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M O N T H L Y R E V I E W O f Agricultural, Industrial, Trade and Financial Conditions in the Sixth Federal Reserve District 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 (Compiled December 18. 1929) VOL. 14, No. 12 ATLANTA, GA., December 31, 1929 NATIONAL SUMMARY OF BUSINESS CONDITIONS Industrial production declined in November for the fifth con secutive month and was below the level of last year. Retail sales at department stores continued in larger volume than a year ago. Wholesale commodity prices moved downward in November and the first half of December. Production Production in basic industries decreased by 9 per cent in November, according to the Board's index, and was 5 per cent lower than a year ago. The decline in production, which began in midsummer, was restricted prior to November largely to industries in which the expansion during the earlier part of the year had been exceptionally rapid, par ticularly iron and steel, automobiles, and related industries. The same industries showed the largest reductions in November, but there were declines also in the copper, cotton and wool textiles, and shoe industries, and, in smaller degree, in silk textiles and coal; production of crude petroleum was also curtailed. Volume of building contracts awarded during the month continued to be considerably smaller than in the corresponding period of 1928. Employment in factories was also reduced during November to a level slightly below a year ago, and there was a somewhat larger decrease in factory payrolls. The decline in employment since midsummer, however, has been relatively smaller than that in the physical volume of production. Employment was in smaller volume than in November a year ago in the automobile, iron and steel, lumber and rubber products industries, and larger in the machinery, textiles, paper and printing, leather, and chemi cals industries. Distribution Distribution of commodities, as measured by freight-car loadings, was in smaller volume in November than in October, reflecting larger-than-seasonal de creases in most classes of freight. Miscellaneous freight in lessthan-carload lots, however, which includes chiefly commodities for retail trade, showed the usual seasonal change. Department store sales in leading cities during the month were about one per cent larger than last year according to preliminary reports, Increased PERCENT This review released for publication in afternoon papers of December 31. sales were reported in four agricultural districts; Richmond, Kansas City, Dallas, and San Francisco. In certain of the large industrial districts, Boston, New York, and Cleveland, sales were approximately the same as in November 1928. Wholesale Prices Wholesale prices were at a lower level in November than in October and continued to decline during the first half of December. The downward movement, which had previously involved principally commodi ties with organized exchanges, became general during the latter part of the period. Bank Credit Liquidation of bank credit, which had begun early in November continued throughout that month and the first two weeks of December, and on December 11 total loans and investments of reporting member banks were at about the same level as on October 23, prior to the increase caused by the withdrawal of funds by non-banking lenders. At member banks in New York City, loans were somewhat larger, and investments considerably larger on December 11 than on October 23, while at reporting banks outside the New York loans on securities, all other loans, and investments were smaller than on that date. Reserve bank credit outstanding was also reduced during November, and the first two weeks of December, largely in con sequence of reduction in balances of member banks at the reserve banks, which accompanied the liquidation of member bank credit. The decrease in reserve balances released reserve funds in more than sufficient volume to meet the export demand for gold amount ing to $65,000,000 during the period, as well as the seasonal cur rency requirements. Between November 6 and December 18, United States securities holdings of the reserve banks increased considerably, while their holdings of acceptances declined some what, and there was a reduction of $250,000,000 in the indebted ness of member banks. Money rates in the open market continued to decline and the discount rate, which had previously been reduced at five reserve banks, was lowered at the Kansas City bank from 5 to 4-§ per cent. PERCENT Index numbers of factory employment and payrolls, without adjust ment for seasonal variations (1923-25average—100). LatestfiguresNovember Employment 98.2. payrolls 102.0. 2 MONTHLY REVIEW Monthly averages of weekly figures for reporting banks in leading cities. Latest figures are averages of first two weeks in December. SIXTH DISTRICT SUMMARY The final estimate by the United States Department of Agri culture places the cotton crop produced in the six states of the Sixth Federal Reserve District during the 1929 season at 5,949,000 bales, larger by 25 per cent than the crop produced in these states during the previous season. The price of cotton during recent weeks has been 2 to 2\ cents per pound less than that prevailing a year ago. In view of the larger crop, however, it seems probable that the income of farmers from the cotton crop in these states will be greater than for the 1928 season. Most of the other crops raised in these states, except white potatoes and fruits, were greater than those produced last year. Sales of merchandise at both wholesale and retail during Novem ber, reflected in figures reported confidentially to the Federal Re serve Bank, declined by more than the usual seasonal amount compared with the month before, and were in smaller volume than in November last year. Retail trade averaged 5.3 per cent less than a year ago, and wholesale trade showed a decline of 7.8 per cent as compared with November 1928. Savings deposits held by 75 reporting banks in all parts of the district declined one-half of one per cent in November compared with October, and were 8.1 per cent less than in November last year. Debits to individual accounts at 26 reporting cities of the sixth district declined 12 per cent compared with October and were 4.9 per cent smaller than in November 1928. Debits in this district nearly always decline from October to November, the decrease last year being 3.5 per cent. Loans and investments of weekly reporting member banks in selected cities of the district declined between November 13 and December 11, and were less than a year ago, and this is also true of discounts by the Federal Reserve Bank of Atlanta for all member banks in the district. Demand deposits of all member banks in the district increased, but time deposits declined, in October as compared with the preceding month, and both were smaller than a year ago. There was an increase in the number of commercial failures in the district, but a decrease in liabilities, in November compared with October, and with November last year. Activity in the building and construction industry, as reflected in building permit statistics reported by 20 cities, and in statistics of contracts awarded in the entire district, reached in November, the lowest level indicated in available figures. Production of cot ton cloth and yarn by mills in the district reporting to the Federal Reserve Bank was smaller in November than in October, and out- Index of United States Bureau of Labor Statistics. (1926—100. base adopted by bureau). Latest figures November 94.4. ut of cloth showed a decrease compared with November last year, ut production of yarn was slightly larger. Output of pig iron and of coal in Alabama was somewhat less than in November last year. RETAIL TRADE Retail distribution of merchandise in the sixth district, as re flected in sales figures reported confidentially to the Federal Reserve Bank of Atlanta by representative department stores located in 22 cities of the district, declined in November, and were in smaller volume than in November of any of the preceding four years. Stocks of merchandise increased slightly over those on hand a month earlier, but were smaller than a year ago. November sales by 42 reporting department stores in the dis trict declined an average of 7.4 per cent compared with sales in October, the decrease being shared by all reporting cities, except New Orleans. A review of figures for the past nine years shows that in this district department store sales have each year decreased from October to November, and the average decline, during this period of years, has been 7.0 per cent. The decrease this year, while only a little larger than the average for the preceding nine years, is the largest since 1925, when November sales were 13.7 per cent less than in October. November sales this year averaged 5.3 per cent smaller than in November last year. Cumulative sales for the eleven months of the year, compared with the same part of 1928, were larger at Atlanta but smaller at other reporting points, and averaged 2.0 per cent less for the district. Stocks of merchandise on hand at the end of the month averaged less than one per cent larger than for October, and were 4.2 per cent smaller than for November 1928. The rate of stock turnover for Novem ber was the same as for November last year, but for the year through November it was slightly less than for that period of 1928. Accounts receivable at the end of November were 1.8 per cent larger than for October, and 1.5 per cent larger than for November last year, and collections during the month were 8.7 per cent greater than in October, and 1.4 per cent larger than in November 1928. The ratio of collections during November to accounts receivable and due at the beginning of the month, for 32 firms, was 32.7 per cent; for October this ratio was 32.8 per cent, and for November last year it was 33.3 per cent. For November, the ratio of collec tions against regular accounts outstanding for 32 firms was 34.8 per cent, and the ratio of collections against installment accounts for 9 firms was 17.4 per cent. Detailed comparisons of reported figures are shown in the accompanying table. RETAIL TRADE IN THE SIXTH DISTRICT DURING NOVEMBER BASED ON CONFIDENTIAL REPORTS FROM 42 DEPARTMENT STORES Nov. 1929 with Nov. 1928 A tla n ta (5)................................— 7.9 B irm ingh am (4)..........................— 4.2 C h a tta n o o g a (6)............. ........... — 7.6 N ash v ille (4)..............................— 3.8 N ew O rleans (4).........................— 3.0 O th er C ities (19).........................— 6.4 D ISTR IC T (42)................. .........-5.3 Comparison of Net Sales Comparison of Stocks Nov. 1929 Jan. 1to Nov. 30 Nov. 30, 1929 Nov. 30, 1929 with 1929 with same with with Oct. 1929 period in 1928 Nov. 30. 1928 Oct. 31.1929 —20.3 —2.6 —22.0 —6.3 + 2.0 —0.7 —7.4 +3.2 -2.4 —3.0 —2.1 —3.7 —4.3 -2.0 —6.5 —1.4 —1.1 +3.9 -6.7 —3.8 —4.2 Note: The rate of stockturnover is the ratio of sales during given periodto averagestocks onhand. +2.8 +2.2 —3.3 +1.0 —0.5 +0.9 +0.7 Rate of Stock Turnover Nov. 1928 Nov. 1929 .28 .21 .20 .26 .20 .20 .22 .28 .21 .19 .25 .20 .19 .22 Jan. 1to Nov. 30 1928 1929 3.00 2.23 2.09 2.68 1.90 2.08 2.25 3.21 2.19 2.09 2.60 1.82 1.92 2.22 MONTHLY REVIEW W H O LESALE TRADE Distribution of merchandise at wholesale in the sixth district, as reflected in sales figures reported confidentially to the Federal Reserve Bank of A tlanta by 120 wholesale firms in eight different lines, declined in November and was in smaller volume than a year ago. Stocks of merchandise increased slightly compared w ith October, and also as compared w ith November 1928, but accounts receivable and collections showed decreases compared w ith both of those months. Vvholesale trade statistics for this district have always shown that the high peak of wholesale trade is reached in October, and that sales decline in November and December, as the larger part of buying by retailers for fall and holiday business has, by that time, already been done. The decrease in sales from Octo ber to November this year, however, is larger than has been shown for any other year, except 1925, during the past nine years, and is almost half again as large as the average for the nine-year period. According to some of the reports bad weather during November exerted an adverse influence on sales volume for the month. Per centage comparisons of combined figures for all of the reporting lines, are shown in the table. November 1929 compared with: Oct. 1929 Nov. 1928 -7.8 Sales......... ................ ....... ..... ...... ....... -16.6 +1.1 Stocks on hand---------- .---------- + 0.2 Accounts receivable_______________________ — 2.4 —1.2 Collections........ .................. .................. —10.1 —5.3 Groceries Sales of groceries at wholesale during November declined at all reporting points except Jacksonville, averaging 10.7 per cent less than in October in the district, and were 7.5 per cent less than in November 1928. Stocks increased somewhat over both of those months, but accounts receivable and collections show decreases in both instances. November 1929 compared with: Oct. 1929 Nov. 1928 Sales: Atlanta (3 firms)— ....... -....... -...... -..... —24.4 — 5.3 Jacksonville (4 firms)..................... ....... +0.3 — 7.2 — 9.2 New Orleans (5 firms)................... ......... — 5.3 Vicksburg (3 firms)................. ..... ....... - —29.5 —29.9 Other Cities (13 firms)............................ -10.6 +0.0 DISTRICT (28 firms).................. ........... -10.7 -7.5 Stocks on hand......... .............................. +2.1 Accounts receivable.............................. . — 0.9 Collections-.................... ......... ......... — — 7.8 +2.2 — 2.1 — 6.2 November sales of dry goods at wholesale in the sixth district declined an average of 30.5 per cent compared w ith October, and averaged 14.3 per cent less than in November a year ago. W hile the decrease from October is prin cipally due to seasonal influences, some reporting firms attribute a part of it to the decrease in the price of cotton, and to unfavorable weather conditions. Stocks and accounts receivable declined compared w ith October, but increased over November last year, but collections show decreases compared w ith both of those periods. November 1929 compared with: Oct. 1929 Nov. 1928 Sales: Atlanta (3 firms)---------- ------- - —28.6 — 1.2 Nashville (3 firms)______________________ -38.8 -23.7 New Orleans (3 firms)------- -- ---- —30.3 +8.4 Other Cities (15 firms)--------------- —27.6 —17.8 —14.3 DISTRICT (24 firms)_______ ___________ —30.5 Stocks on hand------------------ --- — 0.9 +0.3 Accounts receivable----- -- --- ------ — 4.2 +4.1 Collections... ...... ............ ....................... —15.1 —11.1 counts receivable and collections declined compared w ith October but were larger than for November last year, as indicated in the table. November 1929 compared with: Oct. 1929 Nov. 1928 Sales: Atlanta (5 firms)................................... —16.1 +3.3 Other Cities (7 firms).................... ........ —23.6 — 9.0 DISTRICT (12 firms)—...... ..... .............. -22.1 -6.5 Stocks on hand.... ................................ . + 9.3 + 5.3 Accounts receivable................ ................... — 4.0 +10.6 Collections....................... ..... ................ — 0.2 + 6.4 Electrical Supplies Sales of electrical supplies declined during November compared w ith both the preceding month and the same month a year ago, although there was a small increase at New Orleans over November last year. Stocks in creased over those for October but were smaller than a year ago, and accounts receivable show decreases, and collections increases, compared w ith both of those periods. November 1929 compared with: Oct. 1929 Nov. 1928 Sales: New Orleans (4 firms)......... .... .............. —19.9 +2.1 Other Cities (8 firms)......... .................... — 9.6 —10.8 — 6.6 DISTRICT (12 firms)— ................. ........ -13.6 Stocks on hand.—.................. ..... ............ + 2.3 — 4.7 Accounts receivable............... .................... —15.1 —32.3 Collections-............................................ . + 4.8 + 5.0 Comparisons in the other three lines are shown only for the district as three or more reports were not received in any of these lines from a single city. Sales declined in all three lines compared w ith both the preceding month and the corresponding month last year. Figures reported by wholesale drug firms indicate in creases in accounts receivable, compared w ith both of those comparative months, but decreases in collections in both instances. November 1929 compared with: Oct. 1929 Nov. 1928 Shoes-Sales (3 firms).................................. —25.1 —13.4 Stationery-S ales (4 firms).............. ............. —26.5 — 2.8 Drugs-Sales (8 firms)........................... ...... —15.6 — 4.7 +14.3 Accounts receivable...................... ...... . +2.7 Collections............................. ............ —13.6 — 1.0 AG RICULTURE D ry Goods Hardware Sales of hardware at wholesale in the district during November declined at all reporting points compared w ith October, and w ith November last year. Stocks were smaller than a month earlier, but slightly larger than a year ago, and ac counts receivable and collections show decreases compared w ith both of those periods. Some reporting firms attribute part of the decrease to lack of buying by retailers caused by the inab ility of farmers in some sections to gather their crops because of bad weather. November 1929 compared with: Oct. 1929 Nov. 1928 Sales: Atlanta (3 firms)............................. ..... — 4.5 —2.0 Nashville (4 firms).......... ...... ...... ...... — —10.5 —8.9 New Orleans (5 firms).................. .......... —21.6 —3.8 Other Cities (17 firms)-- --- --- ----- —11.9 —8.6 DISTRICT (29 firms)...................... ...... -14.2 ______ -6.4 Stocks on hand-......... ................ ..... ...... — 2.1 Accounts receivable— ................ .............. — 1.1 Collections-.......... ....................... ........... —14.3 Furniture +1.3 —3.2 —7.3 November sales by reporting wholesale furniture firms declined an average of 22.1 per cent compared w ith October, and averaged 6.5 per cent less than in November last year, although sales at Atlanta increased 3.3 per cent. Stocks of merchandise on hand at the end of November increased over both the preceding month and the same month last year. Ac The last m onthly estimate of the cotton crop by the United States Department of Agriculture, released early in December and based upon information available on December 1, places the production during the season just closed at 14,919,000 bales, a de crease of 90,000 bales, or 0.6 of one per cent, as compared w ith the November estimate, and 3 per cent larger than final ginnings from the 1928 crop. The report indicates that on July 1 there were in cultivation to cotton 47,569,000 acres in the United States, that there was abandonment after July 1 amounting to 3.3 per cent, and that there were left for harvest 45,981,000 acres. Figures for the six states of the sixth district indicate that the December estimate increased over November in Georgia and Tennessee, no change was indicated for Alabama, and declines were shown for Mississippi, Louisiana and Florida. The combined total for the six states indicates a crop smaller by 46,000 bales than was esti mated in November, but 1,197,339 bales, or 25.2 per cent, larger than was produced in the 1928 season. Abandonment in these states after July 1 ranged from 1.2 per cent in Alabama, to 1.7 per cent in Georgia and 1.8 per cent in Florida, and there was a to tal of 14,707,000 acres left for harvest in these states. In the table are shown the December 1 estimate for these states, the acreage, and the final ginnings from the previous crop. Estimate Acreage for Final GinDee. 1, 1929 Harvest nings 1928 Alabama_____ ________________ 1,335,000 3,589,000 1,109,126 Florida__________ ____ ______— 29,000 95,000 19,203 Georgia..................— ....... ..... 1,345,000 3,782,000 1,029,499 Louisiana-._____ ______________ 810,000 2,050,000 690,958 Mississippi-.-..................... ..... 1,915,000 4,071,000 1,474,875 Tennessee-................. .... ....... . 515,000 1,120,000 428,000 Total six states-.-......... ...... 5,949,000 Cotton Ginnings 14,707,000 4,751,661 The report of cotton ginned from the present season’s crop up to December 1, compiled and issued by the United States Census Bureau shows a total of 12,857,971 bales, an increase of 2.4 per cent over the total of 12,560,154 bales ginned up to the same time last year. Figures for the six states of this district show increases over last year for each state, averaging 21.2 per cent for the district. These figures indicate that up to December 1 last year 91.6 per cent of the final crop had been ginned, while this year ginnings in these six states up to December 1 have amounted to 88.7 per cent of the estimated production. Figures in the table show comparative ginnings this year and last, up to December 1, for these states. m o n t h l y r e v iew 4 C o tto n G in n e d to D ecem ber 1 1929 1928 1,024,196 A lab am a ________ _____ ___________________________ 1,200,092 F lo rid a ........................................................................................ 29,675 19,608 G eo rg ia _______________ - __________________________ 1,176,882 970,836 L o u is ia n a _________________________________________ 781,335 663,475 M g ’S ? M s s is sip p i................................................................................. 1,692,572 T en n essee................................................................................... 395,907 329,504 T o ta l 6 s ta te s ............................................................ 5,276,463 COTTO N MOVEMENT—U N IT E D STATES (Bales) A u g u st 1 to Novem ber 28 1929 1928 R eceip ts a t a ll U . S . P o r ts ............................ 5,653,605 5,788,548 Overland across M ississippi, O hio a n d P o tom ac rivers to N . M ills a n d C a n a d a .. 523,271 446,447 In terior stock s in excess o f th ese h eld a t close o f com m ercial year......................... 1,668,206 1,258,664 S o u th e r n M ills ta k in g s, n e t . . ..................... 2,178,000 1,944,144 T o ta l for 121 d a y s - ........................................... 10,023,082 9,437,803 F oreign exports................................................... 3,199,920 3,532,775 •Am erican M ills, N . a n d S. a n d C a n a d a . 3,134,516 £,915,751 A m erican c o tto n th u s fa r .............................. 5,599,000 5,807,000 4,354,629 1927 5,247,635 . . . —„ 469,362 1»290,616 2,045,635 9,053,246 ------5,969,000 •O f w h ic h 800,954 b y N o rth ern sp in n ers a g a in s t 703,383 la s t year a n d 2,333,562 b y S o u th ern sp in n ers a g a in s t 2,209,368 la s t year. SU G A R MOVEMENT (P ound s) O ct. 1929 N ov. 1928 N ov. 1929 47,456,290 R e°N ew O rleans........................................ 65,760,750 13,572,668 S a v a n n a h ..................- ................ ......... 54,158,953 M eltings: 75,533,084 N ew O rleans— .................................. 79,794,847 41,287,026 S a v a n n a h __________ ____________ 18,688,692 S tock s * N ew O rleans........................................ 123,943,584 138,012,037 S a v a n n a h .............................................. 64,214,791 28,744,530 R E FIN E D SU G A R (P ound s) N ov. 1929 O ct. 1929 S h ip m en ts: N ew O rleans........................................ 62,611,844 105,782,694 S a v a n n a h ______________________ 21,150,142 29,983,677 S tock s * 63,847,329 N ew O rleans........................................ 75,066,294 24,353,149 S a v a n n a h .............................................. 23,007,727 RICE M OVEM ENT-NEW ORLEANS R O U G H RICE (Sacks) N ov. 1929 O ct. 1929 R eceip ts...........................- ..........................91,500 93,960 S h ip m en ts..................................................81,950 94,535 S to ck s...........................................................14,442 4,892 CLEAN RICE (Pockets) R eceip ts-...............................- ...................... 170,510 275,143 S h ip m e n ts.................................................... 178,168 249,474 S to ck s............................................................ 18,862 126,520 RICE M ILLERS’ A SSO CIATION STATISTICS (Barrels) R eceip ts o f R o u g h R ice: N ovem ber S easo n 1929-30...................................... 1,415,999 Seaso n 1928-29...................................... 1,935,761 D istr ib u tio n o f M illed R ice: S easo n 192JH30...................................... 1,133,769 S easo n 1928-29...................................... 1,277,631 S tock s o f R o u g h a n d M illed R ice: D ecem ber 1, 1929................................... 2,551,417 D ecem ber 1. 1928................................... 2,886,600 93,876,131 15,470,973 70,623,213 18,524,063 41,766,125................... N ov. 1928 85,389,988 22,646,822 50,423,320 5,592,516 N ov. 1928 92,705 94,146 23,423 288,229 251,453 192,046 A ug. 1 to Nov. 30 5,718,024 5,585,651 3,858,091 3,647,004 FINANCIAL Sayings Savings deposits figures reported to the Federal Deposits Reserve Bank of Atlanta by 75 banks located throughout the sixth district indicate that at the end of November savings deposits averaged 0.5 per cent less than a month earlier, and were 8.1 per cent smaller than at the same time last year. The total for October was also 8.1 per cent smaller than for October 1928. Savings at Atlanta increased 4.1 per cent in November over the month before, and there was a slight increase reported from Birmingham, but decreases are shown for other points, and all cities included in the statement show declines com pared with a year ago. For several years the monthly totals of savings deposits were consistently larger than for the corresponding month a year earlier, but in 1928 the increases over corresponding months of 1927 declined from 7.9 per cent in January to 1.9 per cent in September, and beginning in October 1928 the monthly totals have been smaller than for corresponding months a year earlier. Figures are shown in the table for Atlanta and for cities in which branches of the Federal Reserve Bank are located, and reports from banks located elsewhere are grouped under “Other Cities/7 (000 O m itted) N ov. 1929 $ 42,171 24,157 20,906 25,290 45,944 95,155 253,623 Com C om parison p arison O ct. N o v .-O ct. N ov. N ov. 1929 1929 1928 ’29-'28 $ 40,514 + 4 .1 $ 43,045 — 2.0 + 0 .1 24,123 25,790 - 6.3 21,355 -2 .1 27,721 - 2 4 .6 25,819 —2.0 26,491 — 4.5 46,674 —1.6 47,323 — 2.9 96,515 - 1 .4 105,612 — 9.9 255,000 -0 .5 275,962 -8 .1 Debits to Individual Accounts The volume of debits to individual accounts refleeting business transactions settled by check, declined in November and was smaller than for No vember 1928. The figures for debits to individual accounts, like those for retail trade, nearly always show a decline from October to November in this district. The November to tal for twenty-six reporting cities of the district was 12.4 per cent smaller than for October, while last year at the same tim e the de crease was only 3.5 per cent. November debits this year were 4.9 per cent less than for November 1928, while for the first ten months of the year bank debits had averaged 6.4 per cent greater than for the corresponding part of 1928. In November there were 7 increases and 19 decreases compared w ith figures for November last year. The m onthly totals are derived from weekly reports by prorating figures for those weeks which do not fa ll entirely w ithin a single calendar month. (000 Omitted) Alabama: -Nov. 1929 Oct. 1929 Nov. 1928 Birmingham....................... .$ 150,066 $ 174,842 $ 153,584 Dothan.............................. 3,475 4,459 4,097 Mobile................................ 40,921 50,586 40,701 Montgomery................ ........ 34,909 34,856 33,011 Florida: Jacksonville................. ....... 68,956 76,204 69,071 29,213 25,853 26,342 Miami................................ Pensacola........................... 7,368 7,478 7,638 Tampa............................... 31,810 34,387 34,829 Georgia: Albany............................... 4,513 5,126 4,988 Atlanta—........................... 186,841 211,066 206,493 Augusta.............................. 27,810 36,852 26,995 Brunswick........................... 3,998 3,888 3,704 16,543 17,044 17.773 Columbus........................... Elberton............................. 1,369 1,954 1,605 Macon................................ 19,661 25,548 24,872 Newnan............................. 2,233 3,472 2,442 Savannah............................ 40,943 48,926 41,002 Valdosta............................. 4,122 5,001 4,957 Louisiana: New Orleans........................ 348,028 398,832 362,648 Mississippi: Hattiesburg......................... 5,663 7,994 7,456 Jackson.............................. 28,389 29,776 28.880 Meridian-............................ 12,751 17,083 17,745 Vicksburg........................... 8,843 9,535 8,885 Tennessee* Chattanooga........................ 51,841 59,405 48,279 Knoxville............................. 36,244 38,648 34,998 Nashville............................. 94,121 110,274 112,129 Total 26 Cities......................... -$1 260,631 $1 439,089 $1 325,124 Condition of Member Banks W eekly condition reports received in Selected Cities by the Federal Reserve Bank from 28 member banks located in Atlanta, New Orleans, Birmingham, Jacksonville, Nashville, Chattanooga, K no xville and Savannah indicate that between November 13, figures for which date were shown in the previous issue of the Review, and December 11, to tal loans by these banks declined more than 11 m illions of dollars to a level lower than on any weekly report date since M arch 6. The decline since November 13 was due p a rtly to a decrease of $2,983,000 in loans on securities, but principally to the decrease of $8,050,000 in “A ll Other Loans,” which are those largely for commercial, agri cultural and industrial purposes. Compared w ith figures for the corresponding report date a year ago, security loans on December 11 this year show an increase of $4,409,000, but “A ll Other Loans” show a decrease of $10,518,000, so that to tal loans by these banks on December 11 were $6,109,000 less than a year ago. Invest ments of these banks increased from $121,473,000 on November 13 to $125,659,000 the following week, and decreased to $119,232.000 on December 4, but increased to $121,693,000 on Decem ber 11, slightly larger than four weeks earlier, but $8,031,000 less than a year ago. Total loans and investments of these banks on December 11 were thus $10,813,000 less than four weeks earlier, and $14,140,000 smaller than at the same time a year ago. Time deposits of these banks declined 2.9 m illions during the four week period under review, and on December 11 were more than 15 m illions less than a year ago. Demand deposits decreased from $325,920,000 on November 13 to $314,741,000 on November 27, but increased to $326,141,000 on December 11, and were $12,754.000 less than a year ago. Bankers’ balances, as indicated by figures showing amounts “due to” and “due from” banks declined during recent weeks, and were smaller than a year ago, and borrowings of these banks from the Federal Reserve Bank of Atlanta were less on December 11 than on any other weekly report date during the year. Principal items in the weekly report for the three comparative report dates are shown in the table. (000 Omitted) Dec. 11, Nov. 13, Dec. 12. Loans: 1929 1929 1928 On Securities.............. ............ $143,205 $146,188 $138,796 AllO ther................................ 362 925 370,975 373 443 Total Loans........................ 506,130 517,163 512,239 U. S. Securities............................. 57,102 55,759 54,576 Other Stocks and Bonds................. 64,591 65,714 75,148 Total Loans and Investments— 627,823 638,636 641.963 Time Deposits.............................. 222,655 225,597 237,694 Demand Deposits.......................... 326,141 325,920 338,895 Due to Banks............................... 106,195 117,312 120,763 Due from Banks............................ 76,269 89,288 79,845 Borrowings from F. R . Bank............ 28,402 39,513 80,315 MONTHLY REVIEW Operations of the Federal Reserve Bank Figures contained in the weekly published statement of the Federal Reserve Bank of Atlanta indicate that total discounts for member banks in the sixth district declined between November 13 and December 11, and on this date were less than for any other report date since April 1928. Discounts secured by United States Government securities decreased $2,873,000 be tween November 13 and December 11, and All Other discounts declined $8,604,000, and total discounts were thus smaller by $11,477,000 than four weeks earlier. Compared with figures for the corresponding report date of last year discounts secured by United States Government securities on December 11 were substantially smaller, but All Other discounts were slightly larger, the total, however, showing a decrease of $10,139,000. Holdings of Bills Bought in the Open Market declined $5,219,000 between November 13 and December 11, and were $11,718,000 less than at the same time a year ago, and holdings of United States Govern ment securities on December 11 were slightly less than four weeks earlier, but somewhat greater than a year ago. Total bills and securities on December 11 were $16,708,000 less than four weeks earlier, and $18,306,000 less than on the corresponding report date of last year. Cash reserves were greater, and deposits smaller, on December 11 than on either of the previous report dates under comparison. Federal Reserve Note circulation was smaller than four weeks earlier, but greater than at the same time last year. Principal items in the weekly statement are shown in the table for the three report dates under comparison. (000 Omitted) Dec. 11, 1929 $ 6,183 38,562 44,745 18,395 8,783 U. S. Securities.. 71,923 144,413 62,519 146,016 69.3 Reserve Ratio......................... Bills Discounted: Nov. 13, 1929 $ 9,056 47,166 56,222 23,614 8,794 88,631 137,088 66,482 154,009 62.2 Dec. 12, 1928 $ 16,603 36,281 54,884 30,113 5,232 90,229 121,545 72,186 133,232 59.2 Deposits of All Member Banks Net demand deposits of all member banks in the sixth district exhibited a further increase in October, but were still in smaller volume than at the same time last year. Time deposits decreased in October to the lowest level for the year, and continued less than at the same time a year ago. Demand deposits for the first ten months of the year have averaged 5.2 per cent less than for 1928, and time deposits have averaged 3.3 per cent less. The figures are not strictly comparable, however, because those for 1929 are averages of daily figures for each month, while the figures for 1928 are for a single report date in each month. Comparisons are shown in the table. Demand Deposits 1929 1928 Time Deposits 1929 1928 J a n u a r y .............................$594,393,000 $634,598,000 $454,062,000 F eb ru ary ........................... 596,768,000 625,307,000 458,445,000 M a rch ................................ 600,785,000 621,048,000 459,323,000 April.................................... 584,913,000 612,186,000 449,462,000 M ay...................................... 568,686,000 607,138,000 458,520,000 J u n e - ......................... ....... 548,639,000 596,668,000 466,233,000 578,233,000 461,653,000 J u ly ............................... — 538,609,000 A u g u s t.............................- 523,695,000 556,721,000 445,299,000 S e p te m b e r -................... - 536,858,000550,543,000 443,086,000 O ctober............................. 543,043,000 560,961,000 436,286,000 $465,326,000 461,400,000 465,757,000 467,351,000 471,907,000 471,953,000 475,096,000 471,665,000 466,857,000 468,768,000 Statistics compiled by R. G. Dun & Company indicate that commercial failures in the United States during November were somewhat fewer in number than in October, or in November last year, but liabilities were greater than for either of those months. In the sixth district the number of commercial failures in November was larger than for October, or for Novmber a year ago, but liabilities were smaller. Commercial failures in the United States during November numbered 1,796, compared with 1,822 in October, and with 1,838 in November 1928, and November liabilities totaled $52,045,863, an increase of 66.2 per cent over the total for October, and 28.2 per cent greater than for November last year. In the sixth district there were 112 failures during November, compared with 104 in October, and with 69 in November 1928, and November liabilities totaled $1,244,889, a decrease of 5.8 per cent compared with the total of $1,322,181 for October, and 19.7 per cent smaller than the total of $1,549,585 for November last year. IMPORTS AND EXPORTS—NEW ORLEANS The value of merchandise imported into the United States through the port of New Orleans during September, the latest month for which detailed figures are available, amounted to $12,542,333, a decrease of 43.5 per cent compared with the total of $22,211,411 for August, and 18.3 per cent less than the total for September last year. The principal items for September include: C o m m e r c ia l F a ilu r e s 5 Coffee, lbs.............................................. Sugar, lbs.............................................. Cocoanut Oil, lbs..................................... Bananas, bunches.................................... Sisal, tons.............................................. Jute burlaps, lbs..................................... Molasses, gals.......................................... Volume 25,798,449 48,581,784 13,588,403 1,608,707 5,470 5,918,347 12,478,983 Value $4,457,470 961,822 893,552 871,524 870,372 644,129 603,993 Exports through the port of New Orleans during September amounted to $27,304,613, an increase of 36.6 per cent over the total for August, and 11.4 per cent greater than for September a year ago. Some of the larger items of export were: Gasoline, barrels....... _............................. Short staple cotton, bales.......................... Wheat flour, barrels.................................. Tobacco, lbs.. .............................. Long staple cotton, bales........................... Illuminating oil, barrels..................... ...... Rough Southern pine boards, ft................. . Carbon black, lbs..................................... 1,354,535 50,887 227,924 5,360,721 7,778 139,989 7,924,000 4,487,518 $5,829,863 5,237,057 1,395,858 1,194,920 875 945 468 424 4571986 400,733 GRAIN EXPORTS—NEW ORLEANS Total exports of grain from New Orleans during November con tinued less than a year ago, but there was a large increase in the movement of wheat. The decrease was due to smaller movement of corn, and the fact no barley was moved in November this year while in November last year there were more than a million bushels! Comparative figures for the month, and for the season, are shown in the table. Nov. 1929 Wheat, bu................ 1,184,134 Com, bu................. 31,796 Oats, bu.................. 76,967 Barley, bu............................ Rye, bu............................... Total, bu............ 1,292,897 Nov. 1928 666,035 473,653 44,959 1,079,999 40,316 2,304,962 July 1 to November 30 1929 1928 3,671,315 4,279,857 355,609 1,081,799 253,472 212,633 2,677,866 24,821 256,031 4,305,217 8,508,186 BUILDING The volume of building, evidenced by building permits issued at twenty regularly reporting cities of the sixth district for the construction of buildings within their corporate limits, and by total contracts awarded in the district as a whole, declined further in November to the lowest level indicated in available statistics. Building permits issued during November at these twenty cities declined 25.7 per cent compared with the month before, were ap proximately half as large as for November 1928, and were smaller than for any month in this series of figures which goes back to the beginning of the year 1920. Increases over November 1928 were reported from Anniston, Montgomery, Miami, Augusta, Columbus, Macon, Alexandria and Chattanooga, and from Lakeland and Miami Beach whose figures are not included in the totals, or used in computing the index numbers, because not available over along enough period. The index number for November is 25.2, compared with 33.9 for October, and with 50.6 for November last year, based upon the monthly averages for the three-year period 1923 to 1925 inclusive as represented by 100. Index numbers for Atlanta, and for cities of the district in which branches of the Federal Reserve Bank are located, are shown on the last page of this Review. The cumulative total of permits issued at these twenty cities during the eleven months of 1929 is $69,643,705, a decrease of 27.8 per cent compared with the total of $96,405,621 for the same months last year. According to statistics compiled by the F. W. Dodge Corpora tion, total building and construction contracts awarded in the 37 states east of the Rocky Mountains during November amounted to $391,012,500, a decline of 12 per cent compared with the month before, and a decrease of 17 per cent compared with the total for November 1928. In November $113,522,800, or 29 per cent of all construction, was for residential building; $101,769,200, or 26 per cent, was for commercial building; $72,361,000, or 19 per cent, was for public works and utilities, and $39,673,900, or 10 per cent, was for industrial construction. For the eleven months of 1929 contract awards have totaled $5,437,922,400, a decrease of 12 per cent compared with the total of $6,195,529,800 for the corresponding months of last year. Contracts awarded in the sixth district during November amounted to $12,567,637, a decrease of 27.9 per cent compared with the total for October, and 32.2 per cent smaller than for November last year. Total awards during the eleven months of the year, however, amounted to $316,790,000, an increase of 3.4 per cent over the same part of 1928. In the table are shown building permits issued in November at reporting cities of the district, compared with the same month last year. MONTHLY REVIEW Nov. 1929 Alabama: Number Value Anniston............. 24 $ 35,650 393,140 Birmingham........ 361 Mobile................ 96 54,885 Montgomery........ 160 121,390 Florida: Jacksonville......... 280 193,011 Miami...... .......... 383 415,259 Orlando.............. 41 55,955 49,414 Pensacola............ 118 Tampa............ . 153 47,445 ♦Lakeland........... 6 5,850 •Miami Beach....... 116 445,529 Georgia: Atlanta............... 226 359,442 Augusta.............. 376 66,278 Columbus............ 34 83,405 Macon................ 142 70,762 Savannah............ 15 41,492 Louisiana: New Orleans........ 100 277,492 Alexandria........... 60 50,473 Tennessee* 192,100 Chattanooga........ 284 Johnson City....... 6 11,735 Knoxville............. 74 207,486 Nashville............. 131 105,777 Total 20 Cities........... 3,064 $2,832,591 Index No................ . 25.2 *Not included in totals or index numbers. Percentage Nov. 1928 change in Number Value value 7 $ 10,600 +236.3 460 909,357 — 56.8 58 359,056 — 84.7 187 117,534 + 3.3 335 251 102 83 238 6 55 453,273 105,374 79,910 50,347 211,939 1,900 277,340 — 57.4 +294.1 — 30.0 - 1.9 — 77.6 +207.9 + 60.7 347 154 41 78 33 1,791,029 48,739 59,158 40,795 130,275 - 79.9 + 36.0 + 41.0 + 73.5 — 68.2 148 54 562,015 23,769 — 50.6 +112.3 232 28 111 187 3,134 122,446 75,650 332,324 214,374 $5,697,964 + 56.9 — 84.5 — 37.6 — 50.7 — 50.3 50.6 LU M BER Prelim inary reports for November received up to the middle of December by the Southern Pine Association from 113 reporting m ills indicate that production in November, as in other recent months, continued 1ess than the three-year average production of reporting m ills, shipments were smaller than production, and orders booked by these m ills were less than either production or shipments. Orders booked in December by these 113 reporting m ills averaged 16.1 per cent less than their production; in October orders of report ing m ills were 5.7 per cent less than th eir output, and in Novem ber 1928 orders exceeded output by nearly one-half of one per cent. November shipments exceeded orders by 8.8 per cent, but averaged 8.7 per cent less than output. November production averaged 20.7 per cent smaller than the three-year average output of reporting m ills, while in October, and in November last year, production was 10.9 per cent less than the three-year average for the m ills which reported for those months. Stocks on hand at the end of November averaged 3.2 per cent larger than the three-year relative stocks of reporting mills, and unfilled orders on hand at the close of November amounted to 75.4 per cent of a month’s pro duction at the rate which prevailed in November. Prelim inary figures for November, w ith comparisons, are shown in the table. Nov. 1929 Oct. 1929 Nov. 1928 (Feet) 113 mills 116 mills 100 mills Orders..................................... 182,851,955 236,481,981 244,469,624 Shipments................................ 198,890,867 244,707,386 257,217,464 Production................................ 217,942,421 250,851,543 243,522,566 3-Year Average Production............ 275,630,959 281,570,020 273.317,464 Stocks, end of month.................. 728,505,190 703,946,351 594,000,935 3-Year Relative Stocks................. 705,780,634 720,988,193 688,022,052 Unfilled orders, end of month........ 164,357,080 181,656,695 202,382,800 TE X TILE S Cotton Consumption Statistics compiled and published by the United States Census Bureau show a decline in the con sumption of cotton by m ills in the United States in November compared w ith October, and also w ith November last year. Exports also exhibited decreases compared w ith both of those periods, as did spindle activity, but stocks increased. According to these Census figures November consumption of cotton in the United States declined 15.1 per cent compared w ith October, and was smaller by 11 per cent than in November 1928. There were increases over October and over November 1928 in stocks of cotton held in consuming establishments, and also in stocks in public storage and at compresses. Exports of cotton fell off 16.2 per cent in November compared w ith October, and were 26.5 per cent less than in November 1928. The number of spindles active in the United States during November declined by 485,322 compared w ith those active in October, and show a de crease of 946,446 compared w ith the number active in November last year. Figures for the cotton-growing states show a decrease in cotton consumed in November compared w ith October of 12.8 per cent, while in other states there was a decline of 22.5 per cent, and compared w ith November 1928 there was a decrease of 8.9 per cent in the cotton-growing states while in all other states there was a decrease of 17.5 per cent. The number of cotton spindles active in November was 52,440 less in the cotton-growing states, and 432,882 less in other states, than in October, while compared w ith November last year active spindles in the cotton states increased 24,518, while those in other states decreased 971,964. November figures indicate that 78.5 per cent of the cotton consumed in the United States was consumed by m ills in the cotton-growing states. UNITED STATES (Bales) Ootton Consumed: Nov. 1929 Oct. 1929 Nov. 1928 L in t................................. 544,150 640,798 611,173 Linters............................. 63,408 82,747 69,353 Stocks in Consuming Establishments: L in t................................. 1,671,829 1,360,557 1,566,542 168,305 145,478 131,589 Linters............................. Stocks in Public Storage and at Compresses: Nov. 1929 Oct. 1929 Nov. 1928 Lin t................................. 5,841,950 5,311,920 5,244,418 Linters............................. 68,747 54,397 54,985 Exports................................. 1,048,760 1,251,300 1,427,772 Imports.—............................. 35,502 19,815 40,291 Active Spindles....................... 29,649,394 30,134,716 30,595,840 OOTTON GROWING STATES (Bales) Nov. 1929 Oct. 1929 Nov. 1928 Ootton Consumed................................. 489,897 469,192 Stocks in Consuming Estab..................... 1,069,160 1,224,407 Stocks in Pub. Stor. and at Comp............. 5,148,815 5,148,598 Active Spindles..................................... 17,983,832 17,906,874 Cotton Confidential reports were rendered to the Federal Cloth Reserve Bank of A tlan ta by cotton m ills in the sixth district which during November produced over 22 m illion yards of cotton cloth, an output 5.4 per cent smaller than in October, and 11.5 per cent less than th eir production in November last year. Decreases compared w ith October are also shown in all other items except stocks on hand, which increased 7.1 per cent; compared w ith November a year ago a ll reported items show declines except stocks on hand and number of workers. Per centage comparisons are shown in the table. November 1929compared with: Oct. 1929 Nov. 1928 Production............................................... — 5.4 —11.5 Shipments.... ........................................... —34.3 —29.1 Orders booked.......................................... —63.2 —56.9 Unfilled orders.......................................... —12.9 —16.9 Stocks on hand......................................... +7.1 +8.3 Number on payroll..................................... — 0.9 +3.7 Cotton Yarn Confidential reports were also received from m ills in the district which produced, during November, 7,731,000 pounds of cotton yarn, an output cent smaller than in October, but slightly larger than in November a year ago. Declines are shown, compared w ith October figures, in shipments, orders and number of workers, but stocks on hand increased 16.9 per cent, and unfilled orders of m ills which re ported that item increased slightly. Compared w ith November last year a ll reported items show increases, as indicated in the table. November 1929 compared with: Oct. 1929 Nov. 1928 Production............................................... —12.0 +1.3 Shipments-.............................................. —12.8 +3.7 Orders booked.......................................... —38.5 +0.7 Unfilled orders........................................ . +0.9 +28.5 Stocks on hand......................................... +16.9 +65.8 Number on payroll.................................... — 4.1 +0.3 Hosiery Figures reported to the United States Census Bureau for October and November by 38 identical establish ments manufacturing hosiery in the sixth district show increases in stocks and cancellations in November compared w ith the month before, but declines in production, shipments, orders booked, and unfilled orders, as indicated in the table. (Dozen Pairs) Nov. 1929 Oct. 1929 Production................................................ . 882,508 1,016,183 Shipments..... — .......................... ........... 880,489 1,042,142 Stock on hand............................................. 1,855,757 1,836,612 Orders booked------------------ ------ -------- 838,817 1,055,393 Cancellations.............................................. 47,692 38,187 Unfilled orders............. ..... ..... ................ 988,496 1,082,305 COTTON SEED AND COTTON SEED PRODUCTS (1) Sixth District United States Aug. 1to Nov. 30, Aug. 1to Nov. 30, Cotton Seed, Tons: 1929 1928 1929 1928 Received at mills-1,234,019 1,074,722 3,410,479 3,589,073 Crushed............... 837,718 675,249 2,292,890 2,270,507 On Hand.............. 410,313 404,176 1,159,195 1,340,138 Production: Crude Oil. lbs........ 268,519,881 218,158,413 706,517,179 702,122,644 Cake and Meal, tons 358,455 288,919 1,020,296 1,014,626 Hulls, tons........... 247,618 188,626 627,660 616,640 Linters, bales........ 167,812 137,702 474,467 464,117 Stocks at Mills Nov. 30: Crude Oil, lbs........ 15,866,030 19,723,478 73,447,656 81,606,255 Cake and Meal, tons 59,516 56,689 199,181 161,330 Hulls, tons........... 43,009 37,080 168,455 149,014 Linters, bales........ 68,372 57,291 208,891 185,557 (1) Georgia. Alabama, Louisiana and Mississippi. 12.0 7 MONTHLY REVIEW COAL According to statistics compiled and published by the United States Bureau of Mines there was a decline in the total production of bituminous coal in the United States in November, compared with the preceding month and with the corresponding month last year, and there was also a decrease in the daily average rate of production compared with both of those months. Output in Alabama averaged somewhat less than during November of last year but in Tennessee it was somewhat greater. The total production of bituminous coal in the United States during November was estimated by the United States Bureau of Mines at 45,677,000 tons, smaller by 10.8 per cent than the total of 51,235,000 ton in October, and 2.4 per cent less than the total of 46,788,000 tons in November 1928. The daily average out put in November was 1,842,000 tons, smaller by 3 per cent than in October, and 4.3 per cent less than the daily average in November last year. November 11, Armistice Day, was observed as a partial holiday in the bituminous coal fields, and output in the week end ing November 30 was curtailed by the observance of the Thanks giving holiday. Weekly figures of production in Alabama show decreases in output compared with corresponding weeks of last year, but output in Tennessee averaged greater than at the same time a year ago. Weekly figures with comparisons are shown in the table. Week E n d in g : Novem ber 9.......................... N ovem ber 16........................ N ovem ber 23......................... N ovem ber 30........................ D ecem b er? ........................... U n ite d S ta te s 1929 1928 11,081 10,546 10,547 10,924 10,972 10,982 9,993 9,906 11,679 11,211 A labam a T en n essee 1929 1928 1929 1928 322 347 120 108 280 348 119 117 326 345 120 110 336 337 116 122 .................................................. IRON Statistics compiled and published by the Iron Age indicate that total production of pig iron in the United States declined further in November to a level lower than for any month since September 1928. The decrease in the daily average output compared with the month before was the largest which has occurred from one month to the next since May 1925, and there was a large loss in the number of furnaces active. Production of iron in Alabama in creased in October and November from the low level recorded in September, but was slightly less than at the same time a year ago. Total production of pig iron in the United States during Novem ber amounted to 3,181,411 tons, smaller by 11.3 per cent than in October, 18.4 per cent less than the high peak shown in May, and 3.7 per cent less than in November a year ago. The daily aver age output in November was 106,047 tons, 8.4 per cent less than for October, and the smallest since September 1928. There was a decline of 26 in the number of furnaces active on December 1 com pared with a month earlier and a decrease of 17 compared with the same date last year. Figures for Alabama indicate that production of pig iron in that state in November increased 4.1 per cent over October and was 25 per cent greater than the output in September, although 1.4 per cent smaller than in November 1928. The daily average out put in November increased 7.6 per cent over October. The number of Alabama furnaces active on December 1 was the same as a month earlier, but smaller by 2 than a year ago. Press reports early in December indicate that books of furnace interests were opened in November at $14.00 to $14.50 for first quarter iron in competitive territories, and some orders are being received. Prices locally in the Birmingham district continue at $14.50, but books for first quarter business in the district had not been opened. Production figures are shown in tabular form for convenience of comparison: N ov. 1929 3,181,411 106.5 106,047 177 U n ite d S tates: P r o d u ctio n (to n s)............................ .. Index N u m b er.................................... .. A verage per d a y (to n s)................... ♦Active fu rn a ce s................................ Alabama: P r o d u ctio n (to n s )............................ ... Index N u m b er.................................... Average per d a y (to n s)................... ♦Active fu rn a ce s................................ 228,021 98.2 7,601 16 O ct. 1929 3,588,118 120.1 115,745 203 N ov. 1928 3,302,523 110.5 110,084 194 219,015 94.3 7,065 16 231,366 99.6 7,712 18 ♦First o f fo llo w in g m o n th . NAVAL STORES Receipts of both turpentine and rosin at the three principal naval stores markets of the sixth district increased in November compared with both the preceding month and the corresponding month a year ago. Stocks of both commodities increased over those for October, and supplies of rosin were greater than a year ago, but stocks of turpentine were smaller than for November 1928. November receipts of turpentine were 1.4 per cent larger than in October, 20.1 per cent greater than in November 1928, and ex cept for November of 1927 were the largest reported for that month of any recent year. Receipts of rosin in November in creased 15.2 per cent over October, were 18.9 per cent greater than in November last year, and like turpentine, were greater than for any other recent November except in 1927. For the season begin ning April 1 through November, receipts of both commodities have been greater than for the same part of any recent season ex cept that of 1927. Stocks of turpentine at the close of November were smaller than at the same time of the two preceding seasons, but larger than for other recent years, while supplies of rosin were greater than at the same time of the past five seasons. Press reports indicate that during the last three weeks of November demand was slow and prices of both commodities declined some what, but early in December there was improvement in demand and price. In the table are shown receipts and stocks for Novem ber, with comparisons. R eceipts—T u r p e n tin e : S a v a n n a h .................................... . J a ck so n v ille................................ . P e n sa c o la ...................................... R eceipts—R o s in : Savannah— .. — - N ov. 1929 16,156 13,076 4,581 O ct. 1929 15,278 13,864 4,214 .. 33,813 33,356 28,160 .. ... - 65,655 56,319 17,290 54,156 52,007 14,723 54,633 46,137 16,398 - 139,264 120,886 117,168 .. „ 13,283 27,398 27,865 14,640 25,366 27,032 21,937 34,737 26,798 - 68,546 67,038 83,472 .. .. - 131,282 112,170 13,443 140,521 91,396 12,850 113,585 105,012 27,581 .. 256,895 244,767 246,178 N ov. 1928 13,720 9,874 4,656 Stock s—T u r p e n tin e : Stock s—R o sin : MONTHLY REVIEW 8 MONTHLY INDEX NUMBERS The following index numbers, except as indicated otherwise, are computed by the Federal Reserve Bank of Atlanta monthly. The index numbers of retail and wholesale trade are based upon sales figures reported confidentially by representative firms in the lines of trades indicated, and the other series of index numbers are based upon figures reported to the bank or currently available through the daily or trade press. These index numbers, except as indicated in the foot-notes, are based upon the monthly averages for the three year period 1923-25 as represented by 100. RETAIL TRADE 6th DISTRICT (Department Stores) Sept. 1929 Oct. 1929 Nov. 1929 Sept. 1928 Oct. 1928 Nov. 1928 Atlanta. _ ___ _____________ ________ Birmingham Chattanooga____ ________ _________ Nashville_______________________ ._ _ New Orleans_________________________ Other Cities____ ____ ______ ______ DISTRICT__________________________ 160.0 108.5 76.7 94.9 78.6 84.9 97.0 177.6 120.2 115.8 125.0 105.9 108.1 121.Or 141.5 117.0 90.3 117.1 108.1 107.4 114.Op 138.2 109.2 85.6 101.2 84.3 89.7 98.0 169.6 131.3 111.8 124.4 110.2 112.9 123.0 153.8 122.6 97.7 121.7 112.6 114.7 120.0 109. 128. 123 107. 123. 122. 216. 147. 200. 257. 176. 209. 241 174 215 200. 144. 164. 130. 228. 163. 169. 127. 218. 158. 169. 130. WHOLESALE TRADE 6th DISTRICT Groceries._________ _________ ____ Dry Goods_______ _ ___ Hardware___________ _ _ ___ Furniture _ __ ________ Electrical Supplies __ __ _ ___ Shoes_________________ __ __ _ _ Stationery_______ _____ ____ __ Drugs____ ______ __ __ ___ TOTAL___________________________ 94.8 125.6 101.5 123.8 91.7 119.3 92.9 115.6 103.5 96.3 119.9 108.7 126.8 108.7 129.5 99.9 122.1 107.6 86.9 82.0 91.9 98.9 88.8 97.0 73.4 100.8 89.1 88.2 111.4 95.0 116.5 88.4 106.4 87.1 109.9 96.3 99.6 105.4 107.5 114.8 101.0 113.3 105.4 119.5 104.9 91.4 96.0 100.7 102.8 101.0 103.7 75.5 108.7 96.8 WHOLESALE PRICES U. S. (2) Farm Products.__ _____________ __ Foods __ __ __ Hides and leather products____ ___ Textile products__ ____ _____ _ - Fuel and lighting____ ______ Metals and metal products _ _______ __ _____ _ Building materials,____ Chemicals and drugs _ _ _ ____ _ __ Housefurnishing goods __ ______ _ _ _ _ Miscellaneous _ _ _ _ _ __ ____ ___ ALL COMMODITIES_______________ 106.6 103.2 110.8 93.1 81.1 104.1 97.5 93.9 97.1 81.7 97.5 103.9 101.2 110.5 92.7 81.7 103.6 97.8 94.2 97.1 81.3 96.3 101.1 98.8 108.4 91.5 81.7 102.3 96.0 94.0 97.1 80.1 94.4 108.8 106.9 120.7 95.6 85.1 100.5 94.7 95.1 97.2 79.7 100.1 103.5 102.3 117.5 96.1 84.9 101.0 95.0 95.6 96.5 80.3 97.8 101.6 100.1 115.5 96.1 84.4 101.7 96.0 96.0 96.4 80.0 96.7 BUILDING PERMITS 6th DISTRICT Atlanta. _ _ _ _. __________ Birmingham _ __ ____ _ ___ Jacksonville _ _ _ _ _ _ _ _ _ _ __ Nashville ______ _ __ New Orleans _ _ ____ _ ___ Other Cities. ___ DISTRICT (20 Cities)________________ 57.1 58.1 30.6 103.7 56.6 42.4 50.7 61.2 28.9 34.5 44.0 28.3 27.6 33.9 23.2 26.5 23.5 16.7 21.6 27.4 25.2 135.6 74.2 70.5 48.3 164.3 43.2 76.1 113.5 80.0 64.7 43.3 135.2 58.2 77.3 115.8 61.3 55.1 33.8 43.7 32.3 50.6 50.6 49.7 35.8 74.0 102.8 COTTON CONSUMED: United States.. ____ _____ _ _____ Cotton-Growing States _ __ _______ All Other States__ ___ ___ _ . Exports. __________ _ ____ 107.3 121.1 77.1 118.1 126.1 140.2 94.9 203.6 107.1 122.3 73.5 170.6 96.8 109.1 70.0 132.5 121.7 135.8 90.9 201.9 120.2 134.3 89.1 232.3 PIG IRON PRODUCTION: United States________ _ ________ ,_ __ Alabama__________ _____ __________ UNFILLED ORDERS—U. S. STEEL CORPORATION____________________ 117.1 78.5 120.1 94.3 106.5 98.2 102.5 85.0 112.9 95.7 110.5 99.6 81.7 85.6 77.5 78.6 76.9 RETAIL TRADE U. S. (1) Department Stores________ _____ _____ Chain Stores: Grocery _ ______________ ______ 5 & 10 Cent ____ _____________ _ _ Drug______ ___ _________ _____ Shoe_________ _______ __________ CONTRACTS AWARDED 6th DISTRICT (1) Compiled by Federal Reserve B<Dard. (2) Compiled by the Bureau of Lab<Dr Statistics. Base 1926-100. p-Preliminary. r-Re vised. 52.9
@FedFRASER