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M ONTHLY R E V IE W O f Financial, A gricultural, T ra d e and Industrial C onditions in the S ix th Federal R eserve D istrict F E D E R A L R E S E R V E Vol. 20 No. 4 B A N K O F ATLANTA, GA., APRIL SO, 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by Federal Reserve Board Volume of industrial production, which usually increases somewhat at this season, showed little change in March. Building activity in the residential field increased in March and the first half of April, reflecting in part seasonal factors. Wholesale prices of farm products and foods, after declining in March, showed a considerable increase in the first three weeks of April. Production The Federal Reserve Board’s adjusted index of and industrial production, which makes allowance Employment for changes in the number of working days and for usual seasonal variations, was 88 per cent of the 1923-25 average in March as compared with 89 per cent in February and 90 in January. Steel production, after de clining in the latter part of February showed little change during March and the first three weeks of April. Output of automobiles increased further and was larger than in the cor responding period of any other year since 1929. In the cotton textile industry daily average output declined in March and, according to trade reports, showed a further considerable de crease in the early part of April. Activity in the meat pack ing industry in March, as in other recent months, was at a lower level than a year ago. Output of bituminous coal de clined sharply in the early part of April, following an increase earlier in the year. Factory employment and payrolls increased between the middle of February and the middle of March by somewhat more than the usual seasonal amount. The most marked increases were in industries producing machinery, furniture, 1930 1931 1932 1933 1934 MILLIONS OF DOLLARS 1935 I n d e x n u m b e r o f in d u s t r ia l p r o d u c t io n , a d ju st e d f o r s e a s o n a l v a r ia t io n . (1 9 2 3 -1 9 2 5 a v e r a g e = 1 0 0 . ) L a t e s t f ig u r e M a r c h P r e l i m i n a r y 88. ™ 3 S S j 5 S .‘5 S £ S “ and clothing, while employment in industries producing textile fabrics and foods showed a decline. Value of construction contracts awarded for residential building increased in March and the first half of April, ac cording to reports by the F. W. Dodge Corporation, while contracts for public projects continued at a lower level than a year ago. Distribution Distribution of commodities by rail showed little change in March; in the early part of April, however, shipments declined, reflecting a sharp reduction in loadings of coal. Department store sales increased from February to March by more than the estimated seasonal amount. Commodity The general level of wholesale commodity prices, Prices as measured by the index of the Bureau of Labor Statistics, advanced from 78.8 per cent of the 1926 average in the week ending March 23 to 80.3 per cent in the week ending April 26, reflecting chiefly advances in the prices of farm products and foods. The increase in the gen eral index followed a decline from a level of 79.6 per cent in the early part of March. Bank During the four weeks ended April 17 member bank Credit balances with the Federal Reserve Banks increased by $140,000,000 and excess reserves rose to $2,100,000,000. This increase reflected gold imports of $120,000,000 and disbursement of $105,000,000 by the Treasury from the balances with the reserve banks offset in part by an increase of $60,000,000 in the demand for currency. Total loans and investments of weekly reporting member banks in leading cities increased by $150,000,000 in the four MILLIONS OF DOLLARS 1929 A T L A N T A Three m onth moving averages of F . W . Dodge data for 37 E astern States adjusted fo r seasonal variation. March P relim inary. Total 107.5: Residential 28.6; All O ther 78.9. 2 M O N T H L Y R E V IE W Indexes of the U nited States Bureau of Labor Statistics. By months 1929 to 1931; by weeks 1932 to date. (1926=100.) L atest figures April 13; F arm Products 81.8; Foods 85.3; O ther Commodities 77.3. Wednesday figures for reporting member banks in 90 cities. figures are for Wednesday, A pril 17. weeks ended April 17. Loans on securities declined somewhat during this period, while other loans and holdings of invest ments increased. Net demand deposits of these banks in creased by $380,000,000. The rate for call money on the New York Stock Exchange was reduced in April to % per cent from the 1 per cent level that had been in effect for more than a year. Quotations for 90-day time money were also lowered to per cent and there was a reduction in rates on acceptances of the longer maturi ties. than in March last year. Residential contracts in March were two and one-half times as large as in February, and greater than in March last year by 132.6 per cent, and for the first quarter were a little more than twice the total for that quar ter last year. Consumption of cotton in the three states of this District for which figures are available increased slightly, but on a daily average basis declined 4.3 per cent, from February to March, and was 12.5 ner cent less than a year ago. Orders booked by reporting cotton mills in the District declined substantially over the month and continued in smaller volume than a year earlier. Total production of pig iron in Alabama increased 35.4 per cent, and daily average output increased 22.3 per cent, over February, and was slightly less than in March last year. For the first quarter Alabama pro duction of iron has been 21.7 per cent less than in that part of 1934. Reserve The total volume of reserve bank credit outstanding Bank at the Federal Reserve Bank of Atlanta, repreCredit sented by its holdings of bills and securities, reg istered a slight decline from March 13 to April 10, and was then 7.8 millions greater than a year ago. Half of the small decline between March 13 and April 10 was in dis counts, the remainder being in United States Securities, pur chased bills and industrial advances. Total discounts on April 10 were $668,000 less than a year earlier, purchased bills smaller by $555,000, but holdings of United States securities greater by about 8 millions of dollars. Member bank reserve accounts declined about 5 millions from March 13 to April 10, but were slightly larger than a year ago, and total reserves held by the bank declined 7.6 millions since March 13 and on April 10 were 19.6 millions less than on the corresponding Wednesday last year. Federal Reserve note circulation was 1.4 millions greater on April 10 than four weeks earlier, but 1.7 millions less than a year ago. Principal items in the weekly statement are compared in the table, which is followed by another table setting out sim ilar comparisons for the twelve Federal Reserve Banks com bined. SIXTH DISTRICT SUMMARY Sixth District business statistics for March indicate in creases over February in retail and wholesale trade, in build ing activities, in pig iron production in Alabama, and in loans and deposits at weekly reporting member banks in selected cities, but department store sales were somewhat less than a year ago because of the earlier date of Easter last year, wholesale trade was only slightly larger, and although build ing permits issued at principal cities were greater, contracts awarded in the District as a whole were less. Department store sales increased 22.2 per cent from Febru ary to March, and on a daily average basis rose 18.8 per cent. However, after adjustment for the usual seasonal change and the later date of Easter this year, the adjusted index for this District increased from 80 per cent of the 1923-1925 average in February to 90.9 per cent in March which is higher, except for September, 1934, than for any other month since July, 1931. Stocks on hand, and collections, also increased. Whole sale trade increased 10.7 per cent from February to March and was 1.1 per cent above March last year, but for the first quarter of the year sales show a decrease of 1.5 per cent compared with that period a year ago. Debits to individual accounts at 26 clearing house centers of the District were 15.3 per cent greater in March than February, and 5.4 per cent greater than a year ago. From March 13 to April 10 the volume of reserve bank credit outstanding at the Federal Reserve Bank of Atlanta declined slightly, member bank reserve account declined 5.1 millions, but Federal Reserve note circulation increased 1.4 millions, but total bills and securities were 7.8 millions greater than a year ago, member bank reserve deposits were 1.1 mil lions greater, but note circulation 1.7 millions less. At weekly reporting member banks loans to customers increased 3.3 mil lions between March 13 and April 10, and investments in creased 5.4 millions, and total loans and investments were 22.6 millions greater than a year ago. Time deposits held by these banks declined slightly, but demand deposits were 39.8 millions greater than on the same Wednesday last year. Building permits issued during March at twenty reporting cities of the District increased 38.1 per cent over February and were 64.1 per cent greater than in March, 1934. Con struction contracts awarded in the District as a whole in creased 46.9 per cent over February, but were 37 per cent less FEDERAL RESERVE BANK OF ATLANTA (000 Omitted) April 10 Mar. 13 1935 1935 Bills Discounted: Secured by Govt. Obligations All O thers................................ Total Discounts.............. Bills Bought in Open M a rk et. . Industrial Advances................... U. S. Securities........................... Total Bills and Securities Total Reserves............................ Member Bank Reserve Account Total Deposits............................ F. R. Notes in actual circulation F. R. Bank Notes in actual cirReserve R atio....................... .. $ 65 136 201 191 1,072 94,224 95,688 130,377 84,259 91,407 126,819 59.7% $ 129 93 222 198 1,075 94,235 95,730 138,026 89,398 100,877 125,381 61.0% L atest April 11 1934 $ 222 647 869 746 ’86‘,245 87,860 149,975 83,145 93,761 128,531 1,254 67.5% M O N T H L Y $ 2,818 3,201 6,019 5,307 21,256 2,430,431 $ 3,217 $ 3,208 6,425 5,505 19,869 2,430,361 April 11 1934 9,276 33,975 43,251 17,059 2,463!6i3 2,847,134 4,286,830 4,904,137 3,169,329 2 ,4 6 2 ,i60 5,824,135 4,588,213 4,913,766 3,136,652 2,431,979 562 2,492.851 4,645,596 3,560,025 3,737,748 3,025,812 72.4% 100 72.3% 88,336 68.7% Member Total loans and investments of 17 weekly reporting Bank member banks located in Atlanta, Birmingham, Credit Jacksonville, Nashville, Chattanooga, Mobile and Savannah, increased 8.7 millions of dollars between March 13 and April 10, and were 22.6 millions greater than on the same Wednesday last year. Loans by these banks increased 3.3 millions since March 13, holdings of United States securities increased 1.6 millions, and Other securities increased 3.8 millions. Compared with the corresponding re port date a year ago, loans on April 10 show an increase of 10.6 millions, United States securities a decrease of 7.2 mil lions, and Other securities an increase of 19.1 millions. Demand deposits, which stood on March 13 at the highest point in the series which began January, 1932, increased the following Wednesday to $209,178, but declined slightly by April 10, but were then 39.8 millions greater than a year ago. Time deposits held by these banks declined slightly from March 13 to April 10, and were 2.4 millions less than a year ago. Balances held by these banks for correspondents de clined about 2.1 millions between March 13 and April 10 and were 5.1 millions greater than a year earlier, while those maintained with correspondents declined 13.3 millions since March 13 and were 3.8 millions less than a year ago. In the tables which follow are shown comparisons of prin cipal items in the weekly report, monthly averages of weekly figures over the past year for some of these items, and com parisons of savings deposits reported by a list of banks located throughout the District. CONDITION OF M EM BER BANKS IN SELECTED CITIES (000 Omitted) April 10 Mar. 13 April 11 1935 1935 1934 Loans: On Securities........................... All Others................................ Total Loans.................... U. S. Securities........................... Other Securities.......................... Total Investm ents.......... Total Loans and Invest ments ........................... Time Deposits............................ Demand Deposits....................... Due to Banks.............................. Due from Banks......................... Borrowings from F. R. B a n k ... $ 50,917 141,305 192,222 95,141 67,159 162,300 $ 51,489 137,458 188,947 93,515 63,368 156,883 $ 61,369 120,121 181,490 102,330 48,066 150,396 354,522 128,418 209,055 87,312 81,071 345,830 128,921 205,983 89,382 94,373 331,886 130,855 169,267 82,248 84,859 MONTHLY AVERAGES OF W EEKLY FIGURES OF 17 REPO RTIN G M EM BER BANKS IN SELECTED CITIES (000 Omitted) Total Borrowings Invest Loans and Demand Time Loans From ments Investments Deposits Deposits F. R. Bank 1934 January. . . . $187,795 $148,305 162,054 February.. . . 187,358 155,608 M arch........ . 184,851 152,679 April........... 180,670 151,172 M ay............ 178,019 156,522 June............ 177,687 169,780 Ju ly ............ 167,294 167,502 August........ 166,546 163,759 September.... 167,243 176,456 159,810 October November. . . 187,788 156,775 December. . . 193,141 162,168 1935 162,038 January. . . . 187,215 F eb ru ary .. . . 188,683 163,058 161,445 190,559 M arch........ 8 SAVINGS DEPOSITS (000 Omitted) FEDERAL RESERVE SYSTEM (000 Omitted) April 10 Mar. 13 1935 1935 Bills Discounted: Secured by Govt. Obligations All O thers................................ Total Discounts.............. Bills Bought in Open M ark et. . Industrial Advances................... U. S. Securities........................... Other Securities.......................... Total Bills and Securities Total Reserves............................ Member Bank Reserve Account Total Deposits............................ F. R. Notes in actual circulation F. R. Bank Notes in actual cir culation .................................... Reserve R atio............................. R E V IE W $336,100 349,412 340,460 333,349 329,191 334,209 336,513 334,048 331,002 336,266 344,563 355,309 $151,935 158,695 161,794 168,070 167,404 169,196 172,707 172,917 179,195 180,374 189,297 196,394 $130,048 131,505 130*406 130,649 132,911 130,786 131,560 129,194 127,402 128,944 130,313 128,492 349,253 351,741 352,004 190,945 193,894 204,498 127,012 130,053 128,723 $2,060 441 161 Birmingham. Jacksonville.. Knoxville.. . . Nashville... . New Orleans. Other Cities.. T otal............ Number of Banks March 1935 February 1935 3 3 3 4 4 5 35 57 $ 30,961 16,272 15,034 5,099 23,485 32,344 67,102 190,297 $ 30,747 15,888 14,709 5,033 23,063 31,994 67,323 188,757 March 1934 Percentage Change Mar. 1935 compared with Feb. 1935 Mar. 1934 $ 29,530 17,329 12,457 2,947 21,616 26,207 60,691 170,777 + 0 .7 + 2 .4 + 2 .2 + 1.3 + 1.8 + 1.1 —0.3 + 0 .8 + 4.8 — 6.1 + 20.7 + 7 3 .0 + 8.6 + 2 3 .4 + 10.6 + 11.4 Debit® to individual Accounts Total debits to individual accounts at 26 clearing house centers of the Sixth District increased 15.3 per cent from February to March, and were 5.4 per cent greater than in March last y the same time a year ago, bank debits increased 12.8 per cent from February to March and during the six years prior to 1933, when no figures were compiled for March on account of the banking holiday, the average increase from February to March was 8.1 per cent. Monthly totals compared in the table are derived from weekly reports by pro-rating figures for those weeks which do not fall entirely within a single calendar month. (000 Omitted) March 1935 Alabama—4 Cities................. Birmingham........................ D othan................................ $ Montgomery....................... 106,740 59,789 2,250 23,998 20,703 Feb. 1935 $ 94,485 53,578 1,877 20,935 18,095 March 1934 $ 131,411 86,814 1,928 24,065 18,604 127,121 61,873 34,998 6,020 24,230 114,069 55,759 30,589 5,565 22,156 114,921 56,673 30,026 5,720 22,502 226,480 3,026 149,389 18,984 1,918 10,029 795 10,855 1,525 26,391 2,773 201,147 2,661 134,080 14,063 1,708 12,297 681 9,610 1,386 22,240 2,421 207,238 2,404 133,757 17,512 1,907 9,940 773 10,406 1,709 26,204 2,626 193,902 160,474 181,060 Vicksburg............................ 38,792 3,994 21,268 7,656 5,874 33,013 3,641 17,312 6,883 5,177 33,164 3,770 18,024 6,826 4,544 Tennessee—3 Cities............... Chattanooga........................ Knoxville............................. Nashville.............................. 125,074 30,294 20,947 73,833 106,559 22,631 18,549 65,379 108,049 26,906 19,929 61,214 Florida—4 Cities.................... Jacksonville......................... Pensacola............................. Tampa.............................. .. . Georgia— 10 Cities................. Augusta............................... Brunswick........................... Columbus............................ Newnan............................... Savannah............................. Louisiana—New Orleans Mississippi—4 Cities.............. H attiesburg......................... Total—26 Cities......... $ 818,109 $ 709,747 $ 775,843 AGRICULTURE Weather conditions during March and early April were not favorable for farm work and the progress of crops, some parts of the District having too much rain, while in Florida rainfall averaged below normal, delaying planting in some sections and resulting in increased dropping of citrus fruit and retarding of bloom. Recovery of truck crops, including potatoes, from cold damage was hindered by lack of moisture. During most of March temperatures were well above normal for the season. In Tennessee this resulted in rapid develop ment of winter grains and pastures, and the excessive rainfall has caused considerable delay in the preparation of land for spring planting, and has greatly delayed farm gardens. The April 1 estimate of the Florida citrus crop indicates a total of 15.5 million boxes of oranges, an increase of one million boxes over the March estimate, and compared with 18.1 million boxes last season. Larger production this year than last is indicated in the estimates for Louisiana, Alabama and Mississippi. The April estimate of the Florida grapefruit crop is the same as for March, 12.5 million boxes, compared with 10.7 million boxes last year. The condition of peaches on April 1 was higher in Georgia, Alabama and Mississippi than at the same time least year, but lower in Florida and Louisiana, and the condition of early M O N T H L Y 4 potatoes was higher in Georgia, Alabama, Louisiana and Mis sissippi but lower in Florida. The acreage planted to potatoes in Florida increased from 23,500 acres in 1934 to 24,800 acres this year, but because of cold damage in February resulting in low condition, the estimated production is 2,579,200 bushels, against 3,125,500 bushels last year. Tennessee’s wheat crop was reported in good to excellent condition on April 1, stands were almost perfect and with plenty of moisture the plants were growing rapidly. Farm Stocks The April report of the United States Departof Grain ment of Agriculture indicates that stocks of wheat, corn and oats on the farms throughout the United States on April 1 were, respectively, 19.4 per cent, 47.9 per cent, and 24.4 per cent, smaller than on the corre sponding date last year. In contrast to these decreases for the country as a whole, farm stocks of wheat in this District were 56.5 per cent, stocks of oats 32.0 per cent, and stocks of com 12.3 per cent, greater than a year ago. Figures for the six states of this District are compared in the table. (000 Bushels) W heat Corn 1935 1934 1935 1934 A la b a m a .... 3 1 Florida.............................................. 91 21 Georgia........ Louisiana......................................... Mississippi........................................ T ennessee... 305 233 Six S tates.... United States 399 93,699 255 116,298 21,896 2,207 14,824 3,676 15,815 23,022 81,440 438,180 14,684 1,395 15,200 3,378 12,722 25,158 72,537 841,498 Shipments: New Orleans............................ Savannah................................. Stocks: New Orleans............................ Stocks....................................... 1934 125 12 447 45 33 258 916 208,185 SUGAR MOVEMENT— (Pounds) Raw Sugar March 1935 Feb. 1935 Receipts: New Orleans............................ 93,130,079 Savannah................................. 43,130,025 M eltings: New Orleans............................ 97,241,243 Savannah................................. 13,541,731 Stocks : New Orleans............................ 47,892,419 Savannah................................. 101,586,333 Oats 1935 22 2 425 26 10 209 694 275,425 March 1934 49,262,197 63,257,882 90,154,908 22,965,805 65,554,418 43,856,153 92,726,349 18,528,614 50,050,210 71,998,039 38,842,732 106,154,966 79,419,779 33,734,442 66,639,941 37,692,840 60,149,274 17,922,077 30,865,184 5,033,024 27,908,608 6,956,964 37,756,537 9,445,862 Refined Sugar RICE MOVEMENT—NEW ORLEANS March 1935 Feb. 1935 March 1934 Rough Rice—Barrels: R e c e ip ts................................. Shipments................................ Stocks....................................... 86,097 17,360 101,263 98,323 73,775 32,526 48,019 46,202 45,266 Clean Rice—Pockets: Receipts................................... Shipments................................ Stocks....................................... 40,920 32,620 145,885 94,387 102,553 137,585 74,276 64,492 174,003 R IC E M ILLERS ASSOCIATION STATISTICS March Receipts of Rough Rice: Season 1934-35..................... Season 1933-34....................... Aug. to March 824,774 496,099 7,368,154 7 ,007 ,305 R E V IE W Distribution of Milled Rice: Season 1934-35....................... Season 1933-34....................... 909,714 746,470 6,612,288 5,831,037 Rough Stocks* March 31, 1935....................... March 31, 1934....................... Clean 1,185,973 800,550 1,364,242 1,638,853 Fertilizer Sales of fertilizer tax tags in the six states Tag Sales located wholly or partly in the Sixth District slightly more than doubled from February to March, and were 10.1 per cent greater than in March last year and were the largest for any month in about four years. In the past two years the peak of fertilizer tag sales has come in March, while in 1932 it was in April. Forvthe eight months, August through March, tag sales in these states have been 10.3 per cent greater than in that part of the previous season. Figures compared in the table are from those com piled by the National Fertilizer Association. March 1935 (Short Tons) February 1935 Alabama....................... Florida.......................... Georgia......................... Louisiana..................... Mississippi................... Tennessee.................... 215,000 43,064 290,490 27,855 62,829 15,792 64,600 51,046 151,275 19,800 16,962 15,023 T o ta l................ 655,030 318,706 M arch 1934 142,450 39,775 304,801 13,800 79,425 14,683 Aug. 1 to Mar. 31 1934-35 1933-34 306,550 341,649 480,393 79,056 97,751 50,849 234,050 295,292 464,094 64,828 126,600 44,184 594,934 1,356,248 1,229,048 TRADE Retail Department store sales in the Sixth District increased Trade from February to March by considerably more than the usual seasonal amount, but were slightly smaller than a year ago. Stocks on hand at the end of March were somewhat larger than a month or a year earlier, and collec tions also improved over the month and were slightly better than a year ago. March sales by 60 reporting firms were 22.2 per cent greater in dollar volume than in February, but 4.8 per cent less than in March, 1934. On a daily average basis, however, the increase over February was 18.8 per cent, and the de crease compared with March last year was only 1 per cent. After adjustment for the usual seasonal trend and the chang ing date of Easter, which is twenty days later this year than last, the adjusted index of department store sales increased from 80 per cent of the 1923-25 average in February to 90.9 per cent in March, which, excepting for September last year, is higher than for any other month since July, 1931. First quarter sales this year by these 60 reporting department stores were 1.6 per cent greater than in that part of 1934. Stocks of merchandise at the end of March averaged 5.3 per cent larger than a month earlier, and 6.4 per cent greater than a year ago, and the rate of stock turnover, although higher than for February, was slightly below that for March last year. The collection ratio rose from 31.3 per cent in Feb ruary to 34.1 per cent in March, compared with 34.0 per cent for March, 1934. For regular accounts the March ratio was 37.2 per cent, and for installment accounts 16.9 per cent. Percentage comparisons shown in the table are based upon figures reported in actual dollars and make no allowance for changes in the level of prices. Index numbers on page 8 are based upon reports from a smaller number of firms whose figures have been reported over a long period of years. RETA IL TRADE IN T H E SIX TH D ISTRICT DURING MARCH 1935 Based on confidential reports from 60 department stores C o m p a r is o n o f N e t S a l e s C o m p a r is o n o p S t o c k s Mar. 1935 Year to date Mar. 28, 1935 with: with: with: Same month Previous Same period Same month Previous Last Year a year ago M onth Month a year ago ............ Birmingham (6)................ ............ Chattanooga (4).............. ............. Jacksonville (3)............................. — 4.5 — 9.0 +1.4 — 2.5 Nashville (4)...................... ............ ............ Other Cities (29)............... ............ D ISTRICT (60)................ . . . . . . — — — — 3.5 3.4 9.8 4. 8 + 32.2 + 4 1 .0 + 42.7 + 22.2 — 9.7 + 4 5 .3 + 13.8 + 2 9.0 + 2 2.2 + 2.8 — 4.4 + 1.9 + 5.1 + 12.1 + 3.6 — 1.8 — 1.9 + 1.6 + 7.7 +10.7 + 11.8 + 1.9 + 2 7 .0 — 0.4 + 1.3 + 5.4 + 6.4 + 7 .6 + 6 .3 + 3 .1 + 8 .3 —8.5 + 5 .1 + 9 .0 + 4 .3 + 5 .3 C o l l e c t i o n R a t io S tock T u rn o ver March 1935 1934 .39 .30 .29 .20 .46 .25 .24 .27 .30 DigitizedNOTE: for FRASER The rate of stock turnover is the ratio of sales during given period to average stocks on hand. .43 .36 .29 .20 .55 .28 .24 .32 .33 Jan. to Mar. Inc. 1935 1934 1.08 .78 .78 .55 1.37 .66 .68 .71 .82 1.07 .83 .80 .52 1.47 .67 .66 .78 .83 Mar. 1935 Feb. 1935 Feb. 1934 31.0 34.6 35.8 27.9 32.1 29.4 30.9 43.0 32.0 32] 4 39.1 34.3 34.1 29 .’ i 36.2 32.6 31.3 32^0 38.7 32.9 34.0 M O N T H L Y Wholesale March sales by 95 reporting wholesale firms in Trade the Sixth District increased 10.7 per cent over February, and were 1.1 per cent greater than in March last year. First quarter sales were, however, 1.5 per cent less than in that quarter a year ago. Gains over the month were shown in sales by all reporting lines except sta tionery, and over March a year ago in sales of hardware, fur niture, electrical supplies, stationery and drugs. Stocks de clined slightly over the month but were 6.1 per cent greater than a year ago. Comparisons of reported figures are shown in the table. WHOLESALE TRADE IN MARCH 1935 Sixth Federal Reserve District* Percentage Comparisons Number March 1935 with: Jan.-M arch Inc. of Firms February March with same 1935 1934 period last year All Lines Combined: Sales.................................. Stocks............................... Groceries: Sales................................. Jacksonville............. New Orleans............ Vicksburg................ Other Cities............ Stocks............................... Dry Goods: Sales................................. Nashville.................. O therC ities............. Stocks............................... Hardware: Sales.................................. Nashville.................. New Orleans............ O therC ities............. Stocks.............................. Furniture: S ales................................. A tlan ta..................... O th erC ities............ Stocks.............................. Electrical Supplies: Sales................................. New Orleans............ Other Cities............. Stocks.............................. Drugs: Sales................................. Stationery: Sales................................. 95 29 + 10.7 — 1.1 +1.1 +6.1 — 1.5 .......... 21 3 4 3 11 3 +5.1 — 0.7 +2.9 + 22.9 +3.5 — 4.6 — 3. 0 — 15.1 — 4.8 — 2.5 +5.8 — 0.3 — 9. 2 — 4. 0 — 5. 0 15 3 12 7 + 14.9 + 2 0.0 +13.3 — 0.3 — 15.5 +11.2 —21.8 — 2.4 —22.4 — 6.4 —26.2 25 3 5 18 9 + 12.5 +29.1 +8.6 + 11.6 — 1.5 + 5.6 + 23.7 — 4.1 +7.7 — 0.1 + 1.6 + 11.6 — 7.8 + 4.5 9 4 5 6 +8.1 — 4.2 + 1 2.8 +5.3 +0.5 — 7.7 +3.5 +13.1 + 4.1 + 1.3 + 5.2 12 4 8 3 + 2 8 .2 + 13.4 + 34.3 — 4.6 + 46.6 +39.9 +49.1 +55.4 +26.9 + 24.1 +28.1 8 +3.5 '+1.5 + 4.9 3 — 3.1 +1.3 + 5.9 COLLECTION RATIO** March 1935 — 1.2 + 8.1 March 1934 February 1935 Groceries................ Dry Goods............ H ardw are.............. Furniture......... .. Electrical Supplies. Drugs..................... 69.5 38.8 40.1 35.0 80.1 35.7 70.6 38.3 37.8 28.9 67.0 37.6 82.6 42.5 34.6 29.2 63.6 31.3 T o ta l.......... 4 9 .6 4 7 .4 4 9 .0 * Based on confidential reports from 95 firms. ** The collection ratio is the percentage of accounts and notes receivable out standing at the beginning of the month which were collected during the month. Life March sales of new, paid-for, ordinary life insurInsurance ance in the six states located jvholly or partly in the Sixth District were about the same as in February, and 3.7 per cent less than in March, 1934. At the same time last year there was an increase from February to March amounting to 17.2 per cent. For the first quarter of the year, however, total sales have been 16 per cent greater than in that part of 1934. Comparisons for the month, and for the quarter, for these six states are shown in the table. The figures are from those compiled by the Life Insurance Sales Research Bureau. March 1935 (000 Omitted) February March January-M arch Inc. 1935 1934 1935 1934 Alabam a. . . . Florida......... Georgia........ Louisiana---Mississippi. . Tennessee. . . $ 3,994 4,730 6,425 4,570 2,466 5,390 $ 4,372 4,937 6,073 4,764 1,917 5,464 $ 3,850 4,642 6,549 4,653 2,561 6,383 T o ta l........ United States. 27,575 545,450 27,527 533,784 28,638 570,835 $ 12,587 14,539 20,440 16,556 6,893 18,100 89,115 1,724,568 $ Percent Change 10,030 12,471 18,498 11,674 6,579 17,544 + 25.5 + 16.6 + 10.5 + 4 1 .8 + 4.8 + 3.2 76,796 1,514,125 + 16.0 + 13.9 5 R E V IE W COMMERCIAL FAILURES (From statistics compiled by Dun & Bradstreet, Inc.) Sixth District United States Number Liabilities Number Liabilities March 1935..................... February 1935................ March 1934..................... January-M arch 1935.. . January-M arch 1934... . 28 33 33 94 108 $ 245,594 248,054 569,978 697,188 1,735,280 976 $ 18,522,840 1,005 18,737,657 1,102 27,227,511 3,165 56,084,194 3,515 79,577,657 INDUSTRY Building The total value of buildings for which permits and were issued during March at twenty reporting Construction cities in the Sixth District increased 38.1 per cent over February, and was 64.1 per cent greater than for March, 1934. The March total is the largest for any month since January last year, and except for that month since October, 1932. Fifteen cities reported gains over February, and seventeen reported increases over March last year. The combined total for the first three months of 1935 is 4 per cent larger than for that quarter in 1934, nearly three times that in the first quarter of 1933, and the largest first quarter total since 1930. Comparisons for the month are shown in the table. BUILDING PER M ITS Number Value March March 1935 1934 1935 1934 Alabama Aniston.................. Birmingham.......... Mobile.................... Montgomery......... Florida Jacksonville........... M iami.................... Miami Beach........ Orlando.................. T am pa.................... Georgia A tlanta.................. Augusta.................. Columbus.............. Macon.................... Savannah............... Louisiana New Orleans.......... Alexandria............. Tennessee Chattanooga.......... Johnson C ity ........ Knoxville............... Nashville................ Total 20 Cities. . . . 39 455 41 122 10 $ 15,535 120 700,592 28 23,275 33,372 131 600 409 47 62 194 497 286 55 64 179 253 33 117 136 25 3,665 72,618 78,489 27,117 + 323.9 +864.8 — 70.3 + 23. 1 181,223 256,283 346,035 34,959 38,529 159,590 111,998 516,050 14,547 23,952 + 13.6 + 128.8 — 32.9 + 140.3 + 60.9 199 37 60 130 19 187,659 19,708 62,264 32,257 13,437 124,793 8,421 14,311 31,178 5,750 + 50.4 + 134.0 +335.1 + 3.5 + 133.7 79 8 76 67 148,222 16,052 63,855 12,630 + 132.1 + 27.1 227 5 51 138 188 2 37 107 52,706 2,000 230,248 138,758 49,798 2,300 86,407 136,356 + 5.8 — 13.0 + 166.5 + 1.8 2 ,239$2,533,144$1,543,825 + 64.1 3,041 $ Percentage Change in Value The value of building and construction contracts awarded in the Sixth District, indicated in statistics compiled by the F. W. Dodge Corporation and subdivided into District totals by the Federal Reserve Board’s Division of Research and Sta tistics, increased 46.9 per cent from February to March, and was larger than for any other month since April last y^ar, but was 37 per cent less than in March, 1934. Residential awards in the District in March were two and one-half times the total for February and considerably more than double those in March last year. The total of residential awards in March was larger than for any other month since May, 1930. Other classes of contracts increased 20 per cent from Febru ary to March, but were smaller than a year ago by 54.8 per cent. For the first quarter of 1935, residential contract awards exceeded those in that part of last year by 102.6 per cent, but other awards were smaller by 40.7 per cent, and the total of all contracts was 47.7 per cent less than in the first three months of 1934. State totals for March increased over February, except for Alabama, but were less than a year ago except for Tennessee. For the first quarter all six states showed declines compared with the first quarter last year. Total awards in the 37 states east of the Rocky Mountains increased 64 per cent from February to March, residential awards 93.8 per cent, non-residential awards 45.6 per cent, and those for public works and utilities 66.3 per cent. Com pared with a year ago, however, residential awards were 14.7 per cent greater, but other classes were less, and the total was smaller by 31 per cent. Comparisons for the month are shown in the table. 6 M O N T H L Y BUILDING AND CONSTRUCTION March 1935 Sixth District—T o tal................ $ 12,780,069 Residential.............................. 4,486,748 All Others................................ 8,293,321 State Totals: Alabama.................................. Florida..................................... Georgia.................................... Louisiana................................. Mississippi............................... Tennessee................................ 712,100 1,932,400 4,651,400 4,215,100 852,700 2,408,700 United States (37 Eastern States) T o ta l........................................ 123,043,500 Residential.............................. 32,207,400 Non-Residential...................... 44,581,600 Public Works and Utilities.. . 46,254,500 CONTRACTS AWARDED Feb. 1935 March 1934 $ 8,701,970 $ 20,291,594 1,788,259 1,929,310 6,913,711 18,362,284 1,705,200 1,643,900 1,626,500 3,546,300 631,700 1,178,500 75,047,100 16,616,800 20,612,800 27 ,817 ,500 846,700 5,374,700 5,527,900 8,310,100 2,155,800 1,866,900 178,345,800 28,076,100 57,329,100 92,940,600 Lumber Weekly statements of the Southern Pine Association and press reports indicate some improvement dur ing the latter half of March in the demand for lumber, and in shipments. During the six weeks ending April 6, orders booked by reporting mills averaged 13.5 per cent greater than during the same period a year ago, and production was 4.3 per cent larger, but unfilled orders averaged 21.3 per cent less. During this six weeks period orders averaged 9.8 per cent greater than production, while at the same time last year they were less than one per cent larger. Weekly figures compared in the table are from those compiled by the Sou thern Pine Association. Week Ended Number of Mills March 2 ....... ......144 March 9 ....... ......145 March 1 6 .... 149 March 2 3 .... 157 March 3 0 .... 140 April 6 ............... 146 (In Thousands of Feet) Orders Production 1935 1934 1935 1934 29,393 19,397 22,198 31,349 24,624 26,074 18,570 20,660 22,848 33,899 23,760 15,147 22,480 21,647 22,665 26,272 22,862 23,485 20,736 20,123 24,617 25,459 19,562 23,122 Unfilled Orders 1935 1934 55,300 54,746 60,540 54,374 54,178 57,513 68,425 60,158 71,621 90,117 75,407 75,998 Cotton Total consumption of cotton by American mills Consumption increased only slightly from February to March, and because of the difference in the number of working days, daily average consumption declined 7.1 per cent. March consumption was 11.7 per cent less than a year ago, and smaller than for that month of any year since 1921. In the cotton growing states March consumption increased 2 per cent in total, but declined 5.9 per cent in daily average from February, and was 9.9 per cent less than a year ago, and in other states total consumption declined 4.8 per cent, and daily average 12.1 per cent from February, and was 18.6 per cent less than in March, 1934. Cumulative totals for the eight months, August through March, indicate the con sumption in the United States of 3,634,027 bales, a decline of 7.9 per cent compared with that part of the previous season. In the cotton states the decrease for this seven months period wag 7.5 per cent, and in other states 9.5 per cent. Exports of cotton from the United States in March were 18.6 per cent less than in February and 42.,2 per cent less than a year ago, and the smallest for March since 1918. For the eight months of the season exports have been 41.4 per cent less than in that part of the season before. Census Bureau figures for the month are compared in the table. COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPINDLES U N ITED STATES—Bales Mar. 1935 Feb. 1935 Mar. 1934 Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......................... E xports........................................ Digitized for Spindles—N FRASER um ber........ Active 481,135 8,901,975 1,117,069 478,291 9,534,186 1,161,117 544,870 9,499,269 1,650,908 7,784,906 317,798 24,571,314 8,373,059 390,294 24,925,168 7,848,361 550,104 26,525,454 R E V IE W COTTON GROWING STATES—Bales Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles—N um ber........ 388,134 8,460,466 875,237 380,643 9,094,697 927,792 430,552 8,778.441 1,280,351 7,585,229 17 ,274,884 8,166,905 17 ,436,902 7,498,090 17,964,358 OTHER STATES—Bales Cotton Consumed.................... .. Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles—N um ber........ 93,001 441,509 241,832 97,648 439,489 233,325 114,318 720,828 370,557 199,677 7,296,430 206,164 7,488,266 350,271 8,561,096 Consumption of cotton in the three states of this District for which separate figures are available increased 3.7 per cent from February to March, but was 12.5 per cent less than a year ago, but on a daily average basis March consumption was 4.3 per cent less than in February and 9.1 per cent less than in March, 1934. For the eight months of the season, August through March, consumption in these states was 11.3 per cent less than in that part of the season before. Census Bureau figures for these states are compared in the table. COTTON CONSUMPTION—Bales March February March Aug. 1 to M arch 31 1935 1935 1934 1934-35 1933-34 Alabama...................... Georgia........................ Tennessee.................... 51,940 85,620 10,243 48,623 83,339 10,609 55,242 101,951 11,711 363,903 630,940 82,127 400,848 732,358 80,579 T o ta l................ 147,803 142,571 168,904 1,076,970 1,213,785 Cotton Production at reporting cloth and yarn mills Manufacturing in this District increased somewhat in March over February and was also larger than a year ago, but orders booked by these mills declined substan tially compared with both of those comparative periods. Em ployment averaged 1.8 per cent greater in March than in February, but was 4.6 per cent less than a year ago. Reported figures are compared in the table. Cloth Mar. 1935 compared with: Feb. 1935 Mar. 1934 Unfilled Orders....... Stocks on H a n d .. . . Number on payroll. + 9.5 + 3.5 —39.8 — 11.7 + 3.4 + 1.9 + 4.0 — 10.5 —20.1 —29.9 + 4 6 .6 — 4.6 Yarn Mar. 1935 compared with: Feb. 1935 Mar. 1934 + 9.8 + 10.1 —57.0 —38.5 — 11.5 + 1.7 + 7.2 + 15.5 —43.0 — 6.1 + 26.7 — 4.6 Cotton Seed Receipts of seed at cotton seed oil mills in and Cotton Seed this District declined from February to Products March, but crushings increased slightly be cause of the longer month. For the eight months of the season, receipts and crushings, and production of the principal cotton seed products continue to be larger than for the same part of last season. Stocks of crude oil were smaller, but stocks of other principal products larger, at the close of March than a year ago. For the country as a whole, however, receipts, crushings and production have been smaller, but stocks, except of crude oil, larger, than a year ago. In the first two columns of the table are compared com bined totals for Georgia, Alabama, Louisiana, and Mississippi, and in the last two columns are totals for the country as a whole. The figures are from those compiled by the United States Census Bureau. M O N T H L Y Sixth District* Aug. 1 to Mar. 31 1934-35 1933-34 Cotton Seed, Tons: Received a t M ills... 1,297,944 Crushed.................... 1,161,403 On Hand Mar. 31. . 204,473 Production: Crude Oil, L bs........ 375,349,731 Cake & Meal, tons.. 508,221 308,330 Hulls, to n s............... Linters, Bales.......... 252,426 Stocks a t Mills Mar. 31: Crude Oil, L bs........ 13,226,203 Cake & Meal, tons.. 122,047 Hulls, to n s............... 54,139 Linters, Bales.......... 52,337 United States Aug. 1 1934-35 to Mar. 31 1933-34 3,319,314 3,180,486 361,489 3,962,029 3,678,319 504,131 313,021,622 987,854,903 419,801 1,444,513 263,991 821,179 186,608 712,844 1,143,337,767 1,666,148 979,385 694,024 1,145,387 965,327 208,830 27,120,180 83,829 16,194 43,706 42,326,106 311,279 157,561 178,312 111, 365,263 265,348 77,174 144,608 * Georgia, Alabama, Louisiana, and Mississippi. Electric Because of the shorter month, there was a decline Power of 5.8 per cent in the production of electric power for public use in the six states located wholly or partly in the Sixth District from January to February, but February production was 14.9 per cent greater than in that month a year ago. On a daily average basis, however, Feb ruary production was 4.3 per cent greater than in January. Production by use of water power accounted for 66.3 per cent of the total in February, 67.1 per cent in January, and 52 per cent in February, 1934. For the first two months of 1935 total production has been 15.3 per cent greater than in that period a year ago. Figures compared in the table are from those compiled by the United States Geological Survey. PRODUCTION OF E LE C TR IC POWER (000 k. w. Hours) Feb. 1935 Jan. 1935 Feb. 1934 Alabam a...................................... Florida.......................................... Georgia........................................ Louisiana..................................... Mississippi................................... Tennessee.................................... 174,425 60,621 96,766 88,797 3,833 103,421 180,920 62,963 103,619 88,348 4,598 120,002 165,492 61,167 67,335 97,107 3,855 64,261 T o ta l................................ 527,863 560,450 459,217 By use of : W ater Power........... Fuels......................... Fuels consumed in production of Electric Power: Coal—Tons............................. Fuel Oil—Tons....................... N atural Gas—000 cu. ft........ 350,177 177,686 376,174 184,276 238,679 220,538 11,645 206,488 1,775,898 11,933 220,815 1,867,754 28,179 211,818 2,011,666 Bituminous Coal Mining Preliminary figures compiled by the United States Bureau of Mines indicate that total pro duction of bituminous coal in the United States increased 12.9 per cent from February to March, and was 1 per cent greater than in March last year. March was, how ever, 8.8 per cent longer in number of working days than Feburary, but 3.7 per cent shorter than March, 1934, so that daily average production increased 3.8 per cent over the month, and was 4.8 per cent greater than a year ago. For the first quar ter of 1935 total production was 5 per cent greater than in that part of 1934. Preliminary figures for the month are compared in the table. Production—Tons Total Daily Average March 1935 ................................. 38,848,000 February 1935 ............................ 34,423,000 March 1934 ................................. 38,470,000 January-M arch 1935................. 109,664,000 January-M arch 1934................. 104,447,000 Pig Iron Production Number of Working Days 1,494,000 26 1,440,000 23.9 1,425,000 27 ............... ................ . . . ............... ................ . . . Statistics compiled and published by the Iron Age indicate that total production of pig iron in the United States increased 10 per cent from February to March, and was 9.3 per cent greater than in March, 1934. Because of the longer month, however, the daily average rate declined 0.6 per cent from February to March. There was an increase of two in the number of active furnaces at the end of March, over a month earlier. 7 R E V IE W In Alabama March production of pig iron increased 35.4 per cent in total and 22.3 per cent in daily average, over Feb ruary, to the highest level since June last year, but was 4.1 per cent less than in March a year ago. The number of Ala bama furnaces increased from 8 to 9, at the close of March, compared with 10 active a year ago. March shipments are re ported slightly larger than in February. Press reports indi cate that jobbers and consumers are buying only in limited quantities for early requirements. The quotation continues at $14.50 per ton. Reports indicate an active market for sheets and wire products. Pressure pipe orders have increased some what in early April. In the first quarter of 1935, production of pig iron in the United States was 18.5 per cent greater than in that part of 1934, nearly three times the output in the first quarter of 1933, and 67.2 per cent greater than in the same part of 1932, and in Alabama first quarter production this year has been 21.7 per cent less than a year ago, 241.9 per cent greater than two years ago, and 11.7 per cent greater than three years ago. Production figures are compared in the table. Production—Tons Total Daily Average United States: March 1935....................... February 1935.................. September 1934................ March 1934....................... January-M arch 1935. . . . . . . January-M arch 1934. . . . .. Alabama: March 1935....................... February 1935.................. September 1934................ March 1934....................... January-M arch 1935....... January-M arch 1934....... Furnaces Active* 1,770,028 1,608,552 898,043 1,619,534 4,855,916 4,098,433 57,098 57,448 29,935 52,243 98 96 62 96 119,918 88,539 57,842 125,020 277,995 354,869 3,868 3,162 1,928 4,033 9 8 5 10 * First of following month. Naval March receipts and stocks of both turpentine and Stores rosin at the three principal markets of the District increased somewhat over those for February, and were also larger than for March last year. Press reports indi cate that the new crop is moving to market freely and in heavier volume €han a year ago. Quotations on the Savannah market for turpentine declined from 50% cents per gallon on March 9 to 46% cents on April 6, but rose to 48^4 cents a week later, and the average of quotations on the thirteen grades of rosin declined from $4.94 per 280 pounds on March 9 to $4.63 on April 6, and increased to $4.71 on April 13. Receipts of both commodities were somewhat smaller for the Naval Stores year, ending March 31, than in the previous season. Receipts and stocks at the three principal markets for the past nineteen years are shown in the table. Turpentine (1) Receipts Stocks Season: 1934-35................ .......... . 242,489 258,208 1931-32................ .......... 1930-31................ .......... 328,099 385,093 1928-29................ .......... 343,130 .......... .......... 310,883 286,035 1923-24............................ .......... .......... .......... .......... .......... .......... .......... 318,683 266,629 253,712 262,426 184,876 152,828 276,413 315,744 (1) (2) Barrels of 50 Gallons. Barrels of 500 Pounds. 88,081 46,010 63,679 73,640 45,232 40,068 48,396 40,338 24,668 26,866 22,831 23,487 14,592 19,280 29,299 4,819 99,500 139,466 109,640 Rosin (2) Receipts Stocks 974,922 1,009,402 865,733 1,182,780 1,319,212 1,396,212 1,214,228 1,401,374 1,108,452 1,019,371 1,136,219 1,150,998 1,013,062 850,578 829,198 671,241 557,076 962,418 1,115,879 255,622 142,574 237,350 347,591 266,056 149,232 100,722 123,074 81,013 117,182 174,197 226,775 222,501 282,428 301,972 103,443 243,813 345,547 353,507 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA MONTHLY AVERAGE 1923-1928=100 Jan . 1935 Feb. 1935 M arch 1935 Jan. 1934 Feb. 1934 111.9 45.2 55.1 53.3 51.6 60.5 129.9 55.1 55.4 60.5 62.0 70.4 162.9 104.5 46.2 53.4 47.0 53.1 58.7 121.2 73.0 81.1 65.1 83.6 149.2 62.8 69.7 71.1 61.4 76.6 152.9 61.2 70.1 •71.2 70.5 80.0 175.2 72.2 82.0 90.1 72.3 90.9 139.3 64.2 67.6 62.7 63.2 74.3 142.6 65.3 69.2 67.1 69.7 77.7 167.7 68.5 72.9 84.3 67.6 79.9 41.8 42.6 56.7 48.3 53.6 88.4 46.2 48.8 62.1 54.8 59.5 97.4 47.2 50.3 65.3 59.7 63.5 73.1 39.2 38.0 52.6 52.7 51.6 84.2 39.5 43.8 57.4 55.9 55.9 90.2 37.4 45.0 65.5 58.9 58.7 86.8 46.4 47.9 65.2 53.1 58.9 92.1 48.1 50.3 65.4 54.8 60.7 95.5 46.3 47.5 64.0 57.4 81.7 79.5 43.8 42.7 60.5 57.9 56.7 87.7 41.1 45.2 60.4 55.9 57.0 88.4 36.7 42.5 64.2 56.6 57.0 Stationery (3 firms)............................................................................ Drugs (8 firms)................................................................................... 56.2 52.8 47.5 61.2 46.1 55.7 41.9 83.9 55.2 50.4 52.1 54.2 52.6 71.4 40.7 79.2 61.1 52.9 59.8 61.0 56.8 91.6 39.4 82.0 59.0 51.5 70.0 64.1 38.6 55.9 36.2 79.0 54.9 50.4 64.5 51.5 54.1 55.3 40.0 73.9 60.0 53.6 70.8 57.6 56.6 63.1 38.9 80.9 LIFE INSURANCE SALES—SIX S T A T E S -T O T A L ........ Alabama.............................................................................................. Florida............................. .................................................................. 81.0 62.2 82.3 65.6 64.5 83.4 Louisiana............................................................................................. Mississippi........................................................................................... Tennessee............................................................................................ 86.6 66.2 114.0 57.4 77.0 75.2 43.8 58.1 65.7 58.9 79.9 70.1 72.1 56.4 57.3 57.7 47.5 59.2 62.8 61.2 46.1 57.7 57.7 47.6 73.1 67.5 49.6 45.8 58.5 67.6 52.8 78.4 71.4 73.4 58.6 67.8 BUILDING PER M ITS—TWENTY C IT IE S............................ A tlanta................................................................................................ Birmingham........................................................................................ 14.9 6.9 9.6 24.4 8.7 10.5 18.9 16.3 19.4 7.3 22.5 23.3 38.8 9.5 19.8 47.3 31.1 21.9 11.5 21.5 34.3 50.3 2.4 24.7 14.6 20.9 4.8 31.8 13.7 12.1 32.9 27.9 36.2 24.8 12.7 32.8 36.4 32.0 39.4 14.5 137.9 78.8 77.6 79.9 77.7 79.5 79.1 82.7 77.4 79.3 78.3 81.9 77.3 85.4 69.4 72.9 85.7 84.9 81.5 80.7 69.2 72.2 58.7 64.3 78.3 89.5 76.5 73.1 85.5 86.3 74.4 80.8 67.5 93.4 113.4 53.9 109.9 151.1 102.9 98.6 118.7 58.9 120.7 151.4 98.0 92.6 109.6 59.1 113.6 142.9 DEPARTM ENT STORE TRADE—SIX TH D ISTR IC T Daily Average Sales—U n a d ju ste d Atlanta (3 firms)................................................................................. Birmingham (4 firms)........................................................................ Nashville (4 firms).............................................................................. D ISTRICT (34 firms)....................................................................... 68.6 58.8 54.7 57.0 61.3 68.4 M arch 1934 168.0 69.2 69.3 80.9 64.9 84.4 Daily Average Sales—A djusted* Atlanta (3 firms).............................. ................................................ Birmingham (4 firms)........................................................................ Chattanooga (4 firms)....................................................................... Nashville (4 firms)............................. ................................................ New Orleans (5 firms)....................................................................... D ISTRICT (34 firms)....................................................................... 86.1 M o n th ly S tocks—U n ad ju sted Atlanta (3 firms)................................................................................ Birmingham (3 firms)...................................................................... . Chattanooga (3 firms)....................................................................... Nashville (4 firms)............. ............................................................... New Orleans (4 firms)....................................................................... DISTRICT (27 firms)....................................................................... M o n th ly Stocks—A djusted* Atlanta (3 firms). . ............................................................................ Birmingham (3 firms)........................................................................ Chattanooga (3 firms)....................................................................... Nashville (4 firms)............................................................................. New Orleans (4 firms)....................................................................... DISTRICT (27 firms) ..................................................................... WHOLESALE TRADE—SIX TH DISTRICT—TOTAL........ Dry Goods (15 firms)........................................................................ Furniture (9 firms)............................................................................. New Orleans........................................................................................ Fifteen Other Cities........................................................................... CONTRACT AWARDS—SIX TH DISTRICT—TO TA L. . . . WHOLESALE PRICES—UNITED STATES f ALL COM M ODITIES.................................................................... Foods................................................................................................... Other Commodities............................................................................ Hides and leather products...................................................... Textile products......................................................................... Fuel and lighting........................................................................ Metals and metal products...................................................... Chemicals and drugs.................................................................. Housefumishing goods.............................................................. Miscellaneous.............................................................................. 20.2 8.0 86.2 86.0 70.3 72.9 85.8 84.9 79.3 81.2 70.7 70.1 72.5 85.8 85.0 80.4 80.7 70.1 92.9 2.1 88.8 8.1 4.0 16.0 4.9 19.4 21.5 5.0 18.0 33.4 7.8 50.6 57.8 13.8 87.2 73.6 61.3 68.7 78.7 89.8 76.9 72.4 87.0 73.7 61.3 67.3 78.5 88.7 76.5 71.4 87.1 86.4 75.7 81.4 ' 69.3 10.0 86.6 75.5 81.0 68.5 105.8 125.7 COTTON CONSUMPTION—UNITED STATES................... Cotton-Growing States...................................................................... All Other States.................................................................................. Georgia........................................................................................ Alabama............................ . ....................................................... Tennessee.................................................................................... 106.2 127.4 64.1 124.5 157.9 121.6 56.6 106.9 141.4 106.6 100.0 130.8 160.7 117.7 COTTON EX PO RTS—UNITED STA TES............................... 90.7 76.0 61.9 144.0 122.4 107.1 PIG IRON PRODUCTION—United S tates.............................. Alabama...................................... 49.5 29.9 53.8 38.1 59.2 51.6 40.7 50.2 42.3 48.7 54.2 53.8 ♦Adjusted for Seasonal Variation. fCompiled by Bureau of Labor Statistics. 111.2 1926-100. 66.2
@FedFRASER