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M O N T H L Y R E V I E W O f A gricultural , Industrial , T rade and Financial Conditions in the Sixth Federal Reserve D istrict F E D E R A L O sca r N W R E S E R V E ew to n A ard B A N K O F A T L A N T A , 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 lb er t so n , A s s is t a n t F e d e ra l R e se rv e Agent (Compiled September 17, 1927) V O L . A T L A N T A , 12, N o . 9 . G A ., S E P T E M B E R B U S IN E S S C O N D IT IO N S IN T H E U N IT E D S T A T E S 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 p r o d u c tio n in c r e a s e d in A u g u s t , r e f le c t in g a g r o w t h in t h e o u t p u t o f m in e s , a n d t h e d is t r ib u t io n o f c o m m o d it ie s , b o th a t w h o le s a le a n d a t r e t a il , in c r e a s e d b y m o r e t h a n t h e u s u a l s e a s o n a l a m o u n t . 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 r o s e a b o u t o n e p e r c e n t , o w in g c h i e f l y t o a d v a n c e s in t h e p r ic e s o f f a r m p r o d u c ts . P r o d u c tio n P r o d u c tio n o f a n t h r a c it e a n d b itu m in o u s c o a l, w h ic h s h o w e d a c o n s id e r a b le d e c lin e e a r lie r in t h e s e a s o n , in c r e a s e d s h a r p ly in A u g u s t a n d t h e e a r l y w e e k s o f S e p te m b e r , a n d t h i s r i s e w a s r e f le c t e d in a n a d v a n c e in t h e B o a r d ’s in d e x o f m in e r a l o u t p u t f r o m 9 8 p e r c e n t o f t h e 1 9 2 3 -1 9 2 5 a v e r a g e in J u ly , t o 1 0 6 p e r c e n t in A u g u s t . T h e in d e x o f m a n u f a c t u r e s a s a w h o le s h o w e d p r a c t i c a l l y n o c h a n g e f o r t h e m o n t h . T h e ir o n a n d s t e e l in d u s t r y c o n t in u e d d u r in g A u g u s t a n c S e p te m b e r w i t h l i t t l e c h a n g e in d e m a n d o r p r o d u c tio n , a n d t h e o u t p u t o f n e w s p r in t , lu m b e r , a n d c e m e n t s h o w e d o n ly c u s t o m a r y s e a s o n a l c h a n g e s in A u g u s t . C o n s u m p tio n o f c o t t o n r e m a in e d u n u s u a lly la r g e f o r t h i s s e a s o n o f t h e y e a r , a n d t h e r e w a s a n in c r e a s e in t h e p r o d u c tio n o f a u to m o b ile s , w h ic h , h o w e v e r , r e m a in e d b e lo w t h e o u tp u t Df A u g u s t o f l a s t y e a r . O u tp u t o f s h o e s a n d r u b b e r t i r e s in c r e a s e d f r o m J u l y t o A u g u s t b y le s s t h a n t h e c u s t o m a r y s e a s o n a l a m o u n t . F a c t o r y e m p lo y m e n t w a s in p r a c t ic a lly t h e s a m e v o lu m e in A u g u s t a s in J u ly , a n d b o th e m p lo y m e n t a n d p r o d u c tio n w e r e s m a lle r t h a n a y e a r a g o . T h e v o lu m e o f b u ild in g c o n t r a c t s a w a r d e d in A u g u s t w a s s m a lle r t h a n in A u g u s t 1 9 2 6 , w h ic h w a s a m o n t h o f u n u s u a lly l a r g e a w a r d s . T h e l a r g e s t d e c r e a s e s , a s c o m p a r e d w i t h l a s t y e a r , w e r e in t h e B o s t o n , N e w Y o r k , a n d C h ic a g o F e d e r a l R e s e r v e D is t r i c t s . I n t h e f ir s t h a l f o f S e p t e m b e r a w a r d s w e r e in p r a c t ic a ll y t h e s a m e v o lu m e a s 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 . T h e D e p a r t m e n t o f A g r ic u lt u r e ’s e s t i m a t e o f c o r n p r o d u c tio n o n t h e b a s is o f S e p t e m b e r 1, c o n d itio n w a s 2 ,4 5 7 ,0 0 0 ,0 0 0 b u s h e ls , c o m p a r e d w it h 2 ,6 4 7 ,0 0 0 ,0 0 0 h a r v e s t e d in 1 9 2 6 . T h e t o t a l y ie ld o f w h e a t is e x p e c t e d t o b e s o m e w h a t - 30, T h is Review released for publication in the m orning papers of F rid a y , Sept. 30. 1927. la r g e r t h a n a y e a r a g o . T h e f o r e c a s t o f t h e y ie ld o f c o t t o n w a s 1 2 ,6 9 2 ,0 0 0 b a le s , r e p r e s e n t in g a r e d u c t io n o f 8 0 0 ,0 0 0 b a le s f r o m t h e A u g u s t e s t im a t e a n d o f o v e r 5 ,0 0 0 ,0 0 0 b a le s f r o m l a s t y e a r c r o p . T rade D is t r ib u t io n o f m e r c h a n d is e a t w h o le s a le a n d r e t a il in c r e a s e d m o r e t h a n i s u s u a l in A u g u s t , a n d s a l e s w e r e g e n e r a l ly la r g e r t h a n in A u g u s t o f l a s t y e a r . S a le s o f w h o le s a le fir m s in m o s t le a d in g l in e s w e r e la r g e r t h a n a y e a r a g o . I n v e n t o r ie s o f d e p a r tm e n t sto r e s sh o w e d le s s th a n th e u su a l se a so n a l in c r e a s e in A u g u s t 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 in a b o u t t h e s a m e d o lla r v o lu m e a s a y e a r a g o . S t o c k s c a r r ie d b y w h o le s a le fir m s c o n t in u e d in A u g u s t g e n e r a l l y s m a lle r t h a n l a s t y e a r . F r e i g h t c a r - lo a d in g s o f n e a r ly a ll t y p e s o f c o m m o d it ie s in c r e a s e d c o n s id e r a b ly in A u g u s t a n d t h e e a r l y p a r t o f S e p te m b e r , b u t, w it h t h e e x c e p t io n o f g r a in s a n d m is c e lla n e o u s p r o d u c ts , lo a d in g s f o r a l l g r o u p s c o n t in u e d in s m a lle r v o lu m e t h a n in t h e s a m e p e r io d o f la s t y ea r. 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 , as m e a s u r e d b y t h e in d e x o f t h e B u r e a u o f L a b o r S t a t i s t i c s , in c r e a s e d f r o m 14 5 in J u l y t o 1 4 7 in A u g u s t . T h e r e w e r e l a r g e in c r e a s e s in t h e p r ic e s o f f a r m p r o d u c t s a n d o f c lo t h in g m a t e r ia ls , w h ile m o s t o f t h e g r o u p s s h o w e d o n ly s l i g h t c h a n g e s . T h e p r ic e o f r a w c o t t o n a d v a n c e d f r o m 17% c e n t s t o o v e r 23 c e n t s o n S e p t e m b e r 8 , b u t s in c e t h a t d a te h a s d e c lin e d b y a b o u t t h r e e c e n t s a p o u n d . P r ic e s o f c o t to n g o o d s , c a t t le , h o g s , a n d s u g a r a ls o in c r e a s e d d u r in g A u g u s t a n d t h e f ir s t t h r e e w e e k s o f S e p te m b e r , w h ile t h o s e o f g r a in s d e c lin e d ; m o r e r e c e n t ly t h e r e h a v e b e e n r e d u c t io n s in t h e p r ic e s o f s o m e ir o n a n d s t e e l p r o d u c ts . B a n k C r e d it T o t a l lo a n s a n d in v e s t m e n t s o f m e m b e r b a n k s in le a d in g c i t i e s b e t w e e n A u g u s t 1 7, a n d S e p te m b e r 2 1 , in c r e a s e d b y $ 4 0 0 ,0 0 0 ,0 0 0 t o t h e l a r g e s t f ig u r e o n r e c o r d . T h e r e w e r e i n c r e a s e s in lo a n s o n s e c u r it ie s a n d i n v e s t m e n t s a s w e l l a s t h e u s u a l s e a s o n a l g r o w t h in lo a n s f o r a g r ic u lt u r a l a n d c o m m e r c ia l p u r p o s e s . T h e v o lu m e o f R e s e r v e B a n k c r e d it in c r e a s e d PERCENT PERCENT PERCENT 11 5 0 Minerals PERCENT 200 200 ^i 10 0 V ' M anufactures ■Mr, ----v --- ? 50 100 50 PRODUCTIONOF * MANUFACTURESANDMINERALS i 1 1923 1 9 24- 1925 1926 Index numbers of production of m anufactures justed fo r seasonal variation s (1923-25 average— August m anufacturers 106; m inerals 106. 1927 and m in erals, ad L a te st figures, 100). v-vJlOQ 1923 1924 1925 1926 1927 Indexes of U . S. Bureau of La b o r Statistics (1913— 100). L a te st figures A ugust, A ll commodities 146.6, non-agricultural commodities 144.5, a g ricu ltu ral commodities 148.1 2 M O N T H L Y R E V IE W Fed eral Reserve Board's indexes of factory employment and payrolls 1919— 100). L a te st figures August. Em ploym ent 91.2; P a y ro lls 104.4. d u r in g t h e m o n t h e n d in g S e p te m b e r 2 1 , r e f le c t in g t h e s e a s o n a l g r o w t h in t h e d e m a n d f o r c u r r e n c y a n d e x p o r t s o f g o ld . T h e in c r e a s e w a s e n t ir e ly in t h e h o ld in g s o f a c c e p t a n c e s a n d U n i t e d S t a t e s s e c u r it i e s , a s t h e r e w a s l i t t l e c h a n g e in d is c o u n t s f o r m e m b e r b a n k s . I n t h e o p e n m o n e y m a r k e t s , r a t e s o n s e c u r i t y lo a n s in c r e a s e d s l i g h t l y d u r in g S e p te m b e r , w h ile r a t e s o n c o m m e r c ia l p a p e r a n d 9 0 - d a y b a n k e r s a c c e p t a n c e s r e m a in e d u n c h a n g e d a t t h e l o w e s t l e v e l s o f t h e y e a r . D is c o u n t r a t e s a t t h e F e d e r a l R e s e r v e B a n k s o f P h ila d e lp h ia , C h ic a g o , S a n F r a n c is c o , a n d M in n e a p o lis w e r e r e d u c e d d u r in g S e p t e m b e r f r o m 4 t o 3% p e r c e n t , t h e r a t e p r e v a i li n g in t h e o th e r e ig h t d is tr ic ts . S IX T H D IS T R IC T S U M M A R Y T h e p r o s p e c t s f o r a g r i c u l t u r a l p r o d u c tio n in t h e s i x t h d i s t r i c t , a c c o r d in g t o S e p t e m b e r c r o p r e p o r t s o f 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 l t u r e c o n t in u e t o i n d ic a t e d e c r e a s e s in m o s t o f t h e p r in c ip a l c r o p s , a s c o m p a r e d w i t h l a s t y e a r , b u t w h o l e s a le p r ic e s o f f a r m p r o d u c ts , a c c o r d in g t o t h e in d e x o f 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 , w e r e 4 .1 p e r c e n t h i g h e r in A u g u s t t h a n in J u ly , a n d 6 .0 p e r c e n t h i g h e r t h a n in A u g u s t l a s t y e a r . T h e p r o d u c tio n o f c o t t o n t h i s y e a r i n t h e s i x t h d is t r ic t is e s t i m a t e d a t a b o u t 3 5 p e r c e n t l e s s t h a n l a s t y e a r 's c r o p . I n c r e a s e s o v e r l a s t y e a r a r e in d ic a t e d i n p e a n u t s a n d p o t a t o e s , b u t d e c r e a s e s in o t h e r p r in c ip a l c r o p s . R e t a i l a n d w h o l e s a l e t r a d e in t h e d i s t r ic t in c r e a s e d in A u g u s t o v e r J u l y m o r e t h a n a t t h e s a m e t i m e o f a n y o t h e r r e c e n t y e a r . S a l e s o f r e p o r t in g d e p a r t m e n t s t o r e s w e r e 7 .5 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 l a s t y e a r , a n d t h e in d e x n u m b e r o f r e t a i l t r a d e in A u g u s t w a s 9 4 .2 c o m p a r e d w i t h 8 2 .7 in J u ly . T h e in d e x n u m b e r o f w h o l e s a le t r a d e in c r e a s e d f r o m 7 0 .4 in J u l y t o 8 9 .1 i n A u g u s t . D e b it s t o in d iv id u a l a c c o u n t s in t h i s d i s t r i c t , f o r t h e f i r s t t im e in M onthly averages of w eekly figures fo r banks in 101 leading cities. L a te st figures are averages fo r first three w eekly report dates in Sept. t w e lv e m o n t h s , s h o w e d a n in c r e a s e o v e r t h e s a m e m o n t h f o r c r e d it t h a n a t t h e s a m e t im e l a s t y e a r . C o m m e r c ia l f a ilu r e s c o n t in u e g r e a t e r t h a n a y e a r a g o . B u ild in g p e r m it s a t t w e n t y r e p o r t i n g c i t i e s i n A u g u s t w e r e 3 3 .6 p e r c e n t , a n d c o n t r a c t a w a r d s in t h e d i s t r i c t w e r e 1 1 .0 p e r c e n t , s m a ll e r t h a n in A u g u s t l a s t y e a r . I n c r e a s i n g a c t i v i t y i s r e p o r t e d in t h e lu m b e r i n d u s t r y a n d o r d e r s in A u g u s t 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 . C o tto n c o n s u m p t io n in t h e c o t t o n g r o w in g s t a t e s w a s g r e a t e r t h a n in J u ly , o r in A u g u s t 1 9 2 6 , a n d o u t p u t o f c lo t h a n d y a r n m ills r e p o r t in g t o t h e F e d e r a l R e s e r v e l a s t y e a r , a n d s a v i n g s d e p o s i t s w e r e 7 .6 jper c e n t g r e a t e r th a n a y e a r a g o . F e d e r a l R e s e r v e a n d m e m b e r b a n k s t a t i s t i c s c o n t in u e t o r e f le c t a s o m e w h a t s m a l le r d e m a n d B a n k a l s o s h o w e d in c r e a s e s o v e r b o t h o f t h o s e p e r io d s . P r o d u c tio n o f p i g ir o n in A la b a m a w a s s l i g h t l y g r e a t e r t h a n in J u l y , b u t s o m e w h a t s m a ll e r t h a n i n A u g u s t l a s t year. R E T A IL T R A D E T h e v o lu m e o f b u s i n e s s d u r in g A u g u s t r e p o r t e d b y f o r t y - s i x d e p a r t m e n t s t o r e s in t h e s i x t h d i s t r i c t w a s l a r g e r t h a n in J u l y , a n d w a s g r e a t e r t h a n f o r A u g u s t o f a n y y e a r s in c e 1 9 2 0 . T h e in d e x n u m b e r o f s a l e s , b a s e d u p o n f ig u r e s r e p o r t e d b y 3 9 o f t h e s e s t o r e s , in c r e a s e d f r o m 8 2 .7 in J u l y t o 9 4 .2 in A u g u s t , p r a c t i c a l ly t w i c e a s g r e a t a s h as ta k e n p la c e a t t h e s a m e t i m e o f a n y o t h e r r e c e n t y e a r , a n d t h e in d e x n u m b e r f o r A u g u s t t h i s y e a r i s h i g h e r t h a n f o r a n y o t h e r A u g u s t s in c e 1 9 2 0 , w h e n i t s t o o d a t 9 6 .7 . A u g u s t s a l e s b y 4 6 r e p o r t i n g f i r m s w e r e 7 .5 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 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 A u g u s t in c r e a s e d 5 .1 p e r c e n t 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 2 .6 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 . T h e r a te o f tu r n o v e r fo r th e m o n th w a s m o re f a v o r a b le t h a n in A u g u s t l a s t y e a r , e x c e p t a t N e w O r le a n s . 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 A U G U S T 1927 IN T H E S IX T H F E D E R A L R E S E R V E D I S T R I C T B A S E D U P O N R E P O R T S F R O M 1 2 N et sales— percentage increase or decrease compared w ith : (A ) Aug. 1926 A tlanta ( 5 ) _________________ Birm ingham (5) ______ Chattanooga ( ) _____ N ashville (K) ___________ New O rlean s (5) ... Savan n ah ( 3 ) ____________ O ther C ities (17) . .. D istrict (46) ..................... 6 21.0 6.8 0,2 0.6 + + 13.4 + + 11.5 — + 1.5 — + 7.5 (B ) Ja n . 1 to A u g. 31, 1926 + ! — + — — 2.5 + 1.5 — — 10.2 2.0 1.1 0.1 8.1 0.6 46 S T O R E S 3 Percentage of sales to Percentage of outstand average stocks from ing orders a t end of Stocks at end of month, Percentage of sales to to A u g . 31 month percentage increase or average stocks in A u g . Ja n u a ry to purchases turnover for (Stock turnover for decrease compared w ith : (Stock during calendar yea r year to date) the m o n th ): 1926. 1 iu Ag. ) A 1926 + — 12.4 + 3.6 + 1.9 + 7.3 — 0.9 — 2.3 + 12.1 2.6 (B ) Ju ly 1927 + 1.7 + 2.3 + 4.8 + 7.4 + 3.5 + 7.6 + 17.0 + 5.1 (B ) 1927 (A ) 1926 28.6 19.0 16.8 25.5 17.1 18.4 19.5 20.2 ii 32.1 25.0 17.4 29.0 16.2 18.9 19.9 21.7 (A ) 1926 234.0 173.1 155.9 198.4 164.8 175.3 194.5 183.2 (B ) 1927 244.7 174.8 151.7 212.9 150.7 178.5 177.7 178.9 (A ) J u ly i B) A u g. 4.0 8.8 9.2 7.2 3.0 5.2 6.2 7.1 9.0 7.9 12.5 7.7 14.9 7.3 8.1 3 M O N T H L Y R E V IE W T h e t u r n o v e r f o r t h e f ir s t e i g h t m o n t h s o f t h e y e a r w a s o re r a p id a t A t l a n t a , B ir m in g h a m , N a s h v il le a n d j v a n n a h , b u t w a s a t a s lo w e r r a t e a t C h a t t a n o o g a , N e w O r le a n s a n d O th e r C it ie s . O u t s t a n d in g o r d e r s a t t h e e n d o f A u g u s t w e r e 1 4 .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 J u ly , b u t 1 1 .6 p e r c e n t s m a lle 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 in c r e a s e d 4 .9 p e r c e n t o v e r t h o s e f o r J u ly , a n d w e r e 4 .8 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 1 9 2 6 . C o lle c t io n s in A u g u s t w e r e 1 3 .4 p e r c e n t l e s s t h a n in J u ly , b u t w e r e 7 .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 l a s t y e a r . T h e r a t i o o f c o lle c t io n s d u r in g A u g u s t 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 9 f ir m s , w a s 3 4 .2 p e r c e n t . I n J u l y t h i s r a t io w a s 3 6 .4 p e r c en t. W H O LE SA LE TR A D E A s i s u s u a l a t t h i s t i m e o f t h e y e a r , s a l e s f ig u r e s r e p o r t e d c o n f i d e n t i a l l y t o t h e F e d e r a l R e s e r v e B a n k b y 12 0 w h o l e s a l e fir m s in d iff e r e n t l in e s o f t r a d e 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 s h o w a s u b s t a n t ia l s e a s o n a l g a i n i n A u g u s t o v e r J u l y . S e v e n r e p o r t in g l in e s s h o w e d i n c r e a s e s r a n g i n g f r o m 1 1 .1 p e r c e n t in d r u g s t o 6 8 .9 p e r c e n t in d r y g o o d s , o v e r J u l y b u s in e s s , t h e o n ly d e c r e a s e b e in g r e p o r t e d b y e l e c t r i c a l s u p p ly fir m s w h o s e A u g u s t s a le s a v e r a g e d 1 .9 p e r c e n t s m a lle r t h a n in J u ly . S t o c k o f m e r c h a n d is e w e r e r e p o r t e d la r g e r a t t h e e n d o f A u g u s t t h a n a m o n t h e a r l i e r o r a y e a r a g o b y w h o le s a le g r o c e r y fir m s , b u t s m a l l e r b y o t h e r l i n e s , c o m p a r e d w i t h b o th o f t h o s e p e r io d s . A c c o u n t s r e c e iv a b le 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 J u l y , a n d , e x c e p t , in d r y g o o d s , w e r e s m a lle r t h a n a t t h e e n d o f A u g u s t 1 9 2 6 . T h e in d e x n u m b e r o f w h o le s a le t r a d e f o r A u g u s t , c o m p u t e d f r o m s a l e s b y a m a j o r it y o f t h e r e p o r t i n g fir m s d e a l i n g in g r o c e r ie s , d r y g o o d s , h a r d w a r e a n d s h o e s , w a s 8 9 .1 c o m p a r e d w i t h 7 0 .4 f o r J u l y a n d w i t h 8 8 .2 f o r A u g u s t l a s t y e a r . T h e in d e x n u m b e r f o r A u g u s t t h is y e a r is h ig h e r th a n fo r A u g u s t o f a n y o th e r y e a r s in c e 1 9 2 0 . I n t h e t a b le s w h ic h f o l lo w a r e s h o w n p e r c e n t a g e c o m p a r is o n s in t h e d if f e r e n t lin e s , 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 fir m s in a lin e r e p o r t f r o m a s in g l e c i t y . o c e r ie s S a l e s b y r e p o r t in g w h o le s a le g r o c e r y fir m s s h o w e d in c r e a s e s o v e r J u l y a t e a c h r e p o r t in g c i t y , b u t a v e r a g e d 1 1 .2 p e r c e n t l e s s t h a n in A u g u s t 1 9 2 6 , in c r e a s e s a t N e w O r le a n s a n d O th e r C it ie s b e in g o u t w e ig h e d b y d e c r e a s e s r e p o r t e d f r o m A t la n t a , J a c k s o n v ille a n d V ic k s b u r g . S t o c k s o n h a n d a t t h e en d o f A u g u s t w e r e g r e a te r th a n a m o n th or a y e a r e a r lie r . A c c o u n t s r e c e iv a b le in c r e a s e d 1 .4 p e r c e n t o v e r t h o s e f o r J u l y , b u t w e r e 7 .4 p e r c e n t s m a lle r t h a n a y e a r a g o , a n d A u g u s t c o lle c t io n s d e c r e a s e d 3 .3 p e r c e n t c o m p a r e d w i t h t h o s e in J u l y , a n d w e r e 1 4 .6 p e r c e n t l e s s t h a n in A u g u s t l a s t y e a r . Sales A tla n ta (4 firm s)_______________ Jackso nville (4 firm s)__________ N ew O rleans (7 firm s)________ V icksburg (3 firm s)_____________ O ther Cities (15 firm s)-------D istric t (33) firm s________________ Stocks on h a n d __________________________ Accounts receivable____________________ Collections ________________________________ August 1927 compared w ith : August 1926 J u ly 1927 + 8.4 — 5.9 + 5.7 — 34.3 + + + 16.9 — 34.2 + 19.2 + 5.5 + 12.7 — + + 3.4 + 1.4 — 7.4 — 3.3 — 14.6 8.0 *.2 8.2 11.2 D ry G oods A u g u s t f ig u r e s r e p o r t e d b y 2 2 w h o le s a l e d r y g o o d s fir m s s h o w in c r e a s e s in s a l e 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 c o m p a r e d w i t h b o th t h e p r e c e 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 A u g u s t in d e x n u m b e r o f w h o le s a l e d r y g o o d s s a l e s w a s 1 2 1 .6 , a n d i s h ig h e r t h a n f o r A u g u s t o f a n y y e a r s in c e 1 9 2 0 , a n d is h ig h e r t h a n f o r a n y o t h e r m o n t h d u r in g t h a t p e r io d w i t h t h e e x c e p t io n o f O c to b e r 1 9 2 5 . T h e r e p o r t s s t a t e t h a t t h e a d v a n c in g p r ic e o f c o t t o n in A u g u s t s t im u la t e d b u y in g , a n d r e s u lt e d in s o m e in c r e a s e s in p r ic e s . Sales A tla n ta (3 firm s)_________ N ashville (3 firm s)______ O ther C ities (16 firm s).. D istric t firm s)_________ Stocks on h a n d ____________ ____ Accounts receivable__________ ___ Collections _________________________ (22 A ugust 1927 compared w ith : J u ly 1927 A ugust 1926 --------+ 72.8 + 65.1 --------+ 78.8 + 33.8 --------+ 65.6 +11.7 --------+ 68.9 + 20.2 --------— 4.6 — 21.6 -------+ 15.3 + --------+ 7.6 + 3.6 6.8 H ardw are T h e v o lu m e o f s a le s in A u g u s t r e p o r t e d b y 2 7 w h o le s a le h a r d w a r e fir m s a v e r a g e d 1 8 .6 p e r c e n t g r e a t e r t h a n in J u ly , b u t w a s 1 0 .8 p e r c e n t s m a lle r t h a n in A u g u s t l a s t y e a r , in c r e a s e s a t A t la n t a a n d N a s h v il le b e in g m o r e o u t w e ig h e d in t h e d is t r i c t 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 f r o m o t h e r 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 A u g u s t w e r e s m a lle r t h a n a m o n th 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 s h o w e d in c r e a s e s o v e r J u ly , b u t w e r e s m a lle r t h a n in A u g u st la s t year. Sales A tla n ta (3 firm s)________ Jackso nville (3 firm s)__ N ashville (3 firm s)_____ N ew O rleans (5 firms)... Other C ities (13 firm s__ D istric t (27 firm s________ Stocks on h a n d ________________ Accounts receivable____________ Collections ________________________ August 1927 compared w ith : Ju ly 1927 August 1926 +39.6 + 15.3 + 13.7 — 38.0 +27.7 + 11.9 +20.5 —16.1 + 8.5 — 16.1 +18.6 — — — 12.9 + 2.4 — 18.1 + — 9.5 1.8 11.6 10.8 F u r n it u r e A u g u s t s a l e s b y 1 3 w h o le s a le f u r n i t u r e fir m s a v e r a g e d 4 0 .5 p e r c e n t g r e a t e r t h a n in J u ly , b u t, d u e t o a d e c r e a s e r e p o r te d f r o m O th e r C it ie s , w e r e 3 .4 p e r c e n t s m a lle r in v o lu m e t h a n in A u g u s t 1 9 2 6 . S to c k s o n h a n d , a n d c o lle c t io n s , s h o w e d d e c r e a s e d c o m p a r e d w it h J u ly , a n d w it h A u g u s t l a s t y e a r . A c c o u n ts r e c e iv a b le 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 J u ly , o u t t h e d is t r ic t s h o w a s u b s t a n t ia l s e a s o n a l g a in in A u August 1927 compared w ith : Sales J u ly 1927 August 1926 A tlan ta (5 . firm s)_______________________ + 40.8 + Other Cities firm s)_____________________ + 40.5 — D istrict (13 firm s)________________________ + 40.5 — 3.4 Stocks on h and _________________________________ — — 29.1 Accounts receivable_____________________________ + — 14.5 — — Collections _________ ..._____________________________ 11.7 6.6 (8 4.8 8.5 2.1 9.4 E le c t r ic a l S u p p lie s S a l e s o f e le c t r ic a l s u p p lie s a t w h o le s a l e d u r in g A u g u s t w e r e s l i g h t l y g r e a t e r t h a n in J u l y a t N e w O r le a n s , b u t d e c r e a s e s a t O th e r C it ie s r e s u lt e d in a n a v e r a g e d e c r e a s e f o r t h e d is t r i c t o f 1.9 p e r c e n t . A u g u s t s a le s a v e r a g e d 1 9 .9 p e r c e n t le s s t h a n in A u g u s t 1 9 2 6 . S t o c k s o n h a n d , a n d c o lle c t io n s , w e r e s m a lle r t h a n f o r J u l y o r f o r A u g u s t l a s t y e a r . A c c o u n t s r e c e iv a b le in c r e a s e d f r a c t i o n a l ly o v e r J u ly , b u t w e r e 2 4 .9 p e r c e n t s m a lle r t h a n fo r A u g u st 1926. August 1927 compared w ith : Sales J u ly 1927 A ugust 1926 New O rleans (4 firm s)________________ + 0.3 — 14.3 O ther C ities (7 firm s)___________________ — 3.2 — 23.3 D istrict firm s)________________________ — — 19.9 Stocks on hand_________________________________ — 2.0 — 18.6 Accounts receivable_____________________________ + 0.9 — 24.9 Collections _________________________________________ — — (11 1.9 2.4 33.1 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 li n 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 lin e s f r o m a s i n g l e c i t y . A l l t h r e e li n e s s h o w in c r e a s e d s a l e s in A u g u s t c o m p a r e d w it h J u ly , a n d w it h A u g u s t a y e a r a g o . August Compared w ith : Sales J u ly 1927 A ugust 1926 Shoes (5 firm s)____________________________ + 61.5 + 13.7 Stationery (4 firm s)_____________ ________ + 54.4 + 10.8 Drugs (5 firm s)---------------------------+ + 11.7 11.1 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 S e p te m 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 t e s a d e c lin e d u r in g A u g u s t in c r o p p r o s p e c t s in t h e c o t t o n b e lt , a n d in t h e c o r n b e lt w e s t t o I o w a a n d M in n e s o t a , b u t im p r o v e m e n t in t h e g e n e r a l ly g o o d c r o p p r o s p e c t s f a r t h e r w e s t . T h e r e p o r t s t a t e s t h a t “ w i t h g e n e r a ll y g o o d g r o w i n g c o n d itio n s in t h e w e s t , a b u n d a n t t o e x c e s s i v e r a in in m u c h o f t h e s o u t h , a n d w it h d r o u g h t a n d s o m e s c a t t e r e d f r o s t s in t h e L a k e S t a t e s , p r o s p e c t s h a v e im p r o v e d f o r c o r n , s p r in g w h e a t , b a r le y , f la x s e e d , s w e e t p o t a t o e s , t o b a c c o , g r a in s o r g h u m s , p e a n u t s a n d b r o o m c o r n , a n d d e c r e a s e s a r e in d ic a te d f o r c o t to n , o a t s , w h i t e p o t a t o e s , b e a n s , h a y , a n d s o m e f r u i t s .” T h e S e p te m b e r c r o p r e p o r t in d ic a t e s a la r g e r c r o p o f w h it e p o t a t o e s , a n d o f s w e e t p o t a t o e s , b u t s m a lle r p r o d u c tio n o f corn , w h e a t, o a ts, to b a cco and c o tto n in th e s ix th d is t r ic t . The c o n d itio n of c it r u s M O N T H L Y R E V IE W 4 f r u its in F lo r id a im p r o v e d s lig h tly in A u g u st, but w a s lo w e r th a n a year ago. T obacco p ro d u c tio n in G e o r g ia t h i s y e a r is n e a r l y t w e n t y m illio n p o u n d s g r e a t e r t h a n l a s t s e a s o n , b u t a d e c r e a s e o f 38% m illio n p o u n d s i s in d ic a te d in T e n n e s s e e . P e a n u t s in G e o r g i a im p r o v e d d u r in g A u g u s t , a n d t h e in d ic a te d c r o p is 2 1 2 ,3 5 2 ,0 0 0 p o u n d s , c o m p a r e d w i t h 1 1 0 ,7 7 5 ,0 0 0 p o u n d s p r o d u c e d l a s t y e a r , a n d in c r e a s e s o v e r l a s t y e a r a r e a ls o s h o w n in M i s s is s ip p i a n d T e n n e s s e e . I n t h e t a b le a r e s h o w n e x t i m a t e s b a s e d o n S e p te m b e r 1, c o n d itio n s , o f t h e p r o d u c t io n o f s o m e o f t h e p r in c ip a l c r o p s 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 , c o m p a r e d w i t h y i e ld s l a s t y e a r . T h e s e f ig u r e s d o n o t in c lu d e t h o s e p a r t s o f L o u is ia n a , M is s is s ip p i a n d T e n n e s s e e lo c a t e d in o t h e r F e d e r a l R e s e r v e d i s t r ic t s : Sixth D istrict (000 Omitted Corn, bushels_______ .'_________ W heat, bushels________________ Oats ____________________________ Tobacco, pounds______________ Potatoes, bushels____________ Indicated F in a l Sept. 1, 1927 1926 179,658 195,055 4,314 8,579 17,164 21,571 118,847 128,897 12,021 10,593 Percentage Com parison — 7.9 — 49.7 — 20.4 — 7.8 + 13.5 C o tto n B a s e d o n c o n d itio n s o n S e p te m b e r 1, t h e S e p te m b e r c r o p r e p o r t o f 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 t e s t h e p r o d u c tio n o f 1 2 ,6 9 2 ,0 0 0 b a le s t h i s y e a r , a d e c r e a s e o f 8 0 0 ,0 0 0 b a le s c o m p a r e d w i t h t h e e s t im a t e a m o n t h e a r lie r , a n d o f 5 ,2 8 5 ,3 7 4 b a le s , o r 2 9 .4 p e r c e n t c o m p a r e d w it h t h e 1 9 2 6 c r o p . T h e p r e lim in a r y e s t i m a t e o f a b o n d o n m e n t f o r t h i s s e a s o n is p la c e d a t 2 ,0 5 7 ,0 0 0 a c r e s , o r 4 .8 p e r c e n t o f t h e a c r e a g e in c u lt iv a t io n o n J u ly , l e a v in g 4 0 ,6 2 6 ,0 0 0 a c r e s f o r h a r v e s t . T h e c o n d itio n o f t h e c r o p w a s 5 6 .1 p e r c e n t o n S e p t e m b e r 1, c o m p a r e d w it h 6 9 .5 a m o n t h e a r lie r . T h e p r in c ip a l c a u s e o f t h e d e c lin e in c o n d itio n in t h i s d is t r ic t w a s t h e in c r e a s i n g d a m a g e f r o m b o ll w e e v il s e x c e p t in T e n n e s s e e w h e r e c o ld w e a t h e r t h e l a t t e r p a r t o f A u g u s t c h e c k e d g r o w t h a n d in d u c e d s h e d d in g o f s q u a r e s a n d s m a ll b o lls . I n t h e t a b le a r e s h o w n t h e c o n d itio n o n S e p te m b e r 1, a n d t h e e s t im a t e d c r o p , c o m p a r e d w i t h t h e f i n a l y ie ld l a s t y e a r , f o r t h e s i x s t a t e s o f t h i s d is t r ic t : A labam a __________ _____ Flo rid a ___________________ _____ ____ _______ Georgia Lo u isia n a -___ ___________ M ississippi ______________ Tennessee _______________ U nited States_____ ___ _ September 1, 1927 Condition Estim ated Crop 58 952,000 58 15,000 55 1,035,000 55 487,000 57 1,075,000 60 335,000 56.1 12,692,000 F in a l 1926 1,497,821 31,954 1,496,105 829,407 1,887,787 450,533 17,977,374 T h e e s t im a t e d p r o d u c tio n in 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 ic t , not in c lu d in g th o se p a rts of L o u is ia n a , M is s is s ip p i a n d T e n n e s s e e lo c a t e d in o t h e r F e d e r a l r e s e r v e d i s t r i c t s , i s 2 ,4 3 8 ,0 0 0 b a le s , c o m p a r e d w i t h 3 ,7 7 2 ,0 0 0 b a le s p r o d u c e d l a s t y e a r , a d e c r e a s e o f 3 5 .4 p e r c e n t . T h e f o l lo w in g t a b le s h o w s c o t t o n g in n e d u p t o S e p t e m b e r 1, t h i s y e a r a n d l a s t , f o r t h e s e s t a t e s , a n d t h e t o t a l f o r t h e U n it e d S t a t e s : A labam a __________________________________ F lo rid a _________ ________ __________________ Georgia ____________ ____________ _________ Lo u isia n a --------------- -------------- --- M ississippi _____________________ ___ _______ United S ta te s ____________________________ 1927 171,067 6,883 213,507 85,834 95,458 1,540,025 1926 22,440 3,597 111,333 21,271 18,300 696,556 S u gar C ane and S u g a r W e a t h e r c o n d itio n s in t h e L o u is ia n a c a n e b e lt h a v e b e e n f a v o r a b le d u r in g la t e A u g u s t a n d e a r l y S e p te m b e r a n d c a n e c o n t in u e s t o s h o w im p r o v e m e n t . T h e e s t i m a t e d y ie ld t h i s y e a r i s 15 t o n s p e r a c r e , c o m p a r e d w it h 6 .7 t o n s p e r a c r e l a s t y e a r , a n d t h e l a t e s t e s t i m a t e 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 t e s t h e p r o d u c tio n o f 8 2 ,0 3 5 s h o r t s t o n s o f s u g a r , c o m p a r e d w it h 4 7 ,1 6 6 s h o r t to n s la s t y ea r. S U G A R M O V E M E N T (Pounds) R a w Su gar R e ce ip ts: N ew O rleans ............. . Savannah ______________ M eltin g s: New O rlean s................ Savannah ..................... S to ck s: N ew O rleans _________ Savannah ______________ Aug. 1927Ju ly 1927 Aug. 1926 117,123,987 146,321,569 141,659,489 6,690,506 17,766,601 33,502,768 154,430,333 141,729,596 19,316,769 26,453,547 37,367,948 72,957,280 21,781,971 34,408,234 139,518,977 41,304,304 28,175,104 3,464,854 Refined Su gar Sh ip m ents: N ew O r le a n s ____ ___ _ 145,068,196 Savan n ah ____________ 29,807,257 S to ck s: 89,833,456 N ew O r le a n s ............ . Savannah ..................... 7,000,961 132,346,903 32,208,314 141,533,877 35,623,537 87,548,643 17,228,434 64,135,258 10,523,402 R IC E M O V E M E N T -N E W O R L E A N S Rough R ic e (Sacks) A ug. 1927 J u ly 1927 Receipts -------------------------122,522 24,201 Shipm ents ______ ________ _____ _ 99,524 28,013 Stocks ____________________________ 36,887 13,889 C lean R ice (Packets) Receipts -------------------------136,844 61,836 Shipm ents _________ ____________ 109,951 96,074 Stocks ____________________________ 203,182 176,289 R ice M illers Association Sta tistis (B a rre ls) Receipts of Rough R ice August 1927-28 _________________________ 792,345 1926-27 ......— ________ __________ 259,953 Distribu tion of M illed Rice 1927-28 .............................. ......... 423,559 1926-27 -------------------------310,412 Stocks of Rough and M illed R ice September , 1927____________ _______ 1,235,674 September , 1926_________________ 715,632 Aug. 1926 42,824 41,265 9,201 78,142 142,589 102,076 Season Totals 792,345 259,953 423559 310,412 1 1 F IN A N C IA L S a v in g s d e p o s it s a t t h e e n d o f A u g u s t 1 9 2 7 r e p o r t e d b y 8 7 b a n k s in t h e s ix th d is tr ic t, w e r e 1 .1 p e r c e n t s m a lle r in t h e a g g r e g a t e t h a n a m o n t h e a r lie r , b u t w e r e 7 .6 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 1 9 2 6 . F ig u r e s f o r t h e 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 o t h e r p o in t s a r e g r o u p e d u n d e r “ O th e r C it i e s .” D e c r e a s e s c o m p a r e d w it h J u l y w e r e s h o w n f o r e a c h c i t y e x c e p t N a s h v il l e , w h e r e a f r a c t io n a l in c r e a s e o c c u r r e d , w h ile in c r e a s e s o v e r A u g u s t l a s t y e a r w e r e r e p o r t e d f r o m a ll o f t h e s e c i t ie s e x c e p t i n g N e w O r le a n s . S a v in g s D e p o s it s (000 Omitted) Aug. 1927 A tla n ta (7 b a n k s).....................$ 40,537 Birm ing ham (4 banks ------- 24,760 Jackso nville (5 b a n k s)________ 29,240 N ashville b a n k s)................ 25,027 N ew O rleans b a n k s)________ 47,803 Other Cities (55 b a n k s)_______ 113,109 To tal (87 b a n k s)_______________ 280,476 (8 (8 Com pariC om pari son son Ju ly A u g .-Ju ly A ug. A u g. 1927 1927 1926 1927-26 $ 42,350 — 4.3 $ 37,093 + 9.3 24,844 — 0.3 23,899 + 3. 30,109 — 27,689 + 5.t 25,015 + 0 .0 4 20,439 + 22.4 47,969 — 0.3 48,903 — 2.2 113,243 — 0.1 102,593 + 10.3 283,530 — 1.1 260,616 + 7.6 2.9 D e b it s t o I n d iv id u a l A c c o u n ts A f t e r s h o w in g a d e c r e a s e f o r e a c h m o n t h b e g i n n in g w i t h A u g u s t 1 9 2 6 , com pared w it h th e c o r r e s p o n d in g m o n t h a y e a r e a r lie r , d e b its t o in d i v id u a l a c c o u n t s a t 2 4 r e p o r t i n g c it i e s in t h e s i x t h d i s t r i c t f o r A u g u s t t h i s y e a r w e r e 1 .2 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 1 9 2 6 . T h e d e c r e a s e s in d e b it s s h o w n d u r in g t h e p a s t t w e l v e m o n t h s h a v e r a n g e d f r o m 0 .2 p e r c e n t in A u g u s t 1 9 2 6 , c o m p a r e d w it h A u g u s t 1 9 2 5 , t o 1 9 .2 p e r c e n t in F e b r u a r y t h i s y e a r c o m p a r e d w it h F e b r u a r y 1 9 2 6 . T h e A u g u s t t o t a l w a s 1 .6 p e r c e n t s m a lle r t h a n f o r J u l y o f t h is y e a r . T h e m o n t h ly f ig u r e s s h o w n in t h e t a b le a r e d e r iv e d f r o m w e e k ly f ig u r e s b y p r o - r a t i n g f ig u r 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 ly w i t h i n a s i n g l e c a le n d a r m o n th . (000 Omitted) A la b a m a : A u g . 1927 Birm inghom ___________ $141,665 Dothan _________ ___________ 3,539 Mobile ______ ____ —.............. 38,451 Montgomery ___________ 22,934 F lo r id a : Jackso nville ___________ 75,017 ♦Miami ............... ___________ 33,018 Pensacola ___________________ Tam pa ................. 42,614 G eo rg ia: A lb an y •_............. ____ 4,773 A tla n ta ............... .___________ 141,767 A ugusta _________ ___________ 24,003 B ru n sw ick ______ ___________ 3,240 Columbus ......... . ___________ 13,530 Elberton ............ 630 Macon .................. ___________ 21,480 N ew nan ______ ___________ 1,706 Savannah ___________________ 49,578 Valdosta ............___________ 9,732 L o u is ia n a : N ew O rleans ...... - - ..... 319,954 M ississip p i: ♦Hattiesburg ___________ 6,860 Jackso n ................ 20,107 M eridian ............ ___________ 19,381 8,000 J u ly 1927 $140,651 2,830 39,132 24,365 A u g . 1926 $127,545 2,362 34,282 19,421 79,054 38,102 7,553 43,523 98,700 8,709 64,054 4,959 151,944 23,606 3,554 13,660 752 21,928 1,759 47,567 5,997 4,129 142,005 20,717 6,248. 12,375 592 22,526 1,771 43,911 10,089* 315,230 309,549 7,462 22,055 17,534 17.612 13,481 5 M O N T H L Y R E V IE W V icksburg Tennessee ---Chattanooga K no xville — N ashville 6,379 44,041 34,449 86,777 6,922 6,251 48,787 34,681 94,684 42,054 32,241 79,164 $1,133,747 $1,152,727 $1,119,788 Total 24 cities *Not included in totals due to lack of figures for 1926. C o n d it io n o f M em ber B a n k s S e le c t e d C it ie s W e e k l y r e p o r t s o f c o n d it io n , r e n d e r e d to th e F e d e r a l R e s e r v e B a n k o f A t la n t a b y 33 m e m b e r b a n k s lo c a te d in A t la 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 v ille , C h a tta n o o g a , K n o x v ille , and S a v a n n a h , s h o w t h a t t o t a l lo a n s o f t h e s e b a n k s d e c lin e d fro m 488 m illio n s , on A u g u st 10, sh o w n in th e la s t is s u e of th e R e v ie w , to 481 m illio n s tw o w eeks la te r , but have s in c e th e n in c r e a s e d to $ 4 9 1 ,7 7 9 ,0 0 0 on S e p te m b e r 14. T h is T o ta l com p a r e s w i t h $ 5 1 1 ,4 2 5 ,0 0 0 o n S e p t e m b e r 1 5 , l a s t y e a r , a n d in d ic a t e s t h a t lo a n s b y t h e s e b a n k s a r e n e a r ly 20 m illio n s s m a lle r n o w t h a n a t t h is t im e l a s t y e a r . T h e v o lu m e o f U n i t e d S t a t e s s e c u r i t i e s h e ld b y t h e s e b a n k s o n S e p t e m b e r 14, w a s t h r e e m illio n d o lla r s le s s t h a n o n A u g u s t 10, b u t o th e r s to c k s a n d b o n d s o w n ed in c re a s e d b y m o re t h a n tw o a n d a h a l f m i l l i o n , a n d t h e t o t a l o f lo a n s a n d in v e s t m e n t s o n S e p t e m b e r 1 4 w a s $ 3 ,3 1 0 ,0 0 0 g r e a t e r t h a n f iv e w e e k s a g o , b u t w a s $ 1 4 ,7 6 3 ,0 0 0 s m a l l e r t h a n o n t h e c o r r e s p o n d i n g r e p o r t d a t e l a s t y e a r . D e m a n d d e p o s it s s h o w a n i n c r e a s e o f $ 1 4 ,5 5 0 ,0 0 0 o v e r t h o s e o n h a n d o n A u g u s t 1 0 , b u t w e r e $ 3 ,5 3 8 ,0 0 0 l e s s t h a n a y e a r a g o , a n d t i m e d e p o s i t s d e c r e a s e d $ 5 ,4 0 8 ,0 0 0 c o m p a r e d w i t h t h o s e o n A u g u s t 1 0 , b u t w e r e $ 1 6 ,9 1 6 ,0 0 0 g r e a t e r t h a n a y e a r a g o . B o r r o w in g s o f th e se b a n k s fro m th e F e d e ra l R e se rv e B a n k s d e c lin e d $ 1 ,6 9 2 ,0 0 0 d u r i n g t h e f iv e w e e k s p e r io d s in c e A u g u s t 10, a n d w e r e le s s t h a n h a lf th e t o t a l f o r th e c o r r e s p o n d in g r e p o r t d a te la s t y e a r . in (000 Omitted) Sept. 14, Aug. 10, Sept. 15, 1926 1927 1927 5 5,071 $ 5,766 $ 6,377 104,405 111,907 Secured by Stocks and Bonds- 113,509 400,643 370,404 A ll Others —--- -------- ----------- 373,209 511,425 488,077 491,789 Total Discounts .......... —-....... 48,015 52,691 49,632 S. Securities - .................................. 58,609 59,208 61,865 Total Loans, Discounts and In618,049 599,976 603,286 vestments 220.938 243,262 237,854 343,003 324,915 339,465 Demand Deposits ----------------29,844 15,290 B orrow ings Fro m F . R . B a n k s — 13,598 B ills Discounted: T h e v o l u m e o f d is c o u n t 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 la n t a f o r it s m e m b e r b a n k s i n c r e a s e d f r o m $ 3 2 ,1 6 8 ,0 0 0 o n A u g u s t 1 0 , t o $ 3 3 ,9 0 5 ,0 0 0 tw o w e e k s la t e r , b u t b e tw e e n A u g u s t 24, a n d S e p te m b e r 14 d e c lin e d t o $ 2 9 ,9 3 8 ,0 0 0 . T h e b a n k ’s h o ld in g s o f b i l l s b o u g h t i n t h e o p e n m a r k e t d e c lin e d $ 4 7 1 ,0 0 0 d u r i n g t h i s f iv e w e e k s p e r io d , b u t U n i t e d S t a t e s s e c u r i t i e s i n c r e a s e d $ 2 ,6 6 1 ,0 0 0 . T o t a l b i l l s , a n d s e c u r i t i e s h e ld o n S e p t e m b e r 1 4 , a s a r e s u l t w e r e $ 5 2 ,0 8 3 ,0 0 0 , a s c o m p a r e d w i t h $ 5 2 ,1 2 3 ,0 0 0 f iv e w e e k s e a r lie r . C o m p a r e d w it h f ig u r e s f o r th e c o r r e s p o n d in g r e p o r t d a te la s t y e a r , f ig u r e s f o r S e p te m b e r 1 4 , t h is y e a r s h o w a m a t e r ia l r e d u c t io n in t h e v o lu m e o f d is c o u n t s , a n d in t h e v o lu m e o f b ills b o u g h t in th e o p e n m a r k e t , b u t a g r e a te r a m o u n t o f g o v e rn m e n t s e c u r itie s th a n a t t h a t t i m e . C a s h r e s e r v e s o n S e p t e m b e r 1 4 , w e r e $ 1 3 ,6 5 8 ,0 0 0 g r e a t e r t h a n o n A u g u s t 1 0 , a n d $ 1 9 ,3 8 0 ,0 0 0 g r e a t e r t h a n a y e a r a g o . D e p o s it s w e r e g r e a t e r t h a n o n A u g u s t 1 0 , b u t s m a lle r t h a n a y e a r a g o , a n d F e d e r a l R e s e r v e s N o t e s in c i r c u l a t i o n w e r e $ 7 ,6 6 2 ,0 0 0 g r e a t e r t h a n o n A u g u s t 1 0 b u t w e r e $ 1 2 ,0 3 1 ,0 0 0 l e s s 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 . P r i n c ip a l it e m s in th e w e e k ly s t a t e m e n t a r e s h o w n in th e t a b le w it h c o m p a r is o n s : O p e r a t io n s o f th e F e d e ra l R e se rv e Bank (000 Omitted) Sept. 14, Aug.10, Sept. 15, 1927 1926 1927 B ills Discounted: Secured by Govt. Obligations.. ..$ 3,175 $ 3,701 $ 5,325 49,490 26,763 28,467 A ll Others ........................ ........... 32,168 54,815 29,938 To tal Discounts .......... ............... 29,094 7,609 7,138 B ills Bought in open m arket----1,945 12,046 14,707 U . S. Securities -----------------------86,554 52,123 52,083 Total B ills and Securities ---169,028 163,306 182,686 Cash Reserves ~............ -....... .............. 71,413 64,757 68,321 Total Deposits ------------------------ 153,252 172,945 F . R . Notes in actual circulation.... 160,914 77.5 Reserve Ratio -------- --- ------------- 79.7 66.8 S t a t i s t i c s c o m p i le 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 ilu r e s in th e U n it e d S ta te s d u r in g A u g u st n u m b e r e d 1 ,7 0 8 c o m p a r e d w i t h 1 ,7 5 6 i n J u l y , a n d w i t h 1 ,5 9 3 i n A u g u s t l a s t y e a r , a n d l i a b i l i t i e s f o r A u g u s t t h i s y e a r a m o u n t e d t o $ 3 9 ,1 9 5 ,9 5 3 , s m a l l e r b y 9 .2 p e r c e n t t h a n t h e t o t a l f o r J u l y , b u t 3 9 .3 p e r c e n t g r e a t e r t h a n l i a b i l i t i e s fo r A u g u s t 1926. F ig u r e s f o r th e s ix t h d is t r ic t sh o w th a t f a ilu r e s w e re m o re n u m e ro u s in A u g u s t t h a n in J u l y o r in A u g u s t a y e a r a g o , a n d t h a t l i a b i l i t i e s w e r e 2 7 .4 p e r c e n t l e s s t h a n i n J u l y , b u t 5 6 ,5 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 l a s t y e a r . I n th e t a b le a r e s h o w n f a ilu r e s in th e U n it e d S t a t e s d iv id e d b y F e d e r a l R e s e r v e d is t r ic t s : C o m m e r c ia l F a ilu r e s Num ber L ia b ilitie s Lia b ilities Lia b ilitie s D istrict Aug. 1927 Aug. 1927 J u ly 1927 A u g. 1926 Boston ............... 154 $ 2,674,960 $ 4,150,388 $ 3,070,752 New Y o rk _____ 240 14,540,791 6,360,670 5,967,571 54 Philadelphia 1,105,859 1,710,627 1,630,058 173 Cleveland .......... 4,276,479 7,269,891 2,651,989 143 Richm ond ______ 2,155,805 4,065,583 1,433,713 A tla n ta __________.... 142 3,020,017 4,162,344 1,930,050 Chicago _________ .... 251 3,741,123 3,153,253 3,472,839 St. Lo uis ________ .... 103 750,216 1,041,215 1,326,682 M inneapolis 85 1,819,855 729,296 631,509 K an sas C ity 92 1,468,395 939,692 1,784,080 D allas ....... ............ 54 896,603 273,,924 682,086 San Francisco .... 217 2,745,850 7,293,091 3,548,331 T o t a l_______ _______ 1708 IM P O R T S U n it e d $39,1957953 AN D $437149,974 $287129^660 EX PO R TS S ta te s P re 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 l is h e d b y t h e U n i t 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 b o th im p o r t s a n d e x p o r t s i n A u g u s t i n c r e a s e d o v e r J u l y , a n d im p o r t s w e r e g r e a t e r t h a n in A u g u s t l a s t y e a r , w h ile e x p o r t s w e r e s lig h t ly s m a lle r . I n A u g u s t e x p o r ts e x c e e d e d im p o r ts b y fo u r m illio n d o lla r s , w h ile in A u g u s t la s t y e a r e x p o r ts w e r e a b o u t 4 8 m i l l i o n s g r e a t e r t h a n im p o r t s . F o r t h e e ig h t m o n th s o f 1 9 2 7 , t h r o u g h A u g u s t , e x p o r t s a m o u n te d to 2 7 0 m i l l i o n s m o r e t h a n i m p o r t s , w h i l e i n t h e s a m e p e r io d o f 1 9 2 6 i m p o r t s w e r e n e a r l y 1 8 m i l l i o n s g r e a t e r t h a n e x p o r t s . P r e li m in a r y f ig u r e s w it h c o m p a r is o n a r e s h o w n in th e t a b le : Im p o rts: August ...... Ju ly months ending w ith Aug. E x p o r ts : A ugust ......... ............... ................. Ju ly - .......... ........ ....... ......... ....... months ending w ith Aug. 8 8 1927 $ 371,000,000 319,380,000 1926 $ 336,477,000 338,959,000 2,813,555,000 2,977,475,000 $ 375,000,000 342,163,000 3,083,674,000 $ 384,449,000 368,317,000 2,959,619,000 Im p o rts N e w O r le a n s M e r c h a n d i s e t o t h e v a l u e o f $ 1 7 ,7 9 5 ,4 3 2 w as im p o r te d in to th e U n it e d S t a t e s th r o u g h th e p o r t o f N e w O r l e a n s d u r i n g J u n e 1 9 2 7 . T h i s w a s 5 .1 p e r c e n t s m a l l e r t h a n t h e t o t a l f o r M a y , a n d 3 .7 p e r c e n t l e s s t h a n t h e t o t a l o f $ 1 8 ,6 6 2 ,9 1 7 f o r J u n e o f l a s t y e a r . I n c r e a s e s o v e r J u n e l a s t y e a r w e r e s h o w n i n im p o r t s o f b u r la p s , s u g a r , m a h o g a n y lo g s , g a s o lin e , a n d o t h e r it e m s a n d a m o n g th e d e c r e a s e s w e r e s y r u p , c re o s o te o il, b a n a n a s , c o ffe e , a n d a lu m in u m . S o m e o f th e la r g e it e m s a r e s h o w n in t h e t a b l e : Cane, sugar, lbs.—.............................. Jute burlaps and fabrics, lbs.. Coffee, lbs. Gasoline, B a rre ls ........................... Cresote oil, g als.___________________ B ananas, bunches ______ _____ ___ Crude petroleum, barrels _______ Molasses and sugar syrup, gals.. E x p o rts N e w O r le a n s Volum e 154,731,919 18,895,854 26,205,889 309,706 3,186,008 2,095,776 526,500 8,026,488 V a lu e $4,534,338 2,106,659 4,193,657 1,485,434 483,609 1,124,984 561,092 306,292 E x p o r t s th ro u g h th e p o rt o f N e w O r le a n s d u r in g J u n e 1927 a m o u n te d t o $ 2 9 ,1 0 6 ,1 0 8 , s m a l l e r b y 6 .9 p e r c e n t t h a n i n M a y , b u t 2 .8 p e r c e n t g r e a t e r t h a n t h e t o t a l o f $ 2 8 ,2 9 9 ,8 0 0 f o r J u n e 1 9 2 6 . A m o n g t h e i t e m s s h o w i n g i n c r e a s e s o v e r J u n e l a s t y e a r w e r e w h e a t f lo u r , c o t t o n , l u m b e r , c a r b o n b l a c k , a n d g a s a n d f u e l o il, w h i l e d e c r e a s e s w e re s h o w n in e x p o r t s o f to b a c c o , la r d , g a s o lin e , illu m i n a t i n g o il , c y l i n d e r l u b r i c a t i n g o il , a n d o t h e r i t e m s . S o m e o f t h e p r i n c i p a l c o m m o d i t ie s e x p o r t e d i n J u n e a r e l i s t e d in t h e t a b l e : Volum e V a lu e Tobacco, lbs......................................................... 10,433,629 $1,290,134 La rd , lbs. .......................................................... 3,833,193 543,536 Wheat flour, barrels ...................................... 180,349 1,231,369 6 M O N T H L Y R E V IE W 37,536 98,982 11,346,000 7,098,000 1,157,985 273,301 Lo n g staple cotton, bales ______ Short staple cotton, bales ______ Rough Sou. P ine boards f t — O ak Boards, f t . .. Gasoline, barrels --------Illu m in a tin g oil, barrels 3,113,685 8,034,656 588,362 418,553 5,057,779 681,096 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 w e r e l a r g e r in A u g u s t , a n d f o r t h e t w o m o n t h s o f t h e n e w s e a s o n , 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 l a s t y e a r , d u e t o t h e la r g e r v o lu m e o f w h e a t a n d o a t s m o v in g . C o rn e x p o r t s a r e l e s s t h a n h a l f a s l a r g e a s a t t h e s a m e t im e a y e a r a g o . W heat, bushels Corn, bushels ____ O ats, bushels _____ To tal _________ Season Through Aug. 1927 Aug. 1926 Aug. 1927 Aug. 1926 1,308,399 656,424 1,624,055 1,053,772. 128,598 489,279 513,864 1,113,075 90,787 76,971 216,791 173,832 1,527,784 1,222,674 2,354,710 2,340,679 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 d u r in g A u g u s t a t t w e n t y r e p o r t in g c i t ie s in t h e s i x t h d is t r ic t d e c lin e d s l i g h t l y c o m p a r e d w i t h t h e t o t a l f o r J u ly , a n d w a s in t h e a g g r e g a t e 3 3 .6 p e r c e n t l e s s t h a n f o r A u g u s t 1 9 2 6 . T h e t o t a l v a lu e o f p e r m it s is u e d d u r in g A u g u s t a m o u n t e d t o $ 9 ,0 9 0 ,4 4 7 a s c o m p a r e d w i t h $ 1 3 ,6 8 0 ,8 8 0 f o r A u g u s t a y e a r a g o . O f t h e s e t w e n t y r e g u lu a r ly r e p o r t in g c it i e s , n in e r e p o r t e d i n c r e a s e s o v e r A u g u s t l a s t y e a r , w h ile e le v e n r e p o r t e d d e c r e a s e s . T h e in d e x n u m b e r f o r A u g u s t i s 2 5 2 .1 , c o m p a r e d w i t h 2 5 6 .2 f o r J u ly , a n d w i t h 3 7 9 .4 f o r A u g u s t la s t y e a r . F i g u r e s r e p o r t e d b y fiv e r e g u l a r l y r e p o r t in g c i t i e s in F lo r id a in d ic a t e p e r m it s d u r in g A u g u s t a m o u n t in g t o $ 2 ,5 3 7 ,4 5 4 c o m p a r e d w it h $ 7 ,2 8 6 ,0 4 5 f o r A u g u s t 1 9 2 6 , a d e c r e a s e o f 6 5 .2 p e r c e n t . P e r m it s r e p o r t e d f r o m t h e o t h e r f i f t e e n c i t i e s a v e r a g e d 2 .5 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 la s t y ea r. S t a t i s t i c s o f b u ild in g a n d c o n t r u c tio n 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 A u g u s t in t h e 3 7 s t a t e s e a s t o f t h e R o c k y M o u n ta in a m o u n t in g t o $ 5 5 2 ,4 8 7 ,9 0 0 , g r e a t e r b y 3 .4 p e r c e n t t h a n t h e t o t a l f o r J u ly , b u t 8 .0 p e r c e n t s m a lle r t h a n t h e t o t a l f o r A u g u s t l a s t y e a r . O f t h e A u g u s t t o t a l , 3 8 p e r c e n t w a s f o r r e s id e n t ia l c o n s t r u c t io n , a n d 2 2 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 A u g u s t t o t a l o f c o n t r a c t a w a r d s in t h e s i x t h d is t r ic t w a s $ 2 8 ,1 7 5 ,7 4 7 c o m p a r e d w i t h $ 2 8 ,0 9 3 ,0 0 0 in J u ly , a n d w it h $ 3 1 ,6 5 6 ,0 0 0 in A u g u s t 1 9 2 6 . 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 in g c i t i e s in t h e s i x t h d i s t r ic t f o r A u g u s t 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 . Percentage A u g. 1927 A ug. 1926 Change in V a lu e No. V a lu e V alue + 124.7 17 $ 11,550 $ 25,950 — 28.5 1,819,136 1,300,889 580 — 38.5 231,245 73 142,289 404,143 187,751 104 — 53.5 A la b a m a : No. A nniston ------------- 30 Birm ing ham ________ 552 Mobile _________________ 82 97 Montgomery F lo r id a : 566 ...521 Jackso nville 585 ...244 M iam i —----247 ... 92 Orlando 128,045 61 Pensaloca ------------ 54 341,980 595 Tam p a --------------- 441 70 9,275 ♦Lakeland ----------- 16 29 180,400 ♦Miami Beach —..... 10 G eo rg ia: 1,017,634 382 A tla n ta — i----------- 439 147,136 134 Augusta ------------ 158 56 103,110 Columbus ____________ 72 200,873 150 Macon ----------------- 198 63 154,195 Savannah ___________ 60 L o u is ia n a : 1,907,496 185 New O rleans -------- 263 82 52,296 A le x an d ria ---------- 72 Tennessee: 237.184 285 Chattanooga ............ 317 87,785 15 Johnson C ity —........ . 24 602.185 K no xville ____________ 244 268 Nadhville ...................363 4658 To tal 20 C it ie s ____ 4326 252.1 Index no ♦Not included in totals or index numbers. 210 2,720,590 2,088,815 1,012,356 149,766 1,314,518 173,660 447,110 760^086 78,391 80,560 97,277 267,230 __ — — — — — — 58.0 64.7 81.5 14.5 74.0 94.7 59.7 + 33.9 + 87.7 + 28.0 + 106.5 — 42.3 673,412 49,164 + 183.3 6.4 + 350,365 59,100 1,250,446 262,730 $13,680,880 379.4 __ 32.3 + 48.5 51.8 + 47.0 —> 33.6 LUM BER P r e lim in a r y f ig u r e s f o r A u g u s t , r e c e iv e d 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 u p t o t h e m id d le o f S e p te m b e r f r o m 1 0 8 s u b s c r ib in g m i ll s , in d ic a t e a v o lu m e o f o r d e r s r e c e iv e d d u r in g A u g u s t b y t h e s e m ills a m o u n t in g t o 2 2 8 ,4 4 0 ,3 5 4 f e e t , a n d t h e i r p r o d u c tio n d u r in g t h a t m o n t h am n t e d t o 2 7 5 ,0 1 5 ,5 3 5 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 Digitized foro uFRASER f o r e 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 ; d u r in g t h e m o n t h s o f J u ly a n d J u n e o r d e r s w e r e 8 .1 p e r c e n t , a n d 7 .0 p e r c e n t , r e s p e c t iv e ly s m a lle r t h a n p r o d u c tio n , w h ile in A u g u s t a y e a r a g o o r d e r s e x c e e d e d p r o d u c tio n b y 1 2 .9 p e r c e n t . A u g u s t s h ip m e n t s b y t h e s e 1 0 8 m ills t o t a l e d 2 8 4 ,7 0 1 ,6 6 4 f e e t , 3 .5 p e r c e n t g r e a t e r t h a n p r o d u c tio n , b u t 1 .3 p e r c e n t l e s s t h a n o r d e r s b o o k e d . A u g u s t p r o d u c tio n b y t h e s e m ills w a s 5.1 p e r c e n t l e s s 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 o f t h e s e m i ll s ; p r o d u c tio n in J u l y w a s 1 5 .1 p e ? c e n t b e lo w n o r m a l, w h ile in A u g u s t a y e a r a g o p r o d u c tio n w a s 8 .0 p e r c e n t le s s t h a n n o r m a l. U n f ille d o r d e r s o n h a n d a t t h e e n d o f A u g u s t w e r e 3 0 .7 p e r c e n t s m a lle r t h a n p r o d u c tio n f o r t h e m o n t h . 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 in d ic a t e s t h a t o f 9 4 r e p o r t i n g m ills w h ic h o p e r a t e d f r o m fiv e t o s i x d a y s o f t h e w e e k , 55 o p e r a t e d f u l l t im e , a n d 19 r e p o r t e d o v e r t im e a g g r e g a t i n g 5 9 4 h o u r s f o r t h e w e e k , o r a n a v e r a g e o f s l i g h t l y m o r e t h a n 31 h o u r s o v e r t im e f o r e a c h m ill. P r e s s r e p o r t s s t a t e t h a t t h e p r e s e n t d e m a n d is p r in c ip a lly f r o m s o u t h e r n r e t a i l y a r d s , b u t t h a t r a ilr o a d p u r c h a s e s a r e b e g in n i n g t o a s s u m e p r o p o r t io n s o f a m a r k e t f a c t o r . P r e lim in a r y f ig u r e s f o r A u g u s t , w it h c o m p a r is o n , a r e s h o w n in t h e t a b le : A ug. 1927 108 m ills (feet) Orders ..........................................................288,440,354 Shipments ---------------------------------- 284,701,664 Production _______________________________ 275,015,535 N orm al Prroduction, these m ills ____289,729,875 Stocks, end of month__________________ 736,910,760 N orm al Stocks, these m ills .............739,147,385 Unfilled orders, end of month________ 190,673,190 Ju ly 1927 114 m ills (feet) 239,982,521 248,684,781 261,182,986 307,656,303 809,756,127 822,505,126 177,978,540 Aug. 1926 136 m ils (feet) 359,897,333 335,707,685 318,810,731 346,701,155 747,785.121 900,671,991 249,413,840 T E X T IL E S C o tto n C o n s u m p tio n T h e c o n s u m p t io 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 A u g u s t , t h e fir s t m o n th o f th e n e w c o tto n y e a r , a m o u n t e d t o 6 3 3 ,4 3 4 b a le s , a c c o r d in g t o s t a t i s t i c s c o m p ile d b y t h e U n it e d S t a t e s C e n s u s B u r e a u . T h is w a s 1 1 .3 p e r c e n t g r e a t e r t h a n t h e c o n s u m p t io n in J u ly , a n d 2 6 .5 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 t io n in A u g u s t 1 9 2 6 . S t o c k s o f c o t to n in c o n s u m in g e s t a b li s h m e n t s a t t h e e n d o f A u g u s t w e r e 2 0 .1 p e r c e n t s m a lle r t h a n a m o n t h e a r lie r , b u t w e r e 2 2 .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 i m e a y e a r o g o . S t o c k s in p u b lic s t o r a g e a n d a t c o m p r e s s e s , d u e t o r e c e ip t s f r o m t h e n e w c r o p , in c r e a s e d 1 9 .2 p e r c e n t o v e r t h o s e a t t h e e n d o f J u ly , a n d w e r e 2 6 .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 . E x p o r t s d u r in g A u g u s t w e r e s m a l l e r t h a n in e it h e r o f t h e p e r io d s u n d e r c o m p a r is o n . T h e n u m b e r o f s p in d le s a c t iv e in A u g u s t d e c r e a s e d 7 2 ,5 5 6 in A u g u s t c o m p a r e d w i t h J u ly , b u t w a s l a r g e r b y 8 7 8 ,7 5 4 t h a n in A u g u s t 1 9 2 6 . S t a t i s t i c s f o r t h e c o t t o n - g r o w in g s t a t e s s h o w t h e c o n s u m p tio n in A u g u s t o f 4 6 4 ,1 9 8 b a le s , 1 1 .8 p e r c e n t g r e a t e r t h a n in J u ly , a n d 2 9 .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 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 w e r e s m a lle r t h a n a t t h e e n d o f J u l y , b u t la r g e r t h a n a y e a r a g o , a n d s t o c k s in p u b lic s t o r a g e a n d a t c o m p r e s s e s w 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 . T h e n u m b e r o f s p in d le s a c t iv e in t h e c o t t o n - g r o w i n g s t a t e s in A u g u s t in c r e a s e d 8 ,0 0 6 o v e r t h o s e a c t iv e in J u ly , a n d w a s g r e a t e r b y 6 8 5 ,8 9 4 t h a n in A u g u s t l a s t y e a r . I n A u g u s t 7 3 .3 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 t h e U n i t e d S t a t e s w a s in t h e c o t t o n - g r o w in g s t a t e s , c o m p a r e d w i t h 7 3 .0 p e r c e n t in J u ly , a n d w i t h 7 1 .8 p e r c e n t in A u g u s t l a s t y e a r . UNITED STATES (B ales) Cotton Consum ed: Aug. 1927 J u ly 1927 Aug. 1926 633,434 569,250 500*553 L in t ...........................................— L in te rs __________________ _______ _ 73,987 69,106 73,532 Stocks in Consum ing E sta b lish m e n ts: L in t _____________________ __________ 1,122,059 1,404,358 916,786 L in te rs ____________________________ 172,448 199,050 122,735 Stocks in Pub lic Storage and at C om p resses: L in t ________________________________ 2,172,945 1,822,671 1,715,371 L in te rs _____________________________ 44,667 52,831 38,068 E xp o rts _____________ ________ ___________ 340,311 389,358 391,295 Im ports ........... ........ ...................... ...... 28,041 31,147 13,200 A ctive Spindles ................................ 32,239,246 32,311,802 31,360,492 COTTON GROWING STATES (B ales) A ug. 1927 J u ly 1927 A u g. 1926 Cotton Consumed ............................ 464,198 415,378 359.494 Stocks in Consuum ing E s t s . ....... 670,554 881,885 495,024 Stocks in Pub lic Storage and at Compresses ................................. 1,866,166 1,498,572 1,536,720 A ctive Spindles ___ ________________ 17,650,760 17,642,754 16,964,866 7 M O N T H L Y R E V IE W C o tto n C lo th C o n fid e n tia l r e p o r t s f o r A u g u s t w e r e ren d ered to th e F e d e r a l R e ser v e B a n k o f A t la 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 A u g u s t m a n u f a c t u r e d o v e r 3 1 .5 m illio n y a r d s o f c o t to n c lo t h . T h is p r o d u c tio n w a s 3 .6 p e r c e n t g r e a t e r t h a n in J u ly , a n d 1 9 .6 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 1 9 2 6 . O r d e r s b o o k e d d u r in g t h e m o n t h in c r e a s e d 2 0 .5 p e r c e n t o v e r t h o s e r e c e iv e d in J u ly , b u t w e r e in s m a lle r v o lu m e t h a n a y e a r a g o . S h ip m e n t s w e r e g r e a t e r t h a n a m o n t h o r a y e a r e a r lie r . U n f ille d o r d e r s w e r e s m a l l e r t h a n f o r J u ly , b u t g r e a t e r t h a n f o r A u g u s t l a s t y e a r , w h ile s t o c k s o n h a n d , w h ile f r a c t io n a l l y la r g e r t h a n f o r J u l y w e r e 2 1 .0 p e r c e n t s m a lle r t h a n a y e a r a g o . P e r c e n t a g e c o m p a r is o n o f it e m s r e p o r t e d b y t h e m i ll s a r e s h o w n b e lo w : Production ____________ Shipments _____________ Orders booked ______ U nfilled orders_______ Stocks on hand______ Num ber on p a ro ll- August 1927 compared w it h : J u ly 1927 Aug. 1926 + 3.6 + 19.6 + 1.8 + 7.5 +20.5 — 18.9 — + 33.6 + 0.4 — 21.0 + 0.7 + 7.5 6.8 C o t to n Y arn R e p o r t s w e r e a ls o r e c e iv e d f r o m m ills w h ic h m a n u f a c t u r e d d u r in g A u g u s t o v e r 6 m illio n p o u n d s o f y a r n , a n in c r e a s e o f 1 5 .9 p e r c e n t o v e r t h e ir J u ly p r o d u c tio n , a n d 1 7 .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 l a s t y e a r . O rd ers b o o k e d , s h ip m e n t s a n d s t o c k in c r e a s e d o v e r t h o s e f o r J u ly , b u t u n fille d o r d e r s d e c lin e d , a n d c o m p a r e d w it h A u g u s t 1 9 2 6 , 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 fille d o r d e r s s h o w e d in c r e a s e s , b u t s t o c k s on h a n d s h o w e d a d e c r e a s e . N u m b e r o f w o r k e r s in c r e a s e d s l i g h t l y o v e r J u ly , a n d w a s 4 .9 p e r c e n t g r e a t e r t h a n a y e a r a g o : August 1927 compared w ith : Ju ly 1927 Aug. 1926 + 15.9 +17.4 + 5.3 + + 42.5 +17.1 — 2.3 + 15.4 + 2.4 — 2.7 + 0.3 + 4.9 Production __________________________________ Shipments ___________________________________ Orders booked ___________ _________________ U nfilled orders _____ _____ ____ ____________ Stocks on hand ____________________________ Number on p a y ro ll________________________ 12.8 Cotton Seed and Cotton Seed Products (1) Sixth D istrict U nited States Aug. 1 to Aug. 31 Aug. 1 to Aug. 31 Cottonseed, to n s: 1927 1926 1927 1926 Received at m ills 91,371 24,680 290,422 138,164 Crushed ........................ 54,450 17,012 161,423 74,731 On H and _____________ 63,594 15,599 217,894 86,682 Production (2) : Crude O il, lbs___________ 46,211,512 20,688,595 Cake and Meal, tons... 72,659 35,113 H ulls, tons ____________ 45,359 20,939 L in te rs , bales __________ 25,041 12,788 Stocks, Aug. 31, (2) (3) (3) Crude O il, lbs___ _____ 14,083,612 6,708,256 Cake and Meals, tons . 45,116, 89,711 H u lls, to n s__________ ___ 143,960 86,283 Lin te rs, bales ________ 29,582 46,961 (1) Georgia, Alabam a, Lo u isia n a and M ississippi. ( ) Fig u re s for d istrict not available for this month. (3 )Not including stocks held by refining and m anufacturing establishments, and in tra n sit to refiners and consumers. 2 COAL W e e k ly s t a t i s t i c s c o m p ile d 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 B u r e a u o f M in e s in d ic a t e t h a t t h e 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 s in c e t h e f ir s t o f A u g u s t h a s b e e n o n a le v e l s o m e w h a t h ig h e r t h a n d u r in g t h e p a s t f e w m o n t h s , b u t is s t i l l lo w e r t h a n t h e r a t e o f p r o d u c tio n a t t h e s a m e t im e l a s t y e a r . W e e k ly f ig u r e s a r e s h o w n in t h e t a b le b e lo w , w i t h c o m p a r a tiv e f ig u r e s f o r t h e c o r r e s p o n d in g w e e k s o f l a s t y e a r . F ig u r e s f o r A la b a m a a n d T e n n e s s e e , t h e c o a l p r o d u c in g s t a t e s o f t h is d is t r ic t , s h o w s im ila r c o m p a r is o n s . P r o d u c tio n d u r in g t h e w e e k e n d e d S e p te m b e r 1 0 , 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 L a b o r D a y , b u t t h e d a ily a v e r a g e p r o d u c tio n f o r t h a t w e e k s h o w s a c o n t in u a t io n o f t h e u p w a r d t r e n d . T o t a l p r o d u c tio n f o r t h e c a le n d a r y e a r 1 9 2 7 t o S e p te m b e r 1 0 , a p p r o x im a t e ly 2 1 4 w o r k in g d a y s , h a s a m o u n t e d t o 3 6 5 ,4 5 4 ,0 0 0 t o n s , c o m p a r e d w it h 3 7 2 ,9 5 9 ,0 0 0 t o n s f o r t h e s a m e p e r io d o f 1 9 2 6 . (000 Omitted) United States W eek Ended 1927 1926 August ------------------- .8,495 10,150 August 13--------------------9,093 10,628 August 20--------- ------ — 9,140 10,533 A ugust 27.-------------------9,742 11,217 September 3........... ..............9,760 11,015 FRASER September 10.......................8,980 10,257 6 * Digitized for A labam a 1927 1926 352 404 365 405 387 408 398 415 395 428 Tennessee 1927 1926 92 113 95 105 91 110 98 112 107 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 , t h e p r o d u c tio n o f p i g ir o n in t h e U n it e d S t a t e s d u r in g A u g u s t a m o u n te d t o 2 ,9 4 7 ,2 7 6 t o n s . T h is r e p r e s e n t s a s l i g h t d e c lin e c o m p a r e d w it h t h e p r o d u c tio n o f 2 ,9 5 1 ,1 6 0 t o n s in J u ly , a n d is 7.9 p e r c e n t s m a lle r t h a n t h e o u tp u t in A u g u s t 1 9 2 6 w h ic h a m o u n te d t o 3 ,2 0 0 ,4 7 9 t o n s . T h e in d e x n u m b e r f o r A u g u s t is 1 1 5 .6 , c o m p a r e d w it h 1 1 5 .8 f o r J u ly , a n d w it h 1 2 5 .6 f o r A u g u s t l a s t y e a r . T h e A u g u s t in d e x is , w it h t h e e x c e p t io n o f t h e s h o r t m o n t h s o f F e b r u a r y t h is y e a r a n d l a s t , lo w e r t h a n f o r a n y o th e r m o n th sin c e S e p te m b e r 1 9 2 5 . T h e d a ily a v e r a g e r a t e o f p r o d u c tio n is a ls o s m a lle r t h a n f o r a n y m o n th in t h e p a s t t w o y e a r s . T h e d a ily a v e r a g e f o r A u g u s t w a s 9 5 ,0 7 5 t o n s , c o m p a r e d w it h 9 5 ,1 9 9 t o n s in J u ly , a n d w it h 1 0 3 ,2 4 1 t o n s in A u g u s t a y e a r a g o . T h e d a ily a v e r a g e r a t e o f p r o d u c t io n in A u g u s t , w h ile s m a lle r t h a n f o r A u g u s t 1 9 2 6 , w a s g r e a t e r t h a n in t h e s a m e m o n th o f 1 9 2 4 o r 1 9 2 5 . T h e r e w e r e 9 f u r n a c e s s h u t d o w n in A u g u s t a n d 6 b lo w n in , r e s u lt in g in a n e t lo s s o f 3 f o r t h e m o n th . T h is c o m p a r e d w it h a lo s s o f 8 in J u ly , 13 in J u n e , 9 in M a y , a n d 3 in A p r il. T h e r e w e r e 1 8 7 f u r n a c e s a c t iv e S e p te m b e r 1 , c o m p a r e d w it h 19 0 o n A u g u s t 1, a n d w it h 2 1 3 a c t iv e o n S e p te m b e r 11, l a s t y e a r . P ig ir o n p r o d u c tio n in A la b a m a d u r in g A u g u st a m o u n te d to 2 1 2 ,3 3 7 t o n s , a n in c r e a s e o f 1 .7 p e r c e n t o v e r th e p r o d u c tio n o f 2 0 8 ,7 3 9 t o n s in J u ly , b u t 1 1 .1 p e r ce;nt s m a lle r t h a n t h e o u tp u t o f 2 3 8 ,8 1 2 t o n s in A u g u s t l a s t y e a r . T h e in d e x n u m b e r o f ir o n o u tp u t in A la b a m a f o r A u g u s t is 1 2 0 .8 , c o m p a r e d w it h 1 1 8 .7 f o r J u ly , a n d 1 3 5 .8 f o r A u g u s t 1 9 2 6 . O n S e p te m b e r 1 t h e r e w e r e 19 f u r n a c e s a c t iv e in A la b a m a , t h e s a m e a s a m o n th b e f o r e , a n d c o m p a r e d w it h 23 a c t iv e o n S e p te m b e r 1 l a s t y e a r . P r e s s r e p o r ts in d ic a te t h a t t h e p r ic e c o n t in u e s a t $ 1 7 .2 5 , a n d t h a t b u y in g a s f o r so m e t im e p a s t r e m a in s o n a s p o t b a s is or v e r y c lo s e t o e a r ly r e q u ir e m e n ts . O r d e r s a r e b e in g r e c e iv e d d a ily b u t t h e a c c u m u la tio n o f f o r w a r d t o n n a g e is n o t e x t e n s iv e . U n f ille d O r d e r s— U . S . S t e e l C o rp ’n U n fille d o r d e r s o n h a n d a t t h e e n d o f A u g u s t , r e p o r te d t h r o u g h th e p r e s s b y t h e U n ite d S t a t e s S t e e l C o r p o r a tio n , a m o u n te d to 3 ,1 9 6 ,0 3 7 t o n s , a n in c r e a s e o f 5 4 ,0 2 3 to n s o v e r t h e t o t a l r e p o r te d a m o n th e a r lie r , b u t 3 4 6 ,2 9 8 to n s s m a lle r t h a n a t t h e s a m e t im e la s t y e a r . N A V A L STO RES R e c e ip t s o f b o th tu 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 ts o f t h e d is t r ic t d u r in g A u g u s t d e c lin e d s o m e w h a t c o m p a r e d w it h t h e p r e c e e d in g m o n th , b u t w e r e la r g e r th a n in A u g u s t l a s t y e a r . S t a t i s t i c s f o r A u g u s t f o r a p e r io d o f y e a r s e x t e n d in g b a c k t o 1 9 1 6 in d ic a te t h a t r e c e ip t s o f b o th c o m m o d itie s w e r e g r e a t e r in A u g u s t t h i s y e a r t h a n in a n y o th e r y e a r in t h i s p e r io d . S to c k s o f tu r p e n t in e o n h a n d a t t h e e n d o f A u g U s 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 1 9 2 6 , a n d 1 9 1 7 , a n d 1 9 1 8 , b u t la r g e r th a n a t t h e e n d o f A u g u s t 1919 to 1 9 2 5 ; s u p p lie s o f r o s in a t t h e e n d o f A u g u s t w e r e la r g e r t h a n a t t h e s a m e t im e o f 192 6 a n d 1 9 2 0 , b u t s m a lle r t h a n f o r a n y o t h e r y e a r in t h is p e r io d . P r e s s r e p o r t s in d ic a te t h a t t o w a r d t h e l a t t e r p a r t o f A u g u s t t h e r e w e r e in d ic a tio n s o f a n a c t iv e d e m a n d w h ic h r e s u lte d in p r ic e s o f b o th c o m m o d itie s m o v in g u p w a r d , b u t t h e d e m a n d w a s n o t s u s ta in e d a n d p r ic e s d e c lin e d p a r t ly d u e to t h e h e a v y r e c e ip t s e a r ly in S e p te m b e r . R e c e ip ts a n d s t o c k s a t th r e e p r in c ip a l m a r k e ts o f t h e d is t r ic t a r e s h o w n in t h e t a b le , w it h c o m p a r is o n s : Receipts— Turpentine Aug. 1927 Savannah _______________ _____ 25,825 Jacksonville ___________________ 15,750 6,234 Pensacola ---------------------- Ju ly 1927 27,958 16,022 6,486 Total _______ ___________________47,809 Receipts— R o s in : Savannah ------------ ------ ------84,188 Jacksonville ___________________ __56,096 Pensacola .............................. ......18,280 50,466 40,642 90,767 59,753 18,919 70,884 48,202 19,638 Total ---------------------------- 158,564 Stocks— Turpentine Savannah ---------------------28,880 Jacksonville -------------------25,791 Pensacola ----------------------7,244 169,439 138,724 26,549 26,095 5,746 18,225 31,840 8,864 Total — -------------- ------ ---- 61,915, Stock— Rosin : Savannah ----------------------- 114,579 Jacksonville -------------------- 72,241 Pensacola ---------------------12,063 58,390 Total -------------------- 198,883 92,186 67,508 20,040 179,734 A ug. 1926 22,034 12,965 5,643 58,929 $ 64,325 47,915 19,696 131,936 8 M O N T H L Y R E V IE W M ONTHLY IN D E X N U M B E R S T h e f o l lo w in g in d e x n u m b e r s , e x c e p t w h e r e in d ic a te d o t h e r w is e , a r e c o m p u t e d b y t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a , a n d a r e b a s e d u p o n a v e r a g e f ig u r e s f o r 1 9 1 9 . T h a t 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 l a t i o n o f a c t i v i t y in t h e s e lin 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 ( D e p a r t m e n t S t o r e s .) A t l a n t a ________________________________ _____ B ir m in g h a m ________________ __________________ C h a t t a n o o g a ____________________________ _____ N a s h v i l l e ______________________________ _ N e w O r le a n s __________________________ S a v a n n a h _____________________________________ O th e r C it ie s _______________________ D i s t r i c t ___________________ June J u ly A u g u st June J u ly 1926 A u g u st 1926 1927 1927 1927 1926 1 2 8 .1 1 3 8 .1 1 0 1 .5 8 6 .4 1 0 2 .1 9 3 .6 1 0 3 .4 1 0 8 .6 1 0 4 .3 1 1 1 .7 6 6 .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 11 8 .9 1 2 8 .6 1 0 5 .8 9 0 .0 1 0 8 .1 8 2 .2 1 1 4 .1 1 0 9 .7 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 .8 8 2 .6 6 0 .1 8 5 .2 8 7 .3 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 ______________________________ ________ 1 2 9 .8 1 1 4 .7 9 6 .5 1 0 0 .2 1 1 2 .6 1 1 2 .2 1 2 9 .7 1 0 7 .3 9 9 .1 9 7 .8 1 0 5 .0 9 7 .8 3 9 8 .3 2 1 0 .3 1 5 5 .0 2 2 4 .2 8 6 .7 2 1 4 .6 1 5 0 .9 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 2 9 9 .5 1 8 6 .8 1 5 3 .4 2 0 4 .0 1 1 8 .4 2 0 3 .9 1 5 2 .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 2 1 .1 1 9 3 .8 1 4 8 .1 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 ____________________________________ S h o e s _________________________________ ______ T o t a l ..................... ......................... ........................ ............ 8 9 .5 6 6 .8 7 6 .4 5 3 .1 7 4 .3 7 8 .5 7 1 .5 7 7 .4 5 0 .6 7 0 .4 8 8 .8 1 2 1 .6 9 1 .4 8 1 .6 8 9 .1 9 3 .9 6 2 .6 9 1 .7 4 9 .1 7 9 .5 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 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 ________ _ C lo t h in g M a t e r ia ls _________________________ F u e l ____________________________ 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 i a l s __________________________ C h e m ic a ls a n d J ) r u g s ______________________ H o u s e F u r n i s h i n g s _________________ ____ M i s c e lla n e o u s __________________________ A l l C o m m o d it ie s ____________________________ 1 3 8 .2 1 4 6 .4 1 6 9 .6 1 5 8 .7 1 2 1 .7 1 6 4 .3 1 2 1 .8 1 5 7 .3 1 2 0 .5 1 4 3 .7 1 4 0 .5 1 4 5 .5 1 7 0 .8 1 5 8 .5 1 1 8 .9 1 6 2 .4 1 2 1 .2 1 5 7 .4 1 2 1 .1 1 4 4 .6 1 4 6 .2 1 4 6 .2 1 7 3 .4 1 5 8 .3 1 1 9 .9 1 6 0 .8 1 2 0 .9 1 5 7 .9 1 2 2 .3 1 4 6 .6 1 4 3 .7 1 5 6 .6 1 7 5 .1 1 7 9 .2 1 2 5 .1 1 7 1 .2 1 3 1 .1 1 6 1 .7 1 2 2 .5 1 5 2 .3 1 4 0 .8 1 5 3 .0 1 7 3 .3 1 7 7 .0 1 2 6 .2 1 7 1 .5 1 3 0 .9 1 6 1 .1 1 2 2 .5 1 5 0 .7 1 3 7 .9 1 5 0 .8 1 7 4 .7 1 7 9 .5 1 2 6 .6 1 7 1 .8 1 3 0 .8 1 6 0 .8 1 2 1 .8 1 4 9 .2 B U IL D IN G P E R M IT S 6T H D IS T R IC T A t l a n t a _______________________________________ B ir m in g h a m _________________________________ J a c k s o n v i l l e ! ............. ................................................... N a s h v i l l e _________ ___ ________________ ______ _ N e w O r le a n s ________________________________ O th e r C it ie s _________________________________ D i s t r i c t (2 0 C i t i e s ) ...__________ ____________ 1 0 8 .7 5 1 4 .3 3 6 2 .0 2 1 9 .1 2 2 6 .0 2 2 9 .0 2 3 6 .0 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 1 4 .1 5 8 9 .2 7 3 4 .6 3 2 4 .0 3 1 0 .7 5 8 4 .6 4 3 6 .9 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 COTTON C O N SU M E D : U n it 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 th e r S t a t e s ____________________________ C o t to n E x p o r t s _________________ ____________ 1 2 3 .9 1 6 0 .7 7 9 .5 8 7 .6 1 0 6 .4 1 4 0 .7 6 5 .1 7 0 .8 1 1 8 .4 1 5 7 .2 7 1 .6 6 1 .9 9 6 .9 1 2 3 .8 6 4 .7 6 3 .1 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 2 1 .2 1 2 5 .3 1 1 5 .8 1 1 8 .7 1 1 5 .6 1 2 0 .8 1 2 6 .9 1 3 5 .7 1 2 6 .5 1 4 0 .0 1 2 5 .6 1 3 5 .8 5 0 .9 5 2 .4 5 3 .3 5 8 .0 6 0 .1 5 9 .1 P IG IR O N P R O D U C T IO N : U n it e d S t a t e s ____________________ ________ _ .. A la b a m a __________________________ U N F IL L E D O R D E R S— U . S. S T E E L ___________ C O R P O R A T I O N __ ________ ( 1 ) C o m p ile d b y F e d e r a l R e s e r v e B o a r d . ( 2 ) C o m p ile d b y B u r e a u o f L a b o r S t a t i s tic s . ( 1 9 1 3 — 1 0 0 .)
@FedFRASER