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F eder^
Q
^
V o lu m e X X V I
^
^
^
tlanta
in d u s t r ia l
N um ber 6
R e c o n n a is s a n c e
T h e P o w e r S h o r ta g e in
PEB CENT DSCBEJISE V PER CENT INCREASE
a f B u s in e s s C o n d itio n s
and
4
A t la n t a , G e o r g ia , J u n e 3 0 , 1 9 4 1
D is t r ic t S u m m a ry
T ra d e
^
a c t iv it y
in
th e S o u th e a s te r n S t a t e s
R e t a il
th e
______________ _______ T h e
W h
p re s e n t p o w e r
s h o rta g e
is
S ix t h D is t r ic t c o n tin u e d a t a h ig h le v e l
in
M ay.
D is t r ib u t io n
th ro u g h
h ig h
r e t a il
of
o u tle t s
le v e l f o r th e
C o n tra c ts ■
m e rc h a n d is e
re a c h e d
m o n th
a
new
fr o m
A p r i l. W h o le s a le
c re a s e d
by
t h e re is
u s u a lly
in s u r a n c e
5
per
s a le s
a
la r g e r , a n d
in
ir o n
M ia y w a s a t a
p r o d u c tio n
o f th e
re c o rd
A p r i l d e c lin e , a n d
c o a l o u tp u t
in c r e a s e d s u b s t a n t ia lly in th e la t t e r h a lf
o f M ay
f o llo w in g
s e ttle m e n t o f
la b o r
d if fic u lt ie s .
A
n e w h ig h le v e l f o r th e m o n th w a s
re a c h e d
by
S ix t h
D is t r ic t
d e p a rtm e n t
s to r e s a le s in
M a y . A lt h o u g h
ra te
f a ile d
o f s a le s
by
a
th e M a y
f r a c t io n
t h a t o f A p r i l, i t w a s a f if t h
of 1
of
pow er
in
h y d r o - e le c t r ic
p la n t s —
s o u r c e s , th e d e m a n d s o f th e re a r m a m e n t
p r o g r a m h a v e c a lle d u p o n th e D is t r ic t 's
p o w e r p la n t s to s u p p ly a c o n t in u o u s ly
B a n k L o a n s a n |t || || |§ | ||| j f i e n t s
le v e l, p ig
a la r g e p a r t
T e n n e s s e e — th e t h r e e s ta te s o f th e
S ix t h D is t r ic t t h a t p ro d u c e la r g e a m o u n ts
Bank
co m
re c o v e re d
and
Pa
m e r c ia l f a ilu r e s d e c lin e d . T e x t ile a c t iv
it y
' “ "f?11 ¥ *
b e e n b e lo w n o r m a l m A la b a m a , G e o r g ia ,
a n d , c o in c id e n t w it h d e c lin in g w a t e r r e
M a y , w hen
s m a ll d e c re a s e , li f e
w e re
d e v e lo p m e n ts . F o r
EniplofJIIIBIIIIl
in
th e
co n se q u e n ce
Il! lll! lip iiip » ™
iiiliid u c t io n
p e r cen t
d is t r ib u t io n
c e n t in
lllllllll
P ig I r o n P j | | j | | | { | | i o n
th o u g h a f t e r a llo w a n c e f o r s e a s o n a l in
2
■
C o tto n C o :
o f M a y , a l
flu e n c e s M a y s a le s d e c lin e d
■
in
th e
D em and D
30
e
p
^
10
20
la r g e r o u tp u t.
i ii ii il
10
T h e a r e a is p a r t ic u la r ly v u ln e r a b le to
20
30
Sixth District Statistics lor
May 1941 eomparodwife May 1940
The defense program was begun ia May 1940.
Tfe» sharp riot of most bntin— indicators for
May 1941 over May 1940 reflects ia a general way
the impact of the defense program upon the
economy of the District.
p e r c e n t to
h ig h e r th a n in
M ay
equal
1940 and
s i b i li t y o f r e lie f fr o m
t h is c o m b in a tio n
it
is
h e a v ily
g e n e ra te d ,
o f c ir c u m s t a n c e s , f o r
dependent
ra th e r
th a n
upon
h y d ro
fu e l- g e n e ra te d ,
p o w e r , a n d th e la c k o f a d e q u a te t r a n s
m is s io n f a c ilit ie s to s ta te s b o r d e r in g th e
r e g io n , to g e th e r w it h d ie d ro u g h t’ s e ffe c t
upon
th o s e
s t a t e s , p r o v id e
li t t l e
p o s
o u ts id e s o u r c e s . U n t il r e c e n t ly , a h ig h
v o lu m e o f h y d r o - e le c t r ic
p o w e r p r o d u c tio n
h as been
m a in
h ig h e r th a n in M a y o f a n y p r e v io u s y e a r . T h e a d ju s te d in d e x ,
ta in e d b y p e r m it t in g th e w a te r le v e ls o f th e D is t r ic t ’ s r e s e r
w h ic h m a k e s a llo w a n c e f o r s e a s o n a l in f lu e n c e s , d e c lin e d 2 p e r
v o ir s to
c e n t fr o m
w it h th e c o n tin u e d a b s e n c e o f r a in , a g g ra v a te d t h e p r o b le m
t h ro u g h
A p r i l to M a y . I n th e f iv e m o n th s o f 1 9 4 1 , J a n u a r y
M a y , s a le s h a v e
been
15
p e r c e n t g r e a t e r th a n
in
fo r
th e
d e c lin e . T h is u n a v o id a b le
c o m in g m o n th s , a n d , in
s ta te s a r e
a d ju s te d in d e x ro s e 1 p e r c e n t in
f a c t o f c o m p u ls o r y p o w e r r a t io n in g .
a b o v e t h a t f o r M a y la s t y e a r . B u s in e s s f a ilu r e s d e c lin e d
in
M a y , a f t e r r is in g r a t h e r s h a r p ly in A p r i l, a n d in th e J a n u a r y -
c o n fr o n te d
w it h
c o n s e q u e n c e , th e
t h a t p e r io d a y e a r a g o . F o r th e c o u n t r y a s a w h o le , th e B o a r d ’ s
M a y an d w as 19 p e r cen t
now
m a n n e r o f s o lu t io n h a s ,
► C h a r t 1 , b e lo w , r e fle c t s b o th
b o th
th e
th e
n e c e s s ity
s e v e r it y
o f th e
d ro u g h t
and
th e
d ro u g h t
a n d th e e n o rm o u s in c r e a s e in t h e p r o d u c t io n o f h y d r o - e le c t r ic
M a y p e r io d t h is y e a r h a v e b e e n 2 2 p e r c e n t le s s th a n in th a t
p o w e r o c c a s io n e d b y th e d e fe n s e p r o g r a m . T h e d ro u g h t f a c t o r
p a r t o f 1 9 4 0 , a s c o m p a re d w it h a d e c lin e o f 1 0 p e r c e n t f o r
i s s h o w n in
th e c o u n t r y a s a w h o le .
fo r a n y
► T h e re
w as
a
fu r t h e r
g a in
in
th e
v a lu e
( C o n tin u e d on P a g e 3 3 )
o f c o n s t r u c t io n
th e g re e n c u r v e
o f th e c h a r t , w h ic h
m o n th th e p r e c ip it a t io n
in
re p re s e n t s
A la b a m a , G e o r g ia , a n d
T e n n e s s e e in te rm s o f th e n e t d e v ia t io n fr o m n o r m a l, p o s it iv e
M o n t h l y R e v ie w o f t h e f e d e r a l R e s e r v e B a n k o f A t l a n t a f o r J u n e 1 9 4 1
30
o r n e g a tiv e , d u r in g
th e 1 2 m o n th s e n d in g in
m o n th . F o r illu s t r a t io n , c o n s id e r th e
D u r in g
th e
12
m o n th s e n d in g
H a d th e p o w e r c o m p a n ie s b e e n a b le to o p e ra te in
t h a t p a r t ic u la r
p o in t f o r A p r i l 1 9 4 1 .
la s t A p r i l th e
to ta l r a in f a ll
an ce
w it h
t h e ir
“ r u le
re p r e s e n t in g
th o s e m o n th s w o u ld h a v e b r o u g h t a t o t a l r a i n f a l l o f 5 1 in c h e s .
s h a r p ly a s i t d id in
The
c h a r t s h o w s , t h e r e fo r e , th a t th e 1 2
m o n th
a n e t d e fic ie n c y
sh o w n
on
m o n th s e n d in g
o f 1 0 in c h e s . B y
th e c h a r t ,
th e
12
m o n th
la s t
M a y , th e la s t
d e fic ie n c y
had
o f p r e c ip it a t io n
th e r a i n f a l l fig u r e
e le c t r ic
re g io n
o v e r a 1 2 m o n th p e r io d
m o s t r e le v a n t to
th e
c a p a c it y , f o r p o w e r r e s e r v o ir s
b a s is o f 1 2
m o n th c y c le s . H e a v y
fr o m
w o u ld
lo n g
a c c o rd
ag o
h ave
t h a t q u a n t it y
in
c h a rt 1
w o u ld
h ave
d e c lin e d
p r e v io u s d ro u g h ts , n o t a b ly t h a t o f 1 9 3 1 .
In s t e a d , h o w e v e r, th e d e m a n d s o f th e n a t io n a l d e fe n s e p r o
g ra m
h a v e fo r c e d
th e c o m p a n ie s to in c r e a s e th e p r o d u c tio n
o f h y d r o - e le c t r ic p o w e r b y d r a w in g d o w n th e le v e ls o f t h e ir
s to r a g e r e s e r v o ir s . T h is is th e s e a s o n w h e n r e s e r v o ir s s h o u ld
in c r e a s e d to 1 2 in c h e s .
T h e d e v ia t io n
th e y
c u r t a ile d th e p r o d u c tio n o f h y d r o - e le c t r ic p o w e r, a n d th e c u r v e
in th e t h re e s ta te s w a s 4 1 in c h e s . I n a n o r m a l p e r io d , h o w e v e r,
A p r il h a d
c u rv e s ”
D e c e m b e r to
A p r i l,
p r o b le m
a re
r a in s
and
o f h y d ro
o p e ra te d
u s u a lly
d u r in g
is
on
f a l l in
th e s e
th e
t h is
m o n th s
b e f u l l , b u t , to
r e s e r v o ir in
5 .1
5
ta k e
an
e x a m p le , L a k e
B u r t o n , th e
la r g e s t
th e G e o r g ia P o w e r C o m p a n y ’ s s y s t e m , h a d o n ly
m illio n k ilo w a t t - h o u r s in
p e r c e n t o f w h a t w o u ld
o n t h a t d a te . E v e n
if
s to r a g e o n J u n e 1 8 . T h is is b u t
o r d in a r ily
r a i n f a l l is
h ave
been
n o r m a l fr o m
in
s to ra g e
now
o n , th e
th e r e s e r v o ir s n o r m a lly f i l l u p . M o d e ra te to h e a v y r a in s o r d i
w a te r r e s e r v e s h o rta g e w i l l r e m a in s e r io u s in t o 1 9 4 2 , f o r th e
n a r ily f a l l d u r in g th e s u m m e r, p r o v id in g s u ffic ie n t s tre a m flo w
r a in s th a t s h o u ld h a v e f ille d
to
e a r ly
o p e ra te
th e
h y d r o - e le c t r ic
w a t e r le v e l o f th e
p la n t s
w h ile
m a in t a in in g
r e s e r v o ir s a t c a p a c it y . F r o m
th e
S e p te m b e r
th ro u g h N o v e m b e r, h o w e v e r, lig h t r a in s c a n u s u a lly
be e x
s p r in g
d id
n o t f a ll.
th e r e s e r v o ir s in D e c e m b e r a n d
F u rth e rm o re , a fte r
o f f in t o
v o ir s to r a g e to m a in t a in p r o d u c t io n d u r in g t h is p e r io d . H y d r o
flo w s a n d r e s e r v o ir le v e ls w il l b e in c r e a s e d
e le c t r ic
b y a n y g iv e n a m o u n t o f r a in .
d e te r
th e s tr e a m s . H e n c e
m in e d e a c h y e a r o n th e b a s is o f n o r m a l r a i n f a l l a n d e x p e c te d
^ The
pow er
o v e r th e p a s t d e c a d e
lo a d s ,
th e
r e s e r v o ir s fr o m
c u rv e
c a llin g ,
g e n e r a lly ,
f il li n g
th e
D e c e m b e r to A p r i l, m a in t a in in g t h e ir le v e ls
d u r in g th e s u m m e r, a n d d e p le t in g th e m
Im p o r t a n t d e v ia t io n s o f r a i n f a l l fr o m
m et b y
fo r
in c r e a s in g
or
o f p o w e r b y h y d ro
d e c re a s in g
p la n t s a n d
d u r in g
th e a u tu m n .
n o r m a l a r e o r d in a r ily
s o m e w h a t th e
p r o d u c tio n
c o n v e r s e ly d e c re a s in g
o r in
can
s ix
The
12
e ffe c t o f a b n o r m a l
m o n th
r a in f a ll
p ic t u r e
upon
t h a t is
th e
h y d r o - e le c t r ic p la n t s is c le a r ly d is c e r n ib le in
r e le v a n t .
o p e r a t io n s
of
c h a r t 1 , f o r in
th a t c h a r t th e h y d ro - p o w e r c u r v e , w h e n c o rr e c t e d v is u a lly f o r
it s g ro w th o v e r th e p e r io d , c a n b e s e e n to f o llo w
th e g e n e ra l
n e c e s s ita te d
th e f ig u r e s
1 9 3 5 - 1 9 3 9 = 1 0 0 . S t a t is t ic s
D is t r ic t h a v e b e e n d ro p p e d fr o m
u su a l
th e D is t r ic t
c o n c e r n , th e
b y th e d e fe n s e p r o g r a m ,
in
th e
h a s f o r m a n y y e a r s c a r r ie d
th e r e c o r d s o f th e F e d e r a l
P o w e r C o m m is s io n . T h e s e r ie s fr o m
th e t a b le o n p a g e 3 1 a n d in
in
im m e d ia te
o f p o w e r p r o d u c t io n
in d e x e s o f th e s e d a ta d e r iv e d fr o m
b a se
th e r a in y s e a s o n s to th e d r y s e a s o n s ,
m o n th s s tre a m
le s s th a n
p o w e r in d u s t r y
s ta te s . T h e M o n t h l y R e v i e w
v o ir s to h o ld w a te r fr o m
th e
in
th e n e x t fe w
a n d , o f m o re
p r o d u c tio n
b e o b s e rv e d
in
is
in
g ro w th o f th e e le c t r ic
in c r e a s e in
c r e a s in g th e o u tp u t o f s te a m p la n t s . I t is th e fu n c t io n o f r e s e r
a n d , t h e r e fo r e , it
p ro lo n g e d
th a t d o e s f a l l is a b s o rb e d b y th e g ro u n d in s te a d o f r u n n in g
p e c te d , a n d , c o n s e q u e n t ly , th e h y d r o p la n t s d ra w u p o n r e s e r
r e s e r v o ir s th u s o p e ra te u n d e r a “ r u le c u r v e ”
a
d ro u g h t s u c h a s t h is , th e la n d is so d r y t h a t m u c h o f th e r a in
1 9 2 7 to d a te is p re s e n te d
th e c h a r t o n p a g e 3 0 , o n th e
f o r in d iv id u a l s ta te s o f th e
th e t a b u la t io n , a n d in
s te a d in d e x e s f o r h y d ro - g e n e ra te d a n d
fu e l- g e n e ra te d
a r e s e p a r a t e ly s h o w n .
in
T h is is t h e fo r m
t h e ir
pow er
w h ic h th e in d e x e s
w il l h e n c e fo r th b e c a r r ie d .
T h e g ro w th o f e le c t r ic p o w e r p r o d u c t io n in
th e S ix t h
D is
m o v e m e n ts o f th e p r e c ip it a t io n c u r v e . F u r t h e r m o r e , th e e ffe c t
t r ic t w a s s u b s t a n t ia l in th e 1 9 2 0 ’ s , a n d s u ffe r e d o n ly a m in o r
o f c h a n g e s in h y d r o - e le c t r ic o u tp u t u p o n th e p r o d u c t io n o f th e
in t e r r u p t io n
s te a m a n d in t e r n a l c o m b u s tio n p la n t s c a n b e s e e n in c h a r t 2 ,
t r ic t ’ s p o w e r in d u s t r y g re w a t a n a n n u a l r a t e o f 1 1 p e r c e n t ,
w h e r e th e tw o s e r ie s m o v e in v e r s e ly , fu e l- g e n e ra te d p o w e r in
c o m p a re d w it h a 7 .4 p e r c e n t a n n u a l g ro w th f o r it s n a t io n a l
c r e a s in g w h e n h y d ro - g e n e ra te d p o w e r d e c lin e s , a n d v ic e - v e r s a .
c o u n te rp a rt.
The
s it u a t io n a t th e m o m e n t is
p r e c ip it a t io n
c u rv e
has
been
c a n n o t b e e x p e c te d s h o r t ly
c le a r . F o r
b e lo w
to r e t u r n
n o r m a l.
1 7 m o n th s th e
M o re o v e r,
it
to n o r m a l. T h e m o n th
in
th e d e p r e s s io n . F r o m
S in c e
th e
d ro u g h t t h is
1 9 3 3 to
ra te
of
1 9 3 9 th e D is
e x p a n s io n
has
in c r e a s e d f u r t h e r , f o r b o th th e h y d r o a n d f u e l p la n t s . W it h in
th e lim it a t io n s o f e x is t in g g e n e ra tin g a n d t r a n s m is s io n f a c i l i
t ie s , th e re is a p p a r e n t ly lit t le
p o s s ib ilit y o f a f u r t h e r e x p a n
o f J u n e h a s b r o u g h t s e v e r a l s c a tte r e d s h o w e rs a n d a fe w h e a v y
s io n o f fu e l- g e n e ra te d p o w e r d u r in g th e c r it ic a l m o n th s a h e a d :
r a in s in so m e lo c a lit ie s , b u t th e r a in o f a fe w w e e k s , a n d e v e n
e x p a n s io n m u s t c o m e fr o m
o f a fe w m o n th s , c a n n o t e a s ily o v e rc o m e th e e ffe c ts o f a lo n g
T h is
D is t r ic t p r o d u c e s
a
new
f a c ilit ie s .
la r g e r
p o r t io n
o f it s
pow er
d ro u g h t.
INDEXES OF ELECTRIC
POWER PRODUCTION - SIX STATES OF T H E SIXTH D IST RIC T - 1935-1939-100
t
Is
r 7 V d fr '
17
v * . er ' WATER
1927
1929
1931
1933
1935
1937
T f7
’OWER
1939
041
in
M o n t h l y R e v ie w o f t h e f e d e r a l R e s e r v e B a n k o f A t l a n t a f o r J a n e 1 H 1
3t
h y d r o - e le c t r ic p la n t s th a n a n y a r e a o f th e n a tio n o th e r th a n
e r a t in g c a p a c it y a v a ila b le e v e r y s u m m e r, b u t, u n f o r t u n a t e ly ,
th e F a r W e s t, a n d t h is im p o r t a n t d iffe r e n c e b e tw e e n th e p o w e r
th e re is n o m e a n s b y w h ic h la r g e a m o u n ts o f t h is p o w e r c o u ld
in d u s t r y
be m ad e
o f t h is
a re a a n d
th a t o f th e
n a tio n
m e a n s th a t a
d ro u g h t in t h is a r e a is a m o re d if fic u lt p r o b le m th a n a s im ila r
a v a ila b le
t h is
s u m m e r to
th e in d u s t r ia l
a re a s
of
A la b a m a , G e o r g ia , o r T e n n e s s e e . S i m ila r ly , th e in a d e q u a c y
d ro u g h t in m o s t o f th e o th e r re g io n s o f th e c o u n t r y . In 1 9 3 9 ,
o f t r a n s m is s io n
f o r in s t a n c e . 5 5 p e r c e n t o f th e p o w e r p ro d u c e d
th e s ix
th a t a b a t t le s h ip b e b r o u g h t S o u th to p u m p it s 6 0 th o u s a n d
D is t r ic t
k ilo w a t t s in t o th e a r e a . N o n e o f th e p o rts a t w h ic h s u c h a s h ip
s ta te s t h a t f a l l e it h e r w h o lly
w as
h y d ro - g e n e r a te d .
o r p a r t ly
A lm o s t
p o w e r w a s p ro d u c e d in
a ll
of
in
in
th e S ix t h
t h is
m ig h t a n c h o r is
h y d ro - g e n e ra te d
w as
77
per
m akes
p r e p a re d
im p r a c t ic a l th e
s u g g e s tio n
to t r a n s m it it s e n e rg y to
th e
de
fe n s e in d u s t r ie s o f th e in t e r io r .
th e s ta te s o f A la b a m a , G e o r g ia , a n d
T e n n e s s e e , w h o s e t o t a l p o w e r p r o d u c t io n
f a c ilit ie s
cen t
► C o n s u m p tio n o f e le c t r ic e n e rg y in
th e s ix s t a te s , i.e ., p r o
h y d ro - g e n e r a te d . In c o n t r a s t , o n ly 3 4 p e r c e n t o f th e n a t io n ’ s
d u c tio n p lu s o r m in u s n e t im p o r t s o r e x p o r t s , w a s 2 5 p e r c e n t
t o t a l p o w e r w a s p ro d u c e d in
g r e a te r in th e f ir s t f o u r m o n th s o f 1 9 4 1
h y d r o - e le c t r ic p la n t s . A la b a m a ,
th e la r g e s t p o w e r p r o d u c e r in th e D is t r ic t , g e n e ra te d in
1939
th a n in
th e c o r r e s
p o n d in g p e r io d o f 1 9 4 0 . S in c e 1 9 3 5 c o n s u m p tio n o f e le c t r ic
3 .2 b illio n k ilo w a t t - h o u r s b y w a t e r , m o re th a n a n y s ta te o th e r
p o w e r in t h is a r e a h a s b e e n g ro w in g a t a r a p id a n d c o n t in u in g
th a n
r a t e a s th e c h a r t o f e le c t r ic p o w e r p r o d u c tio n a m p ly in d ic a t e s .
C a lif o r n ia , N e w
Y o r k , o r W a s h in g t o n . O f A la b a m a ’ s
t o t a l p r o d u c t io n , 8 1 p e r c e n t w a s p ro d u c e d b y w a t e r p o w e r,
I n re c e n t m o n th s , h o w e v e r, th e e n o rm o u s p o w e r re q u ire m e n t s
a la r g e r p r o p o r t io n th a n t h a t o f a l l b u t 7 s ta te s o f th e n a t io n .
o f d e fe n s e in d u s t r ie s in th e D is t r ic t h a v e b e e n s u p e rim p o s e d
► In
u p o n th e lo n g - te rm
n o r m a l tim e s th e D is t r ic t is s e lf- s u ffic ie n t in p o w e r, a n d ,
o n th e w h o le , a n e t e x p o r t e r to a lim it e d
d e g re e . T h e
o n p a g e 3 2 s h o w s th e n e t m o v e m e n ts o f p o w e r d u r in g 1 9 3 9
a m o n g th e s ta te s o f th e D is t r ic t , a n d to a n d fr o m
t h e ir n e ig h
u p w a rd tre n d .
P o w e r c o n s u m p tio n is c o m p a re d b y s ta te s in
m ap
th e c h a r t o n
p a g e 3 2 . T e n n e s s e e , w it h it s m a n y m e t a llu r g ic a l a n d c h e m ic a l
p la n t s , is m u c h th e la r g e s t c o n s u m e r o f e le c t r ic it y in th e D is
b o rs o u ts id e th e D is t r ic t . A la b a m a , th e la r g e s t p r o d u c e r , is
t r ic t , a n d , o w in g to
a ls o
T e n n e s s e e ’ s a lu m in u m , c o p p e r , z in c , a n d c h e m ic a ls , i t is th e re
th e
la r g e s t
e x p o rte r,
s t a t e s . M is s is s ip p i, o n
p ro d u c e r
and
th e
s e n d in g
pow er
th e o th e r h a n d , is
la r g e s t im p o r t e r ,
to
a ll
b o r d e r in g
b o th th e
r e c e iv in g
s m a lle s t
pow er
th e d e fe n s e p r o g r a m ’s
r e q u ire m e n t s
th a t th e p o w e r s h o rta g e is m o s t s e v e r e .
A m o n g th e m o s t im p o r t a n t f a c t o r s in
fr o m
th e in c r e a s e o f c o n
s u m p tio n h a s b e e n th e r a p id e x p a n s io n o f a lu m in u m
a l l s u r r o u n d in g s t a te s .
B e in g o n th e w h o le a s e lf- s u ffic ie n t p o w e r a r e a , th e D is t r ic t
of
t io n
in
th e
T e n n e sse e
V a lle y
to
s u p p ly
g ro w in g
p ro d u c
n a t io n a l
is n a t u r a lly n o t e q u ip p e d w it h t r a n s m is s io n f a c ilit ie s b e y o n d
d e fe n s e d e m a n d s . I n t h is c o n n e c tio n , th e C o m m o d ity R e s e a rc h
it s b o rd e r s s u ffic ie n t to
B u r e a u e s tim a te s t h a t fr o m
m e e t s u d d e n , la r g e
im p o r t r e q u ir e
a re
f a c ilit ie s th a t r e a c h b e y o n d th e lim it s o f th e p r e s e n t d ro u g h t
A lu m in u m C o m p a n y o f A m e r ic a is n o w p r o d u c in g 4 0 m illio n
a r e a . T h e r e is , t h e r e fo r e , o n ly a lim it e d
p o u n d s o f a lu m in u m p e r m o n th f o r a rm a m e n ts . A s u b s t a n t ia l
o p p o r t u n it y d u r in g
u se d
in
p r o d u c in g
1 0 to 1 2 k ilo w a t t - h o u r s o f p o w e r
m e n ts , a n d th e re g io n is p a r t ic u la r ly d e fic ie n t in t r a n s m is s io n
and
m a d e , h o w e v e r, f o r so m e n e t im p o r t s o f p o w e r. E v e n w it h in
th o u s a n d k ilo w a t t s , o f w h ic h t h e ir o w n g e n e ra to rs c a n s u p p ly
th e D is t r ic t , e x is t in g t r a n s m is s io n f a c ilit ie s d o n o t p e r m it th e
o n ly 7 0 th o u s a n d . T h is m e a n s t h a t a n a d d it io n a l 1 8 0 th o u s a n d
as
th e
p re s e n t
m a n u fa c tu re d
g e n e ra tin g
in
th e
S o u th e a s t. T h u s th e A lc o a p la n t s n e a r K n o x v ille r e q u ir e 2 5 0
m u ch
b e in g
a lu m in u m ,
p r o p o r t io n
k ilo w a t t s — a s
is
of
th e p o w e r re s o u rc e s o f o th e r a r e a s . A r r a n g e m e n t s h a v e b e e n
o f p o w e r a v a ila b le a t th e m o m e n t.
a lu m in u m
pound
th e n e x t fe w m o n th s to m e e t th e e x is t in g s h o rta g e b y ta p p in g
m o s t e f fe c t iv e u t iliz a t io n
o f t h is
one
c a p a c it y
th e
of
F lo r id a , w h o s e p r o d u c tio n is a lm o s t e n t ir e ly b y f u e l p la n t s ,
N o r r is a n d G u n t e r s v ille D a m s — m u s t b e p r o v id e d f o r th e d e
a n d th e r e fo r e in d e p e n d e n t o f th e d ro u g h t, h a s s u r p lu s g e n
fe n s e n e e d s o f t h is o n e c o m m o d ity .
IN D E X E S O F D A IL Y A V E R A G E P O W E R P R O D U C T IO N IN T H E S IX S T A T E S O F T H E 6 th F E D E R A L R E S E R V E D IS T R IC T — 1 9 3 5 -19 3 9= 1 00
T o ta l
Jan
1927.... .... 55
1928. .. .... 59
1929.... .... 63
1930.... .... 68
1931.... .... 68
1932.... .... 64
1933... .... 60
1934... .... 66
Feb
55
61
66
68
68
67
63
69
Mar
55
60
64
66
67
65
61
70
Apr
54
57
66
68
68
64
60
66
Jan Feb
1927.... .... 60 62
1928.... .... 67 66
1929.... .... 70 73
1930.... .... 78 77
1931... .... 76 77
1932.... .... 74 77
1933.... .... 71 73
1934.... .... 73 64
1935. .. .... 90 93
1936.. . .... 102 104
1937.... ...111 112
1938... .... 87 82
1939 .. ...109 125
1940.... . .103 133
1941... .... 173 151
Mar
64
67
73
75
78
75
72
79
89
103
113
91
137
150
164
Apr
62
66
75
78
80
74
71
77
91
106
110
102
132
May
54
57
65
71
66
61
64
67
Jun
54
57
65
70
69
62
72
69
July
52
55
63
67
66
58
70
68
Aug
55
59
68
65
65
63
71
72
Sep
58
60
69
68
67
67
71
68
Oct
57
64
71
70
66
67
68
76
Nov
58
65
69
67
63
68
67
77
Dec
55
60
65
66
64
63
61
73
Yr.
55
59
66
68
66
64
66
70
Jan
1935.... .... 76
1936.... .... 89
1937.... .... 95
1938.... .... 94
1939.... ....117
1940.... .... 139
1941.... ....163
Feb
80
91
100
98
114
139
171
Mar
75
88
98
98
117
135
169
Apr
76
90
98
93
113
135
174
Aug
54
66
72
66
69
69
79
78
82
89
77
123
127
143
Sep
47
68
70
73
67
74
77
72
83
88
86
104
131
139
Oct
42
71
77
76
50
75
74
86
63
111
91
92
114
140
Nov
55
72
78
71
42
76
72
87
81
90
97
100
104
143
Dec
63
66
73
74
70
69
57
82
91
114
93
96
89
146
Yr.
56
67
73
76
70
72
74
77
86
9S
95
100
120
138
Jan
1927.... .... 47
1928.... .... 50
1929.... .... 54
1930.... .... 55
1931.... .... 56
1932 ... .... 51
1933.... .... 46
1934.... .... 57
1935... ...5 8
1936.. ..... 71
1937. . .... 74
1938... .... 102
1939... .... 127
1940.... .... 187
1941.... .... 150
Feb
47
53
56
57
57
53
51
77
62
74
83
119
100
147
196
Mar
43
50
53
53
51
51
46
59
56
69
78
106
90
114
177
Apr
43
46
54
55
53
50
46
52
58
69
81
81
B y W a te r P o w e r
156
163
May
56
66
76
85
77
68
77
74
93
104
108
100
126
129
Jun
54
65
72
80
77
68
81
74
88
84
80
111
138
113
July
50
61
70
73
71
64
78
74
82
84
67
111
111
156
May
76
90
S6
95
116
139
Jun
76
93
100
102
123
140
July
76
93
100
102
121
142
Aug
79
56
102
112
122
145
Jun July
54 54
46 47
54 53
57 59
57 60
55 50
59 59
62 61
61 67
103 104
127 144
92
92
104 134
175 ' 124
Aug
56
49
62
63
59
56
59
64
75
107
Sep
79
102
106
114
133
141
Oct
80
99
100
113
137
151
Nov
81
99
98
116
138
155
Dec
82
102
99
117
133
154
Yr.
78
94
99
105
124
143
Sep
73
49
66
63
68
58
62
64
74
120
134 133
99 127
116 137
148 144
Oct
77
54
63
62
86
56
60
62
101
84
112
141
167
166
Nov
62
55
58
62
89
58
60
63
82
98
98
137
183
172
Dec
46
52
55
54
57
55
66
61
69
86
106
145
192
165
Yr.
54
50
57
58
62
54
55
62
68
88
By Fu el
May
51
44
51
53
51
52
48
57
55
70
79
89
88 102
107 153
188
li;4
1i 1
128
15G
32
M o n t h l y R e v ie w o f t h e f e d e r a l R e s e r v e S a n k o f A t l a n t a f o r J u n e I M
CONDITION OF FEDERAL RESERVE BANK OF ATLANTA
/I wn- (Inin
n \ol DolUn)June
P®r 1Cent
Change
Million*
8, 194
1 from
June 18 May 14
June 19 May 14 June 19
1941
1941
1940
1941
1940
Bills discounted...................... $ .01 $ .01
$ .2
...
— 95
Industrial advances........... ......
.2
.2
.2
U. S. securities....................... 94.9
94.9
104.4
...
— 9
Total bills and securities........ 95.1
95.1
104.8
...
— 9
F. R. note circulation............... 216.3
209.9
164.7 + 3
+ 31
Member banks reserve deposits.. 268.0 281.4
238.6 — 5
+ 12
U. S. Gov't general deposits..... 34.2
22.2
11.3
+ 54
+203
Foreign bank deposits.............. 42.3
28.4
23.1
+ 49
+ 81
Other deposits.......................
7.6
6.4
5.4
+ 19
+ 41
Total deposits...................... 352.0 338.4
278.4 + 4
+ 26
Total reserves......................... 481.4 458.9
345.5 + 5
+ 39
Industrial advance commitments.
.03
...
.5
+
— 94
CONDITION OF 22 MEMBER BANKS IN SELECTED CITIES
(In Millions of Dollar*)
per Cent Change
June 18, 1941 from
June 18 May 14
June 19May 14 June 19
1941 1941
1940
1941
1940
Loans and Investments—Total... $722.0 $710.4
$616.3 + 2
+17
Loans—Total.......................... 376.7 373.3
306.8 + 1 + 23
Commercial, industrial, and
agricultural loans.............. 193.5
192.1
152.4
+ 1 + 27
Open market paper............... 5.4
4.8
3.7
+ 13
+ 46
Loans to brokers and dealers
6.1
4.6
+3
+ 37
insecurities...................... 6.3
Other loans for purchasing
and carrying securities....... 11.1
11.0
10.8
+1
+3
Real estate loans.................. 36.4
35.7
32.2
+ 2
+ 13
Loans to banks..................... 1.5
1.4
.9
+7
+67
Other loans......................... 122.6
122.3
102.4 + 0
+ 20
337.0
309.5 + 2
+ 12
Investments—Total.................. 345.3
U. S. direct obligations.......... 163.8
159.1
140.9 + 3
+ 16
Obligations guaranteed by
U. S................................. 65.2
61.7
62.4
+ 6
+4
Other securities................... 116.3
116.2
106.2 + 0
+10
Reserve with F. R. Bank........... 171.1
176.7
135.8 — 3
+ 26
Cash in vault.......................... 15.9
16.1
25.0
— 1 — 36
Balances with domestic banks... 259.1
261.5
244.1 — 1 + 6
Demand deposits-adjusted........ 502.8
501.6
429.7 + 0
+ 17
Time deposits......................... 191.3
193.0
191.7 — 1 — 0
36.0
44.3
+ 31
+7
U. S. Government deposits........ 47.2
Deposits of domestic banks....... 363.1
370.9
298.0 — 2
+ 22
Borrowings............................. ....
....
;...
DEBITS TO INDIVIDUAL ACCOUNTS
(In Thousands of Dollar.)
Per Cent Change
May
April
MayMay 1941 from
ALABAMA
194“ April1941 Mayl940
Birmingham............... $ 124,455 $ 117,463 $ 97,937 + 6
+ 27
Dothan.....................
4,357
3,954
3,039 + 10
+ 43
Mobile......................
60,377
53,206
44,300 + 13
+ 36
31,038
29,139
25,137 + 7
+ 23
Montgomery..............
FLORIDA
Jacksonville...............
114,215
108,474
86,535 + 5
+ 32
Miami......................
67,382
72,474
57,318 — 7
+ 18
Pensacola..................
12,861
11,812
10,291 + 9
+ 25
Tampa......................
40,269
44,158
33,513 — 9
+ 20
GEORGIA
Albany......................
6,753
6,389
5,471 + 6
+ 23
Atlanta.....................
298,405
269,745
238,820 + 11
+ 25
Augusta...................
27,988
25,777
19,557 + 8
+ 43
Brunswick................
4,080
3,366
3,235 + 21
+ 26
Columbus.................
25,916
24,537
19,401 + 6
+ 34
Elberton...................
1,622
1,491
1,295 + 9
+ 25
25,556
23,943
16,933 + 7
+ 51
Macon......................
Newnan...................
2,731
2,513
1,887 + 9
+ 45
Savannah..................
42,025
35,341
31,357 + 19
+ 34
Valdosta...................
4,608
4,271
4,739 + 8 — 3
LOUISIANA
New Orleans.............. 282,107
262,930
241,825 + 7
+ 17
MISSISSIPPI
Hattiesburg...............
9,972
9,864
5,148
+ 1 + 94
Jackson.....................
34,114
33,479
30,321 + 2
+ 13
Meridian...................
16,573
15,683
12,969 + 6
+ 28
Vicksburg................
7,833
7,872
8,080 — 1 — 3
TENNESSEE
Chattanooga..............
57,252
50,333
44,074 + 14
+ 30
Knoxville..................
38,776
34,975
28,598 + 11
+ 36
Nashville..................
114,114
107,078
86,287 + 6
+ 32
SIXTH DISTRICT
26 Cities................... 1,455,379 1,360,267
1,158,067 + 7
+ 26
UNITED STATES
274 Cities.................. 43,665,000 42,237,000 37,257,000 + 3
+ 17
RETAIL TRADE —MAY 1941
(Cities for which no indexes are compiled)
Sales for May compared with :
Apr. 1941 May 1940
Apr. 1941 May 1940
Baton Rouge--- + 8
+12
Knoxville........ +13
+20
Chattanooga--- +12
+22
Macon............ — 4
+21
Jackson........... + 1
+21
Montgomery___ — 22
+14
Jacksonville..... + 1 3
+ 36
Tampa............ — 5
+ 34
PRODUCTION, TRANSMISSION, AND CONSUMPTION
OF ELECTRIC POWER - BY STATES - 1939
KY
TEXAS
► The
pow er
s h o rta g e
c o m p le tio n o f n e w
w ill
be
r e lie v e d
so m e w h a t
g e n e r a tin g c a p a c it y n o w
by
th e
u n d e r c o n s tru c
t io n . W it h in th e n e x t s e v e r a l m o n th s 3 4 0 th o u s a n d k ilo w a t t s
o f a d d it io n a l s te a m - g e n e r a tin g c a p a c it y w i l l b e c o m p le te d in
t h is a r e a . W h e th e r o r n o t , in
s it u a t io n , t h is n e w
u s e r s in
v ie w
o f th e p r o s p e c t iv e w a te r
c a p a c it y w i l l b e s u ffic ie n t to
s u p p ly
a ll
th e n e a r f u t u r e is a d e b a ta b le q u e s tio n . A t th e m o
m e n t, h o w e v e r , th e p o w e r s h o rta g e c a n n o t b e a d e q u a t e ly m e t
w it h o u t a c o n s id e r a b le r e d u c t io n o f c o n s u m p tio n .
► F o r t h a t r e a s o n , th e
f ir s t s te p
in
th e
r a t io n in g
o f pow er
in th e S o u th e a s t w a s ta k e n o n M a y 2 5 . O n t h a t d a te th e F e d e r a l
P o w e r C o m m is s io n , d e fe n s e o f f ic ia ls , a n d th e p r in c ip a l s o u th
e r n p o w e r p r o d u c e r s is s u e d a jo in t a p p e a l f o r th e c o n s e r v a t io n
o f p o w e r. T h e
Ju n e
16, on
se co n d
w h ic h
and
d a te
C o m p a n ie s — G e o r g ia
r e d u c tio n in
C o m m o n w e a lth
P o w e r , A la b a m a
M is s is s ip p i P o w e r , a n d
f o r m a l r a t io n in g
m o re im p o r t a n t s te p
th e
w as
and
ta k e n
S o u th e rn
P o w e r , G u lf
P o w e r,
S o u th C a r o lin a P o w e r — in s t it u t e d
p ro g ra m
d e s ig n e d to
e ffe c t a
20
a
p e r cen t
w o r k - d a y c o n s u m p t io n .
W h a t u se s
of
e le c t r ic
pow er
can
b e st
be
re d u c e d ?
A
b r e a k d o w n o f th e f ig u r e s o f p o w e r c o n s u m p tio n in th e e n t ir e
D is t r ic t is
n o t a v a ila b le , b u t a n
th e G e o r g ia P o w e r C o m p a n y
b e c it e d
as an
e x a m p le . T h e
e s tim a te f o r th e m a r k e t o f
m ad e
b y th a t C o m p a n y
m ay
G e o r g ia P o w e r C o m p a n y e s t i
m a te d t h a t o n M a y 2 0 , 1 9 4 1 , a s m u c h a s a f if t h
o f it s t o t a l
d e liv e r ie s w e re p r o b a b ly u s e d in
th e p r o d u c t io n o f n a t io n a l
d e fe n s e
su ch
it e m s .
Pow er
u se d
fo r
p u rp o s e s
c a n n o t,
of
c o u r s e , b e c u r t a ile d . A n a d d it io n a l a m o u n t, p e r h a p s a s m u c h
as 5
p e r c e n t o f t o t a l d e liv e r ie s , w a s u s e d
in d u s t r ie s e n g a g e d in
s ib le
by
n o n - d e fe n s e
p ro c e s s e s w h e r e c u r t a ilm e n t i s im p o s
b e c a u s e o f t e c h n ic a l c o n s id e r a t io n s . R e s id e n t ia l u s e r s ,
w h o s e c o n s u m p tio n m ig h t b e re d u c e d , c o n s u m e o n ly
15
p e r c e n t o f th e
C o m p a n y ’ s t o t a l d e liv e r ie s , a n d
1 0 to
d o n o t,
t h e r e fo r e , p r o v id e m u c h s c o p e f o r la r g e s a v in g s . O n ly n o n
d e fe n s e in d u s t r ia l p o w e r
liv e r ie s )
and
(r o u g h ly 4 0
p e r c e n t o f to ta l d e
c o m m e r c ia l lig h t a n d p o w e r
(r o u g h ly
10 p er
M o n t h l y R e v ie w o f t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a f o r J a n e 1 9 4 !
c e n t o f t o t a l d e liv e r ie s ) se e m to p r o v id e a n o p p o r t u n it y f o r
s u b s t a n t ia l p o w e r s a v in g s .
R e s u lt s o f th e G e o r g ia P o w e r C o m p a n y ’ s c u r t a ilm e n t p r o
g ra m
d u r in g
F ro m
M o n d a y th ro u g h F r id a y o f t h a t w e e k c o n s u m p tio n w a s
re d u c e d
20
w eek, M ay
it s
f ir s t
w e e k , Ju n e
1 6 - 2 2 , w e re
p e r c e n t a s c o m p a re d
1 9 -2 5 . G o o d
r e s u lt s
w it h
th e
w e re a ls o
e n c o u r a g in g .
p r e - c u r t a ilm e n t
o b ta in e d
o th e r a s p e c t o f th e
p r o g r a m , n a m e ly , in c r e a s in g
p o w e r c o n s u m p tio n
on
S u n d a ys. T h e
on
th e
in d u s t r ia l
to ta l u se
o f e le c t r ic
p o w e r in c r e a s e d 6 4 p e r c e n t o n th e f ir s t S u n d a y o f th e c u r
t a ilm e n t p r o g r a m
a s c o m p a re d w it h
th e S u n d a y o f th e b a s e
w e e k , M a y 1 9 - 2 5 . T h is in c r e a s e in th e in d u s t r ia l u s e o f p o w e r
o n S u n d a y s m a k e s p o s s ib le a b e tt e r u t iliz a t io n
fu e l- g e n e r a tin g
c a p a c it y ,
m u ch
of
w h ic h
is
o f a v a ila b le
n o r m a lly
o v e r th e w e e k - e n d .
id le
E . H .— B . B .
d i s t r i c t S u m m a r y o f B u s in e s s C o n d it io n s
( C o n tin u e d fr o m P a g e 2 9 )
c o n t r a c t s a w a rd e d in t h is D is t r ic t in M a y , f o llo w in g a s h a r p
in c r e a s e in A p r i l. T h e D is t r ic t t o t a l f o r M a y w a s 5 3 p e r c e n t
la r g e r th a n
i t w a s f o r M a y la s t y e a r a n d w h ile
r e s id e n t ia l
a w a r d s w e re u p s lig h t ly , “ A l l O t h e r ” c o n t r a c t s , w h ic h in c lu d e
th o s e f o r n o n - r e s id e n t ia l b u ild in g , p u b lic w o r k s a n d
u t ilit ie s ,
w e re
m o re
th a n
d o u b le
th e
to ta l
fo r
p u b lic
M ay
1940.
I n th e f iv e m o n th s o f 1 9 4 1 , J a n u a r y th ro u g h M a y , t o t a l a w a rd s
h a v e b e e n 3 3 p e r c e n t la r g e r th a n in
r e s id e n t ia l
c o n tra c ts
h ave
in c r e a s e d
t h a t p e r io d
4
per
c e n t,
la s t y e a r ,
and
“ A ll
O t h e r ” a w a r d s 5 5 p e r c e n t. I n th e 3 7 E a s t e r n s ta te s f o r w h ic h
F . W . D o d g e f ig u r e s a r e a v a ila b le , M a y c o n t r a c t s in c re a s e d
3 5 p e r c e n t o v e r A p r i l a n d w e re 6 7
p e r c e n t g r e a t e r th a n
in M a y 1 9 4 0 . A s in t h is D is t r ic t , th e la r g e r in c r e a s e s w e re in
c o n t r a c t s f o r n o n - r e s id e n t ia l b u ild in g a n d p u b lic u t ilit ie s .
► T e x t ile
le v e l in
a c t iv it y
in
t h is
D is t r ic t re a c h e d
a n o th e r n e w
M a y . A v e r a g e d a ily c o n s u m p tio n o f c o tto n b y m ills
in A la b a m a , G e o r g ia , a n d T e n n e s s e e f o r e a c h o f th e 2 7 b u s i
n e s s d a y s in M a y w a s 1 2 th o u s a n d b a le s , th e la r g e s t t o t a l f o r
a n y m o n th in a v a ila b le s t a t is t ic s , a n d 5 2 p e r c e n t g r e a t e r th a n
in M a y la s t y e a r . T h e te n m o n th t o t a l f o r th e c u r r e n t s e a s o n
is 2 1 p e r c e n t la r g e r th a n f o r th e c o r r e s p o n d in g p a r t o f th e
p r e v io u s s e a s o n . I n
th e U n it e d S ta te s a s a w h o le , c o tto n c o n
s u m p tio n in c r e a s e d 3 p e r c e n t in M a y . a n d w a s 5 0 p e r c e n t
g r e a te r th a n a y e a r a g o .
P ig
ir o n
p r o d u c t io n
in
A la b a m a
in c r e a s e d
8
p e r c e n t in
M a y , o n a d a ily a v e r a g e b a s is , f o llo w in g a d e c lin e o f 1 0 p e r
c e n t in
A p r i l t h a t w a s d u e p r in c ip a lly
to a n
a c c id e n t th a t
c a u s e d th e t e m p o r a r y s h u td o w n o f t h re e b la s t f u r n a c e s . T h e
M a y r a t e o f o u tp u t w a s 9 p e r c e n t la r g e r th a n in
y e a r , b u t w a s s o m e w h a t b e lo w
O c to b e r th ro u g h M a r c h . I n
M a y la s t
th e ra t e s t h a t p r e v a ile d
fr o m
th e U n it e d S t a te s a s a w h o le th e
M a y a v e r a g e w a s 3 p e r c e n t la r g e r th a n t h a t f o r A p r i l a n d
u p 3 1 p e r c e n t c o m p a re d w it h M a y 1 9 4 0 . S t e e l m ill a c t iv it y
in
th e B irm in g h a m - G a d s d e n a r e a a v e r a g e d 9 7 .4 p e r c e n t o f
c a p a c it y in
M a y a g a in s t 9 5 p e r c e n t in
A p r i l a n d 8 1 .5
per
c e n t in M a y la s t y e a r , a c c o r d in g to T h e I r o n A g e . I n th e f o u r
w e e k s e n d in g J u n e 7 th e re p o rte d r a t e w a s 9 9 p e r c e n t. C o a l
p r o d u c t io n in A la b a m a a n d T e n n e s s e e in c r e a s e d s u b s t a n t ia lly
in
M a y a f t e r b e in g s h a r p ly
re d u c e d
o p e r a tio n s w e re c u r t a ile d . W o r k
in
A p r il w h e n
m in in g
a t th e m in e s w a s re s u m e d
e a r ly in M a y , a n d in th e la t t e r h a lf o f th e m o n th o u tp u t w a s
c o n s id e r a b ly la r g e r th a n in
th e c o rr e s p o n d in g p e r io d a y e a r
a g o . T h e m o n th 's t o t a l, h o w e v e r, w a s a b o u t 1 2 p e r c e n t le s s
th a n t h a t f o r M a y 1 9 4 0 .
SIXTH DISTRICT BUSINESS INDICATORS
Indexes
(1923-1925 Average = 100, except as noted)
Adjusted Unadjusted
May Apr. Mav
May
1941 1941 1940
1941
RETAIL SALES* (1935-1939 Av. = 100)
DISTRICT (47 Firms).................... 138 141 115
136
Atlanta...................................... .....................142 155
Birmingham.....................................................140 125
Nashville........................................................ 137 123
New Orleans............................... ....................121 129
RETAIL STOCKS
DISTRICT (21 Firms)..................... 84 83
76
86
Atlanta...................................... 161 159 137
163
Birmingham................................ 78 76
73
80
Nashville.................................... 64 64
57
64
65
75
New Orleans.............................. 74 69
WHOLESALE SALES
TOTAL...................................... ..................... 80
76
Groceries........................................................ 68
65
Dry Goods.................................. .................... 59
58
Hardware................................. ...................... }58 150
Drugs............................................................ 112 114
CONTRACTS AWARDED
DISTRICT.................................. .................... 137 126r
Residential.....................................................114
99r
Others...........................................................152 144r
Alabama........................................................ 477 116
Florida...................................... .....................67
60
Georgia..................................... .....................68 214
Louisiana........................................................{15 140
Mississippi......................................................144 279
Tennessee.................................. ....................129 228
BUILDING PERMITS
20Cities..................................... .....................92
61
Atlanta...................................... ..................... 26
37
44
Birmingham............................... ..................... 38
Jacksonville............................... .....................175 123
Nashville.........................................................25
33
New Orleans...............................
PIG IRON PRODUCTION*
Alabama..................................... ....................131 122
COAL PRODUCTION (1935-1939 Av. = 100)
TWO STATES.............................. 132
21 150
114
Alabama
..................................... 109
19
Tennessee.................................. ....................126
25
COTTON CONSUMPTION*
f f i ! f ATES............. ................................1
h ig h
33
»
Apr.
1941
137
Mav
1940
114
115
112
118
107
87
167
80
66
72
77
139
74
58
66
66
55
51
103
109
89
111
75
92
75
138
40
171
83
135
240
160
76
46
M
120
21
131
135
120
II?
GeoraTa..................
........................... 225 227
160
T e n n f ^ e e . . ..................................259 230
162
EMPLOTMENT (1932 Av. = 100)
SIX STATES............................... .....................£
J
J
Alabama..................................... ................... }63 156
134
Florida
.......................................... 105 120
94
Georgia* ................................ .................... 164 163
142
Lmrisfana
................ ....................133 134
122
Mississippi........... ........................................... 117
103
Tennessee. . ............................... .................... 144 141
131
PAYROLLS (1932 Av. = 100)
ooo
SIX STATES....................................................227 223
176
223
Alabama..................................... ................... 330 316
Florida...................................... .................... 108 118
90
Georgia..................................... .................... 260 257
196
Louisiana........................................................174 167
150
Mississippi..................................................... 171 160
135
Tennessee.................................. ................... 229 222
168
Apr. Mar. Apr.
1941 1941 1940
ELECTRIC POWER PRODUCTION* (1935-1939 Av. = 100)
TOTAL...................................... ....................174 169r
135r
By Water Power.......................... ....................163 164r
156r
By Fuel...................................... ...................188 177r
107r
Statistics
(000 Omitted)
May Apr.
May
Year to Date
COMMERCIAL FAILURES
I94*
1^1
194°
^J1
194J
Number(Actual, notthousands)..
46
41
55 ^215
302
Liabilities.............................. $ 361$ 958 $ 462 $ 2,392 $ 3,077
Apr.
Mar.
Apr.
Year to Date
FARM INCOME**
1941
1941
1940
SIX STATES........................... 59,42765,831 52,327 244,215 214,741
Alabama................................ 8,252
7,491 6,944 27,063 29,656
Florida.................................. 18,969 17,983 13,398 63,262 41,710
Georgia................................. 7,607 11,048 7,489 36,788 30,625
Louisiana.............................. 8,310
8,325 8,926 32,369 30,531
Mississippi............................. 7,963 11,226 5,889 38,017 40,157
Tennessee............................. 8,326
9,758 9,681 46,716 42,062
‘Indexes of retail sales, electric powerand pig iron production, and of
cotton consumption are one a daily average oasis,
r = Revised.
** In c lu d e s G o v e r n m e n t b e n e fit p a y m e n ts.
M o n t h l y R e v ie w
o f th e F e d e r a l R e s e r v e B a n k o f A t la n t a f o r J u n e 1 9 4 1
INDUSTRIAL PRODUCTION
N a tio n a l S u m m ary o f B u sin e ss
Prepared by the Board oi Governors oi the Federal Reserve System
After a slight decline in April, industrial activity increased sharply in May and the first
half of June. Wholesale commodity prices showed a further considerable advance and
retail prices also increased. Distribution of commodities to consumers was maintained
in large volume.
P r o d u c tio n
Volume of industrial output increased sharply in May, following a decline in April,
and the Board’s seasonally adjusted index rose to 149 per cent of the 1935-1939 average,
as compared with 140 in April and 143 in March. The decline in April had reflected
mainly reduced output of bituminous coal and automobiles occasioned by shutdowns
accompanying industrial disputes. These were settled during that month, and in May and
the first half of June output in these industries rose to the high levels prevailing earlier.
In a number of other lines activity increased steadily throughout the spring months,
particularly in the machinery, aircraft, and shipbuilding industries. Steel production was
maintained at 99 per cent of capacity, except for a short period during late April and
early May when output was reduced somewhat owing to a shortage of coal. Output of
nonferrous metals also continued near capacity; deliveries of foreign copper in May
increased to 49,000 tons, amounting to about one-third of total deliveries to domestic
consumers. Toward the end of the month, as it became apparent that combined military
and civilian need for these metals would soon greatly exceed available supplies, a General
Preference Order covering all iron and steel products was issued by the Priorities
Division of the Office of Production Management and in June mandatory priority controls
were established for copper and zinc.
Textile production rose further in May, reflecting increased activity at cotton, wool,
and rayon mills. A continued rise in output of manufactured food products was likewise
reported and activity in the chemical and shoe industries was maintained at earlier
high levels, although usually there is a considerable decline at this season. Petroleum
production increased, and output of anthracite also advanced following some curtailment
in April. Iron ore shipments amounted to 11,000,000 tons in May, a new record level
and near the shipping capacity of the present lake fleet.
Value of construction contract awards rose sharply in May, reflecting increases in
both public and private construction, according to F. W. Dodge reports. Awards for
private residential and nonresidential building increased more than seasonally, and
contracts for defense projects continued in large volume.
Federal Reserve index oi physical volume oi production,
adjusted for seasonal variation, 1935-1939 average = 100.
Subgroups shown are expressed in terms oi points in ths
total index. By months, January 1935 to May 1941.
DEPARTMENT STORE SALES AND STOCKS
Federal Reserve indexes oi value oi sales and stocks,
adjusted ior seasonal variation, 1923-1925 average = 100.
By months. January 1935 to May 1941.
WHOLESALE PRICES
D is tr ib u tio n
Distribution of commodities to consumers was sustained at a high level in May.
Department store sales showed a further rise, while sales at variety stores declined by
slightly more than the usual seasonal amount. Retail sales of new automobiles continued
at the high April level and sales of used cars rose further.
Freight-car loadings increased sharply in May, reflecting a marked rise in coal
shipments and a further expansion in loadings of miscellaneous freight. In the first half
of June total loadings were maintained at the advanced level of other recent weeks.
C o m m o d ity P r ic e s
1935
Wholesale prices of a number of agricultural and industrial commodities showed
further increases from the middle of May to the middle of June, and the general index
of the Bureau of Labor Statistics advanced two points to 87 per cent of the 1926 average.
Federal action to limit price increases was extended to some consumer goods, principally
new automobiles, hides, and certain cotton yarns. In retail markets prices of most groups
of commodities have advanced, reflecting in part increases in wholesale prices earlier
this year.
1936
1937
1938
1939
1940
1941
Bureau of Labor Statistics' indexes, 1926 = 100. "Other"
includes commodities other than iarm products, and
iood. By weeks, January 5, 1935, to June 14, 1941.
MONEY RATES IN NEW YORK CITY
B a n k C r e d it
Commercial loans at reporting banks in 101 cities continued to rise during the four
weeks ending June 11. Bank holdings of United States government securities increased
further, chiefly through the purchase of bills by New York City banks and of bonds
by banks in other leading cities. As a result of the expansion in loans and investments
bank deposits continued to increase.
U n ite d
S ta te s
G o v e r n m e n t S e c u r ity
P r ic e s
Following a rise in the latter part of May Treasury bond prices declined slightly
in the first half of June. On June 14 the 1960-65 bonds were % of a point below the
all-time peak in prices of December 10. Yields on both taxable and tax-exempt 3- to 5-year
notes declined slightly from the middle of May to the middle of June.
Weekly averages oi daily yields of 3- to 5-year tax-ex
empt Treasurv notes. Treasury bonds, and average dis
count on now issues oi Treasury bills offered within the
week. For weeks ending January 5, 1935. to June 14, 1941.
@FedFRASER