Full text of Economic Review (Federal Reserve Bank of Atlanta) : May 31, 1928, Volume 13, Number 5

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M O N TH LY

R E V IE W

O f Agricultural, Industrial, Trade and Financial
Conditions in the Sixth Federal Reserve District

FEDERAL RESERVE BANK OF ATLANTA
O sc a r N e w to n ,
W ard

Chairman of the Board and Federal Reserve Agent
Assistant Federal Reserve Agent

A lb e r ts o n ,

(Compiled May 17, 1928)
VOL. 13, No. 5.

ATLANTA, GA., MAY 31, 1928

BUSINESS CONDITIONS IN THE UNITED STATES
Volume of industrial production continued large dur­
ing April, reflecting chiefly increased output in metal
industries, while activity in industries producing* food and
clothing decreased. Wholesale and retail trade also de­
clined. The general level of wholesale commodity prices
increased in April reflecting advances in farm products.
There were large expprts of gold in April and May, mem­
ber bank loans and their borrowings at the reserve bank
continued to increase, and money rates showed further
advances.
Production

Production of manufacturers remained
at about the same volume in April as
in March, while output of minerals declined slightly,
owing chiefly to a decrease in production of bituminous
coal. Daily average output of iron and steel, copper, and
zinc, increased in April, but since the first of May there
has been some curtailment in steel mill activity. Auto­
mobile production was maintained in large volume dur­
ing April and according to preliminary reports also dur­
ing the first half of May. Textile mill activity, output
of boots and shoes, and meat production showed sub­
stantial declines during April. Volume of factory em­
ployment declined slightly, reflecting chiefly decreases
in the food, leather, and textile industries. Building con­
tracts awarded in April exceeded those for any previous
month, and awards during the first three weeks of May
continued in unusually large volume.
Trade

Sales by department stores and by
wholesale firms in most lines of trade
declined in April and were in smaller volume than a
year ago. Average daily sales of department stores
after allowance is made for the earlier date of Easter
and the usual seasonal changes, were smaller in April
than in March and were also smaller than in April a
year ago. This decrease was due largely to unfavorable

Index
numbers of production of manufacturers and minerals com
bined,
adjusted for seasonal variations (1923-1925 average—100).
Latest figure, April 109.


This review released for publication in the
afternoon papers of Wednesday, May 30.

weather conditions. Stocks of department stores, after
adjustment for seasonal changes, were in about the same
volume as in March and slightly smaller than a year
ago. Freight car loadings showed an increase between
the beginning of April and the middle of May, but for
most classes of commodities continued smaller than a
year ago.
Prices

The general level of wholesale com­
modity prices, as indicated by the
index of Bureau of Labor Statistics, increased from 96%
of the 1926 average in March to 97.4% in April. This
increase reflected sharp advances in the prices of grains,
cotton, livestock, and hide and leather products. Rub­
ber prices continued to decline, and most of the other
groups of commodities showed little change. During the
first three weeks of May there were decreases in the
prices of grains, flour, sheep, and Logs, and increases in
copper, zinc, and rubber.
Bank Credit

At member banks, loans largely for
commercial and industrial purposes,
following a rapid increase during February and March,
have shown little change since the early part of April.
Loans on securities continued to increase and total loans
and investments of reporting member banks in the mid­
dle of May were larger than at any previous time. The
outward movement of gold continued in May, the decline
in monetary gold stock during the four weeks ending
May 23 being nearly $90,000,000. This loss of gold, to­
gether with further sales of United States securities by
the reserve banks, was reflected in an increase of nearly
$140,000,000 in member bank borrowing at the reserve
banks.
There were further advances in open market money
rates during May, and discount rates at the Federal Re­
serve Banks of New York, Philadelphia, Cleveland, At­
lanta, and Dallas were raised from 4 to 4}4 per cent.

Index of United States Bureau of Labor Statistics. 1926—100, basa

adopted by bureau). Latest figure April 97.4.

2

MONTHLY REVIEW

192V

1925

1926

1927

1928

Monthly averages of daily figures for 12 Federal Reserve Banks.
Latest figures are averages of first 23 days in May.
SIX TH D ISTRICT SUMMARY
Declines in tra d e a t both re ta il and w holesale, and in
prospective building, unfavorable ag ric u ltu ral conditions,
and increased borrow ing by! m em ber banks from the F ed ­
eral Reserve Bank of A tla n ta are reflected in statistics
compiled fo r th e M onthly Review fo r May. The distrib u ­
tion of m erchandise a t w holesale in th e sixth d istric t d u r­
ing A pril as a whole w as a t a low er level th a n in M arch,
or in A pril 1927, although sales of electrical supplies were
som ew hat g re a te r th a n in M arch, and sales of fu rn itu re
showed an increase over A pril la st year. R etail sales in
A pril w ere 5.6 per cent sm aller +han in A pril la st year, due
in p a r t to the ea rlier date of E a ste r, and to' the fa c t th a t
A pril la s t year had one m ore tra d in g day th a n A pril this
y ear. Because of th e cold w et spring m ost crops w ere
planted late and farm w ork has been seriously delayed,
b ut prospects fo r f ru it crops, both citrus and deciduous,
are b e tte r th a n a t th is tim e la st year. Savings deposits
held by rep o rtin g banks a t th e end of A pril w ere 4.2 per
cent g re a te r th a n a t the sam e tim e a y a r ago. D ebits to
individual accounts during A pril w ere 5.5 per cent less
th a n in A pril 1927. D iscounts of m em ber banks in p rin ­
cipal cities of the d istric t which render weekly rep o rts
were slig h tly g re a te r on May 9 th a n four weeks earlier,
or a y ea r ago, and discounts fo r m em ber banks by the
F ed eral Reserve B ank increased about fifteen million dol­
la rs during th is fo u r weeks period. Com mercial failures
in A pril w ere less th a n h alf the high to ta ls fo r March
and F eb ru ary . Prospective building, as indicated in build­
ing p erm its issued a t tw en ty rep o rtin g cities, w ere 37
per cent less th a n in A pril la st year, and contract aw ards
in the d istrict during A pril w ere 21.4 per cent less than
in A pril 1927. P roduction of cotton cloth by mills re p o rt­
ing to th e F ederal Reserve B ank declined in A pril com­

Weekly rates in New York money market: Commercial paper rate
on 4-to-6 months paper and acceptance rate on 90-day paper.
pared w ith M arch, while o u tp u t of y arn increased 4.2 per
cent, b ut both cloth and y arn o u tp u t w ere sm aller th an
in A pril la s t y ear. Production of pig iron in A labam a
reached a level in A pril low er th a n fo r any m onth since
the sum m er of 1922.
R E T A IL TRA D E
M erchandise d istribution a t re ta il in the six th dis­
tric t during A pril, reflected in sales sta tistics rep o rted
confidentially by 46 d ep artm en t stores located th ro u g h o u t
the d istrict, declined seasonally com pared w ith M arch,
and w as in som ew hat sm aller volume th a n in A pril la st
year. The unfavorable com parisons in both instances are
p artly due to the fa c t th a t E a ste r th is y ear w as nine days
earlier th a n la st y ear, and as a re su lt a la rg e r proportion
of E a s te r buying w as done in M arch th is y ear th a n la st,
and the com parison w ith A pril 192 7 is also affected by
the fac t th a t the num ber of tra d in g days in A pril this
y ear was sm aller by one day th a n in A pril la st year.
A pril sales averaged 5.6 p er cent sm aller th a n a y ear ago,
A tla n ta being th e only city to re p o rt an increase. F o r
the first fo u r m onths of 1928, sales in the d istric t av er­
aged 2.4 p er cent g re a te r th a n in the sam e period la st
year. Stocks of m erchandise on hand a t the end of A pril
were 2.5 p er cent g re a tr th a n a m onth earlier, b u t w ere
2.7 p er cent sm aller th a n a y ear ago. Accounts Receivable
a t the end of A pril increased tw o-tenths of one p er cent
over M arch, and w ere 13.5 p er cent g re a te r th a n a y ea r
ago. A pril collections, how ever, declined 12.1 per cent
com pared w ith those in M arch, although 4.3 per cent
g re a te r th a n in A pril 1927. The ratio of collections d u r­
ing A pril to accounts ou tstan d in g and due a t th e begin­
ning of the m onth, fo r 34 firm s, w as 3 3.4 p er cent. In
M arch th is ratio w as 37.4 p er cent, and in A pril la st y ear
36.2 per cent.

CONDITION OF RETAIL TRADE DURING APRIL 1928 AT 46 DEPARTMENT STORES
SIXTH FEDERAL RESERVE DISTRICT
Comparison of Net Sales
Comparison of Stocks
Rate of Stock Turnover
April 1928 with Jan. 1 to April 30 April 30, 1928 with April 30, 1928 with
April
Jan. 1 to April 30,
April 1927
1928 with same
April 30, 1927
March 31, 1928
1927
1928
1927 1928
period in 1927
Atlanta (5)
+ 5.6
Birmingham (5)----- — 0.2
Chattanooga (6)-----8.1
Nashville (5i) ------- —— 2.0
New Orleanis (5).--- ——13.1
Other Cities (20)----—— 9.2
District (46))--------5.6

+ 16.8
+ 8.0
— 3.5
+ 7.3
— 4.4
— 4.3
+ 2.4

— 2.4
— 5.9
— 5.3
+ 10.2
— 3.2
— 4.5
— 2.7

+ 2.3
+ 6.4
+ 0.2
+ 3.5
+ 3.4
— 1.6
+ 2.5

NOTE: The rate of stock turnover is the ratio of sales during given period to average stocks on hand.



.31
.22
.19
.26
.21
.24
.23

.26
.19
.18
.23
.17
.20
,20

1.23
.79
.75
1.04
.79
.90
.89

1.03
.79
.72
.94
.73
.78
.82

3

MONTHLY REVIEW
WHOLESALE TRADE
W holesale distribution of m erchandise in the sixth
d istrict during A pril, reflected in sales sta tistics reported
confidentially to the F ederal Reserve Bank by 118 firms
'n eig h t different lines, declined seasonally com pared w ith
the preceding m onth, and w as in som ew hat sm aller vol­
ume th a n in A pril 1927. A pril sales w ere sm aller than
in M arch in all lines except electrical supplies. Compared
w ith A pril la st year, sales of fu rn itu re show an increase
of 4.3 per cent, and sales of statio n ery w ere la rg e r by
less th an one-half of one per cent, bu t the other six lines
showed decreases. Collections in A pril w ere also sm aller
th a n in M arch, or in A pril la st year, except th a t increases
over both of those m onths are reported by fu rn itu re firms.
In the tables are shown percentage com parisons of re ­
ported figures, divided by lines, and sep arate com parisons
of sales are shown fo r each city in a line from which
th ree or more rep o rts w ere received. Index num bers by
lines ap p ear on page 8.
Sales of groceries a t w holesale de­
clined seasonally in A pril a t all re ­
p o rtin g points, averaging 12.2 per cent less th a n in
M arch, and 3.9 per cent less th a n in A pril la st year. In ­
creases a t New O rleans and V icksburg over A pril la st
year w ere m ore th an offset in the average by decreases
a t other points. Stocks on hand w ere la rg e r th a n for
eith er of the m onths under com parison, but accounts re ­
ceivable and collections show decreases in both instances,
as indicated in th e table:

Furniture

The volume of sales during A pril re ­
ported by 12 w holesale fu rn itu re firm s
averaged 6.5 p er cent less th a n in M arch, b u t w as 4.3 per
cent g re a te r th a n in A pril la st y ear, increases over A pril
a y ear ago rep o rted by firm s grouped under “O ther
C ities” being more th a n enough to offset the decrease
rep o rted a t A tla n ta. Stocks on hand, and accounts re­
ceivable w ere sm aller th a n fo r M arch, and stocks increased
over A pril la st year b u t accounts receivable w ere sm aller.
Collections by w holesale fu rn itu re firm s increased 10.2
per cent over M arch, and w ere 15.9 per cent g re a te r th a n
in A pril 1927.
April 1928 compared with:
March 1928
April 1927
Sales:
______
— 5.6
—25.6
Atlanta (5 firms)..
______
— 6.6
+13.1
Other Cities (7 firms)..
______
— 6.5
+ 4.3
DISTRICT (12 firms) —
— 1.3
+ 1.4
Stocks on hand____
— 6.9
—15.5
Accounts Receivable _
+10.2
+15.9
Collections ---------A pril sales of electrical supplies re ­
Electrical
ported by 11 firms averaged 4.1 per
Supplies

G roceries

Sales:
Atlanta (4 firms) ___
Jacksonville (4 firms)_
New Orleans (G firms)...
Vicksburg (3 firms)--Other Cities (15 firms)
DISTRICT (32 firms)
Stocks on hand ___
Accounts Receivable
Collections -------—

April 1928 compared with:
March 1928
April 1927
3.0
9.0
—19.8
—
13.3
+ 11.7
-13.3
+ 3.6
- 5.4
— 4.9
-13.4
— 3.9
-12.2
+ 1.4
+16.4
— 1.8
— 4.9
— 9.7
— 2.9

W holesale sales of dry goods declined
during A pril and w ere in sm aller vol­
ume th an a year ago. A pril sales by 22 rep o rtin g whole­
sale dry goods firm s averaged 20.3 per cent less th an in
M arch, and 18.4 p er cent less th a n in A pril la st year.
Stocks declined com pared w ith the preceding m onth, but
w ere la rg e r th a n a year ago. Accounts receivable in­
creased slightly, bu t w ere sm aller th a n fo r A pril la st
year, and collections show decreases com pared w ith both
of those periods. The rep o rts indicate th a t cotton goods
have advanced som ew hat in price because of recent ad­
vances in the price of raw cotton.

Dry Goods

April 1928 compared with:
Sales:
March 1928
April 1927
Atlanta (3 firms) _____________
—20.8
—24.3
Nashville (3 firms) ____________
—23.5
—11.1
—19.0
—19.9
Other Cities (16 firms)---------------DISTRICT (22 firms)___________
—20.3_____ —18.4
Stocks on hand_________________
— 5.3
+15.1
Accounts Receivable______________
+ 0.0
■
— 1.4
Collections ..... .............-.................. —. — 4.8
—10.3
Hardware

A pril sales of hardw are a t wholesale
in the d istric t declined 9.4 per cent
com pared w ith M arch, and w ere 10.4 per cent less than
in A pril la st year. Stocks on hand and accounts receivable
also declined slightly com pared w ith M arch, and were
sm aller th a n a y ear ago, and collections show decreases
in both instances. P ercentage com parisons of reported
figures are shown in the table.

Sales:
Nashville (3 firms)..
New Orleans (5 firms)_
Other Cities (17 firms)..
DISTRICT (25 firms) ,—
Stocks on hand __
Accounts ReceivableCollections ---------




April 1928 compared with:
March 1928
April 1927
— 9.4
— 5.5
— 8.1
—13.5
—10.4
— 9.3
— 9.4
—10.4
— 1.1
— 1.5
— 0.2
— 3.8
— 5.9
— 4.5

11.9 p er cent less
ceivable increased
th a n a y ear ago,
w ith both of those

cent g re a te r th a n in M arch, but were
th a n in A pril la st year. Accounts r e ­
1.5 per cent over M arch, b u t w ere less
and collections declined in com parison
periods.

April 1928 compared with:
Sales:
March 1928
April 1927
New Orleans (4 firms)__
___
+ 7.1
—19.2
Other Cities (7 firms)-------+ 2.5
— 7.2
DISTRICT (11 firms)____________
+ 4.1
—11.9
Accounts Receivable______________
Collections ___________________

+ 1.5
— 3.5

— 9.1
— 2.7

Comparisons fo r the other three lines are shown only
for the district, as th ree or more rep o rts were not re ­
ceived from a single city in any of these lines. All three
lines reported decreases com pared w ith M arch, and sales
of shoes and drugs w ere less th an in A pril la st year, while
sales of statio n ery w ere fractionally larg er.

April 1928 compared with:
Sales:
March 1928
April 1927
Shoes (4 firms)_______________
-—20.6
—10.9
Stationery (4 firms)_____________
— 6.8
+ 0.0
Drugs (6 firms)_______________
—15.4
—10.3
AGRICULTURE
Reports of the U nited S tates D epartm ent of A gricul­
tu re and inform ation from various other sources continue
to show the adverse effect on the season’s ag ricu ltu ral
crops of the late spring and rains. Field w ork has been
held back and grow th, w here early crops w ere planted,
was seriously retard ed by the late cold spells and the
continuous rain s and much rep lan tin g of cotton and corn
has been necessary. F ro sts during m id-A pril are re ­
ported to have dam aged fru its and tender truck. The con­
dition of w heat and oats is lower th an a t this tim e last
year. The condition of peaches in ten southern states on
May 1 was reported as 73.8 per cent of norm al, as com­
pared w ith 42.7 per cent a year ago. Prospects are best
in Georgia and are lower tow ards the w est, and are
poorest in Oklahoma and in portions of Texas and A rkan­
sas where the A pril freeze caused much dam age. The
Louisiana straw b erry crop has been an excellent one,
and heavy shipm nts w ith good prices have brought very
satisfactory retu rn s to the grow ers. The outlook for
citrus fru its continues favorable, and the condition is
higher th an a t th is tim e la st year. O ranges are reported
a t 82 per cent com pared w ith 68 per cent of norm al a
year ago, and g rap e fru it a t 80 per cent of norm al com­
pared w ith 64 per cent a t this tim e la st year. Irish
potatoes in the H astings section are la ter th an usual,
but yields are excellent and production is estim ated to
be g rea ter th a n th a t of la st year.

Cotton Movement—United States (Bales)
August 1 to May 14
1928
1927
Receipts at all U. S. Ports____ 8,025,134 12,321,033
Overland across Miss., Ohio, and
Potomac Rivers to Nor. mills

1926
9,278,748

MONTHLY REVIEW

4

and Canada ___________
927,282 1,478,096 1,396,719
Interior stock in excess of those
held at close of "Com’l year—
196,370
202,269
938,916
Southern Mills Takings, net___
4,020,000 4,190,288 3,786,636
Total 285 days ____________ 13,168,786 18,191,686 15,401,019
Foreign exports ______ _—.. 6,650,1159,994,319 —......... .....
♦American Mills, N. & S. &
Canada ........... ...... .....—- 6,016,6077,053,243 -----------American cotton thus far____ 12,722,000 15,112,000 13,066,000
♦of which 1,477,295 by Northern spinners against 2,256,711 last year
and 4,539,312 by Southern Spinners against 4,796,532 last year.
Sugar Cane
and Sugar

A report issued by the United States
Department of Agriculture estimates
the final production of sugar in Louis­
iana during 1927 to have been 70,792 tons, compared with
47,166 tons produced in 1926. Cane used in producing
sugar during 1927 totaled 961,847 tons, compared with
864,299 tons used in 1926. Production of molasses during
1927 totaled 6,624,075 gallons, only slightly greater than
the total of 6,614,435 gallons produced in 1926.
Weather conditions in the Louisiana belt during the
last half of April and early May have not been entirely
favorable, but the crop continues to progress although
about six weeks behind last year's crop in developing.
Field work is well in hand and prospects are reported
good.
SUGAR MOVEMENT (Pounds)
(Raw Sugar)
April 1928 March 1928 April 1927
Receipts
New Orleans ..... ..... 183,381,992 166,584,879 137,725,687
...........
49,667,557 40,292,249 15,295,920
Savannah __
Meltings:
131,323,534 150,935,509 161,590,965
New Orleans
32,249,541 37,523,267 30,125,472
Savannah —
Stocks:
97,930,035 46,024,423 98,161,002
New Orleans
54,714,793 37,298,777 33,251,612
Savannah --REFINED SUGAR (Pounds)
Shipments:
116,710,526 130,618,056 162,101,117
New Orleans..
18,968,799 27,108,702 29,197,496
Savannah __
Stocks:
58,350,183 47,271,990 78,489,648
New Orleans .
35,936,952 23,559,137 32,257,706
Savannah .....
RICE MOVEMENT—NEW ORLEANS
Rough Rice (Sacks)
April 1928 March 1928 April 1927
_____
12,583
29,974
13,012
Receipts
11,289
50,554
20,473
Shipments
8,243
6,949
24,845
Stocks —
Clean
Rice (Pockets)
122,427
__
160,846
191,158
Receipts ...
130,146
__
205,148
170,442
Shipments
224,772
__
202,501
246,803
Stocks __
Rice Millers Association Statistics
(Barrels)
Season
to date
Receipts of Rough Rice April
620,032 8,997,201
Season 1927-28 . _____ __________
371,901 7,825,970
Season 1926-27 ...... .........................
Distribution of Milled Rice
Season 1927-28 ................ ....... ......._ 835,992 8,463,902
569.194 7,336,219
Season 1 9 2 f i - 2 7
Stocks of Rough and Milled Rice
May 1, 1928 __________________ 1.957.978
1 , 6 9 f i, R 9 1
May 1, 1927
FINANCIAL
Savings deposits held by reporting
banks in the sixth district at the end
of April declined seven-tenths of one
per cent compared with the month before, but were 4.2
per cent greater than at the same time last year. In­
creases over March were shown at Atlanta, Birmingham,
and New Orleans, and over April last year at all cities
shown in the table except Jacksonville. Totals for Fed­
eral reserve bank and branch cities are shown in the
table, and reports from other points are grouped under
“Other Cities.”
(000 Omitted)
CompariCompari­
son Aprilson
April March March April April
1928
1928 1928
1927 ’28-’27
Atlanta (7 banks)------ $ 44,564 $ 43,949 + 1.4 $ 38,594 + 15.5
25,354 25.134 + 0.9 24,626 -j- 8.0
Birmingham (4 banks)..
Jacksonville (5 banks)..
29,101 29.447 — 1.2 80.060 — 8.2

Savings
Deposits



Nashville (8 banks) ...... 27,898 28,137 — 0.8 24,779 +12.6
New Orleans (8 banks)__ 50,194 49,876 + 0.6
48,994 + 2.4
Other Cities (54 banks)__ 112,983 111,598 — 2.3 111,455 + 1.4
Total (86 banks)______ 290,094 292,141 — 0.7 278,508 + 4.2
Debits to
Total debits to individual accounts at
Individual
26 reporting cities during April de­
Accounts
clined 7.3 per cent compared with
March, and were 5.5 per cent smaller
than the total for April last year. The declines are partly
attributable to seasonal influences and to the effect of
Easter buying which was earlier this year than last.
Ten of these cities show increases over April last year
and sixteen show decreases.
(000 Omitted)
Alabama
April 1928 March 1928 April 1927
Birmingham
$ 141,848 $ 144,740 $ 144,308
Dothan ........ ____
3,230
3,549
3,201
Mobile _____........
38,189
40,995
40,488
Montgomery ... .......
29,442
30,140
24,378
Florida
Jacksonville
........
76,307
84,230
99,138
Miami ______ .........
38,945
48,870
64,806
Pensacola ..... ___
7,213
8,080
8,465
Tampa ..........
45,280
39,639
53,644
Georgia
Albany _____
3,685
4,959
5,098
Atlanta .......... ___
155,159
166,170
157,944
Augusta .........____
27,670
29,540
26,447
Brunswick _
3,042
3,187
3,544
Columbus ___ ...... 13,574
14,928
14,728
Elberton ___ ___
1,054
1,339
791
Macon ........... ___
21,927
24,432
21,588
Newnan ........
2,128
2,234
2,276
Savannah ...... . ___
46,698
46,394
47,849
Valdosta .........
5,043
5,265
5,703
Louisiana
New Orleans ........
324,311
351,288
339,398
Mississippi
Hattiesburg
___
7,122
7,254
7,487
Jackson ____ ___
24,544
25,885
22,712
Meridian ........
17,988
18,996
17,542
Vicksburg ___ ----6,774
7,563
6,494
Tennessee
Chattanooga
47,932
52,515
50,906
Knoxville ___
38,510
39,279
35,028
Nashville ___ ___
96,988
107,643
86,120
Total 26 Cities_____
$1,218,962 $1,314,745 $1,290,083
Condition of
Member Banks in
Selected Cities

Increases in discounts, time depos
and in borrowings from the Federal
Reserve Bank, and decreases in in­
vestments and demand deposits, are
shown in weekly figures reported to the Federal Reserve
Bank of Atlanta by member banks located in Atlanta,
New Orleans, Birmingham, Jacksonville, Nashville,
Chattanooga, Knoxville and Savannnh for May 9, com­
pared with similar figures four weeks earlier. The in­
crease in loans and discounts is due to larger loans by
these banks secured by stocks and bonds other than Gov­
ernment securities. Investments declined slightJy during
this four weeks period, but the total oi; loans and invest­
ments was slightly greater than on April 11. Compared
with figures for the corresponding report date a year ago,
loans on securities for May 9 this year show an increase
of nearly 22 million dollars, while “All Other Loans/’
largely for commercial, agricultural and industrial pur­
poses, show a decrease of slightly more than twenty
million dollars. Total loans are therefore about two
million dollars greater than a year ago. Investments
on May 9 were $16,390,000 greater than on the cor­
responding report date last year, and total loans,
discounts and investments show an increase over that
time of $18,352,000. Time deposits of these weekly re­
porting member banks were greater than either a month
or a year ago, but demand deposits were slightly less.
Borrowings from the Federal Reserve Bank of Atlanta
are greater than for either of these dats under com­
parison. Principal items in the weekly statement are
shown in the table with comparisons:
(000 Omitted)
May 9, April 11, May 11,
Bills Discounted:
1928
1928
1927
Secured by Govt. Obligations__ $ 5,086 $ 5,444 $ 5,403
Secured by Stocks and Bonds__ 128,008 124,447 105,717
All Other ______________ 371,979 372,749 391,991
Total Discounts.................. 505,073 502,640 503,111
U. S. Securities ____________
61,360 62,526 51,478
Other Stocks and Bonds__ __ __
64,721 64,214 58,213
Total Loans and Investments 631,154 629,380 612,802
Time Deposits .............. ........... 243,025 238,561 237,213
Demand Deposits ...... ................. 336,406 338,216 337,489
Borrowings from F. R. Bank-----30,896 13,734 19,416

MONTHLY REVIEW
Bank Deposits of
Reports of net demand and time deAll Member Banks posits held by all member banks are
compiled as of the Wednesday pre­
ceding the 14th of each month. Demand deposits were
slightly smaller than a year ago, but time deposits in­
creased and were greater than on any previous report
date. Total figures for April, and for the preceding month
and the corresponding month a year ago, are shown for
comparison:
Demand
Time
$612,186,000
$467,351,000
April 1928 _____________
March 1928 ____________
621,048,000
465,757,000
April 1927 _____________
614,672,000
456,010,000
Operations of the
Federal Reserve
Bank

Discounts for member banks in the
sixth district by the Federal Reserve
Bank of Atlanta continued during
April and early May to increase, and
on May 9 were nearly fifteen millions greater than on
April 11. Discounts secured by Government obligations
more than doubled during this period, and other discounts
increased nearly 5.5 millions. Holdings of bills bought
in the open market increased over seven millions, but
holdings of United States securities decreased a little
more than two millions. Total bills and securities in­
creased more than twenty million dollars between April
11, and May 9, while cash reserves declined $21,725,000
during the same period. Both discounts and investments
were greater than on the corresponding report date a
year ago, and total bills and securities show an increase
over that date of over 27 millions, but cash reserves are
nearly 53 millions less than at that time. Deposits de­
clined slightly between April 11 and May 9, but were
slightly greater than a year ago, and Federal Reserve
notes in actual circulation show decreases compared with
both of those periods. Principal items in the weekly
statement are shown in the table.
(000 Omitted)
May 9, April 11, May 11,
1927
1928
1928
Bills Discounted:
Secured by Govt. Obligations__ $ 18,884 $ 9,383 $ 4,846
All Others .......................... — 29,900 24,437 29,492
48,785 33,820 34,338
Total Discounts ------------22,185 15,037 11,456
Bills Bought in open market----4,282
8,521
6,463
U. S. Securities_____________
77,432 57,378 50,377
Total Bills and Securities—
Cash Reserves ............................ 140,760 162,485 193,624
71,221 71,514 70,803
Total Deposits ____________
F. R. Notes in actual circulation 142,535 144,086 171,268
80.0
75.4
65.9
Reserve Ratio ------ -------------Commercial
Failures

According to statistics compiled by
R. G. Dun & Co., commercial failures
during April numbered 1,818 for the
country as a whole compared with 2,236 in March, and
with 1,968 in April a year ago, and liabilities of failing
firms in April amounted to $37,985,145 compared with
$54,814,145 in March, and with $53,155,727 in April 1927.
The number of failures during April in the sixth district
was greater than in March, or in April last year, but
liabilities were^ess than half the high totals for March
and February, and also somewhat smaller than for April
1927. In the table are shown failures in the United
States divided by Federal Reserve Districts.
Number
April Liabilities Liabilities Liabilities
District
1928 April 1928 March 1928 April 1927
Boston ...... ......... 143 $ 2,384,602 $ 5,853,382 $ 6,913,340
New York ___ 305 2,436,423 9,978,787 10,287,882
Philadelphia
76 2,005,049 2,173,682 2,828,587
Cleveland
. 125 7,055,083 8,433,754 6,025,924
Richmond
. 106 2,316,842 4,754,919 3,800,752
... 156 3,407,316 7,572,435 3,787,003
Atlanta ___
.... 279 5,531,131 5,885,547 9,122,266
Chicago ----St. Louis __ ___ 97 1,208,376 3,983,257 1,590,517
Minneapolis ____ 88
853,191
996,828 1,220,988
Kansas City .
106 1,075,754 1,696,032 1,526,939
Dallas ____ ____ 46 1,283,614
945,144 1,685,229
San Fransico ___ 291 4,427,764 2,540,378 4,366,300
Total
1,818 $37,985,145 $54,814,145 $53,155,727

5

months ending with April total exports of gold have
amounted to $443,481,000, compared with $99,493,000 for
the same period a year ago. Imports of gold during April
amounted to $5,319,000, compared with $3,683,000 in
March, and with $14,503,000 in April 1927. For the ten
months of the fiscal year imports of gold have amounted
to $107,170,000, compared with $202,934,000 during the
same period a year ago.
IMPORTS AND EXPORTS
United States

Preliminary figures compiled by the
United States Department of Com­
merce indicate that both exports and
imports declined during April, compared with preceding
months, and were also smaller than in April last year.
For the ten months ending with April, both exports and
imports show small decreases in comparison with the
same period a year ago. Preliminary figures for April,
with comparisons, are shown in the table:
Exports:
1928
1927
April ---------------------------$ 368,000,000
$ 415,374,000
March ________ _________ 420,711,000
408,973,000
10 months ending with April_ 4,070,067,000
4,217,994,000
Imports:
April ________________ $ 345,000,000
$ 375,733,000
March ________ ____ ___ 380,485,000
378,331,000
10 months ending with April ... 3,475,974,000
3,550,631,000
New Orleans

The total value of merchandise im­
ported into the United States through
the port of New Orleans during February 1928 was
$20,576,259, compared with $18,734,799 in January, and
with $18,872,569 in February a year ago. Crude petro­
leum and sugar were imported in smaller quantities than
a year ago, but coffee, bananas, sisal, gasoline, creosote
oil, burlaps and other items were imported in greater
volume.
Exports of Merchandise through the port of New
Orleans during February totaled $28,063,290, smaller than
the total of $36,429,601 for January, or the total of $31,641,428 for February last year. Lard, wheat flour, to­
bacco, southern pine boards and oak boards, and other
items were exported in greater quantities than a year
ago, but decreases are shown in some of the other items
among which were cotton, gasoline, cylinder lubricating
oil and paraffin.
Grain Exports—New Orleans
Exports of grain through the port of New Orleans
during April were less than in April a year ago, because
of decreases shown in the outward movement of wheat,
corn and oats. Total movement for the season to date
is greater in wheat, and rye, but smaller in corn and oats.
April
April
Season—July-April
1928
1927
1928
1927
Wheat ___ _____ 332,801 387,072 7,992,534 7,632,783
Corn --------- ---- 253,074 305,801 3,419,246 3,702,069
Oats _________
68,679 135,096
784,889 1,039,266
68,671
931,602
445,814
Rye --------------- 235,714
Total --------- 690,268 896,640 13,128,271 12,819,932

BUILDING
The volume of prospective building in the sixth dis­
trict, as reflected in building permits issued at twenty
reporting cities, declined in April and was smaller than
at the same time last year. Permits issued during April
at these twenty cities were fewer in numbr and 15.2 per
cent smaller in total value than in March, and were 37.4
per cent less in value than permits issued during April
1927. Seven of these regularly reporting cities showed
increass over April last year, and thirteen reported de­
creases. The index number for the district is 74.0, com­
pared with 87.2 for March, and with 118.2 for April last
year. Index numbers for Federal reserve bank and branch
cities are shown on page 8, and figures for the other fif­
teen cities are grouped under “Other Cities.”
Contract awards in the 37 states east of the Rocky
Gold
Exports of gold from the United
Mountains reached a new high level, according to sta­
Movement
States during April totaled $96,tistics of
thethe
F. W. Dodge Corporation. April awards
469,000,
only slightly smaller
than
totaled $643,137,100, an increase of 9 per cent over March,
total for March, and with the exception of March, greater
and 6 per. cent greater than in April last year. Contract
than for any other month in recent years. In April last
awards in the sixth district, however, were 18.3 per cent
year
only
$£,592,000
in
gold
was
exported.
For
the
ten



MONTHLY REVIEW

6

less in April than in March, and21.4 per centless than
in April 1927.
In the table are shown the number and value of per­
mits issued at reporting cities inthe sixth district, with
comparisons.
Percentage
April 1928April 1927
change
Alabama
No.
Value No.Value in value
Anniston ....... ...... 16 $ 20,350 20 $ 23,350 — 12.8
Birmingham _____ 574 1,919,265 617 2,434,740 — 21.2
Mobile _________ 89
160,006 88 115,246 + 38.8
Montgomery ..... ... 149
141,796 65 108,545 + 30.6
Florida
Jacksonville _____ 409
924,990 486 1,663,780 — 44.4
Miami
_______ 279
346,332 331 3,419,501 — 89.9
85,005 151 205,796 — 58.7
Orlando _______ 119
Pensacola _______ 65
141,262 160 62,679 —
j—
125.4
292,496 435 479,276 — 39.0
Tampa _________ 332
♦Lakeland ........... —~ 7
1,175 32 41,100 — 91.1
♦Miami Beach _____ 46
399,125 16 319,600 + 24.9
Georgia
Atlanta .............. 396 1,022,797 402 1,110,575 — 7.9
Augusta ________ 184
66,950 131 105,136 — 36.3
Columbus .............. 54
152,665 65 99,660 -f- 53.2
43,760 148 127,719 — 65.7
Macon _________ 107
Savannah _______ 30
144,200 54 119,565 + 20.6
Louisiana
New Orleans _____ 215
689,189 143 1,379,646 — 50.0
Alexandria ______ 66
50,855 92 100,817 — 49.6
Tennessee
453,931 260 483,000 — 6.0
Chattanooga _____ 249
Johnson City _____ 25
69,325 22 93,300 — 25.7
Knoxville _______ 253
569,074 270 566,473 + 0.5
Nashville .. ...........- 258 1,035,882 321 597,066 + 73.5
Total 20 cities_____ 3,869 8,329,130 4,261 13,295,869 — 37.4
74.0
118.2
Index No. -----------♦Not included in totals or index numbers.
LUMBER
Preliminary figures for April reported to the South­
ern Pine Association up to the middle of May by 113 sub­
scribing mills, indicate that the volume of orders booked
during April exceeded shipments, actual production and
the three-year average production of the reporting mills.
Shipments continue heavy and exceed production, and
stocks of reporting mills at the end of April were only
slightly greater than the three-year average stocks of the
reporting mills. ..Orders booked during April by the 113
mills which reported amounted to 310,628,650 feet, ex­
ceeding shipments by 3.7 per cent, and production by 10.6
per cent. In March orders exceeded output by 7.9 per
cent, and in April last year by 2.7 per cent. Actual pro­
duction in April was 4.8 per cent less than the three-year
average production of reporting mills, while in April last
year it was 11.8 per cent below normal. Stocks of re­
porting mills on hand at the end of April were only two
per cent greater than the three-year average stocks of
these mills. Unfilled orders on hand at the end of April
amounted practically to one full month’s production.
Weekly reports of operating time indicate that reporting
mills have averaged from 1 to over 3 per cent overtime
in recent weeks. Preliminary figures for April, with com­
parisons, are shown in the table:
April 1928 March 1928 April 1927
113 mills 106 mills 118 mills
(Feet)
310,628,650 322,776,362 281,381,725
Orders __
299,445,790 312,889,394 285,137,113
Shipments
280,953,818 299,203,550 274,106,927
Production
Three-Year Average Production— 295,025,989 285,818,835 310,843,985
Stocks, end of month------------ 757,815,226
— 775,237,190 793,094,045
Three-Year Relative Stocks----- 742,668,922 719,491,754 812,621,398
Unfilled orders, end of month--- 277,086,420 252,265,566 204,751,182
TEXTILES
Cotton
The consumption of cotton in the
Consumption
United States during April declined
seasonally compared with preceding
months, and was smaller than for any month in nearly
two years, and the number of spindles active in April was
smaller than for any month since September 1924. April
consumption of cotton amounted to 525,158 bales, smaller
by 9.7 per cent than in March, and 15.1 per cent less than
in April last year. Stocks both in consuming establish­
ments and in public storage and at compresses declined
seasonally, and were smaller than a year ago. Exports
of cotton in April were 21 per cent less than in March,
and 43.3 per cent smaller than in April last year. The
number of spindles active in April declined 447,416 com­




pared with those active in March, and was smaller by
1,921,580 than in April last year.
Statistics for the cotton-growing states indicate the
consumption in April of 396,566 bales, a decrease of 8.1
per cent compared with March, and 11.3 per cent less than
in April last year. The number of spindles active in
April declined 8,392 compared with March, but was 151,728 greater than in April 1927. The number of active
spindles in non-cotton producing states in April was
smaller than in April last year by 2,077,020. The Census
Bureau’s statement indicates that of the total consumption
of cotton in the United States during April 75.5 per cent
was in the cotton-growing states, compared with 74.2 per
cent in March, and with 72.2 per cent in April last year.
UNITED STATES (Bales)
Cotton Consumed: April 1928 March 1928
April 1927
Lint ---------------------525,158
581,318
618,729
Linters ____ _______
57,513
61,410
67,745
Stocks in Consuming Establishments:
1,507,992
1,593,486
1,891,137
Lint ______________
Linters ____________
222,374
229,095
230,487
Stocks in Public Storage and at Compresses:
Lint ______________
2,921,306
3,510,534
3,669,083
Linters ____________
63,400
64,580
71,300
Exports _______________
485,219
614,428
855,449
Imports _______________
18,196
41,433
38,058
Active Spindles _________
30,965,404 31,412,820 32,886,984
Cotton Growing States (Bales)
April 1928 March 1928 April 1927
Cotton Consumed ________
396,566
431,495
447,127
Stocks in Consuming Estab­
lishments ___________
1,018,738
1,079,634
1,271,035
Stocks in Public Storage and
at Compresses _______
2,668,657
3,237,064
3,298,083
Active Spindles _________
17,822,160
17,830,552 17,670,432
Cotton
Cloth

Confidential reports were rendered to
the Federal Reserve Bank of Atlanta
by cotton mills which during April
manufactured 28,368,000 yards of cloth, an output 9.1
per cent smaller than in March, and 3.6 per cent smaller
than in April last year. Decreases compared with March
are shown in shipments, orders, stocks and number of
employees, while unfilled orders of mills reporting this
item showed an increase. All items show decreases com­
pared with April last year except stocks on hand and
number of workers.
April 1928 compared with
March 1928 April 1927
Production _____
— 9.1
— 3.6
Shipments _____
— 3.7
— 8.4
Orders booked ---—12.5
— 7.5
Unfilled orders __
+ 7.2
—22.7
Stocks on hand __
— 5.8
+70.5
Number on payroll .
— 0.1
+ 1.0
Cotton
Yarn

The April output of cotton yarn mills
reporting to the Federal Reserve Bank
totaled 6,171,000 pounds, and was 4.2
per cent greater than their production in March, but 11.5
per cent less than their output in April last year. Orders
also show an increase over March, and stocks increased
slightly, but other items show decreases, and all items
show decreases compared with April last year except
Stocks on hand. Percentage comparisons of reported fig­
ures are shown below.
April 1928 compared with
March 1928 April 1927
Production _____
-11.5
+ 4.2
Shipments ______
—12.3
-19.7
Orders booked __
+ 4.2
—29.7
Unfilled orders __
— 0.1
—16.7
Stocks on hand --+ 0.1
+48.6
Number on payroll
— 3.1
— 6.1
Hosiery

Figures for April and March reported
to the Census Bureau by 37 identical
establishments manufacturing hosiery in the sixth dis­
trict indicate smaller production, shipments, stocks and
unfilled orders in April, compared with March, although
orders booked during the month increased and cancella­
tions were somewhat larger.
(Dozen Pairs)
April 1928 March 1928
Production _
593,146
692,737
Shipments _ _
607,358
695,795
Stocks
1,682,971 1,683,503
Orders booked
625,554
597,387
Cancellations _
35,127
25,413
Unfilled orders
727,114
751,444

MONTHLY REVIEW
COTTON SEED AND COTTON SEED PRODUCTS
(1) Sixth District
United States
Aug. 1 to April 30
Aug. 1 to April 30
Cotton Seed, tons: 1928
1927
1928
1927
Received at mills .. 1,426,089 1,930,131 4,539,979
6,213,236
Crushed ---------- 1,402,398 1,857,812 4,516,244
5,917,627
On Hand, April 30
50,155
79,404 113,019
311,931
Production:
Crude Oil, lbs.....458,913,841 582,564,552 1,427,368,487 1,767,055,006
Cake and Meal, tons 610,989
796,784 2,029,525
2,658,935
Hulls, tons _____ 404,976
560,128 1,280,220
1,733,106
Linters, bales ___
253,059
298,965 847,426
973,353
Stocks, April 30:
(2)
(2)
Crude Oil, lbs___ 17,579,216 25,282,315 64,399,581
82,435,547
Cake and Meal, tons
23,811
58,725
84,870
180,741
Hulls, tons _____
16,790
63,635
86,017
239,759
Linters, bales ___
27,345
46,117 111,033
162,789
(1) Georgia, Alabama, Louisiana and Mississippi.
(2) Not including stocks held by refining and manufacturing estab­
lishments, and in transit to refiners and consumers.
COAL
W eekly sta tistics compiled and published by the
U nited S tates B ureau of Mines indicate th a t weekly pro­
duction in the new coal year, which began w ith A pril,
continues less th a n a t the same tim e la st year. F igures
fo r each week since A pril 1 are sm aller th a n fo r cor­
responding weeks la st year fo r the country as a whole.
In A labam a the output during the weeks ending A pril
14 and 21 w ere g re a te r th an for corresponding weeks
a y ear ago, and in Tennessee the output during the la st
th ree weeks of A pril was g re a te r th a n a y ear ago. P ro ­
duction of bitum inous coal during A pril is estim ated by
the B ureau of Mines a t 32,18 8,0 00 tons, com pared w ith
43,95 5,0 00 tons in M arch, and w ith 3 4,67 4,0 00 tons in
A pril la st year. There was one less w orking day in
A pril th is y ear th a n la st. The to ta l production of bitum i­
nous coal during the calendar year 1928 thro u g h May 5,
approxim ately 107 w orking days, am ounted to 1 68,379,000
net tons, com pared w ith 2 10 ,6 12 ,00 0 tons produced during
the sam e period of 1927. W eekly figures since the first of
A pril, w ith com parisons, are shown below:

April 7 -------April 14 ------April 21 ------April 28 _____
May 5 ______

1928
7,158
7,415
7,917
8,192
8,183

(000 Omitted)
United States Alabama
1927
1928 1927
8,255
325
348
8,001
329
316
7,937
333
316
8,424
320
330
8,185

Tennessee
1928 1927
107
111
109
92
108
92
110
91

Consum ers’ stocks of bitum inous coal continued to
decline during the first q u arte r of 1928, and on A pril 1
am ounted to 4 8,30 0,0 00 tons. The to ta l w ithdraw n from
sto rag e between Ja n u a ry 1 and A pril 1 w as estim ated
by the B ureau of Mines a t 7 ,200,000 tons. Consum ers’
stocks on A pril 1 am ounting to 4 8,30 0,0 00 tons w ere lower
th an a t any tim e since October 1926. On A pril 1 la st year
stocks w ere estim ated a t 75,00 0,0 00 tons.
!R °N
S tatistics compiled and published by the Iron Age
indicate a m oderate gain in the daily output of pig iron
in the U nited S tates during A pril com pared w ith M arch,
although, because of the sh o rter m onth, the to ta l pro­
duction w as sm aller, and both daily average and the
to tal output w ere less th a n in A pril a year ago. The
daily average output in A pril was 106,183 tons, com pared
w ith 1 03,215 tons in M arch, and w ith 1 14 ,0 74 tons in
A pril 1927, and the to ta l production am ounted to 3,1 85 ,5 0 4
tons in A pril, com pared w ith 3 ,1 99 ,6 7 4 tons in M arch, and
w ith 3,4 22 ,2 2 6 tons in A pril la st year. The index num ber
of iron production in A pril w as 106.6 com pared w ith 107.1
in M arch, and w ith 114.6 in A pril 1927. There w as a net




loss of two furnaces in active operation during April, 195
being active on May 1, compared with 197 active on April
1, and with 220 active on May 1 last year.
Figures for Alabama indicate the production during
April of 199,487 tons, the smallest tonnage reported for
any month since July 1922. The index number of Ala­
bama iron production in April was 85.9, compared with
96.2 for March, and with 108.3 for April last year. On
May 1 there were 16 furnaces active, a loss of one dur­
ing the month, compared with 22 active on May 1, 1927.
Press reports indicate that purchases continue to be
largely for immediate needs. Foundries are taking ship­
ments against contracts at a steady rate, and little iron
is being stocked. Reports indicate that on some of the
larger lots of foundry iron recently sold furnaces have
gone to $15.50, a reduction of 50 cents a ton, but the usual
quotation on small lots continues at $16.00.
Unfilled Orders—U. S. Steel Corp’n
Unfilled orders of the United States Steel Corpora­
tion at the end of April, reported through the press,
amounted to 3,872,133 tons, a decrease of 463,073 tons
compared with the preceding month but more than four
hundred thousand tons greater than at the same time
last year.
NAVAL STORES
Receipts of turpentine and rosin at the three principal
naval stores markets of the district during April, the first
month of the new naval stores year, showed a substantial
seasonal increase compared with the preceding month, but
were smaller than for April last year partly because of
less favorable weather conditions. Receipts of turpen­
tine in April were 33 per cent smaller than in April last
year, and receipts of rosin were 30 per cent smaller.
Stocks of both commodities increased over those for the
preceding month or a year ago, stocks of turpentine at
the end of April being 12.7 per cent greater than at the
end of March, and 42.9 per cent greater than a year ago,
and stocks of rosin being 14.4 per cent greater than a
month ago, and 30.9 per cent greater than a year ago.
With the exception of 1927, April receipts of both rosin
and turpentine were larger than for the same month of
any of the past ten years. Press reports indicate that
the demand for both turpentine and rosin has been much
lighter than at this time last year, and the price of tur­
pentine on the Savannah market has declined from 54
cents about the middle of April to 4 7 ^ cents, on May 12,
with some declines also being shown in prices of the dif­
ferent grades of rosins. Receipts and stocks at the three
principal ports are shown in the table with comparisons.
Receipts—Turpentine
April 1928 March 1928 April 1927
Savannah ______________
9,125
1,884
15,488
Jacksonville ____________
8,463
3,128
11,333
Pensacola _____________
3,177
612
4,168
Total ______________
20,765
5,624
30,989
Receipts—Rosin
Savannah _____________
29,260
9,645
46,163
Jacksonville ____________
32,442
12,264
39,555
Pensacola _____________
6,060
3,635
11,310
Total ______________
67,762
25,544
97,028
Stocks—Turpentine
Savannah ______________
10,303
6,915
9,874
Jacksonville ____________
19,656
18,278
19,651
Pensacola _____________
15,145
15,499
2,277
Total __ __________
40,338
45,458
31,802
Stocks—Rosin
Savannah ______________
65,433
49,376
39,428
Jacksonville ____________
68,455
63,526
45,896
Pensacola _____________
6,917
10,172
22,238
Total „ _____________
140,805 123,074 107,562

7

8

MONTHLY REVIEW
MONTHLY INDEX NUMBERS
The following index numbers, except as indicated otherwise, are computed by the Federal Reserve. Bank
of Atlanta monthly. The index numbers of retail and wholesale trade are based upon sales figures reported con­
fidentially by representative firms in the lines of trade indicated, and the other series of index numbers are based
upon figures reported to the bank or currently available through the daily or trade press. These index numbers,
except as indicated in the foot-notes, are based upon the monthly averages for the three year period 1923-25 as
represented by 100.
RETAIL TRADE 6th DISTRICT
(Department Stores.)

Feb.
1928

Mar.
1928

April
1928

Feb.
1927

Mar.
1927

April
1927

Atlanta_____
Birmingham -...
Chattanooga ...
Nashville____
New Orleans.
Other Cities_
DISTRICT _ _

109.0
100.4
67.5
88.8
88.1
93.4
91.2

152.4
115.7
82.5
106.0
100.9
109.7
110.0

131.8
102.5
84.8
94.2
95.2
104.6
102.9

93.3
85.9
70.7
81.0
90.5
101.8
88.0

114.0
102.5
81.4
93.9
95.3
106.1
99.0

124.8
102.7
92.2
96.2
109.5
114.2
109.0

RETAIL TRADE U. S. (1)
Department Stores ..____
Mail Order Houses____
Chain Stores:
Grocery___ ________
5 & 10 Cent_________
Drug..
Cigar..
Shoe —.
Wearing Apparel.
Candy__________

85.
108.

103.
125.

101.9
115.3

83.
101.

100.
125.

111.
120.

194.
115.
148.
96.
86.
137.
106.

209.
133.
163.
107.
117.
200.
119.

202.2
134.6
154.5
99.8
130.0
194.6
129.7

148.
104.
129.
99.
84.
114.
103.

174.
116.
143.
111.
96.
148.
115.

172.
135.
144.
113
150.
199.
136.

WHOLESALE TRADE 6TH DISTRICT
Groceries__________________________
Dry Goods________________________
Hardware_________________________
Furniture
Electrical Supplies
Shoes___________
Stationery _______
Drugs __________
TOTAL _________

85.8
80.0
81.8
95.1
73.2
85.8
90.7
100.1
84.2

91.8
96.5
88.7
102.4
75.1
121.7
76.3
113.3
92.2

80.6
76.9
81.1
93.9
78.2
97.0
71.5
95.9
81.7

85.4
87.0
87.2
76.0
85.9
96.1
87.7
95.9
86.5

95.4
104.5
91.3
100.8
88.1
115.5
87.7
110.3
96.3

84.9
94.6
90.4
9'0.6
89.3
101.7
71.4
106.8
89.6

WHOLESALE PRICES U. S. (2)
Farm products________________
Foods
Hides and leather products..
Textile products _________
Fuel and lighting
Metals and Metal products..
Building materials _______
Chemicals and drugs______
Housefurnishing goods ___
Miscellaneous
ALL COMMODITIES

104.5
98.7
124.1
96.6
81.2
98.3
91.0
95.8
98.4
87.3
96.4

103.5
98.0
124.0
96.5
80.8
98.4
91.0
95.6
98.3
86.8
96.0

107.6
99.5
126.7
96.5
80.8
98.4
92.5
95.8
97.9
84.9
97.4

95.4
95.9
100.2
94.6
95.8
98.0
96.2
97.6
97.9
90.6
95.9

94.2
94.5
100.5
94.0
90.0
98.2
95.3
97.1
97.8
90.9
94.5

94.3
94.6
101.7
94.2
84.9
97.8
95.0
97.8
97.8
91.3
93.7

BUILDING PERMITS 6TH DISTRICT
Atlanta_______________________
Birmingham
Jacksonville _
Nashville___
New Orleans______
Other Cities______
DISTRICT (20 cities).

72.3
149.4
106.8
45.7
86.6
41.0
69.9

116.6
121.7
92.2
111.8
47.3
74.8
87.2

66.1
129.4
112.4
163.3
53.5
50.0
74.0

69.2
119.7
160.3
53.7
155.4
67.9
90.9

70.7
110.2
124.1
42.6
117.4
93.7
94.8

71.8
164.2
202.2
94.1
107.2
111.5
118.2

63.5

85.0

69.4

91.0

130.8

88.3

112.9
123.0
90.7
103.3

114.4
123.5
94.3
100.0

103.3
113.5
80.9
78.9

116.2
121.8
103.8
164.4

136.6
142.3
124.0
183.8

121.8
128.0
108.2
139.2

97.1
89.2

107.1
96.2

106.6
85.9

98.4
102.0

116.6
116.7

114.6
108.3

92.1

90.8

81.1

75.3

74.4

72.4

CONTRACTS AWARDED 6th DISTRICT
COTTON CONSUMED:
United States_______________________
Cotton-Growing States_______________
All Other States____________________
Exports ______________________________
PIG IRON PRODUCTION:
United States_______________________
Alabama____________________________
UNFILLED ORDERS—U. S. STEEL
CORPORATION_____________________
(1)

Compiled by Federal Reserve Board.

Digitized for(2)
FRASER
Compiled by the Bureau of Labor Statistics. Base 1926—100.