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MONTHLY REVIEW O f Agricultural, Industrial, Trade and Financial Conditions in the Sixth Federal Reserve District F E D E R A L R E S E R V E B A N K O F A T L (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.
