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M O N T H L Y R E V I E W 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 .
