Full text of Economic Review (Federal Reserve Bank of Atlanta) : March 31, 1932, Volume 17, Number 3

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M

O N T H

L Y

R E V I E W

Of Financial, Agricultural, TradeandIndustrial
Conditionsin theSixth Federal ReserveDistrict
F E D E R A L

R E S E R V E

V O L . 1 7 , N o . 3.

B A N K

O F

A T L A N T A , G A ., M A R C H 3 1 , 1 9 3 2 .

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Prepared by Federal Reserve Board
V o lu m e o f i n d u s t r i a l p r o d u c ti o n a n d f a c t o r y e m p lo y ­
m e n t in c re a s e d fro m J a n u a r y to F e b ru a ry b y a n a m o u n t
s m a ll e r t h a n is u s u a l a t t h i s s e a s o n . I m p r o v e m e n t in t h e
b a n k in g s i t u a t i o n d u r i n g F e b r u a r y a n d t h e f i r s t t h r e e w e e k s
o f M a r c h w a s r e f l e c t e d i n a d e c lin e i n b a n k s u s p e n s io n s a n d
a r e t u r n f l o w o f c u r r e n c y f r o m t h e p u b lic t o t h e b a n k s .

Production and
Employment

O u t p u t o f i n d u s t r i a l p r o d u c ts i n c r e a s e d
le s s t h a n s e a s o n a lly i n F e b r u a r y a n d t h e
B o a r d ’s I n d e x , w h ic h m a k e s a llo w a n c e f o r
th e u s u a l s e a s o n a l v a r ia ti o n s , d e c lin e d f r o m 71 p e r c e n t o f
th e 1 9 2 3 -1 9 2 5 a v e r a g e t o 7 0 p e r c e n t. A c t iv i t y i n t h e s te e l
in d u s t r y d u r i n g F e b r u a r y a n d t h e f i r s t t h r e e w e e k s o f M a rc h
s h o w e d l i t t l e c h a n g e f r o m t h e J a n u a r y r a t e , a lt h o u g h o r d i­
n a r i l y s u b s t a n t i a l i n c r e a s e s a r e r e p o r t e d a t t h i s t im e o f
y e a r . A u to m o b ile p r o d u c ti o n c o n ti n u e d i n s m a ll v o lu m e ,
s h o w in g n o n e o f t h e u s u a l s e a s o n a l e x p a n s io n , a n d t h e n u m ­
b e r o f c a r s p r o d u c e d i n t h e t h r e e - m o n t h p e r io d e n d in g i n
F e b r u a r y w a s a b o u t 3 5 p e r c e n t le s s t h a n in t h e c o r r e s p o n d ­
i n g p e r io d a y e a r a g o . I n t h e l u m b e r i n d u s t r y , o u t p u t d e ­
c lin e d f u r t h e r , c o n t r a r y t o s e a s o n a l te n d e n c y . A c t iv i t y a t
c o tt o n m ills a n d s h o e f a c t o r i e s in c r e a s e d b y m o r e t h a n t h e
s e a s o n a l a m o u n t a n d w a s a t a b o u t t h e s a m e le v e l a s in t h e
c o r r e s p o n d i n g m o n th l a s t y e a r .
V o lu m e o f e m p lo y m e n t a t f a c t o r i e s i n c r e a s e d in F e b r u a r y
b y s o m e w h a t le s s t h a n t h e u s u a l s e a s o n a l a m o u n t. I n t h e
i r o n a n d s te e l, a u to m o b ile a n d m a c h i n e r y i n d u s t r i e s t h e n u m ­
b e r e m p lo y e d s h o w e d a n i n c r e a s e s m a lle r t h a n is u s u a l i n
t h is m o n th , a n d a t l u m b e r m ills a c o n tin u e d d e c lin e in e m ­
p l o y m e n t w a s r e p o r t e d . A t e s t a b l i s h m e n t s p r o d u c in g f a b ­
ric s , w e a r i n g a p p a r e l, a n d s h o e s v o lu m e o f e m p lo y m e n t i n ­
c r e a s e d b y m o r e t h a n t h e s e a s o n a l a m o u n t.
D a ily a v e r a g e v a lu e o f t o t a l b u ild in g c o n t r a c t s a w a r d e d ,
a s r e p o r t e d b y t h e F . W . D o d g e C o r p o r a tio n , s h o w e d l i t t l e
c h a n g e in F e b r u a r y a n d t h e f i r s t h a l f o f M a r c h , a n d f o r t h e
p e r io d b e tw e e n t h e f i r s t o f F e b r u a r y a n d t h e m id d le o f
M a rc h t h e v a lu e o f c o n t r a c t s w a s 65 p e r c e n t le s s t h a n a
y e a r a g o , r e f l e c t i n g c o n tin u e d d e c lin e s in r e s i d e n t i a l b u ild ­
i n g a s w e ll a s i n o t h e r t y p e s o f c o n s t r u c t o i n . P a r t o f t h e

PERCENT

FACTORSi EMPLOYVIENTANDPAYROLLS

................

A-

120

This review released for publication in
afternoon papers of M arch 30.

d e c r e a s e in t h e v a lu e o f a w a r d s r e f l e c t s r e d u c t io n s i n b u ild ­
i n g c o s ts .

Distribution

C a r lo a d in g s o f m e r c h a n d is e a n d o f m is c e l­
la n e o u s f r e i g h t s h o w e d n o n e o f t h e u s u a l
s e a s o n a l i n c r e a s e i n F e b r u a r y , w h ile s a le s a t d e p a r t m e n t
s t o r e s r e m a in e d u n c h a n g e d , a s i s u s u a l a t t h i s s e a s o n .

Wholesale
Prices

W h o le s a le c o m m o d ity p r ic e s , a s m e a s u r e d b y
t h e I n d e x o f t h e B u r e a u o f L a b o r S t a ti s t i c s ,
d e c lin e d f u r t h e r f r o m 6 7 p e r c e n t o f t h e 1 9 2 6
a v e r a g e f o r J a n u a r y t o 66 p e r c e n t f o r F e b r u a r y . B e tw e e n
t h e f i r s t w e e k o f F e b r u a r y a n d t h e t h i r d w e e k o f M a rc h ,
t h e r e w e r e i n c r e a s e s in t h e p r i c e s o f c o tto n , liv e s to c k , a n d
m e a ts , w h ile p r ic e s o f g r a in s , n o n - f e r r o u s m e t a ls a n d im ­
p o r t e d r a w m a t e r i a ls , in c l u d i n g silk , s u g a r , a n d r u b b e r , d e ­
c lin e d c o n s id e r a b ly .

Bank
Credit

I n t h e b a n k in g s i t u a t i o n t h e i m p o r t a n t d e v e lo p m e n t s in F e b r u a r y a n d t h e f i r s t h a l f o f M a r c h w e r e
a c o n s id e r a b le r e d u c t io n in t h e n u m b e r o f b a n k
s u s p e n s io n s a n d a r e t u r n f lo w o f c u r r e n c y f r o m t h e p u b lic
t o t h e b a n k s . T h e c o u n tr y ’s s to c k o f m o n e t a r y g o ld d e c lin e d
in F e b r u a r y b u t i n c r e a s e d s o m e w h a t i n t h e f i r s t h a l f o f
M a rc h . M e m b e r b a n k r e s e r v e b a la n c e s , a f t e r d e c r e a s in g a l ­
m o s t c o n tin u o u s ly s in c e l a s t s u m m e r , s h o w e d a s l i g h t i n ­
c r e a s e f o r t h e f i r s t tw o w e e k s in M a rc h . P u r c h a s e s o f U n ite d
S t a t e s g o v e r n m e n t o b lig a tio n s b y t h e F e d e r a l R e s e r v e B a n k s
b e g in n in g in M a r c h w e r e a c c o m p a n ie d b y a c o n s id e r a b le d e ­
c lin e i n m e m b e r b a n k i n d e b t e d n e s s t o t h e r e s e r v e b a n k s .
L o a n s a n d in v e s tm e n ts o f m e m b e r b a n k s in l e a d i n g c itie s
c o n tin u e d t o d e c lin e u n t i l t h e m id d le o f M a r c h , w h e n t h e r e
w a s a s u b s t a n t i a l in c r e a s e , o w in g l a r g e ly t o t h e b a n k s ’ p u r ­
c h a s e s o f U n i t e d S t a t e s G o v e r n m e n t s e c u r i t i e s , is s u e d o n
M a rc h 1 5 . D e m a n d a n d tim e d e p o s its o f t h e s e b a n k s d e ­
c re a se d f u r t h e r d u rin g F e b r u a ry b u t sh o w ed little c h a n g e
in t h e f i r s t h a l f o f M a rc h . O p e n m a r k e t r a t e s o n a c c e p ta n c e s
a n d c o m m e rc ia l p a p e r d e c lin e d d u r i n g F e b r u a r y a n d t h e
f i r s t h a l f o f M a rc h . D u r i n g t h i s p e r io d y ie ld s o n T r e a s u r y
a n d o t h e r h ig h g r a d e b o n d s d e c r e a s e d t o t h e lo w e s t p o i n t
s in c e e a r l y D e c e m b e r , b u t a f t e r t h e m id d le o f t h e m o n th
y ie ld s o n h ig h g r a d e c o r p o r a t e b o n d s in c r e a s e d s o m e w h a t.
PER CENT

110

4V
A0
/

100
nploymerit

1

r
Payrolls->

90
80

5^\
Vv
✓

70
60
50

In d e x n u m b e r s o f f a c t o r y e m p lo y m e n t a n d p a y r o lls , w it h o u t a d j u s t m e n t
f o r s e a s o n a l v a r i a t i o n s (1 9 2 3 -2 5 a v e r a g e = 1 0 0 ) . L a t e s t f ig u r e F e b r u a r y E m ­
p lo y m e n t 67.3 p a y r o l ls 53.6.




A T L A N T A

I n d e x o f U n i t e d S t a t e s B u r e a u o f L a b o r S t a t is t ic s .
a d o p te d b y b u r e a u ). L a t e s t f ig u r e s F e b r u a r y 66.3.

(1 9 26 — 100. b a s e

2

M O N T H L Y

R E V IE W

MILLIONSOFDOLLARS
2500!

MILLIONSOFDOLLARS
2500

R!■SERVE BiMJKCRED!IT
K

2000

J

it

1500

\T
AV j

1000
500

L-

r

Tota
I
Discounts

2000

f\

V

J

\J

U.S.Secuirities

1000

r*7 7

S*

K/

1500

500
Acceptances

V

1927
1928
1929
1930
1931
1932
M onthly rates in th e open m arket in New Y ork; commercial paper ra te
on 4-to-6-month p ap er and acceptance ra te on 90-day bankers* acceptances.
L atest figures are averages of firs t 22 days in March.

1927
1928
1929
1930
1931
1932
Monthly averages of daily figures fo r 12 F ederal Reserve Banks. L atest
figures are averages of firs t 22 days in March.

SIXTH DISTRICT SUMMARY

w ith f ig u r e s f o r th e c o rre s p o n d in g r e p o r t d a te a y e a r ag o ,
h o w e v e r , d i s c o u n ts o n M a r c h 9 t h i s y e a r w e r e n e a r l y t h r e e
t im e s a s g r e a t a s t h e y w e r e a y e a r a g o , a n d h o ld in g s o f
U n i t e d S t a t e s s e c u r i t i e s w e r e s o m e w h a t g r e a t e r , b u t h o ld ­
i n g s o f p u r c h a s e d p a p e r w e r e s m a lle r .
T o ta l b ills a n d s e c u r i t i e s h e ld b y t h e b a n k , w h ic h r e p r e ­
s e n t th e a m o u n t o f re s e rv e b a n k c re d it o u ts ta n d in g a t th is
b a n k , w e r e o n M a r c h 9 s m a ll e r b y $ 9 ,0 9 9 ,0 0 0 t h a n f o u r
w e e k s e a r l ie r , b u t w e r e $ 2 9 ,4 5 0 ,0 0 0 g r e a t e r t h a n a y e a r a g o .
A c c o m p a n y in g t h i s d e c lin e i n d i s c o u n ts a n d i n v e s tm e n t
h o ld in g s , t h e r e w a s a n i n c r e a s e i n t o t a l r e s e r v e s b e tw e e n
F e b r u a r y 10 a n d M a r c h 9 a m o u n t i n g t o $ 9 ,2 7 5 ,0 0 0 , b u t t h e y
w e r e t h e n s m a ll e r b y $ 4 8 ,0 4 8 ,0 0 0 t h a n a t t h e s a m e t im e l a s t
y e ar.
F e d e r a l R e s e r v e n o t e s o f t h i s b a n k i n a c t u a l c ir c u la t io n
in c r e a s e d s lig h tly , a n d m e m b e r b a n k r e s e r v e d e p o s its a ls o
i n c r e a s e d , b e tw e e n F e b r u a r y 1 0 a n d M a r c h 9 , b u t t o t a l d e ­
p o s i t s d e c lin e d s lig h tly , a n d b o t h n o t e c ir c u la t io n a n d d e ­
p o s its w e r e a t l o w e r le v e ls t h a n a y e a r a g o .
P r i n c ip a l ite m s i n t h e w e e k ly r e p o r t a r e s h o w n c o m ­
p a ra tiv e ly in th e ta b le .

A v a ila b le b u s in e s s s t a t i s t i c s f o r F e b r u a r y in d ic a te s m a ll
g a in s o v e r J a n u a r y i n r e t a i l a n d w h o le s a le t r a d e , p i g i r o n
p r o d u c ti o n i n A la b a m a , i n c o tt o n m a n u f a c t u r i n g a n d i n
b u ild in g p e r m i t s , b u t w i t h t h e e x c e p tio n o f t e x t i l e a c t i v it y
a ll o f t h e s e r i e s c o n ti n u e t o c o m p a r e u n f a v o r a b l y w i t h c o r ­
r e s p o n d i n g p e r io d s a y e a r a g o .
D e p a r t m e n t s t o r e s a le s i n F e b r u a r y r e c o r d e d a g a in o f 4
p e r c e n t o v e r J a n u a r y a n d a v e r a g e d 1 6 p e r c e n t le s s t h a n in
F e b r u a r y , 1 9 3 1 , a d e c r e a s e i n a c t u a l d o l la r v o lu m e m u c h
s m a ll e r t h a n t h e e s t im a te d d e c lin e i n r e t a i l p r ic e s . W h o le ­
s a l e t r a d e , w h ic h u s u a l ly d e c lin e s f r o m J a n u a r y t o F e b r u ­
a r y , in c r e a s e d 0 .9 p e r c e n t, b u t c o n ti n u e d le s s t h a n a y e a r
a g o . S a le s o f l i f e i n s u r a n c e in F e b r u a r y w e r e g r e a t e r t h a n
a y e a r a g o i n F l o r i d a , G e o r g ia , M is s is s ip p i a n d T e n n e s s e e ,
b u t a v e r a g e d 1 .1 p e r c e n t s m a ll e r f o r t h e s ix s t a t e s ; f o r t h e
f i r s t tw o m o n th s o f t h e y e a r c o m b in e d , h o w e v e r , t h e t o t a l
f o r t h e s ix s t a t e s w a s g r e a t e r b y 1 .6 p e r c e n t t h a n f o r t h a t
p e r io d a y e a r a g o .
O u t s t a n d in g R e s e r v e B a n k c r e d i t d e c lin e d f u r t h e r b e ­
t w e e n F e b r u a r y 10 a n d M a r c h 9 , b u t c o n ti n u e d g r e a t e r t h a n
a t t h e s a m e t im e l a s t y e a r , a n d t o t a l lo a n s a n d i n v e s tm e n ts
o f w e e k ly r e p o r t i n g m e m b e r b a n k s d e c lin e d f u r t h e r d u r i n g
t h i s f o u r - w e e k p e r io d a n d w e r e f i f t y m illio n s le s s t h a n a
y e a r a g o , a d e c lin e o f 7 4 m illio n s i n lo a n s b e in g p a r t l y o f f s e t
b y a n i n c r e a s e o f 2 4 m illio n s i n s e c u r i t y h o ld in g s . D e m a n d
d e p o sits! i n c r e a s e d 7 .4 m illio n s b e tw e e n F e b r u a r y 3 a n d
M a r c h 9 , a n d t im e d e p o s its in c r e a s e d 3 .8 m illio n s d u r i n g t h e
f i r s t tw o w e e k s i n M a r c h .
B u ild in g p e r m i t s a t t w e n t y r e p o r t i n g c itie s g a in e d 3 1 .1
p e r c e n t i n F e b r u a r y o v e r t h e lo w le v e l r e c o r d e d f o r J a n u a r y ,
b u t w e r e 2 7 p e r c e n t le s s t h a n a y e a r a g o , a n d c o n t r a c t s
d e c lin e d 1 .9 p e r c e n t o v e r t h e m o n th a n d w e r e 7 2 .5 p e r
c e n t le s s t h a n a y e a r a g o . T o ta l p r o d u c ti o n o f p ig i r o n i n
A la b a m a in c r e a s e d 1 .0 p e r c e n t , a n d d a ily a v e r a g e o u t p u t
i n c r e a s e d 8 .0 p e r c e n t , o v e r J a n u a r y , b u t f o r t h e f i r s t tw o
m o n th s o f 1 9 3 2 p r o d u c ti o n w a s 4 0 .5 p e r c e n t l e s s t h a n a
y e a r a g o . T h e c o n s u m p tio n o f c o tt o n b y m ills i n t h e c o tt o n
s t a t e s i n c r e a s e d 1 .8 p e r c e n t o v e r J a n u a r y , a n d w a s 6 .9 p e r
c e n t g r e a t e r t h a n a y e a r a g o , a n d i n G e o r g ia , A l a b a m a a n d
T e n n e s s e e F e b r u a r y c o n s u m p tio n g a in e d 3 .7 p e r c e n t o v e r
J a n u a r y , a n d w a s 5 .0 p e r c e n t g r e a t e r t h a n a y e a r a g o . F o r
t h e p a s t t e n m o n th s p r o d u c ti o n o f c o tt o n c lo th b y m ills r e ­
p o r tin g to th is b a n k h a s b e e n g r e a t e r th a n a y e a r e a rlie r.
T h e n u m b e r o f w o r k e r s r e p o r t e d b y c lo th m ills w a s g r e a t e r
th a n f o r J a n u a ry o r f o r F e b ru a ry la s t y e a r, a n d th e n u m b e r
o f w o r k e r s a t y a r n m ills in c r e a s e d 2 p e r c e n t o v e r J a n u a r y .

FINANCE
Reserve Bank
Credit

T h e r e w a s a f u r t h e r d e c lin e i n t h e v o lu m e
o f re s e rv e b a n k c re d it o u ts ta n d in g a t th e
F e d e r a l R e s e r v e B a n k o f A t l a n t a b e tw e e n
F e b r u a r y 10 a n d M a rc h 9 , a n d th e to ta l o n th is l a t t e r d a te
w a s t h e s m a lle s t f o r a n y w e e k ly r e p o r t d a t e s in c e S e p te m ­
b e r 2 3 l a s t y e a r . D u r i n g t h i s r e c e n t f o u r w e e k s p e r io d t h e
a m o u n t o f d is c o u n te d b ills h e ld b y t h i s b a n k d e c lin e d b y
$ 6 ,2 5 4 ,0 0 0 , i t s h o ld in g s o f b ills b o u g h t i n t h e o p e n m a r k e t
d e c r e a s e d $ 2 ,0 9 8 ,0 0 0 , a n d t h e r e w a s a n e t d e c r e a s e o f
$ 7 4 7 ,0 0 0 i n i t s h o ld in g s o f i n v e s t m e n t s e c u r i t i e s . C o m p a r e d




(000 Omitted)
M arch 9, 1932 Feb. 10,1932 M arch 11,1931
Bills Discounted:
$
319
Secured by Govt. Obligations...
$ 10,602
$ 12,163
14,112
32,044
36,737
All Others .
Total Discounts
42,646
48,900
14,431
8,089
8,985
Bills B ought in open m arket_
6,887
U. S. Securities
12,623
12,620
10,186
_ _
__ _
750
O ther Securities
Total Bills and Securities..
62,156
71,255
32,706
Total Reserves
117,023
107,748
165,071
Member Banks Reserve Deposits..
49,367
47,828
60,653
Total Deposits
52,395
61,815
52,776
121,087
120,591
130,641
F. R. Notes in actual circulation ..
62.2
85.8
Reserve R atio __________________
67.5

Condition of
Member Banks in
Selected Cities

T h e v o lu m e o f m e m b e r b a n k c r e d i t o u ts t a n d i n g a t 2 4 w e e k ly r e p o r t i n g m e m b e r
b a n k s lo c a t e d a t A t l a n t a , N e w O r le a n s ,
B i r m in g h a m , J a c k s o n v ille , C h a tt a n o o g a .
N a s h v ille , M o b ile a n d S a v a n n a h , d e c lin e d b y 1 1 .8 m illio n s o f
d o l la r s b e tw e e n F e b r u a r y 1 0 a n d M a r c h 9 , a n d w a s t h e n
5 0 .3 m illio n s le s s t h a n a t t h e s a m e t im e a y e a r a g o . D e ­
p o s its , h o w e v e r , in c l u d i n g d e m a n d a n d t i m e d e p o s its o f c u s ­
t o m e r s a n d th o s e h e ld f o r o t h e r b a n k s , h a v e i n c r e a s e d in
r e c e n t w e e k s , a lt h o u g h s t i ll l e s s t h a n a t t h e s a m e t im e l a s t
y e ar.
T h e d e c r e a s e i n t h e v o lu m e o f c r e d i t o u t s t a n d i n g b e ­
tw e e n F e b r u a r y 1 0 a n d M a r c h 9 w a s d u e i n p a r t t o a d e c lin e
o f $ 5 ,0 2 9 ,0 0 0 in l o a n s , b o t h t h o s e o n s e c u r i t i e s a n d “ AH
O t h e r s ,” a n d p a r t l y t o a d e c r e a s e o f $ 6 ,7 9 1 ,0 0 0 i n h o ld in g s
o f i n v e s t m e n t s e c u r i t i e s , m o s t o f t h i s b e i n g a c c o u n te d f o r
b y a r e d u c t i o n o f $ 5 ,7 4 7 ,0 0 0 i n h o ld in g s o f U n i t e d S t a t e s
G o v e rn m e n t se c u ritie s . C o m p a re d w ith th e c o rre s p o n d in g
r e p o r t d a t e a y e a r a g o . l o a n s o n s e c u r i t i e s h a v e d e c lin e d
$ 2 8 ,3 4 1 ,0 0 0 , a n d A ll O t h e r s $ 4 6 ,1 4 9 ,0 0 0 , a t o t a l d e c r e a s e
in lo a n s o f $ 7 4 ,4 9 0 ,0 0 0 . T h is d e c lin e in l o a n s w a s o n ly p a r t l y
o f f s e t b v a n i n c r e a s e o f $ 2 1 ,7 6 8 ,0 0 0 i n h o ld in g s o f U n i t e d
S t a t e s G o v e r n m e n t s e c u r i t i e s , a n d o f $ 2 ,3 9 7 ,0 0 0 i n o t h e r
s e c u r i t i e s , o v e r t h o s e h e ld a y e a r a g o .
F o llo w in g a d e c lin e o f a b o u t 1 4 .8 m illio n s b e tw e e n t h e
f i r s t r e p o r t d a te in J a n u a r y a n d F e b r u a r y 3, d e m a n d d e -

M O N T H L Y

p o s i t s h e ld b y t h e s e 2 4 w e e k ly r e p o r t i n g m e m b e r b a n k s i n ­
c r e a s e d 7 .4 m illio n s f r o m F e b r u a r y 3 t o M a r c h 9 . T im e
d e p o s its h e ld b y t h e s e b a n k s d e c lin e d e a c h w e e k f r o m t h e
f i r s t o f D e c e m b e r t h r o u g h F e b r u a r y , b u t h a v e in c r e a s e d
a b o u t 3 .8 m illio n s d u r i n g t h e tw o w e e k s e n d in g M a r c h 9 .
D e p o s its h e ld f o r o t h e r b a n k s in c r e a s e d n e a r l y 10 m illio n s
f r o m J a n u a r y 2 7 t o M a r c h 9. A ll o f t h e s e c la s s e s o f d e p o s its ,
h o w e v e r, c o n ti n u e a t le v e ls lo w e r t h a n a t t h e s a m e tim e l a s t
y e a r.
B o r r o w in g s b y t h e s e w e e k ly r e p o r t i n g m e m b e r b a n k s
f r o m t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a d e c lin e d b y m o r e
t h a n 4 m illio n s b e tw e e n F e b r u a r y 1 0 a n d M a r c h 9 , b u t c o n ­
t in u e d m u c h l a r g e r t h a n a y e a r a g o .
P r i n c ip a l i te m s i n t h e w e e k ly r e p o r t a r e s h o w n c o m ­
p a r a t i v e l y in t h e t a b l e , a n d a r e fo llo w e d b y m o n th ly a v e r a g e s
o f w e e k ly f i g u r e s f o r so m e o f t h e m o r e i m p o r t a n t ite m s in
t h e r e p o r t s h o w in g t h e i r t r e n d s o v e r t h e p a s t y e a r .
(000 Omitted)
M arch 9,1932 Feb. 10, 1932 March 11,1931
L o an s:
On S e c u r itie s ---------------All O t h e r s --------------------T otal L o a n s ---------------U. S. S e c u r itie s ---------------O ther Bonds and Securities..
Total Investm ents ____
T otal Loans and Investm ents..
Tim e D e p o s its-----------------------Demand Deposits ------------------Due to Banks
Due from B a n k s -----------------Borrowings from F . B. Bank..

85,212
173,333

88,121

$107,516
241,653
349,169
93,868
86,256
180,124

$134,902
283,728
418,630
66,353
82,815
149,168

517,473
199,401
242,331
81,550
50,875
22,385

529,293
197,114
236,833
75,896
52,908
26,524

567,798
225,883
311,409
122,777
92,398
3,261

$106,561
237,579
344,140

Monthly Averages of Weekly Figures of Beporting
Member Banks in Selected Cities
(000 Omitted)
Loans on All O ther Invest- Demand
Time
Borrowings
Securities Loans
m ents
Deposits Deposits from F . R. Bank
1931
Feb. . .
M arch .
A pril . .
May . . .
Ju n e . .
Ju ly . . ,
Aug. . .
Sept. . .
Oct. . . .
Nov. . .
Dec. . .
1932
Ja n . . .
Feb. . .

$131,886 $288,585 $148,405
282,819
160,534
132,893
178,257
126,991
278,270
271,544
175,038
115,937
265,159
177,587
116,353
178,487
114,134
266,415
113,341 263,351
173,381
181,450
114,082 262,759
185,199
115,508 261,950
181,274
114,264 258,929
182,510
113,703
252,423
109,653
107,587

245,706
241,360

178,755
178,555

$306,455
303,616
311,170
307.486
302,461
299,850
290,772
280,966
267,026
259,056
254.486

$221,301
229,046
230,191
227,729
226,625
233,277
234,860
228,099
217,731
213,795
207,522

8,550
1,480
1,312
1,503
1,910
1,018
6,109
11,060
22,348
30,762
29,992

244,147
237,630

200,591
196,661

27,919
26,542

Deposits of All
Member Banks

A f t e r in c r e a s in g e a c h m o n th f r o m J a n u a r y
t h r o u g h A p r il, 1 9 3 1 , d a ily a v e r a g e d e m a n d
d e p o s its o f a ll m e m b e r b a n k s i n t h e s i x th
d i s t r ic t h a v e d e c lin e d e a c h m o n th s in c e t h a t tim e , a n d d a ily
a v e r a g e t im e d e p o s its o f a ll m e m b e r b a n k s h a v e d e c lin e d
e a c h m o n th s in c e A u g u s t. C h a n g e s o v e r t h e p a s t y e a r a r e
s h o w n i n t h e ta b le .

1931
F ebruary
M arch —
A pril ----May -----Ju n e
Ju ly
A u g u s t __
September
O c to b e r__
November
December .
1982
Ja n u a ry ...
F ebruary .

Savings
Deposits

Demand Deposits
$503,634,000
....................
508.016.000
510.940.000
504.938.000
491.843.000
480.816.000
467.814.000
453.797.000
436.299.000
418.720.000
417.991.000
412.279.000
398.252.000

Time Deposits
$388,008,000
394.622.000
893.918.000
391.190.000
895.587.000
400.769.000
407.324.000
399.268.000
386.669.000
376.443.000
371.425.000
370.341.000
361.376.000

T h e r e w e r e f u r t h e r d e c r e a s e s i n s a v in g s d e p o s its
h e ld a t t h e c lo s e o f F e b r u a r y b y r e p o r t i n g b a n k s
lo c a te d in A t l a n t a a n d B r a n c h F e d e r a l R e s e r v e
B a n k c itie s , b u t s a v in g s d e p o s its h e ld b y 4 1 b a n k s o u ts id e o f
t h e s e c e n t e r s in c r e a s e d 1.4 p e r c e n t o v e r th o s e a t t h e e n d o f
J a n u a r y . F o r t h e 63 r e p o r t i n g b a n k s , F e b r u a r y s a v in g s w e r e
0 .4 p e r c e n t le s s t h a n f o r J a n u a r y , a n d 8 .7 p e r c e n t le s s t h a n
f o r F e b r u a r y , 1 9 3 1 . C o m p a r is o n s f o r t h e m o n th a r e s h o w n
i n t h e t a b l e s e p a r a t e l y f o r A t l a n t a a n d f o r c itie s in w h ic h
b r a n c h e s o f t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a a r e lo ­
c a te d , a n d r e p o r t s f r o m b a n k s lo c a t e d e ls e w h e r e a r e g r o u p e d
u n d e r “ O t h e r C itie s .”




R E V IE W

3

Num ber
of
Banks
A tlanta
B irm in g h a m _____
Jacksonville _____
Nashville _______
New Orleans ___
Other Cities —___
T o t a l __________

4
3
4
5
6
41
63

Feb.
1932

$ 35,599
17,823
13,611
26,368
49,170
72,863
215,434

(000 Omitted)
Ja n .
Feb.
Percentage change
1932
1931 Feb., 1932, compared
with
Ja n . 1932 Feb. 1931
__ 1.6
$ 36,163 $ 39,376
— 9.6
— 3.1
18,401
19,926
—10.6
— 0.5
13,679
16,039
—15.1
— 0.3
26,458
28,841
— 8.6
49,819
50,760
1.3
— 3.1
71,822
81,033
—10.1
+ 1.4
216,342
235,975
— 0.4
— 8.7

Debits to
Individual
Accounts

D e b its t o i n d iv id u a l a c c o u n ts r e p o r t e d b y
b a n k s in 2 6 c le a r i n g h o u s e c e n t e r s o f t h e d ist r i c t d e c lin e d 1 9 .3 p e r c e n t i n F e b r u a r y , c o m ­
p a r e d w i t h J a n u a r y , a n d a v e r a g e d 2 6 .6 p e r
cen t, le s s t h a n f o r F e b r u a r y , 1 9 3 1 .
B a n k d e b it s i n t h i s d i s t r i c t h a v e a lw a y s d e c r e a s e d f r o m
J a n u a r y t o F e b r u a r y , p a r t l y b e c a u s e F e b r u a r y h a s a s m a lle r
n u m b e r o f b u s in e s s d a y s , a n d p a r t l y b e c a u s e J a n u a r y f i g u r e s
a c c o u n t f o r t h e s e t t l e m e n t o f a l a r g e v o lu m e o f h o lid a y a n d
y e a r - e n d t r a n s a c t i o n s . A t t h e s a m e t im e l a s t y e a r t h e r e w a s
a d e c r e a s e o f 1 6 .2 p e r c e n t , i n 1 9 3 0 a d e c r e a s e o f 1 5 .8 p e r
c e n t, a n d i n 1 9 2 9 a d e c lin e o f 1 5 .2 p e r c e n t.
M o n th ly t o t a l s s h o w n in t h e t a b l e a r e d e r iv e d f r o m
w e e k ly r e p o r t s b y p r o r a t i n g f i g u r e s f o r th o s e w e e k s w h ic h
d o n o t f a l l e n t i r e l y w i t h in a s in g le c a l e n d a r m o n th .
Alabama—4 cities .
B irm in g h a m ___
D othan ________
Montgomery
Florida—4 cities
Jacksonville _
M ia m i_______
P e n sa c o la ____
T a m p a ______
Georgia—10 cities
Albany ________
A tlan ta _______
Augusta
Brunswick
Columbus _
E lb e rto n __
Macon ___
N ew nan_
Savannah ~
V a ld o s ta __
Louisiana—New Orleans
Mississippi—4 c it ie s ____
H a ttie s b u rg __________
J a c k s o n _____________
M e r id ia n ____________
Vicksburg ___________
Tennessee—3 cities .
C h a tta n o o g a ____
K n o x v ille _______
N ashville _-____
T otal 26 cities_____

Feb. 1932
$101,533
62,937
. 1,286
24,412
12,898
$ 93,074
.. 46,045
.. 21,106
4,534
21,389
$164,317
2,435
103,886
12,735
1,552
8,162
566
9,160
1,009
22,677
2,135
$194,105
$ 31,427
3,607
17,283
6,597
3,940
$103,406
26,583
24,798
.. 52,025
$687,862

(000 Omitted)
Ja n . 1932
$146,983
95,183
1,744
31,032
19,024
$100,972
51,105
21,172
4,930
23,765
$209,256
3,547
132,311
16,917
1,991
9,708
638
10,523
1,247
29,526
2,848
$229,791
$ 32,011
4,271
16,575
6,742
4,423
$133,187
37,413
27,061
68,713
$852200

Feb. 1931
$132,295
91,510
2,048
28,762
15,975
$118,268
58,945
26,937
5,214
27,167
$208,538
2,819
130,883
17,279
2,134
10,018
672
12,870
1,447
27,470
2,946
$312,403
$ 39,871
5,969
21,842
6,701
5,859
$126,198
35,451
22,204
68,543
$937,568

AGRICULTURE
I n s h a r p c o n t r a s t t o t h e m ild w e a t h e r a n d u n s e a s o n a lly h ig h
t e m p e r a t u r e s w h ic h h a v e p r e v a i le d a ll t h r o u g h t h e w i n t e r
s e a s o n , a c o ld w a v e s w e p t t h e s o u t h e a s te r n s t a t e s o n t h e
n i g h t o f M a rc h 5 a n d f o r t h e t e n d a y s f o llo w in g t h a t t im e
f r e e z i n g w e a t h e r h a s r e s u l t e d in s e r io u s d a m a g e t o g r o w in g
c ro p s . T h e h ig h w in d w h ic h u s h e r e d in t h e c o ld w a v e r e a c h ­
e d g a le i n t e n s i t y i n m a n y lo c a litie s . I n F l o r i d a s n a p b e a n s
a n d w a t e r m e l o n s w e r e k ille d i n t h e n o r t h e r n p a r t o f t h e s t a t e
a n d a s f a r s o u t h a s S u m t e r C o u n ty t h e d a m a g e t o b e a n s w a s
10 p e r c e n t a n d t o w a t e r m e l o n s f r o m 1 5 t o 5 0 p e r c e n t.
T o m a to e s w e r e d a m a g e d f r o m 15 t o 2 0 p e r c e n t a s f a r s o u th
a s t h e B u s h n e ll d i s t r i c t i n S u m t e r C o u n ty . W in d d a m a g e
t o t h e c r o p a r o u n d t h e la k e is e s t im a te d a s h ig h a s 2 5 p e r
c e n t. W h ite p o t a t o e s a b o v e t h e g r o u n d in t h e S a v a n n a h d is ­
t r i c t o f G e o r g ia w e r e c u t b a c k a n d o t h e r t r r c k c r o p s n o t
c o v e r e d w e r e k ille d . W a t e r m e lo n s a n d o t h e r t e n d e r c r o p s in
s o u t h e r n G e o r g ia w e r e k ille d . R e p o r ts f r o m t h e L o u is ia n a
s t r a w b e r r y a r e a sh o w t h a t b lo o m w a s k ille d a n d f r u i t o n t h e
v in e s d a m a g e d f r o m 2 5 t o 75 p e r c e n t. S o m e y o u n g p l a n t s
w e r e d a m a g e d . T h e s t r a w b e r r y a c r e a g e i n L o u is ia n a t h i s
y e a r is e s t im a te d a t 2 9 ,5 0 0 a c r e s , c o m p a r e d w i t h 2 4 ,6 0 0
a c r e s in 1 9 3 1 , b u t b e c a u s e o f a s m a ll e r p e r a c r e y ie ld , t h e
e s t im a te d c r o p f o r t h is y e a r is 1 ,7 4 0 ,0 0 0 c r a t e s , a g a i n s t 1 ,8 7 0 ,0 0 0 c r a t e s p r o d u c e d in 1 9 3 1 . A n in c r e a s e i s s h o w n in
M iss is sip p i, f r o m 1 0 5 ,0 0 0 c r a t e s i n 1 9 3 1 t o 1 7 2 ,0 0 0 c r a t e s
t h i s y e a r , b u t i n A l a b a m a t h e c r o p is e x p e c te d t o b e 3 2 6 ,0 0 0
c r a t e s a g a i n s t 4 2 4 ,0 0 0 c r a t e s l a s t y e a r , a n d i n F l o r i d a 5 2 5 ,-

M O N T H L Y

4

0 0 0 c r a t e s a g a i n s t 6 5 5 ,0 0 0 c r a t e s i n 1 9 3 1 . T o b a c c o p l a n t s
i n s o m e p a r t s o f s o u t h G e o r g ia h a v e b e e n d a m a g e d a s m u c h
a s 50 p e r c e n t b y t h e r e c e n t f r e e z e a n d r a v a g e s o f t h e b lu e
m o ld .
Farm Stocks E s t i m a t e s b y t h e U n i t e d S t a t e s D e p a r t m e n t o f
of Grain
A g r i c u lt u r e in d ic a te t h a t s to c k s o f c o r n a n d
w h e a t o n t h e f a r m s o f t h e c o u n tr y o n M a rc h
1 th is y e a r w e re g r e a te r th a n a y e a r a g o , b u t t h a t fa rm su p ­
p lie s o f o a ts , b a r le y a n d r y e w e r e s m a ll e r t h a n o n M a r c h 1,
1 9 3 1 . F i g u r e s in t h e f o llo w in g t a b l e s h o w f a r m s to c k s o f
g r a i n o n M a r c h 1 t h i s y e a r c o m p a r e d w ith t h e p a s t tw o
y e a r s , f o r t h e U n i t e d S t a te s .
Farm Stocks of G rain—March
1932
1931
Curn, bu. __________________ 1,103,691,000
703,529,000
207,323,000
161,442,000
W heat, bu. _________________
Oats, bu_______ ________ ____ 372,136,000
429,616,000
B arley, bu. ________________
41,457,000
80,162,000
Rye, bu. ___________________
5,750,000
9,231,000

1930
958,111,000
129,402,000
368,356,000
67,280,000
4,602,000

E s t i m a t e s f o r t h e s t a t e s o f t h i s d i s t r i c t i n d ic a te t h a t
s to c k s o f c o r n o n M a rc h 1 w e r e m o r e t h a n tw ic e a s l a r g e a s
a y e a r a g o , a n d s u p p lie s o f o t h e r g r a i n s a p p r o x im a t e ly t h r e e
tim e s a s la r g e . S to c k s o f g r a i n in M a rc h , 1 9 3 1 , w e r e m u c h
s m a lle r t h a n u s u a l b e c a u s e o f t h e lo w p r o d u c ti o n in t h e s u m ­
m e r o f 1 9 3 0 o n a c c o u n t o f t h e d r o u g h t. I n t h e t a b l e fo llo w ­
i n g a r e sh o w n e s t im a te s f o r t h e s t a t e s o f t h is d i s t r ic t .
F arm Stocks of Grain—March; 1
(In thousands of bushels)
1931
1932
11,544
24,746
2,158
. 2,234
16,577
17,626
2,831
. 7,825
7,126
23,393
12,881
38,772

5-yr. Average
1925-29
1930
19,681
17,608
3,018
2,785
22,464
24,722
7,807
6,157
13,703
15,885
31,737
35,328

Corn:
Alabam a —
F lorida ---Georgia ---Louisiana ..
Mississippi
Tennessee ..
O ats:
116
127
58
269
Aabam a —
5
11
10
10
Florida —
668
579
454
956
Georgia —
60
23
8
98
Louisiana 85
71
14
186
Mississippi
546
496
210
662
Tennessee ..
W h eat:
289
801
510
970
Tennessee 19
60
146
70
Georgia —
Rye:
21
23
12
Tennessee ..
7
3
7
7
G e o rg ia ---B arley :
16
24
20
46
Tennessee _
Average of Cotton Prices at Ten Designated Spot M arkets
Cents per Pound
1932
1931
6.22
9.88
February 5 .
6.23
10.11
February 11 .
6.60
10.42
F ebruary 18
6.61
10.50
February 26 .
6.72
March 4 —
6.66
i 67o~7
March 10 __
6.60
10.08
March 17
Sugar Movement— (Pounds)
Raw Sugar
Feb. 1932
Ja n . 1932
Feb. 1931
R eceipts:
___________ 95,884,391
47,327,186
24,671,269
New Orleans
.... ............... 65,570,964
47,754,358
29,232,584
Savannah ----M eltings:
94,505,190
92,559,979
72,957,634
New Orleans
3,314,110
32,365,326
10,640,267
Savannah .......
S tocks:
51,717,145
28,834,605
45,913,035
New Orleans
77,645,886
15,389,032
41,390,822
Savannah ----Refined Sugar— (Pounds)
S hipm ents:
__________ 68,769,316
85,200,553
99,577,203
New Orleans ..
______ ___ 17,816,963
15,027,509
22,659,515
Savannah ___
Stocks:
___________ 52,535,066
57,160,172
45,928,088
New Orleans .
___ ________ 16,196,156
15,054,777
19,188,279
Savannah ----Rice Movement—New Orleans
Feb.
1932
Ja
n
.
1932
Feb. 1931
Rough Rice—B arrels:
14,886
1,817
52,716
Receipts ------------- .... .............. _
8,285
11,275
59,496
Shipm ents ----------- ___________
8,038
1,457
19,426
Stocks ----------------- ___________

R E V IE W

Rice Movement—New Orleans (Continued)
Feb. 1931
Clean Rice—Pockets:
Feb. 1932
Ja n . 1932
104,023
Receipts _____________________
78,258
62,203
74,629
Shipments ___________________
98,638
57,264
Stocks ....................... ........................
134,234
154,614
160,540
Rice Millers Association S tatistics
(Barrels)
F ebruary
Aug. 1 to Feb. 29
Receipts of Rough Rice:
Season 1931-32 ............. .................................
733,849
6,990,236
864,387
Season 1930-31 _________ ______________
7,767,382
D istribution of Milled Rice:
Season 1931-32 _________
837,014
6,229,825
Season 1930-31 __________
932,993
6,851,116
Stocks of Rough and Milled Rice:
February 29, 1932 _____________ ______ 1,855,018
F ebruary 28, 1931 ___________ ______ 1,789,742

Fertilizer
Tag Sales

S a l e s o f f e r t i l i z e r t a x t a g s b y a u t h o r i t i e s in t h e
s ix s t a t e s o f t h i s d i s t r i c t h a v e in c r e a s e d e a c h
m o n th e x c e p t o n e s in c e t h e b e g in n in g o f t h e n e w
s e a s o n , A u g u s t 1. T a g s a le s in F e b r u a r y , w h ic h u s u a lly a c ­
c o u n t^ f o r a b o u t 18 p e r c e n t o f t h e a n n u a l t o t a l , i n c r e a s e d
68 p e r c e n t in t h e s e s ix s t a t e s o v e r J a n u a r y b u t a v e r a g e d
5 4 .3 p e r c e n t le s s t h a n in F e b r u a r y a y e a r a g o , a n d f o r t h e
p e r io d , A u g u s t 1 t h r o u g h F e b r u a r y , t h e a v e r a g e d e c r e a s e
f o r t h e s e six s t a t e s i s 3 7 .4 p e r c e n t. S t a t i s t i c s in t h e t a b l e
a r e f r o m th o s e c o m p ile d b y t h e N a t io n a l F e r t i l i z e r A s s o c ia ­
tio n .

A labam a _____ _______
Florida _______ _______
Georgia _______ _______
Louisiana —*___ . ____
Mississippi __ ...............
Tennessee ____ ...............
Total ---------- _______

(Short Tons)
Ja n .
Feb.
1932
1932
18,100
12,550
40,290
59,894
5,400
51,117
7,104
5,280
16,934
1,000
8,785
587
142,330
84,711

Feb. 29
1930-31
77,600
306,237
177,787
53,963
34,475
38,262
688,324

TRADE
Retail
Trade

T h e r e w e r e g a i n s in F e b r u a r y i n b o t h s a le s a n d
s to c k s o f r e p o r t i n g d e p a r t m e n t s t o r e s in t h e s i x t h
d i s t r i c t o v e r t h e p r e v io u s m o n th , b u t a c c o u n ts r e ­
c e iv a b le a n d c o lle c tio n s d e c lin e d , a n d a ll o f t h e s e i te m s
sh o w d e c r e a s e s c o m p a r e d w i t h F e b r u a r y a y e a r a g o .
F e b r u a r y s a le s r e p o r t e d b y 3 8 d e p a r t m e n t s t o r e s i n c r e a s e d
4 .0 p e r c e n t o v e r J a n u a r y , b u t a v e r a g e d 1 6 .0 p e r c e n t le s s
t h a n in F e b r u a r y , 1 9 3 1 . D u r i n g t h e p a s t tw e lv e y e a r s d e ­
p a r t m e n t s t o r e s a le s h a v e i n c r e a s e d f r o m J a n u a r y t o F e b ­
r u a r y in f iv e i n s t a n c e s , d e c r e a s e d in six , a n d in o n e y e a r t h e
i n d e x n u m b e r f o r b o t h m o n th s w a s t h e s a m e . T h e d e c r e a s e
o f 16 p e r c e n t in F e b r u a r y c o m p a r e d w i t h t h a t m o n th a
y e a r a g o c o m p a r e s w ith a d e c r e a s e in J a n u a r y o f 2 1 .1 p e r
c e n t c o m p a r e d w i t h J a n u a r y , 1 9 3 1 . F o r t h e f i r s t tw o m o n th s
o f 1 9 3 2 s a le s h a v e a v e r a g e d 1 8 .6 p e r c e n t le s s t h a n i n th o s e
m o n th s o f 1 9 3 1 .
S to c k s o f m e r c h a n d i s e o n h a n d a t t h e c lo s e o f F e b r u ­
a r y w e r e 8 .1 p e r c e n t g r e a t e r t h a n a m o n th e a r l ie r , a lth o u g h
1 5 .7 p e r c e n t s m a ll e r t h a n a y e a r a g o .
A c c o u n ts r e c e iv a b le a t t h e e n d o f F e b r u a r y w e r e 5 .9 p e r
c e n t le s s t h a n a m o n th e a r l ie r , a n d 1 4 .6 p e r c e n t s m a ll e r
t h a n a y e a r a g o , a n d F e b r u a r y c o lle c tio n s d e c lin e d 1 6 .3 p e r
c e n t f r o m J a n u a r y a n d w e r e 1 5 .1 p e r c e n t le s s t h a n i n F e b ­
ru a ry , 1931.
T h e r a t i o o f c o lle c tio n s d u r i n g F e b r u a r y t o a c c o u n ts d u e
a t t h e b e g in n i n g o f t h e m o n th f o r 3 1 f i r m s w a s 2 8 .5 p e r
c e n t, f o r J a n u a r y 2 9 .2 p e r c e n t, a n d f o r F e b r u a r y l a s t y e a r
2 8 .8 p e r c e n t. F o r r e g u l a r a c c o u n ts t h e c o lle c tio n r a t i o f o r
F e b r u a r y w a s 3 0 .7 p e r c e n t, f o r J a n u a r y 3 1 .3 p e r c e n t, a n d
f o r F e b r u a r y l a s t y e a r 3 1 .1 p e r c e n t , a n d f o r i n s t a l l m e n t
a c c o u n ts t h e r a t i o f o r F e b r u a r y w a s 1 4 .0 p e r c e n t, f o r J a n ­
u a r y 1 4 .9 p e r c e n t, a n d f o r F e b r u a r y l a s t y e a r 1 5 .3 p e r c e n t.
A ll o f t h e s e s t a t i s t i c s a r e r e p o r t e d i n d o l la r a m o u n ts , a n d
t h e p e r c e n t a g e c o m p a r is o n s m a k e n o a llo w a n c e f o r t h e d i f ­
f e r e n t le v e l o f p r ic e s .

RETAIL TRADE IN THE SIXTH DISTRICT DURING FEBRUARY, 1932
Based on confidential reports from 38 departm ent stores
Comparison of N et Sales
Comparison of Stocks
Feb. 1932
Feb. 1932
Jan . 1 to Feb. 29, 1932 Feb. 29, 1932
Feb. 29, 1932
w ith
w ith same period in
with
w ith
with
Ja n . 1932
1931
Feb. 1931
Feb. 28, 1931
Ja n . 31, 1932
— 0.1
—12.8
—14.2
— 9.0
(- 6.8
A tlan ta (3) ------_____ ___ _
+ 9.5
—23.9
—22.7
Birm ingham (4) ______ _____
—18.2
-11.1
— 3.9
—10.9
—11.0
—12.6
- 8.3
Chattanooga (5) ................... .
+
25.4
___________
—18.6
—24.3
—13.5
- 7.8
Nashville (4) .
—14.3
— 0.8
—16.2
—17.4
- 9.0
New Orleans (5) ____ _______
—19.0
+13.3
—25.3
—17.8
- 4.6
O ther Cities (17) .................... .
DISTRICT (38) __ __________
—16.0
+ 4.0
—18.6
—15.7
- 8.1
N ote: The ra te of stock turnover is the ratio of sales during given period to average stocks on hand.




Feb.
A ug.l through
1931
1931-32
44,850
33,800
60,381 265,603
139,933
58,086
32,510
21,600
29,800
19,984
14,750
21,006
311,314 430,989

Feb.
1931
.31
.18
.14
.20
.17
.18
.20

Rate of Stock Turnover
Feb. Ja n . 1 to Feb. 29
1932
1931
1932
.31
.65
.63
.20
.35
.36
.16
.32
.34
.18
.83
.38
.86
.18
.36
.29
.16
.37
.20
.40
. 38

M O N T H L Y

R E V IE W

Wholesale
Trade

W h o le s a le d i s t r ib u t i o n o f m e r c h a n d is e i n t h i s
d i s t r i c t d e c lin e d f r o m t h e f a l l p e a k i n O c to b e r
th r o u g h J a n u a r y , b u t , c o n t r a r y t o t h e u s u a l
t r e n d , F e b r u a r y s a le s b y r e p o r t i n g w h o le s a le f i r m s i n c r e a s e d
0 .9 p e r c e n t o v e r J a n u a r y . F o r e a c h o f t h e p r e v io u s n in e
y e a r s t h is b a n k ’s i n d e x n u m b e r o f w h o le s a le t r a d e h a s d e ­
c lin e d f r o m J a n u a r y t o F e b r u a r y . I n c r e a s e d v o lu m e o f s a le s
b y f i r m s d e a lin g i n d r y g o o d s , f u r n i t u r e , e le c t r i c a l s u p p lie s
a n d s t a t i o n e r y s lig h tly m o r e t h a n o f f s e t d e c r e a s e s i n o t h e r
r e p o r t i n g lin e s . T o ta l F e b r u a r y s a l e s w e r e 2 6 p e r c e n t le s s
t h a n in F e b r u a r y , 1 9 3 1 , a n d f o r t h e tw o m o n th s o f 1 9 3 2
w h o le s a le t r a d e h a s a v e r a g e d 2 7 .2 p e r c e n t le s s t h a n a y e a r
a g o , c u m u la tiv e c o m p a r is o n s b e in g s h o w n b e lo w , a n d f o l ­
lo w e d b y d e ta i le d c o m p a r is o n s f o r t h e m o n th .
Percentage Comparison
Jan.-Feb., 1932, w ith
sam e period in 1931
—26.6
—23.5
—31.6
—23.7
—35.1
—21.9
—18.1
—27.2

Groceries ...
Dry Goods
H ardw are .
F u rn itu re
Electrical Supplies
Stationery ___ ____
Drugs
Total

W HOLESALE TRADE IN FEBRUARY, 1932
Sixth Federal Reserve District*
P ercentage change
Num ber of
Feb. 1932, compared w ith
F irm s
Ja n . 1932
Feb. 1931
All Lines Combined:
—26.0
+ 0.9
Sales .
112
—16.8
29
— 0.7
Stocks on hand_____
—14.1
55
— 1.9
Accounts receivable
—26.9
— 5.5
Collections —*______
Groceries:
Sales
A t l a n t a _____
Jacksonville ~
New Orleans
Vicksburg __
O ther Cities ..
Stocks on hand..
Accounts receivable .
Collections ________
Dry Goods:
Nashville .
O ther C itie s -------Stocks on h an d _____
Accounts receivable
Collections ------------H ardw are:
Sales

3
4
5
3

11
3
13
13

20
3
17

10
11
13

5
New Orleans
18
Other Cities 7
Stocks on hand..
15
Accounts receivable
15
Collections ________
F u rn itu re :
Sales -----------A t l a n t a ____
7
O ther Cities .
6
Stocks on hand..
8
Accounts receiv ab le________
7
Collections ________________
Electrical Supplies:
14
Sales
4
New Orleans
10
O ther Cities
3
Stocks on hand..
4
Accounts receivable .
5
C o lle c tio n s_______ _
D rugs:
8
Sales
4
Accounts receivable
5
Collections ________
S tationery:
S a l e s ------------------—
* Based upon confidential reports from 112 firm s.

Life
Insurance

—
—
—
—
+
—
—
—
—

3.1
5.9
4.3
7.7
9.0
0.9
4.3
3.8
7.1

20.0

50.6
+ 13.7
- - 3.6
3.4
1.7
— 5.2
+ 0.5

+ 1.8
— 9.0
— 1.2
— 1.8
— 8.9
b29.8

i4-325.6
6.1
1.4
+ 4.6
4-19.6

+ 0.9
—21.4
+ 14.7

+ 0.0

— 4.9
—19.5
— 7.8

+ 0.1
— 0.0
+10.1

—25.4
—21.3
— 5.1
—23.4
—58.3
—25.3
—29.5
— 9.9
—28.6

—20.1
—22.2

—19.6
—24.4
—15.7
—19.3
—29.1
—24.2
—37.7
—25.3
—13.3
—12.3
—29.9
—22.4
—19.5
—22.9
—22.3
—31.1
—33.8
—35.8
—57.6
—17.9
+ 15.3
—14.4
—25.3
—19.4
— 7.1
—19.5
—30.0

S a le s o f n e w , p a id - f o r , o r d i n a r y l i f e i n s u r a n c e , in t h e s ix s t a t e s o f t h i s d i s t r i c t d e c lin e d
9 .6 p e r c e n t f r o m J a n u a r y t o F e b r u a r y , a n d
a v e r a g e d 1 .1 p e r c e n t le s s t h a n i n F e b r u a r y , 1 9 3 1 . T h e d e ­
c r e a s e f r o m J a n u a r y w a s s h a r e d b y a ll s ix s t a te s , b u t i n t h e
c o m p a r is o n w i t h F e b r u a r y l a s t y e a r , d e c r e a s e s f o r A la b a m a
a n d L o u is ia n a w e r e s lig h tly m o r e t h a n s u f f i c i e n t t o o f f s e t i n ­
c r e a s e s i n t h e o t h e r f o u r s t a te s . F o r t h e f i r s t tw o m o n th s
o f t h e y e a r , g a in s o v e r 1 9 3 1 w e r e r e c o r d e d f o r F l o r i d a , G e o r ­
g ia a n d M is s is s ip p i, a n d a n a v e r a g e i n c r e a s e o f 1 .6 p e r c e n t
f o r t h e s ix s t a te s . S t a t e f i g u r e s s h o w n in t h e t a b l e a r e f r o m
th o s e c o m p ile d b y t h e L if e I n s u r a n c e S a le s R e s e a r c h B u r e a u .




A la b a m a _____
Florida ______
Georgia _____
L o u is ia n a ____
M ississippi___
T e n n e s s e e ___
T o t a l _____

5

(000 Omitted)
February
Percentage
Percentage
Jan.-Feb.
1932
1931 Comparison 1932
1931 Comparison
3,050
$ 3,734 —18.3 $ 6,795
$ 7,490 — 9.3
3,935
3,667
+ 7.3
8,793
7,575
+16.1
6,796
6,542
+ 3.9
13,952
12,988
4- 7.4
4,244
4,464 — 4.9
8,601
9,224 — 6.8
1,990
1,934
+ 2.9
4,162
3,675
+ 13.3
6,355
6,309
+ 0.7
13,229
13,717 — 3.6
26,370
26,650 — 1.1
55,532
54,669
+ 1.6

Commercial
Failures

A c c o r d in g t o s t a t i s t i c s c o m p ile d b y R . G . D u n
& C o m p a n y , t h e r e w e r e 2 ,7 3 2 b u s in e s s f a i l u r e s
in th e U n ite d S ta te s d u rin g F e b r u a ry , a s
a g a i n s t 3 ,4 5 8 i n J a n u a r y a n d 2 ,5 6 3 i n F e b r u a r y a y e a r a g o .
L ia b ilitie s f o r F e b r u a r y a m o u n te d t o $ 8 4 ,9 0 0 ,1 0 6 , c o m p a r e d
w i t h $ 9 6 ,8 6 0 ,2 0 5 f o r J a n u a r y , a n d w i t h $ 5 9 ,6 0 7 ,6 1 2 f o r
F e b ru a ry , 1931.
I n t h e s i x t h d i s t r i c t t h e r e w e r e 1 5 4 f a i l u r e s in F e b r u a r y ,
1 8 8 in J a n u a r y , a n d 1 8 3 in F e b r u a r y l a s t y e a r , a n d lia b ilitie s
f o r F e b r u a r y w e r e $ 3 ,4 0 9 ,7 4 2 , a d e c r e a s e o f 3 9 .2 p e r c e n t
c o m p a r e d w i t h t h e t o t a l o f $ 5 ,6 0 8 ,1 0 7 f o r J a n u a r y , b u t 1 0 .4
p e r c e n t g r e a t e r t h a n t h e t o t a l o f $ 3 ,0 8 9 ,1 3 5 f o r F e b r u a r y ,
1931.
F o r t h e tw o m o n th s o f 1 9 3 2 , t h e r e h a v e b e e n 3 4 2 b u s in e s s
f a i l u r e s i n t h e s i x t h d i s t r ic t , w i t h lia b i li t ie s a m o u n t i n g t o
$ 9 ,0 1 7 ,8 4 9 , a d e c r e a s e o f 2 0 .1 p e r c e n t in n u m b e r , b u t a n
in c r e a s e o f 1 6 .9 p e r c e n t in l ia b ilitie s , c o m p a r e d w i t h t h a t
p e r io d o f 9 1 3 1 .

W heat
Corn __
Oats ----Barley —.
Total

Building and
Construction

Grain Exports—P o rt of New Orleans
(Bushels)
Feb.
Feb.
July 1 through Feb. 29
1932
1931
1931-32
1930-31
535,293
65,155
5,893,870
5,425,211
16,902
6,467
55,397
70,680
14,217
10,027
264,614
78,969
112,285
566,412
81,649
6,326,166
5,574,860

INDUSTRY

G a in s w e r e r e c o r d e d i n F e b r u a r y s t a t i s t i c s
o f b u ild in g p e r m i t s is s u e d a t t w e n t y r e p o r t ­
i n g c itie s in t h e S ix th D i s t r i c t o v e r J a n u a r y ,
a lt h o u g h t h e y c o n tin u e le s s t h a n a t t h e s a m e tim e a y e a r a g o .
T h e t o t a l v a lu e o f b u ild in g p e r m i t s is s u e d a t t w e n t y r e ­
p o r t i n g c it i e s in t h e S ix th D i s t r i c t in F e b r u a r y i n c r e a s e d 3 1 .1
p e r c e n t o v e r J a n u a ry . T h e J a n u a r y to ta l w as, h o w e v er, th e
s m a lle s t m o n th ly t o t a l in t h e s e r i e s w h ic h g o e s b a c k tw e lv e
y e a r s , a n d t h e a m o u n t o f t h e i n c r e a s e in F e b r u a r y w a s o n ly
$ 3 3 0 ,6 5 0 . T h e g a in o v e r J a n u a r y w a s s h a r e d b y a ll b u t
s ix o f t h e r e p o r t i n g c itie s . T h e F e b r u a r y t o t a l w a s 2 7 p e r
c e n t le s s t h a n f o r F e b r u a r y l a s t y e a r , a n d t h e f i r s t tw o
m o n th s o f 1 9 3 2 s h o w a d e c r e a s e o f 3 1 .7 p e r c e n t c o m p a r e d
w ith th o s e m o n th s l a s t y e a r . C o m p a ris o n s o f r e p o r t e d f i g ­
u r e s a r e s e t o u t in t h e ta b le .
City

Num ber
February
1932
1931

1932

Value
F ebruary
1931

Alabama
Anniston ________
7
11
$ 3,350
172
Birm ingham ------177
72,007
20
36
16,621
Mobile ...................
85
75
Montgomery _____
141,845
Florida
273
262
381,235
Jacksonville --------Miami __________
198
188
68,004
27
71,500
Miami Beach ____
30
42
8,835
Orlando ............ .......
147
191
Tam pa .... ..............
47,698
5
2
2,740
'"L akeland ________
Georgia
197
292
103,190
A tlanta .................
A ugusta ...................
65
48
29,980
33
18
24,945
Columbus . ---------Macon
.................
168
0
41,990
18
23
17,175
Savannah _______
L ouisiana
76
New Orleans ----107
155,171
59
A lexandria ______
48
19,584
Tennessee
131
C h a ttan o o g a ...........
221
29,831
5
Johnson City ----3
7,600
34
43
Knoxville _______
34,252
99
124
120,168
N a sh v ille .................
Total 20 Cities-------- 1,844
1,909
$1,394,981
Index No------ --------12.4
’''Not included in totals or index numbers.

Percentage
change
in value

$ 15,700
176,067
34,250
67,670

— 78.7
— 59.1
— 51.5
+109.6

124,570
118,803
130,347
27,875
116,022
1,100

+206.0
— 42.8
— 45.1
— 68.3
— 58.9
+149.1

282,971
34,680
12,865
0
32,840

— 63.5
— 13.6
+ 93.9

291,615
17,254

— 46.8
+ 13.5

129,300
1,050
44,004
253,240
$1,911,123
17.0

— 76.9
+623.8
— 22.2
— 52.5
— 27.0

+

— 47.7

C o n t r a c t a w a r d s in t h e S ix th D i s t r i c t d u r i n g F e b r u a r y d e ­
c lin e d 1.9 p e r c e n t f r o m t h e m o n th b e f o r e , a n d w e r e s m a lle r
b y 7 2 .5 p e r c e n t t h a n in F e b r u a r y , 1 9 3 1 , a c c o r d in g t o s t a ­
tis ti c s c o m p ile d b y t h e F . W . D o d g e C o r p o r a tio n a n d s u b ­
d iv id e d in to d i s t r i c t t o t a l s b y t h e F e d e r a l R e s e r v e B o a r d ’s
D iv isio n o f R e s e a r c h a n d S t a ti s t i c s . T h e d e c lin e f r o m J a n -

6

M O N T H L Y

u a r y t o F e b r u a r y w a s c a u s e d b y a d e c r e a s e o f 2 0 .9 p e r c e n t
in r e s i d e n t i a l c o n tr a c t s , a s o t h e r c la s s e s i n c r e a s e d 5 .6 p e r
c e n t.
C o m p are d w ith F e b r u a ry la s t y e a r, re s id e n tia l co n ­
t r a c t s w e r e 4 0 p e r c e n t, a n d o t h e r c o n t r a c t s 7 6 .3 p e r c e n t,
s m a lle r . F e b r u a r y c o n t r a c t s i n c r e a s e d o v e r J a n u a r y in A l a ­
b a m a , F l o r i d a , M is s is s ip p i a n d T e n n e s s e e , b u t d e c lin e d in
L o u is ia n a a n d G e o r g ia , a s i n d ic a te d i n t h e s t a t e c o m p a r is o n s
s h o w n in t h e t a b l e . P a r t s o f t h e f i g u r e s f o r L o u is ia n a a n d
M is s is s ip p i a p p ly t o o t h e r F e d e r a l R e s e r v e D is tr ic ts .
February
1932
A labam a _
_.$1,145,600
F l o r i d a __
1,492,200
Georgia —
_ 1,169,500
L ouisiana .
... 922,200
Mississippi
... 1,042,100
Tennessee(6th dist.) 625,600

Ja n u ary Percentage F ebruary Percentage
1932
Comparison
1931
Comparison
$ 708,200 4- 61.8
$2,898,100
—60.5
905,600 + 64.8
2,282,500
—34.6
2,342,500 — 50.1
4,012,800 —70.9
1,732,700 — 46.8
10,400,500
—91.1
195,200 4-433.9
1.907.300
—45.4
402,400 + 55.5
2.505.300
—75.0

T o ta l c o n t r a c t a w a r d s in t h e 3 7 s t a t e s e a s t o f t h e R o c k y
M o u n ta in s d u r i n g F e b r u a r y a m o u n t e d t o $ 8 9 ,0 4 5 ,8 0 0 , a g a in
o f 5 p e r c e n t o v e r t h e J a n u a r y t o t a l , b u t 6 2 .2 p e r c e n t s m a ll­
e r t h a n f o r F e b r u a r y l a s t y e a r . R e s i d e n t i a l c o n t r a c t s in
F e b r u a r y w e r e 1 1 .2 p e r c e n t s m a lle r , b u t n o n - r e s i d e n t ia l
b u ild in g w a s 9 .4 p e r c e n t g r e a t e r , a n d p u b lic w o r k s a n d u t i l ­
itie s 1 7 .6 p e r c e n t g r e a t e r , t h a n in J a n u a r y . F o r t h e tw o
m o n th s o f 1 9 3 2 , t o t a l c o n t r a c t s in t h e s e 3 7 e a s t e r n s t a t e s
h a v e a m o u n t e d t o $ 1 7 3 ,8 4 4 ,2 0 0 , a d e c lin e o f 6 2 .5 p e r c e n t
c o m p a r e d w i t h t h e t o t a l o f $ 4 6 3 ,3 6 1 ,5 0 0 f o r th o s e m o n th s
of 1931.

Lumber

S o u t h e r n P i n e s t a t i s t i c s c o n tin u e t o sh o w t h a t
p r o d u c ti o n o f lu m b e r is b e in g h e ld t o a le v e l
m u c h b e lo w t h e v o lu m e o f b u s in e s s c u r r e n t l y b e in g b o o k e d
b y r e p o r t i n g m ills. S in c e t h e t u r n o f t h e y e a r , h o w e v e r , o r ­
d e r s r e p o r t e d b y i d e n t i c a l m ills h a v e i n c r e a s e d e a c h w e e k
e x c e p t tw o , o v e r t h e w e e k b e f o r e , a n d p r o d u c ti o n h a s i n ­
c r e a s e d in six w e e k s a n d d e c lin e d in f o u r . T h e r e w a s so m e
b u y in g b y r a ilro a d s d u rin g th e l a t t e r p a r t o f F e b r u a ry , a c ­
c o r d in g t o p r e s s r e p o r t s , a n d in q u ir i e s a r e b e in g r e c e iv e d
f r o m o th e r s . R e ta i le r s , h o w e v e r, c o n ti n u e t o c a r r y o n ly
m in im u m s to c k s , c o n f in i n g t h e i r p u r c h a s e s t o m ix e d c a r s o f
i te m s a c t u a l l y n e e d e d f o r c u r r e n t r e q u ir e m e n t s .
I n t h e t a b l e a r e s h o w n w e e k ly t o t a l s r e p o r t e d to t h e S o u t h ­
e r n P i n e A s s o c ia tio n b y m ills w h ic h a ls o r e p o r t e d f o r th o s e
w e e k s a y e a r a g o . F o r t h e f i v e w e e k s p e r io d o r d e r s a v e r a g e d
3 4 .3 p e r c e n t, a n d p r o d u c ti o n a v e r a g e d 4 8 .5 p e r c e n t, s m a lle r
t h a n a t t h e s a m e tim e l a s t y e a r . D u r in g t h i s p e r io d o r d e r s
w e r e b o o k e d b y th e s e m ills a v e r a g in g 4 4 p e r c e n t g r e a t e r
t h a n t h e i r p r o d u c t i o n ; a t t h e s a m e tim e l a s t y e a r o r d e r s a v e r ­
a g e d 1 2 .9 p e r c e n t g r e a t e r t h a n o u t p u t.
Week
Num ber
E nded: of mills
Feb. 6 __ 113
Feb. 13 __ 113
Feb. 20 __ 117
Feb. 27 __ 110
Mar. 5 ____ 117

Orders
1932
1931
21,294
37,874
23,919
40,796
29,526
42,757
27,006
40,706
30,471
39,215

Consumption
of Cotton

(In thousands of feet)
Production
1932
1931
35,852
16,712
19,470
36,107
35,902
19,107
17,270
34,785
19,236
35,743

Unfilled orders
1932
1931
113,885
64,407
61,950
117,091
125,551
69,048
117,341
67,158
124,325
73,710

T h e a m o u n t o f c o tto n c o n s u m e d d u r i n g F e b r u a r y b y A m e r ic a n m ills i n c r e a s e d 3 .4 p e r c e n t
o v e r J a n u a r y a n d w a s 3 .8 p e r c e n t g r e a t e r
t h a n in F e b r u a r y l a s t y e a r . T h e i n c r e a s e f r o m J a n u a r y to
F e b r u a r y in t h e c o tto n - g r o w in g s t a t e s , w h ic h a c c o u n t f o r
m o r e t h a n 8 0 p e r c e n t o f t h e t o t a l A m e r ic a n c o n s u m p tio n ,
w a s 1 .8 p e r c e n t, w h ile t h e g a in in a ll o t h e r s t a t e s c o m b in e d
w a s 1 0 .6 p e r c e n t. C o m p a re d w i t h c o n s u m p tio n in F e b r u a r y
a y e a r a g o , h o w e v e r, t h e c o tt o n s t a t e s u s e d 6.9 p e r c e n t
m o r e , a n d o t h e r s t a t e s u s e d 7 .6 p e r c e n t le s s , in F e b r u a r y
t h i s y e a r . F o r t h e s e v e n m o n th s o f t h e p r e s e n t c o tt o n s e a ­
so n , A u g u s t t h r o u g h F e b r u a r y , c o n s u m p tio n h a s a m o u n t e d
t o 3 ,0 8 1 ,2 9 0 b a le s , a g a in o f 6.5 p e r c e n t o v e r c o n s u m p tio n
d u r i n g t h a t p a r t o f t h e p r e v io u s s e a s o n . D u r i n g t h i s tim e
c o n s u m p tio n in t h e c o tt o n s t a t e s h a s a m o u n t e d t o 2 ,5 2 3 ,3 0 7
b a le s , a n i n c r e a s e o f 9 .6 p e r c e n t o v e r t h a t p a r t o f t h e p r e ­
c e d in g s e a s o n , w h ile c o n s u m p tio n in o t h e r s t a t e s d e c lin e d 5 .8
p e r c e n t f o r t h a t p e r io d .
E x p o r t s o f c o tt o n d u r i n g F e b r u a r y in c r e a s e d 5 .6 p e r c e n t
o v e r t h e m o n th b e f o r e , a n d w e r e m o r e t h a n d o u b le t h o s e
in F e b r u a r y , 1 9 3 1 . F o r t h e s e v e n m o n th s p e r io d , e x p o r ts
h a v e t o t a l e d 5 ,9 2 4 ,8 9 2 b a le s , a n i n c r e a s e o f 2 0 .6 p e r c e n t
o v e r e x p o r ts d u r i n g t h e s a m e p a r t o f t h e p r e c e d in g s e a s o n .
S to c k s o f c o tt o n d e c lin e d s o m e w h a t f r o m J a n u a r y to
F e b r u a r y , b u t c o n tin u e d to b e m u c h l a r g e r t h a n a t t h e s a m e
t im e a y e a r a g o . I n t h e c o tt o n s t a t e s t h e r e w a s a n i n c r e a s e
o f 97,682i in t h e n u m b e r o f s p in d le s a c tiv e in F e b r u a r y o v e r
t h e m o n th b e f o r e , b u t a d e c r e a s e o f 1 0 ,1 2 8 c o m p a r e d w ith




R E V IE W

F e b r u a r y a y e a r a g o , a n d in o t h e r s t a t e s t h e n u m b e r i n ­
c r e a s e d 7 8 ,3 1 6 f r o m J a n u a r y to F e b r u a r y b u t w a s 5 9 8 ,1 5 8
s m a lle r t h a n in F e b r u a r y , 1 9 3 1 .
C o m p a r is o n s f o r t h e m o n th a r e s h o w n in t h e t a b l e .
U nited States (Bales)
Feb. 1932

Ja n . 1932
Cotton Consumed:
_________ ______________
L int .
450,018
435,337
L inters ....................................... ..........
52,764
50,241
Stocks in Consuming E stablishm ents:
L in t ___ _________ ______________
1,637,139
1,633,380
L inters ................................. ..............
281,289
262,226
Stocks in Public Storage and a t Compresses:
L i n t _________ __________________
9,510,690
10,032,322
Linters _____________ ___________
52,969
51,404
Exports
— ____ ,________________
970,418
919,338
Im ports _________________________
9,244
12,718
Active Spindles (N um ber)_________ 25,189,748
25,013,750
Cotton Growing States (Bales)
Cotton C onsum ed_________________
365,075
358,527
Stocks in Consuming Establishm ents
1,305,612
1,303,585
Stocks in Public Storage and a t
Compresses _______ __________
9,093,045
9,621,620
Active Spindles (N um ber)................... 17,008,576
16,910,894
O ther S tates (Bales)
Cotton Consumed ______________ ___
84,943
76,810
Stocks in Consuming E stablishm ents
327,768
333,554
Stocks in Public Storage and a t
Compresses _________ _________ _
417,645
410,702
Active Spindles (N um ber)_________
8,181,172
8,102,856

Feb. 1931
433,376
53,687
1,550,351
273,573
7,313,912
92,046
432,980
11,165
25,798,034
341,439
1,155,589
6,913,013
17,018,704
91,937
394,762
400,899
8,779,330

I n t h e t h r e e s t a t e s o f t h i s d i s t r i c t f o r w h ic h f i g u r e s a r e
c o m p ile d s e p a r a t e l y b y t h e C e n s u s B u r e a u , c o tt o n c o n s u m p ­
t i o n i n c r e a s e d 3 .7 p e r c e n t in F e b r u a r y o v e r J a n u a r y , a n d
w a s 5 .0 p e r c e n t g r e a t e r t h a n in F e b r u a r y l a s t y e a r . D a ily
a v e r a g e f i g u r e s i n c r e a s e d 5 .8 p e r c e n t f r o m J a n u a r y t o F e b ­
r u a r y , a n d w e r e 0 .8 p e r c e n t g r e a t e r t h a n f o r F e b r u a r y ,
1 9 3 1 . C u m u la tiv e c o n s u m p tio n f o r t h e s e v e n m o n th s o f t h e
c o tt o n s e a s o n in t h e s e t h r e e s t a t e s h a s a v e r a g e d 6 .1 p e r
c e n t g r e a t e r t h a n in t h a t p a r t o f t h e s e a s o n b e f o r e , a s i n ­
d ic a te d b y t h e c o m p a r is o n s s h o w n in t h e t a b l e .
Bales Consumed
F ebruary
Ja n u ary
F ebruary
Aug. 1 through
1932________ 1932________ 1931_______ 1931-32
A labam a _____ 46,479
44,395
42,770
318,443
Georgia ...... .
76,922
74,368
74,156
536,011
11,208
Tennessee ____ 11,373
11,381
91,295
Total 3 States..-.i34^774“
129,971
128,307
945,749

Feb. 29
1930-31
291,593
510,879
88,556
891,028

Cotton
Manufacturing

P r o d u c t io n o f c o tt o n c lo th b y m ills i n t h e
S ix th D i s t r i c t r e p o r t i n g t o t h e F e d e r a l R e ­
se rv e B a n k w a s g r e a te r in F e b r u a ry , f o r
t h e t e n t h c o n s e c u tiv e m o n th , t h a n in t h e c o r r e s p o n d in g
m o n th a y e a r a g o . F e b r u a r y o u t p u t o f c lo th w a s a ls o 2 .5
p e r c e n t g r e a t e r t h a n in J a n u a r y . S h ip m e n ts d e c lin e d , a s
d id a ls o o r d e r s a n d u n f i ll e d o r d e r s , b u t s to c k s in c r e a s e d a n d
n u m b e r o f w o r k e r s g a in e d 2 .8 p e r c e n t o v e r J a n u a r y . A ll
r e p o r t e d i te m s sh o w i n c r e a s e s c o m p a r e d w i t h F e b r u a r y a
y e a r a g o . P r o d u c t io n o f y a r n in t h is d i s t r i c t d e c lin e d s lig h tly
in F e b r u a r y , a n d s h ip m e n ts w e r e s m a lle r , b u t o t h e r ite m s
i n c r e a s e d o v e r J a n u a r y . D e c r e a s e s a r e s h o w n f o r a ll i te m s in
c o m p a r is o n w i t h F e b r u a r y l a s t y e a r .
Num ber of
Mills
Cotton Cloth:
Production .................
Shipm ents ...... ............
Orders booked ____
Unfilled orders ___
Stocks on h an d ____
N um ber on payroll—.
Cotton Y arn :
Production ---- -----Shipments ________
Orders booked ____
Unfilled orders ____
Stocks on hand____
N um ber on payroll

17
16

12
14
15
16

11
10
5
7
9

Percentage change
Feb. 1932, compared w ith
Ja n . 1932
Feb. 1931
+ 2.5

— 2.8

—35.0
— 9.5

+
1*1
+ 2.8
— 0.2
— 7.8
4- 5.4
- - 4.5
—11.4

-- 2.0

-16.9
4- 5.0
-15.2
- 4.7
--12.4
— 0.3
— 3.0
— 8.9
—44.4
—12.9
—24.5
—11.5

Hosiery Statistics for 46 Identical Establishm ents
in Sixth Federal Reserve D istrict
Dozen P airs
P ercentage
Feb. 1932
Ja n . 1932
Comparison
848,517
+ 4.7
888,177
Production ___
804,044
765,742
+ 5.0
Shipm ents ___
1,736,532
1,666,288
+ 4.2
Stock on hand~
782,820
787,525
— 0.6
Orders booked „
18,399
+ 14.1
21,001
Cancellations
516,465
558,690
— 7.6
U nfilled Orders ______________

Cotton Seed
T h e a m o u n t o f c o tt o n s e e d r e c e iv e d a n d
and Cotton Seed c r u s h e d b y c o tt o n s e e d o il m ills i n G e o rg ia ,
Products
A la b a m a , L o u is ia n a a n d M is s is s ip p i d u r i n g
F e b r u a r y w a s g r e a t e r t h a n in J a n u a r y , a n d
F e b r u a r y p r o d u c ti o n o f c r u d e oil, c a k e a n d m e a l, h u l ls a n d
l i n t e r s b y t h e s e m ills a ls o i n c r e a s e d , c o n t r a r y t o t h e u s u a l

M O N T H L Y

s e a s o n a l t r e n d . R e c e ip ts o f c o tt o n s e e d in c r e a s e d 1 0 .3 p e r
c e n t, a n d t h e a m o u n t c r u s h e d i n c r e a s e d 1 7 .6 p e r c e n t, o v e r
J a n u a r y . O u t p u t o f c r u d e o il in c r e a s e d 1 5 .5 p e r c e n t, o f
c a k e a n d m e a l 1 4 .5 p e r c e n t, o f h u lls 1 5 .2 p e r c e n t, a n d o f
l i n t e r s 9 p e r c e n t, o v e r J a n u a r y . F e b r u a r y s to c k s o f s e e d ,
a n d o f l in t e r s , d e c lin e d f r o m J a n u a r y , b u t s to c k s o f o t h e r
p r o d u c ts in c r e a s e d . F o r t h e s e a s o n , A u g u s t 1 t h r o u g h F e b ­
r u a r y , d e c r e a s e s a r e s h o w n in t h e a m o u n t o f s e e d r e c e iv e d ,
a n d t h e a m o u n t c r u s h e d , b y t h e m ills i n t h e s e f o u r s t a te s ,
a n d i n o u t p u t o f c o tt o n s e e d p r o d u c ts , a n d in s to c k s o n h a n d ,
e x c e p t h u lls w h ic h a t t h e e n d o f F e b r u a r y w e r e tw o a n d
o n e - h a lf t im e s a s l a r g e a s a y e a r a g o .
F o r t h e c o u n t r y a s a w h o le i n c r e a s e s a r e s h o w n o v e r t h e
p r e c e d in g s e a s o n i n r e c e i p t s a n d s to c k s o f c o tt o n s e e d , a n d
i n p r o d u c ti o n a n d s to c k s o f c r u d e o il a n d h u lls , b u t p r o d u c ­
t io n a n d s to c k s o f c a k e a n d m e a l a n d o f l i n t e r s h a s b e e n
s m a lle r t h a n a y e a r a g o .
I n t h e f i r s t tw o c o lu m n s o f t h e t a b l e a r e sh o w n c o m b in ­
e d t o t a l s f o r G e o rg ia , A la b a m a , L o u is ia n a a n d M iss is sip p i,
a n d in t h e l a s t tw o c o lu m n s a r e t o t a l s f o r t h e c o u n tr y a s a
w h o le , c o m p ile d b y t h e U n ite d S t a t e s C e n s u s B u r e a u .
Cotton Seed and Cotton Seed Products
United States
(*) Sixth
D istrict
Aug. 1 to Feb. 29
Aug. 1 to Feb. 29
1930-31
1931-32
1931-32
1930-31
Cotton Seed, Tons:
4,461,884
4,984,785
Received a t m ills ............ 1,546,108
1,728,834
4,127,823
4,077,408
Crushed ______________ 1,297,597
1,604,730
379,477
917,183
On Hand, Feb. 29..„.......
252,292
135,744
P ro duction:
Crude Oil, lbs............. ..... 423,097,170 495,782.025 1,275,317,632 1,250,461,980
1,878,120
1,828,359
Cake and Meal, tons.......
562,979
703,528
1,142,438
1,149,108
Hulls, tons ___ ____ ___
364,852
452,639
717,199
648,020
_______
225,670
283,919
Linters, bales
Stocks a t mills, Feb. 29:
69,519,554
Crude Oil, lbs_________ 26,101,643
27,365.259 89,609,470
362,688
230,677
Cake and Meal, to n s.......
81,156
129,711
132,341
219,406
Hulls, tons _______ __ 72,228
28,933
328,544
312,441
L inters, bales ......... -.......
99,050
103,300
(♦) Georgia, Alabam a, Louisiana and Mississippi.

Electric
Power

P r o d u c t io n o f e le c tr ic p o w e r f o r p u b lic u s e in
t h e s ix s t a t e s o f t h is d i s t r ic t , a c c o r d in g t o s t a ­
t i s t i c s c o m p ile d b y t h e U n i t e d S t a t e s G e o lo g ic a l
S u r v e y , d e c lin e d 3 .9 p e r c e n t f r o m D e c e m b e r t o J a n u a r y ,
a n d w a s 8 .4 p e r c e n t le s s t h a n in J a n u a r y a y e a r a g o . P r o ­
d u c tio n o f p o w e r b y t h e u s e o f w a t e r p o w e r in c r e a s e d 4 .5
p e r c e n t f r o m D e c e m b e r t o J a n u a r y , b u t w a s 3 .5 p e r c e n t
le s s t h a n a y e a r a g o , a n d p r o d u c ti o n b y t h e u s e o f f u e ls
w a s 1 7 .7 p e r c e n t le s s t h a n in D e c e m b e r a n d 1 7 .2 p e r c e n t
le s s t h a n in J a n u a r y , 1 9 3 1 . T h e p r o p o r t io n o f t h e t o t a l o u t ­
p u t o f c u r r e n t p r o d u c e d b y w a t e r p o w e r w a s 6 7 .4 p e r c e n t
in J a n u a r y , 6 1 .9 p e r c e n t in D e c e m b e r , a n d 6 4 .0 p e r c e n t i n
J a n u a r y a y e a r a g o . C o n s u m p tio n o f c o a l in t h e p r o d u c tio n
o f e le c tr ic p o w e r d e c r e a s e d 3 0 .2 p e r c e n t f r o m D e c e m b e r to
J a n u a r y a n d w a s 2 7 .3 p e r c e n t le s s t h a n a y e a r a g o . C o n ­
s u m p tio n o f f u e l o il a n d o f n a t u r a l g a s d e c lin e d 6.0 p e r c e n t
a n d 1 8 .5 p e r c e n t, r e s p e c tiv e ly , f r o m D e c e m b e r, a n d 9 .0 p e r
c e n t a n d 2 0 p e r c e n t, r e s p e c tiv e ly , f r o m J a n u a r y l a s t y e a r .
C o m p a ris o n s f o r t h e m o n th a r e s h o w n i n t h e t a b l e .
Ja n . 1931
J a n . 1932
Dec. 1931
Production of Electric Power in thou­
495,949
472,738
454,106
sands of k. w. hours: T otal----------317,223
306.121
292,837
By use o f : W atar Power ........ .......... ......
178,726
179,901
147,9S5
Fuels --------- ---------------- -Fuels Consumed in Production of
Electric Pow er:
17,832
18,557
12,955
Coal—tons ............... .................... ..........
205,108
198,649
186,656
Fuel Oil—bbls. ______ _____________
1.753,238
1,721,141
N atu ral Gas—000 cu. f t ...... ................ 1,401,948
N ote: Jan u ary figures prelim inary—December figures slightly revised.

Bituminous
Coal Mining

P r o d u c t io n o f b itu m i n o u s c o a l in t h e U n i t e d
S t a t e s i n c r e a s e d 0 .4 p e r c e n t, a n d t h e d a ily
a v e r a g e o u t p u t in c r e a s e d 2 .5 p e r c e n t, i n
F e b r u a r y o v e r J a n u a r y , a n d t o t a l o u t p u t w a s 1 0 .8 p e r c e n t,
a n d d a ily a v e r a g e w a s 14 p e r c e n t, s m a lle r t h a n in F e b r u ­
a r y , 1 9 3 1 . E s t i m a t e s b y t h e U n i t e d S t a t e s B u r e a u o f M in e s
a r e s h o w n b e lo w .

February, 1932
January, 1932 ..
February, 1931

Total
N um ber of
Average per
Production
working
working day
(tons)_________ days__________ (to n s)__
_________ 28,013,000
24.8
1,130,000
_________ 27,892,000
25.3
1,102,000
_________ 31,408,000
23.9
1,314,000

P r o d u c t io n o f b i tu m i n o u s c o a l in A la b a m a a n d in T e n n ­
e s s e e d e c lin e d f u r t h e r in F e b r u a r y , t h e a v e r a g e o f w e e k ly
i g u r e s f o r A la b a m a b e in g 6 .0 p e r c e n t, a n d f o r T e n n e s s e e
7.4 p e r c e n t, le s s t h a n f o r J a n u a r y , a n d 3 4 .2 p e r c e n t f o r
A la b a m a a n d 3 3 p e r c e n t f o r T e n n e s s e e , le s s t h a n a y e a r a g o .
C o m p a ris o n s o f w e e k ly f i g u r e s a r e s h o w n in t h e t a b l e .




R E V IE W

7

(In thousands of tons)
United States
Alabama
Tennessee
Week Ending:
1932
1931
1932
1931
1932
1931
7,833
181
260
69
90
February 6 _______ _______ 7,250
February 13 _______________ 6,626
8,215
169
263
61
97
February 2 0 _______________ 6,630
7,905
171
258
61
97
February 27 _______________ 6,332
7,455
161
259
61
90
March 5 _________________ 5,771
7,705
155
253
53
90
March 12 _______________ 8,067
8,371
_______
__
....
....
P ig I r o n
P r o d u c t io n

T o t a l p r o d u c ti o n o f p i g i r o n i n t h e U n ite d
S t a t e s d u r i n g F e b r u a r y , a c c o r d in g t o s t a ti s t i c s
c o m p ile d a n d p u b lis h e d b y t h e I r o n A g e , d e ­
c lin e d le s s t h a n o n e p e r c e n t f r o m J a n u a r y , a n d w a s 4 3 .5
p e r c e n t le s s t h a n i n F e b r u a r y , 1 9 3 1 . B e c a u s e o f t h e s h o r t e r
m o n th , h o w e v e r , d a ily a v e r a g e p r o d u c ti o n i n F e b r u a r y w a s
6 p e r c e n t g r e a t e r t h a n in J a n u a r y , a lt h o u g h 4 5 .4 p e r c e n t
le s s t h a n i n F e b r u a r y a y e a r a g o . T h e r e w a s a g a in o f f o u r
in t h e n u m b e r o f f u r n a c e s a c tiv e o n M a rc h 1, c o m p a r e d w ith
th o s e a c tiv e a m o n th e a r l ie r , b u t a d e c r e a s e o f 4 3 c o m p a re d
w ith t h e c o r re s p o n d in g t im e a y e a r a g o .
A la b a m a p r o d u c ti o n o f p ig i r o n i n c r e a s e d 1 p e r c e n t, a n d
t h e a v e r a g e d a ily o u t p u t in c r e a s e d 8 p e r c e n t, in F e b r u a r y
o v e r t h e m o n th b e f o r e , a n d t o t a l p r o d u c tio n w a s 4 0 .9 p e r c e n t,
a n d d a ily a v e r a g e 4 3 p e r c e n t, s m a lle r t h a n i n F e b r u a r y ,
1 9 3 1 . T h e r e w a s am i n c r e a s e o f o n e in t h e n u m b e r o f A la ­
b a m a f u r n a c e s a c tiv e o n M a rc h 1, b u t a d e c r e a s e o f 4 c o m ­
p a r e d w i t h t h a t d a te l a s t y e a r . D u r i n g t h e f i r s t w e e k o f
M a rc h t h e r e w a s a r e d u c t io n t o f iv e in t h e n u m b e r o f f u r ­
n a c e s a c tiv e . P r e s s r e p o r t s in d ic a te t h a t b o t h s a le s a n d
s h ip m e n ts o f A la b a m a i r o n w e r e s m a lle r i n F e b r u a r y t h a n
in J a n u a r y , a n d b o o k in g s c o n tin u e i r r e g u l a r a n d sm a ll. M o s t
o f t h e n e w t o n n a g e is s t i ll f o r im m e d ia te d e liv e ry . Q u o ta ­
t io n s f o r d i s t r i c t b u s in e s s a r e m a i n t a i n e d a t $ 1 1 p e r to n .
C o m p a r is o n s f o r t h e m o n th a r e sh o w n in t h e t a b l e , a n d
in d e x n u m b e r s a p p e a r o n p a g e 8.
United States:
Feb. 1932
Jan. 1932
Feb. 1931
972,784
1,706,621
Production—tons __________________ 964,280
Average per day—tons...........................
33,251
31,380
60,950
•Active furnaces _____ _____ _______
65
61
108
Alabama:
Production—tons .................................... 90,882
89,981
153,900
Average per day—tons_____________
3,134
2,903
5,496
♦Active furnaces __ ________________
7
6
11
♦First of following month.
N aval
S to r e s

F e b r u a ry re c e ip ts o f tu r p e n tin e a t th e th r e e p rin c ip a l m a r k e t s o f t h e d i s t r i c t d e c lin e d 2 7 .2 p e r c e n t
f r o m J a n u a r y , w e r e 2 8 .9 p e r c e n t s m a lle r t h a n a
y e a r a g o , a n d w e r e s m a ll e r t h a n i n F e b r u a r y o f a n y o t h e r
y e a r s in c e 1 9 2 2 . R e c e ip ts o f r o s in , h o w e v e r , in c r e a s e d 3 .2
p e r c e n t f r o m J a n u a r y t o F e b r u a r y , a n d w e r e 8 .1 p e r c e n t
l a r g e r t h a n in F e b r u a r y l a s t y e a r . F o r t h e s e a s o n , A p r il
t h r o u g h F e b r u a r y , r e c e i p t s o f b o t h c o m m o d itie s h a v e b e e n
s m a lle r t h a n f o r t h a t p a r t o f a n y o f t h e p a s t f o u r s e a s o n s .
S to c k s o n h a n d a t t h e c lo s e o f F e b r u a r y w e r e l a r g e r t h a n
a t t h a t t im e o f a n y o t h e r r e c e n t y e a r .
P r e s s r e p o r t s s t a t e t h a t t h e e x p o r t m o v e m e n t o f r o s i n s in
J a n u a r y w a s g r e a t e r t h a n in J a n u a r y o f a n y y e a r s in c e 1 9 1 3 .
D u r i n g t h e l a t t e r p a r t o f F e b r u a r y t h e r e w a s so m e im p r o v e ­
m e n t in t h e d e m a n d f o r b o t h t u r p e n t i n e a n d r o s in . E a r l y
in M a r c h , a n n o u n c e m e n t w a s m a d e t h a t s to c k s w h ic h h a v e
b e e n h e ld b y t h e c o - o p e r a tiv e m a r k e t i n g a s s o c ia tio n w o u ld
n o t b e f o r c e d u p o n t h e m a r k e t b u t w o u ld b e m a r k e te d in a n
o r d e r l y m a n n e r o n ly a s t h e p r i c e a n d d e m a n d w a r r a n t . T h is ,
t a k e n w i t h r e p o r t s o f t h e c u m u la tiv e e f f e c t s o f t h e lo n g
d r o u g h t i n t h e n a v a l s t o r e s b e lt, r e s u l t e d i n a s t r e n g t h e n i n g
in t h e p r i c e s o f b o t h c o m m o d itie s .
Receipts—Turpentine (1)
Feb. 1932
Jan. 1932
Feb. 1931
Savannah .................................... ...........
1,466
1,851
2,483
Jacksonville ______________________
1,806
2,488
2,304
Pensacola ----------------------------------—
536
895
567
Total ................... ................. ................
3,808
5,234
5,354
Receipts—Rosin (2)
Savannah ________________________ 11,780
10,849
10,720
Jacksonville ______________________
14,784
13,597
13,424
Pensacola ________________________
2,975
4,168
3,178
Total _________________________
29,539
28,614
27,322
Stocks—Turpentine (1)
Savannah ________________________ 15,833
21,786
15,062
Jacksonville ______________________
46,233
53,594
13,978
Pensacola ________________________ 24,613
25,701
29,162
Total __________________________
86,679
101,081
58,202
Stocks—Rosin (2)
Savannah _______________________ 183,515
205,310
161,747
Jacksonville ______________________ 176,093
192,806
104,316
Pensacola ________________________ 23,746
28,392
34,632
Total __________________________ 383,354
426,508
300,695
(1) Barrels of 50 gallons.
(2) Barrels of 500 pounds.

M O N T H L Y

8

R E V IE W

MONTHLY INDEX NUMBERS
T h e f o llo w in g i n d e x n u m b e r s , e x c e p t th o s e o f w h o le s a le p r ic e s , a r e c o m p u te d b y t h e F e d e r a l R e s e r v e B a n k of
A t l a n t a m o n th ly . T h e i n d e x n u m b e r s o f r e t a i l a n d w h o le s a le t r a d e a r e b a s e d u p o n s a le s f ig u r e s r e p o r t e d c o n f id e n tia lly
b y r e p r e s e n t a t i v e fir m s in t h e l in e s o f t r a d e s in d ic a te d , a n d t h e o t h e r s e r i e s o f in d e x n u m b e r s a r e b a s e d u p o n f ig u r e s
r e p o r t e d t o t h e b a n k o r c u r r e n t l y a v a ila b le t h r o u g h t h e d a ily o r t r a d e p r e s s . T h e s e i n d e x n u m b e r s , e x c e p t a s i n d i ­
c a t e d in t h e f o o t - n o te s , a r e b a s e d u p o n t h e m o n th l y a v e r a g e s f o r t h e t h r e e y e a r p e r io d 1 9 2 3 -2 5 a s r e p r e s e n t e d b y 1 0 0 .

DEPARTMENT STORE TRADE 6th
DISTRICT

D e c.
1931

Jan.
1932

Feb.
1932

D ec.
1930

Jan .
1931

Feb.
1931

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

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

1 0 9 .1
5 4 .4
4 7 .5
5 7 .2
5 6 .7
5 2 .5
62 .1

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

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

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

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

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

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

69 .1
4 3 .6
5 7 .8
4 9 .8
8 5 .4
6 0 .1
8 8 .3
6 2 .8

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

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

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

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

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

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

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

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

5.0
2 .0
1 6 .6
2 1 9 .8
7 .6
9 .5
2 0 .0

1 3 .7
3.9
9.3
1 5 .4
9 .3
9 .1
9 .5

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

2 1 .2
8 .8
9 .2
3 6 .4
1 8 .6
1 0 .7
14 .1

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

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

9 .3
2 0 .0
1 5 .7

1 1 .5
1 9 .5
1 6 .3

9 .1
2 0 .5
1 6 .0

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

1 1 .5
7 7 .1
5 0 .9

1 5 .2
8 6 .5
5 8 .0

6 8 .6
5 5 .7
69 .1
7 2 .3
7 9 .8
6 0 .8
6 8 .3
8 2 .2
7 5 .7
7 6 .1
7 8 .5
6 6 .8

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

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

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

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

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

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

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

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

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

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

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

U n ite d S t a te s ....................................................
A l a b a m a ......-..................................... ..................

3 2 .8
3 4 .9

3 2 .6
3 8 .7

3 2 .3
3 9 .1

5 5 .8
5 8 .0

5 7 .4
6 4 .7

5 7 .1
6 6 .3

UNFILLED ORDERS—U. S. STEEL
CORPORATION .......................................

5 7 .3

5 5 .5

5 3 .3

8 2 .6

8 6 .5

8 3 .0

A t l a n t a ...................................................................
B ir m in g h a m ..........................................................
C h a tt a n o o g a ........................................................
N a s h v ille ................................................................
N e w O r l e a n s ........................................................
O t h e r C itie s ..........................................................
D IS T R I C T .............................................................

WHOLESALE TRADE 6th DISTRICT
G r o c e r ie s ................................................................
D r y G o o d s .............................................................
H a r d w a r e .....................j........................................
F u r n i t u r e ................................................................
E le c t r i c a l S u p p lie s ..........................................
S t a t i o n e r y .............................................................
D r u g s ........................................................................
T O T A L ...................................................................

LIFE INSURANCE SALES 6th DIST.
A la b a m a ..................................................................
F l o r i d a .....................................................................
G e o r g ia ...................................................................
L o u is ia n a ................................................................
M iss is sip p i .............................................................
T e n n e s s e e ......................................... ....................
T O T A L .....................................................................

BUILDING PERMITS 6th DISTRICT
A t l a n t a ...................................................................
B ir m in g h a m ..........................................................
J a c k s o n v ille ..........................................................
N a s h v ille ................................................................
N e w O r le a n s ........................................................
( 1 5 ) O th e r C itie s .............................................
D IS T R I C T (2 0 C i t i e s ) ..................................

CONTRACTS AWARDED 6th DISTRICT
R e s id e n tia l .............................................................
A ll O t h e r ................................................................
T O T A L .....................................................................

WHOLESALE PRICES U. S. (* )
A L L C O M M O D IT IE S .....................................
F a r m P r o d u c t s ..................................................
F o o d s ........................................................................
O th e r C o m m o d itie s ..........................................
H id e s a n d l e a t h e r p r o d u c ts .....................
T e x tile p r o d u c ts ..........................................
F u e l a n d l ig h t i n g ..........................................
M e ta ls a n d m e t a l p r o d u c ts .....................
B u ild in g m a t e r i a l s ........................................
C h e m ic a ls a n d d r u g s ..................................
H o u s e f u r n is h in g g o o d s ..........................
M i s c e ll a n e o u s ..................................................

COTTON CONSUMED
U n ite d S t a te s .....................................................
C o tto n - G r o w in g S t a te s ..................................
G e o r g ia .............................................................
A la b a m a .............................................................
T e n n e s s e e ........................................................
A ll O th e r S t a t e s ..................................................
E x p o r t s .....................................................................

PIG IRON PRODUCTION:

(*)

C o m p ile d b y th e




B u re a u

of Lab or

S t a t is t ic s .

B ase

1926—

100.