The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 OF A TLA N TA F E D E R A L R E S E R V E D IS T R IC T F e b ru a ry 28, 1939 ►January inventories at reporting retail firms were slightly In January textile operations and coal prolarger than a month or a year earlier; and wholesale inven Siiiiw m nrv duction in the Sixth District increased and tories, although 10.3 per cent larger than for December * the December rate of pig iron production were 5.2 per cent smaller in dollar value than a year ago, was maintained. Building and construction activity dropped a decrease almost exactly the same as the decline in the sharply from the high December level, and both retail and “All Commodities” price index of the United States Bureau wholesale trade declined more than they usually do. How of Labor Statistics. ever■ , after allowance for declines from December to Jan uary, both retail and wholesale trade were at higher levels ►Business failures increased substantially in January in both than in January of last year, and substantially higher levels number and liabilities, and liabilities were greater than last were evident in construction contracts, building permits, the January although the number of failures was smaller. rate of cotton consumption, and in the production of pig iron and coal than in January 1938. Banking Following an increase of about 75 millions of The December to January changes in retail trade, in con dollars during the latter half of 1938, total struction contracts, and in the rate of cotton consumption in loans and investments at weekly reporting member banks in this District were somewhat less favorable than those for leading cities of the District declined by February 8 to the the United States as a whole. Comparing January this year, extent of a little more than a third of the preceding six however, with January 1938, the increase of 3.8 per cent in months’ gain. Between December 28 and February 8 total retail trade, after seasonal adjustment, compares with a de loans declined about 13.5 millions, the largest decrease be crease of 2.2 per cent for the United States, and figures for ing in “All Other Loans,” with smaller decreases in security construction contracts, textile operations, and the produc loans, those on real estate, and loans for commercial, indus tion of coal and pig iron were relatively a good deal better trial, and agricultural purposes. In investments, declines in for the District than for the nation. United States direct obligations and Other Securities were D is tr ic t Trade January trade at both retail and wholesale in the Sixth District declined from December, as it usual ly does, and the declines were somewhat larger than usually occur. Compared with January 1938, however, both retail and wholesale trade increased. After allowing for seasonal influences, retail sales de clined 3.4 per cent in January. Sales by wholesale firms reporting to the United States Department of Commerce de clined 7.3 per cent. The January declines in both instances follow better-than-seasonal movements in November and De cember. In spite of lower price levels, however, retail busi ness in January was 3.8 per cent above that of January 1938, and wholesale trade was 6.6 per cent larger. In early February retail sales were running about 3.6 per cent ahead of the corresponding period last year. C O N D IT IO N O F 22 M EM BER B A N ES IN S E L E C T E D C IT IE S (In Thousands oi D o llars) F e b r u a r y 15, C h a n g e F ro m : 1 939 J a n . 1 1 ,1 9 3 9 F e b . 1 6 ,1 9 3 8 $ 5 9 8 ,0 0 2 — 2 ,9 9 1 + 4 8 ,2 6 1 L o a n s a n d I n v e s tm e n ts — T o t a l .......... 3 0 6 ,5 2 3 — 3 ,7 5 9 + 1 7 ,0 7 4 L o a n s — T o t a l ................................................... C o m m e rc ia l, in d u s tr i a l a n d 1 7 1 ,9 9 6 — 1 ,7 6 6 + 1 1 ,8 9 2 a g r i c u l t u r a l l o a n s ............................... 3 ,5 3 5 -j543 O p e n m a r k e t p a p e r ............................... — 290 L o a n s to b r o k e r s a n d d e a l e r s 6 ,6 3 9 — 567 in s e c u r i t i e s ........................................... + 1,010 O th e r l o a n s fo r p u r c h a s i n g 1 2 ,7 8 5 — 3 ,1 1 4 o r c a r r y i n g s e c u r i t i e s .................... — 2 ,1 1 7 2 7 ,4 7 4 — 496 — 11 7 R e a l e s t a t e l o a n s .................................... 804 — 56 L o a n s to b a n k s ......................................... — 1 ,3 9 6 8 3 ,2 9 0 + 1 ,6 9 7 O th e r l o a n s ................................................... + 8 ,0 9 2 2 9 1 ,4 7 9 + 768 + 3 1 ,1 8 7 In v e s tm e n ts — T o t a l ...................................... 1 5 5 ,4 7 7 — 6 ,7 6 3 U. S . d ir e c t o b l i g a t i o n s ....................... + 1 ,1 2 5 5 1 ,0 4 2 O b lig a tio n s g u a r a n t e e d b y U . S. + 8 ,3 7 8 + 1 8 ,6 8 7 8 4 ,9 6 0 — 847 + 1 1 ,3 7 5 O th e r s e c u r i t i e s ......................................... 1 1 2 ,1 2 4 — 1 ,8 6 9 R e s e rv e w ith F . R. B a n k ......................... + 5 ,6 2 9 1 1 ,1 7 4 — 1 ,7 1 2 C a s h in v a u l t ................................................... + 898 1 5 7 ,9 9 0 + 2 3 ,4 0 4 B a la n c e s w ith d o m e s tic b a n k s .......... + 4 3 ,6 6 4 . 3 5 9 ,2 4 5 D e m a n d d e p o s it s — a d j u s t e d ............... + 1 0 ,6 4 0 + 3 9 ,7 8 5 T im e d e p o s i t s ................................................... 1 8 1 ,8 2 3 + . 360 — 812 U . S . G o v e r n m e n t d e p o s i t s .................. 4 1 ,8 0 6 + 95 + 2 4 ,9 7 5 D e p o s its of d o m e s tic b a n k s ............... 2 4 3 ,4 9 8 + 1 0 ,7 8 4 + 3 8 ,6 1 6 B o r r o w i n g s ...................................................... 52 + 52 — 174 partly offset by a further increase in holdings of United States guaranteed securities. In the week ending February 15, however, loans increased slightly and there was a rise in investments, largely in those guaranteed by the United States. ►Demand deposits-adjusted declined somewhat from the previous high level of December 14, but on February 15 rose to a new peak. There have been minor fluctuations in time deposits, and in Government deposits, but deposits of correspondent banks increased about 13.5 millions in the three weeks ending at the middle of February. Balances maintained by these banks with other banks in the United States were increased by more than thirty millions since December. ►At the Federal Reserve Bank of Atlanta reserve deposits of member banks, which were on January 11 at the highest level on record, declined slightly in the two following weeks, but have since risen to a point only a little below the January peak. Balances maintained with the bank by the United States Treasurer have also increased. Member banks’ borrowings, after declining in December and Jan uary, have increased in the first half of February. C O N D IT IO N O F F E D E R A L R E S E R V E B A N E O F A TLA N TA (In Thousand s oi D o llars) F e b r u a r y 15, C h a n g e F ro m : J a n . 1 1 ,1 9 3 9 F e b . 1 6 ,1 9 3 8 1939 $ 337 + 197 — 724 B ills d is c o u n t e d ........................................... 19 8 2 2 — 2 + * 698 I n d u s tr ia l a d v a n c e s ................................. + 1 0 ,9 4 2 U n ite d S ta t e s s e c u r i t i e s ....................... ............... 1 1 8 ,4 0 3 + i9 5 + 1 0 ,9 1 7 T o ta l b ills a n d s e c u r i t i e s ............... ............... 1 1 9 ,5 8 2 + 3 7 ,8 5 9 + 9 ,3 1 9 T o ta l c a s h r e s e r v e s ................................. ............... 2 8 2 ,6 3 8 — 690 — 5 ,3 2 3 F . R . N o te c i r c u l a t i o n ............................ ............... 1 4 8 ,7 1 2 ............... 1 8 5 ,7 3 2 — 16 + 4 ,7 0 8 M em b er b a n k re s e rv e d e p o s its . . . + 4 1 ,3 6 3 4 5 ,9 6 6 + 2 ,9 4 4 U. S. T re a su re r g e n e ra l a c c o u n t.. + 9 ,1 3 2 + 5 4 ,1 5 3 T o ta l d e p o s i t s ........................................... ............... 2 4 8 ,0 1 4 C o m m itm e n ts to m a k e in d u s tr i a l ............... 153 — 3 — 177 2 B u s in e s s C o n d it io n s in t h e S ix t h F P ercen t C h a n g e Ian . D ec. J a n . J a n . 1 9 3 9 F ro m : ALABAMA— 1 9 39 19381938D ec. 1938 J a n . 1938 B ir m in g h a m .................. $ 9 6 ,3 3 9 $ 9 9 ,9 9 9 $ 8 8 ,6 0 0 — 3 ,7 + 8 .7 D o t h a n ............................... 3 ,1 5 0 3 ,5 9 8 3 ,1 7 2 — 1 2 .5 — 0 .7 4 0 ,2 5 5 4 4 ,7 3 0 3 7 ,8 8 9 — 1 0 .0 + 6 .2 M o b i l e . . . . . .................. M o n tg o m e r y ................. 2 2 ,5 6 0 2 5 ,8 6 8 2 0 ,5 8 9 — 1 2 .8 + 9 .6 F L O R ID A — J a c k s o n v il le .................. M ia m i................................. P e n s a c o l a . . . ............... T a m p a . ............................ 7 8 ,3 8 9 5 6 ,0 6 1 8 ,0 8 9 3 0 ,8 9 2 9 2 ,1 6 6 5 2 ,5 9 5 9 ,4 1 6 3 2 ,2 5 9 7 7 ,7 8 2 5 1 ,5 2 0 8 ,2 0 0 3 0 ,6 3 2 — 1 5 .0 + 6.6 — 1 4 .1 — 4 .2 + 0 .8 + 8.8 — 1 .4 + 0 .8 G E O R G IA ^A l b a n y ............................ .. A t l a n t a ............................... A u g u s t a .................. .. B r u n s w ic k ....................... C o lu m b u s ....................... E l b e r to n .......................... M a c o n . ............................ N e w n a n ....................... . . S a v a n n a h ....................... V a l d o s t a .......................... 5 ,7 5 9 1 9 5 ,1 2 2 1 7 ,0 8 4 2 ,5 4 8 1 3 ,9 7 5 1 ,0 2 8 1 4 ,0 3 0 1 ,6 9 3 2 6 ,9 8 9 3 ,5 3 6 6 ,2 6 9 2 3 3 ,0 3 1 1 9 ,0 7 5 2 ,8 9 0 1 6 ,7 7 9 1 ,2 6 8 1 7 ,2 3 7 2 ,1 5 4 3 3 ,1 6 4 4 ,0 0 4 5 ,1 8 7 1 8 7 ,8 2 8 1 5 ,0 8 4 2 ,6 4 1 1 2 ,2 4 6 1 ,0 1 8 1 2 ,5 3 4 1 ,5 8 7 2 8 ,3 4 8 3 ,4 0 8 — 8 .1 — 1 6 .3 — 1 0 .4 — 1 1 .8 — 1 6 .7 — 1 8 .9 — 1 8 .6 — 2 1 .4 — 1 8 .6 — 1 1 .7 + 2 .2 + 3 .9 + 1 3 .3 — 3 .5 + 1 4 .1 — 1 .0 + 1 1 .9 + 6 .7 — 4 .8 + 3 .8 LO U ISIA N A — N e w O r l e a n s ................ 2 3 3 ,2 9 9 2 4 8 ,9 8 8 2 1 9 ,9 6 9 — 6 .3 + M IS S IS S IP P I— H a t t i e s b u r g .................. J a c k s o n ............................. M e r id i a n .......................... V ic k s b u r g ............. 4 ,5 4 7 2 6 ,7 4 0 1 0 ,5 6 8 6 ,6 6 4 4 ,3 9 9 2 9 ,0 4 3 lU ,97b 8 ,0 2 4 4 ,3 4 7 2 5 ,4 6 1 9 ,1 2 1 7 ,4 0 0 + 3 .4 — 7 .9 — 3. 7 — 1 7 .0 + 4 .6 + 5 .0 + 1 5 .9 — 1 0 .0 TE N N E S S E E — C h a t t a n o o g a ................ K n o x v ille ......................... N a s h v ill e ....................... 4 6 ,7 0 4 3 6 ,8 9 1 8 5 ,0 1 8 5 2 ,6 3 5 3 / ,1 1 6 1 0 3 ,7 1 2 4 2 ,5 1 3 3 2 ,7 0 2 7 1 ,1 5 9 — 1 1 .3 — 0.6 — 1 8 .0 + 9 .9 + 1 2 .8 + 1 9 .5 S IX T H D I S T R I C T 2 6 C i t i e s ............................ 1 ,0 6 7 ,9 3 0 1 ,1 9 1 ,3 9 4 9 9 2 ,6 1 5 — 1 0 .4 + 7 .6 — 1 9 .0 + 0 .8 $ 3 9 ,9 2 9 ,6 0 0 $ 3 2 ,0 8 3 ,6 0 6 6 .1 ►Estimates based on latest available figures of deposits in dicate that reserve deposits of all member banks in the Dis trict on February 15, amounting to 185.7 millions of dol lars, were about 44.2 millions of dollars or 31.2 per cent in excess of legal requirements. Estimated excess reserves averaged about 37 millions in November, 33 millions in December, and 39.6 millions in January. Agriculture Total cash farm income in the six states of this District declined 8.2 per cent in 1938, but was larger than for other years since 1929, according to the annual estimate by the United States Department of Agriculture. Cash income from crops declined 16.3 per cent, and that from livestock and livestock products 8.8 per cent, but these declines were offset in part by the fact Gov ernment payments were slightly more than twice the 1937 total. The 8.2 per cent decline for the six states of this District compares with a decrease of 11.0 per cent for the United States as a whole. ►The monthly estimates, somewhat less inclusive than the annual estimate because based on a smaller number of farm products, show a sharp drop from November to December in income from crops, and Government payments, offset in small part by an increase in receipts from livestock. The large decrease in December was largely due to the earlier movement of cotton. ►January sales of fertilizer tax tags in this District, al though 43.3 per cent larger than in December, were 8.0 per cent less than a year earlier, but in the six months ending with January were 11.0 per cent larger than in that part of the for previous season. Digitized FRASER R eserve D is t r ic t JANUARY 1 D EB ITS 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 oI D o lla r s ) U N ITED STA TES— 141 C i t i e s ......................... $ 3 2 ,3 3 9 ,5 7 7 ed era l 1939 A l a b a m a .....................................................$ 8 4 ,6 5 2 ,0 0 0 F l o r i d a ........................................................... 2 9 ,5 2 5 ,0 0 0 G e o r g i a ........................................................ 9 0 ,8 9 1 ,0 0 0 L o u i s i a n a ........................................... 6 3 ,1 9 3 ,0 0 0 M is s is s ip p i................................................. 9 0 / 1 6 0 ,0 0 0 T e n n e s s e e ................................................... 1 0 6 ,3 9 9 ,0 0 0 S ix S t a t e s .............................................. 4 6 4 ,8 2 0 ,0 0 0 U n ite d S t a t e s .......................................$ 5 ,1 4 2 ,4 9 9 ,0 0 0 1938 8 0 ,7 9 0 ,0 0 0 2 8 ,3 9 3 ,0 0 0 8 8 ,6 6 1 ,0 0 0 6 1 ,9 3 5 ,0 0 0 8 7 ,5 1 2 ,0 0 0 1 0 0 ,5 3 6 ,0 0 0 4 4 7 ,8 2 7 ,0 0 0 $ 5 ,0 8 5 ,2 8 1 ,0 0 0 $ ‘ P e rc e n t C hange + 4 .8 + 4 .0 + 2 .5 + 2.0 + 3 .0 + 5 .8 + 3 .8 + 1.1 ►The annual inventory estimates indicate more livestock on farms in this District on January 1 this year than last, the increases ranging from 0.3 per cent for mules to 11.4 per cent for hogs and pigs. The total value of horses and mules on farms declined 1.3 per cent and 1.4 per cent, respectively, but there were increases in the value of cattle of 11.2 per cent, sheep 1.1 per cent, hogs 8.9 per cent, and chickens 6.7 per cent. The total value of all farm animals in each of these six states was larger than a year ago, as indicated in the table. Industry In January textile operations and pig iron pro duction were maintained at the December level. Construction contracts and building permits declined, how ever, from the large totals reported for December. ►Employment declined 2.4 per cent in January, but was 2.5 per cent higher than a year ago, and payrolls declined 3.4 per cent from December and were 8.6 per cent higher than in January 1938. ►After increasing in December to a level that had been exceeded only twice in more than nine years, construction contracts awarded in January declined sharply. Residential contracts were only 13.4 per cent less than for December, but other awards declined by nearly one-half. The January total* was, however, 77.0 per cent greater than for that month a year ago. It will be recalled that contract awards dropped by more than two-thirds from July 1937 to February 1938. State totals decreased in January, but were substantially larger than a year earlier, excepting in each instance the State of Tennessee. Value of building permits also declined in January, but were well above the January 1938 total. ►After declining in December by about half the usual amount, the rate of textile operations rose about 4.0 per cent in January and was about 41.0 per cent higher than it was a year earlier. In the first half of the current season, cotton consumption in this District average 10.2 per cent larger than in that part of the previous season. ►Activity in the iron and steel industry in Alabama con tinued in January at a high level. Steel operations increased to 72.0 per cent of capacity in the week ending February 11, from a level of 68.0 per cent which had prevailed in the three preceding weeks. This rate of 72.0 per cent for Ala bama compares with 55.0 per cent for the country. Press reports indicate a fairly satisfactory flow of new orders. In Alabama the January rate of pig iron production was maintained at the December level, compared with a decrease of 1.6 per cent for the United States. ►Coal production in Alabama and Tennessee increased slightly in January, and was 27.2 per cent larger than a year ago. In the United States, output increased 1.7 per cent over December and was 14.8 per cent larger than in January last year. ►Electric power production rose further in December to a new high level, and was 19.8 per cent greater than a year earlier. B u s i n e s s C o n d it i o n s in t h e S IX T H D IS T R IC T B U S IN E S S S T A T IS T IC S SALES COLLEC TIO N R A TIO Jan. 1 9 39 2 6 .2 3 4 .6 3 3 .4 STO CKS J a n u a r y 1 9 39 J a n . 19 39 C o m p a r e d W ith1 C o m p a r e d W ith 1 9 38 ‘ J a n . 1 9 38 J a n . 1 9 38 + 8.8 + 4 .1 + 0 .5 — 0 .9 + 1 0 . 2 — 2.0 + 2 .3 — 2 0 .7 + 3 .1 + 1 2 .9 + 1 .7 + 3 .6 + 0 .9 — 1.6 + 3 .8 + 0 .5 R E T A IL TR A D E D ec. A t l a n t a ................................. ..... — 5 6 .3 B ir m in g h a m ...........................— 5 9 .3 C h a t t a n o o g a .................... ....— 5 6 .6 M o n tg o m e r y ..........................— 6 1 .7 N a s h v ill e ............................ .....— 5 7 .5 N e w O r l e a n s .................... ....— 5 6 .7 O t h e r s ........................................ — 5 2 .7 D IST R IC T (4 7 F i r m s ) . — 5 5 .9 W H O LESA LE TRAD E G r o c e r i e s ............................ .... — 5 .4 D ry G o o d s .............................. — 5 . 2 H a r d w a r e ............................ ....+ 3 . 0 E le c tric a l G o o d s .......... .....— 3 5 .7 D r u g s . ....................................... — 0 .2 F u r n i t u r e ............................ ..... — 2 2 .2 S h o e s ...................................... ....+ 1 2 .0 T O T A L ...................................— 7 .3 + ja n . 19 39 75 6.6 30. i 3 1 .2 3 0 .8 — 15.1 — 1 0 .3 8 0 .3 4 2 .7 4 7 .8 7 0 .3 7 1 .6 — 5 .2 3 3 .9 5 7 .8 — 2 1 .7 + 3 .6 — 3 .9 + 1 3 .9 + 1 3 .9 +3.1 + 1 7 .7 +9.6 + 4 6 .3 — 2.8 1,112 CO NTRACTS AW ARDED— D IS T R IC T .........................................$ R e s i d e n t i a 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 ......................................... 2 0 ,1 5 6 6 ,1 4 4 1 4 ,0 1 2 3 ,4 1 5 5 ,1 5 6 4 ,4 9 5 3 ,7 6 3 3 ,5 3 3 3 ,8 0 9 ! 3 4 ,4 3 0 7 ,0 9 2 2 7 ,3 3 8 5 ,4 5 9 1 1 ,1 1 9 7 ,0 0 0 7 ,0 4 3 6 ,6 0 9 3 ,1 9 6 1 1 ,3 7 9 3 ,5 2 4 7 ,8 5 5 B U IL D 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 ............................ 4 ,2 7 2 441 141 330 115 365 2 ,8 8 1 6 ,7 5 6 179 499 1 ,4 7 2 267 272 4 ,0 6 7 2 ,9 3 1 234 404 313 82 277 1 ,6 2 1 251 25 1 153 1 ,2 0 0 461 1 ,1 5 5 469 950 356 C O TT O N C O N SU M P T IO N B a le s A l a b a m a ........................................... G e o r g i a .............................................. T e n n e s s e e ........................................ TO TA L TH REE S T A T E S .. Jan . 1 9 39 61 117 15 193 D ec. 19 38 63 117 13 193 Jan. 1 9 38 42 83 C O T T O N S E E D C R U SH E D — T o n s * .......................................... 122 153 224 1,022 1 ,5 1 5 F E R T IL IZ E R T A G S A L E S — Tons 129 184 TO TA L S IX S T A T E S ............................... —*G e o r g i a , A la b a m a , L o u is ia n a , a n d M is s is s ip p i. 200 593 534 C O A L P R O D U C T IO N — T o n s A l a b a m a ........................................... T e n n e s s e e ......................................... 3 ,3 1 1 1 ,9 2 5 2 ,1 6 4 985 5 ,0 6 1 A la b a m a . F lo rid a . . . E L E C T R IC P O W E R P R O D U C TIO N — kw 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 S IX S T A T E S .......... B y W a te r P o w e r .................... B y F u e l s ........................................ D ec. 1 9 38 6 3 ,1 2 0 7 ,7 0 1 7 ,9 8 5 7 ,7 7 4 1 2 ,4 3 2 1 2 ,8 6 5 1 4 ,3 6 3 2 8 1 ,0 3 3 9 8 ,7 6 8 1 3 2 ,0 6 6 1 4 7 ,5 7 6 5 ,7 8 5 2 0 2 ,0 2 4 8 6 7 ,2 5 2 4 0 5 ,5 0 0 4 6 1 ,7 5 2 *Includes Government payments. (000 N ov. 1 938 $ 9 6 ,0 9 8 $ 1 7 ,0 4 4 8 ,2 8 0 1 2 ,7 9 7 2 4 ,1 7 0 2 1 ,5 7 9 1 2 ,2 2 8 2 6 2 ,4 4 2 9 1 ,7 4 6 1 3 1 ,9 6 0 1 4 3 ,0 4 4 6 ,3 3 2 1 8 9 ,6 8 4 8 2 5 ,2 0 8 4 0 2 ,8 0 5 4 2 2 ,4 0 3 A u g .- J a n ., In cl. 1 9 3 8 -3 9 1 9 3 7 -3 8 355 317 669 602 85 81 1,000 1 ,1 0 9 Omitted) D ec. J a n .- D e e ., In c l. 19 37 1 9 38 1 9 37 7 7 ,3 3 8 $ 7 4 6 ,8 7 1 $ 8 0 8 ,1 3 2 1 3 2 ,8 5 7 1 1 5 ,7 9 8 1 1 ,0 2 9 1 0 1 ,7 3 4 1 2 3 ,5 9 8 9 ,3 6 3 1 4 0 ,4 7 6 1 3 1 ,2 1 2 9 ,8 8 9 1 1 7 ,2 9 9 1 1 7 ,1 5 0 1 2 ,5 8 2 1 6 3 ,6 5 6 1 5 3 ,6 2 8 1 8 ,4 2 9 1 3 0 ,3 9 5 1 6 ,0 4 6 1 2 7 ,2 0 0 2 2 6 .0 7 8 8 6 ,8 6 3 1 5 6 ,4 6 7 1 3 1 ,6 9 9 5 ,8 9 6 1 1 7 ,1 9 5 7 2 4 ,1 9 8 3 8 6 ,1 2 0 3 3 8 .0 7 8 eserve D is t r ic t 3 S IX T H D IS T R IC T B U SIN E SS IN D E X E S (1 9 2 3 - 1 9 2 5 = 1 0 0 except a s noted) R E T A IL S A L E S * — U n a d ju s te d J a n . 1 9 39 D e c . 19 38 202.8 D IST R IC T ( 2 7 F i r m s ) ............................................................. 9 1 .0 A t l a n t a ..............................................................................................1 6 4 .2 3 6 6 .9 B ir m in g h a m ................................................................................. 7 4 .8 1 9 1 .4 C h a t t a n o o g a ............................................................................... 6 9 .7 1 5 4 .4 N a s h v ill e ......................................................................................... 8 2 .5 1 5 9 .7 N e w O r l e a n s ............................................................................... 77.2 1 7 1 .5 R E T A IL S A L E S *— A d ju s te d D ISTR IC T (2 7 F i r m s ) ............................................................. 111155.2.2 A t l a n t a ..............................................................................................2 1 8 .9 B ir m in g h a m ................................................................................. ,1 01 30 .9 3 .9 C h a t t a n o o g a ............................................................................... 8 8 .2 N a s h v ill e .........................................................................................1 1 0 .0 N e w O r l e a n s ............................................................................... 9 1 .9 3 ,0 5 0 ,2 4 4 2 ,7 6 8 ,0 6 9 9 1 9 ,8 8 7 1 .0 1 4 .6 5 7 1 ,4 9 0 ,1 8 9 1 ,7 4 2 ,1 6 0 1 ,6 3 9 ,8 7 5 1 ,6 6 8 ,3 9 1 7 6 ,5 2 0 7 2 ,9 2 4 1 .7 5 4 .6 5 8 1 ,3 9 6 ,2 1 2 9 ,0 2 2 ,5 4 7 8 ,5 7 1 ,2 3 9 4 ,9 0 1 ,8 9 0 4 ,6 6 6 ,8 8 2 4 ,1 2 0 ,6 5 7 3 ,9 0 4 ,3 5 7 1 1 9 .3 2 2 2 .4 J a n . 1 9 38 8 6 .3 1 5 1 .4 7 6 .2 6 3 .2 6 5 .2 7 5 .9 9 9 .0 9 5 .6 9 9 .7 1 0 9 .2 2 0 1 .9 1 0 5 .8 8 0 .0 8 6 .9 9 0 .4 6 1 .1 1 0 1 .5 6 0 .0 4 8 .6 4 4 .6 5 3 .1 6 0 .7 1 0 0 .7 5 7 .1 5 4 .3 4 6 .4 5 0/6 6 8 .7 1 1 6 .7 6 5 .9 5 5 .2 4 9 .6 5 9 .7 6 6 .7 1 0 9 .5 6 3 .4 6 1 .0 5 3 .3 5 5 .6 7 1 .7 5 0 .4 5 5 .5 6 3 .7 4 9 .8 4 5 .2 7 2 .3 5 3 .4 1 1 6 .9 112.6 R E T A IL S T O C K S — U n a d ju s te d 6 2 .4 C O N T R A C T S A W A R D E D — D IS T R IC T ......................... 5 7 .4 R e s id e n tia l.................................................................................... 4 3 .8 A ll O t h e r s ...................................................................................... 6 6 .5 A l a b a m a ......................................................................................... 7 4 .7 F l o r i d a .............................................................................................. 3 5 .5 G e o r g i a ............................................................. .............................. 6 7 .4 L o u i s i a n a ......................................................................................... 5 9 .8 M is s is s ip p i.................................................................. ................... 1 8 3 .2 T e n n e s s e e ...................................................................................... 6 8 .7 (000 Omitted) 12 R W H O L E S A L E SA L ES— T o t a l ................................................ 66 5 G r o c e r ie s ......................................................................................... 4 7 .7 D ry G o o d s ....................... ...............................................................5 2 .6 H a r d w a r e ...................................................................................... 8 9 .2 F u r n i t u r e ......................................................................................... 5 4 .1 D r u g s .................................................................................................1 1 4 .4 1,688 137 ed eral RETAIL S T O C K S — A d ju s te d D ISTR IC T (2 4 F i r m s ) ............................................................. 68.6 A tla n ta . .........................................................................................H 6.6 B ir m in g h a m ................................................................................. 6 5 .6 C h a t t a n o o g a ............................................................................... 59 8 N a s h v ill e ......................................................................................... 54 9 N e w O r l e a n s ............................ .................................................. 57.6 (000 Omitted) Jan . D ec. 1 9 38 1 9 38 87 49 1 ,0 5 7 589 C O M M ER C IA L FAILURES— D IST R IC T N u m b e r ( A c t u a l ) ....................... l i a b i l i t i e s .........................................$ P IG IR O N P R O D U C T IO N — T o n s A l a b a m a ............................................ S ix t h F 86.6 6 9 .5 1 1 4 .6 9 7 .8 5 0 .5 1 2 9 .8 1 1 9 .4 7 6 .7 1 0 5 .0 112.0 3 4 2 .8 5 7 .6 3 2 .4 2 5 .1 3 7 .3 3 6 .9 22.8 2 8 .9 3 4 .4 5 1 .1 9 1 .3 B U IL D IN G PERM ITS—2 0 C i t i e s .........................................3 8 .0 A t l a n t a .............................................................................................. 2 8 .5 B ir m in g h a m ................................................................................. 9 .5 J a c k s o n v il le ................................................................................... 4 0 .1 N a s h v ill e ........................................................................................ 1 8 .2 N e w O r l e a n s ............................................................................... 2 8 .3 15 O th e r C i t i e s ............................................................................5 2 .6 3 3 .6 1 7 8 .9 4 2 .1 7 4 .2 2 6 .1 1 5.1 2 7 .3 3 8 .1 1 2 .9 2 1 .5 2 9 .6 P IG IR O N P R O D U C T IO N — A LA B AM A *..................1 0 6 .2 1 0 6 .2 6 4 .8 C O T T O N CO N SU M PTIO N — 3 S T A T E S *.................... 1 6 3 .0 A l a b a m a .................. ........................... ...........................................1 8 4 .3 1 5 5 .3 G e o r g i a ............................................................................... 1 4 9 .7 T e n n e s s e e .......................................................................... 1 5 6 .4 1 8 1 .8 1 4 8 .6 1 2 9 .8 1 1 5 .7 1 2 7 .3 1 0 9 .8 1 3 4 .3 1 3 2 .1 1 1 7 .8 1 3 5 .9 6 0 .0 11.6 21.1 122.0 EM PLO Y M EN T (A v . fo r 1 9 3 2 « 1 0 0 ) 1 3 0 .7 . A l a b a m a ....................................................................... F l o r i d a .............................................................................................. 121.0 1 2 1.0 G e o r g i a ........................................................................................... 1 4 1 .3 . , 1 2 4 .3 L o u i s i a n a .........................................................................................1 , ,1 0099..66 M is s is s ip p i......................................................................................1 T e n n e s s e e ...................................................................................... 1 2 4 .5 SIX ST A T E S ............................................................................ . . 113300..5 5 1 4 3 .5 1 3 0 .8 1 1 2 .3 1 2 8 .5 1 3 3 .7 1 0 6 .7 1 1 9 .4 1 2 7 .3 PA Y R O LLS (A v. ior 1932 = 100) . , 2202.2 A l a b a m a ......................................................................................... 0 2 .2 . . 9 6 .2 F l o r i d a .............................................................................................. . . 118822..9 9 G e o r g i a ........................................................................................... L o u i s i a n a ...................................................................................... . . 1 14 4 22.1 .1 . . 1 3 8 .2 M is s is s ip p i.................................................................................... T e n n e s s e e ...................................................................................... . . . 1 157.1 5 7 .1 SIX ST A T E S ............................................................................ . . 116688..0 0 2 0 8 .0 9 6 .2 1 9 0 .9 1 5 2 .0 1 3 6.1 1 6 1 .8 1 7 3 .9 1 8 3 .2 9 0 .7 1 5 9 .6 1 4 7 .9 1 3 7 .6 1 4 1 .3 1 5 4 .7 E L E C T R IC P O W ER P R O D U C TIO N * Diec. 1938 A l a b a m a .........................................................................................3 5 1 .8 F l o r i d a .............................................................................................. 4 8 5 .7 G e o r g i a ........................................................................................... 2 1 9 ,8 L o u i s i a n a ....................................................................... ................5 5 4 .2 M is s is s ip p i.................................................................................... 8 9 .5 T e n n e s s e e ...................................................................................... 3 2 2 .0 SIX S T A T E S ............................................................................ 3 3 8 .6 B y W a te r P o w e r .................................................................. 3 0 1 .2 B y F u e l s ...................................................................................... 3 8 0 .0 N o v . 19 38 3 3 9 .5 4 6 6 .2 2 2 7 .0 5 5 5 .1 1 0 1 .0 3 1 2 .4 3 3 2 .9 3 0 9 .2 3 5 9 .2 D e c . 1937 2 8 3 .0 4 2 7 .1 2 6 0 .4 4 9 4 .5 9 0 .9 1 8 6 .8 2 8 2 .7 2 8 6 .8 2 7 8 .2 121.0 122.2 *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 NATIONAL SUMMARY OF BUSINESS CONDITIONS R eserve D is t r ic t INDUSTRIAL PRODUCTION P rep ared b y Board ol G o vern ors ol the F e d e ra l R eserve System TNDUSTRIAL production increased less than seasonally in January and the first three weeks of February, following a rapid advance in the latter half of 1938. Whole sale commodity prices continued to show little change. P r o d u c tio n In January volume of industrial production, as measured by the Board’s seasonally adjusted index, was at 101 per cent of the 1923-1925 average as compared with 104 in December. At steel mills, where activity usually increases considerably at this sea son, output in January and the first three weeks of February was at about the same rate as in December. Automobile production declined seasonally in the first two months of the year as retail sales showed about the usual decrease and dealers* stocks reached adequate levels. Output of cement declined in January, and there was also some reduction in output of lumber and plate glass. In the non*durable goods indus tries, where production had been at a high level in December, activity increased less than seasonally. Increases at cotton, silk, and tobacco factories were smaller than usual and at woolen mills there was a decline. Shoe production and sugar refining continued in substantial volume, and activity at meat-packing establishments showed little change, following a decline in December. Mineral production increased some what in January, reflecting an increase in output of crude petroleum. I n d e x o i p h y s ic a l v o lu m e of p r o d u c t io n , a d j u s t e d fo r s e a s o n a l v a r i a ti o n , 1 9 2 3 - 1 9 2 5 a v e r a g e — 1 0 0 . By m o n th s , J a n u a r y , 1 9 3 4 , to J a n u a r y , 1 9 3 9 . FACTORY EMPLOYMENT Value of construction contracts awarded declined in January, according to F. W. Dodge Corporation figures, owing principally to a reduction in awards for publiclyfinanced projects, which had been in large volume in December. Contracts for privately financed residential building continued at the recent advanced level, while awards for private non-residential building remained in small volume. E m p lo y m e n t Factory employment and payrolls showed the usual decline between the middle of December and the middle of January. In most individual industries, as well as in the total, changes in the number of employees were of approximately seasonal proportions. In trade, employment declined somewhat more than is usual after Christmas. I n d e x of n u m b e r e m p lo y e d , a d j u s t e d io r s e a s o n a l v a r i a tio n , 1 9 2 3 - 1 9 2 5 a v e r a g e — 1 0 0 . B y m o n th s , J a n u a r y , 1 9 3 4 , to J a n u a r y , 1 9 3 9 . MONEY RATES IN NEW YORK CITY D is tr ib u tio n Sales at department and variety stores and by mail order houses showed the usual sharp seasonal decline from December to January. In the first two weeks of February department store sales continued at the January level. Volume of freight-car loadings in January and the first half of February was at about the same rate as in December. C o m m o d ity P r ic e s Wholesale commodity prices generally continued to show little change in January and the first three weeks of February. Grain prices declined somewhat, following a rise in December, while prices of hogs increased seasonally. Changes in prices of industrial materials were small. F o r w e e k s e n d in g J a n u a ry 6, 1 9 3 4 to F e b r u a r y 1 8 , 1 9 3 9 . B a n k C r e d it Excess reserves of member banks, which reached a record high level of $3,600,000,000 on January 25, declined somewhat in February. This decline resulted chiefly from a temporary increase in Treasury balances with the reserve banks representing cash receipts from the sale of the new United States Housing Authority and Recon struction Finance Corporation notes. Purchases of these notes were also responsible for an increase in total loans and investments of reporting member banks in 101 lead ing cities, following a decline during January. MEMBER BANK RESERVES AND RELATED ITEMS M o n e y R a te s Average yields on United States Government securities declined further during the first three weeks of February to about the lowest levels ever reached. New issues of 91-day Treasury bills, after selling at par or at a slight premium in late December and early January, were again on a slight discount basis during February. Other openmarket rates continued unchanged. Wednesday figures, January 3, 1934, to February 21, 1939.
@FedFRASER