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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. PERCENT 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 PERCENT 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 BILLIONS OFDOLLARS BILLIONS OFDOLLARS 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 Member Bank Reserve Deposits Total Deposits............................ F. R. Notes in actual circulation F. R. Bank Notes in actual cir culation .................................... Reserve R atio............................. 78,785 84,759 134,691 74,716 83,472 138,493 60,123 69,146 122,532 59.6% 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 2,455,825 5,378,506 4,111,949 4,393,314 3,201,456 27,054 70.8% 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 2,667’,535 3,788,285 2,637,936 2,891,608 3,038,172 28,164 70.3% 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 $ 62,005 130,643 192,648 96,050 59,988 156,038 348,686 128,281 200,862 82,890 74,462 0 $ 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.. . 187,788 155,608 152,679 151,172 156,522 169,780 167,502 163,759 159,810 156,775 340,460 333,349 329,191 334,209 336,513 334,048 331,002 336,266 344,563 161,794 168,070 167,404 169,196 172,707 172,917 179,195 180,374 189,297 130,406 130,649 132,911 130,786 131,560 129,194 127,402 128,944 130,313 161 0 0 0 0 0 0 0 0 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 Percentage Change Nov. 1934 compared October November with 1934 1933 Oct. 1934 Nov. 1933 $ 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 + 23.7 + 3 1 .4 + 2 1 .8 .......... — 9.5 — 1.3 —31.4 + 1.6 — 1.9 + 7.6 + 20.1 — 11.0 + 1 4 .9 — 0 .4 + 2 3 .9 + 1 7 .2 + 2 3.5 + 2 5 .3 ........ .. 4 5 18 9 6 4 .9 3 8 — — — — 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 .......... — 3.5 + 23.5 + 2 5 .0 — 11.4 + 3 6 .2 + 15.3 COLLECTION RATIO** November 1934 October 1934 that time. Figures compared in the table are from those com piled by the Life Insurance Sales Bureau. (000 Omitted) October November 1934 1933 November 1934 Alabama. . .. Louisiana.. .. Mississippi. .. Tennessee. .. 3,535 $ 3,665 3,959 2,465 4,987 January to Nov. 1934 1933 Percent Change 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 25,297 $ 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 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 56.2 528 496 108 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 Total 20 Cities. 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 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 1,139,721 475,247 11,977,134 1,572,740 9,794,811 572,359 25,050,778 9,381,428 615,593 25,095,480 10,404,394 915,304 25,420,584 R E V IE W 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 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................................ 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........ Note: 152,127 51,794 78,153 112,808 5,314 84,469 185,259 51,542 74,177 107,659 5,345 73,601 554,559 484,665 497,583 358,064 196,495 288,472 196,193 305,827 191,756 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. . . Week Ended: 1934 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 .......................................... ........... .............. ............. ............................. Furnaces Active* 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 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. 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 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. 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. 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.
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