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M O N T H L Y R E V I E W O f F in a n c ia l, A g r i c u l t u r a l , T r a d e a n d I n d u s t r i a l C o n d 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 F E Vol. 19 No. 7 D E R A L R E S R V E 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. E B A N K O F A T 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. L A 2 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. 90 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 .
