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ln % is Iss u e :

M a n 's

F ir s t

S y n th e tic

F ib e r

R e a l-E s ta te L o a n s
D is t r ic t B u s i n e s s H i g h l i g h t s

S ix tf r D itir id S to tid k s : I

C o n d i t i o n o f 2 7 M e m b e r B a n k s in L e a d i n g C i t i e s
D e b its t o I n d iv id u a l D e m a n d D e p o s it A c c o u n ts
D e p a r tm e n t S to r e S a le s a n d I n v e n to r ie s
I n s ta lm e n t C a s h L o a n s
R e t a i l F u r n itu r e S t o r e O p e r a t i o n s
W h o le s a le S a le s a n d I n v e n to r ie s

S ix tH D ffir id In d e x e s :




C o n s tr u c tio n C o n tr a c ts
C o t to n C o n s u m p tio n
D e p a r tm e n t S to r e S a le s a n d S to c k s
E le c tr ic P o w e r P r o d u c tio n
F u r n itu r e S t o r e S a l e s a n d S t o c k s
M a n u fa c tu r in g E m p lo y m e n t
M a n u fa c tu r in g P a y r o lls
N o n fa rm

E m p lo y m e n t

P e tr o le u m P r o d u c tio n
T u rn o ver o f D e m a n d D e p o sits

D IS T R I C T B U S IN E S S H I G H L I G H T S
E c o n o m ic a c tiv ity , w ith fe w e x c e p tio n s , e x p a n d e d fu rth e r in la te s u m m e r. N o n fa r m
e m p lo y m e n t a n d d e p a rtm e n t sto re sa le s re a c h e d n e w h ig h g ro u n d . A t th e sa m e tim e ,
d e b its, fa c to r y e m p lo y m e n t, a n d b a n k lo a n s in c re a s e d ; fa rm p ro s p e c ts c o n tin u e d to sh o w
im p ro v e m e n t. R e s id e n tia l c o n tra c t a w a rd s a n d te x tile a c tiv ity , h o w e v e r, e ith e r re m a in e d
u n c h a n g e d o r d e c lin e d s lig h tly .




Department store sales, seasonally adjusted, set new records in July and the first

three weeks of August.
Furniture store sales, seasonally adjusted, in July reached the highest point in
eight years.
Department and furniture store inventories, seasonally adjusted, were down
slightly in July from June.
Nonfarm employment, seasonally adjusted, was at an all-time high during June.
Manufacturing employment, seasonally adjusted, increased during June at a more

rapid pace than in preceding months and began to approach the 1953 peak. Seasonally-adjusted factory payrolls, already above previous highs, rose considerably
in June.
Insured unemployment remained almost unchanged during July, although it cus­
tomarily rises during that month.
Steel operations in Birmingham during the last part of August, although adversely

affected earlier in the month by a labor dispute, almost reached the previous 1955
high.
Cotton textile activity, as measured by seasonally adjusted cotton consumption,

declined during July after having increased in the preceding month.
Residential construction awards declined slightly during July, but remained con­
siderably above year-ago levels.
Spending by check, measured by seasonally adjusted bank debits, increased during

July and remained well above a year ago.
Total loans at all member banks increased contra-seasonally during July, and

according to preliminary information continued to expand in August.
Time deposits at member banks in July were somewhat below June.
Total deposits, seasonally adjusted, at all member banks declined during July,

but according to preliminary information increased during August.
Farm production loans outstanding at all member banks at the end of June were
up slightly from a year earlier; farm real-estate loans were substantially larger.
Demand deposits at banks in agricultural localities in July were above last July.
Egg/ hog, beef, and broiler production in August were substantially above last
year levels; milk production, however, did not increase.
Farm wages are slightly above last year’s, but feed prices are significantly lower.
Prices of most important crops and livestock products, except corn and hogs,
in mid-July were above year-ago levels.

The Federal Reserve Bank of Atlanta raised the rate charged on loans to mem­
ber banks from 1% percent to 2 percent on August 4 and to 2
percent on
August 26.
V a

•

2

•

M a n 's F ir s t S y n th e ti c F ib e r
The Sixth District Is an Important Rayon Producer
C onsiderations th at enter into a m an u factu rer’s decision to
locate in a specific area are num erous. Sometimes tax
concessions or other types of special inducem ents are im ­
p o rtant, b u t m ore often industrial location is the result
of adjustm ents to basic econom ic forces. F requently, these
forces are difficult to isolate, and they vary am ong differ­
ent types of businesses. N evertheless, students of industrial
location found th at the prim ary attractions for m ost plants
are m arkets, m aterials, or labor, or a com bination of these
factors. T he influence of these considerations on plant
location is particularly well illustrated by the rayon
industry in the Sixth Federal R eserve D istrict.

A Y o u n g In d u stry
The rayon industry, which because of the n atu re of its
productive process is classified as a chem ical industry, is,
com paratively speaking, a new com er to the D istrict. The
first rayo n p lan t in the D istrict started production at Old
H ickory, T ennessee, in 1925. Since E u ro p ean scientists
discovered rayon and introduced it to the U nited States,
most of the D istrict’s com panies were under E uropean
control or ow nership at first. Since 1929, how ever, m any
of them have broken their foreign ties, so th at now only
two D istrict firms are E uropean owned or controlled.

ample, em ployed alm ost 190,000 persons in 1954, w hereas
synthetic fiber plants em ployed alm ost 25,000 w orkers.
Wages in all branches of synthetic fibers are com paratively
high; annual earnings last year cam e to 108 m illion dollars.
In parts of Tennessee, A labam a, and G eorgia, rayon
plants are im portant sources of payrolls. T hey further
contribute to total incom e in th at their presence induces
chem ical m anufacturers to locate nearby. They m ake
another indirect contribution through their purchases of
supplies from other businesses in the surrounding area.

The M a k in g o f R a y o n
The basic principles of m aking rayon are com m on know l­
edge; in fact, m ost basic patents are now public property.
In the viscose process, which all but tw o D istrict plants
use, cellulose pulp sheets are soaked in caustic soda,
shredded to fluffy crum bs th at are properly aged and
treated w ith carbon bisulphide. T he resulting mass of

Location of District Rayon and Acetate Plants
t

R apid G ro w th until R e c e n tly
R ayon and acetate are m ade from cellulose, as distin­
guished from the m ore recent discoveries of nylon, acrylic,
polyester, and other non-cellulosic fibers m ade from petro ­
leum, coal by-products, other m inerals, or proteins. E xcept
in recent years, rayon and acetate enjoyed a m eteoric
grow th in this country. O utput rose from 400,000 pounds
in 1911 to 1.1 billion in 1954 and accounted for one-fifth
of to tal m ill fiber consum ption. A m ong m an-m ade fibers,
rayon an d acetate rem ain the overw helm ing choice of
consum ers, their consum ption in 1954 being about four
times as large as th at of non-cellulosic fibers.
T he Sixth D istrict has shared in this grow th and is now
a highly im portant producing region of rayon and acetate.
Betw een 1924 and 1931, the num ber of rayon plants grew
to five, about one-fifth of all such plants in the nation.
Since W orld W ar II, alm ost all th e new plants have been
built in this D istrict, so th a t its present eight plants con­
stitute alm ost 30 percent of the n atio n ’s total and about an
equal percentage of the productive capacity of rayon and
acetate. F u rtherm ore, one-third of all synthetic fiber em ­
ployees are in the D istrict, a p ro p o rtio n which m ay actually
understate the im portance of rayon since the D istrict’s
share of these plants is twice th a t of its non-cellulosic
fiber mills.

Econom ic Im p o r ta n c e
In the D istrict econom y as a whole, how ever, rayon is less
im portant th an m any o ther industries. Textiles, for ex­



bright orange color is then dissolved in caustic soda to
form the spinning solution. A fter further aging, the solu­
tion is forced through tiny holes of a nozzle or “spinnerette” which is subm erged in a chem ical bath. T he solution
comes out in the form of a continuous solid thread, which
is collected on spools or is spun into a rotating bucket. The
individual strands are then either twisted together to form
filam ent yarn, which after washing, drying, packaging, and
inspecting is ready for shipm ent, or a num ber of filaments
are chopped into short lengths to produce staple fiber.
A cetate m anufactured by tw o D istrict producers ac­
3

counts for about one-fourth of total rayon and acetate pro­
duction; this synthetic differs chemically from rayon and in
some stages of its manufacture from viscose. However, the
cuprammonium process, which one District producer fol­
lows, is similar to that used for viscose.
R e la tiv e ly S m a ll M a n p o w e r R e q u ir e m e n ts
Manpower requirements are small, compared with capital
investment and with the physical size of a rayon plant.
For a representative producer in the District, investment
in plant and equipment averaged 17,750 dollars per em­
ployee in 1954. Unit labor requirements have actually
declined in recent years with the improved handling of
materials. Some plants now use a continuous spinning
method in producing textile or tire yam, which eliminates
moving of the yam in “cake” form through the various
processing stages. The trend toward shipping rayon in
cakes and cones instead of skeins, and more recently, in
bulk packages, has also reduced labor requirements.
Labor costs, nevertheless, remain a fairly important
component of total expenses. The hourly wage rates for
production workers in synthetic fiber plants in the District
averaged $1.84 in the first five months of 1955, compared
with $1.41 for manufacturing as a whole. High pay reflects
the industry’s three-shift operations and its requirements
for a large amount of skilled personnel. The typical pro­
duction worker bears great responsibility because the
equipment is so intricate that any mistake can cause con­
siderable loss. Also, a majority of the rayon plants in the
District are unionized and, in opposition to some major
industries, practically no wage differential exists between
District and national synthetic fiber plants.
District rayon workers experience few, if any, of the
seasonal variations in employment common to many
branches of the textile industry. The large amount of
controls and instrumentation found in rayon plants rules
out all but minor changes in employment unless output
is appreciably changed. Because inventories are used to
cushion any slight seasonal or irregular fluctuations in
demand, production levels for the rayon industry through­
out the country have been generally maintained in the
short-run. Similarly, rayon prices fluctuate little from
month to month.
F actors A ffe c tin g L ocation
Because tremendous amounts of pure water in the manu­
facture of rayon and acetate are needed, availability of
water was often the principal site-determining factor in
this region. One viscose yarn producer in the District, for
example, uses 20 million gallons of water daily. This ex­
plains why all rayon plants are found near rivers or large
streams.
Their location was further influenced by the proximity
to supplies of cellulose in the form of refined cotton linters
and wood pulp. Most District plants now use cellulose
made from wood pulp almost exclusively because it is
cheaper and, according to many observers, technically
superior to cotton linters. A great deal of it, consisting of
Southern pine, comes from one particular mill in Florida,
and another District producer supplies the remainder.



Several rayon firms buy small amounts of hardwood pulp
from mills in the Pacific Northwest and Canada.
Another attraction has been the ready availability of
chemicals. Many important producers of sulfuric acid and
caustic soda are located in Tennessee and Alabama. Ten­
nessee also has plants that make carbon bisulphide and
the chief chemicals needed to make acetate: acetic anhy­
dride and acetone. These plants supply most of the chemi­
cal needs of this District’s rayon producers.
Nearness to the coal-producing areas of eastern Ken­
tucky, Tennessee, and Alabama is another advantage—
coal being a source of steam as well as power to rayon
producers. Cheap electricity, on the other hand, played
little or no part in attracting them because they generate
their own electricity. Combining their own facilities with
commercial power assures them of a dependable power
supply, a consideration that looms important because the
nature of rayon production makes a power shutdown
extremely costly.
Earnings and Employment
District Synthetic Fiber Plants

Availability of labor also influenced plant location. By
locating principally outside the major District cities, rayon
firms have been able to draw on workers from rural areas
and nearby small communities.
Finally, the desire to be close to customers has in­
duced rayon producers to locate in District states. Although
comparatively few processors of rayon are found in this
region, many are located in adjacent states, especially the
Carolinas. In 1954, about two-thirds of the rayon and
acetate produced by all domestic manufacturers was proc­
essed in 14 Southern states.
Direct tax concessions had practically no effect on
location.
E conom ic S tru ctu re
The economic structure of the District’s rayon industry
corresponds more closely to other mass-production indus­
tries than to cotton textiles. For one thing, the rayon in­
dustry is made up of a very small number of companies—
six in all—and for another, output is highly concentrated
among two or three firms. Concentration in the District is
probably similar to that in the nation where, according to
4

one study, two companies in the early post-World War II
period accounted for almost 50 percent of installed capacity.
The rayon industry, however, is unlike industries in
which a firm produces everything from the raw materials
to the finished product. Most District rayon plants, if not
all, buy cellulose from companies with which they have
no financial connection. This also applies largely to pur­
chases of chemicals, although one rayon producer in the
District does manufacture chemicals used in rayon and
other industries, and several rayon plants receive small
quantities of chemicals from mills owned by their parent
company. Only a few firms with which District rayon pro­
ducers are affiliated produce cloth, and only one makes
garments.
C ap ital I n v e stm e n t a n d F inancing
As is true in other mass-production industries, capital re­
quirements for producing rayon are large. Fiber can be
turned out economically only on a large scale, and that
calls for a large plant. Moreover, even a relatively small
plant frequently has a generating plant, a water purification
system, laboratory facilities, and machine shops; in short,
facilities that are all expensive. A recently announced ex­
pansion of one of the District’s medium-size plants will
cost 20 million dollars.
Because financial requirements are generally too large
for local banks to handle, rayon plants have made a
practice of borrowing from large out-of-District banks and
insurance companies. One large District rayon producer,
for instance, has a credit agreement with a group of banks
and one insurance firm. Frequently, these take the form of
term-loans amortized over a fairly long period rather than
short-term financing, because seasonal fluctuations in pro­
duction are uncommon. Expansions of plant and equip­
ment, on the other hand, sometimes have been financed
entirely from depreciation charges and retained earnings.
P r o b le m s
The industry’s most pressing problem in recent years has
been a decline in over-all sales. Annual mill consumption
of all rayon and acetate in the United States has fallen
almost continuously since 1950. The loss was concen­
trated in the all-important use of filament yarn for women’s
and children’s dresses and underwear fabrics; meanwhile,
use of nylons and other synthetics and cotton for this
purpose increased.
Some of the loss, however, was offset by gains in indus­
trial uses of viscose yarn, particularly in the manufacture of
tire cord. As tire yarn made of rayon almost completely
displaced cotton, tires and related uses have become an
important market outlet for the rayon industry. This cate­
gory accounted for 46 percent of total United States rayon
and acetate yarn shipments in 1954. In the District the
ECONOMIC STUDY NO. 2
Tuf ted Te xtil e s, a study of the economic evolution of a small South­

ern industry developed with local labor and capital, is availab le
for distribution. Copies may be obtained upon request to the Re­
search Department, Federal Reserve Bank of Atlanta, Atlanta 3,
Georgia.




productive capacity of three plants that make viscose tire
yarn is about one-fourth of the region’s total of rayon and
acetate fibers.
Another bright note has been the spectacular rise in
viscose staple. Production in the nation rose 65 percent
between 1950 and 1954 and is now equivalent to almost
one-third of total rayon and acetate output. The ability of
viscose staple to blend with other fibers and its popularity
in tufted rug manufacturing and other uses contributed to
this success. It is, therefore, understandable that the most
recently built rayon plant in the District and the expansion
of two others are intended for production of rayon staple.
R esea rch
To meet the lagging demand for some of their products,
rayon producers have worked hard at improving existing
fibers, finding additional uses for them, and developing new
fibers. All District rayon producers have research facilities
aimed at improving methods for processing rayon. In some
cases, the fundamental fiber research activities of rayon
producers are also centered in this District. It is evident
that research has been effective. For example, fibers,
notably tire yarn, have been improved and solution-dyed
yarns have been developed.
Rayon producers have also made efforts toward diver­
sifying their products. One District plant, for example,
has gone into the cigarette filter field, while another one
will soon make a new high-strength yarn for heavy power
transmission belts and other industrial uses.
O u tlo o k
The rayon business has recovered in recent months, but
many long-term problems remain. Most observers predict
a bright future for rayon staple and for yarn used by
industry; they are less optimistic about filament yarn for
the textile trade. In addition, nylon, which already ac­
counts for a small but rising proportion of tire-cord output,
may become a serious competitor. In that event, rayon tire
yarn producers will face a serious problem because most
of the existing machinery cannot be converted to nylon
yarn. On the other hand, two District producers who now
make rayon tire yarn, have bought new machinery and
have gone into semi-commercial production of nylon in
order to acquire the necessary “know-how.” While the
rayon industry faces obstacles to its future growth, this
District, nevertheless, offers such advantages to the loca­
tion of these plants that it is likely to gain from any
general growth of this industry.
H arry B randt

Bank Announcement
The Federal Reserve Bank of Atlanta is pleased to
welcome the Central National Bank of Jacksonville,
Jacksonville, Florida, as a member of the Federal
Reserve System. The bank's officers are E. G. Breedlove,
President; David J. Lewis and J. L. Tison, Jr., Vice
Presidents; C. H. Williams, Cashier; and Miss A. Marie
Tuttle and R. F. Howalt, Assistant Cashiers. Capital
stock amounts to $200,000 and surplus, profits and
reserves to $247,000.
5

R e a l-E s ta te L o a n s ..
Hand-in-hand with the postwar building boom has been an
expansion of real-estate loans at commercial banks. Be­
tween December 30, 1945, and June 30, 1955, loans se­
cured by farm, residential, and commercial property at
District member banks increased about 470 percent and on
the latter date totaled 450 million dollars. Meanwhile, the
ratio of real-estate-to-total loans rose from 7 to 14 percent.
The change since 1945 represents more than just a
change in the attitude of bankers. During the war Govern­
ment regulations restricted the use of funds and building
materials, but when these restrictions were lifted, building
expanded to meet the demand that had accumulated during
the war years. The change-over from a wartime to a peace­
time economy thus released a large demand for real-estate
loans at banks. The availability of Government insured
mortgages also contributed to the increase in such loans.
Following national trends in mortgage activity, the
ratio of real-estate loans to total loans at District banks
increased rather sharply after the war, reached a peak in
mid-1950, declined slowly between June 1950 and De­
cember 1953, and then started up again.
Much of the increase during the last year, particularly
during the last six months, can be attributed to large gains
in loans insured by the Federal Housing Administration
and the Veterans Administration. These mortgages ac­
counted for 52 percent of the gain in all loans on resi­
dential property. FHA loans increased 30 percent and
VA loans 72 percent. With the decline in yields on bonds
during this period, the high yield on Government insured
and guaranteed mortgages made them a more attractive
outlet for bank funds.
All of the expansion during this period, however,
cannot be attributed to Government-insured paper. Con­
ventional financing increased 27 percent and loans secured
by commercial property gained 30 percent. Loans on farm
land also increased rapidly, probably because farmers,
faced with an income loss during the year, obtained funds
for production by using real estate as collateral, and also
because many large banks purchased sizable amounts of
loans insured by the Farm Home Administration.
The 450 million dollars in real-estate loans now held

rce n t

.

An Outlet for Bank Funds

by District member banks does not reflect the full contri­
bution of local banks to home ownership and construction,
as banks also make temporary loans to individuals and
contractors to finance the erection of homes, churches,
factories, and other buildings. But more than this, banks
include in their business loans, loans to such firms as
insurance and mortgage companies, savings and loan asso­
ciations, and other concerns who in turn invest in mortgage
paper. A recent survey of the large banks in this District
Ratio of Real-Estate-to-Total Loans by Size of Bank
Sixth District Member Banks
October 7 , 1954

Ala.

Fla.

Ga.

La.

Hiss.

Less than $3.5 mil. . . 28.1
3 .5 -1 0 .................
25.3
1 0 -1 0 0 .................
19.6
$100 mil. and over . . 9.2
A ll S iz e s...............
18.1

13.0
23.3

20.0

30.0
23.9
17.9

31.0
18.4
15.6

10.9
17.6

10.9

37.8
33.4
22.4
7.5
14.5

Deposit Size

6.2

16.4

Tenn. District
33.1
26.5
12.3
5.7
11.7

29.3
25.6
18.9
7.3
14.5

revealed that for every dollar in real-estate loans, there
was an additional fifty cents in loans to mortgage firms.
These loans generally are short-term, and because of their
size, are confined to large banks.
Despite the rather rapid increase in real-estate loans
at large banks, these loans make up only a minor part
of their total loans, compared with the same ratio at small
banks. According to the October 1954 call reports, at
banks with deposits of less than 3.5 million dollars, the
ratio was 29.3 percent, compared with 7.3 percent at
banks with deposits of over 100 million dollars. The
importance of real-estate loans also varied by state—Ala­
bama banks had the highest ratio, 18.1 percent; the low of
10.9 percent was at banks in Georgia.
All loans secured by real estate are not used for the
purpose of buying property; nevertheless, changes in these
loans are a fairly good indication of changes in bankers’
views toward real-estate financing. Judging by recent
trends in mortgage loans at District banks, bankers are
now placing a new importance on real-estate paper.
Charles S. Overmiller

p e rc e n l

..........................................II................................I l l l ...............11



6

Sixth District Statistics
In s t a lm e n t C a s h

Condition of 27 Member Banks in Leading Cities

Lo a n s

(In Thousands of Dollars)

Lender
Federal credit unions . .
State credit u n io n s. . .
Industria! b a nks . . . .
Industrial loan companies
Small loan companies . .
Commercial banks . . .

Volume
Percent Change
July, 1 9 5 5 , from
June
July
1955
1954
—32
+ 23
— 17
+ 28
—6
+ 20
+ 14
—2
—11
+ 35
—7
+ 48

No. of
Lenders
. . 39
17
7
. . 12
. . 29
. . 32

Outstandings
Percent Change
July, 1 9 5 5 , from
June
July
1954
1955
+2
+ 19
+4
+ 14
+ 15
+1
+ 16
+1
+ 57
+0
—1
+ 14

Retail Furniture Store Operations
Percent Change July 1 9 5 5 from
June 1 9 5 5
July 1 9 5 4
+2
+ 11
+7
—0
+2
+ 11
+1
+8
+4
+6
—7
—9

Item
Total s a le s .................................................
Cash s a l e s ........................... ..... . . .
Instalment and other credit sales .
Accounts receivable,end of month .
Collections during month . . . .
Inventories, end of month , . . .

Wholesale Sales and Inventories*
No. of
Firms
ReportType of Wholesaler
ing
Grocery, confectionery, meats 3 4
Edible farm products . . .
17
Drugs, chems., allied prods. 1 5
D r u g s ......................................1 0
Furniture, home furnishings

6

Electrical, electronic &
appliance goods . . . .
7
Hardware, plumbing &
heating g o o d s ......................3 4
Machinery: equip. & supplies 3 5

Sales
Percent Change
July 1 9 5 5 from
June
July
1955
1954
+0
+3
—23
—15
—1
—3
—2
+9
0
+0
—0
+ 11
+ 22
+9

No. of
Firms
Report­
ing
19

11
9
6
6

8

—9

6

+3
+7
+7

+1
+ 21
+ 26

24
14

+

Inventories
Percent Change
July 3 1 , 1 9 5 5 , from
June 3 0
July 3 1
1954
1955
+6
+5
+7
+2
—1
+2
—1
+1
+0
+1

8
+0
+6
+

+ 16

Percent Change

.

July
June
1955
—2
—4

—2
—1

FLORIDA...............................
Jack so n v ille.....................

.
.

—8

—5
n.a.
—6
—6
—6
—7
—0
+2
—6
—3
—4

—1

+ 10
+1
n.a.
+3

7 Months
1 9 5 5 from
1954
+9
+ 10
+9
+7
+ 14
+4
n.a.
+9
+4

Inventories
July 3 1 ,1 9 5 5 , from
July 3 1
June 3 0
1954
1955
—4
+9

—6

—3

+8

+3

—2

—1

n.a.

n.a.

.
—1
St.Ptrsbg-Tam paA rea . .
+5
—i
+8
+ 16
St Petersburg . . . .
—5
.
+1
—2
+ 12
+ i5
+ 10
GEORGIA ............................... .
+ 13
+ 12
+ 13
—3
A tla n ta * * .......................... ■
—1
+3
A u g u s t a ............................ .
+ 25
—0
+ 13
+ 19
.
—2
+2
+7
.
+5
+9
+6
—6
R o m e * * ........................... .
+9
+ 10
Savannah** ..................... . — 3
+9
+6
+3
+5
—7
L O U IS IA N A ....................... .
—2
—0
+4
+3
Baton Rouge ..................... ■ + 4
+6
+3
+5
+ 11
New O rle a n s.................... . — 9
+4
+4
+ 13
—0
M IS S IS S IP P I..................... . — 5
—1
+3
+ 10
+2
.
—7
+9
+8
M e rid ia n * * ..................... . — 5
+3
+7
—5
+ 15
TENNESSEE ...................... .
+3
—4
—9
—5
+5
Bristol (T enn.& V a.)** . — 1 0
Bristol-Kingsport—1
+6
Johnson City** . . . . — 1 0
—1
+4
Chattanooga .....................
+6
—i7
+ 12
+ 26
K noxville.......................... . + 1 1
+5
+8
—1
+ 14
N ash v ille.......................... .
+0
—2
+8
+ 10
+9
D IS T R IC T ........................... . — 3
*Reportng stores account for over 9 0 percent of total District department store sales.
**ln order to permit publication of figures for this city, a special sample has been
constructed that is not confined exclusively to department stores. Figures for non­
department stores, however, are not used in computing the District percent changes,
n.a. Not available.




3 ,2 5 1 ,9 0 2
1 ,5 5 8 ,8 1 5
Loans— G r o s s ........................... 1 ,5 8 2 ,7 4 1
Commercial, industrial,
and agricultural loans .
8 6 5 ,3 7 2
Loans to brokers and
dealers in securities .
2 9 ,2 7 6
Other loans for purchasing
or carrying securities .
4 1 ,4 7 7
Real estate loans . . .
1 4 7 ,0 3 1
Loans to banks . . . .
27 733
Other loans ...........................
4 7 1 ,8 5 2
Investments— Total . . . . 1 ,6 9 3 ,0 8 7
Bills, certificates,
and notes ......................
5 7 2 ,6 0 0
U. S. bonds .............................
7 9 3 ,6 4 6
Other securities . . . .
3 2 6 ,8 4 1
Reserve with F. R. Bank .
4 9 7 ,8 4 0
Cash in vault ...........................
4 8 ,4 7 0
Balances with domestic
2 7 7 ,1 5 2
Demand deposits adjusted . 2 ,3 5 7 ,8 1 8
Time d e p o s its ...........................
6 2 8 ,4 0 0
U. S. Gov’t deposits . . .
8 9 ,6 0 1
Deposits of domestic banks
6 7 4 ,1 9 0
3 8 ,0 0 0

July 2 0 ,
1955

Aug. 1 8 ,
1954

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

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

—0
+2
+2

+4
+ 25
+ 24

8 5 5 ,2 1 5

7 0 0 ,6 7 6
1 4 ,4 7 3

+1
+22

+ 24

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

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

1
+2

+ 24
+ 58
+7
+ 16

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

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

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

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

6,000

+

+ 53
+0

—2
—8
+2
—1
—2
—1

+ 13
+1

—1
—17
+8

—43

*

—10
—19
—9
+ 14
+1
+5
+ 17
+5
+4
— 13
+1

*100 percent or over.

Debits to Individual Demand Deposit Accounts
(In Thousands of Dollars)

June
1955

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

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

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

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

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

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

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

.

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

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

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

.
.
.
.

5 2 ,4 4 4
1 5 5 .0 6 3
6 6 ,3 4 5
1 ,0 3 1 ,5 2 4

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

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

.

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

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

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

.

3 0 .0 4 7
2 2 7 ,5 5 9
33319
5 8 ,1 8 0
1 6 1 ,3 7 4
5 0 9 ,0 3 2

3 1 ,7 4 2
2 4 8 ,5 6 8
3 3 ,9 5 4
6 3 ,8 2 8
178 672
5 2 8 ,7 8 3

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

.

6 ,8 2 7 ,8 0 4

7 ,0 9 0 ,0 7 1

ALABAMA
Anniston . . . .
Birmingham . . .

20,020

Gadsden . . . .
M o b ile ......................
Montgomery . . .
Tuscaloosa* . . .
FLORIDA
Jacksonville . . .
M i a m i ......................
Greater Miami*. .
Pensacola . . . .
S t. Petersburg . .
West Palm Beach*
GEORGIA
Augusta . . . .
Brunswick . . . .
Columbus . . . .
Elberton . . . .
Gainesville* . . .
Griffin*.......................
N ew nan.....................
Savannah . . . .
Valdosta . . .
LOUISIANA
Alexandria* . .
Baton Rouge . .
Lake C harles. .
New Orleans . .
MISSISSIPPI
Hattiesburg . ,

—1
—6
+5
—0
—7
—1

+ 11
+ 27
+ 18
+ 26
+ 21
+ 18

+6
—8 + 9
+ 12 + 3 8
+7
+ 36
—10 + 2 5
—1 + 1 7
+6 + 2 5
— 13 + 16
—10 +21
+2 + 1 8
— 4 + 10
—5
+9
+0
+2
—0 + 10
—8 + 11
+1 + 3 0
+3
+ 14
+0
+0
+ 14
+6
+6 + 3 2
—10 + 4
—4

+ 11
+ 18
+6
+ 18

+20
+ 19
+ 10
+ 13
+ 23
+ 26
+ 27
+9

+22
+ 16
+ 21
+ 22
+ 11
+12
+6
+ 17
+5
+ 30
+9
+ 18
+ 18

+21
+ 10
+6

+ 17

— 19

—4

+6
+ 12

+9
+ 12
+ 22
+ 11

—0
—2

+ 15
+ 19
+9
+3

+10
+11
+ 12

—5

+8
+6

+10

—4

+7
+ 30
+ 15
+ 14

5 ,9 9 5 ,5 5 8

—4

+ 14

+ 14

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

—9

+4

+6

Meridian . . . .
Vicksburg . . . .
TENNESSEE
Chattanooga . .
Johnson City* .
Kingsport* . .
Knoxville . . . .
Nashville . . .
SIXTH DISTRICT
3 2 Cities . . .
UNITED STATES
3 4 5 Cities . . .

Percent Change
July 1 9 5 5 from 7 Months
July
June July 1 9 5 5 from
1954
1955 1954
1954

July
1955

+6

Department Store Sales and Inventories*

Place
ALABAMA ...........................

Loans and investments—
T o t a l ......................................

+ 16

Iron & steel scrap &
+ 29
—13
waste materials . . . .
12
*Based on information submitted by wholesalers participating in the Monthly Wholesale
Trade Report issued by the Bureau of the Census.

Sales
1 9 5 5 from
July
1954
+9
+9
+ 14

Aug. 1 7 ,
1955

Item

Percent Change
Aug. 1 7 ,1 9 5 5 , from
July 2 0 ,
Aug. 1 8 ,
1955
1954

.
.
.

*Not included in Sixth District totals.

7

—6
—3
—4
+4

—5

—8
—2
—9
—10

+20
+6

+5

+5

+9
+ 28
+ 12
+ 12

Sixth District Indexes
N o n fa rm
E m p lo y m e n t

SEASONALLY ADJUSTED
District Total . . . .
A la b a m a ......................
F l o r i d a ......................
G e o r g i a ......................
L ouisiana......................
Mississippi . . . .
Tennessee
. . . .
UNADJUSTED
District Total . . . .
A la b a m a ......................
F l o r i d a ......................
G e o r g i a ......................
L o u isiana......................
Mississippi . . . .
Tennessee
. . . .

1947-49 = 100
Manufacturing
Manufacturing
Payrolls
Employment

June
1955

May
1955

June
1954

June
1955

May
1955

121
112

120
112
139
122

118

115
109
142

113
107
141

138
124
116
118
117

120
112

134
123
115
118
117

115
118
115

120
111
136
122

114
117
115r

110

134
118
116
114
114
117
109
129
118
116
114
114

122
102

120
100

116
114

115
113r

114
107
139
119

113
106
141
118
99
114

100
116
113

112

June
1954

llO r
104
136r
115r
102r
lllr

110
109

102

132 r
112r
lO lr
lllr
109

June
1955

May
1955

174
151
184
167

152
135
184r
150r
146r
162r
152r

166
153
194
170
151
182
167

163r
151r
198
169r
147
174r
163r

149
133r
178r
147r
146r
160r
152r

201

July
1955

June
1954

164
152
198
172r
150
174r
165r

169
155

Construction
Contracts

169
281
290
337
329
163

_______ Adjusted________
_______ Unadjusted_______
July
June
July
July
June
July
___________________________1 9 5 5
1955
1 9 5 4 _________ 1 9 5 5
1955
1954
136
139r
104r
113
124
108r
119
133
130r
H Sr
131r
142r
125
151r

133r
134r
120r
119r
129r
119r
120r
130r
142r
123r
126r
148r
132r
137r

122p
125
109
103
113
97
103
141
124
113
110
122
112
139

121
118
101
103
109
100
105
122
124
109
116
125
116
142r

107r
108r
101
91r
104r
94r
9Sr
lOSr
113r
96r
lO lr
118r
114r
128r

>To permit publication of figures for this city, a special sample has been constructed that
is not confined exclusively to department stores. Figures for non-department stores,
however, are not used in computing the District index.
*For Sixth District area only. Other totals for entire six states.
**Daily average basis.
Sources: Mfg. emp. and payrolls, state depts. of labor; cotton consumption, U. S. Bureau
Census; construction contracts, F. W. Dodge Corp.; furn. sales, dept, store sales, turn­
over of dem. dep., FRB Atlanta; petrol, prod., U. S. Bureau of Mines; elec. power
prod., Fed. Power Comm. Indexes calculated by this Bank.

w m ljy s e r v e

M ap
( f t f ie
m te c fS ta te s

O Reserve Bank Cities
• Branch Bank Cities
mm District Boundaries
— Branch Territory Boundaries
^ Board of Governors of the Federal Reserve System



338
306
356
276
252
215

July
1954

242
223
171

222
141
164

July
1955

June
1955

July
1954

11 9 p
126p
1 28p
12 5 p
1 1 8p

102
lO lr
110

105
114r

104r
116r
115r
97r
lllr

98 p

75r

82r

112p
lllp
1 18p
123 p
1 1 3p

106
108r

112
109
121r

102

105
96
107

96p

sir

80

97

Other District Indexes

Department Store Sales and Stocks**

DISTRICT SA L E S *. . . . 1 5 2p
A tlanta 1 ................................ 1 5 6
Baton Rouge.......................... 1 3 0
B irm in g ham ..........................1 3 4
C h attan ooga.......................... 1 4 0
Jack so n .....................................1 2 2
Jack so n v ille........................... 1 2 5
K noxville................................ 1 6 9
M a c o n ..................................... 1 5 5
N a sh v ille ................................1 4 5
New O rle a n s .......................... 1 3 8
S t. Ptrsbg-Tampa A re a . . 1 5 2
T a m p a ..................................... 1 3 0
DISTRICT STOCKS* . . .
148

June
1955

Furniture
Store Sales*/**

July
1955

Adjusted
June
July
1955
1954

Construction contracts* . . . .
R esidential......................................
Petrol, prod, in Coastal
Louisiana and Mississippi** .
Cotton consumption** . . . .
Furniture store stocks* . . . .
Turnover of demand deposits*
10 leading cities ......................
Outside 1 0 leading cities . .

Elec. power prod., total** . . .
Mfg. emp. by type
A p p a r e l...........................................
C h e m ic a ls ......................................
Fabricated m e t a l s ......................
Lbr., wood prod., furn. & fix. .
Paper and allied prod. . . .
Primary m e t a l s ...........................
Trans, equip.....................................
r Revised.

p Preliminary.

145
98
98 p

21.1

2 2 .5
1 7 .8

143r
103
107r

134 r

88
106
20.8 20.8
22.2
2 3 .1
1 7 .4

June
1955

May
1955

155
132
165
109
83
153
105
96
189

154
132
160r
108
83
151
105
96r
175

1 7 .6

June
1954

147r
126r
160r
108r
80r
148r
95r
93
175

July
1955

Unadjusted
June
July
1955
1954

266
255
275

304r
262r
336r

200
199
201

145
83
95p
2 0 .3
2 1 .4
1 7 .1

142r
98
104r

134r
75

20.8
22.1
1 7 .4

102
20.0
21.1
1 6 .9

June
1955
245

May
1955
240

June
1954
205r

150
127
159
107
83
152
105
95
184

150
129
157
106
83
150
103
94
177

142r
121r
155r
106r
SOr
147r
94r
92r
169r