The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
M O N T H L Y R E V I E W O f Financial, A gricultural, T rade and Industrial C onditions in the S ix th Federal Reserve D istrict F E D E R A L Vol. 20 No. 5 R E S E R V E B A N K O F A T L A N T A This review released for publication in m orning papers of May 31 ATLANTA, GA., MAY 31, 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by Federal Reserve Board Factory production and employment showed little change in April, while output at mines declined. Residential construc tion showed a further increase. Production Combined output of factories and mines, as and measured by the Federal Reserve Board’s seaEmployment sonally adjusted index of industrial production, declined from 88 per cent of the 1923-25 aver age in March to 86 per cent in April. This downward move ment reflected chiefly decreases in the output of steel, cotton and silk textiles, and bituminous coal, offset in part by in creased mill consumption of wool, and larger output of an thracite. At steel mills output declined from 49 per cent of capacity in March to 45 per cent in April, and, according to trade reports, showed a further slight decline in the first three weeks of May. In the automobile industry there was a fur ther increase in production during April, followed by a decline in the early part of May, partly as a consequence of labor disputes. In the tobacco industry activity was maintained at recent high levels. Output of bituminous coal declined sharply at the beginning of April, following a period of relatively high production earlier in the year. The total number of workers employed in factories was about the same in the middle of April as a month earlier and factory payrolls also showed little change. Declines in em ployment were reported for railroad repair shops and textile mills, while in the machinery industries employment continued to increase and in the men’s clothing industry it showed none of the usual seasonal decline. In agriculture and in the build ing industry employment increased seasonally. Total value of construction contracts of all kinds, as re ported by the F. W. Dodge Corporation, showed little change from March to April. A further increase in residential projects was offset in the total by a decline in contracts for other types of construction. Distribution Total freight car loadings declined in April, contrary to seasonal tendency, chiefly as a con sequence of a large decrease in shipments of bituminous coal. Department store sales, which had shown a sharp increase in March, increased by considerably less than the estimated sea sonal amount in April. Commodity The general level of wholesale commodity prices, Prices as measured by the index of the Bureau of Labor Statistics, has shown little change since the mid dle of April, following an increase in the early part of the month, and in the week ending May 18 was at 80.0 per cent of the 1926 average as compared with 79.9 per cent in the week ending April 13. For this period the prices of cotton, hogs, hides, and non ferrous metals increased somewhat, while grains and butter declined. In the following week there were further increases in the prices of hogs and of lead, while prices of wheat decreased further. Bank During the five weeks ended May 22 member bank Credit balances with the Federal Reserve Banks increased to $4,820,000,000, the highest figure on record, and ex cess reserves rose to a new high level of over $2,350,000,000. The principal factors in the increase of member bank reserve balances were the disbursement by the Treasury of $240,000,000 of funds previously held in the form of cash or on deposit with the Federal Reserve Banks and further gold imports of $90,000,000. Deposits of reporting banks in leading cities increased fur ther during the four week period ended May 15, reflecting chiefly disbursements by the United States Treasury. per cent 120 ■ACTOR'f EMPLC)YMENTAND PADROLLS 110 / V 100 p \ 90 Emp•ioyment 80 A R 70 \ 1 \ w Payrolls^ 60 50 40 / V ** iA'*i1 T / \ -/ ,,, , \A r 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 so n a l v a r ia t io n , (1923-1925 a v e r a g e = 1 0 0 .) L a t e s t fig u re A p r i l P r e lim in a r y 86. 1930 1931 1932 1933 1934 1935 In d e x n u m b e rs o f fa c to r y e m p lo y m e n t a n d p a y r o lls, w ith o u t a d ju stm e n t f o r se a so n a l v a r ia t io n s (1923-1925 a v e r a g e = 1 0 0 ). L a t e s t fig u re A p r i l E m p lo y m e n t 82.4 ; p a y r o lls 70.7. M O N T H L Y 2 MILLIONS OP DOLLARS MILLIONS OP DOLLARS 6 0 0 --------------- 600 500 R E V IE W PER CENT 120 110* PEA CENTF 1120 110 IP R I C E S W H O L E IS A L E 'A /*\ 100 100 400 90 01(her --------- ^ 80 300 90 V 80 J d 70 I 200 60 70 Foods \/*Y j \ A 60' ? 50 50 too Farm Products 40 ]J 40 30 30 t929 1930 1931 1932 1933 1934 1935 1929 1930 1931 1932 1933 1934 1935 Three m onth moving averages of F . W . Dodge data for 87 Eastern. States adjusted for seasonal v ariation. A pril P relim inary. Total 107.8: Residential 32.6; All Other 75.2. Indexes of the U nited States B ureau of L abor Statistics. By m onths 1929 to 1981; by weeks 1932 to date. (1926=100.) L atest figures May 18; F arm Products 80.9; Foods 83.8; O ther Commodities 77.6. Yields on short term Government Securities declined slightly further during this period, while other short term open market money rates remained at low levels. The dis count rate was reduced from 2 per cent to IV2 per cent at the Federal Reserve Bank of Cleveland and from 2% per cent to 2 per cent at the Richmond, Minneapolis, Kansas City, and Dallas Banks. Rates are now IV2 per cent at New York and Cleveland, and 2 per cent at all the other reserve banks. SIXTH DISTRICT SUMMARY Retail and wholesale trade in the Sixth District were at about the same level in April as in March, life insurance sales increased somewhat, building permits issued at twenty report ing cities increased further and were greater than a year ago and residential construction contracts in the District as a whole although less than for March were substantially greater than a year ago, but total contracts awarded declined over the month and were less than for April, 1934. Deposits at member banks increased, and orders booked by textile mills also increased substantially over March and were greater than a year ago. Department store sales increased from March to April by only 1 per cent, but were 11.8 per cent greater than a year ago, and for the four months of 1935 have been 4.3 per cent greater than in that part of 1934. The increase from March to April was less than usually occurs at that time, and after adjustment for the seasonal trend and the late date of Easter the index declined. Wholesale trade was nearly 1 per cent less in April than in March, but 7.3 per cent greater than a year agro. Life Insurance sales increased 3.7 per cent over March, but were 10.1 per cent less than in April last year. Between April 10 and May 15 there were small increases in discounts, industrial advances and in holdings of United States securities at the Federal Reserve Bank of Atlanta, offset in part by a small decrease in holdings of purchased paper. Total reserve bank credit outstanding increased between these dates by $164,000, and was 8.7 millions greater than a year ago because of larger holdings of United States securities. At weekly reporting member banks loans declined 3.3 millions from April 10 to May 15, but were 22.5 millions greater than a year ago; holdings of United States securities also declined 3.S millions, and were 7.3 millions less than a year ago, but holdings of Other securities increased 3.7 millions and were 18.7 millions greater than on the same Wednesday last year. Daily average demand deposits of all member banks increased further in April to the highest level since March, 1929. Building permits issued at twenty reporting cities in the District increased over the preceding: month for the fourth consecutive time in April, when the total was 19.2 per cent greater than for March and 78.7 per cent greater than for April last year. For the four months of 1935 combined, per mits have been 20.8 per cent greater than in that part of last year, and more than three times the total for the same period two years ago. Construction contracts awarded in the Dis trict as a whole, however, declined 27 per cent from March to April and were 29.6 per cent less than for April last year. Residential contracts, although less than for March, were 72.7 per cent greater than for April, 1934, and while total con tracts for the four months of 1935 show a decrease of 44.5 per cent compared with that part of 1934, residential con tracts show a gain over that period of 93.6 per cent. Con sumption of cotton in the three states of this District for which figures are available increased slightly from March to April, but was somewhat less than a year ago. Orders booked during April, however, by reporting cloth and yarn mills in creased substantially over the month, and were much larger than for April last year. Production of coal declined in both Alabama and Tennessee in April, the first month of the new coal year, but was greater than a year ago in both states, but production of pig iron in Alabama declined 4.2 per cent from March to April and was 6.3 per cent less than in April, 1934. FINANCE Reserve There has been no material change in total holdings Bank of bills and securities by the Federal Reserve Bank Credit of Atlanta since the middle of July last year. Since that time total bills and securities held by the bank have been between 94 and 96 millions of dollars. During the five weeks between April 10 and May 15 total bills and securi ties increased by $164,000; there were increases of $125,000 in discounts, $38,000 in Industrial Advances, and $23,000 in holdings of United States securities, offset in part by a de cline of $22,000 in holdings of purchased bills. Compared with the corresponding: Wednesday a year ago, total bills and secur ities show an increase of $8,696,000, more than 8 millions of which are accounted for by an increase in holdings of United States securities. Discounts on May 15 were smaller by $424,000 than a year ago, and holdings of purchased paper slightly less. Member Bank reserve accounts increased some what between April 10 and May 15, and were more than 13 millions greater than on the same Wednesday of last year, and total reserves also increased slightly since April 10 but were 3.3 millions less than a year ago. Federal Reserve note circulation of this bank's issue was 1.2 millions less on May 15 than five weeks earlier, and 6.7 millions less than at the same time last year. Principal items in the weekly statement are compared in the table, which is followed by another table setting out sim ilar comparisons for the twelve Federal Reserve Banks com bined. FED ERA L RESERVE BANK OF ATLANTA (000 Omitted) M ay 15 April 10 M ay 16 __________________________________ 1935__________ 1935__________ 1934 Bills Discounted: Secured by Govt. Obligations All O thers................................ Total Discounts.............. Bills Bought in Open M arket. . Industrial Advances................... U. S. Securities........................... Total Bills and Securities Total Reserves............................ Member Bank Reserve Account Total Deposits............................ F. R. Notes in actual circulation Reserve R atio ............................. $ 160 $ 6 5 $ 194 166 136 556 326 201 750 169 191 177 1,110 1,072 .......................... 94,247 94,224 86,228 95,852 95,688 87,156 130,749 130,377 134,093 85,049 84,259 71,914 92,963 91,407 83,222 125,644 126,819 132,337 59.8% 59.7% 62.2% M O N T H L Y FEDERA L RESERVE SYSTEM (000 Omitted) May 15 April 10 1935 1935 Bills Discounted: Secured by Govt. Obligations All Others................................ Total Discounts.............. Bills Bought in Open M ark et. . Industrial Advances................... U. S. Securities........................... Other Securities.......................... Total Bills and Securities Total Reserves............................ Member Bank Reserve Account Total Deposits............................ F. R. Notes in actual circulation F. R. Bank Notes in actual cir culation.................................... Reserve R atio............................. 3,531 3,124 6,655 4,705 26,546 2,430,355 2,818 3,201 6,019 5,307 21,256 2,430,431 2,468*,26i 6,047,883 4,822,322 5,124,166 3,154,374 2 ,463,6i3 5,847,134 4,286,830 4,904,137 3,169,329 $ $ May 16 1934 $ 6,298 28,104 34,402 5,501 2,430*, i56 546 2,470,605 4,850,497 3,694,493 3,991,197 3,061,279 63,752 73.1% 72.4% 68.8% Member Total loans and investments of 17 weekly reporting Bank member banks located in Atlanta, Birmingham, Credit Jacksonville, Nashville, Chattanooga, Mobile and Savannah declined 3.4 millions of dollars between April 10 and May 15, but were 22.5 millions greater than on the corresponding Wednesday of last year. Since April 10 loans by these banks on securities declined 3.6 millions, but All Other Loans increased slightly, so that total loans were 3.3 millions less than on April 10. In this five week period holdings of United States securities declined 3.8 millions, but this decline was nearly offset by an increase of 3.7 millions in holdings of Other Securities. Compared with figures for the corresponding report date a year ago, total loans on May 15 show an increase of 11 millions, a decrease of 15 millions in loans on securities being more than offset by an increase of 25 millions in All Other Loans; holdings of United States securities show a decline of 7.3 millions, but Other Securities an increase of 18.7 millions. Demand deposits reported by these banks declined slightly between April 10 and May 15, but were 40 millions greater than on the same report date last year, and time deposits increased 5.2 millions since April 10 and on May 15 were at the highest level in more than a year. Bankers’ balances de clined between April 10 and May 15, but balances held by these reporting banks for correspondents were 6.4 millions greater than a year ago, while those maintained with their correspondent banks were 4.6 millions smaller. In the tables which follow are shown comparisons of prin cipal items in the weekly report, monthly averages of weekly figures over the past year for some of the more important items, and comparisons of savings deposits reported by a list of banks located throughout the District. CONDITIO N OF M EM BER BANKS IN SELECTED CITIES (000 Omitted) M ay 15 April 10 M ay 16 1935 1935 1934 On Securities........................... All O thers................................ Total Loans..................... U. S. Securities........................... Other Securities.......................... Total Investm ents.......... Total Loans and Invest m ents............................ Time Deposits............................ $ 47,359 141,551 188,910 91,294 70,891 162,185 $ 50,917 141,305 192,222 95,141 67,159 162,300 $ 61,416 116,369 177,785 98,559 52,236 150,795 351,095 133,654 208,229 85,577 78,592 354,522 128,418 209,055 87,312 81,071 328,580 132,843 168,039 79,182 83,203 Due to Banks.............................. Due from Banks......................... Borrowings from F. R. B an k ... MONTHLY AVERAGES OF WEEKLY FIGURES OF 17 REPORTING M EM BER BANKS IN SELECTED CITIES (000 Omitted) Total Borrowings From Invest Loans and Demand Time Loans ments Investments Deposits Deposits F. R. Bank 1934 M arch......... April........... M ay............ June............ Ju ly ............ August........ Septem ber.. October. . . . Novem ber.. December. . 1935 Ja n u a ry .. . . F eb ru ary ... M arch......... April........... $ 184,851 $ 155,608 $ 340,460 $ 161,794 $ 130,406 130,649 333,349 168,070 180,670 152,679 167,404 132,911 178,019 151,172 329,191 177,687 156,522 334,209 169,196 130,786 336,513 172,707 131,560 167,294 169,780 129,194 166,546 167,502 334,048 172,917 331,002 127,402 179,195 163,759 167,243 180,374 128,944 159,810 336,266 176,456 130,313 187,788 156,775 344,563 189,297 128,492 196,394 193,141 162,168 355,309 187,215 188,683 190,559 191,105 162,038 163,058 161,445 162,887 349,253 351,741 352,004 353,992 190,945 193,894 204,498 208,436 127,012 130,053 128,723 129,257 5161 ..« * R E V IE W Number of Banks Birmingham. Jacksonville.. Knoxville.... Nashville.. . . New Orleans. Other Cities.. T o tal........ SAVINGS DEPOSITS (000 Omitted) April 1935 3 3 3 4 4 5 35 $ 31,280 16,529 15,652 5,309 23,653 32,868 68,568 57 193,859 Percentage Change Apr. 1935 compared April with 1934 Mar. 1935 Apr. 1934 March 1935 $ 30,961 $ 30,011 17,726 16,272 15,034 12,989 3,184 5,099 21,922 23,485 27,024 32,344 62,059 67,102 + 1 .0 + 1.6 + 4 .1 + 4 .1 + 0 .7 + 1 .6 + 2 .2 + 4.2 — 6.8 +20.5 + 66.7 + 7.9 + 2 1 .6 + 10.5 174,915 + 1 .9 + 1 0 .8 190,297 Debits to The volume of debits to individual accounts at Individual banks in twenty-six clearing house centers of the Accounts Sixth District declined 4.5 per cent from March to April, but was 6.2 per cent greater than in April last year. The decline of 4.5 per cent over the month compares with a decrease of 5.2 per cent at the same time a year ago. Monthly totals compared in the table are derived from weekly reports by pro-rating figures for those weeks which do not fall entirely within a single calendar month. (000 Omitted) April 1935 Alabama—4 Cities..................... Birmingham............................ D othan..................................... Mobile...................................... Montgomery............................ $ 109,964 60,857 2,112 23,284 23,711 March 1935 $ 106,740 59,789 2,250 23,998 20,703 April 1934 $ 112,401 69,697 1,789 21,679 19,236 Florida—4 Cities........................ Jacksonville............................. M iami...................................... Pensacola................................. Tam pa...................................... 121,570 61,389 30,433 6,408 23,340 127,121 61,873 34,998 6,020 24,230 107,189 53,980 24,470 5,894 22,845 Georgia— 10 Cities..................... Albany..................................... A tlanta..................................... Augusta.................................... Brunswick................................ Columbus................................ Elberton................................... M acon...................................... Newnan.................................... Savannah................................. Valdosta................................... 215,465 2,813 142,223 17,939 2,022 9,919 758 10,919 1,567 24,596 2,709 226,480 3,026 149,389 18,984 1,918 10,029 795 10,855 1,525 26,391 2,773 194,508 2,114 125,982 16,661 1,933 9,325 651 10,016 1,392 23,855 2,579 Louisiana—New Orleans........... 174,484 193,902 176,328 Mississippi—4 Cities.................. Hattiesburg............................. Jackson.................................... M eridian.................................. Vicksburg................................ 37,183 3,889 20,406 7,146 5,742 38,792 3,994 21,268 7,656 5,874 35,311 3,443 20,428 7,068 4,372 Tennessee—3 Cities................... Chattanooga............................ Knoxville................................. Nashville.................................. 122,238 32,929 21,277 68,032 125,074 30,294 20,947 73,833 109,782 26,923 19,922 62,937 Total—26 Cities............. $ 780,904 $ 818,109 $ 735,519 AGRICULTURE The May 1 Crop Report issued by the United States Depart ment of Agriculture indicates that crop prospects in the coun try as a whole are much better than at this time last year, but are still substantially below average due chiefly to carry over effects of last year’s widespread drought. Desperately dry conditions still prevail in the Southern Great Plains area; in the northern half of the Great Plains area most sec tions have had enough rain for current needs but the supply of subsoil moisture is still deficient in some areas; most of the irrigation States have had fair rains and conditions average much better than at this time last year. About 13.8 million acres of the wheat sown last fall have been abandoned, mostly in the Southwestern area. Production is expected to total 431,637,000 bushels, about 7 per cent greater than that of last year. The rye crop is expected to exceed 40 million bushels, compared with the abnormally low production of 16 million bushels harvested last year. About average fruit prospects are indicated for most fruits except citrus. The apple outlook is favorable in most States, and peach crop prospects in the Southern States are more favorable than usual but appear to be offset by the poor prospects indicated for most northern and eastern States. An open March was followed by cold weather in parts of the Sixth District during April which caused some damage to tender vegetables. In Georgia the frequent rains and cool weather delayed farming operations in the northern part of the State, while in some parts of South Georgia rainfall was 4 M O N T H L Y insufficient. There have been general rains, however, in May. In Florida April temperatures averaged above normal, while rainfall was deficient. Pastures and hay crops were affected and citrus bloom retarded. Planting and other farm work in Tennessee were delayed by excessive rain. The condition of citrus in Florida on May 1 was below that of a year ago as a result of the December freeze and dry weather which has prevailed during much of the growing season. General rains since May 1 have benefitted the trees and should help in bringing out late blooms. The May estimate of Florida oranges from the 1934 bloom was 15.5 million boxes, the same as a month earlier, compared with 18.1 million boxes a year ago, and the estimate of grapefruit was 12.5 million boxes, the same as for March and April, compared with 10.7 million boxes last year. The estimated production of water melons in Florida this year is 5.6 millions, compared with 4.4 millions last year. Production estimates have not been made for other states in this District, but the acreage in Georgia is 64,000 this year against 50,000 in 1934, in Alabama 6,200 against 5,800 last year, and in Mississippi 5,000 against 2,700 last year. In Georgia the acreage in cantaloupes is estimated at 3,000, compared with 2,400 acres harvested last year. The May 1 condition, and estimated production, of peaches this year is higher than in 1934 in Georgia and Alabama, but lower in Florida, Louisiana and Mississippi, as indicated in these figures. Production—000 bushels Estimate 1935 1934 1,221 50 Mississippi................. 770 1,089 68 ,610 198 781 Total Five States . 8,853 7,746 Alabama.................... Florida........................ Georgia...................... Condition M ay 1 % of normal 1935 1934 73 60 74 55 67 SUGAR M O V EM EN T--(Pounds) Raw Sugar April 1935 M arch 1935 Receipts: New Orleans.......... Savannah........... ................ Meltings: New Orleans.......... ................ Savannah............... Stocks: New Orleans.......... Savannah............... April 1934 24,696,644 95,130,079 43,130,025 83,938,294 22,965,805 80,703,605 97,241,243 13,541,731 56,075,083 18,528,614 47,892,419 101,586,333 66,413,402 106,154,966 79,419,779 33,734,442 48,197,443 17,922,077 30,865,184 5,033,024 32,420,534 9,445,862 Stocks: ................ 5,005,011 R IC E MOVEM ENT—New Orleans Rough Rice—Barrels: Receipts................... . Shipments................ . Stocks........................ Clean Rice—Pockets: Receipts..................... Shipments................ . Stocks....................... April 1935 March 1935 R IC E M ILLERS ASSOCIATION STATISTICS (Barrels) April August to April Receipts of Rough Rice: Season 1934-35....................... 175,091 7,543,245 Season 1933-34....................... 191,376 7,198,681 Distribution of Milled Rice: Season 1934-35 ....................... Season 1933-34....................... 953,389 436,129 Stocks: April 30, 1935.......................... April 30, 1934.......................... Rough Clean 586,214 664,001 1,256,060 1,549,331 April 1934 3,102 21,877 82,488 86,097 17,360 101,263 35,258 38,592 41,932 74,137 59,371 160,651 40,920 32,620 145,885 55,486 51,634 177,855 April 1935 Alabama....................... Florida.......................... Georgia......................... Louisiana..................... Mississippi................... Tennessee..................... (Short Tons) M arch 1935 90,600 24,968 106,229 12,209 91,250 27,775 353,031 215,000 43,064 290,490 27,855 62,829 15,792 655,030 Nashville (4)........................ New Orleans (5).................. Other Cities (29)................. D ISTRICT (60).................. NOTE: 1-18.0 -11.9 -17.3 b 9 .0 h 8.7 - 2.7 - 5.3 -17.6 -11.8 + 1.9 — 6.2 — 0.4 — 2.8 —21.5 — 1.4 +17.1 + 5.9 + 1.0 + 6.8 — 0.3 + 5.9 + 6.1 + 1 1 .4 + 3.3 + 0.3 + 3.2 + 4.3 + 4.9 + 1 9 .6 + 1.4 — 3.0 + 1 8 .0 — 4.1 + 0 .0 + 5.3 + 4 .6 + 5 .8 + 2 .9 + 4 .2 — 1.1 —5.1 + 1 .3 —0.1 + 2 .4 + 1 .6 .37 .28 .27 .19 .38 .25 .26 .28 .29 T h e rate of stock turn over is the ra tio of sales d u rin g giv en period to average stocks on hand. April 1934 Aug. 1 to April 30 1934-35 1933-34 122,050 33,610 95,073 13,303 40,180 30,373 397,150 366,617 586,622 91,265 189,001 78,624 356,100 328,902 559,167 78,131 166,780 74,557 334,589 1,709,279 1,563,637 TRADE Retail Department store sales in the Sixth District increased Trade only slightly from March to April, but were greater than a year ago, while stocks increased over both the previous month and the same month last year. The rate of stock turnover, and the collection ratio, declined from March to April but were slightly higher than for April, 1934. Total sales during April by 60 reporting firms in the Dis trict averaged 1 per cent greater than in March, and were 11.8 per cent greater than in April, 1934. For the four months of 1935 total sales by these firms have been 4.3 per cent greater than in that part of 1934. On a daily average basis, however, the increase in April over that month last year was 7.5 per cent, and after adjustment for the usual sea sonal change and the late date of Easter, the adjusted index declined from 90.9 per cent of the 1923-25 average in March to 83.8 per cent in April. Stocks of merchandise at the end of April were 1.6 per cent larger than a month earlier and 4.6 per cent larger than a year ago, and the rate of stock turnover was slightly higher in April, and for the four months of 1935, than for those periods in 1934. The collection ratio was also slightly higher in April than at the same time last year, although somewhat lower than for March. For April the ratio for regular ac counts was 35 per cent, and for installment accounts 16.5 per cent. Percentage comparisons shown in the table are based upon figures reported in actual dollar amounts and make no allow ance for changes in the level of prices. Index numbers on page 8 are based upon reports from a smaller number of firms whose figures have been reported over a long period of years. RETA IL TRADE IN TH E SIX TH D ISTRICT DURING APRIL 1935 Based on confidential reports from 60 department stores C o m p a r is o n o p N e t S a le s C o m p a r is o n o p S t o c k s April 1935 Year to date April 30, 1935 S t o c k T u rn o v e r with: with: with: Same month Previous Same period Same month Previous April Jan. — to Apr. a year ago M onth Last Year a year ago M onth 1935 1934 1935 1934 Birmingham (6)................... Chattanooga (4).................. 7,565,677 6,267,166 Fertilizer After increasing in March to the highest level in Tag Sales about four years, sales of fertilizer tax tags in the six states located wholly or partly in the Sixth District declined 46.1 per cent in Apri, but were 5.5 per cent greater than a year earlier. Combined totals for the nine months, August through April, show increases over that part of the season before ranging from 4.9 per cent for Georgia to 16.8 per cent for Louisiana, and for the six states averaged 9.3 per cent. Figures compared in the table are from those compiled by the National Fertilizer Association. T o tal................. 71 71 71 76 75 Refined Sugar Shipments: New Orleans.......... R E V IE W .34 .30 .24 .17 .43 .26 .25 .25 .28 1.45 1.06 1.05 .74 1.76 .96 .95 .99 1.12 1.40 1.13 1.03 .69 1.89 .94 .91 1.04 1.11 C o lle c tio n April 1935 R a t io Mar. 1935 April 1934 27.9 34.1 34.1 31.0 34.6 35.8 . . . . . . . . . . . . 30!9 38.1 32.3 32.1 32 ! i 39.1 34.3 34.1 29.7 40.2 29.8 31.7 27.1 38.8 33.4 M O N T H L Y Wholesale Total sales during April by 95 reporting wholeTrade sale firms in the District declined less than one per cent from March, and were 7.3 per cent greater than in April, 1934. For the first four months of 1935 total sales by these firms have been only slightly larger than in that period a year ago. Gains over the month were re ported in sales of hardware, furniture and electrical supplies, and over April a year ago in groceries, hardware, furniture, electrical supplies and drugs. Detailed comparisons of reported figures are shown in the table. WHOLESALE TRADE IN APRIL 1935 Sixth Federal Reserve District* Percentage Comparisons Number April 1935 with: Jan.-April 1935 of Firms March April with same 19351934 period last year All Lines Combined: Sales............................. Stocks........................... Groceries: Sales............................. Jacksonville......... New Orleans........ Vicksburg............ O therC ities......... Stocks........................... Dry Goods: Sales............................. Nashville.............. O therC ities......... Stocks........................... Hardware: Sales.............................. Nashville.............. New Orleans........ O th erC ities......... Stocks........................... Furniture: Sales.............................. A tlan ta................. O therC ities......... Stocks........................... Electrical Supplies: Sales.............................. New Orleans........ O th erC ities......... Stocks........................... Drugs: Sales.............................. Stationery: Sales.............................. 95 29 — 0.9 +3.8 + 7.3 +5.3 + 0.6 21 3 4 3 11 3 — 4. 0 — 4.2 — 4.1 — 15.4 +1.0 — 3.6 +8.6 — 6.3 + 8.9 + 2.7 + 19.1 +0.8 +1.0 — 8.6 — 1.1 — 3.3 +10.7 15 3 12 7 — 6 .0 — 18.7 — 1.8 — 1.1 — 10.2 — 6.3 — 11.2 — 8. 0 — 19.5 — 6.4 —22.7 25 3 5 17 9 +1.3 +1.5 +5.6 — 0. 7 +2.7 + 6.6 +4.5 +1.8 +9.6 — 0.6 + 2.8 +9.5 — 5. 3 +5.8 9 4 5 6 +2.0 — 2.4 +3.4 — 0 .9 +7.1 + 2 8 .6 +1.8 +8.7 +4.9 +7.0 +4.2 12 4 8 3 + 1 2 .0 + 7.5 + 13.5 + 2 6 .6 + 3 1 .9 + 2 6 .3 + 3 3 .9 + 5 9 .7 + 28.5 + 24.7 + 2 9.9 .. 8 — 2. 4 + 12.1 +6.6 3 — 6. 3 COLLECTION RATIO** April March 1935 1935 — 6. 1 +2.8 April 1934 47.8 49.6 46.8 * Based on confidential reports from 95 firms. ** The collection ratio is the percentage of accounts and notes receivable out standing a t the beginning of the month which were collected during the month. Life Total sales of new, paid-for, ordinary life insurInsurance ance in the six states located wholly or partly in the Sixth District increased 3.7 per cent from March to April, but were 10.1 per cent less than in April last year. For the month, declines in Florida and Mississippi were more than offset by increases in the other four states but decreases were reported for all states compared with April, 1934. For the first four months, the average increase over that part of 1934 is 8.4 per cent. For the United States as a whole it was 8.1 per cent. Figures compared in the table are from those compiled by the Life Insurance Sales Research Bureau. (000 Omitted) April March 1935 1934 April 1935 $ 3,994 4,730 6,425 4,570 2,466 5,390 + 1 5 .4 + 6.2 + 6.4 + 2 4 .6 — 0.9 — 0.2 T o ta l........ $ 28,595 $ 27,575 $ 31,812 $117,710 $108,608 United States $540,280 $545,450 $581,433 $2,264,848 $2,095,558 + 8 .4 + 8.1 $ 4,378 4,656 7,225 4,582 2,228 5,526 $ 16,965 19,195 27 ,665 21,138 9,121 23,626 Percent Change $ 14,702 18,068 25,995 16,966 9,203 23,674 Alabama Florida.......... Georgia........ Louisiana.... Mississippi... Tennessee. . . $ 4,672 5,597 7,497 5,292 2,624 6.130 January-April Inc. 1935 1934 COMMERCIAL FAILURES (From statistics compiled by Dun & Bradstreet, Inc.) Sixth District United States ^ ^ Number Liabilities Number Liabilities 38 28 76 132 184 April 1935........................ March 1935..................... April 1934........................ J anuary-April 1935........ January-April 1934........ $ 296,809 245,594 1,016,110 993,997 2,751,390 1,115 $ 18,063,923 976 18,522,840 1,052 25,786,975 4,280 74,148,117 4,567 105,364,632 INDUSTRY Building The total value of buildings for which permits and were issued at twenty reporting cities of the Construction Sixth District has increased each month this year, and in April was 19.2 per cent greater than in March, 78.7 per cent greater than in April last year, and larger than for any other month since November, 1931. Twelve cities reported increases from March to April, and fourteen reported gains over April, 1934. The combined total for the first four months of 1935 was $9,062,902, greater by 20.8 per cent than for that part of 1934, 213.1 per cent greater than for the same months of 1933, and 47.1 per cent greater than for the corresponding period in 1932. Comparisons for the month are shown in the table. 1935 Alabama Birmingham.......... Montgomery.......... Florida Jacksonville........... Miami Beach........ Georgia Columbus.............. Savannah............... Louisiana New Orleans.......... Alexandria............. Tennessee Chattanooga.......... Johnson City......... Knoxville............... Nashville................ Total 20 C ities.. . . . Groceries.......................... 67.8 69.5 74.7 Dry Goods....................... 40.0 38.8 41.7 H ardware......................... 38.5 40.1 35.0 F urniture.......................... 35.5 35.0 32.2 Electrical Supplies.......... 69.7 80.1 73.3 D rugs............................... ................ 3U7____________3 ^ 7 ____________29.0 T o ta l..................... 5 R E V IE W Num ber April 1934 Value Percentage April Change in 1935 1934 Value 29 382 45 137 10 141 41 126 7,342 147,841 25,556 58,377 1,752 89,537 22,661 29,008 +319.1 + 65.1 + 12.8 +101.2 602 497 391 54 68 230 193,503 319,724 954,700 50,877 38,369 290,630 155,306 171,386 16,852 61,566 — 33.4 + 105.9 + 457.0 + 201.9 — 37.7 287 31 65 41 12 254,526 23,736 57,690 29,440 12,605 99,041 102,602 22,902 17,794 14,056 +157.0 — 76.9 + 151.9 + 65.4 — 10.3 95 77 52 202,361 16,191 441,966 18,916 — 54.2 — 14.4 321 7 70 157 269 2 55 121 73,556 1,875 479,135 72,402 3,468 1,974 85 199 315 104 20 + 33.4 55,157 2,500 — 25.0 35,291 + 1 257.7 + 75.0 41,371 3,019,806 1,690,294 + 78.7 The value of building and construction contracts awarded in the Sixth District, however, indicated in statistics compiled by the F. W. Dodge Corporation and subdivided into District totals by the Federal Reserve Board’s Division of Research and Statistics, declined 27 per cent from March to April, and was 29.6 per cent less than in April, 1934. Residential con tracts declined 17.1 per cent over the month, but were 72.7 per cent greater than in April last year, but other contracts declined 32.3 per cent from March and were about half as large as a year ago. For the first four months of 1935, residential contracts have amounted to $13,910,577, a gain of 93.6 per cent over the amount for that part of 1934, but other contracts, totalling $28,440,481, were smaller by 58.9 per cent. State totals for Alabama, Florida and Mississippi increased over the month, and Tennessee had the only increase in this District over April last year. Total awards in the 37 states east of the Rocky Mountains increased 1.1 per cent from March to April, but were 5.2 per cent less than in April, 1934. Residential contracts increased 31.3 per cent over March and were 86.8 per cent greater than a year ago. Comparisons for the month are shown in the table. BUILDING AND CONSTRUCTION CONTRACTS AWARDED April 1935 March 1935 April 1934 Sixth District—T o ta l................ $ 9,335,016 $ 12,780,069 $ 13,252,084 Residential.............................. 3,719,919 4,486,748 2,153,390 All Others................................ 5,615,097 8,293,321 11,098,694 State Totals: Alabama.................................. ......1,335,800 Florida........................................... 2,965,900 Georgia.................................... ..... 1,701,000 712,100 1,932,400 4,651,400 1,836,000 4,100,200 3,387,400 6 M O N T H L Y Louisiana................................. Mississippi............................... Tennessee................................. 1,590,000 1,532,300 1,684,200 4,215,100 852,700 2,408,700 2,788,400 2,532,900 668,900 United States: T o ta l......................................... 124,284,600 Residential............................... 42,280,800 Non-Residential...................... 41,514,700 Public Works and U tilities.. . 40,489,100 122,940,500 32,209,400 44,476,600 46,254,500 131,157,000 32,635,700 38,614,200 69,907,100 Lumber Marked improvement in the lumber industry during the latter part of April and early May is indicated in weekly statements of the Southern Pine Association and reports in the press. During the six weeks ending May 11 orders booked by mills reporting to the Southern Pine Association have averaged 41.8 per cent greater than a year ago, and for the week ending May 11 were nearly double those booked during that week in 1934. Production by these mills has averaged 6.9 per cent greater than in the same weeks last year. During this period orders have averaged 26.7 per cent greater than production, while at the same time a year ago they were about 4 per cent less than output. A recent issue of the Southern Lumberman states that “the spurt in buying of Southern Pine is attributed principally to the retail yards’ need for stock to meet the increase in building and modernization work”. Weekly figures compared in the table are from those compiled by the Southern Pine Association. Week Ended Number of Mills April 6 ........ ... 146 April 13____145 April 20_____141 April 27 . . . . 151 Ma y 4 .............136 Ma y 11___ __149 (In Thousands of Feet) Orders Production Unfilled Orders 1935 1934 1935 1934 1935 1934 26,074 24,766 21,572 31,192 29,404 40,815 15,147 21,244 21,803 24,366 20,293 19,900 23,485 22,176 22,416 26,365 20,210 22,698 23,122 21,969 20,271 22,062 19,305 21,701 57,513 57,349 50,871 61,714 54,791 77,611 75.998 75,469 71.999 77,905 66,579 74,274 Cotton The total consumption of cotton by American Consumption mills declined 3.8 per cent from March to April, to the lowest level since September last year and 9.7 per cent less than in April, 1934. In the cottongrowing states the decline from March was 3.6 per cent, and in other states 4.5 per cent, and in the cotton-growing states April consumption was 8 per cent less than a year ago and in other states 16.4 per cent less. For the nine months, August through April, total consumption has been 8.1 per cent, that in the cotton states 7.5 per cent, and in other states 10.3 per cent, less than in that part of the season before. Spindles active in April declined 2.9 per cent from March, and were 9.9 per cent fewer than a year ago. At the end of April combined stocks held at consuming establishments and in public storage and at compresses were 1.8 per cent less than a year ago in the cotton states, and 39.6 per cent less in other states. Exports during April declined 26.9 per cent from March, were 39.9 per cent less than in April a year ago, and were smaller than for any other month since August, 1931. For the nine months period total exports have been 41.3 per cent less than in that part of the season before. Census Bureau figures are compared in the table. COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPINDLES U N ITED STATES—Bales April 1935 March 1935 April 1934 Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......................... E xports........................................ Active Spindles—N um ber......... 462,844 8,262,641 1,060,946 481,135 8,901,975 1,117,069 512,594 8,678,922 1,584,620 7,201,695 232,155 23,853,816 7,784,906 317,798 24,571,314 7,094,302 386,594 26,485,114 COTTON GROWING STATES—Bales Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and a t Compresses.......................... Active Spindles—N um ber......... 374,013 7,841,467 823,307 388,134 8,460,466 875,237 406,318 7,981,235 1,233,018 7,018,160 17,022,690 7,585,229 17,274,884 6,748,217 17,995,616 OTHER STATES—Bales Cotton Consumed...................... Stocks........................................... In Consuming Establishments In Public Storage and a t Compresses.......................... Active Spindles—N um ber......... 88,831 421,174 237,639 93,001 441,509 241,832 106,276 697,687 351,602 183,535 6,831,126 199,677 7,296,430 346,085 8,489,498 R E V IE W Cotton consumption in the three states of this District for which separate figures are available increased by an average of 1.5 per cent from March to April, but was 5.5 per cent less in total, and 9.1 per cent smaller in daily average, than in April, last year. For the nine months of the current sea son consumption in these states has been 10.6 per cent less than in that part of the season before. Census Bureau figures for these states are compared in the table. COTTON CONSUMPTION—Bales April March April Aug. 1 to April 30 _________________________1935 1935 1934 1934-35 1933-34 Alabama....................... Georgia......................... Tennessee..................... 52,621 86,387 11,064 51,940 85,620 10,243 T otal......................... 150,072 147,803 54,011 92,928 11,813 416,524 717,327 93,191 454,859 825,286 92,392 158,752 1,227,042 1,372,537 Cotton Although employment at reporting cotton Manufacturing mills in this District declined about 3 per cent from March to April, and was about 9 per cent less than a year ago, orders booked during April recorded a substantial increase over both the month of March and April last year. Cloth production by these mills was slightly larger than a month or a year ago, and yarn pro duction, although 3.5 per cent less than in March, was $.6 per cent greater than in April, 1934. Reported figures are compared in the table. Cloth April 1935 compared with: Mar. 1935 Apr. 1934 Production............... Shipments................ Orders Booked........ Unfilled Orders........ Stocks on H a n d .. . . Number on Payroll. + 1.7 + 3.8 +123.8 + 3.5 + 1.2 — 2.9 + 1.7 + 7.3 + 4 5 .0 — 11.6 + 3 4 .0 — 8.7 Yarn April 1935 compared with: March 1935 April 1934 — 3.5 — 4 .8 + 7 9.5 — 11.6 — 2.1 — 3 .6 + 9 .6 + 1 7 .7 + 5 7 .5 — 16.8 + 30.1 — 9.6 Cotton Seed Operations at cotton seed oil mills declined and Cotton Seed seasonally in April and, except for a small Products increase in production of linters, were at a lower level than a year ago. For the nine months of the season, however (August through April), re ceipts and crushings of seed and production of the principal cotton seed products, have been greater than in that part of the previous season, and stocks at the end of April, except of crude oil, were also larger than a year earlier. For the coun try as a whole, however, receipts, crushings, and production, except of linters, have been less than during the correspond ing part of last season. In the first two columns of the table are compared combined totals for Georgia, Alabama, Louis iana, and Mississippi, and in the last two columns are com pared totals for the country. COTTON SEED AND COTTON SEED PRODUCTS Sixth District* United States Aug. 1 to Apr. 30 Aug. 1 to Apr. 30 ________________________ 1934-35 1933-34 1934-35 1933-34 Cotton Seed, Tons: Received a t M ills... Crushed.................... On Hand Apr. 3 0 ... 1,307,897 1,230,015 145,814 1,163,398 1,035,838 156,330 3,339,740 3,313,843 248,558 4,008,375 3,854,587 374,209 Production: Crude Oil, lbs.......... 398,109,281 337,672,773 1,031,826,345 1,202,900,480 Cake & Meal, tons.. 537,698 450,576 1,507,950 1,750,389 Hulls, tons............... 324,568 282,434 852,075 1,026,162 Linters, Bales.......... 270,001 203,141 746,849 734,571 Stocks a t Mills Apr. 30: Crude Oil, lbs.......... Cake & Meal, tons.. Hulls, to n s............... Linters, bales........... 9,619,352 111,336 47,418 47,672 20,922,260 85,944 16,934 46,420 28,315,862 264,999 129,289 147,952 82,317,454 252,625 69,885 141,505 ♦Georgia, Alabama, Louisiana, and Mississippi. Electric Total production of electric power for public use in Power the six states located wholly or partly in the Sixth Federal Reserve District increased 3.6 per cent from February to March, but because of the longer month daily average production declined 6.4 per cent. March production was 6.3 per cent greater than in March, 1934. Production by use of water power, which accounted for 67.5 per cent of the total in March, 66.3 per cent in February and 63.8 per cent in March last year, increased 5.4 per cent from February to M O N T H L Y March and was 12.4 per cent greater than a year ago, while that by use of fuels was about the same in March as in February and 4.6 per cent less than a year ago. For the first quarter of 1935 total production of electric power in these six states was 12 per cent, greater than in that part of 1934. For this three months period production by use of water power was 25.8 per cent greater, while that by use of fuels was 8.3 per cent less, than a year ago. Figures compared in the table are from those compiled by the United States Geo logical Survey. PRODUCTION OF E LECTR IC POWER ( k. w. Hours) M arch 1935 Feb. 1935 March 1934 Alabam a....................................... Florida.......................................... Georgia......................................... Louisiana..................................... Mississippi................................... Tennessee.................................... 173,792 64,724 108,268 83,243 4,283 112,538 174,425 60,602 96,766 88,800 3,833 103,421 140,792 63,612 106,826 93,375 3,909 106,144 T o ta l................................ 546,848 527,847 514,658 369,252 177,596 350,177 177,670 328,473 186,185 13,925 215,137 1,708,761 11,645 206,445 1,769,762 12,400 217,795 1,864,705 By use of: W ater Power___ Fuels..................... Fuels consumed in Production of Electric Power: Fuel Oil—tons......................... Natural Gas—000 cu. ft........ Bituminous According to preliminary figures compiled by Coal Mining the United States Bureau of Mines the produc tion of bituminous coal in the United States declined 43.6 per cent from March to April, the first month of the new coal year, and was 10.9 per cent less than in April last year. Because of the different number of working days, the daily average output declined 42 per cent over the month, and was 14.8 per cent less than a year ago. At the same time last year, daily average production declined 27.6 per cent from March to April. Combined totals for the first four months of 1935 show an increase of 2.5 per cent over that part of 1934. Preliminary figures are compared in the table. Production—Tons Total Daily Average April 1935.................................... 21,920,000 March 1935................................. 38,848,000 April 1934.................................... 24,599,000 January-April 1935.................... 132,230,000 January-April 1934.................... 129,046,000 Number of Working Days 866,000 25.3 1,494,000 26 1,016,000 24.2 ............... ................. . . . ............... Weekly production figures indicate that output declined sharply in both Alabama and Tennessee at the beginning of the new coal year April 1, but for the four weeks ending in April Alabama production averaged 51.5 per cent greater than a year ago, when production was affected by strikes, and in Tennessee April production was 4.8 per cent greater than in April, 1934. During the first four months of 1935 Alabama production has been about 5 per cent, and Tennessee output 14 per cent, greater than in that part of 1934. Weekly fig ures are compared in the table. year. There was a reduction from nine furnaces active at the close of March to eight active a month later, compared with ten active at the same time a year ago. Press reports indi cate that an additional furnace was blown in about the middle of May. Shipments during April by merchant producers are reported to have increased further for the fourth consecutive month. Orders for cast iron pressure pipe are still limited to small lots, but reports indicate a slight but scattered increase in structural steel business. Total production of pig iron in the United States during the first four months of 1935 has been 11.9 per cent greater than during that part of 1934, nearly three times that in the same period of 1933, and 73.5 per cent greater than in those months of 1932, and Alabama production during the first four months of this year has been 17.7 per cent less than in those months of last year, but three and one-half times as large as in the first four months of 1933, and 22.8 per cent greater than three years ago. Production figures are compared in the table. Production—Tons Total Daily Average United States: April 1935................................ 1,663,475 55,449 March 1935............................. 1,770,028 57,098 898,043 29,935 September 1934 ...................... April 1934................................ 1,726,851 57,561 January-April 1935................ 6,519,391 ................... January-April 1934................5,825,284 ................... Alabama: April 1935................................ 114,824 3,827 March 1935............................. 119,918 3,868 September 1934...................... 57,842 1,928 April 1934................................ 122,591 4,086 January-April 1935................ 392,819 ....................... ....................... January-April 1934............... 477,460 April April April April 6 .............................. 13............................ 20................................ 27................................ Alabama 1935 85,000 156,000 188,000 172,000 1934 178,000 76,000 37,000 104,000 Tennessee 1935 1934 23,000 31,000 83,000 80,000 31,000 57,000 60,000 59,000 Pig Iron According to Iron Age statistics, the production Production of pig iron in the United States declined 6 per cent from March to April, and was 3.7 per cent less than in April last year. On a daily average basis, how ever, the decrease from March to April was only 2.9 per cent. At the end of April there were 97 furnaces in active opera tion, a decrease of one over the month, and compared with 110 active a year earlier. April production of pig iron in Alabama amounted to 114,824 tons, smaller by 4.2 per cent than total production in March, although the daily average declined only 1.1 per cent, and smaller by 6.3 per cent than in April a year ago. Except for March, production in April was the largest since June last Furnaces Active* 97 98 62 110 8 9 5 10 Naval Receipts of both turpentine and rosin at the three Stores principal markets of the District increased substan tially from March to April, as they usually do, and turpentine receipts were somewhat larger than a year ago but receipts of rosin slightly smaller. Stocks of both commodi ties declined slightly from the end of March to the close of April, but were greater than at the same time last year. Press reports indicate that there has recently been some im provement in the demand for both commodities, from both domestic and foreign buyers. Quotations on the Savannah market for turpentine declined from 48^ cents on April 13 to 471/4 cents on May 4 and rose to 47% cents on May 11, and the average of quotations on the thirteen grades of rosin de clined from $4.71 per 280 pounds on April 13 to $4.65 on May 11, which compares with $4.87 at the same time last year. Receipts and stocks for the month are compared in the table. (Tons) Week Ended: 7 R E V IE W April 1935 March 1935 April 1934 Receipts—Turpentine (1) Savannah................................. Jacksonville............................. Pensacola................................. 9,460 6,747 2,203 T o ta l................................ 18,410 4,761 17,315 Receipts—Rosin (2) Savannah................................. Jacksonville............................. Pensacola................................. 31,772 31,181 6,337 9,642 16,555 2,200 34,411 29,477 5,608 T otal................................ 69,290 28,397 69,496 Savannah................................. Jacksonville............................. Pensacola................................. 26,569 37,251 24,151 23,791 36,833 27,457 5,059 23,813 17,593 1,462 2,419 880 8,089 7,228 1,998 T otal................................ 87,971 88,081 46,465 Stocks—Rosin (2) Savannah................................. Jacksonville............................. Pensacola................................ 119,891 94,376 35,946 116,272 104,354 32,477 83,903 62,890 9,654 253,103 156,447 T o ta l................................ (1) Barrels of 50 gallons. (2) Barrels of 500 pounds. 250,213 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA M ONTHLY AVERAGE 1923-1925=100 Feb. 1935 M arch 1935 A pril 1935 F eb. 1934 129.9 55.1 55.4 60.5 62.0 70.4 162.9 183.3 65.3 72.7 80.0 76.2 121.2 152.8 61.2 70.1 71.2 70.5 80.0 DEPARTM ENT STORE TRADE—SIX TH D ISTR IC T Daily Average Sales—U n a d ju ste d Atlanta (3 firms)................................................................................ Birmingham (4 firms)........................................................................ DISTRICT (34 firms)....................................................................... M arch 1934 A pril 1934 88.0 58.8 54.7 57.0 61.3 68.4 166.0 69.2 69.3 80.9 64.9 84.4 145.8 62.1 64.5 81.0 75.3 83.0 175.2 72.2 82.0 90.1 72.3 90.9 151.2 64.7 71.3 77.7 71.2 83.8 142.6 65.3 69.2 67.1 69.7 77.7 167.7 68.5 72.9 84.3 67.6 86.1 142.9 65.4 67.2 83.5 74.6 83.8 88.4 46.2 48.8 62.1 54.8 59.5 97.4 47.2 50.3 65.3 59.7 63.5 103.7 49.2 52.4 59.6 64.9 84.2 39.5 43.8 57.4 55.9 55.9 90.2 37.4 45.0 65.5 58.9 58.7 97.8 35.2 51.7 68.9 69.6 60.8 92.1 48.1 50.3 65.4 54.8 60.7 95.5 46.3 47.5 64.0 57.4 61.7 98.8 46.9 49.9 63.6 57.3 61.8 87.7 41.1 45.2 80.4 55.9 57.0 88.4 36.7 42.5 64.2 56.6 57.0 93.0 33.5 49.2 66.3 57.3 57.9 55.2 50.4 52.1 54.2 52.6 71.4 40.7 79.2 61.1 52.9 59.8 61.0 56.8 91.6 39.4 82.0 60.5 50.8 56.2 61.8 58.0 54.9 50.4 64.5 51.5 54.1 55.3 40.0 73.9 60.0 53.6 70.8 57.6 56.6 63.1 38.9 80.9 56.0 45.9 62.6 57.9 54.1 77.8 39.3 71.5 65.6 64.5 83.4 65.7 58.9 79.9 70.1 72.1 56.4 57.3 57.7 47.6 73.1 67.5 49.6 45.8 56.5 67.6 52.8 78.4 71.4 73.4 58.6 67.8 75.8 68.9 94.6 81.7 83.5 60.0 65.1 14.6 20.9 4.8 31.8 13.7 8.1 15.0 6.4 4.0 16.0 4.9 19.4 21.5 5.0 18.0 35.3 6.5 34.3 13.3 68.6 73.0 81.1 65.1 83.6 Daily Average Sales—A djusted* Birmingham (4 firms)........................................................................ Nashville (4 firms)............................................................................. New Orleans (5 firms)....................................................................... DISTRICT (34 firms)....................................................................... M o n th ly S tocks—U n ad ju sted Atlanta (3 firms)................................................................................ Birmingham (3 firms)........................................................................ Chattanooga (3 firms)....................................................................... New Orleans (4 firms)....................................................................... DISTRICT (27 firms)....................................................................... 66.1 M o n th ly S tocks—A djusted* Atlanta (3 firms)................................................................................ Chattanooga (3 firms)....................................................................... Nashville (4 firms)............................................................................. DISTRICT (27 firms)....................................................................... WHOLESALE TRADE—SIX TH DISTRICT—TOTAL........ . Dry Goods (15 firms)........................................................................ Hardware (25 firms).......................................................................... Electrical Supplies (12 firms)............................................................ LIFE INSURANCE SALES—S IX STATES—TO TA L.......... 66.2 75.2 43.8 58.1 BUILDING PER M ITS—TWENTY C IT IE S ............................ 16.3 19.4 7.3 102.6 36.9 80.1 68.1 64.5 78.7 78.8 72.3 51.0 58.7 22.5 26.8 16.5 23.5 11.4 15.7 39.2 12.1 10.0 8.0 New Orleans........................................................................................ 9.5 19.8 47.3 31.1 21.9 11.5 21.5 CONTRACT AWARDS—SIX TH DISTRICT—TO TA L . . . . 24.8 12.7 32.8 36.4 32.0 39.4 26.6 26.5 26.7 33.4 7.6 50.6 57.8 13.8 87.2 37.8 15.8 52.7 79.5 79.1 82.7 77.4 79.4 78.3 81.9 77.3 85.4 69.4 73.0 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 73.6 61.3 66.7 78.7 89.6 76.9 72.4 87.0 73.7 61.3 67.3 78.5 88.7 76.5 71.4 87.1 86.4 75.7 81.4 69.3 73.3 59.6 Tennessee.................................................................................... 56.6 106.9 141.4 106.6 93.4 113.4 53.9 109.9 151.1 102.9 89.9 109.2 51.5 110.9 153.1 92.6 109.6 59.1 113.6 142.9 111.2 COTTON EX PO RTS—UNITED STA TES............................... 76.0 61.9 45.2 PIG IRON PRODUCTION—United States.............................. Alabama...................................... 53.8 38.1 59.2 51.6 55.7 49.4 20.2 8.0 WHOLESALE PRICES—UNITED STATES f ALL COM M O DITIES.................................................................... 86.0 Metals and metal products...................................................... Chemicals and drugs.................................................................. COTTON CONSUMPTION—UNITED STA TES................... All Other States.................................................................................. Georgia........................................................................................ ♦A d ju ste d for Seaso n al V a riatio n , 70.1 72.5 85.8 85.0 80.4 80.7 70.1 92.9 111.2 f C o m p ile d b y B u re a u of L a b o r Statistics. 1926-100. 10.0 86.6 75.5 81.0 68.5 105.8 125.7 66.2 78.6 88.9 75.3 71.7 87.9 86.7 75.5 81.6 69.5 100.0 130.8 160.7 117.7 99.5 118.7 61.6 119.3 157.1 118.7 122.4 107.1 75.3 42.3 48.7 54.2 53.8 57.8 52.8 66.2
@FedFRASER