Full text of Economic Review (Federal Reserve Bank of Atlanta) : June 30, 1936, Volume 21, Number 6

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M

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H

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Y

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V

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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 m th e S ix th 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
Vol. 21. No. 6

R E S E R V E

B A N K

O F

A T L A N T A
T h is review released fo r publication
in afternoon papers of Ju n e 30.

ATLANTA, GA., JUNE 30, 1936

NATIONAL SUMMARY OF BUSINESS
CONDITIONS
Prepared by the Board of Governors of the
Federal Reserve System
Volume of industrial production, which had increased
sharply in April, was maintained in May, and there was
an increase in distribution of commodities to consumers.

Production
and
Employment

The Board’s seasonally adjusted index of
industrial production in May was 101 per
Ce" ‘ °* * * 1923’1925 average as compared
r '
with 100 per cent m April. Production ot
durable manufactures increased further, reflecting larger
output of steel and lumber, partly offset in the total
by a reduction in the output of automobiles from the high
level of April. At steel mills the rate of activity in May
was higher than at any other time since the spring of 1930.
This level has been maintained in June, reflecting in part
some accumulation of steel by fabricators in advance of the
effective date of recently announced price increases. De­
clines in production were reported for many nondurable
manufactures; at woolen mills, however, activity increased.
Output of bituminous coal declined from April to May,
while output of crude petroleum continued in large volume.
Factory employment increased slightly between the mid­
dle of April and the middle of May, contrary to the usual
seasonal tendency. Increases were reported at plants pro­

ducing iron and steel products, machinery and most other
durable manufactures. Changes in employment in indus­
tries producing nondurable manufactures were largely of
a seasonal nature. Factory payrolls were somewhat larger
in the middle of May than a month earlier.
Total value of construction contracts awarded, according
to figures of the F. W. Dodge Corporation, declined slightly
from April to May. Awards for residential building con­
tinued to increase, and in May, as in other months this year,
were substantially larger than a year ago, when residential
building was first beginning to increase from the extreme
low level of the depression.

Distribution

Department store sales, which usually de­
cline at this season, increased from April
to May, and there was also a rise in sales at variety stores
and mail order houses. Freight-car loadings increased by
slightly more than the usual seasonal amount.

Commodity Wholesale prices of commodities, which had
Prices
declined from the middle of April to the
middle of May, have advanced somewhat
since that time, and in the week ending June 20 were at
78.7 per cent of the 1926 average, according to the index
of the Bureau of Labor Statistics. In recent weeks prices
of live stock and live stock products, grains and flour, and
textile raw materials and finished products have advanced.
For many steel products price increases have been an­
nounced to take effect early in the third quarter.

P E R CEN T

120
110
100

120
110

F A C T O R Y E M P L O Y M E N T A I N D P A t 'R O L L S 5
A
* - /v w\
1

\

100
90

90

Empl<jyment
80

80

s
a

70

A

\

V

60

Pay■rolls
V*\
\

50
40

A
i
„
\ A

V

( \ Ti

/J
„„/

/

70

f

60

I
r

50

/
/

40
30

30
1929
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 s o 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 M a y P r e lim in a r y 101.




1930

1931

1932

1933

1934

1935

1936

In d e x n u m b e rs o f n u m b e r em ployed a n d p a y r o lls, w ith o u t a d ju stm e n t fo r
se a so n a l v a r ia t io n s (1923-1925 a v e r a g e =
100). L a t e s t fig u re M a y E m ­
p lo y m e n t 85.6; p a y r o lls 79.2.

M O N T H L Y

2

R E V IE W

BILUONSOFDOLLARS
12
MEMBER

BILUONSOFDOLLARS
BANK R E S E R V E S AND RELATED ITEMS

(SoldStock J
MeR
m
berB
k
eserv
ean-*
Balan
ces
H
Reserv
onk
.CredeitB
^_
—
Treasury0t—
NaCtio
nanlcByank
urre
1935
1934
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.) La te st figures Ju n e
20. F a rm Products 77.4 ; Foods 79.7; Other Commodities 78.7.

Bank
Credit

Excess reserves of member banks, after a slow
increase *n May and the early part of June, de­
clined by $900,000,000 in the week ending June
17. The reduction in excess reserves was due principally
to an increase in the deposits maintained at the reserve
banks by the treasury, which received large payments for
new securities issued, as well as quarterly tax installments.
At that time the treasury began to distribute checks and
adjusted service bonds to veterans and there was an in­
crease in the demand for currency in connection with the
cashing of these bonds and checks.
United States Government obligations held by reporting
member banks in leading cities, which had increased some­
what in May and early June, showed a further sharp in­
crease in the week ending June 17 in connection with the
new issue of government securities. Bank loans also in­
creased.

SIXTH DISTRICT SUMMARY
In the Sixth Federal Reserve District there were further
small gains from April to May in the volume of trade at
both retail and wholesale, in sales of life insurance, in bank
debits to individual accounts, in production of pig iron in
Alabama, and in building permits, and all of these series
continue greater than a year ago with the exception of life
insurance sales.
May sales by 57 reporting retail firms averaged 1 per
cent larger than in April, and 11.6 per cent greater than in
May, 1935, and on a daily average basis were at the highest
level for May of any year since 1928. After adjustment for
the usual seasonal movement, the index for May was, except
for March, higher than for any other month since Decem­
ber, 1929. For the five months of 1936 total sales by these
57 firms were 10 per cent greater than in that period a year
ago. Stocks of merchandise on hand at the end of May
were 5 per cent smaller than a month earlier, but were 1.9
per cent larger than a year ago. Wholesale trade increased
slightly from April to May and was 12.3 per cent greater
than in that month last year, and for the five months’ period
has been 11.5 per cent greater than in that part of 1935.




Tre
suery
Cash
8taD
p.oB
sits
with
F.R
anks
-Noftnm
eth
mebreA
rcD
O
ceopuonsits
ts
1936

1934

1935

W ednesday figures, Ja n u a ry 31, 1934, to Ju n e 17, 1936.

May sales were the largest for that month since 1930. Life
insurance sales increased 1.6 per cent from April to May,
due to gains in Florida, Georgia, and Louisiana, but were
4.1 per cent less than a year ago and smaller than for May
of other recent years except 1933.
At weekly reporting member banks in leading cities of
the District there were increases between May 13 and June
10 in all classes of loans, but the increase of 4.3 millions
in total loans was more than offset by a decrease of about
8.5 millions in holdings of United States securities and
those guaranteed by the United States. There were further
increases in this period in demand and time deposits, and
further decreases in inter-bank deposits. At the Federal
Reserve Bank deposits and reserves increased, and Federal
Reserve note circulation declined slightly.
Employment statistics compiled by the United States
Bureau of Labor Statistics indicate that, in the six states
located wholly or partly in this District, the number of
workers employed by reporting firms declined 0.9 per cent
from March to April, but was 4.4 per cent greater than a
year ago, 3 per cent larger than two years ago, and 30.9
per cent greater than in April, 1933, and the amount of
payroll declined 1.7 per cent from March to April but was
11.9 per cent greater than in April last year, 9.9 per cent
larger than in April, 1934, and 70.8 per cent greater than
in April, 1933. The value of building permits issued in
May at twenty reporting cities was 11 per cent larger than
in April, 38.3 per cent greater than in May last year, and
the largest May total since 1931. For the five months of
1936 the total has been 85.8 per cent greater than a year
FE D E R A L R E S E R V E BAN K O F A TLA N TA
(In Thousands of D o llars)
Ju n e 10
1936
B ills Discounted:
Secured by Govt. O bligations
_____ $
50
A ll Others ______________________ _____ ........
21
To tal D iscounts _______________ _____
71
B ills Bought in Open M arket_______----108
In d u strial Advances _________ _________
783
U . S. Securities ________________________ ........ 100,209
To tal B ills and Securities
101,171
Total Reserves __________________________ _____ 215,153
Member B a n k Reserve Account
109,361
To tal Deposits ____________________ ____ _____ 147,601
F . R . Notes in A ctu a l C ircu la tio n - _____ 160,910
Reserve R atio __________________ ________
69.7
Commitments to make In d u strial
Advances _____________________________
296

M ay 13
1936

$ ________

Ju n e 12
1935

$

164
811
100,209
101,184
211,290
109,733
144,390
161,039
69.2

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

374

675

M O N T H L Y

ago and the largest for that period since 1929. Construc­
tion contracts awarded in May were somewhat smaller than
in April, but continued greater than a year ago. Produc­
tion at lumber mills reporting to the Southern Pine Asso­
ciation continued in May to exceed figures for the cor­
responding period a year ago, but orders, shipments and
unfilled orders were somewhat smaller. Consumption of
cotton by mills in Georgia, Alabama, and Tennessee com­
bined declined 8 per cent from April to May, but was 14.6
per cent greater than a year ago. Orders at reporting cot­
ton mills increased 25 per cent from April to May, and em­
ployment also increased over the month and was greater
than a year ago. Coal production declined in both Ala­
bama and Tennessee from April to May and in Alabama
was greater than a year earlier, but in Tennessee it was
smaller. Production of pig iron in Alabama increased
somewhat over that in April and was 35.7 per cent greater
than in May last year and larger than in any other month
since June, 1931.

FINANCE
Reserve
Bank
Credit

Total holdings of bills and securities by the
Federal Reserve Bank of Atlanta continued from
^ t0 ^une ^ at a^out ^ e level °f the past
three months, and were about 6 millions of dol­
lars greater than a year ago because of larger holdings of
Government Securities. Between May 13 and June 10 there
were decreases in holdings of purchased bills and in in­
dustrial advances, offset partly by discounts for member
banks on June 10 amounting to $71,000, while on May 13
this bank held no discounted paper. Compared with the
corresponding Wednesday a year ago, holdings of United
States securities continued as in recent months to show an
increase of nearly $6,000,000, but holdings of discounted
and purchased bills and of industrial advances were less.
Since May 13 there was an increase of about 3.9 millions
of dollars in total reserves held by the bank which were,
on June 10, larger by 76.5 millions than a year earlier.
Member bank reserve deposits declined slightly since May
13 but were 21 millions greater than a year ago, but total
deposits increased 3.2 millions between May 13 and June
10 and were 46.3 millions greater than at the same time last
year. Federal Reserve notes of this bank’s issue in actual
circulation on June 3 were at the highest level since the
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 D ollars)
June 10
May 13
1936
1936

Loans and Investm ents— T o ta l...
Lo an s— Total _________________________
On Securities ______________________
To Brokers and D e a le rs_________

$534,954
225,880
60,266
7,192
. 53,074
Real E sta te Lo an s ________________
. 22,444
Acceptances and Com ’l P ap er Boughtt
5,742
Loans to B a n k s ____________________
1,173
Other Lo an s _________________________
136,255
Investm ents— To tal

_______________

Obligations Guaranteed by U .
Reserve w ith F . R . B ank
Demand DepositsTim e Deposits ___
Foreign..
Borrow ings




$539,019
221,619
57,163
6,105
51,058
22,088
5,488
737
136,143

C IT IE S

3

R E V IE W

banking holiday, but declined slightly a week later. Prin­
cipal items in the weekly statement are compared in an
accompanying table.

Member Total loans and investments at 22 weekly reportBank
member banks in leading cities of the DisP

«.
trict declined more than four millions of dollars
re
between May 13 and June 10 but were 47.4 mil­
lions greater than on the corresponding Wednesday last
year. The decline since May 13 was due to a decrease of
8.3 millions in investment holdings, and the increase over
the total a year ago was due to an increase of 70.1 millions
in investments over those held at that time. Loans on secur­
ities accounted for the larger part of the increase of 4.3
millions in total loans since May 13, but there were in­
creases in all reported classes of loans. Compared with
June 12, 1935, the decrease of 22.8 millions was due to
declines in “Other Loans,” which include those for com­
mercial, agricultural and industrial purposes, and in loans
to banks.
Holdings of direct obligations of the United States de­
clined 4.6 millions, and holdings of obligations guaranteed
by the United States declined 3.9 millions, between May 13
and June 10, but there was a small increase in holdings of
other securities. Each of these classes of securities was,
however, held in larger amounts than at the same time a
year earlier, the larger part of the increase being in hold­
ings of United States direct obligations.
Demand deposits-adjusted declined slightly from May 13
to June 10, but were 37.9 millions greater than a year ago,
but time deposits rose by about 1.8 millions since May 13
and were 1.3 millions larger than a year earlier. Balances
maintained by these banks with their correspondents de­
clined since May 13, but on June 10 were 38.3 millions
greater than a year ago, and deposits held for other banks
declined about 6.6 millions since May 13, and, except for
D E B I T S TO I N D I V I D U A L A C C O U N T S *
(In Thousands of D ollars)
May
A p ril
1936
1936
$122,168
71,366
2,230
29,566
19,006

$117,864
69,283
2,140
27,633
18,808

$109,369
60,492
1,971
25,141
21,765

138,207
74,242
31,953
7,708
24*304
24,304

137,327
67,800
36,296
7,338
25,893

117,755
62,234
26,689
6,634
22,198

230,696
3,290
150,515
17,288
2,219
10,629

214,142
3,440
134,883
16,212
2,297
10,475
1,006
11,428
29,150
3,231

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

183,646

170,270

174,511

41,133
4,148
21,999
9,020
5,966

40,874
3,948
21,754
8,870
6,302

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

- 133,662
. 35,940
24,320
73,402

131,846
35,725
23,451
72,670

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

Total— 26 C itie s___________________ $849,512
$849,512

$812,323

$789,250

Birm ingham
Dothan _____
Mobile ______

-

F L O R I D A — 4 Cities
..
M iam i _____________________ _________
..
Pensacola ___________________________
Tam pa _______________________________________
G E O R G IA — 10 Cities ______________
Alb an y ______________________________

Ju n e 12
1935
$487,585
248,643
58,536
4,243
54,293
19,648
5,691
9,951
154,817

. 309,074
196,524
35,354
77,196

317,400
201,109
39,263
77,028

238,942
146,311
27,544
65,087

61,055
10,139
144,059
298,644
172,629
182,200
1,090

60,838
10,522
144,223
297,178
170,873
188,764
1,167

46,622
8,987
105,720
260,770
171,367
135,533
892

May
1935

1,201

..

Newnan
Savannah
L O U I S I A N A — New
M IS S I S S IP P I—
H attiesburg
M eridian .
V icksburg

O rleans

12,130
1,662
28,969
2,793

2,020

♦ M o n t h ly to ta ls a re d erived fr 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 f o r
those w eeks w h ic h do n o t f a l l e n tire 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

the first and last Wednesdays in May, were at the lowest
level since October. Reserves maintained by these banks
with the Federal Reserve Bank of Atlanta increased some­
what since May 13 and were on June 10 14.4 millions
greater than a year ago.
Savings deposits at the end of May, reported by 57 banks
located throughout the District, showed a further small in­
crease over the month, and were 2 per cent greater than a
year earlier. Small decreases compared with May last year
at Atlanta and Jacksonville were more than offset by in­
creases at other places.
Debits to individual accounts at reporting banks in 26
clearing house centers of the District increased 4.6 per cent
from April to May, and were 7.6 per cent greater than in
May last year. At the same time a year ago debits increased
only 1.1 per cent.

AGRICULTURE
During May and early June there were scattered showers
in many localities which had received no rain since early
in April. In these local areas crops have benefited to some
extent, although general rains are still badly needed, and
in the northern part of Georgia, the eastern part of Ala­
bama, and middle Tennessee, the continued drouth had
become extremely serious by the middle of June. Other
parts of the District have received rains and crops have
made progress, but in these sections stands are poor and in
many places seed planted more than a month ago have not
yet germinated. The June 1st report for Georgia by the
Bureau of Agricultural Economics states “unless general
soaking rains are received immediately much of the north­
ern half of the state is facing a near failure for most crops.”
General rains in Florida at the close of May relieved the
drouth condition and will prove beneficial to both citrus
and staple crops. The Tennessee report states “the dry
weather has played havoc with pastures and hay crops, re­
duced the yield of grains and truck crops, caused serious
delay in transplanting tobacco and sweet potatoes, and
reduced the prospects for all crops, though cotton and corn
are still in fair condition.”
The condition of peaches on June 1st was reported higher
than a year ago in Mississippi and Florida, the same as a
S U G A R M O V E M E N T — (Pounds)
R a w Sugar
____________________________________________ M ay 1936__________A p ril 1936__________ M ay 1935
R e ce ip ts:
New O rleans - - .....-...... .......... 99,241,046
95,239,598
96,478,719
Savannah ----------------------- ------ ---- ---75,873,328
58,031,590
M eltin g s:
New O rleans ___________________ 85,639,706
95,192,465
99,445,826
Savannah ______________________________________
49,115,447
36,252,638
Sto ck s:
N ew O rleans ___________________ 62,683,951
49,095,447
82,947,982
Savannah _______________________ _____ __________
61,521,897
109,763,766
Refined Sugar
Sh ip m en ts:
N ew O rleans ..........
........ 84,979,823
68,860,732
87,433,354
Savannah _________________ _____________________
29,082,227
38,431,473
S to ck s:
N ew O rleans ................... .......... 31,989,459
35,674,797
25,855,248
Savannah --------------------------- ---------- ----------- 8,713,603___________ 5,183,993
R IC E M O V EM EN T
(R ice Millers* Association Statistics)
Receipts of Rough R ice*
M ay
August-M ay, In cl.
Season 1935-36 ......................... ................. 128,711
7,925,895
Season 1934-35 ......... ................................. 142,820
7,686,065
D istribution of M illed R ice**
Season 1935-36 ....................... ................... 528,590
7,952,173
Season 1934-35 _____ ________________ ______ 960,671
8,526,348
Sto c k s:
Rough*
M illed**
M ay 31, 1936— ...................... ..................... 134,751
728,648
M ay 31, 1935--------------------------------- 201,501___________________ 873,644
♦Barrels of 162 lbs.
**Pockets of 100 lbs.




R E V IE W

year ago in Louisiana, and lower in Georgia, Alabama and
Tennessee. Prospective production, based on June 1st con­
ditions, is compared in the following:
PEACH

C R O P — (Bushels)
E stim a te
Production
Ju n e 1, 1936
1935
776,000
Alabam a ______________________ ________
825,000
62,000
52,000
Flo rid a ______________ ________ ________
Georgia _______________________ ________ 5,332,000
5,891,000
Lo u isia n a ____________________ ________
175,000
175,000
M ississippi _____ ______ ______ _________
660,000
550,000
Tennessee
— . ____ _______ ________
540,000
899,000
8,392,000
To tal _________ _______ ________ 7,545,000
52,808,000
U nited States ______ _______ 40,615,000

Percentage
Com parison
— 5.9
+ 19.2
— 9.5
same
- f 20.0
— 39.9
— 10.1
— 23.1

The June 1st estimate of citrus fruit production in Florida
continues at the May 1st level, 17.7 million boxes of oranges,
compared with 17.6 million boxes a year earlier, and 11.5
million boxes of grapefruit against 15.2 million boxes for
the previous season. Because of dry weather during most
of May, the dropping of fruit continued and the reported
condition was lower on June 1st than a month earlier.
Estimated production of wheat declined from May 1st to
June 1st in Tennessee, Georgia, and Alabama, combined,
by 9.9 per cent, and the June 1st estimate is 2.8 per cent
less than production in these states during 1935. Rye pro­
duction is considerably smaller than last year in Georgia
and Tennessee, and the June 1st condition of oats is lower
than a year ago except in Mississippi and Florida.
Yields of earlier planted watermelons in Florida are turn­
ing out less than had been expected because of dry weather.
Production is now estimated to be 35 per cent less than last
year, or 4,320,000 melons, compared with 6,600,000 melons
produced in 1935. In South Georgia, which has not suf­
fered so greatly from drouth, watermelons and cantaloupes
are progressing nicely, but some melon acreage in middle
Georgia was still unplanted early in June.
Sales of fertilizer tax tags in the six states located wholly
or partly in the Sixth District declined seasonally in May,
but were 20.5 per cent greater than a year ago, and for the
ten months, August through May, have been 9.5 per cent
greater than in that part of the previous season.
Cash receipts from the sale of principal farm products,
including live stock and live stock products, declined some­
what from March to April, and continued somewhat below
the totals for April of the two previous years. Government
payments were, however, larger than in April last year or
the year before. Figures by states are compared 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)
A p r il
A p r il
A p ril
A p ril
1936
1935
1934
1933
Alabam a
Flo rid a ____
Georgia
Lo u isia n a
M ississippi
Tennessee
Total

4,434
..... 13,403
..... 4,023
...... 4,741
.... 3,226
..... 5,707

.. f8M34~

$ 5,006
14,805
4,561
4,215
3,692
6,704
$38,983

$ 8,579
12,725
3,745
3,782
2,208
4,512
$35,551

$ 3,877
8,402
3,592
4,462
3,321
3,453
$27,107

TRADE
Retail Department store sales in the Sixth District inTrade crease(^ slightly from April to May at a time when

there is usually a decline of nearly 3 per cent, and
continued well above the corresponding month of other
recent years. Stock turnover and the collection ratio rose
in May and continued higher than a year ago.
May sales reported by 57 firms increased 1 per cent over
April, and were 11.6 per cent greater than a year ago. On
a daily average basis, the index number for May was the

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 T H E S IX T H D I S T R I C T D U R IN G M A Y , 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
M ay 1936
Y e a r to
M ay 31, 1936
w it h :
date w ith
w it h :
Same month
same period
Same month
Previous
Previous
a year ago
month
a year ago
last year
month
A tla n ta (6) _____ ...
Birm ingham (5) ....
Chattanooga (4) ....
Jackso nville (3) ....
M iam i (3) ________ ....
Montgomery (3) ....
N ashville (4) ... —
New O rleans (4).......
O ther Cities (25)-...
D I S T R IC T (57) ...

+ 11.2
+ 24.7
+ 6.8
+ 14.5
+ 12.3
+ 9.3
+ 13.4
+ 7.9
+ 8 .0
+ 11.6

+ 3.1
+ 21 .1
+ 6.1
— 4.4
— 2.3
+ 4.7
— 5.6
— 6.0
+ 3.0
+ 1.9

+ 8.0
+ 21.7
+ 2.8
+ 9.2
+ 8.1
+ 9.9
+ 8.0
+ 14.0
+ 4.9
+ 10.0

+ 7.7
+ 5.1
+ 10.4
+ 5.1
— 24.0
+ 0.1
+ 21.0
— 5.2
+ 1.7
+ 1.0

—
—
—
—
—
—
—
—
—
—

5.2
1.1
8.1
9.4
4.1
1.5
7.5
6.1
3.8
5.0

STO CK TU R N O V ER
M ay
1936
1935
.39
.27
.30

.35
.27
.30

.34
.29
.41
.30
.26
.31

.31

.22

1.84
1.27
1.28
1.03
2.25
1.36
1.71
1.45

.20

.29
.27
.27
.28

1.20
1.50

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 at the beginning of the month which were collected du ring the month.

highest for that month of any year since 1928, and after
adjustment for the usual seasonal trend, the adjusted index
for May was, with the exception of March, higher than for
any other month since December, 1929. May sales increased
over those in April at all reporting cities excepting Miami
and New Orleans, and were larger than a year ago at all
cities shown in the statement. During the first five months
of 1936 sales by these 57 firms have been 10 per cent greater
than in that part of 1935. Stocks on hand at the close of
May were 5 per cent smaller than a month earlier, but 1.9
per cent greater than a year ago. The rate of stock turn­
over rose slightly over the month, and was higher than a
year ago for the month and for the five months’ period. The
collection ratio also rose from April to May, and was slight­
ly higher than in May last year. For May the ratio for
regular accounts was 37.4 per cent, and for installment
accounts 16.6 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 mer­
chandise in small towns and rural areas of the South in­
creased 5 per cent from March to April, compared with an
increase of 6% per cent for the country as a whole, and
April sales in the South were 8 per cent greater than a year
ago, and for the country 8% per cent.

Life
Insurance

May sales of life insurance in the six states
located wholly or partly in the Sixth District
increased 1.6 per cent over April, but were
4.1 per cent less than in May last year, and less than in
May of other recent years except 1933. Increases over April
in Florida, Louisiana, and Georgia were partly offset by
decreases in the other three states. For the five months of
1936, sales in these six states have been 12.9 per cent less
(In Thousands of Dollars)
A p ril
M ay
Ja n . to M ay, In cl.
1936
1935
1936
1935

May
1936
Alabam a ___________
Flo rid a ______________
Georgia ______________
Lo uisiana ___________
M ississippi __________
Tennessee ___________

$

_.

3,478
5,773
6,153
4,690
2,196
5,087

To ta l______ ______$ 27,377
United States
503,530




$

3,537
4,904
6,139
4,681
2,303
5,394

$ 26,958
506,207

$

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

$ 28,550
500,380

$

15,934
23,994
29,159
22,006
10,841
25,495

$ 127,429
2,474,261

$

20,844
23,595
34,520
26,739
11,309
29,253

$ 146,260
2,765,228

C O L L E C T I O N R A T IO
M ay
1936

A p r.
1936

M ay
1935

1.82
1.34
1.36
.95
2.07

27.3
37.4
30.3

27.8
35.3
31.1

28.5
38.1
32.0

1.21
1.22

30.0
41.7
35.5
33.5

30.5
40.2
33.9
32.8

32.5
40.3
32.8
33.2

Jan.-M ay, In cl.
1936
1935

1.27
1.41

The collection ratio is the percentage of accounts

than in that period a year ago, compared with a decrease
of 10.5 per cent for the country as a whole. Figures com­
pared in the table are from those compiled by the Life
Insurance Sales Research Bureau.

Wholesale
Trade

May sales by 81 reporting wholesale firms
*n
District increased slightly over April
and were 12.3 per cent greater than a year
ago, and for the first five months of 1936 have been 11.5
per cent greater than in that part of last year. The May
index was the highest for that month since 1930. Decreases
over the month in sales of groceries, dry goods and drugs
were a little more than offset by increases in other lines.
Increases over May last year were reported for all lines
except groceries. Reported figures are compared in the
table.
W H O L E S A L E T R A D E IN M A Y , 1936
Sixth Federal Reserve D istrict*
Percentage Comparisons
May 1936
Jan.-M ay, 1936,
Number
w ith :
incl., with same
period last year
____________________ of firms
A p r. 1936_______ May 1935
A ll Lin e s Com bined:
Sales _____________
Stocks ___________
G roceries:
Sales _____________
Jackso nville ...
New Orleans .
V icksburg ___
O ther Cities —
D ry Goods:
Sales _____________
N ashville ____
Stocks _____
H a rd w a re :
Sales _______
N ashville
Stocks _____________
F u r n it u r e :
Sales _______________
A tla n ta _________
Other Cities ____
Stocks . .
.....
E le ctric a l Supp lies:
Sales _______________
Stocks ______________
D ru g s :
Sales _______________
Sta tio n e ry :
Sales _______________

81
27

+ 0.2
— 1.8

+ 12.3
+ 6.7

+ 11.5

18
3
3
3
9

— 8.1
— 13.0
— 10.2
— 10.0
— 3.2

- 3.6
-13.1
- 8.2
+ 17.5
- 4.0

— 0.4
— 5.8
— 6.6
+ 19.6
— 0.5

14
3
7

— 9.6
— 4.4
— 11.1
— 5.4

+
+
+
-

4.7
1.1
5.9
4.6

+ 3.5
— 1.9
+ 5.1

25
3
5
17
9

+ 3.5
+ 21.3
+ 7.6
— 2.1
— 2.6

+ 17.3
+ 1.5
+ 33.6
+ 12.3
+ 7.4

+ 17.1
+ 3.8
+ 35.5
+ 11.1

7
3
4
5

+ 9.2
— 7.9
+ 13.3
— 3.3

[-36.3
- 8.6
-43.4
- 1.1

+21.3
+ 8.6
+24.5

5
3

+ 22.3
+ 8.3

+ 45.9
+ 23.2

+ 41.7

7

— 5.2

+

+11.6

3

+ 1 6 .2

+ 1 7 .1

11

1.6

C O L L E C T I O N R A T IO * *
M ay
A p ril
1936
1936
Groceries
69.4
72.7
D ry Goods
39.3
41.4
H ardw are ..
43.9
43.4
F u rn itu re 39.9
36.4
T o ta l_______________________ 45.9
46.6

+

9.4

May
1935

6B.0
39.7
42.6
40.3
50.8

♦Based on confidential reports from 81 firms.
**T he collection ratio is the percentage of accounts and notes receivable
outstanding at the beginning of the month w hich were collected during the
month.

M O N T H L Y

6

B U IL D IN G P E R M IT S — M ay
Num ber
1935
1936

V alue
1935

1936

Percentage
Change in
V a lu e

Alabam a
Anniston ---- --- B irm ing ham ______ .
Mobile ---------- --- Montgomery -------

28
381
34
125

343
50
106

31,005
187,770
40,112
89,900

Florida
Jacksonville ______ ..
M iam i _______________ ..
M iam i Beach ______
Orlando ____________
Tam pa ______________

550
653
93
72
252

584
618
115
90
187

331,514
733,794
1,419,910
59,482
102,250

369,803
413,024
1,300,000
83,982
87,900

Georgia
A tlan ta ------ -----Augusta ------------Columbus _______ __ _
Macon ______________
Savannah -----------

279
46
114
142
44

280
32
82
174
40

667,246
46,557
160,808
71,706
64.451

214,602
16,937
28,498
22,218
47,175

[-210.9
-174.9
-464.3
-222.7
- 36.6

Lo u isia n a
New O rleans -----A lex an d ria .. ......

118
40

98
63

199,565
19,354

180,911
13,254

+ 10.3
-1- 46.0

Tennessee
403
Chattanooga -----Johnson C ity ______
6
106
Kno xville ------N ashville —. ---- . 281
Total— 20 Cities ..... 3,767

351
4
72
151
3,460

181,862
1,710
205,936
384,980
$4,999,912

88,037
5,700
69,652
461,286
$3,615,576

+ 106.6
- 70.0
+ 195.7
- 16.5
+ 38.3

20

$

$

7,798
94,007
44,407
66,385

+297.6
+ 99.7
- 9.7
+ 35.4
+
+
+

10.4
77.7
9.2
29.2
16.3

INDUSTRY
The value of building permits issued at twenty cities in
the Sixth District increased 11 per cent from April to May,
when it was 38.3 per cent greater than a year ago, and
larger than for any other month since April, 1931. Since
September, 1929, there have been only three months to
record larger totals than that for May this year. Thirteen
cities reported gains over April, and fifteen reported in­
creases over May a year ago. The cumulated total for the
first five months of 1936 was $23,552,424, larger by 85.8
per cent than for the corresponding part of 1935, and
greater than for that period of any year since 1929. Fig­
ures for the month in detail are compared in an accompany­
ing 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 Board of
Governors of the Federal Reserve System, declined from
April to May but continued greater than for the correspond­
ing month a year ago. Residential awards in May were
only 4.3 per cent less than in April, but other contracts
declined 38.6 per cent, and residential awards exceeded those
in May last year by 49.7 per cent, and other classes of
awards were larger than a year ago by 31.7 per cent. For
the first five months of 1936 total awards were 51.8 per cent,
residential contracts 32.1 per cent, and other classes of con­
tracts 61.8 per cent, greater than in that part of last year.
State totals show gains over the month for Georgia, Louisi­
ana, and Mississippi, and over May last year in Florida,
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)
M ay 1936
A p ril 1936
M ay 1935
Sixth D istrict— Total ____________
Residential _______________________
A ll Others _______________________
State T o ta ls:
Alabam a _________ _____________ ___
F lo rid a _______ ________________ _____
Georgia __________________________
Lo u isia n a _________________ _____
M ississippi ____________ ___ _______
Tennessee _________ _________ _____




$14,511,916
5,759,463
8,752,453

$20,274,903
6,018,485
14,256,418

$10,492,911
3,848,183
6,644,778

957,400
4,960,700
3,202,600
2,772,000
2,631,200
2,629,400

7,272,200
6,441,100
2,359,200
2,268,200
873,500
3,226,900

1,330,100
3,382,600
1,475,000
3,690,200
562,300
1,650,400

R E V IE W

Georgia, Mississippi, and Tennessee. For the five months’
period increases over that part of 1935 are shown except for
Georgia and Louisiana.
Weekly statements of the Southern Pine Association indi­
cate that production by reporting mills continued in May to
exceed output at the same time last year, but orders, ship­
ments, and unfilled orders were less than a year ago. For
the five weeks ending June 6 production of reporting mills
averaged 25.7 per cent greater than in the corresponding
weeks last year, but orders averaged 16.7 per cent smaller,
shipments 1.9 per cent less, and unfilled orders 12.9 per
cent lower. Press reports indicate some slackening in May
from the high level of operations reported for the previous
month. The demand continues to be mostly for boards and
framing, indicating that the construction industry is furnish­
ing the bulk of consumption. Industrial and railroad de­
mand continues spotty and of relatively meager proportions.
There were declines from April to May in consumption
and stocks of cotton and small decreases in exports and in
spindle activity, but consumption and exports were greater
than a year ago. May consumption in the United States
was 8 per cent smaller than in April, but 12.8 per cent
greater than in May last year. In the cotton-growing states
May consumption also declined 8 per cent from April, but
was 17.9 per cent larger than a year ago, while in other
states consumption in May was 7.9 per cent less than in
April and 8.3 per cent smaller than in May, 1935. Total
consumption during the ten months of the current cotton
season, August through May, has amounted to 5,180,320
bales, an increase of 13 per cent over the corresponding
part of the previous season. During this period consump­
tion in the cotton states amounted to 4,351,791 bales, larger
by 18.5 per cent than in that part of the previous season,
while consumption in other states totaled 828,529 bales,
smaller by 9.3 per cent than for the same period a year
earlier.
Exports of cotton during May were smaller by only 976
bales, or 0.3 per cent, than in April, and were 26.5 per cent
greater than a year ago, and for the ten months of the
season have totaled 5,518,804 bales, larger by 35.2 per cent
than in the same part of the previous season. The decline
of 0.3 per cent from April to May compares with a decrease
of 13.7 per cent at that time a year ago. Exports and con­
sumption combined from August 1 through May 31 totaled
10,699,124 bales, an increase of 23.4 per cent over that
period a year earlier.
Stocks of cotton at the end of May were 13.5 per cent
smaller than a month earlier, and were 17.4 per cent less
than a year ago. The number of active spindles has de­
clined during each of the past three months, but in May
was less than one per cent smaller than a year ago. Census
CO TTO 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
S P I N D L E S , U N I T E D S T A T E S — Bales

A C T IV E

M ay 1936

A p r il 1936

M ay 1935

Cotton Consumed _____________________________
530,799
Stocks ______________________________ ____ ________
6,237,159
In Consum ing E sta b lish m en ts____ ___ —
1,000,077
In Public Storage and at Compresses ... 5,237,082
Exp o rts __________________ __________ ___ _
....
351,734
A ctive Spindles— Num ber _____________ ____
22,828,888

576,762
7,210,939
1,190,413
6,020,526
352,710
23,123,536

470,412
7,555,353
974,754
6,580,599
277,977
23,040,788

C O T T O N G R O W IN G S T A T E S — Bales
Cotton Consumed ______________________ ___ _
447,936
486,749
Stocks ________ ___ ________________ ______ __________
6,045,549
6,882,485
In Consuming E sta b lish m e n ts________
895,325
972,743
In P ub lic Storage and at Com presses.... 5,150,224
5,909,742
A ctive Spindles— Num ber ...........................
16,857,592 17,118,660

380,038
7,174,601
760,834
6,413,767
16,836,386

M O N T H L Y

Bureau figures for the month are compared in an accom­
panying table.
May consumption of cotton in Georgia amounted to 103,060 bales, in Alabama 57,804 bales, and in Tennessee 13,188
bales, the combined total of 174,052 bales being 8 per cent
smaller than April consumption in these states, but 14.6
per cent greater than that in May a year ago, and greater
than in May of any other year excepting 1933 and 1929.
For the ten months of the season, August through May, con­
sumption in these three states has amounted to 1,693,804
bales, larger by 22.8 per cent than during that part of the
previous season.
Confidential reports from cotton mills in this District
indicate that production of yarn increased from April to
May, but was somewhat smaller than a year ago, while the
reverse is true of cotton cloth. Orders for both yarn and
cloth increased over the month, and orders for cloth were
substantially larger than a year ago, but a decrease was
reported in orders for yarn. Stocks of both yarn and cloth
at mills were smaller than a year ago. Employment at these
mills was 1.8 per cent larger in May than April, and 3.6
per cent greater than in May last year.
There was a further seasonal decline in operations at
cotton seed oil mills in this District during May, and
although May receipts of seed were larger than a year ago,
crushings and production were considerably smaller. For
the season, August 1 through May 31, however, receipts and
crushings of seed were, respectively, 6.2 per cent and 10.4
per cent greater than during that part of the previous sea­
son, and production of the principal cotton seed products
showed increases of from 6.8 per cent for crude oil to 13.1
per cent for linters. Stocks of crude oil at the mills at the
end of May were nearly three times as large as a year
earlier, but supplies of other cotton seed products were less.
Figures for the country as a whole show comparisons similar
to those for this District which, for this season and last,
accounted for about 38 per cent of total crushings for the
country. In an accompanying table are compared Census
Bureau figures for the current season through May, with
those for the corresponding part of the previous season, for
this District and for the country as a whole.
Coal production in the United States, according to pre­
liminary statistics compiled by the United States Bureau
of Mines, declined 5.4 per cent from April to May, but total
production was 6.8 per cent greater than in May last year,
and the daily average output was 11.1 per cent higher. For
the five months of 1936 total production has been 159,106,000 tons, larger by 7.4 per cent than in the same period a
year earlier.
COTTO N S E E D AN D CO TTO N S E E D P RO D U C TS
Sixth D istrict*
U nited States
Aug. 1 to May 31
Aug. 1 to May 31
1935-36
1934-35
1935-36
1934-35
Cotton Seed— Tons
Received at M ills .
1,403,049
Crushed ________ ____
1,421,220
On H and M ay 31....
27,362
P roduction:
Crude O il, lbs.
445,891,375
Cake & Meal, tons
635,291
H ulls, tons _________
375,942
Lin te rs, bales .
321,382
Stocks at M ills, May 31:
Crude O il, lbs.
20,153,821
Cake & Meal, tons
75,886
H u lls, tons
13,353
L in te rs, bales .. ...
31,667

1,321,675
1,286,900
102,706

3,701,197
3,739,429
51,343

3,362,800
3,416,414
169,047

417,509,690
563,109
338,791
284,061

1,138,304.204
1,699,445
969,549
854,585

1.065.192.577
1,554,900
878,107
771,308

Weekly statements of the Bureau of Mines indicate that
coal production in Alabama during the four weeks ending
May 30 averaged 15.3 per cent greater than in those weeks
a year ago, but 4.7 per cent smaller than during the five
weeks ending May 2. In Tennessee production during the
four weeks ending May 30 averaged 25 per cent less than
in the earlier period, and 14.1 per cent smaller than in the
corresponding weeks last year. For the year through May
30, Alabama production has been 13.5 per cent, and that
in Tennessee 5.5 per cent, greater than in that part of 1935.
Pig iron production in the United States during May
amounted to 2,648,401 tons, representing an increase of 10.2
per cent over April, 53.3 per cent greater than in May last
year, and larger than for any other month since June, 1930.
Due to the longer month, the daily average rate of output
in May was 6.6 per cent larger than that for April. There
were 147 furnaces active on June 1, against 144 a month
earlier, and 97 active at the same time last year. For the
five months of 1936 total production has been 10,941,986
tons, 32.7 per cent greater than in that part of last year,
and the largest total for the corresponding part of any year
since 1930. Production of pig iron in Alabama during May
amounted to 170,503 tons, an increase of 4.1 per cent in
total, but a gain of only 0.8 per cent in daily average, over
April, 35.7 per cent greater than a year ago, and the largest
total for any month since June, 1931. For the five months
of the year Alabama production has totaled 806,415 tons,
larger by 55.6 per cent than in the corresponding part of
1935 and the largest for the period since 1931. Alabama
furnaces active on June 1 continued at 12, compared with
10 a year ago. Press reports indicate that shipments in
May were larger than in April, but the market is dull as
current requirements are largely booked, and melters have
not started buying for the next quarter. The second quarter
price of $15.50 has been extended to the third quarter.
May receipts of both turpentine and rosin at the three
principal markets of the District showed a further seasonal
increase over earlier months, but in both instances were
smaller than in May a year ago, and receipts of turpentine
were the smallest for May since 1920, and receipts of rosin
were the smallest for May since 1921. Stocks of both com­
modities changed little from April to May, but those of
turpentine were 16 per cent larger than a year ago and the
largest for May in available statistics, while rosin stocks
were 44 per cent smaller than for May last year, and the
smallest for May since 1930. After declining early in May
to $4.18 per 280 pounds, the average of quotations on the
thirteen grades of rosin on the Savannah market rose by
June 13 to $4.61, which is slightly higher than at the same
time a year ago. Quotations on turpentine in recent weeks
have fluctuated between 37 cents per gallon and 35% cents.
Receipts and stocks are compared in the table.
N A V A L ST O R ES M O V EM EN T
Turpentine (1)
Rosin (2)
M ay 1936
M ay 1935
May 1936
May 1935
R e ce ip ts:
12,674
41,204
Savannah ------------------ 11,443
Jacksonville -------------- 8,342
8,524
31,373
Pensacola ----------------- 3,685__________3,168______________ 10,159
Total.....----------- 23,470

24,366

46,178
40,356
10,820

82,736

97,354

55,027
54,098
35,133
144,258

119,366
96,469
42,420
258,255

S to ck s:
6,867,681
109,495
41,125
43,104

♦G e o rg ia , A la b a m a , L o u is ia n a , a n d M is s is s ip p i.




7

R E V IE W

46,932,948
166,272
71,919
89,856

20,496,844
242,204
103,441
125,903

Savannah ----------------Jacksonville -------------Pensacola ----------_____________T o t a l--------------

26,380
27,625
44,654
34,084
28,328
24,137
99,562________ 85,846_________

(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 d s.

8

M O N T H L Y

R E V IE W

MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA
M O N T H L Y A V E R A G E 1923-1925 = 100

M ar.
1936

Apr.
1936

M ay
1936

M ar.
1935

A p r.
1935

M ay
1935

172.9
92.8
67.8
83.2
75.3
95.4

168.6
89.1
74.4
83.9
88.9

178.3
95.3
82.4
101.5
84.3
103.1

162.9

163.3
65.3
72.7
80.0
76.2

155.1
63.4
74.3

88.0

71.9
84.4

183.9
96.7
75.3
91.4
82.7

102.6

157.6
89.1
73.7
82.3
83.9
96.3

169.8
94.4
80.0
91.4
86.9

102.1

175.2
72.2
82.0
90.1
72.3
90.9

151.2
64.7
71.3
77.7
71.2
83.8

147.7
62.8
72.1
77.7
74.1
83.6

98.8
62.7
57.5
57.8
57.5
65.9

104.6
62.2
57.9
55.9
58.3
66.4

98.3
61.8
53.2
51.7
54.7
62.8

97.4
47.2
50.3
65.3
59.7
63.5

103.7
49.2
52.4
59.6
64.9

94.6
48.8
50.2
63.1
58.2
62.2

A tlanta (3 firms)..
Birm ingham (3 firm s)Chattanooga (3 firms)..
N ash ville (3 firms).____
N ew O rle an s (4 firms)..
D ISTR IC T (25 firms)_____

96.9
61.5
54.2
56.7
55.3
64.0

99.6
59.2
55.1
53.8
56.1
63.2

97.3
60.6
52.2
51.2
54.2
61.6

95.5
46.3
47.5
64.0
57.4
61.7

98.8
46.9
49.9
63.6
57.3
61.8

93.7
47.8
49.2
62.5
57.6
61.0

D EPAR TM EN T

ST O R E

TR A D E— SIX TH

D ISTR IC T

D a ily A v e ra g e S a le s— U nadjusted
A tlanta (3 firm s)Birm ingham (3 firms)...
C hattanooga (4 firm s)N ash ville (4 firms)..
N ew O rle an s (4 firms)-.
D ISTR IC T (30 firms)______
D a ily

A v e ra g e

86.2

Stocks— U nadjusted

A tlanta (3 firms)..
Birm ingham (3 firms)______________
C hattanooga (3 firms)___________
N ash ville (3 firms)..
N ew O rle an s (4 firms)...
D ISTR IC T (25 firms)_______
M onthly

73.0
81.1
65.1
83.6

S a le s— Adjusted*

A tlanta (3 firms)..
Birm ingham (3 firms)...
Chattanooga (4 firms)...
N ash ville (4 firms)...
N ew O rle an s (4 firms)..
D ISTR IC T (30 firms)_____
M onthly

100.2

68.6

66.1

Stocks— Adjusted*

W H O LE S A L E T R A D E — SIX T H D ISTR IC T— T O T A L .

71.2

69.3

69.4

61.1

60.5

61.7

G roceries (18 firms)________________________________________
D ry Goods (14 firms)______________________________________
H a rd w a re (25 firms)_______________________________________
Furniture (7 firms)..
Ele ctrica l Supp lies (5 firms)..
Stationery (3 firm s)_____________
Drugs (7 firms)__________________

53.3
67.8
76.6
76.5
137.8
45.0
97.3

54.1
62.9
73.4
72.6
159.2
39.5
87.0

49.7
56.8
76.0
79.3
194.6
46.0
82.5

52.9
59.8
61.0
56.8
91.6
39.4
82.0

50.8
56.2
61.8
58.0

51.2
52.6
64.8
58.1
113.0
39.3
80.5

L IF E IN SU R A N C E S A L E S — S IX ST A T ES— TO TA L..

65.2

64.2

65.2

65.7

68.1

68.0

A la b a m a _______________________________________________________
Flo rid a _________________________________________________________
G e o rg ia ________________________________________________________
Lo u isia n a ______________________________________________________
M ississip p i____________________________________________________
Ten nessee____________ _________ ______ _________________________

50.6
88.7
68.9
75.1
53.2
56.3

52.1
82.9
66.9
73.9
52.7
57.3

51.3
97.5
67.1
74.0
50.2
54.1

58.9
79.9
70.1
72.1
56.4
57.3

64.5
78.7
78.8
72.3
51.0
58.7

57.2
74.3
74.7
88.4
50.0
59.8

B U ILD IN G PERM ITS— T W EN TY C IT IE S — TO T A L ...

42.8

40.0

44.4

22.5

26.8

32.1

Atlanta..
Birm ingham..
Jackso nvilleN a sh v ille ____
N ew O rle a n sFifteen O ther Cities..

52.1
13.4
34.5
67.2
25.6
50.6

22.9
12.5
46.4
104.0
26.2
47.2

43.1
12.7
40.3
60.7
15.5
58.9

12.1

16.5

47.3
31.1
21.9
11.5
21.5

23.5
11.4
15.7
39.2

13.9
6.3
44.9
72.7
14.1
41.9

C O N T R A C T A W A R D S— SIX TH D ISTR IC T— TO T A L.

37.8

57.8

41.3

36.4

26.6

29.9

Residen tial_____________________________________________________
A ll Others..

33.6
40.6

42.9
67.7

41.0
41.5

32.0
39.4

26.5
26.7

27.4
31.5

79.6
76.5
80.1
78.9
94.9
70.8
76.2

79.7
76.9
80.2
78.9
94.6
70.2
76.4

85.7
78.5
81.4

68.6

79.3
78.3
81.9
77.3
85.4
69.4
72.9
85.7
84.9
81.5
80.7
69.2

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

85.3
79.3
81.4
68.3

78.6
75.2
78.0
78.8
94.0
69.8
76.0
86.3
85.8
77.7
81.5
69.2

106.6

112.0

103.1

93.4

89.9

135.8
48.7
135.1
172.0
142.8

142.2
52.1
143.9
182.8
141.5

130.8
48.0
132.3
168.1
132.5

113.4
53.9
109.9
151.1
102.9

109.2
51.5
110.9
153.1

111.2

91.1
110.7
52.3
112.7
152.4
116.1

78.8

68.7

68.5

61.9

62.9

54.3

80.5
70.5

88.7
73.4

59.2
51.6

55.7
49.4

57.8
54.1

102.6
36.9
80.1

10.0

W H O LE S A L E P R IC E S — U N ITED S T A T E S t
A L L C O M M O D ITIES______________________________
Fa rm Products_____________________________________
Foods..
Other Commodities...
H ides and leath er products...
Textile products________________
Fu e l a n d lighting...
M etals an d m etal products..
Building m aterials..
C h e m icals and drugs.__
H ousefum ishing goods...
M iscellan eou s______________
CO TTO N CON SU M PTIO N — U N ITED S T A T E S ...
Cotton-Growing States________________________ _____
A ll Other States.......................................... ...............
G eorgia..
A la b a m a ..
Tennesse
C O TTO N E X PO R TS— U N ITED S T A T E S ...
P IG IRO N PRO D U CTIO N — United States .
A la b a m a _______

• A d ju s t e d

for S e a s o n a l




V a r ia t io n .

86.6

68.3
69.8

86.6

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.

86.6

84.9
81.2
80.6
68.7