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M O N T H L Y R E V I E W Of Financial, Agricultural, TradeandIndustrial Conditionsin theSixth Federal ReserveDistrict F E D E R A L R E S E R V E V O L . 1 7 , N o . 3. B A N K O F A T L A N T A , G A ., M A R C H 3 1 , 1 9 3 2 . NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by Federal Reserve Board V o lu m e o f i n d u s t r i a l p r o d u c ti o n a n d f a c t o r y e m p lo y m e n t in c re a s e d fro m J a n u a r y to F e b ru a ry b y a n a m o u n t s m a ll e r t h a n is u s u a l a t t h i s s e a s o n . I m p r o v e m e n t in t h e b a n k in g s i t u a t i o n d u r i n g F e b r u a r y a n d t h e f i r s t t h r e e w e e k s o f M a r c h w a s r e f l e c t e d i n a d e c lin e i n b a n k s u s p e n s io n s a n d a r e t u r n f l o w o f c u r r e n c y f r o m t h e p u b lic t o t h e b a n k s . Production and Employment O u t p u t o f i n d u s t r i a l p r o d u c ts i n c r e a s e d le s s t h a n s e a s o n a lly i n F e b r u a r y a n d t h e B o a r d ’s I n d e x , w h ic h m a k e s a llo w a n c e f o r th e u s u a l s e a s o n a l v a r ia ti o n s , d e c lin e d f r o m 71 p e r c e n t o f th e 1 9 2 3 -1 9 2 5 a v e r a g e t o 7 0 p e r c e n t. A c t iv i t y i n t h e s te e l in d u s t r y d u r i n g F e b r u a r y a n d t h e f i r s t t h r e e w e e k s o f M a rc h s h o w e d l i t t l e c h a n g e f r o m t h e J a n u a r y r a t e , a lt h o u g h o r d i n a r i l y s u b s t a n t i a l i n c r e a s e s a r e r e p o r t e d a t t h i s t im e o f y e a r . A u to m o b ile p r o d u c ti o n c o n ti n u e d i n s m a ll v o lu m e , s h o w in g n o n e o f t h e u s u a l s e a s o n a l e x p a n s io n , a n d t h e n u m b e r o f c a r s p r o d u c e d i n t h e t h r e e - m o n t h p e r io d e n d in g i n F e b r u a r y w a s a b o u t 3 5 p e r c e n t le s s t h a n in t h e c o r r e s p o n d i n g p e r io d a y e a r a g o . I n t h e l u m b e r i n d u s t r y , o u t p u t d e c lin e d f u r t h e r , c o n t r a r y t o s e a s o n a l te n d e n c y . A c t iv i t y a t c o tt o n m ills a n d s h o e f a c t o r i e s in c r e a s e d b y m o r e t h a n t h e s e a s o n a l a m o u n t a n d w a s a t a b o u t t h e s a m e le v e l a s in t h e c o r r e s p o n d i n g m o n th l a s t y e a r . V o lu m e o f e m p lo y m e n t a t f a c t o r i e s i n c r e a s e d in F e b r u a r y b y s o m e w h a t le s s t h a n t h e u s u a l s e a s o n a l a m o u n t. I n t h e i r o n a n d s te e l, a u to m o b ile a n d m a c h i n e r y i n d u s t r i e s t h e n u m b e r e m p lo y e d s h o w e d a n i n c r e a s e s m a lle r t h a n is u s u a l i n t h is m o n th , a n d a t l u m b e r m ills a c o n tin u e d d e c lin e in e m p l o y m e n t w a s r e p o r t e d . A t e s t a b l i s h m e n t s p r o d u c in g f a b ric s , w e a r i n g a p p a r e l, a n d s h o e s v o lu m e o f e m p lo y m e n t i n c r e a s e d b y m o r e t h a n t h e s e a s o n a l a m o u n t. D a ily a v e r a g e v a lu e o f t o t a l b u ild in g c o n t r a c t s a w a r d e d , a s r e p o r t e d b y t h e F . W . D o d g e C o r p o r a tio n , s h o w e d l i t t l e c h a n g e in F e b r u a r y a n d t h e f i r s t h a l f o f M a r c h , a n d f o r t h e p e r io d b e tw e e n t h e f i r s t o f F e b r u a r y a n d t h e m id d le o f M a rc h t h e v a lu e o f c o n t r a c t s w a s 65 p e r c e n t le s s t h a n a y e a r a g o , r e f l e c t i n g c o n tin u e d d e c lin e s in r e s i d e n t i a l b u ild i n g a s w e ll a s i n o t h e r t y p e s o f c o n s t r u c t o i n . P a r t o f t h e PERCENT FACTORSi EMPLOYVIENTANDPAYROLLS ................ A- 120 This review released for publication in afternoon papers of M arch 30. d e c r e a s e in t h e v a lu e o f a w a r d s r e f l e c t s r e d u c t io n s i n b u ild i n g c o s ts . Distribution C a r lo a d in g s o f m e r c h a n d is e a n d o f m is c e l la n e o u s f r e i g h t s h o w e d n o n e o f t h e u s u a l s e a s o n a l i n c r e a s e i n F e b r u a r y , w h ile s a le s a t d e p a r t m e n t s t o r e s r e m a in e d u n c h a n g e d , a s i s u s u a l a t t h i s s e a s o n . Wholesale Prices W h o le s a le c o m m o d ity p r ic e s , a s m e a s u r e d b y t h e I n d e x o f t h e B u r e a u o f L a b o r S t a ti s t i c s , d e c lin e d f u r t h e r f r o m 6 7 p e r c e n t o f t h e 1 9 2 6 a v e r a g e f o r J a n u a r y t o 66 p e r c e n t f o r F e b r u a r y . B e tw e e n t h e f i r s t w e e k o f F e b r u a r y a n d t h e t h i r d w e e k o f M a rc h , t h e r e w e r e i n c r e a s e s in t h e p r i c e s o f c o tto n , liv e s to c k , a n d m e a ts , w h ile p r ic e s o f g r a in s , n o n - f e r r o u s m e t a ls a n d im p o r t e d r a w m a t e r i a ls , in c l u d i n g silk , s u g a r , a n d r u b b e r , d e c lin e d c o n s id e r a b ly . Bank Credit I n t h e b a n k in g s i t u a t i o n t h e i m p o r t a n t d e v e lo p m e n t s in F e b r u a r y a n d t h e f i r s t h a l f o f M a r c h w e r e a c o n s id e r a b le r e d u c t io n in t h e n u m b e r o f b a n k s u s p e n s io n s a n d a r e t u r n f lo w o f c u r r e n c y f r o m t h e p u b lic t o t h e b a n k s . T h e c o u n tr y ’s s to c k o f m o n e t a r y g o ld d e c lin e d in F e b r u a r y b u t i n c r e a s e d s o m e w h a t i n t h e f i r s t h a l f o f M a rc h . M e m b e r b a n k r e s e r v e b a la n c e s , a f t e r d e c r e a s in g a l m o s t c o n tin u o u s ly s in c e l a s t s u m m e r , s h o w e d a s l i g h t i n c r e a s e f o r t h e f i r s t tw o w e e k s in M a rc h . P u r c h a s e s o f U n ite d S t a t e s g o v e r n m e n t o b lig a tio n s b y t h e F e d e r a l R e s e r v e B a n k s b e g in n in g in M a r c h w e r e a c c o m p a n ie d b y a c o n s id e r a b le d e c lin e i n m e m b e r b a n k i n d e b t e d n e s s t o t h e r e s e r v e b a n k s . L o a n s a n d in v e s tm e n ts o f m e m b e r b a n k s in l e a d i n g c itie s c o n tin u e d t o d e c lin e u n t i l t h e m id d le o f M a r c h , w h e n t h e r e w a s a s u b s t a n t i a l in c r e a s e , o w in g l a r g e ly t o t h e b a n k s ’ p u r c h a s e s o f U n i t e d S t a t e s G o v e r n m e n t s e c u r i t i e s , is s u e d o n M a rc h 1 5 . D e m a n d a n d tim e d e p o s its o f t h e s e b a n k s d e c re a se d f u r t h e r d u rin g F e b r u a ry b u t sh o w ed little c h a n g e in t h e f i r s t h a l f o f M a rc h . O p e n m a r k e t r a t e s o n a c c e p ta n c e s a n d c o m m e rc ia l p a p e r d e c lin e d d u r i n g F e b r u a r y a n d t h e f i r s t h a l f o f M a rc h . D u r i n g t h i s p e r io d y ie ld s o n T r e a s u r y a n d o t h e r h ig h g r a d e b o n d s d e c r e a s e d t o t h e lo w e s t p o i n t s in c e e a r l y D e c e m b e r , b u t a f t e r t h e m id d le o f t h e m o n th y ie ld s o n h ig h g r a d e c o r p o r a t e b o n d s in c r e a s e d s o m e w h a t. PER CENT 110 4V A0 / 100 nploymerit 1 r Payrolls-> 90 80 5^\ Vv ✓ 70 60 50 In d e x n u m b e r s o f f a c t o r y e m p lo y m e n t a n d p a y r o lls , w it h o u t a d j u s t m e n t f o r s e a s o n a l v a r i a t i o n s (1 9 2 3 -2 5 a v e r a g e = 1 0 0 ) . L a t e s t f ig u r e F e b r u a r y E m p lo y m e n t 67.3 p a y r o l ls 53.6. A T L A N T A I n d e x o f U n i t e d S t a t e s B u r e a u o f L a b o r S t a t is t ic s . a d o p te d b y b u r e a u ). L a t e s t f ig u r e s F e b r u a r y 66.3. (1 9 26 — 100. b a s e 2 M O N T H L Y R E V IE W MILLIONSOFDOLLARS 2500! MILLIONSOFDOLLARS 2500 R!■SERVE BiMJKCRED!IT K 2000 J it 1500 \T AV j 1000 500 L- r Tota I Discounts 2000 f\ V J \J U.S.Secuirities 1000 r*7 7 S* K/ 1500 500 Acceptances V 1927 1928 1929 1930 1931 1932 M onthly rates in th e open m arket in New Y ork; commercial paper ra te on 4-to-6-month p ap er and acceptance ra te on 90-day bankers* acceptances. L atest figures are averages of firs t 22 days in March. 1927 1928 1929 1930 1931 1932 Monthly averages of daily figures fo r 12 F ederal Reserve Banks. L atest figures are averages of firs t 22 days in March. SIXTH DISTRICT SUMMARY w ith f ig u r e s f o r th e c o rre s p o n d in g r e p o r t d a te a y e a r ag o , h o w e v e r , d i s c o u n ts o n M a r c h 9 t h i s y e a r w e r e n e a r l y t h r e e t im e s a s g r e a t a s t h e y w e r e a y e a r a g o , a n d h o ld in g s o f U n i t e d S t a t e s s e c u r i t i e s w e r e s o m e w h a t g r e a t e r , b u t h o ld i n g s o f p u r c h a s e d p a p e r w e r e s m a lle r . T o ta l b ills a n d s e c u r i t i e s h e ld b y t h e b a n k , w h ic h r e p r e s e n t th e a m o u n t o f re s e rv e b a n k c re d it o u ts ta n d in g a t th is b a n k , w e r e o n M a r c h 9 s m a ll e r b y $ 9 ,0 9 9 ,0 0 0 t h a n f o u r w e e k s e a r l ie r , b u t w e r e $ 2 9 ,4 5 0 ,0 0 0 g r e a t e r t h a n a y e a r a g o . A c c o m p a n y in g t h i s d e c lin e i n d i s c o u n ts a n d i n v e s tm e n t h o ld in g s , t h e r e w a s a n i n c r e a s e i n t o t a l r e s e r v e s b e tw e e n F e b r u a r y 10 a n d M a r c h 9 a m o u n t i n g t o $ 9 ,2 7 5 ,0 0 0 , b u t t h e y w e r e t h e n s m a ll e r b y $ 4 8 ,0 4 8 ,0 0 0 t h a n a t t h e s a m e t im e l a s t y e ar. F e d e r a l R e s e r v e n o t e s o f t h i s b a n k i n a c t u a l c ir c u la t io n in c r e a s e d s lig h tly , a n d m e m b e r b a n k r e s e r v e d e p o s its a ls o i n c r e a s e d , b e tw e e n F e b r u a r y 1 0 a n d M a r c h 9 , b u t t o t a l d e p o s i t s d e c lin e d s lig h tly , a n d b o t h n o t e c ir c u la t io n a n d d e p o s its w e r e a t l o w e r le v e ls t h a n a y e a r a g o . P r i n c ip a l ite m s i n t h e w e e k ly r e p o r t a r e s h o w n c o m p a ra tiv e ly in th e ta b le . A v a ila b le b u s in e s s s t a t i s t i c s f o r F e b r u a r y in d ic a te s m a ll g a in s o v e r J a n u a r y i n r e t a i l a n d w h o le s a le t r a d e , p i g i r o n p r o d u c ti o n i n A la b a m a , i n c o tt o n m a n u f a c t u r i n g a n d i n b u ild in g p e r m i t s , b u t w i t h t h e e x c e p tio n o f t e x t i l e a c t i v it y a ll o f t h e s e r i e s c o n ti n u e t o c o m p a r e u n f a v o r a b l y w i t h c o r r e s p o n d i n g p e r io d s a y e a r a g o . D e p a r t m e n t s t o r e s a le s i n F e b r u a r y r e c o r d e d a g a in o f 4 p e r c e n t o v e r J a n u a r y a n d a v e r a g e d 1 6 p e r c e n t le s s t h a n in F e b r u a r y , 1 9 3 1 , a d e c r e a s e i n a c t u a l d o l la r v o lu m e m u c h s m a ll e r t h a n t h e e s t im a te d d e c lin e i n r e t a i l p r ic e s . W h o le s a l e t r a d e , w h ic h u s u a l ly d e c lin e s f r o m J a n u a r y t o F e b r u a r y , in c r e a s e d 0 .9 p e r c e n t, b u t c o n ti n u e d le s s t h a n a y e a r a g o . S a le s o f l i f e i n s u r a n c e in F e b r u a r y w e r e g r e a t e r t h a n a y e a r a g o i n F l o r i d a , G e o r g ia , M is s is s ip p i a n d T e n n e s s e e , b u t a v e r a g e d 1 .1 p e r c e n t s m a ll e r f o r t h e s ix s t a t e s ; f o r t h e f i r s t tw o m o n th s o f t h e y e a r c o m b in e d , h o w e v e r , t h e t o t a l f o r t h e s ix s t a t e s w a s g r e a t e r b y 1 .6 p e r c e n t t h a n f o r t h a t p e r io d a y e a r a g o . O u t s t a n d in g R e s e r v e B a n k c r e d i t d e c lin e d f u r t h e r b e t w e e n F e b r u a r y 10 a n d M a r c h 9 , b u t c o n ti n u e d g r e a t e r t h a n a t t h e s a m e t im e l a s t y e a r , a n d t o t a l lo a n s a n d i n v e s tm e n ts o f w e e k ly r e p o r t i n g m e m b e r b a n k s d e c lin e d f u r t h e r d u r i n g t h i s f o u r - w e e k p e r io d a n d w e r e f i f t y m illio n s le s s t h a n a y e a r a g o , a d e c lin e o f 7 4 m illio n s i n lo a n s b e in g p a r t l y o f f s e t b y a n i n c r e a s e o f 2 4 m illio n s i n s e c u r i t y h o ld in g s . D e m a n d d e p o sits! i n c r e a s e d 7 .4 m illio n s b e tw e e n F e b r u a r y 3 a n d M a r c h 9 , a n d t im e d e p o s its in c r e a s e d 3 .8 m illio n s d u r i n g t h e f i r s t tw o w e e k s i n M a r c h . B u ild in g p e r m i t s a t t w e n t y r e p o r t i n g c itie s g a in e d 3 1 .1 p e r c e n t i n F e b r u a r y o v e r t h e lo w le v e l r e c o r d e d f o r J a n u a r y , b u t w e r e 2 7 p e r c e n t le s s t h a n a y e a r a g o , a n d c o n t r a c t s d e c lin e d 1 .9 p e r c e n t o v e r t h e m o n th a n d w e r e 7 2 .5 p e r c e n t le s s t h a n a y e a r a g o . T o ta l p r o d u c ti o n o f p ig i r o n i n A la b a m a in c r e a s e d 1 .0 p e r c e n t , a n d d a ily a v e r a g e o u t p u t i n c r e a s e d 8 .0 p e r c e n t , o v e r J a n u a r y , b u t f o r t h e f i r s t tw o m o n th s o f 1 9 3 2 p r o d u c ti o n w a s 4 0 .5 p e r c e n t l e s s t h a n a y e a r a g o . T h e c o n s u m p tio n o f c o tt o n b y m ills i n t h e c o tt o n s t a t e s i n c r e a s e d 1 .8 p e r c e n t o v e r J a n u a r y , a n d w a s 6 .9 p e r c e n t g r e a t e r t h a n a y e a r a g o , a n d i n G e o r g ia , A l a b a m a a n d T e n n e s s e e F e b r u a r y c o n s u m p tio n g a in e d 3 .7 p e r c e n t o v e r J a n u a r y , a n d w a s 5 .0 p e r c e n t g r e a t e r t h a n a y e a r a g o . F o r t h e p a s t t e n m o n th s p r o d u c ti o n o f c o tt o n c lo th b y m ills r e p o r tin g to th is b a n k h a s b e e n g r e a t e r th a n a y e a r e a rlie r. T h e n u m b e r o f w o r k e r s r e p o r t e d b y c lo th m ills w a s g r e a t e r th a n f o r J a n u a ry o r f o r F e b ru a ry la s t y e a r, a n d th e n u m b e r o f w o r k e r s a t y a r n m ills in c r e a s e d 2 p e r c e n t o v e r J a n u a r y . FINANCE Reserve Bank Credit T h e r e w a s a f u r t h e r d e c lin e i n t h e v o lu m e o f re s e rv e b a n k c re d it o u ts ta n d in g a t th e F e d e r a l R e s e r v e B a n k o f A t l a n t a b e tw e e n F e b r u a r y 10 a n d M a rc h 9 , a n d th e to ta l o n th is l a t t e r d a te w a s t h e s m a lle s t f o r a n y w e e k ly r e p o r t d a t e s in c e S e p te m b e r 2 3 l a s t y e a r . D u r i n g t h i s r e c e n t f o u r w e e k s p e r io d t h e a m o u n t o f d is c o u n te d b ills h e ld b y t h i s b a n k d e c lin e d b y $ 6 ,2 5 4 ,0 0 0 , i t s h o ld in g s o f b ills b o u g h t i n t h e o p e n m a r k e t d e c r e a s e d $ 2 ,0 9 8 ,0 0 0 , a n d t h e r e w a s a n e t d e c r e a s e o f $ 7 4 7 ,0 0 0 i n i t s h o ld in g s o f i n v e s t m e n t s e c u r i t i e s . C o m p a r e d (000 Omitted) M arch 9, 1932 Feb. 10,1932 M arch 11,1931 Bills Discounted: $ 319 Secured by Govt. Obligations... $ 10,602 $ 12,163 14,112 32,044 36,737 All Others . Total Discounts 42,646 48,900 14,431 8,089 8,985 Bills B ought in open m arket_ 6,887 U. S. Securities 12,623 12,620 10,186 _ _ __ _ 750 O ther Securities Total Bills and Securities.. 62,156 71,255 32,706 Total Reserves 117,023 107,748 165,071 Member Banks Reserve Deposits.. 49,367 47,828 60,653 Total Deposits 52,395 61,815 52,776 121,087 120,591 130,641 F. R. Notes in actual circulation .. 62.2 85.8 Reserve R atio __________________ 67.5 Condition of Member Banks in Selected Cities T h e v o lu m e o f m e m b e r b a n k c r e d i t o u ts t a n d i n g a t 2 4 w e e k ly r e p o r t i n g m e m b e r b a n k s lo c a t e d a t A t l a n t a , N e w O r le a n s , B i r m in g h a m , J a c k s o n v ille , C h a tt a n o o g a . N a s h v ille , M o b ile a n d S a v a n n a h , d e c lin e d b y 1 1 .8 m illio n s o f d o l la r s b e tw e e n F e b r u a r y 1 0 a n d M a r c h 9 , a n d w a s t h e n 5 0 .3 m illio n s le s s t h a n a t t h e s a m e t im e a y e a r a g o . D e p o s its , h o w e v e r , in c l u d i n g d e m a n d a n d t i m e d e p o s its o f c u s t o m e r s a n d th o s e h e ld f o r o t h e r b a n k s , h a v e i n c r e a s e d in r e c e n t w e e k s , a lt h o u g h s t i ll l e s s t h a n a t t h e s a m e t im e l a s t y e ar. T h e d e c r e a s e i n t h e v o lu m e o f c r e d i t o u t s t a n d i n g b e tw e e n F e b r u a r y 1 0 a n d M a r c h 9 w a s d u e i n p a r t t o a d e c lin e o f $ 5 ,0 2 9 ,0 0 0 in l o a n s , b o t h t h o s e o n s e c u r i t i e s a n d “ AH O t h e r s ,” a n d p a r t l y t o a d e c r e a s e o f $ 6 ,7 9 1 ,0 0 0 i n h o ld in g s o f i n v e s t m e n t s e c u r i t i e s , m o s t o f t h i s b e i n g a c c o u n te d f o r b y a r e d u c t i o n o f $ 5 ,7 4 7 ,0 0 0 i n h o ld in g s o f U n i t e d S t a t e s G o v e rn m e n t se c u ritie s . C o m p a re d w ith th e c o rre s p o n d in g r e p o r t d a t e a y e a r a g o . l o a n s o n s e c u r i t i e s h a v e d e c lin e d $ 2 8 ,3 4 1 ,0 0 0 , a n d A ll O t h e r s $ 4 6 ,1 4 9 ,0 0 0 , a t o t a l d e c r e a s e in lo a n s o f $ 7 4 ,4 9 0 ,0 0 0 . T h is d e c lin e in l o a n s w a s o n ly p a r t l y o f f s e t b v a n i n c r e a s e o f $ 2 1 ,7 6 8 ,0 0 0 i n h o ld in g s o f U n i t e d S t a t e s G o v e r n m e n t s e c u r i t i e s , a n d o f $ 2 ,3 9 7 ,0 0 0 i n o t h e r s e c u r i t i e s , o v e r t h o s e h e ld a y e a r a g o . F o llo w in g a d e c lin e o f a b o u t 1 4 .8 m illio n s b e tw e e n t h e f i r s t r e p o r t d a te in J a n u a r y a n d F e b r u a r y 3, d e m a n d d e - M O N T H L Y p o s i t s h e ld b y t h e s e 2 4 w e e k ly r e p o r t i n g m e m b e r b a n k s i n c r e a s e d 7 .4 m illio n s f r o m F e b r u a r y 3 t o M a r c h 9 . T im e d e p o s its h e ld b y t h e s e b a n k s d e c lin e d e a c h w e e k f r o m t h e f i r s t o f D e c e m b e r t h r o u g h F e b r u a r y , b u t h a v e in c r e a s e d a b o u t 3 .8 m illio n s d u r i n g t h e tw o w e e k s e n d in g M a r c h 9 . D e p o s its h e ld f o r o t h e r b a n k s in c r e a s e d n e a r l y 10 m illio n s f r o m J a n u a r y 2 7 t o M a r c h 9. A ll o f t h e s e c la s s e s o f d e p o s its , h o w e v e r, c o n ti n u e a t le v e ls lo w e r t h a n a t t h e s a m e tim e l a s t y e a r. B o r r o w in g s b y t h e s e w e e k ly r e p o r t i n g m e m b e r b a n k s f r o m t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a d e c lin e d b y m o r e t h a n 4 m illio n s b e tw e e n F e b r u a r y 1 0 a n d M a r c h 9 , b u t c o n t in u e d m u c h l a r g e r t h a n a y e a r a g o . P r i n c ip a l i te m s i n t h e w e e k ly r e p o r t a r e s h o w n c o m p a r a t i v e l y in t h e t a b l e , a n d a r e fo llo w e d b y m o n th ly a v e r a g e s o f w e e k ly f i g u r e s f o r so m e o f t h e m o r e i m p o r t a n t ite m s in t h e r e p o r t s h o w in g t h e i r t r e n d s o v e r t h e p a s t y e a r . (000 Omitted) M arch 9,1932 Feb. 10, 1932 March 11,1931 L o an s: On S e c u r itie s ---------------All O t h e r s --------------------T otal L o a n s ---------------U. S. S e c u r itie s ---------------O ther Bonds and Securities.. Total Investm ents ____ T otal Loans and Investm ents.. Tim e D e p o s its-----------------------Demand Deposits ------------------Due to Banks Due from B a n k s -----------------Borrowings from F . B. Bank.. 85,212 173,333 88,121 $107,516 241,653 349,169 93,868 86,256 180,124 $134,902 283,728 418,630 66,353 82,815 149,168 517,473 199,401 242,331 81,550 50,875 22,385 529,293 197,114 236,833 75,896 52,908 26,524 567,798 225,883 311,409 122,777 92,398 3,261 $106,561 237,579 344,140 Monthly Averages of Weekly Figures of Beporting Member Banks in Selected Cities (000 Omitted) Loans on All O ther Invest- Demand Time Borrowings Securities Loans m ents Deposits Deposits from F . R. Bank 1931 Feb. . . M arch . A pril . . May . . . Ju n e . . Ju ly . . , Aug. . . Sept. . . Oct. . . . Nov. . . Dec. . . 1932 Ja n . . . Feb. . . $131,886 $288,585 $148,405 282,819 160,534 132,893 178,257 126,991 278,270 271,544 175,038 115,937 265,159 177,587 116,353 178,487 114,134 266,415 113,341 263,351 173,381 181,450 114,082 262,759 185,199 115,508 261,950 181,274 114,264 258,929 182,510 113,703 252,423 109,653 107,587 245,706 241,360 178,755 178,555 $306,455 303,616 311,170 307.486 302,461 299,850 290,772 280,966 267,026 259,056 254.486 $221,301 229,046 230,191 227,729 226,625 233,277 234,860 228,099 217,731 213,795 207,522 8,550 1,480 1,312 1,503 1,910 1,018 6,109 11,060 22,348 30,762 29,992 244,147 237,630 200,591 196,661 27,919 26,542 Deposits of All Member Banks A f t e r in c r e a s in g e a c h m o n th f r o m J a n u a r y t h r o u g h A p r il, 1 9 3 1 , d a ily a v e r a g e d e m a n d d e p o s its o f a ll m e m b e r b a n k s i n t h e s i x th d i s t r ic t h a v e d e c lin e d e a c h m o n th s in c e t h a t tim e , a n d d a ily a v e r a g e t im e d e p o s its o f a ll m e m b e r b a n k s h a v e d e c lin e d e a c h m o n th s in c e A u g u s t. C h a n g e s o v e r t h e p a s t y e a r a r e s h o w n i n t h e ta b le . 1931 F ebruary M arch — A pril ----May -----Ju n e Ju ly A u g u s t __ September O c to b e r__ November December . 1982 Ja n u a ry ... F ebruary . Savings Deposits Demand Deposits $503,634,000 .................... 508.016.000 510.940.000 504.938.000 491.843.000 480.816.000 467.814.000 453.797.000 436.299.000 418.720.000 417.991.000 412.279.000 398.252.000 Time Deposits $388,008,000 394.622.000 893.918.000 391.190.000 895.587.000 400.769.000 407.324.000 399.268.000 386.669.000 376.443.000 371.425.000 370.341.000 361.376.000 T h e r e w e r e f u r t h e r d e c r e a s e s i n s a v in g s d e p o s its h e ld a t t h e c lo s e o f F e b r u a r y b y r e p o r t i n g b a n k s lo c a te d in A t l a n t a a n d B r a n c h F e d e r a l R e s e r v e B a n k c itie s , b u t s a v in g s d e p o s its h e ld b y 4 1 b a n k s o u ts id e o f t h e s e c e n t e r s in c r e a s e d 1.4 p e r c e n t o v e r th o s e a t t h e e n d o f J a n u a r y . F o r t h e 63 r e p o r t i n g b a n k s , F e b r u a r y s a v in g s w e r e 0 .4 p e r c e n t le s s t h a n f o r J a n u a r y , a n d 8 .7 p e r c e n t le s s t h a n f o r F e b r u a r y , 1 9 3 1 . C o m p a r is o n s f o r t h e m o n th a r e s h o w n i n t h e t a b l e s e p a r a t e l y f o r A t l a n t a a n d f o r c itie s in w h ic h b r a n c h e s o f t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a a r e lo c a te d , a n d r e p o r t s f r o m b a n k s lo c a t e d e ls e w h e r e a r e g r o u p e d u n d e r “ O t h e r C itie s .” R E V IE W 3 Num ber of Banks A tlanta B irm in g h a m _____ Jacksonville _____ Nashville _______ New Orleans ___ Other Cities —___ T o t a l __________ 4 3 4 5 6 41 63 Feb. 1932 $ 35,599 17,823 13,611 26,368 49,170 72,863 215,434 (000 Omitted) Ja n . Feb. Percentage change 1932 1931 Feb., 1932, compared with Ja n . 1932 Feb. 1931 __ 1.6 $ 36,163 $ 39,376 — 9.6 — 3.1 18,401 19,926 —10.6 — 0.5 13,679 16,039 —15.1 — 0.3 26,458 28,841 — 8.6 49,819 50,760 1.3 — 3.1 71,822 81,033 —10.1 + 1.4 216,342 235,975 — 0.4 — 8.7 Debits to Individual Accounts D e b its t o i n d iv id u a l a c c o u n ts r e p o r t e d b y b a n k s in 2 6 c le a r i n g h o u s e c e n t e r s o f t h e d ist r i c t d e c lin e d 1 9 .3 p e r c e n t i n F e b r u a r y , c o m p a r e d w i t h J a n u a r y , a n d a v e r a g e d 2 6 .6 p e r cen t, le s s t h a n f o r F e b r u a r y , 1 9 3 1 . B a n k d e b it s i n t h i s d i s t r i c t h a v e a lw a y s d e c r e a s e d f r o m J a n u a r y t o F e b r u a r y , p a r t l y b e c a u s e F e b r u a r y h a s a s m a lle r n u m b e r o f b u s in e s s d a y s , a n d p a r t l y b e c a u s e J a n u a r y f i g u r e s a c c o u n t f o r t h e s e t t l e m e n t o f a l a r g e v o lu m e o f h o lid a y a n d y e a r - e n d t r a n s a c t i o n s . A t t h e s a m e t im e l a s t y e a r t h e r e w a s a d e c r e a s e o f 1 6 .2 p e r c e n t , i n 1 9 3 0 a d e c r e a s e o f 1 5 .8 p e r c e n t, a n d i n 1 9 2 9 a d e c lin e o f 1 5 .2 p e r c e n t. M o n th ly t o t a l s s h o w n in t h e t a b l e a r e d e r iv e d f r o m w e e k ly r e p o r t s b y p r o r a t i n g f i g u r e s f o r th o s e w e e k s w h ic h d o n o t f a l l e n t i r e l y w i t h in a s in g le c a l e n d a r m o n th . Alabama—4 cities . B irm in g h a m ___ D othan ________ Montgomery Florida—4 cities Jacksonville _ M ia m i_______ P e n sa c o la ____ T a m p a ______ Georgia—10 cities Albany ________ A tlan ta _______ Augusta Brunswick Columbus _ E lb e rto n __ Macon ___ N ew nan_ Savannah ~ V a ld o s ta __ Louisiana—New Orleans Mississippi—4 c it ie s ____ H a ttie s b u rg __________ J a c k s o n _____________ M e r id ia n ____________ Vicksburg ___________ Tennessee—3 cities . C h a tta n o o g a ____ K n o x v ille _______ N ashville _-____ T otal 26 cities_____ Feb. 1932 $101,533 62,937 . 1,286 24,412 12,898 $ 93,074 .. 46,045 .. 21,106 4,534 21,389 $164,317 2,435 103,886 12,735 1,552 8,162 566 9,160 1,009 22,677 2,135 $194,105 $ 31,427 3,607 17,283 6,597 3,940 $103,406 26,583 24,798 .. 52,025 $687,862 (000 Omitted) Ja n . 1932 $146,983 95,183 1,744 31,032 19,024 $100,972 51,105 21,172 4,930 23,765 $209,256 3,547 132,311 16,917 1,991 9,708 638 10,523 1,247 29,526 2,848 $229,791 $ 32,011 4,271 16,575 6,742 4,423 $133,187 37,413 27,061 68,713 $852200 Feb. 1931 $132,295 91,510 2,048 28,762 15,975 $118,268 58,945 26,937 5,214 27,167 $208,538 2,819 130,883 17,279 2,134 10,018 672 12,870 1,447 27,470 2,946 $312,403 $ 39,871 5,969 21,842 6,701 5,859 $126,198 35,451 22,204 68,543 $937,568 AGRICULTURE I n s h a r p c o n t r a s t t o t h e m ild w e a t h e r a n d u n s e a s o n a lly h ig h t e m p e r a t u r e s w h ic h h a v e p r e v a i le d a ll t h r o u g h t h e w i n t e r s e a s o n , a c o ld w a v e s w e p t t h e s o u t h e a s te r n s t a t e s o n t h e n i g h t o f M a rc h 5 a n d f o r t h e t e n d a y s f o llo w in g t h a t t im e f r e e z i n g w e a t h e r h a s r e s u l t e d in s e r io u s d a m a g e t o g r o w in g c ro p s . T h e h ig h w in d w h ic h u s h e r e d in t h e c o ld w a v e r e a c h e d g a le i n t e n s i t y i n m a n y lo c a litie s . I n F l o r i d a s n a p b e a n s a n d w a t e r m e l o n s w e r e k ille d i n t h e n o r t h e r n p a r t o f t h e s t a t e a n d a s f a r s o u t h a s S u m t e r C o u n ty t h e d a m a g e t o b e a n s w a s 10 p e r c e n t a n d t o w a t e r m e l o n s f r o m 1 5 t o 5 0 p e r c e n t. T o m a to e s w e r e d a m a g e d f r o m 15 t o 2 0 p e r c e n t a s f a r s o u th a s t h e B u s h n e ll d i s t r i c t i n S u m t e r C o u n ty . W in d d a m a g e t o t h e c r o p a r o u n d t h e la k e is e s t im a te d a s h ig h a s 2 5 p e r c e n t. W h ite p o t a t o e s a b o v e t h e g r o u n d in t h e S a v a n n a h d is t r i c t o f G e o r g ia w e r e c u t b a c k a n d o t h e r t r r c k c r o p s n o t c o v e r e d w e r e k ille d . W a t e r m e lo n s a n d o t h e r t e n d e r c r o p s in s o u t h e r n G e o r g ia w e r e k ille d . R e p o r ts f r o m t h e L o u is ia n a s t r a w b e r r y a r e a sh o w t h a t b lo o m w a s k ille d a n d f r u i t o n t h e v in e s d a m a g e d f r o m 2 5 t o 75 p e r c e n t. S o m e y o u n g p l a n t s w e r e d a m a g e d . T h e s t r a w b e r r y a c r e a g e i n L o u is ia n a t h i s y e a r is e s t im a te d a t 2 9 ,5 0 0 a c r e s , c o m p a r e d w i t h 2 4 ,6 0 0 a c r e s in 1 9 3 1 , b u t b e c a u s e o f a s m a ll e r p e r a c r e y ie ld , t h e e s t im a te d c r o p f o r t h is y e a r is 1 ,7 4 0 ,0 0 0 c r a t e s , a g a i n s t 1 ,8 7 0 ,0 0 0 c r a t e s p r o d u c e d in 1 9 3 1 . A n in c r e a s e i s s h o w n in M iss is sip p i, f r o m 1 0 5 ,0 0 0 c r a t e s i n 1 9 3 1 t o 1 7 2 ,0 0 0 c r a t e s t h i s y e a r , b u t i n A l a b a m a t h e c r o p is e x p e c te d t o b e 3 2 6 ,0 0 0 c r a t e s a g a i n s t 4 2 4 ,0 0 0 c r a t e s l a s t y e a r , a n d i n F l o r i d a 5 2 5 ,- M O N T H L Y 4 0 0 0 c r a t e s a g a i n s t 6 5 5 ,0 0 0 c r a t e s i n 1 9 3 1 . T o b a c c o p l a n t s i n s o m e p a r t s o f s o u t h G e o r g ia h a v e b e e n d a m a g e d a s m u c h a s 50 p e r c e n t b y t h e r e c e n t f r e e z e a n d r a v a g e s o f t h e b lu e m o ld . Farm Stocks E s t i m a t e s b y t h e U n i t e d S t a t e s D e p a r t m e n t o f of Grain A g r i c u lt u r e in d ic a te t h a t s to c k s o f c o r n a n d w h e a t o n t h e f a r m s o f t h e c o u n tr y o n M a rc h 1 th is y e a r w e re g r e a te r th a n a y e a r a g o , b u t t h a t fa rm su p p lie s o f o a ts , b a r le y a n d r y e w e r e s m a ll e r t h a n o n M a r c h 1, 1 9 3 1 . F i g u r e s in t h e f o llo w in g t a b l e s h o w f a r m s to c k s o f g r a i n o n M a r c h 1 t h i s y e a r c o m p a r e d w ith t h e p a s t tw o y e a r s , f o r t h e U n i t e d S t a te s . Farm Stocks of G rain—March 1932 1931 Curn, bu. __________________ 1,103,691,000 703,529,000 207,323,000 161,442,000 W heat, bu. _________________ Oats, bu_______ ________ ____ 372,136,000 429,616,000 B arley, bu. ________________ 41,457,000 80,162,000 Rye, bu. ___________________ 5,750,000 9,231,000 1930 958,111,000 129,402,000 368,356,000 67,280,000 4,602,000 E s t i m a t e s f o r t h e s t a t e s o f t h i s d i s t r i c t i n d ic a te t h a t s to c k s o f c o r n o n M a rc h 1 w e r e m o r e t h a n tw ic e a s l a r g e a s a y e a r a g o , a n d s u p p lie s o f o t h e r g r a i n s a p p r o x im a t e ly t h r e e tim e s a s la r g e . S to c k s o f g r a i n in M a rc h , 1 9 3 1 , w e r e m u c h s m a lle r t h a n u s u a l b e c a u s e o f t h e lo w p r o d u c ti o n in t h e s u m m e r o f 1 9 3 0 o n a c c o u n t o f t h e d r o u g h t. I n t h e t a b l e fo llo w i n g a r e sh o w n e s t im a te s f o r t h e s t a t e s o f t h is d i s t r ic t . F arm Stocks of Grain—March; 1 (In thousands of bushels) 1931 1932 11,544 24,746 2,158 . 2,234 16,577 17,626 2,831 . 7,825 7,126 23,393 12,881 38,772 5-yr. Average 1925-29 1930 19,681 17,608 3,018 2,785 22,464 24,722 7,807 6,157 13,703 15,885 31,737 35,328 Corn: Alabam a — F lorida ---Georgia ---Louisiana .. Mississippi Tennessee .. O ats: 116 127 58 269 Aabam a — 5 11 10 10 Florida — 668 579 454 956 Georgia — 60 23 8 98 Louisiana 85 71 14 186 Mississippi 546 496 210 662 Tennessee .. W h eat: 289 801 510 970 Tennessee 19 60 146 70 Georgia — Rye: 21 23 12 Tennessee .. 7 3 7 7 G e o rg ia ---B arley : 16 24 20 46 Tennessee _ Average of Cotton Prices at Ten Designated Spot M arkets Cents per Pound 1932 1931 6.22 9.88 February 5 . 6.23 10.11 February 11 . 6.60 10.42 F ebruary 18 6.61 10.50 February 26 . 6.72 March 4 — 6.66 i 67o~7 March 10 __ 6.60 10.08 March 17 Sugar Movement— (Pounds) Raw Sugar Feb. 1932 Ja n . 1932 Feb. 1931 R eceipts: ___________ 95,884,391 47,327,186 24,671,269 New Orleans .... ............... 65,570,964 47,754,358 29,232,584 Savannah ----M eltings: 94,505,190 92,559,979 72,957,634 New Orleans 3,314,110 32,365,326 10,640,267 Savannah ....... S tocks: 51,717,145 28,834,605 45,913,035 New Orleans 77,645,886 15,389,032 41,390,822 Savannah ----Refined Sugar— (Pounds) S hipm ents: __________ 68,769,316 85,200,553 99,577,203 New Orleans .. ______ ___ 17,816,963 15,027,509 22,659,515 Savannah ___ Stocks: ___________ 52,535,066 57,160,172 45,928,088 New Orleans . ___ ________ 16,196,156 15,054,777 19,188,279 Savannah ----Rice Movement—New Orleans Feb. 1932 Ja n . 1932 Feb. 1931 Rough Rice—B arrels: 14,886 1,817 52,716 Receipts ------------- .... .............. _ 8,285 11,275 59,496 Shipm ents ----------- ___________ 8,038 1,457 19,426 Stocks ----------------- ___________ R E V IE W Rice Movement—New Orleans (Continued) Feb. 1931 Clean Rice—Pockets: Feb. 1932 Ja n . 1932 104,023 Receipts _____________________ 78,258 62,203 74,629 Shipments ___________________ 98,638 57,264 Stocks ....................... ........................ 134,234 154,614 160,540 Rice Millers Association S tatistics (Barrels) F ebruary Aug. 1 to Feb. 29 Receipts of Rough Rice: Season 1931-32 ............. ................................. 733,849 6,990,236 864,387 Season 1930-31 _________ ______________ 7,767,382 D istribution of Milled Rice: Season 1931-32 _________ 837,014 6,229,825 Season 1930-31 __________ 932,993 6,851,116 Stocks of Rough and Milled Rice: February 29, 1932 _____________ ______ 1,855,018 F ebruary 28, 1931 ___________ ______ 1,789,742 Fertilizer Tag Sales S a l e s o f f e r t i l i z e r t a x t a g s b y a u t h o r i t i e s in t h e s ix s t a t e s o f t h i s d i s t r i c t h a v e in c r e a s e d e a c h m o n th e x c e p t o n e s in c e t h e b e g in n in g o f t h e n e w s e a s o n , A u g u s t 1. T a g s a le s in F e b r u a r y , w h ic h u s u a lly a c c o u n t^ f o r a b o u t 18 p e r c e n t o f t h e a n n u a l t o t a l , i n c r e a s e d 68 p e r c e n t in t h e s e s ix s t a t e s o v e r J a n u a r y b u t a v e r a g e d 5 4 .3 p e r c e n t le s s t h a n in F e b r u a r y a y e a r a g o , a n d f o r t h e p e r io d , A u g u s t 1 t h r o u g h F e b r u a r y , t h e a v e r a g e d e c r e a s e f o r t h e s e six s t a t e s i s 3 7 .4 p e r c e n t. S t a t i s t i c s in t h e t a b l e a r e f r o m th o s e c o m p ile d b y t h e N a t io n a l F e r t i l i z e r A s s o c ia tio n . A labam a _____ _______ Florida _______ _______ Georgia _______ _______ Louisiana —*___ . ____ Mississippi __ ............... Tennessee ____ ............... Total ---------- _______ (Short Tons) Ja n . Feb. 1932 1932 18,100 12,550 40,290 59,894 5,400 51,117 7,104 5,280 16,934 1,000 8,785 587 142,330 84,711 Feb. 29 1930-31 77,600 306,237 177,787 53,963 34,475 38,262 688,324 TRADE Retail Trade T h e r e w e r e g a i n s in F e b r u a r y i n b o t h s a le s a n d s to c k s o f r e p o r t i n g d e p a r t m e n t s t o r e s in t h e s i x t h d i s t r i c t o v e r t h e p r e v io u s m o n th , b u t a c c o u n ts r e c e iv a b le a n d c o lle c tio n s d e c lin e d , a n d a ll o f t h e s e i te m s sh o w d e c r e a s e s c o m p a r e d w i t h F e b r u a r y a y e a r a g o . F e b r u a r y s a le s r e p o r t e d b y 3 8 d e p a r t m e n t s t o r e s i n c r e a s e d 4 .0 p e r c e n t o v e r J a n u a r y , b u t a v e r a g e d 1 6 .0 p e r c e n t le s s t h a n in F e b r u a r y , 1 9 3 1 . D u r i n g t h e p a s t tw e lv e y e a r s d e p a r t m e n t s t o r e s a le s h a v e i n c r e a s e d f r o m J a n u a r y t o F e b r u a r y in f iv e i n s t a n c e s , d e c r e a s e d in six , a n d in o n e y e a r t h e i n d e x n u m b e r f o r b o t h m o n th s w a s t h e s a m e . T h e d e c r e a s e o f 16 p e r c e n t in F e b r u a r y c o m p a r e d w i t h t h a t m o n th a y e a r a g o c o m p a r e s w ith a d e c r e a s e in J a n u a r y o f 2 1 .1 p e r c e n t c o m p a r e d w i t h J a n u a r y , 1 9 3 1 . F o r t h e f i r s t tw o m o n th s o f 1 9 3 2 s a le s h a v e a v e r a g e d 1 8 .6 p e r c e n t le s s t h a n i n th o s e m o n th s o f 1 9 3 1 . S to c k s o f m e r c h a n d i s e o n h a n d a t t h e c lo s e o f F e b r u a r y w e r e 8 .1 p e r c e n t g r e a t e r t h a n a m o n th e a r l ie r , a lth o u g h 1 5 .7 p e r c e n t s m a ll e r t h a n a y e a r a g o . A c c o u n ts r e c e iv a b le a t t h e e n d o f F e b r u a r y w e r e 5 .9 p e r c e n t le s s t h a n a m o n th e a r l ie r , a n d 1 4 .6 p e r c e n t s m a ll e r t h a n a y e a r a g o , a n d F e b r u a r y c o lle c tio n s d e c lin e d 1 6 .3 p e r c e n t f r o m J a n u a r y a n d w e r e 1 5 .1 p e r c e n t le s s t h a n i n F e b ru a ry , 1931. T h e r a t i o o f c o lle c tio n s d u r i n g F e b r u a r y t o a c c o u n ts d u e a t t h e b e g in n i n g o f t h e m o n th f o r 3 1 f i r m s w a s 2 8 .5 p e r c e n t, f o r J a n u a r y 2 9 .2 p e r c e n t, a n d f o r F e b r u a r y l a s t y e a r 2 8 .8 p e r c e n t. F o r r e g u l a r a c c o u n ts t h e c o lle c tio n r a t i o f o r F e b r u a r y w a s 3 0 .7 p e r c e n t, f o r J a n u a r y 3 1 .3 p e r c e n t, a n d f o r F e b r u a r y l a s t y e a r 3 1 .1 p e r c e n t , a n d f o r i n s t a l l m e n t a c c o u n ts t h e r a t i o f o r F e b r u a r y w a s 1 4 .0 p e r c e n t, f o r J a n u a r y 1 4 .9 p e r c e n t, a n d f o r F e b r u a r y l a s t y e a r 1 5 .3 p e r c e n t. A ll o f t h e s e s t a t i s t i c s a r e r e p o r t e d i n d o l la r a m o u n ts , a n d t h e p e r c e n t a g e c o m p a r is o n s m a k e n o a llo w a n c e f o r t h e d i f f e r e n t le v e l o f p r ic e s . RETAIL TRADE IN THE SIXTH DISTRICT DURING FEBRUARY, 1932 Based on confidential reports from 38 departm ent stores Comparison of N et Sales Comparison of Stocks Feb. 1932 Feb. 1932 Jan . 1 to Feb. 29, 1932 Feb. 29, 1932 Feb. 29, 1932 w ith w ith same period in with w ith with Ja n . 1932 1931 Feb. 1931 Feb. 28, 1931 Ja n . 31, 1932 — 0.1 —12.8 —14.2 — 9.0 (- 6.8 A tlan ta (3) ------_____ ___ _ + 9.5 —23.9 —22.7 Birm ingham (4) ______ _____ —18.2 -11.1 — 3.9 —10.9 —11.0 —12.6 - 8.3 Chattanooga (5) ................... . + 25.4 ___________ —18.6 —24.3 —13.5 - 7.8 Nashville (4) . —14.3 — 0.8 —16.2 —17.4 - 9.0 New Orleans (5) ____ _______ —19.0 +13.3 —25.3 —17.8 - 4.6 O ther Cities (17) .................... . DISTRICT (38) __ __________ —16.0 + 4.0 —18.6 —15.7 - 8.1 N ote: The ra te of stock turnover is the ratio of sales during given period to average stocks on hand. Feb. A ug.l through 1931 1931-32 44,850 33,800 60,381 265,603 139,933 58,086 32,510 21,600 29,800 19,984 14,750 21,006 311,314 430,989 Feb. 1931 .31 .18 .14 .20 .17 .18 .20 Rate of Stock Turnover Feb. Ja n . 1 to Feb. 29 1932 1931 1932 .31 .65 .63 .20 .35 .36 .16 .32 .34 .18 .83 .38 .86 .18 .36 .29 .16 .37 .20 .40 . 38 M O N T H L Y R E V IE W Wholesale Trade W h o le s a le d i s t r ib u t i o n o f m e r c h a n d is e i n t h i s d i s t r i c t d e c lin e d f r o m t h e f a l l p e a k i n O c to b e r th r o u g h J a n u a r y , b u t , c o n t r a r y t o t h e u s u a l t r e n d , F e b r u a r y s a le s b y r e p o r t i n g w h o le s a le f i r m s i n c r e a s e d 0 .9 p e r c e n t o v e r J a n u a r y . F o r e a c h o f t h e p r e v io u s n in e y e a r s t h is b a n k ’s i n d e x n u m b e r o f w h o le s a le t r a d e h a s d e c lin e d f r o m J a n u a r y t o F e b r u a r y . I n c r e a s e d v o lu m e o f s a le s b y f i r m s d e a lin g i n d r y g o o d s , f u r n i t u r e , e le c t r i c a l s u p p lie s a n d s t a t i o n e r y s lig h tly m o r e t h a n o f f s e t d e c r e a s e s i n o t h e r r e p o r t i n g lin e s . T o ta l F e b r u a r y s a l e s w e r e 2 6 p e r c e n t le s s t h a n in F e b r u a r y , 1 9 3 1 , a n d f o r t h e tw o m o n th s o f 1 9 3 2 w h o le s a le t r a d e h a s a v e r a g e d 2 7 .2 p e r c e n t le s s t h a n a y e a r a g o , c u m u la tiv e c o m p a r is o n s b e in g s h o w n b e lo w , a n d f o l lo w e d b y d e ta i le d c o m p a r is o n s f o r t h e m o n th . Percentage Comparison Jan.-Feb., 1932, w ith sam e period in 1931 —26.6 —23.5 —31.6 —23.7 —35.1 —21.9 —18.1 —27.2 Groceries ... Dry Goods H ardw are . F u rn itu re Electrical Supplies Stationery ___ ____ Drugs Total W HOLESALE TRADE IN FEBRUARY, 1932 Sixth Federal Reserve District* P ercentage change Num ber of Feb. 1932, compared w ith F irm s Ja n . 1932 Feb. 1931 All Lines Combined: —26.0 + 0.9 Sales . 112 —16.8 29 — 0.7 Stocks on hand_____ —14.1 55 — 1.9 Accounts receivable —26.9 — 5.5 Collections —*______ Groceries: Sales A t l a n t a _____ Jacksonville ~ New Orleans Vicksburg __ O ther Cities .. Stocks on hand.. Accounts receivable . Collections ________ Dry Goods: Nashville . O ther C itie s -------Stocks on h an d _____ Accounts receivable Collections ------------H ardw are: Sales 3 4 5 3 11 3 13 13 20 3 17 10 11 13 5 New Orleans 18 Other Cities 7 Stocks on hand.. 15 Accounts receivable 15 Collections ________ F u rn itu re : Sales -----------A t l a n t a ____ 7 O ther Cities . 6 Stocks on hand.. 8 Accounts receiv ab le________ 7 Collections ________________ Electrical Supplies: 14 Sales 4 New Orleans 10 O ther Cities 3 Stocks on hand.. 4 Accounts receivable . 5 C o lle c tio n s_______ _ D rugs: 8 Sales 4 Accounts receivable 5 Collections ________ S tationery: S a l e s ------------------— * Based upon confidential reports from 112 firm s. Life Insurance — — — — + — — — — 3.1 5.9 4.3 7.7 9.0 0.9 4.3 3.8 7.1 20.0 50.6 + 13.7 - - 3.6 3.4 1.7 — 5.2 + 0.5 + 1.8 — 9.0 — 1.2 — 1.8 — 8.9 b29.8 i4-325.6 6.1 1.4 + 4.6 4-19.6 + 0.9 —21.4 + 14.7 + 0.0 — 4.9 —19.5 — 7.8 + 0.1 — 0.0 +10.1 —25.4 —21.3 — 5.1 —23.4 —58.3 —25.3 —29.5 — 9.9 —28.6 —20.1 —22.2 —19.6 —24.4 —15.7 —19.3 —29.1 —24.2 —37.7 —25.3 —13.3 —12.3 —29.9 —22.4 —19.5 —22.9 —22.3 —31.1 —33.8 —35.8 —57.6 —17.9 + 15.3 —14.4 —25.3 —19.4 — 7.1 —19.5 —30.0 S a le s o f n e w , p a id - f o r , o r d i n a r y l i f e i n s u r a n c e , in t h e s ix s t a t e s o f t h i s d i s t r i c t d e c lin e d 9 .6 p e r c e n t f r o m J a n u a r y t o F e b r u a r y , a n d a v e r a g e d 1 .1 p e r c e n t le s s t h a n i n F e b r u a r y , 1 9 3 1 . T h e d e c r e a s e f r o m J a n u a r y w a s s h a r e d b y a ll s ix s t a te s , b u t i n t h e c o m p a r is o n w i t h F e b r u a r y l a s t y e a r , d e c r e a s e s f o r A la b a m a a n d L o u is ia n a w e r e s lig h tly m o r e t h a n s u f f i c i e n t t o o f f s e t i n c r e a s e s i n t h e o t h e r f o u r s t a te s . F o r t h e f i r s t tw o m o n th s o f t h e y e a r , g a in s o v e r 1 9 3 1 w e r e r e c o r d e d f o r F l o r i d a , G e o r g ia a n d M is s is s ip p i, a n d a n a v e r a g e i n c r e a s e o f 1 .6 p e r c e n t f o r t h e s ix s t a te s . S t a t e f i g u r e s s h o w n in t h e t a b l e a r e f r o m th o s e c o m p ile d b y t h e L if e I n s u r a n c e S a le s R e s e a r c h B u r e a u . A la b a m a _____ Florida ______ Georgia _____ L o u is ia n a ____ M ississippi___ T e n n e s s e e ___ T o t a l _____ 5 (000 Omitted) February Percentage Percentage Jan.-Feb. 1932 1931 Comparison 1932 1931 Comparison 3,050 $ 3,734 —18.3 $ 6,795 $ 7,490 — 9.3 3,935 3,667 + 7.3 8,793 7,575 +16.1 6,796 6,542 + 3.9 13,952 12,988 4- 7.4 4,244 4,464 — 4.9 8,601 9,224 — 6.8 1,990 1,934 + 2.9 4,162 3,675 + 13.3 6,355 6,309 + 0.7 13,229 13,717 — 3.6 26,370 26,650 — 1.1 55,532 54,669 + 1.6 Commercial Failures A c c o r d in g t o s t a t i s t i c s c o m p ile d b y R . G . D u n & C o m p a n y , t h e r e w e r e 2 ,7 3 2 b u s in e s s f a i l u r e s in th e U n ite d S ta te s d u rin g F e b r u a ry , a s a g a i n s t 3 ,4 5 8 i n J a n u a r y a n d 2 ,5 6 3 i n F e b r u a r y a y e a r a g o . L ia b ilitie s f o r F e b r u a r y a m o u n te d t o $ 8 4 ,9 0 0 ,1 0 6 , c o m p a r e d w i t h $ 9 6 ,8 6 0 ,2 0 5 f o r J a n u a r y , a n d w i t h $ 5 9 ,6 0 7 ,6 1 2 f o r F e b ru a ry , 1931. I n t h e s i x t h d i s t r i c t t h e r e w e r e 1 5 4 f a i l u r e s in F e b r u a r y , 1 8 8 in J a n u a r y , a n d 1 8 3 in F e b r u a r y l a s t y e a r , a n d lia b ilitie s f o r F e b r u a r y w e r e $ 3 ,4 0 9 ,7 4 2 , a d e c r e a s e o f 3 9 .2 p e r c e n t c o m p a r e d w i t h t h e t o t a l o f $ 5 ,6 0 8 ,1 0 7 f o r J a n u a r y , b u t 1 0 .4 p e r c e n t g r e a t e r t h a n t h e t o t a l o f $ 3 ,0 8 9 ,1 3 5 f o r F e b r u a r y , 1931. F o r t h e tw o m o n th s o f 1 9 3 2 , t h e r e h a v e b e e n 3 4 2 b u s in e s s f a i l u r e s i n t h e s i x t h d i s t r ic t , w i t h lia b i li t ie s a m o u n t i n g t o $ 9 ,0 1 7 ,8 4 9 , a d e c r e a s e o f 2 0 .1 p e r c e n t in n u m b e r , b u t a n in c r e a s e o f 1 6 .9 p e r c e n t in l ia b ilitie s , c o m p a r e d w i t h t h a t p e r io d o f 9 1 3 1 . W heat Corn __ Oats ----Barley —. Total Building and Construction Grain Exports—P o rt of New Orleans (Bushels) Feb. Feb. July 1 through Feb. 29 1932 1931 1931-32 1930-31 535,293 65,155 5,893,870 5,425,211 16,902 6,467 55,397 70,680 14,217 10,027 264,614 78,969 112,285 566,412 81,649 6,326,166 5,574,860 INDUSTRY G a in s w e r e r e c o r d e d i n F e b r u a r y s t a t i s t i c s o f b u ild in g p e r m i t s is s u e d a t t w e n t y r e p o r t i n g c itie s in t h e S ix th D i s t r i c t o v e r J a n u a r y , a lt h o u g h t h e y c o n tin u e le s s t h a n a t t h e s a m e tim e a y e a r a g o . T h e t o t a l v a lu e o f b u ild in g p e r m i t s is s u e d a t t w e n t y r e p o r t i n g c it i e s in t h e S ix th D i s t r i c t in F e b r u a r y i n c r e a s e d 3 1 .1 p e r c e n t o v e r J a n u a ry . T h e J a n u a r y to ta l w as, h o w e v er, th e s m a lle s t m o n th ly t o t a l in t h e s e r i e s w h ic h g o e s b a c k tw e lv e y e a r s , a n d t h e a m o u n t o f t h e i n c r e a s e in F e b r u a r y w a s o n ly $ 3 3 0 ,6 5 0 . T h e g a in o v e r J a n u a r y w a s s h a r e d b y a ll b u t s ix o f t h e r e p o r t i n g c itie s . T h e F e b r u a r y t o t a l w a s 2 7 p e r c e n t le s s t h a n f o r F e b r u a r y l a s t y e a r , a n d t h e f i r s t tw o m o n th s o f 1 9 3 2 s h o w a d e c r e a s e o f 3 1 .7 p e r c e n t c o m p a r e d w ith th o s e m o n th s l a s t y e a r . C o m p a ris o n s o f r e p o r t e d f i g u r e s a r e s e t o u t in t h e ta b le . City Num ber February 1932 1931 1932 Value F ebruary 1931 Alabama Anniston ________ 7 11 $ 3,350 172 Birm ingham ------177 72,007 20 36 16,621 Mobile ................... 85 75 Montgomery _____ 141,845 Florida 273 262 381,235 Jacksonville --------Miami __________ 198 188 68,004 27 71,500 Miami Beach ____ 30 42 8,835 Orlando ............ ....... 147 191 Tam pa .... .............. 47,698 5 2 2,740 '"L akeland ________ Georgia 197 292 103,190 A tlanta ................. A ugusta ................... 65 48 29,980 33 18 24,945 Columbus . ---------Macon ................. 168 0 41,990 18 23 17,175 Savannah _______ L ouisiana 76 New Orleans ----107 155,171 59 A lexandria ______ 48 19,584 Tennessee 131 C h a ttan o o g a ........... 221 29,831 5 Johnson City ----3 7,600 34 43 Knoxville _______ 34,252 99 124 120,168 N a sh v ille ................. Total 20 Cities-------- 1,844 1,909 $1,394,981 Index No------ --------12.4 ’''Not included in totals or index numbers. Percentage change in value $ 15,700 176,067 34,250 67,670 — 78.7 — 59.1 — 51.5 +109.6 124,570 118,803 130,347 27,875 116,022 1,100 +206.0 — 42.8 — 45.1 — 68.3 — 58.9 +149.1 282,971 34,680 12,865 0 32,840 — 63.5 — 13.6 + 93.9 291,615 17,254 — 46.8 + 13.5 129,300 1,050 44,004 253,240 $1,911,123 17.0 — 76.9 +623.8 — 22.2 — 52.5 — 27.0 + — 47.7 C o n t r a c t a w a r d s in t h e S ix th D i s t r i c t d u r i n g F e b r u a r y d e c lin e d 1.9 p e r c e n t f r o m t h e m o n th b e f o r e , a n d w e r e s m a lle r b y 7 2 .5 p e r c e n t t h a n in F e b r u a r y , 1 9 3 1 , a c c o r d in g t o s t a tis ti c s c o m p ile d b y t h e F . W . D o d g e C o r p o r a tio n a n d s u b d iv id e d in to d i s t r i c t t o t a l s b y t h e F e d e r a l R e s e r v e B o a r d ’s D iv isio n o f R e s e a r c h a n d S t a ti s t i c s . T h e d e c lin e f r o m J a n - 6 M O N T H L Y u a r y t o F e b r u a r y w a s c a u s e d b y a d e c r e a s e o f 2 0 .9 p e r c e n t in r e s i d e n t i a l c o n tr a c t s , a s o t h e r c la s s e s i n c r e a s e d 5 .6 p e r c e n t. C o m p are d w ith F e b r u a ry la s t y e a r, re s id e n tia l co n t r a c t s w e r e 4 0 p e r c e n t, a n d o t h e r c o n t r a c t s 7 6 .3 p e r c e n t, s m a lle r . F e b r u a r y c o n t r a c t s i n c r e a s e d o v e r J a n u a r y in A l a b a m a , F l o r i d a , M is s is s ip p i a n d T e n n e s s e e , b u t d e c lin e d in L o u is ia n a a n d G e o r g ia , a s i n d ic a te d i n t h e s t a t e c o m p a r is o n s s h o w n in t h e t a b l e . P a r t s o f t h e f i g u r e s f o r L o u is ia n a a n d M is s is s ip p i a p p ly t o o t h e r F e d e r a l R e s e r v e D is tr ic ts . February 1932 A labam a _ _.$1,145,600 F l o r i d a __ 1,492,200 Georgia — _ 1,169,500 L ouisiana . ... 922,200 Mississippi ... 1,042,100 Tennessee(6th dist.) 625,600 Ja n u ary Percentage F ebruary Percentage 1932 Comparison 1931 Comparison $ 708,200 4- 61.8 $2,898,100 —60.5 905,600 + 64.8 2,282,500 —34.6 2,342,500 — 50.1 4,012,800 —70.9 1,732,700 — 46.8 10,400,500 —91.1 195,200 4-433.9 1.907.300 —45.4 402,400 + 55.5 2.505.300 —75.0 T o ta l c o n t r a c t a w a r d s in t h e 3 7 s t a t e s e a s t o f t h e R o c k y M o u n ta in s d u r i n g F e b r u a r y a m o u n t e d t o $ 8 9 ,0 4 5 ,8 0 0 , a g a in o f 5 p e r c e n t o v e r t h e J a n u a r y t o t a l , b u t 6 2 .2 p e r c e n t s m a ll e r t h a n f o r F e b r u a r y l a s t y e a r . R e s i d e n t i a l c o n t r a c t s in F e b r u a r y w e r e 1 1 .2 p e r c e n t s m a lle r , b u t n o n - r e s i d e n t ia l b u ild in g w a s 9 .4 p e r c e n t g r e a t e r , a n d p u b lic w o r k s a n d u t i l itie s 1 7 .6 p e r c e n t g r e a t e r , t h a n in J a n u a r y . F o r t h e tw o m o n th s o f 1 9 3 2 , t o t a l c o n t r a c t s in t h e s e 3 7 e a s t e r n s t a t e s h a v e a m o u n t e d t o $ 1 7 3 ,8 4 4 ,2 0 0 , a d e c lin e o f 6 2 .5 p e r c e n t c o m p a r e d w i t h t h e t o t a l o f $ 4 6 3 ,3 6 1 ,5 0 0 f o r th o s e m o n th s of 1931. Lumber S o u t h e r n P i n e s t a t i s t i c s c o n tin u e t o sh o w t h a t p r o d u c ti o n o f lu m b e r is b e in g h e ld t o a le v e l m u c h b e lo w t h e v o lu m e o f b u s in e s s c u r r e n t l y b e in g b o o k e d b y r e p o r t i n g m ills. S in c e t h e t u r n o f t h e y e a r , h o w e v e r , o r d e r s r e p o r t e d b y i d e n t i c a l m ills h a v e i n c r e a s e d e a c h w e e k e x c e p t tw o , o v e r t h e w e e k b e f o r e , a n d p r o d u c ti o n h a s i n c r e a s e d in six w e e k s a n d d e c lin e d in f o u r . T h e r e w a s so m e b u y in g b y r a ilro a d s d u rin g th e l a t t e r p a r t o f F e b r u a ry , a c c o r d in g t o p r e s s r e p o r t s , a n d in q u ir i e s a r e b e in g r e c e iv e d f r o m o th e r s . R e ta i le r s , h o w e v e r, c o n ti n u e t o c a r r y o n ly m in im u m s to c k s , c o n f in i n g t h e i r p u r c h a s e s t o m ix e d c a r s o f i te m s a c t u a l l y n e e d e d f o r c u r r e n t r e q u ir e m e n t s . I n t h e t a b l e a r e s h o w n w e e k ly t o t a l s r e p o r t e d to t h e S o u t h e r n P i n e A s s o c ia tio n b y m ills w h ic h a ls o r e p o r t e d f o r th o s e w e e k s a y e a r a g o . F o r t h e f i v e w e e k s p e r io d o r d e r s a v e r a g e d 3 4 .3 p e r c e n t, a n d p r o d u c ti o n a v e r a g e d 4 8 .5 p e r c e n t, s m a lle r t h a n a t t h e s a m e tim e l a s t y e a r . D u r in g t h i s p e r io d o r d e r s w e r e b o o k e d b y th e s e m ills a v e r a g in g 4 4 p e r c e n t g r e a t e r t h a n t h e i r p r o d u c t i o n ; a t t h e s a m e tim e l a s t y e a r o r d e r s a v e r a g e d 1 2 .9 p e r c e n t g r e a t e r t h a n o u t p u t. Week Num ber E nded: of mills Feb. 6 __ 113 Feb. 13 __ 113 Feb. 20 __ 117 Feb. 27 __ 110 Mar. 5 ____ 117 Orders 1932 1931 21,294 37,874 23,919 40,796 29,526 42,757 27,006 40,706 30,471 39,215 Consumption of Cotton (In thousands of feet) Production 1932 1931 35,852 16,712 19,470 36,107 35,902 19,107 17,270 34,785 19,236 35,743 Unfilled orders 1932 1931 113,885 64,407 61,950 117,091 125,551 69,048 117,341 67,158 124,325 73,710 T h e a m o u n t o f c o tto n c o n s u m e d d u r i n g F e b r u a r y b y A m e r ic a n m ills i n c r e a s e d 3 .4 p e r c e n t o v e r J a n u a r y a n d w a s 3 .8 p e r c e n t g r e a t e r t h a n in F e b r u a r y l a s t y e a r . T h e i n c r e a s e f r o m J a n u a r y to F e b r u a r y in t h e c o tto n - g r o w in g s t a t e s , w h ic h a c c o u n t f o r m o r e t h a n 8 0 p e r c e n t o f t h e t o t a l A m e r ic a n c o n s u m p tio n , w a s 1 .8 p e r c e n t, w h ile t h e g a in in a ll o t h e r s t a t e s c o m b in e d w a s 1 0 .6 p e r c e n t. C o m p a re d w i t h c o n s u m p tio n in F e b r u a r y a y e a r a g o , h o w e v e r, t h e c o tt o n s t a t e s u s e d 6.9 p e r c e n t m o r e , a n d o t h e r s t a t e s u s e d 7 .6 p e r c e n t le s s , in F e b r u a r y t h i s y e a r . F o r t h e s e v e n m o n th s o f t h e p r e s e n t c o tt o n s e a so n , A u g u s t t h r o u g h F e b r u a r y , c o n s u m p tio n h a s a m o u n t e d t o 3 ,0 8 1 ,2 9 0 b a le s , a g a in o f 6.5 p e r c e n t o v e r c o n s u m p tio n d u r i n g t h a t p a r t o f t h e p r e v io u s s e a s o n . D u r i n g t h i s tim e c o n s u m p tio n in t h e c o tt o n s t a t e s h a s a m o u n t e d t o 2 ,5 2 3 ,3 0 7 b a le s , a n i n c r e a s e o f 9 .6 p e r c e n t o v e r t h a t p a r t o f t h e p r e c e d in g s e a s o n , w h ile c o n s u m p tio n in o t h e r s t a t e s d e c lin e d 5 .8 p e r c e n t f o r t h a t p e r io d . E x p o r t s o f c o tt o n d u r i n g F e b r u a r y in c r e a s e d 5 .6 p e r c e n t o v e r t h e m o n th b e f o r e , a n d w e r e m o r e t h a n d o u b le t h o s e in F e b r u a r y , 1 9 3 1 . F o r t h e s e v e n m o n th s p e r io d , e x p o r ts h a v e t o t a l e d 5 ,9 2 4 ,8 9 2 b a le s , a n i n c r e a s e o f 2 0 .6 p e r c e n t o v e r e x p o r ts d u r i n g t h e s a m e p a r t o f t h e p r e c e d in g s e a s o n . S to c k s o f c o tt o n d e c lin e d s o m e w h a t f r o m J a n u a r y to F e b r u a r y , b u t c o n tin u e d to b e m u c h l a r g e r t h a n a t t h e s a m e t im e a y e a r a g o . I n t h e c o tt o n s t a t e s t h e r e w a s a n i n c r e a s e o f 97,682i in t h e n u m b e r o f s p in d le s a c tiv e in F e b r u a r y o v e r t h e m o n th b e f o r e , b u t a d e c r e a s e o f 1 0 ,1 2 8 c o m p a r e d w ith R E V IE W F e b r u a r y a y e a r a g o , a n d in o t h e r s t a t e s t h e n u m b e r i n c r e a s e d 7 8 ,3 1 6 f r o m J a n u a r y to F e b r u a r y b u t w a s 5 9 8 ,1 5 8 s m a lle r t h a n in F e b r u a r y , 1 9 3 1 . C o m p a r is o n s f o r t h e m o n th a r e s h o w n in t h e t a b l e . U nited States (Bales) Feb. 1932 Ja n . 1932 Cotton Consumed: _________ ______________ L int . 450,018 435,337 L inters ....................................... .......... 52,764 50,241 Stocks in Consuming E stablishm ents: L in t ___ _________ ______________ 1,637,139 1,633,380 L inters ................................. .............. 281,289 262,226 Stocks in Public Storage and a t Compresses: L i n t _________ __________________ 9,510,690 10,032,322 Linters _____________ ___________ 52,969 51,404 Exports — ____ ,________________ 970,418 919,338 Im ports _________________________ 9,244 12,718 Active Spindles (N um ber)_________ 25,189,748 25,013,750 Cotton Growing States (Bales) Cotton C onsum ed_________________ 365,075 358,527 Stocks in Consuming Establishm ents 1,305,612 1,303,585 Stocks in Public Storage and a t Compresses _______ __________ 9,093,045 9,621,620 Active Spindles (N um ber)................... 17,008,576 16,910,894 O ther S tates (Bales) Cotton Consumed ______________ ___ 84,943 76,810 Stocks in Consuming E stablishm ents 327,768 333,554 Stocks in Public Storage and a t Compresses _________ _________ _ 417,645 410,702 Active Spindles (N um ber)_________ 8,181,172 8,102,856 Feb. 1931 433,376 53,687 1,550,351 273,573 7,313,912 92,046 432,980 11,165 25,798,034 341,439 1,155,589 6,913,013 17,018,704 91,937 394,762 400,899 8,779,330 I n t h e t h r e e s t a t e s o f t h i s d i s t r i c t f o r w h ic h f i g u r e s a r e c o m p ile d s e p a r a t e l y b y t h e C e n s u s B u r e a u , c o tt o n c o n s u m p t i o n i n c r e a s e d 3 .7 p e r c e n t in F e b r u a r y o v e r J a n u a r y , a n d w a s 5 .0 p e r c e n t g r e a t e r t h a n in F e b r u a r y l a s t y e a r . D a ily a v e r a g e f i g u r e s i n c r e a s e d 5 .8 p e r c e n t f r o m J a n u a r y t o F e b r u a r y , a n d w e r e 0 .8 p e r c e n t g r e a t e r t h a n f o r F e b r u a r y , 1 9 3 1 . C u m u la tiv e c o n s u m p tio n f o r t h e s e v e n m o n th s o f t h e c o tt o n s e a s o n in t h e s e t h r e e s t a t e s h a s a v e r a g e d 6 .1 p e r c e n t g r e a t e r t h a n in t h a t p a r t o f t h e s e a s o n b e f o r e , a s i n d ic a te d b y t h e c o m p a r is o n s s h o w n in t h e t a b l e . Bales Consumed F ebruary Ja n u ary F ebruary Aug. 1 through 1932________ 1932________ 1931_______ 1931-32 A labam a _____ 46,479 44,395 42,770 318,443 Georgia ...... . 76,922 74,368 74,156 536,011 11,208 Tennessee ____ 11,373 11,381 91,295 Total 3 States..-.i34^774“ 129,971 128,307 945,749 Feb. 29 1930-31 291,593 510,879 88,556 891,028 Cotton Manufacturing P r o d u c t io n o f c o tt o n c lo th b y m ills i n t h e S ix th D i s t r i c t r e p o r t i n g t o t h e F e d e r a l R e se rv e B a n k w a s g r e a te r in F e b r u a ry , f o r t h e t e n t h c o n s e c u tiv e m o n th , t h a n in t h e c o r r e s p o n d in g m o n th a y e a r a g o . F e b r u a r y o u t p u t o f c lo th w a s a ls o 2 .5 p e r c e n t g r e a t e r t h a n in J a n u a r y . S h ip m e n ts d e c lin e d , a s d id a ls o o r d e r s a n d u n f i ll e d o r d e r s , b u t s to c k s in c r e a s e d a n d n u m b e r o f w o r k e r s g a in e d 2 .8 p e r c e n t o v e r J a n u a r y . A ll r e p o r t e d i te m s sh o w i n c r e a s e s c o m p a r e d w i t h F e b r u a r y a y e a r a g o . P r o d u c t io n o f y a r n in t h is d i s t r i c t d e c lin e d s lig h tly in F e b r u a r y , a n d s h ip m e n ts w e r e s m a lle r , b u t o t h e r ite m s i n c r e a s e d o v e r J a n u a r y . D e c r e a s e s a r e s h o w n f o r a ll i te m s in c o m p a r is o n w i t h F e b r u a r y l a s t y e a r . Num ber of Mills Cotton Cloth: Production ................. Shipm ents ...... ............ Orders booked ____ Unfilled orders ___ Stocks on h an d ____ N um ber on payroll—. Cotton Y arn : Production ---- -----Shipments ________ Orders booked ____ Unfilled orders ____ Stocks on hand____ N um ber on payroll 17 16 12 14 15 16 11 10 5 7 9 Percentage change Feb. 1932, compared w ith Ja n . 1932 Feb. 1931 + 2.5 — 2.8 —35.0 — 9.5 + 1*1 + 2.8 — 0.2 — 7.8 4- 5.4 - - 4.5 —11.4 -- 2.0 -16.9 4- 5.0 -15.2 - 4.7 --12.4 — 0.3 — 3.0 — 8.9 —44.4 —12.9 —24.5 —11.5 Hosiery Statistics for 46 Identical Establishm ents in Sixth Federal Reserve D istrict Dozen P airs P ercentage Feb. 1932 Ja n . 1932 Comparison 848,517 + 4.7 888,177 Production ___ 804,044 765,742 + 5.0 Shipm ents ___ 1,736,532 1,666,288 + 4.2 Stock on hand~ 782,820 787,525 — 0.6 Orders booked „ 18,399 + 14.1 21,001 Cancellations 516,465 558,690 — 7.6 U nfilled Orders ______________ Cotton Seed T h e a m o u n t o f c o tt o n s e e d r e c e iv e d a n d and Cotton Seed c r u s h e d b y c o tt o n s e e d o il m ills i n G e o rg ia , Products A la b a m a , L o u is ia n a a n d M is s is s ip p i d u r i n g F e b r u a r y w a s g r e a t e r t h a n in J a n u a r y , a n d F e b r u a r y p r o d u c ti o n o f c r u d e oil, c a k e a n d m e a l, h u l ls a n d l i n t e r s b y t h e s e m ills a ls o i n c r e a s e d , c o n t r a r y t o t h e u s u a l M O N T H L Y s e a s o n a l t r e n d . R e c e ip ts o f c o tt o n s e e d in c r e a s e d 1 0 .3 p e r c e n t, a n d t h e a m o u n t c r u s h e d i n c r e a s e d 1 7 .6 p e r c e n t, o v e r J a n u a r y . O u t p u t o f c r u d e o il in c r e a s e d 1 5 .5 p e r c e n t, o f c a k e a n d m e a l 1 4 .5 p e r c e n t, o f h u lls 1 5 .2 p e r c e n t, a n d o f l i n t e r s 9 p e r c e n t, o v e r J a n u a r y . F e b r u a r y s to c k s o f s e e d , a n d o f l in t e r s , d e c lin e d f r o m J a n u a r y , b u t s to c k s o f o t h e r p r o d u c ts in c r e a s e d . F o r t h e s e a s o n , A u g u s t 1 t h r o u g h F e b r u a r y , d e c r e a s e s a r e s h o w n in t h e a m o u n t o f s e e d r e c e iv e d , a n d t h e a m o u n t c r u s h e d , b y t h e m ills i n t h e s e f o u r s t a te s , a n d i n o u t p u t o f c o tt o n s e e d p r o d u c ts , a n d in s to c k s o n h a n d , e x c e p t h u lls w h ic h a t t h e e n d o f F e b r u a r y w e r e tw o a n d o n e - h a lf t im e s a s l a r g e a s a y e a r a g o . F o r t h e c o u n t r y a s a w h o le i n c r e a s e s a r e s h o w n o v e r t h e p r e c e d in g s e a s o n i n r e c e i p t s a n d s to c k s o f c o tt o n s e e d , a n d i n p r o d u c ti o n a n d s to c k s o f c r u d e o il a n d h u lls , b u t p r o d u c t io n a n d s to c k s o f c a k e a n d m e a l a n d o f l i n t e r s h a s b e e n s m a lle r t h a n a y e a r a g o . I n t h e f i r s t tw o c o lu m n s o f t h e t a b l e a r e sh o w n c o m b in e d t o t a l s f o r G e o rg ia , A la b a m a , L o u is ia n a a n d M iss is sip p i, a n d in t h e l a s t tw o c o lu m n s a r e t o t a l s f o r t h e c o u n tr y a s a w h o le , c o m p ile d b y t h e U n ite d S t a t e s C e n s u s B u r e a u . Cotton Seed and Cotton Seed Products United States (*) Sixth D istrict Aug. 1 to Feb. 29 Aug. 1 to Feb. 29 1930-31 1931-32 1931-32 1930-31 Cotton Seed, Tons: 4,461,884 4,984,785 Received a t m ills ............ 1,546,108 1,728,834 4,127,823 4,077,408 Crushed ______________ 1,297,597 1,604,730 379,477 917,183 On Hand, Feb. 29..„....... 252,292 135,744 P ro duction: Crude Oil, lbs............. ..... 423,097,170 495,782.025 1,275,317,632 1,250,461,980 1,878,120 1,828,359 Cake and Meal, tons....... 562,979 703,528 1,142,438 1,149,108 Hulls, tons ___ ____ ___ 364,852 452,639 717,199 648,020 _______ 225,670 283,919 Linters, bales Stocks a t mills, Feb. 29: 69,519,554 Crude Oil, lbs_________ 26,101,643 27,365.259 89,609,470 362,688 230,677 Cake and Meal, to n s....... 81,156 129,711 132,341 219,406 Hulls, tons _______ __ 72,228 28,933 328,544 312,441 L inters, bales ......... -....... 99,050 103,300 (♦) Georgia, Alabam a, Louisiana and Mississippi. Electric Power P r o d u c t io n o f e le c tr ic p o w e r f o r p u b lic u s e in t h e s ix s t a t e s o f t h is d i s t r ic t , a c c o r d in g t o s t a t i s t i c s c o m p ile d b y t h e U n i t e d S t a t e s G e o lo g ic a l S u r v e y , d e c lin e d 3 .9 p e r c e n t f r o m D e c e m b e r t o J a n u a r y , a n d w a s 8 .4 p e r c e n t le s s t h a n in J a n u a r y a y e a r a g o . P r o d u c tio n o f p o w e r b y t h e u s e o f w a t e r p o w e r in c r e a s e d 4 .5 p e r c e n t f r o m D e c e m b e r t o J a n u a r y , b u t w a s 3 .5 p e r c e n t le s s t h a n a y e a r a g o , a n d p r o d u c ti o n b y t h e u s e o f f u e ls w a s 1 7 .7 p e r c e n t le s s t h a n in D e c e m b e r a n d 1 7 .2 p e r c e n t le s s t h a n in J a n u a r y , 1 9 3 1 . T h e p r o p o r t io n o f t h e t o t a l o u t p u t o f c u r r e n t p r o d u c e d b y w a t e r p o w e r w a s 6 7 .4 p e r c e n t in J a n u a r y , 6 1 .9 p e r c e n t in D e c e m b e r , a n d 6 4 .0 p e r c e n t i n J a n u a r y a y e a r a g o . C o n s u m p tio n o f c o a l in t h e p r o d u c tio n o f e le c tr ic p o w e r d e c r e a s e d 3 0 .2 p e r c e n t f r o m D e c e m b e r to J a n u a r y a n d w a s 2 7 .3 p e r c e n t le s s t h a n a y e a r a g o . C o n s u m p tio n o f f u e l o il a n d o f n a t u r a l g a s d e c lin e d 6.0 p e r c e n t a n d 1 8 .5 p e r c e n t, r e s p e c tiv e ly , f r o m D e c e m b e r, a n d 9 .0 p e r c e n t a n d 2 0 p e r c e n t, r e s p e c tiv e ly , f r o m J a n u a r y l a s t y e a r . C o m p a ris o n s f o r t h e m o n th a r e s h o w n i n t h e t a b l e . Ja n . 1931 J a n . 1932 Dec. 1931 Production of Electric Power in thou 495,949 472,738 454,106 sands of k. w. hours: T otal----------317,223 306.121 292,837 By use o f : W atar Power ........ .......... ...... 178,726 179,901 147,9S5 Fuels --------- ---------------- -Fuels Consumed in Production of Electric Pow er: 17,832 18,557 12,955 Coal—tons ............... .................... .......... 205,108 198,649 186,656 Fuel Oil—bbls. ______ _____________ 1.753,238 1,721,141 N atu ral Gas—000 cu. f t ...... ................ 1,401,948 N ote: Jan u ary figures prelim inary—December figures slightly revised. Bituminous Coal Mining P r o d u c t io n o f b itu m i n o u s c o a l in t h e U n i t e d S t a t e s i n c r e a s e d 0 .4 p e r c e n t, a n d t h e d a ily a v e r a g e o u t p u t in c r e a s e d 2 .5 p e r c e n t, i n F e b r u a r y o v e r J a n u a r y , a n d t o t a l o u t p u t w a s 1 0 .8 p e r c e n t, a n d d a ily a v e r a g e w a s 14 p e r c e n t, s m a lle r t h a n in F e b r u a r y , 1 9 3 1 . E s t i m a t e s b y t h e U n i t e d S t a t e s B u r e a u o f M in e s a r e s h o w n b e lo w . February, 1932 January, 1932 .. February, 1931 Total N um ber of Average per Production working working day (tons)_________ days__________ (to n s)__ _________ 28,013,000 24.8 1,130,000 _________ 27,892,000 25.3 1,102,000 _________ 31,408,000 23.9 1,314,000 P r o d u c t io n o f b i tu m i n o u s c o a l in A la b a m a a n d in T e n n e s s e e d e c lin e d f u r t h e r in F e b r u a r y , t h e a v e r a g e o f w e e k ly i g u r e s f o r A la b a m a b e in g 6 .0 p e r c e n t, a n d f o r T e n n e s s e e 7.4 p e r c e n t, le s s t h a n f o r J a n u a r y , a n d 3 4 .2 p e r c e n t f o r A la b a m a a n d 3 3 p e r c e n t f o r T e n n e s s e e , le s s t h a n a y e a r a g o . C o m p a ris o n s o f w e e k ly f i g u r e s a r e s h o w n in t h e t a b l e . R E V IE W 7 (In thousands of tons) United States Alabama Tennessee Week Ending: 1932 1931 1932 1931 1932 1931 7,833 181 260 69 90 February 6 _______ _______ 7,250 February 13 _______________ 6,626 8,215 169 263 61 97 February 2 0 _______________ 6,630 7,905 171 258 61 97 February 27 _______________ 6,332 7,455 161 259 61 90 March 5 _________________ 5,771 7,705 155 253 53 90 March 12 _______________ 8,067 8,371 _______ __ .... .... P ig I r o n P r o d u c t io n T o t a l p r o d u c ti o n o f p i g i r o n i n t h e U n ite d S t a t e s d u r i n g F e b r u a r y , a c c o r d in g t o s t a ti s t i c s c o m p ile d a n d p u b lis h e d b y t h e I r o n A g e , d e c lin e d le s s t h a n o n e p e r c e n t f r o m J a n u a r y , a n d w a s 4 3 .5 p e r c e n t le s s t h a n i n F e b r u a r y , 1 9 3 1 . B e c a u s e o f t h e s h o r t e r m o n th , h o w e v e r , d a ily a v e r a g e p r o d u c ti o n i n F e b r u a r y w a s 6 p e r c e n t g r e a t e r t h a n in J a n u a r y , a lt h o u g h 4 5 .4 p e r c e n t le s s t h a n i n F e b r u a r y a y e a r a g o . T h e r e w a s a g a in o f f o u r in t h e n u m b e r o f f u r n a c e s a c tiv e o n M a rc h 1, c o m p a r e d w ith th o s e a c tiv e a m o n th e a r l ie r , b u t a d e c r e a s e o f 4 3 c o m p a re d w ith t h e c o r re s p o n d in g t im e a y e a r a g o . A la b a m a p r o d u c ti o n o f p ig i r o n i n c r e a s e d 1 p e r c e n t, a n d t h e a v e r a g e d a ily o u t p u t in c r e a s e d 8 p e r c e n t, in F e b r u a r y o v e r t h e m o n th b e f o r e , a n d t o t a l p r o d u c tio n w a s 4 0 .9 p e r c e n t, a n d d a ily a v e r a g e 4 3 p e r c e n t, s m a lle r t h a n i n F e b r u a r y , 1 9 3 1 . T h e r e w a s am i n c r e a s e o f o n e in t h e n u m b e r o f A la b a m a f u r n a c e s a c tiv e o n M a rc h 1, b u t a d e c r e a s e o f 4 c o m p a r e d w i t h t h a t d a te l a s t y e a r . D u r i n g t h e f i r s t w e e k o f M a rc h t h e r e w a s a r e d u c t io n t o f iv e in t h e n u m b e r o f f u r n a c e s a c tiv e . P r e s s r e p o r t s in d ic a te t h a t b o t h s a le s a n d s h ip m e n ts o f A la b a m a i r o n w e r e s m a lle r i n F e b r u a r y t h a n in J a n u a r y , a n d b o o k in g s c o n tin u e i r r e g u l a r a n d sm a ll. M o s t o f t h e n e w t o n n a g e is s t i ll f o r im m e d ia te d e liv e ry . Q u o ta t io n s f o r d i s t r i c t b u s in e s s a r e m a i n t a i n e d a t $ 1 1 p e r to n . C o m p a r is o n s f o r t h e m o n th a r e sh o w n in t h e t a b l e , a n d in d e x n u m b e r s a p p e a r o n p a g e 8. United States: Feb. 1932 Jan. 1932 Feb. 1931 972,784 1,706,621 Production—tons __________________ 964,280 Average per day—tons........................... 33,251 31,380 60,950 •Active furnaces _____ _____ _______ 65 61 108 Alabama: Production—tons .................................... 90,882 89,981 153,900 Average per day—tons_____________ 3,134 2,903 5,496 ♦Active furnaces __ ________________ 7 6 11 ♦First of following month. N aval S to r e s F e b r u a ry re c e ip ts o f tu r p e n tin e a t th e th r e e p rin c ip a l m a r k e t s o f t h e d i s t r i c t d e c lin e d 2 7 .2 p e r c e n t f r o m J a n u a r y , w e r e 2 8 .9 p e r c e n t s m a lle r t h a n a y e a r a g o , a n d w e r e s m a ll e r t h a n i n F e b r u a r y o f a n y o t h e r y e a r s in c e 1 9 2 2 . R e c e ip ts o f r o s in , h o w e v e r , in c r e a s e d 3 .2 p e r c e n t f r o m J a n u a r y t o F e b r u a r y , a n d w e r e 8 .1 p e r c e n t l a r g e r t h a n in F e b r u a r y l a s t y e a r . F o r t h e s e a s o n , A p r il t h r o u g h F e b r u a r y , r e c e i p t s o f b o t h c o m m o d itie s h a v e b e e n s m a lle r t h a n f o r t h a t p a r t o f a n y o f t h e p a s t f o u r s e a s o n s . S to c k s o n h a n d a t t h e c lo s e o f F e b r u a r y w e r e l a r g e r t h a n a t t h a t t im e o f a n y o t h e r r e c e n t y e a r . P r e s s r e p o r t s s t a t e t h a t t h e e x p o r t m o v e m e n t o f r o s i n s in J a n u a r y w a s g r e a t e r t h a n in J a n u a r y o f a n y y e a r s in c e 1 9 1 3 . D u r i n g t h e l a t t e r p a r t o f F e b r u a r y t h e r e w a s so m e im p r o v e m e n t in t h e d e m a n d f o r b o t h t u r p e n t i n e a n d r o s in . E a r l y in M a r c h , a n n o u n c e m e n t w a s m a d e t h a t s to c k s w h ic h h a v e b e e n h e ld b y t h e c o - o p e r a tiv e m a r k e t i n g a s s o c ia tio n w o u ld n o t b e f o r c e d u p o n t h e m a r k e t b u t w o u ld b e m a r k e te d in a n o r d e r l y m a n n e r o n ly a s t h e p r i c e a n d d e m a n d w a r r a n t . T h is , t a k e n w i t h r e p o r t s o f t h e c u m u la tiv e e f f e c t s o f t h e lo n g d r o u g h t i n t h e n a v a l s t o r e s b e lt, r e s u l t e d i n a s t r e n g t h e n i n g in t h e p r i c e s o f b o t h c o m m o d itie s . Receipts—Turpentine (1) Feb. 1932 Jan. 1932 Feb. 1931 Savannah .................................... ........... 1,466 1,851 2,483 Jacksonville ______________________ 1,806 2,488 2,304 Pensacola ----------------------------------— 536 895 567 Total ................... ................. ................ 3,808 5,234 5,354 Receipts—Rosin (2) Savannah ________________________ 11,780 10,849 10,720 Jacksonville ______________________ 14,784 13,597 13,424 Pensacola ________________________ 2,975 4,168 3,178 Total _________________________ 29,539 28,614 27,322 Stocks—Turpentine (1) Savannah ________________________ 15,833 21,786 15,062 Jacksonville ______________________ 46,233 53,594 13,978 Pensacola ________________________ 24,613 25,701 29,162 Total __________________________ 86,679 101,081 58,202 Stocks—Rosin (2) Savannah _______________________ 183,515 205,310 161,747 Jacksonville ______________________ 176,093 192,806 104,316 Pensacola ________________________ 23,746 28,392 34,632 Total __________________________ 383,354 426,508 300,695 (1) Barrels of 50 gallons. (2) Barrels of 500 pounds. M O N T H L Y 8 R E V IE W MONTHLY INDEX NUMBERS T h e f o llo w in g i n d e x n u m b e r s , e x c e p t th o s e o f w h o le s a le p r ic e s , a r e c o m p u te d b y t h e F e d e r a l R e s e r v e B a n k of A t l a n t a m o n th ly . T h e i n d e x n u m b e r s o f r e t a i l a n d w h o le s a le t r a d e a r e b a s e d u p o n s a le s f ig u r e s r e p o r t e d c o n f id e n tia lly b y r e p r e s e n t a t i v e fir m s in t h e l in e s o f t r a d e s in d ic a te d , a n d t h e o t h e r s e r i e s o f in d e x n u m b e r s a r e b a s e d u p o n f ig u r e s r e p o r t e d t o t h e b a n k o r c u r r e n t l y a v a ila b le t h r o u g h t h e d a ily o r t r a d e p r e s s . T h e s e i n d e x n u m b e r s , e x c e p t a s i n d i c a t e d in t h e f o o t - n o te s , a r e b a s e d u p o n t h e m o n th l y a v e r a g e s f o r t h e t h r e e y e a r p e r io d 1 9 2 3 -2 5 a s r e p r e s e n t e d b y 1 0 0 . DEPARTMENT STORE TRADE 6th DISTRICT D e c. 1931 Jan. 1932 Feb. 1932 D ec. 1930 Jan . 1931 Feb. 1931 2 2 6 .3 1 1 5 .9 1 0 4 .5 1 3 1 .2 1 1 2 .7 1 1 5 .5 1 3 4 .0 1 0 9 .2 4 9 .6 5 3 .3 4 5 .6 5 7 .2 4 6 .4 5 9 .7 1 0 9 .1 5 4 .4 4 7 .5 5 7 .2 5 6 .7 5 2 .5 62 .1 2 7 0 .7 1 3 7 .9 1 1 2 .1 1 5 4 .0 1 3 5 .6 1 4 3 .8 1 5 2 .0 1 2 4 .8 6 3 .1 6 3 .8 6 5 .6 6 2 .9 6 5 .3 7 3 .6 1 1 7 .1 7 1 .4 4 9 .5 7 0 .2 5 9 .7 6 3 .3 7 2 .0 5 5 .5 3 8 .0 4 5 .0 3 2 .6 6 8 .8 4 2 .6 7 2 .4 4 9 .7 4 2 .2 2 8 .2 3 9 .6 3 4 .3 4 5 .5 5 2 .2 7 1 .4 4 0 .9 4 0 .9 3 4 .8 3 7 .5 4 9 .0 4 5 .9 5 7 .5 6 5 .9 4 1 .7 69 .1 4 3 .6 5 7 .8 4 9 .8 8 5 .4 6 0 .1 8 8 .3 6 2 .8 6 4 .8 3 9 .1 5 8 .8 4 9 .1 5 5 .7 5 8 .3 8 6 .0 5 8 .2 6 0 .3 4 3 .4 5 3 .1 6 0 .3 5 7 .7 8 2 .1 8 1 .8 5 6 .9 7 6 .7 1 1 5 .9 1 1 7 .3 9 3 .0 8 3 .7 9 8 .0 9 9 .5 6 4 .7 8 8 .5 8 3 .5 7 3 .1 5 9 .2 7 5 .3 7 5 .5 5 2 .7 7 1 .7 7 9 .3 7 1 .2 5 4 .3 6 9 .6 6 8 .3 9 2 .1 1 0 2 .7 1 0 8 .1 9 7 .0 9 8 .0 1 1 4 .8 1 0 3 .8 6 4 .9 7 1 .2 7 5 .3 7 9 .9 4 7 .5 8 1 .1 7 2 .6 6 4 .5 6 6 .8 7 6 .4 7 4 .9 5 2 .8 6 9 .1 6 9 .0 5.0 2 .0 1 6 .6 2 1 9 .8 7 .6 9 .5 2 0 .0 1 3 .7 3.9 9.3 1 5 .4 9 .3 9 .1 9 .5 6 .7 4 .9 4 6 .3 1 8 .9 1 2 .1 1 0 .3 1 2 .4 2 1 .2 8 .8 9 .2 3 6 .4 1 8 .6 1 0 .7 14 .1 2 0 .6 2 6 .3 1 2 .9 . 2 8 .7 8 .5 1 3 .1 1 6 .2 1 8 .3 1 1 .9 1 5 .1 3 9 .9 2 2 .7 1 4 .4 1 7 .0 9 .3 2 0 .0 1 5 .7 1 1 .5 1 9 .5 1 6 .3 9 .1 2 0 .5 1 6 .0 1 0 .8 4 0 .0 2 8 .3 1 1 .5 7 7 .1 5 0 .9 1 5 .2 8 6 .5 5 8 .0 6 8 .6 5 5 .7 69 .1 7 2 .3 7 9 .8 6 0 .8 6 8 .3 8 2 .2 7 5 .7 7 6 .1 7 8 .5 6 6 .8 6 7 .3 5 2 .8 6 4 .7 7 1 .7 7 9 .3 5 9 .9 6 7 .9 8 1 .8 7 4 .8 7 5 .7 7 7 .7 6 5 .6 6 6 .3 5 0 .6 6 2 .5 7 1 .3 7 8 .3 5 9 .8 6 8 .3 8 0 .9 8 3 .4 7 5 .5 7 7 :5 6 4 .7 7 9 .6 7 5 .2 8 2 .4 8 0 .3 9 1 .4 7 3 .7 7 4 .0 8 7 .9 8 4 .8 8 5 .6 8 8 .8 7 3 .5 7 8 .2 7 3 .1 8 0 .7 7 9 .0 8 8 .7 7 1 .3 7 3 .3 8 6 .9 8 3 .8 8 4 .5 8 8 .3 7 2 .2 7 6 .8 7 0 .1 7 8 .0 7 8 .3 8 6 .9 7 0 .9 7 2 .5 8 6 .5 8 2 .5 8 3 .3 8 8 .1 7 1 .5 8 1 .7 9 8 .6 9 6 .8 1 2 8 .1 1 2 7 .4 4 4 .8 1 9 2 .2 8 5 .6 1 0 2 .6 9 5 .4 1 2 9 .3 1 1 2 .6 4 8 .3 1 4 9 .6 8 8 .5 1 0 4 .5 9 8 .7 1 3 5 .2 1 1 4 .3 5 3 .4 1 5 7 .9 7 9 .9 9 2 .2 9 2 .1 1 1 4 .5 1 2 0 .8 5 2 .9 1 2 4 .6 8 9 .4 1 0 3 .0 9 8 .6 1 3 7 .5 1 2 8 .3 5 9 .3 1 0 1 .6 8 5 .3 9 7 .7 9 5 .2 1 2 4 .4 1 1 4 .3 5 8 .1 7 0 .4 U n ite d S t a te s .................................................... A l a b a m a ......-..................................... .................. 3 2 .8 3 4 .9 3 2 .6 3 8 .7 3 2 .3 3 9 .1 5 5 .8 5 8 .0 5 7 .4 6 4 .7 5 7 .1 6 6 .3 UNFILLED ORDERS—U. S. STEEL CORPORATION ....................................... 5 7 .3 5 5 .5 5 3 .3 8 2 .6 8 6 .5 8 3 .0 A t l a n t a ................................................................... B ir m in g h a m .......................................................... C h a tt a n o o g a ........................................................ N a s h v ille ................................................................ N e w O r l e a n s ........................................................ O t h e r C itie s .......................................................... D IS T R I C T ............................................................. WHOLESALE TRADE 6th DISTRICT G r o c e r ie s ................................................................ D r y G o o d s ............................................................. H a r d w a r e .....................j........................................ F u r n i t u r e ................................................................ E le c t r i c a l S u p p lie s .......................................... S t a t i o n e r y ............................................................. D r u g s ........................................................................ T O T A L ................................................................... LIFE INSURANCE SALES 6th DIST. A la b a m a .................................................................. F l o r i d a ..................................................................... G e o r g ia ................................................................... L o u is ia n a ................................................................ M iss is sip p i ............................................................. T e n n e s s e e ......................................... .................... T O T A L ..................................................................... BUILDING PERMITS 6th DISTRICT A t l a n t a ................................................................... B ir m in g h a m .......................................................... J a c k s o n v ille .......................................................... N a s h v ille ................................................................ N e w O r le a n s ........................................................ ( 1 5 ) O th e r C itie s ............................................. D IS T R I C T (2 0 C i t i e s ) .................................. CONTRACTS AWARDED 6th DISTRICT R e s id e n tia l ............................................................. A ll O t h e r ................................................................ T O T A L ..................................................................... WHOLESALE PRICES U. S. (* ) A L L C O M M O D IT IE S ..................................... F a r m P r o d u c t s .................................................. F o o d s ........................................................................ O th e r C o m m o d itie s .......................................... H id e s a n d l e a t h e r p r o d u c ts ..................... T e x tile p r o d u c ts .......................................... F u e l a n d l ig h t i n g .......................................... M e ta ls a n d m e t a l p r o d u c ts ..................... B u ild in g m a t e r i a l s ........................................ C h e m ic a ls a n d d r u g s .................................. H o u s e f u r n is h in g g o o d s .......................... M i s c e ll a n e o u s .................................................. COTTON CONSUMED U n ite d S t a te s ..................................................... C o tto n - G r o w in g S t a te s .................................. G e o r g ia ............................................................. A la b a m a ............................................................. T e n n e s s e e ........................................................ A ll O th e r S t a t e s .................................................. E x p o r t s ..................................................................... PIG IRON PRODUCTION: (*) C o m p ile d b y th e B u re a u of Lab or S t a t is t ic s . B ase 1926— 100.