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M O N T H L Y REVIEW
B U S IN E S S

F E D E R A L

R E S E R V E

C O N

B A N K

D I T I O N

O F

S

I N

T H

E

S I X T H

Department store sales increased in May, following
a decrease from March to April due in part to the
early date of Easter. Wholesale trade declined somewhat
further in May, and bank debits to individual accounts were
6 .6 per cent less than in April. May sales by 49 reporting
retail firms were 9.9 per cent greater than a year ago, and in
the five months of 1937 were 11.4 per cent larger than in
that part of 1936. The retail index for May, based on sales
of 28 firms, is the highest for that month since 1920. Whole­
sale trade, reported by 70 firms, declined 3.9 per cent in
May, but was 16.1 per cent greater than in May last year
because of increases in sales of hardware, electrical sup­
plies and drugs. The index of wholesale trade is the highest
for May since 1926. Inventories at both retail and whole­
sale firms declined slightly from April, but continued larger
in dollar value than a year earlier. According to Depart­
ment of Commerce statistics, daily average sales of general
merchandise in small towns and rural areas of the South
declined 5.9 per cent from March to April, but were 18
per cent greater than in April last year.

22 M EM BER BAN KS IN S E L E C T E D C IT IE S
(In Thousands of D o llars)
June 16
C h a n g e From :
1937
M a y 12,1937 Junel7,1936

Lo an s an d Investments...
Lo an s— To talC om m ercial, in dustrial and
a g ricu ltu ra l loans :
O n Securities...
O therw ise secu red or unsecured-..
O pen M arket paper....
Lo an s to brokers and d ealers
in securities.
O ther loans for p u rch asin g
or carryin g secu rities------R e a l estate loan s-----------------Lo an s to ban ks--------------------Other loans:
O n securities.-,
O therw ise secu red or unsecured..
Investm ents— T otal...
U . S. Gov't direct obligations-----Obligations guaranteed by U. S._.
Other securities...
Reserve w ith F . R. B a n k C a s h in Vault....
B alan ces w ith domestic banks.-.
Dem and deposits— adjusted.
Time deposits.
U. S. Government deposits...
Deposits of domestic b a n k sBorrowings: From F. R. Bank—
From others________
* C o m p a r a b le fig u re s not a v a ila b le .




$559,048
. 270,637

__
—

327
4,116

+

7,122

—

216

17,027
. 26,588
5,004

__
—
+

4- 8,927
+ 45,797
*
*
*

*
*
483

5,105

. 12,286
. 129,043
5,768
.

R E S E R V E

D

I S T R I C T

JU N E

T rade

OF

E R A L

A T L A N T A

Building activity, coal mining, and retail trade in the
Sixth District increased in May, but there were small reduc­
tions in the wholesale trade of the District and in the daily
average production of pig iron in Alabama. The price of
cotton declined during the month. At weekly reporting
member banks investments have recently increased, but
loans have declined.

C O N D IT IO N

F E D

22,259
45,540
288,411
179,327
30,671
78,413
105,882
10,550
100,436
337,878
179,691
14,379
185,863
1,309
250

4+
+
—
—
4+
4*
4+

210

1,155
*
*
3,789
4,696
1,935
1,028
1,194
1,318
3,313
945
1,075
8,692
16,247
281
250

+

458

44-

*
3,930
3,874

—
—
—
444—
44—
444-

*
*
36,870
32,959
5,075
1,164
53,412
289
34-,923
43,869
6,852
36,819
9,314
1,309
250

30,

1937

B anking After declining steadily since December, total
loans and investments at weekly reporting mem­
ber banks in leading cities increased somewhat on the second
and third Wednesdays in June because of a reversal of the
decline in holdings of investment securities. Government
securities held by these banks declined 46 millions of dol­
lars between September 16 and June 2, but increased 9.4
millions in the two following weeks, largely as a result of
Treasury financing at the middle of June. Loans for com­
mercial, industrial and agricultural purposes, and those
for purchasing or carrying securities, have declined some­
what in recent weeks, but loans to banks and All Other
loans have increased. Reflecting Treasury operations on
June 15, Government deposits on the 16th were the largest
since March 17th, and there have recently been small in­
creases in demand deposits-adjusted, and in time deposits,
but deposits of other domestic banks have declined to the
lowest level since August. Balances with domestic banks
continued to decline through June 9th, but increased some­
what the following week, when they were about 35 millions
less than a year earlier.
In the five weeks ending June 16th, there were net in­
creases at the Federal Reserve Bank of Atlanta in discounts
and in holdings of paper purchased in the open market,
offset in part by a further decline in industrial advances.
Total bills and securities increased $343,000 in this period,
and were 12.2 millions greater than a year earlier due prin­
cipally to increased holdings of Government securities. Fed­
eral Reserve note circulation declined about 7.2 millions be­
tween May 12 and June 16. Treasury deposits increased,
but member bank reserve deposits declined 5.8 millions.
Latest available figures indicate that estimated excess re­
serves of member banks on June 16th were approximately
25.6 millions, or 17 per cent of requirements.
LOANS, INVESTMENTS AND DEPOSITS OF ALL
MEMBER BANKS
Figures for all member banks in the District, according
to the March 31 call reports of condition, show that total
loans on that date were the largest since December, 1932,
F E D E R A L R E S E R V E B A N E O F ATLA N TA
(In Thousand s of D o llars)
C h a n g e From :
June 16
1937
M ay 12,1937 Junel7,1936
B ills D iscou n ted ____________________________ $ 1,942
109
B ills Bought in O pen M arket----------215
In du strial A d v an ce s________ ________
U nited States G ov't Securities________
111,091
Total B ills and Securities..
___ _
113,357
Total Reserves...
257,098
M ember Bank R eserve Account™.
. 174,782
4,768
U . S. T reasu rer G e n . Account-. ______
F . R. Note Circulation™ ______ ._
- 175,161

4-

4-

377

f-

2

H
h

—

36

4—
—

343
6,397
5,799

—

7,191

4- 2,666

h
4-

1,896

1

548
10,882
12,231
27,445
81,327
49,965
7,398

B u s in e s s C o n d it io n s in

2

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)
M ay 1937
A p ril 1937

t h e

S ix t h

M ay 1936

ALA B A M A
Birm ingham ____________
_______ $
Dothan______
Mobile-.................
Montgomery
__ ...... .

85,717
3,207
38,073
22,409

F L O R ID A
Jackso nville
Miami...... _
P e n sa co la ___
Tam pa_.

75,186
36,304
8,866
29,635

80,605
46,981
9,057
31,217

74,242
31,953
7,708
24,304

4,932
179,213
19,414
2,858
15,958
1,329
15,305
2,760
34,661
3,650

3,290
150,515
17,288
2,219
10,629

..........

4,335
179,203
18,423
3,071
14,853
1,238
13,835
2,279
35,578
4,163

„

206,490

218,949

183,646

..........
............
............

4,730
24,383
10,321
6,823

5,241
29,154
11,259
7,635

4,148
21,999
9,020
5,966

41,806
27,792
77,573
976,293

43,019
30,063
92,231
$1,045,588

35,940
24,320
73,402
$ 849,512

............
- ___

.

G E O R G IA
A lb an y
A tla n ta
A u g u sta
Brunswick-.
C olum bus
Elberton...
M acon...Newnan.™
Savannah..
V a ld o sta _____

-

, , ...
...........
...........
...........
........

L O U IS IA N A
N ew O rle an s___
M ISSIS SIP P I
Hrrttiftshurg
Jackson_______
Mftridirm
V icksb u rg

.-

_______

TEN N ESSEE
C hattano oga
K noxville
N ash v ille___ ....
~
T O T A L 26 C itie s

...........
........
„ ____
....._......$

$

$

94,726
3,313
36,738
25,320

71,366
2,230
29,566
19,006

1,201

12,130
1,662
28,969
2,793

and that investments, although somewhat smaller than on
the two immediately preceding call dates (December 31 and
June 30, 1936) were with these exceptions the largest in
many years. Demand and time deposits, and deposits of
other banks, were substantially larger than a year earlier,
but Government deposits were somewhat smaller. In the
table are compared some of the important items.
A L L M EM BER B A N K S IN S IX T H D IS T R IC T
(In Th ousand s of D o llars)
M ar. 31
Chang© from :
1937
D e c .31, 1936 M ar.4, 1936
....
..$1,023,889
Total Lo a n s a n d Investm ents
469,129
Total Lo an s
554,760
Total Investm ents
779,656
D em and Deposits.
, 341,341
Time Deposits---------------------------34,004
Governm ent D eposits
Deposits of O ther B anks
............ 278,669

A gricu lture

—
+
—
4+
—
—

2,960
9,898
12,858
27,846
6,945
43,839
15,755

+

138,338
89,628
48,710
133,213
6,029
5,530
15,585

Cash receipts from the sale of principal
farm products, with Government benefit
payments added, were somewhat smaller in April than in
March, but were 49 per cent greater than a year earlier.
Government payments in April of 6.8 millions of dollars
were 23 per cent greater than a year ago.
Spot cotton prices at the ten designated markets were
comparatively stable during May, in contrast to the abrupt
rise in March and the rather sharp decline in April. The
average for May was 13.12 cents, compared with 13.91
cents in April, and 14.15 cents in March. Prices continued
comparatively steady in the first few days of June, but de­
clined in the second week.
In most parts of the District rainfall was somewhat
deficient and temperatures above normal during May. Bene­




F ed er a l R eser v e

D is t r ic t

ficial rains have been had in the first half of June. The
June 1 estimates by the Department of Agriculture indicate
larger production of wheat, oats and rye this year than last.
Production estimates of oranges and grapefruit in Florida
increased from May 1st to June 1st. The June estimate of
peach production indicates a much smaller crop than that
realized in 1936 in five states of the District, but the Ten­
nessee crop is expected to be larger than that of last year.
In d u stry

Employment and payrolls at firms in this Dis­
trict reporting to the Bureau of Labor Statistics
declined in April 1.9 per cent and 0.2 per cent, respec­
tively, after reaching in March new high levels for recent
years. The decline in Alabama was due to a strike of coal
miners, and in Florida there were declines at canning es­
tablishments, hotels, laundries, retail firms and public util­
ities.
The value of building permits issued at twenty reporting
cities increased substantially in May to a figure 46.5 per cent
greater than a year earlier, and except for July of last year
the May total was the largest for any month in eight years.
The January-May total is also the largest for that period
since 1929. Value of contracts awarded in May increased
over April in Florida, Louisiana and Mississippi, and was
greater than a year ago in Alabama, Florida, Louisiana and
Mississippi. Total awards in the District were 6.3 per cent
larger than in April and 29.4 per cent greater than in May
last year. The five-months total of contracts awarded in
the District is 11.8 per cent larger than for that part of
1936, and the largest for the period since 1930. Residential
contracts declined slightly from April, but were 30.4 per
cent greater than a year ago, and for the five months were
40.3 per cent greater than in that part of 1936 and the
largest for the period since 1929.
Production at lumber mills averaged slightly higher in
May than at that time last year, but orders and shipments
were less. Press reports indicate a reduced demand except
from railroads and car manufacturers. Operations at cotton
seed oil mills were further reduced in May, but crushings
and production were the largest for the month in four years.
Since the termination of the strike by coal miners, produc­
tion of coal in Alabama and Tennessee has increased, and
in the week ended May 29 output in both states was well
above the corresponding week a year earlier. Daily average
production of electric power increased slightly in April,
although total production was smaller. Production of pig
iron in Alabama on a daily average basis declined 2 per
cent in May, but was 18.5 per cent greater than a year ago,
and the January-May total was the largest for that period in
seven years. Furnaces active early in June numbered 17.
Receipts of turpentine and rosin increased seasonally in May
and were at about the same level as in May last year, but
stocks were smaller. Prices of rosin continued much higher
than a year ago, but quotations on turpentine were slightly
less.

B u s in e s s C o n d it io n s in

s ix t h

d is t r ic t

b u s in e s s

STO CKS

Jan.-M ay
M ay 1937
Incl.
M ay 1937 Com pared Com pared Com pared
W ith
W ith :
W ith
A pril 1937 M ay 1936
Y e a r Ago M ay 1936
13.1
18.1
5.8
5.9
+12.4
9.7
+ 4.4
9.9
— 5.6
— 0.3
+ 26.0
— 4.1
+ 69.3

.+ 7.3

C O N T R A C T S A W A R D ED
— D IS T R IC T ---------------R esid en tial— ------------ A ll Others™
Alabam a™
Florida™
Georgia™
Lo u isia n a —
M ississippi™
Tennessee™

April
1937

18,779
7,509
11,270
1,179
8,193
2,625
4,768
3,520

2,102

$ 17,664
7,741
9,923
1,407
5,809
3,636
3,156
2,230
3,926

7,325
480
522
283
1,542
359
4,138

4,968
352
272
467
185
231
3,460

202

200

P IG IRO N P R O D U C T IO N - •Tons
A lab am a ---------------------

M ay
1937

A pril
1937

$




59.4

17
150

$

158
1,493

$

130
2,585

$ 80,236
23,456
56,780
15,089
27,564
11,667
14,826
7,272
15,949

5,000
667
188
332
385
3,229

$ 26,309
1,878
1,822
2,172
2,366
1,525
16,546

$ 23,552
2,295
793
1,528
3,815
1,369
13,753

171

$

$ 89,726
32,915
56,811
6,701
39,205
13,800
16,453
12,190
16,315

1,028

806

200

(000 Omitted)
M ay
A u g.-M ay, Incl.
1936
1936-37 1935-36

F ed er a l R eser v e

1,000

222

1,314
722
161
2,197

62

91

40

1,819

S IX T H D IS T R IC T B U SIN E SS IN D E X E S
(1923-1925=100 except a s noted)
M ay 1937
April 1937
D EPARTM EN T S T O R E S A LE S * U nadjusted
D IS T R IC T (28 firm s)____________________________
A tla n ta _____________________________________________
Birmingham________________________________________
C hattano oga______________________________________
N ashville___________________________________________
New O rlean s_____________________________________
DEPARTM EN T S T O R E S A L E S * Adjusted
D IS T R IC T (28 firm s)__________________________
Atlanta™
Birmingham___
Chattanooga™
N ashville™
N ew O rleans™

2,606

M ay 1936

115.8
203.3
113.4
88.4
114.1
92.4

106.2
182.6
94.1
74.4
90.2
91.8

103.1
178.3
95.3
82.4
101.5
84.3

114.7
193.6
112.3
85.8

169.8
94.4
80.0
91.4
86.9

102.1

95.3

107.3
179.0
98.0
77.5
93.0
90.9

DEPARTM EN T S T O R E S T O C K S U nadjusted
D IS T R IC T (24 firm s)___________________________
Atlanta...
Birm ingham ___
Chattanooga™
N ashville™
N ew Orleans™

74.2
118.9
72.9.
62.1
63.5
63.5

78.5
126.5
77.0
68.3
68.5
65.0

62.8
98.3
61.8
53.2
51.7
54.7

D EPARTM EN T S T O R E S T O C K S Adjusted
D IS T R IC T (24 firm s)_____________ -_____________
Atlanta™
Birmingham™
C hattanooga—
N ashville______
N ew Orleans™

72.7
117.7
71.5
60.8
62.9
62.9

74.8
120.5
73.3
65.0
65.9
62.5

61.6
97.3
60.6
52.2
51.2
54.2

85.5
55.4
56.7
94.6
76.8
90.5

89.0
59.1
64.7
99.3

95.7

69.4
49.7
56.8
76.0
79.3
82.5

C O N T R A C T S A W A R D ED — DISTRICT™
Residential_________________________________
A ll Others™
A la b a m a ____
Flo rid a______
G e o rg ia ----Louisiana™
M ississip piTennessee—

53.5
53.5
53.5
25.8
56.5
39.4
75.8
182.5
37.9

50.3
55.2
47.1
30.8
40.1
54.6
50.2
115.7
70.8

41.3
41.0
41.5
20.9
34.2
48.1
44.1
136.5
47.4

B U ILD IN G PERM ITS— 20 Cities.™
Atlanta™
Birmingham™
Jacksonville™
Nashville™
N ew O rle an s____
15 O ther Cities™

65.1
31.0
35.2
34.4
243.1
27.9
75.5

44.1

18.4
56.8
29.2
17.9
63.2

44.4
43.1
12.7
40.3
60.7
15.5
58.9

85.4

87.2

72.1

179.8
168.6

189.4
179.4
217.8
170.5

141.2
131.1
166.8
131.3

W H O L E S A L E TR A D E— (70 firms)...
Groceries™
D ry Goods™
H ard w are—
Fu rniture____
Dru gs--------

102.8

86.0

22.8

1,421

127

3

D is t r ic t

P IG IRO N P R O D U C TIO N — ALABAMA*^™
103
58
13
174

1,988

FA R M IN C O M E —S ix States...$ 56,274
A la b a m a
.
.™ ...
7,796
Florida... . - -------- __________ 18,707
G e o rg ia ___ _________ .......... .
5,559
Louisiana.
_____ __
7,676
M ississippi_____ .... ______
6,794
Tennessee____________ . _____
9,742

r— R e v is e d

+ 26.5

141
75
17
233

133
73
16

April
1937

C O A L P R O D U C T IO N —Tons
A lab am a.................. ____
Tennessee ............. .....

J

79.5
34.5
50.5

•36.5
17.3
57.7

14,512
5,760
8,752
957
4,961
3,203
2,772
2,631
2,629

F E R T IL IZ E R T A G S A L E S —
6 States___________________ __ _
142
692
*G e o rg ia , A la b a m a , Lo u isia n a , and M ississippi.

E L E C T R IC P O W E R
P R O D U C T IO N — kw Hours
A la b a m a -------------- . .
™
Florida
_
G e o rg ia ........... ............ ____
Lo u isia n a ................... _______
Mississippi™..............
Ten nessee.........
- ____
Total Six States
________
B y W ater Pow er.... ________
B y Fu e ls
. ™. _-.............

2778
37.5
35.5
32.1

(000 Omitted)
M ay
Jan.-M ay, Incl.
1936
1937
1936

35
355

B U ILD IN G PERM ITS—
20 C IT IE S ---------------Atlanta™
Birmingham™
Jacksonville™
Nashville™
New O rle an s---15 O ther Cities™

C O T T O N S E E D C R U SH E D —
Tons**............................ .............

33.8
+23.4
70.6
+ 9.2
+24.6

33
224

-$

C O T T O N C O N SU M PTIO N
— B a le s
G e o rg ia — .............. - — A la b a m a „ ... ----Tennessee..............
Total 3 States™
- —

•12.2

+16.1

M ay
1937

•22.8

+ 16.0
- - 9.3
--15.1

--10.8
--11.4

+ !

C O M M E R C IA L F A IL U R E S
D IS T R IC T
Num ber (A ctu a l)------------Lia b ilities----------------------- $

26.8
34.9
30.3

•10.3

2.6

W H O LESA LE TRAD E
G ro ce rie s---------------- — 6.4
D ry G o od s_____________ — 12.4
H a rd w a re ----------------— 4.8
Furniture________________ — 10.7
E le ctric a l S u p p lies— + 14.0
D ru gs_____________________— 5.4
T O T A L (70 firm s)—— 3.9

C o lle c ­
tion
Ratio
M ay
1937

17.7
16.4
16.7
■
22.4

14.7
15.2
15.8
+ 4.3
14.1
+ 5.8

.+12.5
18.8
18.9
14.1
.+26.5
0.7

S ix t h

s t a t is t ic s

SA LES

R E T A IL TR A D E
Atlanta™
Birmingham____
Chattanooga__
Montgomery___
N ashville_______
New O rle a n s O ther Cities™
D IS T R IC T (49 firm s).

t h e

229,424
75,623
151,402
128,656
4,700
102,883
692,688
443,235
249,453
124
176

M arch
1937

247,969
79,744
138,648
122,586r
4,877
121,309
715,133r
468,177
246,956r

C O TT O N CO N SU M PTIO N — 3 S T A T E S *__
Georgia™
Alabam a™
Tennessee™

211.8
156.7

A pril 137

(000 Omitted)
A^>ril
Jan^-April, Jn c l.
1937 '
1936

$ 74,952
12,824
20,650
9,148
7,315
13,539
11,476

1,420
593

568
126
1,694

$ 37,743
3,586
13,323
5,068
4,959
5,111
5,696

$257,181
36,738
68,103
35,100
28,816
43,262
45,162

$162,721
22,500
52,316
24,625
14,146
21,039
28,095

171,207
929,990
741,255
70,745
311,655
289,017
150,954
576,830
527,735
114,289
490,065
467,932
4,262
19,937
17,371
127,420
435,177
516,173
638,877 2,763,654 2,559,483
427,742 1,792,145 1,683,962
211,135
971,509
875,521
940
402

3,933
1,714

3,926
1,770

EM PLO YM EN T— (A v. lor 1932=100)
A la b a m a__________________________________
Florida™
Georgia™
Louisiana™
M ississip pi___
Tennessee____
Six States™
P A Y R O LLS— (A v. for 1932=
A la b a m a _____________________
Florida™
G e o rg ia______
Lo u isia n a ____
M ississip pi___
T ennessee____
Six States™

M arch 1937 A pril 1936

144.2
119.0
152.6
125.5
118.4
141.3
140.8

156.2
125.8
151.5
124.5
119.8
140.2
143.5

229.0
94.2
205.2
153.0
162.9
182.4
185.0

235.3
97.2
199.8
148.4
164.5
179.0
185.4

181.0
85.1
161.9
128.9
147.8
152.3
150.1

279.4
296.7
384.3
260.4
499.3
75.1
169.4
340.2

279.2r
310.4
392.2
230.8
460.3r
75.1
193.3
347.7
203.2

257.7
221.5
359.5
259.6
443.5
67.9
209.8
328.3
179.5

131.9
105.9
133.3

112.6
110.1
125.4
127.9

:100)

E L E C T R IC P O W E R P R O D U C TIO N *
S IX S T A T E S ____________________________
Alabam a_________________________________
Florida-^
Georgia™
Louisiana™
M ississip piTennessee.
B y W ater Power™
B y Fu e ls____________

212.1

Indexes of departm ent store s a le s , electric pow er a n d pig iron produc*
tion, and of cotton consumption a re on a d a ily a v e ra g e b a sis,
r Revised.

F ed er a l

R eser v e

B a n k

INDUSTRIAL PRODUCTION

A tla n ta

o f

N a t i o n a l S u m m a r y o f B u s in e s s C o n d itio n s
P repared b y the Board of Governors of the Fed eral Reserve System

T 7

0

L U

*

M

E

o f

th re e

w e e k s

o f

I n

M a y

a n d

t o r ie s

a n d

th e

a

in

f o r

l o

o f

y

c o n t in u e d

a

c o n t in u e d

d e c lin e d

w a s

a t

th e

s lig h t ly

in

M

e

A t

o f

c o tto n

le v e l,
w e re

a t

S h ip m e n t s
p r e v io u s

d e c lin e d
to

s e a s o n a lly

7 7

p e r

w o o le n

m ills

s ilk

m ills ,

o f

a n d ,

c e n t

ir o n

y e a r.

o f

a

m e a tp a

c o a l

o re

I n

in

th e

la r g e ly

c a p a c it y

ir o n ,

d e c re a s e s .

b it u m in o u s

A p r il.
a n y

o f

c o n s id e r a b le
o f

p r o d u c

O u tp u t

a n d

w h ile

o u tp u t

in d u s t r ia l

a v e ra g e .

o f

m o n th

re d u c e d

a d

in d e x

a n d

in

r

1 9 2 3 -1 9 2 5

th e re

r is e

d e c lin e

a d ju s te d

h ig h

r e fin e r ie s

T

e an n t d

fu rth e r.

a t

to

m

th e

in c r e a s e d

p r o d u c t io n

o f

a t

c o n s t r u c t io n

c o n tra c ts

f ig u r e s

to

F .

r e s id e n t ia l

in c re a s e d .
a

I n

fr o m

th e

to

in

th e

f o llo w in g

o th e r

C

in c r e
M a y

f ir s t

o w in g
a s

re c e n t

o f

w

th re e

to

la b o

c o m p a r e d

w

th e

m id d le

s p r in g

w h e a t,

g o o d s ,

w o o l, r u b b e r

lit t le

o

m

o f

d e c lin e d

m

c o n s u m e rs
w e re

i tP y
r

a n d

d e c
f o r

a n d

p

s e a s o n ,

s h o w e

a d v a n c e d
to

s o

in c r e a s e

p a y r o lls

r e m a in

m o n th s .
c o n t in u e d

s to re s

a n d

in
a t

M a y

v a r ie t y

m a in t a in e d .

i c e s

th e

c o n s id e r a b ly

a n d

t h is
in d e x

F a c t o r y

e a r lie r

to

M a y

p r iv a t e

c o n t in u e d

in

d

a t

a d ju s te d

d e p a rtm e n t

o

s m a lle r
w e re

c o n tra c ts

b o th

d e c lin e s

in d u s t r ie s

s a le s

w a s

T h e r e

w h ile

f o r

s e a s o n a lly .

a t

m a il- o r d e r

C
B e tw e e n

g o o d s

S a le s

M a y

M a y .

B o a r d ’s

c o m m o d it ie s

a n d

a w a rd s

in

u s u a lly

th e

in c r e a s e s

m o n th s .

r is e

w h ic h

in

C o r p o r a t io n .

p r o je c ts ,

J u n e

d e c lin e d

s h a rp

a w a rd e d

D o d g e

th a n

d u r a b le

lin e s

D is t r ib u t io n

o f

ra te

a n d

.

p r iv a t e

h a lf

M a y

le v e l,

s e a s o n a l

f ir s t

in

W

o th e r

h ig h e r

m e n t

o th e r

th e

e m p lo y m e n t ,

A p r il

E m p lo y m e n t

WHOLESALE PRICES

o f

a n d

s o m e w h a t

F a c t o r y

t h ir d

a n d

w e e k

th e re

s te e l s c r a p , w h ile

in

J u n e ,

w e re

p r ic e s

o f

s m a ll

p r ic e s

o

d e c lin e s

m o s t o th e r

i

c o m m

c h a n g e .

B
E x c e s s
M a y

1

w e e k

MEMBER BANK RESERVE BALANCES

M a y

p r ic e s

M a y .
V a lu e

Indexes compiled by U . S . B u reau of La b o r Statistics,
1926 =* 100. B y weeks, 1932 to date. L a te st figure is
fo r week ending Ju n e 19, 1937.

p

c e n t

s h a rp

o u tp u t

Enm

s e a s o n a lly

c o r r e s p o n d in g

a c c o r d in g

Indexes of num ber employed and p ayro lls, w ithout ad­
justm ent for seasonal variatio n , 1923-1925 average = 100.
B y months, Ja n u a ry , 1929, to M ay, 1937. Indexes com­
piled by U . S. B ureau of La b o r Statistics.

t i, o

c

p e r

s u g a r

a u t o m o b ile
s te e l

u

c o n t in u e d

f o llo w in g
in

d

B o a r d ’s

a c t iv it y

m e n ts ,

o

lu m b e r

p r o d u c t io n

FACTORY EMPLOYMENT AND PAYROLLS

r

1 1 8

a t

b ile s ,

in

C o m m o d it y

J u n e .

th e

u n c h a n g e d

p r o d u c t io n

m o n th s .

P

Index of physical volume of production, adjusted fo r sea­
sonal variation , 1923-1925 average * 100. B y months,
Ja n u a ry , 1929, to M ay, 1937.

in d u s t r ia l

p r e c e d in g

re s e rv e s

in c r e a s e
e n d in g

s u b s e q u e n t
A t

o f

in

r e p o r t in g

1 6 ,

a n d

o b lig a t io n s ,

in

w e e k

e n d in g

a fte r

J u n e
L o a n s

a t

e n d in g

1 6 .

J u n e

s h o w e d

a

g ro w th

T h is
in

r

e d

i t

b a n k s ,

w h ic h

c o n n e c t io n

J u n e

2 3

b a n k s

r e fle c t in g
in c r e a s e
to

o f

b a n k s

w a s
o th e r

a b o u t

b y

le v e l

c it ie s

lit t le

o p e r a t io n s ,

h o ld in g s
th e

a t

Y o r k

$ 1 8 0 ,0 0 0

$ 8 1 0 ,0 0 0 ,0 0 0 .

c h a n g e ,
o f

$ 9 0 0 ,0 0

a b o u t

o f

o f

U n it e d

in c r e a s e d
n e w

c o n t in u e d

la r g e ly
N e w

b e e n

T r e a s u r y
a

p u r c h a s e s

m e m b e r

lo a n s

a t

le a d in g

w e e k s

h a d

d e c lin e d
w it h

w e re

in

s e v e ra l

1 6 ,

C o m m e r c ia l

C

k

r e q u ir e m e n ts ,

o n

m e m b e r

m e n t

n

m e m b e r

re s e rv e

J u n e

d a y s

a

to

b a n k s
b a n k s

s h a

is s u e s

in c r e a s e

in

N e w

a n d

to

o f
in

Y o r k
b r o k e r

s e c u r it ie s .

M

1932

1933

1934

1939

1936

1937

Wednesday figures of total member bank reserve balances
a t Fed eral Reserve B a n ks, w ith estimates of required re­
serves, Ja n u a ry 6, 1932, to Ju n e 23, 1937.




T h e
fr o m
o n

o p e n * m a rk e t
9 / 1 6

J u n e

to
2 2 .

1 / 2

o f

O t h e r

ra te
1

o

o n

p e r

m o n e y

n

e y

R

a

9 0 -d a y

c e n t
ra te s

o n

t e s

b a n k e rs ’
M a y

h a v e

a c c e p ta n c e s , w h ic h

7 , w a s
s h o w n

fu r t h e r
lit t le

re d u c e d

c h a n g e

in

h a d
to

7 /

re c e n