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MONTHLY REVIEW B U S IN E S S FED ERA L RESERVE C O N D IT IO N S IN T H E S IX T H BAN K O F A TLA N TA D is tr ic t There was an apparent further improveo ^ ment in business activity in the Sixth Disd u m m a r y tr * ct j^0Vem} )eTm Although the gains over previous months do not include all lines of activity, they appear to outweigh the unfavorable comparisons. Better than seasonal movements were recorded in both re tail and wholesale trade, in textile operations and production of pig iron in Alabama. Employment and payrolls in October, the latest period for which figures are available, extended the increase begun in midsummer. On the other hand, there was a decline in the value of construction con tracts awarded in November, and the rate of electric power production, after reaching a new high level in September, declined one-half of one per cent in October. In comparing the Sixth District with national averages, November retail trade in the District was 4.2 per cent higher than in November, 1937, while in the United States it was smaller by 3.3 per cent. Construction contracts in this Dis trict were 70 per cent larger as compared with an increase of 53 per cent for the country. Pig iron output in Alabama was up 24.9 per cent as against an increase for the country of 13.2 per cent, and the gain in cotton consumption was about the same in this District as in the United States as a whole. If these series are indicative, business in the Sixth District has made a favorable showing compared to business in the United States generally. Trade If allowance is made for seasonal movement, both retail and wholesale trade improved in November. In actual volume, retail trade about held its own, and wholesale trade declined, but by only a third of the usual seasonal amount. ► The maintenance of retail trade in November followed a less-than-seasonal increase in October. This was an im provement on the usual seasonal direction for the month, however, because retail trade in the Sixth District, contrary to the movement in the country as a whole, generally deC O N D IT IO N O F 2 2 M EM BER BANKS IN S E LE C TED C IT IE S (I n T h o u s a n d s of D o U a rs) C h a n g e F ro m : D e c . 14 N ov. 1 6 ,1 9 3 8 D e c .1 5 ,1 9 3 7 1 9 38 + 4 1 ,8 7 8 + 1 2 ,1 4 2 L o a n s a n d I n v e s tm e n ts — T o t a l....................... $ 6 0 7 ,1 4 2 + 2 0 ,6 9 5 + 9 ,2 5 4 L o a n s — T o t a l ................................................................... 3 1 6 ,2 6 3 C o m m e rc ia l, i n d u s tr i a l a n d + 1 3 ,6 0 6 + 2,110 a g r i c u l t u r a l l o a n s ........................................... 1 7 3 ,9 0 6 — 1 ,0 7 6 — 60 O p e n m a r k e t p a p e r .............................................. 2 ,8 1 3 L o a n s to b r o k e r s a n d d e a l e r s + 592 + 755 in s e c u r i t i e s ........................................................... 6 ,7 9 3 O th e r l o a n s fo r p u r c h a s i n g + 151 + 368 o r c a r r y i n g s e c u r i t i e s .................................... 1 5 ,4 2 8 + 1 ,8 7 7 R e a l e s t a t e l o a n s ................................................... 2 9 ,0 0 9 + 632 — 1 ,4 9 1 L o a n s to b a n k s ........................................................ ............9 1 4 — 48 O th e r l o a n s ................................................................ 8 7 ,4 0 0 + 7 ,0 3 6 + 5 ,4 9 7 I n v e s tm e n ts — T o t a l................................................... 2 9 0 ,8 7 9 + 2 1 ,1 8 3 + 2 ,6 4 3 U . S. d ir e c t o b l i g a t i o n s .................................... 1 6 1 ,3 2 6 + 3 ,4 5 6 + 1 ,6 9 2 O b lig a tio n s g u a r a n t e e d b y U. S ............. 4 3 ,2 4 5 + 9 ,4 9 1 + 438 O th e r s e c u r i t i e s ...................................................... 8 6 ,3 0 8 + 10,000 — 1 ,2 5 1 R e s e rv e w ith F. R. B a n k ...................................... 1 0 5 ,6 0 4 + 961 — 303 C a s h in v a u l t ............................................................... 1 2 ,7 6 7 + 1 ,3 0 2 + 2 ,0 7 6 B a la n c e s w ith d o m e s tic b a n k s ....................... 1 3 6 ,8 1 5 — 4 ,4 9 3 + 4 1 ,2 2 2 D e m a n d d e p o s its — a d j u s t e d ............................ 3 5 4 ,2 0 8 + 1 1 ,5 2 7 + 2 5 ,7 1 0 T im e d e p o s i t s ................................................................ 1 8 2 ,8 0 4 — 1 ,4 5 6 — 776 U . S . G o v e r n m e n t d e p o s i t s ................................. 3 4 ,5 3 8 + 289 + 1 7 ,6 7 4 D e p o s its of d o m e s tic b a n k s ............................... 2 3 1 ,5 2 4 — 3 ,1 3 9 + 4 5 ,8 2 2 B o rr o w in g s : F ro m F . R. B a n k ....................... — 42 — 1 ,8 2 2 F ro m O t h e r s ................................. ............ 137 + 137 — 174 F E D E R A L R E S E R V E D IS T R IC T D e ce m b e r 3 1 ,1 9 3 8 clines in November. Preliminary reports for the first two weeks in December indicate an increase of 3.1 per cent over the same portion of December last year. ► While wholesale trade decreased from October to Novem ber, there was a slight increase of wholesale sales when com pared with November last year. This increase in dollar vol ume was accomplished in spite of prices that averaged 7 per cent lower than last year. Y Retail inventories increased 3.6 per cent in November, and wholesale inventories also increased slightly over the month. However, the comparison from November to November shows a decrease in retail stocks of 7.5 per cent and in wholesale stocks of 8.5 per cent. These decreases are almost wholly attributable to price declines. Banking Total loans and investments at 22 weekly re porting member banks in the Sixth District have increased further in recent weeks and on December 14 were at the highest level in about eight years. Total loans by these banks have increased about 38 millions of dollars since early July and at the middle of December were the largest since the spring of 1933. Investments, which declined from 338 millions in September, 1936 to around 257 mil lions in January, 1938 have increased since mid-year to 291 millions on December 14. The increase in loans has been almost entirely in those for commercial, industrial, and agri cultural purposes, and in “All Other” loans. Loans to banks have recently been the smallest since the spring of 1937. The larger part of the recent increase in investments has been in direct obligations of the United States. Demand deposits-adjusted have recently increased further and at 354.2 millions of dollars on December 14 were at a new high level. Time deposits have declined somewhat since September and have recently been a little below the level of a year ago. Treasury balances with these banks have been maintained at approximately 34 millions of dollars since the middle of September, and deposits of correspondent banks which had risen about 47 millions between the last of June and the middle of November, have declined slightly since that time. The weekly statements of the Federal Reserve Bank of Atlanta indicate that the already small volume of discounts for member banks has declined further in recent weeks, but industrial advances have increased to the largest amount since early in May, 1936. Treasury deposits with the Federal Reserve Bank were reduced about 12.3 millions between NoC 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 TLA N TA (In Thousand s oi D o llars) D e c . 14 C h a n g e F ro m : 19 38 N o v .1 6 ,1 9 3 8 D e c . 1 5 ,1 9 3 7 B ills D is c o u n te d ........................................................... $ 283 — 203 — 2 ,6 3 6 B ills B o u a h t..................................................................... 19 — 80 I n d u s tr ia l A d v a n c e s ................................................ 823 + "642 + 696 U n ite d S ta t e s S e c u r i tie s ...................................... 1 0 4 ,5 2 1 — 7 ,7 1 7 T o ta l B ills a n d S e c u r i tie s ............................... 1 0 5 ,6 4 7 + 440 — 9 ,7 3 6 T o ta l C a s h R e s e r v e s .............................................. 2 7 4 ,6 8 3 — 1 0 ,4 1 3 + 2 7 ,9 6 5 F . R. N o te C ir c u la t io n ........................................... 1 5 0 ,4 1 0 + 1 ,9 2 0 — 1 2 ,8 2 3 M e m b e r B a n k R e s e r v e D e p o s its ..................... 1 7 3 ,7 3 5 + 620 + 1 ,2 9 9 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............. 3 8 ,5 1 8 — 1 2 ,2 8 6 + 2 5 ,7 0 6 T o ta l D e p o s its ........................................................... 2 2 3 ,6 4 9 — 1 2 ,0 4 0 + 2 8 ,5 6 8 C o m m itm e n ts to m a k e i n d u s tr i a l a d v a n c e s ....................................................................... 159 — 13 — 191 B u s i n e s s C o n d it i o n s 2 in t h e S ix t h F 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 of D o lla r s ) N ov. ALABAM A 1938 B ir m in g h a m ..........................$ 8 2 ,0 9 8 $ D o t h a n ....................................... 3 ,3 9 6 M o b ile ......................................... 4 1 ,2 9 2 M o n tg o m e r y .......................... 2 2 ,6 9 2 FLO 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 ......................................... 1 9 38 8 2 ,8 6 1 $ 3 ,6 3 1 4 0 ,5 7 7 2 6 ,5 2 1 P er C ent C h an g e O c t. N o v . N ov. 1 9 38 fro m : 1 9 3 7 O c t. 1 9 38 N ov . 1 9 37 8 3 ,5 8 6 — 0 .9 — 1 .8 3 ,2 0 5 — 6 .5 + 6 .0 3 7 ,3 4 1 + 1 .8 + 1 0 .6 2 4 ,2 3 9 — 1 4 .4 — 6 .4 6 8 ,1 4 5 3 9 ,2 8 6 8 ,4 7 6 2 6 ,6 2 2 6 3 ,8 2 4 3 6 ,8 3 5 8 ,0 6 0 2 4 ,7 3 6 6 8 ,2 9 8 3 2 ,8 6 5 8 ,2 2 1 2 6 ,9 2 5 + 6.8 + 6 .7 + 5 .2 + 7 .6 — 0 .2 + 1 9 .5 + 3 .1 — 1.1 G E O R G IA A l b a n y ...................................... 5 ,0 7 3 A t l a n t a ...................................... 1 9 0 ,6 1 8 A u g u s t a .................................... 1 5 ,7 6 8 B r u n s w ic k ............................... 2 ,2 8 4 C o lu m b u s ............................... 1 2 ,9 1 8 E l b e r to n .................................... 1 ,0 6 0 M a c o n ......................................... 1 4 ,6 2 7 N e w n a n .................................... 1 ,9 4 5 S a v a n n a h ............................... 2 6 ,2 7 1 V a l d o s t a .................................... 3 ,5 9 8 5 ,4 0 0 2 0 0 ,2 2 6 1 7 ,2 3 8 2 ,3 9 7 1 3 ,7 7 4 1 ,4 2 4 1 5 ,5 6 9 1 ,8 8 2 2 8 ,5 5 4 3 ,8 5 9 5 ,6 4 1 1 7 2 ,3 9 3 1 6 ,4 6 8 2 ,7 0 0 1 3 ,2 9 9 1 ,2 9 7 1 5 ,1 9 1 1 ,9 3 8 3 0 ,6 9 8 3 ,6 0 9 — 6 .1 — 4 .8 — 8 .5 — 4 .7 — 6 .2 — 2 5 .6 — 6 .1 + 3 .3 — 8 .0 — 6.8 — 1 0 .1 + 1 0 .6 — 4 .3 — 1 5 .4 — 2 .9 — 1 8 .3 — 3 .7 + 0 .4 — 1 4 .4 — 0 .3 LO U ISIA N A N e w O r l e a n s ......................... 2 1 9 ,1 5 0 2 3 8 ,8 8 9 2 0 9 ,7 4 1 — 8 .3 + 4 .5 M IS S IS S IP P I H a t t i e s b u r g ............................. 4 ,0 0 9 J a c k s o n ....................................... 2 8 ,5 6 7 M e r id i a n .................................... 1 0 ,4 3 0 V ic k s b u r g ............................... 8 ,6 7 7 4 ,9 7 5 3 8 ,7 0 9 1 1 ,9 6 1 9 ,0 1 6 4 ,4 9 6 3 3 ,6 7 1 9 ,7 5 7 9 ,9 5 9 — 1 9 .4 — 2 6 .2 — 1 2 .8 — 3 .8 — 1 0 .8 — 1 5 .2 + 6 .9 — 1 2 .9 T E N N ESSEE C h a t t a n o o g a ......................... 4 0 ,8 8 3 K n o x v i l l e . . . . . ..................... 2 7 ,2 2 2 N a s h v ill e .................................. 8 2 ,8 7 1 4 1 ,6 7 9 2 8 ,8 1 5 8 1 ,1 7 6 4 1 ,4 4 4 2 6 ,0 7 7 7 5 ,1 9 2 — 1 .9 — 5 .5 + 2 .1 — 1 .4 + 4 .4 + 1 0 .2 1 ,0 3 2 ,5 8 8 9 5 8 ,2 5 1 — 4 .3 + 3 .1 3 1 ,6 0 2 ,8 6 5 — 1 1 .5 — 7 .0 SIX TH D I S T R I C T 2 6 C i t i e s ................................. 9 8 7 ,9 7 8 U NITED STA TES— 141 C it ie s ............................ .2 9 ,4 0 5 ,8 0 4 3 3 ,2 3 5 ,3 1 4 vember 16 and December 14, but continued to be larger than at the same time in 1937. Federal Reserve note circula tion of this bank’s issue has recently increased somewhat further in response to holiday demands for currency. Total reserves, which increased in November to 285 millions of dollars, the highest point in recent years, have since declined to about 275 millions on December 14. Estimates based on latest available figures of deposits in dicate that member bank reserve deposits on December 14, amounting to $173,735,000, were approximately 34.5 mil lions of dollars, or 24.8 per cent, in excess of legal require ments. Estimated excess reserves of member banks averaged about 33.9 millions of dollars in October and about 37.3 millions in November. Agriculture Farmers’ receipts from the sale of principal farm products in the 6 states of this District were 2.8 per cent larger in October, the latest date available, than in October, 1937. This result was accomplished by government payments that were very much larger than last year. Receipts from crops, on the other hand, were 17.8 per cent smaller than the year earlier, and receipts from live stock and livestock products were 4.9 per cent smaller. ► According to the last monthly estimate, for this season, by the United States Department of Agriculture, cotton produc tion in Mississippi, Louisiana, Tennessee and Alabama has turned out to be larger than was expected at the time of the August estimate, but in Georgia and Florida it is less. Total production in the six states of this District this year was 36.5 per cent smaller than the record crop- of 1937. Esti mates by states are compared in the table. ► November sales of fertilizer tax tags increased substan tially over the month and were 39 per cent larger, than a year ago. ed era l R eserve D is t r ic t C O T T O N P R O D U C T IO N — 0 0 0 B a le s 1937 E s tim a te D e c . 1, 1 9 3 8 P r o d u c tio n 1 ,6 3 1 ............................................ 1 ,0 8 0 40 ............................................ 25 1 ,5 0 0 ............................................ 857 1 ,1 0 4 .............................................. 676 2 ,6 9 2 1 ,7 1 5 M is s is s ip p i............... .............................................. 661 487 T e n n e s s e e ................................................................ 7 ,6 2 8 4 ,8 4 0 S ix S t a t e s ............. .............................................. 1 8 ,9 4 6 1 2 ,0 0 8 U n ite d S t a t e s . . . ............................................ P ercen t C hange — 3 3 .8 — 3 7 .5 - 4 2 .9 — 3 8 .8 — 3 6 .3 — 2 6 .3 — 3 6 .5 — 3 6 .6 ► Employment on farms declined rather sharply in Novem ber, as cotton picking neared completion, and on December 1 was much lower than at that time last year. Industry Judging on the general basis of employment and payrolls, industrial production in the Dis trict has been extended through October, the latest month for which information is now available. ► The increase in textile mill activity in November has been considerable. It will be recalled that the upward trend be gun in May suffered a slight interruption in October; but the rate of cotton consumption was expanded in November by 14 per cent over October, and the November figure was 24.1 per cent over November, 1937. This last figure is the largest in about a year and a half. In connection with textile activity in this District, it is in teresting to notice that there has been in the last few years an exceedingly rapid growth in the Southern output of fullfashioned hosiery. Not only has actual production increased in each succeeding year since 1934, but the proportion of the country’s total produced in the South has risen from 22.1 per cent in 1934 to 34.9 per cent for the first 10 months of 1938. ^ There was a further rise of 4.8 per cent in November in the rate of pig iron production in Alabama. The November average was about two and three-fourths times the July rate, 25.3 per cent larger than that for November, 1937, and the largest for any month since March, 1930. Of the 18 Alabama furnaces, 16 were active on Decem ber 1. Steel operations in Alabama rose 5 points to 65 per cent of capacity. Press reports indicate a fair run of new tonnage, wire products and sheets continue active, and orders have already been booked for a considerable tonnage of rails and accessories with additional orders pending. ^ The decline in residential contracts from October to No vember was slightly more than the decline in other contracts, and, from November last year to November this year, there has been a lesser increase in residential contracts than in others. This situation in November represents a contrast to the previous trend in 1938. The slight gain in total contract awards in the first 11 months of 1938, as compared with the first 11 months of 1937, has been wholly represented by an expansion of residential contracts. The November total of contracts awarded for 37 Eastern states showed a somewhat smaller decline than for this Dis trict between October and November, but they also show a much smaller increase than this District from last November to this November. In connection with building permits as distinguished from actual contract awards, the figures for 20 reporting cities, both for November and for the first 11 months of this year, show that permits have been increasing considerably less rapidly than contracts. This may mean that there is being built up a backlog of contracts that have not reached the permit stage and that may result in a further improvement of construction activity later on. 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 STA T IS T IC S SALES N o v . 1 9 38 C o m p a r e d ___ w ith RETAIL TRA D E O c t. 1 9 38 N ov. 1 9 37 A t l a n t a . ............................... — 3.4 +9.3 B ir m in g h a m ....................... — 6.1 + 4.0 C h a t t a n o o g a .....................— 7 .9 + 3.1 M o n tg o m e r y ..................... — 1 3 .8 + 2.2 + 4.6 N a s h v ill e ............................ — 6.8 N e w O r l e a n s .................... — 0.6 + 3.3 O t h e r C i t i e s ....................... + 1 .7 + 1.4 D IST R IC T (4 9 F i r m s ) . — 2 . 4 +4.2 W H O LESA LE TRA D E G r o c e r ie s ............................. + 1.2 D ry G o o d s ..........................— 1 0 .4 H a r d w a r e ............................ — 3 .7 E le c tric a l G o o d s ........... + 8.1 D r u g s ......................................— 5 .1 F u r n i t u r e ............................ — 2 7 .3 S h o e s ...................................... — 2 2 .5 T O T A L ...............................— 4 .1 C O M M ER C IA L F A IL U R E S — D IST R IC T N u m b e r ( A c t u a l ) ....................... L i a b il iti e s ......................................... J a n .-N o v . STO CKS In c l. N o v . 1938 C o m p a red C o m p a red w ith w ith Y e a r A g o N o v . 1 9 37 — 0.5 — 4 .3 — 8.0 — 9.6 — 5 .4 — 3.0 — 7 .2 — 1 3 .3 — 5.6 — 9.6 + 1.2 — 10.6 — 5.1 — 5.6 — 3. 1 — 7. 5 C O N T R A C T S A W A R D ED — D IS T R IC T .........................................$ 2 2 ,7 4 1 R e s i d e n t i a l ...................................... 6 ,6 7 6 A ll O t h e r s ......................................... 1 6 ,0 6 5 A l a b a m a ........................................... 3 ,9 7 1 F l o r i d a ................................................. 5 ,8 7 3 G e o r g i a .............................................. 5 ,2 3 8 L o u i s i a n a ................................. 4 ,7 1 5 3 ,2 2 3 M is s is s ip p i............................... T e n n e s s e e ............................... 3 ,5 1 0 eserve D is t r ic t 3 IN D E X E S (1923-1925=100 except aa noted) r. 19 38 O c t. 1938 RETAIL SALES* U nadjusted 1 2 6 .3 1 2 6.3 D IST R IC T (28 F irm s ) A t l a n t a ........................................................ 2 2 8 .0 2 2 6 .1 B irm in g h a m ............................................ 1 2 4 .7 120.6 C h a t t a n o o g a ......................................... 9 3 .6 9 7 .6 N a s h v ill e ................................................... 9 7 .4 1 0 0 .5 N e w O r l e a n s ......................................... 1 1 1.4 112.0 N o v . 1937 120.1 2 0 6 .2 1 1 6 .2 9 0 .8 9 3 .1 1 0 7 .8 2 1 3 .1 1 0 7 .7 8 4 .3 8 5 .4 9 3 .6 110.8 1 0 6.1 1 9 0 .0 1 0 7 .5 7 8 .7 8 5 .9 9 7 .4 1 0 5 .4 1 9 2 .7 1 0 3 .8 8 1 .8 8 1 .7 9 0 .6 8 7 .7 4 2 .5 4 6 .9 5 6 .6 6 3 .5 4 3 .6 3 0 .3 5 8 .3 RETAIL ST O C K S *— U n a d ju s te d D ISTR IC T (24 F i r m s ) ....................... A t l a n t a ................................................. B ir m in g h a m ............................................ C h a t t a n o o g a ......................................... N a s h v ill e ................................................... N e w O r l e a n s ......................................... 8 0 .1 1 4 0 .5 8 0 .5 6 4 .8 6 5 .5 6 5 .6 7 7 .4 1 3 2.4 7 5 .2 6 6 .3 6 3 .0 6 4 .6 8 6 .5 1 4 3 .6 (000 Omitted) J a n .-N o v ., In c N ov. O c t. 1 9 37 1 9 37 1 9 38 1 9 38 348 54 49 619 3 ,1 8 2 5 2 0 $ 6 ,4 6 3 476 RETAIL S T O C K S*—A d ju s te d D ISTR IC T (24 F i r m s ) ....................... A t l a n t a ........................................................ B ir m in g h a m ............................................ C h a t t a n o o g a ......................................... N a s h v ill e ................................................... N e w O r l e a n s ......................................... 7 2 .2 1 2 4.3 7 1 .9 5 8 .9 5 8 .5 6 0 .2 6 9 .7 1 1 8 .2 6 8 .4 5 9 .2 5 5 .8 5 8 .7 7 7 .9 127.1 7 7 .0 6 0 .7 6 4 .6 6 7 .3 W H O LESA LE SALES— T o t a l........... G r o c e r ie s ................................................... D ry G o o d s ................................................ H a r d w a r e ................................................. F u r n i t u r e ................................................... D r u g s ........................................................... 7 5 .2 4 9 .9 7 4 .6 8 9 .4 6 2 .2 1 0 3 .7 7 8 .4 4 9 .3 8 3 .3 9 2 .8 8 5 .5 1 0 9.3 7 6 .4 5 3 .0 6 1 .1 8 3 .6 6 4 .8 4 7 .6 7 6 .3 8 0 .0 6 0 .0 9 3 .3 8 7 .1 4 2 .6 9 6 .3 1 2 0.4 2 1 3 .8 3 8 .1 2 9 .3 4 3 .9 2 6 .8 3 2 .1 4 6 .2 5 0 .7 1 3 5.8 4 0 .1 2 8 .9 1 8 .5 — 11.8 — 1 2 .9 — 1 4 .6 — 2 2 .7 — 3 .6 — 1 2 .0 — 11.8 — 1 4 .0 — 7.6 — 5 0 .7 + 1.9 — 1 1 .6 — 8 .5 $ 2 8 ,0 8 2 8 ,4 2 2 1 9 ,6 6 0 3 ,9 8 5 6 ,1 7 2 6 ,4 1 7 7 ,5 7 0 4 ,1 2 3 4 ,8 0 1 1 3 ,3 5 8 4 ,1 1 1 9 ,2 4 7 1 ,2 2 7 4 ,6 5 5 3 ,0 8 1 3 ,1 8 6 2 ,6 1 8 2 ,2 2 4 $ 2 1 6 ,1 1 2 7 3 ,5 0 7 1 4 2 ,6 0 5 2 9 ,1 0 1 6 3 ,6 1 0 4 3 ,8 4 7 4 9 ,8 8 8 2 8 ,2 8 5 4 3 ,0 0 4 $ 2 1 5 ,1 2 1 6 9 ,9 7 1 1 4 5 ,1 5 0 2 5 ,3 6 8 8 0 ,7 9 1 2 8 ,7 4 1 5 8 ,9 7 9 2 6 ,1 7 5 3 3 ,7 8 1 4 ,6 1 3 381 287 594 196 206 2 ,9 4 9 3 ,2 5 7 286 166 507 247 123 1 ,9 2 9 5 2 ,9 6 7 4 ,8 4 8 3 ,4 5 5 5 ,5 3 8 4 ,4 5 8 4 ,4 6 6 3 1 ,5 5 5 5 9 ,4 8 5 4 ,4 0 6 3 ,2 7 5 5 ,0 3 7 4 ,3 7 4 4 ,2 1 7 3 8 ,1 7 6 234 231 188 1 ,7 1 9 2 ,3 5 5 P IG IRO N P R O D U C T IO N — Tons A l a b a m a ............................................ R RETAIL SALES*— A d ju s te d D ISTR IC T (28 F i r m s ) ....................... A t l a n t a ........................................................ B irm in g h a m ............................................ C h a t t a n o o g a ......................................... N a s h v ill e ................................................... N e w O r l e a n s ......................................... 4 ,6 3 3 443 179 501 84 249 3 ,1 7 6 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 ............................ ed eral 2 8 .3 3 2 .6 3 2 .9 3 0 .9 — 6.7 + 1 8 .2 + 7.1 + 9.9 — 1 5 .5 — 1 4 .3 + 3 3 .6 +0.6 N ov. 19 38 55 694 COLLEC TIO N R A TIO N ov. 1 9 38 2 6 .7 3 7 .0 3 2 .9 S ix t h F C O A L P R O D U C T IO N — Tons A l a b a m a ............................................ T e n n e s s e e ......................................... 995 400 C O T T O N C O N SU M PTIO N — B ales 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 .. . N ov. 1938 63 116 15 194 C O T T O N S E E D C R U SH ED — T o n s*.......................................... 189 230 300 747 135 66 97 280 242 86.8 4 0 .5 7 8 .6 7 5 .0 1 67.1 6 3 .3 86.6 7 2 .4 7 3 .4 68.8 1 3 4 .8 BU ILD IN G PERM ITS—2 0 C i t i e 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 ...................................................... 4 1 .2 2 8 .6 6 0 .9 1 3 .3 1 9 .3 5 8 .0 4 1 .0 2 4 .6 19 .4 7 2 .2 3 0 .9 1 6 .0 5 3 .8 P IG IR O N P R O D U C T IO N — ALABAMA* 1 0 2 .3 9 7 .7 8 1 .9 C O T T O N C O N S U M P T IO N — 3 STATES* A l a b a m a ..................................................................... G e o r g i a ..................................................................... T e n n e s s e e ................................................................ 1 6 3.8 1 9 0 .8 1 5 3 .3 1 5 2.6 1 4 3.8 1 6 6.5 1 3 5 .2 1 3 3 .2 1 3 2 .0 1 3 9.5 1 2 9 .2 1 2 8 .0 EM PLOYM ENT— (A v . fo r 1 9 3 2 = 1 0 0 ) 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 ........................................................ SIX ST A T E S ................................................ O c t. 1 9 38 1 2 9.1 9 8 .9 1 3 9 .0 1 3 5 .9 1 1 3 .6 1 2 5 .8 1 2 8 .6 S e p t. 19 38 1 2 6 .8 9 3 .5 1 3 5 .5 1 3 4 .4 O c t. 1 9 37 1 5 0 .5 1 0 6 .2 1 4 9 .7 1 3 1.1 1 1 7 .9 1 3 9 .5 1 3 9 .7 PAYROLLS— (A v . fo r 1 9 3 2 = 1 0 0 ) 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 ........................................................ SIX ST A T E S ................................................ 1 9 7 .6 7 8 .5 1 8 0 .7 1 5 5 .7 1 4 1 .8 1 6 2 .8 1 6 7 .0 1 8 7 .7 7 5 .5 1 7 1 .0 1 5 4 .2 1 3 4 .7 1 6 1 .3 1 6 1 .5 2 3 4 .1 ELEC TR IC P O W E R P R O D U C T IO N * 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 ........................................................... SIX ST A T E S ................................................ By W a te r P o w e r ................................................ By F u e l s .................................................................. 3 4 5 .0 4 2 4 .7 2 0 9 .2 5 6 1 .1 1 1 4 .8 2 9 6 .3 3 2 4 .2 2 8 3 .8 3 6 8 .9 3 4 2 .7 4 2 0 .7 2 2 4 .2 5 9 4 .4 1 0 7 .2 2 7 9 .2 3 2 5 .8 3 2 0 .7 3 3 1 .4 2 7 7 .3 3 9 8 .8 2 6 1 .4 5 1 1 .3 1 0 7 .7 1 8 0 .2 2 7 9 .4 2 9 9 .8 2 5 6 .9 12.1 11.2 6 1 .6 3 8 .9 9 .5 3 5 .2 1 ,0 4 2 F E R T IL IZ E R T A G S A L E S — Tons TO TA L SIX STATES C O N T R A C T S A W A RDED — D IS T R IC T .. R e s id e n tia l................................................................ A ll O t h e 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 .................................................................. 86.2 66.8 l ,0 1 3 r 460 1 ,0 4 0 500 9 ,4 7 5 3 ,9 2 4 1 1 ,2 4 9 4 ,7 6 3 (000 Omitted) O c t. N ov. A u g .-N o v . , In cl. 1938 1 9 37 19 38 1 9 37 58 46 23 1 227 106 98 435 433 13 12 57 58 177 156 723 718 * 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 ississippi. O c t. 1938 FA RM IN C O M E*— Six States. $ 1 2 2 ,8 0 0 A l a b a m a ............................................ 2 5 ,2 9 1 F l o r i d a ................................................. 4 ,8 4 6 G e o r g i a .............................................. 2 0 ,8 3 4 L o u i s i a n a ......................................... 1 8 ,4 6 2 M is s is s ip p i....................................... 3 7 ,1 1 8 T e n n e s s e e ......................................... 1 6 ,2 4 9 E L E C T R IC P O W ER P R O D U C TIO N — k w hours 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 S T A T E S .......... By W a te r P o w e r ......................... B y F u e l s ........................................... 2 7 5 ,5 7 6 8 6 ,3 7 2 1 2 5 ,7 1 3 1 4 9 ,4 1 4 7 ,4 3 8 1 8 5 ,9 3 0 8 3 0 ,4 4 3 3 8 2 ,1 4 2 4 4 8 ,3 0 1 includes Government payments, (000 Omitted) S e p t. O c t. J a n .- O c t ., I n c l. 1938 1 9 37 19 38 1937 $ 8 9 ,6 7 7 $ 1 1 9 ,4 0 0 $ 5 8 7 ,6 5 3 $ 6 3 2 ,4 9 2 1 7 ,9 9 3 2 9 ,0 4 8 9 1 ,0 5 3 1 0 2 ,6 9 5 2 ,9 7 8 7 ,6 1 8 8 5 ,4 6 9 1 0 6 ,0 4 5 1 7 ,5 6 0 1 9 ,7 2 2 1 1 0 ,6 4 1 1 1 5 ,8 2 0 1 4 ,9 4 6 1 5 ,8 4 4 8 0 ,6 9 7 8 0 ,0 5 1 2 6 ,6 9 4 3 2 ,2 6 0 1 1 9 ,1 8 4 1 2 4 ,6 7 9 9 ,5 0 6 1 4 ,9 1 8 1 0 0 ,6 0 9 1 0 3 ,2 0 2 2 6 4 ,9 3 4 8 2 ,8 1 4 1 3 0 ,3 5 6 1 5 3 ,1 7 4 6 ,7 3 2 1 6 9 ,4 9 1 8 0 7 ,5 0 1 4 1 7 ,8 0 8 3 8 9 ,6 9 3 r = revised. 2 2 1 ,2 7 6 2 ,5 0 7 ,1 6 9 2 ,3 2 7 ,6 2 2 7 5 ,6 3 9 8 2 4 ,1 0 7 7 5 4 ,5 5 8 1 4 9 ,9 7 6 1 ,2 2 6 ,1 5 3 1 ,4 3 3 ,7 4 4 1 5 0 ,3 0 3 1 ,3 4 9 ,8 1 2 1 ,4 0 4 ,9 4 7 7 ,7 5 5 6 1 ,0 3 7 6 3 ,8 8 4 1 3 0 ,2 0 0 1 ,3 6 3 ,0 1 2 1 ,1 6 9 ,5 8 6 7 3 5 ,1 4 9 7 ,3 3 1 ,2 9 0 7 ,1 5 4 ,3 4 1 3 7 9 ,1 9 8 4 ,0 9 3 ,6 6 5 3 ,8 9 0 ,1 4 6 3 5 5 ,9 5 1 3 ,2 3 7 ,6 2 5 3 ,2 6 4 ,1 9 5 110.0 1 2 4 .7 1 2 6 .0 88.1 1 9 3 .5 1 6 1 .2 1 6 0 .7 1 8 1 .9 1 8 5.1 *Indexes of retail sales, electric power and pig iron production 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 R eserve D is t r ic t NATIONAL SUMMARY OF BUSINESS CONDITIONS INDUSTRIAL PRODUCTION Prep ared b y the B oard oi G o vern ors oi the F e d e ra l R ese rv e System T HE sharp rise in industrial production, which began early last summer, continued in November. Preliminary reports for the first three weeks of December indicate some slowing down in the advance. Employment also increased in November and payrolls showed little change, although a decline is usual at this season. Distribution of com modities to consumers increased considerably. P r o d u c tio n The Board’s seasonally adjusted index of industrial production in November rose to 103 per cent of the 1923-1925 average from 96 per cent in October. Output of steel continued to increase, contrary to the seasonal trend, and there was a further sharp rise in automobile production. In the first three weeks of December activity at steel mills declined somewhat more than seasonally, while output of automobiles continued at the high level reached at the end of November. Lumber production in November decreased by more than the usual seasonal amount. In the nondurable goods industries, shoe production declined seasonally, while output of textiles showed a considerable expansion, with increased activity at cotton, wool, and silk mills. At mines, bituminous coal output increased further and production of anthracite showed less than the usual seasonal decline. Output of petroleum showed little change. Value of construction contracts awarded in November showed a decline from the high level reached in October, according to F. W. Dodge figures for 37 Eastern States. Private and public projects both declined, following increases in October. The decline in contracts for private residential building was less than seasonal. se a so n a l variation , 1923-1925 a v e ra g e = 100. By months, Ja n u a ry, 1934, to Novem ber, 1938. FACTORY EMPLOYMENT E m p lo y m e n t Employment increased somewhat further and payrolls showed little change be tween the middle of October and the middle of November, although declines are usual at this time of year. In manufacturing the number employed continued to rise, reflecting principally a further sharp increase at automobile factories and substantial increases in the machinery, steel, and textile industries. Employment declined seasonally at estab lishments producing clothing and shoes. In most other industries employment increased somewhat. In lines other than manufacturing, employment showed some increase, when allowance is made for usual seasonal changes. Index of num ber em ployed, adju sted ior se aso n a l v a ria tion, 1923-1925 a v e ra g e == 100. B y months, Ja n u a ry, 1929, to N ovem ber, 1938. CONSTRUCTION CONTRACTS AWARDED D is tr ib u tio n Distribution of commodities to consumers showed a considerable increase in November. Department store sales and mail order sales, which had been retarded in October by unseasonably warm weather, rose sharply, and sales at variety stores also increased in November. Sales of automobiles to consumers expanded sharply following the introduction of new models and in November were larger than a year earlier. Freight-car loadings, which had increased considerably in previous months, showed a slightly less than seasonal decline in November. C o m m o d ity P r ic e s Prices of some industrial materials, such an nonferrous metals, hides, and cotton goods, decreased somewhat from the middle of November to the third week of Decem ber. Sugar prices also declined, while grains advanced somewhat. Prices of most other agricultural and industrial commodities continued to show little change. MEMBER BANK R ESERV ES AND RELATED ITEMS B a n k C r e d it GL S v ^ OD IrocK -1MNYINC? l)L T — y ---OE IFC AI0N jL L_^ ---' ^■ WME B "V E BR i ■E su yc sh ra r a RSREBL EEV A « Q tnvt Mr\ reco\/c Aiu k i ••-nW DIN ..... i C E IT | RD „ \ T E S R DP S S V RAUY EOIT ? 1j 'T i 1 In connection with pre-holiday trade, there was a sharp increase in money in circulation and as the result of this increase in the demand for currency, together with Treasury operations around December 15, there was a temporary decline in member bank reserves. Following declines during November, total loans and investments of reporting member banks in 101 leading cities increased during the first three weeks of December, largely reflecting operations of the Treasury. Loans to security dealers by New York banks increased sharply, reflecting temporary borrowing for the purpose of carrying Government securities exchangeable for new issues on December 15. Adjusted demand deposits rose to a new high level in the first half of December. Three-m onth m oving a v e ra g e oi F . W . Dodge data ior v a lu e oi contracts a w a rd e d in 37 E aste rn States, adjusted ior se a so n a l variation . Latest figures b ased on data ior O ctober, N ovem ber, and estim ates ior Decem ber. 1934 1935 1936 1937 , 1938 W e d n e sd a y figu res, Ja n u a ry 3, 1934, to D ecem ber 21, 1938.
@FedFRASER