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M ONTHLY R E V IE W O f Financial, A gricultural, T rade and Industrial C onditions in the S ixth Federal Reserve D istrict F E D E R A L V ol. 20 N o. 1 R E S E R V E P r e p a r e d b y F e d e r a l R e s e r v e B o a rd I n D e c e m b e r th e F e d e r a l R e s e rv e B o a r d ’s s e a s o n a lly a d j u s t e d in d e x e s o f in d u s t r ia l p r o d u c tio n a n d f a c t o r y e m p lo y m e n t in c r e a s e d s h a r p ly . W h o le s a le p r ic e s o f f a r m p r o d u c ts a n d f o o d s sh o w e d a c o n s id e ra b le a d v a n c e in t h e l a t t e r p a r t o f t h e m o n th a n d in th e e a r l y p a r t o f J a n u a r y , w h ile p ric e s o f o t h e r c o m m o d itie s a s a g ro u p s h o w e d l i t t l e c h a n g e . P r o d u c tio n and E m p lo y m e n t O u tp u t o f b a s ic in d u s t r ia l p r o d u c ts in c r e a s e d in D e c e m b e r, w h e n i t u s u a l ly d e c lin e s, a n d th e F e d e r a l R e s e rv e B o a r d ’s in d e x , w h ic h m a k e s a llo w a n c e f o r t h e u s u a l s e a s o n a l v a r ia tio n s , in c r e a s e d f r o m 74 p e r c e n t o f t h e 1923-25 a v e r a g e in N o v e m b e r to 85 p e r c e n t in D e c e m b e r. A c tiv ity a t s te e l m ills in c re a s e d , c o n tr a r y to t h e u s u a l s e a s o n a l te n d e n c y , a n d o u t p u t o f a u to m o b ile f a c t o r ie s r o s e r a p id ly . I n b o th o f th e s e i n d u s t r ie s th e r e w e r e f u r t h e r s h a r p in c r e a s e s in a c t i v it y in t h e f i r s t t h r e e w e e k s o f J a n u a r y . A t w o o le n m ills a n d s ilk m ills a c tiv i t y in c r e a s e d in D e c e m b e r, c o n tr a r y to s e a s o n a l te n d e n c y , a n d a t c o tto n m ills a n d to b a c c o f a c t o r ie s i t d e c lin e d b y le s s th a n t h e u s u a l s e a s o n a l a m o u n t. O u tp u t o f p e tr o le u m in c re a s e d s o m e w h a t in D e c e m b e r a n d t h e f i r s t h a l f o f J a n u a r y . F a c t o r y e m p lo y m e n t in c r e a s e d b e tw e e n t h e m id d le o f N o v e m b e r a n d t h e m id d le o f D e c e m b e r, c o n tr a r y to s e a s o n a l te n d e n c y , a n d t h e r e w a s a c o n s id e ra b le g r o w th in f a c t o r y p a y ro lls . S u b s ta n t ia l in c r e a s e s w e r e r e p o r t e d f o r t h e a u to m o b ile , te x t i le , sh o e , a n d t i r e in d u s tr ie s , w h ile in t h e m e a t p a c k in g i n d u s t r y t h e r e w a s a f u r t h e r d e c lin e f r o m r e c e n t h ig h le v e ls. E m p lo y m e n t in r e t a i l t r a d e sh o w e d a n in c r e a s e l a r g e ly o f a s e a s o n a l c h a r a c te r . V a lu e o f c o n s tr u c tio n c o n tr a c ts a w a rd e d , a s r e p o r t e d b y th e F . W . D o d g e C o rp o r a tio n , sh o w ed a d e c lin e in D e c e m b e r, p a r t l y s e a s o n a l in n a tu r e , fo llo w e d b y a n in c r e a s e in th e f i r s t h a l f o f J a n u a r y . F o r th e f o u r t h q u a r t e r a s a w h o le th e v a lu e of c o n tr a c ts f o r p r i v a t e l y fin a n c e d p r o j e c ts w a s a b o u t th e s a m e a s in t h e c o r re s p o n d in g p e rio d o f 1933, w h ile th e v o l PER CEN1 In d e x n u m b e r o f in d u s t r ia l p r o d u c t io n , a d ju st e d f o r s e a s o n a l v a r ia t io n . (1 9 2 3 -1 9 2 5 a v e r a g e = 1 0 0 . ) L a t e s t fig u r e D e c e m b e r P r e l i m i n a r y 85. O F A T L A N T A , G A ., J A N U A R Y 31, 1935 N A T IO N A L S U M M A R Y O F B U S I N E S S C O N D IT IO N S PER CENT B A N K A T L A N T A This review released for publication in afternoon papers of Ja n u ary 31. u m e o f p u b lic ly fin a n c e d p r o je c ts w a s c o n s id e r a b ly s m a lle r th a n l a s t y e a r . D is tr ib u tio n V o lu m e o f f r e i g h t c a r - lo a d in g s d e c lin e d le s s in D e c e m b e r t h a n is u s u a l a t t h a t s e a s o n . S a le s o f m e r c h a n d is e b y d e p a r t m e n t s to r e s sh o w e d a n in c r e a s e o f m o re th a n th e e s tim a te d s e a s o n a l a m o u n t a n d w e r e a p p r o x i m a te ly 11 p e r c e n t l a r g e r t h a n in t h e c o r re s p o n d in g m o n th a y e a r e a r lie r . C o m m o d ity P r ic e s 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 ity p r ic e s , a s m e a s u r e d b y th e in d e x o f t h e B u re a u o f L a b o r S t a ti s t i c s , a d v a n c e d c o n s id e r a b ly d u r i n g th e l a t t e r p a r t o f D e c e m b e r a n d th e e a r l y p a r t o f J a n u a r y , r e fle c tin g c h ie fly m a r k e d in c r e a s e s in t h e p ric e s o f f a r m p r o d u c ts a n d fo o d s. S c ra p s te e l p ric e s a ls o in c re a s e d . I n th e t h i r d w e e k o f J a n u a r y p ric e s o f g r a in s , c o tto n , h id e s a n d r u b b e r sh o w e d a d e c lin e f r o m t h e le v e l o f th e p r e c e d in g w e e k . C u r r e n tly w h o le s a le p r ic e s a r e 9 p e r c e n t h i g h e r t h a n a y e a r a g o , r e fle c tin g a n in c r e a s e o f 30 p e r c e n t f o r f a r m p r o d u c ts , a n i n c r e a s e o f 24 p e r c e n t f o r fo o d s a n d l i t t l e c h a n g e f o r o th e r c o m m o d itie s. R e ta il p ric e s o f fo o d s, a s r e p o r t e d b y th e B u r e a u o f L a b o r S t a ti s t i c s , in c r e a s e d c o n s id e r a b ly in t h e l a t t e r p a r t o f D e c e m b e r, fo llo w in g t h r e e m o n th s o f g r a d u a l d e clin e. B ank C re d it D u r in g th e six w e e k s e n d in g J a n u a r y 23 s e a s o n a l r e t u r n flow o f c u r re n c y f r o m c irc u la tio n , f u r t h e r im p o r t s o f g o ld , a n d d is b u r s e m e n t b y t h e T r e a s u r y o f f u n d s p re v io u s ly h e ld a s c a s h o r on d e p o s it w ith t h e r e s e r v e b a n k s w e re r e fle c te d in a g r o w th o f m e m b e r b a n k b a la n c e s w ith t h e r e s e r v e b a n k s to $4,500,000,000, th e h i g h e s t fig u r e on r e c o rd a n d in a n in c re a s e o f t h e i r e x c e s s r e s e r v e s to t h e h ig h le v e l o f $2,160,000,000. L o a n s a n d in v e s tm e n ts o f r e p o r t i n g m e m b e r b a n k s in le a d in g c itie s in c r e a s e d b y $350,000,000 in t h e 5 w e e k s e n d in g J a n u a r y 16. H o ld in g s o f U n ite d S t a te s G o v e rn m e n t o b lig a tio n s r o s e $420,000,000 a n d a n in c r e a s e w a s sh o w n a ls o in h o ld in g s o f o b lig a tio n s g u a r a n t e e d b y t h e G o v e rn m e n t a n d in o th e r s e c u r ity h o ld in g s , w h ile lo a n s d e c lin e d b y $130,000,000. PER CEN T perc en t I n d e x n u m b e r s o f 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 , w it h o u t a d ju s t m e n t f o r s e a s o n a l v a r i a t i o n s (1 9 23 -25 a v e r a g e = 1 0 0 ) . L a t e s t f ig u r e D e c e m b e r E m p lo y m e n t 7 8 .1 ; p a y r o l ls 63.2. 2 Indexes of daily average value of sales. (1923-1925=100.) December (P relim in ary ): Adjusted 76, Unadjusted 133. M O N T H L Y L atest figure Commercial paper rates, which had been reported at a range of %-l per cent since June, declined to a general level of % per cent early in January. Other short term open market money rates showed little change, while yields on long term United States Treasury bonds declined from 3 to 2 % per cent. In December and January discount rates were lowered from 3 to 2 V per cent at the Federal Reserve Banks of Richmond, 2 Minneapolis, Kansas City, and Dallas, and from 2% to 2 per per cent at Philadelphia, Chicago, and St. Louis. At the Fed eral Reserve Bank of Atlanta the discount rate was lowered to 2 V per cent in December and to 2 per cent in January. 2 SIXTH DISTRICT SUMMARY In December the volume of retail trade in the Sixth Federal Reserve District increased by more than the usual seasonal amount and was at the highest level for any month in four years. Wholesale trade declined seasonally from November, but continued greater than a year ago. Building activity de clined, however, from November to December, but for the year was greater than in 1933 or 1932. Department store sales, reflected in figures reported confi dentially by 60 firms, increased 60.7 per cent from November to December and were 19.1 per cent greater than in December, 1933. For the year 1934, total sales by these firms were 25.5 per cent greater than in 1933, and were also greater than in 1932, but were slightly less than in 1931. Wholesale trade declined 11.8 per cent from November to December but was 4.2 per cent greater than a year earlier, and for the year was 23.4 per cent greater than in 1933, 36.9 per cent greater than in 1932, and about the same as in 1931. Bank debits to indi vidual accounts increased 14.8 per cent over November, and were 15.1 per cent greater than in December a year earlier. Between December 12 and January 9 there were small increases in the volume of industrial advances and discounts, at the Federal Reserve Bank, and total reserve bank credit outstanding was 14.7 millions greater than a year earlier, due to larger holdings of United States securities offset in part by declines in discounts and holdings of purchased paper. At weekly reporting member banks loans declined 4.8 millions from December 12 to January 9. Holdings of United States securities increased 9.4 millions, but other securities declined 2.4 millions. Loans were slightly less than a year ago, but investment holdings 18.9 millions greater, and demand de posits, although 9.6 millions less on January 9 than four weeks earlier, were 42.4 millions greater than a year ago. Building permits issued at twenty reporting cities declined 18 per cent from November to December, but were 4.9 per cent greater than a year earlier, and for the year were 63 per cent greater than in 1933, and 20.1 per cent greater than in 1932. Contract awards in the District as a whole declined 39.3 per cent compared with November, and were 73.8 per cent less than the unusually large total for December, 1933, but for the year were 8.9 per cent greater than for 1933, R E V IE W Three m onth moving averages of F. W . Dodge data for 37 E astern States adjusted for seasonal variation. L atest fiure based on data for October, November and estim ate for December. Total 136.7: Residential 22.6; All O ther 114.1. 65 per cent greater than for 1932 and 17.1 per cent less than for 1931. Cotton consumption in the three states of the Dis trict for which figures are available declined 12.5 per cent from November, but was 8.3 per cent greater than in Decem ber, 1933, and for the five months of the cotton season has been 16 per cent less than in that part of the season before. Coal mining in Alabama increased from November to Decem ber but was slightly less than a year ago, but declined some what in Tennessee over the month but was about one-third greater than a year ago. Production of pig iron in Alabama increased 14 per cent from November to December but was 47.7 per cent less than a year earlier, but for the year was 28.2 per cent greater than in 1933, and 73 per cent greater than in 1932. Estimates by the United States Department of Agriculture indicate that the value of crops produced in the six states of this District increased 31.3 per cent in 1934 over 1933, and were 99.1 per cent greater than in 1932, not including rental or benefit payments. FINANCE Reserve The volume of reserve bank credit outstanding at Bank the Federal Reserve Bank of Atlanta, reflected in Credit its total holdings of bills and securities, increased slightly between December 12th and January 9th, and was then 14.7 millions greater than at the same time a year ago. Most of the increase from December 12th to Janu ary 9th was in Industrial Advances, but discounts also in creased slightly and although negligible in amount were the largest since October 31st. Compared with the corresponding Wednesday a year ago, holdings of United States securities show an increase of 23 millions, offset in part by decreases in holdings of bills discounted and bills bought in the open market. Member bank reserve deposits on January 9th were 4.1 millions larger than four weeks earlier, larger than for any Wednesday since July 3rd, and 14 millions greater than a year ago. Between December 26th and January 9th Federal Reserve notes of this bank’s issue were returned from circula tion to the extent of 5.6 millions, and on that date this circu lation was 7.5 millions greater than on the same Wednesday a year earlier. Principal items in the weekly statement are compared in the table, which is followed by another table setting out similar comparisons for the twelve Federal Reserve Banks combined. FEDERAL RESERVE BANK OF ATLANTA (000 Omitted) Jan. 9 Dec. 12 1935 1934 Bills Discounted: Secured by Govt. Obligations All Others................................ Total Discounts.............. Bills Bought in Open M arket. . Industrial Advances................... U. S. Securities........................... Total Bills and Securities 45 99 144 302 899 94,252 95,597 $ 45 64 109 302 768 94,257 95,436 $ Jan. 10 1934 $ 1,764 4,039 5,803 3,869 7 i ,235 80,907 M O N T H L Y 132,580 82,842 90,273 130,113 130,772 78,785 84,759 134,691 126,928 68,821 75,073 122,663 60.2% 59.6% 4,888 63.6% FEDERAL RESERVE SYSTEM (000 Omitted) Jan. 9 Dec. 12 1935 1934 Bills Discounted: Secured by Govt. Obligations All Others................................ Total Discounts.............. Bills Bought in Open M ark et. . Industrial Advances................... U. S. Securities........................... Other Securities.......................... Total Bills and Securities Total Reserves............................ Member Bank Reserve Deposits Total Deposits............................ F. R. Notes in actual circulation F. R. Bank Notes in actual cir culation.................................... Reserve R atio ............................. 3,588 $ 4,982 $ 34,424 3,406 4,274 69,268 6,994 9,256 103,692 5,611 5,690 113,211 14,744 10,662 .......................... 2,430,254 2,430,217 2,431,746 ............ ............ 1,462 2,457 ,603 2,455,825 2,650,111 5,468,780 5,378,506 3,816,901 4,282,546 4,111,949 2,776,857 4 ,556,522 4 ,393,3 14 3 ,0 0 7 , 14 4 3,136,987 3,201,456 2,998,760 26,185 71.1% 27,054 70.8% 205,191 63.6% CONDITION OF M EM BER BANKS IN SELECTED CIT IE S (000 Omitted) Dec. 12 Jan. 9 Jan. 10 1935 1934 1934 Loans: On securities............................ All O thers................................ Total Loans..................... U. S. Securities........................... Other Securities.......................... Total Investm ents.......... Total Loans and Invest m ents............................ Time Deposits............................ Demand Deposits....................... Due to Banks.............................. Due from Banks......................... Borrowings from F. R. Bank... $ 50,441 137,363 187,804 105,410 57,588 162,998 350,802 126,224 191,258 80,833 74,569 $ 62,005 127,292 192,648 96,050 59,988 156,038 $ 348,686 128,281 200,862 82,890 74,462 55,991 132,726 188,717 97,269 46,870 144,439 332,856 129,141 148,897 62,686 50,706 2,327 MONTHLY AVERAGES OF WEEKLY FIGURES OF 17 REPORTING M EM BER BANKS IN SELECTED C ITIES (000 Omitted) Total Borrowings Loans Invest- Loans and Demand Time From ments Investments Deposits Deposits F. R. Bank 1 87 ,7 9 5 F ebruary... . 187,358 . 184,851 . 180,670 178,019 . 177,687 Ju ly ............ , 167,294 August........ . 166,546 Septem ber.. . 167,243 . 176,456 N ovem ber.. . 187,788 D ecem ber.. . 193,141 162,054 155,608 152,679 151,172 156,522 169,780 167,502 163,759 159,810 156,775 162,168 349,412 340,460 333,349 329,191 334,209 336,513 334,048 331,002 336,266 344,563 355,309 158,695 161,794 168,070 167,404 169,196 172,707 172,917 179,195 180,374 189,297 196,394 131,505 130,406 130,649 132,911 130,786 131,560 129,194 127,402 128,944 130,313 128,492 441 161 0 0 0 0 0 0 0 0 0 $151,275 $339,887 $144,602 150,199 342,690 152,249 1 4 8 ,3 0 5 SAVINGS DEPOSITS (000 Omitted) $ Member Total loans and investments of 17 weekly reporting Bank member banks located at Atlanta, Birmingham, Credit Jacksonville, Nashville, Chattanooga, Mobile and Savannah increased nearly 15 millions during the week ended December 19th because of increased holdings of United States securities, but have since declined, and on Jan uary 9th were 2.1 millions greater than on December 12th and 17.9 millions greater than a year ago. Total loans by these banks increased to 194.5 millions on December 26th, the highest level since December 20th, 1933, but were 187.8 millions on January 9th when they were slightly less than a year ago. Holdings of United States securities were 9.4 mil lions greater on January 9th than four weeks earlier, and 8.1 millions greater than a year ago, but holdings of other secur ities declined somewhat during this four-weeks period but were 10.7 millions greater than a year ago. After increasing to the highest level at 200.9 millions for any Wednesday in the series, which goes back tq the begin ning of 1932, demand deposits of these weekly reporting member banks declined to 191.3 millions on January 9th, when they were 42.4 millions greater than on the same report date last year. Time deposits declined 2.1 millions from December 12th to January 9th and were 2.9 millions less than a year earlier. In the tables which follow are shown comparisons of princi pal items in the weekly report, monthly averages of weekly figures over the past year, and comparisons of savings de posits reported by a list of banks located throughout the Sixth District. J a n u a r y ....... 3 Jan. 10 1934 Total Reserves............................ Member Bank Reserve Deposits Total Deposits............................ F. R. Notes in actual circulation F. R. Bank Notes in actual cir culation .................................... Reserve R atio............................. 1933 N ovem ber... $188,612 D ecem ber... 192,491 1934 R E V IE W 3 3 6 ,1 0 0 1 5 1 ,9 3 5 $131,426 $ 129,033 1 3 0 ,0 4 8 2,572 2,614 2 ,0 6 0 Number of Banks Birmingham. Jacksonville.. Knoxville.. . . Nashville.. . . New Orleans. Other Cities. 3 3 3 3 4 5 35 Dec. 19 1934 $ 56 Nov. 1934 Dec. 1933 Percentage Change Dec. 1934 compared with Nov. 1934 Dec. 1933 31,097 $ 31,080 $ 28,092 15,629 16,638 15,998 14,437 14,034 12,992 3,979 3,808 1,684 23,403 23,241 20,999 31,494 30,586 23,444 65,662 64,921 57,567 + 0 .1 + 2 .4 + 2 .9 + 4 .5 —0.7 + 3 .0 + 1 .1 + 10.7 — 3.8 + 11.1 + 136.3 + 10.7 + 34.3 + 14.1 183,461 + 1 .3 + 15.2 185,908 161,416 Debits to Bank debits to individual accounts at 26 clearing Individual house centers in the Sixth District, reflecting the Accounts amount of business transactions settled by check, increased 14.8 per cent from November to Decem ber, and were 15.1 per cent greater than a year ago. The increase of 14.8 per cent over the month compares with an average gain of 13.1 per cent at the same time of the past seven years. 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. (000 Omitted) Dec. 1934 Alabama—4 Cities................. .. Birmingham........................ $ Montgomery....................... 116,912 64,147 2,650 27,651 22,464 Nov. 1934 $ 122,000 64,468 25,650 6,887 24,995 103,458 55,590 2,569 21,892 23,407 Dec. 1933 $ 113,181 69,932 2,083 25,246 15,920 209,814 3,981 135,726 17,751 1,627 9,173 902 11,990 1,351 24,514 2,799 204,385 2,903 130,595 17 ,423 1,838 9,031 673 11,640 1,504 25,772 3,006 195,135 201,402 41,430 3,428 24,041 7,872 6,089 45,493 3,181 28,117 7,583 6,612 32,159 3,290 17,065 6,161 5,643 129,010 31,734 21,310 75,966 Georgia—10 Cities................. 101,213 56,524 18,345 5,773 20,571 209,083 Pensacola............................. 92,967 47,472 19,841 5,864 19,790 954 13,052 1,679 30,566 3,192 Florida-— Cities.................... 4 Jacksonville......................... 108,261 28,674 17,957 61,630 100,878 28,422 17,328 55,128 3,932 163,458 19,078 2,096 Brunswick............................ Columbus............................ Savannah............................. Louisiana—New Orleans Mississippi—4 Cities.............. Hattiesburg......................... Vicksburg............................ Tennessee—3 Cities............... Chattanooga........................ Total—26 Cities......... ., $ 866,778 $ 755,128 $ 753,218 AGRICULTURE The final crop report for the year 1934 issued by the United States Department of Agriculture indicates that, after in creasing 43.3 per cent from 1932 to 1933., the total value of the principal crops produced in 1934 showed a further in crease over 1938 of 16.2 per cent. Valuing late crops at the 4 M O N T H L Y prices being received by farmers on December 1, and adding the value of early fruits and vegetables already marketed at that time, the estimates show total crop values of $4,764,507,000 for 1934, compared with $4,100,712,000 for 1933, and $2,860,645,000 for 1932. The report states that “Largely as a result of the sharp decreases in the production of most crops and the shortage of feed for livestock, prices of the fourteen principal crops averaged 42 per cent higher on December 1 than they were on that date a year earlier, and 140 per cent higher than two years ago. In most cases the percentage increase in price, as compared with last year, was greater than the percentage decrease in production.” In the six states located wholly or partly in the Sixth Fed eral Reserve District, principal crops produced in 1934 were valued at $740,577,000, a gain of 31.3 per cent over the value of 19-33 crons, and practically double the value of those pro duced in 1932. The 1934 production of cotton, and seed, cow peas, tobacco, pecans and apples declined, but other crops increased, compared with 1933, but the value of nearly all crops increased, the exceptions being pecans, apples, sugar cane and rice. Combined totals of production and values for the principal crops raised in these six states are compared in the table below, which is followed by another giving total crop values by states. PRODUCTION AND VALUE OF PRINCIPAL CROPS IN SIX TH D ISTR IC T Production in Thousands of Units Values in Thousands of Dollars Production Value 1934 1933 1934 1933 Cotton—Lint, Bales. . . . Cotton Seed, Tons.......... Corn, Bushels.................. Oats, Bushels.................. W heat (1), Bushels........ Tame Hay, Tons............ Soy Beans, Bushels........ Cowpeas, Bushels........... White Potatoes, Bushels. Sweet Potatoes, Bushels. Peanuts, Lbs.................... Pecans, Lbs..................... Tobacco, Lbs................... Apples, Bushels.............. Peaches, Bushels............ Oranges (2), Boxes......... Grapefruit (3), Boxes. .. Sugar Cane Syrup, Gals. Sugar Cane (4), T ons. . . Rice (4), Bushels............ 4,033 1,792 208,873 11,064 4,214 2,620 1,905 3,615 16,982 36,080 918,970 13,320 140,963 3,355 10,071 19,520 13,500 19,640 3,561 15,957 4,181 1,857 199,091 8,835 3,487 2,575 1,748 4,003 12,269 29,816 840,715 22,150 195,322 4,188 7,637 18,317 10,700 17,476 3,176 15,957 (1) Tennessee, Georgia and Alabama. (2) Mississippi* (3) Florida. (4) Louisiana. $249,627 63,588 157,777 8,023 4,461 33,341 3,510 4,927 12,864 21,271 28,671 1,832 23,094 3,342 7,950 29,890 13,475 8,597 9,685 12,606 $198,274 26,455 112,658 5,422 3,404 25,482 2,613 3,947 10,733 16,856 21,522 2,228 21,211 3,534 6,076 27,492 12,475 7,818 11,038 12,446 Florida,rLouisiana, Alabama and VALUES OF PRINCIPAL CROPS BY STATES In Thousands of Dollars 1934 compared with 1934 1933 1932 1933 1932 Alabam a...................... $ 142,975 $ Florida.......................... 82,941 Georgia........................ 161,445 Louisiana..................... 88,294 Mississippi................... 141,395 Tennessee..................... 123,527 99,454 $ 66,659 128,588 68,821 100,325 100,132 62,051 57,914 67,039 54,711 66,630 63,709 Total Six S ta te s .... $ 740,577 $ 563,979 $ 372,054 + + + + + + 43.8 24.4 25.6 28.3 40.9 23.4 + 130.4 + 43.2 +140.8 + 61.4 + 112.2 + 93.9 + 31.3 + 99.1 R E V IE W R IC E MOVEM ENT— (New Orleans) Dec. 1934 Nov. 1934 33,533 43,529 6,870 61,741 67,527 16,866 41,216 26,940 42,405 Clean Rice—Pockets : Receipts................................... Shipments................................ Stocks....................................... 62,840 57,517 165,928 87,093 76,575 160,605 39,034 28,377 159,045 R ICE M ILLERS’ ASSOCIATION STATISTICS (Barrels) Aug. 1 to Dec. 31 December Receipts of Rough Rice: 4,575,537 Season 1934-35....................... 611,966 4,858,431 Season 1933-34....................... 426,005 Distribution of Milled Rice: Season 1934-35....................... Season 1933-34....................... 714,423 573,029 Stocks: Dec. 31, 1934.......................... Dec. 31, 1933.......................... 931,324 1,061,634 NOTE: ............ ............ ............ ............ ............ + 17.3 + 25.8 +44.5 + 1 8 .4 + 12.1 + 6 3.9 + 5 9 .9 + 5 8 .4 + 81.2 + 8 0.2 + 6 4.9 + 4 7 .4 + 5 7 .8 + 60.7 + 2 2 .8 + 2 5 .3 + 2 7 .4 + 2 6.3 + 4 9 .2 + 2 0 .2 + 2 0 .8 + 2 6.2 + 25.5 — 0.4 — 2.6 + 4.1 — 3.8 + 22.3 + 4.3 — 5.7 + 12.7 + 2.3 Clean 1,379,585 1,586,812 Fertilizer December sales of fertilizer tax tags in the six Tag Sales states located wholly or partly in the Sixth Dis trict declined 27.1 per cent from November, and were less than half those in December, 1938. At the same time a year ago, tag sales considerably more than doubled from November to December. Total sales for the five months of the season in these states were 6.8 per cent less than in that part of the previous season. Figures in the table are from those compiled by the National Fertilizer Association. Dec. 1934 Alabama...................... Florida......................... Georgia........................ Louisiana..................... Mississippi................... Tennessee.................... (Short Tons) Nov. 1934 3,600 34,841 12,904 1,500 104 600 T otal........................ 53,549 1,250 69,142 1,057 940 131 900 73,420 Dec. 1933 August 1 to Dec. 31 1934 1933 12,850 59,941 20,870 6,600 17,650 100 6,650 196,406 15,489 20,451 1,711 16,565 257,272 118,011 17,000 173,019 28,866 24,470 19,245 13,376 275,976 TRADE Retail Total sales during the year 1934 by 60 reporting deTrade partment stores in the Sixth District were 25.5 per cent greater than in 1933, 21 per cent greater than in 1932, and 8 per cent less than in 1931. December sales by these 60 reporting department stores increased 60.7 per cent over the previous month, and were 19.1 per cent greater than in December, 1933. Stocks of merchandise declined 18.8 per cent from November 30 to December 31, and were 2.3 per cent larger than a year ago, and the rate of stock turnover was higher for the month, and for the year than at the same time last year. The collection ratio, also shown in the table, de clined only slightly from November to December and was somewhat higher than a year ago. For regular accounts the December ratio was 35.7 per cent, and for installment accounts 15.3 per cent. —31.4 — 19.3 — 13.6 — 13.6 + 0.5 —20.5 — 17.9 — 16.0 — 18.8 .67 .50 .54 .37 .62 .44 .43 .45 .50 T h e ra te o f s to c k t u rn o v e r is th e ra tio o f sales d u r in g g iv e n p e rio d to a v e ra g e s to c k s o n h a n d . 3,819,625 3,364,604 Rough RETA IL TRADE IN T H E SIX TH D ISTRICT DURING DECEM BER 1934 Based on confidential reports from 60 department stores C omparison op N bt Sales Comparison op Stocks Dec. 1934 Year to date Dec. 31, 1934 Stock Turnover with: with: with: Same month Previous Same period Same month Previous December Jan. to Dec. inc. a year ago month last year a year ago M onth 1934 1933 1934 1933 Birmingham (6)............. Chattanooga (4)............. Jacksonville (3).............. Miami (3)........................ Nashville (4)................... New Orleans (5)............. Other Cities ( 2 9 ) . . . . . . . D ISTRICT (60)............. Dec. 1933 Rough Rice—Barrels: Receipts................................... Shipments................................ Stocks....................................... .63 .41 .38 .40 .35 .43 .42 4.71 3.79 3.62 2.40 4.56 3.07 3.16 3.18 3.57 C ollection R atio Dec. 1934 Nov. 1934 Dec. 1933 3.21 3.13 3.09 27.6 34.1 36.4 29.8 34.9 33.8 29.3 26.7 29 .6 2. si 30*5 39.3 33.0 32.6 i i .8 39.8 30.6 32.7 29*7 39.9 30.9 32. 1 2.65 2.97 3.08 M O N T H L Y Wholesale The volume of wholesale trade in the Sixth DisTrade trict, reflected in confidential reports from 99 firms, increased 23.4 per cent in 1934 over 1933, was 37 per cent greater than in 1932, and about the same as in 1931. December sales and stocks declined over the month, and sales averaged 4.2 per cent greater than a year earlier, and stocks were 1.2 per cent larger. Comparisons of sales, stocks and collection ratios for reporting groups are shown in the table. WHOLESALE TRADE IN DECEM BER 1934 Sixth Federal Reserve District* Percentage Comparisons Number Dec. 1934 with: Jan.-Dee. 1934 inc. of Firms Nov. Dec. with same 1934 1933 period last year All Lines Combined: Sales............................. Stocks........................... Groceries: Sales............................. Jacksonville......... New Orleans........ Vicksburg............ Other Cities......... Stocks.......................... Dry Goods: Sales............................. Nashville.............. Other Cities......... Stocks........................... Hardware: Sales............................. Nashville.............. New Orleans........ Other Cities........ Stocks.......................... Furniture: Sales............................. A tlan ta................ Other Cities........ Stocks........................... Electrical Supplies: Sales............................. New Orleans........ Other Cities........ Stocks.......................... Drugs: Sales............................. Stationery: Sales............................. 99 30 — 11.8 — 8.0 + 4.2 + 1.2 + 2 3 .4 23 4 5 3 11 3 + 2.1 — 2.9 + 1 5 .6 — 4.4 — 5.5 + 2.1 + 8.1 — 5.6 + 8.0 + 1 3 .6 + 16.8 + 1 5 .0 + 2 3.2 + 15.7 +25.1 + 2 1 .8 + 2 7 .0 15 3 12 7 —37.6 — 42.2 —36.2 — 16.6 — 0.1 + 17.5 — 4.1 + 1 0 .9 + 2 2.2 + 30.5 + 1 9.9 26 3 5 18 9 — 14.9 — 6.3 — 18.8 — 14.8 — 1.3 — 6.6 + 1 0 .0 —26.1 + 0.5 — 4.8 + 20.8 + 1 6.6 + 18.7 + 22.8 9 4 5 6 — 9.7 — 2.1 — 12.3 — 2.6 + 2 5.0 + 17.8 + 28.1 + 0.0 + 2 6.4 + 10.7 + 32.9 13 4 9 3 — 3.0 — 17.2 + 3.4 — 9.7 +31.5 + 9.8 + 4 1 .6 + 1 3.8 + 43.8 + 4 5.4 + 4 3.2 8 — 2.8 + 8.7 + 2 3 .3 3 — 8.6 + 8.0 +14.7 R E V IE W 5 INDUSTRY Building For the year 1934, the total value of permits and issued at twenty reporting cities in the Sixth Construction District, for the construction of buildings within their corporate limits, amounted to $23,174,397. This total represents an increase of 63 per cent over the total of $14,217,532 for the year 1933, was 20.1 per cent larger than the 1932 total, but 21.2 per cent less than for 1931. All but four of these cities reported increases from 19331 to 1934. In December total value of permits at these cities declined 18 per cent from November, but was 4.1) per cent greater than for December a year ago. Comparisons for the month are shown in the table. BUILDING PER M ITS Number Value December December 1934 1933 1934 1933 Percentage Change in Value Alabama Birmingham.......... Montgomery......... Florida Jacksonville........... Miami Beach........ Georgia Columbus.............. Savannah............... Louisiana New Orleans.......... Alexandria............. Tennessee Chattanooga.......... Johnson C ity ......... Knoxville............... Nashville................ Total 20 Cities .. . 16 364 44 125 3 99 24 38 368 443 115 50 164 9,885 $ 900 105,252 87,819 26,462 86,060 4,640 42,256 + 99 8 .3 + 19.9 — 69.3 + 810.7 399 291 66 49 116 122,926 309,962 501,470 31,111 22,694 98,956 417,591 163,195 13,167 45,071 + 24.2 — 25.8 + 20 7 .3 + 13 6 .3 — 49.6 189 18 33 38 21 105 35 26 123 28 72,755 19,634 7,776 14,910 27,667 24,807 183,389 17,377 34,191 14,212 + 193.3 — 89.3 — 55.3 — 56.4 + 94.7 54 51 40 34 44,039 10,583 35,933 3,193 + 22.6 + 2 3 1 .4 145 3 16 46 137 1 22 43 21,793 14,700 17,202 251,352 2,303 $ 277,367 — 92.1 300 + 4 ,8 0 0 .0 54,477 — 68.4 33,074 + 6 6 0 .0 1,679 $1,674,429 $1,595,719 + 4 .9 COLLECTION RATIO** Nov. 1934 Dec. 1934 Dec. 1933 Groceries.......................... Dry Goods....................... H ardware........................ F urniture......................... Electrical Supplies.......... Drugs............................... 68.6 43.5 40.8 31.4 66.5 33.7 62.8 42.7 46.5 34.1 72.2 26.8 66.8 38.4 32.8 29.0 46.3 28.4 T o ta l.................... 48.4 48.5 42.1 * Based on confidential reports from 99 firms. ** The collection ratio is the percentage of accounts and notes receivable out standing a t the beginning of the month which were collected during the month. Life December sales of new, paid-for, ordinary life inInsurance surance in the six states located wholly or partly in this District increased by 32.7 per cent over November, to the highest level in about three years, and for the year were 13.3 per cent greater than in 1933. Figures compared in the table are from those compiled by the Life Insurance Sales Research Bureau. (000 Omitted) December November December January-Dee. Inc. 1934 1934 A lab am a.. $ 5,007 $ Florida___ 4,680 Georgia. .. 7,947 Louisiana.. 5,699 Mississippi. 3,122 Tennessee. 6,369 Total. $32,824 3,535 3,665 6,132 3,959 2,465 4,987 $ 24,743 1933 1934 1933 Percent Change 32 29 51 404 962 In the 37 states east of the Rocky Mountains, December contracts declined 17 per cent from November, and were 55.3 per cent less than a year earlier, and for the year the total was $1,543,101,300, a gain of 22.9 per cent over the total for 1933. Comparisons for the month are shown in the table. BUILDING AND CONSTRUCTION CONTRACTS AWARDED F. W. Dodge Corp. Dec. 1934 Nov. 1934 Dec. 1933 4,091 4,185 7,579 5,965 2,817 7,246 $ 45,900 54,041 81,059 54,269 29,476 68,701 $ 41,823 41,579 69,815 47,490 27,868 65,757 + 9.7 + 3 0 .0 + 1 6 .1 + 1 4 .3 + 5.8 + 4.5 Sixth District—T otal.............. .$ 5,709,498 Residential............................ 1,305,295 All Others.............................. 4,404,203 $ 31,883 $333,446 $294,332 + 1 3 .3 State Totals: $ COMMERCIAL FAILURES (From statistics compiled by Dun & Bradstreet, Inc.) Sixth District United States Number Liabilities Number Liabilities December 1934............ November 1934........... December 1933............ Year 1934................... Year 1933................... The value of building and construction contracts awarded in the Sixth District, indicated in statistics compiled by the F. W. Dodge Corporation and subdivided into district totals by the Federal Reserve Board’s Division of Research and Statistics, amounted in 1934 to $143,110,074, an increase of 8.9 per cent over the 1933 total, 65 per cent greater than in 1932, but 17.1 per cent smaller than in 1931. Residential contracts for the year increased 13.6 per cent over those in 1933, but other contracts increased only 8.1 per cent. The December total exhibited a sharp decline from November, and was 73.8 per cent less than in December, 1938. $ 1,071,772 287,233 458,665 6,956,000 21,728,000 963 $1 9,91 0,61 0 923 18,349,791 1,132 27,200,432 12,185 264,247,000 20,307 502,831,000 Mississippi............................. Tennessee.............................. United States: T otal...................................... . Residential............................ . Non-Residential.................... . Public Works and Utilities.. . $ 9,413,352 1,684,335 7,729,017 $ 21,818,561 1,128,838 20,689,723 1,111,900 1,609,700 1,499,600 638,900 1,215,700 605,400 797,400 4,971,700 709,400 2,270,400 902,700 2,321,100 3,183,600 4,121,300 1,919,200 4,110,300 1,813,600 10,059,500 92,684,900 14,550,500 28,067,400 50,067,000 111,691,500 19,909,700 39,439,500 52,342,300 207,209,500 23,899,600 50,040,000 133,269,900 M O N T H L Y 6 Lumber Declines from November to December in both orders and production because of the holiday and inventory periods, were indicated in press reports and in weekly statements of the Southern Pine Association. For the five weeks ending January 5th orders by reporting mills aver aged 11 per cent greater than during the same period a year ago, and production averaged 1.8 per cent smaller, and un filled orders were smaller on the average by 3.9 per cent. During this five week period orders were approximately 11 per cent below production, while at the same time last year they averaged 21 per cent less. Weekly figures compared in the table are from those compiled by the Southern Pine Asso ciation* Week Ended (In Thousands of Feet) Number Orders Production Unfilled Orders of Mills 1934-35 1933-34 1934-35 1933-34 1934-35 1933-34 December 8 . . . . 115 December 15... 114 December 22... 73 December 29 ... 96 January 5 ........ 109 17,124 17,993 12,252 12,555 14,246 17,153 15,242 8,257 13,285 12,863 21,761 19,931 14,171 9,804 17,518 22,332 21 ,776 12,943 9,308 18,340 54,330 45,865 30,140 47,096 41,979 59,237 51,083 30,435 40,428 47,088 Cotton There was a further decline of 13.3 per cent Consumption in the consumption of cotton by American mills from November to December, but December consumption was 19 per cent greater than a year earlier. The decline from November to December in the cotton states was relatively larger, and the increase over December a year ago smaller than in other states. There was a small gain over the month in the number of spindles active, and an increase of about 1 per cent over the number active in December, 1933. Consumption in the cotton states accounted for 79.7 per cent of the total. In the first five months of the cotton season total consumption has been 11.9 per cent, that in the cotton states 11.8 per cent, and in other states 12.3 per cent, less than in that part of the season before. Exports during December declined further by 11.9 per cent, and were 38.5 per cent less than a year earlier, and for the five months of the season have been 42.6 per cent less than in that part of the previous season. Census Bureau figures are compared in the table. COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPIN D LES U N ITED STATES—Bales Dec. 1934 Nov. 1934 Dec. 1933 Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......................... Exports........................................ Active Spindles—N um ber........ 413,535 10,940,112 1,299,554 477,060 11,088,574 1,293,763 347,524 11,976,828 1,641,830 9,640,558 504,185 25,057,270 9,794,811 572,359 25,050,778 10,334,998 820,099 24,828,396 COTTON GROWING STATES—Bales Cotton Consumed...................... Stocks.......................................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles—N um ber........ 329,636 10,463,882 1 ,045 ,8 4 1 385,449 10,624,271 1 ,044,645 282,091 11,241,457 1 ,29 1 ,053 9,418,041 17,411,208 9,579,626 17,412,166 9,950,404 17,328,074 OTHER STATES—Bales Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and a t Compresses.......................... Active Spindles—N um ber........ 83,899 476,230 253,713 91,617 464,303 249,118 65,433 735,371 350,777 222,517 7,646,062 215,185 7,608,612 384,594 7,500,322 R E V IE W In the three states of this District for which separate figures are available cotton consumption declined further in December by 10.7 per cent, but was 7.3 per cent greater than in December a year ago. For the five months of the cotton season, August through Dcember, consumption in these states has been 16 per cent less than in that part of the previous season. Census Bureau figures for these states are compared in the table. (Bales) Nov. 1934 Dec. 1934 Dec. Aug. 1 to Dec. 31, Inc. 1933 1934 1933 Alabama...................... Georgia........................ Tennessee.................... 41,612 70,848 9,132 46,603 81,715 10,617 38,763 66,466 7,002 209,059 364,930 49,171 244,453 447,848 49,160 Total 3 S tates......... 121,592 138,935 112,231 623,160 741,461 Cotton There were increases from November to Manufacturing December in all items reported by both cloth and yarn mills in this District. Compared with December a year ago, unfilled orders and employment at yarn mills were smaller, but other items show increases, as indicated in the percentages shown in the table. Cloth Dec. 1934 compared with: Nov. 1934 Dec. 1933 Unfilled Orders............... Stocks on H and .............. Number on payroll........ + 1.0 + 3.6 + 9.3 + 22.9 + 3.6 + 0.4 + 12.9 + 17.3 + 36.8 + 16.7 + 29.8 + 9.5 Yarn Dec. 1934 compared with: Nov. 1934 Dec. 1933 + 5.6 + 8.0 + 41.5 + 13.2 + 13.2 + 7.0 + 2 9 .4 + 2 8 .0 + 3 .5 — 9 .4 + 3 2 .4 — 4.9 Cotton Seed Operations at cotton seed oil mills in the and Cotton Seed Sixth District declined further from NovemProducts ber to December, but for the first five months of the cotton season receipts of seed were 24.1 per cent, and crushings 28.6 per cent, greater than in that part of the previous season. Production of the princi-* pal cotton seed products also averaged considerably greater than a year ago, and stocks, except of crude oil, were also larger. Combined totals for Georgia, Alabama, Louisiana, and Mississippi are shown in the first two columns of the table, and totals for the country are compared in the last two columns. COTTON SEED AND COTTON SEED PRODUCTS Sixth District* United States Aug. 1 to Dec. 31 Aug. 1 to Dec. 31 1934 1933 1934 1933 Cotton Seed, Tons: Received at Mills....... Crushed........................ On Hand Dec. 31........ 1,223,919 826,653 465,198 985,990 642,760 372,000 3,077,654 2,183,177 1,117,238 3,503,827 2,426,991 1,297,774 Production: Crude Oil, lbs.............. 264,569,895 207,020,551 671,571,981 750,349,682 Cake and Meal, to n s.. 360,611 278,050 989,030 1,096,102 Hulls, to n s................... 221,187 177,738 564,134 652,336 Linters, bales.............. 174,602 117,941 474,715 437,433 Stocks at Mills Dec. 31: Crude Oil, lbs............. 12,901,169 35,658,753 46,641,157 131,954,331 Cake and Meal, to n s.. 111,476 102,353 320,322 312,458 Hulls, to n s................... 61,906 31,500 185,797 124,427 Linters, bales.............. 46,849 45,216 166,142 161,681 * Georgia, Alabama, Louisiana and Mississippi. M O N T H L Y Electric Power Production of electric power for public use in the six states located wholly or partly in the Sixth Fed eral Reserve District declined 2.3 per cent from October to November, because of the shorter month, but was 14.9 per cent greater than a year earlier. Daily average pro duction increased nearly one per cent over the month. For the eleven months of the year production was 5.9 per cent greater than in that part of 1933. Figures compared in the table are from those compiled by the United States Geological Survey. PRODUCTION OF E LECTR IC POWER (000 k. w. Hours) Nov. 1934 Oct. 1934 Nov. 1933 Alabam a...................................... Florida.......................................... Georgia........................................ Louisiana..................................... Mississippi................................... Tennessee.................................... 186,252 56,874 91,428 106,638 4,477 98,917 181,427 54,368 109,461 108,155 5,346 95,802 176,364 51,776 75,641 103,552 4,205 62,421 T o ta l................................. 544,586 554,559 473,959 349,755 194,831 358,064 196,495 289,823 184,136 11,972 202,271 2,252,342 12,226 197,208 2,364,776 11,384 188,376 2,069,273 By use of: W aterPow er........ Fuels..................... Fuels consumed in Production of Electric Power: Coal—tons............................... Fuel Oil—bbls......................... N atural Gas)—000 cu. f t . . . . Note: 1934 figures preliminary. Bituminous There were further increases of 3.1 per cent in Coal total, and of 1.8 per cent in daily average, proMining duction of bituminous coal in the United States during December compared with November, and an increase of 3.$ per cent over December, 1933, according to preliminary figures compiled by the United States Bureau of Mines. Total production during the year 1934, based on the preliminary figures, appears to have been 7.2 per cent greater than in 1933, following a gain of 5.9 per cent from 1932 to 1933. Preliminary figures are compared in the table. Production—Tons Number of Total Daily Average Working Days United States: December 1934........................... 31,386,000p November 1934 .......................... 30,450,000r April 1934.................................... 24,772,000 December 1933........................... 30,377,000 Year— 1934.................................. 357,500,000 Year— 1933.................................. 333,631,000 p-Preliminary. l,255,000p l,233,000r 1,024,000 1,215,000 25 24.7 24.2 25 r-Revised. Weekly figures indicate that production in Alabama in creased somewhat from November to December but was slightly less than a year ago, while in Tennessee December production seems to have been somewhat less than in Novem ber but about one-third greater than in December a year ago. Week Ended: Production—Tons Alabama Tennessee 1934-35 1933-34 1934-35 1933-34 December 1..................... ......... 152,000 December 8 ............................... 190,000 December 15 ................... ......... 215,000 December 22 ................... ..........220,000 December 29................... ......... 135,000 January 5 ........................ ......... 170,000 Pig Iron Production 182,000 203,000 203,000 194,000 173,000 198,000 73,000 85,000 94,000 92,000 62,000 81,000 54,000 59,000 69,000 63,000 61,000 63,000 Production of pig iron in the United States has increased each month since September, and in December was 7.4 per cent greater than in November, but 13.1 per cent less than a year ago. Daily aver age production increased 3.9 per cent over November. The number of furnaces active increased from 59 (revised) on December 1st to 69 on January 1st, compared with 75 active a year earlier. For the year 1934 total production was 20.4 per cent greater than in 1933, 83.2 per cent greater than in 1932, and only 12.9 per cent less than in 1931. R E V IE W 7 December production of pig iron in Alabama increased 14 per cent, and the daily average 10.3 per cent, over November, but was 47.7 per cent smaller than in December, 1933, at which time there was an increase of 50 per cent in production from November to December. Production in December was the largest since July, but was smaller than for other months since May, 1933. For the year, Alabama production of pig iron totaled 1,140,727 tons, an increase of 28.2 per cent over the total of 889,942 tons produced in 1933, 73 per cent greater than in 1932, but 31.8 per cent smaller than in 1931. Demand for iron, according to press reports, declined as usual during the holidays, and there has been little activity since the turn of the year. The price continues at $14.50 per ton. Figures for the month are compared in the table. Production—Tons Total Daily Average United States: December 1934............. November 1934............ May 1934...................... December 1933............. Year 1934...................... Year 1933...................... Year 1932...................... Alabama: December 1934............. November 1934............ May 1934...................... December 1933............. Year 1934...................... Year 1933...................... Year 1 9 3 2 ....,............ ........ ........ ........ .. .. Furnaces Active* 1,027,622 956,940 2,042,896 1,182,079 15,911,188 13,212,785 8,686,443 33,149 31,898 65,900 38,131 69 59r 117 75 ........ ........ 66,379 58,217 ........ ........ ........ 127,039 1,140,727 889,942 659,545 2,141 1,941 4,205 4,098 6 5 10 10 ........ r—Revised. *F irst of following month. Naval December receipts of turpentine at the three princiStores pal markets of the District declined slightly, but receipts of rosins increased, compared with Novem ber, and receipts in both instances were greater than a year ago. Stocks of both commodities also increased over the month and were greater than for December, 193«3. Press reports indicate that there was improvement in the demand for both commodities after the turn of the year, and the price of turpentine rose from 45 cents on December 29th to 51 cents two weeks later, and the average of quotations on the thir teen grades of rosin increased from $4.43 on December 29th to $4.78 on January 12th. According to press reports approxi mately three-fourths of the available stocks at these three ports are pledged to the Government to secure loans. Com parisons of receipts and stocks for the month are shown in the table. NAVAL STORES Dec. 1934 Nov. 1934 Receipts—Turpentine (1) Dec. 1933 Jacksonville............................. 7,054 9,357 6,423 8,818 9,167 5,014 7,845 7,126 2,381 T otal................................ 22,834 22,999 17,352 Jacksonville............................. 40,660 61 208 20,305 34,646 54 646 10,965 37,133 34,668 9,826 T otal................................ 122,173 100,257 81,627 Jacksonville............................. 20,529 53,088 33,354 17,527 47,392 29,270 16,431 34,618 30,220 T o tal................................ 106,971 94,189 81,269 126,618 157,027 38,015 125,688 121,991 24,348 106,736 83,565 20,476 321,660 272,027 210,771 Receipts—Rosin (2) Stocks—Turpentine (1) Stocks—Rosin (2) Jacksonville............................. T otal. (1) Barrels of 50 Gallons. (2) Barrels of 500 Gallons. 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA MONTHLY AVERAGE 1923-1925=11)0 DEPARTM ENT STORE TRADE—SIX TH D ISTR IC T O ct. 1934 Nov. 1934 Dec. 1934 O ct. 1933 Nov. 1933 Dec. 1933 Daily Average Sales—U n a d ju ste d A tlanta................................................................................................. Birmingham......................................................................................... Chattanooga........................................................................................ Nashville.............................................................................................. New Orleans........................................................................................ D IS T R IC T .......................................................................................... 161.3 77.2 76.3 81.9 80.0 90.6 159.9 72.0 74.6 83.0 83.3 91.3 271.9 115.7 118.2 136.9 122.8 145.6 139.0 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 Daily Average Sales—A djusted* A tlanta................................................................................................. Birmingham........................................................................................ Chattanooga........................................................................................ Nashville.............................................................................................. New Orleans........................................................................................ D ISTR IC T ......................................................................................... 135.5 66.6 61.5 70.0 69.6 76.1 149.4 64.3 67.2 72.8 70.0 80.1 164.8 68.1 75.8 82.0 71.4 85.6 116.8 65.3 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 M o n th ly Stocks—U n a d ju ste d A tlanta................................................................................................. Birmingham........................................................................................ Chattanooga........................................................................................ Nashville.............................................................................................. New Orleans........................................................................................ D ISTR IC T .......................................................................................... 115.3 45.6 44.6 73.0 83.8 67.2 113.9 46.1 45.7 74.4 64.6 70.0 75.8 37.0 39.5 58.0 53.0 55.2 109.2 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 M o n th ly S tocks—A djusted* A tlanta................................................................................................. Birmingham........................................................................................ Chattanooga........................................................................................ Nashville.............................................................................................. New Orleans........................................................................................ D ISTR IC T ........................................................................... ‘............ 102.9 41.5 39.8 64.6 58.0 60.5 100.8 41.2 41.6 66.4 59.3 63.0 87.1 40.7 44.9 64.4 60.0 62.0 97.5 45.6 46.3 59.1 60.6 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 WHOLESALE TRADE—SIX TH D ISTRICT—TO TA L........ Groceries.............................................................................................. Dry Goods........................................................................................... Hardw are............................................................................................. Furniture............................................................................................. Electrical Supplies.............................................................................. Stationery............................................................................................ Drugs.................................................................................................... 67.7 54.2 79.2 71.9 63.2 78.9 46.6 89.0 63.3 51.1 72.7 65.1 59.3 85.2 41.3 85.8 55.8 52.1 45.4 55.3 53.6 82.6 37.7 83.4 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 LIFE INSURANCE SALES—SIX STATES—TOTAL Alabama............................................................................................... Florida.................................................................................................. Georgia................................................................................................. Louisiana............................................................................................. Mississippi........................................................................................... Tennessee............................................................................................. 60.2 50.8 67.1 65.0 71.2 50.3 55.4 58.9 52.1 61.9 66.9 62.5 56.4 53.0 78.2 73.8 79.1 86.7 89.9 71.4 67.7 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 BUILDING PER M ITS—TWENTY C IT IE S ............................ A tlanta................................................................................................. Birmingham........................................................................................ Jacksonville......................................................................................... Nashville.............................................................................................. New Orleans........................................................................................ Fifteen Other Cities........................................................................... 21.8 13.2 7.3 23.1 7.6 12.7 31.8 18.1 15.4 7.0 25.1 6.9 6.6 24.9 14.9 4.7 7.1 14.9 39.6 3.4 19.7 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 CONTRACT AWARDS—SIX TH D ISTRICT—TO TA L ___ Residential........................................................................................... All Others............................................................................................ 22.6 16.0 26.9 26.8 12.0 36.7 16.3 9.3 20.9 48.8 6.5 77.0 122.1 29.2 184.0 62.2 8.0 98.2 WHOLESALE PRICES—UNITED STATESt ALL COM M O DITIES.................................................................... Farm Products.................................................................................... Foods.................................................................................................... Other Commodities............................................................................ Hides and leather products....................................................... Textile products.......................................................................... Fuel and lighting........................................................................ Metals and metal products....................................................... Building materials...................................................................... Chemicals and drugs.................................................................. Housefurnishing goods............................................................... Miscellaneous.............................................................................. 76.5 70.6 74.8 78.0 83.8 70.3 74.6 86.3 85.2 77.1 81.7 69.7 76.5 70.8 75.1 78.0 84.2 69.7 74.4 86.2 85.0 76.9 81.3 70.6 76.9 72.0 75.3 78.0 85.1 70.0 73.7 85.9 85.1 78.1 81.2 71.0 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 COTTON CONSUMPTION—UNITED STA TES................... Cotton-Growing S tates...................................................................... All Other States.................................................................................. Georgia......................................................................................... Alabama....................................................................................... Tennessee..................................................................................... 101.0 119.9 63.6 110.8 158.4 118.4 92.6 112.6 53.1 104.9 135.6 106.7 80.3 96.3 48.6 90.9 121.0 91.8 97.9 118.3 57.3 118.5 148.5 105.0 92.3 110.8 55.6 109.2 140.0 90.0 67.5 82.4 37.9 85.3 112.8 70.4 COTTON EXPO RTS—UNITED STA TES............................... 119.9 111.5 98.2 203.8 178.3 159.7 P IG IRON PRODUCTION—United S tates.............................. Alabama....................................... 31.8 25.3 32.0 25.1 34.4 28.6 45.4 42.9 36.3 36.4 39.6 54.7 ♦Adjusted for Seasonal Variation, tCompiled by Bureau of Labor Statistics. 1926 • 100.
