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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 RESERVE B A N K O F A T L A N T A Vol. 21 No. 12 ATLANTA, GA., DECEMBER 31, 1936 N ATIO N AL SUMMARY OF BUSINESS CONDITIONS Prepared by the Board of Governors of the Federal Reserve System P rod u ction , w age paym ents, and the d istrib u tion o f com m od ities to consum ers in creased co n sid era b ly fro m O ctober to N ovem ber. W h o lesa le com m od ity p rices have advanced stea d ily sin ce the end o f O ctober. Production and Employment T h e B oard’s in d ex o f in d u strial p rod u ction , w hich m akes a llo w a n ce fo r ch an ges in the num ber o f w ork in g days in the m onth and fo r the u su al sea so n a l v ariation s, w as 1 14 per cent o f the 192 3 -1 9 2 5 average in N ovem b er as com pared w ith 109 per cent in O ctober. O utput o f b oth d u rab le and n on durable m anufactures sh ow ed a co n sid era b le rise. P r o duction o f steel in gots in creased further to a rate o f 7 9 per cent o f cap acity in N ovem b er, and output o f a u to m o b iles also in creased. F igu res fo r the first three w eeks o f D ecem ber in d icate continu ed exp a n sio n in output o f both steel and au tom ob iles. In the p la te g la ss in d u stry, w here there has been a strike, p roduction w as sh a rp ly reduced in N ovem ber, and a ctiv ity at lum ber m ills d eclin ed , reflecting th e effects o f the m aritim e sh ip p in g strike on the P a cific Coast. In creases in output w ere reported at m eat p a ck in g esta b lish m ents and tex tile m ills, and sugar m eltin g s and output o f tobacco products d eclin ed b y less than the u su al season al am ount. A t m ines, coa l prod u ction in creased and output o f crude p etroleu m and iron ore show ed a sm a ller than season al reduction. PERCENT PERCENT In d e x n u m b e r o f in d u s t r ia l p ro d u ctio n , a d ju ste d f o r se a so n a l v a r ia t io n . (1923-1925 a v e ra g e = 100.) L a t e s t fig u r e N o v e m b e r P r e lim in a r y 114. V a lu e o f con stru ction contracts aw arded, accord in g to figures o f the F. W . D o d g e C orporation, con tin u ed at about the sam e rate in N ovem b er as in the p reviou s m onth. F actory em p loym en t show ed little ch an ge from O ctober to N ovem b er alth ou gh a decrease is u su al at th is season o f the year, and the B oard ’s sea so n a lly adjusted in d ex advanced to 96 per cent o f the 19 2 3 -1 9 2 5 average. T he num ber em p lo y ed at fa cto ries p rod u cin g d u rab le go o d s contin ued to increase, w ith the largest exp an sion in the au to m ob ile and m ach in ery in d u stries. T here w as a d eclin e in em p loym en t at lum ber m ills and in the g la ss industry. In the non d u rab le g ood s ind u stries as a group em p loym en t show ed a sm aller d eclin e than is u su al in N ovem ber. A t sh oe factories and estab lish m en ts p rod u cin g w earin g ap p arel sm a ller than season al d eclin es w ere reported and there w ere increases in em p loym en t at cotton and w o o len tex tile m ills and at m eat p ack in g p lan ts. Distribution D epartm ent store sa les in creased substan tia lly in N ovem b er, and there w as a lso a rise in sa les at v a riety stores and at chain grocery stores. S a les b y gen eral m erch an d ise stores and m ail order houses servin g rural areas d eclin ed from the h ig h le v el reported for O ctober. F reigh t-carload in gs show ed a sm a ller than season al d e crease in N ovem b er. L oad in gs o f co a l, coke, and grain in creased contrary to the u su al season al ten d en cy, and sh ip m ents o f m iscella n eo u s com m od ities and o f m ost other cla sses o f freig h t d eclin ed b y less than the season al am ount. PER CENT PER CENT In d e x e s o f th e U n it e d S t a t e s B u r e a u o f L a b o r S t a t is t ic s . B y m o n th s 1929 to 1931; b y w e e ks 1932 to date. (1926 = 100.) L a t e s t f ig u r e s D ec. 19. F a r m P r o d u c t s 8 7 .7 ; F o o d s 8 5 .1 ; O th e r C o m m o d itie s 82.2. 2 M O N T H L Y R E V IE W PER CENT Wednesday figures for reporting member banks in 101 leading cities, Sept. 5, 1934, to December 16, 1936. Loans on real estate, loans to banks, and acceptances and commercial paper bought included in total loans and investm ents bu t not shown separately. Commodity Prices T h e g en eral le v e l o f w h o le sa le com m od ity p rices co n tin u ed to ad van ce fro m th e m id d le o f N ovem b er to the third w eek o£ D ecem ber. T here w ere su b stan tial in creases in the p rices o f w heat, flour, n on ferro u s m etals, and rubber. P rices o f w o o l, cotton yarn s and w orsted yarn s advanced som ew hat further and cotton, p ig iro n , and steel scrap p rices a lso increased in th is p eriod . Bank Credit T he reserve p o sitio n o f m em ber banks in recent w eeks has b een in flu en ced la r g e ly b y tem p orary season al d evelop m en ts in co n n ectio n w ith h o lid a y currency requirem ents and m id-D ecem b er fin an cin g b y the U n ited S tates T reasury. N otw ith stan d in g th e in creased dem and fo r cu rren cy fo r C hristm as sh o p p in g , there w as a further grow th in dem and d ep osits at w eek ly rep o rtin g m em ber banks th rou gh the first h a lf o f D ecem ber, reflectin g ad d itio n s to m on etary g o ld stock as w e ll as a sharp in crease in bank lo a n s. A t rep ortin g banks o u tsid e N ew Y ork C ity h o ld in g s o f G overnm ent secu rities in creased b y $ 1 4 0 ,0 0 0 ,0 0 0 in th e fo u r w eeks en d in g D ecem ber 16, w h ile at N ew Y ork C ity banks th ey show ed a further sm a ll d eclin e. T here w as an in crease o f $ 1 0 0 ,0 0 0 ,0 0 0 in lo a n s to brokers and d ealers in secu rities in N ew Y ork C ity, la r g e ly fo r the p u rp o se o f b u y in g U n ited States G overnm ent secu rities. C om m ercial lo a n s sh ow ed a further in crease o f $ 1 5 0 ,0 0 0 ,0 0 0 , carry in g the to ta l v o lu m e o f such lo a n s to a le v e l $ 8 0 0 ,0 0 0 ,0 0 0 h ig h er than a year ago. SIXTH DISTRICT SUMMARY B u sin ess and in d u stria l a ctiv ity in the S ix th F ed era l R e serve D istrict con tin u ed in N ovem b er at a h ig h le v e l, in com parison w ith ea rlier m onths o f the year and w ith the corresp on d in g m onth o f other recent years. N ovem b er sa les b y 5 7 rep o rtin g retail firm s in th e D is trict d eclin ed 10 per cent in to ta l fro m O ctober to N o v em ber, but this d ecrease w as due to th e shorter m onth b ecau se on a d a ily average b asis there w as an in crease o f 1.2 per cent. N ovem b er sa les w ere 8 per cent larger than in that m onth a year earlier, and fo r the elev e n m on th s’ p eriod total sa les have been 1 3 .7 per cent greater than in that part o f 1935. T he N ovem b er in d ex o f d a ily average sa les is the h igh est fo r that m onth sin ce 1 9 2 8 . L ife in su ran ce sa les in N ovem b er d eclin ed less than on e per cent com p ared w ith O ctober, and w ere 9 .8 p er cent greater than in N ovem b er PER CENT Indexes of daily average value of sales. (1923-1925 = 100.) L atest figure November (P re lim in a ry ): Adjusted 93, U nadjusted 104. last y ear, w h ile in th e cou n try as a w h o le th ey w ere 3.5 per cent sm a ller. W h o le sa le trade, w h ich a lw a y s reaches the fa ll p eak in O ctober and d e clin es in the fo llo w in g m onths, decreased 1 3 .8 p er cent in N o v em b er, but w as 18.1 per cent greater than a y ea r ea rlier, and fo r the eleven m onths o f 1 9 3 6 w ere 1 7 .8 per cen t la rg er in d o lla r v o lu m e than in that part o f 1 9 3 5 . B ank d eb its to in d iv id u a l ac counts w ere 1 2 .9 per cent sm a lle r in N o v em b er than in O ctober, but w ere 13 p er cen t greater than in N ovem b er a year ago. A t w eek ly rep o rtin g m em ber banks in le a d in g c ities o f the D istrict to ta l lo a n s and in vestm en ts in creased fu rth er betw een N ovem b er 10 and D ecem b er 9 to th e h ig h est le v e l fo r an y W ed n esd a y in ab ou t six yea rs. T h e la rg er part o f the in crea se in recent m on th s h a s been in “A ll O ther L o a n s,” w h ich in c lu d e th o se fo r co m m ercia l, in d u stria l and a g ricu ltu ra l p u rp oses. “ A ll O ther L oan s” on D ecem b er 9 w ere at the h ig h est le v e l sin ce January, 1 9 3 4 , and to ta l lo a n s w ere the la rg est sin ce M ay, 1 9 3 3 . In vestm en t h o ld in g s o f secu rities d eclin ed betw een N o v em b er 1 0 and D ecem b er 9 b y 9 .8 m illio n s, but w ere 3 8 .6 m illio n s greater than a year earlier. D em an d d ep o sits-a d ju sted in crea sed fu rther to the h ig h est le v e l in a v a ila b le record s, and reserves m ain tained b y th ese banks w ith th e F ed era l R eserve B ank a lso reached a n ew h ig h le v e l. A t th e F ed era l R eserve B ank o f A tlan ta there w as an in crea se in th e sm a ll v o lu m e o f d iscou n ts, and d ep o sits and reserves a lso in creased . C onstruction con tracts aw arded in th e D istrict d u rin g N o v em b er in crea sed 3 7 p er cen t over O ctober, w ere 5 0 .3 p er cen t greater than a year a go and fo r th e elev en m onths o f 1 9 3 6 sh o w an in crea se o f 6 0 .8 p er cen t over that part o f 1 9 3 5 . B u ild in g p erm its issu ed at tw en ty cities in the D istrict d eclin ed 18 p er cen t fro m O ctob er to N ovem b er, but w ere 2 6 .7 p er cen t greater than in N o v em b er la st year and th e la rg est N ovem b er to ta l sin ce 1 9 2 8 . E m p loym en t and p a y r o lls in creased further in O ctober to the h igh est le v e l fo r th e recovery p erio d . C o n su m p tion o f cotton in th is D istrict d eclin ed 1 .6 p er cent in to ta l, but the d a ily average in crea sed 1 0 .8 p er cent over O ctober and w as the la rg est fo r a n y m onth on record. T h e d a ily average rate o f p ig iron p ro d u ctio n in A la b a m a in crea sed 2 0 .9 p er cent in N o v em b er an d w as 51 per cent greater than in N ovem b er, 1 9 3 5 . E lectr ic p ow er p rod u ction in creased and in O ctober fo r th e six th co n secu tiv e m onth reached a new h ig h le v e l, but th e d a ily a verage rate o f p ro d u ction d eclin ed slig h tly . M O N T H L Y FEDERAL RESERVE BANK OF ATLANTA (In Thousands of Dollars) Dec. 9 Nov. 10 1936 1936 Bills Discounted: Secured by Govt. Obligations All O thers................................ Total Discounts.............. Bills Bought in Open M arket... 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 make Indus trial Advances.......................... $ 75 $, . ................ $ 17 270 17 345 108 108 514 486 99,188 99,188 99,827 100,127 251,593 261,657 149,156 155,323 1,567 2,304 155,946 167,721 187,871 187,296 294 304 Dec. 11 1935 50 48 98 168 942 94,209 95,417 184,156 112,032 1,543 118,717 152,931 545 FINANCE Reserve Bank Credit M em ber bank reserve d ep osits increased further betw een N ovem ber 10 and D ecem ber 9 to a new h ig h le v el, and in this p eriod there w ere also increases in total d ep osits, in reserves, and a sm a ll in crease in discounts fo r m em ber banks. T h e volu m e o f discounts has been alm ost n e g lig ib le sin ce sh ortly after the banking h o lid a y in 1933. On D ecem ber 9 discounts am ounted to 345 thousands o f d o lla rs, com pared w ith 17 thousands fou r w eeks earlier, and w as the largest total re corded fo r any W ednesday sin ce M ay 1, 1 9 35, and w ith that sin g le excep tion , sin ce J u ly 3, 1934. H o ld in g s o f purchased b ills and o f U nited States securities show ed no change since N ovem ber 10, and in d ustrial advances d eclin ed 2 8 th o u sands. C om pared w ith the corresp on d in g W ednesday a year ago, increased h o ld in g s o f U n ited States secu rities and discounts w ere p a rtly offset in the total b y decreases in in dustrial advances and purchased b ills , and total b ills and securities show an in crease o f $ 4 ,7 1 0 ,0 0 0 . T otal reserves h eld b y the bank, and m em ber bank re serve accounts, d eclin ed slig h tly in the w eek fo llo w in g N o vem ber 10, but increased in the three fo llo w in g w eeks to new h ig h lev els. T otal reserves m aintained b y m em ber banks in the D istrict during the last h a lf o f O ctober aver aged 144.3 m illio n s o f d o lla rs, a p p ro x im a tely 2 9 .6 per cent in excess o f actual reserve requirem ents. N et dem and de p osits, and actual reserves, increased som ew hat in the first h a lf o f N ovem ber, but d eclin ed slig h tly in the latter h a lf o f the m onth, but in both o f these period s actual reserves averaged 3 1 .5 per cent in excess o f requirem ents. F ederal R eserve notes o f this bank’s issu e continued at a h igh le v el, alth ou gh slig h tly b elow the total on N ovem ber 10, and a p p ro x im a tely 3 4 .4 m illio n s greater than on the corresp on d in g W ed n esd ay a year ago. Member Bank Credit T otal loan s and investm ents o f w eek ly reporting m em ber banks in lea d in g cities o f the D istrict increased further betw een N ovem b er 10 and D ecem ber 9, and w ere at the h igh est lev el in about six years. S in ce m id-year there has been a rather substantial rise in the v olu m e o f loan s reported b y these banks, w h ile h o ld in g s o f secu rities have fluctuated w ithin a narrow range. T otal loan s on D ecem ber 9 am ounted to about 2 6 5 m illio n s o f d o lla rs, as com pared w ith 2 1 8 .5 m il lio n s the second W ednesday in J u ly, and w ith 2 2 9 .2 m illio n s on D ecem ber a year ago. T he larger part o f the increase has been in so-called “A ll Other L oan s” w hich in clu d e those fo r com m ercial, in d u strial and agricu ltu ral p urposes. T hese “A ll Other L oan s” increased from 129.3 m illio n s on J u ly 8 to 1 7 4.2 m illio n s on D ecem ber 9, w hen they w ere 2 6 .6 m il- 3 R E V IE W CONDITION OF 22 M EM BER BANKS IN SELECTED CITIES (In Thousands of Dollars) Dec. 9 Nov. 10 Dec. 11 1936 1936 1935 Loans and Investments.............. $ On Securities............................ To Brokers and Dealers........ To O thers................................ Real Estate Loans...................... Acceptances and Com’l Paper Loans to B anks........................... Other L oans................................. Investments—T otal.................... U. S. Govt. Direct Obligations ObligationsGuaranteedbyU.S. Other Securities...................... Reserve with F. R. B ank.......... Cash in V au lt.............................. Balances with domestic banks.. Demand Deposits—A djusted... Time Deposits............................. U. S. Govt. Deposits.................. Inter-bank Deposits: Domestic. Foreign... Borrowings 589,034 $ 264,991 59,151 6,726 54,425 25,475 586,860 253,055 57,248 5,532 51,716 24,447 4,942 1,201 174,222 324,043 200,183 38,466 85,394 95,114 11,430 127,214 329,882 178,627 32,176 227,140 1,331 5,393 1,304 164,663 333,805 208,575 39,786 85,444 88,934 11,043 122,127 310,335 177,539 40,241 225,317 1,297 $ 514,708 229,224 53,919 6,123 47,796 21,597 5,107 989 147,612 285,484 168,580 42,316 74,588 62,671 9,983 150,171 303,523 177,192 18,593 193,812 1,464 lio n s greater than a year ea rlier. “A ll Other L oan s” w ere h igh er on D ecem b er 9 than on an y other W ed n esd ay sin ce January, 19 34 , and total lo a n s w ere the h ig h est sin ce M ay, 1933. H o ld in g s o f in vestm en t secu rities b y these banks declin ed a p p ro x im a tely 9 .8 m illio n s betw een N ovem b er 10 and D e cem ber 9, but w ere then 3 8 .6 m illio n s greater than on the corresp on d in g W ed n esd ay a year ago. S in ce the m id d le o f M arch total in vestm en t h o ld in g s o f th ese rep orting banks have am ounted to m ore than 3 0 0 m illio n s o f d o lla rs, and o f th is am ount about three-fourths has been in direct o b lig a tion s o f the U n ited States G overnm ent and th ose guaranteed b y the U n ited States. D em and dep osits-ad ju sted at these banks in creased b e tw een N ovem b er 10 and D ecem b er 9 b y about 19.5 m illio n s o f d o lla rs, and w ere then 2 6 .4 m illio n s greater than a year ago and at the h ig h est le v el in a v a ila b le records. T im e d e p osits a lso in creased som ew hat sin ce N ovem b er 10 and w ere the largest in a little m ore than a year. R eserves m ain tained b y th ese banks w ith the F ed eral R eserve Bank o f DEBITS TO INDIVIDUAL ACCOUNTS (In Thousands of Dollars) Nov. 1936 Oct. 1936 Nov. 1935 134,452 $ 75,116 3,743 31,920 23,673 151,843 $ 84,135 4,460 34,543 28,705 115,676 64,803 2,846 27,156 20,871 Florida—i C ities........................ Jacksonville............................. Miami....................................... Pensacola................................. T am pa...................................... 128,335 59,137 34,844 8,570 25,604 134,175 66,515 31,989 9,579 26,092 112,012 55,288 26,705 7,322 22,697 Georgia— 10 Cities...................... Albany...................................... A tlanta..................................... Augusta.................................... Brunswick................................ Columbus................................. Elberton.................................... M acon...................................... Newnan.................................... Savannah................................. Valdosta................................... 264,235 5,571 168,951 19,246 2,159 13,352 1,317 17,489 2,333 29,448 4,369 287,977 5,139 182,279 22,087 2,326 14,609 1,443 19,045 2,379 34,710 3,960 231,517 3,654 149,397 17,784 2,038 11,247 1,105 13,963 2,109 27,051 3,169 Louisiana—New Orleans........... 210,784 263,437 193,261 Mississippi—4 Cities.................. H attiesburg............................. Jackson.................................... M eridian.................................. Vicksburg................................. 57,618 4,049 34,204 9,423 9,942 73,890 4,939 44,204 12,065 12,682 41,900 3,511 22,893 7,985 7,511 Tennessee—3 Cities.................... Chattanooga............................ Knoxville.................................. Nashville.................................. 136,692 38,153 23,820 74,719 159,443 45,828 27,543 86,072 130,158 35,823 22,737 71,598 Alabama—4 Cities..................... Birmingham............................ D othan..................................... M obile...................................... Montgomery............................ Total—26 Cities...................... $ $ 932,116 $ 1,070,765 $ 824,524 4 M O N T H L Y A tlan ta in creased to a n ew h ig h le v e l. B a la n ces m a in tained w ith other dom estic banks in creased som ew h at sin ce N ovem b er 10, but con tin u ed to b e le ss than th o se reported betw een Septem ber, 193 5 , and N ovem b er, 1 9 3 6 . Interbank d ep osits con tin u ed at h ig h le v e ls com p ared w ith m ost p re v io u s rep ortin g dates. A n a cco m p a n y in g ta b le com pares p rin cip le item s in the report. D eb its to in d iv id u a l accounts at banks in 2 6 rep ortin g centers d eclin ed 1 2 .9 per cent in to ta l am ount fro m O ctober to N ovem ber, but becau se o f the sm a ller num ber o f b u sin ess days the d a ily average in creased 2 .2 per cen t and w as 18 per cent greater than fo r N ovem b er la st year, w h ich had one m ore bu sin ess day. T he last m o n th ly estim ate o f the cotton crop o f 1 9 3 6 b y the U n ited States D ep artm en t o f A g ricu ltu re in d icates a total p rod u ction o f 1 2 ,4 0 7 ,0 0 0 b a les. T h is is an in crease o f 7 ,0 0 0 b ales over the N ovem b er estim ate, and is la rg er b y 1 ,7 6 9 ,0 0 0 b a les than th e 1 9 3 5 crop . E stim ates fo r th e states o f this D istrict sh ow an in crea se o f 1 ,0 8 5 ,0 0 0 b a les, or 2 6 .3 per cent, over 1 9 3 5 p rod u ction , and in d ica te the largest crop in th ese states sin ce 1 9 3 1 . U p to D ecem b er 1 there had been gin n ed in th ese six states a to ta l o f 5 ,1 6 5 ,9 9 4 b ales, w h ich is larger b y 2 5 .7 per cent than the am ount gin n ed to the sam e tim e la st year. In th e cou n try as a w h ole, total g in n in g s to D ecem b er 1 am ounted to 1 1 ,4 9 4 ,1 7 0 b ales, an in crease o f 2 2 .8 per cent over the am ount ginned to that tim e last year. W eather in the C otton B elt th is fa ll has been rem arkab ly fa v o ra b le. In the ord in a ry season there is som e lo ss o f open cotton in the field s, but th is season p ra ctica lly n o lo sses o f th is k ind occurred. A lso fro sts h eld * off later than u su al th rou gh the northern b elt, p erm ittin g late b o lls to m ature. C otton p rices w ere firm and com p ara tiv e ly steady d u rin g N ovem b er, but a stron g rise w as e x p erienced in the first part o f D ecem b er. T h e p rice o f M id d lin g sp ot cotton at the 10 m arkets averaged 1 2 .0 6 cents in N ovem ber, com p ared w ith 1 2 .0 7 cents in O ctober and 1 1 .7 7 cents in N ovem b er, 1 9 3 5 . T h e average fo r the w eeks ended D ecem ber 5 and 12 w ere 1 2 .3 7 and 12.61 cents, resp ec tiv ely . T h e very h ig h le v e l o f d om estic con su m p tion and the sm a ll su p p ly o f cotton in trade ch an n els in the U n ited States con tin u e to b e im p ortan t p rice stren gth en in g factors, SUGAR M OVEM ENT—NEW ORLEANS—Pounds Raw Sugar Nov. 1936 Oct. 1936 Nov. 1935 Receipts........................................ Meltings........................................ Stocks............................................ 86,365,156 71,276,820 24,121,675 41,890,214 48,009,722 8,984,346 87,792,624 69,941,697 47,400,389 Shipm ents.................................... Stocks............................................ Refined Sugar 68,139,684 16,475,098 56,545,179 22,616,284 53,500,155 30,834,387 R IC E MOVEMENT (Rice Millers’ Association Statistics) November Aug. to Nov. Incl Receipts of Rough Rice* Season 1936-37....................... Season 1935-36....................... 1,761,108 1,816,065 5,729,705 5,419,169 Distribution of Milled Rice** Season 1936-37....................... Season 1935—36....................... 1,109,629 883,773 3,408,472 3,029,531 Stocks: November 30, 1936................ November 30, 1935................ Rough* 1,482,288 2,241,124 Milled** 1,356,557 737,227 * *P o c k e ts of 100 lbs. and an n ou n cem en ts rela tiv e to the A g ricu ltu ra l C onservation P rogram fo r 1 9 3 7 and reports that th e 1 9 3 6 -3 7 cotton crop s in In d ia and B razil m ay b e sm a lle r than w as in d icated b y ea rlier estim ates a lso h ave con trib u ted to the strength o f p rices. E stim ates fo r th e six states o f th is D istrict, and fo r the U n ited S tates, are com p ared in the tab le. COTTON PRODUCTION—000 Bales 1936 Estimates Percent 1935 Percent Dec. 1 Nov. 1 Change Production Change Alabam a........................... Florida.............................. Georgia.............................. Louisiana.......................... Mississippi........................ Tennessee.......................... 1,140 32 1,090 763 1,910 431 Six States...................... United S tates.............. AGRICULTURE ^ B arrels of 162 lbs. R E V IE W 5,366 12,407 1,155 32 1,100 755 1,900 435 — 1.3 same —0.9 + 1 .1 + 0 .5 —0.9 5,377 12,400 —0.2 + 0 .1 1,059 31 1,059 556 1,259 317 4,281 10,638 + 7.6 +3.2 + 2 .9 + 3 7 .2 + 5 1 .7 + 3 6 .0 + 2 5 .3 + 1 6 .6 E stim ated cash in co m e fro m th e sa le o f p r in cip a l farm p roducts, in c lu d in g liv e sto ck and liv e sto c k p rod ucts, in the six states o f th is D istrict, w as 5 6 p er cen t greater in S e p tem ber th is year th an la st, a cco rd in g to figu res c o m p iled by the U n ited S tates D ep artm en t o f A g ricu ltu re. T h e in com e fro m crop s a lo n e w as 6 9 .4 p er cen t greater th an a year a g o , but that fro m liv esto ck and liv e sto c k p rod u cts o n ly 1 1 .4 per cent larger. F or the n in e m onths o f 1 9 3 6 , total in com e fro m crop s and liv esto ck ex ceed ed that fo r the corresp on d in g part o f 1 9 3 5 b y 1 8 .5 p er cent. T h e figu res are co m pared in the ta b le. ESTIM ATED R E C E IPT S FROM SALE OF FARM PRODUCTS, IN CLU D IN G LIVESTOCK (In Thousands of Dollars) September September January-Sept. Incl. 1936 1935 1936 1935 Alabama............................ Florida.............................. Georgia............................. Louisiana.......................... Mississippi........................ Tennessee.......................... Six States...................... $ $ 15,466 $ 3,637 19,995 15,425 27,472 8,967 90,962 $ 10,535 1,949 14,425 8,642 14,830 7,970 58,351 $ $ 59,387 $ 80,493 88,444 50,129 69,436 64,423 412,312 $ 51,450 67,398 73,933 40,330 52,426 62,330 347,867 TRADE Retail Trade N ovem b er sa les b y 5 7 rep ortin g retail firm s in the S ixth D istrict d eclin ed 10 p er cent com p ared w ith O ctober, but averaged 8 per cent la rg er than in N ovem b er la st year. N ovem b er w as shorter b y three b u si n ess days than O ctober, h ow ever, and d a ily average sa les registered a s lig h t in crease. T h e in d ex num ber o f d a ily average sa les, th erefore, after r isin g o n ly slig h tly in O c tober w hen a rather su b stan tial in crea se u su a lly occurs, show ed a further slig h t rise in N o vem b er w hen a sm a ll d e crease u su a lly takes p la ce. A fter ad ju stm en t fo r the u su al season al variation , the in d ex , w h ich had d eclin ed in O ctober to 9 9 .8 per cent o f th e 1923 -2 5 average, in creased to 1 0 5 .2 per cent in N ovem b er. T h e unad ju sted in d ex is the h ig h est fo r N ovem ber sin ce 1 9 2 8 . S tocks on hand at the c lo s e o f N ovem b er averaged 4.1 per cent larger than a m onth ea rlier, and 9.3 per cent greater than at the sam e tim e la st year, and the rate o f stock turnover, w h ile lo w er than in O ctober, was slig h tly h ig h er than a year a g o . T h e c o lle c tio n ratio also d eclin ed slig h tly from O ctober to N ovem b er, and w as sm a ller than fo r N ovem b er, 1 9 35. T h e N ovem b er ratio fo r regu lar accounts w as 3 6 .8 per cent, and fo r in sta llm en t ac counts 14.5 per cent. P ercen tage com p arison s in the ta b le are b ased u p on fig ures reported in actual d o lla r am ounts and m ake no a llo w ance fo r ch an ges in p rice le v e ls. T h e in d ex es o f d a ily aver- M O N T H L Y 5 R E V IE W RETA IL TRADE IN THE SIX TH D ISTRICT DURING NOVEMBER 1936 Based on confidential reports from 57 department stores C omparison op N et Sales C omparison op Stocks November 1936 Year to Nov. 30, 1936 Stock T urnover with: date with: with: Same month Previous Same period Same month Previous November Jan.-Nov. Incl. a year ago M onth last year a year ago Month 1936 1935 1936 1935 Atlanta (6 ).................................... ....... + 8.9 Birmingham (5)............................ ....... + 20.7 Chattanooga (4)........................... ....... + 7.8 Jacksonville (3 )............................ ....... + 1 5 .6 Miami (3 )...................................... ....... + 2 0 .2 Montgomery (3)........................... ....... — 1.2 Nashville (4)................................. ....... + 6.1 New Orleans (4)........................... ....... + 0.5 Other Cities (25)........................ ........+ 1.0 D ISTRICT (57).................................. + 8 .0 — 14.7 — 14.5 — 13.3 —29.9 + 26.2 — 16.5 — 19.5 — 1.4 — 12.7 — 10.0 + 12.1 + 2 6 .9 + 5.3 + 17.5 + 13.7 +7.5 + 9.4 + 1 6 .4 + 7.3 + 13.7 — 9.6 + 1 3 .4 + 1.7 ............ + 2 1 .3 +0.5 — 0.0 + 8.7 + 7.5 + 9 .3 Life Insurance Increases in sa les o f life in su ran ce fro m Octob er to N ovem b er in A lab am a, F lo rid a , L ou isian a and M ississip p i w ere slig h tly m ore than offset b y d ecreases in G eorgia and T en n essee. N o vem ber sa les w ere, how ever, 9 .8 per cent greater in these six states than fo r that m onth la st year, and fo r the eleven m onths total sa les h ave been 2 .6 per cent less than fo r that p eriod a year ago. In the U n ited States as a w h o le, sa les d eclin ed 2 .8 p er cent from O ctober to N ovem b er, and w ere 3 .5 per cent less than in N ovem b er, 1 9 3 5 . F igu res com p ared in the ta b le are from th ose c o m p iled b y the L ife Insurance S a les R esearch B ureau. (In Thousands of Dollars) Nov. Oct. Nov. 1936 1936 1935 Alabama............................ Florida.............................. Georgia.............................. Louisiana.......................... Mississippi........................ Tennessee.......................... Six States...................... United S tates.............. $ 3,914 4,417 5,991 4,691 3,038 5,218 $ 27,269 477,569 Wholesale Trade $ 3,781 4,350 6,607 4,157 3,034 5,463 $ 27,392 491,316 $ 3,334 3,863 6,220 4,173 2,152 5,094 Nov. 1935 T he collection ratio is th e percentage of accounts o u tsta n d in g WHOLESALE TRADE IN SIX TH DISTRICT DURING NOVEMBER 1936 Based on confidential reports from 79 firms Percentage Comparisons Number November 1936 with: Jan.-Nov. 1936 Incl. of Firms October November with same 1936 1935 period last year All Lines Combined: Groceries: Jacksonville......... Vicksburg............. Other Cities.......... Dry Goods: Nashville.......... Other Cities......... Hardware: Nashville.............. New Orleans........ Other Cities.......... Furniture: Electrical Supplies: Drugs: 79 26 — 13.8 + 0.4 + 18.1 + 6.4 + 17.8 18 3 3 9 — 13.6 — 6.3 —28.3 — 11.5 + 2.7 — 3.4 + 29.9 + 8.8 + 4.7 — 4.0 + 25.1 + 6.5 14 3 11 7 —23.3 —28.3 —21.9 — 5.9 + 17.7 + 17.9 + 17.7 — 0.1 + 14.8 + 9.1 + 16.4 25 3 5 17 9 — 12.9 — 11.8 — 14.3 — 12.4 + 3.8 + 21.8 + 8.6 +26.1 +21.7 + 4.5 + 2 2 .7 + 9 .0 + 3 3 .2 + 19.7 7 5 — 7.0 + 21.1 +83.7 + 12.9 + 4 5 .0 3 — 1.8 + 4 0 .6 + 4 7 .6 7 — 7.1 + 12.1 + 13.0 COLLECTION RATIO* November October 1936 1936 Groceries............................................. 74.7 Dry Goods........................................... 39.5 Hardware............................................. 45.1 Furniture............................................. 46.8 Total..................... 46.7 November 1935 79.0 43.0 51.7 53.1 66.0 39.6 41.7 36.1 52.0 45.6 *The collection ratio is the percentage of accounts and notes receivable out standing at the beginning of the month which were collected during the month. Jan.-N ov Incl. 1936 1935 $ 38,147 52,028 65,864 49,959 26,269 58,009 $ 41,073 49,843 70,630 51,827 24,272 60,451 $ 24,836 $290,276 $ 298,096 494,705 5,366,834 5,605,655 D istrib u tio n o f m erch an d ise at w h o le sa le in the S ix th D istrict d eclin ed 1 3.8 per cent from O ctober to N ovem b er, but w as 18.1 per cent greater than in N ovem b er la st year, and the in d ex o f sa les, w hich is not adjusted fo r sea so n a l v ariation , w as the h igh est for N ovem b er sin ce 19 2 9 and, ex cep t fo r S ep tem ber and O ctober this year, w as th e h ig h est fo r an y m onth sin ce O c tober, 1930. T h e d eclin e o f 1 3 .8 p er cent from O ctober com pares w ith a decrease o f 11.3 per cen t at that tim e last year. F or the eleven m onths o f 1 9 3 6 sa les b y rep ortin g w h o lesa le firm s h ave been 17.8 per cent greater than in that part o f 1935. C om parisons o f reported figures are set out in the tab le, and in d ex num bers ap p ear on p a g e 8. Oct. 1936 — 8.0 .37 .33 4.24 3.95 27.7 27.4 28.7 + 7.5 .30 .29 3.06 2.96 35.5 36.8 35.9 + 0.4 .31 .28 3.04 3.08 32.7 33.0 36.3 .......... ............. ................................................................................................................. + 7.5 .41 .42 4.22 3.81 ........................................... + 1 0 .0 .28 ... 3.01 ................................................................... — 2.1 .29 .26 3.65 2.68 28.8 29.8 31.2 + 9.6 .31 .33 3.56 2.96 37.5 37.1 42.6 + 7.3 .24 .27 2.58 2.69 32.9 34.7 32.3 + 4.1 .31 .30 3.40 3.08 32.1 32.6 33.5 N O T E : T h e ra te of stock tu rn o v er is th e ratio of sales during given period to average stocks on hand. and due a t th e beginning of th e m o n th which were collected d uring th e m onth reported on. age sa les, and o f stocks, on p a g e 8, are b ased u p on reports from a sm a ller num ber o f firm s w h ose figures h ave been reported over a lo n g er p erio d o f years. A statem ent b y the U n ited States D ep artm en t o f C om m erce in d icates that d a ily average sa les o f gen eral m erchan d ise in sm a ll tow ns and rural areas in the South show ed larger gain s over Septem ber, and over O ctober last year, than in other parts o f the country. T h e in crease over S e p tem ber w as 4 0 per cent in th e S ou th , and 2 7 per cent fo r the cou ntry as a w h ole, and over O ctober la st year the gain in the South w as 35 p e r cent, and fo r th e cou n try 21 per cent. C ollection R atio Nov. 1936 EMPLOYMENT T here w ere further gain s in both num ber o f w orkers and in the am ount o f a w eek ’s p a y r o ll at rep ortin g firm s in the six states o f th is D istrict from Septem ber to O ctober. N u m ber o f w orkers in creased 2 .6 p er cent, and p a y ro lls 5.6 per cent, over Septem ber, and w ere 13.4 per cent, and 19.3 per cent, resp ectiv ely , h ig h er than a year a go, and the h igh est fo r the recovery p eriod . G ains over S ep tem ber in num ber o f w orkers ranged from 0 .2 per cent in L ou isian a to 7.1 per cent in F lo rid a , and in p a y r o lls from 1 .4 per cent in M ississip p i to 7 .7 per cent in F lo rid a . T he increases in F lo rid a w ere la r g e ly in w h o le sa le trade (p a ck in g and sh ip p in g o f citrus fr u it). In O ctober num ber o f w orkers was 52.1 per cent, and p a y r o lls 9 4 .3 per cent, greater than at the lo w p o in t reached in J u ly , 1932. INDUSTRY T he v a lu e o f b u ild in g perm its issu ed at tw en ty reporting cities in the S ixth D istrict d uring N ovem b er d eclin ed 18 per cent from O ctober and w as the sm a llest m on th ly total 6 M O N T H L Y BUILDING PER M ITS—NOVEMBER Number 1936 1935 Alabama Anniston....................... Birm ingham ................. M obile.......................... M ontgomery................ Florida J acksonville.................. Miami............................ Miami Beach............... Orlando........................ T am pa.......................... Georgia A tlanta.......................... Augusta........................ Columbus..................... M acon.......................... Savannah...................... Louisiana New Orleans................ Alexandria.................... Tennessee Chattanooga................ Johnson C ity................ Knoxville...................... Nashville...................... Total 20 C ities............ 30 339 31 104 24 273 57 104 584 788 220 100 170 523 1,195 187 65 178 246 41 92 134 29 199 32 83 1936 Value Percentage Change 1935 in Value 85,835 90,340 87,853 274,425 — 56.4 + 110.9 — 38.6 — 68.3 506,610 1,194,760 850,741 233,911 157.099 374,754 737,232 662,582 41,216 41,104 + 35.2 + 62.1 + 28.4 + 467.5 +282.2 465.099 39,545 112,668 93,309 57,593 186,460 32,298 70,543 17,730 36,855 +149.4 + 22.4 + 59.7 + 426.3 + 56.3 + 86.4 + 341.5 37,393 190,484 53,940 87,046 $ 110 27 $ 86 66 88 41 254,405 65,210 136,501 14,771 395 8 56 144 338 3 51 119 182,679 18,600 102,787 85,860 313,120 — 41.7 1,350 + 1 ,2 7 7 .8 173,962 — 40.9 402,800 — 78.7 3,663 3,697 $4,789,739 $3,781,731 + 26.7 sin ce A p ril, but w as 2 6 .7 per cent greater than fo r N o v em ber la st year and la rg er than fo r N ovem b er o f other years sin ce 1 9 28. O f the tw en ty cities, tw elv e reported in creases over O ctober and fou rteen reported g ain s over N ovem b er last year. C um ulated to ta ls fo r the elev e n m onths o f 1 9 3 6 am ount to n ea rly 6 0 .8 m illio n s o f d o lla r s, la rg er b y 6 6 per cent than in that part o f 1 9 3 5 , and the la rg est total fo r the p eriod sin ce 1 9 29. C om p arison s fo r the m onth are show n in a ccom p an yin g tab le. T he v a lu e o f b u ild in g and con stru ction contracts aw arded in the S ixth D istrict, acco rd in g to statistics co m p iled b y the F. W . D o d g e C orporation and su b d ivid ed in to d istrict to ta ls b y the D iv isio n o f R esearch and S ta tistics o f the B oard o f G overnors o f the F ederal R eserve S ystem , in creased 37.1 per cent from O ctober to N ovem b er, w hen th ey w ere about 4 .7 m illio n s less than in J u ly , but w ith that ex cep tio n the largest total fo r an y m onth sin ce January, 1 9 3 4 . In fact, d u rin g a little m ore than seven years p ast there h ave been o n ly fo u r m o n th ly tota ls la rg er than that fo r N ovem b er. R esid en tial contracts d eclin ed in N ovem b er b y 3 6 .8 per cent, but w ere 6 3 .9 per cent greater than a year a go, and other contracts increased 7 6 .3 per cent over the m onth and exceeded those fo r N ovem b er last year b y 4 8 per cent. C um ulated totals fo r the elev e n m onths o f 1 9 3 6 am ount to $ 2 2 7 ,4 8 9 ,4 3 1 , an in crease o f 6 0 .8 per cent over the corre sp on d in g p eriod last year. F or th is p eriod resid en tia l co n tracts increased 6 5 .2 per cent, and others 59.1 p er cent. State totals show sub stan tial g ain s over the m onth in A la bam a and T enn essee, but decreases fo r the other fo u r states. A w ards w ere larger than a year ago in A la b a m a , G eorgia and T ennessee, but sm a ller in F lo rid a , L ou isia n a and M is sissip p i. F or the eleven m on th s’ p erio d in creases are show n over that part o f 1935, ex cep t fo r L ou isian a, w here there w as a slig h t decrease. T o ta l aw ards in the 3 7 states east o f BU ILDING AND CONSTRUCTION CONTRACTS AWARDED F. W. Dodge Corporation figures Nov. 1936 Oct. 1936 Nov. 1935 Sixth District T o tal........... Residential....................... All O thers........................ , , State Totals: Alabam a........................... , , Florida.............................. Georgia............................. Louisiana.......................... Mississippi........................ Tennessee.......................... $ 28,639,300 4,581,900 24,057,400 $ 20,896,100 7,248,000 13,648,100 $ 19,050,679 2,795,181 16,255,498 9,675,700 5,660,500 4,130,300 1,177,100 2,418,800 7,599,900 3,825,000 5,907,900 4,737,100 4,205,300 3,939,500 2,145,400 1,937,000 6,246,700 2,821,600 4,843,600 3,801,100 3,659,400 R E V IE W the R ock y M ou n tain s d eclin ed 7 .3 p er cent, and resid en tial aw ards d eclin ed 14.1 p er cent, fro m O ctober to N ovem ber, and w ere, r e sp ectiv ely , 1 0 .7 p er cent and 7 2 .4 per cent greater than in N ovem b er, 1 9 3 5 . A cco rd in g to press rep orts, th e S ou th ern P in e m arket h as con tin u ed in to D ecem b er th e im p rovem en t w h ich h as been in ev id en ce in recent w eeks, d ue o n ly in p art to the d iv er sio n o f b u sin ess on accou n t o f th e tie-u p in w ater tran sp or tation on the W est C oast. R eta il yard s co n tin u e to fu rn ish th e b u lk o f the dem and, but th ere is a stead y d em and fro m railroad s fo r co n stru ction tim b ers as w e ll as fo r car m ate ria l. R ecent ad van ces in p rices on m an y item s are b ein g w e ll m ain tain ed . F or th e six w eeks p erio d e n d in g D ecem ber 12, w eek ly reports to th e S ou th ern P in e A sso cia tio n in d ica te that orders averaged 31 p er cent, sh ip m en ts 2 0 per cent, u n filled orders 2 5 p er cen t, and p ro d u ction 0 .5 per cent, larger than in that p erio d a year a g o . F o r th is p eriod orders averaged 1 9 .5 p er cent greater than p rod u ction , and the ratio o f orders to p ro d u ctio n w as 3 0 .2 per cent h igh er than fo r that p erio d la st year. C on su m p tion o f cotton b y A m erica n m ills d eclin ed 3.1 per cent in N ov em b er, com p ared w ith O ctober, but w as 2 2 .3 per cent greater than in N o v em b er la st year and the la rg est N ovem b er to ta l in tw en ty years w ith the excep tion o f 1 9 2 7 . T h e d e c lin e in to ta l co n su m p tio n fro m O ctober to N ovem b er w as due to the sh orter m onth, as d a ily average con su m p tion in creased 9.1 p er cent. In th e cotton states the d a ily average in creased 9 .8 p er cent over O ctober, and in other states 5 per cent. C on su m p tion in th e cotton states accou n ted fo r 8 4 .3 p er cent o f th e to ta l in N ovem b er, 8 3 .7 per cent in O ctober, and 8 4 .1 per cent in N o v em b er a year a go. T o ta ls fo r th e first fo u r m on th s o f th e cotton season , A u gu st th rou gh N ovem b er, am ou n t fo r th e country as a w h o le to 2 ,4 7 7 ,2 1 0 b a les, and fo r the cotton states to 2,0 7 7 ,5 5 2 b a les, la rg er b y 2 8 .7 p er cent, and 2 8 .8 per cent, re sp ectiv ely , than fo r the co rresp o n d in g part o f the p reviou s season . E xp orts o f cotton d u rin g N o v em b er d eclin ed 1 9 .9 per cent from O ctober, and am ou n ted to 6 8 9 ,8 1 5 b a les, 3 9 .2 per cent less than th e total fo r N ovem b er, 1 9 3 5 . T h e fourm onths to ta l o f ex p o rts is 2 ,3 0 2 ,9 4 2 b a les, and is sm a ller b y 1 0 .6 per cent than exp orts in that part o f the p reviou s sea son . T h e v a lu e o f cotton ex p o rted in N o v em b er w as $46,1 5 2 .0 0 0 , com p ared w ith $ 7 4 ,1 6 5 ,0 0 0 fo r N ovem b er la st year, and fo r the fo u r m on th s o f th is season it w as $ 153,3 8 3 .0 0 0 , a g a in st $ 1 6 6 ,9 7 8 ,0 0 0 fo r th at p erio d a year ago. T o ta l stocks o f cotton in creased furth er in N ovem b er by 8 .3 per cent, and w ere 2 .3 p er cent la rg er than a year ago. Stocks h eld at the m ills in creased c o n sid era b ly over b oth the p rev io u s m onth and the sam e m on th la st year. T here w as a fu rth er in crea se o f 0 .7 per cent in active COTTON CONSUMPTION, EXPORTS, STOCKS, AND ACTIVE SPIND LES U N ITE D STATES—Bales Nov. 1936 Oct. 1936 Nov. 1935 Cotton Consumed....................... Stocks............................................ In Consuming Establishments In Public Storage and a t Compresses.......................... E xports......................................... Active Spindles—Number.......... 626,695 10,210,658 1,792,250 646,499 9,431,056 1,402,916 512,312 9,977,908 1,348,830 8,418,408 689,815 23,805,520 8,028,140 861,016 23,638,270 8,629,078 1,134,874 23,193,538 COTTON GROWING STATES—Bales Cotton Consumed........................ Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles............................ 528,513 9,933,744 1,575,907 541,335 9,223,220 1,239,525 430,785 9,693,394 1,173,595 8,357,837 17,463,486 7,983,695 17,372,302 8,519,799 17,018,696 M O N T H L Y sp in d les from O ctober to N ovem b er, and an in crease o f 2 .6 per cent over the num ber active in N ovem b er la st year. T o ta l con su m p tion o f cotton in N ovem b er am ounted in G eorgia to 1 2 4 ,8 2 5 b ales, in A la b a m a to 6 9 ,4 5 7 b a les, and in T en nessee to 1 5 ,1 3 4 b a les, a total o f 2 0 9 ,4 1 6 b a les fo r the three states, w h ich w as 1.6 per cent less than in O ctober, but 2 5 .3 per cent greater than in N ovem b er a year ago. E xcep t fo r O ctober, and fo r June, 1 9 3 3 , th is N ovem b er total is the largest on record. B ecau se o f the shorter m onth, d a ily average con su m p tion in th ese states in creased 1 0.8 per cent from O ctober to N ovem b er and w as at th e h igh est rate recorded fo r an y m onth in a v a ila b le statistics. C on fidential reports from m ills in the D istrict con tin u e to show increases in orders, ship m en ts, p rod u ction and em p lo y m en t over the corresp on d in g p eriod a year ago. O perations at cotton seed o il m ills in th is D istrict d e c lin ed som ew hat from O ctober to N ovem b er, but cru sh in gs o f seed and p roduction o f the p rin cip a l cotton seed products w as greater than in N ovem b er o f other years sin ce 1 931. F or the season, A ugust through N ovem b er, receip ts o f seed at m ills in this D istrict h ave been 2 7 .4 per cent, and cru sh in gs 3.5 per cent, greater than in that part o f la st season , in creases in p roduction ranged from 2.1 per cent in crude o il to 14.3 per cent in lin ters. Stocks o f seed and o f lin ters w ere larger at the end o f N ovem b er than a year ago, but stocks o f cake and m eal, h u lls and crude o il w ere sm a ller. F igu res fo r the U nited States as a w h o le a lso sh ow increased receipts, cru shin gs and stocks o f seed , and in p rod u ction , but sm a ller stocks o f m an u factu red products. C ensus B u reau figures are com pared in an acco m p a n y in g tab le. E lectric p ow er p rodu ction in the six states o f th is D is trict in creased s lig h tly from S ep tem ber to O ctober, and w as 2 4 per cent greater than in O ctober la st year. O ctober w as the sixth con secu tive m onth to record a n ew h ig h le v el in p rodu ction o f electric pow er. T he in crease over Septem ber w as, how ever, due to th e lo n g er m onth, as d a ily average p roduction declin ed . F or the ten m onths, total p rod u ction w as 2 0 .6 per cent greater than in that part o f 1 9 3 5 . In O ctober p rod uction b y u se o f w ater pow er accou n ted fo r 6 3 .2 per cent o f the tota l, com pared w ith 4 9 .2 per cent in Septem ber, and w ith 4 4 .9 per cent in O ctober la st year. In the fou r w eeks ended N ovem b er 2 8 , p rod u ction o f bitu m in ou s coal averaged about 3.5 per cent larger in A la bam a, but 3.8 per cent less in T en n essee, than d u rin g O c tober, but continu ed su b sta n tia lly greater than a year ago in A lab am a b ecause p rod u ction w as interrupted b y lab or difficulties the first h a lf o f that m onth, and w as 12.2 per cent greater in T enn essee. C um ulated figures fo r the year 1 9 3 6 through N ovem b er 2 8 , in d ica te the p rod u ction in A lab am a o f 1 0 ,4 9 3 ,0 0 0 tons, an in crease o f 4 0 per cent over that part o f 1935, and in T en n essee 4 ,5 1 6 ,0 0 0 ton s, an in crease o f 21 COTTON SEED AND COTTON SEED PRODUCTS Sixth District* United States Aug. 1 to Nov. 30 Aug. 1 to Nov. 30 1935 1936 1936 1935 Cotton Seed—Tons: Received at M ills... 1,449.518 1,137.935 846,174 817,563 Crushed.................... On Hand Nov. 30... 609,648 365,905 Production: Crude Oil, lbs.......... 259,080,234 253,692,686 Cake and Meal, tons 372,911 361,723 Hulls, tons............... 222,275 216,046 177,267 Linters, bales........... 202,655 Stocks a t Mills, Nov. 30 19,214,197 19,792,363 Crude Oil, lbs.......... 59,032 116,521 Cake and Meal, tons 37,944 41,817 Hulls, tons............... 50,632 47,238 Linters, bales........... ♦G eorgia, A la b a m a , L o u isia n a and M ississip p i. 3,481.082 2,124,053 1,378,955 2,754.367 1,956,284 887,658 631,753,036 952,933 546,186 510,312 591,074,013 883,435 503,216 432,599 62,105,004 209,660 143,900 164,917 68,378,444 315,890 164,775 172,510 7 R E V IE W per cent. P relim in a ry statistics o f the Bureau o f M in es in dicate that N ovem b er p rod u ction in th e U n ited States am ounted to 4 0 ,6 1 5 ,0 0 0 ton s, sm a ller b y 6 .2 per cent than the O ctober to ta l, but 2 1 .6 per cen t greater than in N o vem ber la st year. B ecause o f the d ifferen t num ber o f w ork in g days, how ever, d a ily average p rod u ction in creased 9.7 per cent from O ctober to N ovem b er, and w as 2 9 per cent greater than a year ago. F or the elev en m onths total p ro duction has been 3 8 6 ,4 9 0 ,0 0 0 ton s, an in crease o f 15.7 per cent over ou tp u t in that part o f 1 9 3 5 . P ig iron p rod u ction in A lab am a d u rin g N ovem b er, ac cord in g to Iron A g e statistics, am ounted to 1 9 2 ,6 5 6 ton s, and was 17 per cent greater than in O ctober, 3 7 p er cent greater than in Septem ber, and 51 per cent greater than in N o v em ber last year. B ecau se o f the shorter m onth, d a ily average prod u ction in N ovem b er w as 2 0 .9 per cen t greater than in October. T o ta l p rod u ction in N ovem b er w as larger than in an y other m onth sin ce M ay, 1 9 3 1 , and the d a ily average w as th e la rg est sin ce June, 1 9 3 0 . C um ulated to tals fo r the eleven m onths o f 1 9 3 6 am ount to 1 ,7 4 2 ,0 4 6 ton s, an in crease o f 5 7 .5 per cent over that part o f 193 5 , and the largest total fo r that part o f any year sin ce 1 9 3 0 . P ress reports in d icate that th e iron and steel m arkets are “ rather quiet just now , after several w eeks o f h ea v y b u y in g b efo re the new p rices b ecam e effective. B la st fu rn aces and steel m ills have la rg e b a ck log s and h ig h op eration s are assured for som e tim e to co m e.” T he p rice o f p ig iron w as advanced $1 per ton the last w eek in N ovem b er, the current quotation b ein g $ 1 6 .8 8 per ton . T w o ad d itio n a l A lab am a furnaces w ere b lo w n in d u rin g the latter part o f N ovem b er, m aking a total o f 15, the la rg est num ber sin ce June, 1 9 3 0, w hen 17 w ere op eratin g. In the U n ited States as a w h o le, N ovem b er p rod uction o f p ig iron am ounted to 2 ,9 4 7 ,3 6 5 tons, a d ecrease o f 1.5 per cent in to ta l, but the d a ily average p rod u ction in creased 1.8 per cent, and N ovem b er p rod u ction w as 4 2 .7 per cent greater than a year a go. T he eleven m onths total fo r the cou n try w as 2 7 ,5 0 3 ,7 6 0 ton s, a gain o f 4 5 .5 per cent over that part o f 1 935. Su b stantial in creases h ave been reported in qu otations fo r the v ariou s grades o f rosin , in recent w eeks, and the p rice o f tu rp en tin e has a lso advanced som ew hat. S m a ller re ceip ts o f b oth com m od ities than in ea rlier m onths o f the season , and com p ared w ith N ovem b er o f th e p ast sixteen years, w ere due in part to season al influences and in part to the G overnm ent’s C onservation P rogram . P ress reports in d ica te su b stan tial im p rovem en t in th e dem and fo r rosin s, and som e im p rovem en t in tu rp en tin e. T h e average o f q u o tation s on the S avannah m arket fo r the thirteen grades o f rosin s on D ecem b er 12 w as $ 9 .9 5 per 2 8 0 pou n d s, com pared w ith $ 6 .0 7 ea r ly in S eptem ber and w ith $ 4 .5 4 a year ago. R eceip ts and stocks are com pared in the tab le. NAVAL STORES MOVEM ENT Turpentine (1) Rosin (2) Nov. 1936 Nov. 1935 Nov. 1936 Nov. 1935 Receipts: Savannah..................... ............. 6,684 Jacksonville............................... 4,869 Pensacola..................... ............. 2,904 Total..................... ........... 14,457 Stocks: Savannah..................... ........... 36,552 Jacksonville................. ........... 43,246 Pensacola..................... ........... 30,157 Total..................... (1) B a rre ls of 50 gallons. 109,955 9,192 7,538 3,371 30,976 28,443 10,953 41,325 41,263 13,272 20,101 70,372 95,860 48,560 58,088 35,977 89,821 72,457 30,502 125,952 142,466 65,808 142,625 192,780 334,226 (2) B a rre ls of 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 = 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 100 S e p t. 1936 O c t. 1936 Nov. 1936 S e p t. 1935 203.1 95.4 82.5 87.6 117.7 115.8 211.7 124.8 94 .2 109.4 93.2 118.8 205.6 121.4 91.9 99.1 103.3 119.9 201.1 98.4 86.8 95.2 127.9 123.2 177.9 107.6 76.0 93.5 81.0 99.8 119.2 62.4 56.2 60.1 53.3 66.7 O c t. 1935 N ov. 1935 188.7 74.2 78.1 81.9 73.4 91.0 175.9 72 .2 85.7 93 .5 87.9 97.6 182.2 86.8 81 .8 89.7 94 .6 102.6 192.1 108.4 82.8 86.9 86.8 105.2 186.9 76.5 82.2 89.0 79.8 9 6 .8 147.8 62.2 69.1 79.9 76.4 82.0 170.3 77.5 73.7 78.7 79.5 90.0 130.9 69.1 55.8 65.9 61.1 73.7 111.1 75.9 56.1 67.3 66.9 75.6 114.0 47.7 52.6 65.6 60.0 65.9 126.5 50.7 56.2 72.1 57.8 69.3 131.8 61.3 55.1 7 3.6 61.6 73.9 108.4 60.6 54.0 56.2 50.8 62.9 116.9 62.8 49.8 58.3 55.5 66.4 98.3 67.8 51.0 60.1 61.4 68.1 103.6 46.3 50.6 61.3 57.1 62.2 112.9 46.1 50 .2 63 .8 52.5 62.4 116.6 54.7 50.1 6 5.7 56.5 66.6 W H O L ESA 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)................................................................................. F u rn itu re (7 firm s)................................................................................... Stationery (3 firm s)................................................................................. 85.3 60.5 108.4 92.0 101.1 63.3 104.6 89.3 62.8 105.0 101.2 113.6 47.1 108.0 78.7 54.2 80.6 88.1 105.7 43.0 100.3 68.3 54.6 82.2 68.1 70.0 52.0 86.1 74.1 58.2 90.5 78.9 66.7 48.1 93.7 65.7 52.3 68.4 72.4 60.1 40.1 89.5 L IF E IN SU R A N C E SA LES—S IX ST A T E S—T O T A L .......... 59.1 50.8 7 2.0 57.4 66.8 52.1 56.9 65.2 55.7 73.5 72 .0 65.6 69.4 58.0 64.9 57.7 94.6 65.3 74.0 69.5 55.4 53.7 42.8 63.5 57.1 55.4 47.1 53.8 60.0 46 .7 76.8 68 .2 63.4 51.8 52.8 59.1 49.2 65.3 67.8 65.9 49.2 54.1 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 ......... 55.4 19.5 12.9 158.4 3 2.5 29.3 70.3 51.9 13.2 9 .9 50.6 136.1 30.5 69.7 42.6 30.1 12.8 61.6 13.5 19.8 6 0.0 31.3 12.0 10.5 43.1 14.0 10.4 4 7.4 35 .8 19.7 13.5 5 1 .7 6 3 .7 10.9 46.6 33.6 12.1 6.1 4 5.5 63.5 10.6 47.3 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 ... . 77.3 39.9 102.3 59.5 51.7 64.8 81.6 32.7 114.2 3 5.4 29.4 39.4 47.1 28.9 59.3 54.3 19.9 77.2 81.6 84.0 83.3 79.6 94.6 70.9 76.1 86.8 87.1 81.7 81.7 71.3 81.5 84.0 82.6 80.1 95.6 71.6 76.8 86.9 87.3 82.2 82.0 71.5 82.4 85.1 83.9 81.0 97.0 73.5 7 6.8 87.9 87.7 82.5 82.3 73.4 8 0.7 7 9 .5 86.1 77.8 90.9 7 1 .8 73.0 8 6.6 85.9 8 0.2 80.5 67.1 8 0.5 78.2 85.0 78.3 93.6 72.9 73.4 86.5 86.1 81.1 80.6 67.5 80.6 7 7.5 85.1 78.8 95.0 7 3.4 74.5 86.9 85.8 81.2 81.0 67.4 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 .................... 122.3 154.0 59.4 156.3 199.2 162.0 125.5 158.1 60.9 162.8 205.0 154.7 121.7 154.4 56.9 160.2 202.0 152.1 87.2 110.5 41.0 107.9 142.9 103.9 107.2 134.1 53.9 135.8 174.7 133.1 9 9.5 125.8 47.2 126.2 165.6 118.7 C O T T O N E X P O R T S — U N IT E D S T A T E S ................................. 110.9 167.7 134.4 94 .8 138.6 221.0 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 .................... 91.4 60.5 100.2 70.9 98.7 83.0 59.5 39.3 66.2 44.5 69 .2 55.0 D a ily A v erag e S a le s— U n a d ju s te d A tla n ta (3 firms) - T, ......... .................14 4 B irm ingham (3 firm s)............................................................................. C hattanooga (4 firm s)............................................................................. Nashville (4 firm s).................................................................................... New Orleans (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).................................................................................... New Orleans (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 A tlan ta (3 firm s)....................................................................................... Birm ingham (3 firm s).............................................................................. C hattanooga (3 firm s)............................................................................. N ashville (3 firm s).................................................................................... N ew Orleans (4 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 * A tlan ta (3 firm s)....................................................................................... D IS T R IC T (25 firm s)............................................................................. All O th e rs .................................................................................................... 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 .......................................................................... H ides and leath er p ro d u c ts........................................................... B uilding m aterials............................................................................ • A djusted for Seasonal V ariation. fC om piled b y B ureau of Labor Statistics. 1926-100.
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