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M O N T H L Y R E V IE W O f F in a n c ia l, A g r ic u ltu r a l, T r a d e a n d I n d u s tr ia l C o n d itio n s in th 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 V O L . 18, N o . 1 2 A T L A N T A . G A ., D e c e m b e r 3 1 , 1 9 3 3 7 P rep a red b y F ed era l R eserv e B o a rd Total volume of industrial production after declining further during October showed little change during November and the first half of December. The amount of construction undertaken continued to increase, reflecting an expansion of public works. P r o d u c tio n O u t p u t o f b a s ic c o m m o d it ie s a s m e a s u r e d b y t h e and F e d e r a l R e s e r v e B o a r d ’s s e a s o n a lly a d j u s t e d in d e x w a s 7 3 fo r N o v e m b e r o n t h e b a s is o f t h e 1 9 2 3 - 1 9 2 5 a v e r a g e a s 1 0 0 , c o m p a r e d w it h 7 7 O c to b e r . fo r T h is t o t a l fo r t h e m o n t h r e f le c t s t h e m a in t e n a n c e d u r in g N o v e m b e r , w it h a llo w a n c e fo r u s u a l s e a s o n a l c h a n g e s , o f t h e le v e l r e a c h e d a t t h e e n d o f O c to b e r a f t e r a c o n t in u o u s d e c lin e d u r in g t h e p r e c e d in g t h r e e m o n t h s . A c t i v i t y a t s t e e l m ills , a f t e r d e c lin in g f r o m 4 4 p e r c e n t o f c a p a c it y in t h e e a r ly p a r t o f O c to b e r t o 2 5 p e r c e n t in t h e e a r ly p a r t o f N o v e m b e r , s u b s e q u e n t ly in c r e a s e d t o a r a t e o f 3 4 p e r c e n t in t h e t h ir d w e e k o f D e c e m b e r . O u tp u t of a u to m o b ile s , w h ic h w a s c u r ta ile d s h a r p ly in N o v e m b e r in p r e p a r a tio n f o r n e w m o d e ls , a ls o in c r e a s e d s o m e w h a t in t h e e a r ly p a r t o f D e cem ber. 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 w a s in s o m e w h a t s m a lle r v o lu m e in N o v e m b e r t h a n in t h e p r e c e d in g m o n t h a n d a c t i v i t y a t w o o le n m ills d e c r e a s e d . A t s h o e f a c t o r ie s p r o d u c t io n s h o w e d a d e c lin e la r g e r t h a n i s u s u a l a t t h is s e a s o n . Volume of factory employment and payrolls declined from the middle of October to the middle of November by somewhat more than the usual seasonal amount. The Board’s seasonally adjusted index of factory employment for November was 7 2 , as compared with 7 4 in October and 5 7 at the low point in March. Value of construction contracts awarded, as reported by the if. W. Dodge Corporation, showed a further substantial increase i i November. This increase, at a season when construction con tracts usually decline, reflects a growth in the volume of public ^works. PERCENT 140 in i DUSTR1AL PRODUCTIION Shipments of commodities by rail decreased in November as compared with October by an amount somewhat smaller than is usual at this season. Sales of merchandise at department stores declined, contrary to seasonal tendency, while sales by variety stores showed little change. W holesale Wholesale commodity prices, as measured by the weekP n ces ly index of the Bureau of Labor Statistics advanced from 7 0 .9 per cent of the 1 9 2 6 average in the first week November to 7 1 .7 per cent in the third week and then declined to 7 0 .9 per cent in the week ending December 9 . These move ments reflected chiefly changes in the prices of farm products and foods. Prices of hogs declined considerably after the middle of November, owing partly to seasonal factors. Foreign The value of the dollar in the foreign exchange market Exchange advanced from a low point of 59 per cent of its gold parity on November 1 6 to about 6 4 per cent for the period from November 2 7 to December 2 0 . Bank Between November 15 and December 2 0 there was the Credit usual seasonal increase of about $ 1 9 5 ,0 0 0 ,0 0 0 in the demand for currency by the public. This currency demand was met largely through the purchase of $100,000,000 of acceptances by the Federal Reserve Banks and the issuance of additional bank notes by the national banks. Reserve balances of member banks showed little change for the period and con tinued to be at a level of about $ 8 0 0 ,0 0 0 ,0 0 0 above legal require ments. Total loans and investments of reporting member banks in lead ing cities declined by $ 1 6 0 ,0 0 0 ,0 0 0 between November 1 5 and December 1 3 , reflecting chiefly sales of acceptances to the Reserve Banks and a reduction in holdings of investments of other than United States Government securities. Loans on securities, chiefly to brokers in New York City, increased by $ 4 0 ,0 0 0 ,0 0 0 while all other loans which include holdings of acceptances declined by $ 1 2 5 ,0 0 0 ,0 0 0 . Short term money rates advanced slightly during the period. 1H0 130 130 120 120 110 110 100 100 90 90 80 80 70 70 60 60 50 50 I n 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 N o v e m b e r 73. for publication in D istribution 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 E m p lo y m e n t oundav nan^ra nf Tlonomhoi- Thi» XI review released F e d e r a l R e s e r v e B o a r d ’s i n d e x o f f a c t o r y e m p l o y m e n t w i t h a d j u s t m 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 N o v e m b e r 7 2 .4 . 2 M O N T H L Y PERCENT PER CEN T 160 f 160 CONSTRU CTION CONTRACTS AWARDED 140 1*0 120 120 s i^ V 100 100 \ j o U sL \ 80 80 \ H 60 ^Residential1 "" *0 60 '■N V \ / \ V------ 20 v / *0 20 —V 0 192Q 1929 1930 1931 1932 1933 0 In d exes b a sed o n th r e e -m o n th m ovin g averages o f F. W. D o d g e d a ta fo r 37 E astern S ta te s, a d ju ste d fo r s e a so n a l v a ria tio n . (1923-25 average =100). N ovem ber p relim in a ry , T o ta l 51, R e sid e n tia l 13. SIXTH DISTRICT SUMMARY 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 fr o m O c to b e r t o N o v e m b e r , a s t h e y h a v e a lw a y s d o n e , b u t w e r e 1 2 .6 p e r c e n t g r e a t e r in d o lla r v o lu m e t h a n in N o v e m b e r , 1 9 3 2 . T h e d e c r e a s e in t o t a l s a le s fr o m O c to b e r t o N o v e m b e r w a s 9 .2 p e r c e n t , c o m p a r e d w it h a d e c r e a s e o f 1 5 .4 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 . B e c a u s e o f t h e s h o r te r m o n t h , t h e d e c r e a s e in d a ily a v e r a g e s a le s w a s 5 .7 p e r c e n t . S a le s r e p o r t e d b y 1 0 2 w h o le s a le fir m s d e c lin e d 4 .2 p e r c e n t fr o m O c to b e r t o N o v e m b e r , a ft e r in c r e a s in g e a c h m o n t h s in c e F e b r u a r y , a n d w e r e 3 0 .8 p e r c e n t g r e a t e r t h a n in N o v e m b e r l a s t y e a r . B ank d e b it s t o in d iv id u a l a c c o u n t s a t 2 6 c le a r in g h o u s e c it ie s o f t h e d is t r ic t d e c lin e d 5 .9 p e r c e n t fr o m O c to b e r , b u t w e r e 1 7 .9 p e r c e n t g r e a t e r t h a n in N o v e m b e r , 1 9 3 2 . B e t w e e n N o v e m b e r 8 a n d D e c e m b e r 13 t h e r e w a s a n in c r e a s e o f a b o u t 6 .3 m illio n s in F e d e r a l 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 is b a n k , d u e p a r t ly t o a n in c r e a s e in d is c o u n t s b u t p r in c ip a lly to in c r e a s e d h o ld in g s o f p u r c h a s e d b ills . A t w e e k ly r e p o r t in g m e m b e r b a n k s a n in c r e a s e o f a b o u t 6 m illio n s in lo a n s w a s p a r t ly o f f s e t b y d e c r e a s e s in in v e s t m e n t 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 a n d o t h e r s e c u r itie s . D a i l y a v e r a g e d e m a n d d e p o s its o f a ll m e m b e r b a n k s in t h e d is t r ic t in c r e a s e d a p p r o x im a t e ly 1 2 .9 m illio n s o f d o lla r s fr o m O c to b e r t o N o v e m b e r , a n d w e r e a t th e h ig h e s t le v e l s in c e J a n u a r y . B u ild in g p e r m its is s u e d a t 2 0 r e p o r t in g c it ie s d e c lin e d in N o v e m b e r c o m p a r e d w it h O c to b e r , a n d w it h N o v e m b e r , 1 9 3 2 , b u t c o n t r a c t a w a r d s s h o w e d a fu r t h e r in c r e a s e o v e r b o t h o f t h o s e p e r io d s , a n d w e r e a t t h e h ig h e s t le v e l in m o r e t h a n th r e e y e a r s . C o n su m p tio n o f c o t t o n b y m ills in t h e c o t t o n s t a t e s d e c lin e d 6 .4 p e r c e n t fr o m O c to b e r t o N o v e m b e r , p a r t ly b e c a u s e o f t h e s h o r te r m o n th , a n d w a s 9 .8 p e r c e n t le s s t h a n in N o v e m b e r , 1 9 3 2 , a n d y a r n p r o d u c t io n b y r e p o r t in g m ills d e c lin e d , b u t o u t p u t o f c lo t h in c r e a se d s lig h t l y . E m p lo y m e n t a t r e p o r t in g c o t t o n m ills in t h e d is t r ic t d e c lin e d 6 .2 p e r c e n t fr o m O c to b e r t o N o v e m b e r b u t w a s 4 6 .1 p er c e n t g r e a te r t h a n a ir o n R E V IE W in year ago. D a i l y a v e r a g e p r o d u c t io n o f p ig A la b a m a d e c lin e d 1 2 .3 p e r c e n t c o m p a r e d w it h O c to b e r b u t w a s 6 3 .5 p e r c e n t g r e a t e r t h a n in N o v e m b e r , 1 9 3 2 . m in in g C oal in c r e a s e d s lig h t l y in A la b a m a o v e r t h e m o n t h , b u t th e r e w a s a s m a ll d e c r e a s e in d ic a te d in t h e fig u r e s fo r T e n n e s s e e . FINANCE Reserve Bank Credit D u r in g t h e f iv e - w e e k p e r io d f r o m N o v e m b e r 8 t o D e c e m b e r 1 3 t h e t o t a l v o lu m e o f F e d e r a l 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 e a c h w e e k e x c e p t o n e , a n d o n D e c e m b e r 13 w a s a b o u t 6 .3 m illio n s g r e a t e r t h a n o n N o v e m b e r 8 , a n d 1 0 .3 m illio n s g r e a t e r t h a n o n t h e c o r r e s p o n d in g r e p o r t d a t e a y e a r e a r lie r . T h e in c r e a s e in t o t a l h o ld in g s o f b ills a n d s e c u r itie s d u r in g t h is r e c e n t f iv e w e e k p e r io d h a s b e e n d u e p r in c ip a lly t o a r ise o f 5 m illio n s in h o ld in g s o f p u r c h a s e d b ills , a n in c r e a s e o f 1 .2 m illio n s in d is c o u n t s , a n d a s m a ll in c r e a s e o f $ 3 0 ,0 0 0 in h o ld in g s o f U n it e d S t a t e s s e c u r itie s . H o ld in g s o f p u r c h a s e d b ills , w h ic h r o s e fr o m Indexes o f th e U n ite d S ta te s B u rea u o f L abor S ta tis tic s (1926-100). L a te st figu res, N ovem ber: F arm p r o d u cts 56.6; F o o d p ro d u cts, 64.3: O th er C om m od ities 77.2. about 1 .9 millions on February 15 to 1 9 .6 millions two weeks later, at the time of the banking holiday, declined to $ 2 4 4 ,0 0 0 on June 2 8 , and to $ 1 9 9 ,0 0 0 on November 1, but since that time have risen to 5 .2 millions on December 13 . Compared with the cor responding report date a year ago, discounts on December 13 show a decrease of about 1 5 .8 millions, but holdings of purchased bills show an increase of 1 .5 and holdings of United States securities a gain of 2 4 .6 millions. Reserve deposits maintained with the Federal Reserve Bank of Atlanta by member banks declined slightly from November 8 to December 13 , but were about 1 8 millions greater than at the same time a year ago. There was also a slight decline in Federal reserve note circulation since November 8 , but on December 13 it was nearly 2 6 millions greater than a year earlier. Total gold reserves and other cash declined 7 .5 millions from November 8 to December 13 but continued to be substantially larger than a year ago. Principal items in the weekly statement are compared in the table. FE D E R AL RESERV E B A N K OF ATLANTA (COO O m itted) D ec. 13, N ov. 8, 1933 1933 B ills D isco u n te d : $ 408 $ 1,729 Secured b y G ovt. O b lig a tio n s . 5,803 5,690 A ll O th ers......................................... 7,419 6,211 T o ta l D is c o u n ts ..................... 5,245 199 B ills B o u g h t in O pen M arket......... 71,271 71,241 U . S . S ecu rities...................................... 83,935 77,651 T o ta l B ills a n d S ecu rities.. 128,644 121,130 60,123 60,431 69,146 68,340 122,755 F . R . N o te s in a c tu a l c ir c u la tio n .................. 122,532 5,789 5,398 F . R . B a n k N o te s in a c tu a l circu la tio n — 67.3 63.2 Reserve R a tio ........................................................... D ec. 14, 1932 $ 3,081 20,126 23,207 3,750 46,632 73,589 72,924 42,154 44,374 96,662 ______ I 51.7 Following is a table setting out similar comparisons for the | twelve Federal Reserve Banks combined. A further decline of 5 .9 \ millions in discounts from November 8 to December 13 was offset by increases in holdings of purchased bills and of United States and other securities, so that total holdings of bills and securities increased 1 1 6 .9 millions. There were also increases during this period in member bank reserve deposits, and in Federal Reserve Note circulation. FE D ER AL RESERV E SY STEM N ov. 8, D ec. 13, D ec. 14, 1932 1933 B ills D isco u n te d : --------------Secured b y G ovt. O b lig a tio n s— $ 38,458 A ll O th ers................................................ 79,726 T o ta l D is c o u n ts ............................ 118,184 B ills B o u g h t in O pen M arket............... 116,158 U . S. S e cu rities............................................ 2,431,608 O th er S e c u r itie s.......................................... 1,585 T o ta l B ills a n d S ecu rities ....... 2,667,535 T o ta l R eserves a n d o th er c a sh ............. 3,788,285 Member B a n k R eserve D e p o sits ........... 2,637,936 T o ta l D e p o sits .............................................. 2,891,608 F . R . N o te s in a c tu a l c ir c u la tio n ----- 3,038,172 F . R . B a n k N o te s in a c tu a l circu la t io n ............................................................ 208,853 R eserve R a t io ................................................ 63.9% $ 26,298 85,963 112,261 6,737 2,430,101 1,559 2,550,658 3,792,296 2,577,552 2,829,124 2,982,997 193,678 65.2% $ 87,953 196,520 284,473 33,769 1,850,726 5,378 2,174,346 3,353,556 2,424,532 2,484,874 2,713,935 6 4 .5 % M O N T H L Y 3 R E V IE W M em ber T o t a l lo a n s a n d in v e s t m e n t s o f 17 w e e k ly r e p o r t in g 1932. B ank m e m b e r b a n k s lo c a t e d in A t la n t a , B ir m in g h a m , J a c k - c e n t fr o m O c to b e r t o N o v e m b e r , a n d d u r in g t h e p a s t six y e a r s s o n v ille , N a s h v ille , C h a tt a n o o g a , M o b ile a n d S a v a n t h e d e c lin e a t t h a t t im e o f y e a r h a s a v e r a g e d 1 1 .5 p e r c e n t. n a h in c r e a s e d b y 5 .1 m illio n s fr o m N o v e m b e r 8 to N o v d a ily a v e r a g e b a s is , b a n k d e b it s in c r e a se d fr o m O c to b e r t o N o v e m C r e d it A t t h e s a m e tim e la s t y e a r th e r e w a s a d e c lin e o f 1 4 .6 p e r On a e m b e r 2 2 , b u t d e c r e a s e d b y 3 .1 m illio n s b e tw e e n t h a t tim e a n d b er b y 2 p e r c e n t . D e c e m b e r 13. r iv e d fr o m w e e k ly r e p o r t s b y p r o -r a tin g fig u r e s fo r t h o s e w e e k s A t t h a t t im e lo a n s w e r e a b o u t 6 m illio n s g r e a te r th a n o n N o v e m b e r 8, b u t in v e s t m e n t h o ld in g s o f U n it e d S t a t e s M o n t h ly t o t a l s c o m p a r e d in t h e t a b le a r e d e w h ic h d o n o t f a ll e n tir e ly w ith in a s in g le c a le n d a r m o n t h . a n d o th e r s e c u r itie s w e r e n e a r ly 4 m illio n s sm a lle r , so t h a t t o t a l (000 O m itted) lo a n s a n d s e c u r itie s in c r e a s e d fo r t h e fiv e w e e k p e r io d b y 2 m illio n s . N ov. 1933 O ct. 1933 N ov. 1932 C o m p a r e d w it h t h e c o r r e s p o n d in g r e p o r t d a t e a y e a r a g o , lo a n s o n D e c e m b e r 13 s h o w a n in c r e a s e o f 1 .5 m illio n s , a n d in v e s t m e n t h o ld in g s a g a in o f 25 m illio n s . T im e d e p o s its h e ld b y th e s e b a n k s d e c lin e d 2 .9 m illio n s fr o m N o v e m b e r 8 t o D e c e m b e r 13, a n d w e r e 3 .8 m illio n s le s s t h a n a y e a r A labam a—4 C itie s ................................ ..............- $103,954 B irm in gh am ..................................................... 61,972 ................. 1,988 M obile................... ............................................. 20,223 M ontgom ery................................... .................. 19,771 $108,236 67,008 2,059 22,726 16,443 $ 87,770 54,030 1,534 19,427 12,779 F lorid a—4 C ities..................................................... J ac k so n v ille .............................. ...... ................. M iam i................................................................... P e n sa c o la ......................................... ................. T am pa................................................................. 75,775 40,890 14,431 4,499 15,955 76,816 42,293 12,329 4,856 17,338 62,827 32,616 10,613 4,041 15,557 C o m p a r is io 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 G eorgia—10 C itie s................................. ................ A lb a n y ......................... ...................................... A tla n ta .............................................. ................. A u g u sta ............................................. ................. B ru n sw ick ......................................................... C olu m b u s......................................... ................. E lb erto n ....................................... . ................. ................. ................. S a v a n n a h ........................................ ................V a ld o sta ............................................ ................. 173,919 2,924 111,275 14,994 1,409 7,998 749 10,157 1,463 20,685 2,265 193,291 2,737 123,644 15,891 1,552 8,267 730 11,494 1,555 24,940 2,481 145,992 2,231 93,712 8,754 1,399 6,627 559 8,216 903 21,658 L 1,933 o u t in t h e t a b le , f o llo w e d b y m o n t h ly a v e r a g e s o f w e e k ly fig u re s L o u isia n a —N ew O rleans.................................... 177,298 183,806 146,781 fo r t h is g r o u p o f b a n k s o v e r t h e p a s t y e a r , a n d a c o m p a r is o n of M ississippi—4 C itie s............................ ................. H a ttie sb u r g ..................................... ................. J a c k s o n ............................................. ................. M erid ian............................................................. V ick sb u rg......................................... ................. 33,332 2,815 18,260 6,219 6,038 33,802 3,292 17,746 6,179 6,585 25,089 2,407 13,697J 5,304 3,681 T en nessee—3 C itie s.............................. ................. C h a tta n o o g a .................................................... K n oxville............................................................ N a sh v ille ............................................................ 86,507 22,925 14,092 49,490 95,477 26,487 16,017 52,973 83,517 21,676 16,066 45,775 T o ta l 26 C itie s.......................................... $650,785 $691,428 $551,976 a g o , b u t d e m a n d d e p o s it s o n D e c e m b e r 13 w e r e 6 .8 m illio n s g r e a te r t h a n f iv e w e e k s e a r lie r , a n d 8 .2 m illio n s g r e a te r th a n a y e a r a g o . B a la n c e s h e ld b y th e s e b a n k s fo r th e ir c o r r e s p o n d e n t s in c r e a se d 3 .9 m illio n s s in c e N o v e m b e r 8 a n d o n D e c e m b e r 13 w e r e 1 2 m illio n s g r e a t e r th a n a y e a r a g o . B o r r o w in g s b y th e s e b a n k s fr o m 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 r o s e fr o m $ 2 ,1 6 8 ,0 0 0 o n N o v e m b e r 8 t o $ 3 ,6 7 5 ,0 0 0 o n N o v e m b e r 2 9 , b u t d e c lin e d s o m e w h a t d u r in g t h e tw o fo llo w in g w eek s. s a v in g s d e p o s it s r e p o r t e d b y a s e le c te d l is t o f b a n k s lo c a t e d th r o u g h o u t t h e d is tr ic t C O N D IT IO N OF MEMBER B A N K S! !m SELECTED CITIES (000 O m itted) D ec. 13. N ov. 8, D ec. 14, 1933 1933 1932 L oans: O n S e c u r itie s.......................................... $ 58,568 $ 60,586 133,802 A ll O th ers................................................. 129,430 130,273 T o ta l L o a n s..................................... 192,370 186,396 190,859 U . S. S ecu rities.............................................. 98,585 100,590 77,277 O ther S ecu rities............................................ 49,275 51,246 45,516 T o ta l In v estm en ts......................... 147,860 151,836 122,793 T o ta l L oan s an d In v estm en ts. 340,230 338,232 313,652 T im e D e p o sits................................................ 128,657 131,738 132,630 150,659 p e m a n d D e p o sits......................................... 143,884 142,424 80,869 I )u e 1 3 B a n k s - .............................................. 56,969 48,861 52,654 p u e irom B a n k s ............................................ 54,786 53,685 I borrow ings from F . R . B a n k .................. 3,106 2,168 4,548 M ONTH LY AVERAGES OF WEEKLY F IG U R E S OF 17 R E PO R T IN G MEMBER B A N K S IN SELECTED C ITIES, (000 O m itted) T o ta l L oans B orrow in gs and from In v e stIn v e st- D em a n d T im e F. R. L oans m en ts m en ts D e p o sits D e p o sits B a n k O ctober........... $192,731 N ovem ber----- 191,412 D ecem ber........ 189,866 1933: J a n u a r y .......... 185,774 F eb ru a ry........ 183,509 M a r c h e .......... 182,334 A p r i l - - . .......... 180,377 M ay .— . .......... 179,584 J u n e — . .......... 175,981 J u ly .................. 176,946 A u g u s t............ 175,684 S eptem ber— 176,527 O cto b er........... 178,411 N ovem ber— 188,612 $123,045 123,021 123,752 $315,776 313,433 313,618 $140,618 140,457 141,346 $136,071 134,346 132,695 $ 3,667 4,074 3,933 123,148 128,587 122,205 125,487 127,891 134,244 138,475 145,777 149,717 144,651 151,275 308,922 312,096 304,539 305,864 307,475 310,225 315,121 321,461 326,244 323,062 339,887 141,651 138,801 129,907 134,092 137,163 141,993 140,570 141,842 145,167 141,894 1.44,602 133,148 131,882 124,220 126,477 127,195 126,876 134,261 134,239 132,754 132,160 131,426 2,151 3,881 10,773 9,638 8,619 1,154 1,179 1,229 2,112 1,960 2,572 SA V IN G S D E PO SIT S (000 O m itted) N ov. 1933 4 3 3 4 4 35 52 $ 27,764 16,283 12,700 20,740 22,900 55,878 156,265 A tla n ta ........... B irm ingh am . J a ck so n ville.... N a sh v ille ........ N e w O rleans... O th er C ities.... T o ta l.............. .. O ct. 1933 N ov. 1932 $ 27,458 16,185 12,544 20,689 22,675 57,180 156,731 $ 31,424 17,253 12,924 23,070 26,751 57,085 168,507 O ct. 1933 N ov. 1932 + 1 .1 +G.6 + 1 .2 + 0 .2 + 1 .0 -2 .3 - 0 .3 - 1 1 .6 — 5.6 — 1.7 - 1 0 .1 - 1 4 .4 — 2.1 - 7.3 D e b its to The I n d iv id u a l c h e c k d u r in g N o v e m b e r a s r e f le c te d in d e b it s t o in - A e c o u n ts v o lu m e of b u s in e s s d iv id u a l a c c o u n t s b y t r a n s a c tio n s s e t t le d by b a n k s a t 2 6 c le a r in g h o u s e c e n te r s o f t h e S ix t h D is t r ic t , d e c lin e d 5 .9 p e r c e n t fr o m O c to b e r , b u t w a s 1 7 .9 p e r c e n t g r e a te r t h a n in N o v e m b e r , T h e l a s t m o n t h ly e s t im a t e o f t h e 1 9 3 3 c o t t o n cro p , p r e p a r e d b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u ltu r e o n t h e b a s is o f c o n d it io n s o n D e c e m b e r 1, in d ic a te s a c r o p a m o u n t in g t o 1 3 ,1 7 7 ,0 0 0 b a le s . T h is is a n in c r e a s e o f 0 .6 p e r c e n t o v e r t h e N o v e m b e r e s t im a t e , a n d is 1.3 p e r c e n t la r g e r th a n t h e 1 9 3 2 c ro p . T h e a v e r a g e y ie ld w a s 2 0 9 .4 p o u n d s p e r a c re , t h e h ig h e s t s in c e 1 9 1 4 e x c e p t fo r 1 9 3 1 . o f u n u s u a lly fa v o r a b le T h e h ig h a v e r a g e y ie ld is t h e r e s u lt c o n d it io n s w h ic h p r e v a ile d th ro u g h o u t m o s t o f t h e g r o w in g a n d h a r v e s t in g s e a s o n . T h e a c r e a g e in c u ltiv a t io n o n J u ly 1 s t is in d ic a te d t o h a v e b e e n 4 0 ,9 2 9 ,0 0 0 a c r e s , a n d a ft e r a llo w in g fo r a c r e a g e r e m o v e d fr o m p r o d u c t io n u n d e r A g r ic u ltu r a l A d j u s t m e n t A d m in is tr a tio n c o n t r a c t s a n d fo r s u b s e q u e n t a b a n d o n m e n t o n t h e a c r e a g e r e m a in in g , t h e e s t im a t e d a c r e a g e h a r v e s t e d is 3 0 ,1 4 4 ,0 0 0 a c re s, a b o u t 1 6 p e r c e n t le s s t h a n t h e h a r v e s t e d a c r e a g e in 1 9 3 2 . I n th e s ix s t a t e s lo c a t e d w h o lly o r p a r t ly in th e S ix t h D is t r ic t , t h e 1 9 3 3 c o t t o n c r o p w a s la r g e r t h a n t h a t o f la s t y e a r in A la b a m a , F lo r id a , a n d G e o r g ia , t h e s a m e in M is s is s ip p i, a n d s m a lle r in L o u is ia n a a n d T e n n e s s e e . P ercen ta ge c h a n g e N ovem ber 1933 N o. of Banks A G R IC U L T U R E C o tto n F o r t h e s ix s t a t e s c o m b in e d t h e 1 9 3 3 c r o p is 3 .8 p e r c e n t la r g e r t h a n t h a t o f 1 9 3 2 . G in n in g s in th e s e six s t a t e s u p t o D e c e m b e r 1 a m o u n t e d t o 9 4 .8 p e r c e n t o f t h e e s t im a t e d p r o d u c t io n , a n d in t h e c o u n t r y a s a w h o le g in n in g s u p t o D e c e m b e r 1 w e r e 9 1 .9 p e r c e n t o f t h e e s t im a t e d c r o p . D e c e m b e r e s t im a t e s fo r th is d is t r ic t a r e c o m p a r e d in t h e t a b le . (In T h o u sa n d s o f B ales) E stim ates P ercen tage P ro d u ctio n D ec. 1, N ov. 1. C h an ge 1932 1933 1933 A lab am a................. 980 F lo rid a .................... 27 G eo rg ia .................. 1,110 L o u is ia n a .............. 486 M i s s i s s i p p i 1,180 T en n e sse e.............. 460 Six S t a t e s . ........... 4,243 U n ite d S ta te s ___ 13,177 985 29 1,105 500 1,230 460 4,309 13,100 -0 .5 —6.9 + 0 .5 -2 .8 -4 .1 sam e —1.5 + 0 .6 947 17 854 611 1,180 480 4,089 13,002 P ercen t C hange + 3.5 + 58.8 + 30.0 —20.5 sam e — 4.2 + 3.8 + 1.3 4 M O N T H L Y SU G A R MOVEMENT (P o u n d s) RAW SU G A R R eceip ts: N ov. 1933 O ct. 1933 N e w O rleans..................................... 76,276,441 24,940,151 S a v a n n a h .......................................... 16,875,683 30,367,453 M eltings: 32,032,640 N e w O rleans.................................... 56,689,620 S a v a n n a h .......................................... 1,140,354 39,672,536 S tock s: 33,405,022 N e w O rleans.................................... 52,906,188 40,768,387 S a v a n n a h .......................................... 56,503,716 TRADE N ov. 1932 61,105,590 7,062,230 62,979,662 41,878,626 D e p a r t m e n t s t o r e s a le s in T rad e s o m e w h a t in N o v e m b e r c o m p a r e d t o O c to b e r , a s t h e y 60,828,531 16,561,510 45,978,648 12,224,838 50,461,941 15,068,926 N ov. 1932 68,328 65,061 17,747 104,126 97,089 176,660 RICE MILLERS* ASSO CIATION STATISTICS (Barrels) h a v e a lw a y s d o n e , b u t b y a s lig h t l y la r g e r a m o u n t t h a n a b o u t t h e s a m e a s a m o n t h e a r lie r b u t s o m e w h a t la r g e r t h a n a N ov. 1,100,009 1,186,242 772,377 988,066 R ough 1,247,962 873,479 T o ta l s a le s d u r in g N ovem ber by 39 r e p o r t in g d e p a r tm en t s t o r e s a v e r a g e d 9 .2 p e r c e n t le s s t h a n in O c to b e r , b u t w e r e 1 2 .6 p e r c e n t g r e a t e r t h a n in N o v e m b e r , 1 9 3 2 . O n a d a ily a v e r a g e b a s is , t h e d e c r e a s e fr o m O c to b e r t o N o v e m b e r w a s 5 .7 p e r c e n t . U s u a lly a t t h a t t im e o f y e a r th e r e is a d e c lin e o v e r t h e m o n t h o f 4 .2 p e r c e n t in d a ily a v e r a g e s a le s . F o r t h e e le v e n m o n t h s o f 1 9 3 3 d e p a r t m e n t s t o r e s a le s h a v e b e e n 3 .9 p e r c e n t le s s t h a n in t h a t p art of 1932. C a s h s a le s a c c o u n t e d f o r 4 3 .6 p e r c e n t o f t h e t o t a l, t h e s a m e a s fo r O c to b e r , a n d c o m p a r e d w it h 4 3 .3 p e r c e n t fo r A ug. 1 to N ov. 30 4,432,426 3,928,510 2,783,532 3,259,313 C lean 1,518,743 1,304,015 N o v e m b e r s a le s o f fe r tiliz e r t a x t a g s in c r e a se d o v e r N o v e m b e r la s t y e a r. D e p a r tm e n t sto r e s to c k s w ere a b o u t th e sa m e a t th e en d of N o v e m b e r a s a m o n t h e a r lie r , a n d 3 .2 p e r c e n t g r e a t e 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 0 .7 p e r c e n t fr o m O c to b e r t o N o v e m b e r a n d w e r e 2 .1 p e r c e n t g r e a t e r t h a n a y e a r a g o , a n d F o r t h e s ix s t a t e s lo c a t e d w h o lly o r p a r t ly in t h e S ix t h D i s t r i c t t h e N o v e m b e r t o t a l w a s 6.1 1 1 .9 p e r c e n t fr o m O c to b e r t o N ovem ber a n d w e r e 1 1 .4 p e r c e n t g r e a t e r t h a n in N o v e m b e r , 1 9 3 2 . t h o s e in O c to b e r in A la b a m a , F lo r id a a n d M is s is s ip p i, a n d w e r e la r g e r t h a n in N o v e m b e r , 1 9 3 2 , in A la b a m a , G e o r g ia , M is s is s ip p i, a n d T e n n e s s e e . D i s t r i c t d e c lin e d u s u a l, b u t c o n t in u e d t o b e g r e a t e r t h a n a y e a r a g o , s t o c k s w e r e c o lle c t io n s in c r e a s e d Fertilizer Tag Sales t h e S ix t h y e a r a g o , a n d c o lle c t io n s s h o w e d fu r t h e r im p r o v e m e n t . 57,798,059 23,882,111 RIOE MOVEMENT (N ew O rleans) R o u g h R ice—B arrels: N ov. 1933 O ct. 1933 R eceip ts............................................................... 36,135 89,283 S h ip m e n ts.......................................................... 42,015 64,787 S to ck s.................................................................. 28,129 34,009 C lean R ice—P ockets: R eceip ts.............................................................. 76,070 93,809 S h ip m e n ts.......................................................... 96,074 46,829 S to ck s.................................................................. 148,388 168,392 R eceip ts o f R o u g h R ice: S eason 1933-34.................................................................... S eason 1932-33................................................................... D istr ib u tio n of M illed R ice: S ea so n 1933-34.....................................................- ............. S ea so n 1932-33.................................................................... S to ck s of R o u g h a n d C lean R ice: N ovem ber 30, 1933............................................................. N ovem ber 30. 1932............................................................. R e ta il 46,740,999 13,064,696 R E FINE D SU G A R S h ip m en ts: N ew O rleans..................................... 60,958,091 S a v a n n a h .......................................... 18,867,562 S to ck s * N ew O rleans.................................... 39,901,383 S a v a n n a h .......................................... 12,678,231 R E V IE W T h e r a t io o f c o lle c t io n s d u r in g N o v e m b e r 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 3 1 .0 p e r c e n t , t h e h ig h e s t r a tio s in c e M a y , 1 9 3 1 , a n d c o m p a r e s w it h 2 9 .4 p e r c e n t f o r O c to b e r , p e r c e n t la r g e r t h a n fo r O c to b e r , b u t 4 .5 p e r c e n t s m a lle r t h a n fo r a n d w it h N o v e m b e r l a s t y e a r , a n d fo r t h e fo u r m o n t h s A u g u s t t h r o u g h a c c o u n ts t h e r a tio fo r N o v e m b e r w a s 1 4 .9 p e r c e n t , fo r O c to b e r N o v e m b e r t o t a l s a le s h a v e b e e n 3 .8 p e r c e n t le s s t h a n fo r t h a t 1 5 .0 p e r c e n t , a n d fo r N o v e m b e r l a s t y e a r 1 5 .9 p e r c e n t , a n d fo r p a r t o f t h e s e a s o n b e fo r e b e c a u s e o f t h e d e c r e a s e r e p o r t e d fo r F lo r id a . 2 8 .2 p e r c e n t f o r N o v e m b e r , 1932. F o r in s t a ll m e n t r e g u la r a c c o u n t s t h e r a t io fo r N o v e m b e r w a s 3 3 .2 p e r c e n t , fQr 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 O c to b e r 3 1 .5 p e r c e n t , a n d fo r N o v e m b e r a y e a r a g o 3 0 .0 p e r c e n jt. N a t i o n a l F e r t iliz e r A s s o c ia t io n . N ov. (S hort T ons) O ct. C o lle c t io n r a t io s fo r in d iv id u a l r e p o r t in g c it ie s w e r e : N ov. A ug. I t o N ov. 30. 1933______ 1933______ 1932______ 1933________ 1932 2,150 0 400 3,450 1,750 28,200 49,705 113,078 133,265 F lo rid a .......................... 43,774 G eo rg ia ......................... 2,483 2,565 475 7,996 1,323 L o u is ia n a ..................... 1,700 9,670 2,950 17,870 17,051 M ississip p i- .................. 525 0 0 1,595 10 T en n e sse e ___________ 479______7,760_________ 6______13,276______10,111 T o ta l....................... 51,111 48,195 53,536 157,265 163,510 A la b a m a .— ................ A t la n t ia . 2 7 .9 ; B ir m in g h a m , 2 5 .4 ; C h a t t a n o o g a , 3 4 .3 ; N a s h v ille , 2 9 .3 ; N e w O r le a n s , 3 8 .4 ; a n d O th e r C it ie s , 2 8 .7 . A ll o f t h e s e s t a t i s t i c s a r e b a s e d u p o n r e p o r t s in a c t u a l d o lla 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 he * in d e x n u m b e r s o n p a g e 8 , m a k e n o a llo w a n c e f o r c h a n g e s in th e le v e l o f p r ic e s . RETAIL TR AD E IN TH E SIX T H D IS T R IC T D U R IN G NOVEM BER, 1933 BASED ON CO N FID EN TIA L R E PO R T S FROM 39 D EPARTM ENT ST O R E S COM PARISON OF N E T SALES N ovem ber 1933 N ovem ber 1933 J a n . 1 to N ov. 1933, w ith sam e w ith w ith O ct. 1933 p eriod in 1932 N ov. 1932 + 16.0 A tla n ta (6)............. B irm in gh am (4)~ C h a tta n o o g a (4)_. N a sh v ille ( 4 ) ........ N e w O rleans (5) . O th er C ities (16)-. D IS T R IC T (39) . N o te : +20.8 + 3 3,2 — 1.5 + 6.1 +15.9 +12.6 -5.2 —16.2 — 8.7 -1 3 .6 — 9.2 - 8.9 — 9.2 —5.4 —5.3 -JL.9 + 0 .6 —5.4 —0.2 —3.9 COM PARISON OF ST O C K S N ov. 30, 1933 w ith N ov. 30,1932 O ct. 31, 1933 + 14.8 + 0.8 - 1 1 .5 - 5.5 + 5.8 — 2.5 + 3.2 - 1 .9 + 2 .0 -7 .1 -0 .5 + 0 .8 + 2 .2 -0 .1 RATE OF STO C K T U R N O V E R N ov. 1932 N ov. 1933 .30 .20 .17 .20 .21 .19 .22 .28 .24 .25 .20 .21 .23 .23 J a n . t o N ov. 30, 1932 1933 3.65 2.26 1.99 2.C2 2.13 1.87 2.33 3.48 2.66 2.41 2.37 2.26 2.49 2.59 T h e ra te o f sto c k tu rn over is th e ra tio o f sa les d u rin g giv en p eriod t o average sto c k s o n h a n d . W h o le s a le F o l lo w in g e ig h t c o n s e c u t iv e in c r e a s e s o v e r t h e p r e - T rad e v io u s m o n t h , t o t a l s a le s r e p o r t e d b y 1 0 2 w h o le s a le fir m s in t h e S ix t h D i s t r i c t d e c lin e d 4 .2 p e r c e n t fr o m O c to b e r t o N o v e m b e r , b u t w e r e 3 0 .8 p e r c e n t g r e a t e r t h a n in N o v e m b e r la s t y e a r. W h o le s a le tr a d e in t h is d is t r ic t h a s a lw a y s declined from October to November, partly because of the shorter month but principally because the fall peak is reached in October. Except for September and October, however, November trade was higher than for any other month in two years. Percentage comparisons of reported figures are shown in the table, and index numbers appear on page 8. M O N T H L Y P ercen ta g e C om parisons J a n .-N o v . N ov. 1933 w ith : 1933 w ith O ct. N ov. sam e p eriod 1933 1932 in 1932 N o. of Firm s +30.8 +0.0 — 2.4 + 3 2 .4 +11.5 .......... ........... ........... 3 7 .6 p e r c e n t s m a lle r t h a n fo r N o v e m b e r l a s t y e a r , a lth o u g h th e r e 24 3 4 5 3 9 3 11 12 — 1.0 — 5.2 +8.1 +0.6 - 1 6 .4 — 0.3 — 3.0 — 2.0 - 0.6 +19.0 + 12.2 +13.3 +16.1 + 50.6 +17.9 + 33.9 — 5.7 + 23.2 + 4.8 T h e N o v e m b e r t o t a l is t h e s m a lle s t s in c e M a r c h , a n d w a s o n ly 6 .8 — 9.7 + 5.3 +31.3 + 7.8 p e r c e n t o f t h e m o n t h ly a v e r a g e fo r 1 9 2 3 -1 9 2 5 . 16 3 13 7 9 11 - 1 7 .4 - 1 5 .3 - 1 7 .9 — 9.8 — 3.9 — 0.8 +47.8 +37.2 + 50.8 +8.4 +6.9 + 44.9 +25.4 +16.4 +27.6 26 3 5 18 9 16 16 +2.1 + 0.1 — 3.6 +5.4 — 2.6 +1.1 — 5.7 +41.1 + 16.0 +30.1 +52.3 — 8.9 — 3.5 + 3 6.2 +16.4 + 4.1 +21.4 +16.4 9 4 5 6 7 6 - 3.1 —13.1 +1.0 — 2.2 — 5.3 + 3.1 + 49.8 + 37.3 + 54.8 +8.9 — 3.1 +73.7 +20.5 + 30.6 + 17.2 13 4 9 3 4 3 +4.2 + 11.5 +1.1 +8.6 — 3.9 +14.1 + 30.0 +22.5 +33.8 —10.0 — 0.1 + 2 4.8 +15.1 - 4.6 +24.9 ........... .......... 8 4 5 - 1.1 — 0.6 + 2.8 + 13.9 — 8.5 + 1 4.8 - 3.3 ........... .......... 4 —25.4 — 4.4 —21.3 + 1.8 r e p o r te d t h e o n ly d e c lin e fr o m O c to b e r , a n d fr o m L o u is ia n a N ovem ber a F ig u r e s c o m p a r e d in th 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 L ife I n s u r a n c e S a le s R e search B ureau . A la b a m a ........... F lo r id a -- - - - - G e o r g ia ----- LouisianaM ississip p i----T e n n e s s e e .- - - (000 om itted) O ct. N ov. 1932 1933 $ 3,624 $ 3,259 3,221 3,624 6,452 5,947 4,161 3,883 2,156 2,396 5,425 5,136 T o t a l.- - - - $25,970 $24,207 J a n .-N o v . 1933 1932 $ 38,862 $ 40,693 38,908 44,552 64,328 74,530 41,762 47,750 24,124 25,374 59,924 65,145 $25,077 $269,158 S t a t is t ic s c o m p ile d b y D u n Percent C hange — 4.5 - 1 2 .7 —13.7 -1 2 .5 + 5.2 — 8.0 - $296,794 N um b er Novem ber 1933 1932 A labam a: A n n isto n ........... B irm ingh am — . M obile................. M on tgom ery-. . F lorid a: J ack so n v ille-.... M iam i.................... M iam i B ea eh O rland o.............. T am pa................ G eorgia: A tla n ta ............... A u g u s ta ............. C olu m b u s.......... M acon................. S a v a n n a h .......... L o u isia n a : N ew O rleans— A lexan d ria........ 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 ............ T o ta l 20 Cities.... V alu e N ovem ber 1933 1932 P ercen tage C h an ge in V alu e 7 90 26 59 6 125 44 44 $ 3,060 35,175 20,972 59,495 479 314 79 51 141 239 304 57 36 134 76,662 117,145 122,200 12,581 23,190 134,890 102,955 93,570 19,264 15,910 140 53 32 239 26 213 55 26 123 19 42,968 5,741 4,985 85,265 5,920 34,727 98,878 5,165 18,724 8,000 + 23.7 — 94.2 — 3.5 +355.4 - 26.0 56 49 96 41 81,107 6,704 443,292 5,253 — 81.7 + 27.6 151 1 33 68 160 2 18 94 20,555 5C0 19,080 23,571 23,596 2,000 18,510 80,128 2,094 1,836 766,876 1,228,599 $ 1,125 94,930 15,697 11,985 +172.0 — 62.9 + 33.6 +396.4 — + + — + — + — 43.2 13.8 30.6 34.7 45.8 12.9 75.0 3.1 70.6 — 37.6 C ontract The value of contract awards in the Sixth District, A w ard s in d ic a t e d b y s t a t i s t i c s c o m p ile d b y t h e F . W . D o d g e C o r p o r a tio n a n d s u b s id e d in t o d is t r ic t t o t a ls b y t h e F ed eral R eserv e B o a r d ’s D iv is io n of R esea rch and S t a t is t ic s , w a s t w o a n d o n e - h a lf t im e s a s la r g e in N o v e m b e r a s in O c to b e r n e a r ly s ix t e e n t im e s t h e lo w t o t a l fo r A p r il, a n d t h e la r g e s t t o t a l fo r a n y m o n t h s in c e A u g u s t 1 9 2 9 . T h e la r g e g a in w a s d u e c ip a lly t o p u b lic w o r k s c o n t r a c t s in A la b a m a a n d T e n n e s s e e . p r in For t h e e le v e n m o n th s o f 1 9 3 3 t o t a l c o n t r a c t s in t h e d is t r ic t w e re S ix t h D i s t r i c t d u r in g N ovem ber, com pared w ith 4 0 in O c to b e r a n d w it h 1 0 9 in N o v e m b e r 1 9 3 2 , a n d lia b ilit ie s a n d $ 2 ,6 1 0 ,9 0 8 in N o v e m b e r a y e a r a g o . F o r t h e e le v e n m o n t h s o f 1 9 3 3 b u s in e s s fa ilu r e s h a v e n u m b e r e d 9 1 1 , a g a in s t 1 ,5 6 5 d u r in g 1932, and lia b ilit ie s in v o l v e d h a v e a m o u n t e d to $ 2 1 ,2 6 9 ,0 0 0 a g a in s t $ 3 5 ,4 0 0 ,0 0 0 fo r t h e s a m e p e r io d a y e a r a g o . I n t h e U n it e d S t a t e s th e r e w e r e 1 ,2 3 7 f a ilu r e s d u r in g N o v e m b er, 1 ,2 0 6 in O c to b e r , a n d 2 ,0 7 3 in N o v e m b e r a y e a r a g o , a n d a m o u n te d in N ovem ber to $ 2 5 ,3 5 3 ,3 7 6 , $ 3 0 ,5 8 1 ,9 7 0 fo r O c to b e r a n d $ 5 3 ,6 2 1 ,1 2 7 fo r N o v e m b e r G R A IN E X P O R T S -N E W ORLEANS (B ushels) N ov. O ct. N ov. J u ly 1 to 1932 1933 1933 1933 6,675 3,317 51,568 74,732 W heat........................... 24,321 C o m .............................. 1,270 2,781 1,142 52,633 O a ts ............................... 12,516 12,197 20,689 T o t a l ......................... 20,461 18,295 73,399 c o n t r a c t s 4 0 .2 p e r c e n t g r e a te r t h a n in t h a t p a r t o f 1 9 3 2 . 151,686 F o r t h is p e r io d , s t a t e t o t a ls fo r A la b a m a , F lo r id a , L o u is ia n a a n d E a st T e n n e s s e e w e r e a ls o la r g e r t h a n a y e a r a g o . C o m p a r is o n s fo r t h e D is t r ic t , fo r t h e in d iv id u a l s t a t e s o f th e D is t r ic t , a n d 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 , a r e s h o w n in t h e t a b le . N ovem ber 1933 & B r a d s t r e e t, I n c ., in v o l v e d in N o v e m b e r w e r e $ 5 7 8 ,9 7 3 , a g a in s t $ 5 8 2 ,1 4 6 in O c to b e r lia b ilit ie s C o m p a r is o n s fo r t h e m o n t h are s h o w n in t h e t a b le . 9.3 in d ic a t e t h a t th e r e w e r e 4 9 b u s in e s s fa ilu r e s in th e of F o r th e e le v e n m o n th s o f 1 9 3 3 t o t a l p e r m its a t t h e s e r e p o r t in g c it ie s h a v e 3 6 .3 p e r c e n t , r e s id e n t ia l c o n t r a c t s w e r e 1 8 .7 p e r c e n t, a n d o th e r Nov. 1933 $ 4,113 3,761 6,456 3,712 2,420 5,508 F a ilu r e s F e b r u a r y , a t 5 .2 p e r c e n t o f t h a t a v e r a g e , w a s t h e lo w p o in t in t h e se r ie s. t h e c o r r e s p o n d in g p a r t o f 1 9 3 2 . M is s is s ip p i r e p o r t e d t h e o n ly in c r e a se fo r t h e e le v e n m o n th s o f 1933 o v e r th a t p a r t of 1932. part w e r e in c r e a s e s o v e r t h a t m o n t h a t t e n o f t h e s e r e p o r t in g c itie s . a m o u n te d t o $ 1 2 ,6 2 1 ,8 1 3 , s m a lle r b y 2 6 .5 p e r c e n t t h a n t h e t o t a l fo r N o v e m b e r o v e r O c to b e r , a n d w e re 3 .6 p er c e n t g r e a t e r t h a n in N o v e m b e r 1 9 3 2 . th a t p o r tin g c it ie s in t h e S ix t h D is t r ic t , a n d t h e N o v e m b e r t o t a l w a s s ix s t a t e s l o c a t e d w h o lly or p a r t ly in t h e S ix t h D i s C o m m e r c ia l in t h e t o t a l v a lu e o f p e r m its is s u e d fo r t h e c o n s tr u c tio n — 4.2 — 3.3 — 1.5 — 1.1 t r ic t g a in e d 7 .3 p er c e n t in year ago. P e r m its T h e r e w a s a fu r t h e r d e c lin e fr o m O c to b e r t o N o v e m b e r 102 28 51 53 S a le s o f n e w , p a id -fo r , o r d in a r y lif e in s u r a n c e in t h e In su ra n ce IN D U S T R Y B u ild in g o f b u ild in g s w it h in t h e c o r p o r a t e lim it s o f t w e n t y r e A ll L ines C om bined: S a les............................................... Stock s o n h a n d ......................... A c co u n ts receivable................ C o lle c tio n s.................................. G roceries: S a le s............................................... A tla n ta .................................. J a ck so n v ille......................... N ew O rleans....................... V ick sb u rg............................. 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.................................. D ry G oods: S a le s............................................... N a sh v ille............................... O ther C ities......................... S to ck s o n h a n d ......................... A cco u n ts receivable................ C o lle c tio n s.................................. H ardw are: S a le s............................................... 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 receivable................ 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 receiv a b le-.............. 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 receivable...................... C o lle c tio n s .................................. D ru gs: S a les............................................... A cco u n ts receivable................ C o lle c tio n s.................................. S ta tio n ery : S a le s............................................... L ife 5 R E V IE W a g a in s t 1932. Nov. 30 1932 399,792 18,937 203,197 621,926 O ctober 1933 P ercen t N ovem ber P ercen t C h an ge 1932 C h an ge S ix th D is t r ic t T o t a l.................. $ 42,854,489 $ 17,137,079 +150.1 $ 12,571,824 +240.9 4,094,539 913,502 +348.2 R e sid e n tia l-----1,385,397 +195.5 A ll O th ers.......... 38,759,950 16,223,577 +138.9 11,186,427 +246.5 S ta te T otals: 17,304,800 1,904,500 +808.6 A lab am a--------2,219,000 +679.8 F lo r id a ................ 5,105,800 7,955,800 — 35.8 4,348,500 + 17.4 4,480,500 682,900 +556.1 G eo rg ia .............. 1,187,700 +277.2 L o u is ia n a .......... 1,389,400 5,791,400 - 76.0 3,056,700 — 54.5 M ississip p i-----743,400 741,900 + 0.2 4,119,900 — 82.0 T en n essee (6th D is t.)— 14,584,800 1,925,100 +657.6 608,300 +2,297.6 U n ited S ta te s— 162,330,600 145,367,200 + 11.7 105,302,300 + 54.2 23,615,700 21,525,700 + 9.7 19,245,300 R e sid e n tia l----+ 22.7 N o n -R e sid e n t i a l .................... 27,635,300 31,117,400 — 11.2 31,844,800 - 13.2 P u b lic Works an d U tilitie s - 111,079,600 92,724,100 + 19.8 54,212,200 +104.9 L um b er W e e k ly s t a t e m e n t s o f t h e g p u th e r n P in e A s s o c ia tio n , a n d p r e ss r e p o t s , in d ic a t e th ^ t a ft e r in c r e a s in g s h a r p ly d u r in g t h e t w o w e e k s e n d in g N o v e m b e r o r d e r s r e c e iv e d b y r e p o r tin g m ills d e c lin e d t o t h e lo w e s t le v e l i i n e a r ly a y e a r . F o r th e s ix w e e k s e n d in g D e c e m b e r 9, h o w e v e r , w l“ c h in c lu d e d t h e tw o 6 M O N T H L Y w e e k s o f e a r ly N o v e m b e r , o r d e r s b o o k e d b y r e p o r t in g m ills a v e r a g e d a b o u t t h e s a m e a s fo r t h o s e w e e k s o f l a s t y e a r , a lt h o u g h s o m e w h a t b e lo w t h e le v e l o f O c to b e r . P r o d u c t io n d u r in g th is s ix w e e k s ’ p e r io d w a s s lig h t ly la r g e r th a n a t t h e s a m e tim e a y e a r a g o , a n d u n fille d o r d e r s a v e ra g e * ! 3 .4 p e r c e n t la r g e r t h a n a t t h a t tim e . F o r t h e s ix w e e k s ’ p e r io d o r d e r s a v e r a g e d 15 p e r c e n t s m a lle r t h a n p r o d u c t io n . P r e s s r e p o r ts s t a t e t h a t m o s t o f t h e b u y in g e a r ly in N o v e m b e r w a s d o n e b y r e t a il y a r d s . C o m p a r is o n s o f r e c e n t w e e k ly fig u r e s w it h t h e c o r r e s p o n d in g p e r io d s a y e a r a g o fo r id e n t ic a l m ills a r e s e t o u t in t h e t a b le . (In T h o u sa n d s o f F eet) Orders P r o d u ctio n [U n fille d Orders Week N um b er 1933 1932 1933 1932 E n d ed 1932 o f m ills 1933 24,647 35,065 13,309 11,634 12,125 16,271 N ovem ber 4......................96 N ovem ber 11....................97 N ovem ber 18.................... 104 N ovem ber 25....................97 D ecem ber 2................... ...91 D ecem ber 9................... ...93 C otton C onsum ption 22,781 19,143 19,229 17,526 20,995 18,978 23,416 22,794 23,868 22,628 19,067 21,331 21,750 22.9C0 22,856 20,488 21,709 21,760 58,830 71,289 64,637 54,314 49,209 55,636 62,023 58,804 58,541 56,717 50,886 54,275 T h e r e w a s a fu r t h e r d e c lin e o f 5 .7 p e r c e n t in t o t a l c o n s u m p t io 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 N o v e m b e r , a s c o m p a r e d t o O c to b e r , a n d a d e c r e a s e o f 5 .4 p e r c e n t c o m p a r e d t o c o n s u m p t io n d u r in g N o v e m b e r a year ago. P a r t o f t h e d e c r e a s e fr o m O c to b e r t o N o v e m b e r w a s d u e t o t h e s h o r te r m o n th . I n t h e c o t t o n s t a t e s c o n s u m p t io n d e c lin e d 6 .4 p e r c e n t o v e r t h e m o n t h , a n d w a s 9 .8 p e r c e n t le s s t h a n a y e a r a g o , w h ile in o t h e r s t a t e s t h e d e c r e a s e fr o m O c to b e r w a s 2 .7 p e r c e n t , a n d N o v e m b e r c o n s u m p t io n w a s 1 6 .9 p e r c e n t la r g e r t h a n in N o v e m b e r , 1 9 3 2 . F o r t h e fir s t fo u r m o n t h s o f t h e c o t t o n s e a s o n t o t a l c o n s u m p t io n in t h e U n it e d S t a t e s h a s b e e n 8 .7 p e r c e n t , in t h e c o t t o n s t a t e s 4 .3 p e r c e n t , a n d in o t h e r s t a t e s 3 0 .7 p e r c e n t , g r e a te r t h a n in t h a t p a r t o f t h e s e a s o n b e fo r e . D u r in g th is fo u r m o n t h s ’ p e r io d a b o u t 8 0 p e r c e n t o f t h e t o t a l c o n s u m p t io n in t h e c o u n t r y h a s b e e n in t h e c o t t o n - g r o w in g s t a t e s . S to ck s of c o t t o n , b o t h a t c o n s u m in g e s t a b lis h m e n t s a n d in p u b lic s to r a g e a n d a t c o m p r e s s e s , in c r e a s e d o v e r t h e m o n t h a s m a r k e tin g o f t h e c r o p p r o g r e s s e d , b u t t o t a l s t o c k s w e r e 1 .3 p e r c e n t s m a lle r t h a n a year ago. T h e n u m b e r o f s p in d le s a c t iv e d u r in g N o v e m b e r d e c lin e d 1 .7 p e r c e n t o v e r t h e m o n th , b u t w a s 4 .3 p e r c e n t g r e a t e r t h a n in N o v e m b e r la s t y ea r. E x p o r ts fo r t h e m o n t h w e r e 9 .6 p e r c e n t le s s t h a n in N o v e m b e r , 1 9 3 2 , b u t fo r t h e fo u r m o n th s o f t h e s e a s o n h a v e b e e n 4 .8 p e r c e n t g r e a te r t h a n in t h a t p a r t o f t h e p r e v io u s s e a s o n . C e n s u s B u r e a u fig u r e s a r e c o m p a r e d in t h e ta b le . COTTO N C O NSUM PTIO N, E X P O R T S, ST O C K S, A N D ACTIVE SPIN D L ES O ct. 1933 N ov. 1932 503,873 475,368 C o tto n C on su m ed ................................. 10,835,532 S to ck s..................................................... ... 11,985,235 1,573,744 1,361,190 In 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 9,474,342 presses......................................... 10,411,491 1,046,524 915,304 E xports....................................................... 25,875,142 A ctive S p in d le s—N um b er.................. 25,423,348 COTTO N GROW ING ST A T E S --B ales 405,157 379,272 C o tto n C on su m ed ................................. 10,212,819 S to ck s......................................................... 11,296,188 1,245,563 1,088,841 I n C on su m in g E sta b lish m e n ts. I n P u b lic Sto ra g e a n d a t Com 9,123,978 p resses......................................... 10,050,625 17,614,074 A ctive S p in d les—N u m b er.................. 17,418,032 OTHER STATES—B a les 98,716 96,096 C o tto n C onsum ed................................. 622,713 689,047 S to ck s................................................... — 272,349 328,181 I n 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 350,364 360,866 p resses......................................... 8,261,068 8,005,316 A ctive S p in d les—N u m b er.................. 502,434 12,148.022 1,454,305 N ov. 1933 10,693,717 1,012,411 24,368,478 420,263 11,434,892 1,185,274 10,249,618 17,018,672 82,171 713,130 269,031 444,031 7,349,806 Consumption in the three states of this district for which Census Bureau figures are compiled separately declined 7 .0 per cent from October to November, and was 9 .3 per cent less than in November 1 9 3 2 , but for the five months of the new season an increase in Georgia over that part of the season before more than offset de creases in Alabama and Tennessee. Following are comparisons for t rlAQP f P6 C O TTO N CO N SU M PTIO N —BALES N ov. A u g u st Ito N o v em b er’30 N ov. ^ O ct. 1932 1932 1933 51,050 92,333 io,448 57,092 86,648 13,973 205,690 381,382 42,158 212,406 336,543 51,667 T oFRASER ta l....................148,057 153,831 Digitized for 157,714 629,230 600,616 A labam a.................. - 48,115 G e o r g ia --.................. 85,085 T en n essee.................. 9,857 R E V IE W C otton Production of yarn by reporting mills in the M anufacturing Sixth District declined 9 .4 per cent from Octo ber to November, a shorter month, and was 1 2 .3 per cent less than in November, 1 9 3 2 , but output of cloth increased slightly over both of these periods. Shipments, orders, and unfilled orders declined over the month. Employment was less at the end of November than a month earlier by 4 .3 per cent at cloth mills and 10 per cent at yarn mills, and the combined number of employees was 6.2 per cent smaller than for October but 4 6 .1 per cent greater than a year ago. Reported figures are compared in the table. P ercen ta g e c h a n g e N um b er o f N ov. 1933 com pared w ith : M ills O ct. 1933 N ov. 1932 C o tto n C lo th : P ro d u ctio n ................. ; ................ .................. S h ip m e n ts ...................................... .................. Orders b o o k ed .............................. ................. U n fille d orders............................. .................. S to ck s o n h a n d ............................................. N um b er o n p a y r o ll...................................... 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 ord ers.............................................. S to ck s o n h a n d .......................... .................. N um b er o n p a y r o ll...................................... C otton Seed and C otton Seed Products O p e r a tio n s of 18 18 13 15 15 16 + 1.1 — 1.8 —19.7 — 5.6 + 7.3 — 4.3 + 2.3 —10.3 —17.3 + 17.7 + 0.5 + 38.2 13 13 8 10 12 12 - 9.4 - 1 6 .0 - 4 8 .7 - 0.2 + 34.6 —10.0 - 1 2 .3 - 2 8 .3 - 4 1 .2 - 8.6 +23.7 + 66.5 c o tto n seed o il m ills d e c lin e d seasonally in November compared with October, both in this district and in the country as a whole. Receipts of seed by mills in Georgia, Alabama, Louisiana and Mississippi were 1 6 .5 per cent, and crushings were 2 3 .1 per cent, less than in October, and while receipts were 1 5 .6 per cent greater than in November last year crushings were 2 7 .2 per cent less. For the four months of the season, August through November, receipts have been 4 .5 per cent, and crushings 1 1 .7 per cent, less than in that part of the season before. Production of the principal cotton seed commodities in these four states was smaller than a year ago, as were also stocks of cake and meal, hulls and linters, stocks of crude oil being 2 7 .8 per cent larger than a year ago. Combined figures for these four states are compared in the first two columns of the table, and totals for the country as a whole are compared in the last two columns. C O TTO N SEED A N D CO TTO N SE E D P R O D U C T S U n ite d S ta te s *Sixth D istr ict A u g. 1 to N ov. 30, A u g. 1 t o N ov. r 1933 1933 1932 1932 925,963 884,603 R eceived a t m ills.. 607,382 C ru sh ed .................... 536,506 366,517 376,867 O n h a n d N ov. 30 P ro d u ctio n : 194,854,026 C rude Oil, lb s ........ 172,418,244 C ak e a n d Meal. 263,976 231,659 to n s .................... 149,543 172,859 H u lls, t o n s .............. 105,405 L in ters, b a le s ........ 98,080 S tock s a t M ills, N ov. 30: 35,300,089 27,613,420 C rude O il, lb s ........ C ake a n d Meal. 109,043 103,662 t o n s .................... 34,997 80,620 H u lls, t o n s ............. 87,293 48,240 L in ters, b a le s ........ ♦G eorgia. A labam a. L o u is ia n a a n d M ississip pi. 3,101,004 1,979,302 1,342,640 3,249,401 2,106,840 1,442,585 611,846,339 646,108,060 888,055 535,508 352,676 949,006 596,387 331,653 123,493,123 93,035,647 315,070 147,877 159,473 367,469 261,651 277,403 E lectric After increasing each month from April through August Power to a level 1 1 .3 per cent higher than in August, 1 9 3 2 , production of electric power by public utility power plants in the six states located wholly or partly in the Sixth Dis trict declined in September and October, and in the latter month was only 1 .2 per cent greater than in October, 1 9 3 2 . Production by use of water power declined 1 .9 per cent over the month and was 2 .3 per cent less than a year earlier, and production by use of fuels increased slightly over September and was 7 .3 per cent greater than a year ago. For the ten months of 1 9 3 3 , January through October, production in these six states has averaged 2.6 per cent greater than in that part of 1 9 3 2 , production by use of water power, which accounted for 65 per cent of the total, being 4 .6 per cent greater than last year, and production by use of fuels 0.8 per cent smaller. Figures compared in the table are from those com piled by the United States Geological Survey. M O N T H L Y PR O D U C T IO N OF ELECTRIC POWER (000 k . w . hou rs) O ct. 1933 S ept. 1933 O ct. 1932 A lab am a .......................................................... F lo rid a ............................................................. G e o r g ia ............................................................ L o u is ia n a ....................................................... M ississip pi...................................................... T en n essee....................................................... 185,235 51,438 74,177 107,652 5,155 73,601 167,823 48,572 83,509 104,342 4,266 83,013 163,632 49,194 82,599 111,820 5,329 90,609 491,525 313,031 178,494 497,258 503,183 T o ta l......................................................... 311,751 305,722 B y u se of: Water P ow er......................... 191,432 191,536 F u e ls ........................................ F u els C on su m ed in P r o d u ctio n o f E lectric P ow er: 13,603 10,836 C oal—t o n s .............................................. 202,818 198,151 F u e l O il—b b ls.N a tu r a l G as—000 cu . f t .................... 2,210,400 2,274,262 N o te : O ctober fig u re s p relim in ary—Septem ber fig u re s revised. B itu m in ou s Coal M ining A la b a m a p r o d u c t io n o f p ig ir o n d e c lin e d 1 5 .1 p e r c e n t, a n d d a ily a v e r a g e o u t p u t 1 2 .3 p e r c e n t , fr o m O c to b e r t o N o v e m b e r , b u t w a s 6 3 .5 p e r c e n t g r e a t e r t h a n in N o v e m b e r l a s t y e a r . s in c e h a s d e c lin e d b y 2 8 .5 p e r c e n t . d u c t io n o f b it u m in o u s c o a l in t h e U n it e d S t a t e s in c r e a s e d 2 .6 p e r c e n t , a n d d a ily a v e r a g e o u t p u t r o se 7 .5 p e r c e n t, in N o v e m b e r a s c o m p a r e d w it h O c to b e r , a n d N o v e m b e r p r o d u c p a r e d w it h 5 a c t iv e a t t h e s a m e t im e a y e a r a g o . A c o m p a r i b e lo w . N um b er o f A verage per w o rk in g w o rk in g d ay days (tons) 24.8 26 27 24.7 24.2 A la b a m a p r o d u c t io n o f c o a l in c r e a s e d fr o m C u m u la te d p r o d u c t io n d u r in g t h e e le v e n m o n t h s o f 1 9 3 3 in A la b a m a h a s t o t a le d year. A c c o r d in g t o p r e ss r e p o r ts , b o o k s fo r fir s t q u a r te r b u s in e s s w e r e o p e n e d D e c e m b e r 1, w it h t h e p r ic e r e m a in in g a t $ 1 3 .5 0 p er T h e r e is l i t t l e n e w b u s in e s s , b u t s h ip m e n ts r e m a in g o o d . P r e s s r e p o r ts in d ic a t e t h a t t h e r e o p e n in g o f a r a il m ill, w h ic h h a s s o m e r a ilr o a d t o n n a g e a c c u m u la t e d , w ill b r in g in t o a c t iv it y o n e a d d it io n a l c o a l m in e , th r e e a d d it io n a l b la s t fu r n a c e s , f iv e a d d i t io n a l o p e n - h e a r t h s a n d tw o a d d it io n a l b a t te r ie s o f c o k e o v e n s . C o m p a r is o n s o f N o v e m b e r fig u r e s w it h t h o s e fo r c e r ta in p r e v io u s m o n t h s a r e s h o w n in t h e t a b le . P r o d u ctio n —T on s F u rn aces T o ta l D a ily Average Active* s o n o f t h e N o v e m b e r t o t a l w it h c e r ta in p r e v io u s m o n th s is g iv e n N ovem ber 1933....................................... ..30,435,0C0 O ctober 1933........................................... ..29,656,000 A u g u st 1933............................................ .. 33,910,000 A pril 1933................................................. .. 19,523,000 N ovem ber 1932....................................... ..30,632,000 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 D e c e m b e r 1 r e m a in e d a t 7, t h e s a m e a s a m o n t h e a r lie r , c o m to n . 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 h e t o t a l p r o T o ta l P r o d u ctio n (to n s) I r o n p r o d u c t io n in A la b a m a in c r e a s e d b y 3 3 0 .3 p e r c e n t fr o m M a r c h t o J u ly , b u t 7 6 2 ,9 0 3 t o n s , la r g e r b y 2 3 .9 p e r c e n t t h a n d u r in g t h a t p a r t of la s t 10,718 176,854 1,067,829 A c c o r d in g t o p r e lim in a r y s t a t i s t i c s c o m p ile d b y t io n w a s s lig h t l y s m a lle r t h a n in t h a t m o n th la s t y e a r . 7 R E V IE W 1,227,000 1,141, COO 1,256,000 790,000 1,266,000 A p r il t o A u g u s t, U n ite d S tates: N ovem ber 1933..................... O ctober 1933........................ A u g u st 1933.......................... March 1933............................ N ovem ber 1932.................... A labam a: N ovem ber 1933..................... O ctober 1933........................ J u ly 1933................................ N ovem ber 1932.................... *First of fo llo w in g m o n th . 1,085,239 . 1,356,361 1,833,394 542,011 631,280 36,174 43,754 59,142 17,484 21,042 76 78 98 38 51 84,646 99,742 122,308 51,756 2,822 3,217 3,945 1,725 7 7 9 5 b u t d e c lin e d in S e p t e m b e r a n d O c to b e r , a n d w e e k ly fig u r e s fo r N aval November in d ic a te a s m a ll in c r e a s e o v e r O c to b e r a n d o v e r N o v e m ber o f l a s t y e a r . T e n n e s s e e o u t p u t a ls o r o s e fr o m A p r il th r o u g h August, d e c lin e d in S e p t e m b e r a n d O c to b e r , a n d N o v e m b e r w e e k ly S to re s fig u r e s in d ic a t e a fu r t h e r s m a ll d e c r e a s e fr o m O c to b e r , a n d a d e p a s t fo u r t e e n y e a r s r e c e ip t s o f tu r p e n tin e h a v e in c r e a se d fr o m crease o f a b o u t 19 p e r c e n t Weekly p r o d u c t io n fig u r e s fo r p a r e d in the t a b le . O c to b e r t o N o v e m b e r o n ly tw ic e , b u t r e c e ip t s o f r o sin h a v e in com pared w it h F ig Iro n P ro d u c tio n 1932. A la b a m a a n d T e n n e s s e e a r e c o m a n d r o s in 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 tr ic t fr o m O c to b e r t o N o v e m b e r b u t N o v e m b e r r e c e ip t s c o n t in u e d t o e x c e e d t h o s e o f t h e s a m e m o n th la s t y e a r . D u r in g th e c r e a s e d n in e tim e s . T h e r e w a s s o m e s tr e n g th e n in g o f p r ic e s o f b o t h c o m m o d it ie s d u r in g N o v e m b e r , r e s u lt in g fr o m im p r o v e d fo r e ig n (T ons) A labam a 1933 1932 Week E nded: N ovem ber N ovem ber N ovem ber Novem ber D ecem ber D ecem ber N ovem ber, T h e r e w a s a fu r t h e r d e c lin e in r e c e ip t s o f b o t h t u r p e n tin e T en n essee 1932 1933 d e m a n d a n d s o m e in c r e a se in d o m e s tic b u y in g , b u t p r e ss r e p o r ts in d ic a te t h a t t h e f lu c t u a t io n s w e r e c lo s e ly r e la te d t o t h e v a r ia t io n s in t h e v a lu e o f t h e d o lla r in fo r e ig n e x c h a n g e . 4............... 11....................... 18............. . . 25............. ....... 2............... .... 9............... 168,000 170,000 185,000 185,000 180,000 180,000 171,000 168,000 190,000 174,000 175,000 185,000 58,000 55,000 62,000 56,000 50,000 54,000 72,000 64,000 74,000 68,000 70,000 67,000 I r o n a g e s t a t is t ic s in d ic a t e a fu r t h e r d e c lin e o f 20 p er c e n t in t o t a l p r o d u c t io n , a n d o f 1 7 .3 p e r c e n t in t h e d a ily a v e r a g e o u t p u t , o f p ig ir o n in t h e U n it e d States from O c to b e r t o N o v e m b e r , b u t a n in c r e a s e o f 7 1 .9 p e r cent o v e r p r o d u c t io n in N o v e m b e r , 1 9 3 2 . F r o m M a r c h t o A u g u s t production of p ig ir o n in t h e U n it e d S t a t e s in c r e a s e d b y 2 3 8 .3 p e r cent, and from A u g u s t t o N o v e m b e r t h e d e c lin e in d a ily a v e r a g e output has been 3 8 .8 p e r c e n t. T h e r e w a s a r e d u c tio n o f 2 in t h e number o f fu r n a c e s a c t iv e o n D e c e m b e r 1 c o m p a r e d w it h a m o n th earlier, a decrease o f 3 0 c o m p a r e d w it h A u g u s t 1, b u t an in c r e a se of 25 over the n u m b e r a c t iv e a y e a r a g o . C u m u la te d p r o d u c t io n d u r in g t h e e le v e n m o n th s o f 1 9 3 3 h a s b e e n th a n in th a t p a r t o f 1932. 4 7 .8 p e r c e n t g r e a t e r R e c e ip t s a n d s t o c k s fo r t h e m o n th a r e c o m p a r e d in t h e t a b le . R eceip ts—T u rp en tin e (1): S a v a n n a h ........................... Ja ck so n v ille ...................... P e n sa c o la ........................... NAVAL STORES N ov. 1933 7,503 7,938 3,094 O ct. 1933 NOV. 1932 7,426 10,802 10,208 8,099 3,469 2,600 T o ta l............................................................. R eceipts—R o sin (2): S a v a n n a h ......................... J a ck son ville...................................................... P e n sa c o la ........................................................... 18,535 24,479 18,125 33,588 37,113 11,195 42,608 36,512 11,353 23,250 33,944 10,610 T o ta l............................................................. S tock s—T u rp en tin e (1): S a v a n n a h .......................................................... J a ck son ville...................................................... P e n s a c o la -....................... 81 81,896 90,474 76,804 17,406 34,278 28,699 19,266 33,813 26,537 20,506 44,484 26,222 T o ta l........................... Stock s—R o sin (2): S a v a n n a h ........................................................... J a ck so n v ille....................... P e n sa c o la ........................... T o ta l............................. (1) B arrels o f 50 g a llo n s. (2) B arrels o f 500 p o u n d s. 80,383 79,616 91,212 101,231 ----84,990 22,997 103,325 92,265 15,832 164,889 164,267 17,751 209,218 211,422 346,907 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED B Y FED ERAL RESERVE BANK OF ATLANTA MONTHLY AVERAGE 1923-1925=100 September 1933 October 1933 November 1933 September 1932 Octobei 1932 November 1932 Daily Average Sales—Unadjusted A t la n t a ...................................................................................................... B irm in g h a m ...................................................................... ..................... C h a tta n o o g a ........................................................................................... N a sh v ille ................................................................................................... N ew O rle a n s............................................................................................ D I S T R I C T ........................................................................................ . . . . 147.7 63.2 62.2 60.0 63.7 73.8 139.0 75.7 72.5 73.5 75.0 83.2 138.0 66.0 68.8 66.0 70.8 78.4 150.6 61.1 50.6 62.9 58.3 70.7 134.5 70.5 63.3 70.1 74.6 79.1 119.9 54.6 50.3 67.0 66.7 69.6 Daily Average Sales—Adjusted* A t la n t a .................................................. .................................................... B irm in g h a m ............................................................................................. C h a tta n o o g a ........................................................................................... N ash v ille ................................................................................................... N ew O rle an s................................................................ . .......................... D I S T R I C T ................................................................................................ 146.2 65.2 65.5 65.2 69.2 78.5 116.8 65.3 58.5 62.8 65.2 69.9 129.0 58.9 62.0 57.9 59.5 68.8 149.1 63.0 53.3 68.4 63.4 75.2 113.0 60.8 51.0 59.9 64.9 66.5 112.1 48.8 45.3 58.8 56.1 61.1 Monthly Stocks—Unadjusted A t la n t a ..................................................................................................... B irm in g h a m ............................................................................................. C h a tta n o o g a ........................................................................................... N ash v ille ................................................. ................................................. N ew O rle a n s............................................................................................ D I S T R I C T ................................................................................................ 107.7 45.0 50.5 67.7 62.3 63.8 109.2 50.2 51.8 66.8 66.7 67.4 107.0 51.2 48.1 66.5 67.2 67.4 85.3 45.3 49.6 66.3 58.5 59.6 91.4 47.6 54.8 69.6 61.6 63.2 93.2 50.8 54.3 70.4 63.5 65.3 Monthly Stocks—Adjusted* A t la n t a .................................................................................................. B irm in g h a m ............................................................................................ C h a tta n o o g a ..................................................................................... . N a sh v ille ................................................................................................... N ew O rle a n s............................................................................................ D I S T R I C T ................................................................................................ 97.9 43.7 48.6 63.3 59.3 60.2 97.5 45.6 46.3 59.1 60.6 60.7 94.7 45.7 43.7 59.4 61.7 60.7 77.5 44.0 47.7 62.0 55.7 56.2 81.6 43.3 48.9 61.6 56.0 56.9 82.5 45.4 49.4 62.9 58.3 58.8 W HOLESALE TRADE—SIXTH D IST R IC T -T O T A L......................... G ro ce rie s— .............................................................................................. D r y G o o d s................................................................................................ H a rd w a re .................................................................................................. F u r n it u r e .................................................................................................. E le c t r ic a l S u p p lie s ................................................................................ S ta tio n e ry ................................................................................................ D ru g s .......................................................................................................... 55.5 46.2 68.6 58.5 52.4 56.5 42.3 70.5 56.5 44.6 75.7 59.3 54.4 50.0 39.4 70.2 54.1 44.2 62.6 60.5 52.7 52.1 29.3 69.5 49.6 44.9 69.4 45.0 48.8 37.1 48.7 64.9 47.5 40.5 62.0 47.9 47.1 38.2 42.5 59.9 42.7 39.5 43.8 42.6 47.2 37.5 30.7 61.0 L IF E INSURANCE S A L E S - S IX ST A T E S -T O T A L........................... A la b a m a .................................................................................................... F lo r id a .....................................................-................................................ G e o rg ia ...................................................................................................... L o u is ia n a - ................................................................................................ M ississip pi................................................................................................ Tennessee.................................................................................................. 53.1 47.2 52.3 62.9 54.1 44.4 51.5 57.6 53.4 54.4 64.8 61.3 54.8 54.6 61.8 60.6 63.6 70.4 58.6 55.4 58.5 55.5 50.0 52.6 62.2 65.3 42.0 54.4 56.0 45.7 54.5 64.8 60.8 50.1 55.1 59.7 48.0 61.2 70.4 65.7 49.3 57.6 BUILDING PERMITS—TWENTY C IT IE S............................................ A t la n t a ...................................................................................................... B irm in g h a m .............. ............................................................................. Ja c k so n v ille ............................................................................................. N ash v ille ................................................................................................... N ew O rle a n s ........................................................................................... F ifte e n O th e r C itie s ............................................................................. 11.1 3.7 2.1 18.8 7.1 5.9 16.2 10.8 5.9 2.2 48.9 5.8 8.6 9.9 6.8 2.8 2.4 9.3 3.7 6.3 9.3 17.8 6.6 3.8 11.3 15.2 21.1 25.2 23.7 5.0 7.8 14.0 7.9 71.2 25.3 10.9 2.2 6.4 16.4 12.6 34.4 8.0 CONTRACT AWARDS—SIXTH DISTRICT—TOTAL.......................... R e s id e n t ia l............................................................................................... A ll O th e rs................................................................................................. 20.5 7.8 28.9 48.8 6.5 77.0 122.1 29.2 184.0 27.0 7.2 40.2 21.0 6.5 30.7 35.8 9.9 53.1 W HOLESALE PRICES—UNITED STATESf A L L C O M M O D IT IE S .......................................................................... F a r m P ro d u c ts ....................................................................................... F o o d s.......................................................................................................... O th e r Com m od ities.............................................................................. H id e s a n d le a th er p ro d u cts...................................................... T extile p ro d u cts............................................................................. F u e l a n d lig h tin g .......................................................................... M etals a n d m etal p ro d u c ts...................................................... B u ild in g m ate ria ls........................................................................ C h e m icals a n d d ru g s.................................................. ............... H o u s e fu m is h in g goods.............................................................. M iscella n e o u s.................................................................................. 70.8 57.0 64.9 76.1 92.3 76.9 70.4 82.1 82.7 72.7 79.3 65.1 71.2 55.7 64.2 77.2 89.0 77.1 73.6 83.0 83.9 72.7 81.2 65.3 71.1 56.6 64.3 77.2 88.2 76.8 73.5 82.7 84.9 73.4 81.0 65.5 65.3 49.1 61.8 70.4 72.2 55.6 70.8 80.1 70.5 72.9 73.7 64.7 64.4 46.9 60.5 70.2 72.8 55.0 71.1 80.3 70.7 72.7 73.7 64.1 63.9 46.7 53.9 69.8 71.4 53.9 71.4 79.6 70.7 72.4 73.7 63.7 COTTON CONSUMPTION—UNITED STATES.................................... C o tto n -G ro w in g S ta te s............................................................ ......... A ll O th e r S ta te s..................................................................................... G e o rg ia .............................................................................................. A la b a m a ......................................................................................... .. T en nessee.......................................................................................... 97.0 117.2 56.8 118.2 140.6 101.0 97.8 118.3 57.2 118.5 148.5 105.0 92.3 110.8 55.7 109.2 140.0 99.0 95.7 119.5 48.5 110.6 158.2 125.6 97.5 121.1 50.6 112.3 158.3 133.4 97.6 122.7 47.6 111.2 166.1 140.4 COTTON EXPORTS—UNITED STATES............................................... 169.3 203.8 178.3 142.9 196.3 197.2 PIG IRON PRODUCTION—U n ite d S ta te s........................................ A la b a m a .................................................. 51.0 46.8 45.4 42.9 36.3 36.4 19.8 11.5 21.6 20.9 21.1 22.3 DEPARTMENT STO RE TR A D E-SIX T H DISTRICT ♦A djusted fo r S e a so n al V a ria t io n . tC o m p ile d b y B u re a u of L a b o r S ta tis tic s. 1926=100.
@FedFRASER