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M O N T H L Y R E V I E W O f Financial, Agricultural, Trade and Industrial, Conditions in the Sixth F e d e ra l R e se rv e D is tr ic t F E D E R A L VOL. 17, No. 10 R E S E R V E B A N K ATLANTA, GA., OCTOBER 31, 1932 NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by Federal Reserve Board Industrial activity and shipments of commodities by rail increased from August to September by considerably more than the usual seasonal amount. There was also a more than seasonal increase in the volume of factory employment and payrolls. The general level of prices, after advancing for three months, showed a decline beginning in the early part of September. Production and Volume of industrial production, as measEmployment ured by the Board’s seasonally adjusted index, based on the 1923-1925 average, in creased from a low point of 58 in July to 60 in August and 66 in September. The advance in September reflected chiefly large increases in activity at textile mills, shoe fac tories, meat packing establishments, and coal mines. In the steel industry, where activity had shown none of the usual seasonal increases in August, operations expanded considerably during September and the first three weeks of October to about 20 per cent of capacity. Daily average output of automobiles and lumber in September showed little change from recent low levels. Factory^ employment increased from 58.8 per cent of the 1923-1925 average in August to 60.3 per cent in September, according to the Board’s seasonally adjusted index. Con siderable increases were reported in the cotton, woolen, silk, hosiery, and clothing industries and smaller increases at car building shops, foundries, cement mills, and furniture factories. In the automobile, tire and electrical machinery industries, employment declined. During the three months ending with September, value of building contracts awarded, as reported by the F. W. Dodge Corporation, was about the same as in the preced ing three months, although awards are usually smaller in the third quarter. In the first half of October the daily average of contracts declined somewhat. Distribution Volume of freight-car loadings increased by considerably more than the usual sea sonal amount in September, reflecting chiefly larger ship ments of coal and miscellaneous freight. Department store 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 w it h a d ju s t m e n t f o r s e a s o n a l v a r ia t io n s . (1 9 23 -25 a v e r a g e ” 100.) L a t e s t f ig u r e Se p t. 60.3. A T L A N T A This review released fo r publication in m orning papers of October 81. sales increased from the low level of August by somewhat more than the usual seasonal percentage. Wholesale Wholesale commodity prices, as measured Prices by the monthly index of the Bureau of La bor Statistics showed little change from August to September. During August and early September there was a general advance in prices followed by a decline which continued through the first half of October, when the average was 2 per cent below the high point in early September and 1 per cent above the low point of early summer. Substantial decreases occurred after the begin ning of September in the prices of many domestic agricul tural commodities, including cotton, grains, and livestock, and also in prices of gasoline, non-ferrous metals, and im ported raw materials; while prices of wool, worsted yarns, coal, and lumber increased somewhat during this period. Bank Credit During September and the first three weeks of October there were further addi tions to the reserve funds of member banks, arising from increases in the Country’s stock of monetary gold, from an unseasonal return flow of currency, and from issues of addi tional national bank notes. Member bank indebtedness to the reserve banks declined by more than $100,000,000 from September 7 to October 19 and their reserve balances in creased by $180,000,000. During September and the first two weeks of October reporting member banks in leading cities showed a further growth in investment holdings, largely of United States Government Securities, but to some extent of other invest ments. Loans of reporting banks declined further in Sep tember; in the early part of October loans at banks in New York City showed an increase. There was considerable growth in government deposits and in bankers’ balances during the period; time deposits also increased. Money rates in the open market declined to lower levels during the first half of October, the rate on prime commer cial paper being reduced from a range of 2-2 % to a, range of l% -2 per cent, and the rate of 90-day bankers' accept ances from % of one per cent to V2 of one per cent. Rates for call loans on stock exchange collateral declined from 2 per cent to 1 per cent. PER CEEfT O F PER CENT In d e x n u m b e r o f in d u s t r ia l p r o 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 23 -25 a v e r a g e — 100.) L a t e s t f ig u r e S e p te m b e r 66. M O N T H L Y R E V IE W 2 120 110 120 11S RAILRC)AD FRE1GHT-CAR LOAD1NGS 100 \l-H Sj 100 Merchandise 90 80 80 Total\ 60 V V \ 50 V/ 70 40 1927 1928 1929 1930 1931 1932 70 60 AO Monthly averages of daily figures. L atest figures are averages of first 22 days in October. Indexes of daily average num ber of cars loaded; adjujsted for seasonal variation. (1923-25 averager=100.) SIXTH DISTRICT SUMMARY a year ago. Smaller fluctuations were recorded in All Other discounts. Holdings of bills bought in the open market on October 12 had increased during the four-week period but continued to be substantially less than at the same time a year ago, and United States securities held on October 12 were slightly larger than four weeks earlier and a little more than twice as large as at the same time last year. Total bills and securities held on October 12 were smaller by $13,374,000 than on September 14 and $26,068,000 less than on the corresponding report date a year ago. Increases were recorded between September 14 and Octo ber 12 in member bank reserve deposits, in total deposits and in total reserves, and all of these items were less than a year ago. Federal Reserve notes of this bank in actual circulation, which on September 14 were at the lowest point in about fourteen years, declined further during the follow ing four weeks. Principal items in the weekly statement are shown com paratively in the table. Statistical evidence for September indicates gains over the previous month in most lines of business and industrial activity, but comparisons with the corresponding period a year ago continue to be unfavorable. At least some of the increases over August are larger than the usual seasonal gains at that time of year. Department store sales in the Sixth District increased 22.5 per cent in September over August, but were 10.8 per cent less than in September, 1931. After adjustment for the number of business days, the gain from August to Septem ber was larger than the usual seasonal increase. Wholesale trade gained 16.6 per cent from August to September, and was 13.3 per cent less than in September a year ago, and for the nine months period averaged 26.5 per cent less than in that part of 1931. Discounts of member banks held by the Federal Reserve Bank of Atlanta declined more than 14 millions of dollars between September 14 and October 12, but holdings of purchased bills and of Government securities increased some what, and loans and investments of weekly reporting mem ber banks increased during this four week period, but were substantially less than a year earlier. Building permits increased 30.9 per cent from August to September, but were 19.8 per cent less than a year ago, and for the nine months period there has been a decrease of 42 per cent compared with that part of 1931. Orders booked by Southern Pine mills in recent weeks have been greater than a year ago, but production has been smaller. Con sumption of cotton in the cotton-growing states increased 20.6 per cent from August to September, and was 70.6 per cent greater than at the low point in July. In the three states of this District for which figures are available, con sumption of cotton increased 13.7 per cent, and the daily average increased 22.8 per cent, over August, and was 5.8 per cent greater than in September, 1931. Employment and production at cotton mills increased over August, but orders declined, but all of these items show gains over September last year. Production of pig iron in Alabama increased 14.7 per cent, and the daily average output 18.6 per cent, over August, but was substantially smaller than a year ago. Coal production in Alabama and Tennessee increased further in September. FINANCE Reserve Bank The total volume of reserve bank credit Credit outstanding at the Federal Reserve Bank of Atlanta declined during the last half of September but increased slightly during the two weeks end ing October 12. The decrease was due entirely to a reduc tion in discounts, holdings of purchased bills and of United States securities having increased. Total discounts declined from 33.4 millions on September 14 to 16.9 millions two weeks later, and on October 12 were 19.1 millions compared with 39.4 millions on the same report date last year. Discounts secured by United States Gov ernment obligations decreased from 5.6 millions on Sep tember 14 to 1.5 millions on September 28, but increased to 2.2 millions on October 12, compared with 5.5 millions (000 Omitted) Oct. 12, 1932 Sept. 14, 1932 Oct. 14, 1931 Bills Discounted: Secured by Govt. Obligations $ 2,248 All O thers __________ ________ 16,857 19,105 Total Discounts ____________.... Bills Bought in open m ark et_____ 2,089 46,692 U. S. Securities ________________ O ther Securities -------- --------------67,886 Total Bills and Securities-----88,340 Total Reserves ________________ Member Bank Reserve Deposits .. 41,583 50,332 Total Deposits _________________ F. R. Notes in actual circulation ..... 102,835 57.7 Reserve Ratio ___________________ $ 5,611 27,834 33,445 1,210 46,605 _____ 81,260 75,244 40,777 44,114 106,498 50.0 $ 5,474 26,104 31,578 39,436 22,340 600 93,954 94,558 52,731 63,995 117,205 52.2 Condition of Total loans and investments of 24 weekly Member Banks in reporting member banks located in AtSelected Cities lanta. New Orleans, Birmingham, Jack sonville, Nashville, Chattanooga, Mobile and Savannah increased by $7,859,000 between September 14 and October 12, and were then $63,310,000 less than on the same Wednesday in 1931. An increase of $6,501,000 in holdings of Government securities between September 14 and October 12 accounted for most of the increase, but there were also small gains in holdings of other securities, and an increase in “All Other” loans more than offset a decrease in loans on securities. Compared with the corre sponding report date a year ago, loans show a decline of $56,283,000 and investments a decline of $7,027,000. Between September 14 and October 12 time deposits de clined but demand deposits increased somewhat, and both continued below the levels for the corresponding report date a year ago. Bankers’ balances, however, increased during this four-week period and were greater than a year ago. Borrowings by these banks from the Federal Reserve Bank of Atlanta declined from nearly 19 millions on September 14 to 6.1 millions on September 28, the lowest point re corded for any Wednesday in more than a year. Principal items in the weekly report are shown compara tively in the table, and are followed by monthly averages of weekly figures for some of the more important items in the report, showing their trends over the past year. M O N T H L Y (000 Omitted) Oct. 12, 1932 Sept. 14, 1932 Oct. 14,1931 L o an s: $114,655 $106,281 On Securities __________________ $104,980 263.398 215,078 216,790 All Others . 378,053 321,359 Total Loans _________________ 321,770 92,379 87,121 93,622 U. S. Securities --------------------------92,404 84,134 83,187 Other Securities _________________ 184,783 170,308 Total Investm ents ___________ 177,756 562,836 491,667 Total Loans and Investm ents___ 499,526 218,156 194,396 Time Deposits ___________________ 194,094 272,005 215,739 Demand Deposits _____________ ___ 216,601 81,184 78,879 83,762 Due To Banks __________________ 74,452 64,048 80,502 Due From Banks ________________ 18,174 18,975 8,182 Borrowings from F. R. B ank-------- 1931 Aug. . Sept . Oct. . Nov. . Dec. . 1932 Ja n . • Feb. . M arch A pril . May . . Ju n e . Ju ly . Aug. . Sept. . Monthly Averages of Weekly Figures of R eporting Member Banks in Selected Cities. (000 Omitted) Loans on All O ther Invest- Demand Time Borrowings Securities Loans m ents Deposits Deposits from F. R. Bank $113,341 114.082 115,508 114,264 113,708 $263,351 262,759 261,950 258,929 252,428 $173,381 181,450 185,199 181,274 182,510 $290,772 280.966 267,026 259,056 254,486 $234,860 228,099 217,781 213,795 207,522 $ 6,109 11,060 22,348 80,762 29,992 109,658 107,587 106,645 106,573 110,647 110,611 108,987 105,815 106,068 245,706 241,360 237,979 234,239 227,871 221,415 218,055 217,168 214,809 178,755 178,555 178,162 176,037 177,477 175.588 170,186 172,591 175,623 244,147 237,630 237,662 234,990 226,776 200,591 196,661 198,274 194.704 194,830 192,402 189,892 195,237 195,538 27,919 26,542 18,342 19,307 15,582 18,677 24,532 17,944 12,967 221,211 213,908 212,576 215,013 Deposits of All For the first time since March, there was a Member Banks small increase in daily average demand de posits of all member banks in the Sixth District in September, over August, but a decrease of 24.5 per cent compared with September a year ago. Time de posits averaged slightly less than for August and were 12.5 per cent less than for September, 1931. Demand deposits averaged 2 per cent less than time deposits in September1, while a year ago they were 13.7 per cent greater. Changes over the past year are shown in the table. Demand Deposits 1931 A ugust September October __ November . December . 1932 Ja n u ary ... F ebruary . M a r c h ___ April -----May ____ J u n e ____ J u l y ------A u g u s t __ September Time Deposits $467,814,000 453,797,000 436,299,000 418,720,000 417,991,000 $407,324,000 399,268,000 386,669,000 376,443,000 371,425,000 412,279,000 398,252,000 398,756,000 395,649,000 379,044,000 366,332,000 350,364,000 341,792,000 342,608,000 370,341,000 361,376,000 360,419,000 357,522,000 354,710,000 350,648,000 349,040,000 351,530,000 349,445,000 Savings Deposits of 63 R eporting Banks (000 Omitted) N um ber Sept. Aug. Sept. Percentage chance of 1932 1932 1931 Sept. 1932, compared Banks with Aug. 1932 Sept. 1931 A tlan ta .................. . Birm ingham _ . .. Jacksonville —.......... .. Nashville .............. . New O rleans --------Other Cities ........... Total ....................... 4 3 4 5 6 41 63 $33,652 17,035 13,243 22,712 48,732 71,619 206,993 $33,635 17,304 13,273 23,202 48,984 71,933 208,331 $40,834 20,901 15,070 30,021 52,150 83,345 242,321 + 0 .1 —1.6 —0,2 —2.1 —0.5 —0.4 —0.6 —17.6 —18.5 —12.1 —24.3 — 6.6 —14.1 —14.6 Total charges against bank accounts reported during September from 26 clearing house centers of the Sixth District increased by 7 per cent over August, and averaged 21.6 per cent less than in September, 1931. All except five of these cities reported gains over August, and increases over September last year occurred at Macon, Newnan and Vicksburg. Monthly totals shown in the table are derived from weekly reports by pro-rating figures for those weeks which do not fall entirely within a single calendar month. Debits to Individual Accounts 3 R E V IE W Sept. 1932 Alabama— 4 Cities _ ____ ____ Birm ingham ................ ............... Dothan ............... ......................... _ Mobile _____ ______________ Montgomery ..... __ _________ Florida—4 Cities _________________ Jacksonville ___________________ Miami ............................ ....................... Pensacola ..... ........................... ....... T am pa ............... ........................... Georgia—10 Cities ......... ................. Albany ..................... ....................... A tlanta _______________________ A ugusta ........ ............... .... ............. ..... Brunswick .......................... - ........ Columbus ........................... ............ Elberton ______________ _______ Macon ___________ ____________ Newnan _______________________ Savannah _____________________ Valdosta ________________ _____ Louisiana—New Orleans _________ Mississippi—4 Cities ____________ H attiesburg ................................. — Jackson _______________________ M eridian ______________________ Vicksburg _____________________ Tennessee—3 Cities ______________ Chattanooga ...... ....................... ...... Knoxville _____________ - _______ Nashville ______________________ Total 26 Cities ...... ......................... ...... (000 Omitted) Aug. 1932 $ 87,765 54,464 2,221 20,150 10,930 64,694 35,537 10,171 4,067 14,919 161,055 2,532 97,776 11,973 1,460 7,486 580 11,391 1,250 24.277 2,330 199,834 25,603 2,622 13,656 5,463 3,862 91,232 25,032 18,188 48,012 $630,183 $ 80,127 48,785 1,312 18,968 11,062 68,067 36,949 11,509 4,011 15,598 150,567 2,105 92,433 11,095 1,509 6,769 441 11,213 981 21,713 2,308 182,237 20,325 2,316 10,365 4,645 2,999 87,539 22,777 17,157 47,605 $588,862 Sept. 1931 $126,358 83,304 2,532 25,998 14,524 83,527 43,470 14,030 5,470 20,557 207,107 3,937 129,537 14,795 2,031 10,592 589 11,294 1,157 29,666 3,509 229,226 29,183 3,846 15,187 6,498 3,652 128,821 35,421 28,826 64,574 $804,222 AGRICULTURE Prospective crop yields, according to the October report issued by the United States Department of Agriculture, improved from September to October in Mississippi, Florida, Louisiana and Georgia, but declined in Alabama and Ten nessee, as indicated by these percentages based upon 33 important crops: Alabama F lorida ... Georgia . ------------- —0.9 ________ -4-1.4 --------- +0.1 Louisiana .. Mississippi Tennessee _ + 1 .4 _ +1.8 __ —1.3 Prospective production of food and feed crops made little change in Georgia during the month. Light rains occurred over most of the northern and central part of the state and heavy rains in the southern part, causing some damage to corn and hay crops. Matured crops are being harvested rapidly and sowing of fall grains is in full progress. Sep tember weather conditions were mostly favorable to Florida citrus fruits, but in staple crop sections there was consid erable damage in local areas to peanuts, sugar cane, sweet potatoes and other crops. Commercial production of citrus for the season of 1932-33 is estimated at 18,500,000 boxes, of which 6,700,000 are grapefruit and 11,800,000 are oranges, including tangerines. Total production, which in cludes in addition to the above, fruit to be trucked, that for canning and juice extraction and home consumption, is estimated at 23,500,000 boxes, of which 9,200,000 boxes are grapefruit and 14,300,000 boxes oranges. Last year the total crop amounted to approximately 24,000,000 boxes, 10,200,000 of grapefruit and 13,800,000 oranges. Sizes are expected to be larger than last year, but the proportion of the crop to move before January 1 will be smaller than a year ago. October 1 prospects were for more corn in Geor gia and Florida than last year, but less in the other four states; smaller crops of oats than last year in all six states; more hay than in 1931 in Georgia, Florida and Alabama, but less in Tennessee, Mississippi and Louisiana; more sweet potatoes in all six states than last year, but less tobacco in the four producing states, smaller production of pecans in the five producing states, and larger crops of peanuts, except in Florida. Cotton A cotton crop of 11,425,000 bales is forecast for the United States by the Department’s October report based on conditions as of October 1. This represents an increase of 115,000 bales, or 1 per cent, over the Sep tember 1 forecast. Most of the increase over the Septem ber total took place in Mississippi, Louisiana, Arkansas and Oklahoma, but these increases were partly offset by declines in Texas and Tennessee. The October estimates for Georgia, Alabama and Florida were the same as those for September. 4 M O N T H LY R E V IE W T h e O c t o b e r e s t i m a t e f o r t h e S i x t h D i s t r i c t , o m it t i n g t h o s e p a r t s o f M is s is s ip p i, L o u is ia n a a n d T e n n e s s e e s i t u a t e d in o t h e r D i s t r i c t s , is 2 , 1 0 6 ,0 0 0 b a le s , l a r g e r b y 0 .7 p e r c e n t t h a n t h e e s t i m a t e a m o n t h a g o , b u t 7 .5 p e r c e n t l e s s t h a n t h e f i r s t e s t i m a t e o f t h e s e a s o n o n A u g u s t 1 , a n d 4 1 .5 p e r c e n t s m a lle r t h a n 1 9 3 1 p r o d u c t io n , a s in d ic a t e d in t h e t a b le . Cotton Production—Bales E stim ate E stim ate Percentage Production Percentage Oct. 1, 1932 Sept. 1, 1932 Comparison 1931 Comparison A labam a ________ 836,000 Florida __________ 16,000 Georgia _________ 795,000 Louisiana _______ 540,000 Mississippi ............ 1,100,000 Tennessee _______ 381,000 Sixth D istrict ____ 2,106,000 836,000 16,000 795,000 513,000 1,064,000 392,000 2,091,000 same same same + 5.3 -j- 3.4 — 2.8 + 0.7 1,420,000 43,000 1,393,000 900,000 1,761,000 594,000 3,597,000 —41.1 —62.8 —42.9 —40.0 —37.5 —35.9 —41.5 C o t to n g in n e d in t h e s e s t a t e s p r io r t o O c t o b e r 1 t h i s y e a r w a s l e s s b y 5 .5 p e r c e n t t h a n w a s g i n n e d u p t o t h e s a m e tim e la s t y e a r . T h e a v e r a g e p r ic e o f s p o t c o t t o n a t t e n d e s i g n a t e d m a r k e t s r o s e f r o m t h e lo w p o in t a t 4 .7 6 c e n t s o n J u n e 9 t o 8 .2 7 c e n t s p e r p o u n d o n A u g u s t 2 6 , b u t h a s s in c e d e c lin e d a n d o n O c t o b e r 1 4 w a s 6 .3 6 c e n t s , a s a g a in s t 5 .6 2 c e n t s o n O c to b e r 15 la s t y e a r . Sugar C ane and Sugar T h e O c t o b e r e s t i m a t e o f s u g a r p r o d u c t io n in t h e L o u is ia n a C a n e B e l t is 2 0 7 ,0 0 0 s h o r t t o n s , w h ic h c o m p a r e s w i t h t h e e s t i m a t e o f 2 1 3 ,0 1 0 s h o r t t o n s a m o n t h e a r lie r , a n d w it h 1 9 3 1 p r o d u c t io n o f 1 5 6 ,6 1 7 s h o r t t o n s . S ir u p p r o d u c t io n in t h e C a n e B e l t is n o w e s t im a t e d a t 3 ,7 2 3 ,0 0 0 g a llo n s , a g a i n s t a n e s t im a t e a m o n t h a g o o f 3 ,8 3 2 , 5 0 0 g a l l o n s a n d p r o d u c t io n in 1 9 3 1 o f 2 ,5 4 5 ,0 0 0 g a l l o n s , a n d o u t s id e t h e C a n e B e l t p r o d u c t io n is f o r e c a s t a t 2 , 2 4 2 , 5 0 0 g a ll o n s , t h e s a m e a s a m o n t h a g o , a n d c o m p a r e d w i t h 2 ,0 0 0 ,0 0 0 g a ll o n s in 1 9 3 1 . Sugar Movement (Pounds) Raw Sugar Sept. 1932 Aug. 1932 R eceipts: New O rleans __________ __ ____ 69,031,089 Savannah ___________________ 19,239,554 M eltings: New Orleans _________________ 92,690,997 Savannah _________________ ___ 33,570,950 Stocks: ________ 68,642,215 New Orleans ___ ________ 70,218,944 Savannah -----Refined Sugar (Pounds) Sept. 1932 Shipm ents: 83,073,452 New Orleans Savannah ... ......................... ............ 32,113,000 Stocks: New Orleans _______ ___ _____ _70,911,281 Savannah ____________________ _17,181,134 Sept. 1931 130,677,712 26,724,802 133,339,418 26,463,551 128,717,280 37,056,958 112,167,130 33,046,863 92,424,113 84,550,340 78,182,117 42,049,842 Aug. 1932 Sept. 1931 134,353,190 35,864,289 100,758,528 34,766,705 69,256,138 15,888,990 71,333,700 20,889,084 R ic e T h e O c t o b e r e s t i m a t e o f t h e L o u is ia n a r i c e c r o p i s t h e s a m e a s t h a t f o r S e p t e m b e r , 1 5 ,4 4 4 ,0 0 0 b u s h e ls , a g a i n s t 1 7 ,1 9 2 ,0 0 0 b u s h e ls p r o d u c e d in 1 9 3 1 . T h e p e r c e n t a g e o f r ic e a c r e a g e h a r v e s t e d b y O c t o b e r 1 w a s 5 2 p e r c e n t, a g a in st 5 4 p e r c e n t la s t y e a r , a n d th e p e r c e n t t h r e s h e d w a s 2 5 p e r c e n t , t h e s a m e as* a y e a r a g o . Rice Movement—New Orleans Sept. 1932 Aug. 1932 Rough Rice—B arrels: Receipts ---------------Shipm ents ------------Stocks _________ *__ Clean Rice—Pockets: Receipts Shipm ents — Stocks -------- Sept. 1931 76,072 90,908 3,565 81,451 80,543 18,401 87,617 87,457 4,639 123,726 82,918 145,484 102,207 96,345 104,676 157,666 139,048 118,955 Rice Millers Association Statistics (Barrels) September Receipts of Rough Rice: 862,094 Season 1932-33 1,455,075 Season 1931-32 Distribution of Milled Rice: 735,615 Season 1932-33 875,393 Season 1931-32 Stocks of Rough and Milled Rice: 1,224,839 October 1, 1932________________ 1,305,470 October 1, 1931________________ 1,282,880 1,837,364 1,385,323 1,302,321 F e r tiliz e r T a g S a le s S a le s o f f e r t iliz e r t a x t a g s b y S ta te a u th o r itie s in t h e s i x s t a t e s o f t h i s D i s t r i c t i n c r e a s e d f u r t h e r in S e p t e m b e r a n d w e r e 7 .3 p e r c e n t g r e a t e r t h a n in S e p t e m b e r a y e a r a g o . F o r th e tw o m o n th s o f t h e n e w s e a s o n t a g s a l e s h a v e a v e r a g e d 1 6 .5 p e r c e n t g r e a t e r t h a n in t h o s e m o n t h s o f 1 9 3 1 . F ig u r e s in t h e t a b l e a r e t a k e n f r o m s t a t i s t i c s c o m p ile d b y t h e N a t i o n a l F e r t i l i z e r A s s o c ia t i o n . Sept. 1932 300 Alabam a Florida 22,910 200 Georgia Louisiana ____ 4,001 Mississippi Tennessee .____ 4,925 T otal_______ 32,336 (Short Tons) Sept. Aug. 1 th ru Sept. 30 Percentage 1931 1932 1931 Comparison Aug. 1932 400 23,005 490 450 100 20,059 233 5,706 250 3,775 30,123 690 25,035 700 45,915 690 4,451 5,615 57,371 700 36,709 233 5,806 250 5,552 49,250 same + 25.1 +196.1 — 23.3 —100.0 + 1.1 + 16.5 TRADE R e t a il T rade D e p a r t m e n t s t o r e s a le s in t h e S ix t h D i s t r i c t i n c r e a se d fr o m A u g u s t to S e p te m b e r m o r e , b u t s t o c k s le s s , t h a n t h e g a i n s u s u a l ly s h o w n a t t h i s t i m e o f y e a r . S a le s b y 3 8 d e p a r t m e n t s t o r e s d u r in g S e p t e m b e r , w h ic h h a d 2 5 b u s i n e s s d a y s , g a i n e d 2 2 .5 p e r c e n t o v e r A u g u s t , w h ic h h a d 2 7 b u s i n e s s d a y s , a n d s o t h e t o t a l d a ily a v e r a g e s a le s i n c r e a s e d 3 2 .3 p e r c e n t . S e p t e m b e r s a l e s w e r e 1 0 .8 p e r c e n t l e s s t h a n in t h a t m o n t h o f l a s t y e a r , a n in c r e a s e o f 5 .5 p e r c e n t a t A t l a n t a p a r t ly o f f s e t t i n g d e c r e a s e s a t o t h e r p la c e s . T h e d e c r e a s e o f 1 0 .8 p e r c e n t is s m a lle r t h a n h a s b e e n s h o w n f o r a n y o f t h e p a s t t w e l v e m o n t h s in c o m p a r is o n w i t h t h e c o r r e s p o n d in g m o n t h a y e a r e a r lie r . T o t a l s a le s d u r in g t h e f i r s t n in e m o n t h s o f 1 9 3 2 h a v e a v e r a g e d 2 4 .1 p e r c e n t l e s s t h a n in t h a t p a r t o f 1 9 3 1 . T h e r a t io o f c r e d i t s a le s t o t o t a l s a l e s f o r S e p t e m b e r t h i s y e a r w a s 5 8 .4 , a n d f o r S e p t e m b e r l a s t y e a r 5 8 .5 . S t o c k s a t t h e e n d o f S e p t e m b e r w e r e 7 .2 p e r c e n t la r g e r t h a n a m o n t h e a r l i e r , b u t 2 3 .5 p e r c e n t s m a lle r t h a n a y e a r a g o . S t o c k t u r n o v e r f o r t h e m o n t h w a s h ig h e r t h a n f o r S e p t e m b e r , 1 9 3 1 , b u t f o r t h e n in e m o n t h s p e r io d w a s lo w e r . A c c o u n t s r e c e iv a b l e i n c r e a s e d 9 .5 p e r c e n t o v e r t h e m o n t h , b u t w e r e 1 6 .2 p e r c e n t le s s t h a n a y e a r a g o , a n d c o l l e c t i o n s d e c lin e d 0 .1 p e r c e n t f r o m A u g u s t a n d w e r e 2 3 .9 p e r c e n t s m a lle r t h a n in S e p t e m b e r , 1 9 3 1 . T h e r a t io o f c o l l e c t i o n s d u r in g S e p t e m b e r t o a c c o u n t s o u t s t a n d in g a n d d u e a t t h e b e g i n n i n g o f t h e m o n t h w a s 2 4 .8 p e r c e n t , f o r A u g u s t 2 4 .7 p e r c e n t , a n d f o r S e p t e m b e r l a s t y e a r 2 5 .8 p e r c e n t . F o r r e g u l a r a c c o u n t s t h e r a t io f o r S e p t e m b e r w a s 2 6 .4 p e r c e n t , f o r A u g u s t 2 6 .1 p e r c e n t , a n d f o r S e p t e m b e r l a s t y e a r 2 7 .7 p e r c e n t , a n d f o r i n s t a l l m e n t a c c o u n t s t h e r a t i o f o r S e p t e m b e r w a s 1 4 .3 p e r c e n t , f o r A u g u s t 1 4 .0 p e r c e n t , a n d f o r S e p t e m b e r a y e a r a g o 1 5 .2 p er c en t. A ll o f th e s e s ta tis tic s d o lla r a m o u n t s a n d t h e a llo w a n c e f o r c h a n g e s in m o n t h a r e s e t o u t in t h e a r e b a s e d u p o n r e p o r t s in a c t u a l p e r c e n t a g e c o m p a r is o n s m a k e n o t h e p r ic e l e v e l. C o m p a r is o n s f o r t h e t a b le . RETA IL TRADE IN THE SIXTH DISTRICT DURING SEPTEM BER, 1932 Based on confidential reports from 38 departm ent stores Comparison of N et Sales Comparison of Stocks Sept. 1932 Sept. 1932 Ja n . 1 to Sept. 30, Sept. 30, 1932 Sept. 30, 1932 w ith w ith 1932, with same with with Sept. 1931 Aug. 1932 period in 1931 Sept. 30, 1931 Aug. 31, 1932 H32.3 —18.3 [-17.9 —16.6 A tlan ta ( 3 ) ................. .. + 5.5 —29.0 -27.3 Birm ingham (4) ---------- —11.7 —23.9 - 7.0 —20.9 -27.6 —33.4 Chattanooga (5) --------- —13.0 - 6.8 —29.4 -25.1 -14.4 —18.1 Nashville (4) ------------- —13.1 —23.9 - 4.5 - 2.4 —22.6 New O rleans (5)............. —21.8 -41.9 —26.7 Other Cities (17)---------- — 9.5 —31.3 - 3.7 —24.1 -22.5 - 7.2 —23.5 DISTRICT (38) - .......... —10.8 N O T E : The rate of stock turnover is the ratio of sales during given period to average stocks on hand. Aug. 1 to Sept. 30 Rate of Stock Turnover Sept. 1931 .32 .19 .15 .18 .20 .20 .21 Sept. 1932 .43 .25 .19 .20 .20 .20 .24 Ja n . 1 to Sept. 30 1931 1932 3.15 3.01 1.82 1.79 1.51 1.59 1.92 1.60 1.76 1.67 1.82 1.46 1.98 1.85 5 M O N T H L Y R E V IE W W h o le s a le T rade F o ll o w i n g a p e r c e n t a g e g a in f r o m J u l y t o A u g u s t w h ic h h a d b e e n e x c e e d e d a t t h e s a m e t i m e o f t h e y e a r in o n ly t h r e e i n s t a n c e s d u r i n g t h e t w e l v e - y e a r p e r io d c o v e r e d b y t h i s s e r i e s , t o t a l s a l e s b y 1 0 7 r e p o r t i n g w h o le s a le f i r m s in e i g h t d i f f e r e n t li n e s in c r e a s e d f r o m A u g u s t t o S e p t e m b e r b y 1 6 .6 p e r c e n t . T h is i s a l a r g e r p e r c e n t a g e g a in t h a n h a s b e e n s h o w n f r o m A u g u s t t o S e p t e m b e r o f a n y o t h e r y e a r in t h e s e r i e s . F r o m t h e l o w p o i n t in J u l y t o S e p t e m b e r , w h o l e s a le t r a d e i n c r e a s e d 4 2 .6 p e r c e n t , c o m p a r e d w i t h 5 .3 p e r c e n t a t t h e s a m e t i m e in 1 9 3 1 , 1 5 .9 p e r c e n t in 1 9 3 0 , a n d 2 5 .4 p e r c e n t in 1 9 2 9 . A l l r e p o r t i n g l i n e s e x c e p t e l e c t r ic a l s u p p li e s s h a r e d t h e in c r e a s e o v e r A u g u s t , a n d d r y g o o d s s h o w a g a i n o v e r S e p t e m b e r , 1 9 3 1 , b u t o t h e r l in e s s h o w d e c r e a s e s c o m p a r e d w ith t h a t m o n th . C o m p a r is o n s o f c u m u la t iv e t o t a l s f o r t h e f i r s t n in e m o n t h s o f 1 9 3 2 w i t h t h a t p a r t o f 1 9 3 1 a r e s h o w n b elow !, a n d a r e f o l l o w e d b y d e t a ile d c o m p a r is o n s f o r t h e m o n t h . A l l o f t h e s e p e r c e n t a g e s a r e b a s e d u p o n r e p o r t s in a c t u a l d o lla r f i g u r e s , a n d m a k e n o a l lo w a n c e f o r t h e c h a n g in g l e v e l o f p r ic e s . Percentage Comparison Jan.-S ept., 1932, w ith ___________________________________________________same period in 1931 Sales by L ines: Groceries .......... ........................ ............... ... ............ ...... —22.3 —18.2 Dry Goods - __ _____________ ___ _______________ H ardw are .............. ...................... - ....................... ..... ...... —30.7 F u rn itu re ..................................... .... ................. ........ ...... —40.4 Electrical Supplies ________ _______________ ___ —41.1 Stationery! _________ ____________________ ______ —20.8 —21.9 Drugs .................. ..................... .......... ............... ............ Total_______________________________________ —26.5 W HOLESALE TRADE IN SEPTEM BER, 1932 Sixth Federal Reserve D istrict* P ercentage change Sept. 1932 Num ber of compared w ith __________________________________ Firm s________Aug. 1932______Sept. 1931 All Lines Combined: Sales ...................... ....................... . 107 — 13.3 + 16.6 — 20.4 Stocks on hand ...........................— 28 + 1.0 — 12.5 Accounts receivable __........ .... ... . 50 + 5.0 — 19.5 53 Collections ................... ...... ...... ~...~ + 8.4 Groceries: — 12.3 Sales ......... ...... ..... ......................... . 26 + 3.4 18.1 — 20.3 A tlan ta .............. ........ ................... 3 — 1.3 4 Jacksonville —............. .................. + 1.5 6.0 — 14.3 New Orleans ................... .........5 + — 4.5 0.7 Vicksburg ------------------ --- —..... 3 — 16.4 O ther Cities ------------------------11 - r 1.7 8.6 — 27.0 Stocks on hand -—....... ......... ....- 4 t -J- 2.2 11 Accounts receivable ....... ............— ~r 2.5 — 8.6 Collections ................... .......... . ~.... 12 + 0.7 D ry Goods: + 18.0 Sales —.................. - .............. .......... 17 + 45.5 + 11.6 Nashville _______ __ —............... 3 + 69.6 + 19.7 14 O ther Cities .......... ............. -........ + 40.5 4.9 — 22.1 Stocks on hand ------------ --- --- — 9 + — 11.6 Accounts receivable ....................... 10 4- 16.3 24.6 — 0.3 Collections ..................... ................... 11 H ard w are: — 20.3 Sales ........ ........................................ 25 - r 15.2 — 26.6 Nashville ........... - .......... ....... ...... 3 + 12.9 — 24.7 New Orleans --------------- ------ 5 + 17.9 14.0 — 15.9 O ther Cities --------------- --------17 + — 15.2 0.8 Stocks on hand ............................... 7 2.4 —- 12.8 Accounts receivable ....................... 15 — 28.8 Collections --------------- .................... 15 + 8.3 F u rn itu re : 38.7 — 19.0 Sales ............. ................. - ................. 11 + — 24.3 A tlan ta --------------------- ------ ---4 + 70.2 — 17.6 O ther Cities __________ _______ 7 + 32.6 6.2 — 17.5 Stocks on hand --------------- ---------5 — 36.4 Accounts receivable ..... ................. 6 + 7.7 30.3 — 47.1 Collections ........ ..................... - ......... 6 4E lectrical Supplies: __ — 46.1 2.9 Sales ...... ..................... ...................... 14 — 58.2 New Orleans ________________ 4 + 17.1 10.9 — 36.5 O ther Cities ........... .............. -....... 10 — 1.1 — 29.1 3 Stocks on hand ------------ ------ ---— 1.3 — 28.4 Accounts receivable -----------------4 — 44.3 C o llectio n s-----------------------------5 + 3.4 D ru g s: — 19.8 Sales _________________________ 8 + 8.4 — 7.8 Accounts receivable -----------------4 + 0.5 — 16.6 Collections ............. ......... ..... - ......... 4 + 13.7 S tatio n ery : 17.0 — 11.6 Sales --------------------------------------4 + * Based upon confidential reports from 107 firm s L ife In su ran ce S a l e s o f n e w , p a id - f o r , o r d in a r y l i f e in s u r a n c e d e c lin e d i n S e p t e m b e r , in t h e s i x s t a t e s o f t h i s D i s t r i c t , t o a n e w l o w l e v e l , a n d w e r e 1 9 .9 p e r c e n t l e s s t h a n in S e p t e m b e r , 1 9 3 1 . F i g u r e s in t h e t a b le a r e t a k e n f r o m t h o s e c o m p ile d b y t h e L i f e I n s u r a n c e S a l e s R esearch B ureau. Sept. 1932 Alabama ..__ $ 2,770 Florida ____ 2,770 5,262 Georgia Louisiana __ 3,922 1,603 Mississippi Tennessee __ 4,949 Total __ __ $21,276 Aug. 1932 $3,157 3,538 5,387 4,159 1,788 5,153 $23,182 (000 Omitted) Ja n . th ru Sept. Percentage Sept. 1931 Comparison 1931 1932 $ 39,035 — 25.0 $3,685 $ 29,271 44,399 — 21.3 34,927 3,992 72,447 — 20.0 57,937 6,458 47,666 — 21.4 37,451 4,293 21,589 — 24.4 16,313 1,752 66,991 — 21.2 6,391 52,793 $292,127 — 21.7 $228,692 $26,571 S t a t i s t i c s c o m p ile d b y R . G . D u n & C o m p a n y i n d i c a t e t h e r e w e r e 2 ,1 8 2 b u s i n e s s f a i l u r e s in t h e U n it e d S t a t e s d u r in g S e p t e m b e r , a d e c lin e o f 2 2 p e r c e n t f r o m t h e n u m b e r in A u g u s t a n d 1 2 .7 p e r c e n t m o r e t h a n in S e p t e m b e r l a s t y e a r , a n d l i a b i l i t i e s f o r S e p t e m b e r a m o u n t e d t o $ 5 6 ,1 2 7 ,6 3 4 , s m a lle r b y 2 7 .1 p e r c e n t t h a n f o r A u g u s t b u t 1 8 .8 p e r c e n t g r e a t e r t h a n f o r S e p tem b er, 1 9 3 1 . I n t h e S ix t h D is t r i c t t h e r e w e r e 1 2 5 b u s in e s s f a i l u r e s in S e p t e m b e r , 1 4 1 in A u g u s t a n d 1 1 1 in S e p t e m b e r a y e a r a g o , a n d l i a b i l i t i e s f o r S e p t e m b e r t o t a l e d $ 2 ,0 6 8 ,7 5 0 , s m a lle r b y 2 1 .5 p e r c e n t t h a n f o r A u g u s t a n d l e s s t h a n f o r a n y o t h e r m o n t h s in c e S e p t e m b e r , 1 9 3 1 , b u t 3 0 p e r c e n t g r e a t e r t h a n f o r t h a t m o n t h . C u m u la t iv e t o t a l s f o r t h e f i r s t t h r e e q u a r t e r s o f 1 9 3 2 a m o u n t t o 1 ,1 1 7 i n n u m b e r , a d e c r e a s e o f 1 3 .3 p e r c e n t f r o m t h a t p a r t o f l a s t y e a r , a n d $ 2 6 ,5 5 8 ,0 0 0 in l i a b i li t ie s , a n in c r e a s e o f 1 3 .9 p e r c e n t o v e r t h o s e f o r t h e s a m e p e r io d i n 1 9 3 1 . 1--- ------— ------- Grain E xports—-New Orleans (Bushels) September September July 1 through Sept. 30 1932 1931 1932 1931 128,854 345,957 W heat ................ - 125,238 1,001,464 4,136 16,762 3,127 C o r n ...................._____ 22,700 46,289 111,325 Oats _______ _______ 65,826 145,747 _____ 63,285 Barley ................ 179,279 508,466 1,198,774 Total --------- _____ 194,191 C o m m e r c ia l F a ilu r e s IN D U S T R Y B u ild in g a n d C o n s t r u c t io n F u r t h e r g a in s w e r e r e c o r d e d i n t h e t o t a l o f b u ild in g p e r m it s is s u e d a t t w e n t y r e p o r t i n g c i t i e s in t h e S i x t h D is t r ic t , a n d in c o n t r a c t s a w a r d e d in t h e D is t r i c t a s a w h o le , d u r in g S e p t e m b e r o v e r t h e t w o p r e v io u s m o n t h s , b u t b o t h s e r i e s c o n t in u e d l e s s t h a n f o r t h e c o r r e s p o n d in g m o n t h o f 1 9 3 1 . T o t a l b u i ld i n g p e r m i t s i s s u e d a t t h e t w e n t y r e p o r t i n g c i t i e s i n c r e a s e d 3 0 .9 p e r c e n t in S e p t e m b e r o v e r A u g u s t . T h e in c r e a s e in t h e t o t a l w a s d u e t o a p e r m it f o r t h e c o n s t r u c t io n o f a F e d e r a l b u ild in g a t K n o x v i lle t o c o s t a p p r o x i m a t e ly $ 9 5 4 ,0 0 0 , a s w i t h o u t t h i s t h e t o t a l w o u ld h a v e b e e n s m a lle r t h a n f o r A u g u s t . T w e lv e c i t i e s r e p o r t e d d e c r e a s e s f r o m A u g u s t t o S e p t e m b e r , a n d o n ly t h r e e c i t i e s s h o w g a i n s o v e r S e p te m b e r la st y e a r . C o m b in e d t o t a l s f o r t h e f i r s t n i n e m o n t h s a m o u n t t o $ 1 3 ,2 6 9 ,7 8 7 , a d e c r e a s e o f 4 2 p e r c e n t c o m p a r e d w i t h t h e c o r r e s p o n d in g p a r t o f 1 9 3 1 , a n d 6 4 .1 p e r c e n t l e s s t h a n f o r t h e s a m e p e r io d in 1 9 3 0 . C o m p a r is o n s f o r t h e m o n t h a r e s e t o u t in t h e t a b le . Number September City 1932 1931 Alabama Anniston ______ 4 13 156 Birm ingham .______ 151 35 Mobile .......... .______ 34 Montgomery ........... . 96 93 Florida 281 Jacksonville ~______ 315 349 Miami --------- ____ 320 38 Miami Beach . ............ 24 59 36 Orlando ________ __ 223 Tam pa ........... ............. 221 Georgia 312 A tlanta ..........______ 206 39 113 A ugusta ------- ....... 23 24 Columbus _________ ............. 199 203 Macon ....... . 14 Savannah ___...........13 Louisiana 121 New Orleans .______ 110 72 88 Alexandria ................. Tennessee 292 Chattanooga .______ 159 4 4 Johnson City .______ __ ___ 41 Knoxville ----142 Nashville ------______ 174 2,559 Total 20 Cities...______ 2,242 Index N um ber ... Value September 1932 1931 Percentage change in value $ 5,300 56,720 46,900 22,825 $ 6,260 106,433 162,254 45,862 — — — — 15.3 46.7 71.1 50.2 93,010 59,243 52,275 14,795 37,337 103,655 208,158 295,656 16,960 36,206 — — — — + 10.3 71.5 82.3 12.8 3.1 101,614 5,966 2,175 28,442 14,370 256,077 23,010 53,652 45,938 10,725 — — — — + 60.3 74.1 95.9 38.1 34.0 271,030 22,955 516,216 61,528 — 47.5 — 62.7 55,964 3,500 1,008,508 96,539 1,999,468 17.8 130,332 19,700 284,110 110,803 2,493,535 22.2 — 57.1 — 82.2 +255.0 — 12.9 — 19.8 6 M O N T H L Y R E V IE W C o n t r a c t a w a r d s in t h e S ix t h D is t r ic t , a c c o r d in g 1 t o s t a t i s t i c s c o m p ile d b y t h e F . W . D o d g e C o r p o r a t io n a n d s u b d iv id e d i n t o d i s t r i c t t o t a l s b y t h e F e d e r a l R e s e r v e B o a r d ’s D iv is io n o f R e s e a r c h a n d S t a t i s t i c s , g a in e d f u r t h e r in S e p t e m b e r b y 1 4 .4 p e r c e n t , a n d w e r e t h e l a r g e s t s in c e O c t o b e r l a s t y e a r , a lt h o u g h 3 1 p e r c e n t l e s s t h a n f o r S e p t e m b e r a y e a r a g o . R e s i d e n t i a l c o n t r a c t s d e c lin e d o v e r t h e m o n t h , b u t o th e r c o n tr a c ts in c r e a s e d 17 p e r c e n t. T h e r e w e r e in c r e a s e s o v e r A u g u s t in A la b a m a , L o u is ia n a a n d E a s t T e n n e s s e e , a n d in c r e a s e s o v e r S e p te m b e r , 1 9 3 1 , w e r e r e p o r te d f o r A la b a m a a n d E a s t T e n n e s s e e . P a r t s o f t h e f i g u r e s in t h e t a b l e f o r L o u is ia n a a n d M is s is s ip p i a p p ly t o o t h e r F e d e r a l R e s e r v e D is tr ic ts . Sept. 1932 Sixth D istrict—T otal_$9,469,910 Residential _______ 1,004,540 All Others ________ 8,465,370 State T otals: Alabam a _________ $2,023,500 Florida ___________ 979,300 Georgia __________ 798,800 Louisiana ________ 3,518,000 Mississippi _______ 1,226,600 Tennessee (6th Dist.) 2,464,600 Aug. Percentage 1932 Comparison Sept. 1931 Percentage Comparison $8,277,027 1,039,116 7,237,911 + 14.4 $13,722,137 3.3 2,413,115 + 17.0 11,309,022 —31.0 —58.4 —25.1 $ 633,600 1,043,400 3.654.200 2,346,300 1.609.200 523,100 +219.4 — 6.1 — 77.6 + 49.9 — 23.8 +371.2 +29.7 —72.4 —66.9 —28.1 —33.0 + 45.4 $1,559,800 3,542,800 2.413.000 4.891.000 1.830.000 1,694,700 C u m u la t iv e t o t a l s f o r t h e n i n e m o n t h s o f 1 9 3 2 f o r t h e D i s t r i c t a m o u n t t o $ 6 0 , 4 4 8 ,1 7 5 , a d e c r e a s e o f 5 9 .6 p e r c e n t c o m p a r e d w it h t h e t o t a l o f $ 1 4 9 ,5 2 5 ,1 6 8 f o r t h a t p a r t o f 1 9 3 1 . R e s i d e n t i a l c o n t r a c t s w e r e 4 9 .3 p e r c e n t , a n d o t h e r c o n t r a c t s 6 1 .6 p e r c e n t , l e s s t h a n in t h e f i r s t t h r e e q u a r t e r s of 1931. T o t a l c o n t r a c t a w a r d s in t h e 3 7 s t a t e s e a s t o f t h e R o c k y M o u n t a in s w e r e in S e p t e m b e r $ 1 2 7 ,5 2 6 ,7 0 0 , s m a lle r b y 4 .8 p e r c e n t t h a n in A u g u s t a n d 4 9 .2 p e r c e n t l e s s t h a n in S e p t e m b e r a y e a r a g o . R e s i d e n t ia l c o n t r a c t s in c r e a s e d 9 .8 p e r c e n t , a n d p u b lic w o r k s a n d u t i l i t i e s 7 .1 p e r c e n t , o v e r A u g u s t , a n d n o n - r e s i d e n t i a l b u i l d i n g d e c lin e d 2 6 .6 p e r c e n t . F o r t e n c o n s e c u t i v e w e e k s , t h o s e e n d in g A u g u s t 20 th r o u g h O cto b er 8, th e sta te m e n t o f th e S o u t h e r n P in e A s s o c i a t io n h a s s h o w n a la r g e r v o lu m e o f o r d e r s b o o k e d b y r e p o r t in g m i ll s t h a n f o r c o r r e s p o n d in g w e e k s a y e a r a g o . S in c e t h e f i r s t o f S e p t e m b e r o r d e r s r e p o r t e d b y i d e n t i c a l m ills h a v e a v e r a g e d 2 1 p e r c e n t g r e a t e r , a n d p r o d u c t io n 1 6 .5 p e r c e n t le s s , t h a n f o r t h e s a m e m ills in t h a t p a r t o f 1 9 3 1 . T h e S o u t h e r n L u m b e r m a n f o r O c t o b e r 1 5 r e p o r t s “ A f a i r l y s t e a d y d e m a n d f o r S o u t h e r n p in e c o n t i n u e s , a lt h o u g h t h e v o lu m e o f b u s in e s s is n o t u p t o t h e l e v e l o f t w o w e e k s a g o . T h e f a l l i n g o f f h a s b e e n p r in c ip a lly in t h e t r a d e w i t h r e t a i l y a r d s . R a ilr o a d p u r c h a s in g a g e n t s a r e s h o w in g c o n s id e r a b ly m o r e a c t i v i t y , a n d t h e in d u s t r ia l t r a d e i s a ls o d is p la y in g m o r e l i f e t h a n i t h a s s h o w n f o r a l o n g t im e . M ill s t o c k s a r e g e t t i n g t o b e r a t h e r b a d ly b r o k e n , a n d p r ic e s a r e d i s t i n c t l y f i r m e r .” U n f i l l e d o r d e r s f o r i d e n t i c a l m i ll s d u r in g t h i s s ix w e e k s p e r io d h a v e a v e r a g e d o n ly 1 .5 p e r c e n t l e s s t h a n a y e a r a g o , a n d f o r t h e t w o w e e k s e n d in g O c t o b e r 1 a n d 8 w e r e g r e a t e r t h a n f o r c o r r e s p o n d in g w e e k s in 1 9 3 1 . C o m p a r is o n s o f w e e k l y f i g u r e s f o r i d e n t i c a l m i ll s a r e s h o w n in t h e t a b le . a n d f o r t h e c o u n t r y a v e r a g e d 8 .5 p e r c e n t m o r e t h a n in A u g u s t , b u t w e r e 5 .3 p e r c e n t l e s s t h a n in S e p t e m b e r a y e a r a g o . E x p o r t s in c r e a s e d b y 6 2 .3 p e r c e n t o v e r A u g u s t , a n d w e r e 3 1 .4 p e r c e n t g r e a t e r t h a n in S e p t e m b e r , 1 9 3 1 . C e n s u s B u r e a u f i g u r e s a r e s h o w n c o m p a r a t iv e ly in t h e t a b le . U nited S tates—Bales Sept. 1932 Cotton Consumed ________________ 491,655 Stocks ___ ______ _________________ 9,056,566 In Consuming Establishm ents......... 1,087,286 In Public Storage and a t Compresses 7,969,280 733,665 E xports ................................................... Im ports _______________ ___ _______ 6,955 Active Spindles—Number ______ 23,883,948 Cotton Growing States—Bales 407,966 Cotton Consumed _________________ Stocks ______________ _____________ 8,372,765 In Consuming Establishm ents___ 832,288 In Public Storage and a t Compresses 7,540,477 Active Spindles—Number _________ 16,701,442 O ther States—Bales 83,689 Cotton Consumed ------------------------Stocks ------------ ----------------------------683,801 In Consuming Establishm ents 254,998 In Public Storage and a t Compresses 428,803 Active Spindles—N um ber _________ 7,182,546 Aug. 1932 402,601 7,637,984 1,090,421 6,547,563 452,154 7,223 22,022,490 Sept. 1931 464,335 7,076,266 777,858 6,298,408 558,192 5,425 25,230,618 338,170 6,928,294 826,312 6,101,982 16,227,232 377,531 6,471,052 511,671 5,959,381 16,838,338 64,431 709,690 264,109 445,581 5,795,258 86,804 605,214 266,187 339,027 8,392,280 C e n s u s f i g u r e s f o r G e o r g ia , A la b a m a a n d T e n n e s s e e s h o w a g a in in c o m b in e d c o n s u m p t io n in t h e s e t h r e e s t a t e s o f 1 3 .7 p e r c e n t f r o m A u g u s t t o S e p t e m b e r , a n d a n in c r e a s e o f 5 .8 p e r c e n t o v e r S e p t e m b e r , 1 9 3 1 . D a i ly a v e r a g e c o n s u m p t io n in c r e a s e d 2 2 .8 p e r c e n t o v e r t h e m o n t h . D a i ly a v e r a g e c o n s u m p t io n in A la b a m a w a s t h e l a r g e s t s in c e O c t o b e r , 1 9 2 9 , a n d in G e o r g ia s i n c e A p r il, 1 9 3 1 . Sept. 1932 Alabama _______ 54,379 Georgia ________ 86,180 Tennessee ______ 12,504 Total_______ 153,063 Bales Consumed Aug. 1932 % Change Sept. 1931 46,500 + 16.9 48,806 76,196 + 13.1 80,777 11,912 + 5.0 15,051 134,608 + 13.7 144,634 % Change +11.4 + 6.7 —16.9 + 5.8 L u m b er Week N um ber E nded: of Mills Sept. 3— __107 Sept. 1 0 - __112 Sept. 17—__105 Sept. 24___113 Oct. 1___ __ 99 Oct. 8 ___ ....103 (In Thousands of Feet) Production Orders 1932 1931 1932 1931 19.054 23,260 28,879 39,655 21,145 24,808 28,648 31,840 26,101 29,745 20,870 34,930 19,704 25,383 27,005 31,427 20,182 24,295 23,876 33,249 20,404 21,840 24,486 26,205 C o n s u m p t io n o f C o tto n Unfilled 1932 73,759 78,065 77,371 76,528 73,313 72,696 Orders 1931 77,222 80,783 80,606 78,392 70,088 71,536 T h e r e w e r e f u r t h e r i n c r e a s e s in S e p t e m b e r o v e r p r e v io u s m o n t h s in t h e c o n s u m p t io n o f c o t t o n b y A m e r ic a n m ills , in t h e n u m b e r o f s p in d le s a c t i v e , a n d in e x p o r t s . S t o c k s a ls o in c r e a s e d a s t h e h a r v e s t i n g s e a s o n p r o g r e s s e d . S e p t e m b e r c o n s u m p t io n o f c o t t o n b y A m e r ic a n m i ll s in c r e a s e d 2 2 .1 p e r c e n t o v e r A u g u s t , w a s 7 6 .4 p e r c e n t g r e a t e r t h a n t h e lo w p o in t in J u ly , a n d w a s 5 .9 p e r c e n t g r e a t e r t h a n in S e p t e m b e r , 1 9 3 1 . C o n s u m p tio n in t h e c o t t o n s t a t e s in c r e a s e d 2 0 .6 p e r c e n t f r o m A u g u s t t o S e p t e m b e r , w a s 8 .1 p e r c e n t g r e a t e r t h a n in S e p te m b e r la s t y e a r , an d w a s la r g e r th a n f o r a n y m o n th s in c e O c t o b e r , 1 9 3 0 . C o n s u m p tio n in o t h e r s t a t e s in c r e a s e d 2 9 .9 p e r c e n t o v e r A u g u s t , b u t w a s 3 .6 p e r c e n t s m a lle r t h a n in S e p t e m b e r l a s t y e a r . A c t i v e s p in d le s in c r e a s e d 2 .9 p e r c e n t in t h e c o t t o n s t a t e s , 2 3 .9 p e r c e n t in o t h e r s t a t e s , C o tto n M a n u f a c t u r in g F u r t h e r g a i n s in p r o d u c t io n , s h i p m e n t s a n d e m p l o y m e n t a r e in d ic a t e d in S e p t e m b e r r e p o r t s r e c e iv e d f r o m c o t t o n m i ll s in t h i s D is t r ic t . S t o c k s d e c lin e d f r o m A u g u s t t o S e p t e m b e r , a n d a d e c r e a s e in o r d e r s b o o k e d w a s l a r g e l y d u e t o t h e l a r g e b o o k in g s in A u g u s t b y s o m e o f t h e la r g e r m ills . A ll r e p o r t e d ite m s sh o w g a in s o v e r S e p te m b e r , 1 9 3 1 . N u m b e r o f w o r k e r s a t c o t t o n g o o d s m ills in c r e a s e d 6 .3 p e r c e n t f r o m J u l y t o A u g u s t a n d 6 .2 p e r c e n t f u r t h e r f r o m A u g u s t t o S e p t e m b e r , a n d w a s 1 .8 p e r c e n t g r e a t e r t h a n a y e a r a g o , a n d t h e n u m b e r o f w o r k e r s a t y a r n m i ll s i n c r e a s e d 8 .4 p e r c e n t o v e r A u g u s t a n d w a s 1 4 .5 p e r c e n t g r e a t e r t h a n f o r S e p t e m b e r , 1 9 3 1 . C o m p a r is o n s o f f i g u r e s r e p o r t e d f o r t h e m o n t h a r e s h o w n in t h e t a b l e . N um ber of Mills Cotton C loth: Production __________________ Shipm ents ______ _____ ______ Orders booked _______________ Unfilled orders ______________ Stocks on hand ______________ Num ber on payroll ______ ___ Cotton Y arn : Production ____________ _____ Shipm ents ....... ............... ............. Orders booked _______________ _____ U nfilled orders ______________ Stocks on hand ___ ____ ______ Number on payroll __________ C o tto n S e e d a n d C o tto n S e e d P r o d u c ts Percentage change Sept. 1932, compared with Aug. 1932 Sept. 1931 18 17 13 15 16 17 + 16.7 + 9.0 — 52.4 + 0.2 — 3.5 + 6.2 + + + + + + 16.8 40.9 39.8 88.1 13.3 1.8 12 12 7 9 11 11 + 26.3 + 22.9 — 8.8 — 1.5 — 8.3 + 8.4 + + + + + + 6.0 4.8 97.8 38.3 37.9 14.5 O p e r a t io n s o f c o t t o n s e e d o il m ills , b o t h in t h e c o u n t r y a s a w h o le a n d in t h e f o u r s t a t e s o f t h i s D i s t r i c t f o r w h ic h f i g u r e s a r e a v a ila b le , in c r e a s e d s e a s o n a ll y in S e p te m b e r o v er A u g u st, th e fir s t m o n th o f th e n e w se a so n , and w e r e a ls o a t a m u c h h ig h e r l e v e l t h a n in S e p t e m b e r l a s t y e a r . S e e d c r u s h e d d u r in g S e p t e m b e r w a s 3 2 .1 p e r c e n t in t h i s D is t r i c t , a n d 4 1 .8 p e r c e n t in t h e c o u n t r y , g r e a t e r t h a n in S e p t e m b e r , 1 9 3 1 , a n d p r o d u c t io n o f t h e p r in c ip a l c o t t o n s e e d p r o d u c t s s h o w s im ila r i n c r e a s e s . S t o c k s o f s e e d , a n d o f m a n u f a c t u r e d p r o d u c t s a t t h e e n d o f S e p t e m b e r w e r e a ls o g r e a t e r t h a n a t t h e s a m e t im e a y e a r a g o . C o m b in e d f i g u r e s f o r G e o r g ia , A la b a m a , L o u is ia n a a n d M is s is s ip p i a r e s h o w n c o m p a r a t iv e ly in t h e f i r s t t w o c o lu m n s o f t h e t a b l e , a n d t o t a l s f o r t h e c o u n t r y a r e s h o w n in t h e l a s t t w o c o lu m n s . 7 M O N T H L Y R E V IE W Cotton Seed and Cotton Seed Products "Sixth D istrict U nited States Aug. 1 to Sept. 30 Aug. 1 to Sept. 30 1932 1931 1932 1931 Cotton Seed, T ons: 1,088,693 284,679 399,440 Received a t m i l l s -------721,840 171,202 226,238 Crushed —----------------666,877 117,258 221,138 On H and, Sept. 30------Production: 52,238,574 218,737,556 Crude Oil, lbs............ ............. 72,290,487 326,826 73,425 Cake and Meal, to n s -------98,066 204,792 47,361 Hulls, tons ______________ 63,275 108,486 28,489 Linters, bales ------------------38,932 Stocks a t Mills, Sept. 64,158,654 12,916,563 ..19,223,893 Crude oil, lbs. 201,421 37,994 52,245 Cake and Meal, tons.. 201,622 19,239 65,946 Hulls, tons ________ 228,636 77,194 69,010 L inters, bales -------* Georgia, Alabam a, L ouisiana and Mississippi. 966,753 508,896 482,641 153,241,233 229,069 142,032 77,593 44,591,452 118,885 101,582 200,297 E le c tr ic P ow er A f t e r d e c l i n i n g f r o m 4 6 0 m i lli o n k i l o w a t t h o u r s in M a r c h t o a p p r o x im a t e ly 4 1 7 m illio n in J u ly , p r o d u c t io n o f e l e c t r i c p o w e r f o r p u b lic u s e in t h e s i x s t a t e s o f t h i s D i s t r i c t in c r e a s e d 8 .8 p e r c e n t in A u g u s t o v e r J u ly , a n d w a s o n ly 4 .2 p e r c e n t l e s s t h a n in A u g u s t , 1 9 3 1 . P r o d u c t io n b y u s e o f w a t e r p o w e r in c r e a s e d 7 .3 p e r c e n t o v e r J u l y a n d w a s s l i g h t l y l a r g e r t h a n a y e a r a g o , a n d o u t p u t b y u s e o f f u e l s g a i n e d 1 1 .5 p e r c e n t o v e r J u l y b u t w a s 1 1 p e r c e n t l e s s t h a n in A u g u s t , 1 9 3 1 . C o n s u m p t io n o f c o a l i n c r e a s e d 9 .1 p e r c e n t , a n d o f n a t u r a l g a s 1 7 .7 p e r c e n t , b u t u s e o f f u e l o il d e c lin e d s l ig h t l y , f r o m J u l y t o A u g u s t , b u t a ll o f t h e s e s h o w d e c r e a s e s c o m p a r e d w ith A u g u s t la s t y e a r . C u m u la t iv e t o t a l s f o r t h e f i r s t e ig h t m o n t h s o f 1 9 3 2 s h o w d e c r e a s e s o f 8 .2 p e r c e n t in t o t a l p r o d u c t io n o f e le c t r ic p o w e r , 5 .9 p e r c e n t in t h a t p r o d u c e d b y w a t e r p o w e r a n d 1 2 .3 p e r c e n t in t h a t p r o d u c e d b y u s e o f f u e l s , c o m p a r e d w i t h t h a t p a r t o f 1 9 3 1 . C o m p a r is o n s f o r t h e m o n t h , s h o w n b e lo w , a r e c o m b in e d t o t a l s f o r A la b a m a , F lo r id a , G e o r g ia , L o u is ia n a , M is s is s ip p i a n d T e n n e s s e e , a n d a r e t a k e n f r o m f i g u r e s c o m p ile d b y t h e U n i t e d S t a t e s G e o lo g ic a l S u r v e y . Aug. 1932 July 1932 Production of Electric Power 453,612 in k.w. h o u rs: T o ta l................. -_____ 287,035 By use o f : W ater Power ............... _____ 166,577 Fuels ------------------------ ........... Fuels Consumed in Production of Electric P o w er: 10,605 Coal—tons .................... .............. ~ Fuel Oil—bbls------------------------ -........... 165,817 N atu ral Gas—000 cu. f t .-------- _____ 2,022,828 Aug. 1931 416,905 267,569 149,336 473,546 286,276 187,270 9,721 167,512 1,718,049 20,713 172,812 2,148,758 B itu m in o u s C o a l M in in g T h e i n c r e a s e in t h e w e e k l y f i g u r e s s h o w in g t h e p r o d u c t io n o f b it u m in o u s c o a l in t h e U n i t e d S t a t e s s in c e t h e l o w p o in t r e a c h e d f o r t h e w e e k e n d i n g J u l y 9 a n d w h ic h in c lu d e d t h e F o u r t h o f J u l y h o lid a y , h a s b e e n in t e r r u p t e d o n ly t w i c e — t h e f i r s t t i m e b y a s m a ll d e c r e a s e s h o w n in t h e f i r s t w e e k in A u g u s t , a n d b y a d e c l i n e s h o w n f o r t h e w e e k e n d in g S e p t e m b e r 1 0 w h ic h i n c lu d e d t h e L a b o r D a y h o lid a y . A f t e r in c r e a s i n g 2 5 .8 p e r c e n t f r o m J u l y t o A u g u s t , p r e lim in a r y f i g u r e s f o r S e p t e m b e r s h o w a f u r t h e r in c r e a s e o f 1 6 .8 p e r c e n t in t o t a l , a n d o f 2 4 .6 p e r c e n t in d a ily a v e r a g e , p r o d u c t io n in S e p t e m b er o v er A u g u st. September, 1932 August, 1932 — September, 1931 ____ ____ ____ Total Production (tons) Num ber of working days 26,266,000 22,489,000 31,919,000 25.3 27 25.3 A verage per working day (tons) 1.038.000 833,000 1.262.000 W e e k l y p r o d u c t io n f i g u r e s f o r A la b a m a a n d T e n n e s s e e s h o w f u r t h e r g a i n s in S e p t e m b e r o v e r A u g u s t , b u t c o n t i n u e l e s s t h a n f o r c o r r e s p o n d in g w e e k s a y e a r a g o . W e e k ly c o m p a r is o n s f o l l o w : Week E nded: September September September September October 1 October 8 .... 8 ................ 10 -----------_______ 17 -----------_______ 24 ............ ______ ................. . ............. --------------- _______ U nited States 1932 1931 5,644 5,304 6,145 6,325 6,790 7,255 7,621 6,784 7,244 7,432 7,860 7,848 Alabam a 1932 1931 162 144 161 163 183 — 231 193 203 196 211 Tennessee 1932 1931 57 53 61 61 62 — 88 78 83 74 82 P ig I r o n S t a t i s t i c s c o m p ile d a n d p u b lis h e d b y t h e I r o n P r o d u c t io n A g e i n d ic a t e a g a i n o f 1 1 .7 p e r c e n t in t o t a l p r o d u c t io n o f p i g ir o n in t h e U n it e d S t a t e s in S e p te m b e r o v e r A u g u s t, a n d b e c a u s e o f th e s h o r te r m o n t h , a n in c r e a s e o f 1 5 .4 p e r c e n t in d a ily a v e r a g e o u tp u t . S e p t e m b e r p r o d u c t io n w a s 4 9 .3 p e r c e n t l e s s t h a n a y e a r a g o . A c t i v e f u r n a c e s in c r e a s e d b y 5 , f r o m S e p t e m b e r 1 t o O c t o b e r 1 , w h ile a t t h e s a m e t i m e l a s t y e a r t h e r e w a s a d e c r e a s e o f 3 in t h e n u m b e r a c t i v e . C u m u la t iv e p r o d u c t io n f o r t h e n in e m o n t h s o f 1 9 3 2 a m o u n t e d t o 6 ,8 6 4 ,2 7 5 t o n s , a d e c r e a s e o f 5 4 .3 p e r c e n t c o m p a r e d w i t h t h e 1 5 ,0 1 8 ,0 3 4 t o n s p r o d u c e d in t h a t p a r t o f 1 9 3 1 . S e p t e m b e r p r o d u c t io n o f p ig ir o n in A la b a m a in c r e a s e d 1 4 .7 p e r c e n t , a n d t h e d a ily a v e r a g e in c r e a s e d 1 8 .6 p e r c e n t , f r o m A u g u s t , b u t w a s 7 2 p e r c e n t l e s s t h a n in S e p t e m b e r , 1 9 3 1 . L a s t y e a r t h e r e w a s a s u b s t a n t ia l d e c lin e f r o m A u g u s t t o S e p t e m b e r . A c t i v e f u r n a c e s in c r e a s e d f r o m 2 o n S e p t e m b e r 1 t o 3 o n O c t o b e r 1 , c o m p a r e d w i t h 9 a c t iv e a y e a r a g o . C u m u la t iv e p r o d u c t io n f o r t h e n in e m o n t h s o f 1 9 3 2 h a s a m o u n t e d t o 5 1 5 ,2 2 2 t o n s , a d e c r e a s e o f 6 3 .5 p e r c e n t c o m p a r e d w it h t h e t o t a l o f 1 ,4 1 0 ,1 3 3 t o n s p r o d u c e d d u r in g t h a t p e r io d a y e a r a g o . P r e s s r e p o r t s in d i c a t e t h a t s in c e O c t o b e r 1 o n e a d d it io n a l f u r n a c e h a s b e e n b lo w n in , a n d t h e r e h a s b e e n s o m e s l ig h t im p r o v e m e n t in s a l e s a n d s h ip m e n t s o v e r p r e c e d in g w e e k s . S t e e l t o n n a g e i s m a i n t a i n i n g a f a ir le v e l, a n d S e p te m b e r p r o v e d to b e s o m e w h a t b e tte r t h a n A u g u s t . O p e n -h e a r th o p e r a t io n s c o n t in u e a t a b o u t t h e sa m e le v e l w ith e ig h t u n its a c tiv e . Sept. 1932 U nited S tates: Production—tons ______ ___ ___ ____ Average per day—tons ___ ............... •Active furnaces — ............................... A labam a: __ Production—tons _________ Average per day—to n s......... *Active furnaces ______ ____ ________ Aug. 1932 Sept. 1931 592,589 19,753 47 530,576 17,115 42 1,168,915 38,964 73 26,724 891 3 23,292 751 2 95,518 3,184 9 N aval S to r e s R e c e ip t s o f b o t h t u r p e n t i n e a n d r o s in a t t h e t h r e e p r in c ip a l m a r k e t s o f t h e D i s t r ic t d e c lin e d f u r t h e r in S e p t e m b e r , a n d w e r e l e s s t h a n f o r S e p t e m b e r o f a n y y e a r s in c e 1 9 1 9 . S t o c k s o f b o th c o m m o d i t i e s a ls o d e c lin e d f u r t h e r c o m p a r e d w i t h A u g u s t a n d J u ly , a n d s t o c k s o f t u r p e n t in e w e r e 2 8 .5 p e r c e n t , a n d o f r o s in 2 2 .3 p e r c e n t , s m a lle r t h a n f o r S e p t e m b e r l a s t y e a r . C u r r e n t p r ic e s o f t u r p e n t i n e c o n t i n u e a t a h ig h e r l e v e l t h a n p r e v a ile d a t t h e s a m e t i m e l a s t y e a r , w h ile p r ic e s o n s o m e g r a d e s o f r o s in a r e lo w e r t h a n a t t h a t t im e . C o m p a r is o n s o f r e c e ip t s a n d s t o c k s f o r t h e m o n t h a r e s h o w n in t h e t a b l e . Sept. 1932 Aug. 1932 Sept. 1931 9,858 10,117 2,836 12,347 11,652 3,771 14,791 14,064 4,140 22,811 27,770 32,995 37,020 36,346 10,068 46,875 40,146 12,127 55,068 49,707 11,845 T otal83,434 Stocks—T urpentine (1) Savannah ------------------------------------- --13,571 Jacksonville ---------------------------------- --43,928 Pensacola ------------------------------------- --24,865 99,148 116,620 16,331 45,422 24,714 38,569 51,779 24,830 86,467 115,178 189,400 180,353 16,911 225,148 201,646 32,784 386,664 459,578 Receipts—Turpentine (1) Savannah ____________ Jacksonville ____________ P en sa co la__ ......................... Total ____________ Receipts—Rosin (2) Savannah ____________ Jacksonville ______________________ Pensacola ________________________ Total___________________________ 82,364 Stocks—Rosin (2) Savannah ________________________ 170,286 Jacksonville ---------------------------------- 170,653 Pensacola ________________________ 16,046 T otal(1) B arrels of 50 gallons. (2) Barrels of 500 pounds. 356,985 8 M O N T H LY R E V IE W M O N T H L Y IN D E X N U M B E R S T h e f o l l o w i n g in d e x n u m b e r s , e x c e p t t h o s e o f w h o le s a l e p r ic e s , a r e c o m p u t e d b y t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a m o n t h ly . T h e in d e x n u m b e r s o f r e t a i l a n d w h o le s a l e t r a d e a r e b a s e d u p o n s a l e s f i g u r e s r e p o r t e d c o n f i d e n t i a l l y b y r e p r e s e n t a t i v e f i r m s in t h e l i n e s o f t r a d e in d ic a t e d , a n d t h e o t h e r s e r i e s o f in d e x n u m b e r s a r e b a s e d u p o n f i g u r e s r e p o r t e d t o t h e b a n k o r c u r r e n t ly a v a ila b le t h r o u g h t h e d a ily o r t r a d e p r e s s . T h e s e i n d e x n u m b e r s , e x c e p t a s in d i c a t e d in t h e f o o t - n o t e s , a r e b a s e d u p o n t h e m o n t h ly a v e r a g e s f o r t h e t h r e e y e a r p e r io d 1 9 2 3 - 2 5 a s r e p r e s e n t e d b y 1 0 0 . D EPA R T M EN T STO RE TR A D E D IS T R IC T 6 th J u ly 1932 A ug. 1932 S e p t. 1932 J u ly 1931 A ug. 1931 S e p t. 1931 A t l a n t a ....................................... ..................... ......... B ir m in g h a m ............................................................ C h a t t a n o o g a ........................................................... N a s h v i l l e ................................................................... N e w O r le a n s ........................................................... O th e r C it ie s ................................. ............................ D I S T R I C T ................................................................. 8 9 .9 4 0 .3 3 3 .4 3 4 .4 4 3 .2 3 6 .4 4 6 .2 1 1 0 .6 4 6 .6 3 8 .6 4 8 .9 5 4 .6 3 8 .3 5 6 .2 1 4 5 .6 5 9 .4 4 9 .3 6 1 .2 5 7 .0 5 4 .4 6 8 .8 1 1 5 .7 6 4 .2 4 6 .0 5 5 .2 6 3 .7 5 5 .1 6 6 .4 1 3 0 .3 6 5 .2 5 3 .4 7 1 .7 6 9 .2 5 5 .6 7 1 .9 1 2 9 .2 6 7 .2 5 6 .6 7 0 .4 7 2 .9 6 4 .4 7 5 .2 W H O L E S A L E T R A D E 6 th D IS T R IC T G r o c e r ie s .................................................................... D r y G o o d s .........................................- ................ . H a r d w a r e ...................... a.................................... . F u r n i t u r e .................................................................. E l e c t r i c a l S u p p lie s ............................................. S t a t i o n e r y ................................................................. D r u g s ............................................................................ T O T A L ..................................................................... 3 7 .2 2 9 .3 3 0 .7 2 0 .2 4 6 .2 3 1 .0 5 6 .0 3 4 .8 4 3 .4 4 7 .7 3 8 .8 3 5 .2 3 8 .2 4 1 .6 5 9 .9 4 2 .6 4 4 .9 6 9 .4 4 5 .0 4 8 .8 3 7 .1 4 8 .7 6 4 .9 4 9 .6 5 9 .3 3 7 .0 5 1 .3 5 7 .8 7 6 .5 4 6 .8 8 1 .9 5 5 .4 5 5 .6 4 3 .7 5 3 .1 5 0 .0 6 4 .0 4 1 .0 7 4 .7 5 4 .0 5 8 .1 5 5 .2 5 6 .8 5 5 .8 6 8 .9 5 5 .0 8 1 .0 5 9 .0 L IF E IN S U R A N C E S A L E S 6 th D IS T . A l a b a m a ...................................................................... F lo r id a ......................................................................... G e o r g ia ...... -.............................................................. L o u is ia n a ................................................................... M is s is s ip p i ................................................................ T e n n e s s e e ............................................................... T O T A L ...................................................................... . 5 1 .6 6 1 .6 6 8 .6 5 7 .3 4 1 .7 5 6 .1 5 7 .8 5 4 .5 6 4 .4 6 2 .9 6 9 .8 4 8 .8 5 6 .4 6 0 .1 4 7 .8 5 0 .4 6 1 .4 6 5 .8 4 3 .7 5 4 .2 5 5 .1 7 5 .4 8 9 .1 1 0 1 .0 9 4 .4 7 4 .4 7 9 .5 8 6 .8 7 1 .0 8 9 .9 8 5 .3 7 6 .4 6 2 .1 8 8 .9 8 1 .1 6 3 .7 7 2 .7 7 5 .4 7 2 .1 4 7 .8 7 0 .0 6 8 .8 B U IL D IN G P E R M IT S 6 th D IS T R IC T A t l a n t a ...................................................................... B ir m in g h a m .............................................................. J a c k s o n v ille .............................................................. N a s h v ille .................................................................... N e w O r le a n s .......................................................... ( 1 5 ) O th e r C it ie s ............................................... D I S T R I C T ( 2 0 C i t i e s ) .................................... 5 .3 1 .7 1 2 .0 8 .4 1 5 .8 8 .0 8 .0 4 .9 2 .8 1 3 .5 1 2 .8 2 8 .3 1 5 .6 1 3 .6 6 .6 3 .8 1 1 .3 1 5 .2 2 1 .1 2 5 .2 1 7 .8 2 8 .6 1 1 .6 2 6 .4 3 3 .2 1 9 .7 1 7 .8 2 2 .0 2 2 .8 6 .2 1 3 .6 3 7 .4 4 5 .5 1 4 .1 1 9 .2 1 6 .6 7 .2 1 2 .6 1 7 .5 4 0 .1 2 0 .7 2 2 .2 C O N T R A C T S A W A R D E D 6 th D IS T R IC T R e s id e n t ia l ................................................................ A ll O th e r ................................................................... T O T A L ......................................................................... 7 .7 2 1 .6 1 6 .0 7 .4 3 4 .4 2 3 .6 7 .2 4 0 .2 2 7 .0 1 8 .8 8 6 .7 5 9 .5 1 3 .7 4 2 .6 3 1 .1 1 7 .2 5 3 .7 3 9 .1 W H O L E S A L E P R IC E S U . S. ( * ) A L L C O M M O D I T I E S .................................... F a r m P r o d u c t s .................................................... F o o d s ............................................................................ O t h e r C o m m o d it ie s ............................................ H id e s a n d l e a t h e r p r o d u c t s ...................... T e x t i l e p r o d u c t s ............................................ F u e l a n d l i g h t i n g ........................................... M e t a ls a n d m e t a l p r o d u c t s ...................... B u ild in g m a t e r i a l s .......................................... C h e m ic a ls a n d d r u g s ................................. „ H o u s e f u r n i s h i n g g o o d s .......................... M i s c e l l a n e o u s ............. ....................................... 6 4 .5 4 7 .9 6 0 .9 6 9 .7 6 8 .6 5 2 .7 7 2 .3 7 9 .2 6 9 .7 7 3 .0 7 4 .0 6 4 .3 6 5 .2 4 9 .1 6 1 .8 7 0 .1 6 9 .7 5 4 .0 7 2 .1 8 0 .1 6 9 .6 7 3 .3 7 3 .6 6 4 .6 6 5 .3 4 9 .1 6 1 .8 7 0 .4 7 2 .2 5 7 .0 7 0 .8 8 0 .1 7 0 .5 7 2 .9 7 3 .7 6 4 .7 7 2 .0 6 4 .9 7 4 .0 7 3 .9 8 9 .4 6 6 .5 6 2 .9 8 4 .3 7 8 .1 7 8 .9 8 5 .7 6 9 .7 7 2 .1 6 3 .5 7 4 .6 7 4 .2 8 8 .7 6 5 .5 6 6 .5 8 3 .9 7 7 .6 7 6 .9 8 4 .9 6 8 .3 7 1 .2 6 0 .5 7 3 .7 7 3 .9 8 5 .0 6 4 .5 6 7 .4 8 3 .9 7 7 .0 7 6 .3 8 2 .7 6 8 .2 COTTON CO NSUM ED U n it e d S t a t e s ...................................................... C o t to n - G r o w in g S t a t e s .................................... G e o r g ia ............................................................... A la b a m a ................................................................ T e n n e s s e e ........................................................... A l l O t h e r S t a t e s ..................................................... E x p o r t s ......................................................................... 5 4 .8 6 8 .5 7 3 .2 9 5 .2 7 8 .5 2 4 .8 7 3 .1 7 9 .2 9 6 .8 9 7 .8 1 3 5 .3 1 1 9 .7 4 0 .5 7 3 .6 9 6 .7 1 1 6 .8 1 1 0 .6 1 5 8 .2 1 2 5 .6 5 2 .6 1 1 9 .4 8 8 .6 1 0 1 .2 1 0 3 .3 1 2 6 .2 1 2 4 .4 6 1 .0 4 2 .1 8 3 .8 9 7 .8 9 4 .1 1 2 5 .2 1 2 9 .1 5 3 .0 3 4 .3 9 1 .2 1 0 7 .6 1 0 3 .7 1 4 2 .0 1 5 1 .2 5 5 .2 9 0 .8 P I G IR O N P R O D U C T I O N : U n i t e d S t a t e s ..................................................... A la b a m a ___ *........................................................... 1 9 .2 1 3 .7 1 7 .8 1 0 .0 1 9 .8 1 1 .5 4 9 .0 6 8 .8 4 2 .9 5 1 .2 3 9 .1 4 1 .1 U N F IL L E D O R D E R S — U . S . S T E E L C O R P O R A T I O N .............................................. - 4 1 .2 4 1 .2 4 1 .6 7 1 .3 6.6.4 6 5 .9 (* ) C o m p ile d b y t h e B u r e a u o f L a b o r S t a t is t ic s . B a s e 1 9 2 6 -— 1 0 0 .
@FedFRASER