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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 O SCAR NEW TON, Chairm and Federal Reserve Agent an O F A T L A N T A , G A ., M A Y 3 1, 1927. B U S IN E S S C O N D IT IO N S I N T H E U N IT E D STATES Prepared by the Federal Reserve Board Industrial output declined in April reflecting reduced activity both in mines and in factories. Distribution of commodities by railroads and retail trade increased, and the level of prices showed a further slight decline. Production Decreased output of industry in April, as compared with March, was due chiefly to the coal strike, which caused a large decline in the production of bituminous coal. Among manufacturing industries, which as a whole were somewhat less active in April than during the previous month, when allowance is made for usual seasonal changes, reductions were re ported in the iron and steel and textile industries, as well as in meat packing and in the production of building ma terials. The manufacture of motor cars, though it showed the usual seasonal increase, in April, continued at a lower level than a year ago. Petroleum production continued in record volume, nothwithstanding large stocks and declin ing prices. The value of building contracts awarded de clined slightly in April from the record high figure in March, but was larger than last year. The decline in building between March and April reflected reduced ac tivity in the construction of commercial, industrial, and educational buildings, while contracts for residential and public buildings increased. On the basis of conditions on May 1, the Department of Agriculture forecasts a winter wheat crop of 594,000,000 bushels, or about five percent less than in 1926. Continued wet cold weather over much of the corn belt and also in the spring wheat area has re tarded the planting of spring crops. Trade Commodity distribution at retail was larger in April than at the same sea son of any previous year, owing in part to the lateness of the Easter holiday. Department store sales were approx imately 7 percent larger than in April of last year, and sales of mail order houses and chain stores were also in large volume. Wholesale trade showed about the usual decrease between March and April and continued smaller than in the corresponding month of last year. Inventories of merchandise carried by department stores were in about the same volume at the end of April as in March, A TLA N TA W ARD ALBERTSON, Assistant Federal Reserve Agent. This Review released for publication in the afternoon papers M onday, M 30. ay (Com piled M 17, 1927.) ay V O L . 12, No. 5. *while stocks of wholesale firms were smaller. Railroad carloadings were larger in April than is usual at that season of the year, reflecting chiefly large shipments of iron ore, coke, grain and grain products, but also in creased movement of miscellaneous freight and of mer chandise in less-than-carload-lots. Coal shipments were 27 percent smaller in April than in the preceding month. Prices In April there was a further slight recession in the general level of wholesale prices, as measured by the index of the Bureau of Labor Statistics, but in the first three weeks of May price conditions were firmer. The decline in April re flected chiefly a decrease in the price of petroleum, lum ber and several of the non-ferrous metals. There was ' little change in the level of agricultural prices which have been fairly constant since the beginning of the year. 'During the first three weeks of May prices of grains, cotton, iron and steel, petroleum, lumber and hides ad vanced, while those of livestock, coke and non-ferrous metals declined. Bank Credit The volume of credit of weekly re porting member banks, as measured by their total loans and investments, increased by more than $300,000,000 during the month ending May 18, and was on that date at the highest level on record. This growth represented for the most part an increase in the banks holdings of investments and in the volume of their loans on stocks and bonds, while commercial loans showed relatively little change. At the Reserve Banks there was a decrease during the month in total volume of credit out standing, owing to the receipt of a considerable amount of gold from abroad, in addition to the purchase abroad by these banks of about $60,000,000 of gold that is now held earmarked with a foreign correspondent. The banks’ holdings of acceptances and of government securities de clined by about $85,000,000, while discounts for member banks increased by about $45,000,000 apparently in re sponse to the increased reserve requirements arising from the growth in the member bank deposits. Conditions in the money market were comparatively stable during the first three weeks of May and there were no changes in rates quoted on prime commercial paper and on accept ances. PRETP R E T E CN E C N PRET E CN 150 150 Minerals 100 B A N K PRET E CN 200 200 » A / v J J?" ^ 100 V n / Manufacrures 50* 50 P R ODUCTION OF MANUFACT U R ES AND M IN ER A LS 1 1923 1 1925 1926 1927 Index num bers of production of manufactures and minerals, ad justed for seasonal variations (1923-25 average— 100). Latest figures, April; manufactures 109; minerals 107. 1923 192* 1925 1926 1927 Indexes of United States Bureau of Labor Statistics (1913—100 base adopted by bureau). Latest figures, April: All com odities m 144.2; Agricultural comm odities 143.3; Non-agricultural comm odities 144.4. TH E M O N TH LY BUSINESS REVIEW 2 1923 1924 1925 1926 1927 Index of sales of 359 stores (1919— 100). Latest figures: April, adjusted index 140; unadjusted index 143. SIXTH DISTRICT SUMMARY Business statistics compiled for the Monthly Business Review continued in ApriJ and early May to exhibit vary ing comparisons with preceding periods this year, and with corresponding periods a year ago. Agricultural con ditions in the district are not so favorable as they were a month or two ago due to lack of rain in some places, and to too much rain in other sections. The Mississippi flood waters have done an amount of property and crop damage which it is yet impossible to estimate. Retail trade in April was seasonally greater than in March, and showed an increase of 3.3 per cent over April last year, probably due to the fact that Easter buying last year was done in March, while this year much of it was delayed until April. Wholesale trade exhibited seasonal decreases compared with March, except in sales by elec trical supply dealers, and sales were also smaller than in April last year, except in stationery and drugs. Savings deposits at the end of April were slightly greater than a month earlier, and were 2.9 per cent greater than a year ago. Debits to individual accounts at 24 reporting cities of the sixth district were 7.2 per cent smaller in volume than in April last year, the smallest decrease which has been shown since August last year. Loans and discounts by reporting member banks in leading cities on May 11 indicate a somewhat smaller demand for funds than a month or a year ago, and these banks’ investments in securities are greater than at that time. Discounts by the Federal Reserve Bank of Atlanta were, however, greater than a month ago or at the same time last year. Building permits issued at twenty cities of the sixth dis trict during April were greater than in any month since last October, but were 24.9 per cent less than in April last year. Contracts awarded in the district were 42.9 per cent smaller than in April 1926. Production of cotton M onthly averages of weekly figures for banks in 101 leading cities. Latest figures are averages for first three weekly report dates in M ay. cloth and yarn in April by mills reporting to the Federal Reserve Bank was smaller than in March, but greater than in April last year. Production of coal in Alabama and ‘Tennessee was smaller in April this year than last, and the production of pig iron in Alabama was somewhat smaller than in March, but greater than in April 1926. Receipts of both turpentine and rosin in April increased seasonally over March, and were more than double re ceipts in April last year. Stocks of both commodities were also greater than at that time.* RETAIL TRADE The volume of retail trade in the sixth Federal reserve district during April, reflected in confidential reports from 46 department stores located throughout the district, was seasonally greater than in any of the preceding months of the year, and was 3.3 per cent greater than in April 1926. Decreases compared with April last year shown in figures reported from Birmingham, Nashville, and “Other Cities” were outweighed in the average by in creases reported from Atlanta, Chattanooga, New Orleans, and Savannah. Total sales of these firms for the first four months of 1927 were three-tenths of one per cent smaller than for the corresponding part of 1926. Stocks of merchandise at the end of April were 1.9 per cent greater than a month earlier, and 4.0 per cent greater than a year ago. The turnover for the month was frac tionally better than in April last year, but for the year to date was not so favorable. Outstanding orders at the end of April were 28.3 per cent smaller than a month earlier, and 21.8 per cent smaller than a year ago. Accounts receivable were slightly larger than a month and a year ago. Collections in April were about the same as in March, and 2.2 per cent greater than in April last year. The ratio of collections during April to accounts outstand ing and due at the beginning of the month for 25 firms CONDITION OF RETAIL TRADE DURING M ARCH, 1927 IN THE SIXTH FEDERAL RESERVE DISTRICT BASED UPON REPORTS FORM 46 STORES 1 Atlanta (5) ________ Birmingham (5) __ Chattanooga (6) _____ Nashville (5) _______ New Orleans (5) ____ Savannah (3) ______ Other Cities (17)_____ District (46) ................ 2 8 Net sales— percentage Stocks at end of month. Percentage of sales to increase or decrease percentage increase or average stocks inApr. com pared with: decrease compared with: (Stock turnover for the month) : (A) (B) April Jan. 1 to (B) (A) (A) (B) April 30, 1926 April 1927 1926 M arch 1926 1926 1927 +20.1 +11.1 + 11.3 + 7.2 26.9 30.9 — 5.5 — 8.2 — 8.4 21.8 — 0.1 22.5 + 3.0 + 4.8 + 2.8 19.4 + 0.6 18.2 — 1.8 — 0.8 — 2.7 + 2.0 25.5 26.0 + 5.2 + 0.9 + 10.9 + 0.3 21.7 20.6 + 7.1 + 3.5 + 1.7 + 0.9 23.2 24.8 — 6.8 — 8.8 — 3.0 * 24.4 + 4.0 25.4 + 3.3 — 0.3 + 4.0 + 1.9 23.3 23.4 4 Percentage of sales to average stocks from January 1 to April 30. (Stock turnover for year to date) (A) 1926 » 109.2 92.3 73.3 94.6 84.4 85.4 103.2 92.2 <B) 1927 122.5 79.3 74.5 103.9 79.0 87.7 90.0 89.2 S Percentage of outstand ing orders at end of month to purchases during calendar year 1926. . (B) (A) April M arch 3.7 3.4 3.1 4.2 3*5 5.0 4.0 3.6 3.4 6.6 6.4 ! 3.3 4.4 3.5 3.5 4.9 TH E M ONTH LY BUSINESS REVIEW was 36.2 per cent, compared with 35.3 per cent for March. Detailed comparison of sales, stocks and turnover are shown in the table, and index numbers of sales at Federal reserve bank and branch cities are shown on page 8. WHOLESALE TRADE The volume of wholesale trade in the sixth district, for each of the years since the Federal Reserve Bank be gan collection wholesale trade statistics, has always ex hibited a seasonal decline from March to April and figures for April this year are smaller than for March, excepting in electrical supplies, where April sales in creased 1.4 per cent over those in March. In the other seven reporting lines April sales were in smaller volume than in March, and all of the eight reporting lines showed decreases compared with sales in April last year. In the tables following are shown percentage comparisons of sales by lines, divided by cities where three or more firms in a line reported from a single city. Groceries Sales during April reported by 33 wholesale grocery firms were 9.9 per cent smaller in the aggregate than in March, and 18.9 per cent smaller than in April last year. Stocks on hand decreased 3.1 per cent compared with those on hand at the end of March, and were 6.4 per cent smaller than at the end of April 1926. Accounts receivable at the end of April were five-tenths of one per cent smaller than a month earlier, and 12.0 per cent smaller than a year ago. April collections were 13.6 per cent smaller than in March, and 23.8 per cent smaller than in April last year. April 1927 sales com pared with: M arch 1927 April 1926 -12.2 — 5.9 Atlanta (4 firm s) — 35.0 — 18.2 Jacksonville (4 firms) — — 16.0 — 13.4 New Orleans (7 firms).. — 8.2 + 2.8 Vicksburg (3 firms) ---—10.8 — 5.4 Other Cities (15 firms) — 18.9 — 9.9 District ((33 firms) ---April sales reported by 23 wholesale dry goods firms averaged 10.5 per cent smaller than in March, but were 1.1 per cent less ;han in April last year. Increases at Atlanta and Nash ville over April last year were a little more than offset in the average by decreases reported from Other Cities. Stocks at the end of April increased 1.4 per cent over those a month earlier, but were 27.0 per cent smaller than a year ago. Accounts receivable increased 2.6 per cent over those at the end of March, but were 5.8 per cent smaller than at the end of April 1926. April col lections were 2.3 per cent greater than in March, but were 11.3 per cent smaller than in April last year. April 1927 sales com pared with: M arch 1927 April 1926 — 7.1 +14.1 Atlanta (3 firms)------- ______ — 13.1 +12.5 Nashville (3 firms) ---- ______ ______ —10.8 — 6.0 Other Cities (17 firms) — 10.5 — 1.1 District (23 firms)--- ______ Hardware An increase in sales of hardware at wholesale reported from New Orleans was slightly more than offset in the average by reports from other firms, and the aggregate of April sales for the district was two-tenths of one per cent smaller than in March. April sales this year were 16.0 per cent less than in April 1926. Stocks on hand decreased 2.0 per cent compared with March, and were 16.0 per cent smaller than a year ago. Accounts Receivable were 3.3 per cent smaller than a month ago, and 23.1 per cent less than at the end of April 1926. Collections in April were 5.0 per cent smaller than in March, and 17.2 per cent less than in April last year. April 1927 sales com pared with: M arch 1927 April 1926 Atlanta (3 firms) ----------------— 5.8 — 3.8 — 8.8 —43.6 Jacksonville (3 firms) ________ Nashville (3 firms------------------ — 0.6 — 4.9 New Orleans (5 firms)-------------+ 7.5 — 8.5 Other Cities (14 firms)------------- — 0.4 — 23.4 District (28 firms) ___________ — 0.2 — 16.0 tenths of one per cent compared with March, and were 11.6 per cent smaller than a year ago. Accounts re ceivable at the end of April were 2.1 per cent smaller than a month earlier, and 3.6 per cent less than a year ago. April collections increased 3.5 per cent over those in March, but were 12.1 per cent smaller than in April 1926. April 1927 sales com pared with: M arch 1927 April 1926 Atlanta (4 firms) ____________ — 18.1 + 6.3 Chattanooga (3 firms) ________ + 1.6 — 8.5 O ther Cities (7 firms)__________ —19.7 — 20.5 District (14 firms) ___________ —11.8 —12.2 Electrical Sales of 11 wholesale electrical supSupplies ply firms during April averaged 1.4 per cent greater than in March, due to a larger volume of sales in New Orleans. New Orleans firms also showed an increase of 2.8 per cent over April JL926, but this was outweighed in the average by de creases at Other Cities. Stocks on hand increased 12.3 per cent over those at the end of March, and were 1.0 per cent greater than a year ago. Accounts receivable at the jbnd of April increased 30.6 per cent over March, but were 19.3 per cent smaller than at the close of April 1926. April collections were 9.8 per cent smaller than in March, and 27.8 per cent less than in April last year. April 1927 sales com pared with: M arch 1927 April 1926 New Orleans (4 firms)________ + 8.0 + 2.8 Other Cities (7 firms)__________ — 2.5 — 31.3 District (11 firms) ___________ + 1.4 — 21.0 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. April 1927 sales com pared with: M arch 1927 April 1926 Shoes (5 firm _ s) _ --------— 11.9 — 3.9 Stationery (4 firm s) --------— 18.6 + 0.1 Drugs (5 firm __ s) --------— 4.9 + 5.6 Dry Goods ^urniture April sales by 14 wholesale furniture firms averaged 11.8 per cent smaller in volume than in March, an increase at Chattanooga be ing more than outweighed in the average by decreases at Atlanta and Other Cities. Compared with April last year, sales at Atlanta in April this year were larger, but this increase was more than offset by decreases at Chatta nooga and Other Cities. Stocks on hand decreased nine AGRICULTURE Agricultural conditins generally in the district are not so tavorable as they were a month or more ago. Through April the season was probably from two weeks to a month early, but during the past three weeks tempera tures have been lower, and some sections report too much rain and in other places there has been too little. The estimated production of winter wheat and oats in this district is considerably below that of last year. Acreages of truck crops are estimated at from one-third to one-half greater than last year in the south generally. Cottonplanting has not made as rapid progress as was antici pated. Reports from Alabama indicate a lack of mois ture, while in Mississippi and Tennessee rains have in terfered with farm work. In Louisiana and Mississippi flood waters of the Mississippi River have covered a num ber of parishes and have done great damage to crops and farm property. The condition of the peach crop in Georgia (commercial and farm crop combined) had dropped by May 1st to 43 per cent of a full or normal crop, compared with 55 per /cent a month ago, and 64 per cent a year ago. The move ment this year is estimated at about 14,900 cars, com pared with 17,950 cars shipped last year. The United States Department of Agriculture has is sued its final estimate of cotton production during 1926, and figures for the six states of this district are shown in the table: Acres Yield Per Final Cotton— 1926 Picked Acre (lbs.) Estimate Bales Alabama ................. 3,651,000 196 1,497.000 Florida _________ 105,000 145 32,000 Georgia _ ______ - 3,965,000 180 1,493,000 Louisiana _______ ..... 1,979,000 200 828,000 M ississippi 3,752,000 240 1,884,000 Tennessee ............... 1,143,000 188 450.000 Total 6 states_____ 14,595,000 191.5 6,184,000 Total U. S.............. .. . 47,087,000 181.9 17,911,000 These figures indicate that the acreage picked in the six states of this district was 243,000 acres smaller than was in cultivation on June 25, 1926, while the total acre age for the United States was 1,643,000 smaller than was in cultivation on that date. C TTO M O N OVEM ENT— UNITED STATES (Bales) Since August 1 1927 1926 1925 Receipts at all U. S. ports---- 12,087,752 9,028,581 9,121,954 3 TH E M ONTH LY BUSINESS REVIEW 4 Overland across the M iss., O and Potomac rivers to hio, Nor. M and Canada____ 1,258,410 1,364,193 1,230,091 ills Interior stock in excess of those held at close of C ’l om 258,869 1,031,662 313,305 year 4,170,000 3,657,719 3,402,836 Southern mills takings net.. Total 272 days_________ 17,764,298 15,170,112 14,044,204 Foreign exports ............. — 9,643,457 6,999,558 -------*American M ills, Nor. M ills and Canada, Sou. M ills---- 6,732,298 6,544,280 -------American cotton thus far---- 14,357,000 12,734,000 12,061,000 *O which 1,979,244 by Northern spinners against 2,320,878 last f year and 4,753,054 by Southern spinners against 4,223,420 last year. Sugar and A recent statement by the Bureau of Sugar Cane Agricultural Economics indicates that loss of sugar due to the Cane Borer during the 1926 season amounted to 38,352 short tons of sugar, or 76,704,000 pounds, about 16 per cent of a normal crop. This is less than half the loss from the cane borer during the 1925 crop season. SUGAR M OVEM ENT— NEW ORLEANS (Pounds— Raw Sugar) Receipts: April 1927 M 1927 April 1926 arch New Orleans .----- 137,725,687 218,472,270 162,072,145 Savannah ....... -.... 15,295,920 58,266,670 38,545,072 Meltings: New Orleans___.... 161,590,965 196,242,772 154,432,766 Savannah — -.......... 30,125,472 51,913,076 35,224,160 Stocks: i New Orleans ~....... 98,161,002 122,332,220 58,062,144 . Savannah ... ........— 33,251,612 48,081,164 43,297,221 Refined Sugar Shipments: New Orleans --- -- 162,101,117 157,270,089 135,529,318 Savannah ..........-... 29,197,496 31,047,242 38,061,133 Stocks: New Orleans ........ 78,489,648 83,459,463 73,675,747 Savannah _______ 32,257,706 33,145,702 28,837,836 RICE M OVEM ENT— NEW ORLEANS Rough Rice (Sacks) April 1927 M arch 1927 April 1926 37,092 13,012 79,301 Receipts ... 48,285 20,473 73,570 Shipments 13,689 24,845 32,306 Stock .... . Ciean Rice (Pockets) 99,859 221,119 Receipts _ __ __ — _ _ ...... 122,427 122,908 199,258 Shipments __ ____ ___ 130,146 _ 211,274 232,491 224,772 Stock Rice M illers Association Statistics (Barrels) Receipts (Rough Rice) April Season Totals 7,825,970 Season 1926-27 .......................... 371,901 7,049,428 Season 1925-26 ........... ........... 194,321 Distribution (M illed Rice) 7,336,219 569,194 Season 1926-27 ......... ................ 5,852,728 Season 1925-26 _______ ______ 471,143 Stocks (Rough and M illed) 1927 ............................. 1,696,891 M ay 1926.......-..................... 1,556,393 M ay FINANCIAL The volume of savings deposits on hand at the end of April, reported to the Federal Reserve Bank by 89 banks in the district, was seven-tenths of one per cent greater than a month earlier, and 2.9 per cent greater than deposits held by the same banks a year ago. Some of these banks are savings banks, but most of them are commercial banks which operate savings departments. Total figures for Federal reserve bank and branch cities, with comparisons, are shown below: (000 Om itted) Com pariCom pari son son April M arch Apr.-M April April ar. 1927 1927 1927 1926 *27-’26 $ 38,594 $ 39,479 — $35,992 + 7.2 2.2 Birmingham (5 banks) ... . 24,626 24,478 + 0.6 24,822 — 0.8 30,060 30,406 —1.1 29,325 + 2.5 Jacksonville (5 banks)--Nashville (9 banks____ . 24,779 22,814 + 8.6 20,270 + 22.2 New Orleans (8 banks)... . 48,994 47,456 + 3.2 48,881 + 0.2 Other Cities (55 banks)_ . 111,455 111,978 — 111,533 — 0.1 0.5 278,508 276,611 +0.7 270,733 + 2.9 Debits to The total volume of debits to indiIndividual vidual accounts at 24 reporting cities Accounts in the sixth district during April 1927 was 2.3 per cent smaller than in March, and were 7.2 per cent smaller than the high figure (reported for April 1926. This is a more favorable com parison than has been shown for any month since August of last year. The monthly figures shown in the table are derived from weekly figures by pro-rating figures for ‘ those weeks which do not fall entirely within a single month. Figures for Miami and Hattiesburg are not in Savings Deposits cluded in the totals because of the lack of figures for 1926. (000 Om itted) arch 1927 April 1926 April 1927 M Alabama: $150,280 $143,412 Birmingham ........ $144,308 3,906 3,204 3,201 Dothan ---- ---36,047 40,570 40,488 M obile? ______ 24,482 23,613 M ontgomery --24,378 Florida: 118,565 99,138 106,773 Jacksonville 81,889 64,806 ........ M i iam 8,750 8,019 8,465 Pensacola ........ 89,016 53,644 56,981 Tam ............ pa Georgia: 5,853 5,281 5,098 Albany ............ 163,494 157,944 165,145 Atlanta _____ 25,777 26,447 26,453 Augusta ------- ___ 3,096 3,544 3,591 Brunswick ---14,820 14,728 14,047 Colum ____ bus 1,096 928 791 Elberton ____ 23,798 21,588 22,014 M acon 1,832 2,276 2,249 Newnan __ _ _ 46,082 47,849 47,310 Savannah ....... 6,165 5,703 5,911 Valdosta Louisiana: 375,755 339,398 349,263 New Orleans Mississippi: 8,069 7,487 Hattiesburg .... 21,064 22,712 21,964 Jackson --- --17,642 14,222 17,542 M eridian ........ 6,494 7,643 7,549 Vicksburg ....... Tennessee: 50,580 47,949 50,906 Chattanooga .... 34,229 35,028 34,571 Knoxville ....... 85,994 91,952 86,120 Nashville ........ .. 1,217,790 1,246,485 1,312,452 Total ......... .... The total loans and discounts reported to the Federal Reserve Bank weekly by 34 member banks in Atlanta, New Orleans, Birmingham, Jacksonville, Nashville, Chattanooga, Knoxville and Savannah, on May 11 amounted to $503,111,000, a decrease of 1.1 per cent compared with the total of $508,568,000 on April 13, and 2.2 per cent smaller than the total of $513,497,000 on May 12 last year. United States securities owned by these banks on May 11 totaled $51,478,000, compared with $54,281,000 on April 13, and compared with $41,640,000 on the corresponding report date last year. Other stocks and bonds owned by these banks declined slightly com pared with a month ago, but were $1,785,000 greater than a year ago. Total loans, discounts and investments on May 11 amounted to $612,802,000, smaller by 1.4 per cent than on April 13, but $1,237,000 greater than on the cor responding report date a year ago. Time deposits in creased slightly during the month, and were 7.6 per cent greater than a year ago. Demand deposits declined 1.2 per cent during the month and were 5.7 per cent less than a year ago. Accommodation extended to these banks by the Federal Reserve Bank of Atlanta on May 11 amounted to $19,416,000, compared with $13,997,000 on April 13, and with $12,812,000 at the same time last year. Principal items in the weekly report, with comparisons, are shown in the table: (000 Om itted) M 11, April 13, M 13, ay ay Bills Discounted: 1927 1927 1926 Secured by G Obligations....$ 5,403 $ 5,494 $ 5,841 ovt. Secured by Stocks and Bonds.... 105,717 109,544 102,344 All Other _____________ 391,991 393,530 405,312 Total Discounts .............. ... . 503,111 508,568 513,497 U. S. Securities ____________ 51,478 54,281 41,640 Other Stocks and Bonds___ _. 58,213 58,488 56,428 Total Loans, Discounts and In vestments _____________ 612,802 621,337 611,565 Time Deposits ........................... 237,213 237,038 220,492 Dem and Deposits -------- -------- 337,489 341,710 357,867 Accommodation at F. R. Bank 19,416 13,997 12,812 Condition of Member Banks in Selected Cities Operations of the Federal Reserve Bank Discounts by the Federal Reserve Bank of Atlanta for its member banks in the sixth district, both those secured by Government Oblibations and "All Others,” were greater on May 11 than four Weeks earlier or on the corresponding report date last year. Discounts secured by Government Obligations on May 11 were $4,846,000, compared with $2,756,000 on April 13, and with $2,637,000 on May 12 a year ago. Total 'discounts on May 11 amounted to $34,338,000, compared with $27,686,000 on April 13, and with $30,620,000 on May 12, 1926. Investments in United States securities were about a million dollars greater than four weeks earlier, TH E M ONTH LY BUSINESS REVIEW and a little more than half a million dollars greater than a year ago, and holdings of bills bought in the open mar ket on May 11 amounted to $11,456,000, compared with $11,611,000 on April 13, and with $22,439,000 on May 12 last year. Total bills and securities on May 11 were 18.3 per cent greater than four weeks earlier, but were 12.7 per cent less than a year ago. Cash reserves, deposits and notes in circulation were somewhat smaller m volume than four weeks ago, or at the same time last year. Principal items in the weekly statement for May 11, with compari sons, are shown in the table following: (000 Omitted) M 11, April 13, M 12, ay ay 1926 1927 Bills Discounted: A $ 2,756 $ 2,637 Secured by Govt. Obligations -$ 4,846 All Others ------------------- ^9,492 24,930 27,982 Total Discounts -------- ------ .54,aaa 27,686 30,620 Bills bought in open market-....... 11,456 11,611 22,439 3,774 3,284 U. S. Securities ..... ................. A'tnn 42,581 57,688 Total Bills and Securities-------- 6M77 208,321 208,391 Cash Reserves -------------------- 193,624 71,475 75,925 Total Deposits ---- --- ------------ 7 ,b « 175,128 186,802 ------------------- 0 Us XTU OC F. R. Notes in actual circulation ... 171,268 84.5 79.3 Reserve Ratio ------------------- 80.0 Statistics compiled by R. G. Dun & Commercial Co. indicate that commercial failures Failures in the United States during April numbered 1968, compared with 2,143 in March, and with 1,957 in April last year, and liabilities in April amounted to $53,155,727, compared with $57,890,905 in March, and with $38,487,321 in April 1926. Failures in the sixth dis trict in April were fewer than in March, and liabilities were somewhat smaller, but were considerably larger than the rather small figures reported for April last year, shown in the table below: Number Liabilities Liabilities Liabilities District— Apr. 1927 Apr. 1927 M 1927 Apr. 1926 ch. Boston 197 $ 6,913,340 $ 7,960,696 $ 3,778,915 New York'........ - 324 10,287,882 10,932,189 10,733,680 Philadelphia' ~ 64 2,828,587 3,966,722 2,831,463 Cleveland---------~~ 151 6,025,924 4,724,804 3,306,131 Richm ond 123 3,800,752 3,585,847 3,320,683 Atlante -..-.ZIZ: 136 3,787,003 4,530,678 451,677 Chicago 288 9,122,266 11,840,265 5,767,251 95 1,590,517 i,088,84i 1,606,577 1,220,988 868,720 846,601 M inneapolis ..... 98 Kansas City _ 124 _ 1,526,939 1,684,193 1,861,132 1,685,229 1,415,400 716,438 Dallas ............ . 75 San Francisco__ 293 4,366,300 5,292,550 3,216,773 Total ........ ....... 1968 $53,155,727 $57,890,905 $38,487,321 IMPORTS AND EXPORTS Preliminary statistics compiled by United States the United States Department of Commerce indicate a somewhat larger total of exports during April than in March, but a slight decline in im ports. The value of exports exceeded by 37 million dol lars the value of imports for the month. Compared with the same month last year, figures for April show an in crease of 27 million dollars in exports, but a decrease of nearly 20 million dollars in imports. For the first four months of 1927, exports have exceeded imports by 191 million dollars, while for the same period of 1926 imports exceeded exports by more than 132 millions. Exports during the first four months of 1927 exceeded exports during the same period of 1926 by 6.9 per cent, while imports were 13.4 per cent smaller than during that period of 1926. Preliminary figures for April with com parisons are shown in the table: 1926 1927 Imports: 378,000,000 $ 397,912,000 April --------------------442.899.000 379,170,000 M arch ------------------10 months ending with April 3,553,737,000 3.807.702.000 Exports: 387,974*000 April _________ -___ 415,000,000 374.406.000 408,844,000 M arch ______________ 10 months ending with April 4,217,725,000 4.058.649.000 Imports New Orleans Imports of merchandise through the port of New Orleans during Febru ary 1927 amounted to $18,872,569, only slightly smaller than the total of $18,964,355 in Jan uary, but 14.3 per cent smaller than the value of imports in February 1926. Increases over February last year were noted in imports of bananas, crude petroleum, gaso line, and the quantity of coffee was greater but the total value showed a decrease, while the reverse is true of sugar. Some of the principal items imported in February were: 5 Coffee lbs................................. — Bananas, bunches ____________ Sisal, tons . .................. ........... ............ C rude petroleum, barrels— Gasoline, barrels ................. ...... Cresote oil, barrels —................... Sugar, lbs.................................. Burlaps, lbs........ ...................... — M ahogany cabinet wood, feet------- Value Volume 34,984,653 $6,415,480 1,501,043 799,328 239,060 1,537 1,110,211 1,421,404 • 209,988 1,033,150 971,592 145,977 191,512,037 5,817,699 905,598 8,568,584 278,020 3,007,000 Exports New Orleans The value of commodities exported during February through the port of New Orleans was $31,641,428, com pared with $4,607,450 in January, and with $35,476,079 in February 1926. Increases over February last year were shown in exports of wheat flour, and long staple cotton, and while a greater volume of short staple cotton was moved the total value was smaller because of the lower price. Decreases occurred in a number of other important items. Volume Value Tobacco, lbs ..................................... 9,930,754 $1,013,855 Lard, lbs. ___________________ 5,140,318 720,150 Eggs in the shell, doz-----------------669,570 204,793 W heat flour, barrels -----------------136,427 921,917 Long staple cotton, bales_________ 39,768 3,075,166 Short staple cotton, bales_________ 111,312 8,620,776 Rough Sou. Pine Boards, ft_______ 7,548,000 406,516 Oak Boards, ft. ________________ 4,271,000 262,672 Gasoline, barrels _______________ 975,838 6,244,319 Illuminating oil, barrels -------------153,891 518,359 Cylinder lubricating oil, barrels____ 34,644 379,209 Refined .parafin wax, lbs__________ 8,292,902 413,313 Grain Exports—New Orleans The export movement of grain through New Orleans continues larger than at the same time last year, figures for April showing large increases over April last year in wheat and oats. Figures in the table show figures for April, and for the season to date, compared with the same periods a year ago: Season Through Apr. 1927 Apr. 1926 Apr. 1927 Apr. 1926 W heat .......... 387,072 88,175 7,632,783 2,512,522 Corn _________ 305,801 590,745 3,702,069 5,952,923 Oats _________ 135,096 39,579 1,039,266 553,895 Rye --------------- 68,671 63,200 445,814 68,167 Total 896,640 781,699 12,819,932 9,087,507 BUILDING The volume of building in prospect, as measured by building permits issued at twenty reporting cities in the sixth district, was greater in April than in any month since October of last year. The value of building permits issued during April at these twenty reporting cities was $13,295,869, an increase of 24.7 per cent over the value of March permits, but 24.9 per cent smaller than for the corresponding month of April 1926. The index number for April, based upon the monthly average for 1919 as represented by 100, is 368.7, compared with 295.8 for March, and with 490.8 for April last year. Twelve of the twenty cities whose figures are included in the index re ported increases over April last year, and the remaining eight reported decreases. 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 April amounting to $604,390,700, smaller by 4.2 per cent than the total for March, but 5.9 per cent greater than for April 1926. Contract awards during April in the sixth district totaled $331,004,097, smaller by 32.5 per cent than the total for March, and 42.9 per cent smaller than the total for April last year. In the table are shown permits issued in April, with comparisons, for reporting cities in the district, and on ’page 8 are shown index numbers for Federal Reserve Bank and branch cities. Percentage Apr. 1927 Apr. 1926 Change No. Value No. Value Alabaama: in Value 20 $ 23,350 33 $ 101,275 — Anniston 76.9 -617 2,434,740 649 2,396,927 + 1.6 Birmingham 115,246 79 M obile ________ 88 72,940 +58.0 M ontgomery ------ 65 108,545 90 56,200 +93.1 TH E M ONTH LY BUSINESS REVIEW 6 Florida: 20.3 Jacksonville ..........486 1,663,780 425 2,088,100 — .......... 331 3,419,501 964 3,100,979 + 10.3 M i iam 85.1 205,795 262 1,378,317 — O rlando - .......... 151 43,980 + 42.5 62,679 43 Pensacola _____ 160 83.9 479,276 990 2,969,298 — _____ 435 Tam pa 82.7 237,620 — 41,100 100 ♦Lakeland ______ 32 60.4 807,090 — 319,600 50 ♦M i Beach ----- 16 iam Georgia: 936,622 + 18.6 Atlanta ------------402 1,110,575 377 28.1 146,166 — 105,136 127 Augusta ---------- 131 28.4 139,192 — 99,660 65 Colum ---------- 65 bus 79,295 + 61.1 127,719 176 M acon -------------148 64.8 339,925 — 119,565 47 Savannah --------- 54 Louisiana: 972,924 + 41.8 New Orleans____ 143 1,379,646 208 91,504 + 10.2 100,817 112 Alexandria — ......... 92 Tennessee: 446,395 + 8.2 Chattanooga ------ 260 483,000 341 75,800 + 23.1 Johnson City------ 22 93,300 24 70.8 Knoxville ___ __ 270 566,473 278 1,943,052 — 318,310 + 87.6 Nashville _______321 597,066 234 24.9 Total 20 Cities_____ 4261 13,295,869 5524 17,697,201 — 490.8 368.7 Index No---------------♦Not included in totals or index numbers. LUMBER Preliminary figures for April, received from 118 sub scribing mills by the Southern Pine Association up to the middle of May, indicate that these mills booked orders during April amounting to 281,381,725 feet, and their production amounted to 274,106,927 feet. Orders for April thus exceeded production by 2.7 per cent; in March orders of reporting mills were 2.2 per cent greater than their production. April shipments were 285,137,113 feet, exceding orders by 1.3 per cent, and exceeding produc tion by 4.0 per cent. April production by reporting mills was 11.8 per cent below the computed normal production; March production was 6.8 per cent, and February output 15.1 per cent, below the computed normal production of reporting mills. Stocks on hand at the end of April were 2.4 per cent smaller than normal stocks of reporting mills, while stocks at the end of March were only three-tenths of one per cent less than normal stocks of the mills which reported for March. Unfilled orders at the end of April were 25.3 per cent less than the month’s output. Figures for 85 identical mills indicate that for the week ending May 6 orders booked were 5.6 per cent and ship ments 4.6 per cent, greater than for the same week last year, while production was one-hundredth of one per cent less than for that week. The statement of operating time for the week ending May 6 shows that out of 104 report ing mills, 93 operated 5y2 days or full time, and of the 79 operating full time, 19 reported overtime aggregating 510 hours, or an average of about 27 hours overtime for each mill for the week. Preliminary figures for April, with comparisons, are shown in the table: April 1927 M arch 1927 April 1926 118 mills 130 mills 128 mills ..281,381,725 314,283,977 295,805,379 O rders -— -285,137,113 314,623,513 313,670,401 Shipments _____________274,106,927 307,459,443 287,676,812 Production Normal production, these mills-.---310,843,895 329,720,564 309,435,912 ..793,094,045 863,180,940 713,006,130 Stocks, end of month.. Normal stocks, these mills_____ 812,621,398 865,607,884 805,177,573 Unfilled orders, end of month____204,751,182 227,085,921 224,594,804 TEXTILES According to statistics compiled and published by the United States Cen sus Bureau, 619,140 bales of lint cot ton were consumed in the United States during April. Nearly three-fourths of this total consumption was in the cotton-growing states, where somewhat more than half of the spindles active during the month were located. This consumption of cotton in April shows a decrease of 10.8 per cent compared with March, but was 7.2 per cent greater than in April last year. Stocks in consuming establishments at the end of April were slightly smaller than a month earlier, but were 15.8 per cent greater than a year ago, and stocks in public storgage and at com presses declined 18.2 per cent compared with March, but were slightly greater than a year ago. Exports during April declined seasonally compared with those in March, but were 65.6 per cent greater than in April 1926. The [number of active spindles declined 26,846 in April com pared with March, but was slightly greater than in April last year. Consumption of cotton in the cotton-growing states dur ing April amounted to 447,111 bales, 10.1 per cent less Cotton Consumption than in March, but 10.4 per cent greater than in April 1926. Stocks were smaller than a month earlier, but somewhat greater than a year ago. The number of spin dles active in the cototn-growing states increased 75,534 in April over March, and was greater by 432,406 than in April 1926. The Census Bureau’s statement indicates that 72.2 per cent of the April consumption of cotton was by mills in the cotton-growing states, compared with *71.6 per cent in March, and with 70.1 per cent in April 1926. UNITED STATES (Bales) Cotton Consumed: Apr. 1927 M 1927 Apr. 1926 ch. 694,193 577,678 Lint ............................. 619,140 Linters ____________ 66,957 68,176 67,388 Stocks in Consuming Establishments: Lint _____________ 1,894,993 1,980,103 1,637,062 Linters _____ _______ 229,240 226,987 181,914 Stocks in Public Storage and at Compresses: Lint _____________ 3,676,083 4,491,955 3,529,350 Linters ______ ___ 71,803 79,140 85,649 Exports ......... .............. ..... 855,449 1,129,537 516,494 Imports ______________ 37,519 41,267 33,348 Active Spindles ..................32,892,442 32,919,288 32,890,594 CO N GRO ING STATES (Bales) TTO W Apr. 1927 M 1927 Apr. 1926 ch. Cotton Consum .......... ...... 447,111 ed 497,169 404,864 Stocks in Consuming Establish ments _______ _____ 1,275,888 1,339,185 987,626 Stocks in Public Storage and at Com presses _______ 3,304,429 4,123,620 3,303,956 Active Spindles ................. ..17,672,178 17,596,644 17,239,772 (Cotton Cloth Confidential reports for April were rendered to the Federal Reserve Bank by mills which during that month manufactured 28^ million yards of cloth, an output smaller by 6.7 per cent than their March production, but 2.8 per cent greater than their production in April 1926. Orders were booked during April in larger volume than 'in March, and the number of workers on payrolls in creased slightly, but shipments, stocks and unfilled or ders were smaller than for March. Compared with April 1926, figures for April this year were larger for produc tion, shipments, orders unfilled orders and number of workers, but stocks on hand were smaller than a year ago. April 1927 com pared with: April 1927 April 1926 + 2.8 Production ............ ..............................— 6.7 Shipments --------------------------— 7.0 + 16.3 O rders ____________________ +10.0 +188.5 Unfilled orders ---------------------------— 2.3 + 67.6 Stocks on hand ______________ — 2.9 — 32.8 Number on payroll ____ ______ + 0.4 + 3.8 Cotton Yarn Reports fp r April were received from mills which manufactured more than 7^2 million pounds of yarn, an output 8.2 per cent smaller than in March, but 6.6 per cent great er than in April last year. Orders booked in April, and the number of workers, increased over March, but pro duction, shipments, unfilled orders, and stocks on hand showed decreases, but all of these items were larger than for April 1926, as shown in the table following: April 1927 com pared with: April 1927 April 1926 Production _____ ____________ ___— 8.2 + 6.6 + 8.9 Shipments -------------------------- -----— 1.1 O rders booked ----------------------------+30.5 +54.6 Unfilled orders ______________ ___ — 4.7 +16.9 Stocks on hand _____________ ___ —11.3 +24.4 + 4.8 Number on payroll _______ ___ ___ +1*4 Hosiery Production and shipments of hosiery by 35 identical establishments in the sixth district during April were smaller than in March, but stocks on hand, orders booked, and unfilled orders on hand at the end of the month increased over those for March, according to figures reported to the United States ^Census Bureau, and shown in the table below. There was ^lso a decrease in cancellations. (Dozen Pairs) April 1927 M arch 1927 Production ........... .... ....................... 718,513 774,052 Shipments ......................................... 698,412 796,032 Stocks on hand ------------------------ 1,665,177 1,616,292 O rders booked _________________ 793,036 781,612 Cancellations ............... ............... ..... 16,174 27,977 Unfilled orders ..... ...... ..................... 1,020,036 929,932 TH E M ONTH LY BUSINESS REVIEW CO N SEED AND COTTONSEED PRODUCTS TTO *Sixth District United States Aug. 1 to April 30 Aug. 1 to April 30 Cottonseed tons: 1927 1926 1927 1926 Received at mills__ 1,928,529 1,800,127 6,204,455 5,439,387 Crushed ________ 1,854,058 1,717,934 5,910,200 5,310,004 O hand ________ n 81,556 78,031 310,577 152,525 Production: C rude oil, lbs_____ 582,564,552 511,952,269 1,763,254,322 1,538,380,810 Cake and meal tons.... 796,784 791,760 2,655,365 2,480,772 560,128 485,474 1,730,944 1,474,603 Hulls, tons ______ Linters, bales ____ 298,965 317,455 972,859 1,000,214 Stocks, April 30 Crude oil, lbs____ 25,282,315 8,982,046 **82,084,745 **23,241,637 Cake and meal, tons.. 58,725 92,090 181,938 309,127 Hulls, tons ______ 63,635 24,565 239,154 156,539 Linters, bales _____ 46,117 52,226 165,801 187,327 ♦Georgia, Alabama, Louisiana and M ississippi. **Not including stocks held by refining and manufacturing establshments, and in transit to refiners and consum ers. COAL.. Statistics compiled by the United States Bureau pf Mines indicate that the level of bituminous coal produc tion since the beginning of the new coal year on April 1st has been in the neighborhood of eight million tons per week, as compared with figures exceeding thirteen mil lion tons per week for most of the first three months of the present year. The principal cause of the decrease is the suspension of mining in some of the union fileds at the expiration of the wage agreements on April 1, but the slackening in demand due to seasonal influences usually causes slowing down in production in the spring of the year. Current figures since the beginning of April have been somewhat smaller than for the corresponding weeks last year. The observance of Easter Monday as a holiday caused a somewhat lower output for the week ending April 23 than for the other weeks of the month. Weekly figures of coal production in Alabama are also smaller since April 2, than for the same weeks last year, and also for Tennessee excepting for the week ending April 9. Weekly figures for Alabama, Tennessee and for the United States, are shown below, and comparative figures for corresponding weeks last year. (000 Om itted) United States Alabama Tennessee W Ended eek 1927 1926 1927 1926 1927 1926 April 9 --------------- 8,255 9,420 370 408 110 109 April 16 ----------------8,001 9,306 345 400 98 101 April 23 ---------------7,937 9,271 336 384 92 100 April 30 .............. ..8,424 9,125 355 383 91 95 M 7 ....................... 8,182 9,039 ........... . ay IRON Statistics compiled and published by the Iron Age in dicate a higher daily average rate of production of pig iron during April than in March, but a slightly smaller aggregate output for the month because of the smaller number of days. The daily rate of production of iron in the United States during April was 114,074 tons, com pared with 112,366 tons in March, and with 115,004 tons in April last year. Total production in April amounted to 3,422,226 tons, compared with 3,483,362 tons in March, and with 3,450,122 tons produced in April 1926. There was a net loss of three furnaces in active operation dur ing April, eight having been shut down and five blown in. This is the first loss reported this year, as for the first three months of 1927 there were gains in the number of active furnaces amounting to twenty. On May 1 there were 220 furnaces active, compared with 223 active April 1, and with 237 active on May 1, 1926. The April index number of pig iron production is 134.3, compared with 136.7 for March and with 135.4 for April last year. The production of pig iron in Alabama during April amounted to 251,401 tons, compared with the rather large output of 271,097 tons in March, and with 237,808 tons produced in April 1926. The April index number of iron ouptput in Alabama is 143.0, compared with 154.2 for March, and with 135.3 for April last year. There has been no net change in the number of active furnaces in Alabama during the past two months, 22 furnaces having been active in both April and March. At the same time last year there were 23 furnaces active. The price of iron in the Birmingham district continues at $18.00. Short-term buying continues to be the rule, but bookings are in sufficient volume to sustain the present rate of operation. Surplus stocks on furnace yards are reported of normal proportions and shipments are being made to consumers without interruption. NAVAL STORES Receipts of both turpentine and rosin increased season ably in April as compared with the preceding months, and were also much greater than iii the corresponding month last year. Larger receipts this year were due to the warmer weather during February, March and April, while receipts during this period a year ago were held back by the cold late spring. Receipts of both turpentine and rosin in April were more than double those in April last year, and stocks on hand at the end of April were also greater than at that time. Supplies of turpentine were 29.2 per cent, and stocks of rosin were 14.4 per cent greater than at that time. Weather conditions have been .generally favorable, the effects of the cool nights being offset by hot days. In some sections of Georgia and Florida complaints are reported of insufficient rainfall. Statistics of the Turpentine nad Rosin Producers Asso ciation indicate an average price of turpentine on the Savannah market in April of 60 cents, compared with 6 7 cents in March, and with SS5^ in April last year; and an average price of rosins in April of $10.17^, com pared with $10.85 in March, and with $11.40 in April 1926. Receipts— Turpentine Apr. 1927 M 1927 Apr. 1926 ch. Savannah _____________ 15,488 4,686 5,298 Jacksonville _____________ 11,333 4,185 4,202 Pensacola _____________ 4,168 1,261 1,791 Total 30,989 10,132 11,291 Receipts— Rosin: Savannah ______ 46,163 15,620 16,248 Jacksonville ____________ 39,555 15,737 19,437 Pensacola _____________ 11,310 4,965 5,333 Total .......................... ...... 97,028 36,322 41,018 Stocks— Turpentine: Savannah 9,874 3,653 3,261 Jacksonville ...... .............. ... 19,651 17,043 19,743 Pensacola ............................ 2,277 3,972 1,613 Total ................................... 31,802 24,668 24,619 Stocks— Rosin: Savannah ______________ 39,428 24,255 24,826 Jacksonville 45,896 34,546 54,710 Pensacola _____________ 22,238 22,212 14,499 Total 107,562 81,013 94,035 7 TH E M ONTHLY 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.) 'ebruary 1927 March 1927 April 1927 February 1926 March 1926 April 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__________________ _ Chemicasl and Drugs________________ House Furnishings__________________ Miscellaneous_______________________ ' All Commodities_____________________ BUILDING PERMITS 6TH DISTRICT Atlanta_____________________________ Birmingham_______ _________________ Jacksonville__________________ ______ Nashville___________________________ New Orleans________________________ Other Cities________________________ District (20 Cities)__________________ COTTON CONSUMED: United States______________________ _ Cotton-Growing States_______________ All Other States____________________ Cotton Exports______________________ 106:5 110.9 71.3 78.9 99.4 62.2 98.6 95.5 132.6 132.3 82.2 91.6 104.7 80.2 96.7 107.0 145.3 132.6 93.1 93.7 120.3 93.1 116.7 118.9 104.0 120.9 67.1 79.4 90.2 56.5 102.6 93.1 117.0 154.5 81.4 91.0 110.0 90.7 106.7 111.1 118.1 140.3 90.4 95.5 114.4 87.0 122.5 113.8 106.0 106.7 128.4 131.8 105. I ll 130 130 132.6 121.1 332.8 201.4 110.0 191.0 106.3 194.4 136.9 386.5 223.9 125.3 212.7 107.9 215.6 153.2 289 172 97 170 105 173 127 302 196 143 199 112 206 142 333.3 193.1 166.0 201.9 110.6 226.0 150.0 87.1 87.1 78.0 64.6 75.6 97.4 89.9 82.5 77.6 84.8 86.7 80.7 84.0 68.4 78.5 98.1 79.0 109.7 63.3 90.3 110.7 89.8 110.2 86.1 99.4 100.9 76.0 99.6 65.0 88.3 136.9 148.9 168.7 177.1 122.2 167.9 122.0 157.5 118.5 146.4 136.6 147.1 168.4 168.3 122.8 166.8 120.7 157.4 118.6 145.3 136.7 147.3 169.1 160.6 121.9 165.0 121.8 157.4 118.5 144.2 149.9 153.2 183.9 179.4 128.4 177.1 132.3 163.9 132.9 155.0 144.0 151.4 180.5 175.1 127.7 175.5 131.6 163.9 128.3 151.5 144.9 153.2 176.8 174.0 126.5 173.2 130.3 163.4 126.5 151.1 122.9 542.4 440.9 179.9 457.3 251.1 283.6 125.7 499.4 341.4 142.6 345.5 346.4 295.8 127.5 744.4 556.2 315.4 315.4 412.3 368.7 663.8 585.9 480.3 119.1 524.2 577.9 560.7 128.3 822.1 516.9 137.5 427.3 511.4 417.7 107.5 732.8 698.1 168.1 222.4 532.0 404.8 110.4 144.1 69.8 183.8 129.8 168.4 83.3 205.4 115.7 151.4 72.8 155.6 106.0 135.2 71.1 101.1 118.6 148.5 83.0 94.5 107.6 136.8 72.7 93.9 115.4 134.7 136.7 154.2 134.3 143.0 114.7 130.2 135.1 139.0 135.4 135.3 60.0 59.3 57.7 77.0 73.1 64.5 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.)___________________
