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M O N T H L Y R E V I E W O f F in a n c ia l, A g r i c u l t u r a l , T r a d e a n d I n d u s t r i a l C o n d i t i o n s i n th e S i x t h F e d e r a l R e s e r v e D i s t r i c t F E D E R A L Vol. 19 No. 3 R E S E R V B A Prepared by Federal Reserve Board Volume of industrial activity increased in February for the third consecutive month and there was a considerable growth in factory employment and payrolls. Wholesale commodity prices, after advancing for two months, showed little change between the middle of February and the middle of March. Output of manufactures and minerals, as measured by the Board’s seasonally adjusted index of industrial production, increased from 78 per cent of the 1923-1925 average in January to 81 per cent in February. The advance reflected chiefly increases of considerably more than the usual seasonal amount in the output of steel and automobiles, while activity at meat-pack ing establishments declined. Activity at textile m ills, which in January had increased from the low level prevailing at the end of the year, showed a further moderate increase in Feb ruary, partly of seasonal character. In the first week of March steel production showed a further increase and in the following two weeks remained unchanged. Factory employment and payrolls increased substantially between the middle of January and the middle of February to a level higher, on a seasonally adjusted basis, than at any other time since the summer of 1931. Working forces on rail roads also showed an increase, while at mines there was little change in the volume of employment. The number on the payrolls of the Civil Works Administration declined from about 4,000,000 in January to about 2,900,000 the week ending March 1. At automobile factories there was a large increase in the number employed to approximately the level prevailing four years ago. Substantial increases were reported also for the textile, clothing, shoe and tobacco industries. Value of construction contracts awarded, as reported by the F.W . Dodge Corporation, showed a decline in February, fol lowed by an increase in the first half of March. The total volume indicated for the first quarter is somewhat smaller than in the last quarter of 1933 but considerably larger than in the first quarters of 1932 and 1933. Production and Employment K O F A T Distribution Freight traffic increased seasonally during Feb ruary and the early part of March. Dollar vol ume of department store sales on a daily average basis showed little change in February. Dollar The foreign exchange value of the dollar in relaExchange tion to gold currencies declined in the second week of February to within 2 per cent of its new parity and in the latter part of February and the first three weeks of March showed a further slight decline. Commodity Wholesale prices of commodities showed little Prices change from the middle of February to the mid dle of March, after a considerable increase earlier in the year. The index of the Bureau of Labor Statis tics for the week ending March 17 was at 73.7 per cent of the 1926 average, compared with 73.8 per cent the week before and 72.4 per cent at the end of January. Bank Between the middle of February and the third week Credit week of March imports of gold from abroad resulted in a growth of about $550,000,000 in the country’s monetary gold stock. Funds arising from these imports of gold and from expenditure by the Treasury of about $140,000,000 of its cash and deposits with the Federal reserve banks were for the most part added to the reserves of mem ber banks, which consequently increased by $600,000,000 dur ing the four week period. At the close of the period member bank reserves were nearly $1,500,000,000 in excess of legal requirements. Total deposits of reporting member banks increased by about $1,000,000,000 between the middle of February and the middle of March, reflecting the imports of gold, purchases by the banks of United States Government and other securities, and a growth of Bankers’ balances. During March money rates in the open market declined further. Rates on 90-day bankers’ acceptances were reduced from V per cent to % per cent, and rates on prime com 2 mercial paper were reduced by % per cent to a range of1-1 % per cent. Yields of United States Government securities also declined considerably. On March 16, the Federal Reserve Bank of Minneapolis reduced its discount rate from SV2 to 3 per cent. 1929 In d e x n u m b e r o f in d u s t r ia l p ro d u ctio n , a d ju ste d fo r se a so n a l v a r ia t io n . (1923-1925 a v e r a g e = 1 0 0 .) L a t e s t fig u re F e b r u a r y P r e lim in a r y 81. N T h is re v ie w r e le a s e d f o r p u b lic a tio n in a f t e r n o o n p a p e r s o f M a rc h 3 0 A TLA N TA , GA., MARCH 31, 1934 NATIONAL SUMMARY OF BUSIN ESS CONDITIONS E 1930 1931 1932 1933 1934- In d e x n u m b e rs o f fa c to r y e m p lo y m e n t a n d p a y r o lls, w ith o u t a d ju stm e n t f o r se a so n a l v a r ia t io n s (1923-25 a v e r a g e = 1 0 0 ). L a t e s t fig u re F e b r u a r y E m p lo y m e n t 74.7 p a y r o lls 59.2. L A N 2 M O N T H L Y R E V IE W PER CEN T 120 110 100 90 80 70 60 50 In d e x e s o f th e U n ite d S ta t e s B u r e a u o f L a b o r S ta t is tic s . B y m o n th s 1 9 2 9 to 1 9 3 1 ; b y w e e k s to d a t e . ( 1 9 2 6 = 1 0 0 . ) L a te s t f ig u re is f o r M a rc h 1 7 t h ; 7 3 .7 . W e d n e s d a y f ig u re s f o r r e p o r t i n g m e m b e r f ig u re s a r e f o r W e d n e s d a y , M a r c h 1 4 . SIX TH D ISTRIC T SUMMARY Available business statistics for February indicate improve ment over January in the volume of retail trade, in textile activity and employment, in the production of coal in Ala bama and Tennessee, and in the daily average production of pig iron in Alabama, but declines in building permits and in contracts awarded for building and construction projects. A ll of these series of figures, however, show increases over Febru ary last year, some of them very large increases. February sales by 61 reporting department stores in the District on a daily average basis were 17.4 per cent greater than in January, and 34.3 per cent greater than in February, 1933. Following a non-seasonal increase of 10 per cent from December to January, wholesale trade declined 7.1 per cent in February, but was 65.3 per cent greater than a year ago. Bank debits declined considerably less than usual from Janu ary to February and were 15.6 per cent greater than in February last year. The volume of reserve bank credit outstanding at this bank increased by approximately 7.3 millions between February 14 and March 14, because of increased holdings of United States Government securities, but was considerably less than a year ago when banks were being licensed to reopen following the general banking holiday. Loans and investments of 17 weekly reporting member banks declined slightly from February 14 to March 14, but were 35.5 millions greater than a year ago, principally because of increased investments in Government securities. Daily average demand deposits of all member banks in the District increased nearly 21 million dollars from January to February, and were 77.7 millions greater than for February, 1933, and daily average time deposits also increased over the month and were larger than for any month since February last year, but about 25 millions less than for that month. Building permits issued at 20 reporting cities, and contracts awarded in the District, declined from January to February, but permits were nearly three times as large as in February last year, and contract awards about three and one-half times as large. Daily average consumption of cotton increased 2.6 per cent in this District from January to February and was 9.5 per cent greater than a year ago, and production by cloth and yarn mills was also greater than during the previous month or the same month a year ago. Daily average produc tion of pig iron in Alabama increased 7.4 per cent in February over January and was nearly four times that of February, 1933, and coal production in both Alabama and Tennessee increased over both of those periods. and 2.1 millions in holdings of purchased bills. Compared with figures for the corresponding report date a year ago, which was at the time of the re-opening of banks following the general banking holiday, discounts show a decline of 50.9 millions, and holdings of purchased bills were smaller by 16.8 millions, but holdings of United States securities on March 14 this year were 7.6 millions greater, so that total holdings of bills and securities were 60.1 millions less than a year ago. Reserve deposits maintained with this bank by member banks increased further from February 14 to March 14 by 4.4 millions, and were 36.7 millions greater than a year ago. Total reserves held by the bank declined $570,000 during this recent four weeks period, but were 32.2 millions greater thaii at the same time last year. From February 14 to March 14, Federal Reserve notes of this bank’s issue in actual circulation increased 3.5 millions, but were 51.4 millions less than at the peak on March 15 last year. Principal items in the weekly statement are compared in the table. FIN AN CE Reserve There was an increase of nearly 7.3 millions in the Bank total volume of reserve bank credit outstanding at Credit the Federal Reserve Bank of Atlanta between February 14 and March 14, as represented by its total holdings of bills and securities. The increase during this period was due to an increase of nearly 10 millions in this bank’s holdings of United States Government securities, which was offset in part by decreases of $572,000 in discounts banks in 90 c itie s . FED ER A L R ESER V E BA NK OF ATLANTA ( 0 0 0 O m itte d ) M a r . 14 F eb . 14 1934 1934 B ills D isco u n te d : S ecu red b y G o v t. O b lig a tio n s T o ta l D is c o u n ts ................... B ills B o u g h t in O p en M a r k e t U . S. S e c u ritie s ..................................... T o ta l B ills a n d S ecu ritie s T o ta l R e s e r v e s ...................... M e m b e r B a n k R e s e rv e D e p o s its T o ta l D e p o s its ................................. F . R . N o te s in a c tu a l c irc u la tio n F . R . B a n k N o te s in a c tu a l cirR e se rv e R a t i o ........................................ $ 86 1 ,0 8 2 1 ,1 6 8 1 ,1 7 7 8 1 ,2 4 7 8 3 ,5 9 2 1 4 7 ,0 8 8 8 0 ,5 8 6 9 4 ,5 0 4 1 2 5 ,7 0 7 $ 155 1 ,5 8 5 1 ,7 4 0 3 ,3 0 8 7 1 ,2 7 6 7 6 ,3 2 4 1 4 7 ,6 5 8 7 6 ,1 6 0 9 1 ,5 3 8 1 2 2 ,2 2 9 3 ,0 3 5 6 6 .8 % L a te s t M a r . 15 1933 $ 4 ,4 7 7 6 9 .1 % 1 3 ,8 8 6 3 8 ,1 7 5 5 2 ,0 6 1 1 7 ,9 6 5 7 3 ,6 3 0 1 4 3 ,6 5 6 1 1 4 ,8 4 7 4 3 ,8 7 1 7 2 ,9 4 3 1 7 7 ,0 8 5 45! 9 % Following is a table setting out similar comparisons for the twelve Federal Reserve Banks combined. From February 14 to March 14 there were further decreases in holdings of dis counts and of purchased bills, and holdings of United States securities also declined slightly. Compared with a year ago. holdings of discounted and purchased paper show large de clines, but holdings of Government securities have increased about 533 millions. Reserves on March 14 this year were much larger, but Federal Reserve note circulation smaller, than a year ago. FE D E R A L R ESER V E SYSTEM (0 0 0 O m itte d ) M a rc h 14, 1 9 34 F eb 14, 19 34 B ills D isco u n te d : S ecu red b y G o v t. O b lig a tio n s T o ta l D is c o u n ts ................ B ill B o u g h t in O p en M a r k e t . . U . S. S e c u r itie s .................................. O th e r S e c u ritie s ................................. T o ta l B ills a n d S ecu ritie s T o ta l R e s e rv e s ................................... M e m b e rB a n k R e se rv e D e p o sits T o ta l D e p o s its ................... F . R . N o te s in a c tu a l circ u la tio n F . R . B a n k N o te s in a c tu a l cirR e se rv e R a t i o ..................................... $ 1 2 ,6 0 7 4 2 ,2 8 0 5 4 ,8 8 7 3 7 ,4 5 9 2 ,4 3 1 ,8 4 0 653 2 ,5 2 4 ,8 3 9 4 ,5 0 3 ,7 7 6 3 ,4 5 4 ,4 9 2 3 ,6 1 4 ,0 8 2 2 ,9 8 9 ,0 5 2 1 5 9 ,3 7 1 6 8 .2 % $ 1 9 ,2 6 4 4 9 ,1 4 1 6 8 ,4 0 5 8 6 ,0 8 6 2 ,4 3 2 ,0 2 4 1 ,2 9 3 2 ,5 8 7 ,8 0 8 3 ,8 4 6 ,7 8 6 2 ,8 5 0 ,8 8 8 3 ,0 2 6 ,5 6 9 2 ,9 5 2 ,4 5 1 1 9 9 ,3 5 8 6 4 .3 % M a r c h 1 5, 1 9 3 3 $ 7 6 9 ,9 7 3 4 6 3 ,2 6 4 1 ,2 3 3 ,2 3 7 4 0 3 ,3 1 6 1 ,8 9 9 ,0 3 4 5 ,6 4 4 3 ,5 4 1 ,2 3 1 3 ,2 2 5 ,5 0 3 1 ,9 6 3 ,7 8 0 2 ,1 2 3 ,7 3 9 4 ,2 9 2 ,7 0 2 3 ,3 0 1 5 0 .3 % M O N T H L Y Member Total loans and investments of seventeen weekly Jank reporting member banks locaed in Atlanta, BirJrsdit mingham, Jacksonville, Nashville, Chattanooga, Mobile and Savannah increased from 343.4 millions oi doHars on February 14 to 354.4 millions two weeks later, but by March 14 had declined to 341.6 millions, the smallest total since January 24. Between February 14 and March 14 there were small decreases in total loans and in holdings of United States securities, but an increase in other securities held. Time deposits also increased slightly during this period, and there was a gain of more than 6 millions of dollars in demand deposits. Compared with the same Wednesday last year, which was March 15, 1933, total loans of these 17 re porting banks on March 14 this year show an increase of 1.9 millions, investment in United States securities show a gain of 28.6 millions, and holdings of other securities an increase of about 5 millions, so that total loans and investments show an increase of 35.5 millions. Time deposits were 7.4 millions, and demand deposits 32.8 millions, larger than a year ago. Balances maintained with these reporting banks by their correspondents increased 7.9 millions from February 14 to March 14 and were more than two and one-half times as large as a year ago, and balances held by these banks with their correspondents increased nearly 17 millions during this four weeks period and were also much greater than a year ago. Borrowings from this bank were further reduced since February 14 and on March 14 were substantially less than at their peak a year earlier. In the tables which follow are shown comparisons of the principal items in the weekly report, and monthly averages of these weekly figures over the past year, and a comparison of savings deposits reported by a list of selected banks located throughout the District. S R E V IE W Debits to Total volume of debits to individual accounts at Individual banks in twenty-six clearing house centers of the Accounts Sixth District, reflecting the volume of business transactions settled by check, declined 8.9 per cent from January to February. A t the same time a year ago there was a decrease of 8.7 per cent, and during the past seven years the decline at that time of year has averaged 14.1 per cent. February debits were 15.6 per cent greater than in February, 1933, and slightly larger than two years ago. On a daily average basis the decline from January to February was only 1 per cent. Monthly totals shown in the table are derived from weekly reports by prorating figures for those weeks which do not fall entirely within a single cal endar month. ( 0 0 0 O m itte d ) Feb. 1934 Jan. 1934 F eb. 1933 A lab a m a— 4 C itie s ........................... B irm in g h a m ................................... D o t h a n ............................................... M o b ile ................................................ M o n tg o m e r y .................................. $ 1 1 6 ,2 9 2 7 7 ,6 8 7 1 ,7 4 7 1 9 ,6 1 0 1 7 ,2 4 8 $ 1 2 2 ,0 5 6 7 7 ,8 6 9 1 ,8 9 5 2 5 ,4 7 1 1 6 ,8 2 1 $ F lo rid a — 4 C itie s .............................. J a c k s o n v ille .................................... M ia m i................................................. P e n s a c o la .......................................... T a m p a ................................................ 9 8 ,5 4 9 4 7 ,5 8 9 2 5 ,1 9 2 5 ,2 0 5 2 0 ,5 6 3 1 0 2 ,2 5 8 5 2 ,6 8 4 2 2 ,4 4 8 5 ,5 7 7 2 1 ,5 4 9 8 5 ,5 2 7 4 4 ,3 4 5 1 9 ,1 5 1 4 ,3 3 4 1 7 ,6 9 7 G eorgia— 1 0 C itie s .......................... A lb a n y ................................................ A t l a n t a ............................................... A u g u s ta ............................................. B ru n sw ic k ........................................ C o lu m b u s ......................................... E l b e r to n ............................................ M a c o n ................................................. N e w n a n ............................................. S a v a n n a h .......................................... V a ld o s ta ............................................ 1 7 1 ,7 8 6 2 ,0 4 2 1 1 1 ,4 4 2 1 5 ,1 0 7 1 ,5 3 7 8 ,3 0 1 608 9 ,6 0 6 1 ,3 4 1 1 9 ,5 3 9 2 ,2 6 3 1 9 6 ,9 3 0 2 ,4 7 8 1 3 0 ,4 2 2 1 5 ,0 0 3 1 ,7 1 7 8 ,5 9 3 520 1 0 ,2 4 4 1 ,4 5 1 2 3 ,8 0 5 2 ,6 9 7 1 3 2 ,3 6 6 1 ,5 7 7 8 9 ,7 4 2 7 ,8 1 8 1 ,2 7 8 6 ,3 3 6 409 6 ,4 2 9 777 1 6 ,3 0 4 1 ,6 9 6 L o u isian a— N e w O rle a n s ............. C O N D IT IO N O F M E M B E R B A N K S IN S E L E C T E D C IT IE S (0 0 0 O m itte d ) M a rc h 1 4 , 1 9 3 4 F eb . 14, 1 9 3 4 M ar. 15, 19 33 L o an s: O n S e c u ritie s .................................. A ll O th e r s ......................................... T o ta l L o a n s ......................... U . S. S e c u ritie s .................................. O th e r S e c u ritie s ................................. T o ta l I n v e s tm e n ts ........... T o ta l L o a n s a n d In v e s t m e n ts ................................... T im e D e p o s its .................................... D e m a n d D e p o s its ............................ D u e to B a n k s ..................................... D u e fro m B a n k s ............................... B o rro w in g s fro m F . R . B a n k .. $ 6 1 ,7 9 3 1 2 3 ,1 5 3 1 8 4 ,9 4 6 1 0 9 ,2 0 7 4 7 ,4 9 1 1 5 6 ,6 9 8 $ $ 6 0 ,7 1 5 1 2 2 ,3 4 5 1 8 3 ,0 6 0 8 0 ,6 1 7 4 2 ,4 9 4 1 2 3 ,1 1 1 3 4 3 ,3 5 2 1 2 9 ,6 7 9 1 5 7 ,0 3 4 7 0 ,9 8 7 6 4 ,0 6 6 254 3 4 1 ,6 4 4 1 3 0 ,0 4 2 1 6 3 ,1 2 4 7 8 ,8 8 6 8 1 ,0 3 7 218 6 0 ,1 2 9 1 2 5 ,8 7 7 1 8 6 ,0 0 6 1 1 1 ,7 6 7 4 5 ,5 7 9 1 5 7 ,3 4 6 3 0 6 ,1 7 1 1 2 2 ,6 2 6 1 3 0 ,3 3 8 3 0 ,3 4 1 2 6 ,6 1 4 1 5 ,0 5 7 M O N T H L Y A V E R A G E S O F W E E K L Y F IG U R E S O F 17 R E P O R T I N G M E M B E R B A N K S I N S E L E C T E D C I T I E S ( 0 0 0 O m itte d ) T o ta l B o rro w in g s L oans In v e s t- L o a n s a n d D e m a n d T im e F ro m m e n ts I n v e s tm e n ts D e p o s its D e p o s its F . R . B ank 1933 J a n u a r y . . . . $ 1 8 5 , 7 7 4 $ 1 2 3 , 1 4 8 $ 3 0 8 , 9 2 2 $ 1 4 1 ,6 5 1 F e b r u a r y ... 1 8 3 ,5 0 9 1 2 8 ,5 8 7 3 1 2 ,0 9 6 1 3 8 ,8 0 1 M a r c h ........... 1 8 2 ,3 3 4 1 2 2 ,2 0 5 3 0 4 ,5 3 9 1 2 9 ,9 0 7 A p r il............... 1 8 0 ,3 7 7 1 2 5 ,4 8 7 3 0 5 ,8 6 4 1 3 4 ,0 9 2 M a y ................ 1 7 9 , 5 8 4 1 2 7 ,8 9 1 3 0 7 ,4 7 5 1 3 7 ,1 6 3 J u n e ................ 1 7 5 ,9 8 1 1 3 4 , 2 4 4 3 1 0 ,2 2 5 1 4 1 ,9 9 3 J u l y ................. 1 7 6 ,9 4 6 1 3 8 ,4 7 5 3 1 5 ,4 2 1 1 4 0 ,5 7 0 A u g u s t........... 1 7 5 ,6 8 4 1 4 5 ,7 7 7 3 2 1 ,4 6 1 1 4 1 ,8 4 2 S e p te m b e r .. 1 7 6 ,5 2 7 1 4 9 ,7 1 7 3 2 6 ,2 4 4 1 4 5 ,1 6 7 O c to b e r ___ 1 7 8 ,4 1 1 1 4 4 ,6 5 1 3 2 3 ,0 6 2 1 4 1 ,8 9 4 N o v e m b e r .. 1 8 8 ,6 1 2 1 5 1 ,2 7 5 3 3 9 ,8 8 7 1 4 4 ,6 0 2 D e c e m b e r .. 1 9 2 ,4 9 1 1 5 0 , 1 9 9 3 4 2 ,6 9 0 1 5 2 ,2 4 9 1934 3 3 6 ,1 0 0 J a n u a r y .. . . 1 8 7 ,7 9 5 1 4 8 ,3 0 5 1 5 1 ,9 3 5 3 4 9 ,4 1 2 F e b r u a r y .. . 1 8 7 , 3 5 8 1 6 2 ,0 5 4 1 5 8 ,6 9 5 $ 1 3 3 ,1 4 8 1 3 1 ,8 8 2 1 2 4 ,2 2 0 1 2 6 ,4 7 7 1 2 7 ,1 9 5 1 2 6 ,8 7 6 1 3 4 ,2 6 1 1 3 4 ,2 3 9 1 3 2 ,7 5 4 1 3 2 ,1 6 0 1 3 1 ,4 2 6 1 2 9 ,0 3 3 $ 2 ,1 5 1 3 ,8 8 1 1 0 ,7 7 3 9 ,6 3 8 8 ,6 1 9 1 ,1 5 4 1 ,1 7 9 1 ,2 2 9 1 3 0 ,0 4 8 1 3 1 ,5 0 5 2 ,0 6 0 441 2,112 1 ,9 6 0 2 ,5 7 2 2 ,6 1 4 S A V IN G S D E P O S IT S ( 0 0 0 O m itte d ) N um ber of B anks A t l a n t a ............ . . . B ir m in g h a m . J a c k s o n v ille . K n o x v ille ___ N a s h v ille ___ . . , . N e w O rle a n s. O th e r C it ie s . , T o t a l ................. 3 3 3 3 4 3 35 54 F e b ru a r y 1934 $ 2 9 ,7 8 7 1 6 ,9 8 8 1 2 ,4 3 7 2 ,3 0 8 2 0 ,6 3 0 2 2 ,6 5 6 5 8 ,5 7 6 1 6 3 ,3 8 2 Ja n u a ry 1934 $ 2 9 ,0 6 5 1 6 ,6 3 3 1 2 ,0 5 6 2 ,0 9 2 2 0 ,6 2 8 2 1 ,9 7 3 5 8 ,4 5 7 1 6 0 ,9 0 4 F e b ru a ry 1933 $ 2 9 ,7 0 7 1 6 ,2 2 9 1 2 ,4 6 1 1 ,1 4 6 2 1 ,6 2 3 2 3 ,3 4 6 5 5 ,8 0 5 1 6 0 ,3 1 7 P e rc e n ta g e ch a n g e F e b . 1 9 3 4 c o m p ared w ith Jan. 1934 F eb. 1933 + 2 .5 + 2 .1 + 3 .2 + 1 0 .3 + 0 .0 + 3 .1 + 0 .2 + 1 .5 + 0 .3 + 4 .7 — 0 .2 + 1 0 1 .4 — 4 .6 — 3 .0 + 5 .0 + 1 .9 8 3 ,0 7 5 5 0 ,2 6 3 1 ,0 7 4 1 9 ,1 3 2 1 2 ,6 0 6 1 7 9 ,2 7 5 1 9 6 ,8 6 2 1 8 6 ,4 3 5 M ississip p i— 4 C itie s ..................... ............. 3 1 , 6 7 5 H a tt ie s b u r g .................................................. 3 , 7 1 2 J a c k s o n .............................................. ............. 1 6 ,9 5 0 M e r id ia n ........................................... ............. 6 , 1 4 8 V ic k s b u rg .......................................................4 , 8 6 5 3 4 ,1 0 3 3 ,4 4 8 1 8 ,9 7 0 6 ,6 8 7 4 ,9 9 8 2 8 ,8 4 9 3 ,3 2 7 1 6 ,7 3 7 5 ,1 7 2 3 ,6 1 3 T e n n essee— 3 C itie s ....................... .............9 0 , 3 0 0 C h a tta n o o g a ................................................ 2 2 , 1 0 0 K n o x v ille .......................................... .............1 6 ,1 3 1 N a s h v ille ........................................................5 2 , 0 6 9 1 0 3 ,0 7 6 2 7 ,8 4 7 1 8 ,2 1 0 5 7 ,0 1 9 T o ta l— 2 6 C itie s ............... $ 6 8 7 ,8 7 7 $ 7 5 5 ,2 8 5 7 8 ,7 8 1 2 1 ,4 3 9 1 1 ,8 3 8 4 5 ,5 0 4 $ 5 9 5 ,0 3 3 A G RICU LTU RE The annual report by the United States Department of Agriculture on farmers1 “ Intention to Plant” for the 1934 season indicates that on March 1 farmers in the United States intended to plant more acreage than in 1933 to oats, grain sorghums, potatoes, dry beans, peanuts, soybeans, cowpeas and hay, but less to com, spring wheat, rice and tobacco. No information is collected on cotton because of prohibitory leg islation. The following comparisons show the harvested acre age for 1933 and the intended acreage for 1934 and the per centage change for principal crops: C ro p ( 0 0 0 O m itte d ) I n te n d e d A creag e H a rv e s te d A creag e 1934 1933 C o r n ........................................................... S p rin g W h e a t...................................... O a ts ............................................................ B a r le y ...................................................... R ic e ........................................................... G ra in S o rg h u m s ................................ P o ta t o e s .................................................. S w e et P o ta to e s .................................. T o b a c c o .................................................. B e a n s ........................................................ P e a n u t s ................................................... S o y b e a n s ................................................ C o w p e a s................................................. T a m e H a y ............................................ 9 2 ,0 7 3 1 8 ,5 9 4 3 8 ,6 4 0 1 1 ,8 1 8 739 8 ,7 4 3 3 ,4 1 2 793 1 ,3 0 6 1 ,9 4 5 1 ,6 5 5 2 ,9 9 9 1 ,8 9 8 5 4 ,0 9 2 1 0 2 ,2 3 9 1 9 ,0 7 3 3 6 ,5 4 1 1 0 ,0 5 2 769 8 ,1 4 3 3 ,1 8 4 761 1 ,7 5 4 1 ,6 7 1 1 ,5 9 9 2 ,7 0 5 1 ,7 2 9 5 3 ,8 2 9 P e rc e n t C h an g e — 9 .9 — 2 .5 + 5 .7 + 1 7 .6 — 3 .9 + 7 .4 + 7 .2 + 4 .2 — 2 5 .6 + 1 6 .4 + 3 .5 + 1 0 .9 + 9 .8 + 0 .5 Following is a similar table comparing the combined fig ures for the six states of this District. The indicated acreage for tobacco this year is 16.3 per cent less than that har vested in 1933, and March 1 intentions indicate a probable decrease of 3 per cent in the rice acreage (Louisiana), but increases over 1933 acreages are indicated for other important crops. M O N T H L Y 4 (0 0 0 O m itte d ) In te n d e d A creage H a rv e s te d A creage 1934 1933 C ro p D is trib u tio n of M illed R ice: S easo n 1 9 3 3 - 3 4 ............................ S easo n 1 9 3 2 - 3 3 ............................ R ough The March 1 estimate of the production of Florida oranges indicates a total of 16,500,000 boxes, compared with an esti mate of 15,100,000 boxes a month earlier, and with produc tion the previous season of 16,200,000 boxes. The estimate of grapefruit remained the same for March as for February, 9,800,000 boxes, against a total of 11,800,000 boxes last sea son. Cotton The average price of cotton at ten designated spot Prices markets in February and the first half of March continued to be approximately double the quotations a year ago, as indicated in these figures compiled by the United States Department of Agriculture: C e n ts P er Pound F e b ru a ry 1 .................................... F e b ru a ry 8 .................................... F e b ru a ry 1 5 ................................. F e b r u a r y 2 3 ................................. M a rc h 1 .......................................... M a rc h 8 .......................................... M a rc h 1 4 ....................................... F e b r u a ry 2 ................. .............. F e b ru a r y 9 ................................. F e b ru a ry 1 6 ................ ........... F e b r u a ry 2 3 ................ . . . . M a rc h 2 ........................ .............. M a rc h 9 ....................... M a rc h 1 6 ..................... 1 1 .3 8 1 2 .1 4 1 2 .1 4 1 2 .1 4 1 1 .9 7 1 2 .2 4 1 2 .2 3 S U G A R M O V E M E N T (P o u n d s) R aw Sugar Jan. 1934 F eb. 1934 R e c e ip ts : N ew O rle a n s .......................... S a v a n n a h ................................. M eltin g s: N ew O r le a n s .......................... S a v a n n a h ................................. S to ck s: N ew O rle a n s .......................... S a v a n n a h ................................. C e n ts Per Pound 1933 6 .6 5 Feb. 1933 6 2 ,2 1 9 ,2 1 3 5 5 ,4 4 2 ,9 8 4 5 1 ,8 4 0 ,3 3 4 2 3 ,5 8 2 ,0 6 3 8 6 ,6 5 3 ,6 7 1 3 0 ,2 0 0 ,6 9 4 4 2 ,9 3 1 , 0 6 1 3 2 ,7 6 6 ,7 7 3 7 4 ,1 5 6 ,4 2 8 2 2 ,8 4 5 ,1 5 9 6 4 ,6 8 7 ,3 3 8 7 2 ,8 3 2 ,2 0 7 9 0 ,8 0 5 ,0 6 0 5 8 ,2 9 2 ,2 6 8 2 4 ,9 3 9 ,1 5 8 3 1 ,4 7 7 ,7 5 9 8 0 ,7 2 2 ,2 8 5 2 7 ,3 9 4 ,7 6 4 6 3 ,1 1 9 ,8 7 2 2 6 ,3 1 1 ,1 5 8 7 2 ,9 2 7 ,5 2 0 2 1 ,3 5 0 ,0 8 6 4 0 ,1 9 0 ,4 2 1 8 ,9 7 8 ,5 6 8 3 5 ,7 3 0 ,0 7 5 1 5 ,1 2 0 ,3 5 5 4 1 ,9 3 5 ,1 9 4 2 3 ,8 3 1 ,7 6 1 R IC E M O V E M E N T — N E W O R LEA N S Jan . 1934 Feb. 1934 R o u g h R ic e— B arrels 3 7 ,6 4 2 4 3 ,4 6 5 R e c e ip ts .................................... 3 6 ,4 7 4 4 3 ,5 8 9 S h ip m e n ts ................................ 4 3 ,4 4 9 4 2 ,2 8 1 S to c k s ......................................... F eb. 1933 2 2 ,4 9 9 3 8 ,7 2 0 2 ,8 2 8 R efin ed S u g a r S h ip m e n ts: N e w O rle a n s .......................... S a v a n n a h ................................. S to ck s: N e w O rle a n s ........................ S a v a n n a h ................................. C le a n R ic e— P o ck ets: R e c e ip ts .................................... S h ip m e n ts .............................. S to c k s ......................................... 6 8 ,2 2 8 6 2 ,5 0 9 1 6 4 ,2 2 0 6 6 ,2 5 2 6 6 ,7 9 6 1 5 8 ,5 0 1 6 6 ,3 9 7 4 8 ,2 7 3 1 7 2 ,5 7 6 R I C E M IL L E R S A S S O C IA T IO N S T A T I S T IC S (B a rre ls ) F e b ru a ry A u g u st to F e b r u a r y R e c e ip ts of R o u g h R ic e : S eason 1 9 3 3 - 3 4 ............................ S easo n 1 9 3 2 - 3 3 ............................ 9 3 1 ,5 9 1 7 4 6 ,5 1 4 C le an 9 9 6 ,5 0 5 6 5 6 ,3 2 5 1 ,6 3 5 ,6 5 8 1 ,3 8 0 ,0 7 7 5 ,0 8 4 ,5 6 7 5 ,6 8 1 ,9 5 6 Fertilizer Sales of fertilizer tax tags in the six states Tag Sales located wholly or partly in the Sixth District more than doubled from January to February, and were also more than twice as large as in February a year ago. For the seven months of the season, tag sales in these states have been larger by 54.6 per cent than during that part of the previous season. Figures in the table are from those compiled by the National Fertilizer Association. F e b ru a ry 1934 Jan u ary 1933 A la b a m a ......................................... 5 4 , 1 5 0 F lo r id a .............................................3 9 , 5 6 0 G e o r g ia ...................................... .....9 4 , 5 0 0 L o u is ia n a .................................. .....1 6 ,7 4 7 M is siss ip p i.................................... 1 9 ,7 5 5 T e n n e s s e e ...................................... 1 4 , 7 6 0 2 0 ,4 5 0 4 2 ,9 3 8 3 5 ,9 2 7 9 ,8 1 1 8 ,1 7 5 1 ,3 6 5 T o t a l ............................................ 2 3 9 , 4 7 2 1 1 8 ,6 6 6 (S h o r t T o n s ) F e b r u a r y A u g u st 1 to F e b r u a r y 2 8 1933 1933 -3 4 1 9 32-33 2 0 ,1 0 0 3 5 ,9 2 8 3 3 ,3 2 1 5 ,3 0 0 7 ,8 5 0 6 ,8 4 2 1 0 9 ,3 4 1 9 0 ,9 0 0 2 5 5 ,5 1 7 1 5 9 ,2 9 3 5 1 ,0 2 8 4 7 ,1 7 5 2 9 ,5 0 1 6 3 3 ,4 1 4 3 5 ,8 0 0 2 6 6 ,0 9 2 4 3 ,9 3 6 2 8 ,6 0 1 1 5 ,7 8 5 1 9 ,5 6 5 4 0 9 ,7 7 9 TRA D E Retail Department store sales in the Sixth District increased Trade from January to February by more than the usual seasonal amount. Stocks also increased over the month, and both sales and stocks continued to be substan* tially larger in dollar volume than a year ago. The collection ratio declined by a fraction of one per cent over the month, but was also higher than a year ago. February sales by 61 reporting department stores were 8.4 per cent greater than in January, and exceeded the February, 1933, total by 34.3 per cent. On a daily average basis the gain from January to February was 17.4 per cent, which com pares with an increase at the same time last year of 8 per cent, and a usual seasonal gain at that time of year of 11.4 per cent. In February cash sales accounted for 50.7 per cent of the total, compared with 49.8 per cent in January, and with 46.8 per cent in February, 1933. Stocks of merchandise on hand at the close of February were 6.6 per cent larger than a month earlier, and 19 per cent greater than a year ago. Stock turnover for the month, and for the first two months of 1934, was higher than a year ago. Collection ratios for the District, and for reporting cities, are shown in the table. For installment accounts, the Febru ary ratio was 15.5 per cent, compared with 15.6 per cent for January and with 14.7 per cent for February a year ago, and for regular accounts the ratio for February was 32.1 pes r cent, the same as the revised ratio for January, and compare*! with 28.5 per cent for February last year. / These statistics are based upon reports in actual dollay amounts and the percentage comparisons in the table and the index numbers on page 8 make no allowance for changes in j" the level of prices. ■ 5 .6 9 5 .9 3 5 .8 6 5 .8 6 5 .9 4 6 0 ,6 1 8 ,2 4 2 4 4 ,7 4 0 ,6 3 3 8 5 4 ,7 7 1 7 5 0 ,1 3 1 S to c k s * F e b r u a r y 2 8 , 1 9 3 4 ...................... F e b r u a r y 2 8 , 1 9 3 3 ...................... P ercen t C hange C o r n ........................................................... 1 4 ,2 4 5 1 3 ,8 4 2 + 2 .9 O a ts ............................................................ 610 517 + 1 8 .0 T a m e H a y ............................................. 3 ,1 0 0 2 ,9 6 6 + 4 .5 P o ta t o e s .................................................. 211 179 + 1 7 .9 S w eet P o ta to e s ................................... 402 379 + 6 .1 T o b a c c o ................................................... 1 9 2 .9 2 3 0 .5 — 1 6 .3 P e a n u ts , g row n a l o n e ................... 1 ,0 0 7 987 + 2 .0 S o y b e a n s, g row n a l o n e ................ 365 349 + 4 .6 C o w peas, g row n a lo n e .................. 662 608 + 8 .9 R ic e (L o u is ia n a )............................... 358 369 — 3 .0 B a rle y (T e n n e s s e e ).................................................. 2 3 _________________ 21_________+ 9 . 5 1934 R E V IE W 6 ,5 1 1 ,2 0 6 6 ,0 6 8 ,2 1 5 R E T A IL T R A D E i n T H E S IX T H D IS T R IC T D U R IN G F E B R U A R Y , 1 934 B ased o n c o n fid en tial re p o rts fro m 6 1 d e p a rtm e n t s to re s C o m pa r iso n o p N e t S a l e s C o m pa r is o n o p S to ck s Y e a r to F e b r u a ry 1 9 3 4 F e b ru a ry 2 8 , 19 34 S to c k T u r n o v e r w ith : d a te w ith w ith : n e m o n th p rev io u s sam e p erio d sam e m o n th P rev io u s Feb. Feb. Jan. y e a r ago m o n th la s t y e a r a y e a r ago m o n th 1934 1933 1934 A tla n ta ( 6 ) .............. B irm in g h a m ( 6 ) . . C h a tta n o o g a ( 4 ) . . Jack so n v ille (3 ). . K n o x v ille (3 ). . . . M iam i ( 3 ) ............... N a sh v ille ( 4 ) .......... N ew O rlean s ( 5 ) . . O th e r C ities ( 2 7 ) . D IS T R IC T (6 1 ). E : T h e rate of NOT + 3 2 .5 + 4 4 .5 + 5 0 .6 + 4 5 .5 + 4 5 .9 + 4 3 .5 + 1 6 .0 + 2 4 .7 + 3 2 .5 + 3 4 .3 + 7 .0 + 1 5 .4 — 5 .4 + 1 1 .1 — 3 .5 + 1 3 .7 + 1 2 .0 + 6 .6 + 8 .6 + 8 .4 + 3 0 .3 + 3 6 .7 + 4 8 .0 + 3 6 .9 + 4 9 .0 + 4 9 .3 + 1 2 .4 + 2 4 .1 + 2 9 .7 + 3 2 .6 + + + + 2 1 .8 9 .9 1 6 .9 1 2 .7 + + + + 1 2 .8 4 .4 1 5 .3 4 .6 .3 2 .2 5 .2 3 . 16 + + + + 1 8 .8 1 7 .7 2 1 .5 1 9 .0 + + + + 9 .2 6 .1 7 .4 6 .6 .2 0 .2 2 .2 4 .2 6 stock tu rn over is the ra tio of sales d u rin g giv en period to average stocks on hand. .2 8 .2 0 . 17 .6 4 .4 7 .5 0 .3 2 .21 .39 .1 8 .2 0 .2 0 .4 2 .4 6 .5 0 C o l l e c t io n R a t io F eb. 1933 Feb. 1934 Jan. 1934 F eb. 1933 .5 5 .3 8 .3 6 2 7 .2 3 1 .7 2 8 .9 2 5 .4 3 1 .7 2 9 .5 2 5 .6 2 3 .0 2 3 .7 28.2 29^3 3 7 .8 3 0 .6 3 0 .4 27.0 .39 .3 5 .3 9 .4 0 3 5 .9 2 9 .9 3 0 .2 3 3 .6 2 3 .9 2 7 .1 M O N T H L Y Wholesale After increasing by 10.3 per cent from December Trade to January, contrary to the usual seasonal move ment, total sales by 99 reporting wholesale firms in the Sixth District declined 7.1 per cent from January to February. February sales were, however, 62.3 per cent greater than in February last year. Stocks increased over the month, and were 9.5 per cent greater than a year ago, and the collection ratio rose slightly from January to Febru ary and was considerably above that for February, 1933. Comparisons of reported figures are shown in the table, and index numbers appear on page 8. W H O LESA LE T R A D E IN F E B R U A R Y 1934 S ix th F e d e ra l R eserv e D istric t* P e rc e n ta g e C o m p a riso n s F e b r u a ry 1 9 3 4 w ith : J a n .- F e b . 1 9 3 4 N um ber J a n u a ry F e b r u a r y w ith sam e of F irm s 1934 1933 p erio d la s t y e a r A ll L in es C o m b in ed : S a le s ............................... S to c k s ........................... G ro c e rie s : S a le s ............................... Ja c k s o n v ille . . . . N e w O r le a n s .. . . V ic k s b u rg .............. O th e r C itie s . . . . S to c k s ............................ D r y G oods: S a le s ................................ N a s h v ille ................ O th e r C it ie s . . . . S to c k s ............................ H a rd w a re : S a le s ............................... N a s h v ille ............... N ew O r le a n s .. . . O th e r C it ie s . . . . S to c k s ............................ F u r n itu r e : S a le s ................................ A t l a n t a ................... O th e r C itie s . . . . S to c k s ........................... E le c tric a l S upplies: . S a le s ............................... N e w O rle a n s . . . . O th e r C it ie s . . . . S to c k s ........................... D ru g s: S a le s ................................ S ta tio n e r y : S a le s ................................ 99 29 — 7. 1 + 3.3 + 6 5 .3 + 9 .5 + 6 2 .3 23 4 5 3 — 2.2 — 6.5 + 1. 3 + + + + + + 6 0 .4 2 7 .6 8 1 .2 9 7 .4 5 6 .1 5 6 .3 + + + + + 8 7 .4 7 5 .7 9 0 .5 4 6 .6 + 9 6 .4 + 8 5 .7 + 9 9 .2 6 1 .5 4 4 .1 5 3 .3 6 9 .7 3 .2 + + + + 1 1 — 2.6 — 2.8 15 3 — 7.9 — 6.9 + 18.1 + + + + 26 — — — — + + + + + — 3 + 12 6 4.6 — 8.1 3 5 18 9 19 ,6 0.9 17 . 0 23.4 1. 3 5 5 .6 3 1 .4 6 9 .5 9 6 .6 4 8 .6 6 0 .8 3 7 .8 5 2 .9 6 9 .5 + 1 1 8 .6 + 7 5 .0 + 1 3 9 .9 + 9 4 .2 + 7 7 .1 + 1 0 1 .4 — 1.0 — 11.2 + 3.3 — 3.5 + 7 2 .0 + 4 6 .3 + 8 3 .6 — 4 .7 + 6 2 .4 + 3 8 .8 + 7 3 .9 — 6.5 + 3 7 .8 + 3 4 .3 + 10.6 + 6 0 .0 + 4 4 .2 9 4 5 +4 0 .1 + 3 2 .3 + 43 .1 — 7.6 13 4 9 3 6 — 1.1 C O L L E C T IO N R A T IO * * N um ber F e b r u a ry of F irm s 1934 7 0 .6 4 0 .7 3 2 .7 3 5 .1 5 4 .9 2 8 .6 11 7 15 6 4 4 G ro c e rie s ...................................... D r y G o o d s ................................. H a r d w a r e .................................. F u r n itu r e ..................................... E le c tric a l S u p p lie s............... D r u g s ............................................. 48 T o t a l ................................... 4 4 .7 Jan u ary 1934 F e b ru ary 1933 6 8 .7 4 2 .3 3 2 .8 2 5 .1 5 6 .8 2 8 .7 4 5 .2 2 6 .1 2 1 .1 1 7 .8 3 5 .1 2 0 .7 4 4 .0 2 9 .0 ♦B ased o n c o n fid en tial re p o rts fro m 9 9 firm s. ** T h e C o llectio n ra tio is th e p e rc e n ta g e of a c c o u n ts a n d n o te s rece iv ab le o u t s ta n d in g a t th e b eg in n in g of th e m o n th w h ich w ere co llected d u rin g th e m o n th Life Insurance Sales of new, paid-for, ordinary life insurance in the six states located wholly or partly in the Sixth District were about the same in February as in January, but 8.3 per cent greater than a year ago. Ala bama and Louisiana show decreases compared with February 1933 but these were offset by increases in the other four states. For the two months of 1934 total sales have been 12.5 per cent greater than in that part of last year. Figures com pared in the table are from those compiled by the Life Insur ance Sales Research Bureau. ( 0 0 0 O m itte d ) F e b r u a ry J a n u a r y - F e b r u a r y In c . P e r c e n t 1933 1934 1933 C h an g e F e b r u a ry 1934 Jan u ary 1934 $ 3 ,2 2 8 4 ,3 2 7 6 ,1 8 9 3 ,1 4 5 2 ,0 0 3 5 ,3 1 7 $ 3 ,2 2 2 3 ,5 0 2 5 ,7 6 0 3 ,8 7 6 2 ,0 1 5 5 ,8 4 4 $ 3 ,3 7 6 3 ,2 6 4 5 ,1 1 1 3 ,6 5 1 1 ,6 5 7 5 ,3 0 4 $ 6 ,4 5 0 7 ,8 2 9 1 1 ,9 4 9 7 ,0 2 1 4 ,0 1 8 1 1 ,1 6 1 $ 6 ,2 9 1 6 ,6 0 6 9 ,9 0 1 7 ,0 0 1 3 ,2 2 3 1 0 ,0 2 6 + 2 .5 + 1 8 .5 + 2 0 .7 + 0 .3 + 2 4 .7 + 1 1 .3 T o ta l. . . $ 2 4 ,2 0 9 $ 2 4 ,2 1 9 $ 2 2 ,3 6 3 $ 4 8 ,4 2 8 $ 4 3 ,0 4 8 + 1 2 .5 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 siss ip p i.. T e n n e s se e . . 5 R E V IE W Commercial According to statistics compiled and published Failures by Dun and Bradstreet, Inc., there were only 24 business failures in the Sixth District during February, compared with 51 in January and 145 in February last year. Liabilities involved in February failures were only $405,743, compared with $759,559 for January and with $3,724,152 for February 1933. The number of February fa il ures was the smallest for any month in available records which go back to 1921, and the amount of liabilities was the smallest in that period with the exception of May 1931. In the United States there were 1,049 failures in February, 1,364 in January, and 2,378 in February a year ago, and Feb ruary liabilities amounted to $19,444,718, those for January $32,905,428, and for February last year $65,576,068. G R A I N E X P O R T S — N E W O R L E A N S (B u sh els) F eb ru ary Ja n u a ry F eb ru ary J u ly 1 to F e b r u a r y 2 8 ___________________________1 9 3 4 1934 1933 1933 -3 4 1 9 32-33 1 2 ,1 7 5 7 ,1 5 0 2 9 ,5 0 0 1 0 5 ,6 5 7 1 ,1 4 7 ,9 6 6 W h e a t .............................. C o r n .................................. 1 2 ,3 4 6 1 3 ,6 8 4 2 8 0 ,7 3 2 5 6 ,7 7 4 7 5 1 ,8 6 5 O a ts ................................... 6 ,6 7 8 1 5 ,4 2 7 1 7 ,1 3 8 8 5 ,8 4 3 2 7 6 ,5 5 3 T o t a l ...................... 3 1 ,1 9 9 3 6 ,2 6 1 3 2 7 ,3 7 0 2 4 8 ,2 7 4 2 ,1 7 6 ,3 8 4 IN DUSTRY Building The total value of permits issued at twenty reportPermits ing cities in the Sixth District for the construction of buildings within their corporate limits declined from January to February, but was nearly three times the total for February last year. Increases over February, 1933, were reported from fourteen of these cities. For the first two months of 1934 the total has been a little more than three times as large as for those months in 1933, and larger than for the same months of 1932 or 1931. Comparisons of re ported figures are set out in the table. B U IL D IN G P E R M IT S N um ber V alu e F e b ru a ry F e b ru ary 1934 1933 1934 A lab a m a A n n is to n ................... B ir m in g h a m ........... M o n tg o m e ry .......... F lo rid a J a c k s o n v ille ............ M ia m i B each G eo rg ia C o lu m b u s ................. S a v a n n a h ................. L o u isia n a N ew O r le a n s .. . . A le x a n d ria ............... T en n essee C h a tta n o o g a .......... J o h n so n C ity . . . . K n o x v ille .................. N a s h v ille ................... T o ta l 2 0 C ities P e rc e n ta g e C h an g e in V alu e 9 ,3 3 2 3 9 ,8 0 5 1 2 ,4 5 1 9 ,0 9 5 — + 2 6 1 ,3 1 7 9 4 ,0 6 4 2 9 1 ,5 8 5 1 5 ,0 1 8 3 9 ,9 0 1 4 1 ,4 0 5 8 4 ,9 6 4 8 6 ,4 5 0 6 ,7 9 0 1 9 ,8 8 5 + 5 3 1 .1 1 0 .7 + + 2 3 7 .3 + 1 2 1 .2 + 1 0 0 .7 9 3 2 3 ,8 2 0 2 2 9 ,4 0 1 4 ,6 1 0 5 3 ,2 7 0 3 5 ,3 6 3 3 4 ,2 9 0 6 ,8 9 2 9 ,2 8 5 1 8 ,2 1 0 7 ,2 4 0 + 8 4 4 .4 + 3 2 2 8 .5 — 5 0 .4 + 1 9 2 .5 + 3 8 8 .4 63 43 5 1 ,1 6 5 6 ,4 2 6 1 0 6 ,5 6 7 1 0 ,5 1 5 — — 5 2 .0 3 8 .9 131 1 28 53 101 2 22 75 6 8 ,5 7 3 700 1 1 ,5 4 7 6 3 ,2 2 4 2 4 ,2 5 1 2 ,5 5 0 4 ,8 0 6 47 807 + + + 1 8 2 .8 7 2 .6 1 4 0 .3 3 2 .2 1 ,6 0 9 1 ,3 8 5 1 ,6 4 6 ,3 9 6 5 8 2 ,5 9 0 + 1 8 2 .6 2 140 24 51 5 68 34 51 361 240 36 63 162 268 192 39 34 154 116 31 34 20 19 160 33 32 48 49 $ 5 ,2 0 0 7 0 ,4 4 9 1 1 ,5 8 1 9 ,1 8 2 $ + 4 4 .3 7 7 .0 7 .0 1 .0 Contract The total value of contract awards in the Sixth Awards District, indicated in statistics compiled by the F . W. Dodge Corporation and subdivided into district totals by the Federal Reserve Board’s Division of Research and Statistics, declined in February but was about three and one-half times as large as in February last year. The Febru ary total was the smallest since September, but was approx imately equal to the monthly average for the year 1933. For the first two months of 1934 total awards in this District were greater by 142.1 per cent, and in the 37 eastern states the total was greater by 108.1 per cent, than in that part of 1933. Comparisons for the District, for the individual states of the District, and for the 37 states east of the Rocky Moun tains, are set out in the table. 6 M O N T H L Y F e b ru a r y 1934 Jan u ary 1934 S ix th D is tric t— T o t a l$ l 1 , 7 2 3 , 9 2 2 R e s id e n tia l................. 1 ,0 6 9 ,0 0 1 A ll O th e r s ................... 1 0 ,6 5 4 ,9 2 1 S ta te T o ta ls A la b a m a ...................... F lo r id a .......................... G e o rg ia ......................... L o u isia n a ..................... M is siss ip p i................. E . T e n n e s se e ............. F e b ru a ry 1933 P ercen t C h an g e $ 3 1 ,0 9 0 ,7 9 3 — 6 2 .3 $ 3 ,3 6 2 ,8 2 5 2 ,0 3 2 ,0 2 5 — 4 7 .4 6 9 3 ,1 2 2 2 9 ,0 5 8 ,7 6 8 — 6 3 .3 2 ,6 6 9 ,7 0 3 + 2 4 8 .6 + 5 4 .2 + 2 9 9 .1 — 7 8 .1 — 8 3 .5 — 6 6 .7 + 2 0 9 .6 — 7 9 .2 — 4 9 .1 9 5 8 ,4 0 0 9 0 2 ,5 0 0 5 2 0 ,8 0 0 6 2 3 ,2 0 0 5 7 0 ,6 0 0 2 4 8 ,7 0 0 + 7 7 .9 + 1 2 5 .8 + 2 8 4 .2 + 8 5 8 .3 — 3 2 .2 + 4 4 1 .1 1 8 6 ,4 6 3 ,7 0 0 — 4 8 .1 1 5 ,1 1 0 ,4 0 0 — 3 .9 5 7 ,6 1 6 ,1 0 0 — 4 9 .6 5 2 .7 1 2 .3 0 0 1 1 .8 0 5 .3 0 0 2 3 ,6 7 0 ,4 0 0 + 8 3 .5 + 2 3 .0 + 22.6 1 1 3 , 7 3 7 , 2 0 0 — 5 3 .2 1 ,7 0 5 ,4 0 0 2 ,0 3 8 ,2 0 0 2 ,0 0 0 ,9 0 0 5 ,9 7 2 ,0 0 0 3 8 6 ,6 0 0 1 ,3 4 5 ,6 0 0 U n ite d S ta te s: T o t a l .............................. ..9 6 , 7 1 6 , 3 0 0 R e s id e n tia l...................1 4 , 5 2 0 , 3 0 0 N o n - R e s id e n tia l.. . 2 9 , 0 1 4 , 8 0 0 P u b lic W o rk s a n d U tiU tie s ................... ..5 3 , 1 8 1 , 2 0 0 P e rc e n t C hange 1 7 ,2 3 6 ,6 0 0 N um ber of M ills F e b . 3 ................. ....... 8 5 F e b . 1 0 ...................... 9 4 F e b . 1 7 ...................... 9 1 F e b . 2 4 _________ 8 6 M a r. 3 ................ ........9 0 M a r. 1 0 ..................... 9 0 (I n T h o u s a n d s of F e e t) O rd ers P ro d u c tio n 1934 1,933 1934 1933 2 1 ,4 7 2 1 9 ,1 0 2 2 2 ,4 4 5 2 0 ,0 0 6 1 7 ,9 4 2 1 9 ,4 0 3 1 9 ,6 3 2 1 7 ,1 6 1 1 8 ,4 0 7 1 6 ,8 1 7 1 7 ,4 5 4 1 8 ,6 4 7 1 6 ,7 9 0 2 1 ,8 7 1 2 2 ,4 0 6 2 0 ,2 3 2 1 9 ,2 3 4 2 1 ,3 2 3 1 8 ,2 6 3 1 8 ,7 7 1 1 9 ,7 6 1 1 7 ,8 9 1 1 8 ,1 3 5 1 8 ,8 6 2 U n filled O rd ers 1934 1933 6 0 ,1 1 2 6 4 ,1 1 6 6 8 ,1 5 7 6 4 ,6 6 0 6 6 ,8 4 4 6 7 ,5 0 5 5 5 ,3 4 7 5 4 ,9 1 9 5 4 ,6 1 3 5 0 ,8 9 5 5 0 ,1 2 1 4 9 ,1 4 6 Cotton Total consumption of cotton in the United Consumption States declined 5.9 per cent from January to February, but was 8.3 per cent greater than in February, 1933, and also larger than for February 1932 and 1931. On a daily average basis, consumption increased 1.9 per cent from January to February. For the seven months of the cotton season, consumption in the United States has been 4.6 per cent greater than in that part of the season before, an increase of 28.8 per cent in “ Other States” being offset in part by a decrease of 0.2 per cent in the cotton growing states. During this period consumption in the cot ton states has accounted for 79.8 per cent of the total, com pared with 83.6 per cent for the same part of the previous season. Active spindles increased 2.7 per cent from January to February, and were 11.3 per cent greater than a year ago. Exports declined 15 per cent from January to February, but were 12.8 per cent greater than in February, 1933, and for the season through February exports totaled 5,549,607 bales, smaller by 0.8 per cent than for the same period a year ago. Census Bureau figures are compared in the table. C O T T O N C O N S U M T IO N , E X P O R T S , S T O C K S , A N D A C T IV E S P IN D L E S — U N I T E D S T A T E S — B ales Feb. 1934 Jan. 1934 F eb. 1933 C o tto n C o n s u m e d ........................... S to c k s ....................................................... I n C o n su m in g E s ta b lis h m e n ts I n P u b lic S to ra g e a n d a t C o m p re sse s................................ E x p o r t s ................................................... A ctiv e S pindles— N u m b e r .. 4 7 7 ,8 9 0 1 0 ,2 9 3 ,3 6 4 1 ,6 5 4 ,3 6 9 5 0 8 ,0 3 4 1 1 ,1 0 2 ,9 5 9 1 ,6 0 2 ,0 4 4 4 4 1 ,2 0 3 1 0 ,8 2 7 ,1 9 6 1 ,4 4 9 ,4 1 3 8 ,6 3 8 ,9 9 5 6 2 8 ,4 5 7 2 6 ,3 5 5 ,4 9 8 9 ,5 0 0 ,9 1 5 7 3 9 ,3 5 2 2 5 ,6 5 3 ,3 2 4 9 ,3 7 7 ,7 8 3 5 5 7 ,0 2 2 2 3 ,6 6 9 ,1 4 6 C O T T O N G R O W IN G S T A T E S — B ales C o tto n C o n s u m e d ........................... 3 7 6 ,2 1 1 4 0 6 ,3 4 3 S to c k s ................................................. 9 ,5 7 4 ,3 1 7 1 0 ,3 7 2 , 3 5 7 In C o n su m in g E s ta b lis h m e n ts 1 ,3 0 0 ,8 9 3 1 ,2 5 4 ,7 5 4 I n P u b lic S to ra g e a n d a t C o m p re sses................................. 8 ,2 7 3 ,4 2 4 9 ,1 1 7 ,6 0 3 A ctiv 1 7 ,8 9 3 ,5 8 6 1 7 ,6 9 3 ,3 6 0 FRASER e S pindles— N u m b e r .. Digitized for O T H E R S T A T E S — B ales C o tto n C o n s u m e d ........................... 1 0 1 ,6 7 9 1 0 1 ,6 9 1 7 1 ,3 9 8 S to c k s ....................................................... 7 1 9 ,0 4 7 7 3 0 ,6 0 2 7 9 1 ,7 5 6 I n C o n su m in g E s ta b lis h m e n ts 3 5 3 ,4 7 6 3 4 7 ,2 9 0 2 9 3 ,6 7 7 I n P u b lic S to ra g e a n d a t C o m p re sse s................................ 3 6 5 ,4 7 6 3 8 3 ,3 1 2 4 9 8 ,0 7 9 A ctiv e S p in d les— N u m b e r . . 8 ,4 6 1 ,9 1 2 7 ,9 5 9 ,9 6 4 6 ,8 5 8 ,3 3 8 ' + 2 0 8 .5 7 ,7 9 1 ,1 0 0 1 2 ,3 3 8 ,1 0 0 6 .0 1 6 .4 0 0 1 ,9 2 8 ,8 0 0 1 ,8 5 7 ,7 0 0 2 .6 4 1 .4 0 0 Lumber Press reports indicate some slight improvement in the retail yard trade in the South and Southwest, with the approach of spring, but the unfavorable weather conditions in the North and East have continued to retard retail yard business in those sections. The principal part of the demand for Southern Pine continues to be from the rail roads and public works activities, and the export demand. During the six weeks period ending March 10 orders of re porting mills have averaged 11.3 per cent, production 9.1 per cent, and unfilled orders 24.2 per cent, greater than for the same period a year ago. Weekly figures are compared in the* table. W e ek E nded R E V IE W 3 6 9 ,8 0 5 1 0 ,0 3 5 ,4 4 0 1 ,1 5 5 ,7 3 6 8 ,8 7 9 ,7 0 4 1 6 ,8 1 0 ,8 0 6 Total consumption in the three states of this District for which Census figures are compiled declined 5.3 per cent, but the daily average increased 2.6 per cent from January to February, and February consumption was 9.5 per cent greater than a year ago. Comparisons are set out in the table. C O T T O N C O N S U M P T I O N B ales F eb ru ary Ja n u a ry F eb ru ary A u g u st 1 to F e b r u a r y 2 8 1934 1934 1933 1933-34 1 9 32-33 A la b a m a G e o r g ia ........... T en n essee. . . 4 9 ,1 1 4 8 8 ,5 3 5 9 ,9 5 6 5 2 ,0 3 9 9 4 ,0 2 4 9 ,7 5 2 4 7 ,6 6 6 7 6 ,5 2 7 1 0 ,6 3 5 3 4 5 ,6 0 6 6 3 0 ,4 0 7 3 5 7 ,7 2 2 5 7 2 ,5 3 0 8 7 ,1 4 0 T o ta l. . . 1 4 7 ,6 0 5 1 5 5 ,8 1 5 1 3 4 ,8 2 8 1 ,0 4 4 ,8 8 1 1 ,0 1 7 ,3 9 2 68,868 Cotton There were further increases in production Manufacturing and shipments of both cloth and yam by reporting cotton mills in this District in February over January and over February of last year. Or ders for both cloth and yam declined somewhat from January to February but were substantially larger than a year ago. and unfilled orders for both commodities were larger than a month or a year ago. Stocks declined over the month. Em ployment increased slightly over the month, and for all re porting mills averaged 51.9 per cent greater than a year ago. Reported figures are compared in the table. N um ber o f M ills C o tto n C lo th : P r o d u c tio n ................................. O rd ers B o o k e d ......................... U n filled O r d e r s ........................ S to c k s o n h a n d ....................... N u m b e r o n p a y r o l l.............. C o tto n Y a rn : P r o d u c tio n ................................. O rd ers B o o k e d ......................... U n filled O rd e r s ........................ S to c k s on h a n d ....................... N u m b e r o n p a y r o l l.............. P e rc e n ta g e C h a n g e F e b . 1 9 3 4 co m p a re d w ith Jan. 1934 Feb. 1933 18 17 13 16 16 16 + 1 1 .8 + 1 9 .0 — 2 2 .9 + 7 .2 — 0 .5 + 3 .9 + 3 .5 + 9 .8 + 5 2 .8 + 8 4 .3 — 4 .9 + 4 6 .5 13 13 8 10 12 12 + + — + — + + + + + + + 1 9 .4 1 8 .2 5 .1 2 .0 5 .3 0 .2 1 2 .6 1 4 .6 4 8 .8 1 4 .6 3 .1 6 3 .8 Cotton Seed Receipts of cotton seed by cottonseed oil mills and Cotton in this district increased somewhat from JanSeed Products uary to February, but crushings declined. Production of the principal commodities also declined, except that there was a slight increase in production of linters. Receipts of seed, and production of linters, were slightly larger than in February, 1933. Cumulative totals for the seven months of the season show an increase in produc tion of linters, but decreases in output of other commodities, and stocks of crude oil were somewhat larger, but supplies of other commodities smaller, than a year ago. Combined figures for Georgia, Alabama, Louisiana and Mississippi are compared in the first two columns of the table, and totals for the country as a whole are compared in the last two columns. The figures are from those compiled by the United States Census Bureau. CO TTON SEED AND CO TTO N SE ED PRO D U CTS *S ix th D is tr ic t U n ite d S ta te s A u g u st 1 to F e b r u a r y 2 8 A u g u st 1 to F e b r u a r y 2 8 1933-34 1932-33 1933-34 1932-33 C o tto n S eed , T o n s: R e c e iv e d a t M ills .. . . C r u s h e d ............................. O n H an d , F eb. 2 8 . . . 1 ,1 0 3 ,6 5 9 8 6 5 ,4 0 4 2 6 7 ,0 2 5 1 ,1 5 7 ,6 1 7 9 4 4 ,0 2 0 2 6 0 ,7 8 3 3 ,8 5 8 ,8 9 2 3 ,3 3 7 ,0 6 4 7 4 2 ,2 4 9 4 ,1 2 5 ,8 0 2 3 ,4 5 4 ,9 8 2 97 0,09 4 M O N T H L Y P r o d u c tio n : C ru d e O il, lb s ................ C ak e a n d M e a l, to n s . H u lls, t o n s ....................... L in te rs , b a l e s ................. 2 7 9 ,9 4 0 ,3 7 2 3 7 7 ,8 4 4 2 3 6 ,9 2 2 1 6 4 ,5 2 5 3 0 3 ,8 1 0 ,2 1 6 4 0 9 ,7 1 5 2 6 9 ,0 9 4 1 6 3 ,6 9 0 S to ck s a t M ills, F e b . 2 8 C ru d e O il, lb s ................ C ak e a n d M eal, to n s . H u lls, t o n s ....................... L in te rs , b a l e s ................. 3 8 ,0 2 6 ,1 8 1 8 8 ,5 3 9 2 0 ,3 5 0 4 2 ,4 4 3 3 6 ,1 7 7 ,4 2 7 1 0 0 ,4 1 8 3 0 ,7 9 8 7 8 ,4 2 2 1 ,0 3 1 ,9 8 4 ,3 1 3 1 ,0 6 8 ,8 8 9 ,6 7 1 1 ,5 0 6 ,8 4 8 1 ,5 5 7 ,5 6 6 8 8 9 ,6 3 4 9 7 9 ,0 7 2 6 1 7 ,4 8 8 5 4 4 ,7 4 8 1 3 3 ,7 4 1 ,7 4 5 2 7 9 ,1 0 3 9 0 ,0 2 2 1 4 2 ,1 6 6 1 1 6 ,5 6 2 ,0 6 9 3 3 1 ,5 7 2 1 4 5 ,6 1 2 2 8 7 ,8 2 8 *G eorgia, A la b a m a , L o u isia n a a n d M ississippi. Electric Poper Production of electric power by public utility power plants in the six states located wholly or partly in the Sixth District, after declining from September to December, increased 9 per cent from December to January, and was 13.9 per cent greater than in January, 1933. January production by use of water power was 28 per cent greater, but that by use of fuels 12.7 per cent less, than in December. In January 62.5 per cent of the total was by use of water power, compared with 53.3 per cent in December, and with 69.4 per cent in January last year. The figures in the table are from those compiled by the United States Geological Survey. P R O D U C T IO N O F E L E C T R I C P O W E R (0 0 0 k . w. H o u rs) Jan. 1934 D ec. 1 9 3 3 Jan . 1933 A la b a m a ................................................. F lo r id a ..................................................... G e o rg ia .................................................... L o u isia n a ............................................... M is siss ip p i............................................ T e n n e s se e .............................................. T o t a l ......................................... B y use of: W a te r P o w e r ............ F u e ls .............................. F u e ls c o n su m e d in P ro d u c tio n of E le c tric P ow er: C o al— t o n s ................................. F u e l Oil— b b ls .......................... N a tu r a l G as— 0 0 0 cu. ft. . N o te : 1 4 8 ,3 3 6 6 0 ,5 4 9 8 7 ,0 7 9 9 1 ,9 7 8 4 ,1 7 5 9 4 ,1 1 2 4 8 6 ,2 2 9 1 2 4 ,2 6 9 5 4 ,1 1 3 9 9 ,5 7 4 9 0 ,8 7 6 4 ,1 0 4 7 3 ,1 9 9 1 2 7 ,7 5 5 5 6 ,6 1 7 1 0 8 ,7 4 1 4 8 ,5 1 3 3 ,9 2 5 8 1 ,4 7 1 4 4 6 ,1 3 5 4 2 7 ,0 2 2 3 0 4 ,0 9 7 1 8 2 ,1 3 2 2 3 7 ,5 8 2 2 0 8 ,5 5 3 1 8 ,2 1 4 1 9 2 ,0 5 6 2 ,2 6 6 ,6 8 1 9 ,2 2 3 1 8 7 ,9 8 3 1 ,1 7 1 ,8 4 3 J a n u a r y figures p re lim in a ry — D ecem b er figures s lig h tly rev ise d . Bituminous Total production of bituminous coal in the Coal Mining United States declined 2.9 per cent in the short month of February compared with January, but the daily average output was 5.1 per cent larger, and February production this year was over 17 per cent above that a year ago. Figures compiled by the United States Bureau of Mines are compared in the table. T o ta l P ro d u c tio n (T o n s) F e b r u a r y 1 9 3 4 .................................... J a n u a r y 1 9 3 4 ...................................... F e b ru a ry 1 9 3 3 ................................... N u m b e r of W o rk in g D ays A v erag e p e r W o rk in g D a y (T o n s) 3 1 ,9 5 0 ,0 0 0 3 2 ,9 1 6 ,0 0 0 2 7 ,1 3 4 ,0 0 0 24 26 2 3 .9 1 ,3 3 1 ,0 0 0 1 ,2 6 6 ,0 0 0 1 ,1 3 5 ,0 0 0 Weekly production figures for Alabama and Tennessee which follow indicate that February production averaged larger in both of those states than in January or in February a year ago. W e ek E n d e d : (T o n s) A la b a m a 1934 1933 F e b r u a r y 3 ................................................... 2 2 3 ,0 0 0 F e b r u a r y 1 0 .................................................2 1 0 , 0 0 0 F e b r u a r y 1 7 .................................................2 5 2 , 0 0 0 F e b r u a r y 2 4 ................................................ 2 5 4 ,0 0 0 M a rc h 3 ..........................................................2 4 3 , 0 0 0 162 ,0 0 0 1 8 6 ,0 0 0 1 6 8 ,0 0 0 1 45 , 0 0 0 1 3 2 ,0 0 0 T e n n essee 1934 1933 8 1 ,0 0 0 8 8 ,0 0 0 9 3 ,0 0 0 92 , 0 0 0 8 8 ,0 0 0 6 4 ,0 0 0 9 3 ,0 0 0 8 8 ,0 0 0 65 ,0 0 0 5 8 ,0 0 0 Pig Iron There was a further gain of 4.0 per cent in total, Production and 15.1 per cent in daily average, production of pig iron in the United States during February as compared with January, according to Iron Age statistics. Digitized February production was the largest since October, and was for FRASER 7 greater by 128 per cent than in February last year. The number of furnaces active on March 1 increased slightly over the month and was about double the number active a year ago. In Alabama total production of pig iron declined 2.9 per cent, but daily average output increased 7.4 per cent, from January to February, when production was nearly four times as large as at the same time last year. Press reports indi cate that the pig iron market was inactive during February with only a restricted amount of new business mostly in small lots for prompt delivery. Foundry requirements are still be ing filled largely from stocks acquired in December. February shipments were reported slightly ahead of January. Furnace activity remains unchanged, and books for the second quarter were opened March 1st at $13.50 per ton, the price which has prevailed since August. The usual comparisons are set out in the table. P ro d u c tio n - —T o n s T o ta l D a ily A v erag e U n ite d S ta te s : F e b r u a r y 1 9 3 4 ................... J a n u a r y 1 9 3 4 ...................... M a rc h 1 9 3 3 .......................... F e b ru a ry 1 9 3 3 ................... A lab a m a: F e b r u a r y 1 9 3 4 ................... J a n u a r y 1 9 3 4 ................ . . M a rc h 1 9 3 3 .......................... F e b ru a ry 1 9 3 3 ................... F u rn a c e s A ctiv e* 1 ,2 6 3 ,6 7 3 1 ,2 1 5 ,2 2 6 5 4 2 ,0 1 1 5 5 4 ,3 3 0 , 4 5 ,1 3 1 3 9 ,2 0 1 1 7 ,4 8 4 1 9 ,7 9 8 89 87 38 45 1 1 3 ,2 0 4 1 1 6 ,6 4 5 2 7 ,7 8 3 2 9 ,5 8 2 4 ,0 4 3 3 ,7 6 3 896 1 ,0 5 7 10 10 2 2 * F irs t of follow ing m o n th . 2 9 6 ,3 5 9 1 3 0 ,6 6 3 1 3 ,4 0 4 2 1 2 ,8 6 2 1 ,8 3 9 ,5 4 8 R E V IE W Naval There were further declines in February in receipts Stores and stocks of both turpentine and rosin at the three principal naval stores markets of the District. Tur pentine receipts were also less than a year ago, but receipts of rosin were slightly larger than for February of the last eight years. Stocks of both commodities were substantially less than a year earlier. Although current demand has been light in recent weeks, the quoted price of turpentine rose from 46 cents on January 6 to 61 cents on February 24, de clining in the following two weeks to 57% cents, and the average of quotations for the thirteen grades of rosin rose from $4.07 on January 6 to $5.30 on February 24, declining to $5.10 on March 10. Receipts and stocks for the month are compared in the table. NAVAL STORES Feb. 1934 Jan . 1934 F eb. 1933 R e c e ip ts — T u rp e n tin e (1 ) S a v a n n a h ......................................... J a c k s o n v ille .................................... P e n s a c o la ......................................... 1 ,0 1 1 1 ,3 7 1 257 2 ,0 8 6 2 ,1 5 9 740 1 ,0 2 2 1 ,3 6 8 436 T o t a l ......................................... 2 ,6 3 9 4 ,9 8 5 2 ,8 2 6 R e c e ip ts— R o sin (2 ) S a v a n n a h ......................................... J a c k s o n v ille .................................... P e n s a c o la ......................................... 1 4 ,3 0 9 1 6 ,3 8 6 1 ,9 4 5 1 8 ,2 5 9 1 7 ,9 6 3 2 ,9 9 7 9 ,5 4 7 1 8 ,8 1 7 2 ,2 7 5 T o t a l ......................................... 3 2 ,6 4 0 3 9 ,2 1 9 3 0 ,6 3 9 S to ck s— T u rp e n tin e (1) S a v a n n a h ......................................... J a c k s o n v ille .................................... P e n s a c o la ......................................... 7 ,1 9 5 2 3 ,3 3 4 2 3 ,6 0 9 1 1 ,2 6 3 2 9 ,5 3 5 2 7 ,9 8 8 1 2 ,3 2 7 3 8 ,3 3 8 2 4 ,2 2 9 T o t a l ......................................... 5 4 ,1 3 8 6 8 ,7 8 6 7 4 ,8 9 4 S to ck s— R o sin (2 ) S a v a n n a h ......................................... J a c k s o n v ille .................................... P e n s a c o la ......................................... 8 4 ,6 3 8 5 9 ,0 5 8 8 ,8 7 3 9 0 ,1 5 7 6 8 ,5 0 8 1 2 ,5 9 8 1 2 5 ,2 5 6 1 2 5 ,6 2 8 1 2 ,3 8 6 T o t a l ......................................... 1 5 2 ,5 6 9 1 7 1 ,2 6 3 2 6 3 ,2 7 0 (1 ) (2 ) B arrels of 5 0 G allo n s. B arrels of 5 0 0 p o u n d s. 8 M O N T H L Y R E V IE W MONTHLY IN D EX NUMBERS COMPUTED B Y FED ER A L R ES ER V E BANK OF ATLAN TA M O N T H L Y A V E R A G E 1923-1925=100 Ja n u a ry 1933 F e b ru a ry 1933 175.0 77.7 73.1 95.1 98.8 101.5 84.0 39.1 38.1 45.0 44.7 48.5 88.9 4 3.8 36.3 49.1 49.2 52.4 142.6 65.3 69.2 67.1 69.7 77.7 106.1 45.7 46.9 56.9 57.4 59.7 112.0 54.3 48.2 60.0 53.2 61.4 104.6 48.7 45.9 57.8 55.9 59.5 73.1 39.2 38.0 52.6 52.7 51.6 84.2 39.5 43.8 57.4 55.9 55.9 70.4 40.1 35.0 53.0 53.3 51.3 65.6 36.1 36.5 45.3 48.5 46.9 70.2 39.0 37.5 48.3 52.8 50.5 85.4 44.0 43.2 61.9 63.7 60.3 79.5 43.6 42.7 60.5 57.9 56.7 87.7 41.1 45.2 60.4 55.9 57.0 80.9 44.1 39.8 58.9 59.9 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 W H O L E S A L E T R A D E — S I X T H D I S T R I C T — T O T A L ......... G ro c e rie s ............................................................................................................................... D r y G o o d s .......................................................................................................................... H a r d w a r e ............................................................................................................................. F u r n itu r e .............................................................................................................................. E le c tric a l S u p p lie s ......................................................................................................... S ta tio n e r y ............................................................................................................................ D r u g s ....................................................................................................................................... 53.3 48.2 45.0 59.3 42.9 62.8 33.7 76.7 59.0 51.5 70.0 64.1 38.6 55.9 36.2 79.0 54.9 50.4 64.5 51.5 54.1 55.3 40.0 73.9 39.2 40.1 32.8 36.6 29.1 40.4 29.5 70.2 36.9 34.7 33.6 40.0 24.4 34.0 27.9 60.3 33.2 31.8 34.0 31.9 28.4 30.1 25.3 53.6 L I F E IN S U R A N C E S A L E S — S I X S T A T E S - T O T A L A la b a m a ................................................................................................................................ F lo r id a .................................................................................................................................... G e o rg ia .................................................................................................................................. L o u is ia n a .............................................................................................................................. M is siss ip p i........................................................................................................................... T e n n e s s e e ............................................................................................................................. 78.5 62.8 75.4 85.0 95.0 66.5 79.8 57.7 47.5 59.2 62.8 61.2 46.1 57.7 57.7 47.6 73.1 67.5 49.6 45.8 56.5 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 B U IL D IN G P E R M I T S — T W E N T Y C I T I E S . A t l a n t a .................................................................................................................................. B irm in g h a m ....................................................................................................................... J a c k s o n v ille ........................................................................................................................ N a s h v ille .............................................................................................................................. N ew O rle a n s ...................................................................................................................... F ifte e n O th e r C it ie s ..................................................................................................... 14.2 1.6 5.9 12.0 5 .2 2 .8 24.0 23.3 38.8 2.1 34.3 50.3 2.4 24.7 14.6 20.9 4 .8 31.8 10.0 4.0 16.0 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 .2 2 .2 2 .7 5 .0 7 .5 8.3 5 .4 C O N T R A C T A W A R D S — S I X T H D I S T R I C T — T O T A L _____ R e s id e n tia l.......................................................................................................................... A ll O th e r s ............................................................................................................................ 62.2 8.0 98.2 88.6 14.5 137.9 33.4 7.6 50.6 18.1 8.5 24.5 40.8 4 .2 65.2 9 .6 4.9 12.7 W H O L E S A L E P R I C E S — U N IT E D S T A T E S f A L L C O M M O D I T I E S ............................................................................................ F a rm P r o d u c ts ................................................................................................................. F o o d s ....................................................................................................................................... O th e r C o m m o d itie s ....................................................................................................... H id es a n d le a th 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 lig h tin g ................................................................................................. M e ta ls a n d m e ta l p r o d u c t s .......................................................................... B u ild in g m a te ria ls ............................................................................................... C h em ica ls a n d d r u g s ......................................................................................... H o u se fu rn ish in g g o o d s .................................................................................... M is c e lla n e o u s ......................................................................................................... 70.8 55.5 62.5 77.5 89.2 76.4 73.4 83.5 85.6 73.7 81.0 65.7 72.2 58.7 64.3 78.3 89.5 76.5 73.1 85.5 86.3 74.4 80.8 67.5 73.6 61.3 66.7 78.7 89.6 76.9 72.4 87.0 86.6 75.5 81.0 68.5 62.6 44.1 58.3 69.0 69.6 53.0 69.3 79.4 70.8 72.3 73.6 63.4 61.0 42.6 55.8 67.3 68.9 51.9 66.0 78.2 70.1 ' 71.6 72.9 61.2 59.8 40.9 53.7 66.0 68.0 51.2 63.6 77.4 69.8 71.3 72.3 59.2 C O T T O N C O N S U M P T IO N — U N IT E D S T A T E S ..................... C o tto n -G ro w in g S ta t e s .............................................................................................. A ll O th e r S t a t e s .............................................................................................................. G e o rg ia ........................................................................................................................ A la b a m a ..................................................................................................................... T e n n e s se e .................................................................................................................. 67.6 82.6 37.9 85.3 112.8 70.4 98.6 118.7 58.9 120.7 151.4 98.0 92.8 109.9 58.9 113.6 142.9 100.0 85.5 108.4 40.0 98.1 138.7 125.8 91.3 115.9 42.4 106.5 145.3 123.7 85.7 108.0 41.4 98.2 138.6 106.9 C O T T O N E X P O R T S — U N IT E D S T A T E S .................................. 159.7 144.0 122.4 202.5 154.6 108.5 P I G IR O N P R O D U C T IO N — U n ite d S t a t e s ......................................... A la b a m a .................................................... 39.6 54.7 40.7 50.2 42.3 48.7 18.3 18.9 19.0 10.4 18.6 12.7 D ecem b er 1933 Ja n u a ry 1934 D a ily Average S a les— U n a d ju s te d A t l a n t a ................................................................................................................................... B ir m in g h a m ....................................................................................................................... C h a tta n o o g a ...................................................................................................................... N a s h v ille ................ .......................................................................................................... N e w O rle a n s ...................................................................................................................... D I S T R I C T ......................................................................................................................... 244.5 102.3 100.8 115.8 109.5 127.9 105.7 46.2 53.4 47.0 53.1 58.7 121.2 58.8 54.7 57.0 61.3 68.4 D a ily Average Sales— A d ju ste d * A t l a n t a ................................................................................................................................... B irm in g h a m ....................................................................................................................... C h a tta n o o g a ...................................................................................................................... N a s h v ille .............................................................................................................................. N ew O rle a n s ...................................................................................................................... D I S T R I C T ........................................................................................................................ 148.2 60.2 64.6 69.2 63.7 75.2 139.3 64.2 67.6 62.7 63.2 74.3 M o n th ly S to ck s— U n a d ju ste d A t l a n t a ................................................................................................................................... B irm in g h a m ....................................................................................................................... C h a tta n o o g a ....................................................................................................................... N a s h v ille ............................................................................................................................... N ew O rle a n s ....................................................................................................................... D I S T R I C T ......................................................................................................................... 74.3 40.0 38.0 55.7 58.7 53.7 M o n th ly S to ck s— A d ju ste d * A t l a n t a ................................................................................................................................... B irm in g h a m ....................................................................................................................... C h a tta n o o g a ....................................................................................................................... N a s h v ille ............................................................................................................................... N e w O rle a n s ...................................................................................................................... D I S T R I C T ......................................................................................................................... D E P A R T M E N T S T O R E T R A D E — S IX T H D IS T R IC T ♦A d ju sted fo r S easo n al V a ria tio n . fC o m p iled b y B u re a u of L a b o r S ta tis tic s. 19 26 -- 1 0 0 . F e b ru a ry 1934 D e cem b er 1932
