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O f F in an cial9 A g ric u ltu ra l, T ra d e a n d In d u stria l
C o n d itio n s in th e S ix th F ed era l R e se rv e D istric t

F E D E R A L
VOL. 16, No. 12

R E S E R V E

PfRCEHT

In d e x n u m b e rs o f p ro d u ctio n o f m a n u fa c tu re s a n d m in e r a ls com bin ed
a d ju ste d fo r se a so n a l v a r ia t io n s (1923-1925 a v e r a g e = 1 0 0 ) .
L a t e s t fig u re

Digitized for vFRASER e lim in a r y 72,
N o em b e r p r


O F

A T L A N T A

ATLANTA, GA, Decanter 31, 1931

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Prepared by Federal Reserve Board
Industrial activity and factory employment declined fur­
ther from October to November, reflecting in part the usual
seasonal tendencies. Continued gold imports and further re­
duction in member bank reserve requirements during No­
vember and the first half of December were reflected in a
considerable decline in the outstanding volume of reserve
bank credit.
Production and In November industrial production showed
Employment
a somewhat larger decrease than is usual
at this season, and the Board’s seasonally
adjusted Index declined from 73 to 72 per cent of the 19231925 average. Activity declined at woolen mills, lumber mills,
and coal mines, while daily average output at steel mills in­
creased and volume of automobile production showed less
than the usual seasonal decline from the low level of October.
The November increase in steel production was followed by
a considerable decline in the first three weeks of December.
Output of petroleum increased further in November to a level
slightly lower than that prevailing last summer before output
was sharply curtailed.
Volume of employment in most manufacturing industries
declined by more than the seasonal amount between the mid­
dle of October and the middle of November. Reductions were
particularly large in the wearing apparel, leather, and build
ing materials industries, while in the automobile and tire in­
dustries declines were smaller than usual at this season.
The value of building contracts awarded, as reported bj
the F. W. Dodge Corporation, has declined further in recent
months and a preliminary estimate of the Board’s seasonally
adjusted Index for the last quarter of 1931 is 49 per cent of
the 1923-1925 average, compared with 59 for the third quar­
ter, 65 for the second quarter, and 79 for the first quarter of
the year; part of this decline in dollar volume reflects lower
building costs.
Production of principal crops in 1931 was about 10 per
cent larger than in 1930, according to the December crop re­
port of the Department of Agriculture, while acreage har­
PERCENT

B A N K

“

vested was slightly smaller than a year ago. There were
large increases in the crops of cotton, com, winter wheat,
apples, and peaches, while the harvests of oats, barley and
rye were smaller than last year; as in 1930 the hay crop
was unusually small.
Distribution Commodity distribution continued at about the
same rate in November as in October, the vol­
ume of freight-car loadings showing a seasonal decline, while
sales at department stores increased by about the usuri
amount for that month.
Wholesale Prices The general level of wholesale prices re­
mained practically unchanged from Octo­
ber to November, according to the Bureau of Labor Statis­
tics Index; prices of grains, petroleum, and silver advanced,
while those of livestock and dairy products showed declines,
partly of a seasonal character. Between the middle of No­
vember and the middle of December there were decreases in
the prices of many leading commodities including live stock,
meats, grains, sugar, silk, and silver; during this period
prices of copper and rubber showed a decline, followed by a
recovery.
Bank Credit Volume of reserve bank credit outstanding de­
clined during November and the first half of
December, and averaged $360,000,000 less in the week end­
ing December 12 than at its October peak seven weeks
earlier. The decrease was in large part in the banks’ port­
folio of acceptances, as discounts for member banks and
holdings of United States Government Securities showed
little change for the period. The decline in total volume of
reserve bank credit outstanding during the period reflected a
growth of $100,000,000 in the stock of monetary gold, largely
through imports from Japan, and a continued reduction in
the reserve balances of member banks, reflecting a further
liquidation of member bank credit. Demand for currency de­
clined during the last three weeks of November, and showed
considerably less than the usual seasonal increase in the
first half of December. After the middle of December, how­
ever, bank suspensions in New England were followed by
(Continued on Page 7)
PERCENT

PERCENT

F e d e r a l R e s e rv e B o a r d ’s in d e x o f fa c t o r y e m p lo ym en t w it h a d ju stm e n t
fo r se a so n a l v a r ia t io n .
(1923-25 a v e ra g e — 100.)
L a t e s t fig u re N ovem ber
69.8.

it

M O N T H LY

R E V IE W
BILLIONS OF DOLLARS

10

Indexes of daily average number of cars loaded; adjusted for seasonal
variation. (1923-25 average«=100).
SIXTH DISTRICT SUMMARY
* Following seasonal increases from midsummer through
October, the month of November disclosed seasonal declines
from October in the volume of trade at both retail and whole­
sale, and in debits to individual accounts at reporting clear­
ing house cities of the sixth district. Department store sales
in November averaged 16.7 per cent less than in October,
and were also 16.7 per cent smaller than in November last
year. Wholesale trade declined 11.2 per cent from October
and averaged 19.4 per cent less than in November, 1930, and
bank debits decreased 17.8 per cent over the month and were
20.7 per cent less than a year ago. November had 24 business
days as against 27 in October, a difference of about 11 per
cent. In these comparisons no allowance is made for the dif­
ferent number of days, compared with October, or in the dif­
ferent price levels compared with a year ago.
Federal Reserve Bank credit outstanding at the Federal
Reserve Bank of Atlanta declined somewhat between Novem­
ber 11 and December 9, but continued much larger than a
year ago. Member bank credit outstanding at weekly report­
ing member banks declined between November 11 and Decem­
ber 9 and continued less than a year ago. Both demand and
time deposits decreased further, and borrowing by these
weekly reporting member banks from the Federal Reserve
Bank increased slightly.
Building permits issued at 20 reporting cities increased 59.5
per cent, biit contracts awarded in the district as a whole
declined 51 per cent, compared with October, and permits
were 51.9 per cent, and contracts 63 per cent, less than in
November, 1930. For the eleven months of 1931 permits
have been 35.5 per cent, and contracts 25 per cent, less than
ih thkt part of 1930. Coal production in Alabama and Ten­
nessee, and pig iron production in Alabama, declined in
November, and continued less than a year ago. Cotton con­
sumption in the United States declined 7.2 per cent, and in
three states of this district 7.5 per cent, but the daily average
increased about 2 per cent, from October to November, and in
the United States was 3.3 per cent, and in these three states
3.7 per cent, larger than in November last year. Production
of cotton cloth by reporting mills in this district was larger
in November than for the same month a year ago for the
seventh consecutive month.
FINANCE
Reserve Bank The volume of reserve bank credit outstandCredit
ing at the Federal Reserve Bank of Atlanta
declined from 104 millions on November 11 to
96.5 millions on November 25, increased to approximately
103.8 millions a week later and declined to 96.3 millions on
December 11. These changes were due partly to fluctuations
in discounts, but principally to the decline in holdings of pur­
chased bills.
Holdings of discounted paper increased from $50,671,000
on November 11 to $58,098,000 on December 2, but declined
to $54,081,000 a week late^ a net increase of $3,410,000 in
the■
j£0ur'w6eik period frotn November!! to December 9. This
increase in
 discounts was mdfe than' offset, however, by a;


BfU.roN5 OF DOLLARS

10

1927
1928
1929
1930
1931
Monthly average of weekly figures for reporting banks in leading citie*.
Latest figures are averages of first two weeks in December.
decline of $11,044,000 in the bank’s holdings of bills bought
in the open market. Compared with the corresponding report
date a year ago, discounts on December 9 this year show an
increase of $21,666,000, holdings of purchased bills were
greater by $9,699,000, and United States securities owned by
the bank show an increase of $9,485,000. Other securities
were held on December 9 amounting to $600,000.
Cash reserves increased between November 11 and Decembr 9 by $6,165,000, and were then $86,756,000, compared with
$135,293,000 on the same report date a year ago.
Member bank reserve deposits declined slightly between
November 11 and December 9, and were $11,517,000 less
than a year ago, and total deposits declined $1,764,000 be­
tween November 11 and December 9 and were $5,198,000
smaller than at the same time last year.
Federal Reserve Notes in actual circulation on December 9
were $234,000 greater than four weeks earlier, but $3,380,000
less than a year ago.
Principal items in the weekly statement are shown comparatively in the table.
(000 0mitted)
Dec. 9, 1931. Nov. 11, 1931 Dec. 10, 1930.
Bills Discounted:
Secured by Govt. Obligations-_ $ 12,586 $
14,945 $
,720
A Others_____________
ll
41,495
35,726
31,695
Total Discounts___ ____
54,081
50,671
32,415
Bills Bought in open market---24,440
35,484
14,741
17,209
17,306
7,724
U S. Securities.......................
.
Other Securities__________
600 600
------------.
Total Bills and Securities--96,330
104,061
54,880
Total Reserves___________
86,756
80,591
135,293
M
ember Banks Reserve Deposits48,591
49,029
60,108
Total Deposits................... ......
55,311
57,075
60,509
F. R. Notes in actual circulation. _
210,552
120,318
123,935
Reserve Ratio..........................
49.3
45 .4
73 .4
Condition of
There was a further decrease of 14.5 milMember Banks in lions in total loans and investments of 24
Selected Cities
weekly reporting member banks located in
Atlanta, New Orleans, Birmingham, Jack­
sonville, Nashville, Chattanooga, Mobile and Savannah be­
tween November 11 and December 9. This total for December
9 was only slightly above the low point reached on Septem­
ber 9, at $543,474,000, which increased to $570,524,000 two
weeks later, and was $57,914,000 less than for the same report
date last year.
Between November 11 and December 9 total loans by these
weekly reporting member banks declined $7,296,000, and on
December '9 they were smaller by $70,760,000 than on the
same report date last year. Investments of these banks de­
clined $7,254,000 btween November 11 and December 9 and
were then $32,84*6,000 greater than a year ago.
Demand and time deposits of these banks have continued
to decline, and demand deposits on December 9 were $47,033,000 smaller, and time deposits $24,429,000 less, than a year
ago.
Borrowings by these banks from the Federal Reserve Bank
of Atlanta on December 9 were slightly larger than four
weeks earlier, and $14,879,000 greater than a year ago.
Principal items in the weekly report are shown compara­
tively in the table, and are followed by monthly averages of
weekly'figures over the past year.
., .

M O N T H LY

iP ^ii
(000 Omitted)
Dec. 9J1931. Nov. 11, 193U Dec. 10, 1930.
On Securities......................... $ 111,814 $ 114,282 $ 134,821
255,314
260,142
313,067
A Otiiers........................... ll
Total Loans.,....................
367,128
374,424
447,888
U.S. Securities. —
....................
85,249
91,860
62,598
Other Bonds and Securities____
91,129
91,772
80,934
Total Investments______
176,378
183,632
143,532
Total Loans and Investments..
543,506
558,056
591,420
Time Deposits..........................
209,104
213,836
233,533
Demand Deposits......................
257,888
260,337
304,921
Due To Banks.............. -.......
74,531
79,877
101,123
Due fromBanks........................
47,786
57,769
69,039
Borrowings fromF. R. Bank___
32,220
31,891
17,341
Monthly Averages of W
eekly Figures for Repotting
M
ember Banks in Selected Cities.
(000 Omitted)
Loans on A Other Invest- Demand Time
ll
Borrowings *
Securities Loans
ments Deposits Deposits fromF. R. Bank
1930
11,908
. Nov... $ 142,228 $ 311,118 $ 144,671 $ 311,579 $ 239,201
15,710
Dec... 135,374 312,464 145,786 302,540 231,544
1931—
9,673
Jan... 137,811 291,519 141,561 305,018 222,744
8,550
Feb... 131,886 288,585 148,405 306,455 221,301
1,480
M
arch 132,893 282,819 160,534 303,616 229,046
1,312
April.. 126,991 278,270 178,257 311,170 230,191
1,503
May.. 115,937 271,544 175,038 307,486 227,729
1,910
June.. 116,353 265,159 177,587 302,461 226,625
1,018
Juljr.- 114,134 266,415 178,487 299,850 233,277
6,109
Aug... 113,341 263,351 173,381 290,772 234,860
11,060
Sept... 114,082 262,759 181,450 280,966 228,099
22,348
Oct... 115,508 261,950 185,199 267,026 217,731
30,762
Nov... 114,264 258,929 181,274 259,056 213,795
Savings Total savings deposits held by 64 reporting banks
Deposits in the district at the end of November declined
further compared with earlier months, and aver­
aged 8.7 per cent less than a year ago. Totals for Atlanta
and Branch Federal Reserve Bank cities are shown in the
table, and reports from banks located elsewhere are grouped
under “Other Cities”.
(000 Omitted)
Number Nov. Oct. Nov. Percentage change
1931 1931 1930 Nov. 1931 Compared
of
Banks
with
Oct. 1931 Nov. 1930
4
$38,949 $39,048 $42,910
—
0,3 — 9,2
Atlanta_______
15.7
Birmingham____
3
20,807 20,803 24,687
+0.02 —
Jacksonville_____
4
14,461 14,594 16,890
—
0.9 —
14.4
—
3.6 — 2.2
5
28,375 29,433 29,019
Nashville...............
NewOrleans____
6
50,697 51,158 51,701
—
0.9 — 1.9
Other Cities____
42
79,186 81,193 89,409
—
2.5 —
11.4
64
232,475 236,229 254,616
— .6 — 8.7
1
Total.................

R E V IE W

.a

AGRICULTURE
The last monthly cotton estimate for the 1931 season by
the United States Department of Agriculture issued in De­
cember indicates a cotton crop amounting to l6»918,Q00 bales.
This is a slight increase over the November estimate, larger
by 8.6 per cent than the first estimate of the seasoii jti
August, and 21.4 per cent greater than the 1930 crop. Tfe
estimated crop this year is the second largest evei- produced
in the United States, the record cropi havingbeenthat of
1926 amounting to 17,977,000 bales.
In the six states of this district the crop is estimated at
6,063,000 bales, larger by 9.9 per cent than the August esti­
mate, and 6.9 per cent larger than the 1930 crop in these
states. Production has been smaller than in •
bama, Florida and Georgia, but larger in Louisiana; Missis­
sippi and Tennessee. The Tennessee crop is the largest on
record, both in yield per acre and in total production. Final
estimates for 1931, and total ginnings for the year before,
are shown comparatively in the table.
*
Final
r•
Estimate
Production Percentage
Dec. 1, 1931 . 1930 ^Comparison
Alabama..........................................
1,430,000 1,473,000
— 2.9
Florida.............................................
43,000
50,000
—
14.0
Georgia............................................. 1,395,000 1,593,000
—
12;4
Louisiana................. .......................^
865,000
715,000
+21 .p
M
ississippi......................................... 1,725,000 1,464,000
+17.8
Tennessee.................. .......................
605,000
377,000
+60,5
Total Six States........... .................. 6,063,000 5,672,000
-+ 6,9
Total ginnings from the 1931 crop prior to December 1
amounted to 15,023,451 bales, greater by 17 per cent than the
total of 12,837,099 bales ginned to the same time last year.
For the six states of this district the increase over last year
was 4.6 per cent, as indicated by these figures.
Cotton Ginned to Decem 1 Percentage
ber
1931
1930
Com
parison
Alabama______
1,365,016
— 1.1
1,380,035
Florida---------42,948
50,521
—
1540
Georgia_______
1,345,376
1,512,698
^11 io
Louisiana............
813,454
682,141
+19.3
M
ississippi____
1,518,893
1,377,068
10:3
Tennessee____
504,556
341,637
+47.7
Total Six States..
5,590,243
5,344,100
+ .4,6
Average of Cotton Prices at Ten Designated Spot Markets
(Cents per pound)
1931 1930
November 6__
6,25 10.12
November 12_
6.14 10V
23
November 20.
5.73 10.07
November 27*
5.65 9.88
Decem 3__
ber
5.76 9.66
Decem 11..
ber
5.77 9.15

Debits to There is always a decrease from October to NoIndividual vember in bank debits at reporting cities in this
Accounts district. This year the decline was 17.8 per cent.
and at the same time last year the decrease was
17.3 per cent. The November total was 20.7 per cent smaller
Sugar M
ovement (Pounds)-Raw Sugar
than for November, 1930. An increase was reported for
Nov. 1931
Oct. 1931 Nov, 1930 \
Jackson over October, and Knoxville reported a gain over Receipts:
New Orleans.........................
71,821,889
51,546,879 114,716,097
November last year. Monthly totals in the table are derived
Savannah_____________
6,304,738
63,237 22,457,821
eltings:
from weekly reports by pro-rating figures for those weeks M
New Orleans____ ______
74,942,212 69,966,812 93,175,$13
which do not fall entirely within a single calendar month.
Savannah.............................
23.700,228
18,413,563 34,766,819
Stocks:
(000 Omitted)
NewOrleans........... .............
52,115,696 55,246.429 91.354,301
Nov.
Oct.
Nov.
Savannah... . . . ________
6,304,026
23.699,516 43,215,685
1931
1931
1930
125,618 $ 143,778 $ 173,702
Alabam 4 Cities___—.............. $
a—
. Refined Sugar
80,733
92,140
Birmingham------------ -------114,572 Shipments:
1,741
2,142
Dothan..----------------------2,639
New Orleans----------------72,680,884 86,791,830
26,683
29,923
33,543
M
obile...................................
Savannah.____________
20,363,714
21,194,841 22,955*962
16,461
19,573
22,948 Stocks:
M
ontgomery..............................
82,274
93,203
Florida— Cities________ ___
4
108,832
New Orleans_____ _______________
63,142,806
62,164, $43
69,118,324
43,387
49,896
Jacksonville......... ......................
56,541
Savannah. - . ........................
14,106,179
11,861,103 15,460,766
14,293
15,428
M
iami_______ _______ __
19,506
5,065
6,151
Pensacola............................... .
6,182
19,529
21,728
Tampa................ ......................
26,603
Rice M
ovement— Orleans
New
181,628
230,590
G
eorgia— Cities___________
10
225,538 Rough Rice—
Barrels:
1931
Oct. 1931
Nov. 1930
2,932
3,480
Albany------- ------ ----------4,104
89,721
Receipts_______
80,281
40,678
112,463
144,224
Atlanta______ __________
135,323
Shipments...____
86,873
76,139
42,428
15,379
17,866
Augusta....................................
19,059
Stocks._______ _
11,639
18,231
7,833
1,787
2,322
Brunswick----- j ....... .......... —
2,549 Clean Rice—
Pockets:
8,890
Columbus..................................
12,193
11,319
Receipts_______
169,954
116,112
181,322
Elberton...................................
774
891
1,019
Shipments--------136,328
199,965
126,781
10,719
13,217
M
acon_________ ______ _
14,517
Stocks___ _____
,129,996
133,938
8S;9*4
1,191
1,488
Newnan--------------- ------1,833
24,937
31,810
Savannah.................. .............
32,785
2,556
3,099
Valdosta_______ ________
3,030
Rice'M Association Statistics!
illers
215,933
Louisiana— Orleans_______
New
281,816
257,814
(Barrels)
36,770
M
ississippi— Cities__________
4
35,153
40,582
November A 1 toNov.SQ
ug.
3,231
Hattiesburg______________
4,089
4,991
23,277
19,557
Jackson.....................................
23,735 Receipts of Rough Rice: ............................ 1,408,134
Season 1931-32............
5,055,070
5,831
Meridian..... ................. ............
6,958
6,561
Season 1930-31___ ______________ 1,257,171
*>912,296
Vicksburg.......... .................... .
4,431
4,549
.5,295 Distribution of M Rice:
illed
113,540
134,580
Tennessee— Cities.......................
3
146,288
Season 1931-32.................................... .
1,216,289
. >,914,858
31,610
Chattanooga........... ...................
36,252
43,218
Season 1930-31........................................ 1,207,562
3*795,593
27,701
Knoxville......... . . . . ...................
32,046
25,184 Stocks of Rough and M Rice:
illed
54,229
66,282
Nashville..........................-.......
77,886
November 30, 1931........................ ........... 2,050,823
755,763 $ 919,120 $ 952,75 6 November 30, 1930.......................-........... 1,776,059
T o t a l 26 C it ie s ______________________________ $



4

M O N T H LY

Fertilizer November sales of fertilizer tax tags in Florida
Tag Sales increased 95 per cent over those in October, but
in other states of the district were only nominal.
The total for the six states was 19.1 per cent larger than
for October, but 13.9 per cent less than for November, 1930,
and for the four months of the season, August through
November, the total is 23.6 per cent less than for that part
of the previous season. Figures in the table are taken from
those compiled by the National Fertilizer Association.
(Short Tons)
Nov. Oct. Nov. August 1through November 30
1931 1931 1930
1931
1930
Alabama..................
250
600
550
1,550
3,950
Florida..................... 53,348 27,412 60,775
117,469
153,225
Georgia............ ......
220
395
800
848
2,611
Louisiana................
500 11,620
700
17,926
17,585
M
ississippi_ -___
_
200
150
0
600
800
Tennessee.................
260 5,822
770
11,634_____ 18,225
150,027
196,396
Total_____ ___ 54,778 45,999 63,595
TRADE
Retail Department store sales in this district usually inTrade crease from midsummer to October, decline somewhat
in November, and reach the high point for the year
in December because of the holiday trade. The gain this
year from September to October was somewhat larger than
the average increase at that time, and there was a decrease
from October to November of somewhat larger than usual
proportions. November sales were 16.7 per cent less than in
October, and were also 16.7 per cent smaller than in Novem­

R E V IE W

ber, 1930. There were, however, only 24 business days in
November as against 27 in October, and the decrease in daily
average sales was 6.7 per cent from October to November.
For the first eleven months of the year department store
sales have averaged 11 per cent less than in that part of
1930.
Stocks of merchandise at the end of November were about
the same as a month earlier, and 17.8 per cent smaller than
a year ago, and the rate of stock turnover has been slightly
higher than it was last year.
Accounts receivable at the end of November averaged 0.2
per cent smaller for October, and 12.6 per cent less than a
year ago, and November collections increased 0.7 per
cent over October but were 19.4 per cent less than in Novem­
ber, 1930.
The ratio of collections during November to accounts re­
ceivable and due at the beginning of the month for 33 firing
was 29.2 per cent, compared with 30.9 per cent a month
earlier and with 32.2 per cent a year ago. For regular ac­
counts the ratio for November was 31.4 per cent, against; 33.2
per cent for October and 34.6 per cent for November last
year, and for installment accounts the November ratio was
15.8 per cent compared with 17.1 per cent for October and
15.6 per cent for November 1930.
All of these statistics are reported in dollar amounts and
the percentage comparisons do not make allowance for the
different level of prices.

RETAIL TRADE IN THE SIXTH DISTRICT DURING NOVEMBER 1931
Based on confidential reports from41 department stores
Com
parison of Net Sales
Com
parison of Stocks
Rate of Stock Turnover
Nov. 1931
Nov. 1931 Jan. 1to Nov. 30,1931. Nov. 30, 1931. Nov. 30, 1931.
with
with
with sam period in
e
with
with
Nov. Nov. Jan. 1 to Nov. 30,
Nov. 1930
Oct. 1931
1930
Nov. 30, 1930. Oct. 31, 1931 1930 1931 1930 1931
Atlanta (4)..... ............ ......... ............... —
13.3
—
19.4
— 5.7
—
14.6
+ 1.7
.32
.32
3.52
3.86
Birmingham (4)_________ ______ —
20.6
—
20.0
—
13.2
—
19.2
— 1.7
.20
.21
2.21
2.30
Chattanooga (5)............ .......................—
12.6
—
28,6
—
12.8
—
19.7
+ 4.1
.15
.16
1.92
1 .89
Nashville (4)______ ___ —
19.6
—
21.3
—
13.1
—
17.3
+ 2.0
.21
.20
2.35
2.38
New Orleans (5)________ ______ —
17.7
—
11.0
—
12.0
—
17.7
— 2.2
.21
.22
1.94
2.23
Other Cities (19)_________ ______ —
16.1
—
14,2
—
12.9
—
18.8
+ 0.7
.18
.20
1.95
2.26
16.7
—
16.7
—
11.0
—
17.8
— 0.1
.22
.23
2.26
2.48
District (41)___________ ______ —
Note: The rate of stock turnover is the ratio of sales during given periodto average stocks on hand.
Wholesale Distribution of merchandise at wholesale in the
Trade
sixth district declined by 11.2 per cent in No­
vember compared with October, and was 19.4
per cent smaller than in November last year. The decrease
in November was just equal to the gains shown in Septem­
ber and October, and the combined index number of sales in
the eight reporting lines was the same for November as for
August. For the eleven months of 1931 sales at wholesale
have averaged 23.6 per cent less than in that period of 1930,
as indicated in the following comparisons by lines.
Percentage Comparison of
Sales January to November
inclusive 1931 with sam
e
periodin 1930
Groceries____ ...
—
22.1
Dry Goods_____
— .6
23
Hardware_____
— .0
27
Furniture______
—
24,0
Electrical Supplies.
— .4
25
Shoes._____ __
— .0
29
Stationery____ __
—
10.4
Drugs. ________
— .9
15
Total_______
— .6
23
W
HOLESALE TRADE IN NOVEMBER 1931
Sixth Federal Reserve District (a)
Percentage change Nov. 1931
Number of compared with
Firms
Oct. 1931
Nov. 1930
A Lines Com
ll
bined:
Sales......... ..........................
119
—
11.2
—
19.4
Stocks on hand_________
32
— 1 .2
—
18.2
Accounts receivable_______
57
— 1.4
—
12.1
Collections______ ______
61
— 5 .6
— .5
25
G
roceries:
Sales.____ ___ ________
27
—8.0
—
17.4
Atlanta_______ _____
3
—8.5
—
10,3
Jacksonville__________
4
— 2.8
— 2 .5
New Orleans...... ...............
5
—3 .1
—
16.1
Vicksburg..........................
3
—
18.9
—
21.5
Other Cities.......................
12
—
11.9
—
27.2
Stocks on hand__;
_______
4
+ 0.2
—
25.8
Accounts receivable_______
12
— 0.2
— 8.0
Collections......... ............ ......
12
— 6.8
—
28.1




Number of
Firms

Percentage change Nov. 1081
compared with
Oct. 1931
Nov. 1930

Dry G
oods:
Sales_ _____ _______
_
21
Nashville____________
3
Other Cities____ ____ 18
Stocks on hand__________
11
Accounts receivable_______
12
Collections____________
14
Hardware:
Sales________________
29
Atlanta_____________
3
Mobile_____________
3
Nashville____________
4
New Orleans__________
5
Other Cities__________
14
Stocks on hand_ _______
_
8
Accounts receivable_______
16
Collections------------------17
Furniture:
Sales--------------------- --13
Atlanta_____________
5
Other Cities__________
8
Stocks on hand_________
6
Accounts receiveable______
9
Collections------------------8
Electrical Supplies:
Sales....................................
14
New Orleans__________
4
Other Cities__________
10
Stocks on hand--------------3
A
cccunts receiveable______
4
Collections...... ............. ........
5
D
rugs:
Sales_____ __________
8
Accounts receivable_______
4
Collections_ _________
_
5
Shoes:
Sales-----------------------3
Stationery:
Sales................... .................
4
(a)-Based upon confidential reports from 119 firm
s.

—
15.7
—
16.3
—
15.5
— 5 .2
— 2 .6
+5.1

—
12.9
—
24.4
— 9.0
—
25.4
—
18.1
—
16.7

—9.4
— 5.4
+4.1
—
13.3
—
14.3
— 9.3
— 0.4
— 0.3
— 7.2

—
21.7
—
14.8
—14.6
—
16.6
—
27.7
—
24.1
—
12.4
— 7.7
—
28.9

—
17.6
—
31.8
—
14.6
— 2 .6
— 5.4
— 0.1

—
26.6
—
44.6
—
22.5
—
30.2
—
19.5
—
19.6

—
14.7
—19.3
—
11.3
+ 2.9
— 1 .8
—
11.2

—
26.5
—
29.4
—
24.5
+0.5
—
12.9
—
27.3

—
10.9
—0.1
—
14.4

—
17.1
—
13,4
—
25.7

+ 1 .8

— 9.9

—
39.6

—
33.2

M O N T H LY

Life
Sales of new, paid for, ordinary life insurance
Insurance in the six states of this district increased fur­
ther by 5 per cent in November over October, and
averaged 7.5 per cent less than in November, 1930. For the
eleven months of 1931 there has been an average decrease
of 19.9 per cent for these six states compared with that part
of 1930. Figures in the table are from those compiled by
the Life Insurance Sales Research Bureau.
(000omitted)
November November JanuarythroughNovember Percentage
1931
1930
1931
1930
Com
parison
58,703
—
21.8
Alabama............$ 3,538 $ 4,165$ 45,922 $
Florida.............. .......4,911
4,211
53,148
61,554
—
13.7
Georgia.....................6,641
7,437
85,829
97,018
—
11.5
Louisiana.................. 4,556
5,188
56,709
69,989
—
19.0
M
ississippi......... .......2,016
2,348
25,707
36,349
—
29.3
7,419
80,389
110,288
—
27.1
Tennessee.......... ....... 6,803
Total............ $ 28,465 $ 30,768 $ 347,704 $ 433,901
—
19,9
Commercial Statistics compiled by R. G. Dunn & Co. indiFailures
cate that in Novemebr there were 2,195 busi­
ness failures in the United States, compared
with 2,362 in October, and with 2,031 in November last year,
and liabilities for November were $60,1359,612, compared with
$70,660,436 in October, and with $55,260,730 in November
1930.
In the sixth district there were 117 business failures in
November, 131 in October, and 110 in November, 1930, and
liabilities totaled $2,353,485, smaller by 18.6 per cent than
the October total of $2,891,249, and 26.6 per cent less than
the total of $3,208,115 for November last year. The cumu­
lative totals for the first eleven months of 1931 amount to
1,537 failures with liabilities amounting to $28,565,163,
against 1,232 failures with liabilities totaling $28,336,409
during that period of 1930, and represent increases of 24.8
per cent in number and of 0.8 per cent in liabilities.
Grain Exports— O
New rleans
(Bushels)
Nov.
Nov. July 1 through Nov. 30
1931
1930
1931
1930
Wheat.................................. 935,678 154,858 2,996,327 4,928,498
Corn........... ..................... .
6,130
7,175
32,104
48,128
Oats........................ .......... .
38,907
6,155
172,385
40,032
Barley............ .....................
49,000...............
112,285..................
Total.............. .......... ...... 1,029,715 168,188 3,313,101 5,016,658
INDUSTRY
Building and Building permits issued at twenty reporting
Construction cities in the sixth district during November
for the construction of buildings within their
corporate limits increased 59.5 per cent over the total for
October, and were 51.9 per cent greater than for November
last year. With the exception of April, the November total
is the largest since October, 1930. The cumulative total for
the first eleven months of 1931 amounts to $27,144,850, a
decrease of 35.5 per cent compared with the total of $42,109,228 for the same part of 1930. Comparisons for the
month are shown in the table.
Number
V
alue
Percentage
November
November-1
change
City
1931
1930
1931
1930
in value
Alabama
Anniston______
3
9
$ 1,300$ 25,260
—94.9
Birmingham------- 152
157
133,528 73,487
+ 81.7
Mobile..................
37
49
43,348 146,231
—70.4
Montgomery____
80
76
40,721 29,070
+ 40.1
Florida
Jacksonville____
264
245
111,110 89,055
+ 24.8
Miami................... 294
288
1,373,547 127,461
+ 977 .6
M Beach____
iami
77
66
135,675 193,335
—
29.8
Orlando_______
33
41
9,070
18,295
—53 .0
Tampa.................. 191
173
44,029 34,263
+ 28 .5
♦Lakeland______
6
6
3,000
3,150
— 4.8
Georgia
Atlanta................. 387
211
216,583 167,436
+ 29.4
Augusta................
83
83
40,923 48,058
— 14.8
Columbus______
30
32
12,329 33,272
—62.9
M
acon________ 144
244
67,564 103,031
— 34.4
Savannah______
15
9
22,530 34,150
—
34.0
Louisiana
New Orleans____
73
88
122,478 544,221
— 77 .5
Alexandria_____
62
54
58,432 30,608
+ 90.9
Tennessee
Chattanooga____
197
199
104,381 171,136
— 39.0
Johnson City____
2
4
1,650
5,700
—
71.1
Knoxville______
39
44
25,754 29,404
— 12.4
Nashville..............
125
67
501,119 114,690
+ 336 .9
Total 20 Cities.......... 2,288
2,139
$3,066,071$2,018,163
+ 51.9
Index No.
27 .2
17 .9
*-Not included in totals or index numbers.



5

R E V IE W

C o n tr a c t a w a r d s in t h e s i x t h d i s t r i c t d u r in g N o v e m b e r
r e a c h e d a n e w lo w p o in t , 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 F . W . D o d g e C o r p o r a tio n a n d s u b d iv id e d in t o d is t r ic t
fig u r e s b y t h e F e d e r a l R e s e r v e B o a r d 's D i v is io n o f R e s e a r c h
a n d S t a t is t ic s . T h e N o v e m b e r t o t a l w a s $ 5 ,8 5 9 ,2 2 3 , s m a lle r
b y 51 p e r c e n t t h a n t h e t o t a l o f $ 1 1 ,9 6 0 ,9 0 1 f o r O c to b e r , a n d
63 p e r c e n t s m a lle r t h a n t h e t o t a l o f $ 1 5 ,8 5 1 ,2 0 2 f o r N o v e m ­
b er la s t year.
R e s id e n t ia l c o n t r a c t s , w h ic h in N o v e m b e r
a c c o u n t e d f o r 2 6 .6 p e r c e n t o f t h e t o t a l , w e r e $ 1 ,5 5 9 ,4 § 9 ,
s m a lle r b y 1 4 .9 p e r c e n t t h a n f o r O c to b e r a n d 3 4 .7 p e r c e n t
le s s th a n f o r N o v e m b e r 1930.
C u m u la t iv e t o t a l s f o r t h e
e le v e n m o n t h s o f 1 9 3 1 a m o u n t t o $ 1 6 7 ,3 4 5 ,2 9 2 f o r t o t a l c o n ­
t r a c t a w a r d s , a d e c lin e o f 2 5 p e r c e n t c o m p a r e d w i t h t h a t
p e r io d in 1 9 3 0 , a n d r e s id e n t ia l c o n t r a c t s f o r t h e e le v e n
m o n t h s o f 1 9 3 1 t o t a l $ 2 7 ,7 3 5 ,6 4 9 , a d e c lin e o f 3 7 .7 p e r c e n t
c o m p a r e d w it h t h e s a m e p a r t o f 1 9 3 0 . C o m p a r is o n s o f s t a t e
t o t a ls f o r t h e m o n t h a r e s h o w n i n t h e t a b le ; p a r t s o f t h e
fig u r e s f o r L o u is ia n a a n d M is s is s ip p i a p p ly t o 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 . F o r t h e e le v e n m o n t h p e r io d L o u is ia n a
c o n tr a c ts h a v e b een g r e a te r b y 62 p e r c e n t th a n fo r th a t p a r t
o f 1 9 3 0 , b u t t h e o t h e r s t a t e s s h o w d e c lin e s .

November October Percentage November Percentage
1931
1931 Comparison 1930
Comparison
$ 926,400 —
15.3 $2,477,200
-^-68.3
Alabama............... $ 784,500
Florida................. 1,232,200 1,974,400 —
37.6 2,246,000
—
45.1
Georgia................. 1,089,100 1,577,400 —
31.0 3,083,500
—
64*7
Louisiana.............. 1,097,700 5,778,200 —
81.0 7,373,500
—
85.1
M
ississippi............ 362,900
516,600 —
29.8 1,507,000
—
75.9
Tennessee (6th dist.) 1,771,800 2,942,100 — .8 1,836,200
39
— 3 .5
T o t a l c o n t r a c t s a w a r d e d 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 s d u r in g N o v e m b e r a m o u n t e d t o $ 1 5 1 ,1 9 5 ,9 0 0 , a
d e c r e a s e o f 3 7 .5 p e r c e n t f r o m O c to b e r , a n d 4 0 .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 N o v e m b e r l a s t y e a r .

L um ber

F o r t h e f iv e -w e e k p e r io d e n d in g D e c e m b e r 5 o r d e r s
b o o k e d b y m i ll s r e p o r t in g t o t h e S o u th e r ly P in e
A s s o c ia t io n f o r c o r r e s p o n d in g p e r io d s a y e a r a g o a v e r a g e d
a b o u t 3 9 p e r c e n t s m a lle r , a n d p r o d u c tio n a v e r a g e d a b o u t 3 7
p e r c e n t l e s s , t h a n a t t h a t t im e . O r d e r s f o r t h i s f iv e - w e e k
p e r io d a v e r a g e d s m a lle r t h a n p r o d u c tio n b y l e s s t h a n o n e h a l f o f o n e p e r c e n t . R e p o r t s c o n t in u e t o in d ic a t e t h a t m ill
s t o c k s a r e b a d ly b r o k e n a n d r e t a i l y a r d s t o c k s c o n t in u e d e ­
p le t e d . P r ic e s a r e b e in g m a in t a in e d m o r e f ir m ly , w i t h a d ­
v a n c e s in s o m e it e m s .
C o m p a r is o n s o f w e e k l y f ig u r e s f o r
id e n t ic a l m i ll s a r e s h o w n i n t h e t a b le .

Number
W Ended:
eek
of M
ills
Nov. 7..................117
Nov. 14............. ...121
Nov. 21............. ...124
Nov. 28........ .......111
Dec. 5_._____ _102
C o n s u m p tio n
o f C o t to n

Orders
1931 1930
25,549 36,711
28,959 32,737
28,245 38,426
21,231 41,649
18,144 28,768

Production
1931 1930
25,657 41,570
25,342 39,814
27,120 41,734
23,087 34,669
20,379 34,048

U
nfilled Orders
1931 1930
63,504 97,140
68,628 101,825
72,828 105,954
60,123 95,250
50,295 87,352

T h e r e w a s a d e c lin e o f 7 .2 p e r c e n t in t o t a l
c o n s u m p tio n o f c o t t o n i n t h e U n i t e d S t a t e s
d u r in g N o v e m b e r , c o m p a r e d w i t h O c to b e r , b u t
a n in c r e a s e o f 3 .3 p e r c e n t i s s h o w n o v e r N o v e m b e r l a s t y e a r .
B e c a u s e o f t h e d iff e r e n t n u m b e r o f b u s in e s s d a y s in O c to b e r
a n d N o v e m b e r , h o w e v e r , t h e r e w a s a n in c r e a s e o f a b o u t
4 p e r c e n t in t h e d a ily a v e r a g e c o n s u m p tio n . E x p o r t s i n ­
c r e a s e d 5.15 p e r c e n t o v e r t h o s e i n O c to b e r , a n d w e r e 1 8 p e r
c e n t g r e a t e r t h a n i n N o v e m b e r 1 9 3 0 . C u m u la t iv e figu ries f o r
t h e f ir s t f o u r m o n t h s o f t h e c o t t o n s e a s o n , A u g u s t t h r o u g h
N o v e m b e r , in d ic a t e t h e c o n s u m p tio n o f 1 ,7 8 0 ,4 1 8 b a l e s b y
A m e r ic a n m ill s , a n in c r e a s e o f 1 1 p e r c e n t o v e r 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 , a n d e x p o r t s h a v e t o t a l e d 2 ,8 5 4 ,0 4 6 b a le s , a d e c r e a s e o f 1 0 .3 p e r c e n t c o m p a r e d w i t h e x ­
p o r t s d u r in g t h e s a m e p a r t o f l a s t s e a s o n .
S to c k s h e ld b y c o n s u m in g p la n t s i n c r e a s e d 2 9 .2 p e r c e n t
f r o m O c to b e r 3 1 t o N o v e m b e r 3 0 , b u t w e r e 7 .9 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 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 in c r e a s e d 1 3 .2 p e r c e n t o v e r t h e m o n t h a n d
w e r e 2 7 .4 p e r c e n t g r e a t e r t h a n a y e a r a g o . S p in d le s a c t iv e
in N o v e m b e r d e c lin e d 1.3 p e r c e n t c o m p a r e d w i t h O c to b e r
a n d w e r e 3 .6 p e r c e n t l e s s t h a n i n N o v e m b e r 1 9 3 0 . C o m p a r i­
s o n s f o r t h e m o n t h a r e s h o w n i n t h e t a b le .

6

M O N T H LY

Cotton Consumption United States (Bales)
Cotton Consum
ed:
Nov. 1931 Oct. 1931
Unt............................. ...............
428,870
462,025
Linters...........................................
52,687
61,243
Stocks in Consum Establishments:
ing
Lint........................................ ...... 1,441,165 1,115,793
Linters----- -------- -------------211,042
197,821
Stocks in Public Storage and at Com
­
presses:
Lint........................... ................... 10,695,797 9,449,987
45,952
39,878
Linters......................... ................
Exports............................................. 1,070,643 1,014,180
Imports..______ _______ ___ _
5,986
2,636
A Spindles (Number)................... 24,860,684 25,188,112
ctive

Nov. 1930
415,315
54,173
1,564,011
223,440
8,397,549
75,255
907,649
3,410
25,796,748

In the three states of this district for which figures are
available, cotton consumption declined 7.5 per cent in No­
vember compared with October, and was 3.7 per cent greater
than in November 1930. Because of the shorter month, how­
ever, the daily average increased 1.9 per cent over October.
Cumulative consumption for the four months of the new sea­
son has been 9.2 per cent greater in these three states than
in that part of the previous season. Comparisons for these
States are shown below.

Alabama___ _____________
Georgia.......... ...........................
Tennessee_______ ________
Total 3 States.__.............

Bales Consum
ed
November
October November
1931
1931
1930
34,133
47,544
41,703
74,872
80.315
73,135
13,114
15,023
12,623
132,119
142,882
127,461

Cotton
For the seventh consecutive month producManufacturing tion of cotton cloth by mills reporting to
this bank was greater in November than in
the corresponding month a year ago. Other items reported
by cloth mills for November also show increases over that
month last year except number of workers, and November
stocks and unfilled orders increased over the previous month.
Unfilled orders, stocks and number of workers reported by
yam mills increased over October, but all reported items de­
dined from November 1930. Percentage comparisons of re­
ported figures are shown in the table.
Cotton Cloth:
Production_____
Shipments.-------Orders booked. ___
Unfilled orders___
Stocks on hand_
_
Number on payroll.
Cotton Yarn:
Production____
Shipments--------Orders booked___
Unfilled orders___
Stocks on hand__
Number on payroll.

Number of 1931 compared with
Oct. 1931 Nov. 1930
M
ills
— 2.6
+11.8
18
—
12.4
+ 1.0
17
12
+35 .2
—
13.1
+47,5
15
♦ 13.1
15
+ 9.4
+ 14.1
— 1 .3
— 7.0
17
11
11
6
9
10
10

— .7
14
—
13.5
—
34.6
+ 4.9
+ 3.1
+ 3.3

— 0.4
— 4.9
— .6
27
— 7,9
— .3
44
—
16.4

HOSIERY STATISTICS FOR 45 IDENTICAL ESTABLISHMENTS IN
THE SIXTH FEDERAL RESERVE DISTRICT.
(Dozen Pairs)
Nov. 1931
Oct. 1931
Production....................... ............. ...............
886,518
876,792
Shipments.......____ ___ _ ___ ____
_
890,727
956,274
Stocks on hand.................................. ..........
1,461,792
1,480,734
Orders booked................................................
948,676
853,866
.Cancellations..................... ............................
22,630
16,107
U
nfilled orders________ ____________
636,254
600,935
Cotton Seed
Activities of cotton seed oil mills continand Cotton Seed ued in November on a seasonably large
Products
scale, but for the first four months of the
season were samewhat less advanced than
at the same time a year earlier. Cotton seed received by
mills throughout the country during this four months period
was 8.4 per cent greater, but the amount crushed 9.2 per cent
less, than in that period of the previous season. Volume of
cotton seed products manufactured this season has been
smaller than a year ago, and stocks of crude oil and hulls
were larger at the end of November, but stocks of cake and
Digitized formeal and of linters smaller, than at the close of November
FRASER


R E V IE W

1930. Production by mills in this district has likewise been
much smaller than last year. In the first two columns of the
table below are shown combined totals for Georgia, Alabama,
Louisiana and Mississippi, compiled by the Uhited States
Census Bureau.
Cotton Seed and Cotton Seed Products
(*) Sixth District
United States
Aug. 1 to Nov. 30
Aug. 1 to Nor. 30
1931
1930
1931
1930
Cotton Seed, Tons:
Received at mills.......... 1,171,065 1,369,682 3,799,016 3,503,339
Crushed...... ...............
733,689
965,401 2,239,198 2,465,599
O Hand, Nov. 30........
n
411,157
415,921 1,584,602 1,083,156
Production:
Crude Oil, lbs............... 236,361,865 297,555,424 693,337,630 742,581,945
Cake and M tons__
eal,
317,150
418,024 1,002,486 1,109,481
Hulls, tons...................
204,158
273,390
625,656
682,842
Linters, bales..........
125,439
169,878
350,858 . . 427,603
Stock at m Nov. 30:
ills,
Crude Oil, lbs.................. 25,136,490 16,907,288 84,293,055 62,943,249
Cake and M tons........
eal,
51,918
80,757
167,359
254,075
Hulls, tons..................
50,545
38,707
206,809
175,983
Linters, bales...............
95,492
97,347
280,357
298,939
(*)-Georgia, Alabama, Louisiana and M
ississippi.
Electric Production of electric power for public use in this
Power
district increased further by 2 per cent in October
over September, but was 6.5 per cent less than in
October last year. There was a decrease of 22.7 per cent
from September to October in production of current by use
of water power, and an increase of 29.5 per cent in output
by use of fuels. This important shift was probably due to
the continued dry weather and low streams, and the neces­
sity of some plants changing from water power to fuels.
Consumption of coal in the production of electric power in­
creased 28.6 per cent over September, and 53.6 per cent over
October 1930, and consumption of natural gas increased 29.5
per cent over September and was 37.7 per cent greater than
in October last year. Consumption of fuel oil increased 2.7
per cent over September, but was 5 per cent less than in
October a year ago. Cumulative production of current for
the first ten months of 1931 has been 2 per cent less than in
that part of 1930. Production by use of water power has
been 5.3 per cent less, but output by use of fuels 3.8 per cent
greater, than last year. Comparisons for the month are
shown in the table.
October 1931 September 1931 October 1930
Total Production of Electric
478,492
477,506
511,717
Power: 000 k. w hours___ ...
.
By use of: W Power.............
ater
207,094
267,906
315,514
Fuels......................
271,502
209,600
196,203
Fuels Consumed in Production of
Electric Power:
Coal-tons.............................
43,379
33,735
28,244
Fuel Oil, bbls........................
183,236
178,405
192,944
Natural Gas— cul ft____
000
2,739,183
2,115,949
1,988,993
Note: October figures preliminary—
September figures revised.
Bituminous
Preliminary statistics of bituminous coal proCoal Mining duction in the United States indicated a de­
crease of 15.9 per cent in total output, and a
decline of 3.9 per cent in average daily production, compared
with the October, and decreases of 21.3 per cent in total pro­
duction and 22.2 per cent in daily average, compared with
Novemberlast year. Thanksgiving Day was almost univer­
sally observed as a holiday, and November 3rd, Election Day,
and November 11th, Armistice Day, were observed as holi­
days in some states. Preliminary estimates by the Bureau
of Mines are shown comparatively below.
Total
Number of
working
Production
(tons)
days
November 1931___________
30,020,000
23.6
October 1931....... ................... 35,700,000
27 .0
November 1930........................
38,122,000
23.3

Average per
working day
(tons)
1,272,000
1.324.000
1.636.000

Weekly production figures for Alabama, for those weeks
ending in November, averaged 4.8 per cent smaller than* in

M O N T H LY

R E V IE W

7

October, and 33.8 per cent less than in November last year,
and output in Tennessee averaged 10.7 per cent smaller than
in October, and 27.2 per cent less than in November 1930.
Mild weather has continued into December and has seriously
retarded the demand for coal on the part of domestic users.
Comparisons of weekly figures follow.

declined by December 12 to 34 cents. During the four weeks
ending December 12 there were some increases in the quota­
tions on the higher grades of rosin, but other grades de­
clined somewhat. Comparisons of receipts and stocks for
the month are shown in the table.

(In thousands of tons)
United States
Alabama
W Ended:
eek
1931 1930 1931 1930
7,690 9,708209
310
November 7_______
November 14______
7,520 9,718 172 307
7,063 8,890 214 287
November 21______
November 28______
6,430 8,705 188 279
Decem 5_______
ber
7,226 9,607 208 297
Decem 12______
ber
7,274 8,784 — —

Receipts—
Turpentine (1):
Savannah___ _________
Jacksonville___________
Peasacola_______ ______ ........
Total____________
Receipts—
Rosin (2):
Savannah_____________
Jacksonville____________
Pensacola___________ ___
Total______________
Stocks—
Turpentine (1):
Savannah.................. . _ _
_
Jacksonville__________

Tennessee
1931 1930
84
110
79
110
72
91
64
100
74
108
—
—

Pig Iron
There was a further reduction of 6.0 per cent
Production in total production of pig iron in the United
States during November as against the month
before, and a decrease of 40.9 per cent compared with No­
vember a year ago. Because of the shorter month, however,
the decline in daily average output was 2.8 per cent from
October to November. Both the daily average and the
month’s total made new low records for the past ten years.
There was a further loss of three in the number of active
furnaces on December 1, compared with November 1, and a
decrease of 40 compared with the number active a wear ago.
Alabama production of pig iron declined 9.3 per cent, and
the daily average output decreased 6.3 per cent, from Octo­
ber to November, and was 39.2 per cent smaller than in No­
vember last year. November also registered a new low level
in Alabama for the past ten years, being smaller than for
any other month since September 1921. There was a loss
of one in the number of Alabama furnaces active on Decem­
ber 1, compared with a month earlier, and a decrease of four
compared with the corresponding time a year ago. Press
reports indicate that shipments during November were pos­
sibly a little smaller than production and some of the fur­
naces have added to their yard stocks. Melters continue to
buy only for immediate requirements, and the year-end ta­
pering off in foundry melt appears to have begun earlier
than usual. Quotations for district delivery continue at $12
per ton.
Cumulative production in the United States during the first
eleven months of 1931 has amounted to 17,294,789 tons, a de­
cline of 41.8 per cent from the total of 29,733,415 tons pro­
duced in that period of 1930, and in Alabama cumulative
output has amounted to 1,591,823 tons, smaller by 27.9 per
cent than the total of 2,208,684 tons for the same part of
last year. Comparisons for the month are shown in the table.
Nov. 1931 Oct. 1931 Nov. 1930
United Sta' es:
Production—
tons------ ------ ____
A
verage per day—
tons_____ ____
♦A furnaces_________ ____
ctive
Alabama:
Production—
tons------------ ____
Average per day—
tons_____ .........
♦Active furnaces_________ ____
’
"-First of follow month.
ing

1,103,472
36,782
67

1,173,283
37,848
70

1,867,107
62,237
107

86,408
2,860

95,282
3,074
7

142,186
4,740

6

10

Naval There was a further seasonal decline in receipts of
Stores both turpentine and rosin at the three principal
naval stores markets of the district in November,
and receipts of turpentine were 17.6 per cent, and of rosin
11 per cent, less than in November a year ago. November
receipts of both commodities were the smallest for that
month of any year since 1925, and for the season to date,
April through November, turpentine receipts have been
smaller than for that part of the previous four seasons, and
rosin receipts have been smaller than for that part of fhe
past two seasons. Notwithstanding these smaller receipts,
stocks of both commodities at three parts at the end of No­
vember were greater than at the same time of any other re­
cent year. Quotations published in the Naval Stores Review
indicate that after declining to 30 cents on October 13, the
price of turpentine rose to 36% cents on November 19, but



Total______________
Stocks—
Rosin ( 2 ) :
_
Savannah______ _ _
Jacksonville _ ____
Pensacola_ _______
Total__________
(1) Barrels of 50 gallons.
(2) Barrels of 500 pounds.

Nov. 1931 Oct. 1931 Nov. 1930
14,401
11,840
9,597
13,305
12,827
3,143
3,440
30,849
28,107
12,155

57,976

497,438

44,297
46,156
10,704
101,157

48,9-56
44,751
13,727
107,414

36,759
59,215
24,979
120,953

26,860
37,377
31,623
95,860

231,365
203,002
31,099
465,466

174,577
113,853
34,712
323,142

(Continued from Page 1)
some increased with-drawals of currency, part of which has
begun to return. Loans and investments of member banks
in leading cities continued to decline and on December S
were $370,000,000 smaller than four weeks earlier. The de­
crease was equaUy divided between the banks’ loans and
their investments. Deposits of these banks, both demand and
time, also showed a decrease, with a consequent reduction
in required reserves. Money rates in the open market showed
little change from the middle of November to the middle of
December. Rates on prime commercial paper continued at
3% to 4 per cent, while rates on 90 day bankers accept­
ances advanced from 2% to 3 per cent on November 25.

s

M O N T H LY

R E V IE W

MONTHLY INDEX NUMBERS
The following index numbers, except those of wholesale prices, are computed by the Federal Reserve Bank of At­
lanta 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 re­
ported 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 priod 1923-25 as represented by 100.
DEPARTMENT STORE TRADE 6th
DISTRICT
Atlanta ................ ......... ........... _«------ -----Birmingham_____ _________ _______
Chattanooga___________ __________
Nashville.__________ ______ _____
New Orleans__________ _________ ___
Other Cities__________________ _____
DISTRICT________ _______________

Sept.
1931

Oct.
1931

Nov.
1931

Sept.
1930

Oct.
1930

Nov.
1930

129.2
67.2
56.6
70.4
65.8
64.4
75.2

167.8
88.0
90.9
101.0
87.8
82.7
101.1

135.3
70.4
64.9
79.5
78.1
71.0
84.3

167.3
89.6
68.5
93.3
79.6
76.6
90.0

203.9
105.8
102.0
122.6
100.1
101.2
115.0

156.1
88.6
72.0
98.9
96.3
85.1
96.5

WHOLESALE TRADE 6th DISTRICT
Groceries.......... ............ ................................
Dry Goods.................. .......................... .........
Hardware____ ____________________
Furniture___________ _________ —
Electrical Supplies__________________
Shoes_________________________
Stationery_________ ______________
Drugs____ ____________________ ___
TOTAL______ -___________________

58.1
55.2
56.8
55.8
■68.9
54.8
55.0
81.0
59.0

60.2
63.1
58.2
52.7
68.6
55.4
65.9
75.2
60.8

55.1
53.2
52.7
43.4
58.6
56.1
40.0
67.0
54.0

73.6
75.3
69.6
84.0
68.1
71.9
72.9
97.2
73.9

78.6
88.5
80.6
83.0
77.2
82.9
86.7
99.6
81.9

64.1
61.6
63.6
54.6
76.4
62.3
59.6
81.0
64.8

LIFE INSURANCE SALES 6th DISTRICT
Alabama__________________________
Florida------------------------------Georgia------- --------------------------------Louisiana----------- ----------- ------------Mississippi___________ — .......... ...........
Tennessee _______ ______________
TOTAL__________________________

63.7
72.7
75.4
72.1
47.8
70.0
68.8

57.9
69.9
78.7
75.3
57.3
72.2
70.2

61.1
89.4
77.5
76.5
55.0
74.5
73.7

75.3
82.2
83.8
95.4
58.7
80.6
80.9

76.9
86.9
90.9
83.8
75.3
101.5
88.2

71.9
76.9
86.8
87.1
64.0
81.2
76.8

BUILDING PERMITS 6th DISTRICT
Atlanta.__________ ____ _________
Birmingham_______ ______________
Jacksonville___ _______________ _____
Nashville________ — — ------- —
New Orleans _______________________
(15) Other Cities___________________
DISTRICT (20 Cities)_______________

16.6
7.2
12.6
17.5
40.1
20.7
19.8

13.6
4.3
25.7
58.2
9.4
17.3
17.1

14.0
9.0
13.5
79.0
9.5
36.2
27.2

46.4
11.2
37.6
35.4
14.3
25.4
26.6

67.2
12.6
25.2
53.8
61.0
20.0
32.2

10.8
5.0
10.8
18.1
42.3
16.4
17.9

CONTRACTS AWARDED 6th DISTRICT
Residential________________________
All Other_________________________
TOTAL__________________________

17.2
53.7
39.1

13.1
48.1
34.1

11.1
20.4
16.7

20.9
50.1
38.4

20.1
45.9
35.6

17.0
63.9
45.2

WHOLESALE PRICES U. S. (*)
ALL COMMODITIES_______________
Farm Products----- ------- ----------- ------Foods___________________ _____—
Other Commodities_______— ----------Hides and leather products-------- ------Textile products__________________
Fuel and lighting__________________
Metals and metal products------- --------Building materials_________________
Chemicals and drugs-------------- --------Housefumishing goods______________
Miscellaneous---------- --------------- —

69.1
60.5
72.9
72.0
84.8
62.9
63.3
87.2
74.9
74.8
84.7
58.4

68.4
58.8
72.6
71.4
82.2
61.5
63.4
86.5
74.3
74.1
83.2
59.0

68.3
58.7
70.9
71.8
81.3
60.7
65.0
86.2
74.0
74.7
83.1
59.7

84.2
85.3
89.2
82.8
99.1
75.5
76.3
91.8
86.4
86.6
95.4
69.7

82.6
82.6
88.6
81.5
96.5
73.8
75.1
90.4
85.8
86.0
95.3
68.8

80.4
79.3
85.7
80.1
94.0
73.3
71.8
90.2
85.6
85.2
95.2
67.8

91.2
107.6
103.7
142.0
151.2
55.2
90.8

90.9
108.5
103.1
138.3
150.9
52.3
165.0

84.4
102.7
96.1
128.4
131.8
44.0
174.2

77.6
90.1
91.4
109.8
128.9
50.1
146.9

87.4
101.0
102.7
138.2
148.5
57.6
163.4

81.6
95.3
93.9
121.3
26.8
51.5
147.7

39.1
41.1

39.3
41.0

36.9
37.2

76.2
69.7

72.5
63.6

62.5
61.2

65.9

65.3

61 .4

71.7

72.9

76.2

COTTON CONSUMED:
United States— --------- -------------------Cotton-Growing States--------------- ------Georgia-------------- ----------------------Alabama_____ _ ------------------ -Tennessee___- __________ ________
All Other States____________ ______
Exports___________ _________ ____
PIG IRON PRODUCTION :
United States-------------------------- ------ Alabama------------------ ----------- ------- UNFILLED ORDERS—U. S. STEEL
V CORPORATION......................................... .

(*) Compiled by the Bureau of Labor Statistics. Base 1926-100.