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MONTHLY REVIEW B U F E D E R A L S I N E S S R E S E R V E C O N B A N K D O F I T I O N S I N T H E S I X T H E R A L R E S E R V E D I S T R I C T A T L A N T A M ay D is tr ic t April department store sales in the Sixth S u m m c i r y District declined more than seasonally, m contrast to the movement a month earlier, while wholesale trade declined less than it usually does. Total awards of construction contracts increased further in April by 23 per cent, residential awards were up 34 per cent, and building permits were 19 per cent larger. Coal output increased slightly in April, contrary to seasonal tendency, but there were small declines in textile operations and pig iron production. Since the middle of April steel mill activity has risen somewhat. In comparison with April 1 939, the adjusted index of department store sales ivas up 4 per cent, and for the months of March and April together total sales were 8 per cent greater than in those months last year . Wholesale trade was 11 per cent above April last year, and most of the available series of figures indicate a considerably higher level of industrial activity. Business failures, in point of liabilities, increased 22 per cent in this District and 39 per cent in the country as a whole, over March, and in both the District and the country were 13 per cent less than in April last year. Trade In A p ril the actual d o lla r v o lu m e o f S ix th D istrict departm ent store sa les d eclin ed and w as o n ly about 3 per cent ab ove that m onth la st year. A llo w in g , how ever, fo r the ea rlier date o f Easter and the fa ct that A p r il had one m ore bu sin ess day th is year than in 1 939, the ad justed in d ex o f d a ily average sa le s d eclin ed 14 per cen t fro m M arch and w as 4 per cent ab ove A p r il a year ago. In th e first tw o w eeks o f M ay sa les have been 11 per cen t greater than in that p eriod la st year, and it seem s reason ab le to assum e that, asid e from p u rely Easter b u yin g, at lea st a fa ir p rop ortion o f ord in ary sp rin g b u sin ess w as d ela y ed b y the u n u su a lly c o o l w eather. F or the country, the B oard’s adjusted in d ex rose 1 p er cent in A p r il and w as 2 per cent ab ove A p ril 1939. CONDITION O F 22 MEMBER BANKS IN SELECTED CITIES (In T h o u sa n d s of D o llars) M a y 15, 1940 L o a n s a n d I n v e s tm e n ts —T o t a l ................ . $ 6 2 6 ,2 0 1 L o a n s — T o t a l........................................................... . . . 3 0 6 ,8 2 1 C o m m e rc ia l, in d u s t r i a l a n d a g r i c u l t u r a l l o a n s .................................... . . . 1 5 7 ,8 1 0 O p e n m a r k e t p a p e r .................................... ., . 3 ,8 2 8 L o a n s to b r o k e r s a n d d e a l e r s in s e c u r i t i e s ................................................... . . . 5 ,1 7 1 O th e r l o a n s fo r p u r c h a s i n g a n d c a r r y i n g s e c u r i t i e s ....................... . . . 1 0 ,6 5 4 R e a l e s t a t e l o a n s ........................................... . . . 3 1 ,8 0 7 L o a n s to b a n k s ................................................. 660 O th e r l o a n s ........................................................ . . . . 9 6 ,8 9 1 In v e s tm e n ts — T o t a l............................................ . . . 3 1 9 ,3 8 0 U. S . d ir e c t o b l i g a t i o n s ............................ . 1 4 8 ,2 8 5 O b lig a tio n s g u a r a n t e e d b y U . S . . , . , . 6 6 ,5 3 7 O th e r s e c u r i t i e s .............................................. . , 1 0 4 ,5 5 8 R e s e rv e w ith F . R. B a n k ............................... 1 4 4 ,8 7 7 C a s h in v a u l t ........................................................ 1 2 ,7 4 2 B a l a n c e s w ith d o m e s tic b a n k s ............... 2 4 0 ,7 1 0 D e m a n d d e p o s i t s - a d j u s t e d ....................... .. . , , 4 1 3 ,1 9 8 T im e d e p o s i t s ........................................................ . . 1 9 1 ,0 2 0 U. S. G o v e r n m e n t d e p o s i t s ....................... 4 7 ,5 1 1 3 1 5 ,9 4 6 D e p o s its o f d o m e s tic D a n k s ....................... B o r r o w in g s ............................................................ F E D C h a n g i e F ro m : A p ril 1 7 ,1 9 4 0 M a y 1 7 ,1 9 3 9 + 2 0 ,6 1 3 — 7 ,6 7 7 — 1 ,3 0 5 — 96 — 1 ,7 4 2 — 75 — 2 4 ,5 2 5 + 1,2 1 1 — 215 — — 4+ + — — — + — + + + + — 20 530 29 1 ,3 9 7 7 ,5 8 1 3 ,2 5 4 3 ,0 5 3 1 ,2 7 4 5 ,1 9 4 287 3 ,0 3 6 211 589 3 ,2 2 3 2 ,4 8 8 823 — 1 ,5 1 0 + 1,8 3 1 — 333 + 2 2 ,8 4 4 + 2 1 ,9 1 8 — 1 ,5 6 7 + 6 ,0 8 7 + 1 7 ,3 9 8 + 3 3 ,7 1 3 + 1 ,1 8 7 + 6 5 ,6 5 4 + 4 6 ,4 2 3 + 2 ,0 2 1 + 8 ,4 0 6 + 6 0 ,5 1 2 31, 1940 ►S a le s reported to the U n ited States D epartm ent o f C om m erce b y 152 w h o lesa le firm s in this D istrict w ere off 3 per cent in A p r il, a d eclin e less than u su a lly occurs, and w ere up 11 per cent from A p r il last year. ^ I n th e Jan u ary-A p ril p eriod departm ent store sales have been 9 per cent greater than in that part o f 1939, and w h o lesa le trade has been up 11 per cent. ►A p r il in ven tories at departm ent stores increased 2 per cent and w h o le sa le stocks w ere slig h tly off from M arch. C om pared w ith A p r il la st year, how ever, stocks at both departm ent stores and w h o lesa le firm s w ere up 10 per cent. Banking In A p ril and early M ay w eek ly rep orting m em ber banks in the S ixth D istrict reduced their h o ld in g s o f in vestm en t secu rities som ew hat, the volu m e o f lo a n s changed little in the aggregate, and d ep osits continued in large volu m e. ► S in ce ea rly January the p rin cip a l changes in the co m p o n ents o f total lo a n s and discou n ts h ave been a d eclin e o f n ea rly 23 m illio n s o f d o lla rs in com m ercial, in d u strial and ag ricu ltu ral loan s, an increase o f n early 7 m illio n s in “A ll O ther” loan s, and increases o f 4 .6 m illio n s in h o ld in g s o f direct o b lig a tio n s o f the U n ited States G overnm ent and 5.3 m illio n s in “Other S ecu rities,” offset in part b y a decrease o f 3.7 m illio n s in secu rities carrying the guarantee o f the U n ited States. R eal estate lo a n s h ave recen tly show n a sm all in crease and at the m id d le o f M ay w ere the largest sin ce D ecem ber, w h ile secu rity lo a n s are som ew hat sm a ller than th ey w ere in the first fo u r m onths o f the year. On M ay 15 total lo a n s b y th ese banks w ere slig h tly less than a year ea rlier, la r g ely b ecau se o f a decrease in com m ercial loans, but in vestm en t h o ld in g s w ere 2 1 .9 m illio n s larger, increases o f 17.4 m illio n s in “ Other S ecu rities” and o f 6.1 m illio n s in U n ited States guaranteed secu rities b ein g in o n ly sm a ll part offset b y a decrease o f 1.6 m illio n s in direct o b lig a tio n s o f the U n ited States. ► D em and dep osits-ad ju sted recorded another a ll-tim e peak on M ay 8, tim e d ep osits on M ay 15 w ere the largest in seven years, and reserve d ep osits reached the largest total on record. ► A t the F ed eral R eserve B ank o f A tlan ta d iscou nts co n tinued in sm a ll vo lu m e, and in d u strial advances d eclin ed CONDITION O F FEDERAL RESERVE BANE O F ATLANTA (In T h o u sa n d s of D o llars) M a y 15, 1 9 40 B ills d i s c o u n t e d ...................................................... . . $ 107 B ills b o u g h t ................................................................ I n d u s tr ia l a d v a n c e s ........................................... 288 U n ite d S ta t e s s e c u r i tie s , d ir e c t a n d g u a r a n t e e d ........................................................... . , 1 0 4 ,4 4 6 T o ta l b ills a n d s e c u r i t i e s .......................... , , , 1 0 4 ,8 4 1 F . R. n o te c i r c u la t io n ......................................... . 1 6 0 ,3 8 5 M e m b e r b a n k r e s e r v e d e p o s i t s ................ . . . 2 4 0 ,2 0 7 U. S. G o v ern m en t g e n e ra l d e p o s its ... 2 6 ,8 4 7 F o r e ig n b a n k d e p o s i t s .................................... 1 3 ,8 9 0 O th e r d e p o s i t s ........................................................ 5 ,6 3 0 2 8 6 ,5 7 4 T o ta l d e p o s i t s ...................................................... T o ta l r e s e r v e s .......................................................... 3 4 7 ,7 8 8 C o m m itm e n ts to m a k e i n d u s tr i a l 51 6 C h a n g e F ro m : A p r. 1 7 ,1 9 4 0 M ay 1 7 ,1 9 3 9 + 30 — 77 — 19 — 515 — 509 + — + + — + — — + 251 34 1 80 1 5 ,1 4 4 5 ,3 1 4 500 1 ,2 1 7 888 1 ,1 1 8 + 449 — 1 1 ,9 7 6 — 1 2 ,4 7 6 + 1 0 ,5 7 4 + 5 5 ,0 4 5 — 2 2 ,4 2 8 + 4 ,3 4 6 — 1 ,9 1 6 + 3 5 ,0 4 7 + 5 8 ,6 1 3 + 366 2 B u s in e s s C o n d it io n s in t h e S ix t h D EBITS T O IN D IV ID U A L A C C O U N T S ( I n T h o u s a n d s o i D o lla r s ) ALABAMA— A p r. 1940 B ir m in g h a m .................. $ 9 7 ,3 3 6 $ 2 ,9 3 5 D o t h a n ............................... M o b ile ............................... 4 0 ,8 6 4 M o n tg o m e r y .................. 2 2 ,4 3 8 M a r. 1940 $ 2 ,9 6 6 4 0 ,9 7 8 2 2 ,6 6 4 9 8 ,6 0 1 P erc e n t C h a n g e A p r. A p r. 1 9 4 0 F r o m : 1 9 39 M a r. 1 9 4 0 A p r. 19 3 9 8 1 ,5 8 4 — 1 .3 + 1 9 .3 2 ,9 6 6 — 1 .0 — 1 .0 3 2 ,5 3 5 — 0 .3 + 2 0 .4 2 0 ,4 7 0 — 1 .0 + 9 .6 FLO RID A — J a c k s o n v il le .................. M ia m i................................. P e n s a c o l a ....................... T a m p a ............................... 8 5 ,2 3 7 6 2 ,8 7 3 9 ,2 6 7 3 2 ,7 1 7 8 9 ,5 1 9 7 1 ,1 5 1 9 ,5 3 3 3 5 ,3 6 6 7 3 ,3 9 1 5 1 ,2 4 8 8 ,6 2 1 2 8 ,1 7 5 — 4 .8 — 1 1 .6 — 2 .8 — 7 .5 + 1 6 .1 + 2 2 .7 + 7 .5 + 1 6 .1 G E O R G IA — A l b a n y ............................... A t l a n t a ............................... A u g u s t a ............................ B r u n s w ic k ....................... C o lu m b u s ....................... E l b e r to n ............................ M a c o n ............................... N e w n a n ............................ S a v a n n a h ....................... V a l d o s t a .......................... 5 ,4 2 3 2 1 6 ,2 4 1 1 9 ,6 2 5 3 ,2 2 7 1 6 ,6 2 1 1 ,2 1 8 1 5 ,5 5 4 1 ,9 3 9 2 8 ,9 3 7 3 ,8 9 5 5 ,5 6 7 2 3 4 ,5 0 0 1 9 ,5 7 5 3 ,0 4 7 1 6 ,5 7 9 1 ,1 4 3 1 6 ,6 0 1 1 ,9 6 8 2 9 ,9 0 6 4 ,3 7 8 4 ,2 5 2 1 8 5 ,6 0 5 1 7 ,2 4 4 2 ,7 0 8 1 2 ,8 5 0 1 ,1 4 9 1 3 ,6 1 7 1 ,7 3 4 2 6 ,1 1 8 3 ,4 4 0 — 2 .6 — 7 .8 + 0 .3 + 5 .9 + 0 .3 + 6 .6 — 6 .3 — 1 .5 — 3 .2 — 1 1 .0 + 2 7 .5 + 1 6 .5 + 1 3 .8 + 1 9 .2 + 2 9 .3 + 6 .0 + 1 4 .2 + 1 1 .8 + 1 0 .8 + 1 3 .2 LO U ISIA N A — N e w O r l e a n s ................ 2 1 7 ,2 9 9 2 4 5 ,2 1 5 1 9 1 ,5 4 4 — 1 1 .4 + 1 3 .4 M ISS IS S IPP I— H a t t i e s b u r g .................. J a c k s o n ............................ M e r id i a n .......................... V ic k s b u r g ....................... 5 ,1 8 7 2 9 ,1 2 1 1 2 ,3 9 7 8 ,0 5 1 5 ,3 8 6 3 1 ,4 3 2 1 2 ,3 7 7 7 ,9 4 8 4 ,7 2 4 2 4 ,7 1 4 1 0 ,7 4 9 6 ,7 2 1 — — + + 3 .7 7 .4 0 .2 1 .3 + 9 .8 + 1 7 .8 + 1 5 .3 + 1 9 .8 TE N N ESSEE— C h a t t a n o o g a ................ K n o x v ille .......................... N a s h v ill e ......................... 4 4 ,0 1 1 3 2 ,2 5 2 8 5 ,2 8 8 4 4 ,4 4 9 3 2 ,2 7 6 8 6 ,9 4 8 4 1 ,5 9 5 2 7 ,4 4 3 7 3 ,2 9 0 — 1 .0 — 0 .1 — 1 .9 + 5 .8 + 1 7 .5 + 1 6 .4 1 ,0 9 9 ,9 5 3 1 ,1 7 0 ,0 7 3 9 4 8 ,4 8 7 — 6 .0 + 1 6 .0 + + 1 5 .1 S IX T H D IST R IC T — 2 6 C i t i e s .......................... U N IT ED STA TES— 2 7 4 C i t i e s . . . ................$ 3 7 ,7 8 0 ,0 0 0 $ 3 7 ,7 6 9 ,0 0 0 $ 3 2 ,8 2 2 ,0 0 0 0 .0 w h ile com m itm ents in creased . M em ber bank reserve d ep osits w ere at the m id d le o f M ay at a n ew h ig h le v e l and 55 m illio n s greater than a y ea r a go. T otal d ep o sits and to ta l reserves o f this bank con tin u ed la rg e and w ere, resp ectiv ely , 35 m illio n s and 5 8 .6 m illio n s greater than on th e corres pon d in g W ed nesday last year. ► E stim ated excess reserves o f a ll m em ber banks in the D istrict, based on la test a v a ila b le figu res, am ounted on M ay 15 to about 8 3 .3 m illio n s o f d o lla rs, about 3 .4 m illio n s larger than the average fo r A p r il, and a new record to ta l. ►C heck transaction s at 2 6 rep ortin g cities in the D istrict declin ed 6 per cent in A p r il. In th e p ast tw enty years there has a lw ays been a drop in A p r il ex cep tin g in 1 9 3 2 . T h e A p ril total w as 16 per cent ab ove that fo r A p ril 193 9 and the total fo r 2 7 4 centers th rou gh ou t the country, w h ich rose o n ly by a sm a ll fra ctio n o f on e per cent over M arch, w as up 15 p er cent over A p r il la st year. T ran sit clea r in g s by th e F ed eral R eserve B ank o f A tla n ta and its branches d eclin ed 2 per cent in num ber o f item s h a n d led and 3 per cent in d o lla r am ount in A p r il, but w ere larger by 13 per cent in num ber and 18 per cen t in am ou n t than in A p ril 1939. Agriculture P la n tin g and grow th o f crop s in m ost parts o f th e S ix th D istrict w ere retarded in A p r il and ea rly M ay b y th e u n fa v o ra b ly co o l w eather. E arlier freezes had alread y caused con sid era b le d am age to fru its and truck crops. A cco rd in g to reports o f th e U n ited States D epartm ent o f A gricu ltu re th e G eorgia p each crop is e x p ected to be about th ree-fourths that o f la st year, that in A labam a about 35 per cen t o f la st y ea r’s crop and in M ississip p i there is an in d ica ted d ecrease o f 5 5 per cent. W aterm elon p rodu ction in F lo rid a , how ever, is exp ected to be ab ou t 8 per cen t greater than in 1 9 3 9 . T h e D ep art m ent’s estim ates o f F lo rid a citrus fru its from the 1 9 3 9 b lo o m F ed er a l R eser v e D is t r ic t w ere raised b y a m illio n b o x es each fo r oranges and grap e fru it betw een A p ril 1 and M ay 1. M arket prices advanced co n sid era b ly fo llo w in g the w inter freeze. ► In the w eek ended M ay 11, b ecau se o f develop m en ts abroad, there w ere sharp d eclin es in p rices o f farm p roducts and fo o d s, and after a v era g in g about 1 0 .6 2 cents per pound in M arch and A p r il th e ten-m arket average o f sp o t cotton p rices d rop p ed to 1 0 .0 9 cents on M ay 10 and to 9 .5 8 cents a w eek later. ► Farm in com e in the six states o f th is D istrict in the first tw o m onths o f 1 9 4 0 w as dow n 3 p er cen t com p ared with that p eriod a year earlier. In com e fro m crops w as 16 per cent less and that fro m liv esto ck w as 4 per cent low er, but G overnm ent benefit p aym en ts, to ta llin g 2 0 .6 m illio n s, w ere up 53 p er cent. Industry Increased a ctiv ity in b u ild in g and con stru ction w as in d ica ted in a further rise in contracts aw arded and b u ild in g p erm its issu ed in A p r il, and co a l ou tp u t was s lig h tly h ig h er, but te x tile o p eration s d eclin ed . P ig iron p rod u ction recorded a fu rth er sm a ll decrease in A p ril, but in recent w eeks steel m ill a ctiv ity has risen . ►T o tal v a lu e o f con stru ction contracts aw arded in th e D is trict du rin g A p r il, n ea rly 3 0 m illio n s o f d o lla rs, w as up about 23 per cen t from M arch. S lig h tly m ore than h a lf o f th is total w as fo r resid en tia l con tracts w h ich in creased 3 4 per cent over M arch. T o ta l con tracts w ere 3 4 per cent greater than in A p ril la st year and resid en tia l aw ards w ere up 37 per cent. In the J a n u ary-A p ril p eriod total aw ards am ounted to 1 0 6 m illio n s, la rg er than a year ago by 18 per cent, and resid en tia l aw ards w ere ab out 4 4 m illio n s, up 3 2 per cent. T h ese c u m u la tiv e to ta ls are ab ou t d ou b le th ose fo r the co rresp o n d in g part o f 1 9 3 8 . In the 37 Eastern S tates A p r il contracts in creased 10 per cent over M arch but w ere 9 per cen t less than a year ago, and the JanuaryA p ril tota l w as 12 per cent; le ss than fo r that part o f last year. T he v a lu e o f A p r il b u ild in g perm its at tw enty cities in the D istrict in creased 19 per cen t over M arch and w as 17 per cent greater than a year a go, and the four-m onth total is the la rg est fo r that p erio d sin ce 1 9 2 9. ► C otton co n su m p tio n b y m ills in A la b a m a, G eorgia and T en n essee d eclin ed 5 per cent in A p ril, w as 2 0 per cent below the record to ta l fo r N ovem b er, and w as o n ly slig h tly h igher than in A u gu st, just p rior tc» th e outbreak o f w ar abroad. In th e n in e m onths o f the current season co n su m p tion averaged 19 per cent greater than in that part o f the season b efore. O p eration s at cotton seed o il m ills d eclin ed further in A p ril, as th ey a lw a y s do. ► S teel m ill a ctiv ity has risen , b oth in the B irm ingh am area and in the U n ited S tates, sin ce the m id d le o f A p r il. In the B irm in gh am area o p era tio n s a veraged 7 9.1 p er cent o f ca p a city in A p r il and h a v e recen tly b een at 8 1 .5 per cent. In the cou n try a ctiv ity has risen fro m an average o f about 6 1 .5 p er cent in A p r il to 6 6 .5 per cent. P ro d u ctio n o f p ig iron in A la bam a d eclin ed 2 per cent fro m M arch and w as 9 per cent b elo w the fifteen -year h ig h recorded in January. In com par iso n w ith 1 9 3 9 , A p r il ou tp u t w as larger b y 21 per cent and the fo u r m onths to ta l w as up 18 p er cent. On M ay 1 seven teen b la st fu rn aces w ere active, a g a in st 16 a m onth earlier. ► C oal p rod u ction in A la b a m a and T en n essee increased s lig h tly in A p ril and w as su b sta n tia lly greater than a year a g o w hen o p eration s w ere in terru p ted b y an in d u strial dispute. B u s in e s s C o n d it io n s in t h e S ix t h F ed er a l STOCKS CO LLEC TIO N Ja n .-A p r. R A TIO In c l. A p r. 1 9 40 A p r. 1 9 40 C o m p a r e d C o m p a r e d A p r. w ith : C o m p a r e d w ith : w ith : 1 9 40 Y e a r A g o A p r. 1 9 3 9 R ETAIL TRA D E M a r- 1 9 40 A P r * 19 39 2 4 .3 + 8.6 + 1 7 .5 A t l a n t a ................................. — 1 6 .6 + 3 .8 3 2 .7 + 10.0 + 6 .7 B ir m in g h a m .......................— 2 2 .2 — 3 .5 — 2 .9 M o n tg o m e r y ..................... — 1 3 .3 +0.8 + 11.6 3 0 .3 + 1.8 N a s h v ill e ....................... . . — 1 6 .6 — 1.9 — 0.1 3 1 .8 + 9 .9 N e w O r l e a n s .................. — 6 .3 + 8 .5 + 0 .1 3 6 .6 + 8 .4 + 1 1 .5 O t h e r s ....................................— 1 6 .5 + 7 .4 3 0 .5 + 10.1 + 8 .9 D IST R IC T (4 5 F ir m s ). — 1 5.1 + 2 .8 SALES + + 1 2 .0 + 4 .1 +3.3 + 4 2 .7 * + 1 0 .9 — 3 0 .7 — 3 .0 +4.8 + 2 0 .5 + 8 .3 —12.0 — 7 .4 + 2 .5 C O N T R A C T S A W A RD ED — D IS T R IC T ...........................................$ 2 9 ,7 1 4 R e s id e n tia l....................................... 1 4 ,9 3 2 A ll O t h e r s ......................................... 1 4 ,7 8 2 A l a b a m a ............................................ 3 ,6 9 8 F l o r i d a ................................................. 8 ,7 2 2 G e o r g i a .............................................. 6 ,5 5 9 L o u i s i a n a ......................................... 8 ,9 2 8 M is s is s ip p i................................. .. 1 ,1 3 2 T e n n e s s e e ......................................... 5 ,0 4 6 B U ILD IN G PERM ITS— 2 0 C IT IE S .........................................$ A t l a n t a ................................................. B ir m in g h a m .................................... J a c k s o n v il le .................................... N a s h v ill e ............................................ N e w O r l e a n s ................................. 1 5 O th e r C i t i e s ............................ 7 ,9 8 4 374 288 688 293 412 5 ,9 2 7 P IG IR O N P R O D U C T IO N —T o n s A l a b a m a ............................................ C O A L P R O D U C T IO N — T o n s A l a b a m a .................................... .. T e n n e s s e e ........................................ A p r. 1939 66 948 + 6 .3 + 10.1 $ $ 1 3 8 .9 2 4 9 .7 1 2 7 .7 1 2 5 .0 1 1 0 .3 1 0 4 .8 1 9 3 .3 1 0 8 .0 1 0 4 .0 9 7 .3 66.1 R ETAIL S T O C K S — U n a d ju s te d D IST R IC T (23 F i n n s ) .............................................. A t l a n t a ............................................................................... B ir m in g h a m ..................................................................... N a s h v ill e .......................................................................... N e w O r l e a n s .................................................................. . 8 1 .8 ,1 4 7 .6 8 0 .1 6 2 .0 6 9 .2 7 9 .5 1 4 3 .9 7 3 .6 5 8 .1 6 8 .1 7 2 .8 1 2 3 .4 7 2 .1 6 0 .9 6 2 .9 8 1 .7 5 8 .7 RETAIL S T O C K S —A d ju s te d . 777.9 7 .9 D IST R IC T (23 F i r m s ) ............................................................. A t l a n t a .......................................................................... ...................,1140.6 4 0 .6 B ir m in g h a m .................................................................................. 76.3 7 6 .3 N a s h v ill e ........................................................................................., 59.6 5 9 .6 N e w O r l e a n s ..............................................................................., 66.5 6 6 .5 7 7 .2 1 4 1 .1 7 2 .2 5 7 .0 6 5 .5 6 9 .3 1 1 7 .5 6 8 .7 5 8 .6 6 0 .5 . 6 6 .8 W H O L E S A L E SA LES— T o t a l................................. , 5 5 .2 G r o c e r i e s .......................................................................... . 51.2 5 1 .2 D ry G o o d s ...................................................................................... 9 9 .2 H a r d w a r e .......................................................................... D r u g s .................................................................................. , 1 1 7 .3 6 9 .1 5 5 .5 5 7 .8 1 0 3 .3 1 3 3 .6 6 4 .4 4 8 .9 4 9 .9 9 1 .0 9 8 .4 . 8 4 .7 C O N T R A C T S A W A R D E D — D IS T R IC T ........... 1 0 6 .4 R e s id e n tia l...................................... .............................................106.4 0 .2 A ll O t h e r s ......................................................................................, 770.2 0 .9 A l a b a m a ......................................................................................... 880.9 0 .1 F l o r i d a ................................. ............................................................, 660.1 8 .4 G e o r g i a ............................................................................................. 998.4 1 4 2 .0 L o u i s i a n a .........................................................................................142.0 , 5 8 .7 M is s is s ip p i......................................................................................58.7 . 9 1 .0 T e n n e s s e e ....................................................................... 6 9 .0 7 9 .7 6 1 .9 4 1 .0 6 2 .8 8 8 .0 5 6 .2 1 7 5 .6 8 9 .1 6 3 .1 7 7 .9 5 3 .2 4 8 .6 5 3 .8 6 0 .1 1 1 7 .3 1 0 3 .3 4 6 .3 .0 B U ILD IN G PER M ITS—2 0 C i t i e s ...................................... ... 7711.0 A t l a n t a .............................................................................................., ..22 4 .2 B ir m in g h a m .....................................................................................11 9 .4 J a c k s o n v il le .....................................................................................88 3 .7 N a s h v ill e .......................................................................................... ..44 6 .2 N e w O r l e a n s ..............................................................................., ...33 2 .0 .1 0 8 .2 15 O th e r C i t i e s ........................................................ 5 9 .8 2 9 .1 2 7 .7 8 0 .4 1 4 8 .2 3 2 .7 7 0 .1 6 0 .5 3 1 .4 2 3 .2 1 2 4 .1 1 6 3 .5 2 0 .7 6 6 .7 ,11122.7.7 P IG IR O N PR O D U C T IO N —A LA BAM A *.....................1 1 1 5 .2 .16644.3.3 C O T T O N C O N S U M P T IO N — 3 ST A T E S*.....................1 . 1 8 9 .7 A l a b a m a ....................................................................... ,1 5544 .6 G e o r g i a ............................................................................................1 .1 5 1 .6 T e n n e s s e e ..................................................................... 1 7 2 .9 2 0 2 .3 1 6 2 .0 1 5 6 .2 1 5 5 .2 1 7 3 .4 1 4 8 .3 1 4 6 .9 EM PLOYM ENT (A v . fo r 1 9 3 2 — 1 0 0 ) 1 3 6 .1 A l a b a m a ........................................................................ . 1 1 0.1 F l o r i d a ............................................................................ , 1 4 5 .0 G e o r g i a ............................................................................................1 9 .0 L o u i s i a n a .......................................................................................11 1 9.0 M is s is s ip p i.................................................................................... 1 0 9 .9 T e n n e s s e e .......................................................................................113311 .7 . 1 3 2.1 SIX S TA TES........................................................... 1 3 9 .6 1 2 1 .8 1 4 8 .3 1 2 1 .3 1 1 2 .4 1 3 1 .6 1 3 5 .5 1 3 1 .9 1 0 5 .9 1 3 3 .3 1 1 2 .6 1 1 0 .1 1 2 5 .4 1 2 7 .9 2 3 1 .9 1 1 1 .4 2 0 4 .3 1 4 5 .4 1 5 0 .0 1 6 9 .7 1 8 3 .9 1 8 1 .0 8 5 .1 1 6 1 .9 1 2 8 .9 1 4 7 .8 8 9 ,7 0 9 3 3 .4 1 6 5 6 ,2 9 3 1 1 ,8 6 9 2 7 ,0 6 9 2 0 ,5 8 6 2 0 ,6 8 7 1 2 ,7 8 1 1 3 .4 1 7 $ 6 ,7 2 4 450 410 662 940 420 3 ,8 4 2 6 ,8 1 1 487 343 1 ,0 3 7 266 3 ,6 5 7 1,021 2 ,3 7 6 1 ,6 4 0 1 ,9 1 1 1 6 ,4 4 8 2 0 ,8 8 4 1 ,5 9 4 992 2 ,3 8 1 1 ,6 2 6 1 ,5 2 2 1 2 ,7 7 0 258 272 214 1 ,0 8 3 920 1 ,2 8 0 472 1 ,2 7 4 456 13 0 14 4 5 ,2 8 4 2 ,1 0 4 3 ,6 4 8 1 ,5 5 1 $ 2 5 ,7 3 2 2 ,1 5 7 1,201 (000 OMITTED) COTTON CONSUMPTION — B ales A p r. 1940 66 122 15 203 M a r. 1940 70 1 27 16 213 69 101 105 1 ,3 9 9 1,3 7 1 TO TA L SIX S T A T E S ................ 533 762 ‘ G e o r g i a , A la b a m a , L o u i s i a n a a n d M ississippi. 567 2 ,2 4 3 2 ,1 8 0 A l a b a m a ............................................ G e o r g i a .............................................. T e n n e s s e e ......................................... TO TA L TH REE S T A T E S .. A p r. A u g .l - A p r .3 0 ,In c l. 1939 1 9 3 9 -4 0 1 9 3 8 -3 9 58 662 544 11 2 1 ,2 1 0 1 ,0 1 7 14 141 129 184 2 ,0 1 3 1 ,6 9 0 COTTON SEED CRUSHED— T o n s * ................................................... FERTILIZER TAG SALES—T ons (000 OMITTED) ELECTRIC POW ER PRODUCTION—lew h o u rs A la b a m a .............................................. F l o r i d a ................................................. G e o r g i a .............................................. L o u i s i a n a ............................................ M is s is s ip p i....................................... T e n n e s s e e ......................................... TO TAL SIX S T A T E S ............. B y W a te r P o w e r ..................... B y F u e l s ...................................... M a r. 19 40 4 2 0 ,1 6 4 1 1 4 ,1 7 1 1 3 6 ,6 3 2 1 5 3 ,0 9 2 4 ,0 2 3 1 6 1 ,6 9 6 9 8 9 ,7 7 8 6 2 5 ,2 5 9 3 6 4 ,5 1 9 F eb. 1940 3 9 9 ,6 8 2 1 1 5 ,9 8 2 1 2 2 ,8 7 9 1 5 5 ,8 6 8 4 ,3 1 4 1 5 2 ,5 8 5 9 5 1 ,3 1 0 5 1 5 ,7 4 4 4 3 5 ,5 6 6 M a r. J a n . l-M a r .3 1 ,I n c l. 1939 1 9 40 19 39 2 7 9 ,0 1 1 1 ,2 2 8 ,9 0 6 8 2 7 ,3 7 4 9 8 ,8 0 4 3 5 8 ,4 3 0 2 8 9 ,8 1 4 1 5 4 ,2 0 8 3 9 1 ,2 0 3 4 1 5 ,5 6 3 1 3 1 ,4 5 2 4 8 7 ,3 5 9 4 0 4 ,8 4 4 4 ,5 5 3 1 3 ,5 6 5 1 4 ,1 1 6 1 8 7 ,8 0 6 4 8 3 ,2 0 6 5 1 5 ,8 3 5 8 5 5 ,8 3 4 2 ,9 6 2 ,6 6 9 2 ,4 6 7 ,5 4 6 5 7 0 ,9 8 5 1 ,5 6 8 ,2 5 5 1 ,4 9 5 ,1 0 3 2 8 4 ,8 4 9 1 ,3 9 4 ,4 1 4 9 7 2 ,4 4 3 ^ Electric power production, on a daily average basis, de clined about 3 per cent in March, when the rate was also 3 per cent below the January peak for the six states of this District. In the country as a whole production was down 6 per cent from January. A p r. 1 9 39 1 1 9 .2 2 0 6 .8 1 0 8 .0 1 0 6 .1 1 0 3.1 RETAIL SALES*— A d ju s te d D IST R IC T (25 F i r m s ) .............................................................11 1 9.4 9 .4 A t l a n t a ............................................................................... 2 0 7 .1' B ir m in g h a m ..................................................................... 1 0 5 .3 N a s h v ill e .......................................................................... ,1 0 3 .2 N e w O r l e a n s .................................................................. 9 8 .2 J a n .- A p r ., In c l. 1940 1 9 39 247 264 2 ,6 1 5 $ 3 ,1 1 6 $ 2 4 ,2 2 5 $ 2 2 ,1 4 6 $ 1 0 6 ,0 6 1 1 0 ,9 3 5 4 3 ,9 7 6 1 1 ,1 8 5 11,211 6 2 ,0 8 5 1 3 ,0 4 0 1 ,8 7 7 2,222 1 1 ,8 0 1 9 ,1 0 9 7 ,8 0 2 3 4 ,7 6 4 5 ,8 6 5 4 ,0 0 3 2 4 ,3 5 0 3 ,5 3 3 7 ,3 7 5 2 0 ,9 5 3 3 ,3 8 6 1 ,9 9 2 1 1 ,3 1 5 4 ,9 4 1 2 ,5 6 8 2 0 ,3 7 9 A t l a n t a ............................................................................... B ir m in g h a m ..................................................................... N a s h v ill e .......................................................................... N e w O r l e a n s ............................ ..................................... 2 4 7 .2 1 2 7 .7 1 2 0 .0 1 0 5 .9 6 3 .3 1 8 .9 4 6 .6 + 1 3 .3 + 12.0 + 6.2 (0 0 0 O M IT T E D ) A pr M ar 1940 1940 70 55 829 $ 680 $ C O M M E R C IA L FA IL U R E S— D IS T R IC T ......................................... N u m b e r ( a c t u a l ) ....................... l i a b i l i t i e s .........................................$ + 6.1 + 21.1 + 8.6 — 1.2 (1923-1925 = 100 e x c e p t a s n o te d ) RETAIL SALES*—U n a d ju ste d -.1 9 4 0 M ar. 1 9 40 .1 1 8 .2 1 3 6 .0 D IST R IC T (25 F i r m s ) .............................................. .2 1 1 .2 1 0 1.1 ,1 0 0 .1 9 9 .2 7 8 .6 4 0 .9 5 2 .3 + 1 1 .5 + 1 1 .7 8 .4 + 2.1 + 2.2 + 1 7 .8 + 1 3 .0 + 1 0 .9 3 D is t r ic t SIXTH DISTRICT BUSINESS INDEXES SIXTH DISTRICT BUSINESS STATISTICS W H O L E S A L E TRA D E G r o c e r i e s ............................ — 0 .5 D ry G o o d s .......................... — 1 1 .5 H a r d w a r e ............................ — 4 .0 E le c tr ic a l G o o d s ........... + 1 9 .0 D r u g s ...................................... — 1 2 .2 S h o e s ...................................... — 2 5 .8 A u to S u p p l i e s .................. 0 .0 F u r n i t u r e ............................ + 6 . 7 T o b a c c o a n d Its P r o d u c t s .......................... + 2 .9 M is c e l la n e o u s ................ — 5 .4 T O T A L .......... ................... — 3 .4 R eser v e PAYROLLS (A v . fo r 1 9 3 2 = 1 0 0 ) A l a b a m a ....................................................................... F l o r i d a ............................................................................ G e o r g i a .......................................................................... T en n essee . ELECTRIC POW ER PRODUCTION* . . 2 2 2 .4 . . 1 0 0 .0 ..2 0 0 .2 ... 1 4 5 . 4 ..144.5 ..1 6 9 .0 ..1 7 8 .6 M ar. 1 9 40 A l a b a m a .........................................................................................5 2 6 .0 F l o r i d a .............................................................................................. 5 6 1 .4 G e o r g i a ............................................................................................2 2 7 .4 L o u i s i a n a ........................................................................................ 5 7 4 .9 M is s is s ip p i...................................................................................... 6 2 .2 T e n n e s s e e ......................................................................................2 5 7 .7 S IX ST A T E S ............................................................................ 3 8 6 .4 B y W a te r P o w e r .................................................................. 4 6 4 .4 B y F u e l s ...................................................................................... 3 0 0 .0 F e b .1 9 4 0 5 3 4 .8 6 0 9 .6 2 1 8 .6 6 2 5 .7 7 1 .3 2 6 0 .0 3 9 7 .0 4Q 9.5 3 8 3 .2 9 3 .4 r 152.3 150.1 M ar. 1 939 3 4 9 .2 4 8 5 .8 2 5 6 .7 4 9 3 .6 7 0 .3 2 9 9 .3 3 3 4 .1 4 2 4 .1 2 3 4 .4 • 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 co n su m p tio n a r e o n a a a i l y a v e r a g e b a s is , r = re v is e d . 4 B u s in e s s C o n d it io n s in t h e S ix t h F ed er a l R eser v e D is t r ic t N A T IO N A L SU M M A R Y O F B U S IN E S S C O N D IT IO N S INDUSTRIAL PRODUCTION P re p a re d b y th e B o ard of G o v e rn o rs oi th e F e d e ra l R ese rv e S y stem I NDUSTRIAL activity was steady during April after three months of sharp decline, and in the first half of May increases appeared in some lines, particularly steel. Prices of basic commodities showed mixed changes toward the middle of May, accom panying the extension of active warfare in Europe, while stock prices declined sharply. P r o d u c tio n The Board’s seasonally adjusted index of industrial production for the month of April was 102, compared with 104 for March and 109 for February. Steel ingot production was steady during April at slightly over 60 per cent of capacity as com pared with an average rate of 64 per cent in March; in the first half of May output rose sharply and currently is scheduled at about 70 per cent of capacity. Automobile production in April continued at about the March rate, although ordinarily there is an increase at this season, and in early May declined somewhat. Retail sales of new cars approximated production in April and dealers’ stocks of both new and used cars remained at earlier high levels. Output of plate glass, used largely by the automobile industry, declined considerably in April, and lumber production showed somewhat less than the usual seasonal increase. In the machinery, aircraft, and shipbuilding indus tries activity continued at the high rate of other recent months. In the textile industry activity at cotton and woolen mills declined somewhat further in April, following considerable reductions in March. At silk mills activity remained at a low level, while rayon production was maintained at a high rate. Output at meat-packing establishments continued in large volume. There was some further curtailment in shoe production in April; in most other industries producing nondurable goods changes in output were largely seasonal in character. Coal production, which usually declines sharply in April, showed only a small decrease this year. Output of crude petroleum, which had reached record high levels in March, was largely maintained in April and the first half of May, although stocks of crude oil were increasing and gasoline stocks were unusually large. Value of construction contract awards increased further in April, reflecting prin cipally a rise in contracts for private building, according to figures of the F. W. Dodge Corporation. Awards for private residential building were in somewhat larger volume than a year ago. Private nonresidential building was about one third greater than at this season last year and was near the previous peak level reached in mid-1937. Awards for public construction, however, were considerably below the level of last spring. D is tr ib u tio n Distribution of commodities to consumers showed little change in April and the first half of May. The Board’s seasonally adjusted index of department store sales was 90 per cent of the 1923-1925 average in April, about the level that has prevailed since the first of the year but below the peak of 96 reached last December. In d e x oi p h y s ic a l vo lu m e o i p ro d u c tio n , a d ju s te d ior s e a s o n a l v a ria tio n , 1923-1925 a v e r a g e = 100. D u ra b le m a n u fa c tu re s, n o n d u ra b le m a n u ia c tu re s , a n d m in e ra ls e x p re s s e d in te rm s oi p o in ts in to ta l in d e x . By m onths, J a n u a ry , 1934, to A pril, 1940. FREIGHT CAR LOADINGS In d e x o i total lo a d in g s o i re v e n u e ire ig h t, a d ju s te d ior s e a s o n a l v a ria tio n , 1923-1925 a v e ra g e = 100. M iscella n e o u s, co al, a n d all o th e r e x p re s s e d in te rm s oi p o in ts in to ta l in d e x . By m o n th s, Ja n u a ry , 1934, to A pril, 1940. DEP^^RTMENT STORE SALES AND STOCKS F o r e ig n T r a d e Exports of United States merchandise, which have been at a high level since last December, declined somewhat in April. A large part of the decrease in April was accounted for by the complete cessation of shipments to northern European countries after outbreak of hostilities there, but declines were also reported in shipments to most other countries. Exports to Canada, the Union of South Africa, and France, how ever, increased. During April, the monetary gold stock of the United States increased by $337,000,000, the largest increase since August 1939. Acquisitions of gold in the first two weeks of May totaled $169,000,000. C o m m o d ity P r ic e s Prices of a number of basic commodities, which had been declining after a rise in April, advanced from May 10 to May 14. Increases in this period were particularly marked for imported materials, such as rubber, tin, and silk. Grain prices rose at first but subsequently showed sharp declines. Price changes for other commodities were mixed; steel scrap advanced, while cotton declined considerably. Prices of certain steel products, which had been reduced early in April, were restored to earlier levels on May 1, and producers announced that steel purchased at the lower prices must be taken by the buyers on or before June 30. In d e x e s o i v a lu e oi salesi a n d sto c k s, a d ju s te d ior s e a s o n a l v a ria tio n , 1923-1925 a v e r a g e = 100. By m o n th s, Ja n u a ry , 1934, to A pril, 1940. MONEY RATES IN NEW YORK CITY G o v e rn m e n t S e c u rity M a rk e t Prices of United States Government securities declined sharply from May 10 to May 14, accompanying the further spread of war in Europe. Prices of long-term Treasury bonds on May 14 were 3% points below the high point reached on April 2. The yield on the 1960-65 2% per cent bonds rose from 2.26 per cent on April 2 to 2.48 per cent on May 14. B a n k C r e d its Total loans and investments at reporting member banks in 101 leading cities increased during the four weeks ending May 8. Most of this increase was at New York City banks and reflected purchases of United States Government obligations. Deposits and reserves of banks in leading cities continued at record high levels. For w eeks e r.d in g Ja n u a ry 6, 1934, to M ay 18, 1940.
@FedFRASER