View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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

10
t»

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 D isco u n ted :
4
.
1933
B ills
.................................. 1933
.... ........
Secured b y G ovt. O b lig a tio n s___ $ 37,412
$ 39,450

m

...... -z..................
T o ta l D is c o u n ts ..........................
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>
167 416
866
13' 19
4
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
(C O O m itted)
O
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

M O N T H L Y

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

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

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 .

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

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

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

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 ­

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

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

C o tto n

26
34
225

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 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 .

T o ta l....................................................... .
B y u s e of: Water P o w er ....................... .
F u e ls ........................................
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:

June
1933
185,246
47,239
77,484
95,368
3,709
87,212
496,258
326,704
169,554

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
B itu m in o u s

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

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

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

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

P r o d u c t io n

C o a l M in in g

o u t in t h e t a b le fo llo w in g .

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 .

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