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M O N T H L Y R E V IE W 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 t h e S ix th F ed e ra l R e se rv e D is tr ic t FED ER A L R ESER V E BANK OF ATLANTA VOL. 18, No. 8 ATLANTA, GA., August 31, 1933 ’ ° N A T IO N A L S U M M A R Y O F B U S IN E S S C O N D IT IO N S P r e p a r e d b y F e d e r a l R eserv e B o a rd p a r t b y a n u n u s u a lly h ig h y ie ld p e r a c r e . T h e w h e a t c ro p is e s t i m a t e d a t 5 0 0 ,0 0 0 ,0 0 0 b u sh e ls , a r e d u c tio n o f 2 2 5 ,0 0 0 ,0 0 0 b u sh e ls I n d u s t r ia l p r o d u c t io n in c r e a se d fu r t h e r fr o m J u n e t o J u ly , c o n tr a r y t o s e a s o n a l t e n d e n c y , a n d in r e c e n t w e e k s h a s c o n t in u e d a t r e l a t iv e ly h ig h le v e l. This review released for publication in ___________________________________ morning papers of Aug. 30. S in c e t h e m id d le o f J u ly th e r e h a v e b e e n r e d u c fr o m la s t y e a r ’s s m a ll h a r v e s t , a n d fe e d c r o p s a re e x p e c t e d t o b e u n u s u a lly s m a ll. D is tr ib u tio n t io n s in w h o le s a le p r ic e s o f le a d in g r a w m a t e r ia ls w h ile p r ic e s o f m a n y o th er p ro d u cts h a v e a d v a n ce d . F r e ig h t tr a ffic in c r e a se d fu r t h e r fr o m June to J u ly b y a s u b s t a n t ia l a m o u n t, b u t in r e c e n t w e e k s s h ip m e n ts , p a r tic u la r ly o f m is c e lla n e o u s f r e ig h t a n d g r a in s, h a v e P r o d u c tio n a n d V o lu m e o f in d u s tr ia l o u t p u t , a s m e a s u r e d b y b e e n s o m e w h a t sm a lle r . E m p lo y m e n t th e ad b y a b o u t t h e u s u a l s e a s o n a l a m o u n t; t h e y w e r e la r g e r t h a n a y e a r 1 9 2 3 -1 9 2 5 a g o , h o w e v e r , a n d t r a d e r e p o r t s fo r t h e fir st h a lf o f A u g u s t in d ic a te a n in c r e a se in sa le s . B o a r d ’s v a n c e d fr o m a v e r a g e in Ju n e to s e a s o n a lly 91 a d ju sted per c e n t o f th e in d e x , 9 8 p e r c e n t in J u ly , w h ic h c o m p a r e s w it h 6 0 p e r c e n t in M a r c h . T h e p r in c ip a l in c r e a se in J u ly w a s a t s t e e l p la n t s w h e r e a c t iv it y a d v a n c e d fr o m 4 6 p e r c e n t o f c a p a c it y t o 59 per c e n t. P r o d u c t io n in t h e lu m b e r a n d c o a l in d u s tr ie s w a s a ls o in la r g e r v o lu m e a n d d a ily a v e r a g e o u t p u t o f a u t o m o b ile s s h o w e d n o n e o f t h e u s u a l s e a s o n a l d e c lin e . O u t p u t a t s h o e fa c to r ie s a n d w o o le n m ills c o n t in u e d a t a n u n u s u a lly h ig h r a t e w h ile c o n s u m p t io n o f c o t t o n b y d o m e s t ic m ills d e c r e a s e d s o m e w h a t. C ig a r e t te p r o d u c t io n d e c lin e d s h a r p ly fr o m t h e h ig h le v e l o f M a y an d Ju n e. S in c e t h e m id d le o f J u ly a d e c r e a s e h a s b e e n r e p o r te d W h o le s a le P r ic e s D e p a r t m e n t s t o r e s a le s d e c lin e d in J u ly W h o le s a le p r ic e s of c o m m o d itie s in c r e a se d fu r t h e r d u r in g t h e fir st th r e e w e e k s o f J u ly a n d , a c c o r d in g t o t h e I n d e x o f t h e B u r e a u o f L a b o r S t a t is t ic s , th e r e h a s b e e n l i t t l e c h a n g e in th e ir g e n e r a l le v e l s in c e t h a t t im e . P r ic e s o f g r a in s, c o t t o n , a n d m a n y im p o r t e d r a w m a t e r ia ls , h o w e v er , w e re c o n s id e r a b ly lo w e r in t h e th ir d w e e k o f A u g u s t t h a n in th e m id d le o f J u ly w h ile p r ic e s o f t e x t ile s w e r e h ig h e r , r e f le c t in g in p a r t t h e a p p lic a t io n o f t h e p r o c e s s in g t a x o n c o t t o n . P r ic e s o f le a th e r a n d c o a l a ls o a d v a n c e d d u r in g t h is p e r io d . in t h e o u t p u t o f s te e l. W o r k in g fo r c e s a n d p a y r o lls a t fa c to r ie s in c r e a se d c o n s id e r a b ly b e tw e e n t h e m id d le o f J u n e a n d t h e m id d le o f J u ly . F o r e ig n E x c h a n g e I n t h e e x c h a n g e m a r k e t t h e v a lu e o f t h e d o l A s in o th e r la r in te r m s o f t h e F r e n c h fr a n c a d v a n c e d r e c e n t m o n t h s t h e la r g e s t in c r e a se s w e r e g e n e r a lly a t e s t a b lis h m e n t s fr o m a lo w o f 6 9 p e r c e n t o f it s g o ld p a r it y o n J u ly 18 t o 7 5 p e r c e n t f a b r ic a tin g r a w m a t e r ia ls in t o s e m i-fin ish e d p r o d u c t s . a t t h e b e g in n in g o f A u g u s t a n d s in c e t h a t t im e h a s flu c t u a te d b e t w e e n 7 3 a n d 7 5 p e r c e n t. 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 a w a r d e d , 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 , s h o w e d a d e c lin e in J u ly f o llo w e d b y a n in c r e a se in t h e fir s t h a lf o f A u g u s t. T o t a l a w a r d s d u r in g t h e s ix w e e k s w e re in a b o u t t h e s a m e v o lu m e a s in t h e p r e c e d in g s ix w e e k s a n d in la r g e r v o lu m e t h a n in e a r lie r p e r io d s th is y e a r . D e p a r t m e n t o f A g r ic u ltu r e e s t im a t e s a s o f A u g u s t 1, in d ic a te h a r v e s t s g e n e r a lly sm a lle r t h a n a y e a r a g o . T h e c o t t o n c ro p is f o r e c a s t a t 1 2 ,3 1 4 ,0 0 0 b a le s , a r e d u c tio n o f 7 0 0 ,0 0 0 b a le s fr o m la s t s e a s o n , r e f le c t in g c u r t a ilm e n t in a c r e a g e a s a p a r t o f t h e p r o g r a m of th e A g r ic u ltu r a l A d ju stm e n t A d m in is tr a tio n , o ff s e t in B a n k C r e d it N e t d e m a n d d e p o s it s o f w e e k ly r e p o r t in g m e m b e r b a n k s in 9 0 c it ie s d e c lin e d b e t w e e n t h e m id d le o f J u ly a n d t h e m id d le o f A u g u s t, o w in g in la r g e p a r t t o fu r t h e r w it h d r a w a ls o f b a n k e r s ’ b a la n c e s fr o m b a n k s in N e w Y o r k C it y a n d e lse w h e r e . T h e b a n k s ’ lo a n s d e c r e a s e d b y $ 7 1 ,0 0 0 ,0 0 0 d u r in g t h e p e r io d , r e f le c t in g c h ie fly a r e d u c tio n in lo a n s t o b r o k e r s a n d d e a le r s in s e c u r itie s . T h e ir h o ld in g s o f U n it e d S t a t e s G o v e r n m e n t se c u r i( C o n t i n u e d o n p a g e 7 .) la r g e PERCENT 1Wf INIDUST RIAL PRODUCT ION 1t»0 130 130 120 120 110 110 100 100 90 90 80 80 70 70 60 60 50 50 In d e x n u m b e r s o f p r o d u c t io n o f m a n u fa c t u r e s a n d m in e r a ls c o m b in e d a d j u s t e d f o r s e a s o n a l v a r i a t i o n s (1923-1925 a v e r a g e = 1 0 0 ), L a t e s t f i g u r e J u l y P r e l i m i n a r y 98. 1926 1929 1930 1931 1932 1933 In d e x n u m b e r s 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 , w it h o u t a d ju s tm e n t f o r s e a s o n a l v a r i a t i o n s (1923-25 a v e r a g e = 1 0 0 ). L a t e s t f i g u r e J u l y E m p l o y m ent p a y r o l l s 49.9. 68.3 M O N T H L Y 2 1932 1933 W ednesday fig u res for r ep o rtin g m em ber b a n k s in 90 cities. L a te st fig u res are for W ednesday, A u g u st 16. SIXTH DISTRICT SUMMARY A v a ila b le b u s in e s s s t a t is t ic s fo r J u ly r e la t in g t o t h e S ix t h D i s tr ic t s h o w a d e c lin e in r e t a il tr a d e s m a lle r t h a n u s u a lly o c c u r s a t t h a t t im e o f y e a r , a fu r t h e r g a in in w h o le s a le d is t r ib u t io n , in c r e a s e s in lif e in s u r a n c e s a le s a n d b a n k d e b it s , in c o a l a n d ir o n p r o d u c t io n , a n d in c o t t o n m ill e m p lo y m e n t , a n d im p r o v e m e n t in a g r ic u ltu r a l p r o s p e c t s , o v e r e a r lie r m o n th s , b u t th e r e w e r e d e c r e a s e s in b u ild in g p e r m its a n d in c o n t r a c t s a w a r d e d fo r c o n s tr u c tio n p r o je c ts , a n d a s m a ll d e c lin e in o u t s t a n d in g b a n k c r e d it. D e p a r t m e n t s to r e s a le s d e c lin e d 1 6 .8 p e r c e n t fr o m J u n e t o J u ly , b u t w e r e 4 .8 p e r c e n t g r e a te r t h a n in J u ly la s t y e a r . A t th e sam e t im e a y e a r a g o th e r e w a s a d e c r e a s e o f 2 3 .3 p e r c e n t fr o m J u n e to J u ly . A fte r a llo w a n c e fo r t h e u s u a l d e c lin e a t t h a t t im e , h o w e v e r , t h e a d j u s t e d in d e x o f d a ily a v e r a g e s a le s r o se 1 1 .6 p e r c e n t o v e r t h a t fo r J u n e , a n d w a s 6 .2 p er c e n t a b o v e t h e a d j u s t e d in d e x fo r J u ly , 1932. W h o le s a le tra d e, c o n tr a r y to season al te n d en cy , h a s in c r e a s e d e a c h m o n th s in c e F e b r u a r y , a n d fo r J u ly s a le s o f 102 fir m s w e r e 4 8 .5 p e r c e n t g r e a te r t h a n in th a t m o n th a y ea r ago. L ife in s u r a n c e s a le s in c r e a s e d 4 .8 p e r c e n t fr o m J u n e t o J u ly a n d w e re 15 .1 p e r c e n t g r e a te r t h a n in J u ly , 1 9 3 2 , a n d b a n k d e b it s in c r e a s e d 8 .9 p e r c e n t o v e r J u n e a n d w e r e 1 3 .8 p e r c e n t la r g e r t h a n a year ago. P r o s p e c t iv e p r o d u c t io n o f c o r n , w h e a t, h a y a n d p o t a t o e s in t h is D is t r ic t in c r e a s e d fr o m J u ly 1 t o A u g u s t 1, a c c o r d in g t o e s t im a t e s 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 ltu r e , a n d in c r e a s e s o v e r 1 9 3 2 a r e in d ic a t e d fo r c o r n , to b a c c o , p o t a t o e s a n d fr u it s . B e c a u s e o f a h ig h e r c o n d it io n , a n d a m u c h h ig h e r in d ic a t e d y ie ld p e r a c r e , t h e A u g u s t e s t im a t e in d ic a t e s la r g e r p r o d u c t io n o f c o t t o n th is y e a r t h a n la s t in A la b a m a , F lo r id a , G e o r g ia a n d M is s is s ip p i, R E V IE W Indexes b ased o n th re e -m o n th m ovin g averages of F. W. D od g e d a ta for 37 E astern S tates, a d ju sted for sea so n a l variation . (1923-25 average=100). J u ly p relim in ary, T o ta l 22, R e sid en tia l 13. From July 12 to August 9 there was a decrease of 2 .5 millions in discounts, offset in part by the increased holdings of Government securities. Compared with the corresponding Wednesday a year ago, holdings of bills discounted and purchased show substantial decreases, but holdings of Government securities are about 10.8 millions greater. Deposits, and Federal reserve note circulation, and reserves, were greater on August 9 than a year ago, and while deposits in creased slightly from July 12 to August 9 , note circulation and reserves show small declines. Principal items in the weekly report are shown comparatively in the table. FE D ER AL RESERV E B A N K OF ATLANTA (000 O m itted) A ug. 9, J u ly 12, 1933 1933 B ills D isco u n ted : Secured b y G ovt. O b lig a tio n s .................. $ 290 $ 265 A ll O th ers.......................................................... 5.351 7,898 T o ta l D is c o u n ts -..................................... 5,651 8,163 B ills B o u g h t in O pen M ark et.......................... 239 248 U . S. S ecu rities....................................................... 57,397 55,961 T o ta l B ills a n d S e c u r itie s................... 63,287 64,372 T o ta l R eserves......................................................... 127,280 128,032 Member B a n k Reserve D e p o sits...................... 56,049 54,239 T o ta l D e p o sits.................................................... . 62,894 62,691 F . R . N o te s in a c tu a l c ir c u la tio n ................. 116,190 118,327 F . R . B a n k N o te s in a c tu a l c ir cu la tio n ___ 2,130 2,493 71.1 70.7 A ug. 10, 1932 $ 4,657 25,828 30,485 1,434 46,607 78,526 83,768 43,900 45,856 110,850 ~5§'5” There was also a reduction between July 12 and August 9 in the total volume of discounts by the twelve Federal Reserve Banks combined, but a larger increase in Government security holdings, so that total reserve bank credit outstanding increased about 2 3 .6 millions during that period. Following is a comparison o f important figures for the System as a whole. a ft e r a llo w in g fo r a c r e a g e r e d u c t io n a n d a v e r a g e a b a n d o n m e n t . Cotton consumption, and operations of textile mills, declined somewhat in July, but continued substantially greater than a year a g o , and employment at reporting textile mills showed a further gain over earlier months and was also substantially greater than in J u ly , 1 9 3 2 . Building statistics indicate a decrease in construction activities. Production at lumber mills increased, but orders declined, and pro duction of coal in Alabama and Tennessee, and of pig iron in Alabama, increased over earlier months and was substantially greater than in July last year. FINANCE R eserv e B a n k C r e d it B e c a u s e o f a n in c r e a s e in h o ld in g s o f U n it e d S t a t e s G o v e r n m e n t o b lig a tio n s , 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 e F e d e r a l R e s e r v e B a n k o f A t la n t a in c r e a s e d s o m e w h a t b e t w e e n J u n e 28 a n d A u g u s t 2, b u t d u r in g t h e fo llo w in g w e e k t h e r e w a s a d e c r e a s e o f 3 m illio n s o f d o lla r s in d is c o u n t s , a n d t o t a l b ills a n d s e c u r itie s o n A u g u s t 9 w e r e a l i t t l e m o r e t h a n a m illio n d o lla r s le ss t h a n fo u r w e e k s e a r lie r , a n d m o r e t h a n 15 m illio n s le s s t h a n a y e a r a g o . FE D E R AL RESERV E SYSTEM (000 O m itted) A u g : 9, J u ly 12, rmi 4. : 1933 1933 B ills D isco u n ted .................................. .... ........ Secured b y G ovt. O b lig a tio n s___ $ 37,412 $ 39,450 m -zts.................. T o ta l D is...... cou n .......................... B ills B o u g h t in O pen M arket-............. U . S. S ecu rities............................................ O th er S e c u r itie s ......................................... m ^ , T o ta i B iils a n d S e c u r itie s ........ T o ta l R eserves .......................................... Member B a n k Reserve D e p o sits ........... T o ta i D ep o sits ............ F . R . N o te s in a c tu a l c ir c u la tio n .. F . R . B a n k N o te s in a c tu a l c ir cu la tio n .................................................. R eserve R a tio ............................................... Member Bank Credit 118’856 156,268 7,636 2,048,280 x,861 2,214,045 3,577,787 2,375,866 2,595,598 2,999,245 126,563 68.4 128>416 167 866 13' 194 2,007,233 2 157 2,19o!45G 3,545,842 2,268,728 2,521,817 3,067,062 115,853 68.4 A u g. 10, 1932 $ 166,543 285,395 451,938 38,720 1,851,011 6,009 2,347,678 2,680,426 2,062,455 2,134,619 2,843,605 ..................... 59.3 Total loans and investments of 17 weekly reporting member banks located in Atlanta, Birmingham, Jacksonville, Nashville, Chatta nooga, Mobile and Savannah declined nearly 1 .8 millions between July 12 and August 9. Loans by these banks decreased by 2 mil lions, and holdings of United States Government securities de clined 2.9 millions, but these decreases were partly offset by an increase of 3 millions in holdings of Other Securities. Compared M O N T H L Y w ith t h e s a m e r e p o r t d a t e a y e a r a g o , t o t a l lo a n s s h o w a d e c r e a s e o f 1 7 .8 m illio n s , b u t h o ld in g s o f G o v e r n m e n t s e c u r itie s s h o w a n in c r e a s e o f 1 5 .6 m illio n s , a n d h o ld in g s o f O th e r S e c u r itie s a r e 7 m illio n s g r e a te r . I n v e s t m e n t s o n A u g u s t 9 w e r e 2 2 .7 m illio n s , a n d t o t a l lo a n s a n d in v e s t m e n t s 4 .9 m illio n s , g r e a te r t h a n a y e a r ago. T im e d e p o s it s o f t h e s e b a n k s d e c lin e d 3 .3 m illio n s fr o m J u ly 12 t o A u g u s t 9 , a n d w e r e 2 .4 m illio n s le s s t h a n a y e a r a g o , b u t d e m a n d d e p o s its in c r e a s e d 4 .4 m illio n s s in c e J u ly 1 2 a n d o n A u g u s t 9 w e r e 2 .6 m illio n s g r e a te r th a n a y e a r e a r lie r . C o m p a r is o n s o f p r in c ip a l it e m s in t h e w e e k ly r e p o r t a r e s e t o u t in t h e t a b le . C O N D IT IO N OF MEMBER B A N K S IN SELECTED C ITIES (COO O m itted) A ug. 9. J u ly 12, A ug. 10. 1933 1933 1932 L oan s: O n S e c u r itie s................................................... $ A ll O th ers.......................................................... T o ta l L o a n s............................................... U . S. Secu rities....................................................... O th er S ecu rities..................................................... T o ta l In v estm en ts.................................. T o ta l L oans a n d In v estm en ts.......... T im e D e p o sits ......................................................... D em and D ep o sits................................................... D u e to B a n k s.......................................................... D u e from B a n k s..................................................... B orrow ings from F . R . B a n k ........................... 58,850 115,510 174,360 87,329 51,051 138,380 312,740 134,507 140,605 55,067 59,867 585 $ 57,260 119,111 176,371 90,257 47,897 138,154 314,525 137,847 138,216 57,368 57,810 830 $ 58,457 133,692 192,149 71,742 43,986 115,728 307,877 136,882 138,006 45,995 50,161 5,745 SAVINGS DEPO SITS OF 53 R E PO R T IN G B A N K S P ercen tage ch a n g e (000 om itted) J u ly 1933 Com pared w ith : N o. o f J u ly June J u ly June J u ly B anks 1933 1933 1932 1933 1932 A tla n ta ............. B irm in g h a m ... J ack son v ille— N a sh v ille .......... N ew O r le a n s.. O th er C ities. ~ T o ta l.................. 53 $ 28,591 16,178 12,465 19,665 21,909 60,789 159,597 $ 28,843 16,039 11,969 19,805 21,056 59,415 157,127 $ 31,712 17,303 12,898 23,259 27,419 63,067 175,658 —0.9 + 0 .9 + 4 .1 —0.7 +4.1 + 2 .3 +1.6 — 9.8 — 6.5 — 3.4 - 1 5 .5 —20.1 — 3.6 — 9.1 D ebits to Individual Accounts Total debits to individual accounts at 2 6 reporting clearing house centers of the Sixth District increased by 8 .9 per cent in July over June, and were 1 3 .8 per cent greater than in July a year ago. The in crease from June to July is the first gain reported at that time of year since 1 9 2 9 , and compares with a decline of 3 .5 per cent at the same time last year. Nineteen cities reported increases over June, and there were twenty-three increases over July, 1 9 3 2 . 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 O m itted) J u ly 1933 A labam a—4 < B in n in g ! D o th a n .. J u n e 1933 J u ly 1932 $ 94,582 56,674 1,539 23,778 12,591 $ 88,159 51,956 1,760 20,926 13,517 $ 85,315 52,485 1,029 20,955 10,846 77,281 42,078 14,190 4,798 16,215 79,937 42,309 15,338 4,739 17,551 70,355 38,641 11,523 4,211 15,980 180,167 2,093 111,046 15,447 1,620 8,049 398 11,192 1,536 26,579 2,207 166,734 2,004 105,181 13,292 1,648 7,925 397 9,409 1,219 23,720 1,939 150,836 1,909 96,472 10,977 1,537 6,302 453 8,518 904 21,905 1,859 L o u isia n a —N ew O rleans..................................... 188.924 161.810 163,618 M ississippi—4 C ities.................................... H a ttiesb u rg ............................................. 29,073 3,136 15,916 6,010 4,011 26,657 2,961 13,187 7,123 3,386 24,281 2,923 12,657 4,793 3,908 100,016 24,449 15,531 60,036 92,263 23,488 14,776 53,999 94,274 24,787 19,011 50,476 T o ta l 26 C ities.......................................... $670,043 $670,043 $615,560 $588,679 F lo r id a P e n sa c o la . G e o r g ia - B ru n sw ick ................................................ C olu m b u s................................................. E lb erto n .................................................... M acon......................................................... N e w n a n ..................................................... S a v a n n a h ................................................. V a ld o sta .................................................... M erid ia n ... V icksburg. 3 R E V IE W AGRICULTURE The August report of the United States Department of Agri culture states that crop prospects, which were very unpromising a month earlier, declined further during July. The forecast for corn has been reduced by 111,000,000 bushels, indicating the second smallest crop since 1 9 0 1 . The wheat and oat crops are each ex pected to be the smallest in 3 5 years or more and the forecasts for barley, flaxseed, hay, beans, and potatoes are all below the very low forecasts of a month ago. Fruit production is expected to be about 10 per cent below average production during recent years, the upward trend in the production of oranges and grapefruit partially offsetting the rather poor prospects for apples, peaches, pears, grapes and prunes. July weather was, however, favorable for some southern crops, as cotton, tobacco, rice and sweet potatoes. In the Sixth District the August estimates indicate improvement over the month in prospects for corn, wheat, white potatoes and tame hay, and increases over 1 9 3 2 are indicated for tobacco, pota toes and corn. Prospective production of corn increased very materially during the month in Mississippi and Alabama and to a smaller extent in the other four states. Tennessee’s wheat crop is expected to be larger, but that of Georgia and Alabama smaller, than in 1 9 3 2 . Indications are for an increase in oats in Florida but decreases in the other states of the district. The condition of peanuts is higher than a year ago in Georgia, Florida, and Alabama, but lower in Mississippi, Louisiana and Tennessee. Production of tobacco increased over 1 9 3 2 in Georgia, Tennessee, and Florida. Sales of Georgia tobacco during the second week of the marketing season were over 18 million pounds against 7.6 million pounds during that week a year ago, and the average price was 1 4 .3 cents as against 10 cents at that time last year. The August report indicates larger production of apples and peaches this year than last, and the condition of both oranges and grapefruit was higher than at the corresponding time a year ago. Figures in the table show a comparison of estimates for some of the principal crops in this district, with last year’s production. E stim ate E stim ate P ercen tage P r o d u ctio n P ercen tage A ug. 1, J u ly 1, C om parison 1932 C om parison 1933 1933 C o m , b u ......................155,191 2,992 W heat, b u ................... 8,076 O ats, b u ...................... T am e H ay, t o n s ----1,985 T obacco, lb s .............. 141,366 W hite P o to a te s, b u . 11,182 136,989 2,872 8,076 1,957 141,934 10,981 +13.3 + 4.2 same + 1.4 — 0.4 + 1.8 146,661 3,063 10,469 2,105 99,242 10.545 + 5.8 - 2.3 - 2 2 .9 — 5.7 + 42.4 + 6.0 of the 1 9 3 3 cotton crop by the United States Department of Agriculture, based on conditions on August 1, indicates the production of 1 2 ,3 1 4 ,0 0 0 bales, against the 1 9 3 2 crop of 1 3 ,0 0 2 ,0 0 0 bales. The acreage on August 1 was reported as 2 9 ,7 0 4 ,0 0 0 and takes account of the 1 0 ,3 0 4 ,0 0 0 acres already removed, or to be removed, from production as a result of the campaign for acreage reduction, and allows for average abandonment on the area not under contract. The estimate in dicates the production of 4 ,6 0 9 ,0 0 0 bales in the six states of this district, as against 4 ,0 8 9 ,0 0 0 bales produced in these states in 1 9 3 2 , the comparison by states being as shown below: E stim ate A ug. 1. 1933 A lab am a .............................................. F lo rid a ................................................. G eo rg ia ................................................ L o u isia n a ............................................ M ississippi.......................................... T en n essee............................................ 1,143,000 34,000 1,071,000 570,000 1,363,000 428,000 Six S ta te s..................................... 4,609,000 (Bales) P r o d u ctio n 1932 P ercen tage C om parison 947,000 17,000 854,000 611,000 1,180,000 480,000 + 20.7 +100.0 + 25.4 — 6.7 + 15.5 — 10.8 4,089,000 + 12.7 Sugar Cane and Sugar The sugar cane crop in Louisiana is expected to be 3 ,2 0 5 ,0 0 0 short tons, compared with 3 ,3 5 9 ,0 0 0 tons harvested in 1 9 3 2 , and production of sugar is forecast at 1 8 5 ,0 0 0 short tons, against 2 2 3 ,0 0 0 tons in 1 9 3 2 . SU G A R M OVEM ENT-RAW SU G A R (P ounds) R eceipts: J u ly 1933 J u n e 1933 N ew O rleans..................................152,419,194 134,837,173 S a v a n n a h .................................... ...28,155,193 54,367,298 M eltings: N ew O rleans.............................. ...111,080,039 128,330,147 S a v a n n a h .................................... ...42,415,260 41,690,229 S tock s: N ew O rleans............................... 107,757,567 66,647,045 S a v a n n a h .................................... 81,457,267 95,717,329 J u ly 1932 150,559,991 34,649,518 137,124,189 35,084,746 90,659,874 94,882,496 4 R E FIN E D SU G A R (P ound s) S h ip m en ts: N ew O rleans............................... 89,879,313 109,732,295 S a v a n n a h .................................... 43,889,861 29,773,153 S tock s: N ew O rleans.............................. 72,000,187 63,064,843 S a v a n n a h .................................... 15,199,428 18,724,231 M O N T H L Y R E V IE W 135,448,979 36,245,425 R e ta il D e p a r t m e n t s to r e s a le s in t h e S ix t h D is t r ic t d e c lin e d fr o m T rad e J u n e t o J u ly b y le s s t h a n t h e u s u a l s e a s o n a l a m o u n t , TRADE 76,454,762 12,926,909 a n d w e r e 4 .8 p e r c e n t la r g e r t h a n in J u ly o f la s t y e a r . T h e A u g u s t e s t im a t e o f r ic e p r o d u c t io n in L o u is ia n a is O n a d a ily a v e r a g e b a s is , J u ly s a le s w e r e 1 3 .3 p e r c e n t s m a lle r t h e s a m e a s fo r J u ly , 1 4 ,8 9 8 ,0 0 0 b u s h e ls , a g a in s t 1 6 ,5 6 3 ,0 0 0 t h a n in J u n e , c o m p a r e d w it h a d e c r e a s e a t t h e s a m e t im e la s t y e a r b u s h e ls p r o d u c e d in 1 9 3 2 . RICE MOVEMENT- •New O rleans J u ly 1933 J u n e 1933 J u ly 1932 R o u g h R ice—B arrels: 15,893 1,794 43,706 R e c e ip ts.......................................................... 23,209 12,730 2,313 S h ip m e n ts...................................................... 30,976 17,493 30,457 S to ck s.............................................................. C lean R ice—P ockets: 41,509 41,630 R eceipts................................................................ 31,856 66,228 49,238 S h ip m en ts........................................................... 50,130 98,814 173,625 S to ck s.................................................................... 155,351 _ _ RICE M ILLERS’ A SSO CIATION STATISTICS (Barrels) A u g u st 1 to J u ly 31 R eceip ts o f R o u g h R ice: J u ly 9,254,444 S easo n 1932-33................................................................. 112,045 9,716,236 S easo n 1931-32................................................................. 223,348 D istr ib u tio n of M illed R ice: 9,781,789 S easo n 1932-33................................................................. 553,877 9,680,017 Season 1931-32................................................................. 526,280 C lean Stock s: R ough 645,539 J u ly 31, 1933..................................................................... 291,227 1,016,234 J u ly 31, 1932..................................................................... 337,419 o f 2 0 .2 p e r c e n t , a n d w it h a u s u a l d e c lin e a t t h a t t im e o f y e a r o f R ic e F e r tiliz e r T h e r e w a s a fu r th e r s e a s o n a l d e c r e a s e in fe r tiliz e r Tag Sales t a x t a g s a le s in t h e s ix s t a t e s o f t h is d is t r ic t fr o m J u n e t o J u ly , b u t J u ly s a le s a v e r a g e d 9.1 p e r c e n t g r e a te r t h a n in t h a t m o n th la s t y e a r . F o r th e sea so n , A u g u st 1 th r o u g h J u ly 3 1 , t o t a l s a le s in t h e s e s t a t e s h a v e b e e n 9 p er c e n t g r e a te r t h a n in t h e p r e v io u s s e a s o n , t h e c o m p a r is o n b y s t a t e s b e in g s h o w n b e lo w . T h e fig u re s a re fr o m t h o s e c o m p ile d b y t h e N a t io n a l F e r tiliz e r A s s o c ia tio n . (S hort T ons) J u ly June J u ly A ug. 1 th r o u g h 1932-33 1932 1933 1933 274,000 100 2,800 850 A la b a m a -. 360,064 8,565 15,259 6,666 F lo rid a — 389,605 50 4,871 1,113 G eorgia— 54,095 0 287 L o u isia n a . 950 85,856 91 2,775 400 M ississippi 73,565 522 0 200 T en nesseeT o ta l___ 10,179 25,992 9,328 1 9 2 3 - 1 9 2 5 a v e r a g e in J u n e t o 7 1 .9 p e r c e n t fo r J u ly , t h e h ig h e s t p o in t s in c e S e p t e m b e r la s t y e a r , a n d e x c e p t fo r t h a t m o n th t h e h ig h e s t s in c e F e b r u a r y , 1 9 3 2 . F o r t h e fir s t s e v e n m o n th s o f t h e y e a r t o t a l s a le s h a v e b e e n 1 2 .5 p e r c e n t s m a lle r t h a n in t h a t p a r t o f la s t y e a r . S t o c k s o f m e r c h a n d is e a t t h e e n d o f J u ly a v e r a g e d a b o u t t h e s a m e a s a m o n th e a r lie r b u t w e r e 15 p e r c e n t s m a lle r t h a n a y e a r ago. A c c o u n ts r e c e iv a b le d e c lin e d 6 .9 o v e r t h e m o n t h a n d w e r e 4 .9 p e r c e n t s m a lle r t h a n fo r J u ly , 1 9 3 2 , a n d c o lle c t io n s w e r e 3 .9 p e r c e n t le s s t h a n in J u n e a n d 6 .1 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 h e r a tio o f c o lle c t io n s d u r in g J u ly t o a c c o u n t s o u t s t a n d in g a n d d u e a t t h e b e g in n in g o f t h e m o n t h w a s 2 6 .9 p e r c e n t ; fo r J u n e 2 7 .3 p e r c e n t; a n d fo r J u ly la s t y e a r 2 6 .3 p e r c e n t . F o r in s t a ll m e n t a c c o u n t s t h e r a tio fo r J u ly w a s 1 4 .9 p e r c e n t, fo r J u n e 1 4 .8 p e r c e n t, a n d fo r J u ly la s t y e a r 1 3 .3 p e r c e n t, a n d fo r r e g u la r a c c o u n t s th e r a tio fo r J u ly w a s 2 8 .2 p e r c e n t, fo r J u n e 2 8 .8 p e r c e n t , a n d fo r J u ly a y e a r a g o , 2 8 .1 p e r c e n t . fo r J u ly w e r e : C o lle c tio n r a t io s fo r r e p o r t in g c it ie s A t la n t a , 2 5 .0 ; B ir m in g h a m , 1 9 .6 ; C h a t t a n o o g a , + 9.0 C a sh s a le s a c c o u n t e d fo r 4 6 .1 p e r c e n t o f t h e t o t a l in J u ly , 4 6 .3 p e r c e n t in J u n e , a n d 4 7 .4 p e r c e n t in J u ly , 1 9 3 2 . A ll o f th e s e s t a t is t ic s a r e b a s e d u p o n r e p o r t s in 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 t a b le , 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 fo r c h a n g e s in t h e le v e l o f p r ic e s. RETAIL TRADE IN TH E S IX T H D IST R IC T D U R IN G JU L Y 1933 BA SE D ON C O N FID EN TIA L R E PO R T S FROM 35 D EPARTM ENT STO R E S COM PARISON OF N E T SALES --------------------------------------------COM PARISON OF ST O C K S RA TE OF ST O C K T U R N O V E R J u ly 1933 J a n . 1 t o J u ly 31, J u ly 31, 1933 J u ly 1933 J u ly 31,1933 w ith 1933, w ith sam e w ith w ith w ith J u ly J u ly J a n . 1 to J u ly 31 J u n e 1933 p eriod in 1932 J u ly 1932 J u ly 31, 1932 J u n e 30,1933 1932 1933 1932 1933 —21.7 -14.2 — 8.0 + 5.7 .27 .25 2.26 +13.0 2.23 + 3.1 -16.7 4-14.0 —21.5 —6.0 .16 .23 1.36 1.57 —26.3 -16.4 + 5.8 — 1.5 + 5 .1 .14 .17 1.26 1.44 —33.3 +10.4 - 5.0 - 1 0 .4 —1.5 .15 1.24 .11 1.48 —16.1 -12.9 + 5.8 - 2 0 .3 —1.6 .15 .19 1.28 1.38 — 8.9 - 8.2 +17.3 —29.8 —7.9 .13 .21 1.13 1.59 —16.8 -12.5 + 4.8 —15.0 + 0 .2 .16 1.42 1.59 .20 A tla n ta (4)............. B irm in gh am (4 ).. C h a tta n o o g a (4)~ N a sh v ille (4)........ . N ew O rleans (5)-. O th er C ities (14)-. D IS T R IC T (35)--. N o te : A fte r a d j u s t m e n t fo r s e a s o n a l c h a n g e s t h e in d e x 2 4 .3 ; N a s h v ille , 2 7 .5 ; N e w O r le a n s , 3 3 .7 ; a n d O th e r C itie s , 2 5 .0 . J u ly 31 ^Percentage 1931-32 C om parison +33.7 204,900 371,011 — 3.0 356,733 + 9.2 52,251 + 3.5 85,666 + 0.2 +14.1 64,477 1,135,038 1,237,185 2 2 .2 p e r c e n t. n u m b e r o f d a ily a v e r a g e s a le s in c r e a s e d fr o m 6 4 .4 p e r c e n t o f t h e T h e rate o f sto ck tu rn over is th e ra tio o f sa les d u rin g given p eriod to average sto c k s o n h a n d . W h o le s a le D is t r ib u t io n T rad e S ix t h D is t r ic t of m e r c h a n d is e at w h o le s a le in th e in c r e a s e d 5 .9 p e r c e n t fr o m J u n e t o J u ly , a n d w a s 4 8 .5 p e r c e n t g r e a t e r t h a n in J u ly , 1 9 3 2 . T h is g a in o v e r J u n e c o m p a r e s w it h a d e c r e a s e o f 9 p e r c e n t a t t h e s a m e t im e l a s t y e a r . T h e J u ly in d e x n u m b e r is 5 2 .7 p e r c e n t a b o v e t h e lo w fo r F e b r u a r y , a n d is h ig h e r t h a n fo r a n y m o n t h s in c e N ovem b er, 1931. B e c a u s e o f t h e in c r e a s e o v e r J u ly l a s t y e a r , t o t a l s a le s fo r t h e s e v e n m o n th s o f 1 9 3 3 s h o w a g a in o f 4 .2 p e r cen t over th a t p a rt of 1932. P e r c e n t a g e c o m p a r is o n s o f r e p o r t e d fig u r e s 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 . WHOLESALE TRADE IN JU L Y 1933 S IX T H FED ERAL RESERVE D ISTR IC T* P ercen ta g e C om parisons J a n .-J u ly J u ly 1933 w ith : 1933 w ith June J u ly sam e p eriod N o. of 1933 1932 in 1932 Firm s A ll L in es C om bined: S a le s.......................... S tock s o n h a n d — . . G roceries: S a l e s .- .................... A tla n ta ............. J a c k s o n v ille N ew O rleans.. V icksburg----O ther C it ie s S to ck s o n h a n d - 102 30 52 55 + + + + 5.9 4.8 2.8 2.5 + — + + 48.5 9.2 1.9 28.3 + 4.2 24 3 4 5 3 9 4 11 12 — + — + + + — + 1.2 4.0 9.1 1.2 5.0 0.1 5.0 0.4 5.7 + + — + + + — — + 20.5 28.9 7.8 21.8 66.0 23.1 6.9 1.1 26.6 - 0.2 - 2.6 —16.0 + 1.7 +28.5 + 2.9 _____ D ry G oods: S a le s......................................... N a sh v ille ....................... . O th er C itie s................. . S tock s o n h a n d ................. . A c co u n ts rec e iv a b le ------C o lle c tio n s............................ 16 3 13 8 9 11 +27.4 + 18.6 +29.1 + 10.5 + 11.5 + 8.0 +136.1 + 97.0 +144.8 + 13.9 + 19.9 + 65.5 +36.7 +23.5 +40.1 26 3 5 18 9 17 17 + 5.4 - 1 8 .4 + 2.5 +13.2 + 3.6 + 1.4 — 5.5 + + + + — — + 64.8 43.8 59.5 72.8 16.4 0.0 28.1 + 3.4 — 1.7 +14.1 — 7.0 9 4 5 6 7 6 + 16.8 +15.1 + 17.5 — 0.8 + 3.7 + 31.0 +209.9 +117.6 +273.6 — 7.1 + 5.4 + 67.5 — 0.9 + 10.7 — 4.2 _____ 13 4 9 3 4 4 — 6.7 —15.4 - 2.9 + 4.0 + 0.2 — 2.2 + — + — — — 4.6 11.2 12.2 22.0 3.7 5.6 + 5.7 —16.5 + 16.8 8 4 5 — 2.3 — 0.6 — 5.5 + 2.9 - 11.9 — 3.9 -1 1 .4 A c co u n ts receivab le......... C o lle c tio n s ___________ _ S ta tio n e r y : Sa les........................................ ..... 4 + 13.6 + 26.6 —30.2 H ardw are: ... N a sh v ille ....................... . N ew O rleans................. ... O th er C itie s ................. .. . . S tock s o n h a n d ................. . . A c co u n ts r e c e iv a b le ....... C o lle c tio n s............................ F u rn itu re: S a le s........................................ A tla n ta ........................... O th er C ities................. S tock s o n h a n d ................. . A c co u n ts receivable......... C o lle c tio n s .____ ________ E lectrical S u p p lies: S a le s........................................ .. N ew O rleans................ O th er C itie s................. S to ck s o n h a n d ................. A c co u n ts receivab le......... C o lle c tio n s_____________ D rugs: ♦ B a s e d u p o n c o n f i d e n t i a l r e p o r t s f r o m 102 f i r m s . M O N T H L Y R E V IE W 5 T h e v a lu e o f c o n tr a c ts a w a r d e d in t h e S ix t h D is t r ic t L ife J u ly s a le s o f n e w , p a id -fo r , o r d in a r y life in s u r a n c e C o n tr a c t In su ra n ce in c r e a s e d A w ard s over June in M is s is s ip p i a n d G e o r g ia , d u r in g J u ly , a c c o r d in g t o s t a t is t ic s c o m p ile d b y t h e a n d fo r t h e s ix s t a t e s o f t h e d is tr ic t a v e r a g e d 4 .8 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 tr ic t p e r c e n t g r e a te r t h a n in J u n e , a n d 1 5 .1 p e r c e n t g r e a te r t h a n in t o t a ls 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 J u ly a y e a r a g o . T h e p e r c e n t a g e in c r e a s e in M is s is s ip p i w a s t h e S t a t is t ic s , d e c lin e d fu r th e r b y 8 .6 p e r c e n t, a n d w a s 31 p e r c e n t le s s la r g e s t r e p o r te d fo r a n y s t a t e in t h e c o u n t r y , a n d b r in g s t h e t o t a l t h a n in J u ly , 1 9 3 2 . fo r t h a t s t a t e fo r t h e s e v e n m o n th s o f 1 9 3 3 a b o v e t h a t p a r t o f 1 9 3 2 o v e r J u n e , a n d w e r e 5 9 .3 p e r c e n t g r e a te r in v a lu e t h a n a y e a r a g o , b y 5 .5 p e r c e n t . b u t o th e r c la s s e s o f c o n tr a c ts d e c lin e d c o m p a r e d w ith b o t h o f T h e fig u re s c o m p a r e d in th e t a b le a r e fr o m th o s e t h o s e p e r io d s . c o m p ile d b y t h e L ife I n s u r a n c e S a le s R e s e a r c h B u r e a u . (000 O m itted) June J u ly J a n u a ry -J u ly . In c. P ercen tage 1933 1932 1933 1932 C om parison J u ly 1933 A lab a m a .............. $ F lo r id a ................. G eo rg ia.............. L o u is ia n a ............ M ississip p i........... T en n essee............ T o ta l” . . . . . . 3,222 3,643 6,196 3,954 5,194 5,559 27,768 R e s id e n t ia l c o n tr a c ts in c r e a se d 6 .3 p e r c e n t F o r t h e s e v e n m o n th s o f 1 9 3 3 r e s id e n t ia l c o n tr a c ts in th is d is t r ic t h a v e b e e n 4 .1 p e r c e n t, o th e r c la s s e s o f c o n tr a c ts 1 4 .2 p er c e n t, a n d th e t o t a l 1 1 .8 p e r c e n t, le s s t h a n in t h a t p a r t o f 1 9 3 2 . $4,071 $3,431 $ 24,266 3,901 3,683 25,029 6,021 6,118 40,006 4,251 3,599 26,703 2,5262,028 16,723 5,732 5,274 38,148 $ 27,249 30,773 50,597 31,295 15,856 44,122 -1 0 .9 —18.7 —20.9 —14.7 + 5.5 —13.5 c r e a s e s in a ll c la s s e s o f c o n t r a c t s fr o m J u n e t o J u ly a n d o n ly r e s i 26,502 199,892 —14.5 c e n t le s s th a n in 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 . 24,133 170,875 C o m m e r c ia l S t a t is t ic s c o m p ile d b y D u n & B r a d s tr e e ts , I n c ., F a ilu r e s in d ic a t e t h e fa ilu r e o f 1 ,4 2 1 b u s in e s s fir m s in t h e U n it e d S t a t e s d u r in g J u ly , a g a in s t 1 ,6 4 8 in J u n e a n d 2 ,5 9 6 in J u ly la s t y e a r , a n d lia b ilit ie s fo r J u ly w e r e $ 2 7 ,4 8 1 ,1 0 3 , c o m p a r e d w it h $ 3 5 ,3 4 4 ,9 0 9 fo r J u n e a n d $ 8 7 ,1 8 9 ,6 3 9 fo r J u ly , 1 9 3 2 . I n t h e S ix t h D is t r ic t th e r e w e r e 5 8 b u s in e s s fa ilu r e s in J u ly , 92 in J u n e , a n d 1 2 8 in J u ly a y e a r a g o , a n d lia b ilit ie s fo r J u ly w e re o n ly $ 6 5 7 ,9 1 2 , a g a in s t $ 2 ,1 5 3 ,8 4 5 fo r J u n e , a n d $ 6 ,2 1 8 ,2 3 4 fo r J u ly , 1 9 3 2 . G R A IN E X P O R T S—N ew O rleans (B ushels) J u ly 1933 W heat...........................................................................................- 18,666 C o m ............................................................................................... 13,758 O a ts................................................................................................ 12,558 T o ta l....................................................................................... 44,982 J u ly 1932 126,729 10,543 50,500 T o t a ls fo 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 t a in s s h o w d e d e n t ia l c o n tr a c ts s h o w a g a in o v e r J u ly la s t y e a r . F o r th e s e v e n m o n th s p e r io d t o t a l a w a r d s in t h e s e 3 7 s t a t e s h a v e b e e n 3 5 .2 p er J u ly 1933 J u n e P ercen tage J u ly P ercen tage 1933 C om parisons 1932 C om parisons S ixth D is tr ic t-T o ta l.. $ 3,880,108 $ 4,245,947 R e sid en tia l............. 1,717,646 1,616,107 A ll O th ers............... 2,162,462 2,629,840 — 8.6 $ 5,620,789 + 6.3 1,078,354 - 1 7 .8 4,542,435 —31.0 +59.3 —52.4 S ta te T otals: A lab am a .............. F lo rid a ................. G eorgia.............. . L o u isia n a ........... M ississip p i.......... T en nessee (6th D is t.)............. +53.7 —44.6 +29.8 +110.5 —83.7 —50.0 —28.8 +36.8 -2 9 .6 —93.2 306,700 1,005,500 1,134,000 964.600 169,900 199.600 1,816,300 873.600 458,200 1,044,400 613,300 1.412.900 829,200 1.370.900 2,516,700 641,500 522,700 +22.7 545,500 +17.6 U n ited St a te s -T o ta l-. 82,693,100 R e sid en tia l............. ...23,630,400 N o n -R e s id e n tia l-. 40,121,900 P u b lic Works a n d U tilitie s ............ ...18,940,800 102,980,100 27,768,200 50,774,100 —19.7 —14.9 —21.0 128,768,700 19,740,900 48,982,200 - 3 5 .8 +19.7 - 1 8 .1 24,437.800 —22.5 60,045,600 —68.5 1877772 L u m b er IN D U S T R Y W e e k ly s t a t e m e n t s o f t h e S o u th e r n P in e A s s o c ia tio n sh o w t h a t o r d e rs a n d p r o d u c t io n o f r e p o r tin g m ills h a v e c o n tin u e d in r e c e n t w e e k s in g r e a te r v o lu m e t h a n a y e a r a g o , B u ild in g F o r th r e e c o n s e c u t iv e m o n th s , M a y , J u n e a n d J u ly , P e r m its t h e v a lu e o f p e r m its is s u e d a t t w e n t y r e p o r t in g c itie s fo r t h e c o n s t r u c t io n o f b u ild in g s w it h in th e ir c o r p o r a te lim it s h a s e x c e e d e d t h e a m o u n ts fo r t h e c o r r e s p o n d in g m o n th s o f la s t y ea r. T h e J u ly t o t a l, a lth o u g h s m a lle r t h a n fo r t h e tw o m o n th s b e fo r e , w a s 3 3 .2 p e r c e n t g r e a te r t h a n fo r J u ly , 1 9 3 2 , th e in c r e a s e o v e r t h a t m o n th b e in g s h a r e d b y t h ir t e e n o f t h e t w e n t y r e p o r t in g c it ie s . F o r t h e s e v e n m o n th s o f t h e y e a r t h e t o t a l v a lu e o f p e r m its a t th e s e t w e n t y r e p o r t in g c it ie s h a s a m o u n t e d t o b u t d u r in g J u ly o r d e r s h a v e d e c lin e d w h ile p r o d u c t io n w a s in c r e a s in g , a n d fo r t h e fiv e w e e k s e n d in g A u g u s t 5, o r d e r s h a v e a v e r a g e d a b o u t fo u r p e r c e n t le s s t h a n o u t p u t . F o r th is p e r io d o r d e r s a v e r a g e d 4 1 .4 p e r c e n t, p r o d u c t io n 4 9 .7 p e r c e n t, a n d u n fille d o r d e rs 2 8 .5 p e r c e n t, g r e a te r t h a n in c o r r e s p o n d in g w e e k s o f 1932. P r e s s r e p o r ts s t a t e t h a t d e m a n d fr o m r e t a il y a r d s h a s d e c lin e d d u r in g r e c e n t w e e k s b u t t h a t b u s in e s s fr o m r a ilr o a d s a n d o th e r in d u s tr ia l c o n s u m e r s h a s b e e n in c r e a sin g . o f w e e k ly fig u r e s a r e s e t o u t in t h e t a b le . C o m p a r is o n s $ 7 ,0 7 9 ,5 9 4 , s m a lle r b y 2 7 .4 p e r c e n t th a n fo r t h e s a m e p a r t o f 1 9 3 2 . C o m p a r is o n s fo r t h e m o n th a re s e t o u t 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. C ity V a lu e J u ly N um ber J u ly 1932 1933 A labam a: A n n isto n ................ B irm in g h a m ......... M obile..................... M ontgom ery......... 6 123 59 78 10 94 20 81 Florida: Ja ck so n v ille.......... M iam i...................... M iami B ea c h ........ O rla n d o .............. T a m p a .................... 423 213 37 61 221 303 26 34 225 1933 $ P ercen tage ch a n g e in value 1932 J u ly 8........... ..... J u ly 15......... . . . . J u ly 22......... J u ly 29......... ...... A ug. 5.......... ...... 101 100 98 101 98 28,105 26,512 23,809 30,107 27,723 11,157 21,267 20,626 23,126 20,112 27,553 30,087 29,448 27,509 27,310 16,750 19,534 20,274 18,996 18,234 U n fille d Orders 1933 1932 86,737 84,560 69,737 80,454 73,445 52,501 56,569 46,091 49,041 54,138 900 71,024 20,772 32,140 $ 2,320 25,169 15,385 29,420 — 61.2 +182.2 + 35.0 + 9.2 209,310 75,796 190,500 24,076 48,639 98,909 95,948 75,750 15,760 28,901 +111.6 — 21.0 +151.5 + 52.8 + 68.3 + 60.6 + 58.1 — 74.1 +286.4 +348.0 y e a r b e fo r e . — 66.2 — 29.5 1 1 5 .4 p e r c e n t g r e a te r t h a n in J u ly la s t y e a r w h e n t e x t il e a c t iv it y G eorgia: A tla n ta ................... A u g u s ta ................. C o lu m b u s.............. M acon..................... S a v a n n a h .............. 167 38 38 233 33 207 44 33 132 15 131,720 29,061 2,944 38,847 52,465 82,039 18,376 11,370 13,562 11,710 L o u isia n a : N ew O rlea n s........ A lex a n d ria ............ 88 54 84 38 68,721 16,918 203,145 23,987 T en nessee: C h a tta n o o g a ........ J o h n so n C ity — K n oxville—............ N a sh v ille ................ 172 1 38 1C3 130 2 35 92 40,505 500 47,292 95,825 28,115 4,150 61,932 53,214 T o ta l 20 C itie s ............ 2,186 1,605 $1,197,955 $899,162 (In th o u sa n d s of feet) Orders P ro d u ctio n N um ber of M ills 1933 1932 1933 1932 Week E n d ed + ~ — + 44.1 88.0 23.6 80.1 + 33.2 C o tto 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 ills d u r in g C o n s u m p tio n t h e y e a r w h ic h e n d e d w ith J u ly a m o u n te d to 6 ,1 3 5 ,5 2 5 b a le s , 2 6 .1 p e r c e n t g r e a te r th a n in t h e y e a r b e fo r e , a n d e x p o r ts t o t a le d 8 ,4 1 9 ,3 8 9 b a le s , a d e c r e a s e o f 3 .3 p e r c e n t c o m p a r e d w it h t h e p r e v io u s t w e lv e - m o n t h p e r io d . s u m p t io n in th e c o t t o n - g r o w in g s ta te s a m o u n te d to C on 5 ,0 8 6 ,3 8 3 b a le s , a n in c r e a s e o f 2 6 .1 p e r c e n t fo r t h e y e a r , a n d in o th e r s t a t e s c o n s u m p t io n w a s 1 ,0 4 9 ,1 4 2 b a le s , a g a in o f 2 6 .0 p er c e n t o v e r th e C o t t o n c o n s u m p t io n d e c lin e d in J u ly b u t fo r t h e c o u n t r y w a s w a s a t t h e lo w e s t p o in t in a n u m b e r o f y e a r s . A c t iv e s p in d le s in c r e a s e d 2.1 p e r c e n t o v e r t h o s e a c t iv e in J u n e , h o w e v e r , a n d w e r e 3 1 .9 p e r c e n t g r e a te r t h a n in J u ly la s t y e a r . C e n s u s B u r e a u f ig u r e s f o r J u l y a r e c o m p a r e d in t h e t a b le . M O N T H L Y 6 R E V IE W C O TTO N SEED A N D CO TTO N SEED PR O D U C T S COTTO N C ON SUM PTION—B ales U N IT E D STATES J u ly 1933 C o tto n C o n su m ed ................................. S to ck s ........ ................................................ In C on su m in g E sta b lish m en ts I n P u b lic Storage a n d a t Com p resses......................................... E xports....................................................... Im ports...................................................... Active S p in d les—N um b er.................. *Sixth D istrict J u ly 1932 J u n e 1933 C o tto n Seed, T ons: R eceived a t m ills.— C ru sh ed ....................... O n H a n d , J u ly 3 1 - 600,143 7,090,133 1,351,033 696,472 7,719,748 1,400,804 278,568 7,917,754 1,217,886 5,739,100 692,007 11,941 26,069,158 6,318,944 614,561 14,097 25,540,504 449,476 8,264 19,758,252 P r o d u ctio n : C rude O il. lb s ....... ... C ake a n d Meal, to n s H u lls, t o n s ................. L inters. b a le s ........... S tock s a t m ills. J u ly 31: C rude Oil. lb s ........... C ake an d Meal, to n s H u lls, t o n s . ................ L inters. b a le s............ COTTON GROW ING STATES—B ales C o tto n C onsum ed................................. Sto ck s........................................................ I n C on su m in g E sta b lish m e n ts. I n P u b lic S to ra g e a n d a t Com p resses......................................... A ctive S p in d les—N u m b er.......... 483,230 6,358,208 1,031,994 565,644 6,971,300 1,092,144 239,069 7,172,573 934,581 5,326,214 17,687,412 5,879,156 17,593,128 6,237,992 15,220,742 U n ited S tates A ug. 1 to J u ly 31 1932-33 1931-32 1,325,409 1,853,935 1,343,338 1,809,780 28,977 47,936 A ug. 1 to J u ly 31 1932-33 1931-32 4,541,315 5,620,054 4,619,306 5,328,014 220,883 300,024 435,275,845 596,299,720 1,445,362,465 1,694,122,987 585,191 796,308 2,093,083 2,401,202 387,658 512,972 1,311,812 1,510,874 236,660 321,269 741,346 875,667 14,100,762 60,918 27,610 27,031 3,585,950 29,196 65,895 81,600 33,013,337 160,631 76,841 72,772 17,954,405 114,656 162,773 235,521 ♦G eorgia, A labam a. L o u isia n a a n d M ississippi. O TH ER STATES—B a les C o tto n C o n su m ed ................................. S to ck s......................................................... In C on su m in g E sta b lish m e n tsI n P u b lic Sto ra g e a n d a t Com p resses.......................................... A ctive S p in d les—N u m b er.............. - 116,913 731,925 319,039 130,828 748,448 308,660 412,886 8,381,746 745,181 283,305 461,876 4,537,510 439,788 7,947,376 E le c tr ic P r o d u c t io n o f e le c t r ic p o w e r b y p u b lic u t ilit y p o w e r P ow er p la n t s in t h e s ix s t a t e s o f t h is d is tr ic t in c r e a s e d fu r th e r in J u n e b y 5 .1 p e r c e n t , w a s 1 2 .2 p e r c e n t g r e a te r th a n in J u n e , 1 9 3 2 , a n d w a s g r e a te r t h a n fo r a n y m o n t h s in c e O c to b e r , 1930. P r o d u c t io n b y u s e o f w a te r p o w e r in c r e a s e d 1 .7 p e r c e n t o v e r C o n s u m p tio n o f c o t t o n in t h e th r e e s t a t e s o f th is d is tr ic t fo r M a y a n d w a s 1 9 .2 p e r c e n t g r e a te r t h a n a y e a r a g o , a n d o u t p u t w h ic h C e n s u s B u r e a u fig u r e s a r e c o m p ile d d e c lin e d 1 5 .7 p e r c e n t b y u s e o f fu e ls in c r e a s e d 1 2 .3 p e r c e n t fr o m M a y t o J u n e a n d w a s fr o m J u n e t o J u ly , b u t w a s 8 8 .9 p e r c e n t g r e a te r t h a n in J u ly , 1 9 3 2 , 0 .9 p e r c e n t la r g e r t h a n in J u n e , 1 9 3 2 . a n d fo r t h e c o t t o n y e a r , A u g u s t 1, 1 9 3 2 , t o J u ly 3 1 , 1 9 3 3 , c o n 1 9 3 3 t o t a l p r o d u c t io n h a s b e e n 2.1 p e r c e n t le s s t h a n in t h a t p a r t o f s u m p t io n in t h e s e s t a t e s w a s 2 4 .2 p e r c e n t g r e a te r t h a n in t h e y e a r la s t y e a r . b e fo r e . w a te r p o w e r , a s a g a in s t 6 8 p e r c e n t fo r M a y , a n d 62 p e r c e n t fo r O n a d a ily a v e r a g e b a s is t h e d e c lin e fr o m J u n e t o J u ly w a s 1 2 .4 p e r c e n t. F ig u r e s fo r t h e s e s t a t e s a r e c o m p a r e d b e lo w . F o r t h e fir s t s ix m o n t h s o f I n J u n e 6 8 p e r c e n t o f t h e t o t a l w a s b y p la n t s u s in g Jun e a year ago. F ig u r e s in t h e t a b le a r e fr 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 . C O TTO N C O N SU M PT IO N- -Bales A u g u st 1 to J u ly 31 J u ly June J u ly 1932-33 1931-32 1933 1933 1932 60,428 71,893 32,732 111,989 131,531 57,043 11,90616,307 7,810 660,910 1,904,881 153,149 531,854 873,189 139,478 184,323 1,918,940 1,544,531 A lab am a............... G eo rg ia ................ T en n essee............ T o ta l.............. 218,731 97,585 P R O D U C T IO N OF ELECTRIC POW ER (000 k . w . hou rs) A lab am a.......................................................... G eo rg ia ........................................................... M ississip p i...................................................... C o tto n J u ly M a n u fa c tu r in g D is t r ic t s h o w a fu r th e r in c r e a s e in p r o d u c t io n r e p o r ts fr o m c o tto n m ills in t h e S ix t h o f y a r n , b u t a d e c r e a s e in o u t p u t o f c lo th , c o m p a r e d w ith J u n e , b u t s u b s t a n t ia l in c r e a s e s b y b o t h c la s s e s o f m ills o v e r J u ly a y e a r a g o . S h ip m e n t s a ls o in c r e a s e d , b u t o r d e r s, u n fille d o r d e r s a n d s t o c k s h a v e d e c lin e d . N u m b er o f w ork ers on p a y r o lls in c r e a s e d fu r th e r in J u ly , h o w e v e r , a n d w a s s u b s t a n t ia lly la r g e r t h a n a y e a r a g o . F u els C onsum ed in P r o d u ctio n of E lectric P ow er: C oal—t o n s .............................................. F u el O il—b b ls....................................... N a tu ra l G as—000 cu. f t . . ...........— N o te: May 1933 153,783 50,402 104,641 74,729 3,982 84,641 472,178 321,153 151,025 9,381 196,073 June 1932 132,560 45,474 79,758 97,749 4,135 82,486 442,162 274,164 167,998 9,817 199,695 2,118,821 9,285 178,766 1,525,496 1,987,036 J u n e figu res prelim in ary—M ay fig u res s lig h tly revised. C o m p a r is o n s o f r e p o r t e d fig u r e s a r e s e t o u t in t h e t a b le fo llo w in g . N um b er o f M ills C o tto n C lo th : P r o d u c tio n ........................................... ........ 15 S h ip m e n ts............................................. ........ 14 Orders b o o k ed ..................................... 10 U n fille d orders................................... 12 Stock s o n h a n d .................................. 13 N um ber o n p a y r o ll........................... ........ 14 C o tto n Y a m : P r o d u c tio n ........................................... ........ S h ip m e n ts............................................. .. „ Orders b o o k ed .................................... U n fille d orders................................... S tock s o n h a n d .................................. N um b er o n p a y r o ll........................... ........ 13 12 7 9 11 12 P ercen ta g e c h a n g e J u ly 1933 com pared w ith J u n e 1933 J u ly 1932 + 82.4 — 1.1 +13.7 +102.0 —23.3 — 17.2 —20.8 + 45.1 — 49.9 —27.1 + 7.8 + 65.8 + 5.4 +14.1 —29.8 —16.8 —28.7 +19.1 +135.2 +126.9 + 23.2 + 6.3 - 54.8 + 88.5 C o tto n S eed O p e r a tio n s a t c o t t o n a n d C o tto n S eed d is t r ic t s h o w e d a fu r th e r s e a s o n a l d e c lin e in P r o d u cts J u ly , a n d w h ile r e c e ip t s o f s e e d w e r e s m a lle r B itu m in o u s P r o d u c t io n C o a l M in in g S t a t e s , a n d in A la b a m a a n d T e n n e s s e e , c o n tin u e d of b it u m in o u s coal in th e U n it e d t o in c r e a s e in J u ly a n d w a s s u b s t a n t ia lly g r e a te r t h a n a t t h e s a m e t im e la s t y e a r . P r e lim in a r y fig u r e s fo r J u ly p r o d u c t io n in t h e U n it e d S t a t e s s h o w a g a in o f 1 6 .3 p e r c e n t o v e r J u n e , a n d a n in c r e a s e o f 65 p e r c e n t o v e r J u ly , 1 9 3 2 . B e lo w a r e s h o w n c o m p a r is o n s o f fig u r e 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 : T otal P r o d u ctio n (ton s) N um b er o f A verage per w o rk in g w o rk in g d ay days (tons) J u ly 1933....................................................... 29,457,000 J u n e 1933..................................................... 25,320,000 J u ly 1932...................................................... 17,857,000 25 26 25 1,178,000 974.000 714.000 s e e d o il m ills in th is t h a n a y e a r a g o , c r u s h in g s o f s e e d a n d p r o d u c t io n o f c o m m o d itie s fr o m t h e s e e d w e r e s u b s t a n t ia lly la r g e r th a n in J u ly , 1 9 3 2 . T o ta l....................................................... . B y u s e of: Water P o w er ....................... . F u e ls ........................................ June 1933 185,246 47,239 77,484 95,368 3,709 87,212 496,258 326,704 169,554 F o r t h e s e a s o n , A u g u s t, 1 9 3 2 , th r o u g h J u ly , 1 9 3 3 , r e c e ip t s o f s e e d b y t h e m ills w e r e 2 8 .5 p e r c e n t, a n d c r u s h in g s W e e k ly p r o d u c t io n in A la b a m a a n d in T e n n e s s e e d u r in g J u ly in c r e a s e d b y a p p r o x im a t e ly 21 p e r c e n t o v e r t h e m o n th , a n d in A la b a m a w a s a p p r o x im a t e ly 6 7 p e r c e n t, a n d in T e n n e s s e e a b o u t 60 p e r c e n t, g r e a te r t h a n in c o r r e s p o n d in g w e e k s a y e a r a g o . W e e k ly fig u r e s a r e c o m p a r e d b e lo w : 2 5 .8 p e r c e n t, le s s t h a n d u r in g t h e s e a s o n b e fo r e , p r o d u c t io n o f t h e fo u r p r in c ip a l c o t t o n s e e d p r o d u c t s w a s s m a lle r , a n d (T ons) A labam a 1933 1932 s to 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 re la r g e r a t t h e e n d o f J u ly b u t th o s e o f h u lls a n d lin te r s s m a lle r t h a n a y e a r e a rlier . t o t a ls fo r com pared G e o r g ia , A la b a m a , in t h e fir s t t w o L o u is ia n a and C o m b in e d M is s is s ip p i a re c o lu m n s o f t h e t a b le , a n d t o t a ls fo r t h e c o u n t r y a s a w h o le a r e s h o w n in t h e la s t t w o c o lu m n s . T en n essee 1933 1932 Week E n d ed : 173,000 195,000 181,000 203,000 216,000 112,000 110,000 108,000 119,000 122,000 62,000 74,000 72,000 85,000 88,000 42,000 50,000 44,000 47,000 44,000 M O N T H L Y P ig Ir o n A c c o r d in g t o I r o n A g e s t a t is t ic s th e r e w a s a n in - P r o d u c tio n c r e a s e o f 4 1 .7 p e r c e n t in t o t a l p r o d u c t io n o f p ig ir o n in t h e U n it e d S t a t e s d u r in g J u ly a s c o m p a r e d w it h J u n e , a n d a g a in o f 3 7 .1 p e r c e n t in t h e d a il y a v e r a g e , a n d J u ly p r o d u c t io n w a s m o r e t h a n t h r e e t im e s t h a t o f J u ly , 1 9 3 2 . The n u m b e r o f fu r n a c e s a c t iv e o n A u g u s t 1 w a s 1 7 .8 p e r c e n t g r e a te r R E V IE W 7 than a year ago, reflecting a considerably larger movement into consuming channels this year than last. Demand during the latter part of July and early August has not been so active as in early July, and prices have not held the advances made earlier in the season. Comparisons of receipts and stocks for the month are shown in the table. th a n a m o n t h e a r lie r , a n d 1 3 0 .4 p e r c e n t g r e a te r t h a n a y e a r a g o . I n A la b a m a p ig ir o n p r o d u c t io n in c r e a se d 8 3 .9 p e r c e n t in t o t a l, a n d 7 7 .9 p e r c e n t in d a ily a v e r a g e , fr o m J u n e t o J u ly , a n d w a s n e a r ly fo u r t im e s a s la r g e a s in J u ly la s t y e a r . T h e r e w a s a fu r th e r in c r e a s e o f 2 in t h e n u m b e r o f fu r n a c e s a c t iv e o n A u g u s t 1, w h e n th e r e w e r e 9 in o p e r a tio n a s a g a in s t 4 a t t h e s a m e t im e 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 J u ly s h ip m e n t s w e r e t h e b e s t in n e a r ly R eceip ts—T u r p e n tin e (1): J u ly 1933 J u n e 1933 S a v a n n a h ........................................................... 17,122 16,840 J a ck so n v ille...................................................... 13,362 14,468 P e n sa c o la ........................................................... 4,781 4,241 T o ta l..................................................................35,265 R eceip ts—R o sin (2): S a v a n n a h ................................................................59,562 Ja ck so n v ille ...................................................... .....52,120 P e n sa c o la ................................................................12,295 35,549 J u ly 1932 13,353 12,199 4,171 29,723 39,080 49,175 13,691 49,676 42,682 12,546 T o t a l ........................................................... 123,977 Stock s—T u r p e n tin e (1): S a v a n n a h ........................................................... 14,212 Jac k so n v ille ...................................................... 36,676 P e n s a c o la ........................................................... 19,563 121,946 104,904 17,226 31,340 16,258 15,142 42,841 24,549 T o ta l............................................................. Stock s—R o sin (2): S a v a n n a h ........................................................... Jack so n v ille...................................................... P e n sa c o la ........................................................... 70,451 14,824 82,532 115,559 104,578 14,441 109,083 100,043 10,756 183,577 175,364 12,856 t w o y e a r s , b u t c u r r e n t s a le s a r e lig h t a s m o s t fo u n d r ie s a r e c o v e r e d fo r th is q u a r t e r a n d t h e fu r n a c e s a r e n o t t a k in g b u s in e s s fo r t h e fo u r t h q u a r te r . C u r r e n t q u o t a t io n s c o n t in u e a t $ 1 3 p e r to n . C u m u la t iv e t o t a ls fo r t h e fir s t s e v e n m o n th s o f 1 9 3 3 fo r th e c o u n t r y a s a w h o le in d ic a te t h e p r o d u c t io n o f 6 ,2 3 3 ,4 5 5 t o n s , a g a in o f 8 .6 p e r c e n t o v e r o u t p u t d u r in g t h a t p a r t o f 1 9 3 2 , a n d fo r A la b a m a t h e s e v e n m o n th s o u t p u t h a s b e e n 3 4 9 ,6 8 6 t o n s , s m a lle r b y 2 4 .8 p e r c e n t th a n d u r in g t h e s a m e p e r io d la s t y e a r . C o m p a r i so n s fo r t h e m o n th a r e s h o w n in t h e ta b le . P r o d u ctio n —T o n s T o ta l D a ily A verage U n ite d S ta tes: J u ly 1933................................. J u n e 1933.............................. A u g u st 1932............................... J u ly 1932..................................... A labam a: J u ly 1933..................................... J u n e 1933.................................... A u g u st 1932............................... J u ly 1932..................................... ♦First o f fo llo w in g m o n th . N aval S to res F u rn aces Active* N um b er 219,882 371,797 (Continued from page 1.) 1,792,452 1,265,007 530,576 572,296 57,821 42,166 17,115 18,461 106 90 46 46 122,308 66,508 23,292 31,794 3,945 2,217 751 1,026 7 3 4 9 J u ly r e c e ip t s o f t u r p e n t in e a t t h e th r e e p r in c ip a l m a r k e ts o f t h e d is t r ic t d e c lin e d s lig h t ly , b u t t h o s e o f r o s in s in c r e a s e d , o v e r J u n e , a n d b o t h c o m m o d it ie s s h o w a n in c r e a s e o f a b o u t 1 8 p e r c e n t o v e r J u ly la s t y e a r . S to ck s of b o th c o m m o d itie s in c r e a s e d s o m e w h a t o v e r t h e m o n th , b u t s u p p lie s o f t u r p e n t in e w e r e 1 4 .6 p e r c e n t, a n d o f r o s in s 3 6 .9 p e r c e n t s m a lle r T o ta l............................................................. 234,578 (1) B arrels o f 50 g a llo n s. (2) B arrels o f 500 p o u n d s. ties, after declining between July 19 and August 9, increased during the week ending August 16 in connection with treasury financing at that time. Total reserves of all member banks increased by $81,000,000 during the four week period ending August 16, reflecting chiefly the purchase of $42,000,000 of United States Government securi ties by the reserve banks and a return of $23,000,000 of currency from circulation. The growth in member bank reserves, occurring at a time when reserve requirements were being reduced in con sequence of a decline in their deposits, brought their excess reserves to a level above $550,000,000. Money rates in the open market generally continued at low levels. 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA MONTHLY AVERAGE 1923-1925=100 May 1933 June 1933 July 1933 May 1932 June 1932 July 1932 Daily Average Sales—Unadjusted 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 rleans............................................................................................ D IS T R IC T ................................................................................................ 123.0 51.8 54.7 73.3 59.0 67.9 103.9 44.1 50.8 56.3 53.5 58.0 85.1 47.3 39.0 39.0 46.7 50.3 132.8 57.0 52.1 73.4 58.6 68.9 102.5 52.3 50.7 53.1 56.4 59.5 92.4 41.4 34.4 35.4 44.2 47.4 Daily Average Sales—Adjusted* 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 rleans............................................................................................ D IS T R IC T ................................................................................................ 117.1 51.3 53.1 66.0 60.8 67.2 119.4 47.4 45.8 61.2 60.1 64.4 126.5 56.4 50.6 66.1 60.4 68.2 117.8 56.2 45.7 57.7 63.4 66.1 126.6 56.7 46.5 51.3 64.1 67.7 Monthly Stocks—Unadjusted 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 ISTR IC T ................................................................................................ 68.5 37.5 39.7 55.2 46.9 48.3 70.1 37.4 42.0 54.6 46.5 48.2 79.2 35.2 44.1 53.8 45.8 48.3 87.3 82.6 47.7 67.4 63.3 64.2 82.5 50.7 46.1 65.9 61.1 61.6 74.9 44.8 44.8 60.0 57.4 56.7 Monthly Stocks—Adjusted* A tla n ta ...................................................................................................... B irm ingh am .............. —.......................................................................... C h a tta n o o g a ........................................................................................... N a sh v ille ................................................................................................... N ew O rleans............................................................................................ D IS T R IC T ................................................................................................ 67.8 36.8 38.9 54.7 46.4 47.4 73.0 37.8 43.8 56.3 49.5 50.7 87.0 37.1 46.9 57.8 48.2 52.5 86.4 51.6 46.8 66.7 62.7 62.9 85.9 51.2 48.0 67.9 65.0 64.8 82.3 47.2 47.7 64.5 60.4 61.6 WHOLESALE TRADE—SIXTH DISTRICT—TOTAL......................... G roceries................................................................................................... D ry G o o d s................................................................................................ H ardw are.................................................................................................. F u rn itu r e .................................................................................................. E lectrical S u p p lie s ............................................................................... S ta tio n e r y ................................................................................................ D r u g s.......................................................................................................... 47.9 41.2 54.5 47.8 40.4 61.1 34.0 62.9 48.0 42.3 54.9 48.3 47.5 55.0 34.6 59.0 50.7 41.8 69.9 50.9 52.6 51.6 39.3 57.6 40.0 39.7 34.4 38.5 32.8 41.9 45.5 61.1 37.6 40.9 29.1 32.5 27.7 45.5 34.2 65.0 34.8 37.2 29.3 30.7 20.2 46.2 31.0 56.0 LIFE INSURANCE SALES-SIX STATES—TOTAL.......................... A lab am a .................................................................................................... F lo rid a ....................................................................................................... G eo rg ia ...................................................................................................... L o u isia n a ................................................................................................. M ississip pi................................................................................................ T en n essee.................................................................................................. 59.6 54.7 62.6 65.7 63.7 53.6 55.6 63.1 60.0 65.9 65.7 67.1 57.8 60.9 66.1 47.5 61.6 67.6 62.4 118.8 59.1 69.4 56.0 73.5 85.3 70.9 56.1 66.2 65.6 55.9 75.0 73.6 71.9 51.1 61.5 57.5 50.6 62.2 66.7 56.8 46.4 56.0 BUILDING PERMITS—TWENTY CITIES............................................ A tla n ta ...................................................................................................... B irm in g h a m ............................................................................................ J a c k so n v ille ............................................................................................. N a sh v ille ................................................................................................... N ew O rleans............................................................................................ F ifte e n O th er C itie s............................................................................. 13.6 5.3 3.3 13.8 10.6 12.4 19.3 13.0 7.7 2.2 19.0 16.5 7.9 17.3 10.6 8.5 4.8 25.4 15.1 5.3 11.3 12.2 7.8 5.2 16.2 48.6 6.6 11.8 11.8 27.3 2.9 11.4 9.3 10.2 10.5 8.0 5.3 1.7 12.0 8.4 15.8 8.0 CONTRACT AWARDS—SIXTH DISTRICT—TOTAL.......................... R e sid e n tia l............................................................................................... A ll O th ers................................................................................................. 14.9 15.1 14.7 12.1 11.5 12.5 11.1 12.2 10.3 19.6 11.2 25.2 21.3 9.3 29.2 16.0 7.7 21.6 WHOLESALE PRICES—UNITED STATESf ALL COM M ODITIES.......................................................................... Farm P r o d u cts ....................................................................................... F o o d s.......................................................................................................... O th er C o m m o d ities-............................................................................ H id es a n d le a th e r p r o d u cts..................................................... T extile p r o d u cts............................................................................. F u el a n d lig h tin g .......................................................................... M etals a n d m eta l p r o d u cts....................................................... B u ild in g m a teria ls........................................................................ C hem icals a n d d r u g s................................................................... H o u s e fu m ish in g g o o d s.............................................................. M iscella n eo u s.................................................................................. 62.7 50.2 59.4 66.5 76.9 55.9 60.4 77.7 71.4 73.2 71.7 58.9 65.0 53.2 61.2 68.9 82.4 61.5 61.5 79.3 74.7 73.7 73.4 60.8 68.9 60.1 65.5 72.2 86.3 68.0 65.3 80.6 79.5 73.2 74.8 64.0 64.4 46.6 59.3 70.4 72.5 54.3 70.7 80.1 71.5 73.6 74.8 64.4 63.9 45.7 58.8 70.1 70.8 52.7 71.6 79.9 70.8 73.1 74.7 64.2 64.5 47.9 60.9 69.7 68.6 51.5 72.3 79.2 69.7 73.0 74.0 64.3 COTTON CONSUMPTION-UNITED STATES.................................... C o tto n -G r o w in g S ta te s ..................................................................... All O ther S ta te s..................................................................................... G eorgia.............................................................................................. A labam a .......... ................................................................................. T en nessee.......................................................................................... 122.2 147.2 67.1 147.7 197.3 149.6 137.0 161.9 82.3 168.8 209.1 153.8 118.1 138.3 73.6 143.7 175.8 119.6 65.4 82.3 28.2 82.8 126.4 86.6 63.1 78.6 29.0 84.3 118.7 94.6 54.8 68.5 24.8 73.2 95.2 78.5 COTTON EXPORTS—UNITED STATES............................................... 96.3 100.0 112.6 81.5 58.6 73.1 PIG IRON PRODUCTION—U n ited S ta te s....................................... A la b a m a................................................. 29.7 20.9 42.3 28.6 60.0 52.7 26.2 33.1 21.0 15.7 19.2 13.7 DEPARTMENT STORE TRADE-SIXTH DISTRICT (1) ♦A d justed fo r S ea so n a l V a ria tio n . (1) C o p i e s o f t h e s e s e r i e s tC om p iled b y B u rea u o f L abor S ta tistic s. f o r b a c k y e a rs w ill b e fo rw a rd e d u p o n re a u e s t. 1926*=100. 116.6 64.8 > 52.7 56.5 67.7 71.9
@FedFRASER