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ATLANTA, GEORGIA, DECEMBER 3 1 , 1 9 5 3

]n% 'is Issue:

N e w F u rn itu re S to re S to c k s I n d e x
C o n s u m e r C r e d it a t S ix th D istric t B a n k s
In d ex fo r th e Y ear 1 9 5 3
D istric t B u s in e s s H ig h lig h ts

SixtfiViftridStatistics:

C o n dition o f 27 M em ber Banks in Leading C itie s
D ebits to Individual Dem and D eposit A ccou n ts
D epartm ent S to re Sales and Inventories
Instalm ent Cash Loans
R eta il Furniture S to re O p era tio n s
W holesa le Sales and Inventories

SixthV iS tr id Indexes:

C on struction C o n tra cts
C o tto n Consum ption
D epartm ent S to re Sales and Stocks
E le c tric Pow er Production
Furniture S to re Sales and Stocks
M anufacturing Em ploym ent
M anufacturing Payrolls
Petroleum Production
Turnover o f Dem and D eposits

3

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B

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l t

D

I S

T

R

I C




T

B

U

S I N

E

S S

H

I G

H

L

I G

H

T

S

D ep artm en t sto r e s a le s rose a little more than seasonally in N o­
vember and were above a year earlier for the first time in four months.
Christmas buying picked up enough in the third and fourth week of
December to push sales slightly above the December 1952 mark.
•
C onsum er in sta lm en t cred it o u tsta n d in g at commercial banks was
lower in November than in the preceding month for the first time in
two years. Volume of new credit extended continued below a year ago.
•
N e w car reg istr a tio n s rose again in October after declining for two
months and are still well above 1952 levels. Used car sales and inven­
tories are below last year’s levels.
Total farm o u tp u t for 1953 was about one-sixth greater than in 1952,
the drought year.
Prices o f com m ercial g r a d e c a ttle at Atlanta moved up from the
depressed September, October, and November marks.
•
C otton prices r e c e iv e d b y fa r m e r s, which had been below the sup­
port price, are now hovering at the support-price level.
•
M anufacturing e m p lo y m e n t, seasonally adjusted, rose slightly in
October, reversing the moderate decline of the preceding two months.
•
M anufacturing w o r k e rs are putting in less over-time than last year,
in durable goods industries more than in non-durables.
•
T ex tile s a n d a p p a re l w h o le s a le prices inched downward again in
November as a weakening demand forced cuts in production. Employ­
ment in October, after adjustment for seasonal variation, reached the
lowest point since 1949.
•
M em b er b a n k lo a n s expanded less than seasonally in November as a
slight rate of increase in commercial loans failed to off-set large declines
in loans to brokers and other banks.
•
S e a s o n a lly a d ju sted b a n k d e b its in November were above those of
October and also above those of last November.
•
Total m e m b er b a n k d e p o s its rose in November from October and
from November last year in all District states except Georgia.

The N ew F urniture Store Stocks Index
Probably few things have caused furniture dealers more
sleepless nights during recent years than have their in­
ventories. Any retailer knows that when his stocks get
out of line with his sales, danger—if not disaster—may
be impending. Furniture store operators have more at
stake in inventory decisions than many other retailers.
The ratio of their stocks to sales is subject to extreme
fluctuations and they generally keep a larger stock of
goods on hand for each dollar of sales than do other re­
tail outlets, such as department stores.
Many persons other than furniture store operators
themselves, however, are concerned with retail furniture
stocks levels. Furniture manufacturers and wholesalers and
even bankers are aware of the effects of retail inventory
movements upon their businesses. Also, inventories must
be considered if business predictions are to be more than
pure crystal gazing.
For all these persons a new index based on the esti­
mated total stocks of all furniture stores in the Sixth
Federal Reserve District is now available. Each month
this Bank receives reports on sales, stocks, and credit
items from 148 cooperating stores throughout the Dis­
trict. Total stocks for all furniture stores are estimated
by applying the ratio of stocks to sales at those stores
reporting both sales and stocks to estimated sales at all
stores. Sales estimates are derived from the furniture
store sales index described in the December 1952 issue
of this Review. In the new index, stocks each month
are expressed as a percentage of the average stocks held
by furniture stores in the years 1947, 1948, and 1949.
Inventories of furniture stores tend to vary during each
year in a regular pattern. In March and April, for
example, stocks increase as merchants prepare for spring
and summer sales. Then, after a decline during the sum­
mer months, they rise again in the fall when retailers
make ready for the Christmas sales. Unless the influence
of these seasonal changes is taken into account when
using the index, it is difficult to identify other changes
in the inventory levels. That is, if the unadjusted stocks
index increases from March to April, only one who is ac­
quainted with the industry would know whether the increase
SEA SO N A L PATTERN O F SALES AND STO CKS
D istrict Furniture S to res
PERCENT OF ANNUAL AVERAGE




was larger or smaller than the normal seasonal change.
To avoid such confusion the expected seasonal changes
are removed by the usual Federal Reserve procedure.
The seasonally adjusted index should prove a much
better tool than the percentage changes in inventories,
which were previously the only data available on furniture
store stocks. By using the adjusted index, for example,
the stocks level in any month can be easily compared with
that of any other month. Both the adjusted and unadjusted
index will be published regularly in the Monthly Furniture
Store Release and the Monthly Review of this Bank. Addi­
tional details of computation and monthly values of the
two indexes back through 1942 can be obtained by writing
to the Research Department of this Bank.
DISTRICT FURNITURE STORE SALES AND STO CKS
index

1 9 4 7 -4 9 =

1 0 0 , A d ju sted fo r S e a so n a l V a ria tio n

Comparison of the seasonally adjusted stocks index
with the sales index shows the extent of furniture store
inventory problems since Korea. When the war started
in June 1950, consumers and furniture store operators
remembered the shortages and high prices in previous war
periods and went on buying sprees. Unfortunately for
the furniture stores, customers quickly cut their spending
back to previous levels and the stores were left with
stocks that were at an all-time high in April 1951.
In the next thirteen months furniture stores cut their
inventories almost continuously. Then in May 1952 credit
controls were removed and sales prospects seemed to
improve. Stocks increased again and have trended upward
ever since. Sales, however, have shown a declining trend
since their upward spurt in May and June of 1952.
With sales and stocks continuing to diverge, furniture
store spokesmen feel that another adjustment in stocks is
nearing. District furniture store sales in the first 11
months of 1953 were 6 percent below last year’s, and
merchants have been looking to December as the month
when they will clear their floors for the new spring mer­
chandise. Whatever the inventory adjustments turn out
to be, the new furniture store stocks index will help to
provide a clearer picture of the situation.
John S. Curtiss
• 3

•

C O

N

S U

M

E R

C R E D

I T

A T

That changes in consumer credit have assumed great
importance in over-all credit developments is obvious.
Less clearly recognized, perhaps, is its importance to the
nation’s commercial banks, which now hold approximately
40 percent of all consumer credit outstanding. Changes in
consumer credit, therefore, importantly affect their opera­
tions as well as general economic conditions.
Consumer credit includes all credit (except real estate)
extended by banks and others to consumers through regu­
lar business channels on open and instalment account as
well as on the single repayment plan. Consumer instalment
credit includes loans for purchases of automobiles, house­
hold appliances, and other consumer goods, instalment
loans for repair and modernization of residences, and cash
instalment loans for personal expenses. By definition, loans
for business purposes are excluded regardless of the repay­
ment plan. Banks extend consumer credit by making
instalment or single repayment loans to consumers or by
purchasing instalment contracts entered into by the retailer
and his customers.
How Much Consumer Credit Do Commercial Banks
Hold? At the end of September this year, member banks

probably held over one-third of the consumer instalment
credit outstanding by all holders in the Sixth District. Their
instalment loans on September 30 amounted to about 470
million dollars, and they held approximately 80 percent
of all consumer instalment credit outstanding at the Dis­
trict’s commercial banks.
Retail automobile instalment loans now average about
45 percent of total consumer instalment loans at all Dis­
trict member banks. Loans for the purchase of other goods
such as television sets, furniture, and household appliances
account for 20 percent of the total; repair and moderniza­
tion loans, 17 percent; and instalment cash loans, 18
percent.
Although the aggregate figures show the relative impor­
tance of consumer credit to commercial banks in this
District, they do not show how widespread the granting of
such credit has become nor variations in practices from
bank to bank. To answer questions relating to information
of this kind, data from the individual reports of condition
of Sixth District member banks for September 30, 1953,
have been analyzed. The analysis has been confined to the
instalment loan activities of the banks since this type of
lending has been most volatile.
How Does Consumer Credit V a ry in Importance from
Bank to Bank? Although practically every bank does some

direct consumer instalment financing, this type of lending
is of greater consequence at some banks than at others. It
is difficult to make any generalizations about the practices
of large or small banks regardless of location. In large
cities, the smaller banks tend to do more consumer lending
than the larger banks. Many small banks in small cities,
however, do less consumer lending in proportion to their
total lending than do large banks in large cities.



S I X T H

D

I S T R I C T

B A

N

K S

For most banks, regardless of size, loans on automo­
biles are the most important type; however, at the smaller
banks, automobile loans make up about 55 percent of
total consumer instalment loans in contrast to 43 percent
at the larger banks. Repair and modernization loans,
although constituting about 17 to 20 percent at large
banks, make up only about 7 percent of consumer instal­
ment loans at small banks.
W hat Does Consumer Credit Contribute to Bank Earn­
ings? District banks not only provide a large part of the

credit used for instalment buying by consumers, but also
they depend upon such consumer buying and borrowing
for a large part of their earnings. Any change in consumer
demand for credit, therefore, is likely to affect the income
of banks. Furthermore, this interdependence has become
stronger each year since the end of the war. In 1945, con­
sumer instalment loans constituted only 3 percent of total
loans; by 1948 the ratio had risen to over 10 percent; and
this year, to about 20 percent.
Since reports on bank earnings from loans are consoli­
dated figures, they do not show how much consumer
instalment loans contribute to total earnings. Assuming
that these loans earn as much as the average rate of return
on all loans, they would account for at least 12 percent
of total earnings. It is extremely likely, however, that the
percentage is much higher, if for no other reason than that
consumer instalment loans are smaller and are therefore
likely to yield higher rates of return than other loans.
The analysis of the individual bank data confirms this
assumption. At banks of similar size, average returns on
loans are apt to be greater as the ratio of consumer instal­
ment loans to total loans becomes larger. Banks with
deposits of from 10 to 50 million dollars, for example,
earn an average of about 5 percent on their loans when
consumer instalment loans make up no more than 10 per­
cent of the total. Banks in the same size group whose
consumer instalment loans are 50 percent or more of total
loans earn 7.4 percent on loans. Higher rates of earnings,
of course, do not necessarily mean higher net profit rates,
since the cost of administering instalment loans is generally
higher than that of some other types of loans.
Implications The analysis of the data from the reports
of condition of Sixth District member banks has revealed
the existence of a very rapid and widespread increase in
consumer credit in recent years as well as a greater inter­
dependence among retailers, consumers, and bankers. Con­
sequently, bankers in appraising their assets must now look
to the behavior of the consumer, the new outlet for bank
funds, as well as to that of the businessman and investor.
Charles S. Overmiller

Tables showing a breakdown of member bank con­
sumer instalment loans by type of loan, size of bank,
and size of city are available upon request to the
Research Department of this Bank.
. 4 .

1. CONSUMER INSTALMENT CREDIT has grown rapidly in the post­
war period at DISTRICT MEMBER BANKS, which now hold about
30 percent of total instalment credit outstanding in the District.
Such loans have become an increasingly important part of total
assets, amounting to over 6 percent in 1953.
B IL L I O N S

O F D O LLA R S

PERCEN T

CONSUM
ER INSTALM
ENT

8.0

_

RATIO O INSTALM
F
ENT _
LOANS TO TO L ASSETS
TA

— S IX T H

4. Consumer instalment loans now account for about 20 percent of
total loans at all member banks in the District, although the
relative importance of this type of lending varies from state
to state.
PERCENT

RATIO OF CONSUMER INSTALMENT
TO TO TA L LOANS

7

D IS T R IC T

20
-

-

-

-

.1
.ll
'40 ‘
42 '44 '46 '48 '50 ‘52

I0

-

LOANS

1r

■

20

10

'42 ‘44 ‘46 '48 *50 '52
ALA.

2.

30

30.-----

Automobile loans now constitute over 45 percent of total con­
sumer instalment loans held by member banks, and account
for the greater part of the increase since 1946.

MILLIONS OF DOLLARS

FLA.

LA.

GA.

MISS.

TENN.

5. At the smaller banks in large cities consumer instalment loans
have greater importance than at the same size banks in the
smaller cities.
PERCENT

500

500

RATIO OF CONSUMER INSTALMENT LOAN S-

CONSUM ER IN STA LM EN T.
LO A N S

TO

TO TA L

50

LOANS

400

400

40

AUTOMOBILE
RETAIL
300

300

OTHER
RETAIL

200

RESIDENTIAL
REPAIR AND
MODERNIZATION -

100

C ITIES OF OVER
CITIES OF L E S S
1 5 ,0 0 0 POPULATION
THAN 1 5 ,000 POPULATION

200
100

. PERSONAL CASH
INSTALMENT

1953

1946

3. Almost all member banks do some instalment lending to con­
sumers, but a greater part of such loans is concentrated in the
smaller banks than is indicated by their share of total District
deposits.
PERCENT OF DISTRICT TOTAL

LESS THAN
3.5-10
10-100
100
3.5
AND OVER
(DEPOSIT SIZE OF BANK IN MILLIONS OF DOLLARS)
6. Automobile consumer instalment loans have greater importance
at the smaller banks than at the larger ones, whereas repair
and modernization loans have greater relative importance at
the larger banks.

LESS THAN

1
0

( D E P O S IT

S IZ E




OF BANK

IN

M IL L IO N S

OF D O L L A R S )

10

20

30

40

50

60

70

80

90

100

In dex fo r the Y ea r 1953
Issue Page

A Million N ew Homes A gain in 1953,
A t k i n s o n ...............................................

Oct.

3

Issue Page
Interest Rates D ecline A fter June High,
6
O v e r m i l l e r ................................................. Oct.

A Tool for Bankers: Operating Ratios,
A t k in s o n ................................................

Mar.

2

Labor Day Promises Heavy Cash D rain,
D a v i s ........................................................... Aug.

7

Bank A djustments to Seasonal Business
Requirements, A tk in so n .....................

July

4

Long-Term Savings Continue to Grow,
D a v i s ..................................................... ...... Nov.

8

Bankers’ Interest in Farm Tenancy .

June

3

More Energy fo r Business, Wapensky

Nov.

9

Banking and Credit D evelopments
During 1952, A tk in s o n .....................

Jan.

9

N asty Kinks in the Cotton Problem,
K a n t n e r ...................................................... Aug.

8

Bank Loans to R etailers Climb, Wapensky

July

3

N ew Furniture Store Stocks Index, The
C u r t i s s ...................................................... Dec.

3

R ecent R evival in Cotton Textiles,
W a p en sk y ............................................... ...... Feb.

8

Sales to D istrict Farmers, Kantner

.

Bargain Day at the Meat Counter,
K a n t n e r ................................................

Feb.

6

Changing Structure of D istrict’s
Economy, T a y l o r ................................

Jan.

Competition Keen for Consumer’s
Christmas D ollar, Curtiss
. .

.

Nov. 7

6

Dec. 4

3

Feb.

2

Slow er C ollection s, Wapensky . . . .
Consumer Credit at District Banks,
O v e r m i l l e r ..........................................

Sept.

Sixth D istrict . . . Its People, The, Raisty
.

.

Mar.

5

Special Loan Programs for Small
Business and A griculture, Rawlings

May

8

.

Consumer Debt: How Much Is Too
Much? A t k i n s o n ................................

Mar.

6

Squeezing th e Orange, Kantner

May

6

D eposit Growth Parallels Income
Expansion, A t k in s o n ..........................

Feb.

4

Structure of D istrict A utomobile
Market, W apen sky ...................................... May

4

Discount Rate and Bank Lending, The,
A t k in s o n ...............................................

Treasury Demand fo r Credit, Overmiller

Sept.

6

Feb.

9
Weakness in the Lumber Market, Wapensky Sept.

6

Bank A nnouncements...................................... Jan.
Mar.
June
Aug.
Sept.
Oct.
Nov.

14
5
6
6
4
5
6

District Business Highlights .

2

Farmers’ A ttention Shifts from
Production to Prices, Kantner

.

.
.

April 5

.

.

Jan. 12

First Quarter of 1953 in R eview, The

.

Flood Tide, R a u b e r .....................................

Jan.

2

Florida’s Truck Crop Production, Clark

Nov.

3

Fluctuations of Member Bank Deposits,
A tk in s o n ................................................

May

2

From the Factory to the Farm, Wapensky

Aug.

3

Highway Signs for Ch e c k s .....................

Aug. 10
Sixth District Indexes .

Importers Find Financial A ssistance
a t D istrict Banks, Wapensky . .




.

April 2

.

.

. Jan.-Dee.

. (last page each issue)

Sixth D istrict Statistics (next to last page each issue)

Sixth District Statistics
Instalm C L
ent ash oans

Condition of 27 Member Banks in Leading Cities
(In Thousands of Dollars)
Outstandings
Percent Change
Nov. 1953 from
Nov.
Oct.
1952
1953
+ 32
+ 36

Volume
Percent Change
Nov. 1953 from
Oct.
Nov.
1952
1953
— 14
+ 14

No. of
Lenders
ReportUnder__________________________________ ing
Federal credit u n io n s ...........................35
State credit un ion s................................IS
Industrial b an ks.....................................
9
Industrial loan companies . . . .
10
Small loan companies...........................33
Commercial b a n k s .................................33

—
1
—
7
+1
+11
—
11

+1
+2
+0
+1
+1
—
1

+20
+S
+5
+2

+6

— 17
+7
+ 19

Retail Furniture Store Operations
Percent Change
Nov. 1953 from
Oct. 1953
Nov. 1952

Number
of Stores
Item__________________ ______________________ Reporting
Total sales ...............................................................145
Cash sales . ........................................................ 130
Instalment and other credit sales . . . 130
Accounts receivable, end of month . . . 139
Collections during m onth...................................139
Inventories, end of m o n th ............................104

—
4
—0
1
—
3
+2
—
1
+0

—
6
—
6
+0
—
9
—
2

W holesale Sales and Inventories*
No. of
Firms
Report­
ing
3
3
3
5
9

Sales
Percent Change
Nov. 1953 from
Nov.
Oct.
1952
1953

No. of
Firms
Report­
ing

Inventories
Percent Change
Nov. 30,1953, from
Oct. 31 Nov. 30
1952
1953

Type of
Wholesaler
—25
Automotive supplies . . .
Electrical— Full line . . .
+ 24
3
+3
+7
“
Wiring supplies
4
—20
“
Appliances. .
— 43
+3
+ 18
5
Hardware................................
—4
7
+4
—15
Industrial supplies . . .
+4
0
+ 18
4
3
Jew elry......................................
4
—5
+3
3
Plumbing & heating supplies
—27
Refrigeration equipment .
+ 27
—
+8
7
—3
3
Confectionery......................
—4
3
—3
Drugs and sundries . . .
— 14
+ 15
—10
16
Dry goods................................
19
37
Groceries— Full line . . .
“
Voluntary group
+3
3
+4
“
Specialty lines
—6
13
+13
17
Tobacco products. . . .
—3
8
M iscellaneous......................
—
104
+7
178
T o ta l..........................................
*Based on information submitted by wholesalers participating in the Monthly Wholesale
Trade Report issued by the Bureau of the Census.

15

—
9
—
IS
—
6
+6

6
12

S

12
1
2

—
6
—
12
+1
—
12
S

+6
+1

+6
—
1
—
7
—
9
+12
+0
+1
—
11
+2
—
1

Dec. 23
1953

Item

Loans and investments—
T o ta l......................................... , 3,036,591
Loans— N e t ..................... ..... ., 1,331,148
1,352,591
Commercial, industrial,
795,563
and agricultural loans .
Loans to brokers and
13,362
dealers in securities . ,
Other loans for pur­
chasing or carrying
37,230
se cu ritie s..........................
87,860
Real estate loans . . .
16,076
Loans to banks . . . .
402,500
Other loans ...........................
1,705,443
Bills, certificates,
742,636
and notes .....................
699,030
U. S. bonds .....................
263,777
Other securities. . . .
517,386
Reserve with F. R. Banks . .
48,253
Cash in va u lt..........................
Balances with domestic
244,727
Demand deposits adjusted . 2,218,045
568,631
85,342
U. S. Gov’t deposits . . .
681,192
Deposits of domestic banks .
37,400

Nov. 25
1953

Dec. 24
1952

Nov. 25
1953

Dec. 24
1952

3,028,474
1,319,136
1,340,493

2,945,321
1,224,994
1,245,665

+0
+1
+1

+3
+9
+9

792,310

723,539

+0

+10

12,391

13,183

+s

+1

37,368
86,684
5,932
405,808
1,709,338

38,923
96,748
2,073
371,199
1,720,327

—0
+1

—4
—9

—1
—0

+8
—1

762,671
681,784
264,883
508,713
46,145

751,059
706,334
262,934
549,832
48,949

—3
+3
—0
+2
+5

—1
—1

213,421
2,147,075
574,676
118,838
630,528
70,375

220,531
2,117,450
555,116
109,061
696,513
52,250

+ 15
+3
—1
— 28
+8
— 47

+ 11
+5
+2
— 22
—2
— 28

*

*

+0
—6
—1

—
20

+1
+2

6

11

8

+0

—
6

—
2
—
2

+12
—
5
+1
1
—
5
+1

_______ Department Store Sales and Inventories*_______
_____________________________ Percent Change__________________________
____________________ Sales_____________
Inventories
Nov. 1953 from
11 Mos.
Nov.30,1953, from
Oct.
Nov.
1953Oct. 31
Nov. 30
Place ______________________1953__________1952_____________1952____________ 1953_1952
A LA B A M A . . . . . .
—2
—4
+1
+4
+1
Birmingham . . . .
+1
—5
—0
+6
+1
M o b ile ........................... — 3
+2
+8
Montgomery . . . .
—2
—7
+1
F L O R ID A ...........................
+1
+4
+4
+7
+7
Jacksonville . . . .
— 13
+4
—2
+3
+1
M ia m i............................
+9
+4
+6
+11
+ 11
Orlando...........................— 2
+8
+6
St.Ptrsbg-TampaArea
+5
+4
+4
S t. Petersburg. . .
+9
+3
+4
+6
—2
T a m p a .......................+ 2
+5
+4
G E O R G IA ...........................— 1
—1
+0
—1
+5
A t la n t a * * ..................... — 1
+2
+2
—2
+5
Au g u sta..........................— 4
— 14
— 10
Colum bus......................— 1
—0
—3
+4
+11
M a co n ............................— 3
—4
+1
—4
+2
R om e**........................... — 14
—4
+3
Savannah** . . . .
—3
—2
+1
L O U IS IA N A ......................
+6
+7
+5
+0
+7
Baton Rouge . . . .
—3
+5
+8
—2
+6
New Orleans . . . .
+ 10
+6
+5
—0
+7
M ISSISSIPPI . . . .
—6
—3
—1
—5
—2
Jackso n ........................... — 3
—2
—3
—7
—5
M eridian**.................... — 4
—1
+3
T E N N E S S E E .....................
+1
+6
+6
+1
+4
B r i s t o l * * ......................— 3
—1
—4
+0
+8
Bristol-KingsportJohnson City** . . — 3
—1
—0
Chattanooga . . . .
—3
+2
+7
K n o x v ille ......................— 3
+ 13
+9
—2
—S
Nashville. . . . . .
+5
+4
+4
+3
+2
D IS T R IC T ...........................— 0_______________+ 1_______________+ 2 _______________+ 2___________ + 4
*lncludes reports from 125 stores throughout the Sixth Federal
Reserve District.
* * ln order to permit publication of figures for this city, a special sample has been con­
structed which is not confined exclusively to department stores. Figures for non-depart­
ment stores, however, are not used in computing the District percent changes.




Percent Change
Dec. 23,1953, from

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

November
1953

October
1953

30,340
413,424
18,854
22,604
175,228
94,650
33,552

33,812
460,539
20,682
26,966
168,839
112,807
37,949

27,772
428,303
17,898
23,205
156,695
96,437
30,900

— 10
— 10
—9
— 16
+4
— 16
— 12

+9
—3
+5
—3
+12
—2
+9

+3
—0
+2
+6
+7
+3
+ 10

398,149
365,725
547,872
79,465
55,552
91,365
183,648
56,122

422,145
357,238
537,683
81,863
62,672
88j.926
181,287
52,081

368,151
302,486
459,769
74,213
51,530
88,267
168,281
50,318

—6
+2
+2
—3
— 11
+3
+1
+8

+8
+ 21
+ 19
+7
+8
+4
+9
+ 12

+ 10
+ 15
+ 12
+ 10
+ 13
+9
+ 12
+9

40,167
1,204,166
79,416
12,084
76A
334
4,860
26,413
13,946
78,528
9,784
31,245
119,075
18,903

41,791
1,303,630
94,826
13,393
89,224
6,232
29,579
16,235
88,029
11,343
35,671
129,095
19,110

38,247
1,039,860
94,602
11,019
77,640
5A
315
25,037
13,532
79,930
10,756
26,572
126,337
16,236

—4
+5
— 8 + 16
— 16 — 16
— 10 + 10
—2
— 14
— 22
—9
— 11
+5
— 14
+3
—2
— 11
— 14
—9
— 12 + 1 8
—8
—6
— 1 + 16

+ 15
+ 10
—4
+7
+1
+6
+5
+6
+3
—9
+ 17
+9
+8

.
.
.
.

44,538
132,662
53,155
948,527

47,825
132,985
54,911
973,296

41,657
117,185
52,388
846,423

—7
—0
—3
—3

+7
+ 13
+1
+12

—1
+ 12
+3
+7

.

19,305
160A
550
28,438
17,335

21,951
172,983
35,470
18,812

19,198
170,523
31,161
14,945

— 12
—7
— 20
—8

+1
—6
—9
+ 16

+4
—3
—1
+13

205,998
141,843
432,773

222,122
162,143
457,282

218,669
136,336
426,979

—7
— 13
—5

—6
+4
+1

+ 18
+ 21
+7

5,712,907

6,066,404

5,336,987

—6

+7

+8

141,115,000 149,765,000 127,647,000

—6

+ 11

+8

Place
ALABAMA
Birmingham . . .
Gadsden

Percent Change
Nov. 1953 from u Months
November
Oct. Nov. 1953 from
1952
1952
1953 1952

. . . .

Montgomery. . .
Tuscaloosa* . . .
FLO RIDA
Jacksonville. . •
Greater Miami* .
St. Petersburg .
West Palm Beach5
1
GEORGIA
Augusta . . . .
Brunswick.
. .
Elberton . . . .
Gainesville*. . .
Griffin* . . . .

Savannah . . . .
Valdosta . . . .
LOUISIANA
Alexandria* . .
Baton Rouge .
Lake Charles .
New Orleans .
M ISSISSIPPI
Hattiesburg . .

Meridian . . . .
Vicksburg . . . .
TEN N ESSEE
Chattanooga . .
Knoxville . . . .
Nashville . . . .
SIXTH DISTRICT
32 Cities . . .
UNITED STATES
345 Cities . . .

*Not included in Sixth District totals

• 7

•

Sixth District Indexes
Manufacturing
Employment

1 9 4 7 -4 9 = 100
Manufacturing
Cotton
Payrolls
Consum ption**

Oct.
1953
UNADJUSTED
District T o ta l.........................
Alabama..............................
F lo r id a ...............................
G eorgia...............................
Lo u isia n a ..........................
M ississippi........................
Tennessee...........................
SEASONALLY ADJUSTED
District T o ta l.........................
Alabama...............................
F lo r id a ................................
Georgia...............................
Lo u isia n a ...........................
M ississippi........................
Tennessee ...........................

Sept.
1953

Oct.
1952

Oct.
1953

Sept.
1953

114
108
126
114
113
113
116

114
108r
124
115
110
113r
118

112r
107r
120r
114
107r
113r
114r

156
140
168
155
159
159
163

156
142r
165
154
155
161r
166r

114
109
131
112
112
111
115

113
106r
130
113
108
112
116

112r
108
124
112
106
112
112

154
141
177
152
154
153
160

154
138r
176
151
152
156r
163r

148
141
164
149
137
156
153

Nov.
1952

97
95

113r
114

. .

149
139
156
152
141
163
156

Oct.
1953

98
93

Oct.
1952

,.

Nov.
1953

yy
119
89
94

102
.,

D ISTRIC T S A LES * . . .
Atlanta1 ...........................
Baton Rouge .....................
Birm ingham .....................
Chattanooga .....................
Jackson ................................
Jackso n ville ......................
K n o xv ille ...........................
M aco n ................................
M ia m i................................
N ash ville ...........................
New Orleans......................
S t. Ptrsbg-Tampa Area .
T a m p a ................................
D ISTRIC T STOCKS* . .

.
.
.
.
.
.
.
.

128p
125p
114
119
135
110
118
130

.
.
.
.
.
.

Adjusted
Oct.
1953

137
125
128
141
128
148p

Nov.
1952

Nov.
1953

128r
123
108r
12 5r
133
112r
114r
115
129r
131r
121
121
135
122
143r

146p
149 p
128
129
150
131
128
137
149
159
142
155
160
147
165p

127
130
113
118
137
112
117
128
133
144
117
123
137
126
148

Unadjusted
Oct.
1953
130r
133
116
113
130
121
131
125
137
129
119
125
136
128
161

• B ranch B ank C itie s

m m D istr ic t B o u n d a ries
—

B ranch T e rr ito ry B o u n d a ries
B o a rd o f G o v e r n o r s o f t h e F e d e ra l R e se r v e S y s te m




Nov.
1952

99
388
192
473
477
317

Furniture
Store S a le s * / * *
Nov.
1953

86
184
202
126
211
87

Oct.
1953

Nov.
1952

106
103
111
106
122

97
99
104
96
100

lllr
111
123r
117
121r

92

1101

111
. .

80

87

102
108
105
103
107

94
109
105
99
llO r

107r
116
117r
115

95

85

91

Other District Indexes
Nov.
1952
145r
146
121
135
147
133
123
121
154r
152
136
146
154
141
158r

^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, how­
ever, are not used in computing the District index.
*For Sixth District area only. Other totals for entire six states.
**D aily 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, turnover of dem. dep., FRB Atlanta; petrol, prod., U. S. Bureau of Mines; elec.
power prod., Fed. Power Comm. Indexes calculated by this Bank.

O R e se r v e B ank C itie s

Oct.
1953

231
163
170
188
121
177

133
107

95

Nov.
1953

112r

112
96

Departm ent Store Sales and Sto cks**
Nov.
1953

Construction
Contracts

Nov.
1953

Adjusted
Oct.
1953

Nov.
1952

Unadjusted
Nov.
Oct
1953
1952

181
146
208

Construction contracts* . . .
R e sid e n tial................................
Petrol, prod, in Coastal
Louisiana and Mississippi** 138
Furniture store stocks* . . . 119
Turnover of demand deposits* .
19.3
10 leading c it ie s .....................
19.8
Outside 10 leading cities . .
15.5
Oct.
1953

135r
123
19.1
19.3
15.5

138r
119
18.8
16.8
15.7

139
Chemicals..................................... 122
Fabricated metals . . . . 162
109
Lbr., wood prod., furn. & fix. 89
Paper and allied prod. . . . 143
Primary metals.......................... 103
97
Trans, equip................................. 175

344r
221r
437

152r
160r
146r

140
125
20.1
21.2
17.0

134r
128
19.1
20.1
16.3

140r
125
19.5
18.0
17.3

Sept.
1953

Oct.
1952

Oct.
1953
175

Sept.
1953
184

Oct.
1952
159

142r
123
163r
107r
90
143
103r
98r
179r

132
116
159
106
94
133
102
100
155

142
126
165
110
89
143
102
98
174

143r
124
164r
108r
89r
144
103r
98r
177r

135r
119r
162
107r
93r
133r
lO lr
lO lr
153r

Elec. power prod., total** . .
Mfg. emp. by type

r Revised
p Preliminary

Nov.
1953