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M O N TH LY

R E V IE W

O f Financial, A gricultural, T rade and Industrial
C onditions in the S ix th Federal Reserve D istrict
F E D E R A L
Vol. 19 No. 12

R E S E R V E

In November the rate of industrial activity showed little
change and the general level of commodity prices remained
unchanged. Distribution of commodities to consumers was
well maintained.
Production
Volume of industrial production declined in
and
November by an amount somewhat smaller
Employment than is usual at this season and consequently
the Board’s seasonally adjusted index advanced
from 73 per cent of the 1923-1925 average in October to 74
per cent in November. In the steel industry output continued
to increase during November and the first three weeks of
December, contrary to the usual seasonal tendency. Automo­
bile production also showed an increase in the early part of
December, following a decline in connection with preparations
for new models. In November lumber output decreased by
more than the estimated seasonal amount. At woolen mills
there was a considerable increase in output, while consump­
tion of cotton by domestic mills showed a slight decline.
Activity at meat packing establishments showed less than the
usual seasonal increase. Production of the leading minerals
was at about the same level as in October.
Factory employment declined between the middle of Oc­
tober and the middle of November by the usual seasonal
amount and was at the same level as a year ago. Declines
reported for the automobile, shoe, and canning industries
were smaller than seasonal, while decreases at railroad repair
shops and saw mills, were larger than are usual at this sea­
son. At meat packing establishments, where employment has
been at a high level in recent months, there was a consider­
able decline but the number on the payrolls in November was
larger than in the corresponding month of other recent years.
Employment at woolen mills showed a substantial increase.
The number employed on construction projects of the public
works administration declined further in November, according
to the Bureau of Labor Statistics.
PRCN
E ET

In d e x n u m b e r o f in d u s t r ia l p r o d u c t io n , a d ju ste d f o r s e a s o n a l v a r ia t io n .
(1 9 2 3 -1 9 2 5 a v e r a g e = 1 0 0 . )
L a t e s t f ig u r e N o v e m b e r P r e l i m i n a r y 74.




O F

ATLANTA, GA, DECEMBER 31. 1931

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Prepared by Federal Reserve Board

PR ET
E CN

B A N K

A T L A N T A

S'JSSSfE

Value of construction contracts awarded, as reported by
the F. W. Dodge Corporation, showed a considerable decline
in November and the first half of December, following an in­
crease in October. The indicated decline in awards from the
third to the fourth quarter was somewhat smaller than usual.
Department of Agriculture estimates for December 1 indicate
that production of principal crops this season was about 22
per cent smaller than in 1933 and 32 per cent below the aver­
age for the previous 10 years, reflecting reductions in acreage
and in yield per acre. There has been a shortage in feed crops
accompanied by a sharp increase for the year in the slaughter
of livestock. Although output of agricultural commodities has
been smaller than in any other recent year, farm income has
been larger than in either 1932 or 1933, reflecting chiefly
higher prices, and, to a smaller degree, benefit payments.
Distribution Total freight car loadings declined in November
by less than the estimated seasonal amount,
reflecting chiefly a smaller decline than is usual in shipments
of miscellaneous freight. Retail sales generally have been
well maintained. Department store sales increased by slightly
less than the estimated seasonal amount in November; pre­
liminary reports for the first half of December, however, indi­
cate a more than seasonal increase in Christmas trade.
Commodity Wholesale commodity prices generally showed
Prices
little change during November and the first half
of December. Prices of scrap steel continued to
increase during this period, while corn prices, which advanced
rapidly in November, declined somewhat after the first week
of December. Retail food prices declined in November, re­
flecting lower prices for meats.
Bank Developments at the Federal Reserve Banks in DeCredit cember reflected largely the seasonal increase in the
demand for currency and the continued inflow of gold
from abroad.
Loans and investments of reporting member banks in lead­
ing cities showed an increase of $150,000,000 in the four
weeks ended December 12, after declining somewhat in the
PERCENT

PER CENT

In d e x e s o f th e U n i t e d S t a t e s B u r e a u o f L a b o r S t a t is t ic s .
B y m o n th s
1929 to 1 9 3 1 ; b y w e e k s 1932 to date.
(1 9 2 6 = 1 0 0 .)
L a t e s t f ig u r e D e c e m ­
be r 1 5 th 76.7.

2

M O N T H L Y

R E V IE W

B L N O D LA S
IL IO S F OL R

B L N O DLAS
IL IO S F OLR

Three m onth moving averages of F . W. Dodge d ata for 37 E astern
States adjusted for seasonal variation. L atest figure based on d ata for
September, October, and estim ate for November. Total 125.7: Residential
21.9; All Other 103.8.

W ednesday figures for reporting member banks in 90 cities.
figures are for W ednesday, December 12.

preceding four weeks. The growth reflected increases in hold­
ings of United States Government obligations and in brokers
loans. Deposits at banks showed a further considerable
growth.
Yields on short-term Government securities declined slightly
in December, while other short-term open-market money rates
showed little change. On December 15 the discount rate of
the Federal Reserve Bank of Atlanta was reduced from 3 per
cent to 2% per cent and on December 21 a similar reduction
was made at the Kansas City Federal Reserve Bank.

of cotton in the three states of this District for which figures
are available declined 1.6 per cent from October to November
and was 2.9 per cent less than a year ago. Production and
orders at reporting cotton mills declined somewhat over the
month, but orders were substantially greater than in Novem­
ber, 1933. Coal mining in Alabama and Tennessee increased
from October to November, and in Tennessee was larger than
a year ago, but in Alabama somewhat less. Pig iron produc­
tion in Alabama, on a daily average basis, increased 2.6 per
cent over the month, but was 31.2 per cent less than a year
go. For the year through November, however, production
was 40.8 per cent greater than in that part of 1933.
The final estimate by the United States Department of
Agriculture indicates a cotton crop in the six states of this
District amounting to 4,033,000 bales, smaller by 3.5 per cent
than that produced in 1933.

SIXTH DISTRICT SUMMARY
November statistics for the Sixth Federal Reserve District
show a decline in department store trade smaller than usually
occurs from October to November, and decreases in whole­
sale trade, bank debits and in building permits at reporting
cities, but contract awards increased, coal mining in Alabama
and Tennessee increased somewhat and daily average produc­
tion of pig iron in Alabama also gained slightly.
Total sales by reporting department stores in the Sixth Dis­
trict declined 4.3 per cent from October to November. On a
daily average basis, however, there was an increase of 3.3
per cent, while daily average sales usually decline 4.2 per
cent at that time of year. November sales were 21.8 per cent
greater than in November, 1933, and for the eleven months
of 1934 sales have been 26.7 per cent greater than in that
part of the year before. Wholesale trade declined seasonally
by 6.5 per cent from October to November but was 16.7 per
cent greater than a year earlier. Bank debits to individual
accounts at 26 clearing house centers of the District declined
7.6 per cent over the month, but were 16 per cent greater
than in November, 1933.
Between November 14 and December 12 there were further
increases in loans by weekly reporting member banks in
selected cities to the highest level since early March, and
demand deposits on December 12 were fifty millions greater
than on the same report date a year ago. At the Federal
Reserve Bank there were small increases in industrial ad­
vances and in holdings of Government securities between No­
vember 14 and December 12.
Although building permits reported by 20 cities declined
16.9 per cent from October, the November total was larger
by 166.1 per cent than in November, 1933, and for the eleven
months of the year the cumulated total is 70.3 greater than
for that part of 1933. Contract awards in the District in­
creased 18.9 per cent from October to November, but were
much smaller than in November last year when the largest
total in four years was reported. Daily average consumption



L atest

FINANCE
Reserve The volume of reserve bank credit outstanding at
Bank
the Federal Reserve Bank of Atlanta, reflected in
Credit
its total holdings of bills and securities, changed
only slightly between November 14 and December
12, but was then 11.5 millions greater than a year earlier.
Between November 14 and December 12 increases in indus­
trial advances and in holdings of United States securities
were more than offset by decreases in discounts and foreign
loans on gold. Compared with the same Wednesday a year
ago holdings of United States Securities on December 12 were
23 millions larger, but holdings of discounts and of purchased
bills were smaller.
Member bank reserve deposits on December 12 were 4
millions greater than four weeks earlier, larger than for any
Wednesday since Julv 25, and 18.7 millions greater than for
a year ago. Outstanding Federal reserve notes of this bank's
issue were 3.8 millions less than on December 12 than four
weeks earlier, but 12.2 ipillions greater than at the same time
last year.
Principal items in the weekly statement are compared in
the table, which is followed by another table setting out sim­
ilar comparisons for the twelve Federal Reserve Banks com­
bined.
FEDERAL RESERVE BANK OF ATLANTA
(000 Omitted)
Dec. 12
Nov. 14
1934
1934
Bills Discounted:
Secured by Govt. Obligations
All Others................................
Total Discounts..............
Bills Bought in Open M arket..
Industrial Advances...................
U. S. Securities...........................
Foreign Loans in Gold...............
Total Bills and Securities
Total Reserves............................

$

45
64
109
302
768
94,257

*95,436
130,772

18
97
115
302
593
94,217
552
95,779
132,501

$

Dec. 13
1933
$

1,729
5,690
7,419
5 ,245
* 7i’271
*83’935
,
121,130

M O N T H L Y

78,785
84,759
134,691

74,716
83,472
138,493

60,123
69,146
122,532

59.6%

Member Bank Reserve Deposits
Total Deposits............................
F. R. Notes in actual circulation
F. R. Bank Notes in actual cir­
culation ....................................
Reserve R atio.............................

59.7%

5,398
63.2%

FEDERAL RESERVE
Dec. 12
1934

SYSTEM
Nov. 14
1934

$ 4,982
4,274
9,256
5,690
10,662
2,430,217

38,458
79,726
118,184
116,158

$ 4 ,3 9 5
4,747
9,142
5,708
7,753
2,430,174
............
15,765
2,468,542
5,271,411
4,106,927
4,323,566
3,178,512

27,054
70.8%

2,667’535
,
3,788,285
2,637,936
2,891,608
3,038,172

28,164
70.3%

2,455,825
5,378,506
4,111,949
4,393,314
3,201,456

155,608
152,679
151,172
156,522
169,780
167,502
163,759
159,810
156,775

340,460
333,349
329,191
334,209
336,513
334,048
331,002
336,266
344,563

161,794
168,070
167,404
169,196
172,707
172,917
179,195
180,374
189,297

130,406
130,649
132,911
130,786
131,560
129,194
127,402
128,944
130,313

161
0
0
0
0
0
0
0
0

$

62,005
130,643
192,648
96,050
59,988
156,038
348,686
128,281
200,862
82,890
74,462
0

$

Percentage Change
Nov. 1934 compared
October November
with
1934
1933 Oct. 1934 Nov. 1933

208,853
63.9%

2,431*608
1,585

CONDITION OF M EM BER BANKS IN SELECTED C ITIES
(000 Omitted)
Dec. 12
Nov. 14
Dec. 13
1934
1934
1933
60,015
127,292
187,307
96,651
59,996
156,647

$

343,954
130,441
189,656
82,763
72,535
0

58,568
133,802
192,370
98,585
49,275
147,860
340,230
128,657
150,659
60,869
52,654
3,106

MONTHLY AVERAGES OF W EEKLY FIG U R E S OF
17 REPO RTIN G M EM BER BANKS IN SELECTED CITIES
(000 Omitted)
Total
Borrowings
Loans
Invest- Loans and Demand
Time
From
ments Investments Deposits Deposits F. R. Bank
$144,651
151,275
150,199

$323,062 $141,894
339,887
144,602
342,690
152,249

—
$132,160 $
131,426
129,033

148,305
162,054

336,100
349,412

130,048
131,505




. 184,851
180,670
178,019
177,687
Ju ly ............ . 167,294
. 166,546
Septem ber.. . 167,243
, 176,456
Novem ber.. . 187,788

Dec. 13
1933

Member Total loans and investments of 17 weekly reportBank
ing member banks located in Atlanta, Birmingham,
Credit
Jacksonville, Nashville, Chattanooga, Mobile and
Savannah increased further between November 14
and December 12 by 4.7 millions of dollars, were at the high­
est level since March 7, and about 8.5 millions greater than
on the same Wednesday a year ago. From November 14 to
December 12 total loans by these banks increased 5.3 millions,
while investment holdings of Government and other securities
declined $609,000. Loans were slightly larger than a year
ago, and investments about 8.2 millions greater.
Demand deposits held by these banks on December 12 were
11.2 millions greater than four weeks earlier, and 50.2 millions
greater than a year ago, and time deposits declined slightly
since November 14 and were a little below the level at the
same time last year. Balances of these banks with their cor­
respondent banks, and balances held by them for correspon­
dents, increased somewhat during this four-week period and
in both instances were about 22 millions greater than a year
ago. In the tables which follow are shown comparisons of
principal items in the weekly report, monthly averages of
weekly figures over the past year, and comparisons of savings
deposits reported by a list of banks located throughout the
Sixth District.

1933
October........ $178,411
N ovem ber... 188,612
D ecem b er... 192,491
1934
January ........ 187,795
F e b ru a ry .... 187,358

3

SAVINGS DEPOSITS—(000 Omitted)

Bills Discounted:
Secured by Govt. Obligations
All O thers................................
Total Discounts..............
Bills Bought in Open M arket. .
Industrial Advances...................
U. S. Securities...........................
Other Securities..........................
Foreign Loans on Gold..............
Total Bills and Securities
Total Reserves............................
Member Bank Reserve Deposits
Total Deposits............................
F. R. Notes in actual circulation
F. R. Bank Notes in actual cir­
culation....................................
Reserve R atio.............................

Loans:
On Securities...........................
All Others................................
Total L oans.....................
U. S. Securities............................
Other Securities..........................
Total Investm ents..........
Total Loans and Invest­
ments ............................
Time Deposits.............................
Demand Deposits.......................
Due to Banks..............................
Due from Banks.........................
Borrowings from F. R. B ank...

R E V IE W

151,935
158,695

1,960
2,572
2,614
2,060
441

Number
of
November
Banks
1934
Birmingham.
Jacksonville..
Knoxville.. . .
Nashville___
New Orleans.
Other Cities.
T otal........

3
3
3
3
4
5
35
56

$ 31,080 $ 30,775 $ 27,764
15,505
15,629
16,283
12,700
14,034
13,937
3,808
3,685
1,708
20,740
23,403
22,834
30,586
30,092
22,654
64,921
64,378
55,878
183,461

181,206

157,727

+ 1 .0
+ 0 .8
+ 0 .7
+ 3 .3
+ 2 .5
+ 1.6
+ 0 .8

+ 11.9
— 4.0
+ 10.5
+ 123.0
+ 12.8
+ 35.0
+ 16.2

+ 1.2

+ 16.3

Debits to The total volume of debits to individual accounts
Individual at 26 clearing house centers in the Sixth District,
Accounts reflecting the amount of business transactions
settled by check, declined 7.6 per cent from Oc­
tober to November but was 16.0 per cent greater than a year
ago. The decrease of 7.6 per cent over the month compares
with an average decline of 11.5 per cent at the same time
in previous years. Monthly totals compared in the table are
derived from weekly reports by pro-rating figures for those
weeks which do not fall entirely within a single calendar
month.
(000 Omitted)
Nov. 1934
Alabama—4 Cities.................,,,
Birmingham...................... .
Montgomery......................
Florida—4 Cities.................. .
Jacksonville........................
Pensacola............................
Georgia— 10 Cities.................

Brunswick...........................
Columbus........................ .

Savannah............................
Lousiana—New Orleans........, ,
Mississippi—4 Cities............
H attiesburg.........................
Vicksburg............................
Tennessee—3 Cities...............
Chattanooga.......................
N ashville............................

$

103,458
55,590
2,569
21,892
23,407

Oct. 1934
$

115,656
61,241
3,224
25,023
26,168

Nov. 1933
$

103,954
61,972
1,988
20,223
19,771

92,967
47,472
19,841
5,864

94,300
50,017
17,428
5,700
21,155

75,775
40,890
14,431
4,499
15,955

209,814
3,981
135,726
17,751
1,627
902
11,990
1,351
24,514
2,799

224,157
3,599
144,437
20,539
1,722
9,352
912
13,014
1,560
25,743
3,279

173,919
2,924
111,275
14,994
1,409
7,998
749
10,157
1,463
20,685
2,265

195.135

219,055

177,298

45,493
3,181
28,117
7,583
6,612

51,203
3,733
32,006
8,491
6,973

33,332
2,815
18,260
6,219
6,038

108,261
28,674
17,957
61,630

112,952
31,521
18,766
62,665

86,507
22 ,925
14,092
49,490

AGRICULTURE
The last monthly estimate of the cotton crop for 1934, pre­
pared by the United States Department of Agriculture, indi­
cates the production in the United States of 9,731,000 bales.
This represents an increase of one per cent over the Novem­
ber 1st estimate, and is 5.8 per cent larger than the first esti­
mate of the season in August, but 25.4 per cent less than the
1933. Estimated acreage harvested is 27,515,000 acres, which
is about 8.2 per cent less than the area harvested in 1933.
Abandonment since July 1st was estimated at about 3.2 per
cent.

4

M O N T H L Y

R E V IE W

In the six states located wholly or partly in the Sixth Fed­
eral Reserve District the December estimate increased ovefc
the month for Georgia, Mississippi and Tennessee, was the
same for Florida, and declined for Alabama and Louisiana.
The final estimates for these states combined, however, aver­
age 9.2 per cent larger than the first estimates of the sea­
son, but 3.5 per cent less than 1933 production. December
estimates are compared in the table.
COTTON PRODUCTION— (000 Bales)
Estimates
Percent
Production Percent
Dec. 1, 1934 Nov. 1, 1934 Change
1933
Change
Alabam a...............
Florida..................
Georgia.................
Louisiana..............
M is s is s ip p i......
Tennessee............
S ix S tates.............
United States-----

965
28
995
488
1,145
412
4,033
9,731

980
28
980
490
1,120
385
3,983
9,634

— 1.5
Same
+ 1 .5
—0.4
+ 2 .2
+ 7 .0
+ 1 .3
+ 1 .0

969
28
1,105
477
1,159
443
4,181
13,047

— 0.4
Same
— 10.0
+ 2.3
— 1.2
— 7.0
— 3.5
—25.4

Preliminary estimates by the United States Department
of Agriculture indicate that the 1935 commercial strawberry
acreage in the United States will be about 167,100 acres, or
15 per cent below the acreage of 1934. In the early shipping
states, Florida, Louisiana, Alabama, Mississippi and Texas,
the combined acreage is also estimated at 15 per cent less
than in 1934, but in Florida the decrease is estimated at 7
per cent.
Tender vegetables in Florida were practically wiped out
and hardy vegetables badly damaged by a cold wave which
struck the Southeastern states the second week in December.
Temperatures as low as 16 were officially registered and lows
of 20 were reported in the extreme southern part of Florida.
SUGAR MOVEMENT— (Pounds)
Raw Sugar
Nov. 1934
Oct. 1934
Receipts:
New O rle a n s........................ 136,188,631
Savannah................................. 32,412,449
Meltings:
New Orleans........................... 101,393,478
Savannah................................ 26,738,312
Stocks *
New Orleans............................ 85,528,247
Savannah................................. 44,041,327
Shipments:
New Orleans............................
Savannah.................................
Stocks:
New O rle a n s........................
Savannah........... .....................

Nov. 1933

51,610,803
45,765,952

76,276,441
16,875,683

99,765,034
64,615,205

56,689,620
1,140,354

50,755,694
38,367,190

52,906,188
56,503,716

84,795,761
30,769,836

89,995,982
44,295,738

60,958,091
18,867,562

54,037,724
14,964,677

32,545,499
13,739,602

39,901,383
12,678,231

Refined Sugar

R IC E MOVEMENT— (New Orleans)
Nov. 1934

Oct. 1934Nov. 1933

Rough Rice—Barrels:
Receipts............. .....................
Shipments................................
Stocks.......................................

61,741
67,527
16,866

129,106
112,804
22,652

36,135
42,015
28,129

Clean Rice—Pockets:
Receipts............... ....................
Shipments................................
Stocks......................................

87,093
76,575
160,605

144,889
111,768
150,087

76,070
96,074
148,388

R IC E M ILLERS’ ASSOCIATION STATISTICS
(Barrels)
Aug. 1 to Nov. 30
November
Receipts of Rough Rice:
3,963,571
Season 1934-35.......................
910,397
4,432,426
Season 1933-34.......................
1,100,009
Distribution of Milled Rice:
3,105,202
Season 1934-35.......................
809,761
2,791,575
Season 1933-34.......................
772,377
Clean
Rough
Stocks of Rough and Clean Rice:
1,352,710
1,003,020
November 30, 1934................
1,518,743
November 30, 1933................
1,247,962

Fertilizer Sales of fertilizer tax tags in the six states
Tag Sales located wholly or partly in the Sixth District have
increased from 15.3 thousand tons in July to 73.4
thousand tons in November, when they were 43.6 per cent
greater than a year earlier. During the first four months of
the new season, August through November, tag sales in these
states have averaged 29 per cent greater than in that part
of the season before, decreases in Alabama and Georgia being
more than offset by increases in the other four states. Fig­
ures in the table are from those compiled by the National
Fertilizer Association.
(Short Tons)
October November
1934
1933

Aug.-Nov., Inc.
1934
1933

Percent
Change

1,250
69,142
1,057
940
131
900

700
41,999
975
9,427
103
7,645

2,150
43,774
2,483
1,700
525
479

3,050
161,565
2,585
18,951
1,607
15,965

4,150
113,078
7,996
17,870
1,595
13,276

—26.5
+ 4 2 .9
—67.7
+ 6 .0
+ 0.8
+ 2 0 .3

73,420

60,645

51,111

203,723

157,965

+ 2 9 .0

November
1934
Alabama. ..
Louisiana...
Mississippi..
Tennessee..
Total ___

TRADE
Retail Total sales during November reported by sixty deTrade partment stores in the Sixth District declined 4.3 per
cent from October but were 21.8 per cent greater
than in November, 1933. On a daily average basis, however,
there was an increase of 3.3 per cent from October to Novem­
ber. Stocks of merchandise on hand at the close of Novem­
ber were 2.8 per cent larger than a month earlier, and nearly
1 per cent larger than a year ago. Unadjusted index num­
bers of daily average sales and of stocks for November are
higher than for any other month since October, 1931, with
the exception of December of each year. For the first eleven
months of 1934 total sales by these 60 reporting firms were
26.7 per cent greater than during the same part of 1933.
The rate of stock turnover was higher for the month, and
for the eleven months, than in those periods of last year,
and the collection ratio was also higher. For regular accounts
the November ratio was 35.3 per cent, and for installment
accounts 17.7 per cent.

RETA IL TRADE IN TH E SIX TH D ISTRICT DURING NOVEMBER 1934
Based on confidential reports from 60 department stores
C omparison op N et Sales
C omparison op Stocks
Nov. 1934
Year to date
Nov. 30, 1934
Stock T urnover
with:
with:
with:
Same month
Previous Same period Same month Previous
November
Jan.-Nov.
a year ago
month
last year
a year ago
M onth
1934
1933
1934
1933
Birmingham (6).............. ............
Chattanooga (4)............. ............
Jacksonville (3)...............
Miami (3)........................ ............
............

+ 16.7
+ 8 .4

Other Cities (29)............ ............
D ISTRICT (60)............. ............

+ 21.5
+ 21.8




+ 70.8
+ 25.7

NOTE:

— 6.1
— 11.8
— 9 .4
— 19.8
+ 27.6
— 6.2
— 3.6
— 3.7
— 4.3

+ 2 4 .2
+ 2 6 .4
+ 2 9.2
+ 2 6.4
+50.1
+ 2 0 .6
+ 22.3
+ 27.5
+ 26.7

+ 1.3
— 4.3
— 4.9
— 7.0
+13.1
+ 11.9
— 4.5
+ 7.8
+ 0.9

— 0.3
— 3.7
+ 2.4
+ 16.7
+ 14.5
+ 1.8
+ 1.3
+ 3.6
+ 2.8

.34
.28
.30
.20
.37
.23
.27
.26
.28

.28
.24
.25
’20
.
.21
.23
.23

3.96
3.24
3.06
2.01
3.88
2.59
2.70
2.69
3.03

C ollection R atio
Nov.
1934

Oct.
1934

Nov.
1933

3.48
2.66
2.41

29.8
34.9
33.8

27.3
34.2
35.1

27.9
25.4
34.3

2.37

3^8
39.8
30.6
32.7

3 2 .7

29! 3
38.4
28.7
31.0

2.26
2.49
2.59

T h e ra te of sto c k t u rn o v e r is the ra tio o f sales d u r in g g iv e n p e rio d to a v e ra g e s to c k s o n h a nd.

41.0
29.9
31.9

M O N T H L Y

Percentage comparisons in the table are based upon re­
ports in actual dollar amounts and make no allowance for
changes in the level of prices.
Wholesale The volume of wholesale trade in the Sixth DisTrade
trict declined seasonally from October to Novem­
ber, but November sales were 16.7 per cent
greater than a year ago, and for the eleven months of the
year total sales by reporting firms have been 25.4 per cent
greater than in that part of 1933. Stocks also declined some­
what over the month, but averaged 10.1 per cent greater
than a year ago. Comparisons of sales, stocks and collec­
tion ratios for groups of reporting firms are shown in the
table.
WHOLESALE TRADE IN NOVEMBER 1934
Sixth Federal Reserve District*
Percentage Comparisons
Number
Nov. 1934 with: Jan.-Nov. 1934
of Firms
Oct.
Nov.
with same
1934
1933
period last year
All Lines Combined:
Sales...........................
Stocks.........................
Groceries:
Sales...........................
Jacksonville.. . .
New Orleans.. . .
Vicksburg..........
Other C ities. . . .
Stocks.........................
D ry Goods:
Sales............................
Nashville............
Other Cities. . . .
Stocks.........................
Hardware:
Sales............................
Nashville............
New O rleans.. . .
Other Cities. . . .
Stocks.........................
Furniture:
Sales............................
A tlan ta...............
Other Cities. . . .
Stocks.........................
Electrical Supplies:
Sales............................
New O rleans.. . .
Other C ities. . . .
Stocks.........................
Drugs:
Sales............................
Stationery:
Sales...........................

— 6.5
— 5.2

+ 1 6.7
+ 10.1

+ 2 5 .4

3

— 5.8
— 2.4
— 0.5
—25.6
— 4.8
— 4 .9

+ 1 6 .4
+ 7.2
+ 2 0 .8
— 1.2
+ 2 5.3
+ 1 5 .3

+ 2 4 .8
+ 18.1
+ 2 7.3
+ 2 2 .4
+ 2 8 .0
..........

15
3
12
7

— 8.2
+ 3 .6
— 11.2
— 13.7

+15.1
+ 24.7
+ 1 2 .4
+ 2 6 .4
+ 7.6
+ 20.1
— 11.0
+ 1 4 .9
— 0 .4

+ 2 3 .9
+ 1 7 .2
+ 2 3.5
+ 2 5 .3
........ ..

that time. Figures compared in the table are from those com­
piled by the Life Insurance Sales Bureau.

4

5
18
9
6
4
.9
3

—
—
—
—

6.2
1.8
7.6
1.5

+ 7.8
— 15.1
+ 23.1
— 3.4

+ 12.5
+ 12.5
+ 1 2 .5
+ 4.5
+ 63.5
+ 5 9 .0
+ 6 5 .6
+ 2 4 .8

+ 26.5
+ 1 0 .0
+ 3 3 .3
..........
+ 4 5 .2
+ 4 9 .9
+ 4 3 .4
..........

(000 Omitted)
October November
1934
1933

November
1934

January to Nov.
1934
1933

..

Louisiana.. ..
Mississippi. ..
Tennessee. ..

3,535 $
3,665
3,959
2,465
4,987

3,447 $
3,972
5,958
4,514
2,197
5,209

4,006 $ 40,623 $ 37,732
3,598
49,361
37,394
73,112
62,236
6,259
3,696
48,570
41,525
2,391
26,354
25,051
58,511
5,385
62,330

— 7.7
+ 3 2 .0
+ 1 7 .5
+ 1 7 .0
+ 5.2
+ 6.5

25,335 $ 300,350 $ 262,449

+ 1 4 .4

INDUSTRY
Building
The value of permits for the construction of
and
buildings within the corporate limits of twenty
Construction reporting cities in the Sixth District declined
16.9
per cent from October to Nove
was larger by 166.1 per cent than in November last year.
Of the twenty reporting cities, eighteen reported increases
over November, 1933. For the eleven months of 1934 the
total value of permits issued at these twenty cities was
$21,499,971, larger by 70.3 per cent than in that part of 1933,
and 25.3 per cent greater than in the same period of 1932.
Comparisons for the month are shown in the table.
BUILDING PER M ITS
Number
Value
November
November
1934
1933
1934
1933
Alabama
Anniston..........
Birmingham. . .
Montgom ery...
Florida
Jacksonville.. . .
Miami B each ..
Georgia
Columbus........

19
240
42
133

— 3.5

+ 23.5

+ 2 5 .0

— 11.4

+ 3 6 .2

+ 15.3

COLLECTION RATIO**
November
1934

October
1934

528
496
108
63
176

479
314
79
51
141

206,135
311,767
478,343
49,239
37,900

76,662
117,145
122,200
12,581
23,190

+
+
+
+
+

168.9
166.1
291.4
291.4
63.4

269
32
41
206
28

140
53
32
239
26

238,848
19,050
8,605
36,328
44,564

42,968
5,741
4,985
85,265
5,920

+
+
+

Savannah.........
Louisiana
New O rleans...
Alexandria........
Tennessee
Chattanooga.. Johnson C ity...
Knoxville.........
Nashville..........

84
55

56
49

85,183
18,769

210
3
43
78

151
1
33
68

32,671
3,300
125,587
44,024

2,854

2,094

2,040,981

+

455.9
231.8
72.6
57.4
652.8

81,107 +
6,704 +

5.0
180.0

20,555
500
19,080
23,571

+
+
+
+

58.9
560.0
558.2
86.8

766,876 +

166.1

November
1933

Groceries........................
Dry Goods.....................
Hardw are.......................
Furniture.......................
Electrical Supplies........
Drugs.............................

62.8
42.7
46.5
34.1
72.2
26.8

76.4
41.9
42.4
31.4
75.1
32.8

56.3
35.2
31.2
31.9
40.2
23.1

T o ta l..................

48.5

50.1

37.7

* Based on confidential reports from 99 firms.
** The collection ratio is the percentage of accounts and notes receivable out­
standing a t the beginning of the month which were collected during the month.

Life
November sales of new, paid-for, ordinary life
Insurance insurance in the six states located wholly or
partly in the Sixth District declined 2.2 per cent
from October and were 2.3 per cent less than in November a
year ago. From 1924 through 1930 sales of life insurance in
these states declined slightly from October to November, but
in the past three years there has been a small increase at




Percentage
Change in
Value

7 $ 147,240 $
3,060 + 4 711.8
90
103,369
35,175 + 193.9
26
23,983
20,972 +
14.4
59
26,076
59,495
56.2

Total 20 Cities.

8

Percent
Change

25,297 $

Alabama. .

+ 23.7
+ 3 1 .4
+ 2 1 .8
..........

— 9.5
— 1.3
—31.4
+ 1.6
— 1.9

6

R E V IE W

The value of building and construction contracts awarded
in the Sixth District, indicated in statistics compiled by the
F. W. Dodge Corporation and subdivided into district totals
by the Federal Reserve Board’s Division of Research and Sta­
tistics, increased 18.9 per cent from October to November,
but was substantially less than in November a year ago when
the largest total in four years was reported. For the eleven
months of 1934 total awards in the District were 25.4 per cent
greater than in that part of 1933, although decreases are
shown for Alabama and Tennessee.
In the 37 states east of the Rocky Mountains November
contracts awarded were 17.4 per cent less than in Octobef,
and 31.2 per cent less than in November a year ago, but for
the eleven months of the year total awards were 38.3 per
cent greater than in the same part of 1933. Comparisons for
the month are shown in the tahle.

M O N T H L Y

6

BU ILD ING AND CONSTRUCTION CONTRACTS AWARDED
Nov. 1934Oct. 1934
Nov. 1933
Sixth District—T o tal................. $
R esidential..............................
All Others................................

9,413,352
1,684,335
7,729,017

7,919,528 $ 42,854,489
2,242,932
4,094,539
5,676,596 38,759,950

State Totals:
A labam a..................................
Florida......................................
Georgia....................................
Louisiana.................................
Mississippi...............................
Tennessee.................................

797,400
4,971,700
709,400
2,270,400
902,700
2,321,100

965,300
2,263,800
1,504,000
1,700,600
1,474,800
1,560,100

17,304,800
5,105,800
4,480,500
1,389,400
743,400
14,584,800

United States:
T o tal........................................ 111,740,800
Residential.............................. 19,924,700
Non-Residential...................... 39,473,800
Public Works and U tilities... 52,342,300

135,224,800
26,299,800
43,685,600
65,239,400

162,340,600
23,615,700
27,645,300
111,079,600

$

Lumber According to press reports, and weekly statements
issued by the Southern Pine Association, orders and
production of lumber declined somewhat during the latter part
of November and early December. Retailers continue to buy
in very small quantities, and railroad and other industrial
purchases are small. During the six weeks period ending
December 8, however, orders of reporting mills were about 23
per cent larger than those booked by the same mills a year
ago, and production averaged 29 per cent less than at that
time. Weekly figures compared in the table are from tho_se
compiled by the Southern Pine Association.

Week
Ended

Number
of Mills

November 3 . . , .
November 10.,.
November 17.,.
November 2 4 ..,
December 1 ... .
_
December 8_ .

91
Ill
103
112
112
115

(In Thousands of Feet)
Orders
Production
1933
1934
1933
1934
21,056
19,158
18,596
20,983
20,677
17,124

33,100
30,778
9,661
11,693
13,509
17,153

14,456
20,657
18,013
20,235
16,752
21,761

20,902
22,146
21,677
22,256
20,367
22,332

Unfilled Orders
1934
1933
53,559
55,510
48,797
53,156
53,716
54,330

61,323
70,146
57,304
58,093
53,679
59,237

Cotton
Consumption of cotton by American mills deConsumption clined 8.3 per cent from October to November,
largely because of the shorter month, and was
about the same as in November last year. In the cotton-grow­
ing states the decline over the month was 6.1 per cent, and
in other states 16.5 per cent. On a daily average basis, con­
sumption in the country as a whole was 1 per cent less in
November than in October, in the cotton states 1.4 per cent
larger, and in other states 9.9 per cent smaller. Consump­
tion in the cotton states in November was 80.8 per cent, and
for the cotton season to date 80.2 per cent, of the total for the
United States. For the four months of the season, total
consumption has been 17.1 per cent, in the cotton states 16.7
per cent, and in other states 18.6 per cent, less than in that
part of the season before.
Exports in November declined 7 per cent compared with
October and were smaller by 37.5 per cent than in November
a year ago, and for the four months have been 42.4 per cent
less than in that part of the previous season. Census Bureau
figures are compared in the table.
COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPIND LES
U N ITED STATES—Bales
November
October
November
1934
1934
1933
Cotton Consumed......................
Stocks...........................................
In Consuming Establishments
In Public Storage and at
Compresses..........................
E xports........................................
Active Spindles—N um ber.........




477,066
11,088,574
1,293,763

520,310
10,521,149
1,139,721
9,381,428
615,593
25,095,480

10,404,394
915,304
25,420,584

COTTON GROWING STATES—Bales
Cotton Consumed........ ..............
Stocks...........................................
In Consuming Establishments
In Public Storage and a t
Compresses..........................
Active Spindles—N um ber.........

385,449
10,624,271
1,044,645

410,543
10,038,057
892,785

379,238
11,288,681
1,245,147

9,579,626
17,412,166

9,145,272
17,403,244

10,043,534
17,415,152

OTHER STATES—Bales
Cotton Consumed......................
Stocks...........................................
In Consuming Establishments
In Public Storage and a t
Compresses..........................
Active Spindles—N um ber.........

91,617
464,303
249,118

109,767
483,092
246,936

96,009
688,453
327,593

215,185
7,608,612

236,156
7,692,236

360,860
8,005,432

Cotton consumption in the three states of this District for
which separate figures are available declined 8.9 per cent in
total, but only 1.6 per cent on a daily average basis, from
October to November, and was 2.9 per cent smaller than in
November last year. For the first four months of the cotton
season, however, the decline compared with the same period
a year ago has been 20.3 per cent. Census Bureau figures for
these states are compared in the table.
Nov. 1934 Oct. 1934 Nov. 1933
Alabama...............
Georgia................
Tennessee............

46,603
81,715
10,617

54,461
86,318
11,781

Total 3 States..

138,935

152,560

Aug. 1 to Nov. 30, Inc
1934
1933

48,115
85,085
9,857

167,447
294,082
40,039

205,690
381,382
42,158

143,057

501,568

629,230

Cotton
Orders and production at reporting cloth
Manufacturing and yarn mills in the Sixth District declined
from October to November, but orders re­
ceived by both classes of mills were substantially greater
than a year ago, and production at yarn mills was somewhat
larger. Stocks increased over the month and were also
greater than a year ago. Comparisons of reported figures
are shown in the table.
Cloth
Nov. 1934 compared
with:
Oct. 1934
Nov. 1933
...
Orders Booked..............
Unfilled Orders.............. . . .
Stocks on H and ............ . . .
Number on payroll
...

+ 1.7
— 2.8
+ 7 .7
— 0.5

b 4 .9
- 8.8
-41.7
- 3.2
-40.0
r 4.9

Yarn
Nov. 1934 compared
with:
Oct. 1934 Nov. 1933
— 1.9
— 1.0
— 1.9
—35.9
+ 18.1
— 2.7

— 2.5
— 3.6
+ 5 0 .4
—47.7
+ 3 7 .5
— 9.1

Cotton Seed
and Cotton
Seed Oil

Receipts of seed at cotton seed oil mills in the
Sixth District declined about one-half from
October to November and were slightly less
than a year ago, and crushings declined 23 per
cent over the month but were 43 per cent greater than a year
ago. Cumulative figures for the season to date show in­
creases over that part of 1933 of 26 per cent in receipts and
29 per cent in crushings. Production of principal cotton seed
commodities was also greater than a year ago, as were stocks,
excepting those of crude oil. In the first two columns of the
table are shown comparisons of combined totals for Georgia,
Alabama, Louisiana and Mississippi, and in the last two col­
umns are totals for the United States.
Sixth District*
Aug. 1 to Nov. 30
1934
1933

475,247
11,977,134
1,572,740

9,794,811
572,359
25,050,778

R E V IE W

Cotton Seed, Tons:
Received at M ills....
Crushed......................
On Hand, Nov. 3 0 ...

1,116.930
694,290
490,578

886,670
537,629
377,811

United States
Aug. 1 to Nov. 30
1934
1933
2,777,028
1,767,722
1,232,067

3,115,800
1,983,047
1,353,691

M O N T H L Y

Production:
Crude Oil, lbs............ 221,866.488
Cake and Meal, tons.
302,001
Hulls, to n s.................
186,659
Linters, bales............
145,201
Stocks at Mills Nov. 30:
Crude Oil, lbs............
15,159,998
Cake and Meal, tons
103,999
Hulls, to n s.................
59,619
52,343
Linters, bales............

172,418,244
231,659
149,543
98,080
35,300,089
103,662
34,997
48,240

542,699,882 613,168,023
799,313
892,330
459,019
537,325
379,550
353,886
46,408,934
299,200
169,966
163,757

123,493,123
316,078
147,641
160,148

* Georgia, Alabama, Louisiana and Mississippi.

Electric Production of electric power in the six states loPower cated wholly or partly in the Sixth District in­
creased 14.4 per cent from September to October,
and was 11.5 per cent greater than a year earlier. Production
of current by water power increased 24 per cent over the
month and was 17 per cent greater than a year ago, while
production by use of fuels increased only slightly. The Oc­
tober total is the largest for any month in records at han<J,
which go back to the beginning of 1927. The figures are from
those compiled by the United States Geological Survey.
PRODUCTION OF ELECTRIC POWER (000 k. w. Hours)
Oct. 1934
Sept. 1934
Oct. 1933
A labam a......................................
Florida..........................................
Georgia.........................................
Louisiana.....................................
Mississippi...................................
Tennessee....................................

181,427
54,368
109,461
108,155
5,346
95,802

T o ta l................................

Note:

185,259
51,542
74,177
107,659
5,345
73,601

554,559

By use of: W ater Power...........
F u els.........................
Fuels consumed in Production
of Electric Power:
Coal—Tons.............................
Fuel Oil—bbls.........................
Natural Gas—000 cu. ft........

152,127
51,794
78,153
112,808
5,314
84,469
484,665

497,583

358,064
196,495

288,472
196,193

305,827
191,756

12,226
197,208
2,364,776

12,163
192,283
2,408,689

12,725
197,898
2,215,621

1934 figures preliminary.

Bituminous Production of bituminous coal in the United
Coal
States declined 7 per cent in total, but increased
Mining
1.9 on a daily average basis, from October to
November, and was about the same as in Novem­
ber last year, according to preliminary figures compiled by
the United States Geological Survey. For the eleven months
of 1934 total production has been 9.3 per cent greater than in
that part of 1933. Preliminary figures are compared in the
table.
Production—Tons
Total
Daily Average
November 1934.......................... ...30,298, OOOp
October 1934..................................32,573,000r
April 1934.......................................24,772,000
November 1933.......................... ...30,582,000
p—Preliminary,

1,227, OOOp
1,204,000
1,024,000
1,223,000

Number of
Working Days
24.7
27
24.2
24.8

R E V IE W

Pig Iron
November production of pig iron in the United
Production States increased slightly, and the daily average
increased 4 per cent, over that in October, but
was 11.8 per cent less than in November a year ago, accord­
ing to Iron Age statistics. The number of furnaces active
on December 1 declined, however, and was smaller than at
any time since May 1, 1933. Cumulative production in the
first eleven months of 1934 amounted to 14,883,566 tons,
greater by 23.7 per cent than in that part of 1933, and 82.8
per cent larger than in the same period of 1932.
Alabama production of pig iron declined slightly in total
from October, but the daily average increased 2.6 per cent
because of the shorter month, and November production was
31.2 per cent less than in November last year. For the eleven
months of 1934, Alabama production amounted to 1,074,348
tons, 40.8 per cent greater than during the same period last
year, and 74.5 per cent greater than in that part of 1932.
Press reports indicate that books were opened early in De­
cember for the first quarter of 1934, at the prevailing price
of $14.50 per ton, but there is little interest in the market and
current bookings remain mostly on a spot basis. Figures for
the month are compared in the table.
Production—Tons
Total
Daily Average
United States:
November 1934....................
October 1934.........................
November 1933....................
January-November 1934. . . .
January-November 1933. . . .
Alabama:
November 1934....................
October 1934.........................
May 1934..............................
November 1933....................
January-November 1934. . .
January-November 1933. . .

Production—Tons
Alabama
'
Tennessee
1933
1934
1933

November 3 .................. ..........154,000
161,000
83,000
64,000
November 10................ ..........174,000
163,000
80,000
60,000
November 17...........................170,000
178,000
88,000
68,000
November 24................ ..........172,000
178,000
87,000
61,000
December 1 .......................................... ........... .............. ............. .............................




956,940
951,062
2,042,896
1,085,239
14,883,566
12,030,706

31,898
30,679
65,900
36,174

60
65
117
76

58,217
58,663
130,364
84,646
1,074,348
762,903

1,941
1,892
4,205
2,822

5
4
10
7

NAVAL STORES
_______________________________ Nov. 1934
Receipts—Turpentine (1)
Savannah.................................
Jacksonville.............................
Pensacola.................................

Oct. 1934

Nov. 1933

8,818
9,509
5,014

10,941
11,400
2,820

7,503
7,938
3 094

T otal................................ ........... 23,341

Weekly figures indicate that production in Alabama and
Tennessee increased somewhat from October to November,
and although Alabama production seems to have been
slightly less than a year ago, output in Tennessee averages
about one-third larger. Weekly figures are compared in the
table.
1934

Furnaces
Active*

Naval November receipts of turpentine declined, but those
Stores of rosins increased over the month, and in both in­
stances were larger than a year ago. Stocks of both
commodities increased from October to November and were
also larger than for November last year. While press reports
indicate that some sales are being made off the market ap
prices below the loan values, the quotations have continued
at about the levels of a number of weeks past. Comparisons
of receipts and stocks are shown in the table.

25,161

18,535

Receipts—Rosin (2)
Savannah.............................................34,646
Jacksonville........................................ 56,171
Pensacola............................................ 10,965

38,785
44,550
9,147

33,588
37,113
11,195

r—Revised.

Week Ended:

7

T o ta l................................

101,782

92,482

81,896

Stocks—Turpentine (1)
Savannah.................................
Jacksonville.............................
Pensacola.................................

17,527
47,734
29,270

17,515
42,931
25,574

17,406
34 278
28,699

T otal................................

94,531

86,020

80,383

Stocks—Rosin (2)
Savannah.................................
Jacksonville.............................
Pensacola................................

125,688
123,416
24,348

135,098
105,017
19,925

101,231
84 990
22 , 997
’

260,040

209,218

T otal................................
(1)
(2)

Barrels of 50 Gallons.
Barrels of 500 Pounds.

273,452

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

S ept.
1934

O ct.
1934

Nov.
1934

S ept.
1933

O ct.
1933

Nov.
1933

D aily Average Sales—U n a d ju ste d
A tlan ta.................................................................................................
Birmingham........................................................................................
Chattanooga........................................................................................
Nashville..............................................................................................
New Orleans........................................................................................
D ISTR IC T ..........................................................................................

194.8
73.3
76.0
79.1
71.2
89.8

161.3
77.2
76.3
81.9
80.0
90.6

159.9
72.0
74.6
83.0
83.3
91.3

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

Daily Average Sales—A djusted*
A tlanta.................................................................................................
Birmingham........................................................................................
Chattanooga........................................................................................
Nashville.. „........................................................................................
New Orleans........................................................................................
D IST R IC T .........................................................................................

192.9
75.6
80.0
86.0
77.4
95.5

135.5
66.6
61.5
70.0
69.6
76.1

149.4
64.3
67.2
72.8
70.0
80.1

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

M o n th ly S tocks—U n a d ju ste d
A tlanta.................................................................................................
Birmingham.........................................................................................
Chattanooga........................................................................................
N ashville..............................................................................................
New Orleans........................................................................................
d i s t r i c t ..........................................................................................

104.1
43.4
47.2
68.5
59.7
62.9

115.3
45.6
44.6
73.0
83.8
67.2

113.9
46.1
45.7
74.4
64.6
70.0

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

M o n th ly S tocks—A djusted*
A tlan ta. . .............................................................................................
Birmingham........................................................................................
Chattanooga........................................................................................
Nashville..............................................................................................
New Orleans........................................................................................
d i s t r i c t ..........................................................................................

94.6
42.1
45.4
64.0
56.9
59.3

102.9
41.5
39.8
64.6
58.0
60.5

100.8
41.2
41.6
66.4
59.3
63.0

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

WHOLESALE TRADE—SIX TH D ISTRICT—TOTAL........
Groceries..............................................................................................
Dry Goods...........................................................................................
Hardware............. ................................................................................
Furniture..............................................................................................
Electrical Supplies..............................................................................
Stationery............................................................................................
D rugs............................... ....................................................................

63.3
53.3
86.2
60.8
55.2
71.8
46.7
77.8

67.7
54.2
79.2
71.9
63.2
78.9
46.6
89.0

63.3
51.1
72.7
65.1
59.3
85.2
41.3
85.8

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

L IFE INSURANCE SALES—SIX ST A T E S-T O T A L
Alabama...............................................................................................
Florida..................................................................................................
Georgia.......................................................................................... ..
Louisiana.............................................................................................
Mississippi ...........................................................................................
Tennessee.............................................................................................

55.0
48.8
65.8
61.6
57.0
47.3
48.5

60.2
50.8
67.1
65.0
71.2
50.3
55.4

58.9
52.1
61.9
66.9
62.5
56.4
53.0

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

BUILDING PER M ITS—TWENTY C IT IE S ............................
A tlanta.................................................................................................
Birmingham........................................................................................
Jacksonville.........................................................................................
Nashville..............................................................................................
New Orleans........................................................................................
Fifteen Other Cities...........................................................................

14.6
6.1
6.2
20.2
15.4
3.3
21.0

21.8
13.2
7.3
23.1
7.6
12.7
31.8

18.1
15.4
7.0
25.1
6.9
6.6
24.9

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

CONTRACT AWARDS—SIX TH DISTRICT—T O TA L ___
Residential...........................................................................................
All O th ers............................................................................................

20.0
10.6
26.3

22.6
16.0
26.9

26.8
12.0
36.7

20.5
7.8
28.9

48.8
6.5
77.0

122.1
29.2
184.0

WHOLESALE PRICES—UNITED STATESf
ALL CO M M O D ITIES....................................................................
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..............................................................................

77.6
73.4
76.1
78.3
84.1
71.1
74.6
86.6
85.6
76.5
81.8
70.2

76.5
70.6
74.8
78.0
83.8
70.3
74.6
86.3
85.2
77.1
81.7
69.7

76.5
70.8
75.1
78.0
84.2
69.7
74.4
86.2
85.0 .
76.9
81.3
70.6

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

57.5
71.0
.30.7
58.5
97.7
76.5

101.0
119.9
63.6
110.8
158.4
118.4

92.6
112.6
53.1
104.9
135.6
106.7

97.0
117.4
56.5
118.2
140.iS
101.0

97.9
118.3
57.3
118.5
148.5
105.0

92.3
110.8
55.6
109.2
140.0
90.0

COTTON EX PO RTS—UNITED STA TES...............................

93.5

119.9

111.5

169.3

203.8

178.3

P IG IRON PRODUCTION—United S tates..............................
Alabama.......................................

30.1
24.9

31.8
25.3

32.0
25.1

51.0
46.8

45.4
42.9

36.3
36.4

COTTON CONSUMPTION—UNITED STA TES...................
Cotton-Growing States......................................................................
All Other States..................................................................................
Georgia.........................................................................................
Alabama.......................................................................................

♦Adjusted for Seasonal Variation.




fCompiled by Bureau of Labor Statistics.

1926—100.