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M O N T H L Y R E V I E W O f Financial, A gricultural, Trade and Industrial C onditions in the S ixth Federal R eserve D istrict F E D V O L. 18, N o . 5 E R A L R E S E R V E K O F A T L A N T A , G A ., M A Y 3 1 , 1933 N A T IO N A L S U M M A R Y O F B U S I N E S S C O N D IT IO N S P rep a red by th e F ed era l R eserv e B oard I n d u s tr ia l a c t i v i t y in c r e a s e d c o n s id e r a b ly d u r in g A p r il a n d t h e f ir s t t h r e e w e e k s o f M a y a n d w h o le s a le p r ic e s o f m a n y l e a d in g c o m m o d it ie s a d v a n c e d , p a r t ic u la r ly in t h e l a t t e r p a r t o f A p r il a n d t h e e a r l y p a r t o f M a y . F o ll o w i n g t h e im p o s i t io n o f a n e m b a r g o o n g o ld o n A p r il 2 0 t h e e x c h a n g e v a lu e o f t h e d o lla r d e c lin e d a n d o n M a y 2 0 w a s 8 7 p e r c e n t o f i t s g o ld p a r it y . 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 in d u s t r ia l p r o d u c tio n , a s m e a s u r e d b y t h e B o a r d ’s s e a s o n a l l y a d j u s t e d in d e x in c r e a s e d f r o m 6 0 p e r c e n t o f t h e 1 9 2 3 -1 9 2 5 a v e r a g e in M a r c h t o 67 p e r c e n t in A p r il, a s c o m p a r e d w it h 63 p e r c e n t a y e a r a g o a n d a l o w o f 58 p e r c e n t l a s t J u ly . A c t i v i t y a t s t e e l m ills in c r e a s e d f r o m 15 p e r c e n t o f c a p a c it y in M a r c h t o 25 p e r c e n t in A p r il a n d t h e r e w a s a f u r t h e r in c r e a s e in t h e f ir s t t h r e e w e e k s o f M a y . I n c r e a s e d a c t i v i t y in t h e s t e e l in d u s t r y r e f le c t e d c h ie f ly i n c r e a s e d d e m a n d f r o m a u to m o b ile p r o d u c e r s a n d f r o m m i s c e lla n e o u s s o u r c e s , w h ile d e m a n d f r o m t h e r a ilr o a d a n d c o n s t r u c t io n in d u s t r ie s c o n t in u e d a t lo w le v e l. A t t e x t i l e m i ll s a n d s h o e f a c t o r ie s , p r o d u c tio n in c r e a s e d c o n s id e r a b ly d u r in g t h i s p e r io d . O u tp u t o f p e t r o le u m f l u c t u a t e d w id e ly , d e c lin i n g in t h e m id d le o f A p r il a n d s u b s e q u e n t ly i n c r e a s in g t o a h ig h le v e l. V o lu m e o f f a c t o r y e m p lo y m e n t a n d p a y r o lls in c r e a s e d b e t w e e n t h e m id d le o f M a r c h a n d t h e m id d le o f A p r il b y a n a m o u n t s o m e w h a t s m a lle r t h a n t h e d e c r e a s e in t h e p r e c e d in g m o n th . V a lu e o f c o n s t r u c t io n c o n t r a c t s , 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 , c o n t in u e d a t p r e v io u s lo w le v e l s in A p r il, b u t s h o w e d a c o n s id e r a b le i n c r e a s e in t h e f ir s t h a l f o f M a y . T o t a l v a lu e o f a w a r d s in t h e s e s i x w e e k s w a s c o n s id e r a b ly s m a lle r t h a n in t h e c o r r e s p o n d in g p e r io d a y e a r a g o . D is t r ib u t io n F r e i g h t t r a f f i c , w h ic h w a s a t a lo w e r le v e l in M a r c h , in c r e a s e d d u r in g A p r il a n d t h e f ir s t t w o w e e k s o f M a y b y m o re th a n th e u su a l se a so n a l a m o u n t, r e f le c t in g c h i e f l y la r g e in c r e a s e s in s h ip m e n t s o f m is c e lla n e o u s p r o d u c ts , g r a in s , a n d liv e s t o c k . D e p a r t m e n t s t o r e s a l e s in c r e a s e d s h a r p ly f r o m M a r c h t o A p r il a n d t h e t o t a l f o r t h e s e t w o m o n t h s s h o w e d s l i g h t l y percent B A N percent number of industrial production, adjusted for seasonal variation, DigitizedIndex for FRASER ( 1923-1925= 100.) Latest figure April (preliminary) 67, A T L A N T A This review released for publication in afternoon papers of May 30. m o r e t h a n t h e u s u a l s e a s o n a l in c r e a s e o v e r t h e v o lu m e o f s a l e s in J a n u a r y a n d F e b r u a r y . W h o le s a le P r ic e s D u r in g A p r il, p a r t ic u la r ly in t h e l a t t e r p a r t o f t h e m o n t h , t h e r e w e r e s u b s t a n t ia l in c r e a s e s in t h e w h o le s a le p r ic e s o f g r a in s , flo u r , s u g a r , t e x t i le r a w m a t e r ia ls , a n d fin is h e d p r o d u c ts , h id e s , p i g ir o n , n o n f e r r o u s m e t a ls , a n d r u b b er. P r ic e s o f m o s t o f t h e s e c o m m o d it ie s c o n tin u e d t o a d v a n c e r a p id ly in t h e f ir s t t w o w e e k s o f M a y , a n d s h o w e d l i t t l e c h a n g e in t h e t h ir d w e e k o f t h e m o n th . P r ic e s o f li v e s t o c k , w h ic h d id n o t a d v a n c e in A p r il, in c r e a s e d c o n s id e r a b ly in t h e f ir s t t h r e e w e e k s o f M a y . S i l v e r p r ic e s , a f t e r a d v a n c in g b y a s u b s t a n t ia l a m o u n t in t h e l a t t e r p a r t o f A p r il, s u b s e q u e n t ly s h o w e d a d e c lin e , a n d p e t r o le u m p r ic e s a ls o w e r e r e d u c e d . F o r e ig n E x c h a n g e D u r in g t h e f o u r w e e k s f o l lo w in g t h e im p o s it io n o f t h e e m b a r g o o n g o ld t h e e x c h a n g e v a lu e o f t h e d o lla r d e c lin e d t o 83 p e r c e n t o f i t s g o ld p a r it y o n M a y 5 , b u t s u b s e q u e n t ly r o s e t o 8 7 p e r c e n t o n M ay 20. T h e n o o n b u y in g r a t e o n c a b le t r a n s f e r s o n t h e F r e n c h f r a n c r o s e f r o m 3 .9 8 c e n t s o n A p r il 18 t o 4 .5 0 c e n t s on M a y 20, an d th e r a te on th e E n g lis h p ou n d r o se fr o m $ 3 .4 9 t o $ 3 .8 7 . B a n k C r e d it D u r in g t h e f o u r w e e k s e n d in g M a y 1 7 , a b o u t $ 2 1 5 ,0 0 0 ,0 0 0 o f a d d itio n a l c u r r e n c y w a s r e t u r n e d t o t h e r e s e r v e b a n k s , a n d o n t h a t d a te a ll b u t $ 2 0 0 ,0 0 0 ,0 0 0 o f t h e $ 1 ,9 3 0 ,0 0 0 ,0 0 0 w it h d r a w n b y b a n k s a n d in d i v id u a ls b e t w e e n F e b r u a r y 1 a n d M a r c h 13 h a d b e e n r e tu r n e d . F u n d s a r is in g f r o m t h e r e t u r n o f c u r r e n c y d u r in g t h e f o u r w e e k p e r io d w e r e u s e d t o r e d u c e r e s e r v e b a n k h o ld in g s o f a c c e p t a n c e s b y a n a d d itio n a l $ 1 3 0 ,0 0 0 ,0 0 0 a n d t o liq u id a t e $ 8 5 ,0 0 0 ,0 0 0 o f m e m b e r b a n k in d e b te d n e s s a t t h e r e s e r v e b a n k s. A s t h e r e s u l t o f a n a d d itio n o f a b o u t $ 1 0 0 ,0 0 0 ,0 0 0 t o t h e r e s e r v e b a n k ’s h o ld in g s o f g o ld , a n d a f u r t h e r r e d u c t io n o f F e d e r a l r e s e r v e n o t e s in c ir c u la t io n , t h e r e s e r v e r a t io o f t h e r e s e r v e b a n k s r o s e c o n s id e r a b ly b e t w e e n A p r il 19 a n d M a y 17. T h e d e c lin e in F e d e r a l r e s e r v e n o t e s r e f le c t e d in p a r t a n in c r e a s e o f $ 5 0 ,0 0 0 ,0 0 0 in F e d e r a l r e s e r v e b a n k n o te s in c ir c u la t io n . L o a n s a n d i n v e s t m e n t s o f r e p o r t in g m e m b e r b a n k s in N e w Y o r k C it y in c r e a s e d b y a b o u t $ 4 0 0 ,0 0 0 ,0 0 0 b e t w e e n t h e m id d le o f A p r il a n d t h e m id d le o f M a y , r e f le c t in g c h i e f l y a PERCENT PERCENT Indexes based on three-m onth moving averages of F. W. Dodge d ata for 37 E astern States, adjusted for seasonal variation. (1923-25 average=100.) A pril prelim inary, T otal 14, Residential 9. 2 M O N T H L Y RESERVE BANK CREDIT AND FACTORS IN CHANGES M ILLIO N S OF D O L L A R S M ILLIONS OF D O L L A R S R E V IE W tween April 12 and May 10, but was 19 millions less than a year ago, although investments of weekly reporting member banks were about 7 millions greater than at the same tim e last year. Building permits issued at twenty cities in the District in creased 17 per cent over March, but contract awards declined further, and both series show declines compared with cor responding periods last year. Consumption of cotton in the three states of this District for which figures are available increased 4.6 per cent over March and was 22 per cent greater than in April, 1932, and production of cloth and y am mills continued substantially greater than at the same tim e last year. Lumber m ills re ported to the Southern Pine Association a volume of orders during recent weeks substantially larger than for correspond ing weeks in 1932. Production of pig iron in Alabama in creased 15.3 per cent in April over March, on a daily aver age basis, but was 56.3 per cent less than a year ago, and production of coal in Alabama and Tennessee continued somewhat less than at the same time in 1932. FINANCE There was a further decline of nearly 10 millions of dollars in the total volume of reserve bank credit outstanding at the Federal Reserve Bank of A t lanta between April 12 and May 10. On that date the total of bills and securities held by this bank had declined 69 millions of dollars since the peak on March 1, when these holdings amounted to 146 m illions, but were 27 millions of dollars greater than on the corresponding Wednesday of last year. Discounts secured by United States Government obli gations declined 1.6 m illions between April 12 and May 10, and were 5.6 millions less than a year ago, and other dis counts declined 2.4 millions during this recent four week period and were 3.7 millions less than on the same Wednes day in 1932. Holdings of purchased bills also declined from April 12 to May 10, but were greater than a year ago, and holdings of United States securities increased slightly since April 12 and on May 10 were 31.4 millions greater than at the same time in 1932. Total reserves declined slightly between April 12 and May 10 and were 8.8 millions less than a year ago. Member bank reserve deposits increased somewhat since April 12 and on May 10 were 4.2 millions less than a year ago. Federal reserve notes of this bank’s issue in actual circu lation on May 10 were 11.6 millions less than on April 12, 43.8 millions less than on March 15 when the peak was reached, but 17.6 millions greater than on the same W ednes day last year. On May 10 there were also $926,000 in Fed eral reserve bank notes of this bank’s issue outstanding. Principal item s in the weekly statem ent are compared in the table. Reserve Bank Credit Wednesday figures. L atest figures are for May 17. growth of $200,000,000 in loans on securities, and of $140,000,000 in investments in United States Government Securi ties. N et demand deposits also increased by about $400,000,000, of which about one-third represented a further growth of bankers’ balances. Money rates in the open market continued at low levels. SIXTH DISTRICT SUMMARY Evidences of further improvement in business in the Sixth District are indicated in a number of important series of statistics for April. Retail and wholesale trade increased over March, due in part to seasonal influences, and gains were also shown in life insurance sales, building permits, cotton consumption, orders booked by lumber mills, and in pig iron production in Alabama, while construction contracts awarded in April declined, and there was a seasonal decrease in the production of coal in Tennessee, but a small gain in Alabama. Total sales in April by reporting department stores gained 21.1 per cent over March, and averaged 12.5 per cent less than in April, 1932. On a daily average basis, however, the increase from March to April was 30.7 per cent, and after adjustment for the changing date of Easter and seasonal in fluences, the adjusted index of daily average department store sales registered a gain of 14.5 per cent over March, compared with an increase of 1.3 per cent at the same time in 1932. Wholesale trade increased 9.6 per cent from March to April, and was only 1.6 per cent below the total for April last year. Life insurance sales increased 12.1 per cent over the month, but were 13.3 per cent less than in April, 1932. Volume of reserve bank credit outstanding at this bank declined nearly 10 millions of dollars between April 12 and May 10, but was 27 millions greater than a year ago, be cause of larger holdings of United States securities and pur Digitizedchased for FRASER paper. Member bank credit increased slightly be FEDERAL RESERVE BANK OF ATLANTA (000 Omitted) M ay 10, 1933. April 12, 1933 M ay 11, 1932 Bills Discounted: Secured by Govt. Obligations . All Others___ _____________ Total Discounts________ Bills Bought in Open M arket__ U. S. 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 cir. Reserve R atio________________ $ 2 ,262 19 ,437 21 ,699 6 ,721 48 ,658 77 ,078 114 ,289 42 ,582 55 ,065 133, 254 $ 3,878 21,796 25,674 12,444 48,643 86,760 114,327 42,242 53,329 144,805 $ 7 ,873 23 ,098 30 ,971 1,570 17 ,307 49 ,848 123 ,089 46 ,804 51 ,816 115,,663 926 60.•7% ___ 57.7% _____ ___ 73 •5% Comparisons shown in the table following, for the twelve Federal Reserve Banks combined, show further declines in the volume of discounted and purchased bills, and in total holdings of bills and securities, since April 12. Outstand M O N T H L Y ing Federal reserve notes have also declined, but there has been an increase in Federal reserve bank notes. Since March 15, discounts by the system as a whole have declined 894 millions, holdings of Government securities 61.8 millions, and outstanding Federal reserve notes 942.9 millions. FED ERAL RESERVE SYSTEM (000 Omitted) May 10, 1933 April 12, 1933 May 11, 1932 Bills Discounted: Secured by Govt. Obligations _ All Others_________________ Total Discounts________ Bills Bought in Open M arket__ U. S. Securities____ _________ Other Securities______ _ ___ Total Bills and Securities _ Total R e se rv e s.____ _ _____ Member Bank Reserve Deposits _ Total Deposits___ _______ F. R. Notes in actual circulation. F. R. Bank Notes in actual cir culation ___________ _______ Preserve R atio_____ __ __ __ $ 72,082 266,159 338,241 112,607 1,837,193 5,464 2,293,505 3,657,728 2,089,115 2,309,541 3,349,753 62,805 64.6% $130,707 297,749 428,456 246,964 1,837,183 5,541 2,518,144 3,529,276 2,096,079 2,273,730 3,547,285 $190,555 280,818 471,373 42,719 1,385,267 5 ,042 1,904,401 3,161,150 2,144,373 2,272,975 2,551,363 19,890 1 60.6% ' ““65 “6% Member Bank Credit Total loans and investments of 17 weekly reporting member banks in Atlanta, Birmingham, Jacksonville, Nashville, Chattanooga, Mobile and Savan nah increased slightly between April 12 and May 10, but were 19 millions smaller than on the corresponding Wednesday of last year. Loans declined by $699,000 from April 12 to May 10, but holdings of Government and other securities increased. Loans on May 10 were 26 millions less than a year ago, but holdings of securities increased 7 mil lions, an increase of approximately 8 millions in holdings of Government securities being offset in part by a decrease of nearly one million in other securities. Time deposits increased slightly, and demand deposits by nearly 2.5 millions, from April 12 to May 10, but both classes of deposits show decreases compared with the same report date a year ago. Bankers’ balances increased over those held four weeks earlier, and those held for correspondent banks were 1.1 greater than a year ago, but those maintained with other banks were 3.7 millions less. Borrowings by these weekly reporting member banks de clined from April 12 to May 10 by $385,000, but were 3.3 millions greater than a year ago. Comparisons of principal item s in the weekly report are set out in the table. CON DITION OF M EM BER BANKS IN SELECTED C ITIES (000 Omitted) May 10, 1933 April 12, 1933 M ay 11, 1932 Loans: On Securities---------------------All Others-------------------------Total Loans_____________ U. S. Securities----------------------Other Securities---------------------Total Investm ents-----------Total Loans and Invest ments----------------------Time Deposits----------------------Demand Deposits------------------Due To Banks_______________ Due From Banks-------------------Borrowings from F. R. Bank----- $ 57,967 121,926 179,893 83,324 44,697 128,021 $ 60,181 120,411 180,592 81,910 44,184 126,094 $ 61,721 144,193 205,914 75,341 45,662 121,003 307,914 127,333 137,705 53>678 53,154 8,930 306,686 127,242 135,287 44,770 50,494 9,315 326,917 135,766 150,100 52,558 56,890 5,624 SAVINGS DEPOSITS OF 56 REPORTING BANKS (000 Omitted) Percentage change Number April 1933 compared of April M arch April with: Banks 1933 1933 1932 March 1933 April 1932 A tlanta---------Birmingham — J acksonville . . . Nashville-------New Orleans__ Other Cities---T oFRASER ta l---------Digitized for 3 3 3 4 6 37 56 $ 27,289 15,654 11,632 19,871 34,884 58,661 167,991 $ 26,274 15,615 11,430 21,226 38,102 59,410 172,057 $ 32,195 17,473 12,989 24,831 49,373 66,178 203,039 + + + — — — — 3.9 0 .2 1.8 6 .4 8 .4 1.3 2 .4 — 15.2 — 10.4 — 10.4 —20.0 —29.3 — 11.4 — 17.3 3 R E V IE W Debits to Individual Accounts The table which follows compares debits to individual accounts at 26 reporting cities in the Sixth District during April with debits for Feb ruary, figures for March not having been com piled because of the banking holiday, and with those for April, 1932. The total for April is 6.3 per cent smaller than that for February, and 30.8 per cent less than for April last year. (000 Omitted) April 1933 February 1933 April 1932 Alabama—4 Cities_________________ Birmingham____________________ D othan____ ___________________ Mobile____________ ________ ____ Montgomery____________________ $ 79,572 49,677 1,293 16,546 12,056 $ 83,075 50,263 1,074 19,132 12,606 $106,208 66,632 1,691 23,505 14,380 Florida—4 Cities__________________ Jacksonville____________________ M iami_________________________ Pensacola______________________ Tam pa_________________________ 78,943 42,471 16,051 3,664 16,757 85,527 44,345 19,151 4,334 17,697 95,665 49,876 18,814 4,640 22,335 Georgia— 10 Cities_______ _________ Albany_________________________ A tlanta___ ____________________ Augusta________________________ Brunswick______________________ Columbus_________________ _____ Elberton_______________________ M acon______ _____ _____________ Newnan________________________ S av an n ah -_____________________ Valdosta_______________________ 151,141 1,649 96,834 13,145 1,335 6,725 415 7,526 1,145 20,585 1,782 132,366 1,577 89,742 7,818 1,278 6,336 409 6,429 777 16,304 1,696 186,209 2,996 117,418 15,014 1,870 8,438 612 9,376 899 26,973 2,613 Louisiana—New Orleans___________ 137,981 186,435 287,354 Mississippi—4 Cities_______________ H attiesburg_____________________ Jackson________________________ M eridian_____ _________________ Vicksburg______________________ 24,634 2,592 12,428 6,169 3,445 28,849 3,327 16,737 5,172 3,613 25,037 3,332 12,324 5,864 3,517 Tennessee—3 Cities____ ___________ Chattanooga____________________ Knoxville______________ ________ Nashville_______________________ 85,262 19,480 17,446 48,336 78,781 21,439 11,838 45,504 104,862 27,458 21,836 55,568 Total 26 Cities...... .......................... $ 557,533 $ 595,033 $ 805,335 AGRICULTURE Planting and growth of the season’s agricultural crops have been delayed by excessive rains and lower than usual tem peratures, and on May 1 crops were late in all of the six states of this District. In Alabama there was an estimated interference with farm work amounting to 32 per cent, com pared with about 12 per cent last year. In the north and northwestern part of Florida there was damage from rain, low temperatures and from hail storms, but in the citrus belt weather conditions were more favorable. There was some damage to truck crops and yields are lower than was antici pated. Much of the corn which was well advanced early in April was destroyed and replanting was delayed by wet weather. The condition of oranges and grapefruit is higher than it was at the same time last year, the bloom has been good in most sections, and a good setting of fruit is indi cated. Very little of the field crops had been planted in the northern part of Georgia by May 1, and in many cases land had not been plowed because of frequent heavy rains. Some replanting is reported in the southern part of the state but stands are generally from fair to good. Good deal of replant ing of corn, cotton and rice will be necessary in Louisiana, but sugar cane is growing nicely and the outlook is reported to be promising for that crop. Much the same conditions prevail in Mississippi and Tennessee as in the other states. Tennessee wheat was in slightly better condition than a year ago, and the indicated crop of 2,760,000 bushels compares with 2,584,000 bushels produced in 1932. Tennessee’s rye crop is forecast at 119,000 bushels, compared with 114,000 bushels in 1932. M O N T H L Y 4 Some improvement is reported in the condition of the early potato crop in the Southern States, the May 1 condition being reported at 75.9 per cent of normal as compared with 72.5 per cent a month earlier. The commercial, or shipping, crop in general reflects a somewhat better condition than the farm crop for home or local use. The condition of peaches in five of the states of this D is trict was considerably higher on May 1 than at the same time last year, and production is now expected to be much larger than the unusually low crop of 1932. Figures showing the condition, and the estimated production, for May 1, compared with last year, are shown in the table following. May 1 Condition (% of normal) 1933 1932 Alabam a_______________ ___ 55 Florida_________________ ___ 62 Georgia________________ ___ 58 Louisiana______________ ___ 41 Mississippi_____________ ___ 44 32 32 38 31 34 May 1 Forecast of Crop (Bushels) 1933 1932 908,000 63,000 5,100,000 142,000 420,000 221,000 28,000 1,170,000 96,000 132,000 R E V IE W Fertilizer Tag Sales Statistics compiled by the National Fertilizer Association show a further increase in sales of fertilizer tax tags by state authorities in the six states of this District in Apfril over March, and an average increase of 27.7 per cent over sales in April last year. For the nine months A ugust through April tag sales in these states have been 10.9 per cent greater than in that part of the season before. Comparisons by states are set out in the table. April 1933 Alabama______ ____131,550 Florida........................21,092 Georgia_______ ____173,458* L ouisiana-......... 11,090 Mississippi.................38,400 Tennessee_____ ____27,940 T o tal_______ (Short Tons) M arch April 1933 1932 August 1 through April 30 1932-33 1931-32 76,600 19,609 206,203 11,667 20,120 12,041 98,850 16,060 138,766 7,800 35,500 19,068 243,950 306,793 423,979* 51,358 74,305 59,546 403,530 * 346,240 316,044 1,159,931 201,250 309,396 350,367 51,780 81,450 52,028 1,046,271 *April figure for Georgia incomplete. TRADE Sugar Cane and Sugar Final estim ates by the United States Department of Agriculture place the 1932 production of sugar in Louisiana at 222,760 short tons, compared with 156,617 tons produced in 1931, and the pro duction of syrup at 3,649,855 gallons, against 4,544,896 gal lons in 1931. Sugar Movement—Raw Sugar (Pounds) April 1933 March 1933 April 1932 Receipts: New O rlean s_____________ Savannah____ ____________ 101,833,847 84,652,156 94,108,902 65,672,936 163,682,120 41,961,777 M eltings: New Orleans______________ Savannah________________ 92,236,695 43,397,760 92,711,405 32,696,902 107,042,614 18,210,032 Stocks * New Orleans______________ Savannah_________________ 35,393,128 105,708,189 26,180,533 64,453,793 108,416,711 93,338,093 Refined Sugar (Pounds) Receipts: New Orleans______________ 104,032,282 88,456,323 45,541,819 29,489,573 Savannah............... ................. 99,729,045 24,991,352 Stocks: New Orleans______________ Savannah________________ 65,108,945 18,066,504 39,552,632 17,802,864 47,389,736 10,953,383 Rice Movement—New Orleans Rough Rice-Barrels: April 1933 March 1933 R eceipts........... ..................... 30,597 24,645 Shipments__________ ______ 15,834 25,631 Stocks_________________ __ 16,605 1,842 Clean Rice-Pockets: Receipts_____ _________ 36,872 53,077 Shipments________________ 19,149 71,784 Stocks_____________ ______ 171,592 153,869 April 1932 48,747 43,485 15,081 80,976 76,537 132,042 Rice Millers Association Statistics (Barrels) Receipts of Rough Rice: April Aug. 1 to April 30 Season 1932-33____ _____1,032,473 8,257,640 Season 1931-32 ____________ 544,234 8,346,851 Distribution of Milled Rice: Season 1932-33___________ 1,101,619 7,841,531 Season 1931-32____ _______ 764,655 7,853,900 Stocks of Rough and Clean Rice: Rough Clean April 30, 1933_____________ 760,005 1,073,106 April 30, 1932_____________ 522 ,992 1,265,088 Retail Trade Department store sales in the Sixth District increased by considerably more than the usual seasonal amount from March to April, but continued to be smaller than in the corresponding month a year ago. Total sales by 34 reporting firms gained 21.1 per cent in April over March, but were 12.5 per cent less than in April, 1932. On a daily average basis, however, the increase from March to April was 30.7 per cent, and when adjusted for the usual seasonal variation and the changing date of Easter, which came in April this year, the adjusted index shows a gain of 14.5 per cent over March, as against an increase at the same time last year of 1.3 per cent. Stocks of merchandise on hand at the close of April were 1.2 per cent smaller in value than a month earlier, and were 27.1 per cent less than a year ago. The rate of turnover was higher, both for the month of April and for the first four months of 1933, than in corresponding periods last year. Ac counts receivable declined 0.9 per cent over the month and were 14.2 smaller than for April, 1932, and collections during the month increased 10.2 per cent over those in March, but were 23.9 per cent less than in April last year. The ratio of collections during March to accounts outstand ing and due at the beginning of the month was 26.3 per cent, for March 24.0 per cent, and for April la st year 29.1 per cent. For installm ent accounts the ratio for April was 13.9 per cent, for March 12.2 per cent, and for April a year ago, 15.1 per cent. Collection ratios for April for individual cities were: A tlanta 25.0; Birmingham 17.4; Chattanooga 22.7; Nashville 26.6; N ew Orleans 33.6; and Other Cities 25.7. All of these statistics are based upon reports in actual dol lar amounts and the percentage comparisons in the state ment, and the index numbers on page 8, make no allowance for changes in the level of prices. RETA IL TRADE IN TH E SIX TH DISTRICT DURING APRIL, 1933 Based on confidential reports from 34 department stores COMPARISON OF N E T SALES COMPARISON OF STOCKS April 1933 April 1933 Jan. 1 to April 30, 1933 April 30, 1933 April 30, 1933 with with with same period in with with April 1932 March 1933 1932 April 30, 1932 March 31, 1933 Atlanta (3)------ -----------Birmingham (4)-----------Chattanooga (4)............. Nashville (4)------- --------New Orleans (5)............. Other Cities (14)_______ DISTRICT (34)_______ — 17.6 —20.5 —22.3 + 1.7 — 9.7 — 7.9 — 12.5 Digitized for N OFRASER T E : T h e ra te o f sto c k t u r n o v e r + 1.6 + 5.9 + 3 0 .3 + 2 6 .3 + 4 8.7 + 1 6 .6 + 21.1 —21.4 —25.1 —29.4 — 12.5 —22.6 — 17.3 —21.3 — 18.7 —26.4 —39.7 — 22.3 —27.8 —32.9 —27.1 is t h e r a t i o o f s a le s d u r i n g g i v e n p e r io d t o a v e r a g e s t o c k s o n h a n d . + 1 .8 + 3 .1 —0.2 + 6 .7 —5.5 — 4.3 — 1.2 RA TE OF STOCK TURNOVER April April Jan. 1 to April 30 1932 .35 .20 .19 .18 .19 .19 .22 1933 .33 .23 .23 .23 .22 .26 .24 1932 1.34 .79 .70 .71 .74 .67 .82 1933 1.23 .84 .77 .82 .71 .88 .85 M O N T H L Y Wholesale Trade April sales reported by 104 wholesale firms in the Sixth District averaged 9.6 per cent greater than in March, and only 1.6 per cent less than in April last year. April sales increased over March in five lines and declined somewhat in three. Sales of dry goods were 21.6 per cent greater than in April,, 1932, and, because of unusual sales, electrical supply sales also show a gain over that month. In the table are shown percentage comparisons of reported figures, and index numbers appear on page 8. WHOLESALS TRADE IN APRIL, 1933 Sixth Federal Reserve District5* Percentage Comparisons Number of April 1933 with: Jan.-April 1933 Firms March 1933 April 1932 with same period in 1932 All Lines Combined: Sales-------------------------Stocks on h an d -----------Accounts receivable------- 104 27 50 53 + 9.6 + 0.6 — 1.0 + 10.9 — 1.6 — 18.1 — 8.3 — 6.7 — 11.2 Groceries: Sales_________________ A tlanta_____________ Jacksonville-------------New Orleans------------Vicksburg______ ____ Other Cities-------------Stocks on hand---- -- .. Accounts receivable.__ Collections______ _____ 24 3 4 5 3 9 3 11 12 — 6.0 — 0.0 — 15.4 — 4.6 + 1.5 — 4.3 — 5.9 — 1.4 + 0.9 — 7.1 — 13.1 —22.6 + 1.4 + 12.3 — 7.5 — 17.7 — 2.6 — 1.1 — 10.5 — 11.8 —20.5 — 10.0 + 7.8 — 7.3 Dry Goods: Sales_________________ Nashville.. _________ Other Cities-------- --Stocks on hand------------Accounts receivable___ Collections____________ 16 3 13 8 9 11 + 15.1 + 2 6.0 + 12.4 — 1.4 + 0.7 + 22.8 + 21.6 + 21.2 +21.7 —20.1 — 11.2 + 11.5 + 4.6 + 1.0 + 5.5 Hardware: Sales_________________ Nashville----------------New Orleans_____ Other C ities-----------Stocks on h an d .. -----Accounts receivable------C o llections__ ____ 26 3 5 18 7 15 15 + 7.2 + 2 0 .0 + 7.1 + 4.7 + 1.5 — 2.3 + 18.6 — 10.2 — 17.9 — 6.7 — 10.0 —21.7 — 7.5 —20.1 — 10.7 — 16.6 — 7.4 — 11.0 Furniture: Sales------------------- -----A tla n ta ____________ Other Cities------------Stocks on hand-----------Accounts receivable------Collections____________ 10 4 6 6 7 6 + 24.3 + 3 3.9 + 2 1 .0 + 2.7 — 4.5 + 19.6 —26.2 — 7.2 —31.4 — 4.4 —24.6 — 18.3 —36.9 —21.0 —40.8 ♦♦Electrical Supplies: Sales_________________ New O r le a n s .._____ Other Cities------------Stocks on hand________ Accounts receivable____ Collections_______ __ _ 14 4 10 3 4 3 + 113.4 + 10.8 + 158.2 + 3.7 + 5.4 + 38.3 + 59.2 —21.1 + 96.7 — 18.0 — 16.1 — 12.6 — 7.3 —30.3 + 4.3 Drugs: Sales------------- -----------Accounts receivable____ Collections___ ________ 8 4 4 — 1.3 + 0.3 + 5.9 — 14.4 — 1.0 — 14.4 — 18.0 ♦♦Stationery: Sales_________________ 4 — 5.2 —44.4 —45.8 ♦Based upon confidential reports from 104 firms. ♦♦The increase shown in sales of electrical supplies are due partly “to a large, un usual sale by one reporting firm, and the decreases shown in sales of stationery, compared with April, 1932, and for the first four months of the year, are due to unusual sales during those periods last year. Life Insurance Sales of new, paid-for, ordinary life insurance in the six states of this district increased by an average of 12.1 per cent in April over March, and averaged 13.3 per cent less than in April last year. Cumula tive totals for the first four months of the year average 23.1 per cent less than in that part of 1932, as indicated by the figures in the table taken from those compiled by the Life Insurance Sales Research Bureau. Alabama______ Florida________ Georgia_______ Louisiana............ Mississippi____ Tennessee_____ April 1933 (000 Omitted) March April January-April, Inc. 1933 1932 1933 1932 $ 3,380 3,538 5,903 4,376 2,024 5,807 $ 3,363 3,406 5,617 3,032 1,361 5,541 T o t a l _______ $25,028 $ 2 2 ,3 2 0 $ 3,901 4,195 7,455 4,752 2,301 6,273 $ 2 8 ,8 7 7 Percentage Comparison $13,265 $16,229 — 18.3 13,781 18,305 —24.7 21,763 29,906 —27.2 14,46318,650 —22.5 6,660 9,143 —27.2 21,626 26,828 — 19.4 $ 9 1 ,5 5 8 $ 1 1 9 ,0 6 1 — 2 3 .1 5 R E V IE W Commercial Failures According to statistics compiled by Dun & Bradstreet, Inc., there were 1,921 business fa il ures in the United States during April, as com pared with 1,948 in March and with 2,816 in April, 1932, and liabilities for the month amounted to $51,097,384, against $48,500,212 for March and $101,068,693 for April last year. In the Sixth District April failures numbered 73, the small est number for any month since May, 1930, and liabilities were $1,401,400, smaller than for any other month since May, 1931. Grain Exports—New Orleans (Bushels) April April July 1 through April 30 1933 1932 1932-33 1931-32 W heat_________________ Corn__________________ O ats___________________ Barley-------------------------- 8,633 19,643 19,723 -------- 855,236 5,533 39,176 -------- 1,166,855 1,172,763 335,355 -------- 7,307,067 76,489 350,396 112,285 T otal______________ 47,999 899,945 2,674,973 7,846,237 INDUSTRY There was a further increase of 17 per cent in the value of buildings for which permits were issued during April, at twenty reporting cities of the Sixth District, although the total was still at a low level, and the April figure was smaller than a year ago by 64.5 per cent. Nine of these cities reported gains over March, and only three show increases over April, 1932. For the first four months of 1933 total permits at these twenty cities have amounted to $2,894,531, smaller by 53 per cent than the total for the same part of 1932. Comparisons for the month are shown in the table, and index numbers appear on page 8. Building Permits City Number April April 1933 1932 April 1932 Percentage change in value 2,155 92,298 40,733 798,532 + 60.1 —53.3 —64.5 —97.3 Value April 1933 Alabama: Anniston_________ Birmingham--------Mobile___________ Montgomery______ 5 127 22 111 8 157 36 100 Florida: Jacksonville______ M iami____ ^______ Miami Beach-------Orlando__________ T am pa___________ 314 253 34 31 153 339 267 22 25 225 59,395 75,624 161,950 12,719 24,745 112,155 108,931 173,800 4,920 51,301 —47.0 —30.6 — 6.8 + 158.5 —51.8 Columbus________ Macon___________ Savannah------------- 201 35 76 95 9 404 60 28 104 19 87,083 5,096 8.170 8,763 6,145 159,770 34,064 13,431 102,421 8,680 — 45.5 —85.0 —39.2 —91.4 —29.2 Louisiana: New Orleans______ Alexandria________ 79 53 97 70 103,668 13,033 362,394 18,842 —71.4 —30.8 Tennessee: Chattanooga______ Johnson C ity_____ Knoxville------------Nashville-------------- 196 1 32 147 233 4 28,030 50 69,510 70,484 38,847 800 64,062 111,551 —27.8 —93.8 + 8.5 —36.8 Total 20 Cities__ 1,974 2,335 $817,293 J | $2,299,687 —64.5 Georgia: A tlanta__________ Contract Awards X 137 $ 3,450 43,071 14,475 21,832 $ The value of contracts awarded in the Sixth District during April, according to statistics compiled by the F. W. Dodge Corporation, and subdivided into district totals by the Federal Reserve Board’s Division of Research and Statistics, declined 31.9 per cent compared with March, to the lowest level on record, and was 59.6 per cent less than in April, 1932. Residential contracts declined considerably less than other classes of contracts. For the first four months of 1933, the total is 7.1 per cent greater than in that part of 1932, because of large awards in January of this year. State totals for this district show gains over March in A la bama and Tennessee, but decreases for the other four states and declines in all six states compared with April, 1932. For the 37 states east of the Rocky Mountains, the April total was 5.6 per cent less than for March, but residential contracts gained 19.5 per cent. All classes of contracts were less than a year ago. 6 M O N T H L Y Comparisons for the month are set out in the table. Parts of the figures for Louisiana and M ississippi apply to other Federal Reserve Districts. April 1933 Sixth District-Total __$2,695,284 Residential______ 1,418,091 All Others_______ 1,277,193 State Totals: Alabama________ Florida................ Georgia................... Louisiana................ Mississippi........... .. T ennessee (6thDist) 378,500 630,400 843,100 317,600 117,800 557,400 United States-T otaL.56,573,000 Residential______ 19,143,600 Non-Residential__23,806,700 Public Works and Utilities_______ 13,622,700 March 1933 160,100 693,900 1,517,600 1,536,400 312,700 324,100 April 8___ Aptil 15__ April 22._. April 2 9 ... May 6 ___ 106 102 100 93 101 +136.4 — 9 .2 — 44.4 — 79.3 — 62.3 + 72.0 552,200 1,012,700 2,816,600 1,518,500 865,200 772,100 — 31.5 —37.8 —70.1 —79.1 —86.4 —27.8 Other States 81,369 757,946 In Consuming Establishments. 267,298 In Public Storage and at Com presses__________________ 490,648 Active Spindles—N u m b e r..___ 6,664,638 121,704,800 28,894,700 45,515,000 —53.5 —33.7 —47.7 59,958,500 — 5.6 16,021,000 + 19.5 26,359,100 — 9.7 17,578,400 — 22.5 47,295,100 (In thousands of feet) Ordeis Production 1933 1932 1933 1932 21,334 20,818 26,200 36,515 32,843 20,265 21,725 21,600 23,252 22.150 —71.2 21,769 19,675 19,371 20,534 22,923 23,498 23,359 22,743 22,889 21,692 Unfilled Orders 1933 1932 64,586 56,988 57,226 65 ,975 76,694 69,986 66,620 58,983 61,821 64,768 Cotton Consumption Total consumption of cotton by American m ills during April declined 4.8 per cent com pared with the longer month of March, but was 28.4 per cent greater than in April, 1932. On a daily average basis, however, consumption increased 2.9 per cent from March to April. In the cotton-growing states April consumption was 5.6 per cent less, but the daily average 2 per cent greater, than in March, and 25.2 per cent greater than in April last year, while in other states total consump tion declined 0.6 per cent but the daily average increased 7.4 per cent from March to April and was 46.5 per cent greater than a year ago. Exports of cotton declined 10.6 per cent from March to April and were 19.9 per cent less than in April, 1932. Stocks of cotton declined over the month, and were somewhat less than a year ago, and the number of spindles active was about the same as in March and in April last year. Cumulative totals for the nine months of the cotton season, August through April, indicate the consumption of 4,218,001 bales in the United States, 7.3 per cent greater than con sumption in that part of the season before. In the cottongrowing states consumption during this period has amounted to 3,523,288 bales, a gain of 9.1 per cent over the correspond ing part of the previous season, and other states have con sumed 694,713 bales, a decrease of 1 per cent from the season before. Exports for the period have been 6,521,174 bales, a decline of 11.8 per cent compared with exports during that part of the previous season. Census Bureau figures for the month are shown comparatively in the table. Cotton Consumption—Bales United States April 1933 March 1933 Cotton Consumed____________ S to ck s.. . _____ ________ _____ In Consuming Establishments. Public Storage and at Com DigitizedInfor FRASER presses................................... 487,988 13,354 23,429,122 —59.6 —22.6 —73.6 Percentage Comparison The increases in orders booked with Southern Pine m ills immediately following the resumption of nor mal banking operations subsided after the first of April but after two weeks was resumed, and for the five weeks ended May 6 orders of m ills reporting to the Southern Pine Asso ciation averaged 26.4 per cent greater than for corresponding weeks a year ago, and were 32.1 per cent greater than pro duction by the same m ills, while at the same time last year orders were about 4.5 per cent less than production. For the week ended April 22 orders exceeded production by 35.3 per cent, for the week ended April 29 by 77.8 per cent, and for the week ended May 6 by 43.3 per cent. Press reports indicate increased activity, both in inquiries and actual buy ing, in all parts of the Southern Pine producing territory, and price advances of a few weeks ago are being maintained. Comparisons of weekly figures are given in the table. Number of Mills 436,450 7,337 23,416,680 —31.9 $ 6,678,020 — 17.6 1,832,765 —43.0 4,845,255 April 1932 Lumber Week Ended Active Spindles—N um ber_____ Cotton-Growing States Cotton Consumed____________ 389,316 412,305 8,761,557 9,475,866 In Consuming Establishments. 1,066,519 1,100,658 In Public Storage and a t Com presses__________________ 7,660,899 8,409,347 Active Spindles—Number______ 16,752,042 16,726,544 Percentage Comparison $3,958,902 1,720,101 2,238,801 R E V IE W April 1932 470,685 9,519,503 1,367,956 494,167 10,249,885 1,343,314 366,481 9,746,337 1,533,599 8,151,547 8,906,571 8,212,738 Cotton Consumed____________ 544,563 15,720 23,362,862 310,946 8.983,087 1,212,576 7,770,511 16,596,850 81,862 774,019 276,795 55,535 763,250 321,023 497,224 6,702,578 442,227 5,766,012 Census Bureau figures for Alabama, Georgia and Tennes see, the three states of this district for which these statistics are compiled separately, show an average decrease of 4.6 per cent in total consumption, but an increase of 3.0 per cent in the daily average, from March to April, and total consump tion was 22 per cent, and daily average 26.9 per cent, greater than in April, 1932. For the nine months of the cotton sea son consumption in these states has been 8.5 per cent greater than in that part of the season before, increases of 11.1 per cent for Alabama and 8.8 per cent for Georgia being partly offset by a decrease of 2.3 per cent for Tennessee. Compar isons for these three states are shown in the table. Cotton Consumption—Bales April March April 1933 1933 1932 Alabama........................... G e o rg ia .......................... Tennessee____________ 50,590 83,954 12,246 52,464 89,804 11,665 T otal........................ 146,790 153,933 August 1 to April 30 1932-33 1931-32 43,728 66,901 9,707 460,776 746,288 111,051 414,862 685,988 113,642 120,336 1,318,115 1,214,492 Cotton Manufacturing The volume of orders booked by reporting cloth and yarn mills in the Sixth District declined somewhat from the larger volume in March, to April, but shipments exhibited a further in crease over March, and unfilled orders also increased. The number of workers on the payrolls of both cloth and yarn m ills increased in April and cloth mills in April employed 6.3 per cent, and yarn mills 16.9 per cent, more workers than they did in April, 1932. While smaller than for March, April orders were much greater than in that month a year ago. Stocks of both classes of m ills declined, and were smaller than at the same time a year ago. Percentage comparisons of reported figures are set out in the table. Number of Mills Cotton Cloth: Production____ ,_________ Shipments-----------------------Orders booked-----------------Unfilled orders____________ Stocks on han d ___________ Number on payroll________ Cotton Yarn: Production . T____________ Shipments_______________ Orders booked___________ Unfilled orders__ ________ Stocks on hand___________ Number on payroll----------- Percentage change April 1933 compared with April 1932 March 1933 17 16 12 14 15 16 — 0.4 + 3 5.7 — 7.8 + 2 3 .2 — 9.5 + 3.2 + 18.0 + 45.7 +206.3 + 77.1 — 8.5 + 6.3 14 13 8 10 12 13 + 17.5 + 2 5.3 —29.4 + 2.2 — 9.4 + 6.1 + + + + — + 27.6 38.0 98.3 19.7 7.2 16.9 Operations of cotton seed oil m ills in the Sixth District, and throughout the country, exhibited a further seasonal decline com pared with earlier months of the season. Although receipts and crushings of seed for the cotton sea son A ugust through April have been considerably smaller than in the corresponding part of the season before, because of the smaller cotton crop produced last year, stocks of seed on hand at the m ills, both in this district and in the country as a whole, were greater at the end of April than at the same tim e last year. Production of the principal cottonseed commodities was smaller than during the season before, and while stocks of crude oil and of cake and meal were greater, stocks of hulls and of linters were smaller than a year ago. Combined totals for Georgia, Alabama, Louisiana and M issis sippi are compared in the first two columns of the table, and totals for the country are shown in the la st two columns. Cotton Seed and Cotton Seed Products M O N T H L Y Cotton Seed and Cotton Seed Products *SIXTH D ISTRICT U N ITED STATES Aug. 1 to March 31Aug. 1 to April 30 1932-33 1931-32 1932-33 1931-32 Cotton Seed, Tons: Received a t m ills - . 1,265,293 1,763,790 1,138,426 1,653,610 Crushed.................... On Hand, April 3 0 .. 173,773 113,961 Production: Crude Oil, lbs.......... 365,971,940 542,353,124 Cake and Meal, tons 496,038 724,270 Hulls, to n s............... 325,141 465,483 Linters, bales........... 197,246 290,211 Stocks a t mills, April 30 Crude Oil, lbs.......... 27,795,505 26,532,983 Cake and Meal, tons 72,990 56,518 Hulls, to n s............... 25,405 82,108 65,974 95,799 Linters, bales........... 4,363,056 4,067,053 594,997 5,443,303 4,925,337 527,738 1,263,946,800 1,555,951,926 1,838,240 2,214,851 1,151,795 1,390,218 643,044 798,310 86,370,065 221,453 94,709 253,986 80,938,502 157,019 207,552 282,971 ♦Georgia, Alabama, Louisiana and Mississippi. Electric Power Production of electric power by public u tility power plants in the six states of this district increased by an average of 6.3 per cent in March as compared with the shorter month of February, and averaged 9.4 per cent less than in March, 1932. Production declined over the month, contrary to the average, in Florida and Louisiana, and decreases are shown from March last year in five of these states, only Georgia recording an increase. For the first quarter of 1933, production of electric power has been 17.1 per cent greater in Georgia than in that part of 1932, but the other five states show decreases, and the average for the six states is a decrease of 10 per cent. Production during this period by use of water power has been 5.3 per cent, and by use of fuels 18.9 per cent, less than the first quarter of 1932. Comparisons of figures, which are from those compiled by the Geological Survey, are shown in the table. Production of Electric Power (000 k. w. hours) March 1933 February 1933 March 1932 Alabam a........................................ Florida........................ ..................... Georgia............................................. Louisiana____________________ Mississippi-----------------------------Tennessee...................................... 134,126 53,877 98,324 54,464 3,792 85,146 118,026 54,290 95,812 57,540 3,612 74,826 145,858 56,270 89,765 79,050 4,183 99,039 T o tal......................................... By use of: W aterPow er......... Fuels....................... Fuels Consumed in Production of Electric Power: Coal—to n s....................... ........ Fuel Oil—bbls.......................... N atural Gas—000 cu. ft......... 429,729 299,660 130,069 404,106 272,564 131,542 474,165 311,572 162,593 9,385 176,288 1,219,660 7,783 171,151 1,265,167 13,194 212,962 1,531,468 Note: March figures preliminary—February figures slightly revised. Bituminous Coal Mining Preliminary statistics compiled by the United States Bureau of Mines indicate a seasonal de cline of 17.6 per cent in the production of bitu minous coal during April as compared with March, and a de crease of 3.9 per cent compared with production in April, 1932. However, because of the shorter month, the daily aver age output declined only 9.9 per cent from March to April and was the same as for April last year. Comparisons of the preliminary total for April with production in certain pre vious months is indicated below. Total Production (tons) April 1933...........................................19,510,000 March 1933 ........................................ 23,685,000 February 1933................................. .. 27,134,000 April 1932............................................20,300,000 Number of Working days 24.7 27 23.9 25.7 Average per working day (tons) 790,000 877,000 1,135,000 790,000 R E V IE W P ig Iron Production Total production of pig iron in the United States, according to statistics compiled and published by the Iron A ge, increased 15.1 per cent, and daily average output gained 18.9 per cent, in April over March, and April production was 26.9 per cent less than in that month a year ago. The number of furnaces active on May 1 increased by 10 over the number active a month earlier, but was smaller by 12 than at the same time a year ago. Alabama production of pig iron increased 11.5 per cent, and daily average output gained 15.3 per cent, in April over March, and w as 56.3 per cent smaller than in April, 1932. The number of furnaces active was the same on May 1 as a month earlier, but since the first of May one additional fur nace has been blown in. Press reports indicate that prior to the advance in the price of iron at Birmingham to $12 per ton, on April 15, consumers covered m ost of their second quarter requirements, and that for the first time in three years the furnaces had a comfortable tonnage on their books. Cumulative totals for the first four months of 1933 for the United States amount to 2,288,744 tons, a decrease of 39.1 per cent compared with the production of 3,757,196 tons dur ing that part of 1932, and in Alabama output during the first four months of 1933 totaled 112,287 tons, smaller by 64.9 per cent than the production of 319,815 tons during the same period a year ago. Comparisons for the month are shown in the table. Production—Tons Total Daily Average 623,618 542,011 530,576 852,897 20,787 17,484 17,115 28,430 48 38 46 60 Alabama: April 1933............................. March 1933 .......................... August 1932......................... April 1932............................. 30,976 27,783 23,292 70,838 1,033 896 751 2,361 2 2 3 7 * First of following month. Naval Stores Receipts of both turpentine and rosin at the three principal naval stores markets of the district in creased seasonally in April over March, and there was an increase of 6.8 per cent in receipts of turpentine but a small decrease in rosin compared with April last year. Cool weather and rain, particularly in southwest Georgia and northwest Florida, operated to lessen the gain over April, 1932, which was expected by the trade to be much larger than that shown by the figures. Stocks of both commodities declined from March 31 to April 30 and were smaller than for April a year ago. The announcement of the cessation of gold exports was accompanied by a marked increase in the demand for both commodities, both domestic and foreign, and as a result the price of turpentine on the Savannah market increased approximately $3.75 a round barrel between April 7, when it was 36 cents a gallon, and May 6, when the price was 43% cents, and the advance in prices of rosin was ap proximately $1.50 per round barrel during the same period. Comparisons of receipts and stocks for the month are set out in the table. Receipts-Turpentine (1)-----Savannah______________ Jacksonville____________ Pensacola______________ Receipts-Rosin (2) Savannah______________ Jacksonville____________ Pensacola______________ Alabama 1933 1932 Stocks-Rosin (2) Savannah______________ Jacksonville____________ Pensacola______________ Week Ending: April 8...................... ............ April 15............ .................... April 22.......................... .. April 29________________ 136,000 138,000 151,000 149,000 154,000 146,000 151,000 151,000 1932 51,000 52,000 53,000 49,000 47,000 54,000 55,000 57,000 Furnaces Active* Number United States: April 1933................ ........... March 1933.......................... August 1932......................... April 1932............................ For the first four months of 1933 total production of bitu minous coal in the United States amounted to 97,389,000 tons, a decrease of 10.2 per cent compared with the production of 108,455,000 tons during that part of 1932. Weekly figures for Alabama indicate that April produc tion was nearly 5 per cent above that of March, but about 5 per cent less than in April, 1932, and in Tennessee the weekly figures for April average a little more than 3 per cent below those for March and 4 per cent less than a year ago. Tennessee 1933 7 Stocks-Turpentine (1) Savannah______________ Jacksonville____________ Pensacola______________ (1) Barrels of 50 gallons. (2) Barrels of 500 pounds. April 1933 March 1933 April 1932 8,478 7,849 1,849 2,752 3,395 563 7,162 7,576 2,280 18,176 6,710 17,018 30,263 27,922 5,187 13,558 20,202 2,036 28,340 28,667 7,063 63,372 35,796 64,070 7,022 35,273 16,917 8,063 36,712 18,904 5,905 40,570 22,472 59,212 63,679 68,947 101,315 102,573 8,638 111,563 116,429 9,358 170,226 151,771 15,224 212,526 237,350 337,221 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA MONTHLY AVERAGE 1923-1925=100 Feb. March A pril Feb. M arch A pril 1933 1933 1933 1932 1932 1932 Daily A verage Sales—U nadjusted A tlan ta___________________ _______________________________ Birmingham_________ ____________________________________ Chattanooga-------------;_____________________________________ Nashville________________________________________________ New O rleans_______ ______ _________ ______________________ DISTRICT__________ ___________________________ _________ 88.9 43.8 36.3 49.1 49.2 52.4 104.9 42.3 34.6 48.7 35.7 49.6 115.1 48.4 48.7 66.4 57.4 64.8 112.1 55.9 48.8 58.7 58.0 63.7 131.4 61.2 52.2 65.3 58.1 69.3 134.3 58.6 59.5 62.8 61.1 70.9 Daily A verage Sales—Adjusted* A tlan ta__________________________________________________ Birm ingham __ ____________ ______________________________ Chattanooga--------------------------------------------------------------------Nashville_______________________________ _________________ New O rleans_____________________________________________ DISTRICT__ ...____________________________ ______________ _ 104.6 48.7 45.9 57.8 55.9 59.5 112.8 44.5 38.9 54.1 39.7 53.9 106.6 47.9 47.7 64.5 53.6 61.7 131.9 62.1 61.8 69.1 65.9 72.4 132.7 60.6 54.9 67.3 60.5 70.7 131.7 61.7 62.0 64.1 60.5 71.6 Monthly Stocks—U nadjusted A tlan ta____ _____________________________________________ Birmingham--------------------------------------------------------------------Chattanooga_____________________________________________ Nashville.-------------------------------------—______________________ New Orleans_____________________________________________ DISTRICT___________ ____________________________ _______ 70.2 39.0 37.5 48.3 52.8 50.5 71.6 37.2 37.9 53.6 51.5 50.4 72.8 38.4 37.8 57.2 48.6 49.8 83.4 53.1 59.0 68.2 66.8 66.8 85.8 54.5 61.7 72.5 67.3 68.0 89.6 52.1 62.7 73.9 67.3 68.1 Monthly Stocks—Adjusted* A tlan ta............... .......... .......- ________________________________ Birmingham_____________________________________________ Chattanooga............. .............. ............................................... Nashville___________ _____________________________________ New Orleans_____________________________________________ DISTRICT_______________________________________________ 73.1 40.6 38.7 50.8 52.8 51.5 70.2 36.5 35.8 52.5 49.5 48.9 69.3 36.6 36.0 55.0 46.7 47.4 86.9 55.3 60.8 71.8 66.8 68.2 84.1 53.4 58.2 71.1 64.7 66.0 85.3 49.6 59.7 71.1 64.7 64.9 33.2 31.8 34.0 31.9 28.4 30.1 25.3 53.6 38.2 38.9 41.8 35.5 22.4 33.0 27.1 57.0 41.8 36.5 48.1 38.1 27.9 70.5 25.7 56.2 41.7 40.9 34.8 37.5 49.0 45.9 57.5 65.9 45.1 46.5 40.6 41.5 37.9 44.0 40.0 73.5 43.0 42.7 37.8 41.4 37.0 44.3 46.2 65. 7 L IFE INSURANCE SALES—SIX STATES—TOTAL______ Alabama____ ______________________ ______________________ Florida______________________________________ ____________ Georgia---------------------------------------------------------------------------Louisiana________________________________________________ Mississippi____ ___________________________________________ Tennessee._____________________________________________ ___ 54.6 51.2 56.9 57.8 58.3 38.5 57.4 53.2 49.6 57.6 61.2 47.9 31.1 58.9 59.6 49.8 59.8 64.4 69.1 46.3 61.7 67.6 53.6 71.5 78.0 69.4 53.8 70.4 73.1 64.4 79.8 84.9 76.9 47.4 73.1 68.8 57.5 70.9 81.3 75.0 52.8 66.7 BUILDING PERM ITS—TWENTY CITIES________________ A tlan ta____________________________ ___ __________________ Birm ingham _________________________________ ,___________ J acksonville__....____________________________________ ______ Nashville________________________________________________ New Orleans_________ ____________________________________ Fifteen O ther Cities_________ ._____________________________ 5.2 2.2 2.7 5.0 7.5 8.3 5.4 6.2 3.3 3.1 7.6 12.4 5.7 7.1 7.3 5.6 2.9 7.2 11.1 8.1 8.3 12.4 6.7 4.9 46.3 18.9 12.1 10.3 12.5 29.9 4.8 15.5 11.0 10.3 9.9 20.4 10.3 6.2 13.6 17.6 28.1 26.7 9.6 4.9 12.7 11.3 12.3 10.6 7.7 10.1 6.1 16.0 9.1 20.5 13.5 11.6 14.8 19.0 13.1 23.0 59.8 40.9 53.7 66.0 68.0 51.2 63.6 77.4 69.8 71.3 72.3 59.2 60.2 42.8 54.6 65.8 68.1 51.3 62.9 77.2 70.3 71.2 72.2 58.9 60.4 44.5 56.1 65.3 69.4 51.8 61.5 76.9 70.2 71.4 71.5 57.8 66.3 50.6 62.5 71.3 78.3 59.5 68.3 80.9 73.4 75.5 77.5 64.7 66.0 50.2 62.3 70.9 77.3 58.0 67.9 80.8 73.2 75.3 77.1 64.7 65.5 49.2 61.0 70.9 75.0 56.1 70.2 80.3 72.5 74.4 76.3 64.7 COTTON CONSUMPTION—UNITED STATES____________ Cotton-Growing S tates__________ ________________________ All Other States--------------------------------------------------------------Georgia______________________________________________ Alabam a_____ ____________ ___________________________ Tennessee____________________________________________ 86.9 106.1 44.7 98. 2 138.6 106.9 97.2 118.0 51.5 115.2 152.6 117.2 92.6 111.4 51.2 107.7 147.2 123.0 88.5 104.5 53.4 98.7 135.2 114.3 96.1 113.9 57.0 106.6 153.3 127.0 72.3 89.2 34.9 85.9 127.2 97.5 COTTON EXPORTS—UNITED STATES__________________ 90.6 79.4 71.0 157.9 150.8 88.8 PIG IRON PRODUCTION—United States_________________ A labam a________ ______________ 18.6 12.7 18.1 12.0 20.9 13.3 32.3 39.1 32.4 29.3 28.5 30.5 DEPARTMENT STORE TRADE—SIXTH DISTRICT (1) WHOLESALE TRADE—SIXTH D ISTR IC T -TO T A L ______ Groceries------------------------------------------------------------------------ -Dry Goods---------------------------------------------------- -------------------H ardw are_______ _______________________ ___ ______________ F u rn itu re------------------------------------------------------------------------Electrical Supplies------------------------------------------------------------Stationery-----------------------------------------------------------------------Drugs------------------------------------------------------------------------------ CONTRACT AWARDS—SIXTH DISTRICT—TOTAL-______ Residential------------- ------------------------------- -------------------------All Others______________________ __________ ______________ WHOLESALE PRICES—UNITED STATESf ALL COMMODITIES____________________________________ F arm Products___________________________________________ Foods___________________________________________________ Other Commodities._______________ _______________________ Hides and leather products------------------------------------------Textile products---------------------------------------------------------Fuel and lighting_________ ___________________________ Metals and m etal products_____________ _______________ Building m aterials___________________________ ________ Chemicals and drugs_______ :__________________________ Housefurnishing goods________________________________ Miscellaneous________________________________________ • A d ju s t e d f o r S e a s o n a l V a r i a t i o n . Digitized (1 for) FRASER C o p ie s o f t h e s e s e r ie s f o r f C o m p ile d b y B u r e a u o f L a b o r S t a t is t ic s . b a c k ye a rs w ill b e fo rw a rd e d u p o n re q u e st. 1926=100.
@FedFRASER