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M O N T H L Y R E V I E W O f F in a n c ia l, A g r i c u l t u r a l , T r a d e a n d I n d u s t r i a l C o n d i t i o n s 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 F E D E R A L R E S E R V E VO L. 19, NO. 1 B A N K O F A T L A N T A A TLA N TA , G A , JA N U A R Y S I, 1984 NATIONAL SUMMARY OF BUSIN ESS CONDITIONS Prepared by Federal Reserve Board Distribution Freight car loadings, particularly of miscella neous freight, declined in December as com pared with November by less than the usual seasonal amount. Dollar value of sales by department stores showed an in crease slightly larger than is usual for December. Industrial activity, as measured by the Federal Reserve Board’s seasonally adjusted index, showed an increase in De cember, following upon four months of decline. Factory em Dollar The foreign exchange value of the dollar which ployment declined somewhat, while employment by public Exchange had fluctuated around 64 per cent of parity from agencies showed a considerable increase. the end of November to January 13, declined to Production The Board’s index of industrial production, 62 per cent on January 17, and subsequently advanced to a and which is adjusted to allow for seasonal variarange from 62 to 63 per cent. Employment tion, advanced from 73 per cent of the 19231925 average in November to 74 perPrices cent inWholesale commodity prices, which had shown a slight decline between the middle of November and December. For the fourth quarter of 1933 as a whole the the third week of December, advanced in the following volume of industrial output was 13 per cent larger than for month, reflecting chiefly increases in the prices of farm the corresponding period of 1932. Activity in the steel in products and foods. Cotton and grains showed marked in dustry, contrary to seasonal tendency, increased considerably creases and live stock prices also advanced somewhat. in December and there was also an increase in the output of automobiles. Shoe production declined by an amount smaller Bank At the Reserve banks the seasonal return of currency than is usual in December. A t textile m ills, activity declined Credit from circulation after the holiday demand amounted further by considerably more than the usual seasonal amount to about $250,000,000 from the high point on Decem to about the low level of last spring. ber 22 to January 17. A large part of the funds arising from The number of employees at factories declined between the this inflow of currency to the Reserve banks was added to middle of November and the middle of December by some the reserve balances of member banks, with the consequence what more than the usual seasonal amount, reflecting chiefly that these balances increased by January 17 to $900,000,000 reductions in working forces at cotton, woolen and silk mills in excess of legal requirements. and at clothing factories. At automobile factories there was The return flow of currency from circulation and the re a substantial increase in employment. duction of balances held by commercial banks for the United Value of construction contracts awarded, as reported by States Government were reflected in an increase of demand the F . W. Dodge Corporation, increased further in December deposits at reporting member banks. Loans of the banks de and the first half of January. There was a large increase in clined between December 13 and January 17, while holdings contracts awarded for public works and private construction of United States Government and other securities increased. also increased. In the fourth quarter of 1933, as a whole, Short-term money rates in the open market, which had construction contracts in 37 states totaled $500,000,000 as shown a slight advance in December, declined in January to compared with $300,000,000 in the last quarter of 1932. the previous level. \ i mo INI[DUSTRIAL PRODUCTION 130 120 F/ACTORY ElMPLOYME NT 110 110 100 100 90 90 80 80 120 110 100 90 80 70 J 70 60 1933 In d e x 1934- 50 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 f o r se a s o n a l v a r ia t io n . (1923-1926 a v e r a g e — 100.) L a t e s t fig u r e D e ce m b e r 74. FRASER Digitized for 60 50 1929 1930 1931 1932 / v 1933 70 60 193** 50 F e d e r a l R e se rv e B o a r d ’s in d e x o f f a c to r y e m p lo y m e n t w it h a d ju s t m e n t f o r se a so n a l v a r ia t io n . (1923-1925 a v e r a g e = 1 0 0 .) L a t e s t fig u re D e ce m b e r 71.8. 2 M O N T H L Y T h r e e m o n th m o v in g a v e ra 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 fig u r e b a s e d o n d a t a f o r N o v e m b e r, D e c e m b e r a n d e s ti m a t e f o r J a n u a r y . T o ta l 2 5 0 . 0 ; R e s id e n tia l 2 5 .7 ; A ll O th e r 2 2 4 .3 . SIXTH D ISTRICT SUMMARY In December the volume of retail trade increased to the highest level in two years, wholesale trade was only slightly less than in November but substantially larger than a year ago, bank debits increased over both of those comparative periods, and there were gains over the month in building per mits issued at twenty reporting cities, and in the production of pig iron in Alabama. Operations of cotton mills in the district declined from November to December, and building and construction contracts awarded in the district decreased from the unusually large total for November, but were very much larger than in December, 1932. Department store sales in December increased 60.3 per cent over those in November, were 21 per cent larger than in De cember, 1932, and were larger than for any other month since December two years ago. For the year 1933, total sales by reporting department stores were only eight-tenths of one per cent less than in 1932, notwithstanding the large decreases shown for some of the early months of the year. The collec tion ratio for December was the highest since A pril, 1931. Wholesale trade in December declined only 1.6 per cent from November, and was 38.7 per cent greater than in December a year ago, and for the year was 13.6 per cent greater than in 1932. Bank debits increased 15.7 per cent from November to December and on a daily average basis were 13.1 per cent greater than in December a year earlier. Between December 13 and January 10 outstanding bank credit, both at the Federal Reserve Bank of Atlanta, and at weekly reporting member banks, declined somewhat, but in both instances was greater than on the corresponding report date last year. Daily average demand deposits of all mem ber banks in the district were higher in December than in any other month since May, 1932. Building permits issued at twenty cities in the district more than doubled from November to December, but were 24.8 per cent less in value than in December, 1932, and for the year 1933 the total was 26.3 per cent smaller than for 1932. Building and construction contract awards declined in December from the large November total, but were nearly three and one-half times as large as in December, 1932, and for the year were 51.5 per cent greater than in 1932. The decline in operations of cotton mills in this district was smaller than in the cotton-growing states as a whole. Production of pig iron in Alabama increased in December to the highest level for any month since July, 1931, and for the year was 34.9 per cent greater than in 1932. Reserve The total volume of reserve bank credit outstandBank ing at the Federal Reserve Bank of Atlanta, repreCredit sented by its total holdings of bills discounted and purchased and of United States securities, declined by approximately 3 millions of dollars between December 13 and January 10, but was at that time 15.4 millions, or 23.6 per cent greater than on the same Wednesday a year ago. Discounts declined from 8.2 millions on December 6, the largest total for any Wednesday since August 2, to 4.8 mil lions on December 27, but rose to 5.8 millions on January 10, R E V IE W 1929 1930 1931 1932 1933 1934I n d e x e s o f t h e U n ite d S ta t e s B u r e a u o f L a b o r S ta t is tic s . B y m o n th s 1 9 2 9 to 1 9 3 1 ; b y w e e k s 1 9 3 2 t o d a t e . ( 1 9 2 6 = 1 0 0 . ) L a t e s t f ig u r e s J a n u a r y 2 0 : F a r m P r o d u c ts 5 9 .0 ; F o o d P r o d u c ts 6 4 .6 ; O th e r C o m m o d itie s 7 8 .6 . when they were 11.1 millions, or 65.7 per cent, less than a year earlier. Holdings of purchased bills declined somewhat during this four weeks period, but were slightly larger than a year ago, and United States securities held on January lty, although slightly less than four weeks earlier, were 25.i millions, or 56.5 per cent, greater than on the same Wednes day of 1933. Reserve deposits maintained with the Federal Reserve Bank of Atlanta by member banks in the district increased by 8.7 millions of dollars from December 13 to January 10, and were at that time at the highest level in several years. Total gold reserves and other cash held by this bank was 5.8 millions greater on January 10 than four weeks earlier, and substantially greater than a year earlier. There was an increase of 2.9 millions in Federal Reserve Note circulation from December 13 to December 27, but a decrease of 2.7 millions in the two following weeks, and on January 10 this total was 25.9 millions, or 26.8 per cent, greater than at the same time in 1933. Principal items in the weekly statement are compared in the table. FED ER A L R ESER V E BA NK OF A TLANTA ( 0 0 0 O m itte d ) Ja n . 10, 1 9 34 D ec. 1 3 , 1 9 3 3 B ills D isc o u n te d : S ecu red b y G o v t. O b lig a tio n 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 ........................................ T o ta l B ills a n d S e c u ritie s. T o ta l R e s e rv e s a n d O th e r C a s h . 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 ir c u la tio n . P . R . B a n k N o te s in a c tu a l cir- $ 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 $ 1 ,7 2 9 5 ,6 9 0 7 ,4 1 9 5 ,2 4 5 7 1 ,2 7 1 8 3 ,9 3 5 1 2 1 ,1 3 0 6 0 ,1 2 3 6 9 ,1 4 6 1 2 2 ,5 3 2 $ 5 ,3 9 8 6 3 .2 % 4 ,8 8 8 6 4 .2 % R e s e rv e R a t i o ........................................... J a n . 11, £ 933 1 ,7 6 4 1 5 ,1 6 4 1 6 ,9 2 $ 3 ,0 3 9 4 5 ,5 0 4 6 5 ,4 7 * 8 4 ,2 5 4 4 5 ,4 8 8 4 7 ,7 1 ? 9 6 ,7 6 t > 5 8 .3 % \ Following is a table setting out sim ilar comparisons for tlie twelve Federal Reserve Banks combined. Between December 13 and January 10 discounts for the System as a whole de clined 14.5 millions, total bills and securities declined 17.\4 millions, and Federal Reserve Note circulation declined 39.4 millions, but reserves and deposits increased. \ FED ER A L R ESER V E SYSTEM ( 0 0 0 O m itte d ) Jan . 10, 1 934 D ec. 1 3 , 1 9 3 3 B ills D is c o u n te d : S ecu red b y G o v t. O b lig a tio n 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 ta l R e se rv e s a n d O th e r C a s h .. 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 c ir cu la tio n .................................................... R e s e rv e R a t i o .......................................... $ $ J a n . 11, 1 9 33 $ 3 4 ,4 2 4 6 9 ,2 6 8 1 0 3 ,6 9 2 1 1 3 ,2 1 1 2 ,4 3 1 ,7 4 6 1 ,4 6 2 2 ,6 5 0 ,1 1 1 3 ,8 1 6 ,9 0 1 2 ,7 7 6 ,8 5 7 3 ,0 0 7 ,1 4 4 2 ,9 9 8 ,7 6 0 3 8 ,4 5 8 7 9 ,7 2 6 1 1 8 ,1 8 4 1 1 6 ,1 5 8 2 ,4 3 1 ,6 0 8 1 ,5 8 5 2 ,6 6 7 ,5 3 5 3 ,7 8 8 ,2 8 5 2 ,6 3 7 ,9 3 6 2 ,8 9 1 ,6 0 8 3 ,0 3 8 ,1 7 2 6 6 ,3 8 3 1 8 1 ,7 6 8 2 4 8 ,1 5 1 3 2 ,3 6 2 1 ,8 1 2 ,3 8 8 5 .1 0 2 2 ,0 9 8 ,0 0 3 3 ,5 0 9 ,2 9 2 2 ,5 7 3 ,9 4 4 2 ,6 4 4 ,4 7 1 2 ,6 8 7 ,0 2 4 2 0 5 ,1 9 1 6 3 .6 % 2 0 8 ,8 5 3 6 3 .9 % 65.8% M O N T H L Y Member Total loans and investments of seventeen weekly Bank reporting member banks located in Atlanta, Credit Birmingham, Jacksonville, Nashville, Chattanooga, Mobile and Savannah declined by 7.4 millions of dollars between December 13 and January 10, but were then 26.8 millions, or 8.8 per cent, greater than on the same Wednesday a year ago. Total loans declined 3.7 millions from December 13 to January 10, but were 3.7 millions larger than a year earlier, and holdings of United States and other securities also declined 3.7 millions between December 13 and January 10, but were 23.2 millions, or 19.2 per cent, greater than a year ago. Time deposits held by these banks showed a small gain, but demand deposits declined somewhat, during this recent four weeks period, and although time deposits were 4.1 millions less than on the same report date a year ago, de mand deposits were 8.3 millions greater. Balances held by these banks for their correspondents increased since Decem ber 13 and were 7.3 millions greater than a year earlier. Borrowings by these banks declined from 3.1 millions on December 13 to 1.6 millions on December 27 and January 3, but increased to 2.3 millions a week later. Comparisons of principal items in the weekly report are set out in the table, followed by monthly averages of weekly figures for this group of banks over the past year, and a comparison of savings deposits reported by a selected list of banks scattered throughout the district. C O N D IT IO N O F M E M B E R B A N K S I N S E L E C T E D C IT IE S (0 0 0 O m itte d ) Ja n . 10, 1 9 3 4 D ec. 1 3 , 1 9 3 3 J a n . 1 1 , 1 9 3 3 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 ............................... I I S. S e c u ritie s........................................ O th e r S e c u ritie s...................................... T o ta l In 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 em 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 orrow ings fro m F . R . B a n k ___ $ 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 58,568 $ 1 5 3 ,8 0 2 1 9 2 ,3 7 0 9 8 ,5 8 5 4 9 ,2 7 5 1 4 7 ,8 6 0 $ 5 8 ,3 0 0 1 2 6 ,7 6 7 1 8 5 ,0 6 7 7 6 ,0 2 1 4 4 ,9 4 0 1 2 0 ,9 6 1 3 4 0 ,2 3 0 1 2 8 ,8 5 7 1 5 0 ,6 5 9 6 0 ,8 6 9 5 2 ,6 5 4 3 ,1 0 6 3 0 6 ,0 2 8 1 3 3 ,2 7 5 1 4 0 ,5 9 7 5 5 ,4 3 8 6 0 ,0 0 3 1 ,6 2 0 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 L oans I n v e s tL oans an d D em and T im e F ro m m e n ts In v e s tm e n ts D e p o sits D e p o s its F . R . B a n k 1932 N o v e m b e r .. $ 1 9 1 , 4 1 2 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 e b r u a r y ... 1 8 3 ,5 0 9 M a r c h ........... 1 8 2 ,3 3 4 A prfil............... 1 8 0 ,3 7 7 Maly................ 1 7 9 , 5 8 4 Ju tlie ................ 1 7 5 ,9 8 1 J u liy ................. 1 7 6 ,9 4 6 A u g u s t.......... 1 7 5 ,6 8 4 S e p te m b e r .. 1 7 6 ,5 2 7 O c to b e r ___ 1 7 8 ,4 1 1 N o v e m b e r .. 1 8 8 ,6 1 2 jy e c e m b e r . . 1 9 2 ,4 9 1 $ 1 2 3 ,0 2 1 1 2 3 ,7 5 2 $ 3 1 3 ,4 3 3 3 1 3 ,6 1 8 $ 1 4 0 ,4 5 7 1 4 1 ,3 4 6 1 2 3 ,1 4 8 1 2 8 ,5 8 7 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 8 ,9 2 2 3 1 2 ,0 9 6 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 4 1 ,6 5 1 1 3 8 ,8 0 1 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 3 4 ,3 4 6 1 3 2 ,6 9 5 $ 4 ,0 7 4 3 ,9 3 3 1 3 3 ,1 4 8 1 3 1 ,8 8 2 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 2 ,1 5 1 3 ,8 8 1 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 S A V IN G S D E P O S I T S ( 0 0 0 O m itte d ) P e rc e n ta g e ch a n g e N um ber D ec. 1 9 3 3 c o m p a re d of D e c em b er N o v e m b e r D ecem b er w ith 1933 1933 1932 N o v . 1 9 3 3 D ec. 1 9 3 2 B anks A t l a n t a ................. . . B irm in g h a m . . . Jack so n v ille N a s h v ille ............. N ew O rle a n s , . . . . O th e r C it ie s , . . T o t a l ...................... 3 3 4 4 35 52 $ 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 $ 2 7 ,7 6 4 1 6 ,2 8 3 1 2 ,7 0 0 2 0 ,7 4 0 2 2 ,9 0 0 5 5 ,8 7 8 1 5 6 ,2 6 5 $ 3 1 ,5 2 2 1 7 ,5 4 5 1 3 ,2 3 6 2 3 ,5 0 0 2 7 ,5 5 7 5 4 ,5 4 5 1 6 7 ,9 0 5 + 1 .2 + 2 .2 + 2 .3 + 1 .2 + 3 .3 + 3 .0 + 2 .4 — 1 0 .9 — 5 .2 — 1 .8 — 1 0 .6 — 1 4 .2 + 5 .5 — 4 .7 Debits to Total debits to individual accounts at banks in Individual twenty-six clearing house centers of the district, Accounts reflecting the volume of business transactions settled by check, increased 15.7 per cent from November to December. At the same time last year there was a gain of 25.5 per cent from November to December, but over a period of six years, 1927 through 1932, the increase 3 R E V IE W from November to December hasaveraged 12.8 per cent. December debits were 8.7 per cent greater than a year ago, but on a daily average basis theincrease over December, 1932, was 13.1 per cent. Monthly totals compared in the table are derived from weekly reports by pro-rating figures for those weeks which do not fall entirely within a single calendar month. D ec. 1 9 3 3 (0 0 0 O m itte d ) N ov. 1933 D ec, 1 9 3 2 $ 1 0 3 ,9 5 4 6 1 ,9 7 2 1 ,9 8 8 2 0 ,2 2 3 1 9 ,7 7 1 $ 1 0 3 ,0 2 2 6 4 .4 4 8 1 ,3 9 8 2 5 .0 2 7 1 2 ,1 4 9 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 1 3 ,1 8 1 6 9 ,9 3 2 2 ,0 8 3 2 5 ,2 4 6 1 5 ,9 2 0 F lo rid a — 4 C itie s ................................... Ja c k s o n v ille .......................................... M ia m i...................................................... P en saco la <■............................................ T a m p a ...................................................... 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 7 5 ,7 7 5 4 0 ,8 9 0 1 4 ,4 3 1 4 ,4 9 9 1 5 ,9 5 5 8 9 ,5 7 3 5 0 ,8 0 4 1 4 ,2 8 7 4 ,6 8 7 1 9 ,7 9 5 G eorgia— 1 0 C itie s ............................... A lb a n y ..................................................... A t l a n t a .................................................... A u g u sta ................................................... 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 ................................................. 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 7 3 ,9 1 9 2 ,9 2 4 1 1 1 ,2 7 5 1 4 ,9 9 4 1 ,4 0 9 7 ,9 9 8 749 1 0 ,1 5 7 1 ,4 6 3 2 0 ,6 8 5 2 ,2 6 5 1 7 5 ,8 8 5 2 ,5 0 8 1 1 3 ,3 7 4 1 4 ,1 6 7 1 ,6 4 3 7 ,6 7 9 580 9 ,5 4 2 1 ,1 0 1 2 2 ,8 8 8 2 ,4 0 3 L o u isian a— N e w ^O rle a n s................. 2 0 1 ,4 0 2 1 7 7 ,2 9 8 1 9 6 ,4 6 5 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 2 ,1 5 9 3 ,2 9 0 1 7 ,0 6 5 6 ,1 6 1 5 ,6 4 3 3 3 ,3 3 2 2 ,8 1 5 1 8 ,2 6 0 6 ,2 1 9 6 ,0 3 8 2 8 ,6 3 1 2 ,5 7 6 1 6 ,4 6 5 5 ,6 1 8 3 ,9 7 2 T en n essee— 3 C itie s ............................. 1 0 0 ,8 7 8 C h a tta n o o g a ............. .......................... 2 8 ,4 2 2 K n o x v i l l e ...................................... 1 7 ,3 2 8 N a s h v ille ................ ................................ 5 5 ,1 2 8 8 6 ,5 0 7 2 2 ,9 2 5 1 4 ,0 9 2 4 9 ,4 9 0 9 9 ,1 4 6 2 5 ,7 6 9 1 9 ,5 4 4 5 3 ,8 3 3 $ 6 5 0 ,7 8 5 $ 6 9 2 ,7 2 2 T o ta l 2 6 C itie s ......................... $ 7 5 3 ,2 1 8 A G RICU LTU RE The final crop report for the year 1933 issued by the United States Department of Agriculture indicates an in crease of 42 per cent in the value of the principal crops over those produced in 1932. The increase in value was due to the higher prices which farmers have been receiving. Production of ten of the principal crops which cover about 90 per cent of the acreage of all field and truck crops was nearly 18 per cent lower than in 1932 and also lower than in any of the last 30 years. Valuing late crops at the prices being received by farmers on December 1, and adding the value of early fruits and vegetables already marketed, the estimates show total crop values of $4,076,537,000 for 1933, compared with $2,879,517,000 for 1932. In the six states located wholly or partly in the Sixth Fed eral Reserve District, principal crops produced in 1933 were valued at $558,494,000, a gain of 48.7 per cent over the value of 1932 crops. Production of cotton, corn, white potatoes, peanuts, pecans, tobacco, peaches, apples and sugar cane sirup increased in 1933 over the year before, but most other crops declined. Values are larger for 1933 than in 1932 ex cept for oranges and sugar cane. A table is given below in which are compared figures showing production of the prin cipal crops, and their value, for these six states combined, for the years 1933 and 1932, and is followed by another com parison of total crop values for these years divided by states. P R O D U C T IO N A N D V A L U E O F P R I N C I P A L C R O P S — 1 9 3 3 - 1 9 3 2 P ro d u c tio n in T h o u sa n d s of U n its V alu es in T h o u sa n d s o f D o lla rs P ro d u c tio n V alu e 1933 1932 1933 1932 C o tto n - L in t..................... B ales C o tt o n S e e d ......................T o n s C o r n ................................ B u sh els O a t s ................................. B u sh els (1 ) W h e a t....................B ushels T a m e H a y .........................T o n s S oy B e a n s ....................B ushels C o w p e a s........................B u sh els W h ite P o t a t o e s ... .B u sh e ls S w e et P o ta t o e s ___ B u sh els 4 ,2 4 3 1 ,8 8 4 1 9 9 ,0 9 1 8 ,8 3 5 3 ,3 4 4 2 ,4 3 2 1 ,7 4 8 4 ,0 0 3 1 2 ,4 6 7 2 9 ,8 1 6 4 ,0 8 9 1 ,8 1 5 1 9 1 ,3 8 9 1 1 ,2 8 0 3 ,3 4 7 2 ,5 7 3 1 ,6 9 0 4 ,3 5 4 1 1 ,8 2 5 3 9 ,0 6 7 $ 2 0 1 ,2 4 1 2 6 ,8 2 9 1 1 2 ,6 5 8 5 ,4 2 2 3 ,2 7 1 2 4 ,0 3 6 2 ,6 1 3 3 ,9 4 7 1 0 ,9 3 3 1 6 ,8 5 6 $ 1 1 9 ,5 2 0 1 8 ,6 9 8 6 3 ,9 2 4 3 ,9 7 4 1 ,8 9 5 2 0 ,4 3 3 2 ,0 0 7 2 ,7 9 3 8 ,6 8 1 1 3 ,8 1 6 M O N T H L Y 4 P e a n u t s ................................. L b s . P e c a n s ....................................L b s. T o b a c c o .................................L b s. A p p le s .............................B u sh els P e a c h e s ..........................B u sh els (2 ) O ra n g e s .....................B oxes (3 ) G r a p e f r u it...............B oxes S u g a r C a n e S y r u p ___ G als. (4 ) S u g a r C a n e .............. T o n s (4 ) S u g a r ............................ T o n s (4 ) R ic e .........................B u sh els 8 4 0 ,2 2 0 2 2 ,1 5 0 1 9 9 ,2 8 4 4 ,1 8 8 7 ,6 3 7 1 5 ,3 1 7 9 ,8 0 0 1 6 ,8 6 5 3 ,1 2 5 202 1 4 ,7 6 0 7 9 7 ,2 7 5 2 1 ,5 0 3 1 0 ,7 6 0 2 ,2 2 8 1 2 3 ,2 3 6 2 1 ,6 5 6 1 ,8 8 7 3 ,5 3 4 1 ,9 4 2 6 ,0 7 6 1 6 ,6 4 1 1 9 ,0 9 7 1 1 ,8 0 0 9 ,7 0 2 1 5 ,3 6 2 7 ,6 8 2 3 ,3 5 9 1 0 ,7 2 1 223 .............................. 1 5 ,9 9 0 1 1 ,5 1 3 1 0 ,0 5 4 1 ,1 0 3 1 2 ,9 2 1 1 ,5 0 4 1 ,8 4 8 2 1 ,3 9 9 9 ,5 5 8 5 ,9 3 1 1 0 ,7 3 0 .............. 6 ,5 5 6 N o te s : (1 ) T e n n essee , G eo rg ia a n d A la b a m a (2 ) F lo rid a , L o u isia n a , A la b a m a a n d M ississip p i (3 ) F lo rid a (4 ) L o u isia n a . V A L U E S O F P R IN C IP A L C R O PS B Y ST A T E S— 1 9 3 3 -1 9 3 2 I n T h o u s a n d s of D o lla rs P e rc e n ta g e 1933 1932 C o m p a riso n A la b a m a .................................................. . F lo r id a ........................................................... G e o rg ia ......................................................... L o u isia n a ..................................................... M is siss ip p i.................................................. T e n n e s se e .................................................... T o ta l Six S ta t e s ...................... $ $ 9 7 ,6 8 6 5 9 ,3 4 6 1 2 8 ,8 6 3 7 0 ,8 7 8 1 0 0 ,6 3 0 1 0 1 ,0 9 1 $ $ 5 5 8 ,4 9 4 5 9 ,6 5 3 6 2 ,9 0 0 6 7 ,0 2 9 5 7 ,1 2 8 6 6 ,1 3 1 6 3 ,4 1 3 + 6 3 .8 — 5 .7 + 9 2 .2 + 2 4 .1 + 5 2 .2 + 5 9 .4 3 7 6 ,2 5 4 + 4 8 .7 S U G A R M O V E M E N T — (P o u n d s ) R aw Sugar D ec. 1 9 3 3 N ov. 1933 D ec. 1 9 3 2 R e c e ip ts: N e w O rle a n s ........................................ S a v a n n a h ............................................... 7 5 ,0 5 3 .9 2 5 1 1 ,8 5 0 ,9 0 7 7 6 ,2 7 6 ,4 4 1 1 6 ,8 7 5 ,6 8 3 4 8 ,3 8 4 ,7 9 2 1 4 ,0 5 1 ,5 5 0 M e ltin g s: N e w O rle a n s ........................................ S a v a n n a h ............................................... 5 6 ,3 3 7 ,0 9 6 3 2 ,7 3 8 ,5 6 6 5 6 ,6 8 9 ,6 2 0 1 ,1 4 0 ,3 5 4 5 8 ,6 5 6 ,8 2 3 1 4 ,0 5 1 ,5 5 0 S to ck s * N ew ’O rle a n s ........................................ S a v a n n a h ............................................... 7 1 ,6 2 1 ,1 9 7 3 5 ,6 1 6 ,0 5 7 5 2 ,9 0 6 ,1 8 8 5 6 ,5 0 3 ,7 1 6 5 2 ,6 9 4 ,5 4 7 4 1 ,8 7 8 ,6 2 6 5 0 ,5 8 5 ,3 1 8 2 7 ,0 7 1 ,3 6 3 6 0 ,9 5 8 ,0 9 1 1 8 ,8 6 7 ,5 6 2 5 9 ,6 8 7 ,2 0 6 2 8 ,8 8 1 ,6 2 0 4 7 ,0 1 7 ,6 2 0 1 5 ,0 3 9 ,0 7 8 3 9 ,9 0 1 ,3 8 3 1 2 ,6 7 8 ,2 3 1 5 4 ,8 8 6 ,8 2 8 1 6 ,4 9 8 ,2 9 7 O RLEANS N ov. 1933 D ec. 1 9 3 2 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 ck s: N e w O rle a n s........................................ S a v a n n a h ............................................... R efin ed S u g a r R IC E M O V E M E N T — N E W D ec. 1 9 33 R o u g h R ic e— B arrels: R e c e ip ts .................................................. S h ip m e n ts .............................................. S to c k s ....................................................... 4 1 ,2 1 6 2 6 ,9 4 0 4 2 ,4 0 5 3 6 ,1 3 5 4 2 ,0 1 3 2 8 ,1 2 9 4 0 ,3 2 3 4 6 ,7 5 5 1 1 ,3 1 5 C le an R ic e— P o c k e ts: R e c e ip ts ................................................... S h ip m e n ts .............................................. S to c k s ......................................... .. 3 9 ,0 3 4 2 8 ,3 7 7 1 5 9 ,0 4 5 7 6 ,0 7 0 9 6 ,0 7 4 1 4 8 ,3 8 8 8 9 ,2 7 6 8 2 ,9 9 9 1 8 2 ,9 3 7 R I C E M I L L E R S ’ A S S O C IA T IO N S T A T IS T IC S (B a rre ls ) D ecem ber A u g . 1 to D e c . 3 1 4 0 6 ,0 0 5 4 ,8 5 8 ,4 3 1 7 0 6 ,4 3 5 4 ,6 3 4 ,9 4 5 R e c e ip ts o f R o u g h R ic e: S easo n 1 9 3 3 - 3 4 ................................ S easo n 1 9 3 2 - 3 3 .................................. D is trib u tio n of M illed R ic e: S eason 1 9 3 3 - 3 4 .................................. S easo n 1 9 3 2 - 3 3 .................................. S to ck s of R o u g h a n d C le a n R ice: D ec. 3 1 , 1 9 3 3 ...................................... D ec. 3 1 , 1 9 3 2 ...................................... 5 7 3 ,0 2 9 8 3 4 ,4 9 8 3 ,3 6 4 ,6 0 4 4 ,0 9 3 ,8 0 1 R ough 1 ,0 6 1 ,6 3 4 1 ,5 8 6 ,8 1 2 C le an 7 5 3 ,4 6 9 1 ,3 4 7 ,2 9 8 R E V IE W Fertilizer Sales of fertilizer tax tags more than doubled Tag Sales from November to December in the six states located wholly or partly in the Sixth Distriqt, and were greater by 132.4 per cent than in December, 1932. For the five months of the season, August through Decemf ber, increases are shown, except for Florida, over that part of the season before. For the six states the increase is 28.5 per cent. Figures compared in the table are from those compiled by the National Fertilizer Association. D ec. 1933 A la b a m a .................................... F lo r id a ........................................ G e o rg ia ....................................... L o u isia n a ................................... M ississip p i............................... T e n n e s s e e ................................. 1 2 ,8 5 0 5 9 ,9 5 1 2 0 ,8 7 0 6 ,6 0 0 1 7 ,6 5 0 100 T o t a l ............................................ 1 1 8 , 0 1 1 NOTE: 3 2 .6 2 6 .6 3 1 .7 1 6 .9 6 .6 2 5 .5 2 1 .0 + + + + + + + 6 7 .0 5 5 .0 4 6 .5 7 5 .1 5 4 .7 5 9 .6 6 0 .3 — 0 .7 — 1 .6 + 2 .0 + 2 .7 — 3 .8 + 3 .3 — 0 .8 + 5 .5 — 0 .3 + 8 .4 + 5 .0 + 6 .4 + 3 .9 + 5 .0 T h e rate of stock tu rn ov er is the ra tio of sales d u rin g giv e n period to average sto c ks o n hand. D ec. 1932 A u g u st 1 to D ec. 3 1 1933 1932 2 ,1 5 0 1 ,9 0 0 1 6 ,3 0 0 4 3 ,7 7 4 4 6 ,9 2 2 1 7 3 ,0 1 9 2 ,4 8 3 865 2 8 ,8 6 6 1 ,7 0 0 2 0 0 2 4 ,4 7 0 525 900 1 9 ,2 4 5 479 2 1 3 ,3 7 6 3 ,6 5 0 1 8 0 ,1 8 7 2 ,1 8 8 1 7 ,2 5 1 910 1 0 ,1 1 3 5 1 ,1 1 1 2 1 4 ,2 9 9 5 0 ,7 8 9 2 7 5 ,2 7 6 TRA D E Retail Department store sales in the Sixth District increased Trade in December by more than the usual seasonal amount to the highest level in two years, collections im proved, and stocks at the end of the month showed about the usual decline from November. December sales reported by 39 firms increased by 60.3 per cent over those in November, and were 21.0 per cent greater than in December, 1932. For individual cities the compari sons with December a year ago range from an increase of 6.6 per cent at New Orleans to a gain of 32.6 per cent at Atlanta. In December cash sales accounted for 48.1 per cent of the total, compared with 43.6 per cent in November, and with 48.6 per cent in December, 1932. Total sales for the year 1933 showed a decline of only eight-tenths of one per cent compared with the total for 1932, notwithstanding the large percentage decreases reported for some of the early months of the year. Stocks of merchandise on hand at the close of December were 20.2 per cent smaller in dollar value than a month earlier, and were 5.0 per cent greater than a year ago. Stock turnover for the month, and for the year, was somewhat greater than for corresponding periods a year earlier. Ac counts receivable increased 13.0 per cent over the month, and were 4.9 per cent greater than for December, 1932, and col lections increased 2.7 per cent over November and were 12.3 per cent greater than in December a year ago. The ratio of collections during December to accounts out standing and due at the beginning of the month was 32.1 per cent, the highest since A pril, 1931, and compares with 31.0 for November, and with 29.2 for December, 1932. For reg ular accounts the ratio for December was 34.3, for November 33.2 and for December last year 31.2, and for installment accounts the ratio for December was 15.9, for November 14.9 and for December a year ago 15.7. Collection ratios fo r December for reporting cities were: Atlanta, 29.3; Birming ham, 26.7; Chattanooga, 29.6; Nashville, 29.7; New Orleans. 39.9; and Other Cities, 30.9. 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. 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 D E C E M B E R 1933 B ased o n c o n fid en tial re p o rts fro m 3 9 d e p a rtm e n ts 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 D ec. 1 9 3 3 D ec. 1 9 3 3 J a n . 1 to D ec. 3 1 , 1 9 3 3 D ec. 3 1 , 1 9 3 3 D ec. 3 1 , 1 9 3 3 w ith w ith w ith sam e p e rio d in w ith w ith D ec. 1 9 3 2 N ov. 1933 1932 D ec. 3 1 , 1932 N ov. 30, 1933 A tla n ta ( 6 ) ............................................. ........+ B irm in g h a m ( 4 ) ..........................................+ 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 itie s ( 1 6 ) .........................................+ D I S T R I C T ( 3 9 ) .........................................+ (S h o rt T o n s ) N ov. 1933 — 3 0 .6 — 2 1 .9 — 2 1 .1 — 1 6 .3 — 1 5 .7 — 1 9 .8 — 2 0 .2 R A TE OF STOCK TURN OV ER D ec. 1932 D ec. 1933 .5 3 .3 2 .3 2 .3 5 .3 5 .3 3 .3 7 .6 3 .4 1 .3 8 .4 0 .3 5 .4 3 .4 2 Tan. 1 to D ec. 31 1932 1933 4 .2 1 2 .5 9 2 .3 2 2 .3 8 2 .4 9 2 .2 0 2 .7 0 4 .2 1 3 .1 3 3 .0 9 2 .8 1 2 .6 5 2 .9 7 3 .0 8 M O N T H L Y Wholesale Total sales during the year 1933 by 102 reportTrade ing wholesale firms in the Sixth District were 13.6 per cent greater than in 1932. From the low point in February sales reported by these firms in creased each month through October, and declined slightly in November and December. The decrease from November to December was only 1.6 per cent, and December sales were 38.7 per cent greater than in December a year ago. Stocks on hand were somewhat larger in dollar value, accounts re ceivable smaller, and collections substantially larger than in December, 1932. Detailed comparisons are set out in the table. N um ber o f F irm s A ll L in es C o m b in ed : S a le s ............................................. S to c k s o n h a n d .................... A cco u n ts re c e iv a b le ........... C o lle c tio n s ............................... G roceries: S a le s ............................................. A t l a n t a ................................. J a c k s o n v ille ....................... N ew O rle a n s ...................... V ic k s b u rg ............................ O th e r C itie s ....................... S to c k s o n h a n d ..................... A c c o u n ts re c e iv a b le .......... C o lle c tio n s ............................... D ry G oods: S a le s ............................................. N a s h v ille .............................. O th e r C itie s ....................... S to c k s o n h a n d ..................... A c c o u n ts re c e iv a b le .......... C o lle c tio n s ............................... H a rd w a re : S a le s ............................................. N a s h v ille .............................. N e w O rle a n s ..................... O th e r C itie s ....................... S to c k s o n h a n d ..................... A cco u n ts r e c e iv a b le .......... C o lle c tio n s ............................... F u r n itu r e : S a le s ............................................. A t l a n t a ................................. O th e r C itie s ...................... S to ck s o n h a n d ..................... A cco u n ts re c e iv a b le ........... C o lle c tio n s............................... E le c tric a l S u p p lies: S ale s............................................. N ew O rle a n s ...................... O th e r C itie s ....................... S to ck s on h a n d ..................... A ccounts re c e iv a b le .......... C o llectio n s............................... D m gs: Sales............................................. A ccounts re c e iv a b le .......... C o llectio n s............................... S titio n e ry : S ale s............................................. P e rc e n ta g e C o m p a riso n s: Y ear 1933 w ith Y ear 1932 D ec. 1 9 3 3 w ith : N ov. 1933 D ec. 1 932 + 1 3 .6 102 27 45 49 — 1 .6 + 0 .5 — 1 2 .2 + 1 0 .9 24 3 4 5 3 9 3 9 11 + 9 .1 — 1 1 .7 + 1 0 .3 + 2 9 .2 — 1 6 .9 + 2 .8 — 1 .8 — 2 6 .3 + 1 6 .3 — 27.8 + 3 5 .0 16 3 13 7 8 10 — 2 8 .1 — 3 8 .7 — 2 5 .5 — 3 .6 — 2 0 .1 + 9 .6 + 3 6 .5 + 3 4 .0 + 3 7 .0 + 2 4 .7 — 7 .9 + 3 3 .4 26 3 5 18 8 15 15 — + — — + — + 2 .0 2 .3 2 .3 2 .5 1 .0 2 .0 5 .6 + 6 1 .2 + 2 9 .5 + 4 8 .1 + 7 5 .5 — 4 .0 9 4 5 6 7 6 — 1 8 .7 — 6 .6 — 2 3 .0 + 3 .9 — 4 .9 — 1 3 .8 + 6 4 .6 + 8 9 .3 + 5 5 .9 + 1 3 .3 + 5 .6 + 4 0 .1 13 4 9 3 3 3 + 2 0 .6 + 1 9 .9 + 2 0 .9 + 9 .5 — 3 .6 + 9 .5 + 4 5 .3 + 2 5 .5 + 5 6 .9 — 1.8 8 4 5 + 1 0 .4 — 9 .5 + 2 8 .1 + 9 .3 — 14.8 + 2 2 .4 — 2.1 4 + 1 4 .8 + 1 4 .1 — 1 9 .2 + 3 8 .7 + 6.8 — 8 .7 + 3 4 .7 + 2 9 .0 + 6.0 + 2 7 .7 + 4 1 .6 + 2 8 .3 +21.2 +22.2 + 6.8 + 2.1 — 6 .9 + 8 .5 + 3 1 .1 + 8 .9 + 2 6 .1 + 1 7 .4 + 2 8 .3 + 1 9 .7 + 6.0 + 2 3 .5 +20.6 + 2.6 + 3 8 .5 6 ,6 7 5 1 ,2 7 0 1 2 ,5 1 6 4 6 9 ,1 7 9 9 3 .2 4 4 3 9 ,5 3 1 8 6 ,3 3 2 3 0 ,7 4 4 6 3 ,7 3 8 8 6 8 ,9 7 2 1 1 2 ,1 8 1 2 4 2 ,7 2 8 T o t a l... 2 9 ,1 2 8 2 0 ,4 6 1 6 0 1 ,9 5 4 1 8 0 ,8 1 4 1 ,2 2 3 , 8 8 1 IN DUSTRY Building The value of permits issued during December at Permits twenty reporting cities, for the construction of buildings within their corporate lim its, was more than double that for November, but was 24.8 per cent less than the total for December, 1932. Increases over Novem ber occurred at thirteen of these reporting cities, and fifteen of them reported larger totals than for December a year ago. The large total reported at Jacksonville for December, 1932, with no corresponding large amounts in December this year, was principally responsible for the decline in the total for the twenty cities, as figures for the other nineteen cities for December, 1933, amount to more than twice their total for December, 1932. The December total is the largest since August, and with that exception, the largest since December a year ago. For the year 1933, total permits at these twenty cities amounted to $14,217,532, a decrease of 26.3 per cent compared with the total of $19*293,975 for the year 1932. Comparisons for the month are set out in the table. B U IL D IN G P E R M IT S N um ber V alu e D ecem ber D ecem ber 1933 1932 1933 1932 M o n tg o m e ry ........... F lo rid a : J a c k s o n v ille ............ M ia m i B e a c h . . . . G eo rg ia: P e rc e n t C hange $ 4 ,1 1 3 3 ,7 6 1 6 ,4 5 6 3 ,7 1 2 2 ,4 2 0 5 ,5 0 8 $ 3 ,6 7 1 4 ,3 9 1 7 ,5 1 6 4 ,5 7 5 2 ,5 5 2 5 ,7 6 9 $ 4 3 ,1 2 0 4 3 ,3 6 8 7 2 ,1 2 1 4 7 ,7 8 2 2 8 ,2 8 3 6 7 ,4 3 1 $ 4 4 ,3 6 4 4 8 ,9 4 3 8 2 ,0 4 6 5 2 ,3 2 5 2 6 ,6 7 6 7 0 ,9 1 4 — 2 .8 — 1 1 .4 — 1 2 .1 — 8 .7 + 6 .0 — 4 .9 T o t a l .. . $ 3 2 ,9 4 6 $ 2 5 ,9 7 0 $ 2 8 ,4 7 4 $ 3 0 2 ,1 0 5 $ 3 2 5 ,2 6 8 — 7 .1 Commercial Statistics compiled by Dun & Bradstreet, Inc., Failures indicate that there were 51 business failures in the Sixth District during December, 49 in No vember, and 114 in December, 1932, and liabilities for Decem ber were $458,665, against $578,973 for November, and 1 1 ,6 0 0 6 ,4 2 3 1 1 ,1 0 5 + 2 7 .4 $ 4 ,2 5 7 4 ,4 6 0 7 ,7 9 3 6 ,0 2 0 2 ,9 0 9 7 ,5 0 7 A l a b a m a .. . . F lo r id a .......... . G e o r g i a .. . . . L o u i s i a n a .. . . M is siss ip p i.. . T en n essee. . . W h e a t.............. C o r n ................... O a ts ................... B ir m in g h a m ........... — 9 .0 + 3 3 .5 Y ear 1932 G R A I N E X P O R T S — N E W O R L E A N S (B u sh els) D ecem ber N ovem ber D ecem ber J u ly 1 t o D e c e m b e r 3 1 1933 1933 1932 1933 1932 + 1 7 .5 — 2.0 December sales of new, paid-for, ordinary life in surance in the six states located wholly or partly in the Sixth District, increased 26.9 per cent over November, and were 15.7 per cent greater than in December, 1932. The gain from November to December was slightly more than twice as large as that which occurred at the same time last year. For the year 1933, total sales in these states were 7.1 per cent less than in 1932, the only increase for the year being reported for Mississippi. Figures compared in the table are from those compiled by the Life Insurance Sales Research Bureau. Y ear 1933 $1,749,226 for December a year ago. For the year 1933 there were 962 failures in the Sixth District, a decline of 42.7 per cent compared with the 1,679 in 1932, and liabilities for 1933 were $21,728,000, smaller by 41.5 per cent than the total of $37,149,000 for 1932. In the United States there were 1,132 failures in December, 1,237 in November and 2,469 in December a year ago, and liabilities for the three monthly periods were $27,200,432, $25,353,376 and $64,188,643, respectively. + 2 3 .2 + 3 4 .3 + 1 9 .5 life surance (0 0 0 o m itte d ) D ecem ber N ovem ber D ecem ber 1933 1933 1932 5 R E V IE W C o lu m b u s ................. S a v a n n a h .................. L ouisiana: 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 h n so n C i t y . . . . K n o x v ille .................. N a s h v ille ................... T o ta l 2 0 C itie s. 3 99 24 38 4 59 20 28 399 291 66 49 116 255 229 65 25 14 1 105 35 26 123 28 $ 900 8 7 ,8 1 9 8 6 ,0 6 0 4 ,6 4 0 $ P e rc e n ta g e C h a n g e in V alu e 280 1 7 ,4 8 3 1 1 ,0 7 0 3 ,7 7 0 + 2 2 1 .4 + 4 0 2 .3 + 6 7 7 .4 + 2 3 .1 9 8 ,9 5 6 4 1 7 ,5 9 1 1 6 3 ,1 9 5 1 3 ,1 6 7 4 5 ,0 7 1 1 ,3 9 4 ,8 3 0 6 2 ,3 9 3 6 7 ,0 6 5 7 ,9 6 5 1 9 ,9 0 7 — 9 2 .9 + 5 6 9 .3 + 1 4 3 .3 + 6 5 .3 + 1 2 6 .4 102 17 11 112 12 2 4 ,8 0 7 1 8 3 ,3 8 9 1 7 ,3 7 7 3 4 ,1 9 1 1 4 ,2 1 2 4 7 ,7 9 6 1 0 0 ,7 7 9 1 ,1 1 2 1 2 ,8 1 0 1 1 ,0 6 0 — 4 8 .1 + 8 2 .0 + 1 4 ,6 2 6 .8 + 1 6 6 .9 + 2 8 .5 40 34 48 38 3 5 ,9 3 3 3 ,1 9 3 8 9 ,6 5 7 2 2 4 ,1 6 1 — 5 9 .9 — 9 8 .6 137 1 *43 88 3 19 41 2 7 7 ,3 6 7 300 5 4 ,4 7 7 3 3 ,0 7 4 9 ,3 6 2 1 ,3 0 0 1 8 ,2 9 5 2 0 ,0 8 3 + 2 8 ,6 2 6 .9 — 7 6 .9 + 1 9 7 .8 + 6 4 .7 1 ,6 5 7 1 ,3 1 6 $ 1 ,5 9 5 ,7 1 9 $ 2 ,1 2 1 ,1 7 8 — 2 4 .8 Contract Value of contracts awarded in the Sixth District, Awards indicated by statistics compiled by the F . W. Dodge Corporation and subdivided into district totals by the Federal Reserve Board’s Division of Research and Statistics, declined in December from the large Novem ber total, but was nearly three and one-half times as large as in December, 1932. Residential contracts were slightly less than for December a year ago, but other contracts were four times as large. For the year 1933, total contracts in this District were 51.5 per cent, residential contracts 17.0 per cent, and others 59.2 per cent, greater than in 1932. State totals for the year show gains over 1932 in Alabama, Florida, Louisiana and Tennessee, but decreases in Georgia and Mississippi. Comparisons for the month for the District, for the indi vidual states of the District, and for the 37 states east of the Rocky Mountains, are set out in the table. 6 M O N T H L Y D ecem b er 1933 S ix th D is tric t— T o t a l .$ 2 1 , 8 1 8 , 5 6 1 R e s id e n tia l................. 1 ,1 2 8 ,8 3 8 A ll O th e r s ................... 2 0 , 6 8 9 , 7 2 3 S ta te T o ta ls : A la b a m a ...................... ....3 , 1 8 3 , 6 0 0 F lo r id a .......................... .... 4 , 1 2 1 , 3 0 0 G e o r g ia ..............................1 , 9 1 9 , 2 0 0 L o u is ia n a ......................... 4 , 1 1 0 , 3 0 0 M is siss ip p i...................... 1 , 8 1 3 , 6 0 0 E. T e n n e s se e ................. 8 , 6 7 4 , 5 0 0 U n ite d S ta te s : T o t a l .............................. 2 0 7 , 2 0 9 , 5 0 0 R e s id e n tia l................. 2 3 , 8 9 9 , 6 0 0 N o n - R e s id e n tia l. . . 5 0 , 0 4 0 , 0 0 0 P u b lic w o rk s a n d U tilitie s ................... 1 3 3 , 2 6 9 , 9 0 0 N ovem ber 1933 P e rc e n t C hange $ 4 2 ,8 5 4 ,4 8 9 4 ,0 9 4 ,5 3 9 3 8 ,7 5 9 ,9 5 0 — 4 9 .1 — 7 2 .4 — 4 6 .6 D ecem ber 1932 P ercen t C h an g e $ 6 ,3 4 7 ,5 9 6 1 ,1 8 5 ,3 8 1 5 ,1 6 2 ,2 1 5 + 2 4 3 .7 — 4 .8 + 3 0 0 .8 1 7 .3 0 4 .8 0 0 — 8 1 .6 5 ,1 0 5 ,8 0 0 — 1 9 .3 4 ,4 8 0 ,5 0 0 — 5 7 .2 1 ,3 8 9 ,4 0 0 + 1 9 5 .8 7 4 3 ,4 0 0 + 1 4 4 .0 1 4 .5 8 4 .8 0 0 — 4 0 .5 + 2 3 7 .2 9 4 4 ,2 0 0 + 5 6 6 .3 6 1 8 ,5 0 0 2 .1 1 9 .7 0 0 — 9 .5 2 .6 5 2 .7 0 0 + 5 4 .9 + 2 2 7 .3 5 5 4 ,1 0 0 4 2 5 ,2 0 0 + 1 9 4 0 .1 D ec. D ec. D ec. D ec. Jan. N um ber of M ills 9 ................. 1 6 .............. 2 3 .............. 3 0 .............. 6 , 1934-33 93 100 94 99 99 + 1.2 + 1 5 5 .1 + 8 4 .4 + 8 1 .0 8 1 ,2 1 9 ,3 0 0 1 2 ,9 5 7 ,5 0 0 2 4 ,9 4 4 ,9 0 0 A la b a m a . . . . G e o r g ia ........... T e n n essee. . . 3 8 ,7 6 3 6 6 ,4 6 6 7 ,0 0 2 4 8 ,1 1 5 8 5 ,0 8 5 9 ,8 5 7 4 7 ,6 8 8 7 6 ,4 6 8 1 2 ,5 2 4 2 4 4 ,4 5 3 4 4 7 ,8 4 8 4 9 ,1 6 0 2 6 0 ,0 9 4 4 1 3 ,0 1 1 6 4 ,1 9 1 1 1 1 ,0 7 9 ,6 0 0 + 2 0 .0 4 3 ,3 1 6 ,9 0 0 + 2 0 7 .7 T o ta l. . . 1 1 2 ,2 3 1 1 4 3 ,0 5 7 1 3 6 ,6 8 0 7 4 1 ,4 6 1 7 3 7 ,2 9 6 +100.6 1 8 ,9 7 8 1 4 ,0 6 2 9 ,8 3 3 ................ 1 5 ,1 3 5 2 1 ,3 3 1 2 1 ,3 6 8 1 8 ,3 6 4 9 ,9 6 1 1 7 ,4 1 0 2 1 ,7 6 0 5 5 ,6 3 6 1 7 ,3 3 6 5 0 ,7 2 3 1 4 ,3 3 8 4 4 ,1 5 9 ............... .......4 6 , 0 7 7 1 6 ,8 1 9 4 7 ,5 8 6 5 4 ,2 7 5 5 0 ,8 3 1 4 4 ,2 9 9 ................ 4 5 ,6 2 5 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 D ec. 1 9 3 3 N ov. 1933 D ec. 1 9 3 2 3 4 8 ,3 9 3 C o tto n C o n s u m e d ................................. S to c k s ............................................................ 1 1 , 9 5 5 , 2 0 3 I n C o n su m in g E s ta b lis h m e n ts . 1 , 6 4 1 , 7 4 2 I n P u b lic S to ra g e a n d a t C om 1 0 ,3 1 3 , 4 6 1 8 2 0 ,0 9 9 E x p o r t s ........................................................ A c tiv e S p in d le s— N u m b e r .............. 2 4 , 8 4 0 , 8 7 0 4 7 5 ,3 6 8 1 1 ,9 8 5 ,2 3 5 1 ,5 7 3 ,7 4 4 4 4 0 ,4 3 9 1 1 ,8 7 9 ,8 5 1 1 ,5 3 0 ,0 4 0 1 0 ,4 1 1 , 4 9 1 9 1 5 ,3 0 4 2 5 ,4 2 3 ,3 4 8 1 0 ,3 4 9 , 8 1 1 1 ,0 3 9 ,7 9 5 2 3 ,7 9 9 ,7 4 2 C O T T O N G R O W IN G S T A T E S — B ales 3 7 9 ,2 7 2 C o tto n C o n s u m e d ................................. 2 8 2 ,9 4 1 1 1 ,2 3 8 ,4 8 9 1 1 ,2 9 6 ,1 8 8 I n C o n su m in g E s ta b lis h m e n ts . 1 , 2 9 0 , 5 9 0 1 ,2 4 5 ,5 6 3 I n P u b lic S to ra g e a n d a t C o m 1 0 ,0 5 0 ,6 2 5 p re s s e s ................................................. 9 , 9 4 7 , 8 9 9 1 7 ,4 1 8 ,0 3 2 A ctiv e S p in d le s— N u m b e r .............. 1 7 , 3 3 8 , 7 9 4 O T H E R S T A T E S — B ales 6 5 ,4 5 2 C o tto n C o n s u m e d ................................. 9 6 ,0 9 6 7 1 6 ,7 1 4 S to c k s ............................................................ 6 8 9 ,0 4 7 3 5 1 ,1 5 2 I n C o n su m in g E s ta b lis h m e n ts . 3 2 8 ,1 8 1 I n P u b lic S to ra g e a n d a t C o m 3 6 5 ,5 6 2 3 6 0 ,8 6 6 presses ................................... .. 7 ,5 0 2 ,0 7 6 8 ,0 0 5 ,3 1 6 A ctiv e S p in d les— N u m b e r .............. Cotton Production and shipments of reporting cloth Manufacturing and yam m ills in the Sixth District declined from November to December, and were also less than in December, 1932. Orders reported by cloth mills were about the same as in November, but smaller than a year ago, but orders booked by yarn m ills nearly doubled over November and were 57.9 per cent greater than in De cember, 1932. Stocks and unfilled orders increased over both of those comparative periods. Employment declined over the month, but for all reporting m ills was 39.6 per cent greater than a year ago. Reported figures are com pared in the table. U nfilled O rd ers 1933 1932 Cotton Consumption of cotton by American mills deConsumption clined 26.7 per cent from November to Decem ber, and was in that month approximately half that of June when consumption was the largest for any month in available records, and 21 per cent smaller than in December, 1932. In the cotton states the decline over the month was 25.4 per cent and in other states 31.9 per cent. Spindles active in December were 2.3 per cent for the coun try, 0.5 per cent for cotton states and 6.3 per cent for other states, fewer than in November, but show an increase of 4.4 per cent over those active in December, 1932. Exports de clined 10.4 per cent over the month and were 21.1 per cent less than a year ago. Totals for the first five months of the cotton season, August through December, indicate that con sumption for the country was 3.1 per cent greater than in that part of the season before, a decrease of 1.1 per cent for the cotton states being offset by a gain of 24.3 per cent for other states. During this period the cotton states consumed 80 per cent of the total for the country. Exports during this five months period were 1.5 per cent less than in that part of the previous season. Census Bureau figures are compared in the table. C O T T O N C O N S U M P T IO N — B ales D ecem ber N ovem ber D ecem ber A u g . 1 to D ec. 3 1 1933 1933 1932 1933 1932 + 2 7 .6 (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 1933 1932 1933 1932 1 6 ,2 7 1 1 5 ,1 1 0 1 3 ,1 2 4 1 3 ,2 5 6 1 2 ,2 1 7 Consumption in the three states of this District for which Census Bureau figures are compiled separately declined 21.5 per cent from November to December, and was 17.9 per cent less than in December, 1932. Except for Ju ly, 1932, and August, 1930, December consumption was the smallest for any month in a number of years. Following are comparisons for the month. 1 6 2 ,3 4 0 ,6 0 0 2 3 ,6 1 5 ,7 0 0 2 7 ,6 4 5 ,3 0 0 Lumber Weekly statements of the Southern Pine Associa tion and reports in the press indicate a further slowing down in production of lumber in the Southern Pine territory, and a somewhat greater decrease in orders, follow ing the two weeks of active business at the beginning of November. Weekly figures for December indicate that pro duction of reporting mills averaged slightly larger than at the same time a year ago, but orders were somewhat less. Retail yards are reported to be almost out of the market, and such buying as is being done is by railroads and indus trial consumers. Figures for recent weeks are compared in the table. W e ek Ended R E V IE W 3 7 1 ,3 1 8 1 1 ,1 1 5 ,0 1 9 1 ,2 3 7 ,2 0 2 9 ,8 7 7 ,8 1 7 1 6 ,8 3 1 ,3 3 4 6 9 ,1 2 1 7 6 4 ,8 3 2 2 9 2 ,8 3 8 4 7 1 ,9 9 4 6 ,9 6 8 ,4 0 8 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 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................. P e rc e n ta g e ch a n g e D e c . 1 9 3 3 c o m p a re d w ith N ov. 1933 D ec. 1 9 3 2 17 — 1 8 .6 — 1 7 .3 — 0 .9 + 2 .2 + 1 3 .1 — 0 .9 — 7 .9 — 1 7 .8 — 8 .6 + 1 1 .9 + 5 .4 + 3 5 .1 14 14 8 10 13 13 — 2 4 .9 — 2 4 .5 + 9 9 .2 + 1 5 .3 + 2 3 .8 — 9 .2 — 2 0 .4 — 2 5 .7 + 5 7 .9 + 4 .4 + 1 8 .7 + 5 1 .5 19 18 14 16 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................. Cotton Seed There was a further seasonal decline iji opand Cotton erations of cotton seed oil mills from NoSeed Products vember to December. Combined figures lor the states of Georgia, Alabama, Louisiana and Mississippi show a decrease of 18.6 per cent in seed crushings in December compared with November, and for the first five months of the cotton season, August through December, receipts of seed have been 3.4 per cent, aid crushings 12 per cent, smaller than in that part of the prsvious season. During this period production of the principil cotton seed commodities has been smaller than in that pait of the season before, and stocks of these commodities at thi end of December were also smaller than a year earlier, ex-| cept for an increase of 19 per cent in stocks of crude oil. Combined figures for these four states are compared in the first two columns of the table, and totals for the country as a whole are compared in the last two columns. COTTON SEED AND COTTON SEED PROD U CTS ♦ S ix th D is tr ic t U n ite d S ta te s A u g . I to D ec. 3 1 A u g . 1 to D e c . 3 1 1933 1932 1933 1932 C o tto n S eed , T o n s: R e c e iv e d a t M i l l s .. . . C r u s h e d .............................. O n H a n d , D ec. 3 1 . . . 9 8 5 ,5 7 6 6 4 2 ,7 3 5 3 7 1 ,6 1 1 1 ,0 1 9 ,8 1 6 7 3 0 ,2 1 1 3 3 6 ,7 9 1 3 ,5 0 5 ,0 1 0 2 ,4 2 5 ,5 0 6 1 ,3 0 0 ,4 4 2 3 ,6 2 3 ,7 9 4 2 ,5 8 6 ,6 7 7 1 ,3 3 6 ,3 9 1 P ro d u c tio n : C ru d e O il, lb s ................. 2 0 7 , 0 2 0 , 5 5 1 C a k e a n d M e a l, to n s . 2 7 8 ,0 5 0 H u lls , t o n s ....................... 1 7 7 ,7 3 8 L in te rs , b a l e s ................. 1 1 7 ,9 4 1 2 3 4 ,5 0 0 ,9 2 9 3 1 6 ,9 7 3 2 0 8 ,9 6 3 1 2 7 ,2 9 9 7 4 9 ,8 3 2 ,8 8 0 1 ,0 9 5 ,7 6 6 6 5 1 ,4 7 7 4 3 7 ,1 4 5 7 9 6 ,3 7 6 ,0 4 6 1 ,1 6 3 ,9 7 2 7 3 3 ,2 1 7 4 0 9 ,0 2 9 S to c k s a t M ills, D e c . 3 1 : C ru d e O il, lb s................. 3 5 ,6 5 8 ,7 5 3 2 9 ,9 6 4 ,8 3 2 C a k e a n d M e a l, to n s . 1 0 2 ,3 5 3 1 1 5 ,4 8 8 H u lls , t o n s ....................... 3 1 ,5 0 0 7 0 ,9 3 4 L in te r s , b a l e s ................. 4 5 ,2 1 6 8 4 ,0 4 9 ♦ G eo rg ia, A la b a m a , L o u isia n a a n d M ississip p i. 1 3 1 ,9 5 4 ,3 3 1 3 1 2 ,0 9 6 1 2 4 ,8 9 2 1 6 1 ,8 2 4 9 9 ,0 5 8 ,4 6 8 3 6 7 ,2 8 9 2 3 5 ,3 2 0 2 8 4 ,3 1 7 M O N T H L Y Electric There was a further reduction of 5.1 per cent in Power total production of electric power by public utility power plants in the six states located wholly or partly in the Sixth District during November, compared with October, and November production was 1.9 per cent less than in that month a year ago. Part of the decline from October was because of the shorter month, as the daily average out put declined 2.0 per cent. For the eleven months of 1933, production in these states was 2.2 per cent greater than in that part of 1932, a gain of 3.7 per cent in production by plants using water power being offset in part by a decrease of 0.4 per cent by those using fuels. For this period, 64.7 per cent of the total was by use of water power, compared with 63.7 per cent for the same part of 1932. Figures com pared in the table are from those compiled by the United States Geological Survey. P R O D U C T I O N O F E L E C T R I C P O W E R ( 0 0 0 K .W . H O U R S ) N ov. 1933 O c t. 1 9 3 3 N ov. 1932 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 siss ip p i.................................................. T e n n e s se e .................................................... 1 7 6 ,3 6 4 4 9 ,6 8 8 7 5 ,6 6 5 1 0 3 ,6 3 1 4 ,2 0 5 6 2 ,3 4 1 1 8 5 ,2 5 9 5 1 ,4 3 7 7 4 ,1 7 7 1 0 7 ,6 7 2 5 ,3 4 5 7 3 ,6 0 1 1 6 0 ,9 8 1 5 1 ,3 7 0 7 9 ,5 4 5 1 0 0 ,9 6 3 4 ,0 9 0 8 4 ,1 7 4 T o t a l .............................................. 4 7 1 ,8 9 4 4 9 7 ,4 9 1 4 8 1 ,1 2 3 B y u se of: W a t e r P o w e r ............ 2 8 9 ,6 8 3 3 0 5 ,7 2 2 3 0 4 ,1 8 0 F u e ls .............................. 1 8 2 ,2 1 1 1 9 1 ,7 6 9 1 7 6 ,9 4 3 F u e ls C o n su m e d in P ro d u c tio n of E le c tric P ow er: C o al— t o n s ....................................... 1 1 ,4 5 1 1 2 ,7 2 5 9 ,4 8 9 F u e l Oil— b b ls ............................... 1 8 5 ,4 9 8 1 9 7 ,9 2 4 1 8 4 ,9 6 4 N a tu r a l G as— 000 cu . f t _____ 2 ,0 7 0 ,3 0 6 2 ,2 1 5 ,6 2 1 1 ,9 5 4 ,9 9 6 N o te : N o v e m b e r figures p re lim in a ry — O cto b e r figures s lig h tly rev ise d . 7 R E V IE W year 1933 totaled 13,212,785 tons, and was 52.1 per cent greater than 1932 production, which amounted to 8,686,443 tons. Production of pig iron in Alabama increased 50.1 per cent, and daily average production increased 45.2 per cent, from November to December, and in that month was nearly three times that of December, 1932. The months production of 127,039 tons was the largest total for any month since July, 1931. The number of active furnaces increased from 7 at the beginning of December to 10 on January 1, and compares with 2 active at the same time a year ago. Cumulative pro duction for the year 1933 in Alabama amounted to 889,942 tons, greater by 34.9 per cent than the total of 659,545 tons produced in 1932. Press reports indicate that December brought to a close an active movement that had extended through three months, during which time foundries with lowpriced contracts took as much as they could finance during the month, as contracts made prior to December were to be cancelled if not filled by the end of December. Deliveries were especially heavy in December. Current quotations con tinue at $13.50 per ton. The usual comparisons follow. P ro d u c tio n — T o n s T o ta l D a ily A v erag e U n ite d S ta te s : D ecem b er 1 9 3 3 .................................. N o v e m b e r 1 9 3 3 ................................. A u g u st 1 9 3 3 ......................................... M a rc h 1 9 3 3 .......................................... D ecem b er 1 9 3 2 .................................. F u rn a c e s A ctiv e* 1 ,1 8 2 ,0 7 9 1 ,0 8 5 ,2 3 9 1 ,8 3 3 ,3 9 4 5 4 2 ,0 1 1 5 4 6 ,0 8 0 3 8 ,1 3 1 3 6 ,1 7 4 5 9 ,1 4 2 1 7 ,4 8 4 1 7 ,6 1 5 75 76 98 38 42 1 2 7 ,0 3 9 8 4 ,6 4 6 1 2 2 ,3 0 8 4 3 ,9 8 6 4 ,0 9 8 2 ,8 2 2 3 ,9 4 5 1 ,4 1 9 10 7 9 2 3 7 ,1 3 3 3 4 ,6 6 8 9 ,8 2 6 3 3 ,5 8 8 3 7 ,1 1 3 1 1 ,1 9 5 3 0 ,5 1 5 3 1 ,3 1 1 9 ,6 3 2 8 1 ,6 2 7 8 1 ,8 9 6 7 1 ,4 5 8 J a c k s o n v ille .......................................... 1 6 ,4 3 1 3 4 ,6 1 8 3 0 ,2 2 0 1 7 ,4 0 6 3 4 ,2 7 8 2 8 ,6 9 9 2 0 ,5 8 3 4 4 ,3 3 5 2 7 ,0 5 3 T o t a l .............................................. 8 1 ,2 6 9 8 0 ,3 8 3 9 1 ,9 7 1 1 0 6 ,7 3 0 8 3 ,5 6 5 2 0 ,4 7 6 1 0 1 ,2 3 1 8 4 ,9 9 0 2 2 ,9 9 7 1 5 8 ,9 7 9 1 5 6 ,0 0 5 1 7 ,6 2 9 2 1 0 ,7 7 1 2 0 9 ,2 1 8 3 3 2 ,6 1 3 A lab a m a: D e c e m b e r 1 9 3 3 .................................. N o v e m b e r 1 9 3 3 ................................. J u ly 1 9 3 3 ............................................... D ecem b er 1 9 3 2 .................................. ♦ F irs t of follow ing m o n th . Bituminous Preliminary statistics compiled by the United Coal Mining States Bureau of Mines show a reduction of 3.2 per cent in total production of bituminous coal from November to December, and a decrease of 6.1 per Naval There were small declines in receipts of both turpencent compared with December, 1932. Daily average produc Stores tine and rosin, from November to December, at the tion was 4.0 per cent smaller than in November, but only 2.3 three principal markets of the District, but stocks of per cent less than in December a year ago. Preliminary fig both commodities increased slightly over the month. Com ures for December are compared in the table. pared with the same month a year ago, December receipts of turpentine were 8.6 per cent, and of rosin 14.2 per cent, T o ta l N u m b e r of A v e ra g e p e r larger than for December, 1932, but stocks of turpentine were W o rk in g W o rk in g d a y P ro d u c tio n 11.6 per cent, and of rosin 36.6 per cent, smaller. Press re days (T o n s ) (T o n s) ports indicate that during the last few days of December 1 ,1 8 4 ,0 0 0 2 9 ,6 0 0 ,0 0 0 25 and in the early part of January the demand from domestic 1 ,2 3 3 ,0 0 0 . 3 0 ,5 8 2 ,0 0 0 2 4 .8 and foreign buyers has been fairly satisfactory, and the 1 ,2 5 6 ,0 0 0 . 3 3 ,9 1 0 ,0 0 0 27 2 4 .7 7 9 0 ,0 0 0 1 9 ,5 2 3 ,0 0 0 quoted price of turpentine has risen from about 41 cents at . 3 1 ,5 2 2 ,0 0 0 26 1 ,2 1 2 ,0 0 0 the middle of December to 46% cents on January 13, and prices on the various grades of rosin have also advanced somewhat. Receipts and stocks for the month are compared Total production of bituminous coal in the United States in the table. during 1933 amounted to 327,940,000 tons, a gain of 5.9 per NAVAL STO RES cent over the total of 309,710,000 tons produced in 1932. D ec. 1 9 3 3 N ov. 1933 D ec. 1 9 3 2 Weekly figures indicate that production declined slightly R e c e ip ts— T u rp e n tin e during December in both Alabama and Tennessee, and Ala 7 ,8 4 5 7 ,5 0 3 6 ,6 0 0 bama output was about the same as in December, 1932, but 7 ,1 2 6 Ja c k s o n v ille .......................................... 7 ,9 3 8 7 ,0 0 8 Tennessee production was materially less. Weekly figures 2 ,3 8 1 3 ,0 9 4 2 ,3 7 1 are compared below. T o t a l .............................................. 1 7 ,3 5 2 1 8 ,5 3 5 1 5 ,9 7 9 (T o n s) A la b a m a W eek E n d e d : D ecem b er 2 .................................. D e c em b er 9 .................................. D ecem b er 1 6 ............................... D e c em b er 2 3 ............................... D e c e m b e r 3 0 ............................... 1933 1932 180 180 180 172 155 175 166 168 198 153 T e n n e sse e 1933 1932 50 54 63 58 55 70 75 81 88 68 Pig Iron After declining from August through November, Production production of pig iron in the United States, ac cording to Iron Age Statistics, increased 8.9 per cent in December over November, and was greater by 116.5 per cent than in December, 1932. On a daily average basis, December production was 5.4 per cent larger than that of November. The number of furnaces active declined from 76 on December 1 to 75 on January 1, and compares with 42 active at the same time a year earlier. Production for the R e c e ip ts— R o sin (2 ) S a v a n n a h ............................................... J a c k s o n v ille ......................................... T o t a l .............................................. S to c k s -T u rp e n tin e (1 ) S to c k s -R o s in (2 ) S a v a n n a h ............................................... Ja c k s o n v ille .......................................... T o t a l .............................................. (1 ) (2 ) B a rre ls of 5 0 G allons. B a rre ls of 5 0 0 P o u n d s. 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 BANK OF ATLAN 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 O cto b e r 1933 N ovem ber 1933 D ece m b e r 1933 O cto b e r 1932 N ovem ber 1932 D e ce m b e r 1*32 D a ily Average Sa 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 e w O rle a n s ....................................................................................................................... D I S T R I C T ......................................................................................................................... 139.0 75.7 72.5 73.5 75.0 83.2 138.0 66.0 68.8 66.0 70.8 78.4 244.5 102.3 100.8 115.8 109.5 127.9 134.5 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 98.8 101.5 118.8 85.3 58.5 62.8 65.2 69.9 129.0 58.9 62.0 57.9 59.5 68.8 148.2 60.2 64.6 69.2 63.7 75.2 113.0 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 59.7 109.2 50.2 51.8 66.8 66.7 67.4 107.0 51.2 48.1 66.5 67.2 67.4 74.3 40.0 38.0 55.7 56.7 53.7 91.4 47.6 54.8 69.6 61.6 6 3.2 93.2 50.8 54.3 70.4 63.5 65.3 70.4 40.1 35.0 53.0 53.3 51.3 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 ......................................................................................................................... 97.5 45.6 46.3 59.1 60.8 60.7 94.7 45.7 43.7 59.4 61.7 60.7 85.4 44.0 43.2 61.9 63.7 60.3 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 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 ..................................................................................................................................... 56.5 44.6 75.7 59.3 54.4 50.0 39.4 70.2 54.1 44.2 62.6 60.5 52.7 52.1 29.3 69.5 53.3 48.2 45.0 59.3 42.9 62.8 33.7 76.7 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 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 isia n a .............................................................................................................................. M is siss ip p i.................................... ...................................................................................... T e n n e s s e e ............................................................................................................................. 57.6 53.4 54.4 64.8 61.3 54.8 54.6 61.8 60.6 63.6 70.4 58.6 55.4 58.5 78.5 62.8 75.4 85.0 95.0 66.5 79.8 56.0 45.7 54.5 64.8 60.8 50.1 55.1 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 B U I L D I N 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 e w O rle a n s ................................................................................................. ................. F ifte e n O th e r C it ie s ..................................................................................................... 10.8 5.9 2 .2 48.9 5 .8 8.6 9.9 6 .8 2 .8 2 .4 9 .3 3 .7 6 .3 9 .3 14.2 1.6 5.9 12.0 5 .2 2 .8 24.0 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 C O N T R A C T A W A R D S— S IX T H D IS T R IC T — T O T A L . . . . R e s id e n tia l.......................................................................................................................... A ll O th e r s ............................................................................................................................. 48.8 6 .5 77.0 122.1 29.2 184.0 62.2 8 .0 9 8.2 21.0 6 .5 30.7 35.8 9 .9 53.1 18.1 8 .5 24.5 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 rn is h in g g o o d s .............. ................................................................. M is c e lla n e o u s ......................................................................................................... 71.2 55.7 64.2 77.2 89.0 77.1 73.6 83.0 83.9 72.7 81.2 65.3 71.1 56.6 64.3 77.2 88.2 76.8 73.5 82.7 84.9 73.4 81.0 65.5 70.8 55.5 62.5 77.5 89.2 76.4 73.4 83.5 85.6 73.7 81.0 65.7 64.4 46.9 60.5 7 0.2 7 2.8 55.0 71.1 80.3 70.7 72.7 7 3.7 64.1 63.9 46.7 60.6 6 9.8 71.4 53.9 71.4 79.6 70.7 72.4 7 3.7 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 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 ta 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 se e .................................................................................................................. 97.8 118.3 57.2 118.5 148.5 105.0 92.3 110.8 55.7 109.2 140.0 99.0 67.6 82.6 37.9 85.3 112.8 70.4 97.5 121.1 50.6 112.3 158.3 133.4 97.6 122.7 47.6 111.2 166.1 140.4 85.5 108.4 40.0 98.1 138.7 125.8 C O T T O N E X P O R T S — U N IT E D S T A T E S .................................. 203.8 178.3 159.7 196.3 197.2 202. 5 45.4 42.9 36.3 36.4 39.6 54.7 21.6 20.9 21.1 22.3 18.3 18.9 D a ily Average Sa le s— 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 ........................................................................................................................ 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 ew O rle a n s ................................................................ ..................................................... D I S T R I C T ......................................................................................................................... M o n th ly S to c k s— A d ju ste d * 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 s te d fo r S e a so n a l V a ria tio n . fC o m p ile d b y B u re a u of L a b o r S ta tis tic s . 1 9 2 6 i= 1 0 0 . 1
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