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O f F in a n c ia l, A g r i c u l t u r a l , T r a d e a n d I n d u s t r i a l
C o n d itio n s in th e S ix th F e d e r a l R e s e r v e D i s t r ic t

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Vol. 19 No. 7

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ATLA N TA , GA., JU L Y 31, 1934

NATIONAL SUMMARY OF BU SIN ESS CONDITIONS
Prepared by Federal Reserve Board
Industrial production, which had increased during each of
the six months from December to May, declined in June by
somewhat more than the usual seasonal amount. Factory
employment and payrolls also showed decreases which were
partly of a seasonal nature. The general level of wholesale
commodity prices advanced during June and showed little
change during the first three weeks of July.
Production
Volume of industrial output, as measured by
and
the Board’s seasonally adjusted index, deEmployment creased from 86 per cent of the 1923-25 aver­
age in May to 84 per cent in June, reflecting
chiefly a sharp reduction in activity at cotton textile m ills.
Production at lumber mills and at coal mines also showed a
decline. In the steel and automobile industries activity de­
creased in June by an amount somewhat smaller than is
usual at this season. Maintenance of activity at steel m ills in
June reflected in part the accumulation of stocks by consum­
ers, according to trade reports, and at the beginning of July
output of steel showed a sharp decline.
Employment at factories decreased somewhat between the
middle of May and the middle of June, reflecting reductions
in working forces in industries producing textile fabrics,
wearing apparel, leather products, automobiles and lumber,
offset in part by increases in employment at steel m ills and
at meat packing establishments. Value of construction con­
tracts awarded, which had shown little change during May
and June, showed an increase in the first half of July, accord­
ing to the F . W. Dodge Corporation. Department of Agricul­
ture estimates, based on July 1 conditions, indicated a wheat
crop of 484,000,000 bushels, compared with an average of
886,000,000 bushels for the five years 1927-1931, and a corn
crop of 2,113,000,000 bushels, compared with the five-year
average of 2,516,000,000 bushels. Crops of other grains, hay
and tobacco were also estimated to be considerably smaller
than usual. The acreage of cotton under cultivation was
e s t i m a t e d at 28,000,000 acres, about 2,000,000 less than the

In d e x n u m b e r o f in u s t r ia l p ro d u ctio n , a d ju ste d f o r se a s o n a l v a r ia t io n .
(1923-1925 a v e r a g e = 1 0 0 .)
L a t e s t fig u r e J u n e P r e lim in a r y 84.




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This review released fo r publication
in Sunday papers of Ju ly 29.

acreage harvested last season. In the first three weeks of
July drought conditions prevailed over wide areas, particu­
larly in the Southwest.
Distribution

The number of freight cars loaded per work­
ing day showed a further slight increase in
June followed by a decline in the first half of July. Sales
by department stores decreased in June by more than the
estimated seasonal amount.

Wholesale
Commodity
Prices

Wholesale prices of farm products and foods
generally advanced during June while other
commodities as a group showed a slight de­
cline. Hog prices increased considerably in
the middle of the month while wheat declined throughout the
month. In the middle of July wheat prices advanced rapidly
to levels above those reached at the end of May, and there
was a considerable advance in cotton, while lumber prices
declined and finished steel prices were reduced somewhat
from the advanced quotations previously announced.
Bank
Credit

Between June 13 and July 18 member bank reserves
increased to a new high level of nearly $4,000,000,000,
about $1,850,000,000 in excess of legal requirements.
The growth reflected chiefly a further increase in the mon­
etary gold stock. A seasonal increase in demand for cur­
rency over the July 4th holiday period was followed by an
approximately equal seasonal return flow during the succeed­
ing two weeks. The volume of reserve bank credit outstand­
ing showed little change.
A t reporting member banks there was a growth of United
States Government deposits during the five-week period, re­
flecting chiefly the purchase in June of new issues of Gov­
ernment securities by the banks. Bankers’ balances also in­
creased, but deposits of individuals, firms and corporations
have shown little change. Loans declined somewhat, reflect­
ing a decrease in loans to customers, while loans to brokers
showed an increase.
Money rates remained practically unchanged at the low
levels prevailing in June.

F e d e r a l R e se rv e B o a r d ’s in d e x o f f a c to r y e m p lo y m e n t a d ju ste d f o r se a­
s o n a l v a r ia t io n .
(1923-25 a v e r a g e = 1 0 0 .)
L a t e s t fig u r e J u n e 81.4.

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M O N T H L Y

P CENT
ER

PER CENT

R E V IE W

B I L L IO N S

OF D O LLAR S

B IL L IO N S O F D O LLAR S

I n d e x e s o f th e U n ite d S ta te s B u r e a u o f L a b o r S t a t is tic s .
B y m o n th s
1 9 2 9 to 1 9 3 1 ; b y w e e k s 1 9 3 2 to d a t e . ( 1 9 2 6 = 1 0 0 . ) L a te s t fig u re s J u l y 1 4 ;
F a r m P r o d u c ts 6 4 .5 ; F o o d s 7 0 .8 ; O th e r C o m m o d itie s 7 8 .3 .

W e d n e s d a y f ig u r e s f o r r e p o r t i n g m e m b e r b a n k s in
fig u r e s a r e f o r W e d n e s d a y , J u l y 1 8 .

SIXTH D ISTRIC T SUMMARY
Available statistics for the Sixth Federal Reserve District
indicate that during the first half of 1934 most lines of busi­
ness and industrial activity were at substantially higher
levels than during that part of last year, an important excep­
tion being textile activity. The volume of credit outstanding
at weekly reporting member banks has been greater than
during the first six months of 1933, but the increase has been
largely due to increased holdings of Government securities
by these banks, their loans having averaged less than one
per cent above those for the first half of 1933.
Department store sales in this District declined 15.8 per
cent from May to June, and were 30.3 per cent greater than
in June last year, and for the first half of the year show a
gain of 35.5 per cent over that part of 1933. On a daily
average basis, the decrease from May to June was 11.1 per
cent, compared with a decrease of 14.6 per cent at the same
time a year ago, and with a usual seasonal decrease of 11.0
per cent. June sales by reporting wholesale firms in the Dis­
trict declined 5.7 per cent over the month, and were 11.9 per
cent greater than a year ago, and for the first half of the
year show an increase of 38.3 per cent over that part of 1933.
In fifteen years wholesale trade has declined from May to
June thirteen times, and increased only twice. Bank debts to
individual accounts declined 4.6 per cent from May to June,
but were 13.9 per cent greater than a year ago.
At weekly reporting member banks in selected cities of the
District total loans declined 10.5 millions from June 13 to
July 11, and were 9.1 millions less than a year earlier, but
holdings of Government securities increased 19.9 millions
since June 13 and were 28.5 millions greater than on the
same report date last year. Discounts at the Federal Reserve
Bank of Atlanta declined further between June 13 and July
11 and were 7.9 millions less than a year ago, while its hold­
ings of United States securities increased nearly five millions
since June 13 and were 38.3 millions greater than a year ago.
Building permits issued during June at twenty reporting
cities increased 22.7 per cent over the month before and were
58.5 per cent greater than in June, 1933, and for the first half
of the year show an increase of 98.9 per cent over that part
of last year. Contract awards in this District, however,
declined 13.9 per cent from May to June, were 112.3 per cent
greater than a year ago, and for the first half of 1934 show
a gain of 183.6 per cent over that period a year earlier. Cot­
ton consumption in this District, and activity at reporting
cotton mills indicated in production figures, declined sub­
stantially from May to June and were much below the level
of June last year, which was the record month. Orders, how­
ever, reported by m ills, increased somewhat from May to
June, although about half as large as for June a year ago.
Employment at reporting mills declined 2 per cent from May
to June, but was 11 per cent greater than in June last year.
Production of coal declined from May to June in both Ala­
bama and Tennessee, and in Alabama was about 25 per cent
greater, but in Tennessee about 13 per cent less, than in June
a year ago. Total production of pig iron in Alabama declined
1.7 per cent, but daily average production increased 1.6 per

cent, from May to June, when production was 92.7 per cent
greater than in June, 1933.




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c itie s .

L a te s t

FIN AN CE
Reserve Between June 13 and July 11 there was a further
Bank
decline in the volume of discounts held by the FedCredit
eral Reserve Bank of Atlanta, an increase in its
holdings of Government securities, and an increase
in member bank reserve deposits. Since November of last
year the Wednesday statements of this bank have shown
decreases in discounts for every week except five, and on
July 11 the volume of discounts was the smallest since the
early days of the bank’s existence. Holdings of United States
securities increased by nearly 5 millions of dollars from June
13 to July 11, and were 38.3 millions greater than a year ago,
and total holdings of bills and securities show a gain of 4.7
millions for the four-week period, and an increase of 30.3
millions over the corresponding Wednesday a year ago.
Member bank reserve deposits increased nearly 3.7 millions
between June 13 and July 11, and were 22.9 millions greater
than a year earlier, and total deposits also increased over
both of those comparative report dates.
Total reserves held by this bank declined about 1.7 millions
during this recent four-week period, but were about 5.5
millions greater than a year ago, and Federal reserve note
circulation of this bank declined slightly between June 13
and July 11, but was 16.9 millions greater than at the same
time last year.
Principal items in the weekly statement of this bank are
compared in the table below, which is followed by another
table setting out similar comparisons for the twelve Federal
Reserve Banks combined.
FED ER A L R ESERV E BA N K OF ATLANTA
( 0 0 0 O m itte d )
B ills D isco u n te d :
S ecu red b y G o v t. O b lig a tio n s

$

$

* 6 o ! i%

................
6 1 .7 %

2 ,4 9 3
7 0 .7 %

FED ER A L R ESERV E SYSTEM
J u ly 11
J u n e 13
1934
1934

J u ly 12
1933

9
234
243
178
9 4 ,2 4 4
9 4 ,6 6 5
1 3 3 ,5 1 0
7 7 ,1 0 2
8 7 ,0 6 3
1 3 5 ,2 5 0

T o ta l D is c o u n ts ...................
B ills B o u g h t in O p en M a r k e t . .
U . S . S e c u ritie s .....................................
T o ta l B ills a n d S e c u ritie s
T o ta l R e s e rv e s .................................
M e m b e r B a n k R e s e rv e D e p o s its
T o ta l D e p o s its .................^..............
F . R . N o te s in a c tu a l c irc u la tio n
F . R . B a n k N o te s in a c tu a l cirR e se rv e R a t i o ........................................

B ills D isc o u n te d :
S ecu red b y G o v t. O b lig a tio n s
A ll O th e r s ...................................
B ills B o u g h t in O p en M a r k e t . .
T o ta l B ills a n d S e c u ritie s
M e m b e r B a n k R e se rv e D e p o s its
F . R . N o te s in a c tu a l c irc u la tio n
F . R . B a n k N o te s in a c tu a l c irR e serv e R a t i o ................................... !

$

4 ,1 4 0
1 8 ,5 4 4
2 2 ,6 8 4
5 ,2 5 9
2 ,4 3 1 ,7 7 9
483
2 ,4 6 0 ,2 0 5
5 ,0 6 6 ,9 7 8
3 ,9 0 2 ,0 9 8
4 ,1 8 8 ,1 4 5
3 ,0 9 8 ,2 7 3
4 1 ,0 4 5
6 9 .5 %

92

$

265
7 ,8 9 8
8 ,1 6 3
248
5 5 ,9 6 1
6 4 ,3 7 2
1 2 8 ,0 3 2
5 4 ,2 3 9
6 2 ,6 9 1
1 1 8 ,3 2 7

427
519
178
8 9 ,2 8 8
8 9 ,9 8 5
1 3 5 ,1 8 6
7 3 ,4 4 7
8 3 ,4 8 6
1 3 5 ,7 4 1

$

6 ,0 4 7
2 1 ,8 2 9
2 7 ,8 7 6
5 ,2 0 1
2 ,4 3 0 ,4 0 6
534
2 ,4 6 4 ,0 1 7
5 ,0 4 9 ,2 1 6
3 ,8 9 5 ,1 0 8
4 ,1 9 3 ,7 9 7
3 ,0 5 4 ,4 7 9
5 7 ,3 4 0
6 9 .7 %

$

3 9 ,4 5 0
1 2 8 ,4 1 6
1 6 7 ,8 6 6
1 3 ,1 9 4
2 ,0 0 7 ,2 3 3
2 ,1 5 7
2 ,1 9 0 ,4 5 0
3 ,8 2 3 ,9 0 3
2 ,2 6 8 ,7 2 8
2 ,5 2 1 ,8 1 7
3 ,0 6 7 ,0 6 2
1 1 5 ,8 5 3
6 8 .4 %

M O N T H L Y

Member
Bank
Credit

There was a further decline in total loans of seventeen weekly reporting member banks located in
Atlanta, Birmingham, Jacksonville, Nashville, Chat­
tanooga, Mobile and Savannah between June 13
and July 11, but this was offset by a substantial increase in
their holdings of investment securities, and the net change
for the period in total loans and investments was an increase
of 9.8 millions of dollars. During this four week period loans
on securities declined 6.4 millions, and other loans declined
4.1 millions, but holdings of United States securities increased
19.9 millions and holdings of other securities also increased
slightly. Compared with the corresponding report date a year
ago, total loans on July 11 this year show a decrease of 9.1
millions, holdings of United States securities an increase of
28.5 millions, and holdings of other securities an increase of
5.1 millions, so that total loans and investments show a net
increase of 24.5 millions.
Demand and time deposits combined show a gain of about
3 millions from June 13 to July 11, and an increase of 30.5
millions over those held on July 12, last year, decreases in
time deposits being more than offset by increases in demand
deposits. Bankers balances increased somewhat since June
13, and continued to be greater than a year ago.
In the tables which follow are shown comparisons of the
principal items in the weekly report, and monthly averages
of these figures over the past year, and a comparison of sav­
ings deposits reported by a list of banks located throughout
the District.
C O N D I T IO N O F M E M B E R B A N K S I N S E L E C T E D C I T I E S
(0 0 0 O m itte d )
J u ly 11
J u n e 13
J u ly 12
1934
1934
1933
L oans:
O n S e c u ritie s ....................................
A ll O th e r s ...........................................
T o ta l L o a n s ............................
U . S. S e c u ritie s .....................................
O th e r S e c u ritie s...................................
T o ta l In v e s tm e n ts .............
T o ta l L o a n s a n d In v e s t­
m e n ts .....................................
T im e D e p o s its ......................................
D e m a n d D e p o s its ..............................
D u e to B a n k s ........................................
D u e fro m B a n k s .................................
B o rro w in g s from F . R . B a n k . . .

$ 5 5 ,6 9 7
1 1 1 ,5 7 8
1 6 7 ,2 7 5
1 1 8 ,7 5 7
5 3 ,0 0 2
1 7 1 ,7 5 9

$ 6 2 ,0 9 5
1 1 5 ,7 2 8
1 7 7 ,8 2 3
9 8 ,8 8 6
5 2 ,5 4 4
1 5 1 ,4 3 0

$ 5 7 ,2 6 0
1 1 9 ,1 1 1
1 7 6 ,3 7 1
9 0 ,2 5 7
4 7 ,8 9 7
1 3 8 ,1 5 4

3 3 9 ,0 3 4
1 3 0 ,1 1 5
1 7 4 ,4 6 4
7 9 ,1 5 9
8 3 ,2 8 4
0

3 2 9 ,2 5 3
1 3 0 ,3 9 9
1 7 1 ,3 8 7
7 7 ,6 6 9
7 7 ,1 7 8
0

3 1 4 ,5 2 5
1 3 7 ,8 4 7
1 3 6 ,2 1 6
5 7 ,3 6 8
5 7 ,8 1 0
830

M O N T H L Y A V E R A G E S O F W E E K L Y F IG U R E S O F
17 R E P O R T I N G M E M B E R B A N K S I N S E L E C T E D C I T I E S
( 0 0 0 O m itte d )
T o ta l
B o rro w in g s
L oans
I n v e s tLoans and D em and
T im e
F ro m
m e n ts In v e s tm e n ts D e p o sits
D ep o sits F . R . B a n k
1933
M a y ................
J u n e ................
J u l y .................
A u g u s t..........
S e p te m b e r ..
O c to b e r
N o v e m b e r ..
D e cem b er. .
1934
Ja n u a ry
,.
F eb ru ary . . .
M a rc h
A p r il...............
M a y ................
J u n e ................

$ 1 7 9 ,5 8 4
1 7 5 ,9 8 1
. 1 7 6 ,9 4 6
1 7 5 ,6 8 4
. 1 7 6 ,5 2 7
1 7 8 ,4 1 1
. 1 8 8 ,6 1 2
. 1 9 2 ,4 9 1

$ 1 2 7 ,8 9 1
1 3 4 ,2 4 4
1 3 8 ,4 7 5
1 4 5 ,7 7 7
1 4 9 ,7 1 7
1 4 4 ,6 5 1
1 5 1 ,2 7 5
1 5 0 ,1 9 9

$ 3 0 7 ,4 7 5
3 1 0 ,2 2 5
3 1 5 ,4 2 1
3 2 1 ,4 6 1
3 2 6 ,2 4 4
3 2 3 ,0 6 2
3 3 9 ,8 8 7
3 4 2 ,6 9 0

$ 1 3 7 ,1 6 3
1 4 1 ,9 9 3
1 4 0 ,5 7 0
1 4 1 ,8 4 2
1 4 5 ,1 6 7
1 4 1 ,8 9 4
1 4 4 ,6 0 2
1 5 2 ,2 4 9

$ 1 2 7 ,1 9 5
1 2 6 ,8 7 6
1 3 4 ,2 6 1
1 3 4 ,2 3 9
1 3 2 ,7 5 4
1 3 2 ,1 6 0
1 3 1 ,4 2 6
1 2 9 ,0 3 3

$ 8 ,6 1 9
1 ,1 5 4
1 ,1 7 9
1 ,2 2 9
2 ,1 1 2
1 ,9 6 0
2 ,5 7 2
2 ,6 1 4

, 1 8 7 ,7 9 5
. 1 8 7 ,3 5 8
. 1 8 4 ,8 5 1
1 8 0 ,6 7 0
1 7 8 ,0 1 9
. 1 7 7 ,6 8 7

1 4 8 ,3 0 5
1 6 2 ,0 5 4
1 5 5 ,6 0 8
1 5 2 ,6 7 9
1 5 1 ,1 7 2
1 5 6 ,5 2 2

3 3 6 ,1 0 0
3 4 9 ,4 1 2
3 4 0 ,4 6 0
3 3 3 ,3 4 9
3 2 9 ,1 9 1
3 3 4 ,2 0 9

1 5 1 ,9 3 5
1 5 8 ,6 9 5
1 6 1 ,7 9 4
1 6 8 ,0 7 0
1 6 7 ,4 0 4
1 6 9 ,1 9 6

1 3 0 ,0 4 8
1 3 1 ,5 0 5
1 3 0 ,4 0 6
1 3 0 ,6 4 9
1 3 2 ,9 1 1
1 3 0 ,7 8 6

2 ,0 6 0
441
161
0
0
0

S A V IN G S D E P O S IT S
( 0 0 0 O m itte d )
N um ber
of
B anks
A t l a n t a ............
B ir m in g h a m .
J a c k s o n v ille ..
K n o x v ille ___
N a s h v ill e .. . .
N ew O rle a n s .
O th e r C ities .
T o t a l .................

3
3
3
3
4
5
35
56

June
1934

M ay
1934

$ 3 1 ,2 0 0
1 7 ,3 6 0
1 3 ,7 0 3
2 ,9 3 0
2 2 ,4 0 4
2 8 ,5 4 1
6 3 ,2 7 6
1 7 9 ,4 1 4

$ 3 0 ,4 0 0
1 7 ,8 4 7
1 3 ,3 3 2
2 ,7 6 1
2 2 ,4 9 3
2 7 ,7 2 8
6 2 ,3 9 6
1 7 6 ,9 5 7




June
1933
$ 2 8 ,8 4 3
1 6 ,0 3 9
1 1 ,9 6 9
1 ,4 3 4
1 9 ,8 0 5
2 1 ,1 7 6
5 5 ,2 2 5
1 5 4 ,4 9 1

P e rc e n ta g e C h an g e
J u n e 1 9 3 4 co m p ared
w ith
M ay 1934 Ju n e 1933
+ 2 .6
— 2 .7
+ 2 .8
+ 6 .1
— 0 .4
+ 2 .9
+ 1 .4
+ 1 .4

+
8 .2
+
8 .2
+ 1 4 .5
+ 1 0 4 .3
+ 1 3 .1
+ 3 4 .8
+ 1 4 .6
+ 1 6 .1

8

R E V IE W

Debits to The total volume of debits to individual accounts
Individual at twenty-six clearing house centers of the Sixth
Accounts District declined 4.6 per cent from May to June,
but was 13.9 per cent greater than in June last
year. Increases over May were reported from nine of these
cities, and all of the twenty-six cities reported increases over
June, 1933. Monthly totals 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.
( 0 0 0 O m itte d )
June 1934

L o u isian a— N ew O rleans
M ississippi— 4 C itie s ...................
H a ttie s b u r g ..................................
M e rid ia n ........................................
V ic k s b u rg ......................................
T e n n essee— 3 C itie s ....................
C h a tta n o o g a ................................

T o ta l— 2 6 C i t i e s . .. . ..........

1 9 8 ,3 3 5
2 ,1 8 3
1 2 9 ,8 2 8
1 5 ,2 6 9
2 ,0 7 5
9 ,4 3 6
652
1 0 ,4 5 2
1 ,3 0 4
2 4 ,2 6 6
2 ,8 7 0

1 6 6 ,7 3 4
2 ,0 0 4
1 0 5 ,1 8 1
1 3 ,2 9 2
1 ,6 4 8
7 ,9 2 5
397
9 ,4 0 9
1 ,2 1 9
2 3 ,7 2 0
1 ,9 3 9

1 7 1 ,2 2 0

1 6 1 ,8 1 0

3 4 ,3 1 8
3 ,4 3 9
1 8 ,8 1 0
7 ,3 4 8
4 ,7 2 1

2 6 ,6 5 7
2 ,9 6 1
1 3 ,1 8 7
7 ,1 2 3
3 ,3 8 6

1 1 0 ,7 7 0
2 7 ,6 8 3
1 8 ,8 3 1
6 4 ,2 5 6

S a v a n n a h .......................................
V a ld o s ta .........................................

7 9 ,9 3 7
4 2 ,3 0 9
1 5 ,3 3 8
4 ,7 3 9
1 7 ,5 5 1

3 0 ,8 7 0
3 ,4 5 3
1 5 ,6 8 7
7 ,5 4 6
4 ,1 8 4

B ru n s w ic k .....................................
C o lu m b u s ......................................

1 0 3 ,4 7 3
5 4 ,5 3 5
2 0 ,4 4 0
5 ,6 5 1
2 2 ,8 4 7

1 6 7 ,4 0 5

G eo rg ia— 10 C itie s .......................

t

1 8 6 ,0 1 1
2 ,3 3 3
1 1 7 ,3 4 1
1 5 ,9 1 4
1 ,8 1 5
8 ,7 9 7
632
1 0 ,2 0 2
1 ,4 3 0
2 5 ,0 5 2
2 ,4 9 5

P e n s a c o la .......................................

June 1933

$ 1 1 7 ,6 9 2
7 2 ,0 6 6
1 ,6 3 0
2 3 ,5 2 4
2 0 ,4 7 2

9 3 ,2 6 8
5 0 ,1 1 8
1 7 ,4 7 5
5 ,6 0 0
2 0 ,0 7 5

M o n tg o m e ry ................................
F lo rid a — 4 C itie s ...........................
J a c k s o n v ille .................................

M ay 1934

$ 1 1 2 ,9 7 8
7 0 ,7 7 5
1 ,7 2 6
2 3 ,7 1 8
1 6 ,7 5 9

A la b a m a — 4 C itie s .......................
B irm in g h a m ................................

1 0 9 ,9 3 0
2 6 ,1 5 9
1 8 ,8 9 7
6 4 ,8 7 4

9 2 ,2 6 3
2 3 ,4 8 8
1 4 ,7 7 6
5 3 ,9 9 9

7 0 1 ,3 0 2

7 3 4 ,9 6 8

6 1 5 ,5 6 0

8 8 ,1 5 9
5 1 ,9 5 6
1 ,7 6 0
2 0 ,9 2 6
1 3 ,5 1 7

AG RICU LTU RE
The July Crop Report issued by the United States Depart­
ment of Agriculture states that the crop situation is “less
promising than at this season in any recent year and little
if any brighter than it was a month ago. . . . The nearly
normal rainfall during June in the Dakotas, Minnesota and
Wisconsin, where conditions were worst, and the lighter rains
elsewhere in the Com Belt revived pastures and meadows
somewhat, brought up grain that had been seeded in the
dust, helped some late-sown spring grain, and permitted
what is probably a record acreage of emergency crops to be
planted. Rains also saved crops in Central and Western Mon­
tana and relieved the shortage of stock water in much of the
northern range area. The June rains, however, were quite
inadequate over most of the Corn Belt and in the southwest a
new drought area developed. As soil moisture in nearly the
whole Mississippi Valley was depleted by drought in previous
months and as abnormally hot weather prevailed there
through most of June, crops have suffered over a wide area.
In this District, hot dry weather during the latter part of
June, in contrast to the excessive rainfall which resulted in
some crop damage in late May and early June in some sec­
tions, afforded opportunity for farmers to cultivate their
crops. The estimate of the peach crop improved somewhat
during June in Georgia and Tennessee, but declined slightly
in other states. Production of watermelons in Florida is esti­
mated to be 37.9 per cent, and in Georgia 22.6 per cent, less
than in 1933, but in Alabama and Mississippi there are in­
creases of 53.6 per cent and 55.6 per cent, respectively. The
estimate of cantaloupes in Georgia indicates a decrease of 2
per cent from last year.
July 1st estimates by the United States Department of
Agriculture indicate increased production of corn, wheat,
oats, hay and white potatoes, but a decrease in tobacco, com­
pared with 1933 production. No estimate of cotton production
is made until August. The following comparisons for the

4

M O N T H L Y

R E V IE W

Sixth District were prepared by the Federal Reserve Boards
Division of Research and Statistics, based upon estimates by
states reported by the Department of Agriculture.
(0 0 0 O m itte d )
E s tim a te
J u ly 1, 1 9 3 4
C u m , b u s h e ls .........................................
W h e a t, b u s h e ls .....................................
O ats, b u s h e s ...........................................
T a m e H a y , t o n s ...................................
T o b a cco , lb s ............................................
W h ite P o ta to e s , b u s h e s ..................

1 5 8 ,5 4 4
3 ,3 8 4
9 ,8 5 3
2 ,1 4 8
1 1 7 ,8 3 1
1 5 ,9 3 8

P ro d u c tio n
1933

P e rc e n t
C h an g e

1 5 1 ,6 7 2
3 ,0 3 9
8 ,1 8 3
1 ,9 2 7
1 6 7 ,1 5 6
1 1 ,0 3 0

+ 4 .5
+ 1 1 .4
+ 2 0 .4
+ 1 1 .5
— 2 9 .5
+ 3 5 .4

The July 1 report indicates the smallest acreage planted
to cotton since 1905, and about 1.7 million acres less than in
1921, the only other year since 1905 in which less than thirty
million acres of cotton were planted. The estimated acreage
in cultivation on July 1 is 31.4 per cent less than the acreage
on July 1, 1933, and 6.5 per cent less than the acreage
harvested last year.
In the six states located wholly or partly in the Sixth Dis­
trict, the cotton acreage on July 1 this year averaged 29.8
per cent less than that a year ago, and 6 per cent less than
the acreage harvested last year, as indicated by these figures:
CO TTO N ACREAGE
A re a in C u ltiv a tio n J u ly 1
1934
1933
A la b a m a ....................................................
F lo r id a ........................................................
G e o r g ia .......................................................
L o u is ia n a ..................................................
M is s is s ip p i...............................................
T e n n e s s e e .................................................
Six S t a t e s .................................

2 ,2 1 5 ,0 0 0
8 8 ,0 0 0
2 ,1 4 1 ,0 0 0
1 ,2 3 7 ,0 0 0
2 ,6 3 6 ,0 0 0
7 6 0 ,0 0 0
9 ,0 7 7 ,0 0 0

3 ,2 1 0 ,0 0 0
1 1 9 ,0 0 0
2 ,8 5 5 ,0 0 0
1 ,7 6 7 ,0 0 0
3 ,8 2 0 ,0 0 0
1 ,1 5 2 ,0 0 0
1 2 ,9 2 3 ,0 0 0

. S U G A R M O V E M E N T (P o u n d s )
R aw S ugar
June 1934
M ay 1934

A rea P ick ed
1933
2 ,3 7 8 ,0 0 0
9 4 ,0 0 0
2 ,1 4 7 ,0 0 0
1 ,2 9 5 ,0 0 0
2 ,8 5 9 ,0 0 0
8 8 4 ,0 0 0

Ju n e 1933

1 0 0 ,4 3 1 ,5 7 1
42,292,087

1 7 6 ,9 5 8 ,2 6 4
28,532,808

1 3 4 ,8 3 7 ,1 7 3
54,367,298

M eltin g s:
N ew O rle a n s ......................................
S a v a n n a h ............................................

1 0 8 ,2 3 5 ,5 7 7
2 8 ,7 7 0 ,0 9 4

1 1 8 ,8 1 3 ,6 3 7
1 3 ,3 3 8 ,4 5 3

1 2 8 ,3 3 0 ,1 4 7
4 1 ,6 9 0 ,2 2 9

S to ck s *
N ew O r le a n s .....................................
S a v a n n a h ............................................

1 7 7 ,1 0 4 ,7 3 7
1 0 4 ,4 8 2 ,6 0 4

1 8 5 ,0 0 7 ,5 7 5
9 0 ,9 6 0 ,6 1 1

6 6 ,6 4 7 ,0 4 5
9 5 ,7 1 7 ,3 2 9

R E F IN E D SU G A R
S h ip m e n ts :
N ew O rle a n s ...................................... 1 0 3 , 8 0 7 , 7 4 8
S a v a n n a h ............................................
2 7 ,6 6 5 ,7 6 1

1 4 2 ,6 0 6 ,2 2 1
2 9 ,7 2 5 ,1 7 0

1 0 9 ,7 3 2 ,2 9 5
2 9 ,7 7 3 ,1 5 3

4 6 ,5 9 3 ,4 4 9
9 ,7 3 5 ,2 4 7

6 3 ,0 6 4 ,8 4 3
1 8 ,7 2 4 ,2 3 1

R IC E M O V E M E N T — N E W O R LEA N S
June 1934
M ay 1934

Ju n e 1933

4 1 ,6 8 1 ,7 3 7
8 ,4 3 4 ,3 2 6

R e c e ip ts of R o u g h R ice:
S easo n 1 9 3 3 — 4 ...............................
3
S easo n 1 9 3 2 — 3 ...............................
3
S easo n 1 9 3 1 - 3 2 ...............................

1 8 3 ,2 9 1
2 5 7 ,0 3 1
3 4 2 ,8 1 0

7 ,4 7 3 ,3 0 0
9 ,1 4 2 ,3 9 9
9 ,4 9 2 ,8 8 8

D is trib u tio n of M illed R ice:
S easo n 1 9 3 3 - 3 4 ...............................
S easo n 1 9 3 2 — 3 .........................
3
S easo n 1 9 3 1 - 3 2 . . .........................

5 2 5 ,3 9 6
5 6 5 ,2 2 6
6 0 2 ,3 2 0

7 ,2 0 9 ,5 5 2
9 ,2 2 7 ,9 1 2
9 ,1 5 3 ,7 3 7

S to ck s:
J u n e 3 0 , 1 9 3 4 ....................................
J u n e 3 0 , 1 9 3 3 ....................................
J u n e 3 0 , 1 9 3 2 ....................................

R ough
3 6 9 ,1 5 7
4 4 8 ,8 6 1
3 9 4 ,1 9 5

C lean
1 ,2 0 5 ,4 3 3
9 3 2 ,1 0 3
1 ,2 3 3 ,6 1 2

Fertilizer
Tag Sales

Sales of fertilizer tax tags in the six states
located wholly or partly in the Sixth District
registered a further substantial seasonal decline
from May to June, and were about the same as in June last
year. For the eleven months of the season, August through
June, total sales in these states have been 35.9 per cent
greater than in that part of the season before. Figures com­
pared in the table are from those compiled by the National
Fertilizer Association.
Ju n e
1934

M ay
1934

S h o rt T o n s
June
1933

1 0 ,9 5 0
A la b a m a .................................... 4 , 4 5 0
F lo r id a ........................................ 1 7 , 2 9 0
4 0 ,9 5 4
G e o rg ia .......................................
1 ,4 8 0
684
L o u is ia n a ...................................
500
1 ,4 6 4
M ississip p i...............................
1 ,9 8 1
1 0 ,1 6 2
T e n n e s s e e .................................
178
1 4 ,3 7 2
T o t a l ............................

2 5 ,8 7 9

7 8 ,5 8 6

A u g u st 1 to J u n e 3 0
1933 -3 4
19 32 -3 j

2 ,8 0 0
1 5 ,2 5 9
4 ,8 7 1
287
2 ,7 7 5
0

3 7 0 ,8 0 0
3 8 7 ,1 4 6
5 6 1 ,3 3 1
8 0 ,1 4 5
1 7 8 .9 2 3
8 9 ,1 0 7

2 7 3 ,1 5 0
3 5 3 ,3 9 9
3 8 8 ,4 9 1
5 3 ,1 4 5
8 5 ,4 5 7
7 3 ,3 6 5

2 5 ,9 9 2 1 ,6 6 7 ,4 5 2 1 ,2 2 7 ,0 0 7

9 ,6 5 7 ,0 0 0

R e c e ip ts :
N e w ,O r le a n s ... . ...........................
S a v a n n a h ....................................

S to ck s *
N ew O rle a n s ......................................
S a v a n n a h ............................................

R I C E M I L L E R S A S S O C IA T IO N S T A T IS T IC S
(B a rre ls)
June
A u g u st to J u n e In c .

(P o u n d s )

R o u g h Rice-—B a rre ls :
R e c e ip ts ...............................................
S h ip m e n ts ..........................................
S to c k s ....................................................

3 9 ,5 1 4
1 8 ,0 1 7
2 1 ,4 9 7

1 ,6 5 8
1 7 ,7 4 3
2 5 ,8 4 7

4 3 ,7 0 6
1 2 ,7 3 0
3 0 ,9 7 6

C le an R ic e — P o c k e ts:
R e c e ip ts ................................................
S h ip m e n ts ...........................................
S to c k s ....................................................

2 6 ,2 8 8
3 5 ,1 8 9
1 4 9 ,0 9 4

3 6 ,8 9 0
5 6 ,7 5 0
1 5 7 ,9 9 5

4 1 ,6 3 0
4 9 ,2 3 8
1 7 3 ,6 2 5

TRADE
Department store sales in the Sixth District as
reflected in figures reported confidentially by 61
firms declined 15.8 per cent from May to June, but
were 30.3 per cent greater than in June last year. After ad­
justment for the number of business days and seasonal in­
fluences, the adjusted index number of daily average sales
for June is 81.9 compared with 82.0 for May. For the first
half of 1934 total sales have been 35.5 per cent greater than
in that part of last year. In June cash sales accounted for
45.3 per cent of the total, compared with 43.9 per cent in
May, and with 46.3 in June a year ago.
Stocks on hand at the close of June were 7.5 per cent less
than a month earlier, but 18.6 per cent larger than a year
ago. The rate of stock turnover declined somewhat from
May to June, but was higher for the month and for the first
half-year than for corresponding periods last year. This is
also true of the collection ratio. For regular accounts the
June ratio was 31.8 per cent, for May 35.2 per cent, and for
June a year ago 28.8 per cent, and for installment accounts
the ratio for June was 14.6 per cent, for May 15.4 per cent,
and for June last year 14.8 per cent.
These percentage comparisons are based upon reports in
actual dollar amounts and make no allowance for changes in
the level of prices.
Retail
Trade

R E T A IL T R A D E IN T H E S IX T H D IS T R IC T D U R IN G JU N E 1 934
B ased o n c o n fid en tial re p o rts fro m 61 d e p a rtm e n t sto re s
C o m pa r iso n o p N e t S a l e s
C o m pa r iso n o p S tocks
June 1934
Y e a r to
June 3 0 , 1934
S tock T u r n o v e r
w ith:
d a te w ith
w ith:
S am e m o n th P re v io u s
S am e p erio d S am e m o n th P rev io u s
Ju n e
Jan . to Ju n e
a y e a r ag o
M o n th
la s t y e a r
a y e a r ago
M o n th
1934
1933
1934
1933
A tla n ta ( 6 ) .............................. .................
B irm in g h am ( 6 ) .................
C h a tta n o o g a ( 4 ) ..................
Jack so n v ille ( 3 ) ....................
M ia m i ( 3 ) .................................
N ash v ille ( 4 ) ..........................
N ew O rlean s ( 5 ) .................. .................
O th e r C ities ( 2 7 ) ................ .................
D I S T R I C T ( 6 1 ) ................. .................

+ 2 6 .7

+ 2 2 .7
+ 3 5 .5
+ 3 0 .3

— 1 7 .7
— 1 4 .2
— 9 .2
— 1 6 .6
— 1 5 .4
— 2 8 .1
— 2 4 .2
— 6 .5
— 1 8 .2
— 1 5 .8

+ 3 1 .6
+ 4 1 .7
+ 4 4 .3
+ 3 2 .7
+ 4 3 .4
+ 5 1 .4
+ 2 6 .2
+ 3 0 .4
+ 3 4 .2
+ 3 5 .5

+ 2 0 .0
— 1 .6
— 3 .9
+ 1 1 .8

—
—
—
—

8 .0
5 .8
8 .9
8 .1

.3 5
.2 9
.3 0
.1 7

+ 4 4 .*5
+ 8 .8
+ 2 9 .0
+ 2 5 .9
+ 1 8 .6

—
—
—
—
—

5 .0
1 2 .5
6 .0
8 .3
7 .5

.*25
.2 5
.2 4
.2 3
.2 6

NOTE: The rate of stock turnover is the ratio of sales during given period to average stocks on h d.
an



.3 5
.2 2
.2 4

'.21

.2 3
.2 1
.2 5

2 .1 7
1 .7 7
1 .6 4
1 .0 6

C o l l e c t io n R a t io
June
1934

M ay
1934

Ju n e
1933

2 .0 0
1 .3 3
1 .2 8

2 8 .8
3 1 .9
3 1 .6

2 9 .0
3 6 .3
3 2 .2

2 6 .2
2 0 .1
2 4 .3

i .3 3
1 .1 9
1 .3 7
1 .3 9

2 8 .4
3 9 .6
2 4 .7
2 9 .6

3 0 .8
4 0 .2
3 1 .3
3 2 .7

27.8

2 .4 9
1 .5 0
1 .4 0
1 .5 5
1 .6 8

3 4 .0
2 4 .9
2 7 .3

M O N T H L Y

Wholesale
Trade

June sales by 99 reporting wholesale firms in
the Sixth District decreased 5.7 per cent from
May, and were 11.9 per cent greater than in
June last year. Except in two instances, in 1921 and 1933,
wholesale sales in this District have always declined from
May to June. For the first half of 1934, total sales have
been 38.3 per cent greater than in that part of 1933. Stocks
increased 2.5 per cent from May to June, and were 30.7 per
cent greater than a year ago. Reported figures are compared
in the table.
W H O LESA LE T R A D E IN JU N E 1934
S ix th F e d e ra l R e s e rv e D is tric t*
P e rc e n ta g e C o m p a riso n s
J u n e 1 9 3 4 w ith :
J a n -J u n e 1934
N um ber
M ay
Ju n e
w ith s am e
o f F irm s
1934
1933
p e rio d la s t y e a r
\11 L in e s C o m b in ed :
S a le s .............................................
S to c k s .........................................
G ro cerie s:
S a le s .............................................
J a c k s o n v ille ..................
N e w O rle a n s ................
V ic k s b u r g ......................
O t h e r C i t i e s .................
S to c k s .........................................
D r y G o o d s:
S a le s .............................................
N a s h v ille ........................
O t h e r C i t i e s .................
S to c k s ..........................................
H a rd w a re :
S a le s .............................................
N a s h v ille ........................
N e w O rle a n s ................
O th e r C itie s .................
S to c k s ..........................................
F u r n itu r e :
S a le s .............................................
A t l a n t a ............................
O t h e r C i t i e s .................
S to c k s ..........................................
E le c tric a l S upplies:
S a le s ............. . .............................
N e w O rle a n s ................
O t h e r C i t i e s .................
S to c k s ..........................................
D ru g s:
S a le s ..............................................
S ta tio n e r y :
S a le s .............................................

T o t a l .................................

— 5 .7
+ 2 .5

+ 1 1 .9
+ 3 0 .7

23
4
5
3
11
3

— 3 .8
— 6 .9
— 7 .5
+ 1 3 .0
— 5 .1
+ 0 .3

+ 1 2 .3
+ 9 .8
+ 6 .7
+ 1 7 .1
+ 1 7 .0
+ 4 2 .4

+ 3 3 .5
+ 2 3 .3
+ 3 5 .6
+ 5 0 .1
+ 3 2 .3
..............

15
3
12
7

— 2 7 .0
— 2 6 .2
— 2 7 .2
+ 4 .0

— 2 7 .1
— 1 3 .1
— 3 0 .0
+ 6 2 .9

+ 3 5 .5
+ 3 3 .1
+ 3 6 .1
..............

26
3
5
18
9

— 4 .6
— 2 0 .3
— 2 .3
— 2 .3
+ 1 .6

+ 1 7 .2
— 0 .7
+ 1 2 .7
+ 2 4 .5
+ 1 0 .3

+ 4 3 .6
+ 2 4 .0
+ 4 4 .1
+ 4 7 .8
..............

9
4
5
6

— 1 0 .3
+ 7 .6
— 1 5 .6
+ 2 .2

+ 2 .2
— 2 .9
+ 4 .3
+ 2 6 .2

+ 6 9 .4
+ 4 4 .3
+ 7 9 .8
..............

13
4
9
3

+ 1 9 .9
+ 2 2 .6
+ 1 8 .9
+ 6 .7

+
+
+
+

8

— 5 .5

+ 2 1 .9

— 6 .7

— 1 .1

+ 2 8 .5

M ay
1934

Ju n e
1933

11
6 3 .1
6 8 .9
8
3 3 .3
3 7 .8
15
3 2 .0
3 6 .0
6
3 0 .2
3 4 .0
4
5 7 .1
6 2 .9
4 _________ 2 8 ^ 8 _________ 2 ^ 3 ___________
48

4 1 .6

4 5 .0

5 3 .3
2 7 .6
2 5 .7
2 4 .5
3 4 .2
2 2 .5
3 3 .2

M ay
1934

(0 0 0 O m itte d )
Ju n e
J a n . to J u n e In c l.
1933
1934
1933

3 1 ,8 9 7

2 5 ,5 8 7

$

2 2 ,9 5 8
2 8 ,1 3 5
4 2 ,4 4 6
2 7 ,5 2 7
1 5 ,0 5 5
3 6 ,6 4 0

1 7 2 ,7 6 1

$

2 0 ,3 6 1
2 0 ,5 1 4
3 2 ,5 8 8
2 2 ,6 0 5
1 1 ,3 4 7
3 1 ,8 0 6

1 3 9 ,2 2 1

P e rc e n t
C h an g e
+
+
+
+
+
+

1 2 .8
3 7 .2
3 0 .3
2 1 .8
3 2 .7
1 5 .2

+ 2 4 .1

Commercial According to statistics compiled and published
Failures
by Dun and Bradstreet, Inc., there were 30
business failures in the Sixth District during
June, compared with 19 in May and 92 in June a year ago,
and liabilities involved in June failures amounted to $586,000,



(B u sh e ls)
J u ly 1 to J u n e 3 0
1 9 33 -3 4 1932-33

W h e a t .........................................
C o m .............................................
O a ts ..............................................

1 2 ,5 7 5
3 ,3 9 6
9 ,5 5 3

1 5 ,7 7 5
3 ,2 4 1
8 ,6 8 8

1 1 ,7 3 3
6 6 ,8 7 9
1 9 ,4 7 8

1 4 6 ,0 3 2 1 ,1 8 8 ,6 8 9
1 0 6 ,4 8 7 1 ,2 6 1 ,3 9 4
1 2 1 ,6 0 6
3 7 2 ,9 6 0

2 5 ,5 2 4

2 5 ,7 0 4

9 8 ,0 9 0

3 7 4 ,1 2 5 2 ,8 2 3 ,0 4 3

INDUSTRY
For the third consecutive month the value of permits issued in June at twenty reporting cities in
. the Sixth District increased over the month before,
and June permits were 58.5 per cent greater than in that
month last year. Eleven cities reported increases from May
to June, and nine cities reported increases over June, 1933.
During the past three years there have been only four months
for which larger totals were reported than for June this
year. For the first half of 1934 total permits issued at these
twenty cities have amounted to $11,696,439, an increase of
98.9 per cent over the total of $5,881,639 for that part of
1933, larger by 32.1 per cent than for the first half of 1932,
but 25.2 per cent less than for the first half of 1931. Com­
parisons for the month are shown in the table.
Building
Permits

B U IL D IN G P E R M IT S
N um ber
V alue
June
Ju n e
1934
1933
1934

+ 2 9 .9

3

A la b a m a .........................$ 4 , 1 3 0 $ 4 , 1 2 6 $ 3 , 9 2 9
F lo r id a .............................
5 ,0 4 8
5 ,0 1 9
3 ,6 0 5
G e o r g ia ............................
8 ,1 6 6
8 ,2 8 5
5 ,7 7 7
L o u is ia n a .......................
5 ,3 7 6
5 ,1 8 5
4 ,2 4 4
M is siss ip p i....................
3 ,0 6 0
2 ,7 9 2
2 ,4 6 2
T e n n e s s e e ......................
6 ,4 7 6
6 ,4 9 0
5 ,5 7 0
3 2 ,3 5 6

G R A IN E X P O R T S — N E W O R L E A N S
Jun e
M ay
Ju n e
1934
1934
1933

+ 4 3 .4
+ 4 0 .7
+ 4 4 .4
..............

6 9 .8
4 6 .6
7 9 .9
6 9 .9

Life
June sales of new, paid-for, ordinary life insurInsurance ance in the six states located wholly or partly in
the Sixth District, increased slightly* over the
month before, and were 26.1 per cent greater than a year
ago, and for the first half of 1934 have been 24.1 per cent
greater than in that part of 1933. Figures compared in the
table are from those compiled by the Life Insurance Sales
Research Bureau.

T o t a l .................

compared with $181,000 for May, and with $2,154,000 for
June, 1933. For the first half of 1934 the number of failures
in this District has been smaller by 65.1 per cent, and liabil­
ities have been 79.5 per cent less, than in that part of last
year.
In the United States there were 1,033 failures in June, 977
in May and 1,648 in June last year, and liabilities for June
were $23,868,293, compared with $22,560,835 for May and
$35,344,909 for June, 1933.

+ 3 8 .3
..............

* B a se d o n c o n fid e n tia l re p o r ts fro m 9 9 firm s.
** T h e C o llectio n R a tio is t h e p e rc e n ta g e o f a c c o u n ts a n d n o te s rece iv ab le
o u ts ta n d in g a t th e b eg in n in g of th e m o n th w h ich w ere co llected d u rin g
th e m o n th .

June
1934

5

T o t a l ............................
99
30

C O L L E C T IO N R A T IO * *
N um ber
Ju n e
o f F irm s
1934
G ro c e rie s .........................................
D r y G o o d s ....................................
H a r d w a r e .......................................
F u r n itu r e ........................................
E le c tric a l S u p p lie s ...................
D r u g s ................................................

R E V IE W

A n n is to n ..............
B ir m in g h a m . . .

6
352
30
121

9
99
34
93

620
436
69
83
201

463
280
62
45
176

259
44
53
60
25

$

850
2 1 9 ,8 7 8
1 9 ,5 7 8
3 3 ,0 4 7

1933

G eo rg ia
C o lu m b u s ............
S a v a n n a h ............
L o u isia n a
N e w O r le a n s .. .
A le x a n d ria ..........
T e n n essee
C h a t ta n o o g a .. .
J o h n so n C i t y .. .
K n o x v ille .............
N a s h v ille .............

5 ,1 7 5
3 2 ,1 4 5
2 3 ,5 5 3
4 5 ,7 4 0

— 8 3 .6
+ 5 8 4 .0
— 1 6 .9
— 2 7 .8

1 5 4 ,3 3 1
3 0 3 ,5 5 5
5 4 4 ,6 7 0
3 7 ,8 1 5
2 3 ,5 1 4

1 5 6 ,1 1 5
8 9 ,9 9 2
5 0 7 ,0 4 0
1 2 ,3 5 5
4 2 ,6 7 3

— 1 .1
+ 2 3 7 .3
+
7 .4
+ 2 0 6 .1
— 4 4 .9

177
31
43
117
13

3 1 6 ,1 6 4
1 7 ,1 0 8
4 2 ,4 1 3
1 4 ,2 3 5
1 8 ,0 5 0

1 1 9 ,0 2 1
4 0 ,3 8 2
2 7 ,7 7 5
1 2 ,9 2 5
1 8 ,3 2 5

+ 1 6 5 .6
— 5 7 .6
+ 5 2 .7
+ 1 0 .1
—
1 .5

77
49

91
35

7 1 ,7 0 0
9 ,6 1 6

1 0 1 ,3 4 9
1 1 ,5 3 6

— 2 9 .3
— 1 6 .6

251
2
43
102

169
3
30
107

8 1 ,2 0 7
650
3 5 2 ,2 6 0
5 1 ,5 7 7

3 7 ,8 9 3
5 ,0 0 0
6 5 ,4 6 0
1 0 4 ,4 8 5

+ 1 1 4 .3
— 8 7 .0
+ 4 3 8 .1
— 5 0 .6

2 ,8 8 3

M o n tg o m e r y ...
F lo r id a
J a c k s o n v ille ... .
M ia m i....................
M ia m i B e a c h . .

$

P e rc e n ta g e
C h a n g e in
V alu e

2 ,0 7 9

2 ,3 1 2 ,2 1 8

1 ,4 5 8 ,9 3 9

+ 5 8 .5

Contract The total value of building and construction conAwards tracts awarded in the Sixth District, indicated in
statistics compiled by the F . W. Dodge Corpora­
tion and subdivided into district totals by the Federal Reserve
Board’s Division of Research and Statistics, declined further
in June by 13.9 per cent, but was 112.3 per cent greater than
in June last year. A t the same time last year there was a
decline over the month of 18.6 per cent. The decrease from
May to June in residential contracts was approximately 12
per cent, and in other contracts 14 per cent. A ll of the six
states located wholly or partly in this District had larger
totals than for June last year, but decreases from May were
reported for all except Mississippi and Tennessee. For the
first half of 1934 total contracts in this District have been
greater by 183.6 per cent than during the first six months
of 1933.
In the 37 states east of the Rocky Mountains the total
value of contracts declined 5.4 per cent from May to June
but was 24.2 per cent greater than for June, 1933. For the

M O N T H L Y

first half year total contracts havebeen 97.7 per cent greater
than in that part of 1933. Comparisons for the month are
shown in the table.
Ju n e
1934

M ay
1934

S ix th D is tr ic t— T o t a l ......................
R e s id e n tia l........................................
A ll O th e r s ............................................

$ 9 ,0 1 5 ,9 6 1
1 ,8 1 1 ,6 6 4
7 ,2 0 4 ,2 9 7

S ta te T o ta ls :
A la b a m a ..............................................
F lo r id a ...................................................
G e o rg ia ..................................................
L o u is ia n a .............................................
M is siss ip p i..........................................
E . T e n n e s se e .....................................

1 ,4 1 5 ,6 0 0
1 ,8 3 2 ,6 0 0
2 ,0 3 5 ,3 0 0
1 ,5 6 7 ,2 0 0
1 ,3 4 8 ,1 0 0
1 ,9 3 7 ,7 0 0

June
1933

$ 1 0 ,4 7 3 ,8 8 6
2 ,0 5 7 ,1 2 0
8 ,4 1 6 ,7 6 6

$ 4 ,2 4 5 ,9 4 7
1 ,6 1 6 ,1 0 7
2 ,6 2 9 ,8 4 0

1 ,5 2 8 ,3 0 0
2 ,1 9 7 ,9 0 0
2 ,5 3 8 ,4 0 0
2 ,7 4 3 ,8 0 0
1 ,2 3 3 ,4 0 0
1 ,5 9 7 ,0 0 0

1 9 9 ,6 0 0
1 ,8 1 6 ,3 0 0
8 7 3 ,6 0 0
4 5 8 ,2 0 0
1 ,0 4 4 ,4 0 0
5 2 2 ,7 0 0

U n ite d S ta te s:
T o t a l ...................................................... 1 2 7 , 1 3 1 , 2 0 0 1 3 4 , 4 3 8 , 7 0 0
1 0 2 ,3 4 1 ,9 0 0
R e s id e n tia l......................................... 2 6 , 5 8 0 , 2 0 0
2 4 ,8 4 0 ,2 0 0
2 7 ,7 1 7 ,7 0 0
N o n -R e s id e n tia l..............................................................
5 2 ,7 9 7 ,2 0 0
5 0 ,1 8 6 ,4 0 0
P u b lic W o rk s a n d U tilitie s .....................................
5 6 ,8 0 1 ,3 0 0
2 4 ,4 3 7 ,8 0 0

Lumber For the five-week period ending July 7 orders
booked by mills reporting to the Southern Pine
Association averaged 43.0 per cent, their production averaged
27.3 per cent, and unfilled orders averaged 26.2 per cent, less
than for corresponding weeks of last year. For this five-week
period orders averaged 8 per cent less than production, while
at the same time a year ago they averaged 17.3 per cent
greater than output. Demand from retail yards continues to
be limited to actual current requirements and buying by rail­
roads and industrial consumers has also slowed down season­
ally. Weekly figures compiled by the Southern Pine Associa­
tion are compared in the table.
W e ek
E nded
June
June
June
June
J u ly

N um ber
of M ills

9 ......................... 9 2
1 6 .............. ........ 8 5
2 3 .............. ........ 8 5
3 0 .............. ........ 7 8
7 .................. ........ 7 8

( I n T h o u s a n d s of F e e t)
O rd ers
P ro d u c tio n
1934
1933
1934
1933
2 0 ,8 0 4
1 6 ,2 4 4
1 4 ,9 2 1
2 0 ,2 9 3
1 0 ,4 1 0

3 4 ,3 7 4
2 6 ,8 8 9
3 3 ,3 6 7
2 6 ,8 8 2
2 3 ,4 3 2

1 9 ,6 6 6
1 8 ,7 9 0
1 7 ,6 3 8
1 7 ,9 2 9
1 5 ,8 8 4

2 4 ,9 7 1
2 4 ,0 9 9
2 3 ,9 1 6
2 6 ,4 2 5
2 4 ,1 8 0

6 9 ,8 9 9
6 6 ,7 0 4
5 5 ,8 0 5
5 8 ,9 4 5
5 6 ,9 4 3

9 1 ,6 6 8
8 4 ,4 3 4
8 6 ,3 8 8
8 0 ,1 4 3
7 5 ,1 8 0

C O T T O N C O N S U M P T IO N , E X P O R T S , S T O C K S A N D A C T IV E S P I N D L E S
U N I T E D S T A T E S — B ales
Ju n e
M ay
Ju n e
1934
1934
1933
3 6 3 ,4 1 4
7 ,3 1 2 ,1 9 5
1 ,3 2 6 ,4 8 0

5 1 9 ,7 6 5
7 ,9 9 2 ,0 8 7
1 ,4 2 1 ,4 2 8

6 9 7 ,2 6 1
7 ,7 0 7 ,9 4 0
1 ,3 9 8 ,4 4 8

5 ,9 8 5 ,7 1 5
4 5 9 ,2 2 6
2 4 ,6 9 0 ,3 1 2

6 ,5 7 0 ,6 6 4
2 8 4 ,7 6 4
2 5 ,8 9 1 ,3 6 6

6 ,3 0 9 ,4 9 2
6 1 4 ,5 6 1
2 5 ,5 4 9 ,9 7 4

C O T T O N G R O W IN G S T A T E S — B ales
C o tto n C o n s u m e d ..............................
2 9 2 ,6 2 1
4 1 6 ,9 1 1
S t o c k s . . ..............................................
6 ,6 9 7 ,9 7 3
7 ,3 3 9 ,6 0 8
I n C o n su m in g E s ta b lis h m e n ts
1 ,0 1 6 ,0 9 6
1 ,0 9 8 ,9 4 5
I n P u b lic S to ra g e a n d a t
C o m p re ss e s ...................................
5 ,6 8 1 ,8 7 7
6 ,2 4 0 ,6 6 3
A c tiv e S p in d le s— N u m b e r . . . 1 7 , 1 7 5 , 2 8 0
1 7 ,6 7 1 ,2 1 0




O T H E R S T A T E S — B ales
C o tto n C o n s u m e d ..............................
S to c k s .....................................................
I n C o n su m in g E s ta b lis h m e n ts
I n P u b lic S to ra g e a n d a t
C o m p re ss e s ...................................
A c tiv e S p in d les— N u m b e r . . .

7 0 ,7 9 3
6 1 4 ,2 2 2
3 1 0 ,3 8 4

1 0 2 ,8 5 4
6 5 2 ,4 7 9
3 2 2 ,4 7 8

1 3 1 ,3 1 0
7 4 6 ,2 4 9
3 0 6 ,4 6 1

3 0 3 ,8 3 8
7 ,5 1 5 ,0 3 2

3 3 0 ,0 0 1
8 ,2 2 0 ,1 5 6

4 3 9 ,7 8 8
7 ,9 5 0 ,1 7 0

Consumption in the three states of this District for which
Census Bureau figures are available declined 28.4 per cent
from May to June, and was 45.9 per cent less than in June
last year. The June total for these three states is the small­
est since December, and except for that month, the smallest
since July, 1932.
C O T T O N C O N S U M P T IO N — B ales
Ju n e
M ay
Ju n e
A u g u st to J u n e In c .
1934
1 9 34-34
1932-33
1934
1933
A la b a m a .........................4 0 , 5 2 9
G e o r g ia ...................... .....6 9 , 0 1 8
T e n n e s s e e .................
8 ,7 8 2

5 6 ,1 4 2
9 7 ,1 1 5
1 1 ,9 8 9

7 1 ,8 9 3
1 3 1 ,5 3 1
1 5 ,3 0 7

5 5 1 ,5 3 0
9 9 1 ,4 1 9
1 1 3 ,1 6 3

6 0 0 ,4 8 2
9 9 2 ,8 9 2
1 4 1 ,2 4 3

T o t a l ........... .....1 1 8 , 3 2 9

1 6 5 ,2 4 6

2 1 8 ,7 3 1

1 ,6 5 6 ,1 1 2

1 ,7 3 4 ,6 1 7

Cotton
Manufacturing

Production, shipments and unfilled orders of
reporting cotton m ills in this District de­
clined from May to June and were less than
a year ago. Stocks increased somewhat over the month and
were substantially larger than at the same time last year.
Orders booked in June were slightly larger than for the
month before, but much less than a year ago, and employ­
ment at reporting mills declined slightly from May to June
but continued greater than for that month last year. Re­
ported figures are compared in the table.
N um ber
of M ills

U nfilled O rd ers
1934
1933

Cotton
June consumption of cotton by American
Consumption mills declined 30.1 per cent compared with
May, and was 47.9 per cent less than in June,
1933, when consumption was the largest for any month on
record. The decline in June resulted in a total only slightly
larger than for December. In the cotton states the decrease
from May to June was 29.8 per cent, and in other states 31.2
per cent, and compared with June last year consumption in
the cotton states show a decline of 48.3 per cent, and in other
states 46.0 per cent. For the eleven months of the cotton sea­
son, August through June, consumption in the United States
has been 3.5 per cent less than in that part of the previous
season, and in the cotton states it has been 7.4 per cent less,
but in other states it has been 15.6 per cent larger.
Exports increased 61.3 per cent from May to June, but
were 25.3 per cent smaller than a year ago, and for the
eleven months total exports have been 6.5 per cent less than
in the same period a year earlier.
Spindles active in June declined 4.6 per cent over the
month, and were fewer by 3.4 per cent than in June a year
ago. Census Bureau figures for the month are compared in
the table.

C o tto n C o n s u m e d ..............................
S to c k s .....................................................
I n C o n su m in g E s ta b lis h m e n ts
I n P u b lic S to ra g e a n d a t
C o m p re ss e s ....................................
E x p o r t s ........... ..........................................
A c tiv e S p in d le s— N u m b e r ...........

R E V IE W

5 9 5 ,9 5 1
6 ,9 6 1 ,6 9 1
1 ,0 9 1 ,9 8 7
5 ,8 6 9 ,7 0 4
1 7 ,5 9 9 ,8 0 4

P e rc e n ta g e C h an g e
J u n e 1 9 3 4 c o m p a re d
w ith
M ay 1934
Ju n e 1933

C o tto n C lo th :
P r o d u c tio n .......................................
S h ip m e n ts ........................................
O rd ers B o o k e d ..............................
U n filled O rd e rs .............................
S to ck s on h a n d .............................
N u m b e r o n p a y r o l l...................

17
16
12
14
14
15

— 2 6 .2
— 1 7 .5
+ 1 2 .7
— 3 .5
+ 6 .7
— 2 .3

— 3 2 .2
— 4 8 .7
— 5 8 .4
— 2 5 .0
+ 8 0 .0
+ 1 0 .4

C o tto n Y a r n :
P r o d u c tio n .......................................
S h ip m e n ts ........................................
O rd ers B o o k e d ..............................
U n filled O rd e rs .............................
S to c k s o n h a n d .............................
N u m b e r on p a y r o l l....................

10
10
6
8
9
9

— 1 6 .9
— 1 2 .8
+ 1 .2
— 1 2 .4
+ 2 .0
— 1 .2

— 3 9 .8
— 4 3 .3
— 5 0 .2
— 2 9 .4
+ 7 2 .8
+ 1 1 .8

Cotton Seed
and Cotton
Seed Products

Operations at cotton seed oil mills in this
District showed a further seasonal decline in
June and were also at a lower level than in
June last year. For the season, August
through June, operations also show a decrease compared with
that part of the season before, and while stocks of seed at
the end of June were larger than a year ago, stocks of cotton
seed products were smaller. For the United States as a
whole, receipts, crushings and stocks also show decreases for
the season through June, and production of cotton seed prod­
ucts, except linters, was also smaller. Cumulative totals for
Georgia, Alabama, Louisiana and Mississippi are compared
in the first two columns of the table, and totals for the
United States as a whole are compared in the last two
columns.
COTTON SEED AND COTTON SEED PRODUCTS
S ix th D is tric t*
U n ite d S ta te s
A u g . 1 to J u n e 3 0
A u g . 1 to J u n e 3 0
1933-34
1932-33
1933-34
1932-33
C o tto n S eed , T o n s:
R e c e iv e d a t M ills .. .
C r u s h e d ...........................
On H an d Ju n e 3 0 ...

1 ,2 0 2 ,9 8 9
1 ,1 3 0 ,4 4 5
1 0 1 ,3 1 4

1 ,3 1 7 ,4 1 7
1 ,2 8 7 ,3 3 0
7 6 ,9 9 3

4 ,1 1 4 ,9 4 6
4 ,0 5 4 ,8 9 1
2 8 0 ,4 7 6

4 ,4 8 1 ,6 8 3
4 ,4 6 2 ,9 3 4
3 1 7 ,6 2 3

P r o d u c tio n :
C ru d e O il, lb s .............. 3 7 0 , 2 2 5 , 7 0 0 4 1 6 , 7 1 6 , 6 3 3 1 , 2 6 8 , 9 9 4 , 5 1 9 1 , 3 9 6 , 0 5 1 , 0 5 7
C a k e a n d M e a l, to n s
4 9 2 ,4 9 0
5 6 1 ,8 0 0
1 ,8 4 3 ,1 7 0
2 ,0 2 1 ,5 3 9
H u lls , t o n s ....................
3 0 8 ,7 7 7
3 7 2 ,0 8 5
1 ,0 7 9 ,0 1 6
1 ,2 7 0 ,4 2 0
L in te r s , b a l e s ..............
2 2 4 ,7 7 6
2 2 6 ,1 4 2
7 8 0 ,1 3 2
7 1 3 ,1 6 0
S to c k s a t M ills J u n e 3 0 :
C ru d e O il, lb s ..............
C a k e a n d M e a l, to n s
H u lls , t o n s ....................
L in te r s , B a le s ..............

5 ,5 4 7 ,7 8 6
6 9 ,1 3 1
1 0 ,3 3 6
3 5 ,9 6 2

1 5 ,6 3 8 ,2 6 2
7 6 ,4 5 3
2 6 ,2 4 5
4 2 ,4 6 4

♦ G eo rg ia, A la b a m a , L o u isia n a a n d M ississip p i.

2 6 ,9 6 5 ,1 4 9
1 7 6 ,1 7 8
4 3 ,6 0 7
1 0 8 ,6 2 9

3 9 ,0 5 9 ,7 1 9
1 9 6 ,7 4 0
8 0 ,3 5 0
1 1 0 ,6 4 4

M O N T H L Y

7

R E V IE W

A la b a m a ....................................................
F lo r id a ........................................................
G e o rg ia .......................................................
L o u is ia n a ..................................................
M is s is s ip p i...............................................
T e n n e s s e e .................................................

1 3 5 ,5 5 3
5 5 ,5 2 3
9 3 ,6 0 5
9 6 ,4 1 6
4 ,2 6 9
1 05 ,6 3 8

1 2 8 ,3 8 0
5 6 ,4 5 3
9 2 ,8 5 7
7 6 ,8 2 4
3 ,8 8 1
1 1 0 ,9 8 9

1 3 0 ,6 7 7
5 0 ,4 2 3
1 2 7 ,7 9 5
7 4 ,8 4 4
3 ,9 9 1
8 4 ,6 4 0

T o t a l ............................................

4 9 1 ,0 0 4

4 6 9 ,3 8 4

4 7 2 ,3 7 0

June was 2.4 per cent. The number of furnaces active in­
creased from 75 on January 1 to 117 on June 1, but declined
to 89 on July 1, compared with 90 active at the same time a
year ago.
Total production of pig iron in Alabama declined 1.7 per
cent, but daily average output increased 1.6 per cent, from
May to June, when production was 92.7 per cent greater than
in June last year. The number of furnaces active continued
on July 1 at 10, the same as for each of the previous months
this year, compared with 7 active a year earlier. Press re­
ports indicate that tonnage booked at the current price of
$14.50 per ton has been small, but that shipments of iron
purchased before the increase in price continued heavy dur­
ing June. Many foundries are reported to be well stocked,
and current sales and shipments are light.
Production during the first half of 1934 in the United
States totaled 9,798,813 tons, greater by 120.6 per cent than
the total of 4,441,003 tons produced in that part of 1933, and
89.6 per cent greater than production in the first half of
1932, and production in Alabama during the first six months
of 1934 has amounted to 736,007 tons, an increase of 223.7
per cent over the total of 227,378 tons produced in the first
half of 1933, and 69.8 per cent greater than production in
that part of 1932. Comparisons for the month are shown in
the table.

B y u se of: W a t e r P o w e r ...............
F u e l s .................................
F u e ls co n su m e d in P ro d u c tio n
o f E le c tric P ow er:
C o al— to n s ....................................
F u e l O il— b b ls .............................
N a tu r a l G as— 0 0 0 cu. f t . . .

3 0 9 ,2 7 3
1 5 1 ,7 3 1

3 0 9 ,1 4 1
1 6 0 ,2 4 3

3 2 1 ,1 7 6
1 5 1 ,1 9 4

T o ta l

1 1 ,6 6 1
2 0 2 ,9 7 1
1 ,9 7 3 ,1 4 1

1 0 ,0 1 5
1 9 9 ,1 5 0
1 ,6 2 8 ,2 6 2

9 ,9 0 5
1 9 9 ,7 8 2
1 ,5 2 5 ,4 9 6

Electric Production of electric power by public utility power
Power
plants in the six states located wholly or partly in
the Sixth District increased 4.6 per cent from April
to May, partly because of the longer month, and was 3.9 per
cent greater than in May last year. Production by use of
water power, which accounted for 63 per cent of the total in
May and 65.9 per cent in April, increased only slightly, but
production by use of fuels increased 13.4 per cent over the
month. For the five months, January to May inclusive, total
production was 9.8 per cent, that by water power 1.1 per
cent, and that by use of fuels 27.4 per cent, greater than in
that part of 1933. For the five month period production by
use of water power was 61.6 per cent of the total this year
against 66.9 per cent a year ago. Figures compared in the
table are from those compiled by the United States Geological
Survey.
P R O D U C T IO N O F E L E C T R I C P O W E R
M ay 1934

N o te :

( 0 0 0 k . w . H o u rs)

A p ril 1 9 3 4

M ay 1933

M a y figures p re lim in a ry — A pril figures slig h tly revised.

Bituminous Total production of bituminous coal in the
Coal Mining United States during June, according to pre­
liminary figures compiled by the United States
Bureau of Mines, amounted to 26,424,000 tons, a total 6 per
cent smaller than for May, but 4.4 per cent greater than for
June last year. Daily average production declined 4.5 per
cent from May to June. For the first half of 1934 production
has been 25.8 per cent greater than in that part of 1933. Pre­
liminary figures for June are compared in the table.
T o ta l
P ro d u c tio n
(T o n s)

N u m b e r of
W o rk in g
D ays

A v erag e p e r
W o rk in g D a y
(T o n s)

26
2 6 .4

1 ,0 1 6 ,000p
1 .0 6 4 .0 0 0
1.426.000
97 4 ,0 0 0

J u n e 1 9 3 4 ..................................................... 2 6 ,4 2 4 , 0 0 0 p
M a y 1 9 3 4 ..................................................... 2 8 , 1 0 0 , 0 0 0
M a rc h 1 9 3 4 ................................................. 3 8 ,4 9 7 ,0 0 0
J u n e 1 9 3 3 ..................................................... 2 5 , 3 2 0 , 0 0 0

27

26

p — P re lim in a ry .

Weekly figures indicate that production of bituminous coal
in both Alabama and Tennessee declined in June, following
substantial increases from April to May, and Alabama pro­
duction was 25.2 per cent larger, and that in Tennessee 13.4
per cent smaller, than for the corresponding weeks a year
ago. Figures for recent weeks are given in the table.

W e ek E n d e d :
June
Ju n e
Ju n e
June
Ju n e
J u ly

2 ...............................
9 ..............................
1 6 ............................
2 3 ............................
3 0 ............................
7 ................................

(T o n s)
A la b a m a
1934
1933
2 0 6 ,0 0 0
1 9 2 ,0 0 0
1 9 1 ,0 0 0
1 8 5 ,0 0 0
1 4 2 ,0 0 0

1 4 0 ,0 0 0
1 4 3 ,0 0 0
1 4 1 ,0 0 0
1 4 7 ,0 0 0
1 7 4 ,0 0 0
1 7 3 ,0 0 0

T en n essee
1934
1933
7 2 ,0 0 0
6 2 ,0 0 0
5 8 ,0 0 0
5 4 ,0 0 0
5 7 ,0 0 0
4 8 ,0 0 0

5 9 ,0 0 0
5 4 ,0 0 0
6 5 ,0 0 0
7 1 ,0 0 0
7 9 ,0 0 0
6 2 ,0 0 0

P ro d u c tio n — T o n s
D a ily A v erag e

F u rn a c e s
A ctiv e*

U n ite d S ta te s :
1 ,9 3 0 ,1 3 3
2 ,0 4 2 ,8 9 6
1 ,2 6 5 ,0 0 7

A la b a m a :
J u n e 1 9 3 4 ............................................
M a y 1 9 3 4 ............................................
J u n e 1 9 3 3 ............................................
* F irs t of follow ing m o n th .

6 4 ,3 3 8
6 5 ,9 0 0
4 2 ,1 6 6

89
1 17r
90

1 2 8 ,1 8 3
1 3 0 ,3 6 4
6 6 ,5 0 8

M a v 1 9 3 4 ............................................

4 ,2 7 3
4 ,2 0 5
2 ,2 1 7

10
10
7

r~— ev ise d .
R

Naval
Stores

Receipts and stocks of both turpentine and rosin at
the three principal markets of the District increased
seasonally from May to June but were less than for
June last year. June receipts of both commodities were
somewhat larger than for June, 1932, but were less than for
that month in any other recent year. Press reports indicate
some improvement in demand during the second week of
July. Quotations published in the Naval Stores Review indi­
cate that the price of turpentine, after declining from 61
cents per gallon in February to 42 % cents on July 7, in­
creased to 45^ cents a week later, and the average of prices
for the thirteen grades of rosin, after declining from $5.30
per 280 pounds in February to $4.20 on July 7, rose to $4.45
a week later. Receipts and stocks for the month are com­
pared in the table.
NAVAL STO RES
Ju n e 19 34

M ay 1934

Ju n e 1933

1 1 ,8 3 5
9 ,3 4 8
3 ,4 7 5

R e c e ip ts — T u r p e n tin e (1 )

1 6 ,8 4 0
1 4 ,4 6 8
4 ,2 4 1

T o t a l ...........................................

2 7 ,6 1 4

2 4 ,6 5 8

3 5 ,5 4 9

R e c e ip ts — R o sin (2 )
S a v a n n a h ............................................
J a c k s o n v ille .......................................
P e n s a c o la ............................................

4 9 ,9 0 5
4 1 ,3 0 8
1 1 ,2 0 4

4 7 ,6 2 5
4 0 ,2 9 1
9 ,9 8 9

5 9 ,0 8 0
4 9 ,1 7 5
1 3 ,6 9 1

T o t a l ...........................................

1 0 2 ,4 1 7

9 7 ,9 0 5

1 2 1 ,9 4 6

S to c k s— T u rp e n tin e (1 )
vSavannah............................................
J a c k s o n v ille .......................................
P e n s a c o la ............................................

7 ,0 9 1
2 3 ,3 8 7
1 7 ,2 1 4

3 ,3 9 6
2 1 ,9 9 1
1 7 ,1 8 3

1 7 ,2 2 6
3 1 ,3 4 0
1 6 ,2 5 8

T o t a l ...........................................

Pig Iron
Production

Total production of pig iron in the United States
during June declined 5.5 per cent compared with
the month before but was 52.6 per cent greater
than a year ago, according to statistics published by the
Iron Age. On a daily average basis the decline from May to




4 7 ,6 9 2

4 2 ,5 7 0

6 4 ,8 2 4

S to ck s— R o sin (2 )
S a v a n n a h ............................................
J a c k s o n v ille .......................................
P e n s a c o la ............................................

9 4 ,8 4 0
6 1 ,1 1 2
1 5 ,8 5 3

8 9 ,7 7 3
5 8 ,3 2 3
1 2 ,9 0 5

1 0 9 ,0 8 3
1 0 0 ,0 4 3
1 0 ,7 5 6

T o t a l ...........................................

1 7 1 ,8 0 5

1 6 1 ,0 0 1

2 1 9 ,8 8 2

M O N T H L Y

8

R E V IE W

MONTHLY IN D EX NUMBERS COMPUTED B Y FED ER A L R ES ER V E BANK OF ATLAN TA
M O N TH LY AVERAGE 1923-1925= 100
A p r il
1934

M ay
1934

June
1934

A p r il
1933

M ay
1933

Ju ne
1933

D a ily A v e ra g e S a le s — U n a d j u s t e d
A t l a n t a ...................................................................................................................................
B ir m in g h a m .......................................................................................................................
C h a tta n o o g a .......................................................................................................................
N a s h v ille ...................................................................................................... .......................
N ew O r le a n s .. . . ............................................................................................................
D I S T R I C T .........................................................................................................................

1 4 5 .8
6 2 .1
6 4 .5
' 8 1 .0
7 5 .3
8 3 .0

1 5 5 .3
6 4 .0
6 9 .6
8 8 .7
6 7 .6
8 2 .8

1 3 1 .8
5 8 .6
6 5 .6
6 9 .8
6 5 .7
7 3 .7

1 1 5 .1
4 8 .4
4 8 .7
6 6 .4
5 7 .4
6 4 .8

1 2 3 .0
5 1 .8
5 4 .7
7 3 .3
5 9 .0
6 7 .9

1 0 3 .9
4 4 .1
5 0 .8
5 6 .3
5 3 .5
5 8 .0

D a ily A v e ra g e S a le s — A d j u s t e d 3
"
A t l a n t a ...................................................................................................................................
B ir m in g h a m .......................................................................................................................
C h a tta n o o g a .......................................................................................................................
N a s h v ille ...............................................................................................................................
N ew O rle a n s ......................................................................................................................
D I S T R I C T .........................................................................................................................

1 4 2 .9
6 5 .4
6 7 .2
8 3 .5
7 4 .6
8 3 .8

1 4 7 .9
6 3 .4
6 7 .6
7 9 .9
6 9 .7
8 2 .0

1 5 1 .5
6 3 .0
5 9 .1
7 5 .9
7 3 .8
8 1 .9

1 0 6 .6
4 7 .9
4 7 .7
6 4 .5
5 3 .6
6 1 .7

1 1 7 .1
5 1 .3
5 3 .1
6 6 .0
6 0 .8
6 7 .2

1 1 9 .4
4 7 .4
4 5 .8
6 1 .2
6 0 .1
6 4 .4

D I S T R I C T ........................................................................................................................

9 7 .6
3 5 .2
5 1 .7
6 8 .9
5 9 .6
6 0 .8

9 0 .8
3 5 .2
4 4 .3
6 7 .9
6 0 .5
6 4 .5

8 3 .5
3 3 .6
4 0 .4
5 9 .4
5 6 .9
5 4 .9

7 2 .8
3 8 .4
3 7 .8
5 7 .2
4 8 .6
4 9 .8

6 8 .5
3 7 .5
3 9 .7
5 5 .2
4 6 .9
4 8 .3

7 0 .1
3 7 .4
4 2 .0
5 4 .6
4 6 .5
4 8 .2

M o n t h l y S to c k s — A d j u s t e d *
A t l a n t a ...................................................................................................................................
B ir m in g h a m .......................................................................................................................
C h a tta n o o g a .......................................................................................................................
N a s h v ille ...............................................................................................................................
N e w O rle a n s .......................................................................................................................
D I S T R I C T .........................................................................................................................

9 3 .0
3 3 .5
4 9 .2
6 6 .3
5 7 .3
5 7 .9

8 9 .9
3 4 .5
4 3 .4
6 7 .2
5 9 .9
6 3 .2

8 7 .0
3 3 .9
4 2 .1
6 1 .2
6 0 .5
5 7 .8

6 9 .3
3 6 .6
3 6 .0
5 5 .0
4 6 .7
4 7 .4

6 7 .8
3 6 .8
3 8 .9
5 4 .7
4 6 .4
4 7 .4

7 3 .0
3 7 .8
4 3 .8
5 6 .3
4 9 .5
5 0 .7

5 6 .0
4 5 .9
6 2 .6
5 7 .9
5 4 .1
7 7 .8
3 9 .3
7 1 .5

5 6 .7
4 9 .0
5 4 .8
5 9 .3
5 1 .3
7 8 .4
3 7 .9
7 6 .0

5 3 .5
4 7 .1
4 0 .0
5 6 .6
4 6 .1
9 3 .9
3 5 .4
7 1 .8

4 1 .8
3 6 .5
4 8 .1
3 8 .1
2 7 .9
7 0 .5
2 5 .7
5 6 .2

4 7 .9
4 1 .2
5 4 .5
4 7 .8
4 0 .4
6 1 .1
3 4 .0
6 2 .9

4 8 .0
4 2 .3
5 4 .9
4 8 .3
4 7 .5
5 5 .0
3 4 .6
5 9 .0

L I F E IN S U R A N C E S A L E S — S I X S T A T E S — T O T A L ..............

7 5 .8
6 8 .9
9 4 .6
8 1 .7
8 3 .5
6 0 .0
6 5 .1

7 6 .0
6 0 .8
8 4 .8
9 0 .3
8 1 .8
6 3 .9
6 9 .0

7 6 .8
6 0 .9
8 5 .3
8 9 .0
8 4 .8
7 0 .0
6 8 .8

5 9 .6
4 9 .8
5 9 .8
6 4 .4
6 9 .1
4 6 .3
6 1 .7

5 9 .6
5 4 .7
6 2 .2
6 5 .7
6 3 .7
5 3 .6
5 5 .6

6 3 .1
6 0 .0
6 5 .9
6 5 .7
6 7 .1
5 7 .8
6 0 .9

B U IL D IN G P E R M I T S — T W E N T Y C I T I E S ......................................
A t l a n t a ..................................................................................................................................

1 5 .0
6 .4
6 .0
3 5 .3
6 .5
3 4 .3
1 3 .3

1 6 .7
1 2 .7
3 .8
1 4 .5
1 0 .0
8 .6
2 4 .4

2 0 .5
2 0 .4
1 4 .8
1 8 .8
8 .1
5 .6
2 7 .4

7 .3
5 .6
2 .9
7 .2
1 1 .2
8 .1
8 .3

1 3 .6
5 .3
3 .3
1 3 .8
1 0 .6
1 2 .4
1 9 .3

1 3 .0
7 .7
2 .2
1 9 .0
1 6 .5
7 .9
1 7 .3

C O N T R A C T A W A R D S — S I X T H D I S T R I C T — T O T A L ------

3 7 .8
1 5 .8
5 2 .7

2 9 .8
1 4 .7
4 0 .0

2 5 .7
1 2 .9
3 4 .2

7 .7
1 0 .1
6 .1

1 4 .9
1 5 .1
1 4 .7

1 2 .1
1 1 .5
1 2 .5

7 3 .3
5 9 .6
6 6 .2
7 8 .6
8 8 .9
7 5 .3
7 1 .7
8 7 .9
8 6 .7
7 5 .5
8 1 .6
6 9 .5

7 3 .7
5 9 .6
6 7 .1
7 8 .9
8 7 .9
7 3 .6
7 2 .5
8 9 .1
8 7 .3
7 5 .4
8 2 .0
6 9 .8

7 4 .6
6 3 .3
6 9 .8
7 8 .2
8 7 .1
7 2 .7
7 2 .8
8 7 .7
8 7 .8
7 5 .6
8 2 .0
7 0 .2

6 0 .4
4 4 .5
5 6 .1
6 5 .3
6 9 .4
5 1 .8
6 1 .5
7 6 .9
7 0 .2
7 1 .4
7 1 .5
5 7 .8

6 2 .7
5 0 .2
5 9 .4
6 6 .5
7 6 .9
5 5 .9
6 0 .4
7 7 .7
7 1 .4
7 3 .2
7 1 .7
5 8 .9

6 5 .0
5 3 .2
6 1 .2
6 8 .9
8 2 .4
6 1 .5
6 1 .5
7 9 .3
7 4 .7
7 3 .7
7 3 .4
6 0 .8

9 9 .6
1 1 8 .8
6 1 .4
1 1 9 .3
1 5 7 .1
1 1 8 .7

1 0 0 .9
1 2 1 .8
5 9 .6
1 2 4 .6
1 6 3 .3
1 2 0 .5

7 0 .6
8 5 .5
4 1 .0
8 8 .6
1 1 7 .9
8 8 .2

9 1 .3
1 1 3 .6
4 7 .2
1 0 7 .7
1 4 7 .2
1 2 3 .0

1 2 0 .5
1 5 0 .1
6 1 .8
1 4 7 .7
1 9 7 .3
1 4 9 .6

1 3 5 .4
1 6 5 .3
7 6 .1
1 6 8 .8
2 0 9 .1
1 5 3 .8

D E P A R T M E N T S T O R E T R A D E — S IX T H D IS T R IC T

M o n t h l y S to c k s — U n a d j u s t e d
A t l a n t a ...................................................................................................................................
B ir m in g h a m ......................................................................................................................
C h a tta n o o g a ......................................................................................................................
N a s h v ille .............................................................................................................................

W H O L E S A L E T R A D E — S I X T H D I S T R I C T — T O T A L ...........
G ro c e rie s................................................... ......................................................................

E le c tric a l S u p p lie s .........................................................................................................
S ta tio n e r y ............................................................................................................................

W H O L E S A L E P R I C E S — U N IT E D S T A T E S t
A L L C O M M O D I T I E S ............................................................................................

M e ta ls a n d m e ta l p r o d u c t s ..........................................................................
H o u se fu rn ish in g g o o d s ....................................................................................
C O T T O N C O N S U M P T IO N — U N IT E D S T A T E S ..........................

C O T T O N E X P O R T S — U N IT E D S T A T E S ..........................................

7 5 .3

5 5 .5

8 9 .4

8 5 .0

1 1 5 .2

1 1 9 .7

P I G IR O N P R O D U C T I O N — U n ite d S t a t e s .........................................
A la b a m a ....................................................

5 7 .8
5 2 .8

6 8 .4
5 6 .1

6 4 .6
5 5 .2

2 0 .9
1 3 .3

2 9 .7
2 0 .9

4 2 .3
2 8 .6

♦ A d ju sted fo r S easo n al V a ria tio n ,




fC o m p ile d b y B u re a u of L a b o r S ta tis tic s.

1926 - 1 0 0 .