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M O N TH LY

B U S IN E S S

R E V IE W

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

R E S E R V E

OSCAR NEW
TON,
Chairm and Federal Reserve Agent
an

B A N K

O F

A TLA N TA
W
ARD ALBERTSON,
Assistant Federal Reserve Agent.
This Review released for publication in the
morning papers of June 30.______

(Com
piled June 18, 1927.)
A T L A N T A , G A ., JU N E 30, 1927.

V O L . 12, No. 6.

BUSINESS CONDITIONS IN THE UNITED STATES
Prepared by The Federal Reserve Board
Industrial production increased in May and continued
at a higher level than a year ago, while distribution of
commodities was in smaller volume than last year. The
general level of wholesale commodity prices has changed
but little in the past two months.
Production

Output of manufactures increased
considerably in May, while production
of minerals was maintained at the April level. In­
creased activity was shown in cotton and woolen mills,
in meat packing, and in the production of lumber; the
output of iron and steel, non-ferrous metals, automobiles,
and building materials, after allowance for usual seasonal
variations, was maintained at practically the same level
as in April. Since the latter part of May, however, pro­
duction of steel and automobiles has declined. The total
value of building contracts awarded continued slightly
larger in May and in the first two weeks of June than in
the corresponding period of last year. Production of
winter wheat was estimated by the Department of Agri­
culture on the basis of June 1 condition at 537,000,000
bushels, or 90,000,000 bushels less than last year. The
indicated rye production was placed at 48,600,000 bushels,
which is 20 per cent larger than the crop in 1926.
Trade

Sales of retail stores in May showed
more than the usual seasonal decline
from the high April level. Compared with May of last
year, department store sales were about 4 per cent
smaller, while those of mail order houses were slightly
larger. Value of wholesale trade of all leading lines, ex­
cept groceries and meats, was smaller in May than in
April, and in the corresponding month of 1926. Inven­
tories of merchandise carried by department stores

showed slightly more than the usual seasonal decline in
May and at the end of the month were somewhat smaller
than a year ago. Stocks of wholesale firms were also
smaller than last year. Freight car-loadings increased in
May by less than the usual seasonal amount, and for the
first time in over a year daily average loadings were in
smaller volume than in the corresponding month of the
preceding year. Loadings of all classes of commodities
except livestock, ore, and miscellaneous products were
smaller than last year.
Prices
The general level of wholesale com­
modity prices has remained practical­
ly unchanged since the middle of April. Prices of grains,
cotton, and hides and skins have advanced, but these ad­
vances have been offset in the general index by declines
in the prices of livestock, wool, silk, metals and rubber.
Bank Credit

Demand for bank credit to finance
trade and industry remained at a con­
stant level between the middle of May and the middle of
June, and the growth in the volume of credit extended by
member banks in leading cities during the period was in
holdings of securities and in loans on stocks and bonds.
Loans to brokers and dealers in securities by reporting
member banks in New York City increased rapidly and
on June 15 were in larger volume than at any previous
time covered by the reports. At the Federal Reserve
Banks there was little net change in the volume of bills
and securities between May 25 and June 22, the fluctua­
tions during the period reflecting largely the effects of
Treasury operations. Discounts for member banks to­
wards the end of June were in about the same volume as
a month earlier while there was a decline in the Reserve
Banks’ holdings of acceptances and an increase in their
portfolio of United States securities.
Conditions in the money market were fairly stable
throughout the period, with slight advances in the rates
on commercial paper and more recently on bankers’ ac­
ceptances.

PRETP R E T
E CN E C N
150
200

PERCENT
150

Minerals

PERCENT

200

i
A

jf
\

“7
Manufr ctures
a

100

J
\sm

50

150

150

100

100

100

50

P R [QDUCTION OF
MANUFACT U R E S AND M IN ER A LS
1
1923

50

WHCILESALE PFncES

1
1 9 2 z*
-

50

1925

1926

1927

L .

Index num
bers of production of manufactures and minerals, ad­
justed for seasonal variations (1923-25 average—
100). Latest figures,
M manufactures 112; minerals 107.
ay;



_

1

1925
1926
1927
1923
1924
Index of United States Bureau of Labor Statistics. (1913—
100,
base adopted by bureau.) Latest figure M 144.1.
ay

TH E M ONTHLY BUSINESS REVIEW

2
•B L N O D L A S
IL IO S F O L R
2
—
[

B L N O D LAS
IL IO S F O L R
10

B L N O D LAS B L N O D LAS
IL IO S F O L R IL IO S F OL R
2 10

i

All OtherLoans
( Large ly C om m ercial)

R E S E I W E BANK C R E D IT
1
F

Total

.

Investments

Vv
I

U.S.Seciirifies

X

---------------

Discoiuntsfor
M b<?r Banks
em
x /

.

Loanson
SecuritieS
\ A
k /\ /

\

A

i

x _ _ > ^
Acceptancres
i ...............

1923

1924-

1925

1926

M E M !3 E R B A N K iC R E D IT
.
1927

M
onthly averages of daily figures for 12 Federal Reserve Banks.
Latest figures are averages of first 23 days in June.

SIXTH DISTRICT SUMMARY
Agricultural conditions in May and the first week of
June were still unfavorable in most parts of the district.
The flood situation in the lower Mississippi valley, which
is now improving, continued to be the most important
feature of the agricultural situation. The long drought
in Florida and Georgia was broken the second week in
June by rains which brought improvement in agricul­
tural prospects.
The volume of retail trade in the sixth district in May
was smaller than in May last year, and sales at whole­
sale were also in smaller volume. Savings deposits at the
end of May, however, were 4.8 per cent greater than a
year ago, and debits to individual accounts in May were
only 3.3 per cent less than in May 1926. A somewhat
smaller demand for credit in the district is reflected in a
decrease, compared with the corresponding report date
last year, in loans by member banks in the principal
cities of the district, and in a smaller total of discounts
by the Federal Reserve Bank of Atlanta for its member
banks. Failures in the sixth district declined in com­
parison with April, but were greater, both in number and
in liabilities, than in May last year.
Decreases compared with May 1926 were shown in
both building permits and in contracts awarded. Build­
ing permits issued at 20 reporting cities in the district
averaged 40.5 per cent less than in May last year, and
contracts awarded in the sixth district during May showed
a decrease of 22.7 per cent compared with May last year.
Production during May by mills manufacturing cotton
yarns and cotton cloth was 10.6 per cent, and 16.1 per
cent, respectively, greater than in May 1926. Coal min­
ing in Alabama and Tennessee has declined, in response
to a slackening in demand, and pig iron production in
Alabama was somewhat smaller than in April, or in May

1
....
1927
1926
1925
192^
M
onthly averages of weekly figures for banks in 101 leading cities.
Latest figures are averages for first three weekly report dates in June.
i

1923

last year. Receipts of both turpentine and rosin are con­
siderably greater this season than last, because of the
more favorable weather in late winter and early spring,
and the drought which was beginning to affect produc­
tion, has been relieved by general rains the middle of
June.
RETAIL TRADE
The volume of trade at retail reported to the Federal
Reserve Bank of Atlanta for May, and for the first five
months of 1927, compares unfavorably with corresponding
periods last year, and the turnover of stocks of merchan­
dise has been at a somewhat slower rate. May sales by
46 reporting stores averaged 5.5 per cent less than in
May last year, increases at Atlanta and Nashville being
more than offset in the average by decreases at other
reporting points. For the year through May aggregate
sales have been 1.5 per cent smaller than for the same
period last year. Stocks of merchandise on hand at the
end of May were 6.5 per cent smaller than a month
earlier, but were 3.8 per cent greater than at the end of
May 1926. Index numbers of sales during May were
higher for Atlanta, Chattanooga and Nashville than for
April, and were higher than for May last year at At­
lanta, and Nashville. Outstanding orders at the end of
May were 7.7 per cent greater than a month earlier, but
were 14.7 per cent less than at the end of May 1926. Ac­
counts Receivable at the close of May were 4.3 per cent
greater than for April, and 4.8 per cent greater than for
May last year. May collections were 1.3 per cent greater
than in April, and 6.8 per cent greater than in May a
year ago. The ratio of collections during May to ac­
counts outstanding and due at the beginning of the month,
for 29 firms, was 36.0 per cent; for April this ratio was
36.2 per cent. Detailed comparisons of sales, stocks and
turnover are shown in the table, and index numbers of
sales appear on page 8.

CONDITION OP RETAIL TRADE DURING M
AY, 1927
IN THE SIXTH FEDERAL RESERVE DISTRICT BASED UPON REPORTS FRO 46 STORES
M

Atlanta (5) ____
Birmingham (5) _
Chattanooga (6) _
Nashville (5) _
_
New Orleans (5)
Savannah (3) __
Other Cities (17)_
District (46) ___



Net sales—
percentage Stocks at end of month,
increase or decrease percentage increase or
com
pared with:
decrease com
pared with:
(A)
T (B>
M
ay
Jan 1 to
(A)
(B)
1926
M 31
ay
M
ay
April
1926
1926
1927
+ 9.3
+ 4.0
+18.7
— 2.6
—10.4
— 8.7
—
14.6
—10.5
— 1.9
+ 3.2
+ 3.3
— 2.0
— 0.6
— 4.4
+ 0.3
— 5.1
— 7.0
— 9.6
— 1.3
+14.3
— 0.4
+ 2.6
— 0.8
— 5.2
—
11.2
— 9.3
—
10.5
— 9.5
— 1.5
+ 3.8
— 5.5
— 6.5

Percentage of sales to
average stocks in M
ay.
(Stock turnover for
the month): ______
(B)
1927

(A)
1926

33.5
22.4
20.1
31.9
18.1
24.7
24.3
23.6

36.0
22.2
19.7
30.3
22.6
24.9
25.9
25.6

I

I

Percentage of sales to
average stocks from
January 1 to M 31.
ay
(Stock turnover for
year to date)
(A)
1926
147.1
115.5
95.0
125.7
108.0
111.0
129.8
119.0

(B)
1927
157.7
102.4
95.1
137.3
97.9
113.3
115.4
113.7

Percentage of outstand­
ing orders at end of
month to purchases
during calendar year
1926.______________
(A)
April

(B)
M
ay

3.7
3.1
3.5
4.0
3.4
3.3
3.5
3.5

3.5
3.9
2.3
3.3
5.1
4.2
2.5
3.8

TH E M ONTH LY BUSINESS REVIEW
WHOLESALE TRADE
Further seasonal declines in sales were reported for
May, compared with April, by wholesale firms in six of
the eight lines of trade reporting to the Federal Reserve
Bank. May sales of groceries and of stationery at whole­
sale were greater than in April. Decreases compared
with May last year were reported by all of these lines
except drugs, where an increase of 2.5 per cent was
shown. The May combined index number of sales bj
wholesale firms dealing in groceries, dry goods, hard­
ware and shoes was 78.9, and with the exception of May
1926, was higher than for May of any other year since
this series was begun in 1920. In the tables following
are shown percentage comparisons of sales by lines, di­
vided by cities where three or more firms in a line re­
ported from a single city.
Groceries

Sales of groceries at wholesale dur­
ing May by 33 reporting firms aver­
aged 8.9 per cent greater than in April, but were 5.8 per
cent less than in May 1926. Increases over April were
reported at all cities except Jacksonville. The large in­
crease over April, and over May last year, shown for
Meridian is due to large sales during May by reporting
wholesale firms in that city to relief organizations work­
ing among the flood refugees. Stocks on hand at the end
of May were 1.6 per cent smaller than a month earlier,
but were 2.9 per cent greater than a year ago. Accounts
receivable at the end of May decreased 3.2 per cent com­
pared with April, and were 10.9 per cent smaller than a
year ago. May collections were 1.3 per cent less than in
April, and 21.5 per cent smaller than in May 1926.
Sales in
M 1927 com
ay
pared with:
April 1927
M 1926
ay
Atlanta (4 firms) ___________
+ 6.5
— 2.4
—
31.6
Jacksonville (4 firms) ________ ... — 4.1
+93.6
+97.1
M
eridian (3 firms) _________ _
New Orleans (7 firms)________
+ 0.7
—
15.1
+ 0.8
— 3.5
Other Cities (15 firms)________
District (33 firm ----------------s)
+ 8.9
— 5.8
Dry Goods
Sales of dry goods at wholesale dur­
ing May declined seasonally compared
with April, and averaged 5.7 per cent less than in May
last year. Increases at Nashville and Atlanta over May
last year were more than offset in the average by de­
creases reported from “Other Cities”. Stocks on hand
at the end of May were 3.8 per cent greater than a month
earlier, but 22.2 per cent smaller than a year ago. Ac­
counts receivable were 2.0 per cent smaller than for
April, and 6.4 per cent smaller than for May 1926. Col­
lections in May were 1.0 per cent smaller than in April,
and 9.1 per cent less than in May last year.
Sales in
M 1927 com
ay
pared with:
April 1927 M 1926
ay
Atlanta (3 firms) -----------------—
18.6
+ 0.1
Nashville (3 firms) __________
—
11.2
+ 4.0
Other Cities (16 firms)_________
—
11.0
— 9.0
District (22 firms) ----------------—
11.8
— 5.7
Hardware

May sales of hardware at wholesale
were smaller than in April at all re­
porting cities except Nashville, and averaged 19.4 per
cent less than in May last year. Stocks on hand at the
end of May were 3.1 per cent smaller than a month
earlier, and 14.2 per cent smaller than a year ago. Ac­
counts receivable declined 1.8 per cent compared with
April, and were 22.6 per cent less than for May 1926.
Collections in May were 3.0 per cent greater than in
April, but were 14.3 per cent smaller than in May last
year.
Sales in
M 1927 com
ay
pared with:
April 1927
M 1926
ay
Atlanta (3 firms) -----------------— 7.5
—
17.6
Jacksonville (3 firm ------------- — 5.2
s)
—
43.8
Nashville (3 firm ----------------s)
+ 0.3
— 5.8
New Orleans (5 firms)________
— 8.7
—
17.8
Other Cities (14 firms)------------— 3.1
—
21.7
District (28 firms) ---------------— 5.1
—
19.4
Furniture
Sales of furniture at wholesale in
May averaged 21.0 per cent smaller
than in April, and 23.1 per cent less than in May 1926.
Stocks on hand were 4.5 per cent smaller than a month
earlier, and 3.5 per cent smaller than a year ago. Ac­



counts receivable were 4.6 per cent smaller than for
April, and 8.7 per cent smaller than for May 1926. Col­
lections in May were 5.6 per cent smaller than in April,
and 18.1 per cent smaller than in May 1926.
Sales in
M 1927 com
ay
pared with:
April 1927
M 1926
ay
Atlanta (4 firms) _
—
32.8
—
22.4
Other Cities (8 firm
s)
—
18.4
—
23.2
District (12 firm _
s)
—
21.0
—
23.1
Electrical
Supplies

May sales by 11 reporting wholesale
electrical supply firms averaged 10.5
per cent smaller than in April, and
29.1 per cent less than in May last year. Accounts re­
ceivable decreased 7.2 per cent compared with April, and
were 9.3 per cent smaller than for May 1926. Collections
in May were 10.1 per cent greater than in April, but 6.3
per cent smaller than in May last year.
Sales in
M 1927 com
ay
pared with:
April 1927
M 1926
ay
New Orleans (4 firm
s)
—19.4
—
17.8
Other Cities (7 firm
s)
— 4.7
—
34.1
District (11 firm __
s)
—
10.5
—
29.1
Sales comparisons in the other three lines are shown
only for the district, as three reports in any of these lines
were not received from a single city.
Sales in
M 1927 com
ay
pared with:
April 1927
M 1926
ay
Shoes (5 firms) __
_ 8.5
— 6.3
Stationery (4 firm
s)
+ 2.3
— 2.5
Drugs (5 firms) _
— 2.9
+ 2.5
AGRICULTURE
The Department of Agriculture’s summary of agricul­
tural conditions in the United States indicates that the
outstanding features of the crop situation at the close of
May were the flooded condition of the lower Mississippi
Valley, the backward state of the season over great
stretches of country to the north, northeast and north­
west due to continued rains and cloudy weather, and the
conditions of extreme drought in Florida and the south­
west. Agricultural conditions in the sixth district during
May and early June have continued less favorable than
earlier in the season. The dry weather in Florida and
in Georgia through May and the first week of June has
had a deteriorating effect on small grains, potatoes, fruits,
etc., and citrus fruits in Florida were reported dropping
badly. According to the reports of the Department of
Agriculture, the Mississippi flood has inundated something
over three million acres of crop land in five states; about
two million acres of this land having been planted in
cotton last year, producing about a million bales. This
flooded area includes probably about thirty per cent of the
area devoted to the production of long-staple cotton.
Weather conditions in May were generally unfavorable
throughout the district, but since June 1 there have been
rains in Florida and Georgia which have brought relief.
Fruits

The condition of citrus fruits in
Florida continued to decline in May.
On June 1 the condition of oranges was reported as 57
per cent compared with 84 per cent on June 1 last year,
and grapefruit was reported at 52 per cent, compared with
83 per cent a year ago. The condition of apples through­
out the district was very much lower on June 1 this year
than a year ago. In the table below are figures showing
the condition of peaches on June 1, 1927, compared with
the same date last year, and the estimated production this
year, in number of bushels, based upon the June 1 condi­
tion, compared with the crops harvested in 1926:
Condition
Estimated
C
rop
June 1, June 1,
Production Harvested:
1927 1926
1927
1926
Georgia ..........
39
74
5,655,000
9,400,000
Florida ........... .
42
72
63,000
125,000
Alabama ____
35
67
581,000
1,159,000
Louisiana
36
70
101,000
228,000
M
ississippi ___
44
74
330,000
551,000
Tennessee ____
33
52
874,000
1,860,000
Total _______
7,604,000 13,323,000

3

TH E M ONTH LY BUSINESS REVIEW

4

CO N M
TTO
OVEM
ENT—
SIXTH DISTRICT—(Bales)
ay
Receipts:
M 1927 April 1927 M 1926
ay
98,328
131,429 161,363
New Orleans
9,988
13,033
19,327
M
obile ____
70,536
61,422
63,480
Savannah __
5,345
7,205
6,402
Atlanta ___
10,249
18,289
14,693
Augusta ___
2,017
5,227
5,124
M
acon ____
1,837
M
ontgomery 2,233
1,937
Stocks:
434,441 499,515 155,951
New Orleans
5,055
31,677
31,906
M
obile
65,557
63,868
63,464
Savannah ...
14,419
39,914
29,013
Atlanta --7,899
5,615
4,620
M
acon ---48,443
85,776
68,304
Augusta
14,327
M
ontgomery
29,823
22,163
CO N M
TTO
OVEM
ENT—
UNITED STATES—(Bales)
Since August 1
1925
1926
1927
Receipts at all U. S. Ports---- 12,501,432 9,553,251 9,332,906
Overland across the M
iss.,
O and Potomac rivers to
hio
Nor. M and Canada---- 1,331,453 1,432,658 1,263,380
ills
Interior stocks in excess of
those held at close of C ’l
om
96,010 783,195 103,925
year _______________
Southern M takings, net— 4,600,000 3,961,572 3,696,836
ills
Total 307 days --------------- 18,528,895 15,730,676 14,397,047
Foreign exports ------------- 10,429,150 7,540,607
♦American M
ills, Nor. and
7,361,297 7,015,834
Sou. and Canada
15,958,000 13,764,000 13,228,000
American cotton thus far~
♦Of which 2,104,394 by Northern spinners against 2,439,046 last
year and 5,256,903 by Southern spinners against 7,015,834 last year.
Sugar and
Sugar Cane

Information has not become available
as to what proportion of land in the
sugar belt of Louisiana has been
overflowed, but press reports indicate that in the last
few weeks weather conditions have been favorable and
the crop that has not been overflowed is reported in good
condition and growing rapidly, with field work well up
to date.
A recent report issued by the United States Bureau of
Agricultural Economics states that the final production
of sugar in Louisiana during the 1926 season was 94,331,743 pounds, and the production of syrup was 4,516,106 gallons, compared with 278,762,828 pounds of sugar
and 6,450,542 gallons of syrup produced in 1925.
SUGAR M
OVEM
ENT
(Pounds—
Raw Sugar)
Receipts:
M 1927 April 1927
ay
New Orleans ____ 105,731,836 137,725,687
Savannah _ ____ 35,256,353 15,295,920
Meltings:
New Orleans ____ 152,219,828 161,590,965
Savannah __ ____ 31,103,894 30,125,472
Stocks:
New Orleans ____ 51,443,492 98,161,002
Savannah _ ____ 37,404,071 33,251,612
Refined Sugar
Shipments:
New Orleans
— 157,593,710 162,101,117
.... 32,719,024 29,197,496
Savannah _
Stocks:
New Orleans
71,040,707 78,489,648
28,958,669 32,257,706
Savannah —
RICE M
OVEM
ENT—
NEW ORLEANS
Rough Rice (Sacks)
M 1927 April 1927
ay
Receipts . __________
29,897
13,012
Shipments _________
38,361
20,473
Stock--- __________
16,381
24,845
Receipts ..
Shipments
Stock----

Clean Rice (Pockets)
___
119,787
122,427
___
119,681
130,146
____
224,878
224,772

Rice M
illers Association Statistics
(Barrels)
Receipts of Rough Rice
M
ay
Season 1926-27 - __________
396,006
Season 1925-26 ___________
118,885
Distribution of M
illed Rice
Season 1926-27
700,427
Season 1925-26
473,963
Stocks of Rough and M
illed Rice
June 1, 1927 _____________
1,400,980
June 1, 1926 _____________
1,179,488



M 1926
ay
171,635,680
20,125,340
148,736,148
34,395,593
80,961,676
29,026,968
142,008,887
36,588,255
122,239,778
23,367,924
M 1926
ay
17,125
18,161
12,653
95,924
113,558
193,640

Season Totals
8,221,976
7,168,313
8,036,646
6,326,691

FINANCIAL
Total savings deposits at the end of
May show a more favorable compari­
son with the corresponding date last
year than has been shown for any month since last Octo­
ber. Savings deposits at the end of May, held by 88
reporting banks, were eight-tenths of one per cent greater
than at the end of April, and were 4.8 per cent greater
than at the end of May 1926. Total figures, in even thou­
sands of dollars, are shown in the table for Federal re­
serve bank and branch cities, other points being included
in “Other Cities.”
(000 Omitted)
Com
pariCom
pari­
son
son
M
ay April M
ay-Apr. M
ay M
ay
1927
1926 ,27-,26
1927
1927
Atlanta (7 banks)___ _$ 41,201 $ 38,594 +6.8 $ 35,644 +15.6
Birmingham (5 banks) „
24,973 24,626 + 1.4 25,160 — 0.7
Jacksonville (5 banks) .. . 30,319 30,060 +0.9 28,429 + 6.8
Nashville (8 banks) --- . 24,536 24,026 +2.1 21,025 +16.7
49,030 48,994 +0.1 48,711 + 0.7
New Orleans (8 banks)Other Cities (55 banks).. . 110,039 111,455 —1.3 108,365 + 1.5
Total (88 banks) ___ . 280,098 277,755 +0.8 267,334 + 4.8

Savings
Deposits

Debits to
Individual
Accounts

The total of debits to individual accounts at 24 reporting cities in the
sixth district, measuring the volume
of transactions settled by check,
amounted in May to $1,152,447,000, showing a decrease
of 5.4 per cent compared with the total for April, and
only 3.3 per cent less than for May last year. This is
the smallest decrease shown for any month since August
last year. Twelve of these cities show increases over
May 1926, and twelve decreases. The monthly figures
shown in the table are derived from weekly figures by
prorating figures for those weeks which do not fall en­
tirely within a single month. Figures for Miami and
Hattiesburg are not included in the totals for April and
May, 1927, because of the lack of figures for these cities
for May 1926.
(000 Omitted)
Alabama:
M 1927 April 1927 M 1926
ay
ay
Birmingham ..... .
$144,637
$140,670
$144,308
Dothan _______ _
_
2,935
3,201
2,959
38,065
M
obile ............... .
40,488
35,089
M
ontgomery ....... _
_
22,341
24,378
24,183
Florida:
88,317
99,138
Jacksonville ___ __
112,612
M i
iam
........ .
57,441
64,806
8,254
Pensacola .......... ... .
8,465
8,423
Tampa _______ _
_
51,545
53,644
76,108
Georgia:
Albany ----------4,417
5,098
4,917
152,808
Atlanta ...............
157,944
158,445
Augusta .............
25,916
24,659
26,447
Brunswick . . ......
3,506
3,544
3,274
Colum
bus _ _____
14,455
14,728
13,028
Elberton _ ..........___
819
791
944
M
acon ..............
20,290
21,588
21,867
Newnan ______
1,874
2,276
1,815
Savannah ____
48,909
47,849
44,800
Valdosta _______
_
5,436
5,703
5,667
Louisiana:
New Orleans _
302,707
339,398
314,479
Mississippi:
Hattiesburg . . ......
6,981
7,487
Jackson .............
20,683
22,712
17,553
M
eridian ........... .
16,574
’ 17,542
14,454
Vicksburg _____ _
_
6,459
6,494
6,898
Tennessee:
Chattanooga ___ _
_
49,426
50,906
47,180
Knoxville
___
35,737
35,028
32,514
Nashville . . ..
86,337
86,120
79,066
Total 24 cities---- _ $1,152,447 $1,217,790 $1,191,604
_
Condition of
Member Banks in
Selected Cities

Weekly reports of condition rendered
to the Federal Reserve Bank by 34
member banks located in Atlanta,
New Orleans, Birmingham, Jackson­
ville, Nashville, Chattanooga, Knoxville and Savannah,
indicate a smaller volume of loans on June 15, than on
May 11, or on the corresponding report date a year ago,
but increases in investments compared with both of those
report dates resulted in a larger total volume of loans and
investments. The total of loans reported on June 15 was
$492,784,000 compared with $503,111,000 on May 11, and
with $506,654,000 on June 16, last year, the larger part
of the decrease in comparison with both periods being in
“All Other” loans which are largely for commercial, in­
dustrial or agricultural purposes. The volume of United
States securities owned by these reporting banks on June

TH E M ONTH LY BUSINESS REVIEW
15 was $59,968,000 compared with $51,478,000 on May 11,
and with $42,048,000 on June 16 last year. Other Stocks
and Bonds totaled $61,053,000 on June 15, compared with
$58,213,000 five weeks earlier, and with $55,043,000 a
year ago. Total loans, discounts and investments on
June 15 were $613,805,000, compared with $612,802,000
five weeks earlier, and with $603,745,000 on the corre­
sponding report date last year. Time deposits were
slightly greater than on May 11, and were 8.2 per cent
greater than a year ago, while demand deposits declined
2.8 per cent compared with those on May 11, and were
5.2 per cent smaller than a year ago. Principal items in
the weekly report for June 15, with comparisons, are
shown in the table:
M BER BANKS IN SELECTED CITIES
EM
< Om
000
itted)
June 15, M 11, June 16
ay
Bills Discounted:
1927
1927
1926
Secured by G Obligations— 5,214 $ 5,403 $ 5,816
ov’t
$
Secured by Stocks and Bonds.. 106,354 105,717 105,344
All Other _____________ 381,216 391,991 395,494
Total Discounts _________ 492,784 503,111 506,654
U. S. Securities ____________ 59,968 51,478 42,048
Other Stocks and Bonds---------- 61,053 58,213 55,043
Total Loans, Discounts and In­
vestments _____________ 613,805 612,802 603,745
Time Deposits _____________ 239,008 237,213 220,969
Demand Deposits ___________ 327,912 337,489 346,012
Accommodation at F. R. Bank---- 15,753 19,416 18,993
Operations of the Total discounts by the Federal ReFederal Reserve
serve Bank of Atlanta for its memBank
her banks in the sixth district on
June 15 were somewhat smaller than
on May 11, due to decreases in both those secured by
government obligations and “All Others.” Discounts on
that date secured by government obligations were greater
than on the corresponding report date last year, but
other loans were in smaller volume, and the total dis­
counts were smaller by $5,136,000. Holdings of bills
bought in the open market on June 15 amounted to $9,860,000, somewhat less than five weeks ago, and consid­
erably smaller than the total of $27,939,000 on June 16,
last year. United States Securities owned, however, to­
taled $9,591,000, compared with $4,282,000 on May 11, and
with $1,849,000 a year ago. Total bills and securities on
June 15 were, therefore, slightly greater than on May 11,
but were $16,173,000 smaller than on June 16 last year.
As indicated in the table below, decreases compared with
both of those periods were also shown in cash reserves,
deposits, and in Federal reserve notes of this bank in
actual circulation. Principal items in the weekly state­
ment for June 15, with comparisons, are shown in the
table:
FEDERAL RESERVE BANK
June 15, M 11, June 16
ay
1926
1927
1927
Bills Discounted:
Secured by G Obligations $ 4,068 $ 4,846 $ 2,822
ov’t
All Others ------------------- . 27,406 29,492 33,788
Total Discounts ------- -------- 31,474 34,338 36,610
Bills bought in open market------ 9,860 11,456 27,939
1,849
9.591 4,282
U. S. Securities -----------------Total Bills and Securities--------- 51,225 50,377 67,398
Cash Reserves -------------------- 180,199 193,624 189,749
__
68,617 70,803 69,063
Total Deposits
F. R. Notes in actual circulation— 161,384 171,268 185,013
74.7
Reserve Ratio -------------------- 78.3
80.0
Commercial
Failures

Statistics compiled by R. G. Dun &
Co. indicate that commercial failures
in the United States during May
1927 numbered 1,852, compared with 1,968 in April, and
with 1,730 in May last year, and liabilities in May totaled
$37,784,773, compared with $53,155,727 in April, and with
$33,543,318 in May 1926. Figures for the sixth district
show reductions in both number and liabilities compared
with April, but both the number and liabilities for May
this year were greater than for May 1926. Figures for
the United States, divided by Federal Reserve Districts,
are shown in the table:
Number Liabilities Liabilities Liabilities
ay
M 1927 M 1927 April 1927 M 1926
ay
ay
District—
Boston ---- _ 206 $ 5,536,440 $ 6,913,340 $ 3,847,729
6,797,687 10,287,882 5,748,621
New York ... _ 325
752,612 2,828,587 3,071,127
61
Philadelphia
3,225,890 6,025,924 4,473,273
Cleveland ------- -148
5,707,404 3,800,752 1,963,570
Richm
ond ------ -125
1,673,027 3,787,003 1,280,119
Atlanta -------- -121
5,455,359 9,122,266 7,176,994
Chicago




St. Louis ___
81
539,209 1,590,517
234,034
M
inneapolis ..._ 88
997,778 1,220,988
676,560
Kansas City
103
2,135,281 1,526,939 1,323,712
Dallas _____ _ 51
1,220,408 1,685,229
802,029
San Francisco — 277
3,743,678 4,366,300 2,945,550
Total ____
1852 $37,784,773 $53,155,727 $33,543,318
IMPORTS AND EXPORTS
United States
Preliminary statistics compiled and
published by the United States De­
partment of Commerce indicate a decline in May in both
exports and imports compared with April, but increases
in both instances over the corresponding month last year.
Exports in May amounted to 394 millions, and exceeded
imports for the month by 48 millions. In May 1926 ex­
ports exceeded imports by a little more than 35^4 mil­
lions. For the first five months of 1927, exports have ex­
ceeded imports by $241,843,000, while for the correspond­
ing period of 1926 imports were $96,968,000 greater than
exports. Preliminary figures for May, with comparisons,
are shown below:
Imports:
1927
1926
M
ay
$ 346,000,000 $ 320,919,000
April
375.509.000
397.912.000
11 months ending with M
ay 3.897.246.000 4.128.621.000
Exports:
M _______________ $ 394,000,000 $ 356,699,000
ay
April _______________
415.219.000
387.974.000
11 months ending with M
ay 4.612.046.000 4.415.348.000
Imports
New Orleans

Merchandise was imported through
the port of New Orleans during
March 1927 to the value of $18,368,202, showing a small decrease compared with the total of
$18,872,569 for February, but 27.4 per cent smaller than
the total for March 1926 which amounted to $25,309,961.
Increases over March last year are shown in imports of
bananas, sugar, sugar beet seed, and in the value of
molasses, but decreases are noted in a number of other
large items. Some of the principal commodities imported
in March are shown in the table:
Volume
Value
C
offee, lbs. —
.
27,587,287 $4,999,403
Sugar, lbs.
189,672,997 5,636,930
Sugar beet seed, lbs...
2,375,455
311,015
Bananas, bunches _
2,022,580 1,120,524
Sisal, tons
4,962
651,253
C
rude petroleum, barrels..
816,864 1,051,374
Gasoline, barrels ....
184,809
921,940
Creosote oil, gals. —
1,326,375
216,393
Sodium nitrate, tons
13,426
490,842
Burlaps, lbs.............
648,953
5,591,690
Exports
New Orleans

The value of commodities exported
through the port of New Orleans dur­
ing March 1927 was $32,870,191,
compared with $31,641,428 for February, but 4.1 per cent
smaller than the total for March a year ago. Tobacco,
cotton and refined paraffin wax were imported in larger
quantities, but decreases occurred in exports of lard,
wheat flour, pine and oak boards, and other items. Some
of the larger items of export are shown in the table:
Volume
Value
Lard, lbs _____________
3,753,481 $ 524,010
W
heat flour, barrels _____
945,788
138,424
Tobacco, lbs___ ________
10,707,463 1,157,714
Long staple cotton, bales__
29,847 2,486,834
Short staple cotton, bales..
176,362 13,148,865
Rough Sou. Pine boards, feet—
446,109
8.484.000
O boards, feet ________
ak
255,573
4.060.000
Gasoline, barrels
595,742 3,348,698
Illuminating oil, barrels
252,336 1,030,064
Cylinder lubricating oil, barrels...
34,662
380,330
Refined paraffin wax, lbs.-----8,558,475
392,763
Grain Exports—New Orleans
The export movement of grain through New Orleans
continues larger for the current season than a year ago,
steady increases being reported in exports of wheat, oats
and rye. The movement of corn is considerably smaller
than for last year, both for the month, and for the sea­
son to date. Figures in the table show comparisons for
the month, and for the season, with corresponding periods
last season:
Season Through
M 1927 M 1926 M 1927 M 1926
ay
ay
ay
ay
W
heat, bushels _ 1,171,532 94,021 8,804,315 2,606,543
_
Corn, bushels ------ 351,705 546,081 4,053,774 6,499,004

5

T H E M O N TH LY BUSINESS REVIEW

6

625,581
73,816 71,686 1,113,082
208,502
205,814 140,334
651,628
1,802,867 852,122 14,622,799 9,939,630
BUILDING
Building permits isued at twenty reporting cities in the
sixth Federal Reserve District declined materially in May,
compared with April, and continued smaller than a year
ago. The total value of buildings for which permits were
issued at these twenty cities in May amounted to $9,484,577, a decrease of 28.7 per cent compared with the total
of $13,295,869 for April, and 40.5 per cent less than the
total of $15,934,036 for May last year. Nine of these
regularly reporting cities reported increases over May a
year ago, and eleven reported decreases which more than
offset the increases in the aggregate for the district.
The index number of permits issued in May for the dis­
trict is 263.0, compared with 368.7 for April, and with
441.9 for May last year, based upon the monthly average
in 1919 represented by 100.
Statistics of building contracts awarded, compiled by
the F. W. Dodge Corporation, and divided by Federal re­
serve districts by the Division of Research and Statistics
of the Federal Reserve Board show a total of awards in
the 37 states east of the Rocky Mountains during May
amounting to $552,348,500, smaller by 8.6 per cent than in
April, but one-half of one per cent greater than in May
last year. For May, 40 per cent of the total contracts were
for residential buildings. Contracts awarded in May in
the sixth district amounted to $31,102,144, a fractional
increase over April, which totaled $31,004,097, but 22.7
per cent less than the total for May last year.
In the table are shown permits isued in May, with com­
parisons, for reporting cities of the sixth district, and in­
dex numbers for Federal reserve bank and branch cities
appear on page 8:
Percentage
M 1927
ay
M 1926 Change
ay
in Value
No. Value No. Value
Alabama:
Anniston --------__23 $ 75,300 22 $ 324,750 — 76.8
646 2,074,111 592 1,709,248 + 21.3
Birmingham
145,725 +107.3
80
302,080 81
M
obile
83,540 +123.4
M
ontgomery ____77
186,660 100
Florida:
403 1,155,270 448 2,103,185 — 45.1
Jacksonville ---463,116 846 2,770,356 — 83.3
302
M i ..........
iam
122
133,407 239 1,136,693 — 88.3
Orlando
842,150 + 5.8
89,133 67
62
Pensacola
439
479,487 958 1,348,535 — 64.4
Tampa .
369,500 — 84.7
56,350 100
36
♦Lakeland
225,950 — 52.1
108,250
♦M i Beach__17
iam
Georgia:
Atlanta
...... 439 1,131,575 451 2,159,022 — 47.6
84,059 +120.1
185,025 106
Augusta _____ _153
107,455 + 23.6
50
132,788 59
Colum
bus . ..
171,764 +133.0
209
400,219 123
M
acon
593,770 — 71.7
168,130 53
Savannah ____ _58
Louisiana:
848,798 — 14.9
721,985 206
New Orleans ___ 178
74,178 +264.8
270,637 103
Alexandria --- 58
Tennessee:
398,789 — 29.4
281,715 335
Chattanooga . . 278
55,600 — 51.5
26,975 21
Johnson City --- ...... 13
660,930 — 26.0
488,976 245
Knoxville
. ~ 225
315,489 +127.6
717,988 279
Nashville -------.....284
Total 20 Cities------- 4099 $9,484,577 5334 $15,934,036 — 40.5
441.9
263.0
naex . _________________________
Index No...............♦Not included in totals or index num
bers

on hand at the end of May were 29.5 per cent smaller
than the months production. The statement of operating
time for the week ending June 10 indicates that of 103
mills reporting, 90 operated hy2 days or full time, and
of this number 16 reported overtime aggregating 649
hours, or an average of 40}^ hours overtime for each mill
for the week. Preliminary figures for May, and compari­
sons for April and for May 1926, are shown in the table:
M 1927 April 1927 M 1926
ay
ay
109 mills 118 mills 138 mills
feet
feet
feet
O
rders ______________
...269,669,120 281,381,725 344,803,636
Shipments ____________
..275,092,472 285,137,113 338,327,061
Production ___________
-264,958,093 274,106,927 328,541,058
Normal production, these mills_ 278,534,183 310,843,895 338,304,193
_
Stocks, end of month_________ 744,762,351 793,094,045 778,958,934
Normal stocks, these mills_____ 738,147,700 812,621,398 895,844,962
Unfilled orders end of month_ 186,735,870 204,751,182 258,979,700
_
TEXTILES
Cotton
According to statistics compiled and
Consumption
published by the United States Cen­
sus Bureau, the consumption of cot­
ton in May was greater than in April, or in May a year
ago, and the number of active spindles was also greater
than in either of those periods. Consumption in May
amounted to 633,024 bales, an increase of 2.2 per cent
over April consumption, and 22.6 per cent greater than
in May 1926. Stocks in consuming establishments de­
clined in May compared with April, but were 23.9 per
cent greater than a year ago. Stocks in public storage
and at compresses declined 22 per cent, compared with
those at the end of April, and were slightly less than at
the end of May 1926. Exports during May declined sea­
sonally compared with April, but were 49.7 per cent
greater than in May last year. Active spindles in May
numbered 32,906,580, compared with 32,892,442 in April,
and 2 per cent greater than in May 1926.
Consumption of cotton in the cotton-growing states
during May totaled 456,285 bales, 2.1 per cent greater than
in April, and 25.7 per cent greater than in May 1926.
The number of spindles active in the cotton-growing states
increased over April, and was 3.8 per cent greater than
in May last year. The Census Bureau’s statement indi­
cates that 72.1 per cent of the May consumption of cot­
ton was by mills in the cotton-growing states, compared
with 72.2 per cent in April, and with 70.3 per cent in May
last year.
UNITED STATES (Bales)
Cotton Consumed:
M 1927 April 1927 M 1926
ay
ay
Lint
633,024
619,140
516,376
Linters
72,766
66,957
65,199
Stocks in Consuming Establishments:
Lint ______________ 1,794,284 1,894,993 1,448,739
Linters ____________ 225,417
229,240
165,287
Stocks in Public Storage and at Compresses:
Lint ______________ 2,868,947 3,676,083 2,965,447
Linters ____________
68,032
71,803
85,023
Exports _______________ 628,132
855,449
419,459
13,625
Imports ______________
21,347
37,519
Active spindles
__32,906,580 32,892,442 32,275,036
Cotton-Growing States (Bales)
Cotton Consum
ed
456,285
447,111
362,987
Stocks in Consuming Establish­
ments ______________ 1,190,521 1,275,888
863,638
Stocks in Public Storage and
at Com
presses _______ 2,516,311 3,304,429 2,725,488
Active spindles _________ 17,685,944 17,672,178 17,032,972

LUMBER
Preliminary figures for May, received by the Southern
Pine Association up to the middle of June from 109 re­
porting mills, indicate a volume of orders booked by these
mills during May amounting to 269,669,120 feet, and their
production amounted to 264,958,093 feet. Orders for the
month thus exceeded production, for the reporting mills,
by 1.8 per cent; in April orders booked by reporting mills
exceeded their production by 2.7 per cent, and in May
last year, orders exceeded production by 5.0 per cent.
May shipments amounted to 275,092,472 feet, exceeding
orders by 2.0 per cent, and production by 3.8 per cent.
May production by these 109 reporting mills was 4.9 per
cent below the computed normal production for these
mills; in April production was 11.8 per cent below the
normal for the mills which reported for that month, while
in May a year ago production was only 2.9 per cent be­
low normal. Stocks on hand at the end of May, amount­
ing to 744,762,351 feet, were greater than normal stocks
for these mills by less than one per cent. Unfilled orders

Cotton
Cloth

Oats, bushels
Rye, bushels
Total

in o




Confidential reports for May were
rendered to the Federal Reserve Bank
of Atlanta by cotton mills in the sixth
district which during that month manufactured nearly
30y2 million yards of cotton cloth, an output greater by
1.8 per cent than in April, and 16.1 per cent greater than
their production in May last year. Shipments in May
were 2.5 per cent smaller than in April, but 12.2 per cent
greater than in May 1926. Orders booked, unfilled or­
ders, and the number of workers in May showed increases
over both the preceding month and the corresponding
month last year, while stocks on hand showed decreases
compared with both of those periods.
M 1927 compared with:
ay
April 1927 M 1926
ay
+ 1.8
+16.1
Production --------— 2.5
+12.2
Shipments --------+15.2
+64.3
Orders booked ----+ 7.2
+73.1
Unfilled orders ----.....
— 3.7
—
34.0
Stocks on hand--__
+ 1.1
+ 4.7
Number on payrolls

TH E M ONTH LY BUSINESS REVIEW
Cotton
Yarn

Confidential reports for May were received from mills in the district which
during that month produced more
than 6$4 million pounds of yarn. As shown in the table
below, production, shipments, orders booked, stocks on
hand, and the number of workers all showed decreases
compared with April, while unfilled orders increased.
Compared with May 1926, however, all of these items
showed increases:
M 1927 com
ay
pared with:
April 1927 M 1926
ay
+ 10.6
Production __________________ ____— 4.7
Shipments --------------------------- ------— 8.4
+16.8
O
rders booked -----------------------------— 7.3
+68.2
+44.6
Unfilled orders ______________ ____+ 8.6
Stocks on hand_______________ ____— 6.8
+11.3
Number on payrolls____________ ____— 1.6
+ 4.0
'Hosiery
Figures for May and April, reported
to the United States Census Bureau
by 33 identical establishments in the sixth district manu­
facturing hosiery, show decreased production in May
compared with April, but increases in other reported
items, as indicated in the table:
(Dozen Pairs)
M 1927 April 1927
ay
Production ___________________
672,880
692,061
Shipments ___________________
681,580
673,830
Stocks on hand________________ 1,668,594
1,625,618
O
rders booked ________________
854,306
759,019
Cancellations --------------------- ---30,119
16,174
Unfilled orders ________________ 1,111,248
979,471
C TTO SEED AND COTTONSEED PRODUCTS
O N
♦Sixth District
United States
Aug. 1 to M 31
ay
Aug.. 1 to M 31
ay
Cotton Seed (tons)
1927
1926
1927
1926
Received at mills_
_ 1,953,347 1,825,068
6,265,847
5,484,681
6,108,554
5,451,173
Crushed ------------ 1,906,546 1,789,201
O hand -----------n
53,913
31,705
173,435
56,650
Production:
C
rude oil, lbs____ 603,952,893 535,759,693 1,826,909,116 1,583,942,335
Cake and meal, tons..
821,102
825,758
2,740,437
2,549,115
580,330
507,596
1,800,255
1,518,336
Hulls, tons --------Linters, bales -----320,053
331,953
1,018,803
1,028,008
Stocks, M 31
ay
C
rude oil, lbs------- 14,562,495 5,016,644 ♦♦41,680,738 ♦♦8,257,133
Cake and meal, tons..
39,776
92,786
149,467
285,307
Hulls, tons ______
53,581
25,031
219,784
143,023
34,196
47,497
122,094
147,915
Linters, bales ____
♦Georgia, Alabama, Louisiana and M
ississippi.
♦♦Not including stocks held by refining and manufacturing establish­
ments, and in transit to refiners and consumers.
COAL
Statistics compiled and published weekly by the United
States Bureau of Mines indicate that the production of
bituminous coal in the United States during May con­
tinued at a rate above eight million tons per week, but
that for the week ended June 4 production declined to
7,379,000 tons, due partly to the observance of Memorial
Day as a holiday on Monday of that week. Prior to the
expiration of the wage agreements at the end of the old
coal year, March 31, weekly production figures had been
over thirteen million tons per week for a number of
weeks, and on April 1, according to a report issued jointly
by the Bureau of Mines and the Bureau of the Census,
consumers’ stocks of bituminous coal amounted to 75 mil­
lion tons, the largest in history. In this total are not in­
cluded 2,085,000 tons on the Upper Lake docks, 431,000
tons in storage at the mines, 1,809,000 tons standing in
cars unbilled, and an unknown quantity amounting to
many millions of tons moving in cars enroute to destina­
tion. Weekly production figures for Tennessee were only
slightly lower in May than in April, but in Alabama out­
put declined in response to a slackened demand for
both domestic and steam coal. In both states production
figures this year are lower than for corresponding weeks
of 1926.
(000 Omitted)
United States Alabama Tennessee
W Ended
eek
1927 1926 1927 1926 1927 1926
M 7 .................
ay
8,185 9,039 340 356
92 93
M 14 ...............
ay
8,402 9,299 320 378
95 97
M 21 ________
ay
8,273 9,282 315 373
92 97
M 28 _______
ay
8,476 9,683 316 374
91 99
June 4 ________ .... 7,379 8,660 279 359
86 105
June 11 ______ . .8,522 9,624
IRON
Statistics compiled and published by the Iron Age indi­
cate a decline in May in both the total production of pig
iron in the United States, and in the daily average out­




put. The total output during May amounted to 3,390,940
tons, compared with 3,422,226 tons in April, and with
3,481,428 tons in May last year. The index number for
May is 133.1, slightly below the numbers for March and
April this year, but with these exceptions higher than for
any month since May 1926. The daily average output in
May was 109,385 tons, compared with 114,074 tons per
day in April, a decrease of 4,689 tons per day, or 4.1 per
cent. There was a net loss of 9 furnaces in active opera­
tion during May, 12 furnaces having been shut down and
only 3 blown in. In April there was a net loss of 3 fur­
naces, while gains were shown for each of the first three
months of this year. On June 1 there were 211 furnaces
active, compared with 220 active a month earlier, and
compared with 228 active on June 1 last year.
The production of pig iron in Alabama during May
1927 amounted to 250,456 tons, compared with 251,401
tons produced in April, and with 254,245 tons in May last
year. The index number of Alabama production for May
is 142.5, compared with 143.0 for April, and with 144.6
for May 1926. There were two furnaces blown out during
May in Alabama, leaving 20 active on June 1, compared
24 active on June 1 last year. Reports indicate that the
price of iron in the Birmingham district continues at
$18.00 with no indication of change, and that the policy
of short-term purchasing continues, the aggregate of
small-lot sales being about equal to production. Stocks
of pig iron on furnace banks are not increasing, and de­
liveries continue steady.
Unfilled Orders—U. S. Steel Corp’n.
Unfilled orders of the United States Steel Corporation
at the end of May, reported through the press amounted
to 3,050,941 tons, a decrease of 405,191 tons compared
with the total a month earlier, and smaller by 598,309
tons than the total reported for May 1926.
NAVAL STORES
Due to the unusually warm weather during the late
winter and early spring, receipts of both turpentine and
rosin have been much heavier this spring than usual.
Receipts of turpentine in May increased 55 per cent over
those in April, and were 65.9 per cent greater than in
May last year. Rosin receipts in May were 55 per cent
greater than in April, and were 75 per cent greater than
in May 1926. Receipts of both rosin and turpentine in
May were greater than in May of any of the eleven years
preceding 1927. Stocks of both commodities at the end
of May also show increases over the preceding month,
and the same month last year. Supplies of turpentine at
the end of May were greater than at the same time of any
season since May 1918, while supplies of rosin, although
larger than at the end of May 1926 or 1920, were smaller
than at the same time of other recent years. While the
demand for both commodities during May and early June
has continued active, prices have exhibited a slight de­
cline from the levels prevailing the early part of May.
The lack of rainfall, referred to in the last issue of the
Review, continued in some sections through May, but was
relieved by general rains in June. Receipts and stocks at
the three principal markets of the district are shown in
the table:
Receipts—
Turpentine
M 1927 Apr. 1927 M 1926
ay
ay
Savannah ------_________ 25,243 15,488 13,829
Jacksonville --- _________ 16,277 11,333 10,837
Pensacola . ......_________ 6,505
4,168
4,279
Total .................................. 48,025 30,989 28,945
Receipts—
Rosin:
Savannah ........ ................... 78,031 46,163 40,634
Jacksonville __ _________ 54,535 39,555 33,505
Pensacola ..... ................... 17,831 11,310 11,826
Total ............... ................. 150,397 97,028 85,965
Stocks—
Turpentine:
Savannah ___ .......... ....... 20,208
9,874
5,734
Jacksonville __ _________ 24,408 19,651 20,169
Pensacola ........ _________ 2,648
2,277
816
Total _____ _................... 47,264 31,802 26,719
Stocks—
Rosin:
Savannah ____ ..... .............. 66,430 39,428 31,213
Jacksonville ..... .................. 62,523 45,896 39,497
Pensacola ____ _________ 24,492 22,238 14,316
Total _______ -.................. 153,445 107,562 85,026

7

TH E M ONTH LY BUSINESS REVIEW

8

MONTHLY INDEX NUMBERS
The following index numbers, except where indicated otherwise, are computed by the Federal Reserve Bank
of Atlanta, and are based upon average figures for 1919. That is, average monthly figures for the year 1919 are
represented by 100, and the current monthly index numbers show the relation of activity in these lines to that
prevailing in 1919.
RETAIL TRADE 6TH DISTRICT
(Department Stores.)

March
1927

April
1927

May
1927

March
1926

April
1926

May
1926

Atlanta_______________________________
Birmingham______________________ ____
Chattanooga____________________ _____
Nashville_____________________________
New Orleans__________________________
Savannah_____________________________
Other Cities__________________________
District_______________________________
RETAIL TRADE U. S. (1)
Department Stores___________________
Mail Order Houses__________________
Chain Stores:
Grocery______________________ __
Drug_____________________________
Shoe______________________________
5 & 10 Cent_______________________
Music_____________________________
Candy____________________________
Cigar____________________________
WHOLESALE TRADE 6TH DISTRICT
Groceries___________________________
Dry Goods__________________________
Hardware___________________________
Shoes_______________________________
Total_______________________________
WHOLESALE PRICES U. S. (2)
Farm Products______________________
Foods_______________________________
Cloths and Clothing__________________
Fuel and Lighting___________________
Metals and Metal Products____________
Building Materials___________________
Chemicals and Drugs____
_____
House Furnishings__________________
Miscellaneous_______________________ '
All Commodities_____________________
BUILDING PERMITS 6TH DISTRICT
Atlanta________________________ ____
Birmingham_________________________
Jacksonville________________________
Nashville
N pw Orleans -------—
X v W \/l IvC
i
illO
--------.............................
OtTipr nitipc!
\j tnui v^ tico------------------------- -—-------i
District (20 Cities)__________________
COTTON CONSUMED:
United States_______________________
Cotton-Growing States
All Other States____________________
Cotton Exports

132.6
132.3
82.2
91.6
104.7
80.2
96.7
107.0

145.3
132.6
93.1
93.7
120.3
93.1
116.7
118.9

161.3
128.9
95.8
111.2
102.5
90.6
115.0
117.1

117.0
154.5
81.4
91.0
110.0
90.7
106.7
111.1

118.1
140.3
90.4
95.5
114.4
87.0
122.5
113.8

153.2
143.8
97.7
110.9
113.3
90.8
124.5
122.6

128.4
131.8

142.7
128.4

131.1
106.3

130
130

132.6
121.1

137
105

386.5
223.9
125.3
212.7
107.9
215.6
153.2

381.4
223.1
198.0
244.3
103.7
256.6
156.5

381.6
206.2
143.3
224.5
87.8
215.8
157.1

302
196
143
199
112
206
142

333.3
193.1
166.0
201.9
110.6
226.0
150.0

302
190
174
214
109
220
160

97.4
89.9
82.5
77.6
84.8

86.7
80.7
84.0
68.4
78.5

94.2
73.9
79.4
62.5
78.9

110.7
89.8
110.2
86.1
99.4

100.9
76.0
99.6
65.0
88.3

93.9
72.1
99.4
58.6
83.6

136.6
147.1
168.4
168.3
122.8
166.8
120.7
157.4
118.6
145.3

136.7
147.3
169.1
160.6
121.9
165.0
121.8
157.4
118.5
144.2

137.4
148.0
169.6
158.2
120.6
165.6
121.9
157.4
120.2
144.1

144.0
151.4
180.5
175.1
127.7
175.5
131.6
163.9
128.3
151.5

144.9
153.2
176.8
174.0
126.5
173.2
130.3
163.4
126.5
151.1

144.2
153.8
176.1
178.7
125.2
171.6
130.7
162.2
124.7
151.7

125.7
499.4
341.4
142.6
345.5
346.4
295.8

127.5
744.4
556.2
315.4
315.4
412.3
368.7

129.9
634.1
386.2
379.2
165.1
248.6
263.0

128.3
822.1
516.9
137.5
427.3
511.4
417.7

107.5
732.8
698.1
168.1
222.4
532.0
404.8

247.9
522.6
703.2
166.6
194.0
593.6
422.4

129.8
168.4
83.3
205.4

115.7
151.4
72.8
155.6

118.3
154.5
74.8
114.2

118.6
148.5
83.0
94.5

107.6
136.8
72.7
93.9

96.6
123.1
64.8
76.3

136.7
154.2

134.3
143.0

133.1
142.5

135.1
139.0

135.4
135.3

136.6
144.6

59.3

57.7

50.9

73.1

64.5

60.9

PIG IRON PRODUCTION:
United States_______________________
Alabama__________________________
UNFILLED ORDERS—U. S. STEEL
CORPORATION
(1) Compiled by Federal Reserve Board.
(2) Compiled by Bureau of Labor Statis­
tics. (1913—100.)