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M ONTHLY R E V IE W O f Financial, A gricultural, T rade and Industrial C onditions in the S ix th Federal R eserve D istrict F E D E R A L V o l. 19 R E S E R V E N o . 10 B A N K O F This review released for publication in m orning papers of October 31 A T L A N T A , G A ., O C T O B E R 31, 1934 OF B U S I N E S S C O N D IT IO N S Prepared by Federal Reserve Board N A T IO N A L S U M M A R Y V o lu m e of i n d u s t r ia l p ro d u c tio n r e m a in u n c h a n g e d in S e p t e m b e r w h e n t h e r e is u s u a lly a s e a s o n a l in c r e a s e , a n d 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 d e c lin e d . A n i m p o r t a n t f a c t o r in th e d e c re a s e w a s th e s t r i k e in t h e te x t i le in d u s tr y . R e ta il t r a d e in r u r a l d i s t r ic t s sh o w e d a l a r g e in c r e a s e , a n d s a le s a t d e p a r t m e n t s to r e s in c itie s a ls o in c r e a e d , t h o u g h s o m e w h a t le s s t h a n s e a s o n a lly . D e p o s its a t b a n k s a n d c o m m e rc ia l lo a n s c o n tin u e d to in c re a s e . Production V o lu m e o f in d u s t r ia l p r o d u c tio n , a s m e a s u r e d and b y th e B o a r d ’s s e a s o n a lly a d ju s te d in d e x , deEmployment c lin e d f r o m 73 p e r c e n t o f t h e 1923-1925 a v e r a g e in A u g u s t to 71 p e r c e n t in S e p te m b e r. T h e r e w e r e s u b s ta n t ia l d e c lin e s in a c t i v it y a t c o tto n a n d w o o le n m ills , r e fle c tin g t h e in flu e n c e o f t h e t e x t i le s t r i k e , a n d in th e o u t p u t o f s h o e s, a u to m o b ile s , a n d lu m b e r . A f t e r t h e te r m i n a t io n o f th e s t r i k e te x t i le p ro d u c tio n in c re a s e d . S te e l m ill o p e r a tio n s , w h ic h h a d d e c lin e d s h a r p l y d u r i n g th e s u m m e r, h a v e b e e n a t a h i g h e r le v e l in r e c e n t w e e k s t h a n in t h e e a r l y p a r t o f S e p te m b e r. P r o d u c tio n o f b e e f a n d la m b in c r e a s e d f u r t h e r in S e p te m b e r, r e fle c tin g in p a r t th e d is p o s a l o f a n im a ls b o u g h t in th e d r o u g h t a r e a s b y t h e F e d e r a l G o v e rn m e n t. W h e a t flo u r p ro d u c tio n a n d s u g a r m e ltin g s a ls o w e re l a r g e r in S e p te m b e r. O u tp u t o f a n t h r a c i t e a n d b itu m i n o u s c o a l sh o w e d a l a r g e r t h a n s e a s o n a l in c re a s e . 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 d e c lin e d c o n s id e ra b ly in S e p te m b e r, l a r g e ly a s a r e s u l t o f t h e t e x t i le s tr ik e . T h e n u m b e r o f w o r k e r s e m p lo y e d w a s s u b s ta n t ia l ly r e d u c e d in th e a u to m o b ile , iro n a n d s te e l, a n d sh o e i n d u s t r ie s , a s w e ll a s in th e b a s ic t e x t i le in d u s tr ie s . T h e r e w a s a l a r g e r t h a n s e a s o n a l in c r e a s e in e m p lo y m e n t in c lo th in g in d u s tr ie s , w h ile in th e n o n - f e r r o u s m e ta ls , b u ild in g m a t e r i a ls , fo o d p r o d u c ts , a n d p a p e r a n d p r i n ti n g in d u s tr ie s e m p lo y m e n t w a s s u s ta in e d . A m o n g n o n - m a n u f a c tu r in g lin e s , e m p lo y m e n t in c r e a s e d s e a s o n a lly f r o m A u g u s t to S e p te m b e r a t c o al m in e s a n d in r e t a i l t r a d e . T h e re w a s a ls o a s u b s ta n t ia l in c r e a s e in n u m b e r o f p e r s o n s p ro v id e d w ith w o rk b y t h e e m e r g e n c y w o rk p r o g r a m o f th e F e d e r a l R e lie f A d m in is tr a tio n , w h ile e m p lo y m e n t on p u b lic w o rk s d e c re a s e d s o m e w h a t. T h e v a lu e o f c o n s tru c tio n c o n tr a c ts a w a r d e d , a s r e p o r te d b y t h e F . W . D o d g e C o r p o ra tio n , c o n tin u e d in a b o u t t h e s a m e v o lu m e d u r i n g S e p te m b e r a s in o t h e r r e c e n t m o n th s . D e p a r t m e n t o f A g r ic u ltu r e c ro p r e p o r t s f o r O c to b e r 1, 140 in d ic a te d a c o tto n c ro p o f 9,443,000 b a le s a s c o m p a r e d w ith a y ie ld o f 13,047,000 b a le s l a s t y e a r . T h e c o m c ro p , w h ic h a v e r a g e d 2,516,000,000 b u s h e ls f r o m 1927 to 1931, is e s t i m a te d a t 1,417,000,000 b u s h e ls th is y e a r . H a y a n d p a s t u r e c o n d itio n s im p ro v e d in S e p te m b e r a n d w e a t h e r in t h e f ir s t h a lf o f O c to b e r w a s g e n e r a lly f a v o r a b le f o r f o r a g e c ro p s. T h e y ie ld o f w h ite p o ta to e s is e s tim a te d a t 362,000,000 b u s h e ls, a b o u t e q u a l to t h e a v e r a g e f o r 1927-1931. D is tr ib u tio n D a ily a v e r a g e r a il r o a d f r e i g h t c a r lo a d in g s i n c r e a s e d f r o m A u g u s t to S e p te m b e r b y a b o u t th e u s u a l s e a s o n a l a m o u n t, b u t d e c lin e d s l i g h tl y in t h e f i r s t h a lf o f O c to b e r. S a le s in d e p a r t m e n t s to r e s in c r e a s e d f r o m A u g u s t to S e p te m b e r b y s o m e w h a t le s s t h a n t h e e s tim a te d s e a s o n a l a m o u n t, w h ile r e t a i l s a le s o f g e n e r a l m e rc h a n d is e in r u r a l d is t r ic t s , a s sh o w n b y r e p o r t s o f m a il o r d e r h o u s e s a n d c h a in s to r e s to th e D e p a r tm e n t o f C o m m e rc e , in c re a s e d c o n s id e ra b ly . C o m m o d ity W h o le s a le p ric e s o f f a r m p r o d u c ts a n d fo o d s, P r ic e s w h ic h h a d a d v a n c e d s h a r p ly in A u g u s t a n d th e f i r s t w e e k o f S e p te m b e r s u b s e q u e n tly d e c lin e d s o m e w h a t. T h e w e e k ly in d e x o f w h o le s a le p r ic e s o f th e B u r e a u o f L a b o r s t a ti s t i c s , w h ic h h a d a d v a n c e d f r o m 74 p e r c e n t o f th e 1926 a v e r a g e a t th e b e g in n in g o f J u n e to 78 p e r c e n t e a r l y in S e p te m b e r, s to o d a t 76 p e r c e n t in t h e se c o n d w e e k o f O c to b e r. R e c e n t d e c lin e s o c c u rre d p rin c ip a lly in th o s e p r o d u c ts w h ic h h a d in c r e a s e d m o s t r a p id l y in p re c e d in g w e e k s , s u c h a s w h e a t, c o tto n , liv e s to c k , a n d m e a ts . P r ic e s o f c o m m o d itie s o t h e r t h a n f a r m p r o d u c ts a n d fo o d s h a v e in g e n e r a l sh o w n l i t t l e c h a n g e sin c e l a s t J a n u a r y , b u t w ith in r e c e n t w e e k s p ric e s o f te x t i le p r o d u c ts a n d s c r a p s te e l d e c lin e d s lig h tly a n d g a s o lin e p ric e s sh o w ed a c o n s id e ra b le d e c re a s e . T h e o p e n m a r k e t p r ic e o f s ilv e r a d v a n c e d s h a r p ly i n t h e f i r s t h a lf o f O c to b e r. Bank E x c e s s r e s e r v e s o f m e m b e r b a n k s h a v e sh o w n no C re d it m a t e r i a l c h a n g e d u r in g t h e p a s t m o n th a n d on O c to b e r 17 a m o u n te d to a b o u t $1,750,000,000. A re d u c tio n in t r e a s u r y c a s h a n d d e p o s its w ith th e F e d e r a l R e s e rv e b a n k s s o m e w h a t m o re t h a n o ffs e t a s e a s o n a l g r o w th o f $57,000,000 in th e v o lu m e o f m o n e y in c ir c u la tio n a n d a c o n tin u e d g r o w th in r e q u ir e d r e s e r v e s a r is in g f r o m a g r o w th in d e p o s its . 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 ts ta n d in g sh o w e d l i t t l e c h a n g e . A t r e p o r t i n g m e m b e r b a n k s in le a d in g c itie s t h e r e w a s a f u r t h e r g r o w th in d e p o s its a n d in lo a n s a n d in v e s tm e n ts . mo IN ID U S T R IA L P R O D U C T ION 130 130 120 110 100 120 110 100 110 60 70 70 50 60 60 40 50 50 3 0 1_______ 1929 1931 .19 32 1933 1934- \\ 70 80 90 .Emp■loyrrient 80 90 1930 100 90 80 I n d e x n u m b e r o f in d u s t r ia l p r o d u c t io n , a d ju st e d f o r s e a s o n a l v a r ia t io n . (1 9 2 3 -1 9 2 5 a v e r a g e = 1 0 0 . ) L a t e s t f ig u r e S e p t e m b e r P r e l i m i n a r y 71. 120 110 f:ACT0RY ’EMPLOYlMENT ANC>■PAYROLL.5 100 90 1929 A T L A N T A 60 A ' SVV \ Payrolls > 70 r /v i \/N / // 1932 1933 A , — 60 -t------% / i 50 i 1930 1931 kO 1934 30 I n d e x n u m be 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 t m e n t f o r s e a s o n a l v a r i a t i o n s (1 9 2 3 -2 5 a v e r a g e = 1 0 0 ) . L a t e s t fig u r e S e p te m b e r E m p lo y m e n t 7 5 .8 ; p a y r o l ls 57.9. 2 M O N T H L Y R E V IE W BILLIONS OFDOLLARS Indexes of the United States Bureau of Labor Statistics. By months 1929 to 1931; by weeks 1932 to date. (1926=100.) L atest figures October 13; F arm Products 71.0; Foods 74.8; O ther Commodities 78.1. Between September 19 and October 17 total deposits of the banks increased by about $500,000,000, commercial loans to customers and member banks holdings of United States Gov ernment securities increased further, while security loans declined. Short term money rates continued at low levels during September and the first three weeks of October. Yields on Government securities declined in October, following an in crease in August and September. SIXTH DISTRICT SUMMARY Available business statistics for the Sixth Federal Reserve District indicate that in September there were further gains in the volume of trade at both retail and wholesale, and in creases in the value of contracts awarded and in the produc tion of coal in Tennessee, compared with the month before, but life insurance sales declined and building permits issued at twenty reporting cities decreased somewhat, while activity at cotton mills compared unfavorably with a month earlier and a year ago because of the interruption of operations by the textile strike. Department store sales in the Sixth District increased 15.2 per cent from August to September, and were 21.5 per cent greater than in that month last year. Adjusted for the num ber of business days, however, retail trade increased 29.6 per cent in September over August and was 26.5 per cent greater than a year ago, and with further adjustment for the usual seasonal increase, the September index number was higher than for any other month in four years. Stocks of goods on hand increased 9.9 per cent from August to September, and were about the same as a year ago. Wholesale trade, based upon reports from 99 firms, increased 1.9 per cent from Aug ust to September and was 13.2 per cent greater than in Sep tember last year and higher than for any other month since November, 1930. For the nine months of 1934, retail trade has been 29 per cent, and wholesale trade 27.3 per cent, greater than in that part of 1933. Building permits issued at twenty reporting cities declined 8.3 per cent from August to September, but were 31.8 per cent greater than in September last year, and for the nine months have been 59.8 per cent greater than in that part of 1933. Contracts awarded in the District, however, increased some what in September over August and were less than a year ago, but for the ninth months period were substantially larger than in that period last year. Cotton consumption by mills in Georgia, Alabama and Ten nessee declined 29.6 per cent in September compared with August and was 42.3 per cent less than in September last year, largely because of the strike, and production and orders of reporting mills also declined compared with both of those periods. Employment at these reporting mills at the end of September was 18.1 per cent less than a month earlier, and 14.1 per cent less than a year ago. Production of coal increased somewhat in Tennessee, but de clined in Alabama, in September compared with August, and in both states was less than a year ago. Alabama production of pig iron declined further in September and was 46.7 per cent less than in September last year. BILLIONS OFDOLLARS Wednesday figures for reporting mem ber banks in 90 cities. figures are for Wednesday, October 17. L atest At weekly reporting member banks in seven of the larger cities of the District, an increase of 5.6 millions in total loans between September 12 and October 10 was only partly offset by a decline of 3.5 millions in holdings of Government securi ties. Demand deposits at these banks declined during this period, but were 25.8 millions greater than a year ago. At the Federal Reserve Bank there were small increases between September 12 and October 10 in discounts for member banks, in holdings of purchased paper and of Government securities, and in industrial advances. The October Jst estimate by the United States Department of Agriculture indicates that the cotton crop in the six states located wholly or partly in this District will amount to 3,924,000 bales, larger by 4.6 per cent than the September estimate, but 6.4 per cent less than 1933 production. FINANCE Reserve Bank The total volume of reserve bank credit outCredit standing at the Federal Reserve Bank of At lanta increased further between September 12th and October 10th by $216,000, and was 21.4 millions greater than on the corresponding Wednesday a year ago. During this recent four-week period there were small gains in dis counts, both those secured by Government obligations and All Others, in holdings of purchased bills and of United States securities, but the principal increase was in the volume of Industrial Advances made under authority of the Act of Con gress of June 19. Holdings of Government securities were 26.5 millions greater than a year ago. Member bank reserve deposits, which had declined from about 84 millions on July 3rd to 69.3 millions on September 26th, rose to 75.3 millions two weeks later, and were 16.4 millions greater than a year ago. Federal reserve note circulation of this bank's issue in creased 5.1 millions between September 12th and October 10th, and was 16.7 millions greater than a year ago, and total reserves rose 7.5 millions during the four weeks from Sep tember 12th to October 10th and were 2.2 millions greater than on the same Wednesday last year. Principal items in the weekly statement of the bank are compared in the table, which is followed by another table setting out similar comparisons for the twelve Federal Re serve Banks combined. FEDERAL RESERVE BANK OF ATLANTA (000 Omitted) Oct. 10 Sept. 12 1934 1934 Bills Discounted: Secured by Govt. Obligations All Others................................ Total Discounts.............. Bills Bought in Open M arket. . Industrial Advances................... U. S. Securities............................ Total Bills and Securities Total Reserves............................ Member Bank Reserve Deposits Total Deposits............................ F. R. Notes in actual circulation F. R. Bank Notes in actual cirReserve R atio ............................. $ 81 151 232 199 409 94,271 95,111 130,028 75,263 81,967 134,865 60.0% $ 50 137 187 178 270 94,260 94,895 122,479 74,229 80,920 129,751 58.1% Oct. 11 1933 $ 201 5,505 5,706 217 67,749 73,672 127,808 58,867 68,020 118,174 6,061 68.6% M O N T H L Y FEDERAL RESERVE SYSTEM (000 Omitted) Oct. 10 Sept. 12 1934 1934 Bills Discounted: Secured by Govt. Obligations $ 3,795 All O thers................................ 8,244 Total Discounts.............. 12,039 Bills Bought in Open M ark et. . 5,809 Industrial Advances................... 3,708 U. S. Securities........................... 2,430,202 Other Securities.......................... 302 Total Bills and Securities 2,452,060 Total Reserves............................ 5,186,387 Member Bank Reserve Deposits 3,978,521 Total Deposits............................ 4,212,939 F. R. Notes in actual circulation 3,184,558 F. R. Bank Notes in actual cir culation .................................... 29,664 Reserve R atio.............................. 70.1% $ 5,624 17,716 23,340 5,202 1,281 2,431,485 356 2,461,485 5,212,353 3,948,304 4,300,059 3,148,449 Oct. 11 1933 $ 24,067 95,240 119,307 6,906 2,344,109 1,737 2,472,059 3,805,435 2,567,360 2,785,059 3,008,430 170,501 65.7% 31,127 70.0% Member Bank Credit Between September 12th and October 10th there was in increase in loans, but a decrease in investments, of 17 weekly reporting member banks lo cated in Atlanta, Birmingham, Jacksonville, Nash ville, Chattanooga, Mobile and Savannah, and total loans and investments of these banks were 8.6 millions greater than on the same Wednesday last year. Loans on securities declined slightly during this four-week period, but All Other Loans, which include those for commercial and industrial purposes, increased about 5.8 millions, and were at the highest point since May 9th. A decline of 8.5 millions in holdings of United States securities was partly offset by an increase of 1.5 mil lions in other securities. Demand deposits declined 15.6 millions from September 12th to October 10th but were 25.8 millions greater than a year ago, but time deposits increased slightly during this recent four-week period and were somewhat less than a year ago. In the tables are compared principal items in the weekly report, monthly averages over the past year and savings de posits reported by a list of banks located throughout the District. CONDITION OF M EM BER BANKS IN SELECTED CITIES (000 Omitted) Oct. 10 Sept. 12 Oct. 11 1934 1934 1933 Loans: 55,860 On Securities........................... $ All O thers................................ 116,822 Total Loans.................... 172,682 101,161 U. S. Securities........................... Other Securities.......................... 59,694 Total Investm ents.......... 160,855 Total Loans and Invest ments ............................ 333,537 128,052 Time Deposits............................ 169,040 Demand Deposits...................... 77,463 Due to Banks.............................. 76,760 Due from Banks......................... 0 Borrowings from F. R. B an k ... $ 56,118 110,969 167,087 104,675 58,165 162,840 $ 329,927 127,256 184,664 75,018 73,017 0 58,769 120,060 178,829 93,836 52,243 146,079 324,908 132,310 143,219 55,674 58,387 1,661 MONTHLY AVERAGES OF W EEKLY FIGURES OF 17 REPO RTIN G M EM BER BANKS IN SELECTED CITIES (000 Omitted) Total Borrowings Loans Invest Loans and Demand Time From ments Investments Deposits Deposits F. R. Bank 1933 August........ $175,684 Septem ber.. . 176,527 October 178,411 N ovem ber.. . 188,612 December. . . 192,491 1934 January. . . . 187,795 F eb ru ary ... . 187,358 M arch........ 184,851 April........... 180,670 M ay ............ 178,019 June............ 177,687 Ju ly ............ 167,294 August........ 166,546 Septem ber.. . 167,243 A tlanta......... Birmingham. Jacksonville.. Knoxville.. .. Nashville... . New Orleans. Other Cities.. T o ta l............ $145,777 149,717 144,651 151,275 150,199 $321,461 326,244 323,062 339,887 342,690 $141,842 145,167 141,894 144,602 152,249 $134,239 132,754 132,160 131,426 129,033 $1,229 2,112 1,960 2,572 2,614 148,305 162,054 155,608 152,679 151,172 156,522 169,780 167,502 163,759 336,100 349,412 340,460 333,349 329,191 334,209 336,513 334,048 331,002 151,935 158,695 161,794 168,070 167,404 169,196 172,707 172,917 179,195 130,048 131,505 130,406 130,649 132,911 130,786 131,560 129,194 127,402 2,060 441 161 0 0 0 0 0 0 SAVINGS DEPOSITS (000 Omitted) Number of Banks Sept. 1934 3 3 3 3 4 5 35 56 $ 30,325 15,297 13,712 3,468 23,303 29,442 63,445 178,992 August 1934 $ 30,519 15,199 13,774 3,409 23,390 29,262 63,175 178,728 Sept. 1933 $ 27,673 16,161 12,463 1,588 20,613 22,095 57,054 157,647 Percentage Change Sept. 1934 compared with Aug. 1934 Sept. 1933 —0.6 + 0 .6 —0.5 + 1.7 —0.4 + 0 .6 + 0 .4 + 0 .1 + + + + + + + 9.,6 5..4 10. 0 118.,4 13. 1 33. 3 11.,2 13.,5 R E V IE W 3 Debits to Total volume of debits to individual accounts at Individual 26 reporting cities in the Sixth District increased Accounts 1.4 per cent from August to September and was 7.4 per cent greater than in September, Twelve cities reported gains over August, and there were eighteen increases over September a year ago. Monthly totals 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 Omitted) Sept. 1934 August, 1934 Sept. 1933 $ 9 2 ,8 2 2 48,566 2,765 22,881 18,610 $ 101,185 59,439 2,144 22,043 17,559 $ 94,896 57,721 2,291 21,614 13,270 81,193 44,125 14,232 5,263 17,573 84,247 45,524 14,762 5,650 18,311 72,461 40,762 11,257 4,882 15,560 189,416 2,921 123,544 14,512 1,687 8,088 678 10,589 1,132 23,343 2,922 193,495 2,780 123,867 14,151 1,785 8,441 618 11,610 1,452 23,983 4,808 181,162 2,150 112,348 15,103 1,596 8,199 535 11,405 1,322 25,507 2,997 181,804 161,743 169,222 41,160 3,291 24,416 8,515 4,938 33,106 3,180 19,748 5,937 4,241 30,453 3,399 16,151 6,311 4,592 Tennessee—3 Cities............... Chattanooga....................... Knoxville............................. 99,697 25,976 16,213 57,508 102,800 25,697 17,107 59,996 90,752 24,699 14,134 51,919 T otal........................ $686,092 $676,576 $638,946 Alabama—4 Cities................. Birmingham........................ Montgomery....................... Florida—4 Cities.................. Jacksonville......................... Pensacola............................ Georgia— 10 Cities................. Brunswick............................ Columbus............................ Macon.................................. Newnan............................... Savannah............................. Louisiana—New Orleans Mississippi—4 Cities.............. Hattiesburg......................... Vicksburg............................ AGRICULTURE The October Crop Report issued by the United States De partment of Agriculture indicates improvement in prospects for some of the principal crops over September estimates, but there was a further decline in the estimated production of corn and that crop is now estimated at 39.6 per cent less than last year’s production. September weather was almost ideal for late potatoes and the October 1st estimate is 7.5 per cent larger than that for September and 13.1 per cent greater than production in 1933. Most of the other principal crops are expected to be smaller than last year, however, the exceptions being sweet potatoes, rice, sugar, peaches, and pears. Com parisons of the estimates for the principal crops are shown in the table. (In Thousands of Units) Estimate Estimate Percent Production Oct. 1, 1934 Sept. 1, 1934 Change 1933 Corn, bushels. . . . Wheat, bushels.. Oats, bushels. Tame Hay, tons. Tobacco, lbs........ White Potatoes, bushels........... 1,416,772 496,982 545,938 52,441 1,091,764 1,484,602 493,285 545,870 50,727 1,078,117 362,391 337,141 —4.6 + 7 .0 +0.01 + 3 .4 + 1.3 + 7 .5 Percent Change 2,343,883 527,928 731,524 65,983 1,385,107 —39.6 — 5.9 —25.4 —20.5 —21.2 320,353 +13.1 In the Sixth District the October estimates increased some what over those for September for hay and tobacco, but de clined slightly for corn. A decrease in the crops of corn and oats in Tennessee compared with last year was more than off set by increases in the other states of the District. The hay crop is larger than a year ago in all six states. Production of peanuts is larger than a year ago except in Louisiana, but fewer pecans were grown in each state. The tobacco crop is also smaller than a year ago in each of the producing states of the District. In Louisiana the rice crop is estimated at 15.036.000 bushels compared with 14,760,000 bushels in 1933, and sugar production is estimated at 217,000 tons against 205.000 tons last year. White potatoes were produced in larger quantities in each of the six states of the District than a year ago, and sweet potatoes show increases except in 4 M O N T H L Y Georgia. Production of peaches and pears was larger than in 1933 in all states, but crops of apples and grapes smaller. In the table are shown October 1st estimates for some of the principal crops for the Sixth District, prepared by the Federal Reserve Board’s Division of Research and Statistics based upon estimates by States reported by the United States De partment of Agriculture. (In Thousands of Units) Estim ate Estimate Percent Production 1933 Oct. 1, 1934 Sept. 1, 1934 Change Corn, bushels Wheat, bushels... Oats, bushels Tame Hay, to n s.. Tobacco, lbs......... White Potatoes, bushels............. Percent Change 161,635 3,598 9,973 2,169 118,417 161,808 3,598 9,973 2,032 117,220 —0.1 Same Same + 6 .7 + 1 .0 151,672 3,039 8,183 1,927 165,156 + 6 .6 + 1 8 .4 + 2 1 .9 + 1 2 .6 —28.3 14,898 14,898 Same 11,030 + 35.1 Citrus Total production of Florida citrus fruits for the 1934Fruits 35 season is estimated at 36 million boxes, of which 21 million boxes are oranges, including tangerines, and 15 million boxes grapefruit. From the bloom of 1933, orange production amounted to 18.1 million boxes, and grape fruit 10.7 million boxes. The growing season so far has been unusually favorable, there has been no damage from storm or drought and dropping of fruit during the summer months was below average. Cotton The October estimate of the cotton crop in the United States is 2.1 per cent above that a month earlier, and 27.6 per cent smaller than the 1933 crop. The estimate for each of the six states of this District increased from Septem ber to October,, the average being 4.6 per cent, and the crop in these states is now estimated to be 6.4 per cent smaller than a year ago. October estimates are compared in the table. (In Thousands of Bales) Estimate Estimate Percent Production _________________Oct. 1, 1934 Sept. 1, 1934 Change 1933 Alabam a.............. 980 965 + 1.6 969 24 23 + 4.3 28 Florida................. Georgia................ 970 933 + 4 .0 1,105 Louisiana............. 480 436 + 10.1 477 Mississippi........... 1,100 1,039 + 5.9 1,159 Tennessee............ 370 355 + 4.2 443 Total Six States.. Total United States 3,924 9,443 3,751 9,252 + 4 .6 + 2.1 4,181 13,047 SUGAR MOVEM ENT— (Pounds) Raw Sugar Sept. 1934 August 1934 Receipts: New Orleans............................ 99,398,148 Savannah................................. 27,929,573 Meltings: New Orleans............................ 136,999,843 Savannah................................. 63,682,750 Stocks * New Orleans............................ 98,928,802 Savannah................................. 57,116,443 Shipments: New Orleans............................ Savannah................................. Stocks: New O rle a n s........................ Savannah................................. Percent Change + 1 1 — 14.3 — 12.2 + 0.6 — 5.1 — 16.5 — 6.4 —27.6 Sept. 1933 113,678,734 16,004,125 41,236,604 11,955,972 92,387,641 23,301,547 66,566,212 23,456,719 136,706,190 92,869,620 38,258,010 50,073,470 119,944,859 44,047,500 120,556,251 33,127,208 81,953,271 29,842,921 24,633,137 13,009,368 20,134,003 2,777,692 62,195,255 10,939,341 Refined Sugar R IC E MOVEMENT—N EW ORLEANS Rough Rice—Barrels: Sept. 1934 August 1934 Receipts........... ....................... 78,482 47,867 Shipments............................... 74,736 64,076 Stocks....................................... 6,350 2,604 Sept. 1933 57,705 57,136 9,513 R E V IE W Clean Rice—Pockets: Receipts................................... Shipm ents................................ Stocks....................................... 95,632 86,401 116,966 + 2 1 .6 + 19.8 + 1 7 .2 + 25.5 + 3 5.9 + 2 6.6 + 1 8 .9 + 20.1 +21.5 O T EFRASER : T h e ra te of s to c k t u rn o v e r DigitizedN for + 20.7 + 16.4 + 2 3 .4 + 1 2 .0 + 1 3.0 +14.9 — 0.8 + 2 9.4 + 1 5.2 +25.9 +30.7 +36.1 + 28.3 + 4 8 .0 + 2 0 .6 + 2 4.9 + 30.3 + 2 9 .0 — 3.8 — 0.1 — 6.6 — 3.6 + 19.2 + 1.1 — 2.9 + 6.5 + 0.2 77,885 91,739 121,412 R IC E M ILLERS ASSOCIATION STATISTICS (Barrels) September Aug.-Sept. Inc. Receipts of Rough Rice: Season 1934-35 ....................... Season 1933—34....................... Distribution of Milled Rice: Season 1934-35....................... Season 1933-34....................... 835,854 1,067,283 1,079,502 1,237,945 737,242 610,459 Rough 1,302,478 1,054,097 Clean 293,504 529,444 789,622 633,956 Stocks: September 30, 1934................ September 30, 1933................ Fertilizer Although still at a seasonally low level, sales of Tag Sales fertilizer tax tags in the six states located wholly or partly in the Sixth District increased 56.3 per cent from August to September, and were 22.9 per cent greater than in September a year ago. For the first two months of the new season, total sales were 19.8 per cent greater than in those months last year. Figures compared in the table are from those compiled by the National Fertili zer Association. (Short Tons) September August September 1934 1934 1933 August-Sept. Inc. 1934 1933 Percent Change Louisiana.. .. Mississippi... Tennessee. .. 550 29,478 270 6,634 288 5,132 550 20,946 283 1,950 1,085 2,288 100 23,700 1,067 5,150 620 3,825 1,100 50,424 553 8,584 1,373 7,420 1,300 41,104 2,948 6,500 1,070 5,037 — 15.4 + 2 2 .7 —81.2 + 3 2 .1 + 2 8 .3 + 4 7 .3 T o ta l. 52,352 27,102 34,462 69,454 57 ,959 + 19.8 Alabama. . . . TRADE Retail Department store sales in the Sixth District increased Trade further in September by more than the usual seasonal amount, and stocks also increased somewhat, but the collection ratio declined slightly and was fractionally above the ratio for September a year ago. September sales by 60 reporting firms increased 15.2 per cent over those in August and were 21.5 per cent greater than a year ago. On a daily average basis, however, Septem ber sales were 29.6 per cent greater than in August and 26.5 per cent greater than a year ago, and the index number for September, after adjustment for the usual seasonal move ment, was higher than for any month since September, 1930. Department store stocks increased 9.9 per cent from August to September and were about the same as a year earlier. The rate of stock turnover was slightly higher than for Aug ust, and was higher for September, and for the nine months of 1934, than for corresponding periods last year. The col lection ratio declined from 27.9 per cent in August to 27.5 per cent in September, compared with 27.3 per cent in Sep tember last year. For regular accounts the September ratio was 30.0 per cent, and for installment accounts 14.1 per cent. Percent comparisons shown in the table are based upon reports in actual dollar amounts and make no allowance for changes in the level of prices. RETA IL TRADE IN TH E SIX TH D ISTRICT DURING SEPTEM BER 1934 Based on confidential reports from 60 department stores Comparison op N b t S a lss Comparison op Stocks Sept. 1934 Stock T urnover Year to Sept. 30, 1934 with: date with with: September Jan.-Sept. Same month Previous Same period Same month Previous a year ago month 1933 1934 1933 1934 last year a year ago M onth Atlanta (6)........................ .......... Birmingham (6)................ .......... Chattanooga (4)............... .......... Jacksonville (3)................ .......... Miami (3).......................... .......... Nashville (4).................................. New Orleans (5)............... .......... Other Cities (29).............. .......... D ISTRICT (60)............... ............. 79,203 78,388 107,735 + 1 3 .4 + 1 8 .0 + 6.5 + 6.9 + 9.7 + 7.1 + 3.5 + 1 3 .7 + 9 .9 .42 .31 .30 .18 .23 .22 .23 .24 .28 is th e ra tio of sales d u r in g g iv e n p e rio d to a v e ra ge sto c k s o n h a n d . .33 .27 .22 A9 .21 .22 .24 3.26 2.63 2.42 1.56 3.19 2.10 2.15 2.18 2.44 C ollection R atio Sept. 1934 August September 1934 1933 2.91 2.11 1.85 26.3 27.9 26.1 26.1 28.9 26.6 25.8 21.2 26.4 i .92 1.81 2.00 2.09 25*5 36.1 24.3 27.5 2 7 ‘i 37.2 24.3 27.9 23 .’4 34.5 25.8 27.3 M O N T H L Y Wholesale The volume of wholesale trade in the Sixth District Trade exhibited a further small increase from August to September, and was 13.2 per cent greater than in September last year. The index number for September, based upon reports from 99 firms in eight different lines of business, was at the highest level since November, 1930. Stocks declined 4.1 per cent from August to September but were 9.3 per cent larger than a year ago. The collection ratio rose somewhat over the month, and continued higher than at the same time last year. Reported figures are com pared in the table. WHOLESALE TRADE IN SEPTEM BER 1934 Sixth Federal Reserve District* Percentage Comparisons Number Sept. 1934 with: Jan.-Sept. 1934 of Firms August Sept. with same 1934 1933 period last year All Lines Combined: Sales....................... Stocks..................... Groceries: Sales....................... Jacksonville... New O rleans.. Vicksburg. . . . Other C ities. . Stocks.................... Dry Goods: Sales....................... Nashville........ Other Cities. . Stocks..................... Hardware: Sales....................... N ashville........ New Orleans.. Other Cities. . Stocks..................... Furn itu re: Sales........................... A tlan ta............ Other C ities. . . Stocks...................... . Electrical Supplies: Sales....................... .. New Orleans . Other C ities, . . Stocks....................... D rugs: Sales......................... Stationery: Sales......................... 99 30 23 4 5 3 11 3 15 3 12 7 26 3 5 18 9 + 1.9 — 4.1 + 13.2 + 9.3 + 27.3 + 2.6 + 16.2 + 1.5 + 26.7 + 4.6 +26.1 + 19.4 + 28.8 + 26.6 + 28.0 — 4.9 + 7.6 + 13. 1 — 1.5 + 1.5 + + + — +22.0 + 7.2 + 27.5 +46.8 4.2 7.7 3.2 5.3 +22.8 + 2 6.8 — 0.3 — 1.9 — 0.9 + 3.8 + 5.2 T o tal................ +26.7 + 16.4 + 28.2 + 27.9 — 3.0 + 0.2 + 8.0 + 1.3 — 0.6 9 4 5 6 + + + — 5.7 0.3 7.5 7.6 + 5.4 —23.2 +20.1 + 3.1 + 30.3 + 11.3 + 38.3 13 4 9 3 — — + — 1.9 8.9 1.4 7.1 +27.1 + 31.7 + 25.2 + 2 8.4 + 41.8 + 41.7 + 41.8 8 + 0.1 + 10.4 + 25.0 3 + 6.2 + 6.1 + 13.4 COLLECTION RATIO** Number September 1934 of Firms Groceries....................... Dry Goods................... Hardware...................... Furniture....................... Electrical Supplies Drugs............................. + 27.7 + 37.9 + 25.3 August 1934 September 1933 11 8 15 6 4 4 66.7 36.7 34.2 30.8 60.6 29.6 65.6 34.2 33.7 29.2 58.4 27.2 59.9 29.4 28.4 33.6 30.1 23.1 48 43.8 42.5 36.5 * Based on confidential reports from 99 firms. ** The Collection Ratio is the percentage of accounts and notes receivable o ut standing at the beginning of the month which were collected during the month. Life Sales of new, paid-for, ordinary life insurance in Insurance the six states located wholly or partly in the Sixth District declined 16 per cent from August to September but were 6.2 per cent greater than in Septem ber last year and only slightly less than two years ago. For the first nine months of 1934 total sales have been 17.3 per cent greater than in that part of last year. Life insurance sales have always declined in this District from August to September, the decrease at that time last year being 13.7 per cent. Figures compared in the table are from those compiled by the Life Insurance Sales Research Bureau. (000 Omitted) September August September 1934 1934 Alabama $ 3,307 $ Florida......... 3,892 Georgia........ 5,647 Louisiana 3,610 Mississippi... 2,067 4,562 Tennessee. . . T o ta l. $23,085 3,597 4,683 6,471 4,830 2,572 5,328 $ 27,481 $ January to Sept. 1934 1933 Percent Change 3,116 2,988 5,539 3,415 1,926 4,756 $ 33,641 41,724 61,022 40,097 21,692 52,134 $ 30,206 30,723 50,138 33,967 20,304 48,135 + 11.4 + 3 5.8 + 21.7 + 18.0 + 6.8 + 8.3 $ 21,740 $250,310 $213,473 + 17.3 R E V IE W 5 COMMERCIAL FAILURES (From statistics compiled by Dun & Bradstreet, Inc.) Sixth District United States Liabilities Number Number Liabilities September 1934.............. August 1934.................... September 1933.............. January-September 1934 January-September 1933 35 19 39 318 822 $ 419,875 348,997 611,687 4,630,000 20,108,000 790 $ 16,440,147 18,459,903 929 21,846,906 1,116 206,019,000 9,208 419,695,000 16,732 INDUSTRY Building There was a further small decline in total and value of permits issued at twenty reporting Construction cities in the Sixth District in September for the construction of buildings within their corporate limits, but the September total was 31.8 per cent larger than that for September, 1933, and for the nine months of 1934 the cumulated total was 59.8 per cent greater than for that part of 1933, and 28.1 per cent greater than for the corresponding period in 1932. Eight cities reported increases from August to September, and there were fourteen increases over Sep tember a year ago. Comparisons for the month are shown in the table. BUILDING PERM ITS Number Value 1934 1934 1933 Alabama Anniston.......... Birmingham. . . Montgomery... Florida Jacksonville... . M iam i.............. Miami Beach... Georgia Columbus........ Savannah......... Louisiana New Orleans... Alexandria....... Tennessee Chattanooga... Johnson C ity... Knoxville......... Total 20 Cities. $ 5,070 91,208 36,976 53,625 1933 Percentage Change in Value 800 31,198 23,766 18,105 +533.8 + 192.4 + 55.6 +196.2 19 342 70 170 4 147 34 85 559 481 78 58 207 519 232 32 126 215 165,865 238,755 503,100 50,678 37,206 154,788 382,056 200,400 21,151 44,401 + 7.2 — 37.5 + 151.0 + 139.6 — 16.2 266 45 50 116 37 170 31 47 189 23 95,115 11,214 30,503 72,239 36,155 57,221 28,449 11,803 21,562 37,440 + 66.2 — 60.6 + 158.4 + 2 3 5 .0 — 3.4 66 51 69 51 42,904 9,646 75,541 7,278 — 43.2 + 32.5 252 5 47 99 193 1 27 76 44,019 4,050 19,869 97,663 28,978 1,000 57,642 44,797 + 51.9 + 305.0 — 65.5 +118.0 3,018 2,271 $1,645,860 $1,248,382 + 31.8 $ The value of building and construction contracts awarded in the Sixth District, indicated in statistics compiled by the F. W. Dodge Corporation and subdivided into district totals by the Federal Reserve Board's Division of Research and Statistics, increased 11.1 per cent from August to September but was 2.4 per cent less than in September last year. Resi dential contracts declined 2.2 per cent from August to Sep tember and were 35.2 per cent greater than a year ago, while other contracts increased 15.3 per cent over the month but were 9.2 per cent less than a year ago. For the nine months of 1934 total contracts have been 142.1 per cent, residential awards 27.7 per cent, and other classes of contracts 180.1 per cent, greater than in that part of last year. In the 37 states east of the Rocky Mountains September contracts declined 8#1 per cent compared with the August total and were 8.3 per cent less than a year ago. All classes of awards declined over the month, but non-residential con tracts were 14.6 per cent greater than in September last year while other classes were smaller. For the nine months period total awards were 61.8 per cent greater than in the same period a year ago. Comparisons for the month are shown in the table. BUILDING AND CONSTRUCTION CONTRACTS AWARDED Sept. 1934 August 1934 Sept. 1933 Sixth District—T o ta l................ $ Residential.............................. All O thers................................ 7,023,384 $ 1,488,397 5,534,987 6,322,304 $ 1,522,010 4,800,294 7,193,977 1,100,562 6,093,415 State Totals: Alabama.................................. Florida..................................... Georgia.................................... Louisiana................................. 536,300 2,691,200 1,066,300 2,335,000 1,539,000 1,430,100 951,100 1,983,800 90,600 2,592,300 711,300 2,201,700 6 M O N T H L Y Mississippi............................... Tennessee................................ 706,400 855,300 838,800 747,700 2,594,000 1,784,800 United States: T o ta l...................... .................. Residential............ .................. Non-Residential...................... Public Works and Utilities... 110,219,200 17,871,600 42,359,300 49,988,300 120,014,600 18,641,000 50,816,900 50,556,700 120,134,400 21,549,000 37,836,300 60,749,100 Lumber Press reports indicate some slight improvement in demand for lumber on the part of retail yards, but most retailers are continuing to buy only for current needs. Weekly reports to the Southern Pine Association by identical mills indicate that for the five weeks ending October 6 orders have averaged 2.4 per cent larger than a year ago, but pro duction has averaged 17.1 per cent less. During this period orders have averaged about 2 per cent above production, while at the same time last year they were about 18 per cent less. Weekly figures in the table are from those compiled by the Southern Pine Association. Week Ended Number of Mills September 8 . . . 103 September 1 5 . . I l l September 22. . I l l September 29. . 78 October 6......... 104 (In Thousands of Feet) Orders Production 1934 1933 1934 1933 16,904 20,472 23,827 16,427 19,445 18,490 19,883 19,680 18,015 18,696 17,759 21,633 20,699 17,899 17,596. 22,600 24,017 24,913 21,705 22,044 Unfilled Orders 1934 1933 55,477 65,164 62,411 48,081 53,317 55,427 60,485 60,068 46,873 57,616 Cotton Cotton consumption by American mills during Consumption September, when many mills were closed a part of the month because of the general tex tile strike, declined about 30 per cent from August, was 40.7 per cent less than in September, 1933, and except for July, 1932, was less than for any month since December, 1920. In the cotton States, September consumption was 27.7 per cent less than in August, and 39.5 per cent less than a year ago, and in other states the decrease from August to September was 37.5 per cent and that from September last year 45.7 per cent. Stocks increased over the month due to movement of the new crop, and were slightly larger than a year ago. Exports in September increased 79.3 per cent over those in August, but were 44.8 per cent less than in September, 1933. Spindles active in September were 8.4 per cent less than in August and 14.9 per cent less than a year ago. Census Bureau figures are compared in the table. COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPIND LES U N ITED STATES—Bales Sept. 1934 August 1934 Sept. 1933 Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......................... E xports................................ ........ Active Spindles—N um ber........ 295,960 8,672,884 1,056,744 420,949 6,905,243 1,081,218 499,482 8,535,716 1,159,573 7,616,140 479,861 22,112,888 5,824,025 267,562 24,153,998 7,376,143 869,244 25,993,140 COTTON GROWING STATES—Bales Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and a t C o m p resses...................... Active Spindles—N um ber........ 243,004 336,159 401,949 8,132,920 6,360,104 7,901,800 779,178 809,683 889,665 7,353,742 5,550,421 7,012,135 15,309,804 16,759,662 17,717,336 OTHER STATES—Bales Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles—N um ber........ 52,956 539,964 277 ,566 84,790 545,139 271,535 97,533 633,916 269,908 262,398 6,803,084 273,604 7,394,376 364,008 8,275,804 Consumption of cotton in the three states of this District for which separate figures are available declined 29.6 per cent fromforAugust Digitized FRASERto September, largely on account of the textile R E V IE W strike, and was 42.3 £er cent less than in September, 1933. Con sumption in Alabama, where operation of some mills was in terrupted in August by a strike, increased somewhat in Sep tember. COTTON CONSUM PTION—Bales September August September Aug. to Sept. Inc. 1934 1934 1933 1934 1933 Alabama.......... Georgia............ Tennessee........ 33,583 45,588 7,616 32,800 80,461 10,025 48,337 92,099 10,056 66,383 126,049 17,641 106,525 203,964 21,853 T o ta l. .. 86,787 123,286 150,492 210,073 332,342 Cotton There were material declines in the volume Manufacturing of production and shipments by reporting cotton mills in the District from August to September, which may be attributed to the fact many mills were closed for a part of the month because of the general textile strike. Orders and stocks also declined, and there were decreases, compared with both the month before and the same month a year ago, in the number of workers on the payrolls of the mills at the end of the month. Stocks of both yarn and cloth were larger than a year ago. Comparisons of reported figures are shown in the table. Cloth Sept. 1934 compared with: Aug. 1934 Sept. 1933 Orders Booked................ Unfilled Orders............... Stocks on H and............ . Number on payroll —29.3 —32.1 — 5.6 — 3.0 — 6.7 — 12.4 —34.6 + 2.1 —31.6 — 11.2 + 38.5 — 9 .6 Yarn Sept. 1934 compared with: Aug. 1934 Sept. 1933 — 9.8 —39.5 —66.9 + 2.1 — 8.2 —28.1 —63.6 —47.4 —69.7 — 8.7 + 6 0 .3 —22.1 Cotton Seed Operations at cotton seed oil mills in this Dis and Cotton trict during August and September, the first Seed Products two months of the new cotton season, were at a higher level than at the same time last year, as reflected in receipts and crushings of seed and in the production of the principal cotton seed products. Stocks of these products at the end of September, however, were less than a year earlier. For the country as a whole receipts and stocks of seed were larger than a year ago, but production of cotton seed products was smaller, except for a small increase in linters. Census Bureau figures are shown comparatively in the table. COTTON SEED AND COTTON SEED PRODUCTS Sixth District* United States Aug. 1 to Sept. 30 Aug. 1 to Sept. 30 1934 1933 1934 1933 Cotton Seed, Tons: Received at Mills....... Crushed........................ On Hand, Sept. 3 0 .... 504,872 265,605 307,199 386,677 237,754 177,513 1,218,517 638,042 803,236 1,126,666 755,992 591,612 Production: Crude Oil, lbs.............. Cake and Meal, to n s.. Hulls, to n s................... Linters, Bales.............. 84,495,390 74,558,726 193,292,258 230,760,137 116,461 101,301 288,327 338,874 74,724 66,359 172,779 208,711 53,969 41,695 130,544 128,456 Stocks at Mills Sept. 30: Crude Oil, lbs.............. Cake and Meal, to n s.. Hulls, to n s................... Linters, Bales.............. 14,638,265 60,630 34,880 35,431 31,171,793 91,928 36,913 41,181 45,764,563 170,251 90,074 118,323 91,332,769 257,704 146,834 113,948 * Georgia, Alabama, Louisiana and Mississippi. Electric Production of electric power by public utility power Power plants in the six states located wholly or partly in the Sixth District has increased each month since April and in August was 5.3 per cent greater than in July, M O N T H L Y 2.1 per cent larger than in August a year ago, and was larger than for any other month in figures immediately available which go back to 1927. For the eight months, January through August, production in these states has been 5.3 per cent greater than in that part of 1933. Production in this period by use of water power has been 1.3 per cent less, but that by use of fuels 18 per cent greater, than in the same period last year. Figures compared in the table are from those compiled by the United States Geological Survey. PRODUCTION OF ELECTR IC POWER (000 k. w. Hours) August 1934 July 1934 August 1933 Alabam a...................................... Florida.......................................... Georgia........................................ Louisiana...................................... Mississippi................................... Tennessee.................................... 150,784 49,855 99,235 120,768 4,539 103,272 135,873 47,511 95,564 114,647 4,526 103,785 T o ta l................................ 528,453 501,906 By use of: Water Power........... F uels........................ Fuels consumed in Production of Electric Power: Coal—T ons............................. Fuel Oil—bbls......................... N atural Gas—000 cu. ft........ Note: 180,675 48,423 77,651 111,590 4,182 95,126 517,647 325,415 203,038 307,842 194,064 330,636 187,011 12,077 196,055 2,537,340 11,794 185,281 2,411,561 10,687 198,924 2,173,310 September figures preliminary—August figures slightly revised. Bituminous Because of the shorter month, total production Coal Mining of bituminous coal in the United States in creased only 0.8 per cent from August to Sep tember, and was 6.2 per cent less than in September last year. Daily average production, however, was 13.4 per cent larger in September than August and only 1.9 per cent less than a year ago. For the nine months of the year total production has been 10.5 per cent greater than in that part of 1933. Pre liminary figures are compared in the table with those for pre vious months. Production—Tons Total Daily Average September 1934.......................... ... 27,670,000 August 1934................................ ....27,462,000 April 1934....................................... 24,772,000 September 1933.......................... ... 29,500,000 Number of Working Days 1,153,000 1,017,000 1,024,000 1,175,000 24 27 24.2 25.1 Weekly figures indicate that production of bituminous coal in Alabama declined slightly from August to September and was about 15 per cent less than a year ago, but in Tennessee September production appears to have increased 7.8 per cent over the month and was 6.8 per cent less than in September last year. Usual comparisons are shown in the table. Week Ended: September September September September October 6. 8. . 15. 22. 29. ... Weekly Production—Tons Alabama 1934 1933 166,000 167.000 167.000 182.000 167,000 188,000 215.000 194.000 206.000 159,000 year. Production in Alabama, as in the United States as a whole, has declined each month since May. Furnace activity in Alabama also remained the same from September 1 to Oc tober 1, but was less than a year ago. Press reports indicate that current demand for pig iron is still irregular and limited mostly to actual requirements, and yard stocks are still a definite factor in the present dull market. Production in the nine months of 1934 in the United States has been 35.3 per cent greater than in that part of 1933, and 89 per cent greater than two years ago, and in Alabama has been 65.5 per cent greater than during that part of 1933 and 85.8 per cent greater than two years ago. Figures for the month are compared in the table. Production—Tons Total Daily Average United States: September 1934.................... August 1934.......................... May 1934.............................. September 1933.................... January-September 1934. . . . January-September 1933. . . Alabama: September 1934.................... August 1934.......................... May 1934.............................. September 1933.................... January-September 1934. . . January-September 1933. . . *First of following month. Tennessee 1934 1933 61,000 69.000 72.000 73.000 75.000 65.000 66.000 73.000 92.000 60.000 Furnaces Active* 898,043 1,054,382 2,042,896 1,522,257 12,975,564 9,589,106 29,935 34,012 65,900 50,742 62 62r 117 89 57,842 63,340 130,364 108,592 957,468 578,515 1,928 2,043 4,205 3,620 5 5 10 8 r-Revised. Naval Except for the year 1932, September receipts of turStores pentine at the three principal markets of the District were the smallest for that month of any year since 1919, and receipts of rosin were the smallest for September since 1921. Stocks of both commodities increased somewhat from August to September, and supplies of turpentine were smaller, but those of rosin larger, than a year ago. Press reports indicate that the demand for both turpentine and rosin continue to lag, although there was some improvement in the second week of October in the demand for rosins. Because of the higher loan bases announced by the Commodity Credit Corporation, the price of turpentine on the Savannah market on October 13 was 47% cents, as compared with 41% cents for a number of weeks before, and the average of prices for the thirteen grades of rosin was $4.54, somewhat higher than the average for most weeks during the past four months. Comparisons of receipts and stocks for the month are shown in the table. NAVAL STORES Sept. 1934 Aug. 1934 Pig Iron Production of pig iron in the United States, and Production in Alabama, declined further in September and was smaller than for any other month since May, 1933. September production in the United States was 14.8 per cent less than in August, and 41 per cent less than a year ago. On a daily average basis, however, the decline over the month was 12 per cent. Furnace activity remained the same as a month earlier, but was less than a year ago. Alabama production of pig iron declined 8.7 per cent, and daily average output declined 5.6 per cent, from August to DigitizedSeptember, for FRASERand was 46.7 per cent less than in September last 7 R E V IE W Receipts—Turpentine (1) Savannah....................... Jacksonville................... Pensacola....................... 12,272 Sept. 1933 11,120 3,464 15,109 12,422 4,942 12,255 10,547 4,109 T o tal........................ 26,856 32,473 26,911 Receipts—Rosin (2) Savannah...................... Jacksonville................... Pensacola....................... 40,853 37,758 10,678 57,277 39,758 12,199 42,548 37,322 11,381 T o tal...................... 89,289 109,234 91,251 Stocks—Turpentine (1) Savannah....................... Jacksonville................... Pensacola....................... 11,802 37,574 24,402 13,713 29,658 22,139 17,804 37,378 24,381 T o ta l...................... 71,778 65,510 79,563 Stocks—Rosin (2) Savannah....................... Jacksonville................... Pensacola....................... 135,897 85,641 23,430 127,414 72,020 18,822 106,011 96,042 16,227 T o ta l...................... 244,968 218,256 218,280 (1) (2) Barrels of 50 Gallons. Barrels of 500 Pounds. 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA MONTHLY AVERAGE 1923-1925=100 DEPARTM ENT STORE TRADE—SIX TH D ISTR IC T J u ly 1934 Aug. 1934 S ept. 1934 Ju ly 1933 Aug. 1933 S ept. 1933 D aily Average Sales—U n a d ju s te d A tlan ta................................................................................................. Birmingham........................................................................................ Chattanooga........................................................................................ Nashville.............................................................................................. New Orleans................................................................................ . D IS T R IC T .......................................................................................... 101.8 49.3 52.3 47.9 53.8 58.4 140.7 56.4 54.7 61.2 63.9 70.2 194.8 73.3 76.0 79.1 71.2 89.8 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 D aily Average Sales—A djusted* A tlanta................................................................................................. Birmingham........................................................................................ Chattanooga................................................................................. Nashville.............................................................................................. New Orleans........................................................................................ D IS T R IC T ......................................................................................... 139.5 67.5 70.7 69.4 78.0 83.4 171.8 70.5 71.0 73.7 81.9 90.0 192.9 75.6 80.0 86.0 77.4 95.5 116.6 64.8 52.7 56.5 67.7 71.9 157.7 70.4 60.8 83.4 74.2 84.7 146.2 66.2 65.5 65.2 69.2 78.5 83.3 31.9 39.0 57.2 52.5 52.1 92.2 35.8 44.3 64.0 57.7 57.6 104.1 43.4 47.2 68.5 59.7 62.9 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 91.5 33.6 41.5 61.5 55.3 56.6 97.1 37.7 45.7 64.6 58.9 59.3 94.6 42.1 45.4 64.0 56.9 59.3 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 WHOLESALE TRADE—SIX T H D ISTRICT—T OTAL........ 51.0 44.0 47.7 53.4 41.6 81.9 31.9 68.9 62.1 52.0 82.8 61.0 52.3 73.2 43.9 77.7 63.3 53.3 86.2 60.8 55.2 71.8 46.7 77.8 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 LIFE INSURANCE SALES—SIX STATES—T O TA L.......... 64.3 55.7 84.7 70.4 65.2 45.7 59.5 65.4 53.0 79.1 70.6 76.2 58.8 56.6 55.0 48.8 65.8 61.6 57.0 47.3 48.5 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 BUILDING PER M ITS—TW ENTY C IT IE S ............................ 16.6 6.8 5.0 18.9 31.1 17.8 20.2 15.9 8.9 3.3 20.8 12.8 6.2 23.3 14.6 6.1 6.2 20.2 15.4 3.3 21.0 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 CONTRACT AWARDS—SIX TH DISTRICT—TO TA L. . . . 31.0 12.4 43.4 18.0 10.8 22.8 20.0 10.6 26.3 11.1 12.2 10.3 13.4 10.0 15.8 20.5 7.8 28.9 74.8 64.5 70.6 78.4 86.3 71.5 73.9 86.8 87.0 75.4 81.6 69.9 76.4 69.8 73.9 78.3 83.8 70.8 74.6 86.7 85.8 75.7 81.8 70.2 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 85.6 76.5 81.8 70.2 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 69.8 84.6 40.4 87.7 97.1 91.5 81.7 98.2 49.1 103.3 95.4 100.7 57.5 71.0 30.7 58.5 97.7 76.5 116.6 141.3 67.7 143.7 175.8 119.6 114.3 135.7 72.0 143.6 169.3 118.5 97.0 117.4 56.5 118.2 140.6 101.0 COTTON EX PO RTS—UNITED STA TES............................... 59.6 52.1 93.5 134.8 103.3 169.3 P IG IRON PRODUCTION—United S tates.............................. Alabama....................................... 41.0 43.2 35.0 27.3 30.1 24.9 60.0 52.7 61.4 51.8 51.0 46.8 M o n th ly Stock*—U n a d ju ste d A tlanta................................................................................................. Birmingham........................................................................................ Chattanooga........................................................................................ D ISTR IC T .......................................................................................... M o n th ly S tocks—A djusted* Chattanooga.................................................. ...................................... Nashville.............................................................................................. D IS T R IC T .......................................................................................... WHOLESALE PRICES—UNITED STATESf ALL COM M ODITIES.................................................................... COTTON CONSUMPTION—UNITED STA TES................... ♦ A d ju st e d fo r S e a so n a l V a r ia t io n . f C o m p ile d b y B u r e a u of L a b o r S ta tistic s. 1 9 2 6 — 100.
@FedFRASER