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MONTHLY REVIEW
B U S IN E S S

FED ERA L

C O N D IT IO N S

IN

T H E

S IX T H

F E D E R A L

R E S E R V E

D IS T R IC T

R ESER V E BAN K O F A TLA N TA

A p r il 30, 1939

Business activity in the Sixth Federal ReSii m m n r 'V serve District, reflected in the retail and
J wholesale distribution of merchandise, in­
creased more than seasonally in March. The seasonally ad­
justed index of department store sales was higher than for
March of any other year. A substantial increase in building
and construction activity was indicated in the large volume
of permits issued and contracts awarded, and textile opera­
tions also increased. Coal output declined seasonally in
March, however, and operations in the iron and steel indus­
try in Alabama were also reduced. Business and industrial
activity continued in March well above the corresponding
period last year.
The March increases in department store sales, construc­
tion contract awards and textile activity in this District were
larger, and the decline in the rate of coal production was
smaller, than the national averages, but the District decrease
in pig iron output was larger than for the country.
In comparison with March last year the same series of fig­
ures are more favorable for this District than for the country
at large except that the increase in coal output was about the
same. The District production of electric power in February
was 17 per cent greater than a year earlier, compared with a
gain of 10.4 per cent for the United States.
D is tr ic t

Trade In March, department store sales and the distribu­
tion of merchandise through wholesale channels in
the Sixth District increased more than they usually do at that
time of year. Business failures declined, and were smaller
for the month and for the first quarter than in corresponding
periods of last year.
The daily average rate of sales by reporting department
stores, after allowance is made for usual seasonal tendency
and the fact that Easter was a week earlier this year than last,
rose 8.2 per cent from February to March, and was 14.0 per
C O N D IT IO N O F 2 2 M EM BER BANKS IN S ELE C TED C IT IE S
( I n T h o u s a n d s o i D o lla r s )
A p ril 1 2, C h a n g e F ro m :
1939
M a r. 1 5 ,1 9 3 9
A p r .1 3 ,1 9 3 8
L o a n s a n d I n v e s tm e n ts — T o t a l .......................1~ o
L o a n s — T o t a l .................................................................. 3 0 8 ,6 1 6
C o m m e r c ia l, i n d u s tr i a l a n d
a g r i c u l t u r a l l o a n s ........................................... 1 7 1 ,7 7 2
O p e n m a r k e t p a p e r ..............................................
2 ,6 5 8
L o a n s to b r o k e r s a n d d e a l e r s
in s e c u r i t i e s ...........................................................
5 ,9 3 1
O th e r l o a n s lo r p u r c h a s i n g
___ __
o r c a r r y i n g s e c u r i t i e s .................................... 1 3 ,2 6 8
R e a l e s t a t e l o a n s ................................................... 2 8 ,3 2 4
L o a n s to b a n k s ........................................................
9 01
O th e r l o a n s .................................................................. 8 5 ,7 6 2
I n v e s tm e n ts — T o t a l ................................................... ^ 9 5 ,0 8 1
U . S . d ir e c t o b l i g a t i o n s .................................... 1 5 0 ,1 3 7
O b lig a tio n s g u a r a n t e e d b y U . S ............... 5 9 ,8 7 1
O th e r s e c u r i t i e s .....................................................
8 5 ,0 7 3
R e s e r v e w ith F . R . B a n k ......................................
C a s h in v a u l t .................................................................. 1 2 ,9 3 8
B a la n c e s w ith d o m e s tic b a n k s ....................... 1 7 4 ,5 2 3
D e m a n d d e p o s i t s - a d j u s t e d ................................. 3 7 1 ,3 7 5
T im e d e p o s i t s ................................................................. 1 8 6 ,4 6 4
U. S . G o v e r n m e n t d e p o s i t s ................................. 3 8 ,7 8 2
D e p o s its of d o m e s tic b a n k s .............................. 2 5 9 ,6 3 6
B o r r o w i n g s ........................................................................................




+ 2 ,2 2 1
,
ono
+
879
—
295
—

HL

+
+
+
+
—
—
+
+

517
833
85
924
J '5 ? i
5 ,1 0 2
2 ,3 3 8
1 ,2 4 3
4 /5 3 6
1 ,4 1 8
1 ,6 2 9
4 ,3 6 5
2 ,3 8 5
962
749
...........

+
+
+
+
—
+

1 o s'n an
+ 2 6 ,0 8 0
.10 q cr
+ ‘ 8 .3 5 5
756
+

cent greater than for March 1938. The adjusted index for
March, at 124.5 per cent of the 1923-1925 average, has been
exceeded in the past twenty years only by the indexes for Au­
gust and September of the past two years. March sales re­
ported to the United States Department of Commerce by 138
wholesale firms in the District were 19.4 per cent larger than
in February and 6.1 per cent greater than in March 1938.
►First quarter sales by reporting department stores were
6.3 per cent larger than in that period last year, and for
wholesale firms the increase was 7.9 per cent.
►March inventories at department stores increased 5.4 per
cent over February and were about the same as a year ear­
lier. Wholesale stocks changed only slightly from February
and were 4.6 per cent smaller than for March last year. The
wholesale price index of the Bureau of Labor Statistics av­
eraged 3.4 per cent lower in March this year than last.
►The collection ratio for reporting department stores rose
from 30.0 per cent for February to 32.1 per cent for March,
which compares with 31.9 per cent for March last year. The
collection ratio for wholesale trade declined slightly in
March.

Banking

At weekly reporting member banks in leading
cities of the Sixth District, demand deposits-adjusted increased on April 12 to the highest level on record
and time deposits were the largest in a year and a half. Loans
and investments at these weekly reporting banks have not
changed materially in recent weeks. Loans for commercial,
industrial and agricultural purposes, loans on real estate,
loans to banks and Other loans have risen slightly while se­
curity loans and open market paper have declined, and a re­
duction in holdings of United States direct obligations was
somewhat larger than increases in those guaranteed by the
United States and Other securities.
►Demand deposits-adjusted on April 12 reached another
new all-time high level, and were 47 millions of dollars
greater than they were a year earlier. Time deposits increas­
ed to the largest total since October 1937.
►In comparison with the same time a year earlier, total
loans and investments show an increase of 51.9 millions of
dollars. The increase was about equally divided between
loans and investments.

loo

— 1 ,7 1 3
+
551
— 1 ,4 4 3
+ 1 0 ,9 5 3
— 1 0 ,7 7 8
+ 2 6 ,5 9 7
+ 9 ,9 6 1
+ 11#986
+ 1 ,4 0 3
+ 5 2 ,2 0 4
+ 4 6 ,9 6 0
+ 5 ,0 5 4
+ 1 5 ,3 8 6
+ 5 6 ,5 0 0
—
242

C O N D IT IO N O F F E D E R A L R E S E R V E BAN K O F A T LA N TA

B ills d is c o u n t e d ...........
B ills b o u a h t .....................
I n d u s tr ia l a d v a n c e s .

U . S . T r e a s u r e r g e n e r a l a c c o u n t.
T o ta l d e p o s i t s .........................................
C o m m itm e n ts to m a k e in d u s tr i a l
a d v a n c e s .....................................................

A p ril 12,
1939
$
56
19
818
1 1 6 ,4 2 2
. 1 1 7 ,3 1 6
,. 2 9 7 ,9 2 1
1 4 8 ,4 1 3
1 9 5 ,4 0 5
4 6 ,6 4 5
2 6 1 ,6 4 8
151

C h a n g e F ro m :
M a r. 1 5 ,1 9 3 9
A p r.1 3 ,1 9 3 8
—
884
—
86
—
—
—
+
+
+
+
+
+

3
1 ,981
2 ,0 7 0
4 ,3 3 7
446
1 ,8 6 4
836
1 ,8 5 4

1

+ "697
+ 5 ,0 0 6
+ 3 ,8 2 0
+ 5 7 ,2 6 0
— 1 ,0 8 8
+ 7 ,7 4 4
+ 4 3 ,9 1 9
+ 6 4 ,6 3 2

—

30

2

B u s i n e s s C o n d it i o n s

in t h e

S ix t h F

D E B IT S T O IN D IV ID U A L A C C O U N T S
(In Th ousand s oi D o llars)
M a rc h
1 9 38
7 6 ,9 8 8
3 ,2 8 5
3 5 ,9 6 2
2 0 ,0 4 5

ALABAM A—
B ir m in g h a m ............. . .$
D o t h a n ..........................
M o b ile ............................
M o n tg o m e r y .............

M a rc h
1 9 39
8 8 ,6 7 4
3 ,3 9 3
3 5 ,2 9 5
2 0 ,8 1 8

F L O R ID A —
J a c k s o n v il le .............
M ia m i............................
P e n s a c o l a ..................
T a m p a ............................

8 3 ,9 3 3
6 3 ,5 8 9
8 ,4 1 3
3 0 ,4 1 8

7 1 ,0 1 8
5 5 ,9 9 9
7 ,2 9 1
2 7 ,4 2 0

7 7 ,9 6 7
5 9 ,2 7 7
7 ,6 3 6
2 9 ,4 4 5

+
+
+
+

1 8 .2
1 3 .6
1 5 .4
1 0 .9

+ 7 .7
+ 7 .3
+ 10.2
+ 3 .3

5 ,3 7 6
2 0 1 ,0 7 9
1 6 ,5 6 3
2 ,6 9 1
1 3 ,5 0 1

5 ,2 8 4
2 0 0 ,5 5 7
1 5 ,7 4 3
2 ,7 6 6
1 2 ,7 1 7
1 ,0 5 1
1 2 ,9 9 1
1 ,9 3 9
2 7 ,7 8 1
3 ,4 3 4

+
+
+
+
+
+
+
+
+
+

10.2

2 7 ,7 4 7
3 ,8 6 4

4 ,8 7 9
1 7 4 ,2 3 2
1 4 ,0 2 4
2 ,3 0 4
1 2 ,2 9 5
983
1 2 ,4 8 8
1 ,5 5 7
2 4 ,7 6 5
3 ,1 6 4

+ 1.8
+ 0 .3
+ 5 .2
— 2 .7
+ 6.2
+ 6.6
+ 10.6
— 3 .7
— 0.1
+ 1 2 .5

G E O R G IA —
A l b a n y ..........................
A t l a n t a .......................... . .
A u g u s t a .......................
B r u n s w ic k ..................
C o lu m b u s .................. .
E l b e r to n .......................
M a c o n ............................
N e w n a n .......................
S a v a n n a h ..................
V a l d o s t a .......................
LO U ISIA N A —
N e w O r l e a n s .......... . .

1,120
1,868

1 4 ,3 6 8

$

F eb.
19 39
7 4 ,8 2 6
2 ,9 6 3
2 9 ,5 6 3
1 9 ,2 2 3

Per C ent C h an ge
M a rc h 1 9 3 9 F ro m :
F e b . 1 9 39 M a r. 1 9 3 8
+ 1 5 .2
+ 1 8 .5
+ 3 .3
+ 1 4 .5
+ 1 9 .4
— 1 .9
+ 3 .9
+ 8 .3

$

1 5 .4
1 8 .1
1 6 .8
9 .8
1 3 .9
1 5.1

20.0
12.0
22.1

2 3 3 ,3 3 8

1 9 8 ,8 6 8

2 2 5 ,9 3 8

+ 1 7 .3

+

M ISSIS SIP P I—
H a t t i e s b u r g ...............
J a c k s o n ..........................
M e r id i a n .....................
V ic k s b u r g ..................

5 ,4 4 8
2 7 ,2 0 9
1 1 ,1 6 6
7 ,6 8 7

4 ,2 2 5
2 7 ,4 6 4
9 ,8 9 9
6 ,5 6 9

4 ,4 4 3
3 5 ,4 0 7
1 0 ,6 5 9
8 ,1 8 3

+ 2 8 .9
— 0 .9
+ 12.8
+ 1 7 .0

+ 22.6
— 2 3 .2
+ 4 .8
— 6.1

TEN N ESSEE—
C h a t t a n o o g a ...........

4 4 ,5 5 2

N a s h v ill e .....................

8 0 ,9 8 4

3 5 ,6 9 8
2 8 A19 6
8 1 ,9 3 1

4 0 ,9 4 9
2 9 ,4 8 4
8 2 ,2 0 9

+ 2 4 .8
+ 9 .2
— 1.2

+ 8.8
+ 4 .5
— 1.5

1 ,0 6 3 ,8 9 8

9 3 1 ,8 4 4

1 ,0 2 2 ,2 8 1

+ 1 4 .2

+ 4 .1

$ 3 4 ,4 3 7 ,7 1 7

$ 2 7 ,4 9 0 ,2 9 3

$ 3 2 ,1 1 9 ,8 8 5

+ 2 6 .3

+

SIX T H D I S T R I C T 2 6 C i t i e s ....................... ..
U N ITED S T A T E S —
141 C i t i e s .....................

3 .3

7 .2

►Holdings of United States securities by the Federal Reserve
Bank of Atlanta were reduced slightly at the beginning of
April as a result of the quarterly adjustment of the System
account. Discounts continued in small volume, while mem­
ber bank reserve deposits established another record total
on April 12.
►Estimates based on latest available figures of deposits for
all member banks in the District indicate that reserve depos­
its on April 12, amounting to 195.4 millions of dollars, were
about 51.3 millions, or 35.6 per cent, in excess of legal re­
quirements. This is the largest volume of excess reserves in
this District since reserve requirements were raised at the
middle of August 1936.
►Check transactions at 26 cities in the District increased
14.2 per cent in March and were 4.1 per cent larger than a
year ago.

Agriculture Because larger quantities of cotton than
usual were sold or placed under commodity
credit loans during the fall of 1938, farmers’ receipts from
crop marketings in January and February have declined sub­
stantially in comparison with earlier months and have been
considerably below receipts in those months a year ago. Cash
receipts from crops declined 34 per cent in January and 24
per cent further in February, and were 42 per cent smaller
than in February last year. Receipts from livestock and live­
stock products have also declined, but are slightly larger
than a year ago. For the first two months of 1939 combined,
receipts from marketings were 30 per cent less than in those



ed era l

R

eserve

D

is t r ic t

months last year, but this was partly offset by a proportion­
ately large increase in Government payments.
►Production of wheat in Tennessee, Georgia and Alabama
this year is expected to be about 28.6 per cent less than in
1938, according to the April Crop Report of the United
States Department of Agriculture. Estimates of citrus fruit
production in Florida continue at 29.9 million boxes of or­
anges and 21 million boxes of grapefruit. The April 1 con­
dition of peaches in Georgia, Florida and Alabama was
lower than a year ago, in Mississippi it was the same, and in
Louisiana slightly higher. The condition of early potatoes on
April 1 was lower than a year ago in the five early states of
the District, and in the country as a whole. The 1939 Tennes­
see strawberry crop is expected to be half again as large as
that of last year, and the Louisiana crop, while not so early
as in 1938, is expected to be larger.

Industry In March, textile operations in the District in­
creased and building and construction activity
recorded a substantial gain, but the rate of operations in the
iron and steel industry, and of coal output, averaged lower.
►The value of construction contracts awarded in March rose
41.1 per cent over the February total*. The March total was
75.6 per cent larger than for March last year. It had been
exceeded only twice in 1938, once in 1937 and twice in 1936.
Prior to 1936 it had been exceeded only three times since the
summer of 1929. Residential contracts rose 42.6 per cent in
March. In comparison with Mai*ch last year, residential
awards increased 51.7 per cent, while other contracts were
91.6 per cent larger. In the first quarter of 1939, total con­
tracts in the District were 77.8 per cent larger than in that
part of 1938, compared with a gain of 43.6 per cent for the
37 Eastern States. The increase of 58.9 per cent in residen­
tial awards in the District for the first quarter, however, was
smaller than the gain of 82.8 per cent for the country.
►Cotton mills in Alabama, Georgia and Tennessee consumed
an average of 7,904 bales of cotton for each business
day in March. This represents an increase of 3.3 per cent
over February, was 37.7 per cent larger than a year ago, and
larger than for any month since June 1937. Operations at
cotton seed oil mills increased somewhat in March.
►After steady operations at 72 per cent of capacity for five
weeks, steel mill activity in the Birmingham area declined to
60.5 per cent in the last week of March and to 50.5 per cent
the following week. The March rate of pig iron production
in Alabama declined 5.9 per cent, in contrast to an increase
of 5.5 per cent for the country. Alabama output was 41.3 per
cent larger than a year earlier, while the increase for the
United States was 65.7 per cent. The rate of coal production
in the District, and in the country, averaged lower in March,
and was reduced substantially by the strike at the beginning
of the new coal year April 1. March production in the Dis­
trict, and in the country as a whole, was 32 per cent greater
than in that month last year.
►The daily rate of electric power production in the District
declined 2.3 per cent in February, as against an increase of
0.5 per cent for the country. The District rate was 17.0 per
cent above that for February 1938, however, while the gain
for the country was 10.4 per cent.

B u s i n e s s C o n d it i o n s

in t h e

SIX T H D IST R IC T B U SIN ESS S TA TISTIC S
SALES

M a rc h 1 9 39
C o m p a r e d W ith
RETAIL TRA D E
F e b . 1939
M a r. 1 9 38
A t l a n t a ................................. + 2 6 .0
+ 1 6 .7
B ir m in g h a m .......................+ 2 8 .4
+ 1 2 .0
C h a t t a n o o g a .....................+ 4 0 .4
+ 2 4 .4
M o n tg o m e r y ..................... + 3 5 .1
+ 22.0
N a s h v ill e ............................ + 2 6 . 7
+7.5
+ 11.0
N e w O r l e a n s .................... + 3 2 .4
O t h e r s .................................... + 2 0 .0
+ 7 .3
D IST R IC T (4 6 F i r m s ) . + 2 6 .4
+ 1 1 .7
W H O LESA LE TRA D E
G r o c e r i e s ............................ + 2 1 .7
D ry G o o d s .......................... + 2 7 . 9
H a r d w a r e ............................ + 2 3 . 6
E le c tric a l G o o d s .......... — 1 0 .5
D r u g s ...................................... + 1 1 . 7
S h o e s ....................................... + 5 7 . 0
T O T A L ............................... + 1 9 .4

In c l.
C o m p a red
W ith
Y ear A go
J a n .-M a r .
+ 1 1 .7
+ 7 .1

+ 12.8

+
+
+
+
+

6 .3
7 .9
2 .3
3 .9
6 .3

STO CKS
M a r. 1 9 3 9 C O L L E C C o m p a red
TIO N
W ith
RA TIO
M a r. 1 9 3 8 M a r. 1939
+ 3 .0
2 8 .1
3 6 .4
— 5 .0
— 5 .7
— 1 3 .6
2 8 .5
+ 1 .9
3 2 .6
+ 0 .5
3 5 .9
+ 1 .3
3 2 .1
— 0 .4

M ar
1 9 39
47
377

F eb
1 9 39
69
$
679

CONTRACTS AW ARDED—
D IS T R IC T .........................................$ 2 7 ,7 4 2 $ 1 9 ,6 6 5
9 ,6 0 4
6 ,7 3 3
R e s i d e n t i a l ................................. .
A ll O t h e r s .........................................
1 8 ,1 3 8
1 2 ,9 3 2
A l a b a m a ...........................................
4 ,4 1 8
1 ,8 1 4
F l o r i d a .................................................
9 ,0 9 5
5 ,0 2 6
G e o r g i a ..............................................
6 ,8 3 1
5 ,2 5 7
L o u i s i a n a .........................................
4 ,6 5 6
4 ,8 9 3
M is s is s ip p i......................................
2 ,7 0 0
4 ,5 5 6
T e n n e s s e e .........................................
3 ,8 3 9
3 ,2 0 1
B U ILD IN G PERM ITS—
2 0 C IT IE S .........................................$
A t l a n t a .................................................
B ir m in g h a m ....................................
J a c k s o n v il le ....................................
N a s h v ill e ............................................
N e w O r l e a n s .................................
15 O th e r C i t i e s ............................
P IG IR O N P R O D U C T IO N — T o n s
A l a b a m a ............................................

RETAIL S T O C K S — A d ju s te d
D ISTR IC T (2 4 F i r m s ) .............................................................
. . 7 0 .7
A t l a n t a ..............................................................................................
2 1 .0
. . 1121.0
B ir m in g h a m ................................................................
. . 6I 8I ..5.
C h a t t a n o o g a ...............................................................................
. . 5 8 .2
N a s h v ill e .........................................................................................
. . 5 6 .3
N e w O r l e a n s ...............................................................................
. . 5 9 .7

7 0 .4
1 1 9 .3
6 7 .6
6 1 .5
5 6 .8
6 0 .0

7 1 .0
1 1 5 .2
7 1 .1
6 1 .6
5 5 .2
5 9 .4

$ 6 7 ,5 6 3
2 2 ,4 8 1
4 5 ,0 8 2
9 ,6 4 7
1 9 ,2 6 7
1 6 ,5 8 3
1 3 ,3 1 2
1 0 ,7 8 9
1 0 ,8 4 9

W H O LESA LE SALES— T o t a l................................................
. . 7 2 .4
G r o c e r ie s ......................................................................................... 554.'_
4 .9
D ry G o o d s ......................................................................................
., 6 2 .5
H a r d w a r e ......................................................................................
. . 9 6 .5
F u r n i t u r e .......................................................................
1 1 6 .4
D r u g s ...............................................................................

6 0 .6
4 5 .1
4 8 .9
7 8 .1
1 0 4 .2

7 4 .7
5 4 .2
5 8 .7
7 8 .4
6 6 .9
1 2 7 .3

CO N T R A C T S A W A R DED — D IST R IC T .......................... 7 9 ,0
R e s id e n tia l..................................................................
. . 6 8 .4
A ll O t h e r s .....................................................................
.......
. . 86.1
A l a b a m a ......................................................................................... 996.1
6 .6
F l o r i d a ..............................................................................................
.L
. 6 2 .6
G e o r g i a ............................................................................................1
., 1 0 2 .5
L o u i s i a n a .........................................................................................
, 7 4 .0
M is s is s ip p i......................................................................................
1 4 0 .0
, .14
T e n n e s s e e .....................................................................
. . 6 9 .2

5 6 .0
4 8 .0
6 1 .4
3 9 .7
3 4 .7
7 8 .9
7 7 .8
2 3 6 .3
5 7 .7

4 5 .0
4 5 .1
4 4 .9
4 8 .5
3 3 .1
4 8 .7
6 2 .6
5 1 .3
5 5 .5

B U ILD IN G PER M ITS—2 0 C i t i e s .........................................4
. . 94 .5
9 .5
A t l a n t a ..............................................................................................
. . 2 8 .3
B ir m in g h a m ................................................................................... 2 0 .4
J a c k s o n v il le ...................................................................................
, . . 6 3 .6
N a s h v ill e .........................................................................................
. . 5 8 .5
N e w O r l e a n s ...............................................................................
. . 3319
.. 6 3 .8
15 O th e r C i t i e s ............................................................................6

3 7 .7
1 4 .7
1 3 .8
6 1 .6
1 6 .2
3 5 .3
5 0 .1

4 1 .8
1 7 .9

C O A L P R O D U C T IO N — T o n s
A l a b a m a ............................................
T e n n e s s e e .........................................

1 ,2 1 3
468

9 1 .3
3 0 .8
5 0 .3
4 8 .8

C O T T O N C O N S U M P T IO N —
B a le s
A l a b a m a ............................................
G e o r g i a ..............................................
T e n n e s s e e .........................................
TO TA L TH REE S T A T E S ..

M ar.
1 9 39
70
127
16
213

P IG IR O N P R O D U C T IO N —ALA BAM A *..................
. . 9 8 .2

1 0 4 .3

6 9 .5

C O T T O N C O N S U M P T IO N — 3 S T A T E S * .................. .11 6 6 .7
.7
A l a b a m a ........................................................................................ 1 9 5 .0
1 5 55.3
.3
G e o r g i a ............................................................................................J§
. . 1 5 7 .5
T e n n e s s e e .....................................................................

1 6 1 .4
1 8 8 .6
1 5 1 .0
1 4 8 .7

1 4 3 .9
1 0 9.4
1 3 3 .4

C O T T O N SEED C R U SH ED —
T o n s * ...................................................

134

$ 3 8 ,0 0 2
1 4 ,1 5 1
2 3 ,8 5 1
6 ,0 7 0
1 1 ,9 0 7
6 ,6 4 2
8 ,6 8 4
2 ,8 3 2
1 0 ,0 4 6
1 3 ,0 7 8
903
779
3 ,6 3 3
402
1 ,3 7 0
5 ,9 9 1

223

164

706

456

1 ,1 0 5
478

980
296

3 ,5 1 8
1 ,4 0 7

2 ,9 0 0
1 ,0 2 4

232

(0 0 0 O m itte d )
F eb.
1 9 39 1 9 3 8
60
110
14
184

RETAIL SALES*— A d ju s te d
D IST R IC T ( 2 7 F i r m s ) ............................................................. 1 2 4 .5
A t l a n t a ..............................................................................................
. . 222255 ..33
B ir m in g h a m .................................................................................
. . 1 0 7 .7
C h a t t a n o o g a ............................................................................... 9 6 .2
N a s h v ill e .........................................................................................11 1 9 .3
N e w O r l e a n s ...............................................................................
0 1 .0
. . 1101.0

J a n .- M a r ., In c l.
1 9 38
19 39
206
191
2 ,3 8 7
$ 2 ,1 6 8

4 .6

$ 1 4 ,0 7 3
1 ,1 0 7
649
1 ,3 6 0
589
1 ,2 5 6
9 ,1 1 3

4 ,2 4 5
228
205
507
103
455
2 ,7 4 7

SIX T H D IST R IC T B U SIN E S S IN D EX ES
(1 9 2 3 - 1 9 2 5 = 1 0 0 e x c e p t a s n o te d )
RETAIL SA LES*— U n a d ju s te d
M a r. 1 9 3 9 F e b . 1 9 3 9
M a r . 1 9 38
1 0 1 .3
1 0 0 .5
D IST R IC T ( 2 7 F i r m s ) ............................................................. 1 1 5 .8
A t l a n t a .............................................................................................. 2 1 1 .8
1 9 2 .5
18 1.1
B ir m in g h a m ................................................................................. 1 0 3 .4
9 2 .4
9 3 .7
C h a t t a n o o g a ............................................................................... 86.6
6 9 .4
6 9 .6
N a s h v ill e .........................................................................................1 0 8 .6
9 6 .4
8 5 .3
N e w O r l e a n s ............................................................................... 9 1 .1
7 8 .1
8 6 .0

7 3 .1
1 1 7 .5
7 2 .5
6 5 .3
5 6 .3
6 1 .8

4 3 .0
4 8 .3
5 1 .6
7 0 .6
2 7 .6
5 7 .6

$ 4 ,7 0 3
277
157
751
195
648
2 ,6 7 5

5 ,5 6 4 $
438
303
523
371
436
3 ,4 9 4

M a r. A u g .- M a r ., In c l.
1 9 3 8 -3 9
1 9 3 7 -3 8
52
486
411
89
905
770
14
115
107
155
1 ,5 0 6
1 ,2 8 8

EM PLO YM EN T (A v . fo r 1 9 3 2 =
110

FERTILIZER T A G SALES— T o n s
TO TA L SIX S T A T E S ..........
710
309
‘ G e o r g ia , A la b a m a , L o u is ia n a , a n d M is s is s ip p i.

3

6 9 .0
1 1 4 .5
6 4 .9
5 9 .7
5 4 .0
6 0 .0

7 .9

$ 1 5 ,7 9 5
6 ,3 2 9
9 ,4 6 6
2 ,2 1 6
4 ,7 9 5
3 ,2 4 7
3 ,9 3 6
989
3 ,0 7 8

D is t r ic t

RETAIL S T O C K S — U n a d ju s te d
D ISTR IC T (2 4 F i r m s ) ............................................................. 7 2 .8
..
A t l a n t a .............................................. ...............................................1
, 1 2 33.4
.4
B ir m in g h a m .................................................................................. 6 9 .9
C h a t t a n o o g a ............................................................................... 6 1 .7
N a s h v ill e .........................................................................................
. . 5 7 .4
N e w O r l e a n s ...............................................................................
. . 6 2 .1

— 3 8 .4

M ar
1 9 38
56
$ 504

eserve

88.8

—10.6
+ 6 .3
— 2.8

(0 0 0 O m itte d )
C O M M E R C IA L FA ILU RES—
D IST R IC T
N u m b e r ..............................................
L i a b il iti e s .........................................$

R

1 0 9 .2
1 9 4 .7
9 8 .6
7 8 .2
9 5 .4
9 5 .6

+ 10.8
+ 14.1
+ 6.1
+

ed eral

1 1 5 .1
2 2 6 .5
1 0 2 .7
8 7 .8
1 1 3 .4

— 4 .6
+ 5 .6
+ 1 8 .9

— 0 .6
+ 7 .4
+ 1 4 .6
+ 1 4 .5
+ 1 6 .3
— 6 .9
+ 6 .1

S ix t h F

210

1 ,2 6 6

1 ,9 5 0

719

1 ,3 0 3

1 ,6 0 7

ELEC TR IC P O W E R
PR O D U C T IO N — k w h o u r s
A l a b a m a ...........................................
F l o r i d a ................................................
G e o r g i a ............................................. ,
L o u i s i a n a ......................................... .
M is s is s ip p i......................................
T e n n e s s e e ...................................... ...
TO TA L SIX STATES
B y W a te r P o w e r ....................
B y F u e l s ......................................

2 4 6 ,6 9 6
9 0 ,6 7 5
1 3 7 ,3 1 9
1 2 4,2 6 1
3 ,8 7 1
1 5 3 ,3 4 9
7 5 6 ,1 7 1
4 6 9 ,0 2 5
2 8 7 ,1 4 6

Includes
Government payments.
Digitized ‘for
FRASER


Jan.
1939
$ 4 3 ,9 3 6
3 ,8 0 7
9 ,5 1 6
4 ,3 7 2
4 ,5 5 7
8 ,1 3 0
1 3 ,5 5 4

Feb.
1938
$ 4 8 ,2 5 4
6 ,5 0 5
1 4 ,6 9 0
5 ,1 5 4
4 ,0 2 4
9 ,7 4 4
8 ,1 3 7

3 0 3 ,9 7 9
1 0 0 ,3 3 5
1 2 3 ,8 5 5
1 4 9 ,1 3 1
5 ,6 9 2
1 7 3 ,7 5 1
8 5 6 ,7 4 3
4 5 5 ,0 9 3
4 0 1 ,6 5 0

2 2 4 ,6 2 0
8 7 ,7 1 5
1 0 4 ,0 9 0
1 0 9 ,0 0 9
6 ,1 3 8
1 1 4 ,5 0 5
6 4 6 ,0 7 7
3 0 8 ,6 6 9
3 3 7 ,4 0 8

J a n .- F e b ., In cl.
1939
1938
$ 8 6 ,6 5 1 $ 1 0 8 ,2 6 0
7 ,2 1 1
1 2 ,7 9 9
2 1 ,4 4 7
2 5 ,3 0 6
8 ,3 9 6
1 1 ,4 0 9
8 ,1 8 9
1 2 ,5 1 3
2 0 ,8 5 7
2 2 ,2 0 6
2 0 ,5 5 1
2 4 ,0 2 7

5 5 0 ,6 7 5
1 9 1 ,0 1 0
2 6 1 ,1 7 4
2 7 3 ,3 9 2
9 ,5 6 3
3 2 7 ,1 0 0
1 ,6 1 2 ,9 1 4
9 2 4 ,1 1 8
6 8 8 ,7 9 6

4 4 9 ,9 8 6
1 7 9 ,6 8 3
2 3 0 ,4 9 9
2 2 4 ,8 4 2
1 2 ,8 1 6
2 3 4 ,4 0 4
1 ,3 3 2 ,2 3 0
6 7 1 ,0 6 0
6 6 0 ,9 7 0

121.0

100)
1 3 2 .5
. .1 1 8 .1
, 1 4 1 .9
. . 1 2 5 .2
. . 112.8
...1 2 7 .6
..1 3 1 .5

1 3 1 .7
1 1 5 .6
1 4 0 .5
1 2 6 .2
1 1 0 .9
1 2 6 .1
1 3 0 .5

1 0 9 .5
1 1 8 .0
1 2 7 .8

PAY RO LLS (A v . lo r 1 9 3 2 = 1 0 0 )
A l a b a m a ........................................................................
. . ...........
2 0 4 .6
F l o r i d a ..............................................................................................
. . 9 6 .5
G e o r g i a ..........................................................................
. .1 8 22.5
L o u i s i a n a .......................................................................................1
. - 1 4 3 .4
M is s is s ip p i....................................................................................
. . 1 3 8 .7
T e n n e s s e e .......................................................................................1
.6
. .1 6611.6
SIX S T A T E S ...........................................................
. . 1 7 0 .0

2 0 6 .2
9 3 .4
1 8 1 .8
1 4 3 .4
1 3 7 .3
1 6 0 .2
1 6 9 .0

1 8 9 .8
9 8 .5
1 6 1 .7
1 5 1 .7
1 3 4 .8
1 4 6 .3
1 6 0 .3

EL EC TR IC P O W E R P R O D U C T IO N *
F e b . 1939
A l a b a m a ......................................................................................... 3 4 0 .9
F l o r i d a ..............................................................................................4 9 3 .6
G e o r g i a ............................................................................................2 5 3 .0
L o u i s i a n a ....................................................................................... 5 1 6 .6
M is s is s ip p i.................................................................................... 6 6 .0
T e n n e s s e e ...................................................................................... 2 7 0 .6
SIX ST A T E S ............................................................................ 3 2 6 .8
B y W a te r P o w e r .................................................................. 3 8 5 .7
By F u e l s ...................................................................................... 2 6 1 .6

J a n . 1 9 39
3 8 0 .5
4 9 3 .4
2 0 6 .1
5 6 0 .1
8 8 .0
2 7 6 .9
3 3 4 .5
3 3 8 .0
3 3 0 .5

M is s is s ip p i.
T e n n e s s e e ..

(000 O m itte d )
Feb.
1939
FA R M IN C O M E *— S ix S t a t e s . $ 4 2 ,7 1 5
3 ,4 0 4
A l a b a m a ............................................
11 ,9 3 1
F l o r i d a .................................................
4 ,0 2 4
G e o r g i a ..............................................
3 ,6 3 2
L o u i s i a n a .........................................
1 2 ,7 2 7
M is s is s ip p i.......................................
6 ,9 9 7
T e n n e s s e e .........................................

10.6

1 3 1 .9
1 2 7 .6
1 3 5 .9

120.1

F e b . 1938
3 1 1 .3
4 7 7 .6
1 9 1 .8
4 5 3 .2
1 0 4 .8
2 0 2 .0
2 7 9 .2
2 5 3 .8
3 0 7 .4

*Indexes of retail sales, electric power and pig ironproduction, and of
cotton consumption are on a daily average basis.

B u s i n e s s C o n d it i o n s

4

in t h e

S ix t h F

ed era l

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Prep ared b y the Board oi G overnors oi the F e d e ra l R e serve System

R

D is t r ic t

eserve

MANUFACTURING PRODUCTION

POINT------SINTOTALIND
EX
POINTSINTOTAL.INDEX
--------------------------------------------------140

1

TOTAL

TN APRIL, manufacturing production was maintained at about the same rate as in
March but mineral production declined, reflecting a sharp reduction in output of
bituminous coal pending settlement of negotiations between operators and miners. In
the first quarter of this year indusrial output, after a rapid rise in the latter half of
1938, increased less than is usual at this season.

r
\ r
’s

/

\

\

NONDURABLI

*

'

J
■

\

w

/
/

~

^

/
7-

v .....

/

i

P r o d u c tio n

Volume of industrial production showed little change in March and the Board’s
seasonally adjusted index remained at 98 per cent of the 1923-1925 average. The index
for the first quarter averaged 99, compared with 101 in the final quarter of last year.
Activity at steel mills in March was at 54 per cent of capacity, a slightly higher level
than in January and February. Automobile production increased less than seasonally,
retail sales of cars continued to fluctuate around a level considerably higher than last
year but lower than in 1936 and 1937. Dealers’ stocks of new cars began to decline in
March, following an increase to a seasonally high level. Activity in machinery indus­
tries increased further in March, continuing the rise that began last summer. Lumber
production increased less than seasonally from the relatively low level of other recent
months.
Production of nondurable goods in March continued at about the level that has pre­
vailed since last autumn. In the woolen textile industry activity showed a decrease from
the high level of recent months, while at cotton mills and shoe factories, output was
maintained in large volume. At meat-packing establishments and sugar refineries in­
creases in activity were reported, following earlier declines.
Value of construction contract awards increased in March, according to F. W. Dodge
Corporation figures, reflecting a seasonal rise in residential and other private building.
Awards for public projects showed little change.
In the first three weeks of April, bituminous coal production declined to a low level
as most mines were closed, pending the settlement of biennial contract negotiations be­
tween mine operators and workers. Steel ingot production was reduced somewhat aver­
aging about 52 per cent of capacity, and automobile production showed little change
from the rate reached in the latter part of March.
D is tr ib u tio n

DURABLE

In dex oi p h y sic a l volum e oi production/ adjusted ior s e a ­
son al va riatio n s, 1923-1925 a v e ra g e = 100. D u rab le a n d
nondurable se ries exp ressed in terms oi points in total
index. B y months, Ja n u a ry , 1934, to M arch, 1939.

WHOLESALE PRICES

Index com piled b y U . S. B u reau oi La b o r Statistics.
1926 = 100. B y w e e k s, 1934, to w e e k ending A p ril 15,
1939.

EXCESS RESERVES OF MEMBER BANKS

Sales at department stores and mail order houses increased somewhat more than
seasonally in March, while variety store sales showed about the usual rise. For the first
quarter as a whole, retail sales were in about the same volume as in the final quarter of
1938, after allowance for seasonal changes.
Freight-car loadings showed less than the customary advance from February to
March as loadings of coal declined and shipments of miscellaneous freight increased
less than seasonally. In the first half of April, there was a marked decrease in freight
traffic, reflecting in large part a sharp decline in coal shipments.
C o m m o d ity P r ic e s

Prices of steel scrap, copper, hides, and some other industrial raw materials de­
clined from the middle of March to the third week of April, and there were decreases
also in prices of livestock and dairy products. Silk prices rose considerably. The gen­
eral level of wholesale prices, as measured by the index of the Bureau of Labor Sta­
tistics, declined to 76 per cent of the 1926 average as compared with 77 in the middle
of March and at the beginning of the year.

W e d n e sd a y figures oi estim ated e xce ss re se rv e s ior a ll
member b a n k s and ior selected N ew York C ity ban ks,
Ja n u a ry 3, 1934, to A p ril 19, 1939.

MEMBER BANKS IN 101 LEADING CITIES

B a n k C r e d it

Reflecting continued heavy gold imports and Treasury disbursements from its bal­
ances at the reserve banks, member bank reserves and deposits increased sharply dur­
ing the four weeks ending April 19. Excess reserves rose to a record high level of $4,000,000,000. Total loans and investments at banks in 101 leading cities, which had
shown little change during March, increased somewhat during the first three weeks of
April, reflecting principally continued purchases of United States Government obliga­
tions by New York City Banks. Loans to brokers and dealers in securities declined.
M o n e y R a te s a n d S e c u r ity P r ic e s

Prices of Government bonds and of other bonds of highest grades continued firm
at high levels during March and the first three weeks of April, while prices of the
lower-grade corporate bonds and of corporate stocks declined. The average discount
rate on new issues of 91-day Treasury bills continued at a low level and other openmarket rates remained unchanged.



W e d n e sd a y figures ior reporting member ban ks in 101
le a d in g cities, Sept. 5, 1934, to A p ril 19, 1939. Com m er­
c ia l loans# w h ich in clu d e in d u strial a n d a g ricu ltu ra l
lo a n s, represent prior to M ay 19, 1937, so -ca lle d "O ther
lo a n s" a s then reported.