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TLANTA, GEORGIA, MAY 3 ! a 1955

JnJnisIssue:

H om e and A u to Boom Sp u rs Bank Lendinq
F a r m e r s ’ F in a n c ia l L iq u id ity W e a k e n s

D is tric t

SixtfiDifindStatistics:

e s s H ig h lig h ts

Condition of 27 Member Banks in Leading Cities
D e b i ts t o I n d i v i d u a l D e m a n d D e p o s i t A c c o u n t s
d e p a r tm e n t S t o r e S a l e s a n d I n v e n t o r ie s
is ta lm e n t C a sh L oans
R e t a i l F u r n itu r e S t o r e O p e r a t i o n s
h o l e s a l e S a l e s a n d I n v e n t o r ie s

SixthDiftridlndhes:




o n s tr u c t io n C o n t r a c t s
o tfo n C o n s u m p tio n
D e p a r tm e n t S to r e S a le s a n d
o w e r P r o d u c ti o n
re S to r e S a le s a n d S to c k
n u fa c tu r in g E m p lo y m e n t
M a n u f a c t u r i n g P a y r o lls
f

n f c r m E m p lo y m e n t
r o l e u m P r o d u c ti o n
u m o v e r o f D e m a n d D e p o s i ts

DISTRICT BUSINESS HIGHLIGHTS
Economic activity continues strong but a few indicators have weakened slightly. Residential
construction awards and department store sales are down from previous highs, and manu­
facturing activity is still short of its 1953 peak. On the other hand, new highs have been
established for bank debits, bank loans and deposits, and nonfarm employment. Agricul­
tural production prospects are brighter because of widespread rains in May.




N o n fa rm

e m p lo y m e n t ,

seasonally adjusted, advanced to the highest on record

at mid-March.
F arm

has risen seasonally, but remains below a year ago.

e m p lo y m e n t

measured by seasonally adjusted cotton consumption, rose mod­
erately in April after showing virtually no change in the first quarter.

T e x t ile a c t iv it y ,

R e s i d e n t i a l c o n t r a c t s awarded during April were off from March, but were con­
siderably greater than a year ago. Other-than-residential awards rose sharply in April.
E x p o r t s t h r o u g h D i s t r i c t p o r t s in the first two months of 1955 were somewhat
higher than during the like period of last year, but imports were lower.
A f t e r a t h r e e - w e e k d r y p e r i o d in most areas, heavy rains have improved pros­
pects for germination and growth of crops; in parts of Florida, however, the drought
is persisting.
S p r in g

v e g e t a b le

o u tp u t

in Florida is somewhat below that of last spring, but

prices are higher.
M ilk p r o d u c tio n

is greater than a year ago; egg, broiler, pork, and beef production

are also up.
C a t t l e p r i c e s are up this year as are broiler prices, but hog prices are down sub­
stantially. Prices of milk and eggs are also down somewhat.
D e p a r t m e n t s t o r e s a l e s , seasonally adjusted, were slightly off in May from the
peak level of April, according to preliminary data.
g o o d s at department stores continued to expand more rapidly
from a year ago than nondurables.

. S a le s o f d u r a b le

C on su m e r

s a v in g s ,

seasonally adjusted, declined slightly in April from March.

b a n k l e n d i n g to consumers further expanded in April, reflecting
increased auto and personal instalment cash loans.

C o m m e r c ia l

N e w c a r r e g i s t r a t i o n s in the District during the first quarter of 1955 showed
larger gains over a year ago than in the nation.

from the Federal Reserve Bank declined in May as the
banks’ reserve positions improved, largely through Treasury expenditures and gains
of funds from other parts of the country.

M e m b e r b a n k b o r r o w in g

of the Federal Reserve Bank of Atlanta was raised from one and
one-half to one and three-fourths percent on May 2.

T h e d is c o u n t r a t e

d e p o s i t s at all member banks increased contra-seasonally in April, and
according to preliminary data, continued to expand in May.

T o tal

B a n k d e b its ,

seasonally adjusted, increased in April and were well above a year ago.

l o a n s , seasonally adjusted, at all member banks increased in April and
continued to gain in May.

T o tal

•2•

.

Home and Auto Boom Spurs Bank Lending
Customers of banks are borrowing more money this
spring than they usually do during the first part of the
year. Since the business revival began last fall, demand
for bank credit has apparently been greater in the Sixth
District than in the nation. District member banks in­
creased their loan portfolios in the first four months of
1955 by 103 million dollars, in contrast to only a 14
million-dollar rise in the same period last year. Although
local conditions played some part in the higher demand
for loans, in general the rise in loan portfolios at District
banks reflected the same forces as those responsible for
the national economic recovery that began last fall.
During the first half of 1954 while loans at all banks
in the nation remained relatively stable, total loans at
District banks expanded, with most of the rise occurring
at banks outside of the major cities. Accordingly, the
xasonal pick-up in loan demand in the fall, coinciding
as it did with a general revival in business activity, came
on top of a moderate, steady expansion in bank credit in
the smaller towns of the District. From June 1954 through
the first quarter of 1955, District member bank loans
rose by nearly 13 percent, in contrast to an 8-percent rise
for all member banks. In April, 288 of the 374 District
Loan

e x p a n s io n

at

D is t r ic t

m em ber

banks

has

ex­

c e e d e d t h a t a t m e m b e r b a n k s in t h e n a t i o n in r e c e n t

member banks Had higher loan portfolios than a year ago.
In general, the types of loans most in demand at Sixth
District banks are those most in demand throughout the
nation. Particularly significant has been the expansion in
real-estate loans and loans to individuals for the purchase
of consumer durables. Loans to business firms accounted
for almost half of the District increase over a year ago, but
many of these loans reflected increased credit needs of
builders and building supply companies, as well as greater
credit requirements of trade firms.
About one-fourth of the rise in total bank loans since
last fall and nearly half of the rise since December have
occurred in instalment and single payment loans to indi­
viduals, mostly for the purchase of durable goods. Rising
automobile sales appear to be prominent in accounting
for the growing volume of direct consumer loans by banks.
Perhaps of equal or even greater importance has been
the indirect financing of consumer purchases of durables
through bank loans to sales finance companies and to
retailers, enabling them to extend credit to their customers.
Some of the loan expansion has been necessary to finance
higher inventories required by larger sales volumes.
Over one-third of the loan increase at District banks
F lo r id a

le d

th e

o th e r

D is t r ic t s t a t e s

in t h e

m em ber

b a n k lo a n a d v a n c e o v e r a y e a r a g o .

m o n th s.

percent

percent increase april '55 "'54

fla.
R e a l e sta te
banks

have

and

c o n s u m e r lo a n s

in c r e a s e d

m ore

t h is

a t D is t r ic t m e m b e r
s p r in g

th an

o th e r

To

m ake

la.
th e

lo a n

ga.

ala.

e x p a n s io n

tenn.

p o s s ib le ,




banks

d u c e d t h e ir h o l d i n g s o f G o v e r n m e n t s e c u r it ie s .

t y p e s o f lo a n s .

percent change apr 55" dec 54

miss.

billion $

•3•

re ­

this spring is accounted for by real-estate loans, and half
of the dollar volume of these loans is on residential
property. The extent of recent bank loan demand arising
from the housing boom, however, is not accurately meas­
ured by loans secured by owned mortgages. Not included
in the 414 million dollars of real-estate loans held in
mid-April by District member banks was a sizable volume
of temporary loans to construction and real-estate firms
and of business loans to building material firms and sup­
pliers, all of which also represented uses of bank financing
associated with the current building boom.
The rising demand for bank loans, of course, has
created some problems at District banks. In some months
since the first of the year deposits have risen less than loans.
Furthermore, at 19 percent of the District member banks,
deposits for the first four months of 1955 were actually
below a year ago. Only a few banks have been able to
meet the expanding loan demand out of an increase in
deposits; most District banks have been forced to make
other provisions for funds.
Many banks, of course, were able to handle the in­
creased loan demand by drawing on idle reserves, cor­
respondent balances, or other cash assets. A number of
banks, however, sold Government securities or did not
replace those that matured, thus freeing funds with which

F a r m

e r s ’ F in

a n

c ia l

For some people in the Sixth District the 1954 economic
recession was a mild one; for some there simply was no
recession; but for many farmers the recession had a bite
to it. Farm cash receipts and net income in parts of the
District declined significantly from 1953 levels because
of reduced acreages of cotton, lower prices for some prod­
ucts, and drought damage to the important peanut, corn,
and tobacco crops. Adverse farm income developments
were accompanied by a weakening in farmers’ financial
liquidity: their holdings of bank deposits dwindled and
their debts mounted.
Farmers’ holdings of demand deposits at all commercial
banks in the District were 14 percent lower at the end of
January 1955 than a year earlier, according to a demand
deposit ownership survey made by the Federal Reserve
Bank of Atlanta. Farmers in Alabama and the District
portion of Mississippi suffered the greatest loss of demand
deposits in the District. The reductions were modest for
the state of Georgia and the District portion of Louisiana.
In Florida, however, a 25-percent gain occurred.
Time deposits in rural areas increased further in 1954,
but in some trade areas strongly influenced by agricultural
income, deposit growth was apparently dampened by re­
ductions in farmers’ savings. Although time deposits at
all District country banks increased about 18 percent be­
tween December 1953 and December 1954, such deposits
at country banks in the Dothan, Alabama, trade area,



to meet loan demands. In general, it was banks in the
larger District cities that sold Government securities,
whereas banks in medium-size and small cities increased
their holdings of securities.
In addition to providing funds for loan expansion by
shifting cash assets or by selling securities, some District
banks chose to increase their borrowings, either from
other commercial banks or from the Federal Reserve
Bank of Atlanta. On May 18, for example, District banks
in major cities were borrowing twice as much from other
banks as they were a year earlier, and their borrowings
from the Federal Reserve Bank were also double last year’s
figure.
Prospects for continued loan expansion during the
remainder of 1955 are good if the current business revival
continues. Normally an expansion of business credit
needs starts around mid-year and if these seasonal re­
quirements are added to the already heavy demands for
credit, banks should experience a growing volume of lend­
ing in the remainder of the year. There is the possibility, of
course, that some of the normal summer and fall rise in
demand for credit came earlier than usual this year. Never­
theless, the high volumes of durable sales and building
construction have shown little slackening and should be
the basis for strong credit demands in the immediate
future.
T homas R. A tkinson

L iq

u

id

it y

W

e a k e n s

where income from hogs, cotton, and peanuts is important,
rose only 8 percent. In the Hattiesburg-Meridian-Laurel
trade area of Mississippi, heavily dependent on cotton for
its income, time deposits rose only 7 percent in 1954. The
same percentage gain occurred in the Lafayette-IberiaHouma trade area of Louisiana, where rice and sugar cane
are important. On the other hand, in the Orlando trade
area of Florida, where citrus production is important, a
21-percent gain was registered in 1954, compared with a
rise of 15 percent in 1953.
The general decline in farmers’ income and deposits
was accompanied by a sizable expansion in their debt
to production credit associations, commercial banks, and
Federal Land Banks. At production credit associations,
which carry about 22 percent of the region’s short-term
•farm debt, outstanding loans to farmers increased about
9 percent, with gains showing up in all states. There was
also some growth in farmers’ debt to all commercial banks
in the region, judging from the slight increase in total farm
loans outstanding (excluding loans guaranteed by CCC)
at District member banks between December 1953 and
December 1954.
Most of the growth in total loans at banks was asso­
ciated with a marked shift from non-real-estate to realestate loans outstanding— a shift apparently brought about
by the tendency for bankers to seek farm real-estate mort­
gages to secure farm loans made for operating purposes

•4 •

Changes
tu ral

in

Farm

In c o m e
of

C ash

R e c e ip ts ,

P a ym e n ts,

F arm e rs, a n d
S ix t h

Item
Total cash receipts from farm
marketings, 1953 to 1954 .
Estimated income payments to
agriculture, 1953 to 1954 .
Farmers’ holdings of demand
deposits, Jan. 1954 to Jan.
19551..........................
Production loans to farmers out­
standing at production credit
associations, Dec. 1953 to
Dec. 1954 .....................
Real-estate loans to farmers
outstanding at Federal Land
Banks, Dec. 1953 to Dec.
1954 ..........................
Non-real-estate loans to farmers
(excluding loans guaranteed
by CCC) outstanding at mem­
ber banks, Dec. 31. 1953 to
Dec. 31, 19541 ..............
Real-estate loans to farmers
outstanding at member banks,
Dec. 31, 1953 to Dec. 31,
19541 ..........................
Non-real-estate loans to farmers
(excluding loans guaranteed
by CCC) outstanding at mem­
ber banks, April 1954 to
April 19551 ..................
Real-estate loans to farmers
outstanding at member banks,
April 1954 to April 19551

E s tim a t e d

Dem and
F arm

D e p o s it

A g r ic u l­
H o ld in g s

B o r r o w in g s

D is t r ic t S t a t e s
Percent Change
Ga.
La.

Ala.

Fla.

—9

+7

—S

Miss.

Tenn.

—9

—21

—6

— 14

+

1

—2

— 13

—22

—1

— 15

+ 25

—6

—9

— 40

+6

+s

+4

+6

+ 31

+5

+3

+ 12

+6

10

+ 14

+4

—6

—5

— 23

+7

+ 22

+ 47

2

+3

—3

—6

+ 15

+9

+ 80

+ 39

f

+

+

10

+

11

+

10

0

+2

10

+5

—5

+7

2

+8

+

—

'Sixth District portion of the state. Estimates based on a sample of banks in each state.

as well as for the purchase of capital items like cattle and
land. Farm real-estate loans outstanding at District mem­
ber banks increased 17 percent between December 1953
and December 1954, but non-real-estate loans outstand­
ing declined about 3 percent.
Of course changes in farm short-term and long-term
debt outstanding at member banks in 1954 were not uni­
form in all parts of the region. Modest declines in outstand­
ing short-term production loans occurred in Florida and
Georgia, although there were relatively sharp reductions
in the Florida citrus belt and the flatwoods section of
South Georgia. Meanwhile, farm real-estate loans out­
standing increased sharply in those local places as well
as in the states as a whole. Both short- and long-term
farm loans outstanding rose only slightly in Tennessee
and Alabama, but in the peanut and black prairie belts,
which extend across the southern portion of Alabama,
there was a substantial growth in outstandings of both
types of loans. In Louisiana, member banks experienced
a large decline in non-real-estate farm loans outstanding
and a sizable increase in farm real-estate loans.
Farmers’ inclination to rely more strongly upon realestate mortgages for securing funds in 1954 is also shown
by the growth in farm real-estate loans outstanding at Fed­
eral Land Banks serving the District. Outstandings for
District states at those banks rose 11 percent during 1954.
Louisiana farmers increased their borrowings from the
Land Banks the most and Florida farmers the least.
The growth in total farm debt and the wider use of
real-estate mortgages for securing operating credit is ap­
parently continuing in 1955. Total farm real-estate and



non-real-estate loans outstanding (excluding loans guar­
anteed by CCC) at member banks, for example, rose 10
percent between April 1954 and April 1955. Much of the
gain was due to an increase in real-estate loans. The in­
crease in farm real-estate loans outstanding is partly
accounted for by bank purchases of Government guaran­
teed farm mortgages. Also playing a part in the increase,
however, has been a greater use of real estate as security
for loans, particularly in drought-plagued Georgia.
There are a number of reasons why the growth in farm
debt and the change in its character are likely to continue
this year. For one thing, the persistence of drought con­
ditions and the paring of farm incomes in parts of the Dis­
trict, especially south central and southwest Georgia and
portions of Alabama and Mississippi, have increased farm­
ers’ need to borrow. At the same time the uncertainty
about the extent and effects of drought has likely caused
more short-term lenders to seek real estate as security
for the operating funds lent to farmers. Also, District
farmers require substantial sums to pay their current large
operating expenses and to accomplish adjustments in busi­
ness operations dictated by changed demands for im­
portant District farm products. On top of that, some
farmers who suffered losses from the sharp freeze this
spring will borrow funds to replant crops or otherwise
tide themselves over until the next crop year.
A rthur H. K antner
B a n k A n n o u n c e m e n ts
The Federal Reserve Bank of Atlanta is pleased to
welcome two new members into the System, both of
which came in on May 2. The First National Bank
of Biloxi, Biloxi, Mississippi, was formerly a non­
member state bank under the title of First Bank of
Biloxi. Officers are: E. C. Tonsmeire, President; A . L.
Gottsche, Executive Vice President; A . S. Gorenflo,
Vice President and Trust Officer; F. A. St. Amant, Vice
President; B. F. Wimberly, Cashier; and A . H. Kruse
and Edna M. Scheurich, Assistant Cashiers. The bank's
capital stock amounts to $150,000 and surplus and
undivided profits to $450,000.
The other new member is the newly organized
National Bank of Murfreesboro, Murfreesboro, Ten­
nessee. Officers of this bank include: Carl Walling,
President; Charles W. Wikle, Executive Vice President
and Cashier; and N. C. Maney, John R. Rucker, and
Dr. Carl Adams, Vice-Presidents. The capital stock of
this organization amounts to $200,000 and the surplus
and undivided profits to $150,000.
The Capital Bank and Trust Company, a newly
organized, nonmember bank in Baton Rouge, Louisiana,
opened for business May 20 and began remitting at
par for checks drawn on it when received from the
Federal Reserve Bank. Gene Bridges is President and
Embree K. Easterly is Cashier. Capital amounts to
$500,000 and surplus and undivided profits, $500,000.

• 5•

Farmers Continue to Cut Cash-Crop Acreage
Farmers in Sixth District states have made striking
changes in the use of their farm land in recent years.
The acreage of principal crops harvested in District
states dropped from a prewar average of over 34 million
acres to about 25 million acres in 1954. Declines in
harvested acreage of corn, cotton, sorghums, hay, and
peanuts amounted to more than 11 million acres, but
an increase of about one million acres in rice, soybeans,
and tobacco offset some of the decline. Although precise
data on changes in the number of acres used for pasture
are not available, agricultural authorities generally agree
H A R V E S T E D A C R E A G E O F P R IN C IP A L C R O P S

Sixth District States
Acres Harvested (In Thousands)
Percent Change
Average
1933-42 Average to
Crop___________ 1933-42 1943-52
1953
1954 1943-52 Avg. 1953 1954
59 Principal Crops . 34,465 28,936
C o r n ............... 15,655 11,880
C o t to n ............
8,946
6,857
Sorghums . . . .
302
214
5,140
5,145
All H ay............
Peanuts1 ............
1,041
1,453
207
233
Tobacco............
R i c e ...............
485
592
Soybeans
122
428
Acreage picked and threshed only.

26,549
9,518
7,456
188
4,249
816
233
604
591

24,842
9,716
5,506
237
3,813
704
234
652
915

— 16
— 23
— 28
— 24
— 39
— 38
— 23
— 17
— 39
— 29
— 38
— 22
+0 — 17
— 26
+40
— 22
— 32
+13 +13
+13
+22 +25
+34
+251
+384 +650

that much of the acreage removed from crop production
has been shifted to pasture.
Most of the shifts in the use of District farm land were
made because of changes in markets for agricultural prod­
ucts and in farm production costs. Cotton acreage, for
example, was reduced because of a shrinking cotton
market and because improved production techniques have
enabled farmers to produce more cotton on each acre.
As a result, fewer acres are required to supply the market
at prevailing prices.
Price-support programs, of course, have been instru­
mental in reducing acreage, but even without such pro­
grams District farmers would have either reduced their
cotton acreage or received lower prices for their crop.
Acreage of peanuts picked and threshed for edible uses
was reduced in response to smaller consumption. Increases
in the acreage of rice and soybeans reflect in part sub­
stantial increases in war and postwar markets for those
commodities and in part efforts of farmers to replace
income lost because of reductions in other crop acreages.
Another important factor influencing farmers to make
a substantial reduction in the harvested acreage of prin­
cipal crops has been the trend toward the increased use
of mechanical equipment on District farms. Much like
the problem of determining which came first, the chicken
or the egg, it is difficult to determine whether the move­
ment of labor from District farms caused farmers to
mechanize or whether farmers’ efforts to mechanize pushed
labor from farms. But the fact remains that District
farmers are now using more mechanical equipment in
their farm operations. Gasoline and tractor fuel has re­



placed corn as a source of energy for planting and culti­
vating crops and has consequently eliminated many of
the acres formerly planted in corn for mule feed. Pastures
and close-growing crops have proved more adaptable to
mechanized operations, and that too has influenced farm­
ers to reduce row-crop acreage.
Judging from announced acreage allotments and the
annual spring report of farmers’ planting intentions re­
cently released by the United States Department of Agri­
culture, trends in the use of District farm land will
continue in the direction started in the last few years.
The District cotton allotment is about 17 percent below
last year’s allotment; rice plantings are reduced 18 per­
cent from last year’s planted acreage; and the allotment
of all tobacco acreage for District states is reduced about
one percent. The picked and threshed peanut allotment,
A L L O T T E D A C R E A G E O F P R IN C IP A L

CROPS

Sixth District States

Allotted Acres (In Thousands) Percent Change
1954
1955
Crop
1954-1955
Cotton . .
6,090
5,082
—17
Rice . . . . . .
7401
608
—18
Tobacco . . . . .
234
233
— 1
Peanuts picked and
872
threshed . . . .
811
+ 8
1Planted acreage; no restriction on 1954 crop.
however, is up nearly 8 percent. The decrease in acreage
of allotment crops will total over one million acres, most
of which will be cotton acreage.
District farmers, however, have expressed an intention
to increase acreages planted to other crops. A substantial
rise in acreage of oats, sorghums, and soybeans will offset
PLANTED

ACREAGE

OF

P R IN C IP A L

CROPS

Sixth District States

Planted Acres (In Thousands) Percent Change
1955 Est.
1954
1954-1955
10,156
—2
9,927
—0
1,087
Peanuts (all purposes) 1,092
1,473
Soybeans (all purposes) 1,457
+ 1
Barley . . . . .
104
110
+ 6
+ 15
2,859
3,290
Oats......................
Sorghums . . . .
245
298
+22
Crop

some allotment crop acreage lost and will substitute in part
for planned reductions in acreages of corn. Little change
in the acreage of peanuts for all purposes is indicated.
Apparently District farmers will emphasize feed and
forage production again this year in an attempt to replace
cash income losses from allotment crops. Also, they will
likely make more intensive use of their allotment crop
land by using heavy fertilizer applications and the best
cultural practices. Success with these efforts, which de­
pends largely on favorable weather, will help offset some
of the anticipated reduction in District farm income.
Jo h n

T .

H a r r is

Sixth District Statistics
Retail Furniture Store Operations

Instalment Cash Loans
No. of
Lenders

Lender
Federal credit unions . .
State credit unions . . .
Industrial banks . . . .
Industrial loan companies
Small loan companies . .
Commercial banks . . .

36
17

8
11

32
32

Percent Change
Apr. 1955 from
Mar.
Apr.
1954
1955

—1

+ 13

—1

+ 38
+4

+ 55
+ 15
+ 99
+ 53

—6

+ 36
+4

Outstandings
Percent Change
Apr. 1955 from
Mar.
Apr.
1954
1955

+1
+1
+2
+1
+7
+2

+ 16
+ 13

+11

+ 16
+ 50
+9

C o n d i t i o n o f 2 7 M e m b e r B a n k s in L e a d i n g C it ie s
(In Thousands of Dollars)

Item
Loans and investments—
T o t a l ..................
Loans— N e t...............
Loans— G r o s s ............
Commercial, industrial,
and agricultural loans
Loans to brokers and
dealers in securities
Other mans for purchasing
or carrying securities
Real estate loans . .
Loans to banks . . .
Other loans ............
Investments— Total . . .
Bills, certificates,
and notes ...........
U. S. bonds . . . .
Other securities . . .
Reserve with F. R. Bank
Cash in vault ............
Balances with domestic
banks ..................
Demand deposits adjusted
Time deposits............
U. S. Gov’t deposits . .
Deposits of domestic banks
Borrowings..................

May IS
1955

April 20
1955

May 19
1954

Percent Change
May 18, 1955, from
April 20
May 19
3.954
1955

857,018

847,804

760,118

+0
+1
+1
+1

20,123

19,567

16,827

+3

36,607
36,912
131,438
125,818
5,132
6,387
458,244
455,824
1,764,083 1,768,064

34,356
89,180
12,839
401,461
1,703,639

—20
+1
—0

3,248,216 3,236,051 2,996,984
1,484,133 1,467,987 1,293,345
1,508,562 1,492,312 1,314,781

633,461
802,712
327,910
518,776
44,695

639,940
800,029
328,095
521,800
45,245

610,806
815,158
277,675
508,641
44,667

262,170
260,535
2,370,111 2,354,932
636,836
628,269
99,127
78,351
642,719
678,964
39,450
40,000

229,619
2,196,329
592,516
103,518
598,919
20,700

D e p a rtm e n t Sto re

S a le s

and

—1
+4

—1

+0

+8

+ 15
+ 15

+20

+ 13

+7
+ 47

—60
+ 14
+4

+4

—2
+2
+0

—0

+ 18

+1
+1
+1

+ 14

—1
—1

+ 27
—5
—1

In v e n t o r ie s *

Percent Change

Place
ALABAMA ..................
Birmingham...............
Montgomery...............
F L O R ID A ..................
Jacksonville...............
M iam i.....................
O rlando..................
St. Ptrsbg-Tampa Area .
St. Petersburg . . . .
Tampa..................
GEORGIA ..................
A t la n t a * * ...............
A u gu sta..................
Columbus..................
Macon.....................
R o m e * * ..................
Savannah** ...............
LOUISIANA..................
Baton R o u ge ............
New Orleans..............
M IS S IS S IP P I...............
Jackson ....................
Meridian**...............
TENNESSEE ...............
Bristol (Tenn. & Va.)**
Bristol-KingsportJohnson City** . . .
Chattanooga ...............
Knoxville..................
Nashville..................
D IS T R IC T ..................

Sales
April 1955 from
March
April
1955
1954

4 Months
1955 from
1954

+ 10
+8
+3
+ 15
—2
+ 20
—4
—8
—9
— 15
—4
+8
+7
+6
+ 14
+ 16
+ 36
+8
—3
+7
—7
+8
+7
+ 10
+ 14
+ 15

+7
+8
+4
+8
+ 14
+8
+ 26
+ 10
+3
+6
—0
+9
+9
+6
+ 29
+ 6,
+8
+4
+2
+1
—0
+0
—2
+ 11
+4
— 14

+ 10
+ 11
+8
+ 12
+ 15
+6
+ 26
+ 11
+5
+9
+1
+ 14
+ 15
+7
+ 26
+8
+4
+ 10
+7
+5
+7
+5
+3
+ 10
+6
—9

+ 16
+ 13
+ 18
+ 11
+5

—8
—4
+ 10
+7
+8

—5
—0
+ 13
+8
+ 11

Inventories
April 30, 1955, from
Mar. 31
Apr. 30
1955
1954
—1
—2

+5
+4

__5
—3
—5

+3
+0
+6

—7

+6

+1
+2

+ 12
+ 13

— 10
—1

+6
+3

—0
+1
—1
—2
—2

+9
+9
+9
+8
+4

—1
—0

+6
—6

—2
—0
—1

+ 33
+4
+7

^Reporting stores account for over 90 percent of total District department store sales.
**ln order to permit publication of figures for this city, a special sample has been
constructed that is not confined exclusively to department stores. Figures for non-'
department stores, however, are not used in computing the District percent changes.




Item
Instalment and other credit sales .
Accounts receivable, end of month . . .
Collections during month . .
Inventories, end of month .
W h o le s a le S a le s a n d

No. of
Firms
Reporting
Type of Wholesaler
Grocery, confectionery, meats 54
Edible farm products . . . 19
24
Drugs, chems., allied prods.
16
7
Dry goods, apparel . . . . 11
Furniture, home furnishings 9
Paper, allied products . . 7
33
Electrical, electronic &
appliance goods . . . .
8
Plumbing & heating goods . 21
Lumber, construction mat’ls . 5
Machinery: equip. & supplies 41
Industrial
............... 15
Iron & steel scrap &
waste materials . . . .
8

In v e n t o r ie s *

Sales
Percent Change
April 1955 from
April
March
1955
1954
+2
—3
+ 13
+ 27
— 13
+1
—7
+4
+4
—7
— 19
—2
—21
+ 23
+4
+ 16
—5
+ 19
+6

+ 11
—4
+7

—1
+ 10
+ 21
+ 10
+2

—3

+ 36

—6

No. of
Firms
Report­
ing
44
15

10
6
5

8
6

28

6

14

19

6
6

Inventories
Percent Change
April 1955 from
March
April
1954
1955
—2
—7
+28
—5
0
+2
—0
+2
—1
— 13
+3

+8
+7
+8

0
+8
—2
—1

— 26
+1

+5
+5

+6
+1

2

+ 60

+

*Based on information submitted by wholesalers participating in the Monthly Wholesale
Trade Report issued by the Bureau of the Census.
D e b its to

+8

+7
—4
+7
+ 91

Percent Change
April 1955, from
March, 1955
April, 1954
+ 10
+ 12
+6
+ 16
+ 10
+ 11
+5
—0
—4
+8
—4
+2

Place
ALABAMA
Anniston . . .
Birmingham . .
Dothan . . . .
Gadsden . . .
Mobile . . . .
Montgomery . .
Tuscaloosa* . .
FLORIDA
Jacksonville . .
Greater Miami*
Orlando . . . .
Pensacola . . .
St. Petersburg .
West Palm Beach
GEORGIA
Augusta . . . .
Brunswick . . .
Columbus . . .
Elberton . . .
Gainesville* . .
Griffin* . . . .
Macon . . . .
Newnan . . . .
Rome* . . . .
Savannah . . .
Valdosta . . .
LOUISIANA
Alexandria* . .
Baton Rouge
Lake Charles . .
New Orleans . .
MISSISSIPPI
Hattiesburg . .
Jackson . . . .
Meridian . . .
Vicksburg . . .
TENNESSEE
Chattanooga . .
Knoxville . . .
Nashville . . .
SIXTH DISTRICT
32 Cities . . .
UNITED STATES
345 Cities . .

In d iv id u a l D e m a n d D e p o s it A c c o u n ts
(In Thousands of Dollars)
Percent Change
April 1955 from 4 Months
April March
April 1955 from
1954 1955
1954
1954

April
1955

March
1955

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

33,573
545,101
21,747
27,605
200,390
123,145
37,053

27,767
435,260

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

587,239
590,882
919,888
136,192
63,829
138,998
260,371
92,521

458,374
432,624
672,106
95,904
57,082
105,317
204,207
71,937

48,257
1.355,451
93,326
13,576
90,305
5,126
36,084
13,885
99,172
13,284
36,359
131,581
21,375

50,357
1,505,965
94,556
13,865
92,825
4,753
36,305
14,506
93,667
13,290
36,603
139,356
21,839

37,999
1,298,365
81,591
12,594
74,981
4,653
26,902
12,774
82,357
10,207
29,634
120,217
18,532

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

49,573
167,204
67,938
1,136,529

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

23,632
182,277
31,617
15,549

233,029
162,208
476,079

253,256
166,361
546,415

6,716,539

7,350,323

—2
—11
20,666 —8
23,104
—0

+ 18
+ 12
—3
+ 19
+ 16
+23
+ 13

+ 11
+ 13
+1
+ 14
+ 11
+ 19

+ 10
+23
+ 25
+ 27
+ 11
+29
+ 18
+32

+ 13
+ 21
+ 23
+29
+6
+ 22
+ 15
+ 20

+27
+4
+ 14

+

+34
+9

+ 30
+23
+9
+ 15

+27
+7
+23
+ 21
+ 16
+9
+ 12

+ 13
+ 12
+29
+7

+7
+ 10
+ 21
+ 10

+ 15
+ 16
+ 14
+9

+9
+7
+ 11
+3

—3
— 13

+ 12
+ 16
+ 10

+9
+ 10
+ 11

6,004,269

—9

+ 12

+

158,289,000 178,917,000 154,565,000

—12

+2

-Not includedinSixthDistrict totals.

164,823
95,853
32,030

—4
—4

—2
— 14

—10
—9
—11
—1
—2
—7
+3
—4

—10
—1
—2
—3
+8
—1
—4
+6
—0
—1
—6
—2
+2
44,715
133,265 —10
+0
52,911
956,198 —10
20,886 + 2
—0
156,681
26,294
—5
+6
15,198
207,475
—8
139,888
432,996

•7•

+8
+20
+ 10
+20

+8

22

+8
+ 14
+7
+ 18

+2

12

+5

Sixth District Indexes
1 9 4 7 -4 9 = 100

UNADJUSTED
District Total...............
Alabama..................
Florida ..................
G e o rg ia ..................
Louisiana..................
Mississippi...............
Tennessee..................
SEASONALLY ADJUSTED
District T otal...............
Alabama..................
Florida ..................
G e o rg ia ..................
Louisiana..................
Mississippi...............
Tennessee..................

N o n fa rm

M a n u fa c t u r in g

M a n u fa c t u r in g

C o n s tr u c t io n

E m p lo y m e n t

E m p lo y m e n t

P a y r o lls

C o n tra c ts

Mar.
1955

Feb.
1955

Mar.
1954

Mar.
1955

Feb.
1955

120
111
142
122

120
110
121

119

113
105
147
118
98
113

103
150
116
97

114
117
115

120
111
135
123
115
118
115

142

113
115
114

120
110
134
122

115
117
115

110

139
118
115
113
113
118

110

132
119
116
115
114

111
112

104
141
118

100
114
110

112

111
110
112
102

141
116

101

113
109r

Mar.
1954

Mar.
1955

Feb.
1955

Mar.
1954

April
1955

Mar.
1955

April
1954

111

160
147
205
167
146
156
160

158r
143r
208r
163
142
163r
158r

150r
135
193r
150
144r
159r
152r

577
271
317
398
266
186

142
375

160
204
189

159
147
192
167
151
161
160

157r
143r
194r
161
148
166r
160r

149r
135
180r
150
148r
164r
152r

104
143r
114r
lOlr
llOr

110
110
102r

137r
114r
103r
lllr

110

D e p a r t m e n t S t o r e S a le s a n d S t o c k s * *
■
Adjusted
Unadjusted
April
March
April
April
March
Apr,l
1955
1954
1954
1955
1955
1955
133r
128r
129r
130r
DISTRICT SALES* . . . . 142 p
141p
133r
139
Atlanta1 ............... . 151p
145p
131
133r
113r
105r
104
Baton Rouge . . . . . 112
116
115r
lllr
109
114r
Birmingham............ . 126p
113
122
136r
122
138r
Chattanooga............ . 134
133
113
116r
117r
109
Jackson ................. . 117
115
103
118r
109
126
101
117r
Jacksonville............ . 128
134r
131r
122r
135r
149
Knoxville............... . 146
127
131r
Macon..................... .151
135r
139
116
158
129r
168
134
M ia m i.................. . 165
169
115r
121r
125
130
113
Nashville............... . 124
121r
127
132
127r
137
New Orleans........... . 126
137r
141r
154
St. Ptrsbg-Tampa area . 141
149
145
120
Tampa.................. . 120
129
123
123
123
149r
153p
155r
DISTRICT STOCKS* . . . 145p
135
143
'To permit publication of figures for this city, a special sample has been constructed
that is not confined exclusively to department stwes. Figures for non-department stores,
however, are not used in computing the District index.
*For Sixth District area only. Other totals for entire six states.
**Daily average basis.
Sources: Mfg. emp. and payrolls, state depts. of labor; cotton consumption. U. S. Bureau
Census; construction contracts, F. W. Dodge Corp.; furn. sales, dept, store sales, turn­
over of dem. dep., FRB Atlanta; petrol, prod., U. S. Bureau of Mines; elec. power
prod., Fed. Power Comm. Indexes calculated by this Bank.




222
365
192

221

201

115
117

F u r n itu r e
Sto re

S a le s * / * *

April
1955

Mar.
1955

April
1954

98p

84
84
89
90
89r

89
84
96
87
95

102p
100
104
96p
83

70r

80

ll lp
109p
115
116
106p

96r
97

100
102

104r

lOlr
90r
lllr
97r
104r

83r

89r

92
O t h e r D is t r ic t In d e x e s
April
1955

Construction contracts* . . .
Residential..................
Other ........................
Petrol, prod, in Coastal
Louisiana and Mississippi** 143
Cotton consumption** . . . 103
Furniture store stocks* . . . 109p
Turnover of demand deposits* 20.7
10 leading cities . . . . 22.4
Outside 10 leading cities . 18.5
March
1955
Elec. power prod., total** . .
Mfg. emp. by type
A p p arel..................... 150
Chem icals.................. 130
Fabricated metals . . . . 153
F o o d ........................ 109
Lbr., wood prod., furn. & fix. 82
Paper and allied prod. . . 148
Primary metals............ 100
94
Trans, equip................. 164
r Revised

p Preliminary

Adjusted
March
April
1955
1954

144
96

142
92
113r
19.8
21.7
16.7
18.3
Feb. March
1955 1954

112r
20.9
21.8

149
127
155
109
84
147
97
95
159r

145r
125r
151r
108
Sir
145r
96r
94
164r

April
1955
322
279
355
146
103
116p
20.9

21.8

Unadjusted
March
Aprn
1955
1954
293r
185r
222r
323r
271r
156r
145

100
113r
21.1

145
92

120r
20.0
21.2

22.3
16.7
18.5
17.9
March
Feb.
March
1955
1954
1955
236
195
230
150
133
157
108
83
148

101

95
171

148
128
157r
108
83
149r
98
95
164r

145r
128r
155r
107
82r
145r
97r
95
170r