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M O N T H L Y R E V I E W O f F in a n c ia l, A g r ic u ltu r a l, T r a d e a n d I n d u s tr ia l C o n d itio n s in th e S i x t h F e d e r a l R e s e r v e D is tr ic t F E D E R A L R E S E R V E Vol. 21. No. 7 Prepared by the Board of Governors of the Federal Reserve System Volume of production, employment, and trade was sus tained in June at the May level, although there is usually a decline at this season. Wholesale prices of commodities ad vanced between the middle of May and the third week of July, reflecting in part the effects of the drought. Production The Board’s seasonally adjusted index of industrial production increased from 101 tj I per cent of the 1923-25 average in May to mp oymen j cent june Steel production continued at about 70 per cent of capacity in June and the first three weeks of July, although a considerable decline is usual at this season. Output of automobiles declined sea sonally. The cut of lumber showed a seasonal rise in June following a substantial increase in the preceding month. Production increased at woolen mills and was sustained at cotton mills, where a decline is usual in June. Output of foods increased. Factory employment and payrolls showed a slight in crease between the middle of May and the middle of June, contrary to seasonal tendency. Steel mills and plants pro ducing machinery employed more workers, and at automo bile factories there was less than the seasonal decline. At textile mills employment was unchanged, although a decline is usual in June, while the clothing industries reported a 1930 O F A T L A N T A ATLANTA, GA., JULY 31, 1936 NATIONAL SUMMARY OF BUSINESS CONDITIONS 1929 B A N K 1931 1932 1933 1934 1935 1936 In d e x n u m b e r o f in d u s t r ia l p ro d u ctio n , a d ju ste d f o r se a so n a l v a r ia tio n . (1923-1925 a v e ra g e = 100.) L a t e s t fig u r e J u n e P r e lim in a r y 103. decrease in the number employed. Total value of construction contracts awarded, as reported by the F. W. Dodge Corporation, increased somewhat from May to June and continued to be substantially larger than a year ago. There was a further increase in residential building. Agriculture Crop estimates by the Department of Agri culture on the basis of July 1 conditions in dicated little change from last year for wheat and corn and considerable declines for oats, hay, potatoes, and tobacco. Since July 1 prospects have been reduced by extreme drought over wide areas. Cotton area in cultivation on July 1 was estimated by the Department of Agriculture at 30,600,000 acres, compared with 27,900,000 acres last year and an average of 41,400,000 acres in the years 1928-1932. Distribution Freight-car loadings increased seasonally in June, and the distribution of commodi ties to consumers was maintained at the May level. In recent months retail trade as measured by sales of automobiles and by the volume of business of department, variety, and mail order stores was expanded considerably. Commodity The general level of wholesale commodity Prices prices, as measured by the index of the Bureau of Labor Statistics, advanced by about 3 per cent between the middle of May and the third week of July, following a decline of about the same amount earlier in the year. Prices of wheat, flour, feed grains, and dairy products advanced sharply, owing primarily to the 1929 1930 1931 1932 1933 1934 1935 1936 In d e x o f fa c to r y e m p lo ym e n t, a d ju ste d f o r se a so n a l v a r ia tio n . a v e ra g e = 100.) L a t e s t fig u r e J u n e 86.3. (1923-25 2 M O N T H L Y R E V IE W Indexes of the U nited States Bureau of La b o r Statistics. B y months 1929 to 1931; by weeks 1932 to date. (1926 = 100.) L a te st figure Ju ly 18, 80.1. W ednesday figures, Ja n u a ry 31, 1934, to Ju ly 22, 1936. drought, and there were increases also in the prices of hogs and pork, cotton and cotton textiles, silk, rubber, copper, and finished steel. June and were also 1.4 per cent larger than in June last year, but for the first half year show a decrease of 10.6 per cent compared with the corresponding period in 1935. Bank Credit Gold imports, which had been in large volume in a June, declined in July. Funds held by the Treasury as cash and on deposit with Federal Reserve banks declined, as the result of disbursements in connection with the cashing of veterans’ service bonds. Con sequently reserve balances of member banks, which had declined in June, rose once more to their previous level. Total loans and investments of reporting member banks in leading cities, after increasing sharply at the end of May and the early part of June, declined somewhat in the four weeks ending July 15, reflecting largely a reduction in loans to security brokers and dealers in New York City. Balances held for domestic banks increased by $800,000,000 during the period, as a consequence of redeposit with reporting banks of a considerable part of funds acquired by banks through Treasury disbursements. SIXTH DISTRICT SUMMARY Available business statistics for the Sixth Federal Reserve District indicate a further substantial increase in building and construction activities in June, and there were also gains over May in operations at textile mills, and in life insurance sales. Retail and wholesale trade declined over the month by somewhat less than the usual amount, and production of pig iron in Alabama, and of coal in Alabama and Tennessee, also decreased. Volume of June sales by reporting retail firms declined 10.1 per cent from May, but was 23.3 per cent greater than in June last year, and after adjustment for the usual sea sonal movement, the June index rose to the level of March, which was higher than for any other month since December, 1929. For the first half of 1936 total sales have been 12 per cent greater than in the same period last year. Wholesale trade declined 4.3 per cent in June, but was 25.3 per cent greater than a year ago, and for the first half year has been 13.6 per cent greater than in the first six months of 1935. Sales of life insurance increased 1.4 per cent from May to At weekly reporting member banks in leading cities of the District total loans and investments increased 13.3 mil lions of dollars between June 10 and July 15, an increase of 19.2 millions in investment holdings being partly offset by a decline of 5.9 millions in loans. Total loans at the middle of July were 5.6 millions less than a year ago, but invest ment holdings were 90.9 millions greater. Deposits also in creased since early June and were substantially larger than a year ago. At the Federal Reserve Bank there were further increases in reserves, and Federal Reserve note circulation also increased, but holdings of Government securities were slightly reduced. Employment statistics compiled by the United States Bureau of Labor Statistics indicate that in the six states located wholly or partly in the Sixth District, the number of workers at reporting firms declined 2.1 per cent from the middle of April to the middle of May, but that the amount of a week’s payroll declined only one-tenth of one per cent. Number of workers declined in Florida by 11.3 per cent, chiefly in wholesale and retail trade and at hotels, 5.4 per cent in Mississippi largely at shirt factories, fertilizer plants and cotton seed mills, and 1.4 per cent in Georgia prin cipally at cotton and fertilizer mills. The May figures are, however, higher for both employment and payrolls than in May of other recent years. Value of building permits issued in June at reporting cities of the District increased 17.5 per cent over May, was 32.4 per cent greater than a year ago and was the largest total for any month in more than six years. Construction contracts awarded in June were also substantially larger than in the previous month or in June last year. Activity at cotton mills increased somewhat from May to June, evidenced by an increase in the consumption of cotton, and was at a substantially higher level than in June last year. Pig iron production in Alabama declined 10.5 per cent, on a daily average basis, from May to June, but was 47.8 per cent greater than a year ago. Production of coal in Alabama and Tennessee also declined from May, but for the first half of 1936 has been 12 per cent in Ala bama, and 5 per cent in Tennessee, greater than in that part of 1935. M O N T H L Y FE D E R A L R ES ER V E BAN K OF A TLA N TA (In Thousands of D ollars) Ju ly 15 1936 B ills Discounted: Secured by Govt. O bligations_______ A ll Others _________________________ ____ To tal Discounts ____ B ills Bought in Open M arket In d u strial Advances „ ________ U . S. Securities ______ _____ _ To tal B ills and Securities Total Reserves Member B a n k Reserve Account U . S. Tre a su rer— General Account.. ______ _______ Total Deposits F . R . Notes in A ctual C ircu la tio n .... Com m itm ents to M ake In d u strial Advances ....... ______ ____________ 21 21 108 723 98,356 99,208 230,523 117,498 22,464 145,554 176,915 287 Ju n e 10 1936 $ Ju ly 17 1935 50 21 71 108 783 100,209 101,171 215,153 109,361 31,901 147,601 160,910 27 27 169 1,070 94,239 95,505 143,088 99,535 1,633 103,766 127,039 665 FINANCE Reserve Bank Credit Total holdings of bills and securities by the Federa^R0serve Bank of Atlanta declined about two millions of dollars between June 10 and July 15, and were then the smallest since early March. The recent decrease was principally due to a reduction of nearly 1.9 millions in holdings of United States Government securities, accompanied by small decreases in discounts and industrial advances. Compared with the corresponding Wednesday a year earlier, discounts on July 17 were slightly less, holdings of bills bought in the open market were $61,000 smaller, and industrial advances had declined $347,000, but holdings of United States Government securi ties were greater by more than four millions of dollars. Total reserves held by the bank increased from 215 mil lions on June 10 to 238 millions on July 8, but declined about 7.5 millions the following week, when they were 87.4 millions greater than on the corresponding Wednesday last year. When the Treasury began the distribution of checks and adjusted service bonds to veterans at the middle of June, member bank reserve accounts declined 15.9 millions, but Government deposits increased 22.8 millions, by June 17, and Federal Reserve note circulation began to increase. Government deposits declined during the following week, however, by about the amount of the increase, and member bank reserve accounts increased, and by the middle of July member bank reserve accounts were 8.1 millions greater than on June 10. Federal Reserve note circulation had in creased to 180.4 millions on July 1 and declined to 176.9 on July 15, and Government deposits were 9.4 millions less than on June 10. All of these items continued to be sub stantially larger than on the corresponding report date a year ago, as indicated in the accompanying table. Member Total loans and investments at 22 weekly reportBanfe memher banks in leading cities of the Sixth p «. District increased further between June 10 and July 15, because of an increase in holdings of investment securities. Loans declined during this period, but deposits increased. Total holdings of investment securi ties increased by more than 19 millions of dollars since June 10, and on July 15 were 90.9 millions greater than on the corresponding Wednesday last year. The larger part of the increase over both comparative report dates was in direct obligations of the United States Government, but guaranteed securities and other securities also increased. Between June 10 and July 15 loans on real estate in creased somewhat, and were 3.6 millions greater than a year ago, and loans on securities declined slightly since June 10, but were 4.6 millions greater than a year ago. 3 R E V IE W C O N D IT IO N O F 22 M E M B E R B A N K S IN S E L E C T E D (In Thousands of Dollars) Ju ly 15 Ju n e 10 1936 1936 C IT IE S Ju ly 17 1935 Loans and Investm ents___ ___ __________ $548,245 Lo an s— Total __________ ____________________ 219,991 59,989 On Securities __________________________ To Brokers and D e a le rs _____________ 7,198 To Others _______________________________ 52,791 Real E sta te Lo an s ______________________ 23,369 4,929 Acceptances and Com’l P ap er Bought Lo an s to B a n k s __________ _______________ 967 Other Lo an s _________ _____ _____________ 130,737 $534,954 225,880 60,266 7,192 53,074 22,444 5,742 1,173 136,255 $462,961 225,617 55,340 4,494 50,846 19,787 5,670 1,028 144,694 Investm ents— Total ___ _______________ 328,254 U . S. Govt. D irect Obligations 208,931 Obligations Guaranteed by U . S ___ 39,661 Other Securities ____________________ __ 79,662 309,074 196,524 35,354 77,196 237,344 143,231 26,423 67,690 Reserve w ith F . R . B a n k ___________ . Cash in V a u lt ____________________ ______ Balances w ith Domestic B a n k s________ Demand Deposits— Adjusted ___________ Tim e Deposits ____________________________ U. S. Govt. Deposits ___________________ Inter-bank D eposits: Domestic________ Fo reign _________ Borrow ings 61,055 10,139 144,059 298,644 172,629 43,335 182,200 1,090 55,601 8,395 129,942 261,336 172,369 19,785 151,180 1,037 67,007 10,154 157,196 305,154 177,147 51,303 197,081 1,078 Other classes of loans, however, were smaller at the middle of July than a month earlier or a year ago. Demand deposits-adjusted increased 6.5 millions of dol lars between June 10 and July 15, to the highest level on record, and were 43.8 millions greater than at the same time last year. There were further increases in time deposits, which were 4.8 millions greater than on the corresponding Wednesday a year ago, and in Government deposits, which were 31.5 millions greater than a year earlier. Balances maintained by these banks with correspondents increased 13.1 millions since June 10, were at the highest level since March 18 and 27.3 millions greater than a year ago, and interbank deposits also increased 14.9 million dollars since June 10 and were 45.9 millions greater than on the cor responding Wednesday last year. Reserves maintained by these banks with the Federal Reserve Bank of Atlanta in creased to a new high level on July 8, but declined slightly the following week. D E B I T S TO I N D IV ID U A L A C C O U N T S * (In Thousands of Dollars) Ju n e M ay 1936 1936 Ju n e 1935 A L A B A M A — 4 Cities ___________________ __ $120,723 Birm ingham _______________________________ 70,204 Dothan -------------------------------------2,360 Mobile ---------------------------------------- 29,581 Montgomery _______________________________ 18,578 $122,168 71,366 2,230 29,566 19,006 $108,529 63,052 1,880 24,950 18,647 F L O R I D A — 4 Cities _______________________ 124,416 Jackso nville ______________________________ 61,957 M iam i ------------------------ -------- 31,218 Pensacola ___________________________________ 8,001 Tam pa --------------------------------- -23,240 138,207 74,242 31,953 7,708 24,304 105,278 56,087 22,873 6,268 24,050 G E O R G IA — 10 Cities ______________________ 228,577 A lb an y ------------ -------- ----- -----3,159 A tlan ta --------------- -- -------------------- 149,865 Augusta ------------ ------- ----- - ----- 15,217 B run sw ick ________________________ _______ 2,212 Columbus ------------------------------------ 11,353 Elberton ___________________________________. 963 Macon ------------------------------------ --12,899 N ew nan ____________________________________ 2,049 Savannah ____________________ __ ____________ 27,977 Valdosta —. ______________ ________________ 2,883 230,696 3,290 150,515 17,288 2,219 10,629 1,201 12,130 1,662 28,969 2,793 193,477 2,375 126,725 14,062 1,890 8,769 737 10,860 1,327 24,408 2,324 L O U I S I A N A — New O rleans ____________ 187,104 183,646 169,072 52,824 3,743 33,291 9,652 6,138 41,133 4,148 21,999 9,020 5,966 37,295 3,393 21,912 6,877 5,113 T E N N E S S E E — 3 Cities ___________________ 137,205 Chattanooga ____________________ _________ 36,270 K noxville ___________________________________ 22,790 N ashville ___________________________________ 78,145 133,662 35,940 24,320 73,402 120,604 30,097 19,530 70,977 $849,512 $734,255 M IS S I S S IP P I — 4 Cities ___________________ H attiesburg ________________________________ Jackson ____________________________________ M eridian __________________ __ _______________ V icksbu rg ___________________ __ ____________ Total— 26 Cities _______________ 0,849 ♦ M o n t h ly to ta ls a re d erived f r o m w e e k ly re p o rts b y p r o r a t in g fig u re s fo r those w eeks w h ic h do n o t f a l l e n tir e ly w it h in a s in g le c a le n d a r m on th . 4 M O N T H L Y Savings deposits at 57 banks located throughout the Dis trict at the close of June averaged 2.3 per cent larger than a month earlier, and 2.1 per cent larger than a year ago. Debits to individual accounts at 26 clearing house cen ters of the District, shown in an accompanying table, aver aged slightly larger in June than in May, and 15.9 per cent greater than in June last year. Debits usually decline from May to June. AGRICULTURE The July 1 crop report issued by the United States De partment of Agriculture indicates that “drought conditions have reached a point where crop prospects are rather defi nitely poorer than at this date in any previous year except 1934. Prospects have been declining daily as successive millions of acres of crops were dried out beyond possible recovery, but with much of the South already relieved by rains, and with the bulk of the com crop in the North Cen tral States small enough to stand considerable dry weather, a nearly average yield is still possible if rains are not too long delayed. . . . The drought has already greatly reduced the production of small grains, early hay crops, and early vegetables, although in most states conditions during the spring months were not as bad as in 1934. The July 1 reports, received before the blistering hot weather of early July, indicated that in addition to the loss of about 10 mil lion acres of the winter wheat seeded last fall, more than eleven million acres of spring wheat and many acres of oats and barley would be abandoned. . . . The condition of tobacco and the condition of sweet potatoes were each the lowest on record for July 1, the condition of potatoes the second lowest, and cotton, peanuts, beans and soybeans have all had an unfavorable start.” Most parts of the Sixth District received some rains dur ing June and early July, but serious drought continued in many counties in middle Georgia and in some parts of north Georgia. Heavy rains early in July appear to have broken the drought in most parts of Tennessee. The July 1 estimate by the United States Department of Agriculture indicates an increase of 1.9 per cent in production of wheat in Tennessee this year over that in 1935. The estimates of the corn crop in the six states of the District average 20.1 per cent less than production last year; an increase of 7.4 per cent in Florida being more than offset by decreases in the other five states ranging from 11.4 per cent in Mississippi to 31.3 per cent in Louisiana. Production of oats is estimated to be somewhat larger than last year in Florida, Louisiana, and Mississippi, but decreases in Georgia, Alabama, and Ten nessee more than offset these gains, and the total for the six S U G A R M O V E M E N T — N E W O R L E A N S — (Pounds) R a w Sugar ____________________________________________ Ju n e 1936_________ M ay 1936__________ Ju n e 1935 99,241,046 118,988,458 Receipts ----------------------- --- 92,041,824 M eltings ------------------------------ 88,832,982 85,639,706 85,310,972 Stocks --------------------------------- 65,879,518 62,683,951 116,617,768 Refined Sugar Shipm ents __________________________ 81,924,603 84,979,823 77,217,997 Stocks ----------- --------------------- 31,353,891 31,989,459__________27,382,008 R IC E M O V EM EN T (R ice M illers’ A ssociation Statistics) Receipts of Rough R ice* Ju n e August-June, In cl. Season 1935-36 ______________________ _____ 60,354 7,986,249 Season 1934-35 ____________________ ______ 82,069 7,768,134 Distribution of M illed R ice ** Season 1935-36 ____________________________ 317,538 8,269,711 Season 1934-35 ____________________________ 529,429 9,055,777 Stocks: Rough* M illed** 76,779 532,306 June 30, 1936..................................... ......... Ju n e 30, 1935_______________________________ 136,989___________________ 494,806 *B a rre ls of 162 lbs. **Pockets of 100 lbs. R E V IE W states is 9.9 per cent less than 1935 production. Tame hay estimates for the six states average 21.3 per cent less than production last year, small increases in Alabama and Flor ida being outweighed by decreases in the other four states. Estimated production of potatoes and of sweet potatoes is smaller in all six states than in 1935, the averages showing decreases of 20.1 per cent, and 26.6 per cent, respectively. Tennessee farmers up until July 1 had experienced one of the most unfavorable years ever known for growing and transplanting of tobacco plants, and the July estimate indi cates a decrease of 21.6 per cent from last year’s crop. Con ditions were more favorable in the tobacco sections of south Georgia, however, and the crop in that state is expected to be 9.2 per cent larger than in 1935. July 1 estimates of apples average 26.3 per cent less than last year, and esti mates of peaches in these six states average 9.9 per cent smaller than 1935 production. Estimates for pears and grapes, however, were 68.1 per cent, and 7.7 per cent, respectively, larger than production last year. Produc tion of sugar cane in Louisiana is estimated at 4,957,000 short tons, an increase of 3.1 per cent over that last year; but production of sugar is estimated at 322,000 short tons, a decrease of 3.3 per cent compared with 1935 production of 333,000 short tons. Louisiana’s rice crop is estimated at 15,998,000 bushels, a decrease of 1.3 per cent from last year. The July estimates of citrus fruits in Florida con tinued the same as for May and June, 17.7 million boxes of oranges and 11.5 million boxes of grapefruit. The area in cultivation to cotton on July 1 in the six states of this District was 6.9 per cent greater than at that time a year earlier, according to the July 1 report of the United States Department of Agriculture. For the United States as a whole the cotton acreage on July 1 was 9.8 per cent larger than a year ago. Figures for the states of this District are compared in the table. Cotton A creage J u ly 1 1936 1935 A labam a _____________________ 2,342,000 2,252,000 Flo rid a _____ _________ ________ 89,000 91,000 Georgia ______________ _______ 2,324,000 2,172,000 Lo u isia n a ___________ ________ 1,342,000 1,231,000 M ississippi __________________ 2,905,000 2,665,000 Tennessee ____ _____________ 780,000 743,000 T o tal—_______________ 9,782,000 9,154,000 U nited States _____ ______ 30,621,000 27,888,000 A creage Harvested 1935 2,243,000 89,000 2,155,000 1,221,000 2,644,000 736,000 9,088,000 27,335,000 Cash receipts from the sale of principal farm products, including livestock and livestock products, were larger in May, and in the first five months of the year than in cor responding periods of other recent years. Comparisons by states with last year are shown in the table. R E C E IP T S FR O M S A L E O F P R IN C IP A L FA R M P R O D U C T S (In Thousands of D o llars) M ay M ay Ja n . to M ay, In cl. 1936 1935 1936 1935 A labam a ________________ -----------------$ 7,235 Flo rid a ___________________ _________________ 10,410 Georgia ____ _____________ _________________ 5,297 Lo u isia n a _______________ ----------------- 5,957 M ississippi _____________ ----------------- 4,531 Tennessee _______________ - ............. — 6,117 T o ta l____ __________ _________________ $39,547 $ 5,531 8,612 4,571 5,092 4,016 6,365 $34,187 $30,383 68,971 28,960 23,744 29,025 35,289 $216,372 $28,738 57,001 27,460 23,258 26,607 37,079 $200,143 TRADE Retail The total volume of sales during June by 57 report Trade ing retail firms was 10.1 per cent smaller than in May, but 23.3 per cent greater than in June last year. At the same time a year ago, there was a decrease of 18.4 per cent from May to June. The decline this year was slightly less than usually occurs at that time of year, and after adjustment for the usual seasonal movement the index M O N T H L Y 6 R E V IE W R E T A I L T R A D E IN S I X T H D I S T R IC T — J U N E , 1936 Based on confidential reports from 57 department stores C O M P A R IS O N O F N E T S A L E S C O M P A R IS O N O F S T O C K S Ju n e 1936 Y e a r to Ju n e 30, 1936 w it h : date w ith w it h : Same month Previous same period Same month Previous a year ago month last year a year ago month Atlanta (6) ________ Birm ingham (5) ..... Chattanooga (4) ..... . Jacksonville (3) M iam i (3) __________ Montgomery (3) ..... . N ashville (4) New O rleans (4) ..... Other Cities (25) ... D I S T R IC T (57) + 23.8 + 41.8 + 9.8 + 33.7 + 29.3 + 24.4 + 10.2 + 25.3 + 12.3 + 23.3 + 2.8 + 17.0 + 7.3 — 0.8 — 5.8 + 0.6 — 7.3 — 6.4 + 1.5 + 0.9 + 10.4 + 24.8 + 4.0 + 12.8 + 9.9 + 12.1 + 8.4 + 15.9 + 6.0 + 12.0 — 12.3 — 7.1 — 7.6 — 8.3 — 16.4 — 13.1 — 24.4 + 4.1 — 17.3 — 10.1 — 8.5 — 8.0 — 7.3 — 5.3 — 10.0 — 10.1 — 9.6 — 6.9 — 6.9 — 7.7 STO CK TU R N O V ER Ju n e 1936 1935 .40 .26 .31 .22 .31 .27 .35 .34 .22 .31 Jan .-Ju n e, In cl. 1936 1935 .32 .23 .29 .17 .23 .... .23 .25 .22 .25 2.25 1.55 1.59 1.25 2.58 1.65 2.07 1.80 1.43 1.81 N O T E : The rate of stock turnover is the ratio of sales during given period to average stocks on hand. outstanding and due a t the beginning of the month w hich w ere collected du ring the month. number of daily average sales rose from 102.1 per cent of the 1923-1925 average for May to 102.6 per cent in June. This is the same as the index number for March, and is higher than for any other month since December, 1929. June sales declined from May at all reporting cities except ing New Orleans, and of the 57 reporting firms, only five had smaller sales than in June last year. For the first half of 1936, total sales by these firms have been 12 per cent greater than in that period a year ago. Stocks of merchan dise on hand at the end of June declined further by 7.7 per cent, but were 0.9 per cent larger than a year ago, and the rate of stock turnover was the same as for May, but con tinued to be higher, for June and for the half year, than in those periods last year. The collection ratio declined slightly from May, but was higher than for June, 1935. For June this year the ratio for regular accounts was 37.1 per cent, and for installment accounts 16.5 per cent. Percentage comparisons in the table are based upon fig ures reported in actual dollar amounts and make no allow ance for changes in price levels. 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. A statement by the United States Department of Com merce indicates that daily average sales of general merchan dise in small towns and rural areas of the South declined 1 per cent from April to May, as compared with an increase of 1 per cent for the country as a whole, and sales in the South were 21% per cent larger than a year ago. The aver age for the country was also 21 % per cent. Life Insurance Sales of life insurance in the six states of this District increased further in June by 1.4 per cent over May, and were also 1.4 per cent larger than in June last year. In the past thirteen years in creases have been reported in June over May in only three instances. For the first half of 1936, sales in these states have been 10.6 per cent less than in that part of 1935. Fig ures compared in the table are from those compiled by the Life Insurance Sales Research Bureau. Alabam a —....... ... Flo rid a ___________ _ Georgia ______,_______ Lo uisiana _________ M ississippi ________ Tennessee ___ ______ $ .. 3,680 5,467 5,919 4,918 2,578 5,198 T o ta l_______________$ 27,760 United States _______ 532,994 $ 3,478 5,773 6,153 4,690 2,196 5,087 $ 27,377 503,530 $ 3,982 4,822 6,216 4,997 2,296 5,066 $ 27,379 490,268 $ 19,614 29,461 35,078 26,924 13,419 30,693 $ 155,189 3,007,255 $ 24,826 28,417 40,736 31,736 13,605 34,319 $ 173,639 3,255,496 2.15 1.57 1.67 1.12 2.32 29.9 38.3 31.3 1.45 1.48 1.49 1.66 29.1 40.1 31.6 33.1 . May 1936 June 1935 27.3 37.4 30.3 26.9 32.5 27.4 30.3 41.7 35.5 33.5 30.4 38.5 29.5 30.6 . The collection ratio is the percentage of accounts Wholesale Total sales in June by 79 reporting wholesale firms averaged 4.3 per cent less than in May, Trade but were 25.3 per cent greater than in June last year, and for the first half of 1936 have been 13.6 per cent greater than in that part of 1935. The decline from May to June compares with a decrease of 14.7 per cent at that time last year. The June index number is the highest for that month since 1929. All reporting lines shared the increase over 1935, both for the month and for the half year, and sales of groceries and furniture increased over May. Reported figures are compared in the table. W H O L E S A L E T R A D E IN S IX T H D I S T R I C T D U R IN G J U N E , 1936 (Based on confidential reports from 79 firms) Percentage Comparisons June 1936 Jan .-Ju n e, incl., N um ber w it h : 1936, w ith same of firms M ay 1936 Ju n e 1935 period last year A ll L in e s Com bined: Sales __________________ Stocks ______ __ _______ 79 26 — 4.3 — 3.1 + 25.3 + 5.5 + 13.6 G roceries: Sales __________________ Jackso nville . ___ N ew O rleans ........ V icksbu rg ________ Other Cities ______ 18 3 3 3 9 + 2.2 — 10.2 + 2.1 — 3.3 + 10.3 + 11.6 — 3.8 + 12.5 + 13.4 + 1 6 .7 + 1.4 — 5.5 — 4.0 + 18.6 + 2.2 14 3 +27.6 + 14.9 + 30.9 — 4.9 + 6.4 — 0.0 + 8.3 D ry Goods: Sales __________________ N ashville _________ Other Cities Stocks ________________ 7 — 13.3 — 31.1 — 7.9 — 1.0 H a rd w a re : Sales __________________ N ashville _________ N ew Orleans Other Cities ______ Stocks ________________ 25 3 5 17 9 — 3.7 — 23.6 + 2.0 — 2.9 — 2.3 + 27.1 + 5.1 + 41.1 + 23.3 + 2.8 + 18.7 + 4.0 + 3 6 .5 + 1 2 .9 F u r n it u r e : Sales __________________ A tlan ta ____________ O ther C ities ______ Stocks ________________ 7 3 4 5 + 1.5 + 25.2 — 3.1 + 2.5 +70.1 + 67.6 + 70.7 + 7.9 + 28.3 + 17.2 + 31.2 E le ctric a l Supp lies: Sales _________________ 3 — 12.5 + 54.9 + 4 3 .8 D ru g s : Sales __________________ 7 — 0.6 + 14.9 + 12.1 S ta tio n e ry : Sales _____ _________ 3 — 1.4 + 23.1 + 11.6 (In Thousands of D o llars) M ay June Ja n . to June, In cl. 1936 1935 1936 1935 Ju n e 1936 C O L L E C T I O N R A T IO Ju n e 1936 11 C O L L E C T I O N R A T IO * Ju n e M ay 1936 1936 Groceries ________________ D ry Goods _______________ H ard w are ________________ Fu rn itu re ________________ T o ta l_______________ - --- 72.5 34.7 41.7 38.7 44.3 69.4 39.3 43.9 39.9 45.9 Ju n e 1935 66.2 34.1 38.0 37.9 47.9 ♦The collection ratio is the percentage of accounts and notes receivable outstanding at the beginning of the month w hich were collected during the month. 6 M O N T H L Y B U IL D IN G P E R M IT S — J U N E Num ber _____________________________________ 1936 1935 A la b a m a : A n nisto n __________________ ___ 30 B irm ing ham ______________ 341 Mobile ______________________ ___ 59 M ontgomery ______________ 131 20 269 42 107 F lo r id a : Jackso nville ______________ 575 M iam i ______________________ 719 M iam i Beach ____________ 122 O rlando ............ ......................99 Tam pa _________________ ___ 213 529 534 77 59 168 G eo rg ia: A tla n ta ___________________ 279 A ugusta ___________________ ___ 76 Columbus ______ _______ ___ 74 Macon ______________________ 153 Savannah __________________ ___ 49 L o u is ia n a : N ew O rleans ____________ 115 A lex an d ria _______________ ___ 68 Tennessee: Chattanooga ______________ 418 Johnson C ity ____________ ___ 12 ________________ ___ 95 K n o xv ille 274 N ashville ________________ To tal— 20 C it ie s ______ 3,341 V a lu e 1936 1935 Percentage Change in V a lu e 76,308 101,060 23,020 62,785 — 40.2 + 54.3 + 119.8 +891.9 331,169 1,093,648 1,317,537 135,734 54,089 204,735 460,629 1,009,262 65,716 26,961 + 61.8 +137.4 + 30.5 + 106.5 287 32 32 145 38 355,707 75,668 60,284 76,683 61,670 257,714 25,360 64,204 31,405 34,274 — 6.1 89 53 315,688 29,315 1,618,062 15,993 — 80.5 + 83.3 296 6 66 109 2,958 242,786 17,200 532,368 299,960 $5,874,421 51,706 2,476 84,736 220,336 $4,436,742 + 369.6 + 594.7 +528.3 + 36.1 + 32.4 $ 45,605 155,983 50,592 622,735 $ +100.6 + 38.0 + 198.4 + 144.2 + 79.9 INDUSTRY The value of building permits issued at twenty cities in the Sixth District during June was 17.5 per cent larger than the total for May, 32.4 per cent greater than that for June last year, and the largest total recorded for any month since March, 1930. Of these twenty cities, twelve reported in creases over May, and seventeen reported gains compared with June, 1935. For the first half of 1936, the value of permits issued at these twenty cities was $29,426,845, an in crease of 71.9 per cent over that period a year ago, 151.6 per cent larger than two years ago, and 400.3 per cent greater than three years ago, and greater than for the first half of any year since 1929. Figures for the month are com pared in an accompanying table. The value of building and construction contracts awarded in the Sixth District, according to statistics compiled by the F. W. Dodge Corporation and subdivided into district totals by the Division of Research and Statistics of the Federal Reserve System, increased 30.1 per cent from May to June, was 48.7 per cent greater than in June last year. Residential awards increased 50.7 per cent, and other awards 16.6 per cent, over May, and both groups continued substantially larger than a year ago. For the first half of 1936 residential awards have been 52.4 per cent, other contracts 50.7 per cent, and the total 51.2 per cent, greater than in that part of 1935. State figures show increases over May except in Louisiana, and over June a year ago except in Florida, and for the first half year contracts have been greater in each state than in the same period a year earlier. B U IL D IN G A N D C O N S T R U C T IO N C O N T R A C T S A W A R D E D (F . W . Dodge Corporation figures) June 1936 M ay 1936 Ju n e 1935 Residential ____ A ll Others ........ State T o ta ls: A labam a __ ____ Flo rid a ________ Georgia ________ Lo u isia n a _____ M ississippi ____ Tennessee _____ . . $18,886,511 8,682,167 10,204,344 — — ~~ --- 2,474,000 6,011,100 4,702,800 2,167,100 4,237,900 12,768,500 $14,511,916 5,759,463 8,752,453 $12,704,842 3,336.181 9,368,661 957,400 4,960,700 3,202,600 2,772,000 2,631,200 2,629,400 915,400 7,591,200 1,367,000 1,537,300 527,600 2,001,300 R E V IE W Total awards in the 37 states east of the Rocky Mountains increased 7.9 per cent from May to June, were 57.5 per cent greater than in June last year, and for the first half of 1936 have been 77.7 per cent greater than in that part of 1935. According to weekly reports to the Southern Pine Asso ciation, production at reporting mills continued in June to be greater than a year ago, and in contrast to the May com parisons, orders and shipments were also greater than at the same time last year. For the five weeks ending July 4, production averaged 12.7 per cent, orders 5.4 per cent, and shipments 3.3 per cent, greater than in the corresponding weeks last year, but unfilled orders averaged 21.7 per cent smaller. The Southern Lumberman states that the demand is still principally for housebuilding material, and railroad and industrial buying is slack. Consumption of cotton by American mills increased 4.8 per cent in, June compared with May, and was 44.9 per cent greater than in June, 1935. At the same time last year there was a decrease of 17.8 per cent from May to June. The total for June this year has been exceeded in that month only four times in the past nineteen years, in 1933, 1929, 1927, and 1917. The increase over May consumption was about the same, on a percentage basis, in the cotton states and in other states, but June consumption in the cotton states was 50.7 per cent greater than a year ago, and in other states 19.7 per cent larger. Total consumption in the United States during the eleven months of the current sea son, August through June, has amounted to 5,736,643, larger by 15.4 per cent than in the corresponding part of the pre vious season. In the cotton states total consumption in these eleven months has amounted to 4,821,408 bales, and in other states 915,235 bales, larger by 21 per cent in the cotton states, but smaller by 7.1 per cent in other states, than in the corresponding period a year earlier. Exports of cotton declined 18.3 per cent from May to June, which compares with an increase of 23.6 per cent at that time a year ago, and were 16.7 per cent less than in June, 1935. For the eleven months of the season exports have amounted to 5,806,140 bales, an increase of 31.1 per cent over the corresponding part of the previous season. Exports and consumption combined during this period have amounted to 11,542,783 bales, larger by 22.8 per cent than in the same period a year earlier. Stocks of cotton held by consuming establishments and in public storage and at compresses combined were 12.9 per cent smaller at the end of June than a month earlier, and 20.7 per cent less than a year ago. Active spindles increased in number in June over May by 0.6 per cent, and over June last year by 1.1 per cent. Census Bureau figures are com pared in the table. Consumption of cotton during June in Georgia amounted to 108,485 bales, in Alabama 58,158 bales, and in Tennes see 13,827 bales, the total of 180,470 bales being 3.7 per C O T T O N C O N S U M P T IO N , E X P O R T S , S T O C K S , A N D A C T I V E S P I N D L E S , U N I T E D S T A T E S — Bales ______________________________________________ Ju n e 1936 M ay 1936 Ju n e 1935 Cotton Consumed -------------------------------556,323 530,799 Stocks ------ ---------------------------------------- 5,512,823 6,327,159 987,112 1,090,977 In Consuming Establishm ents____________ In P ub lic Storage and a t Compresses ... 4,525,711 5,237,082 E xp o rts ..... -------------------------------------287,336 351,734 A ctive Spindles— Number --- ---------------- 22,957,322 22,828,888 C O T T O N G R O W IN G S T A T E S — Bales Cotton Consumed ----------------------- ------ 469,617 447,936 Stocks --------------------- -----------------------5,267,868 6,045,549 t £ 0Jf.um inS Estab lish m en ts------ --805,748 895,325 In Pub lic Storage and a t C o m p resses... 4,462,120 5,150,224 A ctive Spindles— N um ber -------------------- 16,983,252 16,587,592 383,982 6,953,452 884,600 6,068^852 344,955 22,703,836 311,569 6,595,614 681,942 5,913,672 16,479,572 M O N T H L Y cent larger than in May, and 45.7 per eent greater than in June last year. It was the largest total for June of any year except 1933. For the eleven months of the season total con sumption in these three states has been 1,874,274 bales, greater by 24.7 per cent than in that part of the previous season. Confidential reports from mills in this District indicate increased production of yarn in June over May, but a de crease in production of cloth, but both were produced in larger quantities than in June last year. Orders increased from May to June and were substantially larger than in June, 1935, and employment averaged 1.6 per cent larger than in May and 7.9 per cent greater than a year ago. Operations at cotton seed oil mills in this District showed a further seasonal decline in June, and the amount of seed crushed in June was smaller than in any other month in recent years excepting July of 1935 and 1932. Production was also smaller than in June last year. For the eleven months of the current season, however, receipts of seed have been 6.3 per cent and crushings 9.1 per cent, greater than in that part of the previous season, and production of the principal cotton seed products ranged from an increase of 5.4 per cent for crude oil to 11.7 per cent for linters. Stocks of seed at the mills at the close of June were substantially smaller than a year earlier, and supplies of the principal products, except crude oil, were also less. Totals for the country for the eleven months’ period also show increases over the corresponding part of the previous season in re ceipts and crushings of seed, and in production, and de creases in stocks. Census Bureau figures for this District, and for the country, are compared in an accompanying table. Production of electric power for public use in the six states located wholly or partly in the Sixth District in creased 2.7 per cent from April to May and was 16.9 per cent greater than in May last year. The May total is the largest on record. On a daily average basis, however, May output was slightly less than in April, or in February, which were shorter months. For the five months of 1936 total pro duction has been 17.4 per cent greater than in that part of 1935. In May production by use of water power accounted for 66 per cent of the total, in April 66.9 per cent, and in May last year 69.1 per cent, and for the five months’ period this year 65.8 per cent, compared with 67.5 per cent a year ago. Preliminary statistics compiled by the United States Bureau of Mines indicate that bituminous coal production in the United States during June amounted to 29,415,000 tons, an increase of 3.1 per cent over that in May, but 2.3 per cent smaller than in June last year. For the first half CO TTO N S E E D AN D CO TTO N S E E D Six th D istrict* Aug. 1 to Ju n e 30 1935-36 1934-35 Cotton Seed— T o n s: Received at M ills____ 1,417,513 1,448,330 Crushed _______________ On Hand Ju n e 30 ... 14,716 P ro duction: Crude O il, lb s ._______ 455,303,372 Cake & M eal, tons 647,938 H u lls, tons ___________ 383,318 Lin te rs, bales ________ 327,690 Stocks at M ills, Ju n e 30: Crude O il, lbs. ** 9,421,779 Cake & Meal, tons 59,908 H u lls, tons ___________ 9,385 Lin te rs, bales ________ 26,586 PRODUCTS United States Aug. 1 to Ju n e 30 1935-36 1934-35 of 1936 total production has been 200,212,000 tons, larger by 5.8 per cent than in that period a year ago. Weekly statements of the Bureau of Mines indicate that during the four weeks ending June 27 coal production in Alabama averaged 195,000 tons per week, about 7 per cent less than in May but slightly larger than a year ago, and in Tennessee production in the four weeks ending June 27 averaged 71,000 tons per week, about 3 per cent less than in May and 9 per cent smaller than a year earlier. For the year through June 27, Alabama production has totaled 5,689,000 tons and Tennessee output has been 2,417,000 tons, the increases being 12 per cent and 5 per cent, respec tively, over the corresponding period in 1935. Production of pig iron in the United States during June amounted to 2,586,240 tons, a decrease of 2.3 per cent com pared with May, but 66.6 per cent greater than in June last year. On a daily average basis, however, production in creased nearly 1 per cent over May. Four furnaces were blown in during June, and five were blown out or banked, leaving 145 operating on July 1 compared with 91 active at that time a year ago. For the first half of 1936 total pro duction amounted to 13,528,226 tons, larger by 38.1 per cent than in that part of 1935, and the largest total for the first half of any year since 1930. Alabama production of pig iron declined 13.3 per cent from May to June, and 10.5 per cent in daily average, but was 47.8 per cent larger than a year ago. June production in Alabama was the smallest since November. There was a reduction of two in the num ber of active furnaces, leaving 10 active on July 1, compared with 7 active at that time last year. Total production in Alabama during the first half of 1936 amounted to 954,156 tons, a gain of 54.3 per cent over the corresponding part of 1935, and larger than for that part of any year since 1931. Press reports indicate only a fair volume of third quarter tonnage has been booked, new commitments being small because of stocks on hand or a tendency to buy only for current needs. June receipts of both turpentine and rosin at the three principal markets of the District increased seasonally over the month, but were the smallest for June since 1932, and except for that year, were less than in June of any of the past fifteen years. Stocks at the end of June also increased over those a month earlier, and supplies of turpentine were larger than for June of any other year in available statistics, but supplies of rosin were the smallest for June since 1929. Prices of turpentine on the Savannah market have fluctuated within a narrow range in recent weeks, but the average of quotations on the thirteen grades of rosin, which had risen from a low point at $4.18 per 280 pounds on May 19 to $4.61 on June 13, increased further to $5.01 on July 11. An important factor in this increase was the inclusion of naval stores in the Government’s Conservation program. Receipts and stocks for the month are compared in the table. 3,387,267 3,484,589 125,339 N A V A L ST O R ES M O V EM EN T Tu rpentine (1) Rosin (2) Ju n e 1936 Ju n e 1935 Ju n e 1936 Ju n e 1935 431,915,293 1,152,711,790 1,087,809,891 580,698 1,719,399 1,585,213 349,548 980,310 895,453 293,416 864,775 789,110 R e ce ip ts: Savannah ________ _______ 14,003 14,144 50,839 51,233 Jackso nville —----------9,120 13,119 35,159 46,472 Pensacola ----------------- 4,295__________4,865_________________ 11,783________ 13,293 1,333,490 1,327,649 73,773 3,727,028 3,781,682 34,921 T o ta l------------------- 27,418 5,858,009 103,551 38,115 33,329 17,776,062 118,886 46,762 67,938 18,474,064 223,893 91,395 97,118 ♦Georgia, Alabam a, Lo uisiana, and M ississippi. ♦♦June stocks of crude oil not included for Alabam a or Lo uisiana, and of lin ters for Lo uisiana. 7 R E V IE W 32,128 97,781 110,998 S to ck s: Savannah ----------------- 30,831 33,100 67,975 116,412 Jackso nville — ............ .. 44,978 42,903 51,384 106,004 Pensacola ----------------- 29,332________ 27,828_________________37,233________ 49,896 ________ Total ------------ -- 105,141 103,831___________________156,592 272,312 (1) B a r r e ls o f 50 g a llo n s . (2) B a r r e ls o f 500 poun ds. 8 M O N T H L Y R E V IE W MONTHLY IN DEX NUMBERS COMPUTED B Y FED ER A L R ES ER V E BAN K OF A TLA N TA MONTHLY AVERAGE 1923-1925 = 100 Apr. 1936 May 1936 June 1936 Apr. 1935 M ay 1935 June 1935 168.6 89.1 74.4 83.9 88.9 100.2 178.3 95.3 82.4 101.5 84.3 103.1 148.7 89.1 76.2 76.7 87.7 92.3 163.3 65.3 72.7 80.0 76.2 88.0 155.1 63.4 74.3 86.2 71.9 84.4 131.0 54.8 72.1 72.4 69.1 75.3 157.6 89.1 73.7 82.3 83.9 96.3 169.8 94.4 80.0 91.4 86.9 102.1 170.9 95.8 68.6 83.4 98.5 102.6 151.2 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 83.7 104.6 62.2 57.9 55.9 58.3 66.4 98.3 61.8 53.2 51.7 54.7 62.8 90.2 56.5 49.3 46.8 50.9 57.9 103.7 49.2 52.4 66.1 59.6 64.9 94.6 48.8 50.2 63.1 58.2 62.2 86.6 46.7 46.0 59.9 54.4 58.2 A tlanta (3 firms).. Birmingham (3 firms)___ C hattanooga (3 firms).. Nashville (3 firms).. New O rleans (4 firms).. DISTRICT (25 firms)___ 99.6 59.2 55.1 53.8 56.1 63.2 97.3 60.6 52.2 51.2 54.2 61.6 94.0 57.1 51.4 48.2 54.1 60.9 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 WHOLESALE TRADE—SIXTH DISTRICT— TO TA L. 69.3 69.4 66.4 60.5 61.7 52.6 51.2 52.6 64.8 58.1 39.3 80.5 45.3 37.4 57.6 48.5 36.8 71.0 DEPARTMENT STORE TRADE—SIXTH DISTRICT D a ily A v e ra g e S a le s — U n a d ju ste d A tlanta (3 firms)... Birmingham (3 firms)___ Chattanooga (4 firms).. N ashville (4 firms)_i_. New O rleans (4 firms)~ DISTRICT (30 firms)____ D a ily A v e ra g e S a le s —A d ju sted * A tlanta (3 firms)_ Birmingham (3 firms).. C hattanooga (4 firm s)N ashville (4 firms)____ New O rleans (4 firms).. DISTRICT (30 firms)_______________ M o n th ly Stocks— U n a d ju ste d A tlanta (3 firms)... Birmingham (3 firms).. C hattanooga (3 firms)... N ashville (3 firms).. New O rleans (4 firms).. DISTRICT (25 firms)_____ M on th ly S tocks—A d ju sted * Groceries (18 firms)......................... .............................. Dry Goods (14 firms)__________________________ H ard w are (25 firms)______________ _____________ Furniture (7 firms)_____________________________ Stationery (3 firms)_________________ __________ Drugs (7 firms)________________________________ 54.1 62.9 73.4 72.6 39.5 87.0 49.7 56.8 76.0 79.3 46.0 82.5 50.8 49.3 73.2 80.6 45.3 81.9 50.8 56.2 61.8 58.0 36.9 80.1 LIFE INSURANCE SALES— SIX STATES—TOTAL.. 64.2 65.2 66.1 68.1 68.0 65.2 A labam a.. F lorida— G eorgiaLouisiana._ M ississippiTennessee.... 52.1 82.9 66.9 73.9 52.7 57.3 51.3 97.5 67.1 74.0 50.2 54.1 54.3 92.4 64.5 77.6 59.0 55.2 64.5 78.7 78.8 72.3 51.0 58.7 57.2 74.3 74.7 88.4 50.0 59.8 58.7 81.5 67.8 78.9 52.5 53.8 40.0 22.9 12.5 46.4 104.0 26.2 47.2 44.4 43.1 12.7 40.3 60.7 15.5 58.9 52.2 23.0 10.5 40.3 47.3 24.5 80.6 26.8 16.5 10.0 23.5 11.4 15.7 39.2 32.1 13.9 6.3 44.9 72.7 14.1 41.9 39.4 16.7 6.8 24.9 34.7 125.7 37.1 57.8 42.9 67.7 41.3 41.0 41.5 53.8 61.9 48.4 26.6 29.9 36.2 26.5 26.7 27.4 31.5 23.8 44.5 79.7 76.9 80.2 78.9 94.6 70.2 76.4 86.6 85.7 78.5 81.4 68.6 78.6 75.2 78.0 78.8 94.0 69.8 76.0 86.3 85.8 77.7 81.5 69.2 79.2 78.1 79.9 78.8 93.8 69.7 76.1 86.2 85.8 78.0 81.4 69.7 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 86.6 84.9 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 68.4 112.0 142.2 52.1 143.9 182.8 141.5 103.1 130.8 48.0 132.3 168.1 132.5 108.0 137.2 50.2 139.2 169.2 138.9 91.0 109.2 51.5 110.9 153.1 111.2 91.3 110.7 52.3 112.7 152.4 116.1 74.6 91.0 42.0 93.1 123.4 89.4 COTTON EXPORTS—UNITED STATES.... 68.7 68.5 56.0 62.9 54.3 67.2 PIG IRON PRODUCTION—U n ited S tates. 80.5 70.5 88.7 73.4 86.6 63.6 55.7 49.4 57.8 54.1 52.0 43.1 BUILDING PERMITS— TWENTY CITIES—TOTAL . A tlanta_______________________________________ Birmingham___________________________________ Jacksonville...... .............._.............. ................... ............ N ashvilleNew O rleans________ Fifteen O ther Cities__ CONTRACT AWARDS— SIXTH DISTRICT—TOTAL.. Residential__________________________ _______ ____ All O thers__________ _____ ___________________ __ WHOLESALE PRICES— UNITED STATES t ALL COMMODITIES.. Farm Products_____ Foods... O ther Commodities... Hides an d leath er products... Textile products___________ Fuel a n d lighting.. M etals a n d m etal products... Building m aterials.. Chem icals an d dru g s__ Housefum ishing goods... M iscellaneous_________ COTTON CONSUM PTION- -UNITED STATES.. Cotton-Growing States_____ All Other States.................... G eorgia.. Alabama... Tennessee.. A labam a_____ ‘ A d ju s t e d for S e a s o n a l V a r ia t io n . t C o m p ile d b y B u r e a u of L a b o r S ta tistic s. 1926-100.
@FedFRASER