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Monthly Review
ATLANTA, G E O R G IA , JU N E 30, 1955

]n% is Issue

A Budding In d u s try B lo om s
B a n k D e b its R is e
D is tric t B u s in e s s H ig h lig h ts

SixthDittridStatistics:

Condition of 21 Member Banks in Leading Cities
Debits to Individual Demand Deposit Accounts
Department Store Sales and Inventories
Instalment Cash Loans
Retail Furniture Store Operations
Wholesale Sales and Inventories

SixthViStridIndexes:

Construction Contracts
Cotton Consumption
Department Store Sales and Stocks
Electric Power Production
Furniture Store Sales and Stocks
Manufacturing Employment
Manufacturing Payrolls
Nonfarm Employment
Petroleum Production
Turnover of Demand Deposits

3

f

a

f

e




r

d

%

s

e

m

1 &

a

n

lig

f 0

t f a

t it a

DISTRICT BUSINESS HIGHLIGHTS
Most business indicators continue to rise. Notable gains occurred in manufacturing pay­
rolls, department store sales of durables, and bank debits. A t the same time, consumer
saving increased after lagging in recent months. Bank loans and deposits declined less than
seasonally; income from agricultural production exceeded year-ago levels. Residential
construction awards declined, however, and employment continued to fall short of the
improvement in output and spending.




M a n u fa c t u r in g

p a y r o lls ,

high, but m a n u f a c t u r i n g
below the 1953 peak.

seasonally adjusted, during April were at an all-time
although shghtly rising in April, was still

e m p lo y m e n t ,

R e s i d e n t i a l c o n s t r u c t i o n a w a r d s during May continued the decline that began in
April, although they were still much larger than a year ago.
T e x t i l e a c t i v i t y , measured by seasonally adjusted cotton consumption, fell some­
what during May.
S t e e l o p e r a t i o n s in Birmingham declined a little in mid-June from near-capacity
in late May.
M i l k p r o d u c t i o n has risen seasonally but is not up from a year ago; pork, beef,
egg, and broiler production is up.
C a t t l e p r i c e s have declined and are somewhat below last year; egg prices are off;
prices of hogs are much lower; milk prices are about the same; and broiler prices
are higher.
P r i c e s o f f a r m l a n d rose slightly in most District states between November 1954
and March 1955; the greatest rise occurred in Florida.
C a s h r e c e i p t s f r o m f a r m m a r k e t i n g s rose sufficiently in April to bring the total
for the first four months of 1955 close to that of the like period last year.
D e p a r t m e n t s t o r e s a l e s , seasonally adjusted, during the first three weeks of June
continued at the same level as in May.
D e p a r t m e n t s t o r e i n v e n t o r i e s , seasonally adjusted, were up slightly in May from
April, but held at first-quarter levels.
N e w c a r r e g i s t r a t i o n s in the District in April 1955 continued to show larger gains
from a year ago than in the nation.
S a l e s o f d u r a b l e g o o d s a t d e p a r t m e n t s t o r e s in April expanded more rapidly
from last April than nondurables, and according to preliminary reports, continued
to do so in May.
T i m e d e p o s i t s a n d o r d i n a r y l i f e i n s u r a n c e s a l e s showed greater than seasonal
gains during May.
C o n s u m e r c r e d i t o u t s t a n d i n g a t c o m m e r c i a l b a n k s continued to expand in May,
with gains recorded in both auto and personal instalment cash loans.
T o t a l d e p o s i t s , seasonally adjusted, at all member banks increased slightly during
May, and according to preliminary information continued to gain in June.
B a n k d e b i t s , seasonally adjusted, increased sharply during May and were well
above the year-ago level.
T o t a l l o a n s at all member banks remained practically unchanged during May but
seemed to be increasing in June.
B u s i n e s s l o a n s at banks in selected cities increased slightly in June as gains in
manufacturing and mining, trade and “all other” loans offset declines in loans to
commodity dealers, sales finance companies, public utilities and construction firms.
T o t a l b o r r o w i n g s f r o m t h e F e d e r a l R e s e r v e B a n k declined somewhat from the
high level at the first of June, but the larger banks continued -to borrow more than
the amount of their excess reserves.

•2 •

A Budding Industry Blooms
N u r se r y

B u s in e s s

E x p a n d s

When incomes rise, consumers usually expand their pur­
chases of luxury items, and recent prosperous times have
been no exception. At department stores in the last few
years, sales of sporting goods, jewelry, cameras, and sil­
verware have led increases in all other departments;
grocers have noted that consumers selected choice cuts
of meat despite lower relative prices of less attractive
cuts; and, as incomes have increased, frozen and pre­
cooked foods have become more popular.
Horticultural specialty products, which can be classified
as one of the niceties of life, have shared in the rising sales
of luxury items. In District states, sales of flowers, orna­
mental shrubs, and other horticultural specialty crops have
increased more than six times during the last 15 years.
Part of the sizable increase in consumers’ income above
C ash

R e c e ip ts f r o m

M a r k e tin g s

N u rse ry

o f G re e n h o u se

S ix t h D is t r ic t S t a t e s a n d U n it e d S t a t e s




and

P ro d u cts

in

S ix th

D is tr ic t

that needed for food, clothing, and shelter apparently was
used to purchase ornamental plants for use in and around
the home. The record rate of new home construction, of
course, has spurred sales of nursery plants. Builders often
include basic plantings with the new houses, and home
buyers and owners, with their comparatively high incomes
and increased leisure time, add to those basic plantings to
further beautify their grounds.
A new and expanding source of income that has de­
veloped almost unnoticed and that today rivals several
traditional Sixth District crops has been found in the com­
mercial growing of flowers and foliage plants. Because this
horticultural specialty industry is still growing and shows
promise of even greater growth in the future, information
on the production and marketing practices and on credit
needs and sources should prove helpful to those immedi­
ately concerned, especially bankers who may be called
upon to furnish such credit.

1 9 2 4 -5 3

Growers Have Prospered Since the War
Production and sales of cut flowers, foliage plants, and or­
namental shrubs have increased sufficiently in the postwar
years to materially alter the relative position of the hor­
ticultural specialty industry in the District economy. In
1953, cash receipts from greenhouse and nursery product
sales amounted to nearly 49 million dollars. Receipts from
the industry exceeded the cash income received by District
farmers from combined sales of peaches, pecans, and sweet
potatoes, and was more than one-half the amount received
from the peanut or rice crops.
Production of horticultural specialty crops is concen­
trated for the most part in certain areas. Favorable climate,
which permits open-field production, is probably respon­

•3*

V a lu e

of

G re en h o u se
by

and

N u rse ry

P ro d u cts

S o ld ,

C o u n tie s

S i x t h F e d e r a l R e s e r v e D is t r ic t , 1 9 4 9

grown more readily from either cuttings or seed if tem­
perature and moisture can be controlled.
Specialization in one phase of producing nursery stock
is possible because of the natural breaks occurring between
the time that cuttings are rooted and the time that they are
transplanted to fields for growing out, as well as the grow­
ing period required before the finished stock can be dug for
retailing. A nurseryman, for example, may confine his pro­
duction to rooted cuttings that are sold to other nursery­
men for growing out to market size, or he may further
specialize in producing only evergreens, such as boxwoods
or camellias. These characteristics of the nursery business
make it possible for nurserymen to begin on a small scale
and to increase the size of their business as their capital
accumulation and managerial ability permit. Nurserymen
may, of course, expand their business by performing all op­
erations; that is, propagating, growing out, and retailing
plants, and providing landscaping services. Either method
of expansion apparently allows adequate room for growth
to the limit of available capital and managerial ability.

Selling Techniques Are Changing

sible for Florida farmers’ leadership in sales of cut flowers,
foliage plants, and ornamental shrubs. In other District
states, where plants more often require greenhouse protec­
tion, proximity to markets is probably the most influential
factor in production location. In some areas like Mobile,
Alabama, where azaleas and camellias are grown or in the
Thomasville, Georgia, area where roses are grown, tradi­
tion plays an important part in determining the type of pro­
duction followed.

Successful Production Requires Skill
Growers of horticultural specialty crops use a number of
production methods under various soil and climatic condi­
tions. Cut flowers, for example, may be produced in open
fields in many District counties. In some areas and for
some varieties, on the other hand, greenhouses are used for
protection against weather extremes or to control soil con­
ditions. In greenhouses, temperature, light, and humidity
can also be controlled to force out-of-season blooming.
Some flower producers avoid high capital investments in
*greenhouses by using laths or cloth for protection against
weather extremes.
Greenhouses frequently must be used to produce foliage
plants, which are natives of the tropics and which must
have protection from low temperatures. Even producers
who use open or lath-protected fields, however, commonly
use greenhouses in plant propagation because plants can be
more readily propagated when light, humidity, and soil
moisture can be controlled.
Ornamental plants are less exacting in soil and climatic
requirements than are flowers and foliage plants. Never­
theless, most nurserymen find that a greenhouse is useful
for propagating ornamental plants because they too can be



Consignment sales are the most widely used method of
marketing cut flowers. Under that system, cut flowers are
shipped to wholesalers or jobbers in city markets who sell
them and remit the proceeds, less their commissions, to the
growers. Growers who produce greenhouse flowers, how­
ever, are usually located near large cities and consequently
retail a major share of their products directly to consumers
through their own florist shops.
Until recently, flower producers for the most part relied
on premium markets. Now, however, they are striving to
capture a mass market. One phase of that attempt is the
market research being conducted cooperatively by several
southern agricultural experiment stations and directed to­
ward developing market outlets through grocery and de­
partment stores and toward expanding the five- and tencent store outlets. Successful completion of the research
program may provide information about new marketing
techniques that will enable District producers to expand
their flower output substantially.
Many growers of foliage plants have developed mar­
keting techniques that give them access to the mass mar­
kets needed to make their business successful. They retail
only a small proportion of their foliage plants, because the
relatively low selling price of individual plants makes retail
sales unprofitable. Growers find it more lucrative to whole­
sale their plants to retail outlets, which gives them a larger
number and wider variety of customers.
Retailers want plants that are already potted, which is
what their customers prefer, but potted plants have to be
shipped first class and the rates are high. Many growers,
therefore, have developed their own distribution systems.
Some producers have a fleet of trucks operated by sales­
men who regularly supply potted plants to retailers. This
practice relieves the retailers of costs and inconveniences
involved in potting plants and reduces the shipping and
delivery costs. Retailers, therefore, are able to sell at prices
sufficiently low to encourage sales and thereby maintain a
high rate of turnover.

•4 •

Many small growers of foliage plants wholesale their
products ^through the larger producers, who in turn dis­
tribute them to retail outlets. It is generally conceded that
jobbing of that nature lowers unit distribution costs for
producer-distributors without burdening them with higher
capital costs involved in expanding their own production.
The combined benefits of high production, low distribution
costs, and mass markets that are essential to the success of
the foliage plant business give little reason to expect a dif­
ferent type of marketing system to develop in the industry.
In the case of marketing nursery products, landscaping
service is usually provided. A large share of the retail sales
of nursery plants, consequently, is made by landscape de­
signers. Some landscape designers grow their own stock,
but for the most part they purchase from growers who
have propagated the plants or who have grown them from
rooted cuttings purchased from other nurserymen.

Specialized Capital Is Required
Investment and working capital needs of horticultural spe­
cialty producers depend upon the type of production and
size of business. Greenhouses represent the major item of
capital investment for foliage producers and for some flow­
er growers. Since ornamental horticulture producers do
not usually need greenhouse space except for plant propa­
gation, a smaller proportion of their total capital is invested
in greenhouses. Land and other buildings constitute the
bulk of the remaining investment capital needs of horticul­
tural specialty producers.
Working capital needs of horticultural specialty pro­
ducers are similar to those of general farmers. There is,
however, a difference in the relative importance of the var­
ious production expenses. Advertising, for example, is a
major expense for most nurserymen and flower producers;
other farmers seldom advertise their products. Costs of
insecticides, packaging materials, propagation materials,
and transportation usually amount to a larger proportion
of nurserymen’s total expenses than for farmers generally.
Working capital in the form of growing stock varies with
type of production. Foliage plant producers, for instance,
may market two or three crops each year, whereas nursery
stock producers may make only one crop in two years.
Other working capital needs usually consist of investments
in machinery, tools, fertilizer, and insecticides. Foliage
producers who operate their own distribution systems have
substantial amounts invested in trucks.

Producers Obtain Capital from
Various Sources
Although many horticultural specialty producers have de­
veloped sizable businesses (some have annual gross sales
exceeding one million dollars), a good many of them began
with very small enterprises. Frequently the business was
started as a hobby or spare-time diversion and developed
to a full-time job providing a substantial income. Capital
requirements for a beginning in the nursery business then
may be of less consequence than the production skills re­
quired. But if the beginner has the required talent and
managerial ability, he may soon find his possibilities of



expansion limited for the most part only by the amount of
capital he can command. Beginners with training and ex­
perience wishing to establish a business of sufficient size to
provide full-time employment, however, will find that the
investment requirements are substantial. Thus horticultural
specialty producers, like other businessmen, may profitably
use more capital than they own. They have, therefore,
turned to other producers, production credit associations,
and commercial banks as a source of needed funds.
Individuals already in horticultural specialty production
have been an important source of credit for beginners as
well as for others with going businesses. A well-established
wholesale nurseryman, for example, may provide other
nurserymen with propagation material or growing stock
and defer collections until the plants are grown to market
size. Such credit extensions are usually made on the basis
of intimate personal knowledge of the borrower’s business
and managerial ability. Whether lending for capital invest­
ment or selling plants on open account, the lender must
feel that the credit is being extended to a sound business.
Commercial banks are another important source of
credit for horticultural specialty producers. Bank loans to
meet annual costs of labor, fertilizer, insecticides, and simi­
lar items are usually made in the spring and mature about
six months later when crop sales begin. Since loans are
budgeted over the production period, producers are, in ef­
fect, granted a line of credit. Loans may amount to as
much as one-fourth of prospective annual crop sales and
usually are secured by real estate. This procedure, of
course, minimizes loan losses. Despite occasional adverse
weather conditions and insect attacks, loans have had
to be extended infrequently. One banker reported that he
had suffered no losses in his many years of experience with
loans to nurserymen.

A Rosy Future
Now, as never before, people in the District have more
money to buy and build new homes and more money and
leisure time to beautify them. Industry is realizing, for the
first time, that it has an obligation to the community in
which it locates to make the settlement a more attractive
place with clean buildings, well-kept grounds, and decora­
tive flowers and shrubs. In most areas of the District after
the war, therefore, the setting was perfect for a phenom­
enal expansion of the nursery business. Despite the recent
rapid growth, however, the market has not yet been fully
exploited; there is every reason to believe that with con­
tinued high personal incomes, growers and producers of
nursery plants will find their sales expanding even more.
Furthermore, as sales channels for cut flowers are
broadened and as the market for potted plants continues to
widen, the industry will offer greater opportunities for
those who wish to enter it on a small scale. Hobbyists and
part-time workers will find their time well spent as their
efforts pay off in cash receipts. Lenders will find that they
have a chance to become a part of a growing industry as
they supply horticultural specialists with operating funds.
And all will have a share in making the District a lovelier
and more prosperous place to live and work.
J ohn T. H arris
• 5 •

b n)
illio

b n|
illio

Bank Debits Rise

1949

1948

1951

I960

Depositors at commercial banks always use their check­
ing accounts more intensively as the tempo of business in­
creases. The all-time high in checking account activity
percent increase, 1955 from 1954 (first 5 months)

0

+5

+10

1 " T T T 7 'T T TT

+15

+20

+25

i

---------------------------------------------------■ t t t t i" i" i i |
t

+30

Gainesville, Ga.
Orlando, Fla.
Greater Miami, Fla.
Albany, Ga.
Macon, Ga.
Lake Charles, La.
St. Petersburg, Fla.
Miami, Fla.
Mobile, Ala.
Newnan* Ga.
W. Palm Beach, Fla.
Columbus, Ga.
Montgomery, Ala.
Rome, Ga.
Gadsden, Ala.
Tampa, Fla.
Birmingham, Ala.
Augusta, Ga.
Jacksonville, Fla.
Meridian, Miss.
New Orleans, La.
Anniston, Ala.
Nashville, Tenn.
Valdosta, Ga.
Atlanta, Ga.
Baton Rouge, La.
Chattanooga, Tenn.
Knoxville, Tenn.
Jackson, Miss.
Hattiesburg, Miss.
Savannah, Ga.
Tuscaloosa, Ala.
Griffin, Ga.
Brunswick, Ga.
Alexandria, La.
Pensacola, Fla.
Vicksburg, Miss.
Dothan, Ala.
Elberton, Ga.
Bristol, Tenn.




Debits at
District Reporting Banks
Above Last Year in Ail
Major Trade Centers

1952

1953

(9 5 4

SEASONALLY ADJ.

reached in May at District banks is, therefore, not surpris­
ing in light of the current expansions in business.
In May, checks totaling about 6.9 billion dollars, or 7.2
billion after seasonal adjustment, were presented at District
reporting banks to be either deposited or cashed. If all
banks in the District had been included, the total would
probably have amounted to well over 12 billion dollars.
These totals exclude checks drawn by the Federal Gov­
ernment and commercial banks. And, judging from the
average size of check cleared through the Federal Re­
serve Bank of Atlanta, individuals, businesses, and state
and local governments wrote over 30 million checks dur­
ing the month.
Bank debits, the term used to include checks and other
withdrawals from demand deposit accounts, are not a per­
fect measure of business activity. At times extremely large
checks drawn to settle financial and real-estate transactions
may distort the total and not reflect normal business ac­
tivity. Nevertheless, bank debits reflect fairly closely the
general trend of business because of the large volume of
business transacted by checks.
Debits have been moving upward in the District almost
without interruption since 1944. There were pauses in the
upward growth during the recession of 1948-49 and again
in 1953-54. But since the business recovery late last year,
check-book activity has expanded at an accelerated pace.
A good deal of the increased amount of debits is the
result of a more rapid flow of funds through the banks. The
turn-over of demand deposits in May was at a rate of 21.5
times a year, compared with 20.5 times a year in May
1954. Generally, debits measure the flow of funds through
banks rather than the flow of funds out of banks. A large
part of the checks drawn from the banks are redeposited
and, of course, the banks receive deposits in the form of
checks drawn on banks outside the District. Actually,
despite the large volume of checking transactions in May,
the banks ended the month with greater demand deposits
than they had at the beginning.
Business activity, measured by bank debits, was higher
during the first five months of this year in every reporting
center throughout the District than in the corresponding
period last year. Increases over last year ranged from 2
percent up to 28 percent.

S ix th

D is tr ic t

S ta tis tic s

In s t a lm e n t C a s h L o a n s

Lender
Federal credit unions . . .
State credit unions . . .
Industrial banks . . . .
Industrial loan companies .
Small loans companies . .
Commercial banks . . . .
C o n d it io n o f

No. of
Lenders
. . 37
. . IS
. . S
. . 11
. . 33
. . 33

27

Volume
Percent Change
May, 1955, from
April
May
1954
1955
+ 16
+31
+36
+9
+65
+1
+5
+ 11
— 23
+38
+3
+ 51

R e t a il
Outstandings
Percent Change
May, 1955, from
April
May
1954
1955
+3
+ 17
+3
+ 13
+ 14
+3
+ 16
+1
+50
+1
+2
+ 11

M e m b e r B a n k s in L e a d i n g C it ie s
(In Thousands of Dollars)

June 15
May 18
1955
1955
Item
Loans and investments—
T o t a l ..................... 3,263,659 3,248,216
Loans— Net................... 1,505,420 1,484,133
1,529,883 1,508,562
Commercial, industrial,
and agricultural loans.
851,743
857,018
Loans to brokers and
dealers in securities .
19,434
20,123
Other loans for pur­
chasing or carrying
36,607
40,191
134,522
Real estate loans . . . .
131,438
Loans to banks . . . .
19,333
5,132
458,244
Other loans...............
464,660
Investments— Total . . . . 1,758,239 1,764,083
Bills, certificates,
631,940
633,461
802,712
U. S. bonds ............
794,446
Other securities . . . .
327,910
331,853
Reserve with F. R. Bank .
486,270
518,776
Cash in vault ...............
44,695
44,817
Balances with domestic
banks .....................
262,170
261,577
Demand deposits adjusted . 2,366,081 2,370,111
Time deposits . . . . . .
634,204
636,836
U. S. Gov’t deposits . . .
67.699
99,127
Deposits of domestic banks
642,719
667,890
Borrowings..................
39,450
35,000

June 16
1954

Percent Change
June 15,1955, from
May 18 June 16
1955
1954

2,959,683
1,288,601
1,310,025

+0
+1
+1

+ 10
+ 17
+ 17

760,857

—
1

+

16,178

—3

+ 20

33,174
91,740
3,207
404,869
1,671,082

+10
+2

578,942
810,949
281,191
522,283
45,281
254,585
2,224,808
594,444
62,431
614,367
19,400

*

+1
—
0
—
0
—
1
+1
—6
+0
—
0
—
0
—
0

— 32
+4

—
11

12

+21

+47
*
+ 15
+5
+9

—
2

+8

D e p a rtm e n t

Sto re

S a le s

and

In v e n t o r ie s *

Percent Change
Sales
May 1955 from
April
May
1955
1954
—6
+ 13
—6
+ 15
—1
+ 14
—4
+11
—7
+14
+0
+3
—4
+24
—3
+8
— 12
+6
— 24
+8
+5
—3
—5
+ 15
—5
+ 15
—2
+ 10
+21
—5
—5
+10
— 14
+7
—4
+ 13
—2
+8
+4
+5
+8
—3
+5
—6
—7
+5
— 12
+1
—2
+7
—3
+1

5 Months
1955 from
1954
+ 11
+ 12
+9
+ 12
+ 15
+6
+26
+10
+5
+9
+2
+ 14
+ 15

Inventories
May 31,1955, from
April 30
May 31
1955
1954
—3
+5
—1
+5

Place
ALABAMA ..................
Birmingham...............
Mobile
..................
Montgomery ............
+4
—i
FLORIDA ..................
—4
—0
Jacksonville................
+ 10
Miami......................
+1
O rland o..................
St. Ptrsbg-Tampa Area .
—i
+7
St. Petersburg . . . .
Tampa...................
—3
+ 12
GEORGIA ..................
—5
+ 12
A t la n t a * * ...............
+8
A u g u sta ..................
+ 25
+ io
+ 15
Columbus
...............
+9
—3
—0
Macon.....................
+4
Rome** ..................
Savannah** ................
+ 11
—4
+7
+8
L O U IS IA N A ...............
+5
— 10
+6
Baton Rouge............
—3
+8
+7
New Orleans............
+5
—3
+ 10
M IS S IS S IP P I...............
+4
—1
+9
Jackson ..................
+8
Meridian**...............
—5
+6
+6
TENNESSEE ...............
—1
—6
—7
Bristol (Tenn. & Va.)**
Bristol-Kingsport—3
+5
Johnson City** . . . — 5
—1
—1
Chattanooga............... — 4
—2
+36
—7
+7
+12
Knoxville..................
+9
—
6
+4
Nashville..................
+6
+ 12
+7
—3
DISTRICT .................. — 4
+ 11
+ 11
^Reporting stores account for over 90 percent of total District department store sales.
**ln order to permit publication of figures for this city, a special sample has been
constructed that is not confined exclusively to department stores. Figures for non­
department stores, however, are not used in computing the District percent changes.




O p e r a tio n s

W h o le s a le S a le s a n d In v e n t o r ie s *
Sales
Inventories
Percent change May 31,1955, from [Percent change May 31,1955, from
No. of April 30
May 31
No. of April 30
May 31
1955
1954
Type of Wholesaler
Firms
Firms
1955
1954
—3
Grocery, confectionery, meats 50
+4
39
—4
—3
+8
+24
11
Edible farm products . . . 16
— 36
—
21
+21
Drugs, chems., allied prods. 19
8
+5
+ 11
+1
11
+3
+13
— 18
+5
Furniture, home furnishings 5
+7
10
+6
+6
Paper, allied products. . . 13
+ 11
+8
33
+ 48
32
+4
+5
Electrical, electronic and
5
— 24
+20
appliance goods . . . .
Hardware, plumbing and
+26
—4
+ 10
heating goods............ 14
11
—3
Machinery: equip, and supplies 34
—5
24
+18
—3
+8
9
+3
+29
9
Industrial ...............
—
2
+4
Iron and steel scrap and
+69
+9
6
waste materials . . . . 10
—5
+13
* Based on information submitted by wholesalers participating in the Monthly Wholesale
Trade Report issued by the Bureau of the Census.
D e b it s to In d iv id u a l D e m a n d D e p o s it A c c o u n ts
___________________ (In Thousands of Dollars)_______________________

May
1955
ALABAMA

— + 11
1
+2 + 15
+3 +11
— +17
1

+11

38,327

29,321
429,568
18,632
23,212
172,631
101,392
34,192

505,491
500,301
800,666
110,699
59,701
115,437
234,106
75,382

503,570
532,818
840,532
121,579
63,381
136,007
241,797
94,959

462,083
418,625
629,901
92,539
55,112
94,703
201,125
63,204

48,569
1,426,605
96,403
13,897
89,636
5,124
36,662
13,670
96,972
11,605
36,175
133,842
22,519

48,257
1,355,451
93,326
13,576
90,305
5,126
36,084
13,885
99,172
13,284
36,359
131,581
21,375

37,937
1,226,800
92,641
13,229
73,018
4,724
27,508
12,174
79,248
9,987
28,124
123,317
20,552

.
.
.
.

49,525
153,683
67,682
1,104,221

50,726
149,797
68,027
1,027,713

47,763
141,017
53,784
936,277

+7

+18

. . .

23,111
177,889
30,904
17,076

24,032
181,814
30,016
16,518

21,197
148,762
26,397
14,994

—4

+9

+3
+3

+17
+14

+9
+9
+ 12
+5

30,227
29,124
27,731
199,191
233,029
226,303
Chattanooga . . . .
31,727
29,089
29,931
Johnson City* . . .
41,980
59,540
61,789
Kingsport* . . . .
162,208
142,605
155,051
Knoxville............
455,308
495,118
476,079
Nashville............
SIXTH DISTRICT
32 Cities............
6,893,775 6,716,539 5,919,928
UNITED STATES
345 Cities . . . . 167,710,000 158,289,000 149,716,000
*Not included in Sixth District totals.

—4
—3

+5
+14
+3
+47
+9
+9

+ 10
+7
+25
+ 10
+ 11

+3

+16

+ 13

+6

+

12

+6

Montgomery . . . •
Tuscaloosa* . . . ■
FLORIDA
Jacksonville . . . ■
Greater Miami* . .
Orlando...............
St. Petersburg . . .
T am p a...............
West Palm Beach* .
GEORGIA

Brunswick...........
Columbus............
Gainesville* . . . .

Savannah ............
LOUISIANA
Alexandria* .
Baton Rouge
Lake Charles.
New Orleans .
MISSISSIPPI
Hattiesburg .

.
.
.
.

.
.
.
.

M eridian............

32,448
494,507
20,713
27,160
275,892

April
1955

_____ Percent Change
May 1955 from 5 Months
May April
May 1955 from
1954 1955 1954
1954

32,820
486,628
20,049
27,484
191,599
118,121
36,316

Birmingham . . . .

+9
+80

*100 percent or over.

Sto re

Percent Change
May, 1955, from
May, 1954
April, 1955
Item
............+17
+ 15
............ +20
+15
Instalment and other credit sales . . . ............+17
+15
Accounts receivable, end of month . . . ............
+7
+2
Collections during m on th ............... ............
+5
+1
Inventories, end of month............................. — _____________________ — 7
8

+ 18
—7
—1

+3
+6
+7

F u r n it u r e

121,110

TENNESSEE

•7•

+44
+3

+60
+19

+6 +12
+0 + 9
— +20
6
— 5 +27
— 9 +20
— +8
6
— 15 +22
— 3 + 16
— + 19
21
+1

+5
+3

+28
+ 16
+4
+5
+23

+2
—
1
— +8
0
+2 +33
— +12
2
— +22
2
— 13 + 16
— +29
1
+2 +9
+ 5 +10
— +4
2
+3
+9
— +26
1
— +20
2

—
6
+4
-4
+4

+13
+3
+ 15

+21

+ 19
+9

+12
+21

+24
+27

+6
+22
+15
+20
+23
+ 10

+12

+7
+19
+3
+28

+8
+23
+20
+18
+9
+ 11

+6
+10
+22
+ 12

+2

Sixth District Indexes
Nonfarm
Em
ploym
ent
A. 15. 15.
p M A
r 95 94
a p
r r
15
95
UNADJUSTED
District T o t a l............
Alabama..................
F lo rid a ..................
Georgia..................
Louisiana...............
Mississippi................
Tennessee...............
SEASONALLY ADJUSTED
District T o t a l............
Alabama..................
F lo r id a ..................
G eorgia..................
Louisiana...............
Mississippi................
Tennessee...............

120
110
140
121

120
111
142
122

120
110
136
121

120
111

114
118
114

114
118
114

D e p a rtm e n t Sto re

DISTRICT SALES* . .
Atlanta1 ...............
Baton Rouge . . . .
Birmingham............
Chattanooga . . . .
Jackson ...............
Jacksonville ..........
Knoxville...............
Macon..................
M ia m i..................
Nashville...............
New Orleans . . . .
St. Ptrsbg-Tampa Area
Tampa...................
DISTRICT STOCKS* . .

May
1955
. 137p
. 145p
. 116
. 114p
. 127
. 108
. 119
. 135
. 137
. 181
. 125
. 131
. 145
. 128
. 147p

114
117
115

135
122r
115
118
115

P a y r o lls

C o n tra c ts

A M A
p a p
r r r
15. 15. 15.
95 95 94
113
105
145
117
98
114

138
118
116
114
114

111

119

113
106
142
118

110
134
118
117
115
114

113
105
147
117r
98
113

111
112

100
115
112

104
141
117r

100
114
110

162
146
200
168
149
172
164

162r
147
205
167
146
171r
161r

149r
133
19l3r
147
142r
159r
151r

111

162
146
196
168
153
174
165

160r
147
191r
167
151
177r
161r

May
1955
134p
138p
121
115p
127
107
126
138
133
161
138
123
127
120
149p

O Reserve Bank Cifies
• Branch Bank Cities
m District Boundaries
m
Branch Territory Boundaries
-fa Board of Governors of the Federal Reserve System

S to re

104
139r
114r
104r
112r

110

118
240
287
343
193
297

577
271
317
398
266
186

S a le s * / * *

M 9r M
y 5 y
15 15. 15
9a A 9a
5 p 4

M 95 M
r y
15y 15. 15
9a A 9a
5 p 4

149r
133
189r
147
147r
161r
152r

103r
142r
113
lOlr
lllr
109r

115p
124
117p
117p
llOp

153
183
243
185
207
177

98
lOlr
100
104
102r

100
95
111
100
110

83

84r

109p
121
115p
lllp
104p

112r
109
115
116
112r

95r
93
109r
94r
105r

97

92

78

104

O t h e r D is t r ic t In d e x e s

Sto ck s**
Unadjusted
April
1955
141
145
116
122
133
115
126
149
139
168
130
127
145
124r
153

A M A
p a p
r r r
15. 15. 15.
95 95 94

111

May
1954
121r
120r
115
lOOr
128r
102r
122r
128r
121r
130
123r
114r
119r
114r
139r

iTo permit publication of figures for this city, a special sample has been constructed that
is not confined exclusively to department stores. Figures for nondepartment stores,
however, are not used in computing the District index.
*For Sixth District area only. Other totals for entire six states.
**Daily average basis.
Sources: Nonfarm emp., mfg. emp., and payrolls, state depts. of labor; cotton consump­
tion, U. S. Bureau Census; construction contracts, F. W. Dodge Corp.; furn. sales, dept,
store sales, turnover of dem. dep., FRB Atlanta; petrol, prod., U. S. Bureau of Mines;
elec. power prod., Fed. Power Comm. Indexes calculated by this Bank.




F u r n itu r e

C o n s tr u c t io n

E m p lo y m e n t

110

May
1954
123r
126r
110
99r
128r
103r
115r
126r
124r
146
112r
121r
136r
121r
137r

100

M a n u fa c t u r in g

119

S a le s a n d

Adjusted
April
1955
142
151
112
126
134
117
128
146
151
165
124
126
141
121r
145

1 9 4 7 -4 9 =

M a n u fa c t u r in g

May
1955

Adjusted
Apr.
May
1955
1954

Construction contracts* . . .
Residential...................
Petrol, prod, in Coastal
143
147
Louisiana and Mississippi** 150
Cotton consumption** . . . 99
103
88
114
Furniture store stocks* . . . 106p
109
20.7
20.5
Turnover of demand deposits* 21.5
22.4
22.0
10 leading cities . . . . 23.1
17.8
Outside 10 leading cities . 18.2
18.5
Mar.
Apr.
Apr.
1954
1955
1955
Elec. power prod., total** . .
Mfg. emp. by type
142r
A p p arel..................... 149
150
126r
Chem icals.................. 130
130
152r
157r
Fabricated metals . . .
157
112
109
109
Lbr., wood prod., furn. & fix 83
82
82r
146r
Paper and allied prod. .
150
148
Primary metals............ 101
99r
95r
94
T extiles..................
95
93r
Trans, equip................. 170
164
166
r Revised
p Preliminary

-

May
1955
247
242
250

Unadjusted
Apr.
1955
326r
283r
359r

May
1954
202
180
218

145r
146
148
89
100
103
115
107p
116
19.7
20.6
20.9
20.8
21.8
21.8
16.7
18.5
17.3
Apr.
Apr.
Mar.
1954
1955
1955
184
230
236
151
131
156
106
83
148
102
95
175

150
133
156r
108
83
148
lOOr
94r
171

144r
127r
156r
109
82r
145r
96r
94
170r