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N um ber 3 A t la n t a , G e o r g ia , M a r c h 3 1 , 1 9 4 1 V o lu m e X X V I O p e r a t in g R a t io s o f S ix t h D is t r ic t M e m b e r B a n k s fo r 1 9 4 0 O n th e c e n te r p a g e o f t h is R e v i e w t h e re is p re s e n te d a t a b u la r b a n k s in t o g ro u p s o p e r a t in g u n d e r s im ila r c ir c u m s t a n c e s t h a t s ta te m e n t o f th e s iz e c la s s if ic a t io n s a r e m a d e , b u t th e ra n g e s e x h ib it e d in th e o p e r a tin g r a t io s o f m e m b e r b a n k s o f th e S ix t h D is t r ic t f o r 1 9 4 0 , g e n e r a lly s im ila r in f o r m to th o s e p r e p a re d f o r th e p a s t fe w a n d c o n te n t y e a r s b y t h is a n d o th e r F e d e r a l R e s e r v e B a n k s . H ie m e th o d b y w h ic h th e a v e r a g e s a r e c a lc u la t e d a n d g ro u p e d is id e n t ic a l w it h t h a t o f la s t y e a r a n d t a b le g iv e e v id e n c e o f th e in c o m p le te s u c c e s s w it h w h ic h t h is c la s s if ic a t io n d if fe r e n t ia t e s b a n k s in t o s u b s t a n t ia lly T h e la c k o f e x a c t s im ila r it y in t h e b a n k in g c irc u m s t a n c e s th e y e a r b e f o r e , b u t f o r th o s e u n f a m ilia r w it h t h is m e th o d a s u r r o u n d in g b a n k s in b r ie f d e s c r ip t io n i s p r o v id e d in th e la s t s e c tio n o f t h is a r t ic le . c o u n t f o r m u c h o f th e in d iv id u a l v a r ia t io n in T h e p r in c ip a l in n o v a t io n m a d e in t h is y e a r ’ s p r e s e n ta tio n f o r th e S ix t h D is t r ic t is in a n a tte m p t to in f o r m b a n k s o f th e e x te n t o f v a r ia t io n in th e m e m b e r th e r a t io s o f in d iv id u a l s im ila r g ro u p s . a g iv e n s iz e g ro u p w o u ld se e m to a c r a t io s b e tw e e n in d iv id u a l b a n k s . F o r su ch th e o p e ra tin g a s iz e g ro u p of b a n k s t h e re u n d o u b te d ly w i l l b e g e n e r a l in flu e n c e s a ffe c t in g e q u a lly th e p o lic y d e c is io n s in a l l th e in d iv id u a l b a n k s . T o b a n k s in c lu d e d w it h in a g iv e n g r o u p . F o r t h is p u rp o s e th e re th e e x te n t o f th e r e la t iv e im p o r ta n c e o f th e s e g e n e r a l in f lu is s h o w n w it h e a c h g ro u p a v e r a g e f o r a n u m b e r o f s e le c te d e n c e s c o m m o n to r a t io s a r a n g e w i l l te n d to b e c o n c e n tra te d a b o u t a n o f v a lu e s w it h in w h ic h f a lls th e m id d le p e r c e n t o f th e r a t io s o f th e in d iv id u a l b a n k s in T h e s e tw o f ig u r e s , th e h ig h e s t a n d 50 th e g r o u p . th e lo w e s t r a t io s w it h in t h is c e n t r a l g r o u p , a r e p r in t e d in c o n t r a s t in g t y p e b e s id e th e a v e r a g e r a t io s to w h ic h th e y r e f e r . T h e m a n n e r o f c a lc u la t io n in g th a t a b a n k w o u ld A d is c r e p a n c y m e n te d u p o n b e lo w , a n d p a r t ic u la r r e fe r e n c e w i l l b e m a d e to th e g ro u p th e f a c t t h a t— a s m a y b e n o tic e d fr o m m e m b e r r a is e s o r tw o s ta te s a n d t h e e x t r e m e ly lo w ►The p u b lic a t io n o f a v e ra g e v a lu e s in o p e r a t in g one o th e r s ta t e s . r a t io s in v it e s co m and of w h ic h th e th e u n u s u a ln e s s c r e p a n c y fr o m n i$ » fo r e x t re m e . V co m e to be p re p a re d and c ir c u la t e d . I t m u s t b e b o rn e in m in d , h o w e v e r, t h a t c o m p a ris o n h a s n o m e a n in g u n le s s th e t h in g s c o m p a re d e x h ib it c e r t a in a t t r ib u t e s in v id u a l if th e s e th a t a re m o re of a re banks to o p e ra te p a r is o n s . under r a t io s c o m p a r a b le it s r a t io s c o in th e bank q u e s tio n in d iv id u a l r a t io of is fo r a ■Sf * th e d is _c pAf'0 o f in d i o n ly c ir c u m s t a n c e s so m e e x te n t s i m il a r ; a n d th e t h is s im ila r it y c ir c u m s t a n c e s m e a n in g fu l th e c o u r s e , in o p e r a t in g s ig n if ic a n t ly c o m p re h e n s iv e b a n k in g m o re co m m o n . T h e banks th e a g e o r th e d e g re e to c r e p a n c y is h ave an a v e ra g e th e a v e r w h ic h a v e ra g e s f in d o f th e d is o f s u c h a b a s e f o r c o m p a ris o n is o n e o f th e p r in c ip a l re a s o n s su ch r a r e ly b e tw e e n th e p a r is o n w it h th e r a t io s o f in d iv id u a l b a n k s , a n d th e p r o v is io n w h ic h B u t in c id in g e x a c t ly w it h th e a v e r a g e s o f it s s iz e g r o u p . b a n k ’ s r a t io th e c h a r t — f o r c e r t a in a v e ra g e . lig h t o f th e m u lt it u d e o f s p e c ia l c a u s e s i t is n o t s u r p r is a n d th e s ig n if ic a n c e o f th e s e a d d it io n a l f ig u r e s w i l l b e c o m r a t io s th e e x t r e m e ly h ig h v a lu e s te n d to b e b u n c h e d in a l l th e b a n k s th e in d iv id u a l b a n k r a t io s It is , th e a t co m - th e q lC O ^ w te m p t to d iv id e in d iv id u a l In the preparation oi this chart the values shows by the individ ual banks in each size group for a given ratio were arranged in descending Br. The banks in the upper 25% aaa those in the lower 25% were then disttibuted according to states. The white bars ol die chart indicate ior each state, for the selected ratios, the percentage ol banks that fall in the upper 25%. The green bars show similarly the percentage falling in the lower 25%. bar extending above the upper dotted line shows that the state indicated has a greater proportion ol banks in the high range than the District as a whole; a bar extending below the lower dotted line ihows that the state has a greater proportion ol banks in the lower range than the District as a whole. M o n t h ly X e r ie w o f th e f e d e r a l R e s e rv e CONDITION OF FEDERAL RESERVE RANK OF ATLANTA (In Millions of Dollar*) Per Cent Change Mar. 12,1941,from Mar. 12 Feb. 12 Mar. 13 Feb. li Mar. 13 1941 1941 1940 1941 1940 Bills discounted............... .01 $ .01 $ 1.0 - ... — 99 .3 .3 .8 ... -^72 Industrial'advance*........... U.-S. securities...-. 91.1 91.1 100.4 ... — 9 ■ Total 1411sand securities........ 91.5 91.5 101.4 ... — 10 F. R. note circulation................ 200.8 197.2 158.7 + 2 + 27 Member bonk reserve deposits. . 277.3 257.9 224.5 + 8 + 24 25.3 26.2 — 56 — 56 U. S. Gov't general deposits..... 11.5 Foreign bsiu&posils........... 26.9 27.5 12.9 — 2 +109 Other deposits........................ 5.9 17.4 7.2 — 66 — 18 Total deposits..............^...... 321.5 329.0 270.8 — 2 + 19 Total reserves....... ..... 436.2 435.4 333.7 + 0 + 31 Industrial advance commitments........ ...........02 CONDITION OF 22 MEMBER BANKS IN SELECTED CITIES (In Millions of Dollars) Per Cent Change Mar.12,1941,from Mar. 12 Feb. 12 Mar. 13 Feb. 12 Mar. 13 1941 1941 1940 1941 1940 Loans and Investments—Total.. . .$702.8 $700.3 $633.4 + 0 + 11 Loans—Total.............. ........ 376.6 372.4 307.6 + 1 + 22 Commercial, industrial and agricultural loans............... 198.1 196.5 163.8 + 1 + 21 Open market papSr............... 5^2 4.4 3.6 + 18 + 44 Loans to brokers and dealers insecuritiiss...................... 7.1 7.3 6.4 — 3 + 11 Other loans for purchasing 11.2 11.0 +2 +4 and carrying securities....... 11.4 Realestate loans.................. 35.5 34.7 31.5 + 2 + 13 Loans to banks..................... 1.2 2.0 .7 — 40 + 71 117.1 90.6 +1 +30 Other loans..... ..................118.0 Inve8tm©nts—Total.................. 326.2 327.9 325.8 — 1 + 0 U. S. direct obligations.......... 153.4 155.9 151.2 — 2 +1 Obligations guaranteed by U. S.................... ............ 56.8 58.8 70.6 — 3 — 20 Other securities....... ....... 116.1 113.Z 104.0 +3 +12 159.6 130.8 + 9 + 33 Reserve with F. R. bank............ 173.8 Cashinv«ult.......................... 16.3 16.1 14.1 +1 +16 Balances with domestic banks__ 250.9 227.9 229.5 + 10 + 9 Demand deposits-adjusted_____ 479.7 468.7 407.1 + 2 + 18 189.2 189.2 + 0 + 0 Time deposits................... .. .. 189.6 U. S. Government deposits........ 28.7 28.9 44.5 — 1 — 36 Deposits oi domestic banks....... 384.8 358.4 309.3 + 7 + 24 Borrowings.................................. .... DEBITS TO INDIVIDUAL ACCOUNTS (In Thousands of Dollars) Per Cenlchange * Feb. Ian. Feb.Feb. 1941 from W T,BFHMA 194^ 1941 1940Jan.1941 Feb. 1940 Birmingham............... $ 101,951 $ 124,426 $ 93,950 — 18 + 9 Dothan...................... 3,297 3,629 2,582 — 9 + 28 Mobile...................... 45,741 56,135 39,258 — 19 + 17 Montgomery.............. 24,688 28,080 26,505 — 12 — 7 FLORIDA 102,718 120,506 84,505 — 15 + 22 Jacksonville............... Miami....................... 77,259 84,296 70,494 — 8 + 10 Pensacola............... 10,400 11,136 8,719 — 7 + 19 36,504 40,990 33,239 — 11 + 10 Tampa................... . GEORGIA > Albany............ ......... 5,69? 7,486 4,325 — 24 + 32 Atlanta................... 246,941 233,798 209,360 + 6 + 18 21,637 22,422 16,733 — 4 + 29 Augusta..................... Brunswick................. 2,893 3,231 2,627 — 10 + 10 Columbus.................. 22,337 25,323 15,070 — 12 + 48 Elberton................... 1,233 1,314 \ 963 — 6 + 28 25,478 23,046 . 15,299 +11 +67 Macon.................... Newnan....... ........... 1,974 2,483 ; 1,816 — 20 + 9 Savannah....... ....... 30,364 34,728 25,896 , — 13 + 17 4,020 4,720 3,661— 15. + 10 Valdosta.................. LOUISIANA New Orleans.............. 219,188 256,057 218,887 — 14 + 0 MISSISSIPPI Hattiesburg............... 10,499 12,558 4,618 — 16 +127 Jackson..................... 30,765 34,887 29,153 — 12 + 6 Meridian................... 13,596 14,611 11,248 — 7 + 21 Vicksburg.................. 7,293 8,402 7,539 — 13 — 3 TENNESSEE Chattanooga.............. 46,964 58,976 39,019 — 20 + 20 Knoxville.................. 33,581 43,472 32,908 — 23 + 2 Nashville................... 87,917 99,808 78,303 — 12 + 12 SIXTH DISTRICT 26Cities............... . 1,214,935 1,356,520 1,076,667 — 10 + 13 UNITED STATES 274Cities........... . 35,783,000 41,133,000 32,197,000 — 13 + 11 r a t io fig u r e s b y th e m s e lv e s is t h a t th e y p r o v id e n o in d ic a t io n o f th e u n u s u a ln e s s o r s e r io u s n e s s o f a p a r t ic u la r d e v ia t io n fr o m th e a v e r a g e . A b a n k e r , f o r in s t a n c y w h o s e r a t io o f lo a n s to a s s e ts is 3 0 p e r c e n t w h ile t h a t f o r h is s iz e g ro u p i s 4 0 p e r c e n t h a s n o m e a n s o f k n o w in g w h e t h e r h e is s in g u la r ly d if fe r e n t fr o m h is g ro u p o r w h e th e r th e g e n e r a l r u n o f b a n k s o f h is s iz e h a s r a t io s w id e ly v a r y in g , s a y f r o m 2 0 to 6 0 p e r c e n t, so th a t a d e v ia t io n a s g r e a t a s h is is n o t p a r t ic u la r ly n o te w o r th y . It is to p r o v id e a ro u g h a n s w e r to t h is q u e s t io n , w h ic h a r is e s in th e m in d o f th e r e a d e r w h e n th e a v e r a g e s a r e c o n s id e r e d , t h a t t h e re i s s h o w n o n th e t a b le th e h ig h e s t a n d lo w e s t r a t io s o f th e m id d le 5 0 p e r c e n t o f th e b a n k s in e a c h g r o u p . T h e s e tw o f ig u r e s , th e r a n g e s , a r e d e te rm in e d b y a r r a n g in g d ie in d iv id u a l b a n k r a t io s f o r e a c h s iz e g r o u p in d e s c e n d in g o r d e r a n d s t r ik in g o f f th e u p p e r a n d lo w e r 2 5 p e r c e n t . I f a r a t io o f a p a r t ic u la r b a n k lie s b e lo w th e lo w e r r a n g e fig u re ^ th e b a n k e r c o n c e rn e d w i l l k n o w t h a t a t le a s t 7 5 p e r c e n t o f th e b a n k s o f h is s iz e g ro u p h a v e r a t io s t h a t a r e la r g e r th a n t h e r a t io o f h is b a n k ; a n d c o n v e r s e ly i f h is r a t io lie s a b o v e th e u p p e r ra n g e f ig u r e . S o m e e s tim a te o f th e u n u s u a ln e s s o f h is r a t io in te rm s o f th e r a t io s o f o th e r b a n k s o f h is g ro u p is t h e r e b y p o s s ib le . G la n c in g d o w n th e s e r a n g e c o lu m n s th e r e a d e r w i l l s e e t h a t f o r m a n y o f th e r a t io s th e d is p e r s io n o f in d iv id u a l b a n k s o n e it h e r s id e o f th e g ro u p a v e r a g e s i s w id e , in d ic a t in g t h a t e v e n th e c e n t r a l 5 0 p e r c e n t o f th e b a n k s t h a t a r e b y s e le c t io n m o s t n e a r ly a lik e , d if f e r s u b s t a n t ia lly . ► In th e c h a r t o n page I I a se co n d v a r ia b le —-^thie s ta te in w h ic h e a c h b a n k is lo c a te d — is in tr o d u c e d in a d d it io n to th e s iz e c la s s if ic a t io n to s h o w th e s o u r c e o f s o m e p a r t o f t h is w id e v a r ia t io n . T h e c h a r t s h o w s f o r s e v e r a l o f th e r a t io s th e p e r c e n ta g e o f th e n u m b e r o f b a n k s in e a c h s t a t e t h a t f e l l a b o v e o r b e lo w th e c e n t r a l r a n g e o f t h e ir r e s p e c t iv e s iz e g r o u p s . I f th e r e w e re n o d iffe r e n c e s b e tw e e n s ta te s in th e c o n d it io n s o f b a n k o p e r a tio n i t w o u ld te n d t o b e t r u e t h a t 2 5 p e r c e n t o f th e b a n k s o f e a c h s ta te w o u ld li e b e lo w ab o ve an d 2 5 p e r cen t th e c e n t r a l 5 0 p e r c e n t r a n g e in e a c h r a t io , s in c e b y c o n s t r u c t io n 5 0 p e r c e n t o f th e b a n k s o f th e e n t ir e D is t r ic t h a v e b e e n p la c e d in th e c e n t r a l r a n g e a n d 2 5 p e r c e n t a b o v e a n d b e lo w th e c e n t r a l r a n g e in e a c h s iz e g r o u p . T h e u p p e r a n d lo w e r 2 5 p e r c e n t m a r k s a r e s h o w n o n th e c h a r t b y d o tte d lin e s , a n d i t is a p p a r e n t t h a t in m a n y c a s e s c o n s id e r a b ly m o re th a n 2 5 p e r c e n t o f th e b a n k s o f a s t a t e te n d to l i e in e it h e r th e u p p e r o r th e lo w e r 2 5 p e r c e n t r a n g e . F r o m t h is e v id e n c e i t m a y b e c o n c lu d e d t h a t t h e re a r e s ig n if ic a n t d iffe r e n c e s b e tw e e n th e D is t r ic t ’ s s ta te s in th e c o n d it io n s o f b a n k o p e r a t io n s . T h e b a r f o r F lo r id a th a t 7 2 s e r v ic e c h a r g e s , f o r in s t a n c e , s h o w s p e r c e n t o f a l l F lo r id a b anks had r a t io s o f s e r v ic e c h a rg e s to t o t a l e a r n in g s a b o v e th e c e n t r a l ra n g e f o r t h e ir r e s p e c t iv e s iz e g r o u p s , a n d p r a c t ic a lly n o n e h a d r a t io s t h a t w e re b e lo w . T h u s , s iz e g ro u p f o r s iz e g r o u p , F lo r id a b a n k s g e n e r a lly r e c e iv e a c h a r g e s " th a n la r g e r p o r t io n d o b a n k s in o f t h e ir in c o m e fr o m s e r v ic e o th e r s ta te s o f th e D is t r ic t . T h e b a r s s h o w a ls o t h a t F lo r id a b a n k s t y p ic a lly r e c e iv e a s m a lle r p o r t io n o f t h e ir in c o m e f r o m in t e r e s t a n d d is c o u n t o u t m o re o f t h e ir g ro s s e a r n in g s in s a la r ie s a n d w a g e s th a n com pared with Jan. 1941 Knoxville............. + 1 0 M a co n .. + 8 M o n tg o m er y .... + 7 Tampa................... — 0 P e r h a p s th e m o s t im p o r t a n t d e fic ie n c y o f a v e r a g e o p e r a t in g o n lo a n s th a n d o t h e a v e r a g e b a n k s o f th e D is t r ic t . T h e y p a y RETAIL TRADE — FEBRUARY 1941 (Cities lor which no indexes ace compiled) S a les for February Jan. 1941 Feb. 1940 + .1 0 Baton Roups ■ • 4 -0 Chattanooga.:. — 7 +13 . 4- 14 + 11 Jaefrison. Jacksonville... . ' 4 - 4 +22 o f A t la n t a f o r M a rc h 1 9 4 1 Feb. 1940 + 11 + 17 + 5 + 14 o th e r b a n k s o f th e D is t r ic t , b u t c o n s id e r a b ly le s s in in t e r e s t o n tim e a n d s a v in g s d e p o s it s . C o n s is te n t w it h t h e ir e a r n in g s fr o m lo a n s , a m u c h s m a lle r p r o p o r t io n o f t h e ir a s s e t s a r e in lo a n s , a n d a s o m e w h a t h ig h e r p r o p o r t io n is k e p t in ca sh . M o n t h ly R e v ie w o f t i e f e d e r a l R e s e r v e S a n k o f A t la n t a f o r M a rc h 1 9 4 1 S im ila r d iffe r e n c e s e x is t in a l l o f th e s ta te s e x c e p t A la b a m a , w h o s e b a n k s , e x c e p t f o r t h e ir u n u s u a lly lo w r a t io s o f t a x e s to t o t a l e a r n in g s , te n d to b e m o s t n e a r ly c o m p a r a b le to th e a v e r a g e r a t io s . O n ly A la b a m a h a s in th e m a jo r it y o f th e r a t io s th e s a m e p e rc e n ta g e o f it s b a n k s in e a c h ra n g e a s th e D is t r ic t a s a w h o le . In t e r e s t in g ly , T e n n e s s e e F lo r id a in m is d is t r ib u t io n a p p e a rs to be th e o b v e rs e of o f e x tre m e v a lu e s , m o s t o f th e r a t io s t h a t a r e c o n s is t e n t ly h ig h in F lo r id a , b e in g u n u s u a lly lo w in T e n n e s s e e . W it h s t r ik in g e x c e p t io n s t h a t m a y b e n o te d on th e c h a rt, T e n n e sse e and G e o r g ia a p p e a rs d if fe r e n t fr o m to b e g e n e r a lly F lo r id a w it h s im ila r to re s p e c t to th e d is t r ib u t io n o f e x tre m e r a t io v a lu e s . T h e ra n g e s o f th e r a t io s o f in t e r e s t a n d d is c o u n t o n lo a n s a s a p r o p o r t io n o f t o t a l lo a n s a n d n e t p r o fit s a s a p r o p o r t io n o f c a p it a l a c c o u n ts se e m to d is t r ib u t e th e m s e lv e s m o re e q u a lly a m o n g s t th e s t a t e s . O n ly F lo r id a h a s m o re th a n 2 5 p e r c e n t o f it s b a n k s in t h e u p p e r ra n g e o f th e r a t io o f n e t p r o fit s to t o t a l c a p it a l— 2 5 p e r c e n t b e in g th e p e rc e n ta g e t h a t w o u ld b e e x p e c te d i f t h e r e w e re n o d iffe r e n c e s b e tw e e n b a n k s c a u s e d b y th e s ta te s in w h ic h th e y a r e s it u a t e d . S in c e f o r t h is p a r t ic u la r r a t io th e s ta te s te n d to h a v e a p p r o x im a t e ly 25 p e r cen t o f t h e ir b a n k s in b o th th e u p p e r a n d lo w e r r a n g e s , i t m a y t h e r e f o r e b e c o n c lu d e d t h a t th e s t a te in w h ic h a b a n k i s lo c a te d h a s h a d li t t l e in flu e n c e u p o n th e p e rc e n ta g e o f p r o fit s o n c a p it a l. F lo r id a ’ s p e r c e n ta g e p r o b a b ly r e s u lt s fr o m th e lo w e r r a t io o f c a p it a l to a s s e t s o f F lo r id a b a n k s . U n d e r s t a n d a b ly , th e s ta te d is t r ib u t io n o f e x tre m e v a lu e s f o r n e t c u r r e n t e a r n in g s to t o t a l e a r n in g s a ls o s h o w s a s m a lle r d is c r e p a n c y fr o m th e e x p e c te d d is t r ib u t io n th a n d o a n y o f th e o th e r e a r n in g s r a t io s . A lth o u g h m a rk e d c o n c e n t r a tio n s a r e o b s e rv e d f o r th e r a t io s t h a t s h o w b r e a k d o w n s o f th e e a r n in g s a n d e p x e n s e it e m s , th e s e c o n c e n t r a t io n s te n d to b e o ffs e t t in g in th e a g g re g a tio n o f th e s e e a r n in g s a n d e x p e n s e s in t o th e n e t f ig u r e . N o s ta t e h a s m o re th a n it s e x p e c te d p e rc e n ta g e o f b a n k s w it h h ig h n e t e a r n in g s , a n d o n ly M is s is s ip p i h a s m o re th a n b a n k s w it h lo w it s e x p e c te d p e rc e n ta g e of e a r n in g s . T h is c h a r t s h o u ld s e r v e a s a r e m in d e r t h a t in in t e r p r e t in g th e h ig h n e s s o r lo w n e s s o f a g iv e n r a t io o f a n in d iv id u a l b a n k im m e d ia te r e fe r e n c e s h o u ld b e m a d e to th e p a r t ic u la r b a n k in g c ir c u m s t a n c e s e x p e r ie n c e d o r lo w n e s s o f th e r a t io by th a t bank; fo r th e h ig h n e s s o f th e b a n k c o u ld h a r d ly b e c o n s id e re d u n u s u a l i f a l l th e b a n k s o f th e s a m e s ta te w e re s im ila r ly h ig h o r lo w . ^ C o m p a r a b le d a ta o n so m e o f th e o p e r a tin g r a t io s h a v in g n o w b e e n c o m p u te d f o r t h r e e y e a r s , th e p o s s ib ilit y o f y e a r to y e a r c o m p a r is o n s w o u ld se e m to e x is t , b u t c o n s id e r a t io n s o f sp a ce p r o h ib it th e p u b lis h in g a t t h is tim e o f th e c o m p le te s e r ie s o f t h r e e y e a r s d a t a . F o r th e m o s t p a r t th e r a t io s b o th f o r t h e D is t r ic t a s a w h o le a n d f o r th e s iz e g ro u p s s e p a r a t e ly s h o w o n ly m in o r d iffe r e n c e s o v e r th e p e r io d a n d fe w i f a n y m o v e m e n ts t h a t c o u ld b e c a lle d tre n d s . In th e t a b le b e lo w so m e o f d ie m o re in t e r e s t in g d e v e lo p m e n ts a r e s h o w n . O n e m u s t b e w a r n e d , h o w e v e r , o f th e d a n g e r o f d r a w in g s tro n g c o n c lu s io n s fr o m th e in f o r m a t io n in th e t a b le , f o r in m a n y o f th e c a s e s w h e r e th e r a t io s o f a p a r t ic u la r s iz e g ro u p a p p e a r to h a v e in c r e a s e d o r d e c re a s e d o v e r th e p e r io d , i t c a n b e s h o w n t h a t th e s e m o v e m e n ts r e f le c t c h a n g e s in th e c o m p o s it io n o f th e g ro u p s r a t h e r th a n in th e r a t io s o f id e n t ic a l b a n k s . D u r in g th e y e a r s 1 9 3 8 to 1 9 4 0 th e t o t a l d e p o s its o f b a n k s in th e U n it e d S t a te s a n d in th e S ix t h D is t r ic t a s w e ll w e re C o n tin u e d o n p a g e 17 13 SIXTH DISTRICT BUSINESS INDICATORS Indexes (1923-1925 average = 100, except as noted) Adjusted Unadjusted Feb. Jan. Feb. Feb. Jan. Feb. 1941 1941 1940 1941 1941 1940 BETAIL SALES* (1935-1939Av. = 100) DISTRICT (47 Firms)..................127 122 115 110 93 83 Atlanta................................................................120 95 111 Birmingham.............................. ...........................104 90 94 Nashville................................. ............................101 88 91 New Orleans........................................................100 88 89 BETAIL STOCKS DISTRICT (21 Firms).................. 83 81 79 81 74 77 Atlanta.................................... 160 155 146 154 142 140 Birmingham............................. 76 75 78 73 67 74 Nashville................................. 60 59 59 57 51 56 67 64 67 61 64 New Orleans........................... 67 WHOLESALE SALES TOTAL..................................... ........................... 66 68 66 Groceries.............................................................56 60 54 Dry Goods............................... ............................49 49 52 127 90 Hardware............................................................ 121 Drugs..................................... ............................ 118 142 139 CONTRACTS AWABDED _ DISTRICT.............................................................99 83r 66 Residential............................... 63 53 96r • 74 Others..................................... ........................... 107 .................................. ............................62 141 56 Florida . ............................................................ 78 48 50 G t e S i:::::::::::::.::............. ........................... 75 85 93 Louisiana............................................................ 271 51 66 Mississippi........................................................... 104 184 104 Tennessee............................... ............................ 84 111 BU BUILDING PERMITS ‘ „ __ 20 CITIES.............................................................57 50 47 Atlanta.................................................................24 22 44 Birmingham.............................. ............................24 39 16 Jacksonville.............................. ........................... 112 86 60 Nashville................................. ............................ 109 12 H New Orleans.........................................................27 44 52 PIG IRON PRODUCTION* ... Alabama.................................. ........................... 143 135 118 COAL PRODUCTION* (1935-1939Av. = 100) ... ... TWO STATES........................... 134 135r 124 156 148 144 AlnbnmA 158 152 144 COTTON CONSUMPTION* THREE STATES.................................................... 238 Alabama.................................. ........................... 300 G m orai* 215 EMPLOYMENT (1932Av. *=100) SIX STATES.........................................................}46 Alabama.................................. ........................... £7 Florida ...........................12® ..... ............................ 160 qSSSfc V........................... LoubSuia.............................................................130 Mississippi........................................................... H6 Tennessee............................................................137 PAYROLLS (1932Av. — 100) SDC STATES.........................................................217 Alabama.................................. ........................... 307 Florida................................................................ 125 Georgia.................................. ............................ 240 Louisiana.............................................................164 Mississippi........................................................... 156 Tennessee............................... ............................214 28 280 188 218 42 155 120 157 129 114 134 35 139 121 149 118 111 131 214 l/o 207 186 292 241 H9 110 229 210 159 141 149 148 204 171 Jan. Dec. Jan. ELECTRIC POWER PRODUCTION* }?41 1940 1940 SDC STATES............................. ‘ 468 442r 309 Alabama.................................. ........................... 626 507 51z Florida^................................. ............................ 642 620r 631 Georgia............................................................... 273 285 219 Louisiana.............................................................650 659r 670 Mississippi............................................................ 73 93r 81 Tennessee............................................................ 359 396 269 Statistics (000 Omitted) Feb. Jan.Feb. Year to Date COMMERCIAL FAILURES 1941 1941 1940 1941 1940 Number(Actual—not 1000's) 40 40 55 80 122 Liabilities...................... .$ 331 $ 303 $ 622 J 634 5 1,106 Jan. Dec. Jan. FARM INCOME** 1941 1940 1940 SIX STATES................... 64,700 83,955 51,175 Alabama......................... 5,918 10,866 5,681 Florida.......................... 13,996 14,129 11,022 Georgia......................... 8,590 11,951 5,856 Louisiana....................... 9,201 10,092 6,635 Mississippi...................... 9,398 17,960 9,849 Tennessee...................... 17,597 18,957 12,132 *Indexes of retail sales, electric power, coal, and pig iron production, and of cotton consumption are on a daily average basis. •‘ 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, r = R e v is e d . 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 M a r c h 1 9 4 1 A V E R A G E O P E R A T IN G R A T IO S O f M E M B E R B A N K S G ro u p e d a c c o rd i $2504)00 G ro u p s -w ith a v e ra g e d e p o s its o f........................ N u m b e r o f b a n k s in e a c h g ro u p .......................... R A T IO S T O T O T A L E A R N IN G S : U p to $2504)00 13 Average Range within ol which fell middle Group 50% of the banks % In te re s t a n d d is c o u n t o n lo a n s ....................... In te re s t a n d d iv id e n d s o n s e c u r it ie s . . . . T ru s t d e p a rtm e n t e a m in g s ...................................... S e rv ic e c h a rg e s ..................................................................... A ll o th e r e a m in g s .......................................................... T o ta l e a m in g s ................................................................. S & la rie s a n d w a g e s .......................................................... In te re s t o n tim e a n d s a v in g s d e p o s its . . R e a l e s ta te ta x e s 2 ............................................................. O th e r ta x e s 2 ........................................................................... A ll o th e r e x p e n s e s .......................................................... T o ta l e x p e n s e s ................................................................ N e t c u rre n t e a r n in g s ............................................... N e t c h a rg e -o ffs , e tc ...................................................... N e t p r o fits ........................................................................... 73.4 14.6 to $500,000 54 Average Range within of which fell middle Group 50% of the banks % 6 5 .2 — 8 3 .8 4 .8 — 2 1 .1 % 72.2 15.2 ( i) 3.7 8.3 100.0 33.1 12.1 3.0 5.6 19.1 72.9 27.1 12.93 14.23 $500,000 to % 6 7 .8 — 8 0 .9 5 .1 — 1 9 .4 ( i) 2 .6 — 5 .6 2 .3 — 1 1 .6 2 5 .3 — 7 .3 — .5 — 1 .1 — 1 4 .9 — 6 2 .6 — 1 9 .1 — + 6 .6 — 2 0 .4 — 3 7 .7 1 8 .6 5 .4 7 .6 1 9 .4 8 0 .9 3 7 .4 1 5 .1 4 4 .4 3 .7 — 8 .7 3 .1 — 1 .2 — 8 .5 3 .5 - 3.4 9.2 100.0 32.5 14.9 3.2 5.1 17.9 73.6 26.4 3.5 22.9 $14)004)00 69 Average Range within ol which fell middle Group 50% of the banks % 68.0 18.7 (i) .9 — 4 .1 5 .4 — 1 2 .3 2 8 .0 — 9 .9 — .5 — 2 .2 — 1 4 .7 — 6 8 .6 — 2 1 .3 — + 1 .1 — 1 7 .2 — 3 6 .6 1 8 .2 5 .8 7 .2 2 1 .1 7 8 .7 3 1 .4 6 .5 2 7 .3 5 .1 — 9 .5 4 .2 — 1 .6 — 8 .3 4 .1 4.1 9.2 100.0 27.8 15.5 3.3 4.7 18.0 69.3 30.7 6.4 24.3 % 6 2 .8 — 7 8 .2 9 .9 — 2 6 .0 1.7— 4.7 4 .7 — 1 1 .7 2 3 .9 — 1 0 .7 — .7 — 1 .6 — 1 4 .2 — 6 4 .4 — 2 6 .5 — + .4 — 1 7 .6 — 3 1 .6 1 9 .5 5 .4 7 .3 2 1 .4 7 3 .5 3 5 .6 1 0 .6 3 4 .5 R A T IO S T O T O T A L C A P IT A L A C C O U N T S : N e t c u rre n t e a r n in g s .................................................... N e t c h a rg e -o ffs , e tc ......................................................... N e t p r o fits ....................................................... .................... C a s h d iv id e n d s d e c la re d ......................................... R e a l e s ta te a s s e t s ............................................................. R A T IO TO E A R N IN G TO TO TA L TO T IM E TO TO TO 1 2 .5 — 1 9 .3 37.0 2 9 .7 - 4 0 .4 27.5 1 9 .8 — 3 5 .2 22.3 1 6 .8 — 2 5 .8 34.25 38.2 2 1 .8 — 3 3 .3 2 1 .4 — 4 7 .2 21.1 36.0 1 4 .3 — 2 4 .0 2 7 .5 — 4 6 .9 17.2 39.0 1 2 .6 — 1 9 .5 2 9 .2 — 4 8 .1 4.3 3.2 1.1 .1 1 .0 3 2 .0 — 5 0 .5 7 .4 — 2 1 .2 2 5 .2 — 4 3 .6 3 1 .7 — 4 2 .4 3 3 .2 — 4 9 .2 1 3 .5 — 2 7 .5 2 8 .1 — 4 0 .4 1 1 .1 — 1 6 .3 1.9 1 .8 — 2 .2 1.9 1 .8 — 2 .2 1.9 1 .8 — 2 .0 8.1 2 7.7 6 .8 — 8 .4 7.2 .2 6 .5 — 7 .9 .1 — 6 .8 — .5 8 .4 .8 6.6 .1 — 5 .9 — .9 7 .4 2 .9 — 4 .1 0— 1 .0 3 .2 — 5 .0 J2 A 1.75 6.1 .1 — 5 .8 — 1 .3 8 .6 7.5 4.4 .3 1.25 .1 5.8 3 .4 — 5 .6 3.5 .5 2 .9 — 3 .6 0— 1 .0 JS 0— .7 3 .4 — 6 .8 2 .7 — 4 .4 S E C U R IT IE S : In te re s t a n d d iv id e n d s o n s e c u r it ie s . . . . R e c o v e rie s o n s e c u r it ie s ............................................ P ro fits o n s e c u ritie s s o ld ................................ ........... L o s s e s o n s e c u r it ie s ....................................................... N e t re tu rn o n s e c u r it ie s ...................................... R A T IO 3 3 .3 — 5 1 .3 9 .2 — 2 2 .0 1 6 .8 — 2 4 .9 41.8 17.7 3.4 36.9 .2 100.0 16.9 4.3 3.0 1.3 .3 1.0 41.3 21.5 34) 33.9 .3 100.0 14.4 4.7 3.4 1.3 .73 .63 43.6 16.7 4.8 34.8 .1 100.0 23.9 LO A N S: In te re s t a n d d is c o u n t o n lo a n s ....................... R e c o v e rie s o n lo a n s ....................................................... L o s s e s o n lo a n s ................................................................... N e t re tu rn o n lo a n s ................................................. R A T IO S 5 .3 — 1 0 .2 2 .6 — 5 .1 D E P O S IT S : In te re s t o n tim e a n d s a v in g s d e p o s its . . R A T IO S 7 .8 — 1 2 .2 D E P O S IT S : T o ta l c a p ita l a c c o u n ts ................................................. T im e d e p o s its ........................................................................ R A T IO 104) 2L5 7.5 4.2 22.8 A S S E T S :4 T o ta l c a p ita l a c c o u n ts ................................................. R A T IO S 7.3 1.1 6.2 3.0 22.8 TO TA L A S S ET S : T o ta l e a r n in g s ........................................................................ T o ta l e x p e n s e s ..................................................................... N e t c u rre n t e a rn in g s ................................................. N e t c h a rg e -o ffs , e tc ......................................................... N e t p r o fits ........................................................................... L o a n s ............................................................................................. S e c u ritie s ................................................................................. R e a l e s ta te a s s e t s ............................................................. C a s h a s s e t s .............................................................................. A ll o th e r a s s e t s ................................................................... T o ta l a s s e t s ........................................................................ T o ta l c a p ita l a c c o u n ts ................................................. I oo *■ ^3 R A T IO S T O 6.3 2.73 3.63 2.5 18.6 TO TA L D EC EM BER LO A N S: D e c e m b e r in s ta llm e n t lo a n s (s c h e d u le A - l) F o r f o o f n o t e s s e e p a g e 17. .2 4.3 3.5 .1 1.0 .4 4.2 8.7 6.4 9.6 . 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 M a r c h 1 9 4 1 IN T H E S IX T H F E D E R A L R E S E R V E D IS T R IC T IN 15 1 9 4 0 to s iz e o f D e p o s its 54 66 Average Range within which fell middle of 50% of the Group banks % 60.6 24.1 % 4 5 .1 — 7 7 .4 9 .7 — 3 3 .1 (!) 5.8 9 .5 100.0 30 .4 16.3 3 .7 4 .7 17.4 72 .5 27.5 2 .8 2 4 .7 8 .5 1.0 7 .5 3 .7 24 .4 $5,00 0 ,00 0 to $10,000,000 $ 2,0 00 ,0 00 to $5,00 0 ,00 0 $1 ,000 ,000 to $2,000 ,000 2 .6 — 7 .7 4 . 4 — 1 2 .1 2 5 .2 — 1 0 .8 — .9 — 1 .7 — 1 3 .6 — 6 5 .4 — 2 1 .4 — + 2 .6 — 1 9 .5 — 3 4 .0 2 1 .4 4 .9 6 .2 2 0 .3 7 8 .5 3 5 .6 6 .6 3 3 .2 6 .1 — 1 1 .4 5 .3 — 2 .4 — 9 .8 4 .6 Average Range within oi which fell middle Group 50% of the banks % 58.2 24.2 (i) 6 .2 11.4 100.0 30 .4 14.6 3 .6 3.8 19.8 72 .2 27 .8 3 .4 24 .4 8 .9 1.2 7 .7 3 .3 30.4 % 5 1 .1 — 6 7 .8 1 4 .6 — 3 1 .8 3 .6 — 8 .0 6 .3 — 1 1 .6 2 8 .1 — 1 0 .2 — 1 .3 — 1 .7 — 1 5 .9 — 6 7 .2 — 2 2 .8 — + 1 .4 — 1 9 .5 — 3 4 .0 1 8 .4 4 .3 2 .5 2 3 .5 7 7 .2 3 2 .9 5 .5 3 1 .6 6 .6 — 1 0 .8 6 .0 — 1 0 .4 2 .6 — 3 .8 3.5 2.5 1.0 3 .7 2.6 1.1 .1 1.0 34.9 25.0 2 .9 36.8 .4 100.0 12.8 2 0 .1 — 4 9 .0 1 1 .8 — 3 5 .9 1 0 .2 — 1 5 .2 .8 33.5 2 4 .6 3 .2 38.4 .3 100.0 11.4 20.7 1 6 .2 — 2 3 .5 15.0 37 .6 1 1 .3 — 1 7 .9 2 9 .8 — 4 6 : 6 % 54.8 2 1 .7 2.71 7 .6 13.2 100.0 30.6 12.2 3.1 4.1 21 .8 71.8 28 .2 2 .7 2 5 .5 9 .2 .9 8 .3 2 .7 31.2 O ver $10,000,000 23 R a n g e w ith in w h ic h fe ll m id d le 50% o f t h e banks % 4 8 .7 — 6 1 .0 1 2 .6 — 3 2 .8 0 — 4 .2 4 .6 — 7 .7 8 .6 — 1 6 .9 2 7 .1 — 6 .3 — 1 .3 — 1 .8 — 1 8 .0 — 6 6 .0 — 2 2 .9 — + 3 .7 — 2 2 .4 — 3 1 .9 1 7 .4 4 .6 4 .9 2 4 .8 7 7 .1 3 4 .0 6 .4 3 1 .5 7 .0 — 1 1 .8 2 . 0 — 3.1 9.4 .0 9 .4 3.4 33.9 35 R a n g e w ith in w h ic h fe ll m id d le 50% o f t h e banks % 3 7 .9 — 5 1 .5 2 1 .4 — 3 9 .6 2 .8 — 5 .3 4 .2 — 5 .2 7 .4 — 1 7 .7 2 5 .4 — 6 .0 — .9 — 2 .1 — 1 9 .1 — 6 3 .4 — 2 6 .3 — + 6 .8 — 2 5 .4 — 3 0 .8 1 2 .8 4 .2 9 .4 2 4 .9 7 3 .7 3 6 .6 8 .9 3 5 .3 6 .9 — 1 1 .3 7 . 5 — 1 2 .1 2 .2 — 3 .7 314 Average of Group % 62.3 21.6 (! ) 5.1 11.0 100.0 30.1 14.4 3 .4 4 .7 19.0 71 .6 28 .4 3 .7 2 4 .7 8 .7 1.3 7.4 3.4 26.1 2 1 .4 — 3 2 .1 2 3 .2 — 3 6 .6 8 . 2 — 1 1 .1 2.6 1.8 .8 + .0 .8 26.8 29.6 3.0 40 .0 .6 100.0 8 .7 9 .9 3.8 2.7 1.1 .2 .9 36 .5 23.0 3.2 37 .0 .3 100.0 13.4 17.5 1 5 .2 — 1 9 .1 14.7 1 2 .3 — 1 6 .0 21.6 11.4 29 .2 8 .9 — 1 2 .5 1 9 .6 — 3 8 .2 9 .6 20.9 8 .0 — 1 1 .0 1 3 .2 — 2 6 .2 16.1 34 .6 9 .1 — 1 2 .8 18.7 1 5 .9 — 2 1 .7 13.0 34.1 1 0 .1 — 1 4 .7 2 8 .0 — 4 0 .6 3 2 -9 — 4 3 .7 % 45.9 30.8 5.01 5.1 13.2 100.0 28.7 9.6 3.0 6.0 22.7 70.0 30.0 + 1.6 31.6 — 2 4 .8 — 4 0 .9 1 6 .5 — 3 0 .6 2 4 .7 — 4 1 .2 1 4 .9 — 3 2 .2 Average of Group 7 . 4 — 1 1 .1 3 .2 2 .3 .9 .1 .8 32.0 23.1 3.3 4 1 .3 .3 100.0 10.1 2 2 8 .3 — 4 4 .8 Average of Group A ll D is tric t M em ber Banks 3 6 .3 — 4 5 .2 3 5 .9 — 4 3 .0 7 .3 — 1.7 1 .4 — 2 .0 1.6 1 .4 — 1 .9 1.3 1 .2 — 1 .7 1.2 1 .0 — 1 .5 1.7 6 .5 .2 .5 6 .2 5 .9 — 7 .1 5 .8 — 6 .6 5 .9 4 .8 6 .6 .1 — 5 .6 — .5 6 .5 4.4 .3 .5 4.2 4 .0 — .6 6 .9 5 .6 .2 .4 5 .4 5 .1 — .1 — 5 .4 — 6 .2 .3 .4 6.1 .1 — 3 .9 — .6 4 .5 .6 6 .2 2 .9 — 3 .9 2 .9 — 3 .6 2 .3 — 3 .0 .1 — 1 .2 .3 — 1 .2 .6 — 1 .4 3 .1 — 4 .8 2 .9 — 4 .5 2 .6 — 3 .9 3.3 .3 .9 .5 4 .0 3.5 .2 1.0 .5 4 .2 8 .5 3.3 .2 .9 .7 3 .7 9.0 2.8 .2 1.0 .8 3.2 7 .7 .1 — .3 5 4 .8 — 5 .8 2 .4 — 3 .2 .5 — 1 .3 2 .7 — 3 .8 2.6 .5 1.1 .8 3 .4 6.5 J2 8 .2 16 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 t a n k o f A t l a n t a f o r M a r c h t H ! INDUSTRIAL PRODUCTION rQWTO M TOW. MMX 160 140 k ) In d u s tria l a c tiv ity an d em p lo ym en t in cre a se d fu rth e r in F e b ru a ry an d th e fir s t h a lf o f M a rc h . B u y in g b y p ro d u ce rs an d co n su m e rs co n tin u e d in la rg e vo lu m e an d w h o le sa le co m m o d ity p ric e s , p a rtic u la rly o f im p o rts, a d van ce d . P r o d u c tio n MANURMTURES ^ HjuSulftC umES \ M1NERAL8 V- — -------" 1935 1936 1937 1938 1939 1940 1941 Federal Beserve index of physical volume of production, adjusted ior seasonal variation, 1935*1939 average = 100. Subgroups, shown are expressed in terms of points ia the total inde*. By months. January 1935 to February 1941. WHOLESALE p r ic es o f b a sic co m m o dities ISO FOODSTUFFS r ^ y 'V r p aV V - e 193V 1936 1937 160 140 ..... -v v - -z/y INDUSTRIAL MATERIALS V 1938 6— -\lv 120 100 80 1939 Prepared by the Board of Governors of the Federal Reserve System 1940 1941 Bureau of Labor Statistics' index based on 12 foodstuffs and 16 industrial materials. August 1939= 100. Thursday figures. January 3. 1935 to March 13. 1941. MEMBER BANKS IN 101 LEADING CITIES In F e b ru a ry vo lu m e o f in d u s tria l o u tp u t, on a d a ily ave rag e b a s is , ro se m o re th a n se a s o n a lly , an d th e B o a rd ’ s a d ju ste d in d e x ad van ce d fro m 139 to 141 p e r ce n t o f th e 193539 a ve rag e . In c re a se s in F e b ru a ry , as in o th e r re c e n t m o n th s, w e re la rg e s t in th e d u ra b le goods in d u strie s w h e re a la rg e p ro p o rtio n o f d e fe n se p ro g ram o rd e rs h ave b een p la c e d . A c tiv ity co n tin u e d to ris e s h a rp ly a t m a ch in e ry p la n ts , a irc ra ft fa c to rie s , s h ip y a rd s , an d in th e ra ilro a d eq u ip m e n t in d u s trie s . S te e l p ro d u ctio n flu c tu a te d aro u n d % p e r c e n t o f c a p a c ity in Ja n u a ry an d F e b ru a ry an d ro se to 9 9 p e r c e n t in th e firs t h a lf o f M a rc h . N e w o rd e rs fo r ste e l co n tin u e d la rg e a n d , d e sp ite th e h ig h ra te o f o u tp u t, u n fille d o rd e rs in cre a se d fu rth e r. M a n y o rd e rs h ave been p la ce d fo r d e liv e ry in th e seco n d h a lf o f th is y e a r, re fle c t in g th e p ro sp e ct o f h e avy co n su m p tio n an d som e u n c e rta in ty on th e p a rt o f ste e l u se rs re g a rd in g fu tu re a v a ila b ility o f s u p p lie s. O u tp u t o f p ig iro n , co k e , an d n o n fe rro u s m e ta ls w as lik e w is e a t n e a r c a p a c ity ra te s in F e b ru a ry an d u n fille d o rd e rs fo r th e se p ro d u c ts, to o , w e re a t e x c e p tio n a lly h ig h le v e ls . D em an d fo r lu m b e r co n tin u e d la rg e o w in g to a h ig h ra te o f co n stru ctio n a c tiv ity an d o u tp u t w a s su sta in e d in la rg e vo lu m e fo r tin s tim e o f y e a r. A u to m o b ile p ro d u ctio n in c re a se d in F e b ru a ry an d th e firs t h a lf o f M a rc h to ab o ut th e p e a k ra te a tta in e d la s t N o vem b er. R e ta il sa le s o f n ew an d u sed c a rs ad van ced to u n u s u a lly h ig h le v e ls . In in d u s trie s m a n u fa c tu rin g n o n d u ra b le g oods, a c tiv ity co n tin u e d a t th e re co rd le v e ls re ach e d in th e la tte r p a rt o f 1940. T h e re w e re fu rth e r in c re a se s in th e co tto n t e x tile , ru b b e r, an d c h e m ic a l in d u strie s an d a c tiv ity a t w o o len m ills a lso in c re a s e d , fo llo w in g a tem p o ra ry re d u c tio n in Ja n u a ry . In m ost o th e r lin e s a c tiv ity w a s m a in ta in e d a t d ie h ig h le v e ls o f o th e r re c e n t m o n th s. C o a l p ro d u ctio n ro se le s s th a n se a so n a lly in F e b ru a ry b u t in c re a se d c o n sid e ra b ly in th e firs t h a lf o f M a rc h w h e n , a c co rd in g to tra d e re p o rts, th e re w a s som e in v e n to ry accu m u la tio n in a n tic ip a tio n o f a p o ssib le sh u td o w n on A p r il 1 a t th e e x p ira tio n o f th e p re se n t c o n tra c t betw een th e m in e o p e rato rs an d th e m in e rs’ u n io n . C o p p e r an d z in c p ro d u ctio n in c re a se d in F e b ru a ry an d re c e n tly d o m e stic su p p lie s o f co p p e r h ave beg un to b e su p p lem ented b y im p o rts fro m So u th A m e ric a . O u tp u t o f c ru d e p e tro le u m co n tin u e d a t ab o ut th e ra te th a t h ad p re v a ile d d u rin g d ie th re e p re ce d in g m o n th s. V a lu e o f co n stru ctio n c o n tra c t a w a rd s in F e b ru a ry d e c lin e d so m ew h at m ore th a n sea s o n a lly , re fle c tin g d e cre ase s in bo th p u b lic an d p riv a te w o rk , a cco rd in g to re p o rts o f the F . W . D od ge C o rp o ra tio n . A w a rd s fo r p u b lic c o n stru c tio n , alth o u g h s h a rp ly re d u ce d fro m th e h ig h le v e ls re a ch e d in th e la tte r h a lf o f 19 4 0 , w e re so m ew h at ab ove th o se o f a y e a r ag o , an d a w a rd s fo r p riv a te c o n stru c tio n w e re , n e a rly h a lf a g a in a s la rg e a s in F e b ru a ry o f la s t y e a r. D is tr ib u tio n I93S * 1936 1937 1938 1939 1940 1941 Wednesday figures, January 3, 1935 to March 12, 1941. Commercial loans, which include industrial and agricul tural loans, represent prior to May 19, 1937 so-called “Other Loans" as then reported. MONEY RATES IN NEW YORK CITY D is trib u tio n o f co m m o d itie s to co n su m e rs in cre a se d m ore th a n se a so n a lly fro m Ja n u a ry to F e b ru a ry . S a le s a t v a rie ty sto re s an d b y m a il-o rd e r h o u se s w e re th e la rg e s t o n re c o rd , m a k in g a llo w a n ce fo r u su a l se a so n a l ch a n g e s, an d d e p artm e n t sto re sa le s w e re a lso a t a h ig h le v e l. F re ig h t-c a r lo a d in g s in c re a se d b y ab o u t th e u su a l se a so n a l am o u n t. S h ip m e n ts o f m is ce lla n e o u s fre ig h t, c o n sistin g m o stly o f m a n u fa ctu re d p ro d u cts, sh ow ed an in c re a se w h ile lo a d in g s o f fo re st p ro d u cts ro se le s s th a n se a so n a lly an d g ra in sh ip m e n ts d e clin e d . W h o le s a le C o m m o d ity P r ic e s P ric e s o f a n u m b e r o f b a sic im p o rts ro se s h a rp ly fro m th e e a rly p a rt o f F e b ru a ry to th e m id d le o f M a rc h . C o tto n y a m s an d g ra y goods an d n o n fe rro u s m e ta l sc ra p show ed fu rth e r in c re a se s in th is p e rio d an d th e re w e re a lso ad van ce s in p ric e s o f som e o th e r do m e stic co m m o d itie s, in c lu d in g le a d , w h e a t, co tto n , an d o ils an d fa ts . TR 1U& B a n k TREASURY NOTES | P. .»-•» Ml V A v V u TREASmr bills 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 h S... 1996 1936 1937 C r e d it C o m m e rcia l lo a n s co n tin u e d to in c re a s e a t m em b er b a n k s in 101 le a d in g c itie s in F e b ru a ry an d th e firs t h a lf o f M a rch an d th e se b a n k s a lso p u rch ase d a d d itio n a l T re a s u ry n o tes an d b ills issu e d in co n n e ctio n w ith th e d e fe n se p ro g ram . A s a re s u lt o f th e in c re a s e in lo a n s an d in ve stm e n ts, b a n k d e p o sits show ed a fu rth e r m a rk e d ad van ce . 1938 1939 1940 1941 Weekly averages of daily yields of 3- to 5-year tax-ex empt Treasury notes. Treasury bonds, and average dis count on new issues of Treasury bills offered within the week. For weeks ending January 5, 1935 to March 15, 1941. P ric e s o f G o ve rn m e n t se c u ritie s in c re a se d a fte r F e b ru a ry 1 5 , fo llo w in g a sh a rp d e c lin e in th e p re ce d in g te n w e e k s. T h e 1960-65 bo nd s on M a rc h 15 w e re ab o u t 3 % p o in ts above th e ir p ric e on F e b ru a ry 15 an d ab o u t 1 % p o in ts b e lo w th e a ll-tim e p e a k o f D e ce m b e r 10. T h e y ie ld on th is is s u e , w h ic h in cre a se d fro m 2 .0 3 p e r ce n t a t th e p e a k in p ric e s on D e ce m b er 10 to 2 .3 0 p e r c e n t on F e b ru a ry 1 5 , h ad d e clin e d to 2 .1 4 p e r c e n t on M a rc h 1 5. M o n t h ly 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 lt r t t a f o r M a rc h 1 H 1 LO A N R A TIO S 1938-1940 Sise group........ Number of banksis group : Interest and dis count on loans to total earnings: Interest and dis count on loans to total loans: 1938 1939 1M0 1938 1939 1940 1938 1988 1940 $1,000,000 $230400 $500400 to to to SI.000,000 $500400 $2400400 Aver Aver Aver age of age of age of Aver largest Aver largest Aver largest age sample age sample age sample as common as common as common pub to three pub to three pub to three lished years lished years lished years 70 50 71 51 63 42 64 50 74 51 57 42 69 50 66 51 54 42 83.4 62.2 57.1 57.0 68.6 71.9 64.3 65.4 58.3 73.3 57.9 70.8 68.0 60.6 88.8 80.2 72.2 73.9 7.1 6.8 6.2 8.3 7.5 7.3 7.2 6.3 7.2 6.3 7.4 7.5 8.9 6.5 7.2 6.4 7.7 7.7 Under 8504)80 Aver age of Aver largest age sample as common pub to three lished years 13 23 17 13 13 13 69.7 68.8 71.6 71.3 73.4 73,4 8.3 8.1 8.1 8.1 8.1 8.1 O p e r a tin g R o t h s o f S i x t h d is t r ic t M e m b e r B a n k s r a t io s in $2400.000 $5400.000 Over to to $5400.000 $10400400 $10400400 Aver Aver Aver age of age of age of Aver largest Aver largest Aver largest age sample age sample age sample as common as common as common pub to three pub to three pub to three lished years lished years lished years 46 17 12 28 28 38 52 19 36 12 30 28 54 36 23 12 35 2* 53.9 54.8 47.1 52.3 42.1 42.1 54.9 554 50.8 52.1 43.4 43.2 58.2 57.0 54.8 53.3 45.9 454 5.5 6.0 8.0 5.4 4.3 4.3 6.0 5.3 4.4 8.1 5.4 4.3 4.4 6.2 5.4 4.3 6.2 5.6 th e f ir s t c a s e a n d w it h h ig h e r r a t io s in AH District -2ss!£l Aver age as pub lished 318 313 314 59.1 60.3 62.3 6.5 6.5 6.6 th e s e c o n d . T h a t t h e re h a s b e e n le s s c h a n g e in th e c o n d it io n s o f in d iv id u a l fo r 1 9 4 0 b a n k s th a n o n e w o u ld b e a p t to c o n c lu d e f r o m C o n tin u e d fr o m p a g e 13 d ie t a b le is in d ic a t e d f ir s t b y th e s m a lle r tr e n d s s h o w n f o r t h e e n t ir e D is c o n t in u o u s ly in c r e a s in g , a n d t h is in c r e a s e w a s v e r y g e n e r a lly t r ic t , a n d b y th e s m a lle r t re n d s s h o w n in th e a v e r a g e s c o m s p re a d p u te d f o r b a n k s c o m m o n to th e p a r t ic u la r s iz e g ro u p s f o r h ave th ro u g h o u t th e b a n k in g s y s te m . M o s t b a n k s , t h a t is , been te n d in g to g ro w la r g e r , a n d h a v e been te n d in g , a ll th re e y e a rs . t h e r e fo r e , to le a v e t h e ir o r ig in a l s iz e g r o u p , a n d to m o v e in t o ^ In th e n e x t la r g e r g r o u p . T h e e ffe c t o f t h is r a t io s f o r e a c h b a n k a r e f ir s t s e p a r a t e ly c a lc u la t e d . F o r e a c h g ro w th is c le a r ly a p p a r e n t in th e t a b u la t io n o f th e n u m b e rs o f b a n k s in each c o m p u tin g th e a v e r a g e o p e ra tin g bank th e it e m s o f in c o m e a n d r a t io s , th e in d iv id u a l e xp e n se a r e d e te rm in e d by s iz e g ro u p d u r in g t h e t h r e e y e a r s , th e n u m b e rs in th e s m a ll a d d in g to g e th e r th o s e it e m s a s re p o rte d to t h is B a n k in g ro u p s c o n s is t e n t ly d e c lin in g a n d th e n u m b e rs in th e la r g e tw o h a lf - y e a r ly s ta te m e n ts o f e a r n in g s m a d e b y e a c h m e m b e r g ro u p s c o n s is t e n t ly in c r e a s in g . I f th e th e c o m p le te s e r ie s w e re b a n k , a n d th e a s s e t a n d li a b il it y it e m s p r e v a ilin g d u r in g th e h e re r e p r in t e d i t w o u ld b e n o tic e d in th e t a b u la t io n t h a t th o s e y e a r a r e e s tim a te d b y a v e r a g in g th e v a lu e s o f th e s e ijte m s a s r a t io s t h a t te n d to in c r e a s e f r o m th e s m a ll to th e la r g e s iz e re p o rte d in th e t h r e e c o n d it io n s ta te m e n ts c a lle d g ro u p s in a n y o n e y e a r a p p e a r a ls o to b e d e c lin in g in e a c h th e y e a r . F r o m s iz e g ro u p d u r in g th e p a s t t h re e y e a r s . C o n v e r s e ly , th o s e r a t io s each t h a t te n d to d e c re a s e f r o m d iv id e d th e s m a ll to th e la r g e s iz e g ro u p s bank a re c o m p u te d . The in d iv id u a l banks a re th e n in t o s e v e n s iz e g r o u p s , t o t a l d e p o s its b e in g u s e d a s a p p e a r a ls o to b e in c r e a s in g d u r in g th e p a s t t h r e e y e a r s . B u t th e m e a s u re o f s iz e , a n d th e p u b lis h e d a s u b s t a n t ia l p a r t o f th e s e a p p a r e n t t r e n d s is th e d ir e c t r e s u lt g ro u p o f t h e m o v e m e n t in t o d ie la r g e r g ro u p s o f b a n k s w it h lo w e r f o r d u r in g th e s e tw o s e ts o f d a ta th e o p e r a t in g r a t io s o f a re c o m p u te d b y a v e r a g in g r a t io s f o r e a c h s iz e th e r a t io s f o r th e b a n k s in th e s iz e g r o u p . T h is p r o c e s s h a s n o w b e e n fo llo w e d in t h is and m o s t o f th e o th e r F e d e r a l R e s e r v e D is t r ic t s fo r th re e y e a rs . F o o ta o tM to T a b la o f O p e ra tin g R a tio s 1. Trust department earnings for those few banks in the smaller groups having trust departments were included with "all other earnings,' since an average ratio of trust department earnings to total earnings would mean little when derived by dividing the trust earnings of a few banks by all the banks in the group. The difference between the ratios shown ior the two largest groups is not itself significant since a far larger pro portion of the in the largest group had trust departments than those in the next smaller group. The ratios of trust department earnings to total earnings for those banks having trust departments were, by groups, as follows : Number % of Banks 3.4 14 $1,000,000 to $ 2,000,000 .................. 12,000,000 to <5,000,000 .................. 1.6 29 $5,000,000 to $10,000,000 .................. 3.9 15 Over $10,000,000 ............................. 5.1 34 2. The significance of the distinction between real estate and other taxes must be carefully interpreted since state laws of real estate taxation are particularly varied, 3. All the ratios of group 1 banks containing net charge-offs or net profits are unreliable. Okie of the banks of this group charged off over 200 per cent of its earnings during the year, which, with only 13 banks in the group, is responsible for making the ratios of net charge-offs some 15 per cent higher and of net profits some 15 per cent lower than would other wise have been the case. 4. Earning assets are defined here as the total of loans, securities, and real estate assets. 5. In these cases a few ratios unusually high or unusually low have caused the average to lie outside of the middle 50 per cent group. The fact that this can occur is strong evidence of the usefulness of the ranges, for in any such case an arithmetic average is not representative of tne typical banks in the group. It will be noticed that the average ratio of losses on loans to loans lies consistently beyond or near the upper limit of the range, indicating that for all groups the arithmetic average of this ratio is raised.by the non-typieal losses of a few banks. T h e f a c t t h a t th e a v e r a g e v o lu m e o f a b a n k ’ s a s s e t s a n d lia b ilit ie s t h ro u g h o u t th e y e a r m u s t o f n e c e s s it y fr o m e s tim a te d th e a m o u n ts o f th o s e it e m s re p o rte d a s o f t h re e o r f o u r d a te s d u r in g th e y e a r , in t r o d u c e s th e p o s s ib ilit y o f s o m e u n r e lia b ilit y in t o th e d a t a . T h e v o lu m e o f o u ts ta n d in g lo a n s p o s s e s s e d b y b a n k s in s o h e a v ily a g r ic u lt u r a l a r e g io n a s th e S ix t h D is t r ic t v a r ie s c o n s id e r a b ly th ro u g h o u t th e y e a r , a n d a s y s te m of q u a r t e r ly r e p o r t s , p a r t ic u la r ly w hen e it h e r th e s p r in g o r f a l l r e p o r t is f r e q u e n t ly o m itt e d , is n o t c a p a b le o f y ie ld in g s u ff ic ie n t ly a c c u r a t e r a t io s o f “ lo a n s to t o t a l a s s e ts ” o r o f “ in t e r e s t a n d d is c o u n t o n lo a n s to lo a n s ” to m a k e s ig n if ic a n t th e s m a ll d iffe r e n c e s t h a t a p p e a r f r o m y e a r to y e a r . A s s e t a n d li a b il it y fig u r e s a r e a ls o s u b je c t to d if fic u lt ie s o f in t e r p r e t a t io n f o r th e re a s o n t h a t t h e y in v o lv e a r b it r a r y a n d s o m e tim e s p a r t ia lly d is s im ila r c o u n t in g p r a c t ic e c o n s is t s in w h ic h s e c u r it ie s , b a n k in g m e th o d s o f v a lu a t io n . A c a s e r ie s o f w o r k in g r u le s w it h h o u s e , a n d so m e o th e r a s s e ts a r e v a lu e d . E v e n i f th e c o n c e p t o f s o u n d b a n k in g d id n o t e n c o u r a g e th e w r it in g d o w n o f a s s e t s , t h e r e w o u ld b e li t t l e re a s o n to b e lie v e t h a t th e f ig u r e s a r e r e p o rte d o n a b a s is s o n e a r ly id e n t ic a l a s to g iv e s ig n if ic a n c e to v e r y s m a ll d iffe r e n c e s b e tw e e n D is t r ic t s , b e tw e e n s iz e g r o u p s , o r fr o m c o n t a in in g s e c u r it ie s o r r e a l e s ta te . y e a r to y e a r , in r a t io s E H ___ R V M o n t h l y R e v ie w 18 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 la n t a f o r M a r c h 1 9 4 1 d i s t r i c t S u m m a ry o f B u s in e s s C o n d itio n s In F e b r u a r y t h e re w e re f u r t h e r g a in s in t r a d e a n d in d u s t r ia l g r e a te r th a n a y e a r a g o . A lt h o u g h t h e re w a s a d e c lin e o f 5 p e r c e n t in n u m b e r o f b a le s o f c o tto n c o n s u m e d b y m ills th e a c t u a l in A la b a m a , a c t iv it y in th e 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 c r e a s e d G e o r g ia , a n d T e n n e s s e e in m o re a s c o m p a re d w it h th e lo n g e r m o n th o f J a n u a r y , th e d a ily r a t e th a n d e c lin e d th e y s lig h t ly u s u a lly in c r e a s e d . A d v a n c e s in in c r e a s e s in c o a l, in do le s s th a n in F e b ru a ry , u s u a l, and w h o le s a le s a le s in s u r a n c e s a le s lif e in d u s t r ia l a c t iv it y a re in d ic a t e d by c o tto n c o n s u m p tio n , p r o d u c tio n o f p ig ir o n a n d c o n s t r u c t io n c o n t r a c t s a w a r d e d , a n d in b u ild in g p e r m it s . B u s in e s s f a ilu r e s , in p o in t o f li a b il it i e s , w e re s o m e w h a t la r g e r in F e b r u a r y th a n in J a n u a r y , b u t w e re 4 7 p e r c e n t le s s th a n t h e y w e re a y e a r a g o . In in c r e a s e d f u r t h e r b y 3 p e r c e n t to a n e w h ig h D is t r ic t , a n d w a s 2 7 p e r c e n t g r e a t e r th a n in y e a r. In n e s s d a y s a n d s h o r t e r th a n F e b r u a r y la s t y e a r b y o n e , d e p a r t m e n t s t o r e s a le s in c r e a s e d s u b s t a n t ia lly o v e r J a n u a r y a n d w e re le v e l f o r th e F e b r u a r y la s t th e c u r r e n t s e a s o n , A u g u s t t h ro u g h F e b r u a r y , c o n s u m p tio n h a s b e e n 1 1 p e r c e n t g r e a t e r th a n in t h a t p a r t o f th e p r e v io u s s e a s o n . F e b r u a r y c o n s u m p tio n in th e c o u n t r y g a in e d 6 p e r c e n t o v e r J a n u a r y a n d w a s u p 2 4 p e r c e n t fro m ru a ry F e b ru - la s t y e a r . T h e ra te F e b r u a r y , w h ic h w a s s h o r t e r th a n J a n u a r y b y tw o b u s i th e 2 4 b u s in e s s d a y s o f F e b r u a r y o f p ig ir o n p r o d u c tio n in A la b a m a in c r e a s e d 6 p e r c e n t in F e b r u a r y to a n e w h ig h le v e l t h a t w a s 2 2 p e r c e n t a b o v e t h a t o f F e b r u a r y la s t y e a r . F o r th e c o u n t r y , F e b r u a r y o u tp u t d e c lin e d b y a f r a c t io n o f 1 p e r c e n t f r o m Ja n u a ry b u t 1 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 . T h e a d v a n c e o v e r J a n w a s 3 1 p e r c e n t g r e a t e r th a n a y e a r a g o . S t e e l m il l a c t iv it y in u a r y w a s 4 p e r c e n t la r g e r th a n m ig h t h a v e b e e n e x p e c te d o n th e th e b a s is c e n t o f c a p a c it y , a s a g a in s t a n a v e r a g e o f 8 0 .8 p e r c e n t f o r o f p a s t s e a s o n a l p e r fo r m a n c e , a n d th e in d e x fo r F e b r u a r y , b o th u n a d ju s te d a n d a d ju s t e d , w a s a t th e h ig h e s t le v e l e v e r re c o r d e d f o r F e b r u a r y . T h e a d ju s te d in d e x , a t 1 2 7 p e r c e n t o f th e 1 9 3 5 - 1 9 3 9 a v e r a g e , w a s o n ly tw o p o in t s b e lo w B irm in g h a m - G a d s d e n a r e a h a s r e c e n t ly been at 95 per M a r c h la s t y e a r , w h ile f o r th e c o u n t r y a s a w h o le th e r a t e h a s r e c e n t ly r is e n to a r e c o r d 9 9 .5 p e r c e n t , c o m p a re d w it h 6 3 .1 fo r M a rc h 1 9 4 0 . th e 1 2 9 re a c h e d in N o v e m b e r a n d D e c e m b e r, w h ic h w a s th e F e b ru a ry o u tp u t o f c o a l in A la b a m a and T e n n e s s e e in h ig h e s t f o r a n y m o n th in m o re th a n tw e n ty y e a r s . T h e B o a r d ’ s c re a s e d f u r t h e r b y 5 p e r c e n t , a g a in s t a g a in o f 2 p e r c e n t f o r p r e lim in a r y a d ju s t e d in d e x th e c o u n t r y , a n d D is t r ic t o u tp u t w a s 8 p e r c e n t g r e a t e r th a n f o r th e c o u n t r y a s a w h o le a d v a n c e d 1 p e r c e n t in F e b r u a r y , a n d w a s 1 3 p e r c e n t a b o v e t h a t fo r F e b ru a ry la s t y e a r . W h o le s a le t r a d e in a ye ar ag o. th e D is t r ic t d e E le c t r ic p o w e r p r o d u c t io n in t h e s i x s ta te s o f th e D is t r ic t c lin e d 3 p e r c e n t in F e b r u a r y , a d ro p s lig h t ly le s s th a n u s u a lly in c r e a s e d 6 p e r c e n t in J a n u a r y ( la t e s t a v a ila b le f ig u r e s ) to a o c c u r s , a n d w a s 1 6 p e r c e n t g r e a t e r th a n a y e a r a g o , a n d li f e n e w h ig h le v e l. in s u r a n c e s a le s in c r e a s e d 4 p e r c e n t o v e r J a n u a r y a n d w e re u p 1 1 p e r c e n t fro m B e c a u s e o f la r g e in c r e a s e s in C a sh fa rm in c o m e w a s s e a s o n a lly lo w e r in w a s 2 6 p e r c e n t la r g e r th a n in F e b r u a r y la s t y e a r . F lo r id a and L o u is ia n a , th e D is t r ic t t o t a l o f c o n s t r u c t io n c o n t r a c t s a w a rd e d in F e b ru a ry Ja n u a ry , b u t J a n u a r y 1 9 4 0 . In c o m e fr o m m a r k e t in g s o f c r o p s a n d liv e s t o c k w e re u p 3 1 p e r c e n t, b u t G o v e rn m e n t b e n e fit p a y m e n ts w e re 6 p e r c e n t le s s . T h e in in c r e a s e d 2 0 p e r c e n t o v e r J a n u a r y , a n d r e s id e n t ia l c o n tr a c ts c re a s e o f 2 6 p e r c e n t f o r th e s i x s ta te s o f t h is D is t r ic t o v e r w e re 3 9 p e r c e n t la r g e r . B o th th e t o t a l a n d r e s id e n t ia l f ig u r e s J a n u a r y 1 9 4 0 c o m p a re s w it h a r is e o f o n ly 2 p e r c e n t f o r th e in c lu d e a n u m b e r o f p r o je c t s c o n n e c te d w it h th e n a t io n a l d e c o u n t r y a s a w h o le . T h e D is t r ic t t o t a l f o r J a n u a r y i s so m e fe n s e p r o g r a m . T h e w h a t le s s th a n i t w a s f o r t h a t m o n th o f 1 9 3 7 a n d 1 9 3 8 , b u t D is t r ic t t o t a l f o r F e b r u a r y w a s 5 1 per c e n t g r e a te r th a n in F e b r u a r y la s t y e a r , a n d r e s id e n t ia l a w a rd s w e re R e c o n n a is s a n c e PEB CENT DECREASE V PER CENT INCREASE R e t a il ] W h o l e s a i| || up 66 m ent g a in M a rc h of c e n t 20 in per to ta l of fa rm e rs ’ “ p la n t in g 1 in d ic a t e s t h a t th e f a r m e r s in th e s i x u a ry c o m p a re s r ic e w it h a d ro p and g a in o f 39 cen t in in t e n t io n s ” on s ta te s o f t h is D is t r ic t in te n d to p la n t la r g e r a r e a s t h is y e a r th a n la s t in o a ts , h a y , w h it e p o ta to e s , s w e e t p o ta to e s , b a r le y (T e n n e s s e e ), a n d ( L o u is ia n a ) , b u t s o m e w h a t s m a lle r a c re a g e s in c o r n , to of b a c c o , a n d p e a n u ts . N o “ in t e n t io n s to p la n t ” r e p o r t is is s u e d or on rn M a r c h 1 r e p o r t s to th e D e p a rt m e n t S ix t h D is t r ic t f a r m e r s in th e te n d e d to in c r e a s e th e a c re a g e in o a ts b y 1 7 p e r c e n t , t h a t in c o tto n b e ca u se o f p r o h ib it o r y le g is la t io n . A c c o r d in g to per s w e e t p o ta to e s b y 1 2 p e r c e n t , th e a r e a s in w h it e p o ta to e s a n d r e s id e n h a y b y 4 p e r c e n t , b a r le y in T e n n e s s e e b y 5 p e r c e n t , a n d r ic e P ig I r o n P | t i a l a w a r d s in th e in L o u is ia n a b y 2 p e r c e n t . D e c re a s e s a r e in d ic a t e d o f 2 p e r C o a l P r< D is t r ic t c o m p a re s c e n t in c o m w it h b a c c o a c re a g e in T e n n e s s e e is in d ic a t e d a t 9 p e r c e n t le s s th a n an in c r e a s e 10 10 20 30 o f 5 p e r ce n t fo r t h a t o f la s t y e a r w h ile in G e o r g ia a n d F lo r id a s m a ll in c r e a s e s a r e e x p e c te d . 37 E a s te rn A f t e r d e c lin in g s o m e w h a t in J a n u a r y , t o t a l lo a n s a n d in p e r m it s is s u e d a t v e s tm e n ts o f w e e k ly r e p o r t in g m e m b e r b a n k s in t h is D is t r ic t tw e n ty r e p o r t in g h a v e in c r e a s e d in F e b r u a r y a n d th e f ir s t h a lf o f M a r c h . T o t a l c it ie s in c r e a s e d lo a n s , a n d lo a n s f o r c o m m e r c ia l, in d u s t r ia l, a n d a g r ic u lt u r a l 13 p e r c e n t in F e b ru a ry S ix th D istric t S t a t ist ic s for F e b r u a r y 1941 c o m p a r e d w it h F e b r u a r y 1940 a n d p e a n u ts , a n d 4 p e r c e n t in to b a c c o . T h e to th e S t a t e s . B u ild in g 20 o f A g r ic u lt u r e a w a rd s o v e r Ja n - S ta te s , C o tto n 30 T h e a n n u a l s u r v e y c o n d u c te d b y th e U n it e d S t a te s D e p a r t c e n t. T h e m o n th ’ s C o n tra c ts B u ild in g ] la r g e r th a n f o r J a n u a r y o f o t h e r re c e n t y e a r s . per an d w e re 2 1 p e r c e n t p u rp o s e s h a v e c o n tin u e d to in c r e a s e a n d le v e ls in m a n y y e a rs . D e m a n d a re a t th e h ig h e s t d e p o s its - a d ju s te d h ave a ls o c o n tin u e d to r is e a n d h a v e r e c e n t ly b e e n a t a n e w h ig h le v e l.
@FedFRASER