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O f Financial, A gricultural, T rade and Industrial
C onditions in the S ix th Federal Reserve D istrict

F E D
Vol. 20 No. 7

E R

A L

R E S E R V E

ATLANTA, GA., JULY 31, 1935

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Prepared by Federal Reserve Board
Factory production declined seasonally in June, while out­
put of mines increased. Employment and payrolls at factories
showed more than seasonal declines. There was little change
in the average level of wholesale prices, and a decrease in
retail food prices.
Production
Daily average output at factories, according to
and
the Federal Reserve Board’s production index,
Employment declined by about the usual seasonal amount
during June. Output of mines increased, and
the Board’s combined index of industrial production, which
is adjusted for usual seasonal changes, advanced from 85 per
cent of the 1923-1925 average in May to 86 per cent in June.
Daily average output of automobiles and lumber increased in
June, while activity at cotton mills, shoe factories, and meat
packing establishments declined. Activity at steel mills de­
clined seasonally during June, but, according to trade reporcs,
increased after the first week of July. There were sharp in­
creases in the production of anthracite and bituminous coal
during June and output of crude petroleum was also larger
than in May.
Factory employment and payrolls decreased between the
middle of May and the middle of June. More than seasonal
declines in employment were reported by producers of auto­
mobiles, clothing, shoes, and cotton fabrics, and employment
at lumber mills also decreased, while the number of workers
at woolen mills increased. In most other manufacturing in­
dustries changes in employment from May to June were
largely seasonal in character. Employment and payrolls at
mines increased considerably.
Daily average construction contracts awarded, according to
reports of the F. W. Dodge Corporation, were larger in value
in June and the first half of July than in May. Awards of
residential building contracts were twice as large as a year
ago, while contracts for public projects continued smaller
than last year.

In d e x n u m b e r o f in d u s t r ia l p ro d u ctio n , a d ju ste d f o r se a so n a l v a ria tio n ,
(1923-1925 a v e r a g e = 1 0 0 .) L a t e s t fig u re — J u n e P r e lim in a r y 86.




B A N K

O F

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L A

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T A

This review released for publication
in afternoon papers of Ju ly 31.

The Department of Agriculture July 1 estimates forecast
corn and wheat crops larger than a year ago, but smaller
than the five-year average for 1928-1932. Acreage of cotton
in cultivation on July 1, was reported as about 5 per cent
larger than at the same time last year.
Distribution Daily average loadings of freight on railroads
increased during June, reflecting larger ship­
ments of coal. Daily average value of department store sales
showed little change from May to June, when a decline is
usual, and the board’s seasonally adjusted index advanced
from 76 per cent of the 1923-1925 average to 80 per cent.
Commodity Wholesale prices of farm products and foods
Prices
declined during June, while the prices of other
commodities as a group showed little change.
Retail prices of food, which had increased sharply in the two
years ending last April, according to the index of the Bureau
of Labor Statistics, declined somewhat in May and June.
Bank Member bank reserve balances with the Federal
Credit Reserve Banks and excess reserves showed declines
for the four weeks ending July 17, reflecting in large
measure an increase in the balance of the Treasury with the
Federal Reserve Banks following a sale of treasury notes.
Total loans and investments of reporting banks in leading
cities increased by $260,000,000 during the five-week period
ended July 17. Subscriptions by reporting banks to new
security offerings by the Treasury exceeded retirement of
bonds held by these banks, and consequently their holdings of
direct obligations of the United States increased by $200,000,000. Holdings of other securities increased by $125,000,000 while loans declined by $60,000,000. Government de­
posits with these banks were reduced by over $200,000,000,
while other deposits, exclusive of inter-bank balances, showed
an increase of similar amount.
Yields on Government Securities declined slightly during
this period, while other short-term open-market money rates
remained at low levels.

Three month moving averages of F. W. Dodge data for 37 E astern
States adjusted for seasonal variation. June Prelim inary. Total 117.8.
Residential 42.9; All Other 74.9.

2

M O N T H L Y

R E V IE W

1932

1933

1934

1935

Indexes of the U nited States Bureau of Labor Statistics. By months
1929 to 1931; by weeks 1932 to date. (1926=100.) L atest figures July 20;
F arm Products 77.2 ; Foods 82.0 ; Other Commodities 77.9.

Wednesday figures for reporting member banks in 90 cities.
figures are for Wednesday, July 17.

SIXTH DISTRICT SUMMARY
Sixth District business statistics indicate further seasonal
decreases in the volume of trade at both retail and whole­
sale in June compared with previous months, lessened activ­
ity at textile mills and smaller production of pig iron in
Alabama, but increases in building permits and in coal min­
ing. Loans at reporting banks declined but deposits increased
further, and both were greater than a year ago.
Department store sales in June declined 18.4 per cent in
total, compared with May and were 1.2 per cent less than in
June, 1934. On a daily average basis, however, June sales
were 2.7 per cent above those in June last year, and the
decline from May was at about the usual seasonal amount.
The adjusted index of daily average sales for June was 83.7
per cent of the 1923-25 average compared with 83.6 per cent
in May and with 81.9 per cent for June last year. June sales
by reporting wholesale firms were 14.7 per cent less than in
May and the smallest since July last year, and 2.3 per cent
less than in June, 1934. Cumulated totals for the first half of
1935 show increases of 3 per cent in retail trade, and 1.4 per
cent in wholesale trade, over the first half of 1934.
Between June 12 and July 10 there was a further decline
in the small volume of discounts at the Federal Reserve
Bank, and small decreases in industrial advances and hold­
ings of United States securities. At weekly reporting mem­
ber banks loans declined 16.7 millions of dollars during this
four-week period due partly to the large amount of cotton
loans taken over by the Commodity Credit Corporation, and
reserve balances maintained by these banks at the Federal
Reserve Bank increased substantially. Demand deposits in­
creased 4 millions of dollars between June 12 and July 10 and
were 42.1 millions greater than a year ago, and time deposits
increased 1.1 millions over those held on June 12 and were
4.2 millions greater than on the same Wednesday in 1934.
Building permits issued during June at twenty reporting
cities in the District increased further by 22.7 per cent, and
were 91.9 per cent greater than in June, 1934. The June total,
at 4.4 millions, is the largest for any month since April,
1931, and the largest total for June of any year since 1929.
Demand for lumber at Southern Pine Mills has declined
somewhat from the high level of April and May, but orders
and production continue substantially greater than at the
same time last year. Cotton consumption in the three states
of this District for which figures are available declined from
May to June but was somewhat greater than in June last
year. Pig iron production in Alabama declined 17.7 per cent
from May to June on a daily average basis, and was 22 per
cent less than a year ago, but coal mining increased 8.7 per
cent in Alabama and 6.9 per cent in Tennessee over May,
and was 2.1 per cent less than a year ago in Alabama but
20.3 per cent greater in Tennessee.
The cotton acreage on July 1 this year, reported by the
United States Department of Agriculture is 4.6 per cent
larger than a year ago, and 8.1 per cent larger than the
acreage harvested in 1934, and in the six states of this Dis­

trict the acreage this year is 7.1 per cent larger than that
planted, and 8 per cent larger than the acreage harvested,
last year.
FINANCE
Reserve There was a further slight decline in the total volBank
ume of reserve bank credit outstanding at the FedCredit
eral Reserve Bank of Atlanta between June 12 and
July 10, but the total continued at approximately
the amount for each Wednesday during the past year. Since
June 12 discounts which were already negligible in amount
declined further and industrial advances and holdings of
United States securities also decreased. Compared with the
corresponding Wednesday a year earlier, declines are shown
in discounts, and in holdings of purchased bills and United
States securities, the increase in total bills and securities
being due to industrial advances. Early in July there were
increases in member bank reserve deposits by reason of the
taking over by the Government from member banks of a large
amount of cotton loans, and on July 10 member bank reserve
accounts were 21.9 millions greater than four weeks earlier,
and 33.1 million^ greater than a year ago, and total reserves
held by the bank on July 10 were 18.4 millions greater than
on June 12 and 23.5 millions greater than on the same Wed­
nesday last year. Federal Reserve note circulation of this
bank’s issue increased on July 3 to 128.6 millions, the high­
est level since January 9, but declined slightly on July 10,
when it was 7.8 millions less than at the same time a
year ago.
Principal items in the weekly statement are compared in
the table which is followed by another table setting out sim­
ilar comparisons for the twelve Federal Reserve Banks
combined.




FEDERAL RESERVE BANK OF ATLANTA
(000 Omitted)
July 10
June 12
1935
1935
Bills Discounted:
Secured by Govt. Obligations $
All Others................................
Total Discounts..............
Bills Bought in Open M ark et. .
Industrial Advances...................
U. S. Securities............................
Total Bills and Securities
Total Reserves............................
Member Bank Reserve Account
Total Deposits............................
F. R. Notes in actual circulation
Reserve R atio .............................

............
57
57
169
1 ,073
94 ,219
95 ,518
156 ,988
110,288
117,310
127 ,403
64.2%

$

85
114
199
169
1 ,093
94,257
95 ,718
138 ,608
88 ,358
101,261
125 ,336
61.2%

FED ERA L RESERVE SYSTEM
(000 Omitted)
June 12
July 10
1935
1935

L atest

July 11
1934
$

9
234
243
178
*94‘
,244
94 ,665
133 ,510
77 ,102
87 ,063
135 ,250
60.1%

July 11
1934

Bills Discounted:
Secured by Govt. Obligations$
3,939 $
4,434 $
4,154
All O thers................................
2,902
3,300
18,530
Total Discounts.......... .
6,841
7,734
22,684
Bills Bought in Open M arket. .
4,687
4 ,706
5 ,259
Industrial Advances .............. .
28 ,175 27 ,282
..........................
U. S. Securities......................... .
2 ,430,413
2 ,430,263
2 ,431 ,779
Other Securities........................ ..........................
................
483
Total Bills and Securities
2,470,116
2,469,985
2,460,205

M O N T H L Y

Total Reserves............................
6 ,490 ,061
Member Bank Reserve Account
5 ,051 ,797
Total Deposits............................
5 ,455 ,841
F. R. Notes in actual circulation...... 3 ,267 ,401
F. R. Bank Notes in actual cir­
culation ............................................................
Reserve R atio .............................
74.4%

6 ,274 ,766
5 ,049,181
5 ,329,109
3,178,446

5 ,066 ,978
3 ,902 ,098
4,188,145
3 ,098 ,273

73.8%

41 ,045
69.5%

Member The total volume of loans and investments of 17
Bank
weekly reporting member banks located in Atlanta,
Credit
Birmingham, Jacksonville, Nashville, Chattanooga,
Mobile and Savannah declined 21.1 millions of dol­
lars between June 12 and July 10, when they were 9.3 mil­
lions less than on the corresponding report date a year ago
and the smallest for any Wednesday since June 13 last year.
In this recent four-week period loans of these banks declined
16.7 millions and investments declined 4.4 millions, a decrease
of 6.5 millions in holdings of United States securities being
partly offset by an increase of 2.0 millions in holdings of
other securities. Compared with the same Wednesday a year
ago loans on securities on July 10 show a decrease of 13.3
millions, but all other loans an increase of 16.9 millions, and
holdings of United States securities were 30.4 millions less,
but those of other securities 17.5 millions greater, than a
year ago. Holdings of Government securities on July 10 were
at the lowest level since August 9, 1933, and all other loans,
which include those for commercial, industrial and agricul­
tural purposes, were the smallest since November 31, last
year. Both demand and time deposits increased from June 12
to July 10 and were greater than a year ago, and balances
maintained for and with correspondent banks increased sub­
stantially. The reduction in loans and increases in reserves
and bank balances may be attributed in part to the transfer
of cotton loans from the banks to Government agencies early
in July.
In the tables which follow are shown comparisons of prin­
cipal items in the weekly report, monthly averages of weekly
figures over the past year for some of the more important
items, and comparisons of savings deposits reported by a list
of banks located throughout the District.
CONDITION OF M EM BER BANKS IN SELECTED C ITIES
July 10
June 12
July 11
1935
1935
1934
Loans:
On Securities...........................
All Others................................
Total Loans.....................
U. S. Securities...........................
Other Securities..........................
Total Investm ents..........
Total Loans and Invest­
m ents............................
Time Deposits............................
Demand D eposits.......................
Due to Banks..............................
Due from B anks.........................
Borrowings from F. R. B a n k ...

$

42,365 $
128 ,523
170,888
88 ,385
70 ,501
158 ,886

46,952 $
140,673
187 ,625
94,841
68 ,454
163 ,295

55 ,697
111 ,578
167 ,275
118,757
53 ,002
171,759

329 ,774
134,273
216,574
104,219
94,013

350,920
133,144
212 ,549
84,691
75 ,522

339 ,034
130,115
174,464
79,159
83 ,284

MONTHLY AVERAGES OF W EEKLY FIGURES OF
17 REPORTING M EM BER BANKS IN SELECTED C ITIES
(000 Omitted)
Total
Borrowings
Loans
Invest- Loans and Demand Time
From
ments Investments Deposits Deposits F.R. Bank
1934
M ay..............
Ju n e..............
Ju ly ...............
August..........
Septem ber...
O ctober........
Novem ber...
D ecem ber.. .
1935
January........
F eb ru ary .. . .
M arch..........
April.............
M ay..............
Ju n e..............

$178,019 $151,172 $329,191 $167 ,404
334,209
169,196
156,522
177 ,687
172 ,707
169 ,780
336,513
167 ,294
172 ,917
167 ,502
334,048
166,546
179,195
163 ,759 331,002
167 ,243
180,374
159 ,810 336,266
176 ,456
189 ,297
156,775
344,563
187 ,788
355 ,309
196,394
162,168
193 ,141

$132,911
130,786
131,560
129,194
127,402
128,944
130,313
128,492

............
............
............
............
............
............
............
............

190,945
193 ,894
204,498
208 ,436
208,642
210,234

127,012
130,053
128,723
129,257
133,174
133,321

............
............
............
............
............
............

187 ,215
188 ,683
190,559
191,105
189 ,207
186,952

162 ,038
163 ,058
161,445
162 ,887
162,100
162 ,278

349 ,253
351 ,741
352 ,004
353 ,992
351 ,307
349 ,230

SAVINGS DEPOSITS
(000 Omitted)
Number
of
Banks
A tlan ta.........
Birmingham.
Jacksonville..
Knoxville___
N ashville.. . .
New Orleans.
Other Cities.

3
3
3
4
4
5
35

T o ta l.........

57

June
1935

M ay
1935

June
1934

Percentage Change
June 1935 compared
with:
M ay 1935 June 1934

$ 32,165 $ 31,695 $ 31,200
17 ,360
17,409
17 ,743
16,234
13,703
16,639
3,525
5,691
5,458
23 ,546
22 ,404
23 ,867
28 ,541
33 ,440
34,411
63 ,276
68 ,960
70,408

+ 1 .5
+ 1 .9
+ 2 .5
+ 4 .3
+ 1 .4
+ 2 .9
+ 2 .1

+ 3.1
+ 2.2
+ 2 1 .4
+ 6 1 .4
+ 6.5
+ 2 0.6
+11.3

180,009

+ 2 .1

+ 1 1 .6

200,924




196,742

R E V IE W

3

Debits to Debits to individual accounts at banks in 26
Individual clearing house centers of the Sixth District deAccounts clined 7 per cent from May to June, but were 4.7
per cent greater than a year ago, and the largest
June total since 1931. A year ago there was a decline of 4.6
per cent from May to June. Seventeen cities reported in­
creases over June last year, but only two reported increases
over May. Monthly totals compared in the table are derived
from weekly reports by pro-rating figures for those weeks
which do not fall entirely within a single calendar month.
(000 Omitted)
June 1935
Alabama—4 Cities.................
Birmingham........................

May 1935

June 1934

Montgomery.......................
Florida—i Cities
Jacksonville.........................
Pensacola.............................
Georgia— 10 Cities.................

Brunswick............................
Columbus............................

Savannah.............................

109 ,369 $
60 ,492
1 ,971
25 ,141
21 ,765
117 ,755
62 ,234
26 ,689
6,634
22,198

93 ,268
50,118
17 ,475
5 ,600
20 ,075

193 ,477
2,375
126 ,725
14 ,062
1 ,890
8,769
737
10,860
1 ,327
24 ,408
2,324

$

108 ,529 $
63 ,052
1 ,880
24 ,950
18 ,647
105 ,278
56 ,087
22 ,873
6,268
20 ,050

••

213,318
2,707
139 ,066
16 ,403
1 ,939
10 ,452
881
10,847
1 ,374
26 ,934
2,715

186 ,011
2,333
117 ,341
15 ,914
1 ,815
8,797
632
10,202
1 ,430
25 ,052
2,495

112,978
70,775
1 ,726
23,718
16,759

169 ,072

174,511

167 ,405

Mississippi—4 Cities..............
Hattiesburg.........................

37 ,295
3 ,393
21 ,912
6,877
5 ,113

43 ,622
3,681
26 ,444
8,081
5 ,416

30 ,870
3,453
15 ,687
7,546
4,184

Tennessee—3 Cities...............
Chattanooga........................

120 ,604
30 ,097
19 ,530
70 ,977

130 ,675
30 ,836
22 ,049
77 ,790

110,770
27 ,683
18,831
64 ,256

789 ,250 $

701 ,302

Louisiana—New Orleans

Total—26 Cities.........

..

$

734,255

$

AGRICULTURE
The July Crop Report issued by the United States Depart­
ment of Agriculture indicates increases in the production of
most of the principal crops this year over last, excepting
white and sweet potatoes, rice and pears. The report indi­
cates that crops are off to about an average start on an acre­
age that is well above the acreage standing at the same time
last year but below the acreages of other recent years. Since
the breaking of the drought in April and May there has been
great improvement in general conditions in the drought areas
and a widespread and substantial improvement in pastures,
ranges and hay crops. Prospects for crops are very uneven.
In eleven of the principal corn states a third of the intended
acreage of com had not been planted on the first of June, and
in Missouri a third was still not planted on the first of July.
With several important crops late and largely dependent on
weather conditions during the remainder of the season, pros­
pects are still very uncertain. Comparisons of the estimates
with last year's production of some of the principal crops are
shown in the table.
(000 Omitted)
1935
Estimate
July 1
United States:
Corn, bushels........................
Wheat, bushels.....................
Oats, bushels.........................
Tame Hay, tons...................
White Potatoes, bushels . . .

2 ,044 ,601
731 ,045
1 ,266 ,243
74 ,538
1 ,192 ,626
367 ,589

1934
Production

1 ,377 ,126
496 ,929
525 ,889
52 ,269
1 ,045 ,660
385 ,421

Percent
Change
+ 48.5
+ 47.1
+ 140.8
+ 42.6
+ 14.1
— 4.6

The Department's estimates for the Sixth District indicate
less corn, wheat, and potatoes this year than in 1934, but
larger production of oats, hay, tobacco, rice, and sugar cane.
The corn crop is expected to be smaller than last year in all
states of the District except Louisiana; prospects are for
decreases in oats in Alabama and Mississippi but increases in

M O N T H L Y

4

the other four states, for decreases in potatoes except in
Tennessee, and in sweet potatoes except in Louisiana. The
estimate of the tobacco crop in Tennessee is only slightly
above last year’s production, but increases are indicated in
Georgia of 74.9 per cent, and Florida of 60.8 per cent. Dis­
trict figures for principal crops are compared in the table.
(000 Omitted)
1935
Estimate
July 1
Sixth District:
Corn, bushels..........................
Wheat, bushels........................
Oats, bushels...........................
Tame Hay, to n s......................
Tobacco, lbs.............................
White Potatoes, bushels........

1934
Production

151,282
3,602
10,960
2 ,235
138,234
13 ,251

160,725
3,841
10 ,091
2 ,067
110,635
15 ,109

Alabam a......................................
Florida..........................................
Georgia........................................
Louisiana.....................................
Mississippi...................................
Tennessee....................................
United S tates..............................

2,337,000
94,000
2 ,251 ,000
1 ,289 ,000
2 ,661 ,000
785,000
29,166,000

2,144,000
92,000
2 ,124 ,000
1 ,172 ,000
2 ,510 ,000
748,000
27,883,000

5.9

6.2
8.6
8.1

24.9
12.3

Acreage Harvested
1934
2,133,000
91,000
2 ,103 ,000
1 ,160 ,000
2 ,485 ,000
744,000
26,987,000

SUGAR M OVEM ENT—Pounds
Raw Sugar
June 1935
M ay 1935
Receipts:
New Orleans.............
Savannah...................
M eltings:
New Orleans..............
Savannah...................
Stocks:
New Orleans..............
Savannah...................
Shipments:
New Orleans..............
Savannah...................
Stocks:
New Orleans..............
Savannah...................

June 1934

............ 118,988,458
............ 28 ,249 ,554

96 ,478,719
58 ,031 ,590

69 ,375 ,165
42 ,292 ,087

............
............

85,310,972
42 ,638 ,469

99 ,445 ,828
36 ,252 ,638

71 ,702,740
28 ,770 ,094

............ 116,617,768
............ 95,374,851

82 ,947 ,982
109 ,763 ,766

110,214,402
104 ,482 ,604

Refined Sugar
............
............

77 ,217 ,997
35 ,605 ,974

87 ,433 ,354
38 ,431 ,473

62 ,442 ,299
27 ,665 ,761

............
............

27 ,382 ,008
5 ,329 ,559

25 ,855 ,248
5,183 ,993

18,717,845
8 ,434 ,326

R IC E MOVEM ENT—NEW ORLEANS
May 1935
June 1935

RICK M ILLERS ASSOCIATION STATISTICS
Barrels
Aug. to June
June 1935
Receipts of Rough Rice:
7 ,768,134
82 ,069
Season 1934-35...................
7 ,473 ,300
Season 1933-34...................
183 ,291
Distribution of Milled Rice:
9 ,055 ,777
529 ,429
Season 1934-35...................
7 ,209 ,552
525 ,396
Season 1933-34...................
Rough

June 1934

Rough Rice—Barrels:
Receipts...................
Shipm ents................
Stocks.......................

53 ,607
7 ,793
45 ,634

4,230
33 ,965
52 ,753

39 ,514
18,017
21 ,497

Clean Rice—Pockets:
Receipts...................
Shipments................
Stocks.......................

12 ,859
36 ,728
141 ,677

54 ,877
51 ,982
163 ,546

26 ,288
35,189
149 ,094

Clean

136 ,989
369,157

Stocks:
June 30, 1935......................
June 30, 1934......................

Percent
Change

The July 1 estimate by the Department indicates a cotton
acreage this year of 29,166,000 acres, 4.6 per cent larger than
the acreage in cotton at the same time last year, and 8.1
per cent greater than the harvested acreage. The July 1
acreage in the six states of this District is 7.1 per cent
larger than the acreage on July 1, 1934, and 8 per cent
larger than the harvested acreage. Figures by states are
compared in the table.
Cotton Acreage July 1
1935
1934

R E V IE W

494 ,806
1 ,205 ,433

Fertilizer Total sales of fertilizer tax tags in the six states
Tag Sales located wholly or partly in the Sixth District
registered a further substantial seasonal decline
in June but were greater than in that month of other recent
years, and for the eleven months, August through June, were
10.8 per cent greater than in that part of the season before.
Figures compared in the table are from those compiled by
the National Fertilizer Association.
(Short Tons)
June
M ay
1935
1935
, ,
Mississippi...............
T o ta l............ ___

4 ,650
12,703
. 6,720
450
4 ,300
202

18,150
34 ,484
26 ,610
2,475
11 ,175
12 ,887

29,025

105 ,781

June
1934
4,450
17,251
1 ,480
500
1 ,981
178

Aug. 1 to June 30
1933-34
1934-35
419 ,950
413 ,804
619,952
94,190
204 ,476
91 ,713

368 ,500
387,119
561 ,331
80 ,095
178 ,923
89,107

25 ,840 1 ,844 ,085 1 ,665 ,075

TRADE
Retail Department store sales and stocks in the Sixth DisTrade trict declined from May to June in about the usual
seasonal amount, the rate of stock turnover declined
and was slightly less than a year ago, and the collection ratio
declined over the month but was slightly higher than for
June last year.
Total sales during June reported by 60 firms declined 18.4
per cent from May to June and were 1.2 per cent less than in
June, 1934. After adjustment for the different number of
business days, however, the decline over the month was frac­
tionally less than usually occurs at that time, and the ad­
justed index of daily average sales rose from 83.6 per cent of
the 1923-25 average for May to 83.7 per cent for June. In­
creases compared with June last year reported from Chatta­
nooga, New Orleans and Miami were more than offset by
decreases at other points. Stocks declined 6.7 per cent from
May to June and were 4.2 per cent larger than for June, 1934.
The collection ratio for regular accounts for June was 33.5
per cent, for May 36.7 per cent, and for June last year 31.8
per cent, and for installment accounts the ratio for June
was 14.6 per cent, for May 14.7 per cent, and for June last
year 14.6 per cent.
Percentage comparisons shown in the table are based upon
figures reported in actual dollar amounts and make no allow­
ance for changes in the level of prices. Index numbers on
page 8 are based upon reports from a smaller number of
firms whose figures have been reported over a long period of
years.

RETA IL TRADE IN T H E SIX TH D ISTR IC T D URING JU N E 1935
Based on confidential reports from 60 department stores
C o m p a r is o n o p N a t S a l a s

C o m p a r is o n o p S t o c k s

June 1935
Year to date
June 30, 1935
with:
with:
with:
Same month Previous Same period Same month Previous
a year ago
M onth
Last Year
a year ago
Month
Atlanta (6)..................................... ....... —3.2
Birmingham (6).................................... —6.9
Chattanooga (4)............................ ....... + 5 .7
Jacksonville (3)..................................... —3.5
Miami (3).............................................. + 1 .0
Nashville (4).................................. ....... —0.2
New Orleans (5)............................ ....... + 1 .2
Other Cities (29)........................... ....... —0.4
DISTRICT (60)................................... — 1.2
NOTE:

—21.2
— 17.2
— 10.1
—21.5
—27.4
—22.2
— 11.0
—20.2
— 18.4

+ 4 .2
— 1.9
+ 6 .0
+ 3 .9
+ 8 .9
+ 1 .4
+ 1 .5
+ 2 .6
+ 3 .0

+ 5.1
+ 2 0 .0
+ 1 4 .0
—0.4
+ 9 .9
+ 0 .9
—4.3
+ 4 .9
+ 4 .2

—8.3
—4 .8
—8.3
—8.7
—6.5
—5.1
—6 .6
—5.9
—6.7

S tock T u rn o ver

June
1935
1934

Jan.-June, Inc.
1935
1934

.32
.23
.29
.17
.23
.23
.25
.22
.25

2.15
2.17
1.57
1.77
1.67
1.64
1.12 1.06
2.32
2.49
1.45
1.50
1.48
1.40
1.49
1.55
1.66
1.68

.34
.29
.30
.17
.25
.25
.24
.23
.26

C o l l e c t i o n R a t io

June
1935

M ay
1935

June
1934

26.9
28.5
28.8
32.5
38.1
31.9
27.4
32.0
31.6
....................................................
...........................................
30.4
32.5
28.4
38.5
40.3
39.6
29.5 32.8
30.6
33.2
29.6

The rate of stock turnover is the ratio of sales during given period to average stocks on hand.
The collection Ratio is the percentage of accounts otstanding Bnd due at the close of the previous month which were collected during the month reported on.




2

M O N T H L Y

Wholesale Wholesale trade in the Sixth District declined
Trade
from May to June to the lowest level since July
last year, and was slightly below June, 1934 but
greater than in June, 1933 or 1932. Declines over the month
occurred in all seven reporting lines, but there were increases
in sales of hardware, furniture and stationery over June,
1934. Sales in the first half of 1935 were larger in all report­
ing lines except dry goods than in that part of 1934. Reported
figures are compared in the table.
WHOLESALE TRADE IN JU N E 1935
Sixth Federal Reserve District*
Percentage Comparisons
June 1935 with:
Ja n -J u n e 1935, Inc.
Number
M ay
June with same period
of firms
1935
1934
last year
All Lines Combined:
Sales..........................
Stocks.......................
Groceries:
Sales.........................
Jacksonville.. . .
New O rleans...
Vicksburg........
Other Cities. . .
Stocks.......................
Dry Goods:
Sales.........................
Nashville..........
Other Cities. . .
Stocks.......................
Hardware:
Sales.........................
Nashville..........
New O rleans...
Other Cities. . .
sto ck s.......................
fu rn itu re:
Sales.........................
A tlan ta.............
Other Cities. . .
Stocks.......................
Electrical Supplies:
Sales............................
New Orleans...
Other Cities. . .
Stocks.......................
Drugs:
Sales..........................
Stationery:
Sales.........................

95
29

— 14.7
— 1.6

— 2.3
— 5.0

+ 1.4

21
3
4
3
11
3

— 11.6
— 18.9
— 16.2
+ 0.2
— 9.0
+ 3.8

— 5.2
— 17.2
— 7.6
— 8.0
+ 4.1
+ 0.5

+
—
—
—
+

15
3
12
7

—28.9
—39.4
—25.6
— 0.6

— 6.5
— 8.5
— 6.0
— 15.3

— 15.8
— 3.8
— 18.7

25
3
5
17
9

— 11.1
—26.2
— 3.4
— 11.5
+ 2.0

+
+
—
+
—

0.9
8.8
1.7
1.0
1.5

+ 3.6
+ 11.0
— 3.5
+ 6.0

9
4
5
6

— 16.5
— 11.7
— 18.1
— 4 .4

+
+
+
—

5.4
1.0
7.0
8.3

+ 6 .4 '
+ 8.5
+ 5.7

12
4
8
3

— 17.8
— 14.6
— 18.9
— 13.1

—
—
+
+

1.3
5.1
0.1
1.3

+ 23.7
+ 2 0.2
+ 2 5 .0

8

— 11.8

— 1.2

+ 5.2

3

— 6.2

+ 4 .0

+ 3.1

COLLECTION RATIO**
June
M ay
1935
1935
Groceries...................... ........... 66.2
D ry Goods...............................34.1
Hardware..................... ........... 38.0
F urniture..................... ........... 37.9
Electrical Supplies. . . .
79.0
D rugs....................................... 34.5
T o ta l................

47.9

0.6
8.3
1.6
3.0
9.2

63.1
33.3
32.0
30.2
57.1
28.8

50.8

41.6

* Based on confidential reports from 99 firms.
** The Collection ratio is the percentage of accounts and notes receivable out­
standing a t the beginning of the month which were collected during the month.

Life
Sales of new, paid-for, ordinary life insurance in
Insurance the six states located wholly or partly in the
Sixth District declined 4.1 per cent from May to
June, and were 15.1 per cent less than a year ago. During
the past twelve years increases have occurred at that time of
only four years. For the United States the decline from May
to June was 2 per cent, and from June last year, 11.9 per
cent. Figures compared in the table are from those compiled
by the Life Insurance Sales Research Bureau.
(000 Omitted)
May
June
1935
1934

June
1935
Alabam a............ $
Florida...............
Georgia..............
Louisiana...........
Mississippi.........
Tennessee..........

3,982 $
4,822
6,216
4,997
2,296
5,066

3,879 $
4,400
6,855
5,601
2,188
5,627

January-June
1935
1934

4,130 $
5,048
8,166
5,376
3,060
6,478

$

24,826 $
28,417
40,736
31,736
13,605
34,319

22,958
28,135
42,446
27,527
15,055
36,642

T o t a l ___ $ 27,379 $ 28,550 $ 32,258
173,639 $ 172,763
U n ite d States. . . 490,268 500,380 556,379 3 ,25 5,49 6 3,24 0,35 8




COMMERCIAL FAILURES
(From statistics compiled by Dun & Bradstreet, Inc.)
Sixth District
United States
Number
Liabilities
Number
Liabilities
June 1935............................
May 1935............................
June 1934............................
January-June 1935............
January-June 1934............

32
39
30
203
233

Percent
Change
+ 8.1
+ 1.0
— 4.0
+ 15.3
— 9.6
— 6.3
+
+

0.5
0.5

$

252,334
319,345
586,199
1,565,676
3,518,587

961 $20,463,097
1,027
15,669,627
1,033 23,868,293
6,268 110,280,841
6,577 151,792,760

INDUSTRY
Building
For the fifth consecutive month, the value of
and
buildings for which permits were issued at
Construction twenty reporting cities in the Sixth District
increased over both the preceding month and
the same month a year earlier. June permits totaled 4.4
millions, a gain of 22.7 per cent over May, and 91.9 per cent
greater than the total for June last year. It is the largest
total for any month since April, 1931, and the largest June
total since 1929. For the first half of 1935, total permits
have been 46.3 per cent greater than in that part of 1934,
nearly three times the total for the first half of 1933, and
the largest first-half total since 1930. Comparisons for the
month are shown in the table.
Number
June
1934

1935
Anniston ..........................
Birmingham ...................
Mobile ..............................
Montgomery ..................
Florida
Jacksonville ....................
M iam i ...............................
Miami Beach .................
Orlando ............................
Tam pa ..............................
Georgia
A tlanta .............................
Augusta ...........................
Columbus ........................
M acon ..............................
Savannah ........................
Louisiana
New Orleans ..................
Alexandria ......................
Tennessee
Chattanooga ..................
Johnson C ity .................
Knoxville .........................
Nashville .........................

296
6
66
109

Total 20 Cities............

June
1934

68.0
39.7
42.6
40.3
79.7
33.0

5

R E V IE W

2 ,996

Value
June

Percentage
Change in
Value

1935

1934

7 6 ,3 0 8
1 01 ,060
2 3 ,0 2 0
6 2 ,7 8 5

850 + 8 , 8 7 7 . 4
2 1 9 ,8 7 8
— 5 4 .0
1 9 ,5 7 8
+ 1 7 .6
3 3 ,0 4 7
+ 9 0 .0

20
269
42
107

6
352
30
121

529
534
77
59
168

620
2 0 4 ,7 3 5
436
4 6 0 ,6 2 9
69 1 ,0 0 9 ,2 6 2
83
6 5 ,7 1 6
201
26 ,9 6 1

154,331
3 0 3 ,5 5 5
5 4 4 ,6 7 0
3 7 ,8 1 5
2 3 ,5 1 4

+ 3 2 .7
+ 5 1 .7
+ 8 5 .3
+ 7 3 .8
+ 1 4 .7

287
32
70
145
38

259
44
53
60
25

3 1 6 ,1 6 4
1 7,108
4 2 ,4 1 3
14,235
1 8 ,0 5 0

— 1 8.5
+ 4 8 .2
+ 5 1 .4
+ 1 2 0 .6
+ 9 0 .0

89
53

2 5 7 ,7 1 4
2 5 ,3 6 0
6 4 ,2 0 4
3 1 ,4 0 5
3 4 ,2 7 4

77 1 ,6 1 8 ,0 6 2
49
1 5 ,993
251
2
43
102

5 1 ,7 0 6
2 ,4 7 6
8 4 ,7 3 6
2 2 0 ,3 3 6

7 1 ,7 0 0 + 2 , 1 5 6 .7
9 ,6 1 6
+ 6 6 .3
8 1 ,2 0 7
650
3 5 2 ,2 6 0
5 1 ,5 7 7

— 3 6 .3
+ 2 8 0 .9
— 7 5 .9
+ 3 2 7 .2

2 ,883 4 ,436 ,742 2 ,312 ,218

+ 9 1 .9

The value of building and construction contracts awarded
in the 37 states east of the Rocky Mountains, according to
statistics compiled by the F. W. Dodge Corporation, increased
16.8 per cent from May to June, and was 16.5 per cent larger
than for June, 1934. The June total is the largest reported
since March, 1934. Residential contracts awarded in June
were 11 per cent greater than in May and 87.6 per cent
greater than a year ago, non-residential awards increased
17.1 per cent over May and were 37 per cent greater than in
June, 1934, and contracts for public works and utilities in­
creased 24.7 per cent from May to June, but were 31.8 per
cent less than in June last year.
Totals for the 37 states east of the Rocky Mountains, by
classes of contracts, are compared in the table. Figures for
the Sixth District, and for the individual states of the Dis­
trict, are not yet available.
BUILDING AND CONSTRUCTION CONTRACTS AWARDED
June 1935
May 1935
June 1934
37 Ii/cistcrn States *
T o tal.................... ’...................... $148,005,200 $ 126,720,100 $ 127,055,400
Residential.............................. 49 ,832 ,600
44 ,901 ,800
26 ,565 ,200
Non-Residential..................... 59 ,035 ,800
50 ,432 ,500
53 ,081 ,100
Public Works and Utilities.. . 39 ,136 ,800
31 ,385 ,800
57 ,409 ,100

M O N T H L Y

6

Lumber The activity of earlier months in the lumber market
declined somewhat in June but, according to press
reports, pine mills are still enjoying a demand of fairly sat­
isfactory proportions. Mill stocks are reported to be lower
than they were a year ago, and for the five weeks ended
July 6 orders booked by reporting mills averaged 68.2 per
cent greater than in that period last year, production aver­
aged 34.3 per cent greater, and unfilled orders averaged 18.2
per cent. For this six weeks period orders exceeded produc­
tion by reporting mills by 6.5 per cent, while a year ago they
were 15 per cent less than production. Pine prices are at
firm levels considerably higher than prevailed two months
ago. Weekly figures compared in the table are from those
compiled by the Southern Pine Association.

R E V IE W

In the three states of this District for which separate fig­
ures are compiled by the Census Bureau consumption of cot­
ton declined 18.4 per cent in total, and daily average con­
sumption declined 11.9 per cent, from May to June, but total
consumption was 4.7 per cent, and the daily average 8.9 per
cent, greater than in June a year ago. For the eleven months
of the season consumption in these states has been 9.3 per
cent less than in that part of the previous season.
COTTON CONSUMPTION—Bales
June
M ay
June
Aug. 1 to June 30
1934
1934-35
1933-34
1935
1935

Week
Ended

June 8 . . ___ ___119
June 15........ ......137
June 22........ ......139
June 2 9 ...............124
July 6.................. 131

24,074
18,622
23,051
29,991
15,866
28,265
33,718 16,610
25,807
20,178
18,285
23,810
24,373
9,315
23,370

18,627
20,643
19,998
17,057
16,220

76,584
91,030
84,546
52,836
62,443

62,672
71,115
66,459
53,483
57,105

Cotton
Domestic consumption of cotton declined 17.8
Consumption per cent from May to June and was somewhat
larger than in June of 1934 and 1932, but
smaller than in that month of any other year since 1924. On
a daily average basis the decrease from May to June for the
United States was 11.2 per cent, for the cotton states 10.6
per cent and for other states 13.4 per cent. Consumption in
the cotton states accounted for 81.2 per cent of the total in
June, compared with 80.5 per cent a year ago, and for the
eleven months of the season, 80.3 per cent. In this cumu­
lative period, August through June, total consumption has
been 4,952,067 bales, a decline of 7.3 per cent compared with
that part of the previous season; in the cotton states con­
sumption in this period has been 3,976,222 bales, and in other
states 975,845 bales, smaller by 6.7 per cent and 9.7 per cent,
respectively, than in the same period a year earlier. Exports
during June increased 23.6 per cent over those in May, but
were 24.9 per cent less than a year ago, and for the season
through June have been 4,519,717 bales, a decrease of 37.5
per cent compared with that period a year ago. The number
of spindles active in June declined 1 per cent in the country
as a whole, and 2 per cent in the cotton states, but increased
1.7 per cent in other states over May.
Census Bureau figures for the month are compared in the
table.
COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPIN D LES
U N ITE D STATES—Bales
June 1935
May 1935
June 1934
Cotton Consumed......................
Stocks...........................................
In Consuming Establishments
In Public Storage and at
Compresses..........................
E xports.................................... .
Active Spindles—N um ber........

385,946
6,960,581
882,947

469,250
7,539,377
979,130

363,262
7,311,028
1,326,089

6,077,634
344,955
22 ,790 ,200

6,560,247
278,977
23 ,027 ,780

5,984,939
459,226
24,621 ,334

COTTON GROWING STATES—Bales
Cotton Consumed......................
Stocks...........................................
In Consuming Establishments
In Public Storage and at
Compresses..........................
Active Spindles—N um ber........

313,512
6,603,113
680,659

378,909
7,154,262
760,847

292,576
6,696,947
1 ,015 ,835

5,922,454
16 ,486 ,278

6,393,415
16 ,830 ,156

5,681,112
17 ,107 ,528

42 ,435
72,525
8 ,897
123,857

151,830

40 ,529
69 ,018
8,782

52 ,410
87 ,860
11 ,560

T o ta l............................
(In Thousands of Feet)
Number Orders
Production
Unfilled Orders
of Mills 1935
1934
1935
1934
1935
1934

Alabam a...........................
Georgia.............................
Tennessee.........................

511,369
877 ,712
113,648

551,530
991 ,419
113,163

118,329 1,502,729 1,656,112

Cotton
Reporting mills in the District produced less
Manfacturing cloth and yarn in June than in May, but
more than in June a year ago. Other re­
ported items declined from May, but orders booked, ship­
ments and stocks were larger than in June last year, but
unfilled orders and employment smaller, as indicated in these
comparisons of reported figures.
Cloth
June 1935 compared
with:
M ay 1935
June 1934

Orders Booked............
Unfilled Orders............
Stocks on H an d ..........
Number on P ay ro ll...

— 9.1
— 14.2
—60.6
— 18.1
— 1.1
— 0.8

+ 6 .4
+ 15.1
+ 19.2
— 6.5
+ 15.3
— 8.6

Yarn
June 1935 compared
with:
M ay 1935
June 1934
— 14.5
— 11.1
— 18.1
— 11.0
— 3.4
— 2.1

+ 2 5 .6
+ 2 8 .6
+ 19.1
— 6.1
+ 11.5
— 10.8

Cotton Seed and There was a further seasonal decline in
Cotton Seed
operations at cotton seed oil mills in the
Products
District in June, but for the season, Aug­
ust through June, receipts and crushings
of seed and production of the principal cotton seed products
have been greater than in that part of the season before. For
the country as a whole receipts, crushings and production
have been smaller than last season, except for a small in­
crease in production of linters. Stocks of seed, and of lint­
ers, in the District, at the end of June were smaller, but of
other products larger, than a year earlier. The figures are
from those compiled by the United Census Bureau.
Sixth District*
Aug. 1 to June 30
1934-35
1933-34
Cotton Seed, Tons:
Received a t M ills...
Crushed....................
On Hand June 30...

1,332,996
1 ,326 ,415
74,513

1,203,688
1 ,131,223
101,235

United States
Aug. 1
1934-35
3,385,718
3 ,481 ,539
126,840

June 30
1933-34
4,116,328
4,056,212
280,537

Production:
Crude Oil, lbs.......... 431 ,915 ,293 370,225 ,700 1 ,087 ,519 ,796 1 ,271 ,241 ,475
Cake and Meal, tons
580 ,698
492 ,490
1 ,585 ,233
1 ,842 ,807
Hulls, to n s...............
349,548
308,777
895,025
1,078,453
Linters, Bales..........
293,416
224,776
788,134
781,235
Stocks at Mills June 30
Crude Oil, lbs..........
Cake and Meal, tons
Hulls, to n s...............
Linters, Bales..........

5 ,858 ,009
5 ,547 ,786
103,551
69,131
38,115
10,336
33,329**
35,962

18 ,474 ,064
224,849
91,915
98,972

26 ,965 ,149
175,441
43,174
108,197

* Georgia, Alabama, Louisiana and Mississippi.
** June stocks of crude oil not reported for Alabama or Louisiana, and of linters
for Louisiana.

OTHER STATES—Bales
Cotton Consumed......................
Stocks...........................................
In Consuming Establishments
In Public Storage and a t
Compresses..........................
Active Spindles—N um ber.........




72,434
357,468
202,288

90,341
385,115
218,283

70,686
614,081
310,254

155,180
6,303,922

166,832
6,197,624

303,827
7,513,806

Electric Total production of electric power for public use in
Power
the six states located wholly or partly in the Sixth
District increased 3.5 per cent from April to May
to the largest monthly total for these states in recent years.

M O N T H L Y

Production by use of water power increased 21 per cent over
the month and was 42.6 per cent greater than a year ago, but
that by use of fuels declined 32.3 per cent from April to May
and was 34 per cent less than a year ago. Production by use
of water power accounted for 78.6 per cent of the total in
May, 67.3 per cent in April, and 63 per cent in May last year,
and for the five months of 1935 has been 69.4 per cent of the
total compared with 61.6 per cent in that period a year ago.
Production in this five months period has been 13.1 per cent
greater than in that part of last year. Figures by states
compared in the table are from those compiled by the United
States Geological Survey.
PRODUCTION OF ELECTR IC POWER (000 k. w. Hours)
May
April
M ay
Jan. 1 to May 31
1935
1935
1934
1935
1934
A labam a...........................
156,319
153,728
Florida..............................56,144
60,352
140,627
122,560
Georgia............................
Louisiana.........................
86,178
87,079
Mississippi.......................
4,010
3,994
Tennessee........................
117,583
114,358
T o ta l....................

560,861

542,071

135,600
55,432
93,605
96,433
4,320
105,573

839,184
304,865
571,840
433,273
20,711
567,902

718,630
297,038
447,702
453,822
20,117
482,927

490,963 2,737,775 2,420,236

By use of: W ater Power
440 ,930
364 ,838 309 ,273 1 ,901 ,371 1 ,489 ,663
119,931
177,233 181,690
836,404
930,573
Fuels............
Fuels consumed in Pro­
duction of Electric Power:
Coal—T ons.................
1,162
13,043
11,572
62,208
77,933
Fuel Oil, bbls..............
211,241
213,041 203,533 1,067,177 1,046,945
N atural Gas—000 cu.ft. 1 ,777 ,446 1 ,791 ,865 1 ,975 ,335 8 ,909 ,775 9 ,255 ,828

Bituminous Production of bituminous coal in the United
Coal Mining States increased further in June from the low
level of April and May, June production being
13 per cent greater than that of May and 17 per cent greater
than in June last year. On a daily average basis the increase
over May was 18.8 per cent, and that over June, 1934, 21.7
per cent. For the first six months of 1935 production has
been 3.7 per cent greater than in that part of last year. Pre­
liminary figures, compiled by the United States Bureau of
Mines, are compared in the table.
Production—Tons
Total
Daily Average
June 1935....................................
30,264,000
May 1935....................................
26 ,790 ,000
April 1935....................................
21 ,920 ,000
25,877,000
June 1934....................................
January-June 1935.................... 189,091 ,000
January-June 1934.................... 182,308,000

Number of
Working Days

1 ,211 ,000
25
1 ,019 ,000
26.3
866 ,000
25.3
995,000
26
............... ................... . . . .
............... ................... . . . .

During the four weeks ending in June coal production in
Alabama averaged 8.7 per cent greater than in May but was
2.1 per cent less than a year ago, and Tennessee production
in this period averaged 6.9 per cent greater than in May and
20.3 per cent greater than in that period last year. Weekly
figures are compared in the table.
Production in Tons
Alabama
1935
1934
Week Ended:
June 8 ...................... ..........204,000
June 15.................... ..........218,000
June 22.................... ..........154,000
June 29.................... ..........171,000

195,000
195,000
188,000
187,000

Alabama production declined 20.2 per cent in total, and
17.7 per cent in daily average from May to June, and was
22 per cent less than in June, 1934 which had the largest
daily average production since July, 1931. Active furnaces
declined from ten at the close of May to seven a month later,
and one additional furnace was blown out early in July,
according to press reports. Current business continues to
consist mostly of small orders for immediate requirements,
and press reports indicate little forward buying.
For the first half of 1935, total production in the United
States has been only slightly larger than for that period a
year ago, more than double the total for the first half of
1933, and 90 per cent greater than three years ago, and in
Alabama production in the first six months of* 1935 has been
16 per cent less than a year ago, greater by 172 per cent
than two years ago and 42.7 per cent greater than in 1932.
Production figures are compared in the table.
Production—Tons
Total
Daily Average
United States:
1,552,514
June 1935................................
May 1935................................
1,727,095
September 1934......................
898,043
June 1934................................
1,930,133
January-June 1935................ 9 ,799 ,000
January-June 1934................ 9,798,313

51,750
55,713
29,935
64,338
...................
...................

Alabama:
June 1935................................
99,983
3,333
May 1935................................
125,606
4,052
September 1934.. . ................
57,842
1,928
June 1934................................
128,183
4,273
.......................
January-June 1935................ 618,408
January-June 1934................ 736,007
.......................

Furnaces
Active*
91
97
62
89

7
10
5
10

♦First of following month.

Naval Both receipts and stocks of turpentine and rosin at
Stores the three principal markets of the District increased
further seasonally in June, and were also greater
than at the same time last year. Press reports indicate that
demand and current quotations for both commodities declined
through the first week in July, but the following week
brought improvement in the domestic demand for turpentine
and the foreign demand for rosins, with some upward reac­
tion in prices. Quotations on the Savannah market for tur­
pentine declined from 45 cents per gallon on June 15 to 40%
cents on July 6, but rose to 43^ cents a week later, and the
average of quotations on the thirteen grades of rosin declined
from $4.54 per 280 pounds on June 15 to $4.36 on July 6,
and a week later was $4.41. Receipts and stocks for the
month are compared in the table.
NAVAL STORES
June 1935
May 1935

June 1934

Receipts—Turpentine (1)
Savannah.................................
Jacksonville.............................
Pensacola.................................

14,144
13,119
4,865

12,674
8,524
3,168

13,009
10,635
3,970

T o ta l................................
Tennessee
1935
1934
91,000
91,000
51,000
74,000

69,000
64,000
59,000
63,000

Pig Total production of pig iron in the United States acIron cording to Iron Age statistics declined 10.1 per cent,
and the daily average declined 7.1 per cent, from May
to June, when output was 19.6 per cent smaller than a year
earlier. There was a decline also in the number of furnaces
active, compared with a month earlier, but a small increase
over the corresponding time a year ago.




7

R E V IE W

32,128

24,366

27,614

Receipts—Rosin (2)
S avannah.................................
Jacksonville.............................
Pensacola.................................

51,233
46,472
13 ,293

46,178
40,356
10 ,820

49,905
41,308
11 ,204

T o ta l................................

110,998

97,354

102,417

Stocks—Turpentine (1)
Savannah.................................
Jacksonville.............................
Pensacola.................................

33,100
42,903
27,828

27,625
34,084
24,137

7,091
23,387
17,214

T o ta l................................

103,831

85,846

47,692

Stocks—Rosin (2)
Savannah.................................
Jacksonville.............................
Pensacola.................................

116,412
106,004
49,896

119,366
96,469
42,420

94,840
61,112
15,853

T o ta l................................

272,312

(1)
(2)

Barrels of 50 Gallons.
Barries of 500 Pounds.

258,255

171,805

8

M O N T H L Y

R E V IE W

MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA
M ONTHLY AVERAGE 1923-1925=100
A pril
1935

M ay
1935

Ju n e
1935

April
1934

M ay
1934

Ju n e
1934

163.3
65.3
72.7
80.0
78.2

155.1
63.4
74.3

88.0

71.9
84.4

131.0
54.8
72.1
72.4
69.1
75.3

145.8
62.1
64.5
81.0
75.3
83.0

155.3
64.0
69.6
88.7
67.6
82.8

131.8
58.6
65.6
69.8
65.7
73.7

151.2
64.7
71.3
77.7
71.2
83.8

147.7
62.8
72.1
77.7
74.1
83.6

150.6
58.9
65.0
78.7
77.6
83.7

142.9
65.4
67.2
83.5
74.6
83.8

147.9
63.4
67.6
79.9
69.7
82.0

151.5
63.0
59.1
75.9
73.8
81.9

103.7
49.2
52.4

86.6

59.6
64.9

94.6
48.8
50.2
63.1
58.2
62.2

46.7
46.0
59.9
54.4
58.2

97.6
35.2
51.7
68.9
59.6
60.8

90.8
35.2
44.3
67.9
60.5
64.5

83.5
33.6
40.4
59.4
56.9
54.9

Atlanta (3 firms)................................................................................
Birmingham (3 firms)........................................................................
Chattanooga (3 firms).......................................................................
Nashville (4 firms).............................................................................
New Orleans (4 firms).......................................................................
DISTRICT (27 firms) .....................................................................

98.8
46.9
49.9
63.6
57.3
61.8

93.7
47.8
49.2
62.5
57.6
61.0

90.2
47.2
51.1
61.8
57.9
61.3

93.0
33.5
49.2
66.3
57.3
57.9

89.9
34.5
43.4
67.2
59.9
63.2

87.0
33.9
42.1
61.2
60.5
57.8

WHOLESALE T R A D E -S IX T H DISTRICT—TOTAL........
Groceries (21 firms)...........................................................................
Dry Goods (15 firms)........................................................................
Hardware (25 firms)..........................................................................
Furniture (9 firms).............................................................................
Electrical Supplies (12 firms)...........................................................

60.5
50.8
56.2
61.8
58.0

102.6

Drugs (8 firms)...................................................................................

36.9
80.1

61.7
51.2
52.6
64.8
58.1
113.0
39.3
80.5

52.6
45.3
37.4
57.6
48.5
92.8
36.8
71.0

56.0
45.9
62.6
57.9
54.1
77.8
39.3
71.5

56.7
49.0
54.8
59.3
51.3
78.4
37.9
76.0

53.5
47.1
40.0
56.6
46.1
93.9
35.4
71.8

65.2
58.7
81.5
67.8
78.9
52.5
53.8

75.8
68.9
94.6
81.7
83.5
60.0
65.1

76.0
60.8
84.8
90.3
81.8
63.9
69.0

76.8
60.9
85.3
89.0
84.8
70.0

68.8

39.4
16.7

15.0
6.4

16.7
12.7
3.8
14.5

20.5
20.4
14.8
18.8

24.4

5.6
27.4

DEPARTM ENT STORE TRADE—SIX TH D ISTR IC T
Daily Average Sales—U n a d ju ste d
Atlanta (3 firms).................................................................................
Nashville (4 firms)..............................................................................
New Orleans (5 firms)........................................................................
DISTRICT (34 firms).......................................................................

86.2

Daily Average Sales—A djusted*
Atlanta (3 firms)................................................................................
Chattanooga (4 firms).......................................................................
New Orleans (5 firms).......................................................................
DISTRICT (34 firms).......................................................................
M o n th ly S tocks—U n ad ju sted

Chattanooga (3 firms).......................................................................
Nashville (4 firms).............................................................................
New Orleans (4 firms).......................................................................
DISTRICT (27 firms).......................................................................

66.1

M o n th ly S tocks—A djusted*

LIFE INSURANCE SALES—SIX S T A T E S -T O T A L ..........

BUILDING PER M ITS—TWENTY C IT IE S ............................
Birmingham........................................................................................
New Orleans.......................................................................................
Fifteen Other Cities...........................................................................
CONTRACT AWARDS—SIX TH DISTRICT—T O T A L .. . .

WHOLESALE PRICES—UNITED STATES f
ALL COM M ODITIES....................................................................
Farm Products....................................................................................
Hides and leather products......................................................
Textile products..................................................... ....................
Fuel and lighting........................................................................
Metals and metal products......................................................
Building materials......................................................................
Chemicals and drugs..................................................................
Miscellaneous..............................................................................
COTTON CONSUMPTION—UNITED STATES...................
Cotton-Growing States......................................................................
All Other States..................................................................................
Georgia........................................................................................

68.1

68.0

64.5
78.7
78.8
72.3
51.0
58.7

57.2
74.3
74.7
88.4
50.0
59.8

26.8
16.5

6.8

8.0

23.5
11.4
15.7
39.2

32.1
13.9
6.3
44.9
72.7
14.1
41.9

24.9
34.7
125.7
37.1

35.3
6.5
34.3
13.3

26.6
26.5
26.7

29.9
27.4
31.5

36.2
23.8
44.5

37.8
15.8
52.7

29.8
14.7
40.0

25.7
12.9
34.2

80.1
80.4
84.5
77.2
86.3
69.2
72.8
85.9
84.6
81.0
80.7
68.7

80.2
80.6
84.1
77.6
88.3
69.4
73.1

73.3
59.6

84.8
81.2
80.6
68.7

79.8
78.3
82.8
78.0
88.9
70.1
74.2
86.9
85.3
80.7
80.5
68.4

73.7
59.6
67.1
78.9
87.9
73.6
72.5
89.1
87.3
75.4
82.0
69.8

74.6
63.3
69.8
78.2
87.1
72.7
72.8
87.7
87.8
75.6
82.0
70.2

89.9
109.2
51.5
110.9
153.1

91.1
110.7
52.3
112.7
152.4
116.1

74.9
91.6
42.0
93.1
123.4
89.4

99.5
118.7
61.8
119.3
157.1
118.7

100.8
121.6
59.6
124.6
163.3
120.5

70.5
85.5
41.0
117.9

10.0

111.2

86.6

66.2
78.6
88.9
75.3
71.7
87.9
86.7
75.5
81.6
69.5

10.0
8.6

8.1

88.6
88.2

COTTON EX PO RTS—UNITED STATES...............................

62.9c

54.3

67.2

75.3

55.5

89.4

PIG IRON PRODUCTION—United States............................ ..
Alabama......................................

55.7
49.4

57.8
54.1

52.0
43.1

57.8
52.8

68.4
56.1

64.6
55.2

♦Adjusted for Seasonal Variation,




f Compiled by Bureau of Labor Statistics.

1926-100.

c—Corrected.