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M O N T H L Y R E V I E W 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.
