Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-02
CROPS SHOW GAINS
IN SIXTH DISTRICT
Building and Bank Credit
Also Reveal Increases
in Atlanta Area.
Special Dispatch to The Star.


ATLANTA. September Available
statistics for July and half of August
In the sixth reserve district indicate
further seasonal declines In the vol
ume Of trade. in outstanding member
bank credit, and in the production of
pig iron and coal in Alabama, but in
creases are shown In prospective build
ing and construction as reflected IN
both building permits and contract
awards, IN production by cotton mills,
and in the volume Of Reserve Bank
credit. Rains during July over most
OF the district brought Improvement in
crop conditions, and August estimates
by the United States Department of
Agriculture are higher for most CROPS
than they were q month earlier. -
production Of cotton, tobacco, rice
and sugar in this district Is estimated
to be smaller than last year, but other
crops show increases. The cotton crop,
not including those parts of Tennessee,
Mississippi and Louisiana situated in
other districts, Is estimated to be 1876
per cent smaller than last year.
Wholesale Trade Holds Up.
Department store sales declined sea
sonally in July and were As per cent
less than IN July. 1880. Wholesale trade
was in about the same volume as in
June. and averaged 23.1 per cent less
than year ago. Debts to individual
accounts declined 81 per cent over the
month, and were 1877 per cent less than
in July last year. Production by both
cloth and yarn mills in the sixth dis
trict increased in July and was greater
than year ago. and consumption Of
cotton In Georgia. Alabama and Ten
nessee was 1873 per cent greater than
in July last year. Volume of Federal
Reserve Bank credit increased some
what between July and August IL,
but total loans and investments Of
weekly reporting member banks de-
clined further. Time deposits increased.
but demand deposits declined from
June to July, and both were less than
for July, 1880.
Reserve Bank Credit.
The volume of Reserve Bank credit
outstanding at the Federal Reserve
Bank of Atlanta. as represented by its
total holdings of bills and securities.
stood on August IL at 45,547 900. an
increase of 81 millions over the total
for July 8, given in the previous issue
Of this Review. and a gain of 17.2
millions since April Is, when the lowest
point In six years was reached. This
August IL total was the largest for any
Wednesday since January Z. and less
than 100000 smaller than for that
date.
The increase from July to August
IL was due to a gain Of 6.6 millions in
discounts and an increase of s625 500 in
holdings Of United States securities.
which were partly Offset by a decline of
as millions in holdings Of purchased
bills during that period. Discounts
secured by United States Government
obligations increased from s434.0 on
July to $4,000 on August H. and
all other discounts increased from
$40 865 900 to $17.l66,000.
Total discounts on August IL
amounted>to 1896, 900 compared with
s2e. SOL 900 on the same report date
a year ago. Holdings of Government
securities were greater, but those of pur-
chased bills smaller, than a year ago,
and total bills and securities show
decrease of $4.809,00 compared with
August Is, 1880.
Total reserves declined further be-
tween July and August IL. but were
greater than a year ago. Deposits and
Federal Reserve note circulation were
also slightly less than at the same time
last year.