View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

M

O

N

T

H

L

Y

R

E

V

I

E

W

O f Financial, A gricultural, T ra d e and Industrial
C onditions in the S ix th Federal R eserve D istrict

F E D

E R

A L

Vol. 20 No. 9

R E S E R V E

A N K

O F

ATLANTA, GA, SEPTEMBER 30, 1935

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Prepared by the Board of Governors of the
Federal Reserve System
Total volume of industrial production increased in August
by about the usual seasonal amount. Steel output increased
more than seasonally, while the output of automobiles and
anthracite declined sharply. Factory employment and pay­
rolls increased. Wholesale prices of farm products and metals
advanced during August and the first two weeks of Sep­
tember, and prices of wheat and metals increased further in
the third week of the month.
Production
Industrial production increased seasonally in
and
August and the Board’s index, which is adEmployment justed to allow for usual seasonal variations,
remained unchanged at 86 per cent of the
1923-1925 average. Activity at steel mills showed a consid­
erable increase from July to August and in the first three
weeks of September was at a level higher than in any other
month since February. Automobile assemblies declined by
about 30 per cent in August, and showed a further sharp
reduction in the early part, of September, reflecting in part
preparations for early introduction of new models. At lumber
mills output continued to increase in August. Cotton con­
sumption by domestic mills increased slightly from recent
relatively low levels and activity at woolen mills was main­
tained at a high rate. At mines, output of anthracite de­
creased sharply in August, while output of bituminous coal
showed an increase.
Factory employment and payrolls increased between the
middle of July and the middle of August by more than the
usual seasonal amount. Marked increases in employment were
reported for the steel, machinery, lumber, silk, and clothing
industries, while at automobile factories employment declined
somewhat. The number of wage earners engaged in the pro­
duction of durable manufactures in August was 6 per cent
larger than a year earlier, while the volume of employment
in other manufacturing industries as a group showed little
change. Total factory employment was 3 per cent larger
than in August, 1934.

1929

B

1930

1931

1932

1933

1934

1935

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 ria tio n .
(1923-1925 a v e r a g e = 1 0 0 . )
L a t e s t fig u re — A u g u s t P r e lim in a r y 86.




A

T

L A

N

T A

S ^ S C ’j S S f * X X S S ^ .

Daily average value of construction contracts, as reported
by the F. W. Dodge Corporation, showed little change in
August and the first half of September. Contracts for resi­
dential building, which earlier in the year had increased con­
siderably, showed a decrease for this period, while the volume
of public projects increased.
Department of Agriculture estimates based on September 1,
conditions indicate a cotton crop of 11,489,000 bales, as com­
pared with the unusually small crop of 9,636,000 bales last
year. The indicated crops of corn, wheat, and other grains
are considerably larger than last year, when drought condi­
tions prevailed, and the condition of pastures is above the
ten-year average.
Distribution Freight-car loadings increased considerably in
August and the first half of September, partly
as a consequence of seasonal factors. Department store sales
increased slightly less than seasonally from July to August.
Commodity The general level of wholesale commodity prices,
Prices
as measured by the index of the Bureau of
Labor statistics, advanced from 79.6 per cent
of the 1926 average at the beginning of August to 80.8 per
cent in the second week of September and prices of many
leading commodities, including wheat, silk, copper, lead, and
zinc advanced further in the third week of the month.
Cotton prices declined considerably in August and showed
relatively little change in the first three weeks of September.
Bank Excess reserves of member banks declined in the fiveCredit week period ended September 18, reflecting a tem­
porary increase in the Treasury’s total holdings of
cash and deposits at Federal Reserve Banks and a seasonal
increase of money in circulation, which was partly offset by
an inflow of gold from abroad.
Total loans and investments of reporting banks in leading
cities increased by $610,000,000 during the five weeks ended
September 18. Loans increased by $100,000,000, holdings of
United States Government direct obligations by $390,000,000,
holdings of United States Guaranteed securities by $70,000,-

1929

1930

1931

1932

1933

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 aso n al 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 A u g u s t P r e lim in a r y 81.6.

1934
(1923-25

2

M O N T H L Y

1929

1930

1931

1932

1933

1934

1935

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 Sept. 14;
F arm Products 81.2; Foods 86.4; Other Commodities 78.0.

000, and holdings of other securities by $50,000,000. Adjusted
demand deposits of these banks—that is, demand deposits
other than Government and bank deposits, adjusted for col­
lection items—increased by $140,000,000, United States Gov­
ernment deposits by $160,000,000 and balances due to banks
$270,000,000.
Yields on Government securities rose somewhat further
during this period, while other short-term open-market money
rates remained at previous low levels.
SIXTH DISTRICT SUMMARY
Available business statistics for August show increases over
July in the volume of trade at both retail and wholesale, in
coal mining in Alabama and Tennessee, in lumber orders and
production, and in orders booked by reporting cotton mills,
but there were decreases in building permits and in construc­
tion contracts awarded, and in pig iron production in Ala­
bama. All of these series compare favorably with August a
year ago, however, except for a small decrease in orders
booked by reporting yarn mills.
Department store sales reported by 60 firms in 28 cities
increased 22.7 per cent from July to August, were 10.5 per
cent greater than in August, 1934, and for the eight months
of 1935 were 4.7 per cent greater than in that part of last
year. On a daily average basis, however, the increase over
July was 18.2 per cent, which compares with a usual sea­
sonal gain of 11.4 per cent, and the adjusted index number for
August is higher than for any other month since September,
1930. Wholesale trade registered an increase of 20.6 per cent
over July and was 5.7 per cent greater than a year earlier,
and for the eight months has been 2.6 per cent larger than in
that part of 1934. Debits to individual accounts declined 3.9
per cent from July to August but were 8.5 per cent greater
than a year ago.
Between August 14 and September 11 there were small
decreases in discounts and industrial advances at the Federal
Reserve Bank of Atlanta offset only in small part by in­
creased holdings of Government Securities. Member bank
reserves increased 5.7 millions during this period, however,
and were 31.4 millions greater than a year ago, and Federal
Reserve note circulation of this bank’s issue increased 7.3
millions since August 14 and was 10.2 millions greater than
at the same time last year. At weekly reporting member
banks loans, holdings of securities, both Government and
Other Securities, increased from August 14 to September 11,
and holdings of Other Securities were 18 millions greater
than a year ago. Demand deposits of these banks also in­
creased 2.8 millions during the four week period, and were
37.6 millions greater than a year earlier.
After increasing each month since December, building per­
mits issued at twenty reporting cities declined from July to
August, but were nearly twice the total for August last year,
and construction contracts awarded in the District also de­




R E V IE W

1932

1933

19 3 4

1935

Wednesday figures for reporting mem ber banks in 90 cities.
figures are for Wednesday, September 18.

L atest

clined over the month but were 58.7 per cent greater than a
year ago. Consumption of cotton in the three states of this
District for which figures are available increased 3.6 per cent
from July to August and was 7.4 per cent greater than in
August, 1934. Production at reporting cotton mills declined
slightly from July to August, but was greater than a year
ago, and orders reported by cloth mills showed a large in­
crease over both the previous month and that month last year.
Production of pig iron in Alabama declined 5.6 per cent over
the month, but was 26.5 per cent greater than a year ago, and
coal production in Alabama and Tennessee increased season­
ally over that in July and was also greater than in August
last year.
The September estimate by the United States Department
of Agriculture indicates a cotton crop in the six states of this
District amounting to 4,262,000 bales, larger by 1.1 per cent
than the August estimate, and 7.4 per cent greater than pro­
duction in 1934.
FINANCE
Reserve There has been very little change in the total volBank
ume of credit outstanding at the Federal Reserve
Credit Bank of Atlanta since July 11, 1934. During the
four-week period ending September 11, discounts
and industrial advances decreased slightly, bills bought re­
mained unchanged, and holdings of Government securities
showed a small increase. Total reserves increased 12.1 mil­
lions from August 14 to September 11 and were 40.3 millions
larger than a year ago. Federal Reserve notes of this bank
in circulation increased 7.2 millions during this period and
were 10.1 millions larger than a year ago. Member bank
reserve account, and total deposits increased from August 14
to September 11 and were substantially larger than a year
ago.
Principal items in the weekly statement of this bank are
compared in the table, which is followed by another table
setting out similar comparisons for the twelve Federal Reserve
Banks combined.
FED ERA L RESERVE BANK OF ATLANTA
(000 Omitted)
Sept. 11
Aug. 11
1935
1935
Bills Discounted:
Secured by Govt. Obligations
All O thers................................
Total Discounts..............
Bills Bought in Open M a rk 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 a tio .............................
Commitments to make Indus­
trial Advances.........................

$ ............
144
144
169
1,044
94,222
95,579
162,796
105,678
110,447
139,909
65.0%
600

$

30
130
160
169
1,071
94,214
95,614
150,653
99,945
106,160
132,626
63.1%
620

Sept. 12
1934
$

50
137
187
178
270
94,260
94,895
122,479
74,229
80,920
129,751
58.1%
115

M O N T H L Y

August
1935

FEDERAL, RESERVE SYSTEM
(000 Omitted)
Sept. 11
Aug. 11
1935
1935
Bills Discounted:
Secured by Govt. Obligations
All O thers................................
Total Discounts..............
Bills Bought in Open M ark et. .
Industrial Advances..................
U. S. Securities...........................
Other Securities..........................
Total Bills and Securities
Member Bank Reserve Account
Total Reserves............................
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.........................

Sept. 12
1934

6,071
5,106
11,177
4,685
29,550
2,430,210

2,726
3,427
6,153
4,693
29,147
2,430,205

2,475,622
5,388,277
6,775,200
5,601,830
3,422,834

2 ,4 7 0 ,i98
5,254,282
6,624,281
5,538,663
3,321,026

5,934
17,406
23,340
5,202
1,281
2,431,306
356
2,461,485
3,948,304
5,212,353
4,300,059
3,148,449

*75*. i%

'74l 8%

31,127
70.0%

26.538

23.981

681

$

$

$

Member
Total loans and investments of 17 weekly reBank Credit porting member banks located in Atlanta, Bir­
mingham, Jacksonville, Nashville, Chattanooga,
Mobile and Savannah increased 3.1 millions of dollars between
August 14 and September 11 and were 9.5 millions greater
than a year ago. The increase over the total for August 14
was due to the increase of 9.7 millions in investment holdings
which more than offset the decrease of 6.6 millions in loans
to customers. Compared with the corresponding date a year
ago, loans on securities were 14.8 millions less, but all other
loans, principally commercial, were 6.2- millions greater, so
that total loans were 8.6 millions less than a year ago; hold­
ings of Government securities were about the same, but hold­
ings of other securities were 18 millions greater. Demand
deposits increased further from August 14 to September 11
and were 37.5 millions greater than a year ago. Time deposits
showed a further slight decrease during the four week period
but were 5.7 millions larger than on September 12 of last
year. Bankers balances increased during the period and were
substantially above a year ago. 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.
CONDITIO N OF M EM BER BANKS IN SELECTED C ITIES
(000 Omitted)
Sept. 11
Aug. 14
Sept. 12
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 D eposits...............
Due to Banks..............................
Due from B anks.........................
Borrowings from F. R. B a n k ...

$ 41,271
117,165
158,436
104,775
• 76,213
180,988

$ 42,079
123,012
165,091
100,365
70,859
171,224

$ 56,118
110,969
167,087
104,675
58,165
162,840

339,424
133,005
222,228
109,934
95,053

336,315
133,959
219,466
102,573
91,732

329,927
127,256
184,664
75,018
73,017

SAVINGS DEPOSITS
(000 Omitted)
Number
of
Banks

August
1935

July
1935

August
1934

A tlanta................. 3
$ 30,653 $ 30,808 $ 30,519
Birmingham ........
3
17,867
17,625
15,199
Jacksonville.........
3
16,857
16,737
13,774
Knoxville.............
4
5,856
5,793
4,117
4
23,70123,733
23,390
Nashville..............
New Orleans........
5
34,459
34,151
29,262
O th erC ities......... 35
70,230
69,581
63,174
T o ta l................

57

199,623

198,428

179,436

Percentage Change
Aug. 1935 compared
with:
July 1935 Aug. 1934
—0.5
+ 1 .4
+ 0 .7
+ 1 .1
—0.1
+ 0 .9
+ 0 .9

+ 0 .4
+ 1 7 .6
+ 2 2 .4
+ 4 2 .2
+ 1.3
+ 1 7 .8
+ 1 1 .2

+ 0 .6

+ 1 1 .3

Debits to Debits to individual accounts in 26 reporting cities
Individual of the Sixth District declined 3.9 per cent in AugAccounts ust from the preceding month, but were 8.5 per
cent greater than in August a year ago. Bank
debits usually decline from July to August. Monthly totals
compared in the table are derived from weekly reports by
pro-rating figures for those weeks which do not fall entirely
within a single calendar month.



3

R E V IE W

Alabama—4 Cities.....................
Birmingham............................
D othan.....................................
Mobile......................................
Montgomery...........................

July
1935

August
1934

$ 95,184 $
117,747 $
101,185
57,917
68,971
59,439
2,865
1,768
2,144
24,620
26,494
22,043
19,782
20,514
17,559

Florida—4 Cities........................
Jacksonville.............................
M iam i......................................
Pensacola.................................
T am pa......................................

99,932
52,604
20,784
6,989
19,555

108,387
59,372
21,818
6,586
20,611

84,247
45,524
14,762
5,650
18,311

Georgia— 10 Cities.....................
Albany.....................................
A tlanta....................................
Augusta....................................
Brunswick................................
Columbus.................................
E lberton...................................
M acon......................................
Newnan....................................
Savannah.................................
Valdosta...................................

213,994
2,748
136,784
14,684
1,996
9,701
857
11,695
1,599
26,235
7,695

201,992
2,368
132,457
14,459
2,116
8,989
717
12,340
1,760
24,376
2,410

193,495
2,780
123,867
14,151
1,785
8,441
618
11,610
1,452
23,983
4,808

Louisiana—New Orleans...........

166,864

171,565

161,743

Mississippi—4 Cities..................
Hattiesburg.............................
Jackson....................................
M eridian..................................
Vicksburg................................

33,405
3,633
17,711
7,221
4,840

36,219
3,556
20,180
6,999
5,484

33,106
3,180
19,748
5,937
4,241

Tennessee—3 Cities...................
Chattanooga............................
Knoxville.................................
Nashville..................................

125,017
32,918
21,161
70,938

128,414
31,320
20,973
76,121

102,800
25,697
17,107
59,996

Total—26 Cities.............

$

734,396

$

764,324 $

676,576

AGRICULTURE
According to the September Crop Report of the United
States Department of Agriculture, crop prospects in the
United States declined about 2 per cent during August. With
dry weather in the Southwestern part of the Corn Belt, corn
prospects declined 88 million bushels, or 4 per cent. Further
rust damage lowered the estimate for wheat by about 13
million bushels, or 2 per cent. The sugar beet estimate was
reduced 5 per cent; cotton 3 per cent, and barley, buckwheat,
potatoes and beans from 1 to 2 per cent each. Tobacco and
rice showed slight improvement. The estimates were based
on conditions at the end of a dry August and do not allow
for such changes in prospects as may have been caused by
the widespread rains and storms of early September. Esti­
mates for September 1 are compared in the table with those
a month earlier, and with final production last year.
U N ITE D STATES—000 Omitted
Estimates— 1935
Sept. 1
Aug. 1

Production
1934

Corn, bushels..............................
2,183,755
2,272,147
Wheat, bushels...........................
595,000
607,678
Oats, bushels...............................
1,181,692
1,187,000
Tame Hay, tons.........................
74,880
75,212
Tobacco, lbs.................................
1,263,593
1,221,630
W hite Potatoes, bushels............
372,677
376,957
Sweet Potatoes, bushels............
68,735
69,158
Rice, bushels...............................
38,724
38,159
Apples, bushels...........................
167,864
169,403
Peaches, bushels.........................
52,200
52,196
Pears, bushels..............................
21,344
21,212
Grapes, tons................................
2,313,745
2,288,382
Peanuts, lbs................................. 1,233,190
.......................
Pecans, lbs................................... 78,860
.........................

1,377,126
496,929
525,889
52,269
1,045,660
385,421
67,400
38,296
120,670
45,665
23,490
1,931,168
1,063,035
40,375

In the Sixth District temperatures continued above normal
during early August, but rains over most of the District the
third week in August brought somewhat lower temperatures.
The tropical storm which crossed the Florida Keys on the
night of September 2, moved up the Gulf Coast and north­
eastwardly across South Georgia caused considerable damage
to crops from accompanying high winds and heavy rains. The
total damage to the Florida grapefruit crop is estimated at
about ten per cent, and that to oranges at from ten to fifteen
per cent. In parts of South Georgia cotton, peanuts, hay,
sweet potatoes and sugar cane were damaged by the high
winds and heavy rains, and at some places pecan trees were
reported to have been stripped of about one-third their yield.
September estimates by the Department of Agriculture indi­
cate a gain of 9.3 per cent in tobacco, over the August esti­
mate, but small declines in some other crops. The estimate
for Georgia increased from 56,580,000 pounds on August 1
to 67,780,000 pounds a month later, that for Tennessee in­

4

M O N T H L Y

creased from 92,832,000 pounds to 94,433,000 pounds, and that
for Florida increased from 8,475,000 pounds to 8,822,000
pounds. There was no change over the month in the estimate
of the Florida orange and grapefruit crops which were ex­
pected to be 5 per cent less, and 38.3 per cent larger, respect­
ively, than those of the year before, or in the estimated
production of rice and sugar in Louisiana, which are indi­
cated at 5.8 per cent and 3.4 per cent, respectively, larger
than in 1934. District figures for some of the principal crops
are compared in the table.
SIX TH D ISTR IC T —000 Omitted
Estimates— 1935
Sept. 1
Aug. 1
157,220
3,753
10,881
2,281
150,302
13,157

Corn, bushels..............................
Wheat, bushels...........................
Oats, bushels...............................
Tame Hay, tons..........................
Tobacco, lbs.................................
White Potatoes, bushels............

158,016
3,753
10,961
2,296
137,506
13,297

A labam a......................
Florida..........................
Georgia........................
Louisiana.....................
Mississippi...................
Tennessee....................

996
29
1,031
604
1,239
373

1,015
30
1,019
611
1,209
340

— 1.9
—3.3
+ 1.2
— 1.1
+ 2 .5
+ 9 .7

950
28
968
485
1,143
404

+ 4.8
+ 3.6
+ 6.5
+ 24.5
+ 8.4
— 7.7

Six S tates.................
United S tates..........

4,272
11,489

4,224
11,798

+ 1 .1
—2.6

3,978
9,636

+ 7.4
+ 1 9.2

SUGAR MOVEM ENT—Pounds
Raw Sugar
August 1935
July 1935

August 1934

42,513,202
35,475,808

75,450,267
34,100,218

69,140,513
16,004,125

86,135,716
48,090,591

99,239,021
41,769,318

52,951,040
23,301,547

49,108,551
75,090,968

92,828,489
87,705,751

106,641,107
92,869,620

78,830,734
34,178,567

89,734,376
41,541,966

67,608,748
33,127,208

26,972,115
3,809,046

25,757,934
4,137,513

7,111,309
2,777,692

Refined Sugar

R IC E M ILLERS ASSOCIATION STATISTICS—Barrels
August
Receipts of Rough Rice:
Season 1935-36.......................
Season 1934-35.......................
Distribution of Milled Rice:
Season 1935-36.......................
Season 1934-35.......................
Stocks:
August 31, 1935......................
August 31, 1934......................

(Short Tons)
August 1935

271,760
243,648
331,462
555,236
Rough
105,348
178,776

Clean
227,461
792,856

NOTE:

+ 1 2.6
+ 4.4
+ 11.0
+ 6.7
+ 2 6.3
+10.7
+ 7.4
+ 1 2 .3
+ 10.5

+ 40.8
+ 2 5.6
+ 1 8.9
+ 18.3
— 0.8
+ 2 4.4
+ 17.5
+ 15.8
+ 22.7

+ 6.5
— 0.5
+ 6.6
+ 3.9
+ 10.1
+ 4.4
+ 3.9
+ 4.0
+ 4.7

+ 2.9
+ 11.5
+ 5.5
— 0.1
+ 10.3
— 7.3
— 15.7
+ 4.1
— 1.1

August 1934

250
300
1,563

550
20,946
283
1,950
1,085
2,288

17,397

10,418

27,102

450
14,361

............
............
............
T o ta l.................. ............

TRADE
Retail Department store sales in the Sixth District increased
Trade from July to August by considerably more than the
usual seasonal amount and continued greater than at
the same time a year ago, stocks on hand increased over the
month and were slightly less than for August last year, and
the rate of stock turnover rose, but the collection ratio de­
clined compared with that for July but was higher than for
August a year ago.
August sales reported by 60 firms in 28 cities of the Dis­
trict increased 22.7 per cent over July, and were 10.5 per cent
greater than in August, 1934. On a daily average basis, how­
ever, the increase over July was 18.2 per cent, which com­
pares with a usual gain of 11.4 per cent at that time of year,
and the index for August, after adjustment for the number
of business days and the usual seasonal trend, rose from 90.1
per cent of the 1923-25 average for July to 98.3 per cent, the
highest for any month since September, 1930. For the eight
months of the year, January to August, inclusive, total sales
have been 4.7 per cent greater than during that part of 1934.
Stocks on hand at the close of August averaged 6.9 per
cent larger than for July, but were 1.1 per cent smaller than
a year ago, but the rate of stock turnover rose from .24 for
July to .29 for August, which compares with .27 for that
month last year. The Collection ratio declined from 30.1
per cent for July to 28.7 per cent for August, compared with
27.9 per cent for August, 193,4. The ratio for regular ac­
counts for August was 32 per cent, and for installment
accounts 14.1 per cent.
Percentage comparisons shown in the table are based upon
figures reported in actual dollar amounts and make no allow­
ance for changes in the level of prices. Index numbers on
page 8 are based upon reports from a smaller number of firms
whose figures have been reported over a long period of years.

RETA IL TRADE IN TH E SIX TH DISTRICT DURING AUGUST 1935
Based on confidential reports from 60 department stores
C o m p a r is o n o f N a t S a l s s
C o m p a r is o n o p S t o c k s
August 1935
Year to date
August 31, 1935
Stock T u rn o ver
with:
with:
with:
une month Previous Same period Same month Previous
August
Jan.-Aug. Incl.
, 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).

July 1935
1,550
4,040
1,003
800
1,850
1,175

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

160,725
3,841
10,091
2,067
110,635
15,109

Bales—000 Omitted
Estimates— 1935
Percent Production Percent
Sept. 1
Aug. 1
Change
1934
Change

Shipments:
New Orleans............... ............
Savannah..................... ..........
Stocks:
New Orleans............... ............
Savannah.....................

Fertilizer Sales of fertilizer tax tags in the six states
Tag Sales located wholly or partly in the Sixth District in­
creased by 67 per cent in August, the first month
of the new season, over the preceding month, but were 35.8
per cent less than in August, 1934. For the first eight months
of 1935 tag sales showed an increase of 12.8 per cent when
compared with the same period last year. Figures compared
in the table are from those compiled by the National Fertil­
izer Association.

Production
1934

Cotton The estimates of the cotton crop increased in Georgia,
Mississippi and Tennessee from August to Septem­
ber, but declined in Alabama, Florida and Louisiana. For
these six states, production is estimated at 7.4 per cent above
that in 1934, while for the country as a whole the increase is
19.2 per cent. The estimates for September are compared in
the table with those for August, and with 1934 production.

Receipts:
New Orleans............................
Savannah..................... ..........
Meltings:
New Orleans................ ..........
Savannah..................... ..........
Stocks:
New Orleans................ ..........
Savannah..................... ..........

R E V IE W

+ 7.3
+ 1 0.2
+ 6.4
+ 6.2
+ 4.8
+ 6.2
+ 3.8
+10.1
+ 6.9

.44
.29
.28
.18
.20
.26
.32
.22
.29

.40
.32
.26
.17
.22
.23
.26
.21
.27

2.89
2.09
2.19
1.44
2.79
1.90
2.06
1.92
2.19

2.85
2.34
2.13
1.39
2.98
1.88
1.92
1.94
2.18

C o l l e c t i o n R a t io

Aug.
1935

July
1935

Aug.
1934

25.3
31.1
28.0

26.4
32.3
29.3

26.1
28.9
26.6

28.0
37.4
26.6
28.7

29.3
38.0
28.9
30.1

27 *
i
37.2
24.3
27.9

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 month reported on.




M O N T H L Y

Wholesale Wholesale trade in the Sixth District increased
Trade
from July to August by 20.6 per cent, and was
5.7 per cent above the level of August a year ago.
The August index number at 66.3 per cent of the 1923-25
average is the highest for that month since August, 1930.
Sales for the first eight months of 1935 were 2.6 per cent
higher than for that part of 1934. Collections in August were
slightly better than in July and were 11.3 per cent better
than in August last year. Reported figures for the month are
compared in the table.
WHOLESALE TRADE IN AUGUST 1935
Sixth Federal Reserve District*
Percentage Comparisons
August 1935 with: Jan.-Aug. 1935
Number
July
August
with same
of firms
1935
1934
period last year
All Lines Combined:
Sales.....................................
Stocks......................... ........
Groceries •
Sales........................... ........
Jacksonville. . . . ........
New Orleans. . . . ........
Vicksburg.......... ........
Other Cities. . . . ........
Stocks........................ ........
Dry Goods:
Sales...........................
Nashville............ ........
Other Cities. . . .
Stocks........................
Hardware:
Sales........................... ........
Nashville............ ........
New Orleans. .. .
Other Cities. . . . ........
Stocks........................
Furniture:
Sales........................... ........
A tlan ta.............. ........
Other C ities. . . .
Stocks........................ ........
Electrical Supplies:
Sales........................... ........
New Orleans. . . .
Other C ities. . . .
Stocks........................ ........
Drugs:
Sales...........................
Stationery:
Sales........................... ........

91
29

Tzu. o
+ 2 0.6
+ 2.0

+O./
T 5.7
+ 0. 4

+ 2.6
T ^. o

19
3
4
3
9
3

+
+
+
+
+
+

13.8
11.4
18.4
19.5
8.6
6.6

+ 1.9
— 11.9
+ 2.8
+ 14.9
+ 3.1
+ 6.2

+
—
—
+
+

14
3
11
7

+65.1
+60.3
+ 66.2
+ 7.7

— 12.1
—27.6
— 7.7
— 5.1

+
+
+
+
+

+
+
+
+
+

+
+
+
+

11.8
9.6
14.9
10.4
1.7

11.6
15.0
13.3
10.1
1.4

1.4
9.2
0.3
0.9
9.0

5.9
12.4
0.6
7.5

9
4
5
6

+ 3 0.0
+ 23.8
+ 3 2 .4
— 0.5

+ 16.3
+ 14.4
+ 17.0
— 5.8

+ 8.3
+ 10.0
+ 7.8

12
4
8
3

+ 16.1
— 8.5
+31.1
— 9.1

+ 30.5
+ 15.9
+ 37.9
+ 7.3

+21.1
+ 21.0
+ 21.2

7

+ 9.3

+ 8.1

3

+ 32.3

+ 2.3

+ 3.4

Aug. 1934

73.6
37.0
38.3
35.5
57.2
33.8

69.2
35.0
35.5
38.4
62.8
33.4

65.6
34.2
33.7
29.2
58.4
27.2

T o ta l..................

47.3

46.4

42.5

* Based on confidential reports from 91 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.

Life
Total sales of new, paid-for, ordinary life insurInsurance ance in the six states located wholly or partly in
the Sixth District increased 1 per cent from July
to August, but were 5.1 per cent less than August last year.
For the country as a whole sales in August were 5.6 per cent
below the preceding month and the same month last year.
For the first eight months of the current year, sales in the
six states and in the country as a whole were only slightly
less than for that period last year. Figures compared in the
table are from those compiled by the Life Insurance Sales
Research Bureau.
(000 Omitted)
July
August
1935
1934

Jan.-Aug. Inc.
1935
1934

Percent
Change

Alabam a..............
Florida.................
Georgia................
Louisiana.............
Mississippi...........
Tennessee............

$ 3,469
4,420
6,102
4,129
2,015
5,937

$ 3,372
4,839
6,087
4,258
2,178
5,077

$ 3,597
4,683
6,471
4,830
2,572
5,328

$ 30,334
37,832
55,375
36,487
19,625
47,572

+ 4.4
— 0.4
— 4 .4
+ 1 0 .0
— 9.3
— 4.7

T o ta l................
United States___

26,072
456,397

25,811
483,491

27,481
225,522
227,225
483,705 4,195,384 4,222,160

— 0.7
— 0.6

$ 31,667
37,676
52,925
40,123
17,798
45,333

51
51
19
305
283

FAILURES
Dun & Bradstreet, Inc.)
District
United States
Liabilities Number
Liabilities
$

514,913
761,138
348,997
2,841,727
4,209,602

910 $ 17,845,596
931
20,446,761
929
18,459,903
8,109
148,573,198
8,418 189,578,180

Building
There was a decline of 18.9 per cent from July
and
to August in the total value of buildings for
Construction which permits were issued at twenty reporting
cities in the Sixth District, but the August
total was larger by 98.9 per cent than for that month a year
ago. For the first eight months of 1935, total permits at
these twenty cities amounted to $25,278,927, larger by 64.1
per cent than for that part of 1934, larger by 169.1 per cent
than in those months of 1933, and 124.1 per cent, and 24 per
cent, respectively, larger than in the same periods of 1932
and 1931. Comparisons for the month are shown in the table.
BUILDING PER M ITS
Number
Value
Percentage
August
August
Change in
1935
1934
1935
1934
Value
Alabama
Birmingham................
Montgomery...............
Florida
Jacksonville.................
Miami Beach...............
Georgia

Groceries........................
Dry Goods....................
Hardware.......................
Furniture.......................
Electrical Supplies........
Drugs.............................




August 1935................................
July 1935.....................................
August 1934................................
January-August 1935................
January-August 1934............ ..

+ 6.2

COLLECTION RATIO**
Aug. 1935
July 1935

August
1935

COMMERCIAL
(From statistics compiled by
Sixth
Number

— 14.3
— 9.5
— 15.6

25
3
5
17
9

5

R E V IE W

Columbus.....................
Savannah.....................
Louisiana
New Orleans................
Alexandria...................
Tennessee
Chattanooga................
Johnson C ity ...............
Knoxville.....................
Total—20 Cities..

13
310
56
140

11 $ 13,200 $ 18,614
217
248,196
48,771
83
65,766
43,999
168
67,549
50,379

— 29.1
+408.9
+ 49.5
+ 34.1

547
539
92
95
146

580
238,717
475
563,833
65 1,079,328
60
77,009
244c
62,430

171,038
295,508
528,760
17,741
49,545c

+ 39.6
+ 90.8
+ 104.1
+334.1
+ 26.0

264
116
143
158
33

311
53
57
233
37

260,864
25,745
79,866
52,446
77,420

138,313
30,174
27,542
28,297
36,720

+ 88.6
— 14.7
+ 190.0
+ 85.3
+ 110.8

104
43

101
68

185,243
12,133

80,274
34,983

+ 130.8
— 65.3

355
6
82
139

290
4
51
92

103,476
5,375
102,892
334,834

48,537
3,500
104,072
81,516

+ 113.2
+ 53.6
— 1.1
+310.8

3,381

3,200c$3,656,322 $1,838,283c

+ 98.9

c Corrected.

The value of construction contracts awarded in the Sixth
District, according to statistics compiled by the F. W. Dodge
Corporation, declined 43.9 per cent from July to August, but
was 58.7 per cent greater than August last year. Both Resi­
dential and All Other construction declined in value from July
to August, but were substantially above August, 1934. For
the first eight months of 1935 the 33.6 per cent decline in the
value of All Other construction, compared with the same
period last year, more than offset the 94.9 per cent increase
in Residential construction, making the total awards 17.3 per
cent less than a year ago.
In the 37 states east of the Rocky Mountains, August con­
tracts were 5.8 per cent greater than in July and 40.9 per
cent greater than in August last year. Residential contracts
declined 16.3 per cent from July, but this was more than
offset by the increase in Non-residential and Public Works
and Utilities, and all three classifications were substantially
above August, 1934. For the first eight months of the year,
total awards were 74.5 per cent greater than for that part of
1934. Comparisons for the month are shown in the table.

M O N T H L Y

6

BUILDING AND CONSTRUCTION CONTRACTS AWARDED
August 1935
July 1935 August 1934
Sixth District—T o ta l................
Residential..............................
All Others................................
State Totals:
Alabam a..................................
Florida.....................................
Georgia....................................
Louisiana.................................
Mississippi...............................
Tennessee................................

$ 10,031,921 $ 17,895,902 $ 6,322,304
2,801,634
4,011,481
1,522,010
7,230,287
13,884,421
4,800,294

37 Eastern States—T o tal..........
Residential..............................
Non-Residential......................
Public Works and U tilities.. .

1,547,000
3,501,500
2,578,200
1,817,200
674,800
1,166,700

1,819,300
5,096,500
7,377,500
2,044,200
716,800
2,111,500

1,539,000
1,430,100
951,100
1,983,800
838,800
747,700

168,557,200
40,528,300
58,488,500
69,540,400

159,257,500
48,394,800
56,969,100
53,893,600

119,591,800
18,634,000
50,401,100
50,556,700

Lumber Reports published in the Southern Lumberman indi­
cate that the Southern market is stronger than it
was a year ago, and the statistical position of the industry,
viewed as a whole, is good, with total stocks at the mills 22
per cent below normal. Weekly figures reported to the South­
ern Pine Association during the six weeks ending September 7
averaged somewhat higher for both orders and production
than in July. Orders for this period averaged 36.1 per cent
higher than those booked during the same period a year ago,
and production was 49.9 per cent larger than at that time,
while unfilled orders were 12.5 per cent greater. Orders
booked during the six weeks ending September 7 were 101 per
cent of production for that period. Weekly figures compared
in the table are from those compiled by the Southern Pine
Association.
Week
Ended

August 3 ................ ....143
August 10.............. ....145
August 17.............. ....140
August 24.............. ....149
August 31.............. ....144
September 7 .......... ....142

(In Thousands of Feet)
Orders
Production
1935
1934
1935
1934

59,670
78,851
63,609
79,219
71,807
69,881

OTH ER STATES—Bales
August 1935

19,888
22,079
20,629
24,233
22,507
19,118

28,449
28,993
27,195
29,440
30,125
28,873

18,788
20,619
18,006
19,970
17,731
20,341

62,178
64,323
59,015
65,097
61,598
63,764

Cotton
Consumption of cotton by mills in the United
Consumption States increased 4.2 per cent from July to Au­
gust, but was 3.1 per cent less than August a
year ago. On a daily average basis, however, August con­
sumption was only .4 per cent greater than for July for the
country as a whole, 2.3 per cent greater for the cotton grow­
ing states, and 8.4 per cent less for other states. In August
Consumption in the cotton growing states accounted for 84.
per cent of the total, in July 82.4 per cent, and in August last
year 79.8 per cent. The number of spindles active in August
for the country was 1.2 per cent less than in July, and 8.8
per cent less than in August of last year.
Exports were 12.7 per cent less in August than in July, but
were only 4.4 per cent less than August last year. Census
Bureau figures are compared in the table.
COTTON CONSUMPTION, EXPORTS, STOCKS, AND ACTIVE SPINDLES
U N ITE D STATES—Bales
Aug. 1935
July 1935 Aug. 1934
Cotton Consumed......................
Stocks...........................................
In Consuming Establishments
In Public Storage and at
Compresses..........................
Exports........................................
Active Spindles—N um ber........

T o ta l................................

132,398

127,799

123,286

Cotton
Reporting mills in the District produced less
Manufacturing cloth and yarn in August than in July, but
cloth shipments and orders booked increased
substantially during August, while stocks on hand declined.
Employment at reporting mills declined 1.7 per cent from
July to August, and was 8.7 per cent less than in August last
year. Comparisons of reported figures are shown in the table.




Cloth
Aug. 1935 compared
with:
July 1935
Aug. 1934
Production...............
Orders Booked........ ___
Unfilled Orders.......
Stocks on Ha n d . . . .
Number on payroll. ___

— 2.4
+ 28.2
4-218.6
+ 7.6
— 18.7
— 2.3

+ 3.3
+ 7.3
+ 8 5 .0
— 10.2
+ 2.5
— 5.9

Yarn
Aug. 1935 compared
with:
July 1935 Aug. 1934
—2.6
+ 3 .4
+ 3 .2
— 2.6
—3.3
—0.3

+ 1 8 .2
+ 8.7
— 0.5
— 6.9
+ 2.7
— 15.1

Cotton Seed
Operations at cotton seed oil mills in this
and Cotton
District increased considerably from July to
Seed Products August, the first month of the new cotton
season, and were also well above August a
year ago, and August, 1933w Cotton seed received at mills
during August was the largest amount since November, 1934,
and the amount crushed was the largest since March. For
the country as a whole, however, crushings of seed, produc­
tion of cotton seed products, as well as receipts and stocks of
seed were substantially below August, 1934. Imports of cot­
ton seed oil for the twelve months ending July 31 were
131,320,088 pounds compared with no imports during the pre­
ceding twelve months period.
COTTON SEED AND COTTON SEED PRODUCTS
Sixth District*
United States
Aug. 1 to Aug. 31
Aug. 1 to Aug. 31
1935
1934
1935
1934
Cotton Seed—Tons:
Received a t M ills..
Crushed..................
On Hand Aug. 31..
Production:
Crude Oil, lbs..............
Cake & Meal, to n s_
_
Hulls, to n s...................
Linters, Bales..............
Stocks at Mills Aug. 31:
Crude Oil, lbs..............
Cake & Meal, tons.. . .
Hulls, to n s...................
Linters, bales..............

5,550,437
16,785,850

August
1934
32,800
80,461
10,025

5,823,939
252,531
24,181,776

5,594,341
16,265,210

273,502
7,395,926

39,969
76,987
10,843

5,739,197
276,622
22,312,384

5,762,817
16,274,032

144,856
6,047,174

42,445
78,726
11,227

5,892,836
241,484
22,046,652

336,487
6,356,284
805,847

130,019
5,772,620

A labam a......................................
Georgia.........................................
Tennessee....................................

421,451
6,900,921
1,076,982

322,909
6,190,916
596,575

84,964
544,637
271,135

COTTON CONSUMPTION—Bales
August
July
1935
1935

391,771
6,528,570
789,373

342,935
6,240,443
477,626

August 1934

68,862
337,654
192,798

In the three states of this District for which separate figures
are compiled by the Census Bureau, total consumption of cot­
ton in August, the first month of the new cotton year, was
3.6 per cent larger than in July, but on a daily average basis
was about the same, and August consumption was 7.4 per
cent greater than a year ago. Consumption of cotton in
these three states for the season ending July 31 was smaller
than in seven of the preceding twelve years.

408,410
6,537,762
644,926

COTTON GROWING STATES
Cotton Consumed......................
Stocks..........................................
In Consuming Establishments
In Public Storage and at
Compresses..........................
Active Spindles—N um ber........

July 1935

65,475
297,319
167,300

Cotton Consumed......................
Stocks...........................................
In Consuming Establishments
In Public Storage and at
Compresses..........................
Active Spindles—N um ber........

Unfilled Orders
1935
1934

32,308
30,391
28,807
29,984
29,594
23,779

Number
of Mills

R E V IE W

126,231
85,296
86,601

79,932
65,191
82,673

**
**

**

203,442
145,115
149,446

274,207
198,193
298,775

**

43,659,577
65,380
38,806
28,683

59,534,151
89,980
54,154
38,285

**

12,157,239
178,358
72,007
63,424

24,540,250
94,595
42,327
70,352

* Georgia, Alabama, Louisiana and Mississippi.
** Not Available for August.

M O N T H L Y

Electric Production of electric current for public use in the
Power
six states located wholly or partly in this District
increased 2.1 per cent from June to July, but daily
average production decreased 1.2 per cent, and July produc­
tion was 10.2 per cent greater than a year ago. For the first
seven months, production in these states has been 12.3 per
cent larger than for the same period a year ago. Production
by use of water power accounted for 66.4 per cent of total
production this year, compared with 61.5 per cent for the
same period of last year. Figures compiled in the table are
from those compiled by the United States Geological Survey.
PRODUCTION OF ELECTR IC POWER
July
June
1935
1935
Alabam a..........................
Florida.............................
Georgia............................
Louisiana.........................
Mississippi.......................
Tennessee........................

188,688
53,227
81,471
125,431
4,528
99,848

(Thousands of k. w. Hours)
July
Jan. 1 to July 31
1934
1935
1934

190,489
53,071
84,693
102,162
4,282
107,032

135,881 1,218,361
984,115
47,499
411,113
394,483
95,564 738,004
641,674
114,613
660,993
680,615
4,526
29,521
29,208
103,722
774,782
682,308

T o ta l....................
553,193
541,729 501,805
By use of: W ater Power
341,771
355,389 307,842
Fuels............
211,422
186,340
193,963
Fuels consumed in pro­
duction of electric power:
Coal—Tons.................
12,094
11,415
11,770
Fuel Oil, bbls..............
207,915
205,176
185,330
Natural Gas—OOOcu.ft 2,483,716 2,050,090 2,411,561

3,832,774 3,412,403
2,545,241 2,097,031
1,287,533 1,315,372
85,717
101,017
1,486,815 1,417,285
13,433,581 13,961,412

Bituminous Production of bituminous coal in the United
Coal Mining States increased 16.8 per cent from July to
August, but was 5.4 per cent less than in
August, 1934, according to preliminary figures compiled by
the United States Bureau of Mines. On a daily average
basis, the increase from July to August was 12.4 per cent.
For the first eight months of this year production has been 1.1
per cent larger than in that part of last year. On August 31,
stocks of bituminous coal in the hands of industries and retail
dealers were about 39,500,000 tons, sufficient for 51 days’ sup­
ply. This is an increase of 8,300,000 tons, or 26.6 per cent,
over the corresponding season last year. Preliminary produc­
tion figures are compared in the table.
Production—Tons
Number of
Total
Daily Average Working Days
August 1935................................
25,980,000
July 1935.....................................
22,252,000r
August 1934................................
27,452,000
January-A ugust 1935................ 237,126,000
January-A ugust 1934................ 234,629,000

962,000
856,000r
1,017,000
...................
...................

27
26
27

Production of coal increased from July to August 22.9 per
cent in Alabama and 28.8 per cent in Tennessee. For the four
weeks ending August 31 weekly production in Alabama aver­
aged 3.1 per cent greater and in Tennessee 8.6 per cent greater
than at the same time last year.
Coal Production—Tons
Alabama
1935
1934
Week Ended:
August 10....................
August 17....................
August 24....................
August 31....................

140,000
150,000
180,000
210,000

155,000
159,000
158,000
172,000

1935

Tennessee
1934

73,000
71,000
69,000
100,000

69,000
73,000
71,000
71,000

Pig There was an increase of 15.6 per cent in total producIron tion of pig iron in the United States during August,
compared with July, and August output was 67 per
cent greater than a year ago. Active furnaces increased to 98
on September 1, compared with 95 on August 1, and 62 on
September 1 a year ago. Cumulative production during the




7

R E V IE W

first eight months of 1935 totaled 13,080,549 tons, an increase
of 8.3 per cent over the same period of last year, 62.2 per cent
over that part of 1933, 108.6 per cent over that part of 1932,
but 5.5 per cent less than that period in 1931.
In Alabama August production of pig iron declined 5.6 per
cent from July, but was 2615 per cent greater than in August
a year ago. Active furnaces increased to 6 on September 1,
as compared with 5 on August 1. Cumulative production for
the first eight months of 1935 totaled 783,365 tons, a decrease
of 12.9 per cent compared with the same period of 1934, but
an increase of 66.7 per cent compared with that part of 1933.
Press reports indicate that pig iron demand is gradually
moving forward and that daily orders and shipments during
the early part of September were somewhat better than in
August. Production figures are compared in the table.
Production—Tons
Total
Daily Average

Furnaces
Active

United States:
August 1935............................
July 1935.................................
September 1934......................
August 1934............................
January-August 1935............
January-August 1934............

1,761,286
1,520,263
898,043
1,054,382
13,080,549
12,077,521

56,816
49,041
29,935
34,012

98
95
62
62

Alabama:
August 1935............................
July 1935.................................
September 1934......................
August 1934............................
January-August 1935............
January-August 1934............

80,097
84,860
57,842
63,340
783,365
899,626

2,584
2,737
1,928
2,043

6
5
5
5

* First of following month.

Naval Receipts of turpentine and rosin at the three prinStores cipal markets of the District declined slightly from
July to August. Stocks, however, increased some­
what from July to August, and compared with August, 1934,
stocks of turpentine were larger by 101.4 per cent and stocks
of rosin were larger by 48.7 per cent. Press reports indicate
that the principal influence on the market at the present is
the decrease in production, estimated at about 5 per cent of
the total 1935-36 crop due to the recent tropical storm and
the heavy rainfall over a large part of the Georgia and Florida
naval stores belt. Quotations on turpentine on the Savannah
market increased from 37^ cents per gallon on August 5 to
41 cents on September 14 and the average of quotations on
the thirteen grades of rosin increased from $4.11 per 280
pounds on August 10 to $4.37 on September 14. Receipts and
stocks for the month are compared in the table.
NAVAL STORES
Aug. 1935
Receipts—Turpentine (1)
S avannah.................................
Jacksonville.............................
Pensacola.................................

July 1935

Aug. 1934

14,176
12,747
4,213

16,392
13,110
5,791

15,109
12,422
4,942

T o ta l................................ ............... 31,136

35,293

32,473

Receipts—Rosin (2)
Savannah................................. ............... 55,282
Jacksonville............................. ............... 52,556
Pensacola................................. ............... 13,112

59,629
49,918
14,854

57,277
39,758
12,199

T o ta l................................

120,950

124,401

109,234

Stocks—Turpentine (1)
Savannah.................................
Jacksonville.............................
Pensacola.................................

39,031
58,176
34,753

39,614
50,758
32,259

13,713
29,658
22,139

T o ta l.................................

131,960

122,631

65,510

Stocks—Rosin (2)
Savannah.................................
Jacksonville.............................
Pensacola.................................

129,219
133,181
62,139

129,110
123,096
59,149

127,414
27,020
18,822

T o ta l................................

324,539

311,355

218,256

(1)
(2)

Barrels of 50 Gallons.
Barrels of 500 Pounds.

M O N T H L Y

8

R E V IE W

MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA
MONTHLY AVERAGE 1923-1928=100
Ju n e
1935

Ju ly
1935

Aug.
1935

Ju n e
1934

J u ly
1934

Aug.
1934

131.0
54.8
72.1
72.4
89.1
75.3

112.1

157.4
58.7
60.8
67.8

101.8

76.7

131.8
58.6
65.6
69.8
65.7
73.7

49.3
52.3
47.9
53.8
58.4

140.7
56.4
54.7
61.2
63.9
70.2

150.8
58.9
85.0
78.7
77.6
83.7

153.6
71.8
82.0
87.8
90.1

192.0
73.4
79.0
81.7
87.9
98.3

151.5
63.0
59.1
75.9
73.8
81.9

139.5
67.5
70.7
69.4
78.0
83.4

171.6
70.5
71.0
73.7
81.9
90.0

86.6
46.7
46.0
59.9
54.4
58.2

86.5
41.7
43.9
55.8
46.8
53.0

94.0
39.0
46.7
59.3
48.6
56.3

83.5
33.6
40.4
59.4
56.9
54.9

83.3
31.9
39.0
57.2
52.5
52.1

92.2
35.8
44.3
64.0
57.7
57.6

Nashville (4 firms).............................................................................
New Orleans (4 firms)........................................................... ............
D ISTRICT (27 firms) .. ................................................................

90.2
47.2
51.1
61.8
57.9
61.3

95.1
43.9
46.7
60.0
49.3
57.6

98.9
41.1
48.1
59.9
49.6
58.0

87.0
33.9
42.1
61.2
60.5
57.8

91.5
33.6
41.5
61.5
55.3
56.6

97.1
37.7
45.7
64.6
58.9
59.3

WHOLESALE TRADE—SIX TH DISTRICT—TOTAL........
Groceries (21 firms)...........................................................................
Dry Goods (15 firms)........................................................................
Hardware (25 firms)..........................................................................
Furniture (9 firms).............................................................................
Electrical Supplies (12 firms)...........................................................
Stationery (3 firms)...........................................................................
Drugs (8 firms)...................................................................................

52.6
45.3
37.4
57.6
48.5
92.8
36.8
71.0

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

53.5
47.1
40.0
56.6
46.1
93.9
35.4
71.8

51.0
44.0
47.7
53.4
41.6
81.9
31.9
68.9

62.1
52.0
82.8
61.0
52.3
73.2
43.9
77.7

LIFE INSURANCE SALES—SIX STATES—T O TA L..........

65.2
58.7
81.5
67.8
78.9
52.5
53.8

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

76.8
60.9
85.3
89.0
84.8
70.0

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

BUILDING PER M ITS—TWENTY C IT IE S............................

39.4
16.7

6.8

16.3c
8.9
3.3

Nashville.............................................................................................
New Orleans.......................................................................................
Fifteen Other Cities...........................................................................

24.9
34.7
125.7
37.1

32.5
16.9
16.7
29.0
52.8
14.4
43.6

16.6

Birmingham........................................................................................

40.1
14.2
14.6
43.8
43.2
15.4
57.6

CONTRACT AWARDS—SIX TH DISTRICT—TO TA L___
Residential..........................................................................................
All Others............................................................................................

36.2
23.8
44.5

51.0
28.6
65.9

28.6

Chemicals and drugs..................................................................
Housefumishing goods..............................................................
Miscellaneous..............................................................................

79.8
78.3
82.8
78.0
88.9
70.1
74.2
86.9
85.3
80.7
80.5
68.4

79.4
77.1
82.1
78.0
89.3
70.2
74.7
86.4
85.2
78.7
80.4
67.7

COTTON CONSUMPTION—UNITED STATES...................
Cotton-Growing States......................................................................
All Other States..................................................................................
Georgia........................................................................................
Alabama......................................................................................
Tennessee....................................................................................

74.9
91.6
42.0
93.1
123.4
89.4

76.1
94.3
39.9
98.8
116.3
108.9

COTTON EXPORTS—UNITED STATES...............................

67.2

P IG IRON PRODUCTION—United S tates................ ..........
Alabama......................................

52.0
43.1

DEPARTM ENT STORE TRADE—SIX TH D ISTRICT
Daily Average Sales—U n ad ju sted
Atlanta (3 firms)................................................................................
Birmingham (4 firms)........................................................................
Chattanooga (4 firms)........................................................................
DISTRICT (34 firms).......................................................................

48.3
53.1
56.6
60.6
63.1

68.6

Daily Average Sales—A d ju sted 4
1
Atlanta (3 firms)................................................................................
Chattanooga (4 firms).......................................................................
Nashville (4 firms).............................................................................
New Orleans (5 firms).......................................................................
DISTRICT (34 firms).......................................................................

66.2

M o n th ly S tocks—U n ad ju sted
Atlanta (3 firms)................................................................................
Birmingham (3 firms)........................................................................
Chattanooga (3 firms).......................................................................
Nashville (4 firms).............................................................................
DISTRICT (27 firms).......................................................................
M o n th ly Stocks—A djusted*
Atlanta (3 firms)................................................................................
Birmingham (3 firms)........................................................................

Florida.................................................................................................
Georgia................................................................................................
Mississippi...........................................................................................
Tennessee............................................................................................

WHOLESALE PRICES—UNITED STATES f
ALL COM M O DITIES....................................................................
Farm Products....................................................................................
Foods...................................................................................................
Other Commodities............................................................................
Hides and leather products......................................................
Textile products.........................................................................
Fuel and lighting........................................................................
Metals and metal products......................................................

♦Adjusted for Seasonal Variation,




fCompiled by Bureau of Labor Statistics.

1926-100.

20.0
34.3
80.5
79.3
84.9
77.9
89.6
70.9
74.1

86.6
85.4
78.6
80.5
67.3

68.8
20.5
20.4
14.8
18.8

8.1

5.6
27.4

6.8

5.0
18.9
31.1
17.8

20.2

25.7
12.9
34.2

31.0
12.4
43.4

74.6
63.3
69.8
78.2
87.1
72.7
72.8
87.7
87.8
75.6
82.0
70.2

74.8
64.5
70.6
78.4
86.3
71.5
73.9

20.8
12.8
6.2
24.1c
18.0

10.8
22.8

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
81.8
98.3
49.2
103.3
95.4
100.7

86.8

37.9

70.5
85.5
41.0

101.0

88.6

123.5

117.9

112.8

88.2

69.9
84.7
40.5
87.7
97.1
91.5

53.9

47.0

89.4

59.6

52.1

50.9
36.5

59.0
34.5

64.6
55.2

41.0
43.2

35.3
27.3

79.3

100.2

c—Corrected.