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MONTHLY REVIEW B U F E D E R A L S I N E S S R E S E R V E C O N B A N K D O F I T I O N S I N T H E S I X T H E R A L R E S E R V E D I S T R I C T A T L A N T A M a rch D is tr ic t In the Sixth Federal Reserve District trade February more than it usually * does, but industrial activity declined. Both trade and industrial operations, however, continue well above the corresponding time last year. Merchandise distribution through department stores, after allowing for the number of business days and the seasonal trend, increased 6 .9 per cent in February, and wholesale sales rose 0.1 per cent. Construction contracts awarded in the District declined about 2 1 .0 per cent, building permits were down 7 .2 per cent, textile activity dropped 6 .4 per cent, pig iron output declined further by 5 .0 per cent, and coal production urns 2 .2 per cent lower. The February changes in the District are more favorable than those for the country as a whole with the exception of construction contracts awarded and textile activity, and the District comparisons with February last year are more fa vorable than for the country excepting in pig iron produc tion. S u m m n r 'V ^ncrease(I Trade In the first tw o m onths o f 1 9 4 0 d istrib u tion o f m erchan dise through departm ent stores in the S ixth D istrict w as 9 .9 per cent greater than in that part o f last year, and sa les b y w h o le sa le firm s w ere 7 .8 per cent larger. ►F ebruary sa les b y rep ortin g departm ent stores increased co n sid erab ly m ore than sea so n a lly , and w h o le sa le trade, w hich u su a lly d eclin es in February, w as m ain tain ed at the January lev el. T he February in d ex o f d a ily average sa les b y departm ent stores rose 1 9.0 per cen t over th at fo r Jan uary, and after allow a n ce fo r season al influ en ces there re m ained a gain o f 6 .9 per cent. E ffects o f extrem e w eather in the latter h a lf o f January w ere reflected in th e January d eclin e, and are also , at lea st in part, evid en t from the F ebruary rise in the in d ex. D a ily average sa le s in F ebruary w ere 9 .3 per cent greater than in F eb ru ary la st year and, lik e other recent m onths, the F ebruary in d ex is the h igh est fo r that m onth in the series. T he F ebruary rise in th is D is- CO NDXTION O F 2 2 M EM BER B A N E S IN S E LE C TED C IT IE S (I n T h o u s a n d s of D o lla r s ) M a r c h 13, C h a n g e F ro m : 1940 F e b . 14, 1 9 4 0 M a r. L o a n s a n d I n v e s tm e n ts —T o t a l....................... $ 6 3 3 ,3 6 7 + 4 ,7 2 4 L o a n s — T o t a l .................................................................. 3 0 7 ,5 8 1 — 3 ,1 9 0 C o m m e r c ia l, i n d u s t r i a l a n d a g r i c u l t u r a l l o a n s ........................................... 1 6 3 ,7 8 6 — 5 ,6 9 9 O p e n m a r k e t p a p e r .............................................. 3 ,6 4 8 — 461 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 ,3 9 8 + 1 ,0 4 1 O th e r l o a n s fo r p u r c h a s i n g a n d c a r r y i n g s e c u r i t i e s ............................... 1 0 ,9 5 5 + 145 R e a l e s t a t e l o a n s ................................................... 3 1 ,5 0 8 + 384 L o a n s to b a n k s ........................................................ 654 — 33 O th e r l o a n s ................................................................. 9 0 ,6 3 2 + 1 ,4 3 3 In v e s tm e n ts — T o t a l................................................... 3 2 5 ,7 8 6 + 7 ,9 1 4 U. S . d ir e c t o b l i g a t i o n s .................................... 1 5 1 ,2 0 9 + 7 ,3 3 2 O b lig a tio n s g u a r a n t e e d b y U . S ............... 7 0 ,6 1 2 — 1 ,5 1 7 O th e r s e c u r i t i e s ...................................................... 1 0 3 ,9 6 5 + 2 ,0 9 9 R e s e r v e w ith F . R. B a n k ...................................... 1 3 0 ,8 0 6 — 3 ,7 4 2 C a s h in v a u l t .................................................................. 1 4 ,1 2 7 + 51 B a l a n c e s w ith d o m e s tic b a n k s ....................... 2 2 9 ,4 9 1 + 1 1 ,8 4 3 D e m a n d d e p o s i t s - a d j u s t e d ................................. 4 0 7 ,0 6 2 — 6 ,9 9 4 T im e d e p o s i t s ................................................................ 1 8 9 ,2 4 2 + 539 U . S . G o v e r n m e n t d e p o s i t s ................................. 4 4 ,5 1 5 + 314 D e p o s its of d o m e s tic b a n k s ............................... 3 0 9 ,2 9 5 + 1 7 ,6 8 3 B o r r o w in g s .......................................................................................... ................ F E D 15, 1939 + 3 0 ,3 7 0 + 1 ,1 8 6 trict is in contrast to a d eclin e o f 2 .2 per cent from January in th e in d ex fo r th e cou n try as a w h ole. ►S a les reported to th e U n ited S tates D epartm ent o f C om m erce b y 157 w h o le sa le firm s in th is D istrict w ere at about th e January le v el, and 9 .5 p er cen t greater than a year ago. P ro p o rtio n a tely larg e gain s over January in elec trical good s, sh oes and fu rn itu re w ere offset in the average b y sm a ller in creases in so m e other lin e s and b y decreases in drugs and hardw are. ►D epartm ent store in ven tories at the end o f F ebruary w ere 10.4 p er cent la rg er than a m onth ea rlier, p ro b a b ly in an ticip a tio n o f ea rlier E aster b u sin ess th is year, and w ere 10.6 per cent larger than a year ago. W h o lesa le stocks rose 1.7 per cent in F ebruary and w ere 8 .5 per cent larger than for F ebruary 193 9 . Banking T o ta l lo a n s and investm ents at w eek ly report in g m em ber banks in lea d in g cities o f the Sixth D istrict in creased som ew hat in the first h a lf o f M arch, after d e clin in g in January and February. In the ten w eeks en d in g M arch 13 there w as a rather con sisten t d ec lin e in the v o l um e o f to ta l loan s, w h ile h o ld in g s o f in vestm ent secu rities increased. From the rela tiv e ly h ig h le v e l recorded on Jan uary 3, lo a n s fo r com m ercial, in d u strial and agricu ltu ral p u rp oses d eclin ed about 17 m illio n s o f d o lla rs b y M arch 13, secu rity lo a n s are som ew hat larger than at the b egin n in g o f the year, and there has been no su b stan tial ch an ge in other cla sses o f lo a n s. In th is p eriod la st year, there w as a sm a ll d eclin e in “A ll O ther” lo a n s and o n ly a n e g lig ib le d ecrease in com m ercial lo a n s. ►In contrast to the recent dow nw ard trend in loan s, these banks h ave en larged th eir h o ld in g s o f in vestm ent secu rities to a total on M arch 13 larger than on an y other report date in m ore than three years. Investm ents in direct ob lig a tio n s o f the U n ited States, w h ich d eclin ed in the first h a lf o f 1 93 9 , in creased b y the m id d le o f M arch to the largest total in n ea rly a year, h o ld in g s o f secu rities carrying the guaran tee o f the U n ited States in creased to a new h igh le v e l late in January and h ave sin ce fluctuated o n ly slig h tly , and h o ld in g s o f “ Other S ecu rities” on M arch 13 w ere the la r g est on record. ►D em and d ep osits-ad ju sted and tim e d ep osits have in re cent w eeks con tin u ed in la rg e volu m e, and d ep osits o f cor- — 7 ,1 0 7 + 695 — 255 — 1 ,7 9 6 + 4 ,0 1 7 — 162 + 5 ,7 9 4 + 2 9 ,1 8 4 — 4 ,0 3 0 + 1 3 ,0 7 9 + 2 0 ,1 3 5 + 1 7 ,7 5 6 + 2 ,6 0 7 + 5 6 ,5 9 7 + 4 0 ,0 5 2 + 5 ,1 6 3 + 4 ,7 7 1 + 5 0 ,4 0 8 ................ 31, 1940 CONDITION O F FEDERAL RESERVE BANE (In T h o u sa n d s ol D ollars) M a rc h 13, 1940 F e b . B ills d is c o u n t e d ...........................................................$ 132 B ills b o u a h t ......................................................................................... I n d u s tr ia l a d v a n c e s ................................................. 800 U n ite d S ta t e s s e c u r i tie s , d ir e c t a n d u a r a n t e e d .................................................................. 1 0 0 ,4 4 0 o ta l b ills a n d s e c u r i t i e s ................................. 1 0 1 ,3 7 2 F . R. n o te c i r c u l a t i o n .............................................. 1 5 8,6 7 1 M e m b e r b a n k r e s e r v e d e p o s i t s ....................... 2 2 4 ,4 8 4 U . S. G o v e r n m e n t g e n e r a l d e p o s i t s .......... 2 6 ,2 0 3 F o r e ig n b a n k d e p o s i t s ........................................... 1 2 ,8 8 2 O th e r d e p o s i t s ............................................................... 7 ,1 9 2 T o ta l d e p o s i t s ........................................................... 2 7 0 ,7 6 1 T o ta l r e s e r v e s ................................................................ 3 3 3 ,7 3 2 C o m m itm e n ts to m a k e in d u s tr i a l a d v a n c e s ..................................................................... 17 ? O F ATLANTA C h a n g e F ro m : 1 4 , 1 9 4 0 M a r. 1 5 , 1 9 3 9 — 159 — 10 ................ — 19 + 5 — 21 ................ — 154 + 443 + 3 ,6 4 3 + 1 ,8 1 4 — 930 — 589 + 3 ,9 3 8 + 5 ,2 5 6 — 58 — 1 7 ,9 6 3 — 1 8 ,0 1 4 + 1 0 ,7 0 4 + 3 0 ,9 4 3 — 1 9 ,6 0 6 + 3 ,4 8 1 — 3 ,8 5 0 + 1 0 ,9 6 7 + 4 0 ,1 4 8 — 1 33 2 B u s in e s s C o n d it io n s in t h e S ix t h D E B U S 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 i D o lla r s ) F ed er a l R eser v e D is t r ic t FLO RID 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 ............................... 8 4 ,5 0 5 7 0 ,4 9 4 8 ,7 1 9 3 3 ,2 3 9 9 0 ,0 7 6 7 0 ,8 0 9 9 ,1 2 7 3 4 ,3 6 7 7 1 ,0 1 8 5 5 ,9 9 9 7 ,2 9 1 2 7 ,4 2 0 — 6 .2 — .5 — 4 .5 — 3 .3 + 1 9 .0 + 2 5 .9 + 1 9 .6 + 2 1 .2 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 l d o s t a .......................... 4 ,3 2 5 2 0 9 ,3 6 0 1 6 ,7 3 3 2 ,6 2 7 1 5 ,0 7 0 963 1 5 ,2 8 9 1 ,8 1 6 2 5 ,8 9 6 3 ,6 6 1 5 ,1 5 1 2 2 4 ,6 0 3 2 4 ,2 3 7 2 ,7 7 7 1 6 ,2 4 3 1 ,0 0 7 1 6 ,5 2 4 1 ,8 9 4 2 9 ,8 6 2 4 ,2 7 5 4 ,8 7 9 1 7 4 ,2 3 2 1 4 ,0 2 4 2 ,3 0 4 1 2 ,2 9 5 983 1 2 ,4 8 8 1 ,5 5 7 2 4 ,7 6 5 3 ,1 6 4 — 1 6 .0 — 6 .8 — 3 1 .0 — 5 .4 — 7 .2 — 4 .4 — 7 .5 — 4 .1 — 1 3 .3 — 1 4 .4 — 1 1 .4 + 2 0 .2 + 1 9 .3 + 1 4 .0 + 2 2 .6 — 2 .0 + 2 2 .4 + 1 6 .6 + 4 .6 + 1 5 .7 pected to be about on e-fifth sm a ller than w as in d icated p rior to the January freeze, and 4 2 .0 per cent sm a ller than in the p reviou s season . T he A lab am a straw berry crop is expected to b e about 12.0 per cent larger than in 1 9 39, but in F lo rid a there appears to b e a d ecrease o f 4 3 .5 per cent p a rtly due to the freeze, in M ississippi, a red u ction o f 2 1 .7 per cent, and a sm a ll d eclin e in L ou isian a. T h e South F lo rid a acreage o f tom atoes th is sp rin g is in d icated to b e 6 ,5 0 0 acres, again st 1 8 ,0 0 0 acres la st year. ►Farm em p loym en t in the South A tla n tic and E ast South C entral states in creased 6 .3 per cent in F ebruary, but w as 3.3 per cent low er than at th e sam e tim e la st year. ►In the six states o f this D istrict farm ers are a p p aren tly u sin g slig h tly m ore fertilizer this year than last. F ertilizer ta g sa les in F ebruary w ere (5.5 p er cent greater than a year a go and in January w ere 1 3 .4 p er cen t larger. LO U ISIA N A — N e w O r l e a n s ................ 2 1 8 ,8 8 7 2 4 4 ,4 4 7 1 9 8 ,8 6 8 — 1 0 .5 + 1 0 .1 Industry M IS S IS S IPP 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 ....................... 4 ,6 1 8 2 9 ,1 5 3 1 1 ,2 4 8 7 ,5 3 9 5 ,0 1 0 3 2 ,1 7 4 1 1 ,9 3 4 8 ,2 9 5 4 ,2 2 5 2 7 ,4 6 4 9 ,8 9 9 6 ,5 6 9 — — — — 7 .8 9 .4 5 .8 9 .1 + 9 .3 + 6 .1 + 1 3 .6 + 1 4 .8 3 9 ,0 1 9 3 2 ,9 0 8 7 8 ,3 0 3 4 9 ,1 7 7 3 9 ,6 3 4 8 3 ,9 2 4 3 5 ,6 9 8 2 8 ,1 9 6 8 1 ,9 3 1 — 2 0 .7 — 1 7 .0 — 6 .7 + 9 .3 + 1 6 .7 — 4 .4 1 ,0 7 6 ,6 6 7 1 ,1 8 5 ,7 5 4 9 3 1 ,8 4 4 — 9 .2 + 1 5 .5 — 15 .1 + ALABAMA— B ir m in g h a m ..................$ D o t h a n ............................... M o b ile ............................... M o n tg o m e r y .................. TE N N E S S E E — C h a t t a n o o g a ............... K n o x v ille .......................... N a s h v ill e .......................... SIX T H D I S T R I C T 2 6 C i t i e s .......................... F eb. 9 3 ,9 5 0 $ 2 ,5 8 2 3 9 ,2 5 8 2 6 ,5 0 5 Jan. 1940 1 0 7 ,7 2 1 $ 3 ,0 6 7 4 4 ,6 8 7 2 4 ,7 3 2 P ercen t C h a n g e F e b .F e b . 1 9 40 F r o m : 19401939 J a n . 1940 F e b . 1939 7 4 ,8 2 6 — 1 2 .8 + 2 5 .6 2 ,9 6 3 — 1 5 .8 — 1 2 .9 2 9 ,5 6 3 — 1 2 .2 + 3 2 .8 1 9 ,2 2 3 + 7 .2 + 3 7 .9 U N IT ED S T A T E S 141 C i t i e s ......................... 2 9 ,4 8 2 ,0 0 6 3 4 ,7 1 7 ,2 1 3 2 7 ,5 8 1 ,0 4 9 6 .9 respondent banks on M arch 13 w ere 5 0 .4 m illio n s larger than a year ea rlier and the largest on record. ►A t the F ed eral R eserve B ank o f A tlan ta m em ber banks h a v e recen tly reduced their a lrea d y sm a ll b orrow in gs, and in d u strial advances h ave been s lig h tly larger. M em ber bank reserve d ep osits h ave risen to a new h ig h le v el, G overnm ent dep osits have in creased som ew hat, and total d ep osits and total reserves are the largest on record. ►E xcess reserves o f a ll m em ber banks in the D istrict, e sti m ated on the b asis o f latest a v a ila b le figures, am ounted to about 71 m illio n s o f d o lla rs, or 4 6 .3 per cent o f le g a l re quirem ents. In actual am ount, th is is the largest on record w ith the excep tion o f the first h a lf o f A u gu st la st year. ►Check transactions at 2 6 cities in th e D istrict in February, the largest fo r th e m onth sin ce 1930, w ere dow n 9 .2 per cent from January but 15.5 per cent greater than in February la st year. A t 141 rep ortin g centers throughout the country the F ebruary total d eclin ed 15.1 per cent from January and w as 6 .9 per cent larger than in F ebruary 1939. Agriculture P la n tin g o f sp rin g crop s w as d elayed in som e parts o f th e D istrict b ecau se o f h eavy rains and tem peratures b elo w n orm al d u rin g m ost o f F eb ruary, and u n favorab le w eather co n d itio n s h ave continued in the first h a lf o f M arch. E stim ated p roduction o f oranges in F lorid a w as further reduced in F ebruary b y 2 m illio n boxes. T he M arch estim ate o f 2 5 .7 m illio n s b o x es is 2 4 .2 per cent sm aller than prod u ction in the 1938 -3 9 season. S u p p lies o f ea rly and m id season oran ges that w ere su ita b le fo r sh ip m en t after the freeze w ere reported at the m id d le o f M arch to be n ea rly exhausted, and sh ip m en ts fo r the rem ainder o f the season w ill con sist alm ost en tirely o f V a len cia s. It appears certain that the January freeze reduced the V a len cia crop by about on e-h a lf, and p roduction is now p laced at 7 m illio n boxes. P rod u ction o f gra p efru it is ex T he le v e l o f in d u stry a ctiv ity in th e S ix th D is trict d eclin ed in F ebruary, a cco rd in g to a v a il a b le statistical evid en ce, bul: con tin u ed w e ll a b ove the cor resp on d in g tim e la st year. ►T he v a lu e o f con stru ction contracts aw arded in F ebruary w as o ff ab ou t 2 1 .0 per cent fro m January bu t w as 17.1 per cent greater than a year ag o , and th e to ta ls fo r January and F ebruary 1 9 4 0 com b in ed are 3 0 .9 per cent greater than for that p eriod la st year. R esid en tia l aw ards d eclin ed in F eb ruary rela tiv ely m ore than other c la sses o f contracts, but fo r the tw o m onths o f 1 9 4 0 w ere 3 8 .7 per cen t greater than a year ago. S tate to ta ls fo r A lab am a, F lo rid a , G eorgia and T en n essee are la rg er than th ey w ere a y ear ago, fo r F eb ruary and fo r the first tw o m onths o f th e year. In the 3 7 Eastern States there w as a gain o f 2 .2 per cent from Jan u ary to F ebruary but a d ecrease o f 8 .9 per cent from F ebruary last year, and fo r the first tw o m onths o f 1940 total aw ards w ere 1 5 .9 per cent sm a ller than a y ear ago. B u ild in g perm its issu ed at tw en ty rep ortin g cities a lso d e clin ed in F ebruary but w ere 2 5 .0 p er cent greater than fo r February la st year. U n u su a lly bad w eather m ay h ave been a partial cause o f the F ebru ary d e c lin e ; it did, accord in g to press reports, d ela y sp rin g lum ber b u y in g and a lso re tarded lum ber m ill op erations. ►C onsum ption o f cotton in A lab am a, G eorgia and T en n es see d eclin ed 6 .4 per cent in F eb ru ary, bu t th e d a ily average rate o f 8 ,9 2 4 b a les consum ed w as 1 6 .6 p er cent greater than in F ebruary last year, and the cu m u lative total fo r the seven m onths o f the current season is 2 3 .6 per cent greater than fo r that part o f the p reviou s cotton year. O perations at cot ton seed o il m ills d eclin ed se a s o n a lly in F ebru ary but w ere at a le v e l about 3 5 .0 per cent h ig h er than a year ago. ►T here has recen tly been a further red u ction in the rate o f steel m ill a ctivity in the B irm in gham area, and p ig iron p ro duction in A lab am a d eclin ed in F eb ru ary b y 5 .0 per cent. S teel m ills in the B irm ingham area operated at 9 4 .0 per cent o f cap acity in the first five w eeks o f the year, at 8 8 .0 per cent in the fo llo w in g fou r w eeks, and in the tw o w eeks en d in g M arch 16 the rate has been 8 0 .0 per cent. T h is com pares w ith the n ation al average fo r th ose tw o w eeks o f 6 3 .5 per cent. A lab am a output o f p ig iron in January and F ebruary com bined w as the largest fo r that p eriod in m ore than tw enty years. ►C oal production in A lab am a and T en n essee d eclin ed 2 .2 per cent from January but w as 1 4 .8 per cent larger than a year ago. F or the country as a w h o le F ebruary output dropped 7 .9 per cent and w as up 10 .7 per cent from F eb ruary last year. B u s in e s s C o n d it io n s in t h e SIXTH DISTRICT BUSINESS STATISTICS SALES J a n .- F e b . In c l. C o m p a re d w ith Y ear A go + 9 .6 + 5 .9 F e b . 1940 C o m p a r e d w ith : R E T A IL T R A D E Ja n - 1940 F e b - 1939 A t l a n t a ................................. + 3 4 . 2 + 1 9 .4 B ir m in g h a m .......................+ 1 8 . 4 + 8 .3 M o n tg o m e r y ..................... + 6 .9 + 1 3 .7 N a s h v ill e ............................ + 2 7 . 6 + 2 .4 N e w O r l e a n s .................. — 3 .9 + 1 2 .0 O t h e r s .................................... + 1 1 . 2 + 1 2 .6 D IST R IC T (4 4 F i r m s ) . + 1 4 .1 + 1 2 .9 W H O LESA LE TRAD E G r o c e r i e s ............................ + 3 .4 D ry G o o d s .......................... + 3 . 2 H a r d w a r e ............................ — 8 .7 E le c tric a l G o o d s ........... + 3 6 .5 D r u g s ...................................... — 3 .5 S h o e s ....................................... + 3 5 . 8i A u to S u p p l i e s .................. — 4 .8 F u r n i t u r e ............................ + 2 8 . 5 T o b a c c o a n d Its P r o d u c t s .......................... + 2 .8 M is c e l la n e o u s ............... — 6 .8 T O T A L ............................... + .1 + 11.0 + 12.6 + 12.2 — 3 .5 + + 1 4 .1 +8.0 +5.5 — 1 1 .8 + 2 0 .5 + 1 8 .7 — 7 .8 + 7 .7 9 .9 + 1 8 .7 +6.5 +9.5 + 9 .8 + 4 .1 + 1 1 .4 + 1 7 .0 — 1 0 .5 + 1 9 .2 + 2 2 .5 — 9 .8 + 3 1 .3 + 7 .4 — 4 .8 7 5 .6 3 4 .6 4 6 .0 6 4 .1 7 0 .5 2 5 .7 4 4 .8 + 1 3 .2 + 1 4 .5 + 7 .8 — 1 .7 + 8 .4 7 7 .2 5 6 .6 + 6.2 (000 OMITTED) COMMERCIAL FAILURES— J a n .- F e b ., In c l. 1 9 40 1 9 39 151 122 $ 1 ,1 0 6 $ 1 ,7 9 1 Jan . 1940 67 484 Feb. 19 39 73 679 C O N T R A C T S A W A RDED — D IS T R IC T ...........................................$ 23,036 $ 2 9 ,0 8 6 1 0 ,4 3 0 R e s id e n tia l...................................... 7,429 1 8 ,6 5 6 A ll O t h e r s ......................................... 15,607 A l a b a m a ........................................... 2,543 3 ,6 8 3 9 ,6 8 0 F l o r i d a ................................................. 7,253 5 ,7 2 7 G e o r g i a .............................................. 6,199 4 ,3 6 0 L o u i s i a n a ......................................... 4,132 4 ,7 8 9 M is s is s ip p i...................................... 2,008 5 ,9 6 9 T e n n e s s e e ......................................... 4,423 1 9 ,6 6 5 6 ,7 3 3 1 2 ,9 3 2 1 ,8 1 4 5 ,0 2 6 5 ,2 5 7 4 ,8 9 3 4 ,5 5 6 3 ,2 0 1 $ 5 2 ,1 2 2 1 7 ,8 5 9 3 4 ,2 6 3 6 ,2 2 6 1 6 ,9 3 3 1 1 ,9 2 6 8 ,4 9 2 6 ,7 9 7 1 0 ,3 9 2 $ 3 9 ,8 2 1 1 2 ,8 7 7 2 6 ,9 4 4 5 ,2 2 9 1 0 ,1 8 2 9 ,7 5 2 8 ,6 5 6 8 ,0 8 9 7 ,0 1 0 5 ,7 1 8 644 266 530 297 403 3 ,5 7 9 4 ,2 4 5 228 205 507 103 455 2 ,7 4 7 1 1 ,0 2 4 1 ,3 3 2 503 1 ,0 2 6 406 1 ,0 7 9 6 ,6 8 1 8 ,5 0 9 669 346 837 218 820 5 ,6 2 0 260 292 223 553 474 1 ,3 2 7 566 1 ,4 0 3 610 1 ,1 0 5 478 2 ,7 3 0 1 ,1 7 6 2 ,3 0 5 939 F eb. 1940 55 622 D IS T R IC T ......................................... N u m b e r ( a c t u a l ) ....................... L i a b il iti e s ......................................... B U IL D IN G PERM ITS— 20 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 ............................ 5,306 687 237 496 110 676 3,100 P IG IR O N P R O D U C T IO N —T o n s A l a b a m a ............................................ F ed er a l R eser v e D is t r ic t 3 SIXTH DISTRICT BUSINESS INDEXES STO C K S C O LLEC T IO N R A TIO J a n . 1940 C o m p a re d Feb. w ith : 1 9 40 F e b . 1 9 39 2 6 .4 + 2 1 .5 3 0 .6 + 1 3 .2 + 2 0 .7 2 7 .3 + 3 .3 2 9 .6 + 7 .7 3 6 .8 + 6.0 3 0 .3 + 10.6 + 1.6 S ix t h (1923-1925 — 100 e x c e p t era n o te d ) RETAIL SALES*—U n a d ju ste d F e b . 1940 Jan . 1940 9 3 .0 1 5 9 .7 7 8 .0 7 1 .4 8 4 .0 F e b . 1939 1 0 1 .3 1 9 2 .5 9 2 .4 9 6 .4 7 8 .1 1 1 7 .7 2 1 2 .9 1 0 8 .3 9 5 .2 1 0 0 .0 1 1 5 .1 2 2 6 .5 1 0 2 .7 1 1 3 .4 8 8 .8 RETAIL S T O C K S — U n a d ju s te d D IST R IC T (23 F i r m s ) ............................................................. . . 77.1 7 7 .1 A t l a n t a .............................................................................................. . . 140.5 1 4 0 .5 B ir m in g h a m .................................................................................. . 74.5 7 4 .5 N a s h v ill e ......................................................................................... . . 55.8 5 5 .8 . . 64.5 6 4 .5 N e w O r l e a n s ............................................................................... 6 8 .6 1 2 8 .6 7 0 .1 5 0 .7 5 4 .3 6 9 .0 1 1 4 .5 6 4 .9 5 4 .0 6 0 .0 RETAIL S T O C K S —A d ju s te d D IST R IC T (23 F i r m s ) ............................................................. 78.7 A t l a n t a .............................................................................................. 146.4 B ir m in g h a m ................................................................................. 77.6 N a s h v ill e ......................................................................................... 58.7 N e w O r l e a n s ............................................................................... 64.5 75.4 139.8 77.9 58.3 59.7 70.4 119.3 67.6 56.8 60.0 W H O LESA LE SALES—T o t a l................................................. 65.7 G r o c e r i e s ......................................................................................... 53.6 D ry G o o d s ...................................................................................... 52.4 H a r d w a r e ....................................................................................... 90.1 D r u g s ................................................................................................. 138.7 65.6 51.8 50.8 98.7 143.7 60.6 45.1 48.9 78.1 104.2 C O N T R A C T S A W A RDED — D IS T R IC T .......................... 65.6 R e s id e n tia l.................................................................................... 52.9 A ll O t h e r s ....................................................................................... 74.1 A l a b a m a ......................................................................................... 55.6 F l o r i d a .............................................................................................. 50.0 G e o r g i a ............................................................................................ 93.0 L o u i s i a n a ......................................................................................... 65.7 M is s is s ip p i.................................................................................... ,104.1 T e n n e s s e e ....................................................................................... 79.8 82.9 74.3 88.6 80.5 66.7 85.9 69.3 248.4 107.7 56.0 48.0 61.4 39.7 34.7 78.9 77.8 236.3 57.7 47.2 44.4 16.0 60.3 17.3 52.5 56.6 50.8 41.7 17.9 64.4 46.8 31.3 65.3 37.7 14.7 13.8 61.6 16.2 35.3 50.1 PIG IRON PRODUCTION—ALABAMA*... .............1 1 7 .5 r 1 2 3 .7 r 1 0 4 .3 COTTON CONSUMPTION— 3 STA TES*... .............1 8 8 .2 ............. 2 1 8 .2 ............. 1 7 7 .6 .............1 6 7 .6 2 0 1 .0 2 3 5 .3 1 9 0 .5 1 6 4 .8 1 6 1 .4 1 8 8 .6 1 5 1 .0 1 4 8 .7 ............. 1 3 9 .3 .............1 2 1 .3 .............1 4 8 .7 ...............1 1 7 .5 M is s is s ip p i..................................................................... ............. 1 1 1.1 .............1 3 1 .2 SIX S T A T E S ............................................................. ............. 1 3 5 .0 1 3 9 .4 1 1 3 .6 1 4 9 .1 1 1 9 .9 1 0 4 .0 1 3 0 .4 1 3 3 .9 1 3 1 .7 1 1 5 .6 1 4 0 .5 1 2 6 .2 1 1 0 .9 1 2 6 .1 1 3 0 .5 2 3 7 .7 1 0 2 .0 2 1 1 .0 1 4 5 .1 1 3 4 .0 1 7 2 .8 1 8 4 .7 2 0 6 .2 9 3 .4 1 8 1 .8 1 4 3 .4 1 3 7 .3 1 6 0 .2 1 6 9 .0 D IST R IC T (2 5 F i r m s ) ............................................................. 1 1 0 .7 A t l a n t a .............................................................................................. 2 2 2 .4 B ir m in g h a m .................................................................................. 9 6 .6 N a s h v ill e ......................................................................................... 9 4 .8 N e w O r l e a n s ............................................................................... 8 4 .0 RETAIL SALES*—A d ju sted . .1 2 5 .8 ..2 6 1 .6 . . 1 0 7 .3 ..1 1 1 .5 . . 9 5 .5 B U ILD IN G PERM ITS— 20 C i t i e 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 ............................................................................ COAL PRODUCTION—Tons A l a b a m a ............................................ T e n n e s s e e ......................................... (000 OMITTED) F eb. 1 9 40 73 134 16 223 Jan. 19 40 82 150 17 248 147 179 110 1 ,2 2 9 1 ,1 3 2 214 TO TA L SIX S T A T E S ............... 329 * G e o r g i a , A la b a m a , L o u is ia n a a n d M is s is s ip p i. 309 948 903 COTTON CONSUMPTION— B ales 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 .. F e b . A u g . 1 -F e b . 2 8 , In c l. 1 9 39 1 9 3 9 -4 0 1 9 38 -3 9 60 526 416 110 961 7 78 14 110 98 184 1 ,2 9 3 1 ,5 9 8 COTTON SEED CRUSHED— T o n s * ................................................... FERTILIZER TAG SALES—Tons EMPLOYMENT (Av. fo r 1 9 3 2 = 1 0 0 ) PAYROLLS (Av. fo r 1 9 3 2 = 1 0 0 ) (000 OMITTED) ELECTRIC POW ER PRODUCTION—k w h o u rs Jan. 1 9 40 A l a b a m a ................................. ,. 4 1 0 ,7 7 1 F l o r i d a .................................... .. 1 2 8 ,2 8 0 G e o r g i a ................................. . 1 2 9 ,7 3 0 L o u i s i a n a ............................... . 1 7 8 ,5 8 3 M is s is s ip p i............................ . 5 ,2 4 0 T e n n e s s e e ............................. . 1 6 7 ,2 9 5 TO TA L SIX STA TES. . 1 ,0 1 9 ,8 9 9 B y W a te r P o w e r . . . . 4 2 5 ,2 9 1 B y F u e l s ............................ . 5 9 4 ,6 0 8 D ec. 1 9 39 3 7 5 ,5 6 6 1 1 9 ,5 6 8 1 1 4 ,2 6 7 1 7 2 ,3 8 8 7 ,1 8 1 1 8 8 ,7 9 4 9 7 7 ,7 6 4 3 6 9 ,8 3 0 6 0 7 ,9 3 4 Jan. 1 9 39 3 0 3 ,9 7 9 1 0 0 ,3 3 5 1 2 3 ,8 5 5 1 4 9 ,1 3 1 5 ,6 9 2 1 7 3 ,7 5 1 8 5 6 ,7 4 3 4 5 5 ,0 9 3 4 0 1 ,6 5 0 ►Electric power production in the six states of the District increased 4.3 per cent in January to a new record level, following a decline in December from the previous peak in November. .............2 4 0 .6 .............1 1 0 .1 .............2 0 9 .5 ...............1 4 1 .3 M is s is s ip p i..................................................................... .............1 4 7 .5 .............1 7 0 .6 S IX S T A T E S ............................................................. .............1 8 5 .8 J a n . 1940 A l a b a m a .........................................................................................5 1 4 .2 F l o r i d a .............................................................................................. 6 3 0 .8 G e o r g i a ............................................................................................2 1 5 .9 L o u i s i a n a .........................................................................................6 7 0 .7 M is s is s ip p i..................................................................................... 8 0 .9 T e n n e s s e e ...................................................................................... 2 6 6 .7 SIX S T A T E S ............................................................................ 3 9 8 .2 B y W a te r P o w e r .................................................................. 3 1 5 .9 B y F u e l s .......................................................................................4 8 9 .3 ELECTRIC POW ER PRODUCTION* 4 7 0 .1 5 8 8 .0 1 9 0 .2 6 4 7 .4 J a n . 1939 3 8 0 .5 4 9 3 .4 2 0 6 .1 5 6 0 .1 3 0 0 .9 3 8 1 .7 2 7 4 .7 5 0 0 .3 2 7 6 .9 3 3 4 .5 3 3 8 .0 3 3 0 .5 D ec. 1 9 39 111.0 88.0 * In d e x e s of r e t a il s a le s , e le c t r ic p o w e r a n d p ig ir o n p ro d u c tio n , a n d of cotton co n su m p tio n a r e o n a d a i ly a v e r a g e B a s is , r = r e v is e d . 4 B u s in e s s C o n d it io n s in t h e S ix t h F ed er a l R eser v e D is t r ic t INDUSTRIAL PRODUCTION N A T IO N A L SU M M A R Y O F B U S IN E S S C O N D IT IO N S P r e p a re d b y th e B o ard o i G o v e rn o rs o! th e F e d e ra l R ese rv e S y ste m I NDUSTRIAL activity showed a further sharp decline in February and a less marked reduction in the first half of March. Wholesale commodity prices generally were steady, following some decline in January and early February. P r o d u c tio n In February the Board’s seasonally adjusted index of industrial production was 109.0 per cent of the 1923-1925 average as compared with 119.0 in January and 128.0 in December. A further decline at a slower rate is indicated for March on the basis of data now available. In August 1939, the month prior to the outbreak of war, the index was 103.0. Steel production, which had risen sharply in the latter part of 1939 and then de creased considerably in January, showed a further marked reduction in February to 69.0 per cent of capacity. In the first half of March output was steady at a rate of about 65.0 per cent. Plate glass production declined further in February and output of lumber, which had dropped sharply in January, showed less than the usual seasonal rise. Automobile production in February was maintained at the high level prevailing in January. Dealers’ stocks of new cars rose to high levels in this period, notwith standing the 'fact that retail sales of cars were in large volume for this time of the year. In the first half of March output of automobiles showed less than the customary sharp increase. In some industries not included directly in the Board’s production index, particularly the machinery, aircraft, and rayon industries, activity continued at high levels. Changes in output of nondurable goods were largely seasonal in February except at textile mills and sugar refineries. At cotton textile mills activity declined some what from the high levels prevailing since early last autumn. Activity at woolen mills, which had decreased considerably in December and January, declined further in February and output of silk products was reduced to an exceptionally low level. Sugar refining showed less than the sharp rise usual at this season. Mineral production declined in February, owing chiefly to a considerable reduc tion in output of anthracite. Bituminous coal production declined somewhat, following a rise in January, while output of crude petroleum increased to new high levels. Value of construction contract awards in February showed little change from the January total, reflecting a further decrease in contracts for public construction and contraseasonal increase in private contracts, according to figures of the F. W. Dodge Corporation. The increase in private residential awards nearly equalled the decline that occurred in the previous month when severe storms curtailed building operations in many areas. D is tr ib u tio n Retail distribution of general merchandise showed little change from January to February and remained somewhat below the high level of the latter part of last year, with due allowance for seasonal changes. Sales at variety stores and mail-order houses showed about the usual seasonal rise in February, while at department stores, where some increase is also usual at this time of year, sales remained at about the January level. Freight-car loadings declined considerably from January to February, reflecting for the most part a sharp reduction in coal shipments and some further decrease in loadings of miscellaneous freight. In d e x oi p h y sic a l vo lu m e oi p ro d u c tio n , a d ju s te d for s e a s o n a l v a ria tio n , .1923-1925 a v e r a g e = 100. D u ra b le m a n u factures# n o n d u x a b le m a n u fa c tu re s, a n d m in e ra ls ex p re s s e d in te rm s of p o in ts in to ta l in d e x . By m onths, J a n u a ry , 1934, to F e b ru a ry , 1940. FREIGHT CAR LOADINGS POINTS INTOTAL INDEX In d e x of to ta l lo a d in g s of re v e n u e fre ig h t, a d ju s te d io r s e a s o n a l v a ria tio n , 1923-1925 a v e r a g e = 100. M isc e lla n e o u s, c o a l, a n d a ll o th e r e x p re s s e d in term s o i p o in ts in to ta l in d e x . B y m o n th s, J a n u a ry , 1934, to F e b ru a ry , 1940. WHOLESALE PRICES F o r e ig n T r a d e Exports of United States merchandise in February declined less than seasonally from the high levels reached in December and January. The principal decreases were in shipments of cotton, copper, and aircraft, which had been exceptionally large in previous months. Exports to Japan fell sharply and there were declines also in ship ments to the United Kingdom, the Netherlands, and Russia, while exports to Belgium and the Scandinavian countries increased. There has been little change in the rate of gold inflow. The monetary gold stock increased by $246,000,000 in February and by $109,000,000 in the first two weeks of March. C o m m o d ity P r ic e s Prices of nonferrous metals advanced from the middle of February to the middle of March, while steel scrap and textile materials declined somewhat further. Most other commodities showed little change and in the week ending March 9 the general index of the Bureau of Labor Statistics was at 78.3 per cent of the 1926 average as compared with 78.5 a month earlier. In d e x co m p ile d b y U. S. B u re a u oi L a b o r S ta tistic s, 1926 *= 100. By w e e k s , 1934, to w e e k e n d in g M arch 9, 1940. MONEY RATES IN NEW YORK CITY PER CENT 4 V a v ' TREASlURY BONOS (it YE.AI<S ANO OVER) w * r * - G o v e r n m e n t S e c u r ity M a r k e t Following a relatively steady market during February, prices of long-term Treas ury bonds increased sharply after the announcement by the Treasury early in March that its operations during that month would be limited to the issuance of a five-year note to refund a note maturing next June. IL v a A RESERVE BANK DISCOUNT RATE . n ft — TREASURY NOTES (5-5 YEARS) B a n k C r e d it Total loans and investments at reporting member banks in 101 leading cities rose during the six weeks ending March 13, largely as a result of increases in investments at New York City banks. Following a reduction during January, commercial loans increased, mostly at banks in cities outside New York. Bank reserves and deposits continued to increase during the period. k A th ea ;JURY BILLS ( « m issues) i rv .— 1934 193!) 1936 1937 1938 A . 1939 1940 F o r w e e k s e n d in g J a n u a ry 6, 1934, to M arch 16, 1940.
@FedFRASER