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TWENTY-FIRST ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA TWENTY-FIRST ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA 1935 A T L A N T A , GEORGIA DIRECTORS AND OFFICERS FOR 1936 FEDERAL RESERVE BANK OF ATLANTA DIRECTORS Class A A A B Group 1 R. G. CLAY, Atlanta, Georgia President, Fulton National Bank 2 W. D. COOK, Meridian, Mississippi Executive Vice-President, The First National Bank in Meridian 3 GEORGE J. WHITE, Mount Dora, Florida Executive Vice-President, First National Bank 1 B 2 B 3 C C C Term Expires December 31 1936 ERNEST T. GEORGE, New Orleans, Louisiana Chairman and President, Seaboard Refining Co., Ltd. J. A. MCCRARY, Decatur, Georgia Vice-President and Treasurer, The J. B. McCrary Company, Atlanta, Georgia. FITZGERALD HALL, Nashville, Tennessee 1937 1938 193 8 1936 1937 President, Nashville, Chattanooga & St. Louis Railway J. P. ALLEN, Atlanta, Georgia 1936 Vice-President, J. P. Allen & Company W. H. KETTIG, Birmingham, Alabama, Deputy Chairman.. . 1937 Supervisor of Southern Branches, Crane Company *H. WARNER MARTIN, Atlanta, Georgia 193 8 Chairman and Federal Reserve Agent. * Appointed by the Board of Governors of the Federal Reserve System, effective March 1. OFFICERS *OSCAR NEWTON, President **H. WARNER MARTIN, Chairman and * ROBERT S. PARKER, First Vice-President Federal Reserve Agent and General Counsel L. M. CLARK, Assistant Federal *H. F. CONNIFF, Vice-President Reserve Agent and Secretary to * W. S. MCLARIN, JR., Assistant Board of Directors Vice-President E. P. PARIS, General Auditor M. W. BELL, Cashier J. W. HONOUR, Assistant Auditor R. A. SIMS, Assistant Cashier V. K. BOWMAN, Assistant Cashier C. R. CAMP, Assistant Cashier P. L. T. BEAVERS, Assistant Cashier S. P. SCHUESSLER, Assistant Cashier Member Federal Advisory Council H. LANE YOUNG, Vice-President and Executive Manager, Citizens and Southern National Bank, Atlanta * New titles effective March 1. ** Appointed by the Board of Governors of the Federal Reserve System, effective March 1. NEW ORLEANS BRANCH DIRECTORS ERNEST T. GEORGE, New Orleans, Louisiana, Chairman Chairman and President, Seaboard Refining Co., Ltd. Term Expires December 31 1937 MARCUS WALKER, New Orleans, Louisiana 1936 Managing Director A. P. BUSH, Mobile, Alabama Vice-President, T. G. Bush Grocery Company J. D. O'KEEFE, New Orleans, Louisiana President, Whitney National Bank R. S. HECHT, New Orleans, Louisiana Chairman of the Board, The Hibernia National Bank in New Orleans HERBERT HOLMES, Yazoo City, Mississippi Active Vice-President, Delta National Bank, Yazoo City, Miss. VACANCY 1936 1936 1937 1938 1938 OFFICERS MARCUS WALKER, Managing Director J. A. WALKER, Assistant Manager W. H. BLACK, Cashier F. C. VASTERLING, Assistant Cashier W. E. MILLER, Assistant Auditor BIRMINGHAM BRANCH DIRECTORS E. F. ALLISON, Bellamy, Alabama, Chairman President and Treasurer, Allison Lumber Company W. E. HENLEY, Birmingham, Alabama President, Birmingham Trust and Savings Company JNO. H. FRYE, Birmingham, Alabama Managing Director JNO. G. FARLEY, Birmingham, Alabama Real Estate Investments F. M. MOODY, Tuscaloosa, Alabama President, First National Bank VACANCY VACANCY Term Expires December 31 1936 1936 1936 1937 1938 1938 1938 OFFICERS JNO. H. FRYE, Managing Director H. J. URQUHART, Cashier T. N. KNOWLTON, Assistant Cashier JACKSONVILLE BRANCH DIRECTORS S. O. CHASE, Sanford, Florida, Chairman President, Chase and Company GEO. S. VARDEMAN, JR., Jacksonville, Florida Managing Director GEO. J. AVENT, Jacksonville, Florida President, Florida National Bank G. G. WARE, Leesburg, Florida President, First National Bank Term Expires December 31 1936 1936 1936 1937 BAYLESS "W. HAYNES, Jacksonville, Florida 1937 President, Wilson & Toomer Fertilizer Company W. R. MCQUAID, Jacksonville, Florida President, Barnett National Bank 1938 VACANCY 1938 OFFICERS GEO. S. VARDEMAN, JR., Managing Director T. A. LANFORD, Cashier MARY E. MAHON, Assistant Cashier NASHVILLE BRANCH DIRECTORS WM. P. RIDLEY, Columbia, Tennessee, Chairman Farmer Term Expires December 31 1936 JOEL B. FORT, JR., Nashville, Tennessee 1936 Managing Director C. A. CRAIG, Nashville, Tennessee President, National Life and Accident Insurance Company 1936 FITZGERALD HALL, Nashville, Tennessee 1937 President, Nashville, Chattanooga & St. Louis Railway FRANK J. HARLE, Cleveland, Tennessee 1937 Cashier, Cleveland National Bank C. W. BAILEY, Clarksville, Tennessee President, First National Bank 1938 VACANCY 1938 OFFICERS JOEL B. FORT, JR., Managing Director E. R. HARRISON, Cashier L. W. STARR, Assistant Cashier SAVANNAH AGENCY J. H. BOWDEN, Manager JAS. A. GOETHE, Assistant Manager HAVANA AGENCY H. C. FRAZER, Manager A. H. ALSTON, Assistant Manager LETTER OF TRANSMITTAL FEDERAL RESERVE BANK OF ATLANTA Atlanta, Georgia, February 27, 1936 Sirs: I have the honor to submit herewith the Twenty-First Annual Report of the Federal Reserve Bank of Atlanta, covering the year 1935. Respectfully, W. H. KETTIG, Deputy Chairman of the Board Board of Governors of the Federal Reserve System, Washington, D. C. GENERAL BUSINESS CONDITIONS N EARLY all of the available series of statistics give evidence of further improvement in general business conditions in the Sixth Federal Reserve District in 193 5 in comparison with other recent years. The volume of trade at both retail and wholesale was the largest since 1930, residential building was at the highest level since 1930, and electric power production was at the highest level on record. Deposits and investment holdings of member banks in the District have continued to increase, but loans to customers have declined. Retail trade, based upon confidential reports from department stores located in twenty-eight cities in the District, increased 5.9 per cent in 193 5 over the year before, after having increased 25.5 per cent from 1933 to 1934. In December, department store sales were the largest for that month since 1929. Wholesale trade increased 4.2 per cent from 1934 to 1935, following an increase of 23.4 per cent from 1933 to 1934, and in 193 5 was the largest since 1930. Sales of life insurance declined 1.5 per cent from 1934 to 1935, but were in that year larger than in 1932 or 1933. The number of business failures in the District increased 7.4 per cent in 193 5, but liabilities of defaulting firms declined 17.8 per cent, and both number and liabilities for 1935 were substantially less than for other recent years prior to 1934. Debits to individual accounts at banks in 26 reporting clearing house centers of the District increased 7.4 per cent in 193 5 compared with the year before, and were greater than for other years since 1931. Demand deposits of all member banks in the District increased further in 193 5 and in December averaged 15 per cent higher than in December, 1934, and larger than in any other month since March, 1929. Time deposits also increased somewhat in 193 5. The value of buildings for which permits were issued during 193 5 at 20 reporting cities in the District increased 71.8 per cent over 1934, was nearly three times the total for 1933, and larger than for other years since 1930. The total value of construction contracts awarded in the District as a whole, according to F. W. Dodge Corporation statistics, increased 13.1 per cent in 193 5 over the year before, and was the largest since 1931. Residential contracts more than doubled from 1934 to 1935, and were the largest since 1930, but other awards declined 3.4 per cent in 193 5 but were larger than in 1933 or 1932. Increases in construction contracts over 1934 were reported for Georgia, Florida and Tennessee, but decreases for Alabama, Louisiana and Mississippi. There were declines in the production of bituminous coal in both Alabama and Tennessee in 1935, compared with the year before, but pig iron production in Alabama increased 11.2 per cent from 1934 to 193 5 and was the largest since 1931. Production of electric power for public use in the six states of the District increased 11.3 per cent over 1934 and was the largest on record. Production by use of water power accounted for 62.2 per cent of the total in 193 5, about the same proportion as in 1934. State figures for the year show increases over the year before ranging from 4.3 per cent for Mississippi to 19.7 per cent for Alabama. Consumption of cotton by mills in Georgia, Alabama, and Tennessee increased 8.9 per cent from 1934 to 193 5, and although somewhat less than in 1933 was larger than in other years since 1929. The average number of cotton 11 spindles active in Georgia, Alabama, Tennessee and Mississippi declined slightly in 193 5, but the total number of active spindle hours increased 6.4 per cent. Employment statistics compiled by the United States Bureau of Labor Statistics indicate a further small gain in the number of workers and in average payrolls in this District during 1935. Number of workers on payrolls of reporting firms during 193 5 averaged only 0.3 per cent higher than in 1934, but was 10.6 per cent larger than in 1933 and 20.4 per cent above 1932, and payrolls in 193 5 averaged 4.2 per cent larger than in 1934, 26.4 per cent above 1933 and 3 5.2 per cent larger than in 1932. Estimates by the United States Department of Agriculture indicate larger production during 193 5 of most of the principal crops in this District, the important exceptions being corn, potatoes and fruits. Estimates by the Department of Agriculture of the farm value of 64 principal crops, however, for the six states of this District, based in some instances on average prices for the crop marketing season and in others on prices prevailing on December 1, show a decrease of 4.7 per cent from 1934, but increases of 23.7 per cent over 1933 and 87.5 per cent over 1932. Values of tobacco, sugar cane, citrus fruits, pecans and peanuts were higher in 193 5 than in 1934, but the values of most other crops declined. Notwithstanding this decline in total farm value, estimates of cash receipts from the sale of principal farm products, including livestock and livestock products, in the six states of this District increased 3.1 per cent over 1934, were 35.3 per cent larger than in 1933 and 54.1 per cent larger than in 1932. Rental and benefit payments in these states increased 23.2 per cent over 1934, and were nearly double those in 1933. PRODUCTION AND FARM VALUE OF PRINCIPAL CROPS IN SIXTH DISTRICT * PRODUCTION IN THOUSANDS OF UNITS VALUES IN THOUSANDS OF DOLLARS Cotton-Lint Cotton Seed Corn Oats Wheat (1) Tame Hay Soy Beans Cowpeas White Potatoes Sweet Potatoes Peanuts Pecans Tobacco Apples Peaches Oranges (2) Grapefruit (3) Sugar Cane Sirup Bales Tons Bu. Bu. Bu. Tons Bu. Bu. Bu. Bu. Lbs. Lbs. Lbs. Bu. Bu. Boxes Boxes Gals. PRODUCTION 1935 1934 4,284 3,978 1,904 1,767 207,668 208,873 11,688 11,064 4,507 4,214 2,693 2,620 2,224 1,905 3,943 3,615 15,321 16,982 33,900 36,080 1,064,655 918,970 20,650 13,320 164,842 131,347 2,602 3,355 8,129 10,071 16,247 18,121 10,500 15,200 22,809 20,907 12 Percent Change + 5.7 +7.8 — 0.6 + 5.6 + 7.0 +2.8 +16.7 + 9.1 — 9.8 — 6.0 +15.9 +55.0 +25.5 —22.4 —19.3 —10.3 —30.9 + 9.1 VALUE 1935 1934 $235,142 $243,788 60,111 61,378 145,627 171,518 6,785 7,525 4,113 4,242 27,891 33,341 3,689 3,908 5,492 5,053 12,571 14,794 23,840 28,418 32,549 28,657 2,115 1,832 27,249 19,654 2,809 3,025 7,094 7,950 28,506 27,528 12,075 11,801 9,001 9,202 Percent Change — 3.5 — 2.1 —15.1 — 9.8 — 3.0 —16.3 — 5.6 + 8.7 —15.0 —16.1 +13.6 +15.4 +38.6 — 7.1 —10.8 + 3.6 + 2.3 — 2.2 Sugar Cane (4) Sugar (4) Rice (4) Velvet Beans Tons Tons Bu. Tons 4,486 291 16,808 689 3,73 5 234 15,957 634 +20.1 +24.4 + 5.3 + 8.7 14,875 10,589 7,630 Sorghum Gals. 5,678 7,873 —27.9 2,733 9,326 +59.5 13,085 —19.1 7,809 — 2.3 3,546 —22.9 Notes: (1) Tennessee, Georgia, and Alabama. (2) Florida, Louisiana, Alabama, and Mississippi. (3) Florida. (4) Louisiana. * Figures are combined totals for Alabama, Florida, Georgia, Louisiana, Mississippi, and Tennessee. Parts of Louisiana, Mississippi and Tennessee are situated in other Districts. Figures for 1934 revised in some instances. TOTAL FARM VALUE OF 64 PRINCIPAL CROPS IN THOUSANDS OF DOLLARS 1935 $131,016 78,640 157,3 53 92,500 137,983 99,948 1934 $142,396 77,110 156,663 87,519 143,669 124,423 193j $99,454 66,659 128,588 68,821 100,325 100,132 1932 $62,051 57,914 67,039 54,711 66,630 63,709 Total Six States $697,440 Figures for 1934 and prior years revised. $731,780 $563,979 $372,054 Alabama Florida Georgia Louisiana Mississippi Tennessee CASH RECEIPTS FROM SALE OF PRINCIPAL FARM PRODUCTS INCLUDING LIVESTOCK IN THOUSANDS OF DOLLARS Alabama Florida Georgia Louisiana Mississippi Tennessee Total 1935 $92,886 87,224 114,883 84,743 116,863 95,712 1934 $101,373 89,391 107,450 80,883 107,218 88,311 1933 $63,627 64,440 88,033 63,180 88,836 69,719 1932 $59,066 76,559 58,311 56,385 70,592 63,550 $592,311 $574,626 $437,835 $384,463 RENTAL AND BENEFIT PAYMENTS IN THOUSANDS OF DOLLARS Alabama Florida Georgia Louisiana Mississippi Tennessee , Total 13 1935 $11,406 1,933 12,599 20,600 15,321 9,769 1934 1933 $12,800 860 14,215 7,880 15,719 6,646 $ 9,562 345 7,965 4,971 9,938 3,470 $71,628 $58,120 $36,251 SUMMARY OF SIXTH DISTRICT STATISTICS (000 Omitted) 1935 Retail Trade—Sales of 34 Department Stores Wholesale Trade—Sales of 84 Firms Life Insurance Sales—Six States (1) Alabama Florida Georgia Louisiana Mississippi Tennessee Commercial Failures—Number (2) Commercial Failures—Liabilities Sales of Fertilizer Tax Tags— Short Tons (1) Debits to Individual Accounts—26 Cities (3) 1934 1933 1932 $ 52,313 $ 67,412 $ 328,386 $ 49,650 $ 64,727 $ 333,446 $ 40,763 $ 52,066 $ 294,332 $ 41,101 $ 45,058 $ 325,268 $ $ $ $ $ 45,171 54,797 77,997 56,894 27,021 $ $ $ $ $ 45,900 54,041 81,059 54,269 29,476 $ $ $ $ $ 41,823 41,579 69,815 47,490 27,868 $ $ $ $ $ 44,364 48,943 82,046 52,325 26,676 $ 66,506 434 5,721 $ 68,701 404 6,956 $ 65,757 962 21,728 $ 70,914 1,679 37,149 1,861 $9,552,281 1,662 $8,883,899 1,299 $7,072,823 1,141 $8,009,216 Demand Time Building Permits issued at 20 Cities $ 589,824 $ 342,691 $ 39,892 $ 512,997 $ 334,090 $ 23,174 $ 376,993 $ 314,181 $ 14,218 $ 351,750 $ 344,157 $ 19,294 Construction Contracts Awarded— 6th District Total Residential Contracts All Other Contracts $ 161,903 $ 44,026 $ 117,877 $ 143,110 $ 21,036 $ 122,074 $ 131,405 $ 18,511 $ 112,894 $ $ $ 86,755 15,825 70,930 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 10,503 19,292 21,363 22,594 14,643 16,358 1,601 564 902 135 5,091 1,660 Deposits of all Member Banks (4) Construction Contracts—By States: (1) Alabama Florida Georgia Louisiana Mississippi Tennessee Cotton Consumption—Bales—3 States Alabama Georgia Tennessee Cotton Spindles Active—4 States (5) Alabama Georgia Mississippi Tennessee Active Cotton Spindle Hours—• States Alabama Georgia Mississippi Tennessee 18,383 53,843 35,398 36,068 14,961 26,896 1,796 609 1,054 133 5,353 1,656 3,003 159 535 18,576,056 5,730,491 10,334,493 21,223 41,823 28,684 40,395 15,507 20,805 1,649 550 977 122 5,446 1,683 3,049 175 539 17,452,022 5,401,166 9,617,053 25,762 28,727 15,194 34,745 9,348 36,298 1,923 645 1,140 138 5,317 1,674 2,972 158 513 20,322,175 6,315,057 11,186,881 2,789 138 504 17,370,901 5,682,734 9,086,495 510,013 562,149 612,764 495,945 2,001,059 1,871,654 2,207,473 2,105,727 14 Bituminous Coal Production—Tons: Alabama Tennessee Pig Iron Production—Alabama—Tons Active Furnaces—Alabama (2) (5) Naval Stores (6) Receipts: Turpentine Rosin Stocks: (4) Turpentine Rosin 8,412p 4,110p 1,268 7l/z 226 952 145 315 9,142 4,136 1,141 8 245 1,023 107 322 8,760 3,775 890 5 258 980 81 211 7,857 3,538 660 5 220 852 92 333 Production of Electric Power for Current Use— (k.w. hours)—Total Six States (1) Alabama Florida Georgia Louisiana Mississippi Tennessee 6,739,784p 2,173,356p 718,478p l,280,287p l,277,606p 55,497p l,234,560p 6,057,955 1,815,314 669,601 1,131,236 1,221,716 53,195 1,166,893 5,660,985 1,712,092 613,127 1,212,062 1,096,863 50,467 976,374 5,547,218 1,783,584 607,396 980,038 1,085,396 51,306 1,039,498 Production by use of Water Power— Six States Production by use of Fuels—Six States 4,189,810p 2,549,974p 3,759,623 2,298,332 3,600,201 2,060,784 3,529,520 2,017,698 Notes: (1) Parts of Tennessee, Mississippi, and Louisiana are situated in other Federal Reserve Districts. (2) Actual Number—000 not omitted. (3) The 193 3 total is for eleven months—no figures available for March. (4) December of each year. (5) Average of monthly figures. (6) Combined totals for Savannah, Jacksonville and Pensacola, Turpentine in barrels of 50 gallons, rosin in barrels of 500 pounds, (p) Preliminary. RESULTS OF OPERATION OF THE FEDERAL RESERVE BANK OF ATLANTA Ofl of A 4- J ASSet ana Liability Items Total resources of the Federal Reserve Bank of Atlanta at the close of the year 193 5 amounted to $312,248,000, the largest total for any year since its organization. This represents an increase of more than 56 millions, or 22.1 per cent, over the total a year earlier, was nearly 79 millions greater than two years earlier, and 134.6 millions greater than at the close of 1932. The increase in total resources is largely due to an increase of 49 millions during 193 5 in total reserves held by the bank, which amounted at the end of the year to $188,224,000, larger than at the close of any previous year. During the year total reserves fluctuated between a low point at 124.5 millions on May 22 and the high at 188.9 millions on December 18. The average of Wednesday figures for the year was 149.5 millions, and was 12.4 per cent larger than for 1934, and 25.6 per cent higher than for 1933. The total volume of reserve bank credit outstanding at the Federal Reserve Bank of Atlanta at the close of 1935, indicated by its total holdings of bills and securities, amounted to $95,340,000, only slightly less than a year earlier, but larger than at the end of any other year, except 1934, since 1925. Holdings of discounted and purchased paper, already negligible in amount at the close of 1934, declined further in 193 5, and industrial advances outstanding at the end of 193 5 were only slightly larger than a year earlier. Holdings of United States Government securities which have constituted the major part of the bank's earning assets in recent years, fluctuated within a narrow range, and at the close of the year were slightly less than a year earlier, but larger than at the end of any other year except 1934. Industrial advances for working capital made direct to business firms increased from $849,400 on January 2 to $1,152,000 on April 24, but declined between that time and December 31st to $928,300. The volume of Federal Reserve notes of this bank's issue in actual circulation during 193 5 averaged 135 millions, larger than in 1934 by 3 per cent, and the largest annual average since 1929. After declining from 136 millions the last Wednesday in December, 1934, to 125 millions in February, 1935, weekly figures remained at about that level until July, when a gradual increase began which carried the total to 160.5 millions on December 24. A week later the total was 156.4 millions, larger by 17.6 per cent than a year earlier. Member banks' reserve deposits averaged 28.9 per cent greater in 193 5 than in 1934, and were larger than in any previous year. During the first half of the year these reserve deposits averaged 84 millions, and during the last six months 105.6 millions, and at the end of 1935 were 32.7 per cent greater than a year earlier. On page 24 of this report is a table setting out in detail the items in the balance sheet of the bank at the close of each of the past four years. 16 Ufld ^ table presented on page 26 of this report shows in detail JJ the various classifications of income and expenditures of LLXpCtlSCS t n e bank, together with profit and loss statements showing the disposition of earnings, for the past four years. Total current earnings during 193 5 amounted to $1,672,606, the smallest since 1931, and except for that year, since 1917. Earnings on discounted bills were the smallest on record, and on purchased bills the smallest since 1915. Earnings on United States Government securities, which accounted for 91 per cent of total earnings, were slightly less than in 1934, but larger than for any other year. The cost of current operations of the Federal Reserve Bank of Atlanta during 193 5, not including the cost of currency, amounted to $1,359,345, larger by 7.1 per cent than in 1934. Including the cost of issue and redemption of the bank's Federal Reserve notes, which was about two and one-half times the small amount in 1934, total current expenses in 193 5 amounted to $1,437,18 5, an increase of 10 per cent over expenses in 1934. Current net earnings in 193 5 (total earnings less total current expenses) amounted to $235,421, and after miscellaneous additions, and deductions for depreciation on bank premises, furniture and equipment, reserves and other items, there remained available for dividends and surplus the amount of $345,668. Dividends for the year, at the rate of 6 per cent on the paid-in capital, were paid to member banks, amounting to $260,538, the amount of $76,064 was transferred to Surplus (Section 7 ) , and a payment amounting to $9,066 was made to the Secretary of the Treasury in accordance with the provisions of Section 13b of the Federal Reserve Act as amended. VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS DisCOUtlts Ufld ^ ^ e t o t a l volume of bills discounted and rediscounted and j , purchased by the Federal Reserve Bank of Atlanta declined investments -in 1935 t o a \eve\ \ower than for any other year since its organization. Purchases of United States securities made up the larger part of the bank's total investment operations during the year, and most of these were System purchases to replace maturing certificates, bills or bonds already held. During 193 5 the Federal Reserve Bank received 200 applications for the discount or rediscount of paper. This was a decrease of 58.1 per cent compared with the number received in 1934 and less than in any other year. There were accepted for discount or rediscount 463 notes amounting to $2,721,746, a decrease of 68 per cent in number and 88.4 per cent smaller in amount than in 1934, and also less than in any previous year. Of a membership of 328 banks (end of year), the monthly average number of banks accommodated by the discount of paper in 193 5 was 7, which compares with 15 in 1934 and much larger figures for previous years. Bills purchased in the open market during 193 5 consisted entirely of this bank's participation in bills payable in foreign currencies purchased for System account by the Federal Reserve Bank of New York, and amounted to $1,132,042, smaller by 59 per cent than in 1934, and less than in any other year since 1915. 17 Industrial Under the provisions of Section 13b of the Federal Reserve Act, A * approved June 19, 1934, Federal Reserve Banks began in Advances August of that year to make loans direct to established industrial and commercial businesses for the purpose of providing working capital, and to make commitments to banks, trust companies and other financial institutions with respect to such loans. Efforts have been made continuously to acquaint banks and the business public with the provisions of the legislation relating to these industrial loans, and with the requirements to be met and the methods of obtaining them. The Industrial Advisory Committee for the Sixth Federal Reserve District is composed of the following: J N Q £ S A N F O R D J Chairman President and Chairman, Armour Fertilizer Works Atlanta, Georgia A. R. FORSYTH, Vice-Chairman Vice-President and Treasurer, Gulf States Steel Co. Birmingham, Alabama GEORGE WINSHIP A. M. LOCKETT President, Fulton Supply Company Atlanta, Georgia President, A. M. Lockett & Co., Ltd. New Orleans, Louisiana I. C. MILLER Executive Vice-President, Gate City Cotton Mills Atlanta, Georgia During the last five months of 1934 industrial advances were made in 75 instances, aggregating $872,443, and in addition, commitments amounting to $761,500 were made to banks or other financial institutions in connection with such loans made by those institutions. During 1935 industrial advances amounting to $635,097 were made in 81 instances, an increase of 8.0 per cent in number, but a decrease of 27.2 per cent in total amount, compared with such advances made in 1934. In 16 other instances commitments were entered into to the extent of $346,950 in connection with such advances made by banks to business firms. T f, • ana LjOin 1.6 per cent in in amount than num er b °f pieces of currency received and counted during 193 5 was 107,482,866, and the value of such currency was $368,730,557, showing increases of 2.9 per cent in number and value, compared with 1934, and larger in number but smaller in 1933 or 1932. Transit ^ e t o t a l number of checks handled during 1935 by the f^, ,. Federal Reserve Bank of Atlanta and its branches was operations 38,922,724, and their value $8,608,828,374, larger by 8.6 per cent in number and 14.0 per cent in value than those handled in 1934, and also larger than in other recent years. The number of items handled in 1935 which were drawn on banks in the Sixth District was larger than in any year since 1929, and the amount of such items was the largest since 1930. Items drawn on this bank and its branches, those forwarded to other Federal Reserve Banks and their branches, and items drawn on the United States Treasury declined in number but increased in amount over 1934. The number of government security coupons paid during 193 5 was 358,437, and their value $6,764,407, smaller by 44 per cent in number and 34.2 per cent 18 in value than in 1934, and also less than in 1933 or 1932. Other collection items handled during 193 5 numbered 542,368, and amounted in value to $221,708,652, larger in both number and amount than in other recent years. Fiscal Agency Transactions in direct obligations of the United States j~ . Government, and in securities issued by the various yJpeYdtlOflS agencies of the Government, during the year, involving issues, redemptions and exchanges, numbered 213,905, and amounted to $323,404,119, larger in both number and amount than in other recent years. Clearings and Transfers E a c h Federal Reserve Bank maintains with ^i I r~* 1J 1 hrOUgh KjOia Settlement Fund the Board of Governors of the Federal Reserve S y s t e m i n Washington a Gold Settlement Fund for the purpose of expediting by telegraph the settlement of current transactions between Federal Reserve districts in the clearing of checks and in the transfer of funds for its member banks. Both receipts and payments by the Federal Reserve Bank of Atlanta through this fund increased further in 193 5 over the year before, and were the largest since 1931. In 193 5 there were 42,258 transfers of funds, amounting to $1,428,301,079, smaller by 19.6 per cent in number, but larger by 2.6 per cent in amount, than in 1934. Total receipts for clearings and transfers of funds through the Gold Settlement Fund by the Federal Reserve Bank of Atlanta during 193 5 amounted to $3,188,466,513, and total payments were $3,326,124,425. Both receipts and payments were the largest since 1931. The excess of payments over receipts in 1935 was $137,657,912, in 1934 $158,596,000, and in 1933 $34,461,000. CHANGES IN MEMBERSHIP The changes which occurred in national banks and state bank members during 193 5 resulted in a net reduction of 4 in the number of member banks in the Sixth Federal Reserve District. At the beginning of 193 5 there were 277 national banks and 5 5 state bank members in the District, a total membership of 332. One new national bank was organized, one was converted into a non-member state bank, and there were consolidations which further reduced the number by 4, so that at the close of the year there were 273 national banks in the District. There was no net change in the number of state bank members, one state bank being admitted to membership and one state bank member having gone into voluntary liquidation. At the end of 193 5, therefore, the membership in the Sixth District numbered 328 banks. National Active member banks on December 31, 1934 ADDITIONS T O MEMBERSHIP New national bank organized State bank admitted to membership LOSSES I N MEMBERSHIP Consolidation of national banks Conversion of national bank to non-member state bank Voluntary liquidation of state member bank Active member banks on December 31, 193 5 State Total 55 332 +1 — — + 1 + 1 -f-1 —4 —1 — 273 — — —1 55 —4 —1 —1 328 277 19 BANK ORGANIZATION AND PERSONNEL George J. White, Executive Vice-President, First National Bank, Mount Dora, Florida, was elected by member banks in Group 3 a Class A Director for the three-year term ending December 31, 1938, succeeding G. G. Ware, of Leesburg, Florida, whose term expired at the end of 193 5. Ernest T. George, Chairman and President, Seaboard Refining Company, Ltd., New Orleans, was elected by member banks in Group 1 a Class B Director for the three-year term ending December 31, 1938, succeeding Leon C. Simon, of New Orleans, whose term expired at the end of 193 5. H. Warner Martin, who has served as Deputy Governor since January, 1935, has been appointed by the Board of Governors of the Federal Reserve System a Class C Director for the three-year term ending December 31, 1938, and has also been designated Chairman of the Board of Directors and Federal Reserve Agent for the remainder of the year 1936. Mr. Martin has accepted the appointment, effective March 1. The Banking Act of 1935, enacted in August, 1935, amended Section 4 of the Federal Reserve Act, to become effective March 1, 1936, by providing specifically for the appointment by the Board of Directors of each Federal Reserve bank of "a president, vice-presidents, and such other officers and employees as are not otherwise provided for." Prior to the effective date of this amendment there was no designation in the Act of the official titles of officers of Federal Reserve Banks with the exception of the Chairman of the Board and Federal Reserve Agent, and the Assistant Federal Reserve Agents. In accordance with this provision of law, Oscar Newton, who had served as Governor of the bank since January, 193 5, and as Chairman and Federal Reserve Agent for ten years prior to that time was, at a meeting of the Board of Directors in February, elected President of the bank for a five year term, effective March 1. Robert S. Parker, who had served as General Counsel for a number of years, was elected First Vice-President for a term of five years, effective March 1. Mr. Parker will continue to serve as General Counsel in addition to his duties as First Vice-President. H. F. Conniff and W. S. McLarin, Jr., formerly Deputy Governor and Assistant Deputy Governor, were elected Vice-President and Assistant VicePresident, respectively, for the remainder of 1936. Other officers had been re-elected for the year at the January meeting of the Board of Directors. H. Lane Young, Vice-President and Executive Manager, Citizens and Southern National Bank, Atlanta, was re-elected by the Board of Directors to represent the Sixth Federal Reserve District on the Federal Advisory Council during the year 1936. The number of officers and employees of the Federal Reserve Bank of Atlanta, including its branches and agencies, at the close of 193 5, was 400, not including 328 additional employees assigned to the Reconstruction Finance Corporation and other agencies whose salaries are reimbursed to the bank. A year earlier the number of officers and employees of the bank was 421, exclusive of 186 additional employees assigned to those agencies. 20 MEMBER BANK CREDIT The total volume of member bank credit outstanding at the close of 193 5 indicated by the total loans, discounts and investments of all member banks in the Sixth District was 2.5 per cent larger than a year earlier, and higher than at the end of any year since 1931. The increase was, however, due to larger investment holdings, as total loans were 10.7 per cent smaller than a year earlier, and less than at the same time of any other recent year. Loans on real estate at the close of 193 5 were 5 per cent larger than a year earlier, but loans on securities and all other loans were, respectively, 13.4 per cent, and 12.3 per cent smaller. Total investment holdings of member banks have increased steadily in recent years and at the end of 193 5 were 16 per cent larger than a year earlier. A comparison of loan and investment items at the close of 1935 with the three preceding years is shown in the table. , _ . ,v ' Number of member banks Loans and Investments—Total Loans—Total On Securities On Real Estate All Others Investments—Total U. S. Government direct obligations.. Securities Guaranteed by United States.. Other Securities Dec. 31 1935 328 $892,972 392,832 84,219 49,049 259,564 500,140 260,784 82,836 156,520 (000 Omitted) Dec. 31 Dec. 31 1934 1933 332 309 $870,903 $780,838 439,877 422,640 97,271 116,764 46,708 51,090 295,898 254,786 431,026 358,198 253,668 238,041 34,632 142,726 120,157 Dec. 31 1932 323 $844,929 516,292 145,352 72,092 298,848 328,637 177,633 151,004 DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS IN SIXTH DISTRICT The total of demand and time deposits of all member banks in the Sixth District averaged higher in 193 5 than in any of the past four years. Demand deposits, which reached the lowest point on record in March, 1933, at the time of the banking holiday, averaged 33.9 per cent higher in 1934 than in 1933, and 22.5 per cent higher in 1935 than in 1934. Monthly averages of daily figures show that demand deposits increased each month from June, 1934, through April, 1935, declined from April through September, and increased in the last quarter of the year. In December demand deposits were at the highest level since March, 1929. These figures represent so-called net demand deposits, or deposits against which member banks must maintain reserve balances at the Reserve bank. In the Banking Act of 193 5 the definition of net demand deposits was modified to include deposits of the United States Government and to permit banks in computing deposits subject to reserve to subtract from gross deposits the full amount of their balances due from other banks. Consequently, figures of net deposits beginning August 24, 1935, are not comparable with earlier figures. The change in definition, however, did not appreciably alter the reserve requirements of member banks in the Atlanta district as a whole, but for country banks, at which Government deposits are relatively small and balances due from other 21 banks large, requirements declined, while at the larger reserve city banks, which hold a greater volume of Government deposits and relatively smaller balances with other banks, reserve requirements increased. Time deposits of all member banks also reached their lowest level in March, 1933, and have increased irregularly since that time. In 1935 monthly averages of figures for all member banks in the District averaged 3.9 per cent higher than in 1934, and 8.8 per cent higher than in 1933. Daily averages of both demand and time deposits are shown by months in the table, in millions of dollars, for the past four years. (IN MILLIONS OF DOLLARS) DEMAND DEPOSITS January February March April May June July August , September October November December TIME DEPOSITS January February March April May June July August September October November December 1935 $513 526 546 559 556 550 546 543 527 550 566 590 1934 $396 417 429 444 440 436 438 440 449 470 492 513 1933 $356 339 290 303 320 328 329 3 31 335 343 3 56 377 1932 $412 398 399 396 379 366 350 342 343 344 344 352 333 335 332 337 342 343 345 343 343 342 342 343 320 322 325 327 328 324 328 328 328 330 33 5 334 356 347 270 274 295 303 317 321 318 320 317 314 370 361 360 358 355 351 349 352 349 349 347 344 CONDITION OF WEEKLY REPORTING MEMBER BANKS IN SELECTED CITIES OF THE SIXTH DISTRICT For a number of years past weekly condition reports have been rendered to the Federal Reserve Bank of Atlanta by member banks located in leading cities of the District, but because of changes at the time of the banking holiday the weekly figures for this District since that time are not strictly comparable with those published prior to the holiday. Since the spring of 1933 the figures, based upon these weekly reports, which have been published in the weekly statements for the press by the Board of Governors of the Federal Reserve System, and which have been used in the monthly reviews and annual reports of this bank, covered 17 weekly reporting member banks. Beginning in November, 1935, however, the figures published by the Board in its weekly press statement, and used 22 in the monthly reviews of this bank, have covered 22 weekly reporting member banks. Figures for these banks subsequent to May, 1933, are not exactly comparable with those prior to March of that year, because of reorganizations in the case of a few of the reporting member banks. On page 29 of this report is a table summarizing some of the more important items of the weekly report. Total loans and investments of these 22 weekly reporting member banks averaged nearly 4 per cent higher in 1935 than in 1934, and about 12 per cent higher than in the last seven months of 1933. Loans by these banks on securities increased somewhat during the last half of 1933 and the first quarter of 1934, but have since declined, and in 193 5 they averaged 21 per cent less than in 1934 and 23 per cent less than in the latter part of 1933. All Other Loans, however, including those for commercial, agricultural and industrial purposes, averaged the same in 1934 as in the last half of 1933, but increased a little more than 5 per cent in 1935. Holdings of United States securities by these banks increased from an average of 129 millions in the last half of 1933 to an average of 155 millions in 1934, and in 193 5 averaged 154 millions. Holdings of securities guaranteed by the United States as to both principal and interest, reported separately beginning in September, 1934, increased substantially in 1935, and holdings of Other Securities averaged 1.5 per cent larger in 193 5 than in 1934, and 11.3 per cent larger than in 1933. Net demand deposits held by these reporting banks have increased steadily since June, 1933. For the last seven months of 1933 they averaged 202 millions, for 1934, 248 millions, and for 1935, 312 millions. As previously explained on page 21, figures for net demand deposits beginning August, 1935, are not strictly comparable with earlier figures, owing to the alterations made by the Banking Act of 193 5 in the method of computing net demand deposits. Time deposits, however, after increasing from an average of 173 millions for the last seven months of 1933 to an average of 177 millions for 1934, remained at that level in 193 5. Except for small amounts in January and July, none of these weekly reporting member banks have borrowed from the Federal Reserve Bank of Atlanta since the first quarter of 1934. NOTE: More detailed statistics concerning the operations of the Federal Reserve Bank of Atlanta, and of member banks in the Sixth District, are published in the Annual Report of the Board of Governors of the Federal Reserve System, which will be issued at a later date. 23 CONDITION OF FEDERAL RESERVE BANK OF ATLANTA (IN THOUSANDS OF DOLLARS) Dec. 31, 193 5 Dec. 31, 1934 Dec. 31, 1933 Dec. 31, 1932 Gold Certificates on hand and due from U. S. Treasury (including balances in gold funds maintained in Washington) $173,298 Redemption Fund—Federal Reserve Notes 2,869 Gold None Other Cash 12,057 Total Reserves $188,224 Redemption Fund—Federal Reserve Bank Notes $121,475 3,853 None 13,849 $139,177 $105,895 3,157 9,166 11,874 $130,092 1,014 $72,582 2,878 6,707 10,078 $92,245 $ $ RESOURCES Bills Discounted: Secured by U. S. Government Obligations, direct and/or fully guaranteed $ Other bills discounted Total bills discounted $ Bills bought in open market Industrial advances U. S. Government Securities: Bonds Treasury notes Treasury bills and certificates Total U. S. Government Securities Other securities Total bills and securities 25 13 38 165 928 6 51 57 303 847 $ 230 3,954 $ 4,184 4,279 1,064 13,885 $ 14,949 3,439 $ 8,240 64,596 21,373 $ 94,209 $13,584 59,308 21,385 $ 94,277 $11,305 32,295 28,298 $ 71,898 $ 95,340 $ 95,484 $ $ $ 80,361 $10,281 8,110 29,013 $ 47,404 500 $ 66,292 24 1,644 23,283 2,284 1,449 $312,248 $ 28 1,731 15,243 2,325 1,835 $255,823 $ 117 1,640 14,013 2,372 3,775 $233,384 $ 110 1,239 11,199 2,422 4,165 $177,672 LIABILITIES Federal Reserve Notes in actual circulation $156,385 Federal Reserve Bank Notes in actual circulation... $132,968 $125,175 5,121 $ 97,139 $112,539 1,603 1,048 $ 84,804 5,921 671 $ 49,760 159 775 • 6,166 $121,356 3,709 $ 95,105 $ 65,442 112 146 1,948 264 4,170 $ 72,082 Due from Foreign Banks F. R. Notes of other F. R. Banks Uncollected items Bank premises All other resources Total Resources Deposits: Member Banks—Reserve Account Government Foreign Banks Special Deposits—Member Banks Special Deposits—Non-member Banks Other deposits Total deposits 24 1,056 $ 51,750 Deferred Availability Items Capital paid in Surplus (Section 7) Surplus (Section 13b) Reserve for contingencies All other liabilities Total Liabilities Ratio of total reserves to deposit and F. R. Note liabilities combined Contingent liability on bills purchased for correspondents Commitments to make industrial advances $21,336 $ 14,438 $ 13,332 $ 10,747 4,168 5,616 754 2,606 27 $312,248 4,368 4,450 5,540* 10,417 754 2,596 2,574 54 233 $255,823 $233,384 4,679 10,544 2,489 324 $177,672 67.8% 61.0% 66.0% 62.0% 23 590 133 1,440 498 foreign * Surplus (Section 7) reduced $5,272,000 by reason of bank's subscription to stock of the Federal Deposit Insurance Corporation, as provided by law. 25 EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANK OF ATLANTA EARNINGS 1935 Discounted bills $ 3,037 Purchased bills 1,322 United States direct obligations 1,524,200 Industrial advances 63,007 Commitments to make industrial advances.... 3,275 Deficient reserve penalties 1,118 Miscellaneous 76,647 Total earnings $1,672,606 1934 47,188 5,129 1,631,013 10,971 713 1,311 121,836 $1,818,161 $ 193J $ 521,500 44,601 1,024,999 1932 $1,186,612 127,554 602,366 21,613 73,784 $1,686,497 28,572 58,092 $2,003,196 CURRENT EXPENSES Salaries: Bank Officers $ 200,351 $ 208,576 $ 194,010 $ 231,104 Clerical Staff 405,942 410,001 393,356 391,962 All other 97,014 95,143 92,214 78,998 Contributions—Retirement System 128,012 52,615 Governors' conferences 186 253 472 86 Federal Reserve Agents' conferences 153 94 106 Federal Advisory Council 997 912 865 1,129 Directors' meetings 17,241 17,924 23,268 23,281 Industrial Advisory Committee 381 825 Traveling expenses (1) 18,167 15,617 21,939 22,319 Assessments for Federal Reserve Board expenses 49,191 47,133 28,655 27,019 Legal fees 11,070 12,267 8,844 4,182 Insurance on currency and security shipments 12,892 18,993 28,483 16,886 Other insurance 18,936 18,193 28,775 27,361 Taxes on banking house 57,081 57,801 56,548 60,822 Light, heat, power and water 18,448 19,194 18,245 15,673 Repairs and alterations 25,012 4,422 4,345 4,182 Rent 4,573 4,489 4,3 50 4,572 Office and other supplies 17,952 16,970 15,161 13,508 Printing and stationery 23,357 26,966 24,069 18,546 Telephone 7,338 6,102 9,910 7,944 Telegraph 43,941 43,816 46,496 63,322 Postage 134,877 130,575 147,748 91,319 Expressage 35,804 31,521 31,533 28,789 Miscellaneous 30*582 29,074 30,711 30,121 Total, exclusive of cost of currency...$1,359,345 $1,269,534 $1,210,091 $1,163,232 Federal Reserve Currency, including shipping charges: Original cost $ 69,955 $ 24,590 $ 92,593 $ 48,895 Cost of redemption 7,885 6,430 7,280 5,650 Tax on Federal Reserve bank-note circulation 5,540 11,303 Total current expenses $1,437,185 $1,306,094 $1,321,267 $1,217,777 (1) Other than those connected with governors' and agents' conferences and meetings of directors, the Federal Advisory Council, and the Industrial Advisory Committee. 26 PROFIT AND LOSS ACCOUNT Earnings Current expenses Current net earnings Additions to current net earnings: Profit on United States Government securities sold—net Withdrawn from reserve for losses All other Total additions 193? $1,672,606 1,437,185 $ 235,421 1934 $1,818,161 1,306,094 $ 512,067 1933 $1,686,497 1,321,267 $ 365,230 1932 $2,003,196 1,217,777 $ 785,419 $ 213,954 $ 31,536 $ 80,652 19,257 $ 233,211 $ 293,043 128,579 25,559 $ 447,181 $ 21,154 52,690 $ 301 80,953 $ $ $ Deductions from current net earnings: Bank premises—depreciation Furniture and equipment Reserve for losses Reserve for self-insurance All other Total deductions 60,894 $ 122,964 237,750 4,388 $ 303,436 Net deductions from current net earnings $+110,247 $+143,745 $ 210,259 $ 492,874 Net earnings $ 345,668 $ 655,812 $ 154,971 $ 292,745 Dividends paid $ 260,538 Transferred to Surplus (Sec. 7) 76,064 Withdrawn from Surplus (Sec. 7 ) : Account dividends paid Withdrawn from Surplus (Sec. 13b) Payment to Secretary of the Treasury (Sec. 13b) 9,066 $ 264,093 394,351 $ 281,644 $ 292,545 47,293 13,334 1,443 47,115 14,183 • 49,855 13,235 185,642 14,217 $ 262,949 $ 66,513 6,183 499,224 1,907 $ 573,827 126,673 2,632 REIMBURSABLE FISCAL AGENCY EXPENSES Salaries All other Total 1935 $ 355,337 87,731 $ 443,068 27 1934 $ 222,723 72,202 $ 294,925 1933 $ 121,699 38,141 $ 159,840 1932 58,580 26,505 $ 85,085 $ VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS FEDERAL RESERVE BANK O F A T L A N T A NUMBER OF PIECES HANDLED Bills Discounted and Rediscounted: Applications Notes discounted Industrial Advances Bills Purchased Currency received and counted Coin received and counted.. Checks handled Collection items handled: U. S. Govt. coupons paid.. Coupons paid from issues of other U. S. Govt. agencies All other collections U. S. Securities — Issues, Redemptions and Exchanges . . . Other Issues—(Issues other than U. S. Govt. Securities) —Issues, Redemptions, and Exchanges Transfers of Funds 1935 1934 1933 1932 200 463 81 477 1,448 75 253 5,409 26,108 12,924 60,615 3,409 1,569 107,482,866 58,990,470 38,922,724 104,486,310 55,068,092 35,850,120 103,514,345 68,667,157 27,068,859 101,885,000 70,817,445 24,850,551 358,437 640,034 498,211 440,621 3 3 5,313 207,055 214,394 210,341 * 188,080 169,280 201,271 103,516 77,757 44,625 42,258 •• 52,572 ** 59,872 ** 68,556 23,517,028 872,443 2,769,000 $ 246,247,000 $ 691,777,000 30,027,000 29,480,000 362,955,469 7,248,409 7,549,254,000 465,217,000 17,391,000 5,881,421,000 389,651,000 8,293,000 5,821,695,000 10,285,377 8,021,000 7,099,000 * 196,678,534 • 162,626,000 • 128,452,000 319,428,805 240,871,000 195,473,000 ** 1,391,627,783 ** 1,337,863,000 ** 1,589,238,000 AMOUNTS HANDLED Bills Discounted and Rediscounted $ 2,721,746 Industrial Advances 63 5,097 Bills Purchased 1,132,042 Currency received and counted 368,730,557 Coin received and counted. . . 7,467,154 Checks handled 8,608,828,374 Collection items handled: U. S. Govt. coupons paid.. 6,764,407 Coupons paid from issues of other U. S. Govt. agencies 3,025,201 All other collections 218,683,451 U. S. Securities — Issues, Redemptions, and Exchanges. 286,708,729 Other Issues— (Issues other than U. S. Govt. Securities) Issues, Redemptions, and Exchanges 36,695,390 Transfers of funds 1,428,301,079 $ • Included in "All Other Collections." ** Federal Intermediate Credit Bank debentures and Federal Land Bank bonds included in "U. S. Securities." 28 CONDITION OF WEEKLY REPORTING MEMBER BANKS IN SELECTED CITIES Monthly Averages of Weekly Figures—In Millions Total Loans and Loans on Investments Securities 1933 June . . . July August . .. September . October .. November . December . All Other Loans SECURITIES Guar. by All Govt. U.S. Govt. Other Direct U.S. $411 $ 75 $164 $113 418 77 163 428 438 438 460 467 78 78 77 77 78 161 163 168 181 185 117 125 133 129 140 143 461 482 470 76 81 81 79 77 77 73 70 69 $ — — — — — — Borrowings Demand Time at F. R. Deposits Deposits Bank Net $ 59 $195 $166 61 194 64 64 64 64 61 196 202 201 175 177 175 175 174 172 207 219 $2 1 1 2 2 3 3 1934 January . .. February . . March . . . . 463 May . .. .. June . . . .. July August . .. September . October .. November . December . 458 466 472 468 465 478 486 497 71 74 75 180 173 171 166 163 162 156 157 159 172 181 186 147 170 157 154 148 154 167 161 154 150 145 — 149 18 150 147 146 144 141 145 140 152 164 172 19 22 — — — — — 22 14 17 58 58 220 73 76 80 61 230 231 240 240 241 248 247 256 71 69 69 265 275 281 61 64 70 175 177 177 176 179 179 179 176 175 176 178 2 — — — — — 176 — 1935 January . .. February . . March . . .. April .. . .. May . . . . . June . . . .. July August . .. September . October . .. November . December . 488 490 492 494 489 485 460 466 478 496 508 522 66 187 63 65 63 60 59 56 57 55 54 53 54 190 190 192 192 189 169 162 159 165 171 174 171 177 24 26 25 27 27 27 30 34 40 41 272 175 — 176 173 175 179 178 179 — — — — — 68 70 280 295 296 29S 302 304 312 324 178 178 — 71 73 76 342 357 366 177 179 177 66 68 67 69 71 65 68 — — • — Note: Prior to September, 1934, Securities Guaranteed by the United States Government were included in "All Other Securities." 29 SUMMARY OF SIXTH DISTRICT BUSINESS INDEXES—1923-1925 - 100 ANNUAL 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 MONTHLY 1935— January February March April May June July Augusta September October November December Life Building Retail Wholesale Insurance Permits Trade Trade Sales 20 Cities 94.0 30.0 113.0 129.2 44.0 96.1 82.4 44.3 90.6 83.4 58.2 100.6 95.6 91.8 76.2 97.8 95.8 93.4 85.6 101.9 108.6 114.8 138.2 106.1 108.1 117.9 130.6 107.2 92.3 109.7 85.1 106.8 89.3 109.8 80.0 104.4 88.9 112.5 53.6 94.9 77.5 102.3 32.3 87.3 58.6 83.4 21.8 68.6 42.8 64.6 14.3 68.1 47.7 60.0 10.5 82.9 58.6 66.2 17.2 87.4 61.7 65.2 29.5 (da. av.) 60.5 56.2 81.0 14.9 70.4 55.2 65.6 16.3 83.6 61.1 65.7 22.5 88.0 60.5 68.1 26.8 84.4 61.7 68.0 32.1 75.3 52.6 65.2 39.4 63.1 55.0 61.5 40.1 76.7 66.5 62.1 32.5 91.0 68.3 53.7 31.3 97.6 74.1 60.0 35.8 102.6 65.7 59.1 33.6 157.5 63.1 72.1 29.2 Contract Awards Total Residential Other 72.3 64.2 92.2 86.9 135.5 148.9 123.0 102.6 90.4 66.1 78.6 63.4 78.0 45.4 55.3 27.3 41.0 17.3 20.6 9.4 31.2 11.0 34.0 12.5 38.4 26.1 32.9 24.8 36.4 26.6 29.9 36.2 51.0 28.6 3 5.4 47.1 54.3 58.1 27.9 12.7 32.0 26.5 27.4 23.8 28.6 20.0 29.4 28.9 19.9 36.6 * Indexes of Cotton Consumption are based on combined totals for Georgia, Alabama, and Tennessee. http://fraser.stlouisfed.org/ Annual indexes are for cotton years ending July 31. Federal Reserve Bank of St. Louis Cotton ConCoal sumpPig Iron Alabama Alabama Tennessee tion*
@FedFRASER