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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

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VOL. 19, NO. 2

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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


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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.

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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 .