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MONTHLY REVIEW B U S I N E S S C O N D I T I O N S I N T H E S I X T H F E D FEDERAL RESERVE BANK OF ATLANTA D is tr ic t Sixth District department store business im S u m m a r y Proved lR March considerably more than might have been expected on the basis oj performance in past years, and there were substantial gains in contracts awarded for residential construction, and in building permits. Wholesale trade, however, increased less than usual for March, business failures were larger, and there were declines in other series of figures that reflect industrial activity. Non-residential construction contracts were off 16 per cent from February, textile operations were down 8 per cent, coal output was 12 per cent lower, pig iron production urns off 2 per cent, and operations at cot ton seed oil mills were 31 per cent lower. The declines in coal production and in cotton seed oil mill operations may be attributed , certainly in part, to seasonal influences. In comparison with March last year , the adjusted index of department stores sales was up 12 per cent, residential contracts were 16 per cent and building permits 21 per cent larger, textile activity was up about 4 per cent and output of coal and pig iron was larger, but non-residential construction contracts were off 28 per cent, failures were larger, and wholesale trade slightly less. Trade March sales by reporting department stores, in actual dollar volume, increased 26 per cent over February and were 12 per cent larger than in March last year. After allowing for the different number of business days and for seasonal influences, including the earlier date of Easter, the adjusted index of daily average sales advanced 10 per cent from February, was 12 per cent above that for March last year and was the highest on record for March. For the country as a whole, the Board’s adjusted index for March was the same as for February, and 1 per cent above that for March 1939. ►Sales reported to the United States Department of Com merce by 151 wholesale firms in the District increased 5 per cent in March and were about even with March last year. CONDITION OF 22 MEMBER BANKS IN SELECTED CITIES (la T housands oi D ollars) April 17, C hange From : 1940Mer. 13,1940 Apr. 19,1939 Loans a n d Investm ents—T otal................. $633,878 + 511 +29,397 Loans—T otal................................................. 306,917 — 664 — 674 Comme rcial, in dustrial a n d ag ricu ltu ral lo a n s ................................ 159,552 — 4,234 —11,700 O pen m arket p a p e r.................................. 3,903 + 255 + 1,318 Loans to brokers a n d d ealers in securities............................................ 5,386 — 1,012 — 559 O ther loans for Durchasina a n d carrying securities....................... 10,674 — 281 — 2,484 Real estate lo a n s...................................... 31,277 — 231 + 1,903 Loans to b a n k s.......................................... 631 — 23 — 249 O ther lo a n s............................................... 95,494 + 4,862 +11,097 Investments—T otal...................................... 326,961 + 1,175 +30,071 U. S. direct obligations........................... 151,539 + 330 + 757 O bligations g u aran teed by U. S........... 69,590 — 1,022 + 9,841 O ther secu rities........................................ 105,832 + 1,867 +19,473 Reserve w ith F. R. B ank............................ 139,683 + 8,877 +29,822 C ash in v a u lt................................................. 13,029 — 1,098 + 668 Balances with dome'stic b a n k s................. 237,674 + 8,183 +58,084 D em and d eposits-adjusted......................... 412,987 + 5,925 +42,168 Time d ep o sits............................................... 190,431 + 1,189 + 3,475 U. S. Government d ep o sits....................... 44,288 — 227 + 4,460 Deposits of domestic b a n k s ....................... 318,434 + 9,139 +61,875 Borrowings................................................................... .......... .......... E R A L R E S E R V E D I S T R I C T April 30, 1940 ►First quarter totals indicate that department store sales were about 11 per cent larger than in that part of 1939 and wholesale trade was up about 5 per cent. ►Inventories at department stores increased less than usual in March, and stocks at wholesale firms declined 1 per cent, but they were up 7 per cent and 10 per cent, respectively, from March of last year. Banking Total loans and investments at weekly report ing member banks in leading cities of the Sixth District increased somewhat in March and the first half of April, after declining in January and February. On April 17 loans were slightly less than they were a year earlier, while investments were 30 millions greater. ►Total loans declined in the January-March period, but in vestments increased and by the latter part of March were the largest in more than three years. Loans for commercial, industrial and agricultural purposes declined rather steadily from the first Wednesday of the year through April 17, “All Other” loans increased somewhat, and security loans, those on real estate, and loans to banks have shown no substantial change. The increase in investment securities has been due to larger holdings of United States direct obligations and to an increase in “Other Securities.” Investments in securities guaranteed by the United States increased somewhat but have recently declined. y Demand deposits-adjusted and reserve deposits with the Federal Reserve Bank reached new high levels on April 10, time deposits continue in large volume, and interbank de posits on April 17 were the largest on record. ►At the Federal Reserve Bank of Atlanta member bank borrowings, after declining in February and March, have recently increased, although total discounts continue in neg ligible volume. At the beginning of the second quarter this bank’s participation in the System’s holdings of Government securities was increased about 3.8 millions of dollars. De posits and reserves have continued to increase. ►Estimated on the basis of latest available figures, excess reserves of all member banks in the District ,on April 17 amounted to about 78 millions of dollars, the largest on record and a rise of more than 20 millions since December. ►Check transactions at 26 Sixth District cities in March C O N D IT IO N O F FED ER A L R ESER V E BANK O F A TLA N TA ( I n T h o u s a n d s o i D o lla r s ) Change F r o m : A p r i l 17, 1946 M a r . 13,1940 A p r. 19,1939 $ 184 + 52 + 167 B ills b o u a h t................................................ — 19 In du strial a d v a n c e s ............................... 803 — 14 + 3 United States secu rities, direct a n d + 3,755 — 12,227 . 104,195 — 12,094 . 105,182 + 3,810 159,584 + 913 + 10,733 + 10,579 +48,646 . 235,063 32,161 — 14,479 + 5,958 . 13,390 + 508 + 5,634 6,847 — 345 — 3,405 287,462 + 16,701 +36,397 Total re se rv e s..................................... 346,670 +58,847 + 12,938 Commitments to m ake indu strial a d v a n c e s ............................................ 17 — 134 2 B u s in e s s C o n d it io n s in t h e S ix t h D EBITS T O IN D IV ID U A L A C C O U N T S (I n T h o u s a n d s o! D o lla r s ) ALABAMA— M ar. F eb. 1940 B ir m in g h a m ..................$ 9 8 ,6 0 1 $ 9 3 ,9 5 0 $ D o t h a n ............................... 2 ,9 6 6 2 ,5 8 2 M o b ile ............................... 4 0 ,9 7 8 3 9 ,2 5 8 M o n tg o m e r y .................. 2 2 ,6 6 4 2 6 ,5 0 5 P ercen t C h a n g e M a r. M ar. 1 9 4 0 F r o m : 1 9 40 1 9 39 F e b .1 9 4 0 M a r.1 9 3 9 8 8 ,6 7 4 + 5 .0 + 1 1 .2 3 ,3 9 3 + 1 4 .9 — 1 2 .6 3 5 ,2 9 5 + 4 .4 + 1 6 .1 2 0 ,8 1 8 — 1 4 .5 + 8 .9 FLO RID 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 9 ,5 1 9 7 1 ,1 5 1 9 ,5 3 3 3 5 ,3 6 6 8 4 ,5 0 5 7 0 ,4 9 4 8 ,7 1 9 3 3 ,2 3 9 8 3 ,9 3 3 6 3 ,5 8 9 8 ,4 1 3 3 0 ,4 1 8 + 5 .9 + .9 + 9 ,3 + 6 .4 + 6 .7 + 1 1 .9 -j—1 3 .3 + 1 6 .3 G E O R G IA — A lb 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 .......................... 5 ,5 6 7 2 3 4 ,5 0 0 1 9 ,5 7 5 3 ,0 4 7 1 6 ,5 7 9 1 ,1 4 3 1 6 ,6 0 1 1 ,9 6 8 2 9 ,9 0 6 4 ,3 7 8 4 ,3 2 5 2 0 9 ,3 6 0 1 6 ,7 3 3 2 ,6 2 7 1 5 ,0 7 0 963 1 5 ,2 8 9 1 ,8 1 6 2 5 ,8 9 6 3 ,6 6 1 5 ,3 7 6 2 0 1 ,0 7 9 1 6 ,5 6 3 2 ,6 9 1 1 3 ,5 0 1 1 ,1 2 0 1 4 ,3 6 8 1 ,8 6 8 2 7 ,7 4 7 3 ,8 6 4 + 2 8 .7 + 1 2 .0 + 1 7 .0 + 1 6 .0 + 1 0 .0 + 1 8 .7 + 8 .6 + 8 .4 + 1 5 .5 + 1 9 .6 + 3 .6 + 1 6 .6 + 1 8 .2 + 1 3 .2 + 2 2 .8 + 2 .1 + 1 5 .5 + 5 .4 + 7 .8 + 1 3 .3 LO U ISIA N A — N e w O r l e a n s ............... 2 4 5 ,2 1 5 2 1 8 ,8 8 7 2 3 3 ,3 3 8 + 1 2 .0 + M IS S IS S IP 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 ,3 8 6 3 1 ,4 3 2 1 2 ,3 7 7 7 ,9 4 8 4 ,6 1 8 2 9 ,1 5 3 1 1 ,2 4 8 7 ,5 3 9 5 ,4 4 8 2 7 ,2 0 9 1 1 ,1 6 6 7 ,6 8 7 + 1 6 .6 + 7 .8 + 1 0 .0 + 5 .4 + 1.1 + 1 5 .5 + 1 0 .8 + 3 .4 TENN ESSEEC h a t t a n o o g a ............... K n o x v ille ......................... N a s h v ill e ......................... 4 4 ,4 4 9 3 2 ,2 7 6 8 6 ,9 4 8 3 9 ,0 1 9 3 2 ,9 0 8 7 8 ,3 0 3 4 4 ,5 5 2 3 0 ,8 0 4 8 0 ,9 8 4 + 1 3 .9 — 1 .9 + 1 1 .0 — .2 + 4 .8 + 7 .4 SIX T H D I S T R I C T 2 6 C i t i e s .......................... 1 ,1 7 0 ,0 7 3 1 ,0 7 6 ,6 6 7 1 ,0 6 3 ,8 9 8 + 8 .7 + 1 0 .0 + 1 7 .3 + U N ITED STA TES— 2 7 4 C i t i e s ....................... $ 3 7 ,7 6 9 ,0 0 0 $ 3 2 ,1 9 7 ,0 0 0 $ 3 7 ,3 2 2 ,0 0 0 5 .1 1.1 increased J9 per cent over F ebruary and w ere 10 per cen t greater than a year a g o , w h ile a t 2 7 4 rep ortin g centers through ou t the country the ga in over F ebruary w as 17 per cent and that over M arch 1 9 3 9 o n ly 1 per cent. T h e D istrict total w as the largest fo r M arch sin ce 193 0 , th e J a ck so n v ille and M iam i figu res the la rg est fo r M arch sin ce 1 9 2 7 , that fo r A lb a n y the largest sin ce 1 9 2 6 , and th e C olu m b u s figure w as the largest M arch total on record. Agriculture F o llo w in g an u n u su a lly c o ld w inter and a b rief p erio d o f sp rin g w eather, th e secon d w eek o f A p ril brough t another c o ld w ave w ith freezin g tem peratures over m uch o f th e D istrict. T ruck and v eg eta b le crops w ere dam aged, and there w as serio u s in ju r y to p each es and p ecans. P ress reports in d ica te th at in so m e G eorgia lo ca lities from 7 5 .0 to 9 5 .0 per cent o f the p each es w ere d e stroyed, n ea rly a ll o f the a p p le b lo o m s in N o rth G eorgia w ere k ille d and grap es w ere sev erely dam aged. F reeze d am age varied co n sid era b ly as b etw een d ifferen t lo c a litie s. In T ennessee dam age to p each es and straw b erries w as h eavy. ^ T he w inter w heat crop in T en n essee, G eorgia and A la bam a, am ounting to a little m ore than fiv e m illio n b u sh els, seem s to b e about 15 p er cent le ss than that o f la st year. Farm stocks o f grain on A p r il 1 w ere co n sid era b ly sm a ller than a year earlier. ^ F lo rid a grap efru it w as n ot dam aged a s sev erely b y the January and F ebruary freezes as w as o r ig in a lly exp ected . T he A p ril 1 estim ate o f 1 4.5 m illio n b o x es w as a b ou t 6 per cent larger than that a m onth ea rlier. T h e estim ate fo r oranges d eclin ed 4 0 0 ,0 0 0 b o x es, to 2 5 .3 m illio n b o x es, on A p ril 1. ►Farm ers in the six states o f the D istrict in ten d ed on M arch 1 to p la n t som ew hat larger areas th is year than la st in oats and p otatoes, but le ss in corn, h ay, sw eet potatoes, peanuts and su b sta n tia lly less in tob acco. F ed er a l R eser v e D is t r ic t ^ C otton p rices at the ten d esign ated sp o t m arkets averaged low er in M arch than in January and F ebruary, but im p roved som ew h at in ea r ly A p r il. ► Cash farm in com e fro m m arketings o f crop s, livestock and liv esto ck p roducts, and G overnm ent p aym ents, in the six states o f th is D istrict w as 5 per cent sm a ller in January (la test a v a ila b le figu res) than in that m onth la st year. Industry In M arch the to ta l v o lu m e o f construction con tracts aw arded in the S ix th D istrict in creased b ecau se o f a la rg e g a in in resid en tia l aw ards, and b u ild in g perm its w ere a lso larger, but te x tile activity d e clin ed , op era tion s at cotton seed o il m ills w ere low er, and ou tp u t o f p ig iro n and c o a l a lso d eclin ed . ^ In the first quarter o f 1 9 4 0 contracts w ere aw arded for resid en tia l co n stru ction in a v o lu m e 2 9 per cent greater than in that part o f la st year, oth er contracts w ere up 5 per cent, and th e to ta l w as 13 p er cen t larger. F irst quarter to ta ls th is year w ere a little m ore than d o u b le th ose fo r the co rresp o n d in g p erio d tw o )rears a g o . A lth o u g h to ta l aw ards in creased in M arch over F eb ru ary b y 5 per cent, th ey w ere 13 per cent less than in M arch last year. R esid en tial co n tracts, how ever, w ere la rg er b y o n e-h a lf than in F ebruary and 17 p er cent greater than a year a g o , an d non-residentia l aw ard s d eclin ed . T h e d ec lin es in b oth in stan ces w ere due to red u ction s in A la b a m a , G eorgia and L ou isian a, as state to ta ls fo r F lo rid a , M ississip p i and T en n essee increased . V a lu e o f b u ild in g p erm its issu ed at tw en ty rep ortin g cities in creased 2 7 per cen t in M arch, w as 21 per cent greater than a year a g o , and th e first quarter to ta l w as 2 6 per cent la rger than fo r that part o f la st year. P ro d u ction at S ou th ern P in e lu m b er m ills in recent w eeks h as been slig h tly larger than at the sam e tim e la st year, but orders book ed b y th e m ills h a v e b een sm a ller. ► C otton m ills in A la b a m a , G eorgia and T en n essee co n sum ed an average o f 8 ,1 9 7 b a les o f cotton fo r each o f the 2 6 b u sin ess d ays in M arch. T h is is a d ec lin e o f 8 p er cent from the F eb ru ary rate and is n e a rly 16 p er cen t b elo w the rec ord le v e l o f N ovem b er. M arch co n su m p tio n w as 4 per cent larger than it w as a year a g o , an d fo r the eig h t m onths o f the season con su m p tion w as on e-fifth la rg er than in that part o f the season b efore. O p eration s at cotton seed o il m ills d e clin e d in M arch and, in con trast to co m p a riso n s fo r earlier m onths o f the current season , w ere b elo w th e lev el o f M arch la st year w hen there w as a co n tra -sea so n a l r ise in activity. ^ S teel m ill a ctiv ity in the: B irm in g h a m area averaged 8 1 .0 per cen t o f ca p a city in M arch b ut d rop p ed to 7 7 .0 per cent in the secon d and third weeks; o f A p r il. T h is is the lo w est rate reported sin ce the w eek e n d in g Septem b er 2 , w ith the ex cep tion o f C hristm as w eek, and com p ares w ith 4 6 .5 per cent fo r the co rresp o n d in g w eek a year ea rlier. F or th e country as a w h o le o p era tio n s w ere 6 2 .0 per cen t in the third w eek o f A p r il th is year, and 5 0 .5 per cen t a year a go. W ith the e x cep tio n o f A p r il 1 9 2 5 , d a ily average p ro d u ction o f p ig iron in A la b a m a in Jan u ary w as th e la rg est fo r a n y m onth in the tw en ty years fo r w h ich figures are a v a ila b le . F eb ru ary o u t put d eclin ed 5 per cen t and there w as a further red uction o f 2 per cent in M arch, w hen ou tp u t w as 17 per cen t greater than a y ea r a go. ^ C oal p rod u ction in A la b a m a and T en n essee d eclin ed fu r ther in M arch but co n tin u ed at a rate r e la tiv ely h ig h in com p arison w ith m ost other recen t years. ^ E lectric p ow er ou tp u t d eclin ed le ss th an o n e-h a lf o f on e B u s in e s s C o n d it io n s in t h e S ix t h F ed er a l R eser v e SIX T H D IS T R IC T B U S IN E S S S T A T IS T IC S SALES M ar. 1 9 4 0 C o m p a r e d w ith : RETAIL TRADE F e b .1 9 4 0 M ar. 19 39 A t l a n t a ................................. + 1 7 .4 + 1 1 .3 + 1 7 .7 B ir m in g h a m ....................... + 3 9 .6 M o n tg o m e r y ..................... + 4 7 .2 + 2 3 .9 N a s h v ill e ............................ + 3 1 . 7 +6.4 N e w O r l e a n s .................. + 3 1 . 2 + 1 1 .0 O t h e r s .................................... + 2 2 . 3 + 1 2 .7 D IST R IC T (4 4 F i r m s ) . + 2 5 .8 + 1 2 .4 W H O L E S A L E TRA D E G r o c e r i e s ............................ + 3 . 6 D ry G o o d s .......................... + 1 0 .3 H a r d w a r e ....................... .. + 1 4 .7 E le c tric a l G o o d s .......... + 1 3 .6 D r u g s ...................................... — 3 .7 S h o e s ....................................... — 1 0 .0 A u to S u p p l i e s . . .......... + 8 .5 F u r n i t u r e ............................ — 4 .8 T o b a c c o a n d Its P r o d u c t s .......................... + 5 . 9 M is c e l la n e o u s ............... + 1 0 .8 T O T A L ............................... + 5 . 1 C O M M ER C IA L FA IL U R E S— D IS T R IC T ......................................... N u m b e r ( a c t u a l ) ....................... L ia b il iti e s .........................................$ + 1.2 +9.0 — 2 .2 — .4 + 1 1 .7 + 1 1 .7 + 4 .6 C O N TR A C TS A W A RDED — D IS T R IC T ........................................... $ 24,225 R e s id e n tia l...................................... 11,185 13,040 A ll O t h e r s ......................................... A l a b a m a ............................................ 1,877 F l o r i d a ................................................ 9,109 G e o r g i a .............................................. 5,865 L o u i s i a n a ......................................... 3,533 M is s is s ip p i...................................... 3,386 T e n n e s s e e ......................................... 4,941 B U ILD IN G PERM ITS— 20 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 ............................ 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 ......................................... 1.8 1.1 7 .2 5 .7 $ 9 .4 1 9 .8 7 .6 9 .5 9 .8 —V.2 + 4 .5 + 1 0 .4 M ar. 19 39 47 377 $ 27,742 $ 7 9 .8 3 8 .3 5 0 .3 5 5 .6 6 8 .5 4 4 .1 7 9 .8 5 8 .4 J a n .-M a r., In c l. 1940 1939 198 177 $ 2 ,1 6 8 1/ $ 7 6 ,3 4 7 2 9 ,0 4 4 4 7 ,3 0 3 8 ,1 0 3 2 6 ,0 4 2 1 7 ,7 9 1 1 2 ,0 2 5 1 0 ,1 8 3 1 5 ,3 3 3 $ 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 5,306 687 237 496 110 676 3,100 5 ,5 6 4 438 303 523 371 436 3 ,4 9 4 1 7 ,7 4 8 1 ,7 8 2 913 1 ,6 8 7 1 ,3 4 6 1 ,4 9 9 1 0 ,5 2 1 1 4 ,0 7 3 1 ,1 0 7 649 1 ,3 6 0 589 1 ,2 5 6 9 ,1 1 3 272 260 232 825 706 1,274 456 1,327 566 1 ,2 1 3 468 4 ,0 0 4 1 ,6 3 2 3 ,5 1 8 1 ,4 0 7 $ 23,036 7,429 15,607 2,543 7,253 6,199 4,132 2,008 4,423 $ (000 O M ITTED ) C O TT O N CO N SU M PTIO 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 40 70 12 7 16 213 F eb. 1 9 40 73 134 16 223 M ar. 1 9 39 70 127 16 213 C O T T O N S E E D C R U SH ED — T o n s * ................................................... 101 147 134 1 ,3 3 0 1 ,2 6 7 FERTILIZER T A G S A L E S —Tons TO TA L SIX S T A T E S ............... 762 329 ‘ G e o r g ia , A la b a m a , L o u i s i a n a a n d M is s is s ip p i. 710 1 ,7 1 0 1 ,6 1 3 E L E C T R IC P O W ER P R O D U C T IO N — kw hours A u g . l- M a r .3 1 ,I n c l. 1 9 3 9 -4 0 1 9 3 8 -3 9 596 486 1 ,0 8 9 905 126 115 1 ,5 0 6 1 ,8 1 1 Jan. 1Q4D 4 0 9 ,0 6 0 1 2 8 ,2 7 7 1 3 1 ,6 9 2 1 7 8 ,3 9 9 5 ,2 2 8 1 6 8 ,9 2 5 1 ,0 2 1 ,5 8 1 4 2 7 ,2 5 2 5 9 4 ,3 2 9 F e b . J a n . l- F e b .2 9 ,I n c l. 1QQQ 7QOQ 7QQQ 2 4 4 ,3 8 4 8 0 8 ,7 4 2 5 4 8 ,3 6 3 9 0 ,6 7 5 2 4 4 ,2 6 8 1 9 1 ,0 1 0 1 3 7 ,5 0 0 2 5 4 ,5 7 8 2 6 1 ,3 5 5 1 2 4 ,2 6 1 3 3 4 ,3 4 8 2 7 3 ,3 9 2 3 ,8 7 1 9 ,5 3 3 9 ,5 6 3 1 5 4 ,2 7 8 3 2 1 ,4 9 3 3 2 8 ,0 2 9 7 5 4 ,9 6 9 1 ,9 7 2 ,9 6 2 1 ,6 1 1 ,7 1 2 4 6 9 ,0 2 5 9 4 2 ,9 8 6 9 2 4 ,1 1 8 2 8 5 ,9 4 4 1 ,0 2 9 ,9 6 2 6 8 7 ,5 9 4 per cent, on a d a ily average b asis, in F ebruary from th e rec ord lev el reported fo r January, and w as 2 2 p er cent greater than in F ebruary last year. N a tio n a lly , February prod u ction w as dow n 3 per cent from January and w as 11 per cent ab ove F ebruary 1939. R E T A IL S A LE S *—Adjusted D ISTR IC T (2 5 F i r m s ) .............................................................138.! ..138.9 A t l a n t a .............................................................................................. . , 2 4 9 .7 B ir m in g h a m .................... ............................................................1 . 1 2 7 .7 N a s h v ill e ....................................................................... . . ........... 1 2 5 .0 N e w O r l e a n s ...............................................................................11 1 0 .3 M ar. 1939 1 1 5 .8 2 1 1 .8 1 0 3 .4 1 0 8 .6 9 1 .9 1 2 5 .8 2 6 1 .6 1 0 7 .3 1 1 1 .5 9 5 .5 1 2 4 .5 2 2 5 .3 1 0 7 .7 1 1 9 .3 1 0 1 .0 . . 7 9 .5 1 4 3 .9 . 7 3 .6 . . 5 8 .1 .. 6 8 .1 7 7 .1 1 4 0 .5 7 4 .5 5 5 .8 6 4 .5 7 2 .8 1 2 3 .4 6 9 .9 5 7 .4 6 2 .1 ....141.1 B ir m in g h a m ....................................................................... . . . . 7 2 .2 5 7 .0 N e w O r l e a n s ..................................................................... 6 5 .5 7 8 .7 1 4 6 .4 7 7 .6 5 8 .7 6 4 .5 7 0 .7 1 2 1 .0 6 8 .5 5 6 .3 5 9 .7 R E T A IL S T O C K S — U nadjusted N a s h v ill e .......... N e w O r le a n s . R E T A IL S T O C K S -A d ju s t e d D IST R IC T ( 2 3 F i r m s ) ................................................... W H O LE S A L E S A L E S —T o t a l ................................................ .......... .......... .... .... 6 9 .1 5 5 .5 5 7 .8 1 0 3 .3 1 3 3 .6 6 5 .7 5 3 .6 5 2 .4 9 0 .1 1 3 8 .7 7 2 .4 5 4 .9 6 2 .5 9 6 .5 1 1 6 .4 . . . A l a b a m a ............................................................................... , . F l o r i d a .................................................................................... . . . . . . L o u i s i a n a ............................................................................ .......... M is s is s ip p i.......................................................................... , . . .......... 6 9 .0 7 9 .7 6 1 .9 4 1 .0 6 2 .8 8 8 .0 5 6 .2 1 7 5 .6 8 9 .1 6 5 .6 5 2 .9 7 4 .1 5 5 .6 5 0 .0 9 3 .0 6 5 .7 1 0 4.1 7 9 .8 7 9 .0 6 8 .4 8 6 .1 9 6 .6 6 2 .6 1 0 2 .5 74.C 1 4 0 .0 6 9 .2 B U ILD IN G PERM ITS— 2 0 C i t i e s ............................ . . . . 5 9 .8 .......... 2 9 .1 B ir m in g h a m ....................................................................... . . . . 2 7 .7 J a c k s o n v il le ....................................................................... . . . . 8 0 .4 .......... 1 4 8 .2 N e w O r l e a n s ..................................................................... . . . . 3 2 .7 15 O th e r C i t i e s ................................................................ . 7 0 .1 4 7 .2 4 4 .4 1 6 .0 6 0 .3 1 7 .3 5 2 .5 5 6 .6 4 9 .5 2 8 .3 2 0 .4 6 3 .6 5 8 .5 3 3 .9 6 3 .8 .. .......... 1 1 5 .2 1 1 7 .5 9 8 .2 C O T T O N C O N SU M PTIO N — 3 S T A T E S *. . .......... 1 7 2 .9 A l a b a m a ............................................................................... . . . . 2 0 2 .3 . . . . 1 6 2 .0 1 8 8 .2 2 1 8 .2 1 7 7 .6 1 6 7 .6 1 6 6 .7 1 9 5 .0 1 5 5 .3 1 5 7 .5 1 3 9 .3 1 2 1 .3 1 4 8 .7 1 1 7 .5 1 11.1 1 3 1 .2 1 3 5 .0 1 3 2 .5 1 1 8.1 1 4 1 .9 1 2 5 .2 1 1 2 .8 1 2 7 .6 1 3 1 .5 2 4 0 .6 1 10.1 2 0 9 .5 1 4 1 .3 1 4 7 .5 1 7 0 .6 1 8 5 .8 2 0 4 .6 9 6 .5 1 8 2 .5 1 4 3.4 1 3 8 .7 1 6 1 .6 1 7 0 .0 C O N T R A C T S A W A R D ED — D IS T R IC T ............ P IG IRO N P R O D U C TIO N — ALABAM A* EM PLO YM EN T (A v . fo r 1 9 3 2 = 1 0 0 ) 1 3 9 .6 . . . . 1 2 1 .8 ........1 4 8.3 . . . . 1 2 1.3 . . . . 112:4 ..........1 3 1 .6 SIX S T A T E S .................................................................. . . , 1 3 5.5 P A Y R O L LS (Av. fo r 1 9 3 2 = 1 0 0 ) (000 O M ITTED ) F eb. 1940 A la b a m a .............................................. 3 9 9 ,6 8 2 F lo r id a ................................................ 1 1 5 ,9 9 1 G e o r g i a .............................................. 1 2 2 ,8 8 6 L o u i s i a n a ............................................ 1 5 5 ,9 4 9 M is s is s ip p i.................... ................. 4 ,3 0 5 T e n n e s s e e . . . . . ............................ 1 5 2 ,5 6 8 TO TA L SIX S T A T E S ............. 9 5 1 ,3 8 1 B y W a te r P o w e r ..................... 5 1 5 ,7 3 4 B y F u e l s ...................................... 4 3 5 ,6 4 7 (1923-1925 = 100 except a s noted) R E T A IL S A L E S * — U nadjusted w . 1940 F e b . 1940 D IST R IC T (2 5 F i r m s ) .............................................................1 , . .1 3 6 .0 1 1 0 .7 A t l a n t a ..............................................................................................2 . 24477.2 .2 2 2 2 .4 B ir m in g h a m ................................................................................. ., 11227.7 7 .7 9 6 .6 N a s h v ill e ....................................................................... . . 1 2 0 .0 9 4 .8 N ew O r l e a n s ...............................................................................11005.9 5 .9 8 4 .0 21.0 9 ,6 0 4 1 8 ,1 3 8 4 ,4 1 8 9 ,0 8 5 6 ,8 3 1 4 ,6 5 6 2 ,7 0 0 3 ,8 3 9 6,724 450 410 662 940 420 3,842 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 ............................................ + + + + + 7.3 1 .5 (0 0 0 O M IT T E D ) m &t F eb 1940 1940 55 55 680 $ 622 3 SIX T H D IS T R IC T B U SIN ESS IN D E X E S STO C K S C O LLEC TIO N J a n .-M a r. R A TIO M a r. 1 9 4 0 In c l. C o m p a re d C o m p a red w ith : M ar. w ith : M a r. 19 39 1 9 40 Y ear A go 2 7 .4 + 1 4 .2 + 1 0 .3 3 2 .9 + 3 .9 + 10.6 —12.8 + 1 6 .2 2 8 .7 + 1.2 + .5 3 0 .3 + 9 .6 + 1 1 .9 3 5 .5 + 1 2 .4 + 5 .3 3 0 .9 + 7 .3 + 1 0 .9 +2.2 — 2. 4 + 2 .2 + 1 2 .6 — .9 — 3 3 .2 — 7. 3 — 4 .8 D is t r ic t . .. F l o r i d 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 ............................................................................ . . . . SIX S T A T E S .................................................................. . . . 2 3 1 .9 11 1.4 2 0 4 .3 1 4 5.4 1 5 0.0 1 6 9 .7 1 8 3.9 E L E C T R IC P O W ER P RO D U C TIO N * F e b .1 9 4 0 J a n . 1 9 40 F e b . 19 39 A l a b a m a .........................................................................................5 3 4 .8 5 1 2 .0 F l o r i d a .............................................................................................. 6 0 9 .8 6 3 0 .8 G e o r g i a ........................................................................................... 2 1 8 .6 2 1 9 .2 L o u i s i a n a ........................................................................................ 6 2 6 .1 6 7 0 .0 M is s is s ip p i..................................................................................... 7 0 .8 8 0 .9 T e n n e s s e e ...................................................................................... 2 5 9 .9 2 6 9 .2 SIX ST A T E S ............................................................................ 3 9 7 .0 3 9 8 .8 By W a te r P o w e r ..................................................................4 0 9 .5 3 1 7 .3 By F u e l s ...................................................................................... 3 8 3 .2 4 8 9 .1 3 3 8 .7 4 9 3 .6 2 5 3 .4 5 1 6 .6 6 6 .0 2 7 2 .2 3 2 6 .3 3 8 5 .7 2 6 0 .5 ‘ In d e x e s of r e t a il s a le s , e le c t r ic p o w e r a n d p ia iro n p ro d u c tio n , a n d of cotton c o n su m p tio n a r e on a d a ily a v e r a g e B a s is , r = re v is e d . 4 B u s in e s s C o n d it io n s in t h e S ix t h F ed er a l N A T IO N A L SU M M A R Y O F B U S IN E S S C O N D IT IO N S R eser v e D is t r ic t INDUSTRIAL PRODUCTION Prepared b y the Board oi G o vernors oi the Fe d e ra l R eserve System I NDUSTRIAL activity continued to decline during March but at a somewhat slower rate than in the preceding two months, and in the first half of April there was little further decrease. Wholesale prices of basic commodities decreased somewhat in the latter half of March but recovered by the middle of April. Distribution of commodities to domestic consumers continued in large volume, and exports were at the high levels reached last December. P r o d u c tio n The Board’s index of industrial production, which is adjusted for usual seasonal variations and for the number of working days, was 103 in March compared with 109 in February. The decline reflected chiefly a further reduction in output of steel and considerable decreases in activity at cotton and woolen textile mills. Steel ingot production declined from an average of 69.0 per cent of capacity in February to an average of 64.0 per cent in March. In the first half of April output was at around 61.0 per cent of capacity. Automobile production in March and the first half of April was maintained at the high rate prevailing during January and February but did not show the increase customary at this season. Retail sales of automobiles continued in large volume, and dealers’ stocks of new cars declined somewhat from the high level reached earlier. In the machinery industries activity showed some decline from the high rate of other recent months, while at aircraft factories and shipyards activity continued at peak levels. Output of lumber and plate glass advanced seasonally in March. In the woolen textile industry, where activity had been declining from the high level reached last November, there was a further sharp reduction in March. Activity at cotton textile mills also declined considerably but remained at a somewhat higher level than prevailed a year ago. Shoe production likewise declined considerably in March. At silk mills activity remained at an exceptionally low level, while rayon production was large. Mineral production was maintained in large volume in March. There was some further reduction in output of bituminous coal, but output of anthracite increased, following a sharp decline in February. Crude petroleum production continued at record levels. Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, increased considerably in March, as is usual at this season. The increase was principally in awards for private work, which in March approximately equalled those in the corresponding period last year. Public awards increased somewhat, following declines in January and February, but were in smaller volume than a year ago. Private residential building rose by about the usual seasonal amount. D is tr ib u tio n Index of p h ysical volum e oi production, adjusted ior seasonal variation, 1923*1925 average = 100. B y months, January, 1934, to M arch, 1940. FACTORY EMPLOYMENT In dex oi num ber em ployed, adjusted ior seasonal va ria tion, 1923-1925 average = 100. B y months, January, 1934, to M arch, 1940. INCOME PAYMENTS Sales of general merchandise at department and variety stores and by mail-order houses increased by about the usual seasonal amount from February to March, with allowance for the earlier date of Easter this year. In the first week of April sales at department stores were at a higher level than in March. Freight-car loadings showed little change from February to March, although a rise is usual between these months. Shipments of miscellaneous freight showed considerably less than the usual seasonal increase, and there was some further decline in loadings of coal. F o r e ig n T r a d e Exports of United States merchandise in March continued near the high level reached last December. Agricultural exports, principally cotton, decreased from February to March, while there were substantial increases in shipments of commercial vehicles and in metal working, agricultural, and other types of machinery. During March, the country’s monetary gold stock increased by $256,000,000. In the first two weeks of April the rate of gold inflow was accelerated, acquisitions in this period amounting to $145,000,000. U . S. Department oi Com m erce estimates oi the amount oi incom e paym ents to in d iv id u a ls, adjusted ior seasonal variation. B y months, January, 1934, to M arch, 1940. C o m m o d ity P r ic e s Prices of a number of basic agricultural and industrial commodities, which had declined in the latter part of March, advanced during the second week in April. Prices of certain finished steel products, on the other hand, were reduced, and prices of most other commodities showed little change. EXCESS RESERVES OF MEMBER BANKS G o v e r n m e n t S e c u r ity M a r k e t Prices of Treasury bonds moved sharply upward during March and the first few days of April to a new high level since last summer. On April 9, however, on receipt of news of the expansion of war activities in Europe, a decline of about one point occurred in long-term bonds. Subsequently the market recovered part of the loss. The yield on the 1960-65 Treasury bonds was 2.31 per cent on April 15, compared with a low of 2.26 per cent on April 2. B a n k C r e d it Reflecting continued heavy gold imports, excess reserves of member banks increased during the four weeks ending April 10 to a record high level of $5,950,000,000. Total loans and investments at banks in 101 leading cities, which had shown little net change during March, increased in the first two weeks of April, reflecting purchases of United States Government obligations. W e d n e s d a y fig u r e s p a r t ly e stim a te d , J a n u a r y 3, 1934, to A p r il 10, 1940.
@FedFRASER