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■HJUM — M .M U, O .. N 1 ..... ....... ■■-........... .nil. I.in T H ... . , .... .,|.,IH L Y .—Jig,! R E M l... - J IL IIH .i. -I...- ■ .1 V I E ■■ I 1 I 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 tr ic t F E D E R A L VOL. 16, No. 5 R E S E R V E B A N K O F A TLA N TA ATLANTA, GA., May 31, 1931. NATIONAL SUMMARY OF BUSINESS CONDITIONS. By Federal Reserve Board. Output of manufactures and employment at factories showed little change from March to April, and output of mines, which ordinarily de crease at this season, also remained unchanged. Wholesale prices con tinued to decline, and money rates eased further. Production and Industrial production, as measured by the Board’s Employment. seasonally adjusted index which covers both manu factures and mines, increased from 88 per cent of the 1923-1925 average in March, to 89 in April, compared with 82, the low point reached last December. Steel mill activity declined by con siderably more than the usual seasonal amount, while in the automo bile industry there was a larger than seasonal increase in output, ac cording to preliminary reports. Comsumption of cotton by domestic mills continued to increase, contrary to the usual seasonal movement, while there was a decrease in unfilled orders for cotton cloth, which was only partly seasonal in nature; comsumption of wool, which ordinarily declines in April, increased considerably; at silk mills activity declined. There were large increases in the output of petroleum and anthracite coal, while production of bituminous coal declined by about the usual seasonal amount. The number employed in factories at the middle of April was about the same as a month earlier. In car building shops and in establish ments producing machinery, employment decreased considerably, while in the automobile and cement industries there were seasonal increases, and in the fertilizer industry a larger than seasonal increase. Employ ment at textile mills declined by less than the seasonal amount, re flecting chiefly a slight increase in employment at cotton mills, and a small decrease in the clothing industry; at mills producing woolen and silk goods declines in employment were larger than usual. Factory payrolls declined somewhat in April. Value of building contracts awarded, which fluctuates widely from month to month, declined considerably in April, according to the F. W. Dodge Corporation, and decreases were reported in all the leading classes of construction. In the first four months of the year total awards de creased 26 per cent from the corresponding period of 1930, reflecting declines of 10 per cent for residential building, 17 per cent for public works and utilities, 25 per cent for educational building, 43 per cent for factories, and 57 per cent for commercial buildings. Distribution Freight car loadings showed about the usual seasonal increase in April. Department store sales increased 9 per cent from March, and the Board's index, which makes allowance for the usual seasonal variations including changes in the date of Easter, stood at 105 per cent of the 1923-1925 average, compared with 97 per cent in March. Wholesale Prices The general level of wholesale prices declined 1.6 per cent further in April, according to the Bureau of Labor Statistics. In the first half of May, prices of many leading commodities were reduced further, and for the six week period as a whole there were large declines in the prices of cotton, silk, and textiles; live stock and dairy products; cement, petroleum products, and nonferrous metals. Bank Credit Loans and investments of reporting member banks in leading cities declined by about $150,000,000 be tween April 1 and the middle of May, reflecting substantial liquidation in loans on securities and in all other loans, largely commercial. This liquidation of loans was offset in part by further large additions to the banks’ investments, which on May 13 were over $1,000,000,000 larger than at the beginning of the year. Volume of reserve bank credit de clined somewhat in the six weeks ending on May 16. Contrary to the usual seasonal tendency, there was some further increase in currency demand for the period, reflecting chiefly banking disturbances in the middle west. Gold imports continued in considerable volume and supplied the member banks with sufficient funds to meet the additional demand for currency, and also to reduce somewhat the amount of re serve bank credit outstanding. Money rates declined to new low levels during May. Rates on bankers acceptances, which had declined from If per cent in the middle of April to 1? per cent by the end of the month, were reduced to 7/8 per cent by the 19th of May. Rates on commercial paper de clined from a range of 2 \- 2 \ to a range of 2-2J per cent. At the reserve banks buying rates on bankers acceptances were re duced in April and the first half of May, and in May discount rates were also reduced, the rate at the Federal Reserve Bank of New York being lowered to 1§ per cent. PER CENT PER CENT 120 120 IrACTORY EM PLOYMENT AND PAYROLLS A 110 *.____________ Digitized Infor FRASER d e x n u m b e rs of p ro d u c tio n o f m a n u fa ctu re s a n d m in e ra ls co m b in e d http://fraser.stlouisfed.org/ a d ju ste d fo r se a son a l v a ria tio n s (1923-1925 average=100). La te st figu re A pReserve r il 89. Federal Bank of St. Louis Th is review released for publication in Sunday papers of May 31. A /Vv' 100 V 1 'ayroils i V \p f V Employment 100 ' 90 90 V A \\ r 60 B0 4s [j..... V 70 70 60 60 1927 1928 1929 1930 1931 In d e x n u m b e rs o f fa c to ry em p loym en t a n d p a y ro lls, w it h o u t a d ju s tm e n t fo r s e a so n a l va ria tio n s (1923-25 average - 100.) L a te st fig u r e A p r il E m p lo y m e n t 77.9 p a y r o lls 73.6. 2 M O N T H LY R E V IE W PERCENT PERCEN T 120 1928 1929 1930 1931 120 P R II C E S 110 110 100 100 90 90 60 80 70 70 60 1927 W H C ILES A LE 60 1927 1928 1929 1930 1931 M o nthly ra te s i n th e open m arket in New Y ork: com m ercial p ap er r a te o n 4-to 6 -m o n th p a p e r a n d acceptance r a te o n 90-day b a n k e rs’ acceptances. L a te st figures are averages of first 20 days in May._______________________ Index of U n ite d S ta te s B u re a u of L ab o r S tatistics. a d o p ted by b u reau ). L a te st figures A pril 73.3. SIXTH DISTRICT SUMMARY There were further seasonal gains in April in the volume of trade in this district, and in most of the series of figures indicating industrial activity, but a further decline in loans and discounts by weekly reporting member banks, and in discounts by the Federal Reserve Bank. Following an increase of about 26 per cent in March over February, department store sales registered a further gain of 8 per cent in April, but were 10.2 per cent less than in April last year. For the first four months of 1931 the decrease, compared with that part of 1930, also averages 10.2 per cent. Wholesale trade increased 0.2 per cent in April over March, but was 21.0 per cent less than in April a year ago. Total building permits issued during April at 20 reporting cities were more than double those in March, due to some large permits issued at New Orleans and Nashville, and for the first time in more than two years were greater than for the corresponding month a year ago. Residential contracts awarded in the district increased 24 per cent over March, but the total of all contract awards declined 28.5 per cent. For the first four months of 1931 contract awards have been 12.9 per cent smaller than in that part of 1930. Comsumption of cotton in the United States was 3.7 per cent greater than in March, and 4.4 per cent less than in April a year ago. Comsumption in Georgia increased 6.2 per cent, and in Alabama 3.6 per cent, over March, and in Georgia was 5.4 per cent, and in Alabama 3.3 per cent, less than a year ago. Produc tion by reporting cloth and yarn mills also increased further in April. Production of pig iron in Alabama increased 7.8 per cent, and the daily average output increased 11.4 per cent, over March, but was 20.3 per cent less than in April last year. Output of coal declined seasonally, and was less than a year ago. Weather conditions have afforded ample opportunity for farm work, but temperatures have averaged lower than usual and this has delayed germination of seed and growth of planted crops. Discounts by the Federal Reserve Bank declined slightly between April 8 and May 13, but holdings of purchased bills and securities in creased. A further decline in loans by weekly reporting member banks during this five week period was only partly offset by an increase in investments. Borrowings by these banks from the Federal Reserve Bank of Atlanta continued at a low level. Total discounts of this bank declined slightly between April 8, fig ures for which date were shown in the preceding issue of this Review, and May 13. Discounts secured by United States Government obliga tions have increased somewhat, but other discounts declined, and the total of May 13 was less than half that for the same report date a year ago. Holdings of bills bought in the open market declined during the second week of April but have since increased somewhat, and holdings of United States securities increased more than 8 millions of dollars during the two weeks ending May 13. Holdings of purchased bills on that date were substantially smaller, and those of United States securities larger, than at the same time last year. Total holdings of bills and securities on that date were 8.9 millions greater than five weeks earlier, and 10.2 millions less than a year ago. Total reserves, and Federal reserve note circulation, were less than on April 8, but greater than on May 14, 1930, and deposits were some what smaller than on either of those comparative report dates. Principal items in the weekly statement are shown comparatively in the table. FINANCE Reserve Bank The volume of reserve bank credit outstanding at Credit the Federal Reserve Bank of Atlanta as indicated by its total holdings of discounted and purchased bills and securities reached on April 15 a lower level, at 28.3 millions of dollars, than for any other weekly report date in six years. Between April 15 and May 13 there have been increases in holdings of purchased bills and of United States securities, so that the total holdings of bills and se curities on May 13 were 11.6 millions greater than at the low point April 15. Bills D isco u n ted : Secured by G ovt. O b lig a tio n s........ All O th ers............................................. T o ta l D isc o u n ts........................... Bills B o u g h t in open m a rk e t................ May 13. 1931 343 9,698 10,041 8,989 20,916 39,946 155,101 58,420 60,026 129,659 81.8 $ (1926—100. A pril 8. 1931 $ 291 10,954 11,245 7,034 12,753 31,032 169,855 60,874 62,579 131,770 87.4 base May 14. 1930 $ 1,437 23,498 24,935 16,405 8,833 50,173 148,662 64,465 65,815 125,851 77.6 Condition of Total loans and discounts of 25 weekly reporting Member Banks in member banks located in Atlanta, New Orleans, Selected Cities Birmingham, Jacksonville, Nashville, Chattanooga, Mobile and Savannah, continued to decline during the five weeks period between April 8 and May 13, the decrease being only partly offset by an increase in investments. Loans on securities declined $13,870,000 between April 8 and May 13, and were smaller by $39,897,000 than a year ago, and other discounts decreased $6,663,000 between April 8 and May 13 and were $48,709,000 less than on May 14 last year. Investment holdings of these banks, however, have continued to increase, and on May 13 were greater by $48,894,000 than on the same report date a year ago, the larger part of this gain being in hold ings of United States securities. Total loans and investments on May 13 were 14.5 millions less than five weeks earlier, and 39.7 millions smaller than a year ago. There were declines in both demand and time deposits compared with both April 8 this year and May 14 last year. Borrowings by these banks from the Federal Reserve Bank of Atlanta decreased to a new low level, at $592,000, on May 6, but increased to $1,056,000 M O N T H LY the following week, but were substantially less than at the same time a year ago. P r in c ip a l it e m s in 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 iv e ly b e lo w . (000 O m itted) May 13. L o an s: 1931 O n S ecu rities............................................... $115,318 All O th ers................................................. . 273,747 T o ta l L o a n s.......... ............................... 389,065 U. S. S ecu rities.................................................. 92,785 O ther Stocks a n d B o n d s................-........— 85,897 T o ta l In v estm en ts............................... 178,682 T o ta l L o an s a n d In v estm en ts-.............. 567,747 Time D ep o sits..................................................... 228,350 D em and D eposits.............................................. 310,020 D ue to B a n k s ..................................................... 117,417 D ue from B a n k s ............................................... 86,533 B orrow ings from F . R. B a n k ......................... 1,056 A pril 8. 1931 $129,188 280,410 409,598 87,393 85,275 17 582,266 231,284 310,619 123,135 95,451 1,160 May 14. 1930 $155,215 322,456 477,671 62,239 67,549 129,788 607,459 243,484 325,529 103,052 71,990 7,769 2,668 Deposits of All Member Banks Following a decline of 77 millions of dollars between February 1930 and January this year, the daily aver age of demand deposits of all member banks in the district has increased 10.5 millions in February and March. The March daily average was 0.9 per cent larger than that for February, but 10.8 per cent less than for March a year ago. Daily average time deposits of all member banks, which include savings deposits, de clined about 62 millions between May 1930 and February 1931, but increased 6.6 millions, or 1.7 per cent in March, and was 10.9 per cent less than for March last year. Changes over the past year are shown in the table. Tim e Deposits $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 D em and D eposits M arch.................................................................. $569,662,000 A pril....................................................................... 563,7 May...................................................................... .. 550,343,000 J u n e ....................................................................... 518,808,000 J u l y . - - .............................................................- 513,185,000 A u g u s t............................................................... .. 503,651,000 S eptem ber.......................................................- - 510,694,000 O cto b er............. ................................................ .. 511,050,000 Novem ber............................................................ ..512,420,000 Decem ber............................................................ .. 498,707,000 1930: 62,000 A p ril 1931 M arch 1931 F lo rid a —4 O itie s................................................. 125,233 135,078 Ja c k so n v ille ................................................... 66,560 71,049 M ia m i............................................................. 23,161 28,528 P e n sa co la ....................................................... 6,553 6,056 T a m p a .............................................................. 28,959 29,445 G eo rg ia—10 O itie s.............................................. 225,343 238,171 3,207 3,072 A lb a n y .............. -........................................... A t la n t a _________________ _____________________ 138,744 152,087 A u g u s ta ........................................................... 19,843 19,409 B r u n s w ic k ...................................................... 2,521 2,431 C o lu m b u s ....................................................... 10,987 10,763 752 E lb e r t o n .........................-............................... ....... 810 M acon ......................... .................................... 12,865 13,077 N e w n a n — ..................................................... 1,575 1,505 31,595 31,768 S a v a n n a h ..................... -............................... V a ld o s ta .................... -................................... 3,196 3,307 L o u is ia n a : N ew O rle a n s ............................... 255,977 262,914 M is s iss ip p i-4 C it ie s .......................................... 33,754 37,065 H a ttie s b u rg ................................................... 5,069 5,229 J a c k s o n ........................................................... 17,565 20,929 M e rid ia n ......................................................... 6,489 6,527 V ic k s b u rg ....................................................... 4,631 4,380 Tennessee—3 C it ie s ............................................ 135,951 138,633 C h a tta n o o g a ................................................ 39,610 39,731 K n o x v ille ......................................................... 22,109 23,011 N a sh v ille ......................................................... 74,232 75,891 T o ta l 26 O itie s..................................................... $935,587 397.942.000 388.008.000 394.622.000 J a n u a r y .................................................................497,490,000 F e b ru a ry ...............................................................503,634,000 M arch....................... ........................................... 508,016,000 Savings Deposits Total savings deposits held at the close of April by 63 banks located throughout the district averaged less than one per cent larger than for March, and less than one per cent smaller than for April a year ago. Increases at Atlanta, Jackson ville, Nashville and New Orleans were partly offset by decreases at Birmingham and “Other Cities”, while New Orleans reported the only increase over April last year except for a few banks included in the group for “Other Cities”. Comparisons for the month are shown in the table. _No. .of A pril Banks 1931 4 3 4 5 6 41 63 $ 40,528 21,045 18,283 32,741 51,868 82,295 246,760 P ercentage ch an g e—A pril 1931 com pared w ith : Mig31 arch A pril A pril M arch 1930 $ 39,699 21,046 18,205 31,851 51,342 82,870 245,013 $ 42,380 24,411 19,078 33,624 50,247 98,468 268,208 1930 1931 +2.1 - 0 .0 + 0.4 +2.8 +1.0 —0.7 +0.7 - 4.4 —13.8 — 4.2 — 2.6 + 3.2 —16.4 - 0.8 Debits to Individual Accounts The volume of business transactions settled by check during April, reflected in debits to individual accounts at clearing house banks in 26 cities of the district, de clined 3.1 per cent compared with March and was 20 per cent smaller than in April last year. Debits to individual accounts have always declined from March to April in this district, the aver age decrease at this period during the past ten years being 4.6 per cent. The April total is the smallest for any month since August last year, and with that exception, the smallest since August 1924. It was smaller than for any April since 1922. 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) A p ril 1931 M arch 1931 A lab am a—4 O itie s..................................................... $159,329 $153,684 B irm in g h a m ......................................................... 108,550 102,110 D o th a n ..................................................................... 2,601 2,726 M obile........................................................................ 29,170 32,085 Montgom ery......................................................... 19,008 16,763 A p ril 1930 $ 189,247 123,013 2,505 37,648 26,081 24,479 13,510 6,191 172,700 48,471 31,536 92,693 $1,169,953 A G R IC U L T U R E m o st of th e F lo r id a crops. T h e re h a s been m u ch re p la n tin g of sta p le cro ps because of co n d itio n s earlie r in the season a n d th e y are s t ill la te , b u t sta n d s are n ow fa irly good. T h e C it r u s cro p , w h ile n o t so fa v o r able as a y e a r ago, pro m ises to be b e tte r th a n the average of p a st y e a rs. T r u c k cro p s g e n e ra lly are la te a n d y ie ld s w ill average co n sid e ra b ly b elow n o rm al. O ran g e bloom w a s g e n e ra lly h e a v y. w as m ore u n e v e n a n d lig h te r. G ra p e fru it bloom In s e c t dam age is re p o rte d to be m ore th a n u su a l. P la n tin g of m o st fie ld cro ps w a s ab o u t fin ish e d b y M a y 1 in the so u th e rn a n d ce n tra l p a rts of G e o rg ia, w h ile fre q u en t r a in s a n d cool n ig h ts the la tte r p a rt of A p r il ch e ck e d p la n tin g in th e n o rth e rn p a rt of P ro sp e c ts fo r th e p e a ch crop in G e o rg ia are m u ch b e tte r th a n a y e a r ago, a n d th e co n d itio n is reported as g e n e ra lly good. A h e a v y crop of fru it w a s set in a ll sec tio n s a n d c ircu lio in fe cta tio n is the lig h te st in eleven y e a rs, due to the c o m p a ra tiv e ly low te m p e ratu re s d u rin g F e b ru a ry a n d M a r c h . Car lo t sh ip m e n ts are e stim a te d fo r th e season a t abou t 14,100 cars, com p a re d w ith 8,6 3 2 c a rs sh ip p ed d u rin g the 1930 season. L o u is ia n a cro ps are a ll rep o rted la te b u t w ere m a k in g good progress a t the beg inn in g of M a y . A b o u t 75 p e r ce n t of the to ta l rice sow ing th is season w as a cco m p lish e d b y M a y 1st, co m p ared w ith ab ou t 79 p er cen t a y e a r ago. th is season. C o n sid e ra b le re-sow ing of rice h a s been n ecessary Su g a r can e w as ab o u t fifteen d a y s la te r th a n u su a l, b u t field s are clean a n d w e ll cu ltiv a te d . (000 O m itted) $965,545 A p r il 1930 161,710 78,468 43,546 7,097 32,599 269,930 3,494 163,497 24,690 3,338 14,108 999 16,801 1,508 37,833 3,662 326,225 50,141 5,961 W e a th e r co n d itio n s d u rin g A p r il w ere on th e w hole fa v o rab le for the sta te a n d d e layed g ro w th elsew h ere. 1931: N ew O rle a n s. 3 R E V IE W C o o l w e ath e r h a s re ta rd e d germ i n atio n a n d gro w th of e a rly cro p s in M is s iss ip p i, a n d h a s affected w a te r m elon s a n d t ru c k cro p s in o th e r sta te s. P o tato e s B e ca u se of b e tte r y ie ld s th is y e a r th a n la st, a n d in creases in acreag e, e x cep t in F lo r id a , p ro d u ctio n of potatoes in th is d is tric t is e stim a te d to be g re a te r th a n it w a s in 1930. F ig u re s in the tab le sh ow th e acreag e, e stim a te d y ie ld per a cre , a n d e stim a te d p ro d u ctio n of p o tatoes th is y e a r com pared w ith sim ila r fig u res fo r 1930. Acreage 1931 1930 F lo r id a ----------A la b a m a ................ . . . G e o rg ia ................. L o u is ia n a ............. M ississip p i............ N o te : 1931 y ie ld an d Y ie ld P e r Acre 1931 1930 26,600 31,000 110 80 14,600 11,800 113 100 2,500 2,200 165 150 30,800 22,000 80 75 2,000 1,870 88 73 p ro d u ctio n fig u re s are estim ates. P ro d u ctio n 1931 3,140 1,650 412 2,464 176 1930 2,480 1,180 330 1,650 137 Fertilizer Statistics compiled by the National Fertilizer Association Tag Sales indicate that sales of fertilizer tags by state authorities declined in April compared with March, as they have done in other years, and continued to be less than for the corresponding month last year. The March peak was, however, much below the totals for March of the two previous years, and the decrease in April was proportionately smaller than occurred at the same time in those years. Cumulative sales of tags for the nine months period, August through April, for the six states of this district average 30.6 per cent less than for that period a year ago. Comparisons for the month, and for the nine months, are shown in the table. M O N T H LY 4 A pril 1931 A p r il 1930 A u g u s t-A p ril P ercen tag e 1930-31 1929-30 C o m p ariso n 165,250 29,796 148,904 12,065 72,470 51,176 194,950 30,397 191,828 10,691 86,436 66,025 407,550 345,160 670,303 95,373 186,120 112,937 636,050 379,978 888,117 182,795 384,511 147,885 —35.9 — 9.2 —24.5 —47.8 —51.6 —23.6 479,661 580,327 1,817,443 2,619,336 - 3 0 .6 S U G A R M O V E M E N T (P ou n d s) R e c e ip ts: A p r il 1931 M ar. 1931 A p r il 1930 N e w O rle a n s ............................... 155,674,347 118,625,980 195,267,302 S a v a n n a h - ................................. 41,104,937 55,096,436 53,204,312 M elting s: N ew O rle a n s ............................... 145,789,059 120,002,018 166,066,916 34,130,180 35,602,950 S a v a n n a h .................................... 50,242,489 S to c k s : N ew O rle a n s ............................... 53,938,392 44,301,545 105,988,479 S a v a n n a h .................................... 67,859,065 60,884,308 24,454,650 R E F I N E D S U G A R (P ou n ds) Sh ip m e n ts: N e w O rle a n s ............................... 123,407,952 74,329,575 135,428,004 S a v a n n a h .................................... 23,609,103 22,659,515 26,107,926 S to c k s: N ew O rle a n s ............................... 80,808,146 61,565,647 112,047,948 S a v a n n a h .................................... 17,482,050 19,188,279 29,870,992 R I C 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): A p r il 1931 M a rch 1931 A p r il 1930 R e c e ip ts............................................................... 24,707 12,307 5,162 S h ip m e n ts.......................................................... 20,847 17,694 10,773 S to c k s— ........................................................... 17,899 14,039 26,011 C le a n R ic e (P ockets): R e ce ip ts............................................................... 50,955 49,559 61,762 S h ip m e n ts.......................................................... 68,753 69,349 63,189 141,750 118,672 S to c k s....................................................... ........... 123,952 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) R e c e ip ts of R o u g h R ic e : A p r il 566,225 Seaso n 1930-31.........................-........................................ Seaso n 1929-30.................................................................... 145,638 D is t r ib u t io n of M illed R ic e : S easo n 1930-31.................................................................... 780,289 S eason 1929-30.................................................................... 686,342 S to ck s of R o u g h a n d M ille d R ic e : M ay 1. 1931........................................................................... 1,387,874 A p r il 1. 1931......................................................................... 1,561,252 M ay 1. 1930........................................................................... 1,394,421 A u g u s t 1 to A p r il 30 8,933,051 8,775,707 8,494,963 8,439,373 R E V IE W TRADE There was a further seasonal increase in the distribution of merchandise at retail in the sixth district during April, reflected in sales figures reported to the Federal Reserve Bank by 41 department stores in 23 cities of the district. Stocks on hand show a larger decrease than sales, however, compared with corresponding months a year ago, and the rate of stock turnover is higher than ii was a year ago. Department store sales in April averaged 8 per cent greater than in March, despite the fact that most of the Easter buying came in March, and were 10.2 per cent smaller than in April last year. The increase from March to April was shared by all of the cities shown in the ntatement except Birmingham, while the small increase of 0.5 per cent at Atlanta is the only gain reported over April last year. Cumulative sales for the first four months of 1931 also average 10.2 per cent smaller than during that period of last year. Stocks on hand declined 1.3 per cent from March, and were 17.3 per cent smaller than for April 1930. These comparisons are in dollar figures and make no allowance for any difference in prices. Accounts receivable at the end of April declined 1.9 per cent compared with March, and were 6.2 per cent smaller than a year ago, and [April collections increased 5.2 per cent over those in March, but were 5.7 per cent smaller than in April 1930. The ratio of collections during April to accounts receivable an<J due at the beginning of the month, for 33 firms, was 32.3 per cent, com pared with 30.2 per cent for March, and with 31.8 per cent for April last year. For April the ratio of collections against regular accounts for 33 firms was 34.7 per cent, the highest ratio since January J.930, and the ratio of collections against installment accounts for 12 firms was 17.9 per cent, the highest since October 1929. Detailed compari sons of reported figures are shown in the table, and index numbers ap pear on page 8. Retail Trade R E T A I L T R A D E I N T H E S I X T H D I S T R I C T D U R I N G A P R I L 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 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 a s h v ille (4)........ . N e w O rle a n s (5).. O th e r C it ie 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 + 0.5* — 8.5 —11.9 C o m p ariso n of N et Sa le s C o m p a riso n of S to c k s A p r il 1931 J a n . 1 to A p r il 30, A p r il 30. 1931. A p r il 30. 1931. ikT XSPiooi 1931. w ith th e sam e w it h w ith Mjarch 1931 perio d i n 1930 A p r il 30. 1930 M arch 31.1931 +13.7 — 6.3 +13.6 + 3.1 +14.1 + 3.8 -0.4 - 1 3 .7 — 15.2 —19.6 —11.8 - 1 2 .8 —16.1 —18.9 —13.0 —12.6 —19.5 —10.2 + 8.0 -10.2 —17.3 is th e r a tio of sales d u rin g given perio d to average sto ck s on h a n d . -11.2 —13.5 - 1 0 .3 - 1 4 .6 Wholesale Trade There was a further fractional increase in the volume of wholesale distribution in the sixth district in April as compared with March. Wholesale trade declined e a c h month from the fall peak in October through February, and in March increased 9.6 per cent over February. The gain in April over March was only 0.2 per cent, and April sales were 21.0 per cent smaller than in April last year. The small increase in total volume over March is due to gains reported in sales of dry goods, hardware and shoes, the other five lines reporting decreases. Stocks and accounts receivable for April declined from March and were smaller than a year ago, and collections increased 1.7 per cent over those in March but w ere 24.5 per cent smaller than in April last year. Cumulative sales for the first four months of the year averaged 25.8 per cent less than in that period of 1930, the comparison for each line being indicated in the figures below. These comparions are all of dollar figures and make no allowance for the difference in the prevailing level of prices. P ercen tag e com p arison of sales J a n u a r y - A p r il 1931 com pared w it h sam e perio d i n 1930 G ro ce rie s........................................ —23.3 D r y G o o d s ..................................... —29.4 H a rd w a re ....................................... —29.8 —28.1 F u r n it u r e ...................................... E le c t r ic a l S u p p lie s.................... —27.1 Sh o es............................................... —32.6 S ta tio n e ry ..................................... +2.5 D ru g s ............................................... —17.3 T o t a l.......... .*................. -2 5 .8 R a t e of S to c k T u rn o v e r + 1.9 + 1.7 —12.9 + 0.6 — 1.5 — 1.7 — 1.3 A p r il 1930 A p r il 1931 IO CO A p r il 1931 w ith A p r il 1930 .42 .22 .18 .24 .21 .23 .24 .21 .18 .24 .19 .20 .22 J a n . 1 t o A p r il 30. 1930 19“ 1.24 .78 .69 .85 .68 .72 .81 W H O L E S A L E T R A D E I N A P R I L 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 (*) P e rce n ta g e c h an g e A p r il 1931 com pared w it h : L in e , item a n d a re a : N o . of firm s M arch 1931 A p r il 1930 ------------ — — --------------------------------------------- — — ---------------------------------------------------------------------- -— __t------------- A l l L in e s C o m b in e d : S a le s ................... ......................... . .. 125 29 57 62 + — — + 0.2 4.0 0.6 1.7 T2 1 .0 -i—19.2 +13.5 4-24.5 28 4 4 5 3 12 4 13 14 — + — + — — — 1.1 5.5 5.0 1.4 0.4 0.4 3.8 1.4 3.4 -20.3 -27.1 +16.0 •18.6 -24.0 -20.7 - 1 6 .3 -+-10.8 -f-23.9 23 3 3 3 14 12 13 14 + + + + + — — + 2.5 3.6 0.8 8.2 0.7 4.5 0.5 8.0 +21.1 -32.7 + 39.4 -28.2 +12.7 -1-31.7 -20.2 + 24.4 29 3 3 4 5 14 9 16 18 + 5.2 + 5.3 + 5.8 +22.5 — 1.1 + 2.3 — 3.7 — 0.4 + 7.8 —24.4 — 8.1 - 1 5 .5 -22.1 -36.9 -20.6 -11.6 h- 6.9 -24.1 G ro c e rie s: ... A t la n t a ............ J a c k s o n v ille .. N e w O r le a n s .. V ic k s b u rg _____ 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 ........ B irm in g h a m . N a s h v ille ........ H a rd w a re : S a le s..................... . .. A t la n t a ............ M obile..^ ........ . N a s h v ille ______ N e w O r le a n s O th e r C it ie s ... S to c k s o n h a n d .. M O N T H LY W H O L E S A L E T R A D E IN A P R I L 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 (*) P e rce n ta g e ch an g e J u ly 1931 com pared w it h : L in e , item a n d a re a : N o. of firm s M arch 1931 A p r il 1930 F u r n it u r e : S a l e s .. . ..................................................... A t la n t a .............................................. O th e r O itie s.................................... Sto ck s o n h a n d .................................... A c c o u n ts receivable............................ C o lle c tio n s ............................................. E le c t r ic a l S u p p lie s: S a le s.......................................................... A t la n t a ............................................. N ew O rle a n s .................................. O th e r O itie s.................................. . S to c k s on h a n d ............. ..................... A c c o u n ts re ceivab le ........................... C o lle c tio n s .............................................. D ru g s : S a le s ................................................. ......... A c c o u n ts re ceivab le........................... C o lle c tio n s ............................................. Sh o es: S a le s .......................................................... S ta tio n e ry : S a le s ....................................................... . 13 5 8 4 8 7 - 1 3 .0 +4.9 - 1 7 .2 — 5.0 + 0.5 — 3.7 - 2 2 .2 — 9.2 - 2 5 .4 —35.3 —27.7 —33.5 17 3 5 9 x 3 4 — 1.9 +2.5 +7.4 - 1 5 .7 x — 1.1 +1.0 —19.7 — 6.6 —24.8 -2 5 .0 x —18.6 —34.9 8 4 5 — 1.3 — 0.9 — 2.4 —14.6 —10.9 —15.6 3 +14.8 - 2 2 .1 4 — 9.7 — 1.1 *B ased u p o n c o n fid e n tia l rep orts from 125 firm s. L if e T h e r e w a s a fu rth e r in cre a se of 9.7 p er cen t in the v o lu m e In su ra n c e of new , p a id -fo r, o rd in a -y life in su ra n c e sales in th is d is t r ic t in A p r il com f a re d w ith M a r c h , b u t a d ecrease of 20.7 p e r cent c o m p a re d w ith A p r il 1930. F o r th e fir s t fo u r m o n th s of 1931 t o ta l sales h a v e been 25.1 per cent less th a n in t h a t p e rio d la st y e a r. F ig u re s co m p ile d b y th e L if e In su ra n c e S a le s R e s e a rc h B u re a u fo r the sta te s of th is d is t r ic t a re sh o w n in th e tab le. (000 O m itted) A p r il 1931 M ar. 1931 A la b a m a ............................................................... - $ 4,957 F lo r id a ..................................................... ............... 5,945 G e o rg ia ................................................ .................... 8,911 L o u is ia n a ................................................................ 6,494 M ississip p i................................. .................... ......... 2,662 Te n n e sse e ................................................................ 8,530 A p r il 1930 $ 4,551 5,397 8,322 5,262 2,921 7,716 T o t a l.......... -.....................................................$37,499 $ 6,063 7,163 9,935 8,257 4,032 11,824 $34,169 $47,274 C o m m e rc ia l S t a tis t ic s co m p ile d b y R . G . D u n & C o . in d ica te th a t F a ilu r e s there w ere 2,383 b u sin ess fa ilu re s in th e U n it e d S ta te s d u rin g A p r il, c o m p a re d w ith 2 ,604 in M a r c h , a n d w ith 2 ,198 in A p r il la s t y e a r , a n d lia b ilitie s fo r A p r il a m o u n te d to $50,86 8 ,1 3 5 , c o m p a re d w ith $ 6 0 ,386,550 fo r M a r c h , a n d w ith $49,059,308 fo r A p r il 1930. I n th e S ix th D is t r ic t th ere w ere 121 fa ilu re s in A p r il, 174 in M a r c h , a n d 96 in A p r il la s t y e a r, a n d lia b ilitie s fo r A p r il w ere $2,117,635, s m a lle r b y 3 6 p e r ce n t th a n th e to ta l fo r M a r c h , b u t 8.3 p e r cen t g reater th a n fo r A p r il a y e a r ago. C u m u la tiv e fig u res fo r th e fir s t fo u r m o n th s of 1931 a m o u n t to 723 in n u m b e r, a n d $13,204,471 in lia b ilitie s , co m p a red w ith 532 in n u m b e r a n d $9,935,153 in lia b ilitie s fo r th a t p e rio d of 1930. G R A I N E X P O R T S - N e w O rle a n s A p r il 1931 W heat.......................................... 268,469 C o m ............................................. 6,912 O a ts .............................................. 10,312 B a r le y .......................................................... R y e .............................................................. . T o t a l..................................... 285,693 (B u sh els) A p r il 1930 J u ly 1 to A p r il 30, 1931 1930 585,236 6,045,530 14,228 85,059 17,148 108,938 65,000 ---------........................................ 7,642,134 456,912 515,125 68,336 26,393 681,612 8,708,900 6,239,527 IN D U S T R Y B u ild in g and T h e v a lu e of b u ild in g p e rm its issu e d a t 20 re p o rtin g C o n stru ctio n c itie s in th e s ix th d is t r ic t in cre a se d f u rth e r in A p r il, a n d fo r th e f ir s t tim e in m ore th a n tw o y e a rs , show ed a n in cre a se o ver th e corresp on d in g m o n th a y e a r ago. T o t a l c o n tra c t a w a rd s, h o w ever, d e clin ed , b u t re sid e n tia l c o n tra c ts in creased . T o t a l b u ild in g p e rm its issu ed d u rin g A p r il a t these 20 rep o rtin g citie s a m o u n te d to $5,1 4 8 ,4 2 5 , m ore th a n double the to ta l fo r the p reced in g m o n th , a n d 2 8.6 p e r ce n t g re a ter th a n the to ta l fo r A p r il 1930. p r il to ta l is la rg e r th a n fo r DigitizedA for FRASER The a n y m o n th sin ce J u ly la st y e a r, a n d w ith 5 R E V IE W the exception of that month and March 1930, was the largest monthly total in about a year and a half. There were some large projects in cluded in the April total, among them being a $1,000,000 Medical Arts Building, a $400,000 school building, a hospital and a Government building, all in New Orleans, a hospital and nurses’ home at Nashville to cost $400,000, and an addition to a hotel at Macon. Cumulative totals of permits for these reporting cities for the first four months of 1931 amount to $11 329,808, a decrease of 36.3 per cent compared with the total of $17,786,764 for that period of last year. Comparisons for the month are shown in the table, and index num bers appear on the last page of this Review. N um ber A p ril V alu e> A p ril Percentage change 1931 Alabama: 1931 1930 1930 in value Anniston.............. 25 $ 23,010 $ 36,925 17 — 37.7 389 Birmingham.......... 226 391,113 325,106 + 20.3 Mobile.................. 44 49 55,154 78,786 — 30.0 Montgomery......... 95 136 71,265 117,033 — 39.1 Florida: 334 314 236,695 Jacksonville.......... 254,640 — 7.0 Miami................... 373 390 254,114 247,000 + 2.9 58 Orlando.......... — 61 18,370 50,625 — 63.7 78 48,126 96 Pensacola............. 115,420 — 58.3 272 71,740 Tampa.................. 301 66,901 + 7.2 9 10 2,990 •Lakeland...... ...... 1,600 + 86.9 56 43 173,245 *Miami Beach..... . 354,954 - 51.2 Georgia: 364 339 245,083 Atlanta.......... ...... 876,241 — 72.0 143 38,413 Augusta............... 60 123,457 — 68.9 41 39 Columbus............. 25,395 101,399 — 75.0 263 243 251,396 Macon..... ............ 56,527 +344.7 18 22 Savannah............. 36,550 36,620 — 0.2 Louisiana: 134 2,674,204 New Orleans......... 123 283,683 +842.7 Alexandria........ . 68 80 16,775 58,344 - 71.2 Tennessee: 351 Chattanooga......... 267 94,366 451,836 — 79.1 9 5,425 Johnson City........ 10 14,875 — 63.5 67 106 75,819 Knoxville.............. 225,360 — 66.4 Nashville.............. 195 234 515,412 481,762 + 7.0 Total 20 Cities................ 2,985 3,449 $5,148,425 $4,002,540 +~28~.Q Index No...................... 45.8 35.6 *Not included in totals or index numbers. There was a decline of 28.5 per cent in total contract awards in this district in April compared with Marcji according to statistics com piled by the F. W. Dodge Corporation and subdivided into district figures by the Division of Research and Statistics of the Federal Re serve Board. The April total was $14,445,124, compared with $20188,876 for March, and with $21,745,165 for April last year. Residential contracts in this district have increased each month since the low point in December, when they amounted to only $1,516,000. For April they amounted to $3,948,190, an increase of 24.3 per cent over those for March, and the largest amount for any month since June last year. Residential contracts in April accounted for 27.3 per cent of the total, the largest percentage since April of last year. Cumulative totals for the first four months of 1931 for this district amounted to $72,848,617, a decrease of 12.9 per cent compared with the total of $83,602,684 for the corresponding part of 1930. Total contracts awarded during April in the 37 states east of the Rocky Mountains amounted to $336,925,200, compared with $370,406,300 for March, and with $482,876,700 for April last year. Of the April total, residential building accounted for $95,896,400, non-resi dential building for $108,035,600; and public works and utilities for $132,993,200. Cumulative totals for these 37 states for the first four months of 1931 amount to $1,170,268,000, compared with $1,580023,900 for that part of 1930. Lumber According to press reports conditions in the lumber indus try in the South have not changed materially during the past month or more. Prices have held at about the same levels, but are reported to be unprofitable to producers. Some improvement in demand is observed in some localities, but buying is reported to be in spurts, and the yard trade demand continues backward. Retail yard stocks are reported to be small but dealers are slow to replenish them until a more active consumer demand develops. Production by mills reporting weekly to the Southern Pine Associa tion continues to be less than orders. In the table are shown com parisons of weekly figures for mills which reported for the same weeks a year ago. During this six weeks period orders have averaged 2.3 per cent larger than production. Unfilled orders have averaged some what less than three weeks production Orders have averaged 23 per cent less than those booked by these mills during the corresponding 6 M O N T H LY weeks last year, and production and unfilled orders have averaged 35 per cent smaller than a year ago. (In th o u s a n d s of feet) N um ber O rders P ro d u c tio n Week E n d e d : of Mills 1931 1930 1931 1930 A pril 4____116 A pril 11-— 121 A pril 18— 123 A pril 25— 114 May 2..........118 May 9..........116 36,372 31,710 37,548 37,821 39,018 31,836 42,883 45,663 49,246 47,720 49,192 42,650 32,413 36,180 39,369 36,207 34,072 31,217 51,813 53,813 56,760 55,104 53,648 50,313 U nfilled O rders 1931 1930 107,079 102,942 102,375 99,267 100,170 93,597 159,898 160,967 160,383 154,609 155,658 144,736 Consumption Statistics compiled by the United States Census Bureau Of Cotton show that the consumption of cotton by mills in the United States increased further in April, and was the largest since April last year, and the number of spindles also increased and was the largest since June. April consumption of cotton totaled 508,744 bales, 3.7 per cent greater than in March, but 4.4 per cent less than in April 1930. Stocks in consuming establishments declined 7.3 per cent from March to April, and were 17.6 per cent smaller than a year ago, and stocks in public storage and at compresses decreased 9.2 per cent compared with March but were 65.9 per cent greater than for April 1930. Exports declined seasonally in April, but were 12.1 per cent greater than in April last year. The number of spindles active in the Unites States increased by 155,572 in April over March, but was smaller by 2,205,708 than in April 1930. Cumulative consumption for the nine months of the cotton season, August through April, has amounted to 3,899,272 bales, a decline of 19.6 per cent compared with the total of 4,848,298 bales con sumed during that period a year ago, and exports for the nine months period have totaled 5,901,595 bales, 3.6 per cent loss than the total of 6,120,526 bales for that part of the preceding season. Cunsumption in Georgia during April amounted to 90,934 bales, an increase of 6.2 per cent over March, but 5.4 per cent less than in April last year, and in Alabama April consumption was 49,384 bales, 3.6 per cent larger than in March but 3.3 per cent smaller than in April 1930. For the nine months period Georgia consumption has been 19 per cent, and Alabama consumption 14.7 per cent, less than during that part of the preceding season. Detailed comparisons of the Cen sus Bureau figures are shown in the table. UN ITED STATES (Bales) O o tto n C onsum ed: A pril 1931 M arch 1931 L in t.................................................. 508,744 490,586 L i n t e r s . . . ....................................... 66,807 62,771 S tocks in C o n su m in g E sta b lish m e n ts: 1,370,044 1,477,758 L in t ................................................. L in te rs............................................ 290,883 292,955 Stocks in P u b lic Storage a n d a t Compresses: L in t ................................................ 6,034,296 6,642,648 Lintsers............................................ 86,767 81,661 E x p o rts :............................................... 391,871 605,461 Im p o rts.................................................. 17,257 10,266 Active S pindles (N um ber)................ 26,645,404 26,489,832 COTTON GROW ING STATES (Bales) O o tto n C onsum ed.............................. 390,418 383,552 Stocks in C o nsum ing E sta b lish m en ts— . ........................................ 1,001,380 1,089,981 S tocks in P u b lic S torage a n d a t presses............................................. 5,632,775 6,238,059 Active S pindles (N um ber)................ 17,110,202 17,143,512 OTHER STATES (Bales) O o tto n C onsum ed......... ............ — . 118,326 107,034 Stocks in C o n su m in g E sta b lish m en ts— ........................................ 368,664 387,777 Stocks in P u b lic S torage a n d a t Compresses.................................... 401,520 404,589 Active S pin d les (N um ber)................ 9,535,202 9,346,320 P e rce n ta g e c h a n g e N o. of A p r il 1931 com pared w it h : O o tto n C lo t h : M ills M arch 1931 A p r il 1930 P ro d u c tio n .......................... -.................. 14 + 5.7 — 2.6 S h ip m e n ts -............................................ 13 +1.4 + 0.6 O rd ers b o oked........................................ 8 —39.8 —52.3 U n fille d orders...................................... 11 — 4.7 —16.9 Sto ck s on h a n d ...................................... 11 +2.5 — 14.4 N u m b er on p a y ro ll.......... ................... 13 — 5.4 —13.7 O o tto n Y a m : 7 +2.7 + 0.3 P ro d u c tio n ............................................... S h ip m e n ts ................................................. 7 +5.8 +14.2 O rd e rs bo oked........................................ 4 —22.2 + 0.3 U n fille d ord e rs....................................... 6 — 0.5 +34.6 Sto ck s on h a n d ...................................... 6 +24.1 +21.3 N um b er on p a y ro ll............................... 6 —11.9 —14.3 H O S I E R Y S T A T I S T I C S F O R 42 I D E N T I C A L E S T A B L IS 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 A p ril 1931 M arch 1931 C o m p ariso n P ro d u c tio n ................................................... S h ip m e n ts ..................................... .............. S to c k o n h a n d ........................................... O rders b o oked -..................................... C a n c e lla t io n s ............................................. U n fille d o rd ers........................................... 1,662,215 239,485 3,637,046 103,066 349,762 67,397 28,851,112 412,232 1,223,136 3,381,769 17,783,926 119,679 439,079 255,277 11,067,186 831,835 862,512 1,506,816 795,200 26,180 623,143 788,341 826,644 1,472,452 847,107 13,791 716,635 + 5.5 + 4.3 + 2.3 - 6.1 +89.8 —13.0, Cotton S e e d T h e r e h a s been a co n tin u e d d e clin e in a c t iv it y of co t- P ro d u c ts ton seed o il m ills in t h is d is tr ic t d u rin g re ce n t m o n th s as th e co tto n season progresses. The am ount of cotto nseed rece iv e d b y these m ills d u rin g A p r il d e crea se d b y a b o u t tw oth ird s a s com pared w ith M a r c h , th e a m o u n t cru sh e d d e clin e d s u b sta n tia lly , a n d o u tp u t of cotto nseed p ro d u c ts w a s also co n sid e ra b ly sm a lle r. C u m u la tiv e fig u res fo r the n in e m o n th s of th e se aso n , A u g u s t th ro u g h A p r il, sh ow th a t the a m o u n t of cotto nseed re ce iv e d b y m ills in t h is d is t ric t w a s s lig h tly la rg e r t h a n d u rin g th a t p e rio d of th e p recedin g season , a n d the q u a n tity cru sh e d in cre a se d b y 4.6 p e r ce n t. P ro d u c tio n of cru d e oil, cak e a n d m eal, a n d h u lls w a s g re a te r th a n for th e p re v io u s season, b u t p ro d u ctio n of lin te rs d ecreased 7.2 p e r c e n t. S to c k s of cru d e oil, a n d of h u lls, h e ld b y th e m ills a t th e e n d of A p r il w e re sm a lle r th a n a y e a r ago, a n d sto ck s of c a k e a n d m e al a n d of lin te rs w ere la rg e r. F o r th e c o u n try a s a w h o le, p ro d u ctio n h a s been sm a lle r th is season t h a i la st, a n d sto ck s of cru d e oil a t th e e n d of A p r il w ere s m a lle r, b u t sto ck s of o th er p ro d u c ts la rg e r th a n a y e a r ago. C o m b in e d to ta ls fo r G e o rg ia , A la b a m a , L o u is ia n a a n d M is s is s ip p i are show n co m p a ra tiv e ly in th e fir s t tw o co lu m n s of th e ta b le , a n d to ta ls for the co u n try as a w h o le are sh o w n in th e la s t tw o c o lu m n s. A pril 1930 531,911 67,454 Cotton There were increases in production and shipments Manufacturing in April over March by mills producing cotton yarn and cotton cloth reporting to the Federal Reserve Bank of Atlanta. Orders booked during April declined, however, and unfilled orders were reported less than a month earlier, and stocks increased. Compared with April last year shipments of cotton cloth showed a slight gain, but other items showed decreases, but all items reported by yarn mills showed increases except the num ber of workers on payrolls. Reported figures indicate larger reduc tions in the total number of workers than in other recent months, although some of the mills reported increases in the number of their employees. Percentage comparisons of reported figures are shown in the table. R E V IE W CO TTO N S EED AND O OTTON S EED P R O D U CTS O otton Seed, T o n s : Received a t m ills — C r u s h e d ....................... O n H a n d , A p r il 3 0 P ro d u c tio n : C ru d e O il. lb s ........... C a k e a n d M eal, to n s H u lls , to n s .................. L in t e rs , b a le s............ S to c k s a t m ills. A p r il 30: C ru d e O il, lb s ........... C a k e a n d M eal, to n s H u lls , to n s ................. L in t e rs , b a le s............ A u g . 1 to A p r il 30, 1930-31 1929-30 1,815,995 1,813,490 1,798,370 1,719,596 29,265 105,980 U n ite d States A u g . 1 to A p r il 30, 1930-31 1929-30 4,886,583 4,612,740 4,562,859 4,728,681 95,297 197,393 558,904,612 553,776,447 1,392,117,980 1,477,104,897 792,791 739,759 2,102,489 2,087,157 505,890 1,261,958 1,304,119 488,103 318,965 795,575 975,959 343,750 10,326,186 89,674 17,971 89,886 12,809,143 31,467 18,438 67,382 32,349,167 253,609 90,173 271,824 40,082,454 120,952 66,457 224,494 (*) G e o rg ia, A la b a m a , L o u is ia n a a n d M ississip p i. Electric Power Production of electric power for public use by plants in the six states of this district increased 7.7 per cent from Febru ary to March, and was 1.5 per cent greater than in March last year. Output of plants using water power increased 12.4 per cent in March over February, and was 4.5 per cent greater than a year ago, while production by use of fuels decreased 0.8 per cent over the month and was 4 per cent less than in March 1930. Consumption of coal and of natural gas in the production of electric power declined from February to March and was less than in March last year, but the consumption of fuel oil increased 6.4 per cent over February, and was 5.4 per cent less than in March 1930. Cumulative figures for the first quarter of the year show increases of 0.5 per cent in total production of electric power, and 0.8 per cent in production by use of water power, but a de crease of 0.1 per cent by use of fuels, compared with the corresponding period a year ago. Consumption of fuels show decreases of 19.2 per cent in coal, 5.4 per cent in fuel oil, and 1.3 per cent in natural gas, dur ing this quarter compared with the first quarter of 1930. Comparisons for the month are shown in the table. M O N T H LY F eb. 1931 Mar. 1930 Mar. 1931 T o ta l P ro d u c tio n of E lectric 481,073 453,652 488,400 Pow er: 000 k. w. h o u rs .................. 325,358 289,358 311,310 By u se of: W ater P o w er....................... 163,042 164,294 169,763 F u e ls— .......................— Fuels C onsum ed in P ro d u c tio n of E lectric Pow er: 18,985 14,725 15,021 Coal, to n s — .................................... 192,699 205,098 216,777 F u el Oils, b b ls.......................................... 1,675,209 N a tu ra l G as—000 cu. f t . . . .............. 1,503,340 1,608,917 Marcli fig u res p relim in ary —F e b ru a ry figures revised since la s t re p o rt. R E V IE W 7 C u m u la tiv e p ro d u c tio n fo r th e fir s t fo u r m o n th s of th e y e a r fo r the U n it e d S ta te s as a w hole h a s a m o u n te d to 38.2 pe r ce n t co m p ared w ith th e t o ta l of 7,472,664 to n s, a d eclin e 12,094,423 to n s p ro d u ce d of in 1930, a n d o u tp u t in A la b a m a d u rin g th e f ir s t fou r 1931 h a s a m o u n te d to 663,667 ton s, s m a lle r b y 27.6 p e r cent, th a n th e t o t a l of 916,627 to n s p ro d u c e d in th e sam e p a r t of 1930. C o m th a t p e rio d of m o n th s of p a riso n s fo r th e m o n th are sh o w n in th e ta b le , a n d in d e x n u m b e rs ap Bituminous Coal Mining Figures compiled by the United States Bureau of Mines indicate that in April, the first month of the new coal year, total production of bituminous coal in the United States declined 15.9 per cent, and average daily output de creased 15.3 per cent, compared with the month before, and both total and daily average production were 20.6 per cent smaller than in April last year. These comparisons are shown in the table which follows. T o ta l P ro d u c tio n (tons) N um ber of w orking days Average per w orking d a y (tons) 1.104.000 1.303.000 1.390.000 25.8 26 25.8 A pril 1931................................................. 28,478,000 M arch 1931............................................... 33,870,000 April 1930................................................. 35,860,000 Weekly production figures for the country as a whole, and for .Ala bama and Tennessee, shown in the table below, continue to show a smaller volume of production than for corresponding periods a year ago. Average weekly output for those weeks ending in April was smaller in Alabama than for any month since July last year, and in Tennessee the April average is the smallest in more than two years. Week E n d in g : May 9- Pig Iron Production (in th o u s a n d s of tons) Tennessee U n ited S tates A labam a 1930 1931 1930 1931 1930 1931 7,214 6,784 6,326 6,314 6,422 6,708 8,248 8,257 8,103 8,191 8,335 8,285 264 246 245 225 224 — 319 307 303 295 318 98 89 79 77 81 103 -- — 101 92 97 95 Statistics compiled and published by the Iron Age indicate that production of pig iron in Alabama in creased in April for the fourth consecutive month, and was greater than for any month since June last year. There was an increase in the daily average production for the country as a whole, but because of the shorter month total output declined slightly com pared with March. Total production of pig iron in the United States during April amounted to 2,019,529 tons, a decrease of 0.6 per cent compared with March and 36.5 per cent less than in April 1930. Daily average output, however, increased 2.7 per cent from March to April, and was the largest daily average since October last year. There was a loss of 3 in the num ber of active furnaces on May 1 compared with a month earlier, and a decrease of 70 compared with the number active on May 1 a year ago. Production of pig iron in Alabama gained 7.8 per cent in April com pared with March, and was 38.5 per cent greater than output in the low month of December, but showed a decrease of 20.3 per cent com pared with April last year. Because of the shorter month, the average daily production in April was 11.4 per cent greater than in March, and was the largest since June 1930. The number of furnaces in Alabama which were active on May 1 was the same as a month earlier, but smaller by 4 than at the same time a year ago. Press reports indicate little change in market conditions, except that during the last ten days of April and the first week of May shipments were curtailed and have been somewhat below production. Current business continued to be mostly in small lots, and quotations remain at $12 to $13 per ton. p e a r on page 8 . A p r il 1931 M arch 1931 A p r il 1930 U n ite d S t a t e s : -----------------------------------------------T o ta l P ro d u c tio n (to n s).................. 2,019,529 2,032,248 3,181,868 Average p e r d a y (to n s)..................... 67,317 65,556 106,062 •Active fu rn a c e s ................................... 113 116 183 T o ta l'P ro d u c tio n (to n s).................. Average p er d a y (to n s )...................... •Active f u rn a c e s ................................... 186,534 6,218 13 172,982 5,580 13 233,972 7,779 17 • F irs t of fo llo w in g m o n th . Naval Stores Se a so n al in creases o ccu rre d in A p r il re ce ip ts of b o th tu rp e n tin e a n d ro sin a t th e th ree p r in c ip a l m a rk e ts of th e d istrict. D e m a n d fo r b o th com m odities co n tin u ed s la c k th ro u g h A p r il, b u t im p ro v e d som ew hat e a rly in M a y . A p r il receip ts of tu rp e n tin e w ere 6 .8 p e r ce n t less t h a n in A p r il la st y e a r, b u t re ce ip ts of ro sin w ere 2.2 p e r ce n t la rg e r th a n a y e a r ago. T h e firs t w e e k of M a y , ho w ever, b ro ugh t u n favo rab le w e ath e r w ith h e a v y ra in s a t som e p lace s 1 th ro u g h M a y 7 12.5 p e r c e n t in tu rp e n tin e , a n d 4.6 p e r c e n t in ro sin s, in th e b e lt, a n d th e com p arison fo r the p erio d A p r il show s a d ecrease of co m p ared w ith t h a t p erio d a y e a r ago. L a s t y e a r th ere w a s a larg e in crease fro m A p r il to M a y , b ecause of fa v o rab le w e ath e r co n dition s a n d a ra p id m ovem en t to m a rk e t. S to c k s of b o th tu rp e n tin e a n d rosin a t th e en d of A p r il w ere la rg e r t h a n a m o n th e a rlie r, a n d w ere c e n t, a n d 128.4 p e r ce n t, re sp e ctiv e ly , g reater th a n a y e a r ago. 52.3 per Q u o ta tio n s in th e N a v a l Stores R e v ie w in d ica te th a t d u rin g th e w eek w h ich ended A p r il 18 th e p ric e of tu rp e n tin e in cre a se d to follow ing w eek it d eclin ed to lev e l since. 48-50 cents, 56 c en ts, b u t th e a n d h a s been a t a b o u t th a t B o t h d o m estic a n d foreign dem and lagged d u rin g A p ril, b u t d u rin g the firs t w eek of M a y there w as im p ro v e m e n t in b o th , and p ro m p t sh ip m e n ts are ca lle d for. D u r in g t h a t w e e k th e re w ere som e g ain s n o ted in th e q u o ta tio n s fo r som e of th e grades of ro sin . Com p a riso n s for th e m o n th are show n in th e tab le. Receipts—T u rp e n tin e (1): A pril. 1931 S a v a n n a h - ......................................................... 12,*199 Ja c k so n v ille ...................................................... 10,750 P e n sa co la ........................................................... 3,153 M ar. 1931 A p ril 1930 4,012 13,507 4,367 10,700 1,132 3,792 T o t a l . ........................................................... 26,102 9,511 Receip ts—R o sin (2): S a v a n n a h ........................................................... Ja c k so n v ille ...................................................... P e n sa co la ........................................................... 41,246 38,403 9,092 14,156 20,177 4,644 T o ta l......................- ..................................... 27,999 41,122 34,747 11,004 88,741 38,977 S to ck s—T u rp e n tin e (1) : S a v a n n a h ...............................................................16,216 Ja c k so n v ille ...................................................... .....17,037 P e n s a co la ........................................................... .....20,140 9,946 11,826 23,460 T o t a l...........................................................- 53,393 45,232 35,053 164,583 110,333 35,660 134,001 99,065 32,990 58,761 69,197 8,000 S to ck s—R o s in (2): S a v a n n a h .......................................................... Ja ck so n v ille ...................................................... P e n sa co la ............................................-............. T o t a l.................................. -........................ (1) B a rre ls of 50 g a llo n s. ( 2 ) IB a r r e ls of 500 p o u n d s. 310,576 266,056 86,873 5,288 11,229 18,536 135,958 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 the lines of trades indicated, and the other series of index numbers are based upon figures reported to the bank or currently available through the daily or trade press. These index numbers, except as indicated m the foot-notes, are based upon the monthly averages for the three year period 1923-25 as represented by 100. February 1931 March 1931 April 1931 February 1930 March 1930 April 1930 117.1 71.4 49.5 70.2 59.7 63.3 70.4 155.5 92.5 64.1 94.2 68.3 81.7 88.6 176.7 86.7 72.8 97.0 77.9 84.7 97.5 126.2 88.5 62.9 79.6 75.9 81.8 83.0 150.6 97.6 73.1 100.0 79.2 89.3 93.0 175.8 94.8 81.8 110.1 91.3 98.0 104.0 66.4 51.8 56.1 70.0 70.5 51.8 61.7 88.4 62.6 65.7 53.2 59.0 60.1 72.1 59.4 55.7 87.3 63.0 81.8 65.4 73.1 84.0 77.7 65.9 62.0 94.9 76.8 85.0 73.0 74.1 92.3 91.1 82.3 64.0 101.7 81.4 82.3 68.9 73.7 77.7 82.3 76.3 56.3 101.5 78.0 LIFE INSURANCE SALES 6th DISTRICT Alabama_______ ___________ _______ Florida_____ _____________ ________ Georgia.____ ______________________ Louisiana____________ __________ Mississippi--- ---------------------- -----------T e n n e s s e e ___ ____________________ TOTAL____________________________ 60.3 43.4 53.1 60.3 57.7 41.6 82.1 81.8 56.9 V 64.5 66.8 76.4 74.9 52.8 69.1 69.0 78.6 98.3 97.2 88.3 79.7 84.5 88.5 85.6 108.3 104.0 109.0 72.6 93.4 97.1 104.5 95.3 99.2 97.6 91.4 107.7 100.5 104.3 109.2 108.1 117.4 101.4 133.7 114.6 104.7 103.4 116.0 138.6 110.0 129.5 122.5 BUILDING PERMITS 6th DISTRICT Atlanta_____________________________ Birmingham................................................ -Jacksonville___ ______________________ Nashville................................. ................. ..... New Orleans........................................ .......... (15) Other Cities.................................. .......... DISTRICT (20 Cities).................................. 18.3 11.9 15.1 39.9 22.7 14.4 17.0 26.1 18.9 23.0 32.3 26.5 18.6 21.7 15.8 25.7 28.8 81.2 207.7 19.8 45.8 44.9 21.3 25.8 108.2 14.5 23.0 29.8 136.8 25.8 35.2 79.0 65.8 43.8 58.1 56.6 21.9 31.0 75.9 22.0 32.5 35.6 CONTRACTS AWARDED 6th DISTRICT Residential_____________________ ____— AH Other------------------- ------------ — ........... _________ ______ Total. ___ ___ 15.2 86.5 58.0 22.6 80.8 57.5 28.1 49.8 41.2 50.4 65.6 59.5 51.1 69.2 62.0 WHOLESALE PRICES U. S. (*> ALL COMMODITIES............ ........... ............. Farm Products............................................... Foods.................... ................... .................. Other Commodities_____ _______________ Hides and leather products......................... Textile products—...................................... Fuel ana lighting....................................... Metals and metal products......................... Building materials....................................... Chemicals and drugs.................................. Housefurnishing goods................................ Miscellaneous............... .............................. 75.5 70.1 77.1 77.1 86.6 70.4 69.6 88.9 81.9 82.2 90.8 63.9 74.5 70.6 76.7 75.6 87.4 69.2 64.5 89.0 81.9 81.9 90.8 64.7 73.3 70.1 75.6 74.2 87.3 67.6 61.6 88.7 80.9 80.1 90.8 63.9 92.1 98.0 95.5 89.6 103.9 88.3 78.8 100.9 95.7 92.3 97.0 78.5 90.8 94.7 93.9 88.7 103.2 86.5 77.4 100.6 95.4 91.2 96.5 78.2 90.7 95.8 94.6 88.3 102.7 85.5 77.9 98.8 94.7 91.0 96.2 78.5 COTTON CONSUMED: United States.................................................. Cotton-Growing States............................. ..... Georgia-------- -------- -------------------------Alabama_______________________ _____ Tennessee________ ____________ _____ All Other States.............................................. Exports........................................................... 85.3 97.7 95.2 124.4 114.3 58.1 70.4 96.5 109.8 109.9 138.7 128.1 67.3 98.5 100.1 111.8 116.7 143.6 126.4 74.4 63.8 97.4 109.4 110.7 134.2 136.6 71.2 65.4 100.1 113.0 115.4 135.6 130.5 71.5 77.7 104.7 118.2 123.3 148.6 147.4 75.1 56.9 PIG IRON PRODUCTION: United States.................... ............................ Alabama....... .................................................. 57.1 66.3 68.0 74.5 67.6 84.6 95.0 93.0 108.7 105.9 106.5 100.7 UNFILLED ORDERS—U. S. STEEL CORPORATION............................................ 83.0 83.7 81.6 93.8 95.7 91.2 DEPARTMENT STORE TRADE 6th DISTRICT Atlanta..................... ......................................... Birmingham................................. -................... Chattanooga........... . ................................ ........ Nashville............................................................ New Orleans...................................- ................. Other Cities........................................................ DISTRICT....... ................................................ WHOLESALE TRADE 6th DISTRICT Groceries................................... .......... .......... Dry Goods................................................ — Hardware........................................................ Furniture.................................................... . Electrical Supplies__'........... ......................... Shoes.............................................................. Stationery....................................................... Drugs....... ...................................................... TOTAL..................................... ................. (*) C o m p ile d b y th e B u r e a u o f L a b o r S t a tis tic s . r-Revised. B a s e 1 9 2 6 -1 0 0 * 21.3 78.5 55.6 !
@FedFRASER