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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 scar N ew ton , Chairman of the Board and Federal Reserve Agent W ard A lb ertson , Assistant Federal Reserve Agent (Compiled November 19, 1928) VOL. 13, No. 11 This review released for publication in the morning papers of November 30. ATLANTA, GA., NOVEMBER 30, 1928 BUSINESS CONDITIONS IN THE UNITED STATES Industry continued active in October and the distribu tion of commodities was in large volume. Wholesale com modity prices declined sharply owing chiefly to decreases in the prices of farm products. Member bank credit in use increased in October and November while reserve credit outstanding showed little change. Conditions in the money market were somewhat easier. Production Industrial production continued in October at the high level of September and con siderably above the level of a year ago. Output of min erals increased over September, while the production of manufactures declined slightly. Factory employment and payrolls increased to the highest level since early in 1927. The production of pig iron was particularly large in Oc tober and the first half of November, and the output of steel continued in record volume. Automobile production declined considerably in October after exceptional activ ity in September, and showed further reduction in Novem ber, as is usual at this season. Activity increased in Oc tober in meat-packing and in the textile industries, with the exception of silk. Copper mining and smelting con tinued at a high level, and the output of coal and petro leum increased by more than the usual seasonal amount, while the production of zinc declined. There was also a decline in the output of lumber and building materials. Building contracts awarded continued to increase in Oc tober and were larger than in that month of any previous year, but declined sharply during the first two weeks of November. The increase in October was due principally to large contracts for engineering and industrial projects. The November cotton crop estimate of the Department of Agriculture was slightly larger than the October estimate and indicated a yield of 14,133,000 bales, 1,178,000 more than the production of 1927. Ginnings of the current crop prior to November 14 totaled 11,320,302 bales, compared with 10,894,912 in the similar period of a year ago. Indi cated yields of wheat, corn, oats, potatoes and tobacco were larger than the 1927 crops, while estimates of hay, rye, and flaxseed were smaller. Trade Department store sales in October were in about the same volume a$ in the same pe riod in the preceding year, but showed somewhat less than the seasonal increase from the high level of September. Inventories of these stores increased during the month, but continued smaller than a year ago. The volume of distribution at wholesale was larger than in September and showed substantial gain over October 1927. Freight carloadings continued larger in October and November than a year ago, reflecting chiefly large loadings of mis cellaneous freight. Prices Wholesale commodity prices declined in October after a continuous increase for three months and the Bureau of Labor Statistics’ index for October at 97.8 per cent of the 1926 average, was over 2 per cent below that for September. This decliine reflected chiefly large decreases in prices of farm and food pro ducts and hides and leather. Prices of industrial commo dities increased slightly, with small gains recorded in met als, building materials, and chemicals and drugs. The principal increases occurred in prices of iron and steel, copper and raw silk. During the first three weeks of No vember prices of cotton, pig iron, copper and petroleum increased, and prices of most farm and food products, ex cept corn, pork and sugar, recovered somewhat after the October decline. Bank Credit Between October 24 and November 21 there was a considerable increase in loans and investments of member banks in leading cities, but at the end of this period the total was still below the large volume outstanding at the middle of the year. Loans chiefly for commercial purposes remained at a high level (Continued on Page Seven) zinr percent 150 P ER CEWt [125 150 125 . L E S A L E P f7 IC ES Manuactures a too to o V' \S '/ Minerals 100 100 50 50 pnSODUCTfON OF MANUFACTURES AND MINERALS 1i I1 1924 f 1 f i 1925 1926 1927 192S Index numbers of production of manufactures and minerals, adjusted for seasonal variations (1923-25 average—100.) Latest figures, October Digitizedmanufactures for FRASER 114; minerals 114. 75 75 1924 1925 1926 1927 1928 Index of United States Bureau of Labor Statistics. (1926—100, base adopted by bureau). Latest figures October 97.8. 2 MONTHLY REVIEW BILLTOHS OF DOLLARS BILLIONS OF DOLLARS 1924 Monthly averages of daily figures for 12 Federal Reserve Banks. Latest figures are averages of first 23 days in November. SIXTH DISTRICT SUMMARY Both retail and wholesale trade registered further sea sonal gains in volume of sales in October compared with preceding months. October sales by reporting depart ment stores increased 25.6 per cent over September, but were 3.4 per cent smaller than in October last year. Sales by all reporting wholesale firms in October averaged 9.2 per cent greater than in September, but 2.7 per cent less than in October 1927. Collections in both wholesale and retail trade showed considerable improvement over Sep tember. November crop estimates by the United States Department of Agriculture show small increases over those of a month earlier for some of the principal crops of this district, among them corn, potatoes, cotton, rice and sugar. Savings deposits declined slightly in October, and for the first time in several years show a decrease com pared with the same date a year ago. Debits to individual accounts at 26 reporting cities of the district increased 17.5 per cent over September, but were 2.6 per cent less than in October last year. After declining each month since January, demand deposits of all member banks in the district increased in October over September, but were less than a year ago. Discounts for customers by 31 re porting member banks in certain cities of the district in creased slightly between October 10 and November 14, and their borrowings from the Federal Reserve Bank of At lanta declined. Discounts by the Federal Reserve Bank for all member banks in the district declined nearly ten million dollars this period. Building permits at twenty reporting cities of the district increased slightly over Sep tember, but were 4.5 per cent less than for October 1927. Contract awards in the district, however, were about 39 per cent greater than for September, or for October last year. Cotton consumption increased in October, and pro duction of cotton cloth and yarn by reporting mills in this 1925 1926 1927 1928 Monthly averages of weekly figures for banks in 101 leading cities. Latest figures are averages for the first three weekly report dates in November. district was greater than in September or in October last year. Production of pig iron in Alabama increased 12.6 per cent in October over September. RETAIL TRADE The distribution of merchandise at retail in the sixth district, as reflected in sales figures reported confidentially to the Federal Reserve Bank by 45 department stores lo cated throughout the district, increased seasonally in Ocober to the highest level reached so far in 1928, although slightly less in volume than in October last year. Stocks of merchandise increased seasonally also, but were slight ly smaller than a year ago, and collections were better than for the preceding month or for the same month last year. October sales by these 45 reporting firms were 25.6 per cent greater than in September, but averaged 3.4 per cent less in aggregate volume than in October last year. The index number of October sales this year is somewhat lower than that for October of 1927, 1925, 1923 and 1920, but higher than for that month in other recent years. Total sales during the first ten months of this year have been greater by 7.9 per cent than during the same period last year. Stocks of merchandise on hand at the end of October increased at all reporting cities, averaging 5.3 per cent greater than a month earlier, but were smaller than a year ago except at Chattanooga. Accounts receivable at the end of October were 9.2 per cent greater than a month earlier, and 7.2 per cent greater than a year ago. October collections increased 22.3 per cent over those in Septem ber, and were 5.6 per cent greater than in October 1927. The ratio of collections during October to accounts receiv able and due at the end of September, for 32 firms, was 33.1 per cent; for September this ratio was 29.0 per cent, and for October last year 35.9 per cent. For October, the CONDITION OF RETAIL TRADE DURING OCTOBER 1928 AT 45 DEPARTMENT STORES SIXTH FEDERAL RESERVE DISTRICT Comparison of Net Sales Oct. 1928 with Jan. 1 to Oct. 31, Comparison of Stocks Rate of Stock Turnover Oct. 1927 1928 with the same Oct. 31, 1928 with Oct. 31, 1928 with October Jan. 1 to Oct. 31, Period in 1927 Oct. 31, 1927 Sept. 30, 1928_______1927_____ 1928_____ 1927_____ 1928 Atlanta (5) _______ __ — 2.1 Birmingham (5) ____ __ -f- 1.6 Chattanooga (6) ____ __ — 9.7 Nashville (4) _____ __ + 2.6 New Orleans (5) ____ __ — 4.3 Other Cities (20)_______ — 7.5 District (45) _______ __ — 3.4 +12.3 + — 4.1 + 7.1 — 3.3 — 4.1 + 1.9 — 1.0 — 7.7 + 6.3 — 1.1 — 3.8 — 8.8 — 2.9 + + + + + + + 2.6 9.0 6.3 7.5 5.8 3.1 5.3 .40 .30 .27 .30 .22 .24 .28 NOTE:—The rate of stock turnover is the rr.tio of sales during given period to average stocks on hand. .32 .24 .23 .27 .19 .20 .23 3.16 2.29 1.97 2.65 1.90 2.27 2.29 2.72 1.89 2.42 1.71 1.87 2.01 2.02 MONTHLY REVIEW ratio of collections against regular accounts outstanding on the first of the month for 32 firms was 35.5 per cent, and the ratio of collections against installment accounts, for 9 firms, was 16.5 per cent. WHOLESALE TRADE The total volume of wholesale trade for all lines re ported on in the sixth district increased seasonally in Oc tober and was in greater volume than for any month since October of last year. Total sales by all reporting firms in eight different lines of wholesale trade averaged 9.2 per cent greater than in September, but were 2.7 per cent smaller than in October 1927. Stocks of merchandise av eraged 1.0 per cent greater than at the end of September, and 1.2 per cent greater than a year ago. Accounts re ceivable averaged 2.8 per cent greater than for Septem ber, and were smaller by less than one per cent than for October last year. Collections by all reporting firms dur ing October increased 21.4 per cent over September, but were 5.1 per cent less than in October 1927. Percentage comparisons of reported figures in the eight reporting lines of trade are shown in the paragraphs which follow, and index numbers will be found on the last page of this Review. Groceries Sales of groceries at wholesale during Oc tober were greater than during September at all reporting cities, and exceeded sales in October a year ago except at Jacksonville. Increases over both of those periods are shown in stocks, accounts receivable, and collections, as indicated in the table. Oct. 1928 compared with: Sales: Sept. 1928 Oct. 1927 Atlanta (3 firms) ______________ +14.7 +12.6 Jacksonville (3 firms) ___________ + 12.0 — o.9 New Orleans (6 firms) ___________ + 14.7 +11.6 Vicksburg (3 firms) _____________ + 6.1 +45.3 Other Cities (15 firms) __________ +11.6 + 1.4 DISTRICT (30 firms) ___________ +12.1______+ 8.0 + 4.4 + 9.0 Stocks on hand ___________________ Accounts receivable ________________ +3.1 +3.0 Collections _______________________ +20.0 + 8.4 Dry Goods Increases in sales of dry goods at whole sale at Atlanta and Other Cities in Octo ber, compared with September, were more than offset in the district average by decreases at Nashville and New Orleans, and total sales for October show a decrease of 5.1 per cent compared with September, and were 18.9 per cent less than in October a year ago. Stocks on hand declined 1.2 per cent compared with September, but were slightly greater than a year ago. Accounts re ceivable and collections increased over September, but were less than for October last year. Oct. 1928 compared with: Sept. 1928 Oct. 1927 Sales: -29.1 Atlanta (3 firms) + 1.7 Nashville (3 firms) —17.2 -16.9 New Orleans (4 firms) —19.7 —25.0 Other Cities (15 firms) + 5.1 —15.8 DISTRICT (25 firms) — 5.1 —18.9 Stocks on hand __ — 1.2 + 0.7 + 1.9 — 9.1 Accounts receivable Collections ______ +59.1 —21.2 Hardware Sales of hardware at wholesale during October were 13.0 per cent greater than in September, but were in smaller volume than during Oc tober last year, except at New Orleans. Stocks and col lections were greater than for September, but less than for October last year, while accounts receivable show in creases over both of those periods. Oct. 1928 compared with: Sales: Sept. 1928 Oct. 1927 Nashville (4 firms) ______________ + 5.4 — 7.5 New Orleans (5 firms) __________ +11.8 + 5.3 Other Cities (19 firms) ___________ + 16.8 — 8.8 +13.0 — 4.5 DISTRICT (28 firms) + 1.0 — 1.3 Stocks on hand ---------+ 3.5 + 2.6 Accounts receivable ___ +16.7 — 8.4 Collections ---------------Furniture October sales of furniture at wholesale averaged 1.4 per cent smaller in volume than in September, and 5.7 per cent less than in October lastf year. Stocks declined compared with September, but were somewhat greater than a year ago, and accounts re ceivable and collections increased over both of those pe riods, as indicated in the table. Oct. 1928 compared with: Sales: Sept. 1928 Oct. 1927 Atlanta (5 firms) ---— 9.6 —15.0 Other Cities (8 firms) + 0.4 — 3.7 DISTRICT (13 firms) . — 1.4 — 5.7 Stocks on hand __ — 5.6 + 5.4 Accounts receivable + 1.2 + 2.5 Collections ---------+28.3 + 1.7 Electrical Supplies October sales of electrical supplies at wholesale averaged 20.6 per cent greater than in September, and were 8.0 per cent greater than in October 1927. Stocks and accounts receiv able increased over September, but were less than for October last year. Collections were 7.0 per cent greater than in September, but in about the same volume as in October a year ago. Oct. 1928 compared with: Sales: Sept. 1928 Oct. 1927 New Orleans (4 firms) ___________ + 8.9 + 1.8 Other Cities (9 firms) ___________ +26.9 +11.1 +20.6 + 8.0 DISTRICT (13 firms) ____________ Stocks on hand __ + 5.6 — 4.4 Accounts receivable + 5.7 — 3.0 + 7.0 + 0.2 Collections --------Sales of shoes, stationery and drugs increased in Oc tober compared with September, but were less than in October 1927, as indicated in the percentage comparisons shown below. Oct. 1928 compared with: Sept. 1928 Oct. 1927 Shoes: Sales ---+ 4.0 —15.9 Stationery: Sales +21.0 — 5.9 Drugs: Sales + 9.7 — 1.6 + 2.0 + 0.8 Accounts receivable Collections --------+ 4.4 —10.7 AGRICULTURE The November crop report issued by the United States Department of Agriculture states that little change in crop prospects occurred during October. The generally warm weather facilitated the harvesting of late crops. Rice, potatoes, sweet potatoes, cotton, beans, peanuts, sugar beets, apples, pears, oranges, grapefruit and grapes are all showing yields slightly above expectations, but the estimates of corn, tobacco and buckwheat have been re duced slightly. Figures for. the sixth district for November indicate an increase in the corn crop in this district over the estimate on October 1, but corn, oats and hay show decreases com pared with last year’s production. Estimated production of tobacco and potatoes was larger than a month ago, and these crops are also greater than for 1927. More corn was produced in Florida and Louisiana this year than last, but less in Georgia, Alabama, Mississippi and Tennessee. Potatoes show increases in all six states over last year. Sweet potatoes show an increase in Alabama, but de creases in the other five states. Apples, pears, and grapes show increases over last year in all six states. Crops of peanuts were larger than a year ago in Alabama and Florida, but smaller in the other four states. In the table are shown the estimated production of some of the princi pal crops in this district during the 1928 season, compared with 1927 crop. (000 omitted) Estimate Final Percentage Nov. 1928 1927 Comparison Corn, bu. _____________ 151,473184,477 —17.9 Oats, bu. ______________ 10,60014,282 —25.8 Hay, tons _____________ 3,0283,033 — 0.2 Tobacco, lbs____________ 160,455121,134 +32.5 White Potatoes, bu. ---------15,75112,303 +28.0 Note: Parts of Tennessee, Mississippi and Louisiana are situated in other Federal Reserve Districts. Cotton The November cotton report issued by the United States Department of Agriculture places this season’s cotton crop at 14,133,000 bales. This is 140,000 larger than the October forecast, and is larger than the 1927 crop by 1,178,000 bales. The report indi cates that the full effect of the hurricane in Florida, Geor MONTHLY REVIEW gia, and the Carolinas was responsible for a decline of 190,000 bales in those states. The increase of 140,000 bales for the country as a whole over the October esti mate was ascribed by the Department to better-than-average weather conditions during October in Alabama, Mis sissippi, Louisiana, Arkansas and Texas. For the six states comprising the sixth Federal reserve district the November forecast is 3.5 per cent greater than that of October, but 2.8 per cent smaller than final yields last year. Ginnings in these six states up to November 1 were 10 per cent less than during the same period last year, but for the country as a whole ginnings up to November 1 exceeded those of a year ago by 2.4 per cent. Ginnings in the six states of this district up to November 1 amount ed to 79 per cent of the estimated crop. Detailed com parisons are shown in the table. Estimate Estimate Final (Bales) Nov. 1, 1928 Oct. 1, 1928 1927 930,000 1,191,000 Alabama ______________ 1,000,000 Florida _______________ 18,000 18,000 17,000 995,000 1,060,000 1,100,000 Georgia _______________ Louisiana _____________ 660,000 580,000 548,000 1,320,000 1,355,000 Mississippi ______ _____ 1,390,000 380,000 385,000 359,000 Tennessee _____________ Total 6 states____________ 4,443,000 4,293,000 4,570,000 United States ___________ 14,133,000 13,993,000 12,955,000 Ginnings to November 1 (Bales) 1928 1927 Alabama __ ___ _______________ 817,264 1,085,807 Florida __ _________________ ___ 17,553 16,527 Georgia ________________________ 783,291 1,009,013 586,561 476,102 Louisiana _____________________ __ Mississippi ___ _________________ 1,097,729 1,112,120 Tennessee _ ______________ ___ __ 218,549 220,291 Total 6 states _________________ __ 3,520,947 3,919,860 9,920,846 United States _________ ____ ____ 10,160,977 Sugar Cane and Sugar The November report of the United States Department of Agriculture places the esti mate of this year’s sugar production in Louisiana at 171,083 short tons, compared with 70,793 tons produced last year. Some improvement was shown during October. Harvesting is now going forward rapid ly, and the laying down of seed cane for next year's crop has made good progress. Grinding has commenced, and all operating factories are working to capacity. SUGAR MOVEMENT (Pounds) Raw Sugar October 1928 September 1928 October 1927 Receipts: 104,999,879 150,874,600 New Orleans ____ 89,778,237 27,076,402 29,413,957 Savannah ... _____ 26,317,350 Meltings: 84,469,550 126,605,354 New Orleans ____ 123,388,038 29,784,360 17,858,675 _____ 41,312,484 Savannah Stocks: 40,325,536 52,604,265 New Orleans-._____ 18,531,772 5,183,358 18,048,224 _____ 5,053,090 Savannah Refined Sugar Shipments: 102,356,263 123,643,702 New Orleans _____ 104,056,573 18,625,985 _____ 34,373,221 25,154,505 Savannah Stocks: 62,342,193 53,682,180 New Orleans _____ 64,136,710 16,344,353 6,181,621 9,603,392 Savannah _____ Rice The November estimate of the Department of Agriculture indicates the production of 16.594.000 bushels of rice in Louisiana, compared with 19.443.000 bushels produced in 1927. The acreage sown to rice this year was 481,000 acres, compared with 496,000 acres last year. Harvesting and threshing operations have made excellent progress. FINANCIAL Savings deposits at the end of October held by 84 reporting banks in the sixth district declined nearly one-half of one per cent compared with September, and were three-tenths of one per cent smaller, in the aggregate, than savings deposits held by these same banks at the close of October 1927. This is the first time in several years that savings deposits have shown a decline compared with the corresponding period a year earlier. Increases over October a year ago are shown for Atlanta, Birmingham, and Other Cities, and decreases for Jacksonville, Nashville and New Or leans. Totals for Atlanta, and for Branch Federal Re serve Bank cities are shown in the table, and reports from banks located elsewhere are grouped under “Other Cities.” Savings Deposits (000 Omitted) Comparison Comparison Oct.-Sept. Oct. October Oct. 1928 Sept. 1928 1928 1927 ’28-’27 Atlanta (7 banks) _____ $ 43,171 $ 42,453 + 1.7 $ 42,213 + 2.3 Birmingham (4 banks) __ 25,551 25,489 + 0.2 24,862 + 2.8 Jacksonville (5 banks) __ 28,284 29,628 — 4.5 28,702 — 1.5 Nashville (8 banks) ____ 26,735 26,495 -f 0.9 27,344 — 2.2 New Orleans (7 banks) __ 47,262 47,325 — 0.1 48,967 — 3.5 Other Cities (53 banks) .... 114,751 115,591 — 0.7 114,415 + 0.3 Total (84 banks) _____ 285,754 286,981 — 0.4 286,503 — 0.3 Debits to Individual The volume of debits to individual Accounts accounts by banks in the 26 report ing cities of the sixth district, re flecting the volume of business transactions settled by check, increased 17.5 per cent in October over the Septem ber total, but was 2.6 per cent smaller than for October last year. Thirteen of these cities showed increases over October 1927, and thirteen decreases. The monthly to tals are derived from weekly figures by pro-rating figures for those weeks which do not fall entirely within a single calendar month. (000 Omitted) Alabama Oct. 1928 Sept. 1928 Oct. 1927 Birmingham ______ _______ $173,783 $142,706 $176,921 Dotham ___ _____________ 5,711 4,183 4,805 Mobile ____ ____ _______ 44,580 37,029 40,653 Montgomery ______ -______ 31,601 25,591 34,027 Florida Jacksonville ______ _______ 72,989 63,750 77,470 Miami ___ ______ _______ 26,026 20,862 33,679 Pensacola ____.________ 8,754 7,098 7,443 Tampa ...... ............................ 36,813 31,756 41,135 Georgia Albany __________ _______ 4,936 4,307 6,245 Atlanta _________ _______ 179,172 151,354 180,206 Augusta ________________ 33,283 24,263 35,705 Brunswick _______ _______ 3,789 3,346 3,948 Columbus ________ _______ 19,223 14,652 16,067 Elberton _________ _______ 1,827 948 1,812 Macon __ _______ _______ 29,452 21,044 26,337 Newnan ________ _______ 3,240 2,054 2,960 Savannah _______________ 53,162 44,425 58,188 Valdosta ________________ 5,474 5,729 5,989 Louisiana New Orleans .......................... 366,543 327,368 396,565 Mississippi Hattiesburg ______ __ ____ 8,866 7,629 7,713 Jackson _________ _______ 31,137 25,482 30,509 Meridian ________ _______ 19,949 17,887 18,757 Vicksburg ____ __________ 10,091 7,544 9,483 Tennessee Chattanooga ______ _______ 52,674 49,226 53,622 Knoxville ... ........ .... _______ 37,460 34,744 36,026 Nashville __ __ _______ 112,336 93,192 103,158 TOTAL 26 cities _______ $1,372,871 $1,168,169 $1,409,423 Condition of Member Weekly reports received from 31 Banks in Selected member banks located in Atlanta, Cities New Orleans, Birmingham, Jack sonville, Nashville, Chattanooga, Knoxville and Savannah indicate that there was a decline in their loans to customers secured by stocks and bonds during the five weeks period between October 10 and No vember 14, but an increase in “All Other Loans,” which are largely for commercial, agricultural and industrial purposes. Loans by these banks secured by government securities increased during this period by $590,000, but those secured by other stocks and bonds decreased by $5,599,000. All other loans and discounts, however, increased $7,847,000, and there resulted an increase in total loans and discounts during the period of $2,838,000. Compared with figures for the corresponding report date a year ago, loans to customers secured by stocks and bonds other than government securities show an increase of over 20 mil lions, but those secured by government obligations de clined more than half, and All Other loans declined more than ten millions. Total loans and discounts show an increase over that date of $6,139,000. United States se curities were owned by these banks in smaller volume on November 14 than five weeks earlier, or a year ago, but other stocks and bonds were owned in somewhat greater volume. Total loans and investments on November 14 were $517,000 greater than five weeks earlier, and were $14,004,000 greater than on the corresponding report date last year. Both time and demand deposits increased some what over figures for October 10, but were smaller than at the same time a year ago. Borrowings by these banks from the Federal Reserve Bank of Atlanta declined by MONTHLY REVIEW $5,336,000 betw een October 10 and N ovember 14, but on the la tte r date w ere $ 25 ,198,000 g re a te r th a n a year ago. P rincipal figures in the weekly re p o rt are shown in the table, w ith com parisons. (000 Omitted) Nov. 14, Oct. 10, Nov. 16, jJills Discounted: 1928 1928 1927 Secured by Govt. Obligations .— $ 3,363 $ 2,773 $ 7,318 Secured by Stocks and Bonds „ 134,666 140,265 114,216 All Other ___________ _- 367,963 360,116 378,319 Total Discounts ______ 505,992 503,154 499,853 U. S. Securities ____________ 58,631 63,758 64,116 Other Stockks and Bonds -- -----74,727 71,921 61,377 Total Loans and Invstm’ts 639,350 638,833 625,346 Time Deposits _____________ 234,304 234,230 245,282 317,020 337,955 Demand Deposits ___________ 323,549 Borrowings from F. R. Bank-----42,205 47,541 17,007 Bank D eposits of R eports of n et dem and and tim e All Member Banks deposits held by all m em ber banks in the d istrict are compiled as of the W ednesday preceding the 1 4th of each month. Demand deposits increased $10,4 18 ,00 0 in October over Septem ber, a fte r declining each m onth since Ja n u ary , but w ere about 46 m illions less th a n in October a y ear ago. Time depos its, follow ing declines in A ugust and Septem ber, increased 1.9 millions in October, and w ere 3.4 millions g re a te r th a n a t the sam e tim e la st year. F igures in the table show to ta l deposits fo r each m onth of the year, com pared w ith corresponding m onths la st year. (000 Omitted) Demand 1928 1927 January „ $ 634,598 $ 635,846 February 625,307 637,019 March 621,048 618,079 Anril - 612,186 614,672 May 607,138 601,350 June 596,668 587,188 July 578,233 574,848 August .... 556,721 579,772 September ___ 550,543 600,597 October _____ _-.. - 560,961 606,959 Time 1928 1927 $ 465,326 $ 443,142 461,400 451,322 465,757 453,357 467,351 456,010 471,907 462,732 471,953 460,112 475,096 460,957 471,665 456,919 466,857 458,129 468,768 465,342 Operations of the fe d e ra l Reserve Bank The weekly statem ents of the F ederal Reserve Bank of A tlan ta indicate th a t to ta l bills and se curities held by the bank increased from $ 10 1,96 3,0 00 on O ctober 10, to $ 10 7,07 0,0 00 during the th ree weeks follow ing, but declined to $10 0,52 5,0 00 on November 14. D uring this five weeks period, discounts fo r m em ber banks secured by governm ent obligations declined $3,701,000, and All O ther Discounts declined $6,052,000. Holdings of bills bought in th e open m a rk e t increased a little m ore th a n 10 millions during this period, but holdings of U nited S tates securities declined by $ 1,781,000. A com parison of these holdings on November 14 this year w ith the cor responding rep o rt date la st year shows increases in dis counts and in holdings of bills bought in the open m a r ket, b ut a decline in holdings of U nited S tates securities. T otal bills and securities are m ore th a n double those held on November 16, 1927. Total deposits, and F ederal re serve notes in actual circulation both increased over fig ures fo r October 10, but w ere low er th a n fo r the same tim e la st year, and cash reserves show sim ilar com pari sons. Principal item s in th e w eekly statem ent, fo r the th ree rep o rt dates under com parison, are shown in the table. Bills Discounted: Secured by < All Others U. Nov. 14, 1928 $ 20,239 47,554 67,793 27,762 4,969 100,525 103,435 68,908 129,116 52.2 Oct. 10, 1928 $ 23,940 53,606 77,546 17,667 6,750 101,963 98,209 65,098 128,227 50.8 Nov. 16, 1927 $ 6,611 23,220 29,831 2,617 14,845 47,293 181,281 71,053 151,825 81.3 The export of gold during the past three months has been very much smaller than dur ing the first seven months of the year, and the figures compiled by the United States Department of Commerce show that only $990,000 of gold was exported in October. This compares with $3,810,000 in September, and with $10,698,000 in October 1927. Imports of gold \old Movement 5 during October totaled $14,310,000, compared with $4,273,000 in September, and with $2,056,000 in October 1927. Commercial Failures Commercial failures in the United States during October, according to statistics compiled by R. G. Dun & Co., were more numerous than in September or in October last year, and liabilities were greater than for September but less than for October 1927, Figures for each district are shown in the table. Number Liabilities Liabilities Liabilities District Oct. 1928 Oct. 1928 Sept. 1928 Oct. 1927 Boston _____ 217 $ 4,592,407 $ 5,842,687 $ 3,395,679 New York ___ 412 9,608,814 9,509,984 9,502,069 113 Philadelphia 2,713,365 2,336,345 952,548 162 2,359,380 Cleveland ____ 3,715,998 7,009,505 106 Richmond ____ 1,633,885 2,700,752 1,761,672 131 Atlanta _____ 1,965,866 1,788,026 902,276 Chicago _____ 285 6,113,449 3,246,073 4,856,717 St. Louis ____ 93 1,074,591 1,009,897 1,345,463 Minneapolis 74 677,804 405,656 660,024 Kansas City 81 963,129 838,906 1,704,083 Dallas ______ 65 857,123 533,137 554,653 284 San Francisco 2,430,661 2,029,225 3,591,183 Total ____2,023 $34,990,474 $33,956,686 $36,235,872 IMPORTS AND EXPORTS Preliminary figures compiled by the United States Department of Commerce show increases in both exports and imports of merchan dise in October compared with September, and with Oc tober last year. Exports during October increased 31.6 per cent over September, and were 13.6 per cent greater than in October last year, and imports increased 11.7 per cent over September, and were 0.4 per cent greater than a year ago. Preliminary figures, with comparisons, are shown in the table. Exports: 1928 1927 October __________ __ _____$ 555,000,000 $ 488,675,000 September ________________ 421,748,000 425,267,000 3,996,795,000 10 months ending with October_ 4,113,592,000 Imports: $ 355,738,000 October _________________ $ 357,000,000 September ________________ 319,561,000 342,154,000 10 months ending with October..- 3,427,069,000 3,509,240,000 United States New Orleans The value of merchandise imported into United States during August, the latest month for which detailed figures are available, through the port of New Orleans was $21,277,697 compared with $15,465,154 for July, and with $19,632,179 for August last year. Principal commodities showing increases over Au gust 1927 are coffee, bananas, crude pertoleum and gaso line. Sugar, jute burlaps and other items show decreases. Merchandise to the value of $24,694,657 was exported through the port of New Orleans during August, com pared with $25,032,711 in July, and with $26,522,037 in August 1927. Increases over August last year were shown in the outward movement of tobacco, long staple cotton, southern pine boards, oak boards, gasoline and illuminat ing oil, but some of the other large items show decreases compared with that month. GRAIN EXPORTS—NEW ORLEANS Grain exports through New Orleans during October 1928 were greater than in October last year due to a somewhat larger volume of wheat exported and to the movement of barley. For the season, July 1 to October 31, declines are shown in exports of wheat, corn, oats and rye, but the total grain exports show an increase over the same period last season because of the export movement of barley. Figures for the month, and for the season to date, are shown in the table. Season July 1 to October 31, 1928 1927 Oct. 1928 Oct. 1927 1,472,708 3,613,822 4,529.354 1,761,717 Wheat, bu. „ 167,203 608,146 859,591 123,251 Corn, bu. ___ 167,674 27,540 77,979 362,847 Oats, bu. ___ 956,200 1,597,866 Barley, bu. 215,714 180,000 2227857 160,000 Rye, bu. -----6,203,222 1,897,890 5,974.649 _ 3,028,708 Total, bu.— BUILDING The total value of buildings for which permits were is sued during October in twenty regularly reporting cities 6 MONTHLY REVIEW of the sixth district was $8,694,161, an increase of 1.5 per cent over the total for September, but 4.5 per cent smaller than for October a year ago. The index number for Oc tober is 77.3, compared with 76.1 for September, and with 80.9 for October 1927. Seven cities reported increases over October last year, the others reporting decreases. To tal permits issued at these twenty reporting cities of the sixth district during the ten months of 1928 have amount ed to $89,972,729, smaller by 10.1 per cent than the total of $100,085,165 for the corresponding period of last year. Contracts awarded in the sixth district during October according to statistics compiled by the F. W. Dodge Corporaion, totaled $36,096,833, an increase of 38.9 per cent over the total of awards in September, and 38.7 per cent greater than for October 1927. In October 28.3 per cent of the total was for residential purposes. For the ten months of 1928 contract awards in this district have to taled $287,921,000, smaller by 9.1 per cent than the total of $316,806,000 for the same period last year. In the table are shown building permits for reporting cities of the sixth district. Percentage change October 1927 October 1928 in value Number Value Number Value Alabama 21 $ 74,700 — 13.7 23 $ 64,450 Anniston -----Birmingham — 592 1,200,442 597 2,227,515 — 46.1 133,850 + 51.2 202,432 123 100 Mobile -------109,422 + 25.4 137,250 194 Montgomery — 229 Florida 532,086 446 1,001,419 — 46.9 381 Jacksonville __ 282,068 — 47.7 147,466 334 290 Miami -------162,071 — 51.8 78,150 106 114 Orlando ------31 233,140 — 70.9 67,821 117 Pensacola ___ 401,415 — 29.9 281,288 348 330 Tampa 11,725 — 39.0 28 7,150 ♦Lakeland ----14 286,125 — 34.2 39 188,215 47 ♦Miami Beach — Georgia 833,139 + 110.8 398 1,756,028 371 Atlanta _____ 78,774 310 112,098 — 29.7 869 Augusta -----48,655 + 101.2 57 97,883 55 Columbus ___ 203,681 — 46.4 182 109,180 189 Macon -------— 46.4 65 403,347 216,255 60 Savannah ___ Louisiana New Orleans _ 227 1,740,853 231 1,284,831 + 35.5 83 65,936 100 67,917 — 2.9 Alexandria ---Tennessee 391,234 + 33.0 520,268 318 Chattanooga — 369 52,335 — 66.8 24 17,375 Johnson City —14 260,544 +324.4 Knoxville ----251 1,105,694 215 523,074 — 47.5 274,530 343 Nashville ___ 262 Total 20 Cities __ 4946 8,694,161 4490 9,104,305 — 4.5 80.9 77.3 Index No. -------♦Not included in totals or index numbers. LUMBER Preliminary figures for the month of October reported to the Southern Pine Association up to the middle of No vember by 110 subscribing mills indicate that the volume of orders booked during October fell below shipments for the month, but continued to exceed production, and were also greater than the three-year average production of the reporting mills. Stocks on hand continued somewhat below the three-year relative stocks of the reporting mills. Orders booked during October by these 110 reporting mills were 3.5 per cent greater than their production; in September orders booked by mills reporting for that month exceeded their output by 11.8 per cent, while in October last year orders were slightly smaller in volume than the month’s production. Shipments by reporting mills during October were 5.6 per cent greater than or ders, and exceeded production of these mills by 9.3 per cent. October production was 2.3 per cent less than the computed three-year average production of the reporting mills, and stocks on hand at the end of October were 12.7 per cent less than the three-year relative stocks of these mills. Unfilled orders on hand at the end of October amounted to 77.2 per cent of a month’s production at the rate which prevailed in October. The continued excess of orders and shipments over production from month to month has, according to press reports, resulted in a con sequent decline in mill stocks. Weekly reports have re cently indicated some seasonal reduction in the volume of business booked with the approach of colder weather which will prevent outdoor construction work in the north. Digitized Preliminary for FRASER figures for October, with comparisons, are shown in the table. (Feet) Orders __ Shipments __ _________ Production ___________ 3-Year Average Production „ Stocks, end of month ____ 3-Year Relative Stocks Unfilled orders end of month Oct. 1928 110 mills 298,379,790 315,210,725 288.420.968 295,063,305 648.215.968 742,762,858 222,657,050 Sept, 1928 111 mills 287,794,854 281,338,794 257,512,160 290,743,786 661,794,825 731,889,332 233,855,154 Oct. 1927 114 mills 279,754,741 286,729,108 283,206,945 303,263,65° 784,091,8 803,725,24. 207,449,396 TEXTILES Cotton ^ Statistics compiled by the United States Consumption Census Bureau indicate an increase of nearly 26 per cent in the consumption of cotton during October as compared with September. The index number of cotton consumption compiled by this bank and based upon the monthly average for the threeyear period 1923-25 inclusive, rose from 96.8 for Septem ber to 121.7 for October. Cotton consumed by mills in the United States during October amounted to 618,788 bales, compared with 492,221 bales in September, and with 613,520 bales in October last year. Stocks of cotton, both those in consuming establishments and those in public storage and at compresses, increased seasonally in Octo ber, but were somewhat smaller than a year ago. Exports of cotton in October increased 52.3 per cent over those in September, and were 11.5 per cent greater than ex ports in October 1927. The number of cotton spindles active in October increased 2,087,996, or 7.4 per cent, com pared with the number active in September, but was smaller by 2,220,114, or 6.8 per cent, than for October a year ago. United States (Bales) Cotton Consumed: Oct. 1928 Sept. 1928 Oct. 1927 Lint _______ 618,788 492,221 613,520 Linters 76,093 68,562 75,330 Stocks in Consuming Establishm’ts: Lint ________________ 1,194,861 719,981 1,323,703 Linters 109,047 112,314 144,319 Stocks in Public Storage and at Compresses: Lint _______________ 4,635,981 2,645,977 5,419,193 Linters _____________ 45,983 40,018 46,6? Exports ________________ 1,240,702 814,569 1,113,0. Imports ________________ 27,840 18,508 19,23b Active Spindles ___________ 30,315,086 28,227,090 32,535,200 Cotton Growing States (Bales) Oct. 1928 Sept. 1928 Oct. 1927 Cotton Consumed _________ 474,267 381,025 449,040 Stocks in Cons’ng Establishm’ts 905,910 409,143 971,809 Stocks in Public Storage and at Compresses ____________ 4,554,750 2,556,264 5,146,462 Active Spindles __________ 17,827,738 17,713,716 17,770,442 Cotton Cloth Confidential reports for October were ren dered to the Federal Reserve Bank of At lanta by mills in the sixth district which manufactured, during that month, more than 28% million yards of cotton cloth, an output 17.4 per cent greater than was produced by the same mills in September, and 16.0 per cent greater than their production in October last year. The volume of orders booked during October was not so large as in Sep tember, and stocks on hand declined, but shipments in creased 7.6 per cent and increases over September were also shown in unfilled orders and the number of workers. Compared with October last year, increases are shown in all of the items reported by these cotton cloth mills, as shown in the table. October 1928 compared with: Sept. 1928 Oct. 1927 Production _____ + 17.4 + 16.0 Shipments ______ + 7.6 + 24.7 Orders booked ___ —20.2 + 102.5 Unfilled orders __ +14.7 + 30.6 Stocks on hand ____ — 4.5 + 7.5 Number on payroll __ + 1.8 + 4.7 Cotton Yarn October production reported confidentially by mills in the sixth district manufactur ing cotton yarn totaled more than i y 2 million pounds, an increase of 25.0 per cent over their output in Septembe' and 13.9 per cent greater than their production in Octobt a year ago. October orders were not equal to the large volume reported for September, but shipments increased 13.2 per cent and unfilled orders increased 16.3 per cent over September, and the number of workers increased 3.1 per cent. Stocks on hand at the end of the month de clined in comparison with the preceding month, and with 7 MONTHLY REVIEW the corresponding month last year. All other reported items show increases over October 1927. October 1928 compared with: Sept. 1928 Oct. 1927 Production _____________________ +25.0 + 13.9 Shipments _______ ____ ____ _____ + 13.2 + 23.5 rders booked ___________ __ ____ —18.1 + 40.2 nfilled orders _________________ _ +16.3 + 11.8 Stocks on hand _________________ — 4.6 — 2.9 Number on payroll _______________ +3.1 + 5.3 Cotton Seed and Cotton Seed Products (1) Sixth District United States Aug 1 to Oct. 31 Aug. 1 to Oct. 31 Cotton Seed, Tons: 1928 1927 1928 1927 Received at mills__ 767,859 880,304 2,558,312 2,573,207 Crushed _________ 425,559 ‘556,953 1,397,709 1,608,586 On hand ________ 347,003 349,815 1,182,175 1,054,405 Production: Crude Oil, lbs_____ 136,171,799 178,028,914 427,829,833 494.084.111 Cake and Meal, tons ... 180,948 241,618 625,633 716,977 160,383 384,053 458,111 Hulls, tons _______ 121,111 Linters, bales _____ 98,901 94,169 282,776 284,050 Stocks: (2) (2) Crude Oil, lbs. ____ 21,837,481 25,158,930 80,308,919 98,489.837 Cake and Meal, tons.... 37,930 63,994 124,196 179,458 Hulls, tons _______ 29,957 51,974 122,596 248,222 48,593 42,434 147,408 138,584 Linters, bales _____ (1) Georgia, Alabama, Louisiana, and Mississippi. (2) Not including stocks held by refining and manufacturing establish ments, and in transit to refiners and consumers. COAL O ctober production of bitum inous coal, according to sta tistics compiled by the U nited S tates Bu reau of Mines, am ounted to 50,267,000 tons, 21.9 p er cent g re a te r th a n the to ta l of 4 1,30 1,0 00 tons mined in Septem ber, and 14.9 per cent g re a te r th a n the to ta l of 43,827,000 tons fo r October a y ear ago. The daily average produc tion fo r th e 27 w orking days in October was 1,862,000 tons p er day, com pared w ith 1,693,000 tons per day fo r the 24.4 w orking days in Septem ber, and w ith 1,686,000 tons per day fo r the 26 w orking days in October la st year. W eekly production figures, shown in th e table below, in dicate th a t production in A labam a is a t a lower level th an fc th e sam e tim e la st year, while cu rren t output in Ten nessee continues g re a te r th a n a year ago. T otal produc tion of bitum inous coal in the U nited S tates during the p resen t calendar year to N ovember 3, approxim ately 261 w orking days, am ounts to 408 ,5 33 ,00 0 net tons, com pared w ith 443 ,0 38 ,00 0 net tons produced during the correspond ing period la st year. Production figures are shown in the table fo r each week since the beginning of October, w ith sim ilar figures fo r corresponding weeks la st year. Week Ended October 6 _____ October 13 _____ October 20 _____ October 27 _____ November 3 ____ November 10 ____ (000 Omitted) United States Alabama 1928 1927 1928 1927 11,039 10,286 330 376 11,274 10,550 314 380 10,832 10,285 312 361 11,248 10,019 333 351 11,140 9.027 329 330 10,543 9,454 ............ . Tennessee 1928 1927 116 95 118 90 113 96 113 90 108 85 ............... I R O N S tatistics compiled and published by the Iron Age in dicate m a terial increases in to ta l production and daily average o utput of iron in October com pared w ith the p re ceding m onth, and w ith the corresponding m onth a year ago. A labam a production also increased over Septem ber, b u t w as slightly sm aller th a n in O ctober la s t year. Production of pig iron in the U nited S tates during Oc to b er to taled 3,373 ,8 0 6 tons, an increase of 10.2 per cent over Septem ber output, and 21.2 per cent g re a te r th a n in October 1927. The index num ber, based upon m onthly average production fo r 1923-1925, w as 112.9, com pared w ith 102.5 fo r Septem ber, and w ith 93.2 fo r October la st year. The daily average production in October w as 108,832 tons, 6.6 p er cent g re a te r th a n the daily average fo r Septem ber, and 21.2 p er cent g re a te r th a n fo r October la st Tear. D uring October th e re w ere eleven furnaces blown .1, and eleven blown out or banked, m aking no n et change fo r th e m onth. On N ovem ber 1 th ere w ere 197 furnaces active, com pared w ith 172 active a t the same tim e a y ea r ago. S tatistics fo r A labam a indicate the production during October of 222 ,1 42 tons, an increase of 12.6 per cent over Digitized FRASER th efor1 97,367 tons produced in Septem ber, bu t 1.1 per cent sm aller th an the ou tp u t in October la s t y ear, which am ounted to 224,533 tons. D aily average production in A labam a was 8.9 p er cent g re a te r in October th a n in Septem ber. There w ere two furnaces blown out in A la bam a during October, leaving 17 active on Novem ber 1, com pared w ith 18 active a t the sam e tim e la st year. P ress rep o rts indicate th a t the iron m a rk e t in the B irm ingham district rem ains quiet, w ith nearly all m elters covered fo r the balance of the year. Unfilled O rders— U. S. Steel C orporation Unfilled orders of the U nited S tates Steel C orporation increased in October fo r th e th ird m onth in succession. The to ta l on October 31 w as 3,751,030 tons com pared w ith 3,698,368 tons, and w ith 3,341 ,0 0 0 tons on October 31, 1927. NAVAL STORES Receipts of both tu rp en tin e and rosin a t the th ree p rin cipal m ark ets of the d istrict declined slightly in October, com pared w ith Septem ber, and stocks of tu rp en tin e in creased som ew hat b u t supplies of rosin decreased. Oc tober receipts of tu rp en tin e w ere 1.1 p er cent sm aller th a n those in Septem ber, and 13.3 p er cent sm aller th a n in October la st y ear, while receipts of rosin declined 0.7 per cent in October com pared w ith Septem ber, and w ere 12.7 per cent sm aller th a n in October a y ear ago. Stocks of tu rp en tin e a t the end of October w ere 8.0 per cent g re a te r th an a m onth earlier, and 1.2 per cent g re a te r th a n a year ago, while stocks of rosin declined 6.0 p er cent com pared w ith Septem ber, and w ere 2.4 per cent sm aller th a n a t the same tim e la st year. Receipts of both commodities fo r the season, A pril 1 to N ovember 1, w ere sm aller th a n fo r the same period of the preceding season, b u t w ere la rg e r th an fo r corresponding periods of other recent years. P ress rep o rts indicate th a t approxim ately seven ty-five p er cent of the season’s crop has been m arketed, and estim ate th a t production th is season is about 1 7 ^ per cent less th a n th a t of la st year. Prices fo r both com m odities continued to fluctuate w ithin a narrow ran g e during October and early November, b ut on F rid ay , N o vem ber 9, the price of tu rp en tin e increased from 50-51 % cents, to 55 cents, and during the follow ing week flu ctu at ed between 56^4 and 54% cents, w ith stren g th also being exhibited in the price of rosins. P ress rep o rts indicate th a t receipts fo r the first h alf of November have been sm aller by one-fourth th a n during the sam e period la st year. Receipts—Turpentine Savannah ________ Jacksonville _______ Pensacola ________ Total _________ Receipts—Rosin Savannah .................. Jacksonville _______ Pensacola _________ Total _________ Stocks—Turpentine Savannah _________ Jacksonville _______ Pensacola .................. Total _________ Stocks—Rosin Savannah ___ ____ Jacksonville _______ Pensacola _________ Total _________ ___ Oct. 1928 16,993 12,058 4,873 33,924 Sept. 1928 Oct. 1927 16,709 19,522 13,702 12,040 5,563 5,891 34,312 39,115 58 189 42,127 14,919 115,235 56,531 44,455 15,043 116,029 68,246 49,844 13,969 132,059 23,658 32,054 23,797 79,509 24,818 26,381 22,296 73,595 29,942 37,214 13,317 80,473 108,132 86,896 21,889 216,917 124,795 81,063 24,814 230,672 117,804 91,623 12,740 222,167 (Continued from first p ag e) during the period and loans on securities showed fu rth e r grow th, reflecting a m arked increase in th e volume of loans to brokers and dealers in securities. Investm ents showed fu rth e r decline. D uring th e fo u r weeks ending November 21 th ere was little change in the volume of reserve bank credit in use. Reserve bank holdings of accptances increased fu rth e r and discounts fo r m em ber banks declined. D uring th e la st week of October and the first th ree weeks of Novem ber conditions in the money m ark et w ere som ew hat easier; the ra te on fo u r to six m onths com mercial p ap er declined from a level of 5 y2 per cent to a ran g e of fro n t 5% to 5y2 p er cent, and ra te s on call and tim e loans in the m ark et also declined slightly. 8 M ONTHLY R E V IE W M ONTHLY IN D E X N U M BERS The follow ing index num bers, except as indicated otherw ise, are com puted by th e F ed eral Reserve B ank of A tla n ta m onthly. The index num bers of re ta il and w holesale tra d e are based upon sales figures rep o rted con fidentially by rep resen tativ e firm s in the lines of trad e indicated, and th e other series of index num bers are based upon figures reported to th e bank or curren tly available th ro u g h the daily or tra d e p ress. These index num bers, except as indicated in the foot-notes, are based upon th e m onthly averag es fo r th e th ree y ea r period 1923-25 as rep resented by 100. 169.6 131.3 111.8 124.4 110.2 112.9 125.6 A u g u st 1927 109.1 94.9 73.9 92.4 75.1 78.5 86.0 Sept. 1927 127.0 102.6 84.9 87.4 88.9 92.7 97.0 October 1927 173.3 129.2 123.8 118.5 115.1 122.1 128.0 106.5 142.6 123.1 183.5 89.0 105.0 100.0 118.0 119.0 147.0 204.5 133.5 169.1 104.4 108.8 196.7 122.6 199.6 143.7 164.2 105.0 130.4 246.4 122.4 228.1 163.4 169.4 107.1 126.5 289.1 134.1 170.0 130.0 140.0 106.0 101.0 165.0 110.0 171.0 128.0 137.0 106.0 108.0 198.0 119.0 190.0 153.0 151.0 111.0 121.0 250.0 124.0 W H O LESA LE TRA D E 6 th D ISTRICT Groceries __________________________ D ry Goods__________________________ H a r d w a r e __________________________ F u rn itu re __________________________ E lectrical Supplies.. Shoes ____________ S tatio n ery _______ D rugs ____________ TOTAL __________ 87.3 103.5 90.9 108.4 88.5 104.6 108.0 94.0 115.2 88.2 111.4 95.0 116.5 88.4 106.4 87.1 96.3 109.9 93.8 105.4 107.5 114.8 101.0 113.3 105.4 119.5 102.9 87.0 143.1 96.1 101.3 78.0 121.5 97.6 114.9 99.7 94.1 157.4 104.9 118.1 86.1 131.7 157.6 125.6 109.9 88.8 129.0 112.3 120.0 95.9 133.5 131.7 119.3 106.7 W H O LESA LE P R IC E S U . S. ( 2 ) F arm products________________ Foods _________________________ Hides and le ath e r p roducts.. T extile products __________ F uel and lig h tin g M etals and M etal products,. Building m a te r ia ls . Chemicals and d ru g s__ H ousefurnishing goods.. M iscellaneous ________ A LL COM M ODITIES- 107.0 104.1 121.0 96.3 84.6 100.4 94.6 94.7 97.2 79.3 98.9 108.8 106.9 120.7 95.6 85.1 100.5 94.7 95.1 97.2 79.7 100.1 103.5 102.3 117.5 96.1 84.9 101.0 95.0 95.6 96.5 80.3 97.8 102.2 94.2 111.7 96.2 84.1 98.0 92.9 95.4 98.6 89.9 95.2 105.9 96.5 112.5 98.5 84.2 97.6 92.1 96.4 98.6 89.2 96.5 105.0 100.0 113.0 98.4 83.8 97.1 91.6 97.1 98.5 88.3 97.0 54.2 92.4 72.3 82.0 79.1 70.4 72.8 135.6 74.2 70.5 48.3 164.3 43.2 76.1 113.5 81.0 64.7 43.3 135.2 58.2 77.3 65.8 87.8 139.0 60.9 148.2 60.9 80.8 80.0 156.6 146.8 135.2 94.7 77.5 98.6 53.9 150.3 121.7 82.5 99.8 59.0 80.9 81.3 74.0 102.8 80.3 88.1 74.1 103.6 115.6 77.3 42.2 96.8 109.1 70.0 132.5 121.7 201.9 124.6 132.9 106.5 55.4 123.4 132.3 103.9 102.7 120.6 128.5 103.1 183.3 105.0 81.3 102.5 85.0 112.9 95.7 98.7 91.4 92.9 89.3 93.2 96.7 75.9 77.5 78.6 66.9 65.9 70.0 October 1928 129.7 92.7 66.9 97.6 72.9 72.3 86.0 Sept. 1928 138.2 100.2 85.6 101.2 84.3 89.7 98.0 84.7 126.8 R E T A IL TR A D E 6 th D ISTRICT (D ep a rtm en t S to res.) A ugust 1928 A tla n ta _________________________ Birm ingham __ C hattanooga _ N ashville ___ New O rleansO ther Cities_ D ISTRICT _ RE T A IL TRA D E U. S. ( 1 ) D epartm ent S to re s______ Mail O rder H ouses______ Chain S tores: Grocery 5 & 10 C entD rug ______ C igar _____ S h o e _______ W earing A pp arelCandy __________ p -r,, BU ILDIN G PER M ITS 6 th D ISTRICT A tla n ta B irm ingham _ Jacksonville . N a s h v ille ___ N ew O rleans O ther Cities.. D ISTRICT (2 0 C ities)_ CONTRACTS AW ARDED 6 th D ISTRICT COTTON CONSUM ED: U nited S tates. Cotton-G rowing S tates A ll O ther S ta te s______ E x p o r t s _________________ P IG IRON PRO DU CTIO N : U nited S ta te s___________ A la b a m a ______________ _ U N FIL L E D ORDERS— U. S. STE E L CORPORATION___________________ ( 1 ) Compiled by F ed eral Reserve Board. ( 2 ) Compiled by the B ureau of L abor S ta tistic s. Base 1926— 100.
@FedFRASER