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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 FED ER A L R ESER VE B A N K O F A T L A N T A Vol. 21. No. 9 ATLANTA, GA., SEPTEMBER 30, 1936 N ATIO NAL SUMMARY OF BUSINESS CONDITIONS Prepared by the Board of Governors of the Federal Reserve System Industrial activity increased seasonally in August, and there was a substantial increase in factory employment and payrolls. Commodity prices, which had advanced for three months, showed little change after the middle of August. Production The Board’s index of industrial production, and which makes allowance for usual seasonal Employment movements, remained unchanged in August at 10 7 per cent of the 1923-25 average. Output of steel increased by more than the seasonal amount and the higher level was maintained in the first three weeks of September. Production of automobiles was sharply re duced as plants were closed for inventory taking and for mechanical changes in connection with the introduction of new models. Output of nondurable manufactures increased further in August, reflecting chiefly continued expansion in activity at textile plants and shoe factories. At bituminous coal mines output increased less than is usual at this season and at anthracite mines production declined. Output of petroleum showed an increase. Factory employment rose further between the middle of Ju ly and the middle of August by an amount larger than is usual at this season. There were substantial increases in working forces at establishments producing textiles and wearing apparel and smaller increases in most other lines, partly offset in the total by a decline in employment in the automobile industry. Factory payrolls increased. Value of construction contracts, which had increased sharply in Ju ly, declined somewhat in August, according to ^ a ft™ ^ rs^ f^ ep tem b efsT the figures of the F. W. Dodge Corporation. The value of nonresidential projects was smaller than in Ju ly but larger than in other recent months. Residential building increased considerably, reflecting a marked increase in contracts for apartments, several of which were publicly financed proj ects. Awards for single family houses, which have accounted for most of the increase in residential building during the past year and a half, showed little change in August. Agriculture Department of Agriculture crop estimates based on September 1 conditions were about the same as the estimates made a month earlier, except for a sharp decline in prospects for cotton. Prospective output of leading crops, with the exception of cotton and winter wheat, is considerably smaller than last year, but, in com parison with the drought year 1934, it is larger, except for corn and potatoes* Distribution Freight-car loadings of most classes of com modities showed about the usual seasonal increase from Ju ly to August. Shipments of grain, how ever, declined sharply and the increase in total loadings was less than seasonal. Department store sales increased by less than the usual amount and the Board’s seasonally ad justed index was 86 per cent of the 1923-25 average as compared with 91 per cent in Ju ly and 87 per cent in June. Commodity Wholesale commodity prices showed little Prices change between the middle of August and the third week of September, following three months of advance. Prices of steel scrap and chemicals and drugs continued to advance and there were also increases in the prices of hides and nonferrous metals. There was a seasonal decline in hog prices. Cotton, which advanced in price early this month at the time of the official crop report, declined after the middle of the month. PER CENT P E R C EN T 120 110 100 AA t j\ FACTORYEMPLOYMIENT ANDPAt'ROLL!5 \ 100 90 90 ent Empl<Dym 80 80 K\ 70 / J \ 60 Aw PayTOllS 50 \a V 40 jV 50 40 30 1929 70 60 rt tt 30 In d e x n u m b e r o f in d u s t r ia l p ro d u ctio n , a d ju ste d f o r se a so n a l v a r ia t io n . (1923-1925 a v e ra g e = 100.) L a t e s t fig u r e A u g li s t P r e lim in a r y 107. 120 110 1930 1931 1932 1933 1934 1935 1936 In d e x n u m b e rs o f n u m b e r em plo yed a n d p a y r o lls , w it h o u t a d ju stm e n t fo r se a so n a l v a r ia t io n s (1923-1925 a v e r a g e = 100). L a t e s t fig u r e A u g u s t E m p lo y m e n t 88.7; p a y r o lls 81.0. 2 M O N T H L Y R E V IE W M E M B E R B !a N K C R E D IT | 1 Total. Lo ans — Deimand D ep o sits-/^ Adjusted aX - u . s i.Govt. Obligations—- ■ B ala n ce s of / '" 'v (t h'rectandGuaranteed) _I / r Time DeDOsits to Custorhers " ---- U. o. u ovt. u eposits — - C^er“3ecunties to Cusitomers Street Loans 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 figure Sept. 19, 81.4. Bank Credit D em and d ep osits o f rep ortin g m em ber banks in lea d in g cities in creased som ew hat further in the fou r w eeks en d in g S ep tem ber 16, reflecting g o ld im ports, T reasu ry exp en d itu res, and an in crease in bank loans. Growth in loan s w as p r in c ip a lly in so -ca lled “ O ther” loan s, w h ich in clu d e lo a n s to custom ers fo r agricu ltu ral, com m ercial, and in d u stria l p u rp oses. T h ese lo a n s are now at the h igh est lev el sin ce e a rly in 1 9 3 3 . L oans to secu rity d ealers show ed an increase, as is u su a l, p rior to flotation o f the new issu e o f T reasu ry b onds on S ep tem ber 15. A part o f the new T reasu ry issu e w as purchasd b y rep ortin g banks, p r in cip a lly b y draw ing up on their b alan ces w ith the R eserve Banks. L a rg ely as a con sequ en ce o f p aym ents to the T reasu ry excess reserves o f m em ber banks sh ow ed a d ecrease o f $ 2 8 0 ,0 0 0 ,0 0 0 in the w eek en d in g S ep tem ber 16. T h is d e c lin e fo llo w e d an in crease o f n ea rly $ 2 0 0 ,0 0 0 ,0 0 0 in the p receding three w eeks, w hen the T reasu ry w as red u cin g its d ep osits w ith the R eserve B anks. S in ce ea rly in A u gu st there has been a renew ed in flow o f g o ld and th e cou n try’s m onetary g o ld stock has in creased b y about $ 1 0 0 ,0 0 0 ,0 0 0 in the past m onth. SIXTH DISTRICT SUMMARY A u gu st statistics fo r the S ix th F ed eral R eserve D istrict reveal an in crease in the v olu m e o f retail trade m uch larger than u su a lly occurs at that tim e o f year, a further in crease in w h o lesa le trade, and in creased resid en tia l contract aw ards, co a l m in in g, p ig iron p rod u ction and o p eration s at lum ber and cotton seed o il m ills, but a d ecrease in life insu rance sa les, in total contracts aw arded, in b u ild in g p er m its and in cotton m ill activ ities. Increases over A u gu st, 1 9 35, are, how ever, show n in a ll o f these series o f figures excep t th ose fo r cotton seed o il m ills, w here op eration s w ere at a low er le v el. F o llo w in g a d eclin e from June to J u ly o f co n sid era b ly less than the u su al season al am ount, A u gu st sa les b y 57 rep ortin g retail firm s in creased over J u ly b y 1 8 .9 per cent and w ere 14.7 per cent greater than in A u gu st, 1 9 3 5 . A fter adjustm ent fo r the num ber o f b u sin ess d ays, w h ich w as sm a ller b y one than a year ago, and the u su al sea so n a l trend, the adjusted in d ex o f d a ily average sa les rose from 1 1 1 .3 per cent o f the 192 3 -1 9 2 5 average in J u ly to 1 2 2 .7 per cent in A ugust, the h igh est le v el in the series. T h e cum ulated total fo r the eigh t m onths o f 1 9 3 6 is larger b y 1 2 .9 per W ednesday figures for reporting member banks in 101 leading cities. Sept. 5, 1934, to Sept. 16, 1936. Loans on real estate, loans to banks, and acceptances and commercial paper bought included in total loans and invest m ents but not shown separately. cent than fo r the co rresp o n d in g p erio d la st year. W h o lesa le trade in creased 7 .3 per cent from J u ly to A u gu st, and w as 16 per cent greater th an a y ea r ago and fo r th e eig h t m onths w as a lso 16 per cent greater than in that part o f 1 9 3 5 . L ife Insurance sa les, w h ich had in creased in J u ly , contrary to the u su a l trend, d eclin ed fro m J u ly to A u gu st but w ere slig h tly la rger than in A u gu st la st year. D eb its to in d i vid u a l accou n ts d eclin ed 1 per cent fro m J u ly , but w ere 16 per cent greater than a year ago. E m p loym en t statistics co m p iled b y th e U n ited S tates B u reau o f L abor S tatistics sh ow in creases o f 1 .4 per cent in num ber o f w orkers, and 0 .9 per cen t in th e am ount o f a w eek ’s p a y r o ll, at rep o rtin g firm s in the S ix th D istrict from June to Ju ly , and in creases o f 1 2 .5 p er cent in nu m ber o f w orkers, and 2 0 .4 per cent in p a y r o lls, com p ared w ith J u ly last year. T h e v a lu e o f b u ild in g perm its issu ed at tw en ty rep ortin g cities d eclin ed 2 1 .3 p er cent fro m th e la rg e J u ly to ta l, and in A u gu st w as 7 4 .3 p er cen t greater than a year ea rlier. T otal v a lu e o f co n stru ction contracts aw arded in the D istrict a lso d eclin ed from th e h ig h J u ly le v e l, bu t w as 8 2 .5 per cent greater th an in A u g u st la st y ear. R esid en tial contracts, h ow ever, in creased ab ou t 18 p er cen t over th ose in J u ly and w ere m ore than tw ice as la r g e as a year ago. O perations at cotton m ills in the D istr ic t d eclin ed from J u ly , but con su m p tion o f cotton w as 4 1 .9 per cent greater than in A u gu st la st year, and p ro d u ctio n and em p loym en t at rep ortin g m ills w ere a lso larger. C oal m in in g in creased 6.1 per cent in A la b a m a and 1 9 .8 p er cent in T en n essee, over J u ly , and w as 3 0 .6 per cent in A la b a m a and 2 2 .6 per cent in T en n essee, greater than in A u gu st, 1 9 3 5 . P ig iron p rod u ction in A la b a m a in creased 4 .2 per cen t over J u ly and w as 8 4 .9 per cent greater than a year ago. FINANCE Reserve Bank Credit T o ta l h o ld in g s o f b ills and secu rities b y th e F ed eral R eserve Bank o f A tla n ta d eclin ed b y $ 6 9 ,0 0 0 d u rin g th e fo u r w eeks b etw een A u gu st 12 and Sep tem b er 9 , but w ere then about 3 .6 m illio n s greater than on th e co rresp o n d in g W ed n esd ay o f la st year. T h e recent d ec lin e w as du e to a d ecrease in advances to b u sin ess and in d u stria l firm s fo r w o rk in g c a p ita l, offset in part b y an in crease in d iscou n ts fo r m em ber banks. A lth o u g h s till n e g lig ib le in to ta l, d iscou n ts in creased further b etw een A u gu st 12 and S ep tem ber 9 b y $ 5 1 ,0 0 0 , but w ere $ 2 1 ,0 0 0 less than a year a go. H o ld in g s M O N T H L Y FEDERAL RESERVE BANK OF ATLANTA (In Thousands of Dollars) Sept. 9 Aug. 12 1936 1936 Sept. 11 1935 3 R E V IE W CONDITION OF 22 M EM BER BANKS IN SELECTED CITIES (In Thousands of Dollars) Sept.. 9 Aug. 12 Sept. 11 1936 1936 1935 Bills Discounted: Secured by Govt. Obligations. $ 30 $ 30 $ ........................ All O thers................................ 93 42 144 Total Discounts.............. 123 72 144 Bills Bought in Open M a rk et... 108 108 169 Industrial Advances................... 586 706 1,044 U. S. Securities............................ 98,356 98,356 94,222 Total Bills and Securities 99,173 99,242 95 ,579 Total Reserves............................ 242,032 229,792 162,796 Member Bank Reserve Account 145 ,803 124,240 105,678 U. S. Treasurer—Gen. Account 2,341 17,770 948 152,499 147,101 110,447 Total Deposits............................ F. R. Notes in Actual Circulation 181,913 174,831 139,909 Commitments to Make Industrial Advances......................... ...................... 308___________283___________600 $ Loans and Investm ents............. $ 558,491 Loans—T o ta l.............................. 229,508 On Securities........................... 60,335 To Brokers and D ealers........ ............. 5,630 To O thers................................ 54,705 Real E state Loans...................... 24,030 Acceptances and Com'l. Paper Bought..................................... 4,956 Loans to Banks.......................................... 896 Other L oans................................ 139,291 Investments—T otal................... U. S. Govt. Direct Obligations Obligations Guaranteed by U. S........................................... Other Securities...................... o f purchased b ills did n ot ch an ge in the fo u r w eeks ended Septem ber 9 but w ere $ 6 1 ,0 0 0 sm a ller than at that tim e last year. Indu strial advances d eclin ed $ 1 2 0 ,0 0 0 betw een A u gust 12 and S eptem ber 9 , to the lo w est le v e l sin ce N ovem b er 7, 1934. C om m itm ents to m ake in d u strial advances, how ever, increased d u rin g th e la st w eek in A u gu st to the h igh est lev e l sin ce M arch, but have sin ce d eclin ed som ew hat, and on Septem ber 9 w ere o n ly about h a lf as la rg e as on that report date a year a g o . H o ld in g s o f U n ited States securities on Septem ber 9 rem ained at the lev el w hich has p revailed sin ce m id-year, and w ere 4.1 m il lio n s greater than at that tim e last year. M em ber banks’ reserve account, w hich had in creased by 14.9 m illio n s o f d o lla rs betw een June 10 and A u gu st 12, increased further b y 2 1 .6 m illio n s betw een A u gu st 12 and Septem ber 9, due in part to in creased reserve requirem ents effective A ugust 15, and w ere on S eptem ber 9 greater by 40.1 m illio n s o f d o lla rs than a year earlier. G overnm ent d eposits declin ed 15.4 m illio n s sin ce A u gu st 12, and on Septem ber 9 w ere at the lo w est le v e l o f the year but about 1.4 m illio n s greater than a year a go. T o ta l d ep osits on Septem ber 9 w ere about 5 .4 m illio n s greater than on A ugust 12 and 42.1 m illio n s greater than on the sam e W ednesday last year. F ederal R eserve n otes o f th is bank’s issu e in actual circu lation increased about 7.1 m illio n s from A ugust 12 to S ep tem ber 9, to the h ig h est le v el in several years, and 4 2 m illio n s greater than on the corresp on d in g report date a year ago. T otal reserves h eld b y th e bank con tin u ed at a h igh lev el and on Septem ber 9 w ere 7 9 .2 m illio n s greater than a year earlier. P rin cip a l item s in the w eek ly state m ent are com pared in an a ccom p an yin g tab le. Reserve with F. R. B ank.......... Cash in V ault.............................. Balances with domestic banks.. Demand Deposits—A djusted... Time D eposits............................ U. S. Govt. Deposits.................. Inter-bank deposits: Domestic.. F oreign.... Borrowings.................................. Alabama—4 Cities......................$ Birmingham............................ D othan............. ...................... Mobile...................................... Montgomery.......................... 115,887 $ 66,639 3,228 27,230 18,790 Member Florida—4 C ities........................ Jacksonville............................. M iam i....................................... Pensacola................................. T am pa...................................... T otal loan s and investm ents at 2 2 w eek ly rep ortin g m em ber banks in lea d in g cities o f the Credit S ixth D istrict in creased further betw een A u gu st 12 and Septem ber 9 b y 10.3 m illio n s o f d ollars, and w ere then 8 5 .9 m illio n s greater than on the corresp on d in g report date in 1 935. T h e recent in crease w as la rg ely due to an in crease in loan s, w h ile the in crease over a year ago w as p r in c ip a lly b ecau se o f greater h o ld in g s o f investm ent secu rities. T o ta l lo a n s b y these banks on S e p tem ber 9 w ere 7 .6 m illio n s greater than fou r w eeks ea rlier, and at the h igh est lev el sin ce June, 1 9 3 5 . T h e larger part o f this increase w as in “ O ther L oan s,” w h ich in clu d e th ose for com m ercial, in d u strial and a g ricu ltu ral p u rp oses, but a ll other kinds o f loan s also in creased d u rin g th is p eriod excep t lo a n s to banks. C om pared w ith the corresp on d in g report date o f last year, “ O ther L oan s” sh ow an in crease o f 7 .2 m illio n s, and total lo a n s an in crease o f 1 5 .9 m illio n s. H o ld in gs o f in vestm en t secu rities in creased about 2 .7 m illio n s from A ugu st 12 to S eptem ber 9, and w ere 70 m il lio n s greater than a year ea rlier. S in ce A u gu st 12, h o ld in g s o f direct ob lig a tio n s o f the G overnm ent increased 4 0 thou B ank 548,175 $ 221,890 59,501 5,377 54,124 23,523 472,590 213,625 55,594 5,640 49,954 20,361 4,730 1,572 132,564 4,340 1,214 132,116 328,983 206,774 326,285 206,734 258,965 158,238 40,574 81,635 39,028 80,523 30,929 69,798 89,334 10,589 136,701 308,118 177,334 51,544 203,730 1,193 72,806 10,835 141,892 306,075 176,728 51,511 185,939 1,234 62,946 9,469 131,876 272,546 171,710 18,801 164,520 1,157 ............ sands, guaranteed o b lig a tio n s o f the G overnm ent 1.5 m il lio n s, and “ other secu rities” 1.1 m illio n s. H o ld in g s o f “Other S ecu rities” on Septem ber 9 w ere larger than on any other report date. D em and d ep osits-ad ju sted increased betw een A ugust 12 and 2 6 to a new h igh lev el, but decreased about 3 .4 m illio n s by Septem ber 9 w hen th ey w ere about 3 5 .6 m illio n s greater than a year earlier. T im e d ep osits and G overnm ent d e p osits also in creased , and on Septem ber 9 w ere 5 .6 m il lio n s, and 3 2 .7 m illio n s, resp ectively, greater than a year ago. B alan ces m ain tain ed w ith correspondent banks w ere reduced about 5.2 m illio n s from A u gu st 12 to Septem ber 9, but w ere 4 .7 m illio n s greater than a year ago, but b a l ances h eld fo r dom estic banks increased about 1 7.8 m illio n s sin ce A ugust 12, and were 3 8 .2 m illio n s greater than a year ago. A n a ccom p an yin g tab le com pares p rin cip a l item s in the report. D EBITS TO INDIVIDUAL ACCOUNTS* August July 1936 1936 August 1935 124,653 $ 71,758 2,259 30,847 19,789 95,184 57,917 2,865 24,620 19,782 114,594 57,386 26,572 7,901 22,735 123,912 63,764 29,262 7,963 22,923 99,932 52,604 20,784 6,989 19,555 Georgia— 10 Cities...................... 247,207 Albany...................................... 3,606 A tlanta..................................... 159,629 Augusta.................................... 15,622 Brunswick................................ 2,385 Columbus................................ 12,267 Elberton................................... ............... 876 M acon...................................... 13,621 Newnan.................................... 2,191 Savannah................................. 27,980 Valdosta................................... 9,030 237,327 3,474 152,184 17,389 2,492 11,938 958 13,269 2,363 29,957 3,303 213,994 2,748 136,784 14,684 1,996 9,701 857 11,695 1,599 26,235 7,695 Louisiana—New Orleans............ 194,326 190,540 166,864 Mississippi—4 C ities................. Hattiesburg............................. Jackson.................................... M eridian.................................. Vicksburg................................. 46,873 4,181 28,984 7,801 5,907 42,059 3,997 23,402 8,254 6,406 33,405 3,633 17,711 7,221 4,840 Tennessee—3 Cities.................... Chattanooga............................ Knoxville.................................. Nashville.................................. 132,816 37,271 24,668 70,877 141,706 38,197 24,731 78,778 125,017 32,918 21,161 70,938 Total—26 Cities.............. $ 851,703 $ 860,197 $ 734,396 * Monthly totals are derived from weekly reports by prorating figures for those weeks which do not fall entirely within a single calendar month. 4 M O N T H L Y AGRICULTURE T h e Septem ber estim ates b y th e U n ited States D ep a rt m ent o f A g ricu ltu re in d ica te im p rovem en t over a m onth ea rlier in the p rospects fo r som e crop s, b ut on the w h o le there w as a d eclin e o f about 2 per cent com p ared w ith A u gu st 1. T he Sep tem ber 1st report states that “ the co n tin uation o f the drought and h ot w eather th rou gh m ost o f A u gu st in the C entral States and th e in creased severity o f drought con d ition s in the Sou th w est cau sed n ea rly a 2 per cent d eclin e in crop prosp ects d u rin g the m onth, but, co n sid erin g the country as a w h o le, recent rains ap p ear to h ave been sufficiently w idesp read to prevent further d eterior ation o f cro p s.” P rosp ects fo r corn in creased 1.3 per cent over the m onth, but the crop is s till exp ected to be the sm a llest in 55 years, the estim ate o f grain sorgh u m p ro duction d eclin ed 2 8 per cent fro m that on A u gu st 1 b e cause o f extrem e drou gh t co n d itio n s in parts o f the South Central States, and the estim ate o f cotton p rod u ction d e c lin ed about 11 per cent. T h e report states further “these large decreases in cotton and grain sorgh u m w ere o n ly p a rtia lly offset b y an im p rovem en t in p rosp ects fo r n ea rly a ll other field crops, p a rticu la rly th ose grow n in the n orth ern and northeastern states, w here la te field and garden crops show ed substan tial recovery w ith the co o le r w eather and m ore lib era l ra in fa ll at the end o f the m onth. . . . P otato p rospects show co n sid era b le im p rovem en t over a m onth ago. . . . A u gu st ra in fa ll w as o f som e benefit to other v egetab les. . . . S u p p lie s o f v eg eta b le crop s fo r m an ufacture h ave been g en e r a lly shorter th an u su a l, and the pack o f snap beans, sw eet corn, and green p eas w ill fa ll co n sid era b ly b elo w the resu lts o f 193 5 . In contrast, the S eptem ber 1 in d ication s p o in t to a tom ato crop fo r m an u facture that is fu lly as la rg e as that p rocessed la st year and co n sid era b ly ab ove a verage.” W eather con d ition s d u rin g A u gu st w ere m ore fa v o ra b le in m ost parts o f the S ixth D istrict than in th e cou n try as a w h o le, alth ou gh a sh ortage o f m oistu re and in ten se heat in parts o f T en n essee reduced p rosp ects fo r som e crop s in that State. F or the D istrict as a w h o le, p rosp ects fo r corn d eclin ed over the m onth but estim ates o f m ost other crops in creased som ew hat. Sep tem b er estim ates fo r cotton , w heat, tob acco, fru its, pecans, and in L ou isia n a , rice and cane syru p, are larger than 19 3 5 p rod u ction o f th ese crop s. D is- R E V IE W trict figures fo r som e o f the p r in cip a l crop s are com pared in the ta b le. (000 Omitted) 1936 Estimates Sept. 1 Aug. 1 Corn, bushels................... Wheat, bushels................ Oats, bushels.................... Tame Hay, tons.............. Tobacco, lbs..................... White Potatoes, bushels. 149,414 6,157 9,345 2,209 153,255 9,558 149,791 6,157 9,180 2,109 142,668 9,533 Percent 1935 Percent Change Production Change —0.3 same + 1 .8 4*4.7 + 7 .4 + 0 .3 171,898 5,587 10,644 2,572 147,469 12,042 — 13.1 + 1 0 .2 — 12.2 — 14.1 + 3.9 —20.6 T h e Sep tem b er estim ates o f citru s p rod u ction in F lo rid a rem ained u n ch an ged , at 1 7 .7 m illio n b o x es o f oran ges and 1 1.5 m illio n b o x es o f g ra p efru it, and th e estim ate o f rice p rod u ction in L o u isia n a co n tin u ed at 1 7 ,2 6 1 ,0 0 0 b u sh e ls. E stim ated p rod u ction o f su gar in L o u isia n a d eclin ed 3 .3 p er cent to 2 8 9 ,0 0 0 to n s, a d ecrease o f 1 3 .2 per cent com p ared w ith 1 9 3 5 p rod u ction . E stim ates o f peanu ts in the six states o f the D istrict are 1 7 .9 p er cen t greater than la st y ea r’s p ro d u ctio n , b eca u se o f in crea ses in A lab am a and G eorgia, but in creases in p ro d u ctio n o f p ecan s in G eor g ia and L o u isia n a w ere m ore than offset b y decreases in T en n essee, A la b a m a , and F lo rid a . Cotton T h e S ep tem b er 1 estim ate o f cotton p rod uction in d ica tes a red u ction o f 1 ,3 6 0 ,0 0 0 b a les from the A u gu st estim ate. T h e rep ort states that m oderate im p rovem ent in co n d itio n s in the eastern part o f th e b elt w ere m uch m ore than offset b y d am age b y drou gh t in th e w est ern p ortion , p a rticu la rly in O k lah om a and N orth w est T exas. In the states o f th is D istrict th e S ep tem b er estim ates in creased over th o se fo r A u gu st in A la b a m a and G eorgia, but d ecreased in L ou isia n a , M ississip p i and T en n essee, as in d icated in th e ta b le. COTTON PRODUCTION—000 Bales 1936 Estimates Percent 1935 Percent Sept. 1 Aug. 1 Change Production Change A labam a........................... Florida.............................. Georgia............................. Louisiana.......................... Mississippi....................... Tennessee......................... Total—Six States. United S tates___ 1,093 30 982 656 1,601 381 4,743 11,121 1,065 30 910 678 1,710 403 4,796 12,481 + 2 .6 1,059 + 3.2 same 31 —- 3 .2 + 7.9 1,059 — 7.3 — 3.2 556 + 1 8 .0 — 6 .4 1,259 + 2 7 .2 — 5.5 317 + 2 0 .2 — 1.1 — 10.9 4,281 10,638 + 1 0 .8 + 4.5 TR ADE Retail Trade SUGAR M OVEM ENT—NEW ORLEANS—Pounds Receipts........................................ M eltings....................................... Stocks........................................... 40,196,982 57,434,100 52,304,544 84,840,571 81,051,498 69,625,513 65,189,614 94,995,533 65,229,337 77,532,153 29,188,141 84,085,621 26,972,115 Refined Sugar Shipments.................................... Stocks........................................... 61,540,729 23,255,278 R IC E MOVEMENT (Rice Millers’ Association Statistics) ________________ August__________ Receipts of Rough Rice:* Season 1936-37........................ Season 1935-36........................ 304,407 271,760 Distribution of Milled Rice:** Season 1936-37....................... Season 1935-36....................... 331,475 331,462 Stocks: August 31, 1936...................... August 31, 1935...................... 110,978 105,348 Rough* * B a rre ls of 162 lbs. * * P ocke ts of 100 lbs. Milled** 210,209 227,461 A fter d e c lin in g fro m June to J u ly b y co n sid era b ly less than th e u su a l sea so n a l am ount, th e v o lu m e o f trad e at 5 7 rep o rtin g reta il firm s in the S ixth D istrict in creased fro m J u ly to A u g u st b y a m uch larger am ount than u su a l at that tim e. A u g u st sa les b y th ese 57 firm s w ere 1 8 .9 per cent greater than in J u ly , and 1 4 .7 per cent greater than in A u g u st o f la st year. T h e num ber o f b u sin ess d ays in A u g u st th is year w as sm a lle r b y o n e than a year a g o, and a fter ad ju stm en t fo r th e u su a l sea so n a l m ovem ent, th e ad ju sted in d ex o f d a ily a v erage sa les, w h ich had risen each m onth sin ce A p r il, rose fu rth er in A u gu st to th e h ig h est le v e l in th e series. F o r th e eig h t m onths o f 1 9 3 6 , January th rou gh A u gu st, sa les b y th ese firm s h ave been 1 2 .9 p er cen t greater than in that part o f la st year. Stocks o f m erch an d ise on han d at th e end o f A u gu st averaged 8 .9 per cent greater than a m onth ea rlier, and 5 .8 per cent la rg er than at that tim e in 1 9 3 5 , an d the rate o f stock tu rn over w as h ig h er in A u gu st than in J u ly or in A u gu st la st year, and w as a lso h ig h er fo r th e eig h t m onths M O N T H L Y 5 R E V IE W RETA IL TRADE IN T H E SIX TH DISTRICT DURING AUGUST 1936 Based on confidential reports from 57 departm ent stores C omparison off N bt Sales C omparison op Stocks August 1936 Year to August 31, 1936 Stock T urnover with: date with with: Same month Previous Same period Same month Previous August Jan.-Aug. Incl. a year ago M onth last year a year ago M onth 1936 1935 1936 1935 A tlanta (6)...................... Birmingham (5).............. . Chattanooga ( 4 ) . . . . . . . . , Jacksonville (3 ).............. , Miami (3 )........................ Montgomery (3)............. Nashville (4)................... New Orleans (4)............. Other Cities (25)............ ............ D ISTR IC T (57).............. + 5 .0 + 39.5 + 17.2 + 13.2 - 5.0 b 4.6 - 9.0 -18.5 -20.0 b 7.9 + 18.9 + 11.1 + 2 6 .0 + 3.5 + 16.9 + 11.9 + 11.2 + 8.4 + 16.4 + 6.7 + 12.9 + 1 1 .0 + 15.7 + 11.2 — 1.2 + 0.5 + 9.6 — 2.8 — 0.1 + 6.2 + 5.8 + 10.9 + 4.4 + 7.5 + 10.6 + 9.2 + 16.8 + 13.0 + 5.7 + 12.6 + 8.9 .45 .29 .26 .21 .31 .25 .37 .39 .21 .33 NOTE: The rate of stock turnover is the ratio of sales during given period to average stocks on hand. and due a t th e beginning of the month which were collected during the month. period. T h e c o llectio n ratio d eclin ed som ew hat from J u ly to A u gu st, as it u su a lly does, and w as s lig h tly h igh er than a year ago. F or in sta llm en t accounts, the c o lle c tio n ratio for A u gu st w as 14.4, the sam e as fo r J u ly , and fo r A ugust last year 14.1. P ercen tage com p ariso n s in the ta b le are based up on figures reported in actu al d o lla r am ounts and m ake no a llo w a n ce fo r chan ges in p rice le v e ls. T he in d ex num bers on p a g e 8 are based u p on reports from a sm a ller num ber o f firm s, w hose figures h ave been reported over a lo n g p eriod o f years. A statem ent b y the U n ited States D epartm ent o f C om m erce in d icates that d a ily average sa les o f gen eral m er chandise in sm a ll tow ns and rural areas o f th e South d e clin ed 14 per cent from June to J u ly , but w ere 2 4 per cent greater than in J u ly 1 9 3 5 ; fo r the cou n try as a w h ole, the decrease from June w as 17 per cent, and th e in crease over J u ly last year w as 18 per cent. .44 .29 .28 . 18 .20 .*26 .32 .22 .29 3.02 2.08 2.07 1.68 3.20 2.13 2.71 2.50 1.85 2.41 S a les o f life insurance in the six states o f th is D istrict d eclin ed 8 .5 per cent fro m J u ly to A ugust, and w ere 1.9 per cent la rger than in A ugust, 1935. A decrease from J u ly to A u gu st is not u n u sual, as figures fo r the last thirteen years sh ow in creases at that tim e in o n ly five in stan ces. F or the eigh t m onths o f 1936, th e cum ulated total sh ow s a decrease o f 6 .5 per cent, com pared w ith that part o f 1 9 3 5 . F or the cou ntry as a w h ole the decrease w as 5.3 per cent. F igu res com pared in th e tab le are from th ose co m p iled b y the L ife Insurance S a les R esearch B ureau. (In Thousands of Dollars) August August July 1936 1935 1936 Alabama........................ . Florida............................ Georgia......................... Louisiana...................... Mississippi.................... Tennessee..................... $ 3,493 $ 4,503 6,241 4,923 2,249 5,157 3,900 5,035 6,687 5,032 2,251 6,124 $ 3,469 $ 27,007 4,420 38,999 48,006 6,102 36,879 4,129 2,015 17,919 5,937 41,974 $ 31,667 37,676 52,925 40,123 17,798 45,333 V o lu m e o f sa les b y 7 9 rep ortin g w h o lesa le firm s in the S ix th D istrict in creased further in A ugust b y 7.3 per cent and w as 16.0 per cent greater than in A u gu st last year, and the cum ulated total for the first eigh t m onths o f 1 9 3 6 w as a lso 16 per cent greater than in that part o f 1 9 3 5 . T h e in d ex num ber o f w h o lesa le trade, w hich is n ot adjusted fo r season al v a ria tion s, w as h igh er fo r A u gu st than fo r an y other m onth sin ce O ctober, 1 9 3 0 . R eported figures fo r the m onth are com pared in the tab le, and in d ex num bers appear on p age 8. August 1935 2.89 2.09 2.19 1.44 2.79 26.1 32.4 28.4 27.1 33.8 29.9 25.3 31.1 28.0 i!90 2.06 1.92 2.19 26!4 38.1 29.0 29.9 29 .*5 40.1 32.9 32.1 28!6 37.4 26.6 28.7 WHOLESALE TRADE IN SIX TH D ISTRICT DURING AUGUST 1936 Based on confidential reports from 79 firms Percentage Comparisons August 1936 with: jan.-Aug., Incl. August 1936 with same Number July 1936 of Firms 1935 period last year All Lines Combined : Stocks........................... Groceries: Jacksonville.......... New Orleans........ Vicksburg............. Other Cities......... Dry Goods: Sales.............................. Nashville.............. Other Cities......... Stocks........................... Hardware: N ashville.............. New Orleans........ Other Cities......... Furniture: A tlanta................. Other Cities......... Drugs: Stationery: 79 26 + 7.3 + 1.4 + 16.0 + 3.6 + 1 6 .0 18 3 3 3 9 + 1.0 — 9.8 — 5.4 + 36.6 — 4.9 + 5.7 — 12.1 — 4.3 + 41.6 + 5.7 + 4.0 — 4.8 — 1.3 + 22.5 + 5.0 14 3 11 7 +47.5 +45.1 +48. 1 + 9.7 + 17.3 + 24.6 + 15.6 — 2.8 + 10.9 + 6.9 + 1 2 .0 25 3 5 17 9 + 7.0 + 5.4 + 0.0 + 11.3 — 5.6 +22.5 + 8.4 + 13.7 + 30.1 — 6.3 + 20.2 + 5.5 +32.1 + 16.8 7 3 4 5 + 14.2 + 4.9 + 16.8 + 5.6 +43.1 +44.1 +42.8 + 16.6 + 3 5 .4 + 2 7 .6 +3 7 .3 3 —20.5 + 27.3 + 4 8 .2 7 — 2.2 + 4.2 + 11.6 3 + 9.8 + 2.6 + 11.6 COLLECTION RATIO* August 1936 July 1936 August 1935 71.2 35.8 47.5 36.6 78.4 37.1 50.1 43.5 73.6 37.0 38.3 35.5 46.8 49.1 47.3 T otal....... ............. * The collection ratio is the percentage of accounts and notes receivable o ut standing at the beginning of the month which were collected during the month. Jan. 1 to Aug. 31 1936 1935 T o tal................. , $ 26,566 $ 29,029 $ 26,072 $ 210,784 $ 225,522 456,397 3,971,605 4,195,384 451,612 512,738 United S tates. . Wholesale Trade July 1936 The collection ratio is the percentage of accounts outstanding Electrical Supplies: Life Insurance C ollection R atio August 1936 INDUSTRIAL T he v a lu e o f b u ild in g perm its issu ed at tw enty rep ortin g cities in the S ix th D istrict fo r the con stru ction o f b u ild in g s w ithin their corp orate lim its, after reach in g in J u ly the largest m o n th ly total in m ore than seven years, d eclined 2 1.3 per cent in A ugust, but w as 7 4 .3 per cent greater than in A u gu st last year and at the h ig h est le v e l, excep t for J u ly , sin ce M arch, 1930. O f these tw enty cities, tw elv e re ported ga in s over Ju ly , and seventeen reported totals larger than fo r A ugust, 193 5 . F or the eig h t m onths o f the year, January through A u gu st, the total v a lu e o f perm its has been $ 4 3 ,8 9 6 ,9 2 8 , larger b y 73 .7 per cent than fo r the corresp on d in g p eriod last year, and the la rg est total for that part o f any year sin ce 1 9 2 9 . F igu res fo r the m onth are com pared in an a ccom p an yin g tab le. T h e v a lu e o f b u ild in g and c o n s tr u c tio n co n tra cts a w ard e d 6 M O N T H L Y BUILDING PER M ITS—AUGUST Number 1936 1935 Percentage Change in 1935 Value Value 1936 Alabama Anniston...................... Birmingham..............., M obile......................... Montgomery.............. 26 326 45 331 13 $ 29,556 $ 13,200 310 336,978 248,196 56 78,185 65,766 140 122,090 67,549 + + + + Florida Jacksonville................. M iam i....... ................... Miami Beach............. . Orlando...................... . T am p a......................... 616 920 131 112 222 547 507,660 238,717 539 1,145,161 563,833 92 1,290,217 1,079,328 95 202,843 77,009 146 94,620 62,430 + 112.7 + 103. 1 + 19.5 +163.4 + 51.6 Georgia A tlan ta........................ Augusta...................... Columbus........... ......... M acon.......................... Savannah.................... . 257 49 124 263 43 264 116 143 158 33 239,530 54,105 75,104 62,919 49,157 260,864 25,745 79,866 52,446 77,420 — 8.2 + 110.2 — 6.0 + 20.0 — 36.5 Louisiana New Orleans................ Alexandria.................... 140 82 104 43 794,351 41,233 185,243 12,133 +328.8 +239.8 Tennessee Chattanooga................ Johnson C ity . . . . . . . . . Knoxville...................... Nashville...................... 458 6 123 208 355 6 82 139 159,241 10,050 517,630 563,347 103,476 5,375 102,892 334,834 + 53.9 + 87.0 +403.1 + 68.2 Total—20 Cities.......... 4,482 3,381 $6,373,977 $3,656,322 + 74.3 123.9 35.8 18.9 80.7 in the S ixth D istrict, a ccord in g to statistics co m p iled b y the F. W . D o d g e C orporation and su b d iv id ed in to d istrict to ta ls b y th e D iv isio n o f R esearch and S ta tistics o f th e B oard o f G overnors o f the F ed eral R eserve S ystem , a lso d eclin ed from J u ly to A u gu st, but w as 8 2 .5 per cent greater than fo r A u gu st last year. F or the eig h t m onths o f 1 9 3 6 , total aw ards in the D istrict h ave am ounted to $ 1 5 0 ,8 1 3 ,9 1 7 , larger b y 6 1 .3 per cent than in that part o f 1 9 3 5 , and a lso larger than in the corresp o n d in g p eriod o f other recent years. In contrast to the d eclin e fro m J u ly in to ta l aw ards, resid en tial contracts increased 1 7 .9 per cen t in A u gu st, w ere m ore than d ou b le th e am ount fo r A u gu st la st year, and w ere at the h ig h est le v e l fo r an y m onth sin ce M ay, 1 9 2 9 , and fo r the eigh t m onths the resid en tial to ta l h as b een $ 4 6 ,8 4 7 ,4 3 2 , larger b y 6 7 .9 p er cent than fo r that p eriod last year. State to ta ls, show n in the ta b le, show d ecreases over the m onth excep t fo r F lo rid a , but in creases are show n over A u gu st last year fo r F lo rid a , M ississip p i and T en n essee, and fo r th e eig h t m onth p eriod in creases are show n over that part o f 1 9 3 5 excep t fo r G eorgia. P ress reports in d icate a m arked im p rovem en t in both orders and sh ip m ents du rin g A u gu st, that th is im p rovem en t has been w e ll sustained th rou gh th e first h a lf o f S ep tem ber, and that “b u y in g con tin u es active fro m a ll sou rces th ough p rin c ip a lly from retail yard s, and som e m ills report th eir order files are n ow th e h ea v iest in six y ea rs.” W eek ly statem ents o f the Southern P in e A sso cia tio n fo r th e six w eeks ended Septem ber 12 sh ow in creases over the corre sp o n d in g w eeks a year ago o f 28.1 per cent in orders, 1 3 .6 R E V IE W per cent in sh ip m en ts, 1 1 .9 per cen t in p rod u ction and 4 .5 per cen t in u n fille d orders. F or th is six w eek s’ p eriod , orders averaged 1 1.2 per cen t greater than p rod u ction , w h ile a year ago th ey w ere 2 .9 p er cen t sm a ller. D u rin g A u g u st cotton m ills in th e U n ited S tates consum ed 5 7 4 ,2 8 9 b a les o f cotton , a d ecrease o f 4 .8 p er cent com pared w ith J u ly co n su m p tio n but 4 0 .6 p er cent greater than that in A u gu st la st y ear. In the cotton g ro w in g states, A u gust con su m p tion am ou n ted to 4 8 0 ,5 4 6 b a les, 8 3 .7 p er cent o f the to ta l, and w as 4 .7 p er cent less than in J u ly but 40 .1 p er cent greater than a y ea r a g o , and in oth er states A u gu st c on su m p tion w as 9 3 ,7 4 3 b a les, 5 .2 p er cen t sm a ller than in J u ly but 4 3 .3 p er cent la rg er th an in A u g u st la st year. E xp orts o f cotton in A u g u st am ounted to 1 8 2 ,4 8 7 b a les, a g a in o f 1 6 .8 per cent over th e lo w J u ly to ta l, but 2 4 .4 per cent le ss than a year a g o . C om b in ed con su m p tion and exp orts in A u gu st w ere 0 .4 p er cent le ss than in J u ly , and 1 6.5 per cent greater than in A u gu st, 1 9 3 5 . S u p p lie s o f cotton h e ld b y co n su m in g estab lish m en ts d eclin ed fro m J u ly to A u g u st b ut w ere 16 p er cent less than a year ago, b ut w ith th e b eg in n in g o f th e m ovem ent o f n ew cotton to m arket stock s in p u b lic sto ra ge an d at com p resses in creased 1 0 .5 p er cent over J u ly , b u t w ere 2 6 .4 per cent sm a lle r than fo r A u g u st la st year. In A u gu st, 1 8 4 ,0 8 6 m ore sp in d le s w ere a ctiv e than in J u ly , and 1 ,3 8 7 ,4 7 2 m ore than in A u g u st, 1 9 3 5 . D u rin g the cotton year w h ich en d ed w ith J u ly , co n su m p tio n b y A m erican m ills w as 1 8 .4 per cen t greater than in the 1 9 3 4-35 year, and the la rg est in seven years. E xp orts fo r the season exceed ed th o se o f the 1 9 3 4 -3 5 sea so n b y 2 0 .9 per cent, but ex cep t fo r that year w ere th e sm a llest sin ce 1923-24. C ensus Bureau figures fo r the m onth are com pared in the tab le. C onsum ption o f cotton in A u gu st am ounted in G eorgia to 1 1 1 ,8 8 8 b a les, in A la b a m a 6 2 ,0 7 7 b a les, an d in T en n essee 1 3 ,9 5 4 b a les, the com b in ed to ta l b ein g 4 .3 per cent less than J u ly co n su m p tio n but 4 1 .9 p er cent greater than in A u gu st la st year. O n a d a ily a v erage b a sis, A ugust c on su m p tion w as 4 7 .4 per cent greater than a year ago. D u rin g the cotton year w h ich en d ed w ith J u ly , co n su m p tio n in th ese states w as th e la rg est on record. C onfidential reports fro m cotton m ills in th is D istrict sh ow a fu rther in crea se o f 3 p er cent in num ber o f w orkers em p lo y ed , com p ared w ith J u ly , and an in crea se o f 2 0 .4 p er cent* o ver A u g u st la st year. P ro d u ctio n d eclin ed so m e w hat at both yarn and clo th m ills, but w as greater tha.n a y ear a go. A t yarn m ills orders in creased su b sta n tia lly from J u ly to A u g u st and w ere m uch greater than a year COTTON CONSUMPTION, EXPORTS, STOCKS AND ACTIVE SPIN D LES U N ITE D STATES—Bales Aug. 1936 July 1936 Aug. 1935 BUILDING AND CONSTRUCTION CONTRACTS AWARDED (F. W. Dodge Corporation figures) August July August 1936 1936 1935 Sixth District—T o ta l................. $ 18,304,000 Residential........................................ 8,516,600 All O thers................................ ......... 9,787,400 State Totals: Alabam a............................................ 1,219,200 Florida............................................... 7,962,500 Georgia.................................... ......... 2,464,600 Louisiana................................. ......... 1,790,600 Mississippi......................... .............. 4,818,200 Tennessee................................ ......... 4,066,400 $ 33,311,800 $ 10,031,921 7,226,200 2,801,634 26,085,600 7,230,287 7,029,800 7,779,400 3,629,600 5,403,000 7,696,700 7,923,700 1,547,000 3,501,500 2,578,200 1,817,200 674,800 1,166,700 Cotton Consumed....................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles—N um ber......... 574,289 5,088,943 752,219 603,203 4,822,185 898,084 408,325 6,543,945 648,533 4,336,724 182,487 23,433,658 3,924,101 156,262 23,249,572 5,895,412 241,484 22,046,186 COTTON GROWING STATES—Bales Cotton Consumed...................... In Consuming Establishments In Public Storage and at Compresses.......................... Active Spindles—N um ber......... 480,546 4,880,919 580,818 504,321 4,588,287 708,131 324,899 6,246,747 481,354 4,300,101 17,269,442 3,880,156 17,145,596 5,765,393 16,273,926 M O N T H L Y ago, but at cloth m ills decreases w ere reported in both instances. Stocks continued sm a ller than at the sam e tim e last year. A u gust operation s at cotton seed o il m ills in the Sixth D istrict increased su b sta n tia lly over the sea so n a lly low lev el o f J u ly , and in creases are show n in receipts and cru sh in gs o f seed and in prod u ction o f cotton seed products. R eceip ts o f seed du rin g A u gu st, and stocks o f seed at the end o f the m onth, w ere greater than a year earlier, but crushings w ere som ew hat sm a ller. C om parisons o f production and stocks o f cotton seed products are not p o ssib le b ecause figures fo r in d iv id u a l states are not a v a il ab le fo r A ugust, 1935, but fo r the country as a w h o le p ro duction w as less than a year ago and stocks at m ills, excep t th ose o f seed and crude o il, w ere a lso sm a ller. Census Bureau figures are com pared in an a ccom p an yin g tab le. P rod u ction o f electric pow er fo r p u b lic use in the six states located w h o lly or p a rtly in the S ixth D istrict in creased 3 .9 per cent from June to J u ly , and was 2 2 .8 per cent greater than in Ju ly , 1 9 3 5 , and fo r the seven m onths of 1936 the total o f 4 ,5 5 4 ,8 6 9 ,0 0 0 k ilow att hours is 1 8.7 per cent greater than in the corresp on d in g p eriod a year earlier. On a d a ily average basis the in crease in J u ly over June w as o n ly 0 .6 per cent, but the Ju ly total and the d a ily average w ere h igh er fo r these six states than fo r an y other m onth on record. B ecause o f the effects o f dry w eather, p rod u c tion b y use o f w ater pow er d eclin ed from 6 5 .9 per cent o f the total in M ay to 5 1 .7 per cent in June and 5 1 .6 per cent in J u ly, com pared w ith 6 5 .0 per cent, and 6 1 .5 per cent, resp ectively, for June and Ju ly , 193 5 . F or the seven m onths, produ ction by w ater pow er has accounted fo r 6 1 .6 per cent o f the total, com pared w ith 6 6 .3 per cent during that p eriod last year. B itum inous coal prod u ction d u rin g th e fo u r w eeks en d in g A ugust 29 averaged 6.1 per cent in A lab am a, and 19.8 per cent in T ennessee, greater than d u rin g the five w eek period en d in g A ugust 1, and 3 0 .6 per cent in A lab am a, and 22 .8 per cent in T ennessee, greater than in corresp on d in g w eeks o f last year. F or the year 1 9 3 6 , through A u gu st 29, A labam a produ ction totaled 7 ,5 1 3 ,0 0 0 tons, and output in T en nessee 3 ,2 1 9 ,0 0 0 tons. T h ese to ta ls are 1 7 .9 per cent, and 9 .7 per cent, resp ectively, larger than fo r that part o f 1935. A ccord in g to prelim in a ry figures co m p iled b y the U n ited States B ureau o f M ines, A ugust prod u ction in the U n ited States totaled 3 2 ,8 1 8 ,0 0 0 tons, an in crease o f 2 .4 per cent over J u ly and larger by 2 5 .4 per cent than in A u gu st last COTTON SEED AND COTTON SEED PRODUCTS United States Sixth District August August August August 1935 1936 1935 1936 Cotton Seed—Tons: Received at Mills........ 252,834 102,451 168,145 201,921 143,385 148,111 15,806,090 23,795 15,429 12,084 29,786,952 46,774 27,615 22,109 43,122,688 64,597 38,273 28,470 8,063,225 23,613 10,486 15,571 15,289,516 45,561 24,872 37,100 12,157,239 177,489 71,037 61,219 151,648 53,956 102,914 On Hand August 3 1 ... Production: Crude Oil, lbs............... Cake and Meal, tons .. Hulls, to n s.................... Stocks at Mills, Aug. 31 Crude Oil, lbs............... Cake and Meal, to n s .. Hulls, to n s................... Linters, bales............... 124,771 83,566 86,738 * Georgia, Alabama, Louisiana and Mississippi. R E V IE W 7 year. F or the eigh t m onths o f 1 936, total production am ounted to 2 6 4 ,9 6 9 ,0 0 0 tons, an in crease o f 11.5 per cent over prod u ction du rin g the corresp on d in g p eriod a year ago. P rod u ction o f p ig iron in the U n ited States, according to Iron A g e statistics, in creased 4 .5 per cent from J u ly to A u gu st, w hen the total w as 2 ,7 1 1 ,7 2 1 ton s, and w as 54 per cent greater than in A u gu st la st year and at the highest le v e l fo r an y m onth sin ce June, 1 9 3 0 . T h e num ber o f fu r naces active increased b y 2 in A u gu st, to 1 4 8 on Septem ber 1, w hich com pares w ith 9 8 active at that tim e a year ago. D u rin g the eig h t m onths o f 1 9 3 6 , to ta l p roduction has am ounted to 1 8 ,8 3 4 ,2 1 5 tons, w h ich is 4 4 per cent larger than the total fo r that part o f 1 935 and the largest total fo r the p eriod sin ce 1930. A lab am a prod u ction o f p ig iron am ounted in A ugu st to 1 4 8 ,0 8 3 tons, an in crease o f 4 .2 per cent over J u ly and som ew hat larger than in June, but sm a ller than in other m onths sin ce N ovem b er. T h e A ugust to ta l w as, how ever, 8 4 .9 per cent greater than prod u ction in A u gu st last year. T he total fo r the first eigh t m onths o f 1 9 3 6 w as 1,244,351 tons, larger b y 5 8 .8 per cent than in that p eriod a year ago and the la rg est total fo r the corresp on d in g part o f any year sin ce 193 1 . T en A lab am a fu rn aces con tin ued active in A ugust, as in the tw o m onths p reced in g, com pared w ith 6 active at the sam e tim e a year ago. P ress reports state that producers h ave op en ed th eir b ook s fo r the fourth quarter at the base price o f $ 1 5 .8 8 per ton , and that the m arket is quiet, a lth ou gh sh ip m en ts h ave been grad u ally in creasin g and w ere better in A ugust than in July. R eceipts o f both tu rpentine and rosin at the three p rin cip a l N aval Stores m arkets o f th e D istrict d eclin ed from J u ly to A ugust, as th ey u su a lly do, but turp en tine receipts w ere the sm a llest fo r A ugust sin ce 1 9 1 9 , and receipts o f rosin w ere the sm a llest, excep t fo r A ugust, 1 9 3 2, fo r that m onth sin ce 1 9 2 1 . Stocks o f both com m od ities increased som ew hat over the m onth, but w ere sm a ller than fo r A ugust o f m ost other recent years. A verage o f q uotations on the thirteen grades o f rosin on the S avannah m arket on S e p tem ber 12 w as $ 6 .2 2 per 2 8 0 pou n d s, com pared w ith $ 6 .3 6 on A ugust 8, a lo w fo r the year o f $ 4 .1 8 on M ay 9 , and $ 4 .3 7 on S ep tem b er 1 4 la st year, and the p rice o f tu rp en tin e on Septem ber 12 w as 37!/4 cents per g a llo n , com pared w ith 39% cents on A ugust 8. and w ith 41 cents a y ear ago. In form ation in the N aval Stores R eview in d i cates that in con n ection w ith th e G overnm ent’s con serva tion program , 921 producers co-operated b y tak in g down about 1 4 .3 m illio n cups d u rin g th e m onths o f A ugust, Septem ber and O ctober. T h is is stated to b e a reduction o f about H V 2 Per cent in the total num ber o f cups. NAVAL STORES M OVEM ENT . Turpentine (1) Rosm (2) Aug. 1936 Aug. 1935 Aug. 1936 Aug. 1935 ^ S a v a n n a h .................... T a c S v ille ... Pensacola : . ! ... 13,572 8 954 3 ^4 7 14,176 12,747 4,213 50,888 40,250 10,801 55,282 52,556 13,112 T otal................... .. 26,173 31,136 101,939 120,950 ^ S av a n n a h ..................... Tack^nville . .......... Pensacola . . . .......... 37,029 46 635 30;319 39,031 58,176 34,753 91,272 62,198 34,595 129,219 133,181 62,139 T o tal..................... 113,983 131,960 188,065 324,539 (1) B arrels of 50 gallons. (2) B a rre ls of 500 pounds. 8 M O N T H L Y R E V IE W MONTHLY INDEX NUMBERS COMPUTED BY FEDERAL RESERVE BANK OF ATLANTA M O N T H L Y A V ER A G E 1923-1925 = D E P A R T M E N T S T O R E T R A D E — S IX T H D IS T R IC T 100 June 1936 J u ly 1936 148.7 89.1 76.2 76.7 87.7 92.3 125.5 77.7 55.4 62.9 74.6 77.9 170.9 98 .8 68.6 83.4 98.5 102.8 A ug. 1936 June 1935 J u ly 1935 A ug. 1935 184.1 87.6 62 .8 74.6 89.5 95.7 131.0 54.8 72.1 72.4 69.1 75.3 112.1 48.3 53.1 56.8 60.6 63.1 157.4 58.7 60 .8 67 .8 68.6 76 .7 171.9 106.4 74.9 91.2 108.1 111.3 224.5 109.5 81.6 89.9 114.7 122.7 150.6 58.9 65.0 7 8 .7 77.6 83.7 153.6 66 .2 71.8 82.0 87.8 90.1 192.0 73.4 79.0 81.7 87.9 98.3 90 .2 56.5 49.3 4 6.8 50.9 57.9 93.6 53.8 48.3 43.1 46.0 54.7 103.1 56.6 51.9 48.7 4 8.6 59.0 86.6 46 .7 4 6.0 59.9 54.4 58.2 86.5 41 .7 43.9 55.8 4 6 .8 53.0 94.0 39.0 46.7 59.3 48.6 56.3 94.0 57.1 51.4 48 .2 54.1 60.9 102.9 56.6 51.4 46.3 48.4 59.5 108.5 59.6 53.5 49 .2 49.6 60.8 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 66.4 50.8 49.3 73.2 80.6 45.3 81.9 72.4 56.7 59.6 78.1 79.8 42.0 89.4 77.6 57.2 88.0 83.6 91.1 46.1 87.4 52.6 45.3 37.4 57.6 48.5 36.8 71.0 55.0 4 7 .2 45 .5 81.1 46.8 34.0 76.7 66.3 53.7 75.1 68.3 60 .8 44.9 83.9 L IF E IN SU R A N C E SA LES—S IX S T A T E S -T O T A L .......... 66.1 54.3 9 2 .4 64.5 77.6 59.0 5 5 .2 69.1 57.5 85.1 72.9 79.4 51.5 65.1 63.3 51.5 76.1 68.1 7 7.7 5 1.4 5 4.8 6 5.2 58.7 81.5 6 7 .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 B U IL D IN G P E R M IT S —T W E N T Y C IT IE S —T O T A L ......... 52.2 23.0 10.5 4q.3 47.3 24.5 80.6 72.0 25.3 16.7 36.1 263.5 51.8 88.0 56.6 15.5 22.7 61.7 88.8 61 .7 71.8 39.4 16.7 6 .8 24.9 34.7 125.7 37.1 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 C O N T R A C T A W A R D S—S IX T H D IS T R IC T —T O T A L ... . 54.0 54.5 53.7 94.9 51.5 123.8 52.2 60.7 46.5 3 6 .2 23.8 44 .5 51.0 28.6 65 .9 28.6 20.0 34.3 79.2 78.1 79.9 78.8 93.8 69.7 76.1 86.2 85.8 78.0 81.4 69.7 80.5 81.3 81.4 79.5 93.4 70.5 76.2 88.9 86.7 79.4 81.2 71.0 81.6 83.8 83.1 79.7 93.6 70.9 76.3 87.1 86.9 79.8 8 1.4 71.5 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 80.5 79.3 84.9 77.9 89.6 70.9 74.1 86.6 85.4 78.6 80.5 67.3 108.0 137.2 50.2 139.2 169.2 138.9 117.1 147.3 57.3 151.1 184.4 153.2 111.5 140.4 54.3 143.6 180.6 140.2 74.6 91.0 4 2.0 93.1 123.4 8 9.4 78.1 94.3 39.9 9 8 .8 116.3 108.9 79.3 100.2 37.9 101.0 123.5 112.8 C O T T O N E X P O R T S —U N IT E D S T A T E S ...................... 56.0 30.4 35.5 87.2 53.9 47.0 P I G IR O N PR O D U C T IO N — U N IT E D S T A T E S .................... 86.6 63.6 86.8 61 .2 90.8 63.8 52.0 43.1 50.9 36 .5 59.0 34 .5 D a ily A verage S a le s—U n a d ju s te d B irm ingham (3 firm s)............................................................................. N ashville (4 firm s)................................................................................... N ew Orleans (4 firm s)............................................................................. D IS T R IC T (30 firm s)............................................................................ D a ily A verage S a le s—A d ju s te d * D IS T R IC T (30 firm s)............................................................................ M o n th ly S to c k s —U n a d ju s te d D IS T R IC T (25 firm s)............................ ..................... .......................... M o n th ly S to c k s —A d ju s te d * D IS T R IC T (25 firm s)............................................................................ W H O LESA LE TR A D E —S IX T H D IS T R IC T —T O T A L . . . D rugs (7 firm s).......................................................................................... W H O L ESA L E P R IC E S —U N IT E D S T A T E S f A LL C O M M O D IT IE S .......................................................................... Textile p ro d u c ts.................. ............................................................ H ousefurnishing goods................................................................... C O T T O N C O N S U M P T IO N —U N IT E D S T A T E S .................... • A djusted for Seasonal V ariation. fCom piled b y B ureau of L abor S tatistics. 1926-100.
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