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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 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 Vol. 19 No. 6 L R E S E R V E ATLA N TA , GA., June 30, 1934 NATIONAL SUMMARY OF BUSIN ESS CONDITIONS Prepared by Federal Reserve Board Industrial production increased slightly in May, while fac tory employment and payrolls showed little change. The gen eral level of wholesale prices, after remaining practically un changed since the middle of February, advanced sharply in the middle of June, reflecting chiefly increases in the prices of livestock and livestock products. Production and Employment Industrial production, as measured by the Boards seasonally adjusted index, advanced from 86 per cent of the 1923-25 average in April to 87 per cent in May, as compared with a recent low level of 72 last November. Activity at steel mills increased further from 54 per cent of capacity in April to 58 per cent in May, while output of automobiles showed a decline. Lumber production continued at about one-third the 1923-25 level. In the textile industries output declined some what, partly as a consequence of seasonal developments. At mines coal production showed little change in volume, while output of petroleum continued to increase. In the first three weeks of June activity at steel mills con tinued at about the May level, although a decline is usual at this season Maintenance of activity reflected in part, ac cording to trade reports, considerable stocking of steel. Out put of automobiles declined somewhat, as is usual at this season. Employment in factories, which usually declines slightly between the middle of April and the middle of May, showed little change, while employment on the railroads, in agricul ture and in the construction industry increased, as is usual at this season. Increased employment was shown at manufac turing establishments producing durable goods, such as iron and steel and non-ferrous metals. Value of construction contracts awarded, as reported by the F . W. Podge Corporation, has shown a decline in the spring months, reflecting a reduction in the volume of con tracts for public projects. The volume of construction works actually under way has increased as work has progressed on contracts previously awarded. 140 B A N K O F A T T h is review released fo r publication in m orning papers of Ju n e 29. Department of Agriculture estimates based on June 1 con ditions indicated unusually small crops of winter wheat and rye and exceptionally poor conditions for spring wheat, oats, hay and pastures, largely as a consequence of a prolonged drought. The winter wheat crop was estimated at 400,000,000 bushels, as compared with a five-year average of 630,000,000 bushels and an exceptionally small crop of 350,000,000 bushels last season. Rains in early June somewhat im proved prospects for forage and grain crops not already matured. Distribution Total freight traffic increased in May by more than the usual seasonal amount, reflecting a considerable part a larger volume of shipments of miscel laneous products. At department stores the value of sales showed an increase as usual at this season. Commodity Prices During May and the first three weeks of June wholesale prices of individual farm products fluctuated widely while prices of most other commodities showed little change. Wheat, after advancing rapidly during May, declined considerably in the first three weeks of June. Cotton continued to advance in the early part of June. In the middle of the month hog prices in creased sharply from recent low levels. Automobile prices were reduced in the early part of June, and copper prices advanced. Bank Credit During May and the first half of June there was little change in the volume of Reserve Bank credit outstanding. As a consequence of expenditure by the Treasury of cash and deposits with the Federal reserve banks and a growth of the country's monetary gold stock, member bank reserve balances advanced further to a level $1,800,000,000 in excess of legal requirements. In the week ending June 20, however, excess reserves dropped to $1,675,000,000 reflecting an increase in Treasury deposits at the re serve banks in connection with June 15 tax receipts and sales of Government securities. Total loans and investments of reporting member banks increased by 80,000,000 between May 16 and June 18, reflect ing a growth in holdings of investments other than United mo INIXJSTRIAL PRODUCT ION 130 130 120 10 1 120 1 00 100 10 1 90 90 80 80 70 70 60 60 SO 50 1929 1930 1931 1932 1933 1934- In d e x n u m b e r o f in d 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 M a y P r e lim in a r y 87. F e d e ra 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 . (1928-25 a v e r a g e = 1 0 0 .) L a t e s t fig u r e M a y 82.4. L A 2 M O N T H L Y PER CENT P E R CE N T 120 11° 120 10 1 fHOLCSAL.E P R IC E . s 100 too 90 90 00 R E V IE W rtthflr Commodities - 60 70 70 A 60 60 ? ' r 50 FarmF roducts 40 ' V ' 30 f 40 30 30 1929 1930 193t 1932 1933 193V Indexes of the U nited States B u reau of La b o r Statistics. B y months 1929 to 1931; by weeks 1932 to date. (1926=100.) La te st figures Ju n e 1 6 ; F a rm Products 63.7; Foods 70.2; Other Commodities 78.9. W ednesday figures for reporting member banks in 90 cities. figures are for W ednesday, Ju n e 13. States Government securities and in open-market loans to brokers and dealers, while loans to customers declined. Net demand deposits increased by about $400,000,000 during the period. Money rates in the open market continued at low levels. The rate on prime commercial paper declined to 3/4 1 per cent in June, the lowest figure on record. but less than in May last year. Employment at reporting mills was 39.7 per cent greater than a year ago. Production of pig iron in Alabama increased 6.3 per cent from April to May and was greater by 168.3 per cent than in j May, 1933, and for the five months period pig iron production shows an increase of 277.8 per cent over that part of last year. Production of coal in Alabama more than doubled from April to May, and was 57.8 per cent greater than a year ago, and Tennessee production also increased over both of those periods. SIXTH D ISTRIC T SUMMARY Business statistics for the Sixth Federal Reserve District show increases in department store sales, in wholesale trade, in textile activity and iii the production of fcig iron and coal, compared with A pril, and all of these series show substantial increases over May last year except those relating to textiles. Building permits increased over the month, but contract awards declined, and both of these series were higher than for May, 1933. May sales reported by 61 department stores averaged 6.8 per cent greater than in A pril, and were 24.2 per cent greater than in May last year. For the five months of 1934 depart ment store sales have been 36.5 per cent greater than in that part of 1933. Stocks of department stores declined slightly from April to May but were 26.9 per cent greater than a year ago. The collection ratio rose from April to May and was higher than for May, 1933. Sales by 99 reporting wholesale firms in the District increased 1.3 per cent from April to May and were 18.7 per cent greater than in May last year, and for the five months of the year have been 44.6 per cent greater than in that part of 1933. Bank debits to individual accounts at twenty-six reporting cities were about the same in May as in A pril, and were 20.4 per cent greater than a year ago. Total loans and investments of seventeen weekly reporting member banks in the District declined a little more than a million dollars from May 9 to June 13, but were 25.4 millions greater than on the same Wednesday last year. Savings deposits reported by 57 banks in the District increased 1.4 per cent from April to May and were 17.7 per cent greater than a year ago, and daily average demand deposits of all member banks in the District, although slightly less than for April, were 37.6 per cent greater than for May, 1933. Building permits issued during May at twenty reporting cities increased 11.5 per cent over April and were 23.3 per cent greater than a year ago, and contracts awarded in the District as a whole, although 21 per cent less than for A pril, were more than twice as large as in May last year. For the five months of 1934, building permits have been larger by 112.2 per cent, and contract awards have been greater by 193.8 per cent, than for the corresponding period last year. While total consumption of cotton increased from April to May, the daily average declined somewhat, and was 16.4 per cent less than in May a year ago when textile activity was increasing rapidly. Production by reporting cloth and yarn mills was, however, somewhat larger in May than in A pril, La te st FIN A N C E Reserve There were further declines in holdings of disBank counted and purchased paper by the Federal Credit Reserve Bank of Atlanta during the five weeks period May 9 to June 13’, but these were more than offset by an increase in holdings of United States securities. Total discounts on June 13 were only $519,000, compared with $9,547,000 on the same Wednesday last year, and hold ings of purchased bills were only slightly more than half as large as a year ago. Government securities held on June 13, however, were about 3 millions greater than five weeks earlier, and 36.6 millions greater than a year ago. Total bills and securities held on June 13 were larger by 2.4 millions than on May 9, and were 27.4 millions greater than on June 14, last year. Member bank reserve deposits declined about 5 millions from May 9 to June 13, but were 23.6 millions greater t^ian a year ago, and total deposits declined about 8 millions over the five week period but were 25.1 millions greater than1at ) the same time last year. \ Total reserves declined about 6.5 millions between Mayl>9 and June 13, but were 3.5 millions greater than a year ago, but Federal reserve notes of this bank's issue increased 3.\7 millions during the five week period and were 11 millions greater than a year earlier. I Principal items in the weekly statement of this bank are compared in the table below, which is followed by anothet table setting out sim ilar comparisons for twelve Federal Reserve Banks combined. 1 F E D E R A L R E S E R V E BA N K O F A TLA N TA (000 Omitted) June 13 M ay 9 1934 1934 B ills Discounted: Secured by Govt. Obligations A ll O th e rs.................................. To tal Discounts............... B ills Bought in Open M a rk e t. . U . S. Securities.............................. Other S e cu ritie s............................ To tal Bills and Securities To tal Reserves............................... Member Bank Reserve Deposits To tal Deposits...................... .. F . R . Notes in actual circulation F . R . B ank Notes in actual cir culation. ...................................... Reserve R a tio .......................... $ 92 447 519 177 89,288 $ 89, 98 5 135,186 73,447 83,486 135,741 228 623 851 224 86,311 200 87,587 141,681 78,406 91,484 132,043 6 1 .7 % 6 3 .4 % June 14 1933 $ 628 8,919 9,547 342 52,678 '62*567 131,734 49,888 58,349 124,715 2,195 7 2 .0 % M O N T H L Y FED ER A L RESERV E SYSTEM ( 0 0 0 O m itte d ) M ay 9 J u n e 13 1934 1934 B ills D isc o u n te d : S e cu red b y G o v t. O b lig a tio n s A ll O th e r s ........................................... T o ta l D is c o u n ts .................. B ill B o u g h t in O p en M a r k e t . . . U . S . S e c u ritie s ..................................... O th e r S e c u ritie s .................................... T o ta l B ills a n d S ecu 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 se rv e D e p o sits T o ta l D e p o s i t s .................................... 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 ir c u la tio n ................................................. R e s e rv e R a t i o ....................................... $ 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 $ S A V IN G S D E P O S IT S ( 0 0 0 O m itte d ) Ju n e 14 1933 6,277 3 0 ,2 9 7 3 6 ,5 7 4 6 ,6 5 6 2 ,4 3 1 ,8 1 8 747 2 ,4 7 5 ,7 9 5 4 ,8 4 9 ,9 6 4 3 ,6 7 7 ,8 6 3 3 ,9 9 4 ,8 7 ( 6 3 ,0 5 9 ,9 2 7 • $ 5 5 ,5 6 5 1 9 8 ,1 9 7 2 5 3 ,7 6 2 1 0 ,2 0 0 1 ,9 3 2 ,4 4 4 3 ,6 2 4 2 ,2 0 0 ,0 3 0 3 ,8 2 6 ,0 4 4 2 ,2 8 1 ,3 7 8 2 ,4 8 1 ,0 0 3 3 ,1 1 8 ,3 7 9 1 1 3 ,2 6 4 6 8 .3 % 6 6 ,2 5 2 6 8 .7 % 5 7 ,3 4 0 6 9 .7 % Member Total loans and investments of seventeen weekly Bank reporting member banks located in Atlanta, BirCredit mingham, Jacksonville, Nashville, Chattanooga, Mobile and Savannah declined further by a little more than a million dollars between May 9 and June 13, but were 25.4 millions greater than on the same report date last year. From May 9 to June 13 loans on securities increased, but “A ll Other” loans declined, and total loans declined $522,000. Investment holdings of United States securities declined $1,413,000 but holdings of other securities increased $869,000, so that total investments decreased by $544,000. Compared with the same report date a year ago, loans on securities on June 13 of this year show an increase of 5.9 millions, but “ A ll Other” loans a decrease of 3.9 millions, so that total loans show a net increase of 2 millions. Holdings of United States securities were 17.8 millions, and of other securities 5.5 millions, greater than a year ago. Time deposits reported by these 17 banks on June 13 were 3 millions less than five weeks earlier, and 3.6 millions greater than a year ago, and demand deposits increased from May 9 to June 13 by about 3 millions and were 29.2 millions greater than at the same time last year. Bankers balances declined somewhat during the recent five weeks period but were sub stantially larger 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 IT IO N O F M E M B E R B A N K S IN S E L E C T E D C IT IE S ( 0 0 0 O m itte d ) J u n e 13 M ay 9 J u n e 14 1934 1934 1933 LcB us: M . S e c u ritie s ................................. .. m ? 11 O th e r s ........................................... T o ta l L o a n s ............................ IM S . S e c u ritie s.....................................* CfRier S e c u ritie s ................................... T o ta l I n 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 ...................................... iT im e D e p o s its ...................................... D e m a n d D e p o s its ............................... JDue to B a n k s ........................................ 'D u e fro m B a n k s .................................. B o rro w in g s fro m F . R . B a n k . . . $ 62 1 15 17 7 98 52 151 ,0 9 5 ,7 2 8 ,8 2 3 ,8 8 6 ,5 4 4 ,4 3 0 $ 6 1 ,1 5 1 1 1 7 ,1 9 4 1 7 8 ,3 4 5 1 0 0 ,2 9 9 5 1 ,6 7 5 1 5 1 ,9 7 4 329 130 171 77 77 ,2 5 3 ,3 9 9 ,3 8 7 ,6 6 9 ,1 7 8 0 3 3 0 ,3 1 9 1 3 3 ,3 9 4 1 6 8 ,4 3 2 7 8 ,4 4 2 8 1 ,4 9 1 0 $ ,6 4 1 ,8 1 0 ,0 7 7 ,9 9 7 ,0 7 4 303 126 142 57 61 1933 A p r il............... . $ 1 8 0 ,3 7 7 M a y ................ . 1 7 9 ,5 8 4 J ta a e ................ . 1 7 5 ,9 8 1 J u l y ................. . 1 7 6 ,9 4 6 A u g u s t.......... . 1 7 5 ,6 8 4 S e p te m b e r .. . 1 7 6 ,5 2 7 O c to b e r . . . . . 1 7 8 ,4 1 1 N o v e m b e r .. . 1 8 8 ,6 1 2 D e c e m b e r. . . 1 9 2 ,,4 9 1 1934 J a n u a r y . . . . 1 8 7 ,7 9 5 F e b r u a r y .. . . 1 8 7 ,3 5 8 M a r c h . . . . . 1 8 4 ,8 5 1 A p r il............... . 1 8 0 , 6 7 0 M a y ................ . 1 7 8 ,0 1 9 (0 0 0 O m itte d ) T o ta l In v e s t- L o a n s a n d D e m a n d m e n ts In v e s tm e n ts D ep o sits T im e D e p o s its $ 3 0 5 ,8 6 4 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 2 6 ,4 7 7 12 7 ,1 9 5 126 ,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 5 0 131 ,4 2 6 1 2 9 ,,0 3 3 $ 1 2 5 ,4 8 7 12 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 1 151 ,2 7 5 1 5 0 ,,1 9 9 148 162 155 152 15 1 ,3 0 5 ,0 5 4 ,6 0 8 ,6 7 9 ,1 7 2 336 349 340 333 329 ,1 0 0 ,4 1 2 ,4 6 0 ,3 4 9 ,1 9 1 $ 1 3 4 ,0 9 2 1 37 ,1 6 3 141 ,9 9 3 1 40 ,5 7 0 14 1 ,8 4 2 1 4 5 ,1 6 7 141 ,8 9 4 1 4 4 ,6 0 2 1 5 2 ,,2 4 9 151 158 161 168 167 ,9 3 5 ,6 9 5 ,7 9 4 ,0 7 0 ,4 0 4 130 131 130 130 132 ,0 4 8 ,5 0 5 ,4 0 6 ,6 4 9 ,9 1 1 N um ber of B anks A tla n ta . . . B irm 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 ille .. . . N e w O rlean s. O th e r C itie s .. T o t a l . .............. M ay 1934 3 3 3 3 4 3 35 54 $ 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 4 ,6 2 9 6 2 ,3 9 6 1 7 3 ,8 5 8 ,8 8 4 ,7 6 2 ,2 2 9 ,7 0 6 ,3 3 8 713 B o rro w in g s F ro m F . R . B ank $ 9 ,6 3 8 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 2 ,0 6 0 441 161 0 0 A p ril 1934 $ 3 0 ,0 1 1 1 7 ,7 2 6 1 2 ,9 8 9 2 ,6 6 8 2 1 ,9 2 2 2 4 ,1 5 3 6 2 ,0 5 9 1 7 1 ,5 2 8 M ay 1933 $ 2 8 ,0 1 0 1 5 ,6 1 2 1 1 ,7 0 5 1 ,3 9 5 1 9 ,4 5 5 1 7 ,4 6 2 5 4 ,0 8 4 1 4 7 ,7 2 3 P e rc e n ta g e C h a n g e M a y 1 9 3 4 c o m p a re d w ith A p ril 1 9 3 4 M ay 1933 + + + + + 1 .3 0 .7 2 .6 3 .6 2 .6 + 2 .0 + 0 .5 + 1 .4 + 8 .5 + 1 4 .3 + 13*9 + 9 7 .9 + 1 5 .6 + 4 1 .0 + 1 5 .4 + 1 7 .7 Debits to Total volume of debits to individual accounts at Individual twenty-six clearing house centers of the Sixth Accounts District declined less than one-tenth of one per cent from April to May, but was 20.4 per cent greater than in May last year. Declines from April to May occurred at ten of the twenty-six reporting cities. 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 ) M ay 1934 A p ril 1 9 3 4 M ay 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 $ 1 1 2 ,4 0 1 6 9 ,6 9 7 1 ,7 8 9 2 1 ,6 7 9 1 9 ,2 3 6 $ 9 0 ,9 2 1 5 4 ,4 3 0 2 ,1 2 1 1 9 ,8 5 8 1 4 ,5 1 2 F lo rid a — 4 C itie s .............................. Ja c k s o n v ille .................................... 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 0 7 ,1 8 9 5 3 ,9 8 0 2 4 ,4 7 0 5 ,8 9 4 2 2 ,8 4 5 8 2 ,9 2 1 4 4 ,2 9 9 1 6 ,6 3 1 4 ,4 0 6 1 7 ,5 8 5 G eorgia— 10 C itie s .......................... B ru n sw ic k ........................................ C o lu m b u 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 2,870 1 9 4 ,5 0 8 2 ,1 1 4 1 2 5 ,9 8 2 1 6 ,6 6 1 1 ,9 3 3 9 ,3 2 5 651 1 0 ,0 1 6 1 ,3 9 2 2 3 ,“ 5 5 8 2 ,5 7 9 1 6 6 ,0 3 9 1 ,8 7 0 1 0 5 ,1 0 8 1 2 ,9 3 8 1 ,5 2 3 7 ,3 5 6 517 9 ,0 6 5 1 ,3 1 0 2 3 ,8 2 9 2 ,5 2 3 L o u isian a— N ew O rle a n s ............ 1 7 1 ,2 2 0 1 7 6 ,3 2 8 1 5 8 ,6 9 8 M ississippi— 4 C itie s ..................... H a ttie s b u r g ..................................... 3 4 ,3 1 8 3 ,4 3 9 1 8 ,8 1 0 7 ,3 4 8 4 ,7 2 1 3 5 ,3 1 1 3 ,4 4 3 2 0 ,4 2 8 7 ,0 6 8 4 ,3 7 2 2 5 ,0 1 2 2 ,7 8 3 1 2 ,0 0 8 6 ,5 6 7 3 ,6 5 4 T en n essee— 3 C itie s ........................ C h a tta n o o g a ................................... 1 0 9 ,9 3 0 2 6 ,1 5 9 1 8 ,8 9 7 6 4 ,8 7 4 1 0 9 ,7 8 2 2 6 ,9 2 3 1 9 ,9 2 2 6 2 ,9 3 7 8 6 ,8 7 7 2 1 ,3 9 5 1 3 ,4 2 6 5 2 ,0 5 6 T o ta l— 2 6 C itie s ............... $ 7 3 4 ,9 6 8 $ 7 3 5 ,5 1 9 $ 6 1 0 ,4 6 8 A lab a m a— 4 C itie s .......................... B irm in g h a m ................................... M o n tg o m e ry .................................. 56 ,1 6 9 119 1 75 81 46 128 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 Loans S R E V IE W A G RICU LTU RE The June 1st crop report issued by the United States De partment of Agriculture indicates a sharp decline in crop prospects, heavy losses of early crops and, for this time of the year, a record low condition of pastures and low levels of milk and egg production. The winter wheat crop is fore cast at 400,357,000 bushels, a reduction in prospects of 61,000,000 bushels, or 13 per cent, during the month of May. “ Oats, barley and rye w ill all be short crops, for all show a heavy loss of acreage and exceptionally low condition for this season of the year.” The report points out that “the records for June in past years show nothing comparable with the sit uation this year. The June 1 condition of oats is 47.2 per cent, whereas the lowest in past years was 78.3 per cent re corded for 1928. The condition of tame hay is 53,9 per cent, and the lowest previously recorded was 76.0 per cent in 1926. . . . Some 19 states, including all states from Ohio to Nevada, show the lowest June condition of pastures and hay on record in those states and most of them also show the lowest condi tion of spring grains on record. . . . Winter wheat, with a condition of 55.9 per cent, is below all previous records, the nearest being 62.0 per cent in 1885.” 4 M O N T H L Y In contrast to the drought over a large part of the coun try, therfe has been excessive'rainfall in Georgia during the last half of May and the first half of June, and some parts of Florida have had too much rain. Some localities in Florida report losses of crops from heavy rains, but the condition of field crops generally showed improvement over the month before. Prospects for citrus fruits declined during May but are still better than last year. A heavy drop was reported on both oranges and grapefruit. Farm work and crop progress in Georgia were backward on June 1 because of the late spring, cool temperatures and frequent excessive rains. Deficient rainfall in Tennessee, and periods of unseasonably cool weather, have injured pastures, hay crops and small grains. The June 1 estimates indicate a peach crop in the six states of this District larger by an average of 41.1 per cent than in 1933; state estimates compared with 1933 production are shown in the table. P E A C H C R O P — Bushels Estim ate 1933 June 1, 1934 Production Alabam a.......................................... Flo rid a ............... ............................. Georgia.......................... ................. Louisiana_____ _________ ___________ M i s s i s s i p p i . .. .. ........................... Tennessee........................................ T o ta l.................... .. 1,155,000 69,000 6,290,000 277,000 814,000 2,170,000 10,775,000 Percent Change 908,000 57,000 5,440,000 158,000 494,000 580,000 + 27.2 + 21.1 + 15.6 + 75.3 + 64.8 + 274.1 7,637,000 + 41.1 The June 1 condition of apples was reported much higher than a year ago in Louisiana, but lower in the other states of the District, and production of pears is estimated to be larger than a year ago in all six states. S U G A R M O V E M E N T — (Pounds) R a w Sugar M ay 1934 April 1934 Receipts: New O rlean s....................... .. 176,958,264 Savannah.................................... 28,532,808 Meltings: New O rleans.. ........................... 118,813,637 13,338,453 Savannah........ .................. ........ Stocks: New Orleans............... ............... 185,007,575 S a v a n n a h ....................... .. 90,960,611 Refined Sugar Shipments: New Orleans.............................. 142,606,221 Savannah................... .............. 29,725,170 Stocks: New Orleans................. ............. 46,593,449 Stocks...................................... .. 9,735,247 150,470,039 22,965,805 165,675,869 22,573,443 97,025,004 18,528,614 140,367,299 45,241,372 127,385,614 106,154,966 60,245,430 83,040,260 84,855,622 17,922,077 126,736,966 43,868,249 60,361,221 9,445,862 47,829,385 25,700,737 R IC E M O V EM EN T— N EW O RLEA N S April 1934 Rough Rice— Barrels: M ay 1934 35,258 Receipts..................................... 1,658 17,743 38,592 Shipments................................. 41,932 25,847 S to c k s .................................. Clean R ice— Pockets: Receipts........ ................. .. Shipm ents............................ Stocks........................................ 36,890 56,750 157,995 M ay 1933 M ay 1933 40,177 31,180 25,602 55,486 51,634 177,855 63,639 53,998 181,233 R E V IE W R I C E M I L L E R S A S S O C IA T IO N S T A T I S T I C S (B a rre ls) R e c e ip ts o f R o u g h R ic e : M ay A u g u st t o M a y In c . S easo n 1 9 3 3 - 3 4 .......................................... 9 1 ,3 2 8 7 ,2 9 0 ,0 0 9 S easo n 1 9 3 2 - 3 3 .......................................... 6 2 7 ,7 2 8 8 ,8 8 5 ,3 6 8 S easo n 1 9 3 1 - 3 2 .......................................... 7 0 3 ,2 2 7 9 ,1 5 0 ,0 7 8 D is trib u tio n o f M ille d R ic e: S easo n 1 9 3 3 - 3 4 . . .................................... .................... 4 1 6 , 9 9 0 S easo n 1 9 3 2 - 3 3 .................... ........................................8 2 1 , 1 5 5 S easo n 1 9 3 1 - 3 2 ......... .................................................. 6 9 7 , 8 1 7 6 ,6 8 4 ,1 5 6 8 ,6 6 2 ,6 8 6 8 ,5 5 1 ,4 1 7 S to ck s: R ough M a y 3 1 , 1 9 3 4 ............................................... M a y 3 1 , 1 9 3 3 .............................................. M a y 3 1 , 1 9 3 2 ................... .................. 1 ,4 2 0 ,5 0 2 1 ,0 4 5 ,2 8 8 1 ,3 1 2 ,7 4 4 C le an 4 7 5 ,1 1 1 6 0 4 ,2 6 3 5 1 1 ,8 6 8 Fertilizer There was a further substantial seasonal decline Tag Sales in sales of fertilizer tax tags in the six states located wholly or partly in the Sixth District from April to May, after reaching in March the highest total for any month in four years. May tax tag sales were 36 per cent less than in May last year, but for the ten months period, August to May, total sales in these states have been 36.7 per cent greater than in that part of the season before. Figures compared in the table are from those compiled by the National Fertilizer Association. M ay 1934 A l a b a m a .................................. F lo r id a ........................................ G e o rg ia ....................................... L o u isia n a ................................. M is siss ip p i............................... T e n n e s s e e . . . . . . ................. T o t a l ................. .......... 1 0 ,9 5 0 4 0 ,9 5 4 684 1 ,4 6 4 1 0 ,1 6 2 1 4 ,3 7 2 7 8 ,5 8 6 (S h o r t T o n s ) A p ril M ay 1934 1933 1 2 2 ,0 5 0 3 3 ,6 1 0 9 5 ,0 7 3 1 3 ,3 5 3 4 0 ,1 8 0 3 0 ,3 7 3 3 3 4 ,6 3 9 A u g u st 1 t o M a y 3 1 1933-34 1932-33 2 6 ,4 0 0 3 1 ,3 4 7 4 1 ,1 1 2 1 ,5 0 0 8 ,3 7 7 1 3 ,8 1 9 3 6 6 ,3 5 0 3 6 9 ,8 5 6 5 5 9 ,8 5 1 7 9 ,6 4 5 1 7 6 ,9 4 2 8 8 ,9 2 9 2 7 0 ,3 5 0 3 3 8 ,1 4 0 3 8 3 ,6 2 0 5 2 ,8 5 8 8 2 ,6 8 2 7 3 ,3 6 5 1 2 2 ,5 5 5 1 ,6 4 1 ,5 7 3 1 ,2 0 1 ,0 1 5 TRA D E Retail There was an increase of 6.8 per cent in total sales Trade in May, reported by 61 department stores in the Sixth District, compared with A pril, and May sales were 24.2 per cent greater than a year ago. On a daily aver age basis, May sales were 1.1 per cent less than in April which was shorter by two business days. The increases over May last year, as indicated in the table, range from 14.7 per cent at New Orleans to 40.7 per cent at Miami. For the five months of 1934 total sales by these 61 reporting firms have been 36.5 per cent greater than in that part of 1933. In May cash sales accounted for 43.9 per cent of the total, compared with 44.2 per cent in A pril, and with 43.6 per cent in May, 1933. Stocks declined 2.4 per cent from April to May, but were 26.9 per cent greater than a year ago, and the rate of stock turnover was the same for the month of May this year and last, but was higher for the five months period. The co lla tion ratio rose from April to May, and was also higher than a year ago. For regular accounts the ratio for May was 35.2 per cent, for April 33.6 per cent, and for May a year ago 29.8 per cent, and for installment accounts the ratio for May was 15.4 per cent, for A pril ’16.5 per cent, and for May last year 15.3 per cent. These comparisons are based upon reports in actual dollar amounts and make no allowance for changes in the level of prices. R E T A I L T R A D E I N T H E S I X T H D I S T R I C T D U R I N G M A Y 1934 Based on confidential reports from 61 department stores Com parison o f NOT S a l r s Com parison o p S to c k s Y ear to M ay 31, 1934 S tock T u r n over M a y 1934 date with with: with: Same period Same month Previous M ay Jan. to M ay Same month Previous last year a year ago Month 1934 1933 1934 1933 M onth a year ago Atlanta ( 6 ) . ......... Birmingham (6) . Chattanooga (4 ). Jacksonville ( 3 ) .. Knoxville (3 )_____ M iam i (3 )............. Nashville (4 )........ New Orleans (5 ).. Other Cities (27). D I S T R I C T (61). NOTE: + + + + + + + + + + 25.1 29.1 27.3 17.3 33.3 40.7 2 1.0 14.7 25.8 24.2 + 1 5 .6 + 1 4 .3 + 1 6 .6 + 1 1 .7 + 2 3 .7 — 18.1 + 1 8 .2 — 3 .0 + 5.5 + 6 .8 + 3 2 .6 + 4 2 .2 + 4 7 .9 + 3 2 .7 + 4 4 .5 + 5 1 .7 + 2 6 .7 + 3 2 .2 + 3 4 .0 + 3 6 .5 + 3 1 .2 + 4 .4 + 1 1 .4 + 1 5 .8 — 7.1 — 0 .9 — 14.3 — 6 .4 .38 .34 .28 .19 +52^2 + 2 3 .0 + 3 5 .6 + 3 1 .9 + 2 6 .9 + — + — — !34 .28 .25 .27 .29 1.80 1.47 1.34 .89 ••• 2 .2 3 1.23 1.16 1.31 1.40 1.65 1.11 1.04 A pril 1934 M ay 1933 29 0 36.3 32.2 27.1 3 8 .8 3 3 .4 2 5 .9 22.1 2 6 .6 29.7 40 .2 2 9 .8 3 1.7 27.2 36 .0 2 6.4 2 8.3 .. .. ••• 3 .1 1.5 1.4 0 .9 2 .4 T h e rate of sto c k tu rn o v e r is the ra tio of sales d u rin g giv e n period to average stocks on hand. .41 .27 .28 C o l l e c t io n R a t io M ay 1934 .28 .26 .28 .29 l ’ii . .96 1,16 1.15 30.8 40 .2 31.3 3 2.7 M O N T H L Y Wholesale May sales by 99 reporting wholesale firms in the Trade Sixth District increased 1.3 per cent over A pril, and were 18.7 per cent greater than in May last year, and for the five months of 1934 have been 44.6 per cent greater than in that part of 1933. Stocks also increased slightly over the month and were 32 per cent greater than a year ago, and the collection ratio declined from April to May but was 25 per cent higher than for May last year. Reported figures are compared in the table. W H O LESA LE T R A D E IN M A Y 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 ris o n s M a y 1 9 3 4 w ith : J a n .— a y 1 9 3 4 In c . M N um ber A p ril M ay w ith sam e of F irm s 1934 1933 p e rio d la s t y e a r A ll L in e s C o m b in ed : S a le s .................. .......................... S to c k s . ....................................... G roceries 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 rg ...................... O th e r C it ie 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 th e r C it ie 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 th e r C itie s ................. S to c k s ......................................... E le c tric a l S u p p lie s: S a le s ............................. ............... N e w O rle a n s ................ O th e r C itie s ................. S to c k s .......................................... D ru g s: S a le s ............................................. S ta tio n e ry : S a le s ............................................. + 1 8 .7 + 3 2 .0 99 30 + + 1 .3 2 .2 23 4 5 3 11 3 + + + + + 6 .7 5 .0 2 .3 6 .3 1 2 .3 5 .7 + + + + + + 15 3 12 7 — 1 2 .5 — 1 2 .0 — 1 2 .6 4- 3 .1 + + 0 .6 7 .1 1 .0 4- 8 0 . 1 + 5 1 .6 + 4 3 .1 + 5 3 .8 26 3 5 18 9 + + + 2 .5 1 0 .7 1 0 .2 3 .3 — 2 .2 + 2 4 .1 + 1 5 .4 + 3 4 .6 + 2 0 .6 + 1 0 .6 + + + -f 9 4 5 6 — 5 .1 + 1 1 .5 — 9 .2 + 1 1 .1 + + + + 13 4 9 3 1 9 .9 1 7 .9 1 5 .6 2 5 .5 2 3 .2 3 8 .4 + 4 4 .6 + + + + + 3 8 .4 2 6 .1 4 2 .2 6 0 .1 3 5 .8 5 0 .2 3 0 .2 5 3 .2 5 3 .1 + + 9 2 .2 + 6 0 .1 + 1 0 5 .6 0 .7 5 .3 0 .9 1 7 .1 + + 3 5 .6 2 1 .2 4 0 .6 2 4 .5 + 2 7 .5 + 1 7 .7 + 3 1 .2 + 6 2 .1 + 3 7 .4 + 3 9 .1 + 3 6 .8 8 + 6 .3 + 2 0 .9 + 3 1 .5 — 3 .5 7 .4 + 3 5 .9 C O L L E C T IO N R A T IO * * N um ber M ay of F irm s 1934 G ro c e rie s......................................... D ry G o o d s .................................... H a r d w a r e ....................................... F u r n i t u r e ...................................... E le c tric a l S u p p lie s ................... D r u g s ................................................ 11 8 15 6 4 4 T o t a l . ........................... _____. * 48 6 8 .9 3 7 .8 3 6 .0 3 4 .0 6 2 .9 2 9 .3 3 A p ril 1934 4 6 .8 M ay 1933 5 6 .1 3 2 .6 2 6 .3 2 2 .9 2 8 .2 2 9 .2 36 _____. 0 * B a s e d o n o a n fid e n tia l r e p o rts fro m 9 9 firm s. ** T h e colli 9 S o n r a tio is th e p e rc e n ta g e of a c c o u n ts a n d n o te s rece iv ab le o u ts ta n i K a t th e b eg in n in g of t h e m o n th w h ich w ere co llected d u rin g th e m o n th . Life May sales of new, paid-for, ordinary life insurInsurance ance in the six states located wholly or partly in the Sixth District were only slightly larger than in A pril, and about 31 per cent greater than in May last year, and for the five months of 1934 have been 23.6 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. ( 0 0 0 O m itte d ) J a n u a r y to M a y In c . M ay 1934 1933 1933 M ay 1934 A p ril 1934 A lab a m a F lo r id a ............. G e o rg ia ............ L o u isia n a ___ M is siss ip p i.. . T e n n e s se e . . . $ 4 ,1 2 6 5 ,0 1 9 8 ,2 8 5 5 ,1 8 5 2 ,7 9 2 6 ,4 9 0 $ 4 ,6 7 2 5 ,5 9 7 7 ,4 9 7 5 ,2 9 2 2 ,6 2 4 6 ,1 3 0 $ 3 ,6 2 1 3 ,5 8 3 5 ,7 8 5 4 ,0 2 2 2 ,3 0 5 5 ,0 9 8 $ 1 8 ,8 2 8 2 3 ,0 8 7 3 4 ,2 8 0 2 2 ,1 5 1 1 1 ,9 9 5 3 0 ,1 6 4 $ 1 6 ,4 3 2 1 6 ,9 0 9 2 6 ,8 1 1 1 8 ,3 6 1 8 ,8 8 5 2 6 ,2 3 6 + 1 4 .6 + 3 6 .5 + 2 7 .9 + 2 0 .6 + 3 5 .0 + 1 5 .0 T o ta l... 3 1 ,8 9 7 3 1 ,8 1 2 2 4 ,4 1 4 1 4 0 ,5 0 5 1 1 3 ,6 3 4 + 2 3 .6 P e rc e n t C h an g e Commercial Statistics compiled and published by Dun and Failures Bradstreet, Inc., indicate that in the Sixth Dis trict there were only 19 business failures dur ing May, compared with 76 in April and with 90 in May last year, and liabilities involved in May failures amounted to only $180,998, compared with $1,016,110 for April, and with $2,570,666 for May, 1933. The May figures this year, both number and liabilities, are the smallest for any month in available records. In the United States there were 977 failures in May, 1,052 in A pril, and 1,909 in May last year, and liabilities for May were $22,560,835, compared with $25,786,975 for A pril, and $47,971,579 for May a year ago. G R A IN E X P O R T S — N E W O R L E A N S M ay A p ril M ay 1934 1934 1933 (B u sh els) J u ly 1 to M a y 31 1933-34 1 9 32-33 W h e a t......................................... C o r n ............................................. O a ts .............................................. 1 5 ,7 7 5 3 ,2 4 1 6 ,6 8 8 3 ,2 0 0 2 5 ,3 4 7 8 ,9 2 1 1 0 ,1 0 1 2 1 ,7 5 2 1 8 ,1 2 7 1 3 3 ,4 5 7 1 ,1 7 6 ,9 5 6 1 0 3 ,0 9 1 1 , 1 9 4 , 5 1 5 1 2 9 ,9 3 0 3 5 3 ,4 8 2 T o t a l ............................ 2 5 ,7 0 4 3 7 ,4 6 8 4 9 ,9 8 0 3 6 6 ,4 7 8 2 ,7 2 4 ,9 5 3 IN DUSTRY Building The value of permits issued during May at twenty Permits reporting cities in the Sixth District for the con struction of buildings within their corporate limits increased further by 11.5 per cent over the month before and was 23.3 per cent greater than a year ago. Twelve cities re ported gains over A pril, and there were also twelve increases over May last year. For the five months of 1934 total per mits at these reporting cities have amounted to $9,384,221, an increase .of 112.2 per cent over the total for the same part of 1933, and 24.6 per cent greater than for the corresponding period in 1932. Comparisons for the month are shown in the table. N um ber M ay 1933 A la b a m a A n n is to n .............. B irm in g h a m . . . M o n tg o m e ry . • • F lo rid a J a c k s o n v ille .. . . 7 4 .7 4 1 .7 3 5 .0 3 2 .2 7 3 .3 2 9 .0 4 5 .0 5 1934 3 + R E V IE W M ia m i B e a c h . . G eo rg ia C o lu m b u s ............ S a v a n n a h ............ L o u isian 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 .. . Jo h n so n C i t y .. . K n o x v ille ............. N a s h v ille ............. T o ta l 2 0 C ities 10 399 57 115 8 147 33 80 522 426 92 45 221 478 308 61 45 168 328 31 64 294 28 1934 $ V alu e M ay 2 ,6 0 0 5 5 ,9 4 1 3 0 ,3 8 8 2 2 ,6 9 9 $ 1933 P e rc e n ta g e C h a n g e in V alu e 1 ,4 0 0 4 8 ,3 2 5 2 4 ,7 2 0 8 1 ,0 3 6 + + + — 8 5 .7 1 5 .8 2 2 .9 7 2 .0 1 1 9 ,2 2 1 1 8 8 ,9 1 6 5 9 6 ,3 6 5 1 6 ,7 6 2 6 5 ,5 7 1 1 1 3 ,4 8 0 1 1 1 ,2 4 9 3 7 6 ,6 2 0 1 9 ,4 7 4 4 6 ,9 7 5 + + + — + 5 .1 6 9 .8 5 8 .3 1 3 .9 3 9 .6 202 41 39 136 1 9 6 ,7 1 6 8 ,7 3 2 3 5 ,0 6 2 5 8 ,7 0 1 1 7 ,1 1 0 8 2 ,0 9 7 1 4 ,5 5 9 2 2 2 ,0 6 2 3 4 ,4 2 6 1 7 ,9 9 7 + 1 3 9 .6 — 4 0 .0 — 8 4 .2 + 7 0 .5 — 4 .9 115 81 103 66 1 1 0 ,5 8 3 1 3 .8 7 4 1 5 9 ,5 4 0 1 6 .1 7 9 — 3 0 .7 — 1 4 .2 300 3 48 127 72 2 32 127 4 7 ,0 1 2 4 ,3 0 0 2 2 9 ,9 0 2 6 3 ,7 3 3 2 9 ,0 7 4 600 6 0 ,8 2 9 6 7 ,5 2 7 + 6 1 .7 + 6 1 6 .7 + 2 7 7 .9 — 5 .6 3 ,3 0 6 2 ,1 4 8 $ 1 ,8 8 4 ,1 8 8 $ 1 ,5 2 8 ,1 6 9 + 2 3 .3 Contract The value of building and construction contracts Awards awarded in the Sixth District, indicated in statis tics compiled by the F . W. Dodge Corporation and subdivided into district totals by the Federal Reserve Board's Division of Research and Statistics, declined further by 21 per cent from April to May, but was double the total for May last year. Residential contracts declined over the month* by a much smaller percentage than other classes of contracts, and while residential contracts were 2.6 per cent less than in May last year, “A ll Others” were greater by 171.4 per cent. State totals for this District show declines from April to May except in Eastern Tennesseee where May awards were more than double those of A pril, and increases over May, 1933, were recorded for all six states. For the five months of 1934, the District total was larger by 193.8 per cent, and all state totals were larger than for that part of 1933. In the 37 states east of the Rocky Mountains total awards in May increased 2.4 per cent over those in A pril, and were 74.2 per cent greater than a year ago, and for the five 6 M O N T H L Y months total awards have been $727,301,000, greater by 120.5 per cent than in that part of last year. Comparisons for the month are shown in the table. M ay 1934 A p ril 1934 S ix th D is tr ic t— T o t a l ...................... $ 1 0 , 4 7 3 , 8 8 6 2 ,0 5 7 ,1 2 0 R e s id e n tia l. . . . ........... ................... A ll O t h e r s . . . ........... ................ 8 ,4 1 6 ,7 6 6 $ 1 3 ,2 5 2 ,0 8 4 2 ,1 5 3 ,3 9 0 1 1 ,0 9 8 ,6 9 4 M ay 1933 $ 5 ,2 1 3 ,9 5 6 2 ,1 1 3 ,0 8 8 3 ,1 0 0 ,8 6 8 S ta te T o ta ls : 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.......................................... E . Tennessee............................. 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 1,597,000 1 ,8 3 6 ,0 0 0 4 ,1 0 0 ,2 0 0 3 .3 8 7 .4 0 0 2 .7 8 8 .4 0 0 2 ,5 3 2 ,9 0 0 6 6 8 ,9 0 0 3 5 2 ,3 0 0 1 ,7 2 3 ,0 0 0 1 ,0 7 9 ,5 0 0 6 1 2 ,8 0 0 2 4 8 ,6 0 0 1 ,4 9 4 ,8 0 0 U n ite d S ta te s : T o t a l ........................................... .......... R e s id e n tia l......................................... N o n - R e s id e n tia l............................. P u b lic W o rk s a n d U tilitie s .. . 1 3 4 ,4 4 5 ,7 0 0 2 4 ,8 4 7 ,2 0 0 5 2 ,7 9 7 ,2 0 0 5 6 ,8 0 1 ,3 0 0 1 3 1 ,3 2 9 ,5 0 0 2 2 .6 8 5 .7 0 0 3 8 .7 3 6 .7 0 0 6 9 ,9 0 7 ,1 0 0 7 7 .1 7 1 .7 0 0 2 6 .5 1 9 .7 0 0 3 1 ,6 3 9 ,4 0 0 1 9 ,0 1 2 ,6 0 0 Lumber During the six weeks ending June 9 production, or ders and unfilled orders reported by m ills to the Southern Pine Association averaged less than for correspond ing weeks of last year when substantial improvement was indicated. For the six weeks period orders booked by re porting mills averaged about 5 per cent larger than their production, but were 40 per cent less than orders booked at the same time a year ago. Production during this period averaged 15.4 per cent, and unfilled orders averaged 12.3 per cent, less than during the corresponding period last year. Weekly figures are compared in the table. W e ek Ended M ay M ay M ay M ay June Ju n e (I n T h o u s a n d s of F e e t) N um ber O rd e rs P r o d u c tio n of M ills 1 9 3 4 1933 1934 1933 5 .........................7 9 1 2 .............. ........9 6 1 9 .............. ........9 0 2 6 .............. ........9 9 2 .........................8 2 9 ................. ........9 2 1 7 ,9 4 9 1 9 ,8 7 7 2 4 ,8 3 4 2 0 ,4 4 9 1 9 ,1 0 4 2 0 ,8 0 4 2 6 ,0 8 3 3 5 ,2 0 2 3 3 ,7 3 1 4 1 ,9 6 7 3 4 ,9 3 1 3 4 ,3 7 4 1 8 ,3 7 9 2 1 ,3 9 4 2 0 ,2 0 4 2 2 ,0 5 4 1 5 ,7 4 3 1 9 ,6 6 6 1 9 ,3 0 0 2 4 ,1 5 2 2 3 ,2 8 0 2 5 ,0 4 0 2 2 ,1 3 1 2 4 ,9 7 1 U nfilled O rd e rs 1934 1933 6 3 ,5 9 8 7 2 ,1 9 1 7 5 ,3 5 0 7 7 ,6 4 9 6 2 ,4 6 2 6 9 ,8 9 9 6 2 ,8 8 4 7 5 ,3 6 7 7 7 ,2 0 8 9 1 ,6 4 0 8 1 ,3 8 5 9 1 ,6 6 8 Cotton Consumption of cotton by American M ills inConsumption creased 1.4 per cent from April to May, but was 16.2 per cent less than in May last year. At this time a year ago total consumption of cotton increased 31.9 per cent from April to May and rose further in June to the highest level in available records, but declined during the balance of the year except for a small increase from Septem ber to October. In the cotton states May consumption was 2.5 per cent larger than in A pril, but in other states there was a decrease of 3 per cent. Because of the longer month, however, daily average consumption in May was smaller by 6.1 per cent for the country as a whole, 5.1 per cent in the cotton states and 10.2 per cent in other states, than in April. For the ten months of the cotton season total consumption has been 2.9 per cent larger than in that part of the season before. May exports declined 26.3 per cent from A pril, and were 51.9 per cent less than in May, 1933, and for the season to date total exports have been 4.8 per cent smaller than in the game part of the previous season. Consumption and exports for the season to date have been 1.7 per cent smaller than a year earlier. Spindles active in May were 2.1 per cent fewer than in A pril, but 5.2 per cent more numerous than a year ago. Census Bureau figures are compared in the table. U N I T E D S T A T E S — B ales M ay A p ril 1934 1934 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 . . . M ay 1933 5 1 9 ,7 6 5 7 ,9 9 2 ,0 8 7 1 ,4 2 1 ,4 2 3 5 1 2 ,7 0 3 8 ,6 8 6 ,6 8 7 1 ,5 8 4 ,7 4 6 6 2 0 ,5 6 1 8 ,7 1 5 ,3 5 5 1 ,3 9 2 ,2 0 9 6 ,5 7 0 ,6 6 4 2 8 4 ,7 6 4 2 5 ,8 9 1 ,3 6 6 7 ,1 0 1 ,9 4 1 3 8 6 ,5 9 4 2 6 ,4 5 0 ,7 5 0 7 ,3 2 3 ,1 4 6 5 9 1 ,6 4 7 2 4 ,6 0 9 ,9 0 8 R E V IE W C O T T O N G R O W IN G S T A T E S — B ales M ay A p ril 1934 1934 C o tto n C o n s u m e d .............................. 4 1 6 ,9 1 1 4 0 6 ,6 7 8 S to c k s ................................................... 7 ,3 3 9 ,6 0 8 7 ,9 8 8 ,9 4 4 I n C o n su m in g E s ta b lis h m e n ts 1 ,0 9 8 ,9 4 5 1 ,2 3 3 ,1 1 5 I n P u b lic S to ra g e a n d a t C o m p re sse s ................................... 6 ,2 4 0 ,6 6 3 6 ,7 5 5 ,8 2 9 A c tiv e S p in d les— N u m b e r . . . 1 7 ,6 7 1 ,2 1 0 1 7 ,9 4 7 ,5 0 6 M ay 1933 5 1 3 ,9 5 4 7 .9 5 5 .0 1 1 1 ,1 0 4 ,0 0 0 6 .8 5 1 .0 1 1 1 7 ,1 9 4 ,4 6 6 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 sse s............................. A c tiv e S p in d les— N u m b e r . . . 102,854 652,479 322,478 106,025 697,743 351,631 1 0 6 ,6 0 7 7 6 0 ,3 4 4 2 8 8 ,2 0 9 330,011 8,220,156 346,112 8,503,244 4 7 2 ,1 3 5 7 ,4 1 5 ,4 4 2 Consumption of cotton in the three states of this District for which Census Bureau figures are compiled separately in creased 4.1 per cent, but daily average consumption declined 3.6 per cent, from April to the longer month of May, and May consumption was 16.4 per cent less than a year ago. For the ten months of the season consumption in Georgia has been 7.1 per cent larger, but in Alabama and Tennessee somewhat smaller, than during that part of the season before. C O T T O N C O N S U M P T I O N — B ales A p ril M ay M ay A u g u st 1 to M a y 3 1 1934 1934 1933 1933-34 1932— 3 3 A la b a m a .................... 5 6 ,1 4 2 5 4 ,0 1 1 G e o r g ia ...................... 9 7 ,1 1 5 92,928 T e n n e s s e e ................. 1 1 ,9 8 9 1 1 ,8 1 3 T o t a l ............ 1 6 5 ,2 4 6 6 7 ,8 1 3 1 1 5 ,0 7 3 1 4 ,8 8 5 1 5 8 ,7 5 2 5 1 1 ,0 0 1 9 2 2 ,4 0 1 1 0 4 ,3 8 1 1 9 7 ,7 7 1 1 ,5 3 7 ,7 8 3 5 2 8 ,5 8 9 8 6 1 ,3 6 1 1 2 5 ,9 3 6 1 ,5 1 5 ,8 8 6 Cotton Production at both cloth and yam mills in Manufacturing the Sixth District reporting for May in creased somewhat over A pril but was less than a year ago, but a slight increase in employment at cloth mills was more than offset by a decrease at yarn m ills so that total employment at reporting m ills declined slightly over the month but was about 40 per cent greater than a year ago. Orders reported by yam mills increased, but those received by cloth m ills declined, over the month, and both show decreases compared with May last year when produc tion, orders and employment were rising rapidly. Reported figures are compared in the table. N um ber of M ills C o tto n C lo th : P r o d u c tio n .......................................... O rd e rs B o o k e d ................................. U n filled O r d e r s ..................... .. S to c k s o n h a n d ................................ N u m b e r o n p a y r o ll....................... C o tto n Y a m : P r o d u c tio n ................................. .. O rd e rs B o o k e d ................................. U nfilled O rd e rs ................................ S to c k s o n h a n d ................................ N u m b e r o n p a y r o l l. .................... P e rc e n ta g e ch a n g e M a y 1 9 3 4 c o m p a re d w ith A p ril 1 9 3 4 M ay 1933 18 18 14 16 16 16 + — — — + + 1 0 .9 1 .4 3 3 .1 1 1 .7 1 5 .6 0 .1 — — — — + -h 6 .8 3 5 .5 7 4 .7 2 8 .8 4 1 .5 3 4 .3 11 11 7 9 10 10 + 3 .1 0 .1 + 3 2 .8 — 8 .7 -f 6 .4 — 1 .6 + — — — + + 5 .8 2 3 .1 4 9 .8 1 9 .6 4 5 .3 5 5 .3 + Cotton Seed There was a further seasonal decline in and Cotton operations at cotton seed oil mills in the Seed Products Sixth District during May, compared with earlier months of the season. For the ten months of the season receipts and crushings of seed, and production of crude oil, cake and meal, and hulls were smaller than for the season before. There was a small increase in production of linters. Stocks of seed, and of cottonseed prod ucts, at the end of May were smaller than a year ago. Cumu lative totals of 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. The figures are from those compiled by the United States Census Bureau. M O N T H L Y COTTO N SEED AND COTTON SEED PRO D U CTS S ix th D is tric t* U n ite d S ta te s A ug. 1 to M a y 3 1 A ug. 1 to M a y 31 1 9 33-34 1932-33 1933 -3 4 1932-33 C o tto n S eed, T o n s: R e c e iv e d a t M i l l s . . . C r u s h e d ........................... On H and, M ay 3 1 .. 1 ,1 8 5 ,9 6 6 1 ,0 8 9 ,7 4 3 1 2 4 ,9 9 3 1 ,3 0 0 ,7 5 6 1 ,2 1 8 ,5 7 0 1 2 9 ,0 9 2 4 ,0 6 2 ,8 0 3 3 ,9 6 4 ,2 9 4 3 1 8 ,9 3 0 4 ,4 4 0 ,9 1 5 4 ,2 9 2 ,1 5 0 4 4 7 ,7 5 9 P ro d u c tio n : C ru d e O il, lb s.............. 3 5 6 , 2 1 2 , 1 6 9 3 9 3 , 0 2 5 , 0 3 2 C a k e a n d M e a l, to n s 4 7 4 ,0 6 3 5 2 9 ,8 7 6 H u lls , t o n s .................... 2 9 7 ,4 2 3 3 5 0 ,3 8 9 L in te rs , B a le s .............. 2 1 4 ,6 4 2 2 1 2 ,2 7 3 1 ,2 4 1 ,4 0 8 ,3 0 0 1 ,8 0 1 ,3 7 0 1 ,0 5 6 ,1 9 2 7 5 9 ,4 9 1 1 ,3 3 9 ,2 5 6 ,4 6 3 1 ,9 4 1 ,9 1 6 1 ,2 2 1 ,8 8 8 6 8 1 ,5 8 1 S to ck s a t M ills, M a y 3 1 : 1 2 ,3 1 6 , 3 3 5 C ru d e O il, lb s .............. C ak e a n d M e a l, to n s 8 0 ,1 9 5 H u lls , t o n s .................... 1 4 ,1 8 5 L in te rs , B a le s .............. 4 2 ,8 3 7 2 0 ,7 1 6 ,3 4 5 5 6 ,3 8 2 ,1 7 4 5 3 ,5 5 7 ,6 5 9 8 5 ,3 0 0 2 1 9 ,7 4 8 2 0 5 ,6 0 9 2 7 ,7 2 5 5 7 ,2 0 1 8 7 ,0 2 9 5 2 , 9 5 3 ________ 1 3 3 , 0 1 3 ________ 1 7 2 , 2 9 5 * G e o rg ia , A la b a m a , L o u isia n a a n d M ississip p i. Electric Production of electric power by public utility power Power plants in the six states located wholly or partly in the Sixth District declined 8.8 per cent in April, compared with the longer month of March, but was 10.5 per cent greater than in A pril, 1933, and for the first four months of 1934 was 11.4 per cent greater than in that part of last year. Production by use of water power, which in April ac counted for 65.9 per cent of the total, declined 5.9 per cent over the month, while output by use of fuels decreased 14 per cent. For the four months of 1934 production by use of water power accounted for 61.2 per cent of the total, com pared with 66.6 per cent during the same period a year ago. Figures 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 ( 0 0 0 k . w . H o u rs ) A p ril 1 9 3 4 M a rc h 1 9 3 4 A p ril 1 9 3 3 A la b a m a .................................................... F lo r id a ........................................................ G e o r g ia ...................................................... L o u isia n a .................................................. M is siss ip p i............................................... T e n n e s se e ................................................. 1 2 8 ,3 8 0 5 6 ,4 4 8 9 2 ,8 5 7 7 6 ,8 2 4 3 ,8 8 1 1 1 0 ,9 8 9 T o t a l . ......................................... 4 6 9 ,3 7 9 5 1 4 ,8 5 0 4 2 4 ,8 0 6 B y u se o f : W a te r P o w e r ............... 3 0 9 ,1 4 1 F u e ls ................................. 1 6 0 ,3 2 8 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 oal— terns.................................... 1 0 ,0 2 4 F u e l Oil— b b ls ............................ 1 9 9 ,1 5 0 N a tu r a l G as— 0 0 0 cu . f t . . .1 , 6 2 8 , 2 6 2 3 2 8 ,4 7 3 1 8 6 ,3 7 7 2 8 4 ,3 3 3 1 4 0 ,4 7 3 1 1 ,0 9 4 2 1 7 ,5 5 5 1 ,8 6 4 , 7 0 5 9 ,3 3 0 1 8 4 ,6 8 4 1 ,4 0 1 ,9 3 1 N o te : 1 4 0 ,7 9 2 6 3 ,6 9 2 1 0 7 ,4 6 4 9 3 ,3 6 4 3 ,9 0 9 1 0 5 ,6 2 9 1 0 4 ,8 7 8 4 9 ,5 1 8 1 1 7 ,5 8 7 7 0 ,3 7 1 3 ,8 8 7 7 8 ,5 6 5 A p ril figures p re lim in a ry — M a rc h figures slig h tly rev ise d . Bituminous Production of bituminous coal in the United Goal Mining States increased 13.4 per cent from April to the longer month of May, and was 25 per cent greater than in May last year. Average daily production in creased 3.9 per cent over April. For the first five months of 1934 total production has been 30.3 per cent larger than in that period a year ago. Preliminary figures for May are com pared in the table. T o ta l P ro d u c tio n (T o n s) M a y 1 9 3 4 ................................................. ....2 8 , 1 0 0 , 0 0 0 p A p ril 1 9 3 4 .....................................................2 4 , 7 7 2 ,0 0 0 r M a rc li 1 9 3 4 . . . . ................................... ....3 8 , 4 9 7 , 0 0 0 M a y 1 9 3 3 ................................................. ....2 2 , 4 8 8 , 0 0 0 p — P re lim in a ry , N u m b e r of W o rk in g D ays 2 6 .4 2 4 .2 27 2 6 .4 A v erag e p e r W o rk in g D a y (T o n s) l,0 6 4 ,0 0 0 p l,0 2 4 ,0 0 0 r 1 ,4 2 6 ,0 0 0 8 5 2 ,0 0 0 r — R e v ise d . Pig Iron Total production of pig iron in the United States Production increased 18.3 per cent from April to May, and was greater than in May, 1933, by 130.2 per cent, according to figures published by the Iron Age. Daily average production increased 14.5 per cent over the month, and was higher than for any other month since April, 1931. The number of furnaces active on June 1 was 116, compared with 110 a month earlier, and was also the largest since A pril, 1931. Alabama production of pig iron increased 6.3 per cent from April to May and was 168.3 per cent greater than in May last year. The daily average, however, increased over the month by 2.9 per cent, and was the largest since July, 1931. The number of furnaces active remained at 10, the same as for the previous five months, compared with 2 active a year ago. Press reports indicate that books for third quarter iron were opened June 1 at $14.50 per ton, the price which has prevailed since the middle of A pril, but buying is not active because foundries were well stocked with iron purchased be fore the increase. May deliveries were much better than those of April. Spot orders are mostly routine, and small. Cumulative totals for the United States for the five months of 1934 amount to 7,868,180 tons, greater by 147.7 per cent than in that part of 1933 and 73.3 per cent greater than in the same period of 1932, and in Alabama production from January to May has amounted to 607,824 tons, 277.8 per cent greater than production for the same period in 1933 and 53.2 per cent greater than in that part of 1932. Comparisons for the month are shown in the table. P ro d u c tio n — T o n s T o ta l D a ily A v erag e 2 ,0 4 2 ,8 9 6 1 ,7 2 6 ,8 5 1 8 8 7 ,2 5 2 6 5 ,9 0 0 5 7 ,5 6 1 2 8 ,6 2 1 116 110 48 A lab a m a: M ay 1 9 34 . . . A p ril 1 9 3 4 . . . M ay 1 9 3 3 . .. 1 3 0 ,3 6 4 1 2 2 ,5 9 1 4 8 ,5 8 3 4 ,2 0 5 4 ,0 8 6 1 ,5 6 7 10 10 2 * F ir s t o f follow ing m o n th . Naval There was a further seasonal increase in receipts Stores of both turpentine and rosin at the three principal naval stores markets of the Sixth District from April to May, but receipts of turpentine were 23.8 per cent, and those of rosin 11.3 per cent, less than in May last year. Stocks of turpentine declined 8.4 per cent, but supplies of rosin increased 2.9 per cent, over the month, and stocks of both commodities were considerably smaller than a year earlier. Demand for both commodities has continued unsatis factory and on June 9 price of turpentine on the Savannah market was 47 V cents per gallon, and the average of quota 2 tions for the thirteen grades of rosin was $4.66 per 280 pounds. Both of these quotations were the lowest since Janu ary. Receipts and stocks are compared in the table. NAVAL STORES M ay 1934 R e c e ip ts— T u r p e n tin e ( 1 ) T e n n essee 1933 1934 W e ek E n d e d : M a y 5 .................................... M a y 1 2 ................................. M a y 1 9 ................................. M a y 2 6 ................................. J u n e 2 .......... ........................ 1933 1934 2 0 6 ,0 0 0 2 2 3 ,0 0 0 2 2 1 ,0 0 0 2 1 7 ,0 0 0 2 0 6 ,0 0 0 1 3 9 ,0 0 0 1 3 7 ,0 0 0 1 3 5 ,0 0 0 1 3 6 ,0 0 0 1 3 3 ,0 0 0 7 1 ,0 0 0 7 7 ,0 0 0 7 2 ,0 0 0 7 6 ,0 0 0 7 2 ,0 0 0 5 3 ,0 0 0 5 4 ,0 0 0 5 3 ,0 0 0 5 3 ,0 0 0 5 9 ,0 0 0 A p ril 1 9 3 4 M ay 1933 J a c k s o n v ille .................................... 1 1 ,8 3 5 9 ,3 4 8 3 ,4 7 5 8 ,0 8 9 7 ,2 2 8 1 ,9 9 8 1 4 ,8 1 9 1 3 ,8 7 8 3 ,6 6 2 T o t a l ......................................... 2 4 ,6 5 8 1 7 ,3 1 5 3 2 ,3 5 9 Ja c k s o n v ille .................................... 4 7 ,6 2 5 4 0 ,2 9 1 9 ,9 8 9 3 4 ,4 1 1 2 9 ,4 7 7 5 ,6 0 8 4 9 ,5 3 2 5 0 ,6 2 4 1 0 ,2 9 4 T o t a l ......................................... 9 7 ,9 0 5 6 9 ,4 9 6 1 1 0 ,4 5 0 J a c k s o n v ille .................................... 3 ,3 9 6 2 1 ,9 9 1 1 7 ,1 8 3 5 ,0 5 9 2 3 ,8 1 3 1 7 ,5 9 3 1 0 ,3 8 3 4 0 ,9 5 0 1 5 ,7 7 5 T o t a l ......................................... 4 2 ,5 7 0 4 6 ,4 6 5 6 7 ,1 1 7 Ja c k s o n v ille .................................... 8 9 ,7 7 3 5 8 ,3 2 3 1 2 ,9 0 5 8 3 ,9 0 3 6 2 ,8 9 0 9 ,6 5 4 1 1 0 ,8 6 1 1 0 3 ,5 8 9 1 2 ,5 7 2 T o t a l . ...................................... 1 6 1 ,0 0 1 1 5 6 ,4 4 7 2 2 7 ,0 2 2 S to ck s— T u rp e n tin e (1 ) (T o n s) A la b a m a F u rn a c e s A ctiv e* U n ite d S ta t e s : M ay 1934. .. A p ril 1 9 3 4 . . . M ay 1 9 33 . . . R e c e ip ts— R o sin (2 ) Weekly figures for the five weeks ending June 2 indicate that production of coal in Alabama more than doubled in May as compared with April when output was reduced by strikes during a part of that month, and was 57.8 per cent greater than a year ago, and Tennessee production also in creased from April to May and was 35 per cent greater than in corresponding weeks of last year. 7 R E V IE W S to ck s— R o sin (2 ) (1 ) (2 ) B a rre ls o f 5 0 G allo n s. B arrels of 5 0 0 P o u n d s. 8 M O N T H L Y R E V IE W MONTHLY IN D EX NUMBERS COMPUTED B Y FED ER A L R ES ER V E BAN K OF ATLAN TA M O N T H L Y A V E R A G E 1923-1925=100 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 arch 1934 A p r il 1934 M ay 1934 M a rc h 1933 A p r il 1933 M ay 1933 D a ily Average S a le s— U n a d ju s te d A tla n ta ................................................................................................... Birm ingham ............................................ ................. ............................ Chattanooga............................................................... .......................... N ashville........................................................................ .. New Orleans.................................................. ....................................... D I S T R I C T ........................................................................................... 166.0 6 9.2 69.3 80.9 64.9 8 4.4 145.8 62.1 64.5 81.0 75.3 83.0 155.3 64.0 69.6 88.7 67.6 82.8 104.9 42.3 34.6 48.7 35.7 49.6 115.1 48.4 4 8.7 66.4 5 7.4 64.8 123.0 51.8 54.7 73.3 59.0 67.9 D a ily Average Sa le s— A d ju ste d * A tlanta....................................................... ........................................... Birm ingham .................. . . . . ......................................................... Chattanooga......................................................................................... N ashville.......................... ................................ .......................... New Orleans.......................................................................................... D I S T R I C T .......... ................................................................. ............... 167.7 68.5 72.9 84.3 67.6 * 88.1 142.9 65.4 67.2 83.5 74.6 83.8 147.9 6 3.4 67.6 79.9 69.7 82.0 112.8 44.5 38.9 54.1 3 9 .7 53.9 106.6 47.9 47*7 64.5 53.6 61.7 117.1 51.3 53.1 66 .0 60.8 6 7.2 M o n th ly S to c k s— U n a d ju s te d A tlanta.................. . . . . .......... ............................ ................................ Birm ingham ......... ........................................................ .. Chattanooga................................ ................................................. .. N ashville............... ................................................................................ New Orleans. . . . .................................................................... .. D I S T R I C T ................... ................................................................. 90.2 37.4 45.0 65.5 58.8 58.7 97.6 35.2 51.7 68.9 59.6 60.8 9 0.8 35.2 44.3 67.9 60.5 64.5 7 1.8 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 M o n th ly S to c k s— A d ju ste d * A tla n ta .................................... ...................................................... .. B irm ing ham ................................................................................... Chattanooga................................ ....................................................... N ashville................. ................................................. ............................ New Orleans......................................................................................... D I S T R I C T .......... ! . . ........................................... .............................. 88.4 36.7 42.5 64.2 56.6 57.0 93.0 33.5 49.2 66.3 57.3 57.9 89.9 34.5 43.4 67.2 59.9 63.2 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 W H O L E S A L E T R A D E — S IX T H D IS T R IC T — T O T A L .. Groceries..................................... .......................................................... D ry Goods............................................................................................. H ardw are.............................................................. ............................ Fu rnitu re .................................. ...................................................... Electrical Supplies............................................................ .. Statio nery............................................................................................. D rugs.............................. ........................................................................ 60.0 53.6 70.8 57.6 56.6 63.1 38.9 80.9 56.0 45.9 62.6 57.9 54.1 77.8 39.3 71.5 56.7 49.0 54.8 59.3 51.3 78.4 37.9 78.0 38.2 38.9 4 1.8 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 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 . . . A labam a................................................................................................. Flo rid a..................... .............................................................................. Georgia................................................................................................... Louisiana.................................. ................. ....................... ............. M ississippi............................................................................................. Tennessee............................................................................................... 67.6 52.8 78.4 71.4 73.4 58.6 67.8 75.8 68.9 94.6 81.7 83.5 60.0 65.1 76.0 60.8 84.8 90.3 81.8 63.9 69.0 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 62.2 65.7 63.7 53.6 55.6 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 tlanta ................ ................................ .................................................. Birm ingham .......................................................................................... Jacksonville...................... ................................................................... N ashville...................................... ........................................... ............ New Orleans.......................................................................................... Fifteen Other C itie s........................... ............................................. .. 13.7 8.1 4 .9 19.4 21.5 5 .0 18.0 15.0 6 .4 6 .0 35.3 6 .5 34.3 13.3 16.7 . 12.7 3 .8 14.5 10.0 8 .6 24.4 6 .2 3.3 3.1 7 .6 12.4 5 .7 7.1 7 .3 5.6 2.9 7 .2 11.2 8.1 8.3 13.6 5 .3 3 .3 13.8 10.6 12.4 19.3 C O N T R A C T A W A R D S— S IX T H D IS T R IC T — T O T A L . Residential............................................................................................. A ll Others...................................................................................... 57.8 13.8 87.2 37.8 15.8 52.7 29.8 14.7 40.0 11.3 12.3 10.6 7 .7 10.1 6.1 14.9 15.1 14.7 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 f A L L C O M M O D IT IE S .................................................................... Farm Products.................................................. .................................. Foods....................................................................................................... Other Commodities............................................................. .. Hides and leather products..................................................... Textile products.......................................................................... Fuel and lighting......................................................... ............... M etals and metal products............ ......................................... Building materials..................................... . .......................... Chemicals and drugs.................................................................. Housefurnishing goods......................................................... Miscellaneous............................................................................... 73.7 61.3 67.3 78.5 88.7 76.5 71.4 87.1 86.4 75.7 81.4 69.3 73.3 59.6 66.2 78.6 88.9 75.3 71.7 87.9 86.7 75.5 81.6 69.5 73.7 59.6 67.1 78.9* 87.9 73.6 72.5 89.1 87.3 75.4 82.0 69.8 60.2 4 2.8 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 7 3.2 71.7 58.9 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 .............. Cotton-Growing States...................................................................... A ll Other States................................................................................... Georgia.......................................................................................... Alabam a....................................................................................... Tennessee...................................................................................... 105.6 125.4 66.2 130.8 160.7 117.7 99.6 118.8 61.4 119.3 157.1 118.7 100:9 121.8 59.6 124.6 163.3 120.5 6 6 .2 120.7 4 7.4 115.2 152.6 117.2 91.3 113.6 4 7.2 107.7 147.2 123.0 120.5 150.1 61.8 147.7 197.3 149.6 C O T T O N E X P O R T S — U N IT E D S T A T E S ........................... 107.1 75.3 55.5 95.0 85.0 115.2 P I G IR O N P R O D U C T IO N — United States.......................... Alabam a.................................... 54.2 53.8 57.8 52.8 68.4 56.1 18.1 12.0 20.9 13.3 29.7 20.9 ♦ A d ju ste d fo r Se a so n al V a ria tio n , fC o m p ile d b y B u re a u o f L a b o r S tatistics. 1926 100. •
