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M O N T H L Y R E V I E W O f F in a n c ia l, A g r i c u l t u r a l , T r a d e a n d I n d u s t r i a l C o n d i t i o n s in th e S i x t h F e d e r a l R e s e r v e D i s t r i c t F E D E R A L R E S E R V E B A N K A TLAN TA, GA., AUGUST 31, 1934 Vol. 19 No. 8 NATIONAL SUMMARY OF BUSIN ESS CONDITIONS Prepared by Federal Reserve Board Industrial production declined in July.* Factory employ ment and payrolls also decreased. Diminished output of steel was the chief factor in the decline of industrial activity which was larger than is usual at this season of the year. The gen eral level of wholesale commodity prices showed little net change for July and advanced in the first three weeks of August. Production Volume of industrial output, as measured by and the Board’s seasonally adjusted index, deEmployment creased from 83 per cent of the 1923-25 aver age in June to 76 per cent in July. This decline reflected chiefly a sharp reduction in the output of steel, due in part to previous accumulation of stocks by consumers; and there was a further decline in steel operations during the first three weeks in August. Activity in the automobile industry decreased and there were considerable reductions in the output of pig iron and anthracite. At textile m ills, where operations had been at a low level in June, activity showed little change in July. Output of shoes showed a seasonal in crease. Accompanying heavy marketings of cattle from drought areas there was a considerable increase in activity at meat packing establishments. Factory employment decreased between the middle of June and the middle of July by 3 per cent, an amount larger than is usual at this season. There were reductions in many indus tries producing durable manufactures, such as iron and steel products and building materials, and also at establishments producing knit goods and women’s clothing. At canning es tablishments the number of employes increased by less than the usual seasonal amount. Employment on public projects increased further in July. Value of construction contracts awarded, as reported by the F . W. Dodge Corporation, was about the same in July as in June. Department of Agriculture estimates, based on August 1, conditions, indicate that the yields per acre for principal crops are 22 per cent smaller than the ten-year average, reflecting the effects of the drought. The wheat crop is esti mated at 491,000,000 bushels, 37,000,000 bushels less than last year’s small harvest, and the corn crop at 1,607,000,000 A T L A N T A ^ifSj^n^papefs 'of PER CENT PER C EN In d e x n u m b e r o f in d u s t r ia l p ro d u ctio n , a d ju ste d f o r s e a s o n a l v a r ia t io n . (1923-1925 a v e r a g e = 1 0 0 .) L a t e s t fig u re J u ly P r e lim in a r y 76. F bushels, as compared with a five-year average of 2,516,000,000 bushels. The cotton crop estimate is 9,195,000 bales, about 4,000,000 bales less than last season and smaller than in any other year since 1921. Distribution Total volume of freight car loadings declined in July, reflecting chiefly a reduction in miscel laneous freight, including steel shipments, offset in part by an increase in shipments of livestock. Department store sales showed a decrease of somewhat more than the estimated sea sonal amount. Commodity Wholesale prices of farm products, after flucPrices tuating widely in July, advanced considerably in the first three weeks of August. Between the beginning of July and the third week of August cotton, wheat and hog prices showed substantial increases while cat tle prices declined somewhat. During this period prices of commodities other than farm products and foods as a group showed little change. Bank Member bank reserve balances increased further beCredit tween the middle of July and the middle of August and on August 15 were about $1,900,000,000 in ex cess of legal requirements. The increase of reserve balances reflected principally a further growth in monetary gold stock offset in part during the first half of August by a seasonal increase in the total volume of money in circulation. The vol ume of reserve bank credit showed little change. In the four weeks ending August 15, loans and investments of New York City banks decreased by $141,000,000, while those of weekly reporting banks in other leading cities in creased by $116,000,000. The decrease at New York banks reflected a reduction of nearly $200,000,000 in loans to brokers and dealers in securities, following a sharp decline in security prices in the latter part of July, and a decline of $52,000,000 in holdings of United States Government securities. A ll other loans and holdings of securities other than United States Government obligations increased substantially at New York banks and at banks outside New York City. At outside banks holdings of United States Government securities also de creased. Average rates of discount on United States Treasury bills issued rose from .07 per cent in July to .23 per cent on August 22. Other open market money rates remained un changed at low levels. P E R CEN T P ER C EN T O F e d e ra l R e se rv e B o a r d ’s in d e x o f f a c to r y e m p lo y m e n t a d ju ste d f o r sea so n a l v a r ia t io n . (1923-25 a v e r a g e = 1 0 0 .) L a t e s t fig u re J u ly P r e lim in a r y 79.4. 2 M O N T H L Y R E V IE W B IL L IO N S OF D O L L A R S B illio n s 7 me:MBER o f d o lla r s 7 BANK CRE:dit U5 Govt Securities \ W -* V i v' -411OtherLoans __ Other Securities ■... . — — ion W e d n e s d a y f ig u r e s f o r r e p o r t i n g m e m b e r b a n k s i n fig u r e s a r e f o r W e d n e s d a y , A u g u s t 1 5 . SIXTH D ISTRIC T SUMMARY In the Sixth Federal Reserve District there were further declines during July in the volume of trade at both retail and wholesale because of seasonal influences, and decreases were reported in the production of pig iron in Alabama, in coal mining in Alabama and Tennessee, and in the consumption of cotton. Building permits at reporting cities declined over the month, but construction contracts in the Distirct as a whole increased, and both were substantially larger than a year ago. Department store sales declined 22.4 per cent from June to July but were 18.8 per cent greater than in July last year, and for the seven months of the year have been 33.5 per cent greater than in that part of 1933. On a daily average basis, the decrease from June to July was 19.3 per cent, compared with a usual decline of 22.4 per cent at that time of year, and the adjusted sales index rose from 81.9 per cent of the 19231925 average for June to 83.4 per cent for July. Sales by wholesale firms declined 4.6 per cent from June to July and were only slightly higher than in July a year ago, but for the seven months of 1934 they were 31.8 per cent greater than for that part of last year. Business failures declined from June to July, in both number and liabilities, and continued less than a year ago. After increasing for three consecutive months, building per mits issued during July at twenty reporting cities declined 19.3 per cent, but were 55.7 per cent greater than a year ago, and for the seven months were 91.6 per cent greater than in the same period a year ago. Building and construction con tracts awarded in the Sixth District, however, increased 20.6 per cent from June to July, were greater by 180.2 per cent than in July, 1933, and for the seven months have been 183.2 per cent greater than in that part of 1933. Consumption of cotton in the three states of the District for which figures are available declined 6.3 per cent from June to July, and was 39.9 per cent less than a year ago when the mills were very active, and for the cotton season which ended with July con sumption in these states was 7.9 per cent less than in the pre vious season. Orders booked during July, however, by report ing mills increased substantially over the month before and were greater than for that month last year. Production of pig iron in Alabama declined about 22 per cent from June to July and was 18 per cent less than in July, 1933, but for the seven months of the year has been 139.2 per cent greater than in that part of 1933. Coal mining in both Alabama and Tennessee also declined from June to July and was less than a year ago. Total volume of member bank credit outstanding at weekly reporting member banks in the District declined about seven millions of dollars from July 11 to August 15, but was 5.3 millions greater than a year ago because of larger holdings of securities. Discounts at the Federal Reserve Bank also de clined somewhat during this five week period and were less than a year ago, but holdings of Government securities were about 36.5 millions greater. August 1st estimates by the United States Department of Agriculture indicate a decrease of 11.7 per cent in production of cotton this year compared with last in the six states located wholly or partly in this District. Increases over 1933 production are indicated in corn, wheat, oats, hay, potatoes, peaches, oranges and sugar, but decreases in apples, grape fruit and rice. FIN A N C E Reserve The volume of reserve bank credit outstanding at Bank this bank, indicated by its total holdings of bills Credit and securities, declined slightly between July 11 and August 15, but was more than 30 millions of dollars greater than a year earlier. Discounts declined dur ing this period by 51 thousand and holdings of United States securities declined 14 thousand, but these were partly offset by industrial advances amounting to 35 thousand made under the recent authorization by Congress. Government security holdings of the bank on August 15 were 36.5 millions greater than at the same time last year. Member bank reserve deposits declined 6 millions between July 11 and August 15, and total deposits declined about 7.9 millions, and member bank reserve deposits were 15.3 m il lions, and total deposits were 16.1 millions, greater than a year ago. Total reserves declined 9.7 millions during this recent five week period and were 4.3 millions less than a year ago. Federal Reserve note circulation declined 2.3 mil lions from July 11 to August 15, but was 15.2 millions greater than a year ago. Principal items in the weekly statement of this bank are compared in the table below, which is followed by another table setting out similar comparisons for the twelve Federal Reserve Banks combined. 90 ■ In d e x e s o f t h e U n ite d S ta te s B u r e a u o f L a b o r S ta t is tic s . B y m o n th s 1 9 2 9 to 1 9 3 1 ; b y w e e k s 1 9 3 2 to d a t e . ( 1 9 2 6 = 1 0 0 . ) L a t e s t fig u re s A u g u s t 1 8 ; F a r m P r o d u c ts 6 8 .9 ; F o o d s 7 4 .1 ; O th e r C o m m o d itie s 7 8 .4 . c itie s . FED ER A L RESER V E BA NK OF ATLANTA ( 0 0 0 O m itte d ) A u g . 15 J u ly 11 1934 1934 B ills D isco u n te d : S e cu red b y G o v t. O b lig a tio n s A ll O th e r s ........................................... T o ta l D is c o u n ts ................... B ills B o u g h t in O p en M a r k e t . . I n d u s tr ia l A d v a n c e s ......................... U . S . S e c u ritie s ..................................... T o ta l B ills a n d S e c u ritie s T o ta l R e s e rv e s ...................................... M e m b e r B a n k R e s e rv e D e p o sits T o ta l D e p o s its ...................................... F . R . N o te s in a c tu a l c irc u la tio n F . R . B a n k N o te s in a c tu a l cir cu la tio n .............................................. .. R e s e rv e R a t i o ........................................ $ $ 30 162 192 178 35 94,230 94,635 123,839 70,971 79,191 132,926 L a te s t A ug. 16 1933 $ 9 234 243 178 393 5,825 6,218 239 *941244 94,665 133,510 77,102 87,063 135,250 *57‘,758 64,215 128,177 55,651 63,106 117,684 6 0 .1 % 2,047 7 0 .9 % FED ER A L R ESER V E SYSTEM (000 O m itte d ) J u ly 11 A u g . 15 1934 1934 A u g . 16 1933 B ills D isco u n te d : S ecu red b y G o v t. O b lig a tio n s A ll O th e r s ........................................... T o ta l D is c o u n ts ................... B ills B o u g h t in O p en M a r k e t . . I n d u s tr ia l A d v a n c e s .......................... U . S. S e c u ritie s ..................................... O th e r S e c u ritie s ................................... T o ta l B ills a n d S ecu ritie s T o ta l R e s e r v e s ...................................... M e m b e r B a n k R e s e rv e D e p o s its T o ta l D e p o s its ...................................... F . R . N o te s in a c tu a l c irc u la tio n F . R . B a n k N o te s in a c tu a l cirR e se rv e R a t i o ........................................ * 58*. 4 % $ 3,820 16,387 20,207 5,198 214 2,431,457 428 2 ,457,504 5,210,143 4,064,270 4,333,572 3,102,373 32,651 7 0.1% $ 6,047 18,544 22,684 5,259 $ 42,425 123,466 165,891 7,456 2,43 i,’779 483 2,460,205 5,066,978 3,902,098 4,188,145 3,098,273 2,058 ’,853 1,851 2,231,051 3,823,106 2,370,866 2,616,475 2,996,314 41,045 6 9 .5 % 128,188 68.1 % M O N T H L Y Member During the five weeks from July 11 to August 15 Bank there were declines both in loans and in investment Credit holdings of 17 weekly reporting banks located in Atlanta, Birmingham, Jacksonville, Nashville, Chat tanooga, Mobile and Savannah. The decrease in total loans amounted to only 1.4 millions, but the volume of loans on August 15 was smaller than on any other Wednesday this year or last. Investments in securities, however, although 5.5 millions less on August 15 than five weeks earlier, con tinued large in comparison with figures for earlier periods this year, and were more than 15 millions greater than at the same time last year. Demand deposits reported by these banks declined slightly from July 11 to August 15, but were larger than on any Wednesday during the first half of the year and 31.6 millions greater than on the same report date a year ago. Time deposits declined slightly since July 11, and were 5.5 millions less than a year ago. Bankers’ balances increased from July 11 to August 15 and were substantially larger than at the same time last year. In the tables which follow are shown comparisons of the principal items in the weekly report, and monthly averages of some of these figures over the past year, and a comparison of savings deposits reported by a list of banks located throughout the District. C O N D IT IO N O F M E M B E R B A N K S IN S E L E C T E D C IT IE S (0 0 0 O m itte d ) A u g . 15 J u ly 11 A ug. 16 1934 1934 1933 L o a n s: O n S e c u ritie s ..................................... A ll O th e r s ........................................... T o ta l L o a n s ............................ U . S . S e c u ritie s ..................................... O th e r S e c u ritie s ................................... T o t a l In v e s tm e n ts ............. T o ta l L o a n s a n d I n v e s t m e n ts ...................................... T im e D e p o s its ....................................... D e m a n d D e p o s its ............................... D u e to B a n k s ........................................ D u e fro m B a n k s .................................. B o rro w in g s fro m F . R . B a n k . . . $ 5 5 ,4 1 5 1 1 0 ,4 2 1 1 6 5 ,8 3 6 1 1 0 ,4 8 1 5 5 ,8 0 7 1 6 6 ,2 8 8 $ 5 5 ,6 9 7 1 1 1 ,5 7 8 1 6 7 ,2 7 5 1 1 8 ,7 5 7 5 3 ,0 0 2 1 7 1 ,7 5 9 $ 5 9 ,1 2 7 1 1 6 ,4 5 8 1 7 5 ,5 8 5 9 7 ,2 9 9 5 3 ,9 5 5 1 5 1 ,2 5 4 3 3 2 ,1 2 4 1 2 9 ,7 6 4 1 7 2 ,0 8 6 8 9 ,0 3 0 8 8 ,7 4 2 0 3 3 9 ,0 3 4 1 3 0 ,1 1 5 1 7 4 ,4 6 4 7 9 ,1 5 9 8 3 ,2 8 4 0 3 2 6 ,8 3 9 1 3 5 ,2 2 2 1 4 0 ,4 4 5 5 3 ,9 0 1 5 7 ,6 6 7 1 ,0 3 6 M O N T H L Y A V E R A G E S O F W E E K L Y F IG U R E S O F 17 R E P O R T I N G M E M B E R B A N K S I N S E L E C T E D C I T I E S (0 0 0 O m itte d ) T o ta l In v e s t Loans an d D em and T im e F ro m Loans In v e s tm e n ts D e p o sits D e p o s its F . R . B a n k m e n ts 1933 J u n e ..................., $ 1 7 5 ,9 8 1 J u l y ................... , 1 7 6 , 9 4 6 A u g u s t............. , 1 7 5 , 6 8 4 S e p te m b e r .. . 1 7 6 , 5 2 7 O c to b e r........... 1 7 8 ,4 1 1 N o v e m b e r .. . 1 8 8 , 6 1 2 D e c e m b e r .. . 1 9 2 ,4 9 1 1934 J a n u a r y ..........., 1 8 7 , 7 9 5 F e b r u a r y .. . , , 1 8 7 , 3 5 8 . 1 8 4 ,8 5 1 A p r il.................. 1 8 0 , 6 7 0 M a y ................... 1 7 8 , 0 1 9 J u n e ................... 1 7 7 , 6 8 7 J u l y ................... . 1 6 7 , 2 9 4 $ 1 3 4 ,2 4 4 1 3 8 ,4 7 5 1 4 5 ,7 7 7 1 4 9 ,7 1 7 1 4 4 ,6 5 1 1 5 1 ,2 7 5 1 5 0 ,1 9 9 $ 3 1 0 ,2 2 5 3 1 5 ,4 2 1 3 2 1 ,4 6 1 3 2 6 ,2 4 4 3 2 3 ,0 6 2 3 3 9 ,8 8 7 3 4 2 ,6 9 0 $ 1 4 1 ,9 9 3 1 4 0 ,5 7 0 1 4 1 ,8 4 2 1 4 5 ,1 6 7 1 4 1 ,8 9 4 1 4 4 ,6 0 2 1 5 2 ,2 4 9 $ 1 2 6 ,8 7 6 1 3 4 ,2 6 1 1 3 4 ,2 3 9 1 3 2 ,7 5 4 1 3 2 ,1 6 0 1 3 1 ,4 2 6 1 2 9 ,0 3 3 $ 1 ,1 5 4 1 ,1 7 9 1 ,2 2 9 2 ,1 1 2 1 ,9 6 0 2 ,5 7 2 2 ,6 1 4 1 4 8 ,3 0 5 1 6 2 ,0 5 4 1 5 5 ,6 0 8 1 5 2 ,6 7 9 1 5 1 ,1 7 2 1 5 6 ,5 2 2 1 6 9 ,7 8 0 3 3 6 ,1 0 0 3 4 9 ,4 1 2 3 4 0 ,4 6 0 3 3 3 ,3 4 9 3 2 9 ,1 9 1 3 3 4 ,2 0 9 3 3 6 ,5 1 3 1 5 1 ,9 3 5 1 5 8 ,6 9 5 1 6 1 ,7 9 4 1 6 8 ,0 7 0 1 6 7 ,4 0 4 1 6 9 ,1 9 6 1 7 2 ,7 0 7 1 3 0 ,0 4 8 1 3 1 ,5 0 5 1 3 0 ,4 0 6 1 3 0 ,6 4 9 1 3 2 ,9 1 1 1 3 0 ,7 8 6 1 3 1 ,5 6 0 2 ,0 6 0 441 1 61 0 0 0 0 S A V IN G S D E P O S IT S ( 0 0 0 O m itte d ) N um ber of B anks A tla n ta .. . . B irm in g h a m Jack so n v ille. K n o x v ille .. . N a s h v ill e .. . N ew O rlean s O th e r C ities. T o t a l .............. 3 3 3 3 4 5 35 56 J u ly 1934 $ 3 0 ,5 0 5 1 7 ,0 6 6 1 3 ,6 9 8 3 ,1 7 0 2 2 ,6 0 4 2 8 ,7 6 1 6 2 ,6 4 7 1 7 8 ,4 5 1 June 1934 $ 3 1 ,2 0 0 1 7 ,3 6 0 1 3 ,7 0 3 2 ,9 3 0 2 2 ,4 0 4 2 8 ,5 4 1 6 3 ,2 7 6 1 7 9 ,4 1 4 J u ly 1933 $ 2 8 ,5 9 1 1 6 ,1 7 8 1 2 ,4 6 5 1 ,4 7 7 1 9 ,6 6 5 2 1 ,8 8 9 5 6 ,5 7 9 1 5 6 ,8 4 4 P e rc e n ta g e C h a n g e J u ly 1 9 3 4 c o m p a re d w ith J u n e 1 9 3 4 J u ly 1 9 3 3 — — — + + + — — 2 .2 1 .7 0 .0 8 .2 0 .9 0 .8 1 .0 0 .5 + 6 .7 + 5 .5 + 9 .9 + 1 1 4 .6 + 1 4 .9 + 3 1 .4 + 1 0 .7 + 1 3 .8 Debits to Debits to individual accounts at twenty-six clearindividual ing house centers of the Sixth District declined Accounts 1.4 per cent from June to July, but were 3.2 per cent greater than in that month a year ago. In creases over June were reported from nine cities, and over July 1933 by fifteen cities. Bank debits usually decline some what from June to July. Monthly totals shown in the table are derived from weekly reports by pro-rating figures for those weeks which do not fa ll entirely within a single calen dar month. 3 R E V IE W ( 0 0 0 O m itte d ) J u ly 1 9 3 4 Ju n e 1934 J u ly 1 9 3 3 $ 1 1 5 ,4 5 1 7 2 ,8 9 9 1 ,6 8 9 2 3 ,1 2 0 1 7 ,7 4 3 $ 1 1 2 ,9 7 8 7 0 ,7 7 5 1 ,7 2 6 2 3 ,7 1 8 1 6 ,7 5 9 $ 9 4 ,5 8 2 5 6 ,6 7 4 1 ,5 3 9 2 3 ,7 7 8 1 2 ,5 9 1 F lo rid a — 4 C itie s .............................. J a c k s o n v ille .................................... 8 5 ,7 6 3 4 5 ,8 0 8 1 4 ,7 3 8 5 ,5 6 7 1 9 ,6 5 0 9 3 ,2 6 8 5 0 ,1 1 8 1 7 ,4 7 5 5 ,6 0 0 2 0 ,0 7 5 7 7 ,2 8 1 4 2 ,0 7 8 1 4 ,1 9 0 4 ,7 9 8 1 6 ,2 1 5 G eorgia— 10 C itie s .......................... 1 8 6 ,6 6 8 2 ,2 3 4 1 2 0 ,0 3 7 1 5 ,5 8 4 1 ,9 3 6 8 ,8 6 7 596 1 0 ,2 6 7 1 ,5 2 0 2 3 ,1 7 7 2 ,4 5 0 1 8 6 ,0 1 1 2 ,3 3 3 1 1 7 ,3 4 1 1 5 ,9 1 4 1 ,8 1 5 8 ,7 9 7 632 1 0 ,2 0 2 1 ,4 3 0 2 5 ,0 5 2 2 ,4 9 5 1 8 0 ,1 6 7 2 ,0 9 3 1 1 1 ,0 4 6 1 5 ,4 4 7 1 ,6 2 0 8 ,0 4 9 398 1 1 ,1 9 2 1 ,5 3 6 2 6 ,5 7 9 2 ,2 0 7 L o u isia n a — N e w O rle a n s ............ 1 6 3 ,3 9 2 1 6 7 ,4 0 5 1 8 8 ,9 2 4 M ississippi— 4 C itie s ..................... H a ttie s b u r g ..................................... 3 1 ,7 1 5 3 ,3 6 2 1 7 ,9 9 0 6 ,1 4 2 4 ,2 2 1 3 0 ,8 7 0 3 ,4 5 3 1 5 ,6 8 7 7 ,5 4 6 4 ,1 8 4 2 9 ,0 7 3 3 ,1 3 6 1 5 ,9 1 6 6 ,0 1 0 4 ,0 1 1 T en n essee— 3 C itie s ....................... C h a tta n o o g a ................................... 1 0 8 ,2 1 9 2 7 ,4 4 6 1 7 ,5 9 0 6 3 ,1 8 3 1 1 0 ,7 7 0 2 7 ,6 8 3 1 8 ,8 3 1 6 4 ,2 5 6 1 0 0 ,0 1 6 2 4 ,4 4 9 1 5 ,5 3 1 6 0 ,0 3 6 T o ta l— 2 6 C itie s ............... $ 6 9 1 ,2 0 8 $ 7 0 1 ,3 0 2 $ 6 7 0 ,0 4 3 A la b a m a — 4 C itie s .......................... B irm in g h a m ................................... M o n tg o m e ry .................................. B ru n sw ic k ........................................ C o lu m b u s ......................................... V ic k s b u rg ......................................... A G RIC U LTU RE The August crop report issued by the United States De partment of Agriculture indicates a decline of nearly 11 per cent in crop prospects in the United States during July as a result of continued drought and record-breaking hot weather. The report states that “growing conditions are poor prac tically everywhere except along the Atlantic Coast, in the eastern Cotton Belt and in the Pacific Northwest. . . . Com bining the estimates of 32 principal crops, present indications are that yields per acre w ill average nearly 19 per cent less than they were last year, and about 22 per cent below the average of yields during the last 13 years. The aggregate acreage of the 15 principal field crops, according to current estimates, w ill be about 8 per cent less than the very low acreage harvested last year, 15 per cent lower than the aver age acreage during the previous 10 years, and lower than in any season in about 25 years.” The largest declines in esti mated production, compared with last year, are in corn, hay, oats, tobacco and apples, and small increases over last year are indicated in the estimates for potatoes, peaches and pears. Comparisons of the estimates for the principal crops are shown in the table. ( I n T h o u s a n d s o f U n its ) E s tim a te E s tim a te P e rc e n t P ro d u c tio n A ug. 1, 1 9 3 4 J u ly 1, 1 9 3 4 C hange 1933 C o m , b u s h e ls . . . W h e a t, b u s h e ls .. O ats, b u s h e ls .. . . T a m e H a y , to n s . T o b a cco , lb s......... W h ite P o ta to e s , P ercen t 1 ,6 0 7 , 1 0 8 4 9 0 ,9 6 0 5 4 5 ,3 4 5 4 9 ,0 1 8 1 ,0 4 2 ,9 4 2 2 ,1 1 3 ,1 3 7 4 8 3 ,6 6 2 5 6 7 ,8 3 9 5 2 ,0 2 0 1 ,0 3 9 ,5 1 7 — 2 3 .9 + 1 .5 — 4 .0 — 5 .8 + 0 .3 2 ,3 4 3 ,8 8 3 5 2 7 ,9 7 8 7 3 1 ,5 2 4 6 5 ,9 8 3 1 ,3 8 5 ,1 0 7 — 3 1 .4 — 7 .0 — 2 5 .5 — 2 5 .7 — 2 4 .7 3 2 7 ,2 5 1 3 4 8 ,0 9 2 — 6 .0 3 2 0 ,3 5 3 + 2 .2 In the Sixth District, prospects for tobacco, oats and wheat improved somewhat from July 1 to August 1, and substantial increases are indicated over 1933 production of potatoes, oats and wheat, and small increases in com and hay. Rice pro duction in Louisiana is estimated at 13,962,000 bushels, a de cline of 5.4 per cent from last year, but estimates for sugar indicate an increase of 4.9 per cent. A ll six states apparently w ill have larger crops of white potatoes, and all except Geor gia are expected to produce more sweet potatoes than in 1933. The apple crop is smaller in all of these states, but more peaches were produced this year than last except in Georgia, where there was a slight decrease. Production of oranges in Florida, from the bloom of 1933, is estimated at 17,800,000 boxes, compared with 16,200,000 boxes from the previous season and grapefruit is indicated at 10,700,000 boxes against 11,800,000 boxes the season before. In the table are shown estimates for some of the principal crops for the Sixth District prepared by the Federal Reserve Board’s 4 M O N T H L Y Division of Research and Statistics, based upon estimates by states reported by the United States Department of Agricul ture. (I n T h o u s a n d s of U n its ) E s tim a te E s tim a te P e rc e n t P ro d u c tio n A ug. 1, 1 9 3 4 J u ly 1, 1 9 3 4 C hange 1933 C o rn , b u s h e ls . . . W h e a t, b u s h e ls .. O ats, b u s h e ls .. . . T a m e H a y , to n s . T o b a cco , lb s......... W h ite P o ta to e s , b u s h e ls ................ R E V IE W C le an R ic e— P o c k e ts: R e c e ip ts .......................... S h ip m e n ts ...................... S to c k s ............................... P e rc e n t C h an g e 1 5 7 ,7 6 8 3 ,5 9 8 9 ,9 3 2 1 ,9 5 6 1 2 2 ,8 4 2 1 5 8 ,5 4 4 3 ,3 8 4 9 ,8 5 3 2 ,1 4 8 1 1 7 ,8 3 1 — 5 .0 + 6 .3 + 0.8 — 8 .9 -J- 4 . 3 1 5 1 ,6 7 2 3 ,0 3 9 8 ,1 8 3 1 ,9 2 7 1 6 7 ,1 5 6 + 4 .0 + 1 8 .4 + 2 1 .4 + 1 .5 — 2 6 .5 1 4 ,8 9 8 1 4 ,9 3 8 — 0 .3 1 1 ,0 3 0 + 3 5 .1 Cotton The first estimate of the 1934 cotton crop by the United States Department of Agriculture, based on conditions on August 1, indicate a crop of 9,195,000 bales, a reduction of 29.5 per cent compared with the 1933 crop of 13,047,000 bales. The 1932 crop was 13,002,000 bales. The crop as forecast is 3,852,000 bales less than last year's crop and 5,480,000 bales less than average production in the fiveyear period, 1928 to 1932. With the exception of 1921, when production was below eight million bales, the indicated 1934 crop is the smallest since 1896. Unusually hot and dry weather prevailed in the western part of the belt, but in the eastern part conditions were mostly favorable and resulted in considerable recovery from unfavorable conditions earlier in the season. In the six states located wholly or partly in the Sixth Fed eral Reserve District the Augst 1st estimate indicates a total crop of 3,693,000 bales, smaller by 11.7 per cent than last year’s production.The acreage in these states is estimated to be 7.3 per cent less than that harvested last year. Estimates for these states are compared with the 1933 crop in the table. R e c e ip ts o f R o u g h R ice: S eason 1 9 3 3 - 3 4 ....................... S eason 1 9 3 2 - 3 3 ....................... P ro d u c tio n 1933 P e rc e n t C hange A la b a m a ............................................ F lo r id a ................................................ G e o rg ia .............................................. L o u is ia n a .......................................... M is siss ip p i....................................... T e n n e s s e e ......................................... 9 1 5 ,0 0 0 2 1 ,0 0 0 8 8 1 ,0 0 0 4 4 6 ,0 0 0 1 ,0 6 2 ,0 0 0 3 6 8 ,0 0 0 9 6 9 ,0 0 0 2 8 ,0 0 0 1 ,1 0 5 ,0 0 0 4 7 7 ,0 0 0 1 ,1 5 9 ,0 0 0 4 4 3 ,0 0 0 — 5 .6 — 2 5 .0 — 2 0 .3 — 6 .5 — 8 .4 — 1 6 .9 T o ta l— 6 S t a t e s ............ 3 ,6 9 3 ,0 0 0 4 ,1 8 1 ,0 0 0 — 1 1 .7 R e c e ip ts: N ew O rlean s ........................... 6 8 , 9 6 3 , 3 7 8 3 0 ,6 1 8 ,5 7 2 S a v a n n a h ............... ........................... M eltin g s: N ew O r le a n s . . . ............................. 1 3 0 , 3 7 1 , 1 0 9 S a v a n n a h ............... ........................... 3 4 , 9 3 4 , 1 3 4 S to ck s: N e w O rlean s ........................... 1 1 5 , 6 7 0 , 1 4 9 S a v a n n a h ............... ........................... 1 0 0 , 1 6 7 , 0 4 2 1 5 2 ,4 1 9 ,1 9 4 2 8 ,1 5 5 ,1 9 3 1 0 8 ,2 3 5 ,5 7 7 2 8 ,7 7 0 ,0 9 4 1 1 1 ,0 8 0 ,0 3 9 4 2 ,4 1 5 ,2 6 0 1 7 7 ,1 0 4 ,7 3 7 1 0 4 ,4 8 2 ,6 0 4 1 0 7 ,7 5 7 ,5 6 7 8 1 ,4 5 7 ,2 6 2 ........................... ........................... 1 2 8 ,1 3 1 ,1 9 6 2 9 ,8 9 0 ,2 9 0 1 0 3 ,8 0 7 ,7 4 8 2 7 ,6 6 5 ,7 6 1 8 9 ,8 7 9 ,3 1 3 4 3 ,8 9 9 ,8 6 1 ........................... ........................... 3 4 ,6 6 5 ,8 2 9 7 ,7 1 1 ,5 4 0 4 1 ,6 0 1 ,7 3 7 8 ,4 3 4 ,3 2 6 7 2 ,0 0 0 ,1 8 7 1 5 ,1 9 9 ,4 2 8 R IC E M O V E M E N T — N E W O R LEA N S J u ly 1 9 3 4 Ju n e 1934 R o u g h R ic e — B arrels: R e c e ip ts ............................................... S h ip m e n ts ........................................... S to c k s .................................................... 1 9 ,6 1 0 2 2 ,2 9 4 1 8 ,8 1 3 4 8 3 ,2 5 5 5 5 3 ,8 7 7 7 ,6 9 2 ,8 0 7 9 ,7 8 1 ,7 8 9 S to c k s : J u ly 3 1 , 1 9 3 4 . J u ly 3 1 , 1 9 3 3 . 2 3 7 ,3 8 9 2 9 1 ,2 2 7 Rough Fertilizer There was a substantial seasonal decline from Tag Sales June to July in sales of fertilizer tax tags in the six states located wholly or partly in the Sixth District, but July sales were 46.8 per cent greater than in that month last year. For the cotton season, August, 1933, through July, 1934, total tag sales in these states have been 35.8 per cent greater than in the season before, increases by states ranging from 11 per cent for Florida to 109.2 per cent for Mississippi. The figures in the table are from those com piled by the National Fertilizer Association. J u ly 1934 Ju n e 1934 300 1 2 ,5 2 5 1 ,3 2 0 250 678 162 1 5 ,2 3 5 J u ly 1933 A u g u st 1 to J u ly 3 1 1933 -3 4 1 9 32-33 4 ,4 5 0 1 7 ,2 5 1 1 ,4 8 0 500 1 ,9 8 1 178 850 6 ,6 6 6 1 ,1 1 3 1 ,1 5 0 400 200 3 6 8 ,8 0 0 3 9 9 ,6 4 4 5 6 2 ,6 5 1 8 0 ,3 4 5 1 7 9 ,6 0 1 8 9 ,2 6 9 2 7 4 ,0 0 0 3^0 064 3 8 9 ,6 0 5 5 4 ,2 9 5 8 5 ,8 5 6 7 3 ,5 6 5 2 5 ,8 4 0 1 0 ,3 7 9 1 ,6 8 0 ,3 1 0 1 ,2 3 7 ,3 8 5 TRA D E 1 ,7 9 4 2 ,3 1 3 3 0 ,4 5 7 R E T A IL T R A D E IN T H E S IX T H D IS T R IC T D U R IN G JU L Y 1 9 34 B ased on c o n fid en tial re p o rts fro m 6 1 d e p a rtm e n t sto re s C o m pa r is o n o p N e t S a l e s C o m pa r is o n o p S to ck s J u ty 1 9 3 4 Y e a r to J u ly 3 1 , 1 9 3 4 S to ck T u r n o v e r w ith : d a te w ith w ith : S am e m o n th P rev io u s S am e p erio d S am e m o n th P re v io u s J u ly J u ly J a n . to J u ly a y e a r ago M o n th la s t y e a r a y e a r ag o M o n th 1934 1933 1934 1933 A tla n ta ( 6 ) .............. B irm in g h am (6 ) . C h a tta n o o g a ( 4 ) . Jack so n v ille ( 3 ) .. K n o x v ille ( 3 ) . . . . M ia m i (3)............. N a sh v ille ( 4 ) .......... N ew O rlean s (5 ) . . O th e r C ities ( 2 7 ) . D IS T R IC T (6 1 ). NOTE: + 1 9 .5 + 11.8 + 3 4 .3 + 2 0 .8 + 2 2 .3 + 3 4 .2 + 2 2 .7 + 1 5 .2 + 17.1 + 18.8 — 24.0 — 18.0 — 23.3 — 18.8 — 21.9 — 11.9 — 34.0 — 21.2 — 24.4 — 22.4 H30.2 -37.4 -43.0 -31.2 -40.6 r49.9 -25.9 H-28.4 1-32.3 -33.5 + — — + 3.1 3 .7 11.5 3.7 + i6*.3 + 6 .4 + 2 0 .7 + 2 1 .8 + 9 .6 — 5 .8 — 7 .2 — 3 .3 — 13.3 .29 .26 .24 .15 — — — — — *.25 i5*.3 3 .7 7.7 9 .0 8 .0 T h e rate of stock turn over is the ratio of sales d u rin g given period to average stocks on hand. C le a n 9 9 9 ,2 9 8 6 4 5 ,5 3 9 Retail Department store sales in the Sixth District declined Trade by slightly less than the usual seasonal amount from June to Ju ly, but were 18.8 per cent greater than in July last year. Total sales declined 22.4 per cent from June to July, but on a daily average basis the decrease was 19.3 per cent. For the first seven months of 1934 sales by report ing firms have been 33.5 per cent greater than in that part of 1933. In July cash sales accounted for 46 per cent of the total, compared with 45.3 per cent in June and with 46.1 per cent in July last year. Stocks at the end of July averaged 8 per cent smaller than a month earlier, but 9.6 per cent greater than a year ago. The rate of stock turnover declined from June to July, but was higher for the month, and for the seven months, than a year ago. The collection ratio also declined slightly over the month, but continued higher than at the same time last year. For installment accounts the July ratio was 14.6 per cent, and for regular accounts 31.1 per cent. Percentage comparisons shown in the table are based upon reports in actual dollar amounts and make no allowance for changes in the level of prices. J u ly 1 9 3 3 3 9 ,5 1 4 1 8 ,0 1 7 2 1 ,4 9 7 A S S O C IA T IO N S T A T IS T IC S (B a rre ls) A u g u st to J u ly In c . J u ly D is trib u tio n of M ille d R ic e: S eason 1 9 3 3 —3 4 ....................... S eason 1 9 3 2 - 3 3 ....................... T o t a l. R e fin e d S u g a r S h ip m e n ts : N ew O r le a n s .. . . S a v a n n a h ............... S to ck s: N e w O r le a n s .. . . S a v a n n a h ............... 3 1 ,& 5 6 5 0 ,1 3 0 1 5 5 ,$ 5 1 7 ,6 2 6 ,2 0 7 8 ,9 1 8 ,7 8 2 M ississip p i............ J u ly 1 9 3 3 1 0 0 ,4 3 1 ,5 7 1 4 2 ,2 9 2 ,0 8 7 2 6 ,2 8 8 3 5 ,1 8 9 1 4 9 ,0 9 4 1 5 2 ,9 0 7 1 1 2 ,0 4 5 B ales E s tim a te A ug. 1, 1 9 3 4 S U G A R M O V E M E N T -—(P o u n d s ) R aw S ugar J u ly 1 9 3 4 Ju n e 1934 2 9 ,0 1 8 7 1 ,1 9 2 1 0 6 ,9 2 0 .17 .26 .19 .24 .25 .23 .17 2.47 2 .04 1.89 *15 .19 2^78 1.67 1.67 1.75 1.92 .21 .20 1.22 2.23 1.57 1.44 C o l l e c t io n R a t io J u ly 1934 June 2 5.3 30.0 31.6 28.8 31.9 3 1 .6 1934 . . . . i .48 1.38 1.59 1.59 26.9 36.9 27 2 28.8 July 1933 25.0 19.6 24.3 • * . * • • • * 28*4 3 9.6 24.7 2 9 .6 27.5 33.7 25.0 2 6 .9 M O N T H L Y Wholesale Wholesale trade in the Sixth District declined Trade from June to Ju ly, and was only one-half of one per cent above the July, 1933, total. For the seven months of the year, sales by 99 reporting wholesale firms have been 31.8 per cent greater than in that part of 1933. From June to July last year there was an increase in wholesale trade, but during the previous thirteen years there had been six increases from June to July, six decreases, and one year in which there was no change. Stocks declined slightly over the month, but were 21.8 per cent greater than for July last year. The collection ratio rose in July and continued well above the same month a year ago. Reported figures are compared in the table. W H O LESA LE T R A D E IN JU L Y 1934 S ix th F e d e ra l R e s e rv e D is tric t* P e rc e n ta g e C o m p a riso n s J u ly 1 9 3 4 w ith : J a n .- J u l y 1 9 3 4 N um ber June J u ly w ith sam e of F irm s 1934 1933 p e rio d la s t y e a r A ll L in es C o m b in ed : S to c k s ............................... G ro ceries: S a le s .................................. J a c k s o n v il le .. . N e w O rle a n s — V ic k s b u rg ........... O th e r C itie s . . . S to c k s .............................. D r y G o o d s: S a le s .................................. N a s h v ille ............. O th e r C ities S to c k s ............................... , H a rd w a re : S a le s .................................. N a s h v ille ............. N e w O rlean s — O th e r C itie s S to c k s ............................... F u r n itu r e : S a le s ................................... A t l a n t a ................. O th e r C itie s . . . S to c k s ................................. E le c tric a l S u p p lies: S ales ................................ N e w O r le a n s .. . O th e r C itie s . . . S to c k s ............................... D ru g s : S a le s ................................... S ta tio n e r y : , 30 — «*,o — 1 .6 f v.O + 2 1 .8 4 5 3 11 3 — 6 .7 — 3 .2 — 4 .4 — 2 1 .7 — 3 .8 — 7 .4 + 6 .4 + 1 7 .0 + 3 .3 — 1 2 .7 + 1 2 .7 + 2 0 .4 + 2 9 .2 + 2 2 .5 + 3 0 .6 + 3 7 .8 + 2 9 .2 3 12 7 + 1 9 .3 + 1 8 .8 + 1 9 .4 + 0 .9 — 3 3 .6 — 1 2 .9 — 3 7 .5 + 4 7 .7 + 2 0 .9 + 2 5 .1 + 1 9 .9 26 3 5 18 9 — — — — + 5 .6 1 8 .9 5 .4 3 .1 1 .5 + — + + + 4 .9 1 .3 4 .0 6 .6 8 .0 + 3 6 .9 + 2 0 .4 + 3 6 .5 + 4 0 .7 9 — — — — 9 .7 1 4 .0 8 .0 1 .1 — 2 1 .0 — 2 7 .5 — 1 8 .3 + 2 3 .1 + 4 8 .7 + 2 8 .2 + 5 7 .2 13 4 9 3 — 1 2 .8 — 7 .4 — 1 4 .7 — 1 3 .1 + 5 8 .7 + 6 0 .5 + 5 8 .1 + 4 2 .1 + 4 5 .7 + 4 3 .7 + 4 6 .5 .............. 8 — 4 .1 + 1 9 .6 + 2 8 .4 5 6 — 2 1 .8 — 9 .9 C O L L E C T IO N R A T IO * * N um ber J u ly 1934 of F irm s G ro c e rie s ................................ H a r d w a r e ............................ .. F u r n i t u r e ............................. E lle c tric a l S u p p lie s D r u g s ........................................ 6 4 4 T o t a l ......................... + 1 9 .1 Ju n e 1934 J u ly 1933 6 2 .7 3 3 .7 3 1 .9 3 0 .3 7 6 .2 2 6 .5 6 3 .1 3 3 .3 3 2 .0 3 0 .2 5 7 .1 2 8 .8 5 5 .3 2 9 .2 2 5 .2 2 7 .8 3 2 .1 1 9 .8 4 2 .6 4 1 .6 3 3 .9 * B ased o n co n fid en tial r e p o rts fro m 9 9 firm s. ** T h e collection ra tio is th e p e rc e n ta g e of a c c o u n ts a n d n o te s re c e iv a b le o u t s ta n d in g a t th e b e g in n in g of th e m o n th w hich w ere co llected d u rin g th e m o n th . Life Sales of new, paid-for, ordinary life insurance in Insurance the six states located wholly or partly in the Sixth District declined 16.3 per cent from June to July, and were 0.8 per cent less than a year ago. A ll of the states except Mississippi reported increases over Ju ly, 1933. For the seven months of the year total sales have been 20 per cent greater than in that part of last year, as indicated in the figures below, which are from those compiled by the Life Insurance Sales Research Bureau. J u ly 1934 A la b a m a .................... F lo r id a ........................ G e o r g ia ...................... L o u is ia n a .................. M is s is s ip p i............... T e n n e s s e e ................. $ 3 ,7 7 9 5 ,0 1 4 6 ,4 5 8 4 ,1 3 0 1 ,9 9 8 5 ,6 0 4 (0 0 0 O m itte d ) June J u ly 1934 1933 $ 3 ,1 2 8 3 ,5 4 6 6 ,0 4 1 3 ,9 4 6 5 ,1 4 6 5 ,4 0 5 $ 2 6 ,7 3 7 3 3 ,1 4 9 4 8 ,9 0 4 3 1 ,6 5 7 1 7 ,0 5 3 4 2 ,2 4 4 T o t a l ............$ 2 6 , 9 8 3 $ 3 2 , 2 5 6 $ 2 7 , 2 1 2 $ 1 9 9 ,7 4 4 $ 4 ,1 3 0 5 ,0 4 8 8 ,1 6 6 5 ,3 7 6 3 ,0 6 0 6 ,4 7 6 J a n . to J u ly In c . 1934 1933 $ 2 3 ,4 8 9 2 4 ,0 6 0 3 8 ,6 2 9 2 6 ,5 5 1 1 6 ,4 9 3 3 7 ,2 1 1 $ 1 6 6 ,4 3 3 P ercen t C hange + 1 3 .8 + 3 7 .8 + 2 6 .6 + 1 9 .2 + 3 .4 + 1 3 .5 + 2 0 .0 R E V IE W 5 C O M M E R C IA L F A IL U R E S (F r o m s ta tis tic s co m p ile d b y D u n & B ra d s tr e e t, I n c .) S ix th D is tr ic t N um ber L iab ilities J u ly 1 9 3 4 .................................. J u n e 1 9 3 4 ................................. M a y 1 9 3 4 ................................. J u ly 1 9 3 3 .................................. J a n u a r y - J u ly 1 9 3 4 ............ J a n u a r y - J u ly 1 9 3 3 ............ 31 30 19 58 264 726 $ 3 4 2 ,0 1 8 5 8 6 ,1 9 9 1 8 0 ,9 9 8 6 5 7 ,9 1 2 3 ,8 6 1 ,0 0 0 1 7 ,8 6 3 ,0 0 0 U n ite d S ta te s N um ber L iab ilities 912 1 ,0 3 3 977 1 ,4 2 1 7 ,4 8 9 1 4 ,1 4 4 $ 1 9 ,3 2 5 , 5 1 7 2 3 ,8 6 8 ,2 9 3 2 2 ,5 6 0 ,8 3 5 2 7 ,4 8 1 ,1 0 3 1 7 1 ,1 1 9 ,2 7 7 3 5 5 ,0 7 1 ,8 5 7 IN DUSTRY Building After registering increases for three consecutive Permits months over the month before, the total value of permits issued at twenty reporting cities for the construction of buildings within their corporate lim its de clined 19.3 per cent from June to Ju ly, but was 55.7 per cent greater than in July last year. Twelve of these cities, how ever, reported gains over the month, and there were fifteen increases over Ju ly, 1933. For the seven months of 1934, total permits issued at these cities have amounted to $13,562,194, larger by 91.6 per cent than the total for the same part of 1933, 39 per cent greater than for that part of 1932, but 25.1 per cent less than for the corresponding part of 1931. Comparisons for the month are shown in the table. B U IL D IN G P E R M IT S N um ber V alu e J u ly J u ly 19341933 1934 A la b a m a A n n is to n .............. B irm in g h a m . . . M o n tg o m e r y .. . F lo rid a J a c k s o n v ille .. . . M ia m i B e a c h . . G eo rg ia A tla n ta .... C o lu m b u s ............ 1933 P e rc e n ta g e C h a n g e in V alu e 900 7 1 ,0 2 4 2 0 ,7 7 2 3 2 ,1 4 0 + 5 9 4 .7 + 3 .7 + 1 1 0 .8 + 4 6 .5 10 289 68 96 6 123 59 78 585 403 42 83 202 423 213 37 61 221 1 5 5 ,6 2 5 2 1 0 ,1 3 3 4 5 1 ,0 5 0 4 6 .8 5 3 4 9 ,8 8 6 2 0 9 ,3 1 0 7 5 ,7 9 6 1 9 0 ,5 0 0 2 4 ,0 7 6 4 8 ,6 3 9 — 2 5 .6 + 1 7 7 .2 + 1 3 6 .8 + 9 4 .6 + 2 .6 227 45 77 320 17 167 38 38 233 33 1 0 4 ,9 8 7 2 2 ,1 0 4 2 4 ,8 8 3 4 8 ,2 8 7 1 8 ,8 3 5 1 3 1 ,7 2 0 2 9 ,0 6 1 2 ,9 4 4 3 8 ,8 4 7 5 2 ,4 6 5 — 2 0 .3 — 2 3 .9 + 7 4 5 .2 + 2 4 .3 — 6 4 .1 $ 6 ,2 5 2 7 3 ,6 7 6 4 3 ,7 8 6 4 7 ,0 9 2 $ S a v a n n a h ............ L o u isian a N ew O r le a n s ... A le x a n d ria .......... T en n essee C h a tta n o o g a .. . Jo h n so n C i t y . . K n o x v ille ............. N a s h v ille ............. 103 74 88 54 2 2 8 ,5 1 6 1 3 ,2 6 2 6 8 ,7 2 1 1 6 ,9 1 8 + 2 3 2 .5 — 2 1 .6 247 2 50 106 172 1 38 103 4 2 ,5 1 6 2 0 ,5 0 0 6 0 ,1 1 6 1 9 7 ,3 9 6 4 0 ,5 0 5 500 4 7 ,2 9 2 9 5 ,8 2 5 + 5 .0 + 4 0 0 0 .0 + 2 7 .1 + 1 0 6 .0 T o ta l 2 0 C itie s . 3 ,0 1 0 2 ,1 8 6 $ 1 ,8 6 5 ,7 5 5 $ 1 ,1 9 7 ,9 5 5 + 5 5 .7 Contract Awards The value of building and construction contracts awarded in the Sixth District, indicated in statis tics compiled by the F . W. Dodge Corporation and subdivided into district totals by the Federal Reserve Board's Division of Research and Statistics, increased 20.6 per cent from June to July and was 2.8 times as large as for July last year. Residential contracts declined nearly 4 per cent over the month and were only slightly larger than a year ago, but other classes of awards increased 26.8 per cent over June and were 322.3 per cent greater than in Ju ly, 1933. For the seven months of the year, total awards in this District have been greater by 183.2 per cent, residential awards by 29.6 per cent, and others by 237.8 per cent, than in that part of 1933. July contracts increased sharply over June in Louisi ana, but other states of the District had decreases, but for the seven months large increases over that part of last year were shown for all of the six states. In the 37 states east of the Rocky Mountains July contracts declined 5.8 per cent from June, but were 45 per cent greater than for July last year, and for the seven months of the year total awards show an increase of 89.2 per cent over that part of 1933. Comparisons for the month are set out in the table. 6 M O N T H L Y R E V IE W BUILDING AND CONSTRUCTION CONTRACTS AWARDED July 1934 June 1934 July 1933 Sixth D istrict—T o ta l................ $10,873,768 1,741,023 Residential.............................. All Others................................ 9,132,745 9,015,961 1,811,664 7,204,297 3,880,108 1,717,646 2,162,462 State Totals: A labam a.................................. F lorida................. ................... Georgia.................................... Louisiana................................. Mississippi............................... E. Tennessee........................... 1,149,900 1,640,900 795,500 8,195,300 814,900 ............ 1.415.600 1.832.600 2,035,300 1,567,200 1,348,100 1,937,700 306,700 1,005,500 1,134,000 964,600 169,900 641,500 United States: T o tal........................................ 119,698,800 Residential............ .............. 19,879,100 Non-Residential...................... 60,753,400 Public Works and Utilities... 39,066,300 127,116,200 26,565,200 43,141,900 54,409,100 82.554.400 23.630.400 39,983,200 18,940,800 Lumber Reports in the press indicate that there was some improvement in orders received by lumber mills following the announcement of revised code prices which were effective the latter part of July, but retail yards have resumed buying only for actual needs and most of the current busi ness is for railroads. For the six weeks ended August 11, orders averaged 1 per cent less than production by the same mills, but were 24.5 per cent less than orders booked by the same mills during the corresponding period a year ago. Un filled orders averaged 19 per cent, and production 33.6 per cent, less than a year ago. Weekly figures compiled by the Southern Pine Association are compared in the table. Week Ended Number of Mills July 7 ............. July 14........... July 21........... July 28........... August 4 ........ August 1 1 .... 78 92 83 87 88 103 (In Thousands of Feet) Orders Production 1933 1934 1933 1934 10,410 14,127 18,267 25,475 19,746 19,814 23,432 23,785 21,271 27,443 25,752 19,816 15,884 19,809 18,682 18,280 17,510 17,776 24,180 29,507 28,264 26,791 27,896 25,922 Unfilled Orders 1934 1933 56,943 60,111 54,205 60,001 57,593 56,354 75,180 83,263 69,514 69,211 68,795 62,424 Cotton Consumption of cotton by American mills was Consumption about the same in July as in June, but was 40.2 per cent less than in July last year when mills were very active. Total consumption in July was 1.1 per cent less, but daily average consumption 2.8 per cent more, than in June, because of the smaller number of busi ness days. Exports in July were one-third less than in June, and 55.8 per cent less than in July, 1933. Spindles active in July declined slightly from June, and were 6.4 per cent fewer than a year ago. For the 1933-34 cotton season which ended with July, total consumption in the United States was 6.1 per cent less than in the previous season. Consumption in the cotton states was 10.5 per cent less, but in other states 9.4 per cent larger. Exports for the season totaled 7,536,115 bales, a decrease of 10.5 per cent compared with the season before. Census Bureau figures for the month are compared in the table. COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPINDLES U N ITE D STATES—Bales July 1934 June 1934 July 1933 Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and a t Compresses.......................... E xports........................................ Active Spindles—N um ber........ 359,372 6,795,509 1,230,369 363,414 7,312,195 1,326,480 600,641 7,084,634 1,348,236 5,565,140 305,820 24,417,682 5,985,715 459,226 24,690,312 5,736,398 692,007 26,085,300 COTTON GROWING STATES—Bales Cotton Consumed...................... Stocks.......................................... In Consuming Establishments In Public Storage and a t Compresses.......................... Active Spindles—N um ber......... 289,557 6,210,038 935,636 292,621 6,697,973 1,016,096 483,846 6,355,843 1,030,635 5,274,402 17,127,942 5,681,877 17,175,280 5,325,208 17,694,344 OTHER STATES—Bales Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and a t Compresses.......................... Active Spindles—N um ber........ 69,815 585,471 294,733 70,793 614,222 310,384 116,795 728,791 317,601 290,738 7,289,740 303,838 7,515,032 411,190 8,390,956 Consumption in the three states of this District for which Census figures are compiled separately declined 6.3 per cent from June to July, and was 39.9 per cent less than a year ago. On a daily average basis consumption in Tennessee and Georgia increased somewhat over June, but these increases were more than offset by a decrease in Alabama. For the season consumption in these three states has been 7.9 per cent less than in the previous season. COTTON CONSUMPTION—Bales July June July August to Jnly Inc. 19341934 1933 1933-34 1932-33 Alabama............... Georgia................ Tennessee............ T otal........ 33,386 40,529 60,428 68,326 69,018 111,989 9,108 8,782 11,906 110,820 118,329 184,323 584,916 1,059,745 122,271 660,910 1,104,881 153,149 1,766,932 1,918,940 Cotton Manufacturing A further substantial increase in orders booked during July was reported by cotton mills in this district over June, and orders for yam were greater than a year ago, but those for cloth smaller. There were also increases over June in unfilled orders, shipments and production, but stocks were reduced slightly and employment also declined* Stocks at both cloth and yarn mills were substantially greater than a year ago, and employment at all reporting mills averaged 1.5 per cent less than for July, 1933. Comparisons for the month are shown in the table. Cloth July 1934 compared with: June 1934 July 1933 Orders booked............... Unfilled Orders............. Stocks on H and ............ Number on payroll. . . . . . . + 17.1 . . . +125.5 ... + 4 .3 . . . — 1.1 .. — 2 .0 —37.2 — £5.5 — 13.3 — 0.8 + 9 8.8 + 0.6 Yarn July 1934 compared with: June 1934 July 1933 b 2.9 - 6.1 -57.1 b 5.8 - 1.6 - 0.7 —41.3 —46.1 + 1 0 .2 — 9 .7 + 1 2 8 .6 — 6.3 Cotton Seed There was a slight increase in production of Products crude oil and of linters at cotton seed oil mills in this District during July, compared with June, but production of cake and of meal and of hulls declined. Operations for the month were at a lower level than a year ago. For the cotton season, August, 1933, through July, 1934, receipts of seed at mills in this District have been 8.7 per cent, and crushings 12.9 per cent, less than in the previous season, and output of the principal cotton seed products has also been smaller. Stocks of seed at the end of July were much larger than a year earlier, but stocks of the principal products were smaller. For the country as a whole, receipts and crushings of seed have been smaller than during the sea son before, and except for a gain of production of linters, output of cotton seed products has also been less. Totals for the season for Georgia, Alabama, Louisiana and Missis sippi combined are compared in the first two columns of the table, and totals for the country are compared in the last two columns. COTTON SEED AND COTTON SEED PRODUCTS Sixth District* United States Aug. 1, to July 31 Aug. I to July 31 1933-34 1932-33 1934-34 1932-33 Cotton seed, Tons: Received at Mills... Crushed.................... On Hand. July 31. . 1,209,786 1,170,381 68,175 1,325,200 1,343,336 28,770 4,155,276 4,151,058 224,639 4,542,622 4,620,558 220,938 Production: Crude Oil, lbs.......... 384,433,618 435,275,845 1,301,789,405 1,445,681,407 Cake and Meal, tons 509,948 585,191 1,887,299 2 093,168 Hulls, tons............... 319,431 387,658 1,102,185 1,312,435 Linters* Bales.......... 235,105 236,660 800,178 741,401 M O N T H L Y Stocks a t Mills, July 31: Crude Oil, lbs.......... 4,763,890 Cake and Meal, tons 53,389 Hulls, to n s............... 9,631 Linters, Bales.......... 18,756 14,100,762 60,918 27,610 27,031 19,980,290 128,379 31,425 77,159 33,013,337 160,874 76,686 70,786 * Georgia, Alabama, Louisiana and Mississippi. Electric Power There was a further slight increase from May to June in the production of electric power by public utility power plants in the six states located wholly or partly in the Sixth District, and except for March the June total was the largest since October. Production by use of water power, which in June accounted for 61.1 per cent of the total, was 3.1 per cent less than in May, and 8.3 per cent less than a year earlier, but production by use of fuels in creased 6.2 per cent from May to June and was 5.4 per cent greater than in June, 1933. For the first half of 1934, the total was 7.3 per cent greater than for that part of 1933, production by use of water power being 0.6 per cent less, but that by use of fuels 22.9 per cent greater. Figures compared in the table are from those compiled by the United States Geological Survey. PRODUCTION OF ELECTRIC POWER M ay 1934 June 1933 Alabam a........................ ............ Florida........................... ............ ............ ............ Mississippi..................... ............ ............ 129,603 50,107 98,628 112,154 4,538 95,701 135,600 55,523 93,605 94,418 4,311 105,638 165,838 47,236 96,892 106,826 3,827 87,248 T o tal................................ 490,731 489,095 507,867 299,731 191,000 309,273 179,822 326,711 181,156 10,730 184,564 2,294,023 11,632 203,052 1,975,335 9,521 187,927 2,086,321 By use of: W ater Power........... Fuels........................ Fuels consumed in Production of Electric Power: Coal—to n s........................... Fuel Oil—b b ls.................... Natural Gas—000 cu. f t . . . Note: Bituminous Coal Mining Production of bituminous coal in the United States declined 4.3 per cent from June to July, and was 14.2 per cent less than in July last year, according to preliminary statistics compiled by the United States Bureau of Mines. The decrease from June to July was largely due to the smaller number of working days, as daily average production was only 0.4 per cent smaller. For the seven months of 1934, January through July, total production has amounted to 207,969,000 tons, an increase of 19 per cent compared with the same part of 1933. Preliminary figures for July are compared in the table. Total Production (Tons) July 1934..................................... ... 25 ,290,000p June 1934.................................... ... 26,424,000 March 1934.................................... 38,497,000 July 1933..................................... ....29,482,000 Number of Working Days 25 26 27 25 Average per Working Day (Tons) l,012,000p 1,016,000 1,426,000 1,179,000 Weekly figures for July indicate a decline in production in both Alabama and Tennessee, compared with June, and Ala bama output was about 14 per cent and that in Tennessee about 34 per cent less than in corresponding weeks a year ago. Figures for recent weeks are compared in the table. (Tons) Alabama 1934 1933 July 7 ........................... ......... 142,000 July 14...................................175,000 July 21......................... ..........166,000 July 28......................... ..........175,000 August 4 ...................... ..........172,000 Pig Iron Production 177,000 199,000 185,000 207,000 219,000 Tennessee 1934 1933 48,000 50,000 60,000 57,000 60,000 69,000 82,000 80,000 95,000 98,000 There was a substantial decline in the production of pig iron, in the United States and in Ala bama, in July compared with previous months, and a reduction in active furnaces. In the United States Production—Tons Total Daily Average Furnaces Active* United States: July 1934................................. June 1934................................ May 1934................................ July 1933................................. 1,224,826 1,930,133 2,042,896 1,792,452 39,510 64,338 65,900 57,821 75 89 117 106 Alabama: July 1934................................. June 1934................................ May 1934................................ July 1933................................. 100,279 128,183 130,364 122,308 3,235 4,273 4,205 3,945 7 10 10 9 * First of following month. June figures preliminary—M ay figures slightly revised. Week Ended: production of pig iron in July was 36.5 per cent less than in June and 31.7 per cent less than in July, 1933. At the same time last year there was an increase of 41.7 per cent from June to July. Furnaces active on August 1 numbered 75, compared with 89 a month earlier, and with 106 a year ago. Alabama production of pig iron declined 21.8 per cent from June to July, when production was the smallest since Janu ary, and 18 per cent less than in July last year. Last year production increased 83.9 per cent from June to July. On August 1 there were 7 Alabama furnaces active, compared with 10 active during the previous seven months, and with 9 active at the same time a year ago. Press reports indicate that with most consumers heavily stocked with iron bought before the increase in price, there is little new business. Cumulative production in the United States during the seven months of 1934 amounted to 11,023,139 tons, greater by 76.8 per cent than in that part of last year and by 92 per cent than in the same part of 1932, and production in Ala bama during this seven months period totaled 836,286 tons, 139.2' per cent greater than in the first seven months of 1933 and 79.8 per cent greater than in that part of 1932. Compar isons for the month are shown in the table. (000 k. w. Hours) June 1934 7 R E V IE W Naval Receipts and stocks of both turpentine and rosin at Stores the three principal markets of the District increased seasonally from June to July, but were less than for July of last year. Except for 1932, July receipts of both commodities were the smallest for that month of any recent year, and July stocks of turpentine were smaller than for any other July since 1926, and stocks of rosin were less than for July of the past four years. Quotations published in the Naval Stores Review indicate that the price of turpentine declined from 45% cents on July 14 to 40% cents two weeks later, but rose to 43 cents on August 11, and the average of quotations on the thirteen grades of rosin declined from $4.45 on July 14 to $4.27 on July 28, and increased to $4.38 two weeks later. Press reports indicate some improvement in demand for both commodities during the second week of August. Comparisons of receipts and stocks for the month are set out in the table. NAVAL STORES July 1934 June 1934 July 1933 15,616 11,262 4,270 13,009 10,635 3,970 17,122 13,362 4,781 T o ta l................................ ...........31,148 27,614 35,265 Receipts—Rosin (2) Savannah............................................60,890 Jacksonville........................................42,572 P e n sa c o la .............................. ...........12,557 49,905 41,308 11,204 59,562 52,120 12,295 Receipts—Turpentine (1) Savannah................................. Jacksonville............................. Pensacola................................. T o ta l................................ 116,019 102,417 123,977 Stocks—Turpentine (1) Savannah................................. Jacksonville............................. Pensacola................................. 9,690 26,511 18,970 7,091 23,387 17,214 14,212 36,676 19,563 T o ta l................................ 55,171 47,692 70,451 Stocks—Rosin (2) Savannah................................. Jacksonville............................. Pensacola................................. 113,411 67,598 19,640 94,840 61,112 15,853 115,559 104,578 14,441 T otal................................ 200,649 171,805 234,578 (1) (2) Barrels of 50 Gallons. Barrels of 500 Pounds. 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 DEPARTM ENT STORE TRADE—SIX TH D ISTR IC T M ay 1934 Ju n e 1934 Ju ly 1934 M ay 1933 Ju n e 1933 Ju ly 1933 D aily Average Sales—U n a d ju ste d A tlanta........................................................................................... Birmingham.................................................................................. Chattanooga.................................................................................. Nashville....................................................................................... New Orleans.................................................................................. D IS T R IC T .................................................................................... 155.3 64.0 69.6 88.7 67.6 82.8 131.8 58.6 65.6 69.8 65.7 73.7 101.8 49.3 52.3 47.9 53.8 58.4 123.0 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 Daily Average Sales—A djusted* A tlanta.......................................................................................... Birmingham.................................................................................. Chattanooga.......................................................................... Nashville........................................................................................ New Orleans.................................................................................. D IS T R IC T ................................................................................... 147.9 63.4 67.6 79.9 69.7 82.0 151.5 63.0 59.1 75.9 73.8 81.9 139.5 67.5 70.7 69.4 78.0 83.4 117.1 51.3 53.1 66.0 60.8 67.2 119.4 47.4 45.8 61.2 60.1 64.4 116.6 64.8 52.7 56.5 67.7 71.9 M o n th ly Stocks—U n a d ju ste d A tlan ta........................................................................................... Birmingham........ ......................................................................... Chattanooga.................................................................................. Nashville........................................................................................ New Orleans.................................................................................. D IS T R IC T .................................................................................... 90.8 35.2 44.3 67.9 60.5 64.5 83.5 33.6 40.4 59.4 56.9 54.9 83.3 31.9 39.0 •57.2 52.5 52.1 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 M o n th ly S tocks—A djusted* A tlan ta........................................................................................... Birmingham.................................................... ............................. Chattanooga.................................................................................. Nashville...................................................................................... New Orleans.................................................................................. D IS T R IC T ..................................................... ............................. 89.9 34.5 43.4 67.2 59.9 63.2 87.0 33.9 42.1 61.2 60.5 57.8 91.5 33.6 41.5 61.5 55.3 56.6 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 WHOLESALE TRADE—SIX TH D ISTRICT—T O T A L .. Groceries...................... ................................................................. Dry Goods..................................................................................... H ard w are...................................................................................... Furniture....................................................................................... Electrical Supplies........................................................................ Stationery................................................................ .................... Drugs.............................................................................................. 56.7 49.0 54.8 59.3 51.3 78.4 37.9 76.0 53.5 47.1 40.0 56.6 46.1 93.9 35.4 71.8 51.0 44.0 47.7 53.4 41.6 81.9 31.9 68.9 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 LIFE INSURANCE SALES—SIX STATES—T O T A L ... Alabama......................................................................................... Florida............................................................................................ Georgia.......................................................................................... Louisiana....................................................................................... Mississippi......................................................... ........................... Tennessee....................................................................................... 76.0 60.8 84.8 90.3 81.8 63.9 69.0 76.8 60.9 85.3 89.0 84.8 70.0 68.8 64.3 55.7 84.7 70.4 65.2 45.7 59.5 59.6 54.7 62.2 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 18.7 12.7 3.8 14.5 10.0 8.6 24.4 20.5 20.4 14.8 18.8 8.1 5.6 27.4 16.6 6.8 5.0 18.9 31.1 17.8 20.2 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 29.8 14.7 40.0 25.7 12.9 34.2 31.0 12.4 43.4 14.9 15.1 14.7 12.1 11.5 12.5 11.1 12.2 10.3 WHOLESALE PRICES—UNITED STATES f ALL COM M ODITIES.............................................................. Farm Products.............................................................................. Foods.............................................................................................. Other Commodities.................................................... ................. Hides and leather products................................................ Textile products.................................................................. Fuel and lighting.................................................................. Metals and metal products................................................. Building materials................................................................ Chemicals and drugs............................................................ Housefurnishing goods........................................................ Miscellaneous...................................................... ................ 73.7 59.6 67.1 78.9 87.9 73.6 72.5 89.1 87.3 75.4 82.0 69.8 74.6 63.3 69.8 78.2 87.1 72.7 72.8 87.7 87.8 75.6 82.0 70.2 74.8 64.5 70.6 78.4 86.3 71.5 73.9 86.8 87.0 75.4 81.6 69.9 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 COTTON CONSUMPTION—UNITED STA TES............. Cotton-Growing S tates................................................................ AH Other States.................................................. ......................... Georgia.................................................................................. Alabama........................................................ ....................... Tennessee.............................................................................. 100.9 121.8 59.6 124.6 163.3 120.5 70.6 85.5 41.0 88.6 117.9 88.2 69.8 84.6 40.4 87.7 97.1 91.5 120.5 150.1 61.8 147.7 197.3 149.6 135.4 165.3 76.1 168.8 209.1 153.8 116.6 141.3 67.7 119.6 175.8 119.6 COTTON EXPORTS—UNITED STA TES......................... 55.5 89.4 59.6 115.2 119.7 134.8 P IG IRON PRODUCTION—United States........................ A labam a................................. 68.4 56.1 64.6 55.2 41.0 43.2 29.7 20.9 42.3 28.6 60.0 52.7 BUILDING PER M ITS—TW ENTY C IT IE S ...................... A tlanta........................................................................................... Birmingham.................................................................................. Jacksonville................................................................................... Nashville........................................................................................ New Orleans.................................................................... i ........... Fifteen Other Cities..................................................................... CONTRACT AWARDS—SIX TH D ISTRICT—TOTAL. Residential.................................................................................... All Others...................................................................................... ♦ A d ju st e d fo r S e a so n a l V a r ia t io n . t C o m p ile d b y B u r e a u o f L a b o r S ta tistic s. 1 9 2 6 — IOO.
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