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M O N T H L Y R E V I E W O f Financial, A gricultural, Trade and Industrial C onditions in the S ixth Federal Reserve D istrict F E D E R A V O L. 18, N o . 1 L R E S E R V E B A N K A T L A N T A , G A ., J A N U A R Y 8 1 , 19 3 3 N A T IO N A L SU M M A R Y O F B U S IN E S S C O N D IT IO N S P rep ared by F ed era l R eserv e B oard V o lu m e o f in d u s t r ia l p r o d u c tio n d e c lin e d in D e c e m b e r b y s l i g h t l y l e s s t h a n t h e u s u a l s e a s o n a l a m o u n t , w h ile f a c t o r y e m p lo y m e n t a n d p a y r o lls s h o w e d a d e c r e a s e s o m e w h a t la r g e r t h a n is u s u a l a t t h i s s e a s o n . T h e g e n e r a l le v e l o f w h o le s a le c o m m o d it y p r ic e s , a f t e r d e c lin in g in D e c e m b e r , s h o w e d r e la t i v e l y l i t t l e c h a n g e in t h e f ir s t h a l f o f J a n u a r y . P r o d u c tio n a n d E m p lo y m e n t I n D e c e m b e r t h e B o a r d ’s s e a s o n a l l y a d ju s te d in d e x o f in d u s t r ia l o u tp u t s h o w e d a n in c r e a s e f r o m 65 p e r c e n t o f t h e 1 9 2 3 -1 9 2 5 a v e r a g e t o 6 6 p e r c e n t , t h e le v e l p r e v a ilin g in S e p te m b e r a n d O c to b e r . T h e r e w a s a s u b s t a n t ia l in c r e a s e in o u tp u t o f a u t o m o b ile s in c o n n e c t io n w it h t h e in tr o d u c t io n o f n e w m o d e ls , a n d lu m b e r p r o d u c tio n s h o w e d a l e s s t h a n s e a s o n a l d e c lin e . I n t h e t e x t i l e in d u s t r ie s t h e r e w e r e d e c r e a s e s in o u tp u t in a c c o r d a n c e w it h t h e u s u a l s e a s o n a l t e n d e n c y . A c t i v i t y a t s t e e l m i ll s s h o w e d a s u b s t a n t ia l d e c lin e in D e c e m b e r , f o l lo w e d b y a s e a s o n a l i n c r e a s e in t h e f ir s t t h r e e w e e k s o f J a n u ary. V o lu m e o f e m p lo y m e n t in m a n u f a c t u r in g in d u s t r ie s d e c r e a s e d f r o m t h e m id d le o f N o v e m b e r t o t h e m id d le o f D e c e m b e r b y s o m e w h a t m o r e t h a n t h e u s u a l s e a s o n a l a m o u n t. W o r k in g f o r c e s w e r e r e d u c e d in t h e c lo t h in g , le a t h e r , a n d b u ild in g m a t e r ia l in d u s t r ie s , w h ile a t a u to m o b ile f a c t o r ie s t h e r e w a s a s u b s t a n t ia l in c r e a s e in e m p lo y m e n t . V a lu e o f c o n s t r u c t io n c o n t r a c t s a w a r d e d , a s r e p o r t e d b y t h e F . W . D o d g e C o r p o r a tio n , d e c lin e d b y m o r e t h a n t h e u s u a l s e a s o n a l a m o u n t in t h e f o u r t h q u a r te r , f o l lo w in g a n o n -s e a so n a l in c r e a s e in t h e t h ir d q u a r te r . C o n t r a c ts a w a r d e d in t h e f ir s t h a l f o f J a n u a r y s h o w e d a n in c r e a s e , a s m e a s u r e d b y d a ily a v e r a g e f ig u r e s , r e f le c t in g t h e a w a r d o f l a r g e c o n t r a c t s in c o n n e c t io n w i t h c o n s t r u c t io n o f a b r id g e a t N e w O r le a n s . D is t r ib u t io n F r e i g h t t r a f f ic d e c r e a s e d in D e c e m b e r b y a n a m o u n t s o m e w h a t s m a lle r t h a n i s u s u a l a t t h i s s e a s o n . S a l e s b y d e p a r t m e n t s t o r e s in c r e a s e d b y s o m e w h a t l e s s t h a n t h e u s u a l s e a s o n a l a m o u n t a n d w e r e s m a lle r t h a n a y e a r a g o b y 2 3 p e r c e n t , r e f le c t in g in p a r t a d e c lin e in p r ic e s . F o r e ig n T r a d e V a lu e o f e x p o r t s in D e c e m b e r w a s s m a lle r t h a n in D e c e m b e r , 1 9 3 1 , b y a b o u t o n e f o u r th . F o r t h e y e a r a s a w h o le t h e d e c lin e w a s a b o u t o n e t h ir d , Index number of industrial production, adjusted for seasonal variation. ( 1923-25 average= 100.) Latest figure December 66. A T L A N T A ThissruenX in r e f le c t in g d e c r e a s e s r a n g in g , in t h e f ir s t e le v e n m o n t h s , f r o m 8 p e r c e n t f o r c r u d e m a t e r ia ls t o 4 5 p e r c e n t f o r fin is h e d m a n u f a c t u r e s . V a lu e o f im p o r ts in to t h i s c o u n tr y d u r in g 1 9 3 2 w a s s m a lle r t h a n in 1931 b y 37 p e r c e n t. W h o le s a le P r ic e s W h o le s a le p r ic e s o f m a n y le a d in g c o m m o d it ie s , in c lu d in g n o n - a g r ic u lt u r a l a s w e ll a s a g r ic u lt u r a l p r o d u c ts , d e c lin e d f r o m N o v e m b e r t o D e c e m b er, a n d t h e m o n t h ly in d e x o f t h e B u r e a u o f L a b o r S t a t i s t i c s s h o w e d a d e c r e a s e f r o m 6 3 .9 p e r c e n t o f t h e 1 9 2 6 a v e r a g e t o 6 2 .6 p e r c e n t , a s c o m p a r e d w it h 6 8 .6 p e r c e n t a y e a r a g o . In t h e f ir s t h a l f o f J a n u a r y , w h e a t p r ic e s a d v a n c e d f r o m t h e lo w le v e l s r e a c h e d a t t h e e n d o f D e c e m b e r a n d c o t t o n p r ic e s a ls o in c r e a s e d s o m e w h a t , w h ile p r ic e s o f s ilk , r u b b e r , a n d g a s o lin e d e c lin e d c o n s id e r a b ly . B a n k C r e d it In th e fo u r w e e k s fr o m D ecem b er 21 to J a n u a r y 1 8 , t h e s t o c k o f m o n e t a r y g o ld in c r e a s e d b y $ 8 0 ,0 0 0 ,0 0 0 a n d t h e r e w a s a s e a s o n a l d e c lin e o f $ 1 3 0 ,0 0 0 ,0 0 0 in t h e v o lu m e o f m o n e y in c ir c u la t io n ; a c o n s id e r a b ly s m a lle r d e c lin e t h a n u s u a l, r e f le c t in g a s m a lle r t h a n u s u a l in c r e a s e f o r t h e h o lid a y t r a d e in D e c e m b e r a n d s o m e w it h d r a w a l o f f u n d s a c c o m p a n y in g b a n k s u s p e n s io n s in t h e m id d le o f J a n u a r y . T h e r e s e r v e f u n d s a r i s in g f r o m t h e s e t w o s o u r c e s w e r e a b s o r b e d in p a r t b y a r e d u c tio n o f m e m b e r b a n k b o r r o w in g s a t t h e F e d e r a l R e s e r v e b a n k s a n d t h r o u g h a d e c lin e o f $ 7 3 ,0 0 0 ,0 0 0 b e t w e e n J a n u a r y 4 a n d J a n u a r y 18 in t h e r e s e r v e b a n k s ’ h o ld in g s o f U n it e d S t a t e s G o v e r n m e n t S e c u r it ie s . M e m b e r b a n k r e s e r v e b a la n c e s , h o w e v e r , in c r e a s e d f u r t h e r d u r in g t h e f o u r - w e e k p e r io d b y a b o u t $ 1 0 0 ,0 0 0 ,0 0 0 , t o a le v e l $ 5 7 5 ,0 0 0 ,0 0 0 h ig h e r t h a n a y e a r a g o . E x c e s s r e s e r v e s o f m e m b e r b a n k s , w h ic h h a v e b e e n in s u b s t a n t ia l v o lu m e f o r s e v e r a l m o n t h s , a ls o in c r e a s e d d u r in g t h e p e r io d . V o lu m e o f m e m b e r b a n k c r e d it c o n t in u e d t o d e c lin e d u r in g D e c e m b e r a n d t h e f ir s t p a r t o f J a n u a r y . F r o m t h e m id d le o f D e c e m b e r t o J a n u a r y 11, t o t a l lo a n s a n d in v e s t m e n t s o f r e p o r t in g m e m b e r b a n k s in le a d in g c it i e s d e c lin e d b y $ 1 6 5 ,0 0 0 ,0 0 0 , t o a le v e l a b o u t $ 3 5 0 ,0 0 0 ,0 0 0 a b o v e t h e lo w p o in t o f l a s t s u m m e r . T h e d e c lin e w a s e n t ir e l y in t h e b a n k s ’ lo a n s , w h ile i n v e s t m e n t s s h o w e d r e la t i v e ly l i t t l e c h a n g e . M o n e y r a t e s in t h e o p e n m a r k e t c o n tin u e d a t lo w le v e l s . PERCENT O F PERCENT Index of United States Bureau of Labor Statistics. ( 1926= 100. adopted by the bureau.) Latest figures December 62. 6. base 2 M O N T H L Y R E V IE W B ILLIO N S OF DOLLARS B IL L IO N S O F D O L L A R S 10 \M E M B E R B A MK C R E D I T | A ll O t h e r L LodD S 9 / / / / 6 _ L o d n s o n S e c u r it ie s A 7 v / ^ /" / \ 10 - N T ' . ^ _ m v e 5 t m 'e n t s / L / 1926 Monthly averages of daily figures. 19 days in Jan u ary . L atest figures are averages of first S IX T H D IS T R IC T S U M M A R Y I n D e c e m b e r t h e v o lu m e o f r e t a il t r a d e in c r e a s e d t o t h e h i g h e s t l e v e l o f t h e y e a r , a s i s u s u a l a t t h a t t i m e , a n d d e b its to in d iv id u a l a c c o u n t s a t c l e a r in g h o u s e c e n t e r s o f t h e D i s t r i c t in c r e a s e d , b u t s e a s o n a l d e c lin e s w e r e r e p o r t e d in w h o le s a le t r a d e , in b u ild in g a n d c o n s t r u c t io n , a n d in m a n u f a c t u r in g a n d m in in g a c t i v i t y . D e p a r t m e n t s t o r e s a l e s in c r e a s e d 5 1 .7 p e r c e n t f r o m N o v e m b e r t o D e c e m b e r , a n d w e r e 2 4 .3 p e r c e n t l e s s in d o lla r v a lu e t h a n in D e c e m b e r 1 9 3 1 . T h e i n c r e a s e in d a ily a v e r a g e s a l e s w a s s o m e w h a t l e s s t h a n u s u a ll y o c c u r s a t t h a t t im e o f y e a r , a n d t h e s e a s o n a l l y a d j u s t e d in d e x d e c lin e d . S t o c k s o f m e r c h a n d is e o n h a n d a t t h e e n d o f 1 9 3 2 w e r e 2 1 .4 p e r c e n t s m a lle r t h a n a m o n t h e a r lie r , a n d w e r e 2 0 .5 p e r c e n t s m a lle r t h a n a y e a r a g o . W h o le s a le s a l e s d e c lin e d 8 .2 p e r c e n t f r o m N o v e m b e r t o D e c e m b e r a n d w e r e 1 7 .2 p e r c e n t s m a lle r t h a n in D e c e m b e r 1 9 3 1 . F o r t h e y e a r 1 9 3 2 , d e p a r t m e n t s t o r e s a l e s w e r e 2 3 .7 p e r c e n t l e s s , a n d w h o le s a l e s a le s w e r e 2 4 .7 p e r c e n t s m a lle r , t h a n d u r in g 1 9 3 1 , m a k in g n o a llo w a n c e f o r t h e d iff e r e n c e in t h e l e v e l o f p r ic e s . D e b it s t o in d iv id u a l a c c o u n t s in c r e a s e d 2 5 .5 p e r c e n t f r o m N o v e m b e r t o D e c e m b e r , a l a r g e r g a i n t h a n h a s b e e n r e c o r d e d a t t h e s a m e t im e o f o t h e r r e c e n t y e a r s , a n d w e r e 2 0 .4 p e r c e n t l e s s t h a n in D e c e m b e r 1 9 3 1 . F o r t h e y e a r d e b it s h a v e a v e r a g e d 2 5 .9 p e r c e n t l e s s t h a n in t h e y e a r 1 9 3 1 . O u ts ta n d in g R e s e r v e B a n k c r e d it d e c lin e d b e t w e e n D e c e m b e r 14 a n d J a n u a r y 1 1 , a n d t o t a l lo a n s a n d i n v e s t m e n t s o f w e e k l y r e p o r t in g m e m b e r b a n k s a ls o d e c lin e d , b u t t i m e d e p o s i t s h e ld b y t h e s e b a n k s in c r e a s e d a n d w e r e s o m e w h a t g r e a t e r t h a n a t t h e s a m e t i m e a y e a r e a r lie r . B u ild in g p e r m it s is s u e d a t t w e n t y c i t ie s , a n d c o n t r a c t a w a r d s in t h e D i s t r i c t a s a w h o le , d e c lin e d f r o m t h e la r g e r t o t a l s f o r N o v e m b e r , b u t c o n t r a c t a w a r d s in D e c e m b e r w e r e 1 5.1 p e r c e n t g r e a t e r t h a n i n D e c e m b e r 1 9 3 1 . F o r t h e y e a r , p e r m it s h a v e b e e n 3 4 .4 p e r c e n t , a n d c o n t r a c t a w a r d s 4 9 .8 p e r c e n t , s m a l l e r t h a n in 1 9 3 1 . C o n s u m p tio n o f c o t t o n d e c lin e d f r o m N o v e m b e r t o D e c e m b e r b u t w a s g r e a t e r t h a n in D e c e m b e r a y e a r a g o , a n d f o r t h e fiv e m o n t h s o f t h e s e a s o n , c o n s u m p tio n in t h e c o t t o n g r o w i n g s t a t e s h a s b e e n 8 .7 p e r c e n t , a n d in t h e t h r e e s t a t e s o f t h i s D is t r i c t f o r w h ic h f ig u r e s a r e a v a ila b le 8 .3 p e r c e n t , g r e a t e r t h a n in t h a t p a r t o f t h e p r e v io u s s e a s o n . P r o d u c tio n o f p i g ir o n in A la b a m a d e c lin e d f r o m N o v e m b e r t o D e c e m b e r , a n d w a s 4 5 .8 p e r c e n t l e s s t h a n a y e a r a g o , a n d o u t p u t o f c o a l a ls o d e c lin e d o v e r th e m o n th an d w a s s lig h t ly g r e a te r th a n a y e a r a g o . C oal p r o d u c tio n in T e n n e s s e e w a s a b o u t t h e s a m e a s in N o v e m b e r , a n d in D e c e m b e r a y e a r e a r lie r . F IN A N C E R eserve B ank C r e d it T h e t o t a l v o lu m e o f r e s e r v e b a n k c r e d it o u ts t a n d in g a t t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a , a s r e f le c t e d in i t s t o t a l h o ld in g s o f b ills a n d s e c u r i t i e s , d e c lin e d b e t w e e n D e c e m b e r 14 a n d J a n u a r y 11 to th e lo w e s t le v e l reco r d e d f o r a n y W e d n e sd a y s in c e M a y 18 l a s t y e a r , a n d c o n t in u e d t o b e l e s s t h a n a t t h e s a m e t im e a y e a r a g o . T o t a l b ills a n d s e c u r i t ie s h e ld o n J a n u a r y 11 w e r e m o r e t h a n 8 m illio n s l e s s t h a n f o u r w e e k s e a r lie , a n d w e r e 1 3 .6 m illio n s l e s s t h a n o n t h e c o r r e s p o n d in g Digitized forr FRASER 1929 1930 N 1931 1932 1933 Monthly averages of weekly figures for reporting member banks in leading cities. L atest figures are averages of first two weeks in Jan u ary . W e d n e sd a y a y e a r a g o . T h e la r g e r p a r t o f th e d e c r e a s e s in c e D e c e m b e r 14 w a s d u e t o a r e d u c t io n o f n e a r l y 6.3 m illio n s in d is c o u n t s , t h o s e s e c u r e d b y U n i t e d S t a t e s G o v e r n m e n t o b lig a t io n s h a v i n g d e c r e a s e d 1 .3 m illio n s , a n d “ A l l O t h e r s ” h a v in g d e c lin e d n e a r l y 5 m illio n s . H o ld in g s o f b ills b o u g h t in t h e o p e n m a r k e t a l s o d e c lin e d 7 1 1 t h o u s a n d s o f d o lla r s , a n d h o ld in g s o f U n i t e d S t a t e s s e c u r i t ie s d e c r e a s e d 1.1 m illio n s . C o m p a r e d w i t h t h e c o r r e s p o n d in g r e p o r t d a t e a y e a r a g o , t o t a l h o ld in g s o f b i ll s a n d s e c u r it i e s s h o w a d e c r e a s e o f $ 1 3 ,5 7 9 ,0 0 0 . D is c o u n t s s h o w a d e c lin e o f $ 3 6 ,5 6 9 ,0 0 0 , b o th t h o s e s e c u r e d b y U n it e d S t a t e s s e c u r i t ie s a n d “ A l l O t h e r s ” b e in g s u b s t a n t ia l ly l e s s , a n d h o ld i n g s o f p u r c h a s e d b il ls a r e a ls o m u c h s m a lle r , b u t t h e s e d e c r e a s e s w e r e o f f s e t in p a r t b y a n in c r e a s e o f $ 3 2 ,8 5 4 ,0 0 0 in h o ld i n g s o f U n it e d S t a t e s s e c u r it i e s . T o t a l r e s e r v e s h e ld b y t h i s b a n k in c r e a s e d o v e r 1 1 m illio n s b e t w e e n D e c e m b e r 1 4 a n d J a n u a r y 1 1 , b u t w e r e 2 2 m illio n s le s s th a n a y e a r a g o . M em b er b a n k r e s e r v e d e p o s its in c r e a s e d m o r e t h a n 3 m illio n s o v e r t h o s e o n D e c e m b e r 1 4 , b u t w e r e n e a r l y 6 .5 m illio n s l e s s t h a n a t t h e s a m e t i m e l a s t y e a r , a n d t o t a l d e p o s it s a ls o in c r e a s e d o v e r a m o n t h a g o b u t w e r e so m ew h a t le s s th a n a y e a r a g o . F e d e r a l R e s e r v e n o t e s o f t h i s b a n k in a c t u a l c ir c u la t io n in c r e a s e d f r o m 9 6 .3 m i ll io n s o n N o v e m b e r 3 0 t o 9 8 .4 m illio n s o n D e c e m b e r 2 1 , b u t d e c lin e d t o $ 9 6 ,7 6 1 ,0 0 0 o n J a n u a r y 1 1 , n e a r ly 2 5 m illio n s l e s s t h a n a t t h e s a m e t i m e l a s t y e a r . P r in c ip a l i t e m s in t h e w e e k ly s t a t e m e n t a r e c o m p a r e d in t h e t a b le . (000 Omitted) Jan. 11, 1933 Dec. 14, 1932 Bills Discounted: Secured by Govt. Obligations __ All O th e rs__________________ Total Discounts-------------Bills Bought in open m arket------U. S. Securities-----------------------Other Securities----------------------Total Bills and Securities __ Total Reserves------------------------Member Bank Reserve Deposits _ Total Deposits________________ F. R. Notes in actual circulation _ Reserve R a tio ________________ $ 1,764 15,164 16,928 3,039 45,504 ■ 65~471 84,254 45,488 47,717 96,761 58.3 $ 3,081 20,126 23,207 3,750 46,632 73,589 72,924 42,154 44,374 96,662 51.7 Jan. 13, 1932 $16,054 37,443 53,497 11,753 12,650 1,150 79,050 106,529 51,947 57,643 121,520 59.5 C o n d itio n o f M e m b e r B a n k s in S e le c t e d C it ie s T o ta l lo a n s a n d in v e s tm e n ts o f 24 w e e k ly r e p o r t in g m e m b e r b a n k s lo c a t e d in A t l a n t a , N e w O r le a n s , B ir m in g h a m , J a c k s o n v i ll e , N a s h v i l l e , C h a t t a n o o g a , M o b ile a n d S a v a n n a h i n c r e a s e d a b o u t 4 .4 m i ll io n s o f d o lla r s f r o m D e c e m b e r 1 4 t o D e c e m b e r 2 8 , b u t d e c r e a s e d n e a r ly 1 1 .7 m illio n s d u r in g t h e f o l l o w i n g t w o w e e k s , a n d o n J a n u a r y 11 w e r e $ 7 ,2 8 8 ,0 0 0 l e s s t h a n o n D e c e m b e r 1 4 , a n d $ 3 8 ,2 3 7 ,0 0 0 le s s th a n on th e sa m e W ed n esd a y a y e a r a g o . F ro m a to ta l o f $ 5 3 4 ,2 8 3 ,0 0 0 o n J a n u a r y 1 3 , 1 9 3 1 , t o t a l lo a n s a n d i n v e s t m e n t s o f t h e s e w e e k ly r e p o r t in g m e m b e r b a n k s d e c lin e d t o a l o w p o in t f o r t h e y e a r , a t $ 4 9 0 ^ 399,000 o n A u g u s t 3 1 , b u t in c r e a s e d t o $ 5 0 7 ,7 2 3 ,0 0 0 o n D e c e m b e r 2 8 , a n d d e c lin e d d u r i n g t h e t w o w e e k s e n d e d J a n u a r y 1 1. B e t w e e n D e c e m b e r 14 a n d J a n u a r y 11 in v e s t m e n t s in U n it e d S t a t e s G o v e r n m e n t s e c u r i t i e s in c r e a s e d 3 m illio n s , b u t h o ld in g s o f o t h e r s e c u r it i e s d e c lin e d a b o u t 1 .2 m illio n s , 3 M O N T H L Y R E V IE W a n d lo a n s a n d d is c o u n t s d e c lin e d 9 .1 m illio n s . C o m p a r e d w it h t h e c o r r e s p o n d in g W e d n e s d a y a y e a r a g o , in v e s t m e n t s in U n it e d S t a t e s s e c u r it ie s o n J a n u a r y 11 s h o w a n in c r e a s e o f $ 6 ,6 6 6 ,0 0 0 , b u t h o ld in g s o f o t h e r s e c u r it i e s s h o w a d e c r e a s e o f $ 4 ,8 3 0 ,0 0 0 , a n d t o t a l lo a n s s h o w a d e c lin e o f $ 4 0 ,0 7 3 ,0 0 0 , t h e la r g e r p a r t o f w h ic h w a s in “ A l l O th e r L o a n s .” D e m a n d d e p o s it s h e ld b y t h e s e b a n k s r o s e f r o m $ 2 1 9 ,9 4 6 ,0 0 0 o n D e c e m b e r 14 t o $ 2 2 2 ,9 3 6 ,0 0 0 t w o w e e k s la t e r , b u t d e c lin e d a b o u t 6 m illio n s b y J a n u a r y 11, w h e n t h e y w e r e $ 2 6 ,8 4 6 ,0 0 0 l e s s t h a n a y e a r a g o , a n d t i m e d e p o s it s in c r e a s e d $ 1 3 ,4 4 3 ,0 0 0 b e t w e e n D e c e m b e r 14 a n d J a n u a r y 1 1 , a n d w e r e g r e a t e r t h a n o n a n y o t h e r W e d n e s d a y in a l i t t l e m o r e t h a n a year. B o r r o w in g s b y t h e s e b a n k s f r o m t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a o n J a n u a r y 11 w e r e s m a lle r t h a n f o u r w e e k s e a r lie r , o r a y e a r a g o . P r in c ip a l it e m s in t h e w e e k ly r e p o r t a r e s h o w n c o m p a r a t i v e l y in t h e t a b le , a n d a r e f o llo w e d b y m o n t h ly a v e r a g e s o f w e e k l y f ig u r e s f o r s o m e o f t h e m o r e im p o r t a n t it e m s in t h e r e p o r t , s h o w in g t h e ir t r e n d o v e r t h e p a s t y e a r . Jan. 11, 1933 Loans: On Securities____ ___________ All Other Loans______ _______ Total Loans_____________ U. S. Securities________________ Other Securities_______________ Total Investments_______ Total Loans and Investm ents.Time Deposits________________ Demand Deposits______________ Due to B anks_________________ Due from Banks_______________ Borrowings from F. R. Bank____ $105,503 209,688 315 ,191 97,464 83,391 180,855 496,046 204,680 216,803 88,508 77,335 8,330 (000 Omitted) Dec. 14, 1932 Jan. 13, 1932 $107,467 216,889 324,356 94,399 84,579 178,978 503,334 191,237 219,946 80,917 68,622 14,076 $109,181 246,083 355 ,264 90,798 88,221 179,019 534,283 200,707 243,649 77,020 54,326 28,939 Monthly Averages of Weekly Figures of Reporting Member Banks in Selected Cities (000 Omitted) Borrowings Loans on All Other InvestDemand Time from SecuritiesLoans ments Deposits Deposits F. R. Bank 1931 N ovem ber-, $114,264 $258,929 $181,274 $259,056 $213,795 $ 30,762 December __ 113,703252,423 182,510 254,486 207,522 29,992 1932 January___ 109,653245,706 178,755 244,147 200,591 27,919 Feburary---- 107,587241,360 178,555 237,630 196,661 26,542 M arch____ 106,645237,979 178,162 237,662 198,274 18,342 April______ 106,573234,239 176,037 234,990 194,704 19,307 M ay______ 110,647227,871 177,477 226,776 194,830 15,582 175,588 221,211 192,402 18,677 June______ 110,611221,415 J u ly ______ 108,987218,055 170,186 213,908 189,892 24,532 August____ 105,815217,168 172,591 212,576 195,237 17,944 Septem ber.. 106,068214,809 175,623 215,013 195,538 12,967 October___ 105,816217,503 179,221 214,903 193,546 8,706 N o v e m b e r 106,275216,734 179,539 215,705 192,761 10,973 D ecem ber.. 107,463215,479 181,788 220,055 191,116 13,483 Savings Deposits of 63 Reporting Banks (000 Omitted) Number of Dec. Banks 1932 A tlanta----- ------Birmingham. Jacksonville____ Nashville __ _ _ _ New Orleans____ Other Cities____ T o ta l________ 4 $ 33,842 3 17,545 4 13,527 23,619 5 6 49,868 41 68,319 63 206,720 Nov. 1932 Dec. 1931 $33,748 $ 38,264 17,253 20,928 13,228 14,501 23,186 27,732 48,504 52,193 70,928 82,364 206,847 235,982 Percentage change Dec. 1932 compared with: Nov. 1932 Dec. 1931 + 0 .3 + 1.7 + 2 .3 + 1.9 + 2 .8 —3.7 —0.07 — 11.6 — 16.2 — 6.7 — 14.8 — 4.5 — 17.1 — 12.4 D e b it s t o I n d iv id u a l A cco u n ts T o t a l d e b its to in d iv id u a l a c c o u n t s a t 2 6 c le a r in g h o u s e c e n t e r s o f t h e S ix t h D is t r ic t , r e f le c t in g t h e v o lu m e o f b u s in e s s t r a n s a c t io n s s e t t l e d b y c h e c k , in c r e a s e d f r o m N o v e m b e r t o D e c e m b e r b y 2 5 .5 p e r c e n t , a n d w e r e 2 0 .4 p e r c e n t l e s s t h a n in D e c e m b e r 1 9 3 1 . T h e in c r e a s e o v e r N o v e m b e r w a s p r o p o r t io n a t e ly l a r g e r t h a n h a s o c c u r r e d a t t h e s a m e t im e o f o t h e r r e c e n t y e a r s , a n d c o m p a r e s w i t h in c r e a s e s o f 1 5 .2 p e r c e n t in 1 9 3 1 , 1 6 .2 p e r c e n t in 1 9 3 0 , 4 .8 p e r c e n t in 1 9 2 9 , 1 1 .9 p e r c e n t in 1 9 2 8 a n d 1 2 .4 p e r c e n t in 1 9 2 7 . M o n t h ly t o t a l s in t h e t a b le a r e d e r iv e d f r o m w e e k l y r e p o r t s b y p r o - r a t in g f ig u r e s f o r t h o s e w e e k s w h ic h do n o t f a l l e n t i r e l y w it h in a s i n g l e c a le n d a r m o n th . F o r t h e y e a r 1 9 3 2 , t o t a l d e b its t o in d iv id u a l a c c o u n t s a t t h e s e 2 6 c i t i e s w e r e $ 8 ,0 0 9 ,2 1 6 ,0 0 0 , a d e c r e a s e o f 2 5 .9 p e r c e n t c o m p a r e d w it h t h e t o t a l o f $ 1 0 ,8 0 1 ,7 1 4 ,0 0 0 f o r 1 9 3 1 , a n d o f 3 9 .2 p e r c e n t c o m p a r e d w it h t h e t o t a l o f $ 1 3 ,1 7 5 ,7 8 3 ,0 0 0 Digitized ffor o r FRASER 1930. (000 Omitted) Dec. 1932 Nov. 1932 Dec. 1931 Alabama—4 Cities---- -- ------Birmingham______ _ _ D othan__________ ______ Mobile-------------------Montgomery__________ Florida—4 C itie s _______ _ Jacksonville_______ _____ M iami_____________ _ __ Pensacola___________ ___ Tam pa___ _______ ___ Georgia—10 Cities_________ Albany----------------------- __ A tlanta_________________ Augusta_________________ Brunswick-------------------- _ Columbus____ __________ Elberton-----------------------Macon___ _________ ____ Newnan______________ _ Savannah_______________ Valdosta. ___ _____ __ Louisiana—New Orleans__ _ Mississippi—4 Cities________ H attiesburg____ ___ ____ Jackson__ _____________ Meridian _ _ _ _ _ _ _ _ _ V icksburg__ _____ ___ Tennessee—3 Cities____ _ _ Chattanooga______ ______ Knoxville------------- ---------Nashville------------------------ $103,022 64,448 1 ,398 25,027 12,149 89,573 50,804 14,287 4,687 19,795 175,885 2,508 113,374 14,167 1,643 7,679 580 9,542 1,101 22,888 2,403 196,465 28,631 2,576 16,465 5,618 3,972 99,146 25,769 19,544 53,833 $87,770 54,030 1,534 19,427 12,779 62,827 32,616 10,613 4,041 15,557 145,992 2,231 93,712 8,754 1,399 6,627 559 8,216 903 21,658 1,933 146,781 25,089 2,407 13,697 5,304 3,681 83,517 21,676 16,066 45,775 $138,970 90,196 2,029 30,655 16,090 107,073 57,152 18,828 5,903 25,190 218,327 3,077 138,548 17,506 2,169 10,233 819 12,695 1,188 29,036 3,056 246,617 33,923 3,808 18,915 6,595 4,605 125,571 34,593 26,682 64,296 Total 26 Cities— $692,722 $551,976 $870,481 — A G R IC U L T U R E T h e fin a l c r o p r e p o r t f o r 1 9 3 2 i s s u e d b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u lt u r e “ c o n fir m s e a r lie r in d ic a t io n s o f s u b s t a n t ia l ly lo w e r p r o d u c tio n o f c r o p s r a is e d f o r s a l e a n d s u b s t a n t i a lly h e a v ie r p r o d u c tio n o f f e e d c r o p s t h a n o c c u r r e d in e it h e r o f t h e l a s t t w o y e a r s . T h e s h a r p e s t r e d u c t io n s a r e s h o w n b y w h e a t , c o t to n , to b a c c o a n d r ic e — t h e le a d in g c a s h c r o p s — o f w h ic h t h e r e i s n o r m a lly a s u r p lu s f o r e x p o r t . T h e p r o d u c tio n o f f r u i t s w a s s u b s t a n t ia lly b e lo w a v e r a g e b e c a u s e o f w e a t h e r c o n d itio n s a n d t h e c o m m e r c ia l p r o d u c tio n o f v e g e t a b le s g r o w n f o r c a n n in g w a s t h e l o w e s t in s e v e r a l y e a r s .” T h e fin a l e s t im a t e s o f t h e p r o d u c tio n o f p r in c ip a l c r o p s r a is e d in A la b a m a , F lo r id a , G e o r g ia , L o u is ia n a , M is s is s ip p i a n d T e n n e s s e e d u r in g 1 9 3 2 a n d t h e t w o p r e c e d in g y e a r s , h a v e b een ad d ed an d th e to ta ls fo r th e se s ix sta te s a re s h o w n c o m p a r a t iv e ly in t h e t a b le w h ic h f o llo w s . I n c r e a s e s o v e r 1 9 3 1 a r e s h o w n in t h e p r o d u c tio n o f s w e e t p o t a t o e s , co w p e a s, o r a n g e s, su g a r ca n e an d su g a r , b u t o th e r cro p s w e r e s m a lle r , a n d s o m e o f t h e m w e r e v e r y m u c h s m a lle r . P a r t ic u la r ly l a r g e d e c r e a s e s a r e r e c o r d e d in t h e p r o d u c tio n o f p e a c h e s , a p p le s a n d p e c a n s , c o m p a r e d w i t h t h e l a r g e c r o p s o f 1 9 3 1 , a n d im p o r t a n t d e c lin e s a r e a ls o s h o w n in c o t to n , w h e a t , o a t s , w h it e p o t a t o e s , to b a c c o , a n d w a t e r m e lo n s . T h e t a b le s h o w s h o w 1 9 3 2 p r o d u c tio n c o m p a r e s w i t h t h a t o f 193 1 a n d w it h t h a t o f 1 9 3 0 f o r t h e s e s i x s t a t e s . P a r t s o f T e n n e s s e e , M is s is s ip p i a n d L o u is ia n a a r e lo c a t e d in o th e r F e d e r a l R e se r v e D is tr ic ts . (000 Omitted) Percentage Percentage 1932 1931 Comparison 1930 Comparison 4,000 6,111 Cotton—Bales__________ 1,777 2,715 Cotton Seed—tons_______ Corn, bu_______________ 191,389 221,336 Oats, bu________________ 11,280 16,335 3,347 5,097 Wheat, bu. (1)__________ 2,755 Hay, tons---------------------2,896 4,354 3,992 Cowpeas, bu____________ 12,043 16,515 White Potatoes, bu.......... Sweet Potatoes, b u ______ 39,067 27,642 Peanuts, lbs_____________ 797,275 896,310 8,210 27,450 Pecans, lbs. (2)__________ Tobacco, lbs. (3)________ 126,199 202,703 1,887 Apples, bu______________ 6,205 Peaches, bu_____________ 1,947 14,976 Oranges, boxes, (4)______ 14,741 14,169 9,200 10,200 Grapefruit, boxes (5)_____ Watermelons—number (6) 21,334 33,274 Sugar cane—tons (7)_____ 3,401 2,717 Sugar—tons (7)_________ 231 157 Rice—bu. (7)___________ 16,536 17,192 —34.5 —34.5 — 13.5 —30.9 —34.3 — 4.9 + 9.1 —27.1 + 41.3 — 11.0 —70.1 —37.7 —69.6 —87.0 + 4.0 — 9.8 —35.9 + 25.2 +47.1 — 3.8 5,672 2,518 145,229 8,722 2,515 1,968 2,248 11,238 25,841 754,200 22,280 248,689 3,121 8,114 19,200 16,000 45,466 3,101 184 19,149 —29.5 —29.4 + 3 1 .8 + 2 9 .3 + 33.1 + 4 0 .0 + 93.7 + 7.2 + 5 1 .2 + 5.7 —63.2 —49.3 —39.5 —76.0 —23.2 —42.5 —53.1 + 9.7 + 25.5 — 13.6 (1) Tennessee, Georgia and Alabama. (2) Alabama, Florida, Georgia, Louisiana and Mississippi. (3) Tennessee, Georgia and Florida. (4) Florida, Alabama, Louisiana and Mississippi. (5) Florida. (6) Alabama, Florida, Georgia and Mississippi. (7) Louisiana. T h e a v e r a g e p r ic e o f s p o t c o t to n a t t e n d e s ig n a t e d m a r k e t s d e c lin e d f r o m t h e h ig h o f 8 .2 7 c e n t s o n A u g u s t 2 6 t o 5.5 1 c e n t s o n D e c e m b e r 8 , a n d o n J a n u a r y 12 w a s 6 .0 6 c e n t s c o m p a r e d w it h 6 .2 3 c e n t s o f J a n u a r y 14 l a s t y e a r . 4 M O N T H L Y R E V IE W W in te r W h e a t and R y e T h e a c r e a g e p la n te d t o w in t e r w h e a t in T e n n e s s e e i s e s t im a t e d a t 2 8 6 ,0 0 0 a c r e s , a n in c r e a s e o f 2 p e r c e n t o v e r t h e a c r e a g e so w n in t h e f a l l o f 1 9 3 1 . S e e d lin g s w e r e d e la y e d b y d r y w e a t h e r u n t i l a b o u t t h e m id d le o f O c to b e r a n d b y e x c e s s i v e r a in s a fte r th a t. T e n n e s s e e ’s w i n t e r r y e a c r e a g e i s e s t i m a t e d a t 8 6 ,0 0 0 a c r e s , c o m p a r e d w i t h 9 5 ,0 0 0 a c r e s s o w n in t h e f a l l o f 1 9 3 1 . T h e c o n d itio n i s s l i g h t l y b e t t e r t h a n a y e a r a g o . F arm L abor A r e p o r t is s u e d b y th e U n ite d S ta t e s D e p a r tm e n t o f A g r ic u lt u r e in d ic a t e s t h a t t h e s u p p ly o f f a r m la b o r o n J a n u a r y 1 in t h e s i x s t a t e s o f t h is D is t r i c t a v e r a g e d so m e w h a t le s s , an d th e d em an d s lig h tly b e tte r , th a n f o r t h e c o u n t r y a s a w h o le . F ig u r e s f o r t h e s e s i x s t a t e s , a n d a v e r a g e s f o r t h e c o u n tr y , a r e s h o w n in t h e t a b le . Farm Labor January 1, 1933. Supply as Demand as Supply as per cent of per cent of per cent of Normal Normal Demand Alabam a_______________ _____ 124 Florida_________________ _____ 123 Georgia__________ ___________ 116 Louisiana_______________ _____ 123 Mississippi___________________ 110 Tennessee______________ _____ 116 United States___________ ______127 .3 50 64 56 57 55 63 53. Sugar Movement (Pounds) Raw Sugar Dec. 1932 Nov. 1932 Receipts: New Orleans__________ Savannah____________ Meltings: New O rleans................. .. Savannah____ ________ Stocks: New Orleans__________ Savannah_____________ Dec. 1931 48,384,792 14,051,550 61,105,590 7,062,230 96,516,989 15,128,116 58,656,823 14,051,550 46,740,999 13,064,696 72,608,340 21,432,142 52,694,547 41,878,626 62,979,662 41,878,626 76,013,809 Refined Sugar (Pounds) Dec. 1932 Nov. 1932 Shipments: New Orleans__________ Savannah.......................... Stocks: New Orleans................ .. Savannah....................—_ 248 192 207 216 200 184 236.6 Dec. 1931 59,687,206 28,881,620 60,828,531 16,561,510 87,290,200 27,797,166 54,886,828 16,498,297 50,461,941 15,068,926 51,289,550 18,642,325 Rice Movement—New Orleans Dec. 1932 Nov. 1932 Rough Rice—Barrels: Receipts __________ Shipments________ Stocks___________ Clean Rice—Pockets: R eceipts......... ......... Shipments________ Stocks__________ _ Dec. 1931 40,323 46,755 11,315 68,328 65,061 17,747 36,090 36,814 10,915 89,276 82,999 182,937 104,126 97 ,089 176,660 94,709 78,972 149,675 Rice Millers Association Statistics (Barrels) December Receipts of Rough Rice: Season 1932-33_____ ______________ Season 1931-32_______ ______ ______ Distribution of Milled Rice: Season 1932-33.___________________ Season 1931-32__ _________________ Stocks of Rough and Milled Rice: December 31, 1932_____ ___________ December 31, 1931________________ 713,110 631,857 834,488 758,028 Aug. 1 to Dec. 31 4,762,907 5,686,927 4,164,298 4,672,886 2,106,528 1,987,067 F e r tiliz e r T a g S a le s S a le s o f f e r t iliz e r t a x t a g s b y S ta t e a u th o r itie s in t h e s i x s t a t e s o f t h i s D is t r i c t a v e r a g e d 5 .3 p e r c e n t l e s s in D e c e m b e r t h a n in N o v e m b e r , a n d w e r e 5 .9 p e r c e n t l e s s t h a n in D e c e m b e r a y e a r a g o . D e c r e a s e s f o r t h e m o n t h o c c u r r e d in F lo r id a , L o u is ia n a a n d T e n n e s s e e , a n d t a g s a l e s in F lo r id a , L o u is ia n a a n d M i s s i s s ip p i w e r e l e s s t h a n in D e c e m b e r 1 9 3 1 . F o r t h e f iv e m o n t h s , A u g u s t th r o u g h D e c e m b e r , in c r e a s e d s a le s w e r e r e p o r te d fo r A la b a m a , F lo r id a a n d G e o r g ia , a n d d e c r e a s e s a r e s h o w n f o r L o u is ia n a , M i s s is s i p p i a n d T e n n e s s e e , t h e t o t a l b e i n g a n in c r e a s e o f 2 .7 p e r c e n t . F i g u r e s in t h e t a b le a r e t a k e n f r o m t h o s e c o m p ile d b y t h e N a t i o n a l F e r t i l i z e r A s s o c i a t i o n . (Short Tons) Dec. Aug. 1 through Dec. 31 1932 1931 1931 Dec. 1932 Nov. 1932 1,900 46,922 800 200 900 2 400 49,705 475 2,950 0 6 1,600 47,950 721 2,200 1,450 0 3,650 180,187 2,123 17,251 910 10,113 3,150 170,019 1,569 20,126 2,050 11,634 + 1 5 .9 + 6.0 + 3 5 .3 — 14.3 —55.6 — 13.1 Six S tates__ 50,724 53,536 53,921 214,234 208,548 + 2.7 Alabama_____ Georgia______ Louisiana_____ Mississippi___ Tennessee____ Percentage Comparison TRADE R e t a il T rade D e p a r t m e n t s t o r e s a l e s in t h e S i x t h D i s t r i c t in c r e a s e d in D e c e m b e r t o t h e h i g h e s t l e v e l o f t h e y e a r , a s is u su a l a t th a t tim e , b u t th e g a in o v e r N o v e m b e r w a s so m e w h a t le s s th a n th a t record ed a y e a r a g o , an d w a s a ls o s m a lle r t h a n t h e u s u a l s e a s o n a l in c r e a s e . T o t a l s a l e s b y 3 8 r e p o r t in g fir m s i n D e c e m b e r a v e r a g e d 5 1 .7 p e r c e n t g r e a t e r t h a n in N o v e m b e r , b u t w e r e 2 4 .3 p e r c e n t l e s s in d o lla r v a lu e t h a n i n D e c e m b e r 1 9 3 1 , a n d f o r t h e t w e l v e m o n t h s o f 1 9 3 2 t h e y w e r e 2 3 .7 p e r c e n t l e s s t h a n i n 1 9 3 1 . R e p o r t s in d ic a t e t h a t m o r e t h a n h a l f o f t h i s d e c r e a s e h a s b e e n d u e t o lo w e r p r ic e s . D a il y a v e r a g e s a l e s in D e c e m b e r w e r e 4 5 .8 p e r c e n t g r e a t e r t h a n in N o v e m b e r , a s c o m p a r e d w it h a u s u a l s e a s o n a l in c r e a s e a t t h a t t im e o f y e a r o f 4 9 .1 p e r c e n t . C a s h s a l e s d u r in g D e c e m b e r a c c o u n t e d f o r 4 8 .6 p e r c e n t o f t h e t o t a l , a s a g a i n s t 4 3 .3 p e r c e n t i n N o v e m b e r . S t o c k s o f m e r c h a n d is e a t t h e e n d o f D e c e m b e r d e c lin e d 2 1 .4 p e r c e n t o v e r t h e m o n t h , s l i g h t l y m o r e t h a n t h e u s u a l d e c r e a s e a t t h a t t im e , a n d w e r e 2 0 .5 p e r c e n t l e s s t h a n a y e a r a g o . T u rn o v er f o r th e m o n th , a n d f o r th e y e a r , w a s l e s s t h a n f o r t h o s e p e r io d s a y e a r e a r lie r . A c c o u n t s r e c e iv a b le a t t h e e n d o f D e c e m b e r w e r e 10 p e r c e n t g r e a t e r t h a n a m o n t h e a r lie r , b u t 19 p e r c e n t l e s s t h a n a y e a r a g o , a n d D e c e m b e r c o lle c t io n s in c r e a s e d 2 p e r c e n t o v e r N o v e m b e r a n d w e r e 2 2 .4 p e r c e n t s m a ll e r t h a n in D e c e m b e r 1 9 3 1 . T h e r a t io o f c o lle c t io n s d u r in g D e c e m b e r t o a c c o u n t s r e c e iv a b le a n d d u e a t t h e b e g in n i n g o f t h e m o n t h w a s 2 9 .2 p e r c e n t , c o m p a r e d w i t h 2 8 .2 p e r c e n t f o r N o v e m b e r a n d w i t h 3 0 .8 p e r c e n t f o r D e c e m b e r 1 9 3 1 . F o r r e g u la r a c c o u n t s t h e r a t io f o r D e c e m b e r w a s 3 1 .2 p e r c e n t , f o r N o v e m b e r 3 0 p e r c e n t , a n d f o r D e c e m b e r l a s t y e a r 3 3 .1 p e r c e n t , a n d f o r i n s t a ll m e n t a c c o u n t s t h e D e c e m b e r r a t io w a s 1 5 .7 p e r c e n t , f o r N o v e m b e r 1 5 .9 p e r c e n t , a n d f o r D e c e m b e r 1 9 3 1 , 16 .3 p er cen t. A l l o f t h e s e s t a t i s t i c s a r e b a s e d u p o n r e p o r t s in a c t u a l d o lla r a m o u n t s a n d t h e p e r c e n t a g e c o m p a r is o n s in t h e s t a t e m e n t , a n d t h e in d e x n u m b e r s o n p a g e 8 , m a k e n o a llo w a n c e f o r c h a n g e s in t h e l e v e l o f p r ic e s . RETA IL TRADE IN TH E SIX TH D ISTRICT DURING DECEM BER 1932 Based on confidential reports from 38 department stores COMPARISON OF N E T SALES COMPARISON OF STOCKS RATE OF STOCK TURNOVER Dec. 1932 Jan. 1 to Dec. 31, 1932 Dec. 31, 1932 Dec. 31, 1932 Dec. 1932 Jan. 1 to Dec. 31 with Dec. Dec. with with same period in with with 1932 Dec. 31. 1931 Nov. 30. 1932 1931 1932 1931 1931 Nov. 1932 Dec. 1931 A tlanta (3)----------------------------Birmingham (4)----------------------Chattanooga (5)---------------------Nashville (4)--------------------------New Orleans (5)---------------------Other Cities (17)--------------------D ISTRICT (38)______________ —25.2 —32.2 —29.2 —27.7 — 19.5 —23.1 —24.3 + 51.8 + 4 7 .9 + 5 1 .3 + 47.5 +54.1 + 51.5 + 51.7 — 19.5 —28.1 —23.2 —28.2 —23.2 —24.7 —23.7 — 13.6 — 19.8 —39.0 —23.3 — 14.0 —32.5 —20.5 N Ofor T E:FRASER The rate of stock turnover is the ratio of sales during given period to average stocks on hand. Digitized —24.5 —21.1 —35.5 —24.7 — 16.1 —23.0 —21.4 .61 .36 .29 .38 .37 .35 .40 .53 .32 .32 .35 .35 .33 .37 4.52 2.66 2.20 2.77 2.61 2.62 2.89 4.21 2.59 2.32 2.38 2.49 2.20 2.70 5 M O N T H L Y R E V IE W W h o le s a le T rade T h e t o t a l v o lu m e o f s a l e s d u r in g t h e y e a r 1 9 3 2 r e p o r t e d b y 1 0 7 w h o le s a le fir m s in t h e S i x t h D i s t r i c t w a s 2 4 .7 p e r c e n t s m a lle r t h a n d u r in g 1 9 3 1 , t h e d e c r e a s e s r a n g i n g f r o m 1 7 .1 p e r c e n t i n d r y g o o d s t o 4 1 p e r c e n t in e le c t r ic a l s u p p lie s . I n D e c e m b e r w h o le s a l e t r a d e d e c lin e d b y a b o u t t h e s a m e p e r c e n t a g e a s a t t h e s a m e t im e l a s t y e a r , a n d w a s 1 7 .2 p e r c e n t s m a lle r t h a n i n D e c e m b e r 1 9 3 1 , p a r t o f t h e d e c lin e b e in g d u e t o lo w e r p r ic e s . C o m p a r is o n s f o r t h e y e a r b y li n e s o f t r a d e a r e s h o w n b e lo w a n d a r e f o llo w e d b y d e t a ile d p e r c e n t a g e c o m p a r is o n s f o r t h e m o n th . Total Sales in 1932 compared with 1931 Groceries___________________________________________ D ry Goods__________________________________________ Hardware__________________________________________ Furniture___________________________________________ Electrical Supplies___________________________________ Stationery__________________________________________ Drugs______________________________________________ —21.8 — 17.1 —27.4 —34.1 —41.0 —23.1 — 19.5 Total__________________________________ —24.7 WHOLESALE TRADE IN DECEM BER, 1932 Sixth Federal Reserve District* Percentage change Number of Dec. 1932 compared with Firms Nov. 1932 Dec. 1931 All Lines Combined: Sales_______________________ _______ 107 Stocks on hand______________ _______ 23 Accounts receivable. . - _______ _______ 43 Collections__________________ ______ 50 Groceries: Sales_______________________ _____ 26 A tlanta_________________ _______ 3 Jacksonville_____________ ______ 4 New Orleans__________ - ______ 5 Vicksburg-----------------______ 3 Other Cities_____________ _____ 11 Stocks on hand______________ _____ 3 10 Accounts receivable__________ _____ Collections__________________ 12 Dry Goods: Sales. _______ ____________ _ ______ 17 Nashville_______________ _____ 3 Other Cities_____________ ______ 14 Stocks on hand______________ _____ 8 Accounts receivable----------9 Collections__________________ _____ 11 Hardware: Sales------------------------------------ ______ 25 Nashville-----------------------3 New Orleans_____________ 5 Other Cities_____________ 17 Stock on hand_______________ _____ 7 14 Accounts receivable__________ Collections_______ _____ _____ 14 Furniture: Sales_________ ______ _______ 11 A tlanta. ________ ________ 4 Other Cities_____________ 7 Stocks on h an d ______________ _____ 5 Accounts receivable- ................... 7 Collections__________________ 7 Electrical Supplies: Sales_____ __________________ 14 New Orleans__________________ 4 Other Cities_____________ 10 Collections-................ ............ _____ 3 Drugs: Sales________________________ 8 Accounts receivable---------------- _____ 3 Collections__________________ ____ 3 Stationery: Sales________________________ 4 *—Based upon confidential reports from 107 firms. — — — + 8 .2 4 .0 8 .5 5 .4 — — — — 1 7 .2 1 4 .3 1 3 .9 1 4 .0 + — — + — + + — + 1 .5 6 .5 2 .2 5 .9 2 .4 2 .5 0 .7 2 .7 4 .2 — — — — — — — — — 1 7 .6 2 1 .5 2 3 .4 2 1 .7 4 .8 1 2 .9 1 9 .7 1 0 .3 1 6 .6 — 2 5 .2 — 3 7 .3 —22.1 — 1 6 .5 — 1 4 .5 + 1 2 .7 — — — — 1 4 .1 8 .4 1 4 .2 1 5 .2 + 0.2 — 6 .5 + 1.0 — 1 5 .2 —22.1 — — — — 1 3 .6 1 4 .5 1 7 .9 4 .6 — — — — — — — 1 4 .4 2 4 .0 1 2 .7 1 3 .0 1 4 .3 1 0 .4 1 6 .8 — 3 8 .3 — 3 2 .3 — 3 9 .6 + 0 .9 — 1 9 .9 — 3 .9 — 8 .2 — 2 3 .6 — 3 .5 + 7 .8 + 1 7 .1 + 3 .1 — 3 .5 —4 1 .3 — 4 5 .3 — 3 8 .7 —4 1 .0 + 1 5 .0 — 3 .0 + 2 7 .4 — 2.2 — 10.1 — 3 3 .0 — 0 .7 S t a t i s t i c s c o m p ile d b y R . G. D u n & C o. in d ic a te t h a t in t h e S i x t h D i s t r i c t t h e r e w e r e 1 1 4 f a i l u r e s in D e c e m b e r , 1 0 9 in N o v e m b e r , a n d 1 6 1 in D e c e m b e r , 1 9 3 1 , a n d l i a b i li t ie s f o r D e c e m b e r t o t a le d $ 1 ,7 4 9 ,2 2 6 , c o m p a r e d w i t h $ 2 ,6 1 0 ,9 0 8 f o r N o v e m b e r a n d w i t h $ 2 ,6 9 2 ,9 9 8 f o r D e c e m b e r , 1 9 3 1 . F o r t h e y e a r 1 9 3 2 t h e r e w e r e 1 ,6 7 9 f a i lu r e s in t h i s D i s t r i c t c o m p a r e d w it h 1 ,6 9 8 in 1 9 3 1 , a n d l ia b i li t i e s f o r t h e y e a r w e r e $ 3 7 ,1 4 9 ,0 0 0 c o m p a r e d w i t h $ 3 1 ,2 5 8 ,0 0 0 in 1 9 3 1 . C o m m e r c ia l F a ilu r e s IN D U S T R Y B u ild in g P e r m it s B u ild in g p e r m it s i s s u e d b y t h e s u p e r v is in g a u t h o r it i e s o f t w e n t y r e p o r t in g c i t i e s in t h e S ix t h D is t r i c t d u r in g D e c e m b e r a v e r a g e d 7 2 .7 p e r c e n t g r e a t e r t h a n f o r N o v e m b e r , a n d w e r e 5 .7 p e r c e n t l e s s in v a lu e t h a n f o r D e c e m b e r 1 9 3 1 . S i x o f t h e s e c it ie s r e p o r t e d i n c r e a s e s o v e r N o v e m b e r , a n d f iv e r e p o r t e d la r g e r t o t a l s t h a n f o r D e c e m b e r a y e a r a g o . R e la t i v e l y l a r g e t o t a l s w e r e r e p o r t e d f o r D e c e m b e r f r o m J a c k s o n v ille , A u g u s t a a n d A l e x a n d r ia , w h ile t h e t o t a l f o r D e c e m b e r 1 9 3 1 in c lu d e d a l a r g e f ig u r e f o r N a s h v il le . T h e t o t a l o f b u ild in g p e r m it s i s s u e d a t t h e s e t w e n t y r e p o r t in g c i t i e s h a s d e c lin e d e a c h y e a r s in c e 1 9 2 5 , w h e n t h e t o t a l f o r t h e y e a r w a s 1 8 6 .6 m illio n s . T h e t o t a l f o r 1 9 3 2 , w h ic h w a s $ 1 9 ,2 9 3 ,9 7 5 , w a s s m a lle r b y 3 4 .4 p e r c e n t t h a n t h a t f o r 1 9 3 1 , 5 5 .7 p e r c e n t l e s s t h a n f o r 1 9 3 0 , a n d 7 3 .3 p e r c e n t l e s s t h a n f o r 1 9 2 9 . C o m p a r is o n s f o r t h e m o n t h a r e s e t o u t i n t h e t a b le a n d in d e x n u m b e r s a p p e a r o n p a g e 8 . City Number December 1932 1931 Alabama Anniston_______ 4 Birmingham____ 59 Mobile_________ 19 Montgomery____ 28 Florida Jacksonville____ 255 M iami_________ 229 Miami Beach___ 65 Orlando________ 25 Tam pa_________ 141 Georgia A tlanta........... ...... 102 Augusta________ 17 11 Columbus______ Macon_________ 112 12 Savannah______ Louisiana New Orleans____ 48 Alexandria______ 38 Tennessee Chattanooga____ 88 Johnson C ity ___ 3 Knoxville_______ 19 Nashville_______ 41 Total 20 Cities____ 1 ,316 Percentage change in value 6 111 20 68 $ 280 17,483 11,070 3,770 $ 43,950 29,969 17,122 26,635 329 292 67 37 144 1,394,830 62,393 67,065 7,965 19,907 136,565 102,446 63,920 9,105 56,198 +921.4 — 39.1 + 4 .9 — 12.5 — 64.6 214 49 25 132 4 47,796 100,779 1,112 12,810 11,060 77,904 10,179 10,610 64,925 17,400 — 38.6 +890.1 — 89.5 — 80.3 — 36.4 72 50 89,657 224,161 97,619 28,416 — 8.2 + 688.9 155 4 20 86 1,876 9,362 39,252 1,300 5,800 18,295 15,780 20,083 1,394,562 $2,121,178 $2,248,357 — — — — — — + — — 99.4 41.7 35.3 85.8 76.1 77.6 15.9 98.6 5.7 C o n t r a c t a w a r d s d u r in g D e c e m b e r in t h e S i x t h F e d e r a l R e s e r v e D i s t r i c t a s a w h o le , a c c o r d in g t o s t a t i s t i c s c o m p ile d b y t h e F . W . D o d g e C o r p o r a — 1 3 .6 t i o n a n d s u b d iv id e d in t o d i s t r i c t t o t a l s b y t h e F e d e r a l R e s e r v e B o a r d s D iv is io n o f R e s e a r c h a n d S t a t i s t i c s , d e c lin e d — 3 .9 — 3 0 .7 a p p r o x im a t e ly o n e - h a lf f r o m t h e la r g e r t o t a l r e p o r t e d f o r N o v e m b e r , a n d w e r e 1 5 .1 p e r c e n t g r e a t e r t h a n i n D e c e m b e r 1 9 3 1 . T h e N o v e m b e r t o t a l w a s la r g e r t h a n f o r a n y p r e v io u s L ife D e c e m b e r s a l e s o f n e w , p a id - f o r , o r d in a r y l i f e in m o n t h s in c e S e p te m b e r 1 9 3 1 . I n D e c e m b e r c o n t r a c t s f o r I n s u r a n c e s u r a n c e i n t h e s i x s t a t e s o f t h i s D i s t r i c t g a in e d id epnetria l c o n s t r u c t io n d e c lin e d 1 4 .4 p e r c e n t f r o m N o v e m 1 2 .9 p e r c e n t o v e r N o v e m b e r , b u t w e r e r3e2s.4 b e r , a n d w e r e 9 .6 p e r c e n t l e s s t h a n a y e a r a g o , a n d o t h e r c e n t l e s s t h a n in D e c e m b e r , 1 9 3 1 . F o r t h e y e a r 1 9 3 2 t h e d e c o n t r a c t s d e c r e a s e d 5 3 .9 p e r c e n t f r o m N o v e m b e r b u t w e r e c r e a s e w a s 2 2 .6 p e r c e n t c o m p a r e d w i t h 1 9 3 1 , a s s h o w n b y 2 2 .8 p e r c e n t g r e a t e r t h a n in D e c e m b e r 1 9 3 1 . C u m u la t iv e t h e s e f ig u r e s t a k e n f r o m s t a t i s t i c s c o m p ile d b y t h e L i f e I n t o t a l s f o r t h e y e a r 1 9 3 2 f o r t h e D is t r i c t a m o u n t t o $ 8 6 ,7 5 4 ,s u r a n c e S a le s R e s e a r c h B u re a u . 9 3 8 , a d e c lin e o f 4 9 .8 p e r c e n t f r o m t h e 1 9 3 1 t o t a l . F o r t h e (000 Omitted) y e a r , r e s id e n t ia l c o n t r a c t s t o t a l e d $ 1 5 ,8 2 5 ,3 1 5 , a n d w e r e 4 5 .5 Dec. Nov. Dec. Jan. through Dec. Percentage p e r c e n t l e s s t h a n in 1931^ a n d o t h e r c o n t r a c t s a m o u n t e d t o 1932 1932 1931 1932 1931 Comparison $ 7 0 ,9 2 9 ,6 2 3 , a n d w e r e 5 0 .7 p e r c e n t s m a lle r t h a n t h e 1 9 3 1 Alabama _ _ 3,141 $ 2,724 $ 4,440 $ 37,707 $ 50,362 —25.1 t o t a l. C o m p a r is o n s f o r t h e m o n t h f o r t h e D i s t r ic t , a n d f o r Florida. . 4,002 3,330 6,366 59,514 —24.0 45,218 Georgia__ — 6,905 5,930 10,051 95,880 t h e in d iv id u a l s t a t e s in t h e D is t r ic t , a r e s h o w n in t h e t a b le . 76,326 —20.4 Louisiana.. — 4,126 3,856 5,538 48,982 62,247 —21.3 P a r t s o f t h e f ig u r e s f o r T e n n e s s e e , M is s is s ip p i a n d L o u is ia n a Mississippi 2,214 1,851 3,068 22,270 —22.6 28,775 a p p ly t o o t h e r F e d e r a l R e s e r v e D i s t r ic t s . F i g u r e s f o r t h e Tennessee _ — 5,962 5,292 8,951 68,509 89,340 —23.3 3 7 s t a t e s e a s t o f t h e R o c k y M o u n ta in s , d iv id e d b y c l a s s e s o f Total . -$ 2 5 ,9 5 0 $22,983 $38,414 $299,012 $386,118 —22.6 c o n s t r u c t io n a w a r d s , a r e a ls o s h o w n in t h e t a b le . — 3 .2 C o n tr a c t A w ards Value December 1932 1931 6 M O N T H L Y R E V IE W Dec. 1932 Nov. 1932 Sixth D istrict-Total $ 6 ,347, 596 $ 12,571,824 1,385,397 Residential_____ 1,185 381 11,186,427 All Others______ 5,162; 215 State Totals: Alabam a_______ $ 944, 200 $ 2,219,000 4,348,500 Florida_________ 618, 500 1.187.700 Georgia________ 2,119, 700 3.056.700 Louisiana_______ 2,652, 700 4,119,900 Mississippi_____ 554, 100 608,300 E. Tennessee____ 425 , 200 United States-Total $81,219, 300 $105,302,300 19,245,300 Residential__ ___ 12,957, 500 Non-Residential_ 24,944, 900 31,844,800 Public Works and 54,212,200 Utilities______ 43,31 6, 900 Percentage Comparison —49.5 — 14.4 —53.9 $ Dec. 1931 Percentage Comparison 5,516,388 +15.1 1,311,060 — 9.6 4,205,328 + 22.8 —57.4 —85.8 + 78.5 — 13.2 —86.6 —30.1 —22.9 —32.7 —21.7 $ 521,300 +81.1 1,782,400 —65.3 1,924,600 +10.1 834,800+217.8 286,100 +93.7 534,900 —20.5 $136,851,600 —40.7 36,163,500 —64.2 50,212,500 —50.3 —20.1 50,475,600 — 14.2 L um ber O p e r a t io n s o f lu m b e r m i lls in t h e S o u th d u r in g r e c e n t w e e k s h a v e b e e n a f f e c t e d a d v e r s e ly n o t o n ly b y t h e la c k o f b u y i n g w h ic h a lw a y s o c c u r s j u s t b e f o r e t h e i n v e n t o r y p e r io d b u t a ls o b y t h e e f f e c t s o f s e v e r a l w e e k s o f r a in y w e a t h e r w h ic h h a s in t e r f e r r e d w it h p r o d u c tio n a n d s h ip m e n t s . R e t a i l y a r d s h a v e b e e n b u y in g q u ite s p a r in g ly a n d in a h a n d -t o -m o u t h m a n n e r f o r im m e d ia t e r e q u ir e m e n ts a n d n e c e s s a r y r e p la c e m e n t s , a n d w h i le t h e r e i s s o m e in d u s t r ia l a n d r a ilr o a d d e m a n d t h i s i s n o t s o g o o d a s i t w a s a m o n t h a g o . W o r k h a s b e g u n in c o n n e c t io n w i t h t h e c o n s t r u c t io n o f a b r id g e a c r o s s t h e M is s is s i p p i R iv e r a t N e w O r le a n s , a n d t h i s p r o j e c t w i l l r e q u ir e a l a r g e q u a n t it y o f S o u th e r n P in e . A r e c e n t i s s u e o f t h e S o u th e r n L u m b e r m a n s t a t e s t h a t “ D u r in g t h e y e a r 1 9 3 2 s h ip m e n t s e x c e e d e d p r o d u c tio n r i g h t a lo n g , a n d a t t h e c lo s e o f t h e y e a r s t o c k s a t t h e m ill s h a d b e e n r e d u c e d f r o m 2 ,7 3 5 ,0 0 0 ,0 0 0 f e e t o n J a n u a r y 1 t o 2 ,2 0 0 ,0 0 0 ,0 0 0 , a r e d u c t io n o f 1 9 .6 p e r c e n t . P r ic e s c o n t in u e o n a f a i r l y s t e a d y b a s is .” C o m p a r is o n s o f w e e k l y f i g u r e s , w it h t h o s e f o r t h e s a m e m ills a y e a r a g o , a r e s h o w n in t h e t a b le . (In thousands of Feet) Week Number Orders Production Unfilled Orders Ended: of Mills 1932-33 1931-32 1932-33 1931-32 1932-33 1931-32 Dec. 3 __ Dec. 10. _ Dec. 1 7 .. Dec. 2 4 .. Dec. 3 1 .. Jan. 7----- 95 95 84 90 87 100 19,373 18,503 13,078 8,914 12,311 15,892 16,312 16,129 14,498 9,871 14,608 19,856 C o tto n C o n s u m p tio n 19.516 19,052 16.516 13,027 9,681 17,770 18,999 20,252 17,971 9,028 11,018 17,025 44,166 44,253 45,462 43,958 37,369 47,516 54,148 51,409 49,244 51,736 41,269 60,211 A f t e r in c r e a s i n g each m o n th fr o m J u ly t h r o u g h N o v e m b e r , t h e c o n s u m p tio n o f c o t t o n b y A m e r ic a n m ills d e c lin e d 1 2 .6 p e r c e n t f r o m N o v e m b e r t o D e c e m b e r . I n t h e c o t t o n - g r o w in g s t a t e s t h e d e c r e a s e w a s 1 2 p e r c e n t , a n d in o t h e r s t a t e s i t w a s 16.1 p e r cen t. C o m p ared w ith th e sa m e m o n th a y e a r a g o D e c e m b e r t o t a l c o n s u m p tio n w a s 5 .9 p e r c e n t g r e a t e r , a n in c r e a s e o f 7 .8 p e r c e n t f o r t h e c o t t o n - g r o w in g s t a t e s m o r e t h a n o ff s e t t i n g a d e c r e a s e o f 3 .1 p e r c e n t f o r o t h e r s t a t e s . S t o c k s o f c o t t o n h e ld b y c o n s u m in g e s t a b l is h m e n t s in c r e a s e d 5 p e r c e n t f r o m N o v e m b e r t o D e c e m b e r , b u t w e r e 6 .2 p e r c e n t s m a lle r t h a n a y e a r a g o , a n d t h o s e in p u b lic s t o r a g e a n d a t c o m p r e s s e s d e c lin e d 3 .1 p e r c e n t o v e r t h e m o n t h a n d w e r e 0 .6 p e r c e n t l e s s t h a n f o r D e c e m b e r 1 9 3 1 . I n t h e c o t to n g r o w i n g s t a t e s c o n s u m in g e s t a b l is h m e n t s in c r e a s e d t h e ir h o ld in g s b y 4 .2 p e r c e n t f r o m N o v e m b e r t o D e c e m b e r , a n d in o t h e r s t a t e s t h e in c r e a s e w a s 8 .8 p e r c e n t . C o tto n in s t o r a g e in t h e c o t t o n s t a t e s d e c lin e d 3 .6 p e r c e n t d u r in g t h is p e r io d b u t in o t h e r s t a t e s t h e r e w a s a n i n c r e a s e o f 9 .9 p e r c e n t . D e c e m b e r e x p o r t s g a in e d 2 .7 p e r c e n t o v e r t h o s e in N o v e m b e r , b u t w e r e 1 2 .1 p e r c e n t l e s s t h a n a y e a r a g o . S p in d le s a c t iv e in D e c e m b e r d e c lin e d 2 .4 p e r c e n t f o r t h e c o u n tr y a s a w h o le , 1 .1 p e r c e n t f o r t h e c o t t o n - g r o w in g s t a t e s a n d 5 .3 p e r c e n t f o r o t h e r s t a t e s , f r o m N o v e m b e r t o D e c e m b e r , a n d w e r e 3 .7 p e r c e n t f o r t h e c o u n tr y , 0 .2 p e r c e n t f o r t h e c o t t o n s t a t e s a n d 1 1 .3 p e r c e n t f o r o t h e r s t a t e s , l e s s t h a n in D e c e m b e r 1 9 3 1 . C u m u la t iv e t o t a l s f o r t h e fiv e m o n t h s o f t h e n e w s e a s o n , A u g u s t t h r o u g h D e c e m b e r , in d ic a te t h a t A m e r ic a n m ills d u r i n g t h i s p e r io d c o n s u m e d 2 ,3 4 0 ,2 8 4 b a le s o f c o t to n , a n i n c r e a s e o f 6 .8 p e r c e n t o v e r t h e t o t a l o f 2 ,1 9 1 ,0 1 7 b a le s c o n s u m e d d u r in g t h a t p e r io d a y e a r e a r lie r . I n t h e c o t t o n s t a t e s c o n s u m p tio n d u r in g t h i s fiv e m o n t h s p e r io d w a s 1 ,9 5 3 ,2 8 5 , o r 83 .5 p e r c e n t o f t h e c o u n t r y ’s t o t a l , a n d 8 .7 p e r c e n t g r e a t e r t h a n t h e t o t a l o f 1 ,7 9 6 ,9 9 3 f o r t h e s a m e p e r io d a y e a r a g o , a n d in o t h e r s t a t e s c o n s u m p tio n t o t a le d 3 8 6 ,9 9 9 b a le s , a d e c r e a s e o f 1.8 p e r c e n t c o m p a r e d w it h t h a t p a r t o f t h e s e a s o n Digitized b e f ofor r e .FRASER E x p o r t s a m o u n t e d t o 4 ,2 4 6 ,0 4 8 b a le s , 5.1 p e r c e n t g r e a t e r t h a n d u r in g t h e c o r r e s p o n d in g p e r io d a y e a r e a r lie r . C e n s u s B u r e a u f ig u r e s a r e s h o w n c o m p a r a t iv e ly in t h e t a b le . United vStates (Bales) Cotton Consumed___________________ Stocks______________________________ In Consuming Establishments_______ In Public Storage and at Compresses*_ Exports______________________ ______ Im ports____________________________ Active Spindles—N um ber_____ _______ Cotton-Growing States (Bales) Cotton Consumed___________________ Stocks______ _______________________ In Consuming Establishments_______ In Public vStorage and at Compresses . Active vSpindles—Num ber____________ Other States (Bales) Cotton Consumed___________________ Stocks______________________________ In Consuming Establishments----------In Public Storage and at Compresses _ Active Spindles—Num ber_____________ Dec. 1932 Nov. 1932 Dec. 1932 440,062 11,879,918 1,530,110 10,349,808 1,039,795 10,742 23,775,136 503,722 12,134,275 1,456,913 10,677,362 1,012,411 8,974 24,349,506 415,401 12,045,131 1,630,719 10,414,412 1,183,121 12,705 24,688,094 371,078 11,115,134 1,237 ,322 9,877,812 16,831,244 421,499 11,435,703 1,187 ,864 10,247,839 17,016,718 344,206 11,300,634 1,298,399 10,002,235 16,859,194 68,984 764,784 292,788 471,996 6,943,892 82,223 698,572 269,049 429,523 7,332,788 71,195 744,497 332,320 412,177 7,829,900 C e n s u s B u r e a u f ig u r e s f o r A la b a m a , G e o r g ia a n d T e n n e s s e e , t h e t h r e e s t a t e s o f t h i s D i s t r i c t f o r w h ic h t h e s e s t a t i s t i c s a r e a v a ila b le , a ls o s h o w d e c r e a s e s f r o m N o v e m b e r t o D e c e m b e r , b u t t h e c o m b in e d f ig u r e s f o r t h e s e s t a t e s s h o w a n i n c r e a s e o f 3 .4 p e r c e n t o v e r D e c e m b e r 1 9 3 1 . F o r t h e fiv e m o n t h s o f t h e c u r r e n t c o t t o n s e a s o n c o n s u m p t io n in t h e s e s t a t e s h a s b e e n 8 .3 p e r c e n t g r e a t e r t h a n in t h a t p a r t o f t h e s e a s o n b e f o r e , a s in d ic a t e d b y t h e s e f ig u r e s . Cotton Consumption—Bales Dec. Nov. Dec. 1932 1932 1931 Alabama_____________ Georgia________ ___ Tennessee_____________ T o ta l____________ Aug. 1 to Dec. 31 1932 1931 47,688 76,468 12,524 57,093 86,648 13,973 44,047 75,411 12,680 260,094 413,011 64,191 227,569 384,721 68,714 136,680 157,714 132,138 737,296 581,004 C o t to n M a n u f a c t u r in g C o n fid e n tia l r e p o r t s f r o m m i ll s in t h i s D is t r i c t in d ic a t e t h a t D e c e m b e r p r o d u c tio n o f y a r n w a s 9 .3 p e r c e n t s m a lle r t h a n in N o v e m b e r b u t 4 .6 p e r c e n t g r e a t e r t h a n in D e c e m b e r a y e a r a g o , a n d o u t p u t o f c lo t h d e c lin e d 1 p e r c e n t f r o m N o v e m b e r t o D e c e m b e r a n d w a s 1.3 p e r c e n t l e s s t h a n in D e c e m b e r 1 9 3 1 . O r d e r s f o r b o th y a r n a n d c lo t h d e c lin e d o v e r t h e m o n t h b u t w e r e g r e a t e r t h a n a y e a r a g o , b u t u n fille d o r d e r s o n h a n d w e r e l a r g e r t h a n f o r t h o s e p e r io d s . N u m b e r o f w o r k e r s d e c lin e d f r o m N o v e m b e r t o D e c e m b e r b u t w a s s o m e w h a t l a r g e r t h a n f o r D e c e m b e r 1 9 3 1 . P e r c e n t a g e c o m p a r i s o n s o f r e p o r t e d f ig u r e s a r e s h o w n in t h e t a b le . Percentage change Number of Dec. 1932 compared Mills with Nov. 1932 Dec. 1931 Cotton Cloth: ________ Production_______ ________ S h ip m en ts_______ ________ Orders booked___ __ ________ Unfilled orders____ _ Stocks on hand____ ________ Number on payroll. _ ________ Cotton Yarn: ________ Production-------- -________ S h ip m en ts_____ Orders booked__ __ ________ Unfilled orders----_ _ - .________ ________ Stocks on hand__ ________ Number on payroll. . _ C o tto n S e e d a n d C o tto n S e e d P r o d u c ts 19 18 14 16 17 18 — 1.0 — 5.2 —21.3 + 3.5 + 4.2 — 0.9 — 1.3 — 4.7 + 15.1 + 8.5 — 4.5 + 0.8 13 13 7 9 12 12 — 9.3 —22.3 —21.9 + 3.6 + 2 1.2 — 2.0 + 4.6 + 2.3 + 12.4 + 9.0 + 3 3 .6 + 6.3 D e c e m b e r o p e r a t io n s o f c o t t o n s e e d o il m i ll s in t h e S ix t h D is t r i c t , a n d in t h e c o u n t r y a s a w h o le , d e c lin e d s e a s o n a l ly in c o m p a r is o n w i t h e a r lie r m o n t h s o f t h e c o t t o n s e a s o n , a n d w e r e a t a lo w e r le v e l t h a n a t t h e s a m e t i m e a y e a r a g o . R e c e ip t s o f s e e d in D e c e m b e r b y m i ll s in t h i s D is t r i c t d e c lin e d 5 1 .9 p e r c e n t f r o m N o v e m b e r a n d w e r e 4 9 .4 p e r c e n t l e s s t h a n a y e a r a g o , a n d c r u s h in g s d e c lin e d 3 2 p e r c e n t f r o m N o v e m b e r a n d w e r e 4 5 .7 p e r c e n t s m a l le r t h a n in D e c e m b e r 1 9 3 1 . F o r t h e f iv e m o n t h s , A u g u s t t h r o u g h D e c e m b e r , m ills in t h i s D is t r i c t r e c e iv e d 2 5 .3 p e r c e n t l e s s s e e d , a n d c r u s h e d 2 4 p e r c e n t l e s s , t h a n in t h a t p a r t o f t h e p r e v io u s s e a s o n . F o r t h e c o u n t r y a s a w h o le t h e r e w e r e d e c r e a s e s o f 1 6 .9 p e r c e n t in r e c e ip t s , a n d o f 1 2 .5 p e r c e n t in c r u s h in g s c o m p a r e d w i t h t h o s e f iv e m o n t h s a y e a r a g o . P r o d u c tio n o f t h e p r in c ip a l c o t t o n s e e d p r o d u c ts h a s b e e n lo w e r , a n d s t o c k s a t t h e e n d o f D e c e m b e r w e r e h ig h e r , e x c e p t t h o s e 7 M O N T H L Y R E V IE W o f l i n t e r s , t h a n f o r t h e c o r r e s p o n d in g p e r io d l a s t y e a r . C o m b in e d t o t a l s f o r G e o r g ia , A la b a m a , M is s is s i p p i a n d L o u is ia n a a r e s h o w n c o m p a r a t iv e ly in t h e f ir s t t w o c o lu m n s o f t h e t a b le , a n d t o t a l s f o r t h e c o u n tr y a r e s h o w n in t h e l a s t t w o c o lu m n s . Cotton Seed and Cotton Seed Products ♦SIXTH D ISTR IC T U N IT E D STATES Aug. 1 to Dec. 31 Aug. 1 to Dec. 31 1932 1931 1932 1931 Cotton Seed, Tons: Received a t mills............. 1,020,165 1,365,093 3,620,530 4,357,555 Crushed............................. 730,613 961,669 2,589,763 2,958,060 On Hand Dec. 31............ 335,304 407,205 1,328,607 1,409,601 Production: Crude Oil, lbs____ _____ 234,500,929 312,554,592 797,239,580 919,450,115 Cake and Meal, to n s .... 316,973 418,783 1,165,469 1,325,887 Hulls, tons-___________ 208,963 269,039 734,532 828,790 127,299 164,899 409,220 465,882 Linters, bales_________ Stocks at mills, Dec. 31: Crude Oil, lbs.......... ........ 29,964,832 18,146,600 99,058,468 81,106,132 Cake and Meal, to n s.— 115,488 70,184 366,626 203,196 Hulls, tons........................ 70,934 63,297 236,120 226,974 Linters, bales____ _____ 84,049 96,913 283,895 291,177 *-Georgia, Alabama, Louisiana and Mississippi. E le c t r ic P ow er A f t e r in c r e a s in g e a c h m o n t h f r o m J u l y t h r o u g h O c to b e r , p r o d u c tio n o f e le c t r ic c u r r e n t b y p u b lic u t i l i t y p o w e r p la n t s in t h e s i x s t a t e s o f t h i s D is t r i c t d e c lin e d 2 .1 p e r c e n t in N o v e m b e r , b u t w a s 5 .8 p e r c e n t g r e a t e r t h a n in N o v e m b e r 1 9 3 1 . T h e d e c lin e o f 2 .1 p e r c e n t i n p r o d u c tio n c o m p a r e s w it h a d e c r e a s e o f 3 .2 p e r c e n t in t h e le n g t h o f t h e m o n th , s o t h e r e w a s a n in c r e a s e in t h e d a ily r a t e o f p r o d u c tio n . O u tp u t b y t h e u s e o f w a t e r p o w e r c o n tin u e d in N o v e m b e r t o b e m u c h g r e a t e r , a n d t h a t b y t h e u s e o f f u e l s m u c h l e s s , t h a n a y e a r e a r lie r , b e c a u s e a t t h a t t im e t h e e f f e c t s o f c o n tin u e d d r y w e a t h e r a n d lo w s t r e a m s h a d c a u s e d a s h i f t in t h e p r o d u c tio n o f a m a jo r p a r t o f e le c t r ic c u r r e n t f r o m w a t e r p o w e r t o f u e l s . C o m p a r is o n s f o r t h e m o n th , s h o w n in t h e t a b le , a r e c o m b in e d t o t a l s f o r G e o r g ia , A la b a m a , F lo r id a , L o u is ia n a , M is s is s ip p i a n d T e n n e s s e e , a n d a r e t a k e n f r o m f ig u r e s c o m p ile d b y t h e U n it e d S t a t e s G e o lo g ic a l S u r v e y . Nov 1932 Cct 1932 Nov 1931 Production of Electric Power in k.w. hours: T otal____________ 471,676 481,782 445,648 By use of: Water Power_________ 304,180 170,972 313,031 Fuels________________ 167,496 168,751 274,676 Fuels Consumed in Production of Electric Power: Coal—to n s___________________ 9,917 49,225 10,968 Fuel Oil—bbls________________ 162,235 185,290 170,777 N atural Gas—000 cu. ft_______ 1,862,096 1,972,629 2,561,094 Note:—November figures preliminary—October figures slightly revised. B it u m in o u s C o a l M in in g P r o d u c tio n o f b itu m in o u s c o a l i n t h e U n it e d S t a t e s in c r e a s e d s l i g h t l y f r o m N o v e m b e r t o D e c e m b e r b e c a u s e o f t h e lo n g e r m o n t h , b u t d a i l y a v e r a g e o u t p u t d e c lin e d f o r t h e f i r s t t i m e s in c e J u n e . F o r t h e f i r s t t i m e in m a n y m o n t h s t h e d a i ly a v e r a g e p r o d u c tio n in D e c e m b e r w a s g r e a t e r t h a n in t h a t m o n t h a y e a r a g o . C o m p a r is o n s o f D e c e m b e r f ig u r e s w i t h t h o s e o f c e r t a in o t h e r m o n t h s a r e s h o w n in t h e t a b le . Total Num ber of Average per Production Working Working Day (tons) days (tons) December 1932......... ......................... 31,110,000* November 1932— ................. ...........30,632,000** June 1932..................... .......................17,749,000 December 1931_________________30,579,000 *Preliminary. **Slightly revised. 26 24.2 26 26 1,197,000 1,266,000 683,000 1,176,000 W e e k ly f ig u r e s i n d ic a t e t h a t p r o d u c tio n i n A la b a m a f o r t h o s e w e e k s e n d in g in D e c e m b e r w a s s l i g h t l y l e s s t h a n in N o v e m b e r , b u t s o m e w h a t g r e a t e r t h a n a y e a r a g o , w h il e in T e n n e s s e e t h e w e e k l y f ig u r e s f o r D e c e m b e r a v e r a g e a b o u t th e sa m e a s fo r N o v em b er and fo r D ecem b er 1931. T h ese f ig u r e s a r e c o m p a r e d i n t h e t a b l e b e lo w . Alabama Tennessee Week Ending: 1932 1931 1932 1931 December 3 .. ............... 194,000 December 1 0 ... _______ 185,000 December 17. .......... . 187,000 December 24 , ............... 221,000 December 31 — _______ 170,000* *The Christmas holiday fell in different P ig Iron P r o d u c tio n 207,000 194,000 201,000 142,000* 171,000 weeks in 1932 66,000 67,000 73,000 78,000 55,000* and 1931. 73,000 75,000 67,000 54,000* 69,000 T h e t o t a l p r o d u c tio n o f p i g ir o n i n t h e U n it e d S t a t e s d e c lin e d 1 3 .5 p e r c e n t , a n d t h e d a ily a v e r a g e o u t p u t d e c r e a s e d 1 6 .3 p e r c e n t , f r o m N o v e m b e r t o D e c e m b e r , a n d w a s 4 4 .3 p e r c e n t l e s s t h a n in http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis D e c e m b e r a y e a r a g o , a c c o r d in g t o I r o n A g e s t a t i s t i c s . T o t a l p r o d u c tio n d u r in g t h e y e a r 1 9 3 2 a m o u n t e d t o 8 ,6 8 6 ,4 4 3 t o n s , 5 2 .5 p e r c e n t s m a lle r t h a n t h e t o t a l o f 1 8 ,2 7 5 ,1 6 5 t o n s p r o d u c e d in 1 9 3 1 , a n d 7 2 .3 p e r c e n t , a n d 7 9 .5 p e r c e n t , r e s p e c t iv e l y , s m a l l e r t h a n i n 1 9 3 0 a n d 1 9 2 9 . T h e y e a r 1 9 3 2 e n d e d w it h p i g ir o n p r o d u c tio n in A la b a m a c o n s id e r a b ly b e lo w t h e l e v e l o f t h e f ir s t f iv e m o n t h s o f t h e y e a r , b u t g r e a t e r t h a n in J u n e , J u l y , A u g u s t a n d S e p te m b e r . O f t h e f iv e A la b a m a f u r n a c e s o p e r a t in g o n D e c e m b e r 1, t h r e e h a d b e e n b lo w n o u t o r b a n k e d b y J a n u a r y 1 , l e a v i n g t w o a c t iv e , c o m p a r e d w i t h s i x a c t iv e a t t h e s a m e t im e a y e a r a g o . D e c e m b e r p r o d u c tio n in A la b a m a d e c lin e d 1 5 .0 p e r c e n t , a n d t h e d a ily a v e r a g e d e c r e a s e d 1 7 .7 p e r c e n t , c o n lp a r e d w it h N o v e m b e r , a n d w a s 4 5 .8 p e r c e n t s m a lle r t h a n in D e c e m b e r 1 9 3 1 . P r e s s r e p o r t s in d ic a t e t h a t f o u n d r ie s w e r e b u y in g a s l i t t l e a s p o s s ib le in D e c e m b e r b e c a u s e o f t h e i n v e n t o r y p e r io d , a n d t h a t t h e m o n t h w a s t h e p o o r e s t in m a n y y e a r s . Q u o ta t i o n s c o n t in u e a t $ 1 1 p e r t o n f o r t h e S o u th e r n m a r k e t. T o t a l p r o d u c tio n i n A la b a m a d u r in g 1 9 3 2 a m o u n t e d t o 6 5 9 ,5 4 5 t o n s , 6 0 .6 p e r c e n t l e s s t h a n t h e 1 9 3 1 t o t a l o f 1 ,6 7 2 ,9 3 8 t o n s , a n d 7 1 .9 p e r c e n t l e s s t h a n in 1 9 3 0 a n d 7 5 .5 p e r c e n t s m a lle r t h a n in 1 9 2 9 . C o m p a r is o n s f o r t h e m o n t h a r e s h o w n in t h e t a b le . Dec. 1932 Nov. 1932 Dec. 1931 United States: Production—tons-------------------Average per day—tons________ ♦Active Furnaces---------------------Alabama: Production—tons_____________ Average per day—tons________ *Active Furnaces______________ *First of following month. 546,080 17,615 42 631,280 21,042 51 980,376 31,625 56 43,986 1,419 2 51,756 1,725 5 81,115 2,617 6 N aval S to r e s R e c e ip t s o f b o th t u r p e n t in e a n d r o s in a t t h e t h r e e p r in c ip a l n a v a l s t o r e s m a r k e t s o f t h e D is t r i c t d e c lin e d s e a s o n a ll y in D e c e m b e r a n d w e r e s m a lle r t h a n a y e a r e a r lie r , a n d s t o c k s o f t u r p e n t in e a t t h e c lo s e o f D e c e m b e r in c r e a s e d l e s s t h a n o n e p e r c e n t o v e r t h e m o n t h w h ile t h o s e o f r o s in s d e c lin e d , a n d s u p p lie s o f b o th c o m m o d i t ie s w e r e l e s s t h a n a y e a r a g o . D e c e m b e r r e c e ip t s o f t u r p e n t in e w e r e 1 1 .8 p e r c e n t s m a lle r t h a n in N o v e m b e r , 1 9 .5 p e r c e n t l e s s t h a n in D e c e m b e r 1 9 3 1 , a n d s m a lle r t h a n f o r D e c e m b e r o f o t h e r r e c e n t y e a r s . R o s in r e c e ip t s in D e c e m b e r d e c lin e d 7 p e r c e n t f r o m N o v e m b e r , w e r e 2 4 p e r c e n t s m a lle r th a n f o r D ec e m b e r a y e a r a g o , a n d w e r e a ls o t h e s m a lle s t f o r t h a t m o n t h in r e c e n t y e a r s . F o r t h e c a le n d a r y e a r 1 9 3 2 t u r p e n t in e r e c e ip t s a t p o r t s w e r e 3 4 .2 p e r c e n t , a n d r o s in r e c e ip t s 2 7 .5 p e r c e n t , l e s s t h a n f o r t h e c a le n d a r y e a r 1 9 3 1 , a n d s m a lle r t h a n f o r o t h e r r e c e n t y e a r s . P r e s s r e p o r t s i n d ic a t e t h a t t h r o u g h D e c e m b e r a n d t h e f ir s t w e e k o f J a n u a r y t h e r e w a s a v e r y m e a g e r d e m a n d f o r b o th c o m m o d it ie s , b u t t h a t t h e s e c o n d w e e k in J a n u a r y b r o u g h t d i s t i n c t im p r o v e m e n t in f o r e ig n d e m a n d a c c o m p a n ie d b y a m o d e s t a m o u n t o f d o m e s t ic b u s in e s s . T h e S a v a n n a h q u o ta t io n s f o r t u r p e n t in e o n J a n u a r y 14 w a s 4 0 % c e n t s , c o m p a r e d w i t h 3 6 c e n t s o n D e c e m b e r 1 2 . C o m p a r is o n s o f r e c e ip t s a n d s t o c k s f o r t h e m o n t h a r e s h o w n i n t h e t a b le . Dec. 1932 Nov. 1932 Dec. 1931 Receipts—Turpentine (1) Savannah............... .................................. Jacksonville................. ............................ Pensacola........................... ...................... 6,600 7,008 2,371 7,426 8,099 2,600 7,990 9,124 2,730 T o ta l__________________ 15,979 18,125 19,844 30,515 31,311 9,632 32,250 33,944 10,610 41,284 39,754 12,942 T otal.......................................... 71,458 Stocks—Turpentine (1) Savannah______ __________________ 20,583 Jacksonville_____ ______ ____________ 44,335 Pensacola______ __________________ 27,053 76,804 93,980 Receipts—Rosin (2) Savannah_____ ___________________ Jacksonville____ __________________ Pensacola........... ..................................... T o ta l................................... Stocks—Rosin (2) Savannah................... ......... .................... Jacksonville......... .................................... Pensacola______ __________________ (1) (2) T o ta l..................................... Barrels of 50 gallons. Barrels of 500 pounds. 20,506 44,484 26,222 28,619 57,680 26,012 91,971 91,212 112,311 158,979 156,005 17,629 164,889 164,267 17,751 232,836 218,846 35,181 332,613 346,907 486,863 8 M O N T H L Y R E V IE W M O N T H L Y IN D E X NUM BERS COM PUTED BY FED ER A L R ESE R V E BA N K OF A TL A N TA DEPARTM ENT STORE TRADE—SIXTH DISTRICT (1) Oct. 1932 Nov. 1932 Dec. 1932 Oct. 1931 Nov. 1931 Dec. 1931 Daily Average Sales—Unadjusted A tlan ta—................................................................................................. Birm ingham -.......................................................................................... Chattanooga........................................................ ................................... Nashville— ....................................... .................................................... New Orleans.......................................................................................... DISTRICT.™........................................................................................... 134.5 70.5 63.3 70.1 74.6 79.1 119.9 54.6 50.3 67.0 66.7 69.6 175.0 77.7 73.1 95.1 98.8 101.5 159.7 83.9 86.5 96.1 92.1 95.9 144.9 75.4 69.5 85.1 92.2 90.0 223.6 114.7 103.3 129.7 122.8 132.0 Daily Average Sales—Adjusted* A tlan ta ........... .................... ................................................................... Birmingham.... Chattanooga Nashville__ New Orleans DISTRICT-.................. 113.0 60.8 51.0 59.9 64.9 66.5 112.1 48.8 45.3 58.8 56.1 61.1 106.1 45.7 46.9 56.9 57.4 59.7 134.2 72.3 69.8 82.1 80.1 80.6 135.4 67.3 62.6 76.0 77.5 78.9 135.5 67.5 66.2 75.4 71.4 77.6 M onthly Stocks—U nadjusted A tlan ta................................................................................................... Birmingham Chattanooga Nashville__ New Orleans DISTRICT— 91.4 47.6 54.8 69.6 61.6 63.2 93.2 50.8 54.3 70.4 63.5 65.3 70.4 40.1 35.0 53.0 53.3 51.3 99.3 62.2 76.5 85.4 79.1 80.2 101.9 61.2 79.7 87.1 77.3 80.0 78.4 50.0 57.4 69.1 62.0 63.1 Monthly Stocks—Adjusted* A tlan ta.................................................................................................... Birm ingham ....... ................................................................................... Chattanooga .................. ................................................................... Nashville................................................................................................. New Orleans.......................................................................................... DISTRICT™............................................................................................ 81.6 43.3 48.9 61.6 56.0 56.9 82.5 45.4 49.4 62.9 58.3 58.8 80.9 44.1 39.8 58.9 59.9 57.6 88.7 56.5 68.3 75.6 71.9 72.3 90.2 54.6 72.5 77.8 70.9 72.1 90.1 54.9 65.2 76.8 69.7 70.9 WHOLESALE TRADE—SIXTH DISTRICT—TOTAL............. Groceries................................................................................................. Dry Goods ----Hardw are--------- . Furniture.--------Electrical Supplies Stationery— ...... Drugs______ ___ 47.5 40.5 62.0 47.9 47.1 38.2 42.5 59.9 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 60.8 60.2 63.1 58.2 52.7 68.6 65.9 75.2 54.0 55.1 53.2 52.7 43.4 58.6 40.0 67.0 49.7 55.5 38.0 45.0 32.6 68.8 42.6 72.4 L IF E INSURANCE SALES—SIX STATES—TOTAL............. Alabam a.................................................................................................. Florida.___ Georgia----L ouisiana.... Mississippi Tennessee_ 55.4 44.4 53.9 64.8 59.6 51.6 53.2 59.5 47.1 60.6 69.2 64.7 50.5 57.9 67.2 54.3 72.9 80.6 69.3 60.4 60.9 70.2 57.9 69.9 78.7 75.3 57.3 72.2 73.7 61.1 89.4 77.5 76.5 55.0 74.5 99.5 76.7 115.9 117.3 93.0 83.7 98.0 BUILDING PERM ITS—TWENTY CITIES................................. A tlanta..... .............................................................................................. Birm ingham ........................................................................................... Jacksonville....................................... ..................................................... Nashville................................................................................................. New O rleans.......-.................................................................................. F ifteen O ther Cities............................................................................. 23.7 5.0 7.8 14.0 7.9 71.2 25.3 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 17.1 13.6 4.3 25.7 58.2 9.4 17.3 27.2 14.0 9.0 13.5 79.0 9.5 36.2 20.0 5.0 2.0 16.6 219.8 7.6 9.5 CONTRACT AWARDS—SIXTH DISTRICT—TOTAL............. Residential.............................................................................................. All Others............................................................................................... 21.0 6.5 30.7 35.8 9.9 53.1 18.1 8.5 24.5 34.1 13.1 48.1 16.7 11.1 20.4 15.7 9.3 20.0 WHOLESALE PRICES—UNITED STATESf A LL COMMODITIES.......................................................-................. F arm Products- ........ ......................................................................... Foods___ _____ ___ Other Commodities.— ............ Hides and leather products Textile products...................... Fuel and lighting1.................... Metals and m etal products. Building m aterials............. Chemicals and drugs — H ousefurnishing goods Miscellaneous................................................................................. 64.4 46.9 60.5 70.2 72.8 55.0 71.1 80.3 70.7 72.7 73.7 64.1 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 70.3 58.8 73.3 72.9 82.5 63.0 67.8 82.8 76.1 75.6 81.0 66.6 70.2 58.7 71.0 73.5 81.6 62.2 69.4 82.6 76.2 76.1 80.9 68.7 68.6 55.7 69.1 72.3 79.8 60.8 68.3 82.2 75.7 76.1 78.5 66.8 COTTON CONSUMPTION—UNITED STATES........................ Cotton-Growing States All Other States G eorgia----Alabama Tennessee- 98.8 118.7 55.2 112.3 158.3 133.4 99.1 120.7 51.7 111.2 166.1 140.4 86.6 106.2 43.4 98.1 138.7 125.8 90.9 108.5 52.3 103.1 138.3 150.9 84.4 102.7 44.0 96.1 128.4 131.8 81.7 98.6 44.8 96.8 128.1 127.4 COTTON EXPORTS—UNITED STATES...........................-........ 164.0 164.7 169.2 165.0 174.2 192.2 PIG IRON PRODUCTION—United States.................................. A labam a........................................... 21.6 20.9 21.1 22.3 18.3 18.9 39.3 41.0 36.9 37.2 32.8 34.9 *Adjusted for Seasonal V ariation, f Compiled by Bureau of Labor Statistics. 1926=100. ( 1) Copies of these series for back years w ill be forwarded upon request.
@FedFRASER