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M O N T H L Y R E V I E W O f Agricultural, Industrial, Trade and Financial Conditions in the Sixth Federal Reserve District F E D E R A L R E S E R V E B A N K O F A T L A N T A (Compiled October 18. 1929) VOL. 14, No. 10 This review released for publication in morning papers of October 31. ATLANTA, GA., October 31,1929 BUSINESS CONDITIONS IN THE UNITED STATES Industrial activity increased less in September than is usual at this season. Production during the month continued above the level of a year ago, and for the third quarter of the year it was at a rate approximately 10 per cent above 1928. There was a, further decline in building contracts awarded. Bank loans increased between the middle of September and the middle of October, re flecting chiefly growth in loans on securities. Production Output of iron and steel declined further in Sep tember. Contrary to the seasonal tendency there was a sharp decrease in output of automobiles and automobile tires, and a smaller-than-seasonal increase in activity in the tex tile and shoe industries, which continued to produce at a high rate in comparison with the preceding year. Meat packing plants were more active than in August. Factories increased the number of their employees during September and payrolls were also slightly larger. Output of coal showed a substantial increase from August and the average daily production of copper mines was somewhat larger. Iron ore shipments declined seasonally, and petroleum output was reduced for the first time in several months For the first half of October reports indicate a further reduc tion in steel plant operations, a continued increase in production of bituminous coal, and some increase in petroleum output fol lowing a moderate decrease during September. Building contracts awarded in September declined seasonally from August and were substantially below the corresponding month in any year since 1924. For the third quarter, the volume of con tracts was 6 per cent less than a year ago. During the first three weeks of October, contracts continued substantially below the level of last year. October estimates by the Department of Agriculture indicate a cotton crop of 14,915,000 bales, 3 per cent larger than last year; a corn crop of 2,528,000,000 bushels, 11 per cent smaller than the crop of a year ago, and 8 per cent below the five year average; and a totai wheat crop of 792,000,000 bushels, 12 per cent belowlast year but only slightly under the five year average. Distribution Freight-carloading increased by slightly less than the usual seasonal amount in September, and continued to be larger than a year ago. In the first two weeks of October, car loadings were smaller than in the corresponding weeks of 1928. Department store sales in leading cities increased seasonally during the month of September and were 2 per cent larger than a year ago. For the third quarter, as a whole, sales of the report ing stores exceeded those of the third quarter of last year by 3 per cent. Prices Wholesale prices showed little change from August to September, according to the Index of the Bureau of Labor Statistics. Prices of meats and livestock declined con siderably, while prices of grains advanced. The prices of raw silk, cotton and cotton gocds were higher in September, and the price of coal increased, while prices of iron and steel products, tin, gaso line, and cement were lower. During the first three weeks of October, prices declined for a considerable number of commodi ties, including wheat, flour, hides, steel, tin, cotton, silk, and wool. Bank Credit Between the middle of September and the middle of October, there was a slight increase in the vol ume of loans and investments of member banks in leading cities. The banks’ loans on securities increased rapidly, while all other loans, including loans for commercial and agricultural purposes, declined somewhat after reaching a seasonal peak on October 2. Security holdings of the reporting banks continued the de cline which has been almost uninterrupted for more than a year. At the Reserve Banks there was litte change in the volume of credit outstanding during the four week period ending October 19. Further increase in the holdings of acceptances by the Fed eral Reserve Banks was accompanied by a decline in discounts for member banks, largely at the Federal Reserve Bank of New York. Open market rates on bankers’ acceptances, and prime com mercial paper were unchanged during the last half of September and the first three weeks of October. On October 23 rates on bankers’ acceptances declined by one eighth per cent to a 5per cent level for the principal maturities. Rates on demand and time loans on securities declined during the first half of October. PERCENT 1925 Index numbers of production of manufactures and minerals adjusted Digitized FRASER forfor seasonal variations (1923-25 average—100.) Latest figures September, manufactures 122. minerals 119. 1926 1927 1928 1929 Monthly rates in the open market in New York: commercial paper rate on 4- to 6-month paper and acceptance rate on 90-day bankers* acceptances. Latest figures are averages for first 23days in October. ^ MONTHLY REVIEW 2 Monthly average of weekly figures for reporting banks in leading cities. Latest figures are averages of first three weeks in October. SIXTH DISTRICT SUMMARY Agricultural prospects improved during September in all of the states of the sixth district. The October estimate by the United States Department of Agriculture indicates a cotton crop in these six states larger by 518,000 bales, or 9.7 per cent, then was indicated a month earlier, and 1,123,000 bales greater than last year’s pro duction in these states. Most other crops, except potatoes, rice and fruits, show increases over last year. Distribution of merchandise at both retail and wholesale in creased further in September over preceding months, and sales by wholesale firms were 7.7 per cent greater than a year ago, while those of retail firms were approximately the same as in September last year. Savings deposits reported by 77 banks declined 1.7 per cent compared with August, and average 7.5 per cent smaller than for September last year. Debits to individual accounts at twentysix reporting cities declined 3.6 per cent in September compared with August, but were 2.5 per cent greater than in September 1928. Loans and investments of weekly reporting member banks on October 9 were only slightly greater than four weeks earlier, and loans were greater than a year ago but investment holdings were smaller. Borrowings of these banks from the Federal Reserve Bank of Atlanta declined nearly 12\ millions between September 11 and October 9, and were also less than at the same time a year ago, and discounts by the Federal Reserve Bank for all member banks in the district declined more than 16J millions between September 11 and October 9 and were 20 millions less than a year ago. Building permits issued at twenty reporting cities, and con tracts awarded in the district, declined compared with the pre vious month and the same month last year. Consumption of cotton in the cotton-growing states declined 1.2 per cent in Sep tember compared with August, wThile in other states there was a decrease of 5.5 per cent. The number of cotton spindles active in September m the cotton-growing states increased 68,054, while there was a decrease of 213,012 in other states. Production of cotton cloth by reporting mills in the sixth district declined in September and was smaller than in September last year, and production of cotton yarn decreased slightly compared with August but was at a higher level than a year ago. Order for both Monthly averages of daily figures for 12 Federal Reserve Banks. Latest figures are averages of first 19days in October. cloth and yarn increased materially during September. Output of pig iron in Alabama decreased in September and was the smallest monthly total reported since April 1922. Coal production con tinued larger in Alabama, but smaller in Tennessee, than at the same time last year. RETAIL TRADE The distribution of merchandise at retail trade in the sixth dis trict, as reflected in sale figures reported confidentially to the Federal Reserve Bank of Atlanta by representative department stores located throughout the district, increased seasonally in September to a level higher than for the three preceding months. The index number for September this year is the same as for September a year ago, and is higher than for September of any other year since 1920. Stocks of merchandise increased over those a month earlier, but were smaller than a year ago. September sales by 42 department stores increased 14.0 per cent over those in August, and, because of an increase at Atlanta, were three-hundredths of one per cent larger than in September 1928. For the period January 1 to September 30 sales by these firms have averaged 1.6 per cent less than for that period last year. Stocks of merchandise on hana at. the end of September averaged 6.0 per cent greater than for August, but were 4.1 per cent smaller than a year ago. The rate of stock turnover for September was the same for the district as a whole as for September last year, but for the period since January 1 i* has averaged somewhat less. Accounts receivable at the end of September averaged 7.1 per cent greater than for August, and 2.4 per cent greater than a year ago. Collections in September averaged 1.7 per cent less than in August, but were 0.8 per cent larger than in September last year. The ratio of collections during September to accounts outstanding and due at the beginning of the month for 32 firms was 28.5 per cent; for August this ratio was 29.1 per cent, and for September last year 29.0 per cent. For September, the ratio of collections against regular accounts for 32 firms was 30.2 per cent, and the ratio of collections against installment accounts tor 9 firms was 17.0 per cent. RETAIL TRADE IN THE SIXTH DISTRICT DURING SEPTEMBER 1929 BASED ON CONFIDENTIAL REPORTS FROM 42 DEPARTMENT STORES Atlanta (5)........ Birmingham (4).. Chattanooga (6). Nashville (4)___ New Orleans (4)~ Other Cities (19)~ District (42)....... Comparison of Net Sales Comparison of Stocks Sept. 1929 Sept. 1929 Jan. 1to Sept. 30. Sept. 30. 1929. Sept. 30, 1929, with with 1929, w ith the with with Sept. 1928 Aug. 1929 same period in 1928 Sept. 30, 1928 Aug. 31, 1929 +15.8 +21.8 +4.5 -7.1 +11.6 - 0.9 +19.4 —1.4 -0.1 — 0.7 -10.4 +10.0 -3.4 -1.6 + 9.8 - 6.2 - 1.1 -2.3 +3.9 + 8.1 —6.2 + 8.3 -4.7 -6.5 + 2.5 - 5.3 +16.1 -4.1 —3.9 +10.2 + 0.03 +14.0 -1.6 + 6.0 -4.1 Note: The rate of stock turnover is the ratio of sales during given periodto averagestocks on hand. Rate of Stock Turnover Sept. 1928 .27 .22 .18 .24 .16 .17 .20 Sept. 1929 .34 .21 .17 .21 .15 .16 .20 Jan. Ito Sept. 1928 1929 2.40 1.78 1.66 2.15 1.51 1.67 1.79 2.15 1.76 1.65 2.08 1.42 1.53 1.71 MONTHLY REVIEW W H O LESALE TR AD E Further seasonal improvement was evidenced by the total of September sales figures reported confidentially to the Federal Reserve Bank by 121 wholesale firms in eight different lines of trade in the sixth district. Increases over August were shown in seven of these individual lines of wholesale trade, but a small decline was reported in sales of drugs. Compared w ith September of last year all of the eight lines reported increases, but the gain in sales of electrical supplies was less than one per cent. Total sales of these 121 firms in September were 6.4 per cent greater than in August, and 7.7 per cent greater than in September 1928. The September index number, computed from figures for most of the reporting firms, and based upon the monthly average for the three-year period 1923-25 inclusive, is higher than for any other month since October 1927. In the table immediately following are shown percentage comparisons of figures reported by all of these eight lines combined. September 1929 compared with: Aug. 1929 Sept. 1928 Sales........-.............. -................ -.......... +6.4 +7.7 Stocks on hand...............-..........-............ +0.2 —3.6 +3.4 Accounts receivable......................... -....... +8.6 Collections.................................... ......... +6.5 +7.1 Groceries Sales of groceries at wholesale during September by 29 reporting wholesale firms averaged slightly smaller in volume than in August, but a little larger than in Sep tember last year. Increases over August at Atlanta and Other Cities were more than outweighed in the district average by de creases reported from Jacksonville, New Orleans and Vicksburg, and decreases compared w ith September a year ago at Jackson ville and New Orleans were outweighed by increases at Atlanta, Vicksburg and Other Cities. Stocks on hand and accounts receiv able at the end of the month increased over those for August, but were smaller than a year ago, but collections showed increases over both of those comparative periods. September 1929 conpared with: Sales: Aug. 1929 Sept. 1928 Atlanta (3 firms)................... -...........— +28.2 +7.0 Jacksonville (4 firms)........................... - +20.0 +17.1 New Orleans (6 firms).............-............. — 5.8 —12.2 Vicksburg (3 firms)........... -.................. — 9.2 +30.4 Other Cities (13 firms).................... ...... +1.2 +4.4 DISTRICT (29 firms)..............-............. +3.6 + 5.8 Stocks on hand....................................... +9.6 Accounts receivable.................................. +5.3 Collections.......................-..................... +11.2 — 7.0 — 4.3 +6.6 D ry Goods September sales of dry goods at wholesale increased over August, and over September a year ago, except at New Orleans. Stocks of merchandise on hand declined in com parison w ith both of those periods, but accounts receivable and collections increased, as indicated in the table. September 1929 compared with: Sales: Aug. 1929 Sept. 1928 Atlanta (3 firms).................— -.............. +1.7 +10.2 Nashville (3 firms)----------- ------ +32.4 +0.0 New Orleans (3 firms)............................. — 0.1 — 1.5 Other Cities (15 firms).... ...........-............ +26.4 +14.4 DISTRICT (24 firms)......... ...................- +19.9 + 7.6 Stocks on hand..................................... . — 4.2 Accounts receivable..... — —..... ....... ........ +17.8 Collections........... ............. ....... ............ + 10.4 Hardware —10.6 +7.2 +21.2 Sales of hardware at wholesale during September by twenty-eight reporting firms averaged 2.9 per cent larger than in August, and 10.1 per cent greater than in September a year ago. Stocks declined nearly one per cent com pared w ith a month ago, but were slightly larger than a year ago, and accounts receivable and collections show increases over both of those comparative periods. September 1929 compared with: Sales: Aug. 1929 Sept. 1928 Nashville (4 firms)— .............................. +6.8 -3.3 New Orleans (5 firms)................. .......... +6.4 +23.2 Other Cities (19 firms)------ -------- —1.0 +6.5 DISTRICT (28 firms).............................. +2.9 +10.1 3 September 1929 compared with: Sales: Aug. 1929 Sept. 1928 Atlanta (5 firms).................................. +29.9 +6.0 Other Oities (7 firms)............................ +13.6 +18.1 +15.6 DISTRICT (12firms)-.......... ........ ....... +16.4 Stocks on hand_______________ __________ +2.1 Accounts receivable.............. ....... ........ +5.5 Collections.......... ................ ................. — 0.9 — 9.5 +7.0 + 4.6 Electrical Supplies Sales of electrical supplies in September by 13 reporting wholesale firms averaged somewhat larger than in August, but were less than one per cent greater than in September a year ago. Stocks were smaller than a month ago, but a little larger than a year ago. Accounts re ceivable increased over August, but collections declined, and both of these items show decreases compared w ith a year ago. September 1929 compared with: Sales: Aug. 1929 Sept. 1928 +0.5 New Orleans (4 firms)......... ......... ...... . —8.9 +1.0 Other Cities (9 firms)............................ +9.9 DISTRICT (13firms)— ......................... +2.5 +0.8 Stocks on hand....................................... —2.5 Accounts receivable..................... ............ +9.6 Collections............................ ................ —6.0 +2.7 — 2.2 —12.5 Comparisons in the other three lines are shown only for the district as three or more reports were not received in any of these lines from a single city. A ll three lines reported increases in sales over September a year ago, but sales of drugs were somewhat less than for August. Accounts receivable and collections re ported by drug firms increased over both comparative periods. September 1929 compared with: Aug. 1929 Sept. 1928 + 4.7 Shoes (3 firms) sales............ .............. ...... + 9.1 Stationery (4 firms) sales...................... ..... +21.7 +6.7 Drugs (8 firms) sales............ ...... .............. — 2.4 + 9.7 Accounts Receivable................ ........ — +16.9 +8.4 Collections......................................... +3.1 +21.0 AG RIC U LTURE The October cotton estimate by the United States Depart ment of Agriculture indicates a crop amounting to 14,915,000 bales. This represents an increase of 90,000 bales, or one-half of one per cent above the report a month earlier. The condition of the crop is reported as 55.0 per cent of normal, compared w ith 54.4 per cent a year ago, and a ten-year average of 53.0 per cent. The report states that decreases in the indicated crop in the Carolinas, Texas and Oklahoma, compared w ith the estimate a month earlier, have been more than offset by increases in the central portion of the belt from Georgia to Louisiana and M is souri. In Mississippi and the Delta portions of Arkansas and Louisiana the crop is turning out much better than was expected a month ago. D ry weather in August did not damage the crop as much as was anticipated in these sections and in Georgia and Alabama. Excessive rains the last half of September resulted in considerable in ju ry to quality of the crop and some loss in quantity in some parts of Georgia. On the whole, however, the October estimate for Georgia is greater by 107,000 bales than the estimate a month earlier. In the table are shown the October estimates for the six states of this district compared w ith final figures for last year. Parts of Tennessee, Mississippi and Louis iana are situated in other Federal Reserve districts. Estimate Final Percentage Oct. 1, 1929 1928 Comparison Alabama............................. — „ 1,300,000 1,109,126 +17.2 Florida-.................................. 30,000 19,203 +56.2 Georgia.................................. 1,300,000 1,029,499 + 26.3 Louisiana.............. ...... — ...... 820,000 690,958 +18.7 Mississippi............................... 1,950,000 1,474,875 +32.2 Tennessee— ............................ 475,000 428,000 +11.0 Total six states............. — 5,875,000 4,751,661 +23.6 For the six states of this district the composite yields of all crops as of October 1, increased over the month before as follows: Alabama, 4.6 per cent; Florida, 2.7 per cent; Georgia, 5.1 per cent; Louisiana, 3.4 per cent; Mississippi, 15.4 per cent; Tennessee, 3.2 per cent. The estimates for Alabama indicate larger production this Stocks on hand.... ............. ............ —0.9 +1.3 year than last in corn, oats, hay and sweet potatoes, but smaller Accounts receivable--- -— ................ .— +3.7 +5.5 crops of white potatoes, and fruits. Florida estimates indicate Collections............................................. +6.7 + 8.3 increases over last year in most staple crops, but decreases in Furniture September sales of furniture at wholesale increased potatoes and fruits. The commercial citrus crop for the season 16.4 per cent over those in August and were 15.6is estimated at 16 m illion boxes. Oranges, including 1929-30 per cent greater than in September a year ago. The index number tangerines, are estimated at 9,700,000 boxes and grapefruit at of furniture sales in September is higher than for any other month 6.300.000 boxes. These figures compare w ith 13,900,000 boxes of in nearly four years. Stocks and accounts receivable increased oranges and 9,300,000 boxes of grapefruit last season, a total of 23,over August, bub collections declined slightly, and stocks were 200.000 boxes. The estimate of the corn crop in Georgia is oneth ird larger than the poor crop of 1928. The tobacco crop was somewhat less than a year ago, but increases over that period are the largest ever produced in the State, and amounted to 89,856,000 shown in accounts receivable and collections. MONTHLY REVIEW 4 pounds. Increases are indicated in most other crops except fruits. Heavy rains the last half of September damaged ungathered crops in many parts of the State. In Louisiana the estimates in dicate increases over last year in cotton, sugar cane, oats and sweet potatoes, but decreases in rice, corn, hay, white potatoes, tobacco and fruits. Mississippi reports indicate greater produc tion of all principal crops except white potatoes and fruits. In Tennessee increases are shown in corn, tobacco and hay but de creases in sweet potatoes and fruits. Figures in the table indicate the estimates of some of the principal crops in the sixth district compared w ith last year. Estimate Production Percentage Oct. 1,1929 1928 Comparison +24.2 Com, bu...... ....... ..... ....... ..... 170,654,000 137,350,000 Wheat, bu........... .................... 4,460,000 4,392,000 + 1.5 Oats, bu.................................. 14,591,000 10,746,000 +35.8 Tame Hay. tons........................ 3,059,COO 2,986,000 + 2.4 Tobacco, lbs...................-......... 177,931,000 157,057,000 +13.3 White Potatoes, bu.................... 11,306,000 14,843,COO —23.8 Sugar Cane and Sugar A crop of sugar cane amounting to 3,200,000 short tons on the acreage in Louisiana to be used for sugar, and production of 217,634 short tons of sugar, are indicated in the October report for that state, compared w ith 1,860,251 tons of cane and 132,053 tons of sugar produced last year. Growing conditions were favorable in September and the prospective yield increased nearly one-half a ton per acre. SUGAR MOVEMENT (Pounds) Receipts: Sept. 1929 Aug. 1929 Sept. 1928 New Orleans.— ................... 81,500,439 185,888,602 150,874,600 4,956,857 33,399,001 29,413,957 Savannah--........ -___ ______ Meltings: New Orleans........................ 106,534,356 170,863,104 126,605,354 Savannah........................... 10,590,654 39,565,219 17,858,675 Stocks: New Orleans........................ 166,172,906 191,529,213 52,604,265 Savannah..................... ..... 56,458,88862,092,685 18,048,224 REFINED SUGAR (Pounds) Suipments: Sept. 1929 Aug. 1929 Sept. 1928 New Orleans........................ 85,206,755 171,277,384 123,643,702 Savannah........................... 21,074,769 28,741,919 25,154,505 Stocks: 95,113,333 77,137,928 53,682,180 New Orlenas........................ Savannah........................... 16,060,877 29,081,289 6,181,621 Rice Estimated production of rice increased in September and on October 1 was 17,766,000 bushels, comEared w ith 18,392,000 bushels produced last year. Excellent arvesting conditions prevailed in September, and by October 1 about 68 per cent of the total crop had been harvested, and about 32 per cent threshed. The crop already harvested is of very good quality. RICE MOVEMENT-NEW ORLEANS ROUGH RICE (Sacks) Sept. 1929 Aug. 1929 Sept. 1928 Receipts___________________ — 67,658 51,489 54,071 52,994 49,172 Shipments..... -...... -............... 64,186 Stocks................................... 5,467 1,997 10,684 CLEAN RICE (Pockets) Receipts-................................ 148,791 106,547 132,301 Shipments.............................. 156,232 126,470 147,464 Stocks.......................-...... — . 100,851 108,292 100,307 RICE MILLERS ASSOCIATION STATISTICS (Barrels) Receipts of Rough Rice: September Aug. 1to Sept. 30 Season 1929-30.................... ..... ......... 1,387,795 1,971,739 1,536,193 Season 1928-29......-.............. ...... ..... . 1,197,924 Distribution of Milled Rice: Season 1929-30.............................. . 841,027 1,347,922 Season 1928-29........ ....... ................... 777,583 1,123,659 Stocks of Rough and Milled Rice: October 1. 1929.................................. 1,099,055 October 1. 1928.................................. 1,108,564 F IN A N C IA L Sayings Deposits Savings deposit statistics reported to the Federal Reserve Bank of Atlanta by 77 banks located throughout the sixth district for September indicate an average decline of 1.7 per cent compared w ith August, and a decrease of 7.5 per cent compared w ith figures for September last year. Figures in the table are shown for Atlanta, and for Federal Reserve Branch cities, and reports from other points are grouped under “Other Cities” . Savings deposits at Jackson ville increased in September over August, but decreases were reported from other groups, and a ll of the groups share in the decrease compared w ith September 1928. (000 Omitted) OomOomparison parison Sept. Aug. Sept.-Aug. Sept. Sept. 1929 1929 1929 1928 ’29-’28 Atlanta (7 banks).................$ 40,374 $40,656 —0.7 $42,453 — 4.9 Birmingham (4 banks)........... 24,153 24,637 —2.0 25,489 — 5.2 Jacksonville (4 banks)........... 22,205 21,736 +2.2 29,418 —24.5 Nashville (8 banks)............... 25,457 27,524 —7.5 29,495 —13.7 New Orleans (7 banks)......... - 46,296 46,388 —0.2 47,325 — 2.2 Other Cities (47 banks).......... 99,345 101,392r —2.0 107,297 — 7.4 Total (77 banks).................. 257,830 262,333r —1.7 278,658 — 7.5 Digitized for r-Revised. FRASER Debits to Individual Accounts Debits to individual accounts reported from twenty-six cities in the district, re flecting the volume of business transactions settled by check, showed a decrease of 3.6 per cent in September compared w ith August, but an increase of 2.5 per cent over the to tal for September of last year. Sixteen of these reporting cities show increases over September 1928, and ten reported decreases compared w ith that month. The m onthly figures shown in the table are derived from weekly reports by pro-rating figures for those weeks which do not fa ll entirely w ithin a single calendar month. (000 Omitted) Alabama: Sept. 1929 1929 Aug. 1929 Sept. 1928 143,600 Birmingham..........— .........$$ 143,600 $ 141,238 $ 142,706 Dothan..............-........... 5,554 5,554 4,421 4,183 Mobile............................... 44,912 44,912 39,659 37,029 Montgomery....................... 27,085 27,085 23,883 25,591 Florida: Jacksonville....................... 62,508 62,508 67,888 63,750 Miami............................... 21,653 21,653 25,396 20,862 77,085 ,0 " Pensacola_______ __________ 7,658 7,098 24,688 Tampa.............................. 24,6 29,270 31,756 Georgia: 5,252 Albany.............. ............... 5,252 4,772 4,307 Atlanta................. ..... ...... 177,055 177,055 220,732 151,354 Augusta............................ 28,793 28,793 23,739 24,263 Brunswick.............. ........... 3,605 3,605 4,449 3,346 Columbus.......................... 14,420 14,420 14,812 14,652 Elberton..................... ...... 11,185 ," 832 948 Macon.............................. 19,! 19,966 19,105 21,044 Newnan............................. 2,__^ 2,445 2,372 2,054 Savannah....... ................... 50,389 50,389 45,193 44,425 5,088 Valdosta........... -....... 9,193 5,729 Louisiana: New Orleans................ ...... 310,297 310,297 308,805 327,368 Mississippi: Hattiesburg_____ __________ 7,402 7,194 7,629 Jackson..................... ...... . 25,872 25,872 25,527 25,482 Meridian........................... 15,414 15,414 16,550 17,887 Vicksburg.................. 8,114 6,240 7,544 Tennessee: Chattanooga...................... 51,5 51,569_ 51,459 49,226 Knoxville.................... ....... 34,565 34,565 36,324 34,744 Nashville-................... ....... 99,016 99,016 105,288 93,192 Total 26 Cities.................. ..... $1,197,532 $1,197,532 $1,241,999 $1,168,169 Condition of Member Banks in Selected Cities Weekly reports received from thirty reporting member banks in selected cities of the sixth dis trict indicate that total loans of these banks increased from $522,732,000 on September 11 to $528,457,000 on October 2, and de clined nearly three million dollars the following week. Loans on securities increased a little more than 11 millions between Sep tember 11 and October 9, and on this latter date were at the highest level recorded during recent years. All Other Loans, which are those principally for commercial, agricultural and industrial purposes, declined nearly 84 millions between these two report dates, to a level lower than has been reached since August 7. Compared with figures for the corresponding report date of last year loans on securities show an increase of approxi mately 20 millions, and All Other Loans were greater by a little more than 3.3 millions, so that total loans of these weekly re porting member banks on October 9 were $23,379,000 greater than at. the same time a year ago. Holdings of United States securities on October 9 were smaller by $1,684,000 than four weeks earlier, and were 6| millions less than a year ago, and Other Stocks and Bonds increased $101,000 between September 11 and October 9 but were $4,727,000 less than at the same time a year ago. Total loans and investments on October 9 were $1,218,000 greater than on September 11, and $11,134,000 greater than on October 10, 1928. Time deposits of these banks were less on October 9 than four weeks, or a year ago, but demand deposits were greater than for those report dates. Borrowings of these banks from the Federal Reserve Bank of Atlanta de clined nearly 12£ millions from the high point so far this year on September 11, and were about 7 million less than a year ago. Principal items in the weekly report are shown in the table for the three comparative report dates. (000 Omitted) Oct. 9, 1929 $ 163,078 362,455 525,533 57,245 Other Stocks and Bonds.............. 66,194 S 648,972 229,659 325.544 109,128 . 77,896 40,546 Loans: Operations of the Federal Reserve Bank Sept. 11, 1929 $151,807 370,925 522,732 58,929 66,093 647,754 232,590 323,927 98,642 73,096 52,985 Oct. 10, 1928 $143,038 359,116 502,154 63,758 71,921 637,833 234,230 317,020 107,226 80,444 47,541 Figures contained in the weekly statement of the Federal Reserve Bank of Atlanta show a decrease of $16,675,000 in total discounts for member banks between September 11, figures for which date were shown in the previous issue of the MONTHLY REVIEW Review, and October 9, four weeks later. During this period discounts secured by United States Government obligations declined $6,299,000, and A ll Other discounts decreased $10,376,000. Compared w ith figures for the corresponding report date last year, discounts secured by government obligations have decreased by a little more than two-thirds, and other discounts were smaller by $3,141,000, so that to tal discounts were more than 20 m illions less than at that time. Holdings of bills bought in the open market on October 9 were over 9 m illions greater than on September 11, and $4,330,000 greater than at the same time a year ago. Holdings of United States securities have been fa irly constant during several months past, and on October 9 were about half as large as a year ago. Total bills and securities on October 9 were $7,528,000 less than on September 11, and $19,244,000 less than at the same tim e last year. Deposits in creased between September 11 and October 9 and were slightly greater than a year ago. Federal Reserve Notes in actual cir culation declined $4,878,000 during this four weeks period, but were $24,878,000 greater than a year ago. Cash reserves, and the reserve ratio, were at higher levels than on either of these comparative report dates. (000 Omitted) Oct. 9, B ills Discounted: 1929 Secured by Govt. Obligations--$ 7,145 A ll Others.......... ............. . 50,165 Total Discounts.............- 57,310 Bills Bought in open market --..... 22,037 U. S. Securities................. -..... 3,372 Total Bills and Securities... 82,719 Cash Reserves.................... -___ 140,802 Total Deposits......-................. 66,001 F. R. Notes in actual circulation— 153,105 Reserve Ratio..............-..... ..... 64.3 Sept. 11, 1929 $13,444 60,541 73,985 12,884 3,378 90,247 131,584 63,119 157,983 59.5 Oct. 10, 1928 $23,940 53,606 77,546 17,667 6,750 101,963 98,209 65,098 128,227 50.8 Net demand deposits of all member banks in the sixth district have declined each month since March, and in August were at a lower level than has been recorded in nearly five years. Tim e deposits also decreased in July and August, and were less than at the same time a year ago. Comparative m onthly figures for the year through August are shown in the table. Fig ures for 1929 are averages of daily figures, while those for corres ponding months of 1928 are for a single report date of each month. Demand Deposits Time Deposits 1929 1928 1929 1928 January......... ...... -$594,393,000 $634,598,000 $454,062,000 $465,326,000 February............... - 596,768,000625,307,000 458,445,000 461,400,000 465,757,000 March......... .......... 600,785,000621,048,000 459,323,000 April........... -......... 584,913,000612,186,000 449,462,000 467,351,000 May...................... 568,686,000 607,138,000 458,520,000 471,907,000 Jane..................... 548,639,000596,668,000 466,233,000 471,953,000 July...................... 538,609,000578,233,000 461,653,000 475,096,000 August......... ......... 523,695,000556,721,000 445,299,000 471,665,000 Deposits of All Member Banks Commercial Failure Statistics compiled by R. G. Dun and Company indicate that commercial failures in the United States during September were less numerous than in August, or in September 1928, but liabilities show slight increases over both of those months. Failures in the United States in September numbered 1,568, compared with 1,762 in August, and with 1,635 in September last year, and liabilities for September totaled $34,124,731, compared with $33,746,452 for August and with $33,956,686 for September last year. Figures for the sixth district indicate 66 failures in September compared with 80 in August, and with 111 in September last year, and liabilities for September this year amounted to $1,520,414, smaller by 7.7 per cent than the total of $1,647,571 for August, and 15 per cent less than the total of $1,788,026 for September 1928. IMPORTS AND EXPORTS—NEW ORLEANS Merchandise imported into the United States through the port of New Orleans during July, the latest month for which detailed statistics are available, amounted to $13,094,052, a decrease of 15.4 per cent compared with June, and 15.3 per cent less than for July 1928. Exports of merchandise through the port of New Orleans during July totaled $25,659,069, a decline of 21.7 per cent compared with June, but 2.5 per cent larger than for July last year. 5 Grain Exports—New Orleans Grain exports through the port of New Orleans during Septem ber amounted to only a little more than a third of the movement in September a year ago. There was a decline from August to September this year, whereas last year the movement of grain through New Orleans in September was nearly three times as large as in August. For the three months since July 1 declines are shown in exports of each of the items, and the total grain movement has been only slightly more than two-thirds as large as during the same period a year ago. Sept. 1929 Sept. 1928 1,361,307 Wheat, bu........... ....... 652,133 30,214 29,978 Oom, bu....... ..... 2,290 Oats, bu............ . 41,679 561,666 Barley, bu.......... . 55,714 Rye, bu............. . 2,010,955 724,026 Total, bu....... July 1to Sept. 30, 1929 1928 1,840,771 1,852,105 267,620 484,895 139,687 140,134 641,666 55,714 23,321 2,271,399 3,174,514 BUILDING The volume of propsective building reflected by building per mits issued at twenty reporting cities of the sixth district for the construction of buildings within their corporate limits declined in September compared with August, and with the exception of No vember 1928 when the total was only slightly lower than for September this year, was lower than for any other month since November 1922. September permits at these twenty cities totaled $5,702,043, a decrease of 15 per cent compared with the total for August, which was $6,706,012, and smaller by one-third than for September of last year. Only five of these reporting cities showed increases in September over that month a year ago, Anniston, Miami, Montgomery, Chattanooga and Nashville. The index num ber for the twenty cities combined for September was 50.7 compared with 59.6 for August, and with 76.1 for September a year ago, based upon the monthly average for the three-year period 1923-25 inclusive as represented by 100. Index numbers for Federal Reserve Bank and Branch cities in the district are shown on the last page of this Review. For the nine months of the year permits at these twenty cities have totaled $62,996,256, a decline of 23.2 per cent compared with the corresponding period of the year 1928. According to statistics compiled by the F. W. Dodge Corpora tion, the total volume of building and construction contracts awarded in the 37 states east of the Rocky Mountains during September amounted to $445,402,300, a decrease of 9 per cent compared with the preceding month, and smaller by 24 per cent than for September last year. In September $118,380,900, or 27 per cent of all construction, was for residential purposes; $117,229,300, or 26 per cent, was for public works and utilities; $76,920,600, or 17 per cent, was for commercial buildings, and $52,640,400, or 12 per cent, was for industrial plants. Contract awards in the nine months of the year have totaled $4,602,267,600, a decrease of 10 per cent compared with the total of $5,126,944,100 for the same period of last year. Contracts awarded in the sixth district during September amounted to $17,767,535, the smallest monthly total in available records, which extend back to the beginning of 1923. This total represents a decrease of 61.9 per cent from the high level in August, and a decrease of 31.6 per cent compared with the total for September last year. Percentage Sept. 1928 change in Sept. 1929 Number Value Number Value Value 32 $ 72,650 14 $ 28,100 +158.5 343 861,034 448 1,099,326 - 21.7 89 193,716 90 202,230 — 4.2 198 390,242 231 164,053 +137.9 329 251,594 579,826 - 56.6 349 250,236 201 177 68,898 +263.2 Orlando......... . 40 16,655 89 52,795 — 68.5 73 59,665 Pensacola....... . 113 67,452 — 11.5 190 88,027 Tampa........... . 306 2 2 5,349 - 60.9 2 ^Lakeland......... 300 9 16,132 - 98.1 •Miami Beach-41 612,850 17 130,593 +369.3 Georgia: 245 882,883 Atlanta.......... 325 2,097,427 - 57.9 Augusta-....... 175 100,768 145 185,294 — 45.6 76,960 Columbus....... .. .. , 37 52 94,834 — 18.8 130 55,283 Macon............. 174 131,309 - 57.9 33 Savannah....... . 72,150 41 91,215 - 20.9 Alabama: Anniston.......... . Birmingham...... . Mobile............... Montgomery....... Florida: Jacksonville___ 6 Louisiana: New Orleans......... Alexandria............ T6M16SS66 * MONTHLY REVIEW Number 149 77 Chattaiiooga......... 271 Johnson C ity........ 14 Knoxville.............. 137 Nashville.............. 232 Total 20 Cities............ 2,995 Index No................... Sept. 1929. Sept. 1928 Percentage Value Number Value change in Value 728,566210 2,115,698 — 65.6 54,883 67 63,604 — 13.7 256,260 24,830 607,820 657,821 $5,702,043 50.7 294 238,626 21 37,200 183 715,494 283 306,331 3,612 $8,565,061 76.1 + 7.4 — 33.3 - 15.0 +114.7 - 33.4 *Not included in totals or index numbers. LU M B ER Prelim inary figures for September, received by the Southern Pine Association up to the middle of October from 97 reporting m ills, indicate that current production continues below the threeyear average output of reporting m ills, and that orders and ship ments are less than production. Orders booked by these 97 reporting m ills in September averaged 4.2 per cent less than their production during the month; in August orders were 1.7 per cent less than production, but in September last year orders exceeded output by 11.8 per cent. September shipments by these reporting m ills were 1.6 per cent greater than orders booked, but 2.7 per cent less than their production. September production averaged 17.3 per cent less than the three-year average output of these m ills; in August production was 8.3 per cent, and in September last year 11.4 per cent, less than the three-year average production of m ills reporting for those months. Stocks on hand at the end of September averaged 2.1 per cent less tban the threeyear relative stocks of reporting mills. Unfilled orders on hand at the end of September amounted to 82.1 per cent of a month’s production at the rate which prevailed in September. Prelim inary figures for September w ith comparisons are shown in the table. Sept. 1929Aug. 1929 Sept. 1928 (Feet) 97 mills97 mills 111 mills Orders................................... 196,282,326 217,194,561 287,794,854 Shipments.............................. 199,423,176 211,607,497 281,338,794 Production............................. 204,872,276 220,872,813 257,512,160 3-Year Average Production......... 247,783,430 240,844,663 290,743.786 Stocks, end of month................ 621,081,740 596,766,808 661,794,825 3-Year Relative Stocks...... -....... 634,474,251 616,706,844 731,889 332 Unfilled orders, end of month...... 168,244,865 159,840,440 233,855,154 T E X T ILE S Cotton Statistics compiled and published by the United Consumption States Census Bureau indicate that 545,649 bales of cotton were consumed by m ills in the United States during September. This represents a decrease of 2.2 per cent compared w ith the previous month, but an increase of 10.8 per cent compared w ith September of last year. Stocks of cotton in consuming establishments at the end of September decreased slightly compared w ith the month before, but stocks in public storage and at compresses, indicating receipts from this year’s crop, were more than twice as large as a month earlier, and were also greater than at the same tim e a year ago. Exports during September exhibited a large seasonal increase compared w ith the month before, but were 10 per cent less than in September last year. The number of spindles active during September de creased by 198,958 compared w ith August, but showed an in crease of 1,828,828 over the number active in September 1928. UNITED STATES (Bales) Cotton Consumed: Sept. 1929 Aug. 1929 Sept. 1928 L in t................................... 545,649 558,113 492,307 Linters............................... 82,022 83,570 70,917 Stocks in Consuming Establishments: L in t................................... 792,028 802,200 720,108 Linters............................... 138,546 156,870 111,470 Stocks in Public Storage and at Compresses: L in t............................... — 3,224,859 1,387,187 2,637,683 Linters............................... 48,144 42,634 40,018 Exports................................... 725,876 226,018 809,953 Imports................................... 23,974 24,793 18,508 Active Spindles......................... 30,037,922 30,236,880 28,209,094 COTTON GROWING STATES (Bales) Sept. 1929 Aug. 1929 Cotton Consumed...................... 423,058 428,382 Stocks in Consuming Estab.......... 522,591 496,365 Stocks in Pub. Stor. and at Comp.... 3,050,608 1,199,902 Active Spindles......................... 18,022,392 17,954,338 Cotton Cloth Sept. 1928 381,025 409,143 2,556,264 17,713,716 Confidential reports for September were received from m ills which manufactured during that month more than 22 £ m illion yards of cotton cloth. This output was 6.1 per cent less than their production in August, but only one-half of one per cent less than their output in September last year. Shipments and stocks also declined m September compared w ith August, but orders, unfilled orders and number of workers in creased. Compared w ith September last year a ll reported items show decreases except number of workers. September 1929 compared with: Aug. 1929 Sept. 1928 Production............................................. . — 6.1 — 0.5 Shipments....................... .... ................... — 7.7 — 3.8 Ordersbooked........................................... +27.8 —42.7 Unfilled orders......................................... +16.1 — 0.5 Stocks on hand............................ ............ — 3.7 — 0.9 Number on payroll..................................... +2.6 +2.6 Cotton Yarn Reports for September were also received from m ills which produced during September more than 7£ m illion pounds of yarn, an output less than one per cent smaller than in August, but 25.6 per cent greater than in September 1928. Shipments declined compared w ith those in August, but increases were shown in other items. Compared w ith September 1928, increases were also shown in shipments, unfilled orders, and number of workers, but stocks and orders show decreases, as in dicated in the table. September 1929 compared with: Aug. 1929 Sept. 1928 Production............................................... — 0.8 +25.6 — 5.7 +6.0 Shipments............................................... Orders booked.......................................... +32.3 —17.0 Unfilled orders.......................................... +8.0 +21.6 Stocks on hand.—..................................... +0.5 —11.6 Number on payroll.................................... +0.7 +9.9 H osiery Figures reported to the United States Census Bureau by 36 identical establishments manufacturing hosiery in the sixth district show increases in September over August in production, shipments, orders, unfilled orders and cancellations, but a decrease in stocks on hand, as indicated by the following totals: (Dozen Pairs) Sept. 1929 Aug. 1929 815,689 Production........................... .... ............ — 816,429 Shipments---- -------------- -----907,801 873,097 Stock on hand____________ ________ _____ _ 1,673,585 1,747,073 Ordersbooked....... .............. . ................. 969,411 931,438 Cancellations-................... ................ ..... 41,676 29,998 1,084,787 1,068,028 Unfilled orders...................................... . COTTON SEED AND COTTON SEED PRODUCTS (1) Sixth District United States Aug. 1, to Sept. 30, Aug. 1to Sept. 30, Cotton Seed, Tons: 1929 1928 1929 1928 Received at m ills.............. 530,691 310,481 1,159,856 1,041,334 Crushed......................... 277,913 153,716 610,715 495,478 On Hand........................ 266,790 161,468 590,747 567,828 Production: Crude Oil. lbs.......... ....... 88,432,099 47,434,612 184,841,061 147,701,004 Cake and Meal, tons...... . 118,189 63,600 271,974 220,829 Hulls, tons.................. . 77,669 43,422 166,424 138,146 55,397 30,337 125,693 98,588 Linters. bales............... . Stocks: (2) (2) Crude Oil. lbs.................. 13,758,342 14,007,330 47,305,339 43,154,003 Cake and Meal, tons.......... 31,166 21,024 83,778 61,411 Hulls, tons...................... 23,875 19,409 89,245 72,882 Linters, bales.................. 38,027 30,248 101,583 86,589 (1) Georgia. Alabama, Louisiana and Mississippi. (2) Not including stocks held by refining and manufacturing estab lishments, and in transit to refiners and consumers. COAL According to statistics compiled by the United States Bureau of Mines, the production of bituminous coal in the United States during September showed a further small seasonal increasesver pre ceding months, and continued in larger volume than at the same tim e a year ago. W eekly production figures for Alabama continue greater than for corresponding periods last year in most cases, but output in Tennessee was at a slightly lower level than at that time. Total production of bituminous coal in the United States, according to prelim inary figures of the Bureau of Mines, amounted to 44,480,000 tons, an increase of 1.3 per cent over the final figure for August, which was 43,889,000 tons, and 6 per cent greater than in September of last year. D a ily average output in Septem ber was 1,830,000 tons, greater by 12.5 per cent than for August, and 6.4 per cent greater than for September 1928. The larger increase in the daily average production is due to the fact that there were 24.3 working days in September, as compared w ith 27 in August, and w ith 24.4 in September last year. Weekly figures show that output was greater for each week this year than for the same week a year ago. In Alabama output for the week ending September 7 was less than a year ago, and for the week ended September 14 it was the same as for that week in 1928. Weekly figures for Tennessee indicate a small increase for the first week in September over a year ago, and for the second week produc tion was the same as for that week in 1928, but decreases are shown for the two weeks following. Total production in the United States for the calendar year through October 5, approximately 236 working days, amounted to 391,357,000 tons, compared w ith 362,213,000 tons produced in the same period of 1928. W eekly figures w ith comparisons are shown in the table. 7 MONTHLY REVIEW Week Ended: September 7................ September 14__________ September 21__________ September 28.............. October 5____________ (000 Omitted) United States 1929 1928 9,338 8,935 10,863 10,197 10,867 10,021 11,453 11,056 11,107 11,039 Alabama Tennessee 1929 1928 1929 1928 295 323 110 108 325 325 115 115 334 321 108 110 363 346 110 113 .... . IRON Statistics compiled and published by the Iron Age indicate that there were declines in both total production and daily average out put of pig iron in the United States, and in furnace activity, in September compared with August, but production and furnace activity continued at a higher level than at the same time last year. Alabama production declined compared with both of those periods. Total production of pig iron in the United States during Septem ber amounted to 3,466,611 tons, and was 7.7 per cent smaller than in August, but 13.2 per cent greater than in September last year. Daily average production in September was 115,553 tons, and, because of the shorter month, was only 4.6 per cent less than for August. There was a decrease of five in the number of furnaces in active operation on October 1, compared with a month earlier, but an increase of eight compared with the same time last year. For the nine months of the year 1929 total output has amounted to 32,648,371 tons, the nearest approach to this for the correspond ing period of the year being in 1923. Figures for Alabama indicate the production of 182,427 tons of pig iron, a decrease of 11.1 per cent compared with August, and 7.6 per cent less than for September last year. September produc tion in Alabama was the smallest for any month since April 1922. Average daily production declined 7.1 per cent in September com pared with the month before. The number of furnaces active on October 1 in Alabama was 13, smaller by one than a month earlier, and smaller by six than at the same time a year ago. Press reports indicate that more than half of the fourth quarter require ments in the Birmingham district have been covered, and that current buying is now being spread out more evenly from week to week. Small orders for prompt delivery are more frequent than they have been in some time. The district price of $14.50 re mains firm and concessions from this figure in competitive terri tories are confined to large orders. Production figures are shown in tabularform for convenience of comparison. Sept. United States: 1929 Production (tons).................- 3,466,611 116.0 Index number_______________ Daily average (tons)__________ 115,553 *Active furnaces-- --- ---- 205 Aug. 1929 3,755,680 125.7 121,151 210 Sept. 1928 3,062,314 102.5 102,077 197 Sept. 1929 182,4*7 78.5 6,081 13 Alabama: Production (tons).... Index number.... Daily average (tons)-. ’Active furnaces--- Aug. 1929 205,209 88.4 6,620 14 Sept. 1928 197,367 85.0 6,579 19 *First of following month. NAVAL STORES September receipts of turpentine and rosin at the three prin cipal naval stores markets of the sixth district declined further compared with preceding months but continued greater than at the same time last year. Stocks of both commodities increased over the month before, and stocks of rosin were slightly greater than a year ago, but supplies of turpentine were smaller. Receipts of turpentine in September were 14.8 per cent less than in August, but 22.8 per cent greater than in September a year ago. Receipts of rosin decreased 18.8 per cent compared with August but were 20.8 per cent greater than a year ago. Stocks of tur pentine at the end of September were 4.1 per cent greater than for August, but were 10.6 per cent smaller than for September 1928, and supplies of turpentine increased 13.4 per cent over August, and 1.1 per cent over September last year. Except for 1927, September receipts of both commodities this year were greater than for the same month of any recent year. Press reports indicate that price fluctuations between the middle of September and the middle of October have been small, but that prices have increased slightly during this period. Receipts—Turpentine Savannah___ ____ ________ Jacksonville.................... Pensacola-...________ ____ Sept. 1929 21,030 15s996 5,101 Receipts—Rosin: Savannah..... Aug. 1929 25,918 17,702 5,816 Sept. 1928 16,709 12,040 5,563 42,127 49,436 34,312 70,456 54,089 15,667 89,741 63,920 19,009 56,531 44,455 15,043 140,212 172,670 116,029 13,369 25,791 26,610 16,757 21,525 24,869 24,818 26,381 22,296 65,770 63,151 73,595 134,046 81,574 17,595 114,417 71,390 19,788 124,795 81,063 24,814 233,215 205,595 230,672 Stocks—Turpentine: Pensacola . Stocks—Rosin: . Total. s MONTHLY REVIEW MONTHLY INDEX NUMBERS The following index numbers, except as indicated otherwise, are computed by the Federal Reserve Bank of Atlanta monthly. The index numbers of retail and wholesale trade are based upon sales figures reported confidentially by representative firms in the lines of trades indicated, and the other series of index numbers are based upon figures reported to the bank or currently available through the daily or trade press. These index numbers, except as indicated in the foot-notes, are based upon the monthly averages for the three year period 1923-25 as represented by 100. RETAIL TRADE 6th DISTRICT (Department Stores) Atlanta. _______________________ __ Birmingham___ ____ ______ _________ Chattanooga___________ ______ ________ Nashville____________ ________ __ _____ New O rlea n s.___ ___________ ______ Other Cities_____ ____________________ DISTRICT__________________________ July 1929 Aug. 1929 Sept. 1929 July 1928 Aug. 1928 Sept. 1928 106.9 82.9 62.8 69.9 62.7 75.2 75.0 131.4 90.9 69.7 96.0 72.5 73.1 85.0 160.0 108.5 76.7 94.9 78.6 84.9 98. Op 99.0 85.7 65.8 71.0 68.9 75.5 77.0 129.7 92.7 66.9 97.6 72.9 72.3 86.0 138.2 109.2 85.6 101.2 84.3 89.7 98.0 RETAIL TRADE U. S. (1) Department Stores___ _____ _ _______ Chain Stores: Grocery______________ __________ 5 & 10 Cent______________________ Drug...... .................................... ........... Shoe........................................... ............. 80. 89. 109. 78. 85. 107. 227. 146. 204. 120. 233. 161. 211. 134. 216. 147. 200. 198. 128. 164. 116. 205. 133. 169. 109. 200. 144. 164. 130. WHOLESALE TRADE 6th DISTRICT Groceries____ _______ __________ ___ Dry Goods______ ______ ___ _________ Hardware................... . .............. ..... Furniture__________ __ ____________ Electrical Supplies____ _____ ___ _____ Shoes...____ ______________________ Stationery_________________________ Drugs....................... ........ ............ ...... TOTAL___________________________ 84.1 67.3 83.9 77.7 92.5 78.0 59.0 111.3 82.7 91.5 97.5 98.5 106.4 89.9 109.3 76.3 122.3 96.5 94.8 125.6 101.5 123.8 91.7 119.3 92.9 115.6 103.5 79.2 66.6 79.2 81.6 86.8 71.5 65.1 97.8 78.6 87.3 103.5 90.9 108.4 88.5 104.6 108.0 115.2 94.0 88.2 111.4 95.0 116.5 88.4 106.4 87.1 109.9 96.3 ALL COMMODITIES________________ 107.6 102.8 109.2 92.8 82.0 105.0 96.7 93.4 97.2 81.3 98.0 107.1 103.1 109.7 93.1 80.9 104.3 96.7 93.7 97.1 81.3 97.7 106.6 103.2 110.8 93.1 81.1 104.1 97.5 93.9 97.1 81.7 97.5 107.1 102.3 124.2 96.8 82.8 98.6 94.4 94.5 96.9 80.8 98.3 107.0 104.1 121.0 96.3 84.6 100.4 94.6 94.7 97.2 79.3 98.9 108.8 106.9 120.7 95.6 85.1 100.5 94.7 95.1 97.2 79.7 100.1 BUILDING PERMITS 6th DISTRICT Atlanta ... ____ _______ __ ______ Birmingham_____________ ___ _____ Jacksonville__________ _. _ _____ Nashville.___ ____ _________ _ _ _ New Orleans.___ _ __ _______ ___ _ Other Cities____ _____ _ . ________ DISTRICT (20 Cities)________________ 63.6 29.0 48.8 60.6 119.3 41.9 53.6 75.1 48.9 72.5 71.7 64.7 53.6 59.6 57.1 58.1 30.6 103.7 56.6 42.4 50.7 78.9 146.8 79.9 71.1 79.4 64.2 80.4 54.2 92.4 72.3 82.0 79.1 70.4 72.8 135.6 74.2 70.5 48.3 164.3 43.2 76.1 90.6 132.9 50.6 91.2 81.3 74.0 COTTON CONSUMED: United States_______ __ _____ __ _ Cotton-Growing States..- _______ ___ All Other States_____________________ Exports_____________________________ 107.5 117.1 86.5 38.6 109.8 122.6 81.6 36.8 107.3 121.1 77.1 118.1 86.3 95.0 67.2 55.6 103.6 115.6 77.3 42.2 96.8 109.1 70.0 132.5 PIG IRON PRODUCTION: United S t a te s ______ _______ __ ___ Alabama_________ ________ _______ UNFILLED ORDERS—U. S. STEEL CORPORATION____________________ 126.7 97.1 125.7 88.4 116.0 78.5 102.8 81.5 105.0 81.3 102.5 85.0 85.6 76.6 81.7 74.8 75.9 77.5 WHOLESALE PRICES U. S. (2) Farm Products_______ _ _______ Foods___________ ___ ____ ___ ___ Hides and leather products_____________ Textile products______ _ ____ __ Fuel and lighting_____ _ ___________ Metals and metal p ro d u c ts ______ . __ Building materials_____ _______ _____ Chemicals and drugs_______ ____ ___ Housefurnishing goods_____ . _______ Miscellaneous _ _ _ ______ ____ CONTRACTS AWARDED 6th DISTRICT (1) Compiled by Federal Reserve Board. (2) Compiled by the Bureau of Labor Statistics. Base 1926-100. p-Preliminary.
@FedFRASER