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

F E D
Vol. 20 No. 11

E R

A L

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.




A N K

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

O F

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.
P RCN
E ET

pE CN
R EX

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

$

$

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

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

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

S
tnolrQat T O
allies pt

•

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