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M
O
N
T
H
L
Y
R
E
V
I E
W
O f A gricultural, Industrial, T rade and Financial
Conditions in the Sixth Federal Reserve D istrict
F E D E R A L
R E S E R V E
O scar N e w t o n , C h a i r m a n
W ard A l b e r t so n ,
B A N K
O F
A T L A N T A
o f th e B o a r d a n d F e d e r a l R e s e r v e A g e n t
A s s is t a n t
F e d e ra l
R e se rv e
Agent
(Compiled November 17, 1927)
V O L .
12, N o . 11.
A T L A N T A ,
G A .,
N O V E M B E R
B U S IN E S S C O N D IT IO N S IN T H E U N IT E D S T A T E S
I n d u s t r y a n d t r a d e w e r e l e s s a c t iv e in O c to b e r t h a n
i n t h e p r e c e d in g m o n t h a n d w e r e in s m a lle r v o lu m e t h a n a
y e a r a g o . T h e g e n e r a l l e v e l o f c o m m o d it y p r ic e s s h o w e d a
fu r th e r s lig h t a d v a n ce.
P r o d u c tio n
P r o d u c tio n o f m a n u f a c t u r e s
d e c lin e d
in O c to b e r , c o n t r a r y t o t h e u s u a l s e a
s o n a l t e n d e n c y , w h ile t h e o u t p u t o f m in e r a ls r e m a in e d in
p r a c t ic a lly t h e s a m e v o lu m e a s in S e p te m b e r . I n O c to b e r
a n d N o v e m b e r a c t i v i t y o f ir o n a n d s t e e l m ills a n d o f
a u to m o b ile p l a n t s w a s s m a lle r t h a n a t a n y p r e v io u s p e r io d
o f t h e y e a r . T h e r e w e r e a l s o d e c r e a s e s d u r in g O c to b e r in
c o n s u m p tio n a n d in t h e p r o d u c tio n o f b u ild in g m a t e r ia ls ,
c r u d e p e t r o le u m , a n d b o o ts a n d s h o e s . T h e o u t p u t o f b it
u m in o u s c o a l a n d t h e n u m b e r o f h o g s a n d c a t t l e s la u g h
t e r e d in c r e a s e d b y l e s s t h a n t h e u s u a l s e a s o n a l a m o u n t .
P r o d u c tio n o f f l o u r , c o p p e r , a n d a n t h r a c it e c o a l s h o w e d
in c r e a s e s in O c to b e r . B u ild in g
c o n tra cts
aw ard ed
in
c r e a s e d c o n s id e r a b ly o w in g t o u n u s u a lly la r g e a w a r d s in
N e w Y o r k a n d C h ic a g o in t h e l a s t w e e k o f t h e m o n th .
T h e i n c r e a s e s w e r e l a r g e s t in c o n t r a c t s f o r r e s id e n t ia l
a n d c o m m e r c ia l b u ild in g s . U n u s u a l ly f a v o r a b le w e a t h e r
d u r in g O c to b e r i n a g r ic u lt u r a l s t a t e s r e s u l t e d in in
c r e a s e d y ie ld f o r l a t e f a l l c r o p s . T h e in d ic a te d p r o d u c
t io n o f c o r n , a c c o r d in g t o t h e N o v e m b e r c r o p r e p o r t o f
t h e D e p a r t m e n t o f A g r ic u lt u r e , w a s p la c e d a t 2 ,7 5 3 ,0 0 0 ,0 0 0 b u s h e ls , a n i n c r e a s e o f 1 5 0 ,0 0 0 ,0 0 0 b u s h e ls o v e r t h e
e s t i m a t e o f t h e p r e v io u s m o n t h a n d 1 0 6 ,0 0 0 ,0 0 0 b u s h e ls
o v e r t h e y ie ld a y e a r a g o . L a r g e r y ie l d s a s c o m p a r e d w i t h
t h e p r e v io u s m o n t h ’s e s t i m a t e s w e r e a ls o in d ic a te d f o r
c o t to n , t o b a c c o a n d p o t a t o e s .
T rade
T r a d e a t w h o le s a le a n d r e t a i l s h o w e d
l e s s t h a n t h e u s u a l in c r e a s e in O c to
b er. C o m p a r e d w i t h O c to b e r a y e a r a g o w h o l e s a l e t r a d e
in a l l le a d in g l i n e s , e x c e p t m e a t s a n d d r u g s , w a s s m a lle r .
D e p a r t m e n t s t o r e s a l e s w e r e a p p r o x im a t e ly t h r e e p e r
c e n t s m a lle r t h a n in O c to b e r 1 9 2 6 , w h ile t h o s e o f m a il
o r d e r h o u s e s a n d c h a in s t o r e s w e r e s o m e w h a t l a r g e r . I n
30,
1927.
v e n t o r ie s o f m e r c h a n d is e c a r r ie d b y w h o le s a le f i r m s w e r e
s m a lle r in a l l r e p o r t in g li n e s a t t h e e n d o f t h e m o n t h t h a n
in S e p te m b e r . C o m p a r e d w i t h a y e a r a g o , s t o c k s w e r e
s m a lle r in a ll li n e s e x c e p t d r u g s . S t o c k s o f d e p a r t m e n t
s t o r e s in c r e a s e d in O c to b e r in a n t ic ip a t io n o f t h e g r o w t h
o f s a l e s t h a t u s u a l ly o c c u r s in N o v e m b e r a n d D e c e m b e r ,
b u t a t th e en d o f th e m o n th th e y w e r e n o la r g e r th a n
a y e a r a g o . F r e i g h t c a r lo a d in g s d e c lin e d in O c to b e r a n d
t h e f i r s t p a r t o f N o v e m b e r a n d w e r e s m a lle r t h a n in t h e
c o r r e s p o n d in g p e r io d o f l a s t y e a r f o r
a ll
c la s s e s
of
f r e i g h t e x c e p t g r a i n a n d g r a in p r o d u c ts .
P r ic e s
W h o le s a le c o m m o d it y p r ic e s in c r e a s e d
s l i g h t l y in O c to b e r ,
c o n t in u in g
th e
a d v a n c e w h ic h b e g a n e a r ly in t h e s u m m e r , a n d t h e B u
r e a u o f L a b o r S t a t i s t i c s ’ in d e x f o r O c to b e r w a s h ig h e r
t h a n f o r a n y p r e v io u s m o n t h o f t h i s y e a r . T h e a d v a n c e
in t h e a v e r a g e f o r a ll c o m m o d it ie s f r o m S e p te m b e r t o
O c to b e r r e f l e c t e d in c r e a s e s in t h e p r ic e s o f liv e s t o c k ,
m e a t s , a n d d a ir y p r o d u c ts . P r ic e s o f c o r n , c o t to n , c o a l,
m e t a ls , p a i n t m a t e r ia ls , a n d a u to m o b ile t ir e s , o n t h e o t h e r
h a n d d e c lin e d . D u r in g t h e f i r s t t h r e e w e e k s in N o v e m b e r
t h e r e w e r e in c r e a s e s in t h e p r ic e s o f g r a in s , c a t t le , c o p
p e r , h id e s , a n d r u b b e r , a n d d e c r e a s e s in h o g s , c o t to n , s ilk ,
c o a l, p e t r o le u m , a n d ir o n a n d s t e e l .
B a n k C r e d it
T o t a l l o a n s a n d in v e s t m e n t s , o f m e m
b e r b a n k s in l e a d in g c i t i e s in c r e a s e d
b y n e a r ly $ 3 0 0 ,0 0 0 ,0 0 0 d u r in g t h e l a t t e r p a r t o f O c to b e r
and th e f ir s t h a lf o f N o v em b er, a n d on N o v e m b e r 16,
w e r e t h e h i g h e s t e v e r r e p o r t e d . I n v e s t m e n t s in c r e a s e d b y
m o r e t h a n $ 2 0 0 ,0 0 0 ,0 0 0 r e f l e c t i n g in la r g e p a r t p u r
c h a s e s o f T r e a s u r y C e r t if ic a t e s i s s u e d o n N o v e m b e r 1 5 ,
a n d lo a n s o n s e c u r i t i e s in c r e a s e d b y a b o u t $ 1 2 5 ,0 0 0 ,0 0 0 .
L o a n s c h i e f l y f o r c o m m e r c ia l a n d a g r ic u lt u r a l p u r p o s e s
d e c lin e d d u r in g t h e p e r io d f r o m t h e s e a s o n a l p e a k r e a c h e d
e a r ly in O c to b e r . T h e r e w a s a c o n t in u e d in c r e a s e in t h e
d e m a n d f o r r e s e r v e c r e d it b e t w e e n O c to b e r 19 a n d N o v e m
b e r 2 3 , a r is in g c h i e f l y o u t o f f u r t h e r e x p o r t s o f g o ld .
D is c o u n t s f r o m m e m b e r b a n k s d e c lin e d s o m e w h a t , w h ile
PERCENT
150
PERCENT PERCENT
PERCENT
150
150
Minerals
/ U
______ j
10 0
/
Afternoon papers of December 1st.
150f
1 0 0 100
100
50
50
Manuf'actures
50
50
PF (ODUCTION OF
MANUFACTURES AND MINERALS
i
1
1
1923
WHC (LESALE PRh c e s
19 24-
1925
1926
Index numbers of production of m anufactures and m in erals, ad
justed fo r seasonal variation s (1923-25 average— 100). L a te st figures,
October m anufacturers 102; m in erals 105.
1
1927
Index of United States Bureau of Labor Statistics. (1926—100, base
adopted by bureau). Latest figure October 97.0.
M O N T H L Y R E V IE W
2
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
M onthly averages of daily figures for 12 Fed eral Reserve
L a te st figures are averages of fir s t 23 days in November.
Banks.
a c c e p t a n c e s a n d h o ld in g s o f U n it e d S t a t e s G o v e r n m e n t
s e c u r it ie s in c r e a s e d .
C o n d it io n s in t h e m o n e y m a r k e t r e m a in e d m o d e r a t e ly
e a s y in N o v e m b e r . C a l l lo a n r a t e s r e m a in e d a t th e le v e l
r e a c h e d in th e l a t t e r p a r t o f O c to b e r , a n d r a t e s on p r im e
c o m m e r c ia l p a p e r a n d b a n k e r s a c c e p t a n c e s
w e re
un
ch an g ed .
S IX T H
D IS T R IC T
SU M M ARY
C ro p re p o rts o f
th e
U n it e d
S ta te s
D e p a rtm e n t
of
A g r i c u l t u r e c o n t in u e t o i n d i c a t e im p r o v e m e n t i n a g r i c u l
t u r a l p r o d u c t io n i n t h e s i x t h d i s t r i c t o v e r t h e p r o s p e c t s
r e p o r t e d e a r lie r in th e s e a s o n . A c c o r d in g to th e N o v e m
b e r e s t im a t e s , th e c o rn c ro p in th e s ix t h d is t r ic t w ill be
o v e r 8 .3 m i l l i o n b u s h e l s l a r g e r t h a n w a s i n d i c a t e d o n
S e p t e m b e r 1 ; t o b a c c o w i l l b e a b o u t 3 .3 m i l l i o n p o u n d s
g r e a t e r ; t h e c o t t o n c r o p w i l l b e 3 8 4 ,0 0 0 b a l e s g r e a t e r , a n d
a s m a ll in c r e a s e is s h o w n in o a ts , w h ile th e e s tim a t e o f
w h e a t r e m a in s th e s a m e . T h e s e f ig u r e s a r e f o r th e s ix t h
d i s t r i c t a n d d o n o t in c l u d e t h o s e p a r t s o f T e n n e s s e e , M i s s
i s s i p p i a n d L o u i s i a n a lo c a t e d i n o t h e r F e d e r a l r e s e r v e d i s
tric ts .
T r a d e a t r e t a i l in t h e s ix t h d is t r ic t in c r e a s e d s e a s o n a lly
in O c t o b e r o v e r S e p t e m b e r , a n d s a l e s b y 4 6 d e p a r t m e n t
s t o r e s w e r e 3 .9 p e r c e n t g r e a t e r t h a n i n O c t o b e r 1 9 2 6 .
O c to b e r s a le s b y w h o le s a le f ir m s d e a lin g in h a r d w a r e ,
f u r n it u r e , e le c t r ic a l s u p p lie s a n d s h o e s in c r e a s e d o v e r
S e p te m b e r, b u t d e c re a se s w e re sh o w n
in g r o c e r ie s , d r y
g o o d s, s t a t io n a r y a n d d ru g s . S a le s b y b o th r e t a il a n d
w h o le s a l e f i r m s w e r e a f f e c t e d b y t h e w a r m w e a t h e r w h i c h
p r e v a i l e d t h r o u g h o u t n e a r l y a l l o f O c t o b e r . C o l l e c t i o n s in
O c t o b e r , s h o w e d im p r o v e m e n t o v e r S e p t e m b e r i n a l l o f
t h e l i n e s w h i c h r e p o r t e d t h i s it e m .
L o a n s a n d d is c o u n t s b y m e m b e r b a n k s in im p o r t a n t
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
M onthly averages of w eekly figu res fo r banks in 101 leading cities.
La te st figures are averages for fir s t three w eekly report dates in Nov.
c it ie s o f th e d is t r ic t w e r e s lig h t ly s m a lle r t h a n a m o n th
e a r lie r , a n d w e r e le s s t h a n a t t h e s a m e t im e l a s t y e a r .
D isc o u n ts b y th e F e d e r a l R e s e r v e
B a n k in c r e a s e d in
O c to b e r o v e r f ig u r e s f o r a m o n th e a r lie r , b u t w e re s m a lle r
t h a n a t th e s a m e t im e a y e a r a g o . C o m m e r c ia l f a ilu r e s
w e re m u c h s m a lle r in O c to b e r t h a n in S e p te m b e r o r in
O c to b e r la s t y e a r . B u ild in g p e r m it s is s u e d a t r e p o r t in g
c it ie s o f t h e d is t r ic t w e r e le s s t h a n h a l f a s la r g e a s in
O c to b e r la s t y e a r . T h e la r g e d e c r e a s e w a s d u e p a r t l y to
u n u s u a l l y la ^ g e p r o j e c t s i n O c t o b e r l a s t y e a r w i t h n o
la r g e it e m s t h is y e a r to o f f s e t t h e m . C o n s u m p tio n o f
c o tto n in th e c o t to n - g r o w in g s t a t e s in O c to b e r t h is y e a r
w a s 1 1 .1 p e r c e n t g r e a t e r t h a n a y e a r a g o , a n d p r o d u c t io n
o f c lo t h a n d y a r n b y m i l l s i n t h e s i x t h d i s t r i c t r e p o r t i n g
to th e F e d e r a l R e s e r v e B a n k w a s g r e a t e r t h a n in t h a t
m o n th , a lt h o u g h s li g h t l y s m a lle r t h a n in S e p te m b e r t h is
y e a r . P r o d u c t io n o f p ig ir o n in A la b a m a in O c to b e r w a s
g r e a t e r t h a n f o r a n y m o n t h s in c e M a y .
R E T A IL
T h e v o lu m e o f t r a d e a t r e t a i l in t h e s ix t h F e d e r a l r e
s e r v e d is t r ic t d u r in g O c to b e r, r e f le c t e d in c o n f id e n t ia l
r e p o r t s r e c e iv e d f r o m 4 6
d e p a rtm e n t
sto re s
lo c a t e d
th ro u g h o u t th e d is t r ic t , sh o w e d a s u b s ta n t ia l s e a s o n a l in
c re a se o v e r S e p te m b e r, a n d w a s g re a te r th a n a n y o th e r
m o n th o f 1 9 2 7 o r 1 9 2 6 , w it h th e e x c e p t io n o f D e c e m b e r
w h e n t h e p e a k o f d e p a r t m e n t s t o r e b u s in e s s is a lw a y s
re a c h e d . O c to b e r s a le s b y th e se 46 d e p a rtm e n t s to re s w e re
3 .9 p e r c e n t g r e a t e r t h a n i n O c t o b e r l a s t y e a r . S a l e s f o r
th e f i r s t te n m o n th s o f 1927 sh o w a s lig h t in c r e a s e , oneh a l f o f o n e p e r c e n t , o v e r t h e s a m e p e r io d l a s t y e a r .
S t o c k s o f m e r c h a n d is e on h a n d a t th e e n d o f O c to b e r in
c r e a s e d 4 .1 p e r c e n t o v e r t h o s e o n h a n d a m o n t h e a r l i e r ,
b u t w e r e 0 .6 p e r c e n t s m a l l e r t h a n a y e a r a g o . T h e r a t e
C O N D IT IO N O F R E T A I L T R A D E D U R IN G O C T O B E R 1927
I I N T H E S IX T H F E D E R A L R E S E R V E D I S T R I C T B A S E D U P O N R E P O R T S F R O M
1
2
N et
sales— percentage
increase
or
decrease
compared w it h :
(B )
Ja n . to
Oct. 31,
1926
1
„Oct.
(A )
1926
A tlanta fS) _
Birm ingham(5)
Chattanooga ( ) _
N ashville (5)
N ew O rleans (5)
O ther C ities ( ) _______
D istric t (46)
6
20
+ 18.0
+
+ 4.2
+ 5.9
— 3.5
— 1.9
+ 3.9
6.1
1
j
|
|
1
1
+ 13.1
+
+ 2.3
+ 1.4
—
— 7.2
+ 0.5
0.6
2.2
TR A D E
46 S T O R E S
3
4
Percentage of sales to
Stocks at end of month, Percentage of sales to average
stocks
from
percentage increase or average stocks in Oct. Ja n .
to October 31
decrease compared w ith : (stock
turnover
for (Stock
turnover for
the month) :
year to date)
1
(A )
Oct.
1926
+ 16.8
— 18.8
—
+ 11.9
+ 1.4
— 5.4
—
10.1
0.6
(B )
Sept.
1927
+ 3.6
+ 4.9
— 1.8
+ 14.2
+ 3.1
+ 3.5
+ 4.1
(A )
1926
(B )
1927
38.4
23.2
24.5
30.2
24.1
24.4
26.7
|
|
|
|
||
|
|
39.8
30.4
27.1
29.6
22.1
24.1.
27.6
(A )
1926
299.4
213.5
196.2
250.9
207.1
237.2
229.5
(B )
1927
316.2
229.2
197.4
265.2
190.4
226.7
229.1
5
Percentage of outstand
ing orders a t end of
month
to
purchases
during
calendar
year
1926.
o (A )
Sept.
5.6
9.0
7.8
7.6
9.1
6.4
• 7.6
^(B
Oct.)
I
1
I
|
I
|
1
7.7
5.3
3.8
3.1
8.0
5.5
6.5
3
M O N T H L Y R E V IE W
o f tu rn o v e r fo r th e m o n th w a s s lig h t ly b e tte r th a n a y e a r
^o, b u t f o r t h e y e a r t o d a t e w a s f r a c t i o n a l l y s l o w e r . T h e
le x n u m b e r o f s a l e s f o r O c t o b e r t h i s y e a r i s 1 4 0 .5 , a n d
is h i g h e r t h a n f o r O c t o b e r o f o t h e r r e c e n t y e a r s e x c e p t i n g
1925 a n d 1920. O u ts t a n d in g o rd e rs a t th e e n d o f O c to b e r
w e r e 8 .2 p e r c e n t s m a l l e r t h a n a m o n t h e a r l i e r , b u t w e r e
3 .2 p e r c e n t g r e a t e r t h a n a y e a r a g o . A c c o u n t s R e c e i v a b l e
w e r e 1 6 .0 p e r c e n t g r e a t e r t h a n a t t h e e n d o f S e p t e m b e r
a n d 8 .9 p e r c e n t g r e a t e r t h a n a y e a r a g o . C o l l e c t i o n s d u r
in g O c t o b e r w e r e 8 .4 p e r c e n t g r e a t e r t h a n i n S e p t e m b e r ,
a n d 9 .9 p e r c e n t g r e a t e r t h a n i n O c t o b e r 1 9 2 6 . T h e r a t i o
o f c o lle c tio n s d u r in g O c to b e r to a c c o u n t s o u t s t a n d in g a n d
d u e a t t h e b e g i n n i n g o f t h e m o n t h , f o r 3 0 f i r m s , w a s 3 5 .9
p e r c e n t . I n S e p t e m b e r t h i s r a t i o w a s 3 5 .1 p e r c e n t , a n d i n
O c t o b e r l a s t y e a r 3 4 .7 p e r c e n t .
W H O LESA LE
TR A D E
C o n f id e n t ia l r e p o r t s f o r O c to b e r r e n d e r e d to th e F e d e r a l
R e s e r v e B a n k in d ic a t e t h a t s a le s b y f ir m s d e a lin g in h a r d
w a r e , f u r n it u r e , e le c t r ic a l s u p p lie s a n d s h o e s w e r e g e n
e r a l l y la r g e r t h a n in S e p te m b e r , b u t d e c r e a s e s w e re s h o w n
in th e v o lu m e o f s a le s b y f ir m s s e llin g g r o c e r ie s , d r y
g o o d s, s t a t io n e r y , a n d d r u g s . C o m p a re d w it h O c to b e r 1926,
in c r e a s e d s a l e s d u r i n g O c t o b e r t h i s y e a r w e r e r e p o r t e d
in f u r n i t u r e , s h o e s , a n d d r u g s , b u t d e c r e a s e s i n t h e o t h e r
f i v e l i n e s . T h e in d e x n u m b e r o f s a l e s b y f i r m s s e l l i n g
g r o c e r ie s , d r y g o o d s, h a r d w a r e a n d s h o e s f o r O c to b e r
1 9 2 7 i s 9 4 .0 , a n d i s l o w e r t h a n f o r O c t o b e r o f t h e p a s t
f o u r y e a r s . T h e u n u s u a lly w a r m w e a t h e r d u r in g O c to b e r is
p r o b a b ly r e s p o n s ib le in p a r t f o r th e u n f a v o r a b le c o m
p a r is o n s w it h p r e c e d in g m o n th s . T h e t a b le s w h ic h f o l
lo w s h o w p e r c e n t a g e c o m p a r is o n o f f i g u r e s r e p o r t e d in
e a c h lin e , a n d s a le s f ig u r e s a r e s h o w n s e p a r a t e ly f o r
e a c h c it y w h e r e t h r e e o r m o re f ir m s in a lin e re p o r t e d .
G r o c e r ie s
S a le s o f g r o c e r ie s a t w h o le s a le in O c to
b e r w e re g r e a t e r t h a n in S e p te m b e r
a t N e w O r le a n s , b u t s m a lle r a t o th e r r e p o r t in g c it ie s ,
a v e r a g i n g 5 .5 p e r c e n t l e s s f o r t h e d i s t r i c t . C o m p a r e d
w it h O c to b e r la s t y e a r , A t la n t a , a n d N e w O r le a n s sh o w
' 'c r e a s e s b u t th e se a re m o re th a n o ffs e t b y d e c re a s e s a t
l e r p o i n t s . S t o c k s , a c c o u n t s r e c e i v a b l e , a n d c o lle c t io n s
s h o w in c r e a s e s o v e r S e p te m b e r , b u t a c c o u n t s r e c e iv a b le
a n d c o lle c tio n s w e r e s m a lle r t h a n f o r O c to b e r l a s t y e a r .
Oct. 1927 compared w ith :
S a le s :
Sept. 1927
Oct. 1926.
A tla n ta (4 firm s) ---------------------— 6.2
+ 3.8
Jackso nville (4 firm s) ------------- --— 5.9
— 42.1
New O rleans (6 fir m s )----------------+ 4.3
+ 6.0
V icksbu rg (3 firm s) -------------------■
—33.2
— 41.4
O ther C ities (15 fir m s )____________ ____
— 4.4
— 2.0
___________
— 5.5
— 14.8
D I S T R I C T (32 firm s)
Stocks on hand ----------------- -----------+ 1.8
+ 5,3
Accounts Receivable - --- -------------- ---- + 2.8
— 9.0
Collections ------------------------------------+ 1.5
— 11.5
D ry
Goods
O c to b e r s a le s o f d r y g o o d s a t w h o le
s a le w e r e in s m a lle r v o lu m e t h a n in
S e p te m b e r o r A u g u s t, b u t w e re g r e a te r th a n fo r o th e r
m o n t h s o f t h e y e a r . A d e c r e a s e o f 7 .1 p e r c e n t i s s h o w n
c o m p a re d w ith O c to b e r la s t y e a r . S to c k s on h a n d in
c r e a s e d 2 .9 p e r c e n t o v e r t h o s e o n h a n d a m o n t h e a r l i e r ,
b u t w e r e 1 1 .6 p e r c e n t s m a l l e r t h a n a y e a r a g o , a n d a c
c o u n ts r e c e iv a b le s h o w e d d e c r e a s e s c o m p a r e d w it h b o th
p e r io d s . C o l l e c t i o n s i n O c t o b e r b y w h o l e s a l e d r y g o o d s
f i r m s i n c r e a s e d 2 5 .3 p e r c e n t o v e r S e p t e m b e r , a n d w e r e
1 3 .6 p e r c e n t g r e a t e r t h a n i n O c t o b e r l a s t y e a r .
S a le s :
A tla n ta (3 firm s) ______________ ___ ____
N ashville (3 firm s ____________________
Other C ities (16 firm s) _____________
D I S T R I C T (22 firm s) ________________
Stocks on hand __________________________
Accounts receivable ______________________
C ollection s____________________________________
H a rd w a re
Oct. 1927 compared w it h :
Sept. 1927
Oct. 1926
+
— 23.9
— 14.1
+ 2.9
— 18.3
—
— 7.1
— 18.0
+ 2.9
—
— 3.2
—
+25.3
+ 13.6
0.8
2.6
11.1
11.6
S a le s r e p o r t e d f o r O c to b e r b y w h o le
s a le h a r d w a r e f ir m s s h o w in c r e a s e s a t
a l l r e p o r t i n g c i t i e s , a v e r a g i n g 7 .4 p e r c e n t g r e a t e r t h a n
S e p te m b e r. A t la n t a a n d N a s h v ille s h o w in c r e a s e s o v e r
,o b e r 1 9 2 6 , b u t d e c r e a s e s a t o t h e r p o in t s m o r e t h a n
o f f s e t th e m . S t o c k s a n d a c c o u n t s r e c e iv a b le w e r e a b o u t
th e sa m e a s f o r S e p te m b e r, b u t s m a lle r th a n f o r O c to b e r
l a s t y e a r . C o l l e c t i o n s i n c r e a s e d 1 2 .0 p e r c e n t o v e r S e p
t e m b e r , b u t w e r e 6 .5 p e r c e n t s m a l l e r t h a n i n O c t o b e r a
y e a r ago.
Oct. 1927 Compared w ith :
Oct. 1926
Sales
Sept. 1927
________
+
+
A tlanta (3 firm s) _______ ___
— 42.3
+ 8.7
Jacksonville (3 firm s) _______ _________
+ 3.5
+ 5.8
N ashville (3 firm s ___________ _________
New Orleans (5 firm s) ______ _________
+ 4.5
—
Other Cities (13 f ir m s )______ ________
— 10.9
+
+ 7.4
D I S T R I C T (27 firm s) _________--------—
Stocks on hand ____________________ --------+
—
Accounts receivable ___________ ... ________
+
— 20.3
Collections ___________________________ _________
+
— 6.5
2.2
12.0
0.1
0.8
12.0
10.0
11.1
8.6
12.2
F u r n it u r e
O c to b e r s a le s
b y t w e lv e
w h o le s a le
f u rn it u r e
f ir m s
a v e ra g e d
n e a r ly
o n e - h a lf o f on e p e r c e n t l a r g e r t h a n in S e p te m b e r , a n d
w e r e 8 .7 p e r c e n t g r e a t e r t h a n i n O c t o b e r l a s t y e a r . S t o c k s
o n h a n d in c r e a s e d 1 0 .1 p e r c e n t a n d a c c o u n t s r e c e i v a b l e
6 .8 p e r c e n t o v e r S e p t e m b e r , b u t b o t h i t e m s w e r e s m a l l e r
t h a n f o r O c to b e r la s t y e a r . C o lle c t io n s in O c to b e r w e r e
2 3 .6 p e r c e n t g r e a t e r t h a n i n S e p t e m b e r , a n d 1 5 .7 p e r c e n t
g r e a t e r t h a n in O c to b e r 1926.
S a le s :
A tlan ta (4 firm s) ____
Other Cities
firm s)
D I S T R I C T (12 firm s)
Stocks on hand ___________
Accounts receivable ______
Collections
_________________
(8
Oct. 1927 compared w ith :
Sept.. 1927
Oct. 1926
— 13.8
+ 6.2
+ 3.7
+ 9.2
+ 0.4
+ 8.7
+ 10.1
— 10.2
+ 6.8
— 12.5
+23.6
+ 15.7
E le c t r ic a ls
S u p p lie s
S a l e s d u r i n g O c t o b e r b y 10 r e p o r t i n g
w h o le s a le
e le c tr ic a l
s u p p ly
d e a le r s
a v e r a g e d 9 .1 p e r c e n t g r e a t e r t h a n i n
S e p t e m b e r , b u t w e r e 2 0 .5 p e r c e n t l e s s t h a n i n O c t o b e r
1926. S to c k s on h a n d w e re a b o u t th e sa m e a s a t th e en d
o f S e p t e m b e r , b u t w e r e 1 9 .8 p e r c e n t l e s s t h a n a y e a r
a g o . A c c o u n t s r e c e iv a b le a n d c o lle c tio n s in c r e a s e d o v e r
S e p te m b e r, b u t w e re s m a lle r th a n f o r O c to b e r la s t y e a r ,
a s s h o w n in th e t a b le :
Oct. 1927 compared w ith :
Sept. 1927
Oct. 1926
+ 4.3
— 13.8
+ 15.4
— 27.2
+ 9.1
— 20.5
— 0.1
— 19.8
+ 4.2
— 6.4
+ 10.0
— 17.4
C o m p a r is o n o f s a le s in th e o th e r t h r e e lin e s a r e s h o w n
o n ly f o r t h e d i s t r i c t , a s t h r e e o r m o r e r e p o r t s w e r e n o t
r e c e iv e d i n a n y o f t h e s e l i n e s f r o m a s i n g l e c i t y .
Oct. 1927 compared w it h :
Sept. 1927
Oct. 1926
Shoes (5 firm s) ____ ____________________
_j_
— 18.1
__
Stationery (4 firm s) ___________________
Drugs
firm s) _____________ ___________
—
_[,
Percentage
A G R IC U L T U R E
S a le s :
N ew Orleans (4 firm s)
Other Cities
firm s)
D I S T R IC T (10 firm s) ...
Stoncks on hand - ___ _____
Accounts receivable _______
Collections _____________________
(6
(6
1.2
5.1
1.5
1.3
3.1
C r o p r e p o r t s is s u e d e a r ly in N o v e m b e r b y th e U n it e d
S t a t e s D e p a r t m e n t o f A g r i c u l t u r e , b a s e d u p o n c o n d it i o n s
o n N o v e m b e r 1, in d i c a t e t h a t t h e r e w a s g e n e r a l i m p r o v e
m e n t in th e p r o s p e c t s f o r n e a r ly a l l c ro p s d u r in g O c to
b e r , b e c a u s e o f t h e c o n t in u e d w a r m w e a t h e r a n d l a c k o f
r a i n f a l l in m o s t s e c t io n s , b o th o f w h ic h f a v o r e d m a t u r in g
a n d h a r v e s t in g o f c ro p s . Im p r o v e m e n t w a s n o te d in th e
c o n d i t io n a n d y i e l d o f c r o p s g e n e r a l l y i n e a c h s t a t e o f
th e s ix t h d is t r ic t c o m p a re d w ith a m o n th e a r lie r , r a n g
i n g f r o m t h r e e - t e n t h s o f o n e p e r c e n t i n L o u i s i a n a t o 1 1 .0
p e r c e n t i n A l a b a m a . F i g u r e s f o r t h e s e s i x s t a t e s in d i c a t e
th e c o r n c ro p in A la b a m a a n d L o u is ia n a is la r g e r t h a n
t h a t o f la s t y e a r , b u t s m a lle r in th e o th e r f o u r s ta t e s .
W h it e p o ta to e s w e re p ro d u c e d in g r e a t e r q u a n t it y in a ll
s ix s t a t e s , b u t th e s w e e t p o ta to c ro p is s m a lle r t h a n a
y e a r a g o in G e o r g ia , F l o r i d a a n d T e n n e s s e e . T h e to b a c co
c ro p in G e o r g ia is e s t im a t e d a t 59 m illio n p o u n d s , c o m
p a r e d w i t h 3 9 ,9 6 3 ,0 0 0 p o u n d s l a s t y e a r , b u t t h e q u a l i t y
is 6 p e r c e n t lo w e r . T h e T e n n e s s e e t o b a c c o c r o p i s e s t i
m a t e d a t 7 0 ,9 6 4 ,0 0 0 p o u n d s , c o m p a r e d w i t h 1 0 5 ,9 2 0 ,0 0 0
p o u n d s la s t y e a r , th e q u a lit y is 4 p e r c e n t h ig h e r t h a n
la s t y e a r . P r o d u c t io n o f p e a n u t s in th e s e s ix s t a t e s is
e s t i m a t e d a t 4 2 2 ,1 2 5 ,0 0 0 b u s h e l s , c o m p a r e d w i t h 2 3 0 ,6 7 5 ,0 0 0 b u s h e ls l a s t y e a r . P r o d u c t i o n o f a p p l e s i s e s t i m a t e d a t
2 ,2 4 5 ,0 0 0 b u s h e l s , c o m p a r e d w i t h 8 ,8 7 4 ,0 0 0 b u s h e l s l a s t
M O N T H L Y R E V IE W
4
y e a r . T h e c it r u s f r u i t c ro p s in F l o r i d a a r e a ls o e s tim a t e d
a t s m a lle r t o t a ls t h a n la s t y e a r . T h e e s tim a t e d p ro d u c
t i o n o f o r a n g e s i s 5 ,3 0 0 ,0 0 0 b o x e s , c o m p a r e d w i t h 7 ,0 0 0 ,0 0 0 b o x e s l a s t y e a r , a n d o f g r a p e f r u i t 9 ,2 0 0 ,0 0 0 b o x e s c o m
p a r e d , w i t h 9 ,6 0 0 ,0 0 b o x e s l a s t y e a r . P r o d u c t i o n o f l i m e s
i s e s t i m a t e d a t l e s s t h a n 5 0 0 ,0 0 0 b o x e s , c o m p a r e d w i t h
1 2 ,0 0 0 ,0 0 0
boxes
la s t
C o tto n
y ea r.
A c c o r d in g to th e
N ovem ber
re p o rt
th e c o tto n c ro p is n o w e s tim a te d a t
1 2 ,8 4 2 ,0 0 0 b a l e s . T h i s i s 1 6 4 ,0 0 0 b a l e s g r e a t e r t h a n t h e
O c t o b e r e s t i m a t e , a n d i s 5 ,1 3 5 ,0 0 0 b a l e s b e lo w p r o d u c t io n
l a s t y e a r . T h e im p r o v e m e n t o v e r t h e O c t o b e r e s t i m a t e
is d u e to th e w a r m d r y w e a t h e r d u r in g t h a t m o n th w h ic h
p e r m it t e d r a p id g a t h e r in g o f t h e c ro p w it h le s s t h a n
u s u a l lo s s to y ie ld a n d q u a lit y . T h e N o v e m b e r e s t im a t e s
f o r th e s ix s ta te s o f t h is d is t r ic t a re h ig h e r th a n f o r O c to
b e r i n e a c h i n s t a n c e , r a n g i n g f r o m a n i n c r e a s e o f 1 ,0 0 0
b a l e s i n F l o r i d a , t o 1 0 5 ,0 0 0 b a l e s i n M i s s i s s i p p i a n d 1 1 0 ,0 0 0 b a le s in A la b a m a . T h e s i x s t a t e s t o g e t h e r s h o w a n
i n c r e a s e o v e r t h e O c t o b e r e s t i m a t e o f 2 7 1 ,0 0 0 b a l e s , b u t
t h is d o e s n o t m a k e a llo w a n c e f o r t h e f a c t t h a t p a r t s o f
L o u iu s ia n a , M is s is s ip p i a n d T e n n e s s e e a r e in o t h e r d is
t r ic t s . N o v e m b e r e s t im a t e s , c o m p a re d w it h f in a l y ie ld s
fo r
la s t
y ea r,
a re
show n
in
th e
Alabam a _________________ _____- ..... _______
Flo rid a ________ ______________________
Georgia _____________________ ______ _______
L o u isia n a ---------------------------...........
M ississippi _______ -_____ _______ —_______
Tennessee _________________________
* Total
th district _____________ .
United States ___________________
6
t a b le :
Nov. 1, 1927
E stim ate
1,180,000
17,000
,
525,000
1,330,000
350,000
2,822,000
12,842,000
1 110,000
F in a l Y ie ld
1926
1,497,821
31,954
1,496,105
829,407
1,887,787
450,533
3,772,000
17,977,374
F IN A N C IA L
S a v in g s
D e p o s it s
S a v i n g s d e p o s it s a t t h e e n d o f O c t o
b e r , r e p o r t e d b y 8 7 b a n k s i n t h e s ix t *
d is t r ic t , in c r e a s e d e ig h t - t e n t h s o f on e
p e r c e n t o v e r t h e S e p t e m b e r t o t a l , a n d a v e r a g e d 6 .8 p e r
ce n t g r e a te r th a n a t th e en d o f O c to b e r la s t y e a r . F ig u r e s
f o r F e d e r a l R e s e r v e B a n k a n d B r a n c h c it ie s a r e s h o w n in
t h e t a b le , a n d r e p o r t s f r o m b a n k s lo c a te d e ls e w h e r e a r e
g ro u p e d u n d e r “ O t h e r C it ie s .” I n so m e in s t a n c e s th e r e
p o r t s in d ic a t e t h e w it h d r a w a l o f f u n d s f o llo w in g th e
q u a r t e r ly in t e r e s t p e r io d a t t h e e n d o f S e p t e m b e r .
(000 Omitted)
C om pari
C om pari
son
son
October September Oct.-Sept. October October
1927
1927
1927
1926
’27-’26
$ 42,991
A tlan ta (7 banks) _____ $ 42,213
—
$ 37,306
+ 13.2
B irm ing ham (4 banks) 24,862
24,738
- f 0.5
24,729
+ 0.5
Jackso nville (5 banks) 28,702
29,255
— 1.9
28,772
—
N ashville
b a n k s _____ 27,344
24,863
+
20,874
+ 31.0
N ew O rleans
banks) 48,967
48,316
+ 1.3
47,267
+ 3.6
O ther C ities 55 banks) 114,415
114,139
+
109,320
+ 4.7
To tal (87 banks ________ 286,503
284,302
+
268,268
+
1.8
(8
T h e t o t a l v o lu m e o f d e b its to in d iv id u a l a c c o u n t s a t 2 4 r e p o r t in g c it ie s o f
t h e s ix t h d i s t r i c t in c r e a s e d s e a s o n a lly
in O c to b e r o v e r S e p te m b e r , b u t w a s
2 .0 p e r c e n t s m a l l e r t h a n i n O c t o b e r l a s t y e a r . O f t h e 2 4
r e p o r t in g c it ie s , fo u r t e e n r e p o r t e d in c r e a s e s o v e r O c to
b e r a y e a r a g o , t h e p r in c i p a l d e c r e a s e s b e in g a t J a c k s o n
v ille , T a m p a , N e w O r le a n s , a n d C h a tta n o o g a . T h e m o n th
l y f ig u r e s s h o w n in t h e t a b le a r e d e r iv e d f r o m w e e k ly f i g
u r e s b y p r o - r a t in g f ig u r e s f o r th o s e w e e k s w h ic h do n o t
f a ll e n t ir e ly w it h in a s in g le c a le n d a r m o n th .
A labam a
B irm ing ham
Dothan _____
Mobile
Montgomery
F lo rid a
Jackso nville „
♦Miami ________
Pensacola ___
Tam pa ________
Georgia
A lb an y ______
A tla n ta ______
Augusta ........
B ru n sw ick __
Columbus ____
Elberton _____
Macon ________
N ew nan _____
Savan n ah ____
Valdosta _____
Lo u isia n a
N ew O rleans
M ississippi
♦Hattiesburg ..
Jackson ______
M eridian _____
V ick sb u rg __
Tennessee
Chattanooga
K n o xville ___
N ash ville ___
To tal 24 c ities___
W e a t h e r c o n d it io n s i n t h e
L o u is ia n a
c a n e b e lt h a v e c o n t in u e d
g e n e r a lly
f a v o r a b le d u r in g th e la t t e r p a r t o f
O c to b e r a n d e a r ly N o v e m b e r. N e e d e d r a in s o c c u rre d th e
f i r s t t w o w e e k s o f N o v e m b e r a n d b e n e f it e d t h e p l a n t e d
c a n e . F a l l p la n t in g h a s b e e n f in is h e d a n d g r in d in g o p e ra
t io n s a r e r e p o r t e d i n f u l l s w i n g . Y i e l d s a r e r e p o r t e d g o o d
a n d th e s u g a r c o n te n t o f t h e c a n e a b o v e n o r m a l.
S U G A R M O V E M E N T (Pounds)
R a w Su gar
Receipts.
Oct. 1927
Sept. 1927
O ct. 1926
N ew O rleans ________ 104,999,897
91,852,945 125,855,240
Savannah ______________
27,076,402
20,958,239
24,238,018
M e ltin g s:
N ew O rleans ________
84,469,550 109,775,391 142,436,753
Savannah ______________
29,784,360
34,848,894
34,574,141
S to c k s:
N ew O rleans ________
40,325,536
19,933,087
22,119,367
Savannah ______________
5,183,358
7,891,316
1,987,725
Refined Su g ar
__
Sh ip m ents:
N ew O rleans -------- 102,356,263 123,959,902 121,428,499
Savannah ______________
18,625,985
29,328,138
28,266,433
Sto ck s:
New O rleans ________
62,342,193
75,778,345
77,128,015
Savannah -------------16,344,353
8,302,940
12,953,959
R IC E M O V EM EN T— N EW O R L EA N S
Rough R ice (Sacks)
Oct. 1927
Sept. 1927
Receipts
-- ----------------140,979
136,388
Shipm ents -------------------127,256
148,065
Stocks -----------------------38,933
25,210
Clean R ice (Pockets)
Receipts ---------------------273,502
236,132
Shipm ents -------------------239,453
193,155
280,208
246,159
Stocks -----------------------R ice M illers Association Statistics
(B a rre ls)
Receipts of Rough Rice
o
™
October
Season 1927-28 -----------------------1,719,740
Season 1926-27 -----------------------1,681,130
D istribution of M illed R ice
Season 1927-28 -----------------------1,200,174
Season 1926-27 -----------------------1,034,736
Stocks of Rough and M illed Rice
November , 1927______________________
2,247,038
November , 1926______________________
1,879,502
1
1
Oct. 1926
105,289
96,389
49,208
258,895
259,205
124,145
Season
3,679,366
3,088,590
2,473,641
2,062,218
6.8
D e b it s to
In d iv id u a l
A cco u n ts
*Not including those parts of Lo u isia n a , M ississippi and Tennessee
located in other Fed eral Reserve D istricts.
Su g ar Cane
and S u g a r
0.2
10.0
0.2
0.8
(8
(000 Omitted)
Oct. 1927
176,921
4,805
40,653
34,027
Sept. 1927
164,243
5,290
40,451
30,997
Oct. 1926
156,653
4,203
45,440
26,567
77,470
33,679
7,443
41,135
74,123
30,419
7,765
38,766
107,467
6,245
180,206
35,705
3,948
16,067
1,812
26,337
2,960
58,188
5,989
6,630
159,754
36,692
3,561
16,474
1,535
27,955
2,699
63,617
8,424
6,128
174,848
32,602
3,633
14,068
1,084
27,859
3,350
63,600
6,486
396,565
389,444
408,699
7,713
30,509
18,757
9,483
8,870
26,240
17,188
8,186
23,387
16,909
9,241
53,622
36,026
103,158
$1,368,031
49,091
34,546
88,240
$1,301,911
9,000
65,561
64,150
35,714
89,181
$1,395,830
♦Not included in totals because of la ct of 1926 figures.
C o n d it io n o f
W e e k ly
re p o rts
1,1
S e le c t e d
fW
h!
C it ie s
m em ber
banks
re n d ere d
to
th e
Fed-
e ra l R e se rv e B a n k of
in A t la n t a , N e w
O r-
n, .
le a n s ,
B ir m in g h a m ,
J a c k s o n v ille ,
C h a t t a n o ° g a > K n o x v ille a n d S a v a n n a h in d ic a t e
9
f r o m S S 0 4 fi a« n n n
n , L ° a n s a n d d i s c o u n t s d e c lin e d
w T IL
?
• n ? , c t o b e r 1 2 > t o $ 4 9 8 ,2 6 0 ,0 0 0 t w o
w e e k s la t e r , b u t s in c e t h e n h a v e in c r e a s e d a n d o n N o -
1
S
r
•a f ° u n t e d t 0 $ 5 0 2 ,1 6 7 ,0 0 0 . D u r i n g t h i s f o u r
h n v « i p e r l o d ,lo f n s s e c u r e d b y G o v e r n m e n t o b l i g a t i o n s
i n c r e a s e d f r o m $ 5 ,3 5 1 ,0 0 0 t o $ 7 ,3 1 6 ,0 0 0 , b u t t h e r e
s m a ll d e c lin e s in th o s e s e c u r e d b y o t h e r s t o c k s
a n d b o n d s , a n d i n c o m m e r c i a l l o a n s . T o t a l lo a n s b y t h e s e
t h a n Sn ° n t v f 0 V e m
9 ^ * r e m o r e t h a n 1 7 m i l l i ° n s s m a l le t h a n o n t h e c o r r e s p o n d in g r e p o r t d a te l a s t y e a r . U n it e
S t a te s s e c u r itie s o w n e d b y th e s e b a n k s on N o v e m b e r 9
w e r e s m a l l e r m v o l u m e b y 6 .6 m i l l i o n s t h a n f o u r w e e k s
e a r lie r , b u t w e r e a b o u t 13 m illio n s g r e a t e r t h a n a y e a r
A t la
5
M O N T H L Y R E V IE W
a g o . H o l d i n g s o f o t h e r s t o c k s a n d b o n d s d e c r e a s e d $ 2 3 ,0 0 0 d u r i n g t h i s f o u r w e e k s p e r io d , b u t w e r e $ 1 ,7 6 5 ,0 0 0
g r e a t e r t h a n a y e a r a g o . T o t a l lo a n s a n d in v e s t m e n t s o n
N o v e m b e r 9 a m o u n t e d t o $ 6 1 5 ,2 9 4 ,0 0 0 c o m p a r e d w i t
$ 6 2 4 ,4 0 2 ,0 0 0 o n O c t o b e r 1 2 , t h i s y e a r , a n d w i t h $ b l 7 ,9 b » ,0 00 o n N o v e m b e r 10 l a s t y e a r . T im e d e p o t s in c r e a s e d a
lit t le m o re t h a n 3 m illio n d o lla r s c o m p a re d w it h th e t o t a l
fo u r w e k s e a r lie r , a n d w e r e m o re t h a n 18 m illio n g r e a t e r
t h a n a y e a r a g o . D e m a n d d e p o s it s d e c r e a s e d 7 .9 m i l l i o n s
d u r in g th e p a s t f o u r w e e k s , a n d w e re m a b o u t th e s a m e
v o lu m e a s o n t h e c o r re s p o n d in g r e p o r t d a te l a s t y e a r .
P r i n c i p a l i t e m s c o n t a in e d i n t h e w e e k l y r e p o r t a r e s h o w n
in t h e t a b l e f o r t h e t h r e e r e p o r t d a t e s u n d e r c o m p a r i s o n .
Oct. 12, Nov. 10,
Nov.9
1926
1927
B ills Discounted:
$
5,351 $ 5,611
Secured by Govt. Obligations...^ 7,31b
103,162
113,489
Secured by Stocks and Bon ds-- 112,127
410,804
385,788
A ll Others ------------------------- 382,724
519,577
504,628
Total Discounts —-- --------- °02,lb7
38,927
58,501
U . S. Securities ----- ----- --------- 51,8 <7
59,485
61,273
Other Stocks and Bonds------ 61,250
To tal
Lo an s,
Discounts
617,989
624,402
and Investm ents ------------ 615,294
225,104
240,216
Tim e Deposits --------------------------- 243,410
335,604
343,427
--------- 335,5^2
Demand Deposits _
24,627
9,539
Borrow ings from F . R . B a n k ........- lo.uzy
O p e r a tio n s o f th e
F e d e ra l R e se rv e
Bank
D is c o u n ts
by
th e
Fe d e ra l
R e se rv e
B a n k o f A t la n t a f o r it s m e m b e r b a n k s
in t h e s i x t h d i s t r i c t i n c r e a s e d a l i t t l e
m o re t h a n 3 m illio n d o lla r s d u r in g th e
f o u r w e e k s p e r io d b e t w e e n O c t o b e r 1 2 a n d N o v e m b e r 9 .
D is c o u n t s s e c u r e d b y U n it e d S t a t e s G o v e r n m e n t o b lig a
t i o n s d e c r e a s e d , b u t “ A l l O t h e r s ” i n c r e a s e d 4 .8 m i l l i o n s
o f d o lla r s . D is c o u n t s f o r m e m b e r b a n k s a r e , h o w e v e r , a t
a c o n s i d e r a b l y l o w e r l e v e l t h a t a t t h e s a m e t im e l a s t y e a r ,
t h e t o t a l f o r N o v e m b e r 9 b e in g $ 2 5 ,6 8 9 ,0 0 0 c o m p a r e d w i t h
$ 4 5 9 8 9 ,0 0 0 o n t h e c o r r e s p o n d i n g r e p o r t d a t e a y e a r a g o .
H o l d i n g s o f b i l l s b o u g h t i n t h e o p e n m a r k e t d e c lin e d , a n d
h o ld in g s o f U n it e d S t a t e s s e c u r it i e s in c r e a s e d s l i g h t l y ,
o v e r f o u r w e e k s e a r lie r . H o ld in g s o f p u r c h a s e d b ills a r e ,
h o w e v e r, v e r y m u c h s m a lle r t h a n a y e a r a g o , w h ile th o s e
o f U n it e d S t a t e s s e c u r it ie s a re g r e a t e r . T o t a l b ills a n d
s e c u r i t i e s h e ld b y t h e b a n k o n N o v e m b e r 9 , t o t a l e d $ 4 1 ,3 9 2 ,0 0 0 , c o m p a r e d w i t h $ 3 8 ,1 9 7 ,0 0 0 o n O c t o b e r 1 2 , a n d
w i t h $ 8 5 ,0 4 6 ,0 0 0 a t t h e s a m e t i m e a y e a r a g o . R e s e r v e s
d e c l in e d d u r i n g t h e p a s t f o u r w e e k s , b u t w e r e 2 4 .6 m i l
l i o n s g r e a t e r t h a n a y e a r a g o , w h i l e d e p o s it s w e r e s o m e
w h a t s m a lle r t h a n f o r e it h e r o f th o s e d a te s . C ir c u la t io n o f
F e d e r a l R e s e r v e N o t e s d e c lin e d 7 .9 m i l l i o n s c o m p a r e d
w i t h a m o n t h a g o , a n d w e r e a b o u t 1 6 .4 m i l l i o n l e s s t h a n a
y e a r a g o . P r i n c ip a l it e m s in th e w e e k ly s t a t e m e n t a r e
s h o w n i n t h e t a b le w i t h c o m p a r a t i v e f i g u r e s f o r a m o n t h
and a
y e a r ago.
(000 Omitted)
Nov. 9,
1927
B ills Discounted:
2,760
Secured by Govt. Obligations..
22,929
A ll Others ---------------- ----- —
25,689
otal Discounts ----- -----------1,849
B ills Bought in open m arket..........
13,853
U . S. Securities ---------------- -----41,392
Total B ills and Securities_____
185,524
C ash Preserves ------------------------66,345
Total Deposits ------------------------F . R . Notes in actual circulation.. .. 154,992
83.8
Reserve Ratio _________________________
C o m m e r c ia l
F a ilu r e s
Oct. 12, Nov. 10,
1926
1927
$ 3,384 $ 4,376
18,121
41,613
45,989
22,505
37,173
2,404
12,988
1,883
85,046
38,197
204,560
160,910
78,480
70,032
162,898
171,382
84.7
66.7
C o m m e r c ia l
f a ilu r e s
in
th e
U n it e d
S t a t e s d u r in g
O c to b e r, a c c o r d in g to
s t a t i s t i c s c o m p ile d b y R . G . D u n &
C o m p a n y i n c r e a s e d 2 1 4 i n n u m b e r a n d $ 3 ,4 4 9 ,7 4 7 i n l i a
b ilit ie s o v e r S e p te m b e r , a n d w e r e 24 g r e a t e r in n u m b e r,
a n d $ 3 ,0 0 5 ,1 5 2 g r e a t e r i n l i a b i l i t i e s t h a n i n O c t o b e r l a s t
y e a r . F a i l u r e s in th e s ix t h d is t r ic t in c r e a s e d in n u m b e r ,
b u t w e r e 3 1 .6 p e r c e n t s m a l l e r i n l i a b i l i t i e s i n O c t o b e r
t h a n in S e p te m b e r , a n d w e r e a ls o s m a lle r in n u m b e r a n d
le s s t h a n h a l f a s la r g e in lia b ilit ie s a s in O c to b e r a y e a r
a g o . F i g u r e s f o r th e U n it e d S t a t e s , d iv id e d b y F e d e r a l
R e s e r v e d is t r ic t s , a r e s h o w n in th e t a b le :
Number
L ia b ilities
Lia b ilitie s
L ia b ilities
D istrict—
Oct. 1927
Oct. 1927
Sept. 1927
Oct. 1926
Boston ___________ 185
$ 3,395,679 $ 2,199,194 $ 2,791,209
New Y o rk ______ 276
9,502,069
11,057,845
7,056,807
Philadelphia ____
51
952,548
1,295,286
2,540,877
Cleveland ______
175
7,009,505
3,212,596
2,572,720
Richmond ______
104
1,761,672
3,740,473
3,394,205
Atlanta ____ 101
902,276
1,319,183
2,171,336
264
Chicago — ......63
St. Lo uis _______
Minneapolis .—
99
K an sas C ity ....
38
D a lla s ..............
San Fra n cisco .. 353
Totals ..... 1,787
88
4,856,717
1,345,463
660,024
1,704,083
554,653
3,591,183
$36,235,872
IM P O R T S A N D
U n it e d
3,251,574
184,910
535,829
851,709
1,053,715
4,083,861
$32,786,125
5,566,978
801,234
949,573
1,386,409
1,181,400
2,817,872
$33,230,720
EX PO R TS
S ta te s
P r e l i m n a r y f i g u r e s c o m p ile d a n d p u b
lis h e d b y th e U n it e d S t a t e s D e p a r t
m e n t o f C o m m e r c e s h o w in c r e a s e s in O c to b e r o v e r S e p
t e m b e r o f b o t h e x p o r t s a n d im p o r t s . E x p o r t s w e r e 1 5 .2
p e r c e n t g r e a t e r t h a n i n S e p t e m b e r , a n d 7 .6 p e r c e n t
g r e a t e r t h a n i n O c t o b e r 1 9 2 6 . I m p o r t s i n c r e a s e d 4 .2 p e r
c e n t o v e r S e p t e m b e r , b u t w e r e 5 .5 p e r c e n t l e s s t h a n i n
O c to b e r la s t y e a r . In
O c to b e r t h is
y e a r e x p o rts e x
c e e d e d im p o r t s b y 1 3 4 m i l l i o n o f d o l l a r s , w h i l e i n O c t o
b e r a y e a r a g o e x p o r t s w e r e g r e a t e r t h a n im p o r t s b y 78
m illio n s . F o r th e t e n m o n th s o f 19 2 7 t h e r e h a s b e e n a n
e x c e s s o f e x p o r t s o v e r im p o r t s a m o u n t in g to 489 m illio n s ,
c o m p a re d w it h a n e x c e s s o f 165 m illio n s d u r in g th e s a m e
p e r io d o f l a s t y e a r . P r e l i m i n a r y f i g u r e s f o r O c t o b e r , w i t h
c o m p a r is o n , a r e s h o w n in th e t a b le :
Im p o rts:
1927
1926
October _____________ ______ ______
$ 356,000,000
376.868.000
September ..................................
341,715,000
343.202.000
10 months ending with Oct
3,509,008,000
3,697,545,000
E x p o rts :
October .......................... ..............
$ 490,000,000
455.301.000
September ____ ___ ______________
425,312,000
448.071.000
10 months ending with Oct. $3,998,458,000 $3,862,991,000
Im p o rt s
N e w O r le a n s
M e r c h a n d is e
v a lu e d
at
$ 1 9 ,6 3 2 ,1 7 9
w a s im p o r t e d in t o t h e U n i t e d S t a t e s
th r o u g h th e p o r t o f N e w O r le a n s d u r
i n g A u g u s t 1 9 2 7 . T h i s w a s a n i n c r e a s e o f 2 9 .7 p e r c e n t
o v e r t h e v a l u e o f i m p o r t s d u r i n g J u l y , a n d 4 .3 p e r c e n t
g r e a t e r t h a n im p o r ts d u r in g A u g u s t 1926. S o m e o f th e
p r in c ip a l a r t ic le s
im p o r t e d
d u r in g
A u g u s t a re
lis t e d
in t h e t a b l e :
Volum e
Coffee lbs. ____ ___ _________
_____
35,590,006
Bananas, bunches ________
_____
2,115,983
Crude petroleum, barrels
_____
575,515
Gasoline, barrels
_____
199,332
150,775,324
Sugar, lbs................. ................................
B u rlaps, lbs----- ------------------ ------18,655,733
Mahogany cabinet wood logs, f t - .......
2,507,000
V alue
$5,312,275
1,081,817
668,184
966,652
3,937,896
2,242,836
276,635
E x p o rts
N e w O r le a n s
T h e t o t a l v a l u e o f c o m m o d i t ie s e x p o rte d th ro u g h th e p o rt o f N e w O r
l e a n s d u r i n g A u g u s t w a s $ 2 6 ,5 2 2 ,0 3 7 ,
a n d w a s 3 .4 p e r c e n t l e s s t h a n t h e t o t a l f o r A u g u s t l a s t
y e a r . S h o r t s t a p le c o tto n w a s e x p o r te d in la r g e r v o lu m e
t h a n in A u g u s t 1 9 2 6 , b u t m o s t o f th e o th e r p r in c ip a l it e m s
sh o w e d d e c re a s e s c o m p a re d w ith th a t m o n th .
La rd , lbs_____ ____________
W heat flour, barrels
Tobacco, lbs.
Lo ng staple cotton, bales ____
Short staple cotton, bales _____
Rough Sou. Pine boards, feet
Oak boards, feet .......................
Illu m in a tin g oil, barrels ________
Gasoline, barrels
Gas and fuel oil, barrels
G r a in
E x p o rts— N ew
Volume
4,360,014
187,783
7,149,127
11,130
74,893
7.458.000
6.314.000
491,572
1,306,320
505,548,
V alue
653,014
1,259,045
L,194,211
L,073,022
>,480,156
361,778
388,865
L,069,790
>,032,658
704,537
O r le a n s
T h e e x p o r t m o v e m e n t o f w h e a t a n d c o r n c o n t in u e s
s m a lle r t h a n a t t h e s a m e t im e l a s t y e a r . T o t a l f ig u r e s f o r
O c to b e r, a n d f o r th e se a so n ,
w ith
c o m p a r is o n s ,
a re
s h o w n b e lo w :
Season through
Oct. 1927
Oct. 1926
Oct. 1927
Oct. 1926
W heat, bu. .... 1,472,708
1,536,314
4,529,354
4,099,075
Corn bu..............
167,203
241,002
859,591
1,060,466
Oats, bu.........
77,979
50,761
362,847
381,205
Rye, bu. ......
180,000
222,857
Total, bu....._ 1,897,890
1,828,077
5,974*649
6,086,746
B U IL D IN G
W i t h t h e e x c e p t io n o f A u g u s t a n d J u n e t h i s y e a r , t h e
v o lu m e o f p r o s p e c t iv e b u ild in g a s in d ic a t e d b y p e r m it s
is s u e d a t t w e n t y r e p o r t i n g c i t i e s o f t h e s i x t h d i s t r i c t w a s
s m a lle r in O c to b e r t h a n f o r a n y o t h e r m o n th s in c e J a n u
a r y 1925. T h e t o t a l o f p e r m it s is s u e d a t t h e s e t w e n t y
6
M O N T H L Y R E V IE W
c i t i e s d u r in g O c to b e r w a s $ 9 ,1 0 4 ,3 0 5 a n d w a s s m a lle r b y
17.9 p e r c e n t t h a n t h e t o t a l f o r S e p te m b e r , a n d 5 1 .2 p e r
c e n t s m a lle r t h a n f o r O c to b e r l a s t y e a r . T h is la r g e d e -
r e p o r t s f r o m o t h e r m ills w h ic h o p e r a t e d l e s s t h a n t h e f u l l
t im e . P r e lim in a r y f i g u r e s f o r O c to b e r , w i t h c o m p a r is o n s ,
a r e s h o w n in t h e t a b le :
c re a s e c o m p a re d w it h O c to b e r 1 926 w a s p a r t l y d u e to
la r g e f ig u r e s r e p o r t e d b y s e v e r a l c it ie s f o r t h a t m o n th .
In c lu d e d in t h e t o t a l f o r N e w O r le a n s f o r O c to b e r l a s t
y e a r w e r e p e r m it s f o r a la r g e o f f ic e b u ild in g a n d a t h e a
tre to c o st to g e th e r o v e r 5 ^
m illio n d o lla r s , a n d u n
u s u a lly la r g e t o t a ls w e re a ls o r e p o r te d f r o m C h a tt a n o o g a ,
M ia m i, K n o x v ille , a n d s e v e r a l o f th e s m a lle r c it ie s , w it h
no la r g e p r o je c t s in O c to b e r t h is y e a r to o f f s e t th e m .
T h e in d e x n u m b e r o f p e r m i t s i s s u e d a t t h e s e t w e n t y c i t i e s
f o r O c t o b e r w a s 2 5 2 .5 , c o m p a r e d w i t h 3 0 7 .6 f o r S e p t e m b e r ,
O ct. 1927
114 m ills
.279,754,741
Orders _____________________________
..286,729,108
Shipm ents _________________________
Production _________________ ______________ 283,206,945
Norm al production, these m ills_____ 303,263,652
Stocks, end of m onth__________________ 784,091,818
N orm al stock, these m ills______________803,725,243
U n fille d orders, end of m o n th ......... 207,449,396
a n d w i t h 5 1 7 .7 f o r O c t o b e r 1 9 2 6 .
S t a t i s t i c s o f b u i l d i n g c o n t r a c t s a w a r d e d , c o m p ile d b y
th e F . W . D o d g e C o r p o r a t io n , s h o w a t o t a l o f c o n t r a c t
a w a r d s d u r in g O c to b e r in th e 37 s t a t e s e a s t o f th e R o c k y
M o u n t a i n s a m o u n t i n g t o $ 5 6 2 ,8 1 5 ,8 0 0 ,
co m p a re d
w ith
$ 5 2 1 ,6 1 1 ,4 0 0 i n S e p t e m b e r , a n d w i t h $ 5 1 5 ,7 2 6 ,6 0 0 i n O c t o
b e r l a s t y e a r . O f t h i s O c t o b e r t o t a l , $ 2 4 3 ,5 6 2 ,2 0 0 w a s f o r
r e s i d e n t i a l b u i l d i n g s , a n d $ 1 0 8 ,2 1 0 ,5 0 0 f o r p u b l i c w o r k s
a n d u t ilit ie s . T h e O c to b e r to t a l o f a w a r d s f o r th e s ix t h
d i s t r i c t w a s $ 2 6 ,0 2 3 ,1 5 9 , c o m p a r e d w i t h $ 3 0 ,9 1 7 ,0 1 9 , f o r
S e p t e m b e r , a n d w i t h $ 3 4 ,9 7 9 ,4 3 2 f o r O c t o b e r 1 9 2 6 .
I n t h e t a b le a r e s h o w n p e r m it s is s u e d d u r in g O c to b e r
t h is y e a r a n d la s t a t r e p o r t in g c it ie s o f t h is d is t r ic t t o
g e t h e r w it h p e r c e n t a g e c o m p a r is o n s . In d e x n u m b e r s a p
p e a r o n p a g e 8.
Oct. 1927
V a lu e
$
74,700
2,227,515
133,850
109,422
Percentage
Oct. 1926
Change
No.
V a lu e
in value
25 $ 31,950
-{-133.8
574
2,046,808
+
56
88,045
+ 52.0
94
95,455
-j- 14.6
A la b a m a :
No.
____________ 21
A nniston
B irm ing ham _________ 597
Mobile _____________ - ___ 123
Montgomery _________.194
F lo r id a :
Jackso nville _________ 446
1,001,419 806
1,142,946
M iam i
_ - ............. 334
282,068 3,118
4,015,222
O rlando
_________106
162,071 248
361,513
Pensacola ____________ 31
233,140 161
64,741
Tam pa
___________ 348
401,415 669
640,597
♦Lakeland ____ ________ 28
11,725
79
323,730
♦Miami Beach ________ 39
286,125
17
139,100
G e o rg ia :
A tla n ta
___________371
833,139 348
1,079,107
Augusta _______________ 310
112,098 107
47,611
Columbus __________ __ 57
48,655
58
154,923
Macon __________________ 189
203,681 254
250,761
Savannah ______________ 65
403,347
53
165,036
L o u is ia n a :
N ew O rleans ________ 231
1,284,831 175
6,249,777
A lex an d ria ___________100
67,917
85
63,097
Tennessee *
Chattanooga ........ ...... 318
391,234 341
1,105,380
Johnson C ity ________ 24
52,335
25
406,784
K no xville _____________ 215
260,544 232
412,044
N ashville ______________343
523,074 304
243,866
Total 20 Cities ________ 4,490 $9,104,305 7,733 $18,665,663
Index No. ___________________
252.5
517.7
♦Not included in totals or index numbers.
8.8
12.4
— 93.0
— 55.2
+260.1
— 37.3
— 96.4
+105.7
— 22.8
+135.4
—
— 18.8
+144.4
68.6
— 79.4
+
7.6
— 64.6
— 87.1
— 36.8
+ 114.5
— 51.2
LU M B ER
P r e l i m i n a r y f ig u r e s f o r O c to b e r , r e c e iv e d u p to th e m id
d le o f N o v e m b e r b y t h e S o u t h e r n P i n e A s s o c i a t i o n f r o m
1 1 4 r e p o r t i n g m e m b e r s , s h o w t h e p r o d u c t io n b y t h e s e
m ills o f 2 8 3 , 2 0 6 , 9 4 5 f e e t , d u r in g O c to b e r , t h e ir s h ip m e n t s
a m o u n t e d t o 2 8 6 ,7 2 9 ,1 0 8 f e e t , a n d o r d e r s b o o k e d d u r i n g
t h e m o n t h a m o u n t e d t o 2 7 9 ,7 5 4 ,7 4 1 f e e t . O r d e r s f o r t h e
m o n t h w e r e , t h e r e f o r e , 1 .2 p e r c e n t l e s s t h a n p r o d u c t io n .
D u r in g th e m o n th s o f A u g u s t a n d S e p te m b e r o rd e rs
h a v e e x c e e d e d p r o d u c t io n o f t h e r e p o r t i n g m i l l s , b u t d u r
in g O c to b e r l a s t y e a r w e r e s o m e w h a t s m a lle r . S h ip m e n t s
d u r i n g O c t o b e r e x c e e d e d p r o d u c t io n b y 1 .2 p e r c e n t , a n d
e x c e e d e d o r d e r s b o o k e d b y 2 .5 p e r c e n t . O c t o b e r p r o d u c
t i o n b y t h e s e m i l l s w a s 6 .6 p e r c e n t b e lo w t h e c o m p u t e d
n o r m a l p r o d u c t io n f o r t h e s e m i l l s ; i n S e p t e m b e r p r o d u c
t i o n w a s 2 .5 b e lo w n o r m a l , w h i l e i n O c t o b e r a y e a r a g o
p r o d u c t io n o f r e p o r t i n g m i l l s w a s 7 .1 p e r c e n t b e lo w n o r
m a l . S t o c k s o n h a n d a t t h e e n d o f O c t o b e r w e r e 2 .4 p e r
c e n t l e s s t h a n n o r m a l ; a m o n t h a g o s t o c k w e r e 1 .2 p e r
c e n t b e lo w n o r m a l s t o c k s . U n f i l l e d o r d e r s o n h a n d a t t h e
e n d o f t h e m o n t h w e r e 2 6 .8 p e r c e n t l e s s t h a n t h e o u t p u t
f o r th e m o n th . T h e la t e s t a v a ila b le s t a t e m e n t o f o p e r a t in g
t im e is s u e d b y t h e A s s o c ia t io n , f o r t h e w e e k e n d e d N o
v e m b e r 4, in d ic a t e s t h a t o f th e m ills w h ic h r e p o r t e d f o r
t h a t w e e k s ix t e e n o p e ra te d o v e r t im e a g g r e g a t in g
517
h o u r s , a n d a v e r a g e o f 3 2 1 -3 h o u r s o v e r t im e f o r e a c h o f
t h e s e m ills . T h i s o v e r t im e w a s to a la r g e e x t e n t o f f s e t b y
Sept. 1927
99 m ills
265,886,141
267,752,278
257,559,850
264,160,855
688,096,052
696,727,979
183,701,706
O ct. 1926
128 m ills
290,802,614
309,208,892
303,281,429
326,291,503
713,611,593
836,617,660
216,454,524
T E X T IL E S
T h e c o n s u m p t io n o f
co tto n
in
th e
U n i t e d S t a t e s d u r in g O c to b e r
1927,
a c c o r d in g t o s t a t i s t i c s c o m p ile d
and
p u b lis h e d b y t h e U n it e d S t a t e s C e n s u s B u r e a u , d e c lin e d 2 .3
p e r c e n t , c o m p a r e d w it h t h e m o n t h b e f o r e , b u t w a s 7 .8
p e r c e n t g r e a t e r t h a n in O c to b e r l a s t y e a r . S t o c k s i n
c r e a s e d o v e r t h o s e h e ld a t t h e e n d o f S e p te m b e r . S t o c k s
h e ld b y c o n s u m in g e s t a b li s h m e n t s w e r e 9 .4 p e r c e n t
g r e a t e r t h a n a y e a r a g o , b u t s t o c k s in p u b lic s t o r a g e a n d
a t c o m p r e s s w e r e s l i g h t l y s m a ll e r t h a n a t t h a t t im e . E x
p o r t s in c r e a s e d s e a s o n a ll y o v e r t h o s e in S e p t e m b e r , b u t
w e r e 1 7 .8 p e r c e n t s m a lle r t h a n in O c to b e r l a s t y e a r . T h e
n u m b e r o f s p in d le s a c t iv e in O c to b e r w a s 1 5 4 ,0 5 0 g r e a t e r
t h a n in S e p te m b e r , b u t 1 0 7 ,2 6 0 l e s s t h a n in O c to b e r a y e a r
ago.
C o t to n
C o n s u m p tio n
S t a t i s t i c s f o r t h e c o t t o n - g r o w in g s t a t e s in d ic a t e t h e
c o n s u m p tio n d u r in g O c to b e r o f 4 4 9 ,0 4 0 b a le s o f c o t to n ,
c o m p a r e d w it h 4 6 2 ,2 1 3 b a le s in S e p t e m b e r , a n d w i t h
4 0 4 ,1 9 6 b a le s in O c to b e r 1 9 2 6 . S t o c k s in c o n s u m in g e s t a b
l is h m e n t s in c r e a s e d o v e r b o th t h e p r e c e d in g m o n t h a n d
th e s a m e m o n t h l a s t y e a r , a n d s t o c k s in p u b lic s t o r a g e a n d
a t c o m p r e s s e s , w h ile 4 0 .1 p e r c e n t g r e a t e r t h a n a m o n t h
e a r lie r , b e c a u s e o f s e a s o n a l f a c t o r s , w a s 2 .4 p e r c e n t
s m a lle r t h a n a y e a r a g o . T h e n u m b e r o f s p in d le s a c t iv e
in O c to b e r in t h e c o t t o n - g r o w i n g s t a t e s in c r e a s e d 4 5 ,0 9 4
o v e r t h o s e a c t i v e in S e p t e m b e r , a n d w a s 4 5 7 ,0 7 2 g r e a t e r
t h a n in O c to b e r 1 9 2 6 . T h e C e n s u s B u r e a u s t a t e m e n t in d i
c a t e s t h a t 7 3 .3 p e r c e n t o f a ll c o t t o n c o n s u m e d in t h e
U n it e d S t a t e s d u r in g O c to b e r w a s c o n s u m e d in t h e c o t
t o n - g r o w in g s t a t e s , c o m p a r e d w i t h 7 3 .7 p e r c e n t in S e p
t e m b e r , a n d w i t h 7 1 .1 p e r c e n t in O c to b e r l a s t y e a r .
U N I T E D S T A T E S (B ales)
Cotton Consum ed:
Oct. 1927
Sept. 1927
Oct. 1926
L in t -----------------------------612,935
627,321
568,361
L in te rs --------------------------73,193
78,260
75,401
Stocks in Consum ing E sta b lish m en ts:
L in t ------------------------------ 1,327,095 1,118,776 1,213,199
L in te rs --------------------------142,174
147,321
98,924
Stocks in P ub lic Storage and a t Com presse:
L in t ------------------------------ 5,431,129 3,964,680 5,471,533
L in te rs --------------------------46,514
38,914
52,761
E xp o rts -------------------------------- 1,126,509
631,041 1,369,820
Im ports -------------------------------19,235
28,346
30,877
A ctive Spindles -------------------- 32,497,504 32,343,454 32,604,764
Cotton G row ing States (B ales)
„
„
O ct. 1927 Sept. 1927 Oct. 1926
Cotton Consumed _________________
449,040
462,213
404,196
Stocks in Consum ing E sta b lish ments ----------------------------971,309
732,313
841,027
Stocks
P ub lic Storage and
at Compresses
5,146,462 3,672,929 5,270,930
A ctive Spindles ....
17,770,442 17,725,348 17,313,370
C o t to n C lo th
C o n f id e n t ia l r e p o r t s f o r O c to b e r w e r e
ren d ered to th e F ed era l R eserv e B an k
o f A t l a n t a b y m i ll s in t h e s i x t h d is t r i c t w h ic h m a n u f a c
t u r e d , d u r in g t h a t m o n t h , m o r e t h a n 2 9 m illio n y a r d s o f
c o t o n c lo t h , a n o u t p u t 3 .5 p e r c e n t s m a l le r t h a n in S e p
t e m b e r , b u t 7 .2 p e r c e n t g r e a t e r t h a n in O c to b e r 1 9 2 6 .
S h ip m e n t s d e c lin e d 5 .8 p e r e e n t c o m p a r e d w it h S e p te m b e r ,
a n d w e r e 5 .2 p e r c e n t s m a lle r t h a n in O c to b e r a y e a r a g o .
O r d e r s b o o k e d b y t h e s e m ill s in O c to b e r i n c r e a s e d 14.0*
p e r c e n t o v e r S e p t e m b e r , a n d s t o c k s o n h a n d in c r e a s e d
1 1 .3 p e r c e n t , b u t u n f i ll e d o r d e r s o n h a n d a t t h e e n d o f
t h e m o n t h w e r e s m a lle r t h a n a m o n t h a g o , a n d t h e n u m
b e r o f w o r k e r s a ls o d e c lin e d s l i g h t l y . C o m p a r e d w it h
O c to b e r l a s t y e a r , a ll i t e m s s h o w e d d e c r e a s e s e x c e p t p r o
d u c tio n a n d t h e n u m b e r o f w o r k e r s o n p a y r o lls .
O ctoberJL927 compared w ith :
Sept.1927
Oct. 1926
— 3.5
+ 7.2
— 5.8
— 5.2
+ 14.0
— 48.1
— 16.3
—
+ 11.3
—
— 0.7
+ 7.9
Production _______________________________
Shipm ents _____________________________
O rders booked ___________________________
U n fille d orders ________________________
Stocks on hand ______________.
Num ber on payroll _________________ Z
I
11.0
2.1
7
M O N T H L Y R E V IE W
C o n f id e n t ia l r e p o r t s w e r e
a ls o
re
c e iv e d f r o m m ills in t h e s i x t h d is t r ic t
w h ic h d u r in g O c to b e r m a n u f a c t u r e d a b o u t 6 .5 m illio n
p o u n d s o f y a r n , 1 .5 p e r c e n t l e s s t h a n t h e ir o u tp u t in
S e p te m b e r , b u t 2 .6 p e r c e n t g r e a t e r t h a n in O c to b e r l a s t
y e a r . O r d e r s b o o k e d b y t h e s e m ills d u r in g O c to b e r d e
c lin e d , c o m p a r e d w i t h S e p te m b e r , b u t s h ip m e n t s , s t o c k s
a n d u n f ille d o r d e r s o n h a n d a t t h e e n d o f t h e m o n t h i n
c r e a s e d . C o m p a r e d w i t h O c to b e r l a s t y e a r , f i g u r e s f o r
O c to b e r 1 9 2 7 s h o w in c r e a s e d s t o c k s , a n d a la r g e r n u m b e r
o f e m p lo y e e s , b u t s m a lle r s h ip m e n t s , o r d e r s , a n d u n f ille d
o rd ers.
C o tto n Y a r n
October 1927 compared w ith :
Sept. 1927
Oct. 1926.
+ 2.6
— 1.5
Production ______
— 7.2
____________
+ 1.5
Shipm ents -----— 56.6
— 22.2
Orders booked —
— 20.7
+ 9.9
U n fille d orders —
4-30.5
... „ .....
+ 2.2
Stocks on hand —
+ 5.7
____________
— 0.0
N um ber on payroll ------------------CO TTO N
SEED
AND
CO TTO N SEED
PROD UCTS
(1)
U nited States
Sixth D istrict
Aug. 1 to Oct. 31
Aug. 1 to Oct. 31
1926
1927
1926
Cotton Seed, to n s :
1927
872,242
2,580,308
2,616,590
Received at m ills.........—
869,747
493,886
1,619,143
1,485,516
Crushed .......... .....................
555,982
386,287
1,050,949
1,153,247
On H and ___________________
340,229
P ro d u ction :
Crude O il, lbs........ ........... 178,028,914 154 ,789,137 496,776,580 442,721,964
214,190
722,381
667,445
Cake and M eal, tons —.
241,618
141,793
462,951
419,183
H u lls, tons ....... .......... .......
160,383
82,367
284,233
255,254
L in te r, bales --------------94,169
Stocks Oct. 31:
(2)
(2)
25,158,930 17, ,092,716 101,268,650 60,251,991
Crude O ils, lbs. ---170,324
62,335
186,997..
63,994
Cake and Meal, tons
237,541
51,311
250,888
51,974
H u lls, tons _______ _____
138,626
41,670
136,117
42,434
L in te rs , bales _________
(1) Georgia, Alabam a, Lo u isia n a and M ississippi.
( ) Not including stocks held by refinin g and m anufacturing establish
ments, and in tra n sit to refiners and consumers.
2
COAL
W e e k ly s t a t i s t i c s c o m p ile d b y t h e U n it e d S t a t e s B u r e a u
o f M in e s in d ic a t e t h a t t h e u p w a r d t r e n d o f b itu m in o u s
c o a l p r o d u c tio n in t h e U n it e d S t a t e s , w h ic h h a s b e e n in
e v id e n c e s in c e t h e b e g in n in g o f J u ly c o n t in u e d u p t o t h e
m id d le o f O c to b e r , b u t s in c e t h a t t im e w e e k ly f i g u r e s
h a v e in d ic a te d a d o w n w a r d t e n d e n c y . C u r r e n t s t a t i s t i c s
c o n t in u e t o s h o w m a t e r ia l d e c r e a s e s in c o m p a r is o n w it h
f i g u r e s f o r c o r r e s p o n d in g w e e k s o f 1 9 2 6 . T h e r a t h e r s h a r p
d e c lin e s h o w n in t h e t a b le f o r t h e w e e k e n d in g N o v e m b e r
5 is a t t r ib u t e d t o t h e p a r t ia l o b s e r v a n c e o f N o v e m b e r 1,
A l l S a i n t s D a y , a s a h o lid a y in s o m e s e c t io n s . T h e w e e k ly
f i g u r e s f o r A la b a m a a n d T e n n e s s e e , t h e c o a l p r o d u c in g
s t a t e s o f t h e s i x t h d is t r ic t , a ls o s h o w d e c r e a s e s c o m p a r e d
w it h c o r r e s p o n d in g w e e k s l a s t y e a r . T h is d e c lin e is p r o b a
b ly d u e in p a r t t o t h e c o m p a r a t iv e ly w a r m w e a t h e r p r e
v a i l i n g d u r in g O c to b e r a n d E a r ly N o v e m b e r . T o t a l p r o
d u c tio n o f b itu m in o u s c o a l d u r in g t h e c a le n d a r y e a r 1 9 2 7
u p t o N o v e m b e r 5, a p p r o x im a t e ly 2 6 2 w o r k in g d a y s , a m o u n t s t o 4 4 5 ,2 0 8 ,0 0 0 n e t t o n s , c o m p a r e d w it h 4 7 2 ,1 8 2 ,0 0 0
t o n s p r o d u c e d d u r in g t h e s a m e p e r io d o f 1 9 2 6 , a n d w i t h
4 2 5 ,1 3 9 ,0 0 0 t o n s f o r t h e c o r r e s p o n d in g p a r t o f 1 9 2 5 .
(000 Omitted)
U nited States
A labam a
1927
1926
1927 1926
W eek Ended
......10,286 12,363
376 446
October
361 471
October 22 ............ ............. 10,285 12,712
October 29 ..............................10,019 13,486
351 481
November 5 __________________ 9,037 13,104
1
Tennessee
1927 1926
95 113
96 123
90 124
C o n s u m e r s ’ s t o c k s o f b itu m in o u s c o a l o n O c to b e r 1, a c
c o r d in g t o s t a t i s t i c s c o m p ile d b y t h e B u r e a u o f M in e s
a n d t h e B u r e a u o f t h e C e n s u s , a m o u n t e d t o a p p r o x im a t e
l y 6 2 m illio n t o n s . T h is i s a n in c r e a s e o f a b o u t 1.8 m illio n
t o n s c o m p a r e d w i t h s t o c k s o n A u g u s t 1 t h i s y e a r , a n d is
a b o u t 19 m illio n t o n s g r e a t e r t h a n o n O c to b e r 1 l a s t y e a r .
IR O N
A c c o r d in g t o s t a t i s t i c s c o m p ile d a n d p u b lis h e d b y t h e
Ir o n A g e , p r o d u c tio n o f p i g ir o n in t h e U n it e d S t a t e s
d u r in g O c to b e r t o t a le d 2 ,7 8 4 ,1 1 2 t o n s , a s l i g h t in c r e a s e
o v e r S e p te m b e r o u tp u t , b u t s m a lle r t h a n f o r a n y o t h e r
m o n th s in c e S e p te m b e r 1 9 2 5 . T h e in d e x n u m b e r f o r O c to
b e r s t a n d s a t 1 0 9 .2 , c o m p a r e d w i t h 1 0 8 .9 f o r S e p te m b e r ,
a n d w i t h 1 3 0 .8 f o r O c to b e r 1 9 2 6 , b a s e d u p o n t h e m o n t h ly
a v e r a g e f o r 1 9 1 9 a s r e p r e s e n t e d b y 1 0 0 . T h e s m a ll i n
c r e a s e o v e r S e p te m b e r is d u e t o t h e f a c t t h a t O c to b e r h a s
o n e m o r e d a y , a s t h e d a ily a v e r a g e o u t p u t in O c to b e r
w a s 8 9 ,8 1 0 t o n s , c o m p a r e d w it h 9 2 ,4 9 8 t o n s p e r d a y in
S e p te m b e r , a n d c o m p a r e d w it h 1 0 7 ,5 5 3 t o n s p e r d a y in
O c to b e r l a s t y e a r . In O c to b e r t h e r e w a s a n e t l o s s o f 7
f u r n a c e s in a c t iv e o p e r a t io n , 17 2 b e in g a c t iv e o n N o
v e m b e r 1, c o m p a r e d w it h 179 o n O c to b e r 1, a n d w it h 2 1 9
a c t iv e o n N o v e m b e r 1 l a s t y e a r .
T h e p r o d u c tio n o f ir o n in A la b a m a d u r in g O c to b e r i n
c r e a s e d o v e r S e p te m b e r a n d w a s la r g e r t h a n f o r a n y
m o n th s in c e M a y . A la b a m a o u tp u t t o t a le d 2 2 4 ,5 3 3 t o n s ,
c o m p a r e d w it h 2 0 7 ,3 6 3 t o n s in S e p te m b e r , a n d w it h 2 4 9 ,5 8 4 t o n s p r o d u c e d in O c to b e r l a s t y e a r . T h e in d e x n u m b e r
o f A la b a m a p r o d u u c tio n in O c to b e r w a s 1 2 7 .7 , c o m p a r e d
w it h 1 1 8 .0 f o r S e p te m b e r , a n d w it h 1 4 2 .0 f o r O c to b e r 1 9 2 6 .
O n N o v e m b e r 1 t h e r e w e r e 18 f u r n a c e s a c t iv e in A la b a m a ,
c o m p a r e d w it h 18 a c t iv e o n O c to b e r 1, a n d w it h 2 3 a c t iv e
on N o v e m b e r 1, 1 9 2 6 . S h o r t ly b e f o r e t h e e n d o f O c to b e r ,
B ir m in g h a m f u r n a c e s m a d e a r e d u c t io n o f $ 1 .2 5 in t h e
p r ic e o f ir o n , a n d t h e q u o ta t io n is n o w $ 1 6 .0 0 . T h is q u o
t a t i o n is , h o w e v e r , o n ly f o r N o v e m b e r a n d D e c e m b e r
s h ip m e n ts . F o ll o w in g t h i s r e d u c t io n a f a i r v o lu m e o f
b u s in e s s w a s b o o k e d f o r N o v e m b e r d e liv e r y . T h e p r e s e n t
p r ic e is t h e l o w e s t o n B ir m in g h a m ir o n s in c e M a r c h 1 9 2 2 .
R e p o r t s c o n t in u e t o in d ic a te t h a t in m o s t c a s e s b u y e r s
a r e p u r c h a s in g v e r y c lo s e t o t h e ir c u r r e n t r e q u ir e m e n ts .
U n f ill e d O r d e r s— U . S . S t e e l C o r p o r a tio n
U n f ill e d o r d e r s o n h a n d a t t h e e n d o f O c to b e r , r e p o r t e d
t h r o u g h t h e p r e s s b y t h e U n it e d S t a t e s S t e e l C o r p o r a tio n ,
a m o u n te d t o 3 ,3 4 1 ,0 4 0 t o n s , a g a in o f 1 9 2 ,9 2 7 t o n s o v e r
S e p te m b e r , a n d l a r g e r t h a n f o r a n y o th e r m o n t h s in c e
A p r il. T h is t o t a l f o r O c to b e r c o m p a r e s w it h 3 ,6 8 3 ,1 6 6
f o r O c to b e r 1 9 2 6 .
N A V A L STO RES
W e a t h e r c o n d itio n s d u r in g O c to b e r a n d e a r ly N o v e m
b e r t h i s y e a r h a v e f a v o r e d t h e p r o d u c tio n o f t u r p e n t in e
an d r o s in t o a n e x t e n t se ld o m e q u a lle d a t t h i s t im e o f t h e
y e a r . A s a r e s u lt , r e c e ip t s o f b o th o f t h e s e c o m m o d it ie s
a t t h e t h r e e p r in c ip a l m a r k e t s d u r in g O c to b e r h a v e b e e n
g r e a te r th a n fo r th e sa m e m o n th o f a n y o f th e p a s t te n
y e a r s , a n d r e c e ip t s o f b o th t u r p e n t in e a n d r o s in f o r t h e
s e a s o n t o d a te ( A p r il— O c to b e r ) h a v e b e e n g r e a t e r t h a n
fo r t h e c o r r e s p o n d in g p a r t o f a n y o f t h e p a s t t e n s e a s o n s .
R e c e ip t s o f t u r p e n t in e in O c to b e r a t t h e t h r e e p r in c ip a l
m a r k e ts o f t h e d is t r ic t d e c lin e d 1 4 .5 p e r c e n t c o m p a r e d
w it h S e p te m b e r , b u t w e r e 2 1 .4 p e r c e n t g r e a t e r t h a n f o r
O c to b e r l a s t y e a r . R e c e ip t s o f r o s in in O c to b e r d e c r e a s e d
12.6 p e r c e n t c o m p a r e d w it h S e p te m b e r , b u t w e r e , 1 5 .7
p e r c e n t g r e a t e r t h a n in O c to b e r a y e a r a g o . S t o c k s o f
t u r p e n t in e a t t h e e n d o f O c to b e r w e r e 1 0 .2 p e r c e n t
g r e a t e r t h a n a m o n th e a r lie r , a n d 4 0 .3 p e r c e n t g r e a t e r
t h a n a y e a r a g o , a n d s u p p lie s o f r o s in s , w h ile 3 .2 p e r
c e n t s m a lle r t h a n f o r S e p te m b e r , w e r e 4 0 .4 p e r c e n t
g r e a t e r t h a n a y e a r a g o . S to c k s o f t u r p e n t in e w e r e g r e a t
er t h a n a t t h e s a m e t im e o f a n y y e a r s in c e 1 9 1 8 , b u t
s t o c k s o f r o s in , w h ile g r e a t e r t h a n f o r O c to b e r 1 9 2 5 , a n d
1 9 2 6 , w e r e s m a lle r t h a n f o r O c to b e r 1 9 2 1 t o 1 9 2 4 i n
c lu s iv e . T h e p r ic e o f t u r p e n t in e p r e v a ilin g o n t h e S a v a n
n a h m a r k e t w a s f a i r l y s t e a d y a t a b o u t 4 6 c e n t s d u r in g
th e l a s t h a lf o f O c to b e r , b u t d e c lin e d d u r in g t h e f i r s t
w e e k o f N o v e m b e r t o a p p r o x im a t e ly 4 3 ^ c e n t s . T h e r e
h a s a ls o b e e n a p e r c e p t ib le w e a k e n in g in t h e p r e v a ilin g
p r ic e o f t h e d if f e r e n t g r a d e s o f r o s in . R e c e ip t s a n d s t o c k s
a t t h e t h r e e p r in c ip a l m a r k e t o f t h e d is t r ic t a r e s h o w n in
th e ta b le :
Receipts— Turpentine
Savannah ________________
Jackso nville _____________
Pensacola ________________
Total
Receipts— Rosin
Savannah ....
J acksonville
Pensacola
To tal ____________
Stocks— Turpentine
Savannah
Jackso nville Pensacola ____
Stocks— Rosin
Savannah ....
Jacksonville
Pensacola
Total
...
...
-
Oct. 1927
19,522
13,702
5,891
-
39,115
45,775
32,216
-
68,246
49,844
13,969
79,217
55,824
16,004
56,028
41,908
16,184
132,059
151,045
114,120
29,942
37,214
13,317
31,480
31,265
10,274
14,893
31,831
10,646
...
...
Sept. 1927 Oct. :
24,215
16,069
15,395
11,465
6,165
4,682
80,473
73,019
57,370
117,804
91,623
12,740
130,029
83,157
16,240
72,314
65,859
20,037
222,167
229,426
158,210
8
M O N T H L Y R E V IE W
M ONTHLY
IN D E X N U M B E R S
T h e f o l lo w in g in d e x n u m b e r s , e x c e p t w h e r e in d ic a te d o t h e r w is e , a r e c o m p u t e d b y t h e F e d e r a l R e s e r v e B a n k
o f A t l a n t a , a n d a r e b a s e d u p o n a v e r a g e f ig u r e s f o r 1 9 1 9 . T h a t is , a v e r a g e m o n t h ly f ig u r e s f o r t h e y e a r 1 9 1 9 a r e
r e p r e s e n t e d b y 1 0 0 , a n d t h e c u r r e n t m o n t h ly in d e x n u m b e r s s h o w t h e r e la t io n o f a c t i v i t y i n t h e s e l i n e s t o t h a t
p r e v a ilin g in 1 9 1 9 .
R E T A IL
TRADE
6TH
D IS T R IC T
( D e p a r t m e n t S t o r e s .)
A t l a n t a __________________________________________
B ir m in g h a m ____________________________________
C h a t t a n o o g a ____________________________________
N a s h v i l l e _______________________________________
N e w O r le a n s ___________________________________
O th e r C i t i e s ___________________________________
D i s t r i c t _________________________________________
R E T A IL T R A D E U . S . ( 1 )
D e p a r t m e n t S t o r e s _________________________
M a il O r d e r H o u s e s _________________________
C h a in S t o r e s :
G r o c e r y ________________________ _________
D r u g _______________________________________
S h o e _______ _________________________________
5 & 1 0 C e n t _______________________________
M u s ic ______
_____________________________
C a n d y ______________________________________
C ig a r ______________________________________
W H O L E S A L E T R A D E 6T H D IS T R IC T
G r o c e r ie s _____________________________________
D r y G o o d s __________________________ ____ ___
H a r d w a r e ____________________________________
Shops
___
T o t a l__________________________________________
W H O L E S A L E P R IC E S U . S . (2 )
F a r m p r o d u c ts
. ____________-______
Foods
____
H id e s a n d le a t h e r p r o d u c t s ________________
T e x t i l e p r o d u c ts _____________________ F u e l an d lig h tin g
____________________
M e t a ls a n d m e t a l p r o d u c ts ..................... .....
B u ild in g m a t e r ia l s _________________________
C h e m ic a ls a n d d r u g s _____________ ____ ___. ~
H m is p f n m is h in g g n n d s
I
M isp p lln n p o u s
|
A L L C O M M O D I T I E S _____________________
B U IL D IN G P E R M IT S 6T H D IS T R IC T
A t l a n t a _____________________________ _________
B ir m in g h a m __________________________________
J a c k s o n v i l l e __________________________________
N a s h v i l l e ________________________________ _____
N e w O r le a n s ________________________________
O th e r C i t i e s ____________ ____________________
D i s t r i c t (2 0 C i t i e s ) _________________________
COTTON C O N SU M E D :
U n it e d S t a t e s ______________________________
C o tto n -G r o w in g S t a t e s _____________________
A l l O th e r S t a t e s ______________________ . ~
fln ttn n F lY pnrts
P IG I R O N P R O D U C T I O N :
U n it e d S t a t e s ______________ ______ _______
A la b a m a ________________________
U N F IL L E D O R D E R S— U . S. S T E E L
C O R P O R A T I O N ____________________________
( 1 ) C o m p ile d b y F e d e r a l R e s e r v e B o a r d .
( 2 ) C o m p ile d b y B u r e a u o f L a b o r S t a t i s
t i c s . B a s e 1 9 2 6 — 1 0 0 .)
A u g u st
S e p t.
O c to b e r
A u g u st
S e p t.
O c to b e r
1927
1927
1927
1926
1926
1926
1 2 6 .3
1 2 2 .6
7 4 .6
9 0 .0
8 2 .4
8 5 .3
9 4 .2
1 4 6 .8
1 3 2 .5
8 5 .7
8 5 .2
9 7 .7
1 0 0 .0
1 0 6 .5
1 9 2 .8
1 6 6 .9
12 4 .9
1 1 5 .5
1 2 6 .4
1 2 4 .7
1 4 0 .5
10^.1
1 0 8 .1
6 9 .8
8 0 .9
8 2 .6
8 5 .2
8 7 .3
1 1 3 .5
1 1 4 .8
7 8 .6
78.9
9 6 .1
9 7 .7
9 6 .7
1 6 7 .9
1 5 7 .3
1 1 9 .9
1 0 9 .9
1 3 1 .0
1 2 9 .0
1 3 5 .5
1 1 2 .6
1 1 2 .2
1 3 0 .0
1 2 6 .4
1 5 1 .4
1 5 8 .0
1 0 5 .0
9 7 .8
1 3 0 .4
1 1 9 .6
1 5 7 .9
1 4 9 .7
3 8 5 .4
2 1 5 .5
1 3 1 .6
2 3 6 .7
9 8 .3
2 0 7 .8
1 4 6 .9
3 8 4 .1
2 1 0 .4
1 4 0 .3
2 3 2 .2
1 2 5 .5
2 2 3 .4
1 4 6 .5
4 2 2 .1
2 3 3 .6
1 5 7 .1
2 7 8 .5
1 2 8 .1
2 3 3 .0
1 5 3 .6
2 9 5 .3
1 9 4 .8
1 2 1 .6
2 0 4 .0
1 3 1 .1
1 9 3 .8
1 4 8 .1
3 0 3 .1
1 9 2 .4
1 4 1 .8
2 1 1 .0
1 3 7 .5
2 1 8 .1
1 5 2 .6
3 2 9 .4
2 0 9 .0
1 5 7 .7
2 5 7 .1
1 5 1 .0
2 2 6 .8
1 6 2 .1
8 8 .8
1 2 1 .6
9 1 .4
8 1 .6
8 9 .1
9 6 .7
1 3 6 .7
1 0 0 .6
8 8 .5
9 8 .0
9 1 .4
1 1 4 .2
1 0 8 .2
8 9 .6
9 4 .0
9 4 .1
9 3 .0
9 7 .8
6 6 .1
8 8 .2
1 0 3 .6
1 1 7 .5
1 0 7 .4
8 4 .1
1 0 0 .6
9 9 .8
1 1 3 .2
1 1 6 .8
75 .9
1 0 0 .1
1 0 2 .2
9 4 .2
1 1 1 .7
9 6 .2
8 4 .1
9 8 .0
9 2 .9
9 6 .4
9 8 .6
8 9 .9
9 5 .2
1 0 5 .9
9 6 .5
1 1 2 .5
9 8 .5
8 4 .2
9 7 .6
9 2 .1
9 6 .4
9 8 .6
8 9 .2
9 6 .5
1 0 5 .0
1 0 0 .0
1 1 3 .0
9 8 .4
8 3 .8
9 7 .1
9 1 .6
9 7 .1
9 8 .5
8 8 .3
9 7 .0
9 7 .2
9 7 .5
9 9 .7
9 8 .5
1 0 0 .6
1 0 1 .0
9 9 .5
9 9 .8
9 9 .8
9 5 .4
9 9 .0
9 9 .3
9 9 .8
9 8 .8
9 8 .9
1 0 1 .5
1 0 1 .2
9 9 .5
1 0 0 .2
9 9 .5
9 4 .2
9 9 .7
97 .9
1 0 0 .8
1 0 1 .0
9 7 .7
1 0 1 .3
1 0 1 .0
9 9 .5
9 9 .1
9 9 .4
9 3 .4
9 9 .4
1 1 6 .8
3 9 7 .7
3 8 2 .3
2 0 3 .9
4 3 6 .1
2 2 5 .0
2 5 2 .1
1 4 2 .1
7 0 9 .9
4 0 3 .9
4 5 3 .0
2 7 8 .8
2 8 6 .7
3 0 7 .6
9 5 .7
6 8 1 .0
3 3 4 .8
2 7 6 .3
2 9 3 .7
2 1 8 .3
2 5 2 .5
8 7 .3
5 5 6 .2
9 0 9 .6
1 3 8 .8
1 5 3 .9
5 0 2 .4
3 9 7 .4
1 1 3 .0
4 2 2 .8
4 0 6 .7
3 4 2 .4
2 5 1 .5
4 8 2 .5
3 4 6 .9
1 2 3 .9
6 2 5 .8
3 8 2 .1
1 2 8 .8
1 ,4 2 8 .8
5 3 3 .3
5 1 7 .7
1 1 8 .4
1 5 7 .2
7 1 .6
6 1 .9
1 1 7 .3
1 5 6 .6
6 9 .8
1 1 4 .8
1 1 4 .6
1 5 2 .1
6 9 .3
2 0 4 .9
9 3 .6
1 2 1 .8
5 9 .6
6 6 .5
1 0 6 .8
1 3 9 .3
6 7 .6
1 4 4 .5
1 0 6 .3
13 6 .9
6 9 .5
2 4 9 .1
1 1 5 .6
1 2 0 .8
1 0 8 .9
1 1 8 .0
1 0 9 .2
1 2 7 .7
1 2 5 .6
1 3 5 .8
1 2 3 .1
1 3 1 .0
1 3 0 .8
1 4 2 .0
53 .3
52 .5
5 5 .7
59.1
5 9 .9
6 1 .4
@FedFRASER