99 million pounds, an increase of about 18 million
pounds over last year. Sales of tobacco during the first
three weeks of the marketing season are reported by the
State Commissioner of Agriculture as having totaled 70,622,054 pounds, at an average price of 20 cents per pound,

4

MONTHLY REVIEW

and the total value of these sales at $14,125,654, as com­
pared with sales of 51,363,508 pounds at an average price
of 14.02 cents, and total value of $7,198,598 for the first
three weeks of the 1928 marketing season. Production
of peaches in Georgia was the lowest in several years,
with an estimated agricultural crop of 2,707,000 bushels,
as compared with 10,000,000 bushels in 1928. The Geor­
gia apple crop is estimated at 626,000 bushels, compared
with 1,400,000 bushels last year. The condition of the ci­
trous crop in Florida still indicates production much be­
low that of last season. Oranges are reported at 62 per
cent of normal on August 1, compared with 84 per cent a
year ago, and grapefruit at 57 per cent of normal com­
pared with 79 per cent at the same time last year. Pros­
pects for staple crops remain fairly good for the state as
a whole.
Sugar Cane Weather conditions in the Louisiana cane
and Sugar
belt have continued tavorable. The August
1 condition of the cane indicates a probable
production of 217,634 short tons of sugar this season, com­
pared with 132,053 short tons produced last season. This
crop generally is reported in excellent growing condition.
SUGAR M
OVEM
ENT (Pounds)
Raw Sugar
Receipts:
July 1929 June 1929 July 1928
New Orleans ................... 214,288,838 159,624,245 98,863,445
Savannah _______ ____ 20,851,402 24,996,965 9,386,703
Meltings:
New Orleans _________ 195,393,798 155,721,638 117,458,680
Savannah ................. ....... 14,722,505 42,674,342 28,686,117
Stocks:
New Orleans _________ 176,558,761 160,998,573 40,280,389
Savannah ___________ 68,258,903 62,130,006 21,306,279
Refined Sugar (Pounds)
Shipments:
New Orleans _________ 181,645,720 156,730,014 118,829,913
28,181,869 24,906,621 32,680,255
Savannah ___________
Stocks:
80,223,538 79,265,552 44,741,989
New Orleans _________
Savannah ___________
15,847,318 34,421,328 11,101,730
Rice
Rice has made satisfactory progress during the
past month, and the condition on August 1 re­
mained at 83 per cent of normal. Fresh water for irri­
gation has been plentiful this season. The estimated
production is placed at 16,189,000 bushels, compared with
18,392,000 bushels last season.
RICE M
OVEM
ENT—
NEW ORLEANS
Rough Rice (Sacks)
July 1929 June 1929 July 1928
Receipts _________ j_______ 11,443
24,930
690
23,947
11,762
2.020
Shipments _______________
Stocks __________________
3,502
16,006
1,586
CLEAN RICE—(Pockets)
Receipts _________________
81,849
128,312
40,293
Shipments _______________
113,969
130,369
35,274
Stocks __________________ 128,215
160,335
164,662
RICE MILLERS ASSOCIATION STATISTICS
(Barrels)
Aug. 1to
Receipts of Rough Rice:
July
July 31
Season 1928-29 ________________ 125,737
9,164,411
Season 1927-28 ________________
16,892
9,495,452
Distribution of M
illed Rice:
Season 1928-29 ________________ 515,342
9,882,110
10,189,848
Season 1927-28 ________________ 285,155
Stocks of Rough and M
illed Rice:
August 1, 1929 ________________ 485,177
August 1, 1928 ________________ 829,608
FINANCIAL
Savings
Following the semi-annual interest period,
Deposits
savings deposits at Atlanta, at branch ci­
ties, and aggregate savings reported from
other cities in the district declined in July, and were in
smaller volume than a year ago. Decreases compared
with June are shown in figures reported from each city
shown in the statement, and total savings for the dis­
trict averaged 6.1 per cent less than for June. Compared
with July 1928, figures reported from Nashville show an
increase but this was more than outweighed in the district
average by decreases at other points, and total savings



averaged 6.4 per cent less than a year ago, as indicated in
the table.
(000 Omitted)
Comparison Comparison
July
July
June July-June July
1929
1929 1929
1928 *
29-*28
Atlanta (7 banks) ___
41,273 $ 43,599 — 5.3 $ 45,662 — 9.6
Birmingham (4 banks) _— 24,633 25,925 — 5.0 25,226 — 2.4
Jacksonville (4 banks) _— 21,821 25,691 —
25.9
15.1 29,461 —
Nashville (8 banks) ____ 29,118 31,698 — 8.1 26,175 +11.2
New Orleans (7 banks) ...__ 47,350 47,566 — 0.5- 48,095 — 1.5
Other Cities (47 banks) .... 103,003 110,183 — 6.5 110,815 — 7.0
Total (77 banks) ____ ... 267,198 284,662 — 6.1 285,434 — 6.4
Debits to Individual
Accounts

The total of debits to individual
accounts at 26 reporting cities of
the sixth district in July was 5.4
per cent greater than in June, and shows an increase of
10.1 per cent over the month of July last year. Sixteen of
these reporting cities show increases over July 1928, while
decreases were reported from the other ten cities. The
monthly figures shown in the table are derived from
weekly reports by pro-rating figures for those weeks
which do not fall entirely within a single calendar month.
(000 Omitted)
Alabama
July 1929
June 1929 July 1928
Birmingham
! 143,820 $ 137,190 $ 144,839
_
Dothan _
2,728
2,626
2,937
M
obile ___
43,878
36,569
37,573
24,804
23,998
23,503
Florida
Jacksonville
77,809
72,555
71,329
M
iami ___
30,451
31,369
28,047
Pensacola ...
7,081
8,185
7,432
Tampa .....
33,585
36,676
37,955
Georgia
Albany _
_
3,595
3,207
3,537
Atlanta
222,414
204,179
148,742
Augusta _____ ________
23,212
22,877
23,781
Brunswick _
_
4,374
4,056
3,914
Columbus ....
14,705
13,233
12,275
Elberton _
_
842
911
738
M
acon ___
20,942
17,389
20,990
Newnan _
_
2,272
1,723
1,896
Savannah _
48,998
38,177
41,377
Valdosta ___
6,065
4,469
6,616
Louisiana
New Orleans
327,882
291,132
326,052
M
ississippi
Hattiesburg ...
7,217
6,449
7,284
Jackson ___
26,092
24,475
24,079
Meridian ....
15,642
13,472
17,124
Vicksburg _
6,544
5,887
7,419
Tennessee
Chattanooga .
53,314
54,121
46,310
Knoxville __
36,720
34,000
36,879
Nashville
104,443
134,814
89,557
Total 26 cities
1,289,429 $1,223,739 $1,171,185
Condition of Member Banks Weekly reports received
ijn Selected Cities
from thirty reporting
aj.1 j. xr
member banks located in
Atlanta, New Orleans, Birmingham, Jacksonville, Nashr 1 i i hattanooga, Knoxville and Savannah, indicate that
!
total loans of these banks declined $3,638,000 between
July 10 and August 7, but increased $2,985,000 during the
following week, and on August 14 were $653,000 less than
live weeks earlier. During this period loans on securities
declined $3,076,000, and AH Other loans increased $2,423,000. Compared with figures for the corresponding report
date a year ago, loans on securities show an increase of
more than 18 millions, and other loans a decrease of a
little more than 41-2 millions, and total loans were 131-2
millions greater than at that time. Holdings of United
States securities and of Other stocks and bonds both show
decreases compared with five weeks, and a year, ago. De­
mand deposits were greater, but time deposits smaller,
than tor either of the report dates under comparison. Bor­
rowings by these weekly reporting banks from the Fed­
eral Reserve Bank of Atlanta were $336,000 greater on
August 14 than on July 10, but $6,203,000 less than at the
same time a year ago. Principal items in the weekly re­
port for the three report dates under comparison are
shown m the table.
(000 Omitted)
Aug. 14,
July 10,
Aug. 15
Loans:
1929
1929
1928
On Securities _
------------$152,467 $155,543 $134,339
All Other ___
------------ 363,870
361,447
368,494
Total Loans
------------ 516,337
516,990
502,833
U S. Securities .......
.
----------- 58,634
60,481
69,541

5

MONTHLY REVIEW

71,993
71,487
Other Stocks and Bonds-------------- 67,606
644,367
648,958
Total Loans and Investments 642,577
238,164
244,413
Time Deposits ----------------------- 236,137
318,163
316,235
Demand Deposits -------------------- 322,144
93,588
89,887
Due to Banks------------------------ 88,648
66,630
69,051
67,583
Due from Banks
50,218
44,015
43,679
Borrowings from F. R. BankDuring the five weeks period
Operations of the
between July 10 and August
Federal Reserve Bank
14 there were increases in
the volume of discounts for member banks, in Federal Re­
serve note circulation, and in total reserves, but decreases
in deposits and in holdings of bills bought in the open
market and of government securities, shown in the week­
ly statements of the Federal Reserve Bank of Atlanta.
Discounted bills held on August 14 show an increase of
$3,885,000 over the total five weeks earlier, due principally
to an increase in those secured by government obligations.
Compared with figures for the corresponding report date
of last year, however, bills secured by government obliga­
tions show a decrease of $5,846,000 and total discounts
were smaller by $4,425,000 than at that time. Holdings
of bills bought in the open market, and of government se­
curities, declined compared with figures for July 10, and
were less than for the same report date a year ago, and
total bills and securities show a decrease of $14,921,000
compared with a year ago. Deposits on August 14 were
smaller than on either of the previous report dates under
comparison. Federal Reserve notes in actual circulation,
following the issuance of the new size currency, increased
more than 15 millions between July 10 and August 14,
and show an increase of 23 1-2 millions over the same
report date of last year. Principal items in the weekly
statement for the three report dates under comparison
are shown in the table.
(000 Omitted)
Aug. 14,
1929
Bills Discounted:
Secured by Govt. Obligations- _$ 13,822
— 58,994
All Others
72,816
Total Discounts--------Bills Bought in open market___ ™ 4,584
— 3,093
U. S. Securities
80,493
Total Bills and Securities
Cash Reserves ------------------ __ 137,500
™ 63,010
Total Deposits
P. R. Notes in actual circulation___ 151,803
Reserve Ratio---------------------- 64.0

July 10,
1929
$ 10,425
58,506
68,931
5,236
3,096
77,263
130,138
65,460
136,417
64.5

Aug. 15,
1928
$ 19,668
57,573
77,241
13,000
5,173
95,414
103,020
65,267
128,240
53.2

Bank Deposits of
All Member Banks

Net demand deposits of all mem­
ber banks in the sixth district
continued in June to decline from
the high point for the year shown in March, and were at a
lower level than in June last year. Time deposits in June
increased to a point higher than for any other month
this year, but were still somewhat smaller than for the
same month last year. The figures for 1929 are averages
of daily figures for each month, while those for corre­
sponding months of 1928 are for a single report date of
each month.
Demand Deposits
Time Deposit!
1929
1928
1929
1928
January ______$594,393,000 $634,598,000 $454,062,000 $465,326,000
February -------- 596,768,000 625,307,000 458,445,000 461,400,000
March______ 600,785,000 621,048,000 459,323,000 465,757,000
April ----------- 584,913,000 612,186,000 449,462,000 467,351,000
M ________ _ 568,686,000 607,138,000 458,520,000 471,907,000
ay
June ________ 548,639,000 596,668,000 466,233,000 471,953,000
Commercial
Failures

According to statistics compiled by R. G.
Dun and Company, commercial failures in
the United States during the month of July
numbered 1,752, compared with 1,767 in June, and with
1,723 in July 1928. Liabilities of firms which failed in
July amounted to $32,425,519, an increase of 3.3 per cent
over the total for June, and greater by 9.6] per cent than
for July last year.
Figures for the sixth district indicate 97 failures during
July, compared with 100 in June, and with 110 in July a
year ago, and liabilities of these firms during July show
an increase of 14.1 per cent over June, but a decrease of
24.1 per cent compared with July last year. Figures in
the table show failures in the United States divided by
Federal Reserve Districts.



Number Liabilities Liabilities Liabilities
July 1928
July 1929 July 1929
June 1929
District
176 $ 3,085,987 $ 2,887,796 $ 2,345,127
Boston ...........
7,973,412
7,469,126
New York _____ 327
8,806,245
1,366,704
1,248,063
Philadelphia
. 57
1,267,519
3,248,216
143
1,996,972
3,480,435
Cleveland .....
2,698,274
2,534,991
1,838,607
Richmond ........ _ 98
1,328,602
1,997,327
Atlanta ........... ... 97
1,516,116
3,295,071
Chicago .....—
242
3,962,653
6,436,327
St. Louis .........
1,331,242
1,894,983
2,288,466
111
496,225
512,743
312,448
Minneapolis __
46
_
Kansas City _ __ 130
1,826,622
467,828
879,447
710,082
1,072,213
Dallas ..... .......
39
1,975,746
2,192,461
San Francisco _ __ 286
3,445,400
3,197,437
1,752 $32,425,519 $31,374,761 $29,586,633
Total ........
IMPORTS AND EXPORTS
United States Preliminary figures compiled and pub­
lished by the United States Department
of Commerce indicate that both exports and imports dur­
ing July were only slightly larger than for June, and were
greater than for the same month of last year. Exports
for the first seven months of 1929 were greater than for
the same period of any year since 1920, and imports for
this period were greater than for the same part of the
two preceding years.
Exports:
1929
1928
July ............. ............................$ 401,000,000 $ 378,963,000
June ------------------------------ 397,000,000
389.000.000
Seven months ending with July__ 3,024,068,000
2.756.973.000
Imports:
July ___ _____ _________ _$ 353,000,000 $ 317,804,000
June ____ _______________ 352,000,000
317.000.000
Seven months ending with July__ 2,639,354,000
2.403.780.000
New Orleans
Merchandise was imported into the
United States through the port of New
Orleans during the month of May 1929, the latest month
for which detailed statistics are available, to the value of
$22,775,064, an increase of 4.8 per cent over April, and
38.6 per cent greater than the total for May 1928.
Exports of merchandise through the port of New Or­
leans during May totaled $25,130,855, a decrease of 20.3
per cent compared with April, and 16.8 per cent less than
for May last year.
Grain Exports—New Orleans
Exports of grain through the port of New Orleans dur­
ing July 1929 were greater than for the same month last
year, as indicated in the table. Corn and oats were ex­
ported in smaller volume, but wheat shows a large in­
crease.
July 1929 July 1928
Wheat, bu.
.. 428,702
94,127
Corn, bu. ..
131,887
256,232
Oats, bu.
_ 61,563
77,068
Rye, bu._
_ 21,428
Total, bushels .....
.. 643,580
427,427
BUILDING
The volume of prospective building as indicated by
building permits issued at twenty regularly reporting
cities of the sixth district declined further in July, and
was smaller than at the same time a year ago, and con­
tract awards in the district also declined compared with
the preceding month, but were only fractionally smaller
than for July last year.
The total value of building permits issued during July
at twenty reporting cities of the sixth district, for the
erection of buildings within their corporate limits,
amounted to $6,029,543, a decline of 10 per cent com­
pared with the total for June, and 33.3 per cent less than
for July 1928. Six of these cities reported increases over
July last year, and the remaining fourteen reported de­
creases. The index number for the district, based upon
the monthly average for the three year period 1923-25
inclusive, was 53.6, compared with 59.5 for June, and with
80.4 for July 1928. Index numbers for Atlanta, and for
Federal Reserve Branch cities are shown on the last page
of this Review.
According to statistics compiled by the F. W. Dodge
Corporation, the total value of contracts awarded for
building and construction work in the 37 states east of the
Rocky Mountains during July amounted to $652,436,100,
the second largest monthly total on record, and repre-

MONTHLY REVIEW

6

senting an increase of 20 per cent over the total for June,
and an increase of 12 per cent over July 1928. In July,
$199,925,500, or 31 per cent of the total, was for residen­
tial building; $195,546,700, or 30 per cent, was for public
works and utilities; $91,348,300, or 14 per cent, was for
commercial building. During the first seven months of
this year there was a total of $3,683,982,900 of new build­
ing and engineering work contracted for in the 37 eastern
states, compared with $4,028,299,900 for the same period
of 1928, or a decrease of 9 rer cent.
Contracts awarded during July in the sixth district to­
taled $31,801,659, a decrease of 31 per cent compared with
June, but only 0.6 per cent less than for July last year.
Percentage
July 1929
July 1928
change in
Alabama
Number Value Number Value
Value
Anniston __
30 $ 71,709
$ 72,600 — 1.2
Birmingham .. 235
429,754 625
2,175,631 — 80.2
M 3 ____
obil
89
164,321 120
208,676 — 21.3
Montgomery „ 224
239,168 276
322,217 — 25.8
Florida
Jacksonville _ 337
657,247 — 38.9
401,660 345
M
iami ____ 227
344,124 177
264,749 + 30.0
48
26,170
75
231,825 — 88.7
Orlando ......
Pensacola __
60
71,650
94
193,332 — 62.8
Tampa ____ 198
94,814 287
250,266 — 62.1
♦Lakeland__
3
37,100
5
11,125 +233.5
♦M
iami Beach
82
1,007,590
26
207,875 +384.7
Georgia
Atlanta .
337
983,666 327
1,220,813 — 19.4
Augusta __
170
152,736 142
116,457 + 31.2
Columbus ....
49
72,950
70
108,547 — 32.8
M
acon ____ 224
125,882 273
476,210 — 73.6
Savannah __
51
162,325
58
221,060 — 26.6
Louisiana
New Orleans. 200
1,535,517 260
1,021,977 + 50.2
Alexandria _
53
44,176
3
37,873 4- 16.6
Tennessee
Chattanooga .. 300
369,996 241
145,854 +153.7
Johnson City ,
23
111,050
14
80,750 + 37.5
Knoxville __
90
243,134 181
788,978 — 69.2
Nashville__
263
384,741 279
451,040 — 14.7
Total 20 Cities_ 3,208 $6,029,543 3,907 $9,041,102 — 33.3
Index No...........
53.6
80.4
♦Not included in totals or index numbers.
LUMBER
Preliminary figures for the month of July, received up
to the middle of August, by the Southern Pine Association
from 92 subscribing mills, indicate that current production
continues somewhat below the three-year average produc­
tion of reporting mills, and that orders and shipments
continued less than output. Orders booked by these re­
porting mills in July were 4.9 per cent less than their pro­
duction; in June orders were 6.8 per cent less than output,
while in July last year orders exceeded production by 7.4
per cent. July shipments were slightly less than orders,
and were 4.6 per cent less than production. July produc­
tion was 8.2 per cent less than the three-year average out­
put of reporting mills, and stocks on hand at the end of
July were 6.6 per cent smaller than the three-year rela­
tive stocks of these mills. Unfilled orders at the end of
July amounted to 80.6 per cent of a month’s production at
the rate which prevailed in July. Preliminary figures for
July, with comparisons, are shown in the table.
July 1929
June 1929
July 1928
(feet)
92 mills
94 mills
108 mills
Orders _
207,339,713 189,986,751 284,497,008
Shipments
206,844,353 205,311,911
Production ___________ 217,958,096 203,816,188 284,454,932
3-Year Average Production_ 237,532,590 240,819,383 264,870,514
Stocks, end of month ____ 567,790,205 581,078,371 289,417,528
3-Year Relative Stocks ___ 608,225,950 616,634,430 680,767,115
728,550,731
Unfilled orders, end of month 175,605,120 180,276,160 216,523,096
TEXTILES
Cotton
Statistics compiled and published by the
Consumption United States Census Bureau indicate that
the consumption of cotton in the United
States during July declined 4.2 per cent compared with
the preceding month, but was greater by 24.2 per cent
than during the corresponding month of last year. Stocks
of cotton, both in consuming establishments and in pub­
lic storage and at compresses declined compared with
June, and stocks in public storage were smaller than a
year ago, but those held by consuming establishments
were somewhat larger. Exports during July were some­
what smaller than for June, or for July last year. The



number of spindles in the United States active during July
was smaller by 232,264 than for June, but was 2,236,182
greater than during the same month last year.
Hosiery
July 1929 June 1929
Cotton Consumed:
570,281
L int________________ . 546,457
78,154
Linters . . .................
79,297
Stocks in Consum. Establishments:
1,289,294
Lint
........ ~
................ ’ 1,051,535
Linters ............................ . 187,208
206,432
Stocks in Public Storage and
at Compresses:
1,375,728
Lint ......
-............. .. 986,439
71,164
Linters ..................... ....... 58,422
299,136
Exports ................................. 237,506
26,113
Imports ................................. 21,369
.30,395,858 30,628,122
Active Spindles ..... ....
Cotton Growing States (Bales)
July 1929 June 1929
Cotton Consumed __________ . 409,057
431,967
Stocks in Consum. Establishmentsi 691,005
876,443
Stocks in Public Storage and
at Compresses ............ ...... 745,250
1,100,528
Active Spindles ----------------- 18,003,104 17,984,360

July 1928
439,821
65,279
1,011,721
159,409
1,189,751
44,569
331,452
18,473
28,159,676
July 1928
331,961
613,618
1,036,183
17,674,582

Cotton
Cloth

Confidential reports for July were rendered to
the Federal Reserve Bank of Atlanta by cot­
ton mills in the sixth district which during
that month manufactured 26,456,000 yards of cotton cloth.
This output was 9.2 per cent greater than the output of
the same mills in June, and 22.5 per cent greater than
their production in July last year. Shipments, orders,
stocks on hand and number of workers also increased over
June, but unfilled orders show a decrease. Compared with
July a year ago, shipments, unfilled orders and number
of workers show increases, but orders booked, and stocks
on hand, declined.
July 1929 compared with:
June 1929
July 1928
Production ____
9.2
+22.5
Shipments _____
+19.3
+ 9.5
Orders booked ___
+ 6.5
— 1.9
Unfilled orders __
— 4.4
+ 6.3
Stocks on hand __
+ 5.4
— 3.3
Number on payroll
+ 2.6
+ 6.6
Cotton
Yarn

Reports for July were also received from cotton
mills which produced during July 7,974,000
pounds of yarn, an output 10.6 per cent greater
than for June, and 37.9 per cent greater than in July 1928.
July shipments, orders, and number of workers increased
over June, but unfilled orders and stocks on hand de­
creased, while all items except stocks show increases over
the corresponding month of 1928.
July 1929 compared with:
June 1929
July 1928
Production _______________________ +10.6
+37.9
Shipments ---- ------------------------------ +17.2
+33.0
+38.9
Orders booked ____________________ + 6.9
+27.4
Unfilled orders ____________________ — 4.8
Stocks on hand ____________________ — 8.1
—
26.6
Number on payroll _________________ + 0.2
+13.0
Hosiery Figures for July and June reported to the Unit­
ed States Census Bureau by 34 identical estab­
lishments manufacturing hosiery in the sixth district in­
dicate declines in production, shipments, orders and un­
filled orders in July, but small increases in stocks. Total
figures for the two months are shown in the table.
Production __
Shipments __
Stock on hand
Orders booked
Cancellations _
Unfilled orders

(Dozen
July 1929
793,839
810,371
1,775,091
790,288
23,301
1,012,531

Pairs)
June 1929
823,384
810,718
1,763,867
873,500
23,000
1,057,643

COTTON SEED AND COTTON SEED PRODUCTS
(1) Sixth District
United States
Aug. 1 to July 31
Aug. 1 to July 31
1929
1928
1929
1928
Cotton Seed tons:
Received at mills . 1,512,520 1,440,628
5,082,051
4;586,705
Crushed ..
1,503,096 1,462,389
5,058,744
4,654,017
On Hand
14,127
4,703
41,340
21,972
Production:
Crude Oil, lbs. ----501,121,067 481,367,460 1,603,352,111 1.476.609.401
Cake and M tns. 649,363 636,269
eal,
2,280,894
2,093,354

7

MONTHLY REVIEW

1,320,066
1,367,325
Hulls, tons _____ 411,412 422,892
875,121
1,084,644
Linters, bales ____ 328,568 266,407
(2)
Stocks:
(2)
10,939,944 14,764.852
Crude Oil, lbs........ 1,142,093 4,464,245
80,914
32,648
Cake and M tons
eal,
27,148
7,780
29,291
65,444
Hulls, tons _____
12,288
6,039
43,994
74,640
Linters, bales
24,009
11,474
(1) Georgia, Alabama, Louisiana and M
ississippi.
(2) Not including stocks held by refining and manufacturing estab­
lishments and in transit to refiners and consumers.
COAL
According to statistics compiled by the United States
Bureau of Mines, the production of bituminous coal in the
United States during July was greater than in July last
year, both in total output and in daily average produc­
tion, but July production in Alabama and Tennessee, the
coal producing states of the sixth district, was at a some­
what lower level than a year ago.
Statistics compiled by the Bureau of Mines indicate
that the production of bituminous coal in July in the
United States amounted to 40,635.000 tons, an increase of
6.7 per cent over the output of 38,073,000 tons in June, and
12 per cent greater than the 36,276,000 tons produced in
July last year. Daily average output in July was 1,563,000
tons, 2.6 per cent greater than in June, and 7.6 per cent
greater than in July last year. The total production of
bituminous coal during the present calendar year to Au­
gust 3 amounted to 297,954,000 tons, compared with 274,292,000 tons produced during the same period of 1928.
Weekly production figures of the Bureau of Mines are
shown in the table, compared with corresponding weeks
last year. Output for the week ended July 6 was affected
by the observance of the holiday on July 4th.
(000 Omitted)
Tennessee
United States
Alabama
W Ended
eek
1929 1928 1929 1928 1929 1928
75
74
July 6 ........ ............ . 7,414 6,830 271 257
July 13 ................. .... 9,432 8,610 281 315 100 116
94 106
9,202 8,642 307 309
July 20 ____ ______
July 27 ..................... 9,480 8,964 306 306
97 103
August 3 ___ ___ ___ 9,220 8,757
... ............... .........
IRON
According to statistics compiled and published by the
Iron Age, the production of pig iron in the United States
in July this year made a new high record for that month.
Total output was greater than for June, although the daily
average rate of production declined slightly. Production
in Alabama was also greater than in June, because of the
longer month, while the daily average declined less than
one-half of one per cent.
Production of pig iron during July in the United States
amounted to 3,785,120 tons, greater by 2.4 per cent than
in June, and 23.2 per cent greater than in July last year.
The index number for July based upon the monthly aver­
age output for the three-year period 1923-25, was 126.7,
compared with 123.8 for June, and with 102.8 for July
1928. Daily average production declined nearly one per
cent in July compared with June. The number of fur­
naces active on August 1 was 216, smaller by two than a
month earlier, but greater by 31 than at the same time
last year. Total production during the first seven months
of this year amounted to 25,426,080 tons, and set a new
high record for the period.
Figures for Alabama indicate the production of 225,513
tons of iron during July, an output 2.9 per cent greater
than in June, and 19.1 per cent greater than in July last
year. The daily average rate of production declined fourtenths of one per cent compared with June. There were
17 furnaces active on August 1, the same as a month ear­
lier, and greater by one than a year ago. Press reports
indicate that there has been steady buying for third quar­
ter iron, and the probable make is estimated to be more
than eighty per cent sold. August shipments are expected
to exceed those in July. Several important tonnages are
reported to be under option to eastern points since the
new rail and steamer rates became effective August 1st.
The quoted price continued at $14.50 per ton. Figures are
shown in tabular form for convenience of comparison.



United States:
Production (tons) ..........
Index number ________
Average per day (tons)_
_
*Active furnaces _______
Alabama:
Production (tons) ______
Index number
Average per day (tons)
*Active furnaces ____
♦First of thfe following month.

July 1929 June 1929 July 1928
3,785,120 3,697,628 3,071,824
123.8
102.8
126.7
99,091
123,255
122,100
‘185
216
218
189,383
219,218
225,513
94.4
• 81.5
97.1
6,109
7,275
7,307
16
17
‘ 17

r. S. Steel Corp,n
Unfilled orders of the United States Steel Corporation
at the end of July totaled 4,088,177 tons, a decrease of
168,733 tons, or 4 per cent, compared with the month be­
fore, but 14.5 per cent greater than at the end of July
last year.
NAVAL STORES
July receipts of both turpentine and rosin at the three
principal naval stores markets of the sixth district in­
creased over the preceding month, and were in greater
volume than in July last year, and stocks of both com­
modities at the end of July were greater than a month
earlier, although somewhat smaller than those recorded
a year ago. Receipts of turpentine in July were 12.8 per
cent greater than in June, and 17.7 per cent greater than
in July 1028, and receipts of rosin increased 17.8 per cent
over June, and were 22.4 per cent greater than a year
ago. July receipts of both commodities were greater than
for July of any of the past eleven years, and figures for
the season April 1 to July 31 were greater than those of
the corresponding part of any other season, except 1927,
during the past ten years. Stocks of turpentine at the
end of July were smaller than a year ago but larger t^an
for any other recent year, and stocks of rosin, while ling­
er than for the same date in 1926 and 1920 were smaller
than for other recent years. Press quotations indicate
that prices of both commodities have fluctuated within a
narrow range in recent weeks. Receipts and stocks are
shown in the table.
Receipts—
Turpentine:
July 1929 June 1929 July 1928
Savannah ____
28,501
24,437
23,690
Jacksonville ___
19,081
17,553
16,618
Pensacola ____
7,290
6,668
6,329
Total __ __
54,872
48,658
4M37
Receipts—
Rosin:
Savannah ____
96,720
78,804
78,135
Jacksonville ___
64,033
56,857
52,033
Pensacola ____
20,680
18,507
18,082
Total ____
181,433
154,168
148,250
Stocks—
Turpentine:
Savannah ____
21,978
16,963
19,677
Jacksonville ___
19,674
18,474
30,385
Pensacola ____
23,918
22,291
19,183
Total ____
65,570
57,728
*69,245
Stocks—
Rosin:
Savannah ........
89,069
54,323
98.956
Jacksonville ___
61,080
54,879
59,313
Pensacola ____
19,271
14,303
19.956
Total ____
169,420
123,505
178,225
(Continued from Page 1)
gust. Member banks* borrowings at the reserve banks av­
eraged $45,000,000 less during the week ending August 17,
than in the week ending July 20, reflecting increased sales
of acceptances to the reserve banks, and further imports
of gold. Open market rates on call and time loans on se­
curities were firmer during the last half of July and the
first week of August. During the second week of August
rates on call loans declined while rates on commercial
paper in the open market advanced from 6 to 6J4 per
cent. On August 8 the discount rate of the Federal Re­
serve Bank of New York was increased from 5 to 6 per
cent, and the buying rate on bankers acceptances was re­
duced from 5J4 to the market rate of 5% per cent.

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 wh olesale trade are based upon sales figures reported con­
fidentially by representative firms in the lines of trade in dicated, and the other series of index numbers are based
upon figures reported to the bank or currently available t hrough 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
1929
142.6
114.2
83.6
124.1
92.4
102.4
107.0

June
1929
125.3
102.1
94.2
94.1
77.3
87.4
92.0

July
1929
106.9
82.9
62.8
69.9
62.7
75.2
75.0

May
1928

June
1928

July
1928

157.8
120.8
89.9
119.5
97.7
109.8
114.0

122.9
106.1
1U0.0
91.0
86.2
100.5
99.0

99.0
85.7
65.8
71.0
68.9
75.5
77.0

RETAIL TRADE U. S. (1)
Department Stores ___
Chain Stores:
Grocery ___________
5 & 10 C ent___ ____
Drug ______________
Shoe ______________

110.

106.

80.

107.2

103.4

78.

234.
166.
195.
144.

222.
153.
197.
161.

227.
146.
204.
120.

213.0
139.0
163.8
129.9

207.1
139.3
161.9
107.8

198.
128.
164.
116.

WHOLESALE TRADE 6th DISTRICT
Groceries _____________________
Dry Goods ------------------------------Hardware _____________________
Furniture _______ _____________
Electrical Supplies
Shoes _________ _
Stationery ______
Drugs _________
TOTAL ________

87.8
73.3
91.7
90.6
80.9
91.2
63.6
111.7
87.2

80.8
56.5
79.3
83.1
78.7
74.3
56.8
112.6
77.9

84.1
67.3
83.9
77.7
92.5
78.0
59.0
111.3
82.7

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

WHOLESALE PRICES U. S. (2)
Farm produucts ____________
Foods ____________________
Hides and leather products...
Textile products __________
Fuel and lighting
Metals and metal products..
Building materials
Chemicals and drugs-------Housefurnishing goods ___
Miscellaneous
ALL COMMODITIES ___________

102.2
97.7
106.8
94.2
81.1
105.2
96.8
94.2
96.7
79.6
95.8

103.3
98.9
108.0
93.3
83.3
105.1
96.4
93.4
96.6
80.4
96.4

107.6
102.8
109.2
92.8
82.0
105.0
96.7
93.4
97.2
81.3
98.0

109.8
101.2
126.3
96.6
81.8
£8.6
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
124.2
96.8
82.8
98.6
94.4
94.5
96.9
80.8
98.3

BUILDING PERMITS 6th DISTRICT
Atlanta ______________________
Birmingham
Jacksonville ..
Nashville __
New Orleans
Other Cities
DISTRICT (20 Cities)

98.2
40.5
65.4
182.9
66.8
56.5
69.1

85.3
59.2
81.6
48.1
61.1
50.0
59.5

63.6
29.0
48.8
60.6
119.3
41.9
53.6

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

CONTRACTS AWARDED 6th DISTRICT

95.7

131.4

90.6

92.6

81.5

91.2

COTTON CONSUMED:
United States ---------- --------------------Cotton-Growing States
All Other States ____
Exports _____________

131.5
144.4
103.1
50.9

112.2
123.6
87.0
50.3

107.5
117.1
86.5
38.6

113.7
126.6
85.1
96.2

100.4
112.2
74.5
74.5

86.3
95.0
67.2
55.6

PIG IRON PRODUCTION:
United States ________
Alabama _____________
UNFILLED ORDERS—U. S. STEEL
CORPORATION________________

130.5
101.2

123.8
94.4

126.7
97.1

109.9
89.2

103.2
86.4

102.8
81.5

85.6
89.1
90.1
)ard.
Statistics. Base 1926--100.

71.6

76.2

74.8