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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.)
