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M O N T H L Y R E V I E W O f Financial, A gricultu ral, T rade an d Industrial C onditions in th e S ixth F ederal R eserve D istrict F E D E R A L VOL. 17, No. 2 R E S E R V E B A N K O F A T L A N T A This review released for publication in morning papers of March 2. ATLANTA, GA., February 29, 1932 NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by Federal Reserve Board In January production of manufactures increased by about the usual seasonal amount, while output of minerals and value of building contracts awarded continued to de cline. Wholesale prices declined further during January and early February, but more recently prices of certain leading commodities showed an advance. Production and Volume of industrial production, which inEmployment eludes both manufactures and minerals, increased from December to January by an amount somewhat smaller than is usual at this time of year, and the Board’s seasonally adjusted index declined from 71 per cent of the 1923-1925 average to 70 per cent. In the steel industry there was a seasonal increase in activity dur ing January, followed by a slight decline during the first three weeks of February. Production of automobiles, which usually increases considerably at this season, showed little change in January, following an increase in December. Activity at textile mills increased by more than the usual seasonal amount and at shoe factories there was a seasonal increase in production. Output of coal and petroleum was substantially reduced. Volume of factory employment de clined by more than the usual seasonal amount between the middle of December and the middle of January. Number employed at foundries, car-building shops, clothing factories, and establishments producing building materials declined substantially, while employment in the tobacco industry de creased less than is usual at this season, and employment in the woolen goods industry increased, contrary to seasonal tendency. Total value of building contracts awarded in, 37 Eastern States, as reported by the F. W. Dodge Corporation, declined sharply in January, and for the three-month period ending in that month was about one-half of the amount awarded in the corresponding period a year ago. Approximately onefourth of the decrease was in residential building, and three-fourths in other types of construction. Distribution Total freight-car loadings decreased in Janu ary, contrary to seasonal tendency, reflecting chiefly smaller shipments of merchandise, miscellaneous freight, and coal. Department store sales declined by about the usual seasonal amount. Wholesale The general level of wholesale commodity prices, Prices as measured by the index of the Bureau of Labor Statistics, declined 2 per cent further from December to January, although prices of some impor tant commodities, such as wheat, showed little change and the price of cotton advanced. During early February prices of certain leading commodities including grains and cotton declined, but later in the month there was some advance in the prices of these commodities. Bank Volume of Reserve Bank credit outstanding deCredit clined in January and the first half of February. This decrease has reflected a return flow of cur rency from circulation, which has been smaller than usual this year, together with a continued reduction in member bank reserve balances, offset in part by a demand for reserve bank credit caused by an outward movement of gold amounting to $100,000,000 since the turn of the year. A decline in money circulation after the first few days in Feb ruary reflected some return of hoarded currency, accom panying a decrease in bank failures. At member banks in leading cities volume of credit continued to decline during January and the first half of February. Between January 13 and February 17, total loans and investments decreased by $550,000,000, representing declines in loans on securi ties, in other loans, and in investments. Deposits of these banks also declined substantially during this period. Money rates in the open market showed little change. On February 26 the discount rate of the Federal Reserve Bank of New York was reduced from 3% to 3 per cent, and buy ing rates on bankers’ acceptances of short maturities were reduced from 2% to 2% per cent. SIXTH DISTRICT SUMMARY There were increases in January in the production of pig iron in Alabama, in the daily average consumption of cotton in Georgia and Alabama, and in the cotton-growing states as a group, and in sales of fertilizer tax tags in the six states of this district, but other statistics indicate a seasonal de cline in trade, and most series compare unfavorably with January a year ago. Department store trade in the sixth district declined sub stantially from the holiday volume in December, and aver aged 21.1 per cent less than in January, 1931. Sales by 114 reporting wholesale firms decreased 12.8 per cent from De cember to January, and were 28.6 per cent smaller than a PER CENT PERCENT 160 ----- A 1*0 s 11 1 1 120 N — ^ 100 BUIL DING CONTI*ACTS AWARDED 160 * 120 \ A. > \ \ 80 SO Total 100 80 fc\ Residential V \ A v 60 <K> s 20 1927 In d e x n u m b e r o f in d u s t r ia l p ro d u ctio n , a d ju ste d f o r se a so n a l v a r ia t io n . 923-25 a v e r a g e = 1 0 0 .) 1928 1929 1930 1931 kO V 20 1932 In d e x e s based on th ree -m o n th m o v in g a v e ra g e s o f F . W . D od g e d a ta fo r 37 E a s t e r n S ta te s , a d ju ste d f o r se a so n a l v a r ia t io n . (1923-25 a v e r a g e = 1 0 0 .) 2 M O N T H LY PER CEN T PER CEN T R E V IE W B IL L IO N S O F D O L L A R S B IL L IO N S OF D O L L A R S Indexes of daily average value of sales with adjustment for seasonal variation and without adjustment for seasonal variation. Monthly averages of weekly figures for reporting member banks in lead ing cities. Latest figures are averages for first three weeks in February. year ago. Debits to individual accounts by banks in 26 clear ing house centers of the district fell 2.1 per cent in January from December, and were 24.3 per cent smaller than in Jan uary last year. These percentage comparisons are based upon figures reported in actual dollar amounts, and do not make allowance for the decline in prices. January sales of fertilizer tax tags increased 57.1 per cent over those in De cember, but were 33.2 per cent less than a year ago. The number of horses and mules on farms in the six states of this district declined since January 1, 1931, but the num ber of cattle, sheep and hogs increased. The total value of farm animals, however, declined 19.6 per cent during the past year. Reserve bank credit outstanding at the Federal Reserve Bank of Atlanta declined by about 7.8 millions during the four weeks between January 13 and February 10, the decline being principally in holdings of discounts secured by United States Government obligations, and of purchased paper, but total bills and securities were twice as large as a year ago. Total loans and investments of weekly reporting member banks in selected cities of the district declined nearly five millions during this four weeks period, and were 44.5 mil lions less than a year ago. Building permits issued during January at twenty cities in the district declined by more than one-half as compared with December, were 37 per cent less than in January, 1931, and were less than for any other month for which statistics are available. There was some improvement reported in pro duction and orders of lumber mills during the first three weeks of January, following the holiday and inventory period. Daily average consumption of cotton in the cottongrowing states increased 6.2 per cent in January over De cember, and was 4.8 per cent larger than a year ago. Pro duction of cloth and yarn by mills reporting to the Federal Reserve Bank declined from December to January but was greater than a year ago, and orders booked by these mills increased over both of those periods. Coal production de clined further, in both Alabama and Tennessee, and contin ued to be much smaller than a year ago, and while the pro duction of pig iron in the United States as a whole declined slightly from December to January, output in Alabama in creased 10.9 per cent. are twice as large, and holdings of purchased paper and of government securities are much larger than at that time. Cash reserves increased slightly between January 13 and February 10, when they were much less than a year ago. There were declines in total deposits, and in member banks’ reserve deposits, and in the amount of Federal Reserve notes in actual circulation between January 13 and February 10, and the reserve ratio rose from 59.5 to 62.2 during this period. Deposits and note circulation continue at lower levels than at the same time a year ago. Principal items in the weekly report are shown compara tively in the table. (000 Omitted) Feb. 10, 1932. Jan. 13, 1932. Feb. 11, 1931. Bills Discounted: 505 16,054 $ Secured by Govt. Obligations-....$ 12,163 $ 21,474 All Others ____________ 36,737 37,443 53,497 21,979 48,900 Total Discounts ___ ____ 4,802 11,753 Bills Bought in open market 8,985 7,719 12,650 12,620 U. S. Securities __________ ____ 750 1,150 Other Securities __________ 34,500 71,255 79,050 Total Bills and Securities._ 161,947 106,529 107,748 Total Reserves ___________ 59,339 51,947 47,828 Member Banks Reserve Deposits. 61,932 57,643 52,776 Total Deposits __________ 130,701 121,520 F. R. Notes in actual circulation. 120,591 84.1 59.5 62.2 Reserve Ratio .......-_______ FINANCE Reserve Bank The volume of reserve bank credit outstandCredit ing at the Federal Reserve Bank of Atlanta declined each week between January 13 and February 10. On this latter date total bills and securities held by this bank were smaller by $7,795,000 than four weeks earlier, but were a little more than double the total for the same report date a year ago. During the four week period January 13 to February 10 there was a decrease of $4,597,000 in discounts, principally in those secured by United States Government obligations, holdings of bills bought in the open market declined by $2,768,000, and there were smaller declines in holdings of United States Gov ernment and other securities. Compared with the corre sponding weekly report date a year ago, howevei*, discounts Condition of Member Banks in Selected Cities Outstanding member bank credit in the sixth district as reflected in total loans and investments of 24 weekly reporting member banks located in Atlanta, New Orleans, Birmingham, Jacksonville, Nashville, Chattanooga, Mobile and Savannah declined by nearly five millions of dol lars between January 13 and February 10, and was about 44.5 millions less than on the same weekly report date of last year. Loans by these banks, both those against securities and “All Other Loans,” declined between January 13 and Feb ruary 10, the total being about 6.1 millions smaller on the latter date. This decline was partly offset by an increase of 1.1 millions in investments. There was an increase of more than 3 millions in investments in United States Government securities, but a decrease of nearly 2 millions in holdings of other securities. Compared with the corresponding report date in 1931, a decline of $72,184,000 in loans was only partly offset by an increase of $27,728,000 in investments. The decline in loans was due to decreases in both those against securities and “All Other Loans,” but the increase in investments was due to larger holdings of United States Government obligations, there being a small decline in hold ings of Other Bonds and Securities. Demand deposits of these weekly reporting member banks declined $6,816,000 between January 13 and February 10, and were then $64,702,000 less than a year ago, and time deposits decreased $3,593,000, and were $23,221,000 less than at the same time last year. Borrowings by these banks from the Federal Reserve Bank of Atlanta declined slightly during the four-week period, and continue to be much larger than a year ago. Principal items in the weekly report are shown compar atively in the table? and are followed by monthly averages M O N T H LY of weekly figures for some of the more important items in the report showing their trends over the past year. (000 Omitted) Feb. 10, 1932. Jan. 13, 1932. Feb. 11, 1931. Loans: 132,379 109,181 On Securities ... ............ .........$ 107,516 288,974 All Others _____________ 246,083 241,653 355,264 Total Loans 349,169 421,353 61,731 U. S. Securities ___________ 93,868 90,798 88,221 90,665 Other Bonds and Securities........ 86,256 152,396 180,124 179,019 Total Investments ............... 573,749 534,283 Total Loans and Investments . 529,293 Time Deposits _______ ____ 197,114 200,707 220,335 301,535 243,649 236,833 Demand Deposits _____ ___ 112,539 77,020 Due to Banks ........................ 75,896 89,483 Due from Banks _______ __ 52,908 54,326 26,524 28,939 9,336 Borrowings from F. R. Bank..... Monthly Averages of Weekly Figures of Reporting Member Banks in Selected Cities (000 Omitted) Loans on All Other Invest- Demand Time Borrowings 1931 Securities Loans__ ments Deposits Deposits from F. R. Bank l 9,673 Jan. . $137,811 $291,519 $141,561 $305,018 $222,744 8,550 Feb. . 131,886 288,585 148,405 306,455 221,301 1,480 March 132,893 282,819 160,534 303,616 229,046 April . 126,991 278,270 178,257 311,170 230,191 1,312 1,503 May . . 115,937 271,544 175,038 307.486 227,729 1,910 June . 116,353 265,159 177,587 302,461 226,625 July . 114,134 266,415 178,487 299,850 233,277 1,018 6,109 Aug. . 113,341 263,351 173,381 290,772 234,860 11,060 Sept. . 114,082 262,759 181,450 280,966 228,099 22,348 Oct. . 115,508 261,950 185,199 267,026 217,731 Nov. . 114,264 258,929 181,274 259,056 213,795 30,762 29,992 Dec. . 113,703 252,423 182,510 254.486 207,522 1932 27,919 Jan. . 109,653 245,706 178,755 244,147 200,591 Savings Deposits Following the interest period at the close of the year, savings deposits held by 63 banks located throughout the district declined in January, and at the end of the month averaged 8.3 per cent less than for December, and 9.1 per cent less than a year ago. Compar isons for reporting banks in Atlanta, and cities in which branches of the Federal Reserve Bank are located, are shown in the table and reports from banks located elsewhere in the district are grouped under “Other Cities.” (000 Omitted) Number Jan. Dec. Jan. Percentage change 1932 1931 1931 Jan. 1932, compared of with Banks Dec. 1931 Jan.1931 Atlanta ................... 4 $36,163 $38,264 $39,098 — 5.5 — 7.5 3 18,401 20,928 21,009 —12.1 —12.4 Birmingham ____ 13,679 14,501 16,192 — 5.7 —15.5 4 Jacksonville _____ 26,458 27,732 28,993 — 4.6 — 8.7 Nashville _____ — 5 49,819 52,193 50,758 — 4.5 — 1.8 6 New Orleans .......... 71,822 82,180 82,076 —12.6 —12.5 Other Cities ... ........ 41 Total ____ _____ 63 216,342 235,798 238,126 — 8.3 — 9.1 Debits to Debits to individual accounts by banks in 26 Individual clearing house centers of the sixth district deAccounts clined 2.1 per cent in January from December, and averaged 24.3 per cent less than in January, 1931. In January, 1930 and 1931, there were small increases over December, but for the five years before 1930 bank deb its at these cities declined from December to January. Of the 26 reporting cities, 12 reported increases over December, but only one increase was shown over January, 1931. Com parisons for the month are shown in the table. The monthly totals are derived from weekly reports by prorating figures for those weeks which do not fall entirely within a single calendar month. (000 Omitted) Jan. 1932 Dec. 1931 Jan.1931 $ 193,804 $ 138,970 $ 146,983 Alabama—4 Cities 90,196 130,270 95,183 Birmingham __ 2,029 2,430 1,744 Dothan --------30,655 38,775 31,032 Mobile 22,329 19,024 16,090 Montgomery 129,708 100,972 107,073 Florida—4 Citi< 51,105 57,152 69,395 Jacksonville 18,828 21,172 24,787 Miami ---4,930 5,903 6,031 Pensacola ... 23,765 25,190 29,495 Tampa ---209,256 218,327 261,450 Georgia—10 Cii 3,547 3,077 3,446 Albany ___ .. 132,311 138,548 158,060 Atlanta __ 17,506 20,636 16,917 Augusta __ 1,991 2,169 2,480 Brunswick — 9,708 10,233 12,939 Columbus — 819 638 755 Elberton --12,695 10,523 19,495 Macon ___ 1,188 1,247 1,960 Newnan __ 37,821 29,526 29,036 Savannah 2,848 3,056 3,853 Valdosta — 229,791 246,617 334,188 Louisiana—New Orle 33,923 48,158 32,011 Mississippi—4 Cities 4,271 3,808 6,263 Hattiesburg ........ R E V IE W 3 18,915 27,713 16,575 8,159 6,595 6,742 4,605 6,023 4,423 158,701 133,187 125,571 50,122 37,413 34,593 27.289 26,682 27,061 68,713 81.290 64,296 $ 870,481 $1,126,009 ..$ 852,200 AGRICULTURE Live Stock The annual estimate by the United States Deon Farms partment of Agriculture indicates that the to tal number of farm animals on farms in the six states of this district on January 1, 1932, had increased 5.2 per cent over the number a year earlier, but that the total value of these farm animals declined 19.6 per» cent compar ed with that a year ago. The number of horses declined 6 per cent, and the number of mules 2 per cent, but cattle in creased 3.8 per cent, milk cows and heifers 4.2 per cent, sheep 3.4 per cent and swine 10.4 per cent. Total values by kind of animals declined from 14.4 per cent for horses to 25 per cent for sheep. Comparisons by states are shown in the table. Live Stock on Farms January 1 (000 Omitted) ------ 1932----------- 1931-----Number Value Number Value Alabama: Total _________ _ $ 40,485 $ 51,262 Horses and Colts _________ 58 2,692 62 3,183 Mules and Mule Colts____ __ 319 19,730 322 23,760 All Cattle........... ............ - 810 12,764 771 17,237 ♦Milk Cows and Heifers......... __ 390 8,970 371 12,243 Sheep and Lambs............. 50 132 50 171 Swine ..................... ............ 957 6,911 5,167 870 Florida: Total ---------------$ 15,288 $ 19,434 Horses and Colts _________ 19 1,264 1,545 ~20 Mules and Mule Colts__ _ 42 4,074 42 4,452 All Cattle ------------ ^_____ 441 7,946 432 10,249 ♦Milk Cows and Heifers___ __ 88 3,344 86 4,042 43 Sheep and Lambs ............... 104 44 146 Swine --------------------508 1,902 498 3,042 Georgia: Total __________ $ 45,183 $ 61,381 35 Horses and Colts ................. 1,820 “36 2,268 Mules and Mule Colts— .. 333 23,294 340 29,556 All Cattle .......................... 789 13,079 773 18.485 ♦Milk Cows and Heifers___ 336 8,400 329 11,844 Sheep and Lambs _________ 37 85 38 147 Swine ........ . ................. 1,390 6,905 1,299 10,925 Louisiana: Total ____ ____ $ 34,117 $ 40,408 Horses and Colts ................. .. 106 4,040 112 5,114 Mules and Mule Colts____ __ 189 11,836 197 14,496 All Cattle ----------------- __ 740 13,456 705 16,016 ♦Milk Cows and Heifers----- __ 260 7,800 247 8,892 Sheep and Lambs .............. _. 140 372 133 364 Swine .... ................... ........ 679 4,413 605 4,418 Mississippi: Total ________ $ 44,372 $ 52,414 Horses and Colts _______ _ 92 3,962 98 4,424 21,772 Mules and Mule Colts ___ . . 347 358 23,540 All Cattle ___________ __ 966 13,772 929 18,837 469 ♦Milk Cows and Heifers - 9,849 447 13,410 Sheep and Lambs ______ 100 91 201 265 878 4,665 764 Swine —------------------5,348 Live Stock on Farms January 1 (000 Omitted) -1932-1931Number Value Number Value Tennessee: Total -----------$ 58,539 $ 71,208 Horses and Colts ______ ___ 157 7,702 169 9,420 .. 318 Mules and, Mule Colts ___ 21,258 321 23,364 All Cattle ----------------1,032 21,198 992 28,613 14,196 ♦Milk Cows and Heifers __ ___ 507 487 18,993 Sheep and Lambs .............. 393 1,581 382 2,206 6,800 Swine .................. ............. ......1,075 933 7,605 Total Six States .................. $237,984 $296,107 467 Horses and Colts ........ ..... 21,480 497 25,954 Mules and Mule Colts ___ ___1,548 101,964 1,580 119,168 82,215 4,602 All Cattle ___________ ___4,778 109,437 2,050 ♦Milk Cows and Heifers ___ 52,559 1,967 69,424 2,473 738 Sheep and Lambs ______ ... 763 3,299 5,487 29,852 4,969 Swine .................. ...........28,249 *Milk Cows and Heifers included in All Cattle. Average of Cotton Prices at Ten Designated Spot Markets Cents per pound 1932 1931 5.99 January 8 9.27 January 14 6.23 January 23 6.22 9?57 January 28 6.25 9.46 6.22 February I 9.88 February 1] 6.23 10.11 Sugar Movement (Pounds) Raw Sugar Jan. 1932 Dec. 1931 Jan. 1931 Receipts: 96,516,989 New Orleans ___________ 47,327,186 43,569,180 Savannah _____________ 47,754,358 15,128,116 11,352,424 Meltings: 72,608,340 New Orleans ___________ 94,505,190 45,061,027 Savannah _____________ 32,365,326 21,432,142 31,250,671 Stocks: 28,834,605 76,013,809 115,230,534 New Orleans . 15,389,032 22,798,505 Savannah _ Jackson — Meridian . Vicksburg Tennessee—3 Cities Chattanooga ___ Knoxville _____ Nashville _____ Total 26 Cities___ 4 M O N T H LY Refined Sugar (Pounds) Shipments: New Orleans __ 85,200,553 Savannah ... ........................... 15,027,509 Stocks: New Orleans ------------- ----- 57,160,172 Savannah _____ -___ ___ 15,054,777 R E V IE W (Short Tons) Dec. Jan. Aug. 1 through Jan. 31 1931 1931 1931-32 1930-31 87,290,200 76,445,401 27,797,166 19,240,618 28,800 1,600 15,700 32,750 47,950 49,601 225,313 245,856 6,969 37,854 721 31,122 51,289,550 58,860,413 2,200 9,578 25,406 32,363 18,642,325 17,342,833 3,050 4,675 1,450 2,450 12,221 5,212 23,512 53,921 126,763 288,659 377,010 Rice Movement—New Orleans Jan.1932 Dec. 1931 Jan. 1981 TRADE Rough Rice—Barrels: Retail The dollar volume of department store sales in the Receipts ----------1,817 36,090 28,223 Trade sixth district declined in January, following the Shipments ______ 11,275 36,814 9,768 holiday season in December, and the index number Stocks 1,457 10,915 26,206 Clean Rice—Pockets: is lower for January than for any other month in the series 62,203 94,709 Receipts 51,418 which goes back to 1920. January sales by 38 reporting de 57,264 Shipments 78,972 82,116 partment stores declined 56 per cent from December, and Stocks __ 154,614 149,675 124,678 averaged 21.1 per cent less than in January, 1931. The de crease of 56 per cent from December to January compares Rice Millers Association Statistics with a decline of 53.7 per cent at the same time a year ago. (Barrels) Stocks of merchandise reported by department stores at Aug.l to Jan. 31 January Receipts of Rough Rice: the end of January were 4.1 per cent, on the average, smaller 569,460 Season 1931-32 ______ ____ ______ 6,256,387 than for December, and 18 per cent smaller than at the end Season 1930-31 ______________ __ 1,146,938 6,902,995 of January, 1931. Last year stocks declined from December Distribution of Milled Rice: to January by 2.7 per cent. Season 1931-32 _________ ____ __ 719,925 5,892,811 Accounts receivable at the close of January were 14.1 Season 1930-31 __________ _____ _ 1,119,362 5,918,123 per cent less than for December, and 14.4 per cent smaller Stocks of Rough and Milled Rice: than a year ago, and collections during January increased 5.6 January 1, 1932 _______ ___ ____ 1,906,174 per cent over those in December, but were 20.6 per cent less January 31, 1931 ......................... ....... 1,793,078 than for January, 1931. The ratio of collections during December against accounts Fertilizer Sales of fertilizer tax tags during January by receivable and due at the beginning of the month, for 31 Tag Sales authorities in the six states of this district in firms, was 29.2 per cent, against 30.8 per cent for Decem creased 57.1 per cent over those in December, ber, and 31.1 per cent for January last year. For regular but were 33.2 per cent less than in January a year ago. Jan accounts the collection ratio for January was 31.3, for De uary usually accounts for about 10 per cent of the annual cember 33.1, and for January a year ago 33.1, and for in total, while December usually accounts for but 2 per cent. stallment accounts the ratio was 14.9 for January, 16.3 for For the season August 1 through January, tag sales in these December, and 16.0 for January last year. six states have been 23.4 per cent less than in that period a All of these statistics are reported in dollar amounts and year ago. Figures in the table are taken from those com the percentage! comparisons make no allowance for the dif piled by the National Fertilizer Association. ferent level of prices. RETAIL TRADE IN THE SIXTH DISTRICT DURING JANUARY, 1932 . Based on confidential reports from 38 department stores Comparison of Net Sales Comparison of Stocks Rate of Stock Turnover Jan.1932 Jan. 1932 Jan. 31, 1932 Jan. 31, 1932 with with with with Jan. Jan. Jan. 1931 Dec. 1931 Jan. 31, 1931 Dec. 31, 1931 1932 1931 —15.6 —53.8 —10.2 — 4.1 Atlanta (3) ....................................____ .34 .32 —57.2 Birmingham (4) ____________ ____ —21.4 — 4.5 —25.1 .17 .17 —49.0 —16.5 Chattanooga (5) ... -_______ ______ —27.2 — 5.1 .19 .17 —65.3 —30.5 — 8.4 Nashville (4) _____ ________ ____ —14.0 .15 .19 —54.2 —18.1 — 1.1 New Orleans (5) ____________ ____ —17.4 .19 .18 —58.9 —31.3 Other Cities (17) . ----------- -----____ —17.8 — 7.3 .19 .13 —21.1 —56.0 — 4.1 DISTRICT (38) _____ ________ ____ —18.0 .19 .21 Note: The rate of stock turnover is thq ratio of sales during given period to average stocks on hand. Wholesale Total sales during January, reported by 114 Trade wholesale firms in the sixth district, declined further by 12.8 per cent compared with Decem ber, and averaged 28.6 per cent less than in January a year ago. During the past twelve years, wholesale trade has de clined from December to January in seven instances, and the decline from the fall peak sometimes extends into Feb ruary. January sales of furniture and stationery increased over December. Stocks on hand at the close of January were one-half of one per cent less than a month earlier, accounts receivable declined 2.4 per cent, and collections decreased 17.7 per cent. Detailed comparisons of reported figures, shown in the table which follows, make no allowance for the different level of prices. WHOLESALE TRADE IN JANUARY, 1932 Sixth Federal Reserve District* Percentage change Jan. 1932 Number of compared with Firms Dec. 1931 Jan. 1931 All Lines Combined: 114 Sales .....—....................... —12.8 —28.6 27 — 0.5 Stocks on hand ----------—-21.6 51 — 2.4 Accounts receivable __ __ —12.3 56 Collections ........................ —17.7 —31.7 Groceries: 26 —13.9 Sales —....... ............ ........ —27.8 3 — 8.7 Atlanta ________ ___ —28.8 4 — 6.7 Jacksonville ------------— 8.8 5 —21.8 New Orleans ..........-...... —26.8 Vicksburg ---------------3 —17.9 —54.0 11 —11.8 Other Cities ------------—30.0 3 — 0.9 Stocks on hand ______ _ —35.9 11 — 2.0 Accounts receivable ------—14.3 11 — 5.8 Collections ----------------—30.2 Jan. 1932 12,550 Alabama ___ Florida ____ ... 59,894 5,400 Georgia ____ 5,280 Louisiana ---Mississippi ____ 1,000 587 Tennessee____ Total 84,711 Dry Goods: Sales ................. . Nashville ....... .... Other Cities ____ Stocks on hand __ Accounts receivable Collections ............. Hardware: Sales _______ _ Nashville ___ __ New Orleans .....— Other Cities ....... Stocks on hand __ Accounts receivable Collections ___ __ Furniture: Sales -------------Atlanta ______ Other Cities ___ Stocks on hand ___ Accounts receivable Collections ______ Electrical Supplies: Sales _________ New Orleans ___ Other Cities ---Stocks on hand __ Accounts receivable Collections --------Drugs: Sales _________ Accounts receivable Collections --------Stationery: Sales _________ Percentage change Jan. 1932 compared with Dec. 1931 Jan. 1931 21 —24.2 —27.9 3 —26.5 —35.6 18 —23.7 —26.1 11 —27.9 + 3.8 12 — 7.8 —17.1 14 —30.1 —29.1 26 — 6.8 —33.8 3 —18.2 —25.0 5 —20.5 —47.0 18 + 2.8 —27.9 6 — 0.9 —13.6 14 — 0.1 — 6.8 15 —20.7 —36.1 13 + 5.9 —28.0 5 — 0.6 —35.9 8 -f 7.6 —25.9 4 — 1.4 —28.0 6 — 1.9 —17.1 7 —19.7 —36.9 14 —33.9 —34.5 4 —36.0 —32.5 10 —32.5 —35.6 3 — 5.3 — 4.5 4 — 6.4 —14.2 5 —23.2 —29.0 8 — 1.4 —17.0 4 + 1.9 — 8.7 4 —16.0 —25.3 4 + 22.6 —10.5 :ts from 114 firms. Number of Firms M O N T H LY Life Sales of new, paid for, ordinary life insurance Insurance in the six states of this district declined sea sonally in January compared with December, but averaged 4.1 per cent greater than in January, 1931. The decrease from December to January this year was 24.1 per cent, compared with a decline of 30.1 per cent at the same time a year ago. Decreases compared with January a year ago in Louisiana, Tennessee and Alabama were more than offset by the gains recorded in Georgia, Florida and Mississippi. The figures in the table are from those com piled by the Life Insurance Sales Research Bureau. (000 Omitted) January December Percentage January Percentage 1932 1931 Comparison 1931 Comparison — 0.3 Alabama ______ $ 3,745 $ 4,400 —15.7 $ 3,756 Florida _______ 4,858 6,366 —23.7 3,908 4-24.3 10,051 —28.8 6,446 +11.0 Georgia _______ 7,156 Louisiana ______ 4,357 5,538 —21.3 4,760 — 8.5 Mississippi _____ 2,172 3,068 —29.2 1,741 +24.8 Tennessee _____ _ 6,874____ 8,951 —23.2____ 7,408 — 7.2 Total _______ $ 29,162 $ 38,414 —24.1 $ 28,019 + 4.1 Commercial Failures Statistics compiled by R. G. Dun & Co. indicate the failure during January of 3,458 busi ness firms in the United States, with liabilities of $96,860,205, increases of 25.4 per cent in number and of 32.3 per cent in liabilities over failures in December, and increases of 4.3 per cent in number and 2.4 per cent in lia bilities over January, 1931. In the sixth district there were 188 business failures in January, an increase of 16.8 per cent over December but 23.3 per cent fewer than in January a year ago, and liabil ities of firms failing in January amounted to $5,608,107, a little more than double liabilties for December and 19.7 per cent larger than for January, 1931. Grain Exports—New Orleans (Bushels) Jan. Jan. July 1 through Jan. 31 1932 1931 1931-32 1930-31 Wheat __________ 1,173,599 73,436 5,358,577 5,360,056 Com ___________ 4,324 11,155 38,495 64,213 Oats ___________ 41,431 13,423 250,397 68,942 Barley __________ _______ ____ 112,285 -------------Total _________ 1,219,354 98,014 5,759,754 5,493,211 INDUSTRY There was a further decline in total building permits issued during January at twenty re porting cities of the sixth district, to the low est level for any month in available statistics. While there were increases for January over December reported from nine of these twenty cities, the figures reported from all of these points were comparatively small, and the total for the twenty cities combined was only $1,064,311, less than half as large as that for December, and 37 per cent less than the total for January, 1931, and only 9.5 per cent of the monthly average for the three-year period, 1923 to 1925 inclusive. Comparisons of reported figures are shown in the table. Value Percentage Number January change January 1931 in value 1932 1931 1932 City Alabama $ 1,420 $ 3,805 — 62.7 5 6 Anniston -------390,063 — 85.0 167 58,327 Birmingham ----- 135 17,849 27,696 — 35.6 32 30 Mobile _______ 100 23,690 62,873 — 62.3 83 Montgomery ----Florida 76,515 105,770 — 27.7 229 Jacksonville ------ 261 66,745 231 125,172 — 46.7 Miami ................ 234 150,550 48,360 +211.3 34 19 Miami Beach ----10,791 19,825 — 45.6 49 25 Orlando ------41,950 — 2.3 238 40,971 Tampa ............... 178 850 + 47.1 1,250 5 5 ♦Lakeland ............ Georgia 211,558 318,831 — 33.6 427 Atlanta --------- 219 9,728 15,779 — 38.3 62 49 Augusta ........... 14,645 21,245 — 31.1 20 27 Columbus ........... 11,114 45,690 — 75.7 162 100 Macon.............. 5 3,565 17,200 — 79.3 10 Savannah — ---Louisiana 119,593 109,468 + 9.2 97 60 New Orleans ....... 38,581 — 72.1 10,752 56 34 Alexandria -----Tennessee 69,634 209 89,233 + 28.1 134 Chattanooga ----950 + 5.3 3 1,000 1 Johnson City----48,528 44,960 + 7.9 31 32 Knoxville ....... 182,264 — 46.4 97,757 117 Nashville - --- 117 Total 20 Cities------ 1,771 2,257 $1,064,331 $1,690,116 — 37.0 9.5 16.2 Index No. .........— Building and Construction ♦Not in clu d ed in t o ta ls o r in d e x n u m b e rs. R E V IE W 5 Contract awards in the sixth district during January in creased 3.5 per cent over December, but were 68 per cent less than in January a year ago, according to statistics com piled by F. W. Dodge Corporation and subdivided into dis trict totals by the Federal Reserve Board’s Division of Re search and Statistics. Residential contracts, which in Jan uary accounted for 28.2 per cent of the month’s total, increased 23 per cent over December, and were fractionally larger than in January, 1931, while all other contracts de clined 2.5 per cent from December to January and were 74.8 per cent less than a year ago. In the table are shown state totals for January, with comparisons. Parts of the figures for Louisiana and Mis sissippi apply to other Federal Reserve Districts. January December Percentage January Percentage 1932 1931 Comparison 1931 Comparison Alabama _______ $ 708,200 $ 521,300 +35.9 $2,259,500 —68.7 Florida ------------- 905,600 1,782,400 —49.2 1,020,900 —11.3 Georgia ------------ 2,342,500 1,924,600 +21.7 2,506,500 — 6.5 Louisiana ---------- 1,732,700 834,800 +107.6 14,403,700 —88.0 286,100 —31.8 694,300 —71.9 Mississippi ---------- 195,00 Tennessee (6th dist.)_ 402,400 534,900 —24.8 1,008,800 —60.1 Total contracts awarded in the 37 states east of the Rocky Mountains during January amounted to $84,798,400, a de cline of 38 per cent compared with the December total of $136,851,600, and 62.8 per cent smaller than the total of $227,956,400 for January, 1931. Residential contracts ac counted in January for $27,504,300, non-residential build ing for $33,237,700, and public works and utilities for $24,056,400. Lumber There was some measure of recovery in both or ders and output of Southern Pine mills following the holiday and inventory season. Orders booked by identical mills reported to the Southern Pine Association increased each week over the week before, from January 2 through January 30, and output of these mills increased from Jan uary 2 through January 23 but dropped off during the weeks ending January 30 and February 6. The Southern Lumber man of February 1 states: “The Southern pine trade is ex periencing a genuine increase in the volume of new business, orders for the week ending January 23 having been greater than for any other week since November 21. Even this total is far below normal, but the volume of business is at least showing an upward tendency, and both shipments and or ders continue to maintain a decided excess over production.” In the table are shown weekly totals reported by mills which also reported for those weeks a year ago. For the fiveweek period, orders average 39.3 per cent less, and produc tion averaged 46.8 per cent smaller, than a year ago. During this period orders exceeded production by 32.1 per cent, while a year ago, orders were 15.8 per cent greater than output. (In thousands of feet) Week Number Orders Production Unfilled Orders Ended: of mills 1932 1931 1932 1931 1932 1931 Jan. 9 ..._ 103 20,097 33,481 15,187 30,492 55,377 95,816 Jan. 16 ._105 22,512 35,126 17,166 29,926 58,926 96,158 Jan. 23 ._107 22,743 35,669 18,511 31,056 58,359 100,359 Jan. 30 ._ 92 21,525 36,153 14,307 26,593 54,768 90,165 Feb. 6 _113 21,294 37,874 16,712 35,852 64,407 113,885 Consumption of Cotton The consumption of cotton by American mills during January increased 4.8 per cent over December, and was 3.3 per cent less than in January, 1931. Because of the different number of working days, however, the average daily con sumption in January was 6.8 per cent greater than in De cember, and 0.5 per cent larger than in January a year ago. In the cotton-growing states total consumption in January was 4.1 per cent, and the daily average was 6.2 per cent greater than in December, and total consumption was 0.9 per cent, and daily average 4.8 per cent greater than in January last year. Consumption in other states increased 7.9 per cent, and daily average 10.1 per cent, over December, but total consumption was 18.9 per cent and daily average 15.7 per cent, less than in January, 1931. Cumulative totals for the first six months of the cotton season, August through January, amount to 2,631,272 bales M O N T H L Y 6 f o r t h e U n i t e d S t a t e s a s a w h o le , a n in c r e a s e o f 6.9 p e r c e n t o v e r c o n s u m p tio n d u r i n g t h a t p a r t o f t h e s e a s o n b e f o r e , 2 ,1 5 8 ,2 3 2 b a le s f o r t h e c o tto n - g r o w in g s t a t e s , a n i n c r e a s e o f 1 0 .0 p e r c e n t o v e r t h a t p e r io d a y e a r a g o , a n d 4 7 3 ,0 4 0 b a le s f o r o t h e r s t a t e s , a d e c r e a s e o f 5 .4 p e r c e n t c o m p a r e d w ith th e se a so n b e fo re . E x p o r t s d u r i n g J a n u a r y d e c lin e d 2 2 .2 p e r c e n t o v e r t h e m o n th , b u t w e r e 7 2 .5 p e r c e n t l a r g e r t h a n in J a n u a r y a y e a r a g o , a n d f o r t h e six m o n th s o f t h e p r e s e n t s e a s o n e x p o r t s t o t a l 4 ,9 5 4 ,4 7 3 b a le s , a g a in o f 1 0 .6 p e r c e n t o v e r e x p o r ts d u r i n g t h a t p a r t o f t h e p r e c e d in g se a s o n . S to c k s d e c lin e d s o m e w h a t f r o m D e c e m b e r to J a n u a r y , b u t c o n tin u e d t o b e l a r g e r t h a n a t t h e s a m e tim e l a s t y e a r . C o m p a r is o n s f o r t h e m o n th a r e s h o w n in t h e t a b le . United States (Bales) Cotton Consumed: L in t ________________ ___________ L inters _____________ ____ ______ Stocks in Consuming E stablishm ents: L in t ___________________________ L inters ______________________ __ Stocks in Public Storage and a t Com presses: L in t ....... .. ............................................ L inters -------------------------------- ----E xports --------------------------------------Im ports --------------------------------------Active Spindles (N um ber)................... J a n . 1932 Dec. 1931 Jan . 1931 435,337 50,241 415,517 44,491 450,117 50,688 1,637,139 262,226 1,630,543 252,675 1,617,850 266,791 10,032,322 51,404 919,338 12,718 25,013,750 10,425,945 50,399 1,181,089 12,705 24,637,864 Cotton-Growing States (Bales) 344,362 358,527 Cotton Consumed 1,298,713 Stocks in Consuming Establishm ents 1,303,585 Stocks in Public Storage and a t 10,013,768 Compresses -----------------------------9,621,620 16,855,940 Active Spindles (N um ber)------ -------- 16,910,894 O ther States (Bales) _______ 76,810 Cotton Consumed ------------------------333,554 Stocks in Consuming Establishm ents Stocks in Public Storage and a t Compresses ___________________ 410,702 8,102,856 Active Spindles (N um ber)-........... ...... 7,938,817 86,338 532,821 11,299 25,628,284 355,419 1,210,918 7,451,808 16,980,850 71,155 331,830 94,698 407,932 412,177 7,781,924 487,009 5,647,434 I n t h e t h r e e s t a t e s o f t h is d i s t r i c t f o r w h ic h f i g u r e s a r e c o m p ile d s e p a r a t e l y b y t h e C e n s u s B u r e a u , c o n s u m p tio n o f c o tt o n in J a n u a r y d e c lin e d 1 .6 p e r c e n t, b u t t h e d a ily a v e r a g e i n c r e a s e d 0 .3 p e r c e n t o v e r D e c e m b e r , a n d t o t a l c o n s u m p tio n w a s 5.1 p e r c e n t, a n d d a ily a v e r a g e 1.3 p e r c e n t, b e lo w t h a t o f J a n u a r y , 1 9 3 1 . C u m u la tiv e t o t a l s f o r t h e s e s t a t e s f o r t h e f i r s t six m o n th s o f t h e c o tt o n s e a s o n a r e 6.3 p e r c e n t g r e a t e r t h a n in t h a t p e r io d a y e a r a g o . C o m p a ris o n s f o r t h e s e t h r e e s t a t e s a r e s h o w n in t h e ta b l e . Ja n u ary 1932 Bales Consumed December Ja n u ary Aug. 1 through Jan . 31 1931 1931 1931-32 1930-31 Alabama _________ 44,395 Georgia __________ 74,368 Tennessee ________ 11,208 44,047 75,411 12,680 47,277 76,828 12,771 271,964 459,089 79,922 248,823 436,723 77,175 Total 3 S tates___ 129,971 132,138 136,886 810,975 762,721 Cotton Manufactoring F o r e a c h o f t h e p a s t n in e m o n th s , p r o d u c t io n o f c o tt o n c lo th b y m ills in t h e s ix th d is tr ic t r e p o rtin g to th e F e d e ra l R e se rv e B a n k h a s b e e n g r e a t e r t h a n in t h e s a m e m o n th a y e a r e a r l ie r . P r o d u c t io n b y t h e s e m ills in J a n u a r y d e c lin e d 1 1 .8 p e r c e n t f r o m D e c e m b e r, b u t w a s 1 9 .0 p e r c e n t g r e a t e r t h a n a y e a r a g o . S to c k s a ls o d e c lin e d f r o m D e c e m b e r, b u t o t h e r r e p o r t e d i te m s i n c r e a s e d , in c lu d in g a g a in o f 4 1 .3 p e r c e n t in o r d e rs , a n d a ll r e p o r t e d ite m s s h o w i n c r e a s e s o v e r J a n u a r y , 1 9 3 1 , e x c e p t t h e n u m b e r o f w o r k e r s o n p a y r o lls o f r e p o r t i n g m ills. J a n u a r y f i g u r e s r e p o r t e d b y c o tt o n y a r n m ills s h o w d e c lin e s in p r o d u c tio n , s h ip m e n ts a n d u n f i ll e d o r d e r s , b u t i n c r e a s e s in s to c k s , o r d e r s a n d n u m b e r o f w o r k e r s f o r th e m o n th , a n d p r o d u c tio n , s h ip m e n ts a n d o r d e r s w e r e r e p o r t e d in l a r g e r v o lu m e t h a n f o r J a n u a r y , 1 9 3 1 . C o m p a ris o n s o f r e p o r t e d f i g u r e s a r e sh o w n i n t h e ta b le . R E V IE W Cotton C loth: Production ___ Shipm ents ___ Orders booked U nfilled orders Stocks on hand __ Num ber on payroll Cotton Y arn : Production . Shipments Orders booked ____ Unfilled orders ___ Stocks on hand __ Num ber on payroll Num ber of Mills Percentage change Jan . 1932 compared with Ja n . 1931 Dec. 1931 17 16 12 14 15 16 — 11.8 + 1.3 4-41.3 + 16.0 —10.8 + 1.6 + 19.0 + 18.5 + 10.9 +14.1 4- 0.2 — 1.9 11 11 5 7 9 9 —15.6 — 0.1 — f-33.3 — 2.2 + 2.5 + 1.3 + 6.0 + 4.0 + 11.1 — 7.9 —34.6 —14.4 ■■'trrwtfr- Hosiery Statistics for 46 Identical Establishm ents in Sixth Federal Reserve D istrict (Dozen P airs) Ja n . 1932 Dec. 1931 Prdouction ........ 804,655 848,617 Shipments ____ 765,742 857,992 Stock on hand . 1,666,288 1,569,281 Orders booked ... 787,525 760,273 Cancellations — 18,399 13,906 U nfilled orders 558,690 555,306 Cotton Seed and Cotton Seed Products W ith t h e p r o g r e s s o f t h e s e a s o n t h e r e w a s a f u r t h e r s e a s o n a l d e c lin e in a c t i v it i e s o f c o tt o n s e e d o il m ills , b o t h in t h i s d i s t r i c t a n d in t h e c o u n t r y a s a w h o le . F o r t h e se a so n , A u g u s t 1 th ro u g h J a n u a ry , th e r e h a s b e e n a d e c re a s e o f 1 2 .4 p e r c e n t in t h e a m o u n t o f c o tt o n s e e d r e c e iv e d b y m ills in G e o r g ia , A la b a m a , L o u is ia n a a n d M is s is s ip p i, c o m p a r e d w i t h t h a t p a r t o f t h e p r e c e d in g s e a s o n , a n d a d e c r e a s e o f 2 3 .1 p e r c e n t in t h e a m o u n t c r u s h e d . S to c k s o f s e e d o n h a n d a t t h e e n d o f J a n u a r y w e r e 5 6 .7 p e r c e n t g r e a t e r t h a n a y e a r a g o . P r o d u c t io n d u r i n g t h e s e a s o n t h r o u g h J a n u a r y h a s b e e n s m a lle r , a n d s to c k s a ls o d e c lin e d w i t h t h e e x c e p tio n o f h u lls . F o r t h e c o u n tr y a s a w h o le r e c e i p t s o f s e e d b y m ills h a s b e e n 9 .6 p e r c e n t g r e a t e r , b u t t h e a m o u n t c r u s h e d 4 .9 p e r c e n t s m a lle r , t h a n d u r i n g t h e f i r s t s ix m o n th s o f t h e p r e v io u s s e a s o n , a n d s to c k s o n J a n u a r y 31 w e r e l a r g e r b y 9 0 .5 p e r c e n t t h a n a y e a r e a r l ie r . P r o d u c t io n h a s b e e n s m a lle r , a n d s to c k s o f c r u d e o il a n d o f h u lls s h o w in c r e a s e s , b u t s to c k s o f c a k e a n d m e a l a n d o f l i n t e r s w e r e s m a lle r t h a n a y e a r a g o . I n t h e f i r s t tw o c o lu m n s o f t h e t a b l e a r e c o m b in e d t o t a l s f o r G e o r g ia , A la b a m a , L o u is ia n a a n d M iss is sip p i, a n d in t h e la s t tw o c o lu m n s a r e t o t a l s f o r t h e U n i t e d S t a te s , c o m p ile d b y th e U n ite d S ta te s C e n su s B u re a u . Cotton Seed and Cotton Seed Products (*) Sixth D istrict U nited States Aug. 1 to Ja n . 31 Aug. 1 to Ja n . 31 1931-32 1930-31 1931-32 1930-31 Cotton Seed, T o n s: 1,451,087 1,656,219 Received a t m ills____ 4,716,775 4,304,392 Crushed ____________ 1,116,655 1,452,036 3,547,330 3,730,660 On Hand, Ja n . 31____ 338,213 215,823 1,179,210 619,148 Production: Crude Oil, lbs. --------- —363,852,935 447,726,599 1,105,491,652 1,126,889,184 Cake and Meal, tons 486,013 633,453 1,688,531 1,591,303 313,566 409,063 Hulls, tons —................. 997,548 1,030,766 Linters, bales ______ 193,977 256,072 561,712 647,128 Stocks at Mills, Ja n . 31: 21,040,285 28,527,914 Crude Oil, lbs. _____ 88,372,555 80,757,112 70,849 Cake and Meal, tons 123,055 217,666 345,184 65,741 Hulls, tons _________ 37,206 218,145 149,485 L inters, bales __ __ — 99,586 107,776 308,725 341,361 (*)Georgia, Alabama, Louisiana and Mississippi. Electric Power P r o d u c t io n o f e le c t r i c p o w e r f o r p u b lic u s e in t h e six s t a t e s o f t h is d i s t r i c t in c r e a s e d 6.1 p e r c e n t in D e c e m b e r o v e r N o v e m b e r, a n d w a s 1.9 p e r c e n t s m a lle r t h a n in D e c e m b e r , 1 9 3 0 . P r o d u c t io n o f c u r r e n t b y u s e o f w a t e r p o w e r , w h ic h d e c lin e d s u b s ta n t ia l ly in O c to b e r a n d N o v e m b e r b e c a u s e o f c o n tin u e d d r y w e a t h e r , in c r e a s e d 71 p e r c e n t in D e c e m b e r o v e r N o v e m b e r , w i t h t h e t e r m i n a t i o n o f t h e d r o u g h t , a n d a c c o u n te d f o r 62 p e r c e n t o f t h e t o t a l i n D e c e m b e r a s c o m p a r e d w i t h 3 8 .4 p e r c e n t in N ovem ber* a n d 4 3 .2 p e r c e n t in O c to b e r . P r o d u c t io n b y t h e u s e o f f u e ls d e c lin e d 35 p e r c e n t f r o m N o v e m b e r to D e c e m b e r , b u t w a s 4 p e r c e n t g r e a t e r t h a n in D e c e m b e r , 1 9 3 0 . C o n s u m p tio n o f c o a l a n d o f n a t u r a l g a s in t h e p r o d u c ti o n o f M O N T H L Y e le c tr ic p o w e r d e c lin e d , b u t c o n s u m p tio n o f f u e l o il i n c r e a s e d , o v e r N o v e m b e r. I n t h e t a b l e a r e s h o w n c o m p a r is o n s o f f i g u r e s f o r D e c e m b e r , w ith th o s e f o r t h e p r e c e d in g m o n th a n d t h e s a m e m o n th a y e a r a g o , a n d a ls o c o m p a r is o n s f o r t h e y e a r 1 9 3 1 w ith 1930. Dec. 1931 Nov. 1931 Production of Electric Pow er in thousands of k.w. ho u rs: T otal_________________ By use o f: W ater Power _______________ Fuels ______________________ Fuels Consumed in Production of Electric Pow er: Coal—tons _____________ ____________ Fuel Oil—bbls............................. .................. N atu ral Gas—000 cu. f t ______________ Production of E lectric Power in thousands of k.w. h o u rs: T o ta l_________________ By use o f : W ater Pow er ______________ Fuels ....... ..................................... Fuels Consumed in Production of Electric P ow er: Coal—tons ........ .......... ................................. Fuel Oil—bbls. ......... .... ............................. N atu ral Gas—000 cu. f t ...... ..................... N ote: December figures prelim inary. Dec. 1930 472,647 292,837 179,810 445,671 170,972 274,699 481,751 308,908 172,843 18,557 198,539 1,721,141 49,458 185,230 2,561,094 18,778 211,359 1,718,442 P ercentage Comparison 1931 1930 5,721,769 3,404,664 2,317,105 5,855,106 3,698,323 2,156,783 —2.3 —7.9 + 7 .4 270,920 2,248,076 23,615,179 254,575 2,396,641 22,651,539 + 6 .4 —6.2 + 4 .3 Bituminous Coal Mining P r o d u c t io n o f b itu m in o u s c o a l in t h e U n ite d S t a t e s d u r i n g J a n u a r y , a c c o r d in g t o s t a t is ti c s o f t h e U n i t e d S t a t e s B u r e a u o f M in e s, d e c lin e d 7 .8 p e r c e n t f r o m D e c e m b e r, a n d w a s 2 7 .6 p e r c e n t s m a lle r t h a n in J a n u a r y , 1 9 3 1 . B e c a u s e o f t h e d i f f e r e n t n u m b e r o f w o r k in g d a y s , t h e d a ily a v e r a g e o u t p u t d e c lin e d 5.3 p e r c e n t f r o m D e c e m b e r t o J a n u a r y , a n d w a s 2 4 .8 p e r c e n t le s s t h a n in J a n u a r y a y e a r a g o . C o m p a ris o n s f o r t h e m o n th a r e s h o w n b e lo w . Total Production (tons) Jan u ary , 1932 ......................... .... 27,892,000 December, 1931 ....... ........... ........ 30,260,000 Ja n u ary , 1931 ...................... ....... 38,542,000 Num ber of working days Average per w orking day (tons) 25.3 26 26.3 1,102,000 1,164,000 1,465,000 W e e k ly p r o d u c tio n f i g u r e s f o r A la b a m a a n d T e n n e s s e e d e c lin e d f u r t h e r in J a n u a r y . A la b a m a o u t p u t f o r th o s e w e e k s e n d in g in J a n u a r y a v e r a g e d 2 .4 p e r c e n t s m a lle r t h a n in D e c e m b e r, a n d w a s 3 6 .4 p e r c e n t le s s t h a n a y e a r a g o , a n d T e n n e s s e e w e e k ly f i g u r e s a v e r a g e d 2 .9 p e r c e n t le s s t h a n f o r D e c e m b e r a n d 3 9 .7 p e r c e n t s m a lle r t h a n f o r J a n u a r y a y e a r a g o . W e e k ly f i g u r e s sh o w n b e lo w i n d ic a te t h is lo w e r le v e l o f p r o d u c tio n . R E V IE W C o m p a r is o n s o f J a n u a r y f i g u r e s w i t h th o s e f o r t h e p r e c e d in g m o n th a n d t h e c o r r e s p o n d i n g m o n th a y e a r a g o a r e s h o w n b e lo w , a n d in d e x n u m b e r s a p p e a r o n p a g e 8. United S tates: Production—tons _________ Average per day—tons ____ ♦Active furnaces __________ A labam a: Production—tons .......... ......... Average per day- ■tons ♦Active furnaces ______ U nited States 1932 1931 6,930 6,887 6,383 6,411 7,250 6,626 9,184 9,095 8,835 8,037 7,833 8,215 A labam a 1932 1931 189 187 173 180 181 275 291 304 274 260 Tennessee 1932 1931 69 70 60 64 69 120 115 110 93 90 Pig Iron Production T o ta l p r o d u c tio n o f p ig ir o n in t h e U n ite d S t a te s a s a w h o le d e c lin e d s lig h tly in J a n u a r y , b u t in c r e a s e d in A la b a m a , c o m p a r e d w ith D e c e m b e r. T o ta l o u t p u t f o r t h e c o u n tr y a m o u n te d to 9 7 2 ,7 8 4 to n s , a d e c r e a s e o f 0 .8 p e r c e n t f r o m D e c e m b e r, a n d 4 3 .3 p e r c e n t s m a lle r t h a n in J a n u a r y , 1 9 3 1 . T h e r e w a s a g a in o f f iv e in t h e n u m b e r o f f u r n a c e s a c tiv e o n F e b r u a r y 1, c o m p a r e d w ith a m o n th e a r l ie r , b u t a d e c r e a s e o f 41 c o m p a r e d w ith t h e s a m e tim e a y e a r a g o . A la b a m a p r o d u c tio n o f p ig ir o n d u r i n g J a n u a r y in c r e a s e d 1 0 .9 p e r c e n t o v e r o u t p u t in D e c e m b e r, a n d w a s 4 0 .1 p e r c e n t le s s t h a n in J a n u a r y a y e a r a g o . T h e n u m b e r o f f u r n a c e s a c tiv e r e m a in e d t h e s a m e a s a m o n th e a r lie r , a n d w a s s m a lle r b y f o u r t h a n a y e a r a g o . P r e s s r e p o r t s in d ic a te a d e c r e a s e f r o m $ 1 2 t o $ 1 1 p e r t o n in t h e p r ic e o f ir o n f o r d i s t r ic t b u s in e s s , b u t b u y in g w a s s tim u la te d v e r y l i t t l e b y t h e r e d u c tio n in p r ic e . H o w e v e r, o r d e r s a n d s h ip m e n ts in J a n u a r y w e r e l a r g e r t h a n in D e c e m b e r a n d f u r n a c e y a r d s to c k s w e r e r e d u c e d s o m e w h a t. M o s t o f t h e c u r r e n t b u y in g c o n tin u e s t o b e i n s m a ll lo ts , a lth o u g h so m e o f t h e l a r g e r m e l t e r s b u y f o r a w e e k o r tw o in a d v a n c e . Ja n . 1932 Dec. 1931 Ja n . 1931 972,784 31,380 61 980,376 31,625 56 1,714,266 55,299 102 89,981 2,903 6 81,115 2,617 6 150,251 4,847 10 ♦F irst of following month. Naval Stores R e c e ip ts o f b o t h t u r p e n t i n e a n d r o s i n d e c lin e d in J a n u a r y a n d w e r e s m a lle r t h a n f o r a n y o t h e r m o n th s in c e l a s t F e b r u a r y , a n d w e r e t h e s m a lle s t f o r J a n u a r y o f a n y o f t h e p a s t t h i r t e e n y e a r s f o r w h ic h s t a t is ti c s a r e a v a ila b le . T u r p e n t i n e r e c e ip t s d e c lin e d 7 3 .6 p e r c e n t f r o m D e c e m b e r t o J a n u a r y a n d w e r e 2 7 .6 p e r c e n t s m a lle r t h a n in J a n u a r y , 1 9 3 1 , a n d r o s i n r e c e ip t s d e c lin e d 6 9 .6 p e r c e n t f r o m D e c e m b e r a n d w e r e 3 0 .8 p e r c e n t le s s t h a n a y e a r a g o . S to c k s o f t u r p e n t i n e d e c lin e d 10 p e r c e n t f r o m D e c e m b e r, b u t w e r e 4 8 p e r c e n t l a r g e r t h a n a y e a r a g o , a n d s u p p lie s o f r o s in d e c r e a s e d 1 2 .7 p e r c e n t f r o m D e c e m b e r a n d w e r e 2 9 .4 p e r c e n t l a r g e r t h a n f o r J a n u a r y , 1 9 3 1 . J a n u a r y s to c k s w e r e l a r g e r t h a n f o r t h a t m o n th o f a n y o t h e r y e a r f o r w h ic h f i g u r e s a r e a v a ila b le . P r e s s r e p o r t s i n d ic a te t h a t d u r i n g J a n u a r y t h e r e w a s a f u r t h e r s la c k e n in g in t h e a l r e a d y s m a ll d e m a n d f r o m b o th d o m e s tic a n d f o r e i g n s o u rc e s , a c c o m p a n ie d b y w e a k p r i c e s o f b o t h c o m m o d itie s w h ic h e x t e n d e d in to F e b r u a r y , b u t t h e d e c r e a s e a p p e a r s t o h a v e b e e n a r r e s t e d d u r i n g t h e s e c o n d w e e k o f F e b r u a r y . C o m p a ris o n s o f r e c e ip t s a n d s to c k s f o r t h e m o n th a r e s h o w n in t h e t a b le . Jan . 1932 Receipts—Turpentine (1) Savannah ________ ___ Jacksonville ................... Pensacola .............. —..... Dec. 1931 J a n . 1931 1,851 2,488 895 7,990 9,124 2,730 3,388 3,090 750 5,234 19,844 7,228 .. 10,849 13,597 4,168 41,284 39,754 12,942 15,629 22,127 3,589 T otal...................................................... 28,614 93,980 41,345 .... 21,786 53,594 25,701 28,619 57,680 26,012 19,084 15,727 33,509 T o ta l...... ................................................ 101,081 112,311 68,320 205,310 192,806 28,392 232,836 218,846 35,181 174,558 118,303 36,765 426,508 486,863 329,626 Total .. Receipts—Rosin (2) Savannah ___ ___ Jacksonville ......... Pensacola .......... . Stocks—T urpentine (1) Savannah ............ ......................... Pensacola Week E nding: Ja n u ary 9 . 7 .... Stocks—Rosin (2) Savannah — ............. ........... -...... Pensacola ...... ............. ...... T otal.............................. (1) Barrels of 50 gallons. (2) B arrels of 500 pounds. ... 8 M O N T H L Y M O N T H L Y R E V IE W IN D E X N U M B E R S T h e f o llo w in g in d e x n u m b e r s , e x c e p t th o s e o f w h o le s a le p r ic e s , a r e c o m p u te d b y t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a m o n th ly . T h e in d e x n u m b e r s o f r e t a i l a n d w h o le s a le t r a d e a r e b a s e d u p o n s a le s fig u r e s r e p o r t e d c o n f id e n tia lly b y r e p r e s e n t a t i v e firm s in t h e lin e s o f t r a d e s i n d ic a te d , a n d t h e o t h e r s e r ie s o f in d e x n u m b e r s a r e b a s e d u p o n f ig u r e s r e p o r t e d to t h e b a n k o r c u r r e n t l y a v a ila b le t h r o u g h t h e d a ily o r t r a d e p r e s s . T h e s e i n d e x n u m b e r s , e x c e p t a s i n d i c a t e d in t h e f o o t - n o te s , a r e b a s e d u p o n t h e m o n th ly a v e r a g e s f o r t h e t h r e e y e a r p e r io d 1 9 2 3 -2 5 a s r e p r e s e n t e d b y 1 0 0 . DEPARTMENT STORE TRADE 6th DISTRICT A t l a n t a ................................................................... B ir m in g h a m .......................................................... C h a tta n o o g a ........................................................ N a s h v ille ................................................................ N e w O r le a n s ........................................................ O th e r C itie s .......................................................... D I S T R I C T ............................................................. N ov. 1931 D e c. 1931 Jan . 1932 N ov. 1930 D ec. 1930 Jan . 1931 1 3 5 .3 7 0 .4 64 .9 7 9 .5 78 .1 7 1 .0 8 4 .3 2 2 6 .3 1 1 5 .9 1 0 4 .5 1 3 1 .2 1 1 2 .7 1 1 5 .5 1 3 4 .0 1 0 9 .2 4 9 .6 5 3 .3 4 5 .6 5 1 .6 4 6 .4 5 9 .1 1 5 6 .1 8 8 .6 7 2 .0 9 8 .9 9 6 .3 8 5 .1 9 6 .5 2 7 0 .7 1 3 7 .9 1 1 2 .1 1 5 4 .0 1 3 5 .6 1 4 3 .8 1 5 2 .0 1 2 4 .8 63 .1 6 3 .8 6 5 .6 6 2 .9 6 5 .3 7 3 .6 55 .1 5 3 .2 5 2 .7 4 3 .4 5 8 .6 4 0 .0 6 7 .0 4 5 .0 5 5 .5 3 8 .0 4 5 .0 3 2 .6 6 8 .8 4 2 .6 7 2 .4 4 9 .7 4 2 .2 2 8 .2 3 9 .6 3 4 .3 4 5 .5 5 2 .2 7 1 .4 4 0 .9 6 4 .1 6 1 .6 6 3 .6 5 4 .6 7 6 .4 5 9 .6 8 1 .0 6 4 .8 6 9 .1 4 3 .6 5 7 .8 4 9 .8 8 5 .4 60 .1 8 8 .3 6 2 .8 6 4 .8 3 9 .1 5 8 .8 4 9 .1 5 5 .7 5 8 .3 8 6 .0 5 8 .2 61.1 8 9 .4 7 7 .5 7 6 .5 55 .0 7 4 .5 7 3 .7 7 6 .7 1 1 5 .9 1 1 7 .3 9 3 .0 8 3 .7 9 8 .0 9 9 .5 6 4 .7 8 8 .5 8 3 .5 73 .1 5 9 .2 7 5 .3 7 5 .5 7 1 .9 7 6 .7 8 6 .8 8 7 .1 6 4 .0 8 1 .2 7 6 .8 9 2 .1 1 0 2 .7 1 0 8 .1 9 7 .0 9 8 .0 1 1 4 .8 1 0 3 .8 6 4 .9 7 1 .2 7 5 .3 7 9 .9 4 7 .5 8 1 .1 7 2 .6 1 4 .0 9 .0 1 3 .5 7 9 .0 9 .5 3 6 .2 2 7 .2 5.0 2.0 1 6 .6 2 1 9 .8 7 .6 9 .5 2 0 .0 1 3 .7 , 3.9 9 .3 1 5 .4 9 .3 9 .1 9 .5 1 0 .8 5 .0 1 0 .8 1 8 .1 4 2 .3 1 6 .4 1 7 .9 2 1 .2 8 .8 9 .2 3 6 .4 1 8 .6 1 0 .7 1 4 .1 2 0 .6 2 6 .3 1 2 .9 2 8 .7 8 .5 1 3 .1 1 6 .2 1 1.1 2 0 .4 1 6 .7 9 .3 2 0 .0 1 5 .7 1 1 .5 1 9 .5 1 6 .3 1 7 .0 6 3 .9 4 5 .2 1 0 .8 4 0 .0 2 8 .3 1 1 .5 7 7 .1 5 0 .9 7 0 .2 5 8 .7 7 1 .0 He* 6 7 .3 5 2 .8 6 4 .7 ** 7 9 .6 7 5 .2 8 2 .4 7 8 .2 73 .1 8 0 .7 8 1 .6 6 2 .2 6 9 .4 8 2 .6 7 6 .2 7 6 .1 8 0 .9 6 8 .7 6 8 .6 5 5 .7 6 9 .1 ** 7 9 .8 6 0 .8 6 8 .3 8 2 .2 7 5 .7 76 .1 7 8 .5 6 6 .8 7 9 .3 5 9 .9 6 7 .9 8 1 .8 7 4 .8 7 5 .7 7 7 .7 6 5 .6 9 1 .4 7 3 .7 7 4 .0 8 7 .9 8 4 .8 8 5 .6 8 8 .8 7 3 .5 8 8 .7 7 1 .3 7 3 .3 8 6 .9 8 3 .8 8 4 .5 8 8 .3 7 2 .2 8 4 .4 ■102.7 9 6 .1 1 2 8 .4 1 3 1 .8 4 4 .0 1 7 4 .2 8 1 .7 9 8 .6 9 6 .8 1 2 8 .1 1 2 7 .4 4 4 .8 1 9 2 .2 8 5 .6 1 0 2 .6 9 5 .4 1 2 9 .3 1 1 2 .6 4 8 .3 1 4 9 .6 8 1 .6 9 5 .3 9 3 .9 1 2 1 .3 1 2 6 .8 5 1 .5 1 4 7 .7 7 9 .9 9 2 .2 9 2 .1 1 1 4 .5 1 2 0 .8 5 2 .9 1 2 4 .6 8 9 .4 1 0 3 .0 9 8 .6 1 3 7 .5 1 2 8 .3 5 9 .3 1 0 1 .6 3 6 .9 3 7 .2 3 2 .8 3 4 .9 3 2 .6 3 8 .7 6 2 .5 6 1 .2 5 5 .8 5 8 .0 5 7 .4 6 4 .7 6 1 .4 5 7 .3 5 5 .5 7 6 .2 8 2 .6 8 6 .5 WHOLESALE TRADE 6th DISTRICT G r o c e r ie s ................................................................ D ry G o o d s ............................................................. H a r d w a r e .............................................................. F u r n i t u r e ................................................................ E le c t r i c a l S u p p lie s .......................................... S t a ti o n e r y ............................................................. D r u g s - ..................................................................... T O T A L ................................................................... LIFE INSURANCE SALES 6th DIST. A la b a m a .................................................................. F l o r id a ..................................................................... G e o r g ia ................................................................... L o u is ia n a .................................................... a ......... M is s is s ip p i ............................................................. T e n n e s s e e ............................................................. T O T A L ..................................................................... BUILDING PERMITS 6th DISTRICT A t l a n t a ................................................................... B ir m in g h a m .......................................................... J a c k s o n v ille .......................................................... N a s h v ille ................................................................ N e w O r le a n s ........................................................ ( 1 5 ) O t h e r C itie s ............................................. D IS T R I C T (2 0 C i t i e s ) .................................. CONTRACTS AWARDED 6th DISTRICT R e s id e n tia l ............................................................. A ll O th e r ................................................................ T O T A L ..................................................................... WHOLESALE PRICES U. S. (* ) A L L C O M M O D IT IE S ..................................... F a r m P r o d u c t s .................................................. F o o d s ....................................................................... O th e r C o m m o d itie s .......................................... H id e s a n d l e a t h e r p r o d u c ts ..................... T e x tile p r o d u c ts .......................................... F u e l a n d lig h t i n g .......................................... M e ta ls a n d m e t a l p r o d u c ts ..................... B u ild in g m a t e r i a l s ........................................ C h e m ic a ls a n d d r u g s .................................. H o u s e f u r n is h in g g o o d s .......................... M i s c e ll a n e o u s .................................................. ** ** ** COTTON CONSUMED U n ite d S t a te s ..................................................... C o tto n - G r o w in g S t a te s .................................. G e o r g ia ............................................................. A la b a m a ............................................................. T e n n e s s e e .......................................... ............. A ll O t h e r S t a t e s .................................................. E x p o r t s ................................................................. . PIG IRON PRODUCTION: U n i t e d S t a t e s ..................................................... A la b a m a ....... ........................................................ UNFILLED ORDERS—U. S. STEEL CORPORATION ...................................... (* ) (* * ) C o m p ile d b y t h e B u r e a u o f L a b o r S ta tis tic s . B ase 1926— 100. T h e s e in d e x n u m b e r s o f n e w s e r ie s n o t y e t a v a ila b le .
@FedFRASER