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Monthly Review
ATLANTA, G E O R G IA , OCTOBER 31, 1956
I n
%
is I s s u e :
C onsum er and
H o ld
B u s in e s s S p e n d in g
H ig h
B a n k F in a n c in g f o r F a r m e r s
D is t r ic t B u s in e s s H ig h lig h t s
S ix t h D if ir id S t a t is t ic s :
S ix t h V iS t r id In d e x e s :
Condition of 27 Member Banks in Leading Cities
Debits to Individual Demand Deposit Accounts
Department Store Sales and Inventories
Instalment Cash Loans
Retail Furniture Store Operations
Wholesale Sales and Inventories
Construction Contracts
Cotton Consumption
Department Store Sales and Stocks
Electric Power Production
Furniture Store Sales and Stocks
Manufacturing Employment
Manufacturing Payrolls
Nonfarm Employment
Petroleum Production
Turnover of Demand Deposits
\
s
e
n
w
a
n
k
g
0
t
f
a
n
t
a
D IS T R IC T B U S IN E S S H I G H L I G H T S
H ig h e r w ages a n d g a in s in em p lo y m e n t o th e r th a n m a n u fa c tu rin g a re p u sh in g n o n fa rm
in c o m e u p fu rth e r. L o w e r a c re a g e, yields, a n d p ric e s a re k e e p in g fa rm in co m e b elo w la st
y e a r, a lth o u g h fa v o ra b le w e a th e r h a s a id e d th e a u tu m n h a rv e stin g s a n d p la n tin g s. C o n
su m ers a re sp e n d in g a t a slightly lo w er r a te th a n th ey d id d u rin g th e su m m e r m o n th s. W ith
b u sin ess lo a n s fa ilin g to rise as m u c h as la st fall, to ta l b a n k le n d in g is e x p a n d in g less th a n
seaso n ally . M e m b e r b a n k s, n ev erth eless, h a v e in c re a s e d th e ir b o rro w in g s fro m th e F e d e ra l
R e se rv e B a n k .
Departm ent store sa le s, seasonally adjusted, declined in October from the high
of the third quarter.
Furniture store sales, seasonally adjusted, were slightly below August.
Spending by check in September, as measured by seasonally adjusted bank debits
at District banks, was down from the August level.
Consumer instalm ent credit outstanding at commercial banks decreased from
August, reflecting declines in automobile and other consumer goods paper.
Consumer savings in September, as measured by time deposits at commercial
banks, ordinary life insurance sales, and shares in savings and loan institutions,
were down slightly from August on a seasonally adjusted basis.
Manufacturing p ayrolls, seasonally adjusted, reached a new record in September,
according to preliminary data. Wages were higher, but employment was unchanged.
Total nonfarm em ploym ent, after seasonal adjustment, rose slightly in September to
a new high, reflecting more-than-seasonal gains in nonmanufacturing employment.
Insured unemployment decreased about the usual number from August.
Total construction contract aw ards were down in September, reflecting declines
in both residential and nonresidential segments.
Crude petroleum production in Mississippi and coastal Louisiana rose somewhat
during September in contrast to a usual slight decrease at this time.
H eavy rains in Florida damaged tomatoes and truck crops but helped citrus groves;
gentle rains were beneficial in parts of Georgia, Mississippi, and Alabama.
Output of livestock products is exceeding that of a year ago, but declines in crop
production will hold total farm output below last year.
Farm prices of truck crops, rice, beef cattle, hogs, and milk are higher than those
last year; prices of citrus, cotton, peanuts, com, broilers, and eggs are lower.
Prices of cotton in spot markets averaged slightly higher in October than a month
earlier, but at the end of October they receded to the level of late September.
Farm land values increased between March and July this year; in July they were
well above values a year ago.
Farm costs for labor, hardware, and building supplies were higher than a year ago,
but were lower for feed and baby chicks.
Short-term interest costs of business customers at banks in Atlanta and New
Orleans inched up further between June and September to a substantially higher
level than a year ago.
Total loans at m ember banks, seasonally adjusted, were unchanged during Sep
tember, but according to preliminary data, have declined slightly in October.
Business loans at banks in leading cities, after seasonal adjustment, declined in
October, reflecting repayments by sales finance companies and metals concerns.
Deposits at member banks, seasonally adjusted, continued to increase in September,
and probably rose still further in October.
Member bank borrowing from the Federal Reserve Bank rose substantially in
October.
• 2•
C o n s u m
e r
a n d
B u s in e s s
Consumer spending moved sharply upward to a new peak
during the third quarter of this year, lending support to
the optimism prevailing throughout the economy. The cur
rent spending rate and the expectation that consumer
spending will continue to increase over the long run have
led to record investment in new plant and equipment. As
businessmen carried out their expansion plans, the sea
sonally adjusted value of new industrial and commercial
construction also increased to a new high. Residential con
struction, however, although increasing slightly from the
second quarter, continued well below 1955’s record.
These nationwide developments were mirrored on a
smaller scale in the Sixth Federal Reserve District. Con
sumers continued to spend freely; businessmen announced
large expenditures on new and expanded manufacturing
plants; and commercial and industrial construction re
mained strong. Developments in national markets, how
ever, caused relative weaknesses in lumber and textiles.
C o n s u m e r s S p e n d M o r e o f E a r n in g s
Consumers in the District increased their spending at de
partment stores, furniture stores, supermarkets, and most
other retail stores during the third quarter. Even their
automobile purchases, lagging earlier in the year, showed
some improvement. Department store buying was espe
cially strong, setting a new record in July. The largest
increases occurred in soft goods.
Generally, a larger volume of check payments indicates
more spending. Such payments, shown by bank debits,
increased slightly further in the third quarter from the
second (after seasonal adjustment) and were about 8 per
cent above a year earlier. These figures include business
spending, of course, but undoubtedly some of the increase
can be traced to higher consumer spending.
Higher prices helped raise the dollar volume of con
sumer spending in the third quarter: The nation’s con
sumer price index rose 0.8 percent from June to Septem
ber, reflecting increases for most goods and services.
Consumers are now paying more for housing, clothing,
and services, but food prices— after increasing in July—
eased in August.
Apparently, District residents directed a larger share of
their income toward consumer purchases. Incomes did rise
from the second quarter to the third, but the growth was
no more than seasonal, whereas spending indicators, we
have seen, rose more than seasonally.
More workers were employed in nonagricultural estab
lishments in the third quarter than in the second, and their
weekly earnings were higher. Both manufacturing and non
manufacturing employment increased during the third
quarter. Nonmanufacturing employment had risen in the
first two quarters. The growth in factory workers employed
reversed a moderate downtrend during the first two quar
ters, caused primarily by decreases in the District’s im
portant textile and lumber industries.
A steel strike in the Birmingham area also pulled manu
facturing employment down further in the second quarter.
S p e n d in g
H
o ld
H
ig h
Even during the period of decline, however, factory pay
rolls in the District continued upward because of increas
ing weekly earnings. In the third quarter, the steel workers’
return to the mills and more-than-seasonal increases in
both lumber and textile employment helped to reverse
the downward movement of the first half.
Trends in the lumber and textile industries indicate
their sensitivity to developments in national markets. With
residential building sharply below last year throughout the
nation, demand for District lumber output was curtailed,
and a reduction in employment resulted. Textile output
was temporarily cut to work off inventory excesses brought
on by the overly optimistic production schedules of late
1955 and early 1956.
B u s i n e s s m e n E x p a n d P la n ts a n d E q u i p m e n t
Although consumers are spending at unprecedented rates,
producers of consumer goods have generally been able to
fill their demands. Businessmen, however, in their con
cern for future as well as present needs apparently expect
consumers to spend even more in coming years. Through
out the country, they increased their expenditures for new
plant and equipment in the third quarter to an annual rate
of 36 billion dollars, an all-time high. To produce the
equipment for this expansion, some factories have strained
their capacity, especially the nation’s steel mills.
It is probable that expenditures for plant and equipment
in the Sixth District were also at a record or nearly so,
although the exact amount is not known. One indication
is the increased employment in the District construction
industry. In addition, announcements of new and ex
panded manufacturing plants during the first half of this
year were greater than ever before. Actual spending
probably built up more gradually as work started on these
projects.
Third-quarter announcements of new and expanded
manufacturing plants in the District, though down from
the exceptionally large volume of the first two quarters,
were very large by historical standards. The diversified
nature of the continuing investment programs in the South
east will eventually help satisfy the demands of consumers,
industry, and government.
For consumer goods production, the Ford Motor Com
pany announced a 14-million-dollar expansion in Hapeville, Georgia, and in Murfreesboro, Tennessee, the Gen
eral Electric Company plans a new multimillion dollar
plant to make electric motors for home appliances. The
Wyandotte Chemical Corporation contemplates a 20-mil
lion-dollar expansion of its plant in Geismar, Louisiana.
To help meet demands of the nation’s defense program,
the Pratt and Whitney Corporation will produce jet en
gines in a new 40-million-dollar plant in Palm Beach
County, Florida.
B a n k s H e l p F in a n c e G r e a t e r S p e n d i n g
The large amounts of consumer and business spending
have increased the need for bank credit in the District. To
• 3•
S i x t h D i s t r i c t E c o n o m y E x p a n d s in T h i r d Q u a r t e r
Spending ro se m o re than s e a s o n a lly in the third q u a rte r of 19 56 . . .
(Seasonally Adjusted Indexes, 1st Quarter 1955=100)
And p erso n a l incom e rem a in ed high. Total nonfarm em p loym ent
continued to r is e , and m an ufactu rin g em p loym ent w a s a b o v e the
second q u a rte r. P a y ro lls continued u p w a rd .
Percent
help meet this demand, banks increased their loans to
trade establishments more than seasonally in the third
quarter. Retailers had to finance the larger inventories nec
essary to provide customers with the volume and choice
of items they desire. Inventories at District department
stores, for example, reached an all-time high in September.
Retailers also need bank funds to sell more merchandise
under budget plans and other credit arrangements.
Demand for bank funds also increased in many other
quarters. Loans to petroleum and chemical producers and
commodity dealers rose more than seasonally to the high
est points in history. During July and August, construction
firms used bank funds extensively, although their borrow
ing slowed somewhat in September. Loans to metals and
metals products manufacturers, however, moved down
ward at the time of the steel strike, after having risen
sharply earlier this year. Apparently, the depletion of steel
inventories permitted some debt repayment.
As District banks have provided more credit to borrow
ers, pressure on bank reserves has increased. Borrowing
at the Federal Reserve Bank became more costly in A u
gust, when the discount rate was increased to 3 percent.
With no substantial easing of bank reserves, the supply
of funds has been limited relative to the greatly increased
demand, and as a result interest rates are the highest in
over twenty years. Although the supply of funds is large,
it is not large enough to satisfy all those wanting credit,
and consequently, the cost of borrowing is high.
P h ilip
L eon
M.
T.
W e b ste r
K e n d a ll
Bank Announcements
1955
1956
Loans a t m em b er b a n k s p ushed h ig h er.
Percent
On October 1 the Bank of College Park, College Park,
Georgia, a nonmember bank, began to remit at par for
checks drawn on it when received from the Federal R e
serve Bank. Officers are J . W. Stephenson, President;
J . N . Walker, Execu tive Vice President; M . T . A nder
son, Vice President; J . L . M cC a y, Cashier; and M rs.
R uth P . Livingston, Assistant Cashier. Capital is $75,000 and surplus and undivided profits $131,873.
On October 10 the newly organized, nonmember
Cocoa Beach State Bank, Cocoa Beach, Florida, opened
for business and began to remit at par. Officers are B .
Frank R ick e r, President; S. H . M cDougald, Executive
Vice President and Cashier; T . C . Kenaston, M . D .,
Vice President; and E . C . La m b , Assistant Cashier.
Capital amounts to $200,000 and surplus and undivided
profits to $120,000.
On October 15 the newly organized, nonmember
Bank of Forest Park, Forest Park, Georgia, opened for
business and began to remit at par. Officers are B . B .
George, Chairman; Charles G . Duncan, President;
Owen V . Whitman, Executive Vice President; Lam ar
Beckw ith, Vice President (inactive); E . A . Foster, Vice
President (inactive); Grady C . A rcher, Cashier; and
M ary B . Edw ards, Assistant Cashier. Capital totals
$100,000 and surplus $35,000.
•4•
Bank Financing for Farmers
In mid-1956, bankers in the Sixth District held a record
336 million dollars in farm loans. This was 29 percent of
all loans outstanding to District farmers at that time. They
held about 60 percent of all loans to farmers not secured
by real estate, but only 18 percent of such loans secured
by real estate.
Farmers in the Sixth District thus rely on commercial
banks for much of the credit they need to finance their
current operations as well as their capital improvements
and machinery purchases. To obtain detailed information
on the nature and extent of this bank credit to farmers,
the Federal Reserve Bank of Atlanta made a survey of
agricultural loans outstanding at all commercial banks in
the Sixth District as of June 30, 1956. A sample of mem
ber and nonmember banks participated in the survey,
furnishing certain information on individual loans. The
sampling procedures used made it possible to estimate
fairly accurately the farm loan situation at all commercial
banks in this region.
S m a ll B a n k s I m p o r ta n t L e n d e r s
The survey data show that most of the bank credit used by
District farmers is provided by small- and medium-size
banks. Three-fourths of the outstanding farm credit at
commercial banks was held by banks with less than 10
million dollars of deposits. Small banks— those with less
than 3 million dollars of deposits— provided 38 percent
of the total bank credit used by farmers this year. They
also made the smallest loans.
Small- and medium-size banks together served fourfifths of the 219,897 farmers borrowing from all banks in
the District. Small banks evidently served more than half
of them. Data from the United States Census of Agricul
ture show that there are about 563,000 commercial farm
ers in District states— commercial farmers are classified
as those with gross farm incomes of 250 dollars or more
a year.
P u rposes o f Loans
Bankers lend money to District farmers to pay current ex
penses, to acquire capital items, to buy farm real estate,
and to consolidate or pay other debts. This year most of
the funds lent by bankers were for current purchases of
feeder livestock, seed, fertilizer, labor, fuel, items for daily
living, and the like. Loans for current expenses accounted
for 43 percent of all farm loans outstanding at commercial
banks in June. Individual loans for this purpose, however,
were small, the average outstanding balance amounting to
only 877 dollars.
Bankers are lending farmers large sums for interme
diate-term investments. Nearly a third of the amounts out
standing were for such investments, the mechanizing of
farms being the most important. Loans to purchase ma
chinery accounted for 14 percent of all outstanding loans,
or 44 percent of the funds borrowed for intermediate-term
investments. Bankers also lent large amounts to farmers
who wish to improve their land by clearing out brush,
building pastures, renovating or remodeling buildings, and
the like. Outstandings of loans made for these purposes
totaled 27 million dollars in June, or 8 percent of all farm
loans at District banks. Loans to establish or enlarge herds
and flocks of livestock amounted to 22 million dollars, or
7 percent of the total. On the other hand, relatively few
loans to farmers for buying automobiles or other consumer
durables were outstanding.
Farmers needing more land to enlarge their farm busi
nesses find many District bankers willing to lend them the
money to buy it. Bank loans made to buy farm real estate,
for example, held third place this year among the major
purposes of loans, the amount outstanding in June being
56 million dollars, or 17 percent of all farm loans out
standing. Only a small amount, on the other hand, was
lent to farmers for consolidating or paying other debts.
Although most of the funds invested in agriculture by
District banks are committed for the paying of current
expenses, for making intermediate-term investments, and
for buying farm real estate, these purposes are not of equal
importance at all banks. Small banks— those with less than
3 million dollars of deposits— lend mostly for current farm
expenses. Their outstanding loans for that purpose ac
counted for 60 percent of the total outstanding for the
three major purposes. At large banks, on the other hand,
only 37 percent of the total had been lent to finance cur
rent expenses, whereas 44 percent was lent for interme
diate-term investments. Both medium- and large-size banks
had extended more credit for the purchase of farm real
estate than small banks.
M a tu r ity a n d S e c u r ity o f N o te s
In order to maintain liquidity, bankers apparently make
most of their loans to farmers for short terms. In June,
notes on 73 percent of the amounts outstanding had origi
nal maturities of one year or less; these were principally
on loans for current expenses. Twenty-four percent had
maturities of fifteen months to five years. Maturities in that
range were most common in the case of loans for intermediate-term investments, nearly two-fifths of which were in
that range. A relatively small volume of loans outstanding
was covered by notes maturing in six years or more. Most
long-term loans were for the purchase of farm real estate.
Bankers often seek real-estate security for the funds
they lend farmers. This year 44 percent of their outstand
ing loan volume was secured by real estate. The extent to
which they used real estate as security, however, varied
with the purpose of the loan. Only 28 percent of the out
standing volume of loans for current expenses was secured
by real estate. A slightly larger proportion of funds lent
for intermediate-term investment— 31 percent— was se
cured by real estate. Virtually all loans for buying farm
real estate were secured by real estate.
Bankers will often grant longer maturities when they
are offered real estate as security. In June, notes for most
• 5 •
L O A N S O U T S T A N D IN G
TO
F A R M E R S , S IX T H D IS T R IC T C O M M E R C IA L B A N K S
June 30/ 1956
By Size of Bank
By M ajor Purpose, by Security, by O riginal M aturity
Size o f B ank
Am ount Outstanding
(Deposits in
Percent
M illion s o f D ollars)
D ollars o f Total
A ll Farm Loans
Num ber of Borrow ers
Percent
Number o f Total
Avg. Debt
Size Per
Borrow er
(D ollars)
U n d e r 2 .9
3 -9 .9
10 an d over
A ll b a n k s
1 2 6 ,8 0 4 ,9 8 1
1 1 9 ,2 0 7 ,8 7 4
9 0 ,2 3 4 ,0 6 1
3 3 6 ,2 4 6 ,9 1 6
9 8 ,8 8 0
7 6 ,1 0 8
4 4 ,9 0 9
2 1 9 ,8 9 7
38
35
27
100
45
35
20
100
1 ,2 8 2
1 ,5 6 6
2 ,0 0 9
1 ,5 2 9
By Purpose of Loan
Am ount
Outstanding
Purpose
Number
o f Notes
A vg. Size
of Notes1
(Percent of Total)
5
2
F e e d e r liv e s t o c k
............................
C u r r e n t o p e r a tin g a n d
fa m ily l i v i n g ...................................
C u r r e n t e x p e n s e ............................
O th e r l i v e s t o c k ...................................
M a c h in e r y , tr u c k s , e tc .
. . .
A u to s a n d o th e r c o n s u m e r
d u r a b l e s ..........................................
I m p r o v e la n d a n d b u ild in g s . .
I n te r m e d ia te -t e r m in v e s tm e n t
B u y fa r m r e a l e s t a te
. . . .
C o n s o lid a t e o r p a y o th e r d e b ts .
O th e r
........................................................
N o t s p e c i f i e d ..........................................
(D o lla rs)
3 ,1 5 2
. 38
53
802
43
. 7
14
55
5
16
877
1 ,5 2 4
927
?
8
6
5
450
1 ,8 4 7
. 31
. 17
. 4
5
32
6
3
4
*
1 ,0 6 8
3 ,1 4 1
1 ,6 3 2
1 ,4 6 3
1 ,2 5 6
100
3 0 0 ,7 9 1
1 ,1 1 8
.
$
100
T o t a l p e r c e n t ...................................
T o ta l (D o lla r s )
3 3 6 ,2 4 6 ,9 1 6
’ A verag e size o f note w as calculated by using num ber o f notes carried to one
o r two d ecim als.
♦Less than 0.5 percent.
By Three M ajor Purposes, 1
b y Size of Bank
A ll Loans
Size of Bank
and M ajor Purpose
of Loan
Amount
Outstanding
U n d e r $3 m illio n
(Percent of Total)
C u rren t ex p en ses
. . . .
.
60
I n te r m e d ia te -t e r m in v e s tm e n t
.
25
B u y fa r m r e a l e s t a te
. . .
15
T o t a l p e r c e n t ............................
T o t a l ( d o lla r s )
. . .
.
.
.
$ 1 0 m il lio n a n d o v e r
C u rren t ex p en ses
. . .
I n te r m e d ia te -t e r m in v e s tm e n t
B u y f a r m r e a l e s ta te
. .
T o ta l p ercen t . . . .
T o t a l ( d o lla r s )
. .
.
.
(D ollars)
1,0 4 1
1 ,0 6 3
2 ,3 3 2
.
100
1 1 4 ,7 8 0 ,0 2 6
1 ,1 4 4
.
.
.
43
36
21
1 ,0 7 8
1 ,3 5 4
3 ,5 1 4
.
100
1 0 9 ,3 5 4 ,3 8 0
1 ,3 8 5
$3 m il lio n t o $ 1 0 m illio n
C u rren t ex p en ses
. . . .
I n te r m e d ia te -t e r m in v e s tm e n t
B u y f a r m r e a l e s ta te
. . .
T o ta l p ercen t
. .
T o t a l ( d o lla r s )
Average Debt
Size per B orrow er1
.
.
.
.
.
.
37
44
19
A ll b a n k s
C u rren t ex p en ses
.......................................... 4 7
I n te r m e d ia te -t e r m in v e s tm e n t
. . .
B u y fa r m r e a l e s t a t e
...................................
34
19
2 ,0 0 4
1 ,2 9 2
6 ,9 6 3
1 ,8 0 7
1 ,1 6 9
1 ,2 4 0
3 ,4 3 9
T o t a l p e r c e n t ................................................. 1 0 0
T o t a l ( d o lla r s )
. . .
3 0 5 ,5 2 3 ,1 3 8 _________________1 ,3 6 2
1Averag e
debt per b orro w er w as calculated using num ber o f borrow ers carried
to one o r two decim als.
♦ Exclud es loans to consolidate or pay other debts and unclassified loans.
Demand
C u rren t ex p en ses
S e c u r e d b y r e a l e s ta te
N o t secu red b y real
e s t a te
A ll n o tes
I n te r m e d ia te -t e r m in v e s t
m ent
S s c u r e d b y r ea l e s ta te
N o t secu red by real
e sta te
A ll n o t e s
P u rch a se o f rea l e sta te
S e c u r e d b y r e a l e s ta te
N o t secu red b y rea l
e s t a te
A ll n o tes
C o n s o lid a t e o r p a y o th e r
d e b ts
S e c u r e d b y r e a l e s t a te
N o t secu red by real
e s t a te
A ll n o tes
Original M aturity
1-12 15 M onths
6 Years
o r M ore
M onths to 5 Years
Total
Percent o f Total
2
81
16
1
100
5
4
94
90
1
6
*
100
100
9
47
40
4
100
6
7
56
53
38
39
*
1
1 00
100
1
47
33
19
100
19
2
67
48
14
32
18
100
100
*
43
48
9
100
*
94
54
6
39
7
100
100
1 E xclu d e s unclassified lo an s.
♦Less than 0.5 percent.
of the outstanding loans for current expenses, for example,
had terms of one year or less, yet, when real-estate security
was pledged, bankers accepted terms of fifteen months or
even longer. This was also true in the case of loans for
intermediate-term investments. The survey data show that
32 percent of such loans, especially those for improving
farms, had maturities of three years or more when secured
by real estate. Without real estate for security, a two-year
maturity was more common. Twenty-three percent of the
amount outstanding for intermediate-term investments, for
example, was on notes maturing in two years. When
bankers finance the purchase of farm real estate, they hold
the notes to maturities of less than six years if the loans are
not secured by real estate.
Bankers are making term loans to finance changes
in farm businesses, but they are seeking more security
when the terms are unusually long. This conservative pol
icy stems from a wish to safeguard deposits rather than
from an urge to “tie up” farmers or because of skepticism
as to the soundness of term, loans.
A rthur H . K antner
. . “100
8 1 , 3 8 8 ,7 3 2
M a jo r Purpose 1
and Security
J o h n T . H a r r is
COMMERCIAL AND INDUSTRIAL LOANS
S ix th D istrict M em ber Banks
This publication shows, in tabular form, the results of
the Survey of Commercial and Industrial Loans at Sixth
District member banks as of October 5, 1955. The
summary tables include figures for individual states as
well as for the entire District. They show detailed in
formation on the number and amounts of loans out
standing, interest rates, average size of loan, and size of
borrower—classified by size of bank, type of borrower,
and maturity. Copies may be obtained upon request to
the Research Department, Federal Reserve Bank of
Atlanta, Atlanta 3, Georgia.
•6 •
Sixth District Statistics
Condition of 2 7 Member Banks in Leading Cities
In s t a lm e n t C a s h L o a n s
No. of
Lenders
Lender
. . . . . 37
. . . . . . 15
... S
. . . . 11
. . . . . . 19
. . . . . . . 32
Federal credit unions .
State credit unions .
Industrial b a n k s ...............
Industrial loan companies
Small loan companies
Commercial banks
Percent Change
Volume
Outstandings
Sept. 1956 from
Sept. 1956 from
Sept.
Aug.
Sept.
Aug.
1956
1955
1956
1955
— IS
— 19
+9
— 17
—7
—11
— 3
— 27
+1
—0
+ 19
+6
+0
—1
— 2
+3
+0
— 17
+ 15
+ 15
+4
+8
+5
+ 10
Retail Furniture Store Operations
Percent Change
September 1956 from
September
August
1956
1955
Item
Total sale s..........................
Cash s a le s ..........................
Instalment and other credit sales
Accounts receivable, end of month
Collections during month
Inventories, end of month .
— 15
— 15
— 15
—3
+4
—3
+6
+1
+3
—0
—3
+8
W holesale Sales and Inventories*
Type of Wholesaler
No. of
Firms
Percent Change
Sales
Sept. 1956 from
Aug.
Sept.
No. of
1956
1955
Firms
Inventories
Sept. 1956 from
Aug.
Sept.
1955
1956
Grocery, confectionery, meats . 37
—7
30
+3
+ 25
—5
—2
+ 25
Edible farm products . . . . . 6
—6
6
—3
—2
9
—3
Drugs, chems., allied prod. . . 12
—3
+2
— 18
—11
13
—3
Tobacco .............................. . . 13
+1
—7
—2
Furniture, home furnishings . . 6
+6
5
+1
—10
+ 24
+ 29
Automotive ...................... . . 43
43
+1
Electrical, electronic and
—3
—4
13
—3
—7
appliance goods . . . . . . 13
—4
—2
+8
H ardw are.......................... . 12
9
—4
Plumbing and heating goods . . 16
—8
+3
16
+4
+4
Lumber, construction materials. 5
—8
—11
Machinery: equip, and supplies 23
—20
+8
20
+1
+ 14
*Based on information submitted by wholesalers participating in the Monthly Wholesale
Trade Report issued by the Bureau of the Census.
Departm ent Store Sales and Inventories*
Place
9 Months
1956 from
1955
Inventories
Sept. 30, 1956, from
Aug. 31
Sept. 30,
1955
1956
+6
+ 14
+8
+8
+9
ALABAMA ......................
+ 15
+7
+5
+9
Birmingham................... + 13
+ 12
+9
M o b ile .......................... — 9
+4
+3
Montgomery................... —10
+8
+ 10
-i-6
FLORIDA .......................... — 4
+ 11
+7
+ 12
+ 13
Jacksonville................... + 1
+ 11
+4
+2
+8
Orlando..........................
+4
+6
St. Ptrsbg-Tampa Area . —1
+6
+8
St. Petersburg . . . —2
-i-9
+ 11
—0
+
3
+5
T a m p a ......................
+3
+3
+5
+2
GEORGIA ..........................
+1
+7
+3
+3
+0
Atlanta * * ................... + 3
—4
—0
Augusta
...................... —2
—4
—5
+3
Colum bus...................... — 13
+0
+7
+4
+7
+8
Macon .......................... —1
+ 19
+ 19
Rome**
......................
+8
+4
Savannah** ................... —1
+1
+4
+8
+ 10
LOUISIANA
................... — 15
+ 12
+3
+ 14
+ 36
Baton Rouge ............... —6
+ 11
+2
+7
+ 10
New Orleans................... — IS
+9
+
0
—3
+7
M IS S IS S IP P I................... + 0
+ 11
—4
+ 12
+6
—2
Jackson .......................... +2
+ 10
+7
M e rid ia n **................... + 5
+9
+5
-i-6
TENNESSEE
................... —2
+3
+4
+ 12
+4
+ 12
Bristol (Tenn. & V a.)** —1
Bristol-Kingsport+5
Johnson City** . . . + 2
+ 12
+5
+6
Chattanooga ................... + 2
—11
+
2
+
4
+3
+8
K no xville......................
+s
+6
+ 17
+2
N a sh v ille ...................... — 9
+7
+7
+7
+6
DISTRICT
...................... — 4
^Reporting stores account for over 90 percent of total District department store sales.
**ln order to permit publication of figures for this city, a special sample has been
constructed that is not confined exclusively to department stores. Figures for nondepartment stores, however, are not used in computing the District percent changes.
item
Percent Change
Oct. 17,1956, from
Sept. 19,
Oct. 19,
1956
1955
Oct. 17,
1956
Sept. 19,
1956
Oct. 19,
1955
3,402,924
1,837,678
1,865,628
3,343,341
1,803,024
1,832,055
3,328,426
1,634,603
1,659,019
987,154
981,662
899,280
+1
+ 10
39,110
37,481
26,540
+4
+ 47
51,912
167,623
37,174
582,655
1,565,246
52,930
165,118
32,525
562,339
1,540,317
39,735
155,635
16,495
521,334
1,693,823
—2
+2
+ 31
532,978
723,243
309,025
479,834
50,174
508,731
722,966
308,620
509,430
51,414
615,283
754,006
324,534
491,431
51,900
276,235
2,328,605
673,756
93,065
744,774
35,750
261,936
2,350,369
667,061
97,005
715,923
247,421
2,343,252
627,352
99,762
688,798
55,250
Loans and investments
Loans— N e t ..........................
Loans— Gross ......................
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 ......................
Other se c u ritie s ...............
Reserve with F. R. Bank . .
Cash in vault ......................
Balances with
domestic banks ...............
Demand deposits adjusted . .
Time d e p o sits......................
U. S. Gov’t deposits . . . .
Deposits of domestic banks ,
Borrowings ......................
* 0ver 100 percent.
11,000
+2
+2
+2
+2
+ 12
+ 12
+8
+ 14
+4
+2
*
+ 12
+5
+0
+0
— 13
—8
—5
—6
—2
—2
+5
+ 12
—1
+1
—4
+4
*
—3
—1
+7
—7
+8
— 35
Debits to Individual Demand Deposit Accounts
(In Thousands of Dollars)
Percent Change
ALABAMA
Anniston . . .
Birmingham . .
Dothan . . . .
Gadsden . . .
Montgomery . .
Tuscaloosa* . .
FLORIDA
Jacksonville . .
Greater Miami*
Percent Change
Sales
Sept. 1956 from
Sept.
Aug.
1955
1956
(In Thousands of Dollars)
West Palm Beach*
GEORGIA
Albany . . . .
Brunswick . .
Columbus . .
Elberton . .
Gainesville* .
Sept.
1956
Aug.
1956
35,764
605,273
22,743
29,698
218,136
116,346
41,103
35,877
608,406
22,872
29,106
253,566
132,113
39,503
35,759
605,587
23,381
30,932
230,594
129,846
41,918
528,981
526,156
795,539
122,979
75,036
124,667
241,928
68,353
591,532
588,560
904,835
121,698
78,991
122,656
256,900
76,619
546,710
486,558
751,969
106,840
65,139
115,523
222,288
63,620
51,474
51,304
1,581,137
88,415
19,427
101,447
46,792
14,904
104,915
14,369
37,734
152,811
48,040
48,899
1,465,550
94,761
14,281
98,528
6,276
42,217
16,261
98,540
13,824
40,074
134,383
28,012
60,249
150,051
74,865
. 1,090,369
66,694
168,949
72,492
1,223,004
57,940
150,252
66,589
1,050,314
27,590
189,401
35,518
18,198
28,310
205,533
36,725
17,342
27,234
189,564
35,224
17,001
.
.
.
.
.
.
Pensacola . . .
St. Petersburg .
.
.
.
.
.
.
.
.
Savannah . .
Valdosta . .
LOUISIANA
Alexandria* .
Baton Rouge
Lake Charles.
New Orleans.
MISSISSIPPI
Hattiesburg .
.
.
.
.
.
90,626
16,696
97,537
7,607
47,809
15,534
103,533
11,900
37,660
138,725
24,731
.
.
.
.
.
Meridian . . .
Vicksburg . . .
TENNESSEE
c t inczrt
9 Months
Sept. 1956 from
195$
Aug.
Sept.
from
1956
1955
1955
.
8,001
Sept.
1955
33,744
33,487
32,102
Chattanooga . .
. 245,472
266,075
248,255
Johnson City* .
.
33,051
37,103
35,149
Kingsport* . .
60,032
62,290
58,038
Knoxville . . .
. 144,154
159,892
165,914
Nashville . . .
. 518,809
586,635
516,458
SIXTH DISTRICT
32 Cities . . .
. 7,114,780
7,777,100
7,069,016
UNITED STATES
345 Cities . . . 167,154,000 183,819,000 169,001,000
"Not included in Sixth District totals.
—0
—1
—1
+2
— 14
—12
+4
—11
—11
—12
+1
—5
+2
—6
—11
+0
—10
+3
— 14
—4
—5
+2
+0
—0
—3
—4
—5
—10
—2
—3
+8
+6
+ 15
+ 15
+8
+9
+7
+ 14
+ 13
—2
+8
+7
—4
+ 17
—1
+ 22
+5
—1
+ 21
+ 13
—0
-6
—12
+3
—11
—3
—8
—3
+5
+1
—S
—11
—4
—10
—12
+7
+39
+20
+7
+5
— 14
—9
— 49
—10
—11
+ 10
+ 13
+ 13
+ 11
+ 19
+8
+4
—1
— 17
+ 13
+ 18
+ 13
+5
+ 10
+5
+7
+3
+4
+6
+5
+5
+9
+3
+ 20
—0
+6
+ 12
+4
+ 13
+9
+1
—0
+1
+ 16
+7
+5
—1
—6
+3
— 13
+0
+8
+ 11
+4
+ 12
+ 10
+8
+4
—6
+8
—9
+1
+9
—9
—1
+8
• 7 •
Sixth District Indexes
1 9 4 7 - 4 9 = 1 OO
Nonfarm
Manufacturing
Manufacturing
E m p lo y m e n t
E m p lo y m e n t
P a y r o lls
Aug.
1956
SEASONALLY
District Total
Alabama .
Florida . .
Georgia . .
Louisiana .
Mississippi
Tennessee .
UNADJUSTED
District Total
Alabama .
Florida . .
Georgia . .
Louisiana .
Mississippi
Tennessee .
ADJUSTED
...................128
...................116
...................160
...................12S
...................122
...................124
...................120
July
1956
127
114
156
128
121
124r
120
...................127
...................116
...................147
...................129
...................122
...................124
...................120
125
113
147
127
122r
124r
120
.
.
.
.
.
.
.
.
.
.
.
.
.
.
157p
162
128
140
144
127
149
162
143
149
138
157
135
167p
112r
123
115
112r
142r
84 p
83
84
169r
142r
193r
180r
154r
191r
177r
122 p
122
121p
116
121
117r
129
115
119
142r
110
118
119
113
115
86p
91
85
Aug.
1956
July
1956
Aug.
1955
124r
lllr
148r
125
119r
122r
119r
118
109
152
122
99
124
117
118r
105r
151
123
101
125r
119
117r
102r
149r
122r
102r
123r
119r
183
164
235
192
162
203
182
183
148
240r
191
166
206r
181
117r
102r
139r
124r
lC3r
124r
llO r
181
164
216
190
164
205
180
176r
145
218
183
167
202r
180r
Aug.
1956
156
151
137
130
140
125
130
152
151
155
155
149r
126r
166
Sept.
1956
Sept.
1955
141r
150
119r
117
130
109r
129
150
132
122
131
144
126
157
Sept.
1956
152 p
170
133
150
145
132
131
161
153
141
133
136
123
174p
Aug.
1956
253
331
235
245
152
181
416
330
271
282
236
250
Sept.
1955
207
266
147
623
359
301
Aug.
1956
Sept.
1955
140
147
125
118
126
115
115
140
137
138
144
122r
109r
163
136r
158
123r
125
131
113r
113
149
141
116
125
126
115
163
JTo 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 index.
*For Sixth District area only. Other totals for entire six states.
**Daily average basis.
Sources: Nonfarm and 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, turnover of dem. dep., FRB Atlanta; petrol, prod., U. S. Bureau of Mines;
elec. power prod., Fed. Power Comm. All indexes calculated by this Bank.
Sept.
1956
Adjusted
Aug. Sept.
1956 1955
Sept.
1956
259
253
264
Construction contracts* . . . .
Residential ...........................
Pretrol. prod, in Coastal
Louisiana and Mississippi**
Cotton consumption** . . . .
Furniture store stocks* . . . .
Turnover of demand deposits* .
10 leading c itie s ...................
Outside 10 leading cities . .
Elec. power prod., total**
Mfg. emp. by type
.
.
.
.
.
.
.
.
.
.
.
.
164
90
112p
21.2
22.8
18.0
Aug.
1956
.
.
.
.
.
.
.
.
.
.
.
.
162
133
158
Ill
84
163
100
. . 92
Trans, equip............................. . . 194
r Revised
..
163r
134
163
114
83
165r
81
93
1961-
161r
131
157r
lllr
85r
155r
84r
96r
200r
164
129
155
113
84
163
100
92
186
160r
128r
154
llO r
83
163
80
92
190r
162r
127
154r
112r
86r
155r
84r
96r
192r
'NEW YORK
. Baltimore-^VPHILADELPHIA
------ » V
Cincinnat^/y
153r
98r
108
21.0
22.2
17.8
Aug.
19bb
272r
p Preliminary
CLEVELAND1
"fa Board of Governors of the Federal Reserve System
264
195
315
316r
311r
319r
162
162
93
91
104r
112p
21.6
20.9
22.4
23.0
18.0
17.0
July
Aug.
1956
1956
295
293
155r
162
97r
91
107r
108
22.5
20.6
22.0
24.9
17.9
17.8
July
Aug.
1956
1955
. .
Chemicals...............................
Fabricated m e t a ls ...............
F o o d ......................................
Lbr., wood prod., furn. & fix.
Paper and allied prod. . . .
Primary metals ...................
Unadjusted
Sept.
Aug.
1955
1956
{ \ Detroit-
O Reserve Bank Cities
• Branch Bank Cities
■■ District Boundaries
— Branch Territory Boundaries
107
106
112
114
115
O ther District Indexes
Unadjusted
Adjusted
DISTRICT SALES* . . .
Atlanta1 .......................
Baton Rouge...................
Birmingham...................
Chattanooga ...................
Jackson ..........................
Jacksonville...................
K no xville......................
Macon..............................
N ash v ille .......................
New Orleans...................
St. Ptrsburg-Tampa Area
Tampa C i t y ...................
DISTRICT STOCKS* . . .
109p
109
114p
117
121
Aug.
1955
Departm ent Store Sales and Sto cks**
Sept.
1956
171r
142r
209r
182r
152r
189r
179r
July
1956
115
102
142
121
100
124r
117
Sept.
1955
Aug.
1956
Aug.
1956
118
110
142
123
100
125
118
Furniture Store
S a le s * / * *
Sept.
1956
Aug.
1955
123r
lllr
140r
125
119r
122r
120r
Construction
Contracts
Q\ y
@FedFRASER