Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-10
TRADE TURN SLOW
IN SIXTH DISTRICT
Reserve Bank Reviews
Financial Conditions in
Atlanta Area.
Special Dispatch to The star.

Special Dispatch to The Star.
ATLANTA, March 10.-There were
increases in January and early Febru-
airy over December in the volume Of
business transactions settled by check
as indicated in debts to individual &C
counts, in building permits and in the
production of pig iron in Alabama and
of bituminous coal in Tennessee, but
the volume of trade declined seasonally
and all of these series show decreases
compared with January year ago IN
the fifth Federal Reserve district.
Following an increase of 16 per cent
in December over November, debts to
individual accounts showed a further
gain of 2.6 per cent in January, but
were 1910 per cent less than in Janu-
airy, 1890. Department store sales de-
clined in January from the holiday
volume recorded for December, but the
decrease was less than usual, and
wholesale trade decreased ga per cent.
Compared with January, 1880, retail
trade was IA per cent and wholesale
trade 302 per cent smaller.
Building permits of 20 cities in
creased Is per cent over December, but
were 463 per cent less than in Janu-
ary 1880. Production of pig iron in
Alabama gained 11.6 per cent in jan
uary over December, and output OF
coal in Tennessee increased about 5
per cent, and there was further small
gain in production by cotton cloth
mills.
Increase in Investments.
There were decreases in loans on Sc
curities and in other loans by weekly
reporting member banks between jan
TI,1ly q n
crease in their investments, while at
the reserve bank there were slight
increases in discounts and in holdings
of United States securities, but de-
crease in holdings of bills bought In the
open market.
The volume of reserve bank credit
outstanding at the Federal Reserve
Bank of Atlanta, represented by It's TO-
tai holdings of bills and securities, de-
clined SIS, 600, or II per cent, be-
tween January IA, figures for which
date were shown in the preceding issue
of this review, and February IL. These
figures also show decrease OF more
than 100000 900, or 81 per cent, in re-
serve bank credit outstanding at TINS
bank since December 10, and a decline
of 1856 per cent compared with the cor
responding report date year ago.
Holdings of Bills Lighter.
Holdings of discounted bills by United
States Government obligations declined
slightly between January IA and Febru-
ary IL, and were less than one-flfth as
large as at the same time last year.
Other discounts increased slightly and
were a little less than year ago, and
the total holdings of discounted paper
were less than / per cent larger than
on January IA and were 1874 per cent
smaller than on February IL, 1880.
Holdings of United States securities
have fiuctuated little, but holdings of
purchased bills declined by more than
one-half between January IA and Feb
ruary IL, or from $40, 702, 900 to S4,S02,-
600, and were only about 80 per cent as
large as on the first report date in jan
uary and about IS per cent of those
se1S on February IL last year.
Tnere was an increase in Federal re-
serve note circulation of this bank from
1927 millions on January II to 1911
millions a week later, but during the
three weeks ended February IL circu-
lation declined to 1907 millions, at
which time it was only slightly less
than a year ago. This banks circula-
ton increased from low point for the
year 1880, at 1l0.1 millions on Septem-
Der "a, to 1876 millions on December "a.
and by February IL had declined So
millions from that level Reserves in
creased slightly between January IA
and February IL, and were per cent
larger, than a year ago, but deposits
were 1914 per cent less than those held
at the same time last year.