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Monthly Review
ATLANTA, G E O R G IA , JULY 3 1 , 1 9 5 4
Jn%'isIssue:
1954: R e co rd fo r th e F irs t H a lf
D is tr ic t S t a t e G o v e r n m e n t s :
A 2 - B illio n D o lla r B u s in e s s
SixtkDiflrid'Statistics:
Co n d itio n o f 2 7 M em b er Banks in Leading C itie s
D ebits to Individual Dem and D eposit A cco u n ts
D epartm ent S to re Sales and Inventories
Instalm ent C ash Loans
R eta il Furniture S to re O p eratio ns
W ho lesa le Sales and Inventories
SixthTH^ridIndexes:
C o n struction C o n tra cts
C o tto n Consum ption
D epartm ent S to re Sales and Stocks
E le c tric Pow er Production
Furniture S to re Sales and Stocks
M anufacturing Em ploym ent
M anufacturing Payrolls
Petroleum Production
Turnover o f Dem and D eposits
D
I S
T
R
I C
T
B
U
S
I N
E
S
S
H
I G
H
L
I G
H
T
S
M anufacturing e m p lo y m e n t, after seasonal adjustment, resumed its
downward trend during May, although seasonally adjusted factory pay
rolls were almost unchanged from April.
N onfarm e m p lo y m e n t, other than manufacturing, fell slightly during
May, but exceeded year-earlier marks.
A v e r a g e w h o le s a le prices of important District nonfarm commod
ities dipped during May, but textile and apparel prices edged upward
for the first time since June 1953.
C onstruction contracts were larger in June than in May and were also
above year-ago marks.
Tourist b u sin ess in Greater Miami, as measured by the University of
Miami’s index, was greater during June than a year ago.
D ep artm en t sto r e s a le s , seasonally adjusted, recovered in June and
reached the highest level this year. Early July sales declined slightly.
C onsum er in sta lm en t lo a n s at commercial banks increased more
than usual in June, with automobile loans making the largest gain.
E xports through District ports in the first quarter were much higher
this year than in 1953, but im ports were off slightly.
N e w car reg istr a tio n s in May were above last year’s, with gains
shown in all District states except Florida.
Federal Reserve Bank of Atlanta n o te s in circulation, seasonally
adjusted, dipped slightly in July after rising for three consecutive months.
The July 29 and August 1 red u ctio n s in r e s e r v e req u irem en ts
against demand deposits will add substantially to the already high level
of excess reserves.
Bank d e b its declined slightly in June, after adjustment for seasonal
variation, but were above the year-ago level.
Total lo a n s at banks in leading cities in June were practically un
changed from May, but were substantially above the June 1953 amount.
D rought in Alabama, Georgia, Mississippi, and Tennessee has dam
aged forage and feed crops, burned pastures, cut milk production, and
caused some increased marketings of livestock.
C otton a c r e a g e in cultivation is substantially below that of this time
last year.
Florida’s o r a n g e crop set a new record for the marketing season
just ended; meanwhile growing conditions continue favorable for next
season’s crop.
M em b er b a n k e a r n in g s in the first half of 1954 exceeded those for
the corresponding period last year.
In terest r a te s on new business loans made by banks in Atlanta and
New Orleans averaged very slightly lower than they did in the previous
quarterly survey.
•2•
1954: R e co rd
fo r th e F ir s t H a lf
With the first six months of 1954 now history, analysts
are far from unanimous as to the meaning of current
business indicators. The major reason for the lack of
concensus is the mixed behavior of various economic
series. A few analysts see omens of further declines, but
most are debating about whether economic activity is
merely leveling off or gathering momentum for a revival.
If the picture of the national economic scene is not
clear-cut, it becomes even more blurred when the records
for different parts of the nation are examined. Typical is
the Sixth Federal Reserve District experience. Aggregate
figures show that the region seems to have suffered less
from the recent recessionary developments than the nation.
Yet it could not be said that any particular area within the
District followed that general pattern exactly, as becomes
evident from the economic record of the individual District
states for the first six months of 1954.
Farms a n d Factories S lo w Up
A la b a m a ’s Econom y
Alabama business moved more slowly this year than it
did in the first half of 1953. Output in leading manu
facturing industries declined, and Alabama farmers re
ceived a succession of severe blows from the weather.
As might be expected, these adverse conditions have been
reflected in trade and banking activities.
Alabama farmers had total cash receipts slightly above
1953 in the first five months. They received a cash boost
from late cotton sales in January, but cold weather hurt
their cotton crop and drought continues to threaten most
cash and feed crops. Also, faced with a feed shortage, they
sold larger numbers of cattle and calves but at this year’s
lower prices. As a result of the bad weather and lower
prices for many farm products, the value of farm land
fell more sharply in Alabama than in any other District
state. By April, farm credit at Alabama commercial
banks was well below the year-earlier amount.
While the position of Alabama farmers was weakening,
manufacturing payrolls fell steadily in the first five months
of the year and in May were 6 percent below last May. On
the other hand, construction contract awards, as well as
plans for new industrial plants, were far above 1953 levels.
The payroll cut was caused chiefly by declines in A la
bama’s three largest manufacturing industries: textiles,
lumber, and steel. In May, for instance, the average
textile worker in Alabama received $41.52 for a little
less than 35 hours work each week, compared with
$48.22 for almost a 40-hour week in May 1953. Steel
mills in the Birmingham area operated at only 50 to 75
percent of capacity in most weeks of this year, whereas
last year they were running at full capacity.
Consumers in the state continued to add substantially
to their long-term savings, but they cut most types of
spending. Department store sales showed a 6-percent drop
from the first half of last year— the largest decline in the
District. Alabama was one of the two District states where
fewer new cars were registered this year than last year.
In line with the lower level of business, bank debits
in Anniston and Gadsden have been running behind last
year, and in Birmingham and Montgomery they have
been only slightly above 1953. Total loans by Alabama
banks have been barely above last year’s levels, as real
estate and “consumer plus all other” loans at weekly
reporting member banks showed significant declines from
last year. Investments and deposits increased more than
loans, indicating adequate loanable funds.
Higher employment in service and finance industries
and state and local governments this year, together with
the expected seasonal late-summer upturns in farmers’
cash receipts, consumer spending, and industrial employ
ment, may help strengthen Alabama’s economy.
C onsum er S p en d in g an d E m ploym ent
S ore Sp ots in G eo rg ia
Economic activity in Georgia during the first half of this
year was slightly below 1953 levels, with employment and
department store sales registering declines, especially for
the first quarter. Agricultural income and construction
and time deposits, however, indicated that businessmen,
farmers, and consumers enjoyed relatively high incomes.
Total nonagricultural employment was below the first
half of last year, as an increase in trade employment
failed to offset a decline in manufacturing employment.
Within manufacturing, textiles showed the greatest de
cline, and transportation equipment and food industries
showed the largest increases. Manufacturing payrolls were
also smaller than last year in each month through May,
when the index of manufacturing payrolls was off 9
percent. Agricultural income continued relatively high,
although cash receipts from farm marketings during the
first five months were slightly below last year.
Expansion in manufacturing facilities and construction
apparently continued to strengthen Georgia’s economy.
Plans for new plants and expansions announced during
the first half of 1954 called for the spending of nearly 15
million dollars, which was, however, less than the volume
of announcements for new plants and expansions in the
first half of 1953. Total construction contract awards dur
ing the first half of this year were up from last year.
During the first quarter, Georgians cut their spending
rather sharply, but in the second quarter they changed
their attitudes and completed the first half with spending
only slightly below last year’s first half. They evidently
continued to add to their savings, however, judging by the
rise in time deposits. Demand for bank credit remained
strong as total loans in Georgia from January to June were
above the same months last year, although deposits aver
aged slightly below levels prevailing in the first half of 1953.
No prospects for declines in business activity are evi
dent at present except in agricultural income. Cold wea
ther at planting time caused poor cotton and peanut
stands, and extended dry weather during the growing
•3•
season damaged tobacco, corn, and peanuts, thus dimming
prospects for farm income for the remainder of this year.
Florida P ace Q u ick en ed S ligh tly
Florida’s record for the first half of 1954 stood in marked
contrast to that of most other District states. Preliminary
data indicate that income in the state increased moderately
from the level of the first half of 1953, as did most other
measures of economic activity, although the rates of gain
were less than in recent years. Also, most individual trade
centers shared in the high level of activity.
Nonagricultural employment averaged about 3 percent
higher in the first five months than in those months last
year. Seasonally adjusted manufacturing employment, after
declining slightly in January, rose steadily in the next three
months, but declined again in May. The five-month aver
age was 2 percent higher than a year ago, and manu
facturing payrolls averaged 4 percent higher. Construction
employment was up only slightly, but the value of new
construction contracts rose 36 percent for the first half.
Florida’s farmers experienced a slight rise in income,
with cash receipts from farm marketings in the first five
months 2 percent higher than a year earlier. Receipts
from livestock sales were up considerably, but income from
crop marketings showed only a slight increase. Cash
receipts for the District declined 4 percent.
Consumer spending was probably higher than it was
last year. Department store sales through May totaled
slightly less than in the first five months of 1953; gasoline
and general sales tax collections, on the other hand, were
regularly above year-ago levels in the first four months;
and bank debits chalked up a 7-percent gain for the sixmonth period. Floridians also saved more in the form of
time deposits, savings and loan shares, and life insurance
policies than they did last year.
Reflecting the high level of business activity, total
deposits at Florida member banks increased 7 percent
between May 1953 and May 1954, compared with the
District gain of 6 percent. Total loans rose 13 percent
in Florida, almost double the District rise, and bank in
vestments, grew 5 percent in both the state and the District.
Nothing in Florida’s record for the six-month period
suggests a general decline in the remainder of the year.
Farm income for the year will probably remain near that
for last year and other sectors of the state’s economy will
likely continue strong.
D iagn osis o f M ississippi Slum p
Mississippi business activity was on the sickly side in the
first half of 1954, compared with that period last year.
One symptom was the 6-percent decline in manufacturing
payrolls. Another was the drop in nonfarm employment,
which was especially pronounced in Mississippi’s impor
tant lumber and woodworking industries.
Income ills were afflicting Mississippi farmers. Their
cash receipts from marketings for the first five months
were off about 26 percent from the same period last
year. Price weakness in the lumber market also tended to
drag down timber income. Pulpwood, on the other hand,
was selling at slightly better prices this year than last year.
So far, Mississippi banks have not been affected by
the lower level of economic activity. Deposits and loans
at member banks rose modestly during the first five
months of the year, but investments declined a bit. Strong
construction activity, mostly residential, has perhaps favor
ably influenced business at banks.
The recession in Mississippi’s economy during the first
half has affected consumer and business spending. Debits
to demand deposit accounts were off 4 percent from the
like period last year, as were department store sales.
Sales of some items like new automobiles, furniture, and
electricity, on the other hand, showed improvement. And
some Mississippians continued to save money, although
the rate of savings is being reduced.
Prospects for total income in Mississippi in the next
six months are not especially heartening. Farm income,
which accounts for a quarter of the state’s total income,
is undoubtedly going to be lower than last year, since
cotton acreage has been cut back 23 percent. And no
substantial stimulant seems to be in the offing for the
lumber and woodworking industries. Meanwhile, govern
ment payrolls give promise of remaining stable. Therefore,
with one important income generator due for a throttling
down and two turning at about the same rate, general busi
ness activity in Mississippi is unlikely to revive this year.
L ouisiana B rightens th e Picture
The District part of Louisiana continues to be a bright
spot in the area’s economy, despite a slowing-up in manu
facturing. In contrast with other parts of the District,
Louisiana farmers are enjoying a mild boom this year.
Farm income, measured by cash receipts, during the first
five months of 1954 was above the like period last year,
largely because of gains in sales of cattle and dairy and
poultry products. Cash receipts from crop sales, although
high in January and February, were lower in March and
April and were below the levels for the same months a
year earlier. Since prices of goods that farmers buy re
mained stable in the early part of the year, Louisiana farm
ers are enjoying, at least temporarily, a shot in the arm.
Consumer spending, as measured by sales at retail
outlets, remained high for the state, although it varied
from city to city. Soft goods and furniture seemed to be
the main contributors to the relatively high volume of
sales. Time deposits, shares in savings and loan associ
ations, and ordinary life insurance sales increased less for
the state than for the District.
Manufacturing employment, although higher during the
first five months this year than a year earlier, was down
about 2 percent in May from last May. Contributing to
the decline were such industries as textiles, paper and
allied products, lumber and wood products, and construc
tion. Federal Government employment dropped, but the
number of state and local workers increased. Some of the
unemployed workers undoubtedly took jobs in other in
dustries, since increases occurred in chemical and allied
industries, food, printing, mining, transportation equip
ment, and finance establishments.
•4*
M A N U F A C T U R IN G E M P L O Y M E N T has been declining, and is below
last year in most states . . .
percent change
‘5S- *54
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Jo.
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But N O N A G R IC U L T U R A L E M P L O Y M E N T has stayed up, and is above
a year ago in some states
49s IOO
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Although construction bolstered the economy of most
other District states, it declined somewhat in Louisiana.
The reason for this decline was that several unusually
large contracts were let in the state in 1952 and 1953.
Consequently, the decrease reflects more of a return to
normal than a serious drop in building activity.
Total deposits of member banks in the state in May
were about 6 percent above the level of a year ago, and
total loans were up 12 percent. Bank debits for the first
half were up, with Alexandria showing the sharpest rise.
The economy of Louisiana continues strong. Unemploy
ment still exists, but the percentage of covered workers
claiming unemployment compensation is fairly low and
possibly will be reduced even more if the seasonal in
crease in production this year is normal. Farm income
during the remainder of the year will probably decline
somewhat, despite good prospects for the rice crop.
•Aatonoliv odiu*»*d
1954
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C O N S T R U C T IO N has been a sustaining factor; most states showed a
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first & mov ‘5 3 "‘54
sixth district
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CASH FA R M IN C O M E has fallen off slightly; with experience varying
from state to state
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Consumers spent less at D E P A R T M E N T S T O R E S, bur bought more
N E W C A R S, although in some states registrations were down
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new car regtsf rof»o«*
Both D E M A N D A N D T IM E D E P O S IT S increased in the District and
in every state
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D eclin es D am pen A ctivity in T en n e sse e
Tennessee’s economic pattern during the first half of 1954
was characterized by a continued downturn of moderate
proportion in most lines of activity. Declines were par
ticularly evident in agriculture and manufacturing.
Farm income in the first five months of 1954 was
down 8 percent from a year earlier, largely because of a
sharp drop in cash receipts from crops, although income
from livestock also dropped slightly. Since manufacturing
is the state’s most important single source of income,
Tennesseans felt the 6-percent drop in factory payrolls
(seasonally adjusted) between December and May. Em
ployment losses were concentrated in the fabricated metal,
textile, primary metal, and chemical industries. Since
March, however, lower levels in manufacturing payrolls
and employment have resulted solely from seasonal
influences. If seasonal factors continue to be the chief
determinant of manufacturing activity, prospects for the
remainder of 1954 are favorable.
Gains in employment other than manufacturing did not
make up for the reductions in the manufacturing seg
ment. Consequently, insured unemployment rose sharply
from last year. At the end of June, 9 percent of Ten
nessee’s covered labor force was drawing unemployment
compensation. Construction employment rose 13 percent
in the first five months, and total construction contracts
awarded during the first half were ahead of the like 1953
period, an increase almost entirely due to a 35-milliondollar electric power contract. Residential awards, how
ever, were 7 percent below a year ago.
Consumer spending remained high, but was somewhat
lower than in the first half of 1953. Consumers appar
ently saved more of their money, judging from additions
to time deposits and savings and loan shares, and from
life insurance sales in 1954.
Announcements of new plants and expansions so far
this year call for expenditures of 38 million dollars, in
cluding a titanium sponge plant at New Johnsonville.
Continued growth of Tennessee’s industrial economy,
therefore, is indicated.
•5•
D
is t r ic t
S ta te
G o v e r n m
e n t s :
District states will probably gather in over 2 billion dollars
in total revenue during the fiscal year 1954. This figure is
a pretty safe bet considering the data that are already in
and the preceding year’s take of over 1.9 billion dollars.
The fiscal year ended June 30 in all District states except
Alabama, where it will end September 30.
Today’s high revenue would have startled the state
treasurer of not so long ago. In 1946 the District states
collected only 764 million dollars. Revenue began to in
crease rapidly with the end of World War II, however,
and since then has risen at an average rate of over 20 per
cent a year, registering a total increase of 150 percent
between the end of 1946 and the end of 1953. Other states
in the nation also have experienced a rise, as is shown in
the chart, but the rate of increase has not been as great as
that in the District states, which include Alabama, Florida,
Georgia, Louisiana, Mississippi, and Tennessee.
Even though they are taking in more money, the states
are having no difficulty in finding places to spend it. To
day’s increased demand for state services, together with
higher costs, has resulted in an upsurge in expenditures that
has more than matched the rise in revenue. In 1953 the
District states spent about 1.8 billion dollars, a 199-percent
increase from 1946 and greater than that experienced by
other states in the nation. In the face of the heavy demand
States Take In M ore, Spend More
s ix th d is t r ic t s ta te s
a ll
o th e r s ta te *
total revenue
't o t o l J $ i § | i p i
•
total e x p e n d itu re s
e>
*
d e b t redem ption
■
to ta l
.d e b t
e x p e n d itu re s
and
re d e m p tio n
for services underlying the rise in expenditures, the states
have had to raise tax rates, cast about for new revenue
sources, and add substantially to their indebtedness.
In many cases the search for additional revenue to
match larger expenditures has proved unsuccessful— states
outside the District have spent more than they took in,
excluding liquor store and insurance trust accounts, in
each of the last six years. Altogether the District states
have fared much better. Except for 1950, they have en
joyed a general revenue surplus in every year since World
War II. Alabama’s revenue, however, fell short of expendi
tures each year from 1948 through 1952, and Georgia and
Mississippi went “in the red” on this basis in 1953. Only
Louisiana has escaped red ink at some time since 1948.
Although all expenditures have risen, education, high
ways, and public welfare projects have accounted for most
A
2 - B illio n - D o lla r
B u s in e s s
of the recent increase in spending. In 1953 education ex
penditures in the District states accounted for 34 percent
of general expenditures. Spending on highways and public
welfare absorbed 23 percent and 19 percent, respectively.
As the chart indicates, District states spend more of their
money on education and public welfare and less on high
ways, public health, and “other” functions than other states.
Sales Tax M ajor Source of Revenue; Education and
Highways Main Expenditures
general revenue, 1953
general (jKperulitares, 1955
intergovernmental
s.stnei stores
Despite the rapid increase in revenue in the District
states, the sources of revenue have changed little in impor
tance. Sales taxes are regularly the most important single
source. In 1953 this group of taxes supplied almost half
of general revenue received by the six states. Intergovern
mental revenue, primarily Federal grants in support of
education, highways, and public health and welfare, con
tributed an additional 23 percent. Licenses and income
taxes each provided less than 10 percent and “other”
revenue made up the remaining 14 percent. Here also the
pattern of District states differs from that of other states in
the nation, as is shown in the chart.
Gasoline and other sales tax collections for the District
states this year are running ahead of last year, and a rela
tively high level of retail sales is further evidence that
revenue from sales taxes will continue upward. In addition,
preliminary reports from Georgia, Louisiana, and Ten
nessee show a substantial increase in tax revenue. It
appears likely also that intergovernmental revenue will
be up from the 1953 level.
\y. M. D a v i s
B a n k A nnouncem ent
On Ju ly 21, the F irst State B a nk of Lakeland,
Lakeland, Florid a, opened fo r business and began
to remit at par fo r checks drawn on it when
received from the Federal Reserve Bank. The bank
opened with a capital of $250,000 and surplus
and undivided profits of $80,000. E . G . K ilp atrick,
J r ., is President and G . A . Lam b is V ice President
and Cashier. William K ilp a trick is A ssistant Cashier.
Sixth District Statistics
Instalment Cash Loans
Condition of 2 7 Mem ber Banks in Leading Cities
Volume
Lenders
Report
ing
Lender
Federal credit unions . .
State credit unions . . .
Industrial banks . . . .
Industrial loan companies
Small loan companies . .
Commercial banks . . .
. . . 36
. . . 16
. . . 8
. . 10
. . . 32
. . . 33
Percent Change
June 1954 from
May
June
1954
1953
+ 41
—7
+ 17
—1
—5
+6
Percent Change
June 1954 from
May
June
1954
1953
+ 15
+ 29
—5
+3
+4
+ 17
+6
—1
—2
+6
+0
+1
—10
—10
—0
+1
+3
—1
Retail Furniture Store Operations
Percent Change June 1954 from
May 1954
June 1953
—3
—3
— 15
+2
—3
—3
—2
+1
—7
—3
Number of Stores
Item
Reporting
. . 140
Total sales...............................
Cash s a le s ...............................
Instalment and other credit sales . . . . . 126
Accounts receivable, end of month . . . . . 132
Collections during month .
. . 132
Inventories, end of month .
. . 100
—8
—6
W holesale Sales and Inventories*
Type of
Wholesaler
Sales
Percent change
June 1954 from
May
June
1954
1953
Firms
Report
ing
Automotive supplies . . . .
Electrical— Wiring supplies
.
“
Appliances
.
Industrial supplies . . . .
.
Lumber and bldg. mat’ ls . .
Plumbing & heating supplies
Refrigeration equipment . .
Drugs and sundries . . .
Groceries— Full line . . . .
“
Specialty Lines .
Tobacco products . . . . .
4
5
8
S
17
4
9
4
—2
+ 35
+3
+ 18
+ 10
—3
-13
—1
+7
—1
6
6
.
+8
+2
+1
+1
+13.
—3
+7
+7
Firms
Report
ing
3
5
7
4
+1
6
-1 5
—1 1
+8
3
7
3
—9
—9
—3
+9
13
34
8
8
—2
6
3
+2
-1 3
■
+3
+.8
9
17
.... .4 _
6
6
—3
-12
■
—4
89
Inventories
Percent change
June 3 0 ,1 9 54 from
May 31 June 30
1954
1953
—8
—9
—4
+1
—2
—1
+26
+2
+ 38
+ 15
—3
+7
—4
+4
—10
+ 54
+6
+6
—2
—4
+4
tt -8
—1
—12
—4
+1
+1
+6
+2
Departm ent Store Sales and Inventories*
Percent Change
Place
ALABAM A .................................
+1
+1
+0
+2
—11
—15
—16
—11
+0
S t. Ptrsb-Tampa Area . .
St. Petersburg . ■ • ■ +1
—0
—4
GEORGIA ........................... —7
—2
—1
—3
—2
+2
+ 11
+2
+6
—2
—1
—3
+3
+4
+10
+7
+7
+6
+1
—16
+5
—1
L O U I S I A N A ...........................
Baton Rouge . ” . • ■ • —5
—1
New O r le a n s ......................
—5
M IS S IS S IP P I..........................
—0
—16
Meridian** ...........................
—7
T EN N ESSEE ......................
Bristol (Tenn. & V a .)* *
Bristol-KingsportJohnson C ity** . . . .
Chattanooga ...........................
—9
+8
+1
—11
—8
—11
—8
—3
+2
—1
+4
—6
—2
6 Months
1954 from
1953
—6
—7
—5
—6
—1
+1
+0
—0
—3
—5
—1
—2
—1
—5
—2
—9
—9
Inventories
June 3 0 ,1 9 5 4 , from
May 31
June 30
1954
1953
—7
—10
—6
—1
—4
—b
—9
—2
—13
+1
—4
— io
—i i
—i i
—8
—6
—9
—14
—8
—8
—6
+1
—1
+1
—4
—4
—9
—7
—9
+1
—10
—2
—7
—7
—11
—4
—9
—8
—1
+2
—4
—2
+6
—8
—8
—15
—8
—5
—6
—2
—6
—«
—y
—7
+1
+6
—0
+1
—i i
— 15
Nashville..................................
—8
—5
D I S T R I C T ................................
^Reporting stores account for over 90 percent of total District department store sales.
* * in order to permit publication of figures for this city, a special sample has been
constructed which is not confined exclusively to department stores. Figures for non
department stores, however, are not used in computing the District percent changes.
Item
Loans and investments—
T o ta l.........................................
Loans— N e t ...............................
Loans— G ro ss............................
Commercial, industrial,
and agricultural loans .
Loans to brokers and
dealers in securities . .
Other loans for pur
chasing and carrying
securities............................
Real estate loans . . . ,
Loans to banks......................
Other lo a n s ...........................
Investments— Total . . . ,.
B ills, certificates,
and notes ..........................
U. S. bonds ...........................
Other securities. . . .
Reserve with F. R. Bank . .
Cash in va u lt..........................
Balances with domestic
,
Demand deposits adjusted . ,.
Time d ep o sits...................... ....
U. S. Gov’ t deposits . . .
Deposits of domestic banks .
July 21,
1954
June 16,
1954
Percent Change
July 21,1954, from
June 16,
July 15,
1954
1953
July 15,
1953
3,001,430
1,288,258
2,959,683
1,288,601
1,310,025
2,976,386
1,208,770
1,230,323
+1
—0
+0
+1
+7
763,795
760,857
679,469
+0
+ 12
13,806
16,178
17,106
— 15
— 19
33,148
91,000
5,959
402,357
1,173,172
33,174
91,740
3,207
404,869
1,671,082
38,169
91,067
10,106
394,406
1,767,616
—0
—1
+86
—1
— 13
+3
—3
625,270
802,537
285,365
514,903
47,238
578,942
810,949
281,191
522,283
45,281
802,917
704,199
260,500
483,375
48,788
+8
—1
+1
—1
—22
255,784
2,273,509
595,917
72,184
609,350
700
254,585
2,224,808
594,444
62,431
614,367
19,400
264,361
2,164,438
568,310
163,156
613,212
+0
+6
—0
—41
+2
+ 14
+ 10
+7
—3
+4
—3
+5
+5
— 56
—1
*
+2
+0
+ 16
—1
*
21,000
^Decline of 100 percent or over.
—2
+2
+1
*Based on information submitted by wholesalers participating in the Monthly
Wholesale Trade Report issued by the Bureau of the Census.
Sales
June 1954 from
June
May
1954
1953
(In Thousands of Dollars)
Outstandings
Debits to Individual Demand Deposit Accounts
(In Thousands of Dollars)___________
Place
June
May
1954 ............1954
_________ Percent Change
June 1954 from
6 Yonths
June
May June
1954 from
1954 1953
1953
-1953
ALABAMA
Anniston . . . .
30,452
29,321
30,329
Birmingham . .
455,006
429,568
420,846
Dothan . . . .
16,280
18,632
17,392
Gadsden . . . .
23,027
23,212
25,058
Mobile . . . .
192,917
172,631
176,434
Montgomery . .
97,233
101,392
91,926
Tuscaloosa* . .
33,153
34,192
33,137
FLO RIDA
458,897
Jacksonville . .
462,083
450,271
M iam i....................
395,266
418,625
365,519
601,341
Greater Miami* .
629,901
547,344
Orlando . . . .
96,043
92,539
91,299
Pensacola . . .
54,927
55,112
56,910
S t. Petersburg .
97,440
94,703
83,360
Tampa . . . .
204,620
201,125
194,990
West Palm Beach*
58,574
63,204
55,771
GEORGIA
Albany . . . .
38,135
37,937
38,398
Atlanta . . . .
1,231,950
1,226,800
1,247,794
August a. . . .
81,436
92,641
87,448
Brunswick . . .
13,543
13,229
13,016
Columbus . . .
77,126
73,018
79,680
Elberton . . . .
4,872
4,724
4,826
Gainesville* . .
28,888
27,508
25,801
Griffin* . . . .
12,788
12,174
13,605
Macon . . . .
84,948
79,248
95,741
Newnan . . . .
9,109
9,987
9,473
Rome* . . . .
28,124
29,157
28,218
Savannah . . .
117,134
123,317
132,168
Valdosta . . .
18,799
20,552
16,085
LOUISIANA
Alexandria* . .
43,293
47,763
46,654
Baton Rouge . .
141,017
136,448
134,455
Lake Charles . .
53,784
55,440
54,886
New Orleans . .
985,939
928,330
936,277
M ISSISSIPPI
21,197
20,543
21,213
Hattiesburg . .
148,762
149,168
Jackson . . . .
156,533
26,397
30,063
26,360
Meridian . . .
14,989
14,994
14,778
Vicksburg . . .
TEN N ESSEE
224,711
Chattanooga . .
217,502
199,191
157,838
159,151
142.605
Knoxville . . .
470,748
Nashville . . .
460,527
455,308
SIXTH DISTRICT
5,914,483
6,033.262
5,919,928
32 Cities . . .
UNITED STATES
163,407,000 149,716,000 153,846,000
345 Cities . .
*Not included in Sixth District totals.
+4
+6
— 13
—1
+ 12
—4
—3
—1
—6
—5
+4
—0
+3
+2
—7
+1
+0
—12
+2
+6
+0
+8
—6
—8
+9
+6
+0
+2
+8
+ 10
+5
—3
+ 17
+5
+5
—1
—1
—7
+4
—3
+1
+ 12
+3
+5
+5
—6
+ 7 —1 1
—9 — 4
+4
+3
— 5 —1 1
— 9 + 17
—9
—3
+3
+5
—7
+1
+1
+6
+0
+5
+3
+5
—0 —12
—0 + 1
—4
+2
+5
—6
+5
+3
+1
+6
+9
+9
+3
+4
+7
+5
+2
—3
+5
—6
+6
—3
—6
+ 11
—7
—1
+0
+7
—4
+ 18
+4
+3
—1
+3
+1
—3
— 15
—0
+9
—3
—1
+ 12
+1
+1
—2
—3
+4
+2
+2
+3
+9
+6
+8
•7•
Sixth District Indexes
UNADJUSTED
District Total
Alabama .
Florida . .
Georgia . .
Louisiana .
Mississippi.
Tennessee .
SEASONALLY
District Total
Alabama .
Florida . .
Georgia . .
Louisiana .
Mississippi .
Tennessee .
Manufacturing
Employment
1 9 4 7 -4 9 = 1 00
Manufacturing
Cotton
Payrolls
Con sum p tion **
May
1954
April
1954
May
1954
...................... 110
......................102
......................133
...................... 112
..........................105
.....................106
......................109
ADJUSTED
...................... 110
......................103
......................133
......................113
..........................106
.....................107
......................110
111
104r
138
113
105
10 S
110
111
104
135
113
107
109
110
May
1953
114
106r
129r
116r
107r
146
131
177
144
150
150
146
112
118
114
107r
129r
118r
109r
113
118
147
133
177
147
153
150
147
April
1954
148
133
187
147r
146r
155r
146r
May
1953
June
1954
May
1954
155
139
171
158
149
159
162
87
87
89
148
133
184r
147r
150
156r
148r
156
141
171
161
152
159
163
D ISTRIC T S A LES* . . . .
Atlanta 1 .................................
Baton Rouge ......................
B irm ingham ..........................
Chattanooga ...........................
Jackson ......................................
Jackso n ville ...........................
K n o x v ille ................................
M aco n ......................................
M ia m i......................................
N ash ville .................................
New Orleans...........................
St. Ptrsbg-Tampa Area . .
T a m p a ......................................
D ISTRIC T STOCKS* . . .
110
129
117
117
126
139
137
125
131p
133
Adjusted
May
1954
June
1954
114p
98
127
June
1953
127r
12 2 r
124r
lllr
128r
102
120
100
114
124
123
146
105
119r
150r
135
126r
126r
135
125r
146r
103
116
122
125
110
110
109
100
120
119
115
99
127
77
88
105
94
89
99
92
143r
106
88
94
May
1954
June
1953
100
102
95
106
103
106
103
100
109
106
173
159
100
111
100
118p
llO r
111
157
84
83
90
103p
100
110
93
115
109r
103
107
103
105
98
78r
9i
85
102
Other District Indexes
June
1953
113r
105
110
101
June
1954
Petrol, prod, in Coastal
Louisiana and Mississippi**
Furniture store stocks* . . .
Turnover of demand deposits* .
10 leading c it ie s .....................
Outside 10 leading c itie s . .
C h e m ic a ls..................................
Fabricated metals . . . .
110
120
that is not confined exclusively to department stores. Figures for non-department stores,
however, are not used in computing the District index.
*For Sixth District area only. Other totals for entire six states.
**D aily average basis.
Sources: Mfg. emp. and payrolls, state depts. of labor; cotton consumption, ll. S. Bureau
Census; construction contracts, F. W. Dodge Corp.; furn. sales, dept, store sales,
turnover of dem. dep., FRB Atlanta; petrol, prod., U. S. Bureau of Mines; elec.
power prod., Fed. Power Comm. Indexes calculated by this Bank.
Adjusted
May
1954
June
1953
June
1954
Unadjusted
May
June
1954
1953
249
170
310
Construction contracts* . . .
R esiden tial................................
1 To permit publication of figures for this city, a special sample has been constructed
137
June
1954
112 p
Elec. power prod., total** . .
Mfg. emp. by type
12 1
135p
June
1953
109
117
139r
122
153
183
243
185
207
177
191
122
109
109
114p
118
113
128p
126
119
130
193
225
224
399
111
115
118
113
138
134
120
10 1
12 1
May
1954
102 p
113r
103
93
109
129
107
109r
111
122
114
Unadjusted
May
1954
104r
99r
June
1954
Furniture
Store S a l e s * / * *
106
99
Department Store Sales and Stocks**
June
1954
129p
128
124
June
1953
88
91
Construction
Contracts
. 145
. 112 p
. 20.2
.
22.4
.
16.9
May
1954
. 143
. 144
. Ill
. 85
Lbr., wood prod., furn. & fix.
Paper and allied prod.. . .
Primary m e t a ls ....................... .
.
Trans, equip................................. .
r Revised
p Preliminary
93
95
167
147
114r
20.5
20.0
17.8
April
1954
140
124
145r
11 2
86
143
94
94
166
145
123
19.1
21.3
15.9
May
1953
147r
12 1r
164r
109r
91r
142r
104r
103r
157r
144
llO p
202
180
218
20.2
144
115r
19.7
21.4
16.9
16.7
May
1954
20.8
April
1954
134
82
173
144
12 1
19.1
20.3
15.9
May
1953
184
184
175
141
141
125
144r
109
145r
119r
161r
106r
91r
141r
103r
120
142
109
85
142
91
93
168
86
142
94
94
171
100
159r
YORK
r^ P H IlA D E L P H U
O R e s e rv e B ank C itie s
• B ranch B ank C itie s
m i D istric t B o u n d a rie s
B ranch T e rr ito ry B o u n d a ries
B o a rd o f G o v e r n o rs o f th e F e d e ra l R e se r v e S y s te m
@FedFRASER