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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.