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6 TWENTIETH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA TWENTIETH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ATLANTA 1934 A T L A N T A , GEORGIA DIRECTORS AND OFFICERS FOR 1935 FEDERAL RESERVE BANK OF ATLANTA DIRECTORS Term Expires Class Group A 1 A 2 A 3 B 1 December 31 R. G. CLAY, Atlanta, Ga 1936 President, Fulton National Bank W. D. COOK, Meridian, Miss Executive Vice-President, The First National Bank in Meridian G. G. WARE, Leesburg, Florida President, First National Bank 1937 1935 LEON C. SIMON, New Orleans, La 193 5 Vice-President, United China & Glass Co. B 2 J. A. MCCRARY, Atlanta, Ga 1936 Vice-President and Treasurer, The J. B. McCrary Co. B 3 *FITZGERALD HALL, Nashville, Tenn 1937 C President, Nashville, Chattanooga and St. Louis Ry. W. H. KETTIG, Birmingham, Ala., Deputy Chairman Supervisor of Southern Branches, Crane Company 1937 C J. P. ALLEN, Atlanta, Ga 1936 Vice-President, J. P. Allen and Company * Elected February 25, 1935. OFFICERS OSCAR NEWTON, Governor Chairman of the H. WARNER MARTIN, Deputy Governor H. F. CONNIFF, Deputy Governor W. S. MCLARIN, JR., Assistant Deputy Governor M. W. BELL, Cashier 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 Board and Federal Reserve Agent L. M. CLARK, Assistant Federal Reserve Agent and Secretary to Board of Directors E. P. PARIS, General Auditor J. W. HONOUR, Assistant Auditor H. LANE YOUNG, Atlanta, Ga. Member Federal Advisory Council ROBERT S. PARKER, Atlanta, Ga. General Counsel NEW ORLEANS BRANCH DIRECTORS Term Expires December 31 LEON C. SIMON, New Orleans, La., Chairman 193 5 Vice-President, United China & Glass Co. MARCUS WALKER, New Orleans, La 193 5 Managing Director F. W. FOOTE, Hattiesburg, Miss President, First National Bank 193 5 A. P. BUSH, Mobile, Ala 1936 Vice-President, T. G. Bush Grocery Company J. D. O'KEEFE, New Orleans, La 1936 President, Whitney National Bank R. S. HECHT, New Orleans, La 1937 Chairman of the Board, The Hibernia National Bank in New Orleans ERNEST T. GEORGE, New Orleans, La 1937 President and Chairman, Seaboard Refining Co., Ltd. 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 W. H. KETTIG, Birmingham, Ala., Chairman Supervisor of Southern Branches, Crane Company OSCAR WELLS, Birmingham, Ala 1935 1935 Chairman of the Board, First National Bank FRANK M. MOODY, Tuscaloosa, Ala 1935 President, First National Bank J. H. FRYE, Birmingham, Ala 1935 Managing Director W. E. HENLEY, Birmingham, Ala 1936 President, Birmingham Trust and Savings Co. E. F. ALLISON, Bellamy, Ala 1936 President and Treasurer, Allison Lumber Co. JOHN G. FARLEY, Birmingham, Ala 1937 Real Estate Investments OFFICERS J. H. FRYE, Managing Director H. J. URQUHART, Cashier T. N. KNOWLTON, Assistant Cashier JACKSONVILLE BRANCH DIRECTORS FULTON SAUSSY, Jacksonville, Fla., Chairman Term Expires December 31 1935 Commercial Broker E. W. LANE, Jacksonville, Fla 193 5 President, Atlantic National Bank GEO. S. VARDEMAN, JR., Jacksonville, Fla 1935 Managing Director GEO. J. AVENT, Jacksonville, Fla 1936 President, Florida National Bank S. O. CHASE, Sanford, Fla 1936 Citrus Grower and Shipper G. G. WARE, Leesburg, Fla 1937 President, First National Bank BAYLESS W. HAYNES, Jacksonville, Fla President, Wilson and Toomer Fertilizer Co. OFFICERS GEO. S. VARDEMAN, JR., Managing Director T. A. LANFORD, Cashier MARY MAHON, Assistant Cashier 1937 NASHVILLE BRANCH DIRECTORS * FITZGERALD HALL, Nashville, Tenn., Chairman President, Nashville, Chattanooga & St. Louis Ry. Term Expires December 31 1937 JOEL B. FORT, JR., Nashville, Tenn 1935 Managing Director C. W. BAILEY, Clarksville, Tenn President, First National Bank 193 5 PAUL M. DAVIS, Nashville, Tenn 193 5 President, American National Bank C. A. CRAIG, Nashville, Tenn President, National Life and Accident Insurance Co. WM. P. RIDLEY, Columbia, Tenn Farmer FRANK J. HARLE, Cleveland, Tenn 1936 1936 1937 Cashier, Cleveland National Bank Appointed February 28, 193 5 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 11, 193 5. Sirs: I have the honor to submit herewith the Twentieth Annual Report of the Federal Reserve Bank of Atlanta, covering the year 1934. Respectfully, W. H. KETTIG, Deputy Chairman of the Board Federal Reserve Board, Washington, D. C. GENERAL BUSINESS AND BANKING CONDITIONS T HE year 1934 was one of further improvement in business, industrial and banking conditions in the Sixth Federal Reserve District, and the returns received by farmers for their crops also increased substantially over returns of two previous years. Since the banking holiday in March 1933 demand deposits of all member banks in the District have increased each month except two and in December they were at the highest level for any month in four and one-half years. At the beginning of the year there were twenty national banks in the District in the hands of Conservators, but during the year four were authorized to resume normal banking functions and arrangements were completed for the reorganization of the remainder. The volume of bills discounted and rediscounted for member banks and others during 1934 was smaller than for any other year since 1916, the amount of bills purchased was the smallest since 1915, but purchases of United States securities were larger than in any other recent year excepting 1933. Nearly all of the available series of business statistics for the Sixth District show improvement in 1934 over the year before, the important exception being in textile activity. Department store sales in the District, based upon confidential reports from sixty firms, averaged 25.5 per cent greater in 1934 than during the year before, and were also greater than in 1932. In December department store sales were at the highest level in four years. Total sales during the year by 99 reporting wholesale firms were larger than in any of the three previous years. Life insurance sales increased 13.3 per cent from 1933 to 1934 and were also larger than in 1932, and commercial failures declined substantially in both number and liabilities compared with 1933 and were less than in any other recent year. Debits to individual accounts at 26 clearing house centers of the District increased 14.6 per cent in 1934 over 1933 (March omitted because of no figures for that month in 1933), and for the year were 10.9 per cent greater than in 1932. Demand deposits of all member banks in December averaged 36.1 per cent greater than a year earlier and were larger than for December of any year since 1929. Time deposits in December were 6.3 per cent greater than a year earlier but somewhat less than in December of other recent years. Construction contracts awarded in the Sixth District during 1934 averaged 8.9 per cent greater than in 1933 and 65 per cent greater than in 1932. Residential construction increased 13.6 per cent over 1933, while other classes of contracts increased 8.1 per cent. Building permits issued at twenty reporting cities during 1934 were 63 per cent greater than in 1933 and 20.1 per cent larger than in 1932, but less than in other recent years. Bituminous coal mined in Alabama during 1934 was 9.5 per cent, and in Tennessee 7.4 per cent, greater than in 1933 and was also greater in both states than in 1932. Production of electric power for public use in the six states located wholly or partly in the Sixth District increased further by 6.7 per cent in 1934 compared with the 11 year before, and was also greater than in other recent years. During the cotton year which ended July 31, 1934, consumption of cotton in the three states of this District for which figures are available was 7.9 per cent less than in the season before, and active cotton spindle hours declined 8.4 per cent. In the five months of 1934-3 5 cotton season, August through December, consumption in these three states has been 16 per cent less than in that part of the 1933-34 season. Preliminary figures compiled by the United States Department of Agriculture and based in most instances on prices prevailing on December 1, indicate that the value of the principal crops produced during 1934 in the six states located wholly or partly in the Sixth District increased 31.3 per cent over the year before, and was practically double the value of those crops in 1932. Production of cotton, and seed, in these states in 1934 declined 3.5 per cent compared with 193 3, but the value of the lint and seed increased 39.4 per cent because of higher prices. Tobacco production was 27.8 per cent less than in 1933, but the value of the crop increased 8.9 per cent. In the table are shown comparisons of the production and values of the principal crops produced in these six states combined, and total crop values. The figures do not include rental and benefit payments by the Agricultural Adjustment Administration in connection with its crop reduction program. PRODUCTION AND 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 Sugar Cane (4) Rice (4) Bales Tons Bu. Bu. Bu. Tons Bu. Bu. Bu. Bu. Lbs. Lbs. Lbs. Bu. Bu. Boxes Boxes Gals. Tons Bu. PRODUCTION 1934 1933 Percent Change 4,033 4,181 1,792 1,857 208,873 199,091 11,064 8,835 4,214 3,487 2,620 2,575 1,905 1,748 3,615 4,003 16,982 12,269 36,080 29,816 918,970 840,715 13,320 22,150 140,963 195,322 3,355 4,188 10,071 7,637 19,520 18,317 13,500 10,700 19,640 17,476 3,561 3,176 15,957 15,957 — 3.5 — 3.5 +4.9 +25.2 +20.8 + 1.7 + 9.0 — 9.7 +38.4 +21.0 + 9.3 —39.9 —27.8 —19.9 +31.9 + 6.6 +26.2 +12.4 +12.1 Same VALUE 1934 1933 $249,627 63,588 157,777 8,023 4,461 33,341 3,510 4,927 12,864 21,271 28,671 1,832 23,094 3,342 7,950 29,890 13,475 8,597 9,685 12,606 Percent Change $198,274 + 25.8 26,455 + 140.4 112,658 + 40.0 5,422 48.0 3,404 31.1 25,482 30.8 2,613 34.3 3,947 24.8 10,733 19.9 16,856 f- 26.2 21,522 + 33.2 2,228 — 17.8 21,211 + 8.9 3,534 5.4 6,076 30.8 27,492 8.7 8.0 12,475 10.0 7,818 12.3 11,038 1.3 12,446 + + + + + + + + Notes: (1) Tennessee, Georgia and Alabama. (2) Florida, Louisiana, Alabama and Mississippi. (3) Florida. (4) Louisiana. 12 VALUES OF PRINCIPAL CROPS BY STATES IN THOUSANDS OF DOLLARS Alabama Florida Georgia Louisiana Mississippi Tennessee Total Six States 1934 compared with 1933 1932 1934 1933 1932 $142,975 82,941 161,445 88,294 141,395 123,527 $99,454 66,6S9 128,588 68,821 100,325 100,132 $62,051 57,914 67,039 54,711 66,630 63,709 +43.8 +24.4 +25.6 +28.3 +40.9 +23.4 +130.4 +43.2 +140.8 +61.4 +112.2 +93.9 $740,577 $563,979 $372,054 +31.3 +99.1 SUMMARY OF SIXTH DISTRICT STATISTICS (000 Omitted) 1934 1933 1932 1931 Retail Trade—Sales of 34 Department Stores $ 49,650 $ 40,763 $ 41,101 $ 53,953 Wholesale Trade—Sales of 99 Firms $ 68,801 $ 55,737 $ 48,478 $ 64,123 Life Insurance Sales—Six States (1) $ 333,446 $ 294,332 $ 325,268 $ 386,118 Alabama $ 45,900 $ 41,823 $ 44,364 $ 50,362 Florida Georgia Louisiana Mississippi Tennessee $ $ $ $ $ 54,041 81,059 54,269 29,476 68,701 $ $ $ $ $ 41,579 69,815 47,490 27,868 65,757 $ $ $ $ $ 48,943 82,046 52,325 26,676 70,914 $ $ $ $ $ 59,514 95,880 62,247 28,775 89,340 $ 6,956 $ 21,728 $ 37,149 $ 31,258 Commercial Failures—Number (2) Commercial Failures—Liabilities 404 962 1,679 1,698 Sales of Fertilizer Tax Tags— Short Tons (1) (7) Debits to Individual Accounts—26Cities(3) Deposits of All Member Banks—(4) Demand Time Building Permits issued at 20 cities 1,680 1,237 $8,883,899 $7,072,823 1,135 1,978 $8,009,216 $10,801,714 $ 512,997 $ 376,993 $ 351,750 $ 417,991 $ 334,090 $ 314,181 $ 344,157 $ 371,425 $ $ 14,218 $ 19,294 $ $ 131,405 $ 18,511 $ 112,894 $ $ $ 86,755 15,825 70,930 $ 172,862 $ 29,047 $ 143,815 23,174 29,393 Construction Contracts Awarded— 6th District Residential Contracts All Other Contracts $ 143,110 $ 21,036 $ 122,074 Construction Contracts—By States: (1) Alabama $ 21,223 $ 25,762 $ 10,503 $ 21,391 Florida $ 41,823 $ 28,727 $ 19,292 $ 24,407 Georgia Louisiana Mississippi $ $ $ 28,684 40,395 15,507 $ $ $ 15,194 34,745 9,348 $ $ $ 21,363 22,594 14,643 $ $ $ 33,558 88,504 17,310 Tennessee $ 20,805 $ 36,298 $ 16,358 $ 28,963 13 Cotton Consumption—Bales—3 States ( 7 ) . Alabama Georgia Tennessee 1,767 585 1,060 122 1,919 661 1,105 153 1,545 532 873 140 1,604 525 929 150 Cotton Spindles Active—i States (5) ( 7 ) . . Alabama Georgia Mississippi Tennessee 5,511 1,723 3,079 175 534 5,207 1,668 2,886 150 503 5,102 1,668 2,778 130 526 5,253 1,686 2,890 128 549 18,627,033 20,386,787 5,798,625 6,415,338 10,360,818 10,927,355 576,283 602,501 1,891,307 2,441,593 16,952,344 5,552,249 8,898,416 447,030 2,054,649 16,650,343 5,323,207 8,806,294 419,427 2,101,415 Active Cotton Spindle Hours—4 States (7) Alabama Georgia Mississippi Tennessee Bituminous Coal Production—Tons: Alabama Tennessee 9,596 4,056 8,760 3,775 7,857 3,538 11,999 4,721 Pig Iron Production—Alabama—Tons 1,141 890 660 1,673 8 5 5 10 245 1,023 107 322 258 980 81 211 220 852 92 333 335 1,176 112 487 Active Furnaces—Alabama ( 2 ) ( 5 ) Naval Stores: (6) Receipts: Turpentine Rosin Stocks (4): Turpentine Rosin Production of Electric Power for Public Use— (k.w. hours)—Total Six States (1) Alabama Florida Georgia Louisiana Mississippi Tennessee 6,041,417p l,814,847p 669,945p l,115,535p l,219,658p 53,218p l,168,214p 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 $,730,240 1,979,822 651,588 838,256 1,084,614 53,049 1,122,911 Production by use of Water Power— Six States 3,750,621p 3,600,201 3,529,520 3,409,534 Production by use of Fuels—Six States 2,290,796p 2,060,784 2,017,698 2,320,706 Notes: (1) Parts of Tennessee, Mississippi and Louisiana are situated in other Federal reserve districts. (2) Actual Number—000 not omitted. (3) The 1933 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 gallonns, rosin in barrels of 500 pounds. (7) For year ending July 31. p—Preliminary. 14 RESULTS OF OPERATION OF THE FEDERAL RESERVE BANK OF ATLANTA Coffttfavison of . •, j A j n Principal Asset and Liability ItetJtS Total resources of the Federal Reserve Bank of Atlanta at the close of the year 1934 amounted to $255,823,000, larger by 22.4 millions than at the en d °f 1933, and larger than at the close of any year since 1927. The increase in total resources on December 31, 1934, compared with a year earlier is almost identical in amount with the increase in holdings of United States Government securities, an increase in reserves being practically offset by decreases in other items in the comparative balance sheet. Total reserves held by the bank at the end of 1934 amounted to $139,177,000, greater by $9,08 5,000 than a year earlier, and the largest total since the close of 1930. During the year total reserves increased from 128 millions, on January 3, to 160 millions, the highest point during the year, on February 21; were at the lowest level of the year, at 117.9 millions, on September 26, and increased about 21 millions by the end of the year. The average volume of reserve bank credit outstanding at the Federal Reserve Bank of Atlanta during 1934, indicated by its total holdings of bills and securities, was greater than for other recent years, but the increase, as was the case in 1933, was due to larger holdings of Government securities. Holdings of discounted bills and of bills bought in the open market were smaller at the close of 1934, and averaged less during the year, than for any other recent comparative periods, but holdings of United States securities at the close of the year were greater than at the end of any other year, and this was also true of average holdings during the year. Industrial Advances, made under authority of the Act of Congress of June 19, 1934, outstanding at the end of the year aggregated $847,000. The volume of Federal reserve notes of this bank's issue in actual circulation declined from 124.8 millions on January 3 to 120.3 millions, the low for the year, on January 30, rose to a high at 138.5 millions on November 14, and closed the year at 133 millions. The average amount outstanding during the year was 131 millions, the largest average circulation since 1929. Member bank reserve deposits declined slightly during the first three weeks in January to a low point for the year, at 65.9 millions, on January 24, but rose to 84 millions on July 3, and after declining to 69.1 millions on October 31, increased to 84.8 millions on December 31, when they were 19.4 millions greater than a year earlier. On page 20 of this report is a table setting out in detail the items in the balance sheet of the Federal Reserve Bank of Atlanta at the close of each of the past four years, and on page 24 is a table showing monthly averages of daily figures for the principal asset and liability items for the same period. Earnings and ^ ta^e presented on page 22 of this report shows in detail j-, , the various items of income and expenditures, together with Expenses profit and loss statements showing the disposition of earnings of this bank for the past four years. Total earnings during 1934 amounted 15 to $1,818,161, larger by 7.8 per cent than during 1933, and also larger than in 1931, but smaller than in any other year since 1917. Earnings on discounted bills were smaller in 1934 than in any other full year of operation since the organization of the bank, and earnings on purchased bills were the smallest since 1915, the first year of operation. Earnings on United States securities, however, increased further in 1934 by 59.1 per cent, compared with 1933, and were larger than for any other year. The cost of current operations of the Federal Reserve Bank of Atlanta during 1934, not including the cost of currency, amounted to $1,269,534, an increase of 4.1 per cent over the year before. Including the cost of issue and redemption of this bank's Federal reserve notes, which was the lowest since 1928, total current expenses in 1934 amounted to $1,306,094, smaller by 1.1 per cent than in 1933, but slightly larger than in 1932 or 1931. Current net earnings for 1934 (total earnings less total current expenses) amounted to $512,067, and after miscellaneous additions, and deductions for depreciation on bank premises, furniture and equipment, reserves and other items, there was left available for dividends and surplus the amount of $658,444. Dividends for the year, at the rate of six per cent on the paid in capital, were paid amounting to $264,093, and the remainder of $394,3 51 was transferred to Surplus. In accordance with a provision in the Banking Act of 1933, which required Federal Reserve Banks to subscribe to stock in the Federal Deposit Insurance Corporation to the extent of fifty per cent of their Surplus on January 1, 193 3, this bank early in 1934 purchased stock in that Corporation to the extent of $5,272,031.5 5, and its Surplus was, accordingly, reduced by that amount. VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS DlSCOUfltS and ^ e t o t a ^ v ° l u m e °f bills discounted, re-discounted and j , , purchased, United States securities bought, and other ininveStmentS vestment operations of the Federal Reserve Bank of Atlanta during the year 1934 amounted to $154,219,000, a decline of 63.6 per cent compared with the total for 1933, smaller by 81.6 per cent than for 1932 and less than any other recent year. During 1934 the Federal Reserve Bank of Atlanta received 477 applications for the discount or re-discount of paper, less than 9 per cent of the number of applications received in 1933, and substantially less than in other recent years. There were accepted for discount or re-discount during the year 1,448 notes amounting to $23,517,000, a decrease of 94.5 per cent in number and smaller in amount by 90.4 per cent, than in 1932 and the smallest total for any year since 1916, the second full year of operation of the Federal Reserve Bank. The monthly average number of banks accommodated by the discount of paper during 1934 was 15, compared with 91 for 1933, 166 for 1932 and 157 for 1931. Less than 25 per cent of the member banks in the Sixth District borrowed from the Federal Reserve Bank during 1934. 16 Bills purchased in the open market during 1934 numbered 253 and amounted to $1,583,000, negligible in both number and amount compared with previous years. Industrial During the last five months of 1934 there were 75 Industrial Aj Advances made by this bank totaling $872,443 in amount, /\avances u n d e r authority contained in the Act of Congress of June 19, 1934, which authorized such advances in exceptional circumstances to established industrial or commercial businesses unable to obtain necessary financial assistance from the usual sources. In addition to these advances, commitments to make further advances were made during this period to the extent of $761,500. Currency i f, . During 1934 there were received and counted 104,486,310 pieces of currency, amounting in value to $362,95 5,469, an increase of less than 1 per cent in number, but smaller by 22 per cent in amount than for the year before. There were also received and counted during the year 5 5,068,092 coins, amounting to $7,248,409, smaller by 19.8 per cent in number and by 58.3 per cent in amount, than during 1933. TrdtlSlt ^ e t o t a ^ number of checks handled during 1934 by the ^-x , ,. Federal Reserve Bank of Atlanta and its branches was 3 5,850,UperatWnS 1 2 0 > a n d t h e i r v a l u e $7,549,254,000, larger by 32.4 per cent in number and 28.4 per cent in amount than those handled in 1933 and also greater than those handled in 1932. Excluding duplications on account of items handled by both the parent bank and one of its branches, or by more than one branch, the number of items handled during 1934 was 34,909,000, and the amount $7,416,330,000. The number was 33 per cent greater than in 1933, 45.7 per cent greater than in 1932, 25.5 per cent greater than in 1931 and larger than in other recent years, and the amount was 28.6 per cent greater than in 1933 and 29.1 per cent greater than in 1932, but 8.7 per cent smaller than in 1931 and less than for other previous years. Items drawn on member banks, and on par-remitting non-member banks, in the Sixth District handled during the year numbered 21,985,000, and amounted to $4,994,154,000, items drawn on the Federal Reserve Bank of Atlanta and its branches numbered 205,000 and amounted $1,315,440,000, and items forwarded to other Federal Reserve Banks and their branches numbered 2,660,000 and amounted to $402,740,000. The number of items handled during 1934 which were drawn on the United States Treasury was 10,059,000, and the amount of such items $703,996,000, much larger in both number and amount than those handled in any other recent year. The number of government security coupons paid during 1934 was 640,034, greater by 28.5 per cent than those paid in 1933 and larger than for other recent years, and the value of these coupons was $10,285,377, greater by 28.2 per cent than for 1933 and also larger than for other recent years. Other collection items handled during the year numbered 214,394, and amounted to $196,678,534, increases of 1.9 per cent in number and 20.9 per cent in amount over the year before. 17 Fiscal Agency Transactions in United States securities by the Fiscal ^ , ,. Agency Department of the bank during the year, involvKJperatlOns i n g j s s u e S j redemptions, and exchanges, numbered 201,271, and amounted to $319,428,805, showing increases of 94.4 per cent in number and of 32.6 per cent in amount over those handled in 1933 and larger than for other recent years. Clearings and Transfers ° 1 hrOUgu KTOICI Settlement Fund ' Each Federal Reserve Bank maintains with the Federal Reserve Board 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 in 1934 over the year before, and were larger than they have been since 1931. There were 52,272 transfers of funds, amounting to $1,403,599,783, during 1934, the smallest number in several years, but 3 per cent greater in amount than during 1933, although less than for other recent years. Total receipts for clearings and transfers of funds through the Gold Settlement Fund by the Federal Reserve Bank of Atlanta during the year amounted to $2,899,592,000, larger by 13.6 per cent than in 1933, and total payments were $3,058,188,000, greater by 18.2 per cent than during the year before. Payments exceeded receipts, therefore, by $158,596,000. In 1933 payments exceeded receipts by $34,461,000, in 1932 by $48,499,000, and in 1931 by $80,650,000. CHANGES IN MEMBERSHIP At the close of the year 1933 there were 309 member banks in the Sixth Federal Reserve District which had been licensed to resume normal banking operations, consisting of 25 5 national banks and 54 state bank members. In addition, there were in the hands of Conservators 20 national banks which had not been so licensed. During 1934 there were 3 state banks admitted to membership in the Federal Reserve System in the District, 1 state bank member converted into a national bank, and 1 state bank member went into voluntary liquidation, a net increase in state bank membership of 1. In the case of those national banks which were in the hands of Conservators at the beginning of the year, 3 were subsequently licensed to resume normal operations, 1 was placed in receivership but later restored to solvency and allowed to resume normal operations, and the remainder were placed in liquidation and in most instances succeeded by new organizations, so that at the close of 1934 there was a total membership in this District of 332 banks, 277 of which were national banks and 5 5 state bank members. BANK ORGANIZATION AND PERSONNEL Following his service as Governor of the Federal Reserve Board, in Washington, from May 19, 1933, Governor E. R. Black returned on August 15, 1934, to the governorship of the Federal Reserve Bank of Atlanta, at the same time 18 assuming, at the request of the President of the United States, the duties and responsibilities of Liaison Officer between the Administration and the banks of the nation, presenting the recovery program to the banks and other financial institutions and acquainting them with the successive steps taken by the Administration. After serving in this dual capacity for more than four months, during which time he was in constant demand as a speaker at bankers' conventions throughout the country, Governor Black died on the morning of December 19. Memorial Resolutions adopted by the Board of Directors of this bank at its February meeting give an outline of Governor Black's life, his accomplishments, and those sterling qualities of kindliness, unfailing courtesy, loyalty to duty, devoted friendship and unselfish consideration of others that made him one of the best loved men in the southeast and, in recent years, in the nation. At the January meeting of the Board of Directors, Oscar Newton, who had served as a Director of this bank since January, 1920, and as Chairman of the Board and Federal Reserve Agent since January, 1924, was elected Governor of the bank to succeed Governor Black. W. D. Cook, Executive Vice President, The First National Bank in Meridian, Meridian, Mississippi, was elected by member banks in Group 2 to a Class A Directorship for the three-year term ending December 31, 1937, succeeding E. C. Melvin, President, Selma National Bank, Selma, Alabama, whose term expired December 31, 1934, and who did not offer for re-election. J. B. Hill, of Nashville, Tennessee, until recently President of the Nashville, Chattanooga and St. Louis Railway, was re-elected by member banks in Group 3 as a Class B Director for the three-year term ending December 31, 1937. In November, 1934, however, before his term would have expired on December 31, Mr. Hill was elected to the Presidency of the Louisville and Nashville Railroad Company, whose general offices are at Louisville, Kentucky, and the removal of his residence to Louisville necessitated Mr. Hill's resignation as a Director of this bank and of its Nashville Branch, of which he was Chairman. Fitzgerald Hall, President of the Nashville, Chattanooga and St. Louis Railway, Nashville, Tennessee, was on February 25, 193 5, elected by member banks in Group 3 a Class B Director for the three-year term ending December 31, 1937, to succeed Mr. Hill. On February 28, 193 5, Mr. Hall was appointed a Director, and Chairman of the Board of Directors, of the Nashville Branch. W. H. Kettig, Supervisor of Southern Branches of Crane Company, Birmingham, Alabama, was reappointed by the Federal Reserve Board a Class C Director for the three-year term ending December 31, 1937, and was redesignated Deputy Chairman for the current year. W. W. Crawford, a Director of the Birmingham Branch of the Federal Reserve Bank of Atlanta, died on January 15, 1934. Effective April 16, 1934, Frank M. Moody, President of the First National Bank of Tuscaloosa, Alabama, was elected by the Board of Directors of the Federal Reserve Bank of Atlanta, to succeed Mr. Crawford. H. Warner Martin, Atlanta, Georgia, formerly President of the Trust Company of Georgia, Atlanta, and Assistant to the Governor of the Federal Reserve Board during Governor Black's tenure of office in that capacity, was elected Deputy Governor. Other officers were re-elected to serve during the year 1935. 19 Geo. S. Vardeman, Jr., formerly Cashier of the Jacksonville Branch of the Federal Reserve Bank of Atlanta, was elected Managing Director to succeed Hugh Foster, retired, and T. A. Lanford, of the parent bank, was elected Cashier, succeeding Mr. Vardeman. 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 193 5. The number of officers and employees of the Federal Reserve Bank of Atlanta, including its branches and agencies, at the close of 1934 was 421, not including 186 additional employees who were assigned to the Reconstruction Finance Corporation and the Cotton Stabilization Corporation. A year earlier' the number of officers and employees of this bank was 446, exclusive of 147 additional employees assigned to those corporations. CONDITION OF WEEKLY REPORTING MEMBER BANKS IN SIXTH DISTRICT For a number of years past weekly condition reports have been received from member banks located in leading cities of the District, but because of changes at the time of the banking holiday the weekly figures since that time are not comparable with those published prior to the holiday. However, weekly figures for those banks now reporting have been compiled back to the beginning of 1932, and some of the more important items are summarized in a table on page 27 of this report. Loans by these banks against securities averaged about the same in 1934 as in 1933, and 3.3 per cent less than in 1932. All Other Loans, which include those for commercial, industrial and agricultural purposes, averaged 2.4 per cent less in 1934 than in 1933, and 14.3 per cent less than in 1932. Total loans by these banks declined from 190 millions on the first Wednesday in 1934 to a low point for the year, at 165.6 millions, on August 29, but increased to 194.5 millions on December 26, the last report date in the year. Holdings of United States securities by these banks averaged 18 per cent greater in 1934 than in 1933, and 41.9 per cent greater than in 1932, and holdings of Other Securities averaged 10.4 per cent greater than in 1933 and 17.8 per cent larger than two years earlier. Demand deposits reported weekly by these banks have risen each month since February, and in December averaged 196 millions, compared with 152 millions a year earlier, and for the year averaged 22 per cent greater than for 1933. Time deposits, however, have fluctuated within a narrow range and for the year averaged 130 millions, the same as for 1933, and 4.4 per cent less than for 1932. Borrowings by these weekly reporting member banks from the Federal Reserve Bank of Atlanta, already at a low point at the beginning of the year, were completely retired during the first quarter of the year, and none of these banks borrowed during the remainder of the year. 20 DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS IN SIXTH DISTRICT The daily average of net demand deposits of all member banks in the Sixth District declined each year from their highest level in November, 1925, to the lowest point on record in March, 1933, at the time of the banking holiday, but since that time increased each month except two through December, 1934, when they were the highest since July, 1930. For the year 1934 demand deposits averaged 33.9 per cent greater than in 1933, and 21.2 per cent greater than in 1932. Time deposits of all member banks in the District reached their peak in July, 1928, and also declined to their lowest level in March, 1933. Since then time deposits have risen irregularly, and for the year 1934 averaged 4.7 per cent greater than in 1933 but 7.5 per cent less than in 1932. 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) D E M A N D DEPOSITS January February March April May June July August September October November December 1934 1933 1932 1931 $396 417 429 444 440 436 438 440 449 470 492 513 $356 339 290 303 320 328 329 331 335 343 356 377 $412 398 399 396 379 366 350 342 343 344 344 352 $497 504 508 511 505 492 481 468 454 436 419 418 $320 322 325 327 328 324 328 32 8 328 330 335 334 $356 347 270 274 295 303 317 321 318 320 317 314 $370 361 360 358 355 351 349 3 52 349 349 347 344 $398 388 395 394 391 396 401 407 399 387 376 371 TIME DEPOSITS January February March April May June July August September October November December N o t e : 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 Federal Reserve Board which will be issued at a later date. 21 CONDITION OF FEDERAL RESERVE BANK OF ATLANTA (IN THOUSANDS OF DOLLARS) Dec. 31, 1934 Dec. 31, 1933 Dec. 31, 1932 Dec. 31, 1931 Gold Certificates on hand and due from U. S. Treasury (including balances in the gold funds maintained in Washington) $121,475 Redemption Fund—Federal Reserve Notes 3,853 Gold None Other Cash 13,849 $105,895 3,157 9,166 11,874 $72,582 2,878 6,707 10,078 $98,570 2,725 8,266 10,429 Total Reserves $139,177 Redemption Fund—Federal Reserve Bank N o t e s . . . . $130,092 1,014 $92,245 $119,990 $ $ 1,064 13,885 $ 4,049 30,853 $ 4,184 $ 4,279 $ 14,949 $ 3,439 $ 34,902 $ 13,235 RESOURCES Bills Discounted: Secured by U. S. Government Obligations, Direct and/or fully guaranteed $ Other bills discounted 6 51 230 3,954 Total bills discounted Bills bought in open market $ $ 57 303 Industrial Advances U. S. Government Securities: Bonds Treasury Notes Certificates and Bills $ 847 $13,584 59,308 21,385 $11,305 32,295 28,298 $10,281 8,110 29,013 $ Total U. S. Government Securities Other securities $ 94,277 $ 71,898 $ 47,404 $ 500 $ 13,938 $ 850 $ 95,484 $ 80,361 $ 66,292 $ 62,925 $ $ $ $ Total bills and securities Due from Foreign Banks F. R. Notes of other F. R. Banks Uncollected Items Bank Premises All other resources Total resources LIABILITIES F. R. Notes in actual circulation F. R. Bank Note circulation—Net Deposits: Member Banks—Reserve Account Government Foreign banks Special deposits—Member banks 22 28 1,731 15,243 2,325 1,835 117 1,640 14,013 2,372 3,775 110 1,239 11,199 2,422 4,165 6,521 380 7,037 312 1,230 11,839 2,489 3,111 $255,823 $233,384 $117,672 $201,896 $132,968 $125,175 5,121 $97,139 $120,626 $ 84,804 5,921 671 $ 65,442 112 146 1,948 $ 49,760 159 775 $ 46,368 2,047 2,767 Special deposits—Non-member banks Other deposits Total deposits Deferred Availability Items Capital Paid In Surplus (Section 7) Surplus (Section 13b) Reserves for Contingencies All other liabilities Total liabilities 3,709 264 4,170 1,056 172 $95,105 $72,082 $51,750 $51,354 $ 14,438 $ 13,332 4,368 4,450 5,540* 10,417 754 2,596 2,574 54 233 $ 10,747 4,679 10,544 $ 12,000 5,158 10,449 2,489 324 1,987 322 $255,823 $233,384 $177,672 $201,896 66.0% 62.0% 69.8% 133 $ 1,440 $ 8,947 Ratio of total reserves to deposit and F. R. note liabilities combined 61.0% Contingent liability on bills purchased for foreign correspondents $ 23 Commitments to make industrial advances $ 590 $ * Surplus (Section 7) reduced $5,272,000 by reason of bank's subscription to stock of the Federal Deposit Insurance Corporation. 23 EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANK OF ATLANTA EARNINGS 1934 Discounted bills $ 47,188 Purchased bills 5,129 United States securities 1,631,013 Industrial advances 10,971 Commitments to make industrial advances... 713 Deficient reserve penalties 1,311 Miscellaneous 121,836 Total earnings $1,818,161 1933 1932 1931 $ 521,500 44,601 1,024,999 $1,186,612 127,554 602,366 $ 762,143 238,179 298,942 • 21,613 73,784 28,572 58,092 32,746 116,825 $1,686,497 $2,003,196 $1,448,835 $ 194,010 393,356 92,214 472 94 865 23,268 $ 231,104 391,962 78,998 86 106 1,129 23,281 $ 231,866 403,400 82,715 232 21,939 28,655 8,844 28,483 28,775 56,548 18,245 4,345 4,350 15,161 24,069 9,910 46,496 147,748 31,533 30,711 22,319 27,019 4,182 16,886 27,361 60,822 15,673 4,182 4,572 13,508 18,546 7,944 63,322 91,319 28,789 30,121 23,438 26,127 3,061 30,734 27,052 60,515 15,697 2,846 5,288 16,236 18,466 7,793 69,365 81,794 36,619 36,840 $1,210,091 $1,163,232 $1,203,678 $ $ $ CURRENT EXPENSES Salaries: Bank Officers $ 208,576 Clerical Staff 410,001 All Other 95,143 Governors' Conferences 253 Federal Reserve Agents' Conferences 153 Federal Advisory Council 912 Directors' Meetings 17,924 Industrial Advisory Committee 825 Traveling expenses (a) 15,617 Assessments for Federal Reserve Board expenses 47,133 Legal fees 12,267 Insurance on currency and security shipments 18,993 Other insurance 18,193 Taxes on banking house 57,801 Light, heat and power 19,194 Repairs and alterations, banking house 4,422 Rent 4,489 Office and other supplies 16,970 Printing and stationery 26,966 Telephone 6,102 Telegraph 43,816 Postage 130,575 Expressage 31,521 Miscellaneous 81,689 Total, exclusive of cost of currency $1,269,534 Federal reserve currency, including shipping charges: Original cost $ 24,590 Cost of redemption 6,430 Tax on Federal Reserve bank-note circulation 5,540 Total current expenses $1,306,094 92,593 7,280 11,303 $1,321,267 48,895 5,650 $1,217,777 853 22,741 59,741 5,357 $1,268,776 (a) Other than those connected with governors' and agents' conferences and meetings of directors and of the Advisory Council. 24 PROFIT AND LOSS ACCOUNT Earnings Current expenses Current net earnings Additions to current net earnings: Profit on United States Government securities sold Withdrawn from reserve for losses All other Total additions Deductions from current net earnings: Bank premises—depreciation Furniture and equipment Reserve for losses Reserve for self-insurance All Other 1934 1933 1932 1931 $1,818,161 1,306,094 $1,686,497 1,321,267 $2,003,196 1,217,777 $1,448,83 5 1,268,776 $ 512,067 $ 365,230 $ 785,419 $ 180,059 $ 293,043 128,579 25,559 $ $ $ $ 447,181 $ 52,690 $ 80,953 $ 45,598 $ $ 49,855 13,235 185,642 $ 66,513 6,183 499,224 $ 84,007 5,608 127,033 31,536 21,154 47,115 14,183 80,652 301 44,542 1,056 237,750 4,388 14,217 1,907 9,009 $ 303,436 $ 262,949 $ 573,827 $ 225,657 Net deductions from current net earnings...$—143,745 $ 210,259 $ 492,874 $ 180,059 Net earnings $ 655,812 $ 154,971 $ 292,545 Dividends paid Transferred to Surplus (Sec. 7) Withdrawn from Surplus (Sec. 13b) Withdrawn from Surplus (Sec. 7 ) : Account dividends paid Account depreciation on United States Government Securities $ 264,093 $ 281,644 $ 394,3 51 $ 2,632 $ 292,545 Total deductions $ 126,673 $ 313,247 $ 313,247 $ 95,405 (a) (a) Restored to surplus before closing books at end of 1932. REIMBURSABLE FISCAL AGENCY EXPENSES 1934 1933 1932 1931 Salaries All Other $ 222,723 72,202 $ 121,699 38,141 $ 58,580 26,505 $ 5,280 3,549 Total $ 294,925 $ 159,840 $ 85,085 $ 8,829 25 FEDERAL RESERVE BANK OF ATLANTA Monthly averages of daily figures—in millions Bills Discounted: 1934 Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. $ $ $ 1 $ 1 26 $ $ $ $ * 7 34 20 $ $ $ 6 21 $ * 7 22 51 52 1933 1932 5 17 50 1931 23 2 19 49 22 1934 4 3 1933 3 5 1932 11 8 1931 12 6 * 11 * * 7 17 25 * 37 11 1 20 32 11 1 • * * * * * 18 11 4 * * * * 6 3 2 2 2 1 1 2 3 4 7 7 8 8 8 5 7 35 32 20 94 37 38 13 34 13 8 40 14 6 20 38 Bills Bought: C\ * 4 U. S. Securities: 1934 71 72 84 86 87 89 93 94 94 94 94 1933 45 47 64 49 49 53 56 58 68 71 71 1932 12 12 13 23 13 19 47 22 47 8 47 22 47 8 49 21 50 1931 13 11 63 47 17 16 95 22 22 Total Bills and Securities: 1934 81 88 88 90 66 77 71 86 1933 118 86 64 1932 74 71 56 1931 43 35 31 53 30 74 56 1934 128 85 108 145 93 140 110 140 115 135 126 138 1933 108 162 121 122 116 167 171 158 39 93 65 95 95 95 96 65 70 74 78 82 92 81 75 47 55 71 101 72 44 69 95 135 129 124 128 121 128 138 122 125 131 127 133 83 148 73 140 81 84 86 79 79 136 127 90 84 96 84 42 88 Cash Reserves: 1932 1931 159 136 F. R. Note Circulation: 1934 1933 122 98 123 109 126 160 1932 122 121 121 1931 134 131 131 129 144 118 132 132 132 13 5 124 134 118 116 113 130 124 113 118 132 117 110 130 118 107 135 118 102 138 122 136 125 114 113 117 99 121 122 98 Member Bank Reserve Deposits: 1934 66 72 77 76 73 72 77 73 72 73 74 1933 45 43 47 51 54 56 58 79 60 46 44 43 55 42 54 48 41 48 47 1932 44 49 42 42 42 43 1931 58 59 59 60 58 57 57 54 54 51 49 49 1934 64.8 68.9 64.8 63.9 62.1 62.4 60.8 58.5 57.9 59.3 59.9 60.6 1933 58.5 58.8 49.6 58.3 65.8 72.3 70.9 70.6 67.5 68.0 67.0 65.0 1932 61.4 70.7 72.2 69.6 51.1 46.0 51.7 55.2 57.8 54.9 54.6 1931 80.9 62.5 84.1 87.4 87.8 83.1 80.8 78.8 77.3 73.0 50.9 47.1 54.4 Reserve Ratio: K) * Less than $500,000. VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS FEDERAL RESERVE BANK OF ATLANTA NUMBER OF PIECES HANDLED 1934 Bills Discounted and Rediscounted: Applications 477 Notes discounted 1,448 Industrial Advances 76 Bills Purchased: In open market 2J3 From other Federal Reserve Banks Currency received and counted 104,486,310 Coin received and counted.. 5J,068,092 Checks handled 35,850,120 Collection items handled: U. S. Govt. coupons paid.. 640,034 All other 214,394 U. S. Securities—Issues,* Redemptions and Exchanges by Fiscal Agency Department 201,271 Transfers of funds 52,572 1933 1932 1931 5,409 26,108 12,924 60,615 11,378 64,502 3,409 1,569 7,625 11 (, L 1O 103,514,345 68,667,157 27,068,859 101,885,000 70,817,445 24,850,551 117,567,242 66,269,794 28,940,900 498,211 210,341 440,621 188,080 390,711 178,181 103,516 59,872 77,7i7 68,556 54,495 73,889 $ 246,247,000 $ 691,777,000 $ 450,631,000 30,027,000 29,480,000 107,631,000 AMOUNTS HANDLED Bills Discounted and Rediscounted $ 23,517,028 Industrial Advances 912,443 Bills purchased: In open market 1,758,292 From other Federal Reserve Banks Currency received and counted 362,955,469 Coin received and counted... 7,248,409 Checks handled 7,549,2 54,000 Collection items handled: U. S. Govt. coupons paid.. 10,285,377 All other 196,678,534 U. S. Securities—Issues,* Redemptions and Exchanges by Fiscal Agency Department 319,428,805 Transfers of funds 1,391,627,783 5,006,000 465,217,000 17,391,000 5,881,421,000 389,651,000 8,293,000 5,821,695,000 465,356,000 10,637,000 8,227,498,000 8,021,000 162,626,000 7,099,000 128,452,000 5,328,000 138,367,000 240,871,000 1,362,138,000 195,473,000 1,589,238,000 292,532,000 2,110,001,000 * Including Federal Intermediate Credit Bank debentures and Federal Land Bank bonds. 28 CONDITION OF WEEKLY REPORTING MEMBER BANKS IN SELECTED CITIES Monthly averages of weekly figures--in millions Total Loans and Investments: 1934 1933 1932 Loans on Securities: 1934 1933 1932 All Other Loans: 1934 1933 1932 Jan. Feb. Mar. April May June $336 309 337 $349 312 3 34 $340 305 334 $333 306 330 $329 307 326 $334 310 318 56 59 66 61 59 65 62 61 65 61 60 63 62 58 61 132 127 152 126 124 150 123 121 148 120 121 147 101 79 72 116 85 74 109 79 76 47 45 47 46 44 46 152 142 155 159 139 July Aug. Sept. Oct. Nov. Dec. $337 315 309 $334 321 3 07 $331 326 310 $336 323 316 $345 340 313 $355 343 314 62 56 61 58 58 60 55 59 58 55 59 58 57 58 58 61 57 60 61 58 60 116 121 144 116 120 138 110 119 135 112 116 135 112 117 132 119 120 134 127 13 1 132 132 13 5 130 103 81 74 99 83 75 103 87 73 116 90 69 111 94 71 105 98 74 100 93 78 97 100 77 103 101 78 47 43 45 49 44 45 52 45 53 47 45 53 49 45 56 52 44 59 52 45 60 52 45 60 51 46 59 49 45 168 134 152 167 149 169 142 145 173 141 140 173 142 150 162 130 153 139 179 145 141 180 142 141 189 145 140 196 152 141 130 133 141 132 132 138 130 124 137 13 1 126 137 133 127 136 131 127 135 132 134 134 129 134 136 127 133 137 129 132 136 130 13 1 134 128 129 133 2 2 13 4 12 11 8 10 7 9 5 1 6 1 9 1 7 2 5 2 4 3 4 3 4 U. S. Govt. Securities: 1934 1933 1932 Other Securities: 1934 1933 1932 Demand Deposits 1934.. 1933 1932 Time Deposits: 1934 1933 1932 Borrowings from F. R. Bank: 1934 1933 1932 46 137 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 MONTHLY 1934— January February March April May June July August September October November December Life Building Retail Wholesale Insurance Permits Trade Trade Sales 20 Cities 94.0 32.0 113.0 129.2 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 (da. av.) 58.7 68.4 84.4 83.0 82.8 73.7 58.4 70.2 89.8 90.6 91.3 145.6 59.0 54.9 60.0 56.0 56.7 53.5 51.0 62.1 63.3 67.7 63.3 55.8 57.7 57.7 68.2 75.8 76.0 76.8 64.3 65.4 55.0 60.2 58.9 78.2 23.3 14.6 13.7 15.0 16.7 20.5 16.6 15.9 14.6 21.8 18.1 14.9 Cotton ConContract Awards sumpCoal Pig Iron Total Residential Other Alabama Alabama Tennessee tion* 76.4 7(. \ / O. J 72.3 92.2 135.5 123.0 90.4 78.6 78.0 55.3 41.0 20.6 31.2 34.0 64.2 86.9 148.9 102.6 66.1 63.4 45.4 27.3 17.3 9.4 11.0 12.5 77.7 95.8 126.5 136.7 106.6 88.7 99.7 74.0 56.9 28.1 44.7 48.3 42.7 78.6 99.3 98.3 102.2 105.7 99.7 90.9 96.7 84.1 60.1 23.6 31.9 40.9 88.6 33.4 57.8 37.8 29.8 25.7 31.0 18.0 20.0 22.6 26.8 16.3 14.5 7.6 13.8 15.3 14.7 12.9 12.4 10.8 10.6 16.0 12.0 9.3 137.9 50.6 87.2 52.7 40.0 34.2 43.4 22.8 26.3 26.9 36.7 20.9 (da. av.) 49.3 53.0 52.9 53.5 55.1 56.0 42.4 26.8 25.3 24.8 25.4 28.1 * 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 0/ .v 63.3 92.3 103.0 96.3 100.7 112.5 99.5 88.7 90.3 78.4 60.4 39.6 44.1 48.3 83.4 91.2 112.9 85.2 101.9 110.2 108.1 104.9 101.9 95.9 78.6 66.1 70.6 75.8 68.1 86.4 103.2 93.7 103.1 111.7 228.1 127.8 140.8 125.7 109.6 105.4 130.5 120.8 57.0 60.4 55.8 26.3 58.7 49.7 43.5 43.7 40.8 49.1 45.1 49.7 79.8 87.9 102.7 49.1 80.7 62.1 58.7 71.1 67.7 80.3 82.7 86.5 (da. av.) 126.4 129.7 131.9 133.9 129.1 96.0 93.5 96.3 76.3 119.1 117.2 102.6
@FedFRASER