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MONTHLY REVIEW B U S IN E S S FED ERA L RESERVE C O N D IT IO N S IN T H E S IX T H BAN K O F A TLA N TA F E D E R A L R E S E R V E D IS T R IC T J u ly 31, 1939 firms in this District dropped 4.9 per cent from May, a de D is tr ic t Distribution of merchandise through reportcline slightly less than usually occurs, and were 3.0 per S u m m ary department stores and wholesale firms cent larger than in June 1938. * declined less in June than they usually do . Building permits at reporting cities, and contracts awarded ► Department store inventories declined slightly more than for construction other than residential, increased further in usual in June and were 1.5 per cent larger in dollar value than a year earlier, and stocks at 67 wholesale firms were June. Pig iron production increased, following a four-month down 3.0 per cent from May and were 1.9 per cent smaller decline, and steel mill activity has recently risen to the high than for June 1938. est level of the year. Business failures dropped sharply in ► The collection ratio for department stores showed a slight June. decline in June, while that for wholesale firms rose two The changes in this District from May to June in depart points. ment store sales, in cotton consumption, and in “All Other ’ contracts awarded were more favorable than for the country Banking Another all-time high-level of demand deposits as a whole, but total construction contracts and residential -adjusted at 22 weekly reporting member awards declined more in the District than in the 37 Eastern banks in the Sixth District was reached on the last Wednes States, and the District increase in pig iron production was day in June. Total loans and investments at these banks, al smaller than that for the United States. though 53.2 millions of dollars greater on July 12 than they Comparing June this year with June 1938, all of these were a year earlier, have recently declined, principally be figures show gains for the District larger than for the United cause of a reduction in investments. Total loans by these States as a whole with the exception of pig iron output. In banks to their customers increased from about 281 millions May electric power production in this District was 21.3 per of dollars in June and July of last year to 318 millions in late December; in February and March they averaged 306 cent larger than a year earlier, while the increase for the millions, and in April, May and June 308 millions. On July country was 13.5 per cent. Trade June trade in the Sixth District, reflected in depart ment store sales and distribution by wholesale firms, turned out better than was to be expected on the basis of past performance. Business failures, in both number and li abilities, declined sharply in June. Department store sales declined in June, as they usually do. TTie decrease, however, was less than seasonal, and the index of daily average sales, after seasonal adjustment, rose 2.6 per cent from May, was 14.5 per cent above the index for June last year, and is the highest for June of any year in the series which began with 1919. June sales reported to the United States Department of Commerce by 147 wholesale C O N D IT IO N O F 2 2 M EM BER BA N E S IN S ELE C TED C IT IE S (I n T h o u s a n d s o! D o lla r s ) C h a n g e F ro m : J u ly 12, 1939 J u ly l3 ,1 9 3 8 J u n e l 4 ,1 9 3 9 $ 5 9 5 ,4 3 6 — 6 ,9 1 7 + 5 3 ,1 5 9 L o a n s a n d I n v e s tm e n ts — T o t a l . . — 717 + 3 0 ,0 7 8 3 0 7 ,4 5 9 L o a n s — T o t a l .............................................. C o m m e r c ia l, i n d u s tr i a l a n d — 1 ,9 7 9 + 2 7 ,5 2 2 1 7 7 ,2 4 2 a g r i c u l t u r a l l o a n s .......................... — 76 2 ,9 5 3 + 63 O p e n m a r k e t p a p e r .......................... L o a n s to b r o k e r s a n d d e a l e r s + 1 ,1 2 7 7 ,2 8 3 + 389 in s e c u r i t i e s ...................................... O th e r lo a n s fo r p u r c h a s i n g 1 1 ,8 9 0 — 522 o r c a r r y i n g s e c u r i t i e s ................ — 3 ,0 3 2 3 0 ,7 2 7 + 288 R e a l e s t a t e l o a n s ............................... + 4 ,2 6 8 1 ,1 3 2 + 176 L o a n s to b a n k s .................................... — 3 ,0 0 9 7 6 ,2 3 2 + 868 + 3 ,2 7 8 2 8 7 ,9 7 7 — 6,200 + 2 3 ,0 8 1 1 4 0 ,3 8 6 — 5 ,5 9 6 — 3 ,6 4 9 + 744 + 1 6 ,5 8 4 5 8 ,0 5 2 , 8 9 ,5 3 9 — 1 ,3 4 8 + 1 0 ,1 4 6 . 1 1 1 ,7 8 6 — 3 ,2 0 8 + 1 3 ,4 8 6 + 118 1 3 ,1 3 2 + 1 ,2 7 1 1 7 9 ,0 5 4 + 136 + 4 4 ,2 0 1 3 7 3 ,4 3 6 — 5 ,8 5 1 + 4 4 ,4 6 6 1 8 5 ,0 2 2 + 385 + 857 4 0 ,0 4 5 + 1 6 ,9 0 3 + 31 — 6 ,0 9 4 + 5 2 ,1 2 4 2 4 5 ,9 6 8 — 127 B o rro w in g s . 12 total loans were 30.1 millions greater than on the cor responding Wednesday last year, by far the larger part of the increase being in loans for commercial, industrial and agricultural purposes. Real estate loans and “All Other’9 loans also were larger, but loans to banks and security loans were less. ► Total investments held by these banks on July 12 were less than the average for any month since October. The de cline is due to a reduction in holdings of United States di rect obligations from totals averaging 158 millions in Octo ber and November, and 164 millions in December, to 140.4 millions. Holdings of securities guaranteed by the United States have risen from an average of 42.3 millions in the lat ter half of 1938 to 58 millions, and holdings of Other Se curities have also risen but the increase has been smaller. ► Demand deposits-adjusted at these banks rose to succes sive all-time peaks on June 14 and June 28 and have since declined about 5.9 millions, and on July 12 were 44.5 mil lions greater than at that time last year. Deposits of corres pondent banks have in most recent weeks been somewhat C O N D IT IO N O F FED ERA L RESERV E BA NE O F ATLANTA (I n T h o u s a n d s of D o lla r s ) Ju ly 12, C hange F ro m : 1939 J u n e l 4 ,1 9 3 9 J u ly l3 ,1 9 3 8 B ills d i s c o u n t e d .......................................................... $ 121 + 16 _______ 67 4 B ills b o u g h t ..................................................................... 19 ............. D/* I n d u s tr ia l a d v a n c e s ................................................... 7 69 — 13 ” 652 U n ite d S ta t e s s e c u r i t i e s ......................................... 1 0 6 ,9 1 0 — 9 ,5 1 2 _______ 4 2 8 6 T o ta l b ills a n d s e c u r i t i e s ................................. 1 0 7 ,8 1 9 — 9 ,5 1 0 _______ 4*308 T o ta l c a s h r e s e r v e s ................................................... 3 0 5 ,0 9 1 - f 9 ,8 4 3 + 55*273 F . R. N o te c i r c u la t io n .............................................. 1 5 2 ,6 2 0 + 4 ,8 5 9 + 1 2 121 M e m b e r b a n k r e s e r v e a c c o u n t s .................... 1 8 5 ,1 2 7 — 4 ,6 3 8 + 20 346 U . S . T r e a s u r e r g e n e r a l a c c o u n t .................. 51 76 0 + 3 ,6 7 8 + 1 0 692 T o ta l d e p o s i t s ........................................................... 253,586 — 5 ,8 0 9 + 38*942 C o m m itm e n ts to m a k e in d u s tr i a l a d v a n c e s ................................................ ...................... 140 — 10 _______ 43 B u s in e s s C o n d it io n s 2 in t h e S ix t h F D E B IT S T O IN D IV ID U A L A C C O U N T S (In Th ou sand s oi D o llars) Per C ent C h an g e Ju n e J u n e 1 9 3 9 F ro m : 1938 M a y 1939 J u n e l9 3 8 7 1 ,4 7 9 — 3 .7 + 1 3 .0 2 ,3 9 9 — 1 0 .8 + 1 1 .9 3 3 ,5 1 1 — 7 .8 + 2 .1 1 8 ,8 1 3 — 1 6 .6 + 1 1 .5 ALABAM A— 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 ............. Jun e 1939 8 0 ,7 9 8 2 ,6 8 5 3 4 ,2 2 0 2 0 ,9 8 3 FL 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 4 ,2 9 8 4 0 ,6 9 8 8 ,7 5 8 2 6 ,7 6 2 7 7 ,5 7 5 4 4 ,2 7 9 8 ,5 8 7 2 7 ,9 7 4 6 7 ,1 8 0 3 3 ,3 6 2 7 ,7 3 7 2 4 ,8 2 0 — 4 .2 — 8.1 + 2.0 — 4 .3 + 10.6 + 22.0 + 1 3 .2 + 7 .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 ..................... 4 ,2 5 1 2 0 2 ,0 5 6 1 7 ,9 4 2 2 ,4 2 2 1 3 ,8 7 9 1 ,0 0 4 1 4 ,7 1 4 1 ,6 4 6 2 7 ,3 3 5 3 ,4 3 2 4 ,3 8 7 2 0 1 ,0 3 1 1 7 ,8 1 7 2 ,9 1 8 1 3 ,7 1 4 2 8 ,5 5 0 4 ,2 6 0 3 ,7 2 5 1 7 6 ,2 6 2 1 4 ,9 6 7 2 ,3 2 6 1 1 ,5 9 5 976 1 2 ,1 9 4 1 ,3 5 3 2 7 ,5 8 2 3 ,0 1 4 — 3 .1 + 0 .5 + 0 .7 — 1 7 .0 + 1.2 — 8 .7 + 4 .4 — 1 2 .7 — 4 .3 — 1 9 .4 + 1 4 .1 + 1 4 .6 + 1 9 .9 + 4 .1 + 1 9 .7 + 2 .9 + 2 0 .7 + 2 1 .7 — 0 .9 + 1 3 .9 LO U ISIA N A — N e w O r l e a n s .......... 2 1 9 ,8 7 2 2 0 0 ,4 9 9 1 9 1 ,9 2 5 + 9 .7 4 ,4 1 7 2 2 ,5 4 7 1 0 ,4 5 9 5 ,9 9 6 4 ,5 5 4 2 4 ,7 6 4 1 0 ,2 4 0 6 ,2 7 7 3 ,5 8 4 2 3 ,0 4 2 8 ,2 8 8 6 ,1 6 6 — 3 .0 — 9 .0 + 2.1 — 4 .5 + 2 3 .2 — 2.2 + 2 6 .2 — 2.8 4 4 ,9 9 1 2 8 ,1 9 2 8 0 ,4 2 1 3 9 ,3 3 7 2 6 ,3 2 3 8 0 ,3 6 8 4 0 ,9 6 6 2 5 ,9 7 5 7 6 ,0 3 9 + 1 4 .4 + 7 .1 + 0.1 + 9 .8 + 8 .5 + 5 .8 9 9 4 ,7 7 8 9 8 9 ,7 1 3 8 8 9 ,2 8 0 + 0 .5 + 1 1 .9 U N ITED S T A T E S — 141 C i t i e s ..................... . .$ 3 3 ,9 8 7 ,9 2 0 $ 3 1 ,9 2 8 ,4 6 3 $ 3 2 ,7 9 7 ,0 2 3 + 6 .5 + 3 .6 R eserv e D is t r ic t This is an increase of a little less than one per cent over the cotton acreage a year earlier, and 3.2 per cent larger than the area harvested last year. ►The July 1 estimates of citrus fruit production in Florida from the bloom of 1938 have been increased to 33.4 million boxes of oranges and 22.5 million boxes of grapefruit, larger by 25.0 per cent and 54.0 per cent, respectively, than the previous crop. The Georgia peach crop is apparently 15.0 per cent smaller than in 1938 and that in Florida less than half as large, but other states of the District have larger crops and that in Tennessee is expected to be two and onethird times that of last year. July estimates indicate in creased production of tobacco, sweet potatoes, grapes, of rye in Georgia and Tennessee and of barley in Tennessee, but reductions in wheat, com, hay, potatoes, pears, in rice in Louisiana and in sugar cane in Louisiana and Florida. + 1 4 .6 M ISSIS SIP 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 .................. ed era l TEN N ESSEE— C h a t t a n o o g a ........... K n o x v ille ..................... N a s h v ill e ..................... SIX TH D IS T R IC T 2 6 C i t i e s ....................... $ M ay 1939 8 3 ,9 3 3 3 ,0 1 2 3 7 ,0 9 2 2 5 ,1 4 5 1,100 1,886 1 4 ,0 9 1 $ less than the averages since February, but are still about 52 millions greater than a year ago. ►At the Federal Reserve Bank of Atlanta total cash reserves have increased in recent weeks to the highest level on record, at 305 millions of dollars, on July 12. This resulted largely from a reduction of about 9.5 millions in the bank’s hold ings of United States securities in July. Federal Reserve note circulation has recently increased, and total deposits have declined. Discounts have increased slightly, but continue in small volume. ► Reserve deposits of all member banks in the District, on the basis of latest available figures, were on July 12 about 43 millions of dollars, or 30.5 per cent, in excess of legal requirements. ► Check transactions at 26 cities in the District increased 0.5 per cent from May to June, and were 11.9 per cent greater than in June last year, which compares with a gain of 3.6 per cent for the country. Agriculture Farm income in the six states of this Dis trict declined 8.8 per cent from April to May but was one-third larger than in May 1938. The decline from April was largely due to a reduction in receipts from citrus fruits in Florida and a decrease in Louisiana, and to re duced Government payments. May income from crops was about the same as it was a year ago, that from livestock 6.7 per cent larger, and Government payments were nearly four times as large. ►On July 1 there were, according to the report of the Uni ted States Department of Agriculture, 8,804,000 acres of land in the six states of this District in cultivation to cotton. Industry In June there were further gains in the value of building permits issued at reporting cities in the District and in contracts awarded for construction other than residential. Pig iron production increased and steel mill ac tivity and coal output rose sharply. Textile operations were at about the same rate as in May. ► Residential contracts awarded in June declined 29.9 per cent from May, which had the largest total for any month in thirteen years, but building permits increased further by 16.0 per cent and were the largest in more than ten years. Other awards were up 10.9 per cent further in June. Total awards were down 10.1 per cent from May, but were 46.5 per cent larger than in June last year. In the January-June period total awards were 58.1 per cent greater than in that part of last year, and building permits were 41.4 per cent larger. In the 37 Eastern States contract awards were 31.3 per cent larger than in the first half of 1938. ► The rate of cotton consumption in Alabama, Georgia and Tennessee declined only 0.5 per cent from May to June and was 40.7 per cent higher than it was in June 1938. ► Following a rise from 43.5 per cent of capacity in early May to 55.5 per cent at the middle of June, the rate of steel mill activity in the Birmingham area was at 70.0 per cent in the latter half of June, dropped to 60.0 per cent in the hol iday week, and rose to 75.0 per cent in the two weeks end ing July 22, the highest of the year. This compares with the national average of 56.5 per cent for the week ending July 22, which is also the highest of the year. After declining each month since January, the rate of pig iron production in Alabama increased 15.6 per cent in June, and in the first half year was 50.5 per cent greater than in that part of 1938. In the country as a whole, June production rose 28.0 per cent over May. Coal mining was resumed at the middle of May and output in June in Alabama and Tennessee was well above the corresponding period last year. ► The rate of electric power production in this District in creased 2.1 per cent in May, against an increase of 0.7 per cent for the country as a whole. In comparison with May last year Sixth District output was 21.3 per cent larger, and the national average gained 13.5 per cent. For the five months, production in this District has been 20.6 per cent larger than in that part of 1938, and in the country it has been 11.2 per cent larger. B u s i n e s s C o n d it i o n s in t h e SIX T H D IST R IC T B U SIN E S S S TA TISTIC S SALES J u n e 1 939 C o m p a r e d w ith RETAIL TRA D E M a y 1 9 39 J u n e 1 9 38 A t l a n t a . . ............................— 1 7 .4 + 1 3 .6 B ir m in g h a m ....................... — 8 .4 + 2 2 .5 C h a t t a n o o g a ..................... — 1 .2 + 1 7 .3 M o n tg o m e r y ..................... — 1 5 .3 + 2 6 .6 N a s h v ille ............................... — 2 0 .6 + 7 .9 N e w O r l e a n s .................... — 4 .9 + 7 .9 O t h e r s .................................... — 2 0 .7 + 1 7 .6 D IST R IC T (4 6 F i r m s ) . — 1 3 .9 + 1 4 .3 W H O L E S A L E TRA D E G r o c e r i e s ............................ — 3 .2 D ry G o o d s .......................... — 1 3 .2 H a r d w a r e ............................ — 1 .0 E le c tric a l G o o d s .............— 1 .0 D r u g s .......................................— 6 .5 S h o e s ....................................... - 4 1 . 4 T O T A L ............................... — 4 .9 S TO C K S C O L L E C T IO N J a n .-J u n e R A TIO J u n e 19 39 In c l. C o m p a red C o m p a red June w ith w ith 1939 J u n e 1938 Y ear A go 2 5 .4 + 1 1 .5 + 11.6 3 2 .8 — 2.6 + 10.1 + 9 .9 + 0-1 — 2 2 .5 + 11.0 2 9 .4 + 3 .2 + 7 .9 3 1 .9 — 3 .1 + 4 .3 3 3 .5 + 3 .4 + 7 .2 3 0 .1 + 8.1 + 1.5 — 4 .7 — 2 .3 + 8 .4 + 1 7 .3 + 1 5 .3 + 1 3 .7 — 7 .0 + 7 .2 — 4 .1 + 1 8 .2 + 1 3 .2 + 2 4 .7 +8.0 — 3 8 .7 +3.0 + 1.2 + 3 .9 — 5 .9 1.9 8 0 .4 3 7 .1 5 2 .2 7 5 .0 5 6 .2 3 1 .1 5 9 .9 S ix t h F ed era l R eserve D 3 is t r ic t SIX TH D IST R IC T B U SIN ESS IN DEXES (1 9 2 3 - 1 9 2 5 = 1 0 0 e x c e p t a s n o te d ) J u n e 19 39 M a y 1 9 3 9 *— R ETAIL S A L E S 1 U n a d ju s te d ......................... 1 0 7 .5 1 1 7 .6 2 1 6 .3 ......................... 1 8 3 .2 1 0 5 .4 ......................... 10 3.1 8 7 .1 ..........................8 9 .4 C h a tta n o o g a 1 1 7 .4 ......................... 9 6 .8 N a s h v i l l e .. . . ..........................9 2 .6 9 3 .8 N e w O r le a n s RETAIL SA LES*— A d ju s te d .,1 4 D IST R IC T (2 7 F i r m s ) ............................................................. 11199..4 210.6 A l t a n t a ..............................................................................................2 1 0 .6 , 1 B ir m in g h a m ...................................................... ..........................1 1 0 .9 C h a t t a n o o g a ................................................................................. 8 0 .5 N a s h v ill e .........................................................................................1 0 5 .2 .. 1 N e w O r l e a n s .................................................................................1 0 4 .0 1 J u n e 19 38 9 3 .9 1 6 0 .6 8 3 .9 7 6 .2 7 8 .3 8 5 .9 1 1 6 .4 2 0 6 .0 1 0 5 .9 8 4 .6 1 0 5 .8 9 6 .7 1 0 4 .3 1 8 4 .6 9 0 .2 7 0 .5 1 1 6 .7 7 1 .5 6 2 .1 5 2 .9 6 0 .4 6 3 .7 9 8 .4 6 5 .9 5 6 .5 4 6 .8 5 6 .5 68.6 8 5 .1 9 6 .5 RETAIL S T O C K S — U n a d ju s te d 6 5 .1 1 1 3 .3 6 4 .9 5 6 .8 4 9 .4 , 5 4 .7 D IST R IC T (2 4 F i r m s ) ........................................... A l t a n t a ............................................................................ B ir m in g h a m ............................................................... C h a t t a n o o g a ............................................................. ( 0 0 0 O M IT TED ) C O M M ER C IA L FAILURES— D IS T R IC T ......................................... N u m b e r .............................................. L ia b il iti e s ......................................... $ June 1939 38 482 M ay 19 39 62 715 Ju n e 19 38 38 633 C O N T R A C T S A W A RDED — 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 i s s i p p i...................................... T e n n e s s e e ......................................... 2 6 ,7 2 8 1 0 ,7 4 6 1 5 ,9 8 2 4 ,2 9 5 7 ,7 8 1 6 ,6 0 8 4 ,9 2 8 2 ,1 6 2 5 ,7 4 5 2 9 ,7 3 1 1 5 ,3 2 1 1 4 ,4 1 0 4 ,9 0 3 7 ,5 7 9 4 ,3 4 9 9 ,8 6 3 4 ,2 5 3 5 ,1 5 4 1 8 ,2 3 9 7 ,3 4 8 1 0 ,8 9 1 1 ,7 2 4 5 ,8 0 4 3 ,5 7 2 2 ,8 9 9 2 ,0 4 5 5 ,0 3 5 $ 1 4 6 ,1 6 8 5 9 ,4 8 3 8 6 ,6 8 5 2 1 ,0 6 7 4 2 ,4 2 9 3 1 ,5 4 3 3 5 ,4 7 8 1 9 ,1 9 6 2 4 ,3 1 6 $ 9 2 ,4 7 8 3 6 ,6 3 5 5 5 ,8 4 3 1 1 ,3 7 2 2 8 ,4 3 9 1 8 ,2 4 0 2 0 ,1 4 5 1 0 ,5 1 0 2 1 ,5 9 7 9 ,7 6 2 592 286 773 564 627 6 ,9 2 0 8 ,4 1 3 334 480 720 251 779 5 ,8 4 9 5 ,0 3 9 342 362 582 77 469 3 ,2 0 6 3 9 ,0 5 9 2 ,5 2 0 1 ,7 5 7 3 ,8 7 3 2 ,4 4 1 2 ,9 2 9 2 5 ,5 4 0 $ 2 7 ,6 1 6 1 ,8 5 4 1 ,4 7 7 5 ,7 1 7 755 2 ,5 6 8 1 5 ,2 4 6 176 157 96 1 ,2 3 1 819 1 ,0 0 7 377 317 237 635 302 4 ,9 7 2 2 ,1 6 5 5 ,1 2 8 1 ,9 6 7 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 ............................... 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 ......................................... C O T T O N C O N S U M P T IO N — B a le s (0 0 0 O M IT TED ) Ju n e M ay 19 39 1 9 39 J a n .- J u n e , In c l. 1 9 38 1 9 39 326 357 4 ,1 2 5 4 ,3 1 3 A u g .- J u n e . In c l. 1 9 3 7 -3 8 1 9 3 8 -3 9 June 1 9 38 544 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 .. . 62 116 15 193 120 16 201 41 83 13 137 670 1 ,2 5 4 160 2 ,0 8 4 1,002 14 2 1,688 C O T T O N S EED C R U SH ED — T o n s * ...................................................... 55 107 67 1 ,5 3 3 2 ,2 6 6 65 FERTILIZER T A G SALES— T o n s 171 35 T O TA L S IX STATES • 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. EL EC TR IC P O W E R P R O D U C T IO N — k w h o u 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 ......................................... TO 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 ......................................... 3 0 1 ,7 5 9 8 7 ,1 8 1 1 5 1 ,7 6 7 1 5 5 ,5 4 3 4 ,6 9 3 1 4 6 ,0 1 1 8 4 6 ,9 5 4 5 2 5 ,6 2 8 3 2 1 ,3 2 6 ^Includes Government payments, A p ril 1 9 39 2 8 3 ,4 7 8 8 8 ,7 4 4 1 3 6 ,1 9 6 1 3 6 ,4 5 3 4 ,6 8 4 1 5 2 ,8 4 7 8 0 2 ,4 0 2 5 3 1 ,9 8 3 2 7 0 ,4 1 9 6 9 .1 1 1 5 .5 7 0 .1 6 0 .9 5 2 .4 5 9 .8 6 7 .1 1 0 2 .5 W H O L E S A L E SA LES— T o t a l ................................................ 6 4 .1 G r o c e r i e s ......................................................................................... 5 0 .4 D ry G o o d s ....................................................................................... 4 6 .4 H a r d w a r e ...................................................................................... 8 9 .9 F u r n i t u r e ..................................................................................................... D r u g s ................................................................................................ 9 2 .0 6 7 .4 5 2 .1 5 3 .4 9 0 .8 ... 9 8 .4 6 6 .2 5 1 .1 4 1 .4 7 3 .2 7 1 .8 9 9 .9 C O N T R A C T S AW A RDED — D IS T R IC T ............................ 76 2 R e s id e n tia l.................................................................................... 7 8 .6 A ll O t h e r s ...................................................................................... 7 5 .9 A l a b a m a ......................................................................................... 9 3 .9 F l o r i d a ............................................................................................. 5 3 .6 G e o r g i a ........................................................................................... 9 9 .1 L o u i s i a n a ......................................................................................... 7 8 .4 M is s is s ip p i...................................................................................... 1 1 2.1 T e n n e s s e e ........................................... .......................................... 1 0 3 .6 8 4 .7 1 0 9 .2 6 8 .4 1 0 7 .2 5 2 .3 6 5 .3 1 5 6 .8 2 2 0 .6 9 3 .0 5 2 .0 5 2 .4 5 1 .7 3 7 .7 4 0 .0 5 3 .6 4 6 .1 1 0 6.1 9 0 .8 B U IL D IN G PER M ITS—2 0 C i t i e s ......................................... 86.8 A t l a n t a .............................................................................................. 3 8 .3 B ir m in g h a m ................................................................................. 1 9 .3 J a c k s o n v il le ................................................................................. 9 3 .9 N a s h v ill e ......................................................................................... 8 8 .9 N e w O r l e a n s ............................................................................... 4 8 .7 15 O th e r C i t i e s ............................................................................1 2 6 .3 7 4 .8 2 1 .6 3 2 .4 8 7 .5 3 9 .5 6 0 .5 1 0 6 .8 4 4 .8 2 2 .1 2 4 .4 7 0 .8 1 2.1 3 6 .4 5 8 .5 P IG IR O N P R O D U C T IO N — ALABAMA* 7 6 .9 6 6 .5 4 0 .5 .15 6 .4 1 7 7 .2 1 4 7 .8 , 1 5 1 .0 1 5 7 .2 1 8 0 .2 1 4 7 .8 1 5 1 .0 1 1 7 .7 1 0 5 .7 1 3 1.1 C O T T O N C O N S U M P T IO N — 3 STATES ,. G e o r g i a ............................................................................... 1 ,5 0 9 61 1 2 5 .8 1 0 1 .7 1 3 7 .5 1 2 6 .4 2 ,3 6 2 J a n .-M a y , In c l. M ay 1938 19 39 1 9 38 $ $ 3 5 6 ,5 3 4 $ 2 4 6 ,5 1 1 8 ,7 2 2 $ 2 4 4 ,6 7 3 4 8 ,0 1 6 ,9 9 3 3 0 ,8 8 2 3 0 ,5 9 3 ------6 4 ,2 3 4 6 3 ,5 1 0 9 ,7 6 2 1 5 ,4 0 3 3 0 ,4 5 0 2 5 ,9 6 9 4 ,7,2 1 3 85 3 0 ,5 0 6 3 1 ,3 7 3 58 ,4 1 0 ,6 6 9 4 3 ,2 0 5 4 1 ,0 0 3 5 7 ,6 9 6 ,1 6 9 4 7 ,2 3 4 5 2 ,2 2 5 88 ,7 9 6 ,3 7 8 2 5 5 ,7 6 2 7 7 ,6 5 6 1 1 0 ,3 5 3 1 3 7 ,7 0 8 5 ,9 7 4 1 1 0 ,8 7 3 6 9 8 ,3 2 8 4 1 4 ,5 0 0 2 8 3 ,8 2 6 1 ,4 1 2 ,6 1 1 1 ,1 9 8 ,8 4 6 4 3 2 ,8 6 3 4 6 5 ,7 3 9 5 8 5 ,5 8 5 7 0 3 ,5 2 6 5 9 7 ,6 2 5 6 9 6 ,8 4 0 3 0 ,6 1 9 2 3 ,4 9 3 5 6 8 ,0 8 6 8 1 4 ,6 9 3 4 ,1 1 6 ,9 0 2 3 ,4 1 3 ,6 2 4 2 ,5 5 2 ,7 1 4 1 ,8 7 5 ,0 8 4 1 ,5 6 4 ,1 8 8 1 ,5 3 8 ,5 4 0 66.6 5 8 .9 4 8 .2 6 0 .1 111.1 EM PLO YM EN T (A v . fo r 1 9 3 2 = 1 0 0 ) F l o r i d a ................................................................................. (000 O m itte d ) M ay 1 9 39 FA R M IN C O M E *— S ix S t a t e s . $ 5 1 ,5 6 7 A l a b a m a ......................................... .. 9 ,5 6 0 F l o r i d a ...................................... 1 1 ,8 0 7 G e o r g i a .............................................. 6 ,3 8 4 L o u i s i a n a ......................................... 8 ,6 8 9 M is s is s ip p i...................................... 5 ,1 1 1 T e n n e s s e e ......................................... 1 0 ,0 1 6 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 ) ............................................................. 6 8 .5 A l t a n t a .............................................................................................. 1 1 8 .0 B ir m in g h a m ................................................................................. 6 5 .6 C h a t t a n o o g a ...................................... ....................................... 5 9 .2 N a s h v ill e ......................................................................................... 5 0 .9 N e w O r l e a n s ............................................................................... 5 8 .2 T e n n e s s e e .......................................................................... S IX S T A T E S .................................................................. . . 100.2 1 2 9 .0 1 2 6.8 PAY RO LLS (A v . fo r 1 9 3 2 = 1 0 0 ) A l a b a m a .........................................................................................1 8 6 .9 F l o r i d a .............................................................................................. 8 4 .8 G e o r g i a ........................................................................................... 1 7 7 .2 L o u i s i a n a .........................................................................................1 4 6 .6 M is s is s ip p i......................................................................................1 2 4 .2 T e n n e s s e e ...................................................................................... 1 6 3 .0 S IX S T A T E S ............................................................................ 1 6 3 .6 EL EC TR IC P O W E R P R O D U C T IO N * M a y 1939 A l a b a m a .........................................................................................3 7 7 .7 3 F l o r i d a ..............................................................................................4228 ..7 ..4 8 7 G e o r g i a ........................................................................................... 2 5 2 .6 L o u i s i a n a . .......................................................................................584.2 ., 5 8 4 .2 M is s is s ip p i.................................................................................... 7 2 .2 , T e n n e s s e e ...................................................................................... 2 3 2 .7 SIX S T A T E S .......................................................................... 3 3 0 .6 By W a te r P o w e r ..................................................................3 9 0 .4 3 B y F u e l s ......................................................................................,26 4 .4 , 26 121.1 1 1 9 .5 9 6 .3 1 2 7 .9 11 6.1 9 3 .9 1 1 6 .5 1 1 7 .6 1 8 2 .7 1 6 3 .2 7 6 .1 1 5 3 .7 1 4 5 .0 1 1 6 .8 1 3 8 .5 1 4 4 .9 1 0 6 .5 1 3 8 .9 1 2 6 .0 1 0 3 .3 1 2 7 .7 1 2 6 .7 88.2 17 6.1 1 4 3 .4 1 2 6 .0 1 6 0 .9 1 6 2 .5 A p ril 1939 3 6 6 .7 4 5 0 .9 2 3 4 .3 5 2 9 .5 7 4 .6 2 5 1 .7 3 2 3 .7 4 0 8 .3 2 2 9 .9 3 2 0 .1 3 8 1 .9 1 8 3 .7 5 1 7 .1 9 2 .3 1 7 6 .7 2 7 2 .6 3 0 7 .9 2 3 3 .6 *Indexes of retail sales, electric power and pig iron production, and of cotton consumption are on a daily average basis. B u s in e s s C o n d it io n s 4 in t h e S ix t h F ed era l 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 R eserve D is t r ic t INDUSTRIAL PRODUCTION P rep ared b y the Board ol G o vern ors ol the F e d e ra l R e serve System O UTPUT of factories and mines increased in June reflecting chiefly sharp ex pansion at steel mills and bituminous coal mines. In the first half of July in dustrial activity was generally maintained. P r o d u c tio n The Board’s seasonally adjusted index of industrial production advanced to 97.0 in June as compared with 92.0 in April and May. At steel mills output increased from a rate of 45.0 per cent of capacity in the third week of May to 54.0 at the end of June and to 56.0 in the third week of July. Automobile production, which had declined in May, showed some increase in June when a decline is customary. In the first three weeks of July automobile output was at a lower rate, reflecting in part curtailment preparatory to the changeover to new models. Plate glass production rose considerably in June. Output of lumber, which usually shows some increase over May, was unchanged. Among nondurable goods industries, woolen mills showed increased activity in June, and activity at cotton and silk mills was maintained, though declines are usual at this season. Meatpacking was lower than in May. Mineral production increased considerably in June, reflecting a sharp rise in output at bituminous coal mines which had been closed during April and the first half of May. Production of anthracite declined from May to June and there was some reduc tion in output of petroleum. Value of construction contracts awarded declined in June, according to F. W. Dodge Corporation figures, reflecting chiefly a greater than seasonal decrease in pri vate residential building. Contracts awarded for public residential construction, prin cipally for United States Housing Authority projects, were maintained at the advanced level reached in May, while public construction other than residential showed a small decline. In d e x ol p h y sic a l volum e oi production# adju sted ior se a so n a l variation , 1923-1925 a v e ra g e = 100. B y months. Ja n u a ry , 1934, to June# 1939. FREIGHT-CAR LOADINGS E m p lo y m e n t Factory employment and payrolls increased somewhat from the middle of May to the middle of June according to reports from a number of important industrial states. There was a sharp expansion in employment at bituminous coal mines following the reopening of the mines in the middle of May, and the number employed on the rail roads increased more than seasonally from May to June. In dex o! total lo a d in g s of revenu e ireight# ad ju sted for s e a so n a l variation# 1923-1925 a v e ra g e = 100. B y months# *= January# 1934# to June# 1939. FACTORY EMPLOYMENT D is tr ib u tio n Department store sales showed a less than seasonal decline from May to June and the Board’s adjusted index advanced from 85 to 86, which compares with a level of 88 during the first four months of the year. Sales at variety stores and by mail order houses showed little change. Freight-car loadings increased more than seasonally in June reflecting a sharp rise in shipments of coal and smaller increases in shipments of grain and miscellaneous freight. C o m m o d ity P r ic e s Prices of hides, silk, steel scrap, copper, and some other industrial materials ad vanced from the middle of June to the third week of July, while some farm products, particularly grains, declined. Prices of most other commodities showed little change. A g r ic u ltu r e A total wheat crop of 716,655,000 bushels was indicated on the basis of July 1 con ditions, according to the Department of Agriculture. This would be much smaller than last year’s large crop and somewhat below the 1928-1937 average. Cotton acreage in cultivation was estimated to be about the same as last year but one-third less than the 10-year average. A record tobacco crop is indicated. Most other major crops are ex pected to approximate last year’s harvests and are generally larger than average. In dex of num ber employed# ad ju sted for se a so n a l v a ria tion# 1923-1925 a v e ra g e == 100. B y months# Ja n u a ry, 1984, to June, 1939. M BER BANKS IN 101 LEADING CITIES EM B a n k C r e d it Total loans and investments of member banks in 101 leading cities continued to increase during the four weeks ending July 12, reflecting largely purchases of United States Government securities. Commercial loans, which had shown little change in re cent months, increased slightly. Deposits and reserves at these banks rose to new high levels in July, reflecting continued gold imports and Treasury disbursements from its balances at the Reserve Banks. M o n e y R a te s Prices of United States Government securities, which had declined somewhat dur ing June, recovered part of the loss in July. The longest-term Treasury bond outstand ing showed a yield of 2.31 per cent on July 20, as compared with a record low of 2.26 on June 5. Open market money rates showed little change. W e d n e sd a y figures ior reporting member b a n k s in 101 le a d in g cities# Sep t. 5, 1934, to Ju ly 12# 1939. Com m er c ia l loans# w h ic h in clu d e in d u stria l a n d a g ricu ltu ra l lo a n s, represent prior to M ay 19# 1937# so -called “ Other lo a n s" a s then reported.
