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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 ixth Federal Reserve D istrict FED ER A L R ESERVE B AN K O F A T LA N T A Vol. 22 No. 1 This review released for publication in Sunday papers of Jan u ary 31 ATLANTA, GA., JANUARY 31, 1937 N ATIO N AL SUMMARY OF BUSINESS CONDITIONS Prepared by the Board of Governors of the Federal Reserve System T he B oard’s in d ex o f in d u strial p rod u ction show ed a sharp advance in D ecem ber after a llo w a n ce is m ade for the usual season al changes. T here w as a m arked exp an sion in em p lo ym en t and p a y ro lls and retail trade con tin u ed at h igh lev els. Production and Employment A ctual v o lu m e o f in d u strial production show ed little ch an ge from N ovem b er to D ecem b er, at a tim e w hen a sharp season al d eclin e is u su a l, and the B oard ’s adjusted ind ex advanced from 114 to 121 per cent o f the 1923*1925 average. T here w as a further rise in activ ity at tex tile m ills to the h igh est lev el on record and output o f other n on d u r ab le m anufactures w as m ain tain ed . D eclin e s in production o f steel and lum ber w ere sm a ller in D ecem b er than are usual in that m onth. A t au to m o b ile facto ries there w as a m arked increase in output. In the first three w eeks o f Jan uary a ctiv ity at steel m ills in creased som ew hat, but there w as a d eclin e in assem b lies o f au to m o b iles as a resu lt o f shutdow ns occasion ed b y strikes. C oal p rod u ction d eclin ed sea so n a lly from N ovem b er to D ecem b er, w h ile output o f crude petroleum increased , contrary to season al tendency. V a lu e o f con stru ction contracts aw arded, acco rd in g to figures o f the F. W . D o d g e C orporation, sh ow ed a season al decrease in D ecem ber. F actory em p loym en t expanded further betw een the m id d le o f N ovem b er and the m id d le o f D ecem ber, contrary to the usual season al m ovem ent. Increases w ere gen eral am ong the durable good s in d u stries, with the largest advances at plants p rod u cin g a u tom ob iles and m achinery. In the n on durable good s in d u stries there w ere m arked increases in the num ber em p loyed at tex tile m ills and at sh oe factories. R eflecting p r in cip a lly the h igher level o f em p loym en t and advances in w age rates, factory p a y ro lls increased sh arp ly in D ecem ber, p articu la rly at steel m ills and in the tex tile industries. In retail trade, em p loym en t rose m ore than sea so n a lly and in m ost other n on -agricu ltu ral pursuits there w ere in creases, w hen a llo w a n ce is m ade fo r seasonal changes. Distribution R etail sa les in D ecem ber increased sea so n a lly at departm ent stores and by m ore than the u su al season al am ount at variety stores and m ail order hou ses serv in g rural areas. F reight-car lo ad in gs show ed a sm a ller decrease than is u su al in D ecem ber, and the B oard’s se a so n a lly adjusted in d ex advanced further. Commodity Prices W h o lesa le p rices, fo r both in d u strial and a g ricu ltu ral com m od ities, con tinu ed to a d van ce in the second h a lf o f D ecem ber and the first h a lf o f January. T here w ere m arked increases in prices o f in d u strial raw m aterials, p a rticu la rly nonferrous m etals, lum ber, h id es, and w o o l, and prices o f a num ber o f finished g ood s, such as steel products, paper, and textiles also advanced. S in ce the m id d le o f January there h as been INDUSTRIAL PR DUCTIO O N 1929 1930 In d e x o f p h y sic a l v o lu m e o f 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. B y m o n th s, J a n u a r y 1929 to D e ce m b e r 1936. 1931 1932 1933 1934 1935 1936 1937 Indexes of num ber employed and payrolls, w ithout adjustm ent for sea sonal variation, 1923-1925 average = 100. By months, Ja n u ary 1929 to December 1936. Indexes compiled by U nited States Bureau of Labor Sta tistics. 2 M O N T H L Y R E V IE W W HOLESALE PRICES M BER B K LO S A D INVESTM EM AN AN N ENTS Indexes compiled by United States Bureau of Labor Statistics, 1926 — 100. By weeks, 1932 to date. L atest figure is for week ending Ja n u ary 16, 1937. Wednesday figures for reporting member banks in 101 leading cities. September 5, 1934 to Ja n u a ry 20, 1937. Loans on real estate and loans to banks excluded. a d eclin e in p rices o f com m o d ities traded in on the o rg a n ized exch an ges. N ovem b er to D ecem b er, and w ere 17.1 per cent greater than in D ecem b er, 1 9 3 5 , and the d a ily average in d ex is the h ig h est fo r D ecem b er sin ce 1 9 2 7 . F o r th e year, d epart m ent store sa les w ere 14.2 p er cen t greater than in 1935. W h o lesa le trade d eclin ed slig h tly in D ecem b er b ut w as 2 1 .4 per cent greater than a year ea rlier, and at the h ig h est lev el fo r the m onth sin ce 1 9 2 9 . L ife Insu ran ce sa le s in creased 1 9 .9 p er cent over N o v em b er and w ere 8 p er cent greater than in D ecem b er a year a g o , but fo r th e year w ere 1.6 per cent less than in 1 9 3 5 . D eb its to in d iv id u a l accou nts at banks in 2 6 rep o rtin g c ities in crea sed 2 3 .8 per cent over N ovem b er and w ere 2 2 .9 p er cen t greater than in D ecem ber, 1 9 3 5 . 34 Bank Credit L oans and investm en ts o f rep o rtin g m em ber banks in lea d in g cities d eclin ed in th e first three w eeks o f January, as a resu lt o f red u ction s in com m ercial lo a n s and in lo a n s to brokers. T h e d ecrease in lo an s reflected in part the retirem ent o f n otes issu ed b y the C om m odity C redit C orporation la st J u ly and in part rep a y m ent o f other loan s, w hich had in creased sh a rp ly in p reced in g w eeks. H o ld in g s o f G overnm ent o b lig a tio n s d eclin ed fu rther at N ew Y ork C ity banks but in creased at banks in other le a d in g cities. D em an d d ep osits decreased at the turn o f th e year, but thereafter increased som ew hat, reflecting ch iefly the return o f currency from h o lid a y use. T h e rate on 9 0 d ay bankers’ accep tan ces w as raised 1 /1 6 o f 1 per cent on January 13 and n ow stands at 1 / 4 o f 1 per cent. M arket d iscou n t rates on T reasu ry b ills h ave a lso in creased, w ith b ills offered in the w eek en d in g January 16 se llin g at a discou n t o f over 1 / 3 o f 1 p er cent, as com pared w ith a rate o f about 1 /1 0 o f 1 p er cent ea rly in D ecem ber. E xcess reserves o f m em ber banks in creased from $ 1 ,8 8 0 ,0 0 0 ,0 0 0 to $ 2 ,1 3 0 ,0 0 0 ,0 0 0 in the fo u r w eeks en d in g January 20 , reflecting la r g e ly the p o st-h o lid a y return flow o f cu r rency from circu lation . SIXTH DISTRICT SUMMARY A v a ila b le statistics in d ica te that b u sin ess and in d u strial a ctiv ity in the S ixth F ed eral R eserve D istrict d u rin g 1 9 3 6 w as at a h igh er lev el than in other recent years. T h e in d ex o f d a ily average sa les b y retail firm s w as h ig h er fo r 1 9 3 6 than fo r an y year sin ce 1 9 2 8 , and w h o le sa le trade w as at the h igh est le v e l sin ce 1 9 3 0 . T h e v a lu e o f b u ild in g perm it issu ed at tw enty rep ortin g cities, and the v a lu e o f con stru c tion contracts aw arded in the D istrict, w ere the la rg est sin ce 1 9 29. P ig iron p roduction in A lab am a w as the la rg est sin ce 1 9 3 0 , and the ou tpu t o f co a l w as th e la rg est in A lab am a sin ce 1931 and in T en n essee sin ce 1 9 3 0 . E m p loym en t and p a y ro lls h ave reached a lev e l h ig h er than in a n y o f the past five years fo r w h ich state figures are a v a ila b le , and the v a lu e o f p rin cip al crop s raised in 1 9 3 6 is th e la rg est sin ce 1 9 29. D e p a rtm e n t sto re s a le s in c r e a s e d 7 0 .3 per cent fro m 1935 1937 34 1935 1936 1937 A t w eek ly rep o rtin g m em ber banks in lea d in g cities, in vestm ent h o ld in g s in creased b etw een D ecem b er 9 and Jan u ary 13, and lo a n s d eclin ed s lig h tly , b u t lo a n s, in vestm ents and d ep o sits con tin u ed su b sta n tia lly greater than a year ago. A t the F ed eral R eserve B ank o f A tla n ta outstan d in g note circu la tio n d eclin ed som ew h at, reflectin g the return flow o f currency fo llo w in g the h o lid a y s, but h o ld in g s o f G overnm ent secu rities in creased . B u ild in g perm its at tw en ty cities, and b u ild in g and co n struction contracts aw arded in th e D istrict as a w h o le, d e clin ed fro m N ovem b er to D ecem b er, b ut b u ild in g p erm its w ere 2 6 .5 per cent la rg er than a year ea rlier, and contract aw ards w ere 8.1 p er cent less than in D ecem b er, 1 9 3 5 . F or the year p erm its w ere 6 2 .7 per cent, and contracts 52.1 per cent, greater than in 1 9 3 5 . E m p lo y m en t and p a y r o lls in creased 1.8 per cent, and 2 .5 per cen t, resp ectiv ely , from O ctober to N ovem b er, and w ere at the h ig h est le v el o f the recovery p eriod . C otton co n su m n tio n in th is D istrict in creased further in D ecem b er to th e h ig h est le v e l, on a d a ily average b asis, on record . O rders, sh ip m en ts and u n filled orders at Southern P in e m ills con tin u ed in D ecem ber and e a r ly January w e ll a b o v e th e c o rresp o n d in g p eriod a year ago, but p rod u ction w as slig h tly le ss. C oal p rod u ction in A lab am a w as about 17 p er cent, and in T en n essee ab ou t 30 per cent, greater than a year a g o . P ig iro n prod u ction in A la b a m a in creased fu rth er in D ecem b er and w as 2 3 .5 per cent greater than a y ea r ea rlier, and 1 9 3 6 prod u ction w as 5 3 .2 p er cent greater than in 1 9 3 5 . E lectric p ow er p rod u ction d eclin ed slig h tly in N ovem b er, b u t w as n ea rly 2 0 per cent greater than a year ea rlier, and fo r th e eleven m onths p eriod w as 2 0 .5 p er cen t greater than in that part o f 1935. M O N T H L Y FED ERA L RESERVE BANK OF ATLANTA (In Thousands of Dollars) Jan. 13 Dec. 9 1937 1936 Bills Discounted: Secured by Govt. Obligations $ All O thers................................ Total D iscounts.............. 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 D eposits............................ F. R. Notes in actual circulation Commitments to make indus trial Advances.......................... 105 $ 42 147 108 391 109,941 110,587 244,751 154,758 4,254 166,012 182,701 288 75 $ 270 345 108 486 99,188 100,127 261,657 155,323 2,304 167,721 187,296 294 Jan. 15 1936 75 13 88 165 920 94,209 95,381 187,312 114,280 4,120 123,887 152,479 493 FINANCE Reserve Bank Credit T h ere w as a further in crease in reserve deposits o f S ix th D istrict m em ber banks during the last three w eeks in D ecem ber, and on D ecem ber 30 th ey am ounted to 160 m illio n s o f d o lla rs, the h igh est lev el on record. In the tw o w eeks fo llo w in g , h ow ever, they d eclin ed to 1 5 4 .8 m illio n s, w hen th ey w ere slig h tly less than on D ecem ber 9, show n in the p revious issu e o f th is R eview , but w ere 4 0 .5 m illio n s greater than on the corresp on d in g W ednesday a year ago. D u rin g N o vem ber the d a ily average o f reserves m ain tain ed w ith this bank b y m em ber banks had averaged 35 m illio n s o f d o l lars, or 31.5 per cent, larger than actual reserve require m ents. In the first h a lf o f D ecem ber net dem and d ep osits increased about 13 m illio n s and tim e d ep osits a lso increased slig h tly , but actual reserves a lso in creased and w ere 4 1 .6 m illio n s, or 3 6 .8 per cent, above requirem ents. D ep o sits increased further in the last h a lf o f D ecem ber, and con se q u en tly reserve requirem ents, but actual reserves declin ed som ew hat and averaged 3 4 .8 m illio n s, or 30.1 per cent above actual requirem ents. T he v o lu m e o f d iscounts, w h ich had risen som ew hat by D ecem ber 9 , has sin ce d eclin ed , but on January 13 w as still ab ove the corresp on d in g report date la st year. In d u s trial advances a lso declin ed som ew hat d uring the five w eeks en d in g January 13 and w ere 5 2 9 thousands less than a year ago. H o ld in g s o f U n ited States secu rities, how ever, increased b y $ 1 0 ,7 5 3 ,0 0 0 ea rly in January, and w ere larger than a year ago b y $ 1 5 ,7 3 2 ,0 0 0 . T o ta l reserves h eld b y the bank, after reach in g a new h ig h lev el on D ecem ber 30, d eclin ed in the tw o w eeks f o l lo w in g , but w ere 5 7 .4 m illio n s greater than a year earlier. F ederal R eserve notes o f this bank’s issu e in actual circ u la tion in creased b y D ecem ber 23 to 195.5 m illio n s, the largest total in several years, but fo llo w in g the h o lid a y s the total declin ed by January 13 to 1 8 2 .7 m illio n s. P rin cip a l item s in th e w eek ly statem ent are com pared in an accom p an yin g ta b le. Member Bank Credit T h e v olu m e o f credit outstan d in g at 22 w eek ly rep ortin g m em ber banks in the S ix th D istrict increased o n ly s lig h tly betw een D ecem ber 9 and January 13, but w as about 71 m illio n s greater than at the m id d le o f January, 1935. T otal loan s by these banks had been in creasin g alm ost w ithout interrup tion sin ce the m id d le o f A ugust, and reached on D ecem ber 23 the total o f $ 2 6 8 ,1 1 1 ,0 0 0 , the h igh est lev el fo r any W ednesday sin ce the b anking h o lid a y in the sp rin g o f 1933. T he p rin cip al part o f the increase sin ce m id-sum m er has been in so -ca lled “A ll Other L oans” w h ich in clu d e those fo r com m ercial, in d u strial and agricu ltu ral p urposes. T hese 3 R E V IE W CONDITION OF 22 M EM BER BANKS IN SELECTED CITIES (In Thousands of Dollars) Jan. 13 Dec. 9 Jan. 15 1937 1936 1936 Loans and Investments............. Loans—T o ta l.............................. On Securities........................... To Brokers and Dealers........ To O thers................................. Real Estate Loans...................... Acceptances and Com’l Paper Loans to Banks........................... Investments—T otal................... U. S. Govt. Direct Obligations ObligationsGuaranteedbyU.S. Other Securities....................... Reserve with F. R. B ank.......... Cash in V ault.............................. Balances with domestic banks.. Demand Deposits—Adjusted... Time Deposits............................. U. S. Govt. Deposits.................. Inter-bank Deposits: Domestic. Foreign. . Borrowings 589,566 $ 263,080 60,282 8,337 51,945 25,609 589,034 264,991 59,151 6,726 52,425 25,475 5,855 650 170,684 326,486 208,283 35,272 82,931 89,845 11,848 139,639 330,093 174,882 37,362 233,473 1,229 $ 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 $ 518,235 224,559 53,929 5,703 48,226 21,010 5,187 539 143,894 293,676 179,776 37,365 76,535 63,317 9,016 152,970 292,848 169,665 33,187 197,328 1,243 “A ll O ther L oan s” had in creased from a p p ro x im a tely 130 m illio n s at m id-sum m er to 1 7 6 .4 m illio n s on D ecem ber 2 3 , the h igh est lev e l sin ce ea rly in 1 934. B oth T otal L oans and A ll Other L oans h a v e d eclin ed som ew hat betw een D ecem ber 2 3 and January 13, but on that date total lo a n s w ere 3 8 .5 m illio n s, and A ll Other L oans w ere 2 6 .8 m illio n s greater than on th e corresp on d in g W ed n esd ay o f la st year. L oans on secu rities have not changed a p p recia b ly in several m onths, and on January 13 w ere a p p ro x im a tely 6 .4 m illio n s greater than a year ago. R eal estate lo a n s w ere about 5 m illio n s greater than a year ea rlier, and lo a n s to banks w ere s lig h tly larger. H o ld in g s o f in vestm en t secu rities b y th ese w eek ly report in g m em ber banks h ave exceed ed 3 0 0 m illio n s each W ed n esd ay sin ce the m id d le o f la st M arch. T h is to ta l in creased from 3 2 4 .0 m illio n s on D ecem b er 9 to 3 3 5 .8 m illio n s the fo llo w in g w eek, but has sin ce d eclin ed to 3 2 6 .5 m illio n s, on January 13, and w as then 3 2 .8 m illio n s greater than a year ago. O f th is increase, 2 8 .5 m illio n s is in direct o b ligation s DEBITS TO INDIVIDUAL ACCOUNTS* (In Thousands of Dollars) Dec. 1936 Nov. 1936 Alabama—4 Cities...................... Birmingham............................. Dothan...................................... M obile...................................... Montgomery............................ Dec. 1935 164,348 $ 97,244 3,997 37,298 25,809 134,452 $ 75,116 3,743 31,920 23,673 126,249 72,609 2,706 29,754 21,180 Florida—4 Cities........................ Jacksonville............................. M iam i...................................... Pensacola................................. T am pa...................................... 179,907 88,859 48,365 10,593 32,090 128,335 59,137 34,844 8,750 25,604 145,207 72,279 37,012 8,593 27,323 Georgia— 10 Cities...................... Albany...................................... A tlanta..................................... Augusta.................................... Brunswick................................ Columbus................................. Elberton.................................... M acon...................................... Newnan.................................... Savannah................................. Valdosta.................................... 320,837 5,855 204,939 22,489 2,884 16,895 1,410 19,387 2,918 39,171 4,889 264,235 5,571 168,951 19,246 2,159 13,352 1,317 17,489 2,333 29,448 4,369 269,090 3,845 179,120 19,168 2,353 11,907 1,075 14,706 1,760 31,535 3,621 Louisiana—New Orleans........... 266,714 210,784 218,809 Mississippi—4 Cities.................. H attiesburg.............................. Jackson.................................... M eridian.................................. Vicksburg................................. 57,672 4,642 32,553 10,573 9,904 57,618 4,049 34,204 9,423 9,942 40,408 3,767 21,486 8,376 6,779 Tennessee—3 Cities................... Chattanooga............................ Knoxville.................................. Nashville.................................. 164,346 45,619 29,896 88,831 136,692 38,153 23,820 74,719 139,008 36,551 25,771 76,686 Total—26 Cities...................... $ $ 1,153 824 $ 932,116 $ 938,771 ♦ M o n t h ly tota ls are derived from w eekly reports b y p ro ra tin g figures for those weeks w hich d o n ot fa ll entirely w ith in a single calendar m onth. 4 M O N T H L Y o f the U n ited States G overnm ent; secu rities guaranteed b y the G overnm ent d eclin ed about 2.1 m illio n s, w h ile other secu rities in creased abou t 6 .4 m illio n s. T here w as little ch an ge in dem and d ep osits-ad ju sted b e tw een D ecem ber 9 and January 13, and tim e d ep o sits d e c lin ed 3 .7 m illio n s, but d ep o sits o f other banks in creased 6 .3 m illio n s, and b alan ces m ain tain ed w ith other banks rose 12.4" m illio n s. P rin cip a l item s in the w eek ly rep ort are com p ared in an a ccom p a n y in g ta b le. D eb its to in d iv id u a l accounts at 2 6 rep o rtin g clea r in g h ou se centers in creased 2 3 .8 per cent from N ovem b er to D ecem ber, and w ere 2 2 .9 per cent greater than in D ecem ber, 1 935, and larger than in D ecem b er o f other years sin ce 1929. AGRICULTURE T he D ecem ber Crop R ep ort issu ed b y the U n ited States D epartm ent o f A g ricu ltu re in d ica tes that ea rlier estim ates o f the h eavy lo ss o f crop s fro m drought w ith m uch low er y ield s per acre than in an y recent year excep t 1 9 3 4 have been confirm ed, but that fro m a v a lu e stan d p oin t the lo w y ield s are m ore than offset b y p rices avera g in g h ig h er than in any year sin ce 19 2 9 , and the total v a lu e o f a ll crop s is p laced at $ 6 ,0 8 4 ,9 3 2 ,0 0 0 , com p ared w ith $ 5 ,4 1 8 ,7 5 5 ,0 0 0 fo r 1935. T he gross in com e from 1 9 3 6 crops is expected to total about $ 3 ,8 7 0 ,0 0 0 ,0 0 0 , an in crease o f 13 per cent over that in 1935. A d d in g the p relim in a ry estim ate o f g ross in com e du rin g 19 3 6 from liv esto ck and livestock p roducts o f $ 5 ,1 8 0 ,0 0 0 ,0 0 0 and a llo w in g fo r S o il C onserva tion and benefit paym ents o f $ 4 8 0 ,0 0 0 ,0 0 0 , the gross in com e o f farm ers from 1936 op eration s is estim ated at $ 9 ,5 3 0 ,0 0 0 ,0 0 0 , com pared w ith $ 8 ,5 0 8 ,0 0 0 ,0 0 0 in 1935 and $ 7 ,2 7 6 ,0 0 0 ,0 0 0 in 1934. W h ile there is no gen eral sh ortage o f fo o d , the production o f several o f the p rin cip a l fo o d crop s w as d istin ctly less than u su al. T h e w heat crop w as a lm ost e x a ctly the sam e as that o f 193 5 , but it w as the fou rth sm a ll crop in su ccession . R ye w as e q u a lly lig h t, but the rice crop w as the largest sin ce 19 2 0 . P rod u ction o f p otatoes d eclin ed 15 per cent from 1935, and the sw eet potato crop w as the sm a llest sin ce 1930. T h e tob acco crop d eclin ed , but cotton p roduction w as about 17 p er cent greater than in 1935. D ecid u ou s fru its w ere g e n e r a lly lig h t, but citrus fru its are exp ected to be a bum per crop. F or the six states o f this D istrict the estim ates o f the total farm v alu e o f 6 4 p rin cip a l crop s am ou n t to about 9 4 3 m il R E V IE W lio n s, an in crease o f 2 6 p er cent over 1 9 3 5 and larger than fo r other recent years. T h e la rg est in crea se w as in M is sissip p i, w here cotton p rod u ction in creased n e a r ly 5 2 per cent. T otal v a lu e figu res b y states, and p ro d u ction and v a lu e figures b y crop s fo r the six states com b in ed , are co m pared in the tw o ta b les fo llo w in g . TOTAL FARM VALUE OF 64 PR IN CIPA L CROPS—BY STATES (In Thousands of Dollars) 1936 1935 1934 A labam a....................................... $ 165,499 $ 137,017 $ 142,396 85,018 80,500 77,110 Florida.......................................... Georgia......................................... 191,123 169,430 156,663 Louisiana...................................... 135,309 101,327 87,519 Mississippi.................................... 226,339 147,362 143,669 Tennessee..................................... ...............139,698_______ 112,535_______ 124,423 T o ta l................................. $ 942,986 $ 748,171 $ 731,780 PRODUCTION AND FARM VALUE OF PRIN CIPA L CROPS IN SIX STATES OF T H E SIX TH DISTRICT Production in Thousands of Units Values in Thousands of Dollars Production Value 1936 1935 1936 1935 5,366 4,281 $ 334,993 $ 235,974 Cotton—L in t... 58,986 2,383 1,903 86,918 Cotton—Seed... 170,291 222,990 198,064 . Bushels 199,279 12,290 12,200 8,010 6,647 . Bushels 6,472 6,076 6,989 5,837 . Bushels 3,635 44,307 37,772 3,453 Tame Hay.......... . . . Tons 10,217 13,550 14,494 11,121 White Potatoes. . Bushels 28,339 42,630 29,166 31,933 Sweet Potatoes. . Bushels 21,322 24,947 778,760 689,965 . .. .lbs. 2,115 20,650 2,644 20,630 . . . .lbs. 27,874 34,486 167,153 . . . lbs. 170,198 2,740 3,007 2,602 . Bushels 2,741 7,317 8,392 9,932 8,685 . Bushels 27,686 27,664 21,387 18,247 12,075 11,500 12,375 16,500 Grapefruit.......... 19,907 16,089 5,033 5,494 Sugar Cane........ 9,831 24,292 9,019 21,214 Sugar Cane Sirup . . Gals. 375 397 ’ 12,280 17,296 *17*630 . Bushels 19,135 E stim ated receip ts fro m the sa le o f p r in cip a l farm p ro d ucts, in c lu d in g liv esto ck and liv esto ck products, increased further from Septem b er to O ctober b y about one-third, and w ere 3 5 .7 per cent greater than in O ctober, 1 9 3 5 . C om par iso n s b y states fo llo w . ESTIM ATED R E C E IPT S FROM SALE OF PRIN CIPA L FARM PRODUCTS (Including Livestock and Livestock Products) (In Thousands of Dollars) January-October Incl. Oct. 1936 Oct. 1935 1936 1935 Alabam a. . . Florida........ Georgia........ Louisiana... Mississippi.. Tennessee... $ 21,259 6,221 19,523 18,614 41,977 15,126 Total. $ 122,720 $ $ 18,167 3,761 16,754 13,453 26,803 11,513 90,451 $ $ 80,646 $ 86,714 107,967 68,743 111,413 79,549 535,032 $ 73,501 76,478 90,195 65,776 86,623 76,142 468,715 TRADE SUGAR MOVEM ENT—NEW ORLEANS—Pounds Raw Sugar Dec. 1936 Nov. 1936 Dec. 1935 Receipts........................................ Meltings....................................... Stocks............................................ 91,581,258 78,906,556 36,776,950 86,365,156 71,276,820 24,121,675 79,410,418 36,945,654 89,855,194 Shipm ents.................................... Stocks............................................ Refined Sugar 78,428,960 12,615,541 68,139,684 16,475,098 46,049,096 17,827,412 R IC E MOVEM ENT (Rice Millers’ Association Statistics) December Aug. to Dec. Incl. Receipts of Rough Rice* Season 1935-36........................ Distribution of Milled Rice** Season 1936-37........................ Stocks: December 31, 1936.................. December 31, 1935................. ♦B a rre ls of 162 lbs. **P o c k e ts of 100 lbs. 736,245 656,707 6,465,950 6,075,876 979,850 538,112 4,388,322 3,567,643 1,155,208 2,396,985 1,499,121 739,321 Retail Trade T h e v o lu m e o f reta il trad e in the S ix th F ederal R eserve D istrict d u rin g the year 1 9 3 6 , reflected in con fid en tia l figures reported b y 5 7 coop erat in g firm s, w as 1 4 .2 per cent la rg er than in 1 9 35. D a ily average sa les d u rin g 1 9 3 6 averaged 1 0 5 .3 p er cent o f the 1 9 2 3 -2 5 average, the h ig h est le v e l fo r a n y year sin ce 1 9 2 8 . D ecem b er sa le s in creased 7 0 .3 p er cen t over N ovem b er, w h ich w as shorter b y tw o b u sin ess d ays, and w ere 17.1 per cent greater than in D ecem b er, 1 9 3 5 . T h e g a in fro m N o vem ber to D ecem b er w as la rg er than u su a lly o ccu rs at that tim e and the in d ex o f d a ily a verage sa le s after adjustm ent fo r the u su a l sea so n a l m ovem en t rose fro m 1 0 5 .2 p er cent o f the 1 9 2 3 -2 5 average in N ovem b er to 110 .1 p er cent in D ecem b er. T h e D ecem b er in d e x is th e h ig h est fo r that m onth sin ce 1 9 2 7 . S tock s at th e end o f D ecem ber w ere 16.1 per cent sm a lle r than a m on th ea rlier, b ut averaged 7 .2 per cent larger than fo r D ecem b er, 1 9 3 5 . T h e c o llectio n M O N T H L Y 5 R E V IE W RETA IL TRADE IN T H E SIX TH D ISTRICT DURING DECEM BER 1936 Based on confidential reports from 57 department stores C omparison op N bt Salbs C omparison op Stocks December 1936 Year to Dec. 31, 1936 Stock T urnover with: date with. with: Same month Previous Same period Same month Previous December Jan.-D ee. Incl. a year ago Month last year a year ago Month 1936 1935 1936 1935 A tlanta (6 ).................................... ........+ 1 9 .4 Birm ingham (5)............................ ........+ 2 6 .0 C hattanooga (4)........................... ........+ 1 5 .8 Jacksonville (3 )............................ ........+ 1 8.7 M iami (3 )..............................................+ 1 4.5 M ontgom ery (3)........................... ........+ 8.0 Nashville (4)................................. ........+ 20.7 New O rleans (4)........................... ........+ 1 2 .2 O ther Cities (25)........................ ........ + 1 4 .8 D IS T R IC T (57)...................................+ 17.1 + 69.7 + 6 3 .8 + 6 1 .6 + 9 2 .6 + 8 1 .2 + 6 8 .0 + 8 0 .0 + 6 2 .4 + 71.7 + 7 0 .3 + 13.1 + 2 6 .8 + 6.8 + 17.7 + 1 3.8 + 7.6 + 1 1 .0 + 1 5 .8 + 8.4 + 1 4 .2 + 1 0 .6 — 14.0 + 6.6 —22.2 —23.0 —37.2 ........... ....................... + 1 9 .2 + 6.7 + 5.5 — 15.7 + 5.4 —25.6 + 7.0 — 19.3 + 1 2 .0 — 12.1 + 7.2 — 16.1 .73 .54 .62 .60 .46 .48 5.02 3.65 3.67 .70 .49 .64 .55 .43 .59 .70 ... .45 .52 .50 .52 4.99 3.55 4.37 4.18 3.06 4.12 N O T E : T he ra te of stock turnover 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 during th e m onth reported on. ratio rose from N ovem b er to D ecem ber an d w as the h igh est sin ce F ebruary. T he D ecem ber ratio fo r regu lar accounts was 4 0 per cent, and fo r in sta llm en t accou n ts 14.9 per cent. P ercen tage com p arison s in the tab le are based u p on fig ures reported in actu al d o lla r am ounts and m ake no a llo w ance fo r changes in p rice lev e ls. T he in d ex es o f d a ily average sa les, and o f stocks, on p a g e 8, are based upon reports from a sm a ller num ber o f firm s w h ose figures have been reported over a lo n g er p eriod o f tim e. A statem ent by the U n ited States D ep artm en t o f C om m erce indicates that d a ily average sa les o f gen eral m er chan dise in sm a ll tow ns and rural areas in the South were 24.1 per cent larger in N ovem ber, 1 936, than a year earlier, com pared w ith an increase o f 18.2 per cent fo r the country as a w h ole. Life Insurance L ife insurance sa les in the six states o f this D istrict increased from N ovem b er to D ecem ber, as they u su a lly do. T he D ecem ber total was 19.9 per cent larger than fo r N ovem b er, and 8 per cent greater than fo r D ecem ber, 1935, a lth ou gh fo r the country as a w h ole there w as a decrease o f 2 .6 per cent com pared w ith D ecem b er a year ago. F or the year 1936, total sa les in this D istrict w ere 1.6 per cent less than in 193 5 , increases in F lorid a and M ississip p i b ein g m ore than offset in the total by decreases in the other fou r states. F or the country, 1936 sales w ere 4.1 per cent less than in 1 935. F igu res com pared in the table are from th ose co m p iled b y the L ife Insurance S a les R esearch Bureau. (In Thousands of Dollars) December November December January-Dee. Incl. _________________________1936 1936 1935_______ 1936_______ 1935 Alabama........................ $ 4,404 $ 3,914 $ 4,098 $ 42,551 $ 45,171 Florida.......................... 5,966 4,417 4,954 57,992 54,797 Georgia.......................... 7,258 5,991 7,367 73,122 77,997 Louisiana...................... 4,984 4,691 5,067 54,943 56,894 Mississippi................... 3,500 3,038 2,749 29,769 27,021 Tennessee...................... 6,589 5,218 6,055 64,598 66,506 Total Six S tates___ 32,701 27,269 30,290 322,975 328,386 United S ta te s.......... 560,729 477,569 575,600 5,927,563 6,181,255 Wholesale Trade T he v o lu m e o f w h o le sa le trade in the S ixth D istrict d u rin g the year 1 9 3 6 , reflected in figures reported b y 7 9 firm s, w as 18.1 per cent greater than in 19 3 5 , and a p relim in a ry an n u al in d ex for the year o f 7 2 .9 per cent o f the 1 9 2 3 -1 9 2 5 average is h igh er than fo r other years sin ce 1 9 30 . D ecem b er sa les averaged o n ly 2 per cent less than in N ovem b er, a d eclin e about h a lf that w hich occurred at the sam e tim e a year ago, and w ere 2 1 .4 per cent greater than in D ecem b er, 193 5 . T he D ecem ber in d ex is the h igh est fo r the m onth sin ce 1929. Stocks declin ed in D ecem b er but w ere larger than a year C ollection R atio Dec. 1936 Nov. 1936 Dec. 1935 4.66 30.9 27.7 28.5 3.48 36.5 35.5 34.4 3.60 33.2 32.7 30.6 ............... ............................................ 4.53 ............................................ .... ............................................ 3.17 29.0 28.8 29.5 3.51 39.6 37.5 43.9 3.24 36.9 32.9 33.6 3.65 34.7 32.1 33.5 T he collection ratio is the percentage of accounts o u tsta n d in g WHOLESALE TRADE IN SIX TH DISTRICT DURING DECEM BER 1936 Based on confidential reports from 79 firms Percentage Comparisons Number Dec. 1936 with: Jan.-Dee. 1936 Incl. of Firms November December with same 1936 1935 period last year All Lines Combined: 79 — 2.0 + 2 1 .4 + 18.1 26 — 4.1 + 9.7 Groceries: 18 + 8.1 + 13.0 + 5.4 Jacksonville......... + 12.5 3 + 14.0 — 2.5 Vicksburg............ 3 + 6.9 + 4 2.2 + 2 6 .3 Other Cities.......... 9 + 3.6 +20.1 + 7.5 Dry Goods: 14 —24.8 + 12.6 + 1 4 .6 Nashville.............. 3 — 19.9 + 2 0 .9 + 9.9 Other Cities.......... 11 —26.0 + 10.6 + 15.9 7 — 13.1 + 8.2 Hardware: 25 — 0.4 + 2 7 .3 + 23.1 Nashville.............. 3 + 10.2 + 19.6 + 9.9 New Orleans........ 5 + 0. 1 + 21.5 + 32.1 Other Cities.......... 17 — 2.1 + 3 1.9 + 20.7 9 — 4.5 + 4.1 Furniture: 7 — 5.2 + 6 3.2 + 4 6 .7 5 + 3.5 + 15.0 Electrical Supplies: 3 + 6.9 + 32.7 + 4 6 .2 D rugs: 7 + 3.2 + 1 4 .3 + 13.1 COLLECTION RATIO* December November December 1936__________ 1936 1935 Groceries.......................... 81.2 74.7 64.2 Dry Goods........................ 45.4 39.5 46.5 Hardware.......................... 50.1 45.1 41.7 Furniture.......................... 59.7 46.8 37.8 Total............... .. ..______ 53^5__________46.7 48. 1 *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. ago, and co llectio n s w ere con sid erab ly better than in N o vem ber or in D ecem ber, 1935. C om parisons o f reported figures are show n in an accom p an yin g tab le, and in d ex num bers appear on p age 8. EMPLOYMENT A ccord in g to statistics co m p iled b y the U n ited States B u reau o f Labor S tatistics, em ploym en t and p a y ro lls in this D istrict im proved further in N ovem ber to a new h igh lev el for the recovery period. N um ber o f w orkers increased 1.8 per cent over October, and 11.4 per cent over the lo w fo r the year in June, and w as 12.5 per cent larger than a year ago and 5 4 .8 per cent above the low p oin t recorded fo r Ju ly, 1932. T he am ount o f a w eek’s p a y ro ll averaged 2 .5 per cent h igher in N ovem ber than in October, 13.7 per cent larger than in June, and was 19.4 per cent larger than in N ovem ber a year ago and 9 9 per cent greater than in Ju ly, 1932. T he largest gains over October w ere reported in w h o lesa le and retail trade and can n in g in F lo rid a , where num ber o f w orkers increased 8 .9 per cent and p a y ro lls 7.6 per cent. Other states reported sm all increases excep tin g 6 M O N T H L Y BUILDING PER M ITS—DECEM BER Number 1936 1935 Alabama Anniston................... Birmingham............. M obile...................... M ontgomery............ Florida Jacksonville.............. Miami........................ Miami Beach............ Orlando.................... T am pa...................... Georgia A tlanta...................... Augusta.................... Columbus.................. M acon...................... Savannah................. Louisiana New Orleans............ Alexandria................ Tennessee Chattanooga............ Johnson City............ Knoxville.................. Nashville.................. Total 20 C ities........ 1932 384 24 78 450 760976 166 95 142 $ 1936 23,788 239 225,227 26 46,101 72 79,470 413 337,445 1,408,684 165 673,09 1 53 116,016 153 54,569 Percentage Change in Value Value 1935 $ 19,638 145,625 19,686 41,902 + 21.1 + 54.7 +134.2 + 89.7 303,737 682,567 372,204 47,242 38,605 + 11.1 +106.4 + 80.8 + 145.6 + 41.4 122 33 59 149 28 121 13 47 133 12 170,054 202,047 30,934 108,758 26,450 80,333 50,848 35,254 9,781 10,296 +111.7 + 297.4 — 12.3 + 1 ,0 1 1 .9 +156.9 84 43 55 34 253,620 44,511 272,090 10,457 — 6.8 +325.7 268 4 51 131 217 2 38 158 91,041 4,160 139,369 124,622 80,701 575 59,082 1,008,785 + 12.8 + 623.5 +135.9 — 87.6 2,959 $ 4,159,957 $3,289,408 + 26.5 3,090 M ississip p i w here num ber o f w orkers and p a y r o lls d eclin ed 1 per cent. IN D U S T R Y T he v a lu e o f b u ild in g p erm its issu ed at tw en ty rep ortin g cities in the S ix th D istrict in d ica te the largest am ount o f con struction sin ce 1 9 29. T h e m o n th ly figures reached in J u ly a total o f m ore than 8 m illio n s o f d o lla r s, the largest fo r an y m onth sin ce A p r il, 1 9 2 9 . S in c e J u ly , h ow ever, p er m its h ave d eclin ed each m onth th rou gh D ecem b er. T he D ecem ber total w as 13.1 p er cent sm a lle r than fo r N o v e m ber, but 2 6 .5 per cent greater than fo r D ecem b er, 1 9 3 5 . O n ly three cities reported decreases com p ared w ith D e cem ber, 1935. T h e total fo r the year w as $ 6 4 ,9 2 1 ,4 2 9 , larger b y 6 2 .7 per cent than in 1 9 3 5 , and la rger than fo r other years sin ce 192 9 and o n ly 1 0 .2 per cent b elo w the total fo r that year. C om p arison s fo r the m onth are show n in an a ccom p an yin g tab le. T h e total 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 F . W . D o d g e C orp oration and su b d ivid ed in to d is trict totals b y the D iv isio n o f R esearch and S tatistics o f the B oard o f G overnors o f th e F ed eral R eserve System , am ounted in 1 9 3 6 to $ 2 4 6 ,2 3 5 ,0 3 1 . T h is is an in crease o f 52.1 per cent over the to ta l fo r 1 9 3 5 , and is the largest total fo r any year sin ce 1 9 2 9 . R esid en tia l contracts in 1 9 3 6 am ounted to $ 6 0 ,6 1 3 ,4 5 8 , la rg er b y 58.1 per cent than in 19 35, and a lso the largest total sin ce 1 9 2 9 , and other co n tracts in 193 6 totaled $ 1 7 6 ,6 2 1 ,5 7 3 and w ere 4 9 .8 per cent greater than in 1935 and the la rg est sin ce 1 9 3 0 . G ains over 1 9 35 w ere also show n fo r each o f the states o f the D istrict excep t L ou isian a w here there w as a sm a ll decrease. T h e v a lu e o f contract aw ards d eclin ed from N ovem b er to D e cem ber and fo r the first tim e sin ce the sp rin g o f 1 9 35 w ere BUILD ING AND CONSTRUCTION CONTRACTS AWARDED F. W. Dodge Corporation Dec. 1936 Nov. 1936 Dec. 1935 Sixth District T otal.................... Residential................................ All O thers................................ State Totals: A labam a................................... Florida...................................... Georgia..................................... Louisiana.................................. Mississippi............................... Tennessee.................................. $ 18,745,600 $ 28,639,300 $ 20,393,728 5,342,300 4,581,900 5,132,610 13,403,300 24,057,400 15,261,118 1,735,100 6,347,600 4,998,400 2,837,700 1,783,400 3,515,900 9,675,700 5,660,500 4,130,300 1,177,100 2,418,800 7,599,900 2,756,500 6,693,700 3,165,200 4,123,100 2,438,800 4,964,900 R E V IE W sm a ller in total than fo r the co rresp o n d in g m onth a year ea rlier. R esid en tia l con tracts in creased over N ovem b er, and over D ecem b er, 1 9 3 5 , but th ese in creases w ere m ore than offset in the total b y d ecreases in other con tracts. S tate totals show in creases over N ovem b er in F lo rid a , G eorgia and L ou isian a, and over D ecem b er a year a g o o n ly in G eorgia. T o ta l contracts aw arded in th e 3 7 eastern states have d eclin ed each m onth sin ce J u ly , and the D ecem b er total w as 2 4 .4 per cent less than fo r D ecem b er, 1 9 3 5 . F or the year, h ow ever, total aw ards w ere 4 5 per cen t greater than in 1 9 3 5 , resid en tia l contracts 6 7 p er cen t la rger, and other cla sses a lso in creased . P ress reports in d ica te that th e S ou th ern P in e m arket co n tin u es its stead y ad van ce, th at retail yard s are s till b u y in g lib e r a lly and there h a s recen tly been an a p p recia b le in crease in the dem and fo r r a ilro a d car stock. T h ere w as a g en eral advance in p in e p rices ab ou t th e m id d le o f D e cem ber, but th is has n ot served to ch eck b u y in g . F or the six w eeks p eriod en d in g Jan u ary 9 , orders at rep o rtin g m ills averaged 3 0 .5 per cent greater than in that p erio d a year ag o , u n filled orders a veraged 41 p er cent la rg er, and sh ip m ents averaged 2 4 .3 p er cen t greater. P ro d u ctio n , h o w ever, d u rin g th is p erio d averaged 1.1 per cen t less than in that p erio d a year a g o . C on su m p tion o f cotton b y A m erica n m ills in crea sed from N ovem b er to D ecem b er b y 1 0 .6 p er cen t to th e th ird h ig h est lev e l fo r an y m onth on record. T h e to ta l o f 6 9 2 ,9 2 1 b a les con su m ed in D ecem b er w as ex ceed ed o n ly in June, 1 9 3 3 , w hen 6 9 7 ,2 6 1 b a les w ere co n su m ed , and in M arch, 1 9 2 7 , w hen the to ta l w as 6 9 3 ,0 8 1 b a les. D ecem b er con su m p tion w as 3 8 .6 per cent greater than in that m on th a year earlier. In the cotton states the in crea se over N ov em b er w as 9.1 per cent, and in oth er states 1 8 .3 per cent. C on su m ption in the cotton states a ccou n ted fo r 8 3 .2 p er cen t o f th e total in D ecem b er, 8 4 .3 per cen t in N ovem b er, an d 8 3 .4 per cent in D ecem b er, 1 9 3 5 . C um ulated to ta ls fo r th e first five m onths o f the cotton sea so n am ou n t to 3 ,1 7 0 ,1 3 1 b a les, larger b y 3 0 .8 per cent than that d u rin g th e corresp on d in g part o f the p rev io u s season . In the cotton states this fivem onths total w as 2 ,6 5 4 ,2 8 8 b a les, an d in other states 515,8 4 3 b a les, in crease o f 3 0 .7 p er cen t and 3 1 .1 p er cent, re sp ectiv e ly , over that p erio d a y ea r a go. C otton ex p o rts d u rin g D ecem b er d eclin ed fu rth er b y 13.9 per cent, com p ared w ith N o v em b er, and w ere 33 per cent sm a ller than in D ecem b er, 1 9 3 5 , and the five-m onths total o f exp orts w as 2 ,8 9 6 ,8 0 2 b a les, a decrease o f 1 6.3 per cent com p ared w ith the 3 ,4 6 0 ,8 2 1 b a le s exp orted d u rin g that part o f the p reviou s sea so n . T h e v a lu e o f the 5 9 3 ,8 6 0 b a les e x ported in D ecem b er is g iv en b y the C ensus Bureau as $39,6 2 0 ,0 0 0 , com p ared w ith $ 4 6 ,1 5 2 ,0 0 0 fo r N o v em b er and w ith COTTON CONSUMPTION, EXPORTS, STOCKS, AND ACTIVE SPIN D LES United States (Bales) Dec. 1936 Nov. 1936 Dec. 1935 Cotton Consumed....................... Stocks............................................ In Consuming Establishments In Public Storage and at Compresses.......................... E xports......................................... Active Spindles—Number.......... 692,921 9,789,704 2,001,378 626,695 10,210,658 1,792,250 499,773 9,820,335 1,431,249 7,788,326 593,860 24,090,204 8,418,408 689,815 23,805,520 8,389,086 886,035 23,399,344 COTTON GROWING STATES—Bales Cotton Consumed....................... Stocks............................................ In Consuming Establishments In Public Storage and a t Compresses.......................... Active Spindles............................ 576,736 9,428,913 1,722,138 528,513 9,933,744 1,575,907 416,939 9,490,973 1,223,430 7,706,775 17,549,224 8,357,837 17,463,486 8,267,543 17,209,902 M O N T H L Y $ 5 5 ,7 4 0 ,0 0 0 for D ecem b er, 1 9 3 5 , and the v a lu e o f the fivem onths period w as $ 1 9 3 ,0 0 3 ,0 0 0 , com pared w ith $ 2 2 0 ,7 1 8 ,0 0 0 fo r that p eriod a year ea rlier. Stocks o f cotton at con su m in g estab lish m en ts increased in both the cotton states and other states, and stocks in storage and at com p resses in creased in other states but d e clin ed in the cotton states. T otal stocks d eclin ed 4.1 per cent from N ovem b er, and w ere slig h tly sm a ller than a year ago. T here w as a further in crease o f 1.2 per cent over N o vem ber in the num ber o f sp in d le s active in D ecem b er, when the total w as 3 per cent greater than in D ecem b er, 1935. D ecem ber con su m p tion o f cotton b y m ills in G eorgia am ounted to 1 3 9 ,2 3 4 b a les, in A lab am a to 7 5 ,4 9 6 b a les, and in T en n essee to 1 6 ,6 2 7 b a les, the total o f 2 3 1 ,3 5 7 b a les for the three states b ein g 10.5 per cent greater than in N o v em ber and 39 per cent greater than in D ecem b er, 1 9 3 5 . D a ily average con su m p tion in D ecem ber, w hich w as the h igh est on record, w as 2 per cent larger than in N ovem b er. In the five m onths o f the current season , A u gu st through D ecem ber, 1 ,0 4 7 ,9 3 5 b ales have been consum ed in th ese three states, an increase o f 3 2 .9 per cent over con su m p tion in that part o f the p reviou s season. C otton seed o il m ills in th is D istrict crushed m ore seed, and produced m ore m anufactured products, in D ecem ber than in N ovem ber, but receip ts o f seed d eclin ed sea so n a lly and d a ily average prod u ction a lso d eclin ed som ew hat. D e cem ber receip ts w ere, how ever, n ea rly tw o and on e-h a lf tim es as la rg e as a year ea rlier, and cru sh in gs w ere 6 5 .3 per cent greater than in D ecem ber, 1 9 3 5 . F or the five m onths o f th e season , receip ts o f seed h ave been 3 5 .5 per cent, and cru shin gs 13.1 per cent, greater than in that part o f the p reviou s season, and prod u ction ranged from an in crease o f 12.1 per cent in crude o il to 2 4 .3 per cent in lin ters. F igu res fo r the U n ited States as a w h o le a lso sh ow sub stantial gain s over the p reviou s season in receip ts and cru sh in gs o f seed, and in the output o f m anufactured p ro d ucts. E lectric pow er produ ction in the six states o f th is D is trict, after in creasin g each m onth from M ay through O cto ber, d eclin ed 4 .9 per cent in N ovem ber, but w as 1 9.5 per cent greater than in N ovem ber, 1 9 3 5 . T he N ovem b er total was less than in the three p reced in g m onths, but larger than for any other m onth on record. T he decrease from O ctober to N ovem b er w as la r g e ly due to the shorter m onth, as d a ily average p roduction d eclin ed o n ly 1.8 per cent. P rod u ction b y u se o f w ater p ow er accounted fo r 57.1 per cent o f the total in N ovem ber, 6 3 .4 per cent in O ctober, and 5 6 .6 per cent in N ovem ber, 193 5 . F or the eleven m onths o f 1 9 3 6 total produ ction has been 2 0 .5 per cent, that b y w ater pow er 15.1 per cent, and that b v use o f fu els 2 9 .4 per cent, greater than in that part o f 1935. A v a ila b le p relim in ary statistics o f the B ureau o f M ines indicate that production o f b itu m in ou s coal d u rin g the year 1936 am ounted in A lab am a to n ea rly 12 m illio n ton s, and in T ennessee to slig h tly m ore than 5 m illio n ton s. T h ese figures represent increases fo r 1 9 3 6 over p rod u ction in 1935 o f about 38 per cent in A lab am a, and 2 2 per cent in T en nessee. Part o f the in crease is due to the cu rtailm ent o f production in both states d u rin g the fa ll o f 1 9 3 5 b y lab or difficulties. W eek ly p rod u ction figures in D ecem b er averaged som ew hat sm a ller in A lab am a, but la rg er in T en nessee, than in N ovem b er, but w ere 1 7 .6 per cent and 30.4 7 R E V IE W per cent, resp ectiv ely , larger than fo r corresp on d in g w eeks a year earlier. F igu res fo r the country as a w h ole in d icate that D ecem ber p rod u ction am ounted to 4 4 ,4 8 7 ,0 0 0 tons, an increase o f 7 per cent over the revised total o f 4 1 ,5 8 8 ,0 0 0 fo r N ovem ber, and 2 5 .7 per cent larger than the 3 5 ,3 8 8 ,0 0 0 produced in D ecem b er, 1 935. D ecem ber had 2 6 b usiness days, how ever, as again st 23.1 in N ovem b er, so that d a ily average p rod u ction d eclin ed 4 .9 per cent. F or the year, total p rod u ction w as 4 3 1 ,9 5 0 ,0 0 0 ton s, larger b y 17 per cent than the total o f 3 6 9 ,3 2 4 ,0 0 0 fo r 1935. P rod u ction o f p ig iron in A lab am a am ounted in D ecem ber to 2 0 0 ,9 3 3 ton s, a gain o f 4 .3 per cent over the N o vem ber total and 2 3 .5 per cent greater than in D ecem ber, 1935. B ecause o f the lo n g er m onth the in crease in d a ily average p rod u ction over N ovem b er w as 0 .9 per cent. T h e D ecem ber total w as the largest fo r an y m onth sin ce June, 1 930, and b rin gs the total fo r the year 1 9 3 6 to 1 ,9 4 2 ,9 7 9 tons, greater b y 5 3 .2 per cent than p rod u ction in 19 3 5 , and the largest annual total sin ce 1 930. T h e 1 9 3 6 total is m ore than tw ice as la rg e as that fo r 1933 and about three tim es the am ount fo r 1 9 3 2 . F ifteen fu rn aces continued active in D ecem ber, w hich com pares w ith 12 a ctive at the clo se o f 1 935. P ress reports in d icate that the iron m arket is rather d u ll on account o f the b u y in g m ovem ent that took p la ce b efo re the p rice w as advanced $1 per ton on N ovem ber 24. It w as advanced another 50 cents the latter part o f D ecem ber, and the present b ase price is $ 1 7 .3 8 . M ost o f the larger m elters h ave b ou gh t sufficient iron to la st them through the first quarter, but som e scatterin g sca les are b ein g m ade. P roducers entered the n ew year lib e r a lly su p p lied w ith u n filled orders. In the U nited States as a w h o le, D ecem b er produ ction o f p ig iron am ounted to 3 ,1 1 5 ,0 3 7 tons, a gain o f 5.7 per cent over the m onth, and 4 7 .9 per cent larger than in D ecem ber, 193 5 . D a ily average p rod u ction in creased 2.3 p er cent over N ovem b er. F or the year 1 9 3 6 , to ta l production am ounted to 3 0 ,6 1 8 ,7 9 7 tons, 4 5 .7 per cent greater than in 1935, and the largest annual total sin ce 1 9 3 0 . Further substantial increases in the q uotations fo r rosin ea rly in January b rou gh t the average fo r the thirteen grades to $ 1 1 .0 8 per 2 8 0 pou n d s on January 7 , w hich com pares w ith $ 8 .3 3 on D ecem b er 5, and w ith $ 4 .6 5 on January 4 last year. T he average fo r January 7 is the h igh est lev el recorded in about ten years. Q uotations fo r tu rpentine also increased slig h tly to 4 5 ^ 2 cents per g a llo n , the h igh est sin ce January last year. Im proved dem and at the tim e of low est receip ts o f the year is in d icated in press reports to be the cause o f im proved prices. D ecem b er receipts o f turpentine d eclin ed , but th ose o f rosins increased slig h tly , but receip ts o f both com m od ities w ere the sm a llest fo r D e cem ber o f an y year in a v a ila b le statistics. R eceip ts and stocks are com pared in the tab le. NAVAL STORES MOVEM ENT Turpentine (1) Rosin (2) Dec. 1936 Dec. 1935 Dec. 1936 Dec. 1935 xvcucipta. 5,277 6,134 Savannah..................... Jacksonville................. 3,906 4,977 Pensacola................... ................ 2,437_______2,220 Total..................... 11,620 13,331 32,020 28,058 11,229 71,307 29,987 34,465 10,918 75,370 Stocks: Savannah..................... 35,261 51,085 82,098 111,360 Jacksonville................. 42,935 58,477 73,585 134,695 Pensacola................... .............. 27,235______ 35,684______34,642______68,966 Total..................... 105,431 145,216 190,325 315,021 (1) B a rre ls of 50 gallons. (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 O c t. 1936 Nov. 1936 211.7 124.8 94.2 109.4 93.2 118.8 100 D ec. 1936 O c t. 1935 N ov. 1935 D ec. 1935 205.6 121.4 91.9 99.1 103.3 119.9 326.3 187.3 137.1 164.6 161.0 187.1 175.9 72.2 85.7 93 .5 87.9 97.6 182.2 86.8 81 .8 89.7 94.6 102.6 283.8 138.6 123.1 141.8 138.1 157.5 177.9 107.6 76.0 93.5 81.0 99 .8 192.1 108.4 82.8 86.9 86.8 105.2 197.8 110.2 87.9 98.6 93.6 110.1 147.8 62 .2 69.1 79.9 76.4 82.0 170.3 77.5 73 .7 78.7 79.5 90.0 172.0 8 1 .5 78.9 84.9 80.3 92.6 130.9 69.1 55.8 65.9 61.1 73.7 111.1 75.9 56.1 67.3 66.9 75.6 100.9 57.3 35.2 50.1 54.0 61.2 126.5 50.7 56.2 72.1 57.8 69.3 131.8 61.3 55.1 73.6 61.6 73.9 9 2 .2 5 0 .7 45 .7 58.9 50.4 58.6 A tlan ta (3 firm s)....................................................................................... B irm ingham (3 firm s)............................................................ ................. C hattanooga (3 firm s)............................................................................. N ashville (3 firm s)........................ ........................................................... New Orleans (4 firm s)............................................ ................................ D IS T R IC T (25 firm s)............................................................................ 116.9 62.8 4 9 .8 58.3 55.5 66.4 98.3 67.8 51.0 60.1 61.4 68.1 116.0 63.0 40.0 55.7 60.7 68.8 112.9 46.1 50.2 63 .8 52.5 62 .4 116.6 54.7 50.1 65.7 56.5 66.6 106.0 55.7 51.9 65 .4 56.6 65.8 W H O LESA LE 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)................................................................................... D rugs (7 firm s).......................................................................................... 89.3 62.8 105.0 101.2 113.6 108.0 78.7 54.2 80.6 88.1 105.7 100.3 75.5 58.6 60.6 87.8 100.2 103.6 74.1 58.2 90.5 78.9 66.7 . 93 .7 65.7 52.3 68.4 72.4 60.1 89.5 63.1 52.1 5 3.8 69.0 61.4 90.6 L IF E IN SU R A N C E SA LES—S IX ST A T E S —T O T A L A labam a...................................................................................................... F lo rid a ......................................................................................................... G eorgia......................................................................................................... Louisiana................................................................................... ................. M ississippi................................................................................................... Tennessee.................................................................................................... 65.2 55.7 73.5 72.0 65.6 6 9.4 5 8.0 64.9 57.7 74.6 65.3 74.0 6 9.5 55.4 77.9 64.9 100.8 79.1 78.7 80.1 70.0 60.0 46.7 76.8 68 .2 63.4 51.8 52.8 59.1 49.2 65.3 6 7 .8 6 5.9 49.2 54.1 72.1 60.4 83.7 80.3 80.0 62.9 64.3 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 A tla n ta ............................................................................ ............................ 51.9 13.2 9 .9 50.6 136.1 30.5 6 9.7 42.6 30.1 12.8 61.6 13.5 19.8 60.0 37.0 11.0 15.2 41.0 19.6 19.7 55.7 35 .8 19.7 13.5 51.7 63.7 10.9 46.6 33.6 12.1 6.1 45.5 63.5 10.6 47.3 29.2 5 .2 9 .8 3 6.9 159.0 21.1 27.0 59.5 51.7 6 4.8 81.6 32.7 114.2 53.4 38.1 63.6 47.1 28.9 59.3 54.3 19.9 77.2 58.1 36.6 72 .4 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 9 7.0 73.5 76.8 87.9 87.7 82.5 82.3 73.4 84.2 88.5 85.5 82 .2 9 9 .7 76.3 76.5 89.6 89.5 85.3 83.2 74 .5 80.5 78.2 85.0 78.3 93.6 72.9 73 .4 86.5 86.1 81.1 80.6 67.5 80.6 77.5 85.1 78 .8 95.0 73.4 74.5 86.9 85.8 81.2 81.0 67.4 80.9 78.3 85 .7 78.7 95.4 73.2 74.6 86.8 85.5 80.6 81.0 67.5 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 .................... 125.5 158.1 60.9 162.8 205.0 154.7 121.7 154.4 56.9 160.2 202.0 152.1 134.5 168.4 67.3 178.7 219.6 167.1 107.2 134.1 53.9 135.8 174.7 133.1 99.5 125.8 47 .2 126.2 165.6 118.7 97 .0 121.8 48.0 124.8 167.9 115.0 C O T T O N E X P O R T S —U N IT E D S T A T E S ................................. 167.7 134.4 115.7 138.6 221.0 170.9 104.3 86.5 66.2 44.5 69 .2 55.0 70 .5 70.1 D a ily A v erag e S a le s—U n a d ju s te d A tlan ta (3 firm s).............................................................. ............ .. . 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 tlanta (3 firm s)....................................................................................... B irm ingham (3 firm s)............................................................................. C hattanooga (4 firms) ............................................................................. 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 tlanta (3 firm s)....................................................................................... Birmingham (3 firm s).............................................................................. C hattanooga (3 firm s).................................................................. .. N ashville (3 firm s).................................................................................... New 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 * Jacksonville................................................................................................. N ash v ille..................................................................................................... New O rleans............................................................................................... Fifteen O ther C ities........................................................... . ................... C O N T R A C T A W ARD S— S IX T H D IS T R IC T —T O T A L ... . W H O L ESA L E P R IC E S —U N IT E D S T A T E S f ALL C O M M O D IT IE S ................................................................... .. F arm P ro d u c ts .......................................................................................... F o o d s ........................ .................................................................................. Chemicals and d ru g s ....................................................................... P IG IR O N P R O D U C T IO N — U N IT E D S T A T E S .................... A1 abam a................................................................................ • A d ju ste d for Season al V a ria tio n . 100.2 70.9 98 .7 83.0 f C o m p ile d b y B u re a u of L a b o r Statistics. 1926-100.
