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ATLANTA, GEORGIA, OCTOBER 3 1 , 1953

Jn% isIssue:

A M illion N e w H o m e s A g a in 1In5 3
9
I n te r e s t R a te s D e c lin e A f te r J u n e H ig h
D istric t B u s in e s s H ig h lig h ts

SixthDifirid1Statistics:

C o n ditio n o f 27 M em b er Banks in Leading C itie s
D ebits to Individual Dem and D eposit A ccou n ts
D epartm ent S to re Sales and Inventories
Instalm ent Cash Loans
R eta il Furniture S to re O p eratio ns
W holesa le Sales and Inventories

SixthDmttIndexes:

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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C om m ercial b a n k s rep o rt lo w e r v o lu m e o f n e w con su m er in­
sta lm e n t lo a n s each month since July because of declines in personal
and other non-automotive loans. Despite these month-to-month de­
creases, however, outstandings continue to expand.
•

Low er G o v ern m en t a n d p r iv a te d e m a n d d e p o s its reduced total
member bank deposits in September, and at banks in leading cities,
the decline continued in October.
•

M em b er b an k e x c e s s r e s e r v e s in c r e a se d in September, partly
because the deposit decline reduced required reserves. Consequently,
there was less need for member bank borrowing from the Federal
Reserve Bank.
Total lo a n s a t m em b er b a n k s in c r ea se d according to seasonal
expectations during September, principally because of expansions in
commercial and industrial loans.
•

Total sp e n d in g in c r ea se d from August to September about as much
as is usual at this time of the year, an increase evidenced by a rise
in bank debits.
In terest r a te s on n e w b u sin ess lo a n s made by banks in Atlanta
and New Orleans in September averaged slightly lower in September
than in June, contrary to the customary seasonal movement.
Farm m a r k e tin g s w e r e up in the third quarter from a year ago
with average prices holding fairly stable. Unless prices change, total
cash receipts may almost equal last year’s.
•

H arvestin g is co stin g fa rm ers m o re this year, although some pro­
duction items, like feed and hay, are cheaper.
D ep a rtm en t sto r e s a le s r o se m o re th a n s e a s o n a lly in October,
according to the preliminary figures, but were below year-ago levels.
In v en to ries fe ll in August from July and rose again in September.
•

N e w car reg istr a tio n s d e c lin e d slig h tly in August from July but
were well above a year ago, a trend continuing into September.
M anufacturing e m p lo y m e n t co n tin u es w e ll a b o v e a y e a r a g o
despite a slight month-to-month drop in all lines except transporta­
tion equipment and chemical products. Also, manufacturing payrolls
continue higher even though the average work week is somewhat
shorter than at this time last year.
• 2 •

A M illio n N ew Homes A g a in in 1953
C o n d it io n s

U n d e r ly in g

B o o m

More and more evidence is appearing that the peak of the
biggest residential building boom in the history of America
has been passed. The floodlights in front of demonstration
homes are burning longer into the night, and “Sold” signs
are getting bigger as if each sale is becoming more of an
accomplishment. It seems likely, however, that when 1953
ends and the new homes are counted, this will have been
the fifth consecutive year in which over one million new
nonfarm dwelling units were built. Even in comparison
with the lush years from 1923 to 1928, the rate of con­
struction of nonfarm homes in the last five years has been
high; one out of every ten homes standing today has been
built since 1949.
Notwithstanding the 1.1 million new nonfarm dwelling
units started this year, a steady decline in the seasonally
adjusted number of houses started since February seems
to indicate that the peak of such building has been passed
and that in the immediate future, the trend of housing
starts in the nation will be downward. Although the slow­
ing down in residential building activity has not reached
alarming proportions, it has been more pronounced in the
Sixth District than in the United States.
B o o m H a s B e e n P r o p t o B u s in e s s

Signs of an actual or impending decline in home building
activity are causing considerable concern, not only to
builders and businessmen directly connected with the con­
struction industry, but to others as well. There is no
doubt that the housing boom has been one of the three
or four major driving forces to the economy since the end
of World War II. There is also evidence that the con­
struction industry has represented a greater slice of the
economy in the Sixth District than it has in the remainder
of the nation. A drop in residential construction activity
at this time, therefore, can hardly fail to affect the total
volume of business, particularly in the District.
It is apparent that the causes of the decline in residen­
tial building are manifold and that they cannot be traced
to decisions made in any single area such as Government
regulation or monetary policy. Instead, nearly all the
major factors determining the volume of home building
seem to have been unfavorable for any further increase
in the rate of housing construction. Of major importance
in explaining the recent decline are conditions surround­
ing the demand, supply, and financing of new homes.
F in a n c in g i m p o r t a n t t o B u ild in g V o l u m e

An adequate supply of both short-term construction
credit and long-term mortgage credit is necessary to main­
tain a high volume of home building. Since World War
II, the availability of credit has been a particularly strong



S e e m

T o

B e

C h a n g in g

force affecting the number of new houses because most
homes have been built for speculative sale rather than
upon order by the prospective owners. Temporary loans
to finance construction were available in most cases only
if arrangements could be made for long-term mortgage
money to be available to future buyers. Thus, the willing­
ness of credit institutions to make mortgage loans has
determined, in effect, whether some builders would be
able to start construction. In the trade this all-important
agreement to extend mortgage credit to future buyers of
homes is known as a commitment.
Long-term mortgage funds ordinarily have four im­
portant sources: commercial banks, savings and loan as­
sociations, life insurance companies, and mutual savings
banks. In the District, life insurance companies and mu­
tual savings banks are ordinarily represented by mortgage
correspondents so that lack of headquarters for these
institutions in this area does not mean that they do not
serve District home buyers. Commercial banks and mu­
tual savings banks, as well as life insurance companies,
have important alternative outlets for funds other than
mortgages. Demands from other users of long-term funds,
therefore, have a notable impact upon the availability and
terms of long-term mortgage money from these institu­
tional lenders. These “other users” consist of corporations,
state and local governments, the Federal Government, and
to some extent, unincorporated businesses.
Competition for Long-term Funds. There is little
doubt that the demand for long-term funds by all users
increased during the first half of 1953. The volume of new
securities of state and municipal governments was 11
percent higher than in the first half of 1952; the amount
of corporate new money was almost the same as a year
earlier; and Federal Government borrowing was almost
one-third greater. Also, commercial bank loans failed to
decline as much as in previous years. Although the rate
of personal saving had increased, resulting in more funds
available for lending, the additional demand for long-term
funds impinged upon a fairly limited supply. These de­
velopments were accompanied by a rise in interest rates.
Substantially increased rates of interest that investors
earn on municipal, corporate, and Federal Government
obligations resulted from the heavy demand for long­
term funds during the first half of 1953. More and more
it appeared to lending institutions that mortgages at the
then prevailing rates and terms were less attractive than
they had been, compared with alternative types of invest­
ments. Construction expenditures, however, did not slack
off sharply because builders had already obtained com­
mitments for long-term financing, which most financial
institutions honored faithfully even though in many cases

•3•

Residential Real-Estate L of M ber B
oans
em anks
BILLIO N S OF D O LLA R S

M ILLION S OF DO LLARS

to do so was to their own disadvantage. But commitments
from lending institutions for future long-term financing of
new homes became increasingly harder to obtain.
The general increase in interest rates in the late winter
and spring had its greatest effect upon the supply of funds
for VA and FHA mortgages. In view of increases in in­
terest rates on other types of investments, the maximum
rates payable on VA and FHA loans no longer seemed
quite so attractive to many lending institutions, and many
of them became reluctant to make such loans. Maximum
rates payable on those types of loans, therefore, were
raised during the first week of May 1953. Some reports
indicate, however, that lenders still find the VA and FHA
loans relatively less attractive than other investments.
VA and FHA loans have been important in the finan­
cing of mass housing projects, which have accounted for
a substantial proportion of the new homes. Maximum
rates on these loans, therefore, together with money market
conditions, have had a strong influence on the volume of
new home construction. As these rates have become less
appropriate to changed money market conditions, more
mortgage loans have been made without Government
insurance or guarantees.
In the major cities of the District, commercial banks
have not been as important as sources of new residential
mortgage loans since 1950 as they were before. Changes
in credit conditions in the first half of this year, therefore,
had little effect upon mortgage money available to build­
ers from that source. Apparently, however, many life in­
surance companies and mutual savings banks did instruct
their loan correspondents in District cities to cut down
on commitments to accept requests from prospective
home buyers for VA and FHA mortgages. District lenders
who had formerly accumulated such mortgages to sell in
the market generally found themselves stuck with mort­
gages that were salable only at a discount.
Only those savings and loan associations that relied al­
most exclusively upon inflows of their own share funds
seemed to be relatively unaffected by the tighter money
situation. Most of these associations, of course, raised their
rates, along with other lenders, as some of the demand
for VA and FHA loans spilled over to conventional loans.



Because funds for Federally underwritten loans in the
District come largely through insurance companies and
mutual savings banks, however, the money situation un­
doubtedly has been a significant influence upon the volume
of District residential construction.
D e m a n d F a c to r s S h o w W e a k n e s s
Stringent financing conditions do not seem to have been
solely responsible for the moderate decline in residential
construction this year. Certain demand factors have been
unfavorable for the sustaining of the peak reached in
February: the backlog of demand for homes that was
built up during the war has been reduced; new families
are no longer being formed at such a rapid rate; and
personal income is not growing at the same pace of the
earlier postwar years.
Backlog of Demand Falling In April 1947, almost
three million married couples were without their own
households and presumably were living doubled up with
friends or relatives; by April 1952, this number had
dropped 46 percent. The three million families in such a
situation in 1947 represented 9 percent of the total num­
ber of married couples in this country. By 1952, only 4
percent of the married couples did not have their own
dwelling places, which was actually a smaller proportion
than before the war.
Clearly then, as early as a year and a half ago, the
number of families forced by the housing shortage to live
doubled up had been greatly reduced; and the situation un­
doubtedly has eased even more since then, with a conse­
quent diminishing of demand for new homes. It is prob­
able, moreover, that some of the doubling-up is voluntary,
as in the case of aged couples living with their children;
so the smaller the number of doubled-up families be­
comes, the less representative it is of the number of
families who are in the market for new homes.
New Fam ily Formation Declining The decline in the
backlog of demand for new homes is not the only factor
tending to bring about a downturn in home building. In
addition, the rate at which new households are being
formed is also falling off. The peak of new household
formation was reached in 1947 when about 1.6 million
new units were set up. Since that time, there has been a
rather substantial decline; in the year ended April 1953,
only about 950,000 new units were set up.
Estimates based upon population projections indicate
that little if any rise in the rate of household formation is
expected until around 1965, when the postwar crop of
babies reaches marriageable age. The Census Bureau
estimated last year that the annual rate of household for­
mation in 1955 will run around 697,000 and in 1960 will
be about 624,000. Later data, however, seem to indicate
that there may be some upward revision of those figures.
Because population projections indicate a greater rate
of growth in the District states than in the nation, it is quite
likely that new household formations will be more im­
portant as a factor in sustaining housing demand in the
Southeast than in most other sections. In addition, the

•4 •

growing urbanization may be expected to add to housing
demand in this area.
Personal Income Growth Slowing Down In the
decade from 1940 to 1950, the increase in the number
of dwelling units in any particular locality, as would be
expected, was rather closely associated with the growth in
population. Another seemingly important factor in ac­
counting for the increase in dwelling units, however, was
the level of income in the particular locality. Percentage­
wise, in low- and high-income areas experiencing the same
rate of growth of population, more new homes were built
in low-income areas than in high-income areas. The numNumber of New Households and Dwelling Units
United States
TH O U SA N D S

*

TH O U SA N D S

PROJECTED

ber of dwelling units in District states, therefore, expanded
at a somewhat greater rate than population growth would
have indicated. Furthermore, in contrast to the situation
in most major cities in other parts of the country, the
quality of homes in many District cities, measured in
terms of average number of rooms, plumbing facilities,
and the like actually improved. It is difficult to gauge the
extent of demand for higher quality housing arising from
improved income levels. The declining rate of growth of
personal income in the nation, however, would not seem
to indicate that this factor will give great support in the
near future.

Bank Announcement
The Metropolitan Bank of M iam i, M iam i, Florida,
a newly organized nonmember bank, opened for bus­
iness October 21 and began remitting at par for
checks drawn on it when received from the Federal
Reserve B a n k. I t has a capital of $1,500,000 and
surplus and undivided profits of $500,000. Its offi­
cers are T . T . Scott, President; Scott L . M oore,
Executive Vice President; Clarence B . Beutel, Vice
President and Cashier; Ronald N . Aursw ald, A s ­
sistant Vice President; and Francisco Grovas, A s­
sistant Cashier.




S u p p l y F a c to r s A l s o U n f a v o r a b l e

The apparent lack of strength in the demand for new
housing, together with stringent financing conditions,
should result in an eased supply situation. Such an easing
has not shown up yet in the statistics. At present, con­
struction materials production, nearly 70 to 75 percent
greater than in 1939, is at or very near peak levels. Pro­
duction peaks of lumber, cement, brick, and other build­
ing supply products have been reached within recent
months. Likewise, construction employment has remained
near peak levels for about a year, and building costs are
the highest on record.
Non-residential Construction Costs High An increase
in building costs at the same time that residential building
has been declining is, of course, attributable to the strong
demand for labor and materials for non-residential build­
ing. In effect, builders of new homes have had to compete
with builders of roads, schools, and office buildings and
with industry for scarce materials and labor. Indications
are that, although non-residential building starts or con­
tract awards may be smaller in 1953 than in 1952, actual
expenditures for labor and materials during the year will
be just about as great in 1953 as in 1952. Record public
construction of roads, schools, and hospitals has been par­
ticularly important in sustaining non-residential construc­
tion. Throughout the nation, composite building costs are
now about 80 percent higher than in 1946; figures for
the city of Atlanta indicate that costs have risen about
the same in the District as in the nation.
High construction costs, of course, have been reflected
in the selling prices of new homes. Thus, despite the appar­
ent declining demand, the seasonal peak in selling prices
of new homes has been almost as high this year as in the
last two years. Rising building costs during 1953 and
stable selling prices seem to have subjected builders to
some profit squeeze. According to reports from District,
cities, this seems to have resulted in a shift by some
builders to the construction of higher priced homes.
H o m e B u ild in g a n d M o n e t a r y P o lic y

If the peak of the housing boom is past, it seems clear
that financing conditions have not been solely responsible.
Instead, declining demand factors and continued high
building costs must certainly bear a major portion of the
blame. It is even more clear that stringent supplies of
mortgage credit have not been solely the result of general
monetary policy but rather, the result of increased com­
petition for long-term funds among corporations, state
and local governments, the Federal Government, and
business borrowers.
Because of the complexity of factors apparently acting
to decrease the volume of residential building, it would
seem that efforts to maintain a high volume of home con­
struction must take many channels. In particular, reliance
upon the monetary means of stimulating the housing in­
dustry would appear to provide only a partial answer to
the industry’s present problems and one that would create
other problems,
Thomas R. A tkinson

• 5•

In te r e s t K a te s

D e c lin e

Interest rates charged by commercial banks in the Sixth
District, after climbing sharply this spring, are apparently
leveling off. Reports from selected District banks in New
Orleans and Atlanta show that changed money market
conditions have affected customer loan rates as well as
Government security rates. It is too early to determine
whether the recent change in direction of interest rates
marks the beginning of a new trend, but banks and their
customers may get some indication of future developments
from a review of this year’s money market conditions.
H eavy Demand for Funds Raised the Cost
of Borrowing • • .

During the early part of the year, most interest rates
were rising, with rates on Government bonds and Treasury
bills and certificates showing the most pronounced
changes as they have been doing since the end of the war.
Rates on Government securities increased sharply during
the spring to their highest levels this year. The monthly
average rate on United States long-term bonds rose from
2.80 percent in January to 3.09 percent in June, and
on bills and certificates the increase was even greater.
Moreover, rates on business loans were also rising, judging
by data from selected banks in Atlanta and New Orleans.
During the early part of the year, the average rate on such
loans increased about one third of one percentage point,
according to quarterly reports covering selected business
loans of over $1,000 made during a fifteen-day period.
This meant that the cost of borrowing increased nearly
10 percent from January to June.
These increases in rates, which are the sharpest since
September 1951, can be attributed to the extremely heavy
demand for funds. Not only did corporation and state and
local government borrowing increase greatly, but also
Government borrowing was heavier than it had been since
June 1952. Finally, short-term business borrowing did not
decline appreciably from the Christmas peak.

A

fte r J u n e

H

ig h

thus freeing 1.1 billion dollars of funds for member banks
in the country as a whole and 47 million for banks in
this District. More recently, increased security purchases
by the System have further eased the cash position of
banks. Moreover, continued steady growth in personal
savings has added to the supply of loanable funds.
• . . Fall Credit Demands W ere Below Expectations

Although banks were well supplied with money to lend
to customers this fall, the demand for both short- and
long-term funds was somewhat below expectations. Con­
sumer credit outstanding is no longer increasing at the
rapid rate of last spring. Business loans, which in the past
have contributed heavily to the seasonal credit expansion,
have not risen as much as usual. In other postwar years, by
the third week of October, commercial, agricultural, and
industrial loans for United States weekly reporting member
banks have averaged 6.4 percent above the summer low;
this year, however, the increase was only 1.7 percent.
The demand for long-term funds was down also. The
narrow margin between the present debt and the debt
ceiling has restricted Treasury borrowing. Corporations,
Interest Rates
PERCENT PER ANNUM

PERCENT PER ANNUM

. . • To a Postwar Peak in June, but . . .

Interest rates apparently reached a postwar peak around
the first week of June. After that, rates on Government
securities began to drop sharply. The average monthly
rate on United States long-term bonds fell from the June
peak of 3.09 to 2.97 percent in September; and the rates
on Treasury bills and certificates experienced a greater
decline. Rates charged on business loans actually declined
only slightly between June and September, but the cessa­
tion of the upward movement, as shown by reports of
Atlanta and New Orleans banks, occurred at the time
when rates ordinarily increase.
Supply and demand factors that acted to increase rates
in the early part of the year seem to have undergone sub­
stantial changes since then. The amount of available funds
is apparently greater than it had been in the early part of
the year, and the demand somewhat lower than it usu­
ally is. Early in July, the Board of Governors of the
Federal Reserve System reduced reserve requirements,



after selling their large spring issues, were borrowing
slightly less. Security sales by state and local governments
were the only major type of borrowing that was maintained
at the springtime level.
In the immediate future, as in the past, the course of
interest rates will depend largely upon the demand for
funds by governmental units, business, and consumers and
upon the supply of savings and the ability of banks to
make loans and investments. The recent leveling off of
customer loan rates at Atlanta and New Orleans banks
is indicative of future developments, therefore, only if
the fundamental forces determining interest rates continue
in their new direction.
Charles S. Overmiller
•

6

•

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
Report­
ing
37
19
9

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

Outstandings
Percent Change
Sept. 1953 from
Aug.
Sept.
1952
1953
+0
+ 29
+ 34
+ 29

Volume
Percent Change
Sept. 1953 from
Aug.
Sept.
1952
1953
+ 25
+5
—2
+ 28
+ 29

+1
—6
+2

10

32
33

—1

+1
+1

+10

+0
—0

— 16

+1

—1

+8

+9
+ 24

Retail Furniture Store Operations
Percent Change
_______ September 1953 from
August 1953______ September 1952

Number
of Stores
Item______________________________________ Reporting
Total sales
........................................................... 145
Cash s a le s .................................................................129
Instalment and other credit sales . . . .
129
Accounts receivable, end of month
. . . 138
Collections during m o n th ................................ 138
Inventories, end of m o n th ................................ 103

— 10
—7
— 10
—0
—5

— 10
—2
— 10

+5

+3

+6

—1

W holesale Sales and Inventories*
No. of
Firms
Report­
ing
5
5
9

Sales
Percent change
Sept. 1953 from
Aug.
Sept.
1952
1953
— 14
+5
+9
— 31
+4
+5
+4
—0
+ 14

No. of
Firms
Report­
ing

Inventories
Percent change
Sept. 30 1953 from
Aug. 31, Sept. 30,
1952
1953

Type of
Wholesaler
—2
Automotive supplies .
0
Electrical appliances .
—3
—9
H a rd w a re .........................
+0
+ 23
Industrial supplies
—1
Je w e lry ...............................
5
Lumber and bldg. mat’ ls.
—2
—7
3
4
Plumbing & heating suppl
+ 26
+4
3
+5
+ 13
Refrigeration equipment
— 27
6
—3
+4
Confectionery . . . .
+ 26
— 11
3
+ 42
+ 17
Drugs and sundries .
13
+9
4
+4
+8
Dry goods . . . .
13
+3
9
—3
Groceries— Full-line
46
28
—1
“
Specialty lines
9
+ 17
5
+4
— 11
Tobacco products .
9
5
—3
— 14
Miscellaneous . . .
17
+4
+9
+1
T o ta l..............................
170
+7
99
—0
+8
*Based on information submitted by wholesalers participating in the Monthly Wholesale
Trade Report issued by the Bureau of the Census.

20

6
6

+10
+6
+10

+8
+8
+2
+1
+6
+1
+2

+1

+21

12

Departm ent Store Sales and Inventories*
Percent Change
Sales
Sept. 1953 from
Aug.
Sept.
1953
1952
+7
—6
+ 12
—6
—4
+1
—5
— 11
—3
—1
—5
—9
—6
—1
+3
+5
+3
—1
+5
—0
+2
—1
+4
—2
+5
+3
+4
— 22
—2
— 10
+8
—1
+ 13
—3
— 12
+1
—0
+2
+ 10
—2
—1
+3
+9
—6
+5
—6
+ 16
+2
+5
+0
-—6
+5

Yr.-to-Date
19531952
+3
+2
+9
+3
+5
—3
+6
+5
+4
+5
+4
+1
+2
—8
—4
+2
+5
+2
+5
+9
+5
—0
—2
+6
+7
—3

Inventories
Sept. 30, 1953, from
Aug. 31
Sept. 30
1953
1952
+5
+4
+6
+3

Place
ALABAMA
......................
Birmingham . . . .
M o b ile ...........................
Montgomery . . . .
FLO RIDA ...........................
+4
+8
Jacksonville . . . .
+9
+9
M i a m i ...........................
+0
+7
O rlando...........................
St. Ptrsbg-Tampa Area
S t. Petersburg . .
+9
+3
T a m p a ......................
GEORGIA
......................
+7
+8
Atlanta**
. . . .
+7
+9
Augusta
......................
C o lu m b u s......................
+8
+ ii
M a c o n ...........................
+9
+8
Rome**
......................
Savannah** . . . .
L O U IS IA N A ......................
+2i
+9
Baton Rouge . . . .
+ 13
+1
New Orleans . . . .
+ 28
+8
M ISSISSIPPI
. . . .
+4
+9
Jackson ...........................
+3
+6
Meridian** . . . .
TEN N ESSEE ......................
+6
+ io
B r i s t o l * * ......................
+7
+ 22
Bristol-Kingsport+4
—4
Johnson City** . .
+1
Chattanooga . . . .
+0
+5
+8
Knoxville . . . . .
+8
+ 12
+ 10
+5
+4
+2
N ash vM Ie ......................
—8
+4
+6
+5
D ISTRIC T . .....................
+2
—3
+3
+8
+9
♦Includes reports from 125 stores throughout the Sixth Federal Reserve District.
**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.




Sept. 23
1953

Oct. 22
1952

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

2,912,755
1,228,941
1,250,569

2,893,195
1,167,356
1,187,861

+1
+4
+4

744,836

696,311

671,605

+7

+ 11

13,690

14,739

16,059

—7

— 15

37,519
89,963
6.314
402.965
1,666,221

38,844
89,984
6,273
404,418
1,683,814

39,976
94,473
2,712
363,036
1,725,839

—3
—0
+1
—0
—1

—6
—5
*
+ 11
—3

762,877
6^6,212
267,132
535,769
45,978

791,796
622,743
269,275
510,765
46,379

744,469
714,712
266,658
536.316
47,818

—4
+2
—1
—1
—1

+2
— 11
+0
—-6
—4

225,319
2,139,505
Demand deposits adjusted
577,163
Time d e p o sits...........................
64,704
U. S. Gov’t deposits . . .
648,225
Deposits of domestic banks .
36,400

217,839
2,111,535
573,725
109,862
603,019
36,900

205,123
2,097,363
556,095
129,043
623,875
42,500

+3
+1
+1
— 41
+7
—1

+ 10
+2
+4
— 50
+4
— 14

Item
Loans and investments—
T o t a l ......................................
...........................
Loans— Net
Loans— G r o s s ...........................
Commercial, industrial
and agricultural loans .
Loans to brokers and
dealers in securities
Other loans for purchasing
or carrying securities .
Real-estate loans
. . .
Loans to banks . . . .
Other lo a n s ......................
Investments— Total
. . .
Bills, certificates,
and notes
......................
U. S. bonds
......................
0-her securities . . . .
Reserve w th F. R. Banks
Cash in v a u l t ...........................
Balances wuh domestic

+2
+9
+9

*100 Percent or over.

Debits to Individual Demand Deposit Accounts

+10
+8

+22

Percent Change
Oct. 21, 1953, from
Oct. 22
Sept. 23
1952
1953

Oct. 21
1953

(In Thousands of Dollars)
Percent Change
August
1953

September
1952

Aug.
1953

31,469
432,097
19,762
24,616
184,728
103,815
36,263

29,436
416,904
17,600
23,522
154,942
92,838
32,107

30,282
434,646
19,848
23,294
162,817
99,349
30,503

+7
+4
+ 12
+5
+ 19
+ 12
+ 13

+4
—1
—0
+6
+ 13
+4
+ 19

+3
—0
+1
+8
+8
+4
+ 10

395,261
346,136
513,449
77,298
53,326
81,602
161,807
48,322

388,445
337,738
498,429
70,335
54,605
77,129
164,218
49,309

377,655
309,616
469,306
73,696
50,060
76,243
155,864
45,756

+2
+2
+3
+ 10
—2
+6
—1
—2

+5
+ 12
+9
+5
+7
+7
+4
+6

+ 11
+ 15
+ 11
+ 11
+ 14
+9
+ 13
+9

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

37,165
1,193,413
83,432
13,738
77,080
4,645
24,702
12,940
82,402
9,588
30,931
119,814
35,066

32,630
1,175,619
95,735
11,651
79,832
5,922
28,568
14,315
84,127
11,167
28,269
114,556
16,609

+3
+ 14
+5
— 16
+1
+ 21
+ 22
+ 12
—5
+4
+4
+8
— 47

+ 18
+ 16
—9
—2
—2
—5
+5
+1
—7
— 11
+ 13
+ 13
+ 11

+ 17
+ 10
—2
+6
+0
+9
+4
+7
+3
—8
+ 18
+ 11
+6

43,304
126,018
50,988
948,636

42.027
126,284
49,902
923,246

47,641
119,837
52,003
881,827

+3
—0
+2
+3

—9
+5
—2
+8

—2
+ 14
+4
+8

20,639
154,106
33,790
16,706

20,589
159,787
30,286
14,411

21,696
177,249
36,638
16,034

+0
—4
+ 12
+ 16

—5
— 13
—8
+4

+4
—3
+0
+ 13

208,032
166,590
436,961

207,673
154,342
460,255

178,429
130,323
382,169

+0
+8
—5

+ 17
+ 28
+ 14

+ 21
+ 24
+8

5,890,594

5,630,830

5,437,423

+5

+8

+9

147,873,000 134,589,000 136,067,000

+ 10

+9

+8

ALABAMA
Anniston . . .
Birmingham . .
Dothan . . .
Gadsden . . .
Mobile
. . .
Montgomery . .
Tuscaloosa* . .
FLORIDA
Jacksonville . .
Miami
. . .
Greater Miam.*
Orlando . . .
Pensacola
. .
St. Petersburg .
Tampa . . . .
West Palm Beach"
GEORGIA
Albany
. . .
Atlanta . . .
Augusta . . .
Brunswick
. .
Columbus. . .
Elberton . . .
Gainesville* . .
Griffin* . . .
Newnan

Sept.9Mos.1953
1952 from 1952

September
1953

Place

.

.

.

Savannah . . .
Valdosta . . .
LOUISIANA
Alexandria* . .
Baton Rouge
Lake Charles
New Orleans
M ISSISSIPPI
Hattiesburg . .
Jackson . . .
Meridian . . .
Vicksburg . . .
TEN N ESSEE
Chattanooga . .
Knoxville . . .
Nashville . . .
SIXTH DISTRICT
32 Cities . .
UNITED STATES
345 Cities . .

,.

*Not included in Sixth District totals.

Sixth District Indexes
Manufacturing
Employment
Aug.
1953
UNADJUSTED
District Total
Alabama .
Florida . .
Georgia. .
Louisiana .
Mississippi
Tennessee .
SEASONALLY
District Total
Alabama .
Florida . .
Georgia. .
Louisiana .
Mississippi
Tennessee .

..................... 1T5
. . . .
108
. . . .
125
..................... 116
......................I l l
. . . .
113
......................119
ADJUSTED
. . . .
115
..................... 107
. . . .
134
......................115
......................109
......................112
......................117

July
1953

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

Aug.
1952

Aug.
1953

July
1953

Aug.
1952

Sept.
1953

Aug.
1953

Sept.
1952

114
106r
124
114
109
114r
118

llO r
105r
118r
112
104
111
112r

157
145
166
159
154
163
164

154
139r
166
155r
152
160
163r

142
130
152
143
135
155
147

103
100

102
99

110
113

104

104

109

114
104

126
103

129
104r

116
109r
132
116r
110
115r
119

HOr
104
127
111
103
109
111

159
145
180
161
152
162
166

161
142r
182
162r
151
164r
164

143
130
165
144
134
154
149

101

107

130
119
115
117
137
118
114
121
146
148
117
127
135
126
141

122r
122p
121r
132
lllr
117
116r
122
121
134
107r
115
110
98
106r
123
129r
142
131
108p
118
113
117r
120p
129
117p
119
112
137r____________ 152p

114
121
103
104
122
105
99
110
127
111
107
117
109
106
141

Sept.
1953

Aug.
1953

Sept.
1952

167
183
175
237
103
149

63
172
152
165
103
171

95
165
140
109
126
2737+

Sept.
1953
98
108
103
100
99
84

Aug.
1953

Sept.
1952

104r
113r
98
108r
104r

107r
113
117r
111
108

97r

91

92
91
86
93
99r

lOOr
106r
94
103r
100

lOOr
95
98r
103

91
76

92r

83

Other District Indexes
_________ Adjusted

_________ Adjusted__________
________ Unadjusted_________
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
_________________________________ 1953
1953
1952___________1953
1953
1952
125r
129
119r
129r
133
121
108
110
144
108
123
117
118
113
141r

'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.




Furniture
Store S a le s * / * *

108

Department Store Sales and Stocks**

D ISTRIC T S A LES * . . . . 119p
Atlanta1 ................................ 123
Baton Rouge........................... 108
B irm in g ham ...........................110
Chattanooga..............................121
Jack so n .........................................102
Ja c k s o n v ille ..............................99
K n o x v ille ................................ 119
M a c o n .........................................128
M ia m i...................................... 132p
N a s h v ille ................................ ...109
New O rle a n s........................... 120p
St. Ptrsbg-Tampa Area
. 129
T a m p a ........................................118
D ISTRIC T STOCKS* ■
. 148p

Construction
Contracts

Sept.
1953
Construction c o n tra c ts *.......................
Residential............................................
Other .......................................................
Petrol, prod, in Coastal
Louisiana and Mississippi** 145
Turnover of demand deposits* . 23.6
In d e x ........................................... 122.3

Unadjusted
Sept.
1952

140
22.9
118.9

Aug.
1953

175
186
168
144
24.1
125.0

Sept.
1953

148r
162r
137r

144
23.8

144
22.5

July
1953

Aug.
1952

Aug.
1953

A p p a re l......................................139
143
C h e m ic a ls ................................ 121
121
Fabricated metals . . . .
176
182
F o o d ........................................... 106
108r
Lbr., wood prod., furn. & fix. 91
92
Paper and allied prod.
. . 142
143
Primary m e t a ls ......................103
104
T e x t ile s ......................................99
lOOr
Trans, equip.................................183
173
Elec. power p r o d . * * ............................
Hydro-gen.................................................
Fuel-gen....................................................
r Revised
p Preliminary
t Includes contract for atomic energy project

129
115
148
104
93
131

141
118
173
107
92
142
103
99
175
188
87
280

Mfg. emp. by type

Aug.
1953

Aug.
1953

101
99
142

July
1953
140
116
172
104
92
142
103
99r
168
183
94
266

Sept.
1952
693
160
1097
139
23.1
Aug.
1952
130
111
146
105
94
131
101
100
136
167r
77
249r