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M O N T H L Y R E V IE W O f F in a n c ia l, A g r ic u ltu r a l, T ra d e a n d I n d u s tr ia l C o n d itio n s in th e S ix th F ed era l R e se rv e D is tr ic t FED ER A L R ESER V E BANK OF ATLANTA V O L . 18, N o . 1 0 A T L A N T A , G A ., O c to b e r 3 1 , 1 9 3 3 NATIONAL SUMMARY OF BUSINESS CONDITIONS !” C o n s tr u c tio n C o n s tr u c tio n c o n t r a c t s a w a r d e d in c r e a s e d in S e p P repared, b y F ed er a l R eserv e B o a rd t e m b e r t o t h e h ig h e s t le v e l fo r t h e y e a r a c c o r d in g D u r in g S e p t e m b e r a n d t h e fir s t h a lf o f O c to b e r , in d u s tr ia l a c t i t o r e p o r ts b y t h e F . W . D o d g e C o r p o r a tio n , t h e la r g e s t v o lu m e v i t y d e c lin e d , a s i t h a d in A u g u s t, f o llo w in g t h e r a p id e x p a n s io n o f n e w a w a r d s b e in g fo r p u b lic w o r k s a n d fo r o th e r n o n -r e s id e n t ia l o f t h e s p r in g a n d e a r ly s u m m e r . F a c t o r y e m p lo y m e n t a n d p a y p r o je c ts . I n t h e th ir d q u a r t e r o f t h e y e a r v a lu e o f c o n s t r u c t io n r o lls in c r e a s e d fu r t h e r b e t w e e n t h e m id d le o f A u g u s t a n d t h e c o n tr a c ts w a s 2 5 p e r c e n t o f t h e 1 9 2 3 - 1 9 2 5 a v e r a g e . m id d le o f S e p t e m b e r . P r o d u c tio n I n d u s t r ia l p r o d u c t io n , a s m e a s u r e d b y t h e B o a r d ’s D is tr ib u tio n s e a s o n a lly a d ju sted in d e x , d e c lin e d fr o m 91 per c e n t o f t h e 1 9 2 3 - 1 9 2 5 a v e r a g e in A u g u s t t o 8 4 p e r c e n t in S e p t e m b er. A c t i v i t y d e c r e a s e d in m o s t lin e s o f in d u s t r y , a n d p a r tic u la r ly in t h o s e in w h ic h o u t p u t h a d in c r e a s e d r a p id ly in e a r lie r m o n th s . P r o d u c t io n o f s te e l, lu m b e r , c e m e n t , b it u m in o u s c o a l, a n d p e t r o S a le s a t d e p a r tm e n t s to r e s in le a d in g c it ie s in c r e a s e d le s s t h a n s e a s o n a lly in S e p t e m b e r , f o llo w in g a n u n u s u a lly la r g e in c r e a s e in s a le s in A u g u s t. d ic a te t h a t s a le s v o lu m e w a s a ff e c te d w e a th e r a n d b y p r ic e a d v a n c e s . by T r a d e r e p o r t s in u n s e a s o n a b ly w arm S a le s o f c h a in v a r ie t y s to r e s c o n tin u e d in s o m e w h a t la r g e r v o lu m e t h a n in 1 9 3 2 . le u m d e c lin e d c o n s id e r a b ly a n d a u t o m o b ile o u t p u t w a s r e d u c e d . O n t h e r a ilr o a d s , a v e r a g e d a ily fr e ig h t s h ip m e n t s d u r in g S e p t e m D e liv e r ie s o f s ilk t o m ills w e r e s m a ll in S e p t e m b e r , w h ile c o n s u m p b e r in c r e a s e d b y s o m e w h a t le s s t h a n is u s u a l in t h e e a r ly a u t u m n , t io n o f c o t t o n a n d w o o l, a lt h o u g h r e d u c e d d u r in g t h e m o n th , b u t w e r e in la r g e r v o lu m e t h a n a t a n y t im e s in c e t h e la t t e r p a r t o f w a s n e v e r t h e le s s la r g e r t h a n in o th e r r e c e n t y e a r s a t t h is s e a s o n . 1 9 3 1 . I n t h e fir s t t w o w e e k s o f O c to b e r c a r lo a d in g s w e r e a t a h ig h e r le v e l t h a n in la t e S e p t e m b e r . M e a t p a c k in g p la n t s w e r e m o r e a c t iv e p a r t ly b e c a u s e o f p r o c e s s in g o f p ig s u n d e r t h e g o v e r n m e n t ’s e m e r g e n c y m a r k e tin g p r o g r a m ; a n d o u t p u t o f flo u r w a s la r g e r t h a n t h e e x c e p t io n a lly s m a ll v o lu m e p r o d u c e d in A u g u s t. I n t h e fir s t h a lf o f O c to b e r fu r t h e r d e c lin e s in o u t p u t o f a u t o m o b ile s , b it u m in o u s c o a l a n d p e tr o le u m w e r e r e p o r t e d . S t e e l m ill a c t i v i t y , a ft e r in c r e a s in g in t h e fir s t h a lf o f O c to b e r , r e c e d e d in t h e th ir d w e e k . E m p lo y m e n t E m p lo y m e n t o f f a c t o r y w ork ers in c r e a s e d be t w e e n t h e m id d le o f A u g u s t a n d t h e m id d le o f S e p t e m b e r , a n d t o t a l e a r n in g s w e r e la r g e r , p a r t ly a s a r e s u lt o f fu r t h e r a d v a n c e s in w a g e r a te s , a n d t h e e x p a n s io n o f o p e r a tio n s in s e a s o n a lly a c t iv e in d u s tr ie s s u c h a s c a n n in g . E m p lo y m e n t in p u b lic u t ilit ie s , r a ilr o a d s , s to r e s , a n d m in e s a ls o in c r e a s e d a n d i t is e s t i m a t e d t h a t a b o u t 6 0 0 ,0 0 0 in d u s tr ia l w a g e -e a r n e r s f o u n d w o r k d u r in g t h e p e r io d . P r e lim in a r y r e p o r t s fo r t h e fir s t h a lf o f O c to b e r in d ic a t e s o m e d e c r e a s e in e m p lo y m e n t a n d a c o n t in u a t io n o f a b o u t t h e s a m e v o l P r ic e s D u r in g S e p t e m b e r a n d t h e fir s t t w o w e e k s o f O c to b e r t h e g e n e r a l a v e r a g e o f w h o le s a le p r ic e s in t h e U n it e d S t a t e s w a s r e l a t iv e ly s t a b le a t a b o u t 71 p e r c e n t o f t h e 1 9 2 6 a v e r a g e , r e f le c tin g , h o w e v e r , w id e ly d iv e r g e n t m o v e m e n t s in p r ic e s o f in d iv id u a l c o m m o d it ie s . a n d th e n reco v ered so m e w h a t. te r ia ls , a n d h o u s e fu r n is h in g s , w h ile p r ic e s o f c o t t o n t e x t il e s a n d le a th e r h a v e d e c lin e d . R e t a il p r ic e s o f f o o d s h o w e d l i t t l e c h a n g e in S e p te m b e r , w h ile p r ic e s o f c lo t h in g c o n tin u e d t o a d v a n c e . F o r e ig n The E xch ange m a r k e t flu c t u a te d a r o u n d v a lu e o f th e d o lla r in th e exch an ge p a r it y d u r in g t h e la t t e r p a r t o f S e p t e m b e r a n d t h e fir s t h a lf o f O c to b e r , a d v a n c e d t o 71 p e r c e n t in t h e t h ir d w e e k , a n d d e c lin e d t o 7 0 p e r c e n t o n O c to b e r 2 3 . I*t0 PER CENT 120 no 130 120 120 110 110 90 100 100 80 90 70 80 60 7Q 50 * \ ... €0 *0 V SO I n d e x n u m b e r s o f p r o d u c t io n o f m a n u f a c t u r e s a n d m in e r a ls c o m b in e d a d j u s t e d f o r s e a s o n a l v a r i a t i o n s (1923-1925 a v e r a g e = 1 0 0 ). L a t e s t f i g u r e S e p t e m b e r 84. 120 110 FACTORY EMPLOYMENT AND PAYROLLS 130 fo r e ig n 6 5 p e r c e n t o f i t s g o ld (Continued on page 7.) PER CENT INCHJSTRIAL PRODUCTI ON T h e r e h a v e b e e n fu r t h e r a d v a n c e s d u r in g r e c e n t w e e k s in p r ic e s o f fu e ls , ir o n a n d s t e e l, b u ild in g m a u m e o f e a r n in g s in b a s ic m a n u fa c tu r in g in d u s tr ie s . m P r ic e s o f r a w m a t e r ia ls tr a d e d o n o r g a n iz e d e x c h a n g e s d e c lin e d s h a r p ly d u r in g t h e fir s t t w o w e e k s o f O c to b e r 100 *- r — « 100 90 *\ Payrolls\ employment 80 70 % v\ V 1928 1929 1930 1931 60 1932 50 T".— t/ , vV ---1933 ■■A0 30 In d e x n u m b e rs o f f a c t o r y e m p lo y m e n t a n d p a y r o lls , w it h o u t a d ju s tm e n t f o r s e a s o n a l v a r i a t i o n s (1923-25 a v e r a g e = 1 Q Q ) . L a t e s t f i g u r e S e p t e m b e r E m p l o y m e n t 76.6 p a y r o l l s 57.6. M O N T H L Y 2 R E V IE W M ILLIONSOFDOLLARS PER CENT Indexes o f th e U n ite d S ta te s B u r ea u o f L abor S ta tis tic s (1926—100). L a te st fig u res, Septem ber: F arm p r o d u cts 57; F o o d p ro d u cts. 64.9: O th er com m o d ities 76.1. MILLIONS OF DOLLARS W ednesday fig u re s for th e 12 F e d e r a l R eserve B a n k s com b in ed . L a te st fig u re s are for O ctober 18. t h a n o n t h e c o r r e s p o n d in g r e p o r t d a t e a y e a r a g o . S IX T H D IS T R IC T SU M M A R Y T h e r e w e r e fu r t h e r in c r e a s e s in S e p t e m b e r in t h e v o lu m e o f tr a d e T h e in c r e a s e fr o m S e p t e m b e r 13 t o O c to b e r 11 w a s d u e t o t h e f a c t t h is b a n k a t b o t h r e t a il a n d w h o le s a le , c o m p a r e d w it h p r e v io u s m o n th s , in in c r e a s e d it s t h e v a lu e o f c o n s t r u c t io n c o n t r a c t a w a r d s , a n d in o r d e r s r e c e iv e d d u r in g t h is p e r io d b y $ 4 ,5 5 8 ,0 0 0 , a n d t o a s m a ll in c r e a s e in h o ld h o ld in g s o f U n it e d S ta te s G o v e r n m e n t s e c u r itie s b y r e p o r t in g c o t t o n m ills , b u t p r o d u c t io n a n d e m p lo y m e n t a t t e x in g s o f p u r c h a s e d b ills . t i l e p la n t s d e c lin e d , a n d th e r e w e r e d e c r e a s e s in t h e o u t p u t o f d e c r e a s e o f $ 1 ,5 8 5 ,0 0 0 in d is c o u n t s fo r m e m b e r b a n k s , a n d t o t a l c o a l a n d ir o n in A la b a m a , a n d o f c o a l in T e n n e s s e e . d is c o u n t s o n O c to b e r 11 w e r e t h e s m a lle s t fo r a n y W e d n e s d a y , D e p a r t m e n t s to r e s a le s d u r in g S e p t e m b e r w e r e 3 .5 p e r c e n t g r e a t e r t h a n in A u g u s t , a n d w e r e 3 .2 p e r c e n t g r e a t e r t h a n in S ep tem b er S ep tem b er w as s h o r te r , by R e s e r v e d e p o s it s m a in t a in e d w it h t h e F e d e r a l R e s e r v e B a n k o f A t la n t a b y m e m b e r b a n k s in c r e a s e d b y $ 6 ,1 4 5 ,0 0 0 f r o m S e p b u s in e s s d a y s , a n d o n a d a ily a v e r a g e b a s is t h e g a in fr o m A u g u s t t e m b e r 1 3 t o O c to b e r 1 1 , a n d w e r e t h e n g r e a t e r b y $ 1 7 ,2 8 4 ,0 0 0 S e p t e m b e r w a s 1 1 .6 p e r c e n t . how ever, e x c e p t in g A u g u s t 9 , in m a n y y e a r s . tw o to 1932. T h e s e in c r e a s e s w e r e p a r t ly o f f s e t b y a T h is is le s s t h a n t h e u s u a l s e a s o n a l in c r e a s e a t t h a t t im e o f y e a r , a n d a f t e r a d j u s t m e n t fo r t h a n a t t h e s a m e t im e l a s t y e a r , a n d a t t h e h ig h e s t le v e l s in c e J u n e 10 , 1 9 3 1 . s e a s o n a l v a r ia t io n s t h e d a ily a v e r a g e in d e x o f d e p a r t m e n t s to r e F e d e r a l R e s e r v e n o t e c ir c u la t io n o f t h is b a n k in c r e a s e d s o m e s a le s d e c lin e d 7 .3 p e r c e n t o v e r t h e m o n th , b u t w a s a b o u t 4 6 p e r w h a t d u r in g t h is fo u r w e e k s p e r io d a n d w a s a b o u t 15 m illio n s c e n t a b o v e t h e lo w p o in t r e c o r d e d in M a r c h . g r e a t e r t h a n a y e a r a g o , a n d o u t s t a n d in g F e d e r a l R e s e r v e B a n k W h o le s a le t r a d e in c r e a s e d fr o m A u g u s t t o S e p t e m b e r b y 5 .9 p e r c e n t , a n d w a s 1 4 .7 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 2 . n o t e s a ls o in c r e a s e d . T o t a l g o ld r e s e r v e a n d o t h e r c a s h in c r e a s e d b y 7 .4 m illio n s S e p t e m b e r is t h e s e v e n t h c o n s e c u t iv e m o n t h t o r e c o r d a n in c r e a s e fr o m S e p t e m b e r 13 t o O c to b e r 1 1 , a n d w a s s u b s t a n t ia lly g r e a te r in w h o le s a le tr a d e o v e r t h e m o n t h b e fo r e . t h a n a t t h e s a m e t im e l a s t y e a r . to in d iv id u a l a c c o u n t s in c r e a s e d D a i l y a v e r a g e d e b it s 8 .2 p e r c e n t fr o m A u g u st to P r in c ip a l it e m s in t h e w e e k ly s t a t e m e n t a r e c o m p a r e d in t h e S ep tem b er. ta b le . F r o m S e p t e m b e r 1 3 t o O c to b e r 11 t h e v o lu m e o f F e d e r a l R e s e r v e B a n k c r e d it o u t s t a n d in g a t t h is b a n k in c r e a s e d b y n e a r ly t h r e e m il FE D E R A L R ESERV E B A N K O F A TLANTA (000 O m itted) O ct. 11, S ep t. 13, O ct. 12, 1933 1933 1932 ---------------------------------------------B ills D isc o u n te d : Secured b y G ovt. O b lig a tio n s ..................$ 201 $ 762 $ 2,248 A ll O th ers........................................................... 5,505 6,529 16,857 T o ta l D is c o u n ts ....................................... 5,706 7,291 19,105 B ills B o u g h t in O p en M arket.......................... 217 214 2,089 U. S. S e cu rities........................................................ 67,749 63,191 46,692 T o ta l B ills a n d S ec u r itie s................... 73,672 70,696 67,886 T o ta l G o ld R eserves a n d o th er c a s h ............ 127,808 120,381 88,340 M ember B a n k R eserve D e p o sits ...................... 58,867 52,722 41,583 T o ta l D e p o sits......................................................... 68,020 63,311 50,332 F . R . N o te s in a c tu a l c ir c u la tio n .................. 118,174 117,461 102,835 F . R . B a n k N o te s in a c tu a l c ir c u la tio n .— 6,061 1,843 --------R eserve R a tio ........................................................... 68.6 66.6 57.7 lio n s o f d o lla r s , a n in c r e a s e o f a b o u t 4 .6 m illio n s in h o ld in g s o f U n it e d S t a t e s S e c u r it ie s b e in g p a r t ly o f f s e t b y a d e c r e a s e o f 1 .6 m illio n s in d is c o u n t s fo r m e m b e r b a n k s . A t w e e k ly r e p o r t in g m e m b e r b a n k s o u t s t a n d in g b a n k c r e d it d e c lin e d s lig h t l y b e c a u s e o f a d e c r e a s e in h o ld in g s o f G o v e r n m e n t s e c u r itie s , lo a n s t o c u s to m e r s h a v in g in c r e a s e d 2 .8 m illio n s d u r in g t h e fo u r - w e e k p e r io d . T o t a l c o n s t r u c t io n c o n tr a c ts aw arded in th e c r e a s e d b y 5 2 .4 p e r c e n t fr o m A u g u s t t o S e p t e m b e r . D is t r ic t in R e s id e n t ia l c o n t r a c t s d e c r e a s e d 2 1 .4 p e r c e n t , b u t o t h e r c la s s e s o f a w a r d s in F o llo w in g is a t a b le s e t t in g o u t s im ila r c o m p a r is o n s fo r t h e c r e a s e d 8 3 .6 p e r c e n t . P r o d u c t io n o f b o t h c lo t h a n d y a r n b y c o t t o n m ills d e c lin e d , b u t o r d e r s r e p o r t e d b y t h e s e m ills in c r e a s e d s u b s t a n t ia lly o v e r t h o s e b o o k e d in A u g u s t . E m p lo y m e n t a t r e p o r t in g c o t t o n m ills d e t w e lv e F e d e r a l R e s e r v e B a n k s c o m b in e d . B etw een S e p tem b e r 13 a n d O c to b e r 11 t h e r e w a s a fu r t h e r d e c lin e in d is c o u n t s f o r m e m b e r b a n k s t h r o u g h o u t t h e c o u n t r y , b u t a n in c r e a s e in t h e c lin e d b y 3 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 , b u t w a s 5 5 .8 p e r S y s t e m ’s 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 2 . n o t e c ir c u la t io n , m e m b e r b a n k r e s e r v e d e p o s it s , a n d in t o t a l r e O u t p u t o f c o a l in A la b a m a a n d in T e n n e s s e e w a s s m a lle r in S e p t e m b e r t h a n in A u g u s t , b u t g r e a t e r t h a n a y e a r a g o , a n d a lt h o u g h d a ily a v e r a g e o u t p u t o f p ig ir o n in A la b a m a d e c lin e d 6 .7 p e r c e n t fr o m A u g u s t t o S e p t e m b e r , i t w a s m o r e t h a n fo u r t im e s a s la r g e a s in S e p t e m b e r 1 9 3 2 . F IN A N C E R eserv e T h e t o t a l v o lu m e o f r e s e r v e b a n k c r e d it o u t s t a n d in g Bank at C r e d it fu r t h e r b y n e a r ly 3 m illio n s o f d o lla r s b e t w e e n S e p th e F ederal R eserv e B ank of A t la n t a in c r e a s e d t e m b e r 1 3 a n d O c to b e r 1 1 , a t w h ic h t im e i t w a s 1 1 .2 m illio n s g r e a t e r t h a n o n t h e l a s t W e d n e s d a y o f J u n e , h ig h e r t h a n fo r any W e d n e s d a y s in c e M a y 1 0 , a n d a b o u t $ .8 m illio n s g r e a t e r h o ld in g s of G overnm ent s e c u r itie s , and in c r e a s e s in serv es. FED ER AL R ESERVE SYSTEM (000 O m itted) O ct. 11, Sep t. 13, O ct. 12, 1933 1933 1932 B ills D isco u n te d : ------------------------------------------------------Secured b y G ovt. O b lig a tio n s— $ 24,067 $ 29,030 $ 103,286 A ll O th ers................................................ 95,240 104,203 224,381 T o ta l D is c o u n ts ............................ 119,307 133,233 327,667 B ills B o u g h t i n O pen M arket............... 6,906 7,347 33,278 U . S. S e c u r itie s............................................ 2,344,109 2,202,660 1,850,896 O th er S e c u r itie s .......................................... 1,737 1,789 5,422 T o ta l B ills a n d S e c u r itie s........ 2,472,059 2,345,029 2,217,263 T o ta l G o ld R eserves a n d o th er c a sh - 3,805,435 3,590,455 3,197,507 M ember B a n k R eserve D e p o sits ........... 2,567,360 2,541,745 2,245,791 T o ta l D e p o sits.............................................. 2,785,059 2,745,047 2,357,097 F . R . N o te s in a c tu a l c ir c u la tio n ........ 3,008,430 2,989,123 2,737,843 F . R . B a n k N o te s in a c tu a l circu la t io n ............................................................. 170,501 133,638 ................ R eserve R a tio ............................- .................. 65.7 66.8 62.8 M O N T H L Y Member Bank Credit Total loans and investments of 17 weekly reporting member banks located in Atlanta, Birmingham, Jacksonville, Nashville, Chattanooga, Mobile and Savan nah, declined slightly between September IS and Octo ber 11, because of a reduction of 4.3 millions in their holdings of United States Government securities. Holdings of Govern ment securities by these banks had increased from 76 million on the second Wednesday of January to 99.4 millions on August 28. On October 11 these holdings were 17.2 millions greater than on the same report date last year. From September 13, to October 11 loans by these banks in creased by $2,822,000, but were about 13 millions less than a year earlier, and investments in “Other Securities” also increased slightly during this four weeks period and were 6.8 millions greater than a year ago. Time deposits by these banks declined slightly from September 18 to October 11, as did also demand deposits, and time deposits were 4.5 millions less, but demand deposits about 1 million greater, than on the same Wednesday in 1932. Borrowings by these banks from the Federal Reserve Bank of Atlanta were on October 11 smaller than for other Wednesdays since August 30, and less than half as large as a year ago. Comparisons of principal items in the weekly report are set out in the table, which is followed by a comparison of savings de posits for September reported by a selected list of banks located throughout the district. C O N D IT IO N OF MEMBER B A N K S IN SELECTED C ITIES (000 O m itted) O ct. 12, S e p t. 13, O ct. 11, 1932 1933 L o a n s: O n S e c u r itie s....................................................$ 58,769 A ll O th ers........................................................... 120,060 T o ta l L o a n s............................................... 178,829 U . S . S ecu rities....................................................... 93,836 O th er S ecu rities..................................................... 52,243 T o ta l In v estm en ts................................... 146,079 T o ta l L o a n s a n d In v estm en ts--------- 324,908 T im e D e p o sits.......................................................... 132,310 D em a n d D e p o sits................................................... 143,219 D u e t o B a n k s........................................................... 55,674 D u e from B a n k s--------r......................................... 58,387 B orro w in g s from F . R . B a n k ........................... 1,661 $ 59,407 116,600 176,007 98,155 51,557 149,712 325,719 132,563 145,494 *54,711 3,870 $ 57,463 134,344 191,807 76,618 45.416 122,034 313,841 136,770 142,224 51.417 61,304 3,510 SA V IN G S D E PO SIT S OF 52 R E P O R T IN G B A N K S (000 O m itted) P ercen ta g e c h a n g e Septem ber 1933 C om pared w ith : N o . o f S e p t. A u gu st S ep t. A ug. S e p t. B a n k s 1933 1933 1932 1933 1932 A tla n ta ---------3 B ir m in g h a m ._ _ J a c k s o n v ille ... 3 N a sh v ille ------4 N e w O r le a n s .. 4 O th er C itie s ... 35 T o ta l_________ 52 $ 27,673 16,161 12,463 20,613 22,332 57,054 156,296 $ 28,478 16,194 13,074 20,880 22,101 56,547 157,274 $ 31,304 17,035 12,926 —2.8 -0.2 26,914 57,311 168,089 +1.0 + 0 .9 -0.6 —4.7 —1.3 —11.6 — 5.1 — 3.6 — 8.8 —17.0 — 0.4 — 7.0 D eb its to Individual A ccounts The total volume of debits to individual accounts at banks in 26 clearing house centers of the district was about the same in September as in the longer month of August, and was 1.4 per cent larger than in September a year ago. On a daily average basis, bank debits at these 26 cities increased 8.2 per cent from August to September. Fifteen cities reported gains over the month, and twenty-one cities reported increases over September 1932. 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. (000 O m itted) S ep t. 1933 A u g. 1933 S ep t. 1932 A labam a—4 C itie s.................................................. $ 94,896 B irm in g h a m ...................................................... 57,721 D o th a n ................................................................ 2,291 M obile.................................................................. 21,614 M ontgom ery...................................................... 13,270 F lo r id a -4 C ities..................................................... Jack so n v ille....................................................... M iam i................................................................... P e n sa c o la ........................................................... T am pa.................................................................. 72,461 40,762 11,257 4,882 15,560 $ 89,172 52,197 1,821 22,294 12,860 $ 87,765 54,464 2,221 20,150 10,930 69,364 38,781 11,719 4,672 14,192 64,694 35,537 10,171 4,067 14,919 R E V IE W 3 S ept. 1933 (000 O m itted) A u g . 1933 S ep t. 1932 G e o r g ia -1 0 C ities....................... ................ A lb a n y ................................................................ A tla n ta ................................................................ A u g u s ta .............................................................. B ru n sw ick ......................................................... C olu m b u s........................................................... E lb erto n .............................................................. M acon.................................................................. N e w n a n .............................................................. S a v a n n a h ........................................................... V a ld o sta ............................................................. 181,162 2,150 112,348 15,103 1,596 8,199 535 11,405 1,322 25,507 2,997 174,234 2,024 108,328 13,510 1,612 7,768 395 10,114 1,336 24,003 5,144 L o u isia n a —N ew O rleans.................................... 169,222 171,293 M ississippi—4 C itie s.............................................. H a ttiesb u rg ....................................................... J a c k so n ............................................................... M eridian............................................................. V icksburg........................................................... 30,453 3,399 16,151 6,311 4,592 161,055 2,532 97,776 11,973 1,460 7,486 580 11,391 1,250 24,277 2,330 199,834 27,118 3,175 14*566 5*,563 3,814 25,603 2,622 13,656 5,463 3,862 T ennessee—3 C ities.................................................... 90,752 C h a tta n o o g a .................................................... .... 24,699 K n oxville............................................................ .... 14,134 N a sh v ille ................................................................. 51,919 106,818 31,469 16,048 59,301 91,232 25,032 18,188 48,012 T o ta l 26 C itie s .......................................... 637,999 630,183 638,946 A G R IC U L T U R E F u r t h e r im p r o v e m e n t d u r in g S e p t e m b e r in p r o s p e c t s fo r m o s t la t e c r o p s e x c e p t fr u it s is in d ic a t e d in t h e O c to b e r c r o p r e p o r t is s u e d b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u ltu r e . A com p a r is o n o f t h e O c to b e r e s t im a t e s w it h t h o s e o f a m o n t h a g o s h o w s t h a t t h e c h ie f in c r e a s e s w e r e : p o t a t o e s 5 p e r c e n t ; t a m e h a y S p e r c e n t; b e a n s 10 p e r c e n t ; t o b a c c o c e n t, a n d c o t t o n n e a r ly 4 4 p e r c e n t , g r a in s o r g h u m s 9 p e r p er c en t. C o r n , o a t s , w h e a t , b a r le y , b u c k w h e a t , fla x s e e d , r ic e , s w e e t p o t a t o e s , s u g a r b e e ts , b r o o m c o r n a n d h o p s a ll s h o w s m a ll in c r e a s e s , w h ile t h e e s t im a t e s fo r a p p le s , p e a c h e s , p e a r s a n d p e a n u t s s h o w d e c r e a s e s o f 2 p e r c e n t o r le s s . C o m p a r e d w it h p r o d u c t io n in 1 9 3 2 , d e c r e a s e s a r e in d ic a t e d fo r n e a r ly a ll o f t h e p r in c ip a l c r o p s e x c e p t t o b a c c o , f r u it s a n d p e c a n s . O c to b e r e s t im a t e s fo r t h e s ix s t a t e s w h ic h a r e lo c a t e d w h o lly or p a r t ly w it h in t h e S ix t h D is t r ic t in d ic a t e la r g e r c r o p s t h is y e a r th a n la s t o f c o t t o n , c o r n , t o b a c c o , p e c a n s , p o t a t o e s , a p p le s , p e a c h e s a n d g r a p e s, b u t s m a lle r p r o d u c t io n o f o a t s , w h e a t, h a y , p e a n u t s , s w e e t p o ta to e s, a n d p ea rs. I n t h e t a b le w h ic h fo llo w s a r e p r e s e n te d c o m b in e d t o t a ls fo r t h e s e s ix s t a t e s , a n d fo r t h e U n it e d S t a t e s , c o m p a r e d w it h fin a l p r o d u c t io n fig u r e s fo r 1 9 3 2 . (In th o u sa n d s o f U n its) Six S ta te s U n ite d S ta te s E stim a te P r o d u ctio n E stim a te P r o d u ctio n O ct. 1, 1933 1932 O ct. 1, 1933 1932 C o m , b u ..................................... W heat, b u .................................. O ats, b u ..................................... Tam e H a y , t o n s ..................... P e a n u ts, lb s .............................. P ecan s, lb s ................................ T obacco, lb s ............................. P o ta to e s, b u ............................. S w eet P o ta to e s, b u ............... A pples, b u ................................. P each es, b u ............................... Pears, b u .................................... G rapes, to n s ............................. 203,203 3,300 8,822 2,604 441,865 19,600 196,668 12,748 32,536 4,304 7,637 465 3.6 191,389 3,347 11,280 2,611 445,515 10,360 122,824 12,043 39,067 1,887 1,942 496 2.8 2,291,000 515,000 699,000 67,300 890,000 58,300 1,413,000 307,000 70,COO 147,000 45,300 21,300 1,720 2,876,000 726,000 1,238,000 69,800 1,002,000 53,200 1,016,000 358,000 78,500 141,000 42,400 22,000 2,200 E s t im a t e d p r o d u c t io n o f c o r n in M is s is s ip p i in c r e a se d d u r in g S e p te m b e r , b u t d e c lin e d in L o u is ia n a a n d T e n n e s s e e , a n d in c r e a s e s o v e r 1 9 3 2 a r e in d ic a t e d fo r A la b a m a , G e o r g ia , M is s is s ip p i a n d T en n essee. P r o d u c t io n o f o a t s is la r g e r t h a n in 1 9 3 2 in a ll s t a t e s o f t h e d is t r ic t e x c e p t F lo r id a . C rops o f ta m e h a y are la r g e r in L o u is ia n a a n d T e n n e s s e e , b u t s m a lle r in t h e o th e r fo u r s t a t e s , t h a n la s t y e a r . I n c r e a s e d p r o d u c t io n o f p e a n u t s in G e o r g ia , F lo r id a a n d L o u is ia n a o v e r 1 9 3 2 w a s a l i t t l e m o r e t h a n o ff s e t b y d e c r e a s e s in A la b a m a , M is s is s ip p i a n d T e n n e s s e e . P r o d u c t io n o f p o t a t o e s is la r g e r in F lo r id a , L o u is ia n a a n d T e n n e s s e e , b u t s m a lle r in A la b a m a , G e o r g ia a n d M is s is s ip p i, t h a n in 1 9 3 2 , a n d in c r e a se s in s w e e t p o t a t o e s o c cu rr e d in F lo r id a a n d L o u is ia n a , b u t d e c r e a s e s in t h e o th e r fo u r s t a t e s . A ll o f t h e s e s t a t e s p r o d u c e d m o r e p e a c h e s a n d a p p le s t h is y e a r t h a n la s t . T h e t o t a l F lo r id a o r a n g e c ro p , fr o m t h e b lo o m o f 1 9 3 3 , is e s t i m a t e d a t 1 5 ,1 0 0 ,0 0 0 b o x e s , c o m p a r e d w it h 1 6 ,2 0 0 ,0 0 0 b o x e s in t h e 1 9 3 2 - 3 3 s e a s o n , a n d t h e t o t a l g r a p e fr u it p r o d u c t io n is e s t im a t e d a t 9 ,8 0 0 ,0 0 0 b o x e s , c o m p a r e d w ith 1 1 ,8 0 0 ,0 0 0 b o x e s l a s t s e a s o n . T h e s e e s t im a t e s in c lu d e t h e c o m m e r c ia l c ro p , t o b e s h ip p e d b y M O N T H L Y 4 R E V IE W r a il, b o a t or tr u c k , a n d f r u it o th e r w is e u t iliz e d in t h e S t a t e , a n d F e r tiliz e r m ake T a g S a le s a llo w a n c e fo r recen t s to r m dam age d u r in g S ep tem b er. S a le s o f fe r tiliz e r t a x t a g s in c r e a s e d s u b s t a n t ia lly in S e p t e m b e r o v e r A u g u s t, in t h e p e r c e n t g r e a te r t h a n in S e p t e m b e r 1 9 3 2 . fr u it , a n d fo r la r g e r s iz e s a n d b e t t e r q u a lit y , t h a n la s t s e a s o n . s ix sta te s lo c a t e d w h o lly o r p a r t ly in t h e S ix t h D is t r ic t , a n d w e r e 6 .6 P r o s p e c t s t h is y e a r a r e fo r e a r lie r c r o p s o f b o t h o r a n g e s a n d g r a p e 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 , h o w e v e r , s a le s in t h e s e s t a t e s a v e r a g e d 1 p e r C o tto n T h e U n it e d S t a t e s c o t t o n c r o p is fo r e c a s t b y t h e U n it e d S t a t e s D e p a r t m e n t o f A g r ic u ltu r e , b a s e d u p o n O c to b e r 1 c o n d it io n s , a t 1 2 ,8 8 5 ,0 0 0 b a le s . T h is is a n in c r e a s e o f 4 7 1 ,0 0 0 c e n t a b o v e t h o s e d u r in g t h e s a m e p a r t o f t h e s e a s o n b e fo r e . F e r tiliz e r A s s o c ia tio n . b a le s , or 3 .8 p e r c e n t, o v e r t h e S e p t e m b e r e s t im a t e , b u t is 1 1 7 ,0 0 0 b a le s le s s t h a n t h e 1 9 3 2 c r o p . S ep t. 1933 F o r t h e s ix s t a t e s lo c a t e d w h o lly o r p a r t ly in t h e S ix t h D is t r ic t , t h e c o m b in e d e s t im a t e s a r e 2 8 ,0 0 0 b a le s le s s t h a n t h e S e p t e m b e r 1 fo r e c a s t, b u t 2 5 7 ,0 0 0 b a le s m o r e t h a n w a s p r o d u c e d in t h e s e s t a t e s in 1 9 3 2 . T e n n e s s e e , a n d in d ic a t e la r g e r c r o p s t h a n a y e a r a g o in A la b a m a , F lo r id a , G e o r g ia a n d M is s is s ip p i. (S h o rt T ons) A ug. 1933 100 23,700 1,067 5,150 620 3,825 A lab am a. T h e O c to b e r e s t im a t e s in c r e a s e d o v e r t h o s e fo r S e p t e m b e r fo r A la b a m a , G e o r g ia a n d C om p a r is o n s in t h e t a b le a r e fr o m s t a t is t ic s c o m p ile d b y t h e N a t io n a l M ississip pi. T en n e sse e-- 34,462 O c to b e r e s t im a t e s a r e c o m p a r e d Sep t. 1932 A ug. 1 to S ep t. 30, 1933 1932 1,200 17,404 1,881 1,350 450 1,212 300 22,910 200 4,001 0 4,925 1,300 41,104 2,948 6,500 1,070 5,037 700 45,915 690 4,451 0 5,615 23,497 32,336 57,959 57,371 TRADE in t h e t a b le fo llo w in g . (In th o u sa n d s o f B ales) E stim a tes P ercen ta g e P r o d u ctio n P ercen tage O ct. 1, S ep t. 1, C h a n g e 1932 C hange 1933 1933____________________________________ A la b a m a ........................ F lo r id a ........................... G e o r g ia .......................... L o u isia n a .............. ....... M ississip p i.................... T en n e sse e ...................... 1,010 30 1,070 510 1,285 441 962 33 1,035 543 1,369 432 T o ta l Six S ta te s ......... T o ta l U n ite d S ta te s . 4,346 12,885 4,374 12,414 + 5 .0 -9 .1 + 3 .4 —6.1 -6 .1 + 2 .1 -0 .6 + 3 .8 947 17 854 611 1,180 480 + 6.7 + 76.5 + 25.3 —16.5 + 8.9 — 8.1 4,089 13,002 + 6.3 — 0.9 SU G A R MOVEMENT (P ou n d s) RAW SU G A R R eceip ts: S ep t. 1933 A u g . 1933 N ew O rleans................................... 41,236,604 89,116,230 S a v a n n a h ........................................ 11,955,972 19,169,214 M eltings: N ew O rleans................................... 66,566,212 130,278,039 S a v a n n a h ........................................ 23,456,719 39,052,259 S tock s: N ew O rleans................................... 38,258,010 66,306,413 S a v a n n a h ........................................ 50,073,470 61,574,217 R E FIN E D SU G A R S h ip m en ts: N e w O rleans................................... 81,953,271 116,463,812 S a v a n n a h ........................................ 29,842,921 34,081,551 S tock s: N e w O rleans................................... 62,195,255 82,065,465 S a v a n n a h ........................................ 10,939,341 12,053,972 Retail Trade D e p a r t m e n t s to r e s a le s in t h e S ix t h D is t r ic t in c r e a se d fr o m A u g u s t t o S e p t e m b e r b y le s s t h a n t h e u s u a l s e a s o n a l a m o u n t, sto c k s in c r e a se d by m ore th a n th e sea so n a l a m o u n t, c o lle c t io n s in c r e a se d in a m o u n t b u t t h e c o lle c t io n r a tio d e c lin e d s o m e w h a t, a n d t h e p r o p o r tio n o f c a s h s a le s in c r e a se d . T o t a l s a le s d u r in g S e p t e m b e r b y 3 7 r e p o r t in g d e p a r t m e n t s to r e s in c r e a se d 3 .5 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 .2 p e r c e n t a b o v e t h e t o t a l fo r S e p t e m b e r 1 9 3 2 . F o r t h e fir st n in e m o n t h s o f 1 9 3 3 d e p a r t m e n t s to r e s a le s h a v e b e e n 7 p e r c e n t le s s t h a n in t h a t p art of 1932. O n a d a ily a v e r a g e b a s is , S e p t e m b e r s a le s w e r e 1 1 .6 p e r c e n t g r e a t e r t h a n in A u g u s t , a g a in c o n s id e r a b ly le s s t h a n S ep t. 1932 69,031,089 19,239,554 92,690,997 33,570,950 66,642,215 70,218,944 u s u a lly o c c u r s a t t h a t t im e o f y e a r , a n d t h e in d e x n u m b e r o f d a ily a v e r a g e s a le s , a ft e r a d j u s t m e n t fo r t h e u s u a l s e a s o n a l m o v e m e n t , d e c lin e d 7 .3 p e r c e n t o v e r t h e m o n t h , b u t w a s s t ill 4 5 .6 p e r c e n t a b o v e t h e lo w le v e l r e c o r d e d in M a r c h . I n S ep tem b er c a sh s a le s a c c o u n t e d fo r 4 2 .7 p e r c e n t o f t h e t o t a l, c o m p a r e d w it h 4 1 .2 p e r c e n t in A u g u s t, a n d w it h 4 1 .6 p e r c e n t in S e p t e m b e r 1 9 3 2 . P r e lim in a r y s a le s r e p o r t s fo r t h e fir s t t w e lv e b u s in e s s d a y s o f 82,073,452 32,113,000 70,911,281 17,181,134 O c to b e r in d ic a t e a n in c r e a s e o f 1.1 p e r c e n t o v e r t h a t p e r io d a year ago. S t o c k s o f m e r c h a n d is e o n h a n d a t t h e e n d o f S e p t e m b e r w e re 1 4 .6 p e r c e n t g r e a te r t h a n a m o n t h e a r lie r , a n d 7 p e r c e n t la r g e r t h a n R ic e P r o d u c t io n o f r ic e in L o u is ia n a t h is s e a s o n is e s t im a t e d b y t h e D e p a r t m e n t o f A g r ic u ltu r e a t 1 4 ,4 3 0 ,0 0 0 b u s h e ls , a a year ago. A c c o u n t s r e c e iv a b le in c r e a s e d 5 .9 p e r c e n t fr o m A u g u s t t o S e p t e m b e r , a n d w e r e 0 .4 p e r c e n t la r g e r t h a n a y e a r a g o , r e d u c tio n o f 4 6 8 ,0 0 0 b u s h e ls fr o m t h e e a r lie r e s t im a t e , a n d c o m a n d c o lle c t io n s in c r e a se d 5 .4 p e r c e n t fr o m A u g u s t t o S e p t e m b e r p a r e d w it h t h e r e v is e d e s t im a t e o f 1 5 ,9 9 0 ,0 0 0 b u s h e ls p r o d u c e d in a n d w e r e 14 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 2 . 1932. T h e r a tio o f c o lle c t io 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 RICE MOVEMENT (N ew O rleans) R o u g h R ice—B arrels: S ep t. 1933 A u g . 1933 S ep t. 1932 R e ceip ts............................................................... 57,705 30,502 76,072 S h ip m e n ts.......................................................... 57,136 52,015 90,908 S to ck s................................................................... 9,513 8.944 3,565 C lean R ice—P ock ets: R e ceip ts............................................................... 77,885 66,848 123,726 S h ip m e n ts.......................................................... 91,739 86,933 82,918 S to ck s................................................................... 121,412 135,266 145,484 RICE MILLERS* A SSO CIA TIO N STA T IST IC S (Barrels) R eceip ts o f R o u g h R ice: S ep t. Sea so n 1933-34.................................................................... 1,067,283 S ea so n 1932-33.................................................................... 842,765 D istr ib u tio n o f M illed R ice: Sea so n 1933-34.................................................................... 604,131 S ea so n 1932-33.................................................................... 693,819 Stock s: R ough Septem ber 30, 1933........................................................... 529,444 Septem ber 30, 1932............................................................ 336,477 a n d d u e a t t h e b e g in n in g o f t h e m o n t h w a s 2 7 .3 p e r c e n t , c o m p a r e d w it h 2 8 p e r c e n t fo r A u g u s t , a n d w it h 2 4 .8 p e r c e n t fo r S ep tem b er la s t year. For in s t a ll m e n t N o te : + 5.9 + 3.9 +23.1 - 1 9 .8 + 1.9 +14.1 + 3.5 r a tio fo r S e p t e m b e r la s t y e a r 1 4 .3 p e r c e n t , a n d fo r r e g u la r a c c o u n t s t h e a n d fo r S e p t e m b e r a y e a r a g o 2 6 .4 p e r c e n t . C o lle c tio n r a t io s fo r r e p o r t in g c it ie s fo r S e p t e m b e r w e r e : A t la n t a 2 5 .8 ; B ir m in g h a m A u g. 1 to Sept. 30 1,237,945 1,136,129 1,035,295 1,324,578 C lean 627,506 827,9C9 2 1 .2 ; C h a t t a n o o g a 2 6 .4 ; N a s h v ille 2 3 .4 ; N e w O r le a n s 3 4 .5 ; a n d O th e r C itie s 2 5 .8 . A ll o f t h e s e s t a t is t ic s a r e b a s e d u p o n r e p o r t s in a c t u a l d o lla r a m o u n t s a n d t h e p e r c e n t a g e c o m p a r is o n s in t h e t a b le , a n d t h e in d e x n u m b e r s o n p a g e 8 , m a k e n o a llo w a n c e fo r c h a n g e s in t h e le v e l o f p r ic e s. - 8.7 —10.0 — 8.0 + 0.2 - 7.7 — 3.8 - 7.0 +26.3 — C.7 + 1.8 + 2.2 + 6.4 — 3.3 + 7.0 T h e r a t e o f s t o c k t u r n o v e r is t h e r a t i o o f s a le s d u r i n g g iv e n p e r io d t o a v e r a g e s t o c k s o n h a n d . th e r a t io fo r S e p t e m b e r w a s 2 9 p e r c e n t , fo r A u g u s t 2 9 .4 p e r c e n t , RETAIL TR AD E IN THE SIX T H D IST R IC T D U R IN G SEPTEM BER 1933 BA SED ON CO N FID EN TIA L R E PO R TS FROM 37 DEPARTM ENT ST O R E S COM PARISON OF N E T SALES COM PARISON OF STO C K S Septem ber 1933 Septem ber 1933 J a n . 1 to Sept. 30, Sep t. 30, 1933 Sep t. 30, 1933 w ith w ith 1933 w ith sam e w ith w ith Sept. 1932 A ug. 1933 period in 1932 Sept. 30, 1932 A ug. 31, 1933 A tla n ta (6).................................... ........... - 2.2 B irm in g h a m (4).......................... ............+ 3.4 C h a tta n o o g a (4).................................... +2 2 .8 N a sh v ille (4)................................. ........... — 4.6 N ew O rleans (5)......................... ........... + 9.3 O th er C itie s (14)......................... ........... + 2.9 D istr ict (37).............................................. + 3.2 a c c o u n ts S e p t e m b e r w a s 1 3 .5 p e r c e n t , fo r A u g u s t 1 5 .5 p e r c e n t , a n d fo r + 19.1 + 15.8 + 0.5 + 19.2 + 12.8 + 16.6 + 14.6 RATE OF STO C K TU RN O V ER Sep t. 1932 S ep t. 1933 .43 .25 .19 .20 .20 .20 .24 .33 .27 .22 .19 .21 .22 .24 J a n . 1 to Sep t. 30, 1932 1933 3.01 1.79 1.59 1.60 1.67 1.46 1.85 2.91 2.11 1.85 1.92 1.81 2.00 2.09 M O N T H L Y R E V IE W S W h o le s a le I n S e p t e m b e r , fo r t h e s e v e n t h c o n s e c u t iv e m o n th , th e s m a lle s t t o t a l o f lia b ilit ie s d u r in g t h e s a m e p e r io d , e x c e p t fo r T rad e s a le s b y 1 0 2 r e p o r t in g w h o le s a le fir m s in th e S ix t h M a y , 1 9 3 1 , w h e n t h e t o t a l w a s o n ly $ 3 7 1 ,0 0 0 . D is t r ic t in c r e a s e d o v e r t h e p r e c e d in g m o n th , a n d G R A IN E X PO R T S—NEW ORLEANS (B ushels) Sept. A ug. Sep t. J u ly 1 t o Sep t. 30, 1933 1933 1932 1933 1932 fo r t h e fifth c o n s e c u t iv e m o n th w e r e g r e a te r th a n in t h e c o r r e sp o n d in g m o n t h l a s t y e a r . S e p t e m b e r s a le s w e r e 5 .9 p e r c e n t g r e a te r t h a n fo r A u g u s t, a n d 1 4 .7 p e r c e n t g r e a te r t h a n in S e p t e m b e r 1 9 3 2 , a n d fo r t h e fir s t n in e m o n th s o f 1 9 3 3 h a v e a v e r a g e d 8 .1 p e r c e n t ab o v e th e sam e p art of 1932. P e r c e n ta g e c o m p a r is o n s o f r e W heat.......................................... . C o m ............................................... O a ts................................................ 38,650 2,866 8,867 7,424 3,646 6,495 125,238 3,127 65,826 64,740 20,270 27,920 345,957 16,762 145,747 T o ta l....................................... 50,383 17,565 194,191 112,930 508,466 p o r te d fig u r e s b y lin e s o f tr a d e , a r e s h o w n in t h e t a b le , a n d in d e x num bers app ear on page 8. P ercen ta g e C om parisons J a n .-S e p t. Sept. 1933 w ith : 1933 w ith A u g. S ep t. sam e p eriod 1933 1932 in 1932 N o. of Firm s A ll l i n e s C om bined: S a le s .— - ................................. — 102 29 S to ck s o n h a n d ................... .... A c co u n ts R eceiv a b le......... — 50 50 C ollectio n sG roceries: 24 S a le s......................................... 3 A tla n ta ............................ 4 J a c k so n v ille ........................ 5 N e w O rleans.................. 3 V ick sb u rg....................... . . . 9 O th er C itie s................... 3 S to ck s o n h a n d ................... 10 A c co u n ts receivable........... .... 11 C o lle c tio n s______________ D ry G oo d s: 16 S a le s......................................... 3 N a sh v ille......................... . . . O th er C itie s................... . . . 13 8 S to ck s o n h a n d ................... .... 9 A c co u n ts receivable........... 11 C o lle c tio n s ___ ___________ H ardw are: S a le s......................................... ... 26 3 N a sh v ille......................... 5 N ew O rleans................. 18 O th er C itie s................... 9 S to ck s o n h a n d .................... . . 16 A c co u n ts receivable.......... 14 C o lle c tio n s______________ F u rn itu r e : 9 S a le s......................................... 4 A tla n ta ............................ . .. 5 O th er C ities................... 6 S to ck s o n h a n d ................... 7 A c co u n ts receivable.......... C o lle c tio n s............................ ... .. 6 E lectrica l S u p p lies: S a le s.......................................... . 13 4 N e w O rleans................. 9 O th er C itie s................... 3 S tock s o n h a n d .................. ..... 4 A c co u n ts receivable.......... . 3 C o lle c tio n s______________ D ru gs: 8 S a le s......................................... .... 4 A c co u n ts receivable.......... 5 C o lle c tio n s............................ .... S ta tio n e r y : 4 S a le s......................................... +14.7 + 0.4 - 1.0 + 22.9 + 8.1 + 3.8 + 2.6 +11.0 + 1.6 + 3.3 + 1.9 + 18.4 — 3.9 + 1 1.0 + 8.3 — 2.9 + 0.1 + 4.2 +29.6 +12.3 +31.8 - 1 1 .2 + 13.9 + 1.9 - 1.1 —13.5 + 2.9 +28.1 + 5.6 ___ b u ild in g s w ith in t h e c o r p o r a te lim it s o f t w e n t y r e p o r t + 49.7 + 68.9 + 46.0 — 0.1 + 8.2 +11.5 — 2.5 —12.3 + 0.0 +16.6 + 2.7 + 2 7.6 +23.7 +12.4 + 26.4 — — — + + + 4.3 5.3 1.4 5.7 1.9 1.0 7.5 + 30.2 + 6.8 +23.9 +38.8 — 9.8 + 1.6 + 34.5 + 12.6 + 2.0 +19.4 + 11.4 —16.4 + 4.9 -2 4 .3 + 8.1 — 1.9 + 24.0 + 34.3 + 52.0 + 26.7 + 8.8 — 1.3 +99.0 +14.1 + 28.6 + 9.6 _____ + 1.8 - 3.0 + 3.9 + 1.7 + 1.6 —10.2 +42.6 +19.5 +54.7 —16.5 + 16.6 — 8.6 +12.5 — 7.8 +22.0 ____ _ + 8.1 + 1.7 + 16.3 + 8.5 — 7.2 + 9.1 - — 5.9 —13.3 - 2 4 .1 in g c it ie s in t h e d is t r ic t d e c lin e d s u b s t a n t ia lly fr o m I n A u g u s t N a s h v ille r e p o r t e d a t o t a l o f m o r e t h a n a m illio n d o lla r s , a n d in S e p t e m b e r 1 9 3 2 K n o x v ille h a d a t o t a l a b o v e 1 3 .7 per cen t c it ie s r e p o r t e d d e c r e a s e s . F o r t h e n in e m o n th s o f 1 9 3 3 t o t a l p e r m its r e p o r t e d a t t h e s e t w e n t y c it ie s h a v e a m o u n t e d t o $ 1 0 ,6 4 0 ,9 5 2 , a d e c r e a s e o f 1 9 .8 p er c e n t c o m p a r e d w it h t h e s a m e p a r t o f 1 9 3 2 . over m o n th , a n d w e r e 4 .4 p e r c e n t le s s t h a n in S e p t e m b e r , 1 9 3 2 . 7.1 th e F ig u r e s c o m p a r e d in t h e t a b le a r e fr o m t h o s e c o m p ile d b y t h e L ife I n s u r a n c e S a le s R e s e a r c h B u r e a u . (000 O m itted) Sep t. A ug. S e p t. 1933 1933 1932 F i v e F lo r id a c it ie s a n d t h r e e G e o r g ia c it ie s r e p o r te d in c r e a s e s o v e r S e p t e m b e r la s t y e a r b u t t h e o t h e r t w e lv e C o m p a r is o n s b y c it ie s fo r t h e m o n th a r e s h o w n in t h e ta b le . a n c e in t h e s ix s t a t e s lo c a t e d w h o lly o r p a r t ly in t h e decreased of A u g u s t t o S e p t e m b e r , a n d w a s a ls o m u c h le s s t h a n fo r S e p t e m b e r te m b e r t h is y e a r . In su ra n ce A lab am a...................... $ F lo r id a ......................... G e o r g ia ........................ L o u is ia n a .................... M ississip pi.................. T en n e sse e .................... P e r m its t h a t a m o u n t, b u t th e r e w e r e n o la r g e a m o u n ts r e p o r t e d fo r S e p S e p t e m b e r s a le s o f n e w , p a id -fo r , o r d in a r y lif e in s u r D is t r ic t T h e t o t a l v a lu e o f p e r m its fo r t h e c o n s t r u c t io n la s t y e a r . + 5.9 + 3.5 + 1.5 + 10.9 L ife S ix t h IN D U S T R Y B u ild in g N um b er Septem ber 1933 1932 A labam a: A n n isto n -.......... B irm in g h a m . M obile................. M o n tg o m e r y ... F lorid a: J a c k so n v ille -— M iam i.................. M iami B ea c h — O rland o.............. T am pa................. G eorgia: A tla n ta ............... A u g u s ta .............. C olu m b u s.......... M acon.................. S a v a n n a h .......... L o u isia n a : N ew O r le a n s.— A lexan d ria ........ T en nessee: C h a tta n o o g a — J o h n so n C it y .. K n oxville............ N a sh v ille ............ T o ta l................ C o n tr a c t A w ard s 4 147 34 85 4 151 34 96 519 232 32 126 215 315 320 24 36 221 170 31 47 189 23 V a lu e Septem ber 1933 1932 $ 800 31,198 23,766 18,105 $ P ercen tage change in valu e 5,3C0 56,720 46,900 22,825 — — — — 154,788 382,056 2C0,400 21,151 44,401 93,010 59,243 52,275 14,795 37,337 + 66.4 +544.9 +283.4 + 43.0 + 18.9 206 39 24 199 13 57,221 28,449 11,803 21,568 37,440 101,614 5,966 2,175 28,442 14,370 — 43.7 +376.9 +442.7 — 24.2 +160.5 69 51 110 72 75,541 7,278 271,030 22,955 - 72.1 — 68.3 193 1 27 76 159 4 41 174 28,978 1,000 57,642 44,797 55,964 3,500 1,008,508 96,539 2,271 2,242 $1,248,382 $1,999,468 — — — — 84.9 45.0 49.3 20.7 48.2 71.4 94.3 53.6 — 37.6 T o t a l v a lu e o f c o n t r a c t s a w a r d e d in t h e S ix t h D is tr ic t , a c c o r d in g t o s t a t is t ic s c o m p ile d b y t h e F . W . D odge C o r p o r a tio n and s u b d iv id e d in t o d is t r ic t t o t a ls 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 is t ic s , in c r e a s e d b y 5 2 .4 p e r c e n t fr o m A u g u s t t o S e p t e m b e r , w a s 8 5 p e r c e n t g r e a te r t h a n fo r J u ly , a n d w a s t h e la r g e s t t o t a l fo r a n y m o n th s in c e J a n u a r y . T h e S e p t e m b e r t o t a l w a s 2 4 p e r c e n t s m a lle r t h a n fo r S e p t e m b e r 1 9 3 2 . R e s id e n t ia l c o n t r a c t s d e c lin e d fr o m A u g u s t t o S e p t e m b e r , b u t w e r e g r e a te r t h a n a y e a r a g o , b u t J a n .-S e p t. P ercen t 1933 1932 C h a n g e c o n tr a c ts fo r n o n -r e s id e n t ia l b u ild in g a n d fo r p u b lic w o r k s a n d u t i lit ie s c o m b in e d in c r e a s e d 8 3 .6 p e r c e n t o v e r t h e m o n th b u t w e r e 3,202 3,093 5,772 3,425 1,941 4,845 $ 3,657 3,804 6,147 4,039 1,894 6,287 $ 3,390 3,110 5,705 4,140 1,836 5,115 $ 31,125 31,926 51,925 34,167 20,558 49,280 $ 34,332 37,702 62,139 39,737 19,779 54,531 — 9.3 —15.3 —16.4 —14.0 + 3.9 — 9.6 2 8 p e r c e n t le s s t h a n a y e a r a g o . T o ta l......................$22,278 $25,828 $23,296 $218,981 $248,220 —11.8 2 2 .6 p e r c e n t in o th e r c la s s e s o f c o n tr a c ts . D un F o r n in e m o n th s o f 1 9 3 3 , t o t a l c o n tr a c ts in t h e d is t r ic t h a v e b e e n 18 p e r c e n t le s s t h a n in t h a t p a r t o f 1 9 3 2 , a s m a ll g a in o f 0 .3 p e r c e n t in r e s id e n t ia l a w a r d s b e in g m o r e t h a n o ff s e t b y a d e c r e a s e o f C o m m e r c ia l S t a t is t ic s c o m p ile d b y & B r a d s t r e e t, I n c ., I n t h e 3 7 s t a t e s e a s t o f t h e R o c k y M o u n t a in s , t o t a l c o n t r a c t F a ilu r e s in d ic a t e t h a t in S e p t e m b e r t h e r e w e r e 1 ,1 1 0 b u s i a w a r d s in c r e a s e d 1 5 .5 p e r c e n t fr o m A u g u s t t o S e p t e m b e r b u t n e s s fa ilu r e s in t h e U n it e d S t a t e s , c o m p a r e d w ith w e r e 3 .9 p e r c e n t le s s t h a n in t h a t m o n th la s t y e a r . A ll c la s s e s 1 ,4 7 2 in A u g u s t a n d w it h 2 ,1 8 2 in S e p t e m b e r l a s t y e a r , a n d lia b ili o f a w a r d s in c r e a se d o v e r t h e m o n th , a n d r e s id e n t ia l a n d n o n - t ie s fo r S e p t e m b e r a m o u n t e d t o $ 2 1 ,8 4 6 ,9 0 6 , a p p r o x im a t e ly h a lf r e s id e n t ia l a w a r d s w e r e t h e t o t a l o f $ 4 2 ,7 7 6 ,0 4 9 fo r A u g u s t, a n d c o m p a r e d t o $ 5 6 ,1 2 7 ,6 3 4 c o n t r a c t s fo r p u b lic w o r k s a n d u t ilit ie s s m a lle r . fo r S e p t e m b e r , 1 9 3 2 . m o n th s t o t a l a w a r d s h a v e b e e n 2 9 .6 p e r c e n t, r e s id e n t ia l c o n I n t h e S ix t h D is t r ic t t h e r e w e re 3 9 b u s in e s s fa ilu r e s in S e p t e m b e r , g r e a te r t h a n in S ep tem b er 1932, tr a c ts 1 9 .2 p e r c e n t, n o n -r e s id e n t ia l 2 5 .5 p e r c e n t, a n d p u b lic w o r k s t h e s m a lle s t n u m b e r fo r a n y m o n th in a v a ila b le r ec o r d s w h ic h b e g in a n d u t ilit ie s 3 8 .8 p e r c e n t, le s s t h a n in t h a t p a r t o f 1 9 3 2 . w it h 1 9 2 1 , a n d lia b ilit ie s fo r S e p t e m b e r a m o u n t e d t o $ 6 1 1 ,6 8 7 , p a r is o n s fo r t h e m o n th a r e s h o w n in th e t a b le . but F o r t h e n in e C om 6 M O N T H L Y Septem ber 1933 A u gu st 1933 P ercen t Septem ber P ercen t C hange 1932 C hange S ix th D istr ict—T o t a l - $ 7,193,977 $ 4,718,979 + 52.4 $ 9,469,910 — 24.0 R e sid e n tia l............... 1,100,562 1,400,810 - 21.4 1,004,540 + 9.6 6,093,415 3,318,169 + 83.6 8,465,370 - 28.0 A ll O th ers................. S ta te T o ta ls: A lab a m a .................... 90,600 225,000 — 59.7 2,023,500 — 95.5 F lo rid a ........................ 2,592,300 1,051,800 +146.5 979,300 +164.7 G eorg ia ....................... 711,300 852,800 — 16.6 798,800 — 11.0 L o u is ia n a .................. 2.201,700 1,844,500 + 19.4 3,518,000 - 37.4 M ississip pi................ 2.594.200 349,100 +643.1 1,226,600 +111.5 T en n essee (6th D is t.).................... 919,400 1,058,500 — 13.1 2,464,600 — 62.7 U n ited S t a t e s - T o t a l - 122,589,700 106,131,100 + 15.5 127,526,700 — 3.9 R e sid en tia l............... 23,889,300 21,937,000 + 8.9 22,803,900 + 4.8 N o n -R e s ld e n tia l— 37,951,300 32,796,600 + 15.7 35,997,400 + 5.4 P u b lic Works a n d U tilitie s ...................... 60,749,100 51,397,5C0 + 18.2 68,725,400 — 11.6 L um b er W e e k ly s t a t is t ic s o f t h e a n d r e p o r t s in m arket has r e m a in e d th e q u ie t S o u th e r n P in e A s s o c ia tio n , p r e ss , in d ic a t e t h a t t h e lu m b e r d u r in g S ep tem b er. In th e t h ir d q u a r t e r o f t h e y e a r , t h e 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 ills h a s e x c e e d e d th e ir p r o d u c t io n fo r o n ly fiv e w e e k s , a n d d u r in g R E V IE W I n t h e t h r e e s t a t e s o f t h is d is t r ic t fo r w h ic h C e n s u s B u r e a u fig u re s a r e c o m p ile d s e p a r a t e ly , t o t a l c o n s u m p t io n o f c o t t o n in S e p t e m b e r w a s 1 7 .2 p e r c e n t le s s t h a n in A u g u s t , a n d 1 .7 p e r c e n t le s s t h a n in S e p t e m b e r 1 9 3 2 . d e c lin e fr o m A u gu st to a v e r a g e c o n s u m p t io n in O n a d a il y a v e r a g e b a s is , t h e S ep tem b er w as 1 0 .6 p e r c e n t . D a ily G e o r g ia w a s t h e s m a lle s t s in c e A p r il, in A la b a m a t h e s m a lle s t s in c e D e c e m b e r , a n d in T e n n e s s e e t h e s m a lle s t s in c e J u ly 1 9 3 2 . F o r t h e fir s t t w o m o n t h s o f t h e n e w c o t t o n s e a s o n , 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 w a s 1 5 .5 p e r c e n t g r e a t e r t h a n in t h a t p a r t o f t h e s e a s o n b e fo r e . C o m p a r is o n s a r e s h o w n b e lo w . C O TTO N CON SU M PTIO N —B a les S ep t. A ug. S ep t. 1933 1933 1932 A u g . 1 t o Sep t. 30. 1933 1932 A la b a m a .................... G e o r g ia ...................... T en n e sse e .................. 48,337 92,099 10,056 58,188 111,865 11,797 54,379 86,180 12,504 106^525 203,964 21,853 100,879 162,376 24,416 T o ta l.................... 150,492 181,850 153,063 332,342 287,671 t h e fiv e w e e k s e n d in g O c to b e r 7 o r d e r s h a v e a v e r a g e d 1 4 .5 p e r C o tto n A lt h o u g h p r o d u c t io n a n d s h ip m e n t s r e p o r t e d c e n t le s s t h a n p r o d u c t io n o f id e n t ic a l m ills , a n d 3 3 p e r c e n t le s s M a n u fa c tu r in g b y c o t t o n c lo t h a n d y a r n m ills in t h is d is t r ic t t h a n o r d e r s b o o k e d d u r in g t h e s a m e p e r io d o f 1 9 3 2 . d e c lin e d fu r t h e r fr o m U n fille d o rd ers r ep o rted o r d e r s h a v e a v e r a g e d 2 4 .4 p e r c e n t le s s t h a n a t t h e s a m e t im e l a s t y e a r , b u t p r o d u c t io n h a s a v e r a g e d 2 3 p e r c e n t g r e a t e r . T r e ss creased s u b s t a n t ia lly over r e p o r t s in d ic a t e t h a t t h e o r d in a r y d e m a n d fr o m t h e r e t a il y a r d s g rea ter th a n a y e a r a g o . a n d fr o m but t h e r a ilr o a d a n d in d u s tr ia l tr a d e h a s d u r in g r e c e n t w ere s m a lle r th a n by A u g u st, A u g u st to b o th and S e p tem b er, c la s s e s o f m ills in o r d e r s fo r c lo t h w ere S t o c k s in c r e a s e d s o m e w h a t o v e r A u g u s t fo r S e p tem b e r 1932. E m p lo y m e n t a t C o m p a r is o n s o f b o t h k in d s o f m ills a v e r a g e d 3 p e r c e n t le s s in S e p t e m b e r t h a n fig u r e s fo r r e c e n t w e e k s , w it h t h o s e p e r io d s a y e a r a g o , a r e s e t fo r A u g u s t , b u t 5 5 .8 p e r c e n t g r e a t e r t h a n a t t h e s a m e t im e la s t w e e k s b e e n d u ll a n d o n ly fo r im m e d ia t e n e e d s . year. o u t in t h e t a b le . (In th o u sa n d s o f feet) N u m b er Orders P r o d u c tio n U n fille d Orders o f m ills 1933 1932 1933 1932 1933 1932 Week E n d ed Septem ber 9..................96 21,859 Septem ber 16................ 103 21,807 Septem ber 23................100 21,908 Septem ber 30................96 21,005 O ctober 7....................... 101 21,874 C o tto n 19,000 22,101 19,503 20,331 22,048 61,540 60,356 57,140 54,803 61,305 74,805 79,335 79,197 78,216 79,055 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 d u r in g S ep tem b er, S ep tem b er 26 006 24,983 25,609 24,948 25,299 T h e r e w a s a d e c lin e o f 1 5 .1 p e r c e n t in t o t a l c o n - C o n s u m p tio n S e p tem b e r 31,608 36,878 31,327 33,046 29,357 c o n s u m p t io n 1932. In as w as com pared 1 .4 th e c o tto n per w it h cen t A u g u s t, la r g e r g r o w in g s t a t e s , th a n and in m ills r e d u c e d P e r c e n t a g e c o m p a r is o n s o f r e p o r t e d fig u r e s a r e s h o w n in t h e t a b le . P ercen ta g e c h a n g e N u m b er o f S e p t. 1933 com pared w ith C o tto n C lo th : M ills A u g . 1933 S e p t. 1932 P r o d u c tio n ..................................................... 19 — 14.4 —19.2 S h ip m e n ts...................................................... 18 — 14.5 —26.7 Orders b o o k ed .............................................. 14 +118.4 + 9 .6 U n fille d orders............................................. 16 + 3 1 .4 — 3.4 S to ck s o n h a n d ............................................ 16 + 8.7 —13.7 N um b er o n p a y r o ll..................................... 17 — 4.1 + 45.9 C o tto n Y a m : P r o d u ctio n ..................................................... 13 — 19.6 + 8.9 S h ip m e n ts...................................................... 13 — 21.1 —10.5 O r d ersb o o k ed .............................................. 7 + 4 4 .6 —2 1 4 U n fille d orders............................................. 10 + 3.8 —17.9 S to ck s o n h a n d ........................................... 12 + 10.3 —28.6 N um b er o n p a y r o ll..................................... 11 — 0.4 + 82.7; th e ir c o n s u m p t io n b y 1 3 .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 , C o tto n S eed A lt h o u g h a n d in o t h e r s t a t e s b y 21 p e r c e n t . O n a d a ily a v e r a g e b a s is , t h e d e c r e a s e fo r t h e m o n t h , fo r t h e c o u n t r y a s a w h o le , w a s 8 .3 p e r a n d C o tto n t h is d is t r ic t w e r e s o m e w h a t le s s d u r in g t h e fir s t \ S eed P r o d u cts tw o m o n th s o f th e c o tto n sea so n , A u g u st a n d c e n t , fo r t h e c o t t o n s t a t e s 6 .6 p e r c e n t , a n d fo r o t h e r s t a t e s 1 4 .7 per c e n t. S to ck s, b o th in c o n s u m in g e s t a b lis h m e n t s and in r e c e ip t s S ep tem b er, th a n of c o tto n fo r t h e seed at m ills in \ s a m e p e r io d a y e a r a g o , c r u sh in g s w e r e s o m e w h a t g r e a t e r , a n d o u t p u t o f c o t t o n - s e e d s t o r a g e a n d a t c o m p r e s s e s , in c r e a se d in t h e c o t t o n s t a t e s , b u t p r o d u c t s a ls o in c r e a se d . d e c r e a s e d in o t h e r s t a t e s , o v e r t h e m o n t h , w it h t h e w e r e s m a lle r a t t h e c lo s e o f S e p t e m b e r t h a n a y e a r a g o , b u t s t o c k s o f th e n ew crop to m a r k e t. m ovem ent E x p o r t s o f c o t t o n in c r e a s e d 6 3 .8 S t o c k s o f s e e d , a n d o f h u lls a n d lin te r s , o f c r u d e o il a n d o f c a k e a n d m e a l w e r e g r e a t e r . A c tiv ity a t c o t p e r c e n t fr o m A u g u s t t o S e p t e m b e r , a n d w e r e 1 8 .5 p e r c e n t g r e a t e r t o n s e e d o il m ills t h r o u g h o u t t h e c o u n t r y w a s a ls o a t a s o m e w h a t t h a n in S e p t e m b e r 1 9 3 2 . h ig h e r le v e l t h a n a y e a r a g o . F o r t h e fir s t t w o m o n t h s o f t h e n e w c o t t o n s e a s o n , c o n s u m p t io n w a s 2 1 .3 p e r c e n t , a n d e x p o r ts w e r e 1 8 .1 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 la s t y e a r . L o u is ia n a a n d M is s is s ip p i, a n d in t h e l a s t t w o c o lu m n s a r e fig u r e s S p in d le s a c t i v e d u r in g S e p t e m b e r in t h e c o t t o n s t a t e s in c r e a se d b y 5 ,5 5 2 o v e r A u g u s t , a n d in o th e r s t a t e s b y 1 1 1 ,8 9 1 , a n d c o t t o n s t a t e s s p in d le s s h o w a n in c r e a s e o f 1 ,0 2 2 ,7 0 2 , a n d o t h e r s t a t e s a g a in o f 1 ,1 4 4 ,4 4 9 , o v e r t h o s e a c t iv e in S e p t e m b e r 1 9 3 2 . C en su s B u r e a u fig u r e s a r e c o m p a r e d in t h e t a b le . O OTTON C O NSUM PTIO N, E X PO R T S, STO C K S A N D ACTIVE SPIN D LES U N IT E D STATES—B ales Sep t. 1933 A u g . 1933 S ep t. 1932 C o tto n C on su m ed ................................. 499,486 588,570 492,742 S to ck s-....................................................... 2,535,013 6,945,476 9,082,346 I n C o n su m in g E sta b lish m e n ts. 1,160,457 1,159,897 1,084,549 I n P u b lic S to ra g e a n d a t Com presses.......................................... 7,374,556 5,785,579 7,997,797 E xports....................................................... 869,244 530,627 733,665 25,884,704 23,835,106 A ctive S p in d les—N u m b er.................. 26,002,148 CO TTO N G R OW ING STATES—B a les O o tto n C o n su m ed ................................. 401,373 464,343 409,011 S to ck s......................................................... 7,900,928 6,253,549 8,402,116 I n C o n su m in g E sta b lish m e n ts. 890,269 853,377 833,122 I n P u b lic S to ra g e a n d a t Com p resses.......................................... 7,010,659 5,400,172 7,568,994 A ctive S p in d les—N um b er................... 17,724,830 17,719,278 16,702,128 O T H E R STATES—B a les O o tto n C o n su m ed ................................. 98,113 124,227 83,731 S to c k s.......................................................... 634,085 691,927 680,230 I n C o n su m in g E sta b lis h m e n ts. 270,188 306,520 251,427 I n P u b lic S to ra g e a n d a t C om presses.......................................... 363,897 385,407 428,803 A ctive S p in d le s—N u m b er-------------- 8,277,318 8,165,426 7,132,878 I n t h e fir s t t w o c o lu m n s o f t h e t a b le a r e c o m p a r e d t h e c o m b in e d t o t a l s fo r G e o r g ia , A la b a m a , fo r t h e c o u n t r y a s a w h o le . C O TTO N SEED A N D COTTO N SEED PR O D U C T S ♦S ixth D istr ict U n ite d S ta te s A u g . 1 t o S ep t. 30 A ug. 1 t o Sep t. 30 C o tto n Seed, T o n s: 1933 1932 1933 1932 R eceived a t m ills.— 384,967 402,608 1,124,005 1,090,918 C rush ed........................ 236,075 228,446 755,813 723,920 O n H a n d S ep t. 3 d 177,662 222,098 589,130 667,022 P ro d u ctio n : C rude O il, lb s ........... 74,558,726 72,290,487 230,332,144 218,890,135 C ake a n d M eal, t o n s 101,301 98,066 339,483 327,115 H u lls, to n s ................. 66,359 63,275 209,822 205,881 L in ters, b a le s ............ 41,695 38,932 128,326 108,698 S to ck s a t m ills, S ep t. 30: C rude O il, lb s ........... 31,171,793 19,223,893 91,332,769 64,158,654 C ake a n d M eal, t o n s 91,928 52,245 258,257 201,421 H u lls, t o n s ................. 36,913 65,946 146,444 201,622 ^ L in ters, b a le s ............ 41,181 77,194 114,111 228,636 ♦G eorgia, A lab am a, L o u isia n a a n d M ississip pi. E le c tr ic P o w e r P r o d u c t io n o f e le c t r ic p o w e r b y p u b lic u t i l i t y p o w er p la n t s in t h e s ix s t a t e s o f t h is d is t r ic t in c r e a s e d fu r t h e r in A u g u s t o v e r t h e r e v is e d t o t a l f o r J u ly t o t h e la r g e s t t o t a l fo r a n y m o n th s in c e O c to b e r 1930. B e g in n in g in M ay, c o m b in e d p r o d u c t io n o f p o w e r in t h e s e s t a t e s h a s b e e n la r g e r e a c h m o n t h t h a n in t h e c o r r e s p o n d in g m o n t h l a s t y e a r , a n d fo r t h e e ig h t m o n t h s o f 1 9 3 3 t h e in c r e a s e o v e r t h a t p a r t o f 1 9 3 2 h a s a v e r a g e d 2 .3 p e r c e n t . I n t h is p e r io d o u t p u t b y u s e o f w a te r \ M O N T H L Y R E V IE W P ro d u ctio n —T o n s T o ta i D a ily Average p o w e r h a s b e e n 5 .3 p e r c e n t g r e a te r , b u t p r o d u c t io n b y u s e o f fu e ls 3 p e r c e n t s m a lle r , t h a n in t h e s a m e p e r io d la s t y e a r . O f t h e t o t a l, 6 5 .8 p e r c e n t h a s b e e n p r o d u c e d b y u s e o f w a te r p o w e r th is y e a r , c o m p a r e d w it h 6 4 p e r c e n t, la s t y e a r . F ig u r e s in t h e t a b le a r e t a k e n fr o m t h o s e c o m p ile d b y t h e U n it e d S t a t e s G e o lo g ic a l S u r v e y . PR O D U C T IO N OF ELECTRIC POWER (000 k . W. h o u rs) A u g . 1933 J u ly 1933 A u g. 1932 180,316 163,786 170,842 47,906 45,869 46,327 78,566 93,857 59,234 111,437 113,816 104,942 4,182 4,164 4,374 89,109 89,192 79,363 A lab am a .......................................................... F lo r id a ............................................................. G eo rg ia ............................................................ L o u is ia n a ....................................................... M ississip pi...................................................... T en n essee..............................................- — T o ta l......................................................... 511,516 510,684 B y u se o f: W a terP o w er......................... 324,324 323,606 F u e ls........................................ 187,192 187,078 F u els C onsum ed in P ro d u ctio n o f E lectric P ow er: C oal—t o n s .............................................. 9,963 9,764 F u el O il—b b ls....................................... 200,026 194,226 N a tu r a l G as—00 cu . f t ...................... 2,173,310 2,236,940 N o te : A u g u st fig u res prelim in ary—J u ly fig u res revised. B itu m in o u s 465,082 287,135 177 947 10,761 184 178 2,133,884 T h e tr e n d o f p r o d u c t io n o f b it u m in o u s c o a l in C o a l M in in g t h e U n it e d S t a t e s h a s b e e n d o w n w a r d s in c e e a r ly S e p t e m b e r , a t a t im e w h e n p r o d u c t io n a n d d e m a n d are u s u a lly in c r e a s in g . P r e lim in a r y e s t im a t e s of S ep tem b er p r o d u c t io n , c o m p ile d b y t h e U n it e d S t a t e s B u r e a u o f M in e s , in d ic a t e s a d e c lin e o f 1 3 .0 p e r c e n t fr o m A u g u st to S e p te m b e r , a lt h o u g h S e p t e m b e r o u t p u t w a s a b o u t 12 p e r c e n t g r e a te r th a n in t h a t m o n t h la s t y e a r . O n a d a ily a v e r a g e b a s is , h o w e v e r , t h e d e c lin e fr o m A u g u s t t o S e p t e m b e r w a s o n ly 6 .4 p e r c e n t, b e c a u s e o f t h e s m a lle r n u m b e r o f w o r k in g d a y s in S e p t e m b e r . T h e pre lim in a r y e s t im a t e fo r S e p t e m b e r p r o d u c t io n is c o m p a r e d in t h e t a b le w ith o u t p u t d u r in g c e r ta in p r e c e d in g m o n th s . T o ta l P r o d u ctio n (to n s) Septem ber 1933...................................... ...29,500,000 A u g u st 1933................................................33,910,000 J u ly 1933......................................................29,482,000 A pril 1933................................................. ...19,423,000 Septem ber 1932...................................... ...26,314,000 N um b er o f A verage per w o rk in g w o rk in g d a y days (ton s) 25.1 27 25 24.7 25.3 1,175,000 1,256,000 1,179,000 790,000 1,040,000 S e p t e m b e r p r o d u c t io n in A la b a m a d e c lin e d 9 .6 p e r c e n t, a n d in T e n n e s s e e n e a r ly 2 3 p e r c e n t, fr o m t h e A u g u s t le v e ls , b u t o u t p u t in A la b a m a w a s 3 5 p e r c e n t, a n d in T e n n e s s e e 1 2 p e r c e n t , g r e a te r t h a n fo r S e p t e m b e r , 1 9 3 2 . (T ons) A labam a 1933 1932 Wcclk E n d ed * Septem ber Septem ber Septem ber Septem ber 9....................... 188,000 16..................... 216,000 23..................... 195,000 30-.................... 207,000 P ig Ir o n P r o d u c tio n 132,000 148,000 149,000 168,000 T en n essee 1933 1932 59,000 60,000 67,000 84,000 54,000 62,000 62,000 64,000 A fte r in c r e a s in g fr o m M a r c h t o t h e h ig h e s t le v e l in A u g u s t r e c o r d e d fo r a n y m o n th in m o r e t h a n t w o y e a r s , p r o d u c t io n o f p ig ir o n in t h e U n it e d S t a t e s d e c lin e d 1 7 p e r c e n t fr o m A u g u s t t o S e p t e m b e r , b u t w a s o v e r t w o a n d o n e -h a lf tim e s t h a t o f S e p t e m b e r 1 9 3 2 . B ecau se o f t h e s h o r te r m o n th , 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 e r w a s 1 4 .2 p e r c e n t le s s t h a n in A u g u s t. C u m u la te d p r o d u c t io n fo r t h e n in e m o n th s o f 1 9 3 3 h a s to t a le d 9 ,5 8 9 ,1 0 6 t o n s , a n d is 3 9 .7 p e r c e n t g r e a te r th a n d u r in g t h a t p a r t o f 1 9 3 2 . T h e num ber of fu r n a c e s a c t iv e o n O c to b e r 1 w a s s m a lle r b y 9 th a n a m o n th e a r lie r , b u t la r g e r b y 4 2 th a n a y e a r a g o . T o t a l p r o d u c t io n in A la b a m a d e c lin e d 9 .7 p e r c e n t , a n d d a ily a v e r a g e o u t p u t d e c r e a s e d 6 .7 p e r c e n t, fr o m A u g u s t t o S e p t e m b e r , b u t S e p t e m b e r p r o d u c t io n w a s a lit t l e m o r e th a n fo u r t im e s t h a t o f S e p tem b er 1932. T here w as no fu r n a c e s a c t iv e o v e r t h e m o n th . c h a n g e in th e num ber of C u m u la te d p r o d u c t io n in A la b a m a d u r in g t h e n in e m o n th s o f t h e y e a r h a s a m o u n t e d to 5 7 8 ,5 1 5 t o n s , a n in c r e a s e o f 1 2 .3 p e r c e n t o v e r p r o d u c t io n d u r in g t h e s a m e part of 1932. P r e s s r e p o r ts in d ic a te t h a t a n u m b e r o f fo u n d r ie s a r e d r a w in g o n o ld c o n tr a c ts , a n d t h a t b u y in g o f fo u r t h q u a r te r ir o n is lim ite d . te m b e r . S h ip m e n t s a r e n o t m u c h h ig h e r t h a n in S e p T h e b a s e p r ic e o f $ 1 3 .5 0 p e r t o n c o n t in u e s fir m . P ip e m ills h a v e r e c e iv e d v e r y l i t t l e p u b lic w o r k s t o n n a g e a n d o th e r c u r r e n t b u s in e s s is s m a ll. s e t o u t in t h e ta b le . M o n t h ly c o m p a r is o n s o f p r o d u c t io n a r e 7 U n ite d S ta te s: Septem ber 1933......................... A u g u st 1933................................ M arch 1933.................................. Septem ber 1932......................... A labam a: Septem ber 1933......................... A u g u st 1933............................... M arch 1933.................................. Septem ber 1932......................... ♦F irst o f fo llo w in g m o n th . F u rn aces Active* 1,522,257 1,833,394 542,011 592,589 50,742 59,142 17,484 19,753 89 98 38 47 108,592 120,237 27,783 26,724 3,620 3,879 896 891 8 9 2 3 Naval Stores September receipts of both turpentine and rosin at the three principal markets of the district declined seasonally over the month, and although somewhat larger than a year ago were less than for any other September in twelve years, excepting 1932. For the first six months of the Naval Stores year, April through September, receipts of turpentine have been 20 per cent, and of rosin 1 6 per cent larger than in that part of the season before. Stocks of turpentine at the close of September were smaller than one or two years earlier, and stocks of rosin were the smallest for September of any year since 1926. Press reports indicate an increase in prices of both commodities during the third week of September proved temporary, and since then prices have fluctuated within narrow limits. Demand from both domestic and foreign consumers has been reported in the press as fair. August exports of turpentine and rosin were 148,630 barrels and 549,028 barrels, respectively, compared with 114,853 barrels and 464,541 barrels, respectively, in those months last year. Receipts and stocks for September are compared in the table. NAVAL ST O R ES R eceip ts—T u r p e n tin e (1): S ept. 1933 S a v a n n a h ........................................................... 12,255 J ack so n v ille...................................................... 10,547 P e n sa c o la ........................................................... 4,109 A u g. 1933 S ep t. 1932 16,334 9,858 12,353 10,117 4,550 2*836 T o ta l............................................................. R eceipts—R o sin (2): S a v a n n a h ........................................................... Jack so n v ille....................................................... P e n sa c o la ........................................................... 26,911 26,911 33,237 22,811 42,548 42,548 37,322 37,322 11,381 11,381 53,825 46,038 13,244 37,020 36,346 10,068 T o ta l............................................................. S tock s—T u rp en tin e (1): S a v a n n a h ........................................................... J a ck son ville...................................................... P e n sa c o la ........................................................... 91,251 91,251 113,107 83,434 17,804 17,804 37,378 37,378 24,381 24,381 18,315 34,791 21,814 13,571 43,928 24,865 T o ta l............................................................. 79,563 79,! Stock s—R o sin (2): S a v a n n a h ........................................................... 106,011 106,011 Jack so n v ille...................................................... 96,042 96,042 P e n sa c o la ......................................................... . 16,227 16,227 74,920 82,364 116.344 98,605 12.994 170,286 170,653 16,046 227,943 356,985 T o ta l..................................................... (1) B arrels o f 50 g a llo n s. (2) B arrels o f 500 p o u n d s. 218,280 (Continued from page 1.) Excess reserves of member banks increased by $100,000,000 between September 13 and October 20, in consequence of the purchase by the Federal Reserve Banks of $170,000,000 of United States Government securities during the period, offset in part by a further decline in discounts and a seasonal increase in the demand for currency. While these purchases of United States Government securities were made chiefly in New York City, member bank funds arising from these purchases were trans ferred to other parts of the country through expenditures in out lying areas by Federal Agencies, and through payment for crops marketed. At reporting member banks in leading cities there was little change in loans and investments during this period. A decline in the volume of loans on securities was offset by growth in all other loans. Money rates in the open market continued at low levels. On October 20 the Federal Reserve Bank of New York reduced its buying rate on bills from a range from 1 to per cent for dif ferent maturities to a range from K to 1 per cent. The rediscount rate at New York was reduced from per cent to 2 per cent, effective October 20, and on October 21, the Federal Reserve Banks of Cleveland and Chicago reduced their rediscount rates from 3 per cent to 2 Bank Credit 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 DEPARTMENT STORE TRADE-SIXTH DISTRICT July 1933 August 1933 September 1933 July 1932 August 1932 A tla n ta ...................................................................................................... B irm in gh am ............................................................................................ C h a tta n o o g a .......................................................................................... N a sh v ille................................................................................................... N ew O rleans............................................................................................ D IST R IC T ................................................................................................ 85.1 47.3 39.0 39.0 46.7 50.3 129.3 56.3 46.8 69.2 57.9 66.1 147.7 63.2 62.2 60.0 63.7 73.8 92.4 41.4 34.4 35.4 44.2 47.4 105.2 44.4 36.7 46.5 51.6 53.4 150.6 61.1 50.6 62.9 58.3 70.7 Daily Average Sales—Adjusted* A tla n ta ...................................................................................................... B irm in g h a m ............................................................................................ C h a tta n o o g a ........................................................................................... N a sh v ille................................................................................................... N ew O rleans............................................................................................ D IST R IC T ................................................................................................ 116.6 64.8 52.7 56.5 67.7 71.9 157.7 70.4 60.8 83.4 74.2 84.7 146.2 65.2 65.5 65.2 69.2 78.5 126.6 56.7 46.5 51.3 64.1 67.7 128.3 55.5 47.7 56.0 66.2 68.5 149.1 63.0 53.3 68.4 63.4 75.2 Monthly Stocks—Unadjusted A tla n ta ...................................................................................................... B irm in g h a m ............................................................................................ C h a tta n o o g a ........................................................................................... N ash v ille................................................................................................... N ew O rleans........................................................................................... D IST R IC T ................................................................................................ 79.2 35.2 44.1 53.8 45.8 48.3 90.4 38.9 50.2 56.8 55.2 55.6 107.7 45.0 50.5 67.7 62.3 63.8 74.9 44.8 44.8 60.0 57.4 56.7 72.3 42.4 46.4 57.9 57.1 55.6 85.3 45.3 49.6 66.3 58.5 59.6 Monthly Stocks—Adjusted* A tla n ta ...................................................................................................... B irm in g h a m ............................................................................................ C h a tta n o o g a ........................................................................................... N a sh v ille................................................................................................. . N ew O rleans............................................................................................ D IST R IC T ................................................................................................ 87.0 37.1 46.9 57.8 48.2 52.5 95.2 40.9 51.8 57.4 56.3 57.3 97.9 43.7 48.6 63.3 59.3 60.2 82.3 47.2 47.7 64.5 60.4 61.6 76.1 44.6 47.8 58.5 58.3 57.3 77.5 44.0 47.7 62.0 55.7 56.2 WHOLESALE TRADE-SIXTH DISTRICT-TOTAL......................... G roceries................................................................................................... D ry G o o d s.............................................................................................. . H ardw are.................................................................................................. F u rn itu r e .................................................................................................. E lectrical S u p p lie s ............................................................................... S ta tio n e r y ............................................................................................... D r u g s.......................................................................................................... 50.7 41.8 69.9 50.9 52.6 51.6 39.3 57.6 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 34.8 37.2 29.3 30.7 20.2 46.2 31.0 56.0 42.6 43.4 47.7 38.8 35.2 38.2 41.6 59.9 49.6 44.9 69.4 45.0 48.8 37.1 48.7 64.9 LIFE INSURANCE SALES-SIX STATES-TOTAL........................... A lab am a.................................................................................................... F lorid a ....................................................................................................... G eo rg ia ...................................................................................................... L o u isia n a ....................................................................................... ........ M ississip pi................................................................................................ T en n essee................................................................................................. 66.1 47.5 61.6 67.6 62.4 118.8 59.1 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 57.5 50.6 62.2 66.7 56.8 46.4 56.0 59.6 54.4 64.5 63.6 67.9 47.7 56.3 55.5 50.0 52.6 62.2 65.3 42.0 54.4 BUILDING PERMITS—TWENTY CITIES............................................ A tla n ta ...................................................................................................... B irm in g h a m ............................................................................................ J a ck so n v ille........................................................................................... . N a sh v ille -................................................................................................. N ew O rleans-.........................................................................................F ifte e n O ther C itie s............................................................................. 10.6 8.5 4.8 25.4 15.1 5.3 11.3 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 8.0 5.3 1.7 12.0 8.4 15.8 8.0 13.6 4.9 2.8 13.5 12.8 28.3 15.6 17.8 6.6 3.8 11.3 15.2 21.1 : 25.2 CONTRACT AWARDS—SIXTH DISTRICT—TOTAL.......................... R e sid e n tia l............................................................................................... A ll O th ers................................................................................................. 11.1 12.2 10.3 13.4 10.0 15.8 20.5 7.8 28.9 16.0 7.7 21.6 23.6 7.4 34.4 27.0 7.2 40.2 WHOLESALE PRICES—UNITED STATESf ALL COM MODITIES.......................................................................... Farm P r o d u cts....................................................................................... F o o d s ......................................................................................................... O th er C o m m o d ities.............................................................................. H id es a n d le a th e r p r o d u cts..................................................... T extile p ro d u cts............................................................................. F u el a n d lig h tin g .......................................................................... M etals a n d m etal p ro d u cts....................................................... B u ild in g m aterials........................................................................ C hem icals a n d d ru g s................................................................... H o u se fu m ish in g g o o d s.............................................................. M iscellaneous.................................................................................. 68.9 60.1 65.5 72.2 86.3 68.0 65.3 80.6 79.5 73.2 74.8 64.0 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 64.5 47.9 60.9 69.7 68.6 51.5 72.3 79.2 69.7 73.0 74.0 64.3 65.2 49.1 61.8 70.1 69.7 52.7 72.1 80.1 69.6 73.3 73.6 64.6 65.3 49.1 61.8 70.4 72.2 55.6 70.8 80.1 70.5 72.9 73.7 64.7 COTTON CONSUMPTION-UNITED STATES.................................... C o tto n -G ro w in g S ta te s............................................................ , ....... A ll O th er S ta te s..................................................................................... G eo rg ia .............................................................................................. A la b a m a ............................................................................................. T en n essee.......................................................................................... 118.1 138.3 73.6 143.7 175.8 119.6 115.8 132.9 78.2 143.6 169.3 118.5 98.3 114.9 61.7 118.2 140.6 101.0 54.8 68.5 24.8 73.2 95.2 78.5 79.2 96.8 40.5 97.8 135.3 119.7 96.7 116.8 52.6 110.6 158.2 125.6 COTTON EXPORTS—UNITED STATES............................................. 112.6 86.3 141.4 73.1 73.6 119,4 PIG IRON PRODUCTION—U n ite d S ta te s ............................ .......... A la b a m a ................................................ . 60.0 52.7 61.4 51.8 51.0 46.8 19.2 13.7 17.8 10.0 19.8 11.5 ♦A djusted for S ea so n a l V a r ia tio n . tC om p iled b y B u rea u o f L abor S ta tistic s. 1926=100. September 1932