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M O N T H L Y R E V IE W O f F in a n c ia l, A g r i c u l t u r a l , T r a d e a n d I n d u s t r i a l C o n d i t i o n s in t h e S i x t h F e d e r a l R e s e r v e D i s t r i c t F E D E R A L VOL. 18, No. 6 R E S E R V E B A N K ATLANTA, GA., JU N E 30, 1933 NATIONAL SUMMARY OF BU SIN ESS CONDITIONS Prepared by Federal Reserve Board Industrial activity increased rapidly in May and the early part of June, and there was an advance in the general level of commodity prices. Prices of raw materials traded in on organized exchanges showed wide fluctuations, and a general rapid upward movement, while prices of other commodities as a group showed relatively little increase. Production and Employment Volume of industrial production, as measured by the Board’s seasonally adjusted in dex, increased from 67 per cent of the 19231925 average in April to 76 per cent in May, as compared with 60 per cent in March, 1933. Operations at steel mills continued to increase in May and the early part of June, contrary to seasonal tendency and in the week ending June 24 activity is reported at about 50 per cent of capacity. Out put of the automobile industry was larger in May than in April and, according to trade reports, has increased further in June, although a decline is usual at this season. Lumber output in May showed a considerable increase from previous low levels. Activity at textile mills increased sharply to a higher level for the season than in any other month since November, 1929, and output of shoe factories in May was larger than in May of any previous year. Employment in manufacturing industries increased considerably between the middle of April and the middle of May, and the Board’s in dex, which is adjusted to allow for seasonal variations, ad vanced from 58 per cent of the 1923-1925 average to 61 per cent. Factory payrolls increased by a larger percentage to about 42 per cent of the 1923-1925 average. Value of construction contracts awarded during May and the first half of June, as reported by the F. W. Dodge Cor poration, showed a nonseasonal increase from the extreme low levels prevailing earlier in the year. Distribution Freight traffic increased from April to May by more than the seasonal amount, reflecting chiefly larger shipments of miscellaneous freight and mer chandise. Department store sales, which had increased sub stantially from March to April, showed little change in May. Wholesale Prices Wholesale commodity prices, as measured by the weekly index of the Bureau of Labor Statistics, advanced from 60.3 per cent of the 1926 average in the week ending April 15 to 64.5 per cent in the week ending June 17. This increase reflected a rapid rise in the prices of commodities traded in on organized exchanges, in cluding wheat, cotton, wool, hides, lard, sugar, silk, rubber, and nonferrous m etals, and also in the prices of flour, tex tiles, and leather, while prices of petroleum were reduced and most other prices showed relatively little change. O F A T L A N T A ™8 " ln Foreign Exchange The value of the dollar in the exchange market declined by 18 per cent between the middle of April and June 21. On the latter date the noon buying rate on cable transfers for the French franc was 4.81 cents, as compared with a gold par of 3.92 cents, and the English pound w as quoted at $4.16, as compared with a rate of $3.41 on April 12. Bank Credit A return flow of $156,000,000 of currency from circulation and purchase of $118,000,000 of United States Government securities by the Reserve Banks placed a considerable volume of reserve funds at the dis posal of member banks during the five weeks ending June 21. These funds were used in part to reduce further the mem ber banks’ indebtedness to the Reserve Banks and the Re serve Banks* holdings of acceptances, and in part were added to the member banks’ reserve accounts. Loans and investments of member banks in 90 leading cities increased by $175,000,000 in the four weeks ending June 14, representing chiefly a growth of security loans and other loans at N ew York City banks. Loans to brokers and dealers in securities made by N ew York City banks in creased by $160,000,000 during the period, while security loans to other customers declined. N et demand deposits at the reporting banks increased by over $500,000,000, reflecting in part a further growth of bankers’ balances, principally in New York City. Money rates in the open market continued to decline dur ing the period and in the middle of June were only slightly above the low est levels of recent years. On May 26 the dis count rate of the Federal Reserve Bank of N ew York was reduced from 3 to 2 ^ per cent and in the following three weeks rates were lowered from 3% to 3 per cent at the Fed eral Reserve Banks of Chicago, Boston, San Francisco, Phil adelphia, St. Louis and Cleveland. A t the other Federal Reserve Banks a rate of SV2 per cent prevails. SIXTH DISTRICT SUMMARY Most of the available series of business statistics indicated further gains during May in trade and industrial activity in the Sixth District. Department store sales increased in May over April by 12.8 per cent, and were 1.8 per cent greater in dollar value than in May, 1932. The seasonally adjusted index of daily average sales rose to the highest point since September. For the five months of 1933, department store sales have been 16.6 per cent less than in that part of last year, not allowing for difference in price levels. Wholesale trade increased 14.6 per cent in May over April, and was 21.8 per cent greater than in May, 1932. Volume of reserve bank credit outstanding at this bank de clined further between May 10 and June 14, and w as less than M O N T H L Y 2 at the same time last year, and total loans of weekly reporting member banks also declined, but their investm ents increased slightly. Bank debits increased 9.5 per cent in May over April, compared with a decrease of 19.8 per cent at the same time last year. Building permits at twenty reporting cities increased 87 per cent over the month before, and were 11.4 per cent greater than in May, 1932. Contract awards also increased over April, but were less than a year ago. Weekly state ments of the Southern Pine Association indicate that orders continue to be received by mills in excess of their production, and in much greater volume than at this tim e last year. Consumption of cotton in the three states of this district for which figures are available increased 34.7 per cent in May over April, and was 69.7 per cent greater than in May, 1932, and cotton m ills report substantial increases in orders, ship ments and production, and in the number of workers em ployed. P ig iron production in Alabama increased 56.8 per cent in May over April, but continued less than in the cor responding month last year. FINANCE Reserve Bank Credit There was a further decline of 14.5 millions of dollars in the total volume of reserve bank credit outstanding at the Federal Reserve Bank of Atlanta between May 10, (figures published in the May Re view) and June 14, and total bills and securities held by the bank on that date were smaller by 22.4 millions than on the corresponding Wednesday in 1932. The decline in total hold ings of bills and securities since the peak in May amounted on June 14 to 83.4 millions. Between May 10 and June 14 discounts by this bank declined 12 millions and holdings of purchased bills decreased about 6.4 millions, but there was an increase of 4 millions in holdings of United States securi ties. Compared with figures for the same Wednesday a year ago, discounts on June 14 show a decrease of nearly 22.8 millions, holdings of purchased bills a decrease of 2.2 mil lions, and holdings of United States securities an increase of 2.6 millions. From May 10 to June 14 Member Bank Reserve Deposits increased 7.3 millions, and total deposits 3.3 m illions, Fed eral reserve notes in actual circulation declined 8.5 millions, and total reserves held by the bank increased by 17.4 mil lions. All of these item s are larger than for the correspond ing Wednesday in 1932. Principal item s in the weekly statement are compared in the table. FE D ER AL REvSERVE BA NK OF ATLANTA June 14, 1933 Bills Discounted: Secured by Govt. Obligations. All O thers-................................. Total Discounts................ Bills Bought in Open M arket — U. S. Securities..................... ........ Total Bills and Securities. Total Reserves............................... Member Bank Reserve Deposits Total D eposits_______________ F. R. Notes in actual circulation F. R. Bank Notes in actual cir culation......................... ........... Reserve R atio ______ _________ $ (000 Omitted) May 10, 1933 June 15, 1932 628 8,919 9,547 342 52,678 62,567 131,734 49,888 58,349 124,715 $ 2,262 19,437 21,699 6,721 48,658 77,078 114,289 42,582 55,065 133,254 $ 7,661 24,671 32,332 2,585 50,052 84,969 84,333 47,087 49,959 112,921 2,195 72.0% 926 60.7% 51."2% In the following table are shown comparisons of important items in the statement for the twelve Federal Reserve Banks combined. There were increases between May 10 and June R E V IE W 14 in holdings of United States securities, in deposits, and in Federal reserve bank notes in actual circulation, but a fur ther decline in the total volume of reserve bank credit out standing. FED ER AL RESERVE SYSTEM June 14, 1933 Bills Discounted: Secured by Govt. Obligations. $ 55,553 All Others................................. 198,209 Total Discounts................. 253,762 10,200 Bills Bought in Open M arket__ U. S. Securities_______________ 1,932,444 3,624 Other Securities____ ____ _____ 2,200,030 Total Bills and Securities . 3,532,790 Total Reserves - _____ _________ Member Bank Reserve Deposits 2,281,378 Total Deposits.......... ................... 2,481,003 F. R. Notes in actual circulation 3,118,379 F. R. Bank Notes in actual cir culation _______ ____________ 113,264 Reserve R a tio ................................ 68.3% (000 Omitted) May 10, 1933 June 15, 1932 $ 72,082 266,159 338,241 112,607 1,837,193 5,464 2,293,505 3,657,728 2,089,115 2,309,541 3,349,753 $202,225 294,014 496,239 65,661 1,692,207 5,611 2,259,718 2,766,475 2,101,243 2,198,428 2,575,799 62,805 64.6% 57.9% Member Total loans and investments of 17 weekly reportBank ing member banks located in Atlanta, Birmingham, Credit Jacksonville, Nashville, Chattanooga, Mobile and Savannah declined by slightly more than 4 millions of dollars between May 10 and June 14, and were 17.9 mil lions less than on the corresponding report date in 1932. Total loans reported by these banks on June 14 were smaller by $24,650,000 than a year ago, but holdings of United States securities show an increase over that date of more than 5 millions of dollars, and holdings of other securities were slightly larger than at that time. Time deposits held by these weekly reporting member banks declined slightly between May 10 and June 14, and were nearly 8 millions less than a year ago, and demand, de posits increased 4.5 millions since May 10, although about 3.5 millions less than a year ago. Bankers’ balances in creased further during this recent five weeks period, and were greater than at the same time in 1932. Borrowings by these weekly reporting member banks from the Federal Reserve Bank of Atlanta declined further from 8.9 millions on May 10 to only $713,000 on June 14, com pared with $4,754,000 on the corresponding Wednesday last year. Comparisons of principal items in the weekly report are set out in the table. CONDITION OF M EM BER BANKS IN SELECTED CITIES (000 Omitted) June 14, 1933 May 10, 1933 June 15, 1932 Loans: On Securities..................... ........ All O thers.................................. Total Loans......... .............. U. S. Securities.............................. Other Securities............................ Total Investments.............. .. Total Loans and Invest m ents.......... ................... Time Deposits_______________ Demand Deposits........... ............. Due to Banks____ ___________ Due From Banks------------ ------Borrowings from F. R. Bank___ $ 56,169 119,641 175,810 81,077 46,997 128,074 $ 57,967 121,926 179,893 83,324 44,697 128,021 $ 62,285 138,175 200,460 75,769 45,542 121,311 303,884 126,762 142,229 57,706 61,338 713 307,914 127,333 137,705 53,678 53,154 8,930 321,771 134,496 145,709 47,783 49,688 4,754 vSAVINGS DEPOSITS OF 56 REPO RTIN G BANKS (000 Omitted) Percentage change Number May 1933 compared of May April May with: Banks 1933 1933 1932 April 1933 May 1932 A tlanta.................... Birmingham______ Jacksonville______ Nashville_________ New Orleans............ Other Cities............. T otal......................... 3 3 3 4 6 37 56 $ 2 8 ,0 1 0 $ 27,289 15,612 15,654 11,705 11,632 19,455 19,871 23,299 22,284 59,160 58,661 157,241 155,391 $ 32,201 17,416 13,122 24,438 30,139 65,445 182,761 + 2 .6 —0.3 + 0 .6 —2.1 + 0 .1 + 0 .9 + 1 .2 — 13.0 — 10.4 — 10.8 —20.4 —22.7 — 19.8 — 14,0 M O N T H L Y Debits to individual Accounts Total debits to individual accounts at 26 reporting clearing house cities of the Sixth District increased 9.5 per cent from April to May this year, and were 5.5 per cent less than in May, 1932. A t the same time last year bank debits declined 19.8 per cent from April to May. Of the 26 reporting cities, 23 reported increases over April, and 11 reported increases over May last year. Monthly totals shown 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. May 1933 (000 Omitted) April 1933 May 1932 $ 90,921 54,430 2,121 19,858 14,512 $ 79,572 49,677 1 ,293 16,546 12,056 $ 94,065 58,900 1,598 21,157 12,410 Florida—4 C ities........................ Jacksonville....... ....... . .............. . M iam i.......................................... Pensacola............................... Tam pa...................... ................... 82,921 44,299 16,631 4,406 17,585 78,943 42,471 16,051 3,664 16,757 81,269 43,126 14,311 4,006 19,826 Georgia— 10 Cities......................... Albany.......... ....... ....................... A tlanta........................................ Augusta _ .................................. .. Brunswick................ .................. Columbus..................................... Elberton............... ............... Macon -........................ ............... Newnan........ ............................... Savannah....................... .......... Valdosta................ ................. 166,039 1,870 105,108 12,938 1,523 7,356 517 9,065 1,310 23,829 2,523 151,141 1,649 96,834 13,145 1,335 6,725 415 7,526 1,145 20,585 1,782 169,361 2,308 109,723 12,172 1 ,623 7,378 564 8,416 850 23,934 2,393 Louisiana—New Orleans__ ____ 158,698 137,981 172,409 Mississippi—4 Cities..................... Hattiesburg..................... ............ Jackson....................................... M eridian...................................... V ick sb u rg .................................. 25,012 2,783 12,008 6,567 3,654 24,634 2,592 12,428 6,169 3,445 23,987 2,891 12,507 5,521 3,068 Tennessee—3 Cities....................... Chattanooga.................. ............ Knoxville..................................... Nashville...................................... 86,877 21,395 13,426 52,056 85,262 19,480 17,446 48,336 104,695 26,394 21,529 56,772 $610,468 $557,533 $645,786 Alabama—4 Cities. . . . . . . . . .... Rirmingham ........ ...... D othan................... ................. Mobile.................................... . Montgomery_____ . ___ _ Total 26 Cities................................. AGRICULTURE Principal features of the argicultural situation during May were the advance in prices of agricultural productions gen erally, and a reversal of weather conditions which had pre vailed in m ost parts of the district during the month before. The following excerpts of a statement by the United State? Department of Agriculture are published as being of im portant general interest: “A general advance in prices paid farmers for agricul tural commodities raised the farm price index computed by the Bureau of Agricultural Economics from 53 to 62 per cent of its pre-war level during the month ended May 15. This 9-point rise is the largest recorded for any one month since April, 1919, when a brisk upturn in the farm price of grains followed the relaxation of govern mental milling regulations. From April 15 to mid-May of this year, grains again led the sharp upturn in farm prices, the sub-index for that group registering a gain of 15 points. Meat animal prices were up 8 points; chickens and eggs, and cotton and cottonseed, both up 6 points; dairy products up 4 points, and the farm price index for certain fruits and vegetables up 2 points. The price paid farmers for wool showed the most phenomenal rise, how ever, for any individual commodity with an advance of 42 points or 75 per cent for the month. * * * The United States average of prices paid farmers for cotton ad vanced 34 per cent to 8.2 cents per pound during the month ended May 15. The mid-May farm price was 58 3 R E V IE W per cent higher than a year earlier and the highest price recorded since July, 1931.” May was dry and hot in most parts of the district, except ing in Tennessee, where the first half of the month was too wet. In the southern part of Georgia, which had suffered from lack of moisture, rains during the last week of the month improved prospects. The northwestern and north-cen tral parts of the state were still dry early in June and stands were poor and growth unsatisfactory. In Florida, following the excessive rains of April, considerable replanting remained to be done, and by the end of May, due to high temperatures and lack of rain, staple crops were suffering and prospects for the citrus crop were reduced materially as a result of heavy dropping of fruit. Yields of truck crops were also re duced as a result of the dry weather. May weather was more favorable in Louisiana, and planting operations were report ed nearly completed by the end of the month. Sugar cane was reported doing well in the cane belt and a satisfactory yield is in prospect. The condition of peaches declined in this district during May, but on June 1 the prospective production was still greatly in excess of the short crop produced in 1932. Com parisons of the condition, and indicated production, this year with 1932, are shown in the table following: Condition (% of Normal) June 1, <933 June 1, 1932 726,000 59,000 4,590,000 101,000 441,000 610,000 221,000 28,000 1,170,000 91,000 132,000 300,000 Sugar Movement—Raw Sugar (Pounds) May 1933 April 1933 M ay 1932 Alabama..............................51 Florida.................................54 Georgia................................55 Louisiana..................... .......37 Mississippi................... .......47 Tennessee............................25 21 24 27 23 23 13 Production (Bushels) Indicated 1933 1932 Receipts: New Orleans............................ Savannah................................. 165,675,869 22,573,443 101,833,847 84,652,156 115,031,527 51,977,345 Meltings: New Orleans............................ Savannah................................. 140,367,299 45,241,372 92,236,695 43,397,760 132,840,547 38,356,991 Stocks: New Orleans............................ Savannah................................. 60,245,430 83,040,260 35,393,128 105,708,189 90,504,130 106,958,447 Refined Sugar (Pounds) Receipts: New Orleans............................ 126,736,966 104,032,282 Savannah................................. 43,868,249 45,541,819 119,352,448 32,796,163 3t)oclcs* New'Orleans............................ Savannah................................. 47,829,385 25,700,737 39,552,632 17,802,864 Rice Movement—New Orleans Rough Rice-(Barrels)................ May 1933 April 1933 Receipts............................ . . . 40,177 30,597 Shipm ents................... ........... 31,180 15,834 Stocks............. ............. ............ 25,602 16,605 Clean Rice-(Pockets:) Receipts........-.......................... 63,639 36,872 Shipm ents............................... 83,998 19,149 vStocks....................................... 181,233 171,592 Rice Millers Association Statistics (Barrels) Receipts of Rough Rice: May Aug. 1 to May 31 Season 1932-33....................... 627,728 Season 1931-32....................... 703,227 Distribution of Milled Rice: Season 1932-33....................... 821,155 Season 1931-32....................... 697,817 Stocks: Rough May 31, 1933 .......................... 604,263 May 31, 1932.......................... 511,868 Fertilizer Tag Sales 77,508,638 25,919,777 May 1932 55,316 43,720 26,677 75,195 79,628 127,609 8,885,368 9,150,078 8,662,686 8,551,417 Clean 1,045,288 1,312,744 A fter rising to a seasonal peak in April, which was 27.7 per cent greater than in April last year, sales of fertilizer tax tags in the six states of this district showed a seasonal decline in May but were 4 M O N T H L Y slightly ,more than twice as large as in May, 1932. For the ten months, A ugust through May, tag sales in these six states have averaged 15.9 per cent greater than in that part of the season before, small decreases shown for Florida and Mississippi being more than offset by increases in the other four states. Figures which are compared in the table are from those compiled by the National Fertilizer Association. Alabama............. Florida................ •Georgia............. Louisiana______ Mississippi____ Tennessee-------*Total................. May 1933 (Short Tons) April May 1933 1932 26,400 31,347 41,112 1,500 8,377 13,819 131,550 3,200 270,350 21,092 35,289 338,140 173,458 5,803 465,091 11,090 450 52,858 38,400 3,600 82,682 27,940 11,882 73,365 122,555 403,530 August 1 to May 31, Inc. 1933 1932 60,224 1,282,486 204,450 344,685 356,170 52,230 85,050 63,910 1,106,495 ♦Figures for Georgia, and the totals, for April and May are subject to revision. TRADE Retail Trade Department store sales in the Sixth District recorded a further increase in May compared with earlier months of 1933, and for the first time since April, 1930, current sales were larger than in the corresponding month a year earlier. The increase in May over April was 12.8 per cent, and over May last year 1.8 per cent. May had two more business days than April, and one more than May, May 1933 with May 1932 Atlanta (5)___________ Birmingham (4)............... Chattanooga (4).............. Nashville (4 )................... New Orleans (5).............. Other Cities (14)........... DISTRICT (36)............. R E V IE W 1932, and after adjustment for this factor and the usual sea sonal movement, the adjusted index rose from 61.7 per cent of the 1923-1925 average in April to 67.2 per cent in May, compared with 68.2 per cent in May a year ago. Stocks of merchandise held at the close of May were 3 per cent smaller than a month earlier, and 24.8 per cent smaller than a year ago, and the rate of stock turnover w as higher for the month, and for the first five months of 1933, than for those periods last year. Accounts receivable increased 7.1 per cent from April to May, but were 7.9 per cent less than a year ago, and May collections increased 6.7 per cent over those in April but were 13.7 per cent less than in May, 1932. The ratio of collections during May to accounts outstand ing and due at the beginning of the month was 28.3 per cent, for April 26.3 per cent, and for May last year 28.1 per cent. For installm ent accounts the ratio for May was 15.3 per cent, for April 13.9 per cent, and for May last year 14.5 per cent, and for regular accounts the ratio for May w as 29.8 per cent, for April 27.8 per cent, and for May, 1932, 30.1 per cent. Collection ratios for individual cities for May were: Atlanta, 25.9; Birmingham, 22.1; Chattanooga, 26.6; N ash ville, 27.2; New Orleans, 36.0; and other cities 26.4. All of these statistics are based upon reports in actual dollar amounts and the percentage comparisons in the state ment, and the index numbers on page 8, make no allowance for changes in the level of prices. RETA IL TRADE i n THE SIX TH D ISTRICT DURING MAY 1933 Based on confidential reports from 36 department stores COMPARISON OF N E T SALES COMPARISON OF STOCKS May 1933 Jan. 1 to May 31, 1933 May 31, 1933 May 31, 1933 with with same period in with with April 1933 1932 May 31, 1932 April 30, 1933 —2.0 —5.6 + 7 .9 + 3 .6 + 4 .5 + 7 .2 + 1 .8 + 14.1 + 1 5.6 + 21.3 +19.1 + 1 1 .0 + 4.9 +12.8 — 17.6 —21.2 —22.1 — 8.6 — 17.1 — 12.5 — 16.6 —21.5 —28.6 — 16.6 — 18.1 —25.9 —31.8 —24.8 —5.9 —2.1 + 5 .1 —3.5 —3.5 — 1.7 —3.0 RATE OF STOCK TURNOVER May May Jan. 1 to May 31 1932 1933 .34 .20 .18 .22 .19 .17 .22 .41 .27 .28 .28 .26 .28 .29 1932 1933 1.69 1.00 .90 .94 .94 .85 1.05 1.65 1.11 1.04 1.12 .96 1.16 1.15 NO TE: The rate of stock turnover is the ratio of sales during given period to average stocks on hand. Wholesale Trade May sales reported by 104 reporting wholesale firms in the district increased 14.6 per cent over April, at a time of year when they usually de cline, and for the first time since October, 1929, were larger than in the corresponding month a year earlier. All report ing lines recorded further increases over April, excepting electrical supplies, which had a large gain in April, due to unusual conditions. Percentage comparisons of reported fig ures are shown in the table, and index numbers appear on page 8. WHOLESALE TRADE IN MAY 1933 Sixth Federal Reserve District* Percentage Comparisons Number of May 1933 with: Jan.-M ay 1933 Firms April 1933 May 1932 with same period in 1932 All Lines Combined: Sales.................................... Stocks on hand................ Accounts receivable____ Collections___________ 104 30 52 57 + 14.6 — 1.8 + 2.3 + 8.3 + 2 1.8 —20.1 — 5.2 + 8.1 — 4.9 Groceries: Sales................................ . A tlanta......................... Jacksonville................ New Orleans________ Vicksburg..................... Other Cities___ _____ Stocks on h an d ............... Accounts receivable........ Collections....................... 24 3 4 5 3 9 3 11 12 + 12.8 + 11.3 + 12.2 + 10.6 + 14.8 + 15.2 + 8.6 — 1.6 +11.8 + 12.1 + 0.8 — 9.2 + 22.8 + 3 8 .0 +14.7 — 8.8 — 1.7 + 8.6 — 6.3 — 9.3 — 18.4 — 4.2 + 14.0 — 3.1 Dry Goods: Nashville.............. ......... Other Cities................. . Stocks on hand________ Accounts receivable......... Collections___________ _ Hardware: Nashville........................ New Orleans................ . Other Cities......... ......... Stocks on hand................. Accounts receivable......... Collections. . . . ___ Furniture: A tlanta......................... . Other Cities____ ____ Stocks on hand________ Accounts receivable_____ Collections___________ _ Electrical Supplies: New Orleans...... ........... Other Cities................... Stocks on h a n d ................. Accounts receivable_____ Collections........... ............. 16 3 13 8 9 11 + 13.4 — 4.3 +18.2 — 0.0 + 6.6 + 11.4 + 51.6 + 3 9 .0 + 54.7 — 16.6 — 1.5 + 34.6 +13.7 + 8.0 +15.1 26 3 5 18 10 17 17 + 2 5 .4 + 2 9.0 + 31.2 + 2 1 .6 + 0.2 + 0.7 + 5.1 + 2 3.4 + 11.8 +29.5 + 23.4 —23.0 — 5.2 + 4.9 — 4.1 — 10.4 — 0.3 — 4.6 10 4 6 6 7 6 + 45.0 + 12.1 + 5 7.4 — 7.9 + 8.5 + 6.0 + 22.2 + 1 2.8 + 2 5.0 — 7.7 — 17.4 — 9.9 —26.9 — 14.6 —30.1 14 4 10 3 4 4 — 13.3 + 43.9 —24.1 — 15.0 + 15.8 + 1.0 + 4 7.2 + 2 0.4 + 59.8 —29.7 — 2.6 — 13.4 + 2.9 —21.2 + 1 4 .9 8 4 5 + 11.9 + 0.0 + 4.3 + 2.8 — 11.0 — 4.7 — 14.2 4 + 3 2 .6 —25.1 —41.9 Drugs: Accounts receivable.......... Collections......................... ♦♦Stationery: ♦Based upon confidential reports from 104 firms. ♦♦Sales comparisons of stationery during first eight months of 1933 are affected by unusual large sales during those months of 1932. M O N T H L Y Life Insurance May sales of new, paid-for, ordinary life insurance in the six states of this district were about the same as in April, showing an increase of only 0.1 per cent, and were 14.1 per cent less than in May last year. Decreases in Louisiana and Tennessee, over the month, offset increases in the other four states. Cumulative totals for the five months of 1933 show a decrease of 21.3 per cent compared with that part of 1932. Figures in the tables are from those compiled by the Life Insurance Sales Research Bureau. (000 omitted) May 1933 Alabama_____ Florida_______ Georgia______ Louisiana_____ Mississippi___ Tennessee____ T o tal____ April 1933 May January-M ay, Inc. Percentage 1932 1933 1932 Comparison $ 3,708 $ 3,380 3,704 3,538 6,026 5,903 4,035 4,376 2,343 2,024 5,231 5,807 $25,047 $25,028 $ 3,797 4,348 7,819 4,493 2,452 6,234 $16,973 17,485 27,789 18,498 9,003 26,857 $29,143 $116,605 $20,026 22,653 37,725 23,143 11,595 33,062 $148,204 — 15.2 —22.8 —26.3 —20.1 —22.4 — 18.8 —21.3 Commercial Failures Statistics compiled by Dun and Bradstreet, Inc., indicate that in May there were 1,909 business failures in the United States, compared with 1,921 in April, and with 2,788 in May, 1932,, and liabilities for May this year were $47,971,573, against $51,097,384 for April, and $83,763,521 for May last year. In the Sixth District there were 90 business failures in May, 73 in April, and 134 in May last year, and liabilities for May were $2,570,666, against $1,401,400 for April, and $2,351,351 for May, 1932. Grain Exports—New Orleans (Bushels) May May July 1 through May 31 1933 1932 1932-33 1931-32 W heat............. ............ 10,101 Corn.......................... ....... 21,752 O ats____ _____ ______ 18,127 Barley.................................................. T o tal___ ________ 645,652 19,265 53,703 .......... 49,980 718,620 1,176,956 1,194,515 353,482 .............. 2,724,953 7,952,719 95,754 404,099 112,285 Building permits issued during May at twenty reporting cities in the Sixth District increased sub stantially over April, to the highest level of the year, and were 11.4 per cent greater than the total for May a year ago. The gain in May over April was 87 per cent, and increases for the month were reported from sixteen of these cities, while eleven cities showed increases over May, 1932. For the first five months of the year total value of permits issued at these twenty cities was $4,422,700, smaller by 41.3 per cent than in that part of 1932. Comparisons for the month are shown in the table, and in dex numbers appear on page 8. Alabama: Anniston............... Birmingham____ Mobile____ ____ Montgomery___ . Florida: Jacksonville_____ M iami............... Miami Beach. . . . Orlando________ Tam pa.... ............. Georgia: A tlanta....... ......... Augusta.. .......... Columbus__ . . . . M acon................ Savannah _____ . 8 Value May 1932 Percentage change in value 21 70 $ 1,400 48,325 24,720 81,036 $ 260 77,427 71,803 25,340 +438.5 — 37.6 — 65.6 +219.8 478 308 61 45 168 369 313 25 24 208 113,480 111,249 376,620 19,474 46,975 133,405 104,088 186,350 6,990 42,763 — 14.9 + 6.9 + 102.1 + 178.6 + 9.8 202 285 76 18 161 16 82,097 14,559 222,062 34,426 17,997 120,466 24,229 9,196 19,459 13,470 — 31.9 — 39.9 +2314.8 + 76.9 + 33.6 147 33 80 41 39 136 3 137 Total 20 Cities. 103 66 83 62 159,540 16,179 84,554 18,422 72 2 32 127 202 9 25 122 29,074 600 60,829 67,527 79,611 15,600 30,450 308,032 2,148 2,229 $1,528,169 $1,371,915 + 88.7 — 12.2 — — + — 63.5 96.2 99.8 78.1 + 1 1 .4 Contract Awards The value of contracts awarded in the Sixth District during May, according to statistics compiled by the F. W. Dodge Corporation, and subdivided into district totals by the Federal Reserve Board’s Division of Research and Statistics, increased by 93.4 per cent over the low total for April, but was 24.3 per cent less than the total for May, 1932. The April total was the sm allest on record for this district. Residential contracts let in May in creased 49 per cent over April, and were 34.8 per cent great er than in May last year, and other classes of awards were nearly two and one-half times as large in May as in the month before, but 41.7 per cent less than a year ago. In May residential contracts accounted for 40.5 per cent of the total, in April 52.6 per cent, and in May last year 22.8 per cent. State totals for this district show large percentage gains in Florida and that part of Tennessee in the Sixth District, over April, and a smaller increase in Georgia, and Alabama awards were greater than in May last year. Total awards in the 37 states east of the Rocky Mountains increased by 36.4 per cent in May over April, and were 47.2 per cent less than in May a year ago. Comparisons for this district, and for the individual states, and for the 37 eastern states, are set out in the table. May 1933 Sixth D istrict-T otal. $5,213,956 Residential............. 2,113,088 All O th e r s ............ 3,100,868 Building Permits May 1933 Louisiana: New Orleans____ A lex an d ria......... Tennessee: Chattanooga____ Johnson C ity ___ Knoxville_______ Nashville_______ 8,564,857 INDUSTRY Number May May 1933 1932 5 R E V IE W State Totals: 352,300 Alabama................. Florida.................... 1,723,000 Georgia_________ 1,079,500 Louisiana......................... ____ Mississippi__ ____ _______ Tennessee (6thDist) 1,494,800 United S tates-T otal. Residential______ Non-Residential __ Public Works and U tilities.............. Lumber April 1933 Percentage Comparison $2,695,284 + 9 3.4 1,418,091 + 49.0 1,277,193 +142.8 May 1932 Percentage Comparison $6,884,095 —24.3 1,568,010 + 34.8 5,316,085 —41.7 378,500 630,400 843,100 317,600 117,800 557,400 — 6.9 +173.3 + 28.0 ........... -------+168.2 320,100 +10.1 2,213,500 —22.2 1,490,600 —27.6 1,141,000 .............. 545,400 ----------1,764,100 — 15.3 77,171,700 26,519,700 31,639,400 56,573,000 19,143,600 23,806,700 + 36.4 + 38.5 + 32.9 146,221,200 —47.2 25,556,800 + 3.8 58,946,400 —46.3 19,012,600 13,622,700 + 39.6 61,718,000 —69.2 Further substantial improvement during May is in dicated in weekly statements issued by the South ern Pine Association and in press reports concerning the lum ber industry. Orders booked by reporting mills increased in May over April and averaged 75 per cent greater than those received by identical mills in May, 1932. Unfilled orders averaged 36 per cent greater than a year ago, while produc tion increased only 10 per cent over that period. During the five weeks ending June 3, orders booked by reporting mills averaged 56 per cent greater than their production. Accord ing to press reports the demand is “well distributed as to sources and also as to grades and kinds of stock. Yards everywhere are buying, and special industrial cutting orders are fairly plentiful.” Comparisons of Southern Pine figures for recent weeks with those weeks of 1932 are set out in the table. M O N T H L Y 6 Week Ended May May May May June June (In thousands of feet) Number Orders Production of Mills 1933 1932 1933 1932 6 ............. 13......... . 20............. 27............. 3 ......... . 10______ 101 107 103 110 98 102 32,843 40,446 37,614 43,752 39,530 38,365 22,150 23,701 22,438 23,757 18,828 24,483 22,923 25,104 24,719 25,652 25,879 26,650 21,692 22,611 22,736 23,152 22,705 21,331 Unfilled Orders 1933 1932 76,692 83,844 83,943 93,277 90,577 96,910 64,768 62,760 63,453 65,185 57,764 64,214 Cotton Consumption of cotton by American m ills dur* Consumption ing May increased 31.9 per cent over April, and was 86.8 per cent greater than in May last year. In the cotton-growing states May consumption in creased 32.1 per cent over April, and in other states the gain was 31.1 per cent; compared with May last year consumption in the cotton states shows an increase of 78.8 per cent, and in other states a gain of 138.6 per cent. Exports of cotton during May increased 35.6 per cent over April, and were 18.1 per cent greater than in May, 1932. Cumulative totals for the ten months, A ugust through May, indicate the consumption of 4,838,910 bales in the United States, 13.5 per cent greater than in the correspond ing part of the season before. In the cotton states the in crease for this period was 14.8 per cent, and in other states 7.4 per cent. For this ten months period exports have been 9.9 per cent less than in that part of the previous season. Census Bureau figures for May are shown in the table compared with the preceding month, and the corresponding month a year ago. Cotton Consumption—Bales United States May 1933 April 1933 Cotton Consumed— .............. Stocks___ _______ __________ In Consuming Establishments In Public Storage and at Com presses— .......................— Exports........................................ Im ports........................ ............... Active Spindles—N um ber......... May 1932 620,909 8,715,584 1,394,607 470,685 9,519,503 1,367,956 332,372 9,077,626 1,463,126 7,320,977 591,647 8,648 24,571,498 8,151,547 436,450 7,337 23,416,680 7,614,500 500,871 22,664 21,633,036 Cotton-Growing States-—Bales 514,221 389,316 Cotton Consumed___________ 7,953,544 8,761,557 Stocks____ ________________ In Consuming Establishments 1,104,702 1,100,658 In Public Storage and at Com presses__________ ______ 6,848,842 7,660,899 16,752,042 Active Spindles—N um ber------- 17,189,090 7,154,664 16,023,830 44,715 776,302 316,466 459,836 5,609,206 Census Bureau figures for Alabama, Georgia and Tennes see, the three states of this district for which these statis tics are compiled separately, show an average increase of 34.7 per cent in consumption of cotton in May over April, and a gain of 69.7 per cent over May, 1932. For the ten months of the cotton season consumption in these states has averaged 13.9 per cent greater than in that part of the sea son before, the increases being: Alabama, 15.3 per cent; Georgia, 14.8 per cent; and Tennessee, 3.0 per cent. Alabama________ Georgia................... Tennessee..... ......... T o t a l ................ August 1 to May 31 1932-33 1931-32 67,813 115,073 14,885 50,590 83,954 12,246 43,449 64,508 8,615 528,589 861,361 125,936 458,311 750,496 122,257 1 9 7 ,7 7 1 1 4 6 ,7 9 0 1 1 6 ,5 7 2 1 ,5 1 5 ,8 8 6 1 , 3 3 1 ,0 6 4 Cotton Manufacturing May reports from cotton m ills in the Sixth District show substantial gains in produc tion, shipments, orders and in the number of workers on payrolls compared with both the previous month, and with May last year. Stocks of both cloth and yarn mills declined. Comparisons of May figures are set out in the table. Number of Mills Percentage change May 1933 compared with April 1933 May 1932 Cotton Cloth: Production................. Shipm ents-.............................. Orders booked............. ............ Unfilled orders......................... Stocks on hand____________ Number on payroll................. 18 17 13 15 16 17 + 2 0 .9 + 2 3 .3 + 62.3 + 16.7 — 10.1 + 16.1 + 4 7 .4 +87.5 +446.4 +131.0 -—19.3 +26.1 Cotton Yarn: Production............................... Shipments............................ Orders booked......................... Unfilled orders......................... Stocks on hand........................ Number on payroll................. 12 12 7 9 11 11 + 30.5 + 22.7 + 7 0 .4 + 0 .6 — 11.9 +14.1 +76.1 + 74.7 +271.9 +31.7 — 17.5 + 36.5 Cotton Seed While there was a seasonal decline in reand Cotton Seed ceipts of seed at cotton seed oil m ills in Products this district during May, and a slight de crease in crushings of seed, production of crude oil, of hulls and of linters increased over April, and production of hulls and of linters exceeded that of May last year. For the season August through May, receipts and crushings of seed, and production of cotton seed products, was less than during that part of the season before, and stocks of seed, and of crude oil and of cake and meal were larger on May 31 than a year earlier. Combined cumulated totals, A ugust through May, for Georgia, Alabama, Louisi ana and Mississippi are compared in the first two columns of the table, and totals for the country as a whole are shown in the last two columns. Cotton Seed and Cotton Seed Products *SIXTH D ISTRICT U N ITED STATES Aug. 1 to M ay 31 Aug 1 to May 31 1932-33 1931-32 1932-33 1931-32 287,657 8,301,324 1,146,660 Other States—Bales 81,369 Cotton Consumed....................... 106,688 Stocks--------------- ---------------762,040 757,946 In Consuming Establishments 289,905 267,298 In Public Storage and at Com 490,648 presses.................. ............... 472,135 6,664,638 Active Spindles—N um ber____ 7,382,408 Cotton Consumption—Bales M ay April M ay 1933 1933 1932 R E V IE W Cotton Seed, Tons: Received at mills__ Crushed....... ............. On Hand, M ay 31. . 1,300,174 1,217,785 129,295 1,804,602 1,738,241 70,142 4,434,977 4,286,077 447,894 5,517,180 5,124,789 400,375 Production: Crude Oil, lbs........... 393,025,032 570,223,381 1.337,271,231 1,624,387,547 Cake and Meal, tons2,307,690 529,876 1,938,871 762,129 Hulls, tons________ 1,448.746 350,389 1,220,079 489,237 Linters, bales............ 679,997 836,215 212,273 295,913 Stocks at mills, May 31 Crude Oil, lbs....... ... 20,716,345 19,853,253 60,499,991 53,557,659 Cake and Meal, tons 85,300 207,175 150,165 51,856 Hulls, to n s................ 201,405 27,725 89,242 81,393 Linters, bales............ 174,424 52,953 89,609 270,527 ♦Georgia, Alabama, Louisiana and Mississippi. Electric Power Production of electric power by public utility power plants in the six states of this district declined 4.8 per cent in April as compared with March, and was 6.2 per cent less than in April a year ago. Production by use of water power decreased 5.1 per cent, and by use of fuels 4.2 per cent, over the month, and production by use of water power was 4.6 per cent, and by use of fuels 9.2 per cent, smaller than in April, 1932. Combined totals for the first four months of the year show decreases of 7.4 per cent in total production, 5.1 per cent in production by use of water power and 11.7 per cent in that by use of fuels, compared with the first four months of 1932. An increase of 12.8 per cent for that period occurred in Georgia, but decreases were M O N T H L Y recorded for the other five states. Figures which are com pared in the table are from those compiled by the United States Geological Survey. Production of Electric Power (000 k.w. hours) April 1933 March 1933 April 1932 Alabama.......................................... Florida.............................................. Georgia................................... ......... Louisiana.......................................... Mississippi....................................... Tennessee......................................... 130,302 49,464 92,163 70,300 3,889 78,498 134,225 53,877 98,301 70,479 3,792 85,502 133,251 50,780 91,581 77,735 4,031 95,105 T otal........................... .......... By use of: W ater Power........... Fuels................... . Fuels Consumed in Production of Electric Power: Coal—to n s............................... Fuel Oil—bbls......................... N atural Gas—000 cu. ft......... 424,616 284,304 140,312 446,176 299.660 146,516 452,483 297,927 154,556 9,252 184,415 1,403,431 9,650 201,598 1,376,172 9,736 197,534 1,539,104 Note: April figures preliminary—March figures slightly revised. Bituminous Coal Mining According to preliminary statistics compiled by the United States Bureau of Mines, the pro duction of bituminous coal in the United States increased 14.5 per cent in May over April, and was 21.6 per cent greater than in May, 1932. The daily average gain over April was 7.1 per cent, and over May last year 16.4 per cent, because of the different number of business days. Compari sons for the month are set out in the table. Total Production (tons) Mav April June May Number of Working days 1933........... ......... -...................22,346,000 1933...................- .................... 19,523,000 1932..........................................17,749,000 1932..........................................18,384,000 26.4 24.7 26 25.3 Average per working day (tons) 846.000 790.000 683 *000 727.000 Total production during the first five months of 1933 has amounted to 119, 748,000 tons, smaller by 5.6 per cent than during that part of 1932. Figures for Alabama and Tennessee for these weeks end ing in May show small declines from April, and weekly pro duction averaged 4.1 per cent less in Alabama than in May, 1932, but in Tennessee it was the same as for that period. 7 R E V IE W there were 4 furnaces active on* June 1 combined with 2 active a month earlier, and with 4 at the same tim e a year ago. Shipments during May, according to press reports, have ex ceeded production, and while spot sales are ligh t because most foundries have already bought for this quarter, third quarter tonnage is growing and many melters are now cov ered for that period. The base price for spot iron remains at $12 per ton. No business is being taken at this tim e for the fourth quarter. Comparisons for the month are shown in the table. Production—Tons Total Daily Average United States: May 1933................. April 1933................ August 1932............. May 1932................. Alabama: May 1933................. April 1933................ August 1932............. May 1932................. ___ Furnaces Active* Number 887,252 623,618 530,576 783,554 28,621 20,787 17,115 25,276 63 48 46 53 48,583 30,976 23,292 76,918 1,567 1,033 751 2,481 4 2 3 4 ♦First of following month. Naval Stores May receipt of both turpentine and rosin a t the three principal Naval Stores markets o f the Sixth District increased seasonally over April, and because of somewhat more favorable weather conditions, than pre vailed at the same time last year, May receipts of turpen tine were 18.1 per cent, and of rosin 20.7 per cent, greater than in May, 1932. Only twice during the past eleven years have rosin receipts in May been smaller than this year, and only three times during that period have May receipts of turpentine been smaller than this year. Prices of both com modities rose during the first half of May because o f in creased demand, but the price of turpentine declined from 43 VL cents per gallon on May 31 to 40 cents on June 10, and prices on some grades of rosins also declined somewhat. The higher grades of rosin account for a larger proportion of the total production this year than was the case in 1923. Comparisons of receipts and stocks for the month are set out in the table. (Tons) Alabama 1933 1932 Week Ending: M ay 6 ................. ............ . . 143,000 140,000 M ay 13................................... 141,000 143,000 May 20................................... 139,000 143,000 May 27................................... 140,000 152,000 June 3 .................. „ ...... ........................... ......... 131,000 Tennessee 1933 1932 49,000 51,000 50,000 52,000 49,000 47,000 49,000 47,000 _____ _____ 43,000 Pig Iron Production Production of pig iron in the United States, according to statistics compiled and published by the Iron A ge, amounted in May to 887,252 tons, a gain of 42.3 per cent over the month before and the largest monthly total since March, 1932. Daily average production increased 37.7 per cent over April, and the number of fur naces active on June 1 was 31.3 per cent greater than a month earlier and the largest since December, 1931. In Alabama there was an increase of 56.8 per cent in total production of pig iron from April to May, but a decrease of 36.8 per cent compared with May of last year. D aily aver age output increased 51.7 per cent from April to May, and Receipts-Turpentine (1) Savannah_____ _____ Jacksonville.................. Pensacola..................... May 1933 April 1933 May 1932 14,819 13,878 3,662 8,478 7.849 1.849 13,006 10,713 3,691 T otal................. 32,359 18,176 27,410 Receipts-Rosin (2) Savannah................. Jacksonville........... .. Pensacola................. 49,532 50,624 10,294 30,263 27,922 5,187 43,442 37,994 10,091 T o ta l................. 110,450 63,372 91,527 Stocks-Turpentine (1) Savannah................. Jacksonville............. Pensacola................. 10,383 40,959 15,775 7,022 35,273 16,917 8,588 43,416 21,892 T otal................. 67.117 59,212 73,896 Stocks-Rosin (2) Savannah........... ..... Jacksonville........... .. Pensacola................. 110,861 103,589 12,572 101,315 102,573 8,638 172,197 163,299 14,976 T otal................. 227,022 212,526 350,472 (1) (2) Barrels of 50 gallons. Barrels of 500 pounds. M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED B Y FEDERAL RESERVE BANK OF ATLANTA MONTHLY AVERAGE 1923-1925=100 DEPARTMENT STORE TRADE—SIXTH DISTRICT (1) M arch 1933 A pril 1933 May 1933 Daily A verage Sales—U nadjusted A tlan ta_______________________________ __________________ B irm ingham Chattanooga— Nashville____ New O rleansDISTRICT___ 104.9 42.3 34.6 48.7 35.7 49.6 115.1 48.4 48.7 66.4 57.4 64.8 123.0 51.8 54.7 73.3 59 0 67.9 131.4 61.2 52.2 65.3 58.1 69.3 134.3 58.6 59.5 62.8 61.1 70.9 132.8 57.0 52.1 73.4 58.6 68.9 Daily A verage Sales—Adjusted* A tlan ta_____________________________ B irm ingham Chattanooga— Nashville____ New O rleansDISTRICT___ 112.8 44.5 38.9 54.1 39.7 53.9 106.8 47.9 47.7 64.5 53.6 61.7 117.1 51.3 53.1 66.0 60.8 67.2 132.7 60.6 54.9 67.3 60.5 70.7 131.7 61.7 62.0 64.1 60.5 71.6 126.5 56.4 50.6 66.1 60.4 68.2 Monthly Stocks—U nadjusted A tlan ta__________________________ B irm ingham Chattanooga— Nashville____ New Orleans... DISTRICT___ 71.6 37.2 37.9 53.6 51.5 50.4 72.8 38.4 37.8 57.2 48.6 49.8 68.5 37.5 39.7 55.2 46.9 48.3 85.8 54.5 61.7 72.5 67.3 68.0 89.6 52.1 62.7 73.9 67.3 68.1 87.3 52.6 47.7 67.4 63.3 64.2 Monthly Stocks—Adjusted* A tlan ta_________________________ B irm ingham Chattanooga— Nashville-----New Orleans... DISTRICT__ 70.2 36.5 35.8 52.5 49.5 48.9 69.3 36.6 36.0 55.0 46.7 47.4 67.8 36.8 38.9 54.7 46.4 47.4 84.1 53.4 58.2 71.1 64.7 66.0 85.3 49.8 59.7 71.1 64.7 64.9 86.4 51.6 46.8 66.7 62.7 62.9 WHOLESALE TRADE—SIXTH DISTRICT—TOTALGroceries__________________________________________ Dry Goods--------------------------------------------------------------Hardware.... F u rn itu reElectrical Supplies.... Stationery________ Drugs____________ 38.2 38.9 41.8 35.5 22.4 33.0 27.1 57.0 41.8 36.5 48.1 38.1 27.9 70.5 25.7 56.2 47.9 41.2 54.5 47.8 40.4 61.1 34.0 62.9 45.1 46.5 40.6 41.5 37.9 44.0 40.0 73.5 43.0 42.7 37.8 41.4 37.0 44.3 46.2 65.7 40.0 39.7 34.4 38.5 32.8 41.9 45.5 61.1 LIFE INSURANCE SALES—SIX STATES—TOTALA labam a____________________ _____________________ Florida____________________________________________ GeorgiaLouisianaMississippi... Tennessee_ 53.2 49.6 57.6 61.2 47.9 31.1 58.9 59.6 49.8 59.8 64.4 69.1 46.3 61.7 59.6 54.7 62.6 65.7 63.7 53.6 55.6 73.1 64.4 79.8 84.9 76.9 47.4 73.1 68.8 57.5 70.9 81.3 75.0 52.6 66.7 69.4 56.0 73.5 85.3 70.9 56.1 66.2 BUILDING PERM ITS—TWENTY CITIES-. A tlanta----------------------------------------------------Birm ingham Jacksonville— Nashville___ New O rleansFifteen O ther Cities... 6.2 3.3 3.1 7.6 12.4 5.7 7.1 7.3 5.6 2.9 7.2 11.1 8.1 8.3 13.6 5.3 3.3 13.8 10.6 12.4 19.3 12.5 29.9 4.6 15.5 11.0 10.3 9.9 20.4 10.3 6.2 13.6 17.6 28.1 26.7 12.2 7.8 5.2 16.2 48.6 6.6 11.8 CONTRACT AWARDS—SIXTH DISTRICT—TOTALResidential-------------------------------------------------------------All Others_________________________________________ 11.3 12.3 10.6 7.7 10.1 6.1 13.5 11.6 14.8 19.0 13.1 23.0 19.6 11.2 25 2 W HOLESALE PRICES—UNITED STATES+ A LL COMMODITIES_______________________ F arm Products______________________________ Foods______________________________________ Other Commodities.-. Hides and leather products. Textile products...________ Fuel and lig h tin g Metals and m etal productsBuilding m aterials________ Chemicals and drugs______ H ousefurnishing goods____ Miscellaneous____________ 60.2 42.8 54.6 65.8 68.1 51.3 62.9 77.2 70.3 71.2 72.2 58.9 60.4 44.5 56.1 65.3 69.4 51.8 61.5 76.9 70.2 71.4 71.5 57.8 62.7 50.2 59.4 66.5 76.9 55.9 60.4 77.7 71.4 73.2 71.7 58.9 66.0 50.2 62.3 70.9 77.3 58.0 67.9 80.8 73.2 75.3 77.1 64.7 65.5 49.2 61.0 70.9 75.0 56.1 70.2 80.3 72.5 74.4 76.3 64.7 64.4 46.6 59.3 70.4 72.5 54.3 70.7 80.1 71.5 73.6 74.8 64.4 97.2 118.0 51.5 115.2 152.6 117.2 92.6 111.4 51.2 107.7 147.2 123.0 122.2 147.2 67.1 147.7 197.3 149.6 96.1 113.9 57.0 106.6 153.3 127.0 72.3 89.2 34.9 85.9 127.2 97.5 65.4 82.3 28.2 82.8 126.4 86.6 COTTON EXPORTS—UNITED STA TES- 79.4 71.0 96.3 150.8 88.6 81.5 PIG IRON PRODUCTION—United S tatesAlabama-------- 18.1 12.0 20.9 13.3 29.7 20.9 32.4 29.3 28.5 30.5 26.2 33.1 COTTON CONSUMPTION- -UNITED STATES... Cotton-Growing States-------AH O ther States___________ GeorgiaAlabama.Tennessee... ♦ A d ju s te d f o r S e a s o n a l V a r ia t io n . (1 ) C o p ie s o f t h e s e s e r ie s f o r f C o m p ile d b y B u r e a u o f L a b o r S ta t is t ic s . b a c k y e a rs w ill b e fo r w a r d e d u p o n re q u e s t. 1926=100. March 1932 A pril 1932 May 1932
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