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MONTHLY REVIEW O f F in a n c ia l, A g r ic u ltu r a l, T r a d e a n d I n d u s tr ia l C o n d itio n s in th e S ix th F e d e ra l R e s e r v e D is tr ic t F E D E R A L R E S E R V E BA N K O F A TLA N TA VOL. 15, No. 9 ATLANTA, GA., September 30, 1930. _________________ NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by the Federal Reserve Board Industrial production as a whole was in the same volume in August as in July, contrary to the usiikl upward trend at this season, although there were seasonal increases in activity in a number of basic indus tries. Factory employment and payrolls declined further. The gen eral level of commodity prices at wholesale, which had declined con tinuously for a year, remained unchanged between July and August, advances in price being reported for certain important agricultural staples. Production The Board’s Index of Industrial Production, which makes allowances for seasonal variations, continued to decline in August. Production of automobiles, pig iron, lumber, and sugar decreased, and there was a reduction in the consumption of cotton and wool. In the bituminous coal and silk industries, there was less increase than is usual at this season, while in steel, cement, flour, and shoes the increase was slightly more than seasonal. During the first two weeks of September, activity at steel plants increased, while a further reduction in output of automobiles was reported. Building contracts awarded, as reported to the F. W. Dodge Corporation, were in slightly smaller volume during August, largely on account of reduc tions in educational and industrial construction projects. Residen tial building contracts continued small. During the first two weeks in September, awards averaged about the same as in August. At the middle of August, the latest date for which figures are available, the number of wage earners employed in factories and the volume of fac tory payrolls was smaller than in the middle of July. There were decreases in employment in the iron and steel and cotton textile indus tries, and at foundries and machine shoos, automobile plants, and saw mills. Substantial seasonal increases occurred in the canning and pre serving, bituminous coal mining, and clothing industries. Agriculture September first estimates by the Department of Agri culture indicate a corn crop of 1,983,000,000 bushels, about 700,000,000 bushels less than the five year average; a spring wheat crop of 240,000,000 bushels, slightly larger than last year’s un usually small crop, making the total wheat crop about equal to the five __________ ' This re" ew ed for publication in morning papers cf September 30. year average; and a crop of oats of about the usual size. Condition of pastures on September first was reported to be unusually poor. The cotton crop is expected to be about 14,340,000 bales, nearly one-half million bales less than last year. Distribution Volume of freight shipped by rail increased by slightly less than the usual seasonal amount during August. Sales of department stores were larger than in July, but continued considerably smaller than a year ago. Wholesale Prices There were increases during August in prices of many agricultural products, especially meats, livestock and grains, while the price of cotton decreased. Prices of mineral and forest products and of imported raw materials and their manufacturers in general declined, with the principal exception of silk. The Bureau of Labor Statistics’ Index of Wholesale Prices showed no change from the preceding month. During the first half of September, there were pronounced declines in prices of wheat, com, hogs, pork and rubber. Prices of cotton and woolen textiles remained fairly stable, while those of hides and coffee increased. Bank Credit Between August 20 and September 17 there was an increase in member bank holdings of investments and in their loans on securities, while all other loans, which include loans for commercial purposes, declined, contrary to the usual seasonal trend. The volume of reserve bank credit outstanding showed a growth for the period, as is usual at this season, but the increase was relatively small owing to the fact that the seasonal demand for currency was smaller than in other recent years and owing to an addition of $15,000,000 to the Country’s stock of gold. The increase was in holdings of acceptances, offset in part by a further decline in discounts for member banks to the lowest level since 1917. Money rates continued at low levels during August and the first half of September, and the yield on high grade bonds declined further. Discount rates at the Federal Reserve Banks of Dallas and Minnea polis, the only banks which had maintained a 4 per cent rate, were re duced to 3 | per cent during September. PERCEN T Index numbers of production of manufactures and minerals combined, adjusted for seasonal variations (1923-1925 average = 100). Latest figure August 92. _______ PERCEN T Index numbers of factory employment and payrolls, w ithout adjust ment for seasonal variations (1923-25 average=100). Latest figures August Employment 83.8, payrolls 80.9. M O N T H L Y R E V IE W 2 P E R C£NT 120 W H O l.E S A L E P R IC E S Farm Products /U • 110 \ \ \ too V 1i— /7— ''"!a Foods / / \ j l 90 80 / Other Commodities A no K A /A 1 V * i.v \ \ — - 100 90 80 Monthly averages of weekly figures for reporting banks in leading cities. Latest figures are averages of first two weeks in September. Index of United States Bureau of Labor Statistics. (1926—100. base adopted by bureau). Latest figures July, farm products 84.9, foods 87.1, other commodities 83.3. SIXTH DISTRICT SUMMARY During August prospects for cotton and tobacco in this district im proved, and these crops are expected to be larger than were produced last year, but estimates for most other crops, except fruits, continue to be smaller than for 1929. There were seasonal increases in retail and wholesale distribution of merchandise in August over July, but department store sales were 9.1 per cent, and wholesale sales were 27.3 per cent, smaller in volume than in August 1929. Building permits at 20 cities in the district, and con tract awards in the district as a whole, declined in August and were substantially smaller than in that month of 1929, and cumulative totals for the eight months of 1930 show decreases of 42.5 per cent in permits, and 32.6 per cent in contract awards, compared with that period of last year. Consumption of cotton by mills in the United States de clined further in August and was 37 per cent smaller than in that month of 1929. Output of both cloth and yarn mills reporting to the Federal Reserve Bank of Atlanta was smaller than in July, or in August a year ago, but orders reported by both classes of mills increased sub stantially over July, and orders booked by yarn mills were also larger than a year ago. Production of pig iron in Alabama was about the same in August as in July, but somewhat less than in August last year, and output of bituminous coal in both Alabama and Tennessee con tinued below the volume recorded a year ago. There was an increase in holdings of bills and securities by the Federal Reserve Bank of Atlanta between August 13 and September 10, due principally to larger holdings of purchased bills, but total hold ings of bills and securities on September 10 were 35 millions less than a year ago. Total Loans and Investments of weekly reporting member banks also increased somewhat during this four-weeks period, but were considerably less than a year ago. Debits to individual accounts at 26 cities of the district declined 6-3 per cent from July to August, and were 24.5 per cent less than in August last year. Federal Reserve Notes of this bank were outstanding on September 10 in a volume smaller than on any other weekly report date since August 30, 1922, having declined $2,176,000 since August 13, and $45,803,000 since September 11 last year. Cash reserves of the Federal Reserve Bank on September 10 had declined $3,322-,000 since August 13, were nearly 35 millions less than on April 9, when they were the largest in two years, but were $1,052,000 less than a year ago. Principal items in the weekly statement of the Federal Reserve Bank of Atlanta are shown comparatively in the table. (000 Omitted) Sept. 10, Aug. 13. Sept. Ilf 1929 1930 1930 Bills Discounted: I 13,444 $ 866 $ 997 Secured by Govt. Obligations60,541 28,695 29,706 All Others.................................... 73,985 29,561 30,703 Total Discounts................... 12,884 8,104 11,682 Bills bought in open market......... 3,378 12,691 12,721 U. S. Securities................................. 90,247 50,356 55,106 Total Bills and Securities131,584 133,854 130,532 Oash Reserves.................................... 61,308 58,356 60,934 Member Bank Reserve Deposits... 63,119 63,299 67,258 Total Deposits................................... 157,983 114,356 112,180 F. R. Notes in actual circulation . 59.5 75.3 72.7 Reserve Ratio.................................... FINANCE The total volume of reserve bank credit outstanding at the Federal Reserve Bank of Atlanta, as represented by the bank’s holdings of bills and securities, increased $4,750,000 between August 13 and September 10. These total holdings of bills and securities on September 10 were larger by $17,481,000 than on April 9, at which time they were the smallest in about five years. They were smaller on September 10 by $35,141,000 than on the corresponding report date a year ago. Most of the increase in outstanding reserve bank credit between August 13 and September 10 was due to an increase of $3,578,000 in holdings of purchased bills, but there were also increases of $1,142,000 in holdings of discounted bills, and of $30,000 in holdings of United States securities. Total discounts held on September 10, amounting to $30,703,000 compare with $15,197,000 on April 9 but are much less than half as large as a year ago. Holdings of purchased bills on Sep tember 10 were slightly less than on April 9, or a year ago, but holdings of Government securities were $3,932,000 greater than five months ago, and $9,343,000 greater than at the same time last year. Deposits increased during the three weeks ending September 10 and were $3,959,000 greater than four weeks earlier, and $4,139,000 greater than a year ago. Comparative Condition of the Federal Reserve Bank The actual volume of bills discounted for member banks in the sixth district by the Federal Reserve Bank of Atlanta during the month of August declined about 6 per cent compared with July, and was only 1.4 millions larger than for April, when the actual volume of discounts was the smallest in over two years. The August volume of discounts was approx imately one-third as large as for August last year. Purchases of bills in August declined 18 per cent compared with those in July, but were 28 per cent greater than in August last year. For the eight months of 1930, January through August, the actual volume of discounts for member banks has been $360,071,000, smaller by 63.5 per cent than for the same period of last year, and purchases during this period have amounted to $91,068,000, larger by 81 per cent than during that part of 1929. Monthly totals over the past year are shown in the table. Bills Bills 1929: Discounted Purchased August...............................................................$107,596,000 $ 5,561,000 September.......................................................... 91,663,000 13,497,000 October.............................................................. 98,968,000 19,583,000 November.......................................................... 93,008,000 6,118,000 December....................................-..................... 79,846,000 13,950,000 1930: January............................................................. 70,117,000 13,778,000 February........................................................... 46,045,000 17,426,000 March..........................................-..................... 39,796,000 9,993,000 April................................................................... 34,531,00 0 21,715,000 May-................................................................... 53,196,000 7,871,000 June................................................................... 42,289,000 4,526,000 July.................................................................... 38,167,000 8,653,000 August............................................................... 35,930,000 7,106,000 Condition of Member Banks The volume of member bank credit out standing in the sixth district, reflected in Selected Cities in total loans and investments of 27 mem ber banks in selected cities, increased between August 13 and Septem ber 10. Demand deposits increased during this period but time de posits declined, and borrowings by these banks from the Federal Re serve Bank also increased. Actual volume of Operations M O N T H L Y R E V IE W Total loans by these weekly reporting member banks have declined since early in April, and on August 27 were the smallest for any report date in five and one-half years, increasing only slightly between August 27 and September 10. On that date they were smaller by approximately 72 millions than at the same time a year ago. Investment holdings of these banks increased $3,683,000 between August 13 and September 10, due principally to an increase of $3,574,000 in holdings of government securities, and were $13,771,000 greater than a year ago. Time deposits declined somewhat in the four weeks ending September 10, and although greater than at that time last year, were less than for other weeks of the present year since February. Demand deposits de clined for the two weeks following August 13, and have since increased, but on September 10 were $9,141,000 less than a year ago. Balances held by these banks increased on September 3 to the largest total in about four months, but declined somewhat the following week, and were then more than four millions greater than at the same time last year. Borrowings of these banks from the Federal Reserve Bank increased on September 3 to the largest total since June 4, but continued sub stantially less than a year ago. Principal items in the weekly report are shown comparatively in the table. (000 Omitted) Sept. 10, Aug. 13. Sept. 11. Loans: 1930 1930 1929 $150,991 $151,807 On Securities............................................ $150,638 AllOther.................................................... 300,256 298,344 370,925 Total Loans........................................ 450,894 449,335 522,732 U .S. Securities............................................... 64,606 61,032 58,929 Other Stocks and Bonds............................... 74,187 74,078 66,093 Total Investments............................. 138,793 135,110 125,022 Total Loans and Investments............... 589,687 584,445 647,754 Time Deposits-..............................................- 241,134 242,210 232,590 Demand Deposits............................................ 314,786 312,587 323,927 Due to Banks................................................... 102,726 96,404 98,642 Due from Banks.............................................. 80,529 76,392 70,655 7,988 52,985 Borrowings from F. R. Bank....................... 10,791 Deposits of All Member Banks Daily average demand deposits of all member banks in the sixth district declined 1.1 per cent in July compared with June, 4.7 per cent compared with July a year ago, and were less than for any other month since September 1924. Daily average time deposits, which include savings deposits, de clined 1.5 per cent in July compared with June, and were 4.6 per cent less than in July last year. Changes over the past year are shown in the table. Demand Time Deposits >9: Deposits $461,653,000 July................................................................. $538,609,000 445.299.000 August............................................................ 523,695,000 443.086.000 September....................................................... 536,858,000 436.286.000 October........................................................... 543,043,000 432.559.000 November........................................................ 545,348,000 427.978.000 December........................................................ 550,424,000 1930: 433.737.000 January.......................................................... ..570,622,000 443.184.000 February...........................................................574,809,000 442.987.000 March................................................................569,662,000 439.980.000 April...................................................................563,762,000 450.145.000 May.................................................................- 550,343,000 447.126.000 June.......................................... -.................... ..518,808,000 440.316.000 July................................................................- 513,185,000 Savings Deposits Savings deposits at the end of August reported by 72 banks located throughout the sixth district averaged 0.4 per cent less than for July, and 0.3 per cent less than for August last year. There was an increase over July reported from Atlanta, and there were increases over August 1929 reported from Atlanta, Birmingham and New Orleans. Totals for Atlanta, and for cities in which branches of the Federal Reserve Bank of Atlanta are located, are shown in the table, and banks located elsewhere in the dis trict are grouped under “Other Cities.” (000 Omitted) Percentage change Aug. 1930 com pared with: July August July Aug. No. of August 1930 1929 1930 1930 1929 Banks 4 $ 43,137 $ 42,651 $ 40,656 + 6.1 Atlanta.......... +1.1 Birmingham.... 3 24,693 24,801 -0 .4 24,637 + 0.2 17,091 17,255 21,736 -1 .0 . 4 -21.4 8 25,623 25,861 27,524 -0 .9 - 6.9 52,416 53,109 46,388 New Orleans... 7 -1 .3 +13.0 99,634 100,003 . 46 102,513 -0 .4 - 2.8 , 72 262,594 263,680 263,454 -0 .4 - 0.3 1929 from Albany. Figures for fifteen of these cities have been re ported over a period of years, and the August total is smaller than for any other month since August 1923. Monthly totals shown in the table are derived from weekly reports by prorating figures for those weeks which do not fall entirely within a single calendar month. (000 Omitted) Alabama: Aug. 1930 July 1930 Aug. 1929 Birmingham...................— ............... $107,332 $ 119,128 $ 141,238 Dothan................................................. 3,081 2,174 4,421 Mobile-................................ ............... 31,984 33,348 39,659 Montgomery........................................ 17,375 18,022 23,883 Florida: Jacksonville-........................ .............. 58,047 70,058 67,888 Miami.................................... ............... 20,933 19,900 25,396 Pensacola............................. ............... 6,174 6,181 7,658 Tampa-.................... .................... —- 23,394 24,817 29,270 Georgia: Albany....... .......................... .........— 5,057 3,152 4,772 Atlanta.................................. ............... 140,166 142,041 220,732 Augusta.......... .................. . ............... 16,746 18,247 23,739 2,692 Brunswick-.......................... ............... 2,913 4,449 11,602 11,804 Columbus.................. .......... .......... . 14,812 Elberton............................... ............. 577 608 832 Macon— ............................. ............... 15,474 17,131 19,105 Newnan................................ ............... 1,553 1,591 2,372 34,154 Savannah....................... . ............... 32,544 45,193 3,881 Valdosta........................... . ...... ........ 7,278 9,193 Louisiana: New Orleans....................................... 238,788 265,856 308,805 Mississippi: Hattiesburg........ .......... — ............... 5,059 5,475 7,194 Jackson................................ ............... 20,428 23,529 25,527 Meridian....... . ...................... .........— 11,842 13,263 16,550 4,568 5,395 Vicksburg............................. ............... 6,240 Tennessee: Chattanooga........ ............... ............... 42,830 44,767 51,459 Knoxville............................................ - 28,755 30,632 36,324 Nashville............. . ............... ............... 83,504 87,473 105,288 $1,005,540 Total 26 Cities............... ............. $937,783 $1,241,999 AGRICULTURE According to the September crop report of the United States De partment of Agriculture, crop prospects in the United States declined 2.5 per cent during August as a result of excessively hot weather, a con tinuation into August of the record-breaking drought in July and an extension of drought injury into other states not earlier affected. In the sixth district prospects for tobacco improved, the estimates for wheat and oats remained the same, and estimates of corn, hay and white potatoes declined. All of these crops, except tobacco, are estimated to be less than last year. The tobacco crop in Georgia is the largest on record, amounting to 104,824,000 pounds compared with 89,870,000 pounds in 1929. Warehouse sales of tobacco in Georgia, through the fifth week of the marketing season, as reported by the Georgia State Department of Agriculture, totaled 106,402,351 pounds, at an average price of 9.87 cents per pound, and total value of $10,500,117, compared with sales of 90,654,245 pounds, at an average price of 18.38 cents, and total value of $16,662,622, for the same period last year. The Ten nessee crop is estimated at 110,831,000 pounds, against 107,784,000 pounds last year. Production of peanuts is smaller in each of the states of this district than in 1929. Production of nearly all feed a n d feed crops in Mississippi is expected to be the smallest in many years. Esti mated production of principal crops in this district is shown compara tively in the table. (000 Omitted) Estimate Production Percentage Sixth District: Sept. 1, 1930 1929 Comparison Com. bushels....................................... 127,325 174,605 —27.1 Wheat, bushels..................................... 3,717 4,144 —10.3 Oats, bushels....................................... 15,313 15,814 — 3.2 Tame hay, tons.................................... 2,042 2,890 —29.2 Tobacco, lbs......................................... 202,556 185,390 + 9.3 White potatoes, bushels..................... 11,627 11,964 - 2.8 The September 1 cotton report of the United States De partment of Agriculture indicates a cotton crop of 14,340,000 bales, based upon conditions on September 1. This is a reduction of 22,000 bales from the August estimate, and is 488,000 bales smaller than the 1929 crop. The prospective cotton crop increased between August 1 and Sep tember 1 in each of the states of the sixth district except Tennessee. The August estimate for Tennessee was reduced 27,000 bales on account of the continued intense drought and heavy shedding in scattered localities. The estimated crop in the sixth district, omitting those parts of Louis Debits to Debits to individual accounts at twenty-six reporting iana, Mississippi and Tennessee situated in other districts, is 3,542,000 Individual clearing house centers of the sixth district declined bales, larger by 342,000 bales than the August estimate, and 74,000 Accounts 6.3 per cent in August compared with July, and were bales greater than 1929 production. The table presents estimates for 24.5 per cent less than in August 1929. Increases over and August this year, compared with final ginnings from the September July were reported from Miami, Albany, and Dothan, and over August 1929 crop. 3 Cotton M O N T H L Y R E V IE W 4 (000 Omitted) Estimates Final Sept. 1. Aug. 1, Production 1930 1930 1929 Alabama........................................................ 1,358 1,201 1,342 Florida........................................................... 36 29 29 Georgia........................................ -................ 1,500 1,340 1.343 Louisiana...................................................... 649 632 809 Mississippi..................................................... 1,685 1,626 1,915 Tennessee.................................................... 437 464 515 The following figures show a weekly comparison of spot cotton prices at the ten designated markets, for August and early September, com pared with corresponding weeks of last year. 1930 1929 August 1........................................................ 12.01 cents 18.47 cents 17.90 cents August 8 ....................................................... 11.72 cents August 15...................................................... 10.97 cents 17.44 cents August 22.....................................................- 10.26 cents 17.89 cents 18.44 cents August 29-.................................................... 10.44 cents September 5..................................................- 10.70 cents 18.34 cents September 12.................................................. 10.24 cents 18.15 cents Owing to a late and backward spring and prolonged drought sugar cane in the Louisiana belt is undersized for this time of year. The condition declined slightly between August 1 and September 1, and was then 73 per cent of normal compared with 83 per cent a year ago. Total production of cane is estimated at about 2,718,000 short tons, compared with 2,925,000 tons last year, and sugar production is estimated at 185,973 tons, com pared with 199,609 tons produced in 1929. SUGAR MOVEMENT (Pounds) Receipts: Aug. 1930 July 1930 Aug. 1929 New Orleans.......................... 112,758,985 80,595,569 185,888,602 Savannah............................... 28,065,252 28,605,303 33,399,001 Meltings: New Orleans........................... 86,514,500 152,127,076 170,863,104 45,396,762 39,565,219 Savannah............................... 23,991,811 Stocks: New Orleans........................... 113,804,882 87,666,893 191,529,213 Savannah-.............................. 65,223,858 61,150,417 62,092,685 REFINED SUGAR (Pounds) Shipments: Aug. 1930 July 1930 Aug. 1929 New Orleans........................... 84,862,295 164,612,630 171,277,384 Savannah................................ 25,045,664 36,826,442 28,741,919 Stocks: New Orleans........................... 91,500,088 90,536,501 77,137,928 Savannah............................... 27,944,612 18,327,294 29,081,289 Sugar Cane and Sugar The estimated production of rice in Louisiana increased to to 17,185,000 bushels, based upon conditions on September 1, compared with the August estimate of 16,694,000 bushels, and com pared with last year’s crop of 19,352,000 bushels. Rice RICE MOVEMENT-New Orleans Aug. 1930 July 1930 Rough Rice (Sacks): 1,573 60,602 52,670 14,449 288 8,220 Clean Rice (Pockets): 46,648 73,375 90,755 56,861 73,638 91,018 RICE MILLERS’ ASSOCIATION STATISTICS (Barrels) Receipts of Rough Rice: Season 1930-31............................................................................... Season 1929-30.............................................................................. Distribution of Milled Rice: Season 1930-31.............................................................................. Season 1929-30.............................................................................. Stocks of Rough and Milled Rice: September 1, 1930......................................................................... September 1, 1929......................................................................... Aug. 1929 51,489 52,994 1,997 106,547 126,470 108,292 August . 507,920 . 583,944 . 498,911 . 506,895 . 487,724 . 506,953 TRADE Retail Distribution of merchandise at retail in the sixth district inTrade creased seasonally in August over the low level recorded in July, but was less than for other months of the year except January. The August index number this year is somewhat below those for August of the past four years, but is higher than for August 1921, 1922, 1924 and 1925. August sales of 42 department stores increased on an average of 15.8 per cent over July, but were 9.1 per cent smaller than in August last year. For the eight months of 1930 department store sales have aver aged 8.7 per cent below those for the corresponding part of 1929. Stocks of merchandise at the end of August declined at Atlanta and Birmingham compared with those a month earlier, but increased at other points, and stocks were smaller than those carried a year ago for all reporting cities except Nashville. The rate of stock turnover was the same for August, and for the first eight months of the year, as for corresponding periods last year. Accounts receivable at the end of August averaged 1.4 per cent larger than for July, but 0.4 per cent less than for August last year, and collections during August declined 17.6 per cent compared with July, and were 8.2 per cent smaller than in August 1929. The ratio of collections during August to accounts receivable and due at the beginning of the month for 33 firms was 27.7 per cent; for July this ratio was 30.3 per cent, and for August last year 29.1 per cent. For August the ratio of collections against regular accounts for 33 firms was 29.5 per cent, and the ratio of collections against installment accounts for 10 firms was 14.9 per cent. Detailed comparisons of re ported figures are shown in the table. RETAIL TRADE IN THE SIXTH DISTRICT DURING AUGUST 1930 BASED ON CONFIDENTIAL REPORTS FROM 42 DEPARTMENT STORES Comparison of Net Sales Comparison of Stocks August 1930 August 1930 Jan. 1 to Aug. 31, Aug. 31, 1930, Aug. 31, 1930, with with 1930, with same with with August 1929 July 1930 period in 1929 Aug. 31. 1929 July 31. 1930 — 2.8 +21.4 -1 .2 Atlanta (4)........... - 4.0 -18.0 -15.8 Birmingham (4).. +12.2 -13.6 —8.9 -17.8 -12.2 +10.5 Ohattanooga (6)-. — 8.5 +0.7 — 4.4 -12.5 Nashville (4)........ +28.1 - 5.1 + 2.7 +9.3 - 6.5 +19.3 New Orleans (4).. — 9.2 +5.3 - 5.5 -12.7 + 3.5 Other Cities (20) ~ —11.2 -16.6 +1.2 DISTRICT (42)... - 9.1 +15.8 +1.8 — 8.7 -10.3 Note: The rate of stock turnover is the ratio of sales during given period to average stocks on hand. Wholesale Trade Following an increase of one-half of one per cent in sales by 117 wholesale firms in July over June, there was a more substantial seasonal increase reported in August in which seven of the eight reporting lines of wholesale trade shared. August sales by these firms averaged 9.6 per cent greater than in July but con tinued well below the level prevailing a year ago. August stocks and accounts receivable also increased slightly over July, but all reported items were less than for August last year. Cumulative sales for the eight months of 1930 through August were less than for that period of last year in all lines, and averaged 14.3 per cent as indicated by the following figures: Rate of Stock Turnover 1929 .32 .18 .17 .24 .14 .14 .19 August 1930 .36 .19 .16 .20 .15 .14 .19 Jan. 1 to Aug. 31, 1929 1930 2.42 2.26 1.54 1.55 1.37 1.48 1.67 1.88 1.27 1.33 1.38 1.39 1.57 1.57 Percentage Comparison Groceries............................................................. —10.7 Dry Goods.......................................................... —20.6 Hardware...................................... --................. —17.1 Furniture.............................. ...........................- —22.3 Electrical Supplies........................................... —2.6 Shoes................................................................... —29.7 Stationery...... .................................................... —15.3 Drugs....... .......................................................... -10.0 To tal................. ........................................... -14.3 M O N T H L Y R E V IE W WHOLESALE TRADE IN AUGUST 1930 SIXTH FEDERAL RESERVE DISTRICT (a) Percentage change Aug. 1930 compared with: Line, Item and area No. of firms July 1930 August 1929 All Lines Combined: Sales.................................................. 117 + 9 .6 -27.3 29 + 1 .8 —8.0 Stocks on hand............................... Accounts receivable........................ 54 + 2.1 —8.7 Collections........................................ 59 — 0.8 —19.2 Groceries: 28 + 7 .5 -18.2 Sales.................................................. Atlanta.................. ..................... 3 — 6.0 —16.9 4 + 6.6 —11.9 Jacksonville............................... New Orleans.............................. 5 + 0.5 —20.1 Vicksburg................................... 3 +56.0 —26.6 Other Oities............................... 13 + 3.4 -17.3 Stocks on hand............................... 6 +14.7 —21.2 Accounts receivable........................ 13 —1.2 —12.8 12 + 0 .5 —14.9 Collections....................................... Dry Goods: Sales.................................................. 22 +33.9 -37.3 Atlanta....................................... 3 +43.5 —37.1 Nashville.................................... 3 +16.9 —45.2 ^ Other Oities............................... 16 +37.8 -34.9 Stocks on hand............................... 9 + 1.9 —5.8 Accounts receivable........................ 11 + 2 .5 —16.6 Collections....................................... 13 — 8.4 —30.9 Hardware: Sales................................................. 29 + 9.2 -30.1 Atlanta...................................... 3 +19.1 —34.8 4 +11.6 —24.2 Nashville.................................... 5 + 9.7 —31.8 New Orleans.............................. ^ Other Oities............................... 17 + 5.4 -29.6 Stocks on hand............................... 8 —1.0 —2.7 Accounts receivable........................ 15 + 2.7 —3.6 Collections....................................... 18 + 3 .5 —22.8 Furniture: Sales.................................................. 12 +33.8 -31.8 Atlanta....................................... 5 +51.8 + 1.9 „ Other Oities............................... 7 +28.6 —38.7 Stocks on hand............................... 3 —2.3 —9.1 Accounts receivable........................ 7 + 1.9 —13.7 Collections....................................... 6 — 0.8 —18.3 Electrical Supplies: Salas—. ...................................... 11 —15.9 -30.2 New Orleans.............................. 4 —26.6 —37.0 7 —7.0 —25.0 Other Oities............................... Stocks on hand............................... 3 + 3.2 —17.8 Accounts receivable........................ 4 + 7.7 + 1.8 Collections....................................... 5 —11.4 — 9.8 Drugs: Sales.............. ......................... 8 + 0.7 -24.0 4 + 2 .2 —5.2 Accounts receivable........................ Collections....................................... 5 — 1.1 —11.6 Shoes: 3 +32.6 -45.5 Sales................................................ Stationery: Sales.................................................. 4 +14.5 -26.3 (a) Based upon confidential reports from 117 firms. Commercial Figures compiled by R. G. Dun & Company indicate that Failures there were in the United States 1,913 business failures during August, 2,028 in July and 1,762 in August 1929, and liabilities for August amounted to $49,180,653, larger by 23.5 per cent than in July, and 46 per cent greater than in August last year. In the sixth district August failures numbered 84, compared with 96 in July and with 80 in August last year, and liabilities totaled $2,223,733, a decrease of 17 per cent compared with July, but an increase of 35 per cent over failures in August 1929. Cumulative figures for the year through August for this district total 900 in number, compared with 790 during that period of 1929, and liabilities amount to $20,027,000, larger by 16 per cent than the total of $17,258,000 for the same period last year. Grain Exports A large increase in the export movement of wheat New Orleans accounts for an increase in total grain exports through the port of New Orleans in August, and for the first two months of the new season, over figures for the same periods a year ago. Other grains were exported in smaller volume. July 1 to Aug. 31. __ ^ , Aug. 1930 Aug. 1929 1930 1929 Wheat, bu.......................... 1,916,937 759,936 3,009,466 1,188,638 Com, bu............................ 14,252 105,519 28,013 237,406 Oats, bu............................. 4,498 36,445 22,599 98,008 Rye, bu................................................ 1,893 .............. 23,321 Barley, bu................................................................................................................. Total bu..................... 1,935,687 903,793 3,060,078 1,547,373 INDUSTRY Building The total value of building permits issued during August at twenty reporting cities of the sixth district declined 39.6 per cent compared with the previous month, was only slightly larger than for June, and was smaller by 53 per cent than for August last year. There were increases over July at Birmingham, Mobile, Miami, Alexandria, Johnson City and Nashville, but only two cities, Nash and Alexandria reported increases over August 1929. Digitizedville for FRASER 6 Cumulative totals of permits for these twenty cities during the first eight months of 1930 amount to $32,971,204, a decline of 42.5 per cent compared with the total of $57,294,213 for the corresponding part of 1929. Detailed comparisons are shown in the table. Value Number Aug. Aug. Aug. Aug. Percentage City 1929 1930 1929 change 1930 Alabama: Anniston..................... . 10 25 $ 14,150 $ 46,695 -69.7 724,252 -61.9 Birmingham................... 352 298 276,146 Mobile.......................... 90,822 123,374 -26.4 71 137 Montgomery............... 228,106 -29.5 238 166 160,910 Florida: Jacksonville................ 285 372 210,645 596,830 —64.7 Miami........................... 170,154 284 190 263,550 -35.4 Orlando....................... 46 24,840 188,525 -86.8 44 Pensacola.................... 112 52,006 84,646 -38.6 94 135 89,504 134,625 -33.5 Tampa.......................... 201 •Lakeland.................... 3 11 2,300 77,900 -97.0 34 66 ♦Miami Beach............. 233,850 1,056,012 -77.9 Georgia: Atlanta........................ 326 329 510,847 1,162,020 -56.0 Augusta....................... 142,652 -61.3 112 179 55,177 Columbus.................... 27 56 36,497 75,033 —51.4 Macon.......................... 307 135 125,846 —23.7 96,022 35 Savannah.................... 42,125 127,105 -66.9 20 Louisiana: New Orleans............... 171 833,481 -36.5 112 529,356 67 69 Alexandria................... 33,395 +49.0 49,746 276 321 125,964 143,398 -12.2 Chattanooga.. 25 Johnson City.. 10 23,500 76,075 -69.4 Knoxville........ . 48 105 91,300 1,141,632 - 92.0 Nashville.......... 188 282 493,175 454,772 + 8.4 Total 20 Cities...................... 3,000 ,000 3,260 $3,142,886 $6,706,012 —53.1 Index No............................ 27.9 59.6 •Not included in totals or index numbers. Contract awards in the sixth district as a whole, compiled by the F. W. Dodge Corporation, and divided by Federal Reserve Districts by the Federal Reserve Board’s Division of Research and Statistics, amounted in August to $15,062,039, a decrease of 16.7 per cent compared with the July total of $18,084,133, and smaller by 67.7 per cent than the total of $46,637,256 for August 1929. In August 21.5 per cent of the total was for residential building, in July 20.3 per cent, and in August last year, 14.3 per cent. State totals of contract awards are shown comparatively in the table, parts of the figures for Louisiana and Mississippi applying to other districts. There were increases in August over July in Alabama, Georgia and Tennessee, but all of these states showed declines compared with August last year. August July Percentage August Percentage 1930 1930 Change 1929 Change $2,050,800 $2,012,700 + 1.9 $ 8,101,900 -74.7 2,945,100 5,969,600 -50.7 5,138,000 -42.7 Georgia. 4,255,300 3,558,400 +19.6 10,144,000 -58.1 1,738,400 2,944,100 -41.0 11,508,400 —84.9 2,244,100 3,586,700 -37.4 6,083,500 -63.1 (6th Lusmct).......... 3,455,100 2,649,100 +30.4 15,220,200 -77.3 These Dodge statistics also contain figures for ten individual cities in the sixth district, and all but one of these cities show increases over July, but declines are reported from all of the ten compared with August a year ago. Cumulative totals of contract awards in the sixth district during the year 1930 through August amount to $181,445,494, smaller by 32.6 per cent than the total of $269,020,634 for the corresponding part of 1929. Total contract awards in the 37 states east of the Rocky Mountains amounted in August to $347,318,300, a decline of 5 per cent from the July total, and 29 per cent smaller than for August last year. Cumula tive totals for the year through August amount to $3,352,860,000, com pared with $4,156,865,300 for the same period last year. Lumber Weekly statements of the Southern Pine Association in dicate that during the latter part of August there was some improvement in the relation of orders to output of reporting southern pine mills. Press reports state that prospects for the fall season have been impaired by the drought, the effects of which appear to have been most severe in territory that normally uses large quantities of southern pine. Production of mills reporting to the Southern Pine Association since the first of August ranged from 25.7 per cent for the week ending August 2 to 32.1 per cent for the week ending September 6 below the three-year average. Orders have been from 1.2 per cent for the week ending August 2 to 10.4 per cent for the week ending August 30 below shipments. Orders for the week ended September 6 were 18.6 per cent below production but for other recent weeks averaged between 3.1 per cent for the week ended August 23 and 11.1 per cent for the week ended August 9 below actual output. Weekly figures reported to the Southern Pine Association are shown in the table. M O N T H L Y R E V IE W 6 Number Week Ended: of Mills August 2. 1930............. 132 August 9. 1930............. 135 August 16, 1930............ 142 August 23, 1930............ 141 August 30. 1930............ 133 September 6, 1930........ 143 September 7, 1929....... 151 (In thousands of feet) Orders Shipments Production 45,024 45,570 48,469 40,047 42,735 45,040 43,659 45,003 47,218 45,612 46,200 47,086 45,024 50,232 46,516 38,157 42,273 46,868 62,604 60,345 69,247 Unfilled Orders 127,806 127,995 127,407 129,822 124,362 119,532 202,526 Consumption Contrary to the usual trend, with the beginning of the of Cotton new cotton season, consumption of cotton by mills in the United States during August declined 7 per cent compared with the month before, and was 37 per cent smaller than in August 1929. In nearly every other recent year there has been an increase in August over July. Stocks of cotton held by consuming establishments at the end of August declined 14.5 per cent compared with those for July, but were 23 per cent larger than a year ago. Re flecting receipts from the new crop, stocks in public storage and at compresses at the end of August were 20 per cent larger than a month earlier, and were one and one-half times greater than at the close of August last year. Exports of cotton from the United States during August were more than twice those in July, and were 62 per cent greater than in August 1929. Active spindles in August decreased by 590,466 compared with July, but were fewer by 4,356,408 than in August a year ago. Detailed comparative statement, based upon Census Bureau figures, follows. UNITED STATES (Bales) Cotton Consumed: August 1930 July 1930 August 1929 Lint.............................................. 352,335 378,835 558,754 57,010 58,581 83,643 Linters......................................... Stocks in Consuming Establishments: Lint............................................... 1,011,661 1,183,167 800,989 Linters.......................................... 221,379 238,747 156,290 Stocks in Public Storage and at Compresses: Lint............................................... 3,464,699 2,877,416 1,382,226 Linters......................................... 81,221 87,090 42,658 Exports............................................... 366,036 176,435 226,018 Imports............................................... 5,901 4,161 24,793 Active Spindles................................. 25,873,978 26,464,444 30,230,386 COTTON GROWING STATES (Bales) Cotton Consumed............................ 283,731 302,561 428,771 Stocks in Consuming Establish ments............................................ 647,900 792,138 496,388 Stocks in Public Storage and at Compresses...............-............ — 3,116,353 2,515,260 1,194,941 Active Spindles (Number)............... 17,127,926 17,267,072 17,948,408 OTHER STATES (Bales) Cotton Consumed............................ 68,604 76,274 Stocks in Consuming Establish ments............................................ 363,761 391,029 Stocks in Public Storage and at Compresses.................................. 348,346 362,156 Active Spindles (Number)............. - 8,746,052 9,197,372 129,983 304,601 187,285 12,281:978 Cotton Cloth There were increases in orders, shipments, and unfilled orders on hand at the end of August over July reported by cotton mills manufacturing cloth in the sixth district, although production, stocks and number of workers on their payrolls declined. Compared with August 1929, however, stocks of cloth were 4.6 per cent larger but other reported items show decreases as indicated in the table. Percentage change August 1930 compared with: July 1930 August 1929 Production..................................................................... — 7.0 —27.2 Shipments....................................................................... +15.4 -31.1 Orders booked............................................................... +28.6 —38.4 Unfilled orders............................................................... + 6.1 —18.5 Stocks on hand.............................................................. —5.6 + 4.6 Number on payroll....................................................... —4.0 —15.0 Cotton Yarn Figures for August reported by cotton yarn mills in the sixth district show increases over both the previous month and the same month a year ago in orders, unfilled orders and stocks, but decreases compared with both of those periods in other items. Percentage change August 1930 compared with: July 1930 August 1929 Production............................................................ ......... — 3.5 — 24.6 Shipments....................................................................... — 1.0 - 24 .1 Orders booked................................................................ +78.3 + 11.9 Unfilled orders............................................................... + 4.5 + 2.4 Stocks on hand............................................................. + 3.5 +164.3 Digitized for Number FRASER on payroll....................................................... —2.6 — 8.1 Hosiery Increases in production, shipments, orders and unfilled orders, and decreases in stocks and cancellations, are in dicated in figures for August and July reported to the Census Bureau by 42 identical establishments manufacturing hosiery in the sixth dis trict. The table shows a comparison of aggregate figures for the two months. Production................................................................... Shipments.................................................................... Stock on hand............................................................ Orders booked............................................................. Cancellations.............................................................. Unfilled orders........................................................... (Dozen Pairs) Aug. 1930 July 1930 567,690 527,996 607,797 560,203 1,806,024 1,843,808 631,099 531,550 13,576 17,003 585,166 575,439 Cottonseed Products Operations of cottonseed oil mills in Georgia, Alabama, Louisiana, and Mississippi, and in the cotton states as a whole, were more advanced during August, the first month of the new cotton season, than during that month of 1929. The Amount of seed received by mills, both for this district, and for the cotton states, during August this year was about 41 per cent greater than in August last year. Amount of seed crushed, and stocks on hand, for the country were 38 per cent, and 34 per cent, respectively, greater than a year ago, and for this district these items show increases of 33 per cent and 32 per cent, respectively, over August 1929. Pro duction of crude oil, cake and meal, hulls and linters also show similar comparisons for the country, separate figures by states not being avail able until September. Available figures, compiled by the United States Census Bureau, are shown comparatively in the table. COTTON SEED AND COTTON SEED PRODUCTS (1) Sixth District United States Aug. 1 to Aug. 31, Aug. 1 to Aug. 31, 1930-31 1929-1930 1930-31 1929-1930 Cotton Seed, tons: Received at mills................. 125,102 89,031 336,129 239,069 Crushed................................. 62,518 46,857 165,770 120,023 On Hand............................... 74,211 56,186 214,965 160,652 Production: Crude Oil, lbs....................... 49,321,710 35,217,974 Cake and Meal, tons........... (2) (2) 76,440 56,303 45,878 32,064 Hulls, tons............................ Linters, bales....................... 28,578 23,310 Stocks at mills, Aug. 31: Crude Oil, lbs....................... 13,944,689 (2) Cake and Meal, tons........... (2) (2) 45,340 48,894 Hulls, tons............................ 29,590 56,719 Linters, bales....................... 135,488 53,830 (1) Georgia, Alabama, Louisiana and Mississippi. (2) Not available. Exports of cottonseed products during the twelve months ending with July are shown below comparatively with the previous season. 1930 1929 Crude Oil, lbs____________ -........................... 24,744,505 20,627,975 Cake and Meal, tons.............................................. 158,422 298,232 Linters, running bales........................................... 118,124 186,211 Bituminous Coal Mining According to statistics compiled by the United States Bureau of Mines, total production of bituminous coal in the United States during August amounted to 35,661,000 tons, and was larger by 2.7 per cent than July output, but smaller by 20 per cent than production in August last year. The daily average output, 1,372,000 tons, was 17 per cent less than the average for August last year. There were 26 working days in August and July this year, and 27 in August 1929. Weekly production figures averaged somewhat larger in August than in July, for the United States as a whole, and for Alabama and Tennes see, but were lower than for August last year. Production for the week ending September 6 was lowered by the observance of the Labor Day Holiday. Weekly comparisons are shown in the table. (In Thousands of Tons) United States Alabama 1929 1930 1929 1930 329 250 9,349 7,991 241 356 9,697 7,839 242 314 9,666 8,171 264 323 10,104 8,494 347 278 10,832 9,053 9,462 8,057 Tennessee 1929 1930 Week Ending: 104 91 August 2............... 107 89 August 9...... ........ 95 109 105 98 August 23............ 105 111 September 6......... Cumulative output of bituminous coal during the present calendar year through September 6, approximately 211 working days, continued smaller than for the same period of other recent years, as indicated by the following comparison: Tons 1930 309,066,000 1929......................... ............................................................................... 349,797,000 1928.................... ................................................................. 323,184,000 1927............................. ................................................................ 357,271,000 1926.............................1' - I .................................................................. 367,406,000 7 M O N T H L Y R E V IE W Production of Pig Iron Except for a slight gain in May, production of pig iron in the United States, and in Alabama, has declined each month since March, and continued in August less than at the same time a year ago. There was a further loss in the number of furnaces active during August. August production of pig iron in the United States declined 4.4 per cent compared with output in July, and was 33 per cent smaller than in •August 1929. Average daily output declined by the same percentages as the number of days was the same for the three months under com parison. There was a loss of 5 in the number of furnaces active on September 1, compared with a month earlier, and a loss of 71 com pared with a year ago. Output of pig iron in Alabama was about the same in August as in July, being only two-tenths of one per cent smaller, and was 6-6 per cent less than in August a year ago. The number of furnaces active declined by one, compared with the month before and with the same month last year. Press reports indicate that buyers continued to order only for immediate requirements, and instructions for rush ship ments still accompany orders being received. No inquiries are being issued, and furnace interests are limiting quotations to September deliveries at the base price of $14.00. Production figures are shown in tabular form for convenience of comparison. Aug 1929 Aug. 1930 July 1930 United States: 2,523,921 2,639,537 3,755,680 Production (tons).................... 88.4 125.7 84.5 Index Number......................... 121,151 81,417 85,146 Average per day (tons)............ 144 210 139 *Active furnaces....................... Alabama: 192,002 205,209 191,700 Production (tons).................... 82.5 82.7 88.4 Index Number......................... 6,184 6,194 6,620 Average per day (tons)............ 14 14 13 ♦Active furnaces....................... *First of following month. Cumulative production of pig iron in the United States during the first eight months of 1930, January through August, has amounted to 23,424,770 tons, smaller by 19.7 per cent than the total of 29,162,163 tons for the same period of 1929, and output during the year through August in Alabama has totaled 1,756,948 tons, 4.2 per cent less than the total of 1,832,452 tons produced during the same period of last year. Total unfilled orders of the United States Steel Corporation at the end of August amounted to 3,580,204 tons, a decline of 441,851 tons compared with the July total, and smaller by 78,007 tons than for August last year. At the same time last year there was a decline of 429,906 tons for August compared with July. Unfilled Orders of the U. S. Steel Corporation Naval Stores August receipts of turpentine and rosin at the three principal markets of the district declined 16-7 per cent and 15.4 per cent, respectively, compared with July, and were smaller by 6 per cent and 12 per cent respectively than in August 1929. Stocks of both commodities, however, were larger than for either of those periods. Receipts for the five months of the present naval stores season, April through August, were smaller than for that period of 1929 or 1927, but larger than for other recent years. Stocks of turpen tine at the end of August were larger than for that month of other re cent years except 1928, and stocks of rosin were smaller than for August of 1921, 1922, 1923 and 1924, but larger than for that month of other recent years. The decline in prices continued well into August, and low prices for the season appear to have been reached on August 12, after which there was some improvement in demand from both foreign and domestic sources. On August 22 the price of turpentine rose to 40 cents, and there were corresponding gains made in the prices of the various grades of rosin, but prices reacted somewhat after that time. Latest available quotations continue to be much below the lowest prices recorded during any of the past five seasons. Comparisons of receipts and stocks are shown in the table. Aug. 1930 July 1930 Aug. 1929 Receipts—Turpentine (1) : 25,918 28,772 Savannah..............-.................. ............. . 24,342 17,702 19,518 Jacksonville............................................... 17,323 5,816 7,532 Pensacola......................-.......... ................. 4,856 49,436 55,822 Total..................................................... 46,521 Receipts—Rosin (2): 89,741 94,822 Savannah----------- ---------- ................ 78,932 63,920 62,648 Jacksonville............................. ................. 56,064 19,009 21,406 Pensacola-............................ ................. 16,273 172,670 178,876 Total..................................................... 151,269 Stocks—Turpentine (1): 16,757 17,683 Savannah......................-......... ................. 21,713 21,525 17,919 Jacksonville............................. ................. 17,337 24,869 22,889 Pensacola.................................. ................ 25,974 63,151 58,491 Total....................... -......... ................- 65,024 Stocks—Rosin (2): 114,417 144,432 Savannah.................-............... ................. 148,171 71,390 76,960 Jacksonville................... ......... ................. 89,441 19,788 29,928 21,556 Pensacola------------- ---------................ 205,595 242,948 Total.................................. ................. 267,540 (1) Barrels of 50 gallons. (2) Barrels of 500 pounds. The following figures show comparisons of exports for the first four months of the season with that period of the past four years. Turpentine (1) 1930__________ - ............................................... 125,565 1929........................... ................................................... 131,945 1928.............................. -........... - .......................................... 97,331 1927........... -......................... -............................................... 131,289 1926-. -............................................... 86, <13 (1) Barrels of 50 gallons. (2) Barrels of 500 pounds. Rosin (2) 474,872 509,979 446,108 555,503 429,013 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS The following index numbers, except as indicated otherwise, are computed by the Federal Reserve Bank of A tlanta 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 1 923-25 as represented by 100. RETAIL TRADE 6th DISTRICT (Department Stores) A tlanta_____ Birmingham.. Chattanooga. Nashville___ New OrleansOther C ities.. D IS T R IC T .. June 1930 July 1930 August 1930 June 1929 July 1929 August 1929 114.1 8 2 .5 81.3 9 2 .6 7 1 .9 7 6.1 8 3 .0 113.8 6 8 .2 5 5 .4 6 5.6 56.9 6 0 .5 67 .Or 138.1 7 6 .6 6 1 .2 8 4 .0 6 7 .8 6 2 .6 7 7 .Op 1 25.3 102.1 9 4 .2 9 4 .1 7 7 .3 8 7 .4 9 3 .0 106.9 8 2 .9 6 2 .8 6 9.9 6 2 .7 7 5 .2 7 5 .0 142.1 9 0 .9 6 9 .7 9 6 .0 7 2 .5 7 3.1 8 5 .0 80. 8 9 .0 RETAIL TRADE U. S. (1) Department Stores............... 95. 72r 80p 106. WHOLESALE TRADE 6th DISTRICT Groceries___________ ______________ Dry Goods.................... .................................. Hardware_________________________ Furniture_________________ ________ Electrical Supplies............ ............. ............. Shoes_____________________________ Stationery____________ ____________ Drugs____ ________________________ TOTAL____ _______ _____________ 6 8 .9 4 3 .2 6 2.7 5 3.7 8 0.4 49.1 4 9 .4 9 1.7 64.0 6 9.8 4 7.4 6 2.7 5 4 .2 7 4 .7 4 4.9 49.1 9 1 .0 6 4.3 7 5.1 6 0 .2 6 9 .5 7 2 .6 6 1.9 5 9 .6 5 6 .3 9 1 .2 7 0 .3 8 0 .8 5 6 .5 7 9 .3 83.1 7 8 .7 7 4 .3 5 6 .8 112.6 7 7 .9 8 4.1 6 7 .3 8 3 .9 7 7.7 9 2 .5 7 8 .0 5 9 .0 111.3 8 2 .7 9 1 .5 9 7 .5 9 8 .5 106.4 8 9 .9 109.3 7 6 .3 122.3 9 6 .5 8 8 .9 9 0 .5 102.4 8 2 .2 7 6 .4 9 5 .4 9 0 .0 88.9 9 6 .2 7 4 .5 8 6 .8 83.1 8 6 .3 100.7 8 0 .0 7 5 .4 9 4.3 88.9 8 7 .8 9 6 .2 7 1 .7 8 4 .0 8 4 .9 8 7.1 9 8 .9 7 7 .7 7 5 .4 9 2 .7 8 7 .4 8 7 .3 9 5 .9 7 1 .2 8 4 .0 103.3 9 8 .9 108.0 9 3.3 8 3 .0 105.1 9 6 .4 9 3 .4 9 6 .6 8 0 .4 9 6 .4 107.6 102.8 109.2 9 2 .8 8 2 .0 105.0 9 6 .7 9 3 .4 9 7 .2 8 1 .3 9 8 .0 107.1 103.1 109.7 9 3 .1 8 0 .9 104.3 9 6 .7 9 3 .7 9 7.1 8 1 .3 9 7 .7 BUILDING PERM ITS 6th DISTRICT A tlanta__________________________ Birmingham______________________ Jacksonville.................................. .................. Nashville.............. .......................................... New Orleans________ _____ ________ Other Cities__________ ___________ D ISTRICT (20 Cities)........................... 3 7 .3 3 1 .9 15.7 3 9.7 17.6 2 4 .5 2 6 .6 5 0 .4 18.1 47.1 3 5 .4 140.2 3 1 .7 4 6 .2 3 3 .0 18.6 2 5 .6 7 7.7 4 1.1 2 0 .5 2 7.9 8 5 .3 5 9 .2 8 1 .6 48.1 61.1 5 0 .0 5 9 .5 6 3 .6 2 9 .0 4 8 .8 6 0 .6 119.3 4 1 .9 5 3 .6 7 5 .1 4 8 .9 7 2 .5 7 1 .7 6 4.7 5 3 .6 5 9 .6 CONTRACTS AWARDED 6th DISTRICT 7 6 .0 5 1 .5 4 2.9 1 31.4 9 0 .6 132.9 COTTON CONSUMED: United States____________ __________. . . Cotton-Growing States............ ........................ . All Other States------------ ------------- -------Exports______________ _______ _______ 7 9 .7 9 1 .6 5 3 .6 3 0.1 7 4 .5 8 6.6 4 8.0 2 8.7 6 9 .3 8 1 .2 4 3 .2 5 9 .6 1 12 .2 1 23 .6 8 7 .0 5 0 .3 107.5 117.1 8 6 .5 3 8.6 109.8 122.6 8 1 .6 3 6 .8 PIG IRON PRODUCTION: United S ta te s.-----------------------------------Alabama............... ................................................... UNFILLED ORDERS—U. S. STEEL CORPORATION.............................. ................... 9 8 .2 9 5 .7 8 8 .4 8 2 .7 8 4 .5 8 2 .5 1 23.8 9 4 .4 126.7 9 7 .1 125.7 8 8 .4 83.1 8 4 .2 7 5 .0 8 9.1 8 5 .6 7 6 .6 WHOLESALE PRICES U. S. (2) Farm Products____ ___________ Foods.................................................... Hides and leather products_____ Textile products....................... .......... Fuel and lighting_______ ____ Metals and metal products_____ Building materials_____________ Chemicals and drugs......................... Housefurnishing goods_________ Miscellaneous__________ _____ _ ALL CO M M O D ITIES................. (1) Compiled by Federal Reserve Board. (2) Compiled by the Bureau of Labor Statistics. p-Preliminary. r-Revised. B ase 1926-100.
@FedFRASER