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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 ix th Federal R eserve D istrict F E D Vol. 20 No. 10 E R A L R E S E R V E ATLANTA, GA., OCTOBER 31, 1935 NATIONAL SUMMARY OF BUSINESS CONDITIONS Prepared by the Board of Governors of the Federal Reserve System Industrial production and employment increased in Sep tember and distribution of commodities to consumers was in larger volume, reflecting in part seasonal influences. The gen eral level of wholesale prices showed little change. Production Output at factories and mines, as measured by and the Board’s seasonally adjusted index of indusEmployment trial production, advanced from 87 per cent of the 1923-1925 average in August to 88 per cent in September, reflecting chiefly increases in the output of iron and steel, lumber, cotton and silk textiles, and anthracite, offset in part in the total by declines in the production of automobiles and woolen textiles. At steel mills activity in creased from 49 per cent of capacity in August to 51 per cent in September, and during the first three weeks of October continued at about the September level. At automobile fac tories a sharp decline in output during September, as prepara tions were made for new models, was followed in the early part of October by a rapid advance. Lumber production con tinued to increase in September. In the cotton textile in dustry, where output had been at a relatively low level since April, activity showed a marked increase in September and there was also an increase in output at silk mills, while at woolen mills, where activity has been at an exceptionally high level for several months, there was a decline. Factory employment showed a seasonal increase between the middle of August and the middle of September. The num ber employed at foundries and in the lumber, nonferrous metals, and machinery industries increased substantially, while in the automobile industry there was a considerable decline. At cotton mills employment showed a seasonal in crease and at silk and rayon mills there was an increase of more than the usual seasonal amount, while employment at woolen mills and shoe factories declined. 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 . L a t e s t fig u re — Sep tem b er P r e li m in a r y 88. (1923-1925 a v e r a g e = 1 0 0 .) B A N K O F A T L A N T A This review released for publication in afternoon papers of October 31. The value of construction contracts awarded, as reported by the F. W. Dodge Corporation, was about the same in the six weeks ending October 15 as in the previous six weeks, reflect ing an increase in residential building, partly of a seasonal character, and a slight decline in other types of construction. Distribution Freight-car loadings showed an increase of more than the usual seasonal amount in Sep tember and increased further in the first half of October. Department store sales also increased by more than the esti mated seasonal amount in September, and for the third quar ter the average of the Board’s seasonally adjusted index was 80 per cent of the 1923-25 average as compared with 75 per cent a year ago. Commodity The general level of wholesale commodity prices, Prices as measured by the index of the Bureau of Labor Statistics, showed little change during Septem ber and the first three weeks of October. Prices of grains decreased in the middle of October, following a considerable advance, while prices of silk, hides, and copper increased throughout the period. Bank Reserves of member banks continued to increase durCredit ing the five weeks ending October 23, reflecting chiefly imports of gold from abroad. At the end of the period reserves in excess of legal requirements at $2,930,000,000 were at the highest level on record. At weekly reporting member banks in 91 leading cities adjusted demand deposits increased by $40,000,000 during the four weeks ending October 16, while United States Govern ment deposits declined and inter-bank balances rose to a new high level. Loans on securities decreased by $40,000,000, while other loans, including commercial credits, increased by $80,000,000. Yields on both short-term and long-term Government obli gations increased from the last week in August to the first part of October and subsequently declined. Other short-term open-market money rates remained at previous low levels. In d e x o f fa 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 re Sep tem b er P r e lim in a r y 81.7. (1923-25 M O N T H L Y 2 R E V IE W PER CENT Indexes of the U nited States Bureau of Labor Statistics. By m onths 1929 to 1931; by weeks 1932 to date. (1926=100.) L atest figures October 19; F arm Products 79.5; Foods 85.6; O ther Commodities 78.4. SIXTH DISTRICT SUMMARY The volume of trade at both retail and wholesale in the Sixth Federal Reserve District increased further from August to September and was greater than a year ago, but life insur ance sales declined in September, as they usually do in this District, and were slightly less than in that month last year. Building permits issued at principal cities declined slightly from August, but were more than double those in September, 1934, and construction contracts awarded in the District in creased over August and over September last year. Activity at textile mills and production of pig iron in Alabama, in creased over the month and was greater than a year ago. September sales reported by 60 firms in 28 cities of the District increased 7.7 per cent over August, and were 3.3 per cent greater than in September, 1934. For the first nine months of 1935 total sales by these firms have been 4.6 per cent greater than in that part of 1934. After adjustment for the number of business days and the usual seasonal increase, however, the adjusted index of sales declined from 98.3 per cent of the 1923-25 average for August to 96.8 per cent for September. Wholesale trade in the District, based on reports from 91 firms, increased 3 per cent from August to Septem ber, and was 6.9 per cent greater than in September last year, and for the first nine months averaged 3.1 per cent above that period in 1934. Life insurance sales declined 13.6 per cent over the month, were 2.4 per cent less than in September last year, and for the nine months averaged 0.9 per cent less than in that part of last year. Between September 11 and October 9 total volume of credit outstanding at weekly reporting banks in principal cities increased 9.4 millions, and was 15.3 millions greater than a year earlier. The recent increase was due to increases of 4.4 millions in loans and 5 millions in investments, principally United States securities. Demand deposits of weekly report ing member banks increased further during this period by 5.9 millions and were 59 millions greater than a year ago, and time deposits receded slightly and were 4.5 millions greater than at the same time last year. Federal Reserve note circu lation of this bank’s issue increased 8.6 millions between Sep tember 11 and October 9 and was 13.6 millions greater than a year ago, and member bank reserve account increased fur ther by 2.2 millions, and was 32.6 millions greater than on the same Wednesday last year. A decline in the small volume of discounts was only partly offset by an increase of industrial advances. Total building permits issued at twenty reporting cities of the District declined 3.8 per cent from August, but were 113.7 per cent greater than in September last year, and for the nine months of 1935 the total has been 68.9 per cent greater than in that part of 1934 and larger than for that part of any year since 1930. Building and construction contracts PER CENT Indexes of daily average value of sales. (1923-1925=100.) September (P re lim in a ry ): Adjusted 82, U nadjusted 86. L atest figure awarded in the District as a whole increased over August and were greater than a year ago. Notwithstanding the shorter month, consumption of cotton and production at re porting mills increased from August to September and was greater than a year ago. Pig iron production in Alabama also increased 14 per cent from August to September and was 57.9 per cent greater than a year ago, and coal mining in Alabama declined over the month and was less than in September last year and Tennessee production was about the same as in those periods. FINANCE Reserve Bank Credit Total volume of reserve bank credit outstanding at the Federal Reserve Bank of Atlanta has continued at approximately the same level for the past fifteen months. Between September 11 and October 9 there was a further decline in the already negligible volume of discounts for member banks and a small increase in the amount of industrial advances, while purchased paper re mained at the level it has been for the past five months and holdings of United States securities increased only slightly. Total bills and securities on October 9 were $73,000 less than four weeks earlier, but were $395,000 greater than on the same Wednesday last year because of the larger amount of industrial advances outstanding. Total reserves increased 13.6 millions during the four week period and were 46.4 millions above a year ago. Member bank deposits and Federal Reserve notes in circulation increased substantially during the month and were well above the corresponding date in 1934. The reserve ratio at 66.6 per cent is the highest since March 14, 1934. Principal items in the weekly statement of this bank are compared in the table, which is followed by another table set ting out similar comparisons for the twelve Federal Reserve Banks combined. F E D E R ^ RESERVE BANK OF ATLANTA (In Thousands of Dollars) Oct. 9 Sept. 11 1935 1935 Bills Discounted: Secured by Govt. Obligations All Others................................ Total Discounts.............. Bills Bought in Open M ark et. . Industrial Advances................... U. S. Securities........................... Total Bills and Securities Total Reserves............................ Member Bank Reserve Account Total Deposits............................ F. R. Notes in Actual Circulation Reserve R atio ............................. Commitments to make Indus trial Advances......................... $ ............ 35 35 169 1,079 94,223 95,506 176,455 107,857 116,635 148,479 66.6% 501 $ ............ 144 144 169 1,044 94,222 95,579 162,796 105,678 110,447 139,909 65.0% 600 Oct. 10 1934 $ 81 151 232 199 409 94,271 95,111 130,028 75,263 81,967 134,865 60.0% 70 M O N T H L Y (In Thousands of Dollars) Sept. 1935 Aug. 1935 FED ERA L RESERVE SYSTEM (In Thousands of Dollars) Oct. 9 Sept. 11 1935 1935 Bills Discounted: Secured by Govt. Obligations All Others................................ 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 a tio ............................. Commitments to make Indus trial Advances......................... $ 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 Oct. 10 1934 $ 4,130 7,909 12,039 5,809 3,708 2,430,202 302 2,452,060 5,186,387 3,978,521 4,212,939 3,184,558 $ 6,071 5,106 11,177 4,685 29,550 2,430,210 2,475,622 6,775,200 5,388,277 5,601,830 3,422,834 ............ 75.6% 75.1% 29,664 70.1% 26,859 26,538 1.809 Member Bank Credit Total loans of 17 weekly reporting member banks located in Atlanta, Birmingham, Jacksonville, Nashville, Chattanooga, Mobile and Savannah in creased 4.3 millions from September 11 to October 9 but were 9.8 millions less than a year ago. During the four week period investments rose 5 millions due principally to the increase in Government securities, and were 25.1 millions above a year ago. Time deposits decreased slightly but were above a year ago, and demand deposits were 59 millions greater than on October 10, 1934. Amounts due to and due from banks increased during the month and were substan tially above the like 1934 period. In the tables which follow are shown comparisons of principal items in the weekly re port, and savings deposits reported by a list of banks located throughout the District. CONDITION OF M EM BER BANKS IN SELECTED CITIES (In Thousands of Dollars) Oct. 9 Sept. 11 Oct. 10 1935 1935 1934 Loans: On Securities........................... All Others................................ Total Loans..................... U. S. Securities........................... Other Securities.......................... Total Investm ents.......... Total Loans and Invest m ents............................ Time Deposits............................ N et Demand Deposits............... Due to Banks.............................. Due from Banks......................... $ 39,452$ 123,366 162,818 109,193 76,831 186,024 41,271 $ 117,165 158,436 104,775 76,213 180,988 348,842 132,551 228,123 116,715 104,983 Number of Sept. Banks 1935 A tlan ta............... . Birmingham Jacksonville. . . . Knoxville........... . Nashville............ New Orleans.. . . . . Other Cities 3 3 3 4 5 35 T o ta l............... . 57 Aug. 1935 Sept. 1934 $ 30,275 $ 30,653 $ 30,326 17,888 17,867 15,297 16,857 13,712 16,975 5,962 5,856 4,196 23,324 23,701 23,303 34,475 34,459 29,442 70,230 69,885 63,445 198,784 199,623 55,860 116,822 172,682 101,161 59,694 160,855 339,424 133,005 222,228 109,934 95,053 SAVINGS DEPOSITS (In Thousands of Dollars) 179,721 333,537 128,052 169,040 77,463 76,760 Percentage Change Sept. 1935 compared with: Aug. 1935 Sept. 1934 — 1.2 — 0.2 + 0 .1 + 1 6 .9 + 0 .7 + 2 3 .8 + 1 .8 +42.1 — 1.6 + 0.1 + 0 .0 + 17.1 —0.5 + 1 0 .2 —0 .4 + 1 0 .6 Debits to Debits to individual accounts in 26 reporting Individual cities of the District increased 1.7 per cent from Accounts August to September, and were 8.3 per cent greater than in September last year. Fifteen cities reported gains over August, and all except one showed increases over September, 1934. Monthly totals compared in the table are derived from weekly reports by prorating figures for those weeks which do not fall entirely within a single calendar month. 3 R E V IE W Alabama—4 Cities..................... Birmingham............................ D othan..................................... Mobile...................................... Montgomery........................... $ 111,089 $ 57,927 2,984 27,544 22,634 Sept. 1934 95,184 $ 57,917 2,865 24,620 19,782 92,822 48,566 2,765 22,881 18,610 Florida—4 Cities........................ Jacksonville............................. M iam i...................................... Pensacola................................. Tam pa...................................... 91,538 47,680 19,650 6,442 17,766 99,932 52,604 20,784 6,989 19,555 81,193 44,125 14,232 5,263 17,573 Georgia— 10 Cities..................... Albany..................................... A tlanta.................................... Augusta.................................... Brunswick................................ Columbus................................ E lberton................................... M acon...................................... Newnan.................................... Savannah................................. Valdosta................................... 208,247 2,986 132,635 16,725 1,705 10,581 948 12,825 1,728 24,819 3,295 213,994 2,748 136,784 14,684 1,996 9,701 857 11,695 1,599 26,235 7,695 189,416 2,921 123,544 14,512 1,687 8,088 678 10,589 1,132 23,343 2,922 Louisiana—New Orleans........... 168,857 166,864 181,804 Mississippi— 4 Cities.................. Hattiesburg............................. Jackson.................................... M eridian.................................. Vicksburg................................ 44,192 4,132 24,523 9,470 6,067 33,405 3,633 17,711 7,221 4,840 41,160 3,291 24,416 8,515 4,938 Tennessee—3 Cities................... Chattanooga............................ Knoxville................................. Nashville.................................. 122,788 32,491 20,396 69,901 125,017 32,918 21,161 70,938 99,697 25,976 16,213 57,508 Total—26 Cities............. $ 746,711 $ 734,396 $ 686,092 AGRICULTURE The October Crop Report issued by the United States Department of Agriculture indicates a slight improvement in prospects for the principal late crops over September esti mates, with the exception of white potatoes which declined 7 million bushels partially due to severe frosts during the month in some northern states. The most important increase was in the corn estimate which improved by 29 million bushels. The com crop is estimated as 60.7 per cent greater than the very short crop last year, but is about 14 per cent below the average production during the 1928-32 period. Sup plies of late grown vegetables still appear to be adequate for usual requirements, but there is less evidence of excessive production than there was a month ago. Current estimates of feed grain production combined with estimates of farm carry over indicate that the supply is about 13 per cent below the 1926-33 average, but this is offset by the smaller number of grain-consuming animals and poultry which is estimated at about 14 per cent below the average. The pecan estimate was increased 12.2 per cent and was 119.1 per cent greater than the 1934 crop. Estimates for October 1 are compared in the table with those a month earlier, and with final produc tion last year. U N ITE D STATES—000 Omitted Estimates— 1935 Oct. 1 Sept. 1 Corn, bushels............................... Wheat, bushels............................ Oats, bushels............................... Tame Hay, tons.......................... Tobacco, lb s ....................................... White Potatoes, bushels............ Sweet Potatoes, bushels............. Rice, bushels................................ Apples, bushels............................ Peaches, bushels.......................... Pears, bushels.............................. Grapes, to n s................................. Peanuts, lbs.................................. Pecans, lbs.................................... Production 1934 2,213,319 598,935 1,183,870 76,707 2,183,755 595,000 1,181,692 74,880 1,377,126 496,929 525,889 52,269 1 ,2 7 2 ,9 4 5 1 ,2 6 3 ,5 9 3 1 ,0 4 5 ,6 6 0 365,995 69,027 38,918 168,209 52,380 21,425 2,327,348 1,239,880 88,450 372,677 68,735 38,724 167,864 52,200 21,344 2,313,745 1,233,190 78,860 385,421 67,400 38,296 120,670 45,665 23,490 1,931,168 1,063,035 40,375 In the Sixth District the October estimates decreased some what over those for September for com, tame hay, tobacco, and white potatoes. Each state in the District showed a decline in the com estimate, with the exception of Louisiana which remained unchanged. The total decrease in com was 4,345,000 bushels. Louisiana and Tennessee showed a small decline in tame hay. Tennessee also showed a small decline in tobacco. The estimate for white potatoes was reduced slightly for Georgia and Tennessee, while that for sweet pota toes was increased in Alabama but was reduced in Louisiana, 4 M O N T H L Y Mississippi, and Tennessee. The pecan estimate was increased in each state of the District except Florida and was substan tially above 1934 production. The estimate for apples declined 8.5 per cent from the previous month and was 23.6 per cent less than 1934 production. S IX TH D ISTRICT—000 Omitted Estimates— 1935 Oct. 1 Sept. 1 Corn, bushels............................... Wheat, bushels............................ Oats, bushels............................... Tame Hay, to n s.......................... Tobacco, lbs................................. White Potatoes........................... 152,875 3,753 10,881 2,152 149,789 13,045 Production 1934 157,220 3,753 10,881 2,281 150,302 13,157 160,725 3,841 10,091 2,067 110,635 15,109 Citrus Fruits Total production of Florida citrus for the 1935-36 season is estimated at 25 million boxes, of which 15 million boxes are oranges, including tangerines, and 10 million boxes grapefruit. The 1934-35 crop totaled 17.6 million boxes of oranges and tangerines and 15.2 million boxes of grapefruit. The storm early in September caused a heavy loss of fruit in extreme South Florida and along the lower west coast with the heavier loss to grapefruit. Sizes average better than a year ago and the quality should be good. Cotton The October estimate of the cotton crop in the United States was 0.2 per cent less than the Sep tember estimate, but was 19 per cent above the 1934 crop. In this District, the condition of the crop improved 3.5 per cent over the previous month, and was 11.2 per cent above 1934 production. Improvement during the month ranged in Ala bama, Florida, Georgia, Mississippi, and Tennessee from 1.9 per cent to 5.4 per cent and the only state to show a decline was Louisiana with a decrease of only 0.7 per cent. The only state in the District with an estimated smaller crop than last year was Tennessee, which showed a decline of 5.9 per cent. Ginnings to October have been 18.6 per cent above the same period last year for the six states in the District, but 14.7 per cent below last year for the country as a whole. Bales—000 Omitted Estimate Estimate Oct. 1, 1935 Sept. 1, 1935 Production 1934 Alabam a....................................... Florida.......................................... Georgia......................................... Louisiana...................................... Mississippi................................... Tennessee..................................... 1,050,000 30,000 1,078,000 600,000 1,285,000 380,000 996,000 29,000 1,031,000 604,000 1,239,000 373,000 950,000 28,000 968,000 485,000 1,143,000 404,000 Total—Six S tates.................... Total—United S tates............. 4,423,000 11,4 6 4 , 000 4,272,000 11,4 8 9 ,000 9 , 6 3 6 , 000 3,978,000 SUGAR M OVEM ENT—Pounds Raw Sugar September 1935 August 1935 September 1934 Receipts: New Orleans............................ Savannah................................. Meltings: New Orleans............................ Savannah................................. Stocks: New Orleans............................ Savannah................................. Shipments: New Orleans............................ Savannah................................. Stocks: New Orleans............................ Savannah................................. 40,740,165 4,437,919 42,513,202 35,475,808 79,376,052 27,929,573 64,149,493 25,685,520 86,135,716 48,090,591 93,898,596 63,682,750 25,698,224 53,843,367 49,108,551 75,090,968 91,987,870 57,116,443 76,118,057 28,832,154 78,830,734 34,178,567 80,221,411 44,047,500 18,922,693 2,925,613 26,972,115 3,809,046 10,655,682 13,009,368 Refined Sugar R E V IE W R IC E MOVEM ENT R IC E M ILLERS ASSOCIATION STATISTICS September Aug.-September, Inc. Receipts of Rough Rice:* Season 1935-36..............................................929,819 Season 1934-35....................... ......................835,854 Distribution of Milled Rice:* Season 1935-36....................... ......................590,550 Season 1934-35....................... ......................747,242 Stocks: Rough* September 30, 1935................ ..................... 292,982 September 30, 1934................ ......................293,504 — 0.4 + 2.4 + 2.3 + 9 .4 + 1 5 .9 +3.5 +3.1 + 4.7 +3.3 +6.8 + 1 4 .2 + 1 4.2 + 14.8 +3.7 +7.4 — 4. 8 + 2 0.5 +7.7 +5.5 — 0.1 +6.1 + 4.5 + 10.5 +4.3 +3.8 + 4.1 +4.6 +9.6 + 1.9 +11-5 + 4.7 +4.1 — 4. 3 +0.5 + 2.5 + 3. 4 922,012 1,302,478 Milled** 415,811 789,622 * Barrels of 162 lbs. ** Pockets of 100 lbs. Fertilizer Tag Sales Sales of fertilizer tax tags in the six states located wholly or partly in this District increased 123.6 per cent from August to September were 8.2 per cent less than in September, 1934. Sales during August and September, the first two months in the new sea son, were 18.9 per cent below the same months last year. However, sales for the first nine months of 1935 were 12.1 per cent greater than those during the corresponding period last year. Figures compared in the table are from those com piled by the National Fertilizer Association. (Short Tons) Sept. 1935 Aug. 1935 Sept. 1934 Alabama....................................... Florida.......................................... Georgia......................................... Louisiana...................................... Mississippi.................................... Tennessee..................................... 350 25,870 1,340 5,690 ............ 5,647 450 14,361 473 250 300 1,563 550 29,478 270 6,634 288 5,132 T o tal......................................... 38,897 17,397 42,352 TRADE Retail Department store sales in the Sixth District inTrade creased slightly less than the usual seasonal amount from August to September, but continued greater than a year ago, stocks on hand increased over the previous month and September, 1934, the rate of stock turnover de creased slightly during the month but was at the same rate as a year ago, and the collection ratio declined compared with that of August but was higher than September last year. September sales reported by 60 firms in 28 cities of the District increased 7.7 per cent over August, and were 3.3 per cent greater than in September, 1934. The index for Septem ber, after adjustment for the number of business days and the usual seasonal trend declined from 98.3 per cent in August to 96.6 per cent in September, and with the exception of August was the highest for any month since September, 1930. For the first nine months of the year, total sales have been 4.6 per cent above the like 1934 period. Stocks on hand at the end of September were 15.0 per cent larger than for August, and were 3.4 per cent above a year ago. The rate of stock turnover declined from .29 for August to .28 for September, the same as for September last year. The collection ratio declined from 28.7 per cent in August to 27.9 per cent in September, compared with 27.5 per cent in September, 1934. The ratio for regular accounts in September was 30.7 per cent, and for installment accounts 15.7 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 THE SIX TH D ISTRICT DURING SEPTEM BER 1935 Based on confidential reports from 60 department stores C omparison of N et Sales C omparison of Stocks September 1935 Year to September 30, 1935 S tock T urnover with: date with with: Same month Previous same period Same month Previous September Jan. to Sept. a year ago Month last year a year ago Month 1935 1934 1935 1934 Atlanta (6).................................... Birmingham (6)............................ Chattanooga (4)........................... Jacksonville (3)............................ Miami (3)...................................... Nashville (4)................................. New Orleans (5)........................... Other Cities (29).......................... DISTRICT (60)........................... 1,201,579 1,079,502 + 2 0 .8 + 8.3 + 12.5 + 11.9 + 3.5 + 10.6 + 2 3 .4 + 12.1 + 15.0 .39 .30 .29 .19 .24 .24 .26 .24 .28 .42 .31 .30 .18 .23 .22 .23 .24 .28 3.26 2.38 2.47 1.62 3.03 2.13 2.29 2.15 2.46 3.26 2.63 2.42 1.56 3.19 2.10 2.15 2.18 2.44 C ollection R atio Sept. 1935 Aug. 1935 Sept. 1934 26.1 28.6 24.2 25.3 31.1 28.0 26.3 27.9 26.1 26.5 36.4 25.2 27.9 28.0 37.4 26.6 28.7 25.5 36.1 24.3 27.5 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 at the beginning of the month which were collected during the m onth reported on. M O N T H L Y Wholesale The volume of wholesale trade in the Sixth DisTrade trict increased further from August to Septem ber, and was 6.9 per cent greater than in Septem ber, 1934. The index number for September, based upon re ports from 91 firms in eight different lines of business, was the highest for any month since October, 1930. Stocks were about the same in September as in August, and were 11.2 per cent above September last year. The collection ratio was slightly less than in August but was 5.7 per cent better than September a year ago. Reported figures are compared in the table. WHOLESALE TRADE IN SEPTEM BER 1935 Sixth Federal Reserve District* Percentage Comparisons September 1935 with: Ja n .-S ep t. Number August Sept. with same of firms 1935 1934 period last year All Lines Combined: Sales.............................. Stocks........................... Groceries: Sales.............................. Jacksonville.......... New Orleans........ Vicksburg............. Other Cities......... Stocks........................... D ry Goods: Sales.............................. Nashville.............. Other Cities......... Stocks........................... Hardware: Sales.............................. Nashville.............. New Orleans........ Other Cities......... Stocks........................... Furniture: Sales.............................. A tlanta................. Other Cities......... Stocks........................... Electrical Supplies: Sales.............................. New Orleans........ Other Cities......... Stocks........................... Drugs: Sales.............................. Stationery: Sales.............................. 91 29 + 6.9 + 3.1 — 9.7 + 2.7 + 1 1 .4 — 15.7 — 1.7 + 1 3 .2 + — — + + + 9.5 + 3 7 .0 + 3.5 — — — — + 3.0 — 0.3 + 1.8 19 3 4 3 9 3 + 1.8 — 1.8 14 3 11 7 — 2.1 +11.2 + 1.1 + 6.6 + 2.7 806 $21,837,926 910 17,845,596 790 16,440,147 8,915 170,411,124 9,208 206,018,327 Anniston................... Birmingham............. + 6.5 Florida Jacksonville............. M ontgomery............ 27 374 33 161 19 $ 342 70 170 556 492 90 97 283 559 481 78 58 207 234 52 113 165 18 19,574 $ 155,836 36,724 95,802 Percentage Change in Value 5,070 91,208 36,976 53,625 +286.1 + 70.9 — 0.7 + 78.7 354,210 469,548 1,069,920 127,101 82,207 165,865 238,755 503,100 50,678 37,206 + 113.6 + 96.7 + 112.7 + 150.8 +121.0 266 45 50 116 37 186,421 106,030 71,562 54,933 23,355 95,115 11,214 30,503 72,239 36,155 + 96.0 +845.5 +134.6 — 24.0 — 35.4 + 0.1 +11.8 + 1.7 + 8.2 9 4 5 6 + 1 4 .4 + 2 8 .5 + 9.5 + 3.4 + 2 5.9 + 4 6 .6 + 19.1 + 5.4 + 10.5 + 14.4 + 9.2 12 4 8 3 — 1.2 + 6.5 — 4.4 + 2 2 .3 + 22.7 Savannah................. + 0.2 + 3 1 .6 + 3 5 .4 + 2 9 .9 + 1 5.7 66 + 2.7 + 1 0 .9 + 6.7 Louisiana New Orleans............ Alexandria................ 80 7 51 133,415 26,941 42,904 9,646 +21 1 .0 + 179.3 3 +1 5 .8 + 1 1.5 + 4.4 Tennessee Chattanooga............ Johnson C ity........... Knoxville.................. Nashville.................. 397 5 78 106 252 5 47 99 141,258 2,850 270,772 88,728 44,019 4,050 19,869 97,663 + 220.9 — 29.6 + 1 ,2 6 2 .8 — 9.1 Total—20 Cities___ 3,427 3,018 $3,517,187 $1,645,860 +113.7 T o ta l..................... 46.3 +22.1 Sept. 1934 73.6 37.0 38.3 35.5 57.2 33.8 66.7 36.7 34.2 30.8 60.6 29.6 47.3 43.8 (In Thousands of Dollars) Aug. Sept. January to Sept., Inc. Percent 1935 1935 1934 1934 Change 6,102 4,129 2,015 5,937 3,307 $ 34,573 $ 33,641 3,892 41,436 41,724 5,647 58,158 61,022 3,610 43,636 40,097 2,067 19,857 21,692 4,562 50,392 52,134 26,072 456,397 23,085 248,052 250,310 399,687 4,609,100 4,621,847 3,469 $ 4,420 2,906 $ 3,760 5,233 3,513 2.059 5.059 Miami Beach........... Georgia Columbus................. Life Total sales of new, paid-for, ordinary life insurInsurance ance in the six states located wholly or partly in this District declined 13.6 per cent from August to September, but were only slightly less than those in Sep tember, 1934. It is usual for sales to decline from August to September in this District, last year the decline being 16 per cent, and in the year before 13.7 per cent. The September index number was lower than for any month since September, 1933. For the country as a whole, sales declined 9.4 per cent from August to September, but were 3.5 per cent above Sep tember last year. Sales for the states in this District and for the country as a whole have been practically the same for the first nine months of this year as for the same period a year ago. 22,530 413,716 $ 1,119,921 514,913 419,875 3,962,000 4,630,000 BUILDING PER M ITS Number Value September September 1935 1934 1935 1934 -13.3 - 9.3 -14.4 7.5 7.8 7.4 1.9 40 51 35 345 318 Building The total value of building permits issued durand ing September at 20 reporting cities in this Construction District declined slightly from August but was 113.7 per cent greater than in September last year, and was the largest total for that month since Septem ber, 1929. For the first nine months of this year, total per mits issued by the 20 cities totaled $28,796,114, an increase of 68.9 per cent over that part of 1934, and 170.6 per cent over the same period of 1933. Comparisons for the month are shown in the table. 1.3 9.9 0.4 2.4 8.7 * Based on confidential reports from 91 firms. ** The collection ratio is the percentage of accounts and notes receivable out standing a t the beginning of the month which are collected during the month. T otal....... United States September 1935............... August 1935..................... September 1934............... Jan.-Sept. 1935............... Jan.-Sept. 1934............... + 11.7 + 6.7 + 9.8 + 1 3 .6 + 4.6 — — — + Groceries.......................... ................... 65.9 Dry Goods....................... ................... 40.6 Hardware......................... ................... 39.4 F urniture..............................................36.0 Electrical Supplies.......... ....................54.5 D rugs....................................................33.7 Alabama.., . . $ Florida........ Georgia....... L ouisiana... Mississippi.. Tennessee... COMMERCIAL FAILURES (From statistics compiled by Dun & Bradstreet, Inc.) Sixth District United States Number Liabilities Number Liabilities 0.3 8.7 3.9 3.4 25 3 5 17 9 COLLECTION RATIO** Sept. 1935 Aug. 1935 Sept. 1935 5 R E V IE W + — — + — — 2.8 0.7 4.7 8 .8 8.5 3.3 — 0.9 — 0.3 66 The value of building and construction contracts awarded in the Sixth District as a whole, according to statistics compiled by the F. W. Dodge Corporation and subdivided into district totals by the Division of Research and Statistics of the Board of Governors of the Federal Reserve System, after declining sharply from July, the highest point since March, 1934, to August, increased 24 per cent in September, and was greater than in September last year by 77.1 per cent. Residential construction was larger by 177.5 per cent, and All Others by 50.1 per cent than a year ago. For the nine months of 1935, residential construction contracts in this District have been a little more than twice the total for that period in 1934, but other contracts have been 29.1 per cent less, and the total for all contracts is 11.8 per cent less than for that part of last year. State totals show increases over September last year except in Mississippi, but for the nine months period Florida and Georgia show the only increases in this District over that period last year. In the 37 states east of the Rocky Mountains the total value of contracts awarded in September was about the same as for August, but 52 per cent greater than a year ago, and residential contracts were larger than in September, 1934 by 134.2 per cent. For the nine months of the year, total awards were also approximately the same as for that part of 1934, but residential awards were larger by 80.2 per cent. Com parisons for the month are shown in the table. M O N T H L Y BUILDING AND CONSTRUCTION CONTRACTS AWARDED September August September 1935 1935 1934 $ 12,435,535 4,129,921 8,305,614 $ 10,031,921 2,801,634 7,230,287 1,434,200 5,704,300 1,121,000 3,664,500 348,000 1,750,000 167,376,200 41,810,800 49,420,100 76,145,300 Sixth District—T otal................. Residential............................... All Others................................ State Totals: Alabama................................... Florida...................................... Georgia..................................... Louisiana.................................. Mississippi............................... Tennessee................................. 37 Eastern States—T o ta l.......... Residential............................... Non-Residential...................... Public Works and Utilities. . . 1,547,000 3,501,500 2,578,200 1,817,200 674,800 1,166,700 168,557,200 40,528,300 58,488,500 69,540,400 $ 7,023,384 1,488,397 5,534,987 536,300 2,691,200 1,066,300 2,335,000 706,400 855,300 110,151,200 17,853,600 42,309,300 49,988,300 R E V IE W In the three states of this District for which separate figures are compiled by the Census Bureau, total consumption of cot ton increased further in September by 8.4 per cent, and was 65.4 per cent greater than a year earlier. On a daily average basis, however, allowing* for the Labor Day holiday, Septem ber consumption was 21.9 per cent greater than in August and the highest since January. For the two months of the new cotton season consumption in these States has been 31.3 per cent greater than in that part of the season before, but 17 per cent smaller than in those months of 1933. Sept. 1935 Lumber Press reports indicate that the Southern pine market continues on a satisfactory basis and is showing improvement. Retail yards have continued to buy only for their current needs, but at present this represents a satisfactory quantity. Railroad and industrial demand is still small. Reports to the Southern Pine Association by identical mills for the five weeks ending October 5 indicate that orders averaged 38.4 per cent greater than for the corresponding weeks of 1934, compared with an increase of 43.9 per cent in production, and an increase of 12.7 in unfilled orders. Orders approximately equalled production during the five week period. Weekly figures in the table are from those compiled by the Southern Pine Association. Week Ended Number of Mills S eptem ber?............. 142 September 14........... 112 September 21........... 116 September 28........... 92 October 5 .................. 95 (In Thousands of Feet) Orders Production Unfilled Orders 1934 1935 1934 1935 1934 1935 23,779 31,097 31,625 27,541 28,874 19,118 19,968 23,927 18,256 21,982 28,873 28,768 30,588 25,916 29,846 20,341 21,896 20,851 18,172 18,782 69,881 74,019 74,622 59,390 68,462 63,764 62,567 64,319 55,718 60,906 Cotton Consumption of cotton by mills in the United Consumption States increased 10 per cent from August to September, and was 52.5 per cent greater than September, 1934 when many of the mills were closed part of the month because of the general textile strike. On a daily average basis, September consumption increased 23.7 per cent over August. Stocks increased 20.3 per cent over August, but were 9.3 per cent less than in September last year. Exports in September were double those in August, and were 7.3 per cent larger than in September last year. Active spindles in September were slightly greater than in August and in Sep tember a year ago. Consumption in the cotton growing states accounted for 84.3 per cent of the total in September, against 84 per cent in the previous month, and 82.5 per cent in Sep tember, 1934. Census Bureau figures are compared in the table. COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPINDLES U N ITED STATES—Bales Sept. 1935 Aug. 1935 Sept. 1934 Cotton Consumed....................... Stocks........................................... In Consuming Establishments In Public Storage and a t Compresses.......................... E xports......................................... Active Spindles—Number.......... 449,126 7,865,458 716,807 408,410 6,537,762 644,926 294,414 8,674,964 1,057,900 7,148,651 486,764 22,683,818 5,892,836 241,484 22,046,652 7,617,064 453,659 22,111,932 COTTON GROWING STATES—Bales 378,402 342,935 Cotton Consumed....................... 7,606,458 6,240,443 477,626 574,963 In Consuming Establishments In Public Storage and at 7,031,495 5,762,817 Compresses.......................... 16,274,032 16,760,446 Active Spindles—N um ber......... OTHER STATES—Bales 65,475 70,724 259,000 297,319 167,300 141,844 In Consuming Establishments In Public Storage and at 117,156 130,019 Compresses.......................... 5,923,372 5,772,372 Active Spindles............................ 243,004 8,135,028 780,362 7,354,666 15,310,252 51,410 539,936 277,538 262,398 6,801,680 COTTON CONSUMPTION—Bales Aug. 1935 Sept. 1934 Aug.-Sept. Inc. Alabam a___ Georgia......... T ennessee.... 49,120 84,056 10,340 42,445 78,726 11,227 33,583 45,588 7,616 91,565 162,782 21,567 66,383 126,049 17,641 T o ta l......... 143,516 132,398 86,787 275,914 210,073 Cotton Reporting mills in the District produced more Manufacturing cloth and yam during September than in August and also had a larger number on payroll than at the end of August. Shipments, orders booked, and stocks on hand declined from the previous month, and while the unfilled orders for cloth also declined over the same period, unfilled orders for yam increased 19.9 per cent. All comparisons with September, 1934, show substantial increases, with the exception of unfilled orders, partially because most mills were closed during part of the 1934 month due to the general textile strike. Comparisons of reported figures are shown in the table. Cloth Sept. 1935 compared w ith: August 1935 Sept. 1934 Production....................... ........... + 6 .4 Shipments........................ ............— 19.2 Orders Booked................ ............— 16.3 Unfilled Orders............................— 2. 5 S to ck so n H a n d .............. ............— 5. 5 Number on Payroll......... ............+ 2 . 1 + 56.9 +17.1 + 115.2 — 7. 9 + 7. 4 + 18.6 Yarn Sept. 1935 compared w ith: August 1935 Sept. 1934 + 4 .6 — 7.7 — 18.6 + 1 9 .9 — 10.5 +9.7 +130.5 +104.3 +271.5 — 1.4 +22.2 +21.1 Cotton Seed Operations at cotton seed oil mills in this Dis and Cotton trict, during August and September, the first Seed Products two months of the new cotton season, were substantially above the same period last year, as reflected in the receipts and crushings of seed and in the production of the principal cotton seed products. Stocks of crude oil, cake and meal, and linters at the end of September were larger than a year ago, but stocks of cotton seed and hulls were smaller. For the country as a whole, operations during August and September were lower than a year ago and stocks of the principal products were smaller with the exception of cake and meal. Census Bureau figures are shown comparatively in the table. COTTON SEED AND COTTON SEED PRODUCTS Sixth District* United States Aug. 1 to Sept. 30 Aug. 1 to Sept. 30 1935 1934 1935 1934 Cotton Seed—Tons: Received a t M ills. .. Crushed.................... On Hand Sept. 30. . 578,981 334,763 289,751 514,677 265,689 316,920 964,133 581,142 472,566 1,233,132 637,049 818,844 Production: Crude Oil, lbs.......... Cake & Meal, to n s.. Hulls, tons............... Linters—b a le s ......... 102,297,380 146,527 90,321 68,873 84,495,390 116,461 74,724 53,969 173,475,852 259,662 153,277 122,172 193,289,867 284,781 171,348 131,378 Stocks at Mills Sept. 30: Crude Oil, lbs........... 20,512,256 Cake & Meal, to n s.. 86,762 Hulls, tons............... .32,107 Linters, b a le s.......... 42,376 14,638,265 60,630 34,880 35,431 40,878,094 196,095 86,674 96,991 45,764,563 168,611 88,846 116,398 * Georgia, Alabama, Louisiana and Mississippi. M O N T H L Y Electric Production of electricity for public use in the United Power States in August was the largest ever produced in that month. In the six states of this District, pro duction increased 4.4 per cent from July to August, and in creased 9.7 per cent compared with August, 1934, and was the largest total for any month in available records. For the first eight months of this year production increased 12 per cent over the like 1934 period, with water power supplying 65.4 per cent of the total this year against 61.5 per cent last year. Figures compiled in the table are from those compiled by the United States Geological Survey. PRODUCTION OF E LECTR IC POWER (Thousands of K. W. Hours) Aug. July Aug. Jan. 1 to Aug. 31 1935 1935 1934 1935 1934 188,690 Alabam a....................... 172,460 Florida.......................... 58,395 53,318 Georgia......................... 111,287 81,471 Louisiana...................... 135,111 127,921 Mississippi....................4,938 4,528 99,848 Tennessee..................... 97,814 T o ta l......................... 580,005 555,776 150,880 49,847 99,452 120,768 4,570 103,001 528,518 1,390,851 469,683 849,291 798,599 34,459 872,781 4,415,664 use of: W aterPow er 341,454 341,782 325,380 2,886,737 Fuels........... 238,551 213,994 203,138 1,528,927 Fuels consumed in pro duction of electric Power: Coal—T ons.............. 13,128 12,094 12,242 99,040 Fuel Oil, bbls........... 217,372 210,209 196,100 1,706,825 N at. Gas—000 cu.ft. 2,937,149 2,535,981 2,535,409 16,422,995 By 1,134,995 444,330 741,126 801,383 33,778 785,309 3,940,921 2,422,411 1,518,510 113,259 1,613,385 16,496,821 Bituminous Partly because of the shorter month, and labor Coal Mining difficulties, total production of bituminous coal in the United States declined 4.7 per cent from August to September, and was 10.4 per cent below September, 1934. Daily average production, however, was 7.2 per cent greater in September than in August. For the first nine months of the year production has totaled about the same as for the like 1934 period. Preliminary figures are compared in the table. Production—Tons Total Daily Average September 1935 ........................... August 1935................................. September 1934........................... Jan.-Sept. 1935........................... Ja n -S ep t. 1934 ........................... 24,886,000 26,112,000r 27,772,000 262,144,000 262,401,000 1.037.000 967,000r 1.157.000 Number of Working Days 24 27 24 r-Revised. Weekly production of bituminous coal in Alabama declined 15.1 per cent from August to September, and was 14.5 per cent less than in September, 1934. However, in Tennessee weekly production increased slightly from August and was the same as in September last year. Production in both states was adversely affected during the last week of the month when many mines were not in operation. For the first nine months of the year, production in Alabama has been slightly less and production in Tennessee has been about 9 per cent greater than in that part of 1934. Comparisons are shown in the table. Week Ended: Production—Tons Alabama 1935 1934 September September September September 165,000 186,000 182,000 31,000 7 ..................... 14................... 21................... 28................... 162,000 161,000 162,000 176,000 Tennessee 1935 1934 83,000 90,000 93,000 28,000 67,000 76,000 76,000 78,000 Pig Production of pig iron in the United States in SeptemIron ber totaled about the same as in August, and was 97.8 per cent greater than September a year ago. There were 104 aGtive furnaces on October 1, compared with 99 on Sep 7 R E V IE W tember 1, and 62 on October 1 of last year. The daily rate of production was higher during September than for any month since June, 1934. Production for the first nine months of the year increased 14.5 per cent over the same period last year, and was only slightly less than for that part of 1931. Production of pig iron in Alabama increased 14 per cent from August to September, and was 57.9 per cent greater than in September, 1934. The daily rate in September in creased 17.8 per cent over the August rate although the num ber of active furnaces remained the same. Production for the first nine months of the year declined moderately compared with the same period last year, but was substantially above those months of 1933 and 1932. Press reports indicate that although most of the demand is on a spot, small-lot basis, the fourth quarter opened with more forward business than for any of the previous quarters this year. Production figures are compared in the table. Production—Tons Total Daily Average United States: September 1935............... August 1935..................... September 1934............... Jan.-Sept. 1935............... 1,776,476 1,761,286 898,043 14,857,025 Alabama: September 1935............... August 1935..................... September 1934............... Jan.-Sept. 1935............... Jan.-Sept. 1934............... 80,097 57,842 874,670 957,468 Furnaces Active* 59,216 56,816 29,935 104 99 62 3,044 2,584 1,928 6 6 5 * First of following month. Naval Stores Receipts of turpentine and rosin at the three principal markets of the District declined more than usual from A ugust to September due to the storm and heavy rains during the month which cut down current pro duction. Stocks of turpentine remained practically unchanged from the preceding month but stocks of rosin showed a small decrease, however, a s compared with September last year, stocks of both commodities show substantial increases. Press reports indicate that there has been an expansion in demand for both commodities with heavy sales, especially to Europe. Quotations at Savannah on turpentine increased from 41 cents per gallon on September 14 to 47 Y2 cents on October 12, and during the same period the average of quotations on the thirteen grades of rosin increased from $4.11 per 280 pounds to $4.29. Receipts and stocks for the month are compared in the table. NAVAL STORES Sept. 1935 Aug. 1935 Sept. 1934 Receipts—Turpentine (1) Savannah................................. Jacksonville............................. Pensacola................................. 8,354 6,998 3,446 14,176 12,747 4,213 12,272 11,120 3,464 T o ta l................................. 18,798 31,136 26,856 Receipts—Rosin (2) Savannah................................. Jacksonville............................. Pensacola................................. 39,168 39,522 10,094 55,282 52,556 13,112 T o ta l................................. 88,784 120,950 89,289 39,031 58,176 34,753 11,802 35,574 24,402 Stocks—Turpentine (1) Savannah................................. ...............38,074 Jacksonville............................. ...............57,952 Pensacola................................. ...............35,247 40,853 37,758 10,678 T o ta l................................. 131,273 131,960 71,778 Stocks—Rosin (2) Savannah................................. Jacksonville............................. Pensacola................................. 130,107 122,826 57,764 129,219 133,181 62,139 135,897 85,641 23,430 T o ta l................................. (1) Barrels of 50 Gallons. (2) Barrels of 500 pounds. 310,697 324,539 244,968 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA M ONTHLY AVERAGE 1923-1926=100 Ju ly 1935 Aug. 1935 112.1 157.4 58.7 60.8 67.8 S ept. 1935 J u ly 1934 Aug. 1934 101.8 76.7 188.7 74.2 78.1 81.9 73.4 91.0 49.3 52.3 47.9 53.8 58.4 140.7 56.4 54.7 61.2 63.9 70.2 194.8 73.3 76.0 79.1 71.2 89.8 71.8 82.0 87.8 90.1 192.0 73.4 79.0 81.7 87.9 98.3 186.9 76.5 82.2 89.0 79.8 96.8 139.5 67.5 70.7 69.4 78.0 83.4 171.6 70.5 71.0 73.7 81.9 90.0 192.9 75.6 80.0 86.5 41.7 43.9 55.8 46.8 53.0 94.0 39.0 46.7 59.3 48.6 56.3 114.0 47.7 52.6 65.6 60.0 65.9 83.3 31.9 39.0 57.2 52.5 52.1 92.2 35.8 44.3 64.0 57.7 57.6 104.1 43.4 47.2 68.5 59.7 62.9 95.1 43.9 46.7 60.0 49.3 57.6 98.9 41.1 48.1 59.9 49.6 58.0 103.6 46.3 50.6 61.3 57.1 62.2 91.5 33.6 41.5 61.5 55.3 56.6 97.1 37.7 45.7 64.6 58.9 59.3 94.6 42.1 45.4 64.0 56.9 59.3 55.0 47.2 45.5 61.1 46.8 82.0 34.0 76.7 66.3 53.7 75.1 68.3 60.8 95.1 44.9 83.9 68.3 54.6 82.2 62.1 52.0 82.8 61.0 52.3 73.2 43.9 77.7 63.3 53.3 86.1 51.0 44.0 47.7 53.4 41.6 81.9 31.9 68.9 LIFE INSURANCE SALES—SIX S T A T E S-T O T A L 61.5 49.7 81.8 66.4 67.2 49.8 53.9 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 64.3 55.7 84.7 70.4 65.2 45.7 59.5 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 BUILDING PER M ITS—TWENTY C IT IE S............................ 40.1 14.2 14.6 43.8 43.2 15.4 57.6 32.5 16.9 16.7 29.0 52.8 14.4 43.6 31.3 16.6 5.0 18.9 31.1 17.8 16.3c 8.9 3.3 14.6 10.5 43.1 14.0 10.4 47.4 51.0 28.6 65.9 28.6 35.4 29.4 39.4 31.0 12.4 43.4 80.5 79.3 84.9 77.9 89.6 70.9 74.1 80.7 79.5 74.8 64.5 70.6 78.4 86.3 71.5 73.9 86.6 86.6 86.8 85.4 78.6 80.5 67.3 85.9 8Q.2 80.5 67.1 79.3 DEPARTM ENT STORE TRADE—SIX TH D ISTR IC T D aily Average Sale*—U n a d ju ste d Atlanta (3 firms)................................................................................. Birmingham (4 firms)........................................................................ Chattanooga (4 firms)........................................................................ Nashville (4 firms).............................................................................. New Orleans (5 firms)........................................................................ D ISTRICT (34 firms)....................................................................... 48.3 53.1 56.6 60.6 63.1 68.6 S ept. 1934 Daily Average Sales—A djusted* Atlanta (3 firms)................................................................................ Birmingham (4 firms).. t r TTT. TTT, , t T, , . . . . . Chattanooga (4 firms)....................................................................... Nashville (4 firms)....................................................... ...................... New Orleans (5 firms)........................................................................ DISTRICT (34 firms)....................................................................... 153.6 66.2 86.0 77.4 95.5 M o n th ly S tocks—U n a d ju ste d Atlanta (3 firms)................................................................................ Birmingham (3 firms)........................................................................ Chattanooga (3 firms)....................................................................... Nashville (4 firms)............. ............................................................... New Orleans (4 firms)....................................................................... DISTRICT (27 firms)....................................................................... M o n th ly Stocks—A djusted* Atlanta (3 firms)................................................................................ Birmingham (3 firms)........................................................................ Nashville (4 firms)............................................................................. DISTRICT (27 firms)....................................................................... WHOLESALE TRADE—SIX TH DISTRICT—TOTAL........ Groceries (21 firms)........................................................................... Hardware (25 firms).......................................................................... Furniture (9 firms)............................................................................. Electrical Supplies (12 firms)............................................................ Stationery (3 firms)............................................................................ CONTRACT AWARDS—SIX TH DISTRICT—T O T A L .. . . WHOLESALE PRICES—UNITED STATES f ALL COM M ODITIES.................................................................... Hides and leather products...................................................... Metals and metal products...................................................... Building materials...................................................................... Chemicals and drugs.................................................................. 20.0 34.3 79.4 77.1 82.1 78.0 89.3 70.2 74.7 86.4 85.2 78.7 80.4 67.7 68.1 70.0 94.0 52.0 12.0 86.1 77.8 90.9 71.8 73.0 6.8 20.2 20.8 12.8 6.2 24.1c 18.0 10.8 22.8 86.2 60.8 55.2 71.8 46.7 77.8 6.1 6.2 20.2 15.4 3.3 21.0 20.0 10.6 26.3 77.6 73.4 76.1 78.3 84.1 71.1 74.6 87.0 75.4 81.6 69.9 76.4 69.8 73.9 78.3 83.8 70.8 74.6 86.7 85.8 75.7 81.8 70.2 69.9 84.7 40.5 87.7 97.1 91.5 81.8 98.3 49.2 103.3 95.4 100.7 57.2 71.0 29.8 58.5 97.7 76.5 86.6 85.6 76.5 81.8 70.2 112.8 87.2 110.5 41.0 107.9 142.9 103.9 COTTON EXPO RTS—UNITED STA TES............................... 53.9 47.0 94.8 59.6 52.1 93.5 PIG IRON PRODUCTION—United States.............................. Alabama...................................... 50.9 36.5 59.0 34.5 59.5 39.3 41.0 43.2 35.3 27.3 30.1 24.9 COTTON CONSUMPTION—UNITED STATES................... ♦Adjusted for Seasonal Variation. 76.1 94.3 39.9 98.8 116.3 108.9 fCompiled by Bureau of Labor Statistics. 100.2 37.9 101.0 123.5 1926-100. -Corrected. c—
