The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
M O N T H L Y REVIEW B U S IN E S S F E D E R A L R E S E R V E C O N B A N K O F D I T I O N S I N T H E S I X T H Notwithstanding the late date of Easter, April sales by 49 reporting retail firms increased only 1.3 per cent over March and were 3.3 per cent larger than in April last year. In the months of March and April com bined, which included the Easter period in both years, total sales were 4.6 per cent less this year than in those months last year. The adjusted index of daily average sales, after allowance for the usual seasonal change and the later date of Easter, declined from 109.2 per cent of the 1923-25 aver age for March to 104.8 per cent for April. Preliminary fig ures for the first two weeks in May indicate a decrease of 4.5 per cent compared with that period last year. Inven tories declined 2.2 per cent from March and were 8.4 per cent less than for April, 1937. Wholesale trade, according to figures reported to the United States Department of Commerce by 123 firms in this district declined 11.3 per cent in April and was 16.1 per cent less than a year ago. In the first four months of 1938 whole sale trade was 13.8 per cent less than in that part of last year. Inventories reported by 58 firms declined 1.3 per cent from March and were 8.3 per cent less than for April, 1937. B anking Total loans and investments at 22 weekly report ing member banks in leading cities of the Sixth District increased 3.2 millions of dollars in the five weeks ending May 1 8 , and were only slightly smaller than a year earlier. Loans for commercial, industrial and agricultural purposes increased 22 millions of dollars between June last year and early February, but have since declined 10.2 mil lions. On May 1 8 t h e y w e r e 4 . 5 millions l a r g e r t h a n a y e a r ago. Loans to brokers and dealers in securities have recently C O N D IT IO N O F 22 M EM BER BAN KS IN S E L E C T E D C IT IE S (In Thousands of D o llars) Investm ents- Reserve with F . R. B ank. Dem and deposits— adjusted. Time dep osits............................. U. S. Governm ent d e p o s its.. Deposits of domestic b a n k s .. Borrow ings from F . R. Bank. R E S E R V E D I S T R I C T M ay Trade M ay 18 1938 C h a n g e Fr.om Apr. 13,1938 M ay 19,1937 " $555,015 283,655 + 3,178 + 1,119 — 1,040 + 10,428 150,612 2,979 — 2,805 — 435 + 4,517 — 2,886 Lo an s to brokers and d ealers in se cu ritie s............................... Other loans for pu rch asin g E R A L A T L A N T A In the Sixth Federal Reserve District retail trade increased less than seasonally in April, wholesale trade declined, and there were decreases in cotton mill activity, and in output of pig iron in Alabama. Contracts awarded for residential construction increased 18.6 per cent over March, and building permits issued at twenty reporting cities increased 7.4 per cent. Lo an s— T o ta l................................. Com m ercial, In du strial and F E D 7,082 + 1,284 + 100 15,373 27,794 3,631 . 76,184 + 392 + 21 + 1,287 + 1,375 — 2,882 + 1,337 — 608 + 11,478 . . . . . , + 2,059 — 6,807 + 6,637 + 2,229 — 11,537 — 239 + 8,818 + 1,633 + 1,562 — 376 — 2,705 — Ill — 12,096 — 20,218 + 8,300 — 178 — 11,368 — 97 +31,792 — 8,291 + 3,845 + 18,408 + 4,039 — 299 271,360 154,108 39,911 77,341 94,063 11,296 131,137 • 326,048 • 182,972 . 23,020 200,431 70 31, 1938 increased and on May 18 were the largest since October 20. Loans to banks increased by May 11 to the largest amount reported since October 6, but declined the following week. Investment holdings increased slightly more than 2 millions of dollars in the five weeks ending May 18, a decrease of 6.8 millions in holdings of United States direct obligations being more than offset by combined increases of 6.6 millions in securities guaranteed by the United States and 2.2 mil lions in Other Securities. Investments on May 18 were 12.1 millions less than a year earlier, but were larger than on any Wednesday since October 20 with the single exception of April 27. Demand deposits-adjusted increased in the five weeks end ing May 18 but were 8.3 millions less than a year earlier, and time deposits have also increased and were larger than a year ago. Balances maintained with correspondent banks have increased and in recent weeks were the largest since March of last year. At the Federal Reserve Bank of Atlanta discounts for member banks have declined further in recent weeks and on May 18 were the smallest in more than a year. Industrial advances have also declined. Total bills and securities held on May 18 were $297,000 less than five weeks earlier, and $990,000 less than a year ago. Government deposits in creased about 44 millions in the third week of April, and total reserves held by the bank also increased substantially, largely as a result of the desterilization of gold by the Treasury. Both reserves and Government deposits have since declined somewhat. Following the reduction on April 16 in reserve require ments for member banks, there was a reduction of 19 mil lions in member bank reserves by April 20, and a further decrease of about 8.1 millions by May 18. Daily average figures of deposits and reserves for the last half of April, after the effective date of the reduction in required reserves, indicate that requirements declined 23 millions of dollars, actual reserves were reduced 18.3 millions, and estimated excess reserves increased 4.7 millions, compared with the first half of the month. Estimates based on latest available figures indicate that member bank reserves on May 18, which amounted to $160,252,000, were 32.6 millions of dollars, or 25.5 per cent, larger than legal requirements. A griculture The low temperatures and excessive rainfall early in April caused rather heavy damage to truck and other early crops in most parts of the District, but in Florida rainfall has continued deficient and truck crops and citrus fruits have suffered, and more recently in Georgia there has been a serious lack of rain. Crop damage F E D E R A L R E S E R V E BAN K O F A TLAN TA (In Thousand s of D o llars) C hangi e From : M ay 18 Apr. 13,1938 M ay 19,1937 1938 B ills D iscou n ted........................................... .. $ 693 B ills Bought in O pen M arket................... 19 In du strial A d v a n ce s................................... 71 United States S e c u ritie s............................. 111,416 Total B ills and S e c u ritie s..................... , 112,199 Total R e se rv e s............................................... 249,687 Member Bank Reserve A ccou nt............ 160,252 U. S. Treasu rer G e n e ra l A ccou nt.......... 42,465 F . R. Note C ircu la tio n .................................. . . 145,301 — 247 — “ 50 — "2 9 7 + 9,026 — 27,409 +39,739 — 4,200 — 1,028 — 114 — 173 + 325 — 990 — 7,866 — 13,530 +40,202 — 35,835 B u s in e s s 2 C o n d it io n s in t h e D E B IT S T O IN D IV ID U A L A C C O U N T S (In Th ou sand s of D o llars) ALABAM A Birm ingham ..................................... $ D o th an ............................................... M o b ile ............................................ M ontgom ery................................... F L O R ID A Ja ckso n ville ..................................... M iam i.................................................. P e n sa co la ......................................... T a m p a ............................................... G E O R G IA A lb a n y ............................................... A tla n ta ............................................... A u g u sta........................................... B ru n sw ick....................................... C o lu m b u s......................................... E lb erto n ........................................... M aco n ................................................ N ew n a n ........................................... S a v a n n a h ......................................... V a ld o sta ........................................... LO U ISIA N A New O r le a n s ................................... M ISSIS SIP P I H attiesbu rg ..................................... Ja ckso n .............................................. M e rid ia n ............................................ V ic k sb u rg ......................................... TEN N ESSEE C h a tta n o o g a ................................... K n o x v ille ........................................... N a sh v ille ........................................... A p r il M arch A p r il 1938 1938 1937 75,629 2,775 35,472 19,037 $ 76,988 3,285 35,962 20,045 $ 94,726 3,313 36,738 25,320 72,928 38,996 8,171 27,350 77,967 49,418 7,636 29,445 80,605 46,981 9,057 31,217 4,487 185,821 15,157 2,703 11,876 1,102 12,477 1,340 26,743 3,495 5,284 200,557 15,743 2,766 12,717 1,051 12,991 1,939 27,781 3,434 4,932 179,213 19,414 2,858 15,958 1,329 15,305 2,760 34,661 3,650 189,836 225,938 218,949 4,223 25,373 9,094 6,967 4,443 35,407 10,659 8,183 5,241 29,154 11,259 7,635 36,373 26,176 72,922 40,949 29,484 82,209 43,019 30,063 92,231 T O T A L 26 C itie s ......................... $ 916,523 $1,022,281 $1,045,588 from rain and cold appears to have been heavier in Louis iana, Mississippi and Tennessee, where continued rains in April reduced prospects and caused considerable replant ing. Revised estimates, as of May 1, of the present season’s citrus crop in Florida, now being marketed, indicate a total of 25,250,000 boxes of oranges and 13,500,000 boxes of grapefruit. These figures represent increases of 800,000 boxes of oranges and 500,000 boxes of grapefruit, over the April estimates, and are larger by 12.2 per cent and smaller by 25.4 per cent, respectively, than production in the previ ous season. Prospects for the 1938-39 season were materially lowered by continued dry and warm weather in April, and droppage has been abnormally heavy in all sections. Drouth conditions have become serious in all parts of the state ex cept west Florida where rainfall has been sufficient and crops have made favorable progress. More recently, weather conditions in other states have been more favorable for progress in farm work. May estimates of peach production in the ten southern peach states indicate an increase of 31 per cent over the 1937 crop, and in the five states of this District which are included in this group, production is expected to be 92.4 per cent larger than last year. Large increases are indicated for Mississippi, Alabama, and for Georgia which had a small crop in 1937. In the eight early potato states produc tion this year is estimated to be slightly less than last year. Small increases are reported for Florida and Alabama, but in Louisiana frost injury, excessive rains and poor seed have served to reduce the estimated crop 19.9 per cent from that of last year. Estimated receipts from the sale of principal farm prod ucts in the six states of this District, including Government payments, increased 9.6 per cent from February to March, but were 29.6 per cent less than in March last year. In come from crops and livestock was 15 per cent less than a year ago, but Government payments were 71.5 per cent less, although substantially larger than in February. For the first quarter of 1938, income from crops and livestock was 10.2 per cent less than in that part of 1937, but Gov ernment payments were 73.2 per cent smaller. S ix t h F ed er a l R eser v e D is t r ic t The ten-market average of spot cotton prices on May 13 was 8.79 cents per pound, slightly higher than in the two preceding weeks. In the second and third weeks of April the price was 8.95 cents. The averages for March and Feb ruary were 8.89 cents and 8.92 cents, respectively. After rising slightly on April 16 and 23, wholesale prices of farm products have since resumed the decline, according to the index of the Bureau of Labor Statistics. On May 7 and 14, at 67.4 per cent of the 1926 average, the farm products index was more than 8 per cent below the index for the middle of January, and 25.9 per cent lower than on May 8 last year. The index is lower than it has been since the summer of 1934. In d u stry There were small net changes in employment and payrolls at 6,227 firms in the Sixth Dis trict reporting to the Bureau of Labor Statistics for March, compared with February. Small increases in number of workers in Alabama, Georgia and Tennessee in March were slightly more than offset by decreases in Florida, Louisiana and Mississippi. Increased payrolls in Alabama, Georgia, Louisiana and Tennessee were slightly more than sufficient to offset decreases in Florida and Mississippi. Both em ployment and payrolls continued less than a year ago. The value of construction contracts awarded in the Sixth District increased slightly in April, when there is usually a decline of about 6 per cent. Contracts for residential building increased 18.6 per cent, but other contracts de clined 9.5 per cent, from March, and total awards were 9.0 per cent less than a year ago. Totals for the first four months of the year show declines of 23.8 per cent in total awards, 14.7 per cent in residential contracts and 28.8 per cent in other contracts, compared with that part of last year. Value of building permits issued at twenty reporting cities increased 7.4 per cent in March, and was slightly larger than in April, 1937, but for the four months total permits have been 4.5 per cent less than in that period a year ago. Press reports reflect a continued lack of demand for lum ber. In April production at mills reporting to the Southern Pine Association averaged 11 per cent larger than orders, and 7.1 per cent larger than shipments. Cotton mills in Alabama, Georgia and Tennessee con sumed an average of 4,975 bales of cotton for each business day in April, a decline of 13.3 per cent from March and 44.6 per cent less than in April last year. Operations at cotton seed oil mills declined about 30 per cent in April, but continued at a substantially higher level than a year earlier. Coal production in Alabama and Tennessee declined 9.1 per cent in April, but was greater than in April last year when output was curtailed by labor difficulties. Pig iron production in Alabama, on a daily average basis, declined 0 .6 per cent from March to April, when it was 20.8 per cent less than a year ago. The four month total for 1938, through April, is 25.7 per cent less than for that part of 1937, which compares with a decrease of 57.5 per cent for the United States as a whole. Active furnaces were reduced from 12 on April 1 to 9 a month later, and to 7 at the middle of May, compared with 14 active a year ago. Daily average production of electric power increased slightly in March over February, and over March last year. Receipts of both turpentine and rosin at the three principal markets of the District were larger in April, the first month of the naval stores year, than in that month of other years since 1931. Price quotations on both commodities averaged slightly lower in recent weeks. B u s in e s s C o n d it io n s in t h e S IX T H D IS T R IC T B U SIN E SS S T A T IS T IC S STO CKS SA LES C o lle c Jan.-Apr. Apr. 1938 tion Incl. Com pared Com pared Ratio Apr. 1938 Com pared April w ith w ith ■with Mar. 1938 Apr. 1937 Y e ar Ago Apr. 1937 1938 R E T A IL TR A D E A tla n ta ............................ — 0.2 Birm ingham ................... + 1.8 C h a tta n o o g a ................ +12.0 M ontgomery.................. +23.9 N a sh v ille ........................ — 6.2 New O rle a n s ................. +13.0 O ther C it ie s ...................— 6.4 D IS T R IC T (49 firm s). . . . + 1.3 + 4.1 + 4.6 + 8.8 + 3.3 — 7.2 + 5.8 +2.1 + 3.3 W H O L E S A L E TR A D E G ro c e rie s ....................... — 9.0 D ry G o o d s..................... — 14.5 H a rd w a re .......................— 6.2 Electrical G o o d s.......... +10.3 D ru g s ............................... — 20.1 S h o e s ............................... — 21.3 T O T A L .........................— 11.3 — 17.6 — 16.3 — 20.5 — 35.3 — 5.4 + 1.5 — 16.1 — 1.9 — 5.7 — 9.1 —10.8 — 5.7 + 5.2 — 3.6 — 2.2 —12.8 C O M M ER C IA L F A IL U R E S — D IST R IC T Number (A c tu a l)................... 45 L ia b ilitie s .................................. $546 $ —10.1 80.4 37.7 45.1 78.3 68.7 27.9 54.6 — 17.9 — 17.4 — 26.9 — 3.4 — 29.1 — 3.6 — 22.3 — 13.8 — 8.3 — 0.8 123 1,138 17,664 7,741 9,923 1,408 5,809 3,636 3,156 2,230 3,926 $ 54,082 21,660 32,422 7,295 17,543 9,454 13,115 4,493 13,037 70,948 25,406 45,542 5,522 31,012 11,175 11,685 8,671 14,213 4,703 277 157 751 195 648 2,675 4,968 352 272 467 185 231 3,460 18,127 918 4,548 490 1,630 9,341 18,985 1,398 1,300 1,889 824 1,167 12,408 164 200 614 826 C O N T R A C T S A W A R D ED — D IS T R IC T ...................................$16,080 $ 15,795 R e sid e n tia l............................... 7,509 6,329 A ll O th e rs................................. 8,571 9,466 A la b a m a ................................... 1,225 2,216 F lo r id a ....................................... 5,636 4,795 2,812 3,247 G e o rg ia ..................................... L o u is ia n a ................................... 4,431 3,936 M ississip p i............................... 1,661 989 T e n n e sse e ................................. 2,991 3,078 158 860 300 Jan.-April, Incl. 1938 1937 244 2,027 35 355 B U ILD IN G PERM ITS— 20 C I T I E S ................................... $5,049 $ A tla n ta ....................................... 298 B irm ingham ............................. 139 915 Ja ck so n ville ............................. N a sh v ille ................................... 88 260 New O r le a n s ........................... 15 O ther C it ie s ......................... 3,350 28.3 32.1 35.9 31.1 $ 1,200 116 176 980r 296r 3,760 1,324 3,953 1,724 (000 Omitted) M arch 1938 April 1938 C O TT O N C O N SU M PTIO N — B a le s A la b a m a ................................... . G e o rg ia ..................................... T e n n e sse e ................................. Total 3 S ta te s....................... C O TT O N S E E D C R U SH ED — T o n s*........................................... 46 73 A pril 1937 A u g. 1 to Apr. 30 Incl. 1937-38 1936-37 129 10 52 89 14 155 76 141 17 234 458 842 117 1,417 649 1,181 145 1,975 148 210 91 2,098 1,759 FE R T IL IZ E R T A G SA L E S — Tons 522 719 Total 6 Sta te s........................... ‘ G e o rg ia , A la b a m a , L o u isia n a a n d M ississippi. 692 2,129 2,463 FA RM IN C O M E*— S ix States . $ 52,908 7,209 A la b a m a ................................... 15,378 F lo r id a ....................................... 5,954 G e o rg ia ..................................... L o u is ia n a ................................... 5,355 7,047 M ississip p i............................... Te n n e sse e ................................. 11,965 $ 48,254 6,505 14,690 5,154 4,024 9,744 8,137 $ 75,113 12,824 20,640 9,170 7,315 13,539 11,625 $161,168 20,008 40,684 17,363 17,868 29,253 35,992 $204,292 28,942 49,357 29,664 21,140 36,468 38,721 E L E C T R IC P O W E R P R O D U C TIO N — kw Hours F lo r id a . M ississip p i. By W ater P o w e r. t I n c lu d e s G o v e rn m e n t b e n e fit Digitized ‘for FRASER 248,300 92,068 129,537 123,739 6,011 117,477 717,132 379,204 337,928 p a y m e n ts , R eser v e D is t r ic t 3 SIX TH D IS T R IC T B U SIN ESS IN D EX ES (1923-1925=100 except a s noted) April 1938 M arch 1938 April 1937 R E T A IL S A L E S * U nadjusted D IS T R IC T (28 firm s)..................................... 110.0 224,616 86,715 104,090 109,056 6,133 114,505 646,115 308,669 337,446 100.5 181.1 93.7 69.6 85.9 86.0 106.2 182.6 94.1 74.4 90.2 91.8 104.8 . 174.0 99.7 79.3 81.3 90.7 109.2 194.7 98.6 78.2 95.4 95.6 107.3 179.0 98.0 77.5 93.0 90.9 72.3 113.4 74.2 65.1 55.5 63.3 73.1 117.5 72.5 65.3 56.3 61.8 78.5 126.5 77.0 68.3 68.5 65.0 68.9 108.0 70.7 62.0 53.4 60.9 71.0 115.2 71.1 61.6 55.2 59.4 74.8 120.5 73.3 65.0 65.9 62.5 66.3 49.3 50.2 73.5 74.7 54.2 58.7 78.4 66.9 127.3 89.0 59.1 64.7 99.3 187.9 100.7 80.9 83.7 97.1 B irm ingham ...................................................... C h a tta n o o g a .................................................... ... N ew O rle a n s .................................................... . .. R E T A IL S A L E S * Adjusted D IS T R IC T (28 firm s)..................................... A tla n ta ................................................................ B irm ingham ...................................................... C h a tta n o o g a .................................................... New O r le a n s .................................................... R E T A IL S T O C K S U nadjusted D IS T R IC T (24 firm s)..................................... Birm ingham ...................................................... C h a tta n o o g a .................................................... . . . N ew O rle a n s .................................................... , .. Birm ingham ...................................................... C h a tta n o o g a .................................................... N ew O rle a n s .................................................... W H O L E S A L E S A L E S — T o ta l........................... D ry G o o d s ........................................................ 101.7 C O N T R A C T S A W A R D ED — D IS T R IC T R e sid e n tial........................................................ 45.8 53.5 40.7 26.8 38.9 42.2 70.5 86.1 M ississip p i........................................................ ... 53.9 44.9 19.2 9.4 B U ILD IN G PERM ITS— 20 C it ie s .................... Birm ingham ...................................................... Ja ckso n v ille ...................................................... N a sh v ille ............................................................ New O rle a n s .................................................... 15 O ther C it ie s ................................................ 111.2 13.9 20.2 61.1 86.0 95.7 45.0 45.1 44.9 48.5 33.1 48.7 62.6 51.3 55.5 50.3 55.2 47.1 30.8 40.1 54.6 50.2 115.7 70.8 41.8 17.9 44.1 10.6 91.3 30.8 50.3 48.8 22.8 18.4 56.8 29.2 17.9 63.2 P IG IR O N P R O D U C T IO N — ALABAM A* 69.0 69.5 87.2 C O T T O N C O N SU M PTIO N — 3 ST A TES* 104.9 133.8 92.3 104.1 121.0 143.9 109.4 133.4 189.4 217.8 179.4 170.5 M ar. 1938 Fe b . 1938 M ar. 1937 131.9 127.6 135.9 109.5 118.0 127.8 120.1 131.0 128.0 135.8 122.3 111.5 117.3 127.9 156.2 125.8 151.5 124.5 119.8 140.2 143.5 189.8 98.5 161.7 151.7 134.8 146.3 160.3 188.5 99.6 160.4 149.5 152.0 144.0 159.8 235.3 97.2 199.8 148.4 164.5 179.0 185.4 310.8 452.7 215.6 464.7 92.8 187.3 280.0 281.6 278.1 311.3r 477.6 191.8 453.4r 104.8 202.Or 279.3r 253.8r 307.4r 310.4 392.2 230.8 460.3 75.1 193.3 279.2 347.7 203.2 ... ... EM PLO YM EN T— (Av. for 1932=100) (000 Omitted) Feb . Mar. Jan.-M arch, Incl. 1937 1938 1938 1937 Mar. 1938 F ed er a l R E T A IL S T O C K S Adjusted D IS T R IC T (24 firm s)..................................... 55 494 C O A L P R O D U C T IO N — Tons A la b a m a ................................... T e n n e sse e ................................. 26.6 33.6 31.7 (000 Omitted) M arch April 1938 1937 A pril 1939 P IG IRO N P R O D U C T IO N —Tons A la b a m a ................................... — 9.6 — 6.4 — 4.6 — 16.5 — 19.0 — 2.7 — 11.5 — 8.4 S ix t h 247,969 698,282 700,566 79,744 271,551 236,032 138,648 360,036 425,428 122,586 348,628 361,409 4,877 18,822 15,237 121,309 351,881 332,294 715,133 2,049,200 2,070,966 468,177 1,050,264 1,348,910 246,956 998,936 722,056 r = r e v is e d . F lo r id a ................................................................ G e o rg ia .............................................................. L o u is ia n a .......................................................... . M ississip p i........................................................ T e n n e sse e .......................................................... Six S ta te s...................................................... . . . P A Y R O L LS — (Av. for 1932=100) L o u is ia n a .......................................................... . . . M ississip p i........................................................ Six S ta te s...................................................... E L E C T R IC P O W E R P R O D U C TIO N * M ississip p i........................................................ Six S ta te s...................................................... By W ater P o w e r......................................... By F u e ls ........................................................ . . . ‘ 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 iro n p ro d u c tio n a n d of cotton c o n su m p tio n a r e on a a 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 i n e s s C o n d it i o n s INDUSTRIAL PRODUCTION in th e S ix t h F ed era l R eserve D is t r ic t N a tio n a l S u m m a r y o f B u s in e s s C o n d itio n s P r e p a r e d b y th e B o a r d o f G o v e rn o rs o f th e F e d e r a l R e s e r v e S y s te m . I NDUSTRIAL production declined in April, reflecting chiefly reduced activity in I n d e x o f p h y s ic a l v o lu m e o f p ro d u c tio n , a d j u s t e d f o r s e a s o n a l v a r i a ti o n , 1 9 2 3 - 1 9 2 5 a v e ra g e = 1 0 0 . B y m o n th s , J a n u a r y , 1 9 3 4 , to A p r il, 1 9 3 8 . FACTORY EMPLOYMENT AND PAYROLLS the cotton textile and lumber industries. Distribution of commodities increased less than seasonally but continued to be somewhat in excess of production. Com modity prices showed a further decrease. In April volume of industrial production, as measured by the Board’s seasonally adjusted index, was at 77 per cent of the 1923-1925 average as compared with the level of about 79 per cent maintained during the first quarter of the year. The decline reflected, chiefly, considerable reductions in output at cotton textile mills and lumber mills, where there had been moderate increases in production in March. In most other manufacturing industries changes in activity were largely seasonal in character. Output at steel mills continued at around 33 per cent of capacity and in the automobile industry showed little change, amounting in April to about 40 per cent of the volume of a year ago. In the first three weeks of May production of steel and automobiles was at a lower rate than in April. At mines there was a considerable decline in output of anthracite in April, while bituminous coal pro duction showed somewhat less than the usual seasonal decrease. Crude petroleum production continued in large volume. Value of construction contracts awarded, which had increased considerably in March, showed little change in April, according to figures of the F. W. Dodge Cor poration. Awards usually increase somewhat further in April. In the first four months of this year private residential building was about one-fourth less than in the corresponding period last year, while other private work, particularly indus trial and utility construction, was only about one-half as large as a year ago. Awards for public projects were somewhat larger than last year. E m ploym ent I n d e x e s o f n u m b e r e m p lo y e d a n d p a y r o lls , w ith o u t a d ju s tm e n t f o r s e a s o n a l v a r i a t i o n , 1923-192-5 a v e r a g e = 1 0 0 . B y m o n th s , J a n u a r y , 1 9 3 4 , to A p r il, 1 9 3 8 . In d e x e s c o m p ile d b y U . S . B u r e a u o f L a b o r S ta t is tic s . Factory employment and payrolls declined from the middle of March to the middle of April, and the Board’s seasonally adjusted index of employment was at 79 per cent of the 1923-1925 average as compared with 82 in March and 84 at the beginning of the year. The number employed at automobile factories declined sharply and there were further substantial decreases in the steel an ^ machinery industries and at railroad repair shops. Smaller declines were reported in most other manufacturing industries. Employment at mines and on the railroads also decreased, while in trade there was some increase in the number employed, reflect ing partly increased business at the Easter season. D is t r ib u t io n Distribution of commodities to consumers showed less than the usual seasonal rise in April. The Board’s adjusted index of department store sales was 83 in April compared with 86 in March and 90 at the beginning of the year, and figures for the first half of May indicate a further decrease. Freight-car loadings also declined from March to April reflecting largely reduced shipments of miscellaneous freight, and were about 30 per cent less than in April, 1937. C o m m o d it y I n d e x e s o f v a lu e o f s a le s , 1 9 2 3 - 1 9 2 5 a v e ra g e m o n th s , J a n u a r y , 1 9 3 4 , to A p r il, 1 9 3 8 . 100. By R ates Wholesale prices of industrial commodities continued to decline from the middle of April to the third week of May and prices of agricultural products also decreased somewhat further. Steel scrap, copper, and rayon showed considerable declines and there were reductions in prices of some finished industrial products. It was announced that prices of most finished steel products would be unchanged for third quarter delivery. MEMBER BANKS IN 101 LEADING CITIES Bank C r e d it Total loans and investments of reporting member banks in 101 leading cities showed little change during April and the first half of May. Holdings of United States Government obligations increased somewhat, while holdings of other securi ties and loans declined. Adjusted demand deposits in leading cities increased during the period as a result of expenditures by the Treasury from its balances with the Reserve Banks. Interbank deposits also increased substantially. Member bank reserves increased further, reflecting principally Treasury dis bursements from its deposits at the Reserve Banks, including retirement of $50,000,000 of Treasury bills each week. M oney W e d n e s d a y fig u re s f o r r e p o r t i n g m e m b e r b a n k s in 1 0 1 le a d in g c itie s . S e p t. 5 , 1 9 3 4 , to M a y 1 8 , 1 9 3 8 . T o ta l d e p o s its , e x c lu d in g in t e r b a n k , a r e a d ju s te d to e x c lu d e FRASER “ f lo a t.’* Digitized for R ates and B o n d Y ie l d s Yields on Government securities declined slightly further in the four weeks ending May 21 to an average for longer-term Treasury bonds of 2.28 per cent. The average yield on 3- to 5-year Treasury notes declined to a new low of 0.73 per cent. The rate on three-month Treasury bills continued at record low levels, and other open-market money rates remained unchanged.
@FedFRASER