Full text of Economic Review (Federal Reserve Bank of Atlanta) : October 31, 1927, Volume 12, Number 10

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

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

B A N K

O F

A T L A N T A

O s c a r N e w t o n , C h a ir m a n 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
W a r d A l b e r t s o n , A s s is t a n t

F e d e ra l

R e se rv e

Agent

(Compiled October 17, 1927)

ATLANTA, GA., OCTOBER 31,1927.

VOL. 12, No. 10.
B U S IN E S S

C O N D IT IO N S

IN

THE

U N IT E D

STATES

P rep a red b y th e F ed era l R eserv e B oard
I n d u s t r ia l a n d t r a d e a c t i v i t y in c r e a s e d l e s s in S e p t e m ­
b e r t h a n i s u s u a l a t t h i s s e a s o n o f t h e y e a r a n d c o n t in e d
t o b 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
le v e l o f w h o l e s a l e c o m m o d it y p r ic e s s h o w e d a f u r t h e r r is e ,
r e f l e c t i n g c h i e f l y p r ic e a d v a n c e s f o r a g r ic u lt u r a l c o m ­
m o d it ie s .
P r o d u c tio n

T h e F e d e r a l R e s e r v e B o a r d ’s in d e x e s
o f b o th m a n u f a c t u r in g a n d m in e r a l
p r o d u c tio n , in w h ic h a llo w a n c e is m a d e f o r u s u a l s e a s o n a l
v a r ia t io n s , d e c r e a s e d b e t w e e n A u g u s t a n d S e p te m b e r . P r o ­
d u c tio n o f ir o n a n d s t e e l w a s in s m a lle r v o lu m e in S e p ­
t e m b e r t h a n in a n y m o n t h s in c e 1 9 2 5 . T h e r e w e r e a ls o
d e c r e a s e s f r o m A u g u s t t o S e p te m b e r in t h e o u t p u t o f n o n f e r r o u s m e t a l s , a u to m o b ile s , a n d r u b b e r t i r e s , w h ile t h e
t e x t i l e a n d s h o e a n d l e a t h e r in d u s t r ie s c o n t in u e d a c t iv e .
T h e p r o d u c tio n o f b itu m in o u s c o a l s h o w e d a b o u t t h e u s u a l
s e a s o n a l i n c r c e a s e in S e p te m b e r a n d O c to b e r , b u t c o n ­
t in u e d i n s m a lle r v o lu m e t h a n d u r in g t h e s a m e p e r io d o f
o t h e r r e c e n t y e a r s . T h e o u tp u t o f a n t h r a c it e w a s c o n ­
s id e r a b ly r e d u c e d d u r in g S e p te m b e r a n d t h e f i r s t h a l f o f
O c to b e r , f o l lo w in g a n in c r e a s e in A u g u s t , a n d t h e w e e k ly
o u tp u t o f c r u d e p e t r o le u m h a s d e c r e a s e d s l i g h l y s in c e t h e
e a r l y p a r t o f A u g u s t . T h e v a lu e o f b u ild in g c o n t r a c t s a w a r d e d c o n t in u e d s o m e w h a t s m a lle r d u r in g S e p te m b e r
a n d t h e f i r s t t h r e e w e e k s o f O c to b e r t h a n d u r in g t h e c o r ­
r e s p o n d in g p e r io d o f 1 9 2 5 o r 1 9 2 6 ; d e c lin e s o c c u r r e d in
c o n t r a c t s f o r r e s id e n t ia l, c o m m e r c ia l in d u s t r ia l a n d e d u ­
c a t io n a l b u ild in g , w h ile c o n t r a c t s f o r p u b lic w o r k a n d p u b ­
lic u t l i t i e s w e r e l a r g e r i n S e p te m b e r t h a n in t h e c o r r e s ­
p o n d in g m o n t h o f a n y p r e v io u s y e a r .
C ro p c o n d itio n s im p r o v e d in S e p te m b e r a n d t h e D e ­
p a r t m e n t o f A g r ic u lt u r e e s t i m a t e s f o r O c to b e r 1 , in d ic a te
la r g e r y i e l d s o f m o s t g r a in c r o p s t h a n w e r e e x p e c t e d
a m o n t h e a r lie r . T h e e s t i m a t e f o r t h e c o r n c r o p w a s in ­
c r e a s e d b y 1 4 6 ,0 0 0 ,0 0 0 b u s h e ls a n d w a s o n ly 4 3 ,0 0 0 ,0 0 0
b u s h e ls s m a l l e r t h a n t h e y ie ld in 1 9 2 6 . W h e a t p r o d u c tio n




T h is Review released fo r publication in the
Sunday papers of October 30.

is e x p e c t e d t o b e 3 4 ,0 0 0 ,0 0 0 b u s h e ls l a r g e r t h a n l a s t y e a r ,
w h ile t h e e s t i m a t e d c o t t o n c r o p o f 1 2 ,6 7 8 ,0 0 0 b a le s i s m o r e
t h a n 5 ,0 0 0 ,0 0 0 b a le s b e lo w l a s t y e a r ’s y ie ld .
D is t r ib u t io n
T r a d e o f w h o le s a le a n d r e t a i l f ir m s
in c r e a s e d in S e p te m b e r b y s o m e w h a t
le s s th a n th e u su a l s e a so n a l a m o u n t. C om p ared w ith a y e a r
a g o , s a l e s o f w h o l e s a le f i r m s in n e a r ly a l l l in e s , e x c e p t
s h o e s a n d d r u g s , w e r e s m a lle r . S a l e s o f d e p a r t m e n t s t o r e s
w e r e in a b o u t t h e s a m e v o lu m e , a n d 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 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 r e p o r t in g w h o le s a le f ir m s
in le a d in g lin e s w e r e r e d u c e d in S e p te m b e r a n d c o n tin u e d
s m a lle r t h a n l a s t y e a r . S t o c k s o f d e p a r t m e n t s t o r e s , o n
t h e o t h e r h a n d , in c r e a s e d s l i g h t l y m o r e t h a n i s u s u a l in
S e p te m b e r 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 o m e w h a t
la r g e r t h 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 w e r e in
s m a lle r v o lu m e d u r in g S e p te m b e r a n d t h e f i r s t w e e k o f
O c to b e 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 g r o u p s o f c o m o d it ie s , e x c e p t g r a in a n d g r a i n p r o d u c ts ,
o f w h ic h lo a d in g s w e r e l a r g e r t h a n in t h e s a m e p e r io d o f
a n y p r e v io u s y e a r s in c e 1 9 2 4 .
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 a d v a n c e d
in S e p te m b e r f o r t h e f o u r t h c o n s e c u ­
t i v e m o n t h , 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 a ll- c o m ­
m o d it ie s in d e x r o s e t o t h e h i g h e s t l e v e l s in c e l a s t J a n ­
u a r y . T h e r e w e r e l a r g e in c r e a s e s b e t w e e n A u g u s t a n d
S e p te m b e r 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 c o t to n ,
a n d s m a ll a d v a n c e s in t h e p r ic e s o f le a t h e r , c o a l, a n d
c h e m ic a ls , w h il e p r ic e s o f g r a i n s , b u ild in g m a t e r ia l s a n d
r u b b e r 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 o f O c to b e r ,
t h e p r ic e s o f s p r in g w h e a t , c o r n , c o t to n , c o a l a n d ir o n a n d
s t e e l d e c lin e d , w h ile p r ic e s o f liv e s t o c k , r a w w o o l, a n d
rub b er ad van ced .
B a n k C r e d it

T o t a l lo a n s a n d i n v e s t m e n t s o f m e m ­
b e r b a n k s in le a d in g c i t i e s s h o w e d a
f u r t h e r in c r e a s e f o r t h e f o u r w e e k s e n d in g O c to b e r 19 a n d
o n t h a t d a te w e r e a b o u t $ 6 6 0 ,0 0 0 ,0 0 0 l a r g e r t h a n in m id (Continued on page

7)

2

M O N T H L Y R E V IE W

M onthly averages of daily figures for 12 Fed eral Reserve
La te st figures are averages of firs t 23 days in October.

S IX T H

D IS T R IC T

B anks.

SU M M ARY

S e p te m b e r s h o w e d im p r o v e m e n t in th e e s tim a t e d p r o ­
d u c t io n t h is s e a s o n o f c o r n , o a t s , to b a c c o a n d c o tto n , b u t
a s lig h t r e d u c t io n in t h e p o ta to c ro p . C o m p a r e d w it h y ie ld s
i n 1 9 2 6 , p r o s p e c t s c o n t in u e f o r s m a l l e r c r o p s o f c o r n ,
w h e a t , o a ts , to b a c co a n d c o tto n , b u t a la r g e r c ro p o f
p o t a t o e s . T h e e s t i m a t e o f c o t t o n p r o d u c t io n i n t h e s i x t h
d is t r ic t in c r e a s e d m a t e r ia lly d u r in g S e p te m b e r b e c a u s e o f
w e a t h e r c o n d it io n s f a v o r a b l e t o t h e d e v e lo p m e n t o f t h e
c ro p .
T h e d is t r ib u t io n o f m e r c h a n d is e t h r o u g h r e t a i l a n d
w h o le s a le c h a n n e ls w a s in g r e a t e r v o lu m e in S e p te m b e r
t h a n d u r in g A u g u s t . S a le s d u r in g S e p te m b e r b y r e p o r t in g
d e p a r t m e n t s t o r e s lo c a t e d t h r o u g h o u t t h e d i s t r i c t a v e r ­
a g e d 9 .6 p e r c e n t g r e a t e r t h a n i n t h e c o r r e s p o n d i n g m o n t h
la s t y e a r . S to c k s in c re a s e d o v e r A u g u s t , a n d o v e r S e p t­
e m b e r a y e a r a g o , a n d th e r a t e o f t u r n o v e r in S e p te m b e r
w a s s l i g h t l y b e t t e r t h a n in t h e s a m e m o n t h l a s t y e a r . S a l e s
b y w h o le s a le f i r m s d u r in g S e p te m b e r w e r e g r e a t e r in a ll
r e p o r t in g lin e s t h a n f o r A u g u s t , a n d f o u r lin e s r e p o r t e d
in c r e a s e s o v e r S e p te m b e r la s t y e a r , th e o th e r fo u r r e p o r t ­
i n g d e c r e a s e 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 S e p t e m b e r
w e r e 1 .4 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 l i e r , a n d 7 .7 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 . D e b it s to in d iv id u a l a c ­
c o u n t s w e r e 6 .7 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 l a s t
y e a r . A n in c r e a s e d d e m a n d f o r c r e d it is r e f le c t e d in th e
g r o w t h o f lo a n s a n d d i s c o u n t s a t r e p o r t i n g m e m b e r b a n k s
b e tw e e n S e p te m b e r 14 a n d O c to b e r 12, b u t d is c o u n t s a n d
in v e s t m e n t s o f t h e F e d e r a l R e s e r v e B a n k d e c lin e d d u r i n g
t h i s p e r io d . C o m m e r c i a l f a i l u r e s i n t h i s d i s t r i c t w e r e s m a l l ­
e r t h a n in A u g u s t , b u t w e r e g r e a t e r t h a n in S e p te m b e r
la s t y e a r.
# B u i l d i n g p e r m i t s is s u e d d u r i n g S e p t e m b e r a t r e p o r t i n g
c i t i e s o f t h e d i s t r i c t w e r e 1 1 .3 p e r c e n t s m a l l e r t h a n i n
S e p t e m b e r l a s t y e a r . C o n t r a c t a w a r d s w e r e 9 .7 p e r c e n t

M onthly averages of w eekly figures for banks in 101 leading cities.
L a te st figures are averages for f ir s t three w eekly report dates in Oct.
s m a l l e r t h a n i n A u g u s t , a n d 1 6 .9 p e r c e n t s m a l l e r t h a n i n
S e p te m b e r 1 9 2 6 . C o n s u m p t io n o f c o tto n in t h e c o tto n g r o w in g s t a t e s c o n tin u e s g r e a t e r t h a n a y e a r a g o , a n d in ­
c r e a s e d p r o d u c t io n o f c o t t o n c l o t h a n d y a r n o v e r S e p t e m ­
b e r l a s t y e a r is in d ic a t e d in c o n f id e n t ia l r e p o r t s f r o m
m i l l s in t h i s d i s t r i c t .

R E T A IL

TR A D E

T h e v o lu m e o f s a le s d u r in g S e p te m b e r r e p o r t e d b y f o r t y s e v e n d e p a r t m e n t s t o r e s in t h e s ix t h d is t r ic t w a s s e a s o n ­
a l l y g r e a t e r t h a n d u r in g t h e p r e v io u s m o n th , a n d w a s a ls o
g r e a t e r t h a n in th e c o r r e s p o n d in g m o n t h l a s t y e a r , a n d
s to c k s o f m e r c h a n d is e a ls o s h o w e d in c r e a s e s o v e r b o th o f
t h o s e p e r io d s . S e p t e m b e r s a le s w e r e l a r g e r t h a n in t h e
sa m e m o n th a y e a r a g o a t a ll r e p o r t in g c itie s e x c e p t S a v ­
a n n a h , t h e a v e r a g e f o r t h e d i s t r i c t b e in g a n i n c r e a s e o f
9 .6 p e r c e n t . T o t a l s a l e s b y t h e s e f i r m s d u r i n g t h e f i r s t n in e
m o n th s o f 1927 w e re le s s th a n o n e -te n th o f on e p e r c e n t
s m a lle r t h a n d u r in g t h e s a m e p e r io d o f 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 in c r e a s e d o v e r th o s e a t th e e n d o f A u g u s t
a t a ll r e p o r t in g c it ie s , a n d w e r e la r g e r t h a n a y e a r a g o e x ­
ce p t a t B ir m in g h a m a n d O th e r C it ie s . T u r n o v e r f o r th e
m o n th a v e r a g e d b e t t e r t h a n in S e p te m b e r la s t y e a r f o r th e
d is t r ic t b u t w a s s lo w e r a t N e w O r le a n s , S a v a n n a h a n d
O t h e r C it ie s . T h e in d e x n u m b e r o f r e t a il s a le s , c o m p u te d
f r o m f ig u r e s r e p o r t e d b y 39 o f t h e s e r e p o r t in g s t o r e s , r o s e
f r o m 9 4 .2 i n A u g u s t t o 1 0 6 .5 i n S e p t e m b e r , a n d i s h i g h e r
t h a n f o r S e p te m b e r o f a n y o th e r y e a r in th e s e r ie s w h ic h
b e g a n in 1920. O u t s t a n d in g o r d e r s a t th e e n d o f S e p te m b e r
d e c li n e d 2 .1 p e r c e n t c o m p a r e d w i t h t h o s e o u t s t a n d i n g a
m o n t h e a r l i e r , b u t w e r e 0 .7 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 iv a b le a t th e e n d o f S e p te m b e r w e re
5 .4 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 A u g u s t , a n d 6 .4 p e r
c e n t g r e a t e 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 . S e p t e m b e r

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 S E P T E M B E R , 1927.
IN T H E S I X 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 47 S T O R E S

N et
sales— percentage
increase
or
decrease
compared w ith :
(A )
Sept.
3926
A tla n ta ( 5 ) _____________
B irm ing ham ( ) ____
Chattanooga ( ) ______
N ashville ( ) __________
New O rlean s (5 )_____
Savan n ah ( ) ________
O ther C ities (IS)____
D sitric t
) ___________

5
8
47

6
6

+ 29.1
+ 15.5
+ 9.1
+ 7.9
+ 1.7
— 1.7
+ 1.1
+ 9.6




(B )
J a n . to
Sept. 30,
1926
+ 12.3
— 0.2
+ 2.0
+ 0.7
— 2.0
+ 1.2
— 9.8
— 0.0

1

Percentage of sales to Percentage of outstand­
Stocks at end of month, Percentage of sales to
average
stocks
from
ing orders a t end of
percentage increase or average stock in S e p t Ja n u a ry 1st to Sept. 30. month
to
purchases
decrease compared w ith : (Stock
turnover
fo r
(Stock
turnover fo r
during
calendar year
1926.
the m o n th ):
year to date)
(A )
Sept.
1926
+ 15.0
— 19.1
+ 3.6
+ 6.1
+ 9.4
+ 3.2
—

5 .8

+ 2.6

)
Ai uBg.
1927
+ 24.9
+ 7.8
+ 6.7
+ 11.8
+ 9.1
+ 23 .9
+ IS
+ 12 .6

.8

(A )
1926

(B )
1927

(A )
1926

(B )
1927

(A )
A u g.

(? )
Sept.

I
28.6
18.7
16.8
23.6
19.3
18.5

i
I
I
I
|
I

20.8

|

20.0

33.0
25.7
18.3
24.9
18.1
17.9
19.9
22.4

259.9
190.2
172.1
221.3
183.5
192.0

212.9
202.9

274.8
199.4
169.4
236.4
168.1
194.0
193.7
199.7

7.1
9.0
7.9
12.5
7.7
14.9

7.3
8.1

5.6
9.0
7.8
7.6
9.1
X
6.4
7.6

M O N T H L Y R E V IE W
C o lle c tio n s w e r e 4 .3 p e r c e n t g r e a t e r t h a n in A u g u s t , a n d
18.9 p e r c e n t g r e a t e r t h a n in S e p te m b e r 1 9 2 6 . T h e r a t io
o f c o lle c t io n s d u r in g S e p te m b e r t o 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 in n in g o f t h e m o n t h f o r 2 7 f i r m s w a s
35.1 p e r c e n t . I n A u g u s t t h i s r a t io w a s 3 4 .2 p e r c e n t.
W H O LESA LE TR A D E
S a le s s t a t is t ic s r e p o r te d to th e F e d e r a l R e s e r v e B a n k
b y 1 1 8 w h o l e s a l e f i r m s in t h e s i x t h d is t r ic t s h o w in c r e a s e s
in S e p t e m b e r o v e r A u g u s t in a ll o f t h e e i g h t r e p o r t in g
li n e s o f w h o l e s a l e t r a d e . S t o c k s o f m e r c h a n d is e o n h a n d
a t t h e e n d o f S e p te m b e r r e p o r t e d b y f i r m s d e a lin g in g r o ­
c e r ie s , d r y g o o d s a n d f u r n it u r e w e r e s m a lle r t h a n f o r A u g ­
u s t , b u t s m a l l in c r e a s e s w e r e s h o w n in s t o c k s o f h a r d w a r e
a n d e le c t r i c a l s u p p lie s . A c c o u n t s R e c e iv a b le a n d C o lle c ­
t io n s w e r e la r g e r in e a c h lin e t h a n f o r A u g u s t . C o m ­
p a r e d w i t h S e p te m b e r 1 9 2 6 , s a le s f ig u r e s f o r S e p te m b e r
t h i s y e a r s h o w i n c r e a s e s in d r y g o o d s , s h o e s , s t a t io n e r y
a n d d r u g s , b u t d e c r e a s e s in g r o c e r ie s , h a r d w a r e , f u r n it u r e
a n d e le c t r i c a l s u p p lie s . S t o c k s w e r e s m a lle r t h a n a y e a r
a g o i n e a c h lin e w h ic h r e p o r t e d t h e s e s t a t i s t i c s , a n d a c ­
c o u n ts r e c e iv a b le a n d c o lle c t io n s w e r e a ls o s m a lle r t h a n a
y e a r a g o e x c e p t in d r y g o o d 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 s o f s a le s in e a c h lin e , d iv id e d b y
c i t i e s w h e r e t h r e e o r m o r e f i r m s r e p o r t f r o m a s i n g le c i t y ,
a n d c o m p a r is o n s o f t h e o t h e r it e m s .
S e p te m b e r s a le s b y 3 2 r e p o r t in g w h o le ­
s a l e g r o c e r y f ir m s a v e r a g e d 8 .1 p e r
c e n t g r e a t e r t h a n in A u g u s t , b u t w e r e 1 2 .6 p e r c e n t s m a ll ­
e r t h a n in S e p t e m b e r l a s t y e a r . I n c r e a s e s w e r e s h o w n o v e r
b o th o f t h o s e p e r io d s a t A t l a n t a , N e w O r le a n s , a n d O th e r
C it ie s . S t o c k s o n h a n d w e r e s m a lle r t h a n a m o n t h e a r lie r ,
o r 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 t io n s w e r e
g r e a t e r t h a n f o r A u g u s t , b u t s m a lle r t h a n f o r S e p te m b e r
la s t y e a r .

F u r n it u r e

S e p te m b e r s a le s o f f u r n it u r e a t w h o le ­
s a l e w e r e g r e a t e r t h a n in A u g u s t , b u t
a n in c r e a s e a t A t l a n t a o v e r S e p te m b e r l a s t y e a r w a s o u t ­
w e ig h e d in t h e a v e r a g e b y d e c r e a s e s r e p o r t e d b y f ir m s
g r o u p e d u n d e r O th e r C it ie s . S t o c k s o n h a n d w e r e s m a lle r
t h a n a m o n t h e a r lie r , o r 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 t io n s w e r e g r e a t e r t h a n f o r A u g u s t , b u t s m a lle r
t h a n f o r S e p te m b e r l a s t y e a r
September 1927 compared w ith :
S a le s:
Aug. 1927
Sept. 1926
A tla n ta (4 firm s )............... ...................
+ 20.0
+ 8.5
Other C ities
f ir m s )...........................
+ 1 7 .3
— 2.5
D I S T R IC T S (12 f r im s )...........................
+ 17.8
— 0.6
Stocks on h a n d ..... ..........................................
— 7.1
— 22.8
Accounts Receivable ............ ........................
+ 6.7
— 11.0
.............. ................. ....... ..............
4-18.1
— 3.5
Collections

(8

E le c tr ic a l
S u p p lie s

S a le s in S e p te m b e r r e p o r te d b y w h o le s a le e le c t r ic a l s u p p ly d e a le r s w e r e
g r e a t e r t h a n in A u g u s t , b u t s m a lle r
t h a n in S e p te m b e r a y e a r a g o . S to c k s o n h a n d , a c c o u n t s
r e c e iv a b le , a n d c o lle c t io n s a ls o in c r e a s e d o v e r A u g u s t , b u t
s h o w d e c r e a s e s c o m p a r e d w it h S e p te m b e r 1 9 2 6 , a s in ­
d ic a te d in t h e ta b le .
September 1927 compared w ith :
S a le s:
Aug. 1927
Sept. 1926
New Orleans (4 firm s) .— ........................
+ 23.9
— 3.8
O ther ities (7 f ir m s ).... .............................
+ 0.9
— 23.8
+ 10.0
— 16.0
D I S T R IC T S (11 f r im s ) ....................... .
Stocks on h a n d ............................................
+ 1.4
— 21.8
Accounts Receivable ....................................
+ 1 *6
— 7.0
Collections .... .............................................. .
+ 0.3
— 27.2

G r o c e r ie s

S a le s :
A tla n ta (4 f ir m s ) ..........
Jackso nville (4 firm s) —
N ew O rleans
firm s)..
V icksbu rg (3 f ir m s ).........
O ther Cities (15 firm s)-.
D I S T R I C T 32 f ir m s ).........
Stocks on hand .......... ....... .
Accounts Receivab le.............
Collections ............ ..................

(6

Sept. 1927 compared w ith :
Aug. 1927
Sept. 1926
+ 6.4
+31.9
— 38.4
— 0.4
+ 1.8
+ 8.9
— 35.1
— 1.7
+ 10.0
+ 3.5
— 12.6
+• 8.1
— 14.1
—- 0.6
— 10.9
+ 7.4
— 9.8
4-14.1

D ry G oods

S a le s in S e p te m b e r b y r e p o r t in g w h o le ­
s a l e d r y g o o d s f ir m s w e r e g r e a t e r
t h a n in A u g u s t , a n d w e r e g r e a t e r t h a n f o r a n y s in g l e
m o n t h s in c e A u g u s t 1 9 2 0 . S e p te m b e r s a l e s a v e r a g e d 9 .8
p e r c e n t g r e a t e r t h a n in A u g u s t , a n d 8 .7 p e r c e n t g r e a t e r
t h a n in S e p t e m b e r l a s t y e a r . S t o c k s a t t h e e n d o f S e p t ­
e m b e r w e r e s m a lle r t h a n f o r e it h e r o f t h o s e p e r io d s , 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 t io n s s h o w e d in c r e a s e s in
b o th i n s t a n c e s .
S a le s :
A tla n ta (3 f ir m s ) ..........
N ashville (3 fir m s )..........
O ther C ities (16 f ir m s )..
D I S T R I C T S (22 firm s) .
Stocks on hand....................
Accounts Receivable ..........
Collections ...
..........

September 1927 compared w ith :
Aug. 1927
Sept. 1926
+ 1.6
+ 32.6
+ 16.0
+
+ 9.4
+ 6.5
+ 9.8
+ 8.7
— 5.4
— 24.5
+ 8.4
+ 2.1
+ 30.0
+ 19.8

.......
........

6.0

H ard w are

S a l e s o f h a r d w a r e a t w h o le s a le d u r in g
S e p te m b e r b y 2 7 r e p o r t in g f ir m s e v e r a g e d 8 .4 p e r c e n t g r e a t e r t h a n in A u g u s t , in c r e a s e s b e in g
r e p o r t e d f r o m e a c h c i t y e x c e p t J a c k s o n v ille . C o m p a r e d
w it h S e p t e m b e r a y e a r a g o , N a s h v il le r e p o r t e d a n i n ­
c r e a s e b u t d e c r e a s e s o c c u r r e d a t o t h e r r e p o r t in g p o in t s .
S t o c k s o n h a n d a t t h e e n d o f S e p te m b e r w e r e s l i g h t l l y
g r e a t e r t h a n a m o n t h e a r lie r , a n d a c c o u n t s r e c e iv a b le a n d
c o lle c t io n s w e r e la r g e r t h a n f o r A u g u s t , b u t d e c r e a s e s o cc u r e d in e a c h i t e m c o m p a r e d w it h S e p te m b e r l a s t y e a r .

0

.
September 1927 compared w ith :
b a le s:
Aug. 1927
Sept. 1926
A tla n ta (3 f ir m s ).......... ......
+
—
Jackso nville (3 firm s )_.„
—
— 46.4
N ashville (3 firm s )..............
+
+ 12.9
N ew O rleans (5 f ir m s ).............
+ 1.4
—
O ther C ities (13 firm s)
+ 14.4
— 11.9
D I S T R IC T (27 firm s ).
+ 8.4
—
Stocks on hand ______________
+
— >12.9
Accounts Receivable........1. Z ................
+ 3.7
— 14.5
Collections ..... .................
+ 5.2
— 17.7




11.2
2.8
10.6
0.2

6.6

8.2
8.6

C o m p a r is o n s f o r t h e o t h 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 is t r ic 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 in a n y o f t h e s e li n e s f r o m a s i n g le c it y . I n c r e a s e s
o v e r A u g u s t , a n d o v e r S e p te m b e r l a s t y e a r , a r e s h o w n in
e a c h o f t h e s e t h r e e lin e s .
_ ,
September 1927 compared w ith :
S a le s:
Aug. 1927
Sept. 1926
Shoes (5 firm s) ............. ............ ........... .
+ 8.4
+ 5.0
Stationery (3 firm s) ..... .........................
+ 76.1
+
D rugs
firm s) ......................... ..............
+ 9.4
+ 6.0

9.6

(6

A G R IC U L T U R E
T h e r e p o r t o f c r o p c o n d itio n s o n O c to b e r 1, is s u e d b y
t h 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 ic u lt u r e in d ic a te s
t h a t c r o p p r o s p e c ts in t h e c o u n tr y g e n e r a lly im p r o v e d
n e a r ly t w o p e r c e n t d u r in g S e p te m b e r , d u e c h i e f l y t o t h e
g r e a t im p r o v e m e n t in t h e c o r n c r o p r e s u lt in g f r o m t h e
u n u s u a lly h o t w e a t h e r d u r in g t h e f i r s t t h r e e w e e k s o f
S e p te m b e r . C ro p p r o s p e c ts in t h e s t a t e s o f t h e s i x t h d i s ­
t r ic t in d ic a te b e t t e r r e t u r n s f r o m c o r n , o a t s , to b a c c o a n d
c o tto n , t h a n w e r e e x p e c t e d a m o n th e a r lie r , b u t a s l i g h t
d e c r e a s e in t h e e s t im a t e d p r o d u c tio n o f p o t a t o e s . C o m ­
p a r e d w it h y ie ld s f o r t h e 1 9 2 6 s e a s o n , p r o s p e c ts a r e s t i l l
f o r r e d u c tio n in c o r n , w h e a t , o a t s , t o b a c c o a n d c o t to n ,
w h ile p o t a t o e s s h o w a s m a ll in c r e a s o v e r la s t . I n L o u is ia n a
t h e p r o s p e c ts a r e f o r a la r g e r c r o p o f c o r n t h a n l a s t y e a r ,
b u t t h e o th e r s t a t e s o f t h e d is t r ic t s h o w d e c r e a s e s . T h e
o a t c r o p i s s m a lle r in a ll s t a t e s o f t h e d is t r ic t , b u t p o t a t o e s
s h o w a n in c r e a s e in e a c h s t a t e o f t h e d is t r ic t . S w e e t p o ­
t a t o e s s h o w in c r e a s e s in L o u is ia n a a n d M is s is s ip p i, b u t d e ­
c r e a s e s o v e r l a s t y e a r in t h e o t h e r f o u r s t a t e s . T h e c r o p
o f to b a c c o in G e o r g ia i s e s t im a t e d a t 5 9 m illio n p o u n d s ,
c o m p a r e d w it h a b o u t 4 0 m illio n p o u n d s p r o d u c e d l a s t y e a r ,
b u t in T e n n e s s e e t h e p r e s e n t c r o p is p la c e d a t 6 8 .7 m illio n
p o u n d s c o m p a r e d w it h 1 0 5 .9 m illio n p o u n d s l a s t y e a r . T h e
c o m m e r c ia l a p p le c r o p in G e o r g ia i s e s t im a t e d a t 5 4 ,0 0 0
b a r r e ls , a n d in T e n n e s s e e a t 2 6 ,0 0 0 b a r r e ls , c o m p a r e d w it h
1 5 2 ,0 0 0 b a r r e ls in G e o r g ia , a n d 1 2 5 ,0 0 0 b a r r e ls in T e n n ­
e s s e e , l a s t y e a r . T o ta l p r o d u c tio n o f a p p le s t h i s y e a r is
p la c e d a t 6 4 8 ,0 0 0 b a r r e ls in G e o r g ia , a n d 1 ,1 3 0 ,0 0 0 b u s h ­
e ls in T e n n e s s e e , c o m p a r e d w it h 1 ,8 2 7 ,0 0 0 b u s h e ls in
G e o r g ia , a n d 5 ,3 6 0 ,0 0 0 b u s h e ls in T e n n e s s e e , l a s t y e a r .
T h e p e a c h c r o p i s a ls o s m a lle r t h a n l a s t y e a r in t h e s i x t h
d is t r ic t , a n d in t h e U n it e d S t a t e s a s a w h o le .
C o tto n

T h e c o t to n r e p o r t is s u e d b y t h e U n ite d
S ta te s
D e p a r t m e n t o f A g r ic u lt u r e ,
b a se d o n c o n d itio n s O c to b e r 1 , in d ic a te s t h e p r o d u c tio n
o f 1 2 ,6 7 8 ,0 0 0 b a le s t h i s y e a r , 1 4 ,0 0 0 b a le s l e s s t h a n t h e
f o r e c a s t a m o n th e a r lie r , a n d a b o u t 5 .3 m illio n b a le s b e lo w
p r o d u c tio n l a s t y e a r . D u r in g S e p te m b e r p r o s p e c ts f o r c o t ­
to n im p r o v e d s u b s t a n t ia lly in G e o r g ia , A la b a m a , M is s is ­
s ip p i, a n d L o u is ia n a , b e c a u s e o f t h e w a r m , d r y w e a t h e r .

M O N T H L Y R E V IE W

4

T h e O c to b e r 1 e s t i m a t e i s h i g h e r t h a n t h e S e p te m b e r
f o r e c a s t f o r e a c h s t a t e o f t h e s i x t h d i s t r ic t e x c e p t T e n n ­
e s s e e , w h e r e t h e e s t i m a t e i s t h e s a m e a s in S e p te m b e r . I n
t h e t a b l e a r e s h o w n e s t im a t e d p r o d u c tio n f o r t h e s t a t e s
o f t h i s d is t r ic t , a n d f o r t h e U n i t e d S t a t e s , c o m p a r e d w i t h
f in a l y ie ld s la s t y e a r .
O ct. 1, 1927
F in a l 1926
A labam a .................................................
*a?2*222
Flo rid a ........................ .................. ......
*6,000
£1,954
Georgia ________ _________ _________ _____
1,085,000
1,496,105
Lo u isia n a ____________ ____________________
510,000
829,407
M ississippi ......................-.....................
Tennessee ........... ...................................
335,000
450,533
♦Total th D is t r ic t______________ ______
2,653,000
3,772,000
U nited States ___________________________
12,678,000
17,977,374
♦Not including those parts of Lo u isia n a , M ississippi and Tennessee
located in other Fed eral Reserve D istricts.

1

6

C O T T O N M O V E M E N T — U N IT E D
A u gu st 1 to September
1927
Receipts a t a ll U . S . P o rts . ..- . 1,940,782
O verland
across
the
M iss.
Ohio & Potomac R iv e rs to N or
M ills& Canada _____________________
74,487
In te rio r Stock in excess of
those held a t close of coml. year
199,774
Southern m ills, T a k in g s n e t----617,000
To tal movement, 61 d ays________ 2,832,043
♦American M ills, N . & S . &
Canada ..............................................
868,918
983,490
Fo reign Exp o rts .......... ...................
A m erican Cotton thus f a r . .. ...... 2,165,000

STA TES
9
1926
1925
1,919,231 1,849,566
138,603

101,627

130,436
509,000
2,697,270

694,910
527,000
3,173,103

919,266
1,079,047
1,812,000 1,628,000

♦of w hich 156,709 by N orthern spinners against 291,738 last year and
713,209 by Southern spinners against 627,528 la st year.

C it r u s
F r u it s

T h e c o m m e r c ia l c it r u s c r o p o f F lo r id a
f o r t h e s e a s o n o f 1 9 2 7 -2 8 i s e s t i m a t e d
a t 1 4 .5 m illio n b o x e s , o f w h ic h 9 .2 m il­
lio n w i l l b e o r a n g e s a n d 5 .3 m illio n w i l l b e g r a p e f r u i t .
T h is e s t i m a t e i s s m a l l e r t h a n l a s t y e a r ’s c r o p w h ic h a m o u n t e d t o 1 6 .6 m illio n b o x e s , a n d i s s m a lle r t h a n a n y
c r o p s in c e t h e s e a s o n o f 1 9 2 1 -2 2 . T h e s t o r m a n d c o ld
d a m a g e o f t h e p a s t s e a s o n a n d t h e la c k o f r a in d u r in g
th e sp r in g m o n th s h a v e b e e n f a c to r s c a u s in g a lig h t s e t ­
t in g o f fr u it.
S u g a r C ane
and S u g a r

W e a t h e r c o n d itio n s d u r in g S e p te m b e r
in t h e L o u is ia n a c a n e b e lt w e r e g e n e r ­
a l l y f a v o r a b le , b u t r e p o r t s in d ic a t e t h a t
r a in w a s n e e d e d i n m a n y s e c t io n s . T h e s e c o n d w e e k in
O c to b e r b r o u g h t h e a v y r a i n f a ll , w h ic h p la c e d t h e la n d
in b e t t e r c o n d itio n f o r p la n t i n g o p e r a t io n s , w h ic h a r e a c t ­
iv e ly u n d er w a y .
S U G A R M O V E M E N T (Pounds)
R a w Su g ar
R e ce ip ts:
Sept. 1927
A ug. 1927
N ew O rlean s ...............
91,852,945 121,181,444
Savannah ______________
20,958,239
6,690,506
M elting s:
N ew O rle a n s ................ 109,775,391 153,439,526
Savan n ah ______________
34,848,894
19,316,769
S to c k s: N ew O rle an s.................
19,933,087
39,849,996
Savan n ah _______________
7,891,316
21,781,971
Refined Su g a r
Sh ipm ents:
N ew O rle a n s ................ 123,959,902 145,019,301
Savan n ah ....... ..............
29,328,138
29,807,257
S to ck s:
New O rlean s------ ----75,778,345
91,968,275
Savannah -------------8,302,940
7,000,961

Sept. 1926
163,377,096
46,826,388
154,836,776
37,967,394
38,712,315
12,323,848
162,682,081
38,364,227

M O V EM EN T— N EW O R L E A N S
Rough R ic e (S acks)
Sept. 1927A u g . 1927
Receipts ....................... ...................
136,388
122,522
Shipm ents -------------------------148,065
99,524
Stocks ------------------------------25,210
36,887
C le an R ic e (Pockets)
Receipts ---------------------------236,132
136,844
Shipm ents -------------------------193,155
109,951
Stocks -------- ----- ----------------246,159
203,182

61,293,548
8,386,528

R IC E

R ice M illers Association S tatistics
(B a rre ls)
Receipts* of Rough R ice
Sept.
Season 1927-28------------------------------1,167,281
Season 1926-27------------------------------1,147,507
D istribution of M illed R ice
Season 1927-28------------------------------849,908
Season 1926-27------------------------------717,070
Stocks of Rough and Milled Rice
October
, 1927-----------------------------1,581,097
October
, 1926______________ ______________
1,217,603

1

 1


Sept. 1926
121,947
90,840
40,308
154,874
132,495
124,455

Season
1,959,626
1,407,460
1,273,467
1,027,482

F IN A N C IA L
T h e t o t a l v o lu m e o f s a v i n g s h e ld o n
t h e l a s t d a y o f S e p te m b e r 1 9 2 7 , r e ­
p o r t e d b y 8 7 b a n k s lo c a t e d t h r o u g h o u t
t h e S i x t h F e d e r a l R e s e r v e D is t r i c t , w a s 1 .4 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 , a n d w a s 7 .7 p e r c e n t g r e a t e r t h a n
s a v i n g s d e p o s it s o f t h e s a m e b a n k s a t t h e s a m e t im e l a s t
y e a r . T h is i s t h e m o s t f a v o r a b le c o m p a r is o n w i t h t h e
c o r r e s p o n d in g d a te a y e a r b e f o r e t h a t h a s b e e n s h o w n f o r
a n y o f t h e p a s t t w e l v e m o n t h s . 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 i t i e 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 t e d e ls e w h e r e a r e g r o u p e d u n d e r
“ O th e r C it ie s .” A l l c i t i e s s h o w n in t h e s t a t e m e n t s h o w
in c r e a s e s o v e r a y e a r a g o .
S a v in g s
D e p o s it s

(000 O m itted.)
Sept.
1927
A tla n ta (7 b a n k s)....... ..............$ 42,991
B irm ingham (4 b a n k s).......... 24,738
Jackso nville (5 b a n k s)............ 29,255
N ashville
b a n k s)__________ ... 24,863
N ew O rlean s
b a n k s)_______ 48,316
O ther Cities (55 b a n k s________ 114,139
Total (87 banks) ____ _______ 284,302

(8

(8

C om pariCom pari­
son
son
Aug. Sept.-A ug. Sept
Sept.
1927
1926 1927-26
$ 40,537 + 6 .1 $ 37,017 + 16.1
24,760 — 0.1
24,011 + 3.0
29,240 + 0 .1
28,021 - - 4.4
25,027 — 0.7
20,583 + 2 0 .8
47,803 + 1 .1
47,523 + 1.7
113,109 + 0 .9
106,844 +
280,476 + 1 .4
268,999 + 7.7

6.8

D e b its to
I n d iv id u a l
A cco u n ts

T o t a l d e b it s t o 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 i t i e s o f t h e S i x t h D i s ­
tr ic t in S e p te m b e r in c r e a s e d s e a s o n ­
a lly o v er A u g u st, a n d w ere g r e a te r
t h a n in S e p t e m b e r a y e a r a g o . T h e S e p t e m b e r t o t a l i s
1 4 .8 p e r c e n t g r e a t e r t h a n f o r A u g u s t , a n d 6 .7 p e r c e n t
g r e a te r th a n f o r S e p te m b e r 1 9 26. N in e te e n o f th e s e 2 4
c itie s sh o w in c r e a s e s o v e r S e p te m b e r la s t y e a r , d e c r e a se s
b e in g s h o w n f o r t h e t h r e e F lo r id a c i t i e s , a n d S a v a n n a h
a n d V ic k s b u r g . T h e m o n t h ly f i g u r e s s h o w n i n t h e t a b le
a r e d e r iv e d f r o m w e e k l y f ig u r e s b y p r o - r a t i n g f i g u r u e s f o r
t h o s e w e e k s w h ic h d o n o t f a l l e n t i r e l y w it h in a s i n g l e
c a le n d a r m o n th .
(000 Om itted.)
A labam a
Sept. 1927
A u g . 1927
Sept. 1926
B irm ing ham ...... .......... $ 164,243
$ 141,665
$ 141,232
Dothan
5,290
3,539
4,830
Mobile
40,451
38,451
37,775
Montgomery
30,997
22,934
25,088
Flo rid a
Jackso n ville
74,123
75,017
94,411
♦ M ia m i ............
30,419
33,018
Pensacola _____
7,765
8,143
Tam pa ...........
38,766
42,614
59,538
Georgia
A lb an y ..........
6,630
4,773
6,511
A tla n ta ....____
159,754
141,767
154,714
Augusta - ......
36,692
24,003
32,243
B ru n sw ick __
3,561
3,240
3,365
Columbus _____
16,474
13,530
14,862
Elb erton _____
1,535
630
738
M acon ________
27,955
21,480
24,964
N ew nan _____
2,699
1,706
2.479
Savan n ah ____
63,617
49,578
64,826
Valdosta _____
8,424
9,732
6,841
Lo u isia n a
N ew O rlean s
389,444
319,954
333,014
M ississippi
♦ H a ttie sb u rg __
8,870
6,860
Jackso n _______
26.240
20,107
20,579
M eridian
17,188
19,381
16,461
V ick sb u rg _____________
8,186
6,379
8,245
Tennessee
Chattanooga ___________
49,091
44,041
48,912
K n o xville ______________
34,546
34,449
31,626
N ash ville __________ __
88.240
86,777
78,233
T o t a l _________________________
$1,301,911
$1,133,747
$1,219,610
♦Not included in totals because of la ck of 1926 figu res.

8,000

C o n d itio n o f
W e e k ly r e p o r t s r e n d e r e d t o t h e F e d M em b er B a n k in
e r a l R e se r v e B a n k o f A tla n ta b y 33
S e le c t e d C it ie s
m e m b e r b a n k s i n A t l a n t a , N e w O r..
le a n s , B ir m in g h a m , J a c k s o n v ille , N a s h Zu
Y
t e 1100^
K n o x v ille , a n d S a v a n n a h in d ic a t e t h a t
t h e r e h a s b e e n a g r a d u a l g r o w t h i n t h e t o t a l v o lu m e o f
t h e i r lo a n s b e t w e e n t h e m id d le o f A u g u s t a n d O c to b e r 1 2 .
F ig u r e s f o r O c to b e r 1 2 , s h o w a n in c r e a s e o f $ 1 2 ,8 3 9 ,0 0 0 o r
2 .6 p e r c e n t m lo a n s c o m p a r e d w i t h t h e t o t a l f o r S e p t e m ­
b e r 1 4 . 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 b y t h e s e b a n k s
So 0™ > e r 1 2 a m o u n t e d t o $ 5 8 ,5 0 1 ,0 0 0 a n in c r e a s e o f
$ 8 ,8 6 9 ,0 0 0 , o r 1 7 .9 p e r c e n t , o v e r h o ld in g s o f g o v e r n m e n t
s e c u r it i e s o n S e p t e m b e r 1 4 , b u t h o ld 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 lin e d $ 5 9 2 ,0 0 0 d u r in g t h a t p e r io d . T o t a l lo a n s ,
a n ^ in v e s t m e n t s o n O c t o b e r 1 2 a m o u n t e d t o
$ 6 2 4 ,4 0 2 ,0 0 0 , g r e a t e r b y $ 2 1 ,1 1 6 ,0 0 0 t h a n o n S e p t e m b e r
14.. i n c r e a s e s d u r in g t h i s p e r o id a r e s h o w n i n b o t h d e m a n d
a n d t im e d e p o s it s . C o m p a r e d w i t h f i g u r e s f o r c o r r e s p o n d ­

5

M O N T H L Y R E V IE W
i n g r e p o r t d a t e s l a s t y e a r , lo a n s s h o w a d e c r e a s e o f $ 2 2 ,7 8 0 , 0 0 0 , o r 4 .3 p e r c e n t , a n d t o t a l lo a n s , d is c o u n t s , a n d
i n v e s t m e n t s s h o w a d e c r e a s e o f 1 .2 p e r c e n t . B o t h d e m a n d
a n d t i m e d e p o s it s a r e a t h ig h e r l e v e l s t h a n a t t h e s a m e
t im e a y e a r a g o . A c c o m m o d a t io n e x t e n d e d t o t h e s e b a n k s
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 o n O c to b e r 1 2
t h i s y e a r a m o u n t e d t o $ 9 ,5 3 9 ,0 0 0 , c o m p a r e d w it h $ 1 3 ,5 9 8 ,0 0 0 o n S e p t e m b e r 1 4 , a n d w i t h $ 3 1 ,2 8 7 ,0 0 0 o n O c t o ­
b e r 1 3 , 1 9 2 6 . P r in c ip a l i t e m s in t h e w e e k l y s t a t e m e n t a r e ,
s h o w n in t h e t a b le , w i t h c o m p a r is o n s .
(000 Om itted.)
Oct. 12, Sept. 14. O ct. 13,
1927
1927
1926
B ills Discounted:
Secured by Govt. Obligations —$ 5,351
Secured by Stocks and Bonds ... 113,489
A ll O ther .........................................- 385,788
T o ta l Discounts .............. ....... ....... 504,628
U . S. S e cu ritie s.............. ..... -............. 58,501
O ther Stocks and bonds— ................ 61,278
To tal L o an s. Discounts and In vestm ents ......................................— 624,402
Tim e Deposits ..................................... ..... 240,216
Demand Deposits
- 343,427

$ 5,071
113,509
373,209
491,789
49,632
61,865
603,286
237,854
339,465

$ 5,556
103,108
418,744
627,408
46,237
58,562
________
632,207
232,615
340,106

O p e r a t io n s o f t h e
F ed eral R eserve
Bank

T h e w e e k l y s t a t e m e n t is s u e d b y t h e
F ed eral R eserve B ank
o f A tla n ta
s h o w s a d e c lin e , w it h s o m e f lu c t u a ­
t i o n s , in t h e v o lu m e o f d is c o u n t s f o r
m e m b e r b a n k s s in c e t h e m id d le o f A u g u s t , a n d d is c o u n t s
o n O c to b e r 1 2 w e r e s m a lle r t h a n o n a n y o t h e r r e p o r t d a te
in 1927*. T h e t o t a l o f d is c o u n t s f o r m e m b e r b a n k s o n O c to ­
b e r 1 2 , w a s $ 2 2 ,5 0 5 ,0 0 0 c o m p a r e d w it h $ 2 9 ,9 3 8 ,0 0 0 o n S e p ­
t e m b e r 1 4 , a n d w i t h $ 5 2 ,2 7 0 ,0 0 0 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 t e l a s t y e a r . H o ld in g s o f b ills b o u g h t in t h e o p e n m a r ­
k e t , a n d o f U n i t e d S t a t e s s e c u r it i e s w e r e s m a lle r o n
O c to b e r 1 2 t h a n o n S e p te m b e r 1 4 , a n d t h e t o t a l o f b ills
a n d s e c u r i t i e s o n O c to b e r 1 2 w a s $ 3 8 ,1 9 7 ,0 0 0 c o m p a r e d
w i t h $ 5 2 ,0 8 3 ,0 0 0 f o u r w e e k s e a r lie r , a n d c o m p a r e d w it h
$ 8 6 ,0 8 0 ,0 0 0 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 t e l a s t y e a r .
T h e r e h a s b e e n a n i n c r e a s e in r e c e n t w e e k s in t h e v o lu m e
o f F e d e r a l R e s e r v e N o t e s in a c t u a l c ir c u la t io n , a n d in
d e p o s it s , b u t c a s h r e s e r v e s h a v e in c r e a s e d in g r e a t e r p r o ­
p o r t io n , a n d t h e r e s e r v e r a t io o n O c to b e r 12 w a s 8 4 .7 c o m ­
p a r e d w i t h 7 9 .7 o n S e p te m b e r 1 4 , a n d c o m p a r e d w i t h 6 7 .8
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 t e a y e a r a g o . P r in c ip a l
i t e m s in t h e w e e k l y s t a t e m e n t f o r O c to b e r 1 2 , a r e s h o w n
in t h e t a b le , a n d c o m p a r a tiv e f i g u r e s f o r S e p t e m b e r 1 4 ,
a n d f o r O c to b e r 1 3 , l a s t y e a r .
(000 Omitted)
Oct. 12, Sept. 14 Oct. 13,
1927
1927
1927
B ills Discounted:
Secured by Govt. Obligations. ...$ 3,384 $ 3,175 $ 8,181
44,089
18,121
26,763
A ll O thers ...................... ......... .....
52,270
22,505
29,938
To tal Discounts .......... ................
2,404
7,138
31,261
B ills Bought in open m arket.........
14,707
1.849
12,988
U . S . Securities ......... ....... ..................
86,080
52,083
Total B ills and Securities— .........
38,197
167,437
182,686
C ash Reserves ...................................— ... 204,560
70,913
78,480
68,321
Total Deposits .............. .....................
175,905
160,914
F . R . Notes in actual circulation. ... 162,898
84.7
79.7
67.8
Reserve Ratio .... ................................

C o m m e r c ia l
F a il u r e s

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.
s h o w t h a t c o m m e r c ia l f a i lu r e s i n t h e
U n it e d S t a t e s d u r in g S e p te m b e r t o ­
t a le d 1 ,5 7 3 in n u m b e r , c o m p a r e d w it h 1 ,7 0 8 in A u g u s t , a n d
w it h 1 ,4 3 7 i n S e p t e m b e r a y e a r a g o , a n d t h a t l ia b i li t i e s o f
f a i l i n g f i r m s in S e p t e m b e r a m o u n t e d t o $ 3 2 ,7 8 6 ,1 2 5 , c o m ­
p a r e d w i t h $ 3 9 ,1 9 5 ,9 5 3 i n A u g u s t , a n d w i t h $ 2 9 ,9 8 9 ,8 1 7
i n S e p t e m b e r 1 9 2 6 . F ig u r e s f o r t h e s i x t h d i s t r i c t s h o w t h a t
S e p t e m b e r f a i lu r e s w e r e l e s s t h a n h a l f a s g r e a t , b o th in
n u m b e r a n d in l i a b i li t i e s , a s in A u g u s t , a n d w h ile le s s
n u m e r o u s t h a n in S e p te m b e r l a s t y e a r , l i a b i li t ie s w e r e
“g r e a t e r . I n t h e t a b le a r e s h o w n f a i lu r e s in t h 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 :
Num ber
L ia b ilitie s
L ia b ilitie s
D istrict—
Sept. 1927 Sept. 1927 A ug. 1927
Boston ........ .............. 157
$ 2,199,194 $ 2,674,960
N ew Y o r k .. ........... . 281
11,057,845
14,540,791
Philadelphia ..........
73
1,295,236
1,105,859
Cleveland ................ 149
3,212,596
4,276,479
Richm ond ------ --- 104
3,740,473
2,155,805
A tla n ta ........... .........
65
1,319,183
3,020,017
Chicago ------------ 242
3,251,574
3,741,123
St. Lo u is ...............
53
184,910
750,216
M inneapolis .......
81
535,829
1,819,855
K an sas C ity ------82
851,709
1,468,395
D a lla s .... .....................
58
1,053,715
896,603
San Fran cisco ...... 228
4,083,861
2,745,850
T o ta l

....................... .....

1573




$32,786,125

$30,195,953

Lia b ilitie s
Sept. 1926
$ 2,346,091
13,298,895
1,277,514
1,888,576
1,604,500
931,909
2,905,412
548,162
1,106,200
1,139,741
431,900
2,510,917
$29,989,817

IM P O R T S A N D E X P O R T S
U n it e d S t a t e s

P r e lim in a r y 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 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 in d ic a t e t h a t e x p o r t s i n S e p te m b e r
w e r e g r e a t e r t h a n in A u g u s t , b u t im p o r t s s h o w e d a d e ­
c r e a s e , w h ile b o th im p o r t s a n d e x p o r t s w e r e s o m e w h a t
s m a lle r t h a n i n S e p t e m b e r l a s t y e a r . E x p o r t s f o r S e p t e m ­
b e r e x c e e d im p o r ts b y 8 5 m illio n d o lla r s , c o m p a r e d w it h 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 in A u g u s t o f o n ly f o u r
m illio n d o lla r s , w h ile in S e p t e m b e r a y e a r a g o e x p o r t s
e x c e e d e d im p o r t s b y n e a r l y 1 0 5 m illio n . F o r t h e n in e
m o n t h s o f 1 9 2 7 e x p o r t s h a v e e x c e e d e d im p o r t s $ 3 5 6 ,8 6 9 ,0 0 0 , c o m p a r e d w i t h $ 8 7 ,0 1 3 ,0 0 0 f o r t h e c o r r e s p o n d in g
p e r io d o f 1 9 2 6 . P r e lim in a r y f i g u r e s , w it 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 :
Im p o rts:
September
.............A ugust -...................................
9 months ending w ith Sept.
Exp orts
September ............. .......... .
August ......... ........... — ...........
9 months ending w ith Sept.

$

$

1927
341,000,000
369,003,000
3,152,539,000
426,000,000
374,816,000
3,509,407,000

$

$

1926
843,202,000
336,477,000
3,320,677,000
448,071,000
384,449,000
3,407,690,000

Im p o r ts
N e w O r le a n s

M e r c h a n d is e t o t h e v a lu e o f $ 1 5 ,1 3 4 ,7 6 7 w a s im p o r te d in t o t h e U n it e d
S t a t e s t h r o u g h t h e p o r t o f N e w O r le a n s
d u r in g J u ly 1 9 2 7 . T h is r e p r e s e n t s a d e c r e a s e o f 1 5 p e r
c e n t c o m p a r e d w i t h I m p o r t s i n J u n e , a n d a d e c r e a s e o f 12
p e r c e n t c o m p a r e d w i t h im p o r t s in J u l y 1 9 2 6 . B a n a n a s
a n d s u g a r w e r e im p o r te d in l a r g e r v o lu m e t h a n a y e a r a g o
b u t d e c r e a s e s w e r e s h o w n in m o s t o f t h e o t h e r la r g e it e m s ,
s o m e o f w h ic h a r e s h o w n in t h e t a b le :
Coffee, lbs. ................................ .............
Sugar, lbs............ ............................ .........
B ananas, bunches .................................
Copra oil seeds, lbs............................ .
Sisal, tons .................... ...........................
Crude Petroleum, b arrels____________
Gasoline, barrels .................. ...............
Creosote oil, g a ls....................................
Sodium N itrate, tone................... .......
Molasses, gals ....... ..................... ...........
Ju te burlaps, lbs. ..................................

Volum e
30,419,519
124,029,558
1,815,824
6,049,220
6,598
822,315
132,155
2,334,450
10,918
6,353,629
4,395,089

V alue
$4,546,541
3,432,831
951,900
245,027
890,920
982,909
645,024
345,138
360,057
265,887
519,093

G R A IN E X P O R T S — N E W O R L E A N S
G r a in e x p o r t s t h r o u g h t h e p o r t o f N e w O r le a n s d u r in g
S e p te m b e r 1 9 2 7 w e r e s m a lle r b y 1 9 6 ,2 1 1 b u s h e ls t h a n in
S e p te m b e r a y e a r a g o . D e c r e a s e d w e r e r e p o r t e d i n m o v e ­
m e n t o f w h e a t , c o r n a n d o a t s , w h ile f ig u r e s s h o w t h a t
n o r y e w a s e x p o r t e d in S e p te m b e r l a s t y e a r . T o t a l f ig u r e s
f o r t h e t h r e e m o n t h s o f t h e n e w s e a s o n , J u ly , A u g u s t a n d
S e p te m b e r , s h o w a d e c r e a s e o f 1 8 1 ,1 9 1 b u s h e ls c o m p a r e d
w it h t h e s a m e p e r io d l a s t y e a r .
Season Through
Sept. 1927 Sept. 1926 Sept. 1927 Sept. 1926
W heat, bushels ........... 1,432,591 1,508,989 3,056,646 2,562,761
Corn, bushels ---- ----178,524
252,389
692,388 1,365,464
Oats, bushels --------- 68,077
156,612
284,868
330,444
Rye, bushels, ..........42,857
42,857
Total
... 1,721,779 1,917,990 4,076,759 4,258,669

B U IL D IN G
T h e v a lu e o f b u ild in g 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 in g c it i e s o f t h e s i x t h d i s t r i c t d u r in g S e p t e m b e r w a s
g r e a t e r t h a n f o r a n y o t h e r m o n t h o f 1 9 2 7 e x c e p t i n g A p r il,
a n d w a s o n ly 1 1 .3 p e r c e n t s m a lle r t h a n f o r t h e c o r r e s ­
p o n d in g m o n t h o f l a s t y e a r . T h is i s a m o r e f a v o r a b le
f a v o r a b le c o m p a r is o n w it h t h e s a m e m o n t h o f t h e p r e ­
c e d in g y e a r t h a n h a s b e e n s h o w n f o r a n y m o n t h s in c e
A p r il 1 9 2 6 . O f t h e s e t w e n t y r e g u la r ly r e p o r t in g c it i e s
e le v e n r e p o r t e d d e c r e a s e s c o m p a r e d w it h S e p t e m b e r l a s t
y e a r , a n d n in e r e p o r t e d in c r e a s e s . T h e in d e x n u m b e r f o r
f o r t h e d is t r ic t i s 3 0 7 .6 , c o m p a r e d w it h 2 5 2 .1 f o r A u g u s t
a n d w it h 3 4 6 .9 f o r S e p te m b e r l a s t y e a r .
S t a t i s t i c s o f b u ild in 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
t h e F . W . D o d g e C o r p o r a tio 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 S e p te m b e r i n t h e 3 7 s t a t e s e a s t o f t h e
R o c c k y M o u n ta in s a m o u n t in g t o $ 5 2 1 ,6 1 1 ,4 0 0 , s m a lle r b y
5 .6 p e r c e n t t h a n t h e t o t a l f o r A u g u s t , a n d 7 .2 p e r c e n t
le s s th a n th e to ta l fo r S e p te m b e r la s t p e a r . O f th e S e p ­
t e m b e r t o t a l , 3 9 p e r c e n t w a s f o r r e s id e n t ia l b u ild in g s , a n d
2 4 p e r c e n t f o r p u b lic w o r k s a n d u t i l i t i e s . T h e S e p te m b e r
t o t a l o f a w a r d s in t h e s i x t h d is t r i c t w a s $ 3 0 ,9 1 7 ,0 1 9 , e x c e d in g t h e A u g u s t t o t a l f o r t h is d is t r ic t b y 9 .7 p e r c e n t ,

6

M O N T H L Y R E V IE W
b u t 1 6 .9 p e r c e n t s m a lle r t h a n t o t a l a w a r d s f o r S e p ­
tem b er la s t yea r.
I n t h e t a b le a r e s h o w n b u ild in g p e r m it s is s u e d a t r e ­
p o r t i n g c i t i e s in t h e s i x t h d i s t r i c t in S e p te m b e r , c o m ­
p a r e d w i t h t h e c o r r e s p o n d in g m o n t h l a s t y e a r , a n d in d e x
n u m b ers a p p ea r on p a g e 8.

Percentage
Sept. 1927
Sept. 1926
Change
A la b a m a :
No.
V a lu e
No.
V a lu e
in V a lu e
A n nisto n ......................... 22 $ 76,800
26
$ 49,000 + 56.7
B irm ing ham .................529
2,322,025 568
1,382,943 + 67.9
Mobile ..............................
179,105
95
232,481 — 23.0
Montgomery ............ ........ 140
734,938 102
58,326+1160.1
Flo rid a
Jackso nville .......... .......... 428
1,208,110 618
1,216,617 — 0.7
M iam i _________ _________ 207
366,282 1636
2,537,353 — 85.6
O rlando _____ ____-............. 110
192,425 245
1,052,297 — 81.7
Pensacola ......................... 135
145,868
59
21,730 + 571.3
Tam pa ..............................417
1,256,962 637
916,077 + 37.2
* La k e la n d ______________
18
17,050
93
834,650 — 98.0
♦Miami Beach ________
29
351,483
321,775 + 9.2
Georgia
A tla n ta ..............................412
1,237,434 404
984,236 + 25.7
A ugusta __________________153
51,341 120
76,131 — 32.6
Columbus ________________ 47
218,603
32
116,580 + 87.5
Macon ................................ 122
75,889 215
221,848 — 65.8
Savannah ________________ 44
194,650
61
201,360 — 3.3
Lo u isia n a
N ew O rleans __________ .250
1,219,499 177
1,100,259 + 10.8
48,166
81
102,341 — 52.9
A le x an d ria ______________ 85
T611I16SSG6
C h a tta n o o g a_____________ 284
246,528 302
648,175 — 62.0
Johnson C ity ................. 21
61,317
23
131,650 — 53.4
399,372 212
785,654 — 49.2
K no xville ............. ...........229
N ashville ........ ..............- 257
857,595 329
672,728 + 27.5
12,507,786 — 11.3
To tal 20 Cities -____ __________ 3960 11,092,909 5942
Index No. _ ___________________
307.6
346.9
♦Not included in totals or index numbers.

68

LUM BER
P r e lim in a r y f i g u r e s f o r t h e m o n t h o f S e p te m b e r , r e ­
c e iv e d u p t o t h e m id d le o f O c to b e r b y t h e S o u t h e r n P in e
A s s o c i a t i o n f r o m 9 9 r e p o r t in g m ills , s h o w t h a t t h e s e m ills
b o o k e d o r d e r s d u r in g S e p t e m b e r a m o u n t in g t o 2 6 5 ,8 8 6 ,1 4 1
f e e t , t h e i r s h ip m e n t s a m o u n t e d t o 2 6 7 ,7 5 2 ,2 7 8 f e e t , a n d
t h e i r p r o d u c tio n t o t a l e d 2 5 7 ,5 5 9 ,8 5 0 f e e t . O r d e r s f o r t h e
m o n t h , t h e r e f o r e , e x c e e d e d p r o d u c tic o n b y 3 .2 p e r c e n t ;
in A u g u s t o r d e r s e x c e e d e d p r o d u c tio n b y 4 .9 p e r c e n t ,
w h ile i n S e p t e m b e r l a s t y e a r o r d e r s o f r e p o r t in g m ills
w e r e 1 .2 p e r c e n t l e s s t h a n t h e i r o u tp u t . S h ip m e n t s in
S e p t e m b e r e x c e e d e d p r o d u c tio n b y 4 .0 p e r c e n t . S e p t e m ­
b e r p r o d u c tio n w a s s m a lle r b y 2 .5 p e r c e n t t h a n t h e c o m ­
p u t e d n o r m a l p r o d u c tio n f o r t h e r e p o r t in g m i lls , w h ile in
A u g u s t p r o d u c tio n o f r e p o r t in g m ills f o r t h a t m o n t h w a s
5 .1 p e r c e n t b e lo w n o r m a l. U n f il 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 a m o u n t in g t o 1 8 3 ,7 0 1 ,7 0 6 f e e t , w e r e 2 8 .7
p e r c e n t s m a lle r t h a n t h e m o n t h ’s o u tp u t . S t o c k s o n h a n d
a t t h e e n d o f S e p t e m b e r w e r e 1 .2 p e r c e n t l e s s t h a n n o r ­
m a l. T h e l a 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 , f o r
t h e w e e k e n d e d O c to b e r 7 , in d ic a t e s t h a t o f a l l m ills w h ic h
rep o rted fo r th a t w e e k , 37 o p era ted th e sta n d a rd s ix ty h o u r w e e k , 4 4 m i ll s o p e r a t e d a n a v e r a g e o f e l e v e n h o u r s
l e s s t h a n s t a n d a r d t i m e f o r t h e w e e k , w h ile 1 6 m ills o p e r ­
a t e d a n a v e r a g e o f 3 2 h o u r s o v e r t im e f o r t h e w e e k . P r e s s
r e p o r t s in d ic a t e t h a t t h e o u tlo o k in t h e s o u t h c o n t in u e s
f a v o r a b le , b u t t h e a p p r o a c h o f c o ld w e a t h e r h a s c u r t a ile d
t h e d e m a n d f r o m o t h e r p a r t s o f t h e c o u n tr y . P r e lim in a r y
f i g u r e s f o r S e p te m 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 .
Sept. 1927
99 m ills
(feet)
O rders _________________ _______ ____________ 265,886,141
Shipm ents _______ __________________________267,752,278
Production ________________________________ 257,559,850
N orm al Production, these m ills_____264,160,855
Stock, end of m onth___________________ 688,096,052
N orm al Stocks, these m ills __________ 696,727,979
U n fille d orders, end of m onth_____ 183,701,706

A u g. 1927
108 m lils
)feet)
288,440,354
284,701,664
275,015,535
289,729,875
736,910,760
739,147,385
190,673,190

Sept. 1926
140 m ills
(feet)
345,882,874
344,605,174
388,195,234
332,755,504
855,680,209
883,104,820
252,026,325

T E X T IL E S
C o t to n
C o n s u m p tio n

T h e c o n s u m p tio n o f c o t t o n in t h e
U n it e d S t a t e s d u r in g S e p t e m b e r 1 9 2 7 ,
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 U n it e d S t a t e s C e n s u s B u r e a u , a m o u n t e d
t o 6 2 7 ,3 2 1 b a le s , o n ly o n e p e r c e n t l e s s t h a n in t h e p r e ­
c e d in g m o n t h o f A u g u s t , a n d 9 .9 p e r c e n t g r e a t e r t h a n
c o n s u m p tio n in S e p t e m 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 i s h m e n t s in c r e a s e d s o m e w h a t , a t t h e e n d o f S e p t e m ­
b e r o v e r t h o s e a m o n t h e a r lie r , a n d w e r e 1 9 .5 p e r c e n t
g r e a t e 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 . S t o c k s in p u b lic
o r aFRASER
g e a n d a t c o m p r e s s e s a t t h e e n d o f S e p te m b e r , r e ­
Digitizeds tfor



f l e c t i n g r e c e ip t s f r o m t h e n e w c r o p , a m o u n t e d t o 3 ,9 6 4 ,6 8 0
b a le s , a n in c r e a s e o f 8 2 .5 p e r c e n t o v e r s t o c k s a t t h e e n d o f
A u g u s t , a n d w e r e 2 0 .6 p e r c e n t g r e a t e r t h a n a t t h e s a m e t i m e
l a s t y e a r . E x p o r t s in S e p t e m b e r , a m o u n t in g t o 6 3 1 ,0 4 1
b a le s , w e r e 8 5 .4 p e r c e n t g r e a t e r t h a n i n A u g u s t , b u t w e r e
2 0 .6 p e r c e n t s m a ll e r t h a n i n S e p t e m b e r l a s t y e a r . A c t i v e
s p in d le s d u r in g S e p t e m b e r in c r e a s e d 1 0 4 ,2 0 8 o v e r t h o s e
a c t iv e in A u g u s t , a n d w e r e g r e a t e r b y 1 9 6 ,7 0 8 t h a n in
S e p te m b e r la s t y e a r .
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 i n g s t a t e s in d ic a t e t h a t
S e p t e m b e r c o n s u m p t io n i n t h e s e s t a t e s a m o u n t e d t o 4 6 2 ,2 1 3 b a le s , s l i g h t l y l e s s t h a n i n A u g u s t b u t 1 2 .4 p e r c e n t
g r e a t e r t h a n in S e p t e m b e r a y e a r a g o . S t o c k s i n 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 , a n d in c o n s u m in g e s t a b l i s h ­
m e n t s s h o w e d in c r e a s e s o v e r b o t h t h e p r e c e d in g m o n t h
a n d t h e c o r r e s p o n d in g m o n t h l a s t y e a r . T h e n u m b e r o f
a c t i v e s p in d le s in c r e a s e d 7 4 ,5 8 8 o v e r A u g u s t , a n d w a s
5 7 4 ,7 4 2 g r e a t e r t h a n i n S e p t e m b e r 1 9 2 6 . T h e s e C e n s u s
s t a t i s t i c s in d ic a t e t h a t 7 3 .7 p e r c e n t o f t h e t o t a l c o n ­
s u m p tio n o f c o t t o n in S e p t e m b e r w a s i n t h e c o t t o n - g r o w i n g
s t a t e s , c o m p a r e d w i t h 7 3 .3 p e r c e n t in A u g u s t , a n d w i t h
72 .1 p e r c e n t i n S e p t e m b e r a y e a r a g o .
U N IT E D

STATES

(B ales)

Cotton Consum ed:
Sept. 1927 A u g. 1927 Sept. 1926

627,321
633,434
L in t _______________ __________
570,570
L in te rs ................... __________
78,260
73,987
74,806
Stocks in Concum ing E sta b lish m e n ts:
.....................
1,118,776
1,112,059
936,441
L in t —.....................
L in te rs ......... .......... __________
147,321
172,448
100,316
Stocks in P u b lic Storage and a t Com presses:
L in t _________________ __________ 3,964,680 2,172,945 3,287,285
L in te rs _____________ __________
38,914
44,667
38,457
631,041
340,311
794,584
Exp o rts ....... ..................... __________
Im ports _________ _______ __________
28,041
28,436
10,007
A ctive Spindles ------- __________ 32,343,454 32,239,246 32,146,746
C O T T O N G R O W IN G S T A T E S (B ales)
Sept. 1927 Aug. 1927 Sept. 1926
Cotton Consumed ......__________
462,213
464,198
411,213
Stocks in Consum ing E stab lish ments .................... __________
732,313
670,554
569,296
Stocks in P u b lic Storage and
at Compresses ................. ......... 3,672,929 1,866,166 3,110,225
A ctive Spindles ........ .......................... 17,725,348 17,650,760 17,150,606
C o tto n
C lo th

C o n f id e n t ia l r e p o r t s f o r S e p te m b e r
w ere ren d ered to th e F ed era l R eserve
B a n k o f A t l a n t a b y 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 t h a t m o n t h m a n u f a c t u r e d 2 ,9 5 7 ,0 0 0
y a r d s o f c o t t o n c lo t h , a n o u tp u t 2 .8 p e r c e n t g r e a t e r t h a n
in A u g u s t , a n d 9 .3 p e r c e n t g r e a t e r t h a n in S e p te m b e r a
y e a r a g o . S h ip m e n t s in S e p te m b e r w e r e s m a lle r t h a n in
e it h e r t h e p r e c e d in g m o n t h , o r t h e s a m e m o n t h l a s t y e a r .
O r d e r s b o o k e d , a n d s t o c k s o n h a n d , in c r e a s e d o v e r A u g u s t ,
b u t w e r e s m a lle r in v o lu m e t h a n in S e p te m b e r 1 9 2 6 , w h ile
u n f ille d o r d e r s d e c lin e d in c o m p a r is o n w i t h t h o s e o n h a n d
a t th e en d o f A u g u st b u t w ere g r e a te r th a n a y e a r a g o .
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 f r e p o r t in g m ills
d e c c lin e d s l i g h t l y c o m p a r e d w i t h A u g u s t , b u t w a s 6 .5 p e r
cen t g r e a te r th a n a y ea r a g o .
September 1927 compared w ith :
A u g. 1927
Sept. 1926
Production -----------------------------------+ 2 .8
+ 9.3
Shipments ------------------------------------O rders booked _____________________
U n fille d o r d e r s _______________________________
Stocks on hand_______________________________
Number on P a y ro ll_________________________

—

2.2

+ 7 .3
—4.2
+ 1 .0
— 0.3

—

7.8

—39.2
+21.2
— 13.2
+ 6.5

C o t to n
Y arn

R e p o r t s w e r e a l s o r e c e iv e d f r o m m i ll s
w h ic h d u r in g S e p t e m b e r m a n u f a c t u r e d
6 ,9 1 2 ,0 0 0
pounds o f yarn, a
p e r c e n t s m a l le r t h a n i n A u g u s t , b u t 4 .8 p e r c e n t g r e a t e r
t h a n in S e p t e m b e r l a s t y e a r . S h ip m e n t s w e r e s m a ll e r t h a n
in e it h e r o f t h o s e m o n t h s . O r d e r s b o o k e d , a n d u n f i ll e d o r ­
d e r s ,in c r e a s e d o v e r A u g u s t , b u t w e r e l e s s t h a n f o r
S e p te m b e r la s t y e a r , a n d sto c k s on h a n d , a n d th e n u m b er
o f w o r k e r s o n p a y r o ll, in c r e a s e d o v e r b o t h o f t h o s e
p e r io d s .
September 1927 compared w ith :
„
,
,
A u g . 1927
Sept. 1926
Production ___________________________________
— 2.1
+ 48
Shipm ents ------------------------------------O rders booked _______________________________
U n fille d orders „______
-----------------Stocks on h a n d ______
-----------------Num ber on payroll..
------------------

9.0

—
+ 7 .7

+13.1
+12.4
+ 1 .5

__
___

5^
37.3

— 1 1 .4
+ 9.0
+ 6.9

H o s ie r y
A d e c r e a s e in s t o c k s o n h a n d , b u t in ,
c r e a s e d p r o d u c tio n , s h ip m e n t s , o r d e r s
b o o k e d a n d u n f i ll e d o r d e r s a r e s h o w n in r e p o r t s r e c e iv e d
b y th e C en su s B u r e a u fo r S e p te m b e r , c o m p a red w ith
A u g u s t , f r o m 3 4 e s t a b l is h m e n t s m a n u f a c t u r in g h o s i e r y

7

M O N T H L Y R E V IE W
in t h e s i x t h d is t r ic t . F i g u r e s f o r t h e t w o m o n t h s a r e s h o w n
in t h e t a b le :
Do'/.en
P a irs
Sept. 1927
Aug. 1927
682,779
644,642
835,981
783,514
1,419,969
1,475,898
1,037,375
738,531
12,868
11,040
1,374,677
1,174,875

Production ....
Shipm ents ..........
Stocks on hand.
O rders booked ..
Cancellations ...
U n fille d orders
CO TTO N S E E D

AND

CO TTO N S E E D P R O D U CTS
(1)
Six th D istric t
U nited States
Aug. 1 to Sept. 30
Aug. 1 to Sept. 30

Cottonseed, to n s:
1827
1926
1927
192p
Received a t m ills...
518,718
399,157
1,297,683
1,114,459
Crushed ......................... .
291,700
190,618
742,513
550,873
253,482
216,370
644,954
586,835
On hand .................. ...........
P ro d u ction :
Crude O il, l b s . .........
92,961,080 58,315,861 224,229,349 160,316,369
Cake and M eal, tons........
126,520
83,216
331,344
249,443
H u lls, tons .............
83,247
52,925
212,301
153,205
48,924
32,484
127,413
97,344
L in te r, B ales ............
Stocks, Sept. 30.
(2 )
(2)
Crude O il, lbs............
20,252,806 10,249,850
58,837,669
31,607,671
C ake and M eal, tons...........
44,640
46,471
109,591
127,409
H u lls, tons ...............
38,497
25,696
184,711
148,668
Lin te rs, bales ....... ..............
31,353
22,955
79,066
78,979
(1) Georgia, A labam a, Lo uisiana and M ississippi.
(2) Not includnig stocks held by refinin g and m anufacturing establish­
ments, and In tra n sit to refiners and consumers.
CO AL

W e e k ly 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 U n ite d
S t a t e s B u r e a u o f M in e s in d ic a te t h a t t h e p r o d u c tio n o f
b itu m in o u s c o a l in t h e U n it e d S t a t e s h a s c o n tin u e d t o in ­
c r e a s e s e a s o n a lly , c o m p a r e d w it h p r e v io u s m o n t h s , b u t is
s t i l l s o m e w h a t s m a lle r t h a n in c o r r e s p o n d in g p e r io d s l a s t
y e a r . T h e w e e k ly o u tp u t a m o u n te d t o m o r e t h a n t e n m il­
lio n t o n s d u r in g t h e w e e k e n d e d O c to b e r 1 f o r t h e f i r s t
t im e s in c e A p r il. P r o d u c tio n f o r t h e w e e k e n d e d S e p te m ­
b e r 10 w a s c u r t a ile d b y t h e o b s e r v a n c e o f t h e L a b o r D a y
h o lid a y , b u t f i g u r e s f o r o t h e r w e e k s r e v e a l a f a i r l y s t e a d y
in c r e a s e in p r o d u c tio n w it h t h e a p p r o a c h o f t h e w in te r
s e a s o n . F ig u r e s f o r t h e U n it e d S t a t e s , a n d 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 tin g s t a t e s o f t h e s i x t h d is ­
t r i c t a r e s h o w n in t h e t a b le b e lo w . T h e 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
O c to b e r 1 a m o u n te d t o 3 9 5 ,0 4 0 ,0 0 0 t o n s c o m p a r e d w it h
4 0 8 ,1 3 1 ,0 0 t o n s p r o d u c e d in t h e s a m e p e r io d o f 19 2 6 .

(000

Omitted)
U ntied States
Alabam a
Week Ended
1927 1926
1927 1926
395
428
Sept. 3 ........................ . 9,760 11,015
Sept.
................... . . 8,980 10,257
368
407
Sept. 17. .................... 9,648 11,447
359
423
Sept. 24 ..........
......... 9,871 11,717
379
430
...........
....10,039 12,008
383
453
Oct.
Oct.
-.10,280 12,363

10

1
8

Tennessee
1927 1926
107
95
112
93
116
98
110
97
113

88

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 , S e p t e m b e r 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 a m o u n t e d t o 2 ,7 7 4 ,9 4 9 t o n s , a d e c r e a s e o f 5 .8 p e r
c e n t c o m p a r e d y i t h p r o d u c tio n in A u g u s t , a n d 1 1 .5 p e r
c e n t s m a lle r t h a n p r o d u c tio n in S e p te m b e r a y e a r a g o .
T h e in d e x n u m b e r o f ir o n p r o d u c tio n f o r S e p t e m b e r i s
1 0 8 .9 , c o m p a r e d w i t h 1 1 5 .6 f o r A u g u s t , a n d w it h 1 2 3 .1 f o r
S e p te m b e r l a s t y e a r . T h e a v e r a g e d a ily r a t e o f p r o d u c tio n
in S e p te m b e r w a s 9 2 ,4 9 8 t o n s , t h e s m a l le s t s h o w n f o r a n y
m o n th s in c e S e p t e m b e r 1 9 2 5 , a n d c o m p a r e s w it h 9 5 ,0 7 3
t o n s in A u g u s t , a n d w i t h 1 0 4 ,5 4 3 t o n s in S e p t e m b e r l a s t
y e a r . In S e p te m b e r th e r e w a s a n e t lo ss o f e ig h t fu r n a c e s,
e le v e n h a v i n g b e e n s h u t d o w n a n d t h r e e b lo w n in . A t t h e
e n d o f t h e m o n t h t h e r e w e r e 17 9 f u r n a c e s a c t iv e , c o m p a r e d
w it h 1 8 7 a c t iv e a m o n t h e a r lie r , a n d w it h 2 1 6 a c t iv e a y e a r
ago.
I r o n p r o d u c tio n in A la b a m a d u r in g S e p te m b e r a m o u n t e d
to 2 0 7 , 3 6 3 t o n s , c o m p a r e d w i t h 2 1 2 ,3 3 7 t o n s p r o d u c e d in
A u g u s t , a n d w i t h 2 3 0 ,3 4 5 t o n s in S e p te m 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 ir o n p r o d u c tio n in S e p te m b e r
is 1 1 8 .0 c o m p a r e d w i t h 1 2 0 .8 f o r A u g u s t , a n d w i t h 1 3 1 .0
f o r S e p te m b e r 1 9 2 6 . O n O c to b e r 1 t h e r e w e r e 1 8 f u r n a c e s
a c t iv e , a l o s s o f o n e c o m p a r e d w it h a m o n t h e a r lie r , w h ile
a t t h e s a m e t im e l a s t y e a r t h e r e w e r e 2 3 f u r n a c e s in a c ­
t iv e o p e r a t io n in A la b a m a . P r e s s r e p o r t s in d ic a t e t h a t
s in c e t h e b e g in n in g o f t h e f o u r t h q u a r te r a f a i r d e g r e e o f
a c t i v i t y h a s d e v e lo p e d , b u t t h a t s a le s w e r e l a r g e l y c o n t 0 O c to b e r d e liv e r y . T h e p r ic e c o n t in u e s f ir m a t
$ 1 7 .- 5 , a n d a ll r e p o r t s in d ic a t e t h a t c o n s u m e r s a r e b u y in g
v e r y c lo s e t o t h e ir im m e d ia t e 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 il le d o r d e r s h e ld 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 ­
t i o n a t t h e e n d o f S e p te m 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 ,
a m o u n t e d t o 3 ,1 4 8 ,1 1 3 t o n s , a d e c r e a s e o f 4 7 ,9 2 4 t o n s c o m ­
p a r e d w it h t h e t o t a l a m o n t h e a r lie r , a n d 4 5 1 ,3 9 6 t o n s
s m a lle r t h a n a t t h e s a m e t im e a y e a r a g o .
N A V A L STO R ES
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 a t t h e t h r e e
p r in c ip a l m a r k e t s o f t h e s i x t h d is t r ic t in S e p te m b e r w e r e
s l i g h t l y s m a lle r t h a n in A u g u s t b u t w e r e g r e a t e 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 , a n d s t o c k s o f b o th c o m m o d it ie s
w e r e g r e a t e r t h a n f o r e it h e r o f t h o s e p e r io d s . R e c e ip t s in
S e p te m b e r o f t u r p e n t in e w e r e 3 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 r e c e ip t s o f r o s in s h o w e d a n in c r e a s e o f 2 7 .1
p e r c e n t o v e r S e p te m b e r l a s t y e a r . S t o c k s o f t u r p e n t in e
in c r e a s e d 1 7 .9 p e r c e n t o v e r t h o s e o n h a n d a t t h e e n d o f
A u g u s t , a n d w e r e 2 6 .8 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 r o s in w e r e 1 5 .4 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 , a n d w e r e 5 4 .8 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 .
F ig u r e s f o r t h e m o n t h S e p te m b e r d u r in g t h e p a s t t e n
y e a r s s h o w t h a t 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 in
S e p te m b e r t h i s y e a r , a n d f o r t h e s e a s o n A p r il 1 t o S e p te m 3 0 , w e r e g r e a t e r t h a n f o r c o r r e s p o n d in g p e r io d s o f a n y s e a ­
s o n d u r in g t h a t p e r io d . 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
S e p te m b e r w e r e g r e a t e r 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 . S u p p lie s o f r o s in w e r e g r e a t e r t h a n a t t h e
e n d o f S e p te m b e r 1 9 2 6 , 1 9 2 5 , 1 9 2 0 a n d 1 9 1 9 , b u t w e r e
s m a lle r t h a n a t t h e s a m e t im e o f o t h e r r e c e n t y e a r s . 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 p o r t s a r e s h o w n ,
t h e t a b le :
Receipts— Turpentine
Savannah ..... .............
Jackso nville Pensacola .....

Sept. 1927 Aug. 1927
25,825
24,215
15,750
........ 15,305
6,234
6,165
........
.......

Sept. 1926
19,418
12,077
3,423

45,775

47,809

34,918

79,217
55,824
16,004

84,188
56,096
18,280

63,185
44,253
11,430

151,045

158,564

118,868

31,480
31,265
10,274

28,880
25,791
7,244

15,772
33,772
8,118

73,019
Total .......
Stocks— Rosin
130,029
Savannah
...................
Jackso nville _________
_____
83,157
Pensacola
............ ............... ........ 16,240

61,915

57,601

114,579
72,241
12,063

71,535
57,578
19,064

198,883

148,177

To tal .............
Receipts— Rosin
Savannah ............................... .... .
Jackso nville ... ......... ....... ........
Pensacola ........... - .......... ......
Total
Stocks— T urpentine
Savannah ___
Jackso nville
Pensacola

Total

..................... .. .... 229,426

CO TTO N G IN N E D
A S t a t e m e n t is s u 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
in d ic a te s t h a t u p t o O c to b e r 18 t h is y e a r t h e r e h a d b e e n
g in n e d 8 ,1 1 8 ,9 7 8 b a le s o f c o t to n f r o m t h e n e w c r o p . T h is
c o m p a r e d w it h 8 ,7 2 7 ,7 0 9 b a le s g in n e d u p t o t h e s a m e d a te
l a s t y e a r , a n d 9 ,5 1 9 ,7 6 4 b a le s g in n e d u p t o O c to b e r 1 8 ,
1925. C o m p a r a tiv e f ig u r e s a r e s h o w n in t h e t a b le .
Alabam a
Florida ................. .. ....
Georgia ............ ...............
Lo u isia n a .............. ........ .
M ississippi .............. .........
Tennessee .......................
Total U nited States ... .

977,686
15,534
916,464
418,865
947,094
141,309
8,118,978

903,853
23,598
919,759
513,501
1,037,331
183,783
8,727,709

1,064,222
25,900
1,051,785
683,485
1,182,282
234,672
9,519,784

B A N K C R E D IT
(Continued from pagel)

s u m m e r . O f t h i s g r o w t h in m e m b e r b a n k c r e d it a b o u t
$ 3 2 5 ,0 0 0 ,0 0 0 r e p r e s e n t e d a n i n c r e a s e in c o m m e r c ia l lo a n s ,
a c o n s id e r a b ly s m a lle r i n c r e a s e t h a n f o r t h e s a m e p e r io d
l a s t y e a r , a n d a b o u t $ 3 3 5 ,0 0 0 ,0 0 0 a n in c r e a s e in i n v e s t ­
m e n ts a n d lo a n s o n s e c u r it i e s . A t t h e R e s e r v e B a n k s t o t a l
b ills a n d s e c u r it i e s in c r e a s e d d u r in g t h e f o u r w e e k s e n d in g
O c to b e r 1 9, a s i s u s u a l a t t h i s s e a s o n , b u t w e r e o n t h e
a v e r a g e a b o u t $ 6 0 ,0 0 0 ,0 0 0 b e lo w t h e l e v e l o f t h e c o r ­
r e s p o n d in g p e r io d l a s t y e a r . T h e in c r e a s e , w h ic h w a s
l a r g e l y in t h e f o r m o f a d d itio n s t o t h e B a n k s ’ h o ld in g s o f
a c c e p t a n c e s , r e f l e c t e d c h i e f l y a n in c r e a s e in m e m b e r
b a n k r e s e r v e r e q u ir e m e n ts a n d a n e x p o r t d e m a n d f o r g o ld .
S o m e s e a s o n a l f i r m n e s s in t h e m o n e y m a r k e t in O c to b e r
w a s r e f le c t e d in a n in c r e a s e f r o m 3% t o 8 j4 p e r c e n t in
r a te s on 9 0 -d a y b a n k e r s’ a c c e p ta n c e s. T h e r a te on co m ­
m e r c ia l p a p e r r e m a in e d u n c h a n g e d a t 4 p e r c e n t.

8

M O N T H L Y R E V IE W

MONTHLY

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 i s , 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 i o n o f a c t i v i t y in t h e s e l in e s t o t h a t
p r e v a i l i n g in 1 9 1 9 .

R E T A IL

TRADE

6T H

D IS T R IC T

A u g u st

S e p t.

( D e p a r t m e n t S t o r e s .)

1927

1927

1927

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 _______ __________ ____ ____________
S a v a n n a h ________________________ __ •__ ________
O th e r C i t i e s ......................................................................
D i s t r i c t ................................................ .......................... .......

1 0 4 .3
1 1 1 .7
66 .8
6 4 ,7
7 4 .5
5 7 .8
8 4 .6
8 2 .7

1 2 6 .3
1 2 2 .6
7 4 .6
9 0 .0
8 2 .4
6 1 .0
8 5 .3
9 4 .2

1 4 6 .8
1 3 2 .5
8 5 .7
8 5 .2
9 7 .7
6 7 .3
1 0 0 .0
1 0 6 .5

J u ly

A u g u st

S e p t.

1926

1926

9 5 .1
9 7 .7
7 3 .4
6 7 .9
8 1 .0
7 0 .8
8 9 .4
8 3 .9

1 0 4 .1
1 0 8 .1
6 9 .8
8 0 .9
8 2 .6
6 0 .1
8 5 .2
8 7 .3

1 1 3 .6
1 1 4 .8
7 8 .6
7 8 .9
9 6 .1
6 8 .5
9 7 .7
9 6 .7

J u ly
1926

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 ______ _______ ________ _______________

9 6 .5
1 0 0 .2

1 1 2 .6
1 1 2 .2

1 3 0 .0
1 2 6 .4

9 9 .1
9 7 .8

1 0 5 .0
9 7 .8

1 3 0 .4
1 1 9 .6

3 7 3 .2
2 1 6 .6
1 3 9 .7
2 2 0 .9
7 9 .6
2 1 0 .6
1 5 3 .2

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

3 3 3 .1
1 9 7 .5
1 4 4 .7
2 0 6 .3
1 0 7 .9
2 1 0 .0
1 5 5 .4

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

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 _____ ___ ______ __________ ____ ____________

7 8 .5
7 1 .5
7 7 .4
5 0 .6
70 .4

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

8 8 .7
6 2 .5
8 8 .7
5 0 .4
7 7 .2

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 7 .6
9 3 .9
1 1 1 .7
9 4 .3
8 4 .2
9 7 .7
9 3 .7
9 5 .3
9 8 .0
8 9 .3
9 4 .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

9 8 .6
9 8 .8
9 9 .0
9 8 .5
9 9 .5
1 0 0 .7
9 9 .4
1 0 0 .4
9 9 .9
9 7 .5
9 9 .5

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

1 0 7 .8
4 0 4 .9
4 2 7 .5
5 2 9 .8
3 4 1 .3
2 1 5 .9
2 5 6 .2

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

1 3 6 .8
6 9 4 .4
7 5 3 .4
1 4 1 .0
3 4 0 .7
4 2 7 .1
3 8 2 .8

8 7 .3
5 5 6 .2
9 0 9 .6
1 3 8 .8
1 5 3 .9
5 0 2 .4
3 7 9 .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 0 6 .4
1 4 0 .7
65 .1
7 0 .8

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

8 6 .2
1 1 3 .4
5 1 .3
6 6 .5

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 1 5 .8
1 1 8 .7

1 1 5 .6
1 2 0 .8

1 0 8 .9
1 1 8 .0

1 2 6 .5
1 4 0 .0

1 2 5 .6
1 3 5 .8

1 2 3 .1
1 3 1 .0

5 2 .4

5 3 .3

5 2 .5

6 0 .1

5 9 .1

5 9 .9

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 t s _______________________________
F o o d s ..........................................................................—
H id e s a n d l e a t h e r p r o d u c t s ________________
T e x t ile

p ro d u cts

F u e l a n d l i g h t i n g ______________ _________ _
M e t a ls a n d m e t a l p r o d u c t s - ..............................
B u ild in g m a t e r ia ls _________________________
C h e m ic a ls a n d d r u g s ______________
H o u s e f u r n i s h i n g g o o d s ____ _______________
M is c e lla n e 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 ille N e w O r le a n s ________________________________
O th e r

C it ie 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 i t e d S t a t e s ...............................................................
C o t to n - G r o w in g S t a t e s _____________________
A l l O t h e r S t a t e s __________________________
C o t to n E x p o r t s ______________________________
P IG IR O N P R O D U C T IO N :
U n i t 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 .)