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MONTHLY REVIEW
O f Agricultural, Industrial, Trade and Financial
Conditions in the Sixth Federal Reserve District

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(Compiled F ebruary 18, 1929)
This review released fo r publication in
th e m orning papers of March 1.

ATLANTA, GA., F eb ru ary 28, 1929

VOL. 14, No. 2

NA TIO N AL SUMMARY O F B U SIN ESS CONDITIONS
M anufacturing and m ining increased in Ja n u a ry and
th e first p a r t of F eb ru ary w hile building continued to de­
cline. W holesale com modity prices rose slightly. Re­
serve bank credit declined betw een th e middle of Ja n u ­
a ry and th e middle of F eb ru ary reflecting chiefly a r e ­
duction in reserve balances of m em ber banks.
Production

In d u strial production increased in Ja n u a ry
and continued to be la rg e r th a n a year
ago. O utput of pig iron, steel ingots, and autom obiles
w as in record volume fo r Ja n u a ry . The h igh r a te of
steel activ ity reflected la rg e purchases from autom obile
m an u factu rers and also increased dem and from railroad s.
Domestic o utput of refined copper w hile continuing in
larg e volume, w as som ew hat low er in Ja n u a ry th a n in
December. A ctivity of te x tile m ills increased consider­
ably in Ja n u ary . In th e m ineral group, o utput of copper
ore, bitum inous coal and petroleum w as exceptionally
larg e, and an th ra cite coal and tin also increased in th e
first p a r t of F eb ru ary . P relim inary rep o rts indicate th e
m aintenance of a high level of in d u strial activity. Steel
plan ts operated a t a high percentage of capacity; th e out­
p u t of coal continued larg e and em ploym ent in D etro it
facto ries increased. The production of petroleum , how­
ever, declined slightly in th e middle of F eb ru ary . Build­
ing activ ity declined in Ja n u a ry fo r th e th ird successive
m onth, reflecting p rim a rily a larg e reduction in aw ards
fo r residential building, while com m ercial building aw ards
increased som ew hat. The value of building contracts le t
during th e first six w eeks of th e y ea r w as substan tially
low er th a n in the corresponding period of eith er 192 8 or
1927.
T rade

Shipm ents of fre ig h t b y ra il increased d u r­
ing Ja n u a ry and th e first tw o w eeks of
F eb ru ary and w ere la rg e r th a n a y ea r ago. The increase
during J a n u a ry reflected p rim a rily la rg e r shipm ents of
PERCENT

coal and coke and livestock. Sales b y w holesale firm s
w ere seasonally la rg e r in J a n u a ry and above th e level of
a y ea r ago. D ep artm en t sto re sales declined less th a n is
usual a t th is season and w ere considerably la rg e r th a n in
Ja n u a ry 1928.
Prices

The g en eral level of wholesale prices rose
som ew hat in Ja n u ary . P rices of g rain s,
livestock, and m eats advanced, and th e re w ere also price
advances in steel, autom obiles an<^ copper. A decrease in
th e group index fo r building m aterials reflected reduc­
tions in th e prices of lum ber and brick, an<| prices of p ig
iron, silk, cotton and petroleum also declined. A m ong th e
raw m aterials, ru b b er advanced sh arp ly in price, w hile
silk, cotton and hides declined. D uring th e first h a lf of
F eb ru ary , th e price of copper advanced to a new high
level, and th e price of ru b b er continued to rise. A m ong
th e ag ric u ltu ral commodities, prices of w heat, corn and
hogs rose, w hile su g a r and cattle declined slightly.
Bank C redit

On F e b ru a ry 20 to ta l loans and invest­
m ents of m em ber banks in leading ci­
ties w ere n early $ 90 ,0 00 ,00 0 sm aller th a n in th e middle
of Ja n u a ry , owing chiefly to reductions in th e b anks’ in ­
vestm ent holdings. A fte r th e first w eek in F eb ru ary , se­
curities loans declined, w hile all o th e r loans, larg ely com­
m ercial, increased som ew hat in F eb ru ary . D uring th e
five w eeks ending F eb ru ary 20, decline in th e rese rv e b al­
ances of m em ber banks, to g e th er w ith a considerable in­
flow of gold from abroad and some fu rth e r decline in th e
dem and fo r currency, w ere th e chief facto rs accounting
fo r a decline of $ 17 3,00 0,0 00 in th e volume of reserv e bank
credit in use. A la rg e decline in reserve bank holdings of
acceptances and U nited S tate s securities w as offset in
p a r t by a sm all increase in th e volume of m em ber bank
borrow ing. Open m a rk e t ra te s on bankers acceptances
and com m ercial p ap er advanced w hile ra te s on collateral
loans showed little change.
PERCENT

)' ..... .... ....

INDUSTRIAL PROIAUCTION

120

f

100

80

80

60

60




WHOILESALE PIRICES

120 110k

100

1929
1926
1927
1926
J925
Index numbers of production of manufactures and minerals com
­
bined, adjusted for seasonal variations (1923-1925 average—100).
Latest figure, January 117.

PERCENT

......... . " 1

1
1

100

1 |
1

3

90

80
1925

1926

1927

1928

------- — e
1929

Index of United States Bureau of Labor Statistics. (1926—100, base
adopted by bureau). Latest figures January 97.2.

M ONTHLY R EV IEW

2

PER C EN T

7

Monthly averages of daily figures for 12 Federal Reserve Banks.
L atest figures are averages of first 23 days in February.

M onthly rates in the open m arket in New Y ork: commercial paper
rate on 4- to 6 -month paper and acceptance rate on 90-day bankers’
acceptances. L atest figures are averages of first 23 days in February.

SIX TH D ISTRICT SUMMARY

R eports of the D ep artm en t of A g ricu ltu re indicate th a t
the num ber of fa rm anim als on th e fa rm s in th is dis­
tric t on Ja n u a ry 1 th is y ea r w as sm aller th a n a y ea r ago,
b u t th e ir value w as 3.4 p er cent g re a te r th a n fo r J a n u a ry
1928.
R E T A IL TRA D E
M erchandise d istribution a t re ta il in th e six th d istric t
declined in Ja n u a ry as com pared w ith th e seasonally high
level reached in December b u t w as som ew hat g re a te r th an
a y ear ago. Stocks of m erchandise declined com pared
w ith a m onth and a y ea r ago, and th e r a te of tu rn o v er
w as the sam e in J a n u a ry th is y ea r as la st. J a n u a ry sales
by 45 rep o rtin g d ep artm en t sto res averag ed 2.9 p er cent
g re a te r th a n in Ja n u a ry 1928, increases shown fo r A tla n ­
ta , B irm ingham and New O rleans m ore th a n offsetting in
the d istric t average decreases from o th er points. Stocks
on hand a t the end of Ja n u a ry w ere sm aller th a n a m onth
earlier, except a t C hattanooga, an d w ere less th a n a t th e
end of J a n u a ry 1928 except a t N ashville. A ccounts r e ­
ceivable a t th e end of Ja n u a ry decreased 10.3 p er cent
com pared w ith those fo r December, b u t w ere 4.1 p e r cent
g re a te r th a n a y ear ago. Collections d u rin g J a n u a ry
increased 19.5 per cent over those in December, and w ere
nine-tenths of one p er cent g re a te r th a n ii^ J a n u a ry 1928.
The ratio of collections during Ja n u a ry to accounts o ut­
standing and due a t th e beginning of th e m onth, fo r 33
rep o rtin g firm s, w as 34.7 p er cent. F o r D ecem ber th is
ratio w as 32.8 p er cent, and fo r Ja n u a ry 1928, 35.8 p er
cent. F o r Ja n u ary , th e ra tio of collections d u rin g th e
m onth to re g u la r accounts o u tstan d in g , fo r 33 firm s,
w as 36.7 p er cent, and th e ra tio of collections a g a in s t in ­
stallm en t accounts, fo r 8 firm s, w as 14.0 p er cent.

M erchandise distribution a t w holesale in th e sixth dis­
tr ic t averaged slightly g re a te r in Ja n u a ry th a n in Decem­
ber and w as fractio n ally la rg e r th a n in Ja n u a ry a year
ago. The volume of re ta il trad e declined in Ja n u a ry from
th e high level reached in December, but w as 2.9 per cent
g re a te r th a n in Ja n u a ry la st year. D ebits to individual
accounts, reflecting th e volume of business transaction s
settled by check, declined 1.5 per cent in J a n u a ry com­
p ared w ith December, b u t w as 11 per cent g re a te r th a n
in Ja n u a ry la st year. Follow ing the in te rest period a t the
close of th e year, savings deposits of 83 rep o rtin g banks
in th e d istrict decreased 3.7 p er cent in Ja n u ary , and w ere
4.0 p er cent less th a n a t th e sam e tim e la st year. Be­
tw een J a n u a ry 9 and F eb ru ary 13 th e re w as a sm all in­
crease in the am ount of loans to custom ers by w eekly re ­
p o rtin g m em ber banks in selected cities of the district.
D uring th is period discounts by th e F ederal Reserve Bank
of A tla n ta fo r m em ber banks declined m ore th a n th ree
m illion dollars, and holdings of bills bought in the open
m a rk e t and of U nited S tate s securities declined nearly
eleven m illion dollars. B uilding perm its issued during
Ja n u a ry declined in com parison w ith December and w ere
18.9 p er cent less th a n in J a n u a ry a year ago. Southern
Pine A ssociation sta tistics indicate th a t orders received
during Ja n u a ry by rep o rtin g m ills w ere 51.3 per cent
g re a te r th a n th e ir production during th a t m onth. The
consum ption of cotton during Ja n u a ry increased over De­
cem ber and w as 14 per cent g re a te r th a n in Ja n u a ry la st
year, and production of cotton cloth and y arn by re p o rt­
ing m ills in the sixth d istric t w as also g re a te r th a n a year
ago. Production of coal in A labam a and Tennessee d u r­
ing the la tte r p a r t of Ja n u a ry w as g re a te r tj^an a t the
sam e tim e a year ago, and the, o utput of pig iron in A la­
bam a w as 12.6 per cent g re a te r in Ja n u a ry th is year th a n
la st. W eather conditions have p erm itted some w ork to be
done by farm ers in p rep a ra tio n fo r the com ing season.

W H O LESA LE TRA D E
M erchandise d istrib u tio n a t wholesale in th e six th dis­
tric t, reflected in sales figures rep o rted confidentially by
124 firm s in eig h t different lines of w holesale trad e , w as

CONDITION OF RETA IL TRADE DURING JANUARY 1929 AT 45 DEPARTM ENT STORES IN SIXTH FEDERAL RESERVE DISTRICT
Comparison of N et Sales
Ja n . 1929 with
Ja n . 1928
A tlan ta (5)
Birm ingham
Chattanooga
Nashville (4)
New O rleans
Other Cities
D istrict (45)

________________________________
(5) -----------------------------------------( 6 ) ____________________________
-----------------------------------------------(5) ___________________________
(20) ___________________________
-------------------------------------------------

+ 12.7
-f- 6 . 8
— 3.8
— 9.6
-f- 2.8
— 2.6
-f- 2.9

Comparison of Stocks
Ja n . 31, 1929, w ith
Ja n . 31, 1928
—
—
—
+
—
—
—

7.4
7.0
3.9
1.9
4.5
3.2
4.5

Ja n . 31, 1929, w ith
Dec. 31, 1928
— 8 .1
— 1 .2
+ 0 .8
— 0.3
— 2 .0
— 2.5
— 2.7

Note: The rate of stock turnover is the ratio of sales during given period to average stocks on hand.



R ate of Stock T urnover
Ja n u ary
1928
1929
.24
.17

.28
.18

.2 1
.2 2

.2 0
.2 0

.18
.18

.19
.17

.2 0

.2 0

8

M ONTHLY R EV IEW
in slightly la rg e r volume in Ja n u a ry th a n in December
or in Ja n u a ry a y ear ago. J a n u a ry sales by these 124
rep o rtin g firm s averaged 0.8 per cent g re a te r th a n in De­
cember, and exceeded th e ir sales during Ja n u a ry a year
ago by 0.2 per cent. Com pared w ith December, decreases
in Ja n u a ry sales of fu rn itu re , electrical supplies, and s ta ­
tionery w ere a little m ore th a n offset by increases in sales
of groceries, dry goods, hardw are, shoes and drugs. Ja n u ­
a ry sales of groceries, fu rn itu re , electrical supplies and
drugs w ere g re a te r th a n in th e sam e m onth la st year, but
decreases occurred in sales of dry goods, hardw are, shoes
and statio nery. Stocks of all rep o rtin g firm s a t the end
of Ja n u a ry averaged 3.5 per cent g re a te r th a n a m onth
earlier, b ut 0.3 per cent sm aller th a n a y ear ago. Ac­
counts receivable averaged 1.0 p er cent sm aller th a n fo r
December, and 0.4 per cent sm aller th a n for Ja n u a ry 1928,
and collections decreased 7.0 per cent com pared w ith De­
cember, but w ere 2.8 per cent g re a te r th a n in Ja n u a ry
la st year.
G roceries
Ja n u a ry sales of groceries w ere g re a te r
th a n in December a t A tla n ta, Jackson­
ville and O ther Cities, but sm aller a t New O rleans and
V icksburg. The d istric t average w as an increase of 6.5
per cent over December, and 4.9 per cent over Ja n u a ry a
year ago. Stocks a t the end of Ja n u a ry decreased com­
pared w ith those a m onth earlier, but w ere 20.9 per cent
g re a te r th an a year ago. A ccounts receivable w ere slig h t­
ly g re a te r th a n fo r December, b u t sm aller th a n a year
ago, and collections showed sm all increases over both of
those periods. In th e table are shown percentage com­
parisons of reported figures.
Ja n . 1929 compared w ith :
Sales
Dec. 1928
Ja n . 1928
A tlan ta (3 firms) _..... - ------- --------------+31.0
+ 6.2
Jacksonville (4 firms) ..... ............... -......... — +H*(>
+12.8
N ew Orleans (6 firms) ------------------------- — 3.1
+ 2.9
Vicksburg (3 firms) ________ ___________ — 4.0
—19.8
+ 8.6
+ 8.3
O ther Cities (13 firms) ____________ __ _
DISTRICT (29 firms _________ _ ______ + 6.5
_
+ 4.9
— 2.8
+20.9
Stocks on hand ---+ 0.1
— 4.8
Accounts Receivable
+ 1.8
+ 0.9'
Collections ________

D ry Goods

Sales of dry goods a t w holesale during
J a n u a ry w ere g re a te r a t A tla n ta and
N ashville, but sm aller a t New O rleans and O ther Cities,
th a n in December, but all of these points show decreases
com pared w ith Ja n u a ry a y ear ago. Stocks on hand a t
the end of J a n u a ry w ere la rg e r th a n a m onth earlier, but
sm aller th a n a y ear ago, and accounts receivable and col­
lections show decreases com pared w ith a m onth and a
year ago.
Ja n . 1929 compared w ith :
Sales
Dec. 1928
Ja n . 1928
A tlan ta (3 firms)
________________ +10.8
—11.3
Nashville (3 firms)
___ _________ + 6.6
— 8.8
New Orleans (4 firms) ...... .............. ........... — 0.2
—12.3
— 8.0
Other Cities (15 firms) ________________ — 2.0
DISTRICT (25 firms) _________________
+ 0.8
— 9.1
Stocks on hand ___
+ 12.9
—19.2
Accounts receivable
— 6.8
— 3.1
Collections .............. .
—21.8
— 1.9

H ardw are

Ja n u a ry sales of H ardw are by 28 whole­
sale firm s in the d istric t averaged 6.2
p er cent g re a te r than, in December, but w ere 5.0 per cent
sm aller th a n in Ja n u a ry a y ear ago. Stocks a t the end
of Ja n u a ry w ere som ew hat la rg e r th a n a m onth earlier,
but sm aller th a n a y ear ago. Accounts receivable in ­
creased slightly over December and w ere 3.4 per cent
g re a te r th a n a y ear ago. Ja n u a ry collections w ere 10.1
p er cent less th a n in December, but slightly la rg e r th a n
in Ja n u a ry la st year.
Sales
Nashville (4 firms) ___
New Orleans (5 firms)
Other Cities (19 firms)
DISTRICT (28 firms) ..
Stocks on hand
Accounts Receivable ___________________
Collections _____________________________

F u rn itu re

Ja n . 1929 compared w ith :
Dec. 1928
Ja n . 1928
— 16.7
1.2
+ 12.7
0.7
+ 11.0
9.1
+ 6.2
— 5.0
+ 2.7
— 2.4
+ 0.4
+ 3.4
-10.1
+ 0.7

Sales of fu rn itu re by 13 rep o rtin g
wholesale firm s in Ja n u a ry averaged 3.4
per cent sm aller th an in December, bu t w ere 5.8 per cent
g re a te r th a n in Ja n u a ry la s t year. Stocks on hand and
accounts receivable increased over December, but collec­




tions declined; com pared w ith Ja n u a ry a year ago, stocks
and collections show decreases b ut accounts receivable
show an increase.

Ja n . 1929 compared w ith:
Sales
Dec. 1928
Ja n . 1928
+19.9
A tlanta (5 firms) _____________________ —16.8
Other Cities (8 firms) _________________ — 0.2
+ 3.4
DISTRICT (13 firms) ________________ — 3.4
+ 5.8
+ 9.1
— 0.9
Stocks on hand
+ 3.9
+ 2.4
Accounts receivable
—20.0
— 41.2
Collections ...... ..........

Ja n u a ry sales of electrical supplies a t
wholesale averaged 27.1 per cent less
th a n in December, but w ere 2.3 per cent
g re a te r th a n in Ja n u a ry a y ear ago. Stocks on hand, and
collections during the m onth, increased slightly over De­
cember, and w ere g re a te r th a n a y ear ago, b u t accounts
receivable show decreases in both instances.
E lectrical
Supplies

Ja n . 1929 compared w ith:
Dec. 1928
Ja n . 1928
...... —17.3
+15.5
...... —31.6
— 3.7
...... —27.1
+ 2.3

New Orleans (4 firms)
Other Cities (9 firms) ...
DISTRICT (13 firms) .
Stocks on hand
Accounts receivable
Collections ________________________________

Com parison
ing in shoes,
cities because
th ree rep o rts

0.2

-14.0
+ 2.0

+ 20.1

— 3.6
+ 19.4

of figures rep o rted by w holesale firms deal­
statio n ery and drugs are not divided by
in none of these lines w ere as m any as
received from a single city.

Jan . 1929 compared w ith :
Dec. 1928
Ja n . 1928
Shoes: Sales __________________ ___ _______
+ 3.8
— 3.5
S tationery: Sales _________________ ___ _____ — 2.0
— 8.2
D ru g s: Sales _______________ ___ __________ + 0.3
+14.6
+ 3.1
Accounts receivable _______________ +11.6
Collections ________________________ + 2.0
+ 8.4

AG RICU LTU RE
The annual rep o rt of the U nited S tates
D epartm ent of A griculture of livestock
on the farm s of the U nited S tates made as of Ja n u a ry 1
indicates few er hogs on hand th an la st year, m ore sheep,
and about the sam e num ber of cattle. The num ber of
horses on farm s continues to decline, and is now a t th e
low est point in fo rty years. The to ta l value of all live­
stock on Jan . 1, 1929, w as $5,953,000,000, com pared w ith
$ 5,513,000,000 on Ja n u a ry 1, 1928. The 1929 valuation
is the la rg e st since 1921. The increased value th is y ear,
am ounting to 8.0 per cent over 1928, w as due principally
to the m arked increase in the value per head of cattle.
F ig u res fo r the sta te s com prising the sixth district
show an increase of 3.4 per cent in the ag g re g ate value of
livestock on farm s on Ja n u a ry 1, com pared w ith a year
ago. The to ta l fo r M ississippi shows a slight decrease.
The rep o rts indicate, however, th a t fo r these six sta te s
th ere w ere few er cattle, hogs, mules and horses on farm s
th a n th ere w ere a y ear ago, while the num ber of sheep
shows an increase. In the table are shown the to ta l fig­
u res fo r these six sta te s fo r Ja n u a ry 1, 1929, com pared
w ith the corresponding date a y ear ago.
Livestock

Jan . 1, 1929
_
Alabama _______ _ ______________ $ 66,904,000
Florida ____ _____ _____ __ ________
23,026,000
Georgia _______________________ ___
76,578,000
Louisiana ________________________
43,716,000
Mississippi _______________________
65,870,000
Tennessee ________________________
90,737,000
Total six states
..$366,831,000

Florida F ru it
and T ruck Crops

Ja n . 1, 1928
$ 65,643,000
20,961,000
75,218,000
38,213,000
66,191,000
88,705,000
$354,931,000

Revised estim ates of the F lorida citru s crops of the p resen t season indi­
cate a commercial production am ount­
ing to tw enty m illion boxes, of which eight m illion boxes
will be g ra p e fru it, and tw elve million boxes oranges. This
revised estim ate is based on shipm ents to date and on
fru it still rem aining on trees.
The to ta l com mercial acreage of w hite potatoes in F lo­
rid a is estim ated a t about 22,000 acres, com pared w ith
30,350 acres la s t season. P lan tin g in the H astings sec­
tion was com pleted early in F eb ru ary , and m ost of the
crop is up to a good stand. The estim ates of acreages
indicate a 25 per cent decrease in beans, a 4 p er cent in ­
crease in cucumbers, and a 10 per cent decrease in w a te r­
melons.

4

M ONTHLY R EV IEW
COTTON MOVEMENT—UNITED STATES
Since August 1
1928
1929
1927
9,879,948
6,770,935
Receipts of all U. S. P o rts----------- 7,951,377
Overland across Miss., Ohio and
1,091,222
786,172
812,488
Potomac ric. to N. Mills & Can.
In terio r stocks in excess of those
669,419
992,755
941,367
held a t close of com’l year--------2,998,425
3,034,133
3,178,000
Southern Mills Takings, n e t------Total fo r 185 days---------------------- 12,883,232 11,548,287 14,584,722
4,626,386
5,645,700
Foreign exports ------------------------4,603,745
4,709,522
♦American Mills, N.&S.&Canada_
9,851,000
9,161,000
1,358,000
Am erican cotton thus f a r
♦of which 1,149,093 by N orthern spinners against 1,249,474 last year
and 3,560,429 by Southern spinners against 3,354,271 last year.
SUGAR MOVEMENT (Pounds)
Raw Sugar
Ja n . 1929
Dec. 1928
R eceipts:
87,730,011
New O rleans ___________ 168,714,963
21,707,298
Savannah __ _____________ 33,078,932
M eltings:
66,831,542
______ 107,985,620
New O rleans
21,707,298
______ 30,794,728
Savannah —
Stocks:
123,148,996
62,550,632
New Orleans
2,284,204
Savannah —

Ja n . 1928
64,482,359
25,163,263
77,576,944
22,049,604
23,930,630
9,129,173

Refined S ugar (Pounds)
Ja n . 1929
Dec. 1928

Ja n . 1928

89,810,385
22,247,056

76,660,466
23,744,296

72,771,367
18,974,858

55,184,829
7,626,470

39,068,040
3,868,455

58,298,625
7,874,768

Shipm ents:
New Orleans
Savannah ___
Stocks:
N ew Orleans
Savannah ___

Receipts ..
Shipm ents
Stocks —
Receipts _
Shipments
Stocks —

RICE MOVEMENT—NEW ORLEANS
Rough Rice (Sacks)
Ja n . 1929
Dec. 1928
_________________
20,454
58,800
_________________
30,325
56,129
_________________
16,223
26,094
CLEAN RICE— (Pockets)
206,269
___________
126,687
205,384
___________
146,342
___________
173,276
192,931
RICE M ILLERS ASSOCIATION STATISTICS
(Barrels)

Receipts of Rough Rice:
Season 1928-29
Season 1927-28
Distribution of Milled Rice:
Season 1928-29 ----------Season 1927-28
Stocks of Rough and Milled Rice:
F ebruary 1, 1929 -------------------------F ebruary 1 , 1928 __________________

Jan u ary
621,096
853,581

Ja n . 1928
34,899
48,275
16,106
196,367
158,323
276,291

Aug. 1 to
Ja n . 31
7,154,331
6,630,258

973,256
1,118,120

5,673,845
5,761,123

2,515,008
2,106,310

------------

F IN A N C IA L
S avings D eposits Savings deposits, reported by 83 banks
in th e sixth district, declined follow ing
th e in te re st period a t the close of th e year, and a t th e
end of Ja n u a ry w ere 3.7 per cent sm aller th a n a m onth
earlier, and 4.0 per cent sm aller th a n a y ear ago. T otals
fo r A tla n ta, and fo r F ederal Reserve B ranch cities are
shown in the table, and rep o rts from banks located else­
w here a re grouped under “O ther C ities.” D ecreases a re
shown fo r each of th e groups shown in th e statem en t,
com pard w ith December, and also com pared w ith Ja n u a ry
1928.
(000 Omitted)
Ja n .
1929
A tlan ta (7 b anks)--------- _$ 43,151
Birm ingham (4 banks)... „ 24,731
Jacksonville (5 banks) — - 26,683
Nashville ( 8 banks) — _ 25,532
New Orleans (7 banks) . _ 46,495
Other Cities (53 banks). .. 110,169
Total (83 b a n k s ) ______ - 276,761

D ebits ta
Individual
Accounts

Comparison
Comparison
Dec. Ja n . ’29
Ja n .
Ja n .
1928 Dec. ’28
1928 ’29-’28
$ 44,498 — 3.0 $ 44,819 — 3.7
26,354 — 6.2
25,013 — 1.1
27,412 — 2.7
29,373 — 9.2
26,730 — 4.5
27,793 — 8.1
50,450 — 7.8
49,215 — 5.5
111,954 — 1.6
112,004 — 1.6
287,398 — 3.7
288,217 — 4.0

The to ta l volume of debits to individual
accounts a t 26 rep o rtin g cities of th e
six th d istric t during Ja n u a ry decreased
1.5 per cent com pared w ith December,
b u t w as 11.2 p e r cent g re a te r th a n during Ja n u a ry la st
year. Seventeen of these cities reported increases over
Ja n u a ry 192 8, and nine reported decreases, as indicated in
th e table w hich follows. M onthly sta tistics are derived
from w eekly figures by p ro ra tin g figures fo r those weeks
which do not
 fa ll entirely w ithin a single calendar m onth.


(000 Omitted)
Alabama
Ja n . 1929
________
166,329
Birm ingham - ___
3,390
Dotham ... ....... ..________
42,597
Mobile ........... .........________
Montgomery _____ ________
33,650
Florida
J acksonville _____ ________
80,579
36,649
Miami __________ ________
Pensacola
_ __________
7,911
Tam pa _ •.......... _______
__
37,666
Georgia
Albany ................... ._______
4,034
A tlanta _________ ________
229,376
28,251
A ugusta ------------ _______
3,769
Brunsw ick ______ ________
16,534
Columbus _______ _______
Elberton
___ ___
1,196
Macon
_________ ________
22,966
2,386
N ew nan
_ ___ _______
_
44,590
Savannah _______ ________
5,012
_____ ________
Valdosta
Louisiana
New Orleans ____ ________
393,567
Mississippi
H attiesburg ......... _ ______
_
7,533
29,789
J ackson
................ ............... ..
Meridian ...... ...........________
18,468
.................
9,304
Vicksburg
Tennessee
59,932
Chattanooga —
....... ______
39,635
Knoxville ------------ _______
Nashville ________ _______
135,817
Total 26 Cities ______ ________ $1,460,930

Dec. 1928
164,864
4,005
48,960
30,982

Ja n . 1928
159,852
3,646
40,606
27,678

83,490
33,419
8,611
40,454

79,086
39,364
7,629
43,885

5,509
252,368
31,779
3,536
19,368
1,394
24,732
2,833
51,369
5,668

4,075
159,866
30,858
3,547
13,954
1,042
21,460
2j,451
44,061
5,549

407,594

373,714

7,400
29,450
19,840
10,386

7,818
29,283
18,395
8,935

54,437
36,137
104,056
$1,483,641

51,539
39,914
95,313
$1,313,520

W eekly rep o rts received from 30
m em ber banks located in A tla n ta,
N ew O rleans, B irm ingham , Jacksonville, N ashville, C hattanooga,
Knoxville and S avannah indicate
th a t betw een J a n u a ry 9, figures fo r w hich w ere shown in
th e Ja n u a ry Review, and F e b ru a ry 13, to ta l loans to cus­
tom ers increased $2,82 2,0 00 . D uring th is period loans on
securities increased $ 13 ,3 58 ,00 0, w hile all other loans de­
clined $ 10,566,000. U nited S tate s securities owned by
these banks increased $ 6 ,65 0,0 00 d u ring th is period, b ut
holdings of other stocks and bonds decreased $ 7,10 5,0 00 ,
and th e n et increase in to ta l loans and investm ents
am ounted to $2,36 7,0 00 . Com pared w ith figures fo r th e
corresponding re p o rt date a y ea r ago, loans and securities
on F eb ru ary 13 show an increase of $ 29 ,9 14 ,00 0, and all
other loans a decrease of $17 ,5 21 ,00 0, to ta l loans to cus­
tom ers being $ 1 2 ,3 93 ,00 0 g re a te r th a n a t th a t tim e.
H oldings of U nited S tates securities and of other stocks
and bonds w ere som ew hat g re a te r th a n a y ear ago, and
to ta l loans and investm ents show an increase am ounting
to $27 ,4 40 ,00 0. B oth dem and and tim e deposits on F eb ­
ru a ry 13 show sm all increases over those item s five w eeks
earlier, b ut decreases com pared w ith a y ea r ago. B or­
row ings from th e F ed eral Reserve B ank of A tla n ta by
these weekly rep o rtin g m em ber banks declined slig h tly
between Ja n u a ry 9 and F e b ru a ry 13, b ut w ere slig h tly
m ore th a n 2 / 2 tim es as la rg e as a y ea r ago. P rin cip al
J
item s in th e w eekly rep o rt, fo r th e th ree re p o rt d ates u n ­
der com parison, are shown in th e table.
Condition of
M ember Banks in
Selected Cities

(000 Omitted)
Feb. 13,
L o an s:
1929
On Securities __
-----------------$155,772
All O ther _____
----------------- 349,831
Total Loans
___________ 505,603
U. S. Securities
68,925
Other Stocks and Bonds ____________ 66,637
Total Loans and Investm ents. 641,165
Time Deposits _____________________ 233,530
Demand Deposits
338,490
Borrowings from F. R. B ank—
37,417

O perations of th e
F ed eral R eserve B ank

Ja n . 9,
1929
$142,384
360,397
502,781
62,275
73,742
638,798
232,530
336,911
38,159

Feb. 15,
1929
$125,858
367,352
493,210
55,408
65,112
613,725
239,375
351,807
14,270

The w eekly sta te m en ts of the
F ed eral Reserve B ank of A tla n ta
indicate th a t betw een Ja n u a ry
9, figures fo r which w ere shown in th e Ja n u a ry Review,
and F eb ru ary 13, discounts fo r m em ber banks in the
six th d istric t have declined $ 3,358,000, holdings of bills
bought in th e open m a rk e t declined $ 1 0 ,0 11 ,00 0, and hold­
ings of U nited S tates securities decreased $ 9 3 9,00 0. To­
ta l bills and securities th u s show a decrease of $14 ,3 08 ,00 0
on F eb ru ary 13, com pared w ith five w eeks ea rlier. Since
th e high peak fo r th e fa ll of 1928, on Septem ber 19, dis­
counts fo r m em ber banks have decreased slig h tly m ore
th a n $29 ,0 00 ,00 0. T otal bills and securities held on Feb-

M ONTHLY R EV IEW
ru a ry 13 w ere low er th a n fo r any other re p o rt date since
Ju ne 27 la st year. Com pared w ith figures fo r th e corre­
sponding re p o rt date la s t year, to ta l discounts fo r m em ­
ber banks on F eb ru ary 13 w ere m ore th a n double, bills
bought in the open m a rk e t show an increase of $ 8,458,000,
and holdings of U nited S tates securities w ere less th a n
h alf as g re a t, to ta l bills and securities showing an in ­
crease of $34,291,000. Cash reserves on F eb ru ary 13 w ere
nearly 1 5 ^ m illions g re a te r th a n on Ja n u a ry 9, and w ere
g re a te r th a n on any re p o rt date since May 29 la s t year,
but w ere 4 2 y2 m illions less th a n on F eb ru ary 15, 1928.
The reserve ratio on F eb ru ary 13 w as also higher th a n
fo r any re p o rt date since la s t May. T otal deposits in ­
creased over a million dollars between Ja n u a ry 9 and
F eb ru ary 13, b u t w ere nearly V /2 millions less th a n a year
ago, and F ederal Reserve N otes in actu al circulation
showed decreases com pared w ith both of those periods.
Principal item s in th e weekly sta te m en t fo r the th ree
rep o rt dates under com parison are shown in the table.
(000 Omitted)
Feb. 13,
Bills Discounted:
1929
Secured by Govt. Obligations____ $ 19,520
All Others ____________________ 37,460
Total Discounts ___________ 56,980
Bills Bought in open m arket _______ 19,760
4,249
U. S. Securities ___________________
Total Bills and Securities----- 80,989
Gash Reserves _____________________ 129,059
Total Deposits ____________________ 71,561
F . R. Notes in actual circulation___ 128,928
Reserve Ratio --------------------------------- 64.4

Ja n . 9,
1929
$ 20,480
39,858
60,338
29,771
5,188
95,297
113,584
7(,483
131,375
56.3

Feb. 15,
1928
$ 3,364
22,113
25,477
11,302
9,919
46,698
171,643
73,036
140,889
80.2

Gold M ovement

The outw ard flow of gold continued
low during Ja n u a ry , and to ta l exports
am ounted to only $1,37 8,0 00 , com pared w ith $ 1,636,000
during December, and w ith $52 ,0 86 ,00 0 in Ja n u a ry a year
ago. Im p o rts, however, nearly doubled in Ja n u a ry as
com pared w ith December.* Im ports of gold in Ja n u a ry
am ounted to $ 48,577,000, com pared w ith $ 24,940,000 in
December, and w ith $38 ,3 20 ,00 0 in Ja n u a ry a year ago.
D uring th e seven m onths period ending w ith Ja n u a ry , im ­
p o rts of gold exceeded exports by $ 27,868,000, while dur­
ing th e corresponding period a year ago, exports w ere
$ 13 9,18 7,0 00 g re a te r th a n im ports.
Com mercial
F ailu res

S tatistics compiled by R. G. Dun & Co.
indicate th a t com mercial failu res in th e
U nited S tates w ere m ore num erous, and
liabilities of failing firm s w ere g re a te r, th a n fo r Decem­
ber, and w hile the num ber of failures in Ja n u a ry w as
som ew hat sm aller th a n a year ago, liabilities w ere g re a t­
er th a n fo r J a n u a ry of la st year. F ailu res in th e sixth
d istric t in Ja n u a ry w ere m ore num erous th a n in Decem­
ber, b ut show a decrease in num ber com pared w ith Ja n u ­
a ry a y ear ago, and liabilities fo r Ja n u a ry w ere m ore
th a n double those fo r December, and m ore th a n th ree
tim es as larg e as in Ja n u a ry 1928. F ig u res fo r the U n it­
ed S tates divided by F ederal Reserve D istricts are shown
in th e table.
D istrict
Boston
New York _
Philadelphia .
Cleveland —
Richmond —
A t l a n t a -----Chicago -----St. L o u i s __
M inneapolis
Kansas City
Dallas
San Francisco
Total

Num ber
J a n . 1929
292
566
155
196
170
130
325
171
56
144
58
272
2,535

Liabilities
J a n . 1929
$ 4,388,504
16,425,504
3,818,782
4,636,425
2,165,331
4,169,506
5,163,260
3,052,720
696,709
1,274,219
1,079,739
7,006,446
$53,877,145

Liabilities
Dec. 1928
$ 2,957,716
17,565,254
2,350,456
1,393,859
1,860,640
1,297,602
4,653,717
1,477,300
447,700
2,028,396
839,808
3,901,707
$40,774,160

L iabilities
J a n . 1928
$ 4,909,450
14,371,229
1,435,695
5,995,461
3,192,930
1,203,497
5,629,352
3,858,852
552,950
1,605,887
1,767,713
3,111,395
$47,634,411

IM PORTS AND EX PO RTS
P relim inary figures compiled by the
U nited S tates D epartm ent of Commerce
indicate th a t in Ja n u a ry both exports and im ports in­
creased over December, and w ere g re a te r th a n in the
same m onth a y ea r ago. Ja n u a ry exports w ere sm aller
th a n those fo r O ctober and N ovem ber 1928, bu t w ere
g re a te r th a n fo r any other m onth d uring th e p a st fo u r
y ears. E x p o rts in Ja n u a ry exceeded im ports by $120,000,0 00, com pared w ith an excess of $ 72 ,8 62 ,00 0 in Ja n u a ry a
y ear ago, and fo r the seven m onths period ending w ith
Ja n for FRASER
Digitized u ary , exports exceeded im ports by $86 4,86 1,0 00 , com­
U nited S tate s



pared w ith an excess of $51 0,37 7,0 00 fo r th e sam e period
a y ear ago. P relim in ary figures fo r Ja n u ary , w ith com­
parisons, are shown in th e table.
E x p o rts:
1929
Ja n u ary ---------------------------------------$ 491,000,000
December (1928-27) _____________
475,602,000
7 months ending w ith Ja n u a ry ___ 3,241,132,000
Im p o rts:
Ja n u ary ---------------------------------------$ 371,000,000
December (1928-27) _____________
339,142,000
7 months ending w ith J a n u a r y _ 2,376,271,000
_

1928
$ 410,778,000
407,641,000
2,909,861,000
$ 337,916,000
331,234,000
2,899,484,000

New O rleans

M erchandise to th e value of $15 ,2 29 ,18 0
w as im ported into th e U nited S tate s
th ro u g h th e p o rt of New O rleans during Novem ber 1 928,
th e la te st m onth fo r which detailed sta tistics a re avail­
able, com pared w ith $ 15 ,6 02 ,62 7 fo r October, and w ith
$ 13 ,796,468 fo r Novem ber 1927. Novem ber 1928 im ports
w ere sm aller th a n fo r th a t m onth of 1926, b u t w ere g re a t­
er th a n fo r Novem ber 1923, 1924, 1925, o r 1927.
E x p o rts th ro u g h th e p o rt of New O rleans d u ring No­
vem ber 1928 totaled $41,528,079, com pared w ith $31,247,584 fo r October, and w ith $28 ,8 75 ,56 8 fo r Novem ber 1927.
G rain E x p o rts—New O rleans
E xports of g rain th ro u g h the p o rt of New O rleans con­
tinue to show su b stan tial increases over those of a y ear
ago, because of th e la rg e r m ovem ent of corn and barley.
E x p o rts of w heat, oats, and ry e a re sm aller th a n a y ear
ago. F ig u res fo r Ja n u a ry , and fo r the season from Ju ly
1 to Ja n u a ry 31, com pared w ith corresponding periods
a year ago, are shown in th e table.
Season July 1 to Ja n . 81
Ja n . 1929
Ja n . 1928
1928-29
1927-28
W heat, bu. ____ 160,920
596,216
4,745,499
7,061,247
Corn, bu________ 3,907,141
186,046
7,618,832
1,226,192
Oats, bu. ---------- 44,605
53,060
320,724
567,023
Barley, bu------------ 120,252
_______
3,066,119
_______
Rye, bu. ----------------------------------- 135,857_______ 256,031_______ 467,919
Total bu. --.4,232,918
971,179
16,007,205
9,322,381

BU ILDIN G
P erm its issued during Ja n u a ry a t tw en ty reg u la rly re ­
p o rtin g cities of th e six th d istric t declined 40 p er cent
in ag g re g ate volume com pared w ith p erm its issued in
December, $nd w ere 18.9 p er cent less th a n to ta l figures
fo r Ja n u a ry a y ear ago. The index num ber fo r Ja n u ary ,
based upon m onthly averages fo r th e th ree-y ear period
1923-25, w as 62.1, com pared w ith 1 03.7 fo r December, and
w ith 73.3 fo r Ja n u a ry 1928. Seven of these tw en ty cities
reported increases over Ja n u a ry a y ear ago, and th irte en
rep o rted decreases.
The to ta l value of contracts aw arded in th e 37 sta te s
e a st of th e Rocky M ountains during Ja n u a ry w as 409,9 67,900, sm aller by 5.3 p er cent th a n fo r December, and
4.0 p er cent sm aller th a n fo r Ja n u a ry 1928. Of th is to tal,
$ 138,06 8,6 00 , or 34 p er cent, w as fo r resid en tial buildings;
$ 100,378,000, or 25 p er cent, w as fo r com mercial buildings,
17 p er cent w as fo r public w orks and utilities, and 16
p er cent fo r in d u strial projects.
In the table are shown building p erm its issued a t th e
tw en ty reg u la rly rep o rtin g cities of th is d istrict during
Ja n u ary , com pared w ith the sam e m onth a y ear ago,
and index num bers ap p ear on page 8.
P ercentage
Ja n u ary 1929
Ja n u a ry 1928
change in
Alabam a
Number
Value
Num ber
Value
Value
A nniston _____ 16
$24,200
20
$79,680
— 69.6
869,866
424
1,707,682
— 49.1
Birm ingham _ 354
Mobile _______
65
94,278
69
128,500
— 26.6
Montgomery _ 167
192,253
181
454,509
— 57.7
Florida
Jacksonville .... 293
423,915
359
776,952
— 45.4
Miami _______ 205
159,208
197
152,772
+ 4.2
Orlando ..... ........... ....
47,825
86
117,040
— 59.1
Pensacola ___
95
45,353
67
70,514
— 35.7
Tam pa ______ 239
385,391
361
256,405
+ 50.3
*Lakeland ____
6
1,350
13
103,000
— 98.7
*Miami Beach
40
80,150
36
258,650
— 69.0
Georgia
A tlanta ______
187
2,014,307
2961,396,150
+ 44.3
A ugusta _____
117
84,718
23
197,201
— 57.0
Columbus ____
50
110,919
58157,602
— 29.6
Macon _______
141
158,393
118
314,375
— 49.6
Savannah ____
24
62,080
48
138,090
— 55.0
Louisiana
N ew Orleans .. 192
1,138,580
160
842,970
- f 35.1
A lexandria ------ 53
73,630
81
61,868
-j- 19.0

M ONTHLY R EV IEW

6

Tennessee
185
Chattanooga _ 197
122,071
Johnson City _
26
212,200
150
102
390,996
Knoxville ____
204
Nashville ____
100
378,292
Total 20 Cities ___ 2,702
$6,988,475
309i
Index No....................
62.1
♦Not included in totals or index numbers.

639,509
19,230
341,532
392,885

— 80.9
+1003.5
+ 14.5
— 3.7

5,245,416
73.3

— 18.9

LUM BER
P relim inary rep o rts fo r Ja n u a ry received from sub­
scribing m ills by th e Southern' Pine A ssociation up to th e
middle of F eb ru ary indicate th a t w ith the tu rn of th e
y ear th e re w as a resum ption of active buying of lum ber
follow ing the low level recorded a t th e inventory period
a t th e close of th e year. O rders booked during Ja n u a ry
by 109 rep o rtin g m ills exceeded th e ir production during
th e m onth by 51.3 p er cent; in December, orders w ere 9.8
per cent sm aller th a n output, and in J a n u a ry la s t year
orders exceeded production by* 13.9 per cent. Ja n u a ry p ro­
duction by these rep o rtin g m ills w as 2.1 per cent sm aller
th a n th e th ree-y ear average production; in December
production w as 13.0 per cent below the th ree-y ear a v e r­
age, and in Ja n u a ry a y ear ago output w as 7.8 per cent
less th a n the th ree -y e ar average. Stocks on hand a t th e
end of Ja n u a ry w ere 7.4 per cent less th a n th e th ree-y ear
relativ e stockst fo r these m ills; in December 13.0 per cent
less, and in Ja n u a ry 1928 stocks w ere 8.5 per cent g re a te r
th a n th e th ree -y e ar relative stocks. Unfilled orders on
hand! a t the end of Ja n u a ry am ounted to 77.8 per cent of
a m o n th s o utput a t the ra te w hich prevailed during th a t
m onth. In th e table are shown prelim inary figures r e ­
po rted fo r Ja n u a ry , com pared w ith the preceding m onth
and th e sam e m onth a y ear ago.
Ja n . 1929
(feet)
109 mills
Orders ______ __ __________ 407,929,293
Shipm ents _________________ 396,438,188
Production _______________ 269,648,025
3 Y ear Average Production
275,553,652
Stocks, end of m onth _____ 653,628,401
3-Year Relative Stocks ___ 705,582,281
Unfilled orders, end of mo. 209,759,590

Dec. 1928
97 mills
207,890,074
209,558,791
230,556,943
265,418,469
591,029,779
679,869,408
187,689,978

Ja n . 1928
109 mills
314,012,267
281,452,283
275,598,040
293,850,958
802,558,825
739,711,017
235,991,920

T EX T IL E S
Cotton
Consum ption

S tatistics compiled and published by the
U nited S tate s B ureau of the Census in ­
dicate th a t th e consum ption of cotton in
th e U nited S tate s during J a n u a ry increased 25 per cent
over December, to a level g re a te r th a n fo r any m onth
since M arch 1927. J a n u a ry consum ption w as 14 per cent
g re a te r th a n in th e corresponding m onth a y ear ago.
Stocks of cotton in consum ing establishm ents a t th e end
of Ja n u a ry and a t com presses w ere sm aller th a n fo r
eith er of those periods. Ja n u a ry exports declined season­
ally com pared w ith th e preceding m onth, bu t w ere 10.7
p er cent g re a te r th a n in Ja n u a ry 1928. The num ber of
spindles active during J a n u a ry w as g re a te r by 135,380
th a n in D ecem ber, and w as g re a te r th a n fo r any m onth
since M arch of la st year, b u t showed a decrease of 959 ,1 94
com pared w ith those active in Ja n u a ry 1928.
United S tates (Bales)
Cotton Consumed:
668,389
L in t ____
_____________
68,552
L inters ..................... ...............
Stocks in Consum. E stab lishm ts:
1,767,742
L in t ........................................
L inters __________________
202,736
Stocks in Public Storage and
a t Compresses:
L in t _____________________ 4,615,337
82,516
L inters __________________
E xports
___________ __________
788,645
54,939
Im ports
_____________________
Active Spindles ---------------------- 30,757,552

Cotton
Stocks
Stocks
Active

534,352
59,555

586,142
56,138

1,470,892
176,567

1,708,646
226,576

5,315,411
65,962
1,058,013
39,630
30,622,172

5,013,611
58,990
712,129
41,445
31,716,746

Cotton Growinsr States (Bales)
Ja n . 1929
Dec. 1928
Consumed ___ __ _______
508,537
405,315
in Con. E stablishm ents_ 1,321,853
1,335,692
in Pub. Stor. and a t Cmp. 4,411,348
5,147,637
Spindles ............................ . 17,995,096
17,931,892

Ja n . 1928
438,977
1,170,909
4,708,667
17,871,158

Cotton Cloth

R eports fo r J a n u a ry w ere rendered to
th e F ed eral Reserve Bank by cotton
m ills in th e six th d istric t which during th a t m onth p ro ­
duced 2 1.6 m illion yards of cotton cloth, an o utput some­
w h at sm aller th a n w as produced during December by




these m ills, b u t considerably la rg e r th a n th e ir production
in Ja n u a ry a y ea r ago. O rders booked during Ja n u a ry ,
and shipm ents fo r th e m onth show increases over th e
preceding m onth and the corresponding m onth a y ear
ago. Unfilled orders decreased in com parison w ith those
on hand a m onth earlier, b u t w ere g re a te r th a n a y ear
ago, and stocks on hand show declines com pared w ith
both of th e periods under com parison.
Ja n . 1929 compared w ith :
Dec. 1928
Ja n . 1928
— 5.4
+22,3
+ 3.2
+10.6
+ 8.5
+ 6.9
— 3.7
+31.3
— 4.0
—16.2
+ 0.0
+ 3.9

Production _______________________________
Shipments _____________________ __________
Orders booked ___________________________
Unfilled orders ____________ _ ___________
_
Stocks on hand __________________________
Number on payroll ______________________

Cotton Y arn

Confidential rep o rts w ere also received
fo r J a n u a ry from m ills in th e d istric t
which m anufactured 7,893,000 pounds of y arn , an o u tp u t
g re a te r th a n in th e preceding m onth or th e sam e m onth
a y ear ago. O rders booked d u ring th e m onth, shipm ents,
and num ber of w orkers on payrolls showed increases
com pared w ith both of those periods. Unfilled orders on
hand ali the end of the m onth w ere sm aller th a n a m onth
earlier, b u t g re a te r th a n a y ea r ago, while stocks on hand
increased over those on hand a t the end of D ecember, b u t
w ere sm aller th a n a y ear ago.
Ja n . 1929 compared w ith :
Dec. 1928
Ja n . 1928
+ 13.8
+ 23.8
+ 5.5
+20.4
+27.3
+ 6.6
—10.6
+ 7.8
+17.2
—22.2
+ 3.3
+10.9

Production _______________________________
Shipments ________________________________
Orders booked ___________________________
Unfilled orders ____ __ ___________________
Stocks on hand ___________________________
Num ber on payroll _______________________

Cotton Seed and Cotton Seed
Products
(1) Sixth D istrict
U nited States
Aug. 1 to Ja n . 31
Aug. 1 to
Ja n . 31
1928-29
‘1927-28
1928-29
1927-28
Cotton Seed, Tons:
Received a t mills ___ 1,401,998
1,323,681
4,696,521
4,251,921
Crushed ___________ 1,066,789
1,113,775
3,716,517
3,580,215
On H and ---------------339,912
236,370
999,136
760,990
Production j
Crude Oil, lbs___ ____348,740,327 359,811,474 1,157,382,415 1,118,997.136
Cake and Meal, tons
461,589
480,597
1,666,224
1,594,389
Hulls, tons _______
295,100
.324,833
1,003,470
1,017,325
L inters, bales _____
225,374
196,770
777,525
658,056
Stocks:
(2)
(2)
Crude Oil, lbs. -------- 18,106,040
38,686,702 89,277,632 139,910,608
Cake and Meal, tons
83,145
52,906
237,067
176,416
36,364
36,266
162,958
185,872
Hulls, tons ------------L inters, bales _____
60,208
42,366
215,618
155,972
(1) Georgia, Alabam a, Louisiana, and Mississippi.
(2) Not including stocks held by refining and m anufacturing estab­
lishm ents, and in tra n s it to refiners and consumers.

H osiery

F ig u re s rep o rted to th e U nited S tate s Census
B ureau by 39 identical establishm ents m anu­
fac tu rin g hosiery in the six th d istric t show increases
over the preceding m onth in production, orders, and in
oth er rep o rted item s, as indicated in th e table.
Production ___
Shipments ____
Stocks on hand
Orders booked
Cancellations _
Unfilled orders

(Dozen P airs)
Ja n . 1929
Dec. 1928
___ _____ _____________ 856,468
638,166
----------------------------------- 792,457
745,267
----------------------------------- 1,810,623
1,709,899
----------------------------------- 875,735
698,526
---------------------------------35,124
25,267
---------------------------------967,196
933,551

COAL
P relim in ary sta tistics compiled by th e U nited S tates
B ureau of Mines indicate th a t th e to ta l production of
bitum inous coal in th e U nited S tate s during Ja n u a ry 1929
am ounted to 5 1,48 5,0 00 tons, and w as g re a te r th a n fo r any
other m onth since M arch 1927. J a n u a ry production, ac­
cording to th e p relim in ary figures, exceeded o u tp u t in
December by 18.7 p er cent, and w as 16.5 p er cent g re a te r
th a n in J a n u a ry a y ear ago. T here w ere 25.4 w orking
days in J a n u a ry com pared w ith 25 in December, and w ith
25.3 in Ja n u a ry 1928. The daily averag e o u tp u t per
w orking day in J a n u a ry w as 1,950,000, tons g re a te r by
12.4 p er cent th a n th e daily average of 1,735 ,0 0 0 tons in
December, and 11.6 p er cent g re a te r th a n th e daily av ­
erage of 1,747 ,0 0 0 fo r Ja n u a ry a y ear ago. W eekly fig­
u res fo r the U nited S tate s since the beginning of th e
y ear have continued g re a te r th a n fo r th e corresponding
weeks a y ear ago. In A labam a and Tennessee produc­

M ONTHLY R EV IEW
tion during th e first tw o weeks w as sm aller th a n a y ea r
ago, b u t output fo r succeeding w eeks has been g re a te r.
The to ta l production fo r th e 258 w orking days of the
cu rren t coal year, 1928-29, A pril 1 to F eb ru ary 2, am ount­
ed to 4 1 8 ,1 98 ,00 0 tons, com pared w ith 3 96 ,347,000 tons
produced during the corresponding p a r t of the previous
coal year.
W eekly production figures fo r th e U nited S tates, and
fo r A labam a and Tennessee, th e coal producing sta te s of
th is d istrict, a re shown fo r recent w eeks com pared w ith
corresponding w eeks a y ea r ago,
(000 Omitted)
U nited States A labam a
1929
1928
1929 1928

Tennessee
1929
1928
Week E nded:
........ .............. 9,854
9,848
324 338
105
103
Ja n . 5 _
Ja n . 12 ...... ................ 11,670 10,865
346 375
113
116
Ja n . 19 ___________ 11,886
9,724
341 335
136
113
Ja n . 26 ___________ 11,771 10,121
337 327
117
105
Feb. 2 ........................ 11,675 10,105
340 332
120
108
Feb. 9 ............. ........... 12,090 9,749
........... ..... ................................. -

C o n s u m e d stocks of bitum inous coal on Ja n u a ry 1,
1929, according to sta tistics compiled by the B ureau of
Mines, am ounted to 41,80 0,0 00 tons. On October 1, 1928,
th e date of th e la st survey, th e stocks w ere 4 1,10 0,0 00
tons. In October production exceeded consum ption and
stocks increased 1,3 00 ,0 0 0 tons, reaching 4 2,40 0,0 00 tons
on N ovem ber 1. T h erea fter production declined while
consum ption increased. P re sen t stocks are som ew hat be­
low those a t th e corresponding seasons of 1924, 1925, 1926
and 1927, b u t are above those of 1923.
IRON
According to sta tistics compiled and published by the
Iro n A ge, th e daily average ra te of pig iron production
in th e U nited S tates fo r Ja n u a ry 1929 w as th e highest
fo r th a t m onth of any year. T otal output of pig iron d u r­
ing Ja n u a ry am ounted to 3,442,370 tons, g re a te r by 2.2
p er cent th a n fo r December, and 20.0 p er cent g re a te r
th a n in J a n u a ry of la st year. The daily average ra te of
o u tp u t am ounted to 1 11,044 tons, th e h ig h est fo r any
Ja n u a ry on record. The num ber of active furnaces on
F eb ru ary 1 w as 202, an increase of one fo r th e m onth,
com pared w ith 185 active a t the sam e tim e a y ea r ago.
The index num ber of Ja n u a ry production w as 115.2, com­
p ared w ith 112.8 fo r December, and w ith 96.1 fo r Ja n u ­
a ry 1928.
S tatistics fo r A labam a indicate th a t production in th a t
sta te during Ja n u a ry to taled 252 ,4 68 tons, an increase of
1.3 p er cent over the outp u t in December, and 12.6 per
cent g re a te r th a n production in Ja n u a ry a y ear ago. The
index num ber of A labam a production in Ja n u a ry w as
108.7, com pared w ith 107.3 fo r December, and w ith 96.5
fo r Ja n . 1928. The daily average o u tp u t in Ja n u a ry show­
ed increases over th e previous m onth and the sam e m onth
la st y ear corresponding w ith those shown in the to ta l
production. There w ere th ree furnaces blown out in A la­
bam a d u ring Ja n u ary , and on F eb ru ary 1 th e re w ere 17
furnaces active, th e sam e as on th e corresponding date
la st y ear. P ress rep o rts indicate th a t in th e B irm ingham
d istric t m oderate buying in sm all lots continues, m ost of
th e la rg e r consum ers having covered th e ir first q u a rte r
requirem ents. Shipm ents to larg e consum ers have not
been as high as w as expected owing to reduced opera­
tions by some of th e pipe foundries. Quoted prices have




not changed, th e price rem aining a t $16.50, w ith one p ro ­
ducer quoting $17.00.
Production figures fo r the U nited S tates, and fo r A la­
bam a, are shown in ta b u la r fo rm fo r convenience of com­
parison:
United S tates:
Ja n . 1929
Total production, tons _____
3,442,370
111,044
Daily average _____________
♦Active furnaces ____________
202

Dec. 1928
8,869,846
108,705
201

Ja n . 1928
2,869,761
92,578
185

249,142
8,037
20

224,182
7,280
17

A ls t b E D lE ♦

Total production, tons _______
Daily average _______________
♦Active furnaces ____________
♦First of following m onth.

252,468
8,144
17

Unfilled O rders—U. S. Steel Corpn.
Unfilled orders of th e U nited S tates Steel C orporation
a t th e end of Ja n u a ry am ounted to 4,1 09 ,4 8 7 tons, g re a te r
by 3.3 p er cent th a n a m onth ago, and 3.9 p er cent g re a te r
th a n th e to ta l fo r Ja n u a ry 1928.
NAVAL STORES
C u rren t receipts of tu rp en tin e and rosin a t th e th ree
principal m ark ets of th e d istric t declined su b stan tially
in J a n u a ry as com pared w ith previous m onths, b u t w ere
slig h tly g re a te r th a n fo r Ja n u a ry of la st year. Receipts
of both commodities are usually a t a low level d u ring th e
first th ree m onths of th e calendar y ear. Stocks of tu r ­
pentine on hand a t th e end of Ja n u a ry w ere 11.7 p er cent
sm aller th a n a m onth earlier, b u t w ere 10.8 p e r cent
g re a te r th a n a y ea r ago, and stocks of rosin declined 16.3
per cent com pared w ith those fo r December, b u t w ere
13.6 p er cent g re a te r th a n a y ea r ago. W ith th e excep­
tion of the previous season, receipts of both com modities
fo r th e season, A p ril-Jan u ary 1928-29 have been g re a te r
th a n fo r corresponding p a rts of an y oth er recen t season.
Stocks of tu rp en tin e a t th e end of Ja n u a ry w ere g re a te r
th a n a t the sam e tim e fo r an y y ea r since 1919, and sup­
plies of rosin w ere la rg e r th a n a t th e sam e tim e of th e
fo u r previous y ears. P ress rep o rts indicate th a t th e price
of tu rp en tin e on the Savannah m a rk e t declined from 57
cents th e middle of Ja n u a ry to 53 cents on F eb ru ary 9,
and th ere w ere slig h t declines in th e prices of th e v a ri­
ous g rades of rosin during th is tim e. Receipts and stocks
a t th e th ree principal m ark ets of th e d istric t a re shown
in th e table.
Receipts—T u rp en tin e:
Savannah _________________
Jacksonville _______________
Pensacola _________________
Total
Receipts—R osin:
Savannah ____
Jacksonville _
_
Pensacola _____

Ja n . 1929
3,199
3,274
1,702

Dec. 1928 Ja n . 1928
13,418
8,617
9,299
2,943
4,648
1,204

8,175

27,360

7,764

19,520
19,858
5,825

59,802
48,607
17,297

18,811
18,356
3,993

Total _____
Stocks—T urpentine:
Savannah
Jacksonville
Pensacola

45,203

125,706

41,160

21,268
80,162
28,412

27,106
34,962
28,303

21,356
30,985
19,694

Total ...
Stocks—R osin:
Savannah _
Jacksonville
Pensacola

79,837

90,371

72,035

107,813
100,853
18,743

125,532
117,498
28,762

91,841
94,891
13,530

227,409

271,787

200,262

Total

8

M O N THLY R E V IE W

MONTHLY INDEX NUMBERS
The following index numbers, except as indicated otherwise, are computed by the Federal Reserve Bank
of Atlanta monthly. The index numbers of retail and wholesale trade are based upon sales figures reported con­
fidentially by representative firms in the lines of trade indicated, and the other series of index numbers are based
upon figures reported to the bank or currently available through the daily or trade press. These index numbers,
except as indicated in the foot-notes, are based upon the monthly averages for the three year period 1923-25 as
represented by 100.
RETAIL TRADE 6th DISTRICT
(Department Stores.)
Atlanta..
Birmingham „
Chattanooga _
Nashville___
New OrleansOther Cities—
DISTRICT _

November December January
1928
1927
1927
104.2
237.1
143.0
81.0
194.3
121.5
75.5
150.2
95.9
76.7
184.4
116.8
85.6
180.7
117.2
88.7
196.1
114.9
86.0
191.0
119.0

November December January
1929
1928
1928
117.5
232.3
153.7
86.5
191.0
122.6
72.6
131.8
97.9
71.6
191.6
121.7
88.0
162.0
112.6
86.4
183.2
114.7
87.5
180.0
120.0

RETAIL TRADE U. S. (1)
Department Stores_____
Mail Order Houses_____
Chain Stores:
Grocery___________
5 & 10 Cent_________
D rug_____________
Cigar_____________
Shoe____________ __
Wearing Apparel..
Candy ________

121.6
175.8

187.4
207.8

122.0
149.0

186.0
167.0

88.1
112.8

217.8
157.7
168.6
101.1
130.4
288.9
129.8

220.4
304.9
223.9
155.3
184.2
412.9
170.4

189.0
146.0
144.0
105.0
118.0
250.0
125.0

202.0
279.0
182.0
156.0
178.0
350.0
164.0

418.4
189.8
228.4
125.3
111.4
96.5
187.6

WHOLESALE TRADE 6th DISTRICT
Groceries _____________________
Dry Goods_____________________
Hardware_____________________
Furniture_____________________
Electrical Supplies..
Shoes __________
Stationery ______
Drugs __________
TOTAL________

91.4
96.0
100.7
102.8
101.0
103.7
75.5
108.7
96.8

85.8
63.5
85.5
68.0
101.9
65.7
74.6
117.4
84.9

90.5
65.6
92.2
85.0
78.6
68.2
73.1
123.6
87.0

87.6
93.9
101.3
114.3
83.9
100.5
90.9
115.2
95.2

86.4
64.3
92.6
98.8
95.7
64.7
84.5
110.8
87.1

85.0
72.6
96.4
80.3
75.0
69.7
84.0
106.6
85.9

WHOLESALE PRICES U. S. (2)
Farm products_______ ,_____
Foods ____________________
Hides and leather products..
Textile products________
Fuel and lightings
Metals and Metal products..
Building materials.
Chemicals and drugs__
Housefurnishing goods..
Miscellaneous
ALL COMMODITIES____________

101.6
100.1
115.5
96.1
84.4
101.7
96.0
96.0
96.4
80.0
96.7

103.6
98.0
115.7
96.1
83.5
102.9
96.8
96.1
96.4
80.1
96.7

105.9
98.8
113.6
96.4
82.5
103.6
96.6
95.9
96.6
80.5
97.2

104.3
101.5
114.3
97.5
82.9
97.0
90.2
97.4
98.9
88.3
96.7

104.4
100.7
116.9
97.2
82.5
98.4
90.4
97.2
98.8
89.0
96.8

106.1
98.5
121.0
96.7
80.8
98.1
90.8
96.3
98.6
89.0
96.3

BUILDING PERMITS 6th DISTRICT
Atlanta ____________________ _
Birmingham___________________
Jacksonville___________________
Nashville_____________________
New Orleans__________________
Other Cities..
DISTRICT (20 Cities).

115.8
61.3
55.1
33.8
43.7
32.3
50.6

482.4
42.9
43.2
117.1
36.1
41.2
103.7

130.2
58.7
51.5
59.6
88.4
34.0
62.1

58.8
128.1
81.0
48.1
131.4
50.0
73.0

46.8
157.4
61.7
75.1
43.0
53.8
67.0

90.2
115.2
94.4
61.9
65.5
42.9
66.4

52.9

66.6

111.5

70.7

78.9

120.2
134.3
89.1
232.3

105.1
116.0
81.2
172.1

131.5
145.6
100.6
128.3

123.1
134.1
98.8
162.6

106.9
116.4
86.1
124.8

114.6
125.7
90.2
118.6

115.2
108.7

88.7
94.5

90.2
98.1

96.1
96.5

86.1

72.3

83.2

89.5

CONTRACTS AWARDED 6th DISTRICT
COTTON CONSUMED:
United States___: ________________
_
Cotton-Growing States ___________ _
All Other States__________________
Exports___________________________

PIG IRON PRODUCTION:
112.8
United States.
110.5
107.3
99.6
Alabama
UNFILLED ORDERS—U. S. STEEL
83.3
76.9
CORPORATION_______________
(1) Compiled by Federal Reserve Board.
(2) Compiled by the Bureau of Labor Statistics. Base




|
1

1926— 100.