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ATLANTA, GEORGIA, NOVEMBER 30, 1953

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F lo r id a 's T r u c k C r o p P ro d u c tio n
C o m p e t i t i o n K e e n f o r C o n s u m e r ’s C h r i s t m a s D o l l a r
L o n g -T erm S a v in g s C o n tin u e to G ro w
M o re E n e rg y fo r B u sin e ss
D istric t B u s in e s s H ig h lig h ts

SixtfiDiftridStatistics:

C o n d itio n of 21 M em b er Banks in Leading C itie s
D ebits to Individual Dem and D eposit A cco u n ts
D epartm ent S to re Sales and Inventories
Instalm ent C a sh Loans
R e ta il Furniture S to re O p eratio ns
W ho lesa le Sales and Inventories

SixthViStridIndexes:

C o n struction C o n tra cts
C o tto n Consum ption
D epartm ent S to re Sales and Stocks
E le c tric Pow er Production
Furniture S to re Sales
M anufacturing Em ploym ent
M anufacturing Payrolls
Petroleum Production
Turnover o f Dem and D eposits

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Total sp e n d in g by individuals and businesses continued the month-tomonth decline that started in September, according to seasonally ad­
justed debits to demand deposit accounts at commercial banks.
•
S a le s a t d e p a r tm e n t a n d fu rn iture sto r e s in October were below
year-ago levels although the seasonally adjusted figures showed in­
creases over September. Early November sales were up from last year
at department stores.
•
Credit s a le s w e r e r e la tiv e ly m o re im p o rta n t at department stores
in September and October than during most previous months this year.
•
M em b er b an k lo a n s r ea c h e d an a ll-tim e h igh in October pri­
marily because of a large expansion in retail, manufacturing and min­
ing, and Commodity Credit Corporation loans.
•

Sh ort-term farm lo a n s o u tsta n d in g w e r e b e lo w year-ago levels
in September, indicating a halt in the consistent rise in these loans since
1943.
G o v ern m en t d e p o s its d e c lin e d sh a r p ly in October, preventing the
full seasonal rise in total member bank deposits.
•
B orrow ings b y m em b er b a n k s in c r ea se d in November as required
reserves rose and reserve funds were lost to other Districts.
•
M anufacturing e m p lo y m e n t d e c lin e d in September for the second
consecutive month, after account is taken of seasonal influences.
•
E m ploym ent in the apparel, fabricated metals, paper, and transporta­
tion equipment industries apparently has rounded its peak; previous
growth in these industries was chiefly responsible for the rise in total
manufacturing employment earlier this year.
•
M ore b u sin e sse s fa ile d th is y e a r th an la s t, with the greatest in­
crease in bankruptcies in construction and retail and wholesale trade
concerns.
•
Price su p p orts for important crops prevented average prices received
by farmers from falling more than slightly; in addition, large market­
ings are helping hold cash receipts at last year’s levels.
•
Export m a rk et fo r rice is still str o n g , but foreign production is in­
creasing. Some uncertainty, therefore, colors the rice market.
P rosp ects fo r lo w e r n e t farm in co m es have somewhat reduced
farm land values.

F lo rid a ’s T ruck Crop Production
U n iq u e

C h a r a c t e r

C re a te s

F in a n c in g

Vegetable production in Florida is a fascinating but risky
business. Many zealous followers of the industry gamble
millions of dollars each year against weather risks and
against competing production for favorable markets. High
returns reward success but risks are great. The secret of
successful vegetable production is to be at the right place
at the right time with the right amount of the right vege­
table. In other words, unless growers time their plantings
carefully with respect to weather conditions and to harvest­
ing periods in other states, hurricane and frost damage may
be severe or harvestings may coincide with those of similar
crops elsewhere. The result of a flooded market is, of
course, a lower price.
Technological changes are largely responsible for the
phenomenal expansion in Florida vegetable production
since 1940. Mechanization has provided more efficient
production and harvesting techniques; research has given
rise to improved varieties; and better fertilization practices
and more effective insecticides and fungicides have in­
creased yields. Market outlets have multiplied as both rail
and truck transportation have become equipped with more
adequate refrigeration.
Cash receipts of Florida truck crop farmers that were
running at 30 million dollars in 1929 were totaling 139
million by 1952. In the latter year, when cash receipts
from farm marketings in Florida totaled 495 million
dollars, truck crop producers held the top position in the
agriculture of the state. Citrus ran second with production




P r o b le m s fo r

B a n k s

valued at 125 million dollars, whereas the more recently
established and still growing beef cattle industry yielded
cash receipts to farmers of 40 million dollars. Truck crops
have exceeded citrus in value of production in six of the
last eighteen seasons with returns usually staying somewhere around one fourth of total cash receipts to farmers.
The high capital requirements for the comparatively
short production periods create difficult financing prob­
lems for growers. Because it is an extremely intensive type
of farming, truck crop production requires large amounts of
working capital in relation to fixed capital, which means
that demands for short-term credit are likely to be large.
Risks are high, not only because of weather hazards, but
also because so much depends on correct management de­
cisions and successful marketing. These factors alone
would worry most lending officers, but, in addition, the
highly seasonal character of production means that de­
mands for bank credit are likely to be highest at the time
of year when deposits are lowest. Few other enterprises,
therefore, illustrate so strikingly how financing practices
are governed by the economic character of the industry.
A S p e c i a l i z e d T y p e o f F a r m in g
Farmers have found that specialization utilizes to the best
advantage the favorable mild temperature, the abundant
rainfall and the muck and sandy soils in certain areas of
Florida, and that it offers greater returns than general
farming. Citrus and vegetable production are the most im-

P r i n c ip a l V e g e t a b l e P r o d u c i n g A r e a s
1
.
2.
3.
4.
5.
6.
7.
8.
9.
1.
0
11
.
12
.
13.
14
.
15.
16
.
17.
18.
1.
9
20.
21.

SO T D DE: tom
UH A
atoes, potatoes, beans
D N -H LLA D LE: tom
A IA A N A
atoes
T A : tom
R IL
atoes
IM O A
M K LEE-FELD : tom
A atoes, cucum
bers
F R M E S: potatoes, cucum eggplant, peppers
OT YR
bers,
PO PA O beans, peppers, squash, eggplant, lim beans
M N:
a
E E G A E beans, sw corn, cabbage, celery, escarole, potatoes,
V R L D S:
eet
lettuce, green peas
IN IA TO N cucum tom
D N W:
bers, atoes, sw corn
eet
FO T PIE C : tom
R
RE
atoes, cucum
bers
W U H LA cucum tom
ACU :
bers, atoes
M N T E U IN R SO A tom
A A E -R SK -SA A T :
atoes, cucum
bers, celery, pole
beans, cabbage, lettuce, cauliflow
er
PL N C Y straw
A T IT :
berries, peppers, squash, pole beans, field peas
W B E -C N E H L cucum tom
E ST R E T R IL :
bers, atoes, peppers, beans
W T R G R EN cucum cabbage, lettuce, sw corn
IN E A D :
bers,
eet
Z L W O : celery, sw corn, escarole, lettuce, beans
EL OD
eet
SA FO D V O celery, cabbage, beans, lettuce, escarole, sw
N R -O IED :
eet
corn, m
iscellaneous vegetables
O FO D E L V W tom
X R -B L E IE : atoes, w elons
aterm
M T SH A D G O E A T O N : squash, snap and lim
cIN O -ISL N R V -H W H R E
a
beans, celery, cabbage, lettuce
H ST G potatoes, cabbage
A IN S:
L C O : beans, cucum peppers, potatoes
A R SSE
bers,
E A B : potatoes, w elons
SC M IA
aterm
• 3

•

portant examples of such specialization. For vegetables, the
principal commercial producing areas are found in the cen­
tral and southern portions of the state, where some
365,000 acres of truck crops are produced, mostly for
fresh consumption.
Although there is a large number of vegetable growers,
the bulk of Florida production comes from a compara­
tively small number of large farms. According to the 1950
Census of Agriculture, farms of more than 260 acres in
size accounted for 62 percent of the total acreage devoted
to vegetable crops. This group of farms amounted to only
12 percent of the 4,033 vegetable farms in the main pro­
ducing areas. Thirty-seven percent of these farms were
less than 30 acres in size and account for only 4 percent
of the total acreage.
On large operations, the economic use of specialized
mechanical equipment also encourages specialization. Ex­
tensive operations in the Everglades utilizing caterpillar
tractors and other heavy equipment, for example, demand
a minimum size unit of about 200 acres. In this area,
where producers tend to concentrate production on beans,
celery, sweet corn, and cabbage, cooperative markets with
other growers are being established. By comparison, in the
Plant City area, noted for its strawberry production, the
average farm is about 10 acres in size. These growers mar­
ket their crops mostly through the State Farmers Market,
where their relatively small lots are consolidated for ship­
ment.
Some areas are so specialized that the economic pros­
perity of the community is largely dependent upon the
success of vegetable producers. Bankers, for example, see
their deposits rise when crops are marketed, and merchants
and suppliers see the trend of their sales follow that of
producers’ incomes. Because diversification would provide
a more stable basis for the economy of such areas, at­
tempts to diversify farm enterprises are greeted enthusi­
astically.
In order to hold labor, small growers are forced to plant
several kinds of vegetables in rotation during a season.
Growers of beans and celery, for example, have provided
their labor with more regular work by spreading their
plantings over the season. This practice has served a dual
purpose in that the resulting distribution of harvests has
helped to avert a flooding of the market,. Even the large
growers have diversified their activities to some extent by
adding livestock to their systems of farming for gleaning
fields after harvest and for making better use of labor.
H ig h C a p i t a l R e q u i r e m e n t s

Compared with the capital requirements for most other
crops, the proportion of working capital to fixed capital
is very high for truck crops. It is estimated that on a 200acre truck farm in the Everglades, investments in machine­
ry, buildings, and equipment would amount to about $200
an acre. Agricultural workers say that in the opinion of
some Everglade growers, annual operating expenses—in­
cluding the costs of fertilizer, insecticides and fungicides,
labor, gas, oil, repairs to equipment, and other direct ex­
penses—on a 200-acre truck farm may exceed $100,000,



or $500 an acre. In that case, operating capital would be
two and a half times as much as fixed capital. During most
seasons, the great need for operating capital on truck
farms arises from harvesting expenses. Moreover, the
average vegetable grower’s expenses are concentrated in
two periods of three to four months each, whereas in
other types of farming the costs may be more evenly
distributed throughout the year.
Working-capital needs of Florida farmers are increased
by the heavy applications of fertilizer required for the
sandy soils. From one-half ton to two tons of a complete
mixture per acre may be necessary for vegetable produc­
tion, and applications of lime are also needed periodically
to correct the acidity of the soil. Continual drainage or irri­
gation operations that are necessary to maintain the de­
sired moisture content of the soil cause severe leaching of
fertilizers, particularly in these sandy areas. In contrast
are the very fertile muck soils of the Everglades. This land,
consisting of partially decomposed vegetation, was held
under water for centuries which prevented natural bac­
terial action. Even though it is high in nitrogen from an
abundance of humus content, this “black gold” requires
large applications of fertilizers with higher analyses of
phosphates and potash.
Because the land is so nearly level and there is not
enough slope to afford speedy natural run-off of surface
water following heavy rains, proper drainage is a neces­
sity. Drainage systems, once established, also can serve for
irrigation purposes. In certain areas such as those around
Fort Pierce and Manatee, this expense may be considered
a part of the operational cost. To grow tomatoes in these
areas, for example, producers must clear, drain, and irri­
gate new land at a cost of about $125 to $175 per acre.
After one to three years the mineral content of this soil
for some reason becomes unbalanced, and soil-borne dis­
eases infest the land to such an extent that production can­
not be continued. The land is then developed for pasture.
Owners lease such land to tomato growers solely for the
purpose of having it cleared and developed for pasture use.
Permanent drainage and irrigation systems that are be­
ing established in the Everglades involve an extensive proj­
ect of the United States Corps of Engineers. Expenditures
of millions of dollars for such systems will add to the fu­
ture costs of vegetable producers in higher land values
and taxes. The objective of the project is eventual control
of the water table of the area through a network of canals
and pumping stations by using Lake Okeechobee as a
huge reservoir. At the same time, private drainage and
irrigation systems on farms with access to these canals will
make cultivation of additional land possible.
S e a s o n a l P a tte r n
Because of the highly seasonal nature of the vegetable crop
enterprise, availability of labor and credit at times when
they are needed creates problems for the growers. Ordi­
narily, about half of the year’s labor requirements are con­
centrated in the harvesting period. At that time growers
find it difficult to get enough help and have to depend upon
transient and Caribbean labor for most of their needs. The

•4-

high cost of such labor and its undependability tend to
accentuate rather than solve this particular problem.
Another serious seasonal handicap is the continual
spraying and dusting required to control insects and dis­
eases. Damp, cool weather during the growing period of
tomato and Irish potato crops, for example, increases the
danger of blight. As insurance against damage from this
disease, frequent applications of insecticides and fungi­
cides are made early in the season and continued on a reg­
ular schedule. Although some or all of these operations
are performed by machinery, labor requirements connected
with them are still substantial.
As the season progresses from plantings in October to
harvests in December and from later plantings in January
to other harvests in March, expenditures are high at times
and at other periods receipts are high. Although the peaks
may vary from one area to another, this general pattern is
reflected in loan and deposit fluctuations at banks. Usually,
when demands for loans are high, deposits are low.
Im p o r ta n c e o f M a n a g e m e n t

Successful vegetable production requires expert manage­
ment. Decisions affecting the timeliness of the Florida truck
crop operations may have much more significance than
those for most other farm enterprises. For example, a large
cabbage crop timed so that it reaches the market at the
same time as a large crop from Texas may result in a sub­
stantial loss. Florida producers have learned that the best
time to market their crops is during the off-season for
large growers of the same crops in other areas.
Having decided when and what to plant, a grower has
no assurance that his crops will find a receptive market or
that he will make a profit on them. Some growers in a par­
ticular area may make a profit, whereas others producing
the same crops but at a different time may wind up with a
loss. Since the perishability of vegetables precludes hold­
ing a crop for a better market price, a producer may find
out too late that he has made the wrong decision. If plant­
ings are timed right, damage from frosts or from too little
or too much rain may be avoided. Also, insect and disease
damage may be lightened or even averted altogether if the
farmer knows what he is doing.
C h a n g in g M a r k e ts
Most producers find the marketing period to be one of
their most trying times. They know that no matter how ef­
ficient their production and harvesting methods were, they
stand to lose substantial sums if they make the wrong move
at marketing time. They are always seeking, therefore, for
more practical, profitable ways to sell their produce. In
earlier years, commission houses usually financed growers
and in turn demanded that crops be consigned through
their markets.
Today most Florida producers enjoy more independence
and can seek those markets in which returns are greatest.
The change came about as modern trucks began delivering
directly to small markets, which were formerly serviced
only by large wholesale terminals. Jobbers became receiv­
ers and operators; wholesale receivers became jobbers;



and the large city market lost its dominance as smaller
marketing outlets mushroomed in an ever-widening circle.
Shipments that rail or truck operators load in refrigerated
conveyors may consist of various kinds of vegetables spe­
cifically needed by marketing centers.
Such fundamental changes have made possible a greatly
expanded production level, but the larger volume handled
through local markets can become an exceedingly compli­
cated business at the peak of harvest. On small farms like
those in the Plant City area, for example, diversification
makes an orderly marketing procedure more difficult.
Plant City is the location of one of the 22 State Farmers
Markets established to meet and insure effective competi­
tion. Such markets offer facilities for auction sales and
shipping-point inspection service. At the peak of the mar­
keting period it is not unusual for an auction to last twentyfour hours as various vegetables are delivered before com­
petitive buyers.
Handling the mixed loads brought to market by indi­
vidual growers, of course, requires considerable valuable
time. Consequently, many of the larger growers who usu­
ally have full loads of a particular crop follow a practice
of “setting-off” their produce on the platform of one of
the buyers so that they may return to the harvesting oper­
ation. The term “setting-off” means that the grower agrees
to accept the buyers’ average price of the day offered in
the auction bidding. In the opinion of most operators
these state markets could be of greater service and a more
uniform price could result if all growers gave their full
support and participation.
Because large growers are able to market more effici­
ently than small operators, they can cut costs to a mini­
mum. Large-scale production may even justify a private
packing house. Some growers, on the other hand, are
inclined to form cooperative markets that place the mem­
bers in a better position to fill car-lot orders and afford
them a wider choice of markets.
At one time, unless shipping-point market prices were
above the costs of harvesting and selling, producers were
forced to leave crops in the field rather than stand an ad­
ditional loss at harvesting. But growers now have an alter­
native in the rapidly expanding frozen foods industry.
Even at times of bumper crops, processors may offer some
profit to efficient producers. At other times when the crop
is short, they may help set the pace in prices offered for
the best quality produce.
A v a i l a b i l i t y o f C r e d it
In order to meet increasing short-term capital require­
ments and to spread risks, vegetable producers have sought
financial aid from a number of sources. It is estimated that
approximately half of the credit needs of Florida truck
crop farmers are furnished by fertilizer companies, insec­
ticide companies, machinery dealers, Production Credit
Associations, marketing agencies, private investing corpo­
rations, and the Farmers Home Administration. The other
half are furnished by commercial banks. Large-scale pro­
ducers, however, probably get less than one-half of their
credit requirements directly from banks. Indirectly, banks
• 5

•

help finance growers by discounting agricultural paper
offered by dealers handling the necessary production items.
The amount of the financing required is often deter­
mined by the attitude of growers. They optimistically be­
lieve that each season will be better than the last. For this
reason, many producers are inclined to take advantage of
as much financing as they can get. Instead of confining the
operation to expenditures of $50,000, for example, as
would be dictated by a desirable ratio of production expen­
ditures to value of assets, the amount may be extended to
$100,000 or $150,000. Credit may be secured from only
one source in the beginning; and as the season advances
and the size of the operation is extended, this start may be
used to justify additional credit for various production
items. Even if the producer loses or merely breaks even, he
manages somehow to refinance and sooner or later “hits”
the market for a very tidy profit. After a profitable season,
he is inclined to purchase additional machinery and equip­
ment so as to expand his operations.
Studies of the truck crop industry indicate that most
producers must be content to operate on a narrow margin
of returns. Farmers who attempt to minimize risks through
sound business principles and efficient production methods
realize that their profits depend upon their ability to pro­
duce high yields of good quality vegetables. Growers and
others within the industry are constantly seeking ways to
achieve efficiency by cutting down costs of production and
marketing and at the same time ways to satisfy consumers’
preferences for a better quality product.
B a n k F in a n c in g

Because demands for vegetable production loans are high
and because risks are greater than on most other crops,
bankers find it difficult to handle requests for such loans in
accordance with their established policies. Instead of bas­
ing their judgment largely upon the farmer’s financial state­
ment, his past record, and production ability, as they do
in the case of most other farm loans, they also have to
weigh heavily the prospective borrower’s character and in­
tegrity. As a result, mbst banks are rather conservative in
their lending policies and have placed a limit on the
amount they will lend to one producer which may be less
than the legal limit. Producers clear this hurdle by se­
curing loans from more than one bank. Loans are usually
secured by chattel mortgages on farm machinery, equip­
ment, and livestock or with a real estate mortgage. Ordi­
narily, crop liens are not considered adequate protection.
Loans made in August and September are for four to
six months with single repayments scheduled at the end of
the season, which is usually the last of May. Most loans
are confined to specific farm needs and are drawn up to
fit the production expense and income patterns on indi­
vidual farms. Interest rates may range from 5 to 10 per­
cent, according to the policy of the bank and the risks
involved. Loans may also show considerable variation in
size: from a few hundred dollars to the bank’s legal limit.
Since banks have not been aggressive in this field and
have been content to let other lenders such as machinery
and fertilizer dealers share the risks, their experiences
with vegetable production loans have usually been good to



excellent. One banker who makes about 75 percent of all
his agricultural loans to truck crop producers estimated
that losses of about 10 percent of the interest collected may
be expected. After a season of unfavorable prices, as was
the case last spring, a high proportion of these loans must
be extended. Bankers may adopt a more cautious attitude
in the next season, but generally they expect such adverse
periods from time to time and are prepared to meet them.
The position of Florida banks may be illustrated in the
story of one of the larger vegetable producers whose busi­
ness showed a net worth of about $459,000 at the end of
the last season. This farmer, with about 1,500 acres in cul­
tivation, produced over 500,000 packages of produce last
fall and spring. Although he is considered an efficient pro­
ducer, he realized a net loss of about $75,000 at the end
of the season. Expenditures totaled nearly $730,000
against receipts of approximately $655,000. Labor total­
ing $576,000 was the largest expense item, and was about
equally divided between harvesting and production costs.
At the end of the season the producer’s total indebtedness
was in excess of $157,000, including loans from five dif­
ferent banks; various seed, fertilizer, and insecticide com­
panies; and the Production Credit Association. One of the
banks involved intends to carry over $20,000 of the
$50,000 loaned to the producer last fall. This banker is
confident that the grower will pay out next season.
Thus, in one respect, commercial bankers in Florida
who help fianance truck crop production face the same
task as that faced by bankers everywhere. A general knowl­
edge of the industry acquired by experience helps bankers
set up certain general rules as to terms, size of loan, and
security. But, as in any other type of specialized lending,
whether or not the application of these rules will make
possible the extension of credit within the framework of
sound banking ultimately depends on good judgment.
Charles E. Clark

Bank Announcements
On November 15, The First State Bank, Fort Meade,
Florida, began remitting at par for checks drawn on
it when received from the Federal Reserve Bank .
This bank has a capital of $50,000 and surplus and
undivided profits of $122,888 . C. H. McNulty is
President; D. B. Renfro, Vice President; James H .
White, Cashier; and M abel Kuhns, Assistant Cashier .
The Bank of Palm Beach and Trust Company,
Palm Beach, Florida, will open for business on D e­
cember 1 as a nonmember, par-remitting bank. It is
opening with a capital of $550,000 and surplus and
undivided profits of $150,000. Officers are: Messmore Kendall, President; G. E. Patterson, Executive
Vice President; Olin C. Peeler, Trust Officer and
Cashier; and Carl I. Cassell, Assistant Cashier .
Both these banks are in territory served by the
Jacksonville Branch of the Federal Reserve Bank of
Atlanta.

• 6

•

C o m p e titio n

K e e n f o r C o n s u m e r ’s C h r i s t m

Most merchants invariably look forward to December.
They hope in that twelfth hour to see their year’s sales rise
at least to levels previously recorded or better still to
even higher levels. Sales managers, therefore, seek to take
advantage of the public’s holiday buying mood, and the
race for the consumer’s Christmas dollar is on.
From all appearances, sales promotions this year are
likely to be even stronger than in other postwar years.
Some merchants hope to offset the slump of recent months
with a record volume of sales in December. How much
consumers buy may partly answer the question as to
whether low sales in the preceding months reflected merely
postponed buying or basic economic changes.
All-time high incomes, buttressed by an extensive use of
credit, enabled Sixth District consumers to maintain pur­
chases at a high level during most of the year. Department
stores sold an unprecedented 515 million dollars in the
first ten months of this year, or 3 percent more than a
year earlier; the rate of increase in total retail sales at all
types of stores probably has been twice as great. In recent
months, however, total consumer spending has tended to
level off, and sales of home furnishings and other durable
goods have actually declined.
Consumer Emphasis on Nondurables

Consumer spending in the District, as depicted by season­
ally adjusted sales at department and furniture stores, has
been quite erratic so far this year. During the first four
PERCENTAGE CHAN GE IN RETAIL SALES,
S ix th D istrict

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T O TA L FU R N IT U R E ST O R E S A L E S
T O T A L D E P T.

ST O R E S A L E S

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FU R N IT U R E AND BEDDING
D O M E ST IC FLOOR CO VERINGS

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M A JO R HOUSEHOLD A P P L IA N C E S

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R A D IO S , T E L E V IS IO N S E T S , AND
M U SIC A L IN S T R U M E N T S

B

D EPT. S T O R E

N O N D U R A BLES

W O M E N 'S AN D M I S S E S ’ R E A D Y T O -W E A R A C C E S S O R IE S
W OM EN ’S AND M I S S E S ' R E A D Y T O -W E A R A P P A R E L
M E N 'S

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months, department store sales fell off from the peaks
attained in the closing months of 1952. Despite these
month-to-month declines, however, sales continued above
the volume of the same month of 1952.
After rebounding vigorously in May to the highest point
reached in 1953, sales resumed their downward month-tomonth trend. By August they had dipped below the August
1952 volume and stayed below year-earlier levels through
October. Furniture store merchants have experienced a
similar month-to-month movement, but their sales have
been declining from year-earlier levels ever since April.



It is evident that consumers have emphasized general
merchandise in their buying rather than major durables.
At department stores, sales of small wares and soft goods
such as apparel and accessories have held up relatively
better than sales of durable goods. An exception to the
M ONTHLY SALES IN 1 953 AS PERCENT OF M ONTHLY
SALES IN 1952
S ix th D istrict
PERCENT

PERCENT

relative weakness in durable goods sales is the compara­
tively high level of automobile sales. For the first nine
months new passenger car registrations in the District
averaged 47 percent higher than a year ago, but the rate of
gain has slowed down somewhat in recent months. Trade
reports indicate that used car sales, on the other hand,
have not been encouraging.
High Income Favorable

1953 from 1952

F IR S T H A LF

a s D o lla r

Several factors will play an important role in determining
how the sales picture will end this year. Most important, of
course, is income. Estimates made by this Bank indicate
that individuals in the District had about 6 percent more
income to spend in the first half of 1953 than they had dur­
ing the same period last year. Chiefly responsible for this
expansion was the steady growth in income from manufac­
turing, which more than offset falling farm income.
Continued growth in purchasing power throughout the
remainder of the year is doubtful, however, if the recent
trend in District manufacturing payrolls portends future
developments. This year’s almost uninterrupted advance
in seasonally adjusted manufacturing employment and
payrolls was reversed in August and the decline continued
into September. Factory payrolls, however, have stayed
well above amounts for comparable periods last year.
Credit A vailable

In the short run, consumers can bolster their purchasing
power by relying upon credit granted either by retailers or
by banks. Consumer instalment credit granted by com­
mercial banks undoubtedly contributed materially to the
favorable sales picture in durable goods early this year,
particularly in automobiles. Instalment credit outstanding
at District banks in the first ten months of this year aver­
aged 26 percent higher than in the like period last year.

From January through October, outstandings advanced
14 percent, more than half of which represented increases
in loans for the purchase of automobiles. In recent months,
however, the advance has been less pronounced because
of the increasing difficulty in moving new and used cars.
Retailers themselves, of course, finance some of the
purchases made by their customers. At District department
stores, on-the-cuff buying accounts for nearly 60 percent
of total sales. During the first third of this year, the greatest
year-to-year rates of gain occurred in instalment sales.
Since May, instalment buying has fallen below last year’s
level in most months, reflecting the trend of major durable
goods sales. Some of the slack, however, has been taken
up by the relatively higher level of charge-account sales.

stable. Since it is unlikely that prices will change sharply
before the end of the year, they should have little influ­
ence on total retail trade in the near future.
Finish Still in Doubt

Retail sales so far this year have been high enough so that
the year’s total will undoubtedly be greater than in 1952.
Nevertheless some types of retailers will probably find their
1953 sales down from last year. December, of course, is
the biggest month for many merchants and some of them
are counting on December sales to push the year’s total
above that of 1952. To meet this anticipated demand many
of them have built up their inventories, counting, perhaps,
on Christmas shopping to move the goods off their shelves.
Despite a weakening in income in recent months, pur­
chasing power is still higher than last year and credit is
available. December sales higher than last year’s, therefore,
are possible. But if the trend of recent months continues,
December sales will fall short of those of the correspond­
ing month of the preceding year for the first time in several
years.
John S. Curtiss

Prices Holding Steady

In addition to income and credit, the course of prices
affects consumer buying in the short run. This year, how­
ever, prices of products sold at retail stores have played
a more or less neutral role. Although the total consumers
price index has inched upward slowly, the clothing and
household furnishings components have been relatively

L o n g - T e r m
L a r g e s t

S a v in g s
P o s t w a r

When they close their books this year, individuals in Dis­
trict states may find that they added more to their long­
term savings in 1953 than in any year since 1944. They
will achieve this record without difficulty if they lay aside
as much during the second half of the year as they did the
first half. By the end of June, individuals had increased
their time deposits at commercial banks, life insurance
equities, savings bond holdings, and postal savings deposits
by over half a billion dollars. Since then incomes have
remained high, and available data indicate a continued
growth in savings.

C o n tin u e

In c r e a s e

to

G r o w

E x p e c t e d

however, grew much faster than they did during 1951 and
savings bond holdings declined only slightly. Total selected
long-term savings, therefore, increased 9.9 percent during
1952, almost double the 1951 rate. In the first six months
of this year, individuals continued to add to their time
deposits, life insurance equities, and savings and loan
shares at about the 1952 rates, but again reduced their
savings bonds slightly.
SELECTED LO N G-TERM P ER SO N A L S A Y IN G S
S ix th D istrict S ta te s
B ILLIO N S OF DOLLARS

B ILLIO N S OF DOLLARS

High 195 2 Rates Pose Challenge

Although individuals have steadily increased their long­
term savings since 1941, they have done so at widely
varying rates as is shown in the accompanying chart. For
example, selected long-term savings that increased at an
average rate of 24 percent a year from 1941 through 1945
rose about 6 percent a year from 1946 through 1951.
Personal savers in the District increased their holdings
of long-term savings by 5.8 percent during 1951. Savings
and loan shares, life insurance equities, and time deposits
increased at a greater rate than during 1950 and more
than offset the large net redemptions in savings bonds. The
higher rates of increase in savings and loan shares and life
insurance equities continued through 1952. Time deposits,



•8•

Most Types Show Increase During First Six Months

The 11.7 billion dollars in long-term savings held by indi­
viduals on June 30 this year represents an important part
of total savings. The amount of these holdings varies from
year to year in response to both the changing level of
income and the proportion of this income that is spent for
goods and services.
Life insurance equities increased 293 million dollars
between the end of last December and June 30 this year,
a greater increase than shown by any other type of long­
term saving. The second greatest gain was the 184-milliondollar increase in shares of savings and loan associations,
followed by the 73-million-dollar growth in time deposits.
These increases more than offset the decline of 23 million
dollars in holdings of savings bonds. Postal savings deposits
remained at 186 million dollars, the level attained at the
end of 1952. At midyear, life insurance equities amounted
to 5.4 billion dollars; savings bonds to 2.3 billion dollars;
time deposits to 2.2 billion dollars; and savings and loan
shares to 1.6 billion dollars.
Influences Favorable for Second-Half Increase

Selected Long-Term Personal Savings
Six th D istrict S ta tes

June 30,1953
(Millions oj
Dollars)

Percent Change
Dec. 31 , 1952,
from
Dec. 31, 1951

June 30,1953,
from
Dec. 31, 1952

Savings and loan shares

1,642

+ 24

+ 13

L ife insurance equities

5,376

+ 12

+

6
3

Tim e deposits in
com m ercial banks

2,151

+ 13

+

Savings bonds

2,347

— 2

— 1

186

— 4

11,702

+ 10

Postal savings deposits
T otal




M

o r e

E n e r g y

f o r

B u s in e s s

It is still too early to tell whether District savers have
continued this high rate of saving and added as much to
long-term holdings during the second half of this year as
they did during the first half. The two main determinants
are, of course, how much they made and how much they
spent.
Barring unusual changes between now and the end of
the year, it appears that total income payments to indi­
viduals in the District during 1953 will exceed last year’s.
Although prices received by farmers continue below yearago levels, heavy fall marketings of farm products are
expected to hold farm receipts at about the level of the
second half of 1952. In addition, manufacturing payrolls
since June have averaged considerably higher than during
the same period a year ago although they declined in
August and September from the preceding months.
District consumers have been spending greater amounts
this year than last, but the amount of these increases has
been declining since early in the year. Department store
sales for the first quarter this year were 8 percent above

Amount

the level of the same period last year; but for the first ten
months they were only 3 percent higher. Bank debits dur­
ing the third quarter continued above year-ago levels, but
the September and October increases over preceding
months were less than were expected at this time of year.
The anticipated high level of total income during the
last half of 1953, together with the apparent slackening
increase in spending, points to continued growth in long­
term savings. This expectation is partially confirmed by
data on life insurance sales and time deposits for the
period from June to October; both types of savings
increased at about the same rate as during the first half
of this year.
W. M. Davis

0
+

5

A glance at the figures for 1953 shows that electric power
production in the Sixth District will set a new record, just
as it has in all but one year since 1940. These figures are
the more significant because they reflect high levels of ac­
tivity in other sectors of the economy. Electric power has
been the energy behind the expansions in industrial pro­
duction and income. More money to spend has led to
additional demands for generated juice to warm homes and
to keep them cool, to heat foods as well as freeze them,
and to relieve humans from the countless, burdensome
chores of yore. Thus, because the course of power produc­
tion is a good indicator of what is happening in business
generally, this Bank publishes an index of electric power
production each month on the back page of the Monthly
Review .
K i l o w a t t H o u r O u t p u t C lim b s

Coincident with the growth in general business activity in
the District between 1940 and 1952 was a surge in electric
power production. During that period, power output leaped
266 percent, compared with gains of 17 percent in popu­
lation, 55 percent in manufacturing employment, and 311
percent in income payments to individuals. Electric energy
generated thus rose at an annual average rate of 11 per­
cent and will be higher by the end of 1953, judging from
the 17-percent increase in production during the first three
quarters over the corresponding period last year.
The chart at the top of page 10 shows the growth in
output since 1940. It is obvious that this growth is largely
attributable to expanded fuel, or steam, generated power.
On the other hand, since 1945, there has been relatively
little change in hydro-electric power production. In both
production and installed capacity, the share accounted for
by hydro sources has been declining over the years and is

•9 •

likely to diminish further. In part this is because the num­
ber of suitable hydro sites is limited. In part, too, it reflects
simple expediency, since planning and constructing a steam
ELECTRIC POWER PRODUCTION
Sixth District States
1947-49 = 100
INDEX

INDEX

generating plant requires only about half as much time as
establishing a hydro-electric plant.
C o n s u m e r D e m a n d s R is e
The rise in installed capacity and power production in re­
cent years has been largely in response to the ever increas­
ing demands from homemakers, factories, and commercial
businesses. Although this listing is by no means all inclu­
sive, these three groups consume the bulk of the electric
energy produced in the District, as is shown on the chart.
Industrial users, although comparatively small in num­
ber, are the largest customers of the power companies.
Figures for the nation show that almost half of the power
produced is used to turn the wheels of industry; the pro­
portion is somew7 higher in the Sixth District. The share
hat
of power consumed by industrial concerns, however, has
slowly declined in recent years, in contrast to a rise in the
proportion taken by residential users.
In the District the chief industrial consumers of power,
according to a survey made by the Federal Power Com­
mission several years ago, are non-ferrous metals (mainly
PERCENTAGE DISTRIBUTION OF ENERGY SALES
Sixth District States

1940




1945

1952

aluminum), chemicals, textiles, and paper. These four in­
dustries alone absorb about two thirds of the total output
of energy flowing into factories. Other important users are
food processors; stone, clay, and glass industries; and
petroleum plants. Power demands of these users doubtless
will increase, judging from the announcements of proposed
expenditures from 1952 through the first half of 1953 of
new plants and expansions costing at least a million dol­
lars. Planned investments in these industries alone ac­
counted for almost three fourths of the total of 685 million
dollars.
Residential consumption of electric power has grown
steadily in the postwar years; by 1952 it represented 26
percent of the total, as shown on the chart above. Between
1940 and 1952 residential consumption of electric energy
in the District states jumped a breathtaking 514 percent,
compared with a much more modest gain in the nation—
272 percent. Of importance in explaining this striking dif­
ference in rates of growth is the greater percentage increase
in residential construction in the District than in the na­
tion. Before the war, moreover, District power consumers
had lagged behind those in the nation in the use of elec­
trical appliances and other labor saving devices in the
home. The catching up on refrigerators, stoves, freezers,
washers, and the like, was accompanied by a sharp expan­
sion in residential use of electricity.
K i l o w a t t C a p a c i t y S t il l t o G r o w

Despite the rapid growth in power production during the
last decade or so, the industry apparently foresees a need
for additional capacity. Installed generating capacity in
the District states amounted to 3.1 million kilowatts in
1940. By 1952, the industry almost tripled its capacity—
a growth twice as rapid as that for the nation. Neverthe­
less in the District states, installed generating capacity on
December 31, 1952, was but 6 percent greater than the
peak load in that month, compared with 8 percent for
the nation.
Because of the length of time required to raise funds
and to actually construct facilities, the power utilities must
plan well into the future. According to data published by
the Federal Power Commission at the start of this year,
the larger power systems operating either wholly or partly
within the Sixth District—including TVA and Federal
projects—plan to add three million kilowatts to their in­
stalled capacity in 1954 and two million in 1955, so that
capacity by 1956 is expected to be approximately 75 per­
cent greater than at the end of 1952. And in dollar terms,
major private electric utility systems contemplate investing
over 700 million dollars during the period 1951-56, accord­
ing to a study made by the Southern Association of Science
and Industry.
Expenditures for the construction of new plants and
equipment, in the short run, will provide a stimulus to
employment and income. More important, however, such
investment should assure the South of sufficient electrical
energy in the future to carry it on further along the road
to industrialization and comfort.
B a s il

• 10

A .

•

W a p e n s k y

Sixth District Statistics
Instalm C L
ent ash oans

Condition of 2 7 Member Banks in Leading Cities
(In Thousands of Dollars)

No. of
Lenders
ReportLender__________________________________ ing
Federal credit u n io n s .......................... 36
State credit u n io n s............................... 16
Industrial b a n k s .....................................
8
Industrial loan companies . . . .
11
Small loan companies..........................34
Commercial banks................................... 32

Volume
Percent Change
Oct. 1953 from
Oct.
Sept.
1952
1953
—
+ 13
+3
+3
+ 24
— 17

0

—
3
+1

+21
+1
+22
—
3

Outstandings
Percent Change
Oct. 1953 from
Oct.
Sept.
1952
1953
+ 29
+4
+33
+5
+ 15
+7

+1
+0
+1
—
0
+1

+21

Retail Furniture Store Operations
Number
Percent Change
of Stores
October 1953 from
Item____________________________________ Reporting___________ Sept. 1953______________ Oct. 1952
Total sales.....................................................................144
+12
—6
Cash s a le s .....................................................................129
+7
—3
Instalment and other credit s a le s ..................... 129
+12
—6
Accounts receivable, end of month.................... 138
—0
+3
Collections during m o n th ..................................... 138
+ 10
+4
I nventories, end of m onth.....................................103______________________ + 4 ____________________+ 4

W holesale Sales and Inventories *
Sales
Inventories
Percent Change
No 0f
Percent Change
Firm
Oct. 1953 from
Oct. 31,1953, from
Type of
ReportSept.
Oct.ReportSept. 30
Oct. 31
Wholesaler_________________ ______ ing_______1953
1952__________ mg__________ 1953
1952
Automotive supplies . . . .
5
+14
+27
4
+9
0
Electrical— Wiring supplies .
3
+ 28
+23
3
—3
+1
Appliances . . .
5
+ 24
-4 2
4
+13
+ 16
Hardware..................................... 11
+1
—7
6
—0
+ 22
Industrial supplies . . . .
18
+6
—6
5
+3
+8
J e w e lry ..........................................
5
-2
-2
3
+2
+18
Lumber and bldg. mat’ ls . .
6
—5
—1
4
+ 10
+15
Plumbing & heating supplies .
3
—2
+13
3
+6
+ 14
Refrigeration equipment . .
6
+20
+47
6
— 11
—6
Confectionery...........................
6
+2
— 11
3
—4
+ 18
Drugs and sundries . . . .
9
+1
+4
.
..
..
Dry goods ......................................
13
— 14
— 15
10
—6
+ 22
Groceries— Full-line . . . .
43
—1
—3
24
+9
+2
“
Specialty lines .
8
+3
—0
4
+5
—1
Tobacco products..................... 10
—3
—9
7
—2
—1
M iscellaneous........................... 15
+4
+3
9
—2
+6
T o ta l............................................... 166
+0
— 5____________ 95____________ + 2
+ 13
*Based on information submitted by wholesalers participating in the Monthly Wholesale
Trade Report issued by the Bureau of the Census.

Department Store Sales and Inventories*
Percent Change
Inventories
Sales
Oct. 31,1953, from
Oct. 1953 from
Ten Months
Oct. 31
Sept. 30
1953Oct.
Sept.
1952
1953
1952
1952
1953
Place
+2
+4
+2
—5
ALABAMA .......................... + 11
—3
+4
+0
—9
Birmingham . . . .
+1
+9
+5
M o b ile ........................... + 26
+3
+4
Montgomery . . . . + 33
+6
+8
+4
+3
FLO RIDA .......................... + 31
+4
+2
—2
—3
Jacksonville................... + 45
+6
+6
+ 10
+7
M ia m i............................ + 28
+5
+5
+ 30
O rlando..........................
+4
St. Ptrsbg-Tampa Area + 25
+1
+ io
+4
+i
—2
St. Petersburg . . . + 27
+4
+4
Tampa......................... +24
+7
+8
+0
—3
GEORGIA .......................... + 10
+9
+ 10
—2
+2
+9
A t la n t a * * .....................
— 18
—9
A u g u sta.......................... + 17
+ io
+5
—3
+3
Colum bus...................... + 14
+6
+6
—0
+4
+1
Macon...............................
+4
R o m e **.......................... +24
+1
—5
Savannah** . . . . + 17
+1
+2
+7
+5
+2
L O U IS IA N A ...................... + 15
+ 12
+8
+8
+4
+7
Baton Rouge . . . .
+6
+4
—1
+1
New Orleans . . . . + 13
+3
—1
—8
+1
M IS S IS S IP P I.................... + 13
+0
—3
—6
+1
Jackson .......................... + 14
+3
— 13
+7
M eridian**....................
+8
+7
+6
TEN N ESSEE .................... + 10
+1
+ 16
+3
—4
—7
B r is t o l * * ...................... + 14
Bristol-Kingsport+0
—5
Johnson C ity** . . + 12
+7
—0
+5
Chattanooga . . . .
—i
+7
+9
+4
K n o x v ille ...................... + 10
+5
+ 10
+4
—1
N a s h v ille ...................... + 14
+6
+6
—2
+3
D ISTRIC T ........................... + 16
^Includes reports from 125 stores throughout the Sixth Federal Reserve District.
* * ln order to permit publication of figures for this city, a special sample has been con­
structed which is not confined exclusively to department stores. Figures for non-department stores, however, are not used in computing the District percentage changes.




Item
Loans and investments—
T o ta l..................................... .
Loans— N e t .......................... .... .
Loans— Gross..............................
Commercial, industrial,
and agricultural loans .
Loans to brokers and
dealers in securities .
Other loans for pur­
chasing or carrying
se cu ritie s..........................
Real estate loans . . .
Loans to b a n k s....................
Other loans ...........................
Investments— Total . . . ,.
Bills, certificates,
and notes ..........................
U. S. bonds .....................
Other securities. . . .
Reserve with F. R. Banks . .
Cash in v a u lt .........................
Balances with domestic
banks .................................... .
Demand deposits adjusted .
Time d ep o sits...................... .
U. S. Gov’t deposits . . . .
Deposits of domestic banks .

Nov. 18
1953

Oct. 21
1953

Nov. 19
1952

3,071,454
1,332.392
1,3537903

2,939,882
1,273,661
1,295,287

2,921,374
1,196,292
1,216,905

791,980

744,836

12,434

13,690

37,151
87,019
21,297
404,022
1,739,062

Percent Change
Nov. 18,1953, from
Nov. 19
Oct. 21
1952
1953
+4
+5
+5

+5
+ 11
+ 11

700,307

+6

+ 13

12,886

—9

—4

37,519
89,963
6,314
402,965
1,666,221

39,923
95,913
4,477
363,399
1,725,082

—1
—3
+0
+4

—7
—9
*
+ 11
+1

792,781
681,912
264,369
502,867
46,392

762,877
636,212
267,132
505,769
45,978

757,856
700,095
267,131
534,435
48,688

+4
+7
—1
—1
+1

+5
—3
—1
—6
—5

223,756
2,141,627
575,102
127,920
678,248
68,875

225,319
2,139,505
577,163
64,704
648,225
36,400

201,863
2,080,469
559,548
109,888
656,504
65,500

—1
+0
—0
+98
+5
+ 89

+ 11
+3
+3
+ 16
+3
+5

*100 percent or over.

Debits to Individual Demand Deposit Accounts
(In Thousands of Dollars)

October
1953

Place
A LA B A M A . .
Anniston . .
Birmingham
Dothan . .
Gadsden . .

. .
. .
. .
. .
. .

Montgomery . .
Tuscaloosa* . .
FLO RIDA . . . .
Jacksonville . .
M iam i....................
Greater Miami* .
Pensacola . . .
St. Petersburg .
Tampa . . . .
West Palm Beach*
GEORGIA . . . .

Brunswick . . .
Columbus . . .
Gainesville* . .

Savannah . . . .

September
1953

861,594
33,812
460,539
20,682
26,966
168,839
112,807
37,949
1,426,657
422,145
357,238
537,683
81,863
62,672
88,926
181,287
52,081
1,878,158
41,791
1,303,630
94,826
13,393
89,224
6,232
29,579
16,235
88,029
11,343
35,671
129,095
19,110
1,209,017
47,825
132,985
54,911
973,296
249,216
21,951
172,983
35,470
18,812
841,547
222,122
162,143
457,282

832,750
31,469
432,097
19,762
24,616
184,728
103,815
36,263
1,331,065
395,261
346,136
513,449
77,298
53,326
81,602
161,807
48,322
1,892,869
38,462
1,358,966
87,271
11,475
77,952
5,608
30,127
14,469
78,339
9,990
32,062
129,663
18,485
1,168,946
43,304
126,018
50,988
948,636
225,241
20,639
154,106
33,790
16,706
811,583
208,032
166,590
436,961

Percent Change
Oct. 1953 from 10 Months
October
Sept.
Oct. 1953 from
1952
1952
1953 1952
847,714
34,224
442,542
20,025
27,427
175,898
113,788
33,810
1,308,758
388,997
324,344
488,063
82,922
53,854
83,120
161,288
50,514
1,778,586
367834
1,229,034
105,183
11,501
84,739
6,168
27,495
15,586
84,921
13,418
33,249
114,148
16,310
1,204,879
49,308
131,688
57,499
966j384
257,324
21,489
180,904
38,234
16,697
766,022
192,649
140,635
432,738

LOUISIANA . . .
Alexandria* . .
Baton Rouge . .
Lake Charles . .
New Orleans . .
M ISSISSIPPI . . .
Hattiesburg . .
Jackson . . . .
Meridian . . . .
Vicksburg . . .
TEN N ESSEE . . .
Chattanooga . .
Knoxville . . .
Nashvi l l e. . . .
SIXTH D IS T R IC T .
5,789,602
32 Cities . . .
6,066,404
5,890,594
UNITED STATES .
345 Cities . . . 149,765,000 147,873,000 150,470,000
*Not included in Sixth District totals.

+3
+2
—1
+7
+7
+4
+5
+3
+ 10
—2
—4
—9
—1
+9
+ 5 + 12
+7
+9
+7
+9
+3
+ 10
+ 5 + 10
+6
—1
+ 18 + 16
+9
+7
+ 12 + 12
+8
+3
—1
+6
+9
+ 13
—4
+6
+ 9 — 10
+ 17 + 16
+ 14
+5
+ 11
+1
—2
+8
+ 12
+4
+4
+ 12
+ 14 — 15
+7
+ 11
— 0 + 13
+3
+ 17
+3
+0
+ 10
—3
+6
+1
—5
+8
+3
+1
—3
+ 11
+6
+2
—4
+ 12
+5
—7
+ 13 + 13
+ 4 + 10
+ 7 + 15
— 3 + 15
+5
+6

+3
+3
+0
+1
+7
+6
+3
+ 10
+ 11
+ 11
+ 14
+ 11
+ 10
+ 14
+9
+ 13
+9
+8
+ 16
+ 10
—3
+7
+1
+8
+5
+6
+3
—9
+ 17
+ 11
+7
+7
—2
+ 12
+3
+7
—1
+4
—3
— 1
+ 13
+ 13
+ 20
+ 23
+7

+3

+5

+8

+1

—0

+7

Sixth District Indexes
M
anufacturing
Employment
Sept.
1953
UNADJUSTED
District T o t a l............ 114
Alabama............... 109
Florida................. 124
Georgia.................. 115
Louisiana.............. 110
Mississippi............ 114
Tennessee.............. 118
SEASONALLY ADJUSTED
District T o t a l............ 113
Alabam a............... 107
Florida................. 130
Georgia.................. 113
Louisiana............... 108
M ississippi............ 112
Tennessee.............. 116

1 9 4 7 -4 9 = 100
Manufacturing
Cotton
Payrolls
Consum ption**

Aug.
1953

Sept.
1952

Sept.
1953

Aug.
1953

Sept.
1952

Oct.
1953

115
108
124r
116
111
113
118r

lllr
107r
118r
113r
104r
113r
113r

156
143
165
154
155
162
165

156r
142r
164r
159
154
163
164

148
139
155
151
137
160
154

115
107
133r
115
109
112
117

llOr
104
125
111
102
112
112

154
139
176
151
152
157
162

158r
142r
178r
161
152
161r
166

146
135
165
148
135
156
151

Sept.
1953

Oct.
1952

97
95

103

D ISTRIC T S A LES * . . . . 128p
Atlanta1 ......................................130
Baton R ouge......................... ..113
Birm ingham .......................... 118
Chattanooga............................137
Ja ck so n .................................... ..112
Ja ck so n ville .............................117
K n o x v ille ..................................128
M a co n .......................................133
M ia m i........................................144
N a sh v ille ................................117
New O rlean s.......................... 123p
S t. Ptrsbg-Tampa A re a. . 137
T a m p a ..................................... 126
D ISTRIC T STOCKS* . . . . 148p

119
123
108
110
121
102
99
119
128
133r
109
120
129
118
148

130r
131p
133r
133
108
116
130r
113
137
130
120r
121
119r
131
123r
125
133r
137
135r
129
118r
119
124r
125p
136
136
121r
128
140r___________ 161p

122
132
117
122
134
115
98
123
142
109r
113
120
117
112
152

133r
136
112
124r
130
130
134
120
137
121r
120r
127
134
124
152r

^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, how­
ever, are not included in the District index.
*Does not include data for all of La., Miss., and Tenn. Other totals for entire six states.
**D aily 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.

O Reserve B ank C itie s
• B ranch B ank C itie s

mm D istric t B o u n d a ries
■
—
^

B ranch T e rr ito ry B o u n d a ries
B o a rd o f G o v e r n o rs o f t h e F e d e r a l R e s e r v e S y s te m




Furniture
Store S a le s * / * *

108

Oct.
1953

99

104
li4
104

123i
104r

94

101

Oct.
1953

Sept.
1953

Oct.
1952

167
183
175
237
103
149

78
187
90
261

97p
99
104
96
lOOp

98
108
103

105r
114
113r
107
105

133

80

84

84

94p
109
105
99
107p

106

li9
89

Oct.
1952

99
388
192
473
477
317

111

Sept.
1953

92
91

102r

86

125
114r

93
91

110
112

85

100

76

89

104

_________Departm ent Store Sales and Sto cks**_________
_________ Adjusted___________
________ Unadjusted_________
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
_________________________________ 1953
1953
1952__________ 1953
1953
1952

Construction
Contracts

66

100
99

O ther District Indexes
Adjusted
Oct.
_______________________ 1953

Sept.
1953

Unadjusted
Oct.
1952

Construction contracts*............
Residential........................
Other ................................
Petrol, prod, in Coastal
Louisiana and Mississippi** 129
Turnover of demand deposits* . 22.9
In de x........................ 118.6

145
23.6
122.3

139r

Sept.
1953

Aug.
1953

Sept.
1952

139
121
173r
106
91
143r
103
99
184r

131
115
157
103
93
133

Mfg. em by type
p.

Apparel....................... 139
Chemicals.................... 123
Fabricated metals........... 165
Food.......................... 105
Lbr., wood prod., furn. & fix. 90
Paper and allied prod. . . . 143
Primary metals.............. 104
Textiles..................... 99
Trans, equip.................. 180
Elec. power prod.**..................
Hydro-gen...........................
Fuel-gen......................
r Revised

p Preliminary

Oct.
1953

Sept.
1953

Oct.
1952

187r

343
219
437

21.1

109.5

101
100
153

168

156r
136r
172

129
23.8

144
23.8

139r
21.9

Sept.
1953
141
124
165"
106
90
144
104
99
178
184
74
286

211r

Aug.
1953

Sept.
1952

141
117r
170r
107
92
143r
103
99
176r
188
87
280

133
117
158
104
93
134

101
100

152
157
70
237r