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MONTHLY REVIEW B U S IN E S S FED ERA L RESERVE C O N D IT IO N S BANK IN T H E S IX T H O F A TLA N TA F E D E R A L R E S E R V E D IS T R IC T Ju n e 30, 1939 ^ Department store sales actually increased in May, but the D is tr ic t Improvement in business, and in some lines daily rate declined slightly because May had two more busi S u m m a r y ° f industrial activity, in May is indicated in nessal days than April. The May decline was smaller than * available Sixth District statistics . After usually occurs, however, and the seasonally adjusted index lowance for seasonal influences department store sales and of daily average sales rose 1.6 per cent. It was 9.8 per cent wholesale trade increased over April . Construction conabove the index for May last year and was the highest for tracts awarded in May increased, and residential contracts the month of May in the series, which goes back to 1919. were the largest for any month in more than ten years. May sales reported to the United States Department of Com Textile operations rose slightly over April . Pig iron pro merce by 156 wholesale firms in this District increased 4.6 duction in Alabama declined further, but steel mill activity per cent over April, at a time when there is usually a small increased after the first week in May, and rose further in decline, and were 14.3 per cent greater than in May last the first half of June. year. For the January-May period department store sales The May increase of 34.2 per cent over April in total were 7.0 per cent, and wholesale sales 7.9 per cent, larger than in that part of 1938. contract awards in the District compares with a decrease of 6.5 per cent for the 37 Eastern States, residential awards in ^ Inventories at department stores declined 4.8 per cent in creased 40.1 per cent in the District against 17.0 per cent May and stocks at reporting wholesale firms were down 3.2 per cent. for the country, and other contracts rose 28.5 per cent in the District but declined 19.0 per cent in the 37 Eastern ►There were small gains in the collection ratios for de States. Cotton consumption increased 1.3 per cent in the partment stores and for wholesale firms in May. District but for the country remained at the April level . Banking Demand deposits-adjusted at weekly reporting The seasonally adjusted index of department store sales in member banks in leading cities of the Sixth the District rose 1.6 per cent in May, as against a decrease District rose to another all-time high level at the middle of of 3.4 per cent for the country. June after declining somewhat from the previous peak on In comparison with May 1938, the District gains in con April 26. Total loans and investments at these banks de clined somewhat in the first two weeks of June after reach struction awards, textile activity and department store sales ing on May 31 the highest level since the first Wednesday were larger than those for the country, but the increase in in January. Total loans at these banks have not changed pig iron production was smaller. April production of elec materially since the middle of March, but in the past six tric power in the District showed an increase over April last months there have been changes in the banks’ holdings of year twice as large as that for the country as a whole. investment securities so. that at the middle of June holdings Trade Merchandise distribution through reporting de partment stores in the Sixth District increased in May, after allowance is made for seasonal influences. Wholesale trade increased, contrary to the usual trend, and business failures declined in both number and liabilities. C O N D IT IO N O F 2 2 M EM BER B A N ES IN S ELE C TED C IT IE S ( I n T h o u s a n d s o i D o lla r s ) J u n e 1 4, C h a n g e F ro m : 1939 M a y 1 7 ,1 9 3 9 J u n e l5 ,1 9 3 8 — 3 ,2 3 5 + 5 2 ,7 2 3 L o a n s a n d I n v e s tm e n ts — T o t a l ....................... $ 6 0 2 ,3 5 3 L o a n s — T o t a l.................................................................. 3 0 8 ,1 7 6 + 50 + 2 7 ,3 7 8 C o m m e rc ia l, i n d u s tr i a l a n d a g r i c u l t u r a l l o a n s ........................................... 1 7 9 ,2 2 1 — 3 ,1 1 4 + 3 1 ,5 6 4 O p e n m a r k e t p a p e r .............................................. 2 ,8 9 0 + 273 — 226 L o a n s to b r o k e r s a n d d e a l e r s i n s e c u r i t i e s ........................................................... 6 ,8 9 4 + 900 + 62 O th e r l o a n s fo r p u r c h a s i n g o r c a r r y i n g s e c u r i t i e s .................................... 1 2 ,4 1 2 + 248 — 2 ,6 1 8 R e a l e s t a t e l o a n s ................................................... 3 0 ,4 3 9 + 463 + 2 ,7 1 7 L o a n s to b a n k s ........................................................ 956 — 37 — 3 ,2 2 2 O th e r l o a n s .................................................................. 7 5 ,3 6 4 + 1 ,3 1 7 — 899 I n v e s tm e n ts — T o t a l................................................... 2 9 4 ,1 7 7 — 3 ,2 8 5 + 2 5 ,3 4 5 U. S . d ir e c t o b l i g a t i o n s .................................... 1 4 5 ,9 8 2 — 3 ,8 7 0 — 4 ,7 3 7 O b lig a tio n s g u a r a n t e e d b y U . S ............... 5 7 ,3 0 8 — 3 ,1 4 2 + 1 8 ,4 1 2 O th e r s e c u r i t i e s ..................................................... 9 0 ,8 8 7 + 3 ,7 2 7 + 1 1 ,6 7 0 R e s e r v e w ith F . R . B a n k ...................................... 1 1 4 ,9 9 4 + 3 ,8 3 0 + 2 4 ,7 0 8 C a s h in v a u l t .................................................................. 1 3 ,0 1 4 + 1 ,4 5 9 + 2 ,7 8 3 B a la n c e s w ith d o m e s tic b a n k s ....................... 1 7 8 ,9 1 8 + 3 ,8 6 2 + 4 6 ,2 6 5 D e m a n d d e p o s i t s - a d j u s t e d ................................. 3 7 9 ,2 8 7 + 1 2 ,5 1 2 + 5 5 ,9 5 8 T im e d e p o s i t s ................................................................. 1 8 4 ,6 3 7 — 4 ,3 6 2 — 8 ,5 7 8 U. S . G o v e r n m e n t d e p o s i t s ................................. 4 0 ,0 1 4 + 909 + 1 7 ,1 8 6 D e p o s its of d o m e s tic b a n k s ............................... 2 5 2 ,0 6 2 — 3 ,3 7 2 + 5 8 ,4 9 7 B o r r o w i n g s ....................................................................................... ........... — 160 of United States direct obligations were nearly 20 millions of dollars less than at the beginning of the year and holdings of securities guaranteed by the United States were about 18 millions larger, and there had been a small rise in hold ings of Other Securities. ^ On June 14 total loans and investments were 52.7 mil lions of dollars larger than at the same time last year, 27.4 millions of the increase being in loans and 25.3 millions in investments. The rise in loans was due principally to in creases in those for commercial, industrial and agricultural purposes and to a small gain in real estate loans, while the increase in investments was due to larger holdings of obli gations guaranteed by the United States and Other Securities C O N D IT IO N O F FED ERA L RESER V E BANK O F ATLANTA ( I n T h o u s a n d s o i D o lla r s ) J u n e 14, C h a n g e F ro m : 1939 M a y 1 7 ,1 9 3 9 J u n e l 5 ,1 9 3 8 B ills d i s c o u n t e d ............................ ..............................$ 105 + 28 — 957 B ills b o u g h t ..................................................................... 1§ ........... ........... I n d u s tr ia l a d v a n c e s ................................................ 782 — 15 + 667 U n ite d S ta t e s s e c u r i t i e s ......................................... 1 1 6 ,4 2 2 ........... + 5 ,0 0 6 T o ta l b ills a n d s e c u r i t i e s ................................. 1 1 7 ,3 2 9 + 12 + 4 ,7 1 8 T o ta l c a s h r e s e r v e s ................................................... 2 9 5 ,2 4 8 + 6 ,0 7 3 + 4 9 ,5 1 9 F, R. n o te c i r c u l a t i o n .............................................. 1 4 7,7 6 1 — 2 ,0 5 0 + 5 ,2 5 4 M e m b e r b a n k r e s e r v e a c c o u n t ....................... 1 8 9 ,7 6 5 + 4 ,6 0 3 + 3 5 ,2 3 6 U. S . T r e a s u r e r g e n e r a l a c c o u n t .................. 4 8 ,0 8 2 — 1 ,1 9 3 + 2 ,8 6 9 T o ta l d e p o s i t s ........................................................... 2 5 9 ,3 9 5 + 7 ,8 6 8 + 5 0 ,6 4 6 C o m m itm e n ts to m a k e i n d u s tr i a l a d v a n c e s ..................................................................... 15 0 ........... — 26 B u s i n e s s C o n d it i o n s 2 in t h e S ix t h F D EB ITS T O IN D IV ID U A L A C C O U N T S ( I n T h o u s a n d s o! D o lla r s ) Per C ent C h an g e M ay A p ril M ay M ay 1939 i r o m : ALABAMA— 1939 1 9 3 9 1 9 3 8 A p r. 1 9 3 9 M a y 1 9 38 B ir m in g h a m ..................$ 8 3 ,9 3 3 $ 8 1 ,5 8 4 $ 7 5 ,0 7 7 + 2 .9 + 1 1 .8 D o th a n ............................... 3 ,0 1 2 2 ,9 6 6 2 ,6 6 9 + 1 .6 + 1 2 .9 3 7 ,0 9 2 3 2 ,5 3 5 3 4 ,8 5 7 + 1 4 .0 + 6 .4 M o b ile ............................... M o n tg o m e r y ............... 2 5 ,1 4 5 2 0 ,4 7 0 1 8 ,9 8 5 + 2 2 .8 + 3 2 .4 FLO R ID A — J a c k s o n v il le .................. M ia m i................................. P e n s a c o l a ....................... T a m p a ............................... 7 7 ,5 7 5 4 4 ,2 7 9 8 ,5 8 7 2 7 ,9 7 4 7 3 ,3 9 1 5 1 ,2 4 8 8 ,6 2 1 2 8 ,1 7 5 6 9 ,1 1 7 4 0 ,0 4 4 8 ,2 4 0 2 6 ,2 1 3 G E O R G IA — A l b a n y ............................... A t l a n t a ............................... A u g u s t a ............................ B r u n s w ic k ....................... C o lu m b u s ....................... E l b e r to n .......................... M a c o n ............................... N e w n a n ............................ S a v a n n a h ....................... V a ld o s tq .......................... 4 ,3 8 7 2 0 1 ,0 3 1 1 7 ,8 1 7 2 ,9 1 8 1 3 ,7 1 4 1 ,1 0 0 1 4 ,0 9 1 1 ,8 8 6 2 8 ,5 5 0 4 ,2 6 0 4 ,2 5 2 1 8 5 ,6 0 5 1 7 ,2 4 4 2 ,7 0 8 1 2 ,8 5 0 1 ,1 4 9 1 3 ,6 1 7 1 ,7 3 4 2 6 ,1 1 8 3 ,4 4 0 LO U ISIA N A — N e w O r l e a n s ................ 2 0 0 ,4 9 9 M IS S IS S IP P I— H a t t i e s b u r g .................. J a c k s o n ............................. M e r id i a n .......................... V ic k s b u r g ....................... T E N N ESSEE— C h a t t a n o o g a ................ K n o x v ille ......................... N a s h v ill e ....................... 5 .7 1 3 .6 0 .4 0 .7 + 1 2 .2 + 1 0 .6 + 4 .2 + 6 .7 4 ,0 1 2 1 7 9 ,7 1 6 1 4 ,4 7 9 2 ,5 5 4 1 2 ,0 3 1 1 ,0 6 5 1 2 ,1 3 2 1 ,3 0 9 2 6 ,1 2 4 3 ,4 3 5 + 3 .2 + 8 .3 + 3 .3 + 7 .8 + 6 .7 — 4 .3 + 3 .5 + 8.8 + 9 .3 + 2 3 .8 + 9 .3 + 1 1 .9 + 2 3 .1 + 1 4 .3 + 1 4 .0 + 3 .3 + 1 6 .1 + 4 4 .1 + 9 .3 + 2 4 .0 1 9 1 ,5 4 4 1 9 0 ,3 4 7 + 4 .7 + 4 ,5 5 4 2 4 ,7 6 4 1 0 ,2 4 0 6 ,2 7 7 4 ,7 2 4 2 4 ,7 1 4 1 0 ,7 4 9 6 ,7 2 1 3 ,8 6 1 2 2 ,0 3 6 8 ,3 4 3 7 ,3 6 1 — 3 .6 + 0 .2 — 4 .7 — 6.6 + 1 7 .9 + 1 2 .4 — 1 4 .7 3 9 ,3 3 7 2 6 ,3 2 3 8 0 ,3 6 8 4 1 ,5 9 5 2 7 ,4 4 3 7 3 ,2 9 0 3 5 ,1 2 9 2 5 ,6 0 3 7 1 ,6 2 5 — 5 .4 — 4 .1 + 9 .7 + 1 2 .0 + 2 .8 + 1 2 .2 + 4 .3 + 1 1 .2 + 5 .9 + 1 0 .7 SIX TH D I S T R I C T 2 6 C i t i e s ..........................$ 9 8 9 ,7 1 3 $ UN ITED STA TES— 141 C i t i e s ....................... $ 3 1 ,9 2 8 ,4 6 3 9 4 8 ,4 8 7 $ $ 3 0 ,1 4 3 ,4 1 1 8 8 9 ,7 4 5 $ 2 8 ,8 4 0 ,8 8 8 + — — — 5 .3 offset in part by a small decline in holdings of direct obli gations of the United States. At the middle of June these banks were carrying 24.7 millions more in reserve deposits at the Federal than they were a year earlier, 2.8 millions more cash in their vaults, and their balances with cor respondent banks were 46.3 millions greater. Demand deposits-adjusted were about 56 millions larger than at the same time last year but time deposits were 8.6 millions less. ►Recent changes in the weekly statement of the Federal Reserve Bank of Atlanta reflect increases in member bank reserve deposits, and total cash reserves, and a decline in Federal Reserve note circulation. Reserves, deposits and note circulation were higher than at the corresponding time last year. ►Estimates based on latest available figures of deposits for all member banks in the District indicate that reserve de posits on June 14, amounting to 189.8 millions of dollars, were about 46.4 millions, or 32.4 per cent, in excess of legal requirements. In the latter half of May estimated excess reserves were about 42 millions of dollars, or 29.5 per cent of legal requirements. ►Check transactions at 26 cities in the District increased 4.3 per cent in May, and 5.9 per cent at 141 reporting cities throughout the country, and were 11.2 per cent larger than a year ago in the District against an increase of 10.7 per cent for the country. Agriculture Farm income in the six states of this Dis trict increased 9.2 per cent in April and, because of larger Government payments, was 26.2 per cent larger than a year earlier. April receipts from marketings of crops increased 17.6 per cent over March, but income ed era l R eserve D is t r ic t from livestock and livestock: products was lower. Combined receipts from crops and livestock were 2.9 per cent larger than in March, but 7.9 per cent smaller than in April 1938, but Government payments rose 22.0 per cent in April and were nearly three and one-half times the total for April last year. ►The Georgia peach crop is expected to be about 13.0 per cent smaller than that of last year. In Tennessee, however, indications are that production will be more than twice the small 1938 crop, and increases are also expected in Ala bama, Louisiana and Mississippi. The June 1 condition of apples was about the same as a year ago in Georgia but higher in other states of the District. ►Despite cooler weather than usual, most crops have made fairly satisfactory progress, but in the latter half of May and early June there was excessive rainfall in nearly all parts of the District, and farming operations were seriously interrupted. Industry A further substantial increase in building and construction activity in the Sixth District in May was evidenced by gains in construction contracts award ed, reported by the F. W. Dodge Corporation, and in build ing permits issued at reporting citier. Textile activity showed a small increase. Pig iron production declined but steel mill activity increased in May and early June. ►Contracts awarded for residential construction increased further from April to May by 40.1 per cent. The May total of $15,321,000 was twice as large as for May last year and was the largest for any month since April 1926. May residential contracts accounted for more than half of the total awards in the District which increased 34.2 per cent over April, while in the 37 Eastern States there was a de crease of 6.5 per cent. Compared with May 1938, total awards in the District increased 47.5 per cent and in the country 8.9 per cent. The value of building permits issued at 20 reporting cities rose further in May by 23.5 per cent and was larger than for any other month since December 1928. Production, shipments and orders at southern pine lumber mills continued in May and early June above the corresponding time last year. ►Textile operations in May increased in Alabama and Ten nessee but declined slightly in Georgia. The rate of cotton consumption in these states rose 1.3 per cent in May, when there is usually a decline of nearly 3.0 per cent, and was 44.7 per cent higher than in May last year, which com pares with a gain of 36.1 per cent for the country. ►Steel mill activity in the Birmingham area, after declin ing from 72.0 per cent of capacity during most of Feb ruary and March to 43.5 per cent in the last week of April and the first week of May, has since risen to 55.5 per cent at the middle of June. This compares with 52.5 per cent for the nation. Daily average production of pig iron in Alabama declined further in May by one-fifth and was 30.0 per cent lower than it was in December and January, although 33.0 per cent greater than in May last year. In the United States the May rate of production also declined 20.0 per cent from April, and was 37.0 per cent above May 1938. ►The daily rate of electric power production declined 3.0 per cent in the District and 2.5 per cent in the nation in April, the latest available figures, but was larger than a year ago by 21.6 per cent in the District and 11.0 per cent in the country as a whole. B u s i n e s s C o n d it i o n s in t h e S IX T H D IS T R IC T B U SIN E SS S T A T IS T IC S SALES M a y 19 39 C o m p a r e d W ith R E T A IL TR A D E A p r. 1 9 3 9 M a y 1 9 38 + 1 6 .6 A t l a n t a ................................. + 1 1 .8 B ir m in g h a m .......................+ 5 .6 + 1 3 .4 C h a t t a n o o g a .................... + 1 2 .9 + 6.8 M o n tg o m e r y ..................... + 4 . 1 + 1 6 .7 N a s h v ill e ............................ + 1 9 .5 + 1 2 .0 +8.9 N e w O r l e a n s .................... — 1 .8 O t h e r s ....................................+ 1 .3 + 1 8 .5 D IST R IC T (4 6 F i r m s ) . + 5 .2 + 1 4 .1 W H O LESA LE TRAD E G r o c e r i e s ............................ + 6.6 D ry G o o d s ..........................+ 7 .1 H a r d w a r e ............................— 0 .2 E le c tric a l G o o d s .......... + 3 7 .0 D r u g s ...................................... 0 .0 S h o e s . . . . . ......................... — 2 1 .8 T O T A L ...............................+ 4 .6 STO CKS C O LLEC TIO N J a n .-M a y In c l. M ay 1939 RA TIO C o m p a red C o m p a re d ' W ith W ith Y e a r A go M a y 19 38 M a y 19 39 + 4 .6 + 11.2 2 6 .6 — 1 .4 3 3 .5 + 7 .8 + 0 .3 + 8 .3 — 1 8 .4 + 8 .3 + 0.1 2 9 .8 + 8.0 + 3 .6 3 3 .1 — 1 .3 3 5 .3 — 1.0 + 5 .6 3 1 .3 — 0 .4 + 7 .0 — 2.0 +7.5 + 1 8 .9 + 1 5 .2 + 4 5 .0 + 1 5 .5 + 1 .0 + 1 4 .3 + + + + 6 .9 1 7 .8 1 3 .7 1 4 .4 + 7 .9 — 3 .0 0.0 + 0 .7 — 1 3.1 — 1.2 — 1.2 — 0.6 9 1 .6 3 9 .6 4 9 .5 7 6 .0 6 4 .5 62. i S ix t h F ed eral R eserve D is t r ic t 3 SIX 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) R E T A IL S A L E S * — U n a d ju s te d M a y 1 9 39 Apr. 1 9 39 M a y 1 9 38 1 1 9 .2 10 7.1 D IST R IC T (2 7 F irm s )............................................................. 1 1 7 .6 A t l a n t a .............................................................................................. 2 1 6 .3 2 0 6 .8 1 9 0 .7 1 0 8 .0 9 7 .8 B ir m in g h a m ................................................................................. 1 0 5 .4 C h a t t a n o o g a ............................................................................... 8 7 .1 8 3 .3 8 4 .6 N a s h v ill e .........................................................................................1 1 7 .4 1 0 6 .1 9 4 .9 N e w O r l e a n s ............................................................................... 9 3 .8 1 0 3 .1 8 9 .5 R E T A IL S A L E S * — Adjusted D IST R IC T (2 7 F i r m s ) .............................................................11 1 6 .4 A t l a n t a ..............................................................................................22 0 6 .0 B ir m in g h a m ................................................................................. 1 0 5 .9 C h a t t a n o o g a ............................................................................... . . 8 4 .6 N a s h v ill e .........................................................................................1 . .1 0055 .8 N e w O r l e a n s ............................................................................... . . 9 6 .7 1 1 4 .6 1 9 3 .3 1 0 8 .0 8 2 .5 1 0 4 .0 9 7 .3 1 0 6 .0 1 8 1 .6 9 6 .8 8 2 .1 8 5 .5 9 2 .3 R E T A IL S T O C K S — U n a d ju s te d D IST R IC T (2 4 F i r m s ) ............................................................. . 7 0 .5 A t l a n t a ..............................................................................................1 . 1 1 6 .7 B ir m in g h a m ................................................................................. ,. 7 1 .5 C h a t t a n o o g a ............................................................................... 6 2 .1 N a s h v ill e .........................................................................................5 . . 5 2 .9 N e w O r l e a n s ............................................................................... . . 6 0 .4 7 3 .8 1 2 3 .4 7 2 .1 6 3 .5 6 0 .9 6 2 .9 6 9 .9 1 0 9 .2 7 1 .2 6 1 .9 5 2 .9 6 1 .2 . . 6 0 .9 . . 5 2 .4 . . 5 9 .8 7 0 .3 1 1 7 .5 6 8 .7 6 0 .5 5 8 .6 6 0 .5 6 8 .5 1 0 8 .1 6 9 .8 6 0 .7 5 2 .4 6 0 .6 . . 6 7 .4 . . 5 2 .1 . 5 3 .4 . . 9 0 .8 6 4 .4 4 8 .9 4 9 .9 9 1 .0 .. 9 8 .4 9 8 .4 6 5 .2 4 9 .5 4 6 .0 7 3 .0 6 1 .7 9 7 .4 T en n essee. .. 8 4 .7 , 1 0 9 .2 . . 6 8 .4 1 0 7 .2 . . 5 2 .3 . . 6 5 .3 .. 1 5 6 .8 . . 220.6 . . 9 3 .0 6 3 .1 7 7 .9 5 3 .2 4 8 .6 5 3 .8 6 0 .1 1 1 7 .3 1 0 3 .3 4 6 .3 5 7 .4 5 4 .4 5 9 .5 5 1 .5 3 5 .1 7 8 .2 6 5 .7 2 0 6 .0 6 3 .6 15 O th e r C itie s . . . 7 4 .8 . . 21.6 . , 3 2 .4 . . . 8 7 .5 . . 3 9 .5 . . 6 0 .5 .. 1 0 6 .8 6 0 .5 3 1 .4 2 3 .2 1 2 4.1 1 6 3 .5 2 0 .7 6 6 .7 1 3 .2 7 1 .3 2 9 .7 3 6 .5 4 9 .3 . . 6 6 .5 8 3 .4 5 0 .1 1 5 5 .2 1 7 3 .4 1 4 8 .3 1 4 6 .9 1 0 8 .6 1 3 1 .4 9 7 .8 1 1 4 .8 1 2 4 .3 1 1 6 .3 1 4 2 .5 1 2 7 .8 1 2 7 .3 1 3 0.1 1 2 5 .9 1 0 3 .8 1 2 9 .8 1 1 8 .3 9 6 .5 1 1 7 .1 1 2 0 .9 1 8 4 .5 9 4 .0 1 8 1 .4 1 4 5 .7 1 3 7 .9 1 5 9 .3 1 6 5 .8 17 9.1 8 5 .0 1 5 2 .5 1 4 9 .0 1 2 1 .5 1 4 0 .0 1 5 0 .6 (000 Omitted) C O M M ER C IA L F A IL U R E S — D IST R IC T N u m b e r .............................................. L ia b il iti e s ......................................... M ay 1939 62 715 C O N T R A C T S A W A R D ED — D IS T R IC T ......................................... : 2 9 ,7 3 1 1 5 ,3 2 1 R e s i d e n t i a l ...................................... A ll O t h e r s ......................................... 1 4 ,4 1 0 4 ,9 0 3 A l a b a m a ........................................... 7 ,5 7 9 F l o r i d a ................................................ 4 ,3 4 9 G e o r g i a .............................................. 9 ,8 6 3 L o u i s i a n a ......................................... 4 ,2 5 3 M is s is s ip p i...................................... 5 ,1 5 4 T e n n e s s e e ......................................... A p r. 19 39 66 948 I 2 2 ,1 4 6 1 0 ,9 3 5 11,211 2,222 7 ,8 0 2 4 ,0 0 3 7 ,3 7 5 1 ,9 9 2 2 ,5 6 8 J a n .- M a y , In c l. 19 38 1 9 39 288 319 3 ,4 9 2 3 ,8 3 1 M ay 1 9 38 36 320 $ 2 0 ,1 5 7 7 ,6 2 7 1 2 ,5 3 0 2 ,3 5 3 5 ,0 9 2 5 ,2 1 4 4 ,1 3 1 3 ,9 7 2 3 ,5 2 5 $ 1 1 9 ,4 4 0 4 8 ,7 3 7 7 0 ,7 0 3 1 6 ,7 7 2 3 4 ,6 4 8 2 4 ,9 3 5 3 0 ,5 5 0 1 7 ,0 3 4 1 8 ,5 7 1 $ 7 4 ,2 3 9 2 9 ,2 8 7 4 4 ,9 5 2 9 ,6 4 8 2 2 ,6 3 5 1 4 ,6 6 8 1 7 ,2 4 6 8 ,4 6 5 1 6 ,5 6 2 ; 2 9 ,2 9 7 1 ,9 2 8 1 ,4 7 2 3 ,1 0 1 1 ,8 7 7 2 ,3 0 1 1 8 ,6 1 9 $ 2 2 ,5 7 7 1 ,5 1 1 1 ,1 1 4 5 ,1 3 5 678 2 ,0 9 9 1 2 ,0 3 9 1 ,0 5 5 732 R E T A IL S T O C K S — Adjusted . . . 6 9 .1 F u r n i t u r e .................................... D r u g s ............................................ CO N TRA CTS AW A R D ED - B U ILD IN G PERM ITS— 2 0 C IT IE S .........................................$ A t l a n t a ................................................. B ir m in g h a m .................................... J a c k s o n v il le .................................... N a s h v ill e ........................................... N e w O r l e a n s ................................. 15 O th e r C i t i e s ............................ 8 ,4 1 3 334 480 720 251 779 5 ,8 4 9 1 ,0 3 7 266 3 ,6 5 7 4 ,4 5 0 31 1 196 587 189 469 2 ,6 9 8 P IG IRO N P R O D U C T IO N — Tons A l a b a m a ........................................... 157 191 119 C O A L P R O D U C T IO N — Tons A l a b a m a ........................................... T e n n e s s e e ......................................... 317 237 130 144 6 ,8 1 1 487 343 1,021 3 ,9 6 5 1 ,7 8 8 730 335 4 ,4 9 3 1 ,6 6 5 3 9 .5 20.1 (000 Omitted) C O TT O N C O N SU M PTIO N — B a les A l a b a m a ........................................... G e o r g i a .............................................. T e n n e s s e e ......................................... TO TA L TH REE S T A T E S .. M ay 19 39 65 120 16 201 A p r. 1 9 39 58 112 A u g .- M a y , In c l. 1 9 3 8 -3 9 1 9 3 7 -3 8 609 503 1 ,1 3 8 919 144 129 1 ,8 9 1 1 ,5 5 1 M ay 1 9 38 46 77 11 14 184 134 C O T T O N S E E D C R U SH E D — T o n s* ......................................... 107 105 102 1 ,4 7 9 F E R T IL IZ E R T A G S A L E S — Tons TO TA L SIX S T A T E S .......... 171 606 172 1 ,4 7 4 2,200 2 ,3 0 1 (000 Omitted) A p ril 1 939 5 6 ,5 3 4 8 ,0 1 6 1 5 ,4 0 3 8 ,2 1 3 8 ,4 1 0 7 ,6 9 6 8 ,7 9 6 M a rc h 19 39 $ 5 1 ,7 5 9 6 ,0 9 5 1 5 ,5 7 7 7 ,4 5 7 5 ,2 1 8 9 ,5 4 1 7 ,8 7 1 E L E C T R IC P O W E R P R O D U C TIO N — kw hours 2 8 3 ,4 8 8 A l a b a m a ................................. 8 8 ,8 7 4 F l o r i d a .................................... 1 3 6 ,1 9 6 G e o r g i a ................................. . 1 3 4 ,7 7 9 L o u i s i a n a .............................. 4 ,6 8 7 M is s is s ip p i............................ 1 5 4 ,9 8 9 T e n n e s s e e ............................ 8 0 3 ,0 1 3 TO TA L SIX STA TES. 5 3 1 ,9 9 3 B y W a te r P o w e r -----2 7 1 ,0 2 0 B y F u e l s ............................ 2 7 9 ,0 1 1 9 8 ,8 0 4 1 5 4 ,2 0 8 1 3 1 ,4 5 2 4 ,5 5 3 1 8 7 ,8 0 6 8 5 5 ,8 3 4 5 7 0 ,9 8 5 2 8 4 ,8 4 9 FA RM IN C O M E*— S ix States. A l a b a m a ............................................ F l o r i d a ................................................. G e o r g i a .............................................. L o u i s i a n a ...................... ................. M is s is s ip p i...................................... T e n n e s s e e ........................................ ‘ Includes Government payments. A p ril 1 938 $ 4 4 ,7 8 3 5 ,5 9 2 1 3 ,0 6 4 3 ,8 5 5 7 ,8 3 6 6 ,5 8 1 7 ,8 5 5 J a n .- A p r ., In c l. 1 9 39 1938 $ 1 9 4 ,9 4 4 $ 2 0 5 ,9 5 1 2 5 ,6 0 0 2 1 ,3 2 2 5 2 ,4 2 7 5 3 ,7 4 8 2 1 ,2 1 8 2 4 ,0 6 6 2 5 ,7 0 4 2 1 ,8 1 7 3 5 ,8 3 4 3 8 ,0 9 4 4 3 ,8 4 7 3 7 ,2 1 8 P IG IRO N P R O D U C TIO N — ALA B A M A *. T en n essee. 1 5 7 .2 1 8 0 .2 1 4 7 .8 1 5 1 .0 EM PLO YM EN T (A v . fo r 1 9 3 2 121.1 A l a b a m a ......................................... 1 0 6 .5 F l o r i d a .............................................. , 1 3 8 .9 G e o r g i a ........................................... 1 2 6 .0 L o u i s i a n a ...................................... M is s is s ip p i....................................................................................1 . . 1 0033..3 3 T e n n e s s e e ...................................................................................... . .112277.7 .7 SIX ST A T E S ............................................................................ . . 1 2 6 .7 PAYROLLS ( A t . fo r 1932 = 100) A l a b a m a ................................................... . 1 8 2 .7 F l o r i d a ........................................................ , 88.2 G e o r g i a ..................................................... . 1 7 6.1 L o u i s i a n a ...................................................................................... 1 4 3.4 3 .4 M is s is s ip p i............................ . 1 2 6 .0 T e n n e s s e e ............................... .1.......... 6 0 .9 SIX S T A T E S ............................................................................1 . 1 6 2 .5 E L E C T R IC P O W E R P R O D U C TIO N * 9 4 3 ,0 8 4 2 3 7 ,2 6 3 1 ,1 1 0 ,8 6 2 3 5 5 ,2 0 7 8 3 ,3 4 8 3 7 8 ,6 8 8 4 7 5 ,2 3 2 5 5 1 ,7 5 9 1 1 4 ,7 4 2 4 5 9 ,9 1 7 5 3 9 ,6 2 3 1 1 3 ,3 7 2 2 4 ,6 4 5 5 ,7 5 3 1 8 ,8 0 3 6 7 0 ,8 2 4 4 5 7 ,2 1 3 1 0 5 ,8 8 9 6 6 0 ,3 6 7 3 ,2 7 0 ,5 5 9 2 ,7 1 5 ,2 9 8 4 1 0 ,4 6 7 2 ,0 2 7 ,0 9 6 1 ,4 6 0 ,5 8 4 2 4 9 ,9 0 0 1 ,2 4 3 ,4 6 3 1 ,2 5 4 ,7 1 4 .. .. . , M is s is s ip p i. T e n n e s s e e .. >r. 1 9 39 . 3 6 6 .7 .4 5 1 .5 .2 3 4 .3 5 2 3 .1 7 4 .6 .2 5 5 .2 . 3 2 3 .9 .4 0 8 . 3 .2 3 0 .5 111.2 M a r. 1 9 39 A p r. 3 4 9 .2 4 8 5 .8 2 5 6 .7 4 9 3 .6 7 0 .3 2 9 9 .3 3 3 4 .1 4 2 4 .1 2 3 4 .4 1938 3 0 6 .9 4 2 3 .5 1 9 7 .4 4 3 9 .9 9 1 .9 1 7 4 .4 2 6 6 .4 3 1 5 .0 2 1 2 .5 ‘ Indexes of retail sales, electric power and pig iron production, and of cotton consumption are on a daily average basis. B u s i n e s s C o n d it i o n s 4 in t h e S ix t h F ed era l R eserve D N A T IO N A L S U M M A R Y O F B U S IN E S S C O N D IT IO N S is t r ic t INDUSTRIAL PRODUCTION Prep ared b y the B oard oI G o vern ors oi the F e d e ra l R ese rv e System TNDUSTRIAL production, which had been receding on a seasonally adjusted basis during the first four months of this year, showed little change in May and increased considerably in the first three weeks of June. The advance reflected principally larger output of steel and coal, which had previously shown considerable declines. P r o d u c tio n In May the Board’s seasonally adjusted index of industrial production was at 92.0 per cent of the 1923-25 average, the same as in April. Volume of manufacturing pro duction declined somewhat further, owing chiefly to reductions in output of steel and automobiles, but mineral production increased as most bituminous coal mines were reopened after the middle of the month. Steel ingot production, which had been at an average rate of 52.0 per cent of capacity in April, declined to 45.0 per cent in the third week of May. About this time prices of some types of steel were reduced considerably and orders were placed in substantial volume. Subsequently steel output increased and the current rate is about 55.0 per cent of capacity, approximately the level maintained during the first quarter of this year. In the automobile industry output was reduced by about one-fifth at the beginning of May, and in the latter part of the month there was further curtailment partly as a result of a strike at a body plant which led to the closing of most assembly lines of one major producer. In the early part of June the strike was settled and by the middle of the month output had risen to a level higher than that prevailing during most of May. Lumber production increased further in May following less than the usual seasonal rise during the first quarter of this year. Output of nondurable manufactures in the aggregate was at about the same rate in May as in April. At woolen mills activity increased sharply, following a decline in April, and at cotton and rayon mills output was maintained. Mill consumption of raw silk showed a further sharp decline. At meat-packing establishments output increased more than seasonally, and as in March and April was considerably larger than a year ago, reflecting a sharp increase in the number of hogs slaughtered. Flour production continued in larger volume than is usual at this season, while at sugar refineries there was a decrease in output. Mineral production increased in May owing chiefly to tKe reopening of most bituminous coal mines. Anthracite production, which had been in large volume in April, declined in May, while output of crude petroleum increased somewhat further. Value of residential building contracts, which had shown a considerable decline in April, increased in May, according to figures of the F. W. Dodge Corporation. Public residential awards were higher owing to a greater volume of United States Housing Authority projects; private awards also increased but on a seasonally adjusted basis were below the high level reached in February and March. Contracts for both public and private non-residential construction declined in May, following increases in the preceding two months. 1934 1935 1936 1937 t938 1939 Index oi p h y sic a l volum e oi production, adjusted for se a so n a l variatio n , 1923-1925 a v e ra g e = 100. B y months, Ja n u a ry, 1934, to M ay, 1939. FREIGHT-CAR LOADINGS Index oi total le a d in g s oi revenu e ireight, adjusted lor se aso n a l variatio n , 1923-1925 a v e ra g e = 100. B y months, Ja n u a ry, 1934, to M ay , 1939. WHOLESALE PRICES E m p lo y m e n t Factory employment and payrolls showed little change from the middle of April to the middle of May, according to reports for a number of states. D is tr ib u tio n Department store sales declined from April to May, while sales at variety stores and by mail order houses showed little change. In the first two weeks of June depart ment store sales increased. Freight-car loadings increased in the latter half of May, reflecting chiefly expansion in coal shipments. In the first half of June loadings of coal increased further and shipments of other classes of freight also were in larger volume. C o m m o d ity P ric e s Prices of industrial materials, such as steel scrap, hides, wool, and print cloths, advanced somewhat from the middle of May to the third week of June. Wheat, silk, and coal prices declined early in June, following increases in May, and there were further declines in prices of livestock and meats. In dexes com piled b y U . S . B u re a u oi La b o r Statistics, 1926 = 100. B y w e e k s, 1934, to w e e k ending June 17, MEMBER BANKS IN 101 LEADING CITIES B catk C r e d it During the four weeks ending June 14 total loans and investments at member banks in 101 leading cities increased by $270,000,000, following a decline of $200,000,000 in the preceding four weeks. The major increase was in holdings of Treasury notes and bonds at New York City banks. Demand deposits increased sharply to new high levels both in New York and in the leading cities outside New York. During the first three weeks of June excess reserves of member banks showed little change from the new high level of $4,300,000,000 reached on May 24. Continued gold imports largely went into ear-marked gold and into balances held for foreign account at the Federal Reserve Banks. M o n e y R a tes Prices of United States Government securities, which had advanced sharply from April 11 to June 5, reaching a new high level, eased slightly during the next two weeks. The yield on the longest-term Treasury bond outstanding declined from 2.49 per cent on April 11 to 2.26 per cent on June 5 and increased to 2.32 per cent on June 19. Other money rates showed little change. W e d n e sd a y figures fo r reporting m em ber ban ks in 101 le a d in g cities, Sept. 5, 1934, to June 14, 1939. Com m er c ia l lo an s, w h ich in clu d e in d u strial and a g ricu ltural lo a n s, represent prior to M ay 19, 1937, so -called “ Other lo a n s" a s then reported.
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