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M O N TH LY R E V IE W O f Agricultural, Industrial, Trade and Financial Conditions in the Sixth Federal Reserve District FEDERAL RESERVE BANK OF ATLANTA O sc a r N e w to n , W ard Chairman of the Board and Federal Reserve Agent Assistant Federal Reserve Agent A lb e r ts o n , (Compiled June 18, 1928) VOL. 13, No. 6. ATLANTA, GA., JUNE 30, 1928 BUSINESS CONDITIONS IN THE UNITED STATES Industrial production continued during May in about the same volume as in the three preceding months. Wholesale and retail trade increased in May and the general level of commodity prices showed a further ad vance. Security loans of member banks, which were in record volume in May, declined considerably during the first three weeks in June. Conditions in the money mar ket remained firm. Production Production of manufactures was slightly smaller in May than in April when allowance is made for usual seasonal variations, while the output of minerals increased somewhat. Pro duction of steel declined in May from the high level at tained in April but was in about the same volume as a year ago. Since the first of June buying of steel prod ucts has been light and there have been further de creases in production. Daily average production of auto mobiles was in about the same volume in May as in April and preliminary reports for the first three weeks in June indicate that factory operations were maintained at prac tically the same level. Activity of textile mills was some what larger in May and there were also increases in the slaughter of livestock and in the production of building materials, non-ferrous metals and coal, while the pro duction of petroleum declined. The value of building con tracts awarded during May, as reported by the F. W. Dodge Corporation for 37 states east of the Rocky Moun tains was larger than in any previous month, and awards during the first half of June exceeded those for the cor responding period of last year. Indicated production of winter wheat, as reported by the Department of Agri culture on the basis of June 1 condition, amounted to 512,000,000 bushels, 40,000,000 bushels less than the har vested production of 1927. PER CEN T P ER C EN T Index numbers of production of manufacturers and minerals com bined, adjusted for seasonal variations (1923-1925 average—100K Latest figure, May 109. ^ “ ^ 30" Trade Distribution of merchandise, both at wholesale and at retail, was in larger volume in May than in April. Making allowances for customary seasonal influences, sales in all lines of whole sale trade showed increases, although in most lines they continued in smaller volume than a year ago. Department store sales were larger than in April, and at about the same level as a year ago, while sales of chain stores and mail order houses showed increases both over last month and over last year. Volume of freight-car-loadings in creased further during May, but continued smaller than during the corresponding month of either of the two pre vious years. Loadings of miscellaneous commodities, however, which represent largely manufactured products, were larger in May of this year than in that month of any previous year. Prices The general level of wholesale com modity prices, as indicated by the Bureau of Labor Statistics’ index, increased in May by over one percent to 98.6 per cent of the 1926 average, the highest figure recorded for any month since October 1926. There were increases in most of the principal groups of commodities but the largest advances in May, as in April, occurred in farm products and foods. Con trary to the general trend, prices of pig iron, hides, raw silk, fertilizer materials, and rubber showed declines dur ing the month. Since the middle of May there have been decreases in prices of grains, hogs, sheep, pig iron, and hides, while prices of raw wool, non-ferrous metals, lum ber^ and rubber have advanced. Bank Credit Loans and investments of member banks in leading cities on June 20, showed a decline from the high point which was reached on May 16. Loans on securities, which had incrreased by more than $1,000,000,000 since May 1927, declined $200,(Continued on Page Seven) PER CENT per C EN T Index of United States Bureau of Labor Statistics. 1926—100, base adopted by bureau). Latest figures, May: Non-Agricultural Com* moditiei 95.6; Farm Products 109.8. MONTHLY REVIEW 2 192^ 1925 1926 1927 1928 Monthly averages of daily figures for 12 Federal Reserve Banks. Latest figures are averages of first 22 days in June. Federal Reserve Board’s indexes of value of building contracts awarded as reported by the F. W. Dodge Corporation (1923-25 average ■ —100). Latest figures May, adjusted index 152; unadjusted index 163. SIX TH D ISTRICT SUMMARY of May. Consum ption of cotton in th e cotton-grow ing sta te s w as som ew hat sm aller in M ay th is y ear th a n la st, but the num ber of spindles active w as g re a te r, and p ro duction of cotton cloth and y arn by m ills rep o rtin g to the F ed eral Reserve B ank w as g re a te r th a n in A pril, or in May la st y ear. Production of bitum inous coal in A la bam a and Tennessee w as g re a te r th a n in May la s t y ear, but the o u tp u t of pig iron in A labam a w as sm aller. Seasonal im provem ent in ag ric u ltu ral conditions, in creases in the volume of trad e a t both re ta il and w holesale, in debits to individual accounts, tim e deposits, in th e de m and fo r credit, in building p erm its, and in the p ro duction of cotton cloth and yarn , and bitum inous coal, are some of the principal developm ents in the sixth d istrict during May and early June reflected in sta tistics gath ered fo r the M onthly Review. R etail trad e in May w as in g re a te r volume th a n fo r any other m onth of 1928, and w as g re a te r th a n fo r May of any y ear since 1 920. W holesale trad e in May increased over A pril, but w as in sm aller volume th a n a year ago. A g ricu ltu ral conditions showed im provem ent a t the begin n ing of June w ith the progress of the season and the advent of w arm er w eather, but conditions in th e cotton b elt w ere irre g u la r and in some sections replanted cotton w as ju s t coming up. Prospects are fo r a m uch la rg e r peach crop th a n la st year, and citrus fru its are in b etter condition th a n a y ear ago. Savings deposits, and debits to individual accounts, increased in May over A pril, and w ere g re a te r th a n in May la st year, and failu res de clined in com parison w ith both of those periods. D is counts and investm ents of w eekly rep o rtin g m em ber banks increased som ew hat betw een May 9 and June 13. D is counts by the F ederal Reserve Bank of A tla n ta fo r all m em ber banks increased sixteen m illion dollars during th is period. Demand deposits of all m em ber banks in the dis tric t declined seasonably in May com pared w ith preced ing m onths, but tim e deposits continued to increase. Building perm its in the sixth d istrict, fo r the first tim e in two years, were la rg e r in May th a n in the sam e m onth a year earlier, and contract aw ards w ere also g re a te r th a n in May la st year. O perations of lum ber mills rep o rtin g w eekly to the Southern Pine A ssociation, however, have averaged slightly below the stan d ard since the la tte r p a rt R E T A IL TRA D E R etail d istribution of m erchandise in th e six th dis tric t during M ay, reflected in sales figures rep o rted con fidentially by 46 d ep artm en t sto res located th ro u g h o u t th e d istrict, w as g re a te r th a n fo r any other m onth th is y ear, and w as in la rg e r volume th a n d u ring M ay of any other y ear since 1920. The index num bers fo r A tla n ta and B irm ingham fo r May are h ig h er th a n fo r th a t m onth of any other y ear fo r which sta tistic s are available. Sales figures fo r the d istric t show an increase of 6.8 per cent over May la st y ear, increases being shown a t A tla n ta , B irm ingham , N ashville and New O rleans, b u t decreases a t C hattanooga and “O ther C ities”. F o r th e first five m onths of 1928, sales averaged 3.4 p er cent g re a te r th a n in the corresponding period of 1927. Stocks of m erchan dise on hand a t th e end of M ay declined 4.4 p er cent com p ared w ith A pril, and w ere one-half of one p er cent sm aller th a n a y ear ago. A ccounts receivable a t th e end of May dclined one-tenth of one p er cent com pared w ith A pril, but w ere 13.4 p er cent g re a te r th a n a y ear ago. Collections during M ay increased 3.9 p er cent over those in A pril, and w ere 7.2 p er cent g re a te r th a n in M ay 192 7. The ratio of collections during May to accounts o u tstan d ing a t the beginning of th e m onth fo r 33 firm s w as 3 3.7 per cent; in A pril th is ratio w as 33.4 p er cent, and in M ay la st y ear 36.0 p er cent. F o r May th e ra tio of collections to reg u la r accounts o u tstan d in g fo r 33 firm s w as 36.0 per CONDITION OF RETAIL TRADE DURING MAY 1928 AT 46 DEPARTMENT STORES SIXTH FEDERAL RESERVE DISTRICT Comparison of Net Sales Comparison of Stocks Rate of Stock Turnover May 1928 with Jan. 1 to May 31, May 31, 1928 with May 31, 1928 with May Jan. 1 to May 31, May 1927 1928 with same May 31, 1927 April 30, 1928 1927 1928 1927 1928 ____ period in 1927 ___ ___________ ______ Atlanta (5) _____ __+14.3 1.36 — 6.4 1.58 + 16.2 — 6.7 .32 .34 Birmingham (5) _____+21.0 — 0.9 1.02 1.01 + 10.8 — 5.8 .21 .22 Chattanooga (6) __ — 6.7 .93 5.2 — 3.9 .95 — 3.5 .20 .20 Nashville (5) ____ __+ 4.8 + 6.1 1.24 + 6.7 — 8.6 .28 1.37 .32 New Orleans (5) „ + 0.9 .91 — 3.1 + 4.7 .18 .98 — 2.6 .18 Other Cities (20).. + 2.3 — 1.9 1.15 .99 — 2.2 .21 — 3.8 .24 District (46) _____ __+ 6.8 1.14 1.04 — 0.5 — 4.4 ,22 .24 + 3.4 NOTE: The rate of stock turnover is the ratio of sales during given periods to average stocks on hand. MONTHLY REVIEW cent, and the ratio of collections against installment ac counts reported by 9 firms was 17.1 per cent. WHOLESALE TRADE The distribution of merchandise at wholesale in the sixth district was somewhat greater in May than in April, but smaller than in May last year, as indicated in sales figures reported confidentially to the Federal Reserve Bank by 118 wholesale firms in eight different lines of trade. Sales of groceries, hardware, electrical supplies, shoes and drugs were in larger volume than in April, but sales of dry goods, furniture and stationery were smaller. Reports from firms dealing in furniture, shoes and drugs indicate larger sales volume than in May 1927, but the other ilnes showed decreases compared with that month. The index number of sales in the eight lines combined for May was 84.5, compared with 81.7 for April, and with 87.1 for May last year. Stocks of mer chandise declined in May compared with April, and ac counts receivable and collections show different compari sons in the different lines of trade, as indicated in the tables which follow. Index numbers by lines appear on page 8. (Groceries Sales of groceries at wholesale dur ing May were greater at each report ing city than in April, but averaged 6.6 per cent less than in May last year due to decreases at Jacksonville and Vicksburg. The decrease shown at Vicksburg compared 'with May 1927 was due to an unusually large volume of sales during May last year to relief agencies working in the flooded area. Stocks on hand declined in May, but were greater than a year ago. Accounts receivable were slightly larger than in April, and about the same as a year ago, and collections show increases in both instances. Percentage comparisons of reported figures are shown in the table: May 1928 compared with: Sales: April 1928 May 1927 Atlanta (4) firms +13.0 + 2.9 Jacksonville (4 firms) _ + 0.0 —19.7 New Orleans (6 firms) + 9.9 +21.7 Vicksburg (3 firms) _ + 6.1 —43.2 'Other Cities (15 firms).. + 7.2 + 1.7 DISTRICT (32 firms) .. + 7.2_____ — 6.6 Stocks on hand ---— 5.7 +11.7 Accounts receivable + 1.5 — 0.2 Collections ______ + 4.4 + 1.6 Dry Goods Reports from 22 wholesale dry goods firms show declines in sales during May compared with April, and with May last year. Stocks declined compared with April, but were somewhat greater than a year ago, accounts receivable show de creases in both instances, and collections increased 3.1 per cent over those in April, but were 4.2 per cent less than in May 1927. May 1928 compared with: Sales: April 1928 May 1927 Atlanta (3 firms) ------------------—10.5 —16.4 Nashville (3 firms) ____________ —11.4 —11.3 Other Cities (16 firms) __________ — 0.2 —10.8 DISTRICT (22 firms) __________ — 3.8 —11.4 Stoeks on hand ________________ — 4.6 + 6.5 Accounts receivable _____________ — 2.3 — 1.8 Collections ____________________ + 3.1 — 4.2 'Hardware May sales of hardware at wholesale increased 5.2 per cent over sales in .April, and averaged slightly less for the district than in May 1927. Stocks on hand were smaller in both in stances, and accounts receivable increased over both of those months. Collections increased 2.4 per cent over April, but were 5.4 per cent less than in May last year. May 1928 compared with: Sales: April 1928 May 1927 Nashville (3 firms) ____________ +10.8 + 0.7 New Orleans (5 firms)__________ + 7.7 + 2.7 Other Cities (17 firms) _________ + 1.7 — 3.9 DISTRICT (25 firms) __________ + 5.2 — 0.8 Stocks on hand __ — 5.8 — 1.2 Accounts receivable + 1.7 + 0.3 Collections ______ + 2.4 — 5.4 Furniture Sales during May of furniture at wholesale were smaller than in April, but averaged 18.6 per cent greater than in May last year. Stocks, accounts receivable, and collections were smaller ft than for either of those months. Percentage compari sons of reported figures are shown in the table: May 1928 compared with: Sales: . , April 1928 May 1927 Atlanta (5 firms.______________ — 6.7 +17.8 Other Cities (8 firms) __________ —11.4 +18.7 DISTRICT (13 firms) __________ —10.6__ +18.6 Stocks on hand — 5.2 — 2.1 Accounts receivable _ —14.3 — 5.3 Collections ________ — 1.5 — o.d Electrical Supplies Sales of electrical supplies at whole sale were greater in New Orleans in May than in April, or in May Iasi year, but reports from other cities showed decreases in both instances. Stocks and collections show decreased compared with both of those months, and accounts re ceivable were 3.9 per cent greater than for April, but were 6.6 per cent smaller than for May last year. May 1928 compared with: Sales: April 1928 May 1927 New Orleans (4 firms) __________ + 8.0 + 8.5 Other Cities (7 firms) __________ — 3.9 — 7.0 DISTRICT (11 firms) _________ + 0.4 — 1.4 Stocks on hand __ —34.1 —11.0 Accounts receivable + 3.9 — 6.6 Collections ........... — 3.2 —13.2 Comparisons for the other three lines are shown only for the district as three or more reports were not re ceived from a single city in any of these lines. Sales of shoes and drugs were greater than in April, or in May 1927, while sales of stationery showed decreases com pared with both of those months. Accounts receivable reported by shoe firms declined 3.0 per cent compared with both the preceding month and the same month a year ago, and collections of shoe firms were 2.5 per cent smaller than in April, and 7.4 per cent less than in May last year. May 1928 compared with: Sales: April 1928 May 1927 Shoes (5 firms) ________________ + 1.8 + 1.0 Stationery (4' firm ________ — 4.6 — 7.0 ~ ‘ “ s) Drugs (6 firms) --________ +12.7 + 8.1 AGRICULTURE A recent report issued by the United States Depart ment of Agriculture states that the growing season is rapidly making up for lost time, and that all crops have made rapid growth during the latter part of May, but are still decidedly late. Cotton is a spotted crop, with stands irregular, chopping completed in some sections and replanted cotton just coming up in others. Winter wheat production in the United States is estimated at 512.252.000 bushels. Production of peaches is estimated at 64,188,000 bushels, compared with about 45,500,000 bushels last year. In the sixth district the prospects are for a much lar ger production of peaches than last year, according to the Department’s estimates. The Georgia crop is esti mated at 10,180,000 bushels, compared with 5,943,000 bushels in 1927; the Alabama crop at 1,328,000 bushels, compared with 540,000 bushels last year; Tennessee, 1,855.000 bushels, compared with 638,000 bushels last year; and Mississippi, 570,000 bushels, compared with 279,000 bushels last year. The Georgia report indicates that trees throughout most of the state are well fruited, mois ture supply has been ample, and the fruit has made very good growth. The outlook for citrus fruits in Florida continues favorable, although a heavy drop is reported. The condition of oranges on June 1 was 80 per cent of normal, compared with 57 per cent a year ago, and the condition of grapefruit was 76 per cent compared with 52 per cent a year ago. Continuous rains and temperatures below normal have greatly delayed farm work in eastern Tennessee. Tobacco transplanting has been delayed. All small grains remain in poor condition as a result of winter freezes. COTTON MOVEMENT—UNITED STATES (Bales) Since August 1 1928 1927 1926 Receipts at all U. S. Ports_____ 8,233,173 12,546,865 9,526,217 Overland across Miss., Ohio, Potomac, Rivers to Nor. Mills and Canada 957,215 1,529,450 1,432,658 Interior stocks in excess of those held at close of Commercial year 133,713 96,010 803,893 MONTHLY REVIEW 4 4,253,000 4,430,969 3,948,510 Southern Mills takings, net.. 13,577,101 18,603,294 15,711,278 Total 306 days -----------7,037,295 10,386,014 Foreign exports ♦American Mills, Nor. &Sou. & Can. 6,319,621 7,438,571 American cotton thus far--------- 13,461,000 16,032,000 13,744,000 ♦of which 1,527,919 by Northern Spinners against 2,350,699 last year and 4,791,702 by Southern Spinners against 5,087,872 last year. Sugar Cane and Sugar Press reports indicate that during the latter part of May and early June temperatures have been more seasonal and have favorably affected the cane, but rains during a part of this time flooded the fields and prevented farm work. Cultivation is being pressed, however, to counter act the effect of the heavy rainfall, and prospects for the crop are improving rapidly. SUGAR MOVEMENT (Pounds) Raw Sugar May 1928 April 1928 May 1927 Receipts: 87,003,959 183,381,992 105,731,836 New Orleans _ 6,719,503 49,667,557 32,256,353 Savannah -----Meltings: New Orleans _____ 119,543,548 131,323,534 152,219,828 Savannah ............... 24,812,035 32,249,541 31,103,894 Stocks: . New Orleans _____ 58,500,514 97,730,035 51,443,492 Savannah .............. 36,622,261 54,714,793 37,404,071 Refined Sugar Shipments: New Orleans .......... 106,751,375 116,710,526 157,593,710 Savannah ____ ___ 23,999,077 18,968,799 82,719,024 Stocks: New Orleans __ __ 62,848,319 58,350,183 71,040,707 Savannah __ ____ 33,837,629 35,936,952 28,958,669 RICE MOVEMENT—NEW ORLEANS Rough Rice (Sacks) May 1928 April 1928 May 1927 29,897 ___________ 13,393 12,583 Receipts ... 38,361 12,491 11,289 Shipments ____ ______ 16,381 9,145 8,243 Stocks --- ___________ Clean Rice (Pockets) 160,846 119,787 _____ 189,552 Receipts _ 119,681 205,148 _____ 203,261 Shipments 202,501 224,878 _____ 188,792 Stocks .... Rice Millers Association Statistics (Barrels) Receipts of Rough Rice Season to date May 9,348,808 351,607 Season 1927-28 ______________ 8,221,976 396,006 Season 1926-27 _________ ____ Distribution of Milled Rice 9,373,620 909,718 Season 1927-28 ______________ 8,036,646 700,427 Season 1926-27 ______________ Stocks of Rough and Milled Rice 1928________________ 1,455,366 June 1,400,980 1927________________ June FINANCIAL Savings Savings deposits held by 86 reporting Deposits member banks in the sixth district at the end of May were 1.4 per cent greater than a month earlier, and 5.0 per cent greater than at the same time a year ago. Totals for Atlanta, and for Branch Federal Reserve Bank cities are shown in the table, and reports from banks located elsewhere are grouped under “Other Cities”. (00CJ Omitted) CompariCompari son son May April May-April May May 1928 1928 1928 1927 *28-’27 Atlanta (7 banks -------_..$ 45,530 $ 44,564 -f 2.2 $ 41,201 + 10.5 25,524 25,354 + 0.7 24,973 + 2.2 Birmingham (4 banks Jacksonville (5 banks) .... 28,848 29,101 — 0.9 30,319 — 4.9 27,883 27,898 — 0.1 24,536 + 13.6 Nashville (8 banks)----New Orleans (8 banks) — 50,259 50,194 + 0.1 49,030 + 2.5 Other Cities (54 banks).... 116.136 112,983 + 2.8 110,039 + 5.5 Total (86 banks) -------- 294,180 290,094 + 1.4 280,098 + 5.0 Debits to Debits to individual accounts at 26 Individual reporting cities in the sixth district Accounts during May increased 3.0 per cent over April, and were 3.1 per cent greater than in May last year. The statement below indicates increases over May last year at seventeen cities, and decreases at nine cities. Monthly totals are derived from weekly figures by prorating the figures for those weeks which do not fall entirely within a single month. (000 Omitted) Alabama May 1928 April 1928 May 1927 Birmingham_____ $ 159,946 $ 141,848 $ 144,637 Dothan _________ 3,066 8,230 2,935 Mobile ___ ___ Montgomery ..... Florida Jacksonville ___ Miami _______ Pensacola ____ Tampa ____ __ Georgia Albany ......... . Atlanta _____ Augusta _____ Brunswick ____ Columbus ____ Elberton —___ Macon ___ ___ Newnan _____ Savannah ____ Valdosta _____ Louisiana New Orleans __ Mississippi Hattiesburg ___ Jackson _____ Meridian ____ Vicksburg ____ Tennessee Chattanooga __ Knoxville ____ Nashville ____ Total 26 Cities. 42,219 27,010 38,189 29,442 36,065 22,341 76,775 36,904 7,810 42,276 76,307 38,945 7,213 39,639 88,317 57,441 8,254 51,545 3,901 163,237 26,645 3,390 14,558 911 22,483 2,163 44,406 4,778 3,685 155,159 27,670 3,042 13,574 1,054 21,927 2,128 46,698 5,043 4,417 152,808 25,916 3,506 14,455 819 20,290 1,874 48,909 5,436 323,317 324,311 302,707 7,777 27,159 18,039 6,646 53,249 34,356 101,964 $1,254,985 7,122 24,554 17,988 6,774 47,932 38,510 96,988 $1,218,962 6,981 20,683 16,574 6,459 49,426 35,737 86,337 $1,216,869 Condition of Increases in discounts secured by Member Banks in stocks and bonds other than GovernSelected Cities ment securities, in investments, and in borrowings from the Federal Re serve Bank of Atlanta are the principal features of weekly reports for June 13 received from 32 member banks lo cated in Atlanta, New Orleans, Birmingham, Jacksonville, Nashville, Chattanooga, Knoxville and Savannah, com pared with figures for May 9, shown in the last issue of the Review. Discounts secured by stocks and bonds re ported by these banks on June 13 had increased $5,281,000 over the total for May 9; loans secured by govern ment securities, and all other loans, declined slightly dur ing this period, and total loans and discounts on June 13 were $4,208,000 greater than on May 9. Investments in creased during this period, however, and total loans and investments on June 13 show an increase of $7,479,000 over the total on May 9. Compared with figures for the corresponding report date last year, total loans show an increase of $16,497,000, due to the larger volume of loans secured by stocks and bonds, the other classes showing decreases. Investments show an increase of $8,331,000 over those held a year ago, and total loans and invest ments on June 13 were, therefore, $24,828,000 greater than on the same report date of 1927. Time deposits de clined slightly between May 9 and June 13, but were greater than a year ago, and demand deposits show in creases over both of those periods. Borrowings by these reporting banks from the Federal Reserve Bank on June 13 totaled $48,498,000, compared with $30,896,000 on May 9, and with $15,753,000 on June 15, 1927. Principal items in the weekly report, with comparisons, are shown in the table: (000 Omitted) June 13, May 9, June 15, Bills Discounted: 1928 1928 1927 Secured by Govt. Obligations___...$ 5,060 $ 5,086 $ 5,214 Secured by Stocks and Bonds ... 133,289 128,008 106,354 All Other ...... ...... ............. _ 370,932 371,979 381,216 Total Discounts _______ 509,281 505,073 492,784 U. S. Securities __________ 62,187 61,360 59,968 Other Stocks and Bonds_____ 67,165 64,721 61,053 Total Loans and Investment 638,633 631,154 613,805 Time Deposits ____ _______ 242,453 243,025 239,008 Demand Deposits _________ 337,387 336,406 327,912 Borrowings from F. R. Bank._ 48,498 30,896 15,753 Bank Deposits of All Member Banks Reports of net demand and time de posits held by all member banks in the sixth district are compiled as of the Wednesday preceding the 14th of each month. De mand deposits in this district have declined each month since January, but in May were somewhat greater than at the same time last year. Time deposits have increased each month since Fabruary, and in May were two per cent greater than in May 1927. Total figures are shown for comparison: Demand Time May 1928 ----------------- $607,138,000 $471,907,000 April 1928 ---------------- 612,186,000 467,351,000 May 1927 ----------------- 601,350,000 462,732,000 MONTHLY REVIEW Operations of the Federal Reserve Bank The weekly statement of the Federal Reserve Bank of Atlanta for June 13 indicates that discounts for member banks in the sixth district continued +o increase during May and early June, but shows deines in investments, and in note circulation, deposits and reserves. Total discounts on June 13 amounted to $64,821,000, compared with $48,785,000 five weeks ear lier, and were more than double the total for the cor responding report date last year. Holdings of bills bought in the open market declined about three million dollars between May 9 and June 13, but on the latter date were more than nine millions greater than a year ago. Holdings of United States securities on June 13 were smaller than for either of the periods under com parison. Total bills and securities on June 13 were $11,687,000 greater than on May 9, and were nearly thirtyeight millions greater than a year ago. Declines com pared with both comparative dates are shown in re serves, and in deposits and Federal Reserve notes in actual circulation. Principal items in the weekly state ment are shown in the table: (000 Omitted) June 13, May 9, June 15, Bills Discounted: 1928 1928 1927 Secured by Govt. Obligations 17,318 $ 18,884 $ 4,068 All Others ............... ... ....... ...... 47,503 29,900 27,406 Total Discounts ____ __ ___ 64,821 48,785 31,474 Bills Bought in open market......... 19,074 22,185 9,860 U. S. Securities _____ _______ 5,224 6,463 9,591 Total Bills and Securities____ 89,119 77,432 51,225 Cash Reserves ______________ 117,478 140,760 180,199 Total Deposits _______ ______ 67,220 71,221 68,617 F. R. Notes in actual circulation__ 134,880 142,535 161,384 Reserve Ratio —.................. .......... 58.1 65.9 78.3 Commercial Failures According to statistics compiled by R. G. Dun & Co., commercial failures in the United States during May 1928 numbered 2,008, compared with 1,818 in April, and with 1,852 in May last year, and liabilities of failing firms staled $36,116,990 for May, compared with $37,985,145 jr April, and with $37,784,773 for May 1927. Figures for the sixth district show decreases in both number and liabilities for May compared with the preceding month, and with the corresponding month last year. In the table are shown failures in the United States divided by Fed eral Reserve Districts. Number Liabilities Liabilities Liabilities May 1928 May 1928 Apr. 1928 May 1927 District Boston _____ ___ 201 $ 3,558,326 $ 2,384,602 $ 5,536,440 New York 315 5,993,860 2,436,423 6,797,687 85 2,693,285 2,005,049 752,612 Philadelphia Cleveland ... 157 2,377,568 7,055,049 3,225,890 Richmond . 140 2,947,871 2,316,842 5,707,404 Atlanta ___ ___ 109 1,566,985 3,407,316 1,673,027 Chicago ___ ___ 293 7,456,484 5,531,131 5,455,359 St. Louis ___ 138 1,663,143 1,208,376 539,209 912,178 853,191 997,778 Minneapolis ____ 70 Kansas City 128 1,768,039 1,075,754 2,135,281 Dallas _____ ___ 68 2,214,149 1,283,614 1,220,408 San Francisco __ 306 2,965,102 4,427,764 3,743,678 Total.... 2,008 $36,116,990 $37,985,145 $37,784,773 Gold Declines are shown in both exports Movement and imports of gold during May. Ex ports of gold in May totaled $83,689.000, compared with $96,469,000 in April, and with only $2,510,000 in May last year. Imports of gold dur ing May totaled $1,968,000, compared with $5,319,000 in April and with $34,212,000 in May 1927. For the five months ending with May, gold exports have totaled $527,170.000, compared with $102,003,000 for the same period a year ago, and imports have totaled $62,975,000, com pared with $146,761,000 during the same period last year. During this five months period this year exports of gold have exceeded imports by $292,611,000, while during the same period last year imports exceeded exports by $118,730.000, IMPORTS AND EXPORTS Preliminary figures compiled by the United States Department of Com merce indicate that both exports and imports of mer chandise increased in May compared with April, and with May a year ago. Exports in May were 16.2 per cent greater than in April, and 7.6 per cent greater than in May 1927, and imports increased 2.8 per cent over April, united States and were 2.5 per cent greater than in May a year ago. Preliminary figures for May, with comparisons, are shown in the table: 1917 1928 Exports: $ 393,140,000 May __ __________ __ $ 423,000,000 415,374,000 364,144,000 April ____ __________ 4,611,134,000 11 months ending with May 4,489,182,000 Imports: $ 355,000,000 $ 346,501,000 May ........ -..................... 375,733,000 345,239,000 April ----------------------3,897,132,000 11 months ending with May 3,831,207,000 New Orleans The value of merchandise imported into the United States through the port of New Orleans during March 1928, amounted to $18,990,785, compared with $20,576,259 for February, and with $18,368,202 for March last year. Among the items imported in larger volume than in March 1927 are coffee, gasoline, creosote oil, sodium nitrate, and burlaps, while some of the other large items show decreases. Exports of merchandise through the port of New Or leans during March 1928 totaled $31,192,991, compared with $28,063,290 in February, and with $32,870,191 in March 1927. Lard, tobacco, long staple cotton, oak boards, gasoline and paraffin were exported in greater volume than in March last year, while wheat flour, short staple cotton, and other items moved in smaller quantities. Grain Exports—New Orleans Grain exports through the port of New Orleans for May show a large decrease compared with May last year, due principally to the large decline in the outward move ment of wheat. Corn, oats and rye were also exported in smaller volume during May than in May 1927. For the season to date (July-May) wheat, corn, and oats have moved in somewhat smaller volume, but rye shows an increase, as indicated in the table: (Season—July-May) May 1928 May 1927 1928 1927 Wheat, bushels _ 52,430 1,171,532 8,044,964 8,804,315 Corn, bushels __ 150,535 351,705 3,569,781 4,053,774 Oats, bushels __ 67,978 73,816 852,867 1,113,082 Rye, bushels __ 96,428 205,814 1,028,030 651,628 Total_____ 367,371 1,802,867 13,495,642 14,622,799 BUILDING For the first time in two years, the volume of build ing permits issued at twenty regularly reporting cities in the sixth district in May showed an increase over the corresponding month a year ago. Permits issued during May at Atlanta amounted to nearly six million dollars, and the increase for the district is due principally to this large total at Atlanta. Nine of these twenty cities re ported increases and eleven reported decreases. The index number for the district in May was 123.9 compared with 74.0 for April, and with 84.3 for May a year ago. The unusually large figure for Atlanta includes permits for a Mosque to be erected by the Shriners at a cost of nearly two million dollars, additions to a number of public school buildings, and other large projects. Contracts awarded in the 37 states east' of the Rocky Mountain reached a new peak again in May, exceeding the April total by about 25 million dollars, and exceeded the total for May last year by 21 per cent. In May this year 43 per cent of the total was for residential building, 22 per cent for public works and utilities, and 14 per cent for commercial buildings. Contracts awarded during May in the sixth district totaled $32,497,484, greater by one third than the total for April, and 4.5 per cent greater than in May 1927. Percentage May 1928 May 1927 change Alabama No. Value No. Value in value Anniston ____ 32 $ 79,485 23 $ 75,300 + 5.6 Birmingham __ 611 1,912,432 646 2,074,111 — 7.8 Mobile ______ 142 212,793 80 302,080 — 29.6 Montgomery __ 205 470,330 77 186,660 +152.0 Florida Jacksonville __ 415 730,665 403 1,155,270 — 36.8 Miami --------- 214 142,975 302 463,116 — 69.1 Orlando ..... — 96 77,925 122 133,407 — 41.6 57 Pensacola ____ 87,000 62 89,133 — 2.4 483,558 439 Tampa -------- 364 479,487 + 0.8 8 ♦Lakeland ____ 12,300 36 56,350 — 78.2 ♦Miami Beach _ 39 331,485 17 108,250 +202.2 Georgia 372 Atlanta-------5,910,349 439 1,131,575 +422.3 Augusta 183 110,057 153 185,025 — 40.5 5 MONTHLY REVIEW 6 54 78,010 50 Columbus Macon _ 253 603,785 209 48 110,835 58 Savannah Louisiana New Orleans --- 266 802,542 178 56,785 58 Alexandria __ 94 Tennessee 793,435 278 Chattanooga --- 256 13 64,840 Johnson City _ 17 643.158 225 Knoxville ___ 264 574,985 284 Nashville ____ 329 Total 20 Cities__4,272 $13,945,944 4,099 123.9 Index No. _____ ♦Not included in totals or index numbers. 132,788 — 41.3 400,219 + 50.9 168,130 — 30.1 721,985 + 11.2 270,637 — 79.0 281,715 26,975 488,976 717,988 ),484,577 84.3 + 181.6 + 140.4 + 31.5 — 19.9 + 47.0 LUMBER Preliminary figures for May, reported to the South ern Pine Association up to the middle of June by 95 sub scribing mills, indicate that orders have fallen below shipments and production for the first time since last December. Shipments during May exceeded both orders and production, and stocks of reporting mills were some what smaller than the three-year average stocks of these mills. Orders booked during May by the 95 reporting mills totaled 242,179,608 feet, and were 5.5 per cent less than the month’s output. Shipments during the month amounted to more than 281 million feet, exceeding pro duction by 9.8 per cent, and exceeding the volume of or ders booked during the month by 16.2 per cent. May production was 1.4 per cent less than the three-year aver age production of these mills, and stocks on hand at the end of May were nearly one per cent less than the threeyear average stocks. Unfilled orders on hand at the end of May were 21.6 per cent less than the month’s pro duction. Weekly reports of operating time by reporting mills have indicated operations above normal through the week ending May 18, but since that time operations have been below normal, and for the week ending June 8 were nearly four per cent below normal. Preliminary figures for May, with comparisons, are shown in the table: May 1928 April 1928 May 1927 95 mills 113 mills 109 mills 242,179,608 310,628,650 269,669,120 Orders --281,363,536 299,445,790 275,092,472 Shipments 256,161,840 280,953,818 264,958,093 Production Three-Year Average Production.. 259,763,710 295,025,989 278,534,183 Stocks on hand end of month__ 648,800,809 757,815,226 744,762,351 Three-Year Relative Stocks___ 653,903,187 742,688,922 738,147,700 Unfilled orders, end of month_ 189,985,232 277,086,420 186,735,870 TEXTILES According to statistics compiled and published by the United States Cen sus Bureau, the consumption of cot ton in the United States increased in May, compared with April, but was in smaller volume than in May 1927. Con sumption of cotton in the United States during May in creased 10 per cent over April, but was 8.3 per cent less than in May last year. Stocks declined seasonally in May, and were smaller than at the same time a year ago. Exports in May increased about 22 per cent over April, but were about six per cent smaller than in May 1927. There was a decline of 1,905,044 in the number of spindles active in May, compared with April, and compared with May last year active spindles show a decrease of 3,844,896. Statistics for the cotton growing states show an in crease of 11.6 per cent in consumption in May compared with April, and a decrease of 3 per cent compared with May a year ago. Consumption in other states showed a decrease of 23.5 per cent compared with May last year. Spindles active in May in the cotton-growing states de creased 1,552, compared with April, while in other states there was a decrease of 1,903,492. Compared with May 1927, active spindles in the cotton-growing states in May this year show an increase of 148,832, while in other states there was a decrease of 3,980,884. The Census Bu reau’s statement indicates that 76.6 per cent of the total consumption of cotton in May was in the cotton-growing states, compared with 75.5 per cent in April, and with 72.1 per cent in May last year. UNITED STASTES (Bales) Cotton Consumed: May 1928 April 1928 May 1927 Lint ___________ 577,710 525,158 629,928 Linters ___ ___ __ 62,000 57,513 71,988 Stocks in Consuming Establishments: Lint___________ 1,331,135 1,507,992 1,792,261 Linters-------------- 211,580 222,374 226,174 Cotton Consumption Stocks in Public Storage and at Compresses: Lint ___ _______ 2,305,366 2,921,306 2,866,957 Linters _________ 59,504 63,400 67,860 Exports ___________ 591,345 485,219 628,132 Imports 19,842 18,196 21,347 Active Spindles 29,060,360 30,965,904 32,905,256 Cotton owing States (Bales) May 1928 April 1928 May 1927 Cotton Consumed __ 442,441 396,566 455,488 Stocks in Consuming Establishments 877,742 1,018,738 1,188,615 Stocks in Public Storage and at Compresses_ 2,091,653 2,668,637 2,514,321 Active Spindles _____ 17,820,608 17,822,160 17,671,776 Cotton Confidential reports were rendered to Cloth the Federal Reserve Bank of Atlanta by cotton mills which during May manufactured about 31 million yards of cloth, an output 10.4 per cent greater than in April, and 8.1 per cent greater than in May a year ago. Shipments during May also showed increases over both the previous month and the same month a year ago, as did also the number of workers, but orders and unfilled orders showed decreases in both instances. Stocks on hand declined compared with April, but were substantially larger than a year ago. May 1928 compared with: April 1928 May 1927 Production _________________ + 10.4 + 8.1 Shipments _________________ +13.6 + 8.2 Orders —26.3 —36.5 Unfilled orders __ — 5.2 —30.1 Stocks on hand __ — 5.9 + 67.4 Number on payroll + 1.4 + 2.1 Cotton Yarn Confidential reports were also rendered by mills which produced during May about seven million pounds of yarn, an increase of 11.5 per cent over production in April, and 3.7 per cent greater than in May last year. Shipments, orders, and number of workers increased in May over April, but unfilled orders and stocks decreased. Compared with May last year, stocks show an increase but other items show declines. Percentage comparisons of reported figures are shown in the table. May 1928 compared with: April 1928 May 1927 Production _____ +11.5 + 3.7 Shipments _____ + 6.6 —10.1 Orders ________ + 3.8 —17.2 Unfilled orders __ — 8.4 —29.5 Stocks on hand __ — 0.3 + 56.3 Number on payroll + 3.6 — 1.1 Hosiery Increases in orders, and in unfilled orders, but declines in production, shipments, stocks and cancellations are shown in figures reported to the Census Bureau for May and April by 38 identical establishments manufacturing hosiery in the sixth district. Total figures for the two months are shown in the table: (Dozen pairs) May 1928 April 1928 Production __ 565,924 586,173 Shipments __ 588,055 600,413 Stocks on hand 1,744,345 1,758,339 Orders booked 780,563 693,873 Cancellations _ 20,081 36,295Unfilled orders 986,643 812,330 COTTON SEED AND COTTON SEED PRODUCTS ♦Sixth District United States Aug. 1 to May 31 Aug. 1 to May 31 Cotton Seed, tons:: 1928 1927 1928 1927 1,427,227 1,953,347 4,545,439 6,269,847 Crushed _______ 1,428,345 1,906,546 4,582,286 6,114,137 On Hand, May 3125,346 53,913 52,437 171,852 Production : Crude Oil, lbs___ 468,717,397 603,952,893 1,451,805,930 1,829,237,293 Cake and Meal, tonsi 621,808 821,102 2,060,901 2,743,824 Hulls, tons _____ 412,756 580,330 1,300,025 1,800,168 Linters, bales ___ 258,472 320,053 861,135 1,008,279 ** Stocks, May 31: ** Crude Oil, lbs---9,508,144 14,562,495 39,889,300 41,680,738. Cake and Meal, tonsi 15,459 39,776 59,745 153,853 Hulls, tons ---13,301 53,681 66,589 224,620 Linters, bales „ 18,393 34,196 83,166 120,883. ♦Georgia, Alabama, Louisiana, and Mississippi. ♦♦Not including stocks held by refining and manufacturing establish ments, and in transit to refiners and consumers. COAL According to the preliminary estimate of bituminous, coal production made by the Bureau of Mines of the T MONTHLY REVIEW United States Department of Commerce, production in May was somewhat greater than in April, and also ex ceeded the output in May last year. The output in May was 13.8 per cent greater than in April, and 3.5 per cent greater than in May last year. The increase over April is due to the larger number of working days, and to a greater average production per working day, while the increase over May last year is due to the fact that there was one more working day in May this year. The total production of bituminous coal during the present calendar year to June 9, approximately 136 working days, amounts to 209,112,000 net tons, compared with 251,666,000 net tons produced in the same period last yeyar. Weekly fig ures for the United States, and for Alabama and Ten nessee, the coal producing states of the sixth district, are shown in the table: (000 Omitted) Alabama Tennessee United States Week Ended: 1928 1927 1928 1927 1928 1927 May 5 . 8,174 8,185 338 340 106 92 May 12 . 8,392 8,402 313 320 105 95 May 19 ________ 8,182 8,273 326 315 100 92 May 26 ________ 8,374 8,476 100 91 324 316 June 9_______ _ 8,412 8,524 IRON Statistics compiled and published by the Iron Age indicate a slightly larger total output of pig iron in the United States during May than in April, but because of the longer month, the daily average rate of production declined slightly. Total production of pig iron during May amounted to 3,283,856 tons, compared with 3,185,504 tons produced in April, and compared with 3,390,940 tons produced in May 1927. The index number of iron pro duction, based upon the monthly average for the threeyear period 1923-1925 represented by 100, was 109.9 for May, compared with 106.6 for April, and with 113.4 for May last year. The daily average rate of output during May was 105,931 tons, compared with 106,183 tons for April, and with 109,385 tons for May 1927. During May there was a net gain of three furnaces in active operation, aight furnaces having been blown in, and five shut down. On June 1 there were 198 furnaces active, compared with 195 a month earlier, and with 211 active on June 1 a year ago. Statistics for Alabama indicate an increase in the total output during May, compared with April, but pro duction was considerably less than in May a year ago. Total output in Alabama in May this year was 207,045 tons, compared with 199,487 tons in April, and with 250,456 tons in May last year. Iron age statistics indicate that on June 1 there were 17 furnaces active, a gain of one over the number active on May 1, and compared with 20 active on June 1, 1927. Recent press reports indicate that consumers are showing little interest in, iron for the third quarter, and inquiries for that period are slow in developing. Shipments during May were sufficient to take care of output. Quotations on iron continue at $16.00. Unfilled Orders—U. S. Steel Corp’n Unfilled orders of the United States Steel Corporation, reported through the press, amounted at the end of May to 3,416,822 tons, a decrease of 455,311 tons compared with the total a month earlier, but larger than the total of 3,050,941 tons at the close of May a year ago. The total reported for May is the lowest since October last year. NAVAL STORES Receipts of both turpentine and rosin at the three principal naval stores markets of the district exhibited a further seasonal increase in May, compared with preced ing months, but in both instances were somewhat less than in the corresponding month last year. May receipts of turpentine were almost double those of April, but were 17 per cent smaller than in May last year. Receipts of rosin in May were about 75 per cent greater than in April, but were 21 per cent less in volume than in May 1927. Stocks of turpentine on hand at the close of May in creased only slightly compared with the month before, and were 1.1 per cent smaller than a year ago, while supplies of rosin declined 8.5 per cent compared with those on hand at the end of April, and were 16 per cent smaller than a year ago. Receipts of both turpentine and rosin in May this year were greater, with the exception of May 1927, than in the same month of any of the past ten years. Except for May 1927, 1918 and 1919 stocks of turpentine were greater than for May of any other recent year, while supplies of rosin were smaller than at the same time of any recent year excepting May 1926, and 1920. While there was some improvement in the demand during the latter part of May prices for turpentine ranged from 47 to 50% cents the last half of May and the first week of June. Prices of the different grades of rosin showed some improvement early in June. Receipts and stocks at the three principal markets of the district are shown in the table. Receipts—Turpentine May 1928 April 1928 May 1917 Savannah _____________ 19,729 9,125 25,243 Jacksonville ___________ 14,118 8,463 16,277 3,177 6,505 Pensacola ________ __ 5,917 Total_____________ 39,764 20,765 48,025 Receipts—Rosin Savannah _____________ 59,730 29,260 78,031 Jacksonville ___________ 44,052 32,442 54,535 Pensacola _____________ 14,678 6,060 17,831 Total_____________ 118,460 67,762 150,397 Stocks—Turpentine Savannah _____________ 9,931 10,303 20,208 20,832 19,656 24,408 Jacksonville ___________ Pensacola _____________ 15,978 15,499 2,648 Total____________ 46,741 45,458 47,264 Stocks—Rosin Savannah _____________ 65,710 65,433 66,430 51,226 68,455 62,523 Jacksonville ___________ Pensacola _____________ 11,953 6,917 24,492 Total_____________ 128,889 140,805 153,445 BUSINESS CONDITIONS IN THE UNITED STATES (Continued from Page One) 000,000 while all other loans, including loans for com mercial and agricultural purposes, increased somewhat. There was a small increase in total investments. During the four weeks ending June 20 there were withdrawals of nearly $75,000,000 from the country’s stock of gold, and the volume of reserve bank credit outstanding increased somewhat, notwithstanding a decline in member bank reserve requirements. Member bank borrowing at the reserve banks continued to increase and early in June exceeded $1,000,000,000 for the first time in more than six years. Acceptance holdings of the reserve banks declined considerably, while there was little change in their holdings of United States securities. After the middle of May firmer conditions in the money market were reflected in advances in open market rates to the highest levels jsinQe the arly part of 1924. MONTHLY REVIEW 8 MONTHLY INDEX NUMBERS The following index numbers, except as indicate d otherwise, are computed by the Federal Reserve Bank of Atlanta monthly. The index numbers of retail and wholesale trade are based upon sales figures reported con fidentially by representative firms in the lines of trade indicated, and the other series of index numbers are based upon figures reported to the bank or currently available through the daily or trade press. These index numbers, except as indicated in the foot-notes, are based upon the monthly averages for the three year period 1923-25 as represented by 100. RETAIL TRADE 6th DISTRICT (Department Stores.) Atlanta______________________________ Birmingham__________________________ Chattanooga __________________________ Nashville _____________________________ New Orleans__________________________ Other Cities___________________________ DISTRICT ___________________________ Mar. 1928 152.4 115.7 82.5 106.0 100.9 109.7 110.0 April 1928 131.8 102.5 84.8 94.2 95.2 104.6 102.0 May 1928 157.8 120.8 89.9 119.5 97.7 109.8 114.0 Mar. 1927 114.0 102.5 81.4 93.9 95.3 106.1 99.0 April 1927 124.8 102.7 92.2 96.2 109.5 114.2 109.0 May 1927 138.0 99.8 94.9 114.1 93.3 111.6 108.0 103. 125. 101.9 115.3 107.2 115.6 100. 125. 111. 120. 102. 99. 209. 133. 163. 107. 117. 200. 119. 202.2 134.6 154.3 99.8 130.0 194.6 129.7 213.0 139.0 163.8 110.0 129.9 220.8 126.8 174. 116. 143. 111. 96. 148. 115. 172. 135. 144. 113. 150. 199. 136. 171. 123. 134. 113. 109. 171. 115. WHOLESALE TRADE 6th DISTRICT Groceries __________________________ Dry Goods__________________________ Hardware__________________________ Furniture _________________ ______ Electrical Supplies___________________ Shoes ___________________________ . Stationery ______________________ Drugs ________________ .... TOTAL ____________________ „ 91.8 96.5 88.7 102.4 75.1 121.7 76.3 113.3 92.2 80.6 76.9 81.1 93.9 78.2 97.0 71.5 95.9 81.7 86.4 74.0 85.3 83.9 78.5 93.9 68.2 108.0 84.5 95.4 104.5 91.3 100.8 88.1 115.5 87.7 110.3 96.3 84.9 94.6 90.4 90.6 89.3 101.7 71.4 106.8 89.6 92.5 83.6 85.5 70.8 79.8 93.0 73.3 99.9 87.1 WHOLESALE PRICES U. S. (2) Farm products_____ . ______________ Foods ___________________________ Hides and leather products___________ Textile products ___________________ Fuel and lighting__ _______________ Metals and Metal products____________ Building materials__________________ Chemicals and drugs_________________ Housefurnishing goods____________ Miscellaneous ______________ ALL COMMODITIES________________ 103.5 98.0 124.0 96.5 80.8 98.4 91.0 95.6 98.3 86.8 96.0 107.6 99.5 126.7 96.5 80.8 98.4 92.5 95.8 97.9 84.9 97.4 109.8 101.2 126.3 96.6 81.8 98.6 93.5 95.3 97.8 85.1 98.6 94.2 94.5 100.5 94.0 90.0 98.2 95.3 97.1 97.8 90.9 94.5 94.3 94.6 101.7 94.2 84.9 97.8 95.0 97.8 97.8 91.3 93.7 96.3 94.4 103.7 93.9 83.9 98.6 95.1 95.4 97.8 91.3 93.7 BUILDING PERMITS 6th DISTRICT Atlanta _________________ Birmingham ____________ _______ Jacksonville ________ ____ Nashville_______________________ New Orleans ____________ Other Cities_________________ DISTRICT (20 Cities)____ ________ 116.6 121.7 92.2 111.8 47.3 74.8 87.2 66.1 129.4 112.4 163.3 53.5 50.0 74.0 382.0 129.0 88.8 90.6 62.3 73.3 123.9 70.7 110.2 124.1 42.6 117.4 93.7 94.8 71.8 164.2 202.2 94.1 107.2 111.5 118.2 73.6 139.9 140.4 113.2 56.1 67.2 84.3 85.0 69.4 92.6 130.8 88.3 88.6 114.4 123.5 94.3 100.0 103.3 113.5 80.9 78.9 113.7 126.6 85.1 96.2 136.6 142.3 124.0 183.8 121.8 128.0 108.2 139.2 124.5 130.6 111.2 102.2 107.1 96.2 106.6 85.9 109.9 89.2 116.6 116.7 114.6 108.3 113.5 107.8 90.8 81.1 71.6 74.4 72.4 63.9 RETAIL TRADE U. S. (1) Department Stores___________________ Mail Order Houses__________________ Chain Stores: Grocery __________________________ 5 & 10 Cent_______________________ Drug ____________________________ Cigar ____________________________ Shoe_______________________ .... Wearing Apparel__________________ Candy ___________________________ CONTRACTS AWARDED 6th DISTRICT COTTON CONSUMED: United States________________ Cotton-Growing States _ All Other States___________________ Exports_______________ PIG IRON PRODUCTION: United States_____________________ Alabama _______________ __________ UNFILLED ORDERS—U. S. STEEL CORPORATION_____________________ (1) Compiled by Federal Reserve Board. (2) Compiled by the Bureau of Labor Statistics. Base 1926—100.
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