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M O N T H L Y R E V I E W O f A gricultural, Industrial, T rade and Financial Conditions in the Sixth Federal Reserve D istrict F E D E R A L R E S E R V E O scar N e w t o n , C h a i r m a n W ard A l b er tso n , B A N K O F A T L A N T A o f th e B o a r d a n d F e d e r a l R e s e rv e A g e n t A s s is t a n t Fe d e ra l R e se rv e Agent (Compiled Ja n u a ry 17, 1928) V O L . 1 3 , N o . 1. B U S IN E S S A TLA N TA , C O N D IT IO N S IN T H E U N IT E D G A ., J A N U A R Y ST A TES I n d u s t r i a l a c t i v i t y c o n t in u e d i n D e c e m b e r a t a r e l a t i v e l y lo w le v e l a n d r a i l r o a d d is t r ib u t io n o f c o m m o d itie s d e c lin e d f u r t h e r , w h i l e t h e g e n e r a l l e v e l o f p r i c e s r e m a i n e d u n c h a n g e d . H o l i d a y t r a d e a t r e t a i l s t o r e s w a s in s o m e w h a t la r g e r v o lu m e t h a n in t h e p r e v io u s y e a r . P r o d u c t io n P r o d u c t io n o f m a n u f a c t u r e s r e m a in e d in p r a c t ic a ll y th e s a m e v o lu m e in D e c e m b e r a s in N o v e m b e r, w h ile o u tp u t o f m in e r a ls , w h e n a llo w a n c e i s m a d e f o r u s u a l s e a s o n a l c h a n g e s , s h o w e d a s lig h t in c r e a s e . A c t i v i t y in t h e t e x t ile , s h o e , a n d to b a c c o in d u s t r ie s w a s re d u c e d in D e c e m b e r , w h ile th e o u tp u t o f s t e e l, n o n -fe rro u s m e t a ls , and p e t r o le u m in c r e a s e d . P r o d u c t i o n o f a u t o m o b ile s c o n t in u e d i n s m a l l v o l u m e d u r in g D e c e m b e r , b u t in c r e a s e d c o n s id e r a b ly in J a n u a r y , a n d w it h in r e c e n t w e e k s t h e r e h a s b e e n a ls o a f u r t h e r in c r e a s e in t h e a c t i v i t y o f s t e e l m i l l s . B u ild in g c o n tr a c t a w a r d s w e re s lig h t ly la r g e r in D e c e m b e r th a n in N o v e m b e r, b u t w e re s m a lle r th a n in D e c e m b e r o f t h e t w o p r e c e d in g y e a r s . T o t a l a w a r d s f o r th e y e a r 1927 in 3 7 e a s t e r n s ta t e s , a s re p o rte d b y th e F . W . D o d g e C o r p o r a t i o n , w e r e v a l u e d a t a b o u t $ 6 ,3 0 0 ,0 0 0 ,0 0 0 w h i c h i s s l i g h t l y l e s s t h a n t h e t o t a l o f 1 9 2 6 , $ 6 ,3 8 0 ,0 0 0 ,0 0 0 . D e c e m b e r a w a r d s f o r r e s i d e n t i a l a n d c o m m e r c i a l b u ild in g s w e r e la r g e r t h a n in D e c e m b e r 1 9 2 6 , w h ile th o s e f o r in d u s t r ia l b u ild in g s a n d p u b lic w o r k s w e r e s m a lle r . D u r in g th e f ir s t th re e w e e k s o f J a n u a r y c o n tra c t a w a rd s w e re in a p p r o x im a t e ly t h e s a m e v o lu m e a s d u r in g th e c o r r e s p o n d in g w e e k s o f l a s t y e a r . T ra d e R e t a il s a le s o f d e p a r t m e n t s to r e s a n d m a il o rd e r h o u se s in c re a s e d s lig h t ly m o re th a n is u s u a l in D e c e m b e r a n d w e re so m e w h a t la r g e r t h a n a y e a r a g o . In v e n t o r ie s o f m e r c h a n d is e c a r r ie d b y d e p a r t m e n t s t o r e s w e r e re d u c e d in D e c e m b e r a n d a t t h e en d o f th e y e a r w e re s lig h t ly s m a lle r th a n a t th e e n d o f 1 9 2 6 . W h i l e s a l e t r a d e i n n in e l e a d i n g l i n e s c o n t in u e d s m a lle r t h a n in t h e c o r r e s p o n d in g m o n th o f l a s t y e a r . S t o c k s o f g r o c e r ie s , s h o e s , h a r d w a r e a n d f u r n it u r e c a r 31, 1928 T h is review released fo r publication in the afternoon papers of T u e s d a y , J a n . 31 r ie d b y w h o le s a le f ir m s w e r e s m a lle r a t t h e e n d o f D e c e m b e r th a n a y e a r e a r lie r a n d sto c k s o f d r y g o o d s a n d d ru g s w e r e s l i g h t l y l a r g e r . F r e i g h t c a r lo a d i n g s d e c lin e d f u r t h e r in D e c e m b e r a n d w e r e i n s m a l l e r v o l u m e d u r i n g t h a t m o n th a n d th e e a r l y p a r t o f J a n u a r y t h a n a t a n y t im e in f o u r y e a r s . T h e d e c r e a s e in lo a d in g s o c c u r r e d i n p r a c t i c a l l y a l l g r o u p s o f c o m m o d itie s . P ric e s T h e B u r e a u o f L a b o r S t a t i s t i c s ’ in d e x o f w h o le s a le c o m m o d itie s p r ic e s r e m a in e d u n c h a n g e d in D e c e m b e r a n d w a s a t th e e n d o f th e y e a r a b o u t on e p e r c e n t lo w e r t h a n a y e a r a g o . P r i c e s o f g r a i n s , h id e a n d l e a t h e r p r o d u c t s , n o n - f e r r o u s m e t a l s , a n d r u b b e r in c r e a s e d i n D e c e m b e r , w h i l e p r i c e s o f l i v e s t o c k , c o t t o n , a n d l u m b e r d e c lin e d . I n t h e f i r s t t h r e e w e e k s o f J a n u a r y , t h e r e w e r e in c r e a s e s in p r ic e s o f ir o n a n d s t e e l, g r a in s , a n d w o o l, w h ile p r ic e s o f c a t t le , h o g s , a n d c o t t o n d e c lin e d . Bank C r e d it A t th e re se rv e b a n k s th e se a so n a l de m a n d f o r c u r r e n c y a f t e r r e a c h in g it s p e a k o n D e c e m b e r 2 4 w a s f o ll o w e d b y a r e t u r n f l o w of m o n ey fro m c ir c u la t io n , w h ic h a m o u n te d to a b o u t $ 4 4 0 ,0 0 0 ,0 0 0 b e t w e e n D e c e m b e r 2 4 , a n d J a n u a r y 1 8 . T h i s d e c lin e i n t h e d e m a n d f o r c u r r e n c y , w h i c h w a s a p p r o x i m a t e ly th e s a m e a s a y e a r a g o , w a s r e f le c t e d in a d e c r e a s e f o r t h e s a m e p e r io d o f a b o u t $ 3 6 0 ,0 0 0 ,0 0 0 i n b i l l s a n d i n s e c u r itie s o f th e r e s e r v e b a n k s. L o a n s a n d in v e s t m e n t s o f m e m b e r b a n k s i n l e a d i n g c i t i e s d e c li n e d d u r i n g t h e f i r s t h a l f o f J a n u a r y , b u t w e r e s t i ll a t a h ig h e r le v e l t h a n a t a n y t im e la s t y e a r . T h e d e c l i n e o f a b o u t $ 2 0 0 ,0 0 0 ,0 0 0 i n t h e v o l u m e o f l o a n s o n s e c u r it ie s , w a s o f f s e t in p a r t b y a c o n s id e ra b le in c r e a s e in t h e b a n k s ’ i n v e s t m e n t h o ld in g s . C a l l lo a n r a t e s s h o w e d t h e u s u a l s e a s o n a l d e c l in e a t th e t u r n o f th e y e a r b u t o th e r m o n e y r a t e s w e re s lig h t ly f ir m e r . T h e r a t e o n b a n k e r s ’ a c c e p t a n c e s in c r e a s e d d u r in g th e se co n d w e e k o f J a n u a r y f r o m 3*4 to 3 p e rce n t and t h e r e w a s a ls o a s lig h t a d v a n c e in r a t e s o n t im e m o n e y in th e op en m a r k e t. 2 M O N T H L Y R E V IE W B1LLSOMS OF DOLLARS 2 EULUDNS OF DOLLARS 2 & r - ------ I —ft .......... \ jA ' \v S ' S / 5500 [ ' Reserve Bank Credit 5000 \ ^ V ' Money in Circulation' — ........— <►500 - c URREHCY A!MD RESE RVE BANK C:RED!T i 192B 1927 1926 1025 192^ Monthly averages of d aily figures for 12 Fed eral Reserve La te st figures are averages of fir s t 23 days in Ja n u a ry. S IX T H D IS T R IC T .4 0 0 0 1927 i926 1925 1924 192Q Money in circulation data a re averages of first-of-m onth figures and reserve bank credit data are m onthly averages of daily figures. La te st Banks, figures, Ja n u a ry , p a rtly estimated. SU M M ARY T h e v o lu m e o f r e t a il t r a d e in th e s ix t h d is t r ic t r e a c h e d a p e a k f o r t h e y e a r in D e c e m b e r , a n d w a s g r e a t e r t h a n f o r a n y o th e r m o n th f o r w h ic h s t a t is t ic s a r e a v a ila b le . T h e a v e r a g e f o r t h e d i s t r i c t w a s a n i n c r e a s e o f 6 .8 p e r c e n t o v e r th e h ig h p o in t r e a c h e d in D e c e m b e r a y e a r a g o . F o r th e y e a r 1927 s a le s a t r e t a il h a v e a v e r a g e d s lig h t ly g r e a t e r t h a n in t h e p r e v io u s y e a r . W h o le s a le t r a d e in D e c e m b e r w a s in s m a lle r v o lu m e t h a n in t h e p r e c e d in g m o n th , o r th e c o r r e s p o n d in g m o n th a y e a r a g o . S a v in g s d e p o s it s a t t h e e n d o f D e c e m b e r i n c r e a s e d d u r i n g t h e m o n t h , a n d w e r e 8 .1 p e r c e n t g r e a t e r t h a n a y e a r ago. D e b i t s t o i n d i v i d u a l a c c o u n t s i n D e c e m b e r i n c r e a s e d 1 2 .4 p e r c e n t o v e r N o v e m b e r , a n d w e r e 1 .1 p e r c e n t g r e a t e r t h a n in D e c e m b e r 1926. C o m m e r ic a l f a ilu r e s w e r e g r e a t e r in D e c e m b e r t h a n in N o v e m b e r , b u t i n l i a b i l i t i e s w e r e l e s s t h a n h a lf a s g r e a t a s in D e c e m b e r a y e a r a g o . L o a n s a n d d is c o u n t s b y r e p o r t i n g m e m b e r b a n k s i n p r i n c i p a l c i t i e s o f th e d is t r ic t on th e se co n d r e p o r t d a te o f J a n u a r y h a d d e c li n e d s o m e w h a t i n c o m p a r i s o n w i t h t o t a l s f i v e w e e k s e a r lie r , a n d w e re s m a lle r th a n a y e a r a g o . In v e s tm e n ts o f t h e s e b a n k s i n c r e a s e d , h o w e v e r , a n d t o t a l lo a n s a n d i n v e stm e n ts w e re g r e a te r th a n a y e a r ag o . D isc o u n ts an d in v e s t m e n t s h o l d i n g s o f t h e F e d e r a l R e s e r v e B a n k o f A t la n t a w e re s m a lle r th a n a m o n th o r a y e a r a g o . S t a t is t ic s o f b u ild in g p e r m it s is s u e d a t t w e n t y c it ie s o f th e d is t r ic t , a n d c o n t r a c t a w a r d s in th e d is t r ic t , b o th s h o w d e c li n e s c o m p a r e d w i t h N o v e m b e r , a n d w i t h D e c e m b e r a y e a r a g o . P r o d u c t i o n o f c lo t h a n d y a r n b y r e p o r t i n g c o t t o n m i l l s i n t h e s i x t h d i s t r i c t c o n t in u e d g r e a t e r t h a n a y e a r a g o . P r o d u c t i o n o f p i g i r o n in A l a b a m a i n D e c e m b e r w a s g r e a t e r t h a n f o r a n y o t h e r m o n th s in c e M a y . 3 7 m i l l i o n s , L o u i s i a n a a n i n c r e a s e o f 4 .8 m i l l i o n s , a n d T e n n e s s e e a n i n c r e a s e o f 1 .3 m i l l i o n s , w h i l e F l o r i d a s h o w s a d e c r e a s e o f a b o u t 1 % m illio n s . R E T A IL T R A D E T h e d is t r ib u t io n o f m e r c h a n d is e a t r e t a i l in th e s ix t h F e d e r a l r e s e r v e d is t r ic t , r e f le c t e d in s a le s f ig u r e s r e p o r te d c o n f i d e n t i a l l y b y 4 6 r e p r e s e n t a t i v e d e p a r t m e n t s t o r e s lo c a te d t h r o u g h o u t t h e d is t r ic t , r e a c h e d t h e h ig h e s t le v e l in D e c e m b e r 1 9 2 7 t h a t h a s b e e n r e c o r d e d f o r a n y m o n t h d u r i n g t h e e i g h t y e a r s t h e s e s t a t i s t i c s h a v e b e e n c o m p ile d . B e c a u s e o f t h e c o m b in e d e f f e c t s o f t h e h o l i d a y t r a d e a n d p u r c h a s e s o f w in t e r c lo t h in g , t r a d e a t d e p a r t m e n t s t o r e s a lw a y s re a ch e s a peak fo r th e year in D e ce m b e r. S a le s in D ecem ber 1927 in th e d is t r ic t sh o w ed an in c r e a s e of 6 .8 per cent over D ecem ber 1926, and fo r th e year 1927 to ta l s a le s by th e se 46 s t o r e s w e r e 1 .1 p e r c e n t g r e a t e r t h a n f o r t h e p r e c e d i n g y e a r . S t o c k s o f m e r c h a n d i s e o n h a n d a t t h e c lo s e o f D e c e m b e r w e r e a b o u t t h e s a m e a s a y e a r a g o , a n d d e c lin e d s e a s o n a lly c o m p a re d w it h N o v e m b e r . T h e r a t e o f s to c k tu rn o v e r f o r D e c e m b e r w a s f r a c t io n a lly b e tte r th a n fo r D e c e m b e r a y e a r a g o , b u t s h o w e d a s m a l l d e c l in e f o r th e y e a r . A c c o r d in g to f ig u r e s r e p o r t e d b y a m a j o r it y o f th e r e p o r t in g s t o r e s , s to c k s t u r n e d o v e r a n a v e r a g e o f th re e t im e s d u r in g th e y e a r . T h e t u r n o v e r a t A t la n t a w a s m o re r a p id t h a n a t o th e r r e p o r t in g c it ie s . O u t s t a n d in g o r d e r s a t t h e e n d o f D e c e m b e r d e c li n e d i n c o m p a r i s o n w i t h b o th t h e p r e c e d in g m o n t h a n d t h e s a m e m o n t h l a s t y e a r , b e i n g 1 7 .3 p e r c e n t s m a l l e r t h a n f o r D e c e m b e r , a n d 2 7 .7 p e r c e n t le s s t h a n a y e a r a g o . A c c o u n t s R e c e v ia b le f o r D e c e m b e r i n c r e a s e d 1 8 .8 p e r c e n t c o m p a r e d w i t h N o v e m b e r , a n d w e r e 1 7 .9 p e r c e n t g r e a t e r t h a n f o r D e c e m b e r 1 9 2 6 . C o lle c t io n s d u r in g D e ce m b e r w e re 1 .1 p e r c e n t g r e a t e r t h a n i n N o v e m b e r , a n d 6 .1 p e r c e n t g r e a t e r t h a n in D e c e m b e r l a s t y e a r . T h e r a t i o o f c o l l e c t i o n s d u r i n g D e c e m b e r to a c c o u n t s o u t s t a n d in g a n d d u e a t t h e b e g in n i n g o f t h e m o n t h , f o r 2 5 f i r m s , w a s 3 4 .4 p e r c e n t . F o r R e p o r t s o f th e U n it e d S t a t e s D e p a r t m e n t o f A g r i c u l t u r e s h o w im p o r t a n t in c r e a s e s in th e v a lu e o f 19 2 7 c ro p s o v e r t h o s e o f 1 9 2 6 . G e o r g i a c r o p s s h o w a n i n c r e a s e o f 39 m illio n s o f d o lla r s o v e r 1 9 2 6 , M is s is s ip p i a n in c r e a s e o f C O N D IT IO N O F R E T A I L T R A D E D U R IN G D E C E C M E R , 1927 N et sales— percentage increase or decrease compared w ith : A tlanta (5) ... Birm ing ham (5) Chattanooga ( ) _______ N ashville (5) ... N ew O rleans (5)___ ... O ther C ities (20). _ D istric t (46) .... 6 8 2 1 5 Percentage of outstand ing orders a t end of Stocks at end of month, ♦Rate of Stock Turno ver ♦Rate of Stock Turnover month to purchases for period Ja n . 1, to Dec.. percentage increase or during calendar year 31: decrease compared w ith : for Decem ber: 1926. (A ) Dec. 1926 (B ) Ja n . to Dec. 1926 (A ) Dec. 1926 (B ) Nov. 1927 + 31.5 + 6.4 + 3.6 + 12.9 — — 1.7 + + 15.9 + 1.4 + 1.4 + 3.6 — 3.2 — 6.3 + + 16.1 — 17.2 — 5.6 + 12.4 + 2.3 — 7.1 — — 27.6 — 19.2 — 20.3 — 24.1 — 19.1 — 21.7 — 1.8 6.8 1 1.1 ♦Figure fo r rate of stock turnover is the N O T E ; Fig ures in parentheses indicate 0.1 22.2 4 (B ) 1927 (A ) 1926 .54 .36 .33 .48 .40 .44 .42 .58 .46 .37 .49 .38 .44 .44 (A ) 1926 3.94 2.75 2.53 3.29 2.77 3.10 3.02 ratio of sales during given period to average stocks on hand. number of stores re p o rtin g (B ) 1927 4.13 3.03 2.56 3.48 2.53 2.85 3.00 (A ) Nov. 4.5 5.1 2.2 2.2 5.4 4.0 4.5 (B ) Dec. 3.2 3.1 5.1 1.5 3.8 4.3 3.7 M O N T H L Y R E V IE W N o v e m b e r t h i s r a t i o w a s 3 5 .0 p e r c e n t , a n d f o r D e c e m b e r 1 9 2 6 i t w a s 3 5 .8 p e r c e n t . W H O LESA LE TR A D E T h e v o l u m e o f w h o l e s a l e t r a d e in t h e s i x t h d i s t r i c t c u r i n g D e c e m b e r a s r e f l e c t e d in s a l e s f i g u r e s r e p o r t e d c o n f id e n t ia lly b y 11 7 w h o le s a le f ir m s in e ig h t d if f e r e n t l in e s o f t r a d e , w a s s e a s o n a l l y s m a l l e r t h a n d u r i n g t h e f a l l m o n t h s , a n d w a s , o n t h e w h o le , l e s s t h a n i n D e c e m b e r 1926. O f th e e ig h t lin e s , e le c t r ic a l s u p p lie s is th e o n ly one to s h o w a l a r g e r v o l u m e o f s a l e s i n D e c e m b e r t h a n in N o v e m b e r. C o m p a r e d w it h D e c e m b e r 1926, in c r e a s e s w e re r e p o r t e d i n f u r n i t u r e a n d d r u g s , b u t d e c lin e s i n t h e o t h e r li n e s . T h e in d e x n u m b e r o f w h o l e s a l e t r a d e f o r D e c e m b e r , c o m p u te d f r o m s a le s b y f ir m s d e a lin g in g r o c e r ie s , d r y g o o d s , h a r d w a r e a n d s h o e s , w a s 7 5 .9 , c o m p a r e d w i t h 8 5 .1 f o r N o v e m b e r , a n d w i t h 8 1 .3 f o r D e c e m b e r 1 9 2 6 . I n t h e t a b le s a r e s h o w n p e r c e n t a g e c o m p a r i s o n s o f r e p o r t e d f i g u r e s , a n d s a l e s c o m p a r i s o n s a r e s h o w n s e p a r a t e l y in e a c h lin e f o r th o s e c it ie s f r o m w h ic h t h r e e o r m o re f ir m s re p o rte d . G r o c e r ie s D e c e m b e r s a le s o f g r o c e r ie s a t w h o le s a le w e re g r e a t e r t h a n in N o v e m b e r a t J a c k s o n v ille a n d N e w O r le a n s , b u t w e re s m a lle r a t o t h e r r e p o r t i n g p o i n t s , a v e r a g i n g 1 .4 p e r c e n t l e s s f o r t h e d is t r ic t . C o m p a re d w it h D e c e m b e r 1926, in c r e a s e s w e re r e p o rte d fr o m A t la n t a a n d N e w O r le a n s , b u t w e re m o re t h a n o f f s e t b y d e c r e a s e s f r o m o t h e r p o in t s , t h e a v e r a g e f o r t h e d i s t r i c t b e in g a d e c r e a s e o f 1 1 .1 p e r c e n t . S t o c k s w e r e l a r g e r t h a n f o r e i t h e r o f t h e m o n t h s u n d e r c o m p a r is o n , b u t a c c o u n t s r e c e i v a b l e a n d c o lle c t io n s d e c lin e d . Dec. 1927 compared w it h : Nov. 1927 Dec. 1926 S a le s : — 12.7 + 0.1 A tla n ta (4 firm s).. + 5.8 — 36.7 Jackso nville (4 fir m s )___ + + 3.8 New O rleans f ir m s ).. — 6.2 — 10.0 Vicksbu rg (3 fir m s )______ — 7.5 — 1.9 Other Cities (15 firm s).. — 1.4 — 11.1 D I S T R I C T (32 firm s). (6 Stocks on hand _____ Accounts Receivable.. C o lle ctio n s_____________ 8.6 + 2.5 — 2.9 — 0.7 + 8.9 — 9.3 — 13.8 D is t r ib u t io n o f d r y g o o d s a t w h o le s a l e , r e p o r t e d b y 2 2 f i r m s , w a s in s m a lle r v o lu m e d u r in g D ecem b er th a n in N o v e m b e r, a v e r a g i n g 3 1 .5 p e r c e n t f o r t h e d i s t r i c t , a n d w a s a l s o 4 .7 p e r c e n t le s s t h a n in D e c e m b e r a y e a r a g o , n o t w it h s t a n d i n g a n i n c r e a s e o f 2 7 .3 p e r c e n t r e p o r t e d f r o m N a s h v i l l e . S t o c k s , a c c o u n t s r e c e i v a b l e a n d c o lle c t io n s a l s o s h o w e d d e c r e a s e s c o m p a r e d w i t h b o t h o f t h e s e m o n t h s . T h e in d e x n u m b e r o f d r y g o o d s s a le s is th e lo w e s t s h o w n f o r a n y m o n t h s in c e J u n e 1 9 2 5 . P e r c e n t a g e c o m p a r i s o n s o f r e p o r t e d f i g u r e s a r e s h o w n i n t h e t a b le . Dec. 1927 compared w ith : S a le s : Nov. 1927 Dec. 1926 A tla n ta (3 fir m s )____________________________ — 44.5 — 8.4 N ashville (3 fir m s )--------------------------— 39.4 + 27.3 Other Cities (16 fir m s )_____________________ — 27.2 — 10.5 D I S T R IC T (22 f ir m s ) _______________________ — 31.5___________ — 4.7 D ry Goods Stocks on h an d ______ Accounts Receivable.. Collections__________ ___ - 4.5 -16.4 -10.2 0.4 7.6 4.2 T o t a l s a le s o f h a r d w a r e r e p o r te d b y 2 7 f i r m s a v e r a g e d 6 .5 p e r c e n t s m a l l e r in D e c e m b e r t h a n i n N o v e m b e r , a n d 7 .1 p e r c e n t l e s s t h a n in D e c e m b e r a y e a r a g o . S a l e s a t N a s h v i l l e w e r e s l i g h t l y l a r g e r t h a n i n N o v e m b e r , a n d 7 .2 p e r c e n t g r e a t e r t h a n in D e c e m b e r 1 9 2 6 . S t o c k s o n h a n d a v e r a g e d 2 .2 p e r c e n t l a r g e r t h a n f o r N o v e m b e r , a n d c o l l e c t i o n s w e r e 2 .8 p e r c e n t la r g e r , b u t b o th it e m s w e r e le s s t h a n f o r D e c e m b e r la s t y e a r . A c c o u n t s r e c e iv a b le sh o w e d d e c r e a s e s c o m p a re d w i t h b o t h p e r io d s . P e r c e n t a g e c o m p a r i s o n s a r e s h o w n i n th e t a b le : Dec. 1927 compared w it h : S a le s : Nov. 1927 Dec. 1926 A tla n ta (3 fir m s )________ 5.1 — 9.1 Jacksonville (3 firm s).... — 6.8 — 35.2 N ashville (3 fir m s )_____ + 0.3 + 7.2 New O rleans (5 firm s).. — 2.0 — 4.8 Other Cities (13 firm s).. - -13.2 — 10.2 D I S T R I C T (27 firm s).... — 6.5 — 7.1 Stocks on hand_______ + 2.2 — 9.8 Accounts Receivable.. — 8.8 — 12.2 Collections.______ ________ + 2.8 — 7.0 H a rd w a re 3 F u r n it u r e D e c e m b e r s a le s o f f u r n it u r e a t w h o le s a l e d e c r e a s e d 1 2 .3 p e r c e n t c o m p a r e d w i t h N o v e m b e r , b u t a v e r a g e d 1 7 .3 p e r c e n t g r e a t e r t h a n i n D e c e m b e r 1 9 2 6 . S t o c k s in c r e a s e d s l i g h t l y o v e r t h o s e a t th e en d o f N o v e m b e r, b u t w e re s m a lle r t h a n a y e a r a g o . A c c o u n t s r e c e iv a b le w e r e s m a lle r t h a n f o r e it h e r o f th o s e p e r io d s , b u t c o l le c t io n s w e r e g r e a t e r . P e r c e n t a g e c o m p a r is o n s f o llo w : Dec. 1927 compared w it h : Nov. 1927 Dec. 1926 — 23.9 + 1.0 — 9.8 + 20.7 — 12.3 +17.3 S a le s : A tla n ta (4 firm s).. O ther Cities (7 firm s).. D I S T R IC T firm s).. (11 Stocks on h a n d ______ Accounts Receivable.. Collections______ ________ + 1.6 — 20.8 + 13.1 — 10.4 — 16.3 +24.0 E le c t r ic a l S u p p lie s In c r e a s e s o v e r N o v e m b e r a v e r a g in g 1 6 .2 p e r c e n t w e r e s h o w n i n r e p o r t s o f s a le s f o r D e c e m b e r b y e le c t r ic a l s u p p l y f i r m s , b u t a d e c r e a s e o f 2 0 .5 p e r c e n t i s s h o w n c o m p a re d w it h D e c e m b e r 1 926. A c c o u n t s r e c e iv a b le w e re l a r g e r t h a n f o r e i t h e r o f t h o s e p e r i o d s , a n d c o l le c t io n s w e re r la r g e r th a n f o r N o v e m b e r, b u t s m a lle r th a n f o r D e c e m b e r 1926. S a le s: N ew Orleans (4 f ir m s )___________________ Other Cities ( f ir m s )______________________ D I S T R I C T (10 f ir m s ) ______________________ Accounts Receivable___________________________ Collections___ ______ ________ ______________________ 6 Dec. 1927 compared w it h : Nov. 1927 Dec. 1926 + — + 30.9 — 31.5 +16.2 ■ — 20.5 + + -j- 3.8 — 12.6 3.4 3.3 5.1 6.9 C o m p a r i s o n s o f s a l e s in t h e o t h e r t h r e e l i n e s a r e s h o w n o n ly f o r t h e d i s t r i c t , a s t h r e e r e p o r t s w e r e n o t r e c e iv e d i n a n y o f t h e s e l i n e s f r o m a s i n g l e c i t y . S a l e s o f s h o e s a n d s t a t i o n e r y s h o w d e c l in e s c o m p a r e d w i t h b o t h p e r io d s u n d e r c o m p a r is o n , a n d s a le s o f d r u g s w e r e s m a l l e r t h a n in N o v e m b e r , b u t s lig h t ly l a r g e r t h a n in D e c e m b e r a y e a r ago. S a le s : Shoes (4 firm s).. Stationery (4 firm s).. Shoes (4 f ir m s )______ Dec. 1927 compared w ith : Nov. 1927 Dec. 1926 — 31.3 — 14.2 — 6.7 — 6.1 — 31.3 — 14.2 A G R IC U L T U R E R e p o r t s r e c e n t l y m a d e p u b l ic b y t h e U n i t e d S t a t e s D e p a r t m e n t o f A g r i c u l t u r e in d i c a t e t h a t t h e v a l u e o f p r in c ip a l a g r ic u lt u r a l c ro p s p ro d u c e d d u r in g th e y e a r 1 927 in t h e U n i t e d S t a t e s e x c e e d e d t h e v a l u e o f 1 9 2 6 c r o p s b y m o re t h a n 635 m illio n s o f d o lla r s . A m o n g th e p r in c ip a l c ro p s w iiic h s h o w e d in c r e a s e s in v a lu e o v e r 1 926 a r e i n c lu d e d c o t t o n a n d c o t t o n s e e d , c o r n , o a t s , b a r l e y , r y e , h a y , p e a n u t s , to b a c c o , s u g a r c a n e , a p p le s (c o m m e r c ia l c r o p ) , p e a rs , w a te rm e lo n s, s t r a w b e r r ie s a n d so m e o th e r t ru c k c ro p s , w h ile a m o n g t h o s e s h o w in g d e c r e a s e s c o m p a re d w it h 1 926 a r e w h e a t , r ic e , w h it e a n d s w e e t p o ta to e s , p e a c h e s , o r a n g e s , le m o n s a n d a n u m b e r o f t r u c k c r o p s . T h e t o t a l v a l u e o f p r i n c i p a l c r o p s i n 1 9 2 7 w a s $ 8 ,4 2 8 ,6 2 6 ,0 0 0 , a n i n c r e a s e o f 8 .1 p e r c e n t o v e r t h e t o t a l o f $ 7 ,7 9 3 ,4 8 0 ,0 0 0 f o r 1 9 2 6 . T h e c o t t o n c r o p o f 1 9 2 7 , a l t h o u g h s m a l l e r t h a n t h a t o f t h e y e a r b e f o r e ,, w a s w o r t h 3 3 1 m i l l i o n s m o re , b e c a u s e o f th e h ig h e r p r ic e p r e v a ilin g . P r i n c ip a l c ro p s p ro d u c e d in G e o r g ia in 1 927 s h o w a n in c r e a s e i n v a l u e o v e r 1 9 2 6 c r o p s o f 3 9 m i l l i o n d o l l a r s , o r 1 8 .4 p e r c e n t . C o t t o n i s r e s p o n s i b l e f o r 2 8 % m i l l i o n s o f t h is in c r e a s e , w h ile c o rn , s w e e t p o ta to e s , to b a c co , w a t e r m e lo n s , p e a c h e s a n d p e a n u t s a l s o s h o w e d i n c r e a s e s . I n F l o r id a th e t o t a l v a lu e o f p r in c ip a l c ro p s in 1 9 2 7 w a s a l i t t l e m o r e t h a n 4 1/4 m i l l i o n s l e s s t h a n i n 1 9 2 6 , b u t t h e c o m m e r c ia l o r a n g e c ro p sh o w e d a n in c r e a s e o f o v e r f iv e m illio n s , a n d in c r e a s e s w e re s h o w n in c o r n , to b a c c o , a n d so m e t r u c k c ro p s . P r i n c ip a l c ro p s p ro d u c e d in M is s is s ip p i d u r in g 1 9 2 7 s h o w a n in c r e a s e in v a lu e o v e r 19 2 6 o f 37 m il li o n s , b e c a u s e o f l a r g e r r e t u r n s f r o m c o t t o n , c o r n , h a y , o a ts, p o ta to e s, s u g a r c a n e , p e a n u ts a n d w h e a t. T e n n e s s e e c r o p s o f 1 9 2 7 s h o w a n i n c r e a s e i n v a l u e o f 1 .3 m i l l i o n s o f d o lla r s o v e r 19 2 6 . T h e v a lu e o f c o tto n in T e n n e s s e e in c r e a s e d a b o u t 1 1 .8 m i l l i o n s ( i n c l u d i n g s e e d ) , a n d c o r n 2 .4 m i l l i o n s , a n d t o b a c c o 1 .7 m i l l i o n s , b u t g r a i n s a n d f r u i t s sh o w d e crea se s. 4 M O N T H L Y R E V IE W Cotton Movement— U nited States (Bales) Since August 1 1927 1926 1925 .......... Receipts at a ll U . S. ....... P orts6,126,534 8,504,637 6,761,941 Overland across Miss. Ohio and Potomac R ive rs to N or. M ills and Canada __________________________________ 883,772 508,169 904,693 In te rio r stock in excess of those held at end of com m ercial y ea r________ 561,143 779,174 1,545,780 Southern m ills taking n et_______________ 2.667.000 2,717,854 2,650,528 Total 152 days_____________________________ 9,862,846 12,885,437 11,862,942 3,877,462 5,410,095 Fo reign exports_____________________________ 4,403,494 A m erican M ills N & S & Canada* 3,809,520 8,145,000 7,839,000 A m erican cotton thus f a r ________________ 7.554.000 *O f w hich 842,121 by northern spinners against 1,368,410 last year, and 2,967,399 by southern spinners against 3,045,084 last year. Su gar Cane and S u g a r T h e p r o d u c t io n o f s u g a r i n L o u i s i a n a f o r th e 1927 se a so n is e s tim a te d b y th e U n it e d S ta te s D e p a rtm e n t o f A g r i c u l t u r e a t 1 5 5 ,6 8 0 ,0 0 0 p o u n d s , o r 7 7 ,8 4 0 s h o r t t o n s , c o m p a r e d w i t h t h e p r o d u c t io n i n 1 9 2 6 o f 4 7 ,1 6 6 s h o r t t o n s . C a n e u s e d in t h e m a n u f a c t u r e o f s u g a r t h is y e a r w as 1 ,1 2 0 ,0 0 0 s h o r t t o n s , r a i s e d o n 8 0 ,0 0 0 , c o m p a r e d w i t h 8 6 4 ,2 9 9 s h o r t t o n s r a i s e d o n 1 2 7 ,9 1 6 a c r e s i n 1 9 2 6 . P r o d u c t io n o f m o l a s s e s i s e s t i m a t e d a t 7 ,9 6 3 ,0 0 0 g a l l o n s , c o m p a r e d w i t h 6 ,6 1 4 ,4 3 5 g a l l o n s l a s t y e a r . W e a t h e r c o n d it io n s d u r in g D e c e m b e r in th e L o u is ia n a c a n e b e lt w e r e v a r ia b le , w i t h s o m e c o ld f o ll o w e d b y r a i n . B e l o w f r e e z i n g t e m p e r a t u r e s p r e v a ile d m o s t o f th e f i r s t w e e k in J a n u a r y . G r in d in g o p e ra t io n s h a v e been c o m p le t e d . T h e la r g e a re a p l a n t e d i n t h e f a l l i s r e p o r t e d i n g o o d c o n d it io n , a n d f i e l d o p e ra t io n s w e ll a d v a n c e d . S U G A R M O V E M E N T (Pounds) R a w Su gar Re ce ip ts: Dec. 1927 Nov. 1927 Dec. 1926 N ew O rleans ___________ 82,135,975 74,764,494 49,907,565 21,070,689 16,755,918 Savannah _______________ 12,544,470 M e ltin g s: N ew O rleans ___ _______ 68,304,083 92,496,934 75,243,953 Savannah _______________ 30,644,959 2,138,024 9,093,306 S to ck s: N ew O rleans ___________ 37,105,819 23,282,439 13,605,092 Savannah ....................... 6,015,514 24,116,023 7,662,612 Refined Su g ar (Pounds) Sh ip m en ts: N ew O rleans ___________ 80,556,926 80,683,591 93,714,351 Savannah ___________ ____ 21,004,534 19,362,580 14,718,427 S to c k s: N ew O rleans ___________ 58,705,623 67,829,639 55,018,198 Savannah _______________ 9,360,972 959,239 4,404,626 R ic e The p r o d u c t io n __of - r o u g h r ic e in L o u is ia n a in 1927 is e s tim a t e d b y th e U n i t e d S t a t e s D e p a r t m e n t o f A g r i c u l t u r e a t 1 7 ,3 1 6 ,0 0 0 b u s h e l s , c o m p a r e d w i t h 1 6 ,2 8 2 ,0 0 0 b u s h e l s i n 1 9 2 6 . T h e a v e r a g e y ie ld p e r a c r e is e s t im a t e d a t 36 b u s h e ls , a n d th e h a r v e s t e d a c r e a g e i s e s t i m a t e d a t 4 8 1 ,0 0 0 a c r e s . T h e q u a lity o f r ic e is so m e w h a t h ig h e r th a n t h a t o f la s t y e a r , b u t t h e a v e r a g e f a r m p r ic e o n D e c e m b e r 1 w a s 87 c e n ts c o m p a r e d w i t h $ 1 .0 5 p e r b u s h e l l a s t y e a r , a n d t h e t o t a l f a r m v a l u e o f t h e c r o p i s e s t i m a t e d a t $ 1 5 ,0 6 5 ,0 0 0 , c o m p a r e d w i t h $ 1 7 ,0 9 6 ,0 0 0 i n 1 9 2 6 . R IC E M O V EM EN T— N EW O R L E A N S Rough R ice (Sacks) Nov. 1927 Dec. 1926 Dec. 1927 60,284 54,982 90,232 Receipts 74,832 89,204 49,885 Shipments 29,482 19,083 29,786 Stocks ---e (Pockets) 259,455 206,503 219,001 Receipts 232,725 209,306 234,740 Shipm ents . 266,484 196,004 238,247 Stocks ____ Rice M illers Association Sta tistics (B a rre ls) Receipts of Rough Rice Dec. 54,932 60,284 Receipts -------831,033 Season 1927-28 . ________________________________ ________________________________ 1,025,131 Season 1926-27 Distribution of M illed R ice Season 1927-28 . ________________________________ 1,006,759 895,206 Season 1926-27 Stocks of Rough and M illed R ice Ja n u a ry 1, 1928_______________________________ 2,290,857 Ja n u a ry 1, 1927________________________________ 2,362,088 Season to Date 90,232 5,776,677 5,366,608 4,643,003 4,034,570 F IN A N C IA L S a v in g s D e p o s it s T o t a l s a v i n g s d e p o s it s a t t h e e n d o f D e c e m b e r r e p o rte d to th e F e d e r a l R e se rv e Bank by 86 banks lo c a t e d t h r o u g h o u t t h e d i s t r i c t a v e r a g e d 1 .1 p e r c e n t g r e a t e r t h a n a m o n t h e a r l i e r , a n d w e r e 8 .1 p e r c e n t g r e a t e r t h a n a t t h e c lo s e o f D e c e m b e r 1 9 2 6 . T o t a l s f o r F e d e r a l R e s e r v e B a n k a n d b r a n c h c it ie s a r e s h o w n in t h e t a b le , a n d r e p o r ts f r o m o t h e r p o in t s a r e g r o u p e d u n d e r “ O t h e r C it i e s . ” omitted) Com pariCom parison son December Novem ber Dec.-Nov. December Dec. . .... 1927 1927 1927 1926 ’27-’26 A tla n ta (7) — ...... $ 44,135 $ 42,849 + $ 37,595 + 17.4 B irm ing ham (4 )*.... 26,174 25,390 + 25,266 + Jackso nville (5)*„._ 30,037 29,482 + 28,707 + 27,701 27,377 + 1 .2 21,633 +28*1 N ashville ( ) * ------New O rleans ( )*„ „ 50,104 49,666 + 47,864 + Other Cities (54)* 114,568 114,774 — 109,775 + Total ( ) * ----------- 292,719 289,538 + 270,840 + 8.1 ♦Indicates number of banks. (000 8 3.0 3.1 1.9 0.9 0.2 1.1 8 86 36 46 4*7 44 D e b it s to In d iv id u a l A cco u n ts T h e v o lu m e o f d e b its to in d iv id u a l a c c o u n ts a t 24 r e p o r t in g c it ie s o f th e s ix t h d is t r ic t d u r in g D ecem ber in c r e a s e d 1 2 .4 p e r c e n t o v e r N o v e m b e r , a n d w a s 1 .1 p e r c e n t g r e a t e r t h a n i n D e c e m b e r 1 9 2 6 . O f th e 24 r e p o r t in g c it ie s , 12 s h o w e d in c r e a s e s , a n d 12 d e c re a s e s , c o m p a re d w ith D e c e m b e r a y e a r a g o . T h e m o n th l y f ig u r e s s h o w n in t h e t a b le a r e d e r iv e d f r o m w e e k ly f i g u r e s b y p r o r a t in g f ig u r e s f o r th o s e w e e k s w h ic h do n o t f a ll e n t ir e ly w it h in a s in g le m o n th . Alabam a B irm ing ham Dothan _____ Mobile _______ Montgomery . F lo r id a : Jackso nville . ♦Miami Pensacola ___ Tam pa _______ G e o rg ia : A lb a n y ________ A tla n ta ______ A ugusta _____ B ru n sw ick __ Columbus ____ Elberton _____ Macon ________ N ew nan _____ Savannah ____ Valdosta _____ L o u is ia n a : N ew O rleans M ississippi ♦Hattiesburg .. Jackson ______ M eridian _____ V icksb u rg ____ Tennessee: Chattanooga .. K no xville ____ N ashville ........ Total 24 cities ____ ---------- ------- . . . VV.VU..O C o n d it io n o f M em ber B a n k s S e le c t e d C it ie s (000 omitted) Dec. 1927 Nov. 1927 Dec. 1926 - - $160,730 152,087 152,550 3,571 4,210 3,770 -42,178 40,544 48,930 — 31,169 30,224 24,410 — — — ... - ... 86,898 41,126 8,332 48,496 76,642 34,267 7,245 40,418 110,241 5,111 168,618 31,550 4,010 16,084 1,308 23,812 2,752 51,825 5,994 5,053 149,080 26,735 3,685 14,118 1,377 21,918 2,383 48,432 5,679 6,577 179,565 28,525 4,487 15,604 1,007 26,003 2,399 55,649 7,032 418,289 352,967 374,186 7,651 27,815 18,227 7,868 7,111 25,079 17,527 8,520 23,656 17,294 8,831 9,682 68,218 - 52,011 48,341 49,670 38,657 33,064 37,849 99,233 89,951 83,456 $1,354,538 1,205,279 1,339,591 Ui u re a . W e e k ly r e p o r t s r e n d e re d to th e F e d in e r a l R e s e r v e B a n k o f A t la n t a , b y 33 m em ber banks lo c a t e d in A t la n t a , N ew O r le a n s , B ir m in g h a m , J a c k s o n v ille , N a s h v ille , C h a tta n o o g a , K n o x v ille a n d S a v a n n a h i n d i c a t e t h a t t o t a l lo a n s o f t h e s e b a n k s r o s e t o 5 0 6 m i l l i o n s o f d o lla r s o n D e c e m b e r 14 , b u t s in c e t h a t t im e h a v e d e c l i n e d a n d o n J a n u a r y 11 a m o u n t e d t o $ 4 9 5 ,4 0 2 ,0 0 0 . L o a n s s e c u r e d b y G o v e r n m e n t o b lig a t io n s o n J a n u a r y 11 w e r e s lig h t ly la r g e r th a n f iv e w e e k s e a r lie r , b u t th o se se cu re d b y o th e r s to c k s a n d b o n d s, a n d A l l O th e r L o a n s , r e f le c t in g p r i n c i p a l l y lo a n s f o r c o m m e r c i a l p u rp o se s, d e c lin e d . U n it e d S t a t e s s e c u r it ie s , a n d O t h e r S t o c k s a n d B o n d s o w n e d b y t h e s e b a n k s in c r e a s e d s o m e w h a t d u r in g t h is p e r io d , a n d t o t a l l o a n s , d i s c o u n t s a n d i n v e s t m e n t s o n J a n u a r y 11 w e r e $ 6 2 3 ,4 7 3 ,0 0 0 , c o m p a r e d w i t h $ 6 2 6 ,0 5 6 ,0 0 0 o n D e c e m b e r 7. C o m p a r e d w it h f ig u r e s f o r J a n u a r y 12, 192 7 , lo a n s a r e s o m e w h a t s m a lle r , b u t h o ld in g s o f U n it e d S t a t e s s e c u r itie s a n d o f o th e r s to c k s a n d b o n d s a re g r e a te r , a n d t o t a l lo a n s , d i s c o u n t s a n d i n v e s t m e n t s s h o w a n i n c r e a s e o f $ 1 1 ,2 9 7 ,0 0 0 o v e r t h a t d a t e . T i m e d e p o s it s d e c r e a s e d b e tw e e n D e c e m b e r 7 a n d J a n u a r y 11, b u t w e re g r e a te r th a n a y e a r a g o , a n d d e m a n d d e p o s it s s h o w i n c r e a s e s o v e r b o t h o f t h o s e p e r io d s . P r i n c i p a l i t e m s i n t h e w e e k l y r e p o r t , f o r th e t h r e e r e p o r t d a t e s u n d e r c o m p a r is o n , a r e s h o w n in th e t a b le : (000 omitted) Ja n . 11, Dec. 7, Ja n . 12, B ills D iscounted: 1928 1927 1927 Secured by Govt. O bligations__ $ 5,300 $ 5,132 $ 5,489 Secured by Stocks and Bonds 113,875 118,752 110,637 A ll O ther --------------------------- 376,227 377,281 398,491 M O N T H L Y R E V IE W To tal Discounts -------------------IT. S. Securities ----- -------- ----------O ther Stocks and Bonds ..........-......... Total Lo an s, Discounts and Investm ents____________ Tim e Deposits ___________________ Dem and Deposits B orrow ings from F . R . B a n k - 495,402 62,707 65,364 501,165 60,547 64,344 514,617 37,081 60,478 623,473 241,427 351,110 18,690 626,056 244,895 344,296 20,734 612,176 223,234 346,654 15,989 O p e r a t io n s o f t h e F ed eral R eserve B ank T o t a l d is c o u n t s f o r m e m b e r b a n k s b y th e F e d e r a l R e se r v e B a n k o f A tla n ta in c r e a s e d f r o m $ 3 4 ,7 3 2 ,0 0 0 o n D e c e m b e r 7 t o $ 3 5 ,7 3 9 ,0 0 0 o n D e c e m b e r 2 1 , b u t h a v e s in c e d e c lin e d t o $ 2 8 ,4 2 0 ,0 0 0 o n J a n u a r y 1 1 . H o ld i n g s o f U n it e d S t a t e s S e c u r it ie s d u r in g t h i s f i v e w e e k s p e r io d h a v e d e c r e a s e d n e a r ly o n e - th ir d , b u t h o ld in g s o f b ills b o u g h t in t h e o p e n m a r k e t in c r e a s e d d u r in g t h e l a s t w e e k o f t h i s p e r io d t o $ 4 ,2 0 7 ,0 0 0 , a n d w e r e g r e a t e r t h a n f i v e w e e k s a g o . B e c a u s e o f t h e d e c lin e in d is c o u n t s , a n d in h o ld in g s o f U n it e d S t a t e s s e c u r i t ie s , t h e t o t a l o f b i ll s a n d s e c u r i t i e s o n J a n u a r y 11 w a s $ 4 3 ,4 5 0 ,0 0 0 c o m p a r e d w i t h $ 5 2 ,7 5 2 ,0 0 0 o n D e c e m b e r 7 . F e d e r a l R e s e r v e n o t e s i n c ir c u la t io n d e c lin e d 7% m illio n s d u r in g t h i s p e r io d , b u t d e p o s it s in c r e a s e d s l i g h t l y . C a s h r e s e r v e s d e c r e a s e d t w o m illio n d o lla r s a n d t h e r e s e r v e r a t io r o s e 1 .1 p o in t s . C om p ared w ith fig u r e s fo r th e c o r r e s p o n d in g re p ort d a te a year ago, d is c o u n t s fo r m em ber banks sh o w a d ecrease of n e a r ly fiv e m illio n d o lla r s . H o ld in g s o f b ills b o u g h t i n t h e o p e n m a r k e t a r e m u c h s m a lle r t h a n a t t h a t t im e , b u t h o ld in g s o f U n i t e d S t a t e s s e c u r i t i e s a r e g r e a t e r , a n d t h e t o t a l o f b ills a n d s e c u r i t i e s s h o w a d e c r e a s e o f $ 1 0 ,8 7 9 ,0 0 0 . N o t e s m c ir c u la t io n a r e n e a r l y 2 0 m illio n s l e s s t h a n a t t h a t t i m e , a n d d e p o s it s o n ly s l i g h t l y g r e a t e r , a n d w h i le c a s h r e s e r v e s a r e 10 m illio n s s m a lle r t h e r e s e r v e s r a t io i s h ig h e r t h a n a t t h a t t im e . P r in c ip le it e m s in t h e w e e k ly s t a t e m e n t , w i t h c o m p a r is o n s , a r e s h o w n in t h e t a b le : (000 omitted) J a n . 11 1928 B ills Discounted: Secured by Govt. Obligations „..$ 7,597 20,823 A ll Others 28,420 To tal Discounts — _ 4,207 B ills Bought in open m arket . 10,563 U . S. Securities „„ 43,450 To tal bills and securities .. 169,641 C ash Reserves .. 71,563 To tal Deposits F . R . Notes in actuai circulation .. 140,700 79.9 Reserve R atio ----------------- Dec. 7 1927 $ 11,310 23,422 34,732 2,541 15,219 52,752 171,696 69,914 147,957 78.8 Ja n . 12 1927 2,176 31,153 33,329 19,192 1,807 54,329 179,728 70,420 160,595 77.8 $ A c c o r d in g t o s t a t i s t i c s c o m p ile d b y R . G. D u n & C o ., c o m m e r c ia l f a i lu r e s in c r e a s e d m a t e r ia l l y i n D e c e m b e r o v e r N o v e m b e r , a n d w e r e g r e a t e r t h a n in D e c e m b e r a y e a r ago F ig u r e s f o r t h e s i x t h d i s t r ic t s h o w i n c r e a s e s m b o th n u m b e r a n d l i a b i ll i t i e s c o m p a r e d w i t h N o v e m b e r , a n d w h ile f a i lu r e s w e r e m o r e n u m e r o u s t h a n in D e c e m b e r a y e a r a g o , l i a b i li t i e s w e r e le s s t h a n h a l f a s g r e a t . F ig u r e s f o r t h e U n it e d S t a t e s , d iv id e d b y F e d e r a l R e s e r v e D i s t r i c t s , a r e s h o w n in t h e t a b le : C o m m e r c ia l F a il u r e s Num ber Lia b ilitie s Dec. 1927 Dec. 1927 D istrict— $ 4,431,981 202 Boston 15,053,206 N ew Y o rk ---------407 2,287,165 82 Philadelphia -....... 3,455,204 C leveland ----------202 4,424,241 Richm ond ---------146 3,026,444 A tla n ta -------------131 3,597,176 Chicago -------------319 2,923,187 St. Lo u is ----------84 1,125,953 M inneapolis -------118 7,028,228 K an sas C ity -------11? 1,010,587 D a lla s --------------96 2,698,881 San Fra n cisco ---258 To tal ____________ 2,162 $51,062,253 L ia b ilitie s Nov. 1927 $ 5,589,818 8,367,871 1,486,840 3,449,315 2,555,698 1,204,572 3,182,548 3,476,584 1,153,335 2,193,935 818,200 2,667,857 $36,146,573 Lia b ilitie s Dec. 1926 $ 5,687,840 10,024,274 1,469,253 3,263,300 3,179,434 6,655,117 6,206,549 1,331,361 1,430,050 1.247.400 1,815,600 3.299.400 $45,619,578 IM P O R T S A N D E X P O R T S D e c lin e s c o m p a r e d w i t h t h e p r e c e d in g m o n t h , a n d w i t h ithe c o r r e s p o n d in g m o n t h a y e a r a g o , a r e s h o w n in b o t h e x p o r t s a n d im p o r t s o f m e r c h a n d is e d u r in g D e c e m b e r , a c c o r d in g t o f ig u r e s c o m p ile d b y t h e U n it e d S t a t e s D e p a r t m e n t o f C o m m e r c e . D ecem ber E x p o rts d e c lin e d 1 1 .1 per cent com p a r e d w i t h t h o s e in N o v e m b e r , a n d w e r e 1 2 .1 p e r cen t le s s th a n in D ecem ber, 1926. Im p o rts m D ecem b er d ecreased 3 .9 per cent com pared w ith N ovem ber, and w ere 7 .9 per cent s m a lle r th a n a y e a r a g o . E x p o r t s in D e c e m b e r e x c e e d e d im p o r t s b y 7 8 m illio n s o f d o lla r s . F o r t h e y e a r 1 9 2 7 e x p o r t s e x c e e d e d im p o r t s b y $ 6 8 1 ,7 0 7 ,0 0 0 , o r 1 6 .3 p e r c e n t , w h i le f o r 1 9 2 6 U n it e d S t a t e s 5 e x p o r t s w e r e o n l y 8 .5 p e r c e n t g r e a t e r t h a n i m p o r t s . P r e lim in a r y f ig u r e s f o r D e c e m b e r , w it h c o m p a r is o n s , a r e s h o w n in th e t a b le : Im p o rts: December _________ ________________$ November ________________________ 12 months, ending w ith Dec. E x p o r ts : December _________________________ November .................................... . 12 months ending w ith Dec. ‘N e w 1927 331,000,000 344,262,000 4,184,453,000 1926 $ 359,462,000 373,881,000 4,430,888,000 $409,000,000 460,236,000 4,866,180,000 $465,369,000 480,300,000 4,808,660,000 O r le a n s T h e v a lu e o f m e r c h a n d is e im p o r t e d in to th e U n it e d S t a t e s t h r o u g h th e p o r t o f N e w O r l e a n s d u r i n g O c t o b e r , 1 9 2 7 , w a s $ 1 7 ,5 9 3 ,0 1 9 . T h i s w a s 3 8 .6 p e r c e n t g r e a t e r t h e n t h e v a l u e o f im p o r t s t h r o u g h N e w O r le e a n s in S e p te m b e r , b u t w a s 3 9 .5 p e r c e n t l e s s t h a n f o r O c t o b e r , 1 9 2 6 . S u g a r, cocoa b e a n s , ju t e b u r la p s , b a n a n a s , g a s o lin e , a n d m a h o g a n y c a b in e t w o o d lo g s c o n s t it u t e s o m e o f t h e p r in c i p a l c o m m o d it ie s im p o r te d d u r in g O c to b e r. M e r c h a n d is e v a lu e d at $ 3 2 ,9 1 8 ,5 7 8 w as e x p o rte d t h r o u g h th e p o r t o f N e w O r le a n s d u r in g O c to b e r, 1 927. T h i s r e p r e s e n t s a n i n c r e a s e o f 3 9 .9 p e r c e n t o v e r t h e v a l u e o f e x p o r t s f o r S e p t e m b e r , b u t a d e c li n e o f 6 .2 p e r c e n t c o m p a re d w it h th e t o t a l f o r O c to b e r, 1926. A m o n g th e la r g e it e m s , e x p o r t s o f s h o r t s t a p le c o tto n , p in e a n d o a k b o a r d s , a n d g a s a n d f u e l o il w e r e g r e a t e r t h a n a y e a r a g o , b u t g a s o l i n e , i l l u s i n a t i n g o il , t o b a c c o , w h e a t f lo u r , la r d a n d o th e r it e m s s h o w d e c r e a s e s . G r a in E x p o rts— N ew O r le a n s E x p o r t s o f g r a in d u r in g D e c e m b e r , 1 927, w e r e g r e a t e r t h a n d u r in g th e s a m e m o n th a y e a r a g o , d u e to th e in c re a se d m o vem en t o f w h e a t, a n d th e e x p o rt o f ry e . T o ta l e x p o rts o f g r a in f o r th e se a so n th ro u g h D e c e m b e r w e re s l i g h t l y l a r g e r t h a n f o r t h e s a m e p e r io d o f t h e p r e v io u s s e a so n , b u t th e m o v e m e n t o f c o rn a n d o a ts w a s s m a lle r . Season through Dec. 1927 Dec. 1926 Dec. 1927 Dec. 1926 681,207 6,465,031 5,624,262 W heat, bu ___________ 1,253,773 Corn, bu...................... 65,875 308,565 1,040,145 2,140,652 Oats, bu. ______________ 58,181 75,477 513,963 545,895 Rye, bu. ________________ 42,956 ________ 332,062 ________ To tal ____________ 1,420,785 1,065,249 8,351,201 8,310,809 B U IL D IN G P r o s p e c t iv e b u ild in g i n t h e s i x t h d is t r ic t , r e f le c t e d i n p e r m it s is s u e d a t t w e n t y r e p o r t in g c it ie s , a n d c o n t r a c t a w a r d s i n t h e d i s t r i c t , d e c li n e d i n D e c e m b e r c o m p a r e d w it h N o v e m b e r , a n d w e re a t a lo w e r le v e l t h a n a t th e s a m e t im e a y e a r a g o . T h e v a lu e o f p e r m it s is s u e d a t r e p o r t i n g c i t i e s i n D e c e m b e r w a s $ 7 ,5 4 1 ,8 2 0 s m a l l e r b y 8 .2 p e r c e n t t h a n i n N o v e m b e r , a n d 1 8 .8 p e r c e n t l e s s t h a n fo r D e ce m b e r, 1926. O n ly s ix o f th e t w e n t y r e p o r t in g c itiie s sh o w e d in c r e a s e s o v e r D e c e m b e r a y e a r a g o . The t o t a l f o r D e c e m b e r , 19 2 7 , is th e s m a lle s t r e p o r t e d b y t h e s e t w e n t y c it ie s f o r a n y m o n t h s in c e D e c e m b e r , 19 2 3 . T h e i n d e x n u m b e r o f D e c e m b e r p e r m i t s i s 2 0 9 .2 , c o m p a r e d w i t h 2 2 7 .7 f o r N o v e m b e r , a n d w i t h 2 7 5 .3 f o r D e cem b er a y e a r ago. S t a t is t ic s o f b u ild in g c o n t r a c t s a w a r d e d in t h e 3 7 s t a t e s e a s t o f t h e R o c k y M o u n t a i n s , c o m p il e d b y t h e F . W . D o d g e C o r p o r a t i o n , s h o w a t o t a l f o r D e c e m b e r a m o u n t in g t o $ 4 7 7 ,3 6 3 ,8 0 0 , a n i n c r e a s e o f 2 .4 p e r c e n t o v e r t h e t o t a l o f $ 4 6 6 ,3 9 3 ,4 0 0 f o r N o v e m b e r , b u t a d e c r e a s e o f 1 1 .2 p e r c e n t c o m p a r e d w i t h t h e t o t a l o f $ 5 3 7 ,3 9 5 ,8 0 0 f o r D e c e m b er, 1926. F ig u re s fo r th e s ix sta te s of t h is d is t r ic t in d ic a t e a to ta l of $ 2 4 ,8 1 6 ,0 9 0 fo r D e ce m b e r, a ^ decline of 3 6 .6 per cent co m p a re d w it h th e to ta l of $ 3 9 ,1 5 0 ,7 0 0 fo r N o v e m b e r, a n d a d e c r e a s e o f 1 2 .1 p e r c e n t c o m p a r e d w i t h t h e t o t a l o f $ 2 8 ,2 3 2 ,3 1 6 f o r D e c e m b e r a y e a r a g o . I n t h e t a b l e a r e s h o w n p e r m i t s is s u e d d u r i n g D e c e m b e r a t r e p o r t in g c it ie s o f th e d is t r ic t , w it h c o m p a r a t iv e f ig u r e s f o r t h e c o r r e s p o n d in g m o n t h a y e a r a g o . In d e x n u m b e rs a p p e a r on p a g e 8. Percentage Dec. 1927 Dec. 1926 Change A la b a m a : No. V a lu e No. V a lu e in value Anniston ______________ 20 $ 25,575 18 $ 27,250 — 4.6 Birm ingham _________ 395 2,333,053 353 1,199,821 + 94.5 Mobile __________________ 52 100,169 111 78,391 + 27.8 Montgomery _________ 162 207,316 58 27,125 + 664.3 F lo rid a J a c k s o n v ille ----------- 294 507,470 599 1,001,940 — 49.4 M iam i __________________ 226 157,174 589 2,744,299 — 94.3 O rlando _______________ 77 133,950 114 177,720 — 24.6 M O N T H L Y R E V IE W 6 P e rsa co la Tam oa ............ V..................... • w a m f Beach ':::::::::: 44 333 H 29,720 137 267,245383 8,950 38 27 141,250 37 72,449 — 59.0 506,147 - 4 7 .2 366,225 — 97.6 310,400 - 54.5 Ge0rf n .,„ t n 236 724,726 193 A tla n ta --------------47,500 100 Augusta --------------A** 2g Columbus 184,836 249 S u v h • ~ :29 49,500 42 389,029 + 86,3 56,612 — 16.1 — 38.9 287,240 — 35,7 195,220 - 7 4 . 6 Lo u isia n a 574>180 _ 33’577 18B Tennessee Chattanooga I t p je _ ! _ = T,,t,c“ 54967 citieS ' 60 22,878 ^ 127 629 887 61^950 368,203 2X27 60 3.5 60,229 - 6 2 . 0 150 7 104 581,795 4,000 759,850 * 7 * 4 1 * 2 0 8579 $9,286,590 + 8-3 + 1448.8 - 5 1 .5 - 1 8 .8 • N o ? in d u d e d m totals or index num bers. LUM BER T h e lu m b e r in d u s t r y in t h is s e c t io n w a s c h a r a c t e r iz e d d u r in g t h e l a s t p a r t o f D e c e m b e r b y t h e u s u a l s lo w in g d o w n b e c a u s e o f t h e h o l i d a y s a n d t h e i n v e n t o r y p e r io d , r e p o r t s in d ic a t e t h a t t h e f ir s t w e e k in J a n u a r y r e f le c t e d i m p r o v e m e n t . P r o d u c t io n b y 79 r e p o r t in g m il l s t h e f ir s t w e e k in J a n u a r y in c r e a s e d 23 p e r c e n t , o r d e r s w e r e 4 / n e r c e n t g r e a t t e r , a n d s h ip m e n t s w e r e 4 2 p e r c e n t o -re ate r t h a n f o r t h e p r e c e d in g w e e k . T h e e s t im a t e d o p e rf t f n g t im e d u r in g th e f ir s t w e e k in J a n u a r y o f m il s r e D o rtfn g to th e S o u t h e r n P in e A s s o c ia t io n w a s a b o u t 87 n e r c e n t o f n o r m a l, c o m p a re d w it h a p p r o x im a t e ly 65 p e r c e n t fo r th e la s t w e e k o f D e ce m b e r ^ f o r th e m o n th o f D e c e m b e r, r e p o rte d to th e S o u t h e r n i'm e A s s o c i a t i o n u p t o t h e m id d le o f J a n u a r y b y qoc d i c a t e a v o l u m e o f p r o d u c t io n a m o u n t i n g t o 2 3 5 ,8 4 9 ,3 2 5 f p e t o r d e r s a m o u n t e d t o 2 2 0 ,6 7 9 ,2 9 1 f e e t , a n d s h i p m e n t s 7 o rre4 6 If 4^ p e r " c e n t^ fe s s ra 4 c e n t s m X r t h a n t h e m o n t h ’s p r o d u c t i o n S h i p m e n t f d u r i n g D e c e m b e r w e r e 5 .6 p e r c e n t l e s s t h a n p r o / in f ir m D e c e m b e r p r o d u c t io n w a s 1 1 .3 p e r c e n t l e s s t h a n w ith c o m p a r is o n s , a r e sh o w n N ot 1927 Dec. 1926 101 m ills 116 m ills 127 m ills (feet) (feet) (feet) 220,679,291 286,750,105 217,462,967 Orders - ----- ------ ---------------- ------- 222 676 465 294,519,226 225,809,515 Shipm ents ------ ----------- ------------- 235 849 325 292,966,812 291,343,536 Production ------------ 265 939 858 315,732,967 321,690,889 Norm al Production, these m i ’ g 799,963,570 778,492,082 Stocks, end of month ........ — 827,937,535 845,254,915 6995 4’203 198^ 322 165’512’468 T E X T IL E S CoHon C o n s u m p tio n M e a s u re d b y th e a m o u n t o f c o tto n co n su m e d , a n d b y th e n u m b e r o f s p m d le s a c t iv e d u r in g th e m o n th , t e x t ile a c t i v i t y d u r in g D e c e m b e r w a s a t a lo w e r le v e l m t h e U n it e d S t a t e s t h a n d u r in g N o v e m b e r , o r m D e ce m b e r, 1926. T h e c o n s u m p t io n o f c o t t o n d u r i n g D e c e m b e r a m o u n t e d t o • u q pjqr b a l e s a d e c r e a s e o f 1 3 .1 p e r c e n t c o m p a r e d w i t h K m b e r a n d 9 8 p e r c e n t le s s th a n in D e c e m b e r a y e a r asro S t o c k s in c o n s u m in g e s t a b lis h m e n t s in c r e a s e d o v e r th o se on h a n d a t th e e n d o f N o v e m b e r, b u t w e re s m a lle r t h a n a y e a r a g o , a n d s t o c k s in p u b lic s t o r a g e a n d a t c o m p r e s s e s w e r e s o m e w h a t s m a lle r t h a n e it h e r a m o n th or a y ea r ago. S p in d le a c t i v i t y f o r t h e U n it e d S t a t e s a s a w h o l e w a s a l s o l e s s t h a n i n t h e p r e c e d m g m o n t h OT t h e s a m e m o n t h a y e a r a g o . E x p o r t s d e c lin e d i n c o m p a r is o n w it h b o th o f t h o s e m o n t h s . S t a t i s t i c s f o r t h e c o t t o n - g r o w in g s t a t e s s h o w a d e c r e a s e o f 1 3 2 p e r c e n t i n D e c e m b e r c o n s u m p t io n c o m p a r e d w i t h N o v e m b e r , a n d 7 .3 p e r c e n t c o m p a r e d w i t h D e c e m b e r , 1926. S t o c k s in c o n s u m in g e s t a b lis h m e n t s in c r e a s e d o v e r N o v e m b e r, b u t w e re s m a lle r t h a n a y e a r a g o , a n d s to c k s in p u b l i c s t o r a g e a n d a t c o m p r e s s e s s h o w d e c r e a s e s c o m p a r e d w i t h b o t h o f t h o s e p e r io d s . T h e n u m b e r o f s p in d le s a c t i v e i n D e c e m b e r i n c r e a s e d 1 3 ,7 9 2 o v e r t h o s e a c t i v e m N o v e m b e r , a n d w a s g r e a t e r b y 4 8 6 ,5 0 6 t h a n i n D e c e m b e r , 1926. T h e C e n s u s B u r e a u ' s s t a t e m e n t i n d i c a t e s t h a t 7 4 .8 p e r c e n t o f th e c o tto n co n su m e d in th e U n it e d S t a t e s d u r in g D e c e m b e r w a s c o n s u m e d in t h e c o t to n - g r o w in g s t a t e s , c o m p a r e d w i t h 7 4 .9 p e r c e n t i n N o v e m b e r , a n d w i t h 7 2 .7 p e r c e n t in D e c e m b e r a y e a r a g o . U N I T E D S T A T E S (B ales) Dec. 1927 Nov. 1927 Cotton Consum ed: D in t __________ ............................ 625,680 543,598 Lin te rs _______ ______ ____________ 61,041 51,844 Stocks in Consum ing E sta b lish m e n ts: L in t __________ _______________ ___ 1,707,326 1,551,336 L in te rs _______............................ 172,261 202,370 Stocks in P ub lic Storage and a t C om p resses: L in t ............... ___________________ 5,655,746 5,969,418 54,735 55,753 Lin te rs ........... _____________ _____ E xp o rts ____________ ............... ....... ..... 999,501 767,314 Im ports __________________________ 41,211 28,285 A ctive Spindles ___________________ 31,715,388 32,269,478 Cotton Grow ing States (B ales) Nov. 1927 Dec. 1927 Cotton Consumed —............................. 406,710 468,596 Stocks in Consum ing 1,131,456 Establishm ents _______________1,206,411 Stocks in P u b lic ' Storage 5,668,551 and at Compresses ................. 5,349,369 A ctive Spindles ................ -...... —- 17,891,270 17,877,478 C o tto n C lo t h C o tto n Y arn Dec. 1926 602,986 53,960 1,763,739 ,140,564 6,548,257 57,113 1,531,297 53,960 32,489,570 Dec. 1926 438,511 1,225,121 6,261,791 17,404,764 C o n f id e n t ia l re p o rts fo r D ecem ber w e re r e n d e re d to th e F e d e r a l R e s e r v e B a n k o f A t la n t a b y m ills in th e s ix t h d is t r ic t w h ic h , d u r in g t h a t m o n t h , m a n u f a c t u r e d s l i g h t l y m o r e t h a n t h i r t y m illio n y a r d s o f c lo t h , a n o u t p u t f o u r - t e n t h s o f o n e p e r c e n t g r e a t e r t h a n i n N o v e m b e r , a n d 6 .7 p e r c e n t l a r g e r th a n th e o u tp u t o f th e sa m e m ills in D e c e m b e r, 1926. S h ip m e n t s a n d o r d e r s b o o k e d w e r e s m a lle r t h a n f o r N o v e m b e r , b u t s t o c k s , u n f ille d o r d e r s a n d t h e n u m b e r o f w o r k e r s in c r e a s e d . D e c e m b e r s h ip m e n t s w e r e a ls o s m a lle r t h a n in th e s a m e m o n t h a y e a r a g o , b u t o r d e r s , u n f ille d o rd e rs , s to c k s , a n d th e n u m b e r o f w o r k e r s sh o w in c r e a s e s o v e r t h a t m o n th . P e r c e n t a g e c o m p a r is o n s a r e s h o w n in th e t a b le : Dec. 1927 compared w ith Dec. 1926 Nov. 1927 .... + 04 + 6.7 Production — 17.9 ... — 13.5 Shipm ents — 14.4 + 18.6 O rders booked ---- ------- --------- --------+ 8.4 U nfilled orders ------------------------------------- + 14.0 + 24.9 Stocks on hand ........... .................... ................... ....+ 2 9 .4 + 4.3 Num ber on payroll ________________________________ + 0.9 R e p o r t s w e r e a ls o r e c e iv e d f r o m m ills w h ic h m a n u f a c t u r e d d u r in g D e c e m b e r o v e r s e v e n m illio n p o u n d s o f c o tto n y a r n , a n o u tp u t t h r e e t e n t h s o f o n e p e r c e n t g r e a t e r t h a n i n N o v e m b e r , a n d 4 .1 p e r c e n t g r e a t e r t h a n in D e c e m b e r , 1926. S h ip m e n t s in D e c e m b e r w e r e s m a lle r t h a n in e it h e r o f th o s e m o n th s , b u t o t h e r it e m s s h o w e d in c r e a s e s e x c e p t t h a t u n f ille d o r d e r s w e r e s m a lle r t h a n a t t h e s a m e t im e a y e a r a g o . P e r c e n t a g e c o m p a r is o n s o f r e p o r t e d f ig u r e s a r e s h o w n in th e t a b le : Dec. 1927 compared w ith Nov. 1927 Dec. 1926 Production _________________ ____________ ___________ + 0 . 3 + 4.1 Shipm ents _________________________________________ __— 6.9 — 2.1 Orders booked ___________________________________ __ + 26.6 + 32.6 U nfilled orders ____________________________________ + 1.0 — 21.5 Stocks on hand ____________________________________ + 3 . 5 + 14.3 Num ber on payroll + 3.7 ................................ ....+ 1-6 H o s ie r y F i g u r e s r e p o r te d to th e U n it e d S t a t e s C e n su s B u re a u fo r N o vem b er an d D e c e m b e r 1927 b y 32 id e n t ic a l e s t a b lis h m e n t s m a n u f a c t u r in g h o s i e r y i n t h e s i x t h d i s t r i c t , s h o w d e c r e a s e s i n p r o d u c t io n , s h ip m e n t s , o r d e r s a n d u n f ille d o r d e r s in D e c e m b e r c o m p a re d w ith N o v e m b e r, b u t in c r e a s e s in s to c k s a n d in c a n c e lla t io n s . F i g u r e s f o r N o v e m b e r a n d D e c e m b e r a r e s h o w n i n t h e t a b le . (Dozen P a irs ) Dec. 1927 Nov. 1927 Production _____________ ___________________ 590,960 717,520 Shipm ents -------------- ---------- -- -----616,948 713,426 1,613,631 Stocks on hand -------------------------- 1,691,590 672,852 Orders booked ____________________________ 443,950 33,762 Cancellations ------ -----------------------57,152 U n fille d orders ___________________________ 1,020,460 1,220,527 CO TTO N S E E D AN D CO TTO N S E E D P R O D U C TS Six th A ug. 1 1927 1,228,967 959,541 295,890 Cotton seed, T o n s : Received at m ills — Crushed --------------O n hand Dec. 31____ P ro d u ction : -309,727,022 Crude oil, lbs. D istrict* to Dec. 31 1926 1,425,769 1,077,992 355,708 U nited States Aug. 1 to Dec. 31 1927 1926 3,912,295 4,695,812 3,007,030 3,413,054 992,049 1,303,681 338,305,108 936,356,134 1,017,816,168 7 M O N T H L Y R E V IE W 1,335,729 1,,528,270 461,544 Cake and M eal, tons 412,518 980,403 856,263 H u lls, tons ___________ 282,005 318,063 545,145 557,687 L in te rs , bales ________ 167,931 171,606 Stocks, Dec. 31: 127,716,322**109, ,107,293** Crude O il, lbs............. 34,564,580 30,226,584 167,400 109,357 Cake and M eal, tons 63,674 57,944 264,657 228,904 H u lls, tons ___________ 55,440 57,369 221,347 152,382 L in te rs , bales _______ 43,722 57,288 ♦Georgia, A labam a, L o u isia n a and M ississippi. **N ot including stocks held by refining and m anufacturing establish ments, and in tra n sit to refiners and consumers. CO A L A c c o r d i n g t o s t a t i s t i c s c o m p ile d b y t h e U n i t e d S t a t e s B u r e a u o f M i n e s , t h e p r o d u c t i o n o f b i t u m i n o u s c o a l s in c e t h e b e g in n in g o f D e c e m b e r h a s a v e r a g e d s l i g h t l y h ig h e r t h a n in N o v e m b e r , b u t w e e k ly f ig u r e s a r e s t i l l lo w e r t h a n th o se re p o rte d f o r O c to b e r. P r o d u c t io n d u r in g t h e w e e k e n d e d D e c e m b e r 2 4 w a s t h e h ig h e s t w e e k ly f ig u r e r e p o r t e d f o r th e m o n th , b u t b e c a u s e o f th e h o lid a y s th e o u tp u t d u r in g th e f o llo w in g w e e k w a s lo w e r . T h e w e e k ly f ig u r e s f o r t h e U n i t e d S t a t e s a s a w h o le , a n d f o r A l a b a m a , a n d T e n n e s s e e , t h e c o a l p r o d u c in g s t a t e s o f t h is d is t r ic t , c o n t in u e lo w e r t h a n f o r c o r r e s p o n d in g w e e k s a y e a r a g o . T h e t o t a l o u t p u t o f b itu m in o u s c o a l in t h e U n it e d S t a t e s d u r i n g D e c e m b e r a m o u n t e d t o 4 1 ,2 7 7 ,0 0 0 t o n s , c o m p a r e d w i t h 4 0 ,6 2 8 ,0 0 0 t o n s i n N o v e m b e r , a n d w i t h 5 7 ,1 8 0 ,0 0 0 t o n s i n D e c e m b e r , 1 9 2 6 . T h e a v e r a g e p r o d u c t io n p e r w o r k i n g d a y i n D e c e m b e r a m o u n t e d t o 1 ,5 7 5 ,0 0 0 t o n s , c o m p a r e d w i t h 1 ,6 3 8 ,0 0 0 t o n s i n N o v e m b e r , a n d w i t h 2 ,1 9 9 ,0 0 0 t o n s in D e c e m b e r a y e a r ag o . W e e k l y p r o d u c t io n f i g u r e s f o r t h e U n i t e d S t a t e s , a n d f o r A la b a m a a n d T e n n e s s e e , a r e s h o w n in t h e t a b le , t o g e t h e r w it h f ig u r e s f o r s o r r e s p o n d in g w e e k s l a s t y e a r . (000 omitted) W eek E n n d e d : December 3 ............... December 10 ............. December 17 ________ .... December 24 ........... December 31 _________ ..... Ja n u a ry 7, 1928 . U nited 1927 9,053 9,687 9,788 9,832 9,803 9,803 States 1926 14,676 14,090 13,477 10,486 10,711 13,153 A labam a 1927 1926 309 542 538 318 524 347 347 333 384 251 Tennessee 1927 1926 85 144 138 94 129 79 84 76 ---- 88 100 IR O N S t a t i s t i c s c o m p ile d a n d p u b l i s h e d b y t h e I r o n A g e i n d i c a t e t h a t t h e p r o d u c t io n o f p i g i r o n i n t h e U n i t e d S t a t e s d u r i n g D e c e m b e r , 1 9 2 7 , a m o u n t e d t o 2 ,6 9 5 ,7 5 5 t o n s , a t o t a l s lig h t ly la r g e r th a n th a t f o r N o v e m b e r, b e c a u se o f th e a d d it io n a l d a y , b u t s m a lle r t h a n f o r a n y o t h e r m o n th s i n c e J u l y , 1 9 2 5 . T h e i n d e x n u m b e r f o r D e c e m b e r i s 1 0 5 .8 , c o m p a r e d w i t h 1 0 3 .9 f o r N o v e m b e r , a n d w i t h 1 2 1 .3 f o r D e ce m b e r, 1926. T h e a v e r a g e d a i l y p r o d u c t io n d u r i n g D e c e m b e r a m o u n t e d t o 8 6 ,9 6 0 t o n s , c o m p a r e d w i t h 8 8 ,2 7 9 t o n s f o r N o v e m b e r , a n d w i t h 9 9 ,7 1 2 t o n s i n D e c e m b e r a y ea r ago. T h e d a ily r a t e w a s th e s m a lle s t re p o rte d f o r t h e y e a r , a n d w a s a ls o s m a lle r t h a n f o r a n y m o n th s in c e J u ly , 1925. T h e D e c e m b e r e s tim a te b r in g s th e t o t a l f o r t h e y e a r t o 3 6 ,2 3 2 ,3 0 0 t o n s , c o m p a r e d w i t h 2 9 ,0 7 0 ,4 7 0 t o n s i n 1 9 2 6 , a n d w i t h 3 6 ,4 0 3 ,4 7 0 t o n s p r o d u c e d i n 1 9 2 5 . T h e r e w a s a d e c r e a s e o f o n e in th e n u m b e r o f f u r n a c e s a c t iv e d u r i n g D e c e m b e r , f o u r h a v i n g b e e n b l o w n i n a n d f iv e b l o w n o u t o r b a n k e d , le a v in g th e a c t iv e n u m b e r a t 169. A t th e s a m e t im e a y e a r a g o t h e r e w e r e 2 0 4 f u r n a c e s a c t iv e . T h e o u tp u t o f p ig ir o n in A la b a m a d u r in g D e c e m b e r, a m o u n t i n g t o 2 2 7 ,7 7 5 t o n s , w a s l a r g e r t h a n f o r a n y m o n t h s in c e M a y . T h e in d e x n u m b e r o f A l a b a m a p r o d u c t io n in D e c e m b e r w a s 1 2 9 .6 , c o m p a r e d w i t h 1 2 4 .8 f o r N o v e m b e r , a n d w i t h 1 4 3 .9 f o r D e c e m b e r , 1 9 2 6 . T h e re w a s no change i n f u r n a c e a c t i v i t y i n A l a b a m a d u r i n g D e c e m b e r , 1 8 b e in g a c t iv e d u r in g th e m o n th c o m p a re d w it h 19 a c t iv e a t th e s a m e t im e l a s t y e a r . P r e s s r e p o r t s in d ic a t e t h a t s h ip m e n ts d u r in g th e f ir s t h a lf o f D e c e m b e r w e r e e q u a l to p r o d u c t io n , a n d t h a t p r o d u c e r s h a v e a c c u m u l a t e d a s i z e a b l e to n n a g e o f o rd e rs f o r th e f ir s t q u a rte r, so m e o f th e m b e in g f o r t h e f ir s t q u a r t e r , a n d o t h e r s b e in g c a r r ie d o v e r fro m D e ce m b e r. Q u o t a t i o n s c o n t in u e a t $ 1 6 .0 0 p e r t o n f o r f ir s t q u a r t e r d e liv e r y . U n f ille d O r d e r s — U . S . S t e e l C o r p o r a t io n U n f ille d o r d e r s o f t h e U n it e d S t a t e s S t e e l C o r p o r a t io n a t t h e e n d o f D e c e m b e r a m o u n t e d t o 3 ,9 7 2 ,8 7 4 t o n s , a n i n c r e a s e o f 5 1 8 ,4 3 0 t o n s o v e r t h e t o t a l r e p o r t e d f o r N o v e m b e r. T h i s t o n n a g e i s t h e l a r g e s t f o r a n y m o n t h s in c e M a r c h , 19 2 6 , a n d th e in c r e a s e w a s la r g e r t h a n f o r a n y m o n th s in c e D e c e m b e r , 1 9 2 5 . N A V A L STO RES R e c e ip t s o f t u r p e n t in e a t th e t h r e e p r in c ip a l n a v a l s t o r e s m a r k e t s o f t h e d i s t r i c t d u r i n g D e c e m b e r d e c l in e d 2 1 .3 p e r c e n t c o m p a r e d w i t h N o v e m b e r , b u t w e r e o n l y s lig h t ly s m a lle r th a n in D e c e m b e r a y e a r a g o . R o s in r e c e ip t s s h o w e d a s lig h t in c r e a s e o v e r N o v e m b e r , a n d w e r e 1 8 .4 per cent g re a te r th a n a year ago. S to ck s o f b o th t u r p e n t in e and r o s in w e re s lig h t ly g re a te r a t th e end of D ecem ber th a n a m o n th e a r lie r , a n d w e r e 4 0 .5 p e r c e n t , a n d 1 9 .1 p e r c e n t , r e s p e c t i v e l y , g r e a t e r t h a n a t th e e n d o f D e c e m b e r , 1926. R e c e ip t s o f b o th t u r p e n t in e a n d r o s in f o r t h e n a v a l s t o r e s y e a r to d a t e ( A p r i l D e c e m b e r ) w e r e g r e a t e r t h a n f o r t h e c o r r e s p o n d in g p a r t o f a n y o f th e p a s t te n se aso n s. S t o c k s o f t u r p e n t in e a t th e e n d o f D e c e m b e r w e r e g r e a t e r t h a n a t t h e s a m e t im e o f a n y y e a r s in c e 1 9 1 8 , b u t s u p p lie s o f r o s in , w h ile la r g e r th a n f o r 1926 o r 1925, w e re s m a lle r th a n f o r th e y e a r s 1 9 2 0 to 1 9 2 4 in c lu s iv e . T h e p r ic e o f t u r p e n t in e h a s r a n g e d a t a b o u t 4 8 t o 5 0 c e n t s s i n c e t h e m id d l e o f D e c e m b e r , b u t th e f ir s t w e e k in J a n u a r y ro s e to 55 c e n ts b e c a u se o f th e re d u c e d r e c e ip t s . P r i c e s o f r o s in s h a v e a ls o e x h ib it e d stre n g th . R e c e ip t s a n d s to c k s a t th e t h r e e p r in c ip a l m a r k e t s o f t h e d is t r ic t a r e s h o w n in th e t a b le , w it h c o m p a r is o n s : Receipts— Turpentine Dec. 1927 Savannah _____________________ ................. 13,153 Jackso nville ............................ . _______ 10,961 P ensacola _____________________- ........ ...... 4,040 Total ______________________ ___________ 28,154 Receipts— R o s in : Savannah ________________________________ 84,695 Jackso nville __________________ ____ ___ _ 47,436 Pensacola _____________________ ___________ 13,266 Total ______________________ ___________ 145,397 Stocks— T u rp e n tin e : Savannah ______________________ __________ 28,100 Jackso nville _______ ___________ ___________ 33,631 Pensacola ______________________ ___________ 20,208 Total ______________________ ___________ 81,939 Stocks— R o sin : Savannah _________________ _____ ___________ 124,026 Jacksonville __________________ ................ 107,116 Pensacola _________________ ___ __________ 17,613 Total ______________________ ___________ 248,755 C o t t o n G in n e d Nov. 1927 Dec. 1926 17,801 13,550 11,281 12,398 4,312 5,596 29,143 35,795 72,386 52,879 19,627 144,892 54,240 49,934 18,673 122,847 27,977 31,503 18,196 77,676 12,472 32,073 13,776 58,321 125,636 83,792 89,160 35,837 208,789 102,868 19,450 247,954 A c c o r d in g to a sta te m e n t by th e U n it e d S t a t e s C e n s u s B u r e a u , c o tto n o f t h e 1 9 2 7 c r o p g in n e d p r i o r t o J a n u a r y 1 6 , 1 9 2 8 a m o u n t e d t o 1 2 ,5 0 1 ,8 4 5 b a l e s , c o m p a r e d w i t h 1 6 ,6 1 6 ,0 7 5 b a l e s g in n e d t o t h e s a m e d a t e o f t h e p r e c e d i n g s e a s o n . F i g u r e s fo r th e s ix s ta te s o f th e s ix t h d is t r ic t a re sh o w n in th e ta b le , t o g e t h e r w it h c o m p a r is o n s w it h t h e p r e v io u s s e a s o n . Ja n . 16, 1928 Ja n . 16, 1927 Alabam a .................................... ............. 1,169,237 1,454,652 Flo rid a ___ __ ____________ ______________ 17,278 32,872 Georgia _________________________________ 1,103,582 1,433,151 Lo u isia n a _______________________________ 540,799 811,643 M ississippi _____________________________ 1,328,162 1,732,746 Tennessee _______ ___ _____ ___ _____ ____ 339,962 418,874 To tal U nited States...____ ___________ 12,501,845 16,616,075 M O N T H L Y R E V IE W 8 M ONTHLY IN D E X N U M B E R S T h e f o llo w in g in d e x n u m b e r s , e x c e p t w h e r e in d ic a t e d o t h e r w is e , a r e c o m p u te d b y th e F e d e r a l R e s e r v e B a n k o f A t l a n t a , a n d a r e b a s e d u p o n a v e r a g e f ig u r e s f o r 1 9 1 9 . T h a t is , a v e r a g e m o n t h ly fig u r e s f o r th e y e a r 1919 a r e r e p r e s e n t e d b y 1 0 0 , a n d t h e c u r r e n t m o n t h ly in d e x n u m b e r s s h o w th e r e la t io n o f a c t i v i t y in t h e s e lin e s to t h a t p r e v a ilin g in 1919. R E T A IL TR A D E 6TH O c t. D IS T R IC T N ov. D ec. O c t. N ov. D ec. 1926 1926 1926 1 6 7 .9 1 5 7 .3 1 1 9 .9 1 4 0 .2 1 5 5 .8 1 0 6 .3 1 0 9 .9 1 3 1 .0 1 2 9 .0 1 3 5 .5 1 0 6 .0 1 4 6 .6 1 2 4 .9 1 3 3 .3 2 1 2 .2 2 3 6 .0 1 4 6 .3 1 5 9 .1 2 0 2 .1 1 9 9 .2 1 9 6 .1 1 5 6 .4 1 5 9 .6 1 5 7 .9 1 4 9 .7 1 5 5 .9 1 5 2 .6 2 3 3 .7 1 6 5 .5 S h o e __________________________________________________________ 5 & 1 0 C e n t ____________________________________________ M u s ic — . . —_ _______________ C a n d y _____________ ________________ — _________________ C ig a r 4 2 2 .1 2 3 3 .6 1 5 7 .1 2 7 8 .5 1 2 8 .1 2 3 3 .0 1 5 3 .6 4 2 1 .9 2 2 2 .8 1 5 4 .7 2 6 5 .1 1 2 8 .3 2 3 5 .2 1 4 6 .0 3 2 9 .4 2 0 9 .0 1 5 7 .7 2 5 7 .1 1 5 1 .0 2 2 6 .8 1 6 2 .1 3 4 6 .8 1 9 7 .6 1 4 9 .8 2 4 7 .0 1 4 5 .6 2 3 2 .0 1 4 9 .6 3 7 1 .6 2 6 1 .0 2 1 5 .2 4 6 5 .8 2 2 3 .1 3 0 3 .3 2 2 1 .7 W H O L E S A L E T R A D E 6 T H D IS T R IC T G r o c e r ie s . ______________ D r y G o o d s _________________________________________________ H a r d w a r e ______ _ - ____ — _____________________ S h o e s ____ _____ ___ _______________ __________ _ _______ T o t a l ____________________________________________________________ 9 1 .4 1 1 4 .2 1 0 8 .2 8 9 .6 9 4 .0 9 0 .0 8 1 .6 9 9 .0 8 8 .6 8 5 .1 8 9 .0 5 5 .3 8 7 .6 6 0 .9 7 5 .9 9 9 .8 1 1 3 .2 1 1 6 .8 7 5 .9 1 0 0 .1 9 3 .5 9 3 .1 1 0 9 .0 6 9 .8 9 0 .6 9 7 .6 5 5 .9 9 9 .2 5 4 .3 8 1 .3 1 0 5 .0 1 0 0 .0 1 1 3 .0 9 8 .4 8 3 .8 9 7 .1 9 1 .6 9 7 .1 9 8 .5 8 8 .3 9 7 .0 1 0 4 .3 1 0 1 .5 1 1 4 .3 9 7 .5 8 2 .9 9 7 .0 9 0 .2 9 7 .4 9 8 .9 8 8 .3 9 6 .7 1 0 4 .4 1 0 0 .7 1 1 6 .9 9 7 .2 8 2 .5 9 8 .4 9 0 .4 9 7 .2 9 8 .8 8 9 .0 9 6 .8 9 7 .9 1 0 0 .8 1 0 1 .0 9 7 .7 1 0 1 .3 1 0 1 .0 9 9 .5 9 9 .1 9 9 .4 9 3 .4 9 9 .4 9 4 .7 1 0 0 .5 1 0 0 .4 9 6 .3 1 0 2 .5 1 0 0 .8 1 0 0 .1 9 8 .6 9 9 .1 9 0 .8 9 8 .4 9 4 .9 1 0 0 .7 1 0 0 .4 9 5 .2 9 9 .4 1 0 0 .4 9 9 .2 9 8 .8 9 8 .8 8 9 .9 9 7 .9 9 5 .7 6 8 1 .0 3 3 4 .8 2 7 6 .3 2 9 3 .7 2 1 8 .3 2 5 2 .5 1 0 4 .4 5 8 0 .5 2 2 2 .8 1 6 1 .2 3 8 6 .8 1 8 4 .9 2 7 7 .7 8 3 .2 7 1 3 .3 1 6 9 .7 2 5 1 .5 1 2 6 .7 1 9 8 .8 2 0 9 .2 1 2 3 .9 6 2 5 .8 3 8 2 .1 1 2 8 .8 1 ,4 2 8 .8 5 3 3 .3 5 1 7 .7 1 0 4 .9 5 0 4 .6 7 7 0 .2 2 9 2 .0 1 4 3 .0 2 6 1 .4 2 7 5 .3 4 4 .7 3 6 6 .8 3 3 5 .0 2 5 7 .9 8 8 .9 3 8 0 .1 2 5 7 .5 1 1 4 .6 1 5 2 .1 6 9 .3 2 0 4 .9 1 1 7 .0 1 5 8 .7 6 6 .4 1 8 1 .8 1 0 1 .6 1 3 7 .8 5 7 .9 1 3 9 .5 1 0 6 .3 1 3 6 .9 6 9 .5 2 4 9 .1 1 0 9 .2 1 4 4 .1 6 7 .0 2 7 0 .3 1 1 3 .1 1 4 9 .0 7 0 .0 2 7 8 .5 1 0 9 .2 1 2 7 .7 1 0 3 .9 1 2 4 .8 1 0 5 .8 1 2 9 .6 1 3 0 .8 1 4 2 .0 1 2 7 .0 1 5 6 .2 1 2 1 .3 1 4 3 .9 5 5 .7 5 7 .6 6 6 .3 6 1 .4 6 3 .5 6 6 .1 (D e p a rtm e n t S t o r e s .) A t la n t a B i r m i n g h a m ____________________________________________________ C h a tta n o o g a N a s h v i l l e ________________________________________________________ N e w O r l e a n s _____________________________ ___________________ O th e r C it ie s D i s t r i c t ____________________________________________________________ R E T A I L T R A D E U . S . (1 ) D e p a r t m e n t S t o r e s _____________________________________ M a i l O r d e r H o u s e s ____________________________________ C h a in S t o r e s : G ro ce ry D ru g W H O L E S A L E P R IC E S F a r m p ro d u cts Fo od s U. S. A L L C O M M O D IT IE S P E R M IT S ______ ______________________________ 6TH O t h e r C i t i e s _______________________________________________ D i s t r ic t (2 0 C it ie s ) __________ ______________ CO TTON CO N SU M ED : U n it e d S t a t e s C o t t o n - G r o w i n g S t a t e s ______________________ A ll O t h p r S t a t e s C o t t o n F ^ p o r t .s ___ . ____ U N F IL L E D O R D E R S — U . S. S T E E L C O R P O R A T IO N . . _________________________ (1 ) (2 ) C o m p ile d b y F e d e r a l R e s e r v e B o a r d . C o m p ile d b y B u r e a u o f L a b o r S t a t i s t i c s . B a s e 1 9 2 6 — 1 0 0 .) 1927 1 9 2 .8 1 6 6 .9 1 2 4 .9 1 1 5 .5 1 5 7 .7 1 5 6 .9 9 6 .8 1 1 3 .8 2 6 6 .9 2 5 1 .0 1 5 1 .6 1 7 9 .7 1 2 6 .4 1 2 4 .7 1 4 0 .5 1 2 8 .7 1 1 2 .8 1 2 9 .6 1 9 8 .4 1 9 3 .7 2 0 9 .1 1 5 1 .4 1 5 8 .0 D IS T R IC T B ir m in g h a m J a c k s o n v i l l e ________________________________________________ N a s h v i l l e _________ __________________________________ ____ ___ N p w O r lp a n s P IG IR O N P R O D U C T IO N : T T n itp d S t a t e s A la b a m a 1927 (2 ) H id e s a n d le a t h e r p r o d u c ts __ _ ___ T e x t i l e p r o d u c t s _________________________________ F u p I a n d lig h tin g M e t a l s a n d m e t a l p r o d u c t s _____________________ B u i l d i n g m a t e r i a l s ____________________________________ C h e m i c a l s a n d d r u g s ________________________________ H o u s e f u r n i s h i n g g o o d s ____________________________ M is c e lla n e o u s B U IL D IN G A t la n t a 1927
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