View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

M

O

N

T

H

L Y

R

E

V

I E

W

O f F in an cial9 A g ric u ltu ra l , T ra d e a n d In d u stria l
C o n d itio n s in th e S ix th F ed era l R e se rv e D istric t

F E D E R A L
VOL. 16, No. 11

R E S E R V E

B A N K

ATLANTA, GA., November 30, 1931

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Prepared by Federal Reserve Board
Production and employment in manufacturing industries
declined further in October, while output of minerals in­
creased more than is usual at this season. There was a con­
siderable decrease in the demand for reserve bank credit after
the middle of October, reflecting a reduction in member bank
reserve balances and, in November, an inflow of Gold, largely
from Japan. Conditions in the money market became some­
what easier.
Production and Total output of manufactures and minerals,
Employment
as measured by the Boards seasonally ad­
justed Index of Industrial Production, de­
clined from 76 per cent of the 1923-1925 average in Septem­
ber to 74 per cent in October. Output of steel remained
unchanged at 28 per cent of capacity in October, although it
usually shows an increase for that month; in the first half of
November activity of steel mills increased somewhat. Auto­
mobile production declined sharply in October; production of
shoes and woolens decreased and cotton mill activity showed
little change, although an increase is usual at this season.
Output of bituminous coal increased seasonally, and there
were large increases in the output of anthracite and petro­
leum. Volume of factory employment declined substantially
from the middle of September to the middle of October. At
woolen mills where an increase in employment is usual at this
season, there was a large decrease. In the automobile and
shoe industries reductions in employment were considerably
larger than usual, while in the canning industry the decline
was wholly of a seasonal character. In the silk goods and
hosiery industries employment increased by more than the
usual seasonal amount.
The November cotton crop estimate of the Department of
Agriculture was 16,903,000 bales, 600,000 bales larger than the
October estimate and 3,000,000 bales larger than last year in
spite of a reduction in acreage.
Data on the value of building contracts awarded in the
period between September 1 and November 15, as reported by
the F. W. Dodge Corporation, showed a continuation of the
downward movement. In this period value of contracts was

In d e x n u m b e rs o f p ro d u ctio n o f m a n u fa c tu re s a n d m in e r a ls com bined
ad ju ste d fo r se a so n a l v a r ia t io n s (1923-1925 a v e r a g e = lQ 0 ) .
L a t e s t fig u re
O ctober 74.

A T L A N T A
This review released for publication in
afternoon papers of December 1

29 per cent smaller than in the corresponding period of 1930,
reflecting smaller volume of construction and somewhat lower
building costs.
Distribution Total volume of freight car loading remained
unchanged in October, while loading of mer­
chandise decreased. Department store sales increased by some­
what more than the usual seasonal amount.
Wholesale Prices The general level of wholesale prices de­
clined from 69.1 per cent of the 1926
average in September to 68.4 per cent in October, according
to the Bureau of Labor Statistics. Prices of grains, cotton,
and silver, after showing a rapid rise beginning early in
October, declined considerably, but in the third week of
November were still above their October low points; prices
of hides and petroleum were also higher in the middle of
November than in early October. During this period the
prices of livestock and meats declined rapidly, reflecting in
part developments of a seasonal character.
Bank Credit Reserve bank credit, which had increased rap­
idly between the middle of September and the
third week of October, declined by $265,000,000 during the
following four weeks. This decline reflected a large reduction
in member bank and other balances at the reserve banks and
also an inflow of gold, chiefly from Japan. Demand for cur­
rency, which had been on a large scale during September
and the first three weeks of October showed relatively small
fluctuations after that time and in the second week of No­
vember declined by somewhat more than the seasonal amount.
Loans and investments of member banks in leading cities
continued to decline during recent weeks, and on November
18 the total volume was $500,000,000 smaller than five weeks
earlier. This decrease reflected substantial reductions in
loans on securities and in other loans, as well as in the banks’
holdings of investments. At the same time deposits of these
banks also declined with a consequent reduction in the re­
serve balances which they were required to hold with the
reserve banks.
Money rates in the open market, which had advanced sharp­
ly during October declined somewhat early in November.
Rates of prime commerical paper declined from a range of
4-4% per cent to a range of 3%-4 per cent, and rates on
bankers* acceptances from 3^4 to 2% per cent.______ ____
PER CENT




O F

PER CENT

F e d e r a l R e s e rv e B o a r d ’s in d e x of fa c t o r y e m p lo ym en t w ith a d ju stm e n t
fo r se a so n a l v a r ia t io n .
(1923-25 a v e r a g e = 1 0 0 .)
L a t e s t fig u re O ctober
70.3.

2

M O N T H LY

R E V IE W

1927
1928
1929
1930
1931
M
onthly rates in the open market in New York; commercial paper rate
on 4-to-6-month paper and acceptance rate on 90day bankers’ acceptances.
Latest figures are averages of first two weeks in November.

1927
1928
1929
1930
1931
M
onthly average of weekly figures for reporting banks in leading cities.
Latest figures are averages of first three weeks in November.

SIXTH DISTRICT SUMMARY
There were further increases in October over September in
the volume of trade at both retail and wholesale and in the
volume of bank debits at reporting cities of the district, but
all of these measures of business activity continue lower
than at this time last year. The increase in retail trade was
somewhat larger, but that in wholesale trade smaller, than
the gain usually recorded from September to October. The
November estimate of the cotton crop increased for each of
the states of this district over that for October, but the crop
in this district is estimated to be 3.9 per cent smaller than
in 1930.
Outstanding Federal Reserve Bank credit at the Federal
Reserve Bank of Atlanta increased to the highest level, on
October 21, for any report date in three years, because of
increases in discounts and in holdings of purchased bills,
and on November 11 was only slightly lower than on October
21. Member bank credit at weekly reporting member banks
declined slightly between October 14 and November 11, and
continued less than a year ago. Deposits, both demand and
time, also declined, and were considerably lower than at the
same time last year.
Building permits issued at reporting cities in October
declined 13.6 per cent from September and were 47 per cent
less than in October, 1930, and contract awards declined 12.8
per cent from September to October and were 4.2 per cent
smaller than a year ago. Production of coal declined slightly
in October in Alabama, but increased in Tennessee, and con­
tinued less than for October last year in both states. Pro­
duction of pig iron in Alabama during the first ten months
of 1931 has been 27.2 per cent less than in that period of
last year, as against a decrease of 41.9 per cent for the
country as a whole.
Consumption of cotton in the three states of this district
for which Census Bureau figures ai’e available has been 11.1
per cent greater in the three months of the new cotton sea­
son, August through October, than at the same period in
1930. Naval stores receipts for the season, April through
October, have been smaller than in that part of the two pre­
vious seasons, and prices of both turpentine and rosin have
recently shown some improvement.
FINANCE
Reserve Bank The total volume of reserve bank credit outCredit
standing at the Federal Reserve Bank of At­
lanta reached a level on October 21 higher
than on any other Wednesday since October 31, 1928. Dur­
ing the latter part of September and first half of October
the rise in discounts was accompanied by a sharp increase
in holdings of bills bought in the open market, so that total
holdings of bills and securities reached the highest point in
three years. Holdings of purchased bills, and of United
States securities, have declined somewhat since October 21,
but discounts continued to increase, and on November 11 total
bills and securities were only slightly less than they were
three weeks earlier, and were 58 millions greater than on
the same report date a year ago. Holdings of purchased bills

on November 11 were greater by 24.6 millions, United States
securities by 4.5 millions, and discounts by about 28.3 mil­
lions, than on November 12, 1930.
There were declines between October 14 and November 11
in reserves, and in deposits, both of which were less than a
year ago, but Federal Reserve Notes in actual circulation
increased from 111.6 millions on September 23 to 120.3 mil­
lions on November 11, when they were about 1.5 millions less
than a year ago.
Principal items in the weekly report are shown compara­
tively in the table.
(000 Omitted)
>. 11, 1931 Oct. 14, 1931. Nov. 12, 1930.
v
Bills Discounted:
653
Secured by Govt. Obligations. _ : 14,945 $ 5,474 $
21,759
35,726
26,104
A Others_____________
ll
22,412
50,671
31,578
Total Discounts________
10,864
35,484
39,436
Bills Bought in open market___
22,340
12,765
17,306
U S. Securities___________
.
_____
600
600
Other Securities___________
46,041
104,061
93,954
Total Bills and Securities__
142,175
80,591
94,558
Total Reserves----------------56,824
49,029
52,731
M
ember Banks Reserve Deposits.
57,075
63,995
59,713
Total Deposits___________
121,832
120,318
117,205
F. R. Notes in actual circulation. _
45.4
52.2
78.3
Reserve Ratio____________




Condition of
Following an increase of more than 19
Member Banks in millions of dollars between September 9
Selected Cities. and October 14, due largely to increased
holdings of government securities, total
loans and investments held by 24 reporting member banks
located in Atlanta, New Orleans, Birmingham, Jacksonville,
Nashville, Chattanooga, Mobile and Savannah declined
$4,780,000 between October 14 and November 11, and were
then smaller by $36,352,000 than on the same report date
last year. This recent decline was due partly to a reduction
of $1,151,000 in investment holdings, but principally to a
decrease of $3,629,000 in loans. Investment holdings on
November 11 were, however, larger by $38,692,000 than on
November 12, last year, and loans were smaller by $75,044,000.
Both demand and time deposits declined further between
October 14 and November 11 and time deposits were then
smaller by $31,122,000, and demand deposits by $55,507,000,
than on November 12, 1930.
Borrowings by these weekly reporting member banks from
the Federal Reserve Bank of Atlanta continued to increase
and on November 12 were larger than on any other weekly
report date since December 4, 1929.
Principal items in the weekly report are shown compara­
tively in the table.
(000 Omitted)
Nov. 11, 1931 Oct. 14, 1931. Nov. 12, 1930.
Loans:
O Securities___________ $ 114,282 $ 114,655 $ 142,020
n
260,142
263,398
307,448
A Others_____________
ll
374,424
378,053
449,468
Total Loans__________
91,860
92,379
66,732
U. S. Securities----------------91,772
92,404
Other Bonds and Securities___
78,208
183,632
144,940
Total Investments--------184,783
Total Loans and Investments. _
558,056
562,836
594,408
Time Deposits___________
213,836
218,156
244,958
Demand Deposits_________
260,337
272,005
315.844
Due to Banks____________
79,877
81,184
109,477
57,769
64,048
80,329
Due from Banks._________
Borrowing fromF. R. Bank___
31,891
18,174
9,679

M O N T H LY

Deposits of All Daily average demand deposits of all memMember Banks ber banks in the sixth district declined 3.9
per cent from September to October, and
were then 14.6 per cent less than in April, the high point for
this year, and also 14.6 per cent less than in October a year
ago. The daily average of time deposits in October declined
3.2 per cent from September, were 5.1 per cent less than for
August, and were 11.6 per cent smaller than for October
1930. Changes over the past year are shown in the table.
Demand
Time
1930
Deposits
Deposits
October ........................................................ $511,050,000 $437,617,000
November ......................-.............................. 512,420,000
434,502,000
Decem ..................................................... 498,707,000
ber
413,822,000
1931
January ....................................................... 497,490,000
397,942,000
February ....... .............................................. 503,634,000
388,008,000
March .......................................................... 508,016,000
394,622,000
April ........................................................... 510,940,000
393,918,000
M ............................................................. 504,938,000
ay
391,190,000
June ........................................................... 491,843,000
395,587,000
July ............................................................. 480,816,000
400,769,000
August ........................................................ 467,814,000
407,324,000
September .................................................... 453,797,000
399,268,000
October ........................................................ 436,299,000
386,669,000
Savings There was a further decline of 2.5 per cent in
Deposits total savings deposits held by 64 reporting banks
located throughout the district at the end of Oc­
tober compared with the month before, and an average de­
crease of 8.2 per cent compared with October a year ago.
Totals for Atlanta and for cities in which branches of the
Federal Reserve Bank of Atlanta are located are shown in
the table and reports from banks located elsewhere in the
district are grouped under “Other Cities.”
(000 Omitted)
Percentage change—
0«t.
Number
1931 com
pared with:
Oct.
of
Oct.
Sept.
1930 Sept. 1931 Oct. 1930
Banks 1931
1931
— 9.1
—
4.4
Atlanta___ 4 $ 39,048 $40,834 $ 42,960
—
16.3
—
0.5
Birmingham. 3
20,803 20,901 24,842
—
14.0
—
3.2
Jacksonville _ 4
14,594 15,070 16,966
+ 1.6
—
2.0
Nashville__ 5
30,021 28,972
29,433
— 3.1
—
1.9
NewOrleans. 6
51,158 52,150 52,812
—
10.5
—
2.6
Other Cities. 42
81,193 83,345 90,740
— 8.2
—
2.5
Total
64
236,229 242,321 257,292
Debits to Total debits to individual accounts at 26 reportindividual ing clearing house centers of the district inAccounts creased 14.3 per cent in October over September,
a gain slightly larger than was recorded at the
same time last year, but were 19.9 per cent less in the aggre­
gate than for October, 1930. 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 cal­
endar month.
(000 Omitted)
Oct. 1931 Sept. 1931 Oct. 1930
Alabama— Cities-------------------- $$ 143,778 $ 126,358 $ 199,881
4
92,140
83,304
128,142
Birmingham------------------2,532
2,920
2,142
Dothan________________
25 ,998
38,331
29,923
M
obile________________
14,524
30,488
19,573
Montgomery____________
83,527
119,950
93,203
Florida— Cities___________
4
49,896
43,470
64,284
Jacksonville-------------------14,030
22,176
15,428
Miami________________
5,470
6,151
6,729
Pensacola______________
20,557
26,761
21,728
Tampa-----------------------207,107
273,072
Georgia— Cities_ __________ 230,590
10
_
3,480
3,937
4,734
Albany-----------------------144,224
129,537
159,543
Atlanta________________
24,614
17,866
14,795
Augusta_______________
2,322
2,031
2,676
Brunswick______________
10,592
14,562
12,193
Columbus______________
589
1,165
891
Elberton_______________
11,294
19,715
13,217
Macon________________
1,157
2,009
1,488
Newnan----------------------29,666
40,044
31,810
Savannah______________
4,010
3,099
3,509
Valdosta_______________
229,226
321,098
281,816
Louisiana— Orleans_________
New
29,183
52,564
35,153
M
ississippi— Cities-------------4
3,846
5,976
4,089
Hattiesburg-------------------15,187
19,557
27,494
Jackson_______________
6,498
13,248
6,958
M
eridian_______________
3,652
5,846
4,549
Vicksburg______________
128,821
134,580
181,059
Tennessee— Cities_________
3
35,421
36,252
48,733
Chattanooga____________
28,826
32,260
32,046
Knoxville______________
64,574
100,066
66,282
Nashville------------------------------T o t a l— 26 C it ie s __________________________ $ 9 1 9 ,1 2 0




$ 8 0 4 ,2 2 2

$ 1 ,1 4 7 ,6 2 4

R E V IE W

3

AGRICULTURE
The November reports by the United States Department
of Agriculture indicate that crop prospects generally
throughout the country improved 0.7 per cent during Oc­
tober. The improvement in crop prospects was chiefly in
cotton, potatoes, beans, buckwheat, sugar beets, peanuts and
rice, while in some of the states affected by drouth earlier
in the season yields of com and flax are below earlier indi­
cations and some southern crops, particularly sweet potatoes,
sorghum, sugar cane and pecans, have been hurt by the con­
tinued dry weather. Combining the 23 principal crops, ex­
clusive of vegetables, yields per acre are now expected to be
11.4 per cent above those last year.
Estimates for this district, based on November 1 condi­
tions, increased 0.9 per cent in corn, but declined 1.2 per cent
in tobacco and 0.3 per cent in white potatoes, over those for
October, and the estimate for corn is 48.6 per cent, and for
white potatoes 40 per cent, greater than last year, and for
tobacco 19.7 per cent smaller. The November estimates for
wheat, oats and hay are the same as a month ago. All of the
principal crops in Alabama are much larger than in 1930
except tobacco. In Florida declines from 1930 are indicated
in com, sweet potatoes, sugar cane syrup and tobacco, but
increases in other crops. The condition of citrus fruits de­
clined slightly during October. The crop is late, and matur­
ing of the fruit has been delayed by the warm weather, and
the sizes of the fruit are averaging below those of last year.
Late crops in Georgia suffered from the continued drouth,
and the estimates for corn, tobacco and sweet potatoes are
below those of 1930. In Louisiana rice, sugar cane and to­
bacco show decreases compared with 1930, but other crops
are larger. Mississippi crops are all estimated to be greater
than in 1930, some of them twice as large. October was too
dry for the best results in tobacco curing in Tennessee, and
potatoes were greatly injured by drouth, but all small grains
and fruits have yielded bountiful crops, and the cotton crop
is expected to be the largest on record.
Cotton The November cotton report issued by the United
States Department of Agriculture raises the esti­
mate 619,000 bales, or nearly 4 per cent, over that for Oc­
tober, and indicates a total crop amounting to 16,903,000
bales, larger by 2,791,000 bales, or 21 per cent, than the
1930 crop.
The November estimate increased over that for October
for each of the six states of this district. The crop is smaller
than that of 1930 in Alabama, Florida and Georgia, but in
Tennessee, Mississippi and Louisiana where last year’s crops
were affected by the drouth there are large increases over
1930. Parts of these states, however, are situated in other
Federal Reserve Districts, so that the district total is smaller
by 3.9 per cent than for last year. State figures, and the
district totals, are shown in the table comparatively.
Bales— Omitted)
(000
Estimate Estimate Percentage Final Percentage
Nov. 1, 1931 Oct. 1, 1931 Comparison 1930 Comparison
1,400
1,385
+ 1.1
1,473 — 5.0
Alabama...........
Florida..............
42
36
+16.7
50 —
16.0
Georgia--------1,390
1,350
+ 3.0
1,593 —
12.7
Louisiana------885
850
+ 4.1
715 +23.8
1,760
1,740
+ 1.1
1,464 +20.2
M
ississippi____
590
536
+10.1
377 +56.5
Tennessee____
♦Sixth District._
_ 3,570
3,491
+ 2.3
3,713 — 3.9
♦-Does not include those parts of Tennessee, M
ississippi and Louisiana located
in other Federal Reserve Districts.
Up to November 1 there had been ginned from the 1930
crop 12,129,546 bales, compared with 10,863,896 bales ginned
to the same date last year, an increase of 11.7 per cent.
Ginnings in Georgia and Florida were smaller, but in the
other states of this district larger, than during the same
period last year.
AVERAGE OF COTTON PRICES AT TEN DESIGNATED
SPOT MARKETS
(Cents per pound)
1931
1930
October 2___________________________
5.10
9.86
October 8_____________________ ___ 5.18
9.44
October 15__________________________
5.62
9.50
October 22__________________________
6.14
10.01
October 30__________ ________________
6.18
10.42
November 6_________________________
6.25
10.12
November 12_________________________ 6.14
10.23

4

M O N T H LY

T h e N o v e m b e r 1 e s t i m a t e o f s u g a r p r o d u c tio n
I n L o u is ia n a i s 160,000 s h o r t t o n s , c o m p a r e d
w i t h t h a t f o r O c to b e r 1 o f 163,041 t o n s , a n d
p r o d u c tio n w h ic h a m o u n t e d t o 183,693 t o n s .

S u gar C ane
and S u gar
w ith

1930

SUGAR MOVEMENT—
(Pounds)
October 1931 September 1931 October 1930
Receipts:
New Orleans................
51,546,879
133,339,418
83,975,832
Savannah......... ..........
63,237
26,463,551
24,430,005
M
eltings:
69,966,812
112,167,130
88,746,673
New Orleans................
Savannah....................
18,413,563
33,046,863
35,156,395
Stocks:
New Orleans................
55,246,429
78,182,117
69,908,614
Savannah............... — 23,669,516
42,049,842
53,497,468
REFINED SUGAR—
(Pounds)
October 1931 September 1931 October 1930
Shipments:
NewOrleans_______
86,791,830
100,758,528
114,483,970
21,194,841
34,766,705
39,890,556
Savannah....................
Stocks:
New Orleans___ ___
62,164,343
71,333,700
88,285,225
Savannah......... ..........
11,861,103
20,889,084
18,265,381
R ic e T h e N o v e m b e r 1 e s t im a t e o f t h e r ic e c r o p in L o u is ia n a
i s t h e s a m e a s f o r O c to b e r , 16,310,000 b u s h e ls , c o m ­
p a r e d w i t h 17,676,000 b u s h e ls p r o d u c e d in 1930.
RICE M
OVEMENT— Orleans
New
Rough Rice—
Barrels:
Oct. 1931
Sept. 1931
Oct. 1930
Receipts......................
89,721
87,617
106,939
76,139
87,457
99,622
Shipments...................
Stocks.........................
18,231
4,649
9,583
Clear Rice—
Pockets:
Receipts___ ______
169,954
157,666
253,319
199,965
130,048
201,483
Shipments...................
Stock..........................
88,944
118,955
140,665
RICE MILLERS ASSOCIATION STATISTICS
(Barrels)
Receipts of Rough Rice:
October Aug. 1 to Oct. 31
1,809,572
3,646,936
Season 1931-32........ ..............................
Season 1930-31_________________
2,062,928
3,655,125
Distribution of M Rice:
illed
Season 1931-32......................... —.......
1,396,248
2,698,569
Season 1930-31_________________ 1,322,711
2,588,036
Stocks of Rough and M Rice:
illed
October 31, 1931..................................
1,804,891
October 31, 1930...................................
1,670,195
F e r t i l i z e r T h e r e w a s a s e a s o n a l in c r e a s e i n O c to b e r s a le s
T a g S a l e s o f f e r t i l i z e r t a x t a g s in t h e s i x s t a t e s o f t h i s d is ­
t r i c t a m o u n t in g t o 52.7 p e r c e n t o v e r t h o s e in
S e p te m b e r . T h e d e c r e a s e c o m p a r e d w i t h O c to b e r 1930, h o w ­
e v e r , w a s 26.5 p e r c e n t , m u c h lo w e r t h a n t h e c o m p a r is o n a
m o n t h e a r lie r . F o r t h e t h r e e m o n t h s o f t h e n e w s e a s o n t a g
s a l e s in L o u is ia n a s h o w a n in c r e a s e o v e r t h a t p e r io d a y e a r
a g o , b u t f o r t h e s i x s t a t e s c o m b in e d t h e r e w a s a d e c r e a s e o f
28.3 p e r c e n t . F ig u r e s in t h e t a b le a r e f r o m t h o s e c o m p ile d
b y t h e N a t i o n a l F e r t i l i z e r A s s o c ia t io n .

R E V IE W

Oct.
1931
Alabama________
600
Florida.....................27,412
Georgia_________ 395
Louisiana.......... ......11,620
M
ississippi_______
150
Tennessee_______ 5,822
Total................. 45,999

(Short Tons)
Sept. Oct. August 1 through October 31
1931 1930
1931
1930
100 3,00
1,300
3,400
20,059 41,350
92,450
64,121
233 1,138
1,811
628
5,706 10,470
17,426
16,885
250
450
400
800
3,775 6,187
11,374
17,455
30,123 62,595
95,249
132,801

TRADE
In a cco rd a n ce w ith th e u su a l s e a so n a l te n d e n c y , d ep a r t m e n t s t o r e s a l e s i n t h e s i x t h d i s t r i c t in c r e a s e d
i n O c to b e r t o a l e v e l h i g h e r t h a n f o r a n y o t h e r
m o n t h t h i s y e a r . T h e g a i n o v e r S e p te m b e r a m o u n t e d t o 3 3 .7
p e r c e n t , a n d w a s l a r g e r t h a n t h e in c r e a s e f r o m S e p te m b e r
t o O c to b e r o f o t h e r r e c e n t y e a r s . A t t h is t i m e l a s t y e a r
t h e r e w a s a n in c r e a s e i n O c to b e r o v e r S e p t e m b e r o f 2 6 .8
p e r c e n t , a n d in 1 9 2 9 a g a i n o f 2 3 .6 p e r c e n t . O c to b e r s a l e s
w e r e , h o w e v e r , 1 5 .4 p e r c e n t l e s s t h a n in t h a t m o n t h l a s t
y e a r , an d fo r th e f ir s t te n m o n th s o f 1931 d e p a r tm e n t sto r e
s a l e s h a v e a v e r a g e d 1 0 .4 p e r c e n t s m a ll e r in t h a t p a r t o f
1930.
R e t a il
T rade

S t o c k s o f m e r c h a n d is e in c r e a s e d f u r t h e r b y 3 .8 p e r c e n t
o v e r t h o s e h e ld a t t h e e n d o f S e p t e m b e r , a n d w e r e 1 5 .4 p e r
c e n t s m a lle r t h a n a y e a r a g o . S t o c k t u r n o v e r f o r t h e m o n t h ,
a n d fo r th e y e a r to d a te , w a s so m e w h a t h ig h e r th a n fo r
t h o s e p e r io d s l a s t y e a r .
A c c o u n t s r e c e iv a b le in c r e a s e d 6 .6 p e r c e n t o v e r S e p t e m b e r
b u t w e r e 9 .6 p e r c e n t s m a l le r t h a n f o r O c to b e r l a s t y e a r , a n d
c o lle c t io n s d u r in g O c to b e r in c r e a s e d 2 3 .2 p e r c e n t o v e r S e p ­
te m b e r , b u t w e r e 1 2 .4 p e r c e n t l e s s t h a n i n O c to b e r , 1 9 3 0 .
T h e r a t io o f c o l le c t io n s d u r in g O c to b e r t o a c c o u n t s r e ­
c e iv a b le a n d d u e a t t h e b e g i n n i n g o f t h e m o n t h f o r 3 3 fir m s
w a s 3 0 .9 p e r c e n t , c o m p a r e d w it h 2 5 .8 p e r c e n t f o r S e p t e m ­
b e r , a n d w i t h 3 1 .2 p e r c e n t f o r O c to b e r l a s t y e a r . F o r O c­
t o b e r t h e r a t io o f c o lle c t io n s a g a i n s t r e g u la r a c c o u n t s w a s
3 3 .2 p e r c e n t , a s c o m p a r e d w i t h 2 7 .7 p e r c e n t f o r S e p te m b e r
a n d w i t h 3 3 .6 p e r c e n t f o r O c to b e r , 1 9 3 0 , a n d t h e r a t io o f
c o lle c t io n s a g a i n s t i n s t a l l m e n t a c c o u n t s w a s 1 7 .1 p e r c e n t
c o m p a r e d w i t h 1 5 .2 p e r c e n t f o r S e p t e m b e r a n d w i t h 1 6 .8
p e r c e n t f o r O c to b e r l a s t y e a r .
A ll o f t h e s e r e t a il s t a t i s t i c s a r e r e p o r t e d in d o lla r a m o u n t s ,
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 d o n o t m a k e a llo w a n c e f o r
t h e d iff e r e n t l e v e l o f p r ic e s .

RETAIL TRADE IN THE SIXTH DISTRICT DURING OCTOBER 1931
Based on confidential reports from41 department stores
COM
PARISON OF NET SALES
COM
PARISON OF STOCKS RATE OF STOCK TURNOVER
Oct. 1931
Oct. 1931 Jan. 1 to Oct. 31, 1931 Oct. 31, 1931 Oct. 31, 1931
with
with
with same period in
with
with
Oct. Oct. Jan. 1 to Oct. 31
Oct. 1930
Sept. 1931
1930
Oct. 31, 1930 Sept. 30, 1931 1930 1931
1930
1931
Atlanta (4).......................... .......—
17.7
+29.9
— 4.9
— 7.6
+0.7
.44
.38
3.22
3.54
Birmingham (4).......................... —
16.8
+31.0
—
12.4
—
13.8
+4.4
.26
.27
2.02
2.09
Chattanooga (5)................... ...... —12.5
+60.4
—
12.8
—
22.9
+2.7
.23
.23
1.77
1.74
Nashville (4).............................. —17.7
+43.5
—
12.4
—
16.0
+5.6
.27
.26
2.14
2.18
New Orleans (5)......................... —
12.0
+33.5
—11.4
—
16.2
+4.6
.22
.25
1.72
2.01
Other Cities (19)..........................—
17.1
+28.6
—
12.5
—
17.1
+4.3
.22
.24
1.76
2.06
15.4
+33.7
—
10.4
—
15.4
+3.8
.26
.27
2.04
2.25
DISTRICT (41)......................... —
Note:— rate of stock turnover is the ratio of sales during given period to average stocks on hand.
The
W h o le s a le
T rade

T h e r e w a s a f u r t h e r s m a ll in c r e a s e in t h e v o lu m e o f w h o l e s a le t r a d e i n O c to b e r , b u t t h e g a in
w a s c o n s id e r a b ly s m a lle r t h a n i s u s u a ll y m a d e
a t t h a t t i m e o f t h e y e a r , a n d O c to b e r s a l e s w e r e 2 7 .5 p e r
c e n t l e s s t h a n in t h a t m o n t h l a s t y e a r . A c c o u n t s r e c e iv a b le
in c r e a s e d s l i g h t l y a n d t h e r e w a s im p r o v e m e n t i n c o lle c t io n s
o v e r S e p te m b e r , b u t a ll o f t h e s e i t e m s w e r e l e s s t h a n a y e a r
a g o . T h e s e c o m p a r is o n s a r e o f d o lla r a m o u n t s a n d m a k e n o
a llo w a n c e f o r t h e d iff e r e n c e i n p r ic e l e v e l s . C u m u la t iv e c o m ­
p a r is o n s o f s a l e s f o r t h e f ir s t t e n m o n t h s o f t h e y e a r w i t h
t h a t p e r io d i n 1 9 3 0 a r e s h o w n b e lo w , a n d a r e f o llo w e d b y
d e t a ile d p e r c e n t a g e c o m p a r is o n s f o r t h e m o n t h .




Groceries—___ _
.
Dry Goods_____
Hardware_____
Furniture______
Electrical Supplies.
Shoes___ -____
Stationery_____
Drugs________
T o t a l______

Percentage Comparison of
Sales January to October
inclusive 1931 with same
period in 1930
—
22.5
—
24.6
—
27.5
—
23.7
—
25.3
—
30.7
— 8.1
—
15.8
— 2 4 .0

M O N T H LY

W
HOLESALE TRADE IN OCTOBER 1931
Sixth Federal Reserve District (a)
Percentage change Oct. 1931
Number of
compared with
Firms
Sept. 1931
Oct. 1930
A Lines Com
ll
bined:
191
+3.1
—
27.5
Sales.—.................. ............
Stocks on hand_________
31
— 2.1
—18.4
Accounts receivable_______
57
+1.2
—
13.5
Collections____________
62
+10.1
—
28.4
G
roceries:
Sales....................................
27
+ 3.0
—
24.1
Atlanta................................
3
+ 2.0
—
24.2
4
+3.7
+0.2
Jacksonville__________
NewOrleans__________
5
+2.3
—
24.3
Vicksburg.........................
3
+ 3.2
—
42.1
Other Cities............. .........
12
+3.2
—
30.9
Stocks on hand_________
4
+ 2.4
—
21.3
Accounts receivable_______
12
+ 1.9
—
10.9
13
+ 5.8
—
32.5
Collections____________
Dry Goods:
Sales.............. ......................
21
+14.3
—
25.5
3
+23.8
—
38.8
Nashville.............. ............
Other Cities__________
18
+11.9
—
20.8
Stocks on hand_____ ____
11
—7.9
—
28.4
Accounts receivable_______
12
+4.1
—
19.7
Collections____________
14
+36.3
—
26.6
Hardware:
Sales____ ___________
29
+ 2.4
—
31.7
+ 5.4
—
29.1
Atlanta_____________ ____ 3
M
obile........................................3
+0.8
—
33.3
—8.4
—
28.1
Nashville______ _____ ____ 4
New Orleans______________ 5
— 1.5
—
36.6
14
+13.6
—
29.2
Other Cities............. .........
Stockson hand_________ ____ 8
— 1.2
—
14.2
16
+0.5
—
10.1
Accounts receivable_______
Collections............... ............
17
+11.7
—
32.0
Furniture:
Sales.....................................
13
—5.7
—
33.3
Atlanta........................................5
—
19.9
—
54.7
— 2.1
—
26.1
Other Cities__________ ____ 8
Stocks on hand______________ 5
+ 2.0
—
26.3
Accounts receivable_______ ____ 9
— 1.2
—
14.9
Collections. ____________ ____ 8
+1.7
—
28.3
Electrical Supplies:
Sales.......—.........................
14
—0.4
—
28.4
—4.5
—
40.4
New Orleans--------------- ------ 4
Other Cities.......................
10
+2.9
—
15.8
Stocks on hand______________ 3
—2.3
+ 1.8
Accounts receivable---------- ------ 4
+ 0.4
—
18.9
Collections____________ ____ 5
— 3.8
—
18.5
Drugs:
—7.2
—
22.3
Sales.............................................. 8
Accounts receivable______ _____ 4
— 1.3
—
10.5
Collections____________ ____ 5
+ 4.9
—
12.9
Shoes:
Sales.............................................. 3
+1.1
—
33.3
Stationery:
Sales.............................................. 4
+19.7
—
23.0
(a)-Based upon confidential reports from 119 firm
s.
L ife
In s u r a n c e

S a l e s o f n e w , p a id - f o r , o r d in a r y l i f e in s u r a n c e in
t h e s i x s t a t e s o f t h i s d i s t r i c t in c r e a s e d b y 2 p e r
c e n t in O c to b e r o v e r S e p te m b e r , a n d w e r e 2 0 .3

p e r c e n t l e s s t h a n in O c to b e r l a s t y e a r . F o r t h e f i r s t t e n
m o n t h s o f 1 9 3 1 t h e r e h a s b e e n a n a v e r a g e d e c r e a s e o f 2 0 .8
p e r c e n t c o m p a r e d w i t h t h a t p e r io d o f 1 9 3 0 . F ig u r e s i n t h e
t a b le f o r t h e s e s i x s t a t e s a r e t a k e n f r o m t h o s e c o m p ile d b y
th e L ife In su r a n c e S a le s R e s e a r c h B u re a u .

(000 Omitted)
October October Jan. through Oct. Percentage
1931
1930 Comparison
1930
1931
— .3
22
Alabama....__
$ 3,349 $ 4,453 $ 42,384 $ 54,538
48,237 57,343
— .9
15
Florida--------3,838
4,772
—
11.6
Georgia_____
6,741
7,785
79,188 89,581
Louisiana____
4,487
4,993
52,153 64,801
—
19.5
2,762
23,691 34,001
—
30.3
M
ississippi___ . . 2,102
9,268
Tennessee____ ....... 6,595
73,586 102,869
—
28.5
Total.........
$27,112 $34,033 $319,239 $403,133
20.8
—
C o m m e r c ia l

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. s h o w

F a il u r e s

t h a t d u r in g O c to b e r t h e r e w e r e 2 ,3 6 2 b u s in e s s

f a i lu r e s in t h e U n it e d S t a t e s , a s a g a i n s t 1 ,9 3 6
i n S e p te m b e r , a n d 2 ,1 2 4 in O c to b e r l a s t y e a r , a n d l ia b i li t i e s
f o r O c to b e r t o t a l e d $ 7 0 ,6 6 0 ,4 3 6 , a g a i n s t $ 4 7 ,2 5 5 ,6 5 0 f o r S e p ­
te m b e r , a n d $ 5 6 ,2 9 6 ,5 7 7 f o r O c to b e r , 1 9 3 0 .
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 13 1 f a i lu r e s in O c to b e r ,
1 1 1 in S e p te m b e r , a n d 1 0 0 i n O c to b e r l a s t y e a r , a n d lia b ilit i e s f o r O c to b e r w e r e $ 2 ,8 9 1 ,2 4 9 , c o m p a r e d w i t h $ 1 ,5 9 1 ,8 8 0
f o r S e p te m b e r , a n d w i t h $ 3 ,0 4 7 ,9 5 3 f o r O c to b e r , 1 9 3 0 . C u m u ­
l a t i v e t o t a l s f o r t h e t e n m o n t h s o f 1 9 3 1 a m o u n t t o 1 ,4 2 0
f a i lu r e s a g a i n s t 1 ,1 2 2 d u r in g t h a t p a r t o f 1 9 3 0 , a n d l i a b i li t ie s




R E V IE W

5

t o t a le d $ 2 6 ,2 1 1 ,6 7 8 , a n in c r e a s e o f 4 .3 p e r c e n t o v e r t h e t o t a l
o f $ 2 5 ,12 8 ,2 9 4 f 0 r t h e f ir s t t e n m o n t h s o f 1 9 3 0 .

Wheat.
Corn...
Oats_
Barley.
Total..........

GRAIN EXPORTS— Orleans
New
(Bushels)
October
October
July 1 through October 31
1931
1930
1930
1931
4,773,640
573,141
1,059,183
2,060,648
6,870
3,274
25,974
40,953
12,847
22,153
133,478
41,877
63,285
1,084,610
592,858
2,283,385
4,856,470
IN D U S T R Y

B u ild in g a n d
C o n s tr u c tio n

T h e t o t a l v a lu e o f b u ild in g p e r m it s is s u e d
d u r in g O c to b e r a t 2 0 r e p o r t in g c i t i e s o f t h e
s i x t h d is t r ic t f o r t h e c o n s t r u c t io n o f b u ild in g s
w it h in t h e i r c o r p o r a t e l i m i t s d e c lin e d 1 3 .6 p e r c e n t f r o m
S e p te m b e r , a n d w a s 4 7 p e r c e n t s m a lle r t h a n f o r O c to b e r a
y e a r a g o . I n c r e a s e s o v e r S e p te m b e r a t J a c k s o n v ille , T a m p a ,
A u g u s t a , M a c o n , S a v a n n a h , C h a t ta n o o g a a n d N a s h v i l l e w e r e
m o r e t h a n o f f s e t b y d e c lin e s a t o t h e r p o in t s . T h e r e w e r e
in c r e a s e s o v e r O c to b e r l a s t y e a r r e p o r t e d f r o m J a c k s o n v ille ,
M ia m i B e a c h , A u g u s t a , S a v a n n a h , C h a t t a n o o g a a n d N a s h ­
v i ll e . T h e c u m u la t iv e t o t a l o f p e r m it s f o r t h e f i r s t t e n
m o n t h s o f 1 9 3 1 a m o u n t s t o $ 2 4 ,0 7 8 ,7 7 9 , a d e c r e a s e o f 3 9 .9
p e r c e n t c o m p a r e d w it h t h e t o t a l o f $ 4 0 ,0 9 1 ,0 6 5 f o r t h a t
p a r t o f 1 9 3 0 . C o m p a r is o n s f o r t h e m o n t h a r e s h o w n in t h e
t a b le .

Number
Value
Percentage
October
October
change
1930
City
1931 1930
1931
in Value
Alabama
Anniston______
7
13 £ 2,550 $ 12,480
— 79.6
186,534
63,548
Birmingham____
166
318
— 65.9
69,012
M
obile..................
38
72
40,015
— 42.0
M
ontgomery____ 108
44,915
66,258
— 32.2
139
Florida
211,495
207.465
Jacksonville____
286
326
+ 1.9
152,361
177.466
M
iami________ 371
338
— 14.1
119,525
28,675
+ 316.8
70
67
M Beach____
iami
Orlando_______
44
15,025
25,725
59
— 41.6
39,517
39,934
221
200
Tampa_______
— 1.0
*Lakeland______
4
7
600
5,700
— 89.5
Georgia
209,934 1,040,220
350
— 79.8
Atlanta................. 307
37,052
102
Augusta----------- 127
+ 24.7
46,203
42,020
17,980
Columbus______
34
— 57.2
26
180,102
M
acon------------ 196
236
86,688
— 51.9
10
41,470
20,575
+101.6
27
Savannah______
Louisiana
102
121,184
785,879
— 84.6
New Orleans____ 111
21,211
32,443
— 34.6
Alexandria_____
67
76
Tennessee
152,601
319
131,639
+ 15.9
Chattanooga____ 287
10,400
43,100
— 75.9
Johnson City-----4
9
72
156,580
158,144
— 1.0
Knoxville______
62
341,168
Nashville--------- 124
369,358
+ 8.3
218
— 47.0
Total 20 cities____ 2,657 2,918 1,922,560 3,625,891
32.2
Index No.
17.1
*-Not included in totals or index numbers.
C o n tr a c t a w a r d s i n t h e s i x t h d is t r ic t d u r in g O c to b e r , 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 F . W . D o d g e C o r p o r a ­
t i o n a n d s u b d iv id e d in t o d is 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 is io n o f R e s e a r c h a n d S t a t i s t i c s , a m o u n te d
t o $ 1 1 ,9 6 0 ,9 0 1 , s m a lle r b y 1 2 .8 p e r c e n t t h a n t h e S e p te m b e r
t o t a l , a n d 4 .2 p e r c e n t l e s s t h a n f o r O c to b e r , 1 9 3 0 . R e s id e n ­
t i a l c o n t r a c t s , w h ic h in O c to b e r a c c o u n t e d f o r 1 5 .3 p e r c e n t
o f t h e t o t a l , d e c lin e d 2 4 .1 p e r c e n t f r o m S e p te m b e r , a n d w e r e
3 5 .1 p e r c e n t l e s s t h a n f o r O c to b e r l a s t y e a r . C u m u la t iv e
t o t a l s f o r t h e f ir s t t e n m o n t h s o f t h e y e a r a m o u n t t o $ 1 6 1 ,4 8 6 ,0 6 9 , & d e c r e a s e o f 2 2 .1 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 $ 2 0 7 ,3 2 4 ,6 8 1 f o r t h a t p e r io d i n 1 9 3 0 .
I n O c to b e r t h e r e w e r e in c r e a s e s o v e r S e p te m b e r , a n d o v e r
O c to b e r l a s t y e a r , r e p o r t e d f o r L o u is ia n a a n d T e n n e s s e e , b u t
d e c r e a se s fo r o th e r sta te s. S ta te to ta ls a re sh o w n co m p a ra ­
t i v e l y in t h e t a b le ; p a r t s o f t h e f ig u r e s f o r L o u is ia n a a n d
M is s is s ip p i a p p ly t o o t h e r F e d e r a l R e s e r v e D is t r ic t s .

Alabama__ $
Florida........
Georgia___
Louisiana--M
ississippi _>
Tennessee. __

October September Percentage October Percentage
1930
Comparison
Comparison
1931
1931
40.6 $3,030,800 — 69.4
926,400 $1,559,800 —
44.3
2,922,200 — 32.4
1,974,400 3,542,800 —
34.6
1,828,500 — 13.7
1,577,400 2.413.000 —
3,433,400
+ 68.3
5,778,200 4.891.000
+18.1
71.8
2,343,600 — 78.0
516,600 1.830.000 —
1,038,400
+183.3
2,942,100 1,694,700
+73.6

T o t a 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 a m o u n t e d in O c to b e r t o $ 2 4 2 ,0 9 4 ,2 0 0 , s m a lle r b y
4 p e r c e n t t h a n f o r S e p te m b e r , a n d 2 8 .2 p e r c e n t l e s s t h a n
f o r O c to b e r , 1 9 3 0 .

M O N T H LY

6

R E V IE W

R e p o r t s r e c e iv e d f r o m c o t t o n m i ll s i n t h i s
Lumber Press reports indicate little improvement in the C o t to n
...demand for southern pine lumber during recent M a n u f a c t u r in g d is t r i c t in d ic a t e t h a t d u r in g e a c h m o n t h
s in c e A p r il o u t p u t o f c o t t o n c lo t h h a s b e e n
weeks. Manufacturers are succeeding in keeping their vol­
ume of orders greater than their current production, and g r e a t e r t h a n in t h e s a m e m o n t h l a s t y e a r , a n d f o r e a c h
excessive stocks are being gradually reduced. Prices are re­ m o n t h s in c e J u n e t h e p r o d u c tio n o f y a r n h a s e x c e e d e d t h e
sisting further declines and concessions are not so readily c o r r e s p o n d in g m o n t h o f 1 9 3 0 . O r d e r s b o o k e d d u r in g O c to b e r
made. Mixed car orders continue to prevail. During the six b y c lo t h m i ll s w e r e g r e a t e r t h a n f o r S e p t e m b e r o r f o r O c­
weeks’ period ending November 7, orders booked by mills t o b e r l a s t y e a r , a n d o r d e r s f o r y a m w e r e m o r e t h a n d o u b le
which reported to the Southern Pine Association for corre­ t h o s e f o r S e p te m b e r b u t l e s s f o r O c to b e r , 1 9 3 0 . P e r c e n t a g e
sponding weeks a year ago averaged 28.7 per cent, produc­ c o m p a r is o n s o f r e p o r t e d f ig u r e s a r e s h o w n in t h e t a b le .
tion 37.9 per cent, and unfilled orders 27.5 per cent smaller
Number of Percentage change Oct. 1931
than at the same time in 1930. Orders during this period
M
ills
compared with
have exceeded production by an average of 12 per cent, while
Sept. 1931
Oct. 1930
a year ago they were 2.5 per cent smaller than output. Com­
Cotton Cloth:
parisons of weekly figures for identical mills are shown in
Production___________
16
+ 4.6
+11.0
Shipments___________
15
+ 1.5
+ 4.6
the table.
10
+ 36.2
Orders booked_________
+35.3
U
nfilled orders_________
13
+ 19.9
— 6.5
(In thousands of feet)
Stocks on hand_________
13
+ 4.5
— 0.7
Number
Orders
Production U
nfilled Orders
Number on payroll______
15
+ 0.0
— 5.7
W Ended: of M
eek
ills 1931 1930 1931 1930 1931 1930
October 3...............107 27,426 40,000 23,647 39,100 73,458 97,220 Cotton Yarn:
Production___________
9
+ 7.3
+ 5.2
October 10__ 113
27,237 38,104 24,978 41,328 75,033 99,133
Shipments____________
8
+ 0.4
+17.0
October 17......... ....120 30,891 42,76427,194 41,941 77,238 101,909
4
Orders booked_________
+106.8
—
11.8
October 24......... ....114 27,951 40,039 24,372 40,064 64,134 90,197
U
nfilled orders_________
6
+ 14.3
— 7.6
October 31......... ....104 29,169 36,788 23,415 36,302 57,477 81,040
Stocks on hand_________
7 • — 15.4
—
47.1
November 7....... ....117 24,549 36,711 25,657 41,570 63,504 97,140
Number on payroll______ . ,
— 1.2
7
—
21.6
Consumption Contrary to the usual trend, there was a
of Cotton
slight decline in consumption of cotton by HOSIERY STATISTICS FOR 45 IDENTICAL ESTABLISHMENTS IN
SIXTH FEDERAL RESERVE DISTRICT
American mills during October, amounting to
(Dozen Pairs)
four-tenths of one per cent, but exports increased 72.4 per
October 1931 September 1931
cent, over September. Consumption was 4.2 per cent, and
Production...............................................
876,792
903,098
exports were 1.0 per cent, greater than in October last year. Shipments...............................................
956,274
953,869
Cumulative figures for the first three months of the new cot­ Stock on hand................. .........................
1,480,734
1,544,986
rders
853,866
852,738
ton year, August through October, show that consumption O booked-.........................................
Cancellations............................................
16,107
29,846
has amounted to 1,351,548 bales, a gain of 13.6 per cent U
nfilled orders..........................................
600,935
719,450
over the total of 1,189,300 bales consumed during that period
a year ago, and exports have totaled 1,783,402 bales, a de­
crease of 21.5 per cent compared with the total of 2,273,112 C o t to n S e e d O p e r a t io n s o f c o t t o n s e e d o il m i ll s i n t h i s d is bales exported during the first three months of the previous P r o d u c ts
t r ic t , a n d in t h e c o u n t r y a s a w h o l e , w e r e l e s s
season.
a d v a n c e d d u r in g t h e f ir s t t h r e e m o n t h s o f t h e
Stocks held by consuming establishments increased sea­ n e w c o t t o n s e a s o n , A u g u s t t h r o u g h O c to b e r , t h a n a t t h i s
sonally but were smaller than a year ago, and those in pub­ t im e l a s t y e a r . T h is y e a r ’s c o t t o n c r o p w a s s o m e w h a t l a t e r
lic storage and at compresses increased 40 per cent over t h a n t h a t o f l a s t y e a r . I n t h i s d i s t r ic t t h e a m o u n t o f s e e d
those for September and were 26 per cent greater than for r e c e iv e d b y t h e m ills d u r in g t h e f i r s t t h r e e m o n t h s o f t h e
October, 1930. The number of spindles active in October de­ s e a s o n w a s 2 9 .1 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 3 2 .1 p e r
clined two-tenths of one per cent over the month, and was c e n t , l e s s t h a n a y e a r a g o , a n d s t o c k s o f s e e d a t t h e e n d o f
2.1 per cent smaller than for October last year. Compari­ O c to b e r w e r e 2 5 .6 p e r c e n t s m a l le r t h a n f o r t h a t d a t e l a s t
sons for the month are shown in the table.
year.
O u tp u t o f c o t t o n s e e d p r o d u c ts w a s c o n s e q u e n t ly
s m a lle r , a n d s t o c k s o f t h e s e p r o d u c ts , e x c e p t li n t e r s , w e r e
UNITED STATES (Bales)
a ls o s m a l le r t h a n a y e a r a g o . F o r t h e c o u n tr y , a s a w h o le ,
Cotton Consum
ed:
Oct. 1931 Sept. 1931 Oct. 1930 d e c r e a s e s a r e a ls o s h o w n in a ll o f t h e s e i t e m s e x c e p t s t o c k s
Lint.................................. ............... 462,025
463,704
443,284
Linters............................................... 61,243
63,866
66,125 o f s e e d a n d o f c r u d e o il h e ld o n O c to b e r 3 1 . I n t h e f ir s t t w o
Stocks in Consuming Establishments:
c
s
he
e a
d f u s
r
a­
Lint.................................................. 1,115,793
775,523 1,354,574 b o lu m, nL ooufistia n at aab ld Mries s csosm bpin, ea n digin r teh e f oars tGte oo gcia ,luA ln s
n
i ip i
l
w
o m
Linters.............................................. 197,821
202,523
211,735 a m a
Stocks in PublicStorage and at Compresses:
ta l
Lint.................................................. 9,449,987 6,296,546 7,474,299 tBou r e s uf.o r t h e c o u n tr y , c o m p ile d b y t h e U n it e d S t a t e s C e n s u s
a
Linters............................................... 39,878
38,820
71,042
Exports................................................. 1,014,180
588,192 1,004,120
Imports................................................
2,636
5,426
1,747
COTTON SEED AND COTTON SEED PRODUCTS
Active Spindles (Number).......................25,188,112 25,236,916 25,720,504
(*) Sixth District
United States
August 1 to October 31
August 1 to October 31
October consumption of cotton in the Cotton-Growing
1931
1930
1931
1930
States increased 0.8 per cent over September, and was 7.7 Cotton Seed Tons:
per cent greater than in October, 1930, while in other states
Received at mills..........
777,263 1,095,825 2,540,312 2,711,907
Crushed.......................
449,690
661,884 1,372,504 1,669,952
there was a decline of 5.4 per cent from September and a
On hand, Oct. 31..........
331,354
445,581 1,192,592 1,087,389
decrease of 9.1 per cent compared with October last year.
For the three months, August through October, consumption Production: lbs-............ 144,318,300 204,353,043 422,925,729 504,669,081
Crude O
il,
in the Cotton-Growing States this year has been 15.4 per
Cake and M tons._
eal,
194,845
285,902
614,913
750,901
125,481
188,059
384,403
462,664
Hulls, tons...................
cent, and in other states 6.5 per cent, greater than in that
Linters, bales...............
76,354
116,081
212,997
289,696
period a year ago.
M
In the three states of this district for which figures are Stocks atO ills, Oct 31:
Crude il, lbs............... 17,959,498 18,442,474 64,632,204 61,612,038
Cake and M tons__
eal,
34,933
63,932
137,683
202,357
available, consumption declined 1.2 per cent from September
Hulls, tons...................
33,466
40,698
159,660
163,106
to October, and was 0.4 per cent larger than in October, 1930.
Linters, bales...............
84,556
82,376
247,099
256,214
Cumulative consumption for the three months has been 11.1
(*)-Georgia, Alabama, Louisiana and M
ississippi.
per cent greater than in that period a year ago.
BALES CONSUM
ED
E le c t r i c P r o d u c tio n o f e le c t r i c p o w e r f o r p u b lic u s e i n t h i s
October 1931 September 1931 October 1930 P o w e r
d i s t r ic t in c r e a s e d 1 .2 p e r c e n t in S e p t e m b e r o v e r
A u g u s t , b u t c o n t in u e d t o b e l e s s t h a n f o r t h e s a m e
Alabama..................................
47,544
48,806
47,502
Georgia.................. ................. 80,315
80,777
80,007
m o n t h l a s t y e a r . B e c a u s e o f d r y w e a t h e r t h e p r o p o r t io n o f
Tennessee.................................
15,023
15,051
14,781
p o w e r p rod u ced b y th e u se o f w a te r p o w e r w a s th e s m a lle s t
T o t a l 3 S ta te s ................................




14 2,882

14 4,6 3 4

14 2 ,2 9 0

in m a n y m o n th s.

I n M a r c h t h i s p r o p o r t io n w a s

6 6 .7 p e r

M O N T H LY

cent of the total, while in September it was only 55.7 per
cent. Production of electric current by the use of water
power declined 6.2 per cent from August to September, and
was 9.7 per cent less than in October, 1930, while output
of those plants using fuels increased 12.4 per cent over Au­
gust and was 8.7 per cent greater than a year ago. Con­
sumption of coal in the production of electric current in­
creased 77 per cent in September over August and was 31.8
per cent greater than in October last year. Consumption
of fuel oil increased over August and was smaller than a
year ago, while the use of natural gas declined over the
month and was slightly larger than in October, 1930. Cumu­
lative production of current for the first nine months of 1931
was 1.6 per cent smaller than in that period last year, pro­
duction by water power plants being 2.3 per cent, and by
plants using fuel 0.4 per cent, smaller than last year. Com­
parisons for the month are shown in the table.
Sept. 1931 A 1931 Sept. 1930
ug.
Production of Electric Power, in
thousands of k.w. hours:
Total...................
473,889
468,072
485,393
By use of: WaterPower______
264,123
281,438
292,489
Fuels___________
209,766
186,634
192,904
Fuels Consumed in Production of
Electric Power:
Coal—
tons_____________
34,379
19,428
26,083
Fuel oil, bbls____________
177,807
171,782
195,606
Natural Gas— cu. ft_____
000
2,110,439 2,148,758 2,082,849
Note:—
September figures preliminary—
August figures revised.
Bituminous Production of bituminous coal in the United
Coal Mining States increased seasonally during the latter
part of September and the total for the week
ending October 17 exceeded eight million tons for the first
time since March 1. Output was maintained above the eight
million ton level during the last three weeks in October, but
fell somewhat below that total for the first week in Novem­
ber because of election day holidays in some states. Total
output during October increased 12 per cent, and the daily
average production gained 4.9 per cent, over September, and
was 19 per cent smaller than in October, 1930, as indicated
below.
Total
Number of Average per
Production working working day
(tons)
days
(tons)
October 1931________________ 35,740,000 27
1,324,000
September 1931_____ _________ 31,919,000 25.3
1,262,000
October 1930________________ 44,150,000 27
1,635,000
Weekly production totals for Alabama, for those weeks
ending in October, averaged slightly smaller than for Sep­
tember or August, and 29.7 per cent less than for October
a year ago, but weekly output in Tennessee averaged 2.8
per cent larger than in September but 18 per cent less than
a year ago. Continued mild weather has adversely affected
the demand for coal from domestic users. In the table are
shown comparisons of current weekly totals with those for
corresponding weeks a year ago.
W Ended:
eek
October 3.......................
October 10-------------October 17__..................
October 24_________
October 31------- ------November 7________

(In thousands of tons)
United States
Alabama
1931 1930 1931 1930
7,860
9,304 214
279
7,848
9,495 201
284
8,148
9,230 198
287
8,144 10,453 215
297
8,016 10,145 195
307
7,664 9,708 ____
__

Tennessee
1931 1930
84
99
83
100
82
94
86
111
85
108
__
__

Pig Iron
After declining each month since March, to the
Production lowest level in September reported for any
month since September, 1921, total production
of pig iron in the United States increased by less than onehalf of one per cent in the longer month of October, but in
Alabama output declined further by two-tenths of one per
cent, according to statistics compiled and published by the
Iron Age. Daily average output in the United States, how­
ever, declined 2.9 per cent from September to October, which
was one day longer, and production for the month was 45.8




R E V IE W

7

per cent smaller than in October, 1930. There was a further
loss of three in the number of furnaces active during Oc­
tober, and on November 1 there were 70 furnaces active,
compared' with 111 active at the same time a year ago.
In Alabama October production of pig iron was 0.2 per
cent, and the daily average output 3.5 per cent, smaller than
in September, and 35.5 per cent less than in October last
year. On October 1 there were 7 furnaces active, as against
9 active a month earlier, and 10 at the same time last year.
Alabama output has declined each month since May, when
the high point for this year was reached, and in September
was 41 per cent of the monthly average output for the threeyear period 1923-1925. Press reports indicate that the slow
movement of iron is unchanged, the melt has not improved
to any appreciable extent, and operations of pipe foundries,
stove plants and jobbing foundries continue to take only a
routine amount of iron. Shipments are still mostly in small
lots, generally around a carload. Quotations continue at $12
for district tonnage.
Cumulative production in the United States during the
first ten months of the year have amounted to 16,191,317
tons, a decrease of 41.9 per cent compared with the total
of 27,866,308 tons for that period of 1930, and in Alabama
output for the ten months this year has totaled 1,505,415
tons, a decrease of 27.2 per cent compared with production
during that period last year. Comparisons for the month
are shown below.
Oct. 1931 Sept. 1931 Oct. 1930
United States:
1,173,283 1,168,915 2,164,768
Production—
tons____________
Average per day—
tons_________
37,848
38,964
69,831
*
Active furnaces---------70
73
111
Alabam
a:
95,282
95,518
Production—
tons------------------147,753
Average per day—
tons_________
3,074
3,184
4,766
*Active furnaces_____________
7
9
10
*-First of follow month.
ing
Naval Receipts of both turpentine and rosin at the three
Stores principal naval stores markets of the district de­
clined further in October and continued smaller than
a year ago, but stocks increased slightly over the month
and continued to be substantially larger than at the same
time last year. October receipts of both commodities were
the smallest for that month of any year since 1925, and for
the season April 1 through October 31 they were smaller
than for that period of the two preceding seasons. Stocks
at the end of October were larger than for that month of
any recent year. After declining from 33 cents per gallon
on September 19 to 30—30^ cents on October 13, the price
of turpentine on the Savannah market strengthened during
the latter part of October and on November 7 was quoted
at 35 cents. There were gains during this period also in
the quotations for the different grades of rosin, the improve­
ment in demand for both commodities being divided between
foreign and domestic buyers. Comparisons of receipts and
stocks for the month are shown in the table.
Oct. 1931 Sept. 1931 Oct. 1930
Receipts-Turpentine (1)
-------------------------------------Savannah__________ _____ 14,401
14,791
19,154
Jacksonville...................................
13,305
14,064
15,850
Pensacola______ _______ ___
3,143
4,140
3,496
Total______ ___ _ __ 30,849
_
32,995
38,500
Receipts—
Rosin (2)
Savannah______________ _ __44,297
_
55,068
64,081
Jacksonville__________________46,156
49,707
50,540
Pensacola......... ............................. .....10,704
11,845
13,000
Total_____________ 101,157
116,620
127,621
Stocks—
Turpentine (1)
Savannah_________________
36,759
38,569
30,071
Jacksonville________________
59,215
51,779
28,397
Pensacola_________________
24,979
24,830
30,031
Total_____________ 120,953
115,178
88,499
Stocks—
Rosin (2)
Savannah........ ............................. 231,365
225,148
171,956
Jacksonville.____ _____ _____ 203,002
201,646
100,992
Pensacola_________________
31,099
32,784
30,721
Total_____________ 465,466
459,578
303,669
(1)-Barrels of 50 gallons.
(2)-Barrels of 500 pounds.

8

M O N T H LY

R E V IE W

MONTHLY INDEX NUMBERS
The following index numbers, except those of wholesale prices, are computed by the Federal Reserve Bank of At­
lanta monthly. The index numbers of retail and wholesale trade are based upon sales figures reported confidentially by
representative firms in the lines of trades indicated, and the other series of index numbers are based upon figures re­
ported to the bank or currently available through the daily or trade press. These index numbers, except as indicated
in the foot-notes, are based upon the monthly averages for the three year priod 1923-25 as represented by 100.
DEPARTMENT STORE TRADE 6th
DISTRICT
Atlanta___________________________
Birmingham_______________________
Chattanooga_______________________
Nashville_________________________
New Orleans_______________________
Other Cities_______________________
DISTRICT_______________________

Aug.
1931

Sept.
1931

Oct.
1931

Aug.
1930

Sept.
1930

Oct.
1930

130.3
65.2
53.4
71.7
62.5
55.6
71.9

129.2
67.2
56.6
70.4
65.8
64.4
75.2

167.8
88.0
90.9
101.0
87.8
82.7
101.1

138.1
76.6
61.2
84.0
67.8
62.6
77.0

167.3
89.6
68.5
93.3
79.6
76.6
90.0

203.9
105.8
102.0
122.6
100.1
101.2
115.0

WHOLESALE TRADE 6th DISTRICT
Groceries_________________________
Dry Goods________________________
Hardware_________________________
Furniture_________________________
Electrical Supplies__________________
Shoes_______________________ _____
Stationery_________________________
Drugs____________________________
TOTAL__________________________

55.6
43.7
53.1
50.0
64.0
45.1
41.0
74.7
54.0

58.1
55.2
56.8
55.8
68.9
54.8
55.0
81.0
59.0

60.2
63.1
58.2
52.7
68.6
55.4
65.9
75.2
60.8

75.1
60.2
69.5
72.6
61.9
59.6
56.3
91.2
70.3

73.6
75.3
69.6
84.0
68.1
71.9
72.9
97.2
73.9

78.6
88.5
80.6
83.0
77.2
82.9
86.7
99.6
81.9

LIFE INSURANCE SALES 6th DISTRICT
Alabama__________________________
Florida.____ ________ ____________
Georgia________________ __________
Louisiana________________ ________
Mississippi________________________
Tennessee_________________________
TOTAL__________________________

71.0
89.9
85.3
76.4
62.1
88.9
81.1

63.7
72.7
75.4
72.1
47.8
70.0
68.8

57.9
69.9
78.7
75.3
57.3
72.2
70.2

89.0
103.8
100.9
101.4
90.2
98.1
97.9

75.3
82.2
83.8
95.4
58.7
80.6
80.9

76.9
86.9
90.9
83.8
75.3
101.5
88.2

BUILDING PERMITS 6th DISTRICT
Atlanta___________________________
Birmingham_______________________
Jacksonville_______________________
Nashville_________________________
New Orleans_______________________
(15) Other Cities___________ ________
DISTRICT (20 Cities)_______________

22.8
6.2
13.6
37.4
45.5
14.1
19.2

16.6
7.2
12.6
17.5
40.1
20.7
19.8

13.6
4.3
25.7
58.2
9.4
17.3
17.1

33.0
18.6
25.6
77.7
41.1
20.5
27.9 *

46.4
11.2
37.6
35.4
14.3
25.4
26.6

67.2
12.6
25.2
53.8
61.0
20.0
32.2

CONTRACTS AWARDED 6th DISTRICT
Residential_______ _ _ __ _________
All Other______________ __________
TOTAL__________________________

13.7
42.6
31.1

17.2
53.7
39.1

13.1
48.1
34.1

23.1
56.1
42.9

20.9
50.1
38.4

20.1
45.9
35.6

WHOLESALE PRICES U. S. (*)
ALL COMMODITIES_______________
Farm Products_____________________
Foods____________________________
Other Commodities__________________
Hides and leather products__________
Textile products__________________
Fuel and lighting___ __________ ____
Metals and metal products__________
Building materials_________________
Chemicals and drugs_______________
Housefumishing goods______________
Miscellaneous____________________

70.2
63.5
73.7
72.3
88.5
64.2
62.3
87.1
75.4
75.5
87.5
58.5

69.1
60.5
72.9
72.0
84.8
62.9
63.3
87.2
74.9
74.8
84.7
58.4

68.4
58.8
72.6
71.4
82.2
61.5
63.4
86.5
74.3
74.1
83.2
59.0

84.0
84.9
87.1
83.3
98.9
77.7
75.4
92.7
87.4
87.3
95.9
71.2

84.2
85.3
89.2
82.8
99.1
75.5
76.3
91.8
86.4
86.6
95.4
69.7

82.6
82.6
88.6
81.5
96.5
73.8
75.1
90.4
85.8
86.0
95.3
68.8

83.8
97.8
94.1
125.2
129.1
53.0
34.3

91.2
107.6
103.7
142.0
151.2
55.2
90.8

90.9
108.5
103.1
138.3
150.9
52.3
165.0

69.3
81.2
81.9
102.5
122.1
43.2
59.6

77.6
90.1
91.4
109.8
128.9
50.1
146.9

87.4
101.0
102.7
138.2
148.5
57.6
163.4

42.9
51.2

39.1
41.1

39.3
41.0

84.5
82.5

76.2
69.7

72.5
63.6

66.4

65.9

65.3

75.0

71.7

72.9

COTTON CONSUMED:
United States______________________
Cotton-Growing States_______________
Georgia________________________
Alabama____________ ___________
Tennessee_______________________
All Other States____________________
Exports---------------------------------------PIG IRON PRODUCTION:
United States______ _______ ________
Alabama__________________________
UNFILLED ORDERS—U. S. STEEL
CORPORATION..................... _..........

(*) Compiled by the Bureau of Labor Statistics. Base 1926-100.