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M O N T H L Y R E V IE W O f F in a n c ia l, A g r ic u ltu r a l, T r a d e a n d I n d u s tr ia l C o n d itio n s in th e S ix th F ed era l R e se rv e D is tr ic t FED ER A L R ESER V E BANK OF ATLANTA VOL. 18, No. 7 ATLANTA, GA, July 31. 1938 NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by Federal Reserve Board In June, as in the two preceding months, industrial activity in creased rapidly and in the first half of July there was some further advance. Factory employment and payrolls showed a consider able increase. Wholesale commodity prices rose rapidly until the third week of July when prices of leading raw materials showed a sharp decline. Production and E m ploym ent Volume of industrial production, as measured by the Board’s seasonally adjusted index, ad vanced from 77 per cent of the 1923-1925 average in May to 89 per cent in June, as compared with 60 per cent in March. Activity in the steel industry continued to increase during June and, according to trade reports, during the first two weeks of July, in the third week of the month it showed little change. Demand for steel from the railroads and the construction industry continued at a low level. Output of automobiles, which usually declines at this season, increased in June and showed little change in July. Consumption of cotton by domestic mills was larger in June than in any previous month, and continued at a high rate during the first half of July. At woolen mills and shoe factories activity increased further in June to unusually high levels. Working forces at factories increased substantially between May and June and the Board’s seasonally adjusted index of factory employment advanced from 61 per cent of the 1923-1925 average to 65 per cent. Factory payrolls also increased by a considerable amount to 46 per cent of the 1923-1925 average. Value of con struction contracts awarded, as reported by the F. W. Dodge Cor poration, showed an increase in May and June, contrary to the usual seasonal movement. Department of Agriculture estimates as of July 1 indicated a wheat crop of about 500,000,000 bushels, 350,000,000 bushels below the average of 1926-1930, reflecting chiefly adverse weather con ditions. Feed crops have also been seriously damaged. Cotton acreage on July 1, was estimated at about 41,000,000 acres, an increase of 4,000,000 acres over last year, but it is proposed as a Percent m P E R CENT 1*»0 INIDUSTRIAL PRODUCT ION " part of the program of the Agricultural Adjustment Administra tion to reduce the area by about 10,000,000 acres. D istribution Freight traffic continued to increase during June, reflecting in large part heavier shipments of coal, miscellaneous freight, and lumber products. Distribution of com modities through department stores showed about the usual seasonal decline in June. W holesale Prices Wholesale prices of commodities advanced from 64 per cent of the 1926 average in the first week of June to 69 per cent in the middle of July, according to the Index of the Bureau of Labor Statistics. This marked up ward movement reflected large increases in the prices of most basic raw materials including grains, cotton, hides, non-ferrous metals, steel scrap, petroleum, and rubber; most of these commod ities are traded in on organized exchanges and enter into world trade. The prices of many manufactured products, particularly textiles, leather, and gasoline, also advanced substantially. On July 19, 20 and 21, following rapid advances in the preceding period, prices of leading raw materials declined sharply. Foreign Exchange In the exchange market the value of the dollar in terms of the French franc declined to 69 per cent of its gold parity on July 18 and then advanced to 72 per cent on July 21. Bank Credit During the four weeks following the enactment on June 16 of the Banking Act of 1933, which pro hibits the payment of interest on demand deposits, net demand deposits of weekly reporting member banks in 90 cities declined by $500,000,000, reflecting the withdrawal of $300,000,000 in bankers’ balances from banks in New York City and elsewhere, and the transfer of funds from demand to time accounts. Time deposits increased by $260,000,000. The banks’ holdings of United States Government Securities increased during the four weeks ending July 12, and there was a further rapid growth in openmarket brokers’ loans, while loans to customers declined. ( C o n t i n u e d o n p a g e 7 .) p e r CENT PER CENT 120 1 130 130 "Q 120 120 too 110 110 SO 100 100 60 90 90 70 120 W H O LESA LE PR ICE!5 i 1 »0 arm Product;* - 100 ' Foods 80 80 70 60 50 1929 1930 193! 1932 1933 50 60 40 50 30 Digitized 90 - SO % 70 s 60 70 I n d e x n u m b e r s o f p r o d u c t io n o f m a n u f a c t u r e s a n d m in e r a ls c o m b in e d 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 s (1923-1925 a v e r a g e = 1 0 0 ). L a t e s t f i g u r e n e P r e l i m i n a r y 89. forJ u FRASER s Other Commoditie* 60 % t s v ' 50 40 30 1928 1929 1930 1931 1932 1933 I n d e x e s o f t h e U n i t e d S t a t e s B u r e a u o f L a b o r S t a t i s t i c s (1 9 2 6 -1 0 0 ). L a t e s t f i g u r e s , J u n e : F a r m p r o d u c t s 53.2; F o o d p r o d u c t s 6 1 .2 ; O t h e r c o m m o d i t i e s 68.9. 2 M O N T H L Y Index n u m bers o f fa cto ry em p loym en t a n d payrolls, w ith o u t ad ju stm en t for sea so n a l v a ria tio n s (1923-25 average=100). L a test fig u re J u n e E m ploy m en t 64.1 p a y ro lls 45.9. SIXTH DISTRICT SUMMARY T h e r e w e r e fu r t h e r in c r e a s e s in m o s t lin e s o f in d u s tr ia l a c t i v i t y in t h e S ix t h D is t r ic t d u r in g J u n e , c o m p a r e d w ith p r e v io u s m o n th s , a s m a ll n o n -s e a s o n a l g a in in w h o le s a le tr a d e , a n d a n in c r e a s e in o u t s t a n d in g b a n k c r e d it, b u t r e t a il tr a d e d e c lin e d s o m e w h a t c o m p a r e d w it h t h e m o n th b e fo r e . T o t a l R e s e r v e B a n k c r e d it o u t s t a n d in g a t t h is b a n k in c r e a se d s o m e w h a t fr o m J u n e 14 t o J u ly 1 2 b e c a u s e a s m a ll d e c lin e in d is c o u n ts w a s m ore th a n S t a t e s s e c u r itie s . o ff s e t b y in c r e a s e d h o ld in g s o f U n it e d A t w e e k ly r e p o r t in g m e m b e r b a n k s th e r e w a s a s m a ll in c r e a s e in lo a n s a n d a la r g e r in c r e a s e in h o ld in g s o f G o v e r n m e n t s e c u r itie s . R E V IE W Indexes b ased o n th re e -m o n th m ovin g averages of F. W. D od ge d a ta for 37 E astern S tates, ad ju sted for sea so n a l variation . (1923-25 average=100). J u n e p relim inary, T o ta l 19, R e sid en tia l 14. holdings show an increase of $ 4 ,2 7 9 ,0 0 0 , and total bills and securi ties show a decline of $ 2 9 ,2 3 9 ,0 0 0 . Total reserves registered a decrease from June 14 to July 12, but were substantially larger than on the same report date a year ago. Member bank reserve deposits increased $ 4 ,3 5 1 ,0 0 0 since June 1 4, and were $ 1 0 ,4 1 7 ,0 0 0 greater than on July 1 3 , 1 9 3 2 . Volume of Federal reserve notes of this bank’s issue has declined continuously since the banking holiday, and on July 12 was $ 6 ,3 8 8 ,0 0 0 less than four weeks earlier, although $ 5 ,3 2 8 ,0 0 0 greater than at the same time a year ago. Principal items in the weekly statement are compared in the table. E s t im a t e s b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u ltu r e o n FED ER AL R E SERV E B A N K OF ATLANTA (000 O m itted) J u ly 12, J u n e 14, 1933 1933 J u ly 1 in d ic a t e in c r e a s e s o v e r 1 9 3 2 in t h e p r o d u c t io n o f to b a c c o , w h it e p o t a t o e s a n d fr u it s in t h is d is tr ic t, b u t d e c r e a s e s in o th e r p r in c ip a l c r o p s e x c e p t c o t t o n , fo r w h ic h n o e s t im a t e is m a d e u n t il A u g u s t. D e p a r t m e n t s to r e s a le s d e c lin e d s o m e w h a t in J u n e fo llo w in g a n e t in c r e a s e in A p r il a n d M a y o f s u b s t a n t ia lly u s u a l s e a s o n a l a m o u n t. m ore th a n th e I n t h e p a s t fo u r t e e n y e a r s , d a ily a v e r a g e s a le s b y r e p o r t in g d e p a r tm e n t s to r e s h a v e a lw a y s d e c lin e d fr o m M a y t o J u n e , e x c e p t fo r a n in c r e a s e o f le s s t h a n o n e p e r c e n t in J u n e 1923. J u n e s a le s b y r e p o r t in g w h o le s a le fir m s a v e r a g e d s lig h t ly B ills D isco u n te d : . Secured b y G ovt. O b lig a tio n s ............... . $ 265 A ll O t h e r s - ...................................................... 7,898 T o ta l D is c o u n ts ...................................... 8,163 B ills B o u g h t in O pen M arket.......................... 248 U . S. S e c u r itie s ...................................................... 55,961 T o ta l B ills a n d S e cu rities............... — 64,372 T o ta l R eserves......................................................... 128,032 Member B a n k Reserve D e p o s its ..................... 54,239 T o ta l D e p o sits........................................................ 62,691 F . R . N o tes in a c tu a l c ir c u la tio n .................. 118,327 F. R . B a n k N o te s in a c tu a l c ir c u la tio n ___ 2,493 Reserve R a tio .......................................................... 70.7 $ 628 8,919 9,547 342 52,678 62,567 131,734 49,888 58,349 124,715 2,195 72.0 J u ly 13, 1932 $ 10,542 29,229 39,771 2,158 51,682 93,611 69,943 43,822 45,684 112,999 44.1 h ig h e r t h a n in M a y a n d w e r e 1 4 .3 p e r c e n t g r e a te r t h a n in J u n e , 1932. B u ild in g p e r m its a t t w e n t y c it ie s in t h e d is t r ic t d e c lin e d s lig h t ly fr o m M a y t o J u n e b u t w e r e 1 0 .3 p e r c e n t g r e a te r t h a n in J u n e la s t year. C o t t o n c o n s u m p t io n in th r e e s t a t e s o f t h e d is t r ic t in c r e a s e d b y 1 0 .6 p e r c e n t o v e r M a y a n d w a s 8 8 .8 p e r c e n t g r e a te r t h a n a y e a r a g o , a n d p r o d u c t io n a n d e m p lo y m e n t a t r e p o r t in g c o t t o n m ills In the following table are shown comparisons of important items in the statement for the twelve Federal Reserve Banks combined. There was an increase between June 14 and July 12 in holdings of purchased bills, and there was a further increase in holdings of Government securities, but these were offset by a decrease in discounts, and total bills and securities declined. FEDERAL RESERVE SYSTEM (000 O m itted) J u ly 12, J u n e 14, 1933 1933 in c r e a s e d fu r t h e r o v e r p r e c e d in g m o n t h s a n d w e r e s u b s t a n t ia lly g r e a te r t h a n a y e a r a g o . Jun e. O rd e r s, h o w e v e r , d e c lin e d fr o m M a y to P r o d u c t io n o f c o a l in A la b a m a a n d T e n n e s s e e , a n d o f p ig ir o n in A la b a m a , in c r e a s e d fu r t h e r in J u n e a n d w a s c o n s id e r a b ly a b o v e t h e le v e ls o f a y e a r a g o . FINANCE R eserv e Bank C r e d it A fte r d e c lin in g a lm o s t h o lid a y p e a k o n M a r c h d o lla r s , t o c o n t in u o u s ly fr o m th e 15, a t 1 4 4 m illio n s o f 6 2 .6 m illio n s o n J u n e 1 4 , t h e t o t a l v o lu m e o f r e s e r v e b a n k c r e d it o u t s t a n d in g a t t h e F e d e r a l R e s e r v e B a n k o f A t la n t a s h o w e d a s m a ll in c r e a s e b e t w e e n t h a t d a t e a n d J u ly 12. T h e g a in w a s d u e t o in c r e a s e d h o ld in g s o f U n it e d S t a t e s G overnm ent s e c u r itie s , as d u r in g t h is fo u r - w e e k p e r io d . to ta l d is c o u n t s d e c lin e d $ 1 ,3 8 4 ,0 0 0 H o ld in g s o f b ills b o u g h t in t h e o p e n m a r k e t d e c lin e d $ 9 4 ,0 0 0 , a n d G o v e r n m e n t s e c u r it y h o ld in g s in c r e a s e d $ 3 ,2 8 3 ,0 0 0 , a n d t o t a l b ills a n d s e c u r itie s s h o w e d a n e t in c r e a s e o f $ 1 ,8 0 5 ,0 0 0 . C o m p a r e d w it h t h e c o r r e s p o n d in g W e d n e s d a y o f la s t y e a r , d is c o u n t s s h o w a d e c r e a s e o f $ 3 1 ,6 0 8 ,0 0 0 , a n d p u rch ased b ills a ls o s h o w a d e c lin e , b u t G o v e r n m e n t s e c u r ity B ills D isco u n ted : Secured b y G ovt. O b lig a tio n s .. . A ll O th ers............................................. T o ta l D is c o u n ts .......................... B ills B o u g h t in O pen M arket............. IS 39,450 128,416 167,866 13,194 2,007,233 O th er S ecu rities.......................................... 2,157 T o ta l B ills a n d S ec u r itie s— 2,190,450 3,545,842 2,268,728 2,531,817 F. R . N o tes in a c tu a l c ir cu la tio n ----- 3,067,062 F . R . B a n k N o te s in a c tu a l circu la 115,853 t io n ............................................................ 68.4 Reserve R a tio ................................................ M ember Bank Credit $ 55,553 198,209 253,762 10,200 1,932,444 3,624 2,200,030 3,532,790 2,281,378 2,481,003 3,118,379 113,264 68.3 J u ly 13, 1932 $ 201,921 313,649 515,570 61,621 1,821,132 5,935 2,404,258 2,588,097 2,014,604 2,116,852 2,835,750 57.8 Total loans and investments of 17 weekly reporting member banks located in Atlanta, Birmingham, Jacksonville, Nashville, Chatta nooga, Mobile and Savannah increased by $ 1 0 ,6 4 1 ,0 0 0 between June 1 4 and July 12, and were $ 4 ,6 7 1 ,0 0 0 greater than on the cor responding report date of last year. Loans on securities increased from June 14 to July 1 2 , but other loans declined, and there was M O N T H L Y an increase of $9,180,000 in holdings of United States Government securities and a small increase in holdings of other securities. Compared with the same report date a year ago, however, loans show a decrease of $19,144,000 while investments show an in crease of $23,815,000. Time deposits held by these banks showed an increase between June 14 and July 12 amounting to $11,085,000, and were $5,125,000 greater than at the same time last year, while demand deposits declined $6,013,000 from June 34 to July 12, and were $7,284,000 less than a year ago. Banker’s balances declined somewhat during this recent four weeks period but were greater than a year ago. Borrowings by these weekly reporting member banks increased slightly from June 14 to July 12 but were substantially less than at the same time last year. Comparisons of the principal items in the weekly report are set out in the table. C O N D IT IO N OF MEMBER B A N K S IN SELECTED CITIES (000 O m itted) J u n e 14, J u ly 12, J u ly 13, 1933 1933 L oan s: O n S e c u r itie s....................................................$ A ll O th ers.......................................................... T o ta l L o a n s............................................. U . S. S ecu rities....................................................... O ther S ecu rities..................................................... T o ta l In v estm en ts.................................. T o ta l L o a n s a n d I n v e stm e n ts -........ T im e D e p o sits ......................................................... D em an d D e p o sits................................................... D u e t o B a n k s ........................................................... D u e from B a n k s..................................................... B orrow in gs from F . R . B a n k ........................... $ 28,843 16,039 11,969 19,805 23,750 59,415 159,821 $ 28,010 15,612 11,705 19,455 23,299 58,296 156,377 3 A G R IC U L T U R E T h e J u ly r e p o r t is s u e d b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r i c u ltu r e s t a t e s t h a t t h e a c r e a g e p la n t e d t o c r o p s h a s b e e n r e d u c e d a n d e x c e e d in g ly lo w y ie ld s a r e in p r o s p e c t th is y e a r . d e s c r ib e s t h e fir s t s ix m o n t h s o f 1933 $ 56,169 119,641 175,810 81,077 46,997 128,074 303,884 126,762 142,229 57,706 61,338 713 $ 60,046 135,469 195,515 69,256 45,083 114,339 309,854 132,722 143,480 45,779 47,260 7,645 $ 32,774 17,731 13,390 23,704 30,255 64,939 182,793 —12.0 —10.6 + 3 .0 + 2 .7 + 2 .3 — 9.5 + 1 .9 + 1 .9 - 1 6 .4 - 2 1 .5 - 8.5 +1.8 +2.2 -12.6 D ebits to Individual A ccounts Total debits to individual accounts at 26 reporting clearing house centers of the Sixth District increased further in June by nearly 1 per cent over May, and were also approximately 1 per cent greater than in June, 1932. At the same time last year there was a decrease of 5.6 per cent from May to June. Of the 26 reporting cities, 15 re ported increases over May, and 18 reported gains over June a year ago. Monthly totals in the table are derived from weekly reports by prorating figures for those weeks which do not fall entirely within a single calendar month. (000 O m itted) J u n e 1933 A labam a—4 C itie s ............................ .............. $ 88,159 B ir m in g h a m ............................... .............. 51,956 D o th a n .......................................... .............. 1,760 M obile............................................ .............. 20,926 M ontgom ery............................... ............... 13,517 M ay 1933 J u n e 1932 $ 90,921 54,430 2,121 19,858 14,512 $ 86,616 54,027 1,022 20,744 10,823 Florid a—4 C ities............................... .............. J a c k so n v ille -............................... .............. M iam i............................................................ P e n s a c o la ..................................... .............. T am p a........................................... ............... 79,937 42,309 15,338 4,739 17,551 82,921 44,299 16,631 4,406 17,585 78,863 43,575 12,105 4,139 19,044 G eorgia—10 C itie s ........................... .............. A lb a n y .......................................... .............. A tla n ta .......................................... .............. A u g u s ta ........................................ .............. B ru n sw ick ................................... .............. C o lu m b u s.................................... .............. E lb e r to n ........................................ .............. M acon............................................ .............. N e w n a n ........................................ .............. S a v a n n a h .................................... .............. V a ld o sta ....................................... ............... 166,734 2,004 105,181 13,292 1,648 7,925 397 9,409 1,219 23,720 1,939 166,039 1,870 105,108 12,938 1,523 7,356 517 9,065 1,310 23,829 2,523 158,537 1,874 103,598 11,447 1,611 6,412 507 8,566 757 21,665 2,100 L o u isia n a —N ew O rleans.............. .............. 161,810 158,698 165,446 M ississippi—4 C itie s ........................ .............. H a ttie sb u rg ................................ .............. J a c k s o n ....................................... .............. M eridian....................................... .............. V icksburg..................................... .............. 26,657 2,961 13,187 7,123 3,386 25,012 2,783 12,008 6,567 3,654 22,209 2,555 11,907 4,902 2,845 T en n e sse e —3 C itie s......................... .............. C h a tta n o o g a .............................. .............. K n o x v ille...................................... - .......... N a sh v ille ...................................... .............. 92,263 23,488 14,776 53,999 86,877 21,395 13,426 52,056 98,270 27,053 19,797 51,420 $610,468 $609,941 T o ta l 26 C itie s.................... .............. $615,560 T h e rep ort a s b e in g le s s f a v o r a b le fo r c r o p p r o d u c t io n t h a n t h e c o r r e s p o n d in g p a r t o f a n y c r o p s e a s o n in f if t y y e a r s . 1 T h e t o t a l a c r e a g e in c r o p s o n J u ly w a s b e tw e e n f iv e a n d s ix p e r c e n t b e lo w t h e a c r e a g e h a r v e s t e d la s t y e a r . The c r o p a r e a s o f t h e c o u n t r y a s a w h o le h a d o n ly a b o u t h a lf o f t h e n o r m a l r a in fa ll d u r in g J u n e , a n d in t h e M is s is s ip p i B a s in t h e y h a d o n ly a b o u t o n e -t h ir d o f t h e n o r m a l r a in fa ll. A t t h e s a m e t im e t h e t e m p e r a tu r e a v e r a g e d a b o v e n o r m a l n e a r ly e v e r y w h e r e . I n t h e S ix t h D is t r ic t t h e d r y , h o t w e a th e r o f M a y e x t e n d e d in t o J u n e , a n d m o s t c r o p s w e r e a d v e r s e ly a ff e c te d . T h e J u ly c r o p e s t im a t e s b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u ltu r e in d ic a t e in c r e a s e s o v e r 1932 in t h e p r o s p e c t iv e p r o d u c t io n o f t o b a c c o , w h it e p o t a t o e s , a n d fr u it s , b u t d e c r e a s e s in g r a in s a n d h a y . A s m a ll in c r e a s e in w h e a t in T e n n e s s e e is in d ic a te d in t h e r e p o r t, b u t d e c r e a s e s in A la b a m a a n d G e o r g ia . 57,260 119,111 176,371 90,257 47,897 138,154 314,525 137,847 136,216 57,368 57,810 830 SA V IN G S D E PO SIT S OF 55 R E PO R T IN G B A N K S (000 O m itted) P ercen ta g e ch a n g e J u n e 1933 Com pared w ith : May June N o. of June May June B anks 1933 1933 1933 1932 1932 A tla n ta .............. 3 B irm ingh am — 3 J a ck so n v ille— 3 N ash v ille.......... 4 N ew O rleans— 6 O th er C ities™ 36 T o ta l.................. 55 R E V IE W E s t im a t e s fo r c o r n a r e s m a lle r t h a n a y e a r a g o in a ll s ix s t a t e s o f t h e d is t r ic t , a n d t h e e s t im a t e s fo r o a t s a r e s m a lle r e x c e p t in F lo r id a . P o ta to e s sh o w an in c r e a s e in F lo r id a a n d L o u is ia n a , b u t d e c r e a s e s in t h e o t h e r fo u r s t a t e s , a n d s w e e t p o t a t o e s a r e e x p e c t e d t o in c r e a s e in F lo r id a , b u t d e c r e a s e s a r e in d ic a t e d fo r t h e o t h e r fiv e s t a t e s . n u ts is lo w e r t h a n a y e a r a g o in a ll s ix s t a t e s . C o n d itio n o f p e a I n c r e a s e s in t o b a c c o a r e s h o w n fo r t h e th r e e p r o d u c in g s t a t e s , T e n n e s s e e , G e o r g ia a n d A la b a m a , a n d a ll s t a t e s in d ic a t e la r g e r p r o d u c t io n o f p e a c h e s a n d 1932. 1 e s t im a t e s a p p le s , f o llo w in g t h e s m a ll c r o p s o f I n t h e t a b le a r e s h o w n J u ly o f p r in c ip a l s t a p le c r o p s fo r t h is d is tr ic t c o m p a r e d w it h p r o d u c t io n in (000 O m itted) E stim ate J u ly 1,1933 C o m , b u ........................................................ W heat, b u ..................................................... O ats, b u ........................................................ Tam e H a y , t o n s ......................................... T obacco, lb s ................................................ W hite P o ta to e s, b u .................................. C o tto n A creage 1932. P r o d u ctio n P ercen tage 1932 C om parison 136,989 2,872 8,076 1,957 141,934 10,981 146,661 3,063 10,469 2,105 99,242 10,545 — 6.6 — 6.2 —22.9 — 7.0 + 43.0 + 4.1 T h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u ltu r e e s t im a t e s t h a t t h e a c r e a g e p la n t e d t o c o t t o n o n J u ly to 40,798,000 a c r e s , a n in c r e a s e o f t h e c o t t o n a c r e a g e o n J u ly 1, 1932. 11.6 1 a m o u n te d per c e n t o v er E s t im a t e s fo r t h e s ix s t a t e s o f t h is d is t r ic t c o m b in e d in d ic a t e a n in c r e a s e o f 4.7 per c en t over t h e c o t t o n a c r e a g e la s t y e a r , t h e in c r e a s e s b y s t a t e s r a n g in g fr o m p e r c e n t in M is s is s ip p i t o c o tto n sta te . 14 1 p e r c e n t fo r F lo r id a , w h ic h is a s m a ll N o e s t im a t e o f t h e p r o b a b le p r o d u c t io n o f c o t t o n is m a d e u n t il A u g u s t. O b v io u s ly th is e s t im a t e o f p la n t e d a c r e a g e d o e s n o t ta k e a c c o u n t o f a n y r e d u c tio n in a c r e a g e t h a t m a y b e m a d e b y fa r m e r s u n d e r t h e c o t t o n p r o g r a m o f t h e A g r ic u ltu r a l A d ju s t m e n t A d m in is tr a tio n . C o tto n A creage o n J u ly 1 P ercen tage 1933 1932 C om parison A la b a m a .................................................... F lo r id a ....................................................... G e o r g ia ..................................................... L o u isia n a .................................................. M ississip pi................................................ T en n essee.................................................. 3,245,000 122,000 2,867,000 1,804,000 3,936,000 1,167,000 3,061,000 107,000 2,705,000 1,702,000 3,897,000 1,081,000 + 6.0 +14.0 + 6.0 + 6.0 + 1.0 + 8.0 T o ta l Six S ta te s ............................... 13,141,000 12,553,000 + 4.7 N o te: P arts o f T en nessee, M ississippi a n d L o u isia n a are situ a te d in oth er Federal Reserve D istricts. Sugar C ane T h e a c r e a g e in su g a r c a n e in t h e L o u is ia n a C a n e and Sugar B e l t in 1933 is e s t im a t e d a t 100,000 a c r e s , a d e 5 p e r c e n t fr o m t h a t o f 1932. T o t a l S t a t e is e s t im a t e d a t 213,000 a c r e s, c o m p a r e d crease o f a c r e a g e fo r t h e e n tir e w it h 223,000 a c r e s la s t year. SU G A R M OVEM ENT-RAW SU G A R (P ounds) R eceipts: J u n e 1933 M ay 1933 N ew O rleans............................... 134,837,173 165,675,869 S a v a n n a h .................................... 54,367,298 122,573,443 M eltings: N e w O rleans............................... 128,330,147 140,367,299 41,690,229 45,241,372 S a v a n n a h .................................... Stock s: N e w O rleans............................... 66,647,045 60,245,430 S a v a n n a h ..................................... 95,717,329 83,040,260 R E FIN E D SU G A R (P ound s) Sh ip m en ts: N ew O rleans............................... 109,732,295 126,736,966 „ S a v a n n a h ..................................... 29,773,153 43,868,249 S tock s: N ew O rlean s............................... 63,064,843 47,829,385 S a v a n n a h --------------------------18,724,231 25,700,737 J u n e 1932 127,043,978 34,700,654 139,783,323 46,341,377 77,485,279 95,317,724 145,406,689 33,633,593 75,799,061 16,479,721 M O N T H L Y 4 R ic e T h e acreage sow n to 3 8 2 ,0 0 0 th a t of 1932. acres, a r ic e in L o u is ia n a is e s t im a t e d d ecrease o f 10 per c e n t co m p ared at w it h T h e J u ly 1 fir s t c o n d it io n w a s t h e s a m e a s a y e a r a g o , a n d p r o d u c t io n t h is s e a s o n is in d ic a t e d a t 1 4 ,8 9 8 ,0 0 0 b u s h e ls , c o m p a r e d w it h 1 6 ,5 3 6 ,0 0 0 b u s h e ls p r o d u c e d in 1 9 3 2 . RIOE M O V E M E N T -N ew O rleans R o u g h R ice—B arrels: J u n e 1933 M ay 1933 R e ce ip ts............................................................... 43,706 40,177 S h ip m e n ts.......................................................... 12,730 31,180 S to ck s................................................................... 30,976 25,602 C lean R ic e —P o ck ets: R e ceip ts............................................................... 41,630 63,639 S h ip m e n ts.......................................................... 49,238 83,998 181,233 S to ck s.................................................................. 173,625 RICE M ILLERS’ A SSO CIATION STA TISTICS (Barrels) R eceipts o f R o u g h R ice: S ea so n 1932-33........................................................................ S ea so n 1931-32........................................................................ D istr ib u tio n o f M illed R ice: S ea so n 1932-33........................................................................ S ea so n 1931-32........................................................................ S tock s: J u n e 30, 1933........................................................................... J u n e 30, 1932........................................................................... J u n e 1932 46,347 21,538 24,809 41,503 45,579 123,533 June 257,031 342,810 A u g u st 1 to J u n e 30 9,142,399 9,492,888 565,226 602,320 R ough 448,861 394,195 9,227,912 9,153,737 C lea n 932,103 1,233,612 F e r tiliz e r S a le s o f fe r tiliz e r t a x t a g s in t h e s ix s t a t e s o f t h is d is - T a g S a le s t r ic t d e c lin e d s e a s o n a lly in J u n e , b u t w e r e 3 5 .3 p er c e n t g r e a t e r t h a n in J u n e la s t y e a r , a n d fo r t h e e le v e n m o n t h s A u g u s t t h r o u g h J u n e , h a v e a v e r a g e d 9 p e r c e n t g r e a te r t h a n in t h a t p a r t o f t h e s e a s o n b e fo r e . F ig u r e s w h ic h a r e c o m p a r e d in t h e t a b le a r e fr o m t h o s e c o m p ile d b y t h e N a t io n a l F e r tiliz e r A s s o c ia tio n . (S hort T ons) June 1933 M ay 1933 June 1932 2,800 15,259 4,871 287 2,775 0 26,400 31,347 41,112 1,500 8,377 13,819 350 17,761 513 A u g u st 1 to J u n e 30, in clu siv e 1932-33 1931-32 273,150 353,399 388,427 53,145 85,457 73,365 204,800 362,446 356,683 52,251 85,575 63,955 T o ta l................ 25,992 122,555 19,215 1,226,943 N o te : F ig u res fo r G eorgia, a n d t h e to ta ls , are revised. 1,125,710 A la b a m a ................ F lo rid a .................... ♦G eorgia................ L o u is ia n a .............. M ississip pi............. T en n essee.............. 21 525 45 R E V IE W TRADE After increasing during April and May by considerably more than the usual seasonal amount, department store sales in the Sixth District declined 1 7 .5 per cent from May to June and were 3 .4 per cent less than in June, 1 9 3 2 . On a daily average basis June sales were 1 4 .6 per cent less than in May compared with a usual seasonal decline at that time amounting to 11 per cent. The adjusted index of daily average sales for June was 6 4 .4 , compared with 6 7 .2 for May, and except for May was the highest since October last year. For the first half of 1 9 3 3 de partment store sales have been 1 4 .6 per cent less in dollar amount than during that part of 1 9 3 2 . Stocks of merchandise on hand at the end of June were 0.2 per cent smaller than a month earlier and 2 1 .9 per cent less than a year ago. Accounts receivable at the end of June were 2.2 per cent smaller than a month ago, and 7 .9 per cent smaller than a year ago, and collections in June increased 0 .4 per cent over those in May but were 9 .6 per cent less than in June, 1 9 3 2 . The ratio of collections during June to accounts outstanding and due at the beginning of the month was 2 7 .3 per cent; for May 2 8 .3 per cent, and for June last year 2 7 .1 per cent. For installment accounts the ratio for June was 1 4 .8 per cent, for May 1 5 .3 per cent, and for June last year 1 3 .9 per cent, and for regular accounts the ratio for June was 2 8 .8 per cent, for May 2 9 .8 per cent, and for June last year 2 8 .9 per cent. Collection ratios for June for re porting cities were: Atlanta 2 6 .2 per cent; Birmingham 2 0 .1 per cent; Chattanooga 2 4 .3 per cent; Nashville 2 7 .8 per cent; New Orleans 3 4 .0 per cent, and other cities 2 4 .9 per cent. Cash sales accounted in June for 4 6 .3 per cent of the total, in May for 4 3 .6 per cent, and in June last year 4 7 .6 per cent. All 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 etail Trade RETAIL T R AD E IN THE SIX T H D IST R IC T D U R IN G JU N E 1933 B A SE D ON C O N FID EN TIA L R E PO R T S FR O M 36 D EPA R TM EN T ST O R E S COM PARISON OF N E T SALES C O M PARISON OF ST O C K S J u n e 1933 J u n e 1933 J a n . 1 to J u n e 30, J u n e 30,1933, J u n e 30, 1933, w ith w ith 1933, w ith sam e w ith w ith J u n e 1932 M ay 1933 p eriod i n 1932 J u n e 30, 1932 M ay 31, 1933 A tla n ta (5).............................. B irm in gh am (4).................... C h a tta n o o g a (4)................... N a sh v ille (4)........................... N e w O rleans (5)................... O ther C ities (14)................. . D IS T R IC T (36)..................... + 0.1 —15.7 — 2.1 + 6.0 — 5.1 - 1.7 - 3.4 —19.9 —18.0 —10.5 —26.0 - 1 2 .6 - 2 3 .8 - 1 7 .5 —14.9 —20.3 —18.8 — 6.5 —15.2 —10.9 —14.6 - 1 5 .0 —26.2 — 8.9 —17.2 —23.8 —31.3 - 2 1 .9 R ATE OF ST O C K T U R N O V E R + 2 .2 —0.3 + 5 .7 —1.1 -0 .8 —4.6 -0 .2 June June 1933 .28 .19 .22 .17 .19 .15 .20 .35 .22 .24 .21 .23 .21 .25 J a n . 1 to J u n e 30, 1932 1933 1.98 1.19 1.11 1.11 1.13 1.00 1.25 2 .CO 1.33 1.28 1.33 1.19 1.37 1.39 N o te : T h e ra te o f sto c k tu rn o v er is th e r a tio o f sa les d u rin g given p eriod to average sto c k s o n h a n d . W holesale Trade Volume of wholesale trade in the Sixth District registered a further slight increase from May to June, and was 1 4 .3 per cent greater than in June, 1 9 3 2 . The increase over May was one-tenth of one per cent, and compares with a decrease of 6 per cent at the same time last year. For the first half of 1 9 3 3 , sales by reporting wholesale firms were only 1 .7 per cent less than in that part of 1 9 3 2 . Percentage com parisons of Deported figures are shown in the table, and index num bers appear on page 8. WHOLESALE TR AD E IN JU N E 1933 S IX T H FED ER AL RESERVE D ISTR IC T* P ercen ta g e C om parisons J a n .-J u n e J u n e 1933 w it h : 1933 w ith M ay J u n e sam e period N o . of Firm s 1933 1932 in 1932 A ll L in es C om bined: 104 S a le s ....................................... ..... 27 S to ck s o n h a n d ................. .. . . . A c co u n ts receivable.......... ..... 49 C o lle c tio n s______________ 50 scen es: 24 S a les.............................................. 3 A tla n ta ............................ . . J a ck so n v ille................. . 4 5 N e w O rlean s................. 3 V ick sb u rg....................... . 9 O th er C ities................. . 3 S to ck s o n h a n d ................. . 11 A c co u n ts receivable.......... . . . 12 C o lle c tio n s........................... .. D ry G oods: S a le s................. . N a sh v ille .. S to ck s o n h a n d .......... A c co u n ts receivable. H ardw are: S a le s......................... N a sh v ille ........ N e w O r le a n sO th er C itie s .. S to ck s o n h a n d .. 16 3 13 8 9 10 + 0.7 — 9.1 + 2.9 + 15.9 + 4.5 - 8.5 +81.9 + 58.4 +87.3 + 3.1 + 7.4 + 39.8 + 23.2 + 14.5 +25.4 26 3 5 18 8 15 15 + 1.1 — 7.4 + 16.7 - 5.3 —12.3 — 4.1 + 8.7 - 4.2 +11.6 + 42.8 - 2 3 .7 - 1 1 .9 — 3.6 +18.8 — — + — 10 4 6 5 6 5 + 17.4 +34.2 +12.9 + 0.4 + 7.9 + 15.9 +70.1 + 62.2 +72.8 — 7.8 + 2.3 +24.2 - 1 4 .9 — 3.1 —18.0 ____ _ 14 4 10 3 4 4 — 9.9 — 1.6 —12.9 + 1.8 - 0.6 + 14.7 + 20.8 + 0.9 + 31.2 - 2 6 .1 — 7.5 — 4.7 + 5.9 - 1 7 .3 + 17.6 8 4 4 - 6.2 — 1.7 — 3.1 — 9.3 —12.5 — 5.4 - 1 3 .4 _____ 4 + 1.7 + 1.1 - 3 6 .6 4.1 6.6 7.0 8.8 F u rn itu re: + 0.1 — 2.7 — 0.7 +14.5 + 14.3 — 9.7 - 1.0 — 0.5 — 1.7 A tla n ta ................... O th er C ities.......... S to ck s o n h a n d ......... A c co u n ts receivable. C o lle c tio n s................... E lectrical S u p p lies: S a le s................................ N e w O rlean s........ + 2.7 — 0.4 — 0.1 + 0.2 +21.1 + 0.1 + 0.4 + 2.3 - 4.7 +11.9 + 5.7 —10.6 +13.9 + 57.2 + 14.6 — 9.7 - 0.6 +10.2 — 3.3 — 6.9 —17.2 - 1.3 +21.8 - 0.2 S to ck s o n h a n d .......... A c co u n ts receivab le. C o lle c tio n s.................... D ru gs: S a le s................................ A c co u n ts receivable.. C o lle c tio n s................... S ta tio n e r y : ♦ B a s e d u p o n c o n f i d e n t i a l r e p o r t s ffrom r o m 104 firm s. M O N T H L Y Life Insurance There was a further gain of 5 .8 per cent in the volume of new, paid-for, ordinary life insurance in this dis trict in June over May, and June sales averaged 3 .8 per cent less than in that month a year ago. For the first half of 1 9 8 8 , sales in the six states of this district have been 1 8 .6 per cent less than in that part of 1 9 8 2 , as indicated in the table. The figures are from those compiled by the Life Insurance Sales Re search Bureau. (000 O m itted) May J u n e J a n u a r y -J u n e , In c. P ercen tage 1933 1932 1933 1932 C om parison June 1933 R E V IE W 5 Contract Awards T h e v a lu e o f c o n t r a c t s a w a r d e d in t h e S ix t h D is t r ic t d u r in g J u n e , a c c o r d in g t o s t a t is t ic s c o m p ile d b y t h e F . W . D o d g e C o r p o r a tio n a n d s u b d iv id e d in t o d is tr ic t t o t a ls b y t h e F e d e r a l R e s e r v e B o a r d ’s D iv is io n o f R e s e a r c h a n d S t a t is t ic s , d e c lin e d 1 8 .6 p e r c e n t fr o m M a y t o J u n e a n d w a s 4 3 .1 p e r c e n t le s s t h a n in J u n e , 1 9 3 2 . R e s id e n t ia l c o n t r a c t s d e c lin e d o v e r t h e m o n th b u t w e r e 2 3 .9 p e r c e n t g r e a t e r t h a n in J u n e a y e a r ago. F o r t h e fir s t h a lf o f 1 9 3 3 t o t a l a w a r d s s h o w a d e c lin e o f 8 .8 p e r c e n t, a n d r e s id e n t ia l c o n t r a c t s a d e c r e a s e o f 1 1 .5 p e r c e n t , c o m p a r e d w it h t h e fir s t s ix m o n t h s o f 1 9 3 2 . S t a t e t o t a ls fo r J u n e s h o w in c r e a s e s , b o th o v e r t h e m o n th b e fo r e A la b a m a ...........- $ 4,071 F lo r id a .................. 3,901 G eo rg ia ................ 6,021 L o u is ia n a ............ 4,251 M ississip p i_____ 2,526 5,732 T en n essee ........ . $ 3,708 3,704 6,026 4.035 2,343 5,231 $ 3,792 4,437 6,754 4,553 2,233 5,786 $ 21,044 21,386 33,810 22,749 11,529 32,589 $ 23,818 27,090 44,479 27,696 13,828 38,848 —11.6 - 21.1 —24.0 -1 7 .9 —16.6 —16.1 a n d t h e s a m e m o n th la s t y e a r , fo r M is s is s ip p i a n d F lo r id a , b u t d e c r e a s e s fo r t h e o t h e r fo u r s t a t e s . T o t a l a w a r d s d u r in g J u n e in t h e 3 7 s t a t e s e a s t o f t h e R o c k y M o u n t a in s in c r e a s e d 3 3 .4 p e r c e n t o v e r t h o s e fo r M a y , b u t w e r e T o t a l- - ..........$26,502 $25,047 $27,555 $143,107 $175,759 —18.6 Com m ercial Failures Statistics compiled and published by Dun & Bradstreet, Inc., indicate that in June there were 1 ,6 4 8 business failures in the United States, com pared with 1 ,9 0 9 in May and with 2 ,6 8 8 in June last year, and liabilities for June amounted to $ 8 5 ,8 4 4 ,9 0 9 , against $ 4 7 ,9 7 1 ,5 7 3 for May, and $ 7 6 ,9 3 1 ,4 5 2 for June, 1 9 3 2 . In the Sixth District there were 9 2 commercial failures in June, 9 0 in May, and 1 2 4 in June a year ago, and liabilities for June were $ 2 ,1 5 3 ,8 4 5 , against $ 2 ,5 7 0 ,6 6 6 for May, and $ 2 ,1 8 5 ,4 4 1 for June, 1 9 3 2 . G R A IN E X P O R T S—N ew O rleans (B ushels) June June J u ly 1 th r o u g h J u n e 30 1933 1932 1932-33 1931-32 W heat............................................ 11,733 357,826 C orn............................................... 66,879 14,631 O a ts.............. ................................ 19,478 50,264 B a rley .................................................................................. T o ta l-.................................... 98,090 422,721 1,188,689 1,261,394 372,960 ................ 8,310,546 110,385 454,363 112,285 2,823,043 8,987,579 INDUSTRY 8 .9 p e r c e n t le s s t h a n in J u n e , 1 9 3 2 . c r e a s e d fr o m b u ild in g c o n t r a c t s w e r e la r g e r t h a n in J u n e la s t y e a r , b u t c o n t r a c t s fo r p u b lic w o r k s a n d u t ilit ie s w e r e a p p r o x im a t e ly h a lf a s la r g e . C o m p a r is o n s fo r t h e S ix t h D is t r ic t , a n d fo r t h e in d iv id u a l s t a t e s o f t h e d is t r ic t , a n d fo r t h e 3 7 e a s t e r n s t a t e s , a r e s e t o u t in t h e t a b le . June 1933 The value of permits issued at twenty reporting cities in the district for the construction of buildings within their corporate limits increased in March, April and May from the record low total for February, but declined 4 .5 per cent from May to June. Of the twenty reporting cities, ten reported increases in June over May, and ten reported increases over June a year ago. The June total was 1 0 .3 per cent greater than for that month last year. For the first half of 1 9 3 3 , however, the total for these twenty cities amounted to $ 5 ,8 8 1 ,6 3 9 , a decrease of 3 3 .6 per cent compared with the total of $ 8 ,8 5 4 ,6 4 4 for the first six months of 1 9 3 2 . Comparisons for the month are set out in the table, and index numbers appear on page 8 . C ity A labam a: A n n isto n -.......... B ir m in g h a m -. . M obile................M on tg o m ery --F lo rid a : J a c k s o n v ille . . . M iam i.................. M ia m iB e a ch --. O rla n d o.............. T am p a ................ G eorgia: A tla n ta ............... A u g u sta .............. C olu m b u s.......... M acon.................. S a v a n n a h .......... L o u isia n a : N ew O r le a n s ... A lex a n d ria-----T en n essee: C h a tta n o o g a — J o h n so n C ity ._ K n o x v ille............ N ash v ille............ T o ta l 20 C itie s ....... V a lu e June N um ber Jun e 1933 1932 1933 1932 P ercen tage change in value May P ercen tage J u n e P ercen tage 1933 C om parisons 1932 C om parisons S ixth D istr ict-T o ta l $ 4,245,947 $ 5,213,956 R e sid en tia l.......... 1,616,107 2,113,088 A ll O th ers............ 2,629,840 3,100,868 S ta te T otals: 199,600 352,300 A la b a m a ............ F lo rid a .................. 1,816,300 1,723,000 873,600 1,079,500 G e o r g ia ............. 458,200 612,800 L o u is ia n a ............ 1,044,400 248,600 M ississip pi_____ T en n essee (6th D is t.).............. 522,700 1,494,800 U n ite d S ta te s-T o ta l :102,980,100 77,171,700 R e sid en tia l.......... 27,768,200 26,519,700 N o n -R e sid e n tia l 50,774,100 31,639,400 P u b lic Works a n d U tilitie s 24,437,800 19,012,600 Lumber Building P erm its A ll c la s s e s o f c o n t r a c t s in M a y t o J u n e , a n d r e s id e n t ia l a n d n o n -r e s id e n t ia l - 18.6 $ 7,462,504 — 23.5 1,304,343 - 15.2 6,158,161 — 43.1 + 23.9 — 57.3 — 43.3 + 5.4 - 19.1 — 25.2 +320.1 — 53.1 + 14.1 — 44.2 — 83.0 +260.8 — + + + 425,800 1,592,500 1,566,500 2,689,200 289,500 65.0 33.4 4.7 60.5 1,748,400 113,075,000 23,116,200 39,812,600 + 28.5 50,146,200 — + + 70.1 8.9 20.1 27.5 — 51.3 W e e k ly s t a t e m e n t s is su e d b y t h e S o u th e r n P in e A s s o c ia tio n , a n d r e p o r ts in t h e p r e ss, c o n tin u e t o s h o w s u b s t a n t ia l in c r e a se s in t h e v o lu m e o f b u sin e s s b e in g b o o k e d b y lu m b e r m ills a s c o m p a r e d w it h t h e c o r r e sp o n d in g p e r io d a y e a r a g o , a n d u n fille d o r d e rs a n d p r o d u c t io n a r e a ls o g r e a te r t h a n a t t h a t t im e . I n r e c e n t w e e k s, h o w e v e r , p r o d u c t io n h a s b e e n in c r e a se d a n d t h e e x c e s s o f o r d e rs o v e r o u t p u t h a s c o n s e q u e n t ly d e c lin e d . R e t a il y a r d s a re n o t b u y in g in t h e v o lu m e r e p o r t e d a f e w w e e k s a g o , b u t r e p o r ts in d ic a t e fu r t h e r im p r o v e m e n t in t h e d e m a n d fr o m r a ilr o a d s a n d in d u s tr ia l c o n s u m e r s. S o u th e r n P in e fig u re s fo r th e s ix w e e k s e n d in g J u ly 8 a r e c o m p a r e d in t h e t a b le . F o r t h is p e r io d o r d e rs a v e r a g e 8 0 .2 p e r c e n t, u n fille d o r d e rs 5 5 .0 p e r c e n t , a n d p r o d u c t io n 3 5 .6 p e r io d o f 1 9 3 2 . per c e n t, g r e a te r t h a n fo r t h e c o r r e sp o n d in g F o r t h is s ix w e e k s p e r io d o r d e rs a v e r a g e d 2 8 .5 p e r c e n t g r e a te r t h a n p r o d u c t io n , w h ile a t t h e s a m e t im e a y e a r a g o t h e y w e re 3 .4 p e r c e n t le s s . 9 99 34 93 6 114 15 70 463 280 62 45 176 310 275 48 32 216 156,115 89,992 507,040 12,355 42,673 93,745 59,915 167,851 16,003 29,393 + 65.5 + 50.2 +202.1 — 22.8 + 45.2 177 31 43 117 13 222 45 23 153 12 119,021 40,382 27,775 12,925 18,325 421,666 21,709 48,775 30,124 5,369 - 71.8 + 86.0 - 43.1 - 57.1 +241.3 C otton C onsum ption 91 35 104 35 101,349 11,536 131,280 25.130 — 22.8 - 54.1 in c r e a s e o v e r M a y w a s 10 p e r c e n t , a n d in o th e r s t a t e s 2 2 .6 p e r 169 3 32 107 152 3 30 117 37,893 5,000 65,460 104,485 40,562 600 56,457 58,682 — 6.6 +733.3 + 15.9 + 78.1 c e n t g r e a te r t h a n a y e a r a g o , a n d in o th e r s t a t e s i t w a s 1 7 9 .1 p e r 2,079 1,982 $1,458,939 $1,322,647 + 10.3 $ 5,175 32,145 23,553 45,740 $ 5,735 43,458 41,879 24,314 — — + 9.8 26.0 43.8 88.1 Week E nded N um ber o f M ills J u n e 3 ......____ J u n e 10...... . ... J u n e 1 7-... .. J u n e 24 .... ... J u ly 1 J u ly 8......... .......... 98 102 99 95 92 101 (In th o u sa n d s o f feet) Orders P ro d u ctio n 1933 1932 1933 1932 39,530 38,265 34,784 36,246 30,776 28,105 18,828 24,483 19,610 20,555 20,609 11,157 22,705 21,331 19,982 19,860 18,623 16,750 90,577 96,910 93,635 90,707 85,926 86.737 57,764 64,214 61,402 57,985 57,452 52,501 T o t a l c o n s u m p t io n o f c o t t o n b y A m e r ic a n m ills in c r e a s e d fu r t h e r in J u n e b y 1 2 .2 p e r c e n t t o t h e h ig h e s t le v e l in a v a ila b le r e c o r d s , a n d w a s m o r e t h a n d o u b le t h a t o f J u n e , 1 9 3 2 . 25,879 26,650 27,822 25,569 28,213 27,553 U n filled Orders 1933 1932 I n t h e c o t to n -g r o w in g s t a t e s t h e c e n t, a n d in t h e c o t t o n s t a t e s J u n e c o n s u m p t io n w a s 1 0 5 .1 p e r c e n t g r e a te r . E x p o r t s o f c o t t o n d u r in g J u n e in c r e a s e d 3 .9 p e r c e n t o v e r M a y , a n d w e r e 7 0 .6 p e r c e n t g r e a te r t h a n in J u n e la s t year. M O N T H L Y 6 F o r t h e e le v e n m o n t h s o f t h e c o t t o n s e a s o n , A u g u s t th r o u g h J u n e , t o t a l c o n s u m p t io n h a s a m o u n t e d t o 5 ,5 3 5 ,3 8 2 b a le s , a n in c r e a s e o f 2 0 .7 p e r c e n t o v e r c o n s u m p t io n d u r in g t h a t p a r t o f t h e R E V IE W C o tto n S eed A c t i v i t y a t c o t t o n s e e d o il m ills in t h is d is t r ic t a n d C o tto n S eed P ro d u cts d e c lin e d s e a s o n a lly d u r in g J u n e t o t h e lo w e s t le v e l s in c e A u g u s t la s t y e a r . F o r t h e e le v e n I n t h e c o t t o n s t a t e s c o n s u m p t io n d u r in g t h a t p e r io d m o n th s o f t h e c o t t o n s e a s o n , A u g u s t th r o u g h h a s b e e n 4 ,6 0 3 ,1 5 3 b a le s , a n in c r e a s e o f 2 1 .3 p e r c e n t, a n d in J u n e , r e c e ip t s o f s e e d in t h is d is t r ic t h a v e b e e n 2 8 .3 p e r c e n t , a n d s e a s o n b e fo r e . o t h e r s t a t e s c o n s u m p t io n h a s b e e n 9 3 2 ,2 2 9 b a le s , a g a in o f 1 7 .5 c r u s h in g s 2 8 p e r c e n t , le s s t h a n in t h a t p a r t o f t h e s e a s o n b e fo r e , per c e n t. a n d fo r t h e c o u n t r y a s a w h o le t h e s e d e c r e a s e s h a v e b e e n 1 9 .8 E x p o r t s d u r in g t h e e le v e n m o n t h s p e r io d h a v e b e e n 7 ,7 2 7 ,3 8 2 b a le s , s m a lle r b y 6 .4 p e r c e n t t h a n d u r in g t h a t p a r t o f p e r c e n t , a n d 1 4 .9 p e r c e n t r e s p e c t iv e ly . t h e p r e v io u s s e a s o n . 3 0 a t m ills o f t h is d is t r ic t w e r e s o m e w h a t g r e a te r t h a n a y e a r S p in d le s a c t iv e d u r in g J u n e n u m b e r e d 2 5 ,5 4 0 ,5 0 4 , a n in c r e a s e o f 3 .9 p e r c e n t o v e r M a y , a n d 2 3 .7 p e r c e n t g r e a t e r t h a n in J u n e , S to ck s o f seed o n J u n e e a r lie r , b u t fo r t h e c o u n t r y a s a w h o le s h o w a d e c r e a s e . F o r t h is d is t r ic t , a n d fo r t h e e n tir e c o u n t r y , s t o c k s o f c r u d e o il, a n d o f c a k e a n d m e a l, w e r e la r g e r o n J u n e 3 0 t h a n a y e a r a g o , b u t s t o c k s o f 1932. C e n s u s B u r e a u fig u r e s fo r J u n e a r e c o m p a r e d in t h e t a b le f o llo w h u lls a n d o f lin te r s w e r e s m a lle r . C u m u la te d t o t a ls fo r G e o r g ia , A la b a m a , L o u is ia n a a n d M is s is s ip p i c o m b in e d a r e c o m p a r e d in in g . t h e fir s t t w o c o lu m n s o f t h e t a b le , a n d t o t a ls fo r t h e c o u n t r y a s a COTTON CO N SU M PTIO N —B a les U N IT E D STATES J u n e 1933 May 1933 J u n e 1932 696,472 7,719,748 1,400,804 620,909 8,715,584 1,394,607 322,706 8,471,640 1,320,703 6,318,944 614,561 14,097 25,540,504 7,320,977 591,647 8,648 24,571,498 7,150,937 360,205 19,011 20,646,966 C o tto n C o n su m ed ................................. S to c k s ._______ _______________ _ I n C o n su m in g E sta b lish m e n ts. I n P u b lic S to ra g e a n d a t Com p r e s s e s - ...................................... E xports..................- ................................. Im p o r ts.................. .................................. A ctive S p in d le s—N u m b er.............. - w h o le a r e s h o w n in t h e la s t t w o c o lu m n s . C O T TO N-G R O W IN G STATES—B ales C o tto n C o n su m ed ................................. 565,644 514,221 6,971,300 7,953,544 S to ck s.......... .......................................— I n C on su m in g E sta b lish m en ts1,092,144 1,104,702 In P u b lic Storage a n d a t Com presses— ..................................... 5,879,156 6,848,842 A ctive S p in d les—N um b er.................. 17,593,128 17,189,090 275,832 7,711,383 1,022,638 6,688,745 15,347,908 O TH ER STATES—B a les 130,828 106,688 C o tto n C o n su m ed ................................. 748,448 762,040 S to ck s.................................................. . I n C on su m in g E sta b lish m e n ts. 308,660 289,905 In P u b lic S to ra g e a n d a t Com 439,788 presses......................................... 472,135 7,382,408 7,947,376 A ctive S p in d les—N u m b er.................. 46,874 760,257 462,192 5,299,058 CO TTO N SEED A N D C O T TO N SEED P R O D U C T S *S ixth D istr ict U n ite d S ta te s A ug. 1 to J u n e 30 A ug. 1 to J u n e 30 C o tto n Seed, T on s: 1932-33 1931-32 1932-33 1931-32 R eceived a t m ills— 1,317,226 1,838,156 4,475,636 5,581,881 1,287,006 1,786,359 C ru sh ed...... ................ 4,457,746 5,237,752 O n H and, Jun e 3077,126 55,578 316,764 352,113 P r o d u ctio n : C rude O il, lb s ........... 416,716,633 587,218,111 1,393,617,808 1,664,841,990 C ake a n d Meal, to n s 561,800 783,198 2,018,846 2,359,994 H u lls, t o n s ................. 372,085 502,932 1,269,968 1,481,982 L inters, b a le s............ 226,142 316,102 711,597 859,865 S tock s a t m ills, J u n e 30: C rude Oil, lb s _____ 15,638,262 7,033,471 39,059,719 30,594,443 C ake a n d M eal, to n s 76,453 42,872 197,902 135,516 H u lls, t o n s ................. 73,298 26,245 80,558 179,777 L in ters, b a le s............ 42,464 85,668 112,164 257,846 ♦G eorgia, A labam a, L o u isia n a a n d M ississip pi. E le c tr ic P r o d u c t io n o f e le c t r ic p o w e r b y p u b lic u t ilit y p o w e r Pow er p la n t s in t h e s ix s t a t e s o f t h is d is t r ic t in c r e a s e d 1 1 .2 p e r c e n t in M a y c o m p a r e d w it h t h e s h o r te r m o n th o f C e n s u s B u r e a u fig u r e s fo r A la b a m a , G e o r g ia a n d T e n n e s s e e , t h e th r e e s t a t e s o f t h is d is t r ic t fo r w h ic h th e s e s t a t is t ic s a r e c o m p ile d s e p a r a t e ly , s h o w t h e la r g e s t t o t a l c o n s u m p t io n o f c o t t o n in th e s e s t a t e s d u r in g J u n e fo r a n y m o n th o n r e c o r d . tr u e o f G e o r g ia a n d A la b a m a in d iv id u a lly . T h is is a ls o T h e Ju n e to ta l w as 8 8 .8 p e r c e n t g r e a te r t h a n fo r J u n e la s t y e a r , a n d fo r t h e e le v e n m o n th s o f t h e c o t t o n s e a s o n c o n s u m p t io n in th e s e s t a t e s h a s b e e n 1 9 .9 p e r c e n t g r e a te r t h a n in t h a t p a r t o f t h e s e a s o n b e fo r e , a s in d ic a t e d in t h e fo llo w in g fig u r e s . COTTO N C O N SUM PTIO N—B a les June May June A u g u st 1 to J u n e 30 1933 1933 1932 1932-33 1931-32 A lab am a............. G e o r g ia ........... T en n e sse e _____ 71,893 131,531 15,307 67,818 115,073 14,885 40,811 65,660 9,411 600,482 992,892 141,243 499,122 816,156 131,668 T o ta l............ 218,731 197,771 115,882 1,734,617 1,446,946 C o tto n J u n e r e p o r t s fr o m M a n u fa c tu r in g D is t r ic t sh ow c o tto n decreases m ills in t h e S ix t h in o r d e r s, u n fille d o r d e r s, a n d in s t o c k s , o f b o t h c lo t h a n d y a r n m ills c o m p a r e d w it h M a y , a n d s to c k s o f b o t h c la s s e s o f m ills w e re s m a lle r t h a n a y e a r a g o . S h ip m e n t s b y y a r n m ills a ls o d e c lin e d s lig h t ly fr o m M a y t o J u n e . P r o d u c t io n , s h ip m e n ts , o r d e r s a n d n u m b e r o f w o r k e r s o n p a y r o lls c o n t in u e d in J u n e s u b s t a n t ia lly la r g e r t h a n fo r t h a t m o n th la s t y e a r . C o m p a r is o n s o f r e p o r te d fig u r e s a r e s e t o u t in t h e t a b le . P ercen ta g e c h a n g e N um ber o f J u n e 1933 com pared w ith : C o tto n C lo th : M ills J u n e 1932 May 1933 P r o d u ctio n ..................................................... 18 +12.1 + 70.8 S h ip m e n ts...................................................... 17 + 4.2 +101.0 Orders b o o k ed .............................................. 13 -4 0 .6 +233.2 U n fille d orders............................................. 15 +138.4 —11.2 S tock s o n h a n d ........................................... 16 —11.2 — 32.9 N um ber o n p a y ro ll.................................... 17 +17.8 + 50.9 C o tto n Y a m : P r o d u c tio n ..................................................... S h ip m e n ts-................................................... Orders b o o k ed ............................................ . U n fille d orders. ............................. ............. Stock s o n h a n d ............................................ N um b er o n p a y r o ll.................................... A p r il, a n d w a s 5 .3 p e r c e n t g r e a t e r t h a n in M a y la s t y e a r . A t th e s a m e t im e in 1 9 3 2 t h e r e w a s a d e c r e a s e o f 1 p e r c e n t fr o m A p r il to M a y . P r o d u c t io n b y t h e u s e o f w a te r p o w e r in c r e a s e d 13 p e r c e n t o v e r t h e m o n th , a n d w a s 1 3 .7 p e r c e n t g r e a t e r t h a n a y e a r a g o , a n d p r o d u c t io n b y u s e o f f u e ls g a in e d 7 .5 p e r c e n t o v e r A p r il b u t w a s 8 .9 p e r c e n t le s s t h a n in M a y , 1 9 3 2 . I n M a y , p la n t s u s in g w a te r p o w e r p r o d u c e d 6 8 p e r c e n t o f t h e t o t a l e le c t r ic p o w e r , c o m p a r e d w it h 6 6 .9 p e r c e n t in A p r il, a n d w it h 63 p e r c e n t in M a y l a s t y e a r . F o r t h e fir s t fiv e m o n t h s o f 1 9 3 3 , p r o d u c t io n o f e le c t r ic p o w e r h a s b e e n 1 3 .7 p e r c e n t g r e a te r in G e o r g ia , b u t le s s in o t h e r s t a t e s o f t h e d is tr ic t, t h a n in t h a t p a r t o f 1 9 3 2 , t h e a v e r a g e b e in g a d e c r e a s e o f 4 .9 p e r c e n t . F o r t h is fiv e m o n t h s p e r io d p r o d u c t io n b y u s e o f w a te r p o w e r h a s b e e n 1 .5 p e r c e n t , a n d b y u s e o f f u e ls 11.1 p e r c e n t , le s s t h a n in t h a t p e r io d la s t y e a r . F ig u r e s c o m p a r e d in t h e ta b le a r e fr o m t h o s e c o m p ile d b y t h e U n it e d S t a t e s G e o lo g ic a l S u rvey. PR O D U C T IO N OF ELECTRIC POW ER (000 k. w . h ou rs) May 1933 A pril 1933 May 1932 153,783 130,302 129,996 F lo r id a ............................... ........................... 50,393 49,467 48,490 G e o r g ia ........................................................ 104,641 92,163 89,460 L o u is ia n a .................................................... 74,640 70,312 89,975 M ississip p i.................................................... 3,982 3,889 3,951 T en n e sse e ...................................................... 84,641 78,577 86,432 T o ta l........................................................ B y u se of: W ater P ow er....................... F u e ls ........... ................... . F u els C on su m ed in P r o d u ctio n of E lectric Pow er: C oal—t o n s ............................................. F u el Oil—b b ls ...................................... N a tu r a l G as—000 cu. f t ................... 472,110 321,165 150,945 424,710 284,304 140,406 448,304 282,524 165,780 9,817 9,350 199,088 184,383 1,526,996 1,403,431 fig u res s lig h tly revised. s t a t is t ic s c o m p ile d by th e 9,749 194,721 1,779,581 B itu m in o u s P r e lim in a r y C o a l M in in g S t a t e s G e o lo g ic a l S u r v e y in d ic a t e a fu r th e r in c r e a s e U n it e d o f 1 2 .6 p e r c e n t in t h e p r o d u c t io n o f b it u m in o u s 12 12 7 9 11 11 +15.3 + 87.8 c o a l in t h e U n it e d S t a t e s d u r in g J u n e o v e r M a y , a n d J u n e p r o d u c —21.5 - 3.9 + + — + t i o n w a s 4 2 .7 p e r c e n t g r e a t e r t h a n in t h a t m o n t h o f 1 9 3 2 . — 0.6 —11.1 + 23.7 + 88.8 77.3 39.3 34.0 71.0 D a ily a v e r a g e o u t p u t g a in e d 1 4 .3 p e r c e n t fr o m M a y t o J u n e , w h ile a t t h e s a m e t im e a y e a r a g o t h e r e w a s a d e c r e a s e o f 6 .1 p e r c e n t . M O N T H L Y Preliminary figures for June are compared with previous months in the table. T o ta l P r o d u ctio n (to n s) N um b er o f Average per W orking w o r k in g d ay days (ton s) J u n e 1933............................................ ...25,320,000p M ay 1933........................................... ...22,488,000r J u n e 1932............................................ ...17,749,000 p-P relim in a ry . r-R e vised. 26 26.4 26 974,000 852,000 683,000 Weekly production in Alabama, during the five weeks ending July 1, averaged 10 per cent greater than for a similar period a month earlier and 3 2 per cent greater than for those weeks a year ago, and in Tennessee output gained about 22 per cent over the month and was approximately 25 per cent greater than for the same weeks in 1 9 3 2 . Comparisons of the weekly figures follow. (T ons) 1933 Week E n d ed : J u n e 3..................................................... J u n e 10................................................... J u n e 17.................................................... J u n e 24................................................... J u ly 1...................................................... J u ly 8...................................................... A labam a 1932 140 143 151 157 184 173 122 131 104 115 112 112 T en nessee 1933 1932 53 54 59 64 71 62 46 42 47 50 55 42 Pig Iron Production There was a further substantial increase in the production of pig iron in the United States from May to June, accompanied by a gain in furnace activity. Total production increased 4 2 .6 per cent, and daily average output gained 4 7 .3 per cent, over June, and production was slightly more than double that of June, 1 9 3 2 , and the greatest since August, 1 9 3 1 . There was an increase of 4 2 .9 per cent in the number of furnaces active on July 1 compared with a month earlier, and an increase of 9 5 .7 per cent over the same date a year ago. I n A la b a m a th e r e w a s a n in c r e a s e o f 3 6 .9 p e r c e n t in t o t a l p r o d u c t io n o f ir o n fr o m M a y t o J u n e , a n d a g a in o f 8 1 .3 p e r c e n t o v e r J u n e, 1932. T h e J u n e t o t a l is t h e la r g e s t s in c e M a y , 1 9 3 2 . The in c r e a se o f 3 6 .9 p e r c e n t fr o m M a y t o J u n e t h is y e a r c o m p a r e s w it h a d e c r e a s e o f 5 2 .3 p e r c e n t a t t h e s a m e t im e l a s t y e a r . The 7 R E V IE W T o ta l A labam a: J u n e 1933............................. May 1933— ......................... A u g u st 1932........................ J u n e 1932............................. ♦First of fo llo w in g m o n th . J u ly th e r e w e r e 9 A la b a m a fu r n a c e s a c t iv e . t h a t B ir m in g h a m R eceipts—T u rp en tin e (1): S a v a n n a h ......................... Ja ck so n v ille..................... . P e n s a c o la ......................... . 32,359 26,841 S a v a n n a h .......................... Jac k so n v ille ..................... . P e n sa c o la ........................... 59,080 49,175 13,691 49,532 50,624 10,294 44,487 40,403 11,225 T o ta l............................. 121,946 110,450 96,115 17,226 31,340 16,258 10,383 40,959 15,775 8,971 39,831 21,440 64,824 67,117 70,242 109,083 100,043 10,756 110,861 103,589 12,572 174,214 178,810 13,294 219,882 227,022 366,318 Stock s—T u rp en tin e (1): Stock s—R o sin (2): M o s t o f t h e a c t iv e p e r t o n a b o u t t h e m id d le o f J u ly , b u t n o fu r t h e r th ir d q u a r t e r t o n May 1933 J u n e 1932 14,819 12,060 13,878 11,003 3,662 3,778 35,549 T o ta l........................... . w it h a s u b s t a n t ia l t o n n a g e o n th e ir b o o k s — m o r e t h a n h a d b e e n fo u n d r ie s h a v e n o w c o v e r e d th e ir e x p e c t e d r e q u ir e m e n ts fo r t h e th ir d q u a r t e r . T h e b a s e q u o t a t io n w a s in c r e a se d fr o m $ 1 2 t o $ 1 3 J u n e 1933 16,840 14,468 4,241 R eceipts—R o sin (2): P ress rep o rts s ta te b o o k e d a h e a d a t t h e s t a r t o f t h e s e c o n d q u a r te r . 2,217 1,567 751 1,223 66,508 48,583 23,292 36,679 Receipts of both turpentine and rosin at the three principal markets of the district increased by 10 per cent in June over May, but stocks of both commodities de clined by approximately 3 per cent. Press reports indicate a ma terial increase in exports of both commodities, compared with recent months and with the corresponding month last year. June receipts of turpentine were 32.4 per cent, and of rosin 26.9 per cent, greater than in that month a year ago, and stocks of turpen tine were 7.7 per cent, and of rosin 40 per cent, smaller than for June, 1932. Prices of both commodities increased only slightly during June, but during the first week of July the price of turpentine reached 50 cents (July 8), compared with a low for the season of 35 % cents on April 17, and prices of all grades of rosins were sub stantially higher than those prevailing during other recent months. Press reports indicate a broadening of the demand, not only on the part of domestic consumers, but from foreign countries. Higher grades of rosin continue to account for a larger part of the total production than last year and the spread between the price of the high and lower grades has been considerably narrowed. Com parisons of receipts and stocks for the month are shown in the table. A t t h e m id d le o f m e r c h a n t p r o d u c e r s b e g a n t h e th ir d q u a r te r N um ber Naval Stores n u m b e r o f A la b a m a fu r n a c e s a c t iv e o n J u ly 1 w a s r e p o r t e d a s 7, a s a g a in s t 4 a c t i v e a m o n t h , a n d a y e a r , e a r lie r . D a ily Average T o ta l............................. (1) B arrels o f 50 g a llo n s. (2) B arrels o f 500 p o u n d s. n a g e is b e in g a c c e p t e d . C u m u la t iv e t o t a ls fo r t h e fir st s ix m o n t h s o f t h e y e a r s h o w t h a t t o t a l p r o d u c t io n in t h e U n it e d S t a t e s h a s a m o u n t e d t o 4 ,4 4 1 ,0 0 3 t o n s , a d e c r e a s e o f 1 4 .1 p e r c e n t c o m p a r e d w it h a t o t a l o f 5 ,1 6 8 ,8 1 4 t o n s fo r t h a t p a r t o f 1 9 3 2 , a n d in A la b a m a t h e p r o d u c t io n d u r in g t h e fir s t h a lf o f 1 9 3 3 h a s a m o u n t e d t o 2 2 7 ,3 7 8 t o n s , a d e c r e a s e o f 4 7 .5 p e r c e n t c o m p a r e d w it h t h e t o t a l o f 4 3 3 ,4 1 2 t o n s p r o d u c e d in t h a t p a r t o f 1 9 3 2 . C o m p a r is o n s fo r t h e m o n th a r e s h o w n in t h e ta b le . P ro d u ctio n —T o n s F u rn aces Active* T o ta l D a ily Average N um ber U n ited States: J u n e 1933............................... M ay 1933................................ A u g u st 1932........................ J u n e 1932............................... 1,265,007 887,252 530,576 628,064 42,166 28,621 17,115 20,935 90 63 46 46 ( C o n t i n u e d f r o m p a g e 1 .) Return flow of currency amounted to $90,000,000 during the five weeks ending July 19. During the same period the Federal reserve banks purchased $85,000,000 of United States Government obligations and member banks reduced their indebtedness to the reserve banks by $90,000,000. The withdrawal of bankers’ bal ances from New York City reduced excess reserves of member banks in that city, while surplus reserves of member banks outside New York increased substantially. Money rates in the open market generally continued at low levels, although recently slight increases have occurred in accep tance rates, time money against stock exchange collateral, and yields on short-term United States Government Securities. 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=100 April 1933 May 1933 June 1933 April 1932 May 1932 June 1932 Daily Average Sales—Unadjusted A tla n ta ...................................................................................................... B irm in g h a m ............................................................................................ C h a tt a n o o g a ......................................................................................... N a sh v ille................................................................................................... N ew O rleans............................................................................................ D IST R IC T ................................................................................................ 115.1 48.4 48.7 66.4 57.4 64.8 123.0 51.8 54.7 73.3 59.0 67.9 103.9 44.1 50.8 56.3 53.5 58.0 134.3 58.6 59.5 62.8 61.1 70.9 132.8 57.0 52.1 73.4 58.6 68.9 102.5 52.3 50.7 53.1 56.4 59.5 Dally Average Sales—Adjusted* A tla n ta ...................................................................................................... B irm in gh am ............................................................................................ C h a tta n o o g a ......................................................................................... N a sh v ille................................................................................................... N ew O rleans.......................................................................................... D IST R IC T ................................................................................................ 106.6 47.9 47.7 64.5 53.6 61.7 117.1 51.3 53.1 66.0 60.8 67.2 119.4 47.4 45.8 61.2 60.1 64.4 131.7 61.7 62.0 64.1 60.5 71.6 126.5 56.4 50.6 66.1 60.4 68.2 117.8 56.2 45.7 57.7 63.4 66.1 Monthly Stocks—Unadjusted A tla n ta ...................................................................................................... B irm ingh am ............................................................................................. C h a tta n o o g a ........................................................................................... N a sh v ille................................................................................................... N ew O rleans............................................................................................ D ISTR IC T ............................................................................... ............... 72.8 38.4 37.8 57.2 48.6 49.8 68.5 37.5 39.7 55.2 46.9 48.3 70.1 37.4 42.0 54.6 46.5 48.2 89.6 52.1 62.7 73.9 67.3 68.1 87.3 52.6 47.7 67.4 63.3 64.2 82.5 50.7 46.1 65.9 61.1 61.6 Monthly Stocks—Adjusted* A tla n ta ...................................................................................................... B irm in g h a m ............................................................................................ C h a tta n o o g a ......................................................................................... . N ash v ille................................................................................................... N ew O rleans............................................................................................ D IS T R IC T ................................................................................................ 69.3 36.6 36.0 55.0 46.7 47.4 67.8 36.8 38.9 54.7 46.4 47.4 73.0 37.8 43.8 56.3 49.5 50.7 85.3 49.6 59.7 71.1 64.7 64.9 86.4 51.6 46.8 66.7 62.7 62.9 85.9 51.2 48.0 67.9 65.0 64.8 WHOLESALE TRADE—SIXTH DISTRICT—TOTAL......................... G roceries................................................................................................... D ry G o o d s................................................................................................ H ardw are.................................................................................................. F u rn itu r e .................................................................................................. E lectrical S u p p lie s ............................................................................... S ta tio n e r y ................................................................................................ D r u g s ......................... - .............................................................................. 41.8 36.5 48.1 38.1 27.9 70.5 25.7 56.2 47.9 41.2 54.5 47.8 40.4 61.1 34.0 62.9 48.0 42.3 54.9 48.3 47.5 55.0 34.6 59.0 43.0 42.7 37.8 41.4 37.0 44.3 46.2 65.7 40.0 39.7 34.4 38.5 32.8 41.9 45.5 61.1 37.6 40.9 29.1 32.5 27,7 45.5 34.2 65.0 LIFE INSURANCE SALES-SIX STATES-TOTAL........................... A lab a m a .................................................................................................. . F lo rid a ....................................................................................................... G eorg ia ...................................................................................................... L o u isia n a ................................................................................................ M ississip pi................................................................................................ T en n essee................................................................................................ - 59.6 49.8 59.8 64.4 69.1 46.3 61.7 59.6 54.7 62.6 65.7 63.7 53.6 55.6 63.1 60.0 65.9 65.7 67.1 57.8 60.9 68.8 57.5 70.9 81.3 75.0 52.6 66.7 69.4 56.0 73.5 85.3 70.9 56.1 66.2 65.6 55.9 75.0 73.6 71.9 51.1 61.5 BUILDING PERMITS—TWENTY CITIES........................................... A tla n ta ...................................................................................................... B irm in g h a m ............................................................................................ J a ck so n v ille ................ ........................................................................... N a sh v ille ................................................................................................... N ew O rleans............................................................................................ F ifte e n O th er C ities............................................................................. 7.3 5.6 2.9 7.2 11.1 8.1 8.3 13.6 5.3 3.3 13.8 10.6 12.4 19.3 13.0 7.7 2.2 19.0 16.5 7.9 17.3 20.4 10.3 6.2 13.6 17.6 28.1 26.7 12.2 7.8 5.2 16.2 48.6 6.6 11.8 11.8 27.3 2.9 11.4 9.3 10.2 10.5 CONTRACT AWARDS—SIXTH DISTRICT-TOTAL.......................... R e sid e n tia l............................................................................................... A ll O th ers................................................................................................. 7.7 10.1 6.1 14.9 15.1 14.7 12.1 11.5 12.5 19.0 13.1 23.0 19.6 11.2 25.2 21.3 9.3 29.2 WHOLESALE PRICES—UNITED STATESf ALL COM MODITIES.......................................................................... Farm P r o d u cts....................................................................................... F o o d s.......................................................................................................... O ther C om m od ities.............................................................................. H id es an d lea th er p r o d u cts..................................................... T extile p ro d u cts............................................................................. F u el a n d lig h tin g .......................................................................... M etals a n d m etal p ro d u cts....................................................... B u ild in g m a terials.................................................................... C hem icals a n d d ru g s................................................................... H o u se fu m ish in g g o o d s.............................................................. M iscellaneous.................................................................................. 60.4 44.5 56.1 65.3 69.4 51.8 61.5 76.9 70.2 71.4 71.5 57.8 62.7 50.2 59.4 66.5 76.9 55.9 60.4 77.7 71.4 73.2 71.7 58.9 65.0 53.2 61.2 68.9 82.4 61.5 61.5 79.3 74.7 73.7 73.4 60.8 65.5 49.2 61.0 70.9 75.0 56.1 70.2 80.3 72.5 74.4 76.3 64.7 64.4 46.6 59.3 70.4 72.5 54.3 70.7 80.1 71.5 73.6 74.8 64.4 63.9 45.7 96.8 70.1 70.8 52.7 71.6 79.9 70.8 73.1 74,7 64.2 COTTON CONSUMPTION—UNITED STATES.................................... C o tto n -G ro w in g S ta te s..................................................................... A ll O ther S ta te s..................................................................................... G eo rg ia .............................................................................................. A lab am a............................................................................................. T en n essee.......................................................................................... 92.6 111.4 51.2 107.7 147.2 123.0 122.2 147.2 67.1 147.7 197.3 149.6 137.0 161.9 82.3 168.8 209.1 153.8 72.3 89.2 34.9 85.9. 127.2 97.5 65.4 82.3 28.2 82.8 126.4 86.6 63.1 78.6 29.0 84.3 118.7 94.6 COTTON EXPORTS—UNITED STATES............................................... 71.0 96.3 100.0 88.6 81.5 58.6 PIG IRON PRODUCTION—U n ited S ta te s........................................ A lab am a.................................................. 20.9 13.3 29.7 20.9 42.3 28.6 28.5 30.5 26.2 33.1 21.0 15.7 DEPARTMENT STORE TRADE—SIXTH DISTRICT (1) ♦A djusted fo r S ea so n a l V a ria tio n . tO om piled b y B u rea u o f L abor S ta tistic s. (1) C o p i e s o f t h e s e s e r i e s f o r b a c k y e a rs w ill b e ’fo rw a rd e d u p o n re a u e s t. 1926=100. ,
@FedFRASER