Full text of Economic Review (Federal Reserve Bank of Atlanta) : October 31, 1933, Volume 18, Number 10

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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