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M O N T H L Y R E V I E W O f F in a n c ia l, A g r i c u l t u r a l , T r a d e a n d I n d u s t r i a l C o n d itio n s in th e S ix th F e d e r a l R e s e r v e D is t r ic t F E VOL. 19, NO. 2 D E R A L R E S R V E A TLA N TA , GA., FEB R U A R Y 28, 1934 NATIONAL SUMMARY OF BU SIN ESS CONDITIONS Prepared by Federal Reserve Board Volume of industrial production increased by more than the usual seasonal amount in January and the early part of February. The general level of wholesale commodity prices, after showing relatively little change during the last five months of 1933, advanced considerably after the turn of the year. Production Output of factories and mines, as measured by and the Federal Reserve Board’s seasonally adEmployment justed index of industrial production, advanced from 75 per cent of the 1923-1925 average in December to 78 per cent in January. This compares with a l'ecent low level of 72 per cent in November and a level of *35 per cent in January, 1933. The January advance reflected chiefly increases of more than the usual seasonal amount in the textile, meat packing, automobile, and anthracite coal industries. Activity at cotton m ills, which had reached an unusually high level in the summer of 1933 and had declined sharply in the latter part of the year, showed a substantial increase in January. Output of automobiles also increased by more than the usual seasonal amount, while activity in the steel industry showed little change, following a non-seasonal increase in December. In the first half of February there was a further growth in output at automobile factories and activity at steel mills showed a substantial increase. Factory payrolls, which usually decline considerably at this season, showed little change between the middle of De cember and the middle of January, while factory employment declined by about the usual seasonal amount. There were substantial increase in employment and payrolls in the auto mobile, hardware, shoe, and women’s clothing industries, while decreases, partly of a seasonal character, were reported for the hosiery, tobacco, furniture, and lumber industries. Value of construction contracts, as reported by the F . W. Dodge Corporation, showed a decline in January and the first half of February, following a substantial increase in the lat ter part of 1933. As in other recent months, public works made up a large part of the total. In d e x n u m b e r o f in d u s t r ia l p ro d u ctio n , a d ju ste d fo r se a so n a l v a r ia t io n . L a t e s t fig u r e J a n u a r y P r e lim in a r y 78. Digitized(1923-1925 a v e r a g e = 1 0 0 .) for FRASER E B A N This K O F A T L “ Distribution Freight traffic increased in January by more than the usual seasonal amount, reflecting larger shipments of coal and merchandise. Sales by depart ment stores showed the usual seasonal decline after the holi day trade. Dollar The foreign exchange value of the dollar in relaExchange tion to gold currencies, which in January had fluctuated around 63 per cent of par, declined after January 31 to slightly above its new parity of 59.06 per cent. Prices Wholesale commodity prices showed a general in crease between the third week of December and the third week of February and the weekly index of the Bureau of Labor statistics advanced from 70.4 per cent of the 1926 average to 73.7 per cent. There were substantial increases in livestock prices; wool continued to advance and cotton reached a level higher than at any other time since 1930. Scrap steel advanced to about the level prevailing in the sum mer of 1933. Bank As a consequence of the reduction on January 31, of Credit the weight of the gold dollar, together with subse quent imports of gold from abroad, the dollar amount of the country’s stock of monetary gold increased from $4,035,000,000 on January 17, to $7,089,000,000 on February 14. About $3,000,000,000 of this increase was reflected in a growth of the cash held by the Treasury, which includes gold bullion. Notwithstanding a further reduction in discounts for mem ber banks and in acceptance holdings of the reserve banks, member bank reserve balances increased moderately during this period, reflecting gold imports, a return of currency from circulation, and a reduction in United States Government de posits with the reserve banks. In the middle of February these balances were more than $900,000,000 above legal re serve requirements. At reporting member banks there was a growth between January 17 and February 14 of more than $600,000,000 in holdings of United States Government securities and of more than $500,000,000 in United States Government deposits, re flecting Treasury financing. Loans on securities and all other In d e x e s o f the U n it 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 1931; b y w ee ks 1932 to date. (1 9 2 6 = 1 0 0 .) L a t e s t fig u r e s F e b r u a r y 1 7 th : F a r m P r o d u c t s 62 .1 ; F o o d s 67.4; O th e r C o m m o d itie s 78.7. A 2 M ILLIO O D L A S NS F O L R M O N T H L Y M L N O DOLLARS IL IO S F R E V IE W B I L L IO N S OF D O LL A R S B IL L IO N S O F D O LLAR S T h r e e m o n th m o v in g a v e r a g e s o f F . W . D o d g e d a t a f o r 3 7 E a s t e r n S ta t e s , a d j u s t e d f o r s e a s o n a l v a r i a t i o n . L a t e s t f ig u r e b a s e d o n d a t a f o r D e c e m b e r, J a n u a r y , a n d e s ti m a t e f o r F e b r u a r y . T o t a l 2 0 7 . 6 ; R e s id e n tia l 2 2 . 0 ; A ll O th e r 1 8 5 .6 . W e d n e s d a y f ig u r e s f o r r e p o r t i n g m e m b e r b a n k s i n f ig u re s a r e f o r W e d n e s d a y , F e b r u a r y 1 4 . loans increased slightly and bankers’ balances showed a sub stantial growth. Short-term money rates in the open market remained at low levels. On February 2, the Federal Reserve Bank of New York reduced its discount rate from 2 per cent to 1% per cent and during the succeeding two weeks reductions of % per cent were made at the Federal Reserve Banks of Cleveland, Boston, St. Louis, Dallas, Richmond, Kansas City, Atlanta, and San Francisco. FIN A N CE Reserve The total volume of reserve bank credit outstandBank ing at the Federal Reserve Bank of Atlanta declined Credit each week from January 3 through February 14, and discounts have declined each week since Decem ber 6 with the exception of the week ending January 3. On February 14 total discounts held by the bank amounted to only $1,740,000, compared with $5,803,000 on January 10, and with $18,703,000 on the same Wednesday a year ago. Holdings of purchased bills declined $561,000 from January 10 to February 14, but were then greater by $1,435,000 than a year ago, but holdings of United States securities increased $41,000 during this recent five-weeks period and on February 14 were larger by $24,681,000 than on the same Wednesday in 1933. Total bills and securities held by this bank on February 14 were smaller by $4,583,000 than five weeks earlier, but $9,153,000 greater than on February 15, 1933. Reserve deposits maintained with this bank by member banks in the Sixth District increased further from January 10 to February 14 by more than 7 milloins of dollars, were 30.8 millions greater than a year ago and larger than on any Wednesday in several years. Total reserves on February 14 were greater by 20.7 m il lions than five weeks earlier, and 47.9 millions greater than a year ago. There was a small decline in Federal reserve note circula tion from January 10 to February 14, a decrease of $3,255,000 compared with those outstanding on December 27, but an in crease of 12.2 millions compared with the same report date a year earlier. Principal items in the weekly statement are compared in the table. SIX TH D ISTRIC T SUMMARY Nearly all of the available series of business statistics indi cate that trade and industrial activity in the Sixth District was at a substantially higher level in January this year than last, and most of the important indices show gains over De cember. January sales reported by 52 department stores in the Dis trict were 31.2 per cent greater than in January of 1933, but declined from the holiday level in December by 48.7 per cent. Sales by 99 reporting wholesale firms in eight different lines averaged 10.3 per cent greater in January than in December, and were 59.6 per cent greater than in January, 1933. The largest gain over January last year was reported by dry goods firms whose sales were more than double those a year ago. Bank debits to individual accounts increased slightly over the month and were 15.9 per cent greater than for Janu ary last year. The volume of Federal/reserve bank credit outstanding at this bank declined further between January 10 and February 14, but was somewhat greater than a year ago because of larger holdings of United States Government securities. Loans by weekly reporting member banks declined somewhat, but holdings of Government securities increased by 14.5 mil lions, and loans and investments of these banks were 29.8 millions greater on February 14 than at the same time last year. Daily average demand deposits of all member banks were higher for January than for any other month since March, 1932. Building permits issued during January at twenty report ing cities increased 64.2 per cent over December, and were more than three times as large as in January last year. Con struction contracts awarded in the District during January increased 42.5 per cent over the month before, and were more than twice as large as in January, 1933. Residential con tracts increased 80.0 per cent from December to January and were 241.7 per cent greater than a year ago, and other con tracts increased 40.5 per cent over December and exceeded those in January, 1933, by 111.6 per cent. Pig iron produc tion in Alabama declined somewhat from the high December level, but was nearly five times the low production of Janu ary, 1933. Coal production increased over the month, and over January last year, in both Alabama and Tennessee. Cotton consumption also increased over both of these periods, and employment at reporting mills in January was 54.8 per cent greater than a year ago. 90 FE D E R A L R ESER V E BA N K O F ATLANTA ( 0 0 0 O m itte d ) F eb . 14, 1934 Ja n . 10, 1934 B ills D is c o u n te d ,. S e cu red b y G o v t. O b lig a tio n s A ll O th e r s ............................................ T o t a l D is c o u n ts ................... B ills B o u g h t in O p en M a r k e t . U . S . S e c u ritie s ..................................... T o ta l B ills a n d S ecu ritie s T o ta l R e s e r v e s ...................... M e m b e r B a n k R e s e rv e D e p o s its T o ta l D e p o s its ...................................... F . R . N o te s in a c tu a l c irc u la tio n . F . R . B a n k N o te s in a c tu a l cirR e s e rv e R a t i o . ...................................... $ 155 1 ,5 8 5 1 ,7 4 0 3 ,3 0 8 7 1 ,2 7 6 7 6 ,3 2 4 1 4 7 ,6 5 8 7 6 ,1 6 0 9 1 ,5 3 8 1 2 2 ,2 2 9 4 ,4 7 7 6 9 .1 % $ 1 ,7 6 4 4 ,0 3 9 5 ,8 0 3 3 ,8 6 9 7 1 ,2 3 5 8 0 ,9 0 7 1 2 6 ,9 2 8 6 8 ,8 2 1 7 5 ,0 7 3 1 2 2 ,6 6 3 4 ,8 8 8 6 4 .2 % c itie s . L a te s t F e b . 1 5 ,1 9 3 3 * $ 1 ,4 5 8 1 7 ,2 4 5 1 8 ,7 0 3 1 ,8 7 3 4 6 ,5 9 5 6 7 ,1 7 1 9 9 ,7 8 2 4 5 ,3 4 8 5 1 ,5 2 0 1 0 9 ,9 9 3 6 i .* 8 % Following is a table setting out sim ilar comparisons for the twelve Federal Reserve Banks combined. From January 10 to February 14 discounts for the System as a whole declined by more than 35 millions, and holdings of purchased bills de clined by 27 millions. Holdings of United States securities increased only slightly, and total bills and securities were 62.3 millions less on February 14 than five weeks earlier. Compared with the same Wednesday a year ago, discounts show a decrease of 218 millions, and holdings of purchased M O N T H L Y pa ,per a decrease of 55.3 millions, but these were offset by an in crease of 622.7 millions in United States security holdings, s o that total bills and securities were 456.5 millions greater t’ nan a year ago. FED ER A L R ESER V E SYSTEM (0 0 0 O m itte d ) F eb . 14, 1 9 34 J a n . 10, 1 9 34 F eb. 15. 1933 B ills D isco u n te d : S ecu red b y G o v t. O b lig a tio n s A ll O th e r s ........................................... T o ta l D is c o u n ts .............................. B ills B o u g h t in O p en M a r k e t . . U . S. S e c u ritie s..................................... O th e r S e c u ritie s.................................... T o ta l B ills a n d S ecu ritie s T o t a l R e s e rv e s ...................................... M e m b e r B a n k R e se rv e D e p o sits T o ta l D e p o s its ...................... F . R . N o te s in a c tu a l c irc u la tio n F . R . B a n k N o te s in a c tu a l cir c u la tio n ................................................. R e s e rv e R a t i o ...................................... $ 1 9 ,2 6 4 4 9 ,1 4 1 6 8 ,4 0 5 8 6 ,0 8 6 2 ,4 3 2 ,0 2 4 1 ,2 9 3 2 ,5 8 7 ,8 0 8 3 ,8 4 6 ,7 8 6 2 ,8 5 0 ,8 8 8 3 ,0 2 6 ,5 6 9 2 ,9 5 2 ,5 4 1 $ 3 4 ,4 2 4 $ 8 1 ,4 8 5 6 9 ,2 6 8 2 0 4 ,8 8 8 1 0 3 ,6 9 2 2 8 6 ,3 7 3 1 1 3 ,2 1 1 3 0 ,7 8 4 2 ,4 3 1 ,7 4 6 1 ,8 0 9 ,3 0 8 1 ,4 6 2 4 ,7 9 7 2 ,6 5 0 ,1 1 1 2 ,1 3 1 ,2 6 2 3 ,8 1 6 ,9 0 1 3 ,4 6 0 ,9 9 0 3 ,7 7 6 ,8 5 7 2 ,2 3 6 ,0 9 5 3 ,0 0 7 ,1 4 4 2 ,3 7 5 ,7 6 3 2 , 9 9 8 , 7 6 0 ............ 2 , 8 9 1 , 1 4 5 1 9 9 ,3 5 8 6 4 .3 2 0 5 ,1 9 1 6 3 .6 ...................... 6 5 .7 Member Total loans and investments of seventeen weekly Bank reporting member banks located in Atlanta, BirCredit mingham, Jacksonville, Nashville, Chattanooga, Mobile, and Savannah increased by about 10.5 mil lions of dollars between January 10 and February 14, and were then 29.8 millions greater than on the same Wednesday a year ago. Total loans, however, declined 2.7 millions since January 10, but were on February 14, 2.7 millions greater than on February 15, 1933. Holdings of United States secur ities by these weekly reporting member banks increased by 14.5 millions from January 10 to February 14, were 25.2 millions greater than a year ago, and except for the two report dates immediately preceding February 14 were larger than on any other Wednesday in over two years. Demand deposits held by these banks increased 8.1 millions from January 10 to February 14, were 16.5 millions greater than a year ago, and were larger than on any other Wednes day since January 6, 1932. Time deposits increased slightly during this recent five-weeks period, but were 2.3 millions less than a year ago. Balances maintained with these banks by their correspond ents in smaller centers increased and were the largest for any Wednesday in this series of statistics which goes back to the beginning of 1932, and balances held with their correspond ents were also the largest during this two-year period except on September 6 last year. Borrowings from the Federal Reserve Bank of Atlanta by these weekly reporting member banks were reduced to $254,000 on February 14, smaller than for any other report date in the series. In the tables which follow are set out comparisons of the principal items in the weekly report, and monthly averages of these weekly figures over the past year, and a comparison of savings deposits reported by a selected list of banks scat tered throughout the district. C O N D IT IO N O F M E M B E R B A N K S IN S E L E C T E D C IT IE S ( 0 0 0 O m itte d ) F eb . 14, 1 9 34 Ja n . 10, 1 9 34 F eb. 15, 1 933 L o a n s: O n S e c u ritie s.................................... A ll O th e r s ........................................... T o ta l L o a n s ............................ U . S. S e c u ritie s..................................... O th e r S e c u ritie s ................................... T o ta l I n v e s tm e n ts ............. T o ta l L o a n s a n d I n v e s t m e n ts ...................................... T im e D e p o s its ...................................... D e m a n d D e p o s its ............................... D u e to B a n k s ........................................ D u e fro m B a n k s .................................. B o rro w in g s fro m F . R . B a n k . . . $ 6 0 ,1 2 9 1 2 5 ,8 7 7 1 8 6 ,0 0 6 1 1 1 ,7 6 7 4 5 ,5 7 9 1 5 7 ,3 4 6 3 4 3 ,3 5 2 1 2 9 ,6 7 9 1 5 7 ,0 3 4 7 0 ,9 8 7 6 4 ,0 6 6 254 $ 5 5 ,9 9 1 1 3 2 ,7 2 6 1 8 8 ,7 1 7 9 7 ,2 6 9 4 6 ,8 7 0 1 4 4 ,1 3 9 3 3 2 ,8 5 6 1 2 9 ,1 4 1 1 4 8 ,8 9 7 6 2 ,6 8 6 5 0 ,7 0 6 2 ,3 2 7 $ 5 9 ,5 4 5 1 2 3 ,7 4 2 1 8 3 ,2 8 7 8 6 ,5 6 4 4 3 ,6 8 2 1 3 0 ,2 4 6 3 1 3 ,5 3 3 1 3 1 ,9 3 2 1 4 0 ,5 5 1 4 7 ,5 9 5 4 2 ,5 5 5 4 ,6 5 1 M O N T H L Y A V E R A G E S O F W E E K L Y F IG U R E S O F 17 R E P O R T I N G M E M B E R B A N K S I N S E L E C T E D C I T I E S ( 0 0 0 O m itte d ) T o ta l B o rro w in g s Loans I n v e s t- L o a n s a n d D em and T im e m e n ts In v e s tm e n ts D e p o s its D e p o sits F . R . B ank 1932 D e c e m b e r. . $ 1 8 9 , 8 6 6 1933 J a n u a r y .... 1 8 5 ,7 7 4 F forr FRASER 8 3 ,5 0 9 Digitized e b u a r y . . . 1 $ 1 2 3 ,7 5 2 $ 3 1 3 ,6 1 8 $ 1 4 1 ,3 4 6 $ 1 3 2 ,6 9 5 $ 3 ,9 3 3 1 2 3 ,1 4 8 1 2 8 ,5 8 7 3 0 8 ,9 2 2 3 1 2 ,0 9 6 1 4 1 ,6 5 1 1 3 8 ,8 0 1 1 3 3 ,1 4 8 1 3 1 ,8 8 2 2 ,1 5 1 3 ,8 8 1 3 R E V IE W J u l y ................. A u g u s t .. S e p te m b e r .. O c to b e r . . . . N o v e m b e r .. D e c e m b e r. . 1934 J a n u a r y ___ 1 8 2 ,3 3 4 1 8 0 ,3 7 7 1 7 9 ,5 8 4 1 7 5 ,9 8 1 1 7 6 ,9 4 6 1 7 5 ,6 8 4 1 7 6 ,5 2 7 1 7 8 ,4 1 1 1 8 8 ,6 1 2 1 9 2 ,4 9 1 1 2 2 ,2 0 5 1 2 5 ,4 8 7 1 2 7 ,8 9 1 1 3 4 ,2 4 4 1 3 8 ,4 7 5 1 4 5 ,7 7 7 1 4 9 ,7 1 7 1 4 4 ,6 5 1 1 5 1 ,2 7 5 1 5 0 ,1 9 9 3 0 4 ,5 3 9 3 0 5 ,8 6 4 3 0 7 ,4 7 5 3 1 0 ,2 2 5 3 1 5 ,4 2 1 3 2 1 ,4 6 1 3 2 6 ,2 4 4 3 2 3 ,0 6 2 3 3 9 ,8 8 7 3 4 2 ,6 9 0 1 2 9 ,9 0 7 1 3 4 ,0 9 2 1 3 7 ,1 6 3 1 4 1 ,9 9 3 1 4 0 ,5 7 0 1 4 1 ,8 4 2 1 4 5 ,1 6 7 1 4 1 ,8 9 4 1 4 4 ,6 0 2 1 5 2 ,2 4 9 1 2 4 ,2 2 0 1 2 6 ,4 7 7 1 2 7 ,1 9 5 1 2 6 ,8 7 6 1 3 4 ,2 6 1 1 3 4 ,2 3 9 1 3 2 ,7 5 4 1 3 2 ,1 6 0 1 3 1 ,4 2 6 1 2 9 ,0 3 3 1 0 ,7 7 3 9 ,6 3 8 8 ,6 1 9 1 ,1 5 4 1 ,1 7 9 1 ,2 2 9 2 ,1 1 2 1 ,9 6 0 2 ,5 7 2 2 ,6 1 4 1 8 7 ,7 9 5 1 4 8 ,3 0 5 3 3 6 ,1 0 0 1 5 1 ,9 3 5 1 3 0 ,0 4 8 2 ,0 6 0 S A V IN G S D E P O S I T S ( 0 0 0 O m itte d ) N um ber of B anks .. B irm in g h a m . . . . . J a c k s o n v ille . . . . , 3 3 3 4 N ew O r le a n s ... . . 4 O th e r C it ie s , , , . . 3 5 Ja n u a ry 1934 $ 2 9 ,0 6 5 1 6 ,6 3 3 1 2 ,0 5 6 2 0 ,6 2 8 2 1 ,9 7 3 5 8 ,4 5 7 1 5 8 ,8 1 2 D ecem b er 1933 $ 2 8 ,0 9 2 1 6 ,6 3 9 1 2 ,9 9 2 2 0 ,9 9 9 2 3 ,6 5 5 5 7 ,5 6 7 1 5 9 ,9 4 4 Ja n u ary 1933 P e rc e n ta g e ch a n g e J a n . 1 9 3 4 c o m p a re d w ith D ec. 1 9 3 3 J a n . 1 9 3 3 $ 3 0 ,8 9 7 1 6 ,6 3 3 1 2 ,9 7 1 2 3 ,0 2 2 2 7 ,4 1 6 5 6 ,3 2 5 1 6 7 ,2 6 4 + 3 .5 - 0 .0 — 7 .2 — 1 .8 — 7 .1 + 1 .5 — 0 .7 — 5 .9 — 7.‘ i — 1 0 .4 — 1 9 .9 + 3 .8 — 5 .1 Debits to The volume of debits to individual accounts at Individual banks in twenty-six clearing house centers of the Accounts Sixth District, reflecting the volume of business transactions settled by check, increased further by 0.3 per cent from December to January. This compares with an average decrease of 1.8 per cent at the same time of the past six years. January debits were 15.9 per cent greater than in that month of last year. Monthly totals compared in the table are derived from weekly reports by pro-rating fig ures for those weeks which do not fall entirely within a single calendar month. (0 0 0 O m itte d ) Jan . 1934 D ec. 1 9 3 3 Jan . 1933 A lab a m a— 4 C itie s ................................ B irm in g h a m ......................................... D o th a n .................................................... M o b ile ...................................................... M o n tg o m e ry ........................................ $ 1 2 2 ,0 5 6 7 7 ,8 6 9 1 ,8 9 5 2 5 ,4 7 1 1 6 ,8 2 1 $ 1 1 3 ,1 8 1 6 9 ,9 3 2 2 ,0 8 3 2 5 ,2 4 6 1 5 ,9 2 0 $ 9 9 ,9 3 4 6 3 ,6 3 9 1 ,2 9 7 2 1 ,7 0 2 1 3 ,2 9 6 F lo rid a — 4 C itie s ................................... Ja c k s o n v ille ............ ................. M ia m i...................................................... P e n s a c o la ............................................... T a m p a ..................................................... 1 0 2 ,2 5 8 5 2 ,6 8 4 2 2 ,4 4 8 5 ,5 7 7 2 1 ,5 4 9 1 0 1 ,2 1 3 5 6 ,5 2 4 1 8 ,3 4 5 5 ,7 7 3 2 0 ,5 7 1 8 0 ,0 9 7 4 2 ,4 7 4 1 5 ,6 3 9 4 ,0 1 8 1 7 ,9 6 6 G eorgia— 1 0 C itie s ............................... A lb a n y ..................................................... A t l a n t a .................................................... A u g u s ta ................................................... B ru n sw ic k ............................................. C o lu m b u s.............................................. E l b e r to n .................................................. M a c o n ...................................................... N e w n a n .................................................... S a v a n n a h ................................................ V a ld o s ta ................................................. 1 9 6 ,9 3 0 2 ,4 7 8 1 3 0 ,4 2 2 1 5 ,0 0 3 1 ,7 1 7 8 ,5 9 3 520 1 0 ,2 4 4 1 ,4 5 1 2 3 ,8 0 5 2 ,6 9 7 2 0 4 ,3 8 5 2 ,9 0 3 1 3 0 ,5 9 5 1 7 ,4 2 3 1 ,8 3 8 9 ,0 3 1 673 1 1 ,6 4 0 1 ,5 0 4 2 5 ,7 7 2 3 ,0 0 6 1 6 0 ,3 7 0 2 ,3 6 5 1 0 6 ,1 5 0 1 1 ,9 2 4 1 ,5 2 5 6 ,9 8 9 523 7 ,1 9 4 1 ,0 3 0 2 0 ,5 2 8 2 ,1 4 2 L o u isian a— N e w O r l e a n s ................. 1 9 6 ,8 6 2 2 0 1 ,4 0 2 1 8 3 ,1 5 2 M ississip p i— 4 C itie s ........................... H a ttie s b u r g .......................................... J a c k s o n .................................................... M e r id ia n ................................................. V ic k s b u rg .............................................. 3 4 ,1 0 3 3 ,4 4 8 1 8 ,9 7 0 6 ,6 8 7 4 ,9 9 8 3 2 ,1 5 9 3 ,2 9 0 1 7 ,0 6 5 6 ,1 6 1 5 ,6 4 3 2 7 ,0 1 8 2 ,8 3 1 1 4 ,3 0 8 5 ,8 5 9 4 ,0 2 0 T e n n essee— 3 C itie s ............................. C h a tta n o o g a ........................................ K n o x v ille ................................................ N a s h v ille ................................................ 1 0 3 ,0 7 6 2 7 ,8 4 7 1 8 ,2 1 0 5 7 ,0 1 9 1 0 0 ,8 7 2 2 8 ,4 2 2 1 7 ,3 2 8 5 5 ,1 2 8 1 0 1 ,2 3 9 3 0 ,3 7 7 1 6 ,5 7 0 5 4 ,2 9 2 T o ta l 2 6 C itie s ................... $ 7 5 5 ,2 8 5 $ 7 5 3 ,2 1 8 $ 6 5 1 ,8 1 0 A G RICU LTU RE The estimates of citrus fruit production in Florida from the bloom of 1933 are somewhat below those of the previous crop season, but the orange crop is larger than that from the 1931 bloom, but production of grapefruit and limes is expected to be smaller than for that season. The February estimate indi cates an orange crop of 15,100,000 boxes, compared with 16,200,000 last season, and a crop of 9,800,000 boxes of grape fruit compared with 11,800,000 boxes during the previous F ro m season. Dry weather during much of the winter season has resulted in more small fruit, both oranges and grapefruit, than previously expected, but sizes w ill be better than last year. About half of the crop had been harvested by February first. 4 M O N T H L Y The acreage in strawberries increased this year over last in Louisiana, was the same in Georgia, but declined in Ala bama, Florida, Mississippi and Tennessee. Early production in Florida is estimated at 585,000 crates, against 784,000 crates produced in 1933. According to reported “ intentions to plant”, Florida Irish potato growers intended to increase their acreage from 17,000 acres last year to 24,000 acres in 1934. There were also in creases in intended plantings in other states of the District as follows: Alabama from 8,000 acres in 1933 to 10,600 acres in 1934; Georgia from 800 in 1933 to 1,400 in 1934; Louisiana from 20,000 in 1933 to 21,000 in 1934; Mississippi from 1,100 in 1933 to 1,400 in 1934; and Tennessee from 2,100 in 1933 to 2,500 this year. Live Stock The annual estimate by the United States DeOn Farms of Agriculture indicates more cattle, but fewer horses, mules, sheep and hogs on the farms in this District on January 1, 1934, than a year earlier, but the total value of farm animals increased 23.1 per cent over the year. Hogs declined 6.2 per cent in value, compared with Jan uary a year ago, but other farm animals increased, as fol lows: Cows and heifers 4.4 per cent; A ll cattle 5 per cent; Sheep and lambs 17.1 per cent; Horses and colts 31.9 per cent; and Mules and mule colts 40.4 per cent. Comparisons by states are set out below. L IV E S T O C K O N F A R M S J A N U A R Y 1 ( 0 0 0 O m itte d ) 1934 1933 N um ber V alu e N um ber A lab a m a: T o t a l . Tt , . . . . H o rse s a n d C o lts ................... M u les a n d M u le C o lt s . . . A ll C a t t l e .................................... ♦C ow s a n d H e ife rs ................ S h eep a n d L a m b s . . . . S w in e .............................................. F lo rid a : T o t a l ............................ H o rse s a n d C o lts ................... M u les a n d M u le C o lt s . . . A ll C a t t l e .................................... ♦C ow s a n d H e ife rs ................ S h eep a n d L a m b s .................. 53 325 901 430 47 948 18 42 494 98 43 477 G eo rg ia: T o t a l ........................... H o rse s a n d C o lts ................... M u les a n d M u le C o lt s . . . A ll C a t t l e .................................... ♦C ow s a n d H e ife rs ................ S h eep a n d L a m b s .................. S w in e .............................................. 32 333 894 375 36 1 ,3 6 2 H o rse s a n d C o lts ................... M u le s a n d M u le C o lt s . . . A ll C a t t l e . . . ♦C ow s a n d H e ife rs ................ S h e e p a n d L a m b s .................. 99 176 839 286 137 632 M is siss ip p i: T o t a l ................... H o rse s a n d C o lts ................... M u le s a n d M u le C o lt s . . . A ll C a t t l e .................................... ♦ C ow s a n d H e ife rs ................ S h eep a n d L a m b s .................. T e n n essee : T o t a l ...................... H o rse s a n d C o lts ................... M u le s a n d M u le C o lt s . . . A ll C a t t l e .................................... ♦C ow s a n d H e ife rs ................ S h eep a n d L a m b s .................. S w in e ........................ ..................... T o ta l: S ix S ta t e s ...................... H o rse s a n d C o lts ................... M u le s a n d M u le C o lt s . . . A ll C a t t l e .................................... *C ow s a n d H e ife rs ................ S h eep a n d L a m b s ................... S w in e .............................. ............... ♦ In clu d ed in “ A ll C a t tle ” . ........... 8 5 344 1 ,0 9 4 552 95 990 ’ ‘ “ 143 309 1 ,1 1 6 543 389 1 ,1 3 7 430 1 ,5 2 9 5 ,3 3 8 2 ,2 8 4 747 5 ,5 4 6 $ 4 8 ,3 4 8 3 ,8 5 1 2 9 ,4 9 0 1 1 ,0 4 3 7 ,7 4 0 106 3 ,8 5 8 1 4 ,3 4 1 1 ,2 4 2 4 ,1 5 8 7 ,3 2 1 2 ,9 4 0 104 1 .5 1 6 5 6 ,4 0 6 2 ,5 9 2 3 7 ,2 5 5 1 1 ,6 0 0 7 ,5 0 0 86 4 ,8 7 3 3 0 ,3 1 5 3 ,9 3 0 1 2 ,2 4 0 1 1 ,3 8 0 6 ,5 7 8 304 2 ,4 6 1 4 6 ,1 5 7 4 ,4 5 0 2 6 ,7 4 7 1 1 ,2 9 4 8 ,2 8 0 219 3 ,4 4 7 5 6 ,5 6 8 9 ,0 6 7 2 5 ,7 8 1 1 5 ,9 1 7 1 0 ,3 1 7 1 ,5 7 2 4 ,2 3 1 $ 2 5 2 ,1 3 5 2 5 ,1 3 2 1 3 5 ,6 7 1 6 8 ,5 5 5 4 3 ,3 5 5 2 ,3 9 1 2 0 ,3 8 6 55 322 875 413 52 1 ,0 5 3 ........... .. „ 18 42 480 93 44 513 ' ” “ 33 326 852 356 36 1 ,3 7 6 * ‘ '* i 0 3 180 784 270 143 672 86 347 1 ,0 5 2 526 100 1 ,0 1 0 '“ 146 315 1 ,0 9 4 527 405 1 ,2 3 6 44 i 1 ,5 3 2 5 ,1 3 7 2 ,1 8 5 780 5 ,8 6 0 V alu e $ 3 8 ,2 0 4 2 ,4 9 5 2 0 ,8 7 7 1 0 ,3 0 9 7 ,4 3 4 103 4 ,4 2 0 1 2 ,3 8 9 1 ,0 8 0 3 ,1 0 8 6 ,7 3 2 2 ,6 9 7 100 1 ,3 6 9 3 9 ,3 0 7 1 ,6 5 0 2 2 ,4 6 9 1 0 ,4 8 6 6 ,7 6 4 78 4 ,6 2 4 2 6 ,6 2 8 3 ,3 1 1 1 0 ,0 1 2 1 0 ,2 8 0 5 ,6 7 0 283 2 ,7 4 2 3 7 ,9 5 9 3 ,3 6 8 2 0 ,0 6 5 1 0 ,7 7 5 7 ,8 9 0 176 3 ,5 7 5 5 0 ,3 0 9 7 ,1 4 4 2 0 ,1 2 7 1 6 ,7 3 6 1 1 ,0 6 7 1 ,3 0 2 5 ,0 0 0 $ 2 0 4 ,7 9 6 1 9 ,0 4 8 9 6 ,6 5 8 6 5 ,3 1 8 4 1 ,5 2 2 2 ,0 4 2 2 1 ,7 3 0 Cotton The average price of cotton at ten designated spot Prices markets continued in recent weeks the improvement which began during the summer of last year, and at the middle of February was a little more than double the average of the same time last year. Weekly quotations are compared in the table following. 1934 J a n u a r y 4 .................................... J a n u a r y 1 1 ................................. J a nFRASER for u a r y 1 8 ................................. Digitized C e n ts per pound 1933 C e n ts per pound 1 0 .4 4 1 0 .8 0 1 1 .0 8 J a n u a r y 5 ....................................... J a n u a r y 1 2 .................................... J a n u a r y 1 9 .................................... 6 .0 3 6 .0 6 5 .9 7 R E V IE W J a n u a r y 2 5 .......................................... 1 1 .0 5 F e b r u a r y 1 ................................. .......... 1 1 . 3 8 F e b r u a r y 8 ........................................... 1 2 . 1 4 F e b r u a r y 1 5 .........................................1 2 . 1 4 J a n u a r y 2 5 ............................................... 6 . 0 3 F e b r u a r y 2 ............................................... 5 . 6 9 F e b r u a r y 9 ............................................... 5 . 9 3 F e b r u a r y 1 6 . . . ........................ ..........5 . 8 6 S U G A R M O V E M E N T — (P o u n d s ) R aw S ugar Ja n . 1934 D ec. 1 9 3 3 R e c e ip ts: N e w O rle a n s ......................................... S a v a n n a h ................................................ M eltin g s: N e w O rle a n s ........................................ S a v a n n a h ............................................... Stocks: N e w O rle a n s ......................................... S a v a n n a h ............................................... Jan . 1933 6 2 ,2 1 9 ,2 1 3 5 5 ,4 4 2 ,9 8 4 7 5 .0 5 3 ,9 2 5 1 1 ,8 5 0 ,9 0 7 3 7 ,8 9 5 ,0 8 9 1 7 ,6 2 8 ,7 7 7 4 2 ,9 3 1 ,0 6 1 3 2 ,7 6 6 ,7 7 3 5 6 ,3 3 7 ,0 9 6 3 2 ,7 3 8 ,5 6 6 4 3 ,3 9 0 ,3 2 3 2 8 ,7 6 6 ,5 4 8 9 0 ,8 0 5 ,0 6 0 5 8 ,2 9 2 ,2 6 8 7 1 ,6 2 1 ,1 9 7 3 5 ,6 1 6 ,0 5 7 4 6 ,1 2 7 ,9 8 2 3 0 ,7 4 0 ,8 5 5 6 3 ,1 1 9 ,8 7 2 2 6 ,3 1 1 ,1 5 8 5 0 ,5 8 5 ,3 1 8 2 7 ,0 7 1 ,3 6 3 5 9 ,9 1 4 ,3 9 5 2 3 ,7 1 4 ,3 3 1 3 5 ,7 3 0 ,0 7 5 1 5 ,1 2 0 ,3 3 5 4 7 ,0 1 7 ,6 2 0 1 5 ,0 3 9 ,0 7 8 4 0 ,6 8 2 ,0 1 5 2 0 ,4 6 4 ,7 2 5 R e fin e d S u g a r S h ip m e n ts: N e w O rle a n s ........................................ S a v a n n a h ............................................... S to c k s : N e w O rle a n s .............................................. S a v a n n a h ........................................ .. Fertilizer January sales of fertilizer tax tags in the six Tag Sales states located wholly or partly in the Sixth Dis trict increased less than one per cent over those in December, but averaged 37.8 per cent greater than in Jan uary, 1933. For the six months of tne season, August through January, these tag sales have been 31.1 per cent greater than in that part of the previous season. Figures compared in the table are from those compiled by the National Fertilizer As sociation. Jan u ary 1934 (S h o r t T o n s ) Ja n u a ry D ecem ber 1933 1933 A u g u st 1 to J a n u a r y 3 1 1932-33 1 933-34 L o u s ia n a . . . . M is siss ip p i.. . T en n essee. . . 2 0 ,4 5 0 4 2 ,9 3 8 3 5 ,9 2 7 9 ,8 1 1 8 ,1 7 5 1 ,3 6 5 1 2 ,8 5 0 5 9 ,9 4 1 2 0 ,8 7 0 6 ,6 0 0 1 7 ,6 5 0 100 1 2 ,0 5 0 4 9 ,9 7 7 8 ,4 2 7 6 ,0 5 0 7 ,0 2 5 2 ,6 1 0 3 6 ,7 5 0 2 1 5 ,9 5 7 6 4 ,7 9 3 3 4 ,2 8 1 2 7 ,4 2 0 1 4 ,7 4 1 1 5 ,7 0 0 2 3 0 ,1 6 4 1 0 ,6 1 5 2 3 ,3 0 1 7 ,9 3 5 1 2 ,7 2 3 T o ta l. . . 1 1 8 ,6 6 6 1 1 8 ,0 1 1 8 6 ,1 3 9 3 9 3 ,9 4 2 3 0 0 ,4 3 8 A la b a m a . . . . Retail Department store sales in the Sixth District during Trade January, 1934, exceeded those of January, 1933, by 31.2 per cent, stocks were 19.2 per cent larger, an the collection ratio higher, and there was a decline in sales of less than the usual seasonal amount compared with Decem ber, and stocks also decreased slightly. January sales reported by 52 department stores located throughout the Sixth District averaged 48.7 per cent less than in December, which included the holiday period, but were 31.2 per cent greater than in January, 1932. January had 26 business days, compared with 25 in both December and Janu ary a year ago, and on a daily average basis January sales were 50.7 per cent less than in December but 26.2 per cent greater than in January, 1933. The usual decline from De cember to January in daily average sales is about 54 per cent. In January cash sales accounted for 49.8 per cent of the total, compared with 48.1 per cent in December, and with 44.9 per cent in January a year ago. Stocks of merchandise on hand at the close of January averaged 1.8 per cent less than a month earlier, but were 19.2 per cent greater than a year ago, and stock turnover was greater. The ratio of collections during January to accounts out standing and due at the beginning of the month was 30.6 per cent, compared with 32.1 per cent for December, and with 27.9 per cent for January, 1933. For regular accounts the ratio for January was 32.1 per cent, for December 34.3 per cent, and for January last year 29.7 per cent, and for install ment accounts the ratio for January was 15.7 per cent, for December 15.9 per cent, and for January a year ago 14.7 per cent. January collection ratios for reporting cities were: Atlanta 25.4; Birmingham 31.7; Chattanooga 29.5; Nashville 29.3; New Orleans 37.8; and Other Cities 31.9. A ll of these statistics are based upon reports in actual dollar amounts and the percentage comparisons in the table and the index numbers on page 8 make no allowance for changes in the level of prices. M O N T H L Y 5 R E V IE W R E T A IL T R A D E IN T H E S IX T H D IS T R IC T D U R IN G JA N U A R Y 1 934 B ased o n co n fid en tial r e p o rts fro m 5 2 d e p a rtm e n t s to re s C O M P A R IS O N O F N E T S A L E S C O M P A R IS O N O F S T O C K S Jan . 1934 Jan . 1934 Jan. 31, 1934 Jan . 31, 1934 w ith w ith w ith w ith Jan . 1933 D ec. 1 9 3 3 Jan. 31, 1933 D ec. 3 1 . 1 9 3 3 A tla n ta ( 6 ) ...................................................... .................. + B irm in g h a m ( 6 ) ........................................... .................. + C h a tta n o o g a ( 4 ) .......................................... ...................+ N a s h v ille ( 4 ) .................................................. .................. + N e w O rlean s ( 5 ) .......................................... .................. + O th e r C ities ( 2 7 ) ...........................................................+ D I S T R I C T ( 5 2 ) ......................................... .................. + N O TE: 2 8 .0 2 8 .7 4 5 .7 8 .6 2 3 .4 4 5 .2 3 1 .2 — 5 4 .1 — 5 2 .2 — 4 4 .9 — 5 7 .7 — 4 9 .6 — 3 9 .4 —4 8 . 7 + 1 2 .3 + 1 9 .5 + 4 .1 + 1 6 .2 + 2 0 .6 + 2 7 .1 + 1 9 .2 R A T E OF STO CK TU RN O VER January January 1934 1933 .3 2 — 1 .3 + 0 .7 + 0 .1 — 5 .5 — 6 .3 + 2 .9 — 1 .8 .2 8 .1 9 .1 9 .1 9 .1 7 .1 9 .22 .2 7 .1 9 .21 .3 0 .2 5 .20 T h e rate of stock turnover is the ratio of sales during given period to average stocks on hand. Wholesale January sales by 99 wholesale firms in the Sixth Trade District increased 10.3 per cent over the month, and were 59.6 per cent greater than in January, 1933. A t the same time last year there was a decline of 3.6 per cent from December to January. The index number for January is the highest for any month since October, 1931. Increases over the month were reported by firms dealing in groceries, dry goods, hardware, drugs, stationery and shoes, but decreases occurred in sales of furniture and electrical supplies. A ll lines showed increases over January a year ago both in sales and in collections. Detailed comparisons of re ported figures are set out in the table, and index numbers appear on page 8. W H O L E SA L E T R A D E IN JA N U A R Y 1934 S ix th F e d e ra l R e s e rv e D is tric t* P e rc e n ta g e C h a n g e Number of J a n u a r y 1 9 3 4 c o m p a re d w ith L in e , I te m a n d A re a Firm s D ec. 1 9 3 3 Jan . 1933 A ll L in es C o m b in ed : S a l e s . . . . .................................... 99 S to c k s o n h a n d ..................... 26 A cco u n ts R e c e iv a b le .. . . 47 51 C o lle c tio n s ............................... G roceries: S a le s ............................................. 23 J a c k s o n v ille ....................... 4 N e w O rle a n s..................... 5 V ic k s b u rg ............................ 3 O th e r C it ie s ....................... 11 S to c k s o n h a n d ..................... 3 A cco u n ts re c e iv a b le .......... 11 C o lle c tio n s ............................... 12 D r y G oods: S a le s ............................................. 15 N a s h v ille .............................. 3 O th e r C itie s ....................... 12 S to c k s o n h a n d ..................... 6 7 A c c o u n ts re c e iv a b le .......... C o lle c tio n s ............................... 9 H a rd w a re : S a le s ............................................. 26 N a s h v ille ............................. 3 N e w O rle a n s ..................... 5 18 O th e r C itie s ...................... S to c k s o n h a n d ..................... 8 A c c o u n ts re c e iv a b le .......... 14 C o lle c tio n s ............................... 14 fu rn itu re : S a le s .............................................. 9 A t l a n t a ................................. 4 O th e r C itie s ............................ 5 S to c k s o n h a n d ..................... 6 7 A c c o u n ts r e c e iv a b le .......... C o lle c tio n s ............................... 6 E le c tric a l S u p p lie s: S a le s .............................................. 13 4 N e w O rle a n s ..................... O th e r C it ie s ....................... 9 S to c k s o n h a n d ..................... 3 A c c o u n ts re c e iv a b le .......... 4 C o lle c tio n s ............................... 5 D ru g s: S a le s ............................................. 8 A cco u n ts re c e iv a b le .......... 4 C o lle c tio n s ............................... 5 S ta tio n e ry : S a le s ............................................. 3 ♦ B ased o n co n fid en tial r e p o rts fro m 9 9 firm s. + 1 0 .3 + 0 .1 — 3 .8 — 6 .1 + 5 9 .6 + 7 .7 — 3 .1 + 4 3 .3 + 6 .9 + 4 .5 — 5 .2 + 4 6 .1 + 1 1 .0 — 2 .8 — 0 .6 — 1 .2 + 5 1 .1 + 3 5 .5 + 5 9 .0 + 9 5 .9 + 4 2 .0 + 3 6 .0 — 1 .7 + 4 2 .7 + 5 4 .2 + 6 2 .5 + 5 2 .3 + 5 .1 + 2 .1 — 1 7 .3 + 1 0 5 .5 + 9 6 .2 + 1 0 7 .9 + 2 1 .5 + 1 0 .6 + 6 0 .4 + 8 .2 + 1 .0 + 3 .1 + 1 1 .8 + 0 .4 — 1 0 .5 — 3 .5 + 6 0 .3 + 3 2 .0 + 5 2 .5 + 6 9 .3 + 1 .1 — 1 1 .8 + 5 7 .3 — 9 .9 — 1 6 .9 — 6 .8 + 0 .3 — 4 .2 — 1 7 .8 + 6 8 .0 + 7 9 .9 + 6 3 .9 + 6 .9 + 8 .6 + 2 2 .7 — 1 1 .0 — 1 6 .9 — 8 .3 — 5 .7 — 1 .6 — 0 .2 + 5 3 .9 + 3 2 .8 + 6 4 .9 — 8 .6 + 2 .7 + 3 7 .0 + 3 .0 + 2 .0 — 5 .8 + 3 1 .1 — 6 .2 + 1 4 .3 + 3 .6 + 3 0 .0 Life January sales of new, paid-for, ordinary life inInsurance surance in the six states located wholly or partly in the Sixth Federal Reserve District declined 24.0 per cent compared with the month before, but were 17.1 per cent greater than in January, 1933. A t the same time a year ago there was a decline of 17.9 per cent from Decem ber to January, two years ago the decrease was 24.1 per cent, and three years ago it was 30.1 per cent. Figures com pared in the table are from those compiled by the Life Insur ance Sales Research Bureau. (000 omitted) Ja n u a ry D ecem ber 1934 1933 A la b a m a .................................... F lo r id a ........................................ G e o rg ia ...................................... L o u is ia n a .................................. M is siss ip p i............................... T e n n e s se e ................................. $ 3 ,2 2 2 3 ,5 0 2 5 ,7 6 0 3 ,8 7 6 2 ,0 1 5 5 ,8 4 4 $ 4 ,0 9 1 4 ,1 8 5 7 ,5 7 9 5 ,9 7 6 2 ,8 1 7 7 ,2 4 6 T o t a l ............................ $ 2 4 ,2 1 9 $ 3 1 ,8 8 3 N o te : 1 9 3 3 figures slig h tly rev ise d . P e rc e n t C hange Jan u ary 1933 — 2 1 .2 — 1 6 .3 — 2 4 .0 — 3 5 .0 — 2 8 .5 — 1 9 .3 $ 2 ,9 1 5 3 ,3 4 2 4 ,7 9 0 3 ,3 5 0 1 ,5 6 6 4 ,7 2 2 — 2 4 .0 $ 2 0 ,6 8 5 P ercen t C hange + + + + + + 1 0 .5 4 ,8 2 0 .3 1 5 .7 2 8 .7 2 3 .8 + 1 7 .1 Commercial Statistics compiled by Dun & Bradstreet, Inc., Failures indicate that during January there were 51 busi ness failures in the Sixth District, the same number as in December, and compared with 176 in January, 1933, and liabilities for January amounted to $759,559, com pared with $458,665 for December, and with $5,372,172 for January a year ago. In the United States business failures numbered 1,364 in January; 1,132 in December, and 2,919 in January last year, and liabilities involved in January failures this year were $32,905,428, compared with $27,200,432 for December, and with $79,100,602 for January, 1933. IN DUSTRY Building The value of permits issued during January at Permits twenty reporting cities in the Sixth District for the construction of buildings within their corporate limits increased 64.2 per cent over the December total, was more than three times as large as in January, 1933, and was the largest total reported for January of any year since 1930, and larger than for any month since October, 1932. The Jan uary figures show eleven increases over those for December, and increases at fifteen cities over January, 1933. Comparison of figures for reporting cities above are shown in the table. B U IL D IN G P E R M IT S N um ber V alu e Jan u ary Ja n u ary 1934 1933 1934 A n n is to n ................... B irm in g h a m ........... M o n tg o m e ry ........... F lo rid a : Ja c k s o n v ille ............ M ia m i B e a c h . . . . G eo rg ia: C o lu m b u s ................. 2 120 21 61 8 129 31 43 389 240 77 55 133 $ 1933 P e rc e n ta g e C hange m V alu e 200 3 1 ,4 4 5 7 ,2 5 2 1 3 ,7 9 0 $ 2 6 ,2 2 5 8 6 ,3 9 9 1 4 ,2 1 6 1 1 ,6 7 0 — 9 9 .2 — 6 3 ,6 — 4 9 .0 + 1 8 .2 260 197 24 36 134 2 8 2 ,5 1 9 1 4 5 ,3 9 4 5 0 0 ,4 5 0 1 5 ,4 3 6 2 3 ,6 3 3 6 3 ,3 4 0 5 4 ,5 9 6 6 0 ,0 8 5 1 3 ,1 0 5 2 2 ,8 3 4 + 3 4 6 .0 + 1 6 6 .3 + 7 3 2 .9 + 1 7 .8 + 3 .5 151 37 41 13 42 174 31 33 125 9 5 9 9 ,7 4 7 1 0 7 ,6 7 5 4 0 ,2 7 5 2 8 9 ,0 3 7 8 1 ,2 6 8 4 7 ,7 8 5 5 ,8 6 3 1 0 ,3 9 0 1 2 ,2 9 1 3 ,0 3 0 + 1 ,1 5 5 .1 + 1 ,7 3 6 .5 + 2 8 7 .6 + 2 ,2 5 1 .6 + 2 ,5 8 2 .1 S a v a n n a h .................. L o u isian a: N e w O rle a n s ........... A le x a n d ria ................ T en n essee: C h a tta n o o g a ........... Jo hnson C ity . . . . K n o x v ille .................. N a s h v ille ................... 31 38 68 48 3 1 ,0 7 3 5 ,9 4 3 7 1 ,9 2 8 5 3 ,8 8 0 — 5 6 .8 — 8 9 .0 119 1 26 84 134 0 20 45 9 2 ,0 7 3 5 ,5 2 9 2 7 ,6 5 4 3 1 9 ,1 2 5 3 9 ,1 9 2 0 1 3 ,0 5 0 1 8 6 ,0 3 5 + 1 3 4 .9 + + 1 1 1 .9 + 7 1 .5 T o ta l 2 0 C itie s . 1 ,6 8 1 1 ,5 4 9 $ 2 ,6 1 9 ,5 1 8 $ 7 9 5 ,9 1 4 + 2 2 9 .1 Contract The total value of contracts awarded during JanuAwards ary in the Sixth District, indicated in statistics compiled by the F . W. Dodge Corporation and sub divided into district totals by the Federal Reserve Board’s Division of Research and Statistics, increased by 42.5 per 6 M O N T H L Y cent over the total for December, and was greater by 117.0 per cent than the total for January a year ago. It was the largest total for January of any year since 1927, and except for the large total reported for November, was the largest total reported for any month since May, 1930. Residential contracts gained 80 per cent in January over December, and were nearly three and one-half times the total for January a year ago, and other contracts increased 40.5 per cent over the month and were more than double those a year earlier. State totals show gains over the month in Alabama, Florida, Geor gia and Mississippi, and over the corresponding month of 1933 except for Louisiana, where there was an unusually large total reported for January, 1933. Comparisons for the month for the District, for the indi vidual states of the District, and for the 37 states east of he Rocky Mountains, are shown in the table. Jan u ary 1934 D ecem ber 1933 P ercen t C hange Ja n u a ry 1933 S ix th D is t.— T o t a l . . $ 3 1 , 0 9 0 , 7 9 3 $ 2 1 , 8 1 8 , 5 6 1 + 4 2 . 5 $ 1 4 , 3 2 5 , 2 7 2 R e s id e n tia l.............. 2 ,0 3 2 ,0 2 5 1 ,1 2 8 ,8 3 8 + 8 0 .0 5 9 4 ,7 4 9 A ll O th e r s ................ 2 9 ,0 5 8 ,7 6 8 2 0 ,6 8 9 ,7 2 3 + 4 0 .5 1 3 ,7 3 0 ,5 2 3 S ta te T o ta ls : A la b a m a ....................$ 7 , 7 9 1 , 1 0 0 $ 3 , 1 8 3 , 6 0 0 + 1 4 4 . 7 $ 6 9 8 ,3 0 0 + F lo r id a ........................ 1 2 ,3 3 8 ,1 0 0 4 ,1 2 1 ,3 0 0 + 1 9 9 .4 1 ,1 4 6 ,2 0 0 G e o rg ia ...................... 6 ,0 1 6 ,4 0 0 1 ,9 1 9 ,2 0 0 + 2 1 3 .5 5 7 9 ,1 0 0 L o u is ia n a .................. 1 ,9 2 8 ,8 0 0 4 ,1 1 0 ,3 0 0 — 5 3 .1 1 4 ,8 9 5 ,1 0 0 M is s is s ip p i............... 1 ,8 5 7 ,7 0 0 1 ,8 1 3 ,6 0 0 + 2 .4 6 4 1 ,8 0 0 E . T e n n e s se e .......... 2 ,6 4 1 ,4 0 0 8 ,6 7 4 ,5 0 0 — 6 9 .5 4 9 0 ,3 0 0 U n ite d S t a t e s - T o t a l $ 1 8 7 , 4 6 3 , 7 0 0 $ 2 0 7 , 2 0 9 , 5 0 0 — 9 . 5 $ 8 3 , 3 5 6 , 0 0 0 R e s id e n tia l.............. 1 5 ,1 1 0 ,4 0 0 2 3 ,8 9 9 ,6 0 0 — 3 6 .8 1 1 ,9 5 0 ,9 0 0 N o n - R e s id e n tia l.. 5 8 , 6 1 6 , 1 0 0 5 0 , 0 4 0 , 0 0 0 + 1 7 .1 2 8 ,7 3 1 ,6 0 0 P u b lic W o rk s a n d U tilitie s ................. 1 1 3 , 7 3 7 , 2 0 0 1 3 3 , 2 6 9 , 9 0 0 — 1 4 .7 4 2 ,6 7 3 ,5 0 0 P e rc e n t C hange + 1 1 7 .0 + 2 4 1 .7 + 1 1 1 .6 1 0 1 5 .7 + 9 7 6 .4 + 9 3 8 .9 — 8 7 .1 + 1 8 9 .5 + 4 3 8 .7 + 1 2 4 .9 + 2 6 .4 + 1 0 4 .0 + 1 6 6 .5 Lumber Weekly statements issued by the Southern Pine As sociation and press reports indicate improvement over late November and December, although orders continue somewhat below production. For the six weeks ending Febru ary 10 orders were 1.1 per cent smaller than production, and during that period they were 5.9 per cent less than those booked by the same mills during corresponding weeks last year. Production since the turn of the year has been greater than during the latter part of December. Unfilled orders for this six weeks period have averaged 6.6 per cent greater than a year ago, somewhat larger than in December. Railroads and other users of special cuttings are reported to be the main support of the market, and retail trade is reported very light. Figures for recent weeks are shown in the table. W e ek Ended Jan. Jan . Jan. Jan . F eb. Feb. N um ber of M ills 6 . . . ........... 1 3 ................ 2 0 ................ 2 7 ................ 3 ................. 1 0 ............... 99 97 96 96 97 10 1 ( I n T h o u s a n d s of F e e t) O rd ers P ro d u c tio n 1934 1933 1934 1933 1 2 ,2 1 7 1 8 ,5 8 8 2 2 ,7 8 1 1 8 ,3 0 8 2 1 ,4 7 2 1 9 ,1 0 2 1 5 ,1 3 5 2 1 ,5 1 9 2 1 ,2 3 7 2 4 ,8 6 3 1 9 ,6 3 2 1 7 ,1 6 1 1 7 ,4 1 0 1 8 ,2 1 8 1 8 ,4 5 2 2 0 ,9 8 7 1 6 ,7 9 0 2 1 ,8 7 1 1 6 ,8 1 9 1 9 ,3 0 6 1 9 ,5 0 8 2 0 ,3 3 2 1 8 ,2 6 3 1 8 ,7 7 1 U nfilled O rd ers 1934 1933 4 7 ,5 8 6 4 9 ,4 0 3 5 6 ,3 5 7 5 9 ,6 0 3 6 0 ,1 1 2 6 4 ,1 1 6 4 5 ,6 2 5 5 0 ,8 7 3 5 2 ,2 3 3 5 7 ,1 7 2 5 5 ,3 4 7 5 4 ,9 1 9 Cotton The total consumption of cotton by American Consumption mills increased by 45.8 per cent from Decem ber to January, after declining each month ex cept one (October) from an all-time high level in June through December. January consumption was 8.1 per cent greater than in that month a year ago. In the cotton states, which consumed 80 per cent of the country's total, January consumption increased 43.6 per cent over December and was 2.4 per cent greater than a year earlier. Stocks declined by about 7 per cent from December 31 to January 31 and were nearly 4 per cent less than a year ago. Active spindles in creased 3.3 per cent over those active in December, and were 8 per cent more numerous than in January, 1932. In the cot ton states, which reported 69 per cent of the total number of active spindles, there was an increase of 2 per cent over December, and a gain of 7.3 per cent over January last year. Exports in January declined 9.8 per cent from December, and were 6.8 per cent less than in January, 1932. Cumulated totals for the first six months of the cotton sea son, August through January, show an increase of 4 per cent in total consumption in the country, a decrease of one-half of one per cent for the cotton states, and a gain of 26.6 per cent for other states, over that part of the season before. E x R E V IE W ports during this period have been 2.4 per cent less than a year ago. Census Bureau figures are compared in the table. C O T T O N C O N S U M P T I O N , E X P O R T S , S T O C K S , A N D A C T IV E S P I N D L E S — U N I T E D S T A T E S — B ales Jan. 1934 D ec. 1 9 3 3 Jan . 1933 C o tto n C o n s u m e d .................................... 5 0 8 ,0 3 4 3 4 8 ,3 9 3 1 1 ,1 0 2 ,9 5 9 1 1 ,9 5 5 ,2 0 3 S to c k s ............................................................... I n C o n su m in g E s ta b lis h m e n ts .. 1 ,6 0 2 ,0 4 4 1 ,6 4 1 ,7 4 2 I n P u b lic S to ra g e a n d a t C o m p re s s e s .................................................... 9 ,5 0 0 ,9 1 5 1 0 ,3 1 3 ,4 6 1 E x p o r t s ............................................................ 7 3 9 ,3 5 2 8 2 0 ,0 9 9 A c tiv e S p in d le s— N u m b e r ................. 2 5 ,6 5 3 ,3 2 4 2 4 ,8 4 0 ,8 7 0 C O T T O N G R O W I N G S T A T E S — B ales C o tto n C o n s u m e d .................................... 4 0 6 ,3 4 3 2 8 2 ,9 4 1 1 0 ,3 7 2 ,3 5 7 1 1 ,2 3 8 ,1 8 8 S to c k s ............................................................... I n C o n su m in g E s ta b lis h m e n ts .. 1 ,2 5 4 ,7 5 4 1 ,2 9 0 ,5 9 0 I n P u b lic S to ra g e a n d a t C o m p re sse s........... ....................................... 9 ,1 1 7 ,6 0 3 9 ,9 4 7 ,8 9 9 A ctiv e S p in d le s— N u m b e r ............ 1 7 ,6 9 3 ,3 6 0 1 7 ,3 3 8 ,7 9 4 O T H E R S T A T E S — B ales C o tto n C o n s u m e d .................................... 1 0 1 ,6 9 1 6 5 ,4 5 2 S to c k s ............................................................... 7 3 0 ,6 0 2 7 1 6 ,7 1 4 I n C o n su m in g E s ta b lis h m e n ts .. 3 4 7 ,2 9 0 3 5 1 ,1 5 2 I n P u b lic S to ra g e a n d a t C o m p re sse s.................................................... 3 8 3 ,3 1 2 3 6 5 ,5 6 2 A c tiv e S p in d le s— N u m b e r ............ 7 ,9 5 9 ,9 6 4 7 ,5 0 2 ,0 7 6 4 7 0 ,1 8 2 1 1 ,5 1 9 ,6 6 2 1 ,4 9 9 ,1 2 9 1 0 ,0 2 0 ,5 3 3 7 9 3 ,6 7 6 2 3 ,7 5 3 ,6 3 8 3 9 6 ,9 9 8 1 0 ,7 2 6 ,6 8 5 1 ,2 0 3 ,0 4 7 9 .5 2 3 ,6 3 8 1 6 ,4 8 4 ,4 7 2 7 3 ,1 8 4 7 9 2 ,9 7 7 2 9 6 ,0 8 2 4 9 6 ,8 9 5 7 ,2 6 9 ,1 6 6 Consumption of cotton in the three states of this District for which Census Bureau figures are compiled individually declined each month from June last year through December, but increased 38.8 per cent from December to January and was 7.3 per cent greater than a year ago. For the first half of the cotton year, August through January, consumption in Georgia has been greater, but in Alabama and Tennessee less, than in that part of the season before. Comparisons are set out in the table. C O T T O N C O N S U M P T IO N — B ales Ja n u a ry D ecem ber J a n u a ry 1934 1933 1933 A u g . 1 to J a n . 3 1 1933-34 1932-33 A la b a m a .................................... G e o rg ia ...................................... T e n n e s s e e ................................. 5 2 ,0 3 9 9 4 ,0 2 4 9 ,7 5 2 3 8 ,7 6 3 6 6 ,4 6 6 7 ,0 0 2 4 9 ,9 6 2 8 2 ,9 9 2 1 2 ,3 1 4 2 9 6 ,4 9 2 5 4 1 ,8 7 2 5 8 ,9 1 2 3 1 0 ,0 5 6 4 9 6 ,0 0 3 7 6 ,5 0 5 T o t a l ............................ 1 5 5 ,8 1 5 1 1 2 ,2 3 1 1 4 5 ,2 6 8 8 9 7 ,2 7 6 8 8 2 ,5 6 4 Cotton After declining in December, production of Manufacturing both cloth and yarn by reporting m ills in this District increased somewhat in January. Shipments, however, increased by considerably more than output, and stocks declined over the month. Orders for cloth were considerably larger than a month or year earlier, but orders for yarn declined slightly from December but were greater than a year ago. Employment at the end of January was larger at cloth mills and about the same at yarn m ills as a month earlier, but for all reporting m ills averaged 54.8 per cent greater than a year ago. Reported figures are compaed in the table. N um ber o f M ills C o tto n C lo th : P r o d u c tio n .......................................... S h ip m e n ts ............................................ O rd e rs B o o k e d ................................. U nfilled O rd e rs................................ S to c k s o n h a n d ................................ N u m b e r o n p a y r o l l....................... C o tto n Y a rn : P r o d u c tio n .......................................... S h ip m e n ts ............................................ O rd ers B o o k e d ................................. U nfilled O rd e rs ................................ S to c k s o n h a n d ............................... N u m b e r o n p a y r o l l...................... 18 18 14 17 16 16 12 12 7 9 11 11 P e rc e n ta g e C h a n g e J a n . 1 9 3 4 c o m p a re d w ith D ec. 1 9 33 Jan . 1933 + 5 .3 + 2 5 .3 + 6 4 .8 + 4 0 .9 — 1 .6 + 8 .4 + 6 .1 — 1 .6 + 1 4 0 .5 + 7 3 .7 — 0 .5 + 4 8 .8 + 0 .1 + 1 7 .7 — 0 .2 + 1 1 .8 — 3 4 .8 — 0 .0 — 1 1 .1 — 1 1 .8 + 2 6 .8 + 1 4 .8 + 1 4 .0 + 7 1 .9 CottonSeed There was a further seasonal decline in reand Cotton ceipts of seed by cotton seed oil m ills in the Seed Products Sixth District during January, but manufac turing operations increased over those in De cember. There were increases in the amount of seed crushed, and in the production of crude oil, cake and meal, hulls, and linters, compared both with December, and with January, 1933. Cumulative figures for the first half of the cotton sea son, however, show decreases compared with that part of the previous season, in receipts, crushings and stocks of seed, and in the production and stocks of the principal cotton seed com modities, except that stocks of crude oil at the end of Jan uary were greater than a year earlier. Combined figures for Georgia, Alabama, Louisiana and Mississippi are compared M O N T H L Y in th e f i r s t tw o c o lu m n s o f t h e t a b l e , a n d t o t a l s f o r t h e c o u n try a r e c o m p a r e d i n t h e l a s t tw o c o lu m n s . T h e f ig u r e s a r e from th o s e c o m p ile d b y t h e U n i te d S t a t e s C e n s u s B u r e a u . COTTON SEED AND COTTON SEED PRODUCTS ♦Sixth District United States Aug. 1 to Jan. 31 Aug. 1 to Jan. 31 1933*34 1932-33 1933-34 1932-33 Cotton Seed, Tons: Received at M ills.,. . 1,039,993 1,095,367 Crushed..................... 756,973 827,816 On Hand Jan. 31.. . . 311,790 314,737 Production: Crude Oil, lbs............ 243,988,074 265,671.543 Cake and Meal, tons. 328,595 359,107 Hulls, tons................ 209,572 236,821 linters, bales............ 141,131 144,003 Stocks at Mills Jan. 31 Crude Oil, lbs............ 42,641,698 28,101,994 Cake and Meal, tons. 90,813 100,578 Hulls, tons................ 27,393 43,775 Linters, bales............ 45,506 81,121 3,696,438 2,896,584 1,020,792 3.929,061 3,019,055 1,209,280 895,419,575 1,306,876 778,823 528,092 931,986,439 1,362,244 853,590 477,212 147,323,382 289,538 105,555 160,045 100,516,038 344,903 175,618 290,181 ♦Georgia, Alabama, Louisiana and Mississippi. E lectric Pow er P r o d u c t io n o f e l e c t r i c p o w e r 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 ix s t a t e s lo c a te d w h o lly o r p a r t l y i n t h e S i x t h D i s t r i c t d e c lin e d f u r t h e r b y 5.9 p e r cent f r o m N o v e m b e r to D e c e m b e r, a n d w a s 3.5 p e r c e n t le s s th an in D e c e m b e r, 1 9 3 2 . E le c t r i c p o w e r o u t p u t h a s d e c lin e d each m o n th s in c e A u g u s t , l a s t y e a r , w h e n i t r e a c h e d t h e h ig h est le v e l i n m o r e t h a n tw o y e a r s . I n D e c e m b e r 53.3 p e r cent o f t h e t o t a l w a s b y p l a n t s u s i n g w a t e r p o w e r , c o m p a r e d w ith 61.1 p e r c e n t i n N o v e m b e r , a n d w i t h 62 .3 p e r c e n t in D ecem ber, 1932. F o r t h e y e a r 1 9 3 3 , t o t a l p r o d u c tio n o f e le c tric p o w e r w a s 1.8 p e r c e n t , p r o d u c t io n b y u s e o f w a t e r 2.0 p e r c e n t, a n d p r o d u c t i o n b y u s e o f f u e l s 1 .4 p e r c e n t, g r e a te r t h a n i n 19 3 2 . T h e f i g u r e s c o m p a r e d in t h e t a b l e a r e from th o s e c o m p ile d b y t h e U n i te d S t a t e s G e o lo g ic a l S u r v e y . PRODUCTION OF ELECTRIC POWER (000 K. W. HOURS) ________ Dec. 1933 Nov. 1933 Dec. 1932 Alabama....................................... Florida......................................... p«w?ia......................................... Uutstaua...................................... Mississippi.................................... Tennessee..................................... * Total................................. By use of: W aterPower......... - , Fuels...................... Consumed in Production of Electric Power: Coal—tons............................ fuel Oil—bbls...................... Natural Gas—O cu. ft___ OP 124.269 53,940 99,553 90.998 4,137 73,199 176,364 51,576 75,665 103,631 4,205 62,421 132,067 53,516 107,706 85,611 4,156 79,437 446,096 237,578 208,518 473,862 289,683 184,179 462,493 288,338 174,155 18,323 191,882 2,269,200 11,451 188,270 2,069,273 11,838 192,379 1,808,882 Note; December figures preliminary—November figures revised. B itu m in o u s Coal M in in g S t a t i s t i c s c o m p ile d b y t h e U n i t e d S t a t e s B u r e a u o f m i n e s i n d i c a t e a n i n c r e a s e o f 11.2 p e r c e n t in t h e p r o d u c t i o n o f b it u m i n o u s c o a l f r o m D e c e m ber to J a n u a r y , a n d a n i n c r e a s e o f 2 1 .6 p e r c e n t c o m p a r e d ^ t h p r o d u c tio n i n J a n u a r y , 1933. D a ily a v e r a g e o u t p u t Sained 6.9 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 18.3 p e r c e n t W a t e r t h a n a y e a r a g o . T h e f ig u r e s a r e c o m p a r e d in t h e table. Total Number of Average per Production Working Working day _______ _________ __________ (Tons) days (Tons) ............................. ..... 32,916,000 jSf>fbcrl933 ............................ ..... 29,600,000 ............................... ..... 19,523.000 1933........ ..... 27,060,000 26 25 24.7 25.3 1,266,000 1,184,000 790»2ZJ 1,070,000 W eek ly p r o d u c t i o n f i g u r e s f o r A l a b a m a a v e r a g e n e a r l y 10 P®* c e n t h i g h e r i n J a n u a r y t h a n f o r D e c e m b e r , a n d a b o u t * cent g r e a te r th a n a y e a r a g o , a n d f o r T en n essee th e a n u a ry f ig u r e s a v e r a g e 2 5 p e r c e n t g r e a t e r t h a n a m o n th W u anc* ^ c e n t g r r e a te r t h a n f o r J a n u a r y , 1933. cek ly f ig u r e s f o r t h e s e s t a t e s a r e g iv e n b e lo w . (Tons) Alabama Tennessee __ _________ 1934 1933 1934 1933 R E V IE W 7 Pig Iron Production of pig iron in the United States inProduction creased further in January by 2.8 per cent over December, according to Iron Age statistics, and was greater by 113.7 per cent than in January, 1933. The number of furnaces active increased from 75 on January 1 to 87 a month later, a gain of 16 per cent, and compared with 45 on February 1 a year ago. Production in 1933 was 52.1 per cent greater than in 1932, but less than for other recent years. Alabama production of pig iron increased from November to December by 50.1 per cent, but declined 8.2 per cent from December to January. The December total was the largest for any month since July, 1931. January production was nearly five times as large as in January, 1933. Active fur naces on February 1 numbered 10, the same as a month earlier, and compared with 2 active at the same time last year. Press reports indicate that current buying is light and consists principally of small spot orders, as most foundries are well stocked. The market for wire products and steel sheets has been fair and the volume of new business higher than expected. The country trade has been holding up better than usual at this time of year. Current quotations continue at $13.50 per ton. The usual comparisons are shown in the table. P ro d u ctio n — Tons T o tal D aily A verage U n ite d S tates: J a n u a ry 1 9 3 4 ........................ D ecem ber 1 9 3 3 .................... M arch 1 9 3 3 ........................... J a n u a ry 1 9 3 3 ........................ A labam a: J a n u a ry 1 9 3 4 ........................ D ecem ber 1 9 3 3 .................... M arch 1 9 3 3 ........................... J a n u a ry 1 9 3 3 ........................ F u rn aces A ctive^ 1 ,2 1 5 ,2 2 6 1 ,1 8 2 ,0 7 9 5 4 2 ,0 1 1 5 6 8 ,7 8 5 3 9 ,2 0 1 3 8 ,1 3 1 1 7 ,4 8 4 1 8 ,3 4 8 87 75 38 45 1 1 6 ,6 4 5 1 2 7 ,0 3 9 2 7 ,7 8 3 2 3 ,9 4 6 3 .7 6 3 4 ,0 9 8 896 772 10 10 2 2 ♦ F irst of following m o n th . Naval January receipts of both turpentine and rosin at the Stores three principal Naval Stores markets of the District declined substantially from December, and turpentine receipts were the smallest for January in many years, but re ceipts of rosin were larger than for January of the past two years. Stocks of both commodities declined over the month, and supplies of turpentine were smaller than for January of the past two years and those of rosin smaller than for Jan uary in seven years. Press reports indicate further improve ment in the demand for both commodities during recent weeks, at a time when receipts are at the lowest of the year, and published quotations indicate that between January 10 and February 10 the price of turpentine rose from 46 cents to 55% cents, or 20.5 per cent, and the average of quotations for the thirteen grades of rosin rose from $4.01 per 280 pounds to $4.82, or a gain of 20.2 per cent. Receipts and stocks for the month are set out in the table. NAVAL STORES Jan. 1934 R eceipts— T u rp e n tin e (1 ) S a v a n n a h ..................................... D ec. 1 9 33 J a n . 19 33 2 ,0 8 6 2 ,1 5 9 740 7 ,8 4 5 7 ,1 2 6 2 ,3 8 1 2 ,6 8 8 2 ,5 6 4 1 ,0 3 1 4 ,9 8 5 1 7 ,3 5 2 6 ,2 8 3 Jack so n v ille. ............................. P en saco la ..................................... 1 8 ,2 5 9 1 7 ,9 6 3 2 ,9 9 7 3 7 ,1 3 3 3 4 ,6 6 8 9 ,8 2 6 1 5 ,5 9 5 1 4 ,4 4 7 5 ,0 2 2 T o t a l..................................... R eceip ts— R osin (2 ) T o t a l..................................... 3 9 ,2 1 9 8 1 ,6 2 7 3 5 ,0 6 4 S tocks— T u rp e n tin e (1 ) S a v a n n a h ..................................... Ja c k so n v ille ................................ P e n saco la ..................................... 1 1 ,2 6 3 2 9 ,5 3 5 2 7 ,9 8 8 1 6 ,4 3 1 3 4 ,6 1 8 3 0 ,2 2 0 1 6 ,6 8 3 4 1 ,3 2 3 2 6 ,0 9 6 T o t a l..................................... 6 8 ,7 8 6 8 1 ,2 6 9 8 4 ,0 9 6 9 0 ,1 5 7 6 8 ,5 0 8 1 2 ,5 9 8 1 0 6 .7 3 0 8 3 ,5 6 5 2 0 ,4 7 6 1 4 5 ,0 2 5 1 3 5 ,1 6 6 1 5 ,6 6 8 Stocks— R o sin (2 ) P e n s a c o la ................................ M O N T H L Y 8 R E V IE W MONTHLY IN D EX NUMBERS COMPUTED B Y FED ER A L R ES ER V E BAN K OF A TLAN TA M O N T H L Y A V E R A G E 1923-1925=100 D E P A R T M E N T S T O R E T R A D E — S IX T H D IS T R IC T N ovem ber 1933 D ecem b er 1933 Ja n u a ry 1934 N ovem ber 1932 D e ce m b e r 1932 Ja n u a ry 1933 D a ily Average S a le s— U n a d ju s te d A t l a n t a ............................................................................................... B irm in g h a m ................................................................................... C h a tta n o o g a ...................................................... ........................ N a s h v ille ........................................................................................... N ew O rle a n s ................................................................................... D I S T R I C T ..................................................................................... 138.0 66.0 68.8 66.0 70.8 78.4 244.5 102.3 100.8 115.8 109.5 127.9 105.7 46.2 53.4 47.0 53.1 58.7 119.9 54.6 50.3 67.0 66.7 69.6 175.0 77.7 73.1 95.1 98.8 101.5 84.0 39.1 38.1 45.0 44.7 48.5 D a ily Average S ales— A d ju ste d * A t l a n t a ............................................................................................... B irm in g h a m .................................................................................... C h a tta n o o g a ................................................................................... N a s h v ille ........................................................................................... N ew O rle a n s .................................................................................... D I S T R I C T ..................................................................................... 129.0 58.9 62.0 57.9 59.5 68.8 148.2 60.2 64.6 69.2 63.7 75.2 139.3 64.2 67.6 62.7 63.2 74.3 112.1 48.8 45.3 58.8 56.1 61.1 106.1 45.7 46.9 56.9 57.4 59.7 112.0 54.3 48.2 60.0 53.2 61.4 M o n th ly S to c k s— U n a d ju ste d A t l a n t a ................................................................................................ B irm in g h a m .................................................................................... C h a tta n o o g a .................................................................................... N a s h v ille ............................................................................................ N e w O rle a n s ................................................................................... D I S T R I C T ...................................................................................... 107.0 51.2 48.1 66.5 67.2 67.4 74.3 40.0 38.0 55.7 56.7 53.7 73.1 39.2 38.0 52.6 52.7 51.6 93.2 50.8 54.3 70.4 63.5 65.3 70.4 40.1 35.0 53.0 53.3 51.3 65.6 36.1 36.5 45.3 48.5 46.9 M o n th ly S to c k s— A d ju ste d * A t l a n t a ............................................................................................... B irm in g h a m ................................................. ......................... C h a tta n o o g a .................................................................................... N a s h v ille ........................................................................................... N e w O rle a n s ................................................................................... D I S T R I C T .......... ........................................................................... 94.7 45.7 43.7 59.4 61.7 60.7 85.4 44.0 43.2 61.9 63.7 60.3 79.5 43.6 42.7 60.5 57.9 56.7 82.5 45.4 49.4 62.9 58.3 58.8 80.9 44.1 39.8 58.9 59.9 57.6 71.3 40.1 41.0 52.1 53.3 51.5 W H O L E S A L E T R A D E — S I X T H D I S T R I C T - - T O T A L ......... G ro c e rie s ............................................................................................ D r y G o o d s ....................................................................................... H a r d w a r e .......................................................................................... F u r n itu r e ............................... .......................................................... E le c tric a l S u p p lie s ...................................................................... S ta tio n e r y ......................................................................................... D r u g s ................................................................................................... 54.1 44.2 62.6 60.5 52.7 52.1 29.3 69.5 53.3 48.2 45.0 59.3 42.9 62.8 33.7 76.7 59.0 51.5 70.0 64.1 38.6 55.9 36.2 79.0 42.7 39.5 43.8 42.6 47.2 37.5 30.7 61.0 39.2 40.1 32.8 36.6 29.1 40.4 29.5 70.2 36.9 34.7 33.6 40.0 24.4 34.0 27.9 60.3 L I F E IN S U R A N C E S A L E S — S I X S T A T E S — T O T A L A la b a m a ............................................................................................ F lo r id a ................................................................................................ G e o rg ia ......................................................................................... L o u is ia n a ........................................................................................... M is s is s ip p i....................................................................................... T e n n e s se e .......................................................................................... 61.8 60.6 63.6 70.4 58.6 55.4 58.5 78.5 62.8 75.4 85.0 95.0 66.5 79.8 57.7 47.5 59.2 62.8 61.2 46.1 57.7 59.7 48.0 61.2 70.4 65.7 49.3 57.6 67.8 54.1 74.2 82.0 72.2 58.4 61.3 50.7 45.0 58.7 53.9 53.0 36.4 51.8 6.8 2.8 2.4 9.3 3.7 6.3 9 .3 14.2 1.6 5.9 12.0 5.2 2.8 24.0 23.3 38.8 2.1 34.3 50.3 2 .4 24.7 10.9 2.2 6 .4 16.4 12.6 34.4 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 .2 122.1 29.2 184.0 62.2 8.0 98.2 88.6 14.5 137.9 35.8 9.9 53.1 18.1 8 .5 24.5 40.8 4 .2 65.2 71.1 56.6 64.3 77.2 88.2 76.8 73.5 82.7 84.9 73.4 81.0 65.5 70.8 55.5 62.5 77.5 89.2 76.4 73.4 83.5 85.6 73.7 81.0 65.7 72.2 58.7 64.3 78.3 89.5 76.5 73.1 85.5 86.3 74.4 80.8 67.5 63.9 46.7 60.6 69.8 71.4 53.9 71.4 79.6 70.7 72.4 73.7 63.7 62.6 44.1 58.3 69.0 69.6 53.0 69.3 79.4 70.8 72.3 73.6 63.4 61.0 42.6 55.8 67.3 68.9 51.9 66.0 78.2 70.1 71.6 72.9 61.2 C O T T O N C O N S U M P T IO N — U N IT E D S T A T E S ..................... C o tto n -G ro w in g S t a t e s ........................................................... A ll O th e r S ta t e s ........................................................................... G e o rg ia .................................................................................... A la b a m a ...................................... ........................................... T e n n e s s e e ............................................................................... 92.3 110.8 55.7 109.2 140.0 99.0 67.6 82.6 37.9 85.3 112.8 70.4 98.6 118.7 58.9 120.7 151.4 98.0 97.6 122.7 47.6 111.2 166.1 140.4 85.5 108.4 40.0 98.1 138.7 125.8 91.3 115.9 42.4 106.5 145.3 123.7 C O T T O N E X P O R T S — U N IT E D S T A T E S 178.3 159.7 144.0 197.2 202.5 154.6 36.3 36.4 39.6 54.7 40.7 50.2 21.1 22.3 18.3 18.9 19.0 10.4 B U IL D IN G P E R M I T S —T W E N T Y C I T I E S A t l a n t a ............................................................................................... B irm in g h a m .................................................................................... J a c k s o n v ille ..................................................................................... N a s h v ille ........................................................................................... N ew O rle a n s ................................................................................... F ifte e n O th e r C itie s .................................................................. C O N T R A C T A W A R D S — S I X T H D I S T R I C T - - T O T A L ____ R e s id e n tia l....................................................................................... A ll O th e r s ......................................................................................... W H O L E S A L E P R I C E S — U N IT E D S T A T E S f A L L C O M M O D I T I E S ......................................................... F a r m P r o d u c ts .............................................................................. F o o d s ................................................................................................... O th e r C o m m o d itie s ................................................................... H id e s a n d le a th e r p r o d u c t s ...................................... T e x tile p r o d u c ts ................................................................ F u e l a n d lig h tin g .............................................................. M e ta ls a n d m e ta l p r o d u c t s ....................................... B u ild in g m a te r ia ls ........................................................... C h em ica ls a n d d r u g s ...................................................... H o u se fu m ish in g g o o d s ................................................. M isc e lla n e o u s...................................................................... P I G IR O N P R O D U C T IO N — U n ite d S t a t e s . . . A la b a m a ................. ♦ A d ju ste d fo r S easo n al V a ria tio n , f C o m p iled b y B u re a u of L a b o r S ta tis tic s . 1 9 2 6 —1 0 0 .
