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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 ixth Federal Reserve D istrict F E D E R A L Vol. 20 No. 11 R E S E R V E PER CENT 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 — O c to b e r P r e li m in a r y 94. O F ATLANTA, GA., NOVEMBER 30, 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by the Board of Governors of the Federal Reserve System Industrial production increased more than seasonally in October and there was also a considerable advance in factory employment and payrolls. There was a continuous inflow of gold from abroad and an increase in bank deposits. Industrial Volume of output at factories and mines, as Production measured by the Board’s seasonally adjusted and index of industrial production, increased from Employment 89 per cent of the 1923-25 average in Septem ber to 94 per cent in October, reflecting larger output in a wide range of industries. Automobile production, which had been at a low level in September when prepara tions were being made for the manufacture of new models, increased rapidly during October and the early part of No vember. At steel mills, activity increased slightly in this period, contrary to the usual seasonal tendency, and in the third week of November was at about 54 per cent of capacity. Lumber production showed little change. Among the indus tries producing non-durable manufactures, the principal changes in output were increases of considerably more than the usual seasonal amount at cotton mills, woolen mills, and meat-packing establishments. At mines output of bituminous coal was in larger volume than in other recent months and output of crude petroleum continued to increase. Factory employment, which ordinarily shows little change at this season, increased considerably between the middle of September and the middle of October, reflecting substantial increases in the industries producing durable manufactures. The most marked expansion was in the automobile industry and there were smaller increases at railroad repair shops and in the iron and steel, machinery and non-ferrous metals indus tries. Employment at canning factories showed a consider able decline, largely of a seasonal character. Total value of construction contracts awarded as reported by the F. W. Dodge Corporation, showed a considerable in crease in October followed by a slight decline in the first half of November. In this six-week period total contracts were PER CENT B A N K A T L A N T A This review released for publication in Sunday papers of December 1. substantially larger than a year ago, reflecting marked in creases both in residential building and in other types of con struction, but the volume is still at a relatively low level. Distribution Railroad freight-car loadings increased by a considerable amount from September to Octo ber, reflecting principally larger shipments of coal and miscel laneous freight. In the early part of November car loadings were at a lower level than in October, chiefly as a conse quence of seasonal developments. Department store sales which usually increase at this season, showed little change from September to October on a daily average basis and the Board’s seasonally adjusted index declined from 81 per cent of the 1923-25 average to 77 per cent. Commodity The general level of wholesale commodity prices, Prices as measured by the index of the Bureau of Labor statistics, was slightly lower in October and the early part of November than in the latter part of September, reflecting reductions in the prices of farm prod ucts and foods offset in part in the index by an advance in prices of other commodities, particularly hides and leather products and textiles. Prices of hogs and pork showed a de crease, as is usual at this season while cotton advanced. Bank Excess reserves of member banks increased further Credit by $190,000,000 during the five-week period ended November 20, reflecting a continued inflow of gold from abroad. At the end of the period excess reserves were at a new high level of over $3,000,000,000. Total loans and investments of reporting banks in 101 lead ing cities increased by $190,000,000 during the five weeks ended November 20, reflecting principally an increase in hold ings of United States Government Securities, adjusted de mand deposits of these banks showed an increase of $550,000,000 for the period. The call money rate on New York Stock Exchange Loans was increased from % of 1 per cent to % of 1 per cent in the last week of October. At the same time the rate on time loans was increased from % of 1 per cent to 1 per cent, but few loans have been made. Other money rates have remained at former low levels. PERCENT pERCENX In d e x o f f a c to r y e m p lo y m e n t a d ju ste d f o r se a so n a l v a r ia t io n . a v e r a g e = 1 0 0 .) L a t e s t fig u r e O c to b e r P r e lim in a r y 83.7. (1923-25 2 M O N T H L Y R E V IE W Indexes of the U nited States Bureau of Labor Statistics. By months 1929 to 1931; by weeks 1932 to date. (1926=100.) L atest figures Nov. 16; F arm Products 77.8; Foods 84.9; Other Commodities 79.0. Three m onth moving1 averages of F . W. Dodge d ata for 37 E astern States adjusted for seasonal variation. October P relim inary. Total 190.4. Residential 46.7; All O ther 143.7. SIXTH DISTRICT SUMMARY Trade at both retail and wholesale in the Sixth District increased further in October, and there were also gains in life insurance sales, in building and construction activities, In operations at cotton mills and at cottonseed oil mills, and in pig iron production in Alabama. Loans and investments, and deposits, at weekly reporting member banks increased between October 9 and November 13, and while there were only minor changes in the items making up the total volume of outstand ing reserve bank credit, member bank reserve deposits at the Federal Reserve Bank increased to a new high level. Department store sales in October increased 24.2 per cent over September and were 8.6 per cent greater than a year ago, and for the ten months of 1935 have been 5.1 per cent greater than in that part of 1934. Because of the longer month, however, daily average sales in October were about 10 per cent above the September average, substantially less than the usual increase at that time of year, and the adjusted index declined. Wholesale trade increased 9.7 per cent from September to October and was 8.8 per cent greater than a year ago, and for the ten months has averaged 3.8 per cent above that period last year. Bank debits to individual accounts at 26 reporting cities, reflecting the volume of business trans action^ settled by check, increased 19.7 per cent from Septem ber to October and were 9.4 per cent larger than in October, 1934. Between October 9 and November 13 total loans and invest ments at 22 weekly reporting member banks in principal cities of the District increased 16.4 millions; of this increase 4.5 millions was in loans and 11.9 millions was in securities. Compared with the same report date a year ago, loans were 30.6 millions less, but investment holdings, principally United States Government securities and those guaranteed by the United States Government, were 52.1 millions greater. Net demand deposits, and bankers balances, also increased from October 9 to November 13 and were substantially greater than a year ago. At the Federal Reserve Bank there were increases since October 9 in member bank reserve deposits, Federal Reserve note circulation, and in total reserves,and all of these were greater than at the same time last year. The value of building permits issued at twenty reporting cities increased 14.4 per cent from September to October and was 63.9 per cent greater than for October, 1934, and for the first ten months the cumulated total is the highest for that period since 1930. Contracts awarded in the District as a whole in October were 33.1 per cent greater than in September and more than double the total for October last year. Con sumption of cotton in the three states of the District for which figures are available increased 24.8 per cent from Sep tember to October and was 17.4 per cent greater than in October, 1934, and operations at reporting cotton mills in the District also increased. Coal mining in Alabama and Ten nessee was sharply curtailed by labor difficulties, but pig iron production increased 13.3 per cent over September and was 76.3 per cent greater than a year ago. Operations at cotton seed oil mills were at a higher level than at the same time last year, and production and orders at lumber mills reporting to the Southern Pine Association were substantially higher than a year ago. FED ERAL RESERVE SYSTEM (In Thousands of Dollars) Nov. 13 Oct. 9 1935 1935 Bills Discounted: Secured by Gov. Obligations. All O thers................................ Total Discounts.............. Bills Bought in Open M arket... 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.............................. Commitments to make Indus trial Advances......................... $ 5,569 3,497 9,066 4,677 32,689 2,430,172 181 2,476,785 7,377,336 5,745,948 6,072,609 3,562,087 $ 4,150 5,437 9,587 4,686 32,721 2,430,209 181 2,477,384 6,952,157 5,329,807 5,703,019 3,498,789 Nov. 14 1934 $ 4,821 20,086 24,907 5,708 7,753 2,430,174 2,468,542 5,,271,411 4,,106,927 4,323,566 3,,178,512 *76.6% ’75*6% 28,164 70.3% 27,373 26,859 4,257 FINANCE Changes in the volume of Reserve Bank credit outstanding at the Federal Reserve Bank of Atlanta between October 9 and November 13 were in small volume. Member bank reserve deposits increased further, however, to the highest level on record, and there was a further increase in Federal Reserve note circulation. A small increase in discounts for member banks was more than offset by declines in industrial advances and in holdings of United States securities, and total bills and securities held by the Federal Reserve Bank on November 13 were $8,000 less than five weeks earlier and $282,000 less than on the corresponding Wednesday a year ago. There was a further increase of $6,931,000 in member bank reserve deposits between October 9 and November 13, when they were 40 millions greater than a year ago, and at a new high level. Total deposits held by the bank increased 4.9 millions since October 9 and on November 13 were 38.1 Reserve Bank Credit F E D E R A L RESERVE BANK OF ATLANTA (In thousands of dollars) Nov. 13 Oct. 9 1935 1935 Bills Discounted: Secured by Gov. Obligations. All Others................................. Total Discounts.............. Bills Bought in Open M arket... Industrial Advances................... U. S. Securities............................ Foreign Loans on Gold.............. Total Bills and Securities Total Reserves. . . , ..................... Member Bank Reserve Account Total Deposits............................. F. R. Notes in actual circulation Reserve R atio.............................. Commitments to make Indus trial Advances......................... 50 18 68 169 1,051 94,210 Nov. 14 1934 *95‘,498 184,031 114,788 121,535 151,069 67.5% *95‘,506 176,455 107,857 116,635 148,479 66.6% 18 97 115 302 593 94,217 552 95,779 132,501 74,716 83,472 138,493 59.7% 493 501 372 $ ............ 35 35 169 1,079 94,223 $ M O N T H L Y CONDITION OF 22 M EM BER BANKS IN SELECTED CITIES (In Thousands of Dollars) Nov. 13 Oct. 9 Nov. 14 ____ 1935 1935 1934 Loans and Investments—Total. $ 507,655 $ 486,145 $ 491,238 Loans—T o tal............................... 224,050 219,545 254,688 On Securities............................ 52,904 54,268 73,290 Acceptances and Commercial 5,003 5,076 6,069 On Real E state........................ 19,323 20,974 20,668 Other Loans............................. 145,169 139,533 156,006 Investments—T otal.................... 271,693 231,457 283,605 145,582 U. S. Govt, direct obligations 171,244 169,432 Obligations guaranteed by U. 38,567 17,226 31,913 S. Government.................... 68,649 Other Securities....................... 73,794 70,348 Reserve with F. R. B ank.......... 67,046 64,032 39,555 9,862 9,379 10,134 Cash in V ault.............................. 276,015 N et Demand Deposits............... 359,084 342,442 178,371 178,350 176,735 Time Deposits............................. 26,017 28,772 Government Deposits................ 21,953 101,552 Due from Banks.......................... 156,224 143,690 127,030 Due to Banks.............................. 173,837 193,378 Borrowings from F. R. B a n k .. . millions larger than on the same Wednesday last year. Federal Reserve Notes of this bank’s issue outstanding on November 13 were 2.6 millions larger than the volume five weeks earlier, about 26 millions greater than at mid-year, and at the highest level since March 29, 1933, following the bank ing holiday. Total reserves of the bank also increased between October 9 and November 13 by 7.6 millions, were 51.5 millions greater than a year earlier, and were at a new high level. Principal items in the weekly statement of this bank, and similar items for the twelve Federal Reserve Banks combined, are shown in accompanying tables. Member The total volume of loans and investments at 22 Bank weekly reporting member banks located in Atlanta, Credit New Orleans, Birmingham, Jacksonville, Nashville, Chattanooga, Mobile and Savannah increased 16.4 millions of dollars between October 9 and November 13, when it was 55.9 millions greater than at the low point on July 10, and 21.5 millions above the total for November 14, 1934. The growth in total loans and investments since July 10 is due to an increase of 58.6 millions in investment holdings, as total loans on November 13 were 2.7 millions less than on July 10. Total loans on November 13 were 5.5 millions greater than five weeks earlier, increases in All Other Loans and those on real estate security being only in small part offset by decreases in loans on securities and acceptances and commer cial paper purchased. Compared with the same report date a year earlier, real estate loans were slightly higher but other classes of loans less, and the total is 30.6 millions less than on November 14, 1934. Investments in securities increased during the recent five week period and were 52.1 millions greater than a year ago, most of the increase over last year being in direct obligations of, and those guaranteed by, the United States Government. There were appreciable increases between October 9 and November 13 in net demand deposits, in amounts held on deposit for correspondent banks, and in balances maintained by these banks with their correspondents, and a small gain in time deposits, and although time deposits were slightly less than a year earlier, net demand deposits and bankers balances were substantially larger. Savings deposits reported by 57 banks located throughout the District increased slightly from September to October, and averaged 10.9 per cent greater than a year ago. Debits to individual accounts at 26 reporting cities increased 19.7 per cent over the month, and were 9.4 per cent above the total for October last year. Comparisons of recent figures in detail are shown in accom panying tables. SAVINGS DEPOSITS (In Thousands of Dollars) Percentage Change Num ber Oct. 1935 compared of Oct. Sept. Oct. with: Banks 1935 1935 1934 Sept. 1935 Oct. 1934 A tlanta............... . $ 30,265 $ 30,275 $ 30,775 3 - 0.0 — 1.7 Birmingham . 3 18,164 17,888 15,505 + 17.1 h 1.5 Jacksonville....... 17,359 16,975 13,937 + 2 4 .6 - 2.3 Knoxville............ 6,102 5,962 4,447 + 3 7 .2 - 2.3 Nashville............ - 1.1 4 23,570 + 3.2 23,324 22,834 New O rleans.. . . 34,545 34,475 30,092 - 0.2 + 1 4 .8 Other Cities........ . 35 71,884 + 1 1 .7 69,885 64,378 - 2.9 T o t a l ..................... 57 $ 2 0 1 ,8 8 9 $ 1 9 8 ,7 8 4 $ 1 8 1 ,9 6 8 + 1 .6 + 1 0 .9 3 R E V IE W DEBITS TO INDIVIDUAL ACCOUNTS* (In Thousands of Dollars) October September 1935 1935 Alabama—4 Cities...................... Birmingham............................. D othan..................................... M obile...................................... Montgomery............................ $ Florida—4 Cities........................ Jacksonville............................. M iam i....................................... Pensacola.................................. T am pa...................................... Georgia— 10 Cities...................... Albany...................................... A tlanta..................................... Augusta.................................... Brunswick................................ Columbus................................. Elberton................................... M acon...................................... Newnan.................................... Savannah.................................. Valdosta................................... Louisiana—New Orleans........... Mississippi—4 Cities.............. Hattiesburg.............................. Jackson..................................... M eridian.................................. Vicksburg................................. Tennessee—3 Cities.................... Chattanooga............................ Knoxville.................................. Nashville.................................. Total—26 Cities.............. $ October 1934 125,122 $ 65,521 3,227 29,731 26,643 111,089 $ 57,927 2,984 27,544 22,634 115,656 61,241 3,224 25,023 26,168 107,359 54,917 24,157 6,903 21,382 250,295 3,793 161,985 21,149 1,924 11,296 1,328 15,061 2,496 27,848 3,415 222,914 55,614 4,083 33,206 9,173 9,152 132,818 37,143 22,634 73,041 91,538 47,680 19,650 6,442 17,766 208,247 2,986 132,635 16,725 1,705 10,581 948 12,825 1,728 24,819 3,295 168,857 44,192 4,132 24,523 9,470 6,067 122,788 32,491 20,396 69,901 94,300 50,017 17,428 5,700 21,155 224,157 3,599 144,437 20,539 1,722 9,352 912 13,014 1,560 25,743 3,279 219,055 51,203 3,733 32,006 8,491 6,973 112,952 31,521 18,766 62,665 894,122 $ 746,711 $ 817,323 * Monthly totals are derived from weekly reports by prorating figures for those weeks which do not fall entirely within a single calendar month. AGRICULTURE November reports confirm earlier indications regarding the general crop situation, according to the general crop report of the United States Department of Agriculture. There still appears to be an adequate supply of nearly all food crops except certain classes of wheat. The potato crop is smaller than was expected, and includes some potatoes that were damaged by freezing, and while there is no shortage, there will be close utilization of the lower grades. The bean crop is large, but not seriously excessive, and there has been an ample supply of most vegetables. A very large quantity of vegetables have been canned and there are fairly large sup plies of winter vegetables in storage. October frosts and freezes reduced prospects for several late crops somewhat. In the table November estimates for certain crops are com pared with those for October, and with 1934 production. There were no changes in the October estimates for wheat, oats, hay and peaches. In the Sixth District the November estimates indicate an increase of 1.8 per cent in the com crop, which, however, is still expected to be 3.1 per cent smaller than in 1934, and small increases in tobacco and potatoes. The corn estimates increased somewhat over the month in Louisiana, Mississippi and Alabama, but declined in Tennessee. The tobacco esti mate for Tennessee increased slightly. The estimate for white potatoes increased in Georgia, and those for sweet potatoes increased in Alabama, Georgia and Mississippi, but declined in Louisiana and Tennessee. Peanut estimates increased over the month in Alabama, Florida, Georgia, and Mississippi, but declined in Louisiana and Tennessee, and pecan estimates increased in Alabama and Florida, but declined in Georgia, Louisiana and Mississippi. For the producing states in the District combined, however, peanuts and pecans show sub stantial increases over 1934. U N ITE D STATES—In Thousands of Units Estimates— 1935 Nov. 1 Oct. 1 Com, bushels............................... Tobacco, lbs................................. White Potatoes, bushels............ Sweet Potatoes, bushels............. Rice, bushels................................ Apples, bushels............................ Pears, bushels.............................. Grapes, to n s................................ Peanuts, lbs.................................. Pecans, lbs.................................... 2,211,268 1,300,036 353,805 68,186 38,730 168,465 21,255 2,326,680 1,279,945 95,340 2,213,319 1,272,945 365,995 69,027 38,918 168,209 21,425 2,327,348 1,239,880 88,450 Production 1934 1,377,126 1,045,660 385,421 67,400 38,296 120,670 23,490 1,931,168 1,063,035 40,375 M O N T H L Y 4 COTTON ESTIMATES—Bales Estimates— 1935 Nov. 1 Oct. 1 1,065,000 29,000 1,075,000 575,000 1,255,000 325,000 1,050,000 30,000 1,078,000 600,000 1,285,000 380,000 950,000 28,000 968,000 485,000 1,143,000 404,000 Total—Six States.................... Total—United S tates............. 4,324,000 11,141,000 4,423,000 11,464,000 3,978,000 9,636,000 CASH R E C E IPT S FROM SALE OF PRIN CIPA L FARM PRODUCTS Jan.-Sept. Incl. (In Thousands of Dollars) 1932 1933 1934 1935 T o tal................................. $ $ 43,081 $ 61,209 43,756 32,320 46,499 43,651 270,516 $ 39,709 $ 51,023 59,850 33,417 45,664 44,297 273,960 $ SUGAR MOVEM ENT—Pounds Raw Sugar October 1935 September 1935 Octber 1934 Production 1934 Alabam a....................................... Florida.......................................... Georgia......................................... Louisiana...................................... Mississippi.................................... Tennessee..................................... Alabama............................... Florida.................................. Georgia................................. Louisiana.............................. Mississippi........................... Tennessee............................. R E V IE W 62,824 $ 69,989 69,326 45,192 51,088 54,909 353,328 $ 51,450 67,398 73,933 40,330 52,426 62,330 Receipts: New Orleans............................ Savannah.................................. Meltings: New Orleans............................ Savannah.................................. Stocks: New Orleans............................ Savannah.................................. Refined Shipments: New Orleans............................ Savannah.................................. Stocks: New Orleans............................ Savannah.................................. TRADE Retail Department store sales in the Sixth District increased from September to October by considerably less than the usual seasonal amount, and continued greater than a year ago, stocks also increased and collections improved. Statistics compiled by the United States Department of Commerce indicate that daily average sales of general merchandise in small towns and rural areas of the South increased 54 per cent from August to September, and in that month were 7 per cent larger than a year earlier, and for the first nine months of 1935 have been 26 per cent greater than in that part of 1934. October sales reported by 60 firms located in 28 cities of the District increased 24.2 per cent over September, but Octo ber had three more business days, and the increase in daily average sales was about 10 per cent. October sales were 8.6 per cent greater than in that month a year ago, and larger 40,740,165 4,437,919 19,515,510 45,765,952 58,418,299 19,238,845 64,149,493 25,685,520 62,795,550 64,515,205 29,549,872 46,574,547 25,698,224 53,843,367 48,691,453 38,367,190 64,005,827 27,705,563 76,118,057 28,832,154 50,862,654 44,295,738 18,785,315 3,505,980 18,922,693 2,925,613 21,773,126 13,739,602 Sugar (Pounds) R IC E M OVEM ENT Rice Millers Association Statistics October Aug.-October Incl. 347,867 The November estimate of the Florida citrus crop, from the bloom of 1935, indicates the production of 16 million boxes of oranges, compared with the estimate a month ago of 15 million boxes and with production last season of 17.6 million boxes, and of 10.5 million boxes of grapefruit, compared with the earlier estimate of 10 million boxes, and, with production of 15.2 million boxes during last season. The grapefruit estimate was adversely affected considerably more than that of oranges. Cotton The November estimate of the cotton crop in the United States indicates a reduction of 323,000 bales from the October estimate, but is 1,505,000 bales larger than 1934 production. In the six states of this District the estimate shows a decline of 99,000 bales from October to November, but an increase of 346,000 bales over 1934. In these six states ginnings up to November 1 this year had amounted to 3,799,923 bales, an increase of 9.3 per cent over the amount ginned to the same time last year, but for the country as a whole ginnings during this period show a decrease of 2.2 per cent. Estimates for the six states of this District are compared in the table. 62,271,690 11,970,025 Receipts of Rough Rice*: Season 1935-36........................ Season 1934-35....................... ..... Distribution of Milled Rice**: Season 1935-36............................ Season 1934-35....................... Stocks: October 31, 1935......................... October 31, 1934......................... 2,401,525 1,973,672 3,603,104 3,053,174 1,223,746 992,963 2,145,758 2,295,441 Rough* +10.4 — 3.0 + 12.4 -H 2.2 + 17.0 +14.1 + 9.9 + 5.7 + 8.6 + 8.4 + 8 .6 +23.6 +48.6 +61.0 +28.4 +34.7 +26.2 +24.2 + 6.1 — 0.5 + 6 .9 + 5.6 +11.1 + 5.5 + 4.6 + 4.3 + 5.1 + 8.7 — 2.2 +26.0 +13.0 + 0.9 — 1.3 — 9 .3 + 6 .8 + 2.3 734,363 1,195,209 * Barrels of 162 lbs. ** Pockets of 100 lbs. SALES OF FE R T IL IZ E R TAX TAGS (From statistics compiled by National Fertilizer Association) Short Tons Oct. 1935 Sept. 1935 Oct. 1934 Aug. 1 to Oct. 31. 1935 1934 Alabama........................... Florida.............................. Georgia............................. Louisiana.......................... Mississippi........................ Tennessee......................... 750 51,760 3,250 3,313 500 10,350 350 25,870 1,340 5,690 ............ 5,647 700 41,999 975 9,427 103 7,645 1,550 91,991 5,063 9,253 800 17,560 1,800 92,423 1,528 18,011 1,476 15,065 T o ta l..................... 69,923 38,897 60,849 126,217 130,303 than for any other October since 1930, and for the first ten months of 1935 total sales by these firms have been 5.1 per cent larger in dollar value than in that part of 1934. Stocks of merchandise on hand at the end of October averaged 5.3 per cent larger than a month earlier, and 2.3 per cent larger than a year ago, and the rate of stock turnover rose from .28 for September to .32 for October, compared with .30 for that month last year. Collections also improved in October, evi denced by a ratio of 32.3 per cent for that month compared with 27.9 per cent for September, and 31.9 per cent for Octo ber, 1934. The October ratio for regular accounts was 36.1 per cent, and for installment accounts 15.4 per cent. Percentage comparisons shown in the table are based upon figures reported in actual dollar amounts and make no allow ance for changes in the level of prices. Index numbers on page 8 are based upon reports from a smaller number of firms whose figures have been reported over a long period of years. RETA IL TRADE IN T H E SIX TH D ISTR IC T D URING OCTOBER 1935 Based on confidential reports from 60 department stores Comparison o p N b t S a le s Comparison o p S tocks October 1935 Year to October 31, 1935 Stock T u rn o ver with: date with with: Same month Previous same period Same month Previous October Jan.-O ct. Inc. a year ago M onth last year a year ago M onth 1935 1934 1935 1934 Atlanta (6).................................. Birmingham (6).......................... Chattanooga (4)......................... Jacksonville (3 ).......................... Miami (3).................................... Nashville (4)............................... New Orleans (5)......................... Other Cities (29)........................ D ISTRICT (60)......................... Clean** 1,264,306 993,662 + 9.7 + 5 .6 + 6.9 — 0.2 + 4.6 + 9.9 — 3 .6 +12.0 + 5.3 .38 .30 .32 .27 .38 .29 .33 .28 .32 .37 .32 .33 .26 .34 .26 .28 .25 .30 3.63 2 .68 2.7 9 1.90 3.4 0 2.41 2.64 2.4 2 2.78 3.61 2.9 5 2.7 6 1.82 3.52 2.35 2.4 3 2.4 2 2.7 4 C o l l e c t io n R a t io October 1935 Sept. 1935 October 1934 28.1 34 .2 32.5 26.1 28.6 24.2 27.3 34.2 35.1 26.5 36 .4 25.2 2 7. 9 32.7 4 1 .0 29 .9 31.9 . . . . !!!! 30i3 4 1.6 31.1 32 .3 . . .4 NOTE: The rate of stock turnover is the ratio of sales during given period to average stocks on hand. The collection ratio is the percentage of accounts outstanding and due a t the beginning of the month which were collected during the month. M O N T H L Y WHOLESALE TRADE IN OCTOBER 1935 Sixth Federal Reserve District* Percentage Comparisons October 1935 with: Jan.-Oct. Inc. 1935 Number Sept. October with same of Firms 1935 1934 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 therC ities................. Stocks................................... Furniture: Sales...................................... A tlanta......................... O therC ities................. Stocks................................... Electrical Supplies: Sales...................................... New Orleans................ Stocks................................... Drugs: Sales...................................... Stationery: Sales...................................... 84 29 + 9.7 +0.5 + 8.8 +3.5 + 3.8 ........... 19 3 4 3 9 3 + 6.5 + 1 8 .8 + 7.2 — 6.3 +7.3 +5.9 + 5.8 — 9.0 + 9 .4 + 1 1 .6 +7.8 — 5.2 + 1.8 — 9.8 + 0.6 +3.4 +8.6 ........... 14 3 11 7 + 1 0 .0 + 6.3 + 11.1 — 2.6 + 1 1.3 + 1 6.5 +9.9 — 5.1 — 10.4 — 6.2 — 11.5 ........... 25 3 5 17 9 + 1 6 .0 + 1 7.9 + 8.4 + 1 9 .9 +0.3 + 9.5 + 7.0 +1.3 + 14.5 +7.8 + 6.9 + 11.3 +1.7 +9.0 ........... 9 4 5 6 +7.1 +31.1 — 2. 6 +2.8 + 1 7 .8 + 6 5 .4 +1.9 +7.5 + 1 1 .4 + 2 0.6 +8.3 ........... 5 3 3 +0.8 +8.1 — 0.5 + 1 5 .2 — 7. 4 +7.5 + 21.7 + 1 8 .6 ........... 7 +8.8 + 4 .6 + 6.4 3 — 7.5 + 3.3 + 4.3 COLLECTION RATIO** Oct. 1935 Sept. 1935 Oct. 1934 Groceries.................................. Dry Goods............................... Hardw are................................. F urniture.................................. Electrical Supplies.................. Drugs........................................ 64.4 44.6 43.9 41.7 68.6 35.6 65.9 40.6 39.4 36.0 54.5 33.7 76.4 41.9 42.4 31.4 75.1 32.8 T o ta l............................. 48.9 46.3 50.1 * Based on confidential reports from 84 firms. ** The collection ratio is the percentage of accounts and notes receivable out standing at the beginning of the month which were collected during the month. Wholesale *October sales by 84 reporting wholesale firms in the Sixth District increased 9.7 per cent over September, and averaged 8.8 per cent greater than a year earlier. Increases over the month are shown for all reporting lines except Stationery. Stocks increased only slightly over September, and were 3.5 per cent larger than a year ago. Sales during the first ten months of 1935 averaged 3.8 per cent larger than in that part of 1934. Reported figures are compared in the accompanying table. Life October sales of new, paid-for, ordinary life insurInsurance ance in the six states located wholly or partly in the Sixth District increased 11.9 per cent over September, but were slightly less than in October a year ago, while total sales in the United States gained 21.3 per cent over the month and were 1.4 per cent above October last year. Figures compared in the table are from those compiled by the Life Insurance Sales Research Bureau. October 1935 (In Thousands of Dollars) Sept. October Jan.-to Oct. Incl. 1934 1934 1935 1935 Alabam a............ Florida.............. Georgia............. Louisiana.......... Mississippi......... Tennessee......... $3,166 4,544 6,252 4,018 2,263 4,965 $2,906 3,760 5,233 3,513 2,059 5,059 $3,447 3,972 5,958 4,514 2,197 5,209 $37,739 45,980 64,410 47,654 22,120 55,357 T o ta l............... United S tates. . . 25,208 501,850 22,530 413,716 25,297 494,782 273,260 5,110,950 Percent Change $37,088 + 45,696 + 66,980 — 44,611 + 23,889 — 57,343 — 275,607 5,116,629 1.8 0.6 3.8 6.8 7.4 3.5 — 0.9 — 0.1 COMMERCIAL FAILURES (From statistics compiled by Dun & Bradstreet, Inc.) Sixth District United States Number Liabilities Number Liabilities October 1935.................... September 1935............... October 1934.................... January-October 1935... January-October 1934... 37 40 25 382 343 $ 368,866 1,119,921 966,745 4,330,866 5,596,745 1,097 $22,243,941 806 21,837,926 1,091 19,968,448 10,012 192,655,065 10,299 225,986,775 5 R E V IE W BUILDING PE R M IT S - -OCTOBER Number Value 1934 1935 1935 Alabama Anniston......... Birmingham. . M obile............ M ontgom ery.. 45 407 61 136 23 427 79 239 Florida Jacksonville... M iam i............. Miami Beach. Orlando.......... T am pa............ 630 672 159 83 304 590 563 104 73 181 Georgia A tlanta........... Augusta.......... Columbus. . .. M acon............ Savannah....... 293 34 87 222 26 Louisiana New O rleans.. Alexandria Tennessee C hattanooga.. Johnson City. Knoxville........ Nashville........ Total—20 Cities.. Percent age Change In Value 7,718 107,716 399,266 60,281 + 132.9 + 85.7 88.6 0 .4 + 425,405 667,413 1,091,603 74,439 110,366 190,425 444,734 395,330 56,253 47,487 + 123.4 + 50.1 + 176.1 + 32.3 + 132.4 272 38 64 395 28 304,475 45,231 30,287 35,008 27,084 204,159 103,441 20,033 54,309 42,199 + 91 68 109 61 140,120 24,870 163,132 __ 14.1 12,005 + 107.2 407 7 92 145 275 3 54 98 129,144 3,528 188,033 404,048 57,925 + 123.0 250 + 1,,311.2 41,328 + 355.0 48,332 + 736.0 3,969 3,676 $4,024,913 $ 17,973 199,975 45,384 60,527 $ 1934 $2,456,323 + — + 49.1 56.3 51.2 35.5 35.8 63.9 INDUSTRY Building The value of buildings for which permits were and ^ issued during October at twenty reporting Construction cities in the Sixth District increased 14.4 per cent over the total for September, and exceeded that for October last year by 63.9 per cent. After increas ing in June and July to levels higher than for other previous months since April, 1931, the total declined some what in August and September. In October there were 11 increases over September, and 15 increases over October a year ago. For the first ten months of 1935 total permits issued at these twenty reporting cities have amounted to $32,821,027, larger by 68.7 per cent than for that part of 1934, 176.9 per cent greater than in those months of 1933, 106 per cent greater than in the corresponding period of 1932, and 32.4 per cent above the total for those months of 1931. Com parisons for the month are shown in the table. The value of building and construction contracts awarded in the Sixth District as a whole, according to statistics com piled 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, increased further from September to October by 33.1 per cent, was 64.9 per cent larger than the total for August but 7.5 per cent less than for July, and was more than double the total for October a year ago. Except for the July total, the October figure is the largest since March, 1934. Residential construction declined slightly over the month, but was 81 per cent greater than a year ago, but other contracts increased 50.3 per cent over September and were 120 per cent greater than for October last year. For the ten months of 1935 resi dential contracts have been twice as large as in that period last year, but other awards have been smaller by 21.4 per cent, so that the total for all awards for the ten month period shows a decrease of 4.3 per cent. Increases are shown in the state totals for five of the states in this district over Septem ber, and for all six states over October last year, and for tKe ten month period for Florida, Georgia and Tennessee. BUILDING AND CONSTRUCTION CONTRACTS AWARDED Oct. 1935 Sept. 1935 Oct. 1934 Sixth District- ■Total................. Residential . .......................... All Others. .......................... State Totals: A labam a.. . .......................... F lorida.. . . .......................... Georgia. . . .......................... Louisiana... Mississippi............................... Tennessee................................. $ 16,546,686 4,060,858 12,485,828 $ 12,435,535 4,129,921 8,305,614 5 7,919,528 2,242,932 5,676,596 1,600,900 6,990,100 2,543,100 2,845,500 1,757,600 3,161,300 1,434,200 5,704,300 3,664,500 348,000 1,750,000 965,300 2.263.800 1,504,000 1,700,600 1.474.800 1,560,100 United States—T otal................. Residential............................... Non-Residential...................... Public Works & Utilities........ 200,863,700 55,100,300 59,448,400 86,315,000 167,376,200 41,810,800 49,420,100 76,145,300 135,224,800 26,299,800 43,685,600 65,239,400 1,121,000 6 M O N T H L Y In the 37 states east of the Rocky Mountains total awards in October were 20 per cent larger than in September, and 48.5 per cent greater than a year ago, and for the ten month period total awards have been 4 per cent above the same period last year, while residential awards have been 84 per cent greater. Comparisons for the month are shown in the table. Lumber According to press reports, the demand for Southern Pine continued on a satisfactory basis during the first half of October, declined somewhat during the latter part of the month principally because of a reduction in government orders but has since improved. Retail yard trade is reported to have held up fairly well, but the retailers continue to buy only for current requirements. Railroad demand, reported as better in the first half of October, declined since that time. Orders booked by reporting mills during the six weeks ending November 9 averaged 45.4 per cent larger than those received by the same mills during that period a year^ago, and pro duction showed an increase of 64.0 per cent. During this six weeks period orders averaged 2.5 per cent less than produc tion. Figures compared in the table are taken from weekly statements compiled by the Southern Pine Association. Week Ended Number of Mills October 5 . . . . October 12. . . . October 19__ October 26___ November 2 ... November 9 ... 95 101 112 114 101 113 (In Thousands of Feet) Orders Production 1935 1934 1935 1934 28.874 29,536 32,589 30,750 34,588 25.874 21,982 20,343 20,763 22,094 23,411 16,748 29,846 31,407 33,848 31,310 31,766 28,674 Unfilled Orders 1935 1934 18,782 19,261 21,672 19,126 16,052 19,054 68,462 67,540 74,390 67,786 69,555 57,942 60,906 60,166 62,777 58,633 58,432 48,705 Cotton Consumption of cotton by American mills inConsumption creased 22.9 per cent from September to Octo ber, and was greater in October than in any other month since August, 1933. Exports of cotton also exhibited a substantial seasonal increase, being 46.2 per cent greater than in September, and larger than for any month since January, 1934. In the cotton states consumption increased 21.3 per cent from September to October, and in other states 31.5 per cent, while consumption in the cotton states was 11.4 per cent greater than a year ago, but in other states 16 per cent less. On a daily average basis, the increase over the month for the cotton states was 7.9 per cent, for other states 16.9 per cent, and for the country as a whole 9.3 per cent. In October con sumption in the cotton states accounted for 83.2 per cent of the total, compared with 84.3 per cent in October, and 78.8 per cent in October a year ago. For the first three months of the new cotton season, con sumption in the United States has been 13.8 per cent, and in the cotton states 19.0 per cent, greater than in that part of last season, but in other states it has been 7.2 per cent less. Exports for the three months period have been 8.9 per cent greater than a year ago. Census Bureau figures are com pared in the table. COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPINDLES U N ITED STATES—Bales Oct. 1935 Sept. 1935 Oct. 1934 Cotton Consumed....................... 552,187 449,126 Stocks........................................... 9,556,306 7,865,458 In Consuming Establishments 1,074,405 716,807 In Public Storage and at 8,481,901 7,148,651 Compresses.......................... Exports......................................... 711,664 486,764 Active Spindles—N um ber......... 23,192,602 22,683,818 523,032 10,521,297 1,140,493 9,380,804 615,593 25,103,884 COTTON GROWING STATES Cotton Consumed....................... Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......... ................ Active Spindles—N um ber......... 459,176 9,309,496 932,648 378,402 7,606,458 574,963 412,302 10,045,301 893,298 8,376,848 16,995,194 7,031,495 16,760,446 9,152,003 17,403,244 OTHER STATES—Bales Cotton Consumed....................... Stocks........................................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles—N um ber......... 93,011 246,810 141,757 70,724 259,000 141,844 110,730 475,996 247,195 105,053 6,197,408 117,156 5,923,372 228,801 7,700,640 R E V IE W Consumption of cotton in the three states of this District for which Census Bureau figures are compiled increased fur ther in October to the highest total since August, 1933. On a daily average basis the increase over September was 10.9 per cent, and over October, 1934, it was 17.4 per cent. For the first four months of the new season consumption in these three states has been 25.5 per cent greater than in that period a year ago. The figures by states are compared below. COTTONFCONSUMPTION—Bales * October September October 1935 1935 1934 August-Oct. Icl. 1935 1934 Alabama........................... Georgia............................. Tennessee......................... 60,058 105,807 13,245 49,120 84,056 10,340 54,461 86,318 11,781 151,623 268,589 34,812 120,844 212,367 29,422 T o ta l..................... 179,110 143,516 152,560 455,024 362,633 Cotton Operations at reporting cotton mills in the Manufacturing district increased substantially from Septem ber to October, as reflected in increases in production, shipments, orders and unfilled orders, and de creases in stocks on hand, and all of these items except stocks on hand, and employment at cloth mills, show increases over October, 1934. In the table are percentage comparisons of reported figures. Cloth Oct. 1935 compared with: Sept. 1935 Oct. 1934 Production........................ Shipm ents........................ Orders Booked................. Unfilled Orders................ Stocks on H an d .............. Number on payroll......... +10.6 + 10.9 + 104.8 + 40.3 — 2 .6 — 0.5 +4.7 + 38.6 +131.7 + 28.8 — 12.5 — 1.1 Yarn Oct. 1935 compared with: Sept. 1935 Oct. 1934 +21.6 + 38.8 +122.9 + 51.1 — 2.0 +2.1 + 46.3 + 102.6 + 4 3 4 .0 + 72.5 — 3.0 +20.9 Cotton Seed Operations at cotton seed oil mills in this and Cotton District continued in October at a level well Seed Products above the same period a year ago, and for the three months of the new cotton season receipts of seed were 5.9 per cent, and crushings were 20.3 per cent greater than in that part of last season. Production of the principal cottonseed products was also greater than a year ago, but stocks at the close of October, of seed and of the principal seed products, were smaller, except for a small increase in stocks of linters. For the country as a whole, crushings and production were greater than a year ago, and stocks of crude oil also increased, but supplies of other products were smaller. Census Bureau figures are shown comparatively in the table. Electric Total production of electric power fur public use Power in the six states located wholly or partly in the Sixth District declined 2.5 per cent from the record total for August, to September, but was 16.6 per cent greater than in September last year and was also greater than in September of other recent years for which figures are avail able. Daily average production increased from August to September by nearly one per cent. Cumulated totals for the first nine months of 1935 show an increase of 12.6 per cent over that part of 1934, and during this period production by use of water power accounted for 64.8 per cent of the total, compared with 61.3 per cent a year earlier. Figures com pared in the table are from those compiled by the United States Geological Survey. COTTON SEED AND COTTON SEED Sixth District* Aug. 1 to Oct. 31 1935 1934 PRODUCTS United States Aug. 1 to Oct. 31 1935 1934 Cotton Seed—Tons: Received at Mills........ 965,861 912,041 2,060,891 2,248,332 Crushed........................ 610,348 507,386 1,322,437 1,238,989 On Hand Oct. 31........ 401,046 472,587 828,029 1,232,104 Production: Crude Oil, lbs............... 187,953,226 161,384,260 398,643,829 377,778,488 Cake & Meal, to n s .... 268,423 219,515 595,801 554,918 Hulls, tons................... 160,406 138,434 338,050 324,847 Linters, Bales.............. 130,147 104,504 287,951 262,351 StnolrQat Tallies Opt • Crude Oil, lbs...*. . . ! . 21,463,238 29,146,050 64,704,874 59,843,100 Cake & Meal, to n s .... 97,732 105,055 253,294 258,923 Hulls, tons.................... 32,999 39,631 121,502 139,137 Linters, bales............... 45,610 44,767 140,874 145,889 * Georgia, Alabama, Louisiana and Mississippi. M O N T H L Y PRODUCTION OF ELECTR IC POWER Sept. Aug. 1935 1935 182,929 58,271 106,174 129,920 6,089 82,179 A labam a........................... Florida.............................. Georgia............................. Louisiana.......................... Mississippi....................... Tennessee......................... (Thousands of k. w. Hours) Sept. Jan. 1 to Sept. 30 1934 1935 1934 172,510 58,361 111,312 135,111 4,938 97,805 152,284 1,573,840 1,287,279 51,807 527,920 496,137 78,129 955,490 819,255 112,838 928,519 914,221 5,314 40,548 39,092 84,469 954,951 869,778 T o ta l..................... 565,562 580,037 484,841 By use of: W aterPow er 338,666 341,468 288,472 Fuels............ 226,986 238,569 196,369 Fuels consumed in pro duction of electric power: Coal—Tons...................... 14,110 12,685 12,372 Fuel Oil, bbls................... 212,741 217,808 192,232 Natural Gas—OOOcu.ft. 2,719,587 2,937,149 2,408,689 4,981,268 4,425,762 3,225,417 2,710,883 1,755,851 1,714,879 112,717 125,631 1,920,002 1,805,617 19,142,582 18,905,510 7 R E V IE W Pig Iron Production—Tons Total Daily Average Furnaces Active* United States: October 1935......................... September 1935..................... October 1934......................... January-October 1935......... January-October 1934......... January-October 1933......... January-October 1932......... 1,978,411 1,776,476 951,062 16,835,435 13,926,626 10,945,467 7,509,083 63,820 59,216 30,679 116 104 65 Alabama: October 1935............... .. September 1935..................... October 1934.......................... January-October 1935......... January-October 1934......... January-October 1933......... January-October 1932......... 103,437 91,305 58,663 978,107 1,016,131 678,257 563,803 3,337 3,044 1,892 8 6 4 * First of following month. Bituminous Production of bituminous coal increased 47.1 Coal Mining per cent from September to October to the highest level since March according to prelim inary statistics compiled by the United States Bureau of Mines, and was 11.9 per cent greater than in October last year. Part of the increases over September was due, however, to the longer month, and daily average production increased 30.8 per cent. Cumulated totals for the first ten months of 1935 show an increase of 1.3 per cent over that part of 1934. Preliminary figures are compared in the table. Coal Production—Tons Total Daily Average October 1935................................ 36,697,000 1,359,000 September 1935........................... 24,944,000r l,039,000r March 1935.................................. 38.655,000 1,487,000 October 1934............................... 32,807,000 1,215,000 1935 through October................ 298,899,000 ................... 1934 through October................ 295,208,000 ................... Number of Working Days 27 24 26 27 r-Revised. Coal production in Alabama and Tennessee was sharply curtailed the latter part of September by labor difficulties at many of the mines, and output in October has been much smaller than in earlier months. Press reports indicate that the strike in Alabama was terminated and mining resumed on November 18. Cumulated totals for the year through October 26 indicate that Alabama production has been 11.8 per cent less than in that part of 1934, and Tennessee output 1.5 per cent larger. Comparisons for recent weeks are shown in the table. Coal Production—Tons Alabama 1935 1934 Week Ended: October 5 ................... ........... 18,000 October 12............................... 15,000 October 19............................... 14,000 October 26............................... 13,000 November 2 ................. ........... 16,000 179,000 172,000 186,000 179,000 154,000 Tennessee 1935 1934 20,000 24,000 15,000 38,000 37,000 78,000 76,000 76,000 77,000 83,000 Pig Iron Total pig iron production in the United States, Production according to Iron Age statistics, increased 11.4 per cent from September to October, when it was more than double the output that month a year earlier, and the largest monthly total since May, 1934, and except for that month the largest since May, 1931. Daily Average production, because of the longer month, increased 7.8 per cent from September to October. At the close of October there were 116 furnaces active, compared with 104 a month earlier, and with 65 active at the same time a year ago. Cumulated totals for the first ten months of 1935 were 20.9 per cent greater than for that part of 1934, and the largest for the period since 1930. Press reports indicate that pig iron buying in Alabama has slowed somewhat in November from the more active condi tion which prevailed during the latter part of October, as most foundries are now covered for the remainder of the quarter. Quotations continue at $14.50 per ton. October pro duction in Alabama increased 13.3 per cent over that in Sep tember, and was 76.3 per cent greater than in October, 1934, although less than in March, April and May this year. On a daily average basis the increase over September was 9.6 per cent. Although Alabama production during August, Septem ber and October was greater than in those months a year ago, decreases were shown for each of the first seven months, and for the ten months of 1935 total production in Alabama has been 3.7 per cent less than in that part of 1934, but substan tially larger than in the same period of 1933 or 1932. At the end of October there were eight furnaces active, and on November 2 an additional furnace was blown in. Figures for the month are compared in the table. Naval There were small increases in receipts of both turStores pentine and rosin at the three principal markets of the district in October over those in September, when production was reduced as a result of the storm and heavy rains which accompanied the hurricane early in the month, and October receipts of turpentine were less than a year ago, but those of rosins slightly larger. Stocks of both commod ities at the end of October were well above those a year ago, and supplies of turpentine also increased somewhat over the month, but those of rosin declined. Improvement in demand for both commodities was reflected in increased quotations during September and the first three weeks of October, but since that time prices have receded somewhat. Turpentine quotations on the Savannah market increased from 39% cents per gallon on September 7 to 48% cents on October 19, but declined by November 16 to 45 cents, and the average of quo tations on the thirteen grades of rosin rose from $4.31 per 280 pounds on September 7 to $4.99 on October 19, and on November 16 was $4.75. Receipts and stocks for the month are compared in the table. NAVAL STORES Oct. 1935 Receipts—Turpentine (1) Savannah................................. Jacksonville............................. Pensacola................................. 9,566 7,833 3,247 Sept. 1935 Oct. 1934 8,354 6,998 3,446 10,941 11,400 2,820 T o ta l................................................20,646 18,798 25,161 Receipts—Rosin (2) Savannah................................. ...............41,638 Jacksonville............................. ...............41,862 Pensacola.................................................10,417 39,168 39,522 10,094 38,785 44,550 9,147 T o ta l................................................93,917 88,784 92,482 Stocks—Turpentine (1) Savannah................................. ...............45,422 Jacksonville............................. ...............53,641 Pensacola................................. ...............35,476 38,074 57,952 35,247 17,515 42,931 25,574 T o ta l................................. 134,539 131,273 86,020 Stocks—Rosin (2) Savannah................................. Jacksonville............................. Pensacola................................. 115,293 133,564 57,801 130,107 122,826 57,764 135,098 105,017 19,925 T o tal................................. 306,658 fl) ,2) Barrels of 50 Gallons. Barrels of 500 Pounds. 310,697 260,040 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA MONTHLY AVERAGE 1923-1925=100 O ct. 1935 A ug. 1934 76.7 188.7 74.2 78.1 81.9 73.4 91.0 175.9 72.2 85.7 93.5 87.9 97.6 140.7 56.4 54.7 61.2 63.9 70.2 194.8 73.3 76.0 79.1 71.2 89.8 161.3 77.2 76.3 81.9 80.0 90.6 192.0 73.4 79.0 81.7 87.9 98.3 186.9 76.5 82.2 89.0 79.8 96.8 147.8 62.2 69.1 79.9 76.4 82.0 171.6 70.5 71.0 73.7 81.9 90.0 192.9 75.6 80.0 135.5 77.4 95.5 61.5 70.0 69.6 76.1 94.0 39.0 46.7 59.3 48.6 56.3 114.0 47.7 52.6 65.6 60.0 65.9 126.5 50.7 56.2 72.1 57.8 69.3 92.2 35.8 44.3 64.0 57.7 57.6 104.1 43.4 47.2 68.5 59.7 62.9 115.3 45.6 44.6 73.0 63.8 67.2 Atlanta (3 firms)................................................................................ Birmingham (3 firms)........................................................................ Chattanooga (3 firms)....................................................................... Nashville (4 firms)............................................................................. New Orleans (4 firms)................................... .................................... DISTRICT (27 firms)....................................................................... 98.9 41.1 48.1 59.9 49.6 58.0 103.6 46.3 50.6 61.3 57.1 62.2 112.9 46.1 50.2 63.8 52.5 . 62.4 97.1 37.7 45.7 64.6 58.9 59.3 94.6 42.1 45.4 64.0 56.9 59.3 102.9 41.5 39.8 64.6 58.0 60.5 WHOLESALE TRADE—SIX TH D ISTRICT—TO TA L........ Groceries (19 firms)........................................................................... Dry Goods (14 firms)........................................................................ Hardware (25 firms).......................................................................... Furniture (9 firms)............................................................................. Electrical Supplies (5 firms) ........................................................... Stationery (3 firms)............................................................................ 66.3 53.7 75.1 68.3 60.8 95.1 44.9 83.9 68.3 54.6 82.2 74.5 58.2 90.5 78.9 74.5 99.7 48.1 93.7 62.1 52.0 82.8 61.0 52.3 73.2 43.9 77.7 63.3 53.3 60.8 55.2 71.8 46.7 77.8 67.7 54.2 79.2 71.9 63.2 78.9 46.6 89.0 LIFE INSURANCE SALES—SIX STATES—TOTAL 62.1 51.1 74.7 66.5 65.2 46.1 63.1 53.7 42.8 63.5 57.1 55.4 47.1 53.8 60.0 46.7 76.8 65.4 53.0 79.1 70.6 76.2 58.8 56.6 55.0 48.8 65.8 61.6 57.0 47.3 48.5 60.2 50.8 67.1 65.0 71.2 50.3 55.4 32.5 16.9 16.7 29.0 52.8 14.4 43.6 31.3 16.3c 8.9 3.3 14.6 DEPARTM ENT STORE TRADE—SIX TH D ISTR IC T Daily Average Sales—U n ad ju sted Atlanta (3 firms)................................................................................. Birmingham (4 firms)........................................................................ Chattanooga (4 firms)........................................................................ Nashville (4 firms)......... .................................................................... New Orleans (5 firms)........................................................................ D ISTRICT (34 firms)....................................................................... Aug. 1935 157.4 58.7 60.8 67.8 68.6 S ep t. 1935 S ept. 1934 O ct. 1934 Daily Average Sales—A djusted* Atlanta (3 firms)................................................................................ Birmingham (4 firms)........................................................................ Chattanooga (4 firms)....................................................................... Nashville (4 firms)...... ....................................................................... New Orleans (5 firms)........................................................................ D ISTRICT (34 firms)....................................................................... 86.0 66.6 M o n th ly S tocks—U n ad ju sted Atlanta (3 firms)................................................................................ Birmingham (3 firms)........................................................................ Chattanooga (3 firms)....................................................................... Nashville (4 firms)............................................................................. New Orleans (4 firms)....................................................................... DISTRICT (27 firms)....................................................................... M o n th ly S tocks—Adjusted* Tennessee............................................................................................ BUILDING PER M ITS—TWENTY C IT IE S ............................ Birmingham........................................................................................ CONTRACT AWARDS—SIX TH DISTRICT—TO TA L ___ 28.6 20.0 All Others............................................................................................ WHOLESALE P R IC E S—UNITED STATES f ALL COM M O D ITIES.................................................................... Hides and leather products....................................................... Textile products......................................................................... Fuel and lighting........................................................................ Metals and metal products...................................................... Building materials...................................................................... Chemicals and drugs.................................................................. Housefurnishing goods............ ................................................. Miscellaneous.............................................................................. COTTON CONSUMPTION—UNITED STA TES................... 34.3 68.1 70.0 94.0 52.0 86.1 12.0 10.5 43.1 14.0 10.4 47.4 68.2 63.4 51.8 52.8 35.8 19.7 13.5 51.7 63.7 10.9 46.6 20.8 12.8 6.2 24.1c 6.1 6.2 20.2 15.4 3.3 21.0 20.0 10.6 21.8 13.2 7.3 23.1 7.6 12.7 31.8 22.6 35.4 29.4 39.4 47.1 28.9 59.3 18.0 80.7 79.5 85.6 76.5 81.8 70.2 57.2 71.0 29.8 58.5 97.7 76.5 101.6 10.8 22.8 86.6 86.6 80.5 78.2 85.0 78.3 93.6 72.9 73.4 86.5 85.4 78.6 80.5 67.3 85.9 80.2 80.5 67.1 86.1 81.1 80.6 67.5 76.4 69.8 73.9 78.3 83.8 70.8 74.6 86.7 85.8 75.7 81.8 70.2 79.3 107.2 134.1 53.9 135.8 174.7 133.1 81.8 98.3 49.2 103.3 95.4 100.7 80.5 79.3 84.9 77.9 89.6 70.9 74.1 86.2 86.1 77.8 90.9 71.8 73.0 26.3 77.6 73.4 76.1 78.3 84.1 71.1 74.6 86.6 16.0 26.9 76.5 70.6 74.8 78.0 83.8 70.3 74.6 86.3 85.2 77.1 81.7 69.7 Tennessee.................................................................................... 112.8 87.2 110.5 41.0 107.9 142.9 103.9 COTTON EXPO RTS—UNITED STA TES............................... 47.0 94.8 138.6 52.1 93.5 119.9 PIG IRON PRODUCTION—United S tates.............................. Alabama...................................... 59.0 34.5 59.5 39.3 66.2 35.3 27.3 30.1 24.9 31.8 25.3 All Other States.................................................................................. G eorgia.. . .................................................................................. 100.2 37.9 101.0 123.5 ♦Adjusted for Seasonal Variation. fCompiled by Bureau of Labor Statistics. 1926-100. 44.5 c—Corrected. 120.4 64.2 110.8 158.4 118.4
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