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M O N T H L Y R E V I E W O f F in a n c ia l, A g r ic u ltu r a l, T r a d e a n d I n d u s tr ia l C o n d itio n s in th e S ix th F e d e ra l R e s e r v e D is t r ic t F E D E R A L R E S E R V E B A N K O F A TLA N TA T h is review released for publication in Afternoon papers of March 30. ATLANTA, GA., March 31, 1931. VOL. 16, No. 3 NATIONAL SUMMARY OF BUSINESS CONDITIONS By Federal Reserve Board Output of most of the important industries increased more than seasonally in February, and although factory employment advanced at a less rapid rate the volume of wage payments at factories also rose by more than the usual seasonal amount. The general level of com modity prices continued to decline. Production Industrial production, as measured by the Board’s index, which is adjusted to allow for seasonal variation, increased by 4 per cent in February from the low level prevailing in December and January. On the basis of the average for 1923-25 as 100 the vol ume of production in February was 85, compared with 82 for the two preceding months, and 107 for February of last year. At steel mills activity increased considerably, and the output of automobiles advanced by somewhat more than the usual seasonal amount. Output of shoe factories and textile mills increased substantially, while the output of coal continued to decline. During the first half of March activity at steel mills continued to increase. Value of building contracts awarded in February was slightly larger than in January, according to the F. W. Dodge Corporation. An increase in residential building was accom panied by a decrease in contracts for public works and utilities, while awards for factories and commercial buildings continued in small vol ume. In the first half of March there was an increase in the daily average of contracts awarded, as is usual at this season. Factory Employment Factory employment increased slightly less and Payrolls than usual in February, while factory payrolls increased by more than the seasonal amount from the low level of January. In many industries the rate of increase in payrolls was about the same as in February of other recent years, but in the automobile, shoe, woolen goods, and clothing industries, the rate of increase was larger than usual. Distribution Daily average freight carloadings showed little change from January to February, while ordinarily there is an increase at this season. Sales by Department stores increased slightly. Wholesale Prices Wholesale commodity prices declined further in February, and the Bureau of Labor Statistics’ Index, at 75.5 per cent of the 1926 average, was about 18 per cent below the level of a year ago. Prices of many agricultural products de creased considerably, while the price of cotton advanced further. In the first half of March there were considerable increases in prices of silver, live stock, meats, and hides, and declines in the price of petro leum and cotton. Bank Credit Loan and investments of member banks in leading cities changed relatively little between the end of January and the middle of March. Total loans on securities declined, notwith standing the growth in brokersMoans in New York City, and All Other Loans showed considerable further liquidation, while the banks' investments continued to increase. Volume of reserve bank credit tended downward in February and showed little change between March 4 and March 18. Funds arising from gold imports in February were barely absorbed in meeting a seasonal demand for currency while in the early part of March there was an increase in member bank reserve balances. Money rates in the open market continued at low levels from the middle of February to the middle of March. Rates on commercial paper were reduced from a range of 2J-2| to a prevailing level of 2j per cent, while rates on 90-day bankers’ acceptances remained at li per cent. Yields on high grade bonds continued to decline. PER Cl N T 120 120 f■ACTORY E M P LO Y M EN T AND P A Y R O LLS > 10 1 / t*N 100 / / ’ *—' Z t*\ 1 v \ p ayrolls i Employment V f \ ' 90 80 \\ \ \ s, 70 60 In d e x n u m b e rs o f p ro d u c tio n o f m a n u fa ctu re rs a n d m in e rals co m b in e d a d ju ste d fo r se aso n a l va ria tio n s (1923-1925 average=100). L a te st fig u re F e b ru a ry 85. ,I [f V 1927 1928 1929 1930 193T In d e x n u m b e rs o f fa c to ry e m p lo ym e n t a n d p a yro lls, w ith o u t a d ju s t m ent fo r se a so n a l v a ria tio n s (1923-25 average *100). L a te st figu re s F e b ru a ry E m p lo y m e n t 77.3. p a y ro lls 73.2. 2 M O N T H LY BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 R E V IE W PERCENT PERCENT 120 W H CL E S A L E ) 120 P F U C E S 10 1 110 100 100 90 90 60 80 70 70 60 60 1927 1928 1930 1929 1931 M o n th ly averages of w eekly fig u res fo r rep o rtin g b a n k s in le a d in g cities. L a te st fig u res are averages of firs t tw o w eeks in M arch. In d e x of U n ite d S ta te s B u r e a u of L a b o r S ta tis tic s, adopted b y b u r e a u ). L a t e s t fig u re s F e b ru a ry 75.5. SIXTH DISTRICT SUMMARY Notwithstanding the fact February was approximately 8 per cent shorter, in number of business days, than January, there were increases over January in retail trade, in building permits and construction con tracts awarded, in production of cotton yam and cloth in the sixth district, arid in output of pig iron in Alabama. Total sales in February by reporting department stores averaged 2.2 per cent greater than in January, but were 12.9 per cent less than in February 1930. February sales by 123 wholesale firms in eight lines of trade averaged 2.2 per cent less than in January and 27.7 per cent less than in February a year ago. Building statistics indicate a gain in con struction activity over the low levels reached in December. Contracts awarded in the sixth district in February were more than double those in December, and were the largest since June, and permits issued at twenty cities of the district were 20 per cent greater than in December. Total consumption of cotton by American mills declined 4.6 per cent, but because of the shorter month the daily average increased in Feb ruary over January, and there were small increases in output by report ing cloth and yarn mills in this district. Production of bituminous coal in Alabama and Tennessee declined, but there was an increase of 13.4 per cent in February over January in the daily average production of pig iron in Alabama. Prices pf both turpentine and rosin registered gains early in March, the last month of the naval stores year. Receipts were at a seasonally low level, but stocks continued large. Reserve bank credit outstanding at this bank was less on March 4 than on any previous report date in six years. Discounts have declined further since March 4 but holdings of purchased bills and government securities have increased. Total loans of weekly reporting member banks on Mareh 11 were substantially less than a year ago, and their borrowings from the Federal Reserve Bank were at a low point. nearly 2 \ millions and were 1.4 millions greater than a year ago. Total holdings of bills and securities on March 11 were $1,794,000 less than four weeks earlier, and $17,169,000 less than a year a^o. FINANCE Reserve Bank The volume of reserve bank credit outstanding at the Credit Federal Reserve Bank of Atlanta, represented by its total holdings of bills and securities, declined to the lowest level, on March 4, recorded for any previous Wednesday since February 25j 1925. Total discounts on March 4 were also less than for any report date in six years, and declined slightly during the week ending March 11, but increased holdings of purchased bills and of United States securities resulted in an increase in total bills and securities for that week. During the four weeks period ending March 11 discounts of this bank declined by more than 7J millions, and were nearly 10 millions smaller than a year ago. Holdings of purchased bills, however, increased from $4,802,000 to $8,089,000 but were still less than half the total at the same time last year, and holdings of United States securities increased (1926-100. b ase Cash reserves increased more than 5.2 millions from February 11 to March 4, but declined more than 2 millions the following week, and were about 9 millions greater than a year ago. Small decreases are shown in deposits, and in note circulation, on March 11 compared with four weeks earlier and with the same report date last year. The ratio of total reserves to deposit and Federal Reserve note liabilities combined rose to 87.5 per cent on March 4, the highest point in about six years, and declined to 85.8 per cent on March 11. Principal items in the weekly statement are shown comparatively in the table. (000 O m itted) B ills D isc o u n te d : M ar. 11. 1931 319 14,112 14,431 8,089 10,186 32,706 165*071 60,653 61,815 130,641 85.8 $ B ills B o u g h t i n open m ark et . F e b . 11. 1931 $ 505 21,474 21,979 4,802 7,719 34,500 161,947 59,339 61,932 130,701 84.1 M ar. 12, 1930 $ 2,192 22,127 24,319 16,779 3,777 49,875 156,064 65,967 66,409 132,017 78.7 Condition of Both loans and investments pf weekly reporting Member Banks in member banks at selected cities of the sixth disSelected Cities trict declined somewhat between February 11 and March 11, and a decrease of 72.9 millions in loans, compared with the corresponding report date a year ago, was only partly offset by an increase of 27.5 millions in investment holdings. Total volume of loans of these banks decreased each week except one from the beginning of 1931 to March 4, the decline amounting to nearly 21 millions of dollars, followed by an increase of less than 1.5 millions during the week ending March 11. Loans on securities declined to the lowest point for the year on March 4, but increased over 3.8 millions the following week, when they were 29.6 millions less than a year ago. All other loans, which include those for commercial, industrial and agricultural purposes, were 44.3 millions less on March 11 than they were a year ago, and were less than on any report date in a number of years. Holdings of United States securities on March 11 were greater by $4,622,000 than four weeks earlier, and $8,006,000 greater than a year ago, and holdings of other securities declined $7,850,000 between February 11 and March 11, bat were $19,525,000 greater than a year ago. There were increases in both demand and time deposits of these banks on March 11 compared with February 11, but decreases compared with the corresponding report date last year. Borrowings by these banks M O N T H LY from the Federal Reserve Bank of Atlanta declined to the lowest total on March 11 for any Wednesday since April 16 last year. Principal items in the weekly report are shown comparatively in the table. M ar. 11, Lo an s: 1931 O n S e c u ritie s -. . ..............................................$134,902 A ll O th e rs .......................................................... 283,728 T o ta l L o a n s ............................ - .............. . 418,630 66,353 U . S. S e c u ritie s.................................. ................... O th e r S to ck s a n d B o n d s * ................................. 82,815 T o ta l In v e stm e n ts................................. 149,168 T o ta l L o a n s a n d In v e stm e n ts................ - 567,798 Tim e D e p o sits......................................................... 225,883 D em an d D ep osits.......................-........................ 311,409 D u e to B a n k s ........ ................................................ . 122,777 D u e from B a n k s . . ............................................... . 92,398 B o rro w in g s from F . R . B a n k .............. - ........... 3,261 F e b . 11, 1931 $132,379 288,974 421,353 61,731 90,665 152,396 573,749 220,335 301,535 112,539 89,483 9,336 M ar. 12. 1930 $164,499 328,043 492,542 58,347 63,290 121,637 614,179 243, 056 331,188 110,221 73,145 11,756 Deposits of All Member Banks There were further declines in the daily averages of demand and time deposits held by all member banks in the sixth district in January to the lowest levels in about five and one-half years. Daily average demand deposits were $73,132,000 less in January this year than last, and the daily average of time deposits was $35,795,000 less than in January 1930, and $52,203,000 less than in May when they were at the highest level of the year. Changes over the past year are shown in the table. 563,762,000 550,343,000 518,808,000 513,185,000 503,651,000 510,694,000 511,050,000 512,420,000 498,707,000 Tim e Deposits $433,737,000 443.184.000 442.987.000 439.980.000 450.145.000 447.126.000 440.316.000 439.054.000 441.347.000 437.617.000 434.502.000 413.822.000 497,490,000 397.942.000 D em and 1930: D eposits J a n u a r y ...................................................................$570,622,000 F e b r u a r y .................................................................. 574,809,000 M a rc h ........................................................................ 569,662,000 A p r il....................................................................- ............ M a y ...................................................................................... J u n e — ................................................................................ J u l y ....................................................................................... A u g u st................................................................................ September............... ......................................................... O ctober.............................................................................. November.....................................................-................... December.......................................................................... 1931: J a n u a ry .............................................................................. (000 Omitted) G eorgia: F e b . 1931. A lb a n y .................. .............. .......... 2,819 A tla n ta ........................................... .................... 130,883 A u g u sta — —............................ __________ 17,279 B ru n s w ic k ................................... ......... .......... 2,134 C o lu m b u s......... ........................... — .............. 10,018 E lb e rto n -...................................... ......... .......... 672 M acon.............................................. ......... .......... 12,870 N ew n an ......................................... 1,447 S a v a n n a h ..................................... ......... .......... 27,470 2,946 V a ld o sta ........................................ .................... L o u is ia n a : New O rleans............................... ............. .. M ississipp i: H attiesb u rg ................. . . . . . . . .................... Ja c k s o n ................................... . . . ................ M erid ia n ....................................... V ick sb u rg ..................................... .................... T o ta l 26 C itie s ............ Percentage change Fe b . 1931 Com pared w ith : No. of Banks 4 A tla n ta ............... Birm in g h am __ 3 Ja c k s o n v ille ... 4 5 N a s h v ille ..— 6 New O rle a n s .. O ther C it ie s ... 42 T o t a l.................... 64 Fe b . 1931 $ 39,376 19,926 16,039 25,841 50,760 81.670 233,612 (000 Om itted) Ja n . 1931 $ 39,098 21,009 16,192 25,993 50,758 82,717 235,767 Feb . 1930 Ja n . 1931 Feb . 1930 $ 41,222 25,023 19,949 30,707 48,326 97,829 263,056 +0.7 —5.2 - 0 .9 —0.6 +0.0 —1.3 - 0 .9 - 4.5 —20.4 —19.6 —15.8 + 5.0 —16.5 —11.2 Debits to Individual Accounts Debits to individual accounts at 26 reporting clearing house centers of the sixth district, reflecting the volume of general business transactions settled by check, de clined 16.2 per cent in February compared with Jan uary, and were 16.4 per cent less than in February last year. With the exception of August last year, total debits in February were the smallest for any month since August 1924. Bank debits in this district have always decreased from January to February, and the decline of 16.2 per cent compares with decrease of 15.8 per cent, and 15.2 per cent, at the same time of 1930 and 1929, respectively, and with an average decrease at this period of the past ten years of approximately 14.6 per cent. Monthly totals shown in the table are derived from weekly reports by pro-rating figures for those weeks which do not fall entirely within a single calendar month. (000 O m itted) Fe b . 1931 A lab am a: $ 91,510 B irm in g h a m - ..................................... 2,048 D o th a n ...................................................... 28,762 15,975 F lo rid a : 58,945 26,937 5,214 P e n sa co la 27,167 for FRASER Digitized J a n . 1931 $ 130,270 2,430 38,775 22,329 Fe b . 1930 $ 115,679 2,256 35,665 24,923 69,395 24,787 6,031 29,495 79,819 45,423 6,349 35,730 J a n . 1931. 3,446 158,060 20,636 2,480 12,939 755 19,495 1,960 37,821 3,858 Fe b . 1930. 3,574 158,580 20,781 3,389 11,690 885 14,820 1,757 33,292 3,765 312,403 334,188 313,602 5,969 21,842 6,701 5,359 6,263 27,713 8,159 6,023 6,425 27,262 14,213 6,704 35,451 22,204 68,543 50,122 27,289 81,290 45,713 31,894 85,034 ......... .......... $943,568 $1,126,009 $1,129,224 Tennessee: C h attan o o g a................................................... K n o x v ille ................— ................. .................... N a sh ville _____________________ .................... AGRICULTURE During the first three months of 1931 weather conditions have been generally favorable for outdoor work in preparation for the new crop season, and fa/m work is more advanced than usual. Labor is in plenti ful supply. Estimates by the United States Department of Agriculture indicate that the movement from the farms to cities was smaller in 1930 than it had been in a number of years, and for the first time in ten years the estimated farm population of the United States on January 1 showed an increase over the previous year. The demand for farm labor on March 1 was estimated to be below normal, and the supply above normal in every state except South Carolina, and for the country as a whole the supply exceeded demand by 16 per cent. Estimates for the six states of this district are shown in the table. Savings Deposits There was a further slight decline in savings deposits at the end of February compared with the month before, reported by 64 banks located throughout the sixth district, and an average decrease of 11.2 per cent compared with February last year. Totals for Atlanta and for cities in which branches of the Fed eral Reserve Bank of Atlanta are located are shown in the table, and reports from banks located elsewhere are grouped under “Other Cities.” 3 R E V IE W F a rm L a b o r Dem and per cent of n orm al F a rm La b o r Su p p ly per cent of norm al G eo rg ia. 1931 114 104 106 111 103 105 1930 100 105 95 96 90 97 1931 65 80 71 68 65 70 1930 86 88 88 87 90 88 S u p p ly ex pressed as p e rc e n t of demand 1931 175 130 149 163 158 150 1930 116 119 108 110 100 110 Farm Stocks Estimates by the United States Department of Agriof Grain culture indicate that on March 1 this year there was less corn, wheat and rye and more oats and barley on the farms in this district than at the same time a year ago. The esti mated stocks of corn on farms in the United States on March 1 of 709.247.000 bushels are stated to be the lowest for that date of any year since 1902. Stocks of wheat, however, on March 1 are estimated at 160.282.000 bushels against 129,754,000 bushels a year ago, and stocks of oats at 464,329,000 bushels compared with 396,310,000 bushels a year ago. Estimated stocks of grain on farms in this district March 1 are shown in the table, comparatively with figures for that date last year. (In th o usand s of bushels) Com 1930 1931 1931 11,507 2,775 20,927 2,806 6,167 13,564 76 14 745 25 24 608 17,608 2,785 24,722 7,807 15,885 35,328 Wheat 1931 G eorgia..................................................... 1930 1931 41 460 60 510 8 16 O ats 1930 116 5 668 60 85 496 Rye 1930 7 Tennessee............................ 23 Fertilizer Statistics of fertilizer tag sales, compiled by the National Tag Sales Fertilizer Association indicate that tag sales in February this year in the six states of this district were 45 per cent smaller than in February last year, and for the seven months, August through February, there has been an average decrease of 37.8 per cent compared with that part of the preceding cotton season. Com parisons by states are shown in the table. 4 M O N T H LY (S h o rt ton s) F e b ru a ry 1931 1930 A u g u st-F e b ru a ry 1930-31 1929-30 A la b a m a ...............*........................ F lo r id a ............................................ G e o rg ia .......................................... L o u is ia n a ...................................... M ississip p i..................................... T en n essee...................................... 44,850 59,731 139,933 21,600 38,116 14,750 118,550 65,498 266,502 45,686 63,527 21,900 76,950 271,178 177,787 53,963 42,791 38,042 T o t a l........................................ 318,980 581,663 660,711 175,750 308,037 336,278 100,833 99,134 41,523 R e p o r ts in th e tra d e p re ss in d ic a te t h a t w e a th e r co n - a nd S u g a r d itio n s in th e L o u is ia n a can e b e lt h a v e been fa v o ra b le d u rin g th e p a s t th re e m o n th s, a n d t h a t th e t o t a l acreag e in su g a r can e th is y e a r , in c lu d in g seco n d y e a r stu b b le , is exp ected to be s lig h tly la rg e r th a n la s t y e a r . R I O E M O V E M E N T - N e w O rle a n s R o u g h R ic e (S a c k s ): F e b . 1931 J a n . 1931 R e ce ip ts.............................................................. 52,716 28,223 S h ip m e n t s ...................................................... 59,486 9,768 S to c k s..........-...................................................... 19,426 26,206 C le a n R ic e (P o ck e ts): R e c e ip ts.............................................................. 104,023 51,418 S h ip m e n t s - .- .................................................. 74,629 82,116 S to c k s— . ........................................................... 160,540 124,673 F e b ru a ry D istrib u tio n of M illed R ic e : Season 1930-31.................................................................... 932,993 Season 1929-30.................................................................... 1,005,421 S to ck s of R o u g h a n d M illed R ic e : M arch 1. 1931...................................................................... 1,789,742 F e b ru a ry 1, 1931................................................................. 1,793,078 M arch 1, 1930...................................................-......... — - 2,360,083 F e b . 1930 79,387,573 33,174,601 76,187,145 22,348,793 125,897,539 56,423,970 73,986,113 22,124,119 67,008,093 6,343,457 F e b . 1930 38,878 35,248 25,379 130,980 81,050 139,275 R I O E M I L L E R S ’ A S S O C IA T IO N S T A T I S T I C S (B arrels) A u g u st 1 to R eceip ts of R o u g h R ic e : F e b ru a ry F e b ru a ry 28 Season 1930-31.................................................................... 864,387 7,767,382 Season 1929-30.................................................................... 961,209 8,346,316 Retail Trade Retail distribution of merchandise in the sixth district increased slightly in February over the preceding month, but the index number of department store sales is lower than for February of any year since 1922. Stocks increased over those for January, but were smaller than a year ago, and the rate of turnover averaged the same as for February last year. Department store sales in February averaged 2.2 per cent greater than in January, although the month had two less business days, and were 12.9 per cent less than in February 1930. Cumulative sales for the first two months of the year average 10.3 per cent less than in that period last year. These comparisons are of sales figures in actual dol lars, and take no account of the difference in prices. Stocks of mer chandise averaged 5.4 per cent larger at the close of February than a month earlier, but were 15.4 per cent smaller than a year ago. Ac counts receivable at the end of February were 5.2 per cent less than a month earlier and 4.9 per cent smaller than for Februa/y 1930, and collections decreased 22.2 per cent from those in January which fol lowed the holiday season, and were 12.2 per cent less than in February last year. The ratio of collections during February to accounts receiv able and due at the beginning of the month for 33 firms was 28.8 per cent; for January this ratio was 31.1 per cent, and for February last year 30.5 per cent. The ratio of collections during February against regular accounts, for 33 firms was 31.1 per cent, and the ratio of col lections against installment accounts, for 12 firms, was 15.3 per cent. Detailed comparisons of reported figures are shown in the table. R E T A I L T R A D E IN T H E S I X T H D I S T R I C T D U R I N G F E B R U A R Y 1931 B A S E D O N C O N F I D E N T I A L R E P O R T S F R O M 41 D E P A R T M E N T S T O R E S C o m p ariso n of N et Sa le s C o m p ariso n of Sto cks F e b . 1931 F e b . 1931 J a n . 1 to F e b . 28, F e b . 28, 1931, F e b . 28, 1931, w ith w ith 1931, w it h sam e w ith w it h F e b . 1930 J a n . 1931 perio d in 1930 Fe b . 28, 1930 J a n . 31,1931 A t la n t a (4)............. B irm in g h a m (4 ).. C h a tta n o o g a (5). N ashvU le (4).......... N ew O rle a n s (5 )O th e r C itie s (19)-. D I S T R I C T (41)-— N o te : T h e ra te of sto ck tu rn o v e r — 7.2 —19.3 —6.2 — 3.3 —15.9 —16.4 —16.2 —14.4 —16.2 —12.1 —11.3 - 8.2 —15.6 —15.1 —15.6 —12.9 + 2.2 —10.3 — 15.4 is th e ra tio of sales d u rin g given perio d to average sto ck s o n h a n d . — 22.2 — 11.8 — 7.6 -20.8 +13.1 —22.5 + 7.0 +11.4 — 3.2 Wholesale There was a further small decline in aggregate sales reTrade ported by 123 wholesale firms in the sixth district in Feb ruary, compared with the month before, and the index number of wholesale trade for February was lower than for any other month in the eleven years of the series. The decrease from January to February was, however, smaller than the average decrease at this period of past years. Increases reported in sales of dry goods, elec trical supplies, stationery and shoes were more than offset by decreases in sales of groceries, hardware, furniture and rugs. All reporting lines show declines compared with February a year ago. These comparisons are of sales in dollar figures, and make no allowance for the decline in prices. Cumulative sales for the first two months of the year have averaged 28.8 per cent less than in that period last year, as indicated in these figures: P ercen tage C o m p ariso n G ro ceries....................................................................................................................... —25.5 D r y G o o d s.................................................................................................................... —34.7 H a rd w a re ..................................................................................................................... —33.3 F u r n it u r e ..................................................................................................................... —31.6 E le c t r ic a l S u p p lie s ................................................................................................... —29.9 Sh o es.............................................................................................................................. —36.7 S ta tio n e ry ............................................................. *................................................ ... + 7 . 1 D r u g s - ............—.......................................................................................................... —19.6 T o t a l— .......................................................................... . -2 8 .8 A u g u st 1 to F e b ru a ry 28 6,851,116 6,960,023 TRADE 1,061,555 Su g ar Cane S U G A R M O V E M E N T —P o u n d s R e c e ip ts: F e b . 1931 J a n . 1931 N ew O rle a n s ................................. 24,671,269 43,569,180 S a v a n n a h ...................................... 29,232,584 11,352,424 M elting s: N ew O rle a n s ................................. 92,559,979 45,061,027 S a v a n n a h ...................................... 10,640,267 31,250,671 S to ck s * 115,230,534 N ew O rle a n s ................................ 45,913,035 S a v a n n a h ...................................... 41,390,822 22,798,505 R E F I N E D S U G A R (P ou n ds) S h ip m e n ts: N ew O rle a n s ................................. 99,577,203 76,445,401 S a v a n n a h ...................................... 22,659,515 19,240,618 S to c k s: N ew O rle a n s ................................. 45,928,088 58,860,413 S a v a n n a h ...................................... 19,188,279 17,342,833 R E V IE W R a t e of S to c k T u rn o v e r Feb. 1930 .26 .19 .16 .20 .17 .18 .20 + 4 .9 + 1 .8 —9.9 + 7.1 + 9 .0 + 6 .5 + 5 .4 Feb . 1931 J a n . 1 to F e b . 28. 1930 1931 .31 .18 .14 .20 .17 .18 .20 .57 .35 .34 .38 .32 .33 .38 .65 .35 .32 .38 .36 .37 .40 W H O L E S A L E T R A D E I N F E B R U A R Y 1931 S I X T H F E D E R A L R E S E R V E D I S T R I C T (a) L in e , item a n d a re a : N o. of firm s P e rce n ta g e c h a n g e : F e b . 1931 com pared w it h : J a n . 1931 F e b . 1930 A ll L in e s C o m b in e d : S a l e s - — .................. S to ck s o n h a n d — A c c o u n ts receivab] C o lle c tio n s .............. 123 26 52 60 - 2.2 — 0.7 - 2.3 - 1 3 .8 - 2 7 .7 - 1 4 .4 - 1 3 .1 — 27.2 . 28 4 4 5 3 12 3 11 13 - 7.0 — 9.7 — 8.2 - 1 1 .3 +18.9 - 9.3 — 1.1 — 6.1 — 5.6 - 2 6 .3 —35.9 —23.7 - 2 0 .4 —30.8 —27.3 - 1 8 .9 —15.1 —24.6 . 22 3 3 16 10 11 13 +10.9 + 6.5 +24.6 + 8.1 — 2.2 - 4.7 - 2 5 .8 —33.9 —41.9 —44.3 —29.0 —25.9 — 5.8 —27.7 .. . . G ro ce rie s: S a le s........................... A t la n t a .............. J a c k s o n v i l le N ew O r le a n s .. V ic k s b u rg ........ O th e r C it ie s — S to ck s on h a n d — - D r y G o o d s: S a le s................. A t la n t a — N ash v ille - M O N T H LY Percentage change F e b . 1931 compared w it h : N o. of firm s J a n . 1931 F e b . 1930 L in e , item an d are a: H a rd w a re : Sales........... -................ A tla n ta ............... M obile.................. N a sh ville -......... N ew O rle an s.. 29 3 3 4 5 — 4.9 —11.7 — 3.0 —13.4 — 10.0 O th e r C it ie s ..........- ........................ 14 + 0.3 Sto ck s on h a n d .................................... 9 A cco u n ts receivable........................... 16 —0.2 18 C o lle c tio n s....................... -.................... —17.2 F u r n it u r e : S a le s.......................................................... 12 -22.8 - 1 5 .9 A t la n ta ............................................. 5 +33.9 O th e r C itie s .................................... 7 S to ck s on h a n d ........................................... . x + 3.0 A c c o u n ts receivab le........................... 5 C o lle c tio n s.............................................. 5 —1.8 E le c t r ic a l S u p p lie s: S a le s.......................................................... 17 + 3.0 — 9.7 A t la n t a ............................................. 3 +24.7 N ew O rle a n s .................................. 5 —2.6 O th e r C it ie s .................................... 9 - 2.6 S to ck s on h a n d .................................... 4 - 8.8 5 A cco u n ts receivable........................... -2 3 .8 C o lle c tio n s.............................................. 6 D ru g s: S a le s 8 - 5.0 + 0.8 A c c o u n ts receivab le...........I - 1 _____" 4 - 8.1 C o lle c tio n s..........................................5 Sh o e s: +59.9 S a le s.......................................................... 3 S ta tio n e ry : +40.8 Sa le s.......................................................... 4 (a) B a se d u p o n co n fid e n tia l reports from 123 firm s. Life Insurance —31.5 —17.3 —27.5 -3 8 .1 —41.4 —24.1 — 10.8 — 8.4 —31.2 - 2 6 .3 —39.8 - 2 5 .6 x —27,6 -20.1 -2 9 .6 —38.0 -2 5 .4 -2 5 .5 + 1.5 - 3 1 .4 - 3 4 .3 - 1 6 .8 — 11.0 -1 8 .5 - 3 7 .0 +32.5 T h e r e w a s a fu rth e r average decrease of a b o u t 5 p e r cent in th e sale s of n e w , paid -fo r, o rd in a ry life in su ra n ce in th e six sta te s of th is d is tric t in F e b ru a ry , co m p ared w ith J a n u a ry a n d a decrease of 31.3 p e r cen t co m p ared w ith F e b ru a ry la st y e a r, a cco rd in g to sta tis tic s com piled b y th e L if e In su ra n c e Sa le s R e se a rc h B u re a u . C o m p a riso n s b y sta te s a re in d ic a te d in th e follow ing figures. (000 Om itted) Fe b . 1931 J a n . 1931 Fe b . 1930 Tennessee............................................................. . $ 3,734 3,667 6,542 4,464 1,934 . 6,309 $ 3,756 3,908 6,446 4,760 1,741 7,408 $ 6,050 5,235 8,495 5,815 3,350 9,839 T o t a l........................................................................ . $26,650 $28,019 $38,784 Commercial Failures Statistics compiled by R. G. Dun & Co. indicate that in February there were 2,563 business failures in the United States, compared with 3,316 in January and with 2,262 in February a year ago, and liabilities of these firms amounted in February to $59,607,612, compared with $94,608,212 in January, and $51,326,325 in February 1930. In the sixth district there were 183 failures in February, 245 in Jan uary, and 85 in February last year, and lial ilities for February amounted to $3,089,135, a decrease of 34.1 per cent compared with the total of $4,686,225 for January, and 81.5 per cent greater than the total of $1,702,112 for February 1930. G R A IN E X P O R T S - N e w O rleans Fe b . Fe b . J u ly 1 to Fe b . 28, 1931 1930 1930-31 1929-30 W heat, b u ......................................... 65,155 217,150 C o m . b u ............................................ 6,467 24,698 O ats, b u ............................................ 10,027 66,046 B a rle y , b u ..................................................................................... R y e , b u ................................................................ 1,572 T o ta l, b u .................................. 81,649 309,466 5,425,211 70,680 78,969 .................. .................. 6,917,166 426,903 478,301 3,336 26,393 5,574,860 7,852,099 INDUSTRY Building and There was a further small increase in the value of buildConstruction ing permits reported from twenty cities in the sixth district in February over January, and building and construction contracts awarded in the district as a whole also in creased. Building permits at the twenty reporting cities in the sixth district gained nearly 15 per cent in January over the low point in December, and registered a further increase of 5 per cent in February over January, although this total continued substantially less than for the corres ponding month a year ago. Twelve cities reported gains over January, 5 R E V IE W but only four show increases over February 1930. For the first two months of 1931 building permits have been 44.6 per cent less than for those months a year ago. Comparisons for the month are shown in the table, and index numbers appear on page 8 of this Review. C it y ______________________ A la b a m a : A n n isto n ................... B irm in g h a m ............ M obile......................... M ontgom ery............ F lo r id a : Ja c k so n v ille ............. M iam i.......................... O rla n d o ..................... P e n sa co la .................. T a m p a ........................ • L a k e la n d ................. •M iam i B e a c h ........ _ G e o rg ia: A t la n t a ....................... A u g u sta ..................... C o lu m b u s.................. M aco n ......................... S a v a n n a h .................. L o u is ia n a : N ew O rle a n s............ A le x a n d ria — ........ Ten nessee: C h a tta n o o g a ........... Jo h n so n C it y .......... K n o x v ille ................... N a sh v ille ................... Num ber F e b ru a ry 1930 1931 1 1 177 36 75 262 188 42 13 191 2 V alu e Percentage Fe b ru a ry change 1931 1930 in value 27 373 73 140 $ 15,700 176,067 34,250 67,670 $ 65,000 315,196 107.250 92,309 — 75.8 — 44.1 314 41 92 172 124,570 118,803 27,875 135,345 116,022 212,366 182.250 29,085 35,745 48,315 8,550 146,450 - 4 1 .3 — 34.8 — 4.2 +278.6 +140.1 - 8 7 .1 282,971 34,680 12,865 - 59.3 - 41.2 - 13.6 8 25 1,100 —68.1 ~ 26.7 12 32,840 694,723 58,976 14,890 38,700 19,010 107 48 66 291,615 17,254 186,428 46,055 + 56.4 - 62.5 221 294 129,300 1,050 44,004 253,240 287,010 18,650 214,288 686,322 - T o ta l 20 C it ie s ................. 1,922 2,9 1,916,121 In d ex N o ............................. 17.0 *Not in clud ed in to ta ls or ind ex num bers. 3,352,568 29.8 292 48 18 0 23 3 43 124 29 205 66 225 0 +~72~8 54.9 94.4 79.5 63.1 ~ 42.8 Total contract awards in the sixth district, according to statistics compiled by the F. W. Dodge Corporation and divided into district figures by the Federal Reserve Board’s Division of Research and Statistics, amounted in February to $20,354,273, the largest total for any month since June last year. This was a gain of 14 per cent over January, and slightly more than double the low figure for December, and was 4.2 per cent greater than for February 1930. In February 10.4 per cent of the total was for residential building, in January 9 per cent, and in February last year, 15.3 per cent Figures by states show gains over January in five of the states of this district, but a decline in Louisiana, and there were increases over February 1930 in Alabama, Louisiana and Mississippi. Totals by states are shown comparatively in the table, parts of the Louisiana and Mississippi figures apply to other Federal reserve districts. Fe b . 1931 J a n . 1931 A la b a m a ...................... . $ 2,898,100 F lo rid a ............................. 2,282,500 G eo rgia______________ 4,012,800 L o u is ia n a - ......... .......... 10,400,500 M ississip p i-................ . 1,907,300 Tennessee (6th d is t.) 2,505,300 $ 2,259,500 1,020,900 2,506,500 14,403,700 694,400 1,008,800 Percentage Percentage Change Fe b . 1930 Change + 28.3 +123.6 + 60.1 — 27.8 +174.7 +148.3 $1,740,600 2,395,600 6,626,300 6,285,000 1,266,000 3,496,200 +66.5 — 4.7 —39.4 +65.5 +50.7 —28.3 The cumulative total for the first two months of 1931 shows a de crease of 6.7 per cent compared with that period a year ago because of the decrease shown in January compared with January 1930. Total contracts awarded during February in the 37 states east of the Rocky Mountains amounted to $235,405,100, compared with $227, 956.400 in January, and with $317,053,000 in February last year. Of the February total, residential building accounted for $77,917,800, non-residential building $78,844,500, and public works and utilities $78,642,800. Cumulative totals for these 37 eastern states for the first two months of 1931 amount to $463,361,500, compared with $641,028,200 for the same period a year ago. Lumber Reports which have appeared in recent issues of trade papers seem to indicate some slight improvement during February in the Southern Pine market. Production continues on a plane lower than the volume of orders being booked, resulting in a decline in manu facturers’ stocks. Stocks of retailers are reported to be small, and while there has been a small amount of buying for replenishment, nothing in the nature of a spring buying movement has so far made its appearance. In the table are shown for recent weeks the production, orders and unfilled orders reported to the Southern Pine Association by mills 6 M O N T H LY which reported for the same weeks a year ago. For this period orders averaged 24.5 per cent, production 33.3 per cent, and unfilled orders 37.1 per cent less than a year ago. Orders for this five weeks period averaged 11 per cent greater than output, and unfilled orders averaged about three and one-sixth times current weekly production. Week E n d e d : (In th o u sa n d s of feet) N um b er O rders P ro d u ctio n U n fille d O rders 1931 1930 Of M ills 1931 1930 1931 1930 F e b ru a ry 7.................... F e b ru a ry 14.................. F e b ru a ry 21.................. F e b ru a ry 28.................. M arch 7.......................... 127 131 127 114 123 38,829 42,966 43,470 36,435 40,299 46,074 61,694 58,138 51,600 50,164 38,125 37,565 36,104 33,365 36,740 53,776 56,985 57,385 49,242 55,231 112,602 180,679 118,881 190,997 119,343 187,416 101,031 166,184 123,312 188,858 Consumption Because of the shorter month, the consumption of O Cotton f cotton by American mills in February, according to statistics compiled by the United States Census Bureau, declined 4.6 per cent compared with January. February consump tion was 12.3 per cent smaller than in February last year. Stocks of cotton at the end of February in the hands of consuming establish ments declined 4.1 per cent compared with those a month earlier, and were 14.3 per cent smaller than a year ago, and stocks in public storage and at compresses were 7.9 per cent less than for January but 50.6 per cent greater than for February 1930. Exports in February declined 18.7 per cent compared with January, but were 7.7 per cent greater than in February 1930. The number of cotton spindles active during February was 151,950 greater than the number active in Janu ary, but smaller by 3,156,754 than for February a year ago. Cumulative totals for the seven months of the present cotton season, August through February, indicate total exports amounting to 5,004, 223 bales, a decrease of 5.5 per cent compared with exports during that part of the previous season, and consumption during this seven months period has amounted to 2,899,942 bales, smaller by 23.9 per cent than consumption during that period of last season. Detailed comparison of figures compiled by the Census Bureau are shown in the table. U N I T E D S T A T E S (Bales) O otton C o n su m e d : F e b . 1931 J a n . 1931 L i n t ...................................................... 433,510 454,188 53,087 49,346 L in t e r s ................................................ Sto ck s in C o n su m in g E s ta b lish m e n ts: L i n t ...................................................... 1,547,759 1,613,475 L in t e r s - .............................................. 274,372 264,869 Stocks in P u b lic Storage a n d a t Com presses: L i n t ...................................................... 7,314,450 7,939,454 L i n t e r s . . .................................- ......... 91,569 82,672 Im p o rts....................................................... 432,996 532,821 Im p o r t s .- .................................................. 11,165 11,299 A ctive S p in d le s....................................... 25,763,408 25,611,458 O O T T O N G R O W IN G S T A T E S —B a le s F e b . 1931 J a n . 1931 C o tto n C o n su m e d ................................. 341,216 359,879 Sto ck s in C o n su m in g E s ta b lis h m ents— . ........................................... 1,152,820 .................. S to ck s in P u b lic Storag e a n d a t C om presses........................................ 6,913,447 -----------A ctive Sp in d le s (N um ber)........... 17,021,102 .................. O th e r S tates—B a le s 94,309 C o tto n C o n su m e d ................................. 92,294 Sto cks i n C o n su m in g E s t a b lis h m ents............... ................................... 394,939 S to ck s in P u b lic Storage a n d a t Com presses....................................... 401,003 A ctive S p in d le s (N um ber)................. 8,742,306 Fe b . 1930 494,396 61,108 1,806,040 223,715 4,858,243 105,912 402,074 23,643 28,920,162 Fe b . 1930 381,365 1,366,016 4,620,813 17,858,498 113,031 440,024 237,430 11,061,664 Cotton Notwithstanding the smaller number of working days Manufacturing in February, figures reported to the Federal Reserve Bank of Atlanta by cotton mills in the sixth district show gains over January in production, shipments, order booked, and unfilled orders. Stocks of both cloth and yarn mills declined from January to February, and stocks of cloth mills were smaller than a year ago, but those of yarn mills were larger. The number of employees declined slightly over the month, and continued smaller than a year ago. C o tto n C lo t h : O rders bo oked. C o tto n Y a m : P ro d u c tio n - Digitized for U n fille d orders . FRASER N um b er N um ber of M ills .. 14 14 9 13 ... 11 14 8 8 4 6 6 6 P ercentage ch an g e in TTfrt . 1931 com pared w ith : Feb J a n . 1931 + 0.2 + 9.1 + 2.6 + 8.2 7.6 0.01 + 2.2 + 8.2 +112.0 + 10.6 — 4.4 — 1.1 Fe b . 1930 - 1 2 .8 + 0.6 -4 0 .0 -1 1 .9 -1 3 .1 -1 0 .7 - 1 8 .7 - 1 3 .7 +10.0 +16.9 +35.7 - 9.1 R E V IE W H O S I E R Y S T A T I S T I C S F O R 44 I D E N T I C A L E S T A B L I S H M E N T S S IX T H F E D E R A L R E S E R V E D IS T R IC T (D ozen P a irs) P e rce n ta g e F e b . 1931 J a n . 1931 Change P ro d u c tio n .............................. ...........— . S h ip m e n ts ............................................. — Sto ck s on h a n d — .................................. . O rd e rsb o o k e d .......................................... C a n c e lla tio n s — ....................... ................ U n fille d O rd e rs........-................ -............. 785,157 814,297 1,530,305 834,260 26,324 .724,785 731,887 718,192 1,546,071 811,485 32,727 731,146 + 7.3 +13.4 — 1.0 + 2.8 —19.6 — 0.9 Cottonseed There were decreases shown in the amount of cotton Products seed received during February this year at mills in the sixth district, and in the amount crushed by them, com pared with February a year ago, and in their production of crude oil, cake and meal, hulls and linters. Cumulative totals for the seven months of the cotton season, however, show increases over that part of the previous season for all of these items excepting production of linters, and while stocks of cotton seed at the mills at the end of Febru ary were 39 per cent smaller than a year ago, stocks of cottonseed products were larger than at that time. For the country as a whole, deci eases are shown for the season through February in the amount of cotton seed received at mills, and the amount on hand at the close of February, in production of crude oil, and of linters, and in stocks of crude oil. Production and stocks of cake and meal, and of hulls, and stocks ot linters, were greater than for the corresponding time last season; Combined totals for Georgia, Alabama, Louisiana and Mississippi are shown comparatively in the first two columns of the table, and totals for the country as a whole are shown in the last two columns. CO TTO N S E E D AND O O TTO N S E E D PR O D U C TS *S ixth D istric t U n ite d S ta te s A u g . 1 to F e b . 28, A u g . 1 to F e b . 28. O otton Seed, T o n s : 1930-31 1929-30 1929-30 1930-31 Received a t m ills ...1,727,244 4,584,459 1,635,118 4,458,024 C r u s h e d ........ -............ 4,099,091 1,605,474 1,427,989 4,126,849 O n H a n d , F e b . 2 8 -. 525,517 133,410 219,857 376,591 P ro d u ctio n : C ru d e O il, lb s .......... C a k e a n d Meal, to n s H u lls , to n s_____ ______ L in te rs , b a le s............ 495,782,025 456,882,733 1,249,855,070 1,269,911,992 1,876,092 703,528 612,812 1,818.955 452,639 405,561 1,142,213 1,129,833 283,919 283,980 716,745 844,942 Sto ck s a t m ills. F e b . 28: C ru d e O il, lb s ........... 27,365,259 16,795,025 C a k e a n d M eal, to n s 129,711 60,107 H u lls , to n s ............... 28,933 22,420 L in t e rs , b a le s............ 103,300 73,960 •G eorgia, A la b a m a . L o u is ia n a a n d M ississip pi. 69,519,554 363,201 132,747 329,701 72,565,007 206,685 96,795 269,191 Electric Total production of electric power by public utility power Power plants in the six states of this district, according to statistics compiled by the United States Geological Survey, increased 0.8 per cent in January over December, But was 2.6 per cent smaller than in January 1930. Production fcy those plants using water power increased 0.4 per cent over December, but was 5.3 per cent less than a year ago, while output by those plants using fuels gained 1.7 per cent over December and was 2.2 per cent greater than in January 1931. Consumption of coal and fuel oil in the production of electric power was 19.8 per cent, and 4.5 per cent, respectively, smaller than in December, and 30.0 per cent, and 5.6 per cent, respectively, less than m January a year ago, but consumption of natural gas increased 2.0 per cent over December and was 6.9 per cent greater than in January 1930. Com parative totals for the six states of this district are shown in the table. T o ta l P ro d u ctio n of E le c t r ic J a n . 1931 P o w e r: 000 k . w . h o u r s .~ . . . ----485,488 B y u se o f : W ater P o w e r......................... 308,132 F u e ls ______ _____________ ______ 177,356 F u e ls C o n su m e d in P ro d u c tio n of E le c t r ic P o w e r: C o a l—t o n s — ........................... ........... 15,590 F u e l O il—b b ls ............. 206,219 N a tu ra l G a s —000 cu . f t.„ .................. 1,753,238 N ote: Decem ber fig u res revised s in c e la st report. D ec. 1930 481,524 307,051 174,473 J a n . 1930 498,671 325,216 173,455 19,438 216,024 1,718,442 22,225 218,509 1,640,795 Bituminous T o t a l p ro d u c tio n of b itu m in o u s co a l in th e U n ite d Coal Mining States during February, according to statistics compiled by the United States Bureau of Mines, declined 18.5 per cent compared with January, but because of the shorter month; the average daily output was 10.3 per cent smaller, and both total and daily average production were 20.6 per cent less than in February 1930. Following are detailed figures shown comparatively; M O N T H LY T o ta l P ro d u ctio n (tons) F e b ru a ry 1931-— , ^ — ........................... 31,408,000 J a n u a r y 1 9 3 1 . ............ I .........38,542,000 F e b ru a ry 1930...— . . . . . . . . . — . ^ . . — 39,555,000 Average N um b er of per w o rk in g w o rk in g days d a y (tons) 23 9 26.3 23.9 1,314,000 1,465,000 1,655,000 Production figures for recent weeks, for the country as a whole and for Alabama, continue below those for corresponding weeks a year ago, but in Tennessee output during the last week of February was larger than during that week of 1930. For the four weeks ending in February, however, Alabama output averaged about 7 per cent less than in Janu ary and 23 per cent smaller than a year ago, and in Tennessee about 13 per cent less than in January and 11 per cent less than in February 1930. February 22 was observed as a holiday in some fields. Weekly comparisons are shown in the table. Week E n d in g : (In th o u s a n d s of to n s) U n ite d S ta te s A la b a m a 1931 1930 1931 1930 F e b ru a ry 7 .....................7,833 F e b ru a ry 14-— .......... ..8,215 F e b ru a ry 2 1 . . . . .......... .. 7,905 F e b ru a ry 28.— .......... ..7,455 M arch 7.......................... ..7,684 10,935 10,224 9,515 8,179 8,565 Ten nessee 1931 1930 262 372 94 129 265 357 101 123 260 336 101 106 261 294 94 79 ........................................................ Cumulative production during the present coal year to March 7, ap proximately 287 working days continues less than for corresponding periods of other recent years as shown by these figures: N et T o n s 1930-31................ ................................ ................................................................ 414,158,000 1929-30............................................ ...................................................................... 491,498,000 1928-29.................................................................................................................... 482,044,000 1927-28.................................................................................................................... 446,761,000 1926-27.................................................. ........................................................... . 551,874,000 Pig Iron Statistics compiled and published by the Iron Age indiProduction cate that production of pig iron in Alabama increased in February over January, notwithstanding the smaller number of days, and was the largest since September. For the country as a whole the d& average production increased, but because of the ilv shorter month, total output declined slightly compared with January. Total production of pig iron in the United States during January declined 0.4 per cent, but the daily average output increased 10.2 per cent, over January, and both were 39.9 per cent smaller than for Feb ruary last year. The number of furnaces active on March 1 was larger by 6 than a month earlier, but 71 smaller than at that time a year ago. Alabama production of pig iron increased 2.4 per cent, and the daily average output increased 13.4 per cent, over January, but both were 28.7 per cent smaller than to r February last year. While the increase in total output aver January is small, available figures back through the year 1921 indicate that this is the only instance in which production in Alabama has increased from January to February. There was a gain of one in the number of furnaces active, over a month ago, but a decrease of six compared .with the number active a year ago. Press reports indicate that the pig iron market in the BL-minghaTi district continues quiet, with no indication of early change. Quotations concontinue around $13. New tonnage is mostly in small lots for early requirements. March shipments of merchant producers are reported to be at a better rate than those of February, and exceed production. Little interest is indicated in second quarter iron. Production figures t R E V IE W are shown comparatively in the table, and index numbers appear on page 8 of this Review. U n ite d S ta te s: Fe b . 1931 J a n . 1931 F e b . 1930 P ro d u ctio n —to n s ..................... .......... Average per d a y, t o n s ....................... •Active fu rn a c e s ................................... A la b a m a : P ro d u ctio n —to n s ................................ Average per d a y —to n s....................... •Active f u rn a c e s ................................... 1,706,621 60,950 108 1,714,266 55,299 2,838,920 101,390 179 153,900 5,496 11 150,251 4,847 215,999 7,714 17 102 1 0 Unfilled Orders Following four consecutive increases, unfilled U. S. Steel Corp’n. orders of the United States Steel Corporation, reported in the press, declined 167,157 tons in February compared with January, but was still larger than for other months since July. The total at the end of February was 3,965,194 tons, and compares with 4,132,351 tons for January, and with 4,479,748 tons for February a year ago. Naval There was a further seasonal decline in receipts of both turpenStores tine and rosin at the three principal naval stores markets of the district in February, and stocks of turpentine were 14.8 per cent, and stocks of rosin 8.8 per cent, smaller than a month earlier. Compared with figures for February of other years, receipts of turpentine this February were the largest for that month since 1925, and receipts of cosins were smaller than in February of other recent years excepting 1927 and 1921. February stocks of turpen tine were larger than at the same time of most other recent yews, except 1928 and 1929, and stocks of rosin were larger than for that month since 1921. Following the passage of legislation by Congress before adjournment, which classifies turpentine and rosin as farm products and eligible for loans through the Federal Farm Board, the price of turpentine gamed 6J cents the first week in March, and prices of the different grades of rosins also increased. The gains were main tained during the second week of March, the early part of which ac cording to press reports was market by excellent trade in rosins, both domestic and foreign, with good demand for turpentine from domestic sources. R eceipts—T u rp e n tin e (1): Pensafcola.............. . F e b . 1931 2,483 2,304 567 T o t a . .l. . . . . . . . . .. . . Re ce ip ts—R o s in (2): J a n . 1931 F e b . 1930 3,388 2,001 3,090 2,362 750 712 5,354 7,228 5,075 . 10,720 13,424 3,178 15,629 22,127 3,589 11,224 15,219 4,162 . 27,322 41,345 30,605 . . . 15,062 13,978 29,162 19,084 15,727 33,509 5,598 13,399 26,341 . 58,202 68,320 45,338 . . 161,747 104,316 34,632 174,558 118,303 36,765 94,515 80,526 9,410 300,695 329,626 184,451 . Stocks—T u r p e n tin e (1): S to ck s—R o s in (2): T o t a l....................... . . . (1) B a rre ls of 50 g allo n s. (2) B a rr e ls of 500 p o u n d s. 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 Atlanta monthly. The index numbers of retail and wholesale trade are based upon sales figures reported confidentially by representative firms in tne lines of trades indicated, and the other series of index numbers are based upon figures reported to the bank or currently available through the daily or trade press. These index numbers, except as indicated in the foot-notes, are based upon the monthly averages for the three year period 1923-25 as represented by 100. December 1930 January 1931 February 1931 December 1929 January 1930 February 1930 Atlanta............................................. .......................... Birmingham............................................................... Chattanooga.............................................................. Nashville..................................-................................ New Orleans................... .................... ...................... Other Cities................................................................ D ISTR IC T................................................................ 270.7 137.9 112.1 154.0 135.6 143.8 154.0 124.8 63.1 63.8 65.6 62.9 65.3 72.4 117.1 71.4 49.5 70.2 70.1 63.3 74.0 264.9 173.3 127.6 180.0 152.5 167.2 171.0 124.0 72.4 68.0 74.9 66.8 72.8 76.0 126.2 88.5 62.9 79.6 75.9 81.8 83.0 WHOLESALE TRADE 6th DISTRICT Groceries............................................................... Dry Goods.............................................................. Hardware......................................... ..................... Furniture...... ......................................................... Electrical Supplies............. -........................ ........ Shoes........................................................................ Stationery............................................................... Drugs...................................................................... TO TAL................................................................... 69.1 43.6 57.8 49.8 85.4 40.7 60.1 88.3 62.8 64.8 39.1 58.8 49.1 55.7 26.0 58.3 86.0 58.2 60.3 43.4 53.1 60.3 57.7 41.6 82.1 81.8 56.9 84.0 59.3 83.2 77.3 106.9 46.0 68.0 104.8 82.4 8$.6 59.4 85.5 76.1 81.5 40.9 72.7 109.2 81.4 81.8 65.4 73.1 84.0 77.7 65.9 62.0 94.9 76.8 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.................................................... 78.4 75.2 81.8 79.0 91.2 72.4 70.5 90.0 84.4 84.8 91.3 66.9 77.0 73.5 80.1 77.8 88.6 71.0 69.8 89.3 82.9 83.6 91.1 64.7 75.5 70.1 77.1 77.1 86.6 70.4 69.6 88.9 81.9 82.2 90.8 63.9 94.2 101.9 98.6 91.4 107.4 90.4 81.3 102.1 96.2 93.6 97.3 79.8 93.4 101.0 97.2 90.3 105.1 89.4 79.9 101.2 96.2 93.0 97.3 78.7 92.1 98.0 95.5 89.6 103.9 88.3 78.8 100.9 95.7 92.3 97.0 78.5 21.2 8.8 9.2 36.4 18.6 10.7 14.1 20 6 26.3 12.9 28.7 8.5 13.1 16.2 18.3 11.9 15.1 39.9 22.7 14.4 17.0 17.8 33.5 20.1 19.7 48.3 18.3 23.9 42.5 16.5 33.3 38.1 24.4 30.4 30.2 44.9 21.3 25.8 108.2 14.5 23.0 29.8 10.8 40.0 28.3 11.5 77.1 50.9 15.2 86.5 58.0 17.5 44.4 33.6 20.1 88.4 61.1 21.3 78.5 55.6 COTTON CONSUMED: United States-------- ---------------------Cotton-Growing States......................... .............. All Other States—................................................ Exports.............................................. -.................. 78.9 92.2 52.9 124.6 89.4 103.0 59.3 101.6 85.3 97.7 58.1 70.4 89.3 101.3 62.9 148.1 113.6 129.2 79.1 118.6 97.4 109.4 71.2 65.4 PIG IRON PRODUCTION: United States......................-.................. .............. Alabama.................................................................. 55.8 5§.0 57.4 64.7 57.1 66.3 95.0 99.0 94.6 95.1 95.0 93.0 UNFILLED ORDERS—U. S. STEEL CORPORATION.................................................. 82.6 86.5 83.0 92.5 93.6 93.8 RETAIL TRADE 6th DISTRICT (Department Stores) BUILDING PERM ITS 6th DISTRICT Birmingham........................................................... Jacksonville............................................................ Nashville................................................................. New Orleans.......................................................... Other Cities........................ — ......... — -----D ISTR IC T (20 Cities)....................................... CONTRACTS AWARDED 6th DISTRICT Residential__________________________________ All Other------------------------------------- (*) Compiled by the Bureau of Labor Statistics. Base 1026-100.
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