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O f Financial, A gricultural, T rade and Industrial
C onditions in the S ix th Federal R eserve D istrict

FED ER A L R ESER VE B A N K O F A T L A N T A
Vol. 21. No. 8

A TLA N TA , GA., AUGUST 31, 1936

NATIONAL SUMMARY OF BUSINESS
CONDITIONS
Prepared by the
Board of Governors of the Federal Reserve System
Production, employment, and trade increased further in
Ju ly, when allowance is made for the usual seasonal
changes, and commodity prices continued to advance. Money
rates remained at extremely low levels.

Production Industrial production, which usually deand
clines considerably in Ju ly, was maintained
Employment at the level of the preceding three months,
and the Board’s seasonally adjusted index
advanced to 108 per cent of the 1923-1925 average as com­
pared with 10 3 per cent in June. Output of steel continued
at about the June rate, although a sharp decrease is usual,
and automobile production declined by less than the usual
amount. In the first three weeks of August there was little
change in activity at steel mills, while at automobile facto­
ries output was curtailed as preparations were made for the
production of 19 37 models. Output of non-durable products
was larger in Ju ly than in June, reflecting chiefly a sharp
rise in activity at cotton mills and greater than seasonal
increases in production at shoe factories, silk mills, and
flour mills. At coal mines output increased and crude
petroleum continued to be produced in large volume.
Factory employment increased further in Ju ly, contrary
to seasonal tendency. The number of workers was larger
than in June at steel mills, foundry and machine shops, and
furniture factories, while at railroad repair shops there was
a decline. Among the non-durable goods industries em­
ployment increased at textile mills and meat packing plants,
and declined less than seasonally at establishments produc­
ing wearing apparel. Factory payrolls decreased by a
smaller amount than is usual in July.
PER CENT

The value of construction contracts awarded increased
considerably from June to Ju ly , according to the F. W.
Dodge Corporation, with large increases reported for both
publicly-financed and privately-financed work.

Agriculture

Crop prospects declined during Ju ly as a
result of continued drought. On the basis
of August 1 conditions, the corn crop was estimated by the
Department of Agriculture at 1,439,000,000 bushels, a re­
duction of 37 per cent from last season, and estimates for
spring wheat, oats, hay and potatoes were also considerably
under the harvests of a year ago. The cotton crop was
forecast at 12,481,000 bales as compared with 10,638,000
bales last year and an average of 14,667,000 bales during
the five years 1928-1932.

Distribution Retail trade was sustained in Ju ly at a
higher level than is usual in that month.
The Board’s adjusted index of department store sales, which
allows for a considerable seasonal decline, increased from
88 per cent of the 1923-1925 average in June to 9 1 per
cent in July, and mail order and variety store sales also
showed smaller decreases than are usual for the season.
Freight car loadings increased in July.

Commodity Wholesale commodity prices continued to
Prices
advance between the middle of Ju ly and the
feed grains,
primarily to
while cotton
the price of

middle of August. Prices of wheat, flour,
and dairy products rose considerably, owing
the drought, and livestock prices also advanced
declined. There was a considerable increase in
steel scrap.

Bank Excess reserves of member banks decreased from
Credit $2,920,000,000 on Ju ly 1 5 to $1,810,000,000 on
August 19. About $1,470,000,000 of excess re­
serves were absorbed by the increase of 50 per cent in re­

PER CENT

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 s o n a l v a r ia t io n ,
(1923-1925 a v e ra g e = 100.) L a t e s t fig u r e J u ly P r e lim in a r y 108.




™ f Sunday £ ^ o f°A U M ° n
P
£

In d e x o f fa c to r y e m p lo ym e n t, a d ju ste d f o r se a so n a l v a r ia t io n .
a v e r a g e «= 100.) L a t e s t fig u r e J u ly 87.7.

(1928-25

2

M O N T H L Y

R E V IE W

PER CENT

1932

1939

1934

1935

PER CENT

1936

W ednesday figures of total member bank reserve balances a t Federal
Reserve banks with estim ates of required and excess reserves, Ja n u a ry 6,
1932, to A ugust 19, 1936.

Indexes of daily average value of sales. (1923*1925 = 100.) L atest figure
Ju ly (P re lim in a ry ): Adjusted 91, U nadjusted 63.

serve requirements of member banks, which went into effect
August 15 . This decrease was offset in part by a growth
of $360,000,000 in total reserve balances, reflecting prin­
cipally large disbursements by the Treasury from its funds
held on deposit with Federal Reserve Banks.
After the increase in reserve requirements there remained
a large amount of excess reserves widely distributed among
member banks. The money market was not affected by the
action, and interest rates remained at extremely low levels.
In the week ending August 19 a few scattered banks bor­
rowed at the Reserve Banks, but the total amount borrowed
was negligible and some banks drew upon their balances
with other banks in order to meet the increase in require­
ments. Deposits of domestic banks with reporting mem­
ber banks in leading cities declined by $ 210 ,600,000 in the
week.
Between Ju ly 1 5 and August 19 loans and investments of
reporting member banks in leading cities declined by $260,000.000, reflecting reductions of $130,000,000 in loans on
securities and of $160,000,000 in holdings of United States
Government direct obligations, partly offset by an increase
of $60,000,000 in other loans to customers. Adjusted de­
mand deposits, which increased to a new high level on Ju ly
22, were slightly smaller on August 19 .

larger than in Ju ly, 19 35. For the seven months of 1936,
retail trade has been 12 .7 per cent, and wholesale trade 16
per cent, greater than in that part of 19 35, while life in­
surance sales have been 7.6 per cent smaller.

SIXTH DISTRICT SUMMARY
In the Sixth Federal Reserve District the volume of retail
trade declined from June to Ju ly by about two-thirds the
usual amount, and there were increases in wholesale trade,
life insurance sales, building and construction activities, in
operations at textile mills, and in coal mining. Production
of pig iron in Alabama declined further in Ju ly, however,
and operations at cotton seed oil mills reached a season­
ally low level.
Volumes of sales by 57 reporting retail firms declined
15 .4 per cent in Ju ly compared with a usual decrease at
that time of year of about 22 per cent. Ju ly sales were
18 .2 per cent greater than in that month a year ago, and at
the highest level for Ju ly since 1928, and after adjustment
for the usual seasonal trend the Ju ly index was higher than
for any other month since March, 1929. Wholesale trade
in the District increased 8.9 per cent from June to Ju ly,
and was 3 1.4 per cent greater than a year ago. For the
second time in fifteen years, life insurance sales increased
from June to Ju ly, and the Ju ly total was 12 .5 per cent



At weekly reporting member banks in leading cities of
the District, loans increased between Ju ly 1 5 and August
12 , but investments declined, the result being a small de­
cline in total loans and investments which were, however,
about 80 millions greater than on the corresponding Wed­
nesday a year ago. Loans were only slightly larger than at
that time, and investments were 79.3 millions greater. De­
posits continued to be substantially larger than at the same
time last year. At the Federal Reserve Bank of Atlanta
there was a slight increase in the small amount of discounts,
and reserves, deposits and Federal Reserve note circulation
continued greater than a year ago.
Employment statistics compiled by the United States Bu­
reau of Labor Statistics show a further slight decline in
both employment and payrolls at reporting firms in this
District in June. Small increases in both number of work­
ers and the amount of a week’s payroll in Alabama, Mis­
sissippi and Tennessee were slightly more than outweighed
by decreases in Florida, Georgia and Louisiana. Number
of workers declined in June in Florida by 10 .5 per cent
due prim arily to wholesale trade (citrus fruit packing and
shipping), hotels, retail trade, canning, and fertilizers; and
in Louisiana by 1 per cent, prim arily in the canning in­
dustry. June figures were, however, higher than for June
of other recent years.
The value of building permits issued at twenty reporting
cities during Ju ly increased 37.8 per cent over June, was
79.6 per cent greater than for Ju ly last year, and was the
largest total for any month since April, 1929. Construction
contracts awarded in Ju ly were 75.7 per cent larger than
in June and 86.1 per cent greater than in Ju ly last year.
Increased activity at cotton mills in the District, over June
and over Ju ly a year ago, is reflected in larger consumption
of cotton and in increased production at reporting mills.
Coal mining increased slightly in Alabama and 9.5 per cent
in Tennessee over June, and was 50.4 per cent in Alabama,
and 26.6 per cent in Tennessee, greater than a year ago.
Pig iron production in Alabama, however, declined 3.8 per
cent from June to Ju ly, but was 67.5 per cent greater than
in Ju ly last year, and for the seven months of 19 36 has
been 55.9 per cent greater than in that part of 19 35.

M O N T H L Y

FEDERAL RESERVE BANK OF ATLANTA
(In Thousands of Dollars)
Aug. 12
July 15
1936
1936
Bills Discounted:
Secured by Govt. Obligations.
All Other ................................
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
U. S. Treasurer—Gen. Account.
Total Deposits............................
F. R. Notes in Actual Circulation
Commitments to M ake Indus­
trial Advances..........................

30
42
72
108
706
98,356
99,242
229,792
124,240
17,770
147,101
174,831

0
21
21
108
723
98,356
99,208
230,523
117,498
22,464
145,554
176,915

283

$

287

Aug. 14
1935
$

30
131
161
169
1,071
94,214
95,615
150,653
99.945
2,192
106,160
132,626
620

FINANCE
Reserve
Bank
Credit

3

R E V IE W

CON DITIO N OF 22 M EM BER BANKS IN SELECTED C ITIES
(In Thousands of Dollars)
Aug. 12
July 15
Aug. 14
1936
1936
1935
Loans and Investm ents.........
Loans—T o ta l.................... .
On Securities...........................
To Brokers and Dealers........
To O thers.................................
Real E state Loans......................
Acceptances and Com’l. Paper

$

548,175
221,890
59,501
5,377
54,124
23,523

$

548,245
219,991
59,989
7,198
52,791
23,369

$

468,194
221,212
56,259
4,427
51,832
20,126

4,730
1,572
132,564

4,929
967
130,737

5,201
1,294
138,332

Investments—T otal...................
U. S. Govt. Direct Obligations
Obligations Guaranteed by
U. S.......................................
Other Securities......................

326,285
206,734

328,254
208,931

246,982
152,353

39,028
80,523

39,661
79,662

26,801
67,828

Reserve with F. R. B an k . . . . . .
Cash in V a u lt................ ...........
Balances with domestic ban k s..
Demand Deposits—Adjusted...
Time Deposits.............................
U. S. Govt. Deposits..................
Inter-bank deposits: Domestic..
Foreign.. .

72,806
10,835
141,892
306,075
176,728
51,511
185,939
1,234

67,007
10,154
157,196
305,154
177,147
51,303
197,081
1,078
............

56,997
9,464
125,069
267,411
171,545
19,760
151,904
1,075
no

17,389
2,492
11,938
958
13,269
2,363
29,957
3,303

15,217
2,212
11,353
963
12,899
2,049
27,977
2,883

14,459
2,116
8,989
717
12,340
1,760
24,376
2,410

Louisiana—New Orleans............

190,540

187,104

171,565

Mississippi—4 Cities..................
Hattiesburg.............................

42,059
3,997
23,402
8,254
6,406

52,824
3,743
33,291
9,652
6,138

36,219
3,556
20,180
6,999
5,484

141,706
38,197
24,731
78,778

137,205
36,270
22,790
78,145

128,414
31,320
20,973
76,121

Loans to B anks...........................
Other Loans................................

Total bills and securities held by the Federal
Reserve Bank of Atlanta increased slightly between Ju ly 15 and August 12 , when they were
3.6
millions greater than on the corresponding
Wednesday of last year. Between mid-July and August 12
discounts increased slightly, although still negligible in
and holdings of guaranteed securities also declined some­
amount, but there was a decline in industrial advances; in
what, but holdings of Other Securities increased. A ll of
comparison with the corresponding report date a year ago
these classes of investment securities were held in larger
holdings of United States securities on August 12 show an
volume than at the same time last year, however, the in­
increase of 4 .1 millions, but discounts, industrial advances
crease in direct obligations being 54.4 millions, in guaran­
and holdings of purchased bills were smaller.
teed securities 12 .2 millions, and in Other Securities 12 .7
Member banks’ reserve accounts declined in the two weeks
millions, the total increase being 79.3 millions.
following Ju ly 15 , but between Ju ly 29 and August 12 in­
Demand deposits-adjusted increased each Wednesday
creased by 1 1 . 5 millions of dollars to a new high level,
from the middle of Ju ly to Ju ly 29, but declined some­
and greater by 24.3 millions than on the corresponding
what by August 1 2 but were 38.7 millions greater than a
Wednesday last year. Government deposits declined nearly
year ago. Balances maintained with correspondent banks,
4.7 millions and were the smallest since the middle of
and those held for correspondent banks, declined from Ju ly
March, but much larger than a year ago, and total deposits
15 to August 12 but were substantially larger than at the
held by the bank were about 1.5 millions greater on August
same time last year. An accompanying table sets out a
12 than four weeks earlier and 40.9 millions greater than
comparison of the principal items in the weekly report.
a year ago. Federal reserve notes of this bank’s issue in
actual circulation increased about twenty millions of dollars
between the last Wednesday in May and the first Wednesday
DEBITS TO INDIVIDUAL ACCOUNTS*
in July, principally because of the demand for currency in
Juty 1936
June 1936
July 1935
connection with the cashing of veterans’ checks and ad­
justed service bonds, but declined 8.6 millions during the
Alabama—4 Cities......................
$ 120,723
$ 124,653
$ 117,747
Birmingham. . ........................
71,758
70,204
68,971
remainder of Ju ly and increased somewhat by August 12 ,
2,360
2,259
1,768
30,847
29,581
26,494
when the total was 42.2 millions greater than a year ago.
19,789
18,578
Montgomery............................
20,514
Total reserves held by the bank on August 12 were slightly
124,416
123,912
108,387
Florida—4 Cities........................
less than on the first three Wednesdays in Ju ly, but were
61,957
Jacksonville.............................
63,764
59,372
31,218
29,262
21,818
greater than on any other report dates, being 79.1 millions
8,001
7,963
6,586
23,240
22,923
20,611
larger than on the same Wednesday last year. Principal
items in the weekly statement are compared in an accom­
Georgia— 10 Cities......................
228,577
237,327
201,992
3,474
3,159
2,368
panying table.
152,184
149,865
132,457

Member
Bank
Credit

In the four weeks’ period from Ju ly 1 5 to August 12 , total loans at 22 weekly reporting
member banks in leading cities of the Sixth
District increased by $1,899,000, but their in­
vestment holdings declined $1,969,000, so that total loans
and investments showed a net decrease of $70,000. The
total on August 12 was, however, about 80 millions greater
than on the corresponding Wednesday in 1935. Loans on
securities and holdings of purchased acceptances and com­
mercial paper declined since Ju ly 15 but other classes of
loans increased. Loans on securities were 3.2 millions, and
those on real estate 3.4 millions greater than a year ago,
but Other Loans were nearly 5.8 millions less.
Between the middle of Ju ly and August 12 holdings of
United States direct obligations declined about 2.2 millions,



Brunswick................................
Columbus.................................

Vicksburg. . . . , ......................
Tennessee—3 Cities....................
Chattanooga............................

Total—26 Cities..............

$

860,197

$

850,849

$

764,324

♦Monthly totals are derived from weekly reports by prorating figures for those
weeks which do not fall entirely within a single calendar month.

T

4

M O N T H L Y

Following the interest period at mid-year, savings de­
posits at 57 banks located throughout the District declined
nine-tenths of one per cent in Ju ly, but averaged 2.4 per
cent greater than at the close of Ju ly last year.
Debits to individual accounts at 26 clearing house cen­
ters of the District increased 1 . 1 per cent in Ju ly over June,
and were 12.4 per cent larger than in Ju ly a year ago.

R E V IE W

COTTON PRODUCTION—Bales
1935
Aug. l y 1936
Estim ate
Production
.............
.............

1,065,000
30,000

Percent
Change

1,059,000
31.000
1.059.000
556.000
1.259.000
317.000
4,281,000
10,638,000

o
Total—Six States
United States

+ 0 .6
— 3 .2
— 14.1
+ 2 1 .9
+ 3 5 .8
+ 2 7 .1
+ 1 2 .0
+ 1 7 .3

AGRICULTURE
The August 1 crop report by the United States Depart­
ment of Agriculture indicates a further material decline in
crop prospects in Ju ly. It states: “ As a result there will
probably be light supplies of a number of important food
crops and, irrespective of weather conditions during the
remainder of the season, there will be a shortage of grain
that will necessitate rather heaving marketings of grain­
consuming livestock . . . In a fourth of the States, pastures
were the poorest on record for August 1 and for the coun­
try as a whole they were almost as poor as in August, 1934
. . . The extremely hot weather and drought which prevailed
during Ju ly over nearly the whole central area stretching
from Central Ohio to the Rockies in Montana and south­
ward to the Cotton Belt reduced prospects for com to
1,439,135,000 bushels. “ Production of oats is estimated
at 771,703,000 bushels, barley at 145,000,000, grain sor­
ghums at 81,588,000 bushels, and tame hay at 61,853,000
tons. These figures represent declines of 35.5 per cent in
oats, 48.6 per cent in barley, 16.4 per cent in grain sor­
ghums and 18.8 per cent in tame hay, compared with 19 35
production.” The report further states that “ August 1 pros­
pects indicated light crops of wheat, rye, buckwheat, beans,
potatoes, several commercial truck crops and canning veg­
etables, and the principal fruits, except pears and citrus.
About average crops of rice and sweet potatoes are ex­
pected . . . Cotton, unlike most other crops, was favored by
weather conditions during Ju ly and less than usual damage
from the boll weevil is probable.

SUGAR MOVEM ENT—N EW ORLEANS—Pounds
Raw Sugar
July 1936
June 1936
July 1935
92,041,824
88,832,982
65,879,518

75,450,267
99,239,021
92,828,489

81,924,603
31,353,891

89,734,376
25,757,934

Refined Sugar
Shipments

...........................

77.532,153

R IC E M OVEM ENT
(Rice Millers* Association Statistics)
July
Aug.-July Incl.
Receipts of Rough Rice*
Season 1935-36......................
Season 1934-35.....................

20.248
13.665

8,006,497
7,781,799

Distribution of Milled Rice**
Season 1935— 6 ....................
3
Season 1934-35..................

287,233
269.969

8,556,944
9,325,746

Rough*

* Barrels of 162 lbs.

Milled**

71,369
51,384

Stocks:
July 31. 1936.
July 31. 1935.

271,010
331,816

** Pockets of 100 lbs.

RE C E IPT S FROM SALE OF PRIN CIPA L FARM PRODUCTS
(In Thousands of Dollars)
May
June
January-June Incl.
June
1935
1935
1936
1936
1936
A labama. . .
Florida.
Georgia
Louisiana..
Mississippi.
T ennessee..
T otal.

5,811
3,334
7,338
4,816
5,910
7,607
$ 3 4 ,8 1 6

7,235 $
10,410
5,297
5,957
4,531
6,117
$ 39,547

3,869
3,646
5,549
3,238
4,616
6,583

$ 36,194 $ 32,607
72,305
60,647
33,009
36,298
28,560
26,496
31,223
34,935
43,662
42,896

$ 27,501

$251,188 $227,644

Weather conditions in the Sixth District were generally
favorable during Ju ly, although extremely high tempera­
tures were reported in some sections. Rains during Ju ly
and early August appear to have been sufficient in most sec­
tions to relieve the drought. The August 1 estimates indi­
cate improvement in wheat prospects in Tennessee, and in
corn in Alabama, Louisiana, Mississippi and Tennessee, and
in hay, sweet potatoes, rice and fruits. Compared with
19 35 production, this year’s crops of wheat, pears, grapes
and rice, and of oranges in Florida, are expected to in­
crease, but other important crops show declines, some of
them substantial. Comparisons of August 1 estimates with
19 35 production of some of the principal crops in this Dis­
trict are shown in the table.

from 15,998,000 bushels in Ju ly to 17,261,000 bushels on
August 1 , larger by 6.5 per cent than the 19 35 crop. No
change was indicated in the estimates for oranges and grape­
fruit in Florida, which continued at 17 .7 millions boxes for
oranges and 1 1 .5 million boxes for grapefruit.

SIX TH D ISTR IC T
.000 Omitted
Aug. 1, 1936
Estimate

TRADE

Corn, bushels. . .
W heat, bushels..
Oats, b u sh e ls....
Tame Hay. tons.
Tobacco, lb s .....
W hite Potatoes..

149,791
6,157
9,180
2,109
142,668
9,533

1935
Production

Percent
Change

171,898
5,587
10,644
2,572
147,469
12,042

— 12.9
+ 1 0 .2
— 13.8
— 18.0
— 3.3
—20.8

The estimated production of sugar cane in Louisiana de­
clined from 4,957,000 tons on Ju ly 1 to 3,860,000 tons a
month later, and is 5.6 per cent smaller than last year’s
production. The estimate of rice in Louisiana increased



Cotton

The first estimate by the U. S. Department of
Agriculture of the 1936 cotton crop indicates the
production of 12,481,000 bales, an increase of 17 .3 per cent
over the 19 35 crop. Decreases are, however, indicated for
Georgia and Florida, and while the total for the six state3
located wholly or partly in the Sixth District shows an
increase of 12 per cent over last year’s crop, the larger part
of the increase is in Mississippi, Tennessee and Louisiana
which are situated partly in other districts.

Retail The volume of retail trade in the Sixth District
Trade declined considerably less than usual from June to
Ju ly. Stock turnover and the collection ratio also
declined somewhat, but sales, stocks and collections con­
tinue at higher levels than a year ago.
Department store sales in Ju ly were 15 .4 per cent
smaller than in June but 18 .2 per cent greater than in Ju ly,
19 35, and the unadjusted index of Ju ly sales was the high­
est for that month since 1928. After adjustment for the
usual seasonal changes, daily average sales of reporting

M O N T H L Y

RETA IL

5

R E V IE W

THE SIX TH D ISTRICT DURING JULY 1936
Based on confidential reports from 57 department stores
C omparison op N et Sales
C omparison op S tocks
Year to
July 31, 1936
July 1936
Stock T u rn o ver
date with
with:
with:
Previous
Jan.-July Incl.
me month Previous Same period Same month
July
year ago
M onth
last year
a year ago
M onth
1936
1935
1936
1935
A tlanta (6 )................................
Birmingham (5)........................
Chattanooga (4).......................
Jacksonville (3 )........................
Miami (3)..................................
Montgomery..............................
Nashville (4).............................
New Orleans (4).......................
Other Cities (25)......................
D ISTR IC T (57).......................

+ 1 3 .8
+ 34.7
+ 4.4
+ 47.8
+ 2 0 .4
+ 8.4
+ 11.2
+ 16.0
+ 14.7
+ 1 8 .2

t r a d e in

— 16.4
— 13.0
—27.2
— 6.3
— 10.1
—22.9
— 18.0
— 15.0
— 16.8
— 15.4

+ 10.8
+ 2 6 .0
+ 4.1
+ 16.7
+ 10.7
+ 11.6
+ 8.7
+ 15.9
+ 7.0
+ 12.7

+ 7.4
+ 22.2
+ 10.0
— 5.1
— 3.6
— 0.5
— 7.0
— 1.9
+ 2.6
+ 3.7

.34
.24
.23
.23
.30
.23
.28
.31
.21
.28

+ 1.2
— 6.1
— 2.1
— 8.6
— 2.3
— 12.4
— 7.8
— 9.8
— 10.1
— 6.1

NOTE: The rate of stock turnover is the ratio of sales during given period to average stocks on hand.
and due a t the beginning of the month which were collected during the month.

firm s rose from 1 0 2 .6 per cent o f the 19 2 3 -2 5 average in
June to 1 11 .3 per cent in J u ly , the h ig h est fo r an y m onth
sin ce M arch, 19 2 9 . T otal sa les d uring the seven m onths o f
1 9 3 6 throu gh J u ly have been 1 2.7 per cent greater than in
that part o f last year. Stocks o f m erch an d ise on hand at
th e c lo se o f J u ly w ere 6.1 per cent sm a ller than a m onth
earlier, but 3 .7 per cent greater than a year ago, and the
rate o f stock turnover w as h igh er fo r J u ly , and fo r the
seven m onths o f 1936, than d u rin g th ose p eriod s last year.
T he c o llectio n ration d eclin ed from 33.1 per cent in June
to 32.1 per cent in J u ly , and com pares w ith 30.1 per cent
fo r J u ly last year. T h e ratio fo r regu lar accounts fo r Ju ly
w as 3 6 .6 per cent, and fo r in sta llm en t accounts 14.4 per
cent.
P ercen tage com parison s in the ta b le are based upon
figures reported in actu al d o lla r am ounts and m ake no
allo w a n ce fo r changes in price lev e ls. In d ex num bers on
p age 8 are based up on reports from a sm a ller num ber o f
firm s w hose figures have been reported over a lo n g period
o f years.
A statem ent b y the U n ited States D epartm ent o f C om ­
m erce in d icates that d a ily average sa les o f gen eral m er­
ch an dise in sm a ll tow n s and rural areas o f the South d e­
clin ed o n ly 1 per cent from M ay to June, and w ere 151/2
per cent greater than a year earlier, com p ared w ith an
in crease o f 121/2 per cent fo r the country as a w h ole.
L ife
In su ran ce

S a les o f life insu ran ce in the six states o f th is
D istrict increased 4 .6 per cent from June to
J u ly and w ere 12.5 per cent greater than in
J u ly a year ago, and the largest fo r that m onth sin ce 1 9 3 1 .
O n ly once b efo re in recent years (in 1 9 3 3 ) has an in crease
been reported from June to Ju ly . F or the seven m onths o f
the year, h ow ever, sa les in th ese six states h ave b een 7 .6
per cent less than in that part o f 1 935. F igu res com pared
in the ta b le are from th ose co m p iled b y the L ife Insurance
S a les R esearch Bureau.
(In Thousands of Dollars)
July
June
July
1936
1936
1935
Alabam a...........................
Florida..............................
Georgia.............................
Louisiana..........................
Mississippi.......................
Tennessee.........................
T o ta l.............................
United S tates..............

$

3,900 $
5,035
6,687
5,032
2,251
6,124

$ 29,029

512,738

Jan. to July Incl.
1936
1935

3,680 $ 3,372
$ 23,514 $ 28,198
5,467
4,839
34,496
33,256
5,919
6,087
41,765
46,823
4,918 4,258
31,956
35,994
2,578 2,178
15,670
15,783
5,198
5,077
36,817
39,396
$ 27,760

532,994

$ 25,811

$184,218 $199,450
483,491 3,519,993 3,738,987

Wholesale Wholesale trade in the District increased 8.9
Trade
per cent from June to Ju ly , and w as 3 1 .4
per cent greater in d o lla r v o lu m e than in
J u ly last year. T h e 8 .9 per cent in crease over June com ­



.31
.23
.24
.15
.24
!20
.26
.20
.24

2.58
1.80
1.82
1.48
2.90
1.89
2.37
2.12
1.65
2.09

C o l l e c t io n R a t io

July
1936

June
1936

July
1935

2.47
1.82
1.92
1.27
2.59

27.1
33.8
29.9

29.9
38.3
31.3

26.4
32.3
29.3

....
....

••••
••. •

i!65
1.75
1.71
1.91

29! 5
40.1
32.9
32.1

29! i

40.1
31.6
33.1

....

29^3
38.0
28.9
30.1

The collection ratio is the percentage of accounts outstanding

pares with an increase of 2.9 per cent at that time a year
ago. The index number for Ju ly, 72.4 per cent of the
1923-25 average, is the highest for that month since 1929.
For the seven months of 1936 sales by reporting firms have
been 16 per cent greater than in that part of 19 35. Re­
ported figures for the month are compared in the table, and
index numbers appear on page 8.
WHOLESALE TRADE IN SIX TH DISTRICT—JULY 1936
Based on confidential reports from 79 firms
Percentage Comparisons
July 1936
Jan.-Jul: Incl.
Number
with:
1936 wi1 same
of firms
June 1936 July 1935 period last year
All Lines Combined:
Groceries:
Sales..........................
Jacksonville....
New O rleans...
Vicksburg.........
Other Cities.. . .
Dry Goods:
Sales..........................
Nashville..........
Other Cities.. . .
Hardware:
Nashville..........
New Orleans. . .
Other Cities.. . .
Furniture:
A tlanta.............
Other C ities....
Stocks.......................
Electrical Supplies:
Drugs:
Stationery:

79
26

+ 8.9
+ 1.0

+ 3 1 .4
+ 5.8

+ 1 6 .0

18
3
3
3
9

+ 1 1 .6
+ 2 0 .6
+ 1 8 .0
+ 4 .0
+ 7.3

+19.1
+ 8.4
+ 2 0 .4
+ 2 3.9
+ 2 0.8

+ 3.8
— 3.8
— 0.8
+ 1 9 .3
+ 4.8

14
3
11
7

+ 2 1 .0
+ 2 7.3
+ 1 9 .6
+ 5.5

+ 3 1 .2
+ 3 7 .6
+ 29.7
— 4 .6

+ 9.5
+ 3.9
+ 1 1 .2

25
3
5
17
9

+ 6.7
— 4 .0
— 2.7
+15.1
— 0.7

+ 2 7 .9
+12.7
+ 3 0 .6
+ 2 9 .0
+ l.l

+ 2 0 .0
+ 5.1
+ 3 5 .6
+ 1 5 .2

7
3
4
5

—
+
—
+

1.0
4.8
2.4
7.1

+ 75.1
+ 78.5
+ 7 4.2
+ 9.6

+ 3 4 .0
+ 2 4 .9
+ 3 6 .4

3

— 0.6

+ 115.1

+ 51.1

7

+ 9.1

+ 1 6.5

+ 12.7

3

— 7.5

+ 2 3 .6

+ 13.1

COLLECTION RATIO*
July
June
1936
1936

July
1935

78.4
37.1
50.1
43.5
T o ta l.................

72.5
34.7
41.7
38.7

69.2
35.0
35.5
38.4

49.1

44.3

46.4

* The collection ratio is the percentage of accounts and notes receivable out­
standing a t tbe beginning of the month which were collected during the month.

INDUSTRY
The value of building permits issued at twenty reporting
cities in the Sixth District for the construction of buildings
within their corporate limits increased 37.8 per cent from
June to Ju ly, and exceeded the total for Ju ly last year by
79.6 per cent. Of these twenty cities, eleven reported in­
creases over June, and twelve reported amounts larger than
for July, 1935. The total of a little more than eight millions
of dollars for Ju ly is the largest for any month since April,
1929. The cumulated total of $37,522,951 for the first

6

M O N T H L Y

BUILDING PER M ITS—JULY
1936

Number
1935

Alabama
A nniston. ..................
Birmingham. . . . . . . .
M obile...................... .
M ontgomery..............

41 $
314
61
151

Florida
Jacksonville...............
M iam i. . . TT, , t , , , t ,
Miami Beach............
Orlando......................
T am pa........................

126

Georgia
t A tlan ta......................
Augusta......................
Columbus...................
M acon........................
Savannah...................

34

Louisiana
New O rleans.. . i . . . .
Alexandria..................
Tennessee
Chattanooga..............
Johnson C ity .............
Knoxville....................
Nashville....................
Total—20 C ities....... .

1936

Value

24,185
247,905
78,014
107,575

$

1935

Percentage
Change in
Value

77,397
216,067
35,225
465,671

— 68.8
+ 14.7
+ 121.5
— 76.9

507
533
88
95
202

296,613
1,245,351
2,238,937
90,477
84,425

360,240
476,147
1,028,138
272,385
286,145

— 17.7
+161.5
+ 117.8
— 66.8
— 70.5

320
59
96
186
28

391,551
27,285
93,721
71,868
112,266

219,307
104,676
113,331
60,909
28,810

+ 78.5
— 73.9
— 17.3
+ 18.0
+ 289.7

223

92
64

666,789
52,564

198,153
39,078

+236.5
+ 34.5

388
8

363
3
67
121

149,180
3,463
442,110
1,671,827

104,290
8,300
57,483
3,556,633

+ 43.0
— 58.3
+669.1
+370.1

3,390 $ 8,096,106 $ 4,507,385

+ 79.6

43

4,144

seven months of 1936 is greater by ‘73.5 per cent than the
total for the corresponding part of 19 35, and is larger than
for that part of any other year since 1929. Figures for the
month are compared in an accompanying table.
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 Gov­
ernors of the Federal Reserve System, increased 75.7 per
cent from June to Ju ly, and was 86.1 per cent greater than
in Ju ly last year. Residential contracts declined 5.5 per
cent compared with June, while other contracts more than
doubled. The Ju ly total is the largest for any month since
November, 19 33, and except for that month, since May,
1930. State totals, shown in the table, increased from June
to Ju ly except in Georgia and Tennessee, and were larger
than a year ago except in Georgia.
Total awards in the 37 states east of the Rocky Moun­
tains increased 26.5 per cent, non-residential awards 21.6
per cent, and contracts for public works and utilities 57.5
per cent, from June to Ju ly, while residential awards de­
clined 2 .1 per cent.
Press reports indicate that there was a falling off in the
demand for lumber during the latter part of Ju ly, but that
prices with a few scattered exceptions are being well main­
tained. Production, orders and shipments during the first
half of 1936 are reported to be the largest for that period
since 1930. For the six weeks period ending August 8,
weekly statements of the Southern Pine Association for
BUILDING AND CONSTRUCTION CONTRACTS AWARDED
(F. W. Dodge Corporation figures)
July 1936
June 1936
July 1935
Sixth District—T o ta l................. $ 33,311,800 $ 18,962,363* $ 17,895,902
Residential............................... 7,226,200
7,648,493*
4,011,481
All O thers................................
26,085,600
11,313,870*
13,884,421
State Totals:
Alabam a................................... 7,029,800
2,474,000
Florida...................................... 7,779,400
6,011,100
Georgia.................................... 3,629,600
4,702,800
L o u isian a..................... ........ 5,403,000
2,167,100
Mississippi........... . 7,696,700
4,237,900
Tennessee.................................
7,923,700
12,768,500
* Jun e figures fo r S ix th D is tr ic t revised.




R E V IE W

identical mills indicate that orders averaged 1 1 .6 per cent,
shipments 5.3 per cent and production 12 .5 per cent greater
than in that period last year, while unfilled orders averaged
17.6 per cent smaller.
Consumption of cotton by American mills during the
cotton year which ended Ju ly 3 1 , amounted to 6,348,423
bales, an increase of 987,556 bales, or 18.4 per cent, over
consumption in the previous season, and the largest total
since the 1928-29 cotton crop. Consumption in the cotton
states totaled 5,334,284 bales, 23.9 per cent larger than in
the previous year, and the total in other states was 1,0 14 ,13 9
bales, smaller by 3.9 per cent than in the 1934-1935 year,
and smaller than for any other recent year except 19 31-32.
Consumption in the cotton states accounted for 84 per cent
of the total, compared with 80.3 per cent for the previous
season. Total exports of cotton during the 1935-36 season
amounted to 5,792,566 bales, larger by 20.9 per cent than
in the previous season but smaller than in any other cotton
year since 1923-24.
Ju ly consumption of cotton increased 8.4 per cent over
that in June, was 54.4 per cent greater than a year ago and
the largest monthly total since June, 19 33. The increase in
the cotton states over June was 7.4 per cent and in other
states 14 per cent, and the increase over Ju ly last year in
the cotton states was 56.9 per cent, and in other states 42.8
per cent.
Exports of cotton in Ju ly amounted to only 156,262 bales,
the smallest total for any month since August, 1920. Total
consumption and exports during the 1935-36 season were
12,140,989 bales, larger by 19.6 per cent than in the pre­
vious season.
Stocks of cotton held by consuming establishments and
in public storage and at compresses at the close of Ju ly
were 12 .5 per cent smaller than a month earlier and 26.1
per cent less than a year ago. Spindles active in Ju ly in­
creased slightly over June in the cotton states, but declined
in other states, and show an increase of 5.4 per cent over
Ju ly last year in the cotton states, but a decrease of 15 .6
per cent in other states. Census Bureau figures are com­
pared in the table.
Consumption of cotton during Ju ly amounted in Georgia
to 117 ,7 6 9 bales, in Alabama 63,410 bales, and in Ten­
nessee 15,247 bales, the total of 196,426 bales being 8.8
per cent larger than for June and 53.7 per cent greater than
in Ju ly last year. In only three months during the past
nineteen cotton years has this Ju ly total been exceeded, in
January of this year, and in May and June, 19 33. The cum­
ulated total of 2,070,700 bales for the cotton year ending

COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPIND LES
United States—Bales
July 1936
June 1936
July 1935
Cotton Consumed.......................
In Consuming Establishments
In Public Storage and a t
Compresses.................... .
Active Spindles—N um ber.........

603,203
4,822,185
898,084

556,323
5,512,823
987,112

390,712
6,528,477
788,989

3,924,101
156,262
22,249,572

4,525,711
287,336
22,957,322

5,739,488
279,822
22,311,970

COTTON GROW ING STATES—Bales
1,819,300
5,096,500
7,377,500
2,044,200
716,800
2,111,500

Cotton Consumed.......................
Stocks...........................................
In Consuming Establishments
In Public Storage and a t
Compresses..........................
Active Spindles—N um ber.........

504,321
4,588,287
708,131

469,617
5,267,868
805,748

321,470
6,191,111
596,479

3,880,156
17,145,596

4,462,120
16,983,252

5,594,632
16,265,212

M O N T H L Y

R E V IE W

7

with Ju ly was 27 per cent greater than in the previous sea­
son, and larger than for any other year.

1936 total production amounted to 232,210,000 tons, larger
by 9.8 per cent than in that part of last year.

Confidential reports from cotton mills in this District
show increases in shipments, production and employment.
Production, shipments, orders, unfilled orders and employ­
ment were well above the level in Ju ly a year ago but stocks
on hand were considerably smaller.

Weekly statements of the Bureau of Mines for the five
weeks ending August 1 indicate that production in Alabama
averaged only slightly larger than in the four weeks ending
June 27, but was 50.4 per cent larger than in corresponding
weeks last year, and in Tennessee production averaged about
9.5 per cent larger than in the four weeks ending in June
and 26.6 per cent greater than a year ago. For the year
through August 1 , production in Alabama has been 16.4
per cent, and in Tennessee 8.2 per cent, larger than in that
part of last year.

Operations at cotton seed oil mills in this District de­
clined further in Ju ly to the lowest level of the season, as
they usually do. Crushings of seed, and production, were
smaller than in any other month for which comparable
figures are available. For the twelve-month period ending
with Ju ly, however, receipts of seed have been 6.6 per cent,
and crushings 7.8 per cent, greater than in the previous
season, and output of the principal cotton seed products has
shown increases of 4 per cent in crude oil, 10.4 per cent in
cake and meal, 8.4 per cent in hulls and 9.6 per cent in
linters, over production during the 1934-35 season. Stocks
of seed at the mills at the close of the season were sub­
stantially smaller than a year earlier, and although mill
supplies of crude oil were larger than a year ago, stocks
of other principal commodities were smaller. Totals for
the country as a whole also show increases for the season
in receipts and crushings of seed, and in production, and
decreases in stocks. Census Bureau figures for the District,
and for the country, are compared in an accompanying
table.
Total production of electric power for public use in the
six states located wholly or partly in the Sixth District de­
clined slightly from May to June, because of the shorter
month, but was 19 .1 per cent greater than in June last year.
The May total for these states is the largest on record.
Daily average production, however, recorded an increase of
3 .1 per cent from May to June when it was greater than
at any other time. Reflecting the effects of dry weather,
production in June by use of water power accounted for
5 1.9 per cent of the total, compared with 65.9 per cent in
May, and 65.6 per cent in June a year ago. For the first
h alf of 1936 total production was 17 .9 per cent greater
than in that part of 19 35, and production by use of water
power accounted for 63.4 per cent of the total, compared
with 67.2 per cent a year ago.
Preliminary statistics compiled by the United States Bu­
reau of Mines indicate that bituminous coal production in
the United States increased 9.6 per cent from June to July,
when it totaled 32,113,0 0 0 tons, and was 43.8 per cent
greater than in July, 1935. In the first seven months of

COTTON SEED AND COTTON SEED PRODUCTS
Sixth District*
United States
Aug. 1 to
July 31
Aug. 1 to July 31
1935-36
1934-35
1935-36
1934-35
Cotton Seed—Tons:
Received a t M ills...
Crushed....................
On Hand July 3 1 ...

1,423,054
1,463,365
5,212

1,335,573
1,357,972
45,533

3,742,122
3,813,935
17,762

3,418,135
3,549,891
89,575

Production:
Crude Oil, lbs........... 460,410,697 442,543,506 1,163,055,575 1,108,582,294
Cake and Meal, tons
655,894
593,881
1,737,950
1,614,345
387,545
357,421
987,416
913,039
Linters, bales............
332,207
303,060
873,907
805,083
Stocks a t Mills, July 31
Crude Oil, lbs...........
Cake and Meal, tons
Hulls, tons...............
Linters, bales...........

4,442,530** 1,956,081**
35,407
90,842
5,887
31,327
17,726
19,775

* G e o rgia , A la b a m a , L o u isia n a, a n d M iss is sip p i.




8,456,614
68,905
26,278
44,786

10,885,604
198,367
76,604
71,292

* *G e o r g ia a n d M iss is sip p i.

Production of pig iron in the United States during Ju ly
amounted to 2,594,368 tons, a slight increase over June and,
with the exception of May, larger than for any other month
since July, 1930. It compares with 1,520,263 tons pro­
duced in Ju ly last year. Because of the longer month, daily
average production declined 2.9 per cent from June to Ju ly.
Three furnaces were blown in, and two blown out or banked
during July, and on August 1 there were 146 active com­
pared with 9 1 active at that time a year ago. For the first
seven months of 1936 total production amounted to 16,122,494 tons, larger by 42.4 per cent than in that part of 19 35,
and the largest total for the period since 1930.
P ig iron production in Alabama, after reaching in May
the highest level since June, 19 3 1, declined 13 .3 per cent
in June, and 3.8 per cent further in Ju ly, but was then 67.5
per cent greater than in Ju ly, 19 35. Ju ly production in
Alabama was the smallest since November, but was larger
than for other months prior to November back to July,
19 3 1. For the seven months of 1936, Alabama output
amounted to 1,096,268 tons, an increase of 55.9 per cent
over the corresponding period a year ago, and the largest
for that part of any year since 19 3 1. Ten furnaces con­
tinued active in July, compared with 5 active a year ago.
Press reports indicate a sluggish market, with current buy­
ing largely on a spot basis. Steel mills in the district are
active, however, and are running behind with their de­
liveries.
Receipts and stocks of both turpentine and rosin at the
three principal markets of the District increased from June
to Ju ly, but were smaller than for Ju ly last year. Press
reports indicate that the demand for both commodities
showed improvement for several weeks through August 8,
but slackened during the following week. Average of quo­
tations on the thirteen grades of rosin on the Savannah
market on August 1 5 was $6.26 per 280 pounds, compared
with $5.01 on Ju ly 1 1 and a low for the year of $4.18 on
May 9, and the price of turpentine on August 1 5 was 39*4
cents per gallon compared with 36 cents on Ju ly 1 1 . Re­
ceipts and stocks for the month are compared in the table.
NAVAL STORES M OVEM ENT
Turpentine (1)
Rosin (2)
July 1936
July 1935
July 1936
July 1935
Receipts:
Savannah...
Jacksonville,
Pensacola...

15,814
9,289
4,707

16,392
13,110
5,791

56,607
38,291
13,750

59,629
49,918
14,854

T o ta l. .

29,810

35,293

108,648

124,401

Stocks:
Savannah...
Jacksonville,
Pensacola...

32,818
46,932
28,800

39,614
50,758
32,259

85,690
54,912
33,344

129,110
123,096
59,149

108,550

122,631

173,946

311,355

T otal...
(1) B a rre ls a f 50 gallons.

(2) B a r r e ls'o f 500 pounds.

8

M O N T H L Y

R E V IE W

MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA
M O N T H L Y A V ER A G E 1923-1925 = : 100

D E P A R T M E N T S T O R E T R A D E — S IX T H D IS T R IC T

M ay
1936

June
1936

J u ly
1936

M ay
1935

June
1935

J u ly
1935

178.3
95.3
82.4
101.5
84.3
103.1

148.7
89.1
76 .2
76.7
87.7
92.3

125.5
77.7
55.4
62.9
74.6
77.9

155.1
63.4
74.3
86.2
71.9
84.4

131.0
54.8
72.1
72.4
69.1
75.3

112.1
48.3
53.1
56.6
60.6
63.1

169.8
94.4
80.0
91.4
86.9
102.1

170.9
95.8
68.6
83.4
98.5
102.6

171.9
106.4
74.9
91 .2
108.1
111.3

147.7
62.8
72.1
77.7
74.1
83.6

150.6
58 .9
65.0
78.7
77.6
83.7

153.6
66 .2
71 .8
82 .0
87 .8
90.1

98.3
6 1 .8
5 3.2
5 1.7
54 .7
62 .8

90.2
56.5
49.3
4 6.8
50.9
57.9

93.6
53 .8
48.3
43.1
46.0
54.7

94.6
4 8 .8
50.2
63.1
58 .2
62 .2

86.6
4 6.7
46.0
59.9
5 4.4
58.2

8 6.5
41.7
43.9
55.8
4 6 .8
53.0

97.3
60.6
52.2
5 1 .2
54 .2
61.6

94.0
57.1
51.4
48.2
54.1
60.9

102.9
56.6
51.4
46.3
4 8.4
59.5

93.7
47 .8
49 .2
62.5
5 7.6
6 1 .0

9 0 .2
4 7 .2
51.1
61 .8
57.9
61.3

95.1
43.9
46 .7
60.0
49.3
57.6

W H O L E S A L E T R A D E —S IX T H D IS T R IC T —T O T A L . . .
Groceries (18 firm s)..................................................................................
D ry Goods (14 firm s)..............................................................................
H ardw are (25 firm s).................................................... ................... ..

69.4
49.7
56.8
76.0
73.3
46.0
82.5

66.4
50.8
49.3
7 3.2
80.6
45.3
81.9

72.4
56.7
59.6
78.1
7 9.8
42.0
8 9.4

61.7
51.2
52.6
64 .8
58.1
3 9.3
8 0.5

52.6
45 .3
37.4
57.6
48.5
36 .8
71.0

55.0
47 .2
45 .5
61.1
4 6 .8
3 4.0
7 6 .7

L IF E IN SU R A N C E SA LES—S IX S T A T E S —T O T A L ..........

65 .2
51.3
97.5
67.1
74.0
50.2
54.1

66.1
54.3
92.4
64.5
77.6
59.0
55.2

69.1
57.5
85.1
72.9
79.4
51.5
65.1

68.0
57.2
74.3
74.7
88.4
50.0
59 .8

65 .2
58 .7
81.5
6 7.8
78.9
52.5
53.8

61.5
49.7
81 .8
66 .4
67 .2
49 .8
53.9

B U IL D IN G P E R M IT S —T W E N T Y C IT IE S —T O T A L .........

44 .4
43.1
12.7
40.3
60.7
15.5
58.9

52.2
23.0
10.5
40.3
47.3
24.5
80.6

72.0
25.3
16.7
36.1
263.5
51.8
88.0

32.1
13.9
6 .3
44.9
72.7
14.1
41 .9

3 9 .4
16.7
6 .8
24.9
34.7
125.7
37.1

40.1
14.2
14.6
43 .8
43 .2
15.4
57.6

C O N T R A C T A W A R D S— S IX T H D IS T R IC T —T O T A L ... .

41.3
41.0
41.5

54. Or
54. 5r
53. 7 r

94.9
51.5
123.8

29.9
27.4
31.5

3 6 .2
23.8
44.5

51.0
28.6
65.9

78.6
7 5.2
78.0
78 .8
9 4.0
6 9 .8
76.0
86.3
85.8
77.7
81.5
69 .2

79 .2
78.1
79.9
78 .8
93.8
69 .7
78.1
86.2
85.8
7 8.0
81.4
69.7

80.5
81.3
81.4
79.5
93.4
70.5
76.2
88.9
86.7
79.4
81.2
71.0

80.2
80.6
84.1
77.6
88.3
69.4
73.1
86.6
84.9
81.2
80.6
68.7

79 .8
78.3
82.8
78.0
88.9
70.1
7 4 .2
86.9
85.3
80.7
80.5
6 8.4

79.4
77.1
82.1
78.0
89.3
7 0 .2
7 4 .7
86.4
85 .2
78.7
8 0 .4
67 .7

103.1
130.8
48.0
132.3
168.1
132.5

108.0
137.2
50.2
139.2
169.2
138.9

117.1
147.3
57.3
151.1
184.4
153.2

91.3
110.7
52.3
112.7
152.4
118.1

74.6
91.0
42.0
93.1
123.4
89.4

76.1
94.3
39.9
9 8 .8
116.3
108.9

D a ily A v erag e S a le s —U n a d ju s te d
A tlan ta (3 firm s).......................................................................................
Birm ingham (3 firm s).......................................... ..................................
C hattanooga (4 firm s).............................................................................
N ashville (4 firm s)...................................................................................
N ew O rleans (4 firm s)............................... . ...........................................
D IS T R IC T (30 firm s)............................................................................
D a ily A verage S a le s —A d ju s te d *
A tlan ta (3 firm s).......................................................................................
B irm ingham (3 firm s)................ .............................................................
C hattanooga (4 firm s).............................................................................
N ashville (4 firm s)....................................................................................
N ew O rleans (4 firm s)............................................................................
D IS T R IC T (30 firm s).............................................................................
M o n th ly S to c k s —U n a d ju s te d
B irm ingham (3 firm s)................................................. ............................

D IS T R IC T (25 firm s).................................................. ..........................
M o n th ly S to c k s —A d ju s te d *

C hattanooga (3 firm s)....................................................... .....................
D IS T R IC T (25 firm s).............................................................................

W H O L ESA L E P R IC E S — U N IT E D S T A T E S f
A LL C O M M O D IT IE S ..........................................................................
F a rm P ro d u c ts ..........................................................................................
H ides an d leather p ro d u c ts...........................................................
T extile p ro d u c ts ..............................................................................
Fuel and lig h tin g ..............................................................................
M etals an d m etal p ro d u c ts ..........................................................
Chem icals an d d ru g s ....................................................... ...............
M iscellaneous................ . .................................................................
C O T T O N C O N S U M P T IO N —U N IT E D S T A T E S ....................
All O ther S ta te s ........................................................................................

C O T T O N E X P O R T S —U N IT E D S T A T E S .................................

68.5

56.0

30.4

54.3

67 .2

53.9

P I G IR O N P R O D U C T IO N —U N IT E D S T A T E S ....................

88.7
73.4

86.6
63.6

86.8
61 .2

57.8
54.1

52.0
43.1

50.9
36 .5

♦ A d ju ste d fo r Se a so n al V a ria tio n .




fC o m p ile d b y B u re a u of L a b o r Statistics. 1926-100.

R -R e v ise d .