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Monthly Review ATLANTA, GEORGIA, JULY 31, 1955 In % is Issu e : S ix th D is t r ic t B u s in e s s R e v iv a l B r o a d e n s M o r e S c h o o l s , R o a d s , P u b lic H o u s i n g , a n d B r id g e s D is t r ic t B u s i n e s s H i g h l i g h t s SixtftD iflridStatistics: C o n d it io n o f 27 M e m b e r Banks in L e a d in g C itie s D e b its to In d iv id u a l D e m a n d D e p o sit A c c o u n t s D e p a rtm e n t S to re S a le s a n d Inventories In sta lm en t C a s h Loans R e ta il Furniture S to re O p e ra tio n s W h o le s a le Sa le s a n d Inventories S frtfiTHftrUtIndexes: C o n stru c tio n C o n tra c ts C o t t o n C o n s u m p tio n D e p a rtm e n t S to re Sa le s a n d Stocks E le ctric P o w e r P ro d u ctio n Furniture S to re S a le s a n d Sto cks M a n u fa c tu rin g E m p lo y m e n t M a n u fa c tu rin g P ayrolls N o n fa r m E m p lo y m e n t P etro leu m P ro d u ctio n Turnover o f D e m a n d D e p o sits D IS T R I C T B U S IN E S S H I G H L I G H T S B u s in e s s a c tiv ity c o n tin u e d a t a fa st p a c e a lth o u g h s o m e in d ic a to rs s lo w e d d o w n in J u n e . B a n k lo a n s , fa c to r y p a y ro lls , a n d n o n fa r m e m p lo y m e n t in c re a s e d ; b u t d e b its , in s ta lm e n t sa les a t d e p a rtm e n t sto re s, a n d sa le s a t fu rn itu r e sto re s d e c re a s e d . B a n k d e p o sits a n d d e p a rtm e n t sto re sa les in J u ly , h o w e v e r, re v e rs e d p re v io u s d e c lin e s , a n d a g ric u ltu ra l p ro s p e c ts im p ro v e d . Manufacturing payrolls, seasonally adjusted, during May rose slightly from the previous record set in April, but seasonally adjusted factory employment remained practically unchanged. Nonfarm employment, seasonally adjusted, during May equalled the record level of March 1955. Steel operations in Birmingham, although quickly recovering after completion of a wage settlement in early July, were slightly lower in mid-July than in the preceding month. New manufacturing plants and expansions announced during the second quarter of 1955 were considerably above the already high volumes of the first quarter and were much higher than in a like period of 1954. Total loans at all member banks increased more than seasonally in June, and according to preliminary data, continued to gain more than seasonally during July. Bank debits, seasonally adjusted, declined slightly in June after a sharp gain the previous month, but remained well above the year-ago level. Total deposits at all member banks declined in June, after seasonal adjustment, but according to preliminary data, increased more than seasonally during July. Interest rates on new business loans made by banks in major cities averaged slightly lower in June than they did in March. Furniture store sales, seasonally adjusted, were considerably lower in June than in May. Instalment sales at department stores in June were lower than a year ago for the first time this year. Department store sales, seasonally adjusted, declined slightly in June, but rose sharply during the first three weeks of July to a record high. New car registrations in the District in May for the first time this year showed a lower year-to-year gain than in the nation, but remained well over year-ago levels. Durable goods sales at department stores in May continued to show larger gains from a year ago than nondurables, and according to preliminary reports advanced even further in June. Consumer instalment credit outstanding at commercial banks expanded slightly more than seasonally from May to June, with the largest gain occurring in automo bile loans. July weather favored feed and forage crop development; excess moisture, however, may have adversely affected cotton yields. Broiler placements in District states continued to increase more than in other areas and were substantially above last year. Cotton acreage in cultivation in District states July 1 was at a record low. Farm prices of chickens, peanuts, and rice were above their last June levels, but prices of most other District farm products—except hog prices, which were substan tially lower—showed little change. Free reserves averaged somewhat lower in July than in June, as borrowings increased and excess reserves declined from the June level. • 2 • S ix th D is tr ic t B u sin e ss R e v iv a l B r o a d e n s The business revival broadened during the second quarter of 1955. At mid-year, even agricultural prospects looked a little better; construction, which had been bolstering the District’s economy, continued at a high level; manufactur ing employment pushed upward; and the revival continued to be supported by an increasing amount of consumer spending made possible by higher incomes and more credit. Of course, soft spots still remain in the District’s economy, and the upward trend may be reversed later this year. But if the trend established in the first half continues, a new economic record will be set. B r o a d e n in g R e c o v e r y in M a n u fa ctu rin g By the middle of May at District factories, half of the loss of employment between the peak of 1953 and the 1954-recession low had been made up. A moderate rise in textiles, the number one manufacturing employer, contrib uted heavily to the recovery. Between December and June, cotton consumption increased 12 percent, and during June was 13 percent greater than in June 1954. There is further evidence of economic recovery in the District. Many manufacturing employers, instead of add ing workers, extended working hours and in some cases increased pay rates. Over-time pay also helped to raise average weekly earnings in all manufacturing plants for the first five months of 1955 to 5 percent above the like period last year. Indeed, average weekly earnings this May were at a record level. Some industries with rapid rates of postwar growth, such as paper, chemicals, and apparel, set new records in the number of workers em ployed. But the district lumber industry, second largest manufacturing employer, improved little. Manufacturing workers’ pay checks were witness to the broadening revival. Factory payrolls in District states rose steadily, and in May workers’ total payrolls had increased 4 percent since the first of the year, after seasonal adjust ment, and were 10 percent greater than in last May. Outside of manufacturing and agriculture, employment improved slowly but steadily. Despite a strike that idled over 35,000 rail and telephone workers for over two months, total nonfarm employment other than manufac turing for the first five months of this year was slightly higher than a year ago. State and local governments, service trades, and finance, insurance, and real-estate es tablishments were all hiring more workers. C o n tin u ed C on stru ction E x p a n sio n Contracts awarded for all types of construction com bined ran 31 percent ahead of the first six months of 1954. Contracts awarded for new manufacturing plants were up 45 percent from that period last year, and the gain in com mercial building awards was even greater. As the recovery broadened, manufacturing firms re vealed plans to expand or to build an increasing number of plants. Such plans included a new newsprint plant at Mobile, Alabama, and an expansion of one at Calhoun, Tennessee, costing together 45 million dollars, as well as two new refineries—one in Florida and one in Mississippi —together costing 26 million dollars, and an expansion of a paper mill in Jacksonville, Florida, to cost 20 million. All together, plans for 40 new or expanded plants, ex cluding those to cost less than 100,000 dollars, were an nounced in the second quarter. The total estimated cost of new plants announced during the first half is greater than that for any other half-year period since 1952. Prospects for important public works construction were also indicated. Ground was broken for a 65-million-dollar highway bridge across the Mississippi at New Orleans. In Florida, the Supreme Court validated a 74-milliondollar bond issue to pay for the Miami-Fort Pierce turn pike. A turnpike to run the length of the state that may cost 200 million dollars has been authorized. Figures on residential construction are harder to in terpret. In March, awards were at an all-time high; then in April and in May they were down; in June they rose slightly and were up 47 percent from last June. Contract awards do not usually decline in April and May. The ques tion is raised in the minds of some persons as to whether this is the initiation of a downturn. Contracts already awarded, however, are sufficient to keep the construction industry busy in the near future. A g ricu ltu ra l P r o sp e c ts Im p r o v ed The weather has treated District farmers a little more kindly in recent months after last year’s drought and the disastrous freeze in March. Except for a lack of moisture for a few weeks in some areas, favorable weather has pre vailed since April. Farmers have been trying to offset some of the income losses stemming from acreage restric tions; they can, of course, do nothing to restore the peach, pecan, and tung nut crops that were destroyed by the freeze. They could not completely offset the loss of the early spring vegetable crops; replanted vegetable crops from the southern part of the District came onto the mar ket at about the same time as crops from the central areas, and the expanded supply pushed prices down. Many farmers, however, are attempting to produce and market more livestock and livestock products. The end effects of these developments on total District farm income are as yet problematical. The success of some farmers’ efforts to offset losses will depend largely on favorable weather. In Florida, farm marketings during the first four months were substantially higher than last year. In other District states, however, despite only mod erate declines in receipts from livestock and livestock prod ucts, total receipts were reduced substantially by lower returns from crop marketings. However, at a sample of banks whose chief customers are farmers, demand deposits of farmers were above last April. Farm income for the year may not be as low as was expected earlier this year. 3 C o n su m er S p e n d in g Up M a n u fa ctu rin g E m p lo y m en t a n d P a y r o lls Payrolls have expanded more than employment in recent months and are above the peak reached in 1954. pfcrc^nt Employment gains from the 1954 low points have varied significantly among types of manufacturing. % m qy 1955ffpfft towpoiM sinI9S4 j primary metals seotpftoliyadjusted fabricated metots apparel 4-10 textiles +8 transportation equipment . chemicals . paper 4b 4-4 lumber and furniture +2 ...... 0 food And because some types of manufacturing are more im portant in some states than others, the rate of recovery has varied from state to state. %Cbdnge m oy 1955fromiq>wpoints in!954 O -4-j +2 -K3 -+4 4-5 +6 '¥7 But by the end of May this year, employment had reached the peak levels of 1953 in only three industries. % m oy 1955fr$mp«cl<3inJ963 M oeofiolly'adjusted chemicals paper apparel primary metals transportation equipment food textiles fabricated metals lumber and furniture ; Total income payments to individuals, according to sea sonally adjusted preliminary estimates, were 3 percent greater in the second quarter than in the first quarter of this year and 5 percent above that of the second quarter of 1954. Consumers used their greater incomes to raise their buying to an even higher level than prevailed in the first quarter of this year, particularly their purchases of durable goods. At department stores, for example, durable goods sales in the first half were 20 percent greater than a year earlier, whereas nondurable goods sales were up 8 percent. Furniture stores benefited especially, with sales for the first half of the year higher than in any other half since 1947. New car sales through May were 32 percent greater than a year ago. Buying gasoline to run the cars boosted gasoline tax collections to a new high. Greater use of credit supported some of this buying. At reporting department stores, instalment and charge ac count sales together accounted for 56 percent of the total purchases through June this year, compared with 55 per cent last year, and charge account customers owed depart ment stores 10 percent more and instalment account cus tomers 16 percent more than last year. Buying automobiles on credit helped push up instalment loans at commercial banks in the second quarter, and other types of lenders to consumers reported even greater increase in outstandings. B an k C red it G ro w th Reports from District banks reflected the broadening of the business revival. Net demand deposits at member banks, seasonally adjusted, rose almost 3 percent from the first of the year and in June averaged 9 percent higher than a year earlier. Loans at member banks increased steadily during every month in the first half of 1955, reaching the record total of 2.9 billion dollars at the end of June, 17 percent higher than a year earlier. At weekly report ing banks, increases of 6 percent in loans to consumers and 29 percent in real-estate loans accounted for most of the growth in total loans in the first half. In the face of lower farm income, farm loans in April were 10 percent above those for April 1954. Moreover, there was a marked shift from farm loans unsecured to farm loans secured by real estate, apparently reflecting an effort on the part of bankers to obtain security on pro duction loans as well as on capital loans. The apparent close connection between the business revival and credit extended makes some persons distrust the sustainability of the revival. Whether or not credit ex pansion can be sustained without inflationary develop ments, however, depends basically upon whether or not production and income expand along with it. So far, there have been important production increases, and these in creases have not taxed capacity. But as economic activity expands, whether production and income continue to grow along with the expansion in credit becomes an increas ingly important element in assessing the future. This adds another “if” to the qualifications that previously hedged most predictions about future economic conditions. C h a rles T . T aylor 4 B o r r o w in g s b y S ta te a n d L o c a l G o v e r n m e n ts fo r M o r e S c h o o ls , R o a d s , P u b li c H o u s in g , a n d State and local governments, during 1954 and the first quarter of this year, contributed heavily to the high level of construction, a most important bolster to the nation’s expanding economic activity. In 1954 the value of con struction by all state and local governments in the country amounted to an estimated 8.4 billion dollars. This year, judging by the volume of contracts awarded during the first three months, the value is running 15 percent ahead of last year. Bigger and better schools, roads, public housing projects, and bridges are going up all over the country. Capital expenditures of this type are generally financed by borrowings. Total borrowings by state and local govern ments, therefore, or the amount of securities they issue, give some indication of how much is being spent for public construction. The relationship is not exact, however, since some of these expenditures are financed out of tax revenue. Furthermore, the total of securities issued contains some duplication, since a number are issued on a temporary basis in the form of notes and are refinanced later in the same year in the form of long-term bonds. Also, a few of the se curities issued may be for refunding purposes. Nevertheless, an analysis of state and local government borrowing in an area will reveal to some extent trends in capital expenditures and distribution of borrowers. A study of the underwriters, furthermore, may indicate the degree Use of Borrowings by State and Local Governments Sixth District States Percentage Distribution, First Quarter of 1955 Compared with First Quarter of 1954 of local financing as well as the ability of a region to pro vide its own funds for capital improvements. The data also reveal the cost of borrowing by state and local governments in relation to the availability of financial resources. Sixth District states have participated heavily in the national program of general improvement. Last year, ac cording to a special tabulation of individual issues by this Bank, all securities issued by states, cities, school boards, housing authorities, special authorities, and other instru mentalities in the District states amounted to 968 million dollars. And the estimated first-quarter total for 1955 is above that for 1954. In District states in 1954, governmental units in Loui siana had by far the largest amount of borrowings—327 B r id g e s million dollars. Florida governments followed with 206 million. In both states, housing authorities borrowed heav ily, but in Louisiana, counties and special authorities were also important; in Florida, city governments and state and local school boards added significantly to the total. In all six states, housing authorities borrowed 337 mil lion dollars, or about 35 percent of the total, and accounted for the largest share in each state except Florida. Most of the securities issued by housing authorities were guaranteed Securities Issued by State and Local Governments Sixth District States, 1954 motion$ miss. tenn, ala go, fta. Io, by either the Public Housing Administration or the Hous ing and Home Finance Agency. The amounts borrowed by state governments are small, compared with the totals of some other governmental units. Because of a constitutional limitation on debt, some state governments cannot sell securities or incur debt in their own name, and, therefore, they establish special authorities to do the borrowing and provide necessary improvements. During 1954, District state governments borrowed 80 mil lion dollars and special authorities, 151 million dollars. Because housing authorities borrowed a major share, much of the money was spent on public housing, but school construction was also important. During the year, construc tion and expansion of schools, made necessary by the in creased enrollment, amounted to 188 million dollars. Con struction of streets, roads and bridges was next, followed by public utilities, hospitals, and the like. Underwriters, such as bankers and investment dealers, generally look for funds in their own area with which to finance new issues. These funds usually come from the sav ings of local business firms and individuals; the savings in turn depend to a great extent on regional income. In 1954 underwriters in District states, separately or with syndicates in which they were a major part, handled about 410 million dollars in new securities and underwrote more than half of the issues of the city and county govern ments and small district governments, such as water, sew age and garbage districts. Although the amount of secur ities underwritten by local bankers and investment dealers has increased rapidly since World War II, the relative share • 5 • of these underwriters fell from an average of 87 percent in 1948-49 to 50 percent in 1954. This decline, although large, reflects the increase in the amount of public improve ments rather than a decline in local income. Even though the increase in income in this area ex ceeded that in the nation, the area was not able to provide funds for all its capital expenditures, and state and local governments found it necessary and profitable to seek funds in national markets. Judging by the distribution of the amount and number of issues underwritten in Southern and non-Southern states, large issues were generally fi nanced by firms outside the District states. These firms underwrote 57 percent of the dollar amount of state and local securities but only 42 percent of the number of issues, indicating that Southern markets are still too small to handle large issues. Distribution of State and Local Securities by Purpose Sixth District States, 1954 (In Millions of Dollars) Purpose Schools . . . . Water and Sewers . Streets, H ighways and Bridges . . Public U tilities . . H o sp ita ls. . . . H ousing . . . . R efund . . . . O t h e r ........................ T otal . . . ., A la. Fla. Ga. La. Miss. Tenn. Total 24 11 77 38 39 5 27 5 7 3 14 10 188 72 * 31 8 1 81 131 23 1 103 17 2 * 1 2 3 37 . . 10 77 186 93 12 337 2 78 968 6 39 * 51 1 7 139 19 7 50 1 14 206 . . 4 169 . 15 . 37 327 6 50 *Less than$500,000 The dependence of Southern governmental units on national markets, therefore, depends to some degree on the size of issue involved. The percentage of all securities issued by governmental units and handled within the state ranged from 2.3 in Florida to 14.4 percent in Alabama. Non-Southern firms underwrote 62.2 percent of the se curities issued by Tennessee governments but only 39.7 percent of the Louisiana issues. To some extent this variation in the dependence on non-Southern firms was also determined by the amounts the governmental units in each state borrowed. In states in which housing securities made up a large part of the total, a major share of the securities was handled by non-Southern underwriters. Most of these issues, both large and small, were sold through New York City banks rather than through local bankers and investment dealers. Although housing authority issues were of all sizes and were mostly short-term, only one issue was underwritten by a Southern firm. These securities were not attractive to local under writers probably because the firms had more productive outlets for the funds they had available. State governments, because they are generally a good credit risk and are well-known nationally, can sell their securities in large national markets and thereby obtain lower rates. Out of the 19 issues by District states last year, 12 were underwritten by non-Southern firms. These issues were primarily long-term, ranging from 5 to 25 years, and were of large denominations. School boards also relied heavily on outside firms; 92 percent of their securities were handled by syndicates, which were predominantly non-Southern. Most of these securities were in Florida, however, and represented a series of relatively large issues by school boards. Issues of other governmental units in District states found a ready market locally. Since governmental units usually seek the most favor able market in which to sell their securities, the yield—the interest cost in relation to the amount received for the se curity—is usually indicative of the market response to the credit position of the borrower. But more than that it indi cates the availability of funds for investments. Last year, yields on securities sold in national markets were slightly lower than those prevailing in local markets, but this rate advantage varied considerably by type of borrower. State governments, school boards, and housing authorities found a slight yield advantage by selling their securities in the national markets. City and county governments, special authorities, and small district instrumentalities found local markets more favorable. A few county governments that sold securities in national markets did so at yields that were somewhat higher than those in the case of counties that sold in the local market. The analysis of state and local securities for the year 1954 and for the first quarter of 1955 reveals that state and local governments have added significantly to the level of construction in this area. A great part of these funds was raised through national capital markets, judging from the proportion of securities handled by local underwriters. This access to other national funds brought with it not only a sharing in the financing of the program of capital improve ments on the part of investors throughout the country, but in some cases a reduction in interest costs to local gov ernments. With the continued expansion in income and the pre dicted increase in state and local government construction, local bankers and investment dealers can expect to have more business in 1955 and the people of the area can expect to have more schools, roads, public housing and bridges. Charles S. Overmiller Bank Announcements The Citizens Bank, Mobile, Alabama, a newly organ ized nonmember bank, opened for business July 1 and began to remit at par . Capital stock of the bank amounts to $265,000 and surplus and undivided profits to $91,000 . Officers are E. E. Delaney, President; Joseph C. Sullivan, Vice President; O. B. Harrell, Vice President and Cashier; and James Pollard and Fred Kimbrough, Jr., Assistant Cashiers . Another newly organized nonmember bank opened for business July 15 and began to remit at par— the Greenville Bank, Greenville, Alabama . This bank's capital stock and surplus and undivided profits total $175,000 . Howard E. Cheatham is President; J. W. Rainer, Jr., is Executive Vice President; and James Calloway is Cashier. 6 Sixth District Statistics In s t a lm e n t C a s h Condition of 27 Member Banks in Leading Cities Lo a n s (I n T housands o f D ollars) V olu m e O u tstan din gs P ercent Change J u ne 1 9 5 5 from N o. of Lenders Lender Federal cred it u n ion s . S ta te cred it u nion s . . In du strial banks . . . In d u strial loan com pan ies S m all loans com p an ies . C om m ercial banks . . . . . . . . . 38 17 8 10 21 33 . . . . . . . . . . P ercent Change Ju ne 1 9 5 5 from May 1955 Ju ne 1954 +39 —9 +32 + 5 + 28 + 12 + 16 +57 —10 + 12 + 7 +9 May 1955 Ju ne 1954 +6 + + + + + + + 5 + 0 + 2 +2 +3 18 12 15 17 11 17 Retail Furniture Store Operations P ercent Change Ju ne 1 9 5 5 from Item May 1 9 5 5 Ju ne 1 9 5 4 —8 —11 —8 +3 +3 +3 + 1 + 1 —5 —7 T otal s a l e s ............................ Cash s a l e s ............................ In sta lm en t and oth er cred it sa le s . . . . A ccou n ts receivab le, end o f m onth . . . C o llec tio n s during m onth In ven tories, end o f m onth +6 +8 Wholesale Sales and Inventories* ___________ P ercent Change____________________ S a le s In ven tories Ju n e 1 9 5 5 from Type of W h olesaler N o. o f Firm s Grocery, co n fe ctio n er y , m eats E d ib le farm prod ucts . . . Drugs, ch em s., a llie d prods. 19 13 15 E le ctrica l, e le ctr o n ic & ap p lian ce good s . . . . 10 Hardware. plum bing & h eatin g goods . 1 4 M achinery: eq u ip . & su p p lie s 1 5 Iron & ste e l scrap & w a ste m aterials . . . . Ju ne 1954 N o. of Firm s May 3 1 , 1955 Ju n e 1954 —7 +13 —4 —4 — 17 +8 11 12 8 —21 + 1 +7 +8 + 10 + 8 0 8 Ju ne 3 0 , 1 9 5 5 from May 1955 + 5 —9 —2 31 Loans and in vestm en ts— T o t a l ....................................... Loans— Net ............................ Loans— G r o s s ............................ Com m ercial, in d u stria l, and agricultu ral loans . Loans to brokers and d ealers in s ec u r ities . Other loans for purchasing or carrying sec u r ities . Real e s ta te loans . . . . Loans to banks . . . . Other l o a n s ............................ In vestm en ts— T otal . . . . B ills , c e r tific a te s , and n o t e s ....................... U . S . b o n d s ............................ Other s ec u r ities . . . . Reserve w ith F. R. Bank . Cash in v a u l t ............................ B alan ces w ith d om estic b a n k s ....................................... Dem and d ep o sits ad ju sted . T im e d e p o s i t s ............................ U. S . Gov’t d ep o sits . . . D e p o sits of d o m estic banks B o r r o w i n g s .................................. *100 p ercent +9 8 —5 + 18 12 +3 +3 + 2 + 12 + 12 +5 +80 * B ased on inform ation su b m itted by w h olesalers p a rticip a tin g in th e M onthly W h olesale Trade Report issued by th e Bureau o f th e Census. P la ce ALABAM A .................................. M o n t g o m e r y ............................ F L O R I D A . .................................. S t . P trsb g-T am p a Area . S t . P etersburg . . . . . GEO RG IA ....................................... L O U I S I A N A .................................. B aton Rouge ........................... M I S S I S S I P P I ............................ M e r i d i a n * * ............................ T E N N E S S E E ................................. , B risto l (T en n . & V a .) * * . B risto l-K in g sp o rtJoh nson C ity * * . . . . C h attan ooga ........................... K n o x v i l l e ................................. N a s h v i l l e ................................. D IST R IC T .................................. May Ju ne 1955 1954 —9 —10 —7 — 12 —9 —17 —12 —10 —2 +1 —4 —13 — 14 — 13 —8 —7 —14 —4 —6 —16 —5 —8 —6 —5 —15 —3 +2 +3 +6 —3 + 15 +2 + 30 +5 +4 —6 —14 —11 —21 —10 +8 +1 +4 +7 — 13 +5 +2 +9 +9 +2 —7 +3 +1 —1 + 15 —0 —4 —1 —6 +4 —1 + 5 +9 + 10 +9 +9 + 15 +5 + 26 + 10 +5 +9 +2 + 13 + 14 +4 + 21 +7 +5 + 10 +6 +3 +6 +5 +3 +9 +5 —6 3 0 , 1 9 5 5 , from May 3 1 , Ju ne 3 0 , 1955 1954 Ju ne —3 —2 —4 —11 —4 +10 +4 —6 +7 —0 + io —6 —6 + i7 + 17 — —6 6 + is +7 — io —7 — 10 —3 —3 +7 +3 +7 + 14 + 13 —6 —9 + 8 —4 —4 + 3i —8 — 6 +4 + 9 ^ R eporting stores acco u n t for over 9 0 p ercent o f to ta l D is tr ic t d ep artm en t store sa les. * * l n order to p erm it p u b lic a tio n o f figu res for th is c ity , a sp ecia l sam p le has been con stru cted th a t is n ot con fin ed ex c lu siv ely to d ep artm en t sto r es. F igures for n on dep artm en t stores, however, are not used in com pu tin g th e D is tr ic t p ercent ch an ges. + 1 + 17 + 17 8 5 3 ,8 9 8 8 5 1 ,7 4 3 7 4 6 ,4 9 6 +0 +12 +8 2 2 ,1 2 8 1 9 ,4 3 4 1 6 ,1 6 0 + 14 +37 4 1 ,0 8 2 1 4 4 ,8 1 1 1 7 ,5 6 8 4 6 9 ,5 4 4 1 ,7 1 5 ,1 3 5 4 0 ,1 9 1 1 3 4 -5 2 2 1 9 ,3 3 3 4 6 4 ,6 6 0 1 ,7 5 8 ,2 3 9 3 2 ,4 8 6 9 0 ,7 4 7 2 0 ,1 2 6 4 0 4 ,9 3 0 1 ,6 9 9 ,4 6 7 +2 +8 +26 +60 — 13 + 16 + 1 6 0 9 ,2 1 4 7 7 7 ,0 9 6 3 2 8 ,8 2 5 5 0 4 ,2 8 4 5 1 ,1 9 8 6 3 1 ,9 4 0 7 9 4 ,4 4 6 3 3 1 -8 5 3 4 8 6 ,2 7 0 4 4 ,8 1 7 6 1 6 ,3 6 3 7 9 7 ,2 7 0 2 8 5 ,8 3 4 5 1 8 ,7 1 9 4 9 ,9 1 6 2 7 7 ,9 5 0 2 ,3 6 1 ,4 4 1 6 3 1 ,3 9 0 6 8 ,7 6 6 6 8 8 ,7 5 0 3 8 ,5 0 0 2 6 1 ,5 7 7 2 ,3 6 6 ,0 8 1 6 3 4 ,2 0 4 6 7 -6 9 9 6 6 7 ,8 9 0 3 5 ,5 0 0 2 8 2 ,6 9 8 2 ,2 5 0 ,3 4 8 5 9 5 ,8 1 0 8 1 ,4 4 0 6 5 9 ,2 7 7 5 ,0 0 0 —9 + 1 —2 —1 —4 —2 —1 + 4 + 14 —3 + 15 —3 +3 + 6 —2 +3 — 16 +4 * —-0 —0 +2 +5 +6 +8 Ju ne 1955 May 1955 Ju ne 1954 May 1955 3 3 ,9 4 8 5 9 9 ,5 7 7 1 9 ,0 7 8 2 9 ,5 3 7 2 2 3 ,1 5 4 1 1 7 ,0 0 5 3 9 ,2 2 7 3 2 ,4 4 8 4 9 4 ,5 0 7 2 0 ,7 1 3 2 7 ,1 6 0 2 7 5 ,8 9 2 3 8 ,3 2 7 3 0 ,4 5 2 4 5 5 ,0 0 6 1 6 ,2 8 0 2 3 ,0 2 7 1 9 2 ,9 1 7 9 7 ,2 3 3 3 3 ,1 5 3 5 6 4 ,5 8 5 4 9 4 ,7 5 8 7 6 8 ,2 5 6 1 2 4 ,0 5 3 6 4 ,5 0 5 1 1 2 ,2 7 0 2 4 3 ,7 0 8 7 2 ,1 9 6 5 0 5 ,4 9 1 5 0 0 ,3 0 1 8 0 0 ,6 6 6 1 1 0 ,6 9 9 5 9 ,7 0 1 1 1 5 ,4 3 7 2 3 4 ,1 0 6 7 5 ,3 8 2 4 5 8 ,8 9 7 3 9 5 ,2 6 6 6 0 1 ,3 4 1 9 6 ,0 4 3 5 4 ,9 2 7 9 7 ,4 4 0 2 0 4 ,6 2 0 5 8 ,5 7 4 4 6 ,5 3 9 1 ,4 2 7 ,7 7 9 9 1 ,9 1 2 1 4 ,5 3 3 9 0 ,3 8 9 5 ,2 3 8 3 9 ,3 2 6 1 3 ,9 5 0 9 6 ,7 9 0 1 1 ,5 0 3 3 6 ,3 1 5 1 4 3 ,8 8 7 2 2 ,1 7 8 4 8 ,5 6 9 1 , 4 2 6 ,6 0 5 9 6 ,4 0 3 1 3 ,8 9 7 8 9 ,6 3 6 5 ,1 2 4 3 6 ,6 6 2 1 3 ,6 7 0 9 6 ,9 7 2 1 1 ,6 0 5 3 6 ,1 7 5 1 3 3 ,8 4 2 2 2 ,5 1 9 3 8 ,1 3 5 1 , 2 3 1 ,9 5 0 8 1 ,4 3 6 1 3 ,5 4 3 7 7 ,1 2 6 4 ,8 7 2 2 8 ,8 8 8 1 2 ,7 8 8 8 4 -9 4 8 9 ,1 0 9 2 9 ,1 5 7 1 1 7 ,1 3 4 1 8 ,7 9 9 . . . . 5 4 ,8 7 6 1 6 4 ,3 3 5 6 8 -0 8 2 1 ,0 7 3 ,7 0 3 4 9 ,5 2 5 1 5 3 ,6 8 3 6 7 ,6 8 2 1 ,1 0 4 ,2 2 1 4 3 ,2 9 3 1 3 6 ,4 4 8 5 5 ,4 4 0 9 8 5 ,9 3 9 . . . . 2 3 ,5 9 0 1 8 0 ,0 7 5 3 1 ,1 1 2 1 6 ,2 2 5 2 3 ,1 1 1 1 7 7 ,8 8 9 3 0 ,9 0 4 1 7 ,0 7 6 2 1 ,2 1 3 1 5 5 ,5 7 7 2 6 ,3 6 0 1 4 ,9 8 9 + 1 —5 3 1 ,7 4 2 2 4 8 ,5 6 8 3 3 ,9 5 4 6 3 ,8 2 8 1 7 8 ,6 7 2 5 2 8 ,7 8 3 2 9 ,1 2 4 2 2 6 ,3 0 3 2 9 ,9 3 1 6 1 ,7 8 9 1 5 5 ,0 5 1 4 9 5 ,1 1 8 2 8 ,4 5 2 2 1 7 ,5 0 2 2 8 ,6 5 9 4 3 -5 1 2 1 5 3 ,2 0 7 4 6 0 ,5 2 7 +9 + 10 + 13 + 3 + 15 +7 7 ,0 9 0 ,0 7 1 6 , 8 9 3 ,7 7 5 6 ,0 2 6 ,3 6 2 AL A B A M A B irm ingham . . . . . . . P en sa co la . . . S t . Petersburg . . T am pa . . . . W est Palm B each * 121,110 +5 +21 —8 + 9 — 19 —3 +2 B runswick Colum bus . . . . . . G a in esville* . . . Savannah . . . . L O U ISIA N A A lexan d ria* . B aton Rouge Lake Charles New Orleans M IS S IS S IP P I H a ttie s b u r g . Jackson . . . . . . Vicksburg . . . . +11 +32 + 17 +28 + 16 +20 + 18 —3 +4 —4 —4 +22 —1 —4 + 12 +8 +0 —5 + 5 +1 +2 6 M onths Ju ne 1 9 5 5 from 1954 1954 + 23 +25 +28 + 29 +17 + 15 + 19 +23 + 12 GEORGIA + 10 + 10 —2 —1 + 10 + 7 —1 +1 P ercent Change M ontgom ery . . T u sc a lo o sa * . . Inventories 6 M onths 1 9 5 5 from 1954 3 ,0 0 6 ,6 2 9 1 - 3 0 7 ,1 6 2 1 ,3 2 8 ,9 4 5 Ju ne 1 9 5 5 from Percent Change S a le s 3 ,2 6 3 ,6 5 9 1 ,5 0 5 ,4 2 0 1 ,5 2 9 ,8 8 3 J u ly 1 4 ’ 1954 (I n T housands o f D o lla rs) Greater M iam i* . 1 9 5 5 from 3 ,2 4 0 ,2 7 6 1 ,5 2 5 ,1 4 1 1 ,5 4 9 ,0 3 1 Ju n e 1 5 , 1955 Debits to Individual Demand Deposit Accounts FLO RIDA J a c k s o n v ille . Department Store Sales and Inventories* Ju ne J u ly 1 4 , 1954 or over. + ii + 10 + 10 + 14 +2 Item Ju ne 1 5 , 1955 0 +6 —5 +9 + 13 15 5 P ercent Change J u ly 1 3 , 1 9 5 5 , from J u ly 1 3 , 1955 + 16 + 13 +7 +17 +8 + 11 + 16’ + 5 + 17 + 20 +19 + 10 +14 +21 +25 +28 +8 + 2 1 -' +16 +21 +23 + 11 +12 +7 + 18 +4 +30 +8 —2 +36 +9 + 14 +26 +25 +23 + 18 +11 +27 +7 + 1 —3 +20 +10 +12 +23 +9 + 22 + 11 +2 +1 + 11 + 16 + 18 + 9 + 10 + 13 + 5 + + + + + + +4 + 11 +9 +28 + 11 +7 +2 —0 —1 + 0 +8 +8 +22 +21 +19 + 11 + 12 T EN N ESSEE C h attan ooga . Joh nson C ity * . K in gsp ort* . . . . . SIX T H D ISTR IC T 3 2 Ci t i e s . . . . U N IT E D S TA TE S 3 4 5 C ities . . . 1 7 7 ,9 0 8 ,0 0 0 1 6 7 ,7 1 0 ,0 0 0 1 6 3 ,5 0 7 ,0 0 0 *Not included in Sixth District totals. • 7 • 12 14 18 47 17 15 +11 +3 + 18 +14 +6 +9 + 6 Sixth District Indexes 1 9 4 7 - 4 9 = TOO N o n fa rm E m p lo y m e n t May 1955 U N A D JU S T E D D is tr ic t T o t a l .............................................1 2 0 A l a b a m a ............................ ......................I l l F l o r i d a ........................................................1 3 6 G e o r g ia .................................. ..................... 1 2 2 L o u i s i a n a ............................ ......................1 1 4 M i s s i s s i p p i ............................................ 1 1 7 T e n n e s s e e ............................ ..................... 1 1 6 Apr. 1955 May 1954 120 110 140 121 113r 117r 114 SE A SO N A L L Y A D JU ST E D D is tr ic t T o t a l .............................................1 2 0 A l a b a m a ............................ ......................1 1 2 F l o r i d a ....................................................... 1 3 9 G e o r g ia ........................................................ 1 2 2 L o u i s i a n a ............................ ..................... 1 1 5 M i s s i s s i p p i ............................................ 1 1 8 T e n n e s s e e ............................ ......................1 1 5 Manufacturing Employment May 1955 118 110 133 118 115 113 114 119r 110 136 121 114 117r 114 Apr. 1955 113 106 141 118 99 114 112 118 110 135 118 117 114 113 113 105 145r 118r 98 114r 111 113 107 141 120 100 115 112 113r 106r 142r 118r 100 115r 112r Manufacturing Payrolls May 1954 May 1955 Apr. 1955 May 1954 Ju n e 1955 May 1955 Ju n e 1954 110 102 138r 112 lO lr 109r 109 162 150 198 167 147 173 162 162 148r 200 166r 148r 175r 161r 148 132r 184r 145 144r 153r 152 338 306 356 276 252 215 lis 240 287 343 193 297 193 225 224 399 110 103 138r 114r 102r llO r 110 164 152 198 171 150 173 163 A d ju sted D ISTR IC T S A L E S * . . . A tla n ta 1 ................................ B aton Rouge . . . . . B ir m in g h a m ...................... C h a t t a n o o g a ...................... Jack son .................................. J a c k s o n v i l l e ...................... K n o x v i l l e ............................ M a c o n .................................. . . . . , 136p 137 115 113 124 116 . 119 . 133 . 144 N a s h v i l l e ............................ . . New Orleans . . . S t . P trsb g-T am p a Area . T a m p a .................................. . D IS T R IC T ST O C K S* . . . * T o p erm it th a t is n o t however, are * F o r S ix th 125 134 140 125 148p May 1955 137 145 116 114 127 108 119 135 137 181 125 131 145 128 147 130r 129r 124r lllr 132r 118r 117r 127r 141r 138r 126r 130r 135r 123r 135r June 1955 121p 118 101 103 109 100 105 122 124 141p 109 116 125 116 140p May 1955 134 138 121 115 127 107 126 138 133 161 138 123 127 120 149 mm District Boundaries —• Branch Territory Boundaries ^ Board of Governors of the Federal Reserve System May 1955 Ju n e 1955 106p 109p 115 124 112 120r 109p p 116r lllr 122 Ju ne 1954 102 109 106 100 117 79p 104 84 102p 102p 110 llO r 98r lO lr 104r 96r lllr 121 118r 109r 106r 105p 115p 74p 97 79r U n adjusted A d ju sted J une 1954 115r lllr 109r lO lr 116r lO lr 103r 117r r 109r llO r 113r r 114r 129r 121 120 * * D a ily average b a sis. S ources: Nonfarm em p ., m fg. em p. and p ayrolls, s ta t e d ep ts. o f labor; co tto n con su m p tion , U . S . Bureau C ensus; co n str u c tio n co n tr a cts, F. W . Dodge Corp.; furn. sa le s , d ep t, store s a le s , turnover o f d em . d ep ., FR B A tla n ta ; p etr o l, prod ., U . S . Bureau o f M ines; e le c . power p rod ., F ed . Pow er Com m. In dexes c a lc u la te d by th is B ank. O Reserve Bank Cities • Branch Bank Cities 191 149 133r 184r 148 147r 153r 153r U nadjusted Ju ne 1954 p u b lic a tio n o f figu res for th is c ity , a sp ecia l sam p le has been con stru cted con fin ed e x c lu siv ely to d ep artm en t sto r es. Figures for n o n -d ep artm en t sto r es, n ot used in com pu tin g th e D is tr ic t ind ex. D is tr ic t area o n ly . O ther t o t a ls for en tire s ix s ta t e s . 162 148r 196 166r 153 176r 162r 111 Furniture Store S a le s*/** Other District Indexes Department Store Sales and Stocks** Ju ne 1955 Construction Contracts Ju n e 1955 May 1955 Ju n e 1954 C on stru ction s c o n tr a c ts * . . R e s i d e n t i a l .................................. P etro l, prod, in C oastal L ouisiana and M iss is s ip p i* * C otton co n su m p tio n * * . . . F urn iture store sto c k s* . . . Turnover o f dem and d ep o s its * lead ing c itie s . . . . O utsid e 1 0 lead ing c itie s . 141 103 105p 20.8 10 2 3 .1 1 7 .4 May 1955 E le c. power prod., t o t a l* * M fg. em p. by typ e . Lbr., wood prod., furn. & f ix . , Paper and a llie d prod. . . , r R evised. p P relim in ary. 112 20.2 2 2 .3 1 6 .9 May 1954 May 1955 300 250 337 253r 248r 256r 249 170 310 140 98 103p 148 143 20.8 22.1 1 7 .4 May 1955 n .a . 154 132 159 108 83 151 86 e q u ip .................................... April 1955 144 91 , C h e m i c a l s .................................., F ab ricated m etals . . . . . Trans, 150 99 106 2 1 .5 2 3 .1 1 8 .2 Ju ne 1955 175 150r 130 157 109 83 150 101 95 170 145r 125r 157r r S ir 148r 95r 95 165r 112 n .a . N ot A v a ila b le . 150 129 157 106 83 150 103 94 177 Ju ne 1954 86r 110 20.6 20.2 21.8 2 1 .3 100 107 1 7 .3 April 1955 230 151 131 156 106 83 148 102 95 175 1 6 .9 May 1954 184 142r r 155r 109 S ir 146r 93r 93 167r 122
@FedFRASER