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M ONTHLY R E V IE W O f Financial, A gricultural, T rade and Industrial C onditions in the S ixth Federal R eserve D istrict F E D E R A L Vol. 20 No. 2 R E S E R V E O F A T L A N T A ATLANTA, GA„ FEBRUARY 28, 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by Federal Reserve Board Industrial output, which had shown a rapid growth in December, increased further in January. Activity in the building industry continued at a low level. Wholesale com modity prices advanced considerably during January and the first half of February, reflecting chiefly marked increases in the prices of livestock and livestock products. Production Volume of industrial production, as measured and by the Board’s seasonally adjusted index, inEmployment creased from 86 per cent of the 1923-25 aver age in December to 90 per cent in January Activity in the steel and automobile industries continued to increase rapidly during January and the early part of Febru ary; in the middle of the month, however, steel production declined. Output of lumber increased in January but was still at a low level. At cotton and woolen textile mills activity showed a considerable growth while in the meat packing in dustry output declined. Output of crude petroleum increased further in January and the first half of February. Factory employment and payrolls increased somewhat be tween the middle of December and the middle of January, although a decline is usual at this season. At automobile factories the volume of employment increased further by a large amount and there were substantial increases at steel mills, foundries, and woolen mills. Employment in the meat packing industry continued to decline and in January was at about the same level as a year ago. Among the non-manu facturing industries, the number employed at retail trade establishments and on construction projects showed declines of a seasonal nature. PRCN E ET B A N K _ Value of construction contracts awarded in January, as reported by the F. W. Dodge Corporation, was slightly larger than in December but considerably smaller than a year ago, when the volume of public projects was exceptionally large. The value of contracts awarded for residential building in the three months from November to January was about the same as in the corresponding periods of the two preceding years. Distribution Freight-car-loadings showed a seasonal growth in January. At department stores the volume of business declined somewhat more than is usual after the Christmas holidays. Commodity The general level of wholesale commodity prices, Prices as measured by the index of the Bureau of Labor Statistics, advanced from 77.9 per cent of the 1926 average in the week ending January 5 to 79.4 per cent in the week ending February 16. During January prices of cattle and beef showed substantial increases and in Febru ary the price of hogs advanced considerably. Prices of cot ton, grains, and silk showed a decline in January and the first few days of February, followed by an advance in the middle of the month. Bank During the five weeks ended February 20 member Credit bank balances with the Reserve banks increased by 260,000,000 and their excess reserves rose to about $2,300,000,000. The principal factors in the increase were an inflow of gold from abroad and disbursemnts by the Treasury of funds previously held as cash or on deposit with the Federal Reserve Banks. Net demand deposits of weekly reporting member banks in leading cities increased by more than $200,000,000 in the PRCN E ET 1929 I n d e x n u m b e r o f In d u s t r ia l p r o d u c t io n , a d ju st e d f o r s e a s o n a l v a r ia t io n , (1 9 23 -19 2 5 a v e r a g e — 1 00 .) L a t e s t fig u r e J a n u a r y P r e l i m i n a r y 90. Tl£ S S i m tS S , 5 K ? " “ 1930 1931 1932 1933 1934 1935 I n d e x n u m b e r s o f f a c t o r y e m p lo y m e n t a n d p a y r o lls , w it h o u t a d ju s t m e n t f o r s e a s o n a l v a r i a t i o n s (1 9 23 -25 a v e r a g e — 1 0 0 ). L a t e s t fig u r e J a n u a r y E m p lo y m e n t 7 8 .6 ; p a y r o l ls 64.1. 2 M O N T H L Y R E V IE W 1929 1930 1931 1932 1933 1934 1935 Indexes of the U nited States Bureau of Labor S tatistics. By months 1929 to 1931; by weeks 1932 to date. (1926=100.) L atest figures Feb. 16; F arm Products 79.2; Foods 83.1; Other Commodities 77.7. 1932 1933 1934 1935 Wednesday figures lo r reporting mem ber banks in 90 cities. figures are for Wednesday, F ebruary 13. four weeks ended February 13. Total loans and investments of these banks showed no significant changes during the period. Slight declines occurred in loans on securities and in holdings of direct obligations of the United States Govern ment, while other loans and other securities increased some what. Yields on United States Government securities declined slightly further and other open market money rates con tinued at a low level. idential contracts were, however, 92.7 per cent greater than in January last year. Cotton consumption in the three states of the District for which figures are available increased 34.4 per cent from December to January, and was 4.9 per cent greater than a year ago, and production at reporting textile mills also increased over December and exceeded that in Jan uary, 1934. Coal mining increased slightly in Alabama and 6.2 per cent in Tennessee over December, and was 22.9 per cent greater in Tennessee, but 3.7 per cent less in Alabama, than a year ago. Pig iron production in Alabama increased 4.8 per cent over the month, but was 40.4 per cent less than in January, 1934. The value of livestock on farms in the six states of this District on January 1 was reported by the United States De partment of Agriculture to be $295,773,000, greater by 17.6 per cent than a year earlier, and 44.4 per cent greater than two years ago. The February estimate of citrus production in Florida was 24.6 million boxes, compared with 28.8 million boxes last season. FINANCE Reserve There was little change between January 9 and Bank February 13 in the total volume of reserve bank Credit credit outstanding at the Federal Reserve Bank of Atlanta, which continued at about the same level as that which has prevailed since the middle of 1934. During the five weeks from January 9 to February 13 Industrial ad vances outstanding increased by $177,000, and discounts in creased slightly, but holdings of bills bought in the open mar ket and of United States Securities declined. Compared with the corresponding report date a year ago, holdings of United States securities on February 13 this year show an increase of about 23 millions, but discounts and holdings of purchased bills were less. Member bank reserve deposits increased further between January 9 and February 13 by nearly 2.7 millions, to the highest level on record, and total deposits also increased since January 9 but were slightly less than a year ago. Since Jan uary 9 there was a further return from circulation of about 5 millions in Federal Reserve notes of this bank’s issue, and a total of 10.6 millions since December 26, but on February 13 the circulation was 2.9 millions greater than a year earlier. Principal items in the weekly statement are compared in the table, which is followed by another table setting out similar comparisons for the twelve Federal Reserve Banks combined. SIXTH DISTRICT SUMMARY Available business statistics for January indicate increases over December in most lines of industrial activity, but sea sonal decreases in trade, and increases over January a year ago are shown in retail trade, residential construction con tracts awarded, in cotton consumption and production at re porting cloth and yam mills, and in coal mining in Tennessee, while coal production in Alabama declined somewhat, pig iron production in Alabama was substantially less, total contract awards in the District were smaller and wholesale trade was also less than a year ago. Following the holiday trade in December, sales by sixty reporting firms in the District declined 53.8 per cent in Janu ary, but were 6.9 per cent greater than in January, 1934, 24.7 per cent greater than in January two years ago, ana only 1.3 per cent less than in January, 1932. January sales by 95 reporting wholesale firms declined only 1.1 per cent from December, but were 4.5 per cent less than in January a year ago, when there was an increase of 10.3 per cent over the previous month. Bank debits to individual accounts at 26 clearing house centers were 6.8 per cent less than in De cember, but 7 per cent greater than in January last year. Between January 9 and February 13 there were further small increases in the volume of discounts, and of industrial advances, at the Federal Reserve Bank of Atlanta, offset in part by decreases in holdings of purchased paper and of United States securities. Total reserve bank credit outstand ing, however, was 19.3 millions greater than on the corre sponding Wednesday a year ago. At weekly reporting mem ber banks holdings of United States securities declined 3.9 millions from January 9 to February 13, but this was more than offset by an increase of 4.3 millions in holdings of Other Securities and a small increase in loans. Loans by these banks on February 13 were 2.4 millions greater than a year ago, holdings of United States securities 10.2 millions less, and of Other Securities 16.3 millions greater. Daily average demand deposits of all member banks in the District increased further in January to the highest level since June, 1930. Building permits issued at twenty reporting cities in the District were approximately the same in January as in De cember but 36 per cent less than in January a year ago. Con struction contracts awarded in the District as a whole, how ever, slightly more than doubled from the low level in Decem ber, but were 62.9 per cent less than in January, 1934. Res FEDERAL RESERVE BANK OF ATLANTA (000 Omitted) Jan. 9 Feb. 13 1935 1935 Bills Discounted: Secured by Govt. Obligations All Others.............................. .. Total Discounts.............. Bills Bought in Open M arket. . Industrial Advances................... U. S. Securities........................... Total Bills and Securities Total Reserves........................... $ 115 49 164 198 1,076 94,229 95,667 128,373 $ 45 99 144 302 899 94,252 95,597 132,580 Latest Feb. 14 1934 $ 155 1,585 1,740 3,308 *7i *276 76,324 147,658 M O N T H L Y Member Bank Reserve Deposits Total Deposits............................. F. R. Notes in actual circulati on F. R. Bank Notes in actual cir culation..................................... Reserve R atio ............................. 85,513 91,450 125,141 82,842 90,273 131,113 76,160 91,538 122,229 *59 .*3% '6 0 .2 % 4,477 69.1% FEDERAL RESERVE SYSTEM (000 Omitted) Jan. 9 Feb. 13 1935 1935 Bills Discounted: Secured by Govt. Obligations All Others................................ Total Discounts.............. Bills Bought in Open M ark et. . Industrial Advances................... U. S. Securities............................ Other Securities.......................... Total Bills and Securities Total Reserves............................ Member Bank Reserve Deposits Total Deposits............................ F. R . Notes in actual circulation F. R. Bank Notes in actual cir culation.................................... Reserve R atio............................. 3,588 3,406 6,994 5,611 14,744 2,430,254 Feb. 14 1934 $ 19,264 49,141 68,405 86,086 $ $ 3,451 3,059 6,510 5,502 18,375 2,430,334 ............ 2,460,721 5,730,959 4,580,341 4,834,165 3,118,015 2,457*603 5,468,780 4,282,546 4,556,522 3,136,987 2,432^024 1,293 2,587,808 3,846,786 2,850,888 3,026,569 2,952,541 1,192 72.1% 26,185 71.1% 199,358 64.3% M em ber B ank C re d it T o ta l lo a n s a n d in v e s tm e n ts o f 17 w e e k ly r e p o r t i n g m e m b e r b a n k s lo c a te d a t A t l a n t a , B ir m in g h a m , J a c k s o n v ille , N a s h v ille , C h a tta n o o g a , M o b ile a n d S a v a n n a h , in c r e a s e d $1,051,000 b e tw e e n J a n u a r y 9 a n d F e b r u a r y 13, a n d w e r e t h e n l a r g e r b y $8,501,000 t h a n on t h e s a m e r e p o r t d a te a y e a r a g o . F r o m J a n u a r y 9 to F e b r u a r y 13 lo a n s in c r e a s e d $601,000, a n d in v e s tm e n ts in c r e a s e d $450,000, a d e c lin e in h o ld in g s o f U n ite d S t a t e s s e c u ritie s b e in g m o r e t h a n o ff s e t b y a n in c r e a s e i n h o ld in g s o f O th e r S e c u r itie s . C o m p a re d w i t h t h e s a m e W e d n e s d a y a y e a r a g o , lo a n s sh o w a n i n c r e a s e o f 2.4 m illio n s , a n d in v e s tm e n ts a n in c r e a s e o f 6.1 m illio n s . D e m a n d d e p o s its r e p o r t e d b y t h e s e 17 b a n k s o n F e b r u a r y 13 w e re 6.7 m illio n s g r e a t e r t h a n fiv e w e e k s e a r l ie r , a n d w e re 40.9 m illio n s g r e a t e r t h a n a y e a r a g o , a n d tim e d e p o s its in c r e a s e d 3.9 m illio n s s in c e J a n u a r y 9, b u t w e r e o n ly $417,000 g r e a te r th a n on th e sa m e W e d n e sd a y a y e a r ag o . B a n k e rs ' b a la n c e s , b o th th o s e m a in ta in e d b y t h e s e b a n k s w i t h t h e i r c o r re s p o n d e n ts , a n d th o s e h e ld f o r c o r re s p o n d e n t b a n k s , i n c re a s e d d u r i n g t h i s r e c e n t fiv e -w e e k p e r io d a n d w e r e c o n s id e r a b ly l a r g e r t h a n a y e a r a g o . I n t h e t a b l e s w h ic h fo llo w a r e s h o w n c o m p a r is o n s o f p r i n c ip a l ite m s in t h e w e e k ly r e p o r t , m o n th ly a v e r a g e s o f w e e k ly f ig u r e s o v e r t h e p a s t y e a r , a n d c o m p a ris o n s o f s a v in g s d e p o s its r e p o r t e d b y a l i s t o f b a n k s lo c a te d t h r o u g h o u t t h e S ix th D is tr ic t. CON DITION OF M EM BER BANKS IN SELECTED C ITIES Jan. 9 Feb. 13 Feb. 14 1935 1935 1934 Loans: On Securities........................... All Others................................ Total Loans..................... U. S. Securities........................... Other Securities.......................... Total Investm ents.......... Total Loans and Invest m ents............................ Time Deposits............................. Demand Deposits....................... Due to Banks.............................. Due from Banks......................... Borrowings from F. R. B a n k ... $ 50,792 137,613 188,405 101,557 61,891 163,448 $ 50,441 137,363 187,804 105,410 57,588 162,998 $ 60,129 125,877 186,006 111,767 45,579 157,346 350,802 351,853 343,352 126,224 130,096 129,679 197,926 191,258 157,034 80,833 85,616 70,987 83,051 74,569 64,066 254 ............ M ONTHLY AVERAGES OF W EEKLY FIG URES OF 17 REPO RTIN G M EM BER BANKS IN SELECTED C IT IE S (000 Omitted) Total Borrowings Loans InvestLoans and Demand Time From ments Investments Deposits Deposits F. R. Bank 1933 Dec.............. $192,491 $150,199 $342,690 $152,249 $129,033 1934 151,935 148,305 336,100 130,048 January----- , 187,795 162,054 349,412 158,695 131,505 F eb ru ary ... . 187,358 155,608 340,460 161,794 130,406 M arch........ 168,070 152,679 333,349 130,649 April........... 180,670 167,404 151,172 329,191 132,911 M ay............ . 178,019 156,522 334,209 169,196 130,786 June............ . 177,687 172,707 131,560 169,780 336,513 Ju ly ............ 167,502 334,048 172,917 129,194 August........ 127,402 331,002 179,195 Septem ber.. . 167,243 163,759 180,374 128,944 159,810 336,266 October___ . 176,456 189,297 130,313 156,775 344,563 Novem ber.. . 187,788 128,492 196,394 D ecem ber.. . 193,141 162,168 355,309 1935 127,012 162,038 349,253 190,945 January----- . 187,215 $2,614 2,060 441 161 0 0 0 0 0 0 0 0 0 0 3 R E V IE W SAVINGS DEPOSITS Number of Banks Birmingham. Jacksonville.. Knoxville.... Nashville.. . . New Orleans. Other Cities. 3 3 3 4 4 5 35 57 Jan. 1935 Dec. 1934 (000 Omitted) Percentage Change Jan. 1935 compared Jan. with Dec. 1934 Jan. 1934 1934 $ 30,446 $ 31,097 $ 15,816 15,998 14,437 14,612 4,929 4,834 23,045 23,241 31,494 31,478 65,507 65,662 185,833 186,763 29,065 16,633 12,056 2,379 20,628 24,509 58,457 — 2.1 — 1.1 + 1 .2 + 2 .0 —0.8 —0.1 —0.2 + 4.8 — 4.9 + 2 1 .2 + 107.2 + 1 1 .7 + 2 8 .4 +12.1 163,727 —0.5 + 1 3 .5 Debits to The volume of bank debits to individual accounts Individual at 26 clearing house centers in the Sixth District Accounts declined 6.8 per cent from December to January, but was 7 per cent greater than in January last year. A year ago bank debits increased 0.3 per cent from December to January, but in the six years previous to last year, there was an average decrease of 1.8 per cent at that time. Monthly totals compared in the table are derived from weekly reports by pro-rating figures for those weeks which do not fall entirely within a single calendar month. (000 Omitted) Jan. 1935 Alabam a— 4 Cities................. Birm ingh am ...................... D o th a n ............................. M o b ile .............................. M ontgom ery...................... $ 118,330 66,669 2,319 24,974 24,368 Dec. 1934 $ 116,912 64,147 2,650 27,651 22,464 Jan. 1934 $ 122,056 77,869 1,895 25,471 16,821 Florida— 4 Cities................... Jacksonville....................... M ia m i.............................. Pensacola.......................... T a m p a .............................. 124,386 62,252 30,762 6,131 25,241 122,000 64,468 25,650 6,887 24,995 102,258 52,684 22,448 5,577 21,549 Georgia— 10 Cities................. A lb a n y.............................. A tla n ta ............................. A ugusta............................ Brunswick......................... C olum bus.......................... Elberton........................... M a c o n .............................. N ew nan............................ Savan n ah.......................... V aldosta........................... 216,581 3,325 141,983 16,635 1,809 10,648 731 10,952 1,370 26,218 2,910 248,343 3,932 163,458 19,078 2,096 10,336 954 13,052 1,679 30,566 3,192 196,930 2,478 130,422 15,003 1,717 8,593 520 10,244 1,451 23,805 2,697 209,083 196,862 Louisiana— N ew Orleans........ 183,163 Mississippi— 4 Citie s.............. Hattiesburg....................... Jackson............................. M e rid ian ........................... V icksburg.......................... 40,700 3,796 23,185 8,614 5,105 34,103 3,448 18,970 6,687 4,998 124,803 129,010 35,320 31,734 21,193 21,310 68,290________75,966_______ Tennessee— 3 Cities............... Chattanooga...................... K n oxville .......................... N ashville........................... Total— 26 Cities.......... 41,430 3,428 24,041 7,872 6,089 $ 807,963 $ 866,778 $ 103,076 27,847 18,210 57,019 755,285 AGRICULTURE Weather conditions during January and early February were unfavorable for growth of vegetables in the Southeast ern States. The first three weeks were dry and abnormally warm, followed by a period of dry, cold weather with freezing temperatures as far south as Southern Florida. Several thou sand acres of snap beans were lost in the Everglades section. In Louisiana tender vegetables were mostly destroyed, and other truck crops badly damaged. In Alabama about 75 per cent of the cabbage already planted was killed, but in Missis sippi only a small percentage of the cabbage plants had been set. Although the winter-crop acreage of beans in Florida is the same as in 1934, or 21,000 acres, yields are expected to average only half as large as those of a year ago, and pro duction is forecast at 1,260,000 bushels compared with 2,520,000 bushels last year. The preliminary estimate of the Flor ida acreage in early potatoes for 1935 is 24,500 acres, com pared with 23,500 acres in 1934. Planting was about com pleted by the first of February. A production of 546,000 crates of strawberries is expected in Florida this season as compared with 675,000 crates last year, a decrease of 19 per cent. The acreage in strawberries in Florida is 8,400, com pared with 9,000 acres last year, in Louisiana 26,700 against 27,000 acres last year, in Tennessee 17,500 compared with 19,400 acres last year, in Alabama 2,500 against 3,150 acres last year, in Mississippi 640 compared with 1,400 acres last year, and in Georgia 450 acres, the same as in 1934. M O N T H L Y 4 The February 1 estimate of the Florida citrus crop for the 1934-35 season indicates a total production of 24,600,000 boxes, of which 13,600,000 boxes are oranges and tangerines and 11,000,000 boxes grapefruit. Total production last season was 28.800.000 boxes, of which 18,100,000 were oranges and 10,700.000 grapefruit. Commercial production is estimated at 19.600.000 boxes, of which 12,100,000 are oranges and tan gerines and 7,500,00 grapefruit. Midseason oranges seem to be turning out better than was expected earlier, but the Valencia oranges are showing considerable dryness in some sections. Live Stock The annual estimate by the United States Deon Farms partment of Agriculture indicates more horses, cattle and sheep, but fewer hogs and mules on the farms in the six states of this District on January 1, 1935, than a year earlier, but the total value of farm animals in creased 17.6 per cent compared with a year ago, after increas ing 23.1 per cent from 1933 to 1934. Comparisons by states are shown in the table. LIVESTOCK ON FARMS JANUARY 1 (000 Omitted) 1935 1934 Number Value Number Value Alabama: T otal............ Horses and Colts........ Mules and Mule Colts All C attle..................... ♦Cows and Heifers....... Sheep and Lam bs....... Swine............................ Florida: T o ta l.............. Horses and Colts........ Mules and Mule Colts All C a ttle..................... ♦Cows and Heifers....... Sheep and Lam bs. . . . Swine............................ Georgia: T o tal.............. Horses and Colts........ Mules and Mule Colts All C a ttle.................... *Cows and Heifers....... Sheep and Lam bs....... Swine............................ Louisiana: T o tal.......... Horses and Colts........ Mules and Mule Colts All C attle..................... ♦Cows and Heifers....... Sheep and Lambs........ Swine............................ Mississippi: T otal........ Horses and Colts........ Mules and Mule Colts All C attle..................... ♦Cows and Heifers....... Sheep and Lam bs....... Swine............................ Tennessee: T o tal.......... Horses and Colts........ Mules and Mule Colts All C a ttle..................... ♦Cows and Heifers....... Sheep and Lam bs....... $ 56,684 "l9 40 522 103 42 405 *3*1 333 894 382 36 1,158 ioo 171 872 297 137 569 *90 337 1,094 558 81 881 iso 306 1,071 521 405 966 444 1,506 5,363 2,295 748 4,823 3,951 35,865 11,923 8,246 134 4,811 15,794 1,492 4,680 8,110 3,296 110 1,402 65,511 2,864 44,897 12,046 7,640 92 5,612 34,750 4,529 14,210 12,843 7,128 364 2,804 54,654 5,786 32,252 12,123 8,928 214 4,279 68,380 12,203 31,846 17,085 10,941 1,852 5,394 295,772 30,825 163,750 74,130 46,179 2,766 24,302 430 1,529 5,338 2,284 747 5,546 RETA IL TOTAL SIX S T A T E S.. Horses and C olts........ Mules and Mule Colts All C attle..................... ♦Cows and Heifers....... Sheep and Lam bs....... Swine............................ *54 319 910 434 47 844 $ 47,889 R E V IE W RIC E M OVEM ENT— (New Orleans) Jan. 1935Dec. 1934 Jan. 1934 Rough Rice—Barrels : Receipts..................... ............ Shipments................................ Stocks....................................... 39,403 38,295 7,978 33,533 43 ,529 6,870 43,465 43,589 42,281 Clean Rice—Pockets: Receipts............................... . . Shipments............................. Stocks....................................... 57,991 78,168 145,751 62,840 57,517 165,928 66,252 66,796 158,501 R IC E M ILLERS ASSOCIATION STATISTICS (Barrels) January Aug. 1 to Jan. 31 Receipts of Rough Rice: Season 1934-35....................... Season 1933-34....................... 687,851 721,184 5,263,388 5,579,615 Distribution of Milled Rice: Season 1934-35....................... Season 1933-34....................... 829,404 865,192 4,649,029 4,229,796 Stocks: Jan. 31, 1935........................... Jan. 31, 1934........................... 851,399 885,886 is 42 494 98 43 477 *32 333 894 375 36 1 ,362 *99 176 839 286 137 632 *85 344 1,094 552 95 990 i43 309 1,116 543 389 1,137 3,392 29,490 11,043 7,740 106 3,858 14,315 1,216 4,158 7,321 2,940 104 1,516 56,310 2,496 37,255 11,600 7,500 86 4,873 30,315 3,930 12,240 11,380 6,578 304 2,461 46,157 4,450 26,747 11,294 8,280 219 3,447 56,568 9,067 25,781 15,917 10,317 1,572 4,231 251,554 24,551 135,671 68,555 43,355 2,391 20,386 Fertilizer After declining 27.1 per cent from November to Tag Sales December, sales of fertilizer tax tags in the six states located wholly or partly in the Sixth Distrist increased by 133.9 per cent from December to January, and were 5.5 per cent greater than in January a year ago. For the six months of the season, total sales in these states have been 3.1 per cent less than in that part of the season before, the decrease being due to the unfavorable comparison for December. Figures in the table are from those compiled by the National Fertilizer Association. Jan. 1935 + 8 .8 + 2 .7 + 3 .3 + 16.8 + 19.2 + 1 3 .4 — 2.8 + 4.8 + 6 .9 —56.8 —58.8 —51.5 —53.6 —26.2 —59.5 —56.3 —55.8 —53.3 + 6 .7 — 2.3 + 11.9 — 5.5 + 27.6 + 7 .9 — 8.3 + 6.8 + 3.0 20,300 51,133 23,139 10,950 16,249 3,469 3,600 34,841 12,904 1,500 104 600 T otal........................ 125,240 53,549 20,450 42,938 35,927 9,811 8,175 1,365 118,666 August 1 to Jan. 31 1934-35 1933-34 26,950 247,539 38,628 31,401 17,960 20,034 382,512 37,450 215,957 64,793 34,281 27,420 14,741 394,642 TRADE Retail Department store sales in the Sixth District, indiTrade cated in figures reported confidentially by 60 firms, declined 53.3 per cent from December to January, but were 6.9 per cent greater than in January last year. Re tail trade always declines in January, following the holiday trade in December, but January sales this year on a daily average basis were larger than for January of the two pre ceding years and only slightly below January, 1932. Stocks of merchandise on hand at the end of the month declined 1.2 per cent, but were 3 per cent greater than a year earlier, and the rate of stock turnover was slightly higher than a year ago. The collection ratio rose slightly from December to January, and was 2.6 points higher than for January, 1934. For regular accounts the January ratio was 35.8 per cent, and for installment accounts 15.5 per cent. Percentage comparisons of reported figures shown in the table make no allowance for changes in the level of prices. + 5.8 — 2.7 + 7.7 — 2.8 + 10.9 — 2.3 — 8.9 — 3.8 — 1.2 .36 .24 .26 .18 .43 .21 .22 .22 .26 T h e rate of sto c k tu rn o v e r is the ra tio o f sales d u r in g g iv e n p e rio d to a v e ra g e sto c k s o n ha n d . (Short Tons) Dec. Jan. 1934 1934 Alabama...................... Florida......................... Georgia........................ Louisiana..................... Mississippi................... Tennessee.................... T H E SIX TH D ISTR IC T DURING JANUARY 1935 Based on confidential reports from 60 department stores Comparison op N ut Sales C omparison op Stocks Jan. 1935 Jan. 31, 1935 Stock T urnover with: # with: Same month Previous Same month Previous January a year ago M onth a year ago M onth 1935 1934 NOTE: 1,396,032 1,602,551 t r a d e in *53 325 901 430 47 948 * Included in "All Cattle”. Atlanta (6)..................................... Birmingham (6)............................. Chattanooga (4)............................ Jacksonville (3).............................. Miami (3)....................................... Nashville (4).................................. New Orleans (5)............................ Other Cities (29)........................... D ISTRICT (60)............................ Clean Rough C ollection R atio Jan. 1935 Dec. 1934 Jan. 1934 .32 .22 .27 29.6 33.6 32.5 27.6 34.1 36.4 25.4 31.7 29.5 *.i9 .21 .30 .25 33! 5 38.9 32.5 33.0 30! 5 39.3 33.0 32.6 29 .*3 37.8 30.6 30.4 M O N T H L Y Wholesale January sales by 95 reporting wholesale firms in Trade the Sixth District declined 1.1 per cent from De cember and were 4.5 per cent less than in Janu ary last year. Increases over the month were reported by firms dealing in dry goods, hardware, stationery and drugs, and over January a year ago by all lines except dry goods and groceries. The collection ratio was slightly higher in January than for December and was several points higher than a year ago. Comparisons of reported figures are shown in the table. WHOLESALE TRADE IN JANUARY 1935 Sixth Federal Reserve District* Percentage Comparisons Number Jan. 1935 with: of Firms Dec. 1934 Jan. 1934 All Lines Combined: Sales........................ Stocks..................... Groceries: Sales....................... Jacksonville.. New Orleans.. Vicksburg.. . . Other Cities.. Stocks.................... Dry Goods: Sales....................... Nashville........ Other Cities. . S to ck s.. . Hardware: Sales........................ Nashville........ New Orleans.. Other Cities. . Stocks..................... Furniture: Sales....................... A tlan ta........... Other Cities. . Stocks..................... Sales........................... New Orleans.. . . Other Cities Stocks......................... Drugs: Sales........................... Stationery: Sales........................... 95 29 — 1.1 21 — 0.6 3 4 3 1 1 3 15 3 12 7 25 3 5 17 9 +12.8 — 1.1 — 3.5 — 2.3 — 7.5 + 7.3 — 15.0 + 1 9 .0 + 5.3 — 2.9 +10.8 + 1 4.9 —32.2 —28.4 —33.1 + 27.5 + 4.7 — 1.0 + 6.3 +21.1 + 6.3 + 4.8 + 10.3 + 1.2 — 3.5 + 11.3 + 3.2 — 20.1 + 0.1 9 4 5 — 14.0 + 1 9 .2 6 — 21.0 — 11.3 — 0.8 +12.0 +22.0 — 0.1 ............ ............ ............ ............ 12 4 8 3 —32.2 —24.8 —35.1 + 37.8 + 0.8 — 0.7 + 1.5 + 58.8 ............ 8 + 0.6 + 6.2 ............ 3 + 11.0 + 1 5 .6 COLLECTION RATIO** Jan. 1935 Dec. 1934 ............ 75.0 ............ ............ ............ T o tal.................. ............ Groceries........................ Dry Goods..................... H ardware....................... Furniture....................... Electrical Supplies........ Drugs............................. — 4.5 + 1 2.9 — 1.3 Jan. 1934 32.0 56.5 35.2 68.6 43.5 40.8 31.4 66.5 33.7 68.7 42.3 32.8 25.1 56.8 28.7 49.2 48.4 44.0 * Based on confidential reports from 95 firms. ** The collection ratio is the percentage of accounts and notes receivable out standing at the beginning of the month which were collected during the month. Life January sales of new, paid-for, ordinary life inInsurance surance in the six states of this District increased 3.6 per cent over December, and were 40.4 per cent greater than in January a year ago. At the same time last year, life insurance sales in these states declined 24 per cent, and two years ago there was a decline of 17.9 per cent. Figures compared in the table are from those compiled by the Life Insurance Sales Research Bureau. (000 Omitted) January December Percent 1935 1934 Change Alabama.............. . , . . Florida................. Georgia................ Louisiana............. Mississippi........... Tennessee............ T o ta l................ . . . . Percent Change 2,510 7,246 5,007 4,680 7,947 5,699 3,122 6,369 — 15.7 + 4.1 — 0.1 + 26.7 — 19.6 + 1 3 .8 $ 3,222 3,502 5,760 3,876 2,015 5,844 + 3 1 .0 +39.1 + 3 7 .9 + 8 6 .3 + 2 4 .6 + 2 4 .0 $ 3 4 ,0 1 3 $ 32,824 + 3.6 $ 24,219 4,221 4,872 7,942 COMMERCIAL FAILURES (From statistics compiled by Dun & Bradstreet, Inc.) Sixth District United States Number Liabilities Number Liabilities January 1935.............. December 1934........... January 1934.............. INDUSTRY Building The value of permits issued during January, and 1935, at twenty reporting cities in the Sixth Construction District was about the same as for December, but averaged 36 per cent less than for January a year ago. The January total was, however, more than double that for January, 1933, and was 57.5 per cent greater than for January, 1932, and only 8.2 per cent less than for January, 1931. Ten of the reporting cities showed gains over January last year, and twelve reported increases over Decem ber. Comparisons for the month are shown in the table. BUILDING PER M ITS Value Percentage Number January Change in January 1935 1934 Value 1935 1934 Alabama Anniston.................. Birmingham............ Mobile...................... Montgomery............ Florida Jacksonville............. M iami...................... Miami Beach.......... Orlando.................... T am pa...................... Georgia A tlanta..................... Augusta.................... Columbus................ Macon...................... Savannah................. Louisiana New Orleans............ Alexandria............... Tennessee Chattanooga............ Johnson C ity ........... Knoxville................. Nashville.................. Total 20 Cities........ 200 31,445 7,252 13,790 +2,725.0 +350.7 + 735.3 + 2 6 8 .0 201,119 308,885 308,515 28,328 87,832 282,519 145,394 500,450 15,436 23,633 — 28.8 +112.4 — 38.4 + 83.5 + 2 7 1 .6 151 37 41 13 42 106,156 2,854 26,634 16,645 26,930 599,747 107,675 40,275 289,037 81,268 — — — — — 75 60 31 38 135,764 14,808 31,073 5,943 195 2 26 68 119 I 26 84 44,706 3,750 48,694 54,951 92,073 5,529 27,654 319,125 2,713 1,681 1,676,362 2,619,518 19 389 45 124 3 $ 120 21 61 5,450 142,721 60,577 50,743 501 409 97 60 191 389 240 77 55 133 196 26 56 152 22 33 32 51 $ 203,540 1,071,772 759,559 1,184 963 1,364 $ 18,823,697 19,910,610 32,905,428 tI 82.3 97.3 33.9 94.2 66.9 + 336.9 + 149.2 — — + — 51.4 32.2 76.1 82.8 36.0 The total value of building and construction contracts awarded in the Sixth District, indicated in statistics compiled by the F. W. Dodge Corporation and subdivided into District totals by the Federal Reserve Board’s Division of Research and Statistics, amounted to $11,534,003, more than double the total for December but 62.9 per cent less than for January last year. The January total was the largest for any month since April last year. Residential contracts awarded during January were three times as large as for December, 92.7 per cent greater than for January last year, and were larger than for any other month since November, 1933, and except for that month, since April, 1931. In the 37 states east of the Rocky Mountains, January con tracts increased 7.6 per cent over December, but were 46.5 per cent less than for January last year. Residential con tracts increased 54 per cent from December to January and were 48.3 per cent greater than a year ago; non-residential contracts increased 17.4 per cent over December but were 42.8 per cent less than for January, 1934, and contracts for public works and utilities declined 11.5 per cent over the month and were 61 per cent less than a year ago. Compar isons for the month are shown in the table. BUILDING AND CONSTRUCTION CONTRACTS AWARDED Jan. 1935 Dec. 1934 Jan. 1934 + 4 0 .4 $ $ January 1934 5 R E V IE W Sixth District—T otal.............. $ 11,534,003 Residential............................ 3,915,651 7,618,352 All Others.............................. State Totals: Mississippi............................. Tennessee.............................. United States: , Residential............................ . Non-Residential.................... . Public Works and Utilities . . 5,709,498 1,305,295 4,404,203 $ 31,090,793 2,032,025 29,058,768 1,289,100 2,094,100 5,170,300 2,150,600 1,117,100 1,155,700 1,111,900 1,609,700 1,499,600 638,900 1,215,700 605,400 7,791,100 12,338,100 6,016,400 1,928,800 1,857,700 3,631,500 99,686,600 22,410,200 32,958,400 44,318,000 92,684,900 14,550,500 28,067,400 50,067,000 186,463,700 15,110,400 57,616,100 113,737,200 $ M O N T H L Y Lumber Press reports and weekly statements of the South ern Pine Association indicate improvement in the lumber market during the latter part of January and early in February. According to the Southern Lumberman, “the buy ing was principally from the retail yards, and generally for immediate needs. The railroads and public works have not been taking much lumber, and the industrial demand, although of a scattering nature, has been fairly satisfactory in the aggregate”. For the six weeks ended February 9, orders booked by reporting mills averaged 14 per cent, and produc tion 5.3 per cent, greater than for those weeks a year ago. Orders averaged 4 per cent greater than production, while at the same time last year orders were about 4 per cent less than output. Weekly figures compared in the table are from those compiled by the Southern Pine Association. Week Ended January 5. . . . January 12. . . January 19. . . January 26. .. February 2. .. February 9. .. Number of Mills 1935 109 126 112 122 144 150 (In Thousands of Feet) Orders Production 1934 1935 1934 14,246 29,374 25 ,446 22,128 21,939 25,359 12,863 22,741 23,497 20,845 21,155 20,427 17,518 24,066 21,379 21,187 22,484 26,486 18,340 23,230 19,326 22,782 18,057 24,703 Unfilled Orders 1935 1934 41,979 54,787 47,307 57,709 48,243 57,330 47,088 56,180 57,384 62,956 63,324 68,823 Cotton After declining 20.5 per cent from October to Consumption December, the consumption of cotton by Amer ican Mills increased 32.2 per cent from Decem ber to January and was larger than for any other month since August, 1933. Consumption in the cotton growing states accounted for about 80 per cent of the total, approximately the same as in December and in January a year ago. Stocks of cotton declined 7.1 per cent from December 31 to January 31, and were 8.5 per cent smaller than a year earlier. There was a slight gain in the number of spindles active in January over the previous month and over January, 1934. Consump tion during the first six months of the cotton season, August through January, has amounted in the United States to 2,674,601 bales, and was 8.5 per cent less than the number consumed in the same part of the previous season. Exports of cotton from the United States have declined each month since October. January exports were 7.6 per cent less than in December and 37 per cent smaller than in Janu ary last year, and for the six months of the season have been 41.8 per cent less than in that period a year ago. Census Bureau figures are compared in the table. COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPIND LES U N ITED STATES—Bales Jan. 1935 Dec. 1934 Jan. 1934 Cotton Consumed...................... Stocks.......................................... In Consuming Establishments In Public Storage and at Compresses.......................... Exports........................................ Active Spindles—Num ber........ 546,787 10,158,028 1,193,748 413,535 10,940,112 1,299,554 508,021 11,101,820 1,605,729 8,964,280 465,711 25,145,964 9,640,558 504,185 25,057,270 9,496,091 739,352 25,047,340 COTTON GROWING STATES—Bales Cotton Consumed...................... Stocks.......................................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles—N um ber........ 436,220 9,713,442 959,250 329,636 10,463,882 1,045,841 406,389 10,371,083 1,258,324 8,754,192 17,494,428 9,418,041 17,411,208 9,112,759 17,692,496 OTHER STATES—Bales Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles—N um ber........ 110,567 444,586 234,498 83,899 476,230 253,713 101,632 730,737 347,405 210,088 7 ,651,536 222,517 7,646,062 383,332 7,354,844 R E V IE W In the three states of this District for which separate fig ures are available, cotton consumption in January increased 34.4 per cent over December and was 4.9 per cent greater than in January, 1934. The January total was the largest since May last year. For the six months of the cotton season consumption in these three states was 12.3 per cent less than in the corresponding part of the season before. Census Bureau figures are compared in the table. COTTON CONSUMPTION—Bales Jan. Dec. Jan. Aug. 1 to Jan. 31 1935 1934 1934 1934-35 1933-34 Alabama...................... Georgia........................ Tennessee.................... 54,281 97,051 12,104 41,612 70,848 9,132 52,039 94,024 9,752 263,340 461,981 61,275 296,492 541,872 58,912 T otal........................ 163,436 121,592 155,815 786,596 897,276 Cotton Further increases from December to January Manufacturing in production, shipments, orders and unfilled orders were reported by both cloth and yarn mills in this District. January production and shipments were also greater than a year ago, while orders for yarn were greater than for January last year orders reported by cloth mills were less. Stocks declined slightly over the month but continued greater than a year ago, and employment at all reporting mills declined slightly from December and was 4.9 per cent less than a year ago. Reported figures are compared in the table. Cloth Jan. 1935 compared with: Dec. 1934 Jan. 1934 Unfilled Orders................ Stocks on H and .............. Number on payroll........ + 3.3 + 6.0 + 2 3 .4 + 1.4 — 1.4 + 0.3 + 15.2 + 1.6 —33.8 — 14.5 + 3 2 .2 — 2.1 Yarn Jan. 1935 compared with: Dec. 1934 Jan. 1934 + 3.5 + 19.5 + 3 2 .0 + 11.9 — 0.2 — 1.7 + 3 8 .2 + 3 4 .2 + 4 5 .4 — 9.1 + 3 4 .4 — 11.8 Cotton Seed Operations at cotton seed oil mills in the andCotton Seed Sixth District increased slightly from DeProducts cember to January and continued greater than at the same time a year ago. Receipts of seed at the mills declined over the month, but crushings increased slightly, and production of crude oil, hulls and lint ers was larger than in December, but output of cake and meal declined. January receipts were also smaller than a year ago, but crushings and production were larger. Cumulative fig ures for the season to date (August through January) con tinue larger than for that part of the previous season, while for the country as a whole they are smaller, except for an increase in the production of linters. Combined totals for Georgia, Alabama, Louisiana and Mississippi are compared in the first two columns of the table, and the totals for the coun try are compared in the last two columns. COTTON SEED AND COTTON SEED Sixth District* Aug. 1 to Jan. 31 1934-35 1933-34 Cotton Seed, Tons: Received a t M ills... Crushed.................... On Hand Dec. 3 1... Production: Crude Oil, lbs.......... Cake and Meal, tons Hulls, to n s............... Linters, Bales.......... Stocks a t Mills Jan. 31 Crude Oil, lbs.......... Cake and Meal, tons Hulls, tons............... Linters, Bales.......... 1,262,173 959,871 370,234 1,042,121 755,996 314,895 308,094,738 243,988,074 418,003 328,595 256,001 209,572 204,576 141,131 15,221,844 122,845 63,169 53,018 42,641,698 90,813 27,393 45,506 * Georgia, Alabama, Louisiana, and Mississippi. PRODUCTS United States Aug. 1 to Jan. 31 1934-35 1933-34 3,216,354 2,584,032 855,083 3,697,913 2,896,435 1,022,416 795,279,580 895,356,696 1,169,633 1,307,956 668,002 779,101 556,406 527,961 52,275,630 340,057 192,435 179,400 147,323,382 289,024 104,948 159,857 M O N T H L Y Electric Total production of electric power for public use in Power the six states located wholly or partly in the Sixth District was 6.7 per cent greater in 1934 than in 1933. The 1934 total is the largest for any of the eight years for which figures are readily available. For the year, produc tion by use of water power accounted for 62.1 per cent of the total, compared with 63.6 per cent in the previous year. Pro duction of current declined 4.5 per cent from November to December, but was 16.5 per cent greater than in December, 1933. Figures compared in the table are from those compiled by the United States Geological Survey. PRODUCTION OF E LECTR IC POWER (000 k. w. Hours) Dec. 1934 Nov. 1934 Dec. 1933 160,290 61,954 94,692 93,357 4,284 105,205 Alabama...................................... Florida......................................... Georgia........................................ Louisiana..................................... Mississippi................................... Tennessee.................................... 519,782 T o tal................................ W aterP ow er......... Fuels...................... Fuels consumed in Production of Electric Power: Coal—Tons............................. Fuel Oil—Tons....................... Natural Gas—000 cu. ft........ 186,177 57,122 91,405 106,361 4,473 98,917 By use of: 544,455 124,269 54,173 99,574 90,876 4,104 73,199 446,195 331,965 187,817 349,755 194,700 237,582 208,613 11,601 220,196 1,959,824 11,879 202,637 2,243,220 18,214 192,286 2,346,681 Bituminous Total production of bituminous coal in the United Coal States increased further from December to JanMining uary by 14.5 per cent, and the daily average in creased 9.7 per cent, and January production was 9.2 per cent greater than in that month a year ago and also substantially larger than two and three years ago. Total production in 1934 was 7.2 per cent greater than in 1933. Preliminary figures for January, compiled by the United States Bureau of Mines, are compared in the table. Coal Production—Tons Number of Total Daily Average Working Days January 1935.............................. ...35,932,000 December 1934........................... ...31,386,000 April 1934.......................................24,772,000 January 1934.............................. ...32,916,000 1,377,000 1,255,000 1,024,000 1,261,000 26.1 25. 24.2 26.1 Weekly statements indicate that January production in Ala bama was about the same as in December and slightly less than a year ago, while in Tennessee production increased somewhat over December and was about 23 per cent greater than for corresponding weeks last year. Coal Production—000 Tons Alabama 1934 1935 R E V IE W 7 active two months before. Production in January was the largest since June, and was larger than for January of other years since 1931. January production of pig iron in Alabama increased fur ther by 4.8 per cent over that in December, following an in crease of 14 per cent from November to December. January output was 20.2 per cent larger than in September, which was the lowest level for any month in more than a year. The number of furnaces active declined from six on January 1 to four a month later, but the reopening of a rail mill about the middle of February and the resulting upturn in pig iron and steel operations caused an increase of four in the number of active iron furnaces. Press reports indicate that buying in January was moderately better than in November or Decem ber. There has been no change in the current price of $14.50 per ton. Production figures are compared in the table. Production—Tons Total Daily Average United States: January 1935.......................... December 1934....................... September 1934...................... January 1934.......................... 1,477,336 1,027,622 898,043 1,215,226 A1January 1935.......................... December 1934....................... September 1934...................... January 1934.......................... 69,538 66,379 57,842 116,645 47,656 33,149 29,935 39,201 2,243 2,141 1,928 3,763 1935 1934 89 69 62 87 4 6 5 10 * First of following month. Naval January receipts of both turpentine and rosin deStores clined substantially from December and were also smaller than for January in many years. Stocks of both commodities declined over the month, the result of an excess of shipments over fresh receipts, but were larger than a year ago. Press quotations indicate little change in recent weeks in the price of turpentine, which was 50% cents on February 9, compared with 51 cents four weeks earlier, but the average of quotations on the thirteen grades of rosin rose from $4.78 per 280 pounds on January 12 to $4.98 two weeks later, and on February 9 was $4.92. Comparisons of receipts and stocks are shown in the table. NAVAL STORES Jan. 1935 Dec. 1934 Tenessee Furnaces Active* Receipts—Turpentine (1) Jan. 1934 170 177 172 194 201 205 168 187 180 192 223 210 81 84 83 89 93 96 61 68 71 71 81 88 Pig Iron Production of pig iron in the United States inProduction creased in January for the fourth consecutive month. January production was 43.8 per cent greater than in December, 64.5 per cent above that in Sep tember, and 21.6 per cent greater than in January a year ago. There were twenty-four furnaces blown in during January, and four banked, a net increase of twenty active on February 1 compared with a month earlier, and thirty more than were Jacksonville........................... 1,782 1,788 730 7,054 9,357 6,423 2,086 2,159 740 T o tal.............................. 4,300 22,834 4,985 Jacksonville........................... Week Ended: January 5 .................... January 12.................. January 19.................. January 26 .................. February 2 .................. February 9 .................. 11,580 13,722 2,109 40,660 61,208 20,305 18,259 17,963 2,997 T otal.............................. 27,411 122,173 39,219 Jacksonville........................... 13,919 48,850 32,012 20,529 53,088 33,354 11,263 29,535 27,988 T o tal.............................. 94,781 106,971 68,786 91,654 144,406 36,414 126,618 157,027 38,015 90,157 68,508 12,598 272,474 321,660 171,263 Receipts—Rosin (2) Stocks—Turpentine (1) Stocks—Rosin (2) Jacksonville........................... T o ta l. 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA MONTHLY AVERAGE 1923-1925=100 DEPARTM ENT STORE TRADE—SIX TH D ISTRICT Nov. 1934 Dec. 1934 Jan. 1935 Nov. 1933 Dec. 1933 Jan. 1934 Daily Average Sales—U n a d ju ste d Atlanta (3 firm s)................................................................................ Birmingham (4 firms)........................................................................ Chattanooga (4 firms)........................................................................ Nashville (4 firms).............................................................................. New Orleans (5 firms)....................................................................... DISTRICT (34 firms)....................................................................... 159.9 72.0 74.6 83.0 83.3 91.3 271.9 115.7 118.2 136.9 122.8 145.6 111.9 45.2 55.1 53.3 51.6 60.5 138.0 66.0 68.8 66.0 70.8 78.4 244.5 102.3 100.8 115.8 109.5 127.9 104.5 46.2 53.4 47.0 53.1 58.7 149.4 64.3 67.2 72.8 70.0 80.1 164.8 68.1 75.8 82.0 71.4 85.6 149.2 62.8 69.7 71.1 61.4 76.6 129.0 58.9 62.0 57.9 59.5 68.8 148.2 60.2 64.6 69.2 63.7 75.2 139.3 64.2 67.6 62.7 63.2 74.3 113.9 46.1 45.7 74.4 64.6 70.0 75.8 37.0 39.5 58.0 53.0 55.2 79.9 41.8 42.6 56.7 48.3 53.6 107.0 51.2 48.1 66.5 67.2 67.4 74.3 40.0 38.0 55.7 56.7 53.7 73.1 39.2 38.0 52.6 52.7 51.6 Atlanta (3 firms)................................................................................ Birmingham (3 firms)........................................................................ Chattanooga (3 firms)........................................................................ Nashville (4 firms)............................................................................. New Orleans (4 firms)....................................................................... DISTRICT (27 firms) ..................................................................... 100.8 41.2 41.6 66.4 59.3 63.0 87.1 40.7 44.9 64.4 60.0 62.0 86.8 46.4 47.9 65.2 53.1 58.9 94.7 45.7 43.7 59.4 61.7 60.7 85.4 44.0 43.2 61.9 63.7 60.3 79.5 43.6 42.7 60.5 57.9 56.7 WHOLESALE TRADE—SIX TH D IS T R IC T -T O T A L ........ Groceries (21 firms)........................................................................... Dry Goods (15 firms)........................................................................ Hardware (25 firms).......................................................................... Furniture (9 firms)............................................................................ Electrical Supplies (12 firms)............................................................ Stationery (3 firms)........................................................................... Drugs (8 firms)................................................................................... 63.3 51.1 72.7 65.1 59.3 85.2 41.3 85.8 56.8 52.1 45.4 55.3 53.6 82.6 37.7 83.4 56.2 52.8 47.5 61.2 46.1 55.7 41.9 83.9 54.1 44.2 62.6 60.5 52.7 52.1 29.3 69.5 53.3 48.2 45.0 59.3 42.9 62.8 33.7 76.7 59.0 51.5 70.0 64.1 38.6 55.9 36.2 79.0 LIFE INSURANCE SALES—SIX STATES—T O T A L ........ 58.9 52.1 61.9 66.9 62.5 56.4 53.0 78.2 73.8 79.1 86.7 89.9 71.4 67.7 81.0 62.2 82.3 86.6 114.0 57.4 77.0 61.8 60.6 63.6 70.4 58.6 55.4 58.5 78.5 62.8 75.4 85.0 95.0 66.5 79.8 57.7 47.5 59.2 62.8 61.2 46.1 57.7 18.1 15.4 7.0 25.1 6.9 6.6 24.9 14.9 4.7 7.1 14.9 39.6 3.4 19.7 14.9 6.9 9.6 24.4 8.7 10.5 18.9 6.8 2.8 2.4 9.3 3.7 6.3 9.3 14.2 1.6 5.9 12.0 5.2 2.8 24.0 23.3 38.8 2.1 34.3 50.3 2.4 24.7 26.8 12.0 36.7 16.3 9.3 20.9 32.9 27.9 36.2 122.1 29.2 184.0 62.2 8.0 98.2 88.6 14.5 137.9 Other Commodities............................................................................ Hides and leather products...................................................... Textile products......................................................................... Fuel and lighting........................................................................ Metals and metal products...................................................... Building materials...................................................................... Chemicals and drugs................................................................. Housefurnishing goods.............................................................. Miscellaneous.............................................................................. 76.5 70.8 75.1 78.0 84.2 69.7 74.4 86.2 85.0 76.9 81.3 70.6 76.9 72.0 75.3 78.0 85.1 70.0 73.7 85.9 85.1 78.1 81.2 71.0 78.8 77.6 79.9 77.7 86.2 70.3 72.9 85.8 84.9 79.3 81.2 70.7 71.1 56.6 64.3 77.2 88.2 76.8 73.5 82.7 84.9 73.4 81.0 65.5 70.8 55.5 62.5 77.5 89.2 76.4 73.4 83.5 85.6 73.7 81.0 65.7 72.2 58.7 64.3 78.3 89.5 76.5 73.1 85.5 86.3 74.4 80.8 67.5 COTTON CONSUMPTION—UNITED STA TES................... Cotton-Growing States...................................................................... All Other States.................................................................................. Georgia........................................................................................ Alabama...................................................................................... Tennessee.................................................................................... 92.6 112.6 53.1 104.9 135.6 106.7 80.3 96.3 48.6 90.9 121.0 91.8 106.2 127.4 64.1 124.5 157.9 121.6 92.3 110.8 55.6 109.2 140.0 90.0 67.5 82.4 37.9 85.3 112.8 70.4 98.6 118.7 58.9 120.7 151.4 98.0 COTTON EXPORTS—UNITED STATES............................... 111.5 98.2 90.7 178.3 159.7 144.0 PIG IRON PRODUCTION—United S tates.............................. Alabama...................................... 32.0 25.1 34.4 28.6 49.5 29.9 36.3 36.4 39.6 54.7 40.7 50.2 D aily Average Sales—A djusted* Atlanta (3 firms)................................................................................ Birmingham (4 firms)........................................................................ Chattanooga (4 firms)....................................................................... Nashville (4 firms)............................................................................. New Orleans (5 firms)....................................................................... DISTRICT (34 firms)....................................................................... M o n th ly Stocks—U n ad ju sted Atlanta (3 firms)................................................................................ Birmingham (3 firms)........................................................................ Chattanooga (3 firms)....................................................................... Nashville (4 firms)............................................................................. New Orleans (4 firms)....................................................................... DISTRICT (27 firms)....................................................................... M o n th ly S tocks—A djusted* Florida................................................................................................. Louisiana............................................................................................. Mississippi........................................................................................... BUILDING PER M ITS—TWENTY C IT IE S ............................ Birmingham........................................................................................ CONTRACT AWARDS—SIX TH D ISTRICT—TO TA L ___ All O thers........................................................................................... WHOLESALE PRICES—UNITED STATES t ALL COM M O DITIES.................................................................... Farm Products.................................................................................... ♦Adjusted for Seasonal Variation. fCompiled by Bureau of Labor Statistics. 1926-100.
