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F ederm / Volume X X V D is t r ic t S u m m a ry o f B u s in e s s C o n d itio n s S ixth D istrict trade and in d u strial a ctiv ity m ade further ga in s in A u gu st. U nder the im p etu s o f n ation a l d efen se p rep a rations construction contracts aw arded in A ugust w ere the largest on record and w ere, in d eed , larger than fo r any other R eserve D istrict; p ig iro n output in A lab am a w as at a n ew h igh le v e l and steel m ill a ctivity rose further. A tlan ta, G eorgia, S eptem ber 3 0 , 1 9 4 0 N um b er 9 C o n s tru c tio n C o n tra c ts R e c o n n a is s a n c e P E R C E N T D EC H EA SE * P E R C E N T IN C R E A SE a n d th e N a tio n 's D e fe n s e Retail! N a tio n a l d efen se is the to p ic o f th e hour, in jectin g its e lf n ot o n ly in to p o litic a l d iscu ssion s, but, b y sh eer m agnitude, es Permits Contracts Cotton ColilMlmptian Pig Iron Coal Emptalyment Pa Bank Bank Loans Demand situ ation , m this issu e o t the Mo, Review the influence o f the d e program is flagged b eyon d the p o ssib ility o f o versigh t b y a 3 9 4 p er cent rise in contracts aw arded in th is D istrict in A u gu st over A u gu st 1939. ► R etail d istrib u tion o f m erchandise, a l ^ S o la rg e a rise is difficult to com p re w ays larger in A ugust than in J u ly , in hend. Suffice it to sa y that, h ad th e bar creased about 4 per cent m ore than represen tin g contracts aw arded in th e m igh t have been exp ected . T h e A u gu st R econ n aissan ce chart on th is p a g e been in d ex is n ea rly 10 per cen t ab ove that perm itted to run its fu ll le n g th , it w ou ld fo r A ugust la st year, and the increase J th a v e ex a c tly covered th e f u ll w id th o f fo r the January-A ugust p eriod over that — 30 tw o p ages o f the Review. T h e dollar v o l part o f 1 939 w as ab ou t 8 per c e n t .30 S ix th D istrict Statistic* for um e o f these contracts, $ 9 7 .5 m illio n , W h olesale trade advanced 14 per cent A u g u st 1940 c o m p a re d w ith A u g u st 1939 in A ugust, ab ou t the u su a lly exp ected represents an a ll tim e h ig h in the h is season al rise, and w as 4 per cen t greater than a year ag o . tory o f th e series. In F ebruary 1 9 2 6 the v o lu m e o f contracts aw arded reached $ 6 4 m illio n , a record never b efo re sur ►C onstruction contracts aw arded in A u gu st w ere n ea rly tw o p assed. T h is 1 9 2 6 peak, how ever, esta b lish ed a lev el o n ly and o n e-h a lf tim es the J u ly to ta l, and a lm o st five tim es the 6 6 per cen t as h ig h as that o f la st m onth. total fo r A u gu st 1 9 3 9 . B u ild in g p erm its, how ever, d eclin ed . A lab am a ou tp u t o f p ig iro n rose 4 per cen t in A u g u st and w as 3 4 p er cen t greater than a y ea r a g o , and steel m ill activ ity in th e th ird w eek o f S eptem ber ad van ced to 105 p er cent o f regu lar ca p acity, acco rd in g to th e Iron Age. ► C om bined estim ates b y th e U n ited S tates D ep artm en t o f A gricu ltu re o f d ie cotton crop in th e s ix states o f th is D is trict in creased 9 per cen t betw een A u gu st 1 an d Septem ber 1, and are n ow o n ly 2 per cent b elo w la st y ea r’s p rod u ction . T h ese s ix states have a p p a ren tly p rod u ced la rger cro p s o f w heat, c o m , oats, rye, peanuts, pears and p otatoes than in 19 3 9 , b u t decreases are in d icated fo r sw eet potatoes, tob acco, peach es, a p p les, grap es, rice and su gar. B oth the rice and sugar crop s in L ou isian a w ere dam aged b y th e A u gu st hurricane. W h ile con tracts th roughout th e U n ited States are finding n ew le v e ls, th e total v olu m e o f contracts in th is D istrict w as fa r greater than that in any o f the other 10 F ederal R eserve D istricts fo r O n th e m a p th e s u rfa c e s of tile s ta te s a re ra is e d to re p re s e n t th e d o lta f vo lu m e of w h i c h fig c o n stru ctio n c o n tra c ts for n a tio n a l d e fe a s e ures are rei a e a c h s ta te . P ro je c ts a r e a llo c a te d 46- th e ported. N earest to * .1 __ . ? . Atlanta sto t a l w as N ew Y ork ’s $ 5 5 m illio n , a sum o n ly 5 6 _ , ;■ ' 'H s ta te s in w h ic h co n stru ctio n a n d p re -fa b ric a tio n w ill a p p a re n tly ta k e p la c e. T he d a ta , ta b u la te d o n p a g e 3, c o v er all d eio n s* c o n tra c ts io r co n stru ctio n of th e A rm y, th e N avy (e x c lu siv e of s b ip b u ild i n g ) t h e W orks P ro g re ss A dm in istratio n . th e F e d e ra l H o u sin g A uth o rity , a a d th e R ec o n stru c tio n F in a n c e C o rp o ratio n , fo r th e p e rio d lu n e 13 th ro u g h S e p te m b e r 15, 1940. No e le v atio n s of le s s th a n $500 th o u s a n d a r e sh o w n . CONSTRUCTION CONTRACTS FOR NATIO N AL DEFENSE JU N E 13 - SEPTEM BER 15, 1940 MAP PREMRED BY THE FEDERAL RESERVE BANK OT ATLANTA 2 M o n th ly R e v ie w o f th e f e d e r a l R e s e r v e B a n k o f A tla n ta fo r S e p te m b e r 1 9 4 0 C O N D IT IO N O F FED ERA L RESERV E BANK O F ATLANTA (I n T h o u s a n d s o i D o lla rs ) C h a n g e fro m : S e p t. 18 A u g .1 4 ,1 9 4 0 S e p t.2 0 ,1 9 3 9 1 9 40 — 92 — 108 B ills d i s c o u n t e d ...........................................................$ 1 115 — 19 B ills b o u g h t ........................................................... — 484 + 58 I n d u s tr ia l a d v a n c e s ......................................... 267 U n ite d S ta te s s e c u r i tie s , d ir e c t a n d ... 418 — 2 7 ,3 7 1 g u a r a n t e e d ........................................................ 8 9 ,2 8 9 — 2 7 ,9 6 6 — 468 8 9 ,6 7 1 + 1 7 ,8 6 0 F. R. 1 7 3 ,0 8 0 + 1 ,421 + 2 5 ,2 3 0 2 2 8 ,6 5 7 - - 4 ,0 4 9 — 1 3 ,5 7 6 — 2 ,1 3 7 3 0 ,7 0 4 + 5 ,8 6 1 - 6 ,1 8 9 2 3 ,2 2 7 — 150 — 1 ,5 5 3 4 ,9 2 6 + 1 5 ,9 6 2 2 8 5 ,5 1 4 — 1 2 ,5 2 6 — 9 ,2 0 9 + 6 2 ,0 3 8 3 7 5 ,7 6 7 C o m m itm e n ts to m a k e in d u s tr ia l + 431 a d v a n c e s ................................................... 510 per cent as great. T he data do not cover the T w elfth D istrict. ^ It w ou ld seem rea so n a b le to su p p o se that th is con struction a ctiv ity is cau sed , at least in part, and p ro b a b ly in large part, by the im p act o f the n a tio n a l d efen se p rogram . Indeed, d u rin g A u gu st, n a tio n a l d efen se con stru ction contracts by the Q uarterm aster, the N a v y (y a rd s and docks o n ly ) , the W . P . A ., and the U . S. H. A., am ounted to $ 1 8 2 m illio n , or 4 4 per cent o f a ll con stru ction contracts reported fo r that p eriod . H ow ever, to m easure the im p ortan ce o f d efen se con stru ction in this D istrict a lo n e, or, fo r that m atter, to m eas ure the effect o f d efen se u p on an y r eg io n a l eco n o m ic series, is m ore difficult. C O N D IT IO N O F 2 2 M EM BER BANKS IN SELE C TED C IT IE S ( I n T h o u s a n d s of D o lla rs ) S e p t. 18 C h a n g e fro m : 1940 A u g . 1 4 ,1 9 4 0 S e p t. 2 0 ,1 9 3 9 + 8 ,7 5 7 + 5 8 ,2 0 2 L o a n s a n d In v e s tm e n ts — T o t a l ................. . . . . $ 6 4 3 , 1 1 7 + 2 7 ,9 2 8 + 4 ,2 0 2 L o a n s— T o ta l........................................................... . . . 3 1 6 ,2 7 5 C o m m e rc ia l, in d u s tr i a l a n d + 1 ,4 0 4 + 3 ,0 4 3 a g r i c u lt u r a l l o a n s .................................... . . . . 1 5 4 ,9 7 1 — 835 — 1 ,1 4 3 2 ,0 0 4 O p e n m a rk e t p a p e r ....................................... . . . L o a n s to b r o k e r s a n d d e a le r s — 464 4 ,5 3 6 + 22 in s e c u r i t i e s ................................................... . . . O th e r lo a n s for p u r c h a s i n g 675 . . . 1 0 ,5 1 4 54 a n d c a r r y i n g s e c u r i t i e s ....................... 3 2 ,8 7 3 + 276 + 1 ,7 1 1 R e a l e s ta te l o a n s ............................................ . . . 1 ,0 3 7 + 58 - 996 L o a n s to b a n k s ................................................. + 2 7 ,0 3 7 + 2 ,7 4 6 O th e r l o a n s ........................................................ . . . . 1 1 0 ,3 4 0 + 3 0 ,2 7 4 *- 4 ,5 5 5 In v e s tm e n ts — T o t a l............................................ . . . 3 2 6 ,8 4 2 + 8 ,7 6 6 U. S . d ir e c t o b l i g a t i o n s ............................ . . 1 5 1 ,3 8 7 + 2 ,5 7 2 O b lig a tio n s g u a r a n t e e d b y U . S . . . . . . . 6 7 ,3 9 0 1313 + 5 ,1 1 5 + 1 6 ,3 9 3 + 1 ,6 7 0 O th e r s e c u r i t i e s .............................................. . . . 1 0 8 ,0 6 5 + 1 9 ,1 1 7 R e s e r v e w ith F . R. B a n k ............................... . . . . 1 4 5 ,9 8 1 — 2 ,1 5 6 . . . 1 3 ,7 3 0 7 0 4 + 1 ,1 1 5 C a s h in v a u l t ........................................................... + 496 + 5 ,7 9 2 B a la n c e s w ith d o m e s tic b a n k s ............... . . . . 2 0 7 ,9 8 2 + 5 1 ,5 3 7 D e m a n d d e p o s i t s - a d j u s t e d .......................... . . . 4 3 3 ,7 8 1 4 ,8 2 1 - - 609 + 2 ,4 3 0 T im e d e p o s i t s ........................................................ . . . 1 9 0 ,6 1 2 81 + 2 ,2 1 6 U. S . G o v e r n m e n t d e p o s i t s ....................... . . . . 4 2 ,0 0 8 + 1 6 ,3 4 6 + 2 4 ,4 5 1 D e p o s its of d o m e s tic b a n k s ....................... . . . 2 8 8 ,5 5 3 B o r r o w in g s ............................................................. D efen se contracts are reported in sem i-m on th ly releases o f the Office o f G overnm ent R ep orts. In th ese releases, in d i vid u al contracts are listed b y states, but the state to w hich a contract is attributed is that in w h ich th e office o f the con tractor is located . T hat is, if a con tractor in A tla n ta, G eor g ia , agrees to b u ild an arm y barracks in S ou th C arolina, the contract is listed under, and sum m ed w ith , G eorgia co n tracts. In draw in g the m ap on p a g e 1, an d c o m p ilin g the ta b le b elo w , an attem pt w as m ad e to rea llo c a te a ll con struc tion contracts listed in th e d efen se rele a se co v erin g the p eriod June 13 to S ep tem b er 15 to th e states in w h ich the w ork w as to b e d on e. P ro jects c a llin g fo r th e in sta lla tio n of e lab orate eq u ip m en t w ere a rb itra rily assig n ed to the co n tractor’s state if it ap p eared fro m th e nature o f the project that in sta lla tio n w as a m in or part o f th e un d ertak ing, and w ere sp lit betw een the con tractor’s state and the state receiv in g the w ork i f it ap p eared th at in sta lla tio n and equipm ent w ere both im p ortan t. D EBITS T O IN DIV ID UA L A C C O U N T S T he pictu re p rovid ed b y th is co m p ila tio n is m uch as w o u ld be exp ected , sin ce, w h en so a llo c a ted , con stru ction contracts fo r d efen se d istrib u te th em selv es ro u g h ly in a c cordance w ith tw o criteria : th e in d u stria liza tio n o f the re sp ectiv e states, and th eir m ilita r ily stra teg ic lo ca tio n s. T he largest ag g reg a tio n s are in th e in d u stria l n orth east, and on the coasts. E very F ed eral R eserve D istrict, e x cep tin g o n ly M in n ea p o lis and K ansas C ity, h as at lea st o n e state that tow ers a b ove its n eigh b ors. T h e e q u a lity o f F ed eral R eserve D istricts in th is m atter is m ore n o tic e a b le than w ou ld be exp ected from p u rely in d u stria l co n sid era tio n s. T h e situation o f the N in th and T enth D istricts, each b e in g both con tin en tal and a g ricu ltu ra l, p ro b a b ly acco rd s w ith rea so n ab le e x p ectation . It sh o u ld be p o in ted ou t that the d isp rop ortion ate h eig h t o f O hio is accou n ted fo r v ery la r g e ly b y a sin g le R. F. C. loa n fo r the co n stru ction o f an a irp la n e m an u fac tu rin g plant. A ug. Ju ly A ug. 1 9 40 19*0 19 39 ALABAMA— B ir m in g h a m ............... . $ 9 5 ,7 7 0 $ 9 3 ,6 1 5 $ 7 9 ,8 0 3 2 ,7 1 5 2 ,7 1 7 D o th a n .......................... 2 ,5 7 8 4 0 ,8 6 5 M o b ile ............................ 4 3 ,6 1 3 3 5 ,6 7 8 M o n tg o m e r y ............. 2 3 ,7 3 4 2 1 ,9 4 6 2 2 ,0 1 5 FLO R ID A — J a c k s o n v ille ............... 7 6 ,9 4 3 7 9 ,1 1 0 6 7 ,6 4 8 M ia m i............................ 4 4 ,7 5 8 4 6 ,8 9 3 3 8 ,9 5 3 P e n s a c o l a .................... 9 ,9 1 7 1 0 ,7 0 0 8 ,3 4 2 T a m p a ............................ 2 8 ,7 3 4 3 0 ,2 5 8 2 4 ,0 7 5 G E O R G IA — A lb a n y .......................... 4 ,4 7 1 4 ,8 0 8 3 ,9 5 4 A tla n ta .......................... . . 2 2 0 ,1 5 1 1 9 4 ,9 5 4 2 2 8 ,9 9 3 A u g u s t a ....................... 1 7 ,5 9 7 1 8 ,2 2 4 1 7 ,2 4 8 B r u n s w ic k .................. 3 ,1 5 8 2 ,9 4 3 2 ,2 3 5 C o lu m b u s ............... 1 6 ,8 0 8 1 5 ,8 7 2 1 4 ,2 6 2 E l b e r to n ....................... 1 ,1 3 3 1 ,0 8 0 928 M a c o n ............................ 1 5 ,9 6 2 1 5 ,0 1 0 1 3 ,5 5 1 N e w n a n ....................... 1 ,8 8 4 1 ,9 5 2 1 ,7 9 1 S a v a n n a h .................... 2 8 ,1 6 1 2 8 ,0 7 6 2 7 ,1 1 2 V a ld o s ta ....................... 8 ,4 8 3 3 ,3 3 0 9 ,2 3 7 LO U ISIA N A — N e w O r l e a n s .......... 2 0 1 ,1 9 9 2 1 3 ,8 5 3 2 0 0 ,4 0 0 M IS S IS S IP P I— H a t t i e s b u r g ............... 4 ,7 5 0 4 ,4 6 1 4 ,4 0 0 J a c k s o n .......................... 3 0 ,6 6 6 3 0 ,0 7 0 2 5 ,1 2 5 M e r id i a n ....................... 1 1 ,5 8 0 1 2 ,2 3 1 1 0 ,5 7 0 V ic k s b u r g .................. 5 ,9 5 8 7 ,1 5 2 6 ,3 2 2 TE N N ESSEE— C h a t t a n o o g a ............. 4 3 ,8 6 8 4 6 ,0 5 4 5 4 ,0 4 1 K n o x v ille .................... 3 0 ,5 5 3 3 2 ,0 9 6 3 0 ,7 6 4 N a s h v ill e .................... 8 7 ,0 8 3 8 3 ,8 5 0 8 3 ,3 9 7 SIX T H D I S T R IC T 2 6 C i t i e s ....................... . 1 ,0 5 6 ,9 0 1 1 ,0 7 8 ,9 0 7 9 7 9 ,3 8 3 U NITED STA TES— 2 7 4 C i t i e s .................... ..$ 3 2 ,8 4 5 ,0 0 0 $ 3 5 ,9 4 7 ,0 0 0 $ 3 3 ,3 1 4 ,0 0 0 P ercen t C h a n g e A u g . 1940 f r o m : J u ly 1 9 4 0 A u g . 1 9 39 + — + — — __ — 2 .3 0 .1 6 .3 8 .1 + 2 0 .0 + 5 .3 + 1 4 .5 + 7 .8 2 .7 4 .6 7 .3 5 .0 + + + + — 1 3 .7 1 4 .9 1 8 .9 1 9 .4 7 .0 3 .9 3 .4 7 .3 5 .9 4 .9 6 .3 3 .5 + 0 .3 + 1 5 4 .7 + 1 3.1 + 1 2 .9 + 2 .0 + 4 1 .3 + 1 7 .9 + 2 2 .1 + 1 7 .8 + 5 .2 + 3 .9 — 8 .2 — + __ __ + + + + 5 .9 0 .4 6 .5 2 .0 5 .3 — 1 6 .7 + 8 .0 + 2 2 .1 + 9 .6 — 5 .8 __ __ — 1 8 .8 — 0 .7 + 4 .4 + + + 4 .7 4 .8 3 .9 — 2 .0 + — 8 .6 — 1 .4 7 .9 RETAIL TRA D E — A U G U ST 19 40 (C i tie s fo r w h ic h n o in d e x e s a r e c o m p ile d ) SA LES A u g u s t 1 9 4 0 c o m p a r e d w ith l u l y 1 9 40 A u g u st 1939 M a c o n ...................................... -‘- 6 % — 3% M o n tg o m e ry ....................... + 2 3 % + 16% STOCKS A u g u s t 1 9 40 c o m p a r e d w ith J u ly 1 9 40 A u g u s t 1 9 39 + 2% + 9% + 29% ► T h e p roced u re used in a llo c a tin g con stru ction contracts illu m in a tes oth er p h ases o f th e d e fe n se p rogram . M uch is b ein g w ritten at the p resent tim e ab o u t the S o u th ’s p osition in the p rogram , and its p rosp ects fo r d e v elo p in g defen se in d u stries. M ost o f th ese in d u stries are, o f cou rse, located in the northeast, but the exten t to w h ich th is is true is e x a g gerated b y the fr eq u en tly qu oted figu res o f th e n a tion al d e fen se releases. W h ile th e S ou th is n o t in a p o sitio n to fu r nish m u n ition s, it is c a p a b le o f su p p ly in g en orm ou s q uan tities o f te x tile s. A d d in g th e te x tile con tracts aw arded in the South, as reported by the Office o f G overnm ent R eports, w o u ld in d ica te, and has led m an y to b eliev e, that the South is not receiv in g its share o f th e aw ards. T h e im p ression obtained from the u n d igested reports m ay be regarded w ith sk ep ticism when it is rem em bered that the contracts are listed as o f the state o f the con tractor’s office, and the co n M o n th ly R e v ie w o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r S e p te m b e r 1 M 0 tractor m ay b e o n ly th e N ew Y ork a g en t o f a G eo rg ia m ill. T o ob tain a truer picture from the releases, each tex tile contract, w h ose contractor co u ld be fo u n d in Davisons Tex tile Blue Book, w as reallo ca ted to the state or states in w hich th e contractor’s m ills w ere located . T h e orders o f con trac tors h a v in g m ills in m ore than o n e state w ere a llo ca ted , w here p o ssib le, on th e b a sis o f the ty p es o f clo th m ade in each m ill, and, w hen th is criterion d id n o t lo ca te w ith rea so n a b le p ro b a b ility the state that w o u ld m ake th e clo th , th e contract w as s p lit betw een the tw o or m ore states in w hich the m ills w ere located. O rders w h ose contractors w ere n o t listed in Davisons Textile Blue Book, or th ose w h ose co n tractors w ere in d ep en d en t d ealers, w ere n o t in clu d ed in the ta b u lation . T h is procedure p rovid ed the d istrib u tion o f te x tile co n tracts presented in tike ta b le b elo w . W h ile in th e o rig in a l allotm en t, a s p rovid ed b y the releases, 4 6 per cen t o f the contracts w as attributed to N ew Y ork, o n ly 5 per cent w as retained b y th at state w hen the contracts w ere a llo ca ted a ccord in g to the locatio n s o f the m ills ; and the South, fa rin g b a d ly in the o rig in a l d istrib u tion , cla im ed 4 0 per cent o f the w h o le after rea llo ca tio n . A cco rd in g to m ill lo c a tion s, G eorgia a lo n e received 22 per cen t o f a ll contracts. E. H. CONSTRUCTION AND TEXTILE CONTRACTS FO R NATIONAL DEFENSE D istrib u te d By S ta te s Ju n e 13 T h ro u g h S e p te m b e r 15. 1940 ( h T h o u sa n d s o l D ollars) CONSTRUCTION TEXTILE CONTRACTS CONTRACTS A llo c a ted b y A s R ep o rte d A llo cated b y g jte 0 f L ocation of Mill S ta te s P ro ject A m ount P er C en t A m ount P e rC e n t A la b am a .........................$ 7,966 $ 498 .6 $ 1,269 2.6 A rizona........................... 276 A rk a n sa s......................... 583 C alifo rn ia ....................... 45,131 29 C o lo ra d o ......................... 1,668 C o n n e c tic u t................... 9,331 1,858 2.4 1,594 3.2 D e la w a re ....................... 26 F lo rid a ............................. 31,600 G e o rg ia ........................... 6,995 4,018 5.1 10,567 21.5 Illin o is............................. 16,398 355 .4 2,138 4.4 In d ia n a ............................. 45,226 291 .3 347 .7 Io w a ................................. 4 53 .1 53 .1 2,021 K a n sa s............................. K e n tu ck y ......................... 1,583 3 3 L o u isia n a........................ 654 125 .2 116 .2 1,241 755 1.0 295 .6 M aine............................... M ary la n d ......................... 5,364 1,315 1.7 541 1.1 M a ssa c h u se tts............... 13,729 9,896 12.5 6,366 13.0 M ich ig an ......................... 22,749 323 .4 324 .7 M in n eso ta ....................... 864 119 .1 103 .2 M ississip p i..................... 256 7 8 M isso u ri........................... 18,463 136 .2 125 .3 M o n ta n a .......................... 99 N e b ra sk a ___ 84 N ew H a m p sh ire ........... 2,823 923 1.2 850 1.7 N ew J e r s e y ..................... 7,319 6,521 8.3 5,727 11.6 N ew M exico ................... 148 N ew Y ork......................... 29,123 36,167 45.9 2,306 4.7 N orth C a ro lin a ............... 4,282 3,934 5.0 4,198 8.5 O h io ................................. 138,203 596 .8 574 1.2 O k la h o m a ....................... 395 O re g o n ............................. 426 426 .5 426 .9 P e n n s y lv a n ia ................. 15,547 5,518 7.0 3,543 7.1 R hode Is la n d ................. 26,836 2,039 2.6 2,392 4.9 5,934 137 .2 1,426 2.9 S o u th C a r o lin a ............ S o u th D a k o ta ................. 50 T e n n e s s e e ....................... 20,065 534 .7 493 1.0 T e x a s ............................... 29,282 626 .8 424 .9 U ta h ................................. 9,297 V e rm o n t........................... 475 1.0 V irg in ia ........................... 59,143 574 .7 623 1.3 W ash in g to n ................... 16,971 9 9 W est V irg in ia ................. 14 374 .4 1,163 2.4 W isc o n s in ...................... 166 624 .8 627 1.3 D istrict of C o lu m b ia . . . 1,418 68 .1 TOTAL.......................$599,753 $78,851 100.0 $49,105 100.0 N O T E : T hese d a ta a re reallo catio n s of co n tracts re p o rte d in "N atio n al D efense P rogram C o n tracts a n d E x p e n d itu res," p re ss re le a se s of th e Qftice of G o v ern m en t R eports. The d ifferen ce in th e a g g re g a te of te x tile c o n tra c ts a s re p o rte d a n d a s re a llo c ate d re su lts from o m itting in th e reallo catio n s th o se co n tracts th a t c o u ld not b e reli a b ly a ttrib u te d to a n y p a rtic u la r state. 3 S IX T H D IS T R IC T B U S IN E S S IN D IC A T O R S IndttGM (1923-1925 a v e ra g e = 100! e x ce p t a s n o ted ) A d ju sted U n ad ju sted A ug. July A ug. A ug. July RETAIL SALES* (1935-1939 Av. = 100) DISTRICT (46 F irm s)................................. 123 A tla n ta .............................................................. B irm ingham .................................................... N ash v ille.......................................................... N ew O rle a n s .................................................. RETAIL STOCKS DISTRICT (23 F ir m s)................................... 75 A tla n ta .............................................................. 144 B irm ingham .................................................... 74 N a s h v U k ....................................................... 52 N ew O rle a n s .................................................. 61 WHOLESALE SALES T O T A L ......................................................... G ro c e rie s ........................................................ D ry G o o d s ...................................................... H a rd w a re ........................................................ D ru g * ................................................................ CONTRACTS AWARDED DISTRICT........................................................ R esid en tial y v ................................................ All O t h e r s .! ? . ................................................ A la b am a .......................................................... F lo rid a .............................................................. G e o rg ia ............................................................ L o u isia n a .......................................................... M ississip p i...................................................... T e n n e ss e e ........................................................ BUILDING PERMITS 20 C ITIES........................................................ A tla n ta .............................................................. B irm ingham .................................................... Jack so n v ille.................................................... N ash v ille.......................................................... N ew O rle a n s ................... ......................... PIG IRON PRODUCTION* A la b am a .......................................................... COTTON CONSUMPTION* THREE STATES— ..................................... A la b am a .......................................................... G e o rg ia ............................................................ T e n n e s s e e ........................................................ EMPLOYMENT (1932 Av. = 100) SIX ST A TES................................................... A la b am a ............................................................ F lo rid a .............................................................. G e o rg ia ................... ...................................... L o u isian a.......................................................... M ississip p i...................................................... T e n n e s s e e ....................................................... PAYROLLS (1932 Av. = 100) SEX STATES.................................................... A lab am a.......................................................... F lo rid a .............................................................. G e o rg ia ........................... ................................. L o u isia n a .......................................................... M ississip p i...................................................... T e n n e s s e e ........................................................ 194° 118 1939 112 72 139 65 53 58 73 138 73 50 58 19** 194° 107 81 122 81 113 88 98 73 110 86 98 115 101 91 104 73 136 70 52 59 67 126 62 50 55 70 131 70 50 57 68 52 65 115 106 60 50 40 100 §8 74 55 75 105 105 278 176 346 166 226 151 69 440 771 115 132 104 160 127 96 101 117 79 56 70 47 58 60 41 46 172 65 79 28 26 78 140 31 90 134 24 98 27 69 86 28 20 77 66 45 126 122 95r 172 212 153 187 162 l9p ' 150 158 164 190 155 147 128 138 88 142 120 97 131 125 135 83 139 120 97 128 128 130 95 141 130 106 130 179 174 239-230 87 83 137 195 151 151. 148 127 128 173 165 July June 1940 1940 166 204 83 179 135 166 July 1939 408 568 445 400 309 509 346 433 429 l 2% 339 252 ELECTRIC POW ER PRODUCTION* SDC STATES.................................................. A la b am a .......................................................... F lo rid a .............................................................. S S & .7 .7 .- .- .v ." \" 7 ." v 7.7. 8 £ S ffi7 .\\7 .7 .7 ^ ^ ^ A ug. i l S tatistics (000 O m itted) A ug. COMMERCIAL FAILURES N u m b e r(A c tu a l,n o tl0 0 0 th s) ................................... $ COAL PRODUCTION—T ons A la b a m a ................................... T e n n e s s e e ............................... 65 752 $ Y ear to D ate 1940 1939 „ „ 467 . 477 4,522 $ 5,673 l,185r 1,053 470 484 July June July 1940 1940 1939 , 10,289 7,118 4,001 3,186 Y ear to D ate 1940 1939 1940 53 424 1,246 497 1940 $ 64 466 July A ug. 193? $ FARM INCOME** SIX STATES.............................$ 31,978 $ 39,253 $37,063 $349,002 $368,076 A lab am a..................................... 3,677 4,181 4,045 45,431 46,678 F lo rid a ....................................... 2,389 4,875 4,892 73,088 90,288 G e o rg ia ..................................... 9,497 8,940 12,928 56,028 58,943 L o u isia n a ................................... 3,573 9,306 4,557 52,671 49,585 M ississip p i............................... 3,605 4,434 2,679 53,901 55,669 T e n n e s s e e ................................. 9,237 7,517 7,962 67,883 66,913 *In d e x e s of retail sale s, e le ctric p o w e r a n d p ig iro n p ro d u c tio n , a n d of c o tto n co n su m p tio n a re o n a d a ily a v e ra g e b a sis. ** In c lu d e s g o v e rn m e n t b e n efit p ay m en ts, r — re v ised . ■ ” 4 ' - 1 M11' ................................... .......... . in — — M o n th ly R e v ie w o f th e mm— — ............ — — — fe d e ra l R eserve ..........................— B a n k o f A tla n ta — .......................... i ■■ ■ ■ ■ ■ ■ ■! hi f o r S e p te m b e r 1 9 4 0 INDUSTRIAL PRODUCTION Pnpind by ft*-Board of Governors ol ft* Federal Baserve System P R O D U C T IO N a n d e m p lo y m e n t i n A u g u s t s h o w e d a f u r t h e r r is e f r o m t h e le v e l m a in ta in e d in J u n e a n d J u ly a n d d is tr ib u tio n to c o n s u m e rs a ls o in c re a s e d . P r ic e s o f in d u s tr ia l m a te r ia ls w e re s o m e w h a t h ig h e r in th e m id d le o f S e p te m b e r th a n a m o n th e a rlie r. In d u s tr ia l P r o d u c tio n T h e F e d e r a l R e s e rv e in d e x o f in d u s tr ia l p ro d u c tio n is e s tim a te d a t 1 2 3 in A u g u s t a s c o m p a r e d w ith 1 2 1 in J u n e a n d J u l y a n d 1 1 1 , t h e lo w p o in t f o r t h e y e a r , i n A p riL T h in r is e h a s r e f le c te d c h ie f ly t h e d i r e c t a n d in d i r e c t e ffe c ts o f t h e d e f e n s e p r o g r a m o n in ^ r l M p ro d u c in g d u r a b le g o o d s a n d te x tile s . S te e l p r o d u c tio n r o s e f u r th e r in A u g u s t a s n e w o r d e r s f o r s te e l c o n t in u e d i n l a r g e v o lu m e , a n d f o r t h e m o n th a s a w h o le m i llg o p e r a t e d a t 9 0 p e r c e n t o f c a p a c i t y . F o l l o w i n g a t e m p o r a r y d e c l i n e o v e r t h e L a b o r D a y w e e k , th e r a t e o f o u tp u t a d v a n c e d to 9 3 p e r c e n t o f c a p a c ity in th e th ir d w e e k o f S e p te m b e r . I n m o s t b r a n c h e s o f th e m a c h in e r y in d u s tr ie s a c tiv ity s h o w e d a c o n tin u e d e x p a n s io n in A u g u s t a n d th e r e w e re f u r th e r s h a r p in c re a s e s in s h ip b u ild in g a n d th e m a n u f a c tu r e o f a i r c r a f t. W ith t h e g r o w th in p ro d u q tio n o f f in is h e d d u r a b le g o o d s , c o n s u m p tio n o f n o n f e r r o u s m e ta ls a d v a n c e d to th e h ig h e s t le v e ls s in c e la s t w in te r . O u tp u t o f a u to m o b ile s w a s in s m a ll v o lu m e in A u g u s ^ o w in g to th e s e a s o n a l c h a n g e o v e r to 1 9 4 1 m o d e l c a rs . T h e lo w p o in t i n p ro d u c tio n w a s r e a c h e d e a rly i n A u g u s t; th e r e w a s a g r a d u a l r is e l a t e r i n t h a t m o n th f o llo w e d b y a s h a r p a d v a n c e i n t h e fir s t tw o w e e k s o f S e p t e m b e r a s m o s t c o m p a n i e s b e g a n v o l u m e p r o d u c t i o n o n n e w m o d e l s . L u m b e r p r o d u c tio n , w h ic h h a d d e c lin e d in J u ly , r o s e c o n s id e ra b ly in A u g u s t T e x til e m ill a c tiv i ty c o n t in u e d t o in c r e a s e i n A u g u s t a n d w a s a t t h e h ig h e s t le v e l gl n<*» l a s t J a n u a r y . C o t t o n c o n s u m p t i o n a d v a n c e d c o n s i d e r a b l y f u r t h e r a n d s i l k d e l i v e r i e s r o s e f r o m d i e s m a ll v o lu m e o f r e c e n t m o n th s . A c tiv ity a t w o o l te x til e m ills i n c r e a s e d s e a s o n a lly , fo llo w in g a s h a r p r is e i n J u ly , w h ile a t r a y o n m ills a c tiv ity sh o w e d a le s s t h a n s e a s o n a l in c r e a s e b u t c o n t in u e d a t a h ig h le v e l. M in in g o f b itu m in o u s c o a l in A u g u s t w a s m a in ta in e d in la r g e v o lu m e f o r t h e s e a s o n , w h ile p r o d u c tio n o f a n th r a c ite d e c lin e d . O u tp u t o f c r u d e p e tr o le u m d e c lin e d s o m e w h a t fa rth e r. V a lu e o f n e w c o n s tr u c tio n w o r k u n d e r t a k e n i n A u g u s t w a s a t a b o u t t h e s a m e le v e l a s in J u ly , a c c o rd in g to r e p o r ts o f th e F . W . D o d g e C o rp o ra tio n a n d th e F e d e r a l R e s e rv e B a n k o f S a n F r a n c is c o . T h e v o lu m e o f c o n tr a c ts f o r p u b lic p r o je c ts c o n tin u e d u n u s u a lly la r g e a n d th e a m o u n t o f n e w p riv a te w o rk s ta r te d w a s la r g e r th a n in J u ly . Residential b u i l d i n g w a s a t t h e h i g h e s t l e v e l i n r e c e n t y e a r s , o n a s e a s o n a l l y a d j u s t e d b a s is , re fle c tin g f u r th e r in c re a s e s in b o th p r iv a te a n d p u b lic c o n tr a c ts . I n d e x o l p h y s ic a l v o lu m e o f p r o d u c t io n , a d j u s t e d lo r s e a s o n a l v a r i a ti o n , 1 9 3 5 - 1 9 3 9 a v e r a g e = 1 0 0 . B y m o n th s , J a n u a r y . 1 9 3 4 , to A u g u s t , 1 9 4 0 . FACTORY EMPLOYMENT I n d e x o i n u m b e r e m p lo y e d , a d j u s t e d io r s e a s o n a l v a r i a tio n , 1 9 2 3 - 1 9 2 5 a v e r a g e = 1 0 0 . B y m o n th s , J a n u a r y , 1 9 3 4 , to A u g u s t , 1 9 4 0 . DEPARTMENT STORE SALES AND STOCKS D is tr ib u tio n D is tr ib u tio n o f c o m m o d itie s to c o n s u m e rs in c r e a s e d c o n s id e r a b ly f r o m J u ly to A u g u s t. S a le s a t d e p a r tm e n t s to r e s a n d b y m a il o r d e r h o u s e s s h o w e d a s h a r p ris e a n d th e r e w a s a le s s th a n s e a s o n a l d e c lin e i n v a r ie ty s to r e s a le s . I n th e e a rly p a r t o f S e p te m b e r d e p a r tm e n t s to r e s a le s c o n tin u e d to in c r e a s e . F r e ig h t c a r lo a d in g s a d v a n c e d f r o m J u ly to A u g u s t w h e n li ttl e c h a n g e is u s u a l. S h ip m e n ts o f c o a l a n d m is c e lla n e o u s f r e i g h t in c r e a s e d w h ile lo a d in g s o f g r a i n s h o w e d m o re th a n a s e a s o n a l d e c lin e . C o m m o d ity P ric e s P r ic e s o f s e v e ra l in d u s tr ia l m a te r ia ls , in c lu d in g c o p p e r, z in c , s te e l s c r a p , lu m b e r, h id e s , a n d p r in t c lo th , a d v a n c e d s o m e w h a t fro m d ie m id d le o f A u g u s t to d ie m id d le o f S e p te m b e r a n d , o w in g p a r t ly to s e a s o n a l d e v e lo p m e n ts , p r ic e s o f fo o d s tu ffs w e re a ls o h ig h e r . P r ic e s o f m o s t o th e r c o m m o d itie s s h o w e d l i t t l e c h a n g e i n th i s p e r io d , a lth o u g h s o m e p a p e r ite m s w e r e r e d u c e d a n d s e v e ra l n e w m o d e ls o f a u to m o b ile s w e re a n n o u n c e d a t a d v a n c e d p ric e s . A g r ic u ltu r e I n d e x e s o i v a l u e o i s a l e s a n d s to c k s , a d j u s t e d io r s e a s o n a l v a r i a ti o n , 1 9 2 3 - 1 9 2 5 a v e r a g e = 1 0 0 . B y m o n th s . J a n u a r y , 1 9 3 4 , to A u g u s t , 1 9 4 0 . CONSTRUCTION CONTRACTS AWARDED P r o d u c tio n p r o s p e c ts f o r m o s t m a jo r c r o p s in c r e a s e d d u r in g A u g u s t, a c c o r d in g to th e D e p a rtm e n t o f A g r ic u ltu r e . O n th e b a s is o f S e p te m b e r 1 c o n d itio n s th e c o tto n c ro p w a s e s tim a te d a t 1 2 ,7 7 2 ,0 0 0 b a le s , a b o u t 1 ,3 4 0 ,0 0 0 b a le s m o re th a n w a s in d ic a te d a t t h e b e g in n in g o f A u g u s t. P r e lim in a r y e s tim a te s b y th e D e p a rtm e n t in d ic a te th a t c a s h f a r m in c o m e , in c lu d in g G o v e rn m e n t p a y m e n ts , w ill b e a b o u t $ 8 ,9 0 0 ,0 0 0 ,0 0 0 f o r th e c a le n d a r y e a r 1 9 4 0 a s c o m p a r e d w ith $ 8 ,5 4 0 ,0 0 0 ,0 0 0 l a s t y e a r. B a n k C r e d it C o m m e r c ia l lo a n s in c r e a s e d s o m e w h a t a t b a n k s i n N e w Y o r k C ity a n d i n 1 0 0 o th e r le a d in g c itie s d u r in g th e f o u r w e e k s e n d in g S e p te m b e r 1 1 , w h ile t h e i r h o ld in g s o f in v e s tm e n ts s h o w e d l i t t l e c h a n g e . U n ite d S ta te s G o v e r n m e n t S e c u r ity P ric e s U n ite d S ta te s G o v e rn m e n t s e c u r ity p r ic e s in c r e a s e d in th e l a s t h a l f o f A u g u s t a n d th e fir s t w e e k in S e p te m b e r a n d w e r e s te a d y i n th e s e c o n d w e e k i n S e p te m b e r . T h r e e - m o n th m o v in g a v e r a g e o i F . W . D o d g e d a t a io r v a l u e o i c o n t r a c ts a w a r d e d i n 3 7 E a s t e r n S ta t e s , a d j u s t e d io r s e a s o n a l v a r i a ti o n . L a te s t f ig u r e s b a s e d o n d a t a io r J u n e , J u ly , a n d e s ti m a t e s f o r A u g u s t .
@FedFRASER