View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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.)___________________