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M O N T H L Y R E V I E W O f F inancial, A g ricu ltu ra l, Trade a n d In d u stria l C o n d itio n s in th e S ix th Fedral Reserve D istric t 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 (C om piled M arch 18. 1930.) VOL. 15, No. 3 ATLANTA, GA., March 31, 1930. This review released for publication _______________ _______________________________________ ____________ ____________ in bunday papers of March 30. NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by the Federal Reserve Board Industrial production increased in February, while the number of workers employed in factories was about the same as in January. Wholesale commodity prices continued to decline. Credit extended by member banks was further reduced in February, but increased in the first two weeks of March. Money rates continued to decline. Production In February industrial production increased about 2 per cent according to the Board’s index, which is^ ad justed to allow for seasonal variations. This increase reflected chiefly a substantial gain in the output of iron and steel. Automobile produc tion was in larger volume than during January, but was 30 per cent smaller than the large output of a year ago. Cotton and wool con sumption by mills was substantially lower in February, and produc tion of bituminous coal and copper also decreased. In the first two weeks of March the output of steel mills declined in comparison with February, contrary to the usual seasonal movement. Bituminous coal output also was smaller. The volume of building contracts awarded in Februaiy was about the same as in the preceding month. Residential building continued at an exceptionally low level while contracts for public works and utilities were large in comparison with the corresponding month in other recent years. Awards in the first two weeks of March were larger than in the first half of February. Employment The volume of factory employment, which had reached a low point in January, showed little change in Feb ruary, when an increase usually occurs. Factory payrolls increased during the month, but by a smaller amount than is usual at this season. In the steel, automobile, agricultural implement, and tobacco indus tries employment increased during the four-week period, while fur ther decreases oc&urred in the cotton and wool textile, lumber, auto mobile tire, electrical machinery, and machine tool industries. Distribution Freight car loadings on an average daily basis were slightly larger than in January, but smaller than in the corresponding month of any other recent year. Slight seasonal Indexnumbers of production of manufacturers and minerals combined adjusted for seasonal variations (1923-25 average—100.) Latest figures February 105. increase was reported during early March. Department store sales in February continued to be below the level of a year ago. Prices Wholesale prices of commodities declined further during February, and the Bureau of Labor Statistics' Index at 92.1 per cent of the 1926 average was at the lowest point since January 1922. Marked declines occurred during the month in the prices of many agricultural products, grains, hides, raw wool and cotton, in certain imported raw materials, notably sugar and silk, and also in textiles petroleum, and pig iron. During the first part of March, a number of these commodities declined still further in price. Wheat and cotton prices were considerably lower and silver reached the lowest point on record. By the middle of the month, however, prices of cotton hides, and silver had recovered somewhat. , Bank Credit Liquidation of credit at member banks continued throughout February and on February 26 total loans and investments of member banks in leading cities were in about the same volume as in the early summer of last year. During the following two weeks, however, there was an increase of $230,000,000 in loans and investments, chiefly in loans on securities. All Other Loans, largely for commercial purposes increased slightly. From the middle of February to the middle of March the volume of reserve bank credit outstanding decreased further by $90,000,000 This decline reflected chiefly an increase in gold stock of $75,000,000, and a further decline of money in circulation, offset in part by some increase in member bank reserve balances. Member bank indebted ness at the reserve banks declined to $267,000,000, the lowest level since early in 1925; reserve bank holdings of bills declined, while those of United States securities increased. Money rates in the open market eased further and bond yields de clined rapidly to the lowest level since 1928. At the middle of March the discount rate at the Federal Reserve Bank of New York was re duced from 4 to 3J per cent, and the rate at the Cleveland, Philadel phia and San Francisco banks from 4J to 4 per cent. 2 MONTHLY REVIEW Monthly averages of daily figures for 12 Federal Reserve Banks, Latest figures are averages of first 18 days in March. SIXTH DISTRICT SUMMARY The volume of retail trade in the sixth district increased in February over January but was smaller than at the same time last year, and wholesale trade decreased for the fourth consecutive month and was at the lowest level in more than seven years. Commercial failures declined in number compared with the month before, and with the same month last year, and liabilities were also less than for January but somewhat greater than for February 1929. Building and construction activity in the district continued at a low level, contract awards in the district as a whole being 8.9 per cent less than in January and 12.7 per cent less than in February last year, and permits at 20 reporting cities showing decreases of 1.3 per cent compared with January and 51.2 per cent compared with February 1929. Con sumption of cotton in the cotton states declined in February compared with January and was less than at the same time last year. Production of cotton cloth by reporting mills in this district was smaller than during either of those periods, and output of yarn declined in February but was slightly greater than in February last year. Production of soft coal in Alabama and Tennessee averaged smaller in volume than a year ago. Output of pig iron in Alabama was somewhat smaller in total volume than in January because of the smaller number of days, but the daily average increased, and there was an increase over February 1929. Activity in the naval stores industry is at a seasonally low level. There were small declines in discounts by the Federal Reserve Bank of Atlanta between February 12 and March 12 and in its invest ments in United States securities, and holdings of bills bought in the open market also decreased. Holdings of purchased bills and of United States securities were greater than at the same time last year, but dis counts were less than half as large. Cash reserves on March 12 were the largest in nearly two years. Loans and investments of weekly re porting member banks also declined during this four week period and were smaller than a year ago, and borrowings by these banks from the Federal Reserve Bank were the smallest on March 12 in nearly two years. Savings deposits reported by 73 banks increased 1.5 per cent in February over the month before and averaged 1.3 per cent greater than at the end of February 1929. Debits to individual accounts de clined 15.8 per cent compared with January and were 8.8 per cent less than in February last year. FINANCIAL Federal Reserve A further decline in the demand for Federal ReBank Operations serve Bank credit in the sixth district is indicated in a decrease in total bills and securities held by the Federal Reserve Bank of Atlanta on March 12 to a level lower than on any previous weekly report date in about two years. The decline began the second week in November, and the downward trend has been in evidence during most of the time since then. The volume of bills discounted, after declining at the end of 1929 to the lowest point since April 1928, was somewhat greater the first week in January, but there followed further decreases to $23,457,000 on February 19. Dis counts increased the two following weeks to $26,263,000 on March 5, and declined to $24,319,000 a week later. At this time total discounts by this bank were smaller by $1,066,000 than on February 12, figures for which report date were shown in the preceding issue of this Review, and were less than half as great as at the same time a year ago. Dis counts secured by United States Government obligations on March 12 were in smaller volume than four weeks, or a year, earlier, and were less than on any other report date since June 8, 1927. All Other discounts Digitized forwere FRASER also smaller than a month earlier, and showa decrease of $14,697,000 Monthly averages of weekly figures for reporting banks in leading cities. Latest figures are averages of first two weeks in March.______________ compared with the corresponding report date of last year. These other discounts decreased from 22.5 millions on February 12 to 20.7 millions a week later, but increased to 23.6 millions on March 5, and decreased approximately 1.5 millions during the week ending March 12. Hold ings of Bills Bought in the Open Market by this bank increased from 16.4 millions on January 29 to 20 millions on February 26, but declined to 16.8 millions on March 12, at which time they were approximately 4.5 millions smaller than a year ago. Holdings of United States securi ties have fluctuated little since the beginning of the year, and on March 12 were 135.8 per cent greater than at the same time last year. Total bills and securities on March 12 show a decrease of $3,651,000 com pared with those held on February 12, a decrease of $17,931,000 com pared with the same time last year, and were less than for any report date since March 28, 1928. Total cash reserves increased $6,401,000 between February 12 and March 12, when they were $11,781,000 greater than a year ago, and greater than on any other report date since April 11, 1928. Total deposits, which do not fluctuate greatly, were somewhat smaller on March 12 than four weeks, or a year, earlier. Member Banks’ Reserve Deposits on March 12, however, amounting to $65,967,000, had been exceeded only once, on January 22, since the middle of July last year. The volume of Federal Reserve Notes in actual circulation increased slightly between February 12 and March 12, but was smaller than at the same time a year ago. Principal items in the weekly statement are shown in the table for the three comparative report dates. (000 Omitted)_ Mar. 12, 1930 Bills Discounted: $ 2,192 Secured by Govt. Obligations........ 22,127 24,319 16,779 U. S. Securities. 8,777 49,875 156,064 66,409 Total Deposits.. 132,017 78.7 Condition of Member Banks in Selected Cities Feb. 12, 1930 $ 2,884 22,501 25,385 19,350 8,791 53,526 149,663 70,735 131,327 74.1 Mar. 13. 1929 $ 14,744 36,824 51,568 12,221 3,722 67,806 144,283 67,463 137,671 70.3 Weekly reports rendered to the Federal Reserve Bank of Atlanta by 28 member banks located in Atlanta, New Orleans, Birmingham, Jacksonville, Nashville, Chattanooga, Knoxville and Savannah indicate further declines between February 12 and March 12 in total loans and investments and in borrowings, but in creases in deposits and in loans on securities. The total of loans against securities reported by these banks on March 12, was $5,815,000 greater than four weeks earlier, $6,825,000 greater than at the same time a year ago, and was also greater than on any other weekly report date on record. There was a decrease in the volume of “All Other Loans” which include those for commercial, agricultural and industrial purposes, between February 12 and March 12, of $6,459,000. These other loans on March 12 were $25,363,000 smaller in volume than at the same time last year, and were also less than on any other report date in two years. Total loans by these weekly reporting member banks on March 12 were $644,000 less than four weeks earlier, $18,538,000 smaller than at the same time a year ago, and were also less than on any other weekly report date since March 14,1928. Investment holdings of these banks increased from the low point for last year at 119 millions on De cember 4 to 125 millions on January 15, but had declined by March 12 to 121.6 millions. On that date holdings of United States Govern ment securities were slightly smaller, but holdings of other securities a little larger, than four weeks earlier, and both classes of investments show decreases compared with the corresponding report date a year ago, 8 MONTHLY REVIEW the combined total being $11,991,000 less than at that time. Total loans and investments of these banks on March 12 were smaller by $2,812,000 than on the corresponding report date of last year, and also less than on any other report date since March 14, 1928, Time de posits of these banks increased from $240,365,000 on February 12 to $243,056,000 on March 12, at which time they were at the highest level since last July, and were $12,307,000 greater than on the same report date last year. Demand deposits were only slightly larger than a month ago, and were less than a year ago. Borrowings by these banks from the Federal Reserve Bank of Atlanta declined on February 26 to the lowest level since the spring of 1928, and were much less than half the amount for the same report date of last year. Principal items in the weekly report for March 12, with comparisons, are shown in the table. (000 Omitted) Mar. 12, Feb. 12. Mar. 13, Loans: 1930 1930 1929 $158,684 $157,674 On Securities____________________ $164,499 AllO ther_________________ ______ 328,043 334,502 353,406 493,186 511,080 Total Loans__________ ____ ___ 492,542 U. S. Securities____________ ___ _____ 58,347 60,616 64,175 Other Stocks and Bonds______________ 63,290 63,189 69,453 Total Investments_____________ 121,637 123,805 133,628 Total Loans and Investments..... ..... 614,179 616,991 644,708 240,365 230,749 Time Deposits___ ___ -______________ 243,056 Demand Deposits---------------- 331,188 330,455 344,631 Due to Banks_______________________ 110,221 113,472 120,605 Due from Banks_____________________ 73,145 75,520 83,698 Borrowings from F. R. Bank___________ 11,756 13,933 30,122 Savings Deposits For the first time in nearly a year and a half, savings deposits of reporting banks in the sixth district at the end of February show an increase over the same month a year ago. Total savings deposits reported by 73 banks increased 1.5 per cent over those for January, and averaged 1.3 per cent larger than for February 1929. Decreases compared with January were reported from Jacksonville and Nashville, and compared with February last year savings at Atlanta and Jacksonville show decreases, but increases are shown for other points. Totals for Atlanta, and for cities in wnich branches of the Atlanta 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)] ComComparison parison Feb. Jan. Jan.-Feb. Feb. Jan. 1930 1930 1930 1929 ’30-’29 Atlanta (4 banks)________ $ 41,222 $ 41,209 +0.03 $ 43,244 - 4.7 Birmingham (4 banks)...... 25,023 24,222 +3.3 24,649 + 1.5 20,050 —0.5 26,228 -23.9 Jacksonville (4 banks)......- 19,949 Nashville (8 banks).......... 30,814 32,387 -4.9 25,463 +21.0 New Orleans (7 banks)...... 48,326 48,000 +0.7 46,501 + 3.9 Other Cities (46 banks)...... 105,977 101,500 +4.4 101,665 + 4.2 Total (73 banks)___ ______ 271,311 267,368 +1.5 267,750 + 1.3 Deposits of Ali Member Banks The daily average of demand deposits held by all member banks in the sixth district has increased each month since reaching the low point for last year in August, but in January was still smaller than at the same time a year ago. The average for January was 9 per cent greater than for August, but 4 per cent smaller than for January 1929. The daily average of time deposits declined from $466,233,000 in June, the high point for last year, to $427,978,000 in December but in creased to $433,737,000 in January, a decrease of 4.5 per cent com pared with January a year ago. Debits to Individual Accounts Debits to individual accounts for February, reported by banks which are members of clearing houses in 26 cities of the sixth district, averaged 15.8 per cent smaller than in January, and were 8.8 per cent less than for February of last year. Miam i and Tampa are the only cities reporting a lerger total of debits in February than in January, and only five cities, Mobile, Jacksonville, Miami, Tampa, and Jackson show increases over Feb ruary 1929. The February total is the smallest which has been recorded for any month during the period these 26 cities have been reported, which began with 1927. Figures for 15 of these cities have been re ported for a number of years, and the February total for these 15 cities is smaller than for any other month since February 1925. Monthly figures shown in the table are derived from weekly reports by prorating figures for those weeks which do not fall entirely within a single calendar month. (000 Omitted) Alabama: Feb. 1930 Jan. 1930 Feb. 1929 Birmingham------------- $ 115,679 $ 160,823 $ 127,051 Dothan................... ...... ..... 2,256 3,061 3,04[ Mobile.......... ...... ..... .......... 35,665 50,559 34,480 Montgomery------------24,923 30,018 25,287 Florida: Jacksonville...................... . 79,819 81,607 76,296 Miami..... ............. .............. 45,423 42,744 43,095 Pensacola............................ 6,349 7,208 6,814 35,730 34,221 34,411 DigitizedTampa................................. for FRASER Georgia: Albany---------------------------Atlanta---------------------------A ugusta...----- -----------------Brunswick-----------------------Columbus------------------------Elberton--------------------------Macon----------------------------Newnan----------- --------------Savannah------------------------Valdosta-------------------------Louisiana: New Orleans---------------------Mississippi: Hattiesburg----------------------Jackson---------------------------Meridian--------------------------Vicksburg..... ........-......... ......... Tennessee: Chattanooga........ ............ ....... Knoxville------------ -------------Nashville--------------------------Total 26 Cities------------------------- $ Feb. 1929. $ 3,651 209,184 24,277 3,403 14,531 1,109 20,699 1,816 35,161 4,148 Feb, 1930 Jan. 1930 $ 4,324 3,574 202,791 158,580 20,781 25,335 4,235 3,389 14,715 11,690 1,084 885 18,783 14,820 2,755 1,757 38,516 33,292 4,868 3,765 313,602 358,761 321,373 6,425 27,262 14,213 6,704 7,268 29,100 15,295 7,784 7,489 26,201 14,993 7,994 45,713 31,894 85,034 1,129,224 57,790 39,135 98,099 1,340,879 47,231 33,552 111,263 1,238,557 AGRICULTURE Weather conditions during most of February and early March this year have been more favorable for outdoor work in this district than at the same time last year. There have been interruptions in some sections because of rains, but on the whole the weather has favored plowing in preparation for the crop season. February rains in Florida proved in jurious to crops in some counties but beneficial in others. Press re ports indicate increased! acreages this year over last in beans, canta loupes and cucumbers, but a decrease of five per cent in the acreage planted to watermelons. The average of prices of middling cotton at the ten designated spot markets declined during January and February, according to the weekly reports of the United States Department of Agriculture, and the average price for these ten markets on March 7, at 13.87 cents per pound, was the lowest since the spring of 1927. This average increased to 14.45 cents per pound on March 14; at the same time last year it was 20.07 cents. Farm stocks of grain The March report of the United States Department of Agriculture indicates that stocks of grain on farms throughout the United States were smaller on March 1 this year than at that time a year ago. Figures for this district indicate that there was an increase in each of these state's in the amount of corn on farms March 1compared with a year ago; supplies of wheat were greater in Tennessee but smaller in Geor gia; stocks of oats were smaller in Tennessee and Florida but greater in other states, but decreases are shown in stocks of barley and rye. Comparative figures for these states are shown in the table. Com: Alabama............................... . Florida.......... ................. ........... Georgia____________ ______ Louisiana---------------------------M ississippi...___ ____________________ Tennessee....... ......... ................. Oats: Alabama-------------- ------------Florida....... .............................Georgia......... ................. ........... Louisiana-............_*_________ Mississippi--------- -------- ------Tennessee___ _____________ Rye: Georgia____ _____ ________ Tennessee.................. -.............. Barley: Tennessee_________________ (In thousands of bushels) 1930 1929 17,608 12,190 2,785 2,762 24,722 14,824 7,087 6,756 15, 15,885 8,648 35,328 21,600 116 5 668 60 85 496 24 13 371 22 41 606 13 14 14 26 24 25 MOVEMENT OF COTTON—UNITED STATES (Bales) August 1 to March 1 (212 days) 1930 Receipts at all U. S. Ports.................... 7,721,077 Overland across Mississippi, Ohio and Potomac Rivers to N. Mills and Canada............................................. . 919,352 Interior stocks in excess of those held at close of commercial year.........— 1,395,329 Southern Mills takings, n et............... . 3,479,000 Total for 212 days ......................................... 13,514,758 13,514,758 Foreign exports....................................... 5,435,161 5,435,161 •American Mills N. & S. and Canada. 5,129,377 Takings American cotton thus far__ 9,706,000 1929 8,483,552 1928 7,175,130 1,030,378 697,230 3,439,000 13,650,160 6,227,729 5,399,180 10,702,000 807,733 3,167,000 12,036,569 886,706 io7l86766b •Of which 1,373,951 by Northern spinners against 1,497,419 last year and 3.755,426 by Southern spinners against 3,901,761 last year. Sugar Cane and Sugar Weather conditions in the Louisiana cane belt during most of February and early. March indicate an early start of the 1930-31 cane crop, and work is going forward rapidly all over the sugar district. Planters are taking advantage of the favorable weather and are clearing the fields of abandoned cane and in cultivating operations. A drop in temperature early in March below the freezing point resulted in little if any damage. 4 M O N T H L Y R E V IE W SUGAR MOVEMENT (Pounds) RAW SUGAR Receipts: Feb. 1930 Jan. 1930 Feb. 1929 New Orleans.....................— 79,387,573 99,705,308 187,254,844 Savannah................................ 33,174,601 11,100,842 42,480,551 Meltings: New Orleans.........................- 76,187,145 137,340,693 133,304,393 8,690,446 38,121,012 Savannah......................... —- 22,348,793 Stocks: New Orleans-......................- 125,897,539 122,788,954 176,957,410 Savannah....... .......... -........- 56,423,970 45,598,162 6,643,743 REFINEJD SUGAR (Pounds) Shipments: Feb. 1930 Jan. 1930 Feb. 1929 New Orleans........................... 73,986,113 110,675,236 108,695,409 Savannah............- ......... —- 22,124,119 24,227,549 34,167,280 Stocks: New Orleans........................... 67,008,093 67,572,865 72,874,699 Savannah.......... ......... ........... 6,343,459 6,344,469 10,102,866 RICE MOVEMENT-NEW ORLEANS Rough Rice (Sacks): Feb. 1930 Jan. 1930Feb. 1929 Receipts....................................................... 38,878 12,449 42,027 Shipments______________________ 35,248 8,363 35,766 Stocks______ ________ ____ _____ 25,379 21,749 22,484 Clean Rice (Pockets): Receipts________________________ 130,980 77,760 109,804 Shipments______________________ 81,050 88,638 122,455 89,345 160,625 Stocks_________________________ 139,275 RICE MILLERS* ASSOCIATION STATISTICS (Barrels) Aug. 1 to Receipts of Rough Rice: February Feb. 28 Season 1929-30____ ___________ _______-— 961,209 8,346,316 Season 1928-29________________ ________ 591,678 7,746,009 Distribution of Milled Rice: Season 1929-30.......................... -...................... ........ 1,005,421 6,960,023 Season 1928-29-____ ____ ________ _____ 816,370 6,490,215 Stocks of Rough and Milled Rice: March 1. 1930-................................................. ......... 2,360,083 March 1, 1929____ ____-...................... -.............. 2,354,518 TRADE Distribution of merchandise through reporting department stores in the sixth district in February was in larger volume than in January, and was smaller than a year ago. Stocks of merchandise on hand at the end of the month increased over those a Retail Trade month ago, but were smaller than a year ago. The rate of stock turn over, which is the ratio of sales to average stocks, was greater in Feb ruary this year than last, but because of a less favorable comparison in January the rate for the first two months of the year averaged the same as for that period in 1929. Department store sales in February reported to the Federal Reserve Bank by 42 firms located in twenty-two cities of the district increased 9.3 per cent over January, but averaged 4 per cent smaller than in Feb ruary 1929. There was an increase of 3.8 per cent over February last year reported from Chattanooga, but decreases were shown for other reporting points ranging from 1.2 per cent at Atlanta to 9.2 per cent at Birmingham. Sales increased in February over January at all points except Chattanooga, where they declined 7.5 per cent. Stocks of mer chandise on hand at the end of February increased over those a month earlier at each of the cities shown in the statement. Compared with February a year ago, stocks were larger at Birmingham and slightly larger at Nashville, but smaller at other points, averaging a decrease of 8.1 per cent for the district. The rate of stock turnover for the district in February this year was 20 per cent, and in February last year 18 per cent, while in January this year it was 18 per cent compared with 20 per cent in January 1929, so that for the first two months of both years the rate was 38 per cent. Accounts receivable at the end of February averaged 4.5 per cent smaller than a month earlier, but showed an in crease of 0.8 per cent over February of last year. Collections’in Jan uary increased 18 per cent over those in December because of holiday purchases, and in February there was a decrease of 19.5 per cent com pared with January, and a decrease of 3.2 per cent compared with February last year. The ratio of collections during February to accounts receivable and due at the beginning of the month for 32 firms was 30.5 per cent; for January this ratio was 32.6 per cent, and for February last year it was 31.3 per cent. For February the ratio of collections against regular accounts for 32 firms was 32.6 per cent, and the ratio of collections against installment accounts for 9 firms was 15.6 per cent. Detailed comparisons of reported figures are shown in the accompanying table for each city from which three or more firms reported, and reports from firms located elsewhere are grouped under “Other Cities.” RETAIL TRADE IN THE SIXTH DISTRICT DURING FEBRUARY 1930 BASED ON CONFIDENTIAL REPORTS FROM 42 DEPARTMENT STORES* Comparison of Net Sales Comparison of Stocks Feb. 1930 Feb. 1930 Jan. Ito Feb. 28, >. 28, 1930, Feb. 28, 1930, with with 1930, with same with with Feb. 1929 Jan. 1930 period in 1929 i. 28, 1929 Jan. 31,1930 -1 .2 + 1.6 - 3.9 — 9.9 Atlanta (5)........... + 6.6 -9 .2 +22.2 -12.4 Birmingham (4).. + 5.0 +13.8 +3.8 - 7.5 - 1.8 - 4.6 Chattanooga (6). + 6.8 + 6.3 —3.0 Nashville (4)........ + 0.5 + 0.1 + 8.3 —3.8 +13.6 —13.1 —11.5 New Orleans (4).. +10.4 +12.4 —6.2 —10.9 —13.4 Other Cities (19). + 4.7 + 9.3 - 4 .0 — 8.6 DISTRICT (42)— 8.1 + 8.7 Note: The rate of stock turnover is the ratio of sales during given period to average stocks on hand. Wholesale Trade Merchandise distribution at wholesale in the sixth district declined further during February, and continued in smaller volume than at the same time last year. Aggre gate sales of all reporting wholesale firms have declined each month since reaching the peak in October last, and the index number for Feb ruary is lower than for any other month since July 1922. Seasonal in creases over the preceding month were shown in sales by firms dealing in dry goods, furniture and shoes, and there was an increase of 7.1 per cent in sales of drugs over the corresponding month last year. Decreases were also reported in combined stocks, accounts receivable and collec tions. Compared with February last year stocks and accounts receiv able increased, but collections declined. Percentage comparisons of reported figures are shown in detail in the table, and index numbers appear on the last page of this Review. WHOLESALE TRADE IN FEBRUARY 1930 SIXTH FEDERAL RESERVE DISTRICT(a) Percentage change February 1930 compared with: Feb. 1929 No. of firms Jan. 1930 Line, item and area All Lines: — 6.1 - 3.7 . 119 Sales..................... 27 — 0.7 + 3.3 52 - 1.5 + 3.3 55 — 6.8 — 3.0 Collections.......... Groceries: - 5.1 — 3.4 . 28 Sales............. ........ — 9.8 3 +11.2 Atlanta.......... 4 — 7.7 -14.0 Jacksonville5 —13.1 -13.1 New Orleans . +29.2 +17.5 3 Vicksburg---— 5.9 + 1.5 13 Other Oities5 + 2.9 -11.3 Stocks on hand11 — 2.7 + 0.1 . 11 - 2.3 - 1.4 Dry Goods: Sales................ — Atlanta.......... Nashville....... New Orleans. Other CitiesStocks on handHardware: Sales................ . Atlanta.......... Nashville....... New OrleansOther Cities.. Stocks on handFumiture: Sales........................ . Atlanta----------Other Cities______ Stocks on hand........ Accounts receivableCollections................. Electrical Supplies: Sales............................ New Orleans___ Other Cities----Stocks on hand___ Accounts receivableCollections................. Drugs: Sales............. ............. Accounts receivableCollections................. Shoes: Sales......................... . Stationery; Sales........... Rate of Stock Turnover Feb. 1929 .26 .19 .15 .21 .15 .18 .18 24 3 3 3 15 8 11 13 29 3 4 5 17 8 15 16 12 5 7 3 7 6 11 4 7 3 4 5 8 4 4 3 4 Feb. 1930 .26 .19 .16 .20 .17 .18 .20 Jan. Ito Feb. 28 1929 1930 .53 .57 .37 .35 .34 .34 -41 .38 .34 .32 .34 .33 .38 .38 + 6.0 + 9.8 +30.7 +20.2 - 5.8 — 3.0 - 2.3 —16.8 —14.2 —26.6 - 3.5 —10.2 —16.6 + 0.7 — 2.1 - 9.4 +10.4 + 6.7 +11.3 + 1.0 + 7.6 — 4.9 - 4.7 —11.1 — 0.6 —12.6 — 5.3 — 4.4 —11.1 - 1.8 - 0.7 +61.4 -14.8 l119 firms. — 8.3 +12.3 + 6.6 —23.3 —11.6 — 9.3 - 4.0 - 8.2 - 3.3 — 7.6 + 0.5 - 8.6 + 1.4 +16.9 - 1.9 — 2.8 — 7.9 —18.9 - 5.0 - 2.3 +12.8 -24.3 — 0.4 -11.9 + 7.8 + 3.3 +26.5 +17.5 + 7.1 +23.4 —10.8 —12.0 —17.2 5 M O N T H L Y R E V IE W Commercial Failures According to statistics compiled by R. G. Dun & Company, commercial failures in the United States during February declined in number, and in total liabilities, compared with January, but were larger, both in number and in liabilities, than in February a year ago. Failures in the United States during February numbered 2,262, compared with 2,759 in January, and with 1,965 in February 1929. Liabilities for February amounted to $51,326,325, a decrease of 16.1 per cent compared with the total of $61,185,171 for January, but an increase of 50.8 per cent over the total of $34,035,772 for February last year. Failures in the sixth district during February numbered 93, compared with 124 in January, and with 107 in February a year ago, and liabilities for February totaled $1,843,900, a decrease of 28.7 per cent compared with the total of $2,587,275 for January, but 7.8 per cent greater than the total of $1,710,530 for February 1929. Imports and Exports at New Orleans Merchandise imported through the port of New Orleans during December, the latest month for which detailed figures are available, amounted to $12,698,342, an increase of 10.8 per cent over the total of $11,461,169 for November, but 25.3 per cent smaller than the total of $16,993,867 for December a year ago. Some of the principal com modities imported during December include: Volume Value $5,286,628 Coffee, lbs______________________________ 33,363,277 Cocoanut oil, lbs_________________________ 15,615,108 1,077,770 Molasses and sugar syrup, (Gals.)___________ 15,193,204 919,429 Bananas, bunches------ ----- ------------------------ 1,535,777 819,589 Sisal, tons______________________________ 3,937 549,326 Burlap, lbs_____________________________ 3,509,097 379,088 The value of merchandise exported during December through the port of New Orleans was $40,777,277, an increase of 18.6 per cent over the total of $34,380,175 for November, but a decrease of 1.5 per cent compared with the total of $41,399,149 for December 1928. Some of the larger items of export during December were: Volume Value ________ 143,922 $14,052,126 Short staple cotton, bales_____ ________ 30,318 Long staple cotton, bales--------3,532,240 Gasoline, barrels-----------------________ 1,549,719 6,549,783 ________ 505,831 1,578,782 Illuminating oil, barrels______ ________ 358,215 Gas and fuel oil, barrels______ 386,036 Cylinder lubricating oil, barrels________ 40,848 446,169 ________ 187,632 Wheat four, barrels__ ___ ____ 1,112,042 ________ 8,690,765 Lard, lbs. 1,036,135 Tobacco, lbs____________________________ 4,744,684 733,577 Grain Exports at New Orleans Total exports of grain through the port of New Orleans in February, and for the season to date, have continued substantially below figures for corresponding periods a year ago. The total movement in February shows a decrease of 87.6 per cent compared with February 1929, and for the season beginning July 1 through February, the export movement shows a decline of 57.6 per cent compared with the corresponding part of the preceding season. For the season, increases are shown in the outward movement of wheat, and oats, but substantial declines in corn, barley and rye. In the table are shown figures for the month, and for the season to date, compared with corresponding periods a year ago. July 1 to February 28 Feb. 1930 Feb. 1929 1929-30 1928-29 Wheat, bu__________ 217,150 168,159 6,917,166 4,913,659 Corn, bu___________ 24,698 1,920,362 426,903 9,539,194 Oats, bu____________ 66,046 69,993 478,301 390,717 Barley, bu__________ ____ 345,000 3,336 3,411,119 Rye, bu____________ 1,572 .............. 26,393 256,031 Total, bu________ 309,466 2,503,514 7,852,099 18,510,720 INDUSTRY Building activity in the sixth district continued at a rela tively low level, according to building permit statistics reported to this bank and statistics of contracts awarded in the dis trict compiled by the F. W. Dodge Corporation. Permits issued at twenty reporting cities of the district in February decreased 1.3 per cent compared with the January total, and a decrease of a little more than one-half compared with the corresponding month a year ago. Increases over February 1929 were reported from Mobile, Miami, Orlando, Macon and Chattanooga, and from Lakeland, but decreases, most of them of substantial proportions, were reported from other cities as shown in the table following. Contracts awards in the $ixth district as a whole during February amounted to $19,526,450, a decrease of 8.9 per cent compared with the total of $21,432,576 (revised) for January, and 12.7 per cent smaller than the total of $22,363,206 for February 1929. Figures for the dif ferent states in the district show decreases in Alabama and Mississippi, but increases in other states, as follows: Building Percentage Feb. 1929 Comparison $7,361,400 — 76.4 Alabama............................ ............. Florida..................................... ...... 2,308,400 + 3.8 Georgia____ _____ _________ 3,008,300 +120.3 + 1.6 6,186,600 Louisiana..............................-......... - 34.4 Mississippi........................................ 1,929,100 + 15.6 Tennessee (6th district)................. 3,023,500 These Dodge statistics also contain figures for ten cities located in the sixth district, and large decreases are shown for eight of them, increases over February last year being shown for only Atlanta, where contracts were about two and one-half times greater than in February 1929, and for Miami where they were a little more than double those in Feb ruary last year. Feb. 1930 $1,740,600 2,395,600 6,626,300 6,285,000 1,266,000 3,496,200 For the 37 states east of the Rocky Mountains, February contract awards totaled $317,053,000, a decrease of 2 per cent compared with the total for January, and 12 per cent smaller than for February last year. For the first two months of 1930 contract awards have averaged 17 per cent less than for the corresponding period a year ago. In February $85,824,900, or 27 per cent of the total, was for public works and utili ties, $74,763,200 or 24 per cent was for residential building, $72,903,200 or 23 per cent for commercial building, and $33,499,300 or 10 per cent was for industrial building. Daily average of contracts for the first week of March declined slightly compared with February, and was approxi mately one-third smaller than in March last year. In the table are shown building permit statistics of reporting cities in the sixth district, and index numbers appear on the last page of this Review. Percentage February 1930 February 1929 change Number Value Number Value in value 34 $ 117,486 — 44.7 27 $ 65,000 373 315,196 335 660,056 — 52.2 73 107,250 67 55,415 + 93.5 140 92,309 154 143,255 - 35.6 Alabama: Anniston.................. Birmingham-------Mobile...................... Montgomery - .......... Florida: 320 212,366 Jacksonville---......... Miami............ ........... 314 182,250 41 29,085 Orlando..... ............ 92 35,745 Pensacola.......... ...... 172 48,315 Tampa...................... 8 8,550 ♦Lakeland—.......— 25 ♦Miami Beach____ 146,450 Georgia: 286 694,723 Atlanta..................... 86 58,976 Augusta________ 14,890 Columbus_______ 29 205 38,700 Macon____ _____ 12 Savannah----------19,010 Louisiana: New Orleans_____ 92 186,428 Alexandria---------66 46,055 Tennessee: 287,010 . 294 Chattanooga------Johnson City____ 9 18,650 66 214,288 Knoxville................ . Nashville________ 225 686,322 Total 20 Cities---------2,922 3,352,568 29.8 Index No............... .............. *Not included in totals or index numbers. 329 169 42 135 207 3 30 416,990 105,554 8,150 236,916 104,490 1,300 227,384 — 49.1 + 72.7 +256.9 — 84.9 - 53.8 +557.7 — 35.6 219 122 39 68 18 880,137 113,245 46,260 31,752 43,160 - 21.1 — 47.9 — 67.8 + 21.9 — 56.0 143 42 2,341,498 50,265 — 92.0 — 8.4 232 34 125 100 2,614 263,735 116,750 370,284 770,790 6,876,188 61.1 + 8.8 — 84.0 - 42.1 - 11.0 - 51.2 Lumber Weekly statements of the Southern Pine Association and reports in the trade press indicate that there has been some improvement in the volume of orders received by reporting lumber mills during February, and an increase in production, in anticipation of increased activity in the spring. During the three weeks ending March 1 orders of reporting mills were greater than their production or shipments, but during the week ending March 8 production exceeded orders, and shipments were smaller than either orders or output. Comparisons with a year ago indicate that for the week ending February 15 orders show an increase over that week last year, for the weeks ending February 22 and March 1, orders and shipments show an increase over the same weeks last year, but production and unfilled orders have been smaller for each of these recent weeks than for corresponding periods of 1929. Press reports continue to indicate a disposition on the part of retail merchants to buy only minimum requirements until there is more definite indication of the needs of their communities for the season. The outlook for export trade is reported good and prices are fair. In the table are shown figures for recent weeks compiled by the Southern Pine Association and based upon reports from subscribing members. Number(In thousands of feet) Unfilled Week Ending: of Mills OrdersShipments Production Orders February 8, 1930.......... 143 52,374 50,589 59,685 201,264 Februray 15, 1930___ 146 66,465 57,351 62,754 217,203 Feb. 22, 1930............. 146 65,688 61,866 63,375 216,195 March 1, 1930______ 134 62,937 61,908 59,521 203,154 March 8, 1930______ 150 61,026 59,136 65,289 220,563 March 8. 1929............... 148 77,847 66,487 66~186 280,844 6 M O N T H L Y R E V IE W Consumption of Cotton According to statistics compiled by the United States Census Bureau the consumption of cotton by mills in the United States during February declined in com parison with the month before, and there were also decreases shown in exports, in stocks, and in the number of spindles active. Compari son with February of last year shows decreases in consumption, exports and active spindles, but increases in supplies. Totals for the country as a whole show that February consumption of cotton was 14.2 per cent less than in January, and 16.7 per cent smaller than in February 1929. Consumption in the cotton-growing states declined 15.4 per cent compared with January, while in other states the decrease was only 10 per cent. Compared with February last year, however, there was a decrease of 15.4 per cent in the cottongrowing states, and a decrease of 21 per cent in other states. Stocks of cotton held by consuming establishments averaged 1.0 per cent smaller than for January, a decrease of 2.2 per cent being shown for the cotton states and an increase of 3.0 per cent for other states. Compared with February 1929, stocks in consuming establishments averaged 3.9 per cent greater, an increase of 7.8 per cent for the cotton states more than offsetting a decline of 6.7 per cent in other states. Stocks in public storage and at compresses averaged 10.1 per cent smaller than for January, because of a decrease of 10.6 per cent shown in the cotton states, an increase of 0.5 per cent being shown for other states. Compared with January a year ago stocks in public storage and at compresses were 26.5 per cent greater in the cotton states, and 13.3 per cent in other states, and averaged 25.8 per cent greater for the country as a whole. Exports from the United States in February de clined seasonally compared with preceding months, and were 34.5 per cent less than in February of last year. The number of spindles active during February shows a decrease of 271,554 compared with January, and a decline of 2,082,214 compared with February 1929. In the cotton states there was a decrease of 139,604, and in other states a decline of 131,950, compared with Jan uary; compared with February last year, there was a decrease of 202,200 in the cotton states, and a decline of 1,880,014 in other states. For the seven months of the present cotton season, August 1 through February, consumption of cotton by American mills has amounted to 3,815,041 bales, showing a decrease of 5.6 per cent compared with con sumption during the same part of the previous season; during this period consumption in the cotton states has amounted to 2,956,190 bales, a decrease of 4.3 per cent compared with the preceding season, and con sumption in other states has totaled 952,472 bales, a decrease of 9.8 per cent compared with the same period a year ago. February figures, with comparisons, are shown in tabular form for convenience of com parison. UNITED STATES (Bales) Jan. 1930 Feb. 1929 Ootton Consumed: Feb. 1930 577,235 594,720 495,204 Lint______ ______ -......... ...... 62,393 68,208 Linters__________________ 60,923 Stocks in Consuming Establishments: 1,830,096 1,744,229 L in t-..-....................................... 1,811,639 196,301 222,645 Linters________ _________ 223,170 Stocks in Public Storage and at Compresses: 5,406,771 3,862,223 Lint.............................................- 4,858,609 94,350 84,947 Linters......................................... 105,459 613,394 728,737 Exports.................................... ........... 42?’97i 51,474 39,625 Imports................... -........-................ 23,643 29,198,134 31,008,794 Active Spindles (Number)............. - 28,926,580 ‘ES Jan. 1930 Feb. 1929 Feb. 1930 451,519 451,562 Cotton Consumed............................ 382,099 1,402,705 1,272,486 Stocks in Consuming Estab.......... 1,371,296 5,170,609 3,652,693 Stocks in Pub. Stor. and at Comp. 4,621,179 18,008,392 18,070,988 Active Spindles (Number)............... 17,868,788 OTHER STATES Jan. 11D30 Feb. 1929 Feb. 1930 143,158 125,716 Cotton Consumed............................ 113,105 Stocks in Consuming Establish427,391 471,743 ments.......................................... 440,343 Stocks in Public Storage and at 236,162 209,530 Compresses..................................... „ 237,430 11,189,742 12,937,806 Active Spindles (Number)---------- 11,057,792 Cotton Cloth Production and other statistics for February were reported to the Federal Reserve Bank of Atlanta by cotton mills in the sixth district which manufactured during February approximately 21 million yards of cotton cloth. This output was 5.5 per cent smaller than the production of these mills during January, and 15 per cent less than their output in February a year ago. Ship ments during February also declined in comparison with both of those periods. Orders booked during the month show an increase of 27.4 per cent over January, but a decrease of 13.5 per cent compared with February 1929, and unfilled orders show decreases in both of these in stances. Stocks on hand were about the same as a month earlier, and 25.6 per cent greater than a year ago, but the number of workers on February payrolls was 11 per cent smaller than for January or for February last year. Percentage change in Feb. 1930 compared with: Jan. 1930 Feb. 1929 Production------------------------------ ------- --------- — 5.5 —15.0 Shipments________________ ___ ___________ — 9.1 —28.8 Orders booked------------------------------------ ------ +27.4 —13.5 —24.0 Unfilled orders--------------------------- --------------- — 5.4 Stocks on hand---- ----------------------------- ------ . + 0 . 0 +25.6 Number on payroll_______________ ___ ___ - -- —11.0 —11.0 Cotton Yarn February figures were also reported to the Federal Reserve Bank of Atlanta by mills in the sixth district which produced more than seven million pounds of yarn during Feb ruary, an output 5.7 per cent smaller than their January production, but 1.4 per cent larger than their output in February last year. Ship ments and number of workers on payrolls for February declined com pared with the month before, but orders, unfilled orders and stocks on hand increased, and all reported items show increases over February 1929 except the number of workers on payrolls, and this item showed only a fractional decrease. Percentage change in Feb. 1930 compared with: Jan. 1930 Feb. 1929 Production— .......... .......................... .......................... — 5.7 + 1 .4 Shipments______ ____ . ______ _____________ — 7.0 + 9 .5 Orders booked___ ______ ___ ______ ________ + 1 6 .1 +18.9 Unfilled orders............. .................................... ......... + 2 . 8 +31.7 Stocks on hand............................................................... + 1 . 8 +48.8 Number on payroll.......................... ............ ................. — 1.2 — 0.0 Hosiery Figures for February and January reported to the United States Census Bureau by 38 identical establishments manu facturing hosiery in the sixth district show an increase in stocks at the end of February over the month before, and decreases in other reported items, as indicated in the table: Production___ Shipments-----Stocks on hand. Orders booked— Cancellations— Unfilled orders. (Dozen Pairs) February January 695,941 825,689 639,330 671,156 1,858,134 1,782,210 631,851 653,536 121,955 21,989 691,866 721,345 Cottonseed Products Cumulative figures compiled by the United States Census Bureau covering the seven months of the present cotton season, August through February, continue greater than for the corresponding period of the preceding season in this district, although decreases are shown for the country as a whole except in stocks of linters on hand. Figures for this district indicate that cottonseed received at mills was 13 per cent greater than last season, amount crushed was 18 per cent greater, but stocks at the end of February were 9.2 per cent smaller than a year ago. Production in this district showed increases as follows: Crude oil, 14.8 per cent; cake and meal, 17 per cent; hulls, 21.6 per cent, and linters, 10.1 per cent. Stocks of linters were larger than a year ago, but* stocks of other products were smaller. COTTON SEED AND COTTON SEED PRODUCTS (1) Sixth District United States Aug. 1 to Feb. 28, Aug. 1 to Feb. 28, Cotton Seed, Tons: 1930 1929 1930 1929 4,585,365 4,857,970 Received at mills__ 1,635,236 1,447,620 Crushed------------4,228,967 1,426,480 1,208,644 4,097,292 On Hand________ 221,268 243,679 528,006 648,135 Production: Crude Oil, lbs.......... 456,882,733 398,036,930 1,269,322,103 1,322,934,705 612,812 Cake and Meal, tons 523,187 1,817,992 1,901,375 1,129,286 Hulls, tons---- ----405,561 333,337 1,139,493 843,686 890,298 Linters, bales.......... 283,980 257,914 Stocks at Mills, Feb. 28: 72,565,007 Crude Oil, lbs.......... 16,795,025 17,256,653 81,892,540 88,859 205,909 Cake and Meal, tons 60,107 257,932 31,565 22,420 96,813 Hulls, tons............... 145,443 Linters bales------73,960 57,702 269,110 217,570 (1) Georgia, Alabama, Louisiana and Mississippi. Bituminous Coal Mining According to statistics compiled by the United States Bureau of Mines there was a continuous decline in the weekly production of bituminous coal in the United States beginning the last week in January and continuing until March 1, followed by a small increase during the first week in March. Total production was smaller than during the corresponding period last year, and weekly figures for Alabama and Tennessee also average smaller than for that period a year ago. 7 M O N T H L Y R E V IE W The total output of soft coal for the country as a whole during February, with 23.9 working days, amounted to 39,555,000 net tons, as against 49,778,000 tons during the 26.4 working days in January, a decrease of 20.5 per cent. February production was 17.4 per cent smaller than in February last year, which had 24 working days. The daily average rate of production in February this year was 1,655,000 tons, smaller by 12.2 per cent than the average of 1,886,000 tons in January, and 17.1 per cent less than the daily average of 1,996,000 tons for February 1929. Weekly figures for Alabama and Tennessee, the coal producing states of this district, shown in the table, also average smaller than for corresponding periods of last year. Total production of soft coal in the United States during the present coal year to date, (April 1 through March 8) has amounted to 491,037,000 net tons, compared with an output of 482,756,000 tons during the same part of the preceding year. Weekending: February 1______ February 8______ February 15______ February 22______ March 1_________ March 8____ ____ (In thousands of tons) United States Alabama Tennessee 1930 1929 1930 1929 1930 1929 11,628 11,675 351 340 129 120 10,936 12,070 372 349 129 142 10,224 12,100 357 395 123 130 9,515 11,908 329 405 119 119 8,179 11,302 289 401 88 125 8,565 10,396 .................................- Production of Pig Iron After reaching in May of last year the highest monthly total in a number of years, production of pig iron in the United States since that time has declined, and for the last four months has been below the totals for corresponding periods a year earlier. Output in Alabama declined between March and September of last year to the lowest monthly total for several years, but increased during the last quarter of 1929, and declined somewhat during the first two months of 1930. February production of pig iron in the United States as a whole amounted to 2,838,920 tons, a slight increase over output during the two months immediately preceding, but 11.5 per cent smaller than in Feb ruary of last year, and smaller than for February of any year since 1922. The small increase over January and December was, however, due to the fact that February is a shorter month, as the daily average rate of pro duction increased 11.2 per cent over that of January. There was a net gain of seven furnaces in active operation in February, ten having been blown in and three shut down during the month. On March 1 there were 179 furnaces active compared with 172 (revised) on February 1, and with 207 active on March 1 a year ago. Statistics for Alabama indicate a decrease of 2.2 per cent in total output of pig iron during February compared with the month before, due to the shorter month, as there was an increase in the daily average output amounting to 8.3 per cent. There was a gain of one in the num ber of furnaces active on March 1 compared with the number active a month earlier. Compared with February of last year total production and the daily average increased 2.3 per cent, but the number of active furnaces shows a decrease of one. Press reports indicate that shipments during recent weeks have been about equal to production and at some furnaces yard stocks have been drawn upon, but there has been only slight interest in second quarter iron, for which books had not early in March been opened. Consumers are reported to be carrying lighter stocks than usual. The base price continues firm at $15.00, for ship ments within the Birmingham district. Production figures are shown in tabular form for convenience of com parison: United States: Feb. 1930 Production (tons)......................... - 2,838,920 Index Number.................................. 95.0 Average per day (tons)—.......... . 101,390 *Active furnaces------------ ------179 Alabama: Production (tons)----------------215,999 Index Number____ _________ 93.0 7,714 Average per day (tons)-----------*Active furnaces..............—......... _ 17 *First of following month. rRevised. Jan. 1930 2,827,464 94.6 91,209 172r 220,781 95.1 7,122 16 Feb. 1929 3,206,185 107.3 114,507 207 211,061 90.9 7,538 18 Unfilled Orders of U. S. Steel Corporation Press reports indicate that unfilled orders of the United States Steel Corporation in February showed a gain for the sixth month in succession. The February increase amounted to only 11,038 tons, and at the end of the month the total was 4,479,748 tons, compared with 4,468,710 tons for January, and with 4,114,341 tons at the end of February a year ago. Naval Stores Further seasonal declines were shown in receipts and stocks of both turpentine and rosin at the three principal naval stores markets of the district during February, com pared with earlier months of the naval stores season. February receipts this year were somewhat larger than a year ago, and stocks of rosin were slightly larger than for February 1929 but supplies of turpentine were one-third smaller. The naval stores year begins April 1 and ends with March, and receipts are usually at a comparatively low level during the last three months of the season. February receipts of turpentine declined by onehalf, compared with those in January, but were 6.7 per cent larger than in February 1929. Receipts of rosin in February decreased by 40 per cent compared with those in January, and were 4.5 per cent larger than in February last year. For the eleven months of the season, receipts of both turpentine and rosin have been greater than for the same part of any other recent year except the season of 1927-28. Stocks of turpen tine at the end of February, while smaller than for February of 1929 and 1928, were larger than for February of other recent years, and sup plies of rosin were larger than at the same time of any year since 1925. Press reports indicate that prices of turpentine between the middle of February and the middle of March fluctuated within a narrow range, and there were small declines in the prices of the various grades of rosins. Receipts and stocks at the three principal markets of the dis trict are shown in the table. Receipts—Turpentine: (1) Feb. 1930 Jan. 1930 Feb. 1929 Savannah_______________ ______ 2,001 4,942 1,512 Jacksonville-------------------- ______ 2,362 3,854 2,347 Pensacola----------------------- ______ 712 1,441 899 Total--................................. .............. 5,075 10,237 4,758 Receipts—Rosin: (2) Savannah---------------------- - .........- 11,224 24,902 11,751 Jacksonville-------------------- ______ 15,219 19,575 13,227 Pensacola----------------------- ______ 4,162 6,314 4,306 Total................................... ............. 30,605 50,791 29,284 Stocks—Turpentine: (1) Savannah______________ .......... - 5,598 11,040 18,577 Jacksonville-------------------- ______ 13,399 18,673 23,772 Pensacola----------------------- ______ 26,341 28,772 25,607 Total------------------------ - .......... 45,338 58,485 67,956 Stocks—Rosin: (2) Savannah--- ------------- ----- ______ 94,515 109,988 86,192 Jacksonville____ ________ ______ 80,526 100,077 76,240 Pensacola.......... —.................... ............. 9,410 11,503 14,800 Total............................ ........ ______ 184,451 221,568 177,232 (1) Barrels of 50 gallons. (2) Barrels of 500 lbs. M O N T H L Y R E V IE W 8 MONTHLY INDEX NUMBERS The following index numbers, except as indicated otherwise, are computed by the Federal Reserve Bank of A tlanta 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 reported to the bank or currently available through the daily or trade press. These index numbers, except as indicated m the foot-notes, are based upon the monthly averages for the three year period 1 923-25 as represented by 100. RETAIL TRADE 6th DISTRICT (Department Stores) Dec. 1929 Jan. 1930 A tlanta________________________ _________ Birmingham__________ __________________ Chattanooga_____ _________________________ Nashville________________ ________ ______ New Orleans______ _______________________ Other C i t i e s . ____ _______________________ D IST R IC T ______________________________ 2 3 7 .8 1 7 3 .3 1 2 7 .6 1 8 0 .0 1 5 2 .5 1 6 7 .2 1 7 1 .0 1 0 9 .8 7 2 .4 6 8 .0 7 4 .9 6 6 .8 7 2 .8 7 6 .Or Feb. 1930 Dec. 1928 Jan. 1929 Feb. 1929 111.5 8 8 .5 6 2.9 7 9 .6 7 5 .9 8 1 .8 8 4 .Op 2 3 2 .3 1 9 1 .0 1 3 1 .8 1 9 1 .6 1 6 2 .0 1 8 3 .3 1 8 0 .0 1 1 7 .5 8 6 .5 7 2 .6 7 1 .6 8 8 .0 8 6 .4 8 9 .0 112.8 9 7 .4 6 0 .6 8 2 .0 7 9 .7 8 7 .5 8 7 .0 1 87 . 91. 85. 220. 305. 224. 222. 1 12 . 1 77. 229. 122. 170. RETAIL TRADE U. S. (1) Department Stores_______________________ Chain Stores: Grocery_________ ___________________ 5 & 10 C ent___________________ _____ D ru g .________________ ______________ 257 308 260 WHOLESALE TRADE 6th DISTRICT Groceries_______________________________ Dry Goods_____ _______________________ Hardware________ ___ ________________ Furniture_____________________ ________ Electrical Supplies _ _ ___ ________________ Shoes__________ __ _____ __ __ .............. Stationery____________________ _____ Drugs_________ __ ____________________ TOTAL______ __________________________ 8 4 .0 5 9 .3 8 3 .2 7 7 .3 1 0 6 .9 4 6 .0 6 8 .0 1 0 4 .8 8 2 .4 8 6 .3 5 9 .4 8 5 .5 7 6 .1 8 1 .5 4 0 .9 7 2 .7 1 0 9 .2 8 1 .4 8 1 .8 6 5 .4 7 3.1 8 4 .0 7 7 .7 6 5 .9 6 2 .0 9 4 .9 7 6 .8 8 5 .8 6 3 .5 8 5 .5 8 8 .0 1 0 1 .9 6 5 .7 7 4 .6 1 1 7 .4 8 4 .9 9 0 .5 6 5 .6 9 2 .2 8 5 .0 7 8 .6 6 8 .2 7 3 .1 1 2 3 .6 8 7 .0 8 4 .0 6 8 .9 7 7 .5 8 7 .4 8 1 .3 7 5 .5 7 4 .8 8 9 .6 8 0 .0 WHOLESALE PRICES U. S. (2) Farm Products_________ _______________ Foods__________________ _ _ _i _________ Hides and leather p r o d u c ts .______________ Textile products_______________ ___ ____ Fuel and lighting______ _________________ Metals and metal products____ _________ Building materials______ __ ____________ Chemicals and drugs___ __________________ Housefumishing goods_________ _______ __ Miscellaneous________ _________________ ALL COM M ODITIES......... ................................. 1 0 1 .9 9 8 .6 1 0 7 .4 9 0 .4 8 1 .3 1 0 2 .1 9 6 .2 9 3 .6 9 7 .3 7 9 .8 9 4 .2 1 0 1 .0 9 7 .2 1 05 .1 8 9 .4 7 9 .9 1 0 1 .2 9 6 .2 9 3 .0 9 7 .3 7 8 .7 9 3 .4 9 8 .0 9 5 .5 103.9 8 8 .3 7 8 .8 100.9 9 5 .7 9 2 .3 9 7.0 7 8 .5 9 2.1 1 0 3 .6 9 8 .0 1 1 5 .7 9 6 .1 8 3 .5 1 0 2 .9 9 6 .8 9 6 .1 9 6 .4 8 0 .1 9 6 .7 1 0 5 .9 9 8 .8 1 1 3 .6 9 6 .4 8 2 .5 1 0 3 .6 9 6 .6 9 5 .9 9 6 .6 8 0 .5 9 7 .2 1 05.4 9 8.1 109.0 9 6.1 8 1 .3 104.4 9 7 .5 9 6.1 9 6 .6 8 0 .4 9 6 .7 BUILDING PERM ITS 6th DISTRICT A tlanta________ ________________ ______ Birmingham________ __________ ______ Jacksonville-. __ --------------------------------Nashville___ ___ __ ____________________ New Orleans-------------- -------------------------Other Cities______ _____________________ D ISTR IC T (20 Cities)___________________ 1 7 .8 3 3 .5 2 0 .1 1 9 .7 4 8 .3 1 8 .3 2 3 .9 4 2 .5 1 6 .5 3 3 .3 3 8 .1 2 4 .4 3 0 .4 3 0 .2 4 4 .9 2 1 .3 2 5 .8 108.2 14.5 2 3 .0 2 9 .8 4 8 2 .4 4 2 .9 4 3 .2 1 1 7 .1 3 6 .1 4 1 .2 1 0 3 .7 1 3 0 .2 5 8 .7 5 1 .5 5 9 .6 8 8 .4 3 4 .0 6 2 .1 5 6 .9 4 4 .5 5 0 .7 121.5 181.9 3 3.0 6 1.1 CONTRACTS AWARDED 6th DISTRICT 3 3 .6 6 1 . lr 5 5 .6 6 6 .6 7 3 .4 6 3 .7 185 89. 83. COTTON CONSUMED: United States------- ----------------- ---------- -----Cotton-Growing States___________________ All Other States............ ...... ........................... ........... Exports-------- ------------------------------------------- 8£ .3 1 0 1 .3 6 2 .9 1 4 8 .1 1 1 3 .6 1 2 9 .2 7 9 .1 1 1 8 .6 9 7 .4 1 09.4 7 1 .2 6 5 .4 1 0 5 .1 1 1 6 .0 8 1 .2 1 7 2 .1 1 3 1 .5 1 4 5 .6 1 0 0 .6 1 2 8 .3 117.7 130 .2 9 0.1 9 9 .8 PIG IRON PRODUCTION: United S tates__________________ ________ A labam a._______________________________ UNFILLED ORDERS—U. S. STEEL CORPORATION........................................................ 9 5 .0 9 9 .0 9 4 .6 9 5 .1 9 5 .0 9 3 .0 1 1 2 .8 1 0 7 .3 1 1 5 .2 1 0 8 .7 107.3 9 0 .9 9 2 .5 9 3 .6 9 3 .8 8 3 .3 8 6 .1 8 6 .8 (1) Compiled by Federal Reserve Board. (2) Compiled by the Bureau of Labor Statistics. p-Preliminary. r-R e vised. Base 1926-100.
@FedFRASER