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M ONTHLY R E V IE W O f Financial, A gricultural, T rade and Industrial C onditions in the S ixth Federal Reserve D istrict F E D E R A L R E S E R V E Vol. 19 No. U O F ATLANTA, GA., NOVEMBER 30, 19S4 NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared By Federal Reserve Board Volume of industrial production and factory employment, which usually shows little change at this season, increased in October, reflecting chiefly the resumption of activity at tex tile mills. Wholesale commodity prices, after declining in September and October, advanced in the first half of November. Industrial Activity at industrial establishments as meaProduction sured by the Board’s seasonally adjusted index, and showed an increase from 71 per cent of the Employment 1923-1925 average in September to 73 per cent in October. Among the industries producing durable manufactures, output at steel mills increased from 23 per cent of capacity, for the month of September to 25 per cent for October, while output of automobiles and lumber declined. In November activity at steel mills continued to increase and in the week ending November 24 was at about 28 per cent of capacity. Automobile production has declined further in connection with the preparation of new models. The production of non-durable manufactures in the aggregate showed a considerable growth in October, reflecting sharp in creases at cotton, woolen, and silk mills, offset in part by a decline in activity at meat packing establishments. The in crease in output at textile mills after the strike in September brought output to a higher level than in August. Among the minerals, daily output of crude petroleum declined in October and that of anthracite increased by an amount smaller than is usual at this season. Factory employment and payrolls in the country as a whole increased considerably between the middle of September and the middle of October. Sharp increases were reported at mills producing textile fabrics, while in the automobile, shoe, and canning industries there were declines of a seasonal nature. The value of construction contracts awarded was somewhat larger in October than in any other recent month. There was an increase in residential work as well as in publicly-financed projects. PERCENT WO B A N K IN ID U S T R IA L P R O D U C T ION 5 fe 5 iA K K S l& Agriculture Department of Agriculture estimates, based on November 1 conditions, indicate a cotton crop of 9,634,000 bales, 26 per cent smaller than the 1933 crop, and a corn crop of 1,372,000,000 bushels, 41 per cent smaller than last season and 45 per cent smaller than the 1927-1931 average. The tobacco crop is also considerably smaller than usual, while the white potato crop is slightly above the five year average. Distribution The number of freight cars loaded per working day decreased from September to October. De partment store sales showed a seasonal increase and were about the same level, on a seasonally adjusted basis, as in most other months since March. Rural sales of general mer chandise, as reported by the Department of Commerce, in creased by less than the usual seasonal amount following an unusually large increase in September. Commodity Wholesale commodity prices as measured by the Prices Bureau of Labor Statistics weekly index, de clined from 77.8 per cent of the 1926 average in the week ending September 8 to 76.0 per cent in the week ending November 3 and then rose in the following two weeks to 76.7 per cent. The decline was largely in prices of farm products and foods but there were also some decreases in the prices of textiles and building materials. Increases in the first half of November were largely in the prices of farm products. The price of scrap steel also advanced, while lead and zinc declined. Bank Excess reserves of member banks were about $1,910,Credit 000,000 on November 21, showing an increase of $150,000,000 in the preceding five weeks. The in crease in reserves held was $200,000,000 of which $50,000,000 covered a growth in required reserves. Additions to reserves resulted mainly from gold imports and further issues of sil ver certificates. Loans and investments of reporting member banks in lead ing cities declined somewhat in the four weeks ending Novem ber 14, following an increase in the previous month. Sub stantial declines were shown in loans on securities and in holdings of securities other than those of the United States mo 130 130 120 110 120 100 110 100 90 90 80 80 70 70 60 60 50 50 / * ™ eJ ^ ,£ uml:)er o f in d u s t r ia l p ro d u c t io n , a d ju st e d f o r s e a s o n a l v a r ia t io n . (1 9 2 3 -1 9 2 5 a v e r a g e = 1 0 0 . ) L a t e s t f ig u r e O c to b e r P r e l i m i n a r y 73. A T L A N T A F e d e r a l R e s e r v e B o a r d ’s in d e x o f f a c t o r y e m p lo y m e n t a d ju st e d f o r se a s o n a l v a r ia t io n . (1 9 23 -25 a v e r a g e = 1 0 0 . ) L a t e s t f ig u r e O c to b e r P r e l i m i n a r y 77.0. 2 M O N T H L Y R E V IE W BILLIONSOFDOLLARS BILLIONS OFDOLLARS 7 Indexes of daily average value of sales. (1923-1925=100.) L atest figure October (P relim in ary ): A djusted 75, Unadjusted 82. Wednesday figures fo r reporting m em ber banks in 90 cities. figures are for Wednesday, November 14. Government. Other loans, which had increased considerably in previous months, also showed some decline, while holdings of direct obligations of the United States Government and of securities fully guaranteed by the government increased con siderably. Customers’ deposits continued to increase, while government deposits declined. There was a further decline in open-market rates on bank ers’ acceptances at the end of October to an offering rate of Vs per cent. Yields on short-term government securities and other short-term open-market money rates showed little change. SIXTH DISTRICT SUMMARY October statistics for the Sixth Federal Reserve District indicate further increases in the volume of trade at both re tail and wholesale, in bank debits to individual accounts which reflect the volume of business transactions settled by check, in building and construction, and in loans and deposits at member banks. Operations at cotton mills increased substan tially over September because'of curtailment in that month by the strike. Department store sales in the Sixth District, which had increased 43.4 per cent from July to September, increased further in October by 18.2 per cent, and were 16.5 per cent greater than in October last year. Because October had 27 business days, however, and September had only 24, the in crease in daily average sales from September to October was only 5 per cent, much smaller than the usual increase at that time of year, and the daily average index, after adjustment for the usual seasonal change, declined. October sales by 99 reporting wholesale firms increased further by 6.9 per cent over September, and were 20.4 per cent greater than a year ago, and for the ten months of 1934 had been 26.4 per cent greater than in that part of last year. Bank debits to indi vidual accounts were 19.1 per cent greater than in September, and 18.2 per cent greater than in October a year ago. Building permits issued at twenty reporting cities increased 49.2 per cent from September to October, were a little more than double those for October, 1933, and for the ten months period show a gain of 64.1 per cent over that part of last year. Construction contracts awarded during October in creased 12.8 per cent over the month, but were smaller by 53.8 per cent than in October a year ago. For the ten months period, however, contract awards have been 91.8 per cent greater than a year ago. Residential contracts increased 50.7 per cent from September to October, and were about two and one-half times as large as in that month last year. Consump tion of cotton in the three states of this District for which Census Bureau figures are available increased 75.8 per cent from the low total for September, which was due to the strike, and was about the same as in October, 1933. Production of pig iron in Alabama in October was slightly larger, but daily average output slightly less, than in Sep tember, and October production was 41.2 per cent smaller than a year ago, but for the ten months of 1934 production has been 49.8 per cent greater than in that part of last year. Coal mining in Alabama declined somewhat from September to October and was about the same as a year ago, but in Tennessee there was a slight increase over the month and a. gain of about 17 per cent over October, 1933. Total loans of weekly reporting member banks in principal cities of the district increased 14.6 millions of dollars be tween October 10 and November 14. Daily average demand deposits of all member banks in the district increased in Oc tober to the highest level since July, 1931, and daily average time deposits were at the highest point since February, 1933. The November estimate by the United States Department of Agriculture indicates a cotton crop in the six states of this district amounting to 3,983,000 bales, larger by 7.9 per cent than the August estimate, but 4.7 per cent smaller than the 1933 crop. L atest FINANCE Reserve The total volume of reserve bank credit outstanding Bank at the Federal Reserve Bank of Atlanta increased Credit slightly between October 10th and November 14th, and was 18.3 millions greater than on the same Wednesday a year ago. In this five-weeks period the the vol ume of discounts declined further to a new low level, and holdings of United States securities declined slightly, but these decreases were a little more than offset by increases in purchased bills, industrial advances and in foreign loans on gold. Member bank reserve deposits declined slightly from Octo ber 10th to November 14th but were 17 millions greater than a year earlier, but total deposits increased about 1.5 millions since October 10th and were 18 millions greater than a year ago. Federal^ reserve notes of this bank's issue increased 3.6 millions since October 10th and on November 14th were 16.3 millions greater than a year ago and larger than for any other Wednesday since April, 1933. Total reserves increased further by 2.5 millions from October 10th to November 14th and were 7.3 millions greater than a year ago. Principal items in the weekly statement are compared in the table, which is followed by another table setting out sim ilar comparisons for the twelve Federal Reserve Banks com bined. FEDERAL RESERVE BANK OF ATLANTA (000 Omitted) Nov. 14 Oct. 10 1934 1934 Bills Discounted: Secured by Govt. Obligations All Others................................ Total Discounts.............. Bills Bought in Open M arket. . Industrial Advances................... U. S. Securities........................... Foreign Loans on Gold.............. 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 culation.................................... Reserve R atio ............................. 5 81 97 115 302 593 94,217 552 95,779 132,501 74,716 83,472 138,493 "59.7% $ 81 151 232 199 409 94,271 * 9 5 * iii’ * 130,028 75,263 81,967 134,865 ‘60'.6% Nov. 15 1933 $ 267 5,512 5,779 444 71,242 *77^466 125,232 57,520 65,471 122,231 5,716 66.7% M O N T H L Y 3 R E V IE W SAVINGS DEPOSITS FEDERA L RESERVE SYSTEM (000 Omitted) Nov. 14 Oct. 10 1934 1934 Bills Discounted: Secured by Govt. Obligations $ 4,395 4,747 All Others................................ 9,142 Total Discounts.............. 5,708 Bills Bought in Open M ark et. . 7,753 Industrial Advances................... 2,430,174 U. S. Securities........................... Other Securities.......................... *ii[765 Foreign Loans on Gold.............. 2,468,542 Total Bills and Securities 5,271,411 Total Reserves............................ Member Bank Reserve Deposits 4,106,927 4,323,566 to ta l Deposits............................ 3,178,512 <\ R. Notes in actual circulation R. Bank Notes in actual cir28,164 Reserve R atio............................. 70.3% $ 3,795 8,244 12,039 5,809 3,708 2,430,202 302 Nov. 15 1933 $ 26,457 84,980 111,437 15,180 ............. 2,431,602 1,569 2,452,060 5,186,387 3,978,521 4,212,939 3,184,558 2,559 ‘,788 3,802,973 2,645,232 2,872,531 2,973,040 29,664 70.1% 194,950 65.1% Member Total loans and investments of seventeen weekly Bank reporting member banks located in Atlanta, BirCredit mingham, Jacksonville, Nashville, Chattanooga, Mobile and Savannah increased 10.4 millions of dol lars between October 10th and November 14th, and were 2.8 .millions greater than on the same Wednesday in 1933. Total loans by these banks increased 14.6 millions, but investment holdings of securities declined 4.2 millions, since October 10th, and loans were 2 millions less, but investments 4.8 millions greater than a year ago. Total loans and investments, and total loans, were larger on November 14th than on any other Wednesday since March 7th, and All Other loans, which in clude those for commercial and industrial purposes, were the largest since January 31st. Demand deposits held by these banks increased 20.6 mil lions from October 10th to November 14th, to the highest level for any report date in the series which goes back to the beginning of 1932. Time deposits also increased since Octo ber 10th but were slightly less than a year ago. In the tables which follow are shown comparisons of principal items in the weekly report, monthlv averages of weekly figures over the past year, and comparisons of savings deposits reported by a list of banks located throughout the Sixth District. CON DITIO N OF M EM BER BANKS IN SELEC TED ^CITIES (000 Omitted) Nov. 14 Oct. 10 Nov. 15 1934 1934 1933 Loans: On Securities........................... All Others................................ Total Loans..................... U. S. Securities........................... Other Securities.......................... Total Investm ents.......... Total Loans and Invest m ents............................ Time Deposits............................. Demand Deposits....................... Due to Banks.............................. Due from Banks......................... Borrowings from F. R. B an k ... $ 60,015 127,292 187,307 96,651 59,996 156,647 343,954 130,441 189,656 82,763 72,535 0 $ 55,860 116,822 172,682 101,161 59,694 160,855 $ 333,537 128,052 169,040 77,463 76,760 0 57,913 131,382 189,295 100,939 50,907 151,846 341,141 131,691 147,247 59,229 52,618 2,226 MONTHLY AVERAGES OF W EEKLY FIG URES OF 17 R E PO RTIN G M EM BER BANKS IN SELECTED C IT IE S (000 Omitted) Total Borrowings Loans Invest- Loans and Demand Time From ments Investments Deposits Deposits F. R . Bank 1933 Sept............. .$176,527 $149,717 $326,244 $145,167 $132,754 October . 178,411 144,651 323,062 141,894 132,160 151,275 339,887 N ovem ber.. . 188,612 144,602 131,426 150,199 342,690 December. . . 192,491 152,249 129,033 1934 Ja n u ary .. . . . 187,795 148,305 336,100 151,935 130,048 F ebruary... . 187,358 162,054 349,412 158,695 131,505 155,608 340,460 161,794 M arch........ . 184,851 130,406 152,679 168,070 A pril........... . 180,670 333,349 130,649 151,172 M ay............ . 178,019 329,191 167,404 132,911 156,522 June............ 334,209 169,196 130,786 169,780 172,707 131,560 Ju ly ............ . 167,294 336,513 167,502 334,048 August........ 172,917 129,194 September.. . 167,243 163,759 331,002 179,195 127,402 159,810 October . 176,456 336,266 180,374 128,944 Number of Banks $2,112 1,960 2,572 2,614 2,060 441 161 0 0 0 0 0 0 0 October September October 1934 1934 1933 Percentage Change Oct. 1934 compared with Sept. 1934 Oct. 1933 Birmingham. Jacksonville.. Knoxville... . Nashville.. . . New Orleans. Other Cities. 3 3 3 3 4 5 35 $ 30,775 $ 30,325 $ 27,458 15,297 16,185 15,505 13,937 13,712 12,544 1,745 3,468 3,685 20,689 22,834 23,303 29,442 22,427 30,092 57,180 63,445 64,378 + 1 .5 + 1 .4 + 1 .6 + 6 .3 —2.0 + 2 .2 + 1 .5 + 12.1 — 4 .2 + 11.1 + 111.2 + 10.4 + 34.2 + 12.6 T otal......... 56 $ 181,206 $ 178,992 $ 158,228 + 1 .2 + 14.5 Debits to The total volume of debits to individual accounts, Individual representing the amount of transactions settled Accounts by check, at 26 reporting clearing house centers in the Sixth District increased 19.1 per cent from September to October, and was 18.2 per cent greater than in October last year. The gain from September to October was larger than usually occurs at that time. Only one city re ported a decrease compared with September, and only one decrease was reported from October, 1933. Monthly totals in the table are derived from weekly reports by pro-rating fig ures for those weeks which do not fall entirely within a single calendar month. (000 Omitted) Oct. 1934 Alabama—4 Cities..................... Birmingham............................ D othan.................................... Mobile...................................... Montgomery........................... $ 115,656 61,241 3,224 25,023 26,168 Sept. 1934 $ 92,822 48,566 2,765 22,881 18,610 Oct. 1933 $ 108,236 67,008 2,059 22,726 16,443 Florida—4 Cities........................ Jacksonville............................. M iam i...................................... Pensacola................................. Tam pa..................................... 94,300 50,017 17,428 5,700 21,155 81,193 44,125 14,232 5,263 17,573 76,816 42,293 12,329 4,856 17,338 Georgia— 10 Cities..................... Albany..................................... A tlanta.................................... Augusta.................................... Brunswick................................ Columbus................................ Elberton.................................. M acon...................................... Newnan................................... Savannah................................. Valdosta.................................. 224,157 3,599 144,437 20,539 1,722 9,352 912 13,014 1,560 25,743 3,279 189,416 2,921 123,544 14,512 1,687 8,088 678 10,589 1,132 23,343 2,922 193,291 2,737 123,644 15,891 1,552 8,267 730 11,494 1,555 24,940 2,481 Louisiana—New Orleans........... 219,055 181,804 183,806 Mississippi—4 Cities.................. H attiesburg............................ Jackson.................................... M eridian.................................. Vicksburg................................ 51,203 3,733 32,006 8,491 6,973 41,160 3,291 24,416 8,515 4,938 33,802 3,292 17,746 6,179 6,585 Tennessee—3 Cities................... Chattanooga............................ Knoxville................................. Nashville................................. 112,952 31,521 18,766 62,665 99,697 25,976 16,213 57,508 95,477 26,487 16,017 52,973 Total—26 Cities............. $ 817,323 $ 686,092 $ 691,428 AGRICULTURE The November Crop Report issued by the United States Department of Agriculture shows some increase in the esti mated production of cotton, white potatoes and tobacco, but a further decrease in the estimate of corn, compared with the October estimates, and 1934 production is less than that in 1933 in the case of nearly all of the principal crops, excep tions being white potatoes, sweet potatoes, peanuts, sugar cane, rice, peaches, and pears. The Departments Crop Re port states that “The com harvest appears more and more discouraging as husking progresses and grain sorghum yields also are much below earlier expectations, but the generally mild weather of October was very favorable for potatoes, apples, buckwheat and pastures and for milk and egg produc tion. The com crop is now estimated at 1,372,000,000 bushels or about 45,000,000 bushels less than the forecast a month ago (October 1). Such a crop would be the smallest since 1881.” The estimated production of white potatoes is now 383.105.000 bushels, compared with 362,391,000 bushels esti mated October 1. The November estimate of tobacco is 1.115.811.000 pounds against 1,091,764,000 pounds a month earlier. Figures for the Sixth Federal Reserve District indicate a slight decline in the com crop, from October estimates, but M O N T H L Y 4 an increase in tobacco from 118,417,000 pounds to 121,999,000 pounds. No change was made in the estimates for wheat, oats, hay and white potatoes in this District. Prospects for com improved somewhat during October in Tennessee and Mississippi but declined slightly in Georgia and Alabama. Estimates for peanuts increased in all states of the District except Florida, and are larger than a year ago in all six states. Production of pecans is less than a year ago in all five producing states. The November estimate of tobacco pro duction in Tennessee is about 4.5 million pounds above that a month earlier, but decreases compared with 1933 are shown for Tennessee, Georgia, Louisiana and Florida. The Novem ber estimates of the production of rice and sugar in Louisiana are the same as those for October, and there was no change in the estimate of the citrus crop in Florida from the 1934 bloom, shown in last month's Review. Dry weather over the greater part of the citrus area in October retarded sizing of fruit, and trees at the close of the month were beginning to show the effects of the lack of moisture and fruit was begin ning to drop. Increased acreage of early potatoes is indi cated in Florida and Alabama, but decreases are indicated for Georgia, Louisiana and Tennessee. Cotton The November estimate of the cotton crop in the United States is 2 per cent higher than that for Oc tober, and 4.8 per cent larger than the first estimate of the season in August, but 26.2 per cent less than production in 1933. In the six states located wholly or partly in the Sixth District the estimates increased on an average of 1.5 per cent over those a month earlier, but were 7.9 per cent larger than the August estimates, but 4.7 per cent less than 1933 produc tion in these states. Increases over 1933 in Alabama and Louisiana are more than offset by decreases in Georgia, Ten nessee and Mississippi. November estimates for these states are compared in the table. (In Thousands of Bales) Estim ate Estimate Percent Nov. 1, 1934 Oct. 1, 1934 Change A labam a............... Florida.................. Georgia................ Louisiana............. Mississippi........... Tennessee............ Total Six States Total United States Production 1933 980 28 980 490 1,120 385 980 24 970 480 1,100 370 Same + 16.7 + 1.0 + 2.1 + 1.8 + 4.1 969 28 1.105 477 1,159 443 + 1.1 Same — 11.3 + 2.7 — 3.4 — 13.1 3,983 9,634 3,924 9,443 + 1.5 + 2.0 4,181 13,047 — 4.7 —26.2 SUGAR M O V E M E N T --(Pounds) Raw Sugar Oct. 1934 Sept. 1934 Receipts: New Orleans____ Savannah................ Meltings: New Orleans.......... Savannah................ Stocks: New Orleans............ Savannah................. Shipments: New Orleans........... Savannah................. Stocks: New Orleans............ Savannah................. Percent Change Oct. 1933 51,610,803 45,765,952 99,398,148 27,929,573 24,940,151 30.367.453 99,765,034 64,515,205 136,999,843 63,682,750 32,032,640 39.367.453 50,755,694 38,367,190 98,928,802 57,116,443 35,405,022 40,768,387 Refined Sugar (Pounds) 89,995,982 44,295,738 119,944,859 44,047,500 57,798,059 23,882,111 32,545,499 13,739,602 24,633,137 13,009,368 45,978,648 12,224,838 R E V IE W R IC E MOVEM ENT—(1 Oct. 1934 Sept. 1934 Oct. 1933 Rough Rice—Barrels: Receipts................... Shipments................ Stocks...................... 129,106 112,804 22,652 78,482 74,736 6,350 89,283 64,787 34,009 Clean Rice—Pockets: Receipts................... Shipments................ Stocks....................... 144,889 111,768 150,087 95,632 86,401 116,966 93,809 46,829 168,392 RIC E M ILLERS’ ASSOCIATION STATISTICS (Barrels) Aug. to Oct., Inc. Oct. 1934 Receipts of Rough Rice: 3,053,174 1,973,672 Season 1934-35....................... 3,332,417 2,094,472 Season 1933-34....................... Distribution of Milled Rice: Season 1933-34....................... 992,963 965,101 Stocks: Oct. 31, 1934........................... Oct. 31, 1933........................... 993,662 1,223,822 Rough NOTE: + 2 5 .0 + 2 7 .6 + 3 2 .0 + 27.7 + 4 7 .9 + 2 0 .0 + 2 2.9 + 2 8 .3 + 27.3 + 0.3 + 0.2 — 13.9 — 12.6 + 8.3 + 9.3 — 3.7 + 6.1 — 0.1 Clean 1,195,209 1,149,808 Fertilizer Sales of fertilizer tax tags in the six states located Tag Sales wholly or partly in the Sixth District increased: 43.7 per cent from September to October, and were 24.4 per cent larger than a year ago due to increases in Flor ida and Mississippi. For the first three months of the new season tag sales in these states have been 21.9 per cent greater than in that part of the season before, as indicated in the table which contains figures compiled by the National Fertilizer Association. October 1934 (Short Tons) September October 1933 1934 Aug.-Oct. Inc. 1934 1933 Percent Change Louisiana... . Mississippi.. Tennessee. . 700 41,999 975 9,427 103 7,645 550 29,478 270 6,634 288 5,132 700 28,200 2,565 9,670 0 7,760 1,800 92,423 1,528 18,011 1,476 15,065 2,000 69,304 5,513 16,170 1,070 12,797 — 10.0 + 3 3 .4 —72.3 + 11.4 + 3 7 .9 + 17.7 . 60,849 42,352 48,895 130,303 106,854 + 2 1 .9 Alabama. .. TRADE Retail Department store sales in the Sixth District increased Trade further in October, but by an amount less than the usual seasonal increase at that time of year, and were 16.5 per cent greater than in October last year. Stocks in creased 6.4 per cent over the month and were about the same as a year ago, and the collection ratio also rose. October sales by 60 reporting firms increased 18.2 per cent over September, largely because there were 27 business days in October and only 24 in September. The daily average in creased only 5 per cent. For the first ten months of 1934 sales by these reporting firms were 27.3 per cent greater than in that part of 1933. The rate of stock turnover was higher for October, and for the ten months period, than for corre sponding periods a year ago, and the collection ratio in creased from 27.5 per cent in September to 31.9 per cent in October, compared with 29.4 per cent a year ago. For regu lar accounts the October ratio was 34.7 per cent, and for in stallment accounts 15.7 per cent. Percentage comparisons shown in the table are based upon reports in actual dollar amounts and make no allowance for changes in the level of prices. RETA IL TRADE IN TH E SIXTH DISTRICT DURING OCTOBER 1934 Based on confidential reports from 60 department stores Comparison ov N e t Sales Comparison o* Stocks October 1934 October 31, 1934 S tock T urnover with: year to date with with: Same month Previous Same period Same month Previous October Jan.-Oct. Inc. a year ago month last year a year ago Month 1934 1933 1934 1933 — 2.2 Atlanta ( 6 ) . . ................................ + 1 8 .8 Birmingham (6)............................ + 9.9 + 14.7 Chattanooga ( 4 ) .......................... + 9.3 + 1 3 .0 Jacksonville (3)............................. + 2 4 .2 + 4 4.8 Miami (3)...................................... + 4 7 .4 + 59.5 Nashville (4)................................. + 1 5 .8 + 1 6 .5 New Orleans (5)........................... + 1 0 .8 + 2 6 .4 Other Cities (29).......................... + 1 6 .2 + 2 4.9 DISTRICT (60)........................... + 1 6 .5 + 1 8 .2 2,295,441 2,019,198 + 1 0 .6 + 10.1 — 5.5 — 7.6 + 8.0 + 6.6 + 6.9 + 7.5 + 6 .4 .37 .32 .33 .26 .34 .26 .28 .25 .30 .29 .31 .27 ... ... .23 .23 .25 .26 2.74 3.61 3.20 2.95 2.42 2.76 2.13 1.82 .... 3.52 .... 2.35 2.16 2.43 2.05 2.42 2.25 2.35 T h e ra te of sto c k t u rn o v e r is the ra tio of sales d u r in g g iv e n p e rio d to a v e ra ge s to c k s o n h a n d . C ollection R atio Oct. 1934 Sept. 1934 Oct. 1933 27.3 26.3 34.2 27.9 24.7 35.1 26.1 29.9 ........................................... ........................................... 32.7 25.5 28.0 41.0 36.1 37.4 29.9 24.3 29.2 31.9 27.5 M O N T H L Y Wholesale The volume of wholesale trade in the Sixth DisTrade trict increased further from September to Octo ber by 6.9 per cent, and was 20.4 per cent greater than in October last year. The index number for October, based upon reports from 99 firms, was higher than for any other month since October, 1930. Sales of dry goods and sta tionery declined somewhat from September to October, but other lines reported increases. The collection ratio rose fur ther in October and was substantially higher than a year ago. Reported figures are compared in the table. WHOLESALE TRADE IN OCTOBER 1934 Sixth Federal Reserve District* Percentage Comparisons Number Oct. 1934 with: Jan.-O ct. 1934 of Firms Sept. Oct. with same 19341934 period last year All Lines Combined: Sales.................................. 99 Stocks............................... 30 Groceries: Sales.................................. 23 Jacksonville............. 4 New Orleans............ 5 Vicksburg................ ............. 3 O th erC ities............. 11 Stocks............................................ 3 Dry Goods : Sales................................. 15 Nashville............................... 3 O therC ities............. 12 Stocks............................................7 Hardware: Sales.................................. 26 Nashville...............................3 New Orleans......................... 5 O th erC ities............. 18 Stocks............................................9 Furniture: Sales...............................................9 A tlan ta.................................. 4 O therC ities.......................... 5 Stocks............................................6 Electrical Supplies: Sales.................................. 13 New Orleans.........................4 O therC ities..........................9 Stocks............................................3 Drugs: Sales................................. .............8 Stationery: Sales................................. .............3 + 6.9 + 1 .6 + 20.4 + 12.7 + 2 6 .4 ........... + 1.7 + 1 0 .3 — 3.5 — 5 .0 + 4.8 + 1 4 .8 + 22.6 + 18.8 + 22.1 + 1 1 .1 + 30.9 + 17.7 + 2 5 .6 + 1 9 .4 + 2 8 .0 + 2 4.7 + 28.3 ........... — 8.2 — 15.9 + 5 .9 + 0 .7 + 6.3 + 2 .0 + 7.5 + 3 2 .1 + 24.7 + 3 2 .3 + 2 2 .9 ........... + 1 8 .3 + 1 7.5 + 1 7.5 + 1 8 .9 — 2.5 + 21.4 + 2 1 .8 + 24.9 + 1 9 .3 — 1.1 + 2 6.0 + 1 6 .9 + 2 7.8 + 2 6.8 ........... + 14.5 + 1 6 .2 + 1 3 .9 + 0 .8 + 16.2 — 0 .4 + 23.1 + 6 .1 + 2 8 .4 + 9 .7 + 3 6 .2 ............ + 9.8 + 4 5 .8 — 5 .4 + 7 .1 + 57.7 + 108.8 + 3 6 .0 + 40.4 + 4 3.3 + 4 8 .8 + 4 1 .2 ........... + 1 4 .4 + 26.6 + 25.1 — 0 .2 + 13.8 + 13.5 Sept. 1934 Oct. 1933 COLLECTION RATIO** Number Oct. of Firms 1934 Groceries.............................. Dry Goods........................... H ardware............................ Furniture............................. Electrical Supplies.............. Drugs.................................... 11 8 15 6 4 4 T otal........................ 76.4 41.9 42.4 31.4 75.1 32.8 48 50.1 43.8 56.4 35.4 32.1 32.6 31.7 22.2 37.6 * Based on confidential reports from 99 firms. ** The Collection ratio is the percentage of accounts and notes receivable out standing a t the beginning of the month which were collected during the m outh. Life October sales of new, paid-for, ordinary life inInsurance surance in the six states located wholly or partly in the Sixth Federal Reserve District increased 9.6 per cent over September and were 7.8 per cent greater than a year ago, although there were decreases from Octo ber last year in Alabama and Mississippi. For the ten months of the year, total sales have been 16.2 per cent greater than in that part of 1933. Figures compared in the table are from those compiled by the Life Insurance Sales Research Bureau. (000 Omitted) October September October January to Oct. 1934 1934 1933 1934 1933 Alabam a.. $ 3,447 F lo rid a... 3,972 Georgia. .. 5,958 Louisiana.. 4,514 Mississippi. 2,197 Tennessee. 5,209 T otal. .. 25,297 $ 3,307 3,892 5,647 3,610 2,067 4,562 23,085 $ 3,520 $ 37,088 $ 33,726 3,073 45,696 33,796 5,839 66,980 55,977 3,862 44,611 37,829 2,356 23,889 22,660 4,991 57,343 53,126 23,473 275,607 237,114 Percent Change + 1 0 .0 + 35.2 + 19.7 + 1 7 .9 + 5.4 + 7.9 + 1 6 .2 COMMERCIAL FAILURES (From statistics compiled by Dun & Bradstreet, Inc.) Sixth District United States Number Liabilities Number Liabilities O c to b e r 1 9 3 4 .... S e p te m b e r 1934. 25 35 $ 966,745 419,875 October 1933................... January-October 1934... January-October 1933... 1,091 $ 19,968,448 790 16,440,147 40 343 862 582,146 5,597,000 20,690,000 1,206 10,299 17,938 30,581,970 225,987,000 450,277,000 IN D U S T R Y B u ild in g and C o n s tr u c tio n T h e v a lu e o f p e r m i t s f o r t h e c o n s tr u c tio n o f b u ild in g s in t w e n ty r e p o r t i n g c itie s i n t h e S ix th D i s t r i c t in c r e a s e d 49.2 p e r c e n t f r o m S e p te m b e r t o O c to b e r, a n d w a s a l i t t l e m o re t h a n d o u b le t h e t o t a l f o r O c to b e r l a s t y e a r . F i f t e e n o f th e s e c itie s r e p o r t e d in c r e a s e s f r o m S e p te m b e r to O c to b e r a n d s ix t e e n c itie s r e p o r t e d t o t a l s l a r g e r t h a n f o r O c to b e r, 1933. F o r t h e f i r s t t e n m o n th s o f 1934 t h e t o t a l v a lu e o f p e r m i t s is s u e d a t t h e s e r e p o r t i n g c itie s w a s $19,458,990, l a r g e r b y 64.1 p e r c e n t t h a n f o r t h a t p a r t o f 1933 a n d 22.1 p e r c e n t l a r g e r t h a n f o r t h e s a m e p e r io d in 1932, a n d o n ly 21.5 p e r c e n t le s s t h a n f o r t h e c o r re s p o n d in g p a r t o f 1931. C o m p a ris o n s f o r t h e m o n th a r e sh o w n i n t h e ta b le . BUILDING PER M ITS Number Value October October 1934 1933 1934 1933 Alabama Anniston.......... Birmingham. . . M ontgomery... Florida Jacksonville.. . . Miami Beach. . Georgia Columbus........ Savannah......... Louisiana New O rleans... Alexandria........ Tennessee Chattanooga... Johnson C ity... Knoxville....... .. Nashville.......... Total 20 Cities. 66.7 36.7 34.2 30.8 60.6 29.6 5 R E V IE W 23 427 79 239 5 $ 7,718 96 107,716 399,266 57 83 60,281 $ 1,825 32,723 22,088 24,873 Percentage Change in Value + + +1 + 322.9 229.2 707.6 142.4 — 52.7 379.6 285.5 85.4 31.9 590 563 104 73 181 401 280 64 101 193 190,425 444,734 395,330 56,253 47,487 402,440 92,728 102,550 30,337 35,993 272 38 64 395 28 187 43 44 206 22 204,159 103,441 20,033 54,309 42.199 91,100 9,132 82,096 15,590 7.696 109 61 61 68 163,132 12,005 110,490 + 34,915 47.6 65.6 275 3 54 98 239 1 16 85 57,925 250 41,328 48,332 48,615 + 2,000 30,174 + 36,620 + 19.2 87.5 37.0 32.0 2,252 $2,456,323 $1,213,985 + 102.3 3,676 + + + + + 124.1 +1 032.7 75.6 + 248.4 + 448.3 T h e v a lu e o f b u ild in g a n d c o n s tr u c tio n c o n tr a c ts a w a r d e d in t h e S ix th D i s t r i c t , in d ic a te d i n s t a t i s t i c s c o m p ile d b y t h e F . W . D o d g e C o r p o r a tio n a n d su b d iv id e d i n to d i s t r i c t t o t a l s b y t h e F e d e r a l R e s e r v e B o a rd ’s D iv isio n o f R e s e a rc h a n d S t a t is ti c s , in c r e a s e d f u r t h e r i n O c to b e r b y 12.8 p e r c e n t o v e r S e p te m b e r, b u t w a s a l i t t l e le s s t h a n h a l f t h e t o t a l f o r O c to b e r l a s t y e a r . R e s id e n tia l c o n tr a c ts w h ic h in O c to b e r a c c o u n te d f o r 28 p e r c e n t o f t h e t o ta l , in c re a s e d 50.7 p e r c e n t o v e r S e p te m b e r a n d w e r e n e a r l y tw o a n d o n e -h a lf t im e s a s l a r g e a s a y e a r a g o . F o r t h e t e n m o n th s o f 1934 t h r o u g h O c to b e r, t o t a l a w a r d s i n t h i s d i s t r i c t h a v e a m o u n te d to $127,987,000 l a r g e r b y 91.8 p e r c e n t t h a n d u r i n g t h e s a m e p a r t o f 1933. I n t h e 37 s t a t e s e a s t o f t h e R o c k y M o u n ta in s O c to b e r c o n t r a c t s a w a r d e d w e r e 23 p e r c e n t g r e a t e r t h a n i n S e p te m b e r, b u t 6.8 p e r c e n t le s s t h a n in O c to b e r l a s t y e a r , a n d f o r t h e t e n m o n th s t o t a l a w a r d s h a v e b e e n 50.5 p e r c e n t g r e a t e r t h a n f o r t h e s a m e p e r io d a y e a r a g o . C o m p a ris o n s f o r t h e m o n th a r e s h o w n i n t h e ta b le . BUILDING AND CONSTRUCTION CONTRACTS AWARDED _______________________________ Oct. 1934 Sept. 1934 Oct. 1933 Sixth District—T o tal................ $ Residential.............................. All O t h e r s . . . . . . . . . .............. State Totals: Alabama.................................. Florida..................................... Georgia.................................... Louisiana................................. Mississippi............................... Tennessee................................ 7,919,528 $ 2,242,932 5,676,596 7,023,384 $ 17,137,079 1,488,397 913,502 5,534,987 16,223,577 965,300 2,263,800 1,504,000 1,700,600 1,474,800 1,560,100 536,300 2,691,200 1,066,300 2,335,000 706,400 855,300 1,904,500 7,955,800 682,900 5,791,400 741,900 2,159,000 United States: T otal........................................ 135,524,800 Residential.............................. 26,299,800 Non-Residential...................... 43,985,600 Public Works and Utilities... 65,239,400 110,151,200 17,853,600 42,309,300 49,988,300 145,367,200 21,525,700 31,117,400 92,724,100 M O N T H L Y 6 Lumber Some further slight improvement in the Southern Pine market is indicated in press reports during the first half of November. Both orders and shipments have in creased and production has declined, and stocks at mills are below normal. Yard and shed stock is moving with a little more activity, but retailers are still buying strictly for imme diate needs. During the six weeks ended November 10th or ders booked by reporting mills averaged 5.2 per cent less, and their production averaged 15.5 per cent less, than in the same period last year. Orders were, however, 12 per c$nt greater than production, while at the same time a year ago they were slightly less. Weekly figures in the table are from those compiled by the Southern Pine Association. Week Ended Number of Mills (In Thousands of Feet) Orders Production Unfilled Orders 1934 1933 1934 1933 1934 1933 October 6 . . . . . 104 19,445 21,307 October 13....... 113 October 20....... 113 18,969 October 27........114 23,702 November 3 . . . 91 21,056 November 1 0 .. I l l 19,158 18,696 20,569 19,379 17,954 23,100 30,778 17,596 19,172 19,601 18,963 14,436 20,657 22,044 21,588 22,045 21,970 20,902 22,146 53,317 56,906 54,548 58,429 53,559 55,510 57,616 59,532 60,165 59,742 61,323 70,146 Cotton Following a decline of 29.7 per cent from AugConsumption ust to September, because of interruption to operation of many mills by the general textile strike, the consumption of cotton by American mills during October increased by 75.8 per cent over September and was greater than for any month since March, and with that ex ception, since August, 1933. In the cotton states the increase from September to October was 68.9 per cent, and in other states 107.3 per cent. Consumption in the cotton states in October accounted for 78.9 per cent of the United States total, and for the three months of the new season it accounted for 80 per cent of the total. For the three months period total consumption in the United States has been 22.3 per cent less than in that part of the season before. Exports in October increased 28.3 per cent over those in September but were 41.1 per cent less than a year ago, and for the three months of the new season have been 44.2 per cent less than in that part of the 1933-34 season. Stocks of cotton increased in October, as the new crop moved to market, but were 2.9 per cent less than a year ago. Census Bureau figures are compared in the table. COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPINDLES U N ITE D STATES—Bales Oct. 1934 Sept. 1934 Oct. 1933 Cotton Consumed...................... Stocks.......................................... In Consuming Establishments In Public Storage and at Compresses.......................... Exports........................................ Active Spindles—N um ber........ 520,310 10,521,149 1,139,721 295,960 8,672,884 1,056,744 504,05 5 10,837,789 1,363,343 9,381,428 615,593 25,095,480 7,616,140 479,861 22,112,888 9,474,446 1,044,824 25,883,836 COTTON GROWING STATES—Bales Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and a t Compresses.......................... Active Spindles—N um ber........ 410,543 10,038,057 892,785 243,004 8,132,920 779,178 405,175 10,215,806 1,091,572 9,145,272 17,403,244 7,353,742 15,309,804 9,124,234 17,621,006 O THER STATES—Bales Cotton Consumed.................. .. Stocks.......................................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles—N um ber........ 109,767 483,092 246,936 52,956 539,964 277,566 98,880 621,983 271,771 236,156 7,692,236 262,398 6,803,084 350,212 8,262,830 Consumption of cotton in the three states of this District for which separate figures are available increased 75.8 per R E V IE W cent in October compared with September, and was 0.8 per cent less than a year ago, although increases over October, 1933, were reported for Alabama and Tennessee. Census Bureau figures for these states are compared in the table. COTTON CONSUMPTION—Bales October September October August to Oct. Inc. 1934 1934 1933 1934 1933 Alabama............... Georgia................ Tennessee............ 54,461 86,318 11,781 33,583 45,588 7,616 51,050 92,333 10,448 120,844 212,367 29,422 157,575 296,297 32,301 T otal........ 152,560 86,787 153,831 362,633 486,173 Cotton At reporting cotton mills in the Sixth DisManufacturing trict there were increases from September to October in orders, production, stocks on hand and employment. Orders and production of cloth mills were greater than a year ago, but for yarn mills all reported items were less than a year ago except stocks on hand. Compari sons of reported figures are shown in the table. Cloth Oct. 1934 compared with: Sept. 1934 Oct. 1933 Orders Booked.............. , . Unfilled Orders............. Stocks on H and............ Number on payroll + 6 0 .0 — 2.8 + 6 6 .8 + 1 0 .4 + 1 8.3 + 18.5 + 5.9 + 1.1 + 2 3 .3 — 1.1 + 3 4 .6 + 0.7 Yarn Oct. 1934 compared with: Oct. 1934 Sept. 1934 + 9 7 .9 + 4 8 .4 + 9 0 .2 — 12.6 +21.1 + 5.4 — 9 .6 — 15.9 —40.4 —20.6 + 5 3 .7 — 17.0 Cotton Seed Operations at cotton seed oil mills in this Dis and Cotton trict increased seasonally in October compared Seed Oil with earlier months, and were also at a higher level than in October last year. For the first three months of the new season, August through October, re ceipts of seed by mills in this District were 39.1 per cent, and crushings were 25.3 per cent, greater than in the same period a year ago, and production of the principal commodities from cotton seed was also greater than in that period last year. Stocks of seed, and of hulls and linters, were greater than a year ago, but stocks of crude oil and cake and meal were smaller. In the first two columns of the table are compared combined figures compiled by the Census Bureau for Georgia, Alabama, Louisiana and Mississippi, and in the last two col umns are figures for the United States. COTTON SEED AND COTTON SEED PRODUCTS Sixth District* United States Aug. 1 to Oct. 31 Aug. 1 to Oct. 31 1934 1933 1934 1933 Cotton Seed, Tons: Received a t Mills....... Crushed........................ O nH andO ct. 31........ 912,140 507,330 472,742 655,638 404,830 279,578 2,249,124 1,236,655 1,235,230 2,255,420 1,399,976 1,076,382 Production: Crude Oil, lbs.............. 161,384,260 129,829,728 376,982,041 431,233,432 Cake and Meal, to n s.. 219,515 174,329 553,924 628,754 Hulls, to n s................... 138,434 113,126 324,368 382,894 Linters, Bales.............. 104,504 72,849 261,411 244,567 Stocks a t Mills Oct. 31: Crude Oil, lbs.............. Cake and Meal, to n s.. Hulls, to n s................... Linters, Bales.............. 18,179,737 29,146,050 90,117 105,055 52,165 39,631 45,321 44,767 59,843,100 105,760,734 257,400 313,723 138,657 169,110 145,542 142,227 * Georgia, Alabama, Louisiana and Mississippi. (Electric After increasing each month since April, the proPower duction of electric power by public utility power plants in the six states located wholly or partly in the Sixth District declined 8.3 per cent from August to Sep tember and was 3.7 per cent less than in September last year. On a daily average basis the decline over the month was 5.2 M O N T H L Y per cent. Production by use of water power, which accounted in September for 59.5 per cent of the total, was 11.4 per cent less than in August and 7.5 per cent less than in September, 1933, and output by use of fuels declined 3.4 per cent from August to September but was 2.4 per cent greater than a year ago. For the nine months of 1934, total production of electric power in these six states has been 4.2 per cent greater than in that part of last year. Figures in the table are from those compiled by the United States Geological Survey. PRODUCTION OF ELECTR IC POWER (000 k. w. Hours) Sept. 1934 Aug. 1934 Sept. 1933 Alabam a...................................... Florida.......................................... Georgia........................................ Louisiana..................................... Mississippi................................... Tennessee.................................... 152,127 51,794 78,153 112,808 5,314 84,469 T o ta l................................ 484,665 528,453 503,346 288,472 196,193 325,415 203,038 311,809 191,537 12,163 192,283 2,408,689 12,077 196,055 2,537,340 11,011 202,818 2,274,262 By use of: W ater Power......... Fuels...................... Fuels consumed in Production of Electric Power: Coal—Tons............................. Fuel Oil—b b ls......................... N atural Gas—000 cu. ft........ 150,784 49,855 99,235 120,768 4,539 103,272 163,632 49,252 82,599 111,820 5,434 90,609 R E V IE W of furnaces active on November 1 was 65, compared with 62 a month earlier and 78 at the same time a year ago. Production of pig iron in Alabama increased only 1.4 per cent from September to October, and the daily average de clined 1.9 per cent, and October production was 41.2 per cent smaller than a year ago. There was also a decline of one in the number of furnaces active, only four have been operating since October 18th. Press reports indicate that pig iron buy ing is still limited mostly to spot orders and purchases are not large. The price of iron remains at $14.50 per ton. Sheet and wire products have only a fair demand and constitute about the only activity in the steel market. Cumulated monthly totals of production in the United States during the first ten months of 1934 amount to 13,926,626 tons, larger by 27.2 per cent than during that part of 1933 and 85.5 per cent greater than during the same period of 1932, and in Alabama production for the first ten months of 1934 has amounted to 1,016,131 tons, 49.8 per cent greater than a year ago and 80.2 per cent greater than in that part of 1932. Figures for the month are compared in the table. Production—Tons Total Daily Average N ote: Sept. figures preliminary. Bituminous Production of bituminous coal in the United Coal States, according to statistics compiled by the Mining United States Geological Survey, increased 17.5 per cent from September to October, and was 9.6 per cent greater than in October, 1933. On a daily aver age basis, the increase over September was only 4.4 per cent, and that over October last year 5.5 per cent. For the ten months of 1934 production has been 10.4 per cent greater than during that part of last year. Preliminary figures are compared in the table with those for previous months. Production—Tons Number of Total Daily Average Working Days October 1934 ..................................32,504,000 September 1934 .......................... ...27,670,000 April 1934.......................................24,772,000 October 1933..................................29,656,000 1,204,000 1,153,000 1,024,000 1,141,000 27 24 24.2 26 Weekly figures indicate a further slight decline in Ala bama production of coal from September to October and about the same as a year ago, and in Tennessee October production increased slightly over September and was about 17 per cent above October, 1933. For the ten months period Alabama production has been about 9.6 per cent, and Tennessee output about 2.5 per cent, larger than in that part of 1933. Weekly figures are compared in the table. Week Ended: Weekly Production—Tons Alabama Tennessee 1934 1933 1934 1933 October 6 .................................. 167,000 October 13................................ 160,000 October 20....................... ..........173,000 October 27....................... ......... 167,000 November 3 .............................. 154,000 November 10............................ .............. 159,000 166,000 176,000 160,000 161,000 170,000 75,000 60,000 72,000 67,000 72,000 66,000 74,000 63,000 83,000 64,000 ........................55,000 Pig Iron Production of pig iron in the United States, and Production in Alabama, increased slightly from September to October, but continued less than for other months since May, 1933. In the United States as a whole, October production was 5.9 per cent greater than in Septem ber, but 29.9 per cent less than in October, 1933. The gain over the month was partly due to the longer month, as daily average production increased only 2.5 per cent. The number 7 United States: 951,062 30,679 October 1934 ..................... September 1934 .................. 898,043 29,935 M ay 1934 .......................... 2,042,896 65,900 October 1933..................... 1,356,361 43,754 January-October 1934.........13,926,626 ............. January-October 1933........ 10,945,467 ............. Alabama: October 1934 ..................... 58,663 1,892 September 1934.................. 57,842 1,928 M ay 1934......................... 130,364 4,205 October 1933..................... 99,742 3,217 ............... January-October 1934........ 1,016,131 January-October 1933........ 678,257 .................. Furnaces Active* 65 62 117 78 ...... ....... 4 5 10 7 .... ..... ♦First of following month. Naval October receipts of turpentine at the three principal Stores markets of the District declined slightly compared with September, but rosin receipts increased, and both were slightly larger than a year ago. Stocks of both commodities also increased from September to October and were larger than for October last year. Press reports indi cate that market conditions in recent weeks have continued sluggish and quotations on turpentine have continued at 48 cents, and the average of quotations on rosins declined from $4.65 on October 6 to $4.45 on November 17. Comparisons of receipts and stocks are shown in the table. NAVAL STORES Oct. 1934 Sept. 1934 Receipts—Turpentine (1) Savannah................................. Jacksonville............................. Pensacola................................. 10,941 11,400 2,820 Oct. 1933 12,272 11,120 3,464 10,802 10,208 3,369 T o ta l................................ 25,161 26,856 24,479 Receipts—Rosin (2) Savannah................................. Jacksonville............................. Pensacola................................. 38,785 44,550 9,147 40,853 37,758 10,678 42,608 36,513 11,353 T o ta l................................ ........... 92,482 89,289 90,474 Stocks—Turpentine (1) Savannah............................................ 17,515 Jacksonville........................................ 42,931 Pensacola............................................ 25,574 11,802 37,574 24,402 19,266 33,813 26,537 T o ta l................................ 86,020 71,778 79,616 Stocks—Rosin (2) Savannah................................. Jacksonville............................. Pensacola................................. 135,098 105,017 19,925 135,897 85,641 23,430 103,325 92,265 15,832 T otal................................ 260,040 244,968 211,422 (1) Barrels of 50"Gallons. (2) Barrels of 500 Pounds. 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 O ct. 1934 Aug. 1933 Sept. 1933 O c t. 1933 194.8 73.3 76.0 79.1 71.2 89.8 161.3 77.2 76.3 81.9 80.0 90.6 129.3 56.3 46.8 69.2 57.9 66.1 147.7 63.2 62.2 60.0 63.7 73.8 139.0 75.7 72.5 73.5 75.0 83.2 171.8 70.5 71.0 73.7 81.9 90.0 192.9 75.6 80.0 86.0 77.4 95.5 135.5 66.6 61.5 70.0 69.6 76.1 157.7 70.4 60.8 83.4 74.2 84.7 146.2 65.2 65.5 65.2 69.2 78.5 116.8 65.3 58.5 62.8 65.2 69.9 D IS T R IC T .......................................................................................... 92.2 35.8 44.3 64.0 57.7 57.6 104.1 43.4 47.2 68.5 59.7 62.9 115.3 45.6 44.6 73.0 63.8 67.2 90.4 38.9 50.2 56.8 55.2 55.6 107.7 45.0 ‘ 50.5 67.7 62.3 63.8 109.2 50.2 51.8 66.8 66.7 67.4 M onthly- S tocks—A djusted* A tlanta................................................................................................. Birmingham...................................................................... .............. Chattanooga........................................................................................ Nashville.............................................................................................. New Orleans........................................................................................ D IS T R IC T ......................................................................................... 97.1 37.7 45.7 64.6 58.9 59.3 94.6 42.1 45.4 64.0 56.9 59.3 102.9 41.5 39.8 64.6 58.0 60.5 95.2 40.9 51.8 57.4 56.3 57.3 97.9 43.7 48.6 63.3 59.3 60.2 97.5 45.6 46.3 59.1 60.6 60.7 WHOLESALE TRADE—SIX TH DISTRICT—TOTAL........ Groceries........................ ...................................................................... Dry Goods........................................................................................... Hardw are............................................................................................. 62.1 52.0 82.8 61.0 52.3 73.2 43.9 77.7 63.3 53.3 86.2 60.8 55.2 71.8 46.7 77.8 67.7 54.2 79.2 71.9 63.2 78.9 46.6 89.0 53.0 44.5 45.8 61.2 62.7 55.5 44.9 65.2 55.5 46.2 68.6 58.5 52.4 56.5 42.3 70.5 56.5 44.6 75.7 59.3 54.4 50.0 39.4 70.2 L IFE INSURANCE SALES—SIX STATES—TO TA L.......... 65.4 53.0 79.1 70.6 76.2 58.8 56.6 55.0 48.8 65.8 61.6 57.0 47.3 48.5 60.2 50.8 67.1 65.0 71.2 50.3 55.4 61.5 53.9 64.3 67.0 63.7 43.3 66.8 53.1 47.2 52.3 62.9 54.1 44.4 51.5 57.6 53.4 54.4 64.8 61.3 54.8 54.6 15.9 8.9 3.3 20.8 12.8 6.2 23.3 14.6 6.1 6.2 20.2 15.4 3.3 21.0 21.8 13.2 7.3 23.1 7.6 12.7 31.8 20.6 5.4 2.8 26.8 160.0 15.3 13.8 11.1 3.7 2.1 18.8 7.1 5.9 16.2 10.8 5.9 2.2 48.9 5.8 8.6 9.9 18.0 10.8 22.8 20.0 10.6 26.3 22.6 16.0 26.9 13.4 10.0 15.8 20.5 7 .8 28.9 48.8 6.5 77.0 76.4 69.8 73.9 78.3 83.8 70.8 74.6 86.7 85.8 75.7 81.8 70.2 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 85.6 76.5 81.8 70.2 76.5 70.6 74.8 78.0 83.8 70.3 74.6 86.3 85.2 77.1 81.7 69.7 69.5 57.6 64.8 74.1 91.7 74.6 65.5 81.2 81.3 73.1 77.6 65.4 70.8 57.0 64.9 76.1 92.3 76.9 70.4 82.1 82.7 72.7 79.3 65.1 71.2 55.7 64.2 77.2 89.0 77.1 73.6 83.0 83.9 72.7 81.2 65.3 81.7 98.2 49.1 103.3 95.4 100.7 57.5 71.0 30.7 58.5 97.7 76.5 101.0 119.9 63.6 110.8 158.4 118.4 114.3 135.7 72.0 143.6 169.3 118.5 97.0 117.4 56.5 118.2 140.6 101.0 97.9 118.3 57.3 118.5 148.5 105.0 COTTON EXPO RTS—UNITED STA TES............................... 52.1 93.5 119.9 103.3 169.3 203.8 P IG IRON PRODUCTION—United S tates.............................. 35.0 27.3 30.1 24.9 31.8 25.3 61.4 51.8 51.0 46.8 45.4 42.9 DEPARTM ENT STORE TRADE—SIX TH D ISTR IC T Aug. 1934 D aily Average Sales—U n a d ju ste d A tlanta................................................................................................. Birmingham........................................................................................ Chattanooga........................................................................................ Nashville.............................................................................................. New Orleans............................................................................... . D IS T R IC T ....................................................................................... 140.7 56.4 54.7 61.2 63.9 70.2 Daily Average Sales—A djusted* A tlanta................................................................................................. Birmingham........................................................................................ C hattanooga....................................................................................... Nashville.............................................................................................. New Orleans....................................................................................... D IS T R IC T ......................................................................................... M o n th ly S tocks—U n a d ju ste d A tlanta................................................................................................. Birmingham......................................................................................... Chattanooga........................................................................................ Nashville.............................................................................................. Florida.................................................................................................. Mississippi........................................................................................... BUILDING PER M ITS—TW ENTY C IT IE S ..................... A tlanta................................................................................................. Jacksonville..................................................................... ................... Nashville.............................................................................................. New Orleans........................................................................................ Fifteen Other Cities........................................................................... CONTRACT AWARDS—SIX TH DISTRICT—TO TA L. . . . All Others...................................................................................... .. WHOLESALE P R IC E S—UNITED STATESf ALL CO M M O DITIES.................... ............................................... Farm Products.................................................................................... COTTON CONSUMPTION—UNITED STATES................... ♦Adjusted for Seasonal Variation, f Compiled by Bureau of Labor Statistics. S ept. 1934 19264-100.
@FedFRASER