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M O N T H L Y R E V I E W O f F in a n c ia l, A g r ic u ltu r a l, T r a d e a n d I n d u s tr ia l C o n d itio n s in th e S ix th F e d e ra l R e s e r v e D is tr ic t F E D E R A L VOL. 16, No. 2 R E S E R V E O F A TLA N TA ATLANTA, GA., February 28, 1931. NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by Federal Reserve Board Industrial activity increased in January by slightly less than the usual seasonal amount, and factory employment and payrolls declined. Money rates in the open market declined further from the middle of January to the middle of February. Production and Employment The Board’s Index of Industrial Production, which is adjusted for seasonal variation, showed a decrease of less than 1 per cent in January compared with declines of 3 per cent in November and in December. Activity in the steel industry, which was at a low level in December, increased during the following month by considerably more than the usual seasonal amount. Output of automobiles, which had shown an unusual increase in December, increased less in January than in the corresponding month of other recent years. The cotton and wool textile industries were more active in January while the output of copper, petroleum, and coal declined. The number of wage earners employed at factories was smaller in the payroll period ending nearest the 15th of January than in the preceding month reflecting in part extended year end shut downs. There were large declines in employment at foundries and at establish ments producing hosiery, women’s clothing, lumber, brick, cement, and tobacco products. Employment in the men’s clothing, leather, and agricultural implement industries increased somewhat more than usual for the season. Factory payrolls were considerably reduced in January. Value of contracts awarded for residential building con tinued to decline in January, according to the F. W. Dodge Corpora tion, while contracts for public works and utilities increased. In the first half of February the daily average of contracts awarded for resi dential building increased. Distribution Volume of freight car loadings was reduced further in January, contrary to the usual seasonal tendency, re flecting decreases in shipments of coal, merchandise, and miscel In d e x n u m b e rs o f p ro d u c tio n o f m a n u fa ctu re rs a n d m in e rals co m b in e d a d ju ste d fo r se a so n al v a ria tio n s (1923-1925 average=100). L a te st figu re Digitized J a n for u a rFRASER y 82. B A N K T h is review released for publication in Morning papers of M arch 3. laneous freight. Department store sales, which always showa sharp reduction from December to January, declined by less than the estimated seasonal amount. Wholesale Prices The general level of wholesale commodity prices declined further by 2 per cent in January, according to the Bureau of Labor Statistics. Prices of many leading agricultural products, and of copper, and silver decreased substantially, while prices of cotton and silk advanced. In the first half of February the price of cotton continued to rise and in the middle of the month copper also advanced, while the price of silver declined to new low levels and prices of live stock continued to decrease. Bank Credit Volume of credit at member banks in leading cities showed little change from January 14 to February 11, further declines of $200,000,000 in loans on securities and of $115,000,000 in all other loans being largely offset by an increase of $310,000,000 in the banks’ holdings of investments. In the first three weeks of Feb ruary bank suspensions declined sharply and a number of banks, pre viously suspended, resumed operations. Volume of reserve bank credit outstanding decreased by $175,000,000 between the weeks ending January 17 and February 14, reflecting a re duction of $70,000,000 in member bank balances and $80,000,000 in money in circulation, together with an increase of $25,000,000 in the stock of monetary gold. The principal reduction has been in accep tance holdings of the reserve banks. Money Rates Money rates in the open market continued to decline after the middle of January and by the middle of February were at new low levels. The prevailing rate on prime com mercial paper declined to a range of 2|-2f per cent; and the rate on bankers’ acceptances was reduced to 1| per cent, but subsequently advanced to 1| per cent. 1927 1928 1929 1930 1931 In d e x n u m b e rs o f fa c to ry em p lo ym e n t a n d p a y ro lls, w ith o u t a d ju s t m ent fo r se a so n a l va ria tio n s (1923-25 average=100). L a te st figu re s J a n u a r y E m p lo y m e n t 76.4. p a y ro lls 68.4. 2 M O N T H LY 1927 1928 1929 1930 1931 R E V IE W 1927 1928 1929 1930 1931 M o n th ly averages of w eekly fig u res fo r re p o rtin g b a n k s in le a d in g cities. L a t e s t fig u res are averages of fir s t tw o w eeks in F e b ru a ry . M o n th ly rates in th e open m arke t in N ew Y o r k : com m ercial p ap er rate on 4-to 6-m onth p a p e r a n d accep tan ce ra te o n 90-day b a n k e rs’ acceptances. L a t e s t fig u res are averages of f ir s t 19 d a y s in F e b ru a ry . SIXTH DISTRICT SUMMARY There was an increase in Federal Reserve note circulation of this bank from 132.7 millions on January 14 to 135.1 millions a week later, but during the three weeks ending February 11 circulation declined to 130.7 millions at which time it was only slightly less than a year ago. This bank’s circulation increased from a low point for the year 1930, at 110.1 millions on September 24, to 136 millions on December 24, and by February 11 had declined 5.3 millions from that level. Reserves increased slightly between January 14 and February 11, and were 8 per cent larger than a year ago, but deposits were 12.4 per cent less than those held at the same time last year. Principal items in the weekly statement of the Federal Reserve Bank of Atlanta are shown comparatively in the table. There were increases in January over December in the volume of business transactions settled by check as indicated in debits to indi vidual accounts, in building permits and in the production of pig iron in Alabama and of bituminous coal in Tennessee, but the volume of trade declined seasonally, and all of these series show decreases com pared with January a year ago. Following an increase of 16 per cent in December over November, debits to individual accounts showed a further gain of 2.6 per cent in January, but were 16.0 per cent less than in January 1930. Depart ment store sales declined in January from the holiday volume recorded for December, but the decrease was less than usual, and wholesale trade decreased 9.4 per cent. Compared with January 1930 retail trade was 7.4 per cent, and wholesale trade 30.2 per cent, smaller. Building permits at 20 cities increased 15 per cent over December but were 46.3 per cent less than in January 1930. Production of pig iron in Alabama gained 11.6 per cent in January over December, and output of coal in Tennessee increased about 5 per cent, and there was a further small gain in production by cotton cloth mills. There were decreases in loans on securities and in other loans by weekly reporting member banks between January 14 and February 11, but an increase in their investments, while at the reserve bank there were slight increases in discounts, and in holdings of United States securities, but a decrease in holdings of bills bought in the open market. FINANCE Reserve Bank The volume of reserve bank credit outstanding at the Credit Federal Reserve Bank of Atlanta, represented by its total holdings of bills and securities, declined $5,758,000, or 14 per cent, between January 14, figures for which date were shown in the preceding ispue of this Review, and February 11. These figures also show a decrease of more than 20 millions, or 37 per cent, in reserve bank credit outstanding at this bank since December 10, and a decline of 35.6 per cent compared with the corresponding report date a year ago. Holdings of discounted bills secured by United States Government obligations declined slightly between January 14 and February 11, and were less than one-fifth as large as at the same time last year. Other discounts increased slightly and were a little less than a year ago, and the total holdings of discounted paper were less than one per cent larger than on January 14 and were 13.4 per cent smaller than on February 12, 1930. Holdings of United States securities have fluctuated little, but holdings of purcl&sed bills declined by more than one-half between January 14 and February 11, or from $10,702,000 to $4,802,000, and were only about 30 per cent as large as on the first report date in Jan http://fraser.stlouisfed.org/ uary, and about 25 per cent of those held on February 12 last year. Federal Reserve Bank of St. Louis (000 O m ittd ) B ills D isc o u n te d : Secured b y G o v t. O b lig a tio n s ~ A ll O th e rs........................................... T o ta l D isc o u n ts ....................... B ills B o u g h t i n open m a rk e t............ U . S . S e c u ritie s---------- ---------------T o ta l B ills a n d S e cu ritie s— C a s h Reserves................................ -........ Member B a n k s Reserve D e p o s its .. . T o ta l D e p o sits......................................... F . R . N otes in A c t u a l C ir c u la tio n . Reserve R a t io ........................................... F e b . 11, 1931 505 21,474 21,979 4,802 7,719 34,500 161,947 59,339 61,932 130,701 84.1 $ J a n . 14. 1931 $ 539 21,254 21,793 10,702 7,763 40,258 159,870 58,797 63,155 132,749 81.6 F e b . 12, 1930 $ 2,884 22,501 25,385 19,350 8,791 53,526 149,663 62,215 70,735 131,327 74.1 Condition of There was a small decline in the volume of loans Member Banks in by weekly reporting member banks in the sixth Selected Cities district between January 14 and February 11, but investment holdings increased. Loans on securi ties reported by these banks decreased 4.8 per cent during this period, and were 16.6 per cent less than on the same report date last year. “AH Other” loans, which include those for commercial, industrial and agri cultural purposes, declined slightly since January 14 and were 13.6 per cent smaller than a year ago. Total loans were, therefore, 1.9 per cent Bmaller on February 11 than four weeks earlier, and 14.6 per cent Jess than a year ago. Investments of these banks in United States Government securities varied only slightly for these comparative report dates, but their holdings of Other Stocks and Bonds increased 11.7 per cent from January 14 to February 11 and were 43.5 per cent greater than a year ago. Their combined investments in Government and other securities were 7.6 per cent greater than on January 14 and 23 per cent greater than on February 12,1930. While total loans increased slightly during the four weeks ending February 11, they were less than for any report date during 1930, or in fact, for any weekly report date between August 19, 1925, and January 14, 1931. There was a decline of 3.4 per cent in demand deposits held by these banks from January 14 to February 11, and time deposits were 1.9 per cent less, and there were decreases of 8.8 per cent and 8.3 per cent, respectively, in demand and time deposits compared with those held ft year ago. Borrowings by these banks from the Federal Reserve Bank M O N T H LY of Atlanta declined slightly from January 14 to. February 11, and were smaller by one-third than on February 12 last year. Principal items in the weekly report are shown comparatively in the table. (000 O m itted) L o an s: O n S ecurities.......................................... — AH O th ers— ...................................... -........ T o ta l L o an s— ...................................... U. S. S ecurities-................................................ O th er Stocks a n d B o n d s............................. T o ta l In v estm en ts............ -........ ........ T o tal L o an s a n d In v estm en ts........... —_ Tim e D eposits.............................- ...................... Dem and D eposits.............................................. D u e to B anks-.................................................... D ue from B a n k s-............................................... B orrow ings from F. R. B a n k ......................... Feb. 11. 1931 $132,379 288,974 421,353 61,731 90,665 152,396 573,749 220,335 301,535 112,539 89,483 9,336 J a n . 14, 1931 $139,047 290,311 429,358 60,498 81,172 141,670 571,028 224,498 312,235 100,653 86,573 9,903 Feb. 12, 1930 $158,684 334,502 493,186 60,616 63,189 123,805 616,991 240,365 330,455 113,472 75,520 13,933 Deposits of All Following small increases each month from August Member Banks through November, the daily average of demand de posits of all member banks in the sixth district de creased $13,713,000 in December to a point lower than for any other month since September 1924. R E V IE W 3 A lab am a: B irm in g h am . . D o th a n -------Mobile.................. Montgomery- _. F lo rid a : Ja c k so n v ille — M iam i.................... P e n saco la........... T a m p a................. . G eo rg ia: A lb a n y ................ . A tla n ta ................. A u g u sta............... B ru n s w ic k ......... O olum bus........... E lb e rto n .............. M acon................... N e w n a n .............. S a v a n n a h ........... V a ld o sta.............. L o u is ia n a : N ew O rlean s— M ississipp i: H attie sb u rg — Ja c k s o n .............. . M e rid ia n ............ V ick sb u rg -......... Tennessee: C hattano og a— K n o x v ille ............. N a s h v ille ........... (000 Om itted) J a n . 1931 $ 130,270 2,430 38,775 22,329 Dec. 1930 $ 125,604 2,678 37,239 23,821 J a n . 1930 $ 160,823 3,061 50,559 30,018 69,395 24,787 6,031 29,495 69.885 23,261 6,957 31,671 81,607 42,744 7,208 34,221 3,446 158,060 20,636 2,480 12,939 755 19,495 1,960 37,821 3 858 4,215 175,805 23,956 2,934 13,041 939 18,053 1,792 35,672 4 286 4.324 202,791 25,335 4,235 14,715 1,084 18,783 2,755 38,516 4 868 334,188 300,507 358,761 6,263 27,713 8,159 6,023 5,241 25,132 8,010 5,554 7,268 29,100 15,295 7,784 50,122 27,289 81,290 45,298 25,295 80,528 57,790 39.135 98,099 $1,126,009 Daily average time deposits, which include savings deposits, de clined more than 20 millions of dollars from November to December and were less than any other month since August 1925. Changes over the past year are shown in the table: D em and 1929: Deposits Decem ber.........................- ........................-...........$550,424,000 1930: J a n u a r y - ............-................................................ - 570,622,000 F e b ru a ry — ............- .............................................. 574,809,000 M arch ............ -........................- ............................... 569,662,000 A p r il.........................-................................................ 563,762,000 M ay ............................................................................ 550,343,000 J u n e ........-................................................................ 518,808,000 J u ly - ....................................... -................ ............... 513,185,000 A u g u s t..................- ......................................-......... 503,651,000 Septem ber— ........................................................... 510,694,000 O cto b er................................. - ............................... 511,050,000 Novem ber........................... -................................... 512,420,000 D e c e m b e r ............. - .............- ............................- 498,707,000 Tim e D eposits $427,978,000 433,737,000 443,184,000 442,987,000 439,980,000 450,145,000 447,126,000 440,316,000 439,054,000 441,347,000 437.617,000 434,502,000 413,822,000 $1,097,374R $1,340,879 R -R ev ise d . AGRICULTURE Live Stock on Farms The annual estimate by the United States Department of Agriculture indicates a decline of 1.3 per cent in the number of farm animals in the six states of this district on January 1, 1931, compared with a year ago, and a decline in value amounting to 24.5 per cent. Thfe number of “All Cattle and Calves,” and of Milk Cows and Heifers, and of Sheep and Lambs, increased slightly during this period, but values are lower than a year, ago for all classes of live stock. Comparative figures are shown in the table. (000 Om itted) 1931 1930 51 333 724 64 688 358 V a lu e $ 49,044 2,570 24,506 5,727 219 16,022 11,814 23 37 470 56 410 74 $ 18,264 1,782 3,881 2,878 182 9,541 3,478 78 $ 23,431 2,100 4,820 3,697 223 12,591 4,290 G e o rg ia : T o t a l________________ H orses a n d C o lt s ............... M ules a n d M ule C o lt s — S w in e .................................... Sheep a n d L a m b s .............. A ll C a ttle a n d C a lv e s....... ♦Milk O ow s a n d H e ife rs.. 33 337 1,154 51 863 360 $ 61,521 2,067 29,247 9,444 194 20,569 12,960 35 344 1,154 49 846 350 $ 76,334 2,672 36,018 10,894 205 26,545 17,150 — 5.1 —13.3 —19.2 —19.5 + 5.7 —11.5 — 9.1 L o u is ia n a : T o t a l— ............. H orses a n d C o l t s . ________ M ules a n d M ule C o lt s ____ S w in e ............................ .......... Sheep a n d L a m b s .............. A ll C a t t le a n d C alve s....... *M ilk C o w s a n d H e ife rs.. 92 171 394 118 613 212 $ 33,895 4,124 12,490 2,896 322 14,063 7,632 97 171 415 115 595 206 $ 41,949 4,929 14,353 3,783 391 18,493 9,682 Total debits to individual accounts at 26 clearing house centers of the sixth district registered a gain of 2.6 per cent in January over December, but averaged 16.0 per cent less than in January last year. The January total was, however, the smallest for that month since 1924. M ississip p i: T o t a l................... H orses a n d C o lt s ................ M ules a n d M ule C o lt s .— S w in e ........... ........................... Sheep a n d L a m b s .............. A ll C a ttle a n d C alve s....... *M ilk C o w s a n d H e ife rs.. 86 343 620 34 965 435 $ 49,885 3,872 22,449 4,348 98 19,118 13,050 96 343 620 34 902 410 $ 69,552 5,505 29,792 5,751 119 28,385 19,270 Tennessee: T o t a l................... . H orses a n d C o lt s .............. . M ules a n d M ule C o lt s — S w in e ______________ _________ _ Sheep a n d L a m b s .............. A ll C a ttle a n d C a lv e s— *M ilk C o w s a n d H e ife rs. 179 314 667 384 987 465 $ 68,345 9,881 22,651 5,251 2,221 28,341 18,135 192 320 741 366 987 456 $ 94,640 12,308 28,039 7,054 3,516 43,723 27,360 Savings Deposits Savings deposits reported to the Federal Reserve Bank by 65 banks located throughout the district declined an average of 5.7 per cent between December 31, and January 31, and averaged 9.1 per cent less than at the end of January 1930. Totals for Atlanta and for cities in which branches of the Federal Re serve Bank of Atlanta are located are shown in the table, and reports from banks located elsewhere are grouped under uOther Cities.” ro. of ta n k s B irm in g h a m Ja c k s o n v ille N a sh ville ......... New O rleansO th er C it ie s T o t a l.................. 4 3 4 5 6 43 65 Ja n . 1931 (000 O m itted) Dec. 1930 Ja n . 1930 $ 39,098 21,009 16,192 25,993 50,758 82,905 235,955 $ 42,660 25,015 16,807 25,074 54,463 86,095 250,114 $ 41,209 24,222 20,050 32,282 48,000 93,699 259,462 Percentage change J a n . 1931 Com pared w it h : Ja n . Dec. 1930 1930 — 8.3 -1 6 .0 — 3.7 + 3.7 — 6.8 — 3.7 - 5.7 Debits to Individual Accounts During the past ten years there have been four instances when bank debits increased in January over the preceding December, namely, January of 1923, 1925, 1930 and 1931. In the other six instances Janurary debits have declined compared with the month before. The increase from December to January this year was 2.6 per cent, while last year at the same time the gain was only 1.5 per cent. Monthly totals shown in the table are derived from weekly reports by prorating figures for those weeks which do not fall entirely within a single cal endar month. A la b a m a : T o t a l........................ H orse a n d C o lt s . ............... M ules a n d M ule C o l t s . . . S w in e ...................................... Sheep a n d L a m b s .............. A ll C a t t le a n d C a lv e s---*M ilk C o w s a n d H e ife rs.. F lo r id a : T o t a l.................... H orses a n d C o lt s . ........ M ules a n d M ule C o lt s — S w in e ................................ Sheep a n d L a m b s --------A ll C a ttle a n d C a lv e s — •M ilk O ow s a n d H e ife r s .. Num ber . N um ber $280,954 464 24,296 1,535 115,224 30,544 4,029 Sheep an d La m b s. 3,236 . 707 107,654 4,526 •M ilk Cow s an d H e ife rs.. 67,069 .. 1,904 •M ilk Oows an d H eifers are in clu d e d in “ A ll C a ttle an d T o ta l Six S ta te s :— ................. H orses a n d C o lt s . ............ 57 330 804 68 688 354 24 39 490 56 m 501 1,547 4,224 688 4,450 1,854 C a lves.’ V a lu e $ 66,300 3,656 30,518 8,448 296 23,382 16,992 $372,206 31,170 143,540 39,627 4,750 153,119 94,744 M O N T H L Y 4 Florida A revised estimate by the United States Department Citrus Fruits of Agriculture for the citrus crop of the present season indicates a commercial production of 24,500,000 boxes, of which 14,500,000 will be oranges and 10,000,000 grapefruit. This is for fruit to move by rail and boat, and includes express. In addition to the shipped crop, an increasing volume is being utilized for canning, preserving, and juice extraction, more fruit is being consumed locally, and more is being trucked out of the state than heretofore. This is esti mated at about 4,500,000 boxes, and the total crop estimate is 29 million boxes, 16 million of oranges and 13 million of grapefruit. S U G A R M O V E M E N T (P ou n ds) R e c e ip ts: J a n . 1931 N ew O rle a n s ............................... 43,569,180 S a van n ah ...................................... 11,352,424 D ec. 1930 54,096,067 6,299,998 J a n . 1930 99,705,308 11,100,842 M e ltin g s: N ew O rle a n s ............................... S a v a n n a h .................................... 45,061,027 31,250,671 67,455,610 6,818,931 137,340,693 8,690,446 S to c k s: N ew O rle a n s .............................. S a v a n n a h .................................... 115,230,534 22,798,505 116,990,892 42,696,752 122,788,954 45,598,162 R E F I N E D S U G A R (Pounds) S h ip m e n ts: N ew O rle a n s ............................... S a v a n n a h .................................... 76,445,401 19,240,618 61,978,766 13,385,837 110,675,236 22,247,056 S to c k s: N ew O rle a n s ............................... S a v a n n a h ..................................... 58,860,413 17,342,833 80,848,751 14,474,052 67,572,865 7,626,470 R I O E M O V E M E N T - N e w O rle a n s R o u g h R ic e (S a c k s): J a n . 1931 R e c e ip ts.......... . .................................................... 28,223 S h ip m e n ts ............................................................ 9,768 S to c k s .................................................................... 26,206 C le a n R ic e (P ockets): R e ce ip ts................................................................ S h ip m e n ts............................................................ S to c k s.................................................................... D ec. 1930 J a n . 1930 47,186 12,449 47,266 8,363 7,751 21,749 51,418 82,116 124,673 100,801 75,426 155,371 77,760 88,638 89,345 R E V IE W R I O E M I L L E R S ’ A S S O C IA T IO N S T A T I S T I C S (Barrels) R eceip ts of R o u g h R ic e : Ja n u a ry Season 1930-31.................................................................... • 1,146,938 Season 1929-30.................................................................... 869,702 D istrib u tio n of M illed R ic e : Season 1930-31.................................................................... 1,119,362 Season 1929-30.................................................................... 1,073,165 Sto ck s of R o u g h a n d M illed R ic e : F e b ru a ry 1. 1931................................................................ 1,793,078 F e b ru a ry 1. 1930................................................................ 2,317,594 A u g u st 1 to J a n u a r y 31 6,902,995 7,385,107 5,918,123 5,954,602 ................ ................ TRADE The volume of retail trade in the sixth district in January declined by more than one-half, compared with the month before, but the decrease was not as large as has usually oc curred from December to January in other recent years. The average decrease for the district was 53.7 per cent. Compared with January a year ago, department store sales showed a decline of 7.4 per cent for the district. These comparisons are based upon dollar figures, and make no allowance for declines in the prices of goods sold by reporting stores. Stocks of merchandise on hand at the close of January averaged 2.7 per cent smaller than for December, and 13.1 per cent smaller than for January 1930. The rate of stock turnover for January was higher than for that month last year. Accounts receivable decreased 16.2 per cent from December to January and were 9.4 per cent less than for January a year ago. Collections in January, following the holiday period, increased 11.8 per cent over those in December, but were 13.6 per cent less than in January 1930. The ratio of collections during January to accounts receivable and due at the beginning of the month, for 33 firms, was 31.1 per cent; for December this ratio was 31.0 per cent, and for January a year ago 32.6 per cent. For January the ratio of collections against regular accounts for 33 firms was 33.1 per cent, and the ratio of collections against installment accounts for 11 firms was 16.0 per cent. Detailed comparisons of reported figures are shown in the table, and index numbers appear on page 8 of this Review. Retail Trade R E T A I L T R A D E I N T H E S I X T H D I S T R I C T D U R I N G J A N U A R Y 1931 B A S E D O N C O N F I D E N T I A L R E P O R T S F R O M 41 D E P A R T M E N T S T O R E S C om p arison of N et Sales J a n u a r y 1931 J a n u a r y 1931 w ith w ith J a n u a r y 1930 Decem ber 1930 A tla n ta (4)............... ................................................. B irm in g h a m ( 4 ) ... ................................................. C h a tta n o o g a (5)~. ................................................. N a sh v ille (4)............ ................................................. N ew O rle a n s (5)— .......... ...................................... O th e r C itie s (19)— ................................................. D I S T R I C T (41)-----................................................. N o te : T h e ra te of sto ck tu rn o ver is th e ra tio of C om p arison of Stocks J a n . 31.1931, J a n . 31.1931, w ith w ith J a n u a r y 31,1930 Decem ber 31.1930 + 0.6 —53.9 —14.0 —12.8 —54.2 — 6.3 — 7.3 - 4 3 .5 — 0.8 —12.4 —57.4 —10.3 — 8.8 —53.6 —16.0 — 8.8 —54.3 —16.4 - 7.4 —53.7 —13.1 sales d u rin g given perio d to average sto ck s o n h a n d . R a te of S to ck T u rn o v e r Ja n u a ry 1930 —3.4 - 0 .1 + 0.2 —4.3 —1.6 —5.5 - 2 .7 W H O L E S A L E T R A D E IN J A N U A R Y 1931 S I X T H F E D E R A L R E S E R V E D I S T R I C T (a) P ercen tage c h an g e : J a n . 1931 com pared w ith : N o. of firm s Dec. 1930 l i n e , item a n d a re a : J a n . 1930 A ll l i n e s C o m b in e d : Bales.................. S to c k s on h a n d — ... . .. .. Groceries: Bales........................ A t la n t a ............ J a c k so n v ille — N ew O rle a n s.. V ic k s b u rg ----O th e r C itie s ... S to ck s o n h a n d ... . .. . .. . .. .. ... 116 29 56 61 28 4 4 5 3 12 3 12 12 — + - 94 0.1 6.3 9.0 -3 0 .2 —15.2 —13.6 - 2 3 .3 — 6.6 + 5.0 — 4.0 —13.7 + 1.2 - 7.5 — 1.0 - 1.5 + 0.0 - 2 4 .8 —35.7 - 2 3 .2 —22.0 - 2 4 .8 —24.7 —15.9 - 1 3 .2 —22.2 .34 .17 .17 .19 .19 .19 .21 .29 .16 .18 .19 .15 .15 .18 Wholesale Trade The volume of sales by 116 reporting wholesale firms in the sixth district showed a further loss in January and the index number of combined sales declined to a point lower than for any other month in the series. It is not unusual, how ever, for the decrease which follows the peak for the year in October to continue through January, or even February. January sales by these 116 firms averaged 9.4 per cent less than in December, and were 30.2 per cent less than in January 1930. These comparisons are of sales in dollar figures, and do not make allowance for the declines in prices. Detailed percentage comparisons of reported figures are shown in the table. Ja n u a ry 1931 P ercen tag e ch an g e J a n . 1931 com pared w it h : L in e , item a n d a re a : N o. of firm s D ec. 1930 J a n . 1930 D r y G o o d s: Sa le s.......................................................... A tla n ta .............................................. N a sh v ille .......................................... O th e r C itie s .................................... S to ck s o n h a n d .................................... A cco u n ts receivable............................ C o lle ctio n s.............................................. 22 3 3 16 10 12 14 —16.5 —17.0 —17.0 —16.3 + 4.3 - 1 0 .5 - 1 9 .2 - 3 5 .6 - 4 0 .1 —41.6 - 3 3 .4 —26.8 —18.6 29 3 3 4 - 3.3 +13.3 -34.7 -36.2 -36.5 -36.6 -39.3 -27.5 -10.7 —21.8 H a rd w a re : S a le s.......................................................... A t la n t a .............................................. M obile................................................ N a sh v ille .......................................... N ew O rle a n s................................... O th e r C itie s .................................... Sto ck s o n h a n d .................................... A cco u n ts receivable............................ C o lle ctio n s.............................................. 5 14 9 16 18 - 2.2 - 2 8 .7 + 2.2 —0.1 + 1.9 — 5.6 - 6.5 -10.2 -27.1 F u r n it u r e : Sa le s........................................................... A t la n t a .............................................. O th e r C itie s .................................... S to ck s o n h a n d .................................... A c c o u n ts receivable............................ C o lle ctio n s.............................................. 12 5 7 3 7 6 - 1.4 +13.8 — 5.0 — 5.8 - 7.1 —23.9 -35.4 -23.7 -38.2 -33.0 -23.9 -25.3 M O N T H LY P ercen tag e change J a n . 1931 com pared w ith : Dec. 1930 J a n . 1930 No. of firm s L ine, item a n d area: E le c t r ic a l S u p p lie s: S a le s.......................................................... 10 - 3 6 .9 N e w O rle a n s .................................... 4 —38.1 O th e r O itie s.................................... 6 - 3 6 .3 S to ck s on h a n d .................................... 4 —10.5 A c c o u n ts receivable........................... 5 —16.0 6 —19.2 C o lle c tio n s .............................. ............... D ru g s : Sa le s................... ..................................... 8 - 2.8 4 — 1.4 A c c o u n ts receivable............ .............. C o lle c tio n s............................................. 5 — 4.4 Sh o es: Sa le s.................................... — ............... 3 - 3 6 .2 S ta tio n e ry : S a le s.......................................................... 4 - 2.9 (a) B ased u p o n co n fid e n tia l reports from 116 firm s. - 3 6 .2 —47.9 - 2 8 .2 — 0.4 —28.6 - 2 4 .3 - 2 2 .1 +111 —12.5 -3 6 .4 - 1 5 .6 Life Insurance Following an increase of 30.3 per cent in December over November, the volume of sales of new, paid-for, ordinary life insurance in the six states of this district during Jan uary declined 30.1 per cent, and were 27.2 per cent less than in January 1930. Comparisons by states are shown in the table. (000 Om itted) J a n . 1931 A labam a— ............................................-........$ F lo rid a ........................................ -...................... G eo rg ia............................................ . ................ L o u isia n a ......................................................... . M ississippi........................................................ . “ ennessee ................................................ T T o tal Dec. 1930 J a n . 1930 3,756 3,908 6,446 4,760 1,741 7,408 $ 5,330 5,637 9,261 5,776 3,592 10,490 $ 5,424 4.797 8.798 6,123 3,773 9,578 $28,019 $40,086 $38,493 Commercial Failures Statistics compiled by R. G. Dun & Co. indicate that in January there were 3,316 business failures in the United States compared with 2,525 in December, and with 2,759 in January 1930, and liabilities amounted to $94,608,212 in January, compared with $83,683,361 in December, and with $61,185,171 in January a year ago. 5 R E V IE W N um ber Jan. Jan. 1931 1930 C ity GRA IN E X P O R T S -N ew O rleans J a n . 1931 J u ly 1 to J a n . 31 1930-31 1929-30 J a n . 1930 W heat, b u s h e l...................... 73,436 1,679,977 5,360,056 C o m , b u sh e l........................ 11,15524,484 64,213 O ats, b u s h e l............... ........ 13,42382,082 68,942 3,336 .......... . Barley, b u sh e l................................... 3,336 T otal, b u sh e l................ 98,014 1,789,879 5,493,211 6,700,016 402,205 412,255 3,336 7,542,633 INDUSTRY Building and Construction There was an increase of 15 per cent in the value of building permits reported by 20 cities in the sixth district for January over December, but a de crease of 46 per cent compared with January last year. The total for December was the smallest for any month in the eleven years this series has been compiled, and the total for January was, next to December, the smallest in the series. The increase of 15 per cent over December was due to gains in permits issued at Birmingham, Jacksonville, Chat tanooga, Tampa, Pensacola, Miami, Montgomery and Anniston. In creases over January 1930 were reported only from Birmingham, Pen sacola and Macon. Comparisons for the month are shown in the table, and index num bers appear on page 8 of this Review. C ity N um ber J a n u a ry 1931 1930 A labam a: A n n isto n .......... B irm in g h a m ... Mobile............... M ontgom ery - .. F lo rid a: Jack so n v ille.... M iam i.................. . O rlan d o ............ P en saco la......... T am p a.............. •L ak elan d ....... . •Miami B each.. 5 167 30 100 18 207 64 141 229 231 49 16 238 5 19 269 409 36 94 209 11 67 V alue P ercentage J a n u a ry change 1931 1930 in value $ 3,805 390,063 27,696 62,873 86,135 244,070 45,829 67,175 105,770 125,172 19,825 184,484 41,950 850 48,360 273,900 212,953 23,885 151,688 409,108 1,900 231,815 +59.8 -3 9 .6 - 6.4 —61.4 -4 1 .2 -1 7 .0 +21.6 —89.7 -5 5 .3 —79.1 Ja n . 1930 P ercentage ch an g e in value G eorgia: A tla n ta ...................... A u g u sta ..................... C olum bus.............. . M acon-----------------S a v a n n a h -................ 427 62 20 162 5 233 69 41 61 26 318,831 15,779 21,245 45,690 17,200 656,800 44,758 59,530 28,475 86,235 —51.5 —64.7 —64.3 +60.5 —80.1 L ouisiana: New O rleans............ A lexandria................ 97 56 86 44 109,468 38,581 314,374 48,636 -6 5 .2 -2 0 .7 209 3 31 117 249 3 43 143 69,634 950 44,960 182,264 308,551 2,800 91,700 241,436 -7 7 .4 -6 6 .1 -5 1 .0 -2 4 .5 T o ta l 20 C ities....................... 2,251 2,445 Index N o ................................ *Not in clu d ed in to ta ls or index num bers. $1,826,240 16.2 $3,398,038 30.2 -4 6 .3 Tennessee: C h a tta n o o g a ............ . — Jo h n s o n C ity ........... K noxville................... N ashville................... Statistics of contract awards, compiled by the F. W. Dodge Corpora tion; and divided into district figures by the Federal Reserve Board’s Division of Research and Statistics, indicate a total for January for the sixth district amounting to $17,860,344, an increase of 79.6 per cent over the low total of $9,942,703 for December, and 16.7 per cent less than the total of $21,432,576 for January 1930. In January 9 per cent of the total was for residential construction, in December 15.2 per cent, and in January a year ago, 13.7 per cent. Figures by states show substantial increases over December for Louisiana, Alabama and Geor gia, but decreases for Florida, Mississippi and Tennessee. State totals are shown comparatively in the table; parts of the figures for Louisiana and Mississippi apply to other Federal reserve districts. J a n . 1931 In the sixth district there were 245 failures in January, compared with 168 in December, and 147 in January last year, and liabilities in January were $4,686,225, against $21,472,501 for December, and $2,618,590 for January 1930. V alue Jan. 1931 G eorgia . M ississippi, T ennessee . . $ 2,259,500 1,020,900 2,506,500 14,403,700 694,400 1,008,800 P ercentage P ercen tag e Dec. 1930 C hange J a n . 1930 C h an g e $1,393,600 1,096,600 1,872,200 4,567,400 2,184,600 1,135,600 + 62.1 — 6.9 + 33.9 +215.4 — 68.2 - 11.2 $ 2,697,600 2,158,300 5,186,400 11,825,600 1,914,600 1,676,700 —16.3 —52.7 —51.7 +21.8 —63.7 -3 9 .8 Contracts awarded in January in the 37 states east of the Rocky Mountains amounted to $227,956,400, a decrease of 8.6 per cent from the December total of $249,435,500, and 29.6 per cent less than the total of $323,975,200 for January 1930. In the January total, residential con struction accounted for $54,375,500, non-residential construction $78,369,000, and public works and utilities $95,211,100. Lumber Although there has been some recovery in the early weeks of the new year from the extreme quiet of the holiday and inventory period, buying of Southern Pine for the most part has con tinued at a comparatively low level. Press reports appear to indicate small stocks in the hands of retailers, and there was reference the latter part of January to an increase in inquiries and a small degree of buying for stock. In the table are shown orders, production and unfilled orders re ported to the Southern Pine Association by mills which also reported for corresponding weeks of last year. For this period orders received by these mills averaged 24 per cent less than a year ago, production averaged 33 per cent less, and unfilled orders averaged 39 per cent lower. Orders for the period, however, averaged 12 per cent larger than production by these mills, and unfilled orders averaged about three times as large as current weekly production. Week E nded: (In th o u sa n d s of feet) N um ber O rders P ro d u c tio n of Mills 1931 1930 1931 1930 Ja n u a ry 3....... 121 J a n u a ry 10------------121 J a n u a ry 17......... ...... 116 J a n u a ry 24------------129 J a n u a ry 31......... ...... 124 F eb ru ary 7......... ...... 127 27,342 36,708 39,144 40,446 47,103 38,829 43,320 61,629 49,546 49,245 50,571 46,074 32,509 50,431 33,458 53,979 31,719 49,022 34,393 50,100 35,313 51,445 38,125 53,776 U nfilled O rders 1931 1930 92,442 96,705 103,362 108,843 111,321 112,602 147,396 165,467 170,792 184,996 179,388 180,679 M O N T H L Y 6 Consumption of Cotton Following the usual trend, the amount, of cotton consumed by mills in the United States increased in Jan uary over the preceding month, although it is still considerably below last year. Census Bureau statistics indicate that consumption of cotton nearly always increases in January over Decem ber. This year the increase was 12 per cent, while at the same time last year the gain was 27 per cent. January consumption was larger than for other months since May last year, but was 21 per cent less than in January 1930. The number of spindles active in January increased by 85,638 over the number active in December, but was smaller by 3,565,770 than for January a year ago. Cumulative totals for the first six months of the cotton season, August through January, indicate the consumption by American mills of 2,466,432 bales, compared with 3,314,345 bales during that part of the previous season. Exports for January declined 18.4 per cent com pared with December, and were 14.3 per cent less than in January last year, and for the season through January exports amounted to 4,571,227 bales, compared with 4,891,012 bales exported during the same part of the preceding season. Stocks of cotton held at the end of January by consuming establish ments were 2.8 per cent less than a month earlier, and 11.6 per cent smaller than for January last year, and stocks in public storage and at compresses declined 5.3 per cent from December to January but were 46.7 per cent larger than a year ago. Detailed comparisons of figures compiled by the United States Census Bureau are shown in the table. U N IT E D S T A T E S (Bales) C o tto n C o n su m e d : J a n . 1931 D ec. 1930 454,188 406,207 L i n t ..............................- ...................... 49,346 43,989 L in t e r s ............................................... J a n . 1930 576,160 62,694 S to ck s in C o n su m in g E s ta b lish m e n ts : l i n t ...................................................... 1,613,475 L in t e r s ................................................ 264,869 1,659,432 248,310 1,825,793 197,508 S to c k s in P u b lic Storage a n d a t C om p resses: L i n t . . . . . ............................................ 7,930,454 L in t e r s .............- ................................. 82,672 E x p o rts— , .................................. ............ 624,631 Im p o rts................................ ..................... 11,299 A ctive S p in d le s ....................................... 25,611,458 8,377,720 80,473 765,835 4,461 25,525,820 5,404,731 94,170 728,737 51,474 29,177,228 Cotton There was a further small gain in January over Decem Manufacturing ber in the production of cotton cloth by mills in the sixth district reporting to the Federal Reserve Bank, and an appreciable gain in shipments, but other reported items show decreases, and all items show declines compared with January a year ago. Stocks of cotton yam mills increased somewhat over December, and stocks and unfilled orders were reported larger, but other items smaller, than for January 1930. Percentage comparisons of reported figures follow. Percen tage chan g e J a n . 1931 com pared w it h : J a n . 1930 D ec. 1930 -1 7 .9 . + 1.8 - 1 6 .9 +12.9 —29.3 . - 1 7 .8 - 2 3 .3 - 4.6 — 2.9 — 2.9 - 1 4 .9 . — 2.0 C o tto n C lo t h : Production....................... . S h ip m e n ts - ................................... O rd ers b o o k e d ....— ................ U n fille d orders............................ S to ck s on h a n d ........................... N um b er on p a y ro ll.................... C o tto n Y a m : P ro d u ctio n .................................... .. — 7.2 , -4 .6 . - 3 2 .7 — 6.9 . + 3.4 . -1 .2 Shipments..................... . O rders bo oked............................. U n fille d orders........................... S to ck s o n h a n d ........................... N um b er on p a y ro ll................... - 1 9 .7 - 2 4 .6 - 3 8 .6 + 7.7 +43.2 - 6.1 H O S I E R Y S T A T I S T I C S F O R 42 I D E N T I C A L E S T A B L IS H M E N T S S IX T H F E D E R A L R E S E R V E D IS T R IC T (D ozen P a irs) P ercen tage D ec. 1930 Change J a n . 1931 P ro d u ctio n ............................................ S h ip m e n ts.......................... ....................... S to ck s o n h a n d .......................................... O rders b o oked .................................... C a n c e lla tio n s ............................. ......... U n fille d o rd ers................................... 723,487 697,222 1,503,402 780,215 32,627 695,726 668,513 685,311 1,485,062 677,918 70,421 645,360 + 8.2 + 1.7 + 1.2 +15.1 —53.7 + 7.8 R E V IE W Cottonseed Cumulative figures compiled by the Census Bureau Products through January continue to indicate more advanced operations by cottonseed oil mills this season than last, both for this district and for the country as a whole. For the six months of the season, August through January, mills in Georgia, Ala bama, Louisiana and Mississippi had received 10.3 per cent more cot tonseed, they had crushed 16 per cent more, and they had 19.3 per cent less on hand at the end of January, than for the corresponding part of the season before. Production and stocks of cottonseed products for this district also show increases over the previous season. Increases are also shown in most items for the country as a whole, excepting stocks of cottonseed, and of linters, on hand at the end of January.. Combined figures for Georgia, Alabama, Louisiana and Mississippi are shown comparatively in the first two columns of the table, and figures for the country as a whole are shown in the last two columns. CO TTO N SEED AND CO TTO N SEED PROD UCTS C o tto n Seed, T o n s : Received a t m ills.— C ru s h e d ................— O n H and Ja n . 3 1 -- (•) S ix th D is t r ic t A u g . 1 to J a n . 31, 1930-1931 1929-1930 1,654,986 1,500,872 1,450,357 1,250,429 212,269 263,171 U n ite d S ta te s A u g . 1 to J a n . 31, 1930-1931 1929-1930 4,299,928 4,297,509 3,725,113 3,579,957 620,231 757,874 P ro d u ctio n : C ru d e O il. lb s ........... C a k e a n d M eal, to n s H u lls , t o n s - , ........ U n t e r s , b a le s ............ 447,726,599 400,307,233 633,453 537,763 409,063 355,409 256,072 249,588 1,125,462,886 1,106,472,748 1,685,778 1,590,901 1,032,086 984,558 647,089 737,719 S to c k s a t m ills, J a n . 31: C ru d e O il, lb s _______ 28,527,914 17,185,030 80,757,112 C a k e a n d M eal, to n s 123,055 63,919 343,665 37,206 31,877 153,862 H u lls , to n s ................. L in t e rs , b a le s ............ 107,776 77,988 346,855 (*) G e o rg ia. A la b a m a . L o u is ia n a a n d M ississip pi. 77,862,491 206,452 130,945 263,999 Electric Power There was a further small decrease in total production of electric power by public utility power plants in the six states of this district in December, compared with preceding months, and a decrease of 4.4 per cent compared with December 1929. Production by water power plants increased 5.6 per cent over Novem ber, but was 6.8 per cent less than a year ago, and output of plants using fuels declined 8.5 per cent from November to December, and was 0.2 per cent less than in December 1929. Consumption of coal, and of natural gas, in the production of electric power, declined in compari son with the preceding month and the same month a year ago, but consumption of fuel oil increased 8.5 per cent over November and was less than one per cent smaller than in December 1929. Totals for the year 1930 show a decrease of 1.4 per cent in total production of electric power in these states compared with 1929. Out put of water power plants declined 3.2 per cent, while production by those plants using fuels increased 1.6 per cent. Consumption of coal in production of electric power was 28.4 per cent, and of fuel oil 2.1 per cent, less than in 1929, but consumption of natural gas increased 4.3 per cent. Preliminary December figures with comparisons are shown in the table. T o ta l P ro d u ctio n of E le c t r ic P o w e r: 000k . w . h o u rs ..................... B y u se o f: W a te rP o w e r......................... F u e ls ........ ................................ D e c. 1930 455,949 281,311 174,638 F u e ls C o n su m e d in P ro d u c tio n of E le c t r ic P o w e r: C o a l—t o n s .............................................. 18,962 F u e l O il—b b ls....................................... 216,513 N a tu ra l G a s-0 0 0 c u . f t ........... . — 1,718,442 N o te : Novem ber fig u re s s lig h tly r e vised : Bituminous Coal Mining Nov. 1930 457,321 266,519 190,802 D ec. 1929 476,880 301,809 175,071 26,912 199,534 1,848,278 21,780 217,964 2,691,065 Statistics compiled by the United States Bureau of Mines indicate declines of 2.4 per cent in total output, and of 3.6 per cent in average daily production, of bitu minous coal in the United States during January compared With De cember, and decreases of 22.2 per cent in total output and of 21.9 per cent in daily average production compared with January a year ago. Comparisons for the month are as follows: M O N T H LY T o tal P ro d u c tio n (Tons) J a n u a ry 1931.............- ...................... . 38,745,000 December 1930........................................... 39,716,000 J a n u a ry 1930 ............................................. 49,778,000 Average N um ber of o u tp u t w orking p er w orking D ays day(tons) 26.3 1,473,000 26 1,528,000 26.4 1,886,000 R E V IE W 7 b e tte r th a n th o se in D e c e m b e r, a n d so m e m e lte rs a re re p o rte d to h ave covered th e ir re q u ire m e n ts fo r F e b r u a r y a n d M a r c h . D u r in g th e la tte r p a rt of J a n u a r y p rice s a re re p o rte d to h a v e becom e u n se ttle d a n d som e $13 p e r sale s w ere m ad e a t to n , o r $1 le ss th a n th e re ce n t b ase p rice , w ith som e fu rth e r sh a d in g of p rice s on larg e orders. W eekly figures c o n tin u e below th e level fo r c o rre sp o n d in g p erio d s a y e a r ago. J a n u a ry w eekly figures fo r A la b a m a w ere a b o u t 2 p e r cen t below th o se fo r D ecem ber, a n d 18 p e r ce n t less th a n fo r J a n u a ry 1930, w hile in T e n n e sse e w eekly figures fo r J a n u a ry increased n early 5 per ce n t over th o se fo r D ecem b er b u t w ere 10 p e r cen t less th a n fo r J a n u a ry a y e a r ago. C o m p ariso n s of w eekly figures follow : Week E nded: (In th o u sa n d s of tons) U n ited S tates A labam a 1931 1930 1931 1930 J a n u a ry 3.......................8,369 J a n u a ry 10................. ...9,184 J a n u a ry 17.................... 9,195 J a n u a ry 24.................... 8,&5 J a n u a ry 31.................... 8,037 F eb ru ary 7.................. .. 7,828 10,190 11,166 10,667 11,703 11,628 10,935 253 275 291 307 277 262 351 359 308 348 351 372 Tennessee 1931 1930 112 120 115 115 97 94 123 124 115 132 129 129 C u m u lativ e p ro d u c tio n in th e U n ite d S ta te s fo r th e coal y e a r to d a te , A pril 1 th ro u g h F e b ru a ry 7, a p p ro x im a te ly 263 w orking d ay s a m o u n te d to 382,894,000 n e t to n s, a n d w as sm a ller th a n o u tp u t d u rin g t h a t p a r t of o th e r recen t y ears. A co m p ariso n of to ta l p ro d u c tio n of b itu m in o u s coal in A lab am a a n d T ennessee d u rin g 1930, w ith o th e r re c e n t years, is show n in th e figures follow ing: 1930................................. ............... 1929........... ........... .............................. 1928.................................................. 1927......................... ................................... 1926............................................. ................ A labam a 15 240,000 to n s 17,943,923 to n s 17,621,362 to n s 19,765,866 to n s 21,000,962 to n s Tennessee 5,103,000 to n s 5,405,464 to n s 5,610,959 to n s 5,783,367 to n s 5,788,741 to n s P ro d u c tio n figures a re sh o w n in th e ta b le fo r co n v e n ie n ce of co m p a riso n , a n d in d e x n u m bers a p p e a r o n page 8 of th is R e v ie w . U n ite d S ta te s: P ro d u ctio n —to n s........................ Average per d a y —to n s ............... •Active fu rn a c e s ........................... A la b a m a : P ro d u ctio n —t o n s ........................ Average p er d ay—to n s ............... •Active fu rn a c e s ........................... J a n . 1931 1,714,266 55,299 102 Dec. 1930 1,665,690 53,732 95 J a n . 1930 2,827,464 91,209 173 150,251 4,847 10 134,650 4,344 8 220,781 7,122 16 N av a l R e c e ip ts of tu rp e n tin e a n d ro sin a re u s u a lly a t a season- S to r e s a lly lo w le v e l d u rin g th e firs t th re e m o n th s of th e cale n d a r y e a r, w h ic h co n stitu te th e la st q u a rte r of th e N a v a l S to re s Y e a r . J a n u a r y re ce ip ts of tu rp e n tin e a t th e th re e p rin c ip a l 74 pe r cent co m p a re d w ith 29 pe r cent less th a n in J a n u a r y la st y e a r . R e c e ip ts d eclin ed 65 p e r cent co m p ared w ith D e c e m b e r, a n d m a rk e ts of th e d is t r ic t d e clin e d a b o u t D e c e m b e r, a n d w ere of ro sin in J a n u a r y w ere 18.6 p e r cent sm a lle r th a n in J a n u a r y a y e a r ago. F o r th e ten m o n th s of th e n a v a l sto re s se aso n tu rp e n tin e a n d ro s in re ce ip ts h a v e been slig h tly less th a n fo r th a t p a rt of th e 1929-30 season o r th e season , b u t la rg e r th a n fo r o th e r re ce n t y e a rs. 1927-28 S to c k s of ro sin a t th e end of J a n u a r y w ere th e la rg e st fo r t h a t d a te sin ce 1923, a n d s to c k s of tu rp e n tin e w ere la rg e r th a n fo r J a n u a r y of o th e r re ce n t y e a rs except 1928 a n d 1929. A c c o rd in g to press re p o rts th e re w as som e im p ro v e m e n t in d e m a n d fo r b o th c o m m o d itie s th e firs t w e e k in F e b r u a r y , th e d o m e stic d e m a n d w a s re p o rte d a s gen eral, fro m a ll se ctio n s a n d fro m th e chief co n su m in g in d u strie s, a n d th e foreig n d e m a n d w a s w id e sp re ad a l Pig Iron P ro d u ctio n A ccording to s ta tis tic s com piled a n d p u b lish ed b y th e Iro n Age, th e p ro d u c tio n of p ig iro n in th e U n ite d S tates, a n d in A lab am a, increased in J a n u a ry o v er D ecem ber, a n d th e d ecreases sh o w n in c o m p ariso n w ith th e co rresp o n d in g m o n th a y e a r ago w ere sm aller th a n w ere show n fo r D ecem ber, com pared w ith t h a t m o n th a y e a r earlier. T h e re w as also a g ain in fu rn ac e a c tiv ity o v er D ecem ber. T o ta l p ro d u c tio n of pig iro n in th e U n ite d S ta te s d u rin g J a n u a ry gained 3 p e r cen t o v er th e p receding m o n th , a n d w as 39 p e r cen t less th a n in J a n u a ry 1930. A y e a r ago th e re w as a sm all decline fro m D ecem b er to J a n u a ry . T h e n u m b e r of fu rn ac es a ctiv e on F e b ru a ry 1 w as larg er b y 7 th a n th e n u m b e r activ e a m o n th earlier, b u t sm aller b y 71 t h a n a y e a r ago. A lab am a p ro d u c tio n of pig iro n increased 11.6 p e r cen t, b o th in to ta l p ro d u c tio n a n d in d a ily av erage, in J a n u a ry over D ecem ber, b u t w as 32 p e r cen t less th a n in J a n u a ry 1930- T h e n u m b e r of activ e fu rn ac es increased b y 2 o ver th e m o n th before, a n d w as 10, c o m p ared w ith 16 activ e a y e a r ago. P re ss re p o rts in d ic a te t h a t pig iro n consum ers in th e B irm in g h am d istric t a re co n tin u in g th e ir policy of covering n e arb y req u irem en ts o nly. J a n u a ry sh ip m e n ts a re re p o rte d to h av e been tho u g h fo r sm a ll lo ts, b u t c o n stitu te d a seaso n ab le to ta l fo r e a rly F e b ru a ry. T h e r e w a s so m e stre n g th e n in g in p rice s b u t th is a p p e a rs to h a v e ch eck ed th e d e m a n d d u rin g th e fo llo w in g w eek. R eceip ts—T u rp e n tin e (1): S a v a n n a h ..................... .................. Ja c k so n v ille .................................... P e n sa co la .............. ........................ J a n . 1931 3,388 3,090 750 T o ta l............................. ............ R eceipts—R o sin (2): S a v a n n a h .......................................................... J ackso n ville..................................................... P e n sa co la ....................... *.............. . Dec. 1930 J a n . 1930 12,989 4,942 10,651 3,854 3,842 1,441 7,228 27,482 10,237 15, 15,629 22,127 3,589 57,534 44,136 15,819 24,902 19,575 6,314 T o t a l........................................................ ......41,345 41,345 Sto cks—T u rp e n tin e (1): S a v a n n a h ..............................................................19,084 19,084 Ja c k so n v ille ......... ........................................... . ....15,727 15,727 P e n sa co la ........ ................................... ..................33,509 . 33,509 117,489 50,791 25,708 24,957 34,246 11,040 18,673 28,772 T o t a l................................................................68,320 - 68,320 Sto ck s—R o s in (2): S a v a n n a h ............................................................174,558 174,558 J a c k so n v ille -........................................*..............118,303 - 118,303 P e n s a c o la -............................................................36,765 . 36,765 84,911 58,485 198,035 132,436 41,619 109,988 100,077 11,503 . 329,626 372,090 221,568 T o t a l..................... ................... (1) B a rre ls of 50 g a llo n s. (2) B a rre ls of 500 po un d s. 8 M O N T H LY 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 confidentially by representative firms in tne lines of trades indicated, and the other series of index numbers are based upon figures reported to the bank or currently available through the daily or trade press. These index numbers, except as indicated in the foot-notes, are based upon the monthly averages for the three year period 1923-25 as represented by 100. November 1930 December 1930 January 1931 November 1929 December 1929 January 1930 Atlanta............ ..... .......... .......... ....................... Birmingham___________________________ Chattanooga______________ ______ ______ Nashville....... ................................................... New Orleans..................................................... Other Cities............ .......................................... DISTRICT..................................................... 156.1 88.6 72.0 98.9 96.3 85.1 96.0 270.7 137.9 112.1 154.0 135.6 143.8 154.0 124.8 63.1 63.8 65.6 62.9 65.3 72.4 161.4 117.0 90.3 117.1 108.1 107.4 112.0 264.9 173.3 127.6 180.0 152.5 167.2 171.0 124.0 72.4 68.0 74.9 66.8 72.8 76.0 RETAIL TRADE U. S. (1) Department Stores......................................... 112 165 82 125 191 RETAIL TRADE 6th DISTRICT (Department Stores) 88 WHOLESALE TRADE 6th DISTRICT Groceries........................................................ Dry Goods...................................................... Hardware....................................................... Furniture..................................................... Electrical Supplies.......................................... Shoes............... .............................................. Stationery....................................................... Drugs.............. ..................................... ....... TOTAL......................................................... 64.1 61.6 63.6 54.6 76.4 62.3 59.6 81.0 64.8 69.1 43.6 57.8 49.8 85.4 40.7 60.1 88.3 62.8 64 8 39.1 58.8 49.1 55.7 26.0 58.3 86.0 58.2 86.9 82.0 91 .9 98.9 88.8 97.0 73.4 100.8 89.1 84.0 59.3 83.2 77.3 106.9 46.0 68.0 104.8 82.4 83.6 59.4 85.5 76.1 81.5 40.9 72.7 109.2 81.4 WHOLESALE PRICES U. S. (2) Farm Products.............................................. Foods............. .............. .......... ....................... Hides and leather products............................ Textile products............................................. Fuel and lighting........................................... Metals and metal products.......... ................. Building materials.......................................... Chemicals and drugs...................................... Housefurnishing goods................................... Miscellaneous_________ _______________ ALL COMMODITIES............. ................. 79.3 85.7 94.0 73.3 71.8 90.2 85.6 85.2 95.2 67.8 80.4 75.2 81.8 91.2 72.4 70.5 90.0 84.4 84.8 91.3 66.9 78.4 73.5 80.1 88.6 71.0 69.8 89.3 82.9 83.6 91.1 64.7 77.0 101.1 98.8 108.4 91.5 81.7 102.3 96.0 94.0 97.1 80.1 94.4 101.9 98.6 107.4 90.4 81.3 102.1 96.2 93.6 97.3 79.8 94.2 101.0 97.2 105.1 89.4 79.9 101.2 96.2 93.0 97.3 78.7 93.4 BUILDING PERMITS 6th DISTRICT Atlanta____________ _____ ___________ Birmingham................................................... Jacksonville.................................. ................. Nashville........................................................ New Orleans____________ ____ _______ _ Other C itie s ___ _____________ _______ DISTRICT (20 Cities).................................. 10.8 5.0 10.8 18.1 42.3 16.4 16.8 21.2 8.8 9.2 36.4 18.6 10.7 14.1 20 6 26.3 12.9 28.7 8.5 13.1 16.2 23.2 26.5 23.5 16.7 21.6 27.4 25.2 17.8 33.5 20.1 19.7 48.3 18.3 23.9 42.5 16.5 33.3 38.1 24.4 30.4 30.2 CONTRACTS AWARDED €th DISTRICT 45.2 28.3 50.9 35.8 33.6 61.2 COTTON CONSUMED: United States................................................. Cotton-Growing States................................... All Other States............................................ Exports........................................................... 81.6 95.3 51.5 147.7 78.9 92.2 52.9 124.6 89.4 101.6 107.1 122.3 73.5 170.6 89.3 101.3 62.9 148.1 113.6 129.2 79.1 118.6 PIG IRON PRODUCTION: United States................................................. Alabama....... ............. ........... ....................... UNFILLED ORDERS—U. S. STEEL CORPORATION........................................... 62.5 61.2 55.8 58.0 57.4 64.7 106.5 98.2 95.0 99.0 94.6 95.1 76.2 82.6 86.5 86.4 92.5 93.6 (1) Compiled by Federal Reserve Board. (2) Compiled by the Bureau of Labor Statistics. Base 192&-100.
@FedFRASER