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M O N T H L Y R E V I E W O f Financial, A gricultural, Trade and Industrial C onditions in the S ix th Federal Reserve D istrict F E D E R A L R E S E R V E B A N K O F N A T IO N A L S U M M A R Y O F B U S I N E S S C O N D IT IO N S P rep a red b y th e F ed era l R eserv e B oard P r o d u c tio n a n d d is t r ib u t io n o f c o m m o d it ie s , w h ic h d e c lin e d d u r in g t h e l a t t e r p a r t o f F e b r u a r y a n d t h e e a r l y p a r t o f M a r c h , in c r e a s e d a f t e r t h e m id d le o f t h e m o n th . T h e r e t u r n flo w o f c u r r e n c y t o t h e r e s e r v e b a n k s , w h ic h b e g a n w it h t h e r e o p e n in g o f b a n k s o n M a r c h 1 3 , c o n t in u e d in A p r il. F o l lo w in g t h e a n n o u n c e m e n t b y t h e P r e s id e n t o n A p r il 19 t h a t t h e is s u a n c e o f l ic e n s e s f o r t h e e x p o r t o f g o ld w o u ld b e s u s p e n d e d t h e v a lu e o f f o r e i g n c u r r e n c ie s in t e r m s o f t h e d o lla r a d v a n c e d c o n s id e r a b ly , a n d t h e r e w a s in c r e a s e d a c t i v i t y in t h e c o m m o d it y a n d s e c u r it y m a r k e ts . P r o d u c tio n a n d E m p lo y m e n t P r o d u c tio n a t f a c t o r ie s a n d m in e s d e c r e a s e d fr o m F e b r u a r y to M arch , c o n tr a r y to s e a s o n a l t e n d e n c y , a n d t h e B o a r d ’s s e a s o n a lly a d ju s te d in d e x d e c lin e d f r o m 64 p e r c e n t o f t h e 1 9 2 3 -2 5 a v e r a g e t o 60 p e r c e n t , c o m p a r e d w it h a lo w l e v e l o f 58 p e r c e n t in J u l y 1 9 3 2 . A t s t e e l m ills t h e r e w a s a d e c lin e in a c t i v i t y f r o m a n a v e r a g e o f 20 p e r c e n t o f c a p a c it y in F e b r u a r y t o 15 p e r c e n t in M a r c h , f o llo w e d b y a n in c r e a s e to m o r e t h a n 2 0 p e r c e n t f o r t h e m o n t h o f A p r il, a c c o r d in g t o t r a d e r e p o r t s . I n t h e a u to m o b ile in d u s t r y w h e r e t h e r e w a s a ls o a s h a r p c o n t r a c t io n in o u tp u t w h e n t h e b a n k s c lo s e d , t h e r e w a s a r a p id in c r e a s e a f t e r t h e r e o p e n in g o f b a n k s . F r o m F e b r u a r y t o M a r c h p r o d u c tio n in t h e f o o d a n d c o t to n t e x t i l e in d u s t r ie s s h o w e d l i t t l e c h a n g e in v o lu m e . A c t i v i t y in t h e w o o le n in d u s t r y d e c lin e d s h a r p ly a n d t h e r e w a s a r e d u c tio n in d a ily a v e r a g e o u tp u t a t s h o e f a c t o r ie s . A t lu m b e r m i ll s a c t i v i t y in c r e a s e d f r o m t h e lo w r a t e o f F e b r u a r y , w h ile o u tp u t o f b itu m in o u s c o a l d e c lin e d b y a s u b s t a n t ia l a m o u n t. T h e v o lu m e o f f a c t o r y e m p lo y m e n t a n d p a y r o lls s h o w e d a c o n s id e r a b le d e c lin e f r o m t h e m id d le o f F e b r u a r y t o t h e m id d le o f M a r c h . C o m p r e h e n s iv e f ig u r e s o n d e v e lo p m e n t s s in c e t h e r e o p e n in g o f b a n k s a r e n o t y e t a v a ila b le . V a lu e o f c o n s t r u c t io n c o n t r a c t s aw ard ed , in t h e f ir s t q u a r t e r a s r e p o r t e d b y t h e F . W . D o d g e C o r p o r a tio n , w a s s m a lle r t h a n in t h e l a s t q u a r te r o f 193 2 b y a b o u t o n e -th ir d . D is t r ib u tio n V o lu m e o f f r e i g h t c a r l o a d in g s , o n a d a ily a v e r a g e b a s is , d e c lin e d f r o m F e b r u a r y t o M a r c h b y a b o u t 7 p e r c e n t , r e f l e c t i n g in l a r g e p a r t a s u b s t a n t ia l r e - MIILIONS OF DOLLARS mo R E S E R VI B A N K C R E D I T MILLIONS OF DOLLARS 4000 i ,3500 L jin T o tal 1000 fu I * J J / r- - - - - - - - j *Vw t1 i / i/ i ...... U 5 G o v t .S e c u n tie g .^ 500 i — / ---- T — f\ S. ^ -D is c o u n t sj ■ 0 1 ..^ c ( ^ t a n c e s , “ $ N T A This review released for publication in Sunday papers of A pril 30. W h o le s a le P r ic e s W h o le s a le p r ic e s o f le a d in g c o m m o d it ie s f lu c t u a t e d w id e ly d u r in g M a r c h a n d t h e f ir s t t h r e e w e e k s o f A p r il. I n t h i s p e r io d g r a in p r ic e s i n c r e a s e d s h a r p ly a n d p r ic e s o f c o t to n , h id e s , n o n fe r r o u s m e t a l s , p i g ir o n , s c r a p s t e e l , a n d s e v e r a l im p o r te d r a w m a t e r ia ls a d v a n c e d c o n s id e r a b ly . D u r in g t h e s a m e p e r io d t h e r e w e r e r e d u c t io n s in t h e p r ic e s o f r a y o n , p e t r o le u m , a n d c e r t a in fin is h e d s t e e l p r o d u c ts . B a n k C r e d it C u r r e n c y r e t u r n e d r a p id ly t o t h e r e s e r v e b a n k s a n d t h e T r e a s u r y f o l lo w in g t h e r e o p e n i n g o f t h e b a n k s , a n d o n A p r il 1 9 , t h e v o lu m e o f m o n e y in c ir c u la tio n w a s $ 1 ,5 0 0 ,0 0 0 ,0 0 0 l e s s t h a n o n M a r c h 1 3 , w h e n t h e p e a k o f d e m a n d w a s r e a c h e d . F u n d s a r i s in g f r o m t h e r e t u r n flo w o f c u r r e n c y w e r e u s e d t o r e d u c e t h e r e s e r v e b a n k ’s h o ld in g s o f d is c o u n t e d b ills b y $ 1 ,0 3 5 ,0 0 0 ,0 0 0 a n d t h e ir h o ld in g s o f a c c e p t a n c e s b y $ 2 0 0 ,0 0 0 ,0 0 0 ; a t t h e s a m e t i m e m e m b e r b a n k r e s e r v e b a la n c e s in c r e a s e d b y $ 3 9 0 ,0 0 0 ,0 0 0 . A s RESERVE BANK CREDIT AND FACTORS IN CHANGES MILLIONS OF D O LLA RS MILLIONS OF D O LL A RS 6000 8000 7000 7000 6000 6000 Me>r)Q \j in Circulation 5000 J 4000 5000 Gclid Stock "V 4000 ' v // 3000 3000 3000 3000 M p m h ° r R c jn K F eseFve B a l a n c e s 3000 2500 2000 3000 Reseirve Bank Cre< 1500 r 2000 1000 500 2000 1000 4000 S 1000 1929 Wednesday figures for the 12 Federal Reserve Banks combined. figures are for A pril 19. A 3500 \ 2500 L d u c tio n in s h ip m e n t s o f c o a l. S h ip m e n t s o f m is c e lla n e o u s f r e i g h t a n d m e r c h a n d is e , w h ic h u s u a ll y in c r e a s e a t t h i s s e a s o n , d e c lin e d in t h e e a r ly p a r t o f M a r c h a n d in c r e a s e d a f t e r t h e m id d le o f t h e m o n th . D e p a r t m e n t s t o r e s a l e s , w h ic h h a d d e c lin e d s h a r p ly in t h e l a t t e r p a r t o f F e b r u a r y a n d i n t h e f ir s t h a lf o f M a r c h , in c r e a s e d r a p id ly a f t e r t h e r e o p e n in g o f b a n k s. 2000 3000 1500 T A T L A N T A , G A ., A P R I L 3 0 , 1933 V O L . 18 , N o . 4 2000 A w ml s /r - 1000 4000 11 J1 3000 2000 . / 1930 1000 1931 1932 1933 L atest Wednesday figures. L atest figures are for April 19. M O N T H L Y R E V IE W 2 s t i l l in s m a ll v o lu m e , in c r e a s e d 1 9 .9 p e r c e n t f r o m F e b r u a r y t o M a r c h , a n d c o n t r a c t s f o r r e s id e n t ia l c o n s t r u c t io n in t h e d i s t r i c t in c r e a s e d 1 4 8 .2 p e r c e n t o v e r t h o s e in F e b r u a r y a n d w e r e 6 p e r c e n t g r e a t e r t h a n f o r M a r c h 1 9 3 2 . C o n s u m p tio n o f c o t t o n b y m i ll s in G e o r g ia , A la b a m a a n d T e n n e s s e e i n c r e a s e d b y 1 4 .2 p e r c e n t o v e r F e b r u a r y , a n d w a s 3 .7 p e r c e n t l a r g e r t h a n in M a r c h l a s t y e a r . C o tto n m i ll s in t h e d i s t r i c t r e p o r t e d o r d e r s f o r c lo t h 5 6 .9 p e r c e n t g r e a t e r t h a n in F e b r u a r y a n d 6 3 .9 p e r c e n t g r e a t e r t h a n in M a r c h 1 9 3 2 , a n d o r d e r s f o r y a r n in c r e a s e d 5 9 .7 p e r c e n t o v e r F e b r u a r y a n d w e r e 3 7 .1 p e r c e n t g r e a t e r t h a n in M a r c h a y e a r a g o . P r o d u c tio n o f b o th c lo t h a n d y a r n i n c r e a s e d o v e r F e b r u a r y , a n d o u t p u t o f c lo t h w a s l a r g e r , b u t o f y a r n s m a lle r , t h a n in M a r c h l a s t y e a r . P r o d u c tio n o f c o a l in A la b a m a a n d T e n n e s s e e , a n d o f p i g ir o n in A la b a m a , d e c lin e d o v e r t h e m o n t h , an d w a s le s s th a n a y e a r a g o . Index num ber of industrial production, adjusted for seasonal variation. (1923-1925=100.) L atest figure M arch (prelim inary) 60. a r e s u l t o f t h e d e c lin e in F e d e r a l r e s e r v e n o t e c ir c u la t io n a n d a n i n c r e a s e in F e d e r a l r e s e r v e b a n k r e s e r v e s , c h i e f ly t h r o u g h t h e r e d e p o s it o f g o ld a n d g o ld c e r t if ic a t e s , t h e r e s e r v e r a t io o f t h e t w e l v e F e d e r a l r e s e r v e b a n k s c o m b in e d a d v a n c e d f r o m 4 6 .5 p e r c e n t o n M a r c h 13 t o 6 1 .5 p e r c e n t o n A p r il 19. D e p o s it s o f r e p o r t in g m e m b e r b a n k s in N e w Y o r k in c r e a s e d r a p id ly a f t e r t h e r e o p e n in g o f t h e b a n k s , a n d on A p r il 19 n e t d e m a n d d e p o s it s w e r e $ 6 2 0 ,0 0 0 ,0 0 0 la r g e r t h a n o n M a r c h 1 5 , r e f l e c t i n g in p a r t a n i n c r e a s e o f $ 3 8 0 ,0 0 0 ,0 0 0 in b a n k e r ’s b a la n c e s , a s f u n d s w e r e r e d e p o s it e d b y in t e r io r b a n k s. M o n e y r a t e s in t h e o p e n m a r k e t , a f t e r a t e m p o r a r y a d v a n c e in t h e e a r l y p a r t o f M a r c h , d e c lin e d r a p id ly , b u t w e r e s t i l l s o m e w h a t h i g h e r t h a n e a r ly in F e b r u a r y . B y A p r il 21 r a t e s o n p r im e c o m m e r c ia l p a p e r h a d d e c lin e d f r o m 4% p e r c e n t t o a r a n g e o f 2 -2 % p e r c e n t ; r a t e s o n 9 0 - d a y b a n k e r ’s a c c e p t a n c e s f r o m 3% p e r c e n t t o % o f o n e p e r c e n t , a n d r a t e s o n r e n e w a ls o f c a ll l o a n s o n t h e s t o c k e x c h a n g e f r o m 5 p e r c e n t to 1 p e r ce n t. O n A p r il 7 t h e d is c o u n t r a t e o f t h e F e d e r a l R e s e r v e B a n k o f N e w Y o r k w a s r e d u c e d f r o m 3% t o 3 p e r c e n t . The B a n k ’s b u y in g r a t e o n 9 0 - d a y b a n k e r ’s a c c e p t a n c e s w a s r e d u c e d f r o m 3 V2 p e r c e n t o n M a r c h 13 t o 2 p e r c e n t o n M a r c h 22. S IX T H D IS T R IC T S U M M A R Y T h e r e w e r e s u b s t a n t ia l in c r e a s e s in M a r c h o v e r F e b r u a r y in c o n t r a c t s a w a r d e d f o r r e s id e n t ia l c o n s t r u c t io n in t h is d is t r ic t , in b u ild in g p e r m it s is s u e d a t t w e n t y r e p o r t in g c i t i e s , in t h e v o lu m e o f o r d e r s r e c e iv e d b y r e p o r t in g c o t t o n c lo th a n d y a r n m i ll s a n d in w h o le s a l e t r a d e . T h e r e w a s a ls o a g a i n in t o t a l s a l e s b y d e p a r t m e n t s t o r e s , o v e r F e b r u a r y , b u t a d e c r e a s e in d a ily a v e r a g e s a l e s d u e t o t h e l a r g e r n u m b e r o f b u s in e s s d a y s a n d in p a r t t o t h e in t e r r u p t io n o f b u s in e s s d u r in g t h e b a n k in g h o lid a y . T o ta l s a le s b y d e p a r tm e n t s t o r e s r e p o r t in g t o t h i s b a n k w e r e 6 .5 p e r c e n t g r e a t e r , b u t d a i l y a v e r a g e s a l e s w e r e 5 .3 p e r c e n t l e s s , in M a r c h t h a n in F e b r u a r y , a n d M a r c h s a le s w e r e 29 p e r c e n t l e s s t h a n in t h a t m o n t h a y e a r a g o . L a s t y e a r E a s t e r c a m e in M a r c h , w h ile t h i s y e a r s o m e o f t h e E a s t e r b u y in g w a s p r o b a b ly d e l a y e d u n t il A p r il. F o r t h e f ir s t q u a r te r o f 1 9 3 3 d e p a r t m e n t s t o r e s a l e s h a v e b e e n 2 4 .5 p e r c e n t l e s s t h a n in t h a t p a r t o f 1 9 3 2 . W h o le s a le t r a d e in c r e a s e d f r o m F e b r u a r y t o M a r c h b y 1 4 .9 p e r c e n t , a n d w a s 1 4 .2 p e r c e n t l e s s t h a n in M a rch l a s t y e a r , a n d f o r t h e f ir s t q u a r te r o f t h e y e a r h a s b e e n 1 4.4 p e r c e n t l e s s t h a n in t h e f ir s t t h r e e m o n t h s o f 1 9 3 2 . F e r t i l i z e r t a g s a l e s , in d ic a t iv e o f t h e c o n s u m p tio n o f f e r t il iz e r , w e r e m o r e t h a n t h r e e t im e s a s la r g e in M a r c h a s in F e b r u a r y , a n d w e r e 1 7 .6 p e r c e n t g r e a t e r t h a n in M a r c h l a s t year. T h e t o t a l v o lu m e o f r e s e r v e b a n k c r e d it o u t s t a n d in g a t t h i s b a n k d e c lin e d b y 5 7 m illio n s o f d o lla r s b e t w e e n M a r c h 15 a n d A p r il 1 2 , b u t w a s 3 4 m illio n s g r e a t e r t h a n a t t h e s a m e t im e a y e a r a g o . O u t s t a n d in g F e d e r a l r e s e r v e n o t e s d e c lin e d b e t w e e n M a r c h 15 a n d A p r il 1 2 b y a b o u t 3 4 m illio n s . u ild in g p e r m it s is s u e d a t t w e n t y r e p o r t in g c i t i e s , a lt h o u g h Digitized forBFRASER F IN A N C E R eserve Bank C r e d it T h e t o t a l v o lu m e o f r e s e r v e b a n k c r e d it o u t s t a n d i n g a t t h e 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 , in d ic a t e d b y i t s t o t a l h o ld in g s o f d is c o u n t e d a n d p u r c h a s e d b il l s a n d s e c u r i t ie s , e x p a n d e d f r o m 6 7 .2 m i l lio n s o f d o lla r s a t t h e m id d le o f F e b r u a r y t o a h i g h p o in t a t 146 m illio n s o n M a r c h 1 4 , a n d b y A p r il 1 2 h a d d e c lin e d t o 8 6 .8 m illio n s . O n t h e s a m e W e d n e s d a y in 1 9 3 2 t h e y a m o u n t e d t o 5 2 .4 m illio n s . F o ll o w in g t h e r e s u m p t io n o f n o r m a l b a n k in g b u s i n e s s o n M a r c h 1 3 th , 1 4 th a n d 1 5 t h , t h e v o lu m e o f d is c o u n t s a n d o f s e c u r it y h o ld in g s d e c lin e d s h a r p ly d u r in g t h e l a s t t w o w e e k s in M a r c h , a n d t h e r e w a s a s m a ll e r d e c r e a s e in h o l d i n g s o f p u r c h a s e d b ills . T h e v o lu m e o f d is c o u n t s , w h ic h h a d in c r e a s e d f r o m 1 8 .7 m illio n s o n F e b r u a r y 15 t o 5 2 .1 m illi o n s o n M a r c h 1 5 , d e c lin e d b y o n e - h a lf b y M a r c h 2 9 , a n d o n A p r il 12 a m o u n t e d t o 2 5 .7 m illio n s . O n t h e s a m e W e d n e s d a y a y e a r a g o d is c o u n t s t o t a l e d 3 6 .3 m illio n s . H o ld in g s o f p u r c h a s e d b i ll s in c r e a s e d f r o m 1 .9 m i llio n s a t t h e m id d le o f F e b r u a r y t o 1 9 .6 m i lli o n s o n M a r c h 1; o n M a r c h 15 t h e y w e r e 18 m illi o n s , a n d o n A p r il 12 t h e s e h o ld i n g s h a d d e c lin e d t o 1 2 .4 m illio n s , c o m p a r e d w it h 3 .5 m illio n s a year ago. H o ld in g s o f U n it e d S t a t e s s e c u r it i e s in c r e a s e d f r o m 4 8 .7 m illio n s o n M a r c h 1 t o 7 3 .8 m illio n s a w e e k la t e r , a n d b y A p r il 12 h a d d e c lin e d t o 4 8 .6 m illio n s , a s a g a i n s t 1 2 .6 m i l lio n s o n t h e c o r r e s p o n d in g W e d n e s d a y in 1 9 3 2 . T o t a l r e s e r v e s in c r e a s e d f r o m 1 1 4 .8 m illio n s o n M a r c h 1 5 t o 121 m illio n s a w e e k la t e r , b u t d e c lin e d t o 1 1 4 .3 m i llio n s on A p r il 1 2, c o m p a r e d w i t h 1 2 0 .9 m illio n s a y e a r a g o . M e m b e r b a n k r e s e r v e d e p o s it s w e r e s l i g h t l y l e s s o n A p r il 12 t h a n a t t h e m id d le o f M a r c h , a n d w e r e a ls o l e s s t h a n a y e a r aero. T o t a l d e p o s it s d e c lin e d b e t w e e n M a r c h 15 a n d A p r il 12 b u t w e r e s l i g h t l y la r g e r t h a n a t t h e s a m e t i m e in 1932. T h e v o lu m e o f F e d e r a l R e s e r v e n o t e s o f t h i s b a n k ’s i s s u e in a c t u a l c ir c u la t io n d e c lin e d f r o m a h i g h p o in t a t 1 7 7 m i l lio n s o n M a r c h 15 t o 1 4 4 .8 m illio n s o n A p r il 1 2 , w h ic h c o m p a r e s w it h 1 1 7 .2 m illio n s o n t h e s a m e W e d n e s d a y l a s t y e a r . P r in c ip a l i t e m s in t h e w e e k l y s t a t e m e n t o f t h i s b a n k a r e c o m p a r e d in t h e t a b le . FEDERAL RESERVE BANK OF ATLANTA (000 Omitted) April 12, 1933 March 15, 1933 April 13, 1932 Bills Discounted: Secured by Govt. O bligations.. Total Discounts-------------Bills Bought in open m arket____ U. S. Securities------- ---------------Total Bills and Securities __ Total Reserves________________ Member Bank Reserve Deposits _ . Total Deposits________________ F. R. Notes in actual circulation _ _ Reserve R atio _________________ $ 3,878 $ 21,796 25,674 12,444 48,643 86,760 114,327 42,242 53,329 144,805 57.7 13,886 $ 38,175 52,061 17,965 73,630 143,656 114,847 43,871 72,943 177,085 45.9 7,295 29,017 36,312 3,513 12,604 52,429 120,839 47,194 50,654 117,210 72.0 I n t h e f o l lo w in g t a b le , w h ic h c o n t a in s s im i la r c o m p a r is o n s f o r a ll F e d e r a l R e s e r v e B a n k s c o m b in e d , a r e in d ic a t e d t h e s h a r p d e c lin e in t h e v o lu m e o f d is c o u n t s b e t w e e n M a r c h 15 a n d A p r il 1 2, a n d t h e s m a lle r d e c r e a s e in h o l d in g s o f s e c u r i t ie s . D is c o u n t s w e r e n e a r l y o n e - t h ir d l e s s t h a n a y e a r 3 M O N T H L Y R E V IE W a g o , b u t s e c u r i t y h o ld in g s s u b s t a n t i a lly g r e a t e r . O u ts ta n d i n g F e d e r a l R e s e r v e n o t e s a ls o d e c lin e d a b o u t t h r e e q u a r te r s o f a b illio n d o lla r s f r o m M a r c h 15 t o A p r il 1 2 , b u t w e r e a b illio n d o lla r s g r e a t e r t h a n a y e a r a g o . FEDERAL RESERVE SYSTEM (000 Omitted) April 12, 1933 March 15, 1933 April 13, 1932 Bills Discounted: Secured by Govt. O bligations.. $ 130,707 $ 769,470 $ 297,749 462,846 All Others.................................... Total Discounts................... 428,456 1,232,316 Bills Bought in open market____ 246,964 403,316 U. S. Securities................................ 1,837,183 1,899,034 5,541 5,644 Other Securities_______________ Total Bills and Securities.. 2,518,144 3,540,310 Total Reserves................................ 3,529,276 3,148,185 Member Bank Reserve Deposits - 2,096,079 1,967,229 2,273,730 2,123,739 Total Deposits................................ F. R. Notes in actual circulation _ . 3,547,285 4,292,702 F. R. Bank Notes in actual Cir culation____________________ 19,890 3,301 Reserve R atio________________ 60.6% 49.1% 316,088 312,514 628,602 51,809 985,024 4,476 1,669,911 3,233,049 2,010,899 2,123,965 2,537,075 69.4% Savings Deposits of 56 Reporting Banks (000 Omitted) Number of Banks A tlanta............. Birm ingham -.Jacksonville. - Nashville.......... New Orleans— Other C itie s ... T o tal............. 3 3 3 4 6 37 56 March 1932 p o r t e d b u t t h e s u p p ly i s a m p le . In th e n o rth e rn p a r t o f th e s t a t e l i t t l e p l a n t i n g o f c r o p s h a d b e e n d o n e b y A p r il 1 b u t p r e p a r a t io n w a s w e ll u n d e r w a y . I n s o m e s e c t io n s o f L o u is ia n a p la n t in g s a r e t h i r t y d a y s l a t e b e c a u s e o f t h e l a t e , c o ld a n d w e t s p r in g . R e c e n t ly w e a t h e r c o n d itio n s h a v e b e e n m o r e f a v o r a b le a n d p la n t i n g o p e r a t io n s h a v e m a d e r a p id p r o g r e s s . T h is i s t r u e in M is s i s s i p p i , a n d in T e n n e s s e e f a r m w o r k w a s a ls o d e la y e d b y w e t s o il. T e n n e s s e e ’s w h e a t c r o p h a s a p p a r e n t ly c o m e t h r o u g h t h e w in t e r in f a i r t o g o o d c o n d itio n , a n d t h e c r o p i s e s t im a t e d a t 3 ,0 6 9 ,0 0 0 b u s h e ls a s a g a i n s t 2 ,5 8 4 ,0 0 0 b u s h e ls p r o d u c e d l a s t y e a r . F a r m S to c k s o f G r a in S t o c k s o f g r a in o n t h e f a r m s i n t h i s d i s t r ic t w e r e m u c h s m a lle r o n A p r il 1 t h i s y e a r t h a n a y e a r a g o , a c c o r d in g t o t h e A p r il C ro p R e p o r t o f t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u lt u r e . In G e o r g ia , f a r m e r s h a d m o r e w h e a t , c o r n a n d o a t s o n t h e i r f a r m s t h i s y e a r t h a n a t t h e s a m e t im e l a s t y e a r , b u t in t h e o th e r sta te s m u ch le s s. W h e a t a v e r a g e d 54 p e r c e n t, corn 3 1 .3 p e r c e n t , a n d o a t s 2 5 .8 p e r c e n t l e s s t h a n in A p r il 1 9 3 2 , a s in d ic a te d b y t h e f ig u r e s i n t h e t a b le f o llo w in g . Percentage change March 1933 compared with: Feb. 1933 March 1932 M arch 1933 Feb. 1933 $ 26,274 15,615 11,430 21,226 38,102 59,410 172,057 $ 29,707 $ 32,328 — 11.6 16,229 17,650 — 3.8 12,461 12,974 — 8.3 21,633 25,173 — 1.9 42,512 49,216 — 10.4 60,966 66,646 — 2 .6 183,508 203,987 — 6.2 — 18.7 — 11.5 — 11.9 — 15.7 —22.6 — 10.9 — 15.7 Farm Stocks of Grain on April 1 (000 Bushels) Wheat Corn 1933 4 6 Alabama ........... Florida ............................................ Georgia ............. 63 51 Louisiana ______ ___ _____ Mississippi..................................... Tennessee ......... 207 529 T otal ......... D e b it s t o T h e t a b le w h ic h f o llo w s c o n t a in s a v a ila b le f ig u r e s I n d iv id u a l o f d e b it s t o in d iv id u a l a c c o u n t s f o r t h e w e e k e n d A cco u n ts i n g A p r il 1 2 , f o r 2 3 r e p o r t in g c it ie s in t h i s d is t r i c t , c o m p a r e d w i t h t h e c o r r e s p o n d in g w e e k in 1 9 3 2 . T h e t o t a l s h o w s a d e c r e a s e o f 1 6 .6 p e r c e n t . M o n t h ly f ig u r e s u s u a l l y p u b lis h e d in t h i s R e v ie w a r e n o t a v a ila b le b e c a u s e o f in c o m p le t e r e p o r t s . Week Ended: April 13,1932 April 12, 1933 Alabama: Birmingham______________ ............. D othan__________________ ............. Mobile___________________ ............. Montgomery_____________ ............. $ 11,700 312 3,722 2,783 $ 11,450 350 4,181 3,407 Florida: Jacksonville______________ ............. Pensacola________________ ............. Tam pa___________________............. 10,345 815 4,123 12,020 1,079 5,317 Georgia: Albany---------------------------- ............. A tlanta__________________ ............. Augusta__________________............. Brunswick________________............. Columbus________________ ............. M acon___________________............. Newnan__________________............. Savannah________________ ............. Valdosta_________________ ............. 415 21,067 2,740 327 1,555 1,716 235 4,467 440 636 28,034 3,199 437 2,076 2,050 261 5,915 488 Mississippi: H attiesburg______________ ............ Jackson__________________ ............. Meridian_________________ ............. Vicksburg________________ ............. 637 2,808 1,316 919 853 2,837 1,167 831 Tennessee: Chattanooga______________............. Knoxville__ _____________ ............ Nashville_________________............ 4,189 4,687 10,654 6,608 5,036 12,098 Total 23 Cities.................... ............ $ 9 1 ,9 7 2 $110,330 A G R IC U L T U R E W e a t h e r c o n d itio n s d u r in g M a r c h w e r e m o s t l y f a v o r a b le f o r f a r m w o r k in p r e p a r a t io n f o r t h e s e a s o n ’s c r o p s in G e o r g i a , F lo r id a , a n d A la b a m a , b u t f a r m w o r k in T e n n e s s e e , M is s is s ip p i a n d L o u is ia n a h a s b e e n d e la y e d b y e x c e s s i v e r a in f a l l a n d , in t h e t w o l a t t e r s t a t e s , b y l o w e r t h a n u s u a l t e m p e r a t u r e s . T h e p r e s e n t o u tlo o k f o r F lo r id a c r o p s i s b e t t e r t h a n a y e a r a g o , p la n tin g o f s ta p le cro p s w a s fu r th e r a d v a n ced , p a s t u r e s w e r e i n b e t t e r c o n d itio n , a n d c it r u s t r e e s a r e in b e t t e r c o n d itio n a n d h a v e s h o w n a g o o d b lo o m in a ll s e c t io n s o f t h e S t a t e . T r u c k c r o p s h a v e im p r o v e d d u r in g M a r c h a n d a r e in m u c h b e t t e r c o n d itio n t h a n a y e a r a g o . C o n s id e r a b le p la n t in g o f t h e m a in c r o p s h a s b e e n d o n e in t h e s o u t h e r n p a r t o f G e o r g ia . S o m e d a m a g e t o t o b a c c o p l a n t s w a s r e 1932 274 596 1933 Oats 1932 1933 1932 14,628 20,274 148 1,5661,754 _________ 15,256 14,868 769 4,750 8,070 45 11,278 20,060 56 20,740 34,248 325 68,218 99,274 1,343 404 21 637 106 199 442 1,809 T r u c k c r o p s in F lo r id a im p r o v e d d u r in g t h e l a t t e r p a r t o f M a r c h a n d o n A p r il 1 w e r e in m u c h b e t t e r c o n d itio n t h a n a y e a r a g o , a n d in G e o r g ia t h e y a r e in f a i r c o n d itio n b u t n e e d r a in . T h e e s t i m a t e o f t h e F lo r id a a c r e a g e in c a n t a lo u p e s i s 4 0 0 , d o u b le t h a t o f 1 9 3 2 , a n d i n G e o r g ia t h e e s t i m a t e t h i s y e a r i s 1 ,3 0 0 a s c o m p a r e d w it h 1 ,0 0 0 a c r e s l a s t y e a r . In T e n n e s s e e t h e e s t im a t e d a c r e a g e i s 2 4 0 , t h e s a m e a s in 1 9 3 2 . T h e a c r e a g e s p la n t e d t o s t r a w b e r r ie s in c r e a s e d t h i s y e a r in b o th G e o r g ia a n d T e n n e s s e e , t h e y ie l d s a r e b e t t e r , a n d t h e f o r e c a s t e d p r o d u c tio n i n G e o r g ia i s 2 3 ,0 0 0 c r a t e s a g a i n s t 1 7 ,0 0 0 c r a t e s in 1 9 3 2 , a n d in T e n n e s s e e 1 ,2 0 0 ,0 0 0 c r a t e s a g a i n s t 7 0 5 ,0 0 0 c r a t e s l a s t y e a r . T h e e a r l y p o t a t o a c r e a g e in F lo r id a i s m u c h s m a lle r t h a n a y e a r a g o b u t y i e l d s a r e b e t t e r , a n d f o r e c a s t e d p r o d u c tio n i s 1 ,8 7 1 ,0 0 0 b u s h e ls c o m p a r e d w it h 1 ,4 4 3 ,0 0 0 b u s h e ls in 1 9 3 2 . F a r m L a b o r I n t h e s i x s t a t e s o f t h i s d i s t r ic t t h e s u p p ly o f A p r il 1 f a r m la b o r o n A p r il 1 a v e r a g e d 1 1 5 p e r c e n t o f n o r m a l, t h e d e m a n d a v e r a g e d 6 5 p e r c e n t o f n o r m a l, a n d t h e s u p p ly a v e r a g e d 1 7 8 p e r c e n t o f t h e d e m a n d . R a t io s f o r t h e s e s t a t e s , a n d f o r t h e U n it e d S t a t e s , c o m p ile d b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u lt u r e , a r e s h o w n in t h e t a b le . Supply Demand Ratio of Supply % of Normal % of Normal to Demand 1933 Alabama ........... ...119 Florida .............. ...118 Georgia................I l l Louisiana .............118 Mississippi_______107 Tennessee ............116 United S ta te s.. 125.8 1932 129 114 113 118 108 116 122.2 1933 60 68 66 62 65 68 58.9 1932 1933 1932 60 70 65 67 64 71 63.2 198 174 168 190 165 171 213.5 215 163 174 176 169 163 193.4 Sugar Movement (Pounds) Raw Sugar Feb. 1933 March 1933 Receipts: New Orleans____ .............. Savannah_______ .............. Meltings: New Orleans____ .............. Savannah_______ .............. Stocks: New Orleans____ .............. Savannah_______ .............. March 1932 94,108,902 65,672,936 51,840,334 23,582,063 92,144,036 32,597,321 92,711,405 32,696,902 74,156,428 22,845,149 92,090,116 40,656,859 26,180,533 64,453,793 24,939,158 31,477,759 51,797,585 69,586,348 Refined Sugar (Pounds) Shipments: 72,927,520 New Orleans____ ............... 88,456,323 21,350,086 Savannah_______ .............. 29,489,573 Stocks: 41,935,194 New Orleans____ .............. 47,389,736 23,831,761 Savannah_______ .............. 10,953,383 90,878,012 23,704,265 54,096,993 16,777,857 4 M O N T H L Y R E V IE W Rice Movement—New Orleans Rough Rice—Barrels: March 1933 Feb. 1933 24,645 22,499 Receipts............................... Shipments ............................ 25,631 38,720 Stocks...........................................1,842 2,828 Clean Rice—Pockets: Receipts......... ....... .............. 53,077 66,397 Shipments______________ 71,784 48,273 153,869 172,576 Stocks.............................___ March 1932 39,142 37,361 9,819 95,547 102,178 127,603 Rice Millers Association Statistics (Barrels) March Aug. 1 to March 31 Receipts of Rough Rice: Season 1932-33................... 821,290 7,225,167 Season 1931-32................... 812,381 7,802,617 Disbribution of Milled Rice: 1,057,956 6,739,912 Season 1932-33................... Season 1931-32................... 859,420 7,809,245 Stocks of Rough and Clean Rice: Rough March 31, 1933............... . 633,764 March 31, 1932............... .. 607,805 Clean 1,221,812 1,254,562 F e r tiliz e r T a g S a le s M arch s a le s o f f e r t iliz e r t a x t a g s b y s t a t e a u t h o r it ie s in t h e s i x s t a t e s o f t h is d i s t r i c t w e r e m o re th a n th r e e tim e s th e to ta l fo r F e b r u a r y , an d 1 7 .6 p e r c e n t g r e a t e r t h a n in M a r c h , 1 9 3 2 . T a g s a l e s h a v e in c r e a s e d e a c h m o n t h s in c e D e c e m b e r . M a r c h u s u a ll y r e c o r d s t h e l a r g e s t t o t a l o f t a g s a l e s f o r a n y m o n t h d u r in g t h e y e a r , a n d a c c o u n t s f o r m o r e t h a n a t h ir d o f t h e a n n u a l t o t a l. I n 1 9 3 2 , h o w e v e r , t a g s a l e s r e a c h e d t h e p e a k in A p r il. F o r t h e e i g h t m o n t h s , A u g u s t t h r o u g h M a r c h , t a g s a le s in t h e s e s i x s t a t e s h a v e a v e r a g e d 3 .6 p e r c e n t g r e a t e r t h a n in t h a t p a r t o f t h e p r e v io u s s e a s o n , in c r e a s e s in A la b a m a a n d G e o r g ia b e i n g s o m e w h a t m o r e t h a n s u f f ic ie n t t o o f f s e t d e c r e a s e s in t h e o t h e r f o u r s t a t e s . C o m p a r is o n s f o r t h e m o n t h , a n d f o r t h e s e a s o n t h r o u g h M a r c h , a r e s h o w n in t h e t a b le . T h e f ig u r e s a r e t a k e n f r o m t h o s e c o m p ile d b y t h e N a t i o n a l F e r t i l i z e r A s s o c ia t io n . March 1933 (Short Tons) Feb. March Aug. 1 through March 31 Percentage 1933 1932 1932-33 1931-32 Comparison Alabama___ 76,600 20,100 68,600 Florida_____ 19,609 35,928 22,842 Georgia____ 206,203 33,748 153,515 5,300 11,470 Louisiana „ . . 11,667 Mississippi. . . . 20,120 7,850 25,967 6,842 11,954 12,041 Tennessee__ Total 346,240 109,768 294,348 112,400 102,400 285,701 293,336 250,521 211,601 40,268 43,980 35,905 45,950 31,606 32,960 + 9.8 — 2.6 + 1 8 .4 — 8.4 —21.9 — 4.1 756,401 + 3.6 730,227 TRADE R e t a il T rade D e p a r t m e n t s t o r e s a le s i n t h e S i x t h D i s t r i c t in c r e a s e d 6 .5 p e r c e n t in M a r c h o v e r t h o s e i n F e b r u a r y , a n d w e r e 2 9 .0 p e r c e n t l e s s i n d o lla r v o lu m e t h a n in M a r c h , 1 9 3 2 . T h e s e c o m p a r is o n s a r e a d v e r s e l y a f f e c t e d n o t o n ly b y t h e e f f e c t s o f t h e b a n k in g h o l i d a y in M a r c h a n d t h e f a c t t h a t s o m e b a n k s a r e s t i l l o p e r a t in g o n a r e s t r ic t e d b a s is , b u t a l s o b y t h e f a c t t h a t E a s t e r t h i s y e a r w a s m o r e t h a n t w o w e e k s l a t e r t h a n in 1 9 3 2 . L ast year E a s t e r c a m e o n M a r c h 2 7 a n d c o n s e q u e n t ly M a r c h f ig u r e s in c lu d e a ll o f t h e E a s t e r b u s i n e s s , w h il e t h i s y e a r i t i s r e a s o n a b le t o a s s u m e t h a t l i t t l e , i f a n y , o f t h e E a s t e r b u y i n g w a s d o n e in M a r c h . F o r t h e f i r s t q u a r te r o f 1 9 3 3 d e p a r t m e n t s t o r e s a l e s h a v e b e e n 2 4 .5 p e r c e n t l e s s t h a n i n t h a t p e r io d a y e a r a g o . O n a d a i l y a v e r a g e b a s i s , M a r c h w i t h 2 7 b u s in e s s d a y s r e c o r d e d a d e c r e a s e o f 5 .3 p e r c e n t f r o m F e b r u a r y , w h ic h h a d o n ly 2 4 b u s i n e s s d a y s , a n d w h e n a d j u s t e d f o r s e a s o n a l v a r ia t i o n s t h e s a l e s in d e x d e c lin e d f r o m 5 9 .5 p e r c e n t o f t h e 1 9 2 3 -1 9 2 5 a v e r a g e in F e b r u a r y t o 5 3 .9 p e r c e n t in M a r c h . S t o c k s o f m e r c h a n d is e o n h a n d a t t h e e n d o f M a r c h w e r e a t a b o u t t h e le v e l a m o n t h e a r lie r , b u t w e r e 2 5 .9 p e r c e n t s m a lle r t h a n a y e a r a g o . T u r n o v e r f o r t h e m o n t h w a s s l i g h t l y lo w e r , b u t f o r t h e f i r s t q u a r t e r s l i g h t l y h i g h e r , t h a n f o r t h o s e p e r io d s l a s t y e a r . A c c o u n t s r e c e iv a b le in c r e a s e d 0 .8 p e r c e n t f r o m F e b r u a r y t o M a r c h , a n d w e r e 1 5 .7 p e r c e n t l e s s t h a n a y e a r a g o , a n d c o lle c t io n s d e c lin e d 1 7 .7 p e r c e n t f r o m F e b r u a r y t o M a r c h a n d w e r e 3 2 .5 p e r c e n t l e s s t h a n in M arch, 1932. T h e r a t io o f c o lle c t io n s d u r in g M a r c h t o a c c o u n t s o u t s t a n d i n g a n d d u e a t t h e b e g in n i n g o f t h e m o n t h w a s 2 4 .0 p e r c e n t , f o r F e b r u a r y 2 7 .1 p e r c e n t , a n d f o r M a r c h l a s t y e a r 2 8 .9 p e r c e n t . F o r in d iv id u a l c i t i e s t h e M a r c h r a t i o s w e r e : ' A t l a n t a 2 4 .2 ; B ir m in g h a m 2 2 .3 ; C h a t t a n o o g a 2 0 .7 ; N a s h v i l l e 2 3 .3 ; N e w O r le a n s 2 6 .4 , a n d f o r O t h e r C it ie s 2 2 .7 . A ll o f t h e s e s t a t i s t i c s a r e b a s e d u p o n r e p o r t s i n a c t u a l d o lla r a m o u n t s a n d t h e p e r c e n t a g e c o m p a r is o n s in t h e s t a t e m e n t , a n d t h e in d e x n u m b e r s o n p a g e 8 , m a k e n o a llo w a n c e f o r c h a n g e s in t h e l e v e l o f p r ic e s . R ETA IL t r a d e IN T H E SIX TH D ISTR IC T D U RING MARCH 1933 Based on confidential reports from 34 departm ent stores COMPARISON OF N E T SALES COMPARISON OF STOCKS RATE OF STOCK TURNOVER March 1933 March 1933 Jan. 1 to March 31, 1933 March 31, 1933 M arch 31, 1933 with with with same period in with with M arch March Jan. 1 to M ar. 31 March 1932 Feb. 1933 1932 March 31, 1932 Feb. 28, 1933 1932 1933 1932 1933 A tlanta (3)............................... —20.2 Birmingham (4)............ .......... —30.9 Chattanooga (4)...................... —34.4 Nashville (4)............................ —25.3 New Orleans (5)......................—38.5 Other Cities ( 1 4 ) —23. 7 District (34)............................ —29.0 + 32.7 + 8.8 + 7.0 + 1 1 .6 — 18.2 + 17.1 + 6.5 —22.8 —26.7 —32.1 — 17.8 —27.1 —20.8 —24.5 — 16.6 —31.7 —38.6 —26.1 —23.6 —30.2 —25.9 + 1.9 — 4 .6 + 1.1 + 1 1 .0 — 2 .6 + 1.1 — 0.1 .36 .22 .17 .20 .19 .19 .22 .35 .23 .17 .20 .14 .22 .21 .99 .59 .51 .53 .55 .48 .60 .90 .61 .54 .59 .49 .62 .61 NO TE: The rate of stock turnover is the ratio of sales during given period to average stocks on hand. W h o le s a le T rade W h o le s a le d is t r ib u t io n o f m e r c h a n d is e in t h i s d i s t r i c t in c r e a s e d in M a r c h o v e r F e b r u a r y in a ll r e p o r t in g l i n e s e x c e p t f u r n it u r e , a n d a v e r a g e d 1 4 .9 p e r c e n t g r e a t e r t h a n in F e b r u a r y a n d 1 4 .2 p e r c e n t l e s s t h a n in M a r c h , 1 9 3 2 . F u r n it u r e s a l e s a t w h o l e s a l e r e g i s t e r e d a g a i n o f 16 p e r c e n t in F e b r u a r y o v e r J a n u a r y , b u t d e c lin e d in M a r c h . F o r t h e f ir s t q u a r te r o f 1 9 3 3 s a l e s b y 1 0 4 r e p o r t in g fir m s h a v e a v e r a g e d 1 4 .4 p e r c e n t l e s s in d o l l a r v o lu m e t h a n d u r in g t h a t p a r t o f 1 9 3 2 . S a le s o f s h o e s , n o t in c lu d e d in t h e t a b le b e c a u s e o f t h e f e w r e p o r t in g f ir m s , m a d e a f u r t h e r s u b s t a n t ia l in c r e a s e in M a r c h , w e r e g r e a t e r t h a n in M a r c h l a s t y e a r , a n d w e r e a ls o g r e a t e r f o r t h e f ir s t q u a r te r o f 1 9 3 3 o v e r t h a t p e r io d a y e a r a g o . P e r cen ta g e c o m p a r is o n s in t h e t a b le , a n d in d e x n u m b e r s o n p a g e 8 , m a k e n o a llo w a n c e f o r c h a n g e s in t h e le v e l o f p r ic e s . WHOLESALE TRADE IN MARCH 1933 Sixth Federal Reserve District* Percentage Comparisons Number of March 1933 with: Jan .-M arch 1933 Firms Feb. 1933 M arch 1932 with same period in 1932 All Lines Combined: Sales_______________ Stocks on hand____ Accounts receiveable __ Collections_________ roceries: Jacksonville_______ New Orleans______ Vicksburg________ Other Cities_______ Stocks on hand______ Accounts receivable 104 28 53 53 + 1 4 .9 — 2 .0 + 2.1 + 1.1 — 14.2 — 14.4 — 10.6 —22.3 — 14.4 24 3 4 5 3 9 3 11 12 + 2 2 .4 +16.1 +10.1 + 30.3 + 3 7 .3 + 2 1 .9 + 4.4 + 3.8 + 9 .0 — 8.6 — 3.0 —22.1 — 7.4 + 9.0 — 3.9 — 12.2 — 3.4 — 15.6 — 11.7 — 11.4 — 19.9 — 13.5 + 6 .0 — 7.3 M O N T H L Y R E V IE W Dry Goods: Sales__________ _____ Nashville________ Other C itie s _____ Stocks on hand______ Accounts receivable__ Collections_________ Hardware: Sales----------------------Nashville_________ New Orleans______ Other Cities---------Stocks on hand______ Accounts receivable__ Collections_________ Furniture: Sales_______________ A tlanta___________ Other Cities______ Stocks on hand______ Accounts receivable__ Collections_________ Electrical Supplies: Sales______ ________ New Orleans______ Other Cities______ Stocks on hand______ Accounts receivable Collections_________ Drugs: Sales_________ _____ Accounts Receivable — Collections_________ Stationery, Sales______ 16 3 13 8 9 11 + 23.0 + 2 2.9 + 2 3.0 — 2.0 + 4.8 + 4.4 — 2.5 — 10.0 — 0.5 — 19.6 — 12.4 — 8.6 — 1.2 — 6.6 — 0.1 26 3 5 18 8 16 16 +11.3 + 12.4 + 3.5 + 15.4 — 3.3 + 1.5 - 9 5 — 16.0 — 19.6 — 17.6 — 14.4 — 11.7 — 7.9 —28.7 — 10.8 — 16.1 — 7.6 — 11.3 10 4 6 6 8 7 —20.9 — 19.9 —21.2 — 3.6 — 1.6 + 0.3 —40.6 —37.4 —41.7 — 5.5 —25.0 —52.6 —40.1 —25.6 — 13.5 14 4 10 3 4 3 + 9 .7 + 6.7 +11.1 + 1.6 + 0.4 — 17.4 —26.6 —35.0 —22.3 —24.7 —21.1 —41.0 —28.9 —33.1 —26.7 + + — + —22.5 — 12.5 — 19.8 —31.9 — 19.1 8 4 4 4 6.3 0.6 1.3 7.1 _____ —46.3** ♦Based upon confidential reports from 104 firms. **Due partly to large unusual sales in March 1932. L if e In su ra n ce M a r c h s a l e s o f n e w , p a id - f o r , o r d in a r y l i f e in s u r a n c e in t h e s i x s t a t e s o f t h i s d i s t r ic t d e c lin e d 2 .6 p e r c e n t f r o m F e b r u a r y , a n d w e r e 2 7 .3 p e r c e n t l e s s t h a n in M a r c h l a s t y e a r . I n c r e a s e s o v e r F e b r u a r y in F lo r id a , G e o r g ia a n d T e n n e s s e e w e r e m o r e t h a n o f f s e t b y d e c r e a s e s in M i s s is s ip p i, L o u is ia n a a n d A la b a m a . T h ere is u s u a l l y a n i n c r e a s e f r o m F e b r u a r y t o M a r c h . F o r t h e f ir s t q u a r te r t o t a l s a l e s h a v e b e e n 2 6 .2 p e r c e n t l e s s t h a n in t h a t p a r t o f 1 9 3 2 . T h e f ig u r e s in t h e t a b le a r e t a k e n f r o m t h o s e c o m p ile d b y t h e L if e I n s u r a n c e S a l e s R e s e a r c h B u r e a u . March 1932 Alabama.......... Florida________ Georgia_______ Louisiana............ Mississippi......... Tennessee_____ T o tal_____ (000 Omitted) Feb. March 1933 1932 Jan.-M arch inc. 1933 1932 Percentage' Comparison $ 3,363 $ 3,472 $ 4,369 $ 9,885 $12,328 — 19.8 3,406 3,365 4,724 10,243 14,110 —27.4 5,617 5,297 7,782 15,860 22,451 —29.4 3,032 3,695 4,871 10,087 13,898 —27.4 1,3611,682 2,073 4,636 6,842 —32.2 5,541 5,401 6,879 15,819 20,555 —23.0 $22,320 $22,912 $30,698 $66,530 $90,184 —26.2 A c c o r d in g t o s t a t i s t i c s c o m p ile d b y D u n & B r a d s t r e e t , I n c ., t h e r e w e r e 1 ,9 4 8 b u s in e s s f a i l u r e s in t h e U n it e d S t a t e s d u r in g M a r c h , c o m p a r e d w it h 2 ,3 7 8 in F e b r u a r y a n d w it h 2 ,9 5 1 in M a r c h 1 9 3 2 , a n d l i a b i li t i e s f o r M a r c h w e r e $ 4 8 ,5 0 0 ,2 1 2 , a g a i n s t $ 6 5 ,5 7 6 ,0 6 8 in F e b r u a r y a n d $ 9 3 ,7 6 0 ,3 1 1 in M a rch l a s t y e a r . In t h e S i x t h D i s t r i c t t h e r e w e r e 9 2 b u s in e s s f a i lu r e s in M a r c h , 1 4 5 in F e b r u a r y , a n d 2 0 2 in M a r c h a y e a r a g o , a n d l i a b i li t i e s f o r M a r c h t o t a le d $ 1 ,9 8 3 ,0 6 3 , a g a i n s t $ 3 ,7 2 4 ,1 5 2 in F e b r u a r y a n d $ 4 ,0 5 0 ,7 2 0 in M a r c h 1 9 3 2 . Grain Exports—New Orleans (Bushels) March March July 1 through March 31 1933 1932 1932-33 1932-32 W heat.................................. 10,256 557,960 1,158,222 6,451,831 Corn...................................... 401,255 15,559 1,153,120 70,956 Oats___________ ____ 39,079 46,606 315,632 311,220 Barley___________ _ _______ _______ _______ 112,285 C o m m e r c ia l F a ilu r e s T otal______________ 450,590 620,125 2,626,974 6,946,292 IN D U S T R Y B u ild in g P e r m it s T o t a l v a lu e o f b u ild in g p e r m it s is s u e d a t t w e n t y r e p o r t in g c i t i e s o f t h e S i x t h D i s t r ic t d u r in g M a r c h , a lt h o u g h s t i l l s m a ll, w a s 1 9.9 p e r c e n t l a r g e r t h a n t h e r e v is e d t o t a l f o r F e b r u a r y , a n d w a s a p p r o x im a t e ly o n e h a l f t h e t o t a l f o r M a r c h , 1 9 3 2 . O n ly t h r e e c i t i e s , C o lu m b u s , M a co n a n d N a s h v i l l e , r e p o r t e d l a r g e r t o t a l s f o r M a r c h t h is y e a r t h a n a y e a r a g o , b u t t h ir t e e n c i t ie s r e p o r t e d in c r e a s e s over F eb ru ary. F o r t h e f ir s t q u a r te r o f t h e y e a r , p e r m it s is s u e d a t t h e s e t w e n t y c i t i e s t o t a le d $ 2 ,0 7 7 ,2 3 8 , s m a lle r b y 4 6 .2 p e r c e n t t h a n f o r t h e c o r r e s p o n d in g p e r io d a y e a r a g o , a n d 6 5 .9 p e r c e n t l e s FRASER s t h a n f o r t h e f ir s t q u a r te r o f 1 9 3 1 . Digitized for 5 C o m p a r is o n s f o r t h e m o n t h a r e s h o w n in t h e t a b le , a n d in d e x n u m b e r s a p p e a r o n p a g e 8 o f t h is R e v ie w . Number Value Percentage March March change City_______________ 1933 1932 1933 1932_______ in value Alabama 851 $ 5,500 —84.5 8 $ 5 164 45,246 68,485 —33.9 94 Birmingham____ 32 21,784 25,202 — 13.6 23 53,332 —79.4 ♦Montgomery____ 113 10,981 73 Florida 62,375 127,415 —51.0 412 Jacksonville____ 328 66,529 —21.6 52,143 210 M iami_________ 77,150 116,650 —33.9 23 19 Miami Beach___ 4,030 10,900 —63.0 39 20 Orlando________ — 10.4 237 28,625 31,931 165 Georgia 462,740 —88.9 176 323 51,397 17,642 —38.9 71 10,776 Augusta________ 41 64 32 10,890 4,410 + 146.9 Columbus______ 21,909 +382.2 131 105,650 184 ♦♦Macon_________ 10,610 21,130 — 19.8 18 10 Savannah______ Louisiana 66 103 73,884 132,664 —44.3 New Orleans____ Alexandria______ 54 66 10,193 25,934 —60.7 Tennessee 182 88,733 —63.0 135 32,808 Chattanooga____ 2 2 750 —90.6 8,000 Johnson C ity __ 41,940 20 28 9,666 —77.0 Knoxville_______ 126 122 78,925 70,037 + 12.7 Nashville----------Total 20 Cities____ 1,815 2,106 $698,734 $1,401,083 —50.1 ♦Montgomery figures for part of March 1932 were destroyed by fire. The figures shown are estimates based upon figures for the last ten days of the month. ♦♦Corrected figure for Macon, for February, $18,210. Originally reported as nothing. C o n tr a c t A w ards T h e t o t a l v a lu e o f c o n t r a c t s a w a r d e d in t h e S ix t h D is t r ic t d u r in g M a r c h , a c c o r d in g t o s t a t i s t i c s c o m p ile d b y t h e F . W . D o d g e C o r p o r a tio n a n d s u b d iv id e d in t o d is t r ic t t o t a l s b y t h e F e d e r a l R e s e r v e B o a r d ’s D iv is io n o f R e s e a r c h a n d S t a t i s t i c s , in c r e a s e d 1 7 .7 p e r c e n t o v e r F e b r u a r y b u t w a s 1 6 .5 p e r c e n t l e s s t h a n in M a r c h , 1 9 3 2 . T h e g a i n in t o t a l a w a r d s w a s d u e t o a n i n c r e a s e o f 1 4 8 .2 p e r c e n t in r e s id e n t ia l c o n t r a c t s o v e r F e b r u a r y , a s o t h e r c l a s s e s o f a w a r d s d e c lin e d 1 6.1 p e r c e n t . R e s id e n t ia l c o n t r a c t s w e r e 6 p e r c e n t g r e a t e r t h a n in M a r c h l a s t y e a r , b u t o t h e r c l a s s e s o f c o n t r a c t s w e r e 2 8 .2 p e r c e n t s m a lle r . F o r t h e f ir s t q u a r t e r o f 1 9 3 3 , t o t a l a w a r d s h a v e b e e n 3 4 .8 p e r c e n t g r e a t e r t h a n in t h a t p a r t o f l a s t y e a r , b e c a u s e o f t h e l a r g e J a n u a r y t o t a l. S t a t e t o t a l s f o r M a r c h s h o w in c r e a s e s o v e r F e b r u a r y in G e o r g ia , L o u is ia n a a n d T e n n e s s e e , a n d o v e r M a r c h l a s t y e a r in G e o r g ia , L o u is ia n a a n d M is s is s ip p i. C o n t r a c ts f o r t h e f ir s t q u a r te r o f t h e y e a r h a v e b e e n l a r g e r t h a n a y e a r a g o in L o u is ia n a a n d M is s is s ip p i. T o t a l f ig u r e s f o r t h e 3 7 s t a t e s e a s t o f t h e R o c k y M o u n ta in s s h o w g a in s in a ll c l a s s e s o f a w a r d s in M a r c h o v e r F e b r u a r y , b u t d e c r e a s e s c o m p a r e d w it h M a r c h , 1 9 3 2 , a n d d e c r e a s e s a r e a ls o s h o w n f o r t h e f ir s t q u a r te r o f t h e y e a r . C o m p a r is o n s f o r t h e m o n t h a r e s h o w n in t h e t a b le . P a r t s o f t h e f ig u r e s f o r L o u is ia n a a n d M is s is s ip p i a p p ly t o o t h e r F e d e r a l R e s e r v e D is t r ic t s . March February Percentage March Percentage ______________________1933________ 1933 Comparison 1932 Comparison Sixth District-Total.$ 3,958,902 $ 3,362,825 + 17.7 $ 4,741,489 — 16.5 Residential_____ 1,720,101 693,122 + 148.2 1,622,783 + 6.0 All Others______ 2,238,801 2,669,703 — 16.1 3,118,706 —28.2 State Totals: Alabama...............$ 160,100 $ 958,400 — 83.3 $ 320,900 —50.1 Florida_________ 693,900 902,500 — 23.1 1,085 ,000 —36.0 Georgia________ 1,517,600 520,800 + 191.4 1,338,500 + 1 3 .4 Louisiana............. 1,536,400 623,200 +146.5 995,500 + 5 4 .3 Mississippi........... 312,700 570,600 — 45.2 221,300 + 4 1 .3 E. Tennessee........ 324,100 248,700 + 30.3 1,164,200 —72.2 UnitedStates-Total_$59,958,500 $ 52,712,300 + 13.7 $112,234,500 — 16.6 Residential_____ 16,021,000 11,805,300 + 35.7 33,208,600 —51.8 Non-Residential__ 26,359,100 23,670,400 + 11.4 49,172,400 —46.4 Public Works and Utilities______ 17,578,400 17,236,600 + 2.0 29,853,500 —41.1 L um ber T h e r e w a s a s e r io u s in t e r r u p t io n t o b u s in e s s in t h e lu m b e r in d u s t r y in t h e S o u th , a s w e l l a s in a ll o t h e r li n e s o f b u s in e s s , d u r in g t h e b a n k in g h o lid a y , b u t S o u th e r n P in e s t a t i s t i c s in d ic a t e s u b s t a n t ia l im p r o v e m e n t f o llo w in g t h e o p e n in g o f t h e b a n k s f o r n o r m a l b u s in e s s . S o u th e r n P in e A s s o c ia t io n s t a t e m e n t s s h o w a s u b s t a n t ia l g a in in t h e v o lu m e o f o r d e r s b o o k e d d u r in g t h e w e e k e n d e d M a r c h 1 8 , a n d f o r t h e t w o w e e k s f o llo w in g c T h e S o u th e r n L u m b e r m a n s t a t e s t h a t t h a t w a s t h e h e a v ie s t w e e k o f b u y in g s in c e l a s t O c to b e r , a n d w it h t h e e x c e p t io n o f s e v e n w e e k s l a s t f a l l , b e t t e r t h a n a n y o t h e r w e e k s in c e t h e s u m m e r o f 1 9 3 1 . P r e s s r e p o r t s in d ic a t e t h a t t h e g a in w a s in t h e n a tu r e o f a n a c c u 6 M O N T H L Y R E V IE W m u la t io n o f a l a r g e n u m b e r o f r e l a t i v e l y s m a ll o r d e r s , a n d a p p e a r e d t o b e g e n e r a l in c h a r a c t e r a n d w id e s p r e a d o v e r t h e p in e c o n s u m in g t e r r it o r y . F o r t h e t h r e e w e e k s e n d in g A p r il 1, o r d e r s b o o k e d b y S o u th e r n P in e m i ll s a v e r a g e d 5 3 .5 p e r c e n t g r e a t e r t h a n t h e i r p r o d u c tio n , a n d 3 2 .2 p e r c e n t g r e a t e r t h a n t h o s e b o o k e d d u r in g t h e c o r r e s p o n d in g w e e k s a y e a r e a r lie r . T h e ir p r o d u c tio n , h o w e v e r , a v e r a g e d 8 .3 p e r c e n t l e s s t h a n in t h o s e w e e k s l a s t y e a r . U n f ille d o r d e r s a ls o in c r e a s e d , a n d t h e r e w e r e s o m e a d v a n c e s in p r ic e s . In th e t a b le a r e c o m p a r e d w e e k l y f ig u r e s f o r t h e s i x w e e k s e n d in g A p r il 8 , t a k e n f r o m w e e k l y s t a t e m e n t s c o v e r in g id e n t ic a l m i ll s i s s u e d b y t h e S o u th e r n P in e A s s o c ia t io n . (In thousands of feet) Week Number Production Unfilled Orders Orders 1932 1933 Ended: 1932 1933 of Mills 1933 1932 18,251 18,395 17,681 68,156 24,328 March 4__ 99 51,323 67 ,970 106 14,527 22,738 18,764 17,825 51,904 March 11-. 106 22,585 18,896 22,628 64,587 72,141 March 18.. 32,125 20,901 76,660 March 25._ 21,479 70,983 107 31,612 26,458 66,892 April 1___ 91 25,846 18,711 18,652 19,489 62,769 69,986 106 April 8___ 21,334 20,265 21,769 23,498 64,586 a n d a g a i n o f 3 .7 p e r c e n t o v e r M a r c h l a s t y e a r . O n a d a i l y a v e r a g e b a s i s t h e r e w a s a n in c r e a s e o f 4 .3 p e r c e n t i n G e o r g i a f r o m F e b r u a r y t o M a r c h w h ic h s l i g h t l y m o r e t h a n o f f s e t d e c r e a s e s o f 2 .2 p e r c e n t i n A la b a m a , a n d 2 .5 p e r c e n t in T e n n e s se e , an d th e a v e r a g e f o r th e th r e e s t a t e s w a s a n in c r e a s e o f 1.5 p e r c e n t. C u m u la t iv e t o t a l s f o r t h e e i g h t m o n t h s o f t h e c o t t o n y e a r , A u g u s t t h r o u g h M a r c h , s h o w a n in c r e a s e o f 7 .1 p e r c e n t o v e r c o n s u m p tio n d u r in g t h a t p a r t o f t h e p r e c e d in g s e a s o n , in c r e a s e s o f 1 0 .5 p e r c e n t f o r A la b a m a a n d 7 p e r c e n t f o r G e o r g ia b e in g m o r e t h a n s u f f ic i e n t t o o f f s e t a d e c r e a s e o f 4 .9 p e r c e n t f o r T e n n e s s e e . C o m p a r is o n s f o r t h e t h r e e s t a t e s a r e s h o w n in t h e t a b le . Cotton Consumption—Bales March Feb. March August 1 to March 31 1933 1933 1932 1932-33 1931-32 Alabama........................... 52,464 47,666 52,691 410,186 371,134 Georgia............................. 89,804 76,527 83,076 662,334 619,087 10,635 12,640 98,805 103,935 Tennessee......................... 11,665 T o ta l........................ 153,933 134,828 148,407 1,171,325 1,094,156 C o tto n M a n u fa c tu r in g C o tto n C o n s u m p tio n C o n s u m p tio n o f c o t t o n b y A m e r ic a n m i ll s d u r i n g M a r c h in c r e a s e d 1 1 .9 p e r c e n t o v e r F e b r u a r y , a n d w a s la r g e r b y 1.1 p e r c e n t t h a n d u r i n g M a r c h , 1 9 3 2 . I n t h e c o t t o n s t a t e s c o n s u m p tio n in c r e a s e d 11 .3 p e r c e n t , a n d in o t h e r s t a t e s 1 5 .2 p e r c e n t , o v e r F e b r u a r y , a n d M a r c h c o n s u m p tio n in t h e c o t t o n s t a t e s w a s 3 .5 p e r c e n t g r e a t e r , b u t in o t h e r s t a t e s 9 .7 p e r c e n t s m a lle r , t h a n in M a r c h a y e a r a g o . O n a d a ily a v e r a g e b a s i s t o t a l c o n s u m p t io n d e c lin e d o n e - h a l f o f o n e p e r c e n t f r o m F e b r u a r y t o M a r c h , a g a i n o f 2 .4 p e r c e n t i n “ O th e r S t a t e s ” b e in g o f f s e t b y a d e c r e a s e o f 1 .1 p e r c e n t in t h e c o t t o n s t a t e s . E x p o r t s d u r in g M a r c h d e c lin e d 1 2 .4 p e r c e n t f r o m F e b r u a r y , a n d w e r e s m a lle r b y 4 7 .4 p e r c e n t t h a n in M a r c h 1 9 3 2 . S t o c k s o f c o t t o n d e c lin e d 5 .3 p e r c e n t in M a r c h c o m p a r e d w it h F e b r u a r y , a n d w e r e 0 .8 p e r c e n t s m a lle r t h a n a y e a r a g o . S t o c k s in t h e c o t t o n s t a t e s w e r e 1.3 p e r c e n t s m a lle r , b u t in o t h e r s t a t e s 5 .5 p e r c e n t g r e a t e r , t h a n f o r M a r c h l a s t year. A c t i v e s p in d le s d e c lin e d 1 p e r c e n t in M a r c h , a n d w e r e 5 .6 p e r c e n t l e s s t h a n in t h a t m o n t h a y e a r a g o . T h e n u m b e r o f s p in d le s a c t iv e in M a r c h in t h e c o t t o n s t a t e s w a s 0 .5 p e r c e n t , a n d in o t h e r s t a t e s 2 .2 p e r c e n t , s m a lle r t h a n in F e b r u a r y , a n d in t h e c o t t o n s t a t e s 1 .6 p e r c e n t , a n d in o t h e r s t a t e s 1 4 .3 p e r c e n t , s m a lle r t h a n a y e a r a g o . C u m u la t iv e t o t a l s f o r t h e e i g h t m o n t h s o f t h e 1 9 3 2 -3 3 c o t t o n s e a s o n in d ic a t e t h e c o n s u m p tio n in t h e U n it e d S t a t e s o f 3 ,7 4 7 ,3 1 6 b a le s o f c o t t o n , 5 .1 p e r c e n t g r e a t e r t h a n t h e t o t a l o f 3 ,5 6 5 ,8 8 9 b a le s c o n s u m e d d u r in g t h a t p a r t o f t h e p r e c e d in g s e a s o n . C o n s u m p tio n in t h e c o t t o n s t a t e s d u r in g t h i s p e r io d h a s b e e n 3 ,1 3 3 ,9 7 2 b a l e s , a g a i n o f 7 .3 p e r c e n t o v e r t h e c o r r e s p o n d in g p a r t o f t h e s e a s o n b e f o r e , a n d i n o t h e r s t a t e s c o n s u m p tio n h a s b e e n 6 1 3 ,3 4 4 b a l e s , a d e c r e a s e o f 5.1 p e r cen t. E x p o r ts fo r th e e ig h t m o n th s h a v e a m o u n ted to 6 ,0 8 4 ,7 2 4 b a le s , a d e c lin e o f 1 1 .2 p e r c e n t c o m p a r e d w it h e x p o r t s d u r in g t h e s a m e p a r t o f t h e s e a s o n b e f o r e . C e n s u s B u r e a u f ig u r e s f o r t h e m o n t h a r e s h o w n c o m p a r a t iv e ly in t h e t a b le . March 1932 United States—Bales Feb. 1933 March 1933 488,907 441,663 Cotton Consumed_____________ 494,167 10,335,125 Stocks_____________________ 10,821,631 10,249,885 1,566,080 1,441,641 In Consuming Establishments 1,343,314 In Public Storage and atCom9,379,990 8,769,045 8,906,571 presses_________________ 927,127 557,002 E xports______________________ 487,988 9,959 15,786 Im ports______________________ 13,354 24,817,340 Active Spindles—N um ber---------23,659,100 23,429,122 Cotton Growing States—-Bales 398,205 370,607 Cotton Consumed_____________ 412,305 9,601,377 10,038,048 Stocks_______________________ 9,475,866 1,557,987 1,244,717 In Consuming Establishments. _ 1,066,519 In Public Storage and at Com 8,882,061 8,356,660 8,409,347 presses___________________ 16,995,014 16,804,694 16,726,544 Active Spindles—N um ber____ Other States—Bales 90,702 71,056 81,862 Cotton Consumed____ ________ 733,748 774,019 783,583 Stocks_______________________ 321,363 In Consuming Establishments. _ 276,795 285,654 In Public Storage and a t Com 497,929 412,385 presses-----------------------------497,224 7,822,326 6,854,406 6,702,578 Active Spindles—N um ber______ C e n s u s B u r e a u f ig u r e s f o r A la b a m a , G e o r g ia a n d T e n n e s s e e , t h e t h r e e s t a t e s in t h i s d is t r ic t f o r w h ic h t h e s e s t a t i s t i c s a r e c o m p ile d s e p a r a t e l y , s h o w a n a v e r a g e in c r e a s e o f 1 4 .2 p e r c e n t in c o n s u m p tio n o f c o t t o n in M a r c h o v e r F e b r u a r y , T h e r e w e r e s u b s t a n t ia l in c r e a s e s in M a r c h in t h e v o lu m e o f o r d e r s b o o k e d b y b o th y a r n a n d c lo t h m ills in t h e S i x t h D is t r i c t r e p o r t in g t o t h is b a n k , c o m p a r e d w it h F e b r u a r y a n d w i t h M a r c h la s t y ea r. T h e r e w a s a s l i g h t r e d u c t io n in t h e n u m b e r o f w o r k e r s e m p lo y e d b y c lo t h m ills , f r o m F e b r u a r y t o M a r c h , b u t o th e r r e p o r te d f ig u r e s s h o w in c r e a s e s b o th o v e r F e b r u a r y a n d o v e r M a r c h 1 9 3 2 . Y a r n m i ll s r e p o r t e d a n a v e r a g e d e c r e a s e in p r o d u c tio n c o m p a r e d w it h M a r c h l a s t y e a r , a n d a d e c lin e in s t o c k s f r o m F e b r u a r y , b u t e m p lo y m e n t h a s g a in e d a t y a r n m ills d u r in g e a c h o f t h e p a s t t h r e e m o n t h s a n d in M a r c h w a s 1 4 .8 p e r c e n t g r e a t e r t h a n a y e a r a g o . C o m p a r i s o n s f o r t h e m o n th a r e s e t o u t in t h e t a b le f o llo w in g . Percentage change ! March 1933 compared Number of with Mills Feb. 1933 March 1932 Cotton Cloth: 18 +4.1 +5.1 Production_________________ Shipments__________________ 17 + 11.5 +7.8 Orders booked______________ 13 + 5 6 .9 + 6 3 .9 15 + 2 2 .6 + 1 8 .9 Unfilled orders_________ ______ Stocks on hand______________ 16 +0.3 + 1 2 .8 Number on payroll__________ 17 — 0 .4 + 0.3 Cotton Yarn; Production_________________ 12 +4.2 — 7. 5 Shipments---------------------------12 + 1 3 .6 +9.5 Orders booked______________ 6 + 5 9.7 + 37.1 Unfilled orders______________ 8 + 8.5 + 1 3 .8 11 — 4 .6 +2.3 Stocks on hand______________ Number on payroll__________ ______ U__________ + 2.3__________ + 1 4 .8 C o tto n S e e d a n d C o tto n S e e d P r o d u c ts M a r c h o p e r a t io n s o f c o t t o n s e e d o il m i ll s in t h e S ix t h D i s t r i c t w e r e a t a lo w e r l e v e l t h a n i n F e b r u a r y o r in M a r c h o f l a s t y e a r , b u t c r u s h in g s o f s e e d a n d p r o d u c tio n s o f c o t t o n s e e d p r o d u c ts w e r e g r e a t e r t h a n i n J a n u a r y o f t h i s year. F o r th e e ig h t m o n th s o f th e c o tto n se a so n , A u g u s t t h r o u g h M a r c h , t h e a m o u n t o f s e e d r e c e iv e d b y m i ll s in t h i s d i s t r i c t h a s b e e n 2 7 .8 p e r c e n t s m a ll e r t h a n in t h a t p a r t o f t h e s e a s o n b e f o r e , a n d f o r t h e c o u n t r y a s a w h o le t h e r e h a s b e e n a d e c lin e o f 1 9 .4 p e r c e n t . C r u s h in g s in t h i s d i s t r i c t h a v e b e e n 2 9 .9 p e r c e n t , a n d in t h e c o u n t r y 1 7 p e r c e n t , s m a lle r t h a n f o r t h e c o r r e s p o n d in g p a r t o f t h e p r e c e d in g s e a s o n . S t o c k s o f s e e d a t t h e c lo s e o f M a r c h in t h i s d i s t r i c t w e r e 14 p e r c e n t , a n d f o r t h e c o u n t r y 5 .6 p e r c e n t , g r e a t e r th a n a y e a r a g o . P r o d u c tio n o f t h e p r in c ip a l c o t t o n s e e d c o m m o d it ie s h a s b e e n s m a l le r t h i s s e a s o n t h a n l a s t , b u t s t o c k s o f c r u d e o il, a n d o f c a k e a n d m e a l, w e r e g r e a t e r in t h is d is t r ic t t h a n a y e a r a g o , a n d f o r t h e c o u n t r y a s a w h o le s t o c k s o f c r u d e o il, c a k e a n d m e a l, a n d o f l i n t e r s w e r e g r e a t e r t h a n f o r M a r c h l a s t y e a r . C o m b in e d t o t a l s f o r G e o r g ia , A la b a m a , L o u is ia n a a n d M is s i s s ip p i a r e s h o w n c o m p a r a t i v e l y in t h e f ir s t t w o c o lu m n s o f t h e t a b le , a n d t o t a l s f o r t h e c o u n tr y a r e c o m p a r e d in t h e l a s t t w o c o lu m n s . Cotton Seed and Cotton Seed Products ♦SIXTH D ISTR IC T U N ITE D STATES Aug. 1 to March 31 Aug. 1 to March 31 ______________________ 1932-33 1931-32_________ 1932-33_______ 1931-32 Cotton Seed, Tons: Received at mills__ 1,216,462 1,685,197 4,267,956 5,298,234 Crushed__________ 1,057,595 1,508,491 3,817,786 4,598,504 On Hand, March 31 205,773 180,487 749,164 709,502 Production: Crude Oil, lbs.......... 339,721,579 491,371,404 1,183,784,181 1,442,874,940 Cake and Meal, tons 459,927 656,396 1,722,638 2,062,909 Hulls, tons............... 302,873 424,896 1,082,324 1,296,814 Linters, bales_______ 182,937 262,308 602,410 737,270 7 M O N T H L Y R E V IE W Stocks a t mills, March 31: Crude Oil, lbs.......... 38,538,396 25,963,812 116,746,493 86,678,027 Cake and Meal, tons 87,967 76,800 286,197 203,033 Hulls, to n s............... 27,099 78,764 113,223 217,575 Linters, bales........... 76,884 91,626_______284,195_______283,893 ♦Georgia, Alabama, Louisiana and Mississippi. E le c tr ic P ow er T h e r e w a s a f u r t h e r d e c r e a s e o f 5 .4 p e r c e n t in t h e p r o d u c tio n o f e le c t r ic p o w e r b y p u b lic u t i l i t y p o w e r p la n t s in t h e s i x s t a t e s o f t h i s d is t r ic t d u r in g F e b r u a r y a s c o m p a r e d w it h J a n u a r y , a n d a d e c r e a s e o f 9 .2 p e r c e n t c o m p a r e d w it h F e b r u a r y 1 9 3 2 . T h e d e c lin e f r o m J a n u a r y t o F e b r u a r y w a s d u e t o t h e s h o r t e r m o n th , a s o n a d a ily a v e r a g e b a s is p r o d u c tio n g a in e d 4 .8 p e r c e n t . U s e o f n a tu r a l g a s in t h e p r o d u c tio n o f e le c t r ic c u r r e n t in c r e a s e d 8 .0 p e r c e n t in F e b r u a r y o v e r J a n u a r y , b u t o t h e r f u e l s w e r e c o n su m e d in s m a lle r q u a n t it ie s , a n d p r o d u c tio n b y b o th w a t e r p o w e r a n d b y u s e o f f u e l s w a s s m a lle r t h a n in F e b r u a r y l a s t y e a r . F o r t h e f ir s t t w o m o n t h s o f 1 9 3 3 p r o d u c tio n o f e le c t r ic p o w e r h a s b e e n 7 .7 p e r c e n t l e s s t h a n in t h o s e m o n t h s o f l a s t y e a r . T h e f ig u r e s in t h e t a b le a r e t a k e n f r o m t h o s e c o m p ile d b y t h e U n it e d S t a t e s G e o lo g ic a l S u r v e y . Production of Electric Power (000 k. w. hours) ______________________________ February 1933 January 1933 February 1932 Alabama........................................... 118,034 127,755 143,860 Florida.............................................. 54,264 56,539 55,851 Georgia............................................. 95,782 108,868 85,525 Louisiana_____________________ 57,540 48,513 63,113 3,612 3,925 4,171 Mississippi....................................... Tennessee......................................... 74,826 81,471 92,331 T o tal......................................... 404,058 427,071 444,851 By use of: W aterP ow er.......... 272,564 296,359 299,064 Fuels....................... 131,494 130,712 145,787 Fuels Consumed in Production of Electric Power: Coal—to n s............................... 7,783 9,223 12,492 Fuel Oil—bbls.......................... 155,225 187,636 191,895 N atural Gas—000 cu. ft......... 1,265,167 1,171,843 1,367,934 Note: February figures preliminary—January figures revised slightly. B it u m in o u s C o a l M in in g P r e lim in a r y s t a t i s t i c s c o m p ile d b y t h e U n it e d S t a t e s B u r e a u o f M in e s in d ic a t e a s h a r p r e d u c tio n in t h e p r o d u c tio n o f b it u m in o u s c o a l f r o m F e b r u a r y t o M a r c h . T h e d e c r e a s e m a y b e a t t r ib u t e d in p a r t t o t h e a p p r o a c h o f w a r m w e a t h e r , a lt h o u g h , a t t h e s a m e t im e l a s t y e a r t h e r e w a s a n i n c r e a s e o f 1 5 .1 p e r c e n t in t o t a l o u tp u t , a n d a g a i n o f 5 .7 p e r c e n t in d a i l y a v e r a g e p r o d u c t io n . T h e p r e lim in a r y e s t i m a t e f o r M a r c h t h i s y e a r i s 1 2 .9 p e r c e n t , a n d t h e d a i l y a v e r a g e 2 2 .8 p e r c e n t s m a ll e r t h a n f o r F e b r u a r y , a n d M a r c h p r o d u c tio n w a s 2 6 .7 p e r c e n t l e s s t h a n in M a r c h 1 9 3 2 , a s in d ic a te d in t h e s e f ig u r e s . Total Num ber of Average per Production working working day ______________________________ (tons)__________ days___________ (tons)_____ March 1933.............................. 23,646,000 27 876,000 23.9 1,135,000 February 1933......................... 27,134,000 March 1932.............................. 32,250,000________27_______________ 1,194,000 F o r t h e f ir s t t h r e e m o n t h s o f 1 9 3 3 p r o d u c tio n i s e s t im a t e d t o h a v e b e e n 7 7 ,8 4 0 ,0 0 0 t o n s , a d e c r e a s e o f 1 1 .7 p e r c e n t c o m p a r e d w it h t h e 8 8 ,1 5 5 ,0 0 0 t o n s p r o d u c e d in t h a t p a r t o f 1 9 3 2 . W e e k ly f ig u r e s f o r A la b a m a a n d T e n n e s s e e a l s o a v e r a g e s u b s t a n t i a l ly l e s s t h a n f o r e a r lie r m o n t h s , a n d a r e a ls o s m a lle r t h a n f o r c o r r e s p o n d in g w e e k s l a s t y e a r . Week Ending: March 4__________ March 11_________ March 18.................. ___ March 25_________ ___ April 1___________ ___ P i g Ir o n P r o d u c tio n 1933 137 144 136 131 135 Alabama 1932 142 194 163 148 136 Tennessee 1933 1932 53 57 57 91 52 82 64 53 59 49 A c c o r d in g t o s t a t i s t i c s c o m p ile d a n d p u b lis h e d b y t h e I r o n A g e , t o t a l p r o d u c tio n o f p i g ir o n in t h e U n it e d S t a t e s d e c lin e d 2 .2 p e r c e n t , a n d t h e d a ily a v e r a g e o u t p u t d e c r e a s e d 1 1 .7 p e r c e n t , f r o m F e b r u a r y t o M a r c h , a n d M a r c h p r o d u c tio n t h i s y e a r w a s 4 4 p e r c e n t s m a lle r t h a n in t h a t m o n t h a y e a r a g o . M a r c h o u t p u t w a s s m a lle r t h a n f o r a n y o t h e r m o n t h in r e c e n t y e a r s w it h t h e s i n g l e e x c e p t io n o f A u g u s t 1 9 3 2 . T h e n u m b e r o f f u r n a c e s a c t iv e o n A p r il 1 w a s s m a lle r b y 7 t h a n a m o n t h e a r lie r , a n d 2 2 l e s s t h a n a t t h e s a m e t im e a y e a r a g o . P r o d u c tio n o f p i g ir o n in A la b a m a d u r in g M a r c h w a s 6 .1 p e r c e n t l e s s t h a n in F e b r u a r y , a n d 5 9 .2 p e r c e n t s m a lle r t h aFRASER n in M a r c h 1 9 3 2 . O n a d a ily a v e r a g e b a s i s p r o d u c tio n Digitized for d e c lin e d 1 5 .2 p e r c e n t f r o m F e b r u a r y t o M a r c h . M a r c h o u tp u t i n A la b a m a w a s s o m e w h a t l a r g e r t h a n t h a t f o r A u g u s t a n d S e p t e m b e r l a s t y e a r , b u t w i t h t h e s e e x c e p t io n s w a s l e s s t h a n f o r a n y o t h e r m o n t h in m a n y y e a r s . T h e r e w e r e t w o f u r n a c e s a c t iv e in A la b a m a o n A p r il 1 , t h e s a m e a s f o r t h e t h r e e p r e v io u s m o n t h s , c o m p a r e d w i t h f o u r a c t iv e o n A p r il 1 a y e a r a g o . P r e s s r e p o r t s in d ic a t e t h a t t h e r e w e r e s u b s t a n t i a l r e d u c tio n s in s h ip m e n t s a n d b o o k in g s d u r in g t h e b a n k in g h o li d a y , b u t o n t h e w h o le M a r c h t u r n e d o u t b e t t e r t h a n w a s e x p e c t e d , a s s h ip m e n t s f o r t h e m o n t h w e r e a b o u t e q u a l t o t h o s e in F e b r u a r y . T h e s e p r e s s r e p o r t s in d ic a t e t h a t f o llo w in g t h e o p e n in g o f t h e b a n k s s e v e r a l t h o u s a n d t o n s o f f o r w a r d b u s i n e s s w a s b o o k e d , a n d in q u ir ie s h a v e in c r e a s e d . T h e p r ic e o f p i g ir o n in t h e B ir m in g h a m D is t r i c t w a s in c r e a s e d f r o m $ 1 1 t o $ 1 2 p e r t o n o n A p r il 1 5 th . P r o d u c tio n in t h e U n it e d S t a t e s d u r in g t h e f ir s t q u a r te r o f 1 9 3 3 h a s t o t a le d 1 ,6 6 5 ,1 2 6 t o n s , a d e c r e a s e o f 4 2 .7 p e r c e n t c o m p a r e d w i t h t h e p r o d u c tio n o f 2 ,9 0 4 ,2 9 9 t o n s d u r in g t h a t p a r t o f 1 9 3 2 . I n A la b a m a f ir s t q u a r te r o u t p u t a m o u n t e d t o 8 1 ,3 1 1 t o n s , a d e c lin e o f 6 7 .3 p e r c e n t c o m p a r e d w it h 2 4 8 ,9 7 7 t o n s p r o d u c e d d u r in g t h e f ir s t t h r e e m o n t h s o f l a s t y e a r . C o m p a r is o n s f o r t h e m o n t h a r e s h o w n i n t h e t a b le . Production—Tons Furnaces Actives* ________________________________________ Total________Daily Average_______ Number United States: March 1933 .......................... February 1933..................... August 1932......................... March 1932.......................... Alabama: March 1933.......................... February 1933..................... September 1932 ................... August 1932......................... March 1932.......................... 542,011 554,330 530,576 967,235 17,484 19,798 17,115 31,201 38 45 46 64 . 27,783 896 29,582 1,057 26,724 891 23,292 751 68,114_____________2,197___________________ 2 2 2 3 6 ♦First of following month. N aval S to r e s T h e r e w e r e in c r e a s e s in r e c e ip t s , b u t d e c lin e s in s t o c k s , o f b o t h t u r p e n t in e a n d r o s in a t t h e t h r e e p r in c ip a l n a v a l s t o r e s m a r k e t s o f t h e d i s t r i c t in M arch co m p a red w ith F e b r u a r y an d w ith M arch la s t y e a r . T h e S a v a n n a h m a r k e t c lo s e d M a r c h 3 , w it h t h e c l o s in g o f b a n k s in G e o r g ia , a n d o p e n e d o n M a r c h 13 w i t h s u b s t a n t ia l a d v a n c e s i n p r ic e s o f b o th c o m m o d it ie s w h ic h p r o v e d t o b e t e m p o r a r y . I n c r e a s e d r e c e ip t s a n d b e t t e r w e a t h e r c o n d itio n s t h a n a t t h e s a m e t i m e l a s t y e a r c a u s e d d e c lin e s in p r ic e s o f b o th c o m m o d it ie s l a t e r in M a r c h a n d in e a r ly A p r il. T h e n a v a l s t o r e s y e a r w h ic h e n d e d w it h M a r c h w a s o n e o f f u r t h e r r e d u c e d p r o d u c tio n , a n d o f s m a lle r s t o c k s , t h a n t h e p r e v io u s y e a r . R e c e ip t s o f t u r p e n t in e f o r t h e y e a r w e r e t h e s m a l l e s t s in c e t h e 1 9 1 9 -1 9 2 0 s e a s o n , a n d r e c e ip t s o f r o s in w e r e l e s s t h a n f o r a n y s e a s o n s in c e 1 9 2 1 -1 9 2 2 . A t t h e c lo s e o f t h e y e a r , o n M a r c h 8 1 , s t o c k s o f t u r p e n t in e w e r e 1 3 .5 p e r c e n t s m a lle r t h a n a y e a r a g o , b u t w e r e l a r g e r t h a n f o r o t h e r r e c e n t y e a r s , a n d s u p p lie s o f r o s in w e r e 3 1 .7 p e r c e n t l e s s t h a n f o r M a r c h l a s t y e a r , a n d s m a l le r t h a n t w o y e a r s a g o , b u t la r g e r th a n fo r o th e r r e c e n t y e a r s. F o r e ig n d e m a n d , a c c o r d in g t o t h e N a v a l S t o r e s R e v ie w , h a s b e e n t h e p r in c ip a l s u p p o r t o f t h e m a r k e t d u r in g t h i s p a s t s e a s o n . S t a t i s t i c s p u b lis h e d i n t h a t w e e k l y in d ic a t e t h a t t h e t o t a l n e t c a s h r e t u r n s t o p r o d u c e r s a t s t i l l s f o r t h e y e a r a m o u n te d t o $ 1 1 ,9 5 5 ,0 0 0 , c o m p a r e d w it h $ 1 7 ,3 6 5 ,0 0 0 f o r t h e 1 9 3 1 -3 2 s e a s o n , w i t h $ 2 6 ,3 7 6 ,0 0 0 f o r t h e 1 9 3 0 -3 1 s e a s o n a n d w it h $ 3 8 ,9 8 7 ,0 0 0 f o r t h e 1 9 2 9 -3 0 s e a s o n . R e c e ip t s a n d s t o c k s f o r t h e p a s t s e v e n t e e n y e a r s a r e s h o w n in t h e t a b le . Turpentine (1) Receipts Stocks Season: 1932-33............................. .........224,313 1931-32............................. .........328,099 1930-31............................. .........385,093 1929-30............................. .........391,894 1928-29............................. .........343,130 1927-28............................. .........401,732 1926-27............................. .........310,883 1925-26............................. .........286,035 1924-25............................. .........308,245 1923-24......................................318,683 1922-23............................. .........266,629 1921-22............................. ......... 253,712 1920-21............................. .........262,426 1919-20............................. .........184,876 1918-19............................. .........152,828 1917-18............................. .........276,413 1916-17............................. .........315,744 (1)—Barrels of 50 gallons. (2)— Barrels of 500 pounds. 63,679 73,640 45,232 40,068 48,396 40,338 24,668 26,866 22,831 23,487 14,592 19,280 29,299 4,819 99,500 139,466 109,640 Rosin Receipts 865,733 1,182,780 1,319,212 1,396,212 1,214,228 1,401,374 1,108,452 1,019,371 1,136,219 1,150,998 1,013,062 850,578 829,198 671,241 557,076 962,418 1,115,879 (2) Stocks 237,350 347,591 266,056 149,232 100,722 123,074 81,013 117,182 174,197 226,775 222,501 282,428 301,972 103,443 243,813 345,547 353,507 M O N T H L Y R E V IE W 8 M O N T H L Y IN D E X N U M B ER S COM PUTED B Y FED ER A L R ESER V E BA N K OF A TL A N TA M O N T H LY A V E R A G E 1923-1925=100 Jan . 1932 Feb. 1933 M arch 1933 D aily A v e ra g e Sales— U n a d ju ste d A tla n ta B irm in g h a m C h a tta n o o g a N ash v ille— N ew O rleans.D IST R IC T ___ 84.0 39.1 38.1 45.0 44 .7 48.5 88.9 43.8 36.3 49.1 49 .2 52.4 104.9 42.3 34.6 4 8 .7 3 5 .7 49.6 112.2 51.1 54 .8 46.9 58.5 61.3 112.1 55.9 4 8 .8 58 .7 58.0 6 3 .7 131.4 6 1 .2 5 2 .2 65.3 58.1 69.3 D aily A v e ra g e Sales—A djusted* A tla n ta _______________________________ B irm in g h a m C h a tta n o o g a N a sh v ille------N ew O rle a n sD IST R IC T ___ 112.0 54.3 48 .2 60.0 5 3 .2 61.4 104.6 48.7 45.9 57.8 55.9 59.5 112.8 44.5 38.9 54.1 39 .7 53.9 149.6 7 1 .0 6 9 .4 62.5 69 .6 77 .6 131.9 62.1 6 1 .8 69.1 65 .9 72 .4 132.7 60 .6 54.9 67.3 60 .5 70 .7 M o n th ly Stocks—U n a d ju ste d A tla n ta ____________________________ B irm in g h a m .. C h a tta n o o g a N a sh v ille ____ N ew O rle a n s D IS T R IC T ___ 65.6 36.1 36.5 45.3 48.5 46.9 70.2 39.0 37.5 48.3 52.8 50.5 71.6 3 7 .2 37.9 53.6 51 .5 50 .4 78.1 4 7 .7 54 .5 63.3 61 .3 6 1 .8 83 .4 53.1 5 9 .0 6 8 .2 6 6 .8 66 .8 8 5 .8 54 .5 6 1 .7 72 .5 67.3 6 8 .0 M o n th ly Stocks—A djusted* A tla n ta ......................... ........ —-----------B irm in g h a m C h a tta n o o g a . N a sh v ille N ew O rle a n sD I STRICT___ 71.3 40.1 41.0 52.1 53.3 51.5 73.1 40.6 38 .7 50.8 52.8 51.5 70.2 36.5 35 .8 52 .5 49.5 48.9 84.9 5 3 .0 6 1 .2 72 .8 6 7 .4 67.9 86 .9 55.3 60 .8 71 .8 6 6 .8 68 .2 84.1 53.4 58 .2 71.1 64 .7 66 .0 W H O L E S A L E T R A D E — S IX T H D IST R IC T —TO TA LG roceries--------------------------------------------------------------------D ry Goods------------------------------------------------------------------H ard w are-. F u r n itu r e E lec tric a l S u p p liesS ta tio n e ry _________ D ru g s_____________ 36.9 3 4 .7 33.6 40 .0 24.4 34.0 27.9 60.3 33.2 31 .8 34.0 31.9 28.4 30.1 25.3 53.6 38 .2 38.9 41 .8 35 .5 22.4 33.0 27.1 57.0 40 .9 4 2 .2 2 8 .2 39 .6 34.3 4 5 .5 52 .2 71 .4 4 1 .7 40.9 3 4 .8 37 .5 49 .0 45 .9 57 .5 65 .9 45.1 46 .5 40.6 41.5 37.9 44.0 40 .0 73.5 L IF E IN S U R A N C E S A L E S — S IX ST A TES— TO T A LA la b am a ---------------------------------------------------------------------F lo r id a G eo rg iaL o u isia n a Mississippi... Tennessee.™.. 50 .7 45.0 58.7 53.9 53.0 36.4 51.8 54.6 51.2 56.9 57.8 58.3 38.5 57.4 53 .2 49.6 57.6 61 .2 47.9 31.1 58.9 74.0 63.6 87.1 81.9 73.1 55.3 74.9 67.6 53.6 71 .5 78.0 69.4 53.8 70.4 73.1 64 .4 79 .8 84.9 76.9 47 .4 73.1 B U IL D IN G P E R M IT S —T W E N T Y CITIES™ A tla n ta B irm in g h a m Ja c k s o n v ille N a sh v ille ------N ew O rle a n s F ifte e n O th e r C itie s- 7.1 3.1 5 .8 7 .7 29.3 5 .6 6 .2 5 .2 2 .2 2 .7 5 .0 7 .5 8 .3 5 .4 6 .2 3 .3 3.1 7 .6 12.4 5 .7 7.1 9 .5 13.7 3 .9 9 .3 15.4 9 .3 9.1 12.4 6 .7 4 .9 46.3 18.9 12.1 10.3 12.5 29.9 4 .6 15.5 11.0 10.3 9 .9 C O N T R A C T A W A R D S—S IX T H D IST R IC T —T O T A L . R esid e n tia l____________________________________________ A ll O th e rs-------------------------------------------------------------------- 40 .8 4 .2 65 .2 9 .6 4 .9 12.7 11.3 12.3 10.6 16.3 11.5 19 .5 16.0 9.1 20 .5 13.5 11.6 14 .8 W H O L E S A L E P R IC E S — U N IT E D S T A T E S f A L L C O M M O D ITIES_________________________ F a rm P ro d u cts________________________________ F o o d sO th e r Commodities.... H ides a n d le a th e r products... T ex tile p ro d u cts----------------F u el a n d lighting.... M etals an d m e ta l p ro d u c ts B u ild in g m a te ria ls ------------C hem icals a n d d ru g s ---------H o u se fu rn ish in g goods____ M iscellaneous-------------------- 61.0 42.6 55 .8 67.3 68.9 51.9 66.0 78.2 70.1 71.6 72.9 6 1 .2 59.8 40.9 53 .7 66.0 68.0 51.2 63.6 77.4 69.8 71.3 72.3 59.2 60 .2 4 2 .8 54.6 65.8 68.1 51.3 62.9 77.2 70.3 71 .2 72 .2 58.9 67 .3 5 2 .8 6 4 .7 71 .7 79 .3 59.9 67.9 81 .8 74 .8 75.7 77 .7 65.6 66.3 50 .6 62.5 71.3 78.3 59.5 68.3 80.9 73.4 75.5 77.5 6 4 .7 66.0 50 .2 62.3 70.9 77.3 58.0 67.9 80.8 73 .2 75.3 77.1 6 4 .7 CO TTO N C O N S U M P T IO N — U N IT E D S T A T E S C otton-G row ing S tates-.. A ll O th e r S ta te s-----------G e o rg ia A labama... T e n n e sse e- 92.7 113.9 46 .2 106.5 145.3 123.7 86.9 106.1 44 .7 9 8 .2 138.6 106.9 97 .2 118.0 51 .5 115.2 152.6 117.2 85.6 102.6 48.3 95 .4 129.3 112.6 88.5 104.5 53 .4 9 8 .7 135.2 114.3 96.1 113.9 57.0 106.6 153.3 127.0 C O TTO N E X P O R T S —U N IT E D S T A T E S - 129.1 90.6 79.4 149.6 157.9 150.8 19.0 10.4 18.6 12.7 18.1 12.0 32 .6 38 .7 32.3 39.1 32 .4 29.3 <1) P IG IR O N P R O D U C T IO N —U n ite d States™ A la b am a _____ ♦Adjusted for Seasonal Variation, tCompiled by Bureau of Labor Statistics. Copies of these series for back years w ill be forwarded upon request. Digitized for (1) FRASER 1926= 100. Feb. 1932 M arch 1932 Jan. 1933 D E P A R T M E N T ST O R E T R A D E— S IX T H D IST R IC T
@FedFRASER