The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
M O N T H L Y R E V I E W O f Financial , A g ricultural , Trade and Industrial C onditions in the S ixth Federal Reserve D istrict F E D E R A L R E S E R V E B A N K O F A N A T IO N A L SU M M A R Y O F B U S IN E S S C O N D IT IO N S P rep ared by F ed eral R eserve Board T h e c o u r s e o f b u s in e s s in t h e la t t e r p a r t o f F e b r u a r y a n d t h e f ir s t h a l f o f M a r c h w a s l a r g e l y in flu e n c e d b y t h e d e v e lo p m e n t o f a c r is is in b a n k in g , c u lm in a t in g in t h e p r o c la m a tio n o n M a r c h 6 o f a N a t i o n a l B a n k in g H o lid a y b y t h e P r e s id e n t o f t h e U n it e d S t a t e s . P r o d u c tio n a n d d is t r ib u t io n o f c o m m o d it ie s d e c lin e d b y a s u b s t a n t ia l a m o u n t d u r in g t h is p e r io d , b u t s h o w e d s o m e in c r e a s e a f t e r b a n k in g o p e r a t io n s w e r e r e s u m e d in t h e m id d le o f M a rch . P r o d u c tio n a n d E m p lo y m e n t V o lu m e o f o u tp u t a t f a c t o r ie s a n d m in e s , w h ic h u s u a ll y in c r e a s e s a t t h is s e a s o n , sh o w e d little ch a n g e fr o m J a n u a r y to F e b r u a r y , a n d d e c lin e d c o n s id e r a b ly in t h e f ir s t h a l f o f M a rch . I n t h e s t e e l a n d a u to m o b ile in d u s t r ie s o u tp u t d e c r e a s e d b e t w e e n t h e m id d le o f F e b r u a r y a n d t h e m id d le o f M a rch ; s u b s e q u e n t ly s o m e o f t h e a u to m o b ile p la n t s w h ic h h a d b e e n c lo s e d r e s u m e d o p e r a t io n s , w h ile a c t i v it y o f s t e e l m ills sh o w ed little ch a n g e. I n F e b r u a r y o u tp u t a t c o t t o n a n d w o o le n m ills c o n t in u e d a t t h e le v e l p r e v a ilin g in J a n u a r y , w h ile a t s ilk m ills a c t i v it y d e c lin e d . S h o e p r o d u c tio n in c r e a s e d b y m o r e 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. R e p o r t s f r o m im p o r t a n t in d u s t r ia l s t a t e s in d ic a te t h a t f a c t o r y e m p lo y m e n t in c r e a s e d b e t w e e n t h e m id d le o f J a n u a r y a n d t h e m id d le o f F e b r u a r y , a s is u s u a l a t t h is s e a s o n . C o n s t r u c t io n c o n t r a c t s a w a r d e d u p t o M a r c h 15, 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 , in d ic a te t h a t f o r t h e f ir s t q u a r te r o f t h e y e a r t h e t o t a l v a lu e o f c o n t r a c t s w ill s h o w a c o n s id e r a b le d e c lin e f r o m t h e f o u r t h q u a r te r o f 1 9 3 2 . D is t r ib u t io n F r e i g h t t r a f f ic , w h ic h u s u a l l y in c r e a s e s a t t h is s e a s o n , s h o w e d l i t t l e c h a n g e f r o m J a n u a r y to F e b r u a r y , o n a d a ily a v e r a g e b a s is , a n d d e c lin e d c o n s id e r a b ly in t h e f ir s t t w o w e e k s o f M a r c h . D e p a r tm e n t sto r e s a l e s in t h e c o u n tr y a s a w h o le w e r e a t a b o u t t h e s a m e r a t e in F e b r u a r y a s in J a n u a r y , b u t w e r e s u b s t a n t ia lly s m a lle r in a r e a s a f fe c te d b y s u s p e n s io n o f b a n k in g o p e r a t io n s ; e a r ly in M a r c h s a l e s w e r e s h a r p ly r e d u c e d b u t w it h t h e r e o p e n in g o f b a n k s s h o w e d s o m e in c r e a s e . L A N T A This review released for publication in m orning papers of March 31 A T L A N T A , G A ., M A R C H 3 1 , 1933 V O L . 18 , N o . 3 T W h o le s a le P r ic e s W h o le s a le c o m m o d it y p r ic e s d e c lin e d s o m e w h a t f u r t h e r in F e b r u a r y . In t h e e a r ly p a r t o f M a r c h t h e c o m m o d it y e x c h a n g e s w e r e c lo s e d ; w h e n t h e y r e o p e n e d o n M a r c h 15 a n d 16, p r ic e s o f g r a in s , c o t to n , s ilk , n o n -f e r r o u s m e t a ls , h id e s , a n d s u g a r w e r e s u b s t a n t i a l ly a b o v e t h o s e p r e v a ilin g a t t h e b e g in n in g o f t h e m o n th ; s u b s e q u e n t ly p r ic e s o f m a n y o f t h e s e c o m m o d it ie s d e c lin e d s o m e w h a t . B a n k C r e d it D u r in g F e b r u a r y m e m b e r b a n k s in l e a d in g c i t ie s w e r e s u b j e c t e d t o w it h d r a w a ls o f d e p o s i t s o n a la r g e s c a le , r e f le c t in g in p a r t w it h d r a w a ls o f b a l a n c e s b y in t e r io r b a n k s f r o m t h e ir c i t y c o r r e s p o n d e n ts a n d in p a r t w it h d r a w a ls o f c u r r e n c y b y t h e p u b lic . A s a c o n s e q u e n c e , n e t d e m a n d d e p o s it s o f t h e s e b a n k s d e c lin e d b y $ 1 ,3 0 6 ,0 0 0 ,0 0 0 d u r in g t h e m o n th , a n d t h e ir t im e d e p o s it s b y $ 3 6 0 ,0 0 0 ,0 0 0 . In o r d e r t o m e e t t h e s e w it h d r a w a ls t h e b a n k s r e d u c e d t h e ir lo a n s b y $ 5 3 9 ,0 0 0 ,0 0 0 p a r t ly t h r o u g h t h e s a le o f a c c e p t a n c e s to t h e r e s e r v e b a n k s , a n d t h e ir i n v e s t m e n t s b y $ 3 6 3 ,0 0 0 ,0 0 0 . T h e y a ls o in c r e a s e d c o n s id e r a b ly t h e ir b o r r o w in g s a t t h e r e s e r v e b a n k s . M a r c h f ig u r e s f o r m e m b e r b a n k s a r e in c o m p le t e . A t t h e F e d e r a l R e s e r v e B a n k s t h e b a n k in g c r is is m a n i f e s t e d i t s e l f b e t w e e n F e b r u a r y 1 a n d M a r c h 4 in a d o m e s t ic d e m a n d f o r $ 1 ,8 3 3 ,0 0 0 ,0 0 0 , o f c u r r e n c y , in c lu d in g a b o u t $ 3 0 0 ,- RESERVE BANK CREDIT AND FACTORS IN CHANGES^ M ILLIONS OF D O L L A R S M ILLIO N S OF D O L L A R S 6000 8000 1000 7000 6000 6000 M(Dney in Circul ation 5000 J 5000 U000 4000 5000 5000 Gcild Stock "V MILLIONS OF DOLLARS M ILLIONS O F D O LLA R S 40001 4000 RESERVE BANK CREDIT 3500 3000 3000 2500 2500 Total 1500 L ~ 1000 — ju to r* L J r-------V w t1 .. / - V 1 ••./Acceptances J - ------------ Wednesday figures for the 12 Federal Reserve Banks combined. figures are for March 22nd. 1000 4000 | 3000 | b-Diacountsj 2000 1000 ^000 1500 US. G ovt^ cu ritie^ J 500 Member Bank — —^ . Reserve Balances 2000 2000 J w- 3000 3000 3000 3000 3500 2000 40Q0- ' - \ x 4000 1000 2000 500 1000 L atest 3000 Resei•ve Bank Cre< MiL J 2000 s / 1000 1929 1930 Wednesday figures. 193i 1932 1933 L atest figures are for M arch 22nd. M O N T H L Y R E V IE W 2 C o n t r a c ts f o r r e s id e n t ia l c o n s t r u c t io n in t h e S i x t h D i s t r i c t in c r e a s e d 1 6 .5 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 , b u t o t h e r c l a s s e s o f c o n t r a c t s d e c lin e d , a n d t h e F e b r u a r y t o t a l w a s 4 0 p e r c e n t l e s s t h a n f o r t h a t m o n t h a y e a r a g o . C o n s u m p tio n o f c o t to n b y m ills in t h e c o t t o n s t a t e s d e c lin e d 6 .8 p e r c e n t , a n d in t h i s D i s t r i c t 7 .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 , b u t in t h e c o t t o n s t a t e s w a s 1.1 p e r c e n t , a n d in t h i s D i s t r i c t 0 .0 4 p e r c e n t la r g e r t h a n a y e a r a g o . P r o d u c tio n o f c lo t h b y r e p o r t in g c o t t o n m ills in t h e D i s t r i c t in c r e a s e d 5 .2 p e r c e n t o v e r J a n u a r y a n d w a s 1 4 .5 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 a y e a r a g o , b u t o u t p u t o f y a r n m ills d e c lin e d . P r o d u c tio n o f p i g ir o n in A la b a m a in c r e a s e d 2 3 .5 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 , b u t w a s s u b s t a n t ia lly l e s s t h a n a y e a r a g o , a n d p r o d u c tio n o f c o a l in c r e a s e d in T e n n e s s e e o v e r t h e m o n t h , a n d w a s g r e a t e r t h a n a y e a r a g o in b o th T e n n e s s e e a n d A la b a m a . Index num ber of industrial production, adjusted for seasonal variation. (1923-1925=100.) L atest figure February (prelim inary) 64. F IN A N C E R eserve B ank C r e d it 0 0 0 ,0 0 0 o f g o ld a n d g o ld c e r t if ic a t e s a n d in a f o r e i g n d e m a n d f o r a b o u t $ 3 0 0 ,0 0 0 ,0 0 0 o f g o ld . A s a c o n s e q u e n c e , t h e r e s e r v e r a t io o f t h e F e d e r a l R e s e r v e B a n k s d e c lin e d f r o m 6 5 .6 p e r c e n t t o 4 5 .0 p e r c e n t . T h is r e f le c t e d a l o s s o f $ 6 5 5 ,0 0 0 ,0 0 0 in r e s e r v e s a n d a n in c r e a s e o f $ 1 ,4 3 6 ,0 0 0 ,0 0 0 in F e d e r a l R e s e r v e n o t e c ir c u la t io n , o f f s e t in p a r t b y a d e c r e a s e o f $ 4 8 6 ,0 0 0 ,0 0 0 in d e p o s it l i a b i li t i e s . B e t w e e n M a r c h 4 a n d M a r c h 2 2 , t h e r e w a s a r e t u r n flo w to t h e r e s e r v e b a n k s o f $ 5 5 8 ,0 0 0 ,0 0 0 o f g o ld c o in a n d g o ld c e r t i f i c a t e s a n d o f $ 3 1 9 ,0 0 0 ,0 0 0 o f o t h e r c u r r e n c y , a n d t h e r e s e r v e r a t io a d v a n c e d t o 5 5 .5 p e r c e n t . D is c o u n t s f o r m e m b e r b a n k s , w h ic h h a d in c r e a s e d t o $ 1 ,4 3 2 ,0 0 0 ,0 0 0 b y M a r c h 4 , d e c lin e d t o $ 6 7 1 ,0 0 0 ,0 0 0 o n M a r c h 2 2. M o n e y r a t e s in t h e o p e n m a r k e t a d v a n c e d d u r in g t h e b a n k i n g c r is is , a n d o n t h e r e s u m p t io n o f b u s in e s s a f t e r t h e b a n k i n g h o lid a y , r a t e s w e r e a t c o n s id e r a b ly h i g h e r l e v e l s t h a n t h o s e p r e v a ilin g o n M a r c h 3. S u b s e q u e n t ly r a t e s d e c lin e d a s m o r e f u n d s b e c a m e a v a ila b le t o t h e m a r k e t. O n M a r c h 3, t h e d is c o u n t r a t e 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 N e w Y o r k w a s r a is e d f r o m 2% t o SV2 p e r c e n t , a n d o n M a r c h 4 t h e r e w a s a s im ila r in c r e a s e a t t h e F e d e r a l R e s e r v e B a n k o f C h i c a g o . T h e N e w Y o r k R e s e r v e B a n k ’s b u y in g r a t e o n b ills w a s r a is e d b y s u c c e s s iv e s t e p s f r o m V2 o f 1 p e r c e n t o n F e b r u a r y 2 6 , f o r b ills o f t h e s h o r t e r m a t u r it i e s , t o 3 % p e r c e n t on M a r c h 3. O n M a r c h 13 t h e r a t e f o r t h e s e m a t u r i t ie s w a s r a is e d t o SV2 p e r c e n t; s u b s e q u e n t ly t h e r a t e w a s r e d u c e d a n d o n M a r c h 2 2 w a s 2 p e r c e n t. S IX T H D IS T R IC T S U M M A R Y 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 t e g a i n s in d e p a r t m e n t s t o r e s a l e s , l i f e in s u r a n c e s a le s , in r e s id e n t ia l c o n s t r u c t io n c o n t r a c t s , p r o d u c tio n o f p ig ir o n in A la b a m a , a n d o u t p u t o f c o a l in T e n n e s s e e , c o m p a r e d w i t h J a n u a r y , b u t o t h e r s e r i e s s h o w e d d e c lin e s , a n d in c r e a s e s o v e r F e b r u a r y 1 9 3 2 w e r e s h o w n in t e x t i l e a c t i v i t y a n d in c o a l o u t p u t in A la b a m a a n d T e n n e s s e e . D e p a r t m e n t s t o r e s a l e s in F e b r u a r y in c r e a s e d 3 .7 p e r c e n t o v e r J a n u a r y , b u t w e r e 2 2 p e r c e n t s m a lle r in d o lla r v o lu m e 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 s a l e s in c r e a s e d 8 .0 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 , w h ile a t t h e s a m e t i m e a y e a r a g o t h e g a i n w a s 4 .0 p e r c e n t . S a le s o f m e r c h a n d is e b y r e p o r t in g w h o le s a le fir m s a v e r a g e d 9 .9 p e r c e n t l e s s t h a n in J a n u a r y , a n d w e r e 1 9.1 p e r c e n t l e s s t h a n in F e b r u a r y 1 9 3 2 . B a n k d e b its , a n d s a v i n g s d e p o s it s , d e c lin e d fr o m J a n u a r y an d w e r e le s s th a n a y e a r a g o . O u t s t a n d in g F e d e r a l R e s e r v e B a n k c r e d it in c r e a s e d s u b s t a n t ia l l y b e t w e e n t h e m id d le o f F e b r u a r y a n d t h e m id d le o f M a r c h , b e c a u s e o f c o n d itio n s im m e d ia t e ly p r e c e d in g a n d f o l lo w in g t h e s u s p e n s io n o f n o r m a l b a n k in g a c t iv it y . L o a n s , in v e s t m e n t s a n d d e p o s it s o f w e e k ly r e p o r t in g m e m b e r b a n k s d e c lin e d d u r in g t h i s f o u r w e e k s p e r io d . ru ary and th e w h e n b a n k in g in t h e v a r io u s c o u n tr y b y t h e T h e v o lu m e o f r e s e r v e b a n k c r e d it o u ts t a 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 tla n ta e x p a n d e d r a p id ly b e t w e e n t h e m id d le o f F e b m id d le o f M a r c h , w h ic h in c lu d e d t h e p e r io d r e s t r ic t i o n s a n d b a n k h o lid a y s , f ir s t d e c la r e d s t a t e s , w e r e m a d e e f f e c t iv e t h r o u g h o u t t h e P r e s id e n t ’s p r o c la m a t io n o f M a r c h 6. D u r in g t h e l a s t t w o w e e k s o f F e b r u a r y t o t a l h o l d i n g s o f b ills a n d s e c u r i t ie s b y 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 in c r e a s e d 2 6 .1 m illio n s o f d o lla r s , a n d b e t w e e n M a r c h 1 a n d M a r c h 15 t h e r e w a s a f u r t h e r in c r e a s e o f a l i t t l e m o r e t h a n 5 0 m illio n s o f d o lla r s . T h e r e w a s a s m a ll d e c r e a s e in t o t a l d is c o u n t s b e t w e e n F e b r u a r y 15 a n d F e b r u a r y 2 1 , a n i n c r e a s e o f 6 .4 m illio n s b e t w e e n t h a t d a t e a n d M a r c h 1, a n d a n in c r e a s e o f 27 m i llio n s , o r s l i g h t l y m o r e t h a n t h e M a r c h 1 t o t a l, b e t w e e n t h a t d a t e a n d M a r c h 15. H o ld in g s o f p u r c h a s e d b ills in c r e a s e d b y m o r e t h a n 8 m illio n s o f d o lla r s f r o m F e b r u a r y 15 t o F e b r u a r y 2 1 , a n d b y m o r e t h a n 10 m i l l io n s b e t w e e n F e b r u a r y 2 1 a n d M a r c h 1, b u t d e c lin e d b y a b o u t 1.6 m illio n s b y M a r c h 1 5 . H o ld in g s o f U n it e d S t a t e s s e c u r i t ie s in c r e a s e d f r o m 4 6 .6 m illio n s o n F e b r u a r y 15 to 7 3 .6 m illio n s o n M a r c h 1 5, c o m p a r e d w i t h 1 2 .7 m illio n s o n t h e s a m e W e d n e s d a y a y e a r a g o . T o t a l b il l s 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 in c r e a s e d f r o m 6 7 .2 m i llio n s o n F e b r u a r y 15 t o 1 4 3 .7 m illio n s o n M a r c h 1 5. A y e a r a g o t h e y a m o u n t e d t o 5 0 .7 m illio n s . T o t a l r e s e r v e s d e c lin e d f r o m F e b r u a r y 15 t o M a r c h 1, b u t in c r e a s e d d u r in g t h e t w o f o l lo w in g w e e k s t o t h e l a r g e s t a m o u n t f o r a n y W e d n e s d a y s in c e l a s t M a y . M e m b e r b a n k r e s e r v e d e p o s it s d e c lin e d d u r in g t h e w e e k e n d e d M a r c h 1, b u t in c r e a s e d in t h e t w o f o l lo w in g w e e k s . 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 in a c t u a l c ir c u la t io n in c r e a s e d f r o m 1 1 0 m illio n s o n F e b r u a r y 1 5 t o 1 7 7 m illio n s o n M a r c h 15. T h e r e s e r v e r a t io d e c lin e d f r o m 6 1 .8 p e r c e n t o n F e b r u a r y 15 t o 4 4 .0 p e r c e n t o n M a r c h 8 , a n d a w e e k l a t e r w a s 4 5 .9 p e r cen t. P r in c ip a l i t e m s in t h e w e e k ly s t a t e m e n t a r e c o m p a r e d in t h e t a b le . I n a d d it io n t o t h e c o m p a r is o n f o r 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 la n t a , t h e r e i s a ls o s h o w n a c o m p a r is o n o f im p o r t a n t it e m s f o r t h e F e d e r a l R e s e r v e S y s t e m a s a w h o le . FEDERAL RESERVE BANK OF ATLANTA (000 Omitted) March 15, 1933 Feb. 15, 1933 March 16, 1932 Bills Discounted: Secured by Govt. Obligations __ $ 13,886 38,175 All Others__________________ Total Discounts_________ 52,061 17,965 Bills Bought in open m arket____ 73,630 U. S. Securities________________ Total Bills and Securities. _ 143,656 Total Reserves________ ________ 114,847 Member Bank Reserve Deposits. _ 43,871 Total Deposits________________ 72,943 F. R. Notes in actual circulation - _ 177,085 Reserve R atio_________________ 45.9 $ 1,458 17,245 18,703 1,873 46,595 67,171 99,782 45,348 51,520 109,993 61.8 $ 5,161 27,302 32,463 5,548 12,669 50,680 126,345 48,590 49,256 121,121 74.2 3 M O N T H L Y R E V IE W FEDERAL RESERVE SYSTEM (000 Omitted) March 15, 1933 Feb. 15, 1933 March 16, 1932 Bills Discounted: Secured by U. S. Govt. Obliga tions_____________________ All Others__________________ Total Discounts_________ Bills Bought in Open M arket___ U. S. Securities________________ Other Securities_______________ Total Bills and Securities.. Total Reserves________________ Member Bank Reserve Deposits __ Total Deposits________________ F. R. Notes in Actual Circulation. F. R. Bank Notes in Actual Circu lation______________________ Reserve R atio_______________ _ $ 769,470 462,846 1,232,316 403,316 1,899,034 5,644 3,540,310 3,148,185 1,967,229 2,123,739 4,292,702 3,301 49.1 $ 81,485 204,888 286,373 30,784 1,809,308 4,797 2,131,262 3,387,383 2,236,095 2,375,763 2,891,145 $ 342,452 318,340 660,792 105,714 842,162 6,954 1,615,622 3,205,973 1,919,316 1,977,769 2,601,262 70.0 ~~64~3 Georgia— 10 Cities_____ _ _ Albany. _ __ __ _ _ Atlanta__ ________ _ __ Augusta____ __ _______ Brunswick___ _ ____ _ Columbus__ __ __ Elberton_______ ________ Macon. _______ _______ Newnan______________ _ Savannah___ ___________ Valdosta___ __________ 132,366 1,577 89,742 7,818 1,278 6,336 409 6,429 777 16,304 1,696 160,370 2,365 106,150 11,924 1,525 6,989 523 7,194 1,030 20,528 2,142 164,317 2,435 103,886 12,735 1,552 8,162 566 9,160 1,009 22,677 2,135 Louisiana—New Orleans_____ 186,435 183,152 194,105 Mississippi—4 Cities_____ __ H attiesburg________ Jackson.. __ _____ _ M e rid ian ___ _______ ____ Vicksburg___ ________. . . 28,849 3,327 16,737 5,172 3,613 27,018 2,831 14,308 5,859 4,020 31,427 3,607 17,283 6,597 3,940 Tennessee—3 Cities______ __ Chattanooga_____________ Knoxville______ ______ Nashville_____ ______ ____ 78,781 21,439 11,838 45,504 101 ,239 30,377 16,570 54,292 103,406 26,583 24,798 52,025 $ 651,810 687,862 Total 26 Cities____________ $ 595,033 Monthly Averages of Weekly Figures of Reporting Member Banks in Selected Cities (000 Omitted) 1932 January __ February __ M a r c h ___ April______ May ______ J u n e -------Ju ly ---------August __ September. _ October___ November. _ December. _ 1933 January___ February__ Loans on Securities All Other Loans Invest ments Demand Deposits Time Borrowings Deposits from F. R. Bank $109,653 107,587 106,645 106,573 110,647 110,611 108,987 105,815 106,068 105,816 106,275 107,463 $245,706 241,360 237,979 234,239 227,871 221,415 218,055 217,168 214,809 217,503 216,734 215,479 $178,755 178,555 178,162 176,037 177,477 175,588 170,186 172,591 175,623 179,221 179,539 181,788 $244,147 237 ,630 237,662 234,990 226,776 221,211 213,908 212,576 215,013 214,903 215,705 220,055 $200,591 196,661 198,274 194,704 194,830 192,402 189,892 195,237 195,538 193,546 192,761 191,116 $ 27,919 26,542 18,342 19,307 15,582 18,677 24,532 17,944 12,967 8,706 10,973 13,483 106,089 105,704 209,740 205,678 183,140 189,419 217,051 203,917 204,084 198,453 8,654 10,901 A G R IC U L T U R E T h e a n n u a l r e p o r t b y t h e U n ite d S t a t e s D e p a r t m e n t o f A g r ic u lt u r e o n f a r m e r s ’ “ I n t e n t io n s to P la n t ” f o r t h e 1 9 3 3 s e a s o n in d ic a te s t h a t o n M a r c h 1 f a r m e r s in t h e U n ite d S t a t e s in te n d e d to p la n t m o r e a c r e a g e t h a n in 1 9 3 2 in t o b a c c o , s o y b e a n s , g r a in s o r g h u m s a n d ta m e h a y , b u t l e s s a c r e a g e to o th e r p r in c ip a l c r o p s . N o in fo r m a t io n h a s b e e n c o lle c te d on c o tto n , b e c a u s e o f p r o h ib ito r y le g is la t io n . T h e f o llo w in g c o m p a r is o n s s h o w t h e in te n d e d a c r e a g e f o r 19 3 3 , th e a c r e a g e h a r v e s te d in 1 9 3 2 , a n d t h e p e r c e n t a g e c o m p a r i so n f o r p r in c ip a l c r o p s : Crop Savings Deposits of 62 Reporting Banks (000 Omitted) Number of Feb. Banks 1933 A tlanta_______ Birmingham___ Jacksonville___ N ash v ille .____ New Orleans___ Other Cities___ T otal_______ 4 $ 31,857 3 16,229 4 12,731 21,740 5 6 42,512 40 64,305 62 189,374 Jan. 1933 $ 33,124 16,633 13,251 23,141 48,685 65,359 200,193 Percentage change Feb. 1933 compared Feb. with: 1932 Jan. 1933 Feb. 1932 $ 35,599 17,823 13,611 26,368 49,170 71,184 213,755 — 3.8 — 2.4 — 3.9 — 6.1 — 12.7 — 1.6 — 5.4 — 10.5 — 8.9 — 6.5 — 17.6 — 13.5 — 9.7 — 11.4 D e b it s t o I n d iv id u a l A cco u n ts T h e r e i s a l w a y s a d e c lin e in d e b it s t o in d iv id a c c o u n t s f o r t h e S i x t h D i s t r i c t a s a w h o le fro m J a n u a ry to F eb ru a ry . T he to ta l fo r th e 2 6 r e p o r t in g c i t i e s f o r F e b r u a r y t h is y e a r s h o w s a d e c r e a s e o f 8 .7 p e r c e n t , a n d w a s 13 .5 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 2 . I n c r e a s e s o v e r J a n u a r y , c o n t r a r y t o t h e d is t r ic t a v e r a g e , w e r e r e p o r t e d f r o m J a c k s o n v ille , M ia m i, P e n s a c o la , N e w O r le a n s , H a t t i e s b u r g a n d J a c k s o n . T here w e r e n o in c r e a s e s r e p o r t e d o v e r F e b r u a r y l a s t y e a r . M o n th l y t o t a l s s h o w n in t h e t a b le 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 in g f ig u r e s f o r t h 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 it h in a s i n g l e m o n th . Feb. 1933 Alabama—4 Cities_____________$ 83,075 Birmingham________________ 50,263 Dothan____________________ 1,074 Mobile_____________________ 19,132 Montgomery________________ 12,606 Florida—4 Cities______________ Jacksonville------------------------Miami_____________________ Digitized forPensacola__________________ FRASER Tam pa_____________________ 85 ,527 44,345 19,151 4,334 17,697 (000 Omitted) Jan. 1933 Feb. 1932 63,639 1,297 21,702 13,296 $101,533 62,937 1,286 24,412 12,898 80,097 42,474 15,639 4,018 17,966 93,074 46,045 21,106 4,534 21,389 $ 99,934 Corn___________________ Spring W heat...................... O ats.____ _____________ Barley_________________ Rice, 4 States___________ Grain Sorghums_________ Potatoes_______________ Sweet Potatoes__________ Tobacco________________ Peanuts____ ____ _______ Soybeans_______________ Cowpeas__ ____ _______ Tame H ay_____________ Intended Acreage 1933 103,934 20,986 40,003 12,971 753 8,033 3,185 806 1,747 1,806 3,152 1,972 53,389 (000 Omitted) Harvested Acreage 1932 107,729 21,521 41,224 13,213 869 7,850 3,368 926 1,433 1,932 2,895 2,019 52,819 Percentage Comparison — 3.5 — 2.5 — 3.0 — 1.8 — 13.3 + 2.3 — 5.4 — 13.0 + 21.9 — 6.5 + 8.9 — 2. 3 + 1.1 T h e a c r e a g e a c t u a l ly p la n te d f o r h a r v e s t o r h a r v e s t e d m a y b e la r g e r o r s m a lle r t h a n t h e in d ic a te d a c r e a g e s b a s e d o n t h e s e e a r ly in t e n t io n r e p o r t s , d e p e n d in g o n w e a t h e r c o n d i t io n s , p r ic e c o n d itio n s , la b o r s u p p ly , fin a n c ia l c o n d itio n s , a n d t h e e f f e c t s o f t h e r e p o r t i t s e l f u p o n f a r m e r s ’ a c t io n s . In t h e S ix t h D i s t r i c t f a r m e r s o n M a r c h 1 in te n d e d t o p la n t in c r e a s e d a c r e a g e s in t o b a c c o , a n d T e n n e s s e e f a r m e r s in d i c a t e d a n in c r e a s e in t h e i r p la n t in g o f b a r le y , b u t o t h e r p r in c ip a l c r o p s s h o w d e c r e a s e s r a n g in g f r o m 1.6 p e r c e n t in p o t a t o e s , t o 1 5.8 p e r c e n t in o a t s . T h e in d ic a te d a c r e a g e in c o m is t h e s a m e a s in 1 9 3 2 in F lo r id a , 4 p e r c e n t le s s in A l a b a m a a n d T e n n e s s e e , 2 p e r c e n t l e s s in L o u is ia n a a n d M is s is s ip p i, a n d 6 p e r c e n t le s s in G e o r g ia . T h e a c r e a g e in te n d e d t o b e p la n te d t o o a t s i s l a r g e r t h a n l a s t y e a r in T e n n e s s e e , L o u is ia n a a n d F lo r id a , b u t d e c r e a s e s in t h e o th e r t h r e e s t a t e s . H a y a c r e a g e is e x p e c t e d t o b e t h e s a m e a s l a s t y e a r in A la b a m a a n d T e n n e s s e b u t s m a lle r in t h e o th e r s t a t e s . P o t a t o a c r e a g e w ill p r o b a b ly in c r e a s e in L o u is ia n a a n d T e n n e s s e e , r e m a in t h e s a m e in G e o r g ia a n d M is s is s ip p i, a n d d e c lin e in A la b a m a a n d F lo r id a . S m a lle r a c r e a g e s in s w e e t p o t a t o e s a r e in d ic a te d f o r a ll s ix s t a t e s . T h e to b a c c o a c r e a g e is e x p e c t e d to in c r e a s e 2 6 .2 p e r c e n t in F lo r id a , 1 1 1 .1 p e r c e n t in G e o r g ia , a n d 19.3 p e r c e n t in T e n n e s s e e , a n d t o b e t h e s a m e a s l a s t y e a r in L o u is ia n a . In t h e t a b le a r e s h o w n c o m b in e d f ig u r e s f o r t h e s i x s t a t e s o f t h e D i s t r ic t c o m p a r e d w it h a c r e a g e s h a r v e s t e d in 19 3 2 f o r p r in c ip a l c r o p s e x c e p t c o t to n , f o r w h ic h n o in fo r m a t io n h a s b e e n c o m p ile d . 4 M O N T H L Y R E V IE W (000 Omitted) Acreage Intended 1933 Harvested 1932 Crop Corn__________ Oats___________ Tame Hay_____ Barley (T en n .).. Rice (La.)______ Potatoes_______ Sweet Potatoes _Tobacco_______ Peanuts________ Soybeans_______ Cowpeas_______ 13,819 556 3,129 22 382 181 410 223.7 1,107 340 733 Percentage Comparison — 3.8 — 15.8 — 3.4 + 10.0 — 9.9 — 1.6 — 13.3 + 34.3 — 6.3 — 6.8 — 9.1 14,369 660 3,239 20 424 184 473 166.6 1,181 365 806 u s u a l ly a c c o u n t s f o r 18 p e r c e n t o f t h e a n n u a l t o t a l o f t a g s a l e s , w h ile J a n u a r y u s u a ll y a c c o u n t s f o r 10 p e r c e n t . T h e g a i n o v e r J a n u a r y t h i s y e a r w a s , t h e r e f o r e , s m a lle r t h a n u s u a l, a n d c o m p a r e s w it h a n in c r e a s e o f 6 8 p e r c e n t a t t h e s a m e t im e a y e a r a g o . F o r t h e s e v e n m o n t h s A u g u s t t h r o u g h F e b r u a r y t o t a l t a g s a l e s in t h e s e s i x s t a t e s h a v e b e e n 5 .9 p e r c e n t l e s s t h a n in 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 . C o m p a r is o n s f o r t h e m o n t h , a n d c u m u la t iv e t o t a l s , s h o w n in t h e t a b le a r e t a k e n f r o m f ig u r e s c o m p ile d b y t h e N a t io n a l F e r t i li z e r A s s o c ia t io n . (Short Tons) Feb. Jan. Feb. Aug. 1 through Feb. 28 Percentage 1933 1933 1932 1932-33 1931-32 Comparison T h e a c r e a g e in s t r a w b e r r ie s in c r e a s e d t h is y e a r o v e r t h a t o f 1 9 3 2 in A la b a m a , F lo r id a , a n d M is s is s ip p i b u t d e c lin e d in L o u is ia n a , a n d t h e f o r e c a s t e d p r o d u c tio n f o r 1 9 3 3 is in d i c a t e d in t h e f o l lo w in g : A la b a m a 3 3 0 ,0 0 0 c r a t e s ; F lo r id a 7 8 4 .0 0 0 c r a t e s ; L o u is ia n a 1 ,5 6 0 ,0 0 0 c r a t e s ; a n d M is s is s ip p i 1 7 4 .0 0 0 c r a t e s . T h e s e e s t i m a t e s r e p r e s e n t in c r e a s e s o f 17.9 p e r c e n t in A la b a m a , 2 7 .3 p e r c e n t in F lo r id a , 3 .7 p e r c e n t in L o u is ia n a , a n d 3 5 .9 p e r c e n t in M is s is s i p p i o v e r t h e 1 9 3 2 crop. Alabama_____ 20,100 Florida_______35,928 Georgia______ 33,748 Louisiana_____ 5,300 Mississippi___ 7,850 Tennessee____ 6,842 T h e a c r e a g e s in w a t e r m e lo n s t h i s y e a r s h o w d e c lin e s f r o m 1 9 3 2 o f 1 2 .3 p e r c e n t in F lo r id a , 3 0 .3 p e r c e n t in G e o r g ia , 2 1 .9 p e r c e n t in A la b a m a a n d 5 .7 p e r c e n t in M is s is s ip p i. T h e c a n t a lo u p e a c r e a g e in F lo r id a i s e x p e c t e d t o b e 4 0 0 a c r e s , o r d o u b le t h a t o f 1 9 3 2 i f g r o w e r s f o llo w t h e ir in t e n t io n s . R e t a il T rade Sugar Movement (Pounds) Raw Sugar Feb. 1933 Jan. 1933 Receipts: New Orleans__________ Savannah_____________ Meltings: New Orleans__________ Savannah____________ Stocks: New O rleans_________ Savannah____________ Feb. 1932 51,840,334 23,582,063 31,788,495 17,628,777 95,884,391 65,570,964 74,156,428 22,845,159 37,121,924 28,766,548 72,957,634 3,314,110 24,939,158 31,477,759 47,281,460 30,740,855 51,717,145 77,645,886 Refined Sugar (Pounds) Shipments: New Orleans____ ______ 72,927,520 60,161,333 Savannah............. ............ 21,350,086 23,714,331 Stocks: New Orleans................ .. 41,935,194 38,850,755 Savannah-___________ 23,831,761 20,464,725 *January figures for New Orleans revised. 68,769,316 17,816,963 52,535,066 16,196,156 RiceMovement—New Orleans - Rough Rice—Barrels: Feb. 1933 Jan. 1933 R e ceip ts---____ ______ 22,499 29,464 38,720 21,730 Shipments____________ Stocks____ ____ ______ 2,828 19,049 Clean Rice—Pockets: Receipts______________ 66,397 38,363 Shipments____________ 48,273 66,848 Stocks......... ........... .......... 172,576 154,452 Rice Millers Association (Barrels) February Receipts of Rough Rice: Season 1932-33......... — 746,514 Season 1931-32_______ 733,849 Distribution of Milled Rice: Season 1932-33_______ 750,131 Season 1931-32________ 837,014 Stocks of Rough and Milled Rice: February 28, 1933_____ 2,-036,402 February 29, 1932_____ 1,855,018 Feb. 1932 14,866 8,285 8,038 78,258 98,638 134,234 Statistics August 1 to Feb. 28 6,068,215 6,990,236 5,681,956 6,229,825 F e r tiliz e r T a g S a le s 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 s t a t e a u t h o r it ie s in t h e s i x s t a t e s o f t h i s D is t r i c t in c r e a s e d b y 2 7 .4 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 t h b e f o r e , b u t w e r e 2 3 .1 p e r c e n t l e s s t h a n in F e b r u a r y 1 9 3 2 . F ebruary T otal_____ 109,768 12,050 18,100 49,977 40,650 8,447 51,117 6,050 7,104 7,025 16,933 2,610 8,785 86,159 142,689 —23.9 —24.9 —29.6 — 19.8 — 18.6 —22.3 —22.0 + 1.6 + 7 .4 —8.5 + 4 .8 + 5 .5 + 4 .1 + 3 .7 —24.5 —24.2 —30.8 — 12.8 —21.0 — 19.0 —21.9 + 5.9 — 1.6 —23.7 — 12.0 —21.0 — 6.9 435,879 — 5.9 TRADE S t o c k s o f m e r c h a n d is e o n h a n d a t t h e e n d o f F e b r u a r y w e r e 7 .7 p e r c e n t g r e a t e r t h a n a m o n t h e a r lie r , b u t 2 4 .6 p e r cen t le s s th a n a y e a r a g o . T u rn o v er fo r F eb ru a ry fo r th e D is t r i c t w a s t h e s a m e a s in F e b r u a r y l a s t y e a r , a n d f o r t h e f ir s t t w o m o n t h s w a s s l i g h t l y h ig h e r . A c c o u n t s r e c e iv a b le a t th e en d o f F e b r u a r y w e r e 7 p e r c e n t le s s th a n a m o n th e a r lie r , a n d 1 8 .7 p e r c e n t l e s s 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 t io n s w e r e 1 5.1 p e r c e n t s m a ll e r t h a n in J a n u a r y a n d 2 1 .7 p e r c e n t l e s s t h a n in F e b r u a r y 1 9 3 2 . T h e r a t io o f c o lle c t io n s d u r in g F e b r u a r y t o a c c o u n t s r e c e iv a b le a n d d u e a t t h e b e g i n n i n g o f t h e m o n t h w a s 2 7 .1 p e r c e n t , f o r J a n u a r y 2 7 .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 2 8 .5 p e r c e n t. F o r r e g u l a r a c c o u n t s t h e c o lle c t io n r a t io f o r F e b r u a r y 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 .7 p e r c e n t , a n d f o r F e b r u a r y 1 9 3 2 , 3 0 .7 p e r c e n t , a n d f o r in s t a l lm e n t a c c o u n ts t h e F e b r u a r y r a t io w a s 1 4 .7 p e r c e n t , t h e s a m e a s f o r J a n u a r y , a n d f o r F e b r u a r y l a s t y e a r 14 p e r c e n t . F o r in d i v id u a l c it i e s t h e c o lle c t io n r a t io s f o r F e b r u a r y w e r e : A t l a n t a 2 5 .6 ; B ir m in g h a m 2 3 .0 ; C h a t t a n o o g a 2 3 .7 ; N a s h v i l l e 2 7 .0 ; N e w O r le a n s 3 3 .6 ; a n d f o r O t h e r C it ie s 2 3 .9 . A ll o f t h e s e s t a t i s t i c s a r e b a s e d u p o n r e p o r t s in a c t u a l d o lla r a m o u n t s 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 in t h e s t a t e m e n t, a n d t h e in d e x n u m b e r s o n p a g e 8 , m a k e n o a llo w a n c e f o r c h a n g e s i n t h e l e v e l o f p r ic e s . — 15.8 —26.4 —36.5 —29.2 —20.9 —33.4 —24.6 N O T E : The rate of stock turnover is the ratio of sales during given period to average stocks on hand. 410,161 33,800 270,494 58,086 32,510 19,983 21,006 F o ll o w i n g a d e c lin e w h ic h w a s s l i g h t l y s m a lle r t h a n u s u a ll y o c c u r s f r o m t h e h o lid a y t r a d e in D e c e m b e r t o J a n u a r y , d e p a r t m e n t s t o r e s a l e s in F e b r u a r y i n c r e a s e d 3 .7 p e r c e n t o v e r J a n u a r y , b u t w e r e 2 2 p e r c e n t l e s s t h a n in F e b r u a r y 1 9 3 2 . T h e d e c r e a s e in J a n u a r y c o m p a r e d w it h J a n u a r y 1 9 3 2 w a s 2 1 .8 p e r c e n t . F o r t h e f ir s t t w o m o n t h s o f t h e c u r r e n t y e a r s a l e s h a v e b e e n 2 1 .9 p e r c e n t l e s s t h a n in t h a t p a r t o f 1 9 3 2 . O n a d a i ly a v e r a g e b a s i s F e b r u a r y s a l e s in c r e a s e d 8 p e r c e n t o v e r J a n u a r y t h i s y e a r , a s c o m p a r e d w it h a g a i n o f 4 p e r c e n t a t t h e s a m e t i m e a y e a r a g o , a n d w i t h a u s u a l s e a s o n a l r is e o f 1 1 .4 p e r c e n t . T h e u n a d j u s t e d d a ily a v e r a g e s a l e s in d e x r o s e 3 .9 p o in t s f r o m J a n u a r y t o F e b r u a r y , b u t t h e s e a s o n a l ly a d j u s t e d in d e x d e c lin e d 1.9 p o in ts . RETA IL TRADE IN TH E SIX TH D ISTRICT DURING FEBRUARY 1933 Based on confidential reports from 34 department stores COMPARISON OF STOCKS COMPARISON OF N E T SALES Jan. 1 to Feb. 28, 1933 February 28, 1933 February 1933 Feb. 1932 with Jan. 1933 with same period in 1932 with Feb. 29, 1932 Jan. 31, 1933 Atlanta (3)__________ Birmingham (4)______ Chattanooga (4)______ Nashville (4)_________ New Orleans (5) - ____ Other Cities (14)-------D ISTRICT (34)_____ 35,800 266,092 44,318 28,601 15,785 19,565 + 6 .9 + 8 .2 + 2 .6 + 6 .8 + 9 .0 + 7 .3 + 7 .7 RATE OF STOCK TURNOVER Feb. 1932 Feb. 1933 .31 .20 .16 .18 .18 .16 .20 .28 .20 .17 .21 .18 .20 .20 Jan. 1 to Feb.28 1932 1933 .63 .36 .34 .33 .36 .29 .38 .55 .38 .36 .39 .35 .39 .40 5 M O N T H L Y R E V IE W W h o le s a le T rade E x c e p t f o r 1 9 3 2 , t h e d e c lin e in w h o le s a le t r a d e f o l lo w in g t h e f a l l p e a k in O c to b e r h a s u s u a ll y e x t e n d e d t h r o u g h F e b r u a r y . T h is y e a r F e b r u a r y s a l e s a t w h o l e s a l e d e c lin e d 9 .9 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 9 .1 p e r c e n t l e s s t h a n in F e b r u a r y 1 9 3 2 . I n c r e a s e s o v e r J a n u a r y in s a l e s o f f u r n it u r e a n d d r y g o o d s w e r e o f f s e t b y d e c lin e s in o t h e r l in e s . S a le s o f s h o e s , n o t s h o w n in t h e s t a t e m e n t b e c a u s e o f t h e f e w r e p o r t s r e c e iv e d , in c r e a s e d s u b s t a n t ia lly o v e r J a n u a r y an d w e r e g r e a t e r th a n a y e a r a g o . P e r c e n t a g e c o m p a r is o n s s h o w n in t h e t a b le , a n d t h e in d e x n u m b e r s o n p a g e 8 , m a k e n o a llo w a n c e f o r c h a n g e s in t h e l e v e l o f p r ic e s . WHOLESALE TRADE IN FEBRUARY 1933 Sixth Federal Reserve District* Number of Percentage change Firms Feb. 1933 compared with Jan. 1933 Feb. 1932 All Lines Combined: Sales--------------------------------------Stocks on hand---------------------Accounts receivable___________ Collections__________________ Groceries: Sales________________________ A tlanta__________________ Jacksonville______________ New Orleans_____________ Vicksburg_______________ Other Cities______________ Stocks on hand_______________ Accounts receivable___________ Collections__________________ Dry Goods: Sales________________________ Nashville________________ Other Cities______________ Stocks on hand_______________ Accounts receivable___________ Collections__________________ Hardware: Sales________________________ Nashville________________ New Orleans_____________ Other Cities_____________ Stocks on hand_______________ Accounts receivable___________ Collections__________________ Furniture: Sales________________________ A tlanta_________________ Other Cities______ ______ Stocks on hand_______________ Accounts receivable___________ Collections________ __________ Electrical Supplies: Sales________________________ New Orleans_____________ Other Cities_____________ Stocks on hand______________ Accounts receivable___________ Collections__________________ Drugs: S ales._______________________ Accounts receivable___________ Collections__________________ Stationery: Sales________________________ 104 28 51 54 — 9.9 — 0.9 — 3.0 — 13.3 — 19.1 — 15.1 — 14.3 — 18.9 24 3 4 5 3 9 3 10 11 — 8.5 — 17.0 — 0.8 — 11.2 — 3.4 — 11.5 — 3.6 — 7.9 — 10.0 — 15.3 —20.7 — 17.0 — 18.5 — 1.6 — 13.2 —20.7 — 5.2 — 18.1 16 3 13 8 9 11 + + + — — — 1.0 4 .0 0.3 3.1 2.3 7.3 — 7.2 — 18.8 — 3.8 — 14.1 — 18.6 — 7.6 26 3 5 18 8 16 16 —20.2 — 9.2 — 17.4 —23.6 + 0.5 — 1.3 — 10.6 — 16.4 —20.0 — 13.1 — 17.3 — 15.4 — 11.6 — 17.8 10 4 6 6 8 7 + 1 6 .0 + 3 6 .0 + 10.6 + 1.0 + 0.3 —38.2 —42.2 — 1.4 —49.2 — 0.4 —27.8 —44.4 14 4 10 3 4 4 — 11.4 — 19.4 — 7.2 — 3.1 — 4.8 —20.6 —34.5 —31.1 —35.9 —26.4 —27.4 —33.0 8 4 5 — 11.1 — 1.7 — 17.7 — 19.2 — 12.2 — 17.1 4 — 9 .4 —56.0** L if e In su ran ce F e b r u a r y s a l e s o f n e w , p a id - f o r , o r d in a r y l i f e in s u r a n c e i n t h e s i x s t a t e s o f t h i s D is t r i c t in c r e a s e d 7 .6 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 2 6 .3 p e r c e n t l e s s t h a n i n F e b r u a r y 1 9 3 2 . A t t h e s a m e t im e l a s t y e a r l i f e in s u r a n c e s a l e s 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 . F o r t h e f i r s t t w o m o n t h s o f 1 9 3 3 c o m b in e d , t h e s e s a l e s a v e r a g e d 2 5 .7 p e r c e n t l e s s t h a n in t h o s e m o n t h s o f 1 9 3 2 . T h e f ig u r e s in t h e t a b le a r e t a k e n f r o m t h o s e c o m p ile d b y t h e L i f 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 . (000 Omitted) Feb. Jan. Feb. Jan.—Feb. Inc. Percentage 1933 1933 1932 1933 1932 Comparison 3,472 3,365 5,297 3,695 1,682 5,401 T otal____ $22,912 $ 3,050 $ 3,639 3,472 4,234 4,946 7,155 3,360 4,396 1,593 2,353 4,877 6,623 $21,298 C o m m e r c ia l F a il u r e s $31,086 $ 6,522 $ 7,959 6,837 9,386 10,243 14,669 7,055 9,027 3,275 4,769 10,278 13,676 $44,210 $59,486 —18.1 —27.2 —30.2 —21.8 —31.3 —24.8 —25.7 S t a t i s t i c s c o m p ile d b y D u n a n d B r a d s t r e e t , In c ., in d ic a t e t h a t t h e r e w e r e 2 ,3 7 8 b u s in e s s f a i lu r e s i n t h e U n it e d S t a t e s d u r in g F e b r u a r y , c o m p a r e d w i t h 2 ,9 1 9 in J a n u a r y a n d w it h 2 ,7 3 2 in F e b r u a r y l a s t y e a r , a n d l i a b i li t i e s f o r F e b r u a r y w e r e $ 6 5 ,5 7 6 ,0 6 8 , a d e c r e a s e o f 1 7 .1 p e r c e n t f r o m t h e J a n u a r y t o t a l o f $ 7 9 ,1 0 0 ,6 0 2 , a n FRASER d 2 2 .8 p e r c e n t s m a l le r t h a n f o r F e b r u a r y 1 9 3 2 . Digitized for Grain Exports—New Orleans (Bushels) Feb. Feb. July 1 through Feb. 28 1933 1932 1932-33 1931-32 29,500 W heat.................... Corn______ _______ 280,732 17,138 Oats............................ Barley............................................. Total_________ 327,370 535,293 16,902 14,217 ............. 1,147,966 751,865 276,553 ............. 5,893,870 55,397 264,614 112,285 566,412 2,176,384 6,326,166 IN D U S T R Y S t a t i s t i c s o f b u ild in g p e r m it s is s u e d b y t h e c i t y a u t h o r it ie s o f t w e n t y c it i e s in t h e S ix t h D i s t r i c t , f o r t h e c o n s t r u c t io n o f b u ild in g s w it h in t h e c o r p o r a t e l i m i t s o f t h e s e c i t i e s , h a v e b e e n c o m p ile d s in c e 1 9 2 0 . T h e J a n u a r y t o t a l f o r t h e s e t w e n t y c i t i e s c o m b in e d w a s s m a lle r t h a n f o r a n y o t h e r m o n t h in t h e s e r i e s , a n d in F e b r u a r y t h e t o t a l d e c lin e d f u r t h e r b y $ 1 4 1 ,5 3 4 . I n c r e a s e s o v e r J a n u a r y w e r e , h o w e v e r , r e p o r t e d a t M ia m i a n d M ia m i B e a c h , A u g u s t a , S a v a n n a h , N e w O r le a n s a n d J o h n s o n C ity . In c r e a s e s o v e r F e b r u a r y l a s t y e a r w e r e r e p o r t e d o n ly f o r M ia m i, M ia m i B e a c h a n d A n n is t o n . T h e F e b r u a r y t o t a l w a s 5 9 .5 p e r c e n t l e s s t h a n f o r t h a t m o n t h a y e a r a g o . F o r t h e t w o m o n t h s o f 1 9 3 3 , b u ild in g p e r m it s a t t h e s e t w e n t y c i t i e s h a v e b e e n 4 4 .7 p e r c e n t l e s s t h a n f o r t h o s e m o n t h s o f 1 9 3 2 . C o m p a r is o n s f o r t h e m o n t h b y c i t ie s a r e s h o w n in t h e t a b le , 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 o f t h i s R e v ie w . Number Value Percentage February February change City 1933 1932 1933 1932 in value B u ild in g P e r m it s Alabama Anniston_______ Birmingham____ Montgomery____ Florida Jacksonville_____ Miami_________ Miami Beach___ Orlando________ Tampa_________ Georgia 5 68 34 51 7 172 20 85 $ 9,332 39,805 12,451 9,095 268 192 39 34 154 273 198 27 30 147 Columbus______ Macon_________ Savannah_______ Louisiana New Orleans____ Alexandria______ Tennessee Chattanooga____ Johnson C ity___ Knoxville_______ Nashville_______ 160 33 32 0 9 Total 20 Cities •Based upon confidential reports from 104 firms. **Due to largfe unusual sales in F ebruary, 1932. Alabama........._$ Florida............. Georgia............. Louisiana.......... Mississippi____ Tennessee......... I n t h e S i x t h D is t r i c t t h e r e w e r e 14 5 f a i lu r e s in F e b r u a r y , w it h l i a b ilit ie s o f $ 3 ,7 2 4 ,1 5 2 , a d e c r e a s e o f 1 7 .6 p e r c e n t in n u m b e r a n d 3 0 .7 p e r c e n t in a m o u n t o f l ia b i li t i e s c o m p a r e d w i t h J a n u a r y , a n d 5.8 p e r c e n t s m a lle r in n u m b e r b u t 9 .2 p e r c e n t la r g e r in l i a b ilit ie s t h a n f o r F e b r u a r y a y e a r a g o . C o n tr a c t A w ards $ 3,350 72,007 16,621 141,845 +178.6 — 44.7 — 25.1 — 93.6 41,405 84,964 86,450 6,790 19,885 381,235 68,004 71,500 8,835 47,698 — + + — — 197 65 33 168 18 34,290 6,892 9,285 0 7,240 103,190 29,980 24,945 41,990 17,175 — 66.8 — 77.0 — 62.8 — 100.0 — 57.8 63 43 76 59 106,567 10,515 155,171 19,584 — 31.3 — 46.3 101 2 22 75 131 5 34 99 24,251 2,550 4,806 47,807 29,831 7,600 34,252 120,168 — — — — 1,385 1,844 $564,380 $1,394,981 89.1 24.9 20.9 23.1 58.3 18.7 66.4 86.0 60.2 — 59.5 T h e t o t a l v a lu e o f c o n t r a c t s a w a r d e d in t h e S i x t h D is t r i c t d u r in g F e b r u a r y , 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 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 t o 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 is io n o f R e s e a r c h a n d S t a t i s t i c s , d e c lin e d s u b s t a n t ia l l y 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 a s t h e s m a l l e s t f o r a n y m o n t h f o r w h ic h t h e f ig u r e s a r e a v a ila b le . T h e d e c lin e f r o m J a n u a r y w a s l a r g e l y d u e t o c o n t r a c t s l e t d u r in g t h a t m o n t h in c o n n e c t io n w it h t h e c o n s t r u c t io n o f t h e N e w O r le a n s b r id g e a c r o s s t h e M is s is s ip p i R iv e r . R e s id e n t ia l c o n t r a c t s in c r e a s e d 1 6 .5 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 , b u t w i t h t h e e x c e p t io n o f J a n u a r y , w e r e s m a lle r t h a n f o r a n y o t h e r m o n t h in t h e s e r ie s . F o r t h e f ir s t t w o m o n t h s o f 1 9 3 3 r e s id e n t ia l c o n t r a c t s w e r e 5 5 .4 p e r c e n t l e s s t h a n in t h o s e m o n th s a y e a r a g o , b u t b e c a u se o f th e la r g e J a n u a r y to ta l, o t h e r c o n t r a c t s s h o w a n in c r e a s e o f 9 4 .7 p e r c e n t , a n d t h e t o t a l w a s 5 6 .3 p e r c e n t g r e a t e r t h a n in t h o s e m o n t h s o f 1^ 32. T h e r e w a s a n in c r e a s e in c o n t r a c t a w a r d s in A la b a m a in F e b r u a r y o v e r J a n u a r y , b u t o t h e r s t a t e s s h o w e d d e c lin e s , a n d c o n t r a c t s w e r e l e s s t h a n in F e b r u a r y 1 9 3 2 in a ll o f t h e s e s i x sta tes. I n 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 t h e F e b r u a r y t o t a l o f c o n t r a c t a w a r d s w a s 3 6 .8 p e r c e n t l e s s t h a n in J a n u a r y a n d 4 0 .8 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 a y e a r a g o . C o m p a r is o n s f o r t h e m o n t h a r e s h o w n in t h e t a b le . P a r t s o f t h e f ig 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 . 6 M O N T H L Y R E V IE W Jan. Feb. Feb. Percentage Percentage 1933 1933 Comparison 1932 Comparison Sixth D istrict-Total# 3,362,825 5 14,325,272 —76.5 $ 5,603,213 —40.0 Residential_____ 693,122 594,749 + 16.5 1,276,398 —45.7 All Others______ 2,669,703 13,730,523 —80.6 4,326,815 —38.3 State Totals: Alabama_______ $ 958,400 : J 698,300 + 37.2 $ 1,145,600 — 16.3 902,500 Florida_________ 1,146,200 1,492,200 —39.5 —21.3 Georgia------------520,800 — 10.1 579,100 1,169,500 —55.5 Louisiana_______ 623,200 14,895,100 —95.8 922,200 —32.4 Mississippi_____ 570,600 641,800 1,042,100 —45.2 — 11.1 490,300 E. Tennessee____ 248,700 625,600 —60.2 —49.3 United States-Total-$52,712,300 $83,356,000 —36.8 $89,045,800 —40.8 Residential_____ 11,805,300 11,950,900 24,417,300 —51.7 — 1.2 Non-Residential__ 23,670,400 28,731,600 36,347,700 —34.9 — 17.6 Public Works and Utilities______ 17,236,600 42,673,500 —59.6 28,280,800 —39.1 L u m b er A lt h o u g h t h e s e a s o n h a s a r r iv e d w h e n t h e n o r m a l d e m a n d f o r lu m b e r i s e x p e c t e d t o r is e , t h e r e h a s a s y e t a p p e a r e d n o s i g n o f s p r in g i n c r e a s e . B u ild in g o p e r a t io n s c o n t in u e b e lo w n o r m a l a n d a u to m o b ile p r o d u c tio n , a n o t h e r l a r g e c o n s u m e r o f lu m b e r , h a s n o t k e p t u p t h e r a t e o f p r o d u c tio n in J a n u a r y . T h e r e w a s a n in c r e a s e o f n e a r ly o n e h a l f in t h e a v e r a g e v o lu m e o f o r d e r s b o o k e d d u r in g t h e f ir s t fiv e w e e k s o f 1 9 3 3 o v e r t h e u n u s u a lly lo w a v e r a g e f o r D e c e m b e r , b u t in F e b r u a r y t h e w e e k l y a v e r a g e h a s b e e n a b o u t 14 p e r c e n t l o w e r t h a n in J a n u a r y . F o r t h e f o u r w e e k s e n d i n g F e b r u a r y 4 o r d e r s w e r e g r e a t e r t h a n p r o d u c tio n , b u t f o r t h e f o u r w e e k s e n d in g M a r c h 4 t h e y h a v e b e e n s l i g h t l y l e s s t h a n o u tp u t . F o r t h e fiv e w e e k s e n d in g M a r c h 4 o r d e r s h a v e a v e r a g e d 22 p er c e n t le s s th a n fo r th o se w e e k s a y e a r a g o , w h ile p r o d u c tio n h a s b e e n 5 .8 p e r c e n t la r g e r t h a n a t t h a t t im e . F o r t h i s fiv e w e e k s p e r io d o r d e r s h a v e a v e r a g e d 2.3 p e r c e n t l e s s t h a n o u t p u t w h ile a t t h e s a m e t im e l a s t y e a r o r d e r s a v e r a g e d 3 2 .6 p e r c e n t g r e a t e r t h a n p r o d u c tio n . C o m p a r is o n s o f w e e k l y f ig u r e s r e p o r t e d t o t h e S o u th e r n P in e A s s o c ia t io n w i t h f ig u r e s f o r t h e s a m e m ills a y e a r a g o a r e s h o w n in t h e t a b le . (In Thousands of Feet) Week Number Orders Production Unfilled Orders Ended: of Mills 1933 1932 1933 1932 1933 1932 Feb. 4 ____ 101 20,583 20,895 20,052 17,813 60,053 67,005 F e b .1 1 . . . 109 17,852 21,977 18,695 59,121 65,145 18,833 Feb. 18. . . 106 18,010 26,916 18,780 53,742 66,325 18,141 Feb. 25.__ 109 26,930 70,120 19,187 20,445 55,407 18,593 99 March 4__ 18,251 24,328 18,395 68,156 17,681 51,323 C o tto n C o n s u m p tio n T o t a l c o t t o n c o n s u m e d b y t h e m i ll s in t h e U n i t e d S t a t e s d e c lin e d b y 6 .3 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 , p a r t ly b e c a u s e o f t h e s h o r t e r m o n t h , a n d w a s 2 .1 p e r c e n t l e s s t h a n in F e b r u a r y o f l a s t y e a r w h ic h h a d o n e m o r e b u s in e s s d a y t h a n t h is y e a r . I n t h e c o t t o n s t a t e s F e b r u a r y c o n s u m p tio n d e c lin e d 6 .8 p e r c e n t o v e r t h e m o n t h b u t w a s 1.1 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 in o t h e r s t a t e s F e b r u a r y c o n s u m p tio n d e c lin e d 3.2 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 a n d w a s 16 p e r c e n t l e s s t h a n in F e b r u a r y 1 9 3 2 . S t o c k s o f c o t t o n h e ld in t h e c o t t o n s t a t e s d e c lin e d 6 .4 p e r c e n t , a n d in o t h e r s t a t e s 0 .4 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 in t h e c o t t o n s t a t e s w e r e 3 .5 p e r c e n t s m a lle r , a n d in o t h e r s t a t e s 5 .2 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 . T h e in c r e a s e o v e r sto c k s a y e a r a g o sh o w n fo r o th e r s t a t e s w a s d u e t o a n i n c r e a s e o f 1 9 .2 p e r c e n t in s t o c k s in “ p u b lic s t o r a g e a n d a t c o m p r e s s e s ” a s t h o s e h e ld b y c o n s u m in g e s t a b lis h m e n t s w e r e 1 2 .7 p e r c e n t s m a lle r t h a n a t t h a t t im e . S p in d le s a c t iv e in t h e c o t t o n s t a t e s d e c lin e d 0 .2 p e r c e n t, a n d in o t h e r s t a t e s 1 .0 p e r c e n t , o v e r t h e m o n t h , a n d w e r e 1 .2 p e r c e n t , a n d 1 6 .2 p e r c e n t , r e s p e c t iv e ly , l e s s t h a n a y e a r ago. E x p o r t s d u r in g F e b r u a r y d e c lin e d 2 9 .8 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 4 2 .5 p e r c e n t l e s s t h a n in F e b r u a r y 1 9 3 2 . C u m u la t iv e t o t a l s f o r t h e f ir s t s e v e n m o n t h s o f t h e c o t to n y e a r in d ic a t e t h a t c o n s u m p tio n h a s a m o u n t e d t o 3 ,2 5 3 ,1 4 9 b a le s , 5 .7 p e r c e n t g r e a t e r t h a n f o r 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 n in c r e a s e o f 7 .9 p e r c e n t f o r t h e c o t to n s t a t e s m o r e t h a n o f f s e t t i n g a d e c r e a s e o f 4 .3 p e r c e n t f o r o t h e r s t a t e s . E x p o r t s d u r in g t h i s s e v e n m o n t h s p e r io d h a v e a m o u n t e d to 5 ,5 9 6 ,7 3 6 b a le s , a d e c lin e o f 5 .5 p e r c e n t c o m p a r e d w it h 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 . C e n s u s B u r e a u f ig u r e s f o r t h e m o n t h a r e s h o w n c o m p a r a t iv e ly in t h e t a b le . United States (Bales) _______________________________________ Feb. 1933 Jan. 1933 Feb. 1932 Cotton Consumed_____________ ______ 441,663 471,202 451,239 Stocks_____________________________ 10,821,631 11,516,287 11,145,164 In Consuming Establishments_______ 1,441,641 1,495 ,527 1,634,344 In Public Storage and at Compresses.. 9,379,990 10,020,760 9,510,820 Exports__________ _________________ 557,022 793,666 968,325 Im ports______________ ________ _____ 15,786 21,352 9,244 Spindles—Number______ ______ 23,659,100 23,766,968 25,190,276 DigitizedActive for FRASER Cotton Growing States (Bales) Cotton Consumed___________________ 370,607 397,774 Stocks______________________________ 10,038,048 10,729,332 In Consuming Establishm ents_______ 1,155 ,987 1,202,049 9,527,283 In Public Storage and at Compresses._ 8,882,061 Active Spindles—Num ber__________ 16,804,694 16,845,998 Other States (Bales) Cotton Consumed___________________ 71,056 73,428 Stocks_____ ________________________ 783,583 786,955 285,654 293,478 In Consuming Establishments_______ 493,477 In Public Storage and at Compresses. . 497,929 Active Spindles—Number____________ 6,854,406 6,920,970 366,601 10,400,475 1,307,300 9,093,175 17,009,104 84,638 744,689 327,044 417,645 8,181,172 C e n s u s B u r e a u f ig u r e s f o r A la b a m a , G e o r g ia a n d T e n n e s s e e , t h e t h r e e s t a t e s o f t h i s D is t r i c t f o r w h ic h t h e s e s t a t i s t i c s a r e c o m p ile d s e p a r a t e l y , s h o w a n a v e r a g e d e c r e a s e o f 7.2 p e r c e n t in t h e c o n s u m p tio n o f c o t t o n f r o m J a n u a r y to F e b r u a r y , a n d o n ly a f r a c t io n a l g a in o v e r F e b r u a r y 1 9 3 2 . A la b a m a c o n s u m p tio n w a s 2 .6 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 , b u t t h i s in c r e a s e w a s o f f s e t in t h e a v e r a g e b y d e c r e a s e s in G e o r g ia a n d T e n n e s s e e . O n a d a ily a v e r a g e b a s is , b e c a u s e o f t h e d if f e r e n t n u m b e r o f w o r k in g d a y s , c o n s u m p t io n in c r e a s e d o v e r J a n u a r y in A la b a m a b y 1 .4 p e r c e n t , a n d w a s l a r g e r in A la b a m a b y 6 .8 p e r c e n t a n d in G e o r g ia b y 3 .6 p e r c e n t , b u t s m a lle r b y 2 .6 p e r c e n t in T e n n e s s e e , t h a n in F e b r u a r y 1 9 3 2 , t h e a v e r a g e f o r t h e t h r e e s t a t e s c o m b in e d b e in g a n in c r e a s e o f 4 .2 p e r c e n t . C u m u la t iv e c o n s u m p tio n d u r in g t h e s e v e n m o n t h s o f t h e c o t t o n y e a r , A u g u s t t h r o u g h F e b r u a r y , h a s b e e n 1 2.3 p e r c e n t l a r g e r in A la b a m a , 6 .8 p e r c e n t l a r g e r in G e o r g ia , 4 .6 p e r c e n t l e s s in T e n n e s s e e , a n d a v e r a g e d 7 .6 p e r c e n t g r e a t e r f o r t h e t h r e e s t a t e s , t h a n in 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 . Cotton Consumption—Bales Jan. Feb. Feb. 1932 1933 1933 Alabama___________ Georgia____________ Tennessee__________ T otal_________ 47,666 76,527 10,635 134,828 49,962 82,992 12,314 145,268 Aug. 1 to Feb. 28 1932-33 1931-32 357,722 46,479 572,530 76,922 87,140 11,373 134,774 1,017,392 318,443 536,011 91,295 945,749 C o tto n M a n u f a c t u r in g F e b r u a r y p r o d u c tio n , s h ip m e n t s , o r d e r s a n d s t o c k s o f c o t t o n c lo t h , r e p o r t e d b y m ills in t h e S i x t h D is t r i c t , in c r e a s e d o v e r J a n u a r y a n d w e r e 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 2 , w h il e u n fille d o r d e r s a n d n u m b e r s o f w o r k e r s d e c lin e d in c o m p a r is o n w it h b o th o f t h o s e p e r io d s . P r o d u c tio n , s h ip m e n t s a n d o r d e r s o f y a r n , h o w e v e r , d e c lin e d f r o m J a n u a r y a n d w e r e l e s s t h a n fo r F eb ru a ry la s t y ea r. U n f ille d o r d e r s d e c lin e d s l i g h t l y o v e r t h e m o n t h , b u t w e r e 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 , a n d s t o c k s a n d n u m b e r o f w o r k e r s in c r e a s e d o v e r J a n u a r y a n d o v e r F e b r u a r y 1 9 3 2 . P e r c e n t a g e c o m p a r is o n s o f r e p o r t e d f ig u r e s f o llo w . Percentage change Feb. 1933 compared Number of with Mills Jan. 1933 Feb. 1932 Cotton Cloth: Production------------------------------- _________ Shipments________________ ____ ................ Orders booked_________________ _________ Unfilled orders_________________ ____ _____ Stocks on hand________________ _________ Number on payroll_____________ _________ Cotton Yarn: Production____________________ _________ Shipments______________________________ Orders booked_________________ _________ Unfilled orders_________________ ____ _____ Stocks on hand________________ _________ Number on payroll______ _____ _________ C o tto n S e e d a n d C o tto n S e e d P r o d u c ts 19 18 14 16 17 18 + + + — + — 5.2 3.5 1.3 6.2 1.8 1.4 + 1 4 .5 + 4 .2 + 2.8 — 9.5 + 2.4 — 1.0 13 13 7 9 12 12 — 5.5 — 12.7 — 18.9 — 0.5 + 6.0 + 3.7 — 5.2 — 9 .0 — 18.2 + 5.0 + 2 6 .7 + 3 .8 O p e r a t io n s o f c o t t o n s e e d o il m ills in t h e S i x t h D i s t r i c t d u r in g F e b r u a r y w e r e g r e a t e r in v o lu m e t h a n d u r in g J a n u a r y , b u t a t a lo w e r le v e l t h a n a t t h e s a m e t im e l a s t year. W h ile r e c e ip t s o f s e e d w e r e s o m e w h a t l e s s t h a n in J a n u a r y , c r u s h in g s , a n d o u t p u t o f t h e p r in c ip a l p r o d u c ts w ere g rea ter. F o r th e se v e n m o n th s o f th e se a so n , A u g u s t th r o u g h F e b r u a r y , r e c e ip t s o f s e e d b y m ills in t h i s D is t r i c t , a n d f o r t h e c o u n tr y a s a w h o le , t h e a m o u n t c r u s h e d , a n d p r o d u c tio n o f c o m m o d it ie s f r o m t h e s e e d s h o w d e c lin e s c o m p a r e d w i t h l a s t se a so n . S t o c k s o f s e e d , a n d o f c r u d e o il a n d o f c a k e a n d m e a l, a t t h e e n d o f 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 , b u t s t o c k s o f h u lls a n d l in t e r s w e r e l e s s . C o m b in e d t o t a l s f o r G e o r g ia , A la b a m a , M is s i s s ip p i a n d L o u is ia n a a r e s h o w n in t h e f ir s t t w o c o lu m n s o f t h e t a b le , a n d t o t a l s f o r t h e c o u n t r y a r e in t h e l a s t t w o c o lu m n s . T h e f ig u r e s a r e f r o m t h o s e c o m p ile d b y t h e U n it e d S t a t e s C e n s u s B u r e a u . 7 M O N T H L Y R E V IE W Cotton Seed and Cotton Seed Products ♦SIXTH DISTRICT U N ITED STATES Aug. to 1 Feb. 28 Aug. 1 to Feb. 28 1932-33 1931-32 1932-33 1932-32 Cotton Seed, Tons: 4,986,692 4,119,574 1,546,258 Received a t mills__ 1,156,771 3,449,450 4,074,743 943,782 1,297,747 Crushed__________ 921,721 969,398 252,292 On Hand, Feb. 28 . . 260,175 Production: Crude Oil, lbs_____ ;303,810,216 423,097,170 1,067,115,767 1,274,516,016 1,555,174 1,826,169 Cake and Meal, tons 409,715 562,979 1,148,666 976,431 Hulls, tons_______ 269,094 364,852 647,822 543,554 Linters, bales_____ 163,690 225,670 Stocks at mills, Feb. 28 89,609,470 116,562,069 Crude Oil, lbs_____ 36,177,427 26,101,643 230,364 332,624 Cake and Meal, tons 100,418 81,156 146,330 219,447 Hulls, tons_______ 30,798 72,228 313,401 Linters, bales_____ 78,422 99,050 290,345 ♦Georgia, Alabama, Louisiana and Mississippi. E le c t r ic P r o d u c tio n o f e le c t r ic c u r r e n t b y p u b lic u t i l i t y p o w P ow er e r p l a n t s i n t h e S ix t h D i s t r i c t d e c lin e d 5 .6 p e r c e n t in J a n u a r y c o m p a r e d w it h D e c e m b e r , a n d w a s 6 .2 p e r c e n t l e s s t h a n in J a n u a r y a y e a r a g o . O u tp u t b y u s e o f w a t e r p o w e r in c r e a s e d 2 .8 p e r c e n t o v e r t h e m o n t h , b u t w a s 3 .2 p e r c e n t l e s s t h a n a y e a r a g o , a n d p r o d u c tio n b y u s e o f f u e l s w a s 2 0 .2 p e r c e n t l e s s t h a n in D e c e m b e r a n d 1 2 .4 p e r c e n t l e s s t h a n in J a n u a r y l a s t y e a r . F u e l O il c o n s u m e d in t h e p r o d u c tio n o f e le c t r ic c u r r e n t in c r e a s e d 6 .1 p e r c e n t , b u t c o a l a n d n a t u r a l g a s w e r e u s e d in s m a lle r q u a n t it ie s , c o m p a r e d w it h J a n u a r y , a n d a ll t h r e e s h o w d e c lin e s c o m p a r e d w i t h J a n u a r y a y e a r a g o . T h e J a n u a r y t o t a l i s t h e s m a ll e s t s in c e J u l y l a s t y e a r , a n d w i t h t h a t e x c e p t io n , s in c e S e p t e m b e r 1 9 2 8 . T h e f ig u r e s s h o w n in t h e t a b le a r e c o m b in e d t o t a l s f o r 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 a n d T e n n e s s e e , a n d a r e t a k e n f r o m t h o s e c o m p ile d b y t h e U n it e d S t a t e s G e o lo g ic a l S u r v e y . Jan. 1933 Jan. 1932 Dec. 1932 Production of Electric Power in 000 k. w. hours: Total________ 427,071 455,393 452,588 By use of: W ater Power________ 296,359 288,338 306,128 Fuels ______________ 164,250 130,712 149,265 Fuels Consumed in Production of Electric Power: Coal—tons____________________ 14,280 9,223 11,838 Fuel oil, bbls___ ______________ 187,636 176,909 190,425 Natural Gas—000 cu. ft________ 1,714,082 1,171,843 1,401,948 Note:—January figures preliminary—December figures slightly revised. B it u m in o u s A c c o r d in g t o p r e lim in a r y s t a t i s t i c s c o m p ile d b y C o a l M in in g t h e U n it e d S t a t e s B u r e a u o f M in e s , t h e r e w a s a n i n c r e a s e o f 0 .6 p e r c e n t in p r o d u c tio n o f b itu m in o u s c o a l in t h e U n i t e d S t a t e s d u r in g F e b r u a r y o v e r o u tp u t in t h e lo n g e r m o n t h o f J a n u a r y , a n d a r e s u l t i n g i n c r e a s e o f 6 .4 p e r c e n t in d a ily a v e r a g e p r o d u c tio n . C om p a r e d w it h F e b r u a r y 1 9 3 2 , t o t a l p r o d u c tio n s h o w s a d e c r e a s e o f 2 .8 p e r c e n t b u t d a ily a v e r a g e o u tp u t g a in e d 0 .8 p e r c e n t o v e r t h a t m o n th . C o m b in e d p r o d u c tio n d u r in g t h e f ir s t t w o m o n t h s o f 1 9 3 3 a m o u n t e d t o 5 4 ,2 8 0 ,0 0 0 t o n s , a d e c r e a s e o f 2 .9 p e r c e n t c o m p a r e d w it h t h e t o t a l o f 5 5 ,9 0 5 ,0 0 0 t o n s p r o d u c e d in t h o s e m o n t h s a y e a r a g o . C o m p a r is o n s f o r t h e m o n t h a r e s h o w n in t h e t a b le . Total Number of Average per Production working working day (tons) days (tons) February 1933. ..................... January 1933-------- -----------June 1932.......................... .. February 1932____________ 27,220,000 23.9 1,139,000 27,060,000 25.3 1,070,000 17,749,000 26 683,000 28,013,000________24.8___________ 1,130,000 P r o d u c tio n f ig u r e s f o r A la b a m a f o r t h e f o u r w e e k s e n d in g F e b r u a r y 2 5 a v e r a g e d 7 p e r c e n t l e s s t h a n f o r t h e p r e v io u s m o n t h , b u t 5 .7 p e r c e n t g r e a t e r t h a n f o r t h o s e w e e k s a y e a r a g o , w h ile in T e n n e s s e e o u t p u t d u r in g t h o s e w e e k s a v e r a g e d 1 0 .4 p e r c e n t g r e a t e r t h a n a m o n t h a g o a n d 8 .7 p e r c e n t g r e a te r th a n a y e a r a g o . Alabama Tennessee Week Ending: 1933 1932 1933 1932 February February February February 4 ----------------162 169 1 1 . . . ............... 195 169 18---------------176 160 25.................... ............152_________ 150 P i^ /r o n P r o d u c tio n 64 84 80 59 73 61 65 65 T o t a l p r o d u c t io n o f p i g ir o n in t h e U n it e 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 t i 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 , a m o u n te d t o 5 5 4 ,3 3 0 %>ns, a d e c r e a s e o f 2 .5 p e r c e n t f r o m J a n u a r y , b e c a u s e o f t h e s h o r t e r m o n t h , a n d 4 2 .5 p e r c e n t l e s s t h a n i n F e b r u a r y 1 9 3 2 . D a i ly a v e r a g e o u tp u t , h o w e v e r , g a in e d 7 .9 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 a s 4 0 .5 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 . T h e F e b r u a r y d a i l y a v e r a g e w a s a l s o g r e a t e r t h a n f o r D e c e m b e r , S e p te m b e r , A u g u s t a n d J u ly o f 1932. T h e n u m b er o f fu r n a c e s a c tiv e o n M arch 1 w a s 4 5 , t h e s a m e a s t h e r e v is e d t o t a l a m o n t h e a r lie r , a n d c o m p a r e s w it h 6 4 a c t iv e a t t h e s a m e t i m e a y e a r a g o . P i g ir o n p r o d u c tio n in A la b a m a in c r e a s e d in F e b r u a r y b y 2 3 .5 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 tp u t in c r e a s e d 3 6 .7 p e r c e n t o v e r J a n u a r y , a n d t h e t o t a l f o r F e b r u a r y w a s 6 7 .5 p e r c e n t , a n d t h e d a ily a v e r a g e 6 6 .3 p e r c e n t , l e s s t h a n f o r F ebruary a y ea r ago. T h e d a i ly a v e r a g e o u t p u t in A l a b a m a w a s a ls o l a r g e r t h a n f o r S e p te m b e r , A u g u s t a n d J u ly o f 1 9 3 2 , b u t s m a lle r t h a n f o r o t h e r m o n t h s in a n u m b e r o f y e a r s p a s t . T h r e e f u r n a c e s w e r e a c t iv e f o r a t im e d u r in g F e b r u a r y , b u t o n M a r c h 1 t h e r e w e r e o n ly 2 a c t iv e , t h e s a m e a s a m o n t h e a r lie r , a n d c o m p a r e d w it h 6 a c t i v e a t t h e s a m e t i m e a y e a r a g o . P r e s s r e p o r t s in d ic a t e t h a t F e b r u a r y s h ip m e n t s w e r e s m a lle r t h a n in J a n u a r y , a s t h e s l i g h t u p tu r n t h e l a t t e r p a r t o f J a n u a r y d id n o t c o n t in u e in F e b r u a r y . T h e q u o ta t io n o f $ 1 1 p e r t o n f o r s o u t h e r n m a r k e t s c o n t in u e d u n ch an ged. F o r t h e f ir s t t w o m o n t h s o f 1 9 3 3 t o t a l p r o d u c tio n in t h e U n it e d S t a t e s w a s 1 ,1 2 3 ,1 1 5 t o n s , 4 2 p e r c e n t s m a lle r t h a n in t h o s e m o n t h s o f 1 9 3 2 , a n d in A la b a m a p r o d u c tio n f o r J a n u a r y a n d F e b r u a r y c o m b in e d w a s 5 3 ,5 2 8 t o n s , a d e c r e a s e o f 7 0 .4 p e r c e n t c o m p a r e d w i t h t h a t p a r t o f 1 9 3 2 . C o m p a r is o n s f o r t h e m o n t h a r e s h o w n in t h e t a b le . Production—Tons Furnaces Active* Total Daily Average Number U N ITED STATES: February 1933.................... January 1933...................... December 1932............... August 1932........................ February 1932..................... ALABAMA: February 1933..................... January 1933....................... December 1932................. August 1932........................ February 1932__________ •First of following month, 554,330 568,785 546,080 530,576 964,280 19,798 18,348 17,615 17,115 33,251 45 45r 42 42 64 29,582 23,946 43,986 23,292 90,882 1,057 772 1,419 751 3,134 2 2 2 2 6 r Revised, N aval S to r e s F e b r u a r y i s u s u a ll y t h e l o w e s t p o in t in t h e y e a r in r e c e ip t s o f b o th t u r p e n t in e a n d r o s in a t t h e p r in c i p a l m a r k e ts o f th e D is tr ic t, an d in F e b r u a r y th is y e a r r e c e ip t s o f t u r p e n t in e w e r e s m a lle r t h a n f o r a n y o t h e r m o n t h s in c e M a r c h 1 9 2 3 . F e b r u a r y r e c e ip t s o f r o s in w e r e t h e s m a l l e s t s in c e M a r c h 1 9 3 2 , b u t w e r e s l i g h t l y l a r g e r t h a n f o r F e b r u a r y o f th e p a s t s ix y e a r s . F o r th e e le v e n m o n th s o f t h e n a v a l s t o r e s 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 ip t s o f b o th c o m m o d it ie s w e r e 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 t h e r s e a s o n in t h e p a s t t e n y e a r s . S t o c k s o f b o th c o m m o d i t i e s d e c lin e d 11 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 s u p p li e s o f t u r p e n t in e w e r e 1 3 .6 p e r c e n t , a n d o f r o s in s 3 1 .3 p e r c e n t l e s s t h a n a y e a r a g o . P r e s s r e p o r t s in d ic a t e t h a t t h e p r ic e o f t u r p e n t in e o n M a r c h 3 , t h e d a t e u p o n w h ic h o f fic ia l b u s in e s s o n t h e S a v a n n a h m a r k e t w a s s u s p e n d e d f o r t h e d u r a t io n o f t h e b a n k in g h o lid a y , w a s 41 % c e n t s , o r 2xk c e n t s h ig h e r t h a n a m o n t h e a r lie r , b u t t h e r e h a d b e e n s o m e d e c lin e s in r o s in p r ic e s . D u r in g F e b r u a r y t h e r e w a s im p r o v e m e n t in f o r e i g n d e m a n d f o r r o s in s , a n d in e a r l y M a r c h t h e r e h a s b e e n q u ite a n i n c r e a s e i n in q u ir ie s . C o m p a r is o n s o f r e c e ip t s a n d s t o c k s f o r t h e m o n t h a r e s h o w n in t h e t a b le . Feb. 1933 Jan. 1933 Feb. 1932 2,688 2,564 1,031 1,466 1,806 536 Receipts—Turpentine (1) Savannah________________________ Jacksonville........... .................... ............ Pensacola________________________ 1,022 1,368 436 Receipts—Rosin (2) Savannah.................................................. Jacksonville____ __________________ Pensacola....................................... .......... 2,826 6,283 3,808 9,547 18,817 2,275 15,595 14,447 5,022 11,780 14,784 2,975 Stocks—Turpentine (1) Savannah......... ....................................... Jacksonville............................................ Pensacola................................................. 30,639 35,064 29,539 12,327 38,338 24,229 16,683 41,323 26,090 15,833 46,233 24,613 Stocks—Rosin (2) Savannah......... ........................................ Jacksonville.......................................... Pensacola_____ __________________ 74,894 84,096 86,679 125,256 125,628 12,386 145,025 135,166 15,668 183,515 176,093 23,746 263,270 295,859 383,354 (1)Barrels of 50 gallons. (2)Barrels of 500 pounds. M O N T H L Y R E V IE W 8 M O N T H L Y IN D E X NUM BERS COM PUTED B Y FED ER A L R ESE R V E BA N K OF A TL A N TA MONTHLY AVERAGE 1923-1925=100 DEPARTMENT STORE TRADE—SIXTH DISTRICT (1) Dec. 1932 Ja n . 1933 Feb. 1933 Dec. 1931 Ja n . 1932 Feb. 1932 Daily Average Sales—U nadjusted A tlanta. ------------------ ------------- -------------------- ---- ------Birm ingham ------------------ ---------- -------- ...--Chattanooga...................— ................................... .......... —---- --------Nashville— ----- ------------------------------------------------ ------------New Orleans_______________ ___________________ ________ DISTRICT _______ ___ _____ ___________ ___ _____________ 175.0 77 .7 73.1 95.1 9 8 .8 101.5 84.0 39.1 38.1 45.0 4 4 .7 4 8 .5 88.9 43.8 36.3 49.1 49.2 52.4 223.6 114.7 103.3 129.7 122.8 132.0 1 12.2 51.1 5 4 .8 46 .9 5 8 .5 6 1 .3 112.1 55.9 48.8 58.7 58.0 63.7 Daily Average Sales—Adjusted* A tlanta — ---- -------------------------------- ---------------------------Birm ingham -------------------------------------------------------------- -Chattanooga-------------------- ---------------------------------- -------------Nashville...... _........................................................... .............................. New Orleans............ ......... ............. ........................... ..................... DISTRICT .................................................................................. ........ 106.1 4 5 .7 4 6.9 56.9 5 7 .4 5 9 .7 112.0 54.3 4 8 .2 60 .0 5 3 .2 61 .4 104.6 48.7 45.9 57.8 55.9 59.5 135.5 6 7 .5 6 6 .2 7 5 .4 7 1 .4 77 .6 149.6 7 1 .0 6 9 .4 6 2 .5 6 9 .6 7 7 .6 131.9 62.1 61.8 69.1 65.9 72.4 Monthly Stocks—U nadjusted A tlanta —--------------- ----------------- ------------------------- -------Birm ingham ---------------------------------------------------------------- ---Chattanooga— -------- ---------------------------- ----------------------------Nashville----------------------------------------------- -------------------------New O rleans...................................... ................... -.............................. DISTRICT_________________ _____________________________ 7 0 .4 40.1 3 5 .0 5 3 .0 53.3 51.3 65 .6 36.1 36 .5 45 .3 48 .5 4 6 .9 70.2 39.0 37.5 48.3 52.8 50.5 7 8 .4 5 0 .0 5 7 .4 69.1 6 2 .0 63.1 78.1 4 7 .7 54 .5 6 3 .3 61 .3 6 1 .8 83.4 53.1 59.0 68.2 66.8 66.8 Monthly Stocks—Adjusted* A tlanta-----------------------------------------------------------------Birm ingham ___ ___________ _ __________________________ ~ ..... — Chattanooga--------Nashville— --------------------------------------------------- ---------------New Orleans____________________________ __ ______________ DISTRICT ______________________ _____ _________________ 80.9 44.1 3 9 .8 5 8.9 5 9.9 57.6 71.3 40.1 41 .0 52.1 53.3 51.5 73.1 40.6 38.7 50.8 52.8 51.5 90.1 54.9 6 5 .2 7 6 .8 6 9 .7 70 .9 8 4 .9 5 3 .0 6 1 .2 7 2 .8 6 7 .4 6 7 .9 86.9 55.3 60.8 71.8 66.8 68.2 WHOLESALE TRADE—SIXTH DISTRICT—TOTAL______ Groceries ------------------------------- ----------------- ------------------Dry Goods..... — --------- ---------------------------------------------- -------H ardw are............ ........................ .......................................................... F u rn itu re— .............................. ...................................................... .... Electrical Supplies.......................................... .................................... Stationery.................................................. .............................. .............. Drugs... ...... ........................................................... ......... ...................— 3 9 .2 40.1 3 2 .8 3 6.6 29.1 4 0 .4 29 .5 7 0 .2 36 .9 34 .7 3 3.6 40 .0 24 .4 3 4 .0 27.9 6 0 .3 33.2 31.8 34.0 31.9 28.4 30.1 25.3 53.6 4 9 .7 5 5 .5 3 8 .0 4 5 .0 3 2 .6 6 8 .8 4 2 .6 72 .4 4 0 .9 4 2 .2 2 8 .2 3 9 .6 3 4 .3 4 5 .5 5 2 .2 7 1 .4 41.7 40.9 34.8 37.5 49.0 45.9 57.5 65.9 L IFE INSURANCE SALES—SIX STATES—TOTAL__ A labam a----- ------------------------- ---------- — ... ------ --------Florida------ ----- ----------------------------------------------------------------Georgia---------------------------------------------------------------------- ----Louisiana............................ .................................................................. Mississippi------------------------------------ ----------------------------------Tennessee--------------------------- ------------------------------------------- 67.8 54.1 74.2 82.0 72.2 58.4 61.3 50.7 45.0 58.7 53.9 53.0 36.4 51.8 54.6 51.2 56.9 57.8 58.3 38.5 57.4 9 9 .5 76.7 115.9 117.3 9 3 .0 8 3 .7 9 8 .0 74.0 63.6 87.1 81.9 73.1 55.3 74.9 67.6 53.6 71.5 78.0 69.4 53.8 70.4 BUILDING PER M ITS—TWENTY CITIES_________ ___ ___ A tlan ta— ... ......... — ------------------—................ . — .............— Birm ingham ...................................... ....................... ........ ................... Jacksonville---------------------------------------------------------------------Nashville...... ....................................... ............. .................— ........ ..... New Orleans--------------- -------- ------ -------------- -----------------------Fifteen Other Cities______________________________________ 18 .9 3.1 1 .2 169.5 3 .2 7 .0 10.1 7.1 3.1 5 .8 7 .7 29.3 5 .6 6 .2 5.0 2.2 2.7 5.0 7.5 8.3 5.4 2 0 .0 5 .0 2 .0 16.6 219.8 7 .6 9 .5 9 .5 13 .7 3 .9 9 .3 15 .4 9 .3 9.1 12.4 6.7 4.9 46.3 18.9 12.1 10.3 CONTRACT AWARDS—SIXTH DISTRICT—TOTAL._____ Residential....------ ----------------------------------------------- ----- ~ ... All Others---------- ----------------------------------------- ------------ ----- 18.1 8 .5 24 .5 4 0 .8 4 .2 6 5 .2 9.6 4.9 12.7 15 .7 9 .3 20 .0 1 6 .3 11.5 19 .5 16.0 9.1 20.5 WHOLESALE PRICES—UNITED STATESf ALL COMMODITIES___ __________________________ ______ Farm Products. ------------------- ------------------------------------Foods........... ................................................ .................... O ther Commodities... -------- -------------------------------------------Hides and leather products------------------------------------------Textile products. _______ ___________ ____ ______ _____ Fuel and lighting________ ___________ ________________ Metals and m etal products-------------------------- ------ — . ... Building m aterials— ......... .......................................... ...... ..... Chemicals and drugs----------------------------------------- ---------Housefurnishing goods-------------------------------------- -------Miscellaneous................................................................................ 62 .6 44.1 58 .3 6 9 .0 6 9 .6 53 .0 69.3 79 .4 7 0 .8 72 .3 73.6 6 3 .4 6 1 .0 42 .6 5 5 .8 67 .3 6 8 .9 51.9 6 6 .0 7 8 .2 70.1 71.6 72.9 6 1 .2 59.8 40.9 53.7 66.0 68.0 51.2 63.6 77.4 69.8 71.3 72.3 59.2 6 8 .6 5 5 .7 69.1 72 .3 7 9 .8 6 0 .8 68.3 82.2 7 5 .7 76.1 7 8 .5 6 6 .8 6 7 .3 5 2 .8 6 4 .7 7 1 .7 7 9 .3 5 9 .9 67.9 81.8 7 4 .8 7 5 .7 7 7 .7 6 5 .6 66.3 50.6 62.5 71.3 78.3 59.5 68.3 80.9 73.4 75.5 77.5 64.7 COTTON CONSUMPTION—UNITED STATES________ ... Cotton-Growing States--------------------------- —------ -----------All Other States----------------------- ---------------------------------------Georgia— -------------------------------------- ------------------------Alabama— ---- ------------------------------ ---------- ----------- ---Tennessee________________________ '____________ ____ 86 .6 106.2 4 3 .4 98.1 138.7 125.8 9 2 .7 113.9 4 6 .2 106.5 145.3 123.7 86.9 106.1 44.7 98.2 138.6 106.9 8 1 .7 98 .6 4 4 .8 9 6 .8 128.1 127.4 8 5 .6 102.6 4 8 .3 9 5 .4 129.3 11?-* 88.5 104.5 53.4 98.7 135.2 114.3 COTTON EXPORTS—UNITED STATES.. ___ ___ _ 169.2 129.1 90.6 192.2 1 49.6 15/.1 18.3 18.9 19 .0 10.4 18.6 12*7 3 2 .8 34 .9 32 .6 3 8 .7 32.3 39.1 PIG IRON PRODUCTION—United States....... .................. . _ Alabam a___ ______________ ___ ♦Adjusted for Seasonal V ariation. fCompiled by Bureau of Labor Statistics. 1926=100. Digitized for (FRASER 1) Copies of these series for back years w ill be forwarded upon request. \
@FedFRASER