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M O N T H L Y R E V I E W O f F in a n c ia l, A g r ic u ltu r a l, T r a d e a n d I n d u s tr ia l C o n d itio n s m th e S i x t h F e d e r a l R e s e r v e D is tr ic t F E D E R A L Vol. 21 No. 4 R E S E R V E O F Production and employment at factories increased from February to March, while output of minerals declined. There was considerable expansion in retail trade. Production The Board’s combined index of industrial production, which includes both manufac„ turing and mining and makes allowance employment £or seasonai changes, remained unchanged in March at the February figure of 94 per cent of the 192325 average. Production of automobiles rose sharply in March to a total of 425,000 passenger cars and trucks, and continued to increase during April. There was a seasonal increase in output of steel in March, followed in the first three weeks of April by a rapid rise in activity. Estimates of the rate of production in that period averaged around 67 per cent of capacity, as compared with the rate of 59 per cent reported for March. Production of cement and lumber increased more than seasonally from February to March, and activity at meat packing establishments and at silk mills also increased, although a decline is usual in these indus tries at this time of the year. There was little change in out put at cotton textile mills, while at woolen mills activity decreased by more than the usual amount. Production of anthracite and bituminous coal showed a substantial reduc tion from the relatively high level of February, and this decrease accounted for the decline in total output at mines. Factory employment increased by more than the usual seasonal amount from the middle of February to the middle ancJ - Thi* of March, and payrolls showed a larger increase. Employ ment increased in the machinery industries, at sawmills, and at establishments producing wearing apparel. There was a decrease in the number of workers at plants producing rub ber tires and tubes, where a strike was in progress in the middle of March. At automobile factories the number em ployed declined slightly, while payrolls showed a consid erable increase. The value of construction contracts awarded, according to figures of the F. W. Dodge Corporation, showed a sea sonal increase from February to March. Awards for resi dential building increased seasonally, and contracts for other private construction advanced to the highest point since 1931. Value of awards for publicly owned projects continued considerably smaller than in December and Jan uary, when the dollar volume of such contracts was rela tively high. Distribution Retail trade, which had been reduced in January and February by unusually severe weather, increased considerably in March. Sales at depart ment and variety stores and by mail order houses serving rural areas showed a more than seasonal increase. The number of new automobiles sold was also larger than in February. Freight-car loadings of most classes of commodities in creased from February to March by more than the usual seasonal amount. Total loadings declined somewhat from the relatively high level of the three preceding months, how ever, reflecting a sharp reduction in shipments of coal. Commodity The general level of wholesale commodity Prices prices, which had declined somewhat be tween the third week of February and the middle of March, showed relatively little change in the fol- PER CENT 1929 1930 In d e x n u m b e r o f in d u s t r ia l p ro d u ctio n , a d ju ste d f o r se a so n a l v a r ia tio n . (1923-1925 a v e ra g e = 100.) L a t e s t fig u r e M a r c h P r e lim in a r y 94. A T L A N T A ATLANTA, GA., APRIL 30, 1936 NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by the Board of Governors of the Federal Reserve System PER CENT B A N K 1931 1932 1933 1934 1935 1936 In d e x n u m b e rs o f n u m b e r em plo yed a n d p a y ro lls, w ith o u t a d ju stm e n t fo r se a so n a l v a r ia t io n s (1923-1925 a v e r a g e = 100). L a t e s t fig u re M a r c h E m p lo y m e n t 84.2; p a y r o lls 75.7. 2 M O N T H L Y 1932 1933 1934 1935 R E V IE W 1936 Wednesday figures of total member bank reserve balances at Fed eral Reserve banks, w ith estimates of required and excess reserves, Ja n u a ry 6, 1932, to A p r il 22, 1936. Indexes of daily average value of sales. (1923-1925 : : 100.) M arch (P re lim in ary) : Adjusted 88, U nadjusted 78. lowing four weeks. Retail prices of foods declined during March. ruary to March, but were slightly less than in March a year ago, and for the quarter show a decrease of 18 per cent. Debits to individual accounts increased 7.4 per cent over February and were 3.3 per cent larger than in March, 1935. Total loans and investments at 22 weekly reporting mem ber banks in leading cities of the District increased 38.9 millions between March 11 and April 15, and were 39.9 millions greater than a year ago. The increase over March 11 was largely due to purchases of United States securities, and the increase over the same report date last year was entirely due to increased investments, loans being 36.1 mil lions less than at that time. At the Federal Reserve Bank of Atlanta there were increases in reserves and deposits, be tween March 11 and April 15, but member bank reserve deposits declined. Employment statistics compiled by the LInited States Bureau of Labor Statistics indicate a gain of about one per cent from January to February in both number of workers and amount of payrolls in this District, and show increases compared with February of other recent years. The value of building permits issued at 20 reporting cities declined slightly from February to March, but was larger than for March of other years since 1930. Total value of construc tion contracts awarded increased 5.5 per cent over the month, was 3.9 per cent larger than a year ago, and for the quarter was 37.7 per cent larger than in that part of 1935. Cotton consumption in Georgia, Alabama, and Tennessee (combined) increased 7 per cent over February, was 21 per cent greater than a year ago, and for the season to date has been 23.6 per cent larger than in that part of the season before. Reports from cotton mills indicate substantial in- Excess reserves of member banks, after declining sharply in the last half of March, increased by about $300,000,000 in the first three weeks of April to a total of $2,640,000,000. This increase, like the preceding decline, was due chiefly to operations of the Treasury. After the middle of March Treasury balances at the Federal Reserve Banks were built up through the collec tion of taxes and receipts from the sale of new securities, and in April these balances were drawn upon to meet ex penditures. Partly as a result of these expenditures, deposits at report ing member banks in leading cities, which had declined in March, increased in the first half of April, when total loans and investments of these banks also increased. From Feb ruary 26 to April 15 total loans and investments of report ing member banks showed an increase of about $800,000,000, reflecting increases of $380,000,000 in investments, of $180,000,000 in loans to brokers and dealers in securities, and of $240,000,000 in so-called “Other” loans, which in clude loans for commercial, industrial, and agricultural purposes. Bank Credit SIXTH DISTRICT SUMMARY March statistics for the Sixth Federal Reserve District indicate increases over both February this year and March a year ago in the volume of trade at both retail and whole sale, in the volume of debits to individual accounts, in oper ations at cotton mills and in building and construction con tract awards. Department store sales in the District increased 12.9 per cent from February to March, were 7.4 per cent greater than a year ago, and for the first quarter of 1936 were 10.1 per cent greater than in that period a year ago. After adjustment for the number of business days, the changing date of Easter and the usual seasonal movement, March sales were the highest for any month since December, 1929. Wholesale trade increased 20.7 per cent in March over February, was 16.5 per cent greater than in March, 1935, and for the first quarter was 10.2 per cent greater than in that part of last year. Life insurance sales gained 20.9 per cent from Feb FE D E R A L R E S E R V E BAN K OF A TLA N TA (In Thousands of D o llars) A p r. 15 M ar. 11 1936 1936 B ills Discounted: $ 50 Secured by Govt. O b lig a tio n s _________ 6 A ll Others _________________________________ 56 Total Discounts __________________ 164 B ills Bought in Open M ark e t___________ 840 In d u strial Advances __________ ____________ 100,209 U . S. Securities ----------------------------To tal B ills and Securities______ ..... 101,269 219,388 Total Reserves ............................................... 114,490 Member B a n k Reserve A ccount________ 152,853 Total Deposits .................- ........ -................ 160,867 F . R . Notes in A ctu a l C ircu la tio n -----69.9 Reserve Ratio _________ _________ ___ ________ Comm itm ents to M ake In d u strial 379 Advances _____________________________ ______ $ La te st figure A p r. 17 1935 67 164 870 100,209 101,310 199,240 122,917 132,761 160,756 67.9 65 113 178 191 1,050 94,247 95,666 133,300 88,897 94,396 127,389 60.1 387 726 55 12 $ M O N T H L Y creases in orders, over both February this year and March last year, and production and shipments also increased. Pig iron production in Alabama was 7.2 per cent larger than in February, 35.2 per cent greater than a year ago, and for the quarter 69.9 per cent greater than in the first quarter of 1935. Coal mining, however, declined in both Alabama and Tennessee compared with February and with March last year. FINANCE Reserve Bank Credit During the five weeks ending April 15 there were decreases in the small volume of discounted anC^ Purc^ase^ bills held by the Federal Reserve Bank of Atlanta, no change in its holdings of Government securities, but a substantial increase in deposits and reserves. Total discounts held by the bank increased from 67 thousands on March 11, shown in the previous issue of this Review, to 104 thousands on April 1, but declined in the two following weeks to 56 thousands, which compares with 178 thousands on the same Wednesday a year ago. The volume of industrial advances outstanding declined 30 thou sands since March 11, and on April 15 was smaller by 210 thousands than a year earlier. Holdings of United States securities which reached a new high level on March 11 have not changed since that time, but were nearly six millions greater than a year ago. Total deposits on April 15 were 20 millions greater than five weeks earlier, and were 58.5 millions greater than on the same Wednesday last year. Reserves also show an in crease of 20 millions over those held on March 11, and on April 15 were 86 millions greater than a year ago. The recent increase was due to an increase at the middle of March in Government deposits amounting to about 30 mil lions. Member banks’ reserve deposits, which reached a new high level at 123.2 millions on February 26, declined to 110.4 millions on April 1, but rose to 114.5 millions two weeks later, and were then 25.6 millions greater than on the corresponding report date last year. Federal Reserve notes of this bank’s issue in actual circu lation, which have been increasing gradually since last sum mer, reached the highest level, at $161,614,000, on April 8, recorded for any Wednesday since March, 1933, and deC O N D IT IO N O F 22 M E M B E R B A N K S IN S E L E C T E D C I T I E S (In Thousands of Dollars) A pr. 15 M ar. 11 A p r. 17 1936 1936 1935 $537,641 219,336 55,720 6,923 48,797 21,544 5,487 613 135,972 $498,790 214,687 56,484 6,579 49,905 4,994 614 131,484 $497,709 255,418 61,641 6,522 55,119 19,673 5,401 8,800 159,903 318,305 Investm ents— Total ------------------ ---201,070 U . S. Govt. D irect Obligations _____ Obligations Guaranteed by U . S . ____ .... 38,766 78,469 O ther Securities __________________________ 284,103 172,538 36,551 75,014 242,291 145,431 27,263 69,597 61,746 9,675 145,770 291,624 170,067 196,447 1,331 68,219 10,271 174,754 292,969 170,099 210,940 1,315 43,599 8,556 108,177 254,249 174,881 139,311 Loans and Investm ents— T o t a l---------Lo an s— Total _________________________________ On Securities _____________________________ To Brokers and D ealers__________________ To Others ----------------------------------Real E sta te Lo an s - -- --------------------Acceptances and com’l paper bought... Loans to Banks _____________________________ __________________ Other Lo an s —- Reserve w ith F . R . B a n k __________________ Cash in V a u lt ________________________________ Balances w ith domestic ban ks____________ Demand deposits— adjusted _______________ Tim e deposits _____________________ ____________ Inter-bank deposits : Dom estic____________ Fo reig n _____________ .... Borrowings ____________________________________ 21,111 888 R E V IE W 3 clined only slightly the following week, and were then 33.5 millions greater than a year ago. Principal items in the weekly statement are compared in an accompanying table. Member Largely because of increased holdings of United Bank States direct obligations, total loans and investCredit ments held by 22 weekly reporting member banks in leading cities of the District increased about 38.9 millions of dollars between March 11 and April 15, when they were 39.9 millions greater than a year earlier, and at the highest level in the series of comparable figures which go back to the middle of 1933. Total loans on April 15 were 4.6 millions larger than five weeks earlier, most of the increase being in “All Other Loans,” which include those for commercial, agricultural and industrial purposes. There is a decrease of 36 millions in total loans at the mid dle of April compared with a year ago, when the banks had a considerable amount of cotton loans which in July were taken over by the Commodity Credit Corporation. Investment holdings on April 15 were 34.2 millions greater than five weeks earlier, and 76 millions greater than a year ago, the larger part of the increase in each instance being in United States direct obligations. Demand deposits-adjusted declined slightly from March 11 to April 15, but were 37.4 millions greater than a year earlier, and time deposits were also somewhat less than at that time last year. Balances maintained by these banks with their correspondents declined about 29 millions be tween March 11 and April 15, but were 37.6 millions greater than a year ago, and deposits of other domestic banks also declined since March 11, but were 57.1 millions greater than on the same Wednesday last year. Reserves D E B I T S TO I N D I V I D U A L A C C O U N T S * (In Thousands of D ollars) M arch Fe b ru a ry 1936 1936 M arch 1935 A L A B A M A — 4 Cities -------- __________________ $117,985 ___________________ 68,737 Birm ingham ___________________ 2,676 Dothan _____ __________ __ ______ 27,111 Mobile ______ ___________________ 19,461 Montgomery $108,505 61,426 2,267 26,322 18,490 $106,740 59,789 2,250 23,998 20,703 F L O R I D A — 4 Cities _________ ___________________ 144,620 __________ ___ _____ 64,447 Jacksonville ___________________ 46,394 M iam i ______ ___________________ 7,315 Pensacola ___________________ 26,464 Tam pa _____ 134,568 60,047 41,496 7,282 25,743 127,121 61,873 34,998 G E O R G IA — 10 Cities -------- ___________________ 228,448 ___________________ 3,200 Albany _____ ___________________ 147,772 A tla n ta ___________________ 16,263 Augusta ___________________ 2,130 Brun sw ick ___________________ 11,182 Columbus ___________________ 914 Elberton ___________________ 12,258 Macon ______ ___________________ 1,816 Newnan ___________________ 29,911 Savannah ... ___________________ 3,002 Valdosta 216,172 2,864 143,182 15,943 2,080 10,303 704 10,841 1,511 25,990 2,754 22F,685 3,026 149,389 18,984 1,918 10,029 795 10,855 1,525 26,3yi 2,773 L O U IS I A N A —-New O rleans ___________________ 184,202 173,229 193,902 M IS S I S S I P P I - -4 Cities _____ ___________________ H attiesburg _______________ _____________________ Jackson M eridian __________ ____ _ . _______ __ ______ V icksburg 38,834 4,081 20,171 8,574 6,009 35,702 3,889 18,764 7,398 5,651 38,792 3,994 21,268 7,656 5,874 __________ ________ _ 130,495 ____________________ 34,597 ______________ ____ 23,245 _____________ ___ _ 72,653 118,453 31,377 21,815 65,261 125,074 30,294 20,947 73,833 __________________ $844,584 $786,629 $817,314 T E N N E S S E E — 3 Cities Chattanooga Knoxville N ashville Total-—26 Cities 6,020 24,230 * M o n t h ly to ta ls a re d erived f r o m w e e k ly re p o rts b y p r o r a t in g fig u re s fo r those w eeks w h ic h do n o t f a ll e n tire ly w it h in a s in g le c a le n d a r m on th . 4 M O N T H L Y maintained by these banks with the Federal Reserve Bank declined about 6.5 millions, but were 18.1 millions above the corresponding report date a year ago. Savings deposits at the end of March reported by 57 banks located throughout the District averaged 0.6 per cent less than a month earlier, but 3.8 per cent greater than a year ago. Debits to individual accounts at 26 reporting cities rose 7.4 per cent from February to March, about half the in crease at that time a year ago, and were 3.3 per cent larger than in March, 1935. AGRICULTURE Weather conditions during most of March were favorable for farm work in preparation for the season’s crops. Early April, however, brought lower than usual temperature, and in the first half of the month there was excessive rainfall over most of Georgia, Tennessee, and Alabama, and low places were flooded. There were destructive tornadoes at Gainesville, Cordele and Acworth, in Georgia, and in some parts of South Carolina and Mississippi. Farm work is estimated to be two weeks or more behind, and in many places the ground was still too wet for planting late in April. There has been serious loss of fertilizer by washing, in fields where planting was done, and in Tennessee exces sive rains have caused heavy damage from soil erosion. The April 1 estimate of the Florida orange crop from the 1935 bloom is 16.9 million boxes, an increase of 900,000 boxes over the earlier estimate, but 4 per cent less than the 17.6 million boxes produced last season. The estimate for grapefruit continues at 10.5 million boxes, compared with the 15.2 million boxes last season. In the citrus section, weather has been favorable. Citrus groves have to a large extent recovered from the cold damage suffered in 1934, and trees are in excellent condition. The condition of strawberries on April 1 was higher than a year ago in Alabama, Florida, and Louisiana, the same in Mississippi, but lower in Tennessee. Production in GeorS U G A R M O V E M E N T — (Pounds) R a w Sugar M ar. 1936 Feb. 1936 R e ce ip ts: _______ ___ _______ 120,131,749 N ew Orleans 77,645,804 Savannah _______................-..... .. M elting s: _________ ________ 109,728,195 New Orleans 56,498,736 Savannah —......—........................ S to ck s: __________________ 49,055,155 New Orleans Savannah ________ __________________ 34,764,018 Refined Sugar Sh ipm ents: __________________ 104,531,115 New O rleans Savannah ......... . ______ ___________ 42,685,756 S to ck s: ____________ _____ 16,206,302 New Orleans Savannah ________ ______ ___________ 8,611,782 M ar. 1935 75,318,137 63,046,618 95,130,079 43,130,025 83,980,901 49,429,670 97,241,243 13,541,731 38,705,759 13,616,948 47,892,419 101,586,333 85,578,677 416,179,062 79,419,779 33,734,442 23,068,135 6,505,764 30,865,184 5,033,024 R IC E M O V EM EN T Rice M illers’ Association Statistics M arch Receipts of Rough Rice* August-M arch, In cl. 232,199 Season 1935-36 ________ __________________ 7,636,562 Season 1934-35 ____ _____________________ 824,774 7,368,154 Distribution of Milled R ice** Season 1935-36 .................................. -___ 979,080 6,635,484 Season 1934-35 _____________ ____________ 909,714 6,612,288 S to c k s: Rough* M illed** M arch 31, 1936 ................- .......... - ..... 532,528 1,322,233 M arch 31, 1935 _______ ____ ______________ 1,185,973 1,364,242 * B a r r e ls o f 162 lbs. * * P o c k e ts o f 100 lbs. R E V IE W gia is estimated at 60,000 crates, against 34,000 crates last year. In Tennessee, the plants passed through the winter without serious freeze damage, but due to the severe drought last summer and fall, stands are poor. Tennessee produc tion is estimated at 788,000 crates, compared with 908,000 crates in 1935. Florida production of early Irish potatoes is estimated at 2.7 million bushels, against about 2.2 million last year. The condition of potatoes on April 1 was higher than a year ago in Alabama, Mississippi, and Louisiana, but slightly lower in Georgia. Production of winter wheat was estimated on April 1 to be greater this year than last in Tennessee and Georgia, but smaller in Alabama. For the three states combined, the increase over last year is 3.8 per cent. For the United States as a whole, production is estimated at 493,166,000 bushels, larger by 11.2 per cent than 1935 production. Sales of fertilizer tax tags in the six states located wholly or partly in the Sixth District increased substantially from February to March, which is usually the peak month; were 3.8 per cent greater than in March a year ago, and were also greater than in March of other recent years. Stocks of grain on farms in this District were larger on April 1 this year than at that time a year ago, as indicated in the table following. G R A IN S T O C K S O N F A R M S — A p r il 1 (In Thousands of Bushels) W heat Corn 1936 1935 1936 1935 Alabam a ............................ 4 3 Flo rid a .........................................................._....., 89 91 Georgia -------------------L o u isian a -------------------------------- M ississippi ................................. . ........ Tennessee ----------------400 305 493 S ix States ..................... United States -------- 97,053 399 93,456 20,487 2,080 19,830 8,002 12,394 18,715 81,508 776,112 Oats 1936 21,896 2,207 14,824 3,676 15,815 23,022 81,440 436,337 1935 132 11 1,095 65 36 126 1,465 494,666 125 12 447 45 33 254 916 206,541 R E C E IP T S FR O M S A L E O F P R IN C IP A L FA R M P R O D U C T S (R e n tal and Benefit P aym ents Omitted) (Thousands of D o llars) Feb. 1936 Feb. 1935 Feb. 1934 Feb . 1933 Alabam a ................... ................... $ Flo rid a ---------------------------Georgia --------------------------Lo u isia n a ......... ............................. M ississippi ----------------------Tennessee -------------------------- 6,836 15,562 6,170 4,005 5,786 6,626 T o tal--------------------- $ 44,985 $ 6,585 11,198 6,055 4,993 5,596 7,496 $ 41,923 $ 5,011 11,414 5,801 5,483 8,057 8,025 $ 43,791 $ 3,046 8,429 3,576 2,929 4,252 4,900 $ 27,132 TRADE Retail Department store sales increased from February to March by more than the usual seasonal amount and continued larger than a year ago, stocks increased over Feb ruary and over March last year, and the rate of stock turn over rose slightly, but the collection ratio declined. March sales reported by 57 firms averaged 12.9 per cent larger than in February, and were 7.4 per cent greater than in March last year. First quarter sales were 10.1 per cent greater than in that period a year ago. March had one more business day than February, and after adjustment for the usual seasonal movement, daily average sales in March reached the highest level recorded for any month since December, 1929. Stocks increased 5.3 per cent over the month, and were 4.3 per cent larger than a year ago, and the rate of stock turnover was slightly higher for the month, and for the first quarter, than in those periods last year. M O N T H L Y 5 R E V IE W R E T A I L T R A D E IN T H E S IX T H D I S T R I C T D U R IN G M A R C H , 1936 Based on confidential reports from 57 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 F S T O C K S M arch 1936 Y e a r to M arch 31, 1936 w ith w ith date w ith Same month Same month Previous same period Previous a year ago month last year a year ago month A tlan ta (6) ------Birm ingham (5) ...... Chattanooga (4) ..... Jackso nville (3) ... M iam i (3) _________ Montgomery (3) N ashville (4) ----New O rleans (4)Other Cities (25)- .... D I S T R I C T (57) ........ + 9.2 + 21.8 + 1.2 + 5.1 + 6.4 + 8.5 + 6.8 + 17.0 + 4.8 + 10.1 + 21.0 + 20.4 + 19.4 + 19.3 — 3.2 + 16.5 + 25.1 + 3.3 + 16.3 + 12.9 + 7.3 + 15.3 — 7.1 + 7.9 + 13.0 + 5.6 + 2.6 + 10.0 + 0.6 + 7.4 + 2.6 -25.0 -14.3 - 0.8 - 0.8 + 7.1 -1b 0.1 - 3.6 + 4.9 + 4.3 + 6.2 + 8.8 + 2.3 + 10.1 — 8.3 + 9.5 + 9.9 + 7.0 + 2.9 + 5.3 STO CK T U R N O V E R M arch 1936 1935 .40 .28 .24 .39 .30 .29 .22 .20 .52 .28 .34 .27 .25 .31 .25 .24 .27 .30 1.06 .73 .70 .58 1.46 .77 .94 .83 .67 .87 .46 N O T E : The rate of stock turnover is the ratio of sales during given period to average stocks on hand. outstanding and due at the beginning of the month w hich were collected du ring the month. The collection ratio for March was slightly lower than a month earlier, but the same as for March last year. For March the ratio for regular accounts was 37.5 per cent, and for installment accounts 19.3 per cent. Percentage comparisons in the table are based upon fig ures reported in actual dollar amounts and make no allow ance for changes in price levels. 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. Statistics compiled by the Department of Commerce indi cate that sales of general merchandise in small towns and rural areas in the South increased 10 per cent from January to February, but were only one-half of one per cent above March, 1935, compared with an increase of two and one-half per cent for the country as a whole. Life insurance sales in this District increased about 21 per cent from February to March, and were about the same as in March last year, but for the first quarter have been 18 per cent less than in that period of the past two years. Gains over Feb ruary were reported for all six states, but over March last year for only Florida and Louisiana. Figures in the table are from those compiled by the Life Insurance Sales Re search Bureau. Life Insurance (In Thousands of Dollars) Feb. M ar. Ja n . 1 to M ar. 31 1936 1935 1936 1936 M ar. 1936 Alabam a _____________ Florida ______________ Georgia -------------Lo uisiana M ississippi __________ Tennessee ___________ T o ta l__________ U nited States ... $ 3,430 5,248 6,322 4,761 2,328 5,300 $ 27,389 525,043 $ 2,737 3,950 5,250 3,915 1,936 4,858 $ 22,646 460,463 $ 3,994 4,730 6,425 4,570 2,466 5,390 $ $ 27,575 545,450 $ 8,919 13,317 16,867 12,635 6,342 15,014 $ 73,094 1,464,524 $ 12,587 14,539 20,440 16,556 6,893 18,100 89,115 1,724,568 March sales by 81 reporting wholesale firms in the Sixth District increased 20.7 per cent over February, were 16.5 per cent greater than in March last year, and for the first quarter show a gain of 10.2 per cent over that part of 1935. All report ing lines showed increases over both February this year, and March a year ago, all except groceries showing gains for the first quarter. The increase over February is nearly twice as large as that reported a year ago. Reported figures are compared in the table. Wholesale Trade C O L L E C T IO N R A T IO Jan .-M ar. In cl. 1936 1935 M ar. 1936 Feb. 1936 M ar. 1935 1.08 .78 .78 .55 1.37 30.6 35.6 29.2 33.5 36.5 29.5 31.0 34.6 35.8 .66 .68 30.1 41.5 34.8 34.1 30.0 40.8 35.0 35.1 32.4 39.1 34.3 34.1 .71 .82 The collection ratio is the percentage of accounts W H O L E S A L E T R A D E IN M A R C H 1936 Sixth Federal Reserve D istrict* Percentage Com parisons M ar. 1936 Jan .-M ar. In cl. Num ber w ith 1936 w ith same of firm s Feb. 1936 M ar. 1935 period last yr. A ll Lin e s Com bined: Sales ........... ........ ....... Stocks ......................... G ro ceries: Sales ___ ___ ____ _______ J acksonville New Orleans V icksburg _________ O ther Cities ______ D ry Goods: Sales ............ ....... ....... N ashville _________ Other Cities ______ Stocks ________________ H a rd w a re : Sales __________________ N ashville _________ New O rleans Other Cities ______ Stocks .....................- . F u r n itu r e : Sales ....................... A tla n ta ................. Other Cities ______ Stocks ________________ E le ctric a l Supp lies: Sales ___________ ______ Stocks - ................ ...... D ru g s : Sales ............ .......... ...... Sta tio n e ry : Sales __________________ 81 27 + 20.7 + 3.4 + 16.5 + 10.6 + 10.2 18 3 3 3 9 + 9.0 - 1.9 - 0.6 + 37.9 + 9.3 + 0.1 — 7.3 — 12.7 +28.1 + 2.3 — 1.3 — 6.0 — 6.9 + 13.8 — 0.1 14 3 + 10.0 + 3.8 + 12.1 + 2.4 + 1.2 — 7.0 + 3.7 7 + 29.9 + 48.1 + 25.1 + 2.2 25 3 5 17 9 h-27.9 -37.3 -17.3 -32.6 - 1.0 + 25.5 + 9.8 + 36.9 + 23.3 + 8.4 + 1 6 .5 + 4.7 + 36.1 + 10.0 7 3 4 5 + 24.8 + 17.6 + 26.6 - 4.9 + 29.8 + 28.1 + 30.2 + 0.6 + 16.4 + 1.9 + 20.2 5 3 + 25.6 + 18.6 + 34.3 +39.4 + 38.2 11 7 + 8.3 + 22.2 + 16.3 3 + 9.6 + 14.2 + C O L L E C T IO N R A T IO * * M arch February 1936 1936 Groceries __________________ D ry Goods _________________ H ardw are _________________ F u rn itu re ... ________ E le ctric a l Supplies ....... Total ................ 7.6 M arch 1935 .... 71.0 41.5 44.9 43.2 82.9 62.6 38.0 38.0 38.3 70.3 69.5 38.8 40.1 35.0 80.1 . 51.9 46.0 49.6 .... ♦Based on confidential reports from 81 firms. **The collection ratio is the percentage of accounts and notes receivable outstanding at the beginning of the month which were collected during the month. INDUSTRY The value of buildings for the construction of which per mits were issued at reporting cities in the District was 0.4 per cent smaller in March than in February, but about twice as large as in March, 1935, and the largest for March since 1930. For the first quarter of 1936, however, the total value of permits issued at these cities has amounted to $14,047,324, larger by 132.5 per cent than in the first quar ter of 1935, and the largest first quarter total since 1929. Sixteen of these cities reported larger totals in March this year than last. Figures for the month are compared in an accompanying table. 6 M O N T H L Y B U IL D IN G P E R M IT S — M arch N um ber 1935 1936 V alue 1935 1936 Alabam a A nniston .................... B irm ing ham ------- . Mobile ......... .......... Montgomery -------- 23 397 39 126 122 12,589 198,722 34,165 63,492 Flo rid a Jackso nville -------M iam i ________________ . M iam i Beach _______ Orlando ______________ Tam pa ---------------- 566 669 87 71 193 600 209 47 62 194 Georgia A tla n ta ...................— Augusta ------------Columbus -----------Macon ________________ . Savannah ------------ 292 32 128 107 29 Lo uisiana New O rleans ... ---A lex an d ria .......... 15,535 700,592 23,275 33,372 — — + + 283,694 844,977 879,750 67,838 40,138 181,223 256,283 346,035 34,959 38,529 + 56.5 -(-229.7 + 154.2 + 94.1 + 4.2 253 33 117 136 25 806,356 25,923 56,740 136,370 47,276 187,659 19,708 62,264 32,257 13,437 +329.7 + 31.5 — 8.9 +322.8 +251.8 161 79 66 8 329,315 59,010 148,222 16,052 + 122.2 + 267.6 416 318,142 9,500 176,897 426,519 52,706 71 226 227 5 51 138 230,248 138,758 +503.6 +375.0 — 23.2 + 207.4 Total— 20 C itie s.... 3,745 3,041 4,817,413 2,533,114 Tennessee Chattanooga ........ — Johnson C ity ........... K n o xville _____ ______ N ashville ------- ---- 6 39 455 41 $ $ Percentage Change in V alue 2,000 + 19.0 71.6 46.8 90.3 90.2 The value of building and construction contracts awarded in the Sixth District, according to statistics compiled by the F. W. Dodge Corporation and subdivided into district totals by the Division of Research and Statistics of the Board of Governors of the Federal Reserve System, increased 5.5 per cent from February to March, was 3.9 per cent larger than in March last year, and for the first quarter were 37.7 per cent greater than for that period in 1935. Residential awards increased 12.3* per cent over February, and other contracts 2.1 per cent; and residential awards were 5.2 per cent larger than a year ago, and others 3.2 per cent. For the quarter, residential awards were 14.5 per cent, and others 48 per cent, greater than in that part of 1935. State totals show increases over February, except in Louisiana and Mississippi, and over March last year except in Georgia and Louisiana. In the 37 states east of the Rocky Mountains March con tract awards were 40.1 per cent greater than in February, 61.9 per cent greater than in March last year, and for the quarter, 83 per cent greater than in the first quarter of 1935. Residential awards were 77.3 per cent larger than in Feb ruary, 71.6 per cent larger than in March last year, and for the first quarter show a gain of 75 per cent over that period a year ago. According to press reports, the Southern Pine market improved during the first half of April. Yard stocks are B U IL D IN G A N D C O N S T R U C T IO N C O N T R A C T S A W A R D E D F . W . Dodge Corporation M ar. 1936 Feb. 1936 Six th D istrict— Total ________________ $13,279,155 R e s id e n t ia l......................... -................. 4,718,443 . A ll Others __________________ -__ _____ 8,560,712 State T o ta ls: A labam a ...................................... -......... Flo rid a ............ -___ ______________ ______ Georgia ____ ___ _________________________ Lo u isia n a __________ ___________________ M ississippi ____________ _______________ Tennessee _____ ___________ ____________ 1,558,600 5,280,400 1,933,800 2,099,500 1,019,200 4,126,600 M ar. 1935 $12,588,490 4,203,067 8,385,423 $12,780,069 4,486,748 8,293,321 1,542,400 4,745,300 1,860,900 2,994,300 1,422,500 1,857,400 712,100 1,932,400 4,651,400 4,215,100 852,700 2,408,700 R E V IE W being purchased freely, and there is also a fairly active in dustrial and railroad demand. Most of the mills are re ported to have well-filled order files. A strong demand is reported from localities which recently suffered storm dam age. Weekly statements of the Southern Pine Association indicate that orders booked by reporting mills during the six weeks ending April 11 averaged 39.9 per cent, ship ments 38.3 per cent, production 29.9 per cent, and unfilled orders 56.2 per cent, greater than in the same period a year ago. Consumption of cotton by American mills increased 6.2 per cent from February to March, and was 13.8 per cent greater than in March last year. The March total is the largest for that month since 1929. Since August, 1933, there have been only three months to record larger con sumption than in March this year. March consumption in the cotton states increased 7.7 per cent over February and was 19.5 per cent greater than a year ago, but in other states consumption declined 1.3 per cent from February and was 9.9 per cent less than in March last year. March had one more business day than February. Consumption in the cotton states accounted for 84.7 per cent of the total in March, 83.5 per cent in February, and 80.7 per cent in March last year. Total consumption during the eight months of the season has been 11.7 per cent, and that in the cotton states 17.3 per cent, greater than in that part of the season before, but in other states it has been 10.6 per cent smaller. Exports of cotton in March were about the same as in February, and 27.4 per cent greater than in March last year. Excepting 1935, March exports were the smallest for that month since 1924. For the eight months of the season exports have amounted to 4,814,360 bales, larger by 34.8 per cent than during the same part of last season. Exports and consumption combined, from August 1 through March 31, have totaled 8,887,119 bales, an increase of 23.1 per cent over that period a year ago. Stocks of cotton at the end of March were 8.6 per cent smaller than a month earlier, and 11.2 per cent less than a year ago. Active spindles in March declined slightly from February, and 5.7 per cent compared with March last year. Census Bureau figures are compared in an accompanying table. March consumption of cotton in Georgia amounted to 165,285 bales, in Alabama 59,130 bales, and in Tennessee 14,211 bales, the combined figures being 7 per cent larger than for February, and 20.9 per cent greater than for March, 1935. For the eight months of the season consumption in these three states combined has been 23.6 per cent greater than in that part of the season before, and larger than in the same part of other recent years. C O T T O N C O N S U M P T IO N , E X P O R T S , S T O C K S , A N D A C T I V E S P I N D L E S , U N I T E D S T A T E S — Bales M ar. 1936 Feb. 1936 M ar. 1935 548,913 Cotton Consumed ------------------------------Stocks _____________________________________________ 7,904,576 In Consum ing E sta b lish m en ts____________ 1,334,394 In Public Storage and at C om p resses... 6,570,182 Exp o rts ................................ ................................. 404,741 Active Spindles— N um ber_____________ _____ 23,175,502 516,649 8,652,279 1,404,476 7,247,803 406,022 23,337,070 482,373 8,904,364 1,116,018 7,788,346 317,798 24,573,602 C O T T O N G R O W IN G S T A T E S — Bales Cotton Consumed ___________________ ___________ 464,934 431,591 Stocks ______________________________ _____ ____ _____ 7,564,889 8,303,728 In Consum ing Establishm ents __________ 1,112,177 1,179,024 In Public Storage and at Compresses ... 6,452,712 7,124,704 A ctive Spindles— Num ber ________ ____________ 17,053,028 17,208,836 389.218 8,462,886 874,217 7,588,669 17,274,284 M O N T H L Y Confidential reports from cotton mills in this District show substantial increases in orders received in March over February, and over Mareh a year ago, and production, ship ments, and employment also increased over both of those periods. Stocks at yarn mills were 24.4 per cent, and at cloth mills 31 per cent, smaller than a year ago. Operations at cotton seed oil mills in the District in creased somewhat in March over February. Receipts of seed increased 26 per cent, and crushings 6.8 per cent, and receipts were about two and one-half times as large as in March, 1935, but crushings slightly smaller. Production, however, declined over the month, and output of crude oil and of linters was slightly smaller than a year ago, but production of cake and meal, and hulls, was slightly larger. For the eight months of the season receipts of seed in the District have been 5.2 per cent, and crushings 13.9 per cent, greater than a year ago, and increases in production have ranged from 9.9 per cent for crude oil to 16.4 per cent for linters. Stocks of crude oil at the end of March were sub stantially larger than a year ago, but supplies of other prin cipal seed products were smaller. Census Bureau figures for this District, and for the United States as a whole, are compared in the accompanying table. Total production of electric power for public use in the six states located wholly or partly in the Sixth District reached a new high level in January, and although total production in February declined 4.3 per cent, the daily average increased over January by 2.2 per cent, because of the shorter month. February production was 18.1 per cent greater than in February, 1935. Production increased from January to February in Louisiana, but declined in the other five states, but increases over February last year are shown for all six states. Production by use of water power ac counted for 64.7 per cent of the total in February, 65.3 per cent in January, and 66.3 per cent in February, 1935. For the first two months of 1936, total production was 17.2 per cent greater than in those months last year. Weekly statistics compiled by the United States Bureau of Mines indicate that coal production in Alabama averaged 18 per cent smaller in March than in February, and 10.3 per cent less than in March last year, and output in Ten nessee averaged 35 per cent less than in February and 26 per cent less than a year ago. Because production in both January and February was greater than in those months last year, however, weekly figures for Alabama for the first three months of 1936 average 6.4 per cent larger than in the first quarter of 1935, but for Tennessee they average 0.6 per cent smaller. CO TTO N S E E D AN D COTTON S E E D Sixth D istrict* Aug. 1 to M ar. 31 1935-36 1934-35 PRODUCTS U nited States Aug. 1 to M ar. 31 1935-36 1934-35 Cotton Seed— Tons 1,365,793 1,297,752 3,645,545 Received at M ills______ Crushed ________________ 1,322,264 1,161,721 3,534,771 On Hand M arch 31..... 89,062 203,963 200,349 Pro du ction : Crude O il, lb s........ 412,369,659375,349,731 1,070,424,607 Cake and M eal, tons.. 588,106 508,221 1,599,837 H u lls, tons ____________ 348,308 308,330 913,658 L in te rs, bales ________ 293,932 252,426 802,608 Stocks at M ills M ar. 31: Crude O il, lbs_________ 23,265,318 13,226,203 80,670,719 Cake and Meal, tons . 106,646 122,047 285,958 H ulls, tons ____________ 21,650 54,139 130,888 Lin te rs, bales ________ 44,444 52,337 156,388 *G e o rg ia , A la b a m a , L o u is ia n a , a n d M is s is s ip p i. 3,321,479 3,184,776 359,364 988,473,976 1,446,237 821,236 713,904 42,326,106 309,460 156,139 178,310 7 R E V IE W Preliminary figures indicate that production in the United States as a whole declined 25.2 per cent from February to March and was 20.7 per cent less than a year ago, and for the first three months total production has been 1 per cent larger than in the first quarter of last year. Pig iron production in the United States during March amounted to 2,040,311 tons, an increase of 11.9 per cent over February output, and 15.3 per cent greater than in March last year. Daily average production in March was 65,816 tons, larger by 4.7 per cent than in February, which was shorter by two days. There were 126 furnaces active on April 1, a gain of 6 over the revised number active on March 1, compared with 98 active a year earlier. March production of pig iron in Alabama totaled 162,100 tons, 7.2 per cent greater than in February, and 35.2 per cent greater than in March, 1935. The March total was slightly smaller than that for December, but with that ex ception was the largest since June, 1931. There has been no change since the first of the year in the number of active fur naces, 12 having been operating since that time; on April 1 a year ago there were 9 Alabama furnaces active. Produc tion during the first three months of 1936 has totaled 472,181 tons, greater by 69.9 per cent than during the first quar ter of 1935. According to press reports, the pig iron market has not been particularly active, a fair amount of forward tonnage having been accumulated. Shipments have been good. The base price continues at $15.50 per ton. During the Naval Stores year which ended March 31, total receipts of turpentine at the three principal markets of the District were smaller than in the two years previous, but larger than in 1932-33, and except for that year, were the smallest since the 1919-20 season. Receipts of rosins were also less than in the two previous years, and except for 1932-33, the smallest since the 1921-22 season. Prices of both commodities have declined somewhat during recent weeks. Quotations for turpentine on the Savannah market declined from 45 cents per gallon on February 29 to 36% cents on March 26, but rose to 38 cents on April 11, and the average quotations on the thirteen grades of rosin declined from $4.57 on February 21 to $4.34 on April 11. Receipts and stocks at the three principal markets for the past twenty years are shown in the table. N A V A L ST O R ES M O V EM EN T Turpentine (1) Rosin (2) Receipts Stocks Receipts Stocks Season : 1935-36 1934-35 1933-34 1932-33 1931-32 1930-31 1929-30 1928-29 1927-28 1926-27 1925-26 1924-25 1923-24 1922-23 1921-22 1920-21 1919-20 1918-19 1917-18 1916-17 _________________233,110 ..........................257,679 .................... .... 258,208 ......................... 224,313 _____________ ___328,099 ............ ........ .... 385,093 ........... .......... .... 391,894 ..................... .... 343,130 ......................... 401,732 ............ ........ ....310,883 ................ ........286,035 ..................... ....308,245 ________________ 318,683 __ 266,629 ________________ 253,712 ............ ........ ....262,426 ............. ....... ....184,876 ......................... 152,828 ............ ........ ....276,413 ..................... ....315,744 (1) B a r r e ls o f 50 g a llo n s. 114,789 88,501 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 99,500 139,456 109,640 976,223 1,053,863 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 (2) B a r r e ls o f 500 pou n d s. 156,291 259,391 142,574 237,350 347,591 266,056 149,232 100,722 123,074 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 M O N T H L Y A V E R A G E 1923-1925 = 100 D EP A R TM EN T ST O R E TR A D E— SIX T H D ISTR IC T Jan. 1936 Feb . 1936 M ar. 1936 Jan. 1935 Feb . 1935 M ar. 1935 115.9 61.2 56.9 53.5 65.4 71.2 147.8 80.0 59.0 69.2 75.8 172.9 92.8 67.8 83.2 75.3 95.4 111.9 45.2 55.1 53.3 51.6 60.5 129.9 55.1 55.4 60.5 62.0 70.4 162.9 154.5 85.0 72.0 71.3 77.9 90.1 173.9 88.9 74.7 81.4 183.9 96.7 75.3 91.4 82.7 97.8 102.6 149.2 62.8 69.7 71.1 61.4 76.6 152.8 61.2 70.1 71.2 7D.5 80.0 175.2 72.2 82.0 90.1 72.3 90.9 91.7 54.9 50.5 47.1 46.8 57.0 92.3 56.6 56.2 52.6 53.8 61.6 98.8 62.7 57.5 57.8 57.5 65.9 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 99.7 61.0 56.7 54.1 51.4 62.6 96.1 59.0 57.9 55.4 53.8 62.9 96.9 61.5 54.2 56.7 55.3 64.0 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 61.7 D a ily A v e ra g e S a le s— U nadjusted A tlan ta (3 firms)---------------- ------------------- ------------------B irm ingham (3 firms)---------------------------------- --------------Chattanooga (4 firms)......... ............................................................ N ash v ille (4 firms)............................................................................. N ew O rle an s (4 firms)____________________________________________ D IST R IC T (30 firms)_________________________________________________ D a ily A v e ra g e 86.1 Stocks— U nadjusted A tla n ta (3 firms)______________________________________ _______________ Birm ingham (3 firms)_________________________________________________ Chattanooga (3 firms)....................................................................... N ash ville (3 firms)........................................................................ — N ew O rle an s (4 firms).......... ............................................. ......... D IST R IC T (25 firms)........................................................................... M onthly 73.0 81.1 65.1 83.6 S a le s— Adjusted* A tlanta (3 firms)_________________________________ ___________________ Birm ingham (3 firms)_________________________________________________ Chattanooga (4 firms)______________________________________________ N ash ville (4 firms)............................................................................. N ew O rle an s (4 firms)____________________________________________ D ISTR IC T (30 firms)___________________________ ______________________ M onthly 86.1 68.6 Stocks— Adjusted* A tlan ta (3 firms)................................................................................... Birm ingham (3 firms)-------------------------------------------------Chattanooga (3 firms)______________________________________________ N ash v ille (3 firms)--------------------------------------------------N ew O rle an s (4 firms)....................................................................... D IST R IC T (25 firms)....................................................................... '.... W H O LE S A L E TR A D E— SIX TH D ISTRIC T— T O T A L____________ 59.8 59.0 71.2 56.2 55.2 61.1 G roceries (18 firms)___________________________________________________ D ry Goods (14 firms)-------------------------------------------------H ard w are (25 firms)............................... ............................................. Furniture (7 firms)_____________________________________________ ______ E le ctrica l Su pp lies (5 firm s)........................... — ............................ Stationery (3 firms).................................. ............................................ Drugs (7 firms)_____________________________________ ____________________ 51.9 46.3 69.1 51.2 71.8 45.1 91.3 48.9 52.2 59.9 61.3 109.7 41.1 89.8 53.3 67.8 76.6 76.5 137.8 45.0 97.3 52.8 47.5 61.2 46.1 55.7 41.9 83.9 50.4 52.1 54.2 52.6 71.4 40.7 79.2 52.9 59.8 61.0 56.8 91.6 39.4 82.0 L IF E IN SU R A N C E S A L E S — S IX S T A T E S - T O T A L ____________ 54.9 53.9 65.2 81.0 65.6 65.7 A la b a m a ................................................................................................ .. F lo rid a ......... ............................................... — ........................................ G e o rg ia ............................... ............................... ........................................ Louisiana.-................................................................................................. M ississip p i______________________________________-_________ ______________ T en nessee..................................................................................... ............ 40.6 69.6 57.7 62.5 47.5 51.6 40.4 66.7 57.2 61.8 44.3 51.6 50.6 88.7 68.9 75.1 53.2 56.3 62.2 82.3 64.5 83.4 114.0 57.4 77.0 75.2 43.8 58.1 58.9 79.9 70.1 72.1 56.4 57.3 B U ILD IN G PERM ITS— T W EN TY C IT IE S — T O T A L ............... 39.0 43.0 42.8 14.9 16.3 22.5 A tla n ta ....................................................................................................... Birm ingham .............................................................................................. Jackso nville_______________________________ ______ _________ _____________ _ N a sh v ille .......... ......... .............................................................................. N ew O rle a n s ........................................................................................... Fifteen O ther C itie s________________________________ ___________ ______ 18.9 9.4 34.0 62.1 27.8 53.5 11.3 5.5 30.5 307.3 11.3 40.8 52.1 13.4 34.5 67.2 25.6 50.6 6.9 9.6 24.4 8.7 10.5 18.9 19.4 7.3 20.2 8.0 9.5 19.8 47.3 31.1 21.9 11.5 21.5 C O N T R A C T A W A R D S— S IX T H D ISTR IC T— T O T A L______ ___ 55.8 35.9 37.8 32.9 24.8 36.4 Resid en tial_______________________________________ _____ __________________ A ll O thers_______________________________________________________________ 19.6 79.9 30.0 39.8 33.6 40.6 27.9 36.2 12.7 32.8 32.0 39.4 A L L C O M M O D ITIES.......... ................................................................... Farm Products........................................... ............................................ Foods........................................................................................................... O ther Com modities---------------------------------------------------H ides a n d leath er products----------------------------------Textile products............................................................................ F u e l a n d lighting-----------------------------------------------M etals a n d m etal products__________________________________ Building m ate ria ls........................................................................ C h e m icals a n d drugs__________________________________________ H ousefum ishing goods......................... .— ....................... ....... M iscellaneous ___________________________ ______________________ 80.6 78.2 83.5 78.8 97.1 71.7 75.1 86.7 85.7 80.5 81.4 67.8 80.6 79.5 83.3 79.0 96.1 71.0 76.1 86.7 85.5 80.1 81.5 79.6 76.5 80.1 78.9 94.9 70.8 76.2 78.8 77.6 79.9 77.7 79.5 79.1 82.7 77.4 68.1 85.3 79.3 81.4 68.3 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 79.3 78.3 81.9 77.3 85.4 69.4 72.9 85.7 84.9 81.5 80.7 69.2 C O TTO N CO N SU M PTIO N — U N ITED S T A T E S ...____ __________ Cotton-Growing States_______________________ ___________________ ___ A ll O ther States_________________________________________ _____ _______ G eorgia......................................................... ............................ ........ A la b a m a ____________________________________________________________ Ten nessee_________________________________________ ________________ 114.8 100.3 106.6 106.2 92.9 93.4 145.3 54.4 148.8 194.5 138.2 126.1 49.3 127.9 159.4 124.5 135.8 48.7 135.1 172.0 142.8 127.4 64.1 124.5 157.9 111.2 121.6 56.6 106.9 141.4 106.6 113.4 53.9 109.9 151.1 102.9 C O TT O N EX P O R T S— U N ITED ST A T E S. ................. ................. 102.4 79.1 78.8 90.7 76.0 61.9 P IG IRO N PRO D U CTIO N — U nited States.................................. A la b a m a ____________________________ 67.8 68.4 61.0 65.1 68.3 69.8 49.5 29.9 53.8 38.1 59.2 51.6 86.6 66.2 12.1 W H O LE S A L E P R IC E S — U N ITED ST A T E S t •A dju sted for Se a so n al V ariatio n . t Com piled b y B u reau of La b o r Statistics. 86.6 1926-100. 86.2 86.0
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