The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
M
O
N
T
H
L
Y
R
E
V
I E
W
O f F in a n cia l , A g ric u ltu ra l, T ra d e a n d In d u stria l
C o n d itio n s in th e S ix th F ed era l R e se rv e D istric t
F E D E R A L
R E S E R V E
V O L . 16, N o . 7
B A N K
O F
A T L A N T A
This review released for publication in
morning papers of July 31.
A T L A N T A , G A ., J u ly 3 1 , 1 9 3 1
N A T IO N A L S U M M A R Y O F B U S I N E S S C O N D IT IO N S
Prepared by Federal Reserve Board
D is t r ib u t io n
A t d e p a r t m e n t s t o r e s , d a ily a v e r a g e s a l e s w e r e
s e a s o n a ll y s m a lle r in J u n e t h a n in M a y .
F r e i g h t c a r l o a d in g s w e r e a ls o r e d u c e d , r e f le c t in g p r in c ip a lly
a f u r t h e r r e d u c t io n in l o a d in g s o f m is c e lla n e o u s c o m m o d it ie s .
I n d u s t r ia l p r o d u c tio n s h o w e d m o r e t h a n t h e u s u a l sen o n a l
d e c lin e in J u n e , a n d f a c t o r y e m p lo y m e n t a n d p a y rcK s d e
c r e a s e d . W h o le s a le p r ic e s , w h ic h h a d c o n t in u e d t o de'*1’
^
u n t il t h e e n d o f M a y , a d v a n c e d in J u n e , b u t f o r m o s t
u)$
P r ic e s
m o d it ie s d e c lin e d a g a i n t h e f i r s t h a l f o f J u ly .
P r o d u c tio n
A d e c r e a s e in in d u s t r ia l o u t p u t f r o m M a y t o
J u n e w a s r e f le c t e d in a d e c lin e in t h e B o a r d ’s
I n d e x o f I n d u s t r ia l P r o d u c tio n w h ic h i s a d j u s t e d f o r s e a s o n a l
v a r ia t io n s , t o 8 6 p e r c e n t o f t h e 1 9 2 3 -1 9 2 5 o u t p u t a s c o m
p a r e d w i t h 8 9 p e r c e n t in M a y . T a k in g t h e s e c o n d q u a r te r
o f t h e y e a r a s a w h o le , p r o d u c tio n h a s a v e r a g e d a b o u t 4 p e r
c e n t a b o v e i t s lo w l e v e l i n t h e l a s t t h r e e m o n t h s o f 1 9 3 0 .
T h e r e d u c t io n o f a c t i v i t y i n J u n e w a s m o s t m a r k e d i n t h e
ir o n a n d s t e e l i n d u s t r y , w it h s t e e l p la n t s o p e r a t in g a t 3 8
p e r c e n t o f <a p a c it y
A u t o m o b ile o u tp u t d e c lin e d f u r t h e r ,
a n d t h e r e w as s m e r e c e s s io n in p r o d u c tio n o f lu m b e r , m e a t
p r o d u c t ^ a n d f lo u r
P e t r o le u m o u tp u t , h o w e v e r , w a s n o t
r e d u c e d . A c t i v i t y o f t e x t i l e m ills a n d s h o e f a c t o r ie s c o n
t in u e d in r e l a t i v e l y l a r g e v o lu m e . I n t h e w o o le n in d u s t r y ,
a c t i v i t y w a s s u s t a in e d a t t h e u n u s u a lly h i g h l e v e l o f M a y ,
a n d t h e d e c lin e i n t h e c o n s u m p tio n o f c o t t o n w a s n o t in
e x c e s s o f t h e u s u a l s e a s o n a l a m o u n t . D u r in g t h e f i r s t h a l f
o f J u ly , t h e r e w e r e f u r t h e r r e d u c t io n s , p a r t l y s e a s o n a l in
n a tu r e , in o u t p u t o f s t e e l , a u to m o b ile a n d lu m b e r . F a c t o r y
e m p lo y m e n t w a s f u r t h e r r e d u c e d b y n e a r ly 3 p e r c e n t , a n d
p a y r o lls d e c lin e d b y 6 p e r c e n t b e t w e e n t h e m id d le o f M a y
a n d t h e m id d le o f J u n e . T h e l a r g e s t d e c r e a s e s w e r e in t h e
s t e e l, m a c h in e r y , a n d w o m e n ’s c l o t h in g in d u s t r ie s , w h i l e r e
d u c tio n s a t a u to m o b ile p l a n t s a n d c o t t o n m ills w e r e p a r t ly
s e a s o n a l i n c h a r a c t e r , a n d e m p lo y m e n t a t w o o le n a n d h o s ie r y
m ills in c r e a s e d . B u ild in g c o n t r a c t s a w a r d e d in J u n e w e r e
s o m e w h a t la r g e r t h a n in M a y , b u t d e c lin e d a g a in i n t h e f ir s t
h a l f o f J u ly . S in c e t h e e a r ly s p r in g , a w a r d s h a v e n o t i n
c r e a s e d a s m u c h a s i s u s u a l f o r t h e s e a s o n . I n r e s id e n t ia l
b u ild in g t h e r e h a s b e e n r e l a t iv e l y l i t t l e c h a n g e f o r a b o u t a
y e a r a n d a h a l f , e x c e p t f o r s e a s o n a l f lu c tu a t io n s , a n d t h e
d e c lin e i n c o n s t r u c t io n h a s b e e n c h ie f ly in o t h e r t y p e s o f
b u ild in g , p r in c ip a lly p u b lic w o r k s a n d u t i l i t e s .
140
CENT
percent
IHU
INDUSlFRIAL. PRODUCT10N
D u r in g J u n e w h o le s a le p r ic e s o f m a n y c o m m o d it ie s
a d v a n c e d c o n s id e r a b ly a f t e r h a v i n g r e a c h e d lo w l e v
e l s l a t e in M a y a n d e a r ly in J u n e . P r ic e s o f l i v e s t o c k a n d
m e a t s in c r e a s e d ; a n d a f t e r J u n e 2 1 t h e r e w e r e r a p id a d
v a n c e s in p r ic e s o f r a w m a t e r ia ls im p o r t a n t i n w o r ld m a r
k e t s , e s p e c i a l ly c o t t o n , h id es* s u g a r , s i lk , c o p p e r , s ilv e r , a n d
r u b b e r . S u b s e q u e n t ly , h o w e v e r , m o s t o f t h e s e p r ic e s r e c e d e d
s o m e w h a t , a lt h o u g h in m id J u ly t h e y w e r e , in g e n e r a l, a b o v e
t h e ir lo w e s t l e v e l s . T h e p r ic e o f w h e a t d e c lin e d d u r in g J u n e
a n d t h e f ir s t h a l f o f J u ly , a s t h e d o m e s t ic p r ic e b e c a m e
a d ju s te d t o w o r ld le v e ls .
B a n k C r e d it
A t r e p o r t in g m e m b e r b a n k s in l e a d i n g c i t i e s ,
l o a n s o n s e c u r it i e s c o n t in u e d t o d e c lin e b e
t w e e n t h e m id d le o f J u n e a n d t h e m id d le o f J u l y , w h ile a ll
o t h e r l o a n s in c r e a s e d b y $ 1 4 0 ,0 0 0 ,0 0 0 . T h is in c r e a s e w a s
c o n c e n t r a t e d a t N e w Y o r k C it y B a n k s , a n d w a s l a r g e l y in
t h e f o r m o f a c c e p t a n c e s p u r c h a s e d i n t h e o p e n m a r k e t.
M e m b e r b a n k s ’ in v e s t m e n t s c o n t in u e d a t a b o u t t h e s a m e
l e v e l a s in M a y a n d e a r ly J u n e .
N o t w it h s t a n d i n g a f u r t h e r a d d itio n o f $ 7 7 ,0 0 0 ,0 0 0 t o t h e
c o u n tr y ’s s t o c k o f m o n e t a r y g o l d b e t w e e n t h e w e e k s e n d in g
J u n e 20 an d J u ly 18, th e r e w a s n o d e c r e a se in F e d e r a l R e
s e r v e B a n k c r e d it o u t s t a n d in g .
D u r in g t h e p e r io d t h e R e
s e r v e B a n k s ’ p o r t f o lio o f U n it e d S t a t e s S e c u r it ie s w a s i n
c r e a s e d b y $ 7 5 ,0 0 0 ,0 0 0 , w h ile t h e i r c o m b in e d h o ld in g s o f
a c c e p t a n c e s a n d o f d is c o u n t s f o r m e m b e r b a n k s d e c r e a s e d
b y a p p r o x im a t e ly t h e s a m e a m o u n t. T h e g o ld in flo w p r o
v id e d m e m b e r b a n k s w i t h f u n d s t o m e e t a n a d d e d d e m a n d f o r
c u r r e n c y , a s w e l l a s t o in c r e a s e t h e i r b a la n c e s w i t h R e s e r v e
B a n k s . T h e r e w a s a ls o a c o n s id e r a b le g r o w t h i n f o r e i g n
b a n k d e p o s it s w it h t h e R e s e r v e B a n k s . M o n e y r a t e s c o n t in
u e d a t lo w l e v e ls .
PERCENT
120
/•n / S
110
120
120
100
i
100
80
AA
O
V
100
'
90
90
00
1927
1928
1929
1930
1931
60
In d e x n u m b e rs o f p ro d u ctio n o f m a n u fa c t u re s a n d m in e r a ls com bined
ad ju ste d fo r se a so n a l v a r ia t io n s (1923-1925 a v e r a g e = 1 0 0 ) .
L a t e s t fig u re
Digitized
FRASER
J u nfor
e 86.
60
80
V
•s
A
*
70
60
110
1
'ayrolls
{ Y aV
is -S %
f
v
\
ployment
100
PERCENT
120
1FACTORY EM PLOYMENT AMD PAYROLLS
1927
1920
1929
1930
i
1931
70
60
In d e x n u m b e rs o f fa c t o r y e m p lo ym en t a n d p a y ro lls , w ith o u t a d ju stm e n t
fo r se a so n a l v a r ia t io n s (1923-25 a v e r a g e = 1 0 0 ) .
L a t e s t fig u re J u n e E m
plo ym en t 75 p a y ro lls 67.6.
2
M O N T H LY
BILLIONSOFDOLLARS
10
B&LIONf OFDOLLARS
10
R E V IE W
MILLIONSOPDOLLARS
5500
R E 5 E R VC BANK
MILLIONSOFDOLLARS^
5500^
CftELDIT AND FACTORS flf CH jANGES
i
Money in Circulation
5000
*500
^
— >
V
4000
2500
______
1500
/
Reserve Bank
Credit
500
1927
1928
1929
1930
1931
<*500
2000
1909
A
w
4
4000
2500
einbw’ Bink
to i»rvt Balances
2000
1000
Gold Stock____ . . s
X
5000
1000
500
Monthly average of weekly figures for reporting banks in leading cities.
Latest figures are averages of first three weeks in July.
Monthly averages of daily figures. Latest figures are averages of first
19 day9 in July.
S IX T H D IS T R IC T S U M M A R Y
t h a n h a l f a s l a r g e a s o n t h e c o r r e s p o n d in g r e p o r t d a t e a y e a r
ag o * H o ld in g s o f p u r c h a s e d b i ll s d e c lin e d d u r in g t h e w e e k
f o l lo w in g J u n e 10 b u t h a v e s in c e in c r e a s e d t o a p o in t s l i g h t l y
l a r g e r t h a n a t t h a t t im e , a n d s o m e w h a t g r e a t e r t h a n a y e a r
a g o . U n it e d S t a t e s s e c u r i t i e s o w n e d b y t h i s b a n k f lu c tu a t e d
l i t t l e b e t w e e n M a y 13 a n d J u l y 1, b u t in c r e a s e d d u r in g t h e
w e e k e n d in g J u l y 8 t o a p o in t n e a r l y d o u b le t h e s e h o ld in g s
o n th e sa m e r e p o r t d a te la s t y e a r . T o ta l h o ld in g s o f b ills
a n d s e c u r it i e s o n J u l y 8 w e r e $504,000 g r e a t e r t h a n o n J u n e
10, a n d w e r e $5,938,000 l e s s t h a n o n J u l y 9, 1930.
T o t a l r e s e r v e s h a v e d e c lin e d f r o m $149,660,000 o n J u n e 10
t o $141,832,000 f o u r w e e k s la t e r , t h e l o w e s t p o i n t f o r t h e
y e a r , a n d s m a lle r b y $2,619,000 t h a n a y e a r a g o . M e m b e r
b a n k r e s e r v e d e p o s it s , a n d t o t a l d e p o s i t s , w e r e l e s s t h a n o n
e i t h e r o f t h e s e c o m p a r a t iv e r e p o r t d a t e s , a n d F e d e r a l R e
s e r v e N o t e s in a ctu sti c ir c u la t io n a ls o d e c lin e d , a n d w e r e a t
t h e l o w e s t l e v e l f o r a n y r e p o r t d a t e s in c e O c to b e r 29, l a s t
y e a r . P r in c ip a l i t e m s in t h e w e e k l y s t a t e m e n t a r e s h o w n
c o m p a r a t iv e ly in t h e t a b le .
A lt h o u g h w e a t h e r c o n d it io n s h a v e b e e n m o r e o r l e s s u n
f a v o r a b le i n m o s t p a r t s o f t h e s i x t h d i s t r i c t , J u l y e s t i m a t e s
b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u l t u r e in d ic a t e in
c r e a s e s o v e r l a s t y e a r ’s p r o d u c tio n o f c o m , w h e a t , o a t s , h a y ,
w h i t e p o t a t o e s a n d f r u i t s , b u t a s u b s t a n t ia l d e c r e a s e in
t o b a c c o , a n d s m a lle r d e c lin e s in r ic e a n d s u g a r . C o tto n a c r e
a g e in t h i s d i s t r ic t i s 9 .3 p e r c e n t s m a lle r t h a n a y e a r a g o ,
a n d f e r t iliz e r t a g s a le s fr o m A u g u s t th r o u g h J u n e h a v e b e e n
3 0 .4 p e r c e n t l e s s t h a n in 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 .
S e a s o n a l i n c r e a s e s w e r e s h o w n in J u n e s a le s a t b o th r e t a i l
a n d w h o le s a le , b u t r e t a i l t r a d e d e c lin e d f r o m M a y t o J u n e b y
a s m a l l e r p e r c e n t a g e t h a n a t t h e s a m e t im e o f t h e t h r e e
p r e v io u s y e a r s , a n d t h e d e c lin e i n w h o l e s a le s a l e s f r o m M a y
t o J u n e w a s t h e s m a ll e s t in f iv e y e a r s . R e t a i l t r a d e w a s 2 .6
p e r c e n t , a n d w h o l e s a le t r a d e 1 5 .2 p e r c e n t , s m a lle r t h a n in
J u n e , 1 9 3 0 , a n d f o r t h e f ir s t h a l f o f 1 9 3 1 r e t a il t r a d e a v e r a g e d
8 .7 p e r c e n t , a n d w h o l e s a le t r a d e 2 4 .0 p e r c e n t , l e s s t h a n iti
t h e f ir s t s i x m o n t h s o f 1 9 3 0 , t a k i n g n o a c c o u n t o f t h e d iff e r
e n c e i n p r ic e le v e ls . B u ild in g p e r m it s d e c lin e d i n J u n e , b u t
c o n t r a c t a w a r d s in c r e a s e d in L o u is ia n a , M is s is s ip p i, A la b a m a
a n d F lo r id a * C o tto n c o n s u m p tio n i n A la b a m a w a s 1 1 .2 p e r
c e n t , a n d in G e o r g ia 0 .2 p e r c e n t g r e a t e r t h a n i n J u n e , 1 9 3 0 .
P r o d u c tio n o f b itu m in o u s c o a l d e c lin e d in A la b a m a a n d T e n
n e s s e e , a n d c o n t in u e d l e s s t h a n a y e a r a g o , a n d o u t p u t o f p i g
ir o n in A la b a m a a l s o d e c lin e d .
S a v i n g s d e p o s it s r e p o r t e d b y 6 4 b a n k s in c r e a s e d 1 .7 p e r
c e n t in J u n e o v e r M a y a n d a v e r a g e d 5 .7 p e r c e n t s m a lle r t h a n
a y e a r a g o . D e b it s t o in d iv id u a l a c c o u n t s in c r e a s e d 1.3 p e r
c e n t o v e r M a y , a n d w e r e 9 .9 p e r c e n t l e s s t h a n in J u n e l a s t
y e a r . O u t s t a n d in g r e s e r v e b a n k c r e d it in t h i s d i s t r ic t i n
c r e a s e d b e t w e e n J u n e 10 a n d J u ly 8 , b e c a u s e o f in c r e a s e d
h o ld in g s o f p u r c h a s e d b ills a n d g o v e r n m e n t s e c u r it ie s . F e d
e r a l R e s e r v e N o t e c ir c u la t io n d e c lin e d a n d w a s lo w e r t h a n
f o r o t h e r w e e k l y r e p o r t d a t e s i n a b o u t n in e m o n t h s . L o a n s
o n s e c u r i t i e s b y w e e k l y r e p o r t in g m e m b e r b a n k s d e c lin e d
b u t A l l O th e r L o a n s in c r e a s e d a b o u t t h e s a m e a m o u n t . I n
v e s t m e n t h o ld in g s o f t h e s e b a n k s in c r e a s e d a b o u t 1 2 .7 m il
l io n s o f d o lla r s b e t w e e n J u n e 10 a n d J u l y 8 a n d w e r e 4 6 .7
m illio n s g r e a t e r t h a n a y e a r e a r lie r . B o r r o w in g s b y t h e s e
b a n k s f r o m 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 d e c lin e d
s u b s t a n t i a l ly .
F IN A N C E
R eserve B an k
C r e d it
T o t a l v o lu m e o f r e s e r v e b a n k c r e d it o u t s t a n d in g a t 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 , in d ic a te d b y i t s t o t a l h o ld i n g s o f b ills
a n d s e c u r itie s , in c r e a s e d s lig h t ly b e tw e e n J u n e 10 a n d J u ly 8
t o a l e v e l h i g h e r t h a n f o r a n y o t h e r W e d n e s d a y s in c e J a n
u a r y 7 . T h e in c r e a s e in r e s e r v e b a n k c r e d it in t h i s d is t r ic t
s in c e t h e l o w p o in t w a s r e a c h e d t h e m id d le o f A p r il h a s
b e e n d u e p r in c ip a lly t o la r g e r h o ld in g s o f U n it e d S t a t e s
s e c u r it ie s , t o a s l i g h t g a i n in h o ld in g s o f p u r c h a s e d b il ls , a n d
o n ly s l i g h t l y t o a n in c r e a s e i n d is c o u n t s d u r in g h i s p e r io d .
H o ld in g s o f b ills d is c o u n t e d d e c lin e d s l i g h t l y d u r in g t h e f o u r
w e e k p e r io d b e t w e e n J u n e 10 a n d J u l y 8 , b o th t h o s e s e c u r e d
b y G o v e r n m e n t s e c u r it ie s , a n d “ A ll O t h e r s ,” a n d w e r e l e s s
July 8, 1931.
Bills Discounted:
Secured by Cfcvt. Obligations. _ $
434
10,865
AHOthers............. ...............
Total Discounts................11,299
Bills Bought in open market___
9,621
U. S. Securities-.............. . ...
21,695
Other Securities________ 230
Total Bills and Securities—*
42,845
Total Reserves................ ______ 141,832
Member Bank Reserve Deposits _
57,352
Total Deposits...................... — 60,289
F.R. Notes in actual circulation._ 118,822
Reserve Ratio...... ...............—79.2
(000 Omitted)
June 10, 1931. July 9, 1930
$
534 $ 1,306
11,927
27,633
12,461
28,939
9,207
8,475
20,673
11,368
-__ __
42,341
48,783
149,660
144,451
60,132
62,661
61,580
66,862
124,715
121,522
80.3
76.7
F o ll o w i n g a d e c lin e o f a p p r o x i m a t e l y 37
m illio n s o f d o lla r s b e t w e e n A p r i l 15 a n d
J u n e 10, t o th e lo w e s t le v e l in s ix y e a r s ,
t o t a l lo a n s a n d i n v e s t m e n t s o f 24 w e e k l y
r e p o r t in g m e m b e r b a n k s lo c a t e d in A t l a n t a , N e w O r le a n s ,
B ir m in g h a m , J a c k s o n v il le , N a s h v il l e , C h a t t a n o o g a , M o b ile
a n d S a v a n n a h in c r e a s e d n e a r ly 20 m i ll io n s t h e f o l lo w in g
w e e k , b u t in t h e t h r e e w e e k s e n d in g J u ly 8 d e c r e a s e d t o
$563,308,000, a b o u t 30 m illio n s l e s s t h a n o n t h e s a m e r e p o r t
d a t e a y e a r a g o . T h e g a i n w a s d u e l a r g e l y t o in c r e a s e d
h o ld in g s o f G o v e r n m e n t s e c u r i t i e s , a n d t o a s m a l l in c r e a s e in
h o ld in g s o f o t h e r s e c u r i t ie s , a s t h e a m o u n t o f lo a n s o n J u l y
8 w a s a b o u t t h e s a m e a s f o u r w e e k s e a r lie r . A d e c r e a s e in
l o a n s o n s e c u r i t ie s d u r in g t h i s p e r io d w a s a b o u t o f f s e t b y a n
in c r e a s e in “ A l l O th e r L o a n s .”
T o t a l in v e s t m e n t h o ld in g s o f t h e s e b a n k s o n J u l y 8 w e r e
g r e a t e r b y $12,682,000 t h a n f o u r w e e k s e a r l i e r , a n d w e r e
$46,729,000 g r e a t e r t h a n a y e a r a g o . H o ld in g s o f U n it e d
S t a t e s s e c u r it i e s w e r e $28,330,000, a n d t h o s e o f o t h e r s e c u r i
t i e s $18,399,000 g r e a t e r t h a n a t t h e s a m e t i m e l a s t y e a r .
D e m a n d d e p o s it s h e ld b y t h e s e b a n k s d e c lin e d $2,123,000
f r o m J u n e 10 t o J u l y 8, a n d w e r e $10,931,000 l e s s t h a n a y e a r
a g o , a n d t im e d e p o s it s in c r e a s e d $4,119,000 o v e r t h o s e o n
J u n e 10, a n d w e r e $10,552,000 l e s s t h a n o n J u l y 9, l a s t y e a r .
B a n k e r s ’ b a la n c e s w e r e s m a l l e r o n J u l y 8 t h a n f o u r w e e k s
C o n d itio n o f
M em b er B a n k s in
S e le c t e d C it ie s
M O N T H LY
earlier, but somewhat larger than a year ago.
Borrowings by these banks from the Federal Reserve
Bank of Atlanta amounted on July 8 to only $278,000, com
pared with $1,980,000 four weeks earlier, and with $10,239,000 on the same report date last year.
Comparisons of principal items in the weekly report are
shown in the table.
(000 Omitted)
July 8, 1931. June 10, 1931. July 9, 1930.
I/oans:
$ 116,280
$ 147,210
On Securities...................— $ 113,804
AHOther____________ „ 268,324
265,846
311,751
Total Loans....... ............
382,128
382,126
458,961
U. S. Securities___________
90,963
80,395
62,633
Other Bonds and Securities___
90,217
88,103
71,818
Total Investments--.........
181,180
168,498
134,451
Total Loans and Investments-, 563,308
550,624
593,412
Time Deposits__ ___ _____
231,550
227,431
242,102
Demand Deposits_________
303,660
305,783
314,591
Due To Banks............_.............
105,860
117,859
99,674
Due From Banks_______ 85,255
87,781
75,856
Borrowings From F. R. Bank__
278
1,980
10,239
Deposits of All Following increases recorded for three sucMember Banks cessive months, following the low point in
January, the daily average of demand de
posits of all member banks in the Sixth District declined 1.2
per cent in May compared with April, and was 8.3 per cent
smaller than in May last year, although 1.5 per cent above
the January average. Daily average time deposits declined
0.7 per cent in May compared with April and were 13.1 per
cent below the average for May 1930, but were 0.8 per cent
above the low point for February. Changes over the past
year are shown in the table.
1930-
Demand
Deposits
Time
Deposits
May.......................... ............................... 550,343,000 $ 450,145,000
June____ _ _ _ _ _______ _______ __________ ________518,808,000
447,126,000
July__........................................... _ .................513,185,000
440,316,000
439,054,000
August-............................................. .............503,651,000
September_________ __________________________ __510,694,000
441,347,000
437,617,000
October. ...................................................... .....511,050,000
November____________________ ______ _________ __512,420,000
434,502,000
December.
_______ ______ ________________498,707,000
413,822,000
1931—
January...................... .......................................497,490,000
February........ ................ .................................503,634,000
March__________ _________________________ 508,016,000
ApriL................................................... .............510,940,000
May............................ ............. ........................504,938,000
397,942,000
388,008,000
394,622,000
393,918,000
391,190,000
Savings
Deposits
Savings deposits held at the end of June by 64
reporting banks located throughout the district
increased on the average by 1.7 per cent over the
month before, and averaged 5.7 per cent less than at the end
of June, 1930. Totals for Atlanta, and for cities in which
branches of the Federal Reserve Bank of Atlanta are located,
are shown comparatively in the table, in thousands of dol
lars. Banks located elsewhere in the district are grouped
under “Other Cities.”
(000 Omitted)
Number
Percentage Change
of
June May June June 1931 Compared with
Banks 1931 1931 1930 May 1931
June 1930
+0.9
— 7.3
Atlanta____
4 $ 41,211$ 40,832 $44,435
+1.9
—14.7
Birmingham. __
21,579 21,171 25,288
3
4
16,043 16,093 18,111
—0.3
—11.4
Jacksonville. __
— 2.1
Nashville----31,845
31,495
32,523
+
1.1
5
New Orleans-__
6
— 0.3
53,461 52,481 53,629
+1.9
—12.2
+2.6
83,261 81,158 94,884
Other Cities__ 42
— 5.7
247,400 243,230 262,370
+1.7
Total _____
64
Debits to Total debits to individual accounts at 26 reportindividual ing clearing house centers of the Sixth District
Accounts increased 1.3 per cent in June over the preceding
month, and were 9.9 per cent less than in June
last year. During the past ten years there have been in
creases in bank debits from May to June in only two in
stances, and declines in eight. Increases over May were re
ported from New Orleans, Nashville, Chattanooga and Pen
sacola, and at New Orleans over June last year. The gain at
New Orleans was largely due to some unusual transactions
connected with state financing. Monthly totals shown in the
table are derived from weekly reports by pro-rating figures
R E V IE W
for those weeks which do notfall entirely within
calendar month.
June 1931 May 1931
Alabama—4 Cities____ ________ $ 144,197 $153,740
Birmingham-________________
99,130
105,517
Dothan__________ ________
2,074
2,535
Mobile.__________ _______
26,883
28,571
Montgomery_______________
16,110
17,117
Florida—4 Cities____ _________ $ 108,510 $117,119
Jacksonville_____ __________
60,557
62,967
Miami......................., ________
16,366
21,139
Pensacola_________________
6,515
5,989
Tampa---------------------------25,072
27,024
Georgia—10 Cities.......................... __$ 214,603 $ 221,252
Albany................___............ .........
2,781
2,885
Atlanta.......................................... 136,922
139,594
Augusta................................ _____
15,956
17,827
Brunswick___________
2,452
2,469
Columbus....................................
11,104
11,362
Elberton........ ...............___...........
581
714
12,384
12,831
Macon________ ____ _
Newnan..... ............................_____
1,274
1,308
Savannah......................................
28,141
29,253
Valdosta.........___________............ .
3,008
3,009
Louisiana—New Orleans.................. . $ 293,648 $ 255,952
Mississippi—4 Cities____________$ 29,444 $ 33,710
Hattiesburg_________ ______
4,088
4,819
15,214
18,578
Jackson______ _______ ____
Meridian______ ___ ___ ___
5,960
6,084
4,182
4,229
Vicksburg.__________ ______
Tennessee—3 Cities...................... ___$ 138,875 $135,615
Chattanooga......... ........................
39,951
39,542
Knoxville.--_______ _______
24,328
25,995
Nashville............... .......................
74,596
70,078
Total 26 Cities______________ __$ 929,277 $ 917,388
3
a single
June 1930
$ 173,922
117,251
2,416
34,466
19,789
$ 127,008
69,559
22,754
6,640
28,055
$ 241,698
3,230
147,783
18,294
2,887
12,898
711
16,366
1,291
35,080
3,158
$ 262,788
$ 52,123
6,516
28,283
11,951
5,373
$ 173,499
46,591
30,553
96,355
$1,031,038
AGRICULTURE
June was a hot, dry month in most parts of the sixth dis
trict and crops in many sections were seriously affected by
the lade of rain. Temperatures have continued high during
the early part of July, but there have been scattered rains.
The first crop estimate of the season by the United States
Department of Agriculture indicates larger production of
most of the staple crops in this district as a whole, accept
tobacco, and also omitting cotton for which production is not
estimated until August. Tobacco acreage in Georgia is 18
per cent less than in 1930, and production is estimated at
51,700,000 pounds, a decrease of 45 per cent from last
year, and production in Tennessee is estimated at 105,950,000
pounds against 124,972,000 pounds in 1930 . In the table are
shown estimates based upon conditions on July 1 this year,
compared, with production during 1930 of the principal staple
crops in the sixth district.
(000 Omitted)
Estimated Production Percentage
July 1, 1931
1930
Comparison
Corn, bu___ ________ ______ _ 153,864
124,415
+23.7
Wheat, bu_____ ____ s._______
4,364
2,563
+70,3
Oate.Jju_____ _______ ______
16,675
10,764
+54.9
Tame Hay, tons-------------------2,334
1,937
+20 .5
Tobacco, lbs.__ _ ___ _______
142,110
203,725
—30.2
White Potatoes, bu------------------16,265
11,350
+43.3
Cotton
Acreage
The United States Department of Agriculture estimates that on July 1 this year there were 41,491,000
acres planted in cotton. This is a decreose of 10 per cent compared with the acreage in cotton on
July 1, 1930, and is 8 per cent smaller than the acreage
actually harvested last year. For the six states in this dis*
trict the average decrease is 9.3 per cent, as indicated In the
following figures for individual states:
Cotton Acreage on July 1 Percentage
1931
1930
Comparison
Alabama................................ .
3,410,000
3,789,000
—10.0
Florida________ ______ __
122,000
122,000
x
Georgia_________________ 3,437,000
3,906,000
—12.0
Louisiana.................... ...............
1,928,000
2,142,000
—10.0
Mississippi_______________ 4,033,000
4,290,000
— 6.0
Tennessee_________ ______ 1,125,000
1,250,000
-- 10.0
Total................................... 14,055,000 15,499,000
— 9.3
The abandonment last year after July 1 in this district
was 1.1 per cent, and in the country as a whole 2.1 per cent.
M O N T H LY
4
Cotton
Prices
The averages of spot prices at the ten designated
markets during June and early July, as reported
by the Department of Agriculture, are indicated
in the following figures:
Cents Per Pound
1931
1930
8.16
14.59
June 4__
8.07
13.28
June 12.
7.96
12.82
June 18.
9.75
12.46
June 27.
9,40
12.49
July 2__.
8.78
12,10
July 10..
8,65
12.55
July 17..
Fertilizer A further seasonal decline is indicated in sales of
Tag Sales fertilizer tags in the six states of this district
during June, and a decrease of 34.3 per cent
compared with June last year. Cumulative totals for the
eleven months of the present season, August 1930 through
June 1931, show decreases compared with that part of the
previous season ranging from 9.7 per cent for Florida to 51.7
per cent for Mississippi, and averaging 30.4 per cent for the
six states combined. These comparisons by states are set out
in the following table.
(Short tons)
June
June August to June Percentage
1931
1930
1930-31 1929-30 Comparison
2,550
4,850
418,900 649,450 —35 .5
11,288 11,294
394,808 437,422 — 9 .7
2,221
6,379
690,634 922,626 —25,,1
250
600
96,718 184,245 —47 ,5
Louisiana_
3,240
197,061 407,751 —51 .7
1,341
Mississippi
123,786 160,882 —23 .1
407
1,114
Tennessee.
, 18,057 27,477 1,921,907 2,762,376 —30.4
Sugar C ane
and S u g a r
T h e a c r e a g e in s u g a r c a n e i n L o u is ia n a i s e s t i m a te d a t 1 8 8 ,0 0 0 , c o m p a r e d w i t h 1 8 7 ,0 5 0 a c r e s
i n 1 9 3 0 , a n d t h e e s t im a t e d p r o d u c tio n o f s u g a r
i s 1 6 5 ,1 4 4 s h o r t t o n s , c o m p a r e d w i t h 1 8 3 ,6 9 3 s h o r t t o n s p r o
du ced la s t y e a r . T h e crop a v e r a g e s fr o m 3 to
w e e k s la t e r
t h a n u s u a l, t h e c a n e i s u n d e r s iz e d , a n d r a in s a r e n e e d e d
t h r o u g h o u t t h e c a n e b e lt .
4
Sugar Movement (Pounds)
Raw Sugar
Receipts:
June 1931
May 1931
New Orleans...................... 117,710,064 94,794,134
Savannah___ _________ 24,515,055 14,573,359
Meltings:
New Orleans......................... 152,718,504 74,419,854
Savannah__ ______ ____ 41,044,586
9,306,004
Stocks:
New Orleans___ _____ — 35,559,695
73,980,900
Savannah_____________ 56,596,889 73,126,420
Refined Sugar
June 1931
May 1931
Shipments:
New Orleans...... ................... 140,413,755 104,617,458
Savannah. ——_________ 35,812,686 24,565,064
Stocks:
New Orleans____ _______ 61,604,740 55,009,523
Savannah.............................. 16,863,334 18,085,323
June 1930
135,057,790
25,193,128
126,882,863
8,664,109
159,338,038
77,941,876
June 1930
123,387,002
32,120,218
103,660,937
3,472,209
R E V IE W
Rice
The area sown to rise in Louisiana in 1931 is estimat
ed at 466,000 acres, compared with 491,000 acres last
year. The July estimate indicates a crop of 16,766,000
bushels, against 17,676,000 bushels produced in 1930.
Rice Movement (Barrels)
Rice Millers Association Statistics
August 1 to June 30
Receipts of Rough Rice:
June
Season 1930-31_________*
324,474
9,776,098
Season 1929-30____ ________
59,690
9,017,995
Distribution of Milled Rice:
Season 1930-31......................
600,568
9,712,652
Season 1929-30......................... 1.1
345,705
9,437,740
Stocks of Rough and Milled Rice:
July 1, 1931_..............................
1,051,303
June 1, 1931..................... ...........
1,292,671
July 1, 1930-................ ........
687,350
TRADE
There was a seasonal decline in retail distribution
of merchandise through reporting department stores
in the sixth district in June, as compared with the
three spring months, March, April and May. The decrease
from May to June this year was, however, smaller than at
the same time since 1927. An increase is reported from At
lanta over June 1930, and of the 41 reporting firms in the
district, 17 of these reported sales greater than in June last
year, a much larger proportion than in many months. An
increase over May was reported from Chattanooga, contrary
to the usual seasonal trend. For the month, total sales of
the 41 reporting department stores in the district averaged
2.6 per cent less than in June 1930, and were 12.8 per cent
less than in May. For the first half of 1931, total sales by
these reporting firms have averaged 8.7 per cent below their
sales during the first six months of 1930. These comparisons
are of dollar sales figures, and make no allowance for the
different level of prices, which are estimated by some of the
reporting firms to have been approximately 18 per cent be
low those charged in June last year.
Stocks of merchandise declined an average of 5.4 per cent
from May to June, and at the end of June averaged 18.5 per
cent smaller than a year ago, and the rate of stock turnover
continues higher than at the same time last year. Accounts
receivable at the end of June were 3.8 per cent less than a
month earlier, and 6.4 per cent smaller than a year ago, and
June collections declined 4.9 per cent compared with those in
May and show a decrease of 6.9 per cent compared with
June 1930.
The ratio of collections during June to accounts receiv
able and due at the beginning of the month for 33 firms was
29.5 per cent, compared with a ratio of 31.3 per cent for
May, and 29.0 per cent for June last year. For June the ratio
of collections against regular accounts was 31.6 per cent, and
the ratio of collections against installment accounts for 10
firms was 15.0 per cent. Detailed comparisons of reported
figures are shown in the table.
Retail
Trade
RETAIL TRADE IN THE SIXTH DISTRICT DURING JUNE 1931
BASED ON CONFIDENTIAL REPORTS FROM41 DEPARTMENT STORES
Comparison of Net Sales
Comparison of Stocks
Rate of Stock Turnover
June 1931 June 1931 Jan. 1 to June 30, 1931 June 30, 1931 June 30, 1931
with
with with same period in
with
with
June
June
Jan. 1 to June 30
June 1930 May 1931
1930
June 30, 1930 May 31, 1931 1930
1931
1930
1931
Atlanta (4)............................................... +3.6 —14.5
4-0.9
—10.6
— 2.3
.28
.34
1.83
2.18
Birmingham (4)_________ _______ —4.8 —15.1
—10.0
—19.7
—9.0
,18
,21
1.18
1.26
Chattanooga (5)....................................... —5.8 + 4.6
—11.4
—15.5
—2.3
.20
.22
1.09
1.08
Nashville (4)——.......-............................ —5.8 —19.1
—8.5
—14.4
—3.6
.21
.23
1.32
1.37
New Orleans (5 )..................................... —1.6 — 9.5
—12.3
—23.5
—6.5
.16
.21
1.04
1.18
Other Cities (19)___ ____ _________ —6.8 —15,6
—11.9
—16.7
—5.1
.16
.20
1.09
1,27
District (41)..... ................... ............. —- —2.6 —12.8
— 8.7
—18.5
—5.4
.19
.23
1.23
1.36
N o te :
T h e rate of sto ck turn o ver is the ratio of sales d u ring given period to average stocks on hand.
M O N T H LY
R E V IE W
5
After three consecutive monthly increases, sales
Wholesale The distribution of merchandise at wholesale in Life
Trade
the sixth district declined further in June, com Insurance of new, paid-for, ordinary life insurance in the
six states of this district declined 2.5 per cent
pared with earlier months of the year, to the low
est level in available statistics* The decline from May to in June, and were 14.5 per cent less than in June 1930. The
June, however, amounting to 5.4 per cent, was smaller than decrease of 2.5 per cent from May to June compares with a
has occurred at the same time during any of the past five decline of 10.8 per cent at the same time last year. For the
years. June sales were 15.2 per cent less than in June last first six months of the year, there was a decrease of 22.8
year, while in May there was a decrease of 23.7 per cent per cent for the district compared with the first half of
compared with that month of 1930. Sales of electrical sup 1930.
plies gained 4.0 per cent over May, but other lines showed
(000 omitted)
decreases, and sales in all of the eight reporting lines were
June
January—June
Percentage
June
1930
1931
1930
Change
1931
less than a year ago. Stocks on hand, accounts receivable
and collections declined, and were less than in the same Alabama________ $ 4,724
—24.8
$ 5,542 $ 26,879 $ 35,754
—17.7
6,882 30,579 37,141
Florida_________ 6,244
month last year.
—11.1
56,269
50,035
9,427
Georgia________
9,635
Cumulative sales for the first half of 1931 averaged 24 per Louisiana----------- 5,840
—20.3
6,517 33,199 41,669
—34.2
cent smaller than during that period of 1930. The compari Mississippi____ _
3,678 14,832 22,551
2,822
—
32.0
66,489
45,215
10,907
sons for the six months period are slightly more favorable Tennessee_______ 7,461
than they were for the five months period ending May 31,
—
22.8
Total............. $ 36,726 $ 42,953 $200,739 $259,873
except in the case of stationery which showed a smaller in
crease. Cumulative comparisons shown in the table below
are followed by the monthly comparisons of reported figures CommercialBusiness failures in the United States numberFailures ed 1,993 in June, compared with 2,248 in May
for June.
and with 2,026 in June last year, according to
These comparisons are of dollar figures and make no al
statistics compiled by R. G. Dun & Co., and liabilities for
lowance for the difference in the prevailing level of prices.
June totaled $51,655,648, against $53,371,212 for May, and
Percentage comparison
$63,130,762 for June 1930.
of sales January—
June 1931, with same
period in 1930
In the sixth district there were 135 failures in June, 138
Groceries______
—22.2
in May, and 145 in June a year ago, and liabilities for June
Dry Goods------— 24.8
Hardware_____
— 28.3
totaled $3,013,825, against $370,979 for May, and compared
Furniture______ __________________________ _
— 22.9
with $2,743,872 for June 1930. Cumulative totals for the
Electrical Supplies. ____________________________
— 26.7
Shoes________ _____ ____ - ________________
— 25 .6
half year amount to 996 failures, with liabilities of $16,Stationery_____ ___ -__ -________ ____
+ 1.2
589,275, against 735 failures with liabilities of $15,017,032
Drugs.________ ____ ________ _________ _
— 15.7
during the first six months of 1930.
Total.............
________________ _______ — 24.0
WHOLESALE TRADE IN June 1931
Grain Exports—New Orleans. (Bushels)
Sixth Federal Reserve District (a)
June
June
. July 1 to June 30
1931
1930
1930-31
1929-30
Number of Percentage change June 1931
Firms
compared with
Line, Item and area
May 1931
June 1930
Wheat_____ ______
1,110,859
859,079 8,261,245 9,436,502
Corn..............................
7,973
12,111
106,731
481,451
All Lines Combined:
Oats................ ..............
16,869
16,457
141,102
561,616
Sales---------------------123
— 5.4
—15.2
Barley_____________
x
x
x
68,336
Stocks on hand________
28
— 5.4
—20.2
Rye__________ ___
x
x
x
26,393
Accounts receivable_____
54
— 2.4
—11.6
Collections___________
59
— 5.6
—24.6
Total......................
1,135,701
887,647
8,509,078
10,574,298
Groceries:
Sales------------ --------28
— 3.0
—16.0
Atlanta_________ __
4
— 1.9
— 5.5
4
Jacksonville------------+ 1.3
— 3.6
5
New Orleans________
— 0.2
—20.4
INDUSTRY
Vicksburg__________
3
—14.8
—27,1
12
Other Cities.________
— 3.6
—19.0
Stocks on hand-----------3
—13.3
—14,0
Building and There was a substantial gain recorded in conAccounts receivable-------11
— 3.8
— 8.8
Construction tract awards in the sixth district during June
12
Collections___________
— 4.5
—23.2
over the preceding month, but building per
Dry Goods:
Sales___ ___________
22
—17.8
— 6.2
mits at reporting cities declined, and both contract awards
Atlanta______ _____
3
—14.5
—11.2
and building permits continued smaller than a year ago.
Nashville---------------3
—28.8
—19.5
Other Cities_________
16
—15.0
— 1.3
Total value of buildings for which permits were issued in
Stocks on hand________
11
— 1.7
—33.5
June at 20 reporting cities of the sixth district amounted to
Accounts receivable-------12
— 0.8
—13.6
Collections__- ________
14
—18.4
—25.5
$1,814,593, a decrease of 23.1 per cent from May and 89.5
Hardware:
per cent smaller than in June last year. Seven of these re
Sales............................ .
29
— 3.3
—19.5
porting cities, however, reported gains over June 1930. The
Atlanta-___________
3
+ 2.6
+ 8.2
Mobile____________
— 7.6
— 9.6
3
June total is the smallest, except for December 1930, for
Nashville__'________
4
+ 1.3
—11.2
any month in more than eleven years for which these sta
New Orleans--- --------5
+ 3.6
—31.9
Other Cities_________
14
—12.2
—20.8
tistics are available. Cumulative totals for the first half of
Stocks on hand____ _ __
10
— 5.8
—13.4
1931 amount to $15,503,836, a decrease of 38.3 per cent
Accounts receivable—___
17
— 3,9
—10.6
Collections__ ____ _____
compared with the total of $25,127,386 for that part of 1930.
— 6.0
"—24.8
Furniture:
Comparisons for the month are shown in the table.
Sales______ ________
13
—19.9
— 7.5
Atlanta,___________
5
— 8.9
— 3 *3
Other Cities_________
8
—21.8
— 8.8
Number
Value
Percentage
Stocks on hand________
4
+ 2.4
—34.9
June
June
Change
Accounts receivable___ _
8
+0.02
—14.7
City
1931 1930
1931
1930
in value
Collections____ ______
7
+ 1.3
—31.1
Electrical Supplies:
Alabama:
Sales...___________ _
19
24 $ 120,691 $ 21,655 +457.3
16
+ 4.0
—18.8
Atlanta,______ ____
130,112
3
Birmingham____ 170
293
472,705 — 72.5
+ 9.1
— 8.3
Jacksonville_________
27
46
40,750
3
+17,6
90,623 —55.0
+ 6.1
New Orleans_________
4
Montgomery. ____ 104
108
129.535
— 4.0
109.872 + 17.9
—33.9
Other Cities_________
Florida:
6
— 8.2
—29.4
268
Stocks on hand__ ______
Jacksonville____ 350
55,205
128,905 - — 57.2
X
X ■
312
364
Accounts receivable______
145,082
274,810 — 47.2
+ 0.4
3
—16.5
53
55
23,340
Collections ____________
Orlando-______
4
39,355 — 40.7
+20.3
—28.3
**
Pensacola_____
69
35,124
28,620 + 22.7
Drugs:
239
254
40,370
69,958 — 42.3
Sales______________
8
— 5.4
—10.5
•Lakeland____ __
14
11
5,225
9,650 — 45.9
Accounts reveivable______
3
+ 1.6
—11.0
♦Miami Beach____ 45
47
324,450
576,140 — 43.7
Collections___________
3
— 8.0
—10.8
Georgia:
Shoes:
368
282
228,858
577,200 — 60.4
Sales.---------------------3
—11.1
— 1.6
Augusta----------- 92
87
21,165
98,126 — 78.4
Stationery:
Columbus
_
______
55
42
25,415
39,645 — 35.9
Sales___ t;___ _
4
—7.2
—2.3
Macon.____
___
198
193
52,863
106,435
— 50.3
(a)-Based upon confidential reports from 123 firms.
Savannah______
24
14
36,225
30,790 + 17.7
6
M O N T H LY
Number
Value
Percentage
June
June
change
Louisiana:
1931 1930
1931
1930 inv alue
New Orleans____ 128
118
234,347
226,997 + 3.2
Alexandria.........47
46
15,636
46,656 — 66.5
Tennessee:
Chattanooga.......... 233
277
85,601
230,634 — 62.9
Johnson City........
6
5
7,725
3,600 +114.6
Knoxville__ ___
65
67
79,752
149,916 — 46.8
195
306,797
251,959 + 21.8
Nashville______ 181
Total................. 2,669 2,807 $1,814,593 $2,998,461 — 39.5
Index No.
16.1
26.6
•-Not included in totals or index numbers.
••-Not reported.
C o n t r a c ts a w a r d e d in t h e s i x t h d is t r ic t d u r in g J u n e in
c r e a s e d 4 2 p e r c e n t o v e r M a y , a c c o r d in g t o s t a t i s t i c s c o m
p ile d b y t h e P . W , D o d g e C o r p o r a tio n a n d su b d iv id e d in to
d is t r ic t t o t a l s b y t h e D iv is io n o f R e s e a r c h a n d S t a t i s t i c s o f
t h e F e d e r a l R e s e r v e B o a r d , b u t w e r e 3 1 .4 p e r c e n t l e s s t h a n
in J u n e , 1 9 3 0 . L a r g e in c r e a s e s o v e r M a y o c c u r r e d in L o u is ia n a 9 M is s is s ip p i a n d A la b a m a ,a n d a s m a ll g a in in F lo r id a ,
a n d L o u is ia n a a n d M is s is s ip p i a ls o s h o w e d in c r e a s e s o v e r
J u n e 1 9 3 0 . T h e J u n e t o t a l f o r t h e d is t r ic t w a s $ 1 8 ,2 8 7 ,7 9 6 ,
c o m p a r e d w it h $ 1 2 ,8 7 6 ,9 7 1 f o r M a y , a n d w i t h $ 2 6 ,6 7 3 ,4 6 0 f o r
J u n e 1 9 3 0 . R e s id e n t ia l c o n t r a c t s in J u n e , a m o u n t in g t o
$ 3 ,4 4 1 ,0 5 6 , a c c o u n te d f o r 1 8 .8 p e r c e n t o f t h e t o t a l , a n d w e r e
1 2 .1 p e r c e n t g r e a t e r t h a n in M a y , b u t 2 3 .3 p e r c e n t l e s s t h a n
in 'J u n e l a s t y e a r . C u m u la tiv e t o t a l s o f c o n t r a c t a w a r d s in
t h e f ir s t h a l f o f 1 9 3 1 f o r t h e s i x t h d is t r ic t a s a w h o le a m o u n t
t o $ 1 0 4 ,0 1 3 ,3 8 4 , a d e c lin e o f 2 9 .8 p e r c e n t c o m p a r e d w it h t h e
t o t a l o f $ 1 4 8 ,1 9 9 ,3 2 2 d u r in g t h a t p a r t o f 1 9 3 0 . C o m p a r is o n s
f o r t h e m o n t h , b y s t a t e s , a r e s h o w n i n t h e t a b le . P a r t s o f
t h e f ig u r e s f o r L o u is ia n a a n d M is s is s ip p i a p p ly t o o t h e r F e d
e r a l R e s e r v e D is tr ic ts .
June 1931
Alabama. ^.........................................$2,831,800
Florida...... ...................................... 2,130,500
Georgia............................................. 2,272,200
Louisiana-.-__—..........................11,304,000
Mississippi............... ......................... 2,497,200
Tennessee....... ....... „............ ............ 1,455,300
May 1931
$1,372,900
2,084,200
4,356,100
3,783,700
972,500
1,618,000
June 1930
$6,761,900
3,687,100
7,235,500
5,534,800
2,341,900
3,795,200
T o ta l c o n tr a c t a w a r d s in th e 37 s t a t e s e a s t o f th e R o ck y
M o u n ta in s a m o u n t e d i n J u n e t o $ 3 3 1 ,8 7 9 ,7 0 0 , a n in c r e a s e o f
8 .4 p e r c e n t o v e r t h e t o t a l o f $ 3 0 6 ,0 7 9 ,1 0 0 f o r M a y , a n d 4 4 .7
p e r c e n t s m a l l e r t h a n t h e t o t a l o f $ 6 0 0 ,5 7 3 ,4 0 0 f o r J u n e lasjt
y e a r . C u m u la t iv e t o t a l s f o r t h e f ir s t h a l f o f t h e y e a r a m o u n t
t o $ 1 ,8 0 8 ,2 2 6 ,8 0 0 , a l o s s o f 3 1 .5 p e r c e n t c o m p a r e d w it h t h e
t o t a l o f $ 2 ,6 3 8 ,0 1 3 ,3 0 0 f o r t h e f ir s t h a l f o f 1 9 3 0 .
L um ber
C o n d itio n s in t h e lu m b e r in d u s t r y i n t h e s o u t h
c o n t in u e u n s a t i s f a c t o r y , a c c o r d in g t o p r e s s r e p o r t s
d u r in g J u n e a n d e a r l y J u ly . B u s i n e s s c o n t in u e s i n r e d u c e d
v o lu m e a n d a g e n e r a l la c k o f s t a b i l i t y o f p r ic e s . B u y e r s a r e
r e p o r t e d t o b e c o n t in u in g t h e ir p r a c t ic e o f c o n f in in g t h e ir
p u r c h a s e s t o t h e i r a c t u a l m in im u m r e q u ir e m e n t s w i t h n o in
d ic a t io n o f a n y s t o c k i n g u p f o r f u r t h e r n e e d s . I n f o r m a t io n
p u b lis h e d in t h e S o u t h e r n L u m b e r m a n i n d ic a t e s s o m e s l i g h t
im p r o v e m e n t i n t h e m a r k e t f o r b i g t im b e r s , a n d a n in c r e a s e
i n t h e n u m b e r o f in q u ir ie s* w h ic h m a y r e s u l t i n l a t e r im
p r o v e m e n t in d e m a n d . W e e k ly s t a t e m e n t s o f t h e S o u th e r n
P i n e A s s o c i a t i o n in d ic a t e t h a t p r o d u c tio n i s b e in g h e ld b e
lo w t h e v o lu m e o f c u r r e n t o r d e r s . R e p o r t s f o r t h e f iv e w e e k s
e n d in g J u l y 4 , b y m i ll s w h ic h a ls o r e p o r t e d f o r t h o s e w e e k s
a y e a r a g o , s h o w t h a t o u tp u t b y t h e s e m i ll s a v e r a g e d 9 .7 pear
c e n t l e s s t h a n a y e a r a g o , p r o d u c tio n w a s 3 3 .5 p e r c e n t
s m a lle r , a n d u n fille d o r d e r s a v e r a g e d 2 8 .2 p e r c e n t l e s s . D u r
i n g t h e f iv e w e e k s p e r io d o r d e r s r e c e iv e d b y t h e s e m i ll s
a v e r a g e d 1 2 .4 p e r c e n t g r e a t e r t h a n t h e i r p r o d u c tio n , w h ile
a t t h e s a m e t i m e a y e a r a g o o r d e r s w e r e 1 7 .2 p e r c e n t l e s s
t h a n o u tp u t . C o m p a r is o n s o f w e e k l y f ig u r e s , w it h t h o s e f o r
c o r r e s p o n d in g p e r io d s a y e a r a g o , a r e d io w n in t h e t a b le .
(In thousands of Feet)
Number
Orders Production
Week Ended:
of Mills 1931 1930
1931
June 6................ 114 31 ,$20 37,710 30,488
June 13.............. 106 27,888 31,786 26,237
June 20___........ 113 28,854 30,307 25,168
June 27........... . 109 30,156 31,819 24,731
Jolrf.—-......... 105 26,439 29,252 22,591
C o n s u m p tio n
o f C o tto n
1930
43,391
39,926
39,294
39,539
32,174
Unfilled Orders
1931 1930
83,433 126,397
78,897 109,641
82,572 116,772
79,359 104,915
76,125 103,726
C o n s u m p tio n o f c o t to n b y A m e r ic a n m ills d e c r e a s e d 2 .2 p e r c e n t in J u n e c o m p a r e d w it h
M a y , b u t w a s 12*4 p e r c e n t g r e a t e r t h a n in
J im e l a s t y e a r . A t t h e s a m e t im e a y e a r a g o , t h e r e w a s a
d e c lin e o f 1 4 .5 p e r c e n t f r o m M a y t o J u n e . S to c k s h e ld a t
t h e e n d o f J u n e b y c o n s u m in g e s t a b lis h m e n t s w e r e 1 0 .1 p e r
R E V IE W
eent smaller than for May, and show a decrease of 1 6 .7 per
cent compared with those held at the end of June 1 9 3 0 , and
stocks held in public storage and at compresses were 9 .5
per cent smaller than for the month before, but 6 0 .1 per cent
greater than for June last year.
Exports of cotton from the United States during June de
clined by 2 3 .9 per cent in comparison with May, but were 3 8
per cent greater than in June a year ago, and the number of
spindles active during June decreased by 2 .3 per cent, and
was 6 .7 per cent smaller than a year ago.
Cumulative totals for the eleven months of the cotton sea
son, August through June, indicate that domestic consump
tion has amounted to 4 ,8 2 0 ,4 3 0 bales, a decline of 1 5 .8 per
cent compared with consumption during that part of the
previous season, and exports have totaled 6 ,4 9 2 ,8 5 0 bales, a
decrease of only 0 .3 per cent compared with the total of
6 ,5 1 4 ,2 7 4 bales exported during the same part of the 1 9 2 9 -3 0
season.
United States (Bales)
Cotton Consumed:
June 1931 May 1931 June 1930
455,388
465,770
405,236
Lint...........................................
Linters______ ____________
61,433
66,949
59,196
Stocks in Consuming Establishments:
Lint___ _______ _________ 1,130,314 1,258,222 1,356,664
Linters___________________ 258,338
272,908
231,550
Stocks in Public Storage and at ComKntffl......................................... 4,970,626 5,494,025 3,105,226
Linters.-.---.............................. .
54,931
70,114
9,989
Exports__ _________________ 255,459
335,796
185,053
Imports.................... .........................
4,134
15,189
9,550
Active Spindles (Number).......-____ 25,798,910 26,397,906 27,659,308
Cotton
Manufacturing
Production of both cloth and yarn by cotton
mills iii the sixth district reporting to the
Federal Reserve Bank declined in June.
Output of cloth was greater than in June last year, but pro
duction of yam 6 .3 per cent smaller. Shipments by both
classes of mills declined from May to June but were greater
than in June 1 9 3 0 . Orders booked by yam mills increased
over May, and those of cloth mills declined, but increases
over June 1 9 3 0 are shown in both instances. There was a gain
of 1 .6 per cent in the number of workers on payrolls of cot
ton cloth mills from May to June. Percentage comparisons
of reported figures are shown in the table.
Percentage change June
1931—-compared with
Number of May 1931 June 1930
Cotton Cloth:
Mills
Production________________
13
— 5.5
+ 7.5
Shipments_________________
12
—5.0
♦ 5.4
Orders booked.................... ............
7
—27.7
+26,4
—10..1
—10.7
Unfilled orders____ ________ 10
Stocks on hand______________
10
+ 2.7
—15.3
Number on payroll___________
12
+ 1.6
—11.3
Cotton Yarn:
7
—6.2
—6.3
Production------------------------Shipments_________________
7
—9.4
+ 6.3
Orders booked______ ________
4
+48.7
+49.6
Unfilled orders.......................... 6
+ 0.6
+41.3
Stocks on hand__ ___________
6
—6.3
—6.7
£ Number on payroll___________
6
—4.2
—18,8
Cotton Seed There was a further decline in activity at cotProducts
ton seed oil mills in this district, and in the
country as a whole during June, as the end of
the present season (July 3 1 ) approaches. Cumulative figures
for the eleven months of the season, August through June,
indicate decreases compared with that period of the season
before in the amount of cotton seed received by mills in this
district and in their stocks at the end of June, although
there was a slight increase in the amount crushed. Produc
tion of crude oil during this period was 3 .6 per cent smaller
than in the same part of the 1 9 2 9 -3 0 season, and production
of hulls was 0 .8 per cent, and of linters 1 1 .4 per cent re
spectively smaller, output of cake and meal showing an in
crease of 2 .6 per cent. Stocks of crude oil and of hulls were
smaller, but supplies of cake and meal and of linters some
what larger, than a year ago.
For the country as a whole declines continue to be shown
in the cumulative totals of cotton seed received, crushed, and
held by mills at the end of June, and in production of cotton
seed products. Stocks of crude oil were smaller, but those of
other products larger, than a year earlier.
Combined totals for Georgia, Alabama, Louisiana and Mis
sissippi are shown comparatively in the first two columns
of tbe table, and totals for the country as a whole are
shown in the last two columns.
M O N T H LY
Cotton Seed and Cotton Seed Products
(*) Sixth District
United States
_
^ _
Aug. 1 to June 30
Aug. I to June 30
Cotton Seed, Tons:
1930-31
1929-30
1930-31
1929-30
Received at mills-.. 1,842,748 1,869,442
4,681,858
4,991,627
Crushed...-------- 1,847,825 1,847,546
4,694,037
4,953,954
On Hand, June 30..
6,563
33,982
33,237
77,164
Production:
Crude Oil, lbs----- 575,717,549 597,055,695 1,434,863,644 1,552,896,323
Cake and Meal, tons
816,552
795,617
2,153,651
2,203,465
Hulls, tons-------519,728
524,106
1,297,460
1,366,054
328,748
370,939
820,566
1,024,260
linters, bales-----Stocks at mills, June 30:
Crude Oil, lbs........ 1,027,235 3,384,549
5,803,486
9,461,395
Dike and Meal, tons
62,269
21,947
192,136
85,277
Hulls, tons-------10,933
13,428
69,070
42,764
72,190
43,915
208,618
160,122
linters, bales-----(*)-Georgia, Alabama, Louisiana and Mississippi.
Electric
Production of electric power for public use in the
Power
six states of this district declined in May by less
than one per cent compared with April, and was
7.7 per cent smaller than in May last year. Production by
plants using water power was 1.4 per cent smaller in May
than in April, and 9.6 per cent less than in May 1930, while
output by those plants using fuels was about the same as in
April and 3.6 per cent smaller than a year ago. Consump
tion of coal and of natural gas in the production of electric
power increased 4.8 per cent and 3.9 per cent, respectively,
over April, but was 14.8 per cent and 5.4 per cent, re
spectively, smaller than in May 1930, while consumption of
fuel oil declined 5.2 per cent from April to May and was 8.5
per cent less than in May last year. Cumulative totals for
the first five months of 1931 compared with that period of
1930 show decreases of 1.3 per cent in total production of
electric power, 23.6 per cent in consumption of coal, 4.7 per
cent in consumption of fuel oil, and 4.3 per cent in consump
tion of natural gas, in the production of electric power by
public utility power plants in these states. Comparisons for
the month are shown in the table.
May 1931
April 1931
May 1930
Production of Electric Power in "
~
thousands of k. w. hours:
Total------------------------ 480,977
485,552
520,893
By use of: Water Power.-----319,636
324,093
353,605
Fuels-------------161,341
161,459
167,288
Fuels Consumed in Production of
Electric Power:
Goal-tons-------------------12,258
11,693
14,392
Fuel oil, bbls----------------179,695
189,521
196,378
Natural Gas-000 cul ft........... 1,718,598
1,653,913
1,816,653
Note: May figures preliminary-April figures revised.
Bituminous Preliminary figures compiled by the United
Coal Mining States Bureau of Mines indicates a gain of 3.0
per cent in total production, and of 0.6 per
cent in daily average output, in June over May, but declines
of 13.5 per cent in total, and 16.8 per cent in daily average,
compared with June, 1930. A comparison of these monthly
totals is shown below.
Total
Number of Average per
Production
working
working day
___(tons)
days
(tons)
June 1931---------------------- 29,165,000
26
1,122,000
May 1931---------------------- 28,314,000
25.4
1,115,000
June 1930---------------------- 33,714,000
25
1,349,000
Weekly figures for Alabama and Tennessee have declined
further, the average for those weeks ending in June being
7.1 per cent for Alabama and 16.9 per cent for Tennessee be
low the average for May, and 14.6 per cent for Alabama and
32.6 per cent for Tennessee below the average for June last
year. Weekly comparisons are shown in the table following:
(In thousands of tons)
United States
Alabama
Tennessee
Week Ending:
1931 1930 1931 1930 1931 1930
June 6................ ........ 6,585 8,151 227
275
68
92
June 13. -------------- 6,674 7,986 220
264
64
88
June 20--------------- 6,635 7,998 217
260
63
89
June 27.-------------- 6,752 7,995 225
255
60
92
July 4_-__.------------ 5,961 6,545
Cumulative production during the calendar year to July 4,
approximately 156 working clays, continues smaller than for
that part of other recent years, as indicated in the follow
ing figures:
----- ------------------------------------------- 193,219,000 net tons
---- ------------- ----------------------------- 233,694,000 net tons
--- --------------------------------------------- 261,546,000 net tons
------------------------------------ ------------ 239,305 ,000 net tons
1927------------------------------------------------- 274,955,000 net tons
Production
Statistics compiled and published by the Iron
Pig Iron
Age indicate a decline in production of pig iron
in the United States in June amounting to 17.8
per cent under the May level, and 44.2 per cent less than in
June 1930. June output was the lowest for any month since
February
1922. There was a loss of 14 in the number of fur
R E V IE W
T
n a c e s a c t iv e , b e t w e e n J u n e 1 a n d J u l y 1, a n d a d e c r e a s e o f
69 c o m p a r e d w it h t h e n u m b e r a c t i v e o n J u ly 1 a y e a r a g o .
A v e r a g e d a ily o u t p u t in t h e U n it e d S t a t e s d e c lin e d 15.1 p e r
c en t fro m M a y to J u n e , a n d e x c e p t fo r la s t D ecem b er, w a s
s m a lle r t h a n f o r a n y o t h e r m o n t h s in c e J a n u a r y 1922.
P r o d u c tio n o f p i g ir o n in A la b a m a d e c lin e d 7.5 p e r c e n t
f r o m M a y t o J u n e , a n d w a s 19.5 p e r c e n t s m a lle r t h a n in
J u n e l a s t y e a r . F r o m t h e lo w p o in t in D e c e m b e r , h o w e v e r ,
A la b a m a o u tp u t in c r e a s e d e a c h m o n t h t h r o u g h M a y , a n d in
J u n e w a s s t i l l 32.9 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 . D a ily
a v e r a g e p r o d u c tio n i n A la b a m a d e c lin e d 4.4 p e r c e n t f r o m
M a y t o J u n e , a n d a lt h o u g h s m a lle r t h a n in M a y o r A p r il,
t h e J u n e d a ily a v e r a g e w a s l a r g e r t h a n f o r o t h e r m o n t h s
s in c e A u g u s t l a s t y e a r . T h e r e w a s a l o s s o f o n e in t h e
n u m b e r o f a c t iv e f u r n a c e s in J u n e , a n d a d e c r e a s e o f t w o
c o m p a r e d w i t h t h e n u m b e r a c t iv e 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 t h a t n o im p r o v e m e n t h a s t a k e n p la c e in m a r k e t
c o n d itio n s , e v e n w it h t h e a r r iv a l o f t h e t h ir d q u a r te r . E v e n
t h e la r g e r u s e r s a r e r e p o r t e d t o b e b u y in g c lo s e ly . T h e r e
w a s a c o n s id e r a b le c a r r y - o v e r o f c o n t r a c t t o n n a g e , s o m e o f
w h ic h h a d b e e n o n t h e b o o k s s in c e t h e t h ir d a n d f o u r t h
q u a r te r s o f l a s t y e a r . M a y p r o d u c tio n w a s l a r g e r t h a n s h ip
m e n ts , a n d y a r d s t o c k s in c r e a s e d s o m e w h a t . Q u o ta t io n s r e
m a in a t $12 t o $13 p e r to n .
C u m u la tiv e p r o d u c tio n f o r t h e f ir s t h a l f o f 1930 f o r t h e
U n it e d S t a t e s t o t a le d 11,105,373 t o n s , a d e c lin e o f 39.2 p e r
c e n t c o m p a r e d w it h t h a t p e r io d o f 1930, a n d A la b a m a o u t
p u t d u r in g t h i s p e r io d t o t a le d 1,036,108 t o n s , s m a lle r b y 24.6
p e r c e n t t h a n d u r in g t h a t p e r io d o f 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 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.
June 1931 May 1931 June 1930
United States________________
Productions, tons___ _________
Average per day, tons_________
♦Active furnaces, number-----------Production, tons.__. . . . . . . . . ____
Average per day, tons_________
♦Active furnaces, number-----------♦-First of following month.
1,638,6271,994,082 2,934,129
54,621
64,325
97,804
91
105
160
178,996
193,445
222,330
5,967
6,240
7,411
12
13
14
N aval
sto res
T h e r e w a s a s u b s t a n t ia l s e a s o n a l in c r e a s e in r e
c e ip t s o f b o t h t u r p e n t in e a n d r o s in a t t h e t h r e e p r in
c ip a l m a r k e t s o f t h e d is t r ic t in J u n e o v e r p r e c e d in g
m o n t h s , a n d J u n e r e c e ip t s w e r e a ls o g r e a t e r t h a n in t h a t
m o n th l a s t y e a r , w h e n a d v e r s e w e a t h e r c o n d itio n s c a u s e d
a s m a ll d e c lin e f r o m M a y , c o n t r a r y t o t h e u s u a l t r e n d . J u n e
r e c e ip t s o f t u r p e n t in e w e r e 12.1 p e r c e n t , a n d o f r o s in 10.4
p e r c e n t g r e a t e r t h a n in J u n e 1930. S t o c k s o f b o t h c o m m o
d it ie s in c r e a s e d f u r t h e r in J u n e , a n d a t t h e c lo s e o f t h e
m o n th w e r e m o r e t h a n t w ic e a s l a r g e a s a y e a r a g o . P r e s s
r e p o r t s in d ic a t e t h a t r e c e ip t s , a n d c o n s e q u e n t ly s t o c k s a ls o ,
a t J a c k s o n v ille a n d a t S a v a n n a h a r e in c r e a s e d b y t h e s h ip
m e n t t o t h o s e p o r t s o f c o n s id e r a b le q u a n t it ie s o f n a v a l s t o r e s
w h ic h p r e v io u s ly h a d g o n e t o B r u n s w ic k , a n d w e r e n o t i n
c lu d e d in t h e s e s t a t i s t i c s . T h e in c r e a s e in s t o c k s i s p a r t ly
d u e t o a f a l l i n g o f f in e x p o r t s . T h e N a v a l S t o r e s R e v ie w
f o r J u l y 11, h o w e v e r , r e p o r t s t h a t w h ile t h e r e w a s l i t t l e
a c t iv i t y o n t h e o f fic ia l e x c h a n g e s , s a le s o f b o th t u r p e n t in e
a n d r o s in o ff t h e e x c h a n g e s d u r in g t h a t w e e k w e r e h e a v ie r
th a n in o t h e r r e c e n t w e e k s , t h e d e m a n d s e e m in g ly h a v in g
a p p e a r e d f r o m a ll s e c t io n s o f t h e c o u n tr y a n d in f o r e i g n
c o n s u m in g c o u n tr ie s . P r ic e s in v o lv e d in t h e s e t r a n s a c t io n s
a r e r e p o r t e d t o h a v e b e e n s o m e w h a t l o w e r t h a n t h o s e q u o te d
d u r in g r e c e n t w e e k s o n t h e o f f ic ia l e x c h a n g e s . C o m p a r is o n s
o f r e c e ip t s a n d s t o c k s f o r t h e m o n t h a r e s h o w n in t h e t a b le .
Receipts—Turpentine (1):
Savannah___________ _____
Jacksonville___ ____________
Pensacola_________________
Total__________________
Receipts—Rosin (2):
Savannah_________________
Jacksonville___ _____________
Pensacola_____ ______ ___ _
Total__________________
Stocks—Turpentine (1):
Savannah_________________
Jacksonville. ___ _________
Pensacola__________ _____
Total__________________
Stocks—Rosin (2):
Savannah_________________
Jacksonville_______________
Pensacola__________ ______
Total____ _____________
(1) Barrels of 50 gallons.
(2) Barrels of 500 pounds.
June 1931 May 1931 June 1930
26,573
17,779
24,342
19,847
14,726
16,404
5,925_____ 4,521_____5,965
52,345
37,026
46,711
90,260
57,016
78,561
64,420
50,288
52,850
18,020
13,515
18,469
165,500
120,819
149,880
39,802
24,145
9,546
39,683
23,127
13,500
22,420
18,976
19,398
101,905
66,248
42,344
220,711
178,545
109,814
167,935
131,806
70,229
47,834
41,197
16,814
436,480
351,548
196,857
8
M O N T H LY
R E V IE W
MONTHLY INDEX NUMBERS
The following index numbers, except those of wholesale prices, are computed by the Federal Reserve Bank of At
lanta monthly. The index numbers of retail and wholesale trade are based upon sales figures reported confidentially by
representative firms in the lines of trades indicated, and the other series of index numbers are based upon figures re
ported to the bank or currently available through the daily or trade press. These index numbers, except as indicated
in the foot-notes, are based upon the monthly averages, for the three year priod 1923-25 as represented by 100.
DEPARTMENT STORE TRADE 6th
DISTRICT
Atlanta___________ _________ ______
Birmingham_______________________
Chattanooga_______________________
Nashville______ ___________________
New Orleans-------------------------------- Other Cities_______________________
DISTRICT............... .......... .........................-
April
1931
May
1931
June
1931
April
1930
May
1930
June
1930
176.7
86.7
72.8
97.0
77.9
84.7
97.6
157.6
92.5
74.0
107.7
78.3
83.0
96.7
134.7
78.5
77.4
87.2
70.9
70.6
84.6
175.8
94.8
81.8
110.1
91.3
98.0
104.0
152.3
102.8
81.3
113.3
89.7
97.3
101.0
130.2
82.5
81.3
92.6
71.9
76.1
83.0
WHOLESALE TRADE 6th DISTRICT
Groceries______ __ ___ _____________
Dry Goods---- . -----------------------------Hardware________________ ________
Furniture______ ___________ ______
Electrical Supplies_________________ Shoes____________________________
Stationery_________________________
Drugs-____________________________
TOTAL__________________________
65.7
53.2
59.0
60.1
72.1
59.4
55.7
87.3
63.0
59.8
48.3
55.5
59.2
66.4
54.4
52.0
85.0
58.5
58.0
39.7
53.7
48.9
74.0
48.3
48.3
80.4
55.7
82.3
68.9
73.7
77.7
82.3
76.3
56.3
101.5
78.0
77.4
60.3
73.9
66.4
89.3
64.0
52.9
98.1
74.6
68.9
43.2
62.7
53.7
80.4
49.1
49.4
91.7
64.0
LIFE INSURANCE SALES 6th DISTRICT
Alabama__________________________
Florida___________________________
Georgia__________________________
Louisiana_________________________
Mississippi________________________
Tennessee________ __________ _____
TOTAL______ -----________________
85.6
108.3
104.0
109.0
72.6
93.4
97.1
89.1
98.7
118.8
107.1
75'. 1
85.3
97.6
81.6
113.7
112.5
98.0
77.0
81.7
95.1
104.7
103.4
116.0
138.6
110.0
129.5
122.5
114.6
128.7
120.9
133.7
109.1
132.8
124.7
95.7
125.3
110.1
109.4
100.3
119.4
111.3
BUILDING PERMITS 6th DISTRICT
Atlanta--- -------------- --------------------Birmingham.-_____ ________________
Jacksonville_______________________
Nashville_________________________
New Orleans---------------------------- -----(15) Other Cities____________________
DISTRICT (20 Cities)______-________
15.8
25.7
28.8
81.2
207.7
19.8
45.8
23.7
20.5
14.6
20.0
15.3
22.7
21.0
14.8
8.8
6.7
48.4
18.2
15.7
16.1
56.6
21.9
31.0
75.9
22.0
32.5
35.6
29.8
23.3
18.9
261.6
18.6
27.1
38.6
28.1
49.8
41.2
21.9
46.5
36.7
24.5
70.5
52.1
51.1
69.2
62.0
34.9
156.8
108.0
37.3
31.9
15.7
39.7
17.6
24.5
26.6
32.0
105.3
76.0
73.3
70.1
75.6
74.2
87.3
67.6
61.6
88.7
80.9
80.1
90.8
63.9
71.3
67.1
72.9
73.2
87.3
66.3
60.9
87.8
78.4
79.1
89.2
62.8
70.0
65.4
72.4
71.9
87.8
65.4
58.1
87.4
77.5
77.9
88.6
61.8
90.7
95.8
94.6
88.3
102.7
85.5
77.9
98.8
94.7
91.0
96.2
78.5
89.1
93.0
92.0
87.5
102.6
84.6
78.0
96.8
92.9
89.9
96.2
77.5
86.8
88.9
90.5
85.7
102.4
82.2
76.4
95.4
90.0
88.9
96.2
74.5
100.1
111.8
116.7
143.6
126.4
74.4
63.8
91.6
103.7
103.5
134.3
X
65.2
54.6
89.6
102.4
102.5
136.3
x
61.3
41.6
104.7
118.2
123.3
148.6
147.4
75.1
56.9
93.2
106.1
118.2
135.7
136.5
65.0
34.0
79.7
91.6
102.3
122.5
130.2
53.6
30.1
67.6
80.3
66.7
83.3
54.9
77.1
106.5
100.7
108.2
100.9
98.2
95.7
81.6
75.8
72.9
91.2
85.0
83.1
CONTRACTS AWARDED 6th DISTRICT
Residential. __ _ __ _ _ _ _______ ___
All Other------ -------------------- ----------TOTAL-........ -_____ _____________
WHOLESALE PRICES U. S. (*)
ALL COMMODITIES_______________
Farm Products------------- ■-*---------------Foods____________________________
Other Commodities__________________
Hides and leather products__________
Textile products---------------------------Fuel and lighting---------------------- ----Metals and metal products______ ____
Building materials_________________
Chemicals and drugs----------------------Housefumishing goods............................
Miscellaneous - .-------- -------------------COTTON CONSUMED:
United States_____________________ Cotton-Growing States.. --------- ---------Georgia---- -------------------------A la b a m a ._____________________
Tennessee_______________________
All Other States____________________
Exports_________________ _______
PIG IRON PRODUCTION:
United States______________________
Alabama_____________________ ____
UNFILLED PRDERS—U. S. STEEL
CORPORATION...-.......... ...................
(*) Complied by the Bureau of Labor Statistics. Base 1926-100.
@FedFRASER