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M O N T H L Y R E V I E W O f Financial, A gricultural, T rade and Industrial C onditions in the S ix th Federal R eserve D istrict F E D E R A L V O L. 18, N o. 2 R E S E R V E B A N K O F A P repared b y F ed eral R eserve B oard V o lu m e o f i n d u s t r ia l p r o d u c tio n in c r e a s e d in J a n u a r y b y l e s s t h a n t h e u s u a l s e a s o n a l a m o u n t a n d f a c t o r y e m p lo y m e n t a n d p a y r o l l s c o n t in u e d t o d e c lin e . P r ic e s o f c o m m o d it ie s a t w h o l e s a l e , w h ic h d e c lin e d f u r t h e r i n J a n u a r y , s h o w e d r e l a t i v e l y l i t t l e c h a n g e i n t h e f ir s t t h r e e w e e k s o f F e b r u a r y . P r o d u c tio n a n d E m p lo y m e n t I n d u s t r ia l a c t i v i t y , a s m e a s u r e d b y t h e B o a r d ’s in d e x , w h ic h m a k e s a llo w a n c e f o r u s u a l s e a s o n a l c h a n g e s , d e c lin e d f r o m 6 6 p e r c e n t o f t h e 1 9 2 3 -1 9 2 5 a v e r a g e i n D e c e m b e r t o 6 4 p e r c e n t in J a n u a r y , w h ic h c o m p a r e s w i t h a l o w l e v e l o f 5 8 p e r c e n t l a s t J u ly . O u tp u t o f c o a l d e c lin e d c o n s id e r a b ly c o n t r a r y t o t h e u s u a l s e a s o n a l t e n d e n c y . I n c r e a s e s in a c t i v i t y i n t h e c o t t o n a n d s i l k i n d u s t r ie s w e r e s o m e w h a t l e s s t h a n s e a s o n a l in a m o u n t a n d t h e r e w a s a s l i g h t d e c lin e i n p r o d u c tio n a t w o o le n m i ll s . O u tp u t o f s h o e s in c r e a s e d s e a s o n a l l y . A c t i v i t y in t h e s t e e l i n d u s t r y s h o w e d a s e a s o n a l in c r e a s e d u r in g J a n u a r y a n d l i t t l e c h a n g e d u r in g t h e f ir s t t h r e e w e e k s o f F e b r u a r y . A u t o m o b ile p r o d u c tio n w h ic h h a d in c r e a s e d s u b s t a n t i a l l y in D e c e m b e r s h o w e d a f u r t h e r s l i g h t in c r e a s e in J a n uary. F a c t o r y e m p lo y m e n t d e c lin e d b e t w e e n t h e m id d le o f D e c e m b e r a n d t h e m id d le o f J a n u a r y b y c o n s id e r a b ly m o r e t h a n t h e s e a s o n a l a m o u n t . D e c r e a s e s w e r e r e p o r t e d i n m o s t li n e s e x c e p t i n t h e c o t t o n , w o o l a n d s il k i n d u s t r ie s , w h e r e e m p lo y m e n t s h o w e d l i t t l e c h a n g e , a n d in t h e a u to m o b ile a n d s h o e i n d u s t r ie s , w h e r e e m p lo y m e n t in c r e a s e d . C o n s t r u c t io n c o n t r a c t s a w a r d e d w e r e i n a b o u t t h e s a m e v o l u m e i n J a n u a r y a s in D e c e m b e r a c c o r d in g t o F . W . D o d g e C o r p o r a tio n . I n t h e f i r s t h a l f o f F e b r u a r y t h e v a l u e o f a w a r d s s h o w e d a d e c lin e . D is t r ib u t io n V o lu m e o f f r e i g h t t r a f f ic w a s s o m e w h a t s m a lle r i n J a n u a r y t h a n in D e c e m b e r , r e f le c t in g a r e d u c tio n i n s h ip m e n t s o f c o a l. S a l e s b y d e p a r t m e n t s t o r e s d e L A N T A T his review released fo r pu b lic a tio n in a fte rn o o n p a p e rs o f M arch 2. A T L A N T A , G A ., F E B R U A R Y 2 8 , 1 9 3 3 N A T IO N A L S U M M A R Y O F B U S I N E S S C O N D IT IO N S T c r e a s e d a f t e r C h r is t m a s b y m o r e t h a n t h e u s u a l s e a s o n a l a m o u n t. W h o le s a le P r i c e s T h e g e n e r a l l e v e l o f w h o le s a l e c o m m o d it y p r ic e s a s m e a s u r e d b y t h e I n d e x o f t h e B u r e a u o f L a b o r S t a t i s t i c s d e c lin e d f u r t h e r f r o m 6 2 .6 p e r c e n t o f t h e 1 9 2 6 a v e r a g e in D e c e m b e r t o 6 1 .0 p e r c e n t i n J a n u a r y , r e f le c t in g s u b s t a n t ia l r e d u c t io n s in t h e p r ic e s o f c r u d e p e t r o le u m , g a s o li n e , t e x t i l e s a n d d a ir y a n d p o u lt r y p r o d u c ts . P r e v a i l i n g p r ic e s f o r w h e a t , c o t t o n a n d h o g s i n J a n u a r y a n d t h e f ir s t t h r e e w e e k s o f F e b r u a r y w e r e s o m e w h a t a b o v e t h e lo w le v e l s r e a c h e d i n D e c e m b e r . B a n k C r e d it B e tw e e n J a n u a r y 4 a n d F e b r u a r y 21 th e r e w a s a n in c r e a s e o f $ 3 1 9 ,0 0 0 ,0 0 0 i n t h e d e m a n d f o r c u r r e n c y , a c c o m p a n y in g b a n k in g d is t u r b a n c e s i n d if f e r e n t p a r t s o f t h e c o u n t r y , a n d a d e c r e a s e o f $ 6 4 ,0 0 0 ,0 0 0 i n t h e c o u n t r y ’s s t o c k o f m o n e t a r y g o ld . T h e s e d e m a n d s w e r e m e t b y m e m b e r b a n k s i n p a r t b y t h e u s e o f t h e i r b a la n c e s a t t h e R e s e r v e b a n k s , w h ic h d e c lin e d b y $ 2 4 3 ,0 0 0 ,0 0 0 d u r in g t h e p e r io d b u t c o n t in u e d t o b e c o n s id e r a b ly a b o v e l e g a l r e q u ir e m e n ts. R e se r v e b a n k h o ld in g s o f U n it e d S t a t e s S e c u r it ie s d e c lin e d b y $ 8 8 ,0 0 0 ,0 0 0 b e t w e e n J a n u a r y 4 a n d F e b r u a r y 1 , b u t in c r e a s e d b y $ 7 0 ,0 0 0 ,0 0 0 d u r in g t h e f o l lo w in g t h r e e w e e k s ; t h e i r h o ld in g s o f a c c e p t a n c e s in c r e a s e d b y $ 1 4 1 ,0 0 0 ,0 0 0 a n d d is c o u n t s f o r m e m b e r b a n k s in c r e a s e d b y $ 7 6 ,0 0 0 ,0 0 0 . L o a n s a n d i n v e s t m e n t s o f r e p o r t in g m e m b e r b a n k s in le a d i n g c i t i e s d e c lin e d b y a b o u t $ 1 0 0 ,0 0 0 ,0 0 0 d u r in g t h e f iv e w e e k s e n d in g F e b r u a r y 1 5 . T h e b a n k s ’ n e t d e m a n d a n d t i m e d e p o s i t s s h o w e d a d e c r e a s e o f $ 9 3 ,0 0 0 ,0 0 0 f o r t h e p e r io d . M o n e y r a t e s in t h e o p e n m a r k e t w e r e s l i g h t l y fir m e r d u r in g th e fir s t h a lf o f F e b r u a r y . O p en m a r k e t r a te s on 9 0 d a y b a n k e r s ’ a c c e p t a n c e s , w h ic h h a d b e e n % of 1 p e r c e n t , h a d in c r e a s e d t o % o f 1 p e r c e n t b y F e b r u a r y 2 0 . R a tes on p r im e c o m m e r c ia l p a p e r a n d o n s t o c k e x c h a n g e lo a n s r e m a in e d u n c h a n g e d . T h e m in im u m b u y i n g r a t e o n b il ls a t t h e F e d e r a l R e s e r v e B a n k s o f B o s t o n , N e w Y o r k a n d C h ic a g o w a s red u ced fr o m 1 to % o f 1 p e r cen t. u. ) ACTORY E MPLOYME: n t 110 100 \ \ 90 \ 80 70 60 1931 Index number of industrial production, adjusted for seasonal variation. 64. Digitized( 1 for 923FRASER -25 average—100.) Latest figure January 50 Federal Reserve Board’s index of factory employment with adjustment for seasonal variations. ( 1923-25 average= 100.) Latest figure January 59. 4. M O N T H L Y R E V IE W 2 1926 1929 1930 1931 1932' 1933 Monthly averages of weekly figures for reporting member banks in leading cities. L atest figures are averages of first three weeks in Jan u ary . Indexes of the U nited States Bureau of Labor S tatistics (1926=100). L atest figures, J a n u a ry : F arm products 42.6; Food products 55.8; Other commodities 67.3. S IX T H D IS T R IC T S U M M A R Y T h e r e w e r e in c r e a s e s in t e x t i l e a c t i v i t y a n d in b u ild in g a n d c o n s t r u c t io n a w a r d s , a n d s l i g h t l y l e s s t h a n u s u a l d e c lin e s in r e t a i l a n d w h o l e s a l e t r a d e , f r o m D e c e m b e r t o J a n u a r y in t h e S i x t h F e d e r a l R e s e r v e D is t r ic t , a n d in c r e a s e s c o m p a r e d w i t h J a n u a r y a y e a r a g o a r e in d ic a te d a t t e x t i l e m i ll s a n d in c o n s t r u c t io n c o n t r a c t s . o f f s e t b y a n in c r e a s e o f $ 3 4 ,0 0 1 ,0 0 0 in t h e b a n k ’s h o ld in g s o f U n it e d S t a t e s s e c u r it i e s o v e r t h o s e h e ld o n F e b r u a r y 17 , 1 9 3 2 , s o t h a t t o t a l b il ls a n d s e c u r i t ie s s h o w a d e c r e a s e o f o n ly $ 3 ,5 4 4 ,0 0 0 . D e p a r t m e n t s t o r e s a l e s d e c lin e d 5 4 .3 p e r c e n t in J a n u a r y f r o m t h e h o lid a y p e a k in D e c e m b e r , a n d w e r e 2 1 .8 p e r c e n t l e s s in d o lla r v o lu m e t h a n in J a n u a r y 1 9 3 2 . S t o c k s a t d e p a r t m e n t s t o r e s d e c lin e d 8 .4 p e r c e n t f r o m D e c e m b e r 31 t o t h e e n d o f J a n u a r y a n d w e r e 2 4 .1 p e r c e n t s m a lle r t h a n a y e a r e a r lie r . O n a d a il y a v e r a g e b a s is , d e p a r t m e n t s t o r e s a l e s d e c lin e d 5 2 .4 p e r c e n t in J a n u a r y a s c o m p a r e d w i t h a u s u a l d e c r e a s e o f 5 3 .5 p e r c e n t a t t h a t t im e . W h o le s a le t r a d e w a s 3 .6 p e r c e n t l e s s in J a n u a r y t h a n in D e c e m b e r , a n d 9 .9 p e r c e n t l e s s t h a n in J a n u a r y 1 9 3 2 . T h e d e c r e a s e f r o m D e c e m b e r t o J a n u a r y w a s s m a lle r t h a n h a s t a k e n p la c e a t t h a t t im e in t h e p a s t t w o y e a r s . B a n k d e b it s a t 2 6 r e p o r t i n g c i t i e s d e c lin e d 5 .9 p e r c e n t f r o m D e c e m b e r t o J a n u a r y a n d w e r e 2 3 .5 p e r c e n t l e s s t h a n in J a n u a r y l a s t y e a r . O u t s t a n d in g F e d e r a l R e s e r v e B a n k c r e d it in c r e a s e d s l i g h t l y b e t w e e n J a n u a r y 11 a n d F e b r u a r y 15. I n v e s t m e n t s o f w e e k ly r e p o r t in g m e m b e r b a n k s in c r e a s e d 10 m illio n s o f d o lla r s d u r i n g t h i s p e r io d . D e p o s it s d e c lin e d , a n d w e r e l e s s t h a n a t t h e s a m e t im e l a s t y e a r . C o n t r a c t a w a r d s d u r in g J a n u a r y , a c c o r d in g t o F . W . D o d g e C o r p o r a tio n s t a t i s t i c s , in c r e a s e d o v e r D e c e m b e r , a n d o v e r J a n u a r y a y e a r a g o , in L o u is ia n a , F lo r id a a n d T e n n e s s e e , t h e l a r g e g a i n in L o u is ia n a b e in g d u e t o c o n t r a c t s in c o n n e c t io n w i t h t h e b r id g e a c r o s s t h e M is s i s s i p p i R iv e r a t N e w O r le a n s . T h e c o n s u m p tio n o f c o t t o n , in t h e U n it e d S t a t e s a s a w h o le , in t h e c o t t o n - g r o w in g s t a t e s , a n d in t h i s D i s t r i c t , in c r e a s e d f r o m D e c e m b e r t o J a n u a r y a n d w a s g r e a t e r t h a n in J a n u a r y o f t h e p a s t t w o y e a r s . P r o d u c tio n o f c lo t h , a n d o r d e r s f o r b o th c lo t h a n d y a r n , a t r e p o r t in g m ills in t h e D i s t r ic t , in c r e a s e d f r o m D e c e m b e r t o J a n u a r y , a n d p r o d u c tio n a n d o r d e r s o f b o th c lo t h a n d y a r n m ills w e r e g r e a t e r t h a n i n J a n u a r y l a s t y e a r . P ig ir o n p r o d u c tio n i n A la b a m a d e c lin e d o v e r t h e m o n t h a n d w a s s u b s t a n t i a l ly l e s s t h a n a y e a r a g o , a n d o u t p u t o f c o a l in b o th A la b a m a a n d T e n n e s s e e d e c lin e d . F I N A N C E R e s e r v e B a n k T h e t o t a l v o lu m e o f r e s e r v e b a n k c r e d it o u tC r e d it s t a n d in g a t t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a , a s r e f le c t e d in i t s t o t a l h o ld in g s o f b ills a n d s e c u r i t i e s , in c r e a s e d s l i g h t l y b e t w e e n J a n u a r y 11 a n d F e b r u a r y 15 a n d w a s 3 .4 m illio n s l e s s t h a n o n t h e c o r r e s p o n d in g W e d n e s d a y a y e a r a g o . D u r in g t h e f iv e w e e k s b e t w e e n J a n u a r y 11 a n d F e b r u a r y 15 d is c o u n t s in c r e a s e d $ 1 ,7 7 5 ,0 0 0 , b i l l s p u r c h a s e d d e c lin e d $ 1 ,1 6 6 ,0 0 0 , a n d h o ld in g s o f U n it e d S t a t e s s e c u r it i e s in c r e a s e d $ 1 ,0 9 1 ,0 0 0 . C o m p a r e d w i t h t h e c o r r e s p o n d in g r e p o r t d a t e in 1 9 3 2 , d is c o u n t s o n F e b r u a r y 1 5 t h i s y e a r s h o w a d e c r e a s e o f $ 3 0 ,8 5 7 ,0 0 0 , a n d p u r c h a s e d b ills a d e c lin e o f $ 5 ,9 3 8 ,0 0 0 . A t t h a t t im e “ O th e r s e c u r i t i e s ” w e r e h e ld in t h e a m o u n t o f $ 7 5 0 ,0 0 0 , w i t h n o c o r r e s p o n d in g a m o u n t t h i s y e a r . T h e s e d e c r e a s e s w e r e la r g e l y T o t a l r e s e r v e s h e ld b y t h e b a n k in c r e a s e d $ 1 5 ,5 2 8 ,0 0 0 f r o m J a n u a r y 11 t o F e b r u a r y 1 5, b u t w e r e $ 7 ,8 4 3 ,0 0 0 l e s s t h a n a y e a r e a r lie r . M e m b e r b a n k r e s e r v e d e p o s it s d e c lin e d s l i g h t l y , b u t t o t a l d e p o s it s in c r e a s e d , b e t w e e n J a n u a r y 11 a n d F e b r u a r y 1 5 , a n d b o th w e r e s l i g h t l y l e s s t h a n a y e a r a g o . F e d e r a l r e s e r v e n o t e s in a c t u a l c ir c u la t io n in c r e a s e d $ 1 3 ,2 3 2 ,0 0 0 d u r in g t h i s r e c e n t f iv e - w e e k p e r io d , b u t w e r e $ 9 ,9 8 9 ,0 0 0 l e s s t h a n o n t h e s a m e W e d n e s d a y a y e a r a g o . P r in c ip a l i t e m s in t h e w e e k ly s t a t e m e n t a r e c o m p a r e d in t h e t a b le . (000 Omitted) Feb. 15, 1933 Jan. 11, 1933 Feb. 17, 1932 Bills Discounted: Secured by Govt. Obligations _ _ $ 1,458 All O th e r s .___ 17,245 Total Discounts__ ____ 18,703 Bills Bought in Open M a rk e t___ 1,873 U. S. Securities____ 46,595 Other Securities___ ____________ Total Bills and Securities __ 67471 Total Reserves_____________ __ 99,782 Member Bank Reserve Deposits - _ 45,348 Total Deposits __ ___________ 51 ,520 F. R. Notes in Actual Circulation 109,993 R eserve R a tio . _ . _ _ _ 61.8 $ 1,764 15,164 16,928 3,039 45,504 65~471 84,254 45,488 47,717 96,761 58 .3 $ 13,563 35,997 49,560 7,811 12,594 750 70,715 107,625 48,031 52,401 119,982 62 .4 C o n d itio n o f M e m b e r B a n k s in S e le c t e d C it ie s T o t a l lo a n s a n d i n v e s t m e n t s o f 2 4 w e e k ly r e p o r t in g m e m b e r b a n k s lo c a t e d in A t la n t a , N e w O r le a n s , B ir m in g h a m , J a c k s o n v ille , N a s h v ille , C h a t ta n o o g a , M o b ile a n d S a v a n n a h in c r e a s e d n e a r ly 7 m illio n s o f d o lla r s b e t w e e n J a n u a r y 11 a n d F e b r u a r y 8 , b u t d e c lin e d a p p r o x im a t e ly 1 .6 m illio n s b y F e b r u a r y 1 5, w h e n t h e y w e r e 2 4 .8 m illio n s l e s s t h a n o n t h e c o r r e s p o n d in g r e p o r t d a t e a y e a r a g o . F r o m J a n u a r y 1 1 t o F e b r u a r y 1 5 lo a n s a n d d is c o u n t s o f t h e s e b a n k s d e c lin e d $ 4 ,6 6 9 ,0 0 0 . T h e d e c r e a s e w a s in A ll O th e r L o a n s , t h o s e m a d e l a r g e l y f o r c o m m e r c ia l, in d u s t r ia l a n d a g r ic u lt u r a l p u r p o s e s , a s t h e r e w a s a s m a ll in c r e a s e in lo a n s o n s e c u r it ie s . C o m p a r e d w it h t h e s a m e W e d n e s d a y a y e a r a g o , t o t a l lo a n s o f t h e s e b a n k s s h o w a d e c r e a s e o f $ 3 7 ,7 1 2 ,0 0 0 . I n c r e a s e s in in v e s t m e n t h o ld in g s o f t h e s e b a n k s a r e s h o w n in c o m p a r is o n w it h b o th o f t h e s e c o m p a r a tiv e r e p o r t d a te s b e c a u s e o f la r g e r h o ld in g s o f U n it e d S t a t e s G o v e r n m e n t s e c u r it ie s . T h e s e h o ld in g s o f G o v e r n m e n t s e c u r it ie s o n F e b r u a r y 15 w e r e la r g e r b y $ 1 1 ,1 7 4 ,0 0 0 t h a n o n J a n u a r y 11, a n d $ 1 7 ,4 8 6 ,0 0 0 g r e a t e r t h a n a y e a r a g o . O th e r s e c u r it y h o ld in g s d e c lin e d $ 1 ,0 6 5 ,0 0 0 f r o m J a n u a r y 11 a n d w e r e $ 4 ,6 1 5 ,0 0 0 l e s s t h a n a y e a r a g o . T h e r e w e r e d e c lin e s in b o th d e m a n d a n d t im e d e p o s it s b e t w e e n J a n u a r y 11 a n d F e b r u a r y 1 5, a n d t im e d e p o s it s w e r e s l i g h t l y l a r g e r t h a n a y e a r a g o , b u t d e m a n d d e p o s it s s o m e w h a t le s s . B o r r o w in g s b y t h e s e b a n k s f r o m t h e F e d e r a l R e s e r v e B a n k o f A t la n t a in c r e a s e d f r o m J a n u a r y 11 t o F e b r u a r y 15 b u t w e r e l e s s t h a n h a l f a s l a r g e a s a t t h e s a m e t im e l a s t y e a r . 3 M O N T H L Y R E V IE W P r in c ip a l i t e m s in t h e w e e k ly r e p o r t a r e s h o w n c o m p a r a t i v e l y in t h e t a b le , a n d a r e f o llo w e d b y m o n t h ly a v e r a g e s o f w e e k l y f ig u r e s f o r s o m e o f t h e m o r e im p o r t a n t it e m s in t h e r e p o r t , s h o w in g t h e i r t r e n d o v e r t h e p a s t y e a r . Feb. 15, 1933 Loans: On Securities________________ All Other Loans______________ Total L oans_____________ U. S. Securities_________________ Other Securities________________ T otal Investm ents________ Total Loans and Investments__ Time Deposits_________________ Demand D eposits______________ Due to Banks__________________ Due from B anks_______________ Borrowings from F. R. Bank_____ (000 Omitted) Jan. 11, 1933 Feb. 17, 1932 $105,700 204,822 310,522 108,638 82,326 190,964 501,486 197,567 202,880 73,550 56,319 11,365 $105,503 209,688 315,191 97,464 83,391 180,855 496 ,046 204,680 216,803 88,508 77,335 8,330 $107,327 240,907 348,234 91,152 86,941 178,093 526,327 196,408 237,925 74,575 50,283 27,331 M onthly Averages of Weekly Figures of Reporting Member Banks in Selected Cities (000 Omitted) Borrowings Loans on AH Other Invest- Demand Time from Securities Loans ments Deposits Deposits F. R. Bank 1931 D ecem ber.. $113,703 1932 January___ 109,653 F ebruary.__ 107,587 M arch____ 106,645 April______ 106,573 M ay______ 110,647 June______ 110,611 Ju ly ______ 108,987 August____ 105,815 Septem ber.. 106,068 October___ 105,816 N ovem ber.. 106,275 D ecem ber.. 107,463 1933 January ___ 106,089 o v e r D e c e m b e r w e r e r e p o r t e d f r o m M o n t g o m e r y , M ia m i, H a t t i e s b u r g , M e r id ia n , V ic k s b u r g , C h a t t a n o o g a a n d N a s h v i l l e . M o n t h ly t o t a l s in t h e t a b le a r e d e r iv e d f r o m w e e k ly r e p o r t s b y p r o r a t in g f ig u r e s f o r t h o s e w e e k s w h ic h d o n o t f a l l e n t i r e l y w i t h i n a s i n g l e c a le n d a r m o n t h . $252,423 $182,510 $254,486 $207,522 $ 29,992 245,706 178,755 241,360 178,555 237,979 178,162 234,239 176,037 227,871177,477 221,415175,588 218,055170,186 217,168 172,591 214,809 175,623 217,503179,221 216,734 179,539 215,479 181,788 244,147 237,630 237,662 234,990 226,776 221,211 213,908 212,576 215,013 214,903 215,705 220,055 200,591 196,661 198,274 194,704 194,830 192,402 189,892 195,237 195,538 193,546 192,761 191,116 27,919 26,542 18,342 19,307 15,582 18,677 24,532 17,944 12,967 8,706 10,973 13,483 290,740 183,140 217,051 204,084 8,654 (000 Omitted) Jan. 1933 Dec. 1932 Jan. 1932 Alabama—4 Cities_____________ Birmingham________________ D othan____________________ Mobile_____________________ M ontgomery________________ Florida—4 Cities______________ Jacksonville_________________ M iam i_____ ________________ Pensacola__________________ T am pa_____________________ Georgia—10 Cities____ ________ Albany_____________________ A tlanta____________________ Augusta____________________ Brunswick__________________ Columbus__________________ Elberton___________________ Macon_____________________ N ewnan____________________ Savannah__________________ Valdosta___________________ Louisiana—New Orleans_______ Mississippi—4 Cities...................... Hattiesburg_________________ Jackson____________________ Meridian___________________ Vicksburg__________________ Tennessee—3 Cities____________ Chattanooga-----------------------Knoxville__________________ Nashville___________________ $ 99,934 63,639 1,297 21,702 13,296 80,097 42,474 15,639 4,018 17,966 160,370 2,365 106,150 11,924 1,525 6,989 523 7,194 1,030 20,528 2,142 183,152 27,018 2,831 14,308 5,859 4,020 101,239 30,377 16,570 54,292 $103,022 64,448 1,398 25,027 12,149 89,573 50,804 14,287 4,687 19,795 175,885 2,508 113,374 14,167 1,643 7,679 580 9,542 1,101 22,888 2,403 196,465 28,631 2,576 16,465 5,618 3,972 99,146 25,769 19,544 53,833 $146,983 95,183 1,744 31,032 19,024 100,972 51,105 21,172 4,930 23,765 209,256 3,547 132,311 16,917 1,991 9,708 638 10,523 1,247 29,526 2,848 229,791 32,011 4,271 16,575 6,742 4,423 133,187 37,413 27,061 68,713 Total 26 Cities____________ $651,810 $692,722 $852,200 A G R I C U L T U R E W e a t h e r c o n d itio n s d u r in g J a n u a r y w e r e f a v o r a b le f o r o u t d o o r w o r k i n p r e p a r a t io n f o r t h e n e w c r o p s e a s o n a n d f o r t h e g r o w t h o f w in t e r v e g e t a b l e s , b u t e a r l y in F e b r u a r y t h e r e D e p o s it s o f A l l T h e r e w e r e in c r e a s e s in J a n u a r y in t h e d a ily w a s a c o ld s p e l l w h ic h b r o u g h t b e lo w - f r e e z in g t e m p e r a t u r e s M e m b e r B a n k s a v e r a g e o f d e m a n d a n d o f t im e d e p o s it s o f a n d c a u s e d c o n s id e r a b le d a m a g e t o e a r l y v e g e t a b l e s a n d a l l m e m b e r b a n k s in t h e S i x t h D is t r ic t , a n d f r u it s . Y o u n g c a b b a g e p la n t s , g r e e n p e a s , a n d o t h e r v e g e d e m a n d d e p o s it s in J a n u a r y w e r e t h e h i g h e s t s in c e l a s t J u n e , t a b le s w e r e b a d ly d a m a g e d , a n d s o m e d a m a g e t o s t r a w b e r r y a n d t im e d e p o s it s in J a n u a r y a v e r a g e d h i g h e r t h a n f o r a n y p l a n t s w a s in d ic a te d in p r e lim in a r y , in c o m p le t e r e p o r t s . D e m o n t h s in c e l a s t A p r il. D a i ly a v e r a g e d e m a n d d e p o s it s h a v e p a r t m e n t o f A g r ic u l t u r e r e p o r t s in d ic a t e d e c r e a s e s in t h e in c r e a s e d e a c h m o n t h s in c e t h e l o w p o in t r e a c h e d in A u g u s t . a c r e a g e p la n t e d t o I r is h p o t a t o e s , b o th t h e c o m m e r c ia l a n d F ig u r e s o v e r t h e p a s t y e a r a r e s h o w n i n t h e t a b le . t h e t o t a l c r o p , c o m p a r e d w it h 1 9 3 2 , i n a ll s t a t e s o f t h i s D i s t r i c t . T h e a c r e a g e p la n t e d o r t o b e p la n t e d in c a b b a g e in c r e a s e d s u b s t a n t ia l ly o v e r l a s t y e a r , a n d p r e lim in a r y e s t i Demand Time Deposits Deposits m a t e s f o r F lo r id a a n d L o u is ia n a in d ic a t e m u c h l a r g e r y ie ld s a n d t o t a l p r o d u c tio n t h a n in 1 9 3 2 . I n c r e a s e s a r e a l s o in d i 1931-Decembe r ____ ________________ $417,991,000 $371,425,000 1932-Januar---------------------------------------------y --------------- 412,279,000 370,341,000 c a t e d in F lo r id a a c r e a g e s in t o m a t o e s , w i n t e r p e p p e r s , g r e e n 361,376,000 February___________________________ __ 398,252,000 p e a s an d sn a p b ea n s. M arch_____________________________ __ 398,756,000 360,419,000 April_________________________________ 395,649,000 357,522,000 M ay_______________________________ __ 379,044,000 354,710,000 June_______________________________ __ 366,332,000 350,648,000 L iv e S to c k T h e a n n u a l e s t im a t e b y t h e U n it e d S t a t e s D e Ju ly_______________________________ __ 350,364,000 349,040,000 August_____________________________ __ 341,792,000 351,530,000 on F arm s p a r t m e n t o f A g r ic u lt u r e in d ic a t e s t h a t o n J a n September__________________________ __ 342,608,000 349,445 ,000 u a r y 1 th is y e a r th e r e w e r e fe w e r h o r se s an d October____________________________ __ 344,212,000 348,772,000 m u le s , b u t m o r e c a t t le , s h e e p a n d h o g s t h a n a t t h e s a m e November__________________________ __ 344,398,000 346,901,000 December__________________________ __ 351,750,000 344,157,000 t im e a y e a r a g o . T h e t o t a l v a lu e , h o w e v e r , i s 1 4 .4 p e r c e n t 1933-Januar y 356,141,000 355,753,000 lo w e r t h a n o n J a n u a r y 1, 1 9 3 2 , d e c r e a s e s r a n g i n g f r o m 5 .5 p e r c e n t in t h e v a lu e o f m u le s t o 2 7 .2 p e r c e n t f o r h o g s . C o m p a r is o n s f o r t h e s i x s t a t e s o f t h i s D is t r ic t a r e s h o w n i n t h e t a b le . Savings Deposits of 62 Reporting Banks (000 Omitted) Percentage change Number Jan. 1933 compared LIVESTOCK ON FARMS—JANUARY 1 Jan. of Dec. Jan. with: (000 Omitted) 1932 1932 Dec. 1932 Jan. 1932 Banks 1933 1933 1932 A tlanta-------4 $ 33,124 $ 33,842 $ 36,163 —2.1 — 8.4 Number Value Number Value 3 Birmingham.. 16,633 17 ,545 18,401 —5.2 — 9 .6 4 13,527 —2.0 — 3.1 Jacksonville _. 13,251 13,679 ALABAMA: TOTAL-— $38,204 $40,542 Nashville___ 5 23,141 23,619 —2.0 26,458 — 12.5 Horses and Colts_____ 55 2,495 58 2,668 6 49,868 49,819 —2.4 New Orleans48,685 — 2.3 Mules and Mule Colts _ 322 20,877 319 19,778 40 65,359 64,756 70,059 + 0 .9 Other Cities _. — 6.7 All C attle___________ 875 10,309 810 12,798 T o tal_____ 62 203,157 200,193 214,579 — 1.5 — 6.7 *Cows and Heifers____ 413 7,434 390 8,970 Sheep and Lam bs____ 52 103 50 130 Swine----------------------4,420 1,053 957 5,168 D e b it s t o in d iv id u a l A cco u n ts T o t a l d e b it s t o in d iv id u a l a c c o u n t s a t 2 6 c le a r i n g h o u s e c e n t e r s o f t h e D i s t r i c t , r e f le c t in g t h e v o lu m e o f b u s in e s s t r a n s a c t io n s s e t t l e d b y c h e c k , d e c lin e d 5.9 p e r c e n t f r o m D e c e m b e r t o J a n u a r y , a n d w e r e 2 3 .5 p e r c e n t l e s s t h a n i n J a n u a r y , 1 9 3 2 . I n c r e a s e s FLORIDA: TOTAL____ Horses and Colts_____ Mules and Mule Colts. All C attle___________ *Cows and Heifers-----Sheep and Lam bs____ Swine_______________ 18 42 480 93 44 513 12,368 1,059 3,108 6,732 2,697 100 1,369 19 42 458 90 43 508 15,574 1,273 4,074 8,244 3,420 103 1,880 4 M O N T H L Y R E V IE W F e r tiliz e r T a g S a le s S a l e s o f f e r t i l i z e r t a x t a g s b y s t a t e a u t h o r i t i e s in t h e s i x s t a t e s o f t h i s D i s t r i c t in c r e a s e d s u b s t a n t i a l l y i n J a n u a r y , t o t h e l a r g e s t t o t a l s in c e A p r il l a s t y e a r . T h e J a n u a r y t o t a l i s 1 .8 p e r c e n t g r e a t e r t h a n f o r J a n u a r y 1 9 3 2 , in c r e a s e s in G e o r g ia , L o u is ia n a , M i s s i s s i p p i a n d T e n n e s s e e b e in g p a r t l y o f f s e t b y d e c r e a s e s i n F lo r id a a n d A la b a m a . F o r t h e c u m u la t iv e p e r io d A u g u s t 1 t o J a n u a r y 3 1 t a g s a l e s in L o u is ia n a s h o w a d e c r e a s e o f 8 .3 p e r c e n t , i n A la b a m a n o c h a n g e , a n d in t h e o t h e r f o u r s t a t e s i n c r e a s e s o v e r t h a t p e r io d a y e a r e a r lie r , t h e a v e r a g e f o r t h e s i x s t a t e s b e i n g a g a i n o f 2 .5 p e r c e n t . F ig u r e s in t h e t a b le a r e t a k e n f r o m t h o s e c o m p ile d b y t h e N a t io n a l F e r t i l i z e r A s s o c ia tio n . GEORGIA: TO TA L___ Horses and Colts_____ Mules and Mule Colts _ All C attle___________ *Cows and Heifers____ Sheep and Lam bs____ Swine----------------------- 33 326 852 356 36 1,376 39,307 1,650 22,469 10,486 6,764 78 4,624 35 333 811 342 37 1,390 45,628 1,820 23,310 13,463 8,550 85 6,950 LOUISIANA: T O TA L-Horses and Colts_____ Mules and Mule Colts All C attle....................... *Cows and Heifers____ Sheep and Lam bs____ Swine----------------------- 104 180 784 270 147 672 26,666 3,344 10,012 10,280 5,670 288 2,742 106 189 740 260 140 679 4,195 4,028 11,907 13,468 7,800 378 4,414 M ISSISSIPPI: TOTALHorses and Colts_____ Mules and Mule Colts. All C attle___________ *Cows and Heifers----Sheep and Lam bs......... Swine----------------------- 86 347 1,052 526 100 1,010 37,934 3,368 20,040 10,775 7,890 176 3,575 92 347 993 496 100 878 44,870 3,956 21,861 14,200 10,416 200 4,653 TEN NESSEE: TO TA L. Horses and Colts-------Mules and Mule Colts All C attle___________ *Cows and Heifers____ Sheep and Lam bs____ Swine_______________ 146 315 1,094 527 405 1,236 50,309 7,144 20,127 16,736 11,067 1,302 5,000 157 318 1,032 507 393 1 ,076 58,499 7,693 21,306 21,156 14,196 1,572 6,772 Alabama_____ 12,050 Florida_______ 49,977 Georgia---------- 8,447 Louisiana_____ 6,050 Mississippi........ 7,025 Tennessee____ 2,610 TOTAL SIX STA TES. . Horses and Colts_____ Mules and Mule Colts _ All C attle___________ *Cows and Heifers____ Sheep and Lam bs------Swine_______________ 204,788 19,060 96,633 65,318 41,522 2,047 21,730 467 1,548 4,844 2,085 763 5,487 239,308 21,438 102,236 83,329 53,352 2,468 29,837 Six S tates___86,159 442 1,532 5,137 2,185 784 5,860 •Included in “ All Cattle". Sugar Movement (Pounds) Raw Sugar Dec. 1932 Jan. 1933 Receipts: New Orleans______ Savannah___ — Meltings: New Orleans-------Savannah-------- --Stocks: New O rle a n s ..----Savannah— ------Shipments: New Orleans______ Savannah------------Stocks: New Orleans............ Savannah----------- Rough Rice—Barrels: R eceipts................... Shipments-----------Stocks___________ Clean Rice—Pockets: Receipts__________ Shipments-----------Stocks_____ ______ Jan. 1932 37,895,098 17,628,777 48,384,792 14,051,550 47,327,186 47,754,358 43,390,323 28,766,548 58,656,823 14,051,550 94,505,190 32,365,326 46,127,982 30,740,855 52,694,547 41,878,626 28,834,605 15,389,032 Refined Sugar (Pounds) 59,914,395 23,714,331 59,687,206 28,881,620 85,200,553 15,027,509 40,682,015 20,464,725 54,886,828 16,498,297 57,160,172 15,054,777 Rice Movement—New Orleans Jan. 1933 Dec. 1932 40,323 29,464 21,730 46,755 11,315 19,049 38,363 66,848 154,452 89,276 82,999 182,937 Jan. 1932 1,817 11,275 1,457 62,203 57,264 154,614 Rice Millers Association Statistics (Barrels) August 1 to Jan. 31 Receipts of Rough Rice: January 5,449,672 686,765 Season 1932-33-----569,460 6,256,387 Season 1931-32.- __ Distribution of Milled Rice: 5,002,322 838,024 Season 1932-33-----719,925 5,392,811 Season 1931-32-----Stocks of Rough and Milled Rice: 2,012,694 January 31, 1933— 1,906,174 January 31, 1932 .. .. Jan. 1933 (Short Tons) Jan. Aug. 1 through Jan. 31 Percentage 1932 1932-33 1931-32 Comparison Dec. 1932 1,900 12,550 15,700 46,922 59,825 230,164 800 5,400 10,570 200 5,280 23,301 900 1,000 7,935 2 587 12,723 15,700 229,844 6,969 25,406 3,050 12,221 same + 0.1 + 51.7 — 8.3 + 160.2 + 4.1 50,724 293,190 + 84,642 —25.2 —23.4 —31.8 — 4 .0 —23.5 — 15.2 —21.8 2.5 T R A D E R e t a il T rade D e p a r t m e n t s t o r e s a l e s in t h e S i x t h D i s t r i c t d e c r e a s e d 5 4 .3 p e r c e n t i n J a n u a r y f r o m t h e h o lid a y l e v e l in D e c e m b e r , a n d w e r e 2 1 .8 p e r c e n t l e s s i n d o l l a r v a lu e t h a n in J a n u a r y 1 9 3 2 . R e d u c e d t o a d a i ly a v e r a g e b a s i s , J a n u a r y s a l e s d e c lin e d l e s s , in t h e D i s t r i c t a s a w h o le in A t la n t a , B ir m in g h a m , C h a t t a n o o g a a n d N a s h v i l l e , t h a n i s u s u a l f r o m D e c e m b e r t o J a n u a r y , a n d c o n s e q u e n t ly t h e s e a s o n a l ly a d j u s t e d in d e x e s f o r t h e D i s t r i c t a n d f o r t h e s e c i t i e s in c r e a s e d . C a s h s a l e s a c c o u n t e d f o r 4 4 .9 p e r c e n t o f t h e t o t a l in J a n u a r y , a s c o m p a r e d w i t h 4 8 .6 p e r c e n t i n D e cem ber. S t o c k s o f m e r c h a n d is e o n h a n d a t t h e e n d o f J a n u a r y a v e r a g e d 8 .4 p e r c e n t l e s s t h a n a m o n t h e a r l ie r a n d w e r e 2 4 .1 p e r c e n t l e s s in d o lla r v a lu e t h a n f o r J a n u a r y a y e a r a g o . T u r n o v e r f o r J a n u a r y w a s s l i g h t l y h ig h e r f o r t h e D i s t r i c t , a n d f o r B ir m in g h a m , N a s h v i l l e a n d O t h e r C it ie s , t h a n f o r J a n u a r y 1932. A c c o u n t s r e c e iv a b le d e c lin e d 1 2 .8 p e r c e n t f r o m D e c e m b e r t o J a n u a r y , a n d w e r e 1 7 .8 p e r c e n t l e s s t h a n a y e a r a g o , a n d c o lle c t io n s in c r e a s e d 5 .1 p e r c e n t o v e r t h o s e i n D e c e m b e r b u t w e r e 2 2 .8 p e r c e n t l e s s t h a n i n J a n u a r y l a s t year. T h e r a t io o f c o lle c t io n s d u r in g J a n u a r y t o a c c o u n t s r e c e iv a b le a n d d u e a t t h e b e g in n in g o f t h e m o n t h w a s 2 7 .9 p e r c e n t , c o m p a r e d w i t h 2 9 .2 p e r c e n t f o r D e c e m b e r a n d f o r J a n u a r y a y e a r a g o . F o r r e g u l a r a c c o u n t s t h e r a t io f o r J a n u a r y w a s 2 9 .7 p e r c e n t , f o r D e c e m b e r 3 1 .2 p e r c e n t , a n d f o r J a n u a r y l a s t y e a r 3 1 .3 p e r c e n t , a n d f o r i n s t a l lm e n t a c c o u n t s t h e r a t io f o r J a n u a r y w a s 1 4 .7 p e r c e n t , f o r D e c e m b e r 1 5 .7 p e r c e n t , a n d f o r J a n u a r y l a s t y e a r 1 4 .9 p e r c e n t . A ll o f t h e s e s t a t i s t i c s a r e b a s e d u p o n r e p o r t s i n a c t u a l d o lla r a m o u n t s a n d t h e p e r c e n t a g e c o m p a r is o n s in t h e s t a t e m e n t , a n d t h e in d e x n u m b e r s o n p a g e 8 , m a k e n o a llo w a n c e f o r c h a n g e s i n t h e le v e l o f p r ic e s . R ETA IL TRADE i n T H E SIX TH D ISTR IC T DU R IN G JANUARY 1933 Based on confidential reports from 34 departm ent stores COMPARISON OF N E T SALES COMPARISON OF STOCKS Jan. 1933 Jan. 1933 Jan. 31, 1933 Jan. 31, 1933 with with with with Jan. 1932 Dec. 1932 Jan. 31, 1932 Dec. 31, 1932 A tlanta (3)............................................................. Birmingham (4)---------------------------------------Chattanooga (4)__________________________ Nashville (4)_____________________________ New Orleans (5)________________ __________ Other Cities (14)_________________________ D ISTRICT (34)___ ______________________ 300,393 —53.9 —51.6 —50.2 —54.5 —56.5 —53.0 —54.3 — 15.9 —24.5 —33.0 —28.5 —20.9 —34.5 —24.1 O T E : The rate of stock turnover is the ratio of sales during given period to average stocks on hand. Digitized forN FRASER — 6.8 — 10.1 + 4 .3 — 14.6 — 9 .0 — 7 .0 — 8 .4 RATE OF STOCK TURNOVER Jan. 1932 Jan. 1933 .32 .17 .19 .15 .18 .13 .19 .28 .19 .19 .19 .17 .19 .20 5 M O N T H L Y R E V IE W W h o le s a le Trade J a n u a r y s a l e s b y 1 0 4 r e p o r t in g w h o l e s a le fir m s i n t h i s D i s t r i c t d e c lin e d 3 .6 p e r c e n t f r o m D e c e m b e r a n d a v e r a g e d 9 .9 p e r c e n t l e s s t h a n in J a n u a r y 1 9 3 2 . S a l e s b y d r y g o o d s fir m s in c r e a s e d o v e r b o th o f t h o s e p e r io d s , a n d h a r d w a r e s a l e s in c r e a s e d o v e r t h o s e in D e c e m b e r a n d w e r e a b o u t t h e s a m e a s in J a n u a r y a y e a r a g o . P e r c e n t a g e c o m p a r is o n s s h o w n i n t h e t a b le m a k e n o a llo w a n c e f o r t h e d if f e r e n t l e v e l o f p r ic e s . WHOLESALE TRADE IN JANUARY 1933 Sixth Federal Reserve District* Number of Percentage change Firms Jan. 1933 compared with _____________Dec. 1932 Jan. 1932 All Lines Combined: Sales_______________________ _____ 104 — 3.6 — 9.9 Stocks on hand______________ 28 — 0.3 — 14.2 50 — 3.8 Accounts receivable__________ _____ — 14.8 Collections____________ ___________ 53 — 14.5 — 15.0 Groceries: Sales_______________________ _____ 24 — 7.1 — 11.5 A tlan ta_________________ _____ 3 + 4.7 — 10.1 Jacksonville_____________ _____ 4 — 1.3 —20.2 New Orleans____________ _____ 5 — 15.6 — 15.4 Vicksburg____________________ 3 — 4.3 + 1 0 .4 Other C ities_____________ _____ 9 — 5.8 — 5.1 Stocks on hand______________ _____ 3 — 8 .4 —24.1 10 Accounts receivable__________ _____ — 3.2 — 12.4 Collections__________________ _____ 12 — 6 .0 — 17.4 D ry Goods: Sales_______________________ _____ 16 + 2.1 + 6.6 Nashville_______________ _____ 3 + 1 1 .0 + 1 7 .6 Other Cities____ _________ _____ 13 + 0.2 + 4.3 8 Stocks on hand----------------------_____ — 6 .0 + 1 3 .5 Accounts receivable__________ _____ 9 — 7.9 — 19.5 Collections__________________ _____ 11 —31.0 — 12.4 Hardware: Sales_______________________ 26 — 0.1 + 8.8 3 Nashville------------------------_____ — 0 .9 — 8 .0 5 New Orleans------------------- _____ + 0.2 + 9 .4 Other Cities_____________ 18 + 1 6 .0 ~ 2.8 Stocks on hand______________ _____ 8 — 4.7 — 17.7 16 Accounts receivable__________ — 1.2 — 11.7 Collections__________________ 16 — 14.3 — 12.3 Furniture: 10 Sales_______________________ — 15.0 —37.3 A tlan ta_________________ _____ 4 — 12.5 —34.2 6 Other Cities_____________ — 15.6 —37.7 Stocks on hand______________ _____ 6 + 1.2 — 3.8 7 Accounts receivable__________ _____ — 2.9 —18.7 6 Collections__________________ _____ — 18.8 — 3 .9 Electrical Supplies: Sales__________________ ______ 14 — 16.0 —25.4 4 New Orleans____________ _____ —22.3 —32.9 10 Other Cities_____________ — 12.7 —20.7 3 Stocks on hand______________ _____ — 0 .0 — 16.3 4 — 6 .0 Accounts receivable__________ —29.2 Collections__________________ 4 — 6 .8 —35.8 Drugs: Sales_______________________ 8 — 14.1 — 15.6 4 Accounts receivable__________ _____ — 6.3 — 10.6 Collections__________________ 4 — 6.1 — 6.3 Stationery: Sales_____________________________ 4 — 5 .4 — 46.5 *Based upon confidential reports from 104 firms. L ife In su ra n ce S a l e s o f n e w , p a id - f o r , o r d in a r y l i f e in s u r a n c e in t h e s i x s t a t e s o f t h i s D i s t r i c t d e c lin e d i n J a n u a r y , a s i s u s u a l a t t h a t t i m e o f y e a r , a n d c o n t in u e d t o b e lo w e r t h a n a t t h e s a m e t i m e a y e a r a g o . T h e d e c lin e s r a n g e f r o m 3 7 p e r c e n t in L o u is ia n a t o 3 4 p e r c e n t i n M is s i s s i p p i . F o r t h e y e a r 1 9 3 2 t h e y w e r e 2 2 .6 p e r c e n t s m a lle r t h a n i n 1 9 3 1 , i n t h e s e s i x s t a t e s . T h e f ig u r e s a r e f r o m t h o s e c o m p ile d b y t h e L i f e I n s u r a n c e S a l e s R e s e a r c h B u r e a u . F i g u r e s f o r D ece m b er, a n d fo r J a n u a r y a y e a r a g o a re n o t e x a c tly c o m p a r a b le , b e c a u s e o f a s m a ll c h a n g e in t h e c o m p a n ie s w h o s e f ig u r e s a r e in c lu d e d . C o m p a r a b le s t a t i s t i c s w i l l b e p u b lis h e d n e x t m o n t h . (ooo O m itted) Jan. 1933 Dec. 1932Jan. 1932 Alabama........................... ................................ $ 3,050 $ 3,141 $ 3,745 Florida________________________________ 3,472 4,002 4,858 Georgia_______________________________ 4,946 6,905 7,156 Louisiana______________________________ 3,360 4,126 4,357 Mississippi___________ 1________________ 1,593 2,214 2,172 Tennessee_________ ____________________ 4,877 5,562 6,874 T otal_____________________________ $21,298 $25,950 $29,162 S t a t i s t i c s c o m p ile d b y R . G. D u n & C o. in d ic a t e t h a t in J a n u a r y t h e r e w e r e in t h e S i x t h D i s t r ic t 1 7 6 b u s i n e s s f a i lu r e s , c o m p a r e d w i t h 1 1 4 in D e c e m b e r , a n d w i t h 1 8 8 in J a n u a r y a y e a r a g o , a n d l i a b i li t ie s f o r J a n u a r y a m o u n t e d t o $ 5 ,3 7 2 ,1 7 2 , a s a g a i n s t $ 1 ,7 4 9 ,2 2 6 f o r D e c e m b e r a n d $ 5 ,6 0 8 ,1 0 7 f o r J a n u a r y , 1 9 3 2 . Grain Exports—New Orleans (Bushels) Jan. Jan. July 1 through January 31 1933 1932 1932-33 1931-32 C o m m e r c ia l F a il u r e s W heat................... . Corn.......................... Oats________ _____ T o ta l-............. 249,494 358,951 16,687 625,132 1,173,599 4,324 41,431 1,219,354 1,118,466 471,132 259,415 1,849,013 5,358,577 38,495 250,397 5,647,469 I N D U S T R Y B u ild in g P e r m it s T h e J a n u a r y t o t a l o f b u ild in g p e r m it s r e p o r t e d b y s u p e r v is in g a u t h o r i t ie s in t w e n t y c i t i e s o f t h e S i x t h D i s t r ic t w a s $ 7 9 5 ,9 1 4 , t h e s m a l l e s t t o t a l f o r a n y m o n t h in t h i s e n t ir e s e r i e s w h ic h b e g a n w i t h 1 9 1 9 . T h is f ig u r e f o r J a n u a r y w a s 7 .1 p e r c e n t o f t h e m o n t h ly a v e r a g e f o r 1 9 2 3 -1 9 2 5 , t h e b a s e p e r io d u s e d in c o m p u t in g in d e x n u m b e r s , a n d c o m p a r e s w i t h a p r e v io u s l o w f o r J u l y 1 9 3 2 , o f $ 8 9 9 ,1 6 2 , a n d w i t h a t o t a l o f $ 1 ,0 6 4 ,3 3 1 f o r J a n u a r y 1 9 3 2 . I n c r e a s e s o v e r D e c e m b e r w e r e r e p o r t e d f r o m A n n is t o n , B ir m in g h a m , M o b ile a n d M o n t g o m e r y in A la b a m a , f r o m O r la n d o a n d T a m p a in F lo r id a , f r o m C o lu m b u s , G e o r g ia , a n d f r o m C h a t ta n o o g a a n d N a s h v i l l e in T e n n e s s e e , a n d A n n is t o n , B ir m in g h a m , O r la n d o , M a c o n , A le x a n d r ia a n d N a s h v i l le r e p o r t e d in c r e a s e s o v e r J a n u a r y a y e a r a g o . C o m p a r is o n s o f J a n u a r y f ig u r e s w i t h t h o s e f o r t h a t m o n t h a y e a r a g o a r e s e t o u t in d e t a il in t h e t a b le , a n d in d e x n u m b e r s a p p e a r o n p a g e 8 . Number January 1933 1932 Alabama Anniston____ Birmingham. Mobile______ Montgomery , Florida Jacksonville... Miami Beach. — Orlando_____ Georgia A tlanta_____ Augusta_____ Columbus. Savannah___ Louisiana New Orleans.. Alexandria.... Tennessee Chattanooga.. Johnson C ity . Knoxville____ Nashville____ . . . Total 20 Cities, Index Number . 1933 Value January $ 1932 1,420 58,327 17,849 23,690 Percentage change in value 8 129 31 43 6 135 32 83 $ 26,225 86,399 14,216 11,670 260 197 24 36 134 261 234 34 25 178 63,340 54,596 60,085 13,105 22,834 76,515 66,745 150,550 10,791 40,971 — — — + — 17.2 18.2 60.1 21.4 44.3 174 31 33 125 9 219 49 27 100 10 47,785 5,863 10,390 12,291 3,030 211,558 9,728 14,645 11,114 3,565 — — — + — 77.4 39.7 29.1 10.6 15.0 68 48 60 34 71,928 53,880 119,593 10,752 — 39.9 +401.1 134 134 1 32 117 39,192 20 45 13,050 186,035 89,233 1,000 48,528 97,757 — 56.1 — 100.0 — 73.1 + 90.3 1,549 1,771 $795,914 7.1 $1,064,331 9.5 — 25.2 _ _ +1746.8 + 48.1 — 20.4 — 50.7 C o n tr a c t A w ard s T h e t o t a l v a lu e o f c o n t r a c t s a w a r d e d i n t h e S i x t h D is t r i c t , a c c o r d in g t o s t a t i s t i c s c o m p ile d b y t h e F . W . D o d g e C o r p o r a tio n a n d s u b - d iv id e d in t o d i s t r i c t t o t a l s b y t h e F e d e r a l R e s e r v e B o a r d ’s D iv is io n o f R e s e a r c h a n d S t a t i s t i c s m o r e t h a n d o u b le d f r o m D e c e m b e r t o J a n u a r y , a n d w e r e tw o a n d o n e -h a lf tim e s th e to ta l f o r J a n u a r y a y e a r a g o . T h e t o t a l f o r t h e m o n t h w a s $ 1 4 ,3 2 5 ,2 7 2 , a n d t h e i n c r e a s e w a s d u e t o t h e in c lu s io n o f s o m e o f t h e c o n t r a c t s f o r a b r id g e t o s p a n t h e M is s is s ip p i R iv e r a t N e w O r le a n s , t h e t o t a l c o s t o f w h ic h i s e s t im a t e d w i l l b e a r o u n d 13 m illio n s o f d o lla r s . T h e r e w e r e g a i n s in a w a r d s d u r in g J a n u a r y in F lo r id a , L o u is ia n a , M is s is s ip p i a n d T e n n e s s e e , c o m p a r e d w it h t h e m o n t h b e f o r e a n d w i t h t h e c o r r e s p o n d in g m o n t h a y e a r a g o . R e s id e n t ia l c o n t r a c t s d e c lin e d f r o m D e c e m b e r t o J a n u a r y a n d w e r e o n ly 3 7 p e r c e n t o f t h o s e in J a n u a r y 1932. F o r t h e 3 7 s t a t e s e a s t o f t h e R o c k y M o u n ta in s t h e t o t a l v a lu e o f J a n u a r y a w a r d s w a s 2 .6 p e r c e n t g r e a t e r t h a n in D e c e m b e r a n d 1 .7 p e r c e n t l e s s t h a n in J a n u a r y l a s t y e a r . N o n - r e s id e n t ia l c o n t r a c t s g a in e d 1 5 .2 p e r c e n t o v e r D e c e m b e r , b u t w e r e l e s s t h a n a y e a r a g o , a n d c o n t r a c t s f o r p u b lic w o r k s , w h ile s l i g h t l y l e s s t h a n f o r D e c e m b e r , w e r e 7 7 .4 p e r c e n t g r e a te r th a n fo r J a n u a ry 1932. C o m p a r is o n s f o r t h e m o n t h a r e s h o w n in t h e t a b le . P a r t s o f t h e f ig u r e s f o r M is s i s s ip p i a n d L o u is ia n a a p p ly t o o t h e r F e d e r a l R e s e r v e D i s t r ic t s . Jan. 1933 Sixth D istrict-Total$14,325,272 Residential........... 594,749 All Others............. 13,730,523 Dec. 1932 Percentage Comparison $ 6,347,596 +125.7 1,185,381 — 49.8 5,162,215 +166.0 Jan. 1932 Percentage CQmparison $ 5,711,128 +150.8 1,612,981 — 63.1 4,098,147 + 235.0 M O N T H L Y R E V IE W 6 State Totals: A labam a_______ 698,300 Florida_________ 1,146,200 Georgia________ 579,100 Louisiana_______ 14,895,100 641,800 Mississippi_____ Tennessee (6th. D istrict)_____ 490,300 Unites States-Total*$83,356,000 Residential-------- 11,950,900 N on-Residential.. 28,731,600 Public Works & Utilities______ 42,673,500 944.200 618,500 2.119.700 2.652.700 554,100 425.200 £81,219,300 12,957,500 24.944.900 43.316.900 — 26.0 + 85.3 — 72.7 + 461.5 + 1 5 .8 708,200 905,600 2,342,500 1,732,700 195,200 — 1.4 + 26.6 — 75.3 +759.6 +228.8 + 1 5 .3 402,400 + 2 1 .8 + 2.6 $84,7 9 8 ,4 0 0 — 1.7 — 7.8 2 7 ,5 0 4 ,3 0 0 — 56.5 + 1 5 .2 3 3 ,2 3 7 ,7 0 0 — 13.6 — 1.5 24,056,400 + 7 7 . 4 Cotton Growing States (Bales) 397,774 Cotton Consumed___________________ Stocks_____________________________ 10,729,332 In Consuming Establishm ents______ 1,202,049 In Public Storage and at C o m p r e s s e s 9,527, 283 Active Spindles—N um ber____________ 16,845,998 Other States (Bales) Cotton Consumed___________________ 73 ,428 Stocks______________________________ 786,955 In Consuming Establishments_______ 293,478 In Public Storage and at Compresses__ 493 ,477 Active Spindles—N um ber____________ 6,920,970 371,079 358,048 11,115,134 10,931,366 1,237,322 1,302,641 9,877,812 9,628,725 16,831,244 16,909,312 68,984 764,784 292,788 471,996 6,942,892 76,678 746,197 335,495 410,702 8,095,448 *37 States east of the P-ocky Mountains. L um ber T h ere h a s b een so m e m ea su re o f reco v e ry fro m th e lo w l e v e l o f o p e r a t io n s in t h e lu m b e r in d u s t r y a t i n v e n t o r y p e r io d . A c c o r d in g t o t h e S o u th e r n L u m b e r m a n , t h e “ D e m a n d f o r S o u th e r n P in e c o n t in u e s q u ie t, a lt h o u g h t h e t o t a l v o lu m e o f b u s in e s s d u r in g t h e l a s t t w o w e e k s o f J a n u a r y w a s c o n s id e r a b ly h i g h e r t h a n t h e s u b - n o r m a l l e v e l s p r e v a i l i n g s in c e e a r l y N o v e m b e r a n d p a r t ic u la r ly d u r in g t h e h o l i d a y p e r io d . T h e r e i s s t i l l n o t m u c h n e w b u ild in g in s i g h t , a n d r e t a i l y a r d s a r e c o r r e s p o n d in g ly r e lu c t a n t t o s t o c k u p . . . S t o c k s in t h e h a n d s o f r e t a il y a r d s a n d in d u s t r ia l u s e r s a r e k n o w n t o b e e x c e p t i o n a lly lo w . . . ” P r e s s r e p o r t s i n d ic a t e s o m e im p r o v e m e n t in o r d e r s f o r e x p o r t . D u r in g t h e f iv e w e e k s e n d in g F e b r u a r y 4 o r d e r s o f r e p o r t in g S o u th e r n P in e m i lls a v e r a g e d 11 p e r c e n t g r e a t e r t h a n p r o d u c tio n . O r d e r s a v e r a g e s l i g h t l y l e s s , b u t o u tp u t s o m e w h a t m o r e , t h a n f o r t h e c o r r e s p o n d in g p e r io d a y e a r a g o , a s in d ic a te d b y t h e s e f ig u r e s . (In thousands of Feet) Week Number Orders Production Unfilled Orders Ended: of Mills 1933 1932 1933 1932 1933 1932 Jan. Jan. Jan. Jan. Feb. 7____100 1 4 ... 106 2 1 ... 105 28.__ 100 4 . . . 101 15,892 24,580 23,623 24,372 20,895 19,856 21,763 24,424 25,039 20,583 17,770 21,195 20,455 18,946 20,052 17,025 17,887 18,902 17,057 17,813 47,516 57,563 58,581 57,377 60,053 60,211 65,397 65,351 67,459 67,005 C o tto n C o n s u m p tio n T h e r e w a s a g a i n o f 7 .1 p e r c e n t in t h e c o n s u m p t io n o f c o t t o n b y A m e r ic a n m i ll s d u r in g J a n u a r y o v e r t h e m o n t h b e f o r e , a n d a n in c r e a s e o f 8 .4 p e r c e n t c o m p a r e d w it h c o n s u m p tio n in J a n u a r y 1 9 3 2 . T h e a m o u n t o f c o t t o n c o n s u m e d in c r e a s e d e a c h m o n th f r o m t h e lo w p o in t in J u l y t h r o u g h N o v e m b e r , b u t d e c lin e d in D e c e m b e r . I n t h e c o t t o n s t a t e s J a n u a r y c o n s u m p tio n w a s 7 .2 p e r c e n t , a n d in o t h e r s t a t e s 6 .4 p e r c e n t , g r e a t e r t h a n in D e c e m b e r , an d th e c o tto n s t a t e s g a in o v e r J a n u a r y 1932 w a s 1 1 .1 p e r c e n t , w h ile in o t h e r s t a t e s c o n s u m p tio n w a s 4 .2 p e r c e n t l e s s t h a n i t w a s a y e a r a g o . S t o c k s o f c o t t o n d e c lin e d 3 .1 p e r c e n t f r o m t h e e n d o f D e c e m b e r t o t h e e n d o f J a n u a r y , a n d w e r e 1 .4 p e r c e n t s m a lle r t h a n a y e a r a g o . A n in c r e a s e o f 0 .1 p e r c e n t in t h e n u m b e r o f s p in d le s a c t iv e d u r in g J a n u a r y in t h e c o t t o n s t a t e s n e a r ly o f f s e t a d e c r e a s e o f 0 .3 p e r c e n t in o t h e r s t a t e s , a n d f o r t h e c o u n tr y a s a w h o le s p in d le a c t i v i t y d e c lin e d 0 .0 3 p e r c e n t f r o m D e c e m b e r a n d w a s 5 p e r cen t le s s th a n a y e a r a g o . E x p o r t s o f c o t t o n d u r in g J a n u a r y d e c lin e d s e a s o n a l l y c o m p a r e d w i t h t h e m o n t h b e f o r e , a n d w e r e 1 3 .7 p e r c e n t l e s s t h a n in J a n u a r y 1 9 3 2 . C u m u la t iv e t o t a l s f o r t h e f ir s t h a l f o f t h e c u r r e n t c o t to n s e a s o n , A u g u s t t h r o u g h J a n u a r y , in d ic a t e t h a t d u r in g t h i s p e r io d A m e r ic a n m i ll s h a v e c o n s u m e d 2 ,8 1 1 ,4 8 6 b a le s o f c o t t o n , a n in c r e a s e o f 7 .1 p e r c e n t o v e r c o n s u m p tio n d u r in g t h a t p a r t o f t h e s e a s o n b e f o r e w h ic h a m o u n t e d t o 2 ,6 2 5 ,7 4 3 b a le s . I n t h e c o t t o n - g r o w in g s t a t e s c o n s u m p tio n d u r in g t h is h a lf s e a s o n h a s b e e n 9 .1 p e r c e n t g r e a t e r , a n d in o t h e r s t a t e s i t h a s b e e n 2 .2 p e r c e n t s m a lle r , t h a n d u r in g t h e s a m e p a r t o f t h e p r e v io u s s e a s o n . E x p o r t s d u r in g t h e s i x m o n t h s p e r io d h a v e t o t a le d 5 ,0 3 9 ,7 1 4 b a le s , a g a in o f 1.7 p e r c e n t o v e r t h e t o t a l o f 4 ,9 5 6 ,9 8 1 e x p o r t e d d u r in g t h e f ir s t h a l f o f t h e s e a s o n b efo re. C e n s u s B u r e a u f ig u r e s f o r t h e m o n t h a r e s h o w n c o m p a r a t iv e ly in t h e t a b le . Jan. 1933 Dec. 1932 Jan. 1932 Cotton Consumed----------------------------. 471,202 Stocks_______ 11,516,287 In Consuming Establishments _ 1,495,527 In Public Storage and a t Compresses. _ 10,020,760 E xports____________________________ 793,666 Im ports._____ ______ __ _ _ __ 21,352 Active Spindles—N um ber._ __________ 23,766,968 United States (Bales) 440,062 11,879,918 1,530,110 10,349,808 1,039,795 10,742 23,775,136 434,726 11,677,563 1,638,136 10,039,427 919,815 12,718 25,004,760 C e n s u s B u r e a u f ig u r e s f o r A la b a m a , G e o r g ia a n d T e n n e s s e e , t h e t h r e e s t a t e s o f t h i s D is t r i c t f o r w h ic h t h e s e s t a t i s t i c s a r e c o m p ile d s e p a r a t e l y , s h o w a n a v e r a g e g a i n o f 6 .3 p e r c e n t in t h e c o n s u m p tio n o f c o t t o n in J a n u a r y o v e r D e c e m b e r , a n d a n in c r e a s e o f 1 1 .8 p e r c e n t o v e r J a n u a r y 1 9 3 2 . F o r t h e s i x m o n t h s o f t h e c o t t o n s e a s o n , c o n s u m p t io n in t h e s e s t a t e s h a s a v e r a g e d 8 .8 p e r c e n t g r e a t e r t h a n d u r in g t h e sa m e p a rt o f th e se a so n b efo re, a d ecrea se fo r T e n n essee b e i n g m o r e t h a n o f f s e t b y in c r e a s e s in A la b a m a a n d G e o r g ia , a s in d ic a t e d b y t h e s e f ig u r e s . Cotton Consumption—Bales Jan. Dec. Jan. 1933 1932 1932 Alabama-----------------------Georgia________________ Tennessee______________ T otal______________ Aug. 1 to Jan. 3» 1932-33 1931-32 49,962 82,992 12,314 47,688 76,468 12,524 44,395 74,368 11,208 310,056 496,003 76,505 271,964 459,089 79,922 145,268 136,680 129,971 882,564 810,975 C o t to n M a n u f a c t u r in g J a n u a r y f ig u r e s r e p o r t e d c o n f id e n t ia lly b y m i ll s in t h e S i x t h D is t r ic t , s h o w g a i n s o v e r D e c e m b e r , a n d o v e r J a n u a r y a y e a r a g o , in p r o d u c tio n , s h ip m e n t s , o r d e r s a n d s t o c k s o f c lo t h , a n d in s h ip m e n t s a n d o r d e r s o f y a r n . O u tp u t o f y a r n d e c lin e d f r o m D e c e m b e r to J a n u a r y , b u t w a s la r g e r th a n in J a n u a r y 1932. N u m b e r o f w o r k e r s r e p o r t e d o n p a y r o l l s in J a n u a r y w a s g r e a t e r t h a n in D e c e m b e r o r in J a n u a r y a y e a r a g o a t b o th c lo t h a n d y a r n m ills . P e r c e n t a g e c o m p a r is o n s o f r e p o r t e d f ig u r e s a r e s h o w n in t h e t a b le . Percentage change Jan. 1933 compared Number of with Mills Dec. 1932 Jan. 1932 Cotton Cloth: Production______________________________ Shipments______________________________ Orders booked__________________________ Unfilled orders__________________________ Stocks on hand__________________________ Number on payroll______________________ Cotton Yarn: Production______________________________ Shipments______________________________ Orders booked__________________________ Unfilled orders__________________________ Stocks on han d __________________________ Number on payroll______________________ C o t to n S e e d a n d C o t to n S e e d P r o d u c ts 19 18 14 16 17 18 +5.6 + 1 6 .4 +5.3 — 4.1 +3.7 +2.6 +5.0 +1.9 +1.3 — 7.4 +3.1 +2.6 12 12 6 8 10 11 — 12.5 +4.1 + 2 2 .0 — 0.0 — 2.5 +4.9 +4.6 +2.5 + 1 8 .3 + 1 0 .3 + 2 6 .9 +9.0 T h e r e w a s a f u r t h e r s e a s o n a l d e c lin e in o p e r a t io n s a t c o t t o n s e e d o il m ills in t h e S i x t h D is t r ic t , a n d in t h e c o u n t r y a s a w h o le , d u r in g J a n u a r y , c o m p a r e d w i t h p r e v io u s m o n t h s , a n d d e c r e a s e s a r e a ls o s h o w n c o m p a r e d w i t h t h e sa m e m o n th a y e a r a g o . F o r th e s ix m o n th s o f th e c o tto n se a so n , A u g u s t 1 th r o u g h J a n u a ry 31, th e r e w e r e d ecrea ses o f 2 4 .7 p e r c e n t in t h e a m o u n t o f s e e d r e c e iv e d b y m i ll s in G e o r g ia , A la b a m a , L o u is ia n a a n d M i s s i s s ip p i , a n d 2 5 .8 p e r c e n t in t h e a m o u n t c r u s h e d , a n d 1 6 .9 p e r c e n t a n d 15 p e r c e n t , r e s p e c t iv e ly , in t h e a m o u n t r e c e iv e d a n d t h e a m o u n t c r u s h e d b y m ills t h r o u g h o u t t h e c o u n t r y a s a w h o le . P r o d u c t i o n o f t h e p r in c ip a l c o t t o n s e e d p r o d u c ts c o n t in u e s l e s s t h a n f o r t h e p r e v io u s s e a s o n . S t o c k s o f c r u d e o il a n d o f c a k e a n d m e a l a t th e en d o f J a n u a r y w e r e la r g e r th a n a y e a r e a r lie r , a n d f o r t h e c o u n t r y a s a w h o le s t o c k s o f c o t t o n s e e d w e r e 1 .8 p e r c e n t , c r u d e o il 1 3 .7 p e r c e n t , a n d c a k e a n d m e a l 5 7 .6 p e r c e n t , la r g e r t h a n a y e a r a g o . C o m b in e d t o t a l s f o r G e o r g ia , A la b a m a , M i s s is s i p p i a n d L o u is ia n a a r e s h o w n c o m p a r a t iv e l y in t h e f i r s t t w o c o lu m n s o f t h e t a b le , a n d t o t a l s f o r t h e c o u n t r y a r e s h o w n i n t h e l a s t t w o c o lu m n s . 7 M O N T H L Y R E V IE W Cotton Seed and Cotton Seed Products *SIXTH D ISTR IC T U N ITE D STATES Aug. 1 to Jan. 31 Aug. 1 to Jan. 31 1932-33 1931-32 1932-33 1931-32 Cotton Seed, Tons: 1,094,566 1,453,187 3,921,283 4,721,014 Received a t mills_____ Crushed_____________ 827,459 1,115,203 3,009,117 3,540,727 On Hand, Jan. 31____ 314,293 341,765 1,211,440 1,190,059 Production: Crude Oil, lbs................ 265,671,543 363,852,935 927,938,099 1,103,650,447 Cake and Meal, to n s ... 359,107 486,013 1,356,412 1,588,105 Hulls, to n s__________ 236,821 313,566 851,430 995,054 Linters, bales________ 144,003 193,977 475,807 560,090 Stocks a t mills, Jan. 31 Crude Oil, lbs........ ........ 28,101,994 21,040,285 100,516,038 88,372,555 Cake and Meat, to n s ... 100,578 70,849 342,565 217,377 43,775 65,741 176,098 217,627 Hulls, to n s__________ Linters, bales________ 81,121 99,586 288,382 310,616 •Georgia, Alabama, Louisiana and Mississippi. E le c t r ic P ow er P r o d u c tio n o f e le c t r ic c u r r e n t b y p u b lic u t i l i t y p o w e r p l a n t s in t h e s i x s t a t e s o f t h i s D is t r ic t s h o w e d a f u r t h e r d e c r e a s e o f 4 .3 p e r c e n t f r o m N o v e m b e r t o D e c e m b e r , a n d w a s 4 .5 p e r c e n t l e s s t h a n in D e cem b er 1931. P r o d u c tio n b y u s e o f w a t e r p o w e r d e c lin e d 5 .2 p e r c e n t f r o m N o v e m b e r t o D e c e m b e r , a n d w a s 1.5 p e r c e n t l e s s t h a n a y e a r a g o , a n d p r o d u c tio n b y u s e o f f u e l s d e c lin e d 2 .7 p e r c e n t o v e r t h e m o n t h a n d w a s 9 .3 p e r c e n t s m a l l e r t h a n in D e c e m b e r 1 9 3 1 . F o r t h e e n t ir e y e a r 1 9 3 2 , t o t a l p r o d u c tio n o f e le c t r ic c u r r e n t w a s 5 .6 p e r c e n t s m a l le r t h a n in 1 9 3 1 . B e c a u s e o f d r y w e a th e r a n d lo w s tr e a m s in t h e su m m e r a n d f a ll o f 1931, p r o d u c tio n b y u s e o f w a t e r p o w e r i n 1 9 3 2 s h o w e d a n in c r e a s e o f 3 .5 p e r c e n t o v e r t h e y e a r b e f o r e , a n d o u t p u t b y u s e o f f u e l s d e c lin e d 1 8 .9 p e r c e n t . C o m p a r is o n s f o r t h e m o n th , s h o w n i n t h e t a b le , a r e c o m b in e d t o t a l s f o r G e o r g ia , A l a b a m a , F lo r id a , L o u is ia n a , M is s is s i p p i a n d T e n n e s e s e , a n d a r e t a k e n f r o m t h o s e c o m p ile d b y t h e U n i t e d S t a t e s G e o lo g y Survey. Dec. 1931 Dec. 1932 Nov. 1932 Production of Electric Power in 000 k. w. hours: T o ta l— _ _ By use of: W ater Power________ Fuels_______________ 451,372 288,338 163,034 471,668 304,180 167,488 472,641 292,837 179,804 Fuels Consumed in Production of Electric Power: Coal—to n s______ . __________ Fuel oil—Barrels_______________ Natural Gas—000 cu. ft________ 11,901 175,007 1,709,185 9,920 170,885 1,862,096 18,557 199,375 1,721,141 Note:—December figures preliminary—November figures slightly revised. B it u m in o u s C o a l M in in g A f t e r in c r e a s i n g e a c h m o n t h s in c e l a s t J u n e , d a ily a v e r a g e p r o d u c tio n o f b itu m in o u s c o a l in t h e U n it e d S t a t e s d e c lin e d 5 .5 p e r c e n t f r o m N o v e m b e r t o D e c e m b e r , a n d 1 0 .5 p e r c e n t f u r t h e r in J a n u a r y . I n J a n u a r y t o t a l p r o d u c tio n w a s 2 .9 p e r c e n t s m a l le r t h a n in t h a t m o n t h a y e a r a g o , b u t s u b s t a n t i a l ly a b o v e t h e lo w p o in t r e a c h e d in J u n e . C o m p a r is o n s o f p r o d u c tio n f ig u r e s f o r J a n u a r y w i t h c e r t a in p r e v io u s m o n t h s i s s h o w n in t h e t a b le . Total Production (tons) Number of Working days January 1933_____________ _27,093,000 December 1932_____________31,110,000 November 1932___________ _30,632,000 June 1932________________ _17,749,000 January 1932_____________ _27,892,000 P r o d u c tio n in b o th A la b a m a w e e k s e n d in g in J a n u a r y w a s e a r lie r , a n d in A la b a m a o u t p u t b u t i n T e n n e s s e e 0 .7 p e r c e n t w e e k s a y e a r a g o , a s in d ic a te d o f w e e k l y f ig u r e s . Week Ending: January January January January 7 ______________ 14_____________ 21_____________ 28_____________ 1933 _198,000 _194,000 _184,000 _161,000 25.3 26 24.2 26 25.3 Average per Working Day (tons) 1,071,000 1,197,000 1,266,000 683,000 1,102,000 a n d T e n n e s s e e d u r in g t h o s e so m e w h a t le s s th a n a m o n th a v e r a g e d 3 .1 p e r c e n t g r e a t e r , l e s s , t h a n f o r c o r r e s p o n d in g b y t h e f o l lo w in g c o m p a r is o n s Alabama 1932 189,000 187,000 173,000 166,000 Tennessee 1933 1932 63,000 69,000 67,000 61,000 69,000 70,000 60,000 70,000 P ig Iro n T o t a l p r o d u c tio n o f p i g ir o n in t h e U n it e d S t a t e s P r o d u c tio n d u r in g J a n u a r y a m o u n t e d t o 5 6 8 ,7 8 5 t o n s , a g a i n o f 4 .2 p e r c e n t o v e r D e c e m b e r , b u t 4 1 .5 p e r c e n t l e s s t h a n o u t p u t in J a n u a r y 1 9 3 2 , a c c o r d in g t o s t a t i s t i c s c o m p ile d b y t h e I r o n A g e . T h e r e w a s a n in c r e a s e o f 4 i n t h e n u m b e r o f f u r n a c e s a c t i v e o n F e b r u a r y 1 o v e r t h o s e a c t iv e a m o n t h e a r lie r , b u t a d e c r e a s e o f 1 5 c o m p a r e d w i t h a y e a r a g o . T h e n u m b e r o f f u r n a c e s a c t iv e o n J a n u a r y 1 w a s t h e s a m e a s a t t h e lo w p o in t f o r S e p t e m b e r 1 l a s t y e a r . J a n u a r y p r o d u c tio n w a s 6 6 .8 p e r c e n t l e s s t h a n in t h a t m o n t h o f 1 9 3 1 , 7 9 .9 p e r c e n t l e s s t h a n in J a n u a r y 1 9 3 0 , a n d 8 3 .5 p e r c e n t s m a lle r t h a n in J a n u a r y 1 9 2 9 . P i g ir o n p r o d u c tio n in A la b a m a d u r in g J a n u a r y d e c lin e d 4 5 .6 p e r c e n t f r o m D e c e m b e r , a n d w a s 7 3 .4 p e r c e n t s m a lle r t h a n i n J a n u a r y 1 9 3 2 , 8 4 .1 p e r c e n t l e s s t h a n in t h a t m o n t h o f 1 9 3 1 , 8 9 .2 p e r c e n t l e s s t h a n in J a n u a r y 1 9 3 0 a n d 9 0 .5 p e r c e n t s m a lle r t h a n i n J a n u a r y 1 9 2 9 . T h e r e w e r e o n ly t w o f u r n a c e s a c t iv e in A la b a m a o n F e b r u a r y 1 , t h e s a m e a s a m o n t h e a r lie r , c o m p a r e d w i t h 6 a c t iv e a year ago. P r e s s r e p o r t s in d ic a t e a s m a ll u p w a r d t r e n d in ir o n s h ip m e n t s t h e l a t t e r p a r t o f J a n u a r y , b u t c o n s u m p t io n in t h i s d i s t r i c t c o n t in u e s e x c e e d i n g l y l i g h t . F o u n d r ie s c o n t in u e t o o r d e r m o s t l y in c a r lo a d l o t s . P ip e p la n t b o o k in g s im p r o v e d s l i g h t l y , a n d in q u ir ie s h a v e in c r e a s e d . Q u o ta t io n s o f $ 1 1 f o r S o u th e r n d e liv e r ie s a r e b e i n g m a in ta in e d . C o m p a r is o n s f o r t h e m o n t h a r e s h o w n i n t h e t a b le . Production—tons Total Daily Average Furnaces Active* U N ITED STATES: January 1933___________ December 1932__________ August 1932____________ January 1932___________ 568,785 546,080 530,576 972,784 18,348 17,615 17,115 31,380 46 42 42 61 ALABAMA: January 1933___________ December 1932_________ August 1932____________ January 1932___________ 23,946 43,986 23,292 89,981 772 1,419 751 2,903 2 2 2 6 •First of following month. N aval S to r e s R e c e ip t s o f b o th t u r p e n t in e a n d r o s in a t t h e t h r e e p r in c ip a l n a v a l s t o r e s m a r k e t s o f t h e D i s t r i c t d e c lin e d s e a s o n a l ly in J a n u a r y c o m p a r e d w it h p r e v io u s m o n t h s , b u t w e r e la r g e r t h a n in J a n u a r y a y e a r a g o . S to c k s o f b o th c o m m o d it ie s a l s o d e c lin e d o v e r t h e m o n t h , a n d s u p p l ie s o f t u r p e n t in e w e r e 1 6 .8 p e r c e n t , a n d o f r o s in 3 0 .6 p e r c e n t , s m a lle r t h a n f o r J a n u a r y 1 9 3 2 . S t o c k s o f r o s in a t t h e e n d o f J a n u a r y w e r e s m a ll e r t h a n f o r a n y o t h e r m o n t h s in c e M a r c h 1 9 3 1 . P r e s s r e p o r t s in d ic a t e a m e a g e r d e m a n d d u r in g r e c e n t w e e k s f o r b o th c o m m o d it ie s f r o m b o th f o r e i g n a n d d o m e s t ic s o u r c e s , a n d p r ic e s a t t h e m id d le o f F e b r u a r y w e r e f r a c t io n a l l y lo w e r t h a n a m o n t h e a r lie r . C o m p a r is o n s o f r e c e ip t s a n d s t o c k s f o r t h e m o n t h a r e s h o w n in t h e t a b le . Receipts—Turpentine (1) Savannah________________________ Jacksonville---------------------------------Pensacola_____ ___________________ T otal__________________ Receipts—Rosin (2) Savannah-------------------------------------Jacksonville______________________ Pensacola________________________ Jan. 1933 Dec. 1932 Jan. 1932 2,688 2,564 1,031 6,600 7,008 2,371 1,851 2,488 895 6,283 15,979 5,234 15,595 14,447 5,022 30,515 31,311 9,632 10,849 13,597 4,168 T o tal__________________ Stocks—Turpentine (1) Savannah________________________ Jacksonville______________________ Pensacola________________________ 35,064 71,458 28,614 16,683 41,323 26,090 20,583 44,335 27,053 21,786 53,594 25,701 T otal____ ______________ Stocks—Rosin (2) Savannah___________ _____________ Jacksonville______________________ Pensacola________________________ 84,096 91,971 101,081 145,025 135,166 15,668 158,979 156,005 17,629 205,310 192,806 28,392 295,859 332,613 426,508 T otal__________________ (1) Barrels of 50 gallons. (2) Barrels of 500 pounds. M O N T H L Y R E V IE W 8 M ONTHLY IN D E X NUM BERS COM PUTED B Y FED ER A L R ESE R V E BA N K OF A TL A N TA MONTHLY AVERAGE 1923-1925=100 DEPARTM ENT STORE TRADE—SIXTH DISTRICT (1) Nov. 1932 Dec. 1932 Jan. 1933 Nov. 1931 Dec. 1931 Ja n . 1932 Daily A verage Sales—U nadjusted A tlan ta........... ....................................................................................... Birm ingham Chattanooga.™ Nashville-----New Orleans... DISTRICT™. 119.9 54.6 5 0 .3 6 7 .0 6 6 .7 69 .6 175.0 7 7 .7 73.1 95.1 9 8 .8 101.5 f 8 4 .0 39.1 38.1 4 5 .0 4 4 .7 4 8 .5 144.9 7 5 .4 6 9 .5 85.1 9 2 .2 9 0 .0 223.6 1 14.7 103.3 129.7 1 22.8 1 32.0 1 12.2 51.1 5 4 .8 4 6 .9 5 8 .5 6 1 .3 Daily Average Sales—Adjusted* A tlan ta ................... ....................................... Birmingham™ Chattanooga.... Nashville™___ New Orleans... DISTRICT___ 112.1 4 8 .8 45 .3 5 8 .8 56.1 61.1 106.1 4 5 .7 4 6 .9 56.9 5 7 .4 5 9 .7 1 12.0 5 4 .3 4 8 .2 6 0 .0 5 3 .2 6 1 .4 135.4 6 7 .3 6 2 .6 7 6 .0 7 7 .5 7 8 .9 1 35.5 6 7 .5 6 6 .2 7 5 .4 7 1 .4 7 7 .6 149.6 7 1 .0 6 9 .4 6 2 .5 6 9 .6 7 7 .6 9 3 .2 50 .8 54.3 7 0 .4 63 .5 65 .3 7 0 .4 40.1 3 5 .0 5 3 .0 5 3 .3 51.3 6 5 .6 36.1 3 6 .5 45 .3 4 8 .5 4 6 .9 101.9 6 1 .2 7 9 .7 87.1 7 7 .3 8 0 .0 7 8 .4 5 0 .0 5 7 .4 69.1 6 2 .0 63.1 78.1 4 7 .7 5 4 .5 6 3 .3 6 1 .3 6 1 .8 Nashville____ New Orleans... DISTRICT™.... 82 .5 4 5 .4 49 .4 62 .9 58.3 5 8 .8 8 0 .9 44.1 3 9 .8 58 .9 59.9 57.6 7 1 .3 40.1 4 1 .0 52.1 5 3 .3 5 1 .5 9 0 .2 5 4 .6 7 2 .5 7 7 .8 70 .9 72.1 90.1 5 4 .9 6 5 .2 7 6 .8 6 9 .7 70 .9 8 4 .9 5 3 .0 6 1 .2 7 2 .8 6 7 .4 6 7 .9 WHOLESALE TRADE—SIXTH DISTRICT—TOTAL... Groceries...................................................................................... Dry Goods™........................................ ........................................ Hardware............. ....................................................................... F u rn itu reElectrical Supplies... Stationery™............... Drugs......... ..... ......... 4 2 .7 3 9 .5 4 3 .8 4 2 .6 4 7 .2 3 7 .5 3 0 .7 6 1 .0 3 9 .2 40.1 3 2 .8 3 6 .6 29.1 4 0 .4 2 9 .5 7 0 .2 3 6 .9 3 4 .7 3 3 .6 4 0 .0 2 4 .4 3 4 .0 2 7 .9 6 0 .3 54 .0 55.1 5 3 .2 5 2 .7 4 3 .4 5 8 .6 4 0 .0 6 7 .0 4 9 .7 5 5 .5 3 8 .0 4 5 .0 3 2 .6 6 8 .8 4 2 .6 7 2 .4 4 0 .9 4 2 .2 2 8 .2 3 9 .6 3 4 .3 4 5 .5 5 2 .2 7 1 .4 L IF E INSURANCE SALES—SIX STATES—TOTAL... Alabama— ............................. ................................................... Florida™ GeorgiaLouisiana... Mississippi... Tennessee_ 59 .5 47.1 6 0 .6 6 9 .2 6 4 .7 5 0 .5 67 .9 6 7 .2 5 4 .3 7 2 .9 8 0 .6 69 .3 60 .4 60.9 7 3 .7 61.1 8 9.4 7 7 .5 7 6 .5 5 5 .0 7 4 .5 9 9 .5 76 .7 115.9 1 17.3 9 3 .0 8 3 .7 9 8 .0 7 5 .5 6 4 .7 8 8.5 8 3 .5 73.1 5 9 .2 7 5 .3 BUILDING PERM ITS—TWENTY CITIES... A tlan ta................ .................................................... Birm ingham _ J acksonville— Nashville____. New O rleans........ Fifteen O ther Cities 10.9 2 .2 6 .4 16 .4 12.6 3 4 .4 8 .0 18.9 3.1 1 .2 169.5 3 .2 7 .0 10.1 7.1 3.1 5 .8 7 .7 29 .3 5 .6 6 .2 2 7 .2 14 .0 9 .0 13 .5 7 9 .0 9 .5 3 6 .2 2 0 .0 5 .0 2 .0 16.6 219.8 7 .6 9 .5 9 .5 1 3 .7 3 .9 9 .3 1 5 .4 9 .3 9.1 CONTRACT AWARDS—SIXTH DISTRICT—TOTAL.. Residential....... ........................................................................... All O thers- 3 5 .8 9 .9 53.1 18.1 8 .5 2 4 .5 4 0 .8 4 .2 6 5 .2 1 6 .7 11.1 2 0 .4 1 5 .7 9 .3 2 0 .0 16 .3 1 1 .5 1 9 .5 W HOLESALE PRICES—UNITED STATESf A LL COMMODITIES............................................... F arm Products.............................. ............................. Foods______________________ Other Commodities.... Hides and leather products Textile products_________ Fuel and lighting.... Metals and m etal products Building m aterials______ Chemicals and drugs____ Housefurnishing goods..... Miscellaneous________ ____ 6 3 .9 4 6 .7 6 0 .6 6 9 .8 7 1 .4 53 .9 7 1 .4 7 9 .6 7 0 .7 7 2 .4 7 3 .7 6 3 .7 62 .6 44.1 5 8 .3 6 9 .0 69 .6 5 3 .0 69 .3 7 9 .4 7 0 .8 72 .3 7 3 .6 6 3 .4 6 1 .0 4 2 .6 5 5 .8 6 7 .3 6 8 .9 5 1 .9 6 6 .0 7 8 .2 70.1 71 .6 72 .9 6 1 .2 7 0 .2 5 8 .7 7 1 .0 7 3 .5 81 .6 6 2 .2 6 9 .4 82.6 7 6 .2 76.1 8 0 .9 6 8 .7 6 8 .6 5 5 .7 69.1 7 2 .3 7 9 .8 6 0 .8 6 8 .3 82.2 7 5 .7 76.1 7 8 .5 6 6 .8 67 .3 5 2 .8 6 4 .7 7 1 .7 7 9 .3 5 9 .9 67 .9 81 .8 7 4 .8 7 5 .7 7 7 .7 6 5 .6 COTTON CONSUMPTION—UNITED STATES.. Cotton-Growing States................................................. All Other States Georgia____ Alabam a_ Tennessee. 99.1 120.7 5 1 .7 111.2 166.1 140.4 8 6 .6 106.2 4 3 .4 98.1 138.7 1 25.8 9 2 .7 113.9 4 6 .2 106.5 145.3 123.7 8 4 .4 1 02.7 4 4 .0 96.1 128.4 1 3 1 .8 8 1 .7 9 8 .6 4 4 .8 9 6 .8 128.1 12 7 .4 8 5 .6 10 2 .6 4 8 .3 9 5 .4 129.3 1 12.6 COTTON EXPORTS—UNITED STATES-........... 164.7 169.2 129.1 17 4 .2 1 9 2 .2 14 9 .6 21.1 22.3 18 .3 18 .9 19 .0 10 .4 3 6 .9 3 7 .2 3 2 .8 3 4 .9 3 2 .6 3 8 .7 Monthly Stocks—U nadjusted A tlan ta..................................................... Birmingham... Chattanooga..... Nashville-----New Orleans... DISTRICT...... M onthly Stocks—Adjusted* A tlan ta.................................................. Birmingham..... C h a tta n o o g a .. PIG IRON PRODUCTION—U nited States... Alabama........... * Adjusted for Seasonal Variation. fCompiled by Bureau of Labor Statistics. ( 1)FRASER Copies of these series for back years w ill be forwarded upon request. Digitized for 1926= 100.
@FedFRASER