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MONTHLY REVIEW B U F E D E R A L S I N E S S R E S E R V E C O N B A N K D O F I T I O N S I N T H E S I X T H A T L A N T A D is tr ic t In the Sixth District construction contracts S u m m a r y awar^ e^ January recorded a substantial ' increase over December, textile mills were more active and coal production was larger, but sales by reporting department stores declined by considerably more than the seasonal amount, wholesale trade was down slightly more than usual, pig iron production in Alabama declined from December when output was the largest in nearly thir teen years, and building permits at reporting cities were lower. After allowing for seasonal influences, the rate of department store sales in January declined 13.1 per cent from December. It seems reasonable to attribute some part of this decrease to the unusually severe weather in the latter half o f the month. Distribution through department stores and wholesale channels was in larger volume, however, than in January a year ago, and all of the statistical evi dence indicates a higher level of industrial activity than in January last year. The January changes in this District in construction con tracts awarded, textile operations and iron output were more favorable than those for the country at large, but coal pro duction increased less in the District than in the nation. Trade D istrib u tion o f m erch an d ise th rou gh departm ent stores and th rou gh w h o le sa le ch a n n els in th e S ixth D istrict d eclin ed in January b u t con tin u ed ab ove th e lev e l o f the corresp on d in g m onth a year a go. On a d a ily average b asis, departm ent store sa le s d eclin ed 5 9 .6 p er cen t from D ecem ber, w hen rep o rtin g stores so ld m ore g o o d s in actual d o lla r v a lu e p er d ay than in a n y p reviou s m onth o n record. T he January rate w as 2 .2 per cen t larger than fo r January 1 9 3 9 w h ich , lik e D ecem b er, w as sh orter b y on e b u sin ess d ay. T h e S ix th D istrict d e c lin e fro m D ecem b er w as slig h tly larger, and th e in crea se over Jan u ary la st y ea r slig h tly sm a ller, than fo r the cou n try as a w h o le. A fter ad ju st m ent fo r the usu al season al ch an ge, th e D istrict in d ex d e clin ed 13.1 per cent in January. C O N D IT IO N O F 2 2 M EM BER BA NK S IN S ELE C TED C IT IE S ( I a T h o u s a n d s o i D o lla r s ) F eb . 14, C h a n g e F ro m : 1940 J a n .1 7 ,1 9 4 0 F e b . 1 5 ,1 9 3 9 L o a n s a n d I n v e s tm e n ts —T o t a l....................... $ 6 2 8 ,6 4 3 — 6 ,9 3 6 + 3 0 ,6 4 1 L o a n s —T o t a l .................................................................. 3 1 0 ,7 7 1 — 5 ,3 8 6 + 4 ,2 4 8 C o m m e r c ia l, in d u s t r i a l a n d a g r i c u l t u r a l l o a n s ........................................... 1 6 9 ,4 8 5 5 ,2 8 3 — 2 ,5 1 1 O p e n m a r k e t p a p e r .............................................. 4 ,1 0 9 + 164 + 574 L o a n s to b r o k e r s a n d d e a l e r s i n s e c u r i t i e s ........................................................... 5 ,3 5 7 + 84 — 1 ,2 8 2 O th e r l o a n s f o r p u r c h a s i n g a n d c a r r y i n g s e c u r i t i e s ............................... 1 0 ,8 1 0 — 334 — 1 ,9 7 5 R e a l e s t a t e l o a n s ................................................... 3 1 ,1 2 4 — 50 + 3 ,6 5 0 L o a n s to b a n k s ........................................................ 687 + 39 — 117 O th e r l o a n s ................................................................ 8 9 ,1 9 9 — 6 + 5 ,9 0 9 I n v e s tm e n ts —T o t a l ................................................... 3 1 7 ,8 7 2 — 1 ,5 5 0 + 2 6 ,3 9 3 U. S . d ir e c t o b l i g a t i o n s .................................... 1 4 3 ,8 7 7 — 3 ,5 3 1 — 1 1 ,6 0 0 O b lig a tio n s g u a r a n t e e d b y U . S ............... 7 2 ,1 2 9 + 77 + 2 1 ,0 8 7 O th e r s e c u r i t i e s ...................................................... 1 0 1 ,8 6 6 + 1 ,9 0 4 + 1 6 ,9 0 6 R e s e r v e w ith F . R. B a n k ...................................... 1 3 4 ,5 4 8 + 5 ,8 5 0 + 2 2 ,4 2 4 C a s h in v a u l t .................................................................. 1 4 ,0 7 6 + 762 + 2 ,9 0 2 B a l a n c e s w ith d o m e s tic b a n k s ....................... 2 1 7 ,6 4 8 + 1 1 ,0 1 1 + 5 9 ,6 5 8 D e m a n d d e p o s i t s - a d j u s t e d ................................. 4 1 4 ,0 5 6 + 1 0 ,2 2 1 + 5 4 ,8 1 1 T im e d e p o s i t s ................................................................ 1 8 8 ,7 0 3 + 2 ,2 8 7 + 6 ,8 8 0 U . S . G o v e r n m e n t d e p o s i t s ................................. 4 4 ,2 0 1 — 273 + 2 ,3 9 5 D e p o s its o f d o m e s tic B a n k s ............................... 2 9 1 ,6 1 2 — 500 + 4 8 ,1 1 4 B oFRASER r r o w in g s .......................................................................................... — 52 for Digitized F E D E R A L R E S E R V Fe b ru a ry E D 29, I S T R I C T 1940 ►W h o lesa le trade, on the b asis o f reports to the U nited States D epartm ent o f C om m erce b y 138 firm s in the Sixth D istrict, d eclin ed 2 .9 per cent in January but w as 5 .6 per cent above that m onth last year. ►January in ven tories at departm ent stores increased 4 .7 per cent over th ose a m onth earlier, s lig h tly m ore than the usual rise, and w ere 8 .9 per cent larger than a year ago, and w h o lesa le stocks rose 5 .7 per cent in January and w ere 10.5 per cent larger than fo r January 1939. ►T h e c o llectio n ratio fo r departm ent stores d eclin ed in January, but c o llectio n s by w h o lesa le firm s im proved slig h tly . Banking In recent w eeks both loan s and investm ents at w eek ly rep ortin g m em ber banks in lea d in g cities o f the S ixth D istrict h ave d eclin ed . Both dem and and tim e d eposits have increased. ►T otal lo a n s and investm ents at these 2 2 m em ber banks d eclin ed about 7.5 m illio n s o f d o lla rs betw een January 3, w hen th ey w ere at the h igh est lev el in m any years, and February 14. In th is p eriod total loan s d eclin ed 12 .2 m il lio n s o f d o lla rs, and com m ercial loan s have been reduced about 11.2 m illio n s. D ecreases in security loan s, real estate loan s, lo a n s to banks, and “A ll O ther” loan s have been p artly offset b y an increase in h o ld in g s o f open market paper. T h ese banks have reduced som ew hat in recent w eeks their h o ld in g s o f direct o b lig a tio n s o f th e U nited States, but investm ents in secu rities carrying the guarantee o f the U nited States and “ O ther S ecu rities” h ave increased. A t the m id d le o f F ebruary total loan s w ere about 4 .2 m illio n s greater than th ey w ere a year earlier and investm ents w ere 2 6 .4 m illio n s larger n otw ithstanding a d eclin e in h o ld in g s o f direct o b lig a tio n s o f the U nited States. ►D em and deposits-adjusted at these banks rose to a new h igh lev el on February 14, and w ere 5 4 .8 m illio n s greater than a year earlier. T im e d ep osits h ave recen tly increased, after d eclin in g som ew hat in the latter part o f D ecem ber and ea rly January, and G overnm ent d ep osits have n ot changed m a terially sin ce ea rly D ecem ber. ►A t the F ederal R eserve B ank o f A tlan ta m em ber banks increased th eir b orrow in gs som ew hat in the latter part o f CONDITION O F FEDERAL RESERVE BANK O F ATLANTA (In T h o u sa n d s o l D o llars) Feb. 14. 1940 291 $ Bills b o u a h t............................................ Industrial a d v a n c e s............................ United S tates securities, direct a n d g u a ra n te e d ........................................ U. S. Governm ent g en eral deposits. Commitments to m ake industrial a d v a n c e s........................................ 795 . 100,440 . 101,526 158,228 . 220,841 24,389 13,812 7,781 266,823 328,476 75 Chang< Jan.17,1940 + 51 101 Feb. 15,1939 — 46 — 19 — 27 + 153 — 998 + 7,819 + 1,915 — 217 + 1,352 + 10,869 + 9,722 — 17,963 — 18,056 + 9,516 +35,109 —21,577 + 4,485 + 792 + 18,809 • +45,838 + — 2 — 78 2 B u s in e s s C o n d it io n s in t h e S ix t h DEBITS TO INDIVIDUAL ACCOUNTS (In T h o u s a n d s oi D o llars) ALABAMA— B ir m in g h a m ............. D o t h a n .......................... M o b ile ............................ M o n tg o m e r y ............. $ Jan. 1 9 40 1 0 7 ,7 2 1 3 ,0 6 7 4 4 ,6 8 7 2 4 ,7 3 2 $ D ec. 19 39 1 1 1 ,8 8 4 3 ,2 1 4 4 6 ,9 5 5 2 5 ,7 1 7 $ Jan. 19 39 9 6 ,3 3 9 3 ,1 5 0 4 0 ,2 5 5 2 2 ,5 6 0 P e rc e n t C h a n g e J a n . 1 9 4 0 F ro m : D e c . 1 9 39 J a n . 19 39 — 3 .7 + 1 1 .8 — 4 .6 — 2 .6 — 4 .8 + 1 1 .0 — 3 .8 + 9 .6 FLORIDA— 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 ............................ 9 0 ,0 7 6 7 0 ,8 0 9 9 ,1 2 7 3 4 ,3 6 7 9 6 ,3 7 5 6 5 ,7 5 6 1 0 ,3 5 7 3 5 ,4 7 3 7 8 ,3 8 9 5 6 ,0 6 1 8 ,0 8 9 3 0 ,8 9 2 6 .5 7 .7 1 1 .9 3 .1 + 1 4 .9 + 2 6 .3 + 1 2 .8 + 1 1 .2 5 ,1 5 1 2 2 4 ,6 0 3 2 4 ,2 3 7 2 ,7 7 7 1 6 ,2 4 3 1 ,0 0 7 1 6 ,5 2 4 1 ,8 9 4 2 9 ,8 6 2 4 ,2 7 5 5 ,9 1 3 2 6 0 ,8 6 6 2 4 ,2 5 1 2 ,9 7 7 1 9 ,6 6 2 1 ,4 6 3 1 9 ,3 7 5 2 ,4 9 8 3 3 ,9 8 7 4 ,5 6 7 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 — 1 2 .9 — 1 3 .9 — .1 — 6 .7 — 1 7 .4 — 3 1 .2 — 1 4 .7 — 2 4 .2 — 1 2.1 — 6 .4 — 1 0 .6 + 1 5 .1 + 4 1 .9 + 9 .0 + 1 6 .2 — 2 .1 + 1 7 .8 + 1 1 .9 + 1 0 .6 + 2 0 .9 2 4 4 ,4 4 7 2 7 8 ,8 1 0 2 3 3 ,2 9 9 — 1 2 .3 + 4 .8 5 ,0 1 0 3 2 ,1 7 4 1 1 ,9 3 4 8 ,2 9 5 5 ,8 0 1 3 8 ,2 0 9 1 3 ,9 2 4 1 0 ,1 2 3 4 ,5 4 7 2 6 ,7 4 0 1 0 ,5 6 8 6 ,6 6 4 — 1 3 .6 — 1 5 .8 — 1 4 .3 — 1 8 .1 + 1 0 .2 + 2 0 .3 + 1 2 .9 + 2 4 .5 4 9 ,1 7 7 3 9 ,6 3 4 8 3 ,9 2 4 5 1 ,5 8 9 4 0 ,5 3 1 1 0 6 ,3 4 9 4 6 ,7 0 4 3 6 ,8 9 1 8 5 ,0 1 8 — 4 .7 — 2 .2 — 2 1 .1 + 5 .3 + 7 .4 — 1.3 1 ,1 8 5 ,7 5 4 1 ,3 1 6 ,6 2 6 1 ,0 6 7 ,9 3 0 — 9 .9 + 1 1 .0 $ 3 4 ,7 1 7 ,2 1 3 $ 4 0 ,0 1 9 ,1 4 4 $ 3 2 ,3 9 2 ,7 3 8 — 1 3 .3 + 7 .2 GEORGIA— 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 ....................... — + — — LOUISIANA— N e w O r l e a n s .......... .. F ed er a l R eser v e D is t r ic t D ep artm en t o f A gricu ltu re. In L ou isian a, h ow ever, straw berry p lan ts seem to h ave suffered little d am age. A s a re su lt o f the dam age to citrus fru its in F lo r id a , the F ebruary estim ate o f the p rod u ction o f oran ges fro m the 1 9 3 9 b lo o m is 2 7 .7 m illio n b ox es, a red u ction o f 2 3 .0 per cent from the estim ate a m onth ea rlier and 18.3 per cent b e lo w p rodu ction in the 1 9 3 8-39 season , and the estim ate o f g ra p efru it has been reduced 2 0 .0 per cent to 13.7 m illio n b o x es, sm a ller b y 4 2 .0 per cent than last sea so n ’s p rod u ction . ►T h e an n u al in ven tory o f liv esto ck on farm s b y the U n ited States D epartm ent o f A g ricu ltu re in d ica tes than on January 1 th is year there w ere m ore h orses, cattle, sh eep and h ogs, but s lig h tly few er m u les, than there w ere a year earlier. T otal v a lu es fo r cattle and sh eep are h ig h er than a year ago, but th e v a lu e o f a ll h orses and m u les w as slig h tly low er and the v a lu e o f h o g s w as down 2 2 .0 per cent. B y states, liv esto ck v a lu es in creased in G eo rg ia , L o u isia n a and T en n essee, but d eclin ed in A la b a m a , F lo r id a and M ississip p i. M ISSISSIPPI— 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 .................. TENNESSEE— C h a t t a n o o g a ............. K n o x v ille ..................... N a s h v ill e ..................... SIXTH D IS T R IC T 2 6 C i t i e s ....................... UNITED STATES— 141 C i t i e s ..................... January but have reduced them in the first h a lf o f February, F ederal R eserve note circu la tio n has d eclin ed o n ly s lig h tly in recent w eeks, and total d ep o sits and reserves h a v e in creased. ►E xcess reserves o f a ll m em ber banks in the D istrict, esti m ated on the b asis o f the latest a v a ila b le figures, am ounted on F ebruary 14 to 6 6 .7 m illio n s o f d o lla rs, or 4 3 .3 p er cent o f le g a l requirem ents. T h is estim ate com p ares w ith an average excess o f 59 .8 m illio n s fo r the latter h a lf o f Jan uary, and is the la rgest in actu al am ount sin ce the first h a lf o f Septem ber. ►Check tran sactions at 2 6 cities in the D istrict in January, the largest fo r that m onth in ten years, d eclin ed 9 .9 p er cent from D ecem b er and w ere 1 1 .0 per cent greater than a year ago, w h ile at 141 centers th rou gh ou t the cou n try January debits w ere 13.3 per cen t sm a ller than in D ecem b er and 7 .2 per cent larger than in January 1939. Agriculture In the six states o f the D istrict, farm ers’ total cash in co m e fro m m arketings, co m m od ities p laced un der lo a n , and G overnm ent paym ents am ounted in 19 3 9 to $ 8 1 7 ,4 5 7 ,0 0 0 , accord in g to estim ates by the U n ited States D ep artm en t o f A gricu ltu re. T h is total represents a d ecrease o f 1.3 p er cen t fro m 193 8 . Incom e from cotton, grains and tob acco w as sm a ller in 193 9 , but that from vegetab les, fru its and nuts w as larger. A n n u al estim ates fo r the past five years are show n in th e ta b le on p age 3. ►In the latter part o f January a ll parts o f the D istrict e x perienced the co ld est w eather in m an y years, a ccom p an ied in m any lo c a lities w ith sn ow and ice. T h e lo w tem p era tures p ra ctica lly w ip ed ou t tender crop s dow n to the tip end o f F lo rid a and caused co n sid era b le d am age to m ore h ardy les and citrus fru its, a cco rd in g to reports o f the Digitizedvegetab for FRASER Industry In January co n stru ction con tracts aw arded in the D istrict in creased , te x tile o p era tion s w ere at a h ig h er lev e l and co a l ou tp u t w as larger, b u t th e rate o f p ig iron p rod u ction in A lab a m a d e clin ed som ew h at from D ecem b er w hen ou tp u t w as th e la rg est fo r a n y m onth in n ea r ly thirteen years. ►T o ta l v a lu e o f co n stru ction con tracts aw arded in the D is trict in creased 2 7 .7 per cen t in Jan u ary and w as 4 4 .3 per cent greater than in Jan u ary la st year, in con trast to d e creases o f 4 4 .6 per cent fro m D ecem b er and 2 2 .0 per cent com p ared w ith January a year a g o fo r the 3 7 E astern States. In th is D istrict resid en tia l aw ards w ere up 5.1 per cent from D ecem b er and other contracts rose 4 5 .1 per cent, and resid en tia l aw ards w ere 69.13 per cent greater than in Jan u ary 1 9 3 9 and other con tracts 3 3.1 p er cent. T o ta ls for each o f the states o f the D istrict ex cep t G eo rg ia increased over D ecem ber, and in creases over Jan u ary la st year w ere reported fo r a ll six states. B u ild in g p erm its reported b y tw en ty cities d eclin ed in Jan u ary b ut w ere 3 4 .9 per cent greater than in January la st year and the la rg est fo r Jan u ary sin ce 193 9 . ►January con su m p tion o f cotton b y m ills in A lab am a, G eorgia and T en n essee a veraged 9 ,5 3 1 b a le s fo r each o f the 2 6 w ork in g d ays in the m onth, a rate 5 .2 per cent h igher than in D ecem b er and 2 .0 p er cent b e lo w th e record lev el reported fo r N ovem b er. C o n su m p tion in the six m onths o f the current season has been 2 4 .0 per cen t greater than in that part o f the season b efo re. ^ S teel m ill a ctiv ity in the B irm in gh am area w as m ain tained at a rate o f 9 4 .0 per cen t of ca p a city in the five w eeks end in g F ebruary 3. In the tw o fo llo w in g w eek s it w as reduced to 8 8 .0 per cent, w h ich com p ares w ith a n a tio n a l average o f 6 8 .5 per cent. P ig iro n p rod u ction in A lab am a d eclin ed 3 .2 per cent in January com p ared w ith D ecem ber, w hen ou tp u t w as the la rg est sin ce M arch 1 9 2 7 . In the U n ited States, January p rod u ction d eclin ed 4 .8 per cent. ^ T h e rate o f co a l p ro d u ctio n in A la b a m a an d T en n essee in creased 9 .2 per cen t over D ecem b er and w as 15.1 per cent larger than a year ago, w h ile fo r the cou n try January ou t put rose 1 8 .2 per cent fro m D ecem b er and w as 2 3 .8 per cent greater than in Jan u ary 1 9 3 9 . ►E lectric p ow er p rod u ction in th e D istrict, on a d a ily average basis, d eclin ed 3.5 per cent in D ecem ber after reach in g a new record le v e l in N ovem b er. B u s in e s s C o n d it io n s in t h e S ix t h F ed er a l STOCKS J a n . 1 9 40 C o m p a re d w ith : J a n . 1 939 + 1 8 .4 + 1 6 .8 — 1 4 .9 Jan. 1 9 4 0 C o m p a r e d w ith : RETAIL TRADE D ec. 1939 J a n . 1 9 39 A t l a n t a ...................................... — 5 9 .9 — 1 .2 B ir m in g h a m ........................... — 6 0 .5 +3.1 M o n tg o m e r y ..........................— 6 0 .6 + 8 .4 N a s h v ill e ................................. — 6 3 .4 — 1 0 .0 N e w O r l e a n s ....................... — 5 4 .2 + 1 3 .1 O t h e r s .........................................— 5 2 .0 + 1 1 .8 D IST R IC T (4 4 F i r m s ) . . . — 5 6 .3 + 6/7 G r o c e r ie s ..................................— 2 .9 D ry G o o d s ...............................+ 1 5 . 0 H a r d w a r e .................................— 3 .7 D r u g s ........................................... + 9 .6 S h o e s ............................................+ 7 3 .1 T O T A L ....................................— 2 .9 CO LLEC T IO N R A TIO J a n . 1940 2 5 .2 3 2 .5 + 6.1 + 3 .6 + 5 .7 + 8 .9 WHOLESALE TRADE + 1 3 .4 +6.3 ~ .3 — 5 .6 + 1 5 .5 + 2 0 .6 +5.6 D is t r ic t 3 SIXTH DISTRICT BUSINESS INDEXES SIXTH DISTRICT BUSINESS STATISTICS SALES R eser v e +20.2 + 1 1 .5 + 1 3 .6 + 1 0 .5 3 2 .8 3 1 .0 3 3 .6 3 0 .0 7 3 .0 3 8 .3 5 1 .3 7 4 .9 3 1 .8 5 9 .5 (1923-1925=100 e x c e p t a s n o te d ) RETAIL SALES*—U n a d ju ste d _______ i n . 1 9 40 D e c .1 9 3 9 D IST R IC T (2 5 F i r m s ) ............................................................. . . , 9933.0.0 A t l a n t a .............................................................................................. . . 1155 9 ,7 ,7 B ir m in g h a m .................................................................................. ,, 7 8 .0 N a s h v ill e ......................................................................................... . . . 7 1 .4 N e w O r l e a n s ............................................................................... 8 4 .0 2 3 0 .2 4 1 2 .5 2 1 4 .2 2 0 2 .6 1 9 0 .6 J a n . 1939 9 1 .0 1 6 4 .2 7 4 .8 8 2 .5 7 7 .2 RETAIL SALES*— A d ju s te d D ISTR IC T ( 2 5 F i r m s ) ............................................................. . . . 111177..7 7 A t l a n t a .............................................................................................. . . 221122..99 B ir m in g h a m ..................................................................................1 0 8 .3 N a s h v ill e ....................................................................... . . 9 5 .21 N e w O r l e a n s ............................................................................... . . 1 0 0 .0 1 3 5.4 2 5 0 .0 1 2 6 .0 1 2 1 .3 1 1 0 .8 1 1 5 .2 2 1 8 .9 1 0 3 .9 1 1 0 .0 9 1 .9 . 7 0 .1 . . 5 0 .7 .. 5 4 .3 6 4 .8 1 1 7 .0 6 1 .0 4 3 .7 5 6 .9 6 2 .4 1 0 7 .3 5 9 .0 4 7 .8 5 2 .4 RETAIL S T O C K S —A d ju s te d D IST R IC T (2 4 F i r m s ) ................................................. .......... 7 5 .4 ...........1 3 9 .8 B ir m in g h a m ....................................................................... .......... 7 7 .9 N a s h v ill e ............................................................................. .......... 5 8 .3 N e w O r l e a n s ..................................................................... . . . . 5 9 .7 7 2 .8 1 3 4 .5 6 7 .0 4 8 .6 6 3 .9 6 8 .6 1 1 6 .6 6 5 .6 5 4 .9 5 7 .6 .......... 5 1 .8 ..........5 0 .8 . . . . 9 8 .7 . . . . 1 4 3 .7 6 7 .6 5 3 .3 4 4 .2 1 0 2 .5 1 3 1 .1 6 6 .5 4 7 .7 5 2 .6 8 9 .2 1 1 4 .4 .......... 8 2 .9 . . . . 7 4 .3 . . . . 8 8 .6 . . . . 8 0 .5 .......... 6 6 .7 . . . 8 5 .9 .......... 6 9 .3 . . . . 2 4 8 .4 .......... 1 0 7 .7 6 4 .9 7 0 .7 6 1 .0 4 3 .8 5 6 .8 1 0 1 .6 5 5 .7 1 4 0 .1 6 7 .2 5 7 .4 4 3 .8 6 6 .5 7 4 .7 3 5 .5 6 7 .4 5 9 .8 1 8 3 .2 6 8 .7 BUILDING PERMITS— 2 0 C i t i e s ............................ . . . . 7 0 .7 1 7 .4 1 4 .6 7 3 .5 1 8 .4 2 2 .8 1 1 7 .9 3 7 .7 2 8 .5 9 .5 4 0 .1 1 8 .2 2 8 .3 5 2 .0 PIG IRON PRODUCTION—ALABAMA* . . . . .......... 1 1 0 .4 1 1 4 .1 1 0 6 .2 COTTON CONSUMPTION— 3 STA TES ..........2 0 1 .0 . . . . 2 3 5 .3 ..........1 9 0 .5 .......... 1 6 4 .8 1 9 1 .0 2 2 9 .6 1 7 9 .1 1 5 0 .5 1 6 3 .0 1 8 4 .3 1 5 5 .3 1 4 9 .7 A l a b a m a ......................................................................................... . . 113399.4.4 F l o r i d a .............................................................................................. . . 111133.6.6 G e o r g i a ............................................................................................1 . .1 4 9 .1 .1 L o u i s i a n a .........................................................................................1 1 99.9 . . .11 .9 M is s is s ip p i.................................................................................... . . 1 10 04 4.0.0 T e n n e s s e e .......................................................................................1 ..1 3 0 .4 .4 S IX S T A T E S .............................................................................1 . .1 3333..99 1 4 6 .0 1 2 0 .8 1 5 5 .5 1 3 4 .3 1 1 8 .9 1 3 8 .3 1 4 2 .0 1 3 0 .7 1 2 1 .0 1 4 1 .3 1 2 4 .3 1 0 9 .6 1 2 4 .5 1 3 0 .5 2 4 5 .0 1 0 6 .4 2 1 4 .9 1 6 0 .5 1 5 2 .6 1 8 3 .2 1 9 3 .8 2 0 2 .2 9 6 .2 1 8 2 .9 14 2.1 1 3 2 .8 15 7.1 1 6 8 .0 N o v .1 9 3 9 4 7 4 .0 5 5 4 .3 2 1 5 .9 6 6 1 .9 8 5 .6 3 3 4 .3 3 9 5 .3 3 2 0 .8 4 7 7 .9 D e c .1 9 3 8 3 5 2 .3 4 8 5 .8 2 1 9 .8 5 5 4 .1 8 7 .6 3 1 0 .4 3 3 5 .8 2 9 5 .8 3 8 0 .2 RETAIL STOCKS*— U n a d ju s te d . . 6 8 .6 N a s h v ille (0 0 0 O M IT TED ) C O M M ER C IA L FAILU R ES— Jan. Dec . D IS T R IC T ......................................... 1940 1939 67 36 N u m b e r ( a c t u a l ) ....................... l i a b i l i t i e s .........................................$ 484 $ 437 $ 1,112 C O N T R A C T S A W A RD ED — D IS T R IC T .........................................$ 29,086 R e s id e n tia l ...................................... 10,430 A ll O t h e r s ......................................... 18,656 A l a b a m a ........................................... 3,683 F l o r i d a ................................................ 9,680 G e o r g i a .............................................. 5,727 L o u i s i a n a ......................................... 4,360 M is s is s ip p i...................................... 4,789 T e n n e s s e e ......................................... 5,969 $ 22,780 9,921 12,859 2,003 8,239 6,771 3,500 2,701 3,724 $ 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 $ 7,958 269 217 605 116 293 6,458 $ 4,2 3 7 261 270 251 1,403 610 1,291 460 Jan. 19 39 78 WHOLESALE SALES— T o t a l.................................... .......... 6 5 .6 CONTRACTS AWARDED—DISTRICT B U IL D IN G PERM ITS— 20 C IT IE S .........................................$ A t l a n t a ................................................ B ir m in g h a m .................................... J a c k s o n v il le .................................... N a s h v ill e ........................................... N e w O r l e a n s ................................. 15 O th e r C i t i e s ............................ 5,718 644 266 530 297 403 3,579 P I G IR O N P R O D U C T IO N — T o n s A l a b a m a ........................................... 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 ......................................... 441 141 330 115 365 2 ,8 4 6 5 0 .8 .......... 4 1 .7 B ir m in g h a m ....................................................................... . . . . 1 7 .9 J a c k s o n v il le ....................................................................... .......... 6 4 .4 .......... 4 6 .8 N e w O r l e a n s ..................................................................... . . . . 3 1 .3 15 O th e r C i t i e s ................................................................ .......... 6 5 .3 1,200 461 (000 OMITTED) COTTON CONSUMPTION— 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 . . Jan. 1 9 40 82 150 17 248 D ec. 1 9 39 76 135 15 226 179 173 Jan. 1 9 39 61 117 14 1 93 COTTON SEED CRUSHED— T o n s * ................................................... 122 A u g ..l-J l - Jaa]n .3 1 , In c l. 1 9 3 9 -4"0 1 9 38 -3 9 454 355 827 669 94 85 1 ,3 7 5 1 ,1 0 9 1,1 1 ,0 2 3 FERTILIZER TAG SALES—Tons 185 TO TA L SIX S T A T E S ............... 214 111 * G e o r g i a , A l a b a m a , L o u i s i a n a a n d M is s is s ip p i. 618 594 (000 O m itted ) 1935 1 9 38 1937 1936 $ 1 0 8 ,0 2 6 $ 1 1 2 ,1 7 0 $ 1 2 3 ,6 9 9 $ 1 3 8 ,5 8 4 $ 1 3 5 ,5 1 1 A l a b a m a .......................... 9 0 ,1 9 7 1 0 6 ,8 9 9 1 0 8 ,2 2 1 1 3 1 ,1 5 3 . 1 2 2 ,0 8 5 F l o r i d a ............................... 1 2 3 ,3 9 7 1 5 1 ,5 7 9 1 5 7 ,9 8 1 1 6 8 ,9 6 2 1 7 3 ,7 6 3 G e o r g i a ............................ 1 1 8 ,2 7 0 1 2 6 ,4 0 9 L o u i s i a n a ....................... , . . 1 3 3 ,8 6 8 1 2 9 ,8 7 3 1 3 5 ,8 4 8 1 7 3 ,2 9 3 1 8 1 ,5 1 8 1 9 7 ,2 4 7 1 3 0 ,3 4 8 M is s is s ip p i..................... . 1 6 6 ,9 6 1 T e n n e s s e e ....................... 1 3 8 ,8 5 7 1 4 5 ,4 1 2 1 2 6 ,2 9 4 1 0 7 ,9 3 0 1 3 0 ,7 9 4 T O T A L ............................... . . . 8 1 7 ,4 5 7 8 2 8 ,4 6 0 8 9 5 ,5 0 2 8 7 5 ,5 6 2 6 7 8 ,1 6 8 * T h e s e a r e a n n u a l e s ti m a t e s b y th e U n ite d S ta t e s D e p a r tm e n t o f A g r ic u ltu r e a n d a r e n o t s tr ic tly c o m p a r a b le to th e m o n th ly e s ti m a t e s p r e v i o u s l y show n. FARM INCOME*—S ix S ta te s 1 9 39 ELECTRIC POWER PRODUCTION—kw h o u rs Digitized 19 39 3 7 5 ,5 6 6 1 1 9 ,4 7 3 1 1 4 ,2 6 7 1 7 4 ,5 0 7 7 ,1 8 1 1 8 6 ,4 1 3 9 7 7 ,4 0 7 3 6 9 ,8 3 0 6 0 7 ,5 7 7 EMPLOYMENT (A v . fo r 1 9 3 2 = 1 0 0 ) PAYROLLS (A v . fo r 1 9 3 2 = 1 0 0 ) A l a b a m a ......................................................................................... . . 2 3 77 .7 .7 F l o r i d a .............................................................................................. . . 1 0 22.0 .0 G e o r g i a .......................................................................... . . 211 11.1 .0 L o u i s i a n a .........................................................................................1 4 5 .1 . . ,145.1 M is s is s ip p i.....................................................................................1 . . 1 3344 ..00 T e n n e s s e e ...................................................................................... 1 7 2 .8 ..172.8 S IX S T A T E S ............................................................................ . . 1 8 4 .7 ELECTRIC POW ER PRODUCTION* D ec. 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 ............................... T O TA L SIX S T A T E S .. B y W a te r P o w e r .......... B y F u e l s ............................... for FRASER 1 9 39 3 6 6 ,4 0 6 1 0 9 ,0 8 4 1 2 5 ,5 1 2 1 7 0 ,5 7 5 5 ,3 6 0 2 0 2 ,9 8 0 9 7 9 ,9 1 7 4 1 7 ,9 6 2 5 6 1 ,9 5 5 N ov. D e c . J a n .- D e e ., I n c l 1 9 38 1 9 39 19 38 2 8 1 ,4 9 2 3 ,9 4 4 ,8 3 0 3 ,0 7 2 ,0 1 1 9 8 ,7 8 7 1 ,1 4 1 ,9 7 5 1 ,0 1 5 ,1 5 0 1 3 2 ,0 6 6 1 ,6 1 1 ,8 8 1 1 ,4 9 1 ,7 5 0 1 4 7 ,5 4 8 1 ,8 8 3 ,8 9 4 1 ,6 4 4 ,7 9 1 5 ,6 6 1 6 6 ,4 6 3 7 2 ,9 2 4 1 9 4 ,7 5 5 2 ,0 3 0 ,8 0 6 1 ,7 4 6 ,1 9 7 8 6 0 ,3 0 9 1 0 ,6 7 9 ,8 4 9 9 ,0 4 2 ,8 2 3 3 9 8 ,2 3 1 5 ,8 8 6 ,4 5 2 4 ,8 9 4 ,3 2 5 4 6 2 ,0 7 8 4 ,7 9 3 ,3 9 7 4 ,1 4 8 ,4 9 8 . D e c .1 9 3 9 A l a b a m a .........................................................................................4 7 0 .1 F l o r i d a .............................................................................................. 5 8 7 .5 G e o r g i a ............................................................................................1 9 0 .2 L o u i s i a n a ........................................................................................6 5 5 .3 M is s is s ip p i......................................................................................1 1 1 .0 T e n n e s s e e ..................... ............................................................. 2 9 7 .1 S IX S T A T E S ........................................................................... 3 8 1 .6 B y W a te r P o w e r .................................................................. 2 7 4 .7 B y F u e l s .......................................................................................5 0 0 .0 * In d e x e s of r e t a il s a le s , e le c t r ic p o w e r a n d p ig ir o n p ro d u c tio n , a n d of cotton co n su m p tio n a r e o n a d a i ly a v e r a g e o a s is . 4 B u s in e s s C o n d it io n s in t h e S ix t h F ed er a l R eser v e D is t r ic t N A T IO N A L S U M M A R Y O F B U S IN E S S C O N D IT IO N S INDUSTRIAL PRODUCTION P r e p a re d b y th e B o a rd o l G o v e rn o rs ol th e F e d e ra l R ese rv e S y stem I N JANUARY and the first half of February industrial activity declined from the high level reached in the latter part of 1939. Retail trade, which had been in large volume, decreased more than seasonally, while merchandise exports were main tained. P ro d u c tio n Volume of industrial production declined somewhat from December to January, and consequently the Board’s index, which allows for a considerable seasonal increase, dropped sharply from the high level of 128 reached in December to 120 in January. Data available for the first half of February indicate a further sharp reduction in the index. Steel ingot production, which had been above 90.0 per cent of capacity during most of the fourth quarter of 1939, has declined steadily since the turn of the year and by the middle of February was at about 69.0 per cent of capacity. Plate glass production, which also had reached high levels in the latter part of 1939, was reduced in January and lumber production showed a considerable decrease owing in part to unusually cold weather in the Southern regions. Automobile production in January was larger than is usual at this season. In the latter part of the month, however, and in the first half of February, as retail sales of new cars declined seasonally and dealers’ stocks, which had been lower than usual at the beginning of the year, rose rapidly, the output of cars declined. In the machinery industries activity was generally sustained at the advanced levels reached in December. Output of cotton textiles in January continued at about the high rate of other recent months but production of woolen textiles declined further from the peak levels of October and November, and output of silk products remained in small volume. Activity at meat-packing establishments was maintained in January at the high level prevailing for sefveral months. Coal production rose sharply, following a marked reduction in December, and was at about the high level reached last October. Output of crude petroleum continued in large volume(. Value of contracts awarded for both public and private construction declined con siderably in January, according to reports of the F. W. Dodge Corporation. Awards for private residential building showed a greater than seasonal reduction and were lower than the level prevailing a year ago. Contracts for other private work declined somewhat but remained in larger volume than in the corresponding period last year. In d e x ol p h y s ic a l vo lu m e of p ro d u c tio n , a d ju s te d for s e a s o n a l v a ria tio n , 1923-1925 a v e r a g e — 100. By m onths, J a n u a ry , 1934, to J a n u a ry , 1940. FACTORY EMPLOYMENT In d e x of n u m b e r e m p lo y e d , a d ju s te d io r s e a s o n a l v a r ia tion, 1923-1925 a v e r a g e = 100. By m o n th s, J a n u a ry , 1934, to J a n u a ry , 1940. E m p lo y m e n t Factory employment and pay rolls, which had risen sharply during the latter half of 1939, declined by somewhat more than the usual seasonal amount from the middle of December to the middle of January, according to reports from leading industrial FREIGHT CAR LOADINGS POINTS IN TOTAL INDEX t o o ------------------------------------------------- States. r D is tr ib u tio n Sales at department stores, variety stores, and mail-order houses in January declined more than seasonally from the high level of December. Total freight-car loadings showed a seasonal decline; shipments of miscellaneous freight and grain decreased, while coal loadings increased considerably. y / V V M< ' W C o m m o d ity Prices v A X / MISCELLANEOUS fuIOSTLYM AfftJFJkcrxjue^JL. F o r e ig n T r a d e Exports of United States merchandise, which usually decline in January, were maintained this year at the high level reached in December. Shipments of cotton, which have been large in recent months, rose further, while exports of many industrial products declined. Exports to the United Kingdom increased sharply, owing mainly to larger cotton shipments. Reflecting principally acquisitions of foreign gold, the country’s monetary gold stock increased by $287,000,000 during January and by $132,000,000 in the first two weeks ol February. A A ' POINTS IN TOTAL INDEX ALL o n A COAC 1934 1935 1936 1937 In d e x of to ta l lo a d in g s of re v e n u e fre ig h t, a d ju s te d for s e a s o n a l v a ria tio n , 1923-1925 a v e r a g e = 100. M iscel la n e o u s , c o a l, a n d a ll o th e r e x p re s s e d in term s of p o in ts in to ta l in d e x . By m o n th s, J a n u a ry , 1934, to J a n u a ry , 1940. MEMBER BANKS IN 101 LEADING CITIES Prices of copper, lead, and silk showed marked declines from the middle of January to the middle of February and there were smaller decreases in prices of some other basic industrial materials, such as steel scrap, wool, and textile yarns. Prices of foodstuffs, on the other hand, showed little change in this period. G o v e r n m e n t S e c u r ity M a r k e t Prices of United States Government securities declined slightly during the latter half of January from the recovery peak reached early in the month but regained part of these losses during the first half of February. B a n k C r e d it Total loans and investments at reporting member banks in 101 leading cities rose during the five weeks ending February 7 as a result of increases in holdings of Government securities at New York City banks. Loans to security brokers and dealers and commercial loans declined. Demand deposits continued to increase dur ing the period. W e d n e s d a y fig u re s , S e p te m b e r 5, 1934, to F e b ru a ry 7, 1940. C om m ercial lo a n s b a s e d o n n e w c la ssific a tio n b e g in n in g M ay 19, 1937.
@FedFRASER