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M O N TH LY R E V IE W O f Agricultural, Industrial, Trade and Financial Conditions in the Sixth Federal Reserve District FEDERAL RESERVE BANK OF ATLANTA O sc a r N e w to n , W ard Chairman of the Board and Federal Reserve Agent Assistant Federal Reserve Agent A lb e r ts o n , (Compiled July 18, 1928) VOL. 13, No. 7 BUSINESS CONDITIONS IN THE UNITED STATES Industrial production and the distribution of commodi ties in June were in smaller volume than in May, and the general level of wholesale prices, following a sharp ad vance in April and May, also declined. Member bank credit was in record volume early in July and indebted ness at the reserve banks was larger than at any time in the past six years. Production Activity of manufacturing industries declined slightly in June and there was a decrease of about six percent in the output of min erals owing to declines in the production of coal. The manufacture of iron and steel decreased in June by some what more than the usual seasonal amount, but there are indications that there were no further declines in July and the industry was somewhat more active than a year ago. Production of flour, and activity of cotton and wool mills, also declined in June. Automobile production show ed considerably less than the usual seasonal decline in June, and weekly employment figures for Detroit indi?ate that operations of automobile plants were well main tained during the first three weeks of July. The manu facture of agricultural implements and machine tools continued in June at the high level reached last spring. Production of lumber, copper, and shoes, and activity of silk mills increased in June. Contracts awarded for new building continued large in June and total awards for the first half of the year exceeded those for any previous cor responding period. There were increases over last year in contracts for residential, industrial, public and educa tional building. Awards during the first three weeks in July were in somewhat smaller volume than for the cor responding period of last year. The July estimates of the Department of Agriculture indicate a yield of wheat of 800,000,000 bushels, a decrease of 8 percent from the harvested yield of 1927, and a yield PERCENT PERCENT 150 150 of corn of 2,736,000,000 bushels, a reduction of 2 percent. The production of oats, barley, white potatoes, and to bacco is expected to be larger than last year. The acreage of cotton in cultivation on July 1 was estimated at 46,695,000 acres, an increase of 11 per cent as compared with that of a year ago. Trade Merchandise distribution at retail and wholesale was seasonally smaller in June than in May. Sales of department stores de clined by about the usual seasonal amount, while the de clines in sales of chain stores were smaller. Sales of wholesale firms in most lines of trade showed a more than usual seasonal decline. Compared with a year ago sales of department stores and chain stores were larger and those of wholesale firms were smaller. Stocks of wholesale firms were in about the same volume at the end of June as a year ago, and those of department stores were smaller. Freight car loadings for practically all classes of commodities declined in June and continued in smaller volume than a year ago. During the first two weeks of July, however, owing to increases in loadings of grains and miscellaneous commodities, total loadings were larger than in the corresponding period of 1927, but continued below the high level of 1926. Prices The general level of wholesale com modity prices declined in June and the Bureau pf Labor Statistics’ index, which had advanced from 96 percent of the 1926 average in March, the low point for the year, to 98.6 per cent in May, declined to 97.6 per cent. The decline in the all-commodities index reflected decreases in those groups which had advanced most rapidly in previous months, farm products, foods, and hides and leather products. Prices of livestock and meats, which are included in these groups, however, showed further advances in June, and there was also an increase in the prices of building materials, while prices (Continued on Page Seven) PER CENT P ER C EN T i25r ^ ______ A Tjf . V i/ 1 125 WHOL ESALE PFtlCES M a n u iF a c t u r e s 100 This review released for publication in the afternoon papers of Tuesday, July 31, ATLANTA, GA., JULY 31, 1928 FarmPr<3(JUCtS 100 M in e r a ls 100 50 'K \ 100 '\W / v ^ / Nonagricuitural Commodities 50 P R lO D U C T I O N O F M ANUFACT U R E S A N O I 1924 M IN E R A L S 1 1925 1924 1926 1927 1925 75 1926 1927 1926 1928 Index numbers of productions of manufactures and minerals, adjusted for seasonal variations (1923-25 average—100.). Latest figures, June manufacturers 109 ,* minerals 100. 1 1 75 ^ ? United States Bureau of Labor Statistics. 1926—100, base adopted by bureau). Latest figures, June: Non-Agricultural Commodities 95.2; Farm Products 106.7. 2 MONTHLY REVIEW Monthly averages of daily figures for 12 Federal Reserve Banks. Latest figures are averages of first 23 days in July. SIXTH DISTRICT SUMMARY Seasonal declines in the volume of trade at both retail and wholesale, and generally unfavorable conditions in agriculture, are reflected in statistics and reports for June and early July gathered for the Monthly Review. Retail trade in the sixth district in June was seasonally lower than in the three months preceding, and was only slightly greater than for June 1927. Department store sales during the first half of 1928 have averaged 2.9 per cent greater than in the same period of 1927. Whole sale trade in June was at a seasonally low level, and was in smaller volume than for any month in recent years. Savings deposits on hand at the end of June were 2.1 per cent greater than a month earlier, and 4.9 per cent greater than a year ago. Debits to individual accounts in June were somewhat less than in May, but slightly greater than in June last year. Commercial failures in the dis trict, in point of liabilities, increased over May, but were less than for June 1927. Total discounts of weekly re porting member banks declined slightly between June 13 and July 11, but loans secured by stocks and bonds in creased, and these banks’ investments in stocks and bonds also increased. Discounts for member banks by the Fed eral Reserve Bank of Atlanta increased slightly during this period, but holdings of bills bought in the open mar ket declined. Demand deposits of all member banks in the district declined in June compared with preceding months, but time deposits increased to a new high level. Building permits in the district decreased in June com pared with the May total, and were 5.5 per cent less than in June last year. Contracts awarded also decreased compared with both of those periods. Cotton consumption in the cotton states was less than in May, or in June a year ago, and production of cloth and yarn in this district also decreased, but orders of both cloth and yarn in creased over May, and orders of yarn were greater than Weekly rates in New York money market: Commercial paper rate on 4-to-6 months paper and acceptance rate on 90-day paper. in June last year. Production of coal in Alabama during June was lower than at the same time last year, but in Tennessee it was greater. Pig iron production in Ala bama showed decreases compared with both of those periods. The cotton acreage in cultivation on July 1 this year in the six states of this district is 12.3 per cent greater than on the same date last year. The crop made fair growth in June, but is still backward. RETAIL TRADE The volume of retail trade in the sixth district, as re flected in sales figures reported confidentially to the Federal Reserve Bank of Atlanta, declined seasonally in June to a point lower than in the three months preceding, but was slightly larger than in the corresponding month of last year. Sales at New Orleans in June declined 7.3 per cent compared with June last year, and there were decreases of less than one per cent shown for Birmingham and Chattanooga, increases being reported from Atlanta, Nashville and Other Cities. For the first half of 1928 sales by these reporting stores have averaged 2.9 per cent greater than in the same period of 1927. Stocks of merchandise on hand at the end of June declined 6.7 per cent compared with May, but were 3.7 per cent greater than a year ago. Accounts receivable at the end of June were 3.5 per cent smaller than a month earlier, but 13.5 per cent greater than at the end of June last year. Col lections during June were 5.4 per cent less than in May, but 4.4 per cent greater than during June 1927. The ratio of collections during June to accounts outstanding and due at the beginning of the month, for 33 firms, was 31.9 per cent; for May this ratio was 33.7 per cent, and for June last year 34.9 per cent. For June the ratio of collections against regular accounts outstanding for 33 firms was 34.0 per cent, and the ratio of collections against installment accounts reported by 9 firms was 15.8 per cent. CONDITION OF RETAIL TRADE DURING JUNE 1928 AT 46 DEPARTMENT STORES SIXTH FEDERAL RESERVE DISTRICT Comparison of Net Sales Comparison of Stocks Rate of Stock Turnover June 1928 with Ian. 1 to June 30, June 30, 1928 with June 30, 1928 with June Jan. 1 to June 30 June 1927 1928 with same June 30, 1927 May 31, 1928 1927 1928 1927 1928 __ period in 1927 __ _____________ ___ Atlanta (5) _____ + 13.2 — 1.4 — 2.3 1.87 1.63 + 15.7 .27 .26 Birmingham (5) — 0.8 — 0.7 — 8.6 — 7.2 .26 1.29 .20 1.22 Chattanooga (6) — 0.6 — 6.9 — 6.4 .23 .24 — 3.3 1.19 1.17 Nashville (5) __ __-.-..+ 2.6 + 6.4 — 3.3 + 6.0 .26 .23 1.64 1.48 New Orleans (5) — 7.3 — 3.4 + 11.6 — 8.8 .21 .16 1.18 1.08 Other Cities (20) — 0.2 — 7.5 ..+ 0.6 — 3.1 .22 1.38 .20 1.20 District (46) ____ ._....+ 0.6 + 2.9 + 3.7 — 6.7 .24 1.37 .20 1.25 NOTE—The rate of stock turnover is the ratio of sales during given p eriod to average stocks on hand. MONTHLY REVIEW WHOLESALE TRADE The volume of wholesale trade in the sixth district, reflected in sales figures reported confidentially to the Federal Reserve Bank by 127 wholsale firms in eight difcerent lines of trade, declined seasonally in June compared with preceding months. The index number for June is 77.5, and is lower than for any month since July 1922. This index number for June compares with 84.5 for May, and with 83.4 for June last year. Sales of electrical sup plies in June averaged somewhat greater than in May, and were slightly greater than in June a year ago, but the other seven lines show decreases compared with both of those periods. Some of the reports state that the back ward condition of the crops has caused merchants in the smaller towns to delay buying, and heavy rains in south ern Alabama have interferred greatly with business in that part of the district. Comparisons of reported figures are shown in the tables which follow. Groceries June sales of groceries at wholesale averaged less than in May at all re porting points, and were also less than in June a year ago except at New Orleans. Decreases compared with both periods are also shown in stocks, accounts receivable and collections, as indicated in the following percentages. June 1928 compared with: Sales: May 1928 June 1927 Atlanta (4 firms) -------------------—13.7 —13.7 Jacksonville (4 firms)__________ — 8.4 —22.9 New Orleans (6 firms) _________ — 9.5 + 5.8 — 8.1 —13.5 Vicksburg (3 firms) ___________ Other Cities (15 firms) _________ — 7.1 —10.2 DISTRICT (32 firms) ______ __ _ — 8.7_____ —10.2___ Stocks on hand ------------------------— 7.3 — 8.6 Accounts Receivable ____________ — 6.6 — 2.8 — 6.3 — 1.0 Collections ____________________ Dry Goods Sales of dry goods at wholesale dur ing June declined 19.3 per cent com pared with May, and were at a lower level than for any other month for which statistics are available. Sales decreased at all reporting points, compared both with the preceding month and with the corresponding month last year. Stocks were somewhat larger than for either of those months, but accounts receivable and collections show declines in both instances. June 1928 compared with: Sales: May 1928 June 1927 —25.5 Atlanta (3 firms) _____________ — 4.1 Nsishville (3 firms) ___________ —37.7 —34.4 New Orleans (3 firms) __________ — 5.7 — 6.5 Other Cities (15 firms) _________ —18.1 —19.4 DISTRICT (24 firms) __________ —19.3_____ —21.4 Stocks on hand ________________ + 1.1 -j- 9.5 Accounts receivable _____________ — 5.7 — 8.2 Collections ____________________ —16.9 —13.5 Hardware June sales of hardware at wholesale increased over May, and over June last year, at both Nashville and New Orleans, but reports from “Other Cities” were more than sufficient to offset these increases. Sales for the district averaged 5 per cent less than in May, and seven-tenths of one per cent less than in June last year. Decreases compapred with both months are shown in stocks on hand, accounts re ceivable, and collections. June 1928 compared with: Sales: May 1928 June 1927 + 1.3 _j_ 4.5 Nashville (3 firms) ____________ New Orleans (5 firms)__________ + 1.3 + 6.4 —11.1 — 6.8 Other Cities (19 firms)__________ DISTRICT (27 firms) __________ — 5.0 — 0.7 — 1.9 Stocks on hand _____ ______I_______ — 4.1 Accounts receivable _____________ — 7.7 — 1.5 Collections _________ ,__________ — 3.9 — 6.6 Furniture Sales of furniture at wholesale by 13 reporting firms were 7.6 per cent less in June than in May, and one-half of one per cent less than in June last year. Stocks on hand, accounts receiv able and collections also showed varying degrees of deMnes compared with both of those periods, as indicated a the following percentages. June 1928 compared with: SaT?,: . (5 firms) „ v _____________ M ay7.1 1928 June 1927 Atlanta — _13.9 Other Cities (8 firms)_______ — 78 4- 2 7 DISTRICT (13 firms) . — 7.6 — 0.5 Stocks on hand ________________ — 4.8 _271 Accounts receivable _____________ — 0.8 _lo!3 Collections ____________________ —18.3 _2.4 I Electrical Supplies June sales of electrical supplies at wholesale by 14 reporting firms aver aged 7.3 per cent greater than in May, and were 1.9 per cent greater than in June a year ago. Stocks on hand show decreased compared with both of those periods. Accounts receivable, increased 4.3 per cent over May, but were less than a year ago, and col lections decreased 2.3 per cent compared with May but were slightly greater than in June 1927. June 1928 compared with: Sales: May 1928 June 1927 Atlanta (3 firms) ___ 6.0 +11.6 +19.8 +10.8 New Orleans (4 firms) + 13.8 —13.9 Other Cities (7 firms) + 7.3 DISTRICT (14 firms) .. + 1.9 —19.1 Stocks on hand --------— 3.1 — 5.3 + 4.3 Accounts receivable ___ — 2.3 + 1.0 Collections _________ Comparisons for the other three lines are shown only for the district as three or more reports were not re ceived from a single city in any of these lines. Each of these lines showed decreases in sales compared with May, and with June last year, and figures reported by wholesale drug firms also showed decreases in accounts receivable and collections compared with both of those periods. June 1928 compared with: May 1928 June 1927 Shoes: Sales ___ ______ ________ —29.5 —16.2 Stationery: Sales _____ ____ _____ — 8.6 — 3.9 — 7.8 — 7.7 Drugs: Sales ___ ______________ — 1.0 — 1.4 Accounts receivable _______ — 8.7 — 3.8 Collections ____ __ _______ AGRICULTURE Recent reports issued by the United States Department of Agriculture indicate that crops made considerable progress during June, but there was so much cool weather and rain that they appear to be still short of normal growth. Violent storms in the south caused no little damage to cotton and to ripe grain in certain sections. Cotton made fair growth during June, but still presents a backward and spotted aspect, with widespread reports of irregular stands, grassy fields, and damage from bad weather. Corn made good growth on the whole, and is so far a promising crop, although the rains hindered cul tivation and many fields are full of weeds. The reports indicate that present indications point to an increase of about 2 per cent in the acreage of principal crops in the United States over the acreage harvested last season. The most important increases are: corn, 4 per cent; barley, 30 per cent; cotton, 11 per cent; potatoes, 9 per cent; tobacco, 18 per cent; beans, 7 per cent; and peanuts, 5 per cent, while decreases are indicated in the acreage of hay, 4 per cent; wheat, 1.5 per cent; rye, 4 per cent; sweet potatoes, 8 per cent; rice, 5 per cent, and flax, 3 per cent. The estimated tobacco acreage this year in Georgia is 30 per cent greater than last year, and amounts to 106,000 acres. Indicated production is placed at 14 per cent over last year’s crop of 59 million pounds. Tobacco acreage in Tennessee increased 22 per cent over that of last year, and totals 107,100 acres, and indicated pro duction is placed at 72 million pounds. Peach prospects declined slightly in Georgia during June, but are still very much better than last year in all states of the dis trict. Peanuts show an increase in Florida, but decreases in other states. Cotton Acreage The acreage of cotton in cultivation in the United States on July 1 is esti mated by the United States Depart ment of Agriculture at 46,695,000 acres, an increase of 11.4 per cent over 1927. This estimate does not refer to the total acreage planted, but only to that portion re maining in actual cultivation on July 1. The increases in acreage this season are most marked in the less impor tant cotton states, in the extensive area flooded last year, and in some other areas where the acreage was sharply reduced last season. Owing to late planting, the need for repeated replantings in many sections, and to the im possibility or working the crop out at the proper time, the reported stand of cotton is 6 per cent below the stand reported on July 1 last year. In the table are shown the MONTHLY REVIEW 4 cotton acreage fo r the sta te s of this d istrict, com pared w ith th a t of la st year. Percentage Comparison 1927 1928 3,214,000 3,471,000 + 8 Alabama ________ + 49 67,000 100,000 Florida ______ ____ 3,956,000 3,501,000 + 13 Georgia __________ + 19 1,886,000 1,585,000 Louisiana ________ + 11 3,783,000 3,408,000 Mississippi _______ + 15 985,000 1,133,000 Tennessee ________ + 12.3 Total 6 states______ 14,329,000 12,760,000 + 11.4 46,695,000 41,905,000 Total United StatesCotton Movement—United States Since August 1 Receipts at all U. S. Ports____ 8,379,912 12,737,926 9,772,910 Overland across the Miss., Ohio and Potomac Rivers to Nor. Mills and Canada ___________ 988,822 1,575,669 1,474,928 Interior stocks in excess of those held at close of Commercial 639,238 64,093 year Southern Mills takings, net------ 4,423,000 4,622,571 4,032,977 15,920,053 18,936,480 Total 334 days ____________ 13,855,827 Foreign exports ___________ 7,464,207 10.774,216 American Mills, N. & S. & Canada 6,586,919 7,782,124 American cotton thus far-------- 14,322,000 17,097,000 14,458,000 S ugar Cane and S ugar The to ta l acreage in su g ar cane in the 22 P arishes com prising the Louis iana Cane B elt in 1928 is estim ated by th e D epartm ent of A griculture a t 1 72,000 acres, ag a in st 9 8,40 2 acres in 1927, an increase of 75 per cent. The relatively larg e increase is reported to be due to heavy plantings of the new PO J varieties. It is esti m ated th a t of th e to ta l acreage in su g ar cane this year, 1 44,500 acres will be used for sugar, 15,500 fo r syrup, and 12,000 acres fo r “seed.” The condition of su g ar cane on Ju ly 1 w as estim ated to be 80 p er cent of norm al, com pared w ith 89 per cent a t the same tim e la st year. The crop is la te r th a n usual, but is rapidly catching up now due to the influence of favorable w eather. SUGAR MOVEMENT (Pounds) Raw Sugar Receipts: June 1928 May 1928 June 1927 New Orleans _____ 99,998,019 87,003,959 193,799,644 Savannah ..... ...... . 16,577,449 6,719,503 36,734,273 Meltings: New Orleans _____ 105,988,846 119,543,548 173,393,420 Savannah _______ 17,594,017 24,812,035 31,043,164 Stocks: New Orleans _____ 58,948,324 58,500,514 70,896,927 Savannah ________ 35,605,693 36,622,261 43,095,180 Refined Sugar Shipments: New Orleans _____ 116,386,813 106,751,375 155,048,153 Savannah _____ 27,474,805 23,999,077 34,294,697 Stocks: New Orleans _____ 52,299,657 62,948,318 83,960,221 Savannah ______ 24,232,203 33,837,629 23,528,150 Rice The are a sown to rice in Louisiana in 1928 is estim ated a t 4 5 7 ,0 00 acres, com pared w ith 481 ,0 00 acres in 1927, a decrease of 5 per cent. The condition of the rice crop on Ju ly 1 w as 86 per cent of norm al, com pared w ith 89 per cent a year ago, and the indicated production of rice is estim ated a t 1 4,935,000 bushels, com pared w ith 1 7,316,000 bushels la st year. RICE MOVEMENT—NEW ORLEANS Rough Rice (Sacks) June 1928 May 1928 June 1927 Receipts ___ _____ 1,102 13,393 48,438 Shipments _______ 7,331 12,491 47,118 Stocks __________ 2,916 9,145 17,701 Clean Rice (Pockets) 8,211 189,552 105,579 Receipts ________ Shipments __ ___ 37,360 203,261 119,932 Stocks __________ 159,643 188,792 210,525 Rice Millers Association Statistics (Barrels) Season Receipts of Rough Rice June to date Season 1927-28 ________________ 129,752 9,478,560 Season 1926-27 _______ _______ 429,614 8,651,590 Distribution of Milled Rice Season 1927-28 __ _____________ 531,073 9,904,693 Season 1926-27 __________ ____ 643,295 8,679,941 Rtocks of Rough and Milled Rice July 1, 1928___________ *........ ... 1,067,092 July 1, 1927__________________ 1,181,230 FIN A N C IA L Savings Deposits Savings deposits held a t the end of Ju n e by 86 rep o rtin g banks in the six th d istric t increased 2.1 per cen over the to ta l ’ a m onth earlier, and w ere 4.9 per cent g re a te r th an a t the end of Ju n e 1927. T otals for A tlan ta and B ranch F ed eral Reserve Bank cities are shown in the table, and rep o rts from banks located elsew here in the d istrict are grouped under “O ther C ities.” Increases over May are shown fo r each group except N ashville, and over Ju n e la st y ear by all groups except Jacksonville. (000 Omitted) CompariComparison son June May June-May June June 1928 1928 1928 1927 *28-’27 Atlanta (7 banks)_____ 5 47,755 $ 45,530 + 4.9 $ 40,469 + 18.0 Birmingham (4 banks)_ 26,468 25,524 + 3.7 25,868 + 2.3 Jacksonville (5 banks)__ 30,898 28,848 + 7.1 30,998 — 0.3 Nashville (8 banks)___ 27,256 27,883 — 2.2 24,575 + 10.9 New Orleans (8 banks).... 50,929 50,259 + 1.3 49,659 + 2.6 Other Cities (54 banks) ... 117,010 116,136 + 0.8 114,756 + 2.0 Total (86 banks) _____ 300,316 294,180 + 2.1 286,325 + 4.9 Debits to Individual Accounts The to ta l volume of debits to individual accounts a t 26 rep o rtin g cities during the m onth of June declined 3.3 per cent com pared w ith May, but was 1.3 per cent g re a te r th an in the corresponding m onth la st year. Sixteen of these cities show increases over June 1927, and decreases occurred a t the other ten cities. M onthly to tals are derived from weekly figures by pro ra tin g figures fo r those weeks which do not fall entirely w ithin a single calendar m onth. Alabama Birmingham ___ Dothan _______ Mobile ________ Montgomery ___ Florida Jacksonville __ Miami ________ Pensacola _____ Tampa _______ Georgia Albany _______ Atlanta _____ .. Augusta ______ Brunswick _____ Columbus _____ Elberton ______ Macon ________ Newnan ______ Savannah _____ Valdosta ______ Louisiana New Orleans ___ Mississippi Hattiesburg ____ Jackson ___ __ Meridian _____ Vicksburg _____ Tennessee Chattanooga ___ Knoxville _____ Nashville _____ Total 26 cities_____ Condition of Member Banks in Selected Cities (000 Omitted) June 1928 May 1928 $ 148,338 $ 159,946 2,637 3,066 40,394 42,219 24,019 27,010 June 1927 $ 138,910 2,574 38,133 21,690 76,459 32,682 7,810 40,943 76,775 36,904 7,810 42,276 85,470 47,072 8,451 47,545 3,507 155,804 24,056 4,103 13,318 913 22,245 1,962 42,679 4,623 3,901 163,237 26,645 3,390 14,558 911 22,483 2,163 44,406 4,778 4,363 146,016 23,642 3,766 13,303 678 20,135 1,577 46,297 5,834 320,190 323,317 7,269 25,434 17,089 7,052 7,777 27,159 18,039 6,646 49,472 37,623 102,909 $1,213,530 53,249 34,356 101,964 $1,254,985 314,486 7,323 19,823 17,511 7,387 49,268 35,243 91,977 $1,198,474 W eekly rep o rts received from 31 m em ber banks located in A tlan ta, New O rleans, B irm ingham , Jackson ville, N ashville, C hattanooga, Knox ville and Savannah indicate th a t betw een June 13 and J u ly 11 th ere w ere increases in these banks' holdings of stocks and bonds, other th a n governm ent securities, and in loans to custom ers secured by stocks and bonds, but decreases in holdings of U nited S tates securities, and in loans to custom ers secured by U nited S tates securities, and in “All O ther L oans” larg ely fo r com m ercial, a g ri cu ltu ral and in d u strial purposes. Time deposits increased during th is period, b ut dem and deposits declined. Loans on Ju ly 11 secured by stocks and bonds w ere also g reate th a n fo r the corresponding re p o rt date la st year, bui other classes of loans w ere sm aller. Holdings of U nited S tates securities and of o th er stocks and bonds were g re a te r th a n a y ear ago, and the to ta l of loans and in v estm ents shows an increase over th a t tim e of $35 ,3 00 ,00 0. Time deposits show an increase of a little more th an five million dollars, and dem and deposits a decrease of $5,6 28 ,0 00 com pared w ith a y ear ago. B orrow ings by these 5 MONTHLY REVIEW banks from the F ederal Reserve Bank of A tla n ta on Ju ly 11 w ere sm aller by $2,40 4,0 00 th a n four weeks earlier, but w ere n early 32 millions g re a te r th a n a year ago. P rin cipal item s in the weekly rep o rt, fo r the three dates under com parison, are shown in the table: (000 Omitted) July 11, Bills Discounted: 1928 Secured by Govt. Obligations.......$ 4,344 Secured by Stocks and Bonds..... 140,112 All Other ..... ... ....... . .1........... 362,131 Total Oiscounts ........ ............. 506,587 U. S. Securities... ....... ..... ............ 60,599 Other Stocks and Bonds........ ........ 71,336 Total Loans and Investments__ 638,522 Time Deposits ................... .......... 245,704 Demand Deposits....... ................... 324,865 Borrowings from F. R. Bank........ 46,094 June 13, 1928 $ 5,060 133,289 370,932 509,281 62,187 67,165 638,633 242,453 337,387 48,498 July 13, 1927 $ 5,053 109,879 373,424 488,356 55,428 59,438 603,222 240,692 330,493 14,119 Bank D eposits of All Member Banks R eports of net dem and and tim e deposits held by all m em ber banks in the sixth d istric t are compiled as of W ednesday preceding the 14th of each m onth. Demand deposits have declined each m onth since Ja n u a ry to a point in June low er th a n fo r any m onth since A ugust la st y ear. Time deposits have continued to increase and in Ju n e w ere g re a te r th a n fo r any other m onth on record. Total figures are shown fo r com parison: June 1928 May 1928 . June 1927 Operations of the Federal Reserve Bank Demand .$596,668,000 .. 607,138,000 .. 587.188,000 Time $471,953,000 471.907.000 460.112.000 The weekly statement of the Federal Reserve Bank of Atlanta for July 11 indicates an increase of $1,699,000 in total discounts over the figures for June 13, but a decrease of $5,753,000 in investments in bills bought in the open market and government securi ties, and the total of bills and securities on July 11 was as a result more than four millions smaller than four weeks earlier. Discounts secured by government obliga tions increased $2,626,000 during this four weeks period, and were more than three times as great as at the same time a year ago. Other discounts decreased slightly be tween June 13 and July 11, but were more than 18 millions greater than a year ago. Holdings of bills bought in the open market and of government securities on July 11 were nearly two million dollars less than on the same report date last year. Cash reserves, and deposits, in creased slightly on July 11, compared with June 13, but were less than a year ago, and the volume of Federal Reserve notes in actual circulation was smaller than for either of those report dates. Principal items in the weekly statement, for the three report dates under com parison, are shown in the table: (000 Omitted) July 11, June 13, July 13, Bills Discounted: 1928 1928 1927 .$ 19,944 $ 17,318 $ 6,327 All Others ___ ________ 46,576 47,503 28,505 Total Discounts ____ __ . 66,520 64,821 34,832 Bills Bought in open market_ 13,340 19,074 10,895 U. S. Securities__ ___ ____ ... 5,205 5,224 9,595 Total Bills and Securities 85,065 89,119 55,622 Cash Reserves .......... ...... ...... 118,456 117,478 173,927 Total Deposits __________ .. 67,413 67,220 71,900 132,100 134,880 156,964 Reserve 59.4 58.1 76.0 Commercial According to statistics compiled by Failures R. G. Dun & Co., commercial failures in the United States during June 1928 numbered 1,947, compared with 2,008 in May, and with 1,833 in June last year, and liabilities in June totaled $29,827,073, compared with $36,116,990 in May, and with $34,465,165 in June 1927. Figures for the sixth district show a small decline in number but an increase in lia bilities in June compared with May, but decreases in both instances compared with June last year. In the table are shown failures in the United SStates divided by Federal Reserve Districts. Number Liabilities Liabilities Liabilities District June 1928 June 1928 May 1928 June 1927 Boston ...... 278 $ 3,242,468 $ 3,558,326 $ 2,476,055 New York .. 364 6,475,521 5,993,860 4,733,218 Philadelphia 79 1,806,562 2,693,285 5,610,200 Cleveland _ 136 2,847,201 2,377,568 3,572,903 Richmond _ 98 1,397,502 2,947,871 2,255,430 Atlanta __ 108 1,984,306 1,566,985 2,347,238 Chicago __ 265 4,901,261 7,456,484 4,000,364 St. Louis .... 105 962,860 1,663,143 1,897,022 912,178 1,397,112 498,560 55 Minneapolis ----1,060,074 1,768,039 1,767,937 88 Kansas City __ 539,916 2,214,149 1,555,260 46 Dallas _______ San Francisco --- 325 4,110,842 2,965,102 2,852,426 Total____ 1,947 $29,827,073 $36,116,990 $34,465,165 Gold Movement Exports of gold from the United States during June reached a level higher than for any month in recent years, and imports were greater than for any month since January. Exports of gold in June amounted to $99,932,000, compared with $83,689,000 in May, and with $1,840,000 in June last year. Imports of gold in June totaled $20,001,000 compared with $1,968,000 in May, and with $14,611,000 in June 1927. For the six months of 1928 gold exports have exceeded imports of gold by $372,542,000, while in the corresponding period of 1927 im ports exceeded exports by $131,501,000. IMPORTS AND EXPORTS United States Preliminary figures compiled and pub lished by the United States Depart ment of Commerce indicate declines in both exports and imports of merchandise during June compared with pre ceding months. June exports were greater than in June last year, however, while imports were smaller. June exports were 7.5 per cent smaller than in May, but were 9.3 per cent greater than in June 1927. Imports in June declined 10.6 per cent compared with May, and were 10.7 per cent less than in June last year. Preliminary figures, with comparisons, are shown in the table: Exports: 1928 1927 $ 390,000,000 $ 356,966,000 June -______ _______ May _____ ____ _____ 421,676,000 393,140,000 12 months ending with June 4,877,815,000 4,968,100,000 Imports: 354,892,000 June _________ ____317,000,000 May ......... .......... ........... 354,715,000 346,501,000 12 months ending with June 4,147,883,000 4,252,024,000 New Orleans The value of merchandise imported into the United States through the port of New Orleans during the month of April 1928 was $19,131,917, compared with $18,990,785 in March, and with $22,101,920 in April last year. Increases ov^r April last year are shown in the value of imports of coffee, gaso line, and burlaps, but most of the other large items show ed decreases. Merchandise was exported through the port of New Orleans during April to the value of $30,056,103, com pared with $31,192,991 in March, and with $38,155,122 in April 1927. Among the large items which showed in creases over April last year are long staple cotton, oak boards, illuminating oil, and gas and fuel oil, but other large items showed decreases compared with that month. Grain Exports—New Orleans The export movement of grain through the port of New Orleans continues smaller than last year, decreases being shown in wheat, corn and oats, both for June, and for the season to date, as indicated in the table. Season (July-June) June 1928 June 1927 June 1928 June 1927 Wheat, bu. __ 168,299 207,397 8,213,263 9,011,712 Corn, bu......... 206,975 338,942 3,776,756 4,392,716 Oats, bu.......... 65,640 106,369 918,507 1,219,451 Rye, bu.......... 19,285 1,047,316 651,628 Total bu... 460,199 652,708 13,955,842 15,275,507 BUILDING The volume of prospective building indicated by permits issued at twenty reporting cities in the sixth district dur ing June was over eight million dollars, and only slightly smaller than for the corresponding month last year. Eight of these regularly reporting cities showed in creases over June last year, and comparatively large in creases were reported from Chattanooga, Knoxville, Sa vannah and Orlando. The total value of permits issued at the twenty cities whose figures are included in the totals shown in the statement below, and in the index numbers, was 5.5 per cent smaller than for June 1927. The index number for June was 71.5, compared with 123.9 for May, and with 75.6 for June last year. Contracts awarded in the 37 states east of the Rocky Mountains during June broke all previous June records, and was only about two and one-half percent under the total MONTHLY REVIEW 6 for May this year, which was the highest total for any month on record. June contract awards totaled $650,466,200, compared with $667,097,200 for May, and with $632,478,000 for June last year. In June, 40 per cent of all of the contract awards were for residential buildings, 20 per cent for public works and utilities, and 14 per cent for commercial buildings. Contracts awarded during June in the sixth district totaled $28,600,017, compared with $32,497,484 in May, and with $31,187,703 in June last year. Percentage June 1928June 1927 Change Alabama No. Value No.Value in value Anniston ______ 13 $ 8,995 32$ 160,375 - 91.7 Birmingham___ 584 1,693,194 575 1,682,085 + 0.7 Mobile ________ 110 250,259 75 376,918 — 33.6 Montgomery ____ 201 137,334 72 113,352 -j- 21.2 Florida Jacksonville ____ 303 663,582 4431,082,835 — 38.7 Miami ________ 198 232,363 268 288,752 — 19.5 Orlando _______ 86 155,580 118 108,824 + 43.0 Pensacola _____ 69 55,558 57 118,550 — 53.1 Tampa ________ 334 293,836 436 345,781 — 15.0 ♦Lakeland ______ 11 9,625 26 30,800 — 68.7 ♦Miami Beach ___ 37 401,600 25 116,600 + 44.4 Georgia Atlanta _______ 318 1,124,342 357 946,362 + 18.8 Augusta ______ 163 291,010 158 274,719 + 5.9 Columbus _____ 55 105,017 83 224,564 — 53.3 Macon ________ 311 179,849 186 211,795 — 15.1 53 393,774 50 207,390 + 89.9 Savannah _____ Louisiana 201 988,614 — 17.4 New Orleans ___ 254 816,505 Alexandria _____ 59 32,856 73 163,875 — 80.0 Tennessee Chattanooga ___ 239 616,053 246 277,095 +122.3 Johnson City ___ 14 78,650 .22 80,450 — 2.2 Knoxville _____ 153 623,674 252 432,864 + 44.1 Nashville _____ 249 292,623 283 414,735 — 29.4 Total 20 Cities ___ 3,766 $8,045,056 3,987 $8,509,935 — 5.5 Index No. --------71.5 75.6 ♦Not included in totals or index numbers. LUMBER Preliminary figures for the month of June, compiled by the Southern Pine Association based upon reports from 99 mills, indicate that production during June was some what below the three-year average production of the re* porting mills, that the volume of orders booked was slightly smaller than the month's production, but that shipments were greater than output. June production by these 99 reporting mills amounted to 254,376,337 feet, and was 8.9 per cent below the three-year average pro duction of these mills. Orders received during the month totaled 254,105,584 feet, and were one-tenth of one per cent less than production. Shipments during June exceed ed production by 2.1 per cent, and exceeded orders by 2.2 per cent. Stocks on hand at the end of June amounted to more than 710 million feet, and were 1.1 per cent greater than the three-year relative stocks of these re porting mills. The weekly statement issued by the Asso ciation indicates that figures of identical mills show in creases in orders and shipments over corresponding weeks last year, but smaller volume of unfilled orders and output. According to the weekly statement of oper ating time, mills have averaged somewhat below normal running time during recent weeks. Preliminary figures for June, with comparisons, are shown below: June 1928 May 1928 June 1927 (feet) 99 mills 95 mills 118 mills Orders _________________ 254,105,584 242,179,608 261,982,713 Shipments _______________ 259,804,985 281,363,536 268,365,613 Production ______________ 254,376,337 256,161,840 281,675,918 Three-Year Average Production- 279,211,730 259,763,710 309,177,071 Stocks, end of month_______ 710,327,466 648,800,809 814,456,252 Three-Year Relative Stocks____ 702,859,688 653,903,187 828,128,424 Unfilled Orders, end of month— 206,545,451 189,985,232 190,231,010 TEXTILES The consumption of cotton in the United States during June showed a decline compared with preceding months, and was less than last year, and there were also declines in stocks of cotton, in exports, and in spindle activity compared with both of those periods, according to figures contained in the United States Census Bureau’s statement. The total consumption of cotton in June was 11.6 per cent less than in May, and 22.6 per cent smaller than in June last year. Exports during June were 22.6 per cent less than in May, and were 5 per cent less than in June 1927. The number of spindles active in June was Cotton Consumption smaller by 435,872 than in May, and was 4,132,374 smaller than in June last year. Figures for the cotton-growing states indicate a decline in consumption in June of 11.4 per cent compared with May, and a decrease of 17.6 per cent compared with con sumption in June last year. Consumption in other states was 12.4 per cent less than in May and 37.0 per cent smaller than in June 1927. The number of spindles ac tive in June in the cotton-growing states declined 64,346 in June, compared with May, and in other states active spindles decreased 371,526. Compared with June 1927, spindles active in the cotton-growing states in June this year show an increase of 86,630, while in other states there was a decrease of 4,218,164. The Census Bureau’s statement indicates that 76.8 per cent of the total con sumption of cotton in June was in the cotton-growing sates, compared with 76.6 per cent in May, and with 71.6 per cent in June last year. UNITED STATES (Bales) Cotton Consumed: June 1928 May 1928 June 1927 510,565 577,710 Lint ______ -------659,841 Linters ____ _____ 63,587 62,020 70,055 Stocks in Consuming Establishments: Lint _____________ 1,158,531 1,331,135 1,594,475 Linters __________ 182,632 211,580 218,015 Stocks in Public Storage and at Compresses: Lint 1,645,971 2,305,366 2,181,509 Linters 59,504 _______ 53,580 58,783 Exports _ _______ 457,781 481,943 591,345 Imports ---------14,587 19,842 37,078 Active Spindles _______ 28,624,488 29,060,360 32,756,862 Cotton Growing States (Bales) Cotton Consumed 442,441 475,958 392,089 Stocks in Consuming Establishments ____ 734,452 877,742 1,037,107 Stocks in Public Storage 1,460,919 and at Compresses__ 1,846,117 2,091,653 Active Spindles _______ 17,756,262 17,820,608 17,669,632 Cotton Cloth Confidential reports for June were rendered to the Federal Reserve Bank by cotton mills in the sixth district which during that month manufactured 28% million yards of cotton cloth, an output smaller by 2.9 per cent than in May, and 5.7 per cent smaller than in June last year. Figures reported by these mills indicate an increase in orders over May, but a decline in shipments and unfilled orders, but decreases in each of these items compared with June last year. Stocks on hand and number of workers increased slightly over May, and were larger than a year ago. June 1928 compared with: May 1928 June 1927 Production __ ______________ — 2.9 — 5.7 —10.8 —14.4 Shipments __________________ Orders booked ______________ +10.4 —21.7 Unfilled orders ______________ — 3.0 —30.6 Stocks on hand --------------------+ 0.9 +68.0 Number on payroll ----------------+ 0.7 + 1.0 Cotton Yarn Confidential reports were also rendered for June by mills which produced over six million pounds of yarn, an output smaller than in either the preceding month or the same month last year. Shipments were also smaller than for either of those periods. Orders booked by the mills, stocks on hand and number of workers increased in June over May, and over June last year, and unfilled orders were larger than for May but smaller than a year ago. June 1928 compared with: May 1928 June 1927 —10.2 — 9.7 Production _________________ Shipments _________________ — 2.5 —13.0 Orders booked ______________ +45.8 +45.2 Unfilled orders ---------------------+ 4.4 —16.9 Stocks on hand --------------------+ 3.7 +52.2 Number on payroll ___________ + 3.0 + 0.7 Hosiery Figures for May and June, reported to the Census Bureau by 38 identical es tablishments manufacturing hosiery in the sixth district, indicate declines in production, stocks and orders in June, compared with May, but increased shipments, cancella tions and unfilled orders. Totals of reported figures are shown for comparison. (Dozen Pairs) June 1928 May 1928 Production ___ 588,912 601,039 Shipments ___ 644,372 633,364 Stocks on hand 1,708,314 1,754,097 J MONTHLY REVIEW Orders booked _______________ Cancellations ___________ ___ Unfilled orders _____ _________ 728,676 32,279 1,032,214 817,621 20,081 1,001,643 COTTON SEED AND COTTON SEED PRODUCTS ♦Sixth District United States Aug. 1 to June 30 Aug. 1 to June 30 Cotton Seed, tons: 1928 1927 1928 1927 Received at mills _ 1,434,805 1,981,075 4,562,237 6,325,409 Crushed ______ 1,445,345 1,950,786 4,621,327 6,238,114 On Hand, June 30 15,924 37,374 30,194 103,407 Crude Oil, lbs___474,762,572 617,761,339 1,465,250,911 1,865,342,894 Production: Cake and Meal, tons 630,070 840,152 2,079,358 2,801,062 593,628 1,311,852 1,832,429 Hulls, tons __ __ 418,096 Linters, bales __ 262,937 315,117 869,808 1,026,812 Stocks, June 30: ** ** 28,814,104 12,381,968 Crude Oil, lbs___ 7,713,470 5,093,956 Cake and Meal, tons 9,919 26,562 45,387 101,748 9,256 41,313 45,641 190,960 Hulls, tons ____ 12,180 27,493 59,957 81,105 Linters, bales ___ ♦Georgia, Alabama, Louisiana, and Mississippi. **Not including stocks held by refining and manufacturing establish ments, and in transit to refiners and consumers. COAL According to statistics compiled and published by the United States Bureau of Mines, the production of bitumi nous coal in the United States during June was slightly lower than in May, or in June last year. June production this year amounted to 35,963,000 tons, compared with 36,624.000 tons produced in May, and with 36,627,000 tons mined in June 1927. Average output per working day in June this year was 1,383,000 tons, compared with 1,387.000 tons in May, and with 1,409,000 tons per day in June last year. Weekly production figures for June and early July are shown in the table compared with figures for corresponding weeks last year. The sharp decline in output for the week ended July 7, compared with preced ing weeks, is of course due to the observance of the July 4th holiday. Weekly figures for Alabama show a lower level of production than at this time last year, while the output in Tennessee is higher than it was a year ago. Total production of bituminous coal during the present calendar year through July 7, approximately 159 working days, has amounted to 241,126,000 net tons, compared with 282,987,000 tons produced in the same period last year. (000 Omitted) United States Alabama Tennessee Week Ended: 1928 1927 1928 1927 1928 1927 8,524 304 315 99 86 June 9 _____ _8,412 8,284 294 303 97 92 June 16 _____ _8,342 8,479 302 310 96 84 June 23 _____ _8,391 June 30 -------- --8,444 7,981 284 323 90 79 July 7 _____ _6,830 6,577 245 263 73 78 IRON Statistics compiled and published by the Iron Age indi cate that the production of pig iron during June declined in comparison with May, and was smaller than in June last year, and there was g, net loss of nine in the number of furnaces active. June production of pig iron totaled 3,082,000 tons, a decrease of 6.1 per cent compared with the output in May, but only two-tenths of one per cent less than production in June 1927. Furnaces active on July 1 numbered 189, compared with 198 at the begin ning of June, and compared with 198 active at the begin ning of July last year. The daily average rate of iron production in June was 102,733 tons, compared with 105,931 in May, and with 102,988 tons for June last year. The index number of June production was 103.2, com pared with 109.9 for May, and with 103.4 for June 1927. Statistics for Alabama indicate a decline in production and a loss of one in the number of furnaces active. June output in Alabama amounted to 200,643 tons, smaller by 3.1 per cent than in May, and 8.9 per cent smaller than production in June last year. On July 1 there were 16 furnaces active in Alabama, compared with 17 a month earlier, and 18 active on July 1 last year. Press reports indicate that pig iron producers reduced the price 50 cents per ton on June 20 and are now quoting No. 2 foundry iron at $15.50, Birmingham. The reduction stimulated inter est in the market and a fair tonnage was booked, some consumers covering their third quarter while others are buying through August. requirements Unfilled Orders—U. S. Steel Corpn. Unfilled orders of the United States Steel Corporation reported through the press, amounted at the end of June to 3,637,009 tons, an increase of 220,187 tons over the total for May. This is the first increase reported since February, and the total is 583,763 tons greater than at the end of June last year. NAVAL STORES Receipts of both turpentine and rosin at the three prin cipal naval stores markets of the district increased season ally in June as compared with earlier months of the sea son, but were in smaller volume than at the same time last year. Stocks of both commodities at the end of June also in creased over those on hand a month earlier, and stocks of turpentine were greater than a year ago, but supplies of rosin were slightly smaller. Except for June of last year, receipts of both turpentine and rosin in June this year were larger than for the same month of any of the past ten years, and the same is true for the first quarter of the naval stores season, (April-June). Press reports indicate that during the latter part of June and early July there has been improvement in the demand for both commodities. Prices of turpentine during this period have ranged between 50 and 52^ cents, and there has been some improvement in prices on the various grades of rosins. Receipts and stocks at the three principal markets of the district are shown in the table with com parisons. June 1928 May 1928 June 1927 Receiptps—Turpentine 31,966 24,234 19,729 Savannah ________ 14,118 18,909 17,363 Jacksonville ______ 6,825 6,514 5,917 Pensacola ________ 39,764 57,730 48,111 Total _______ Receipts—Rosin 75,862 59,730 101,086 Savannah _________ 55,260 44,052 65,185 Jacksonville ______ __ 14,678 18,700 Pensacola _________ 16,919 148,041 118,460 184,971 Total _________ Stocks—Turpentine 25,809 Savannah __ _____ 9,931 19,330 24,965 20,832 23,195 Jacksonville ______ Pensacola ________ 3,336 17,041 15,978 Total ___ __ __ 46,741 52,340 61,336 Stocks—Rosin Savannah ________ 80,325 93,633 65,710 Jacksonville ______ 66,259 56,674 51,226 Pensacola ________ 11,953 19,407 15,297 Total _________ 165,991 165,604 128,889 BUSINESS CONDITIONS IN THE UNITED STATES (Continued from Page One) of silk and rayon, fertilizer materials, house furnishings, and automobile tires declined. During the first three weeks in July there were declines in the prices of wheat and cotton, and advancs in those of cattle and hogs. Bank Credit Member bank credit, after rising to a record volume early in July, de clined somewhat during the two following weeks and on July 18 total loans and investments of reporting banks in leading cities were about $160,000,000 smaller than four weeks earlier. The decrease was largely the result of reduction by about $125,000,000 in the banks’ invest ment holdings, but reflected also a decline in the volume of loans on securities following a temporary increase over the mid-year. Contrary to the usual seasonal trend, loans largely for commercial purposes were in record volume during the period. Member bank borrowing at the reserve banks showed a decline following the mid year settlement period, but the volume on July 25 at slightly more than $1,000,000,000, was somewhat larger than five weeks earlier. Holdings of acceptances and United States securities declined during the period. In July there were further advancs in opn market rates for commercial paper and bills, and discount rates at seven of the Federal Reserve Banks were raisd from 4 V2 to 5 percent. MONTHLY REVIEW 8 MONTHLY INDEX NUMBERS The following index numbers, except as indicated otherwise, are computed by the Federal Reserve Bank of Atlanta monthly. The index numbers of retail and wholesale trade are based upon sales figures reported con fidentially by representative firms in the lines of trade indicated, and the other series of index numbers are based upon figures reported to the bank or currently available through the daily or trade press. These index numbers, except as indicated in the foot-notes, are based upon the monthly averages for the three year period 1923-25 as represented by 100. April 1928 131.8 102.5 84.8 94.2 95.2 104.6 102.0 May 1928 157.8 120.8 89.9 119.5 97.7 109.8 114.0 June 1928 122.9 106.1 100.0 91.0 86.2 100.5 99.6 April 1927 124.8 102.7 92.2 96.2 109.5 114.2 109.0 May 1927 138.0 99.8 94.9 114.1 93.3 111.6 108.0 June 1927 108.6 107.0 100.6 88.7 93.0 96.6 99.0 101.9 115.3 107.2 115.6 103.4 127.0 111. 120. 102. 99. 101. 107. 202.2 134.6 154.3 99.8 130.0 194.6 129.7 213.0 139.0 163.8 110.0 129.9 220.8 126.8 207.1 139.3 161.9 107.8 146.7 216.1 121.5 172. 135. 144. 113. 150. 199. 136. 171. 123. 134. 113. 109. 171. 115. 178. 123. 136. 109. 118. 172. 114. 80.6 76.9 81.1 93.9 78.2 97.0 71.5 95.9 81.7 86.4 74.0 85.3 83.9 78.5 93.9 68.2 108.0 84.5 79.0 59.8 81.5 77.3 84.2 66.2 62.3 99.6 77.5 84.9 94.6 90.4 90.6 89.3 101.7 71.4 106.8 89.6 92.5 83.6 85.5 70.8 79.8 93.0 73.3 99.9 87.1 87.9 76.1 82.1 77.4 78.5 79.0 64.7 105.3 83.4 WHOLESALE PRICES U. S. (2) Farm products ____ ________ Foods _______________ _____________ Hides and leather products__________ _ Textile products Fuel and lighting____________________ Metals and Metal products Building materials___________________ Chemicals and drugs Hoiisefiirmshing goods Miscellaneous ______________________ ALL COMMODITIES________________ 107.6 99.5 126.7 96.5 80.8 98.4 92.5 95.8 97.9 84.9 97.4 109.8 101.2 126.3 96.6 81.8 98.6 93.5 95.3 97.8 85.1 98.6 106.7 100.3 123.7 96.3 82.1 98.7 93.9 94.9 97.0 82.2 97.6 94.3 94.6 101.7 94.2 84.9 97.8 95.0 97.8 97.8 91.3 93.7 96.3 94.4 103.7 93.9 83.9 98.6 95.1 95.4 97.8 91.3 93.7 96.5 94.4 107.3 94.3 84.2 98.2 94.6 95.8 98.0 90.2 93.8 BUILDING PERMITS 6th DISTRICT Atlanta Birmingham________________________ Jacksonville Nashville __ New Orleans Other Cities..________________________ DISTRICT ( 9.0 flities) 66.1 129.4 112.4 163.3 53.5 50.0 74.0 382.0 129.0 88.8 90.6 62.3 73.3 123.9 72.7 114.2 80.7 46.1 63.4 63.1 71.5 71.8 164.2 202.2 94.1 107.2 111.5 118.2 73.6 139.9 140.4 113.2 56.1 67.2 84.3 61.2 113.5 131.6 65.4 76.8 62.0 75.6 69.4 92.6 81.5 88.3 88.6 88.9 103.3 113.5 80.9 78.9 113.7 126.6 85.1 96.2 100.4 112.2 74.5 74.5 121.8 128.0 108.2 139.2 124.5 130.6 111.2 102.2 130.4 135.8 118.3 78.4 106.6 85.9 109.9 89.2 103.2 86.4 114.6 108.3 113.5 107.8 103.4 94.8 81.1 71.6 76.2 72.4 63.9 63.9 RETAIL TRADE 6th DISTRICT (Department Stores.) Birmingham------------------------------ --------Chattanooga_________ _______ -................. Nashville______________________ ______ New Orleans__________________________ Other Cities____________________ ______ DISTRICT___________________________ RETAIL TRADE U. S. (1) Department Stores___________________ Mail Order Houses___________ _____ — Chain Stores: Grocery .................. .............................. ... 5 & 10 Cent........................................ Drug _______ _____________ ______ Cigar —..................................- ................ W^a^ing Apparel WHOLESALE TRADE 6th DISTRICT Groceries Dry Gon^s _ ____ .. Ha^dwa^^ Furniture ____ ___ Electrical Supplies Shoes Stationery TOTAT. CONTRACTS AWARDED 6th DISTRICT COTTON CONSUMED: United States_______________________ Cotton-Growing States ______________ All Other States.......................................... Exports................ ............................................ PIG IRON PRODUCTION: United States _ _ Alabama _____ UNFILLED ORDERS—U. S. STEEL CORPORATION __________ (1) Compiled by Federal Reserve Board. (2) Compiled by the Bureau of Labor Statistics. Base 1926—100.
@FedFRASER