The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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