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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.