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'A t l a n t a Feder R e c o n n a is s a n c e D is t r ic t S u m m a ry A g a in in th e The PER CENT DECREASE V PER CENT INCREASE o f B u s in e s s C o n d itio n s in N um ber 9 A t la n t a , G e o r g ia , S e p te m b e r 3 0 ,1 9 4 1 V o lu m e X X V I P r io r it y S y s te m tm e n o w a f ie ld o ffic e o f th e A u g u s t d e p a rtm e n t s to r e s a le s S ix t h D is t r ic t re c o r d e d a P r io r it ie s D iv is io n new o f th e O ffic e o f P ro - h ig h le v e l f o r t h a t m o n th a n d , a llo w in g f o r s e a s o n a l in f lu e n c e s , w e re b y a c o n s id e r a b le m a r g in p r e v io u s c re a s e d la r g e r m o n th . fu rth e r, th a n W h o le s a le and fo r any T h is o f f ic e , h e a d e d b y M r . in o h n 6 . R e e v e s , p r o v id e s b u s in e s s m e n tra d e b u s in e s s e r in te r e s te d in d iv id u a ls w it h in f a ilu r e s io n d e c lin e d . A c c o r d in g to f ig u r e s o f th e F . W . D odge C o r p o r a t io n t h e re w as It a r a t h e r s p e c t a c u la r r is e in th e v o lu m e o f c o n s t r u c t io n c o n t r a c t s a w a rd e d in to ta l a n d re c o rd Co al 1 5 p e r c e n t la r g e r th a n p r o d u c tio n in c r e a s e d in . . and p ig ir o n o u tp u t A u g u s t , a n d s te e l m ill a c - .. i ,. , i ta k e a la r g e * lin g s o f th e w ill b e o p e n e d m w a s a s m a ll d e c lin e in ... , th# fir8t tw 0 Y®*” ca u se o lDjJ[^ ct®n th* econom y o l the o f c o tto n b y m ills in th e D is t r ic t f o llo w in g n e a r - c a p a c it y o p e r a t io n s in o th e r re c e n t m o n th s . m o re th a n s e a s o n a lly o v e r J u ly , a n d d a ily in d e s c r ip t io n h a s r e q u ir e d f u r t h e r in it h a d A u g u s t , a n d th e a d ju s te d in d e x , w h ic h f o r s e a s o n a l in f lu e n c e s , ro s e 10 g re a t s y s te m n r . in im p o r t a n c e of th e th e c u r r e n t b u s in e s s p e r cen t A u g u s t to a n o th e r r e c o r d le v e l f o r th e m o re th a n o f a rm a m e n t p r o d u c tio n h a s e x p a n d e d , i t la r g e a m o u n ts o f r a w m a t e r ia ls , a n d a c u r t a il m e n t o f n o n - d e fe n s e p r o d u c t io n h a s b e c o m e n e c e s s a r y to m e e t a l l th e r a w m a t e r ia l re q u ire m e n t s o f d e fe n s e in d u s t r ie s . S h o r t a g e s in f a b r ic a t in g tw e n ty - tw o y e a r s in c lu d e d in th e in d e x . T h e r e w e re in c r e a s e s l a r ly th e d u r a b le o v e r A u g u s t la s t y e a r a t a l l c it ie s f r o m p r io r it y s y s te m w h ic h t h re e o r m o re O ffic e , i t h a s se e m e d u s e fu l to o f th e p r io r it y s y s te m . o f d a ily m a k e s a llo w a n c e th e . th e n e a r f u t u r e , B e - t h is is s u e o f th e M o n t h l y R e v i e w a n o n - te c h n ic a l ^ A s th e p r o g r a m e v e r b e fo r e b e e n in of th e P r io r it ie s F ie ld in c lu d e in w e re 3 5 p e r c e n t g r e a t e r th a n in A u g u s t la s t y e a r . T h e in d e x a v e r a g e s a le s w a s a g r e a t d e a l h ig h e r th a n o ffic e p ic t u r e a n d th e n u m e ro u s re q u e s ts f o r in f o r m a t io n r e c e iv e d g u s t b r o k e a l l p r e v io u s r e c o r d s f o r th e c u r r e n t m o n th . A u g u s t m u ch , . p r io r it y tim e t h is y e a r , d e p a rtm e n t s to r e s a le s in A u s a le s in c r e a s e d D iv is io n , A t la n t a R e s e r v e D is t r ic t s , b u t a d d it io n a l o ffic e s Sixth District statistics for August 1941 compared with August 1939. The data roughly reflect the impact oi ► F o r th e f if t h th e s e rv e s b o th th e F i f t h a n d S ix t h F e d e r a l t iv it y c o n tin u e d a t a h ig h r a t e , b u t t h e r e th e c o n s u m p tio n p a r t o f th e r e P r io r it ie s p r e s e n t t im e 10 20 p r e fe r e n c e s p o n s ib ilit y f o r s e c u r in g c o m p lia n c e to D em and D e 30 p ro g ra m . fo r c a te s in f ilin g th e n e c e s s a r y Bank Lo ans t o t a l f o r A u g u s t la s t y e a r . a p p lic a n t s t is e x p e c te d t h a t t h is o ffic e Bank w a s a b o u t t h r e e a n d o n e - th ird tim e s th e th e a b o u t th e p r io r it y a id s Pa Au g u s t, a n d th e D is t r ic t t o t a l f o r th e m o n th J u ly a ls o in c a p a c it y h a v e a ls o d e v e lo p e d — p a r t ic u g o o d s in d u s t r ie s . I n t h is s it u a t io n th e h a s b e e n d e v e lo p e d to d ir e c t th e p r o d u c tio n f ir m s r e p o r t . L e a d in g w it h in c r e a s e s o f m o re th a n 4 0 p e r c e n t, o f A m e r ic a n m in e s a n d f a c t o r ie s in s u c h a w a y t h a t th e m o re w e re M a c o n , T a m p a , C h a tta n o o g a , a n d u rg e n t J a c k s o n v ille . T h o s e d e fe n s e needs r e p o r t in g g a in s b e tw e e n 3 0 a n d 4 0 p e r c e n t w e re K n o x v ille , s o u r c e s , fo llo w e d in J a c k s o n , B ir m in g h a m , N a s h v ille , N e w O r le a n s , B a t o n R o u g e , a n d , f in a ll y , c iv ilia n A t la n t a , and M o n tg o m e ry . In th e Ja n u a ry - A u g u s t p e r io d A s lo n g ag o as g e t f ir s t c a ll on o u r p r o d u c t iv e re o r d e r b y in d ir e c t d e fe n s e r e q u ir e m e n t s , dem and. A u g u s t 1 9 4 0 , p u r c h a s in g o ffic e rs o f th e S ix t h D is t r ic t s a le s h a v e b e e n 1 9 p e r c e n t g r e a te r th a n in th a t A r m y a n d N a v y w e re a u th o r iz e d to a s s ig n p r e fe r e n c e r a t in g s p a r t o f la s t y e a r . to th e c o n tr a c ts th e y le t . I n R e p o rts fro m a s m a ll n u m b e r o f th e la r g e r s to r e s s h o w o r d e r to p r e v e n t th e a s s ig n in g o f p r e fe r e n c e r a t in g s to n o n - m ilit a r y it e m s p u rc h a s e d b y th e A u g u s t s a le s o f m a jo r h o u s e h o ld a p p lia n c e s , in c lu d A r m y a n d N a v y , a P r io r it ie s C r it ic a l L i s t w a s d r a w n u p a n d in g r e f r ig e r a t o r s , s to v e s , ir o n e r s , w a s h in g m a c h in e s , e t c e t e r a , th e p u r c h a s in g o ffic e r s w e re g iv e n a u t h o r it y to a s s ig n p r e f e r w e re a lm o s t d o u b le th o s e o f A u g u s t 1 9 4 0 , a n d t h a t s a le s o f e n c e r a t in g s o n ly f o r it e m s o n t h is l i s t . T h e p r e fe r e n c e r a t in g th a t in la d ie s ’ c o a ts a n d s u it s , a n d m e n ’ s c lo t h in g , in c r e a s e d 6 2 p e r to b e a tta c h e d to a c o n t r a c t f o r a n y p a r t ic u la r it e m c e n t a n d 5 8 p e r c e n t , r e s p e c t iv e ly . F o r th e U n it e d S t a te s a s a L i s t is a u t o m a t ic a lly d e te rm in e d b y th e o f f ic e r fr o m h is c o p y w h o le th e B o a r d ’ s s e a s o n a lly a d ju s te d o f th e P r io r it ie s D ir e c t iv e . T h e D ir e c t iv e in d ic a t e s t h e p r o p e r s to r e s a le s in c r e a s e d in d e x o f d e p a rtm e n t 1 6 p e r c e n t fr o m J u ly to A u g u s t a n d p r e fe r e n c e r a t in g s fo r each o f th e it e m s on th e o n th e P r io r it ie s w a s 3 6 p e r c e n t a b o v e t h a t f o r A u g u s t la s t y e a r . T o t a l s a le s C r it ic a l L i s t , a n d th e s e r a t in g s a r e d e te rm in e d in a c c o r d a n c e b y 1 5 0 w h o le s a le f ir m s in w it h t h e s t r a t e g y d e c is io n s o f th e J o in t B o a r d o f th e A r m y f u r t h e r in A u g u st an d th e D is t r ic t in c r e a s e d 1 0 p e r c e n t w e re 4 0 p e r c e n t g r e a t e r th a n th e y In v e n t o r ie s a t d e p a rtm e n t s to r e s in th e D is t r ic t in c r e a s e d 1 5 p e r c e n t in A u g u s t a n d w e re u p 2 9 p e r c e n t f r o m a g o . S t o c k s h e ld la r g e r th a n a n d N a v y . F o r in s t a n c e , i t w a s in a c c o r d a n c e w it h a d e c is io n o f th e J o in t B o a r d w e re a y e a r a g o . by f o r J u ly w h o le s a le f ir m s w e re o n ly 2 a year p e r cen t b u t w e re 2 4 p e r c e n t la r g e r th a n ( Continued, on page 52) fo r t h a t th e a ir c r a f t p r o g r a m w a s a s s ig n e d to p r a t in g . T h is s y s te m h a s b e e n in th e C r it ic a l L i s t n o w o p e ra t io n c o n t a in s so m e fo r o v e r a 300 it e m s y e a r, an d o f m ilit a r y im p o r ta n c e t h a t th e A r m y a n d N a v y b e lie v e a r e n o t a v a ila b le (Continued on page 48) (4 6 6 ) M o n t h l y R e v ie w o f th e f e d e r a l R e s e rv e B a n k o f A t la n t a f o r S e p te m b e r 1941 CONDITION OF FEDERAL RESERVE BANK OF ATLANTA (In Millions of Dollars) Per Cent change Sept. 17, 1941, from Sept. 17 Aug. 13 Sept. 18 Aug. 13 Sept. 18 1941 1941 1940 1941 1940 Bills discounted...................... $ .06 $ .06 $ .1 .3 Industrial advances........................ 2.........2 U. S. securities....................... 92.1 92.1 89.3 0 +3 Total bills and securities........ 92.3 92.3 89.7 — 0 +3 173.1 + 3 + 36 F. R. note circulation............... 235.8 228.5 Member bank reserve deposits... 304.5 288.1 226.7 + 6 + 34 U. S. Gov't deposits................. 15.8 38.1 30.7 — 59 — 49 Foreign bank deposits.............. 38.7 41.9 23.2 — 8 + 67 Other deposits........................ 7.9 6.8 4.9 + 16 + 61 Total deposits...................... 366.9 374.9 285.5 — 2 + 29 Total reserves......................... 516.9 514.9 375.8 + 0 + 38 Industrial advance commitments. 1.0 .9 .5 CONDITION OF 22 MEMBER BANES IN SELECTED CITIES (In Millions of Dollars) Per Cent Change Sept. 17, 1941, from Sept. 17 Aug. 13 Sept. 18 Aug. 13 Sept. 18 1941 1941 1940 1941 1940 $643.1 + 1 + 15 Loans and Investments—Total__ $739.6 $734.3 Loans—Total.......................... 382.9 379.6 316.3 + 1 + 21 Commercial, industrial, and agricultural loans............... 191.7 189.7 155.0 + 1 + 24 5.6 2.0 + 2 +185 Open market paper............... 5.7 Loans tobrokers and dealers insecurities...................... 6.1 6.9 4.5 — 12 +36 Other loans for purchasing 11.2 10.5 +1 +8 and carrying securities....... 11.3 Real estate loans.................. 40.7 38.0 32.9 + 7 + 24 Loans to banks..........: ......... 1.6 1.8 1.0 — 11 +60 Other loans......................... 125.8 126.5 110.3 — 1 + 14 326.8 + 1 +9 Investments—Total.................. 356.7 354.7 U. S. direct obligations.......... 171.1 171.0 151.4 +0 +13 Obligations guaranteed by U.S................................. 69.8 70.0 67.4 — 0 +4 Other securities................... 115.7 113.7 108.1 +2 +7 Reserve with F. R. Bank........... 197.4 186.9 146.0 + 6 + 35 16.9 13.7 — 5 +18 Cash in vault.......................... 16.1 Balances with domestic banks__ 277.7 257.8 208.0 + 8 + 34 Demand deposits-adjusted........ 542.9 536.9 433.8 + 1 + 25 Time deposits........................ 192.7 193.2 190.6 — 0 + 1 U. S. Gov't deposits................ 51.6 47.7 42.0 + 8 + 23 288.6 + 8 + 32 Deposits of domestic banks....... 380.3 353.3 Borrowings.................................... DEBITS TO INDIVIDUAL ACCOUNTS (In Thousands of Dollars) per Cen, Change August July AugustAugust 1941 from ALABAMA 1941 1941 1940Iulyl941 Aug.1940 Birmingham............... $ 128,569 $ 129,927 $ 95,770 — 1 + 34 Dothan...................... 4,725 4,073 2,715 + 16 + 74 Mobile...................... 65,550 62,913 40,865 + 4 + 60 28,667 27,532 23,734 + 4 + 21 Montgomery.............. FLORIDA Jacksonville............... 104,831 105,245 76,943 — 0 + 36 Miami. ................... 51,541 59,658 44,758 — 14 + 15 Pensacola.................. 13,495 13,060 9,917 + 3 + 36 Tampa...................... 38,893 39,083 28,734 — 0 + 35 GEORGIA Albany..................... 7,404 7,114 4,471 + 4 + 66 Atlanta..................... 281,089 281,404 220,151 — 0 + 28 Augusta................... 25,227 26,274 17,597 — 4 + 43 Brunswick................ 3,393 3,525 3,158 — 4 +7 Columbus................ 24,891 24,907 16,808 — 0 + 48 Elberton................... 1,370 1,357 1,133 + 1 + 21 Macon...................... 25,785 23,890 15,962 + 8 + 62 Newnan................... 2,907 2,868 1,884 + 1 + 54 Savannah.................. 39,055 38,489 28,161 + 1 + 39 Valdosta................... 10,296 4,685 8,483 +120 + 21 LOUISIANA New Orleans.............. 288,159 315,155 201,199 — 9 + 43 MISSISSIPPI Hattiesburg............... 10,164 10,094 4,750 + 1 +114 Jackson..................... 34,931 34,970 30,666 — 0 + 14 Meridian................... 19,397 18,135 11,580 + 7 + 68 Vicksburg................. 7,187 7,812 5,958 — 8 + 21 TENNESSEE Chattanooga.............. 58,441 57,966 43,868 + 8 + 33 Knoxville.................. 38,158 38,949 30,553 — 2 + 25 Nashville.................. 110,913 116,644 87,083 — 5 + 27 SIXTH DISTRICT 26 Cities................... 1,425,038 1,455,729 1,056,901 — 2 + 35 UNITED STATES 274 Cities.................. 42,847,000 44,808,000 32,844,000 — 4 + 30 RETAIL TRADE — AUGUST 1941 (Cities for which no indexes are compiled) Sales for August compared with : July 1941 Aug. 1940 July 1941 Aug. 1940 Baton Rouge.... + 26 + 33 Knoxville........ + 44 + 38 Chattanooga___ + 30 + 42 Macon............ +26 + 48 Jackson........... + 39 + 38 Montgomery___ +22 + 30 Jacksonville..... +17 +41 Tampa............ +24 + 45 T h e P r io r it y S y s te m (Continued from page 47) in s u ff ic ie n t q u a n t it ie s to s a t is f y b o th m ilit a r y and c iv ilia n d e m a n d . T h e s e r a t in g s a r e a s s ig n e d o n P D - 3 c e r t if ic a t e s , a n d o ver 20 The th o u s a n d h o ld e r s su ch c e r t if ic a t e s o f p r im e c o n tra c ts a re to is s u e d w h ic h e v e ry th e s e w eek. p r e fe r e n c e r a t in g s h a v e b e e n a s s ig n e d o fte n e x p e r ie n c e d if f ic u lt y in c u r in g th e m a t e r ia ls c o n tra c ts . In su ch n e c e s s a ry c a s e s th e fo r th e f u lf illm e n t p ro p e r A rm y se o f t h e ir o r N a v y o ffic e r s m a y a s s ig n th e s a m e p r e fe r e n c e r a t in g to th e o r d e r s p la c e d b y th e p r im e c o n t r a c t o r w it h h is s u p p lie r s a n d b y th e m w it h h is s u b - s u p p lie r s . Y S o m e tim e a g o i t b e c a m e a p p a r e n t t h a t c e r t a in p r o d u c e rs w h o w e re n o t w o r k in g o n d ir e c t A r m y a n d N a v y o r d e r s b u t w h o s e p r o d u c tio n w a s , n e v e r t h e le s s , e s s e n t ia l to th e d e fe n s e p ro g ra m a re s h o u ld b e g ra n t e d p r e fe r e n c e r a t in g s . T h e s e r a t in g s s e c u re d b y a p p ly in g o n F o rm it ie s to th e P r io r it ie s D iv is io n o f O PM P D - 1 . I f th e p r e fe r e n c e r a t in g is g r a n t e d , th e P r io r D iv is io n n o t if ie s p r o p e r r a t in g th e f o r h is m a n u fa c tu re r’ s s u p p lie r of th e o rd e r. S o a s to s im p lif y th e p a p e r w o r k in v o lv e d , a b la n k e t r a t in g is u se d w h e r e v e r f e a s ib le , t h u s f ilin g a P D - 1 f o r e v e r y it e m a v o id in g any n e c e s s it y fo r r e q u ir e d b y th e in d u s t r y to c o m p le t e a n e s s e n t ia l c o n t r a c t w h e r e a n u m b e r o f m a t e r ia ls m u s t b e u t iliz e d in m a n u f a c t u r in g th e d e fe n s e it e m . A s im ila r d e v e lo p m e n t is th e p r o je c t r a t in g to e x p e d ite e s s e n t ia l c o n s t r u c t io n . An a lu m in u m co m p an y, fo r e x a m p le , can s e c u re p r o je c t r a t in g f o r th e c o n s t r u c t io n o f a n e w a lu m in u m and t h is r a t in g s t r u c t th e P D -1 on a r a t in g e x te n d a b le each to a v o id in g o f th e s e p a r a te a ll th e it e m s needed n e c e s s it y of to co n f ilin g it e m s . A p p lic a t io n th e fo r su ch m a y b e m a d e b y a le t t e r to th e P r o je c t S e c t io n th e O P M In is p la n t , th u s a p la n t , of P r io r it ie s D iv is io n . o rd e r n o r m a lly to e x p e d it e m a in ta in e d th e in p r o d u c tio n s to c k by of th e it e m s th a t m a n u fa c tu re r a re to be s o ld o f f th e s h e lf , s o to s p e a k , t h e r e h a s b e e n d e v e lo p e d th e D e fe n s e S u p p lie s fa c tu re r o f h is he can of a s a le s R a t in g c e r t a in a re s e c u re m ad e a P la n . F o r e x a m p le , i f m a t e r ia l to can s u p p lie r s p r e fe r e n c e r a t in g sh o w of th a t th e 60 d e fe n s e th a t w ill m anu per cen t e q u ip m e n t, a p p ly on th a t p r o p o r t io n o f h is p r o d u c t io n . T h e m a n u f a c t u r e r m a k e s a p p li c a t io n f o r a r a t in g u n d e r t h is p la n o n F o r m P D -2 5 . T h e la t e s t d e v e lo p m e n t h a s b e e n th e f o r m u la t io n o f s p e c ia l p r o c e d u re s fo r g r a n t in g r a t in g s e s s e n t ia l in d u s t r ie s to p r o c u r e to a s s is t f ir m s in n e c e s s a r y o p e r a t in g v a r io u s s u p p lie s a n d it e m s n e c e s s a r y f o r th e r e p a ir o r m a in te n a n c e o f e q u ip m e n t. T h e m a in t e n a n c e , r e p a ir , a n d s u p p lie s o r d e r f o r p u b lic u t ilit ie s is a n e x a m p le . T h e o r d e r “ p e r m it s u t ilit ie s c o v e re d b y th e p la n and t h e ir s u p p lie r s to u se an A -1 0 r a t in g to f a c ilit a t e d e liv e r ie s o f m a in te n a n c e a n d r e p a ir m a t e r ia ls a n d o p e r a t in g s u p p lie s w h ic h a r e v i t a ll y n e e d e d f o r d e fe n s e a n d e s s e n t ia l p u b lic s e r v ic e s .” ► T h e p r e fe r e n c e r a t in g s g o d o w n th e lin e fr o m th e f in is h e d p r o d u c t th ro u g h s e m i- fin is h e d c o m p o n e n ts to th e r a w m a t e r ia ls , r e g u la t in g w h ic h o r d e r s a r e to b e g iv e n th e r ig h t o f w a y in th e p r o d u c tio n lin e d a te s w i l l b e m e t. I n in an e f fo r t to in s u r e t h a t d e liv e r y t h is c o n n e c tio n i t s h o u ld b e n o te d th a t th e m a n u fa c t u r e r in f il li n g o r d e r s h a s to c o n s id e r th e d e liv e r y d a te a tta c h e d to th e o r d e r a s w e ll a s th e p r e fe r e n c e r a t in g . A n o r d e r ra te d A - l- a n e e d b e g iv e n p r e fe r e n c e o v e r a n o r d e r ra te d A - l- b o n ly i f s u c h p r e fe r e n c e is n e c e s s a r y to m e e t th e M o n t h l y R e v ie w o f t h e f e d e r a l R e s e r v e d a n k o f A t l a n t a f o r S e p t e m b e r 1 9 4 1 d e liv e r y d a te o n th e A - l- a o r d e r . I n so m e 3 0 c a s e s w h e r e th e m a t e r ia l in v o lv e d is v e r y w id e ly u s e d in d e fe n s e in d u s t r ie s a n d is s c a r c e th e P r io r it ie s D iv is io n h a s is s u e d s o - c a lle d “ M ” o r d e r s ( i n th e s in g le c a s e o f m a c h in e t o o ls , th e p r e f ix “ E ” is u s e d , s t a n d in g f o r “ e q u ip m e n t” r a t h e r th a n “ m a t e r ia l” ) . T h e s e o r d e r s e n a b le O P M to t a k e c o n t r o l o f th e d is t r ib u t io n o f th e s c a r c e s u p p lie s a n d th e n g iv e s p e c if ic d ir e c t io n to th e p r o d u c e r s a s to t h e ir o u t p u t. T h e s e “M ” w h e re o rd e rs v a r y th e y a re to d e liv e r a m o n g th e m s e lv e s in th e w a y in w h ic h th e y d ir e c t th e d is t r ib u t io n o f th e p a r t ic u la r c o m m o d ity in v o lv e d . T h e a lu m in u m a n d n ic k e l s t e e l o r d e r s , f o r in s t a n c e , c o n t a in v e r y d e t a ile d p r o c e d u re s g o v e rn in g d is t r ib u t io n . T lie d is t r ib u t io n s i lk o rd e r, o n th e f o r s t r a ig h t c iv ilia n o th e r h a n d , f o r b id s u se s. T h e n t h e re a r e any o th e r o r d e r s , s u c h a s th e o n e g o v e rn in g N e o p re n e , w h ic h t e ll th e m a n u fa c t u r e r w h a t q u a n t it ie s o f h is p r o d u c t h e m a y d e liv e r to each o f h is c u s to m e rs . T h e t a b le on page 50 lis t s th e c o m m o d itie s c o n t r o lle d . A g ro u p o f m e t a ls h a s b e e n s u b je c t to a n in v e n t o r y c o n t r o l s in c e M a y 1 . T h e p u rp o s e o f th e in v e n t o r y c o n t r o l, in g e n e ra l te r m s , is to p r e v e n t th e a c c u m u la t io n o f u n n e c e s s a ry in v e n t o r ie s w h ic h m e ta ls to w o u ld w h ic h a g g ra v a t e th e s h o rta g e in th e in v e n t o r y c o n tro l s u p p lie s . T h e a p p lie s a re lis t e d in th e t a b le o n p a g e 5 0 . ^ T h u s th e p r io r it y s y s te m o p e ra te s in tw o d ir e c t io n s , fr o m th e f in is h e d p r o d u c t d o w n to r a w m a t e r ia ls a n d f r o m a s p e c if ic r a w c o m m o d ity u p to th e f in is h e d p r o d u c t s . P r e f e r e n c e r a t in g s s e c u re d b y th e m a n u fa c t u r e r o f m a c h in e t o o ls , f o r e x a m p le , m a y b e e x te n d e d W o r k in g fr o m dow n to b y th e P r io r it ie s D iv is io n is d ir e c te d (s a y ) th e h is s u p p lie r o f s t e e l, e t c e t e r a . th e o th e r e n d , th e c o n t r o l o f a l l s t e e l s a le s in t o o f O PM is s o o p e ra te d t h a t s te e l th e m a c h in e t o o l in d u s t r y b ic y c le in d u s t r y . T h e f ir s t r a t h e r th a n c o n t r o l is a in t o p r io r it y c o n t r o l, th e s e c o n d a n a llo c a t io n c o n t r o l. \ D u r in g th e p a s t m o n th im p o r t a n t c h a n g e s h a v e b e e n m a d e in th e p r io r it y e x e c u t iv e s y s te m . o r d e r c re a te d On th e A u g u st S u p p ly 28 th e P r e s id e n t P r io r it ie s and by A llo c a t io n s B o a r d t o : “A . D e te r m in e th e to ta l re q u ire m e n t s of m a t e r ia ls and c o m m o d itie s n e e d e d r e s p e c t iv e ly f o r d e fe n s e , c iv ilia n a n d a l l o th e r p u r p o s e s ; e s t a b lis h p o lic ie s f o r th e f u lf illm e n t o f s u c h r e q u ir e m e n t s , a n d , w h e r e n e c e s s a r y , m a k e re c o m m e n d a tio n s to th e P r e s id e n t r e la t iv e th e re t o . “ B . D e te rm in e a llo c a t io n s a n d p o lic ie s and m ake p r io r it ie s w it h r e s p e c t to r e g u la t io n s th e g o v e rn in g p r o c u r e m e n t, p r o d u c t io n , t r a n s m is s io n , o r t r a n s p o r t a t io n o f m a t e r ia ls , a r t i c le s , p o w e r , f u e l a n d o th e r c o m m o d itie s a m o n g m ilit a r y , e c o n o m ic , d e fe n s e a id , c iv ilia n a n d o th e r m a jo r d e m a n d s o f th e t o t a l d e fe n s e p r o g r a m .” T h is n e w b o a r d d e te rm in e s o v e r - a ll p o lic ie s in re s p e c t to th e u t iliz a t io n o f s c a r c e s u p p lie s . T h e p o lic ie s s o d e te rm in e d a re a d m in is te r e d by th e P r io r it ie s D iv is io n o f O P M . M r. D o n a ld N e ls o n n o w s e r v e s b o th a s e x e c u t iv e d ir e c t o r o f S P A B a n d a s d ir e c t o r o f t h e P r io r it ie s D iv is io n o f O P M . T h e is s u a n c e o f P r io r it ie s R e g u la t io n s N o s . 1 a n d 2 d u r in g th e p a s t m o n th h a s a ls o im p o r t a n t ly a ffe c te d th e f u n c t io n in g o f th e p r io r it y s y s t e m . P r io r it ie s R e g u la t io n A u g u s t 2 8 , r e q u ir e s m a n u fa c t u r e r s a n d d e fe n s e o r d e r s e v e n i f th e a c c e p ta n c e o f s u c h p r e v e n t o r d e la y d e liv e r y 1 , d a te d accep t o r d e r s “ w il l o n n o n - d e fe n s e o r d e r s o r d e fe n s e ( Continued, on p age 5 0) N o. p r o d u c e r s to 49 SIXTH DISTRICT BUSINESS INDICATOHS Indexes (1923-1925Average = 100, except as noted) Adjusted Unadjusted Aug. July Aug. Aug. July Aug. BETAIL SALES* (1935-1939 Av. — 100) 111 0 1941 1941 19?0 DISTRICT (47 Firms).....................163 148 123 144 102 107 122 Atlanta ......................................................... 164 104 Binmngham..................................................... 153 im 113 Nashville......................................................... 132 89 98 New Orleans.............................. ..................... 146 106 110 RETAIL STOCKS DISTRICT (21 Firms).....................101 96 75 98 88 73 Atlanta...................................... 216 201 138 205 183 136 Birmingham................................ 99 85 74 94 80 70 Nashville.................................... 74 65 52 73 60 52 New Orleans.............................. 78 77 61 76 74 59 WHOLESALE SALES TOTAL...................................... ......................96 87 68 69 52 Groceries......................................................... 70 Dry Goods.................................. .....................105 66 65 Hardware................................... .................... 171 176 115 106 Drugs............................................................. 128 122 CONTRACTS AWARDED DISTRICT................................... .................... 318 95 278 Residential...................................................... 141 103 176 Others............................................................ 437 91 346 Alabama......................................................... 580 99 166 Florida...................................... ..................... 197 68 226 151 Georgia..................................... ..................... 533 129 Louisiana........................................................ 338 140 69 Mississippi................................. ..................... 147 149 440 771 Tennessee.................................. .....................229 346 BUILDING PERMITS 20 CITIES.................................. ...................... 75 141 79 Atlanta...................................... ......................32 50 28 Birmingham...................................................... 50 42 26 Jacksonville..................................................... 102 294 78 Nashville..........................................................17 100 140 New Orleans............................... .....................46 517 31 PIO IRON PRODUCTION* Alabama......................................................... 126 123 126 COAL PRODUCTION (1935-1939Av. = 100) TWO STATES............................. 172 169 140 152 144 123 Alabama..................................... .................... 155 147 125 Tennessee.................................. .....................146 139 116 COTTON CONSUMPTION* THREE STATES........................... .....................243 253 172 Alabama..................................... .................... 294 305 212 Georgia..................................... ..................... 223 231 153 187 Tennessee.................................. .....................228 249 EMPLOYMENT (1932Av. = 100) SDC STATES............................... ..................... 154 151 128 Alabama..................................... .................... 169 168 138 Florida...................................... ......................96 98 88 142 Georgia..................................... ..................... 176 170 Louisiana.... ..................................................143 136 120 Mississippi.......................................................128 124 96 Tennessee.................................. ..................... 154 151 131 PAYROLLS (1932Av. = 100) SIX STATES..................................................... 249 241 179 239 Alabama..................................... .................... 376 360 Florida...................................... ..................... 103 103 87 Georgia..................................... ..................... 284 273 196 Louisiana......................................................... 198 191 151 Mississippi.......................................................197 190 127 Tennessee.................................. .....................248 242 173 July June July 1941 1941 1940 ELECTRIC POWER PRODUCTION* (1935-1939Av. = 100) TOTAL...................................... ......................170 164 142 By Water Power.......................... ..................... 166 99 156 By Fuel...................................... .....................175 248 124 Statistics (000 Omitted) COMMERCIAL FAILURES Auer. July Aug Year to Date Numcer(Actual,notthousands).. *941 1941 1940 1941 1940 Liabilities.............................. 42 39 53 334. 467 $ 317 $ 551 $ 424 $ 3,579 $ 4,522 July June July Year to Date FARM INCOME** 1941 1941 1940 1941 1940 SDC STATES.......................... $38,693 $55,733 $31,978 $407,101 $349,002 Alabama............................... 5,559 7,167 3,677 51,929 45,431 Florida.................................. 3,430 8,275 2,389 91,086 73,088 Georgia................................. 8,673 8,775 9,497 61,097 56,028 Louisiana.............................. 4,452 11,456 3,573 60,245 52,671 Mississippi............................. 5,283 7,883 3,605 61,849 3,901 Tennessee............................. 11,296 12,177 9,237 80,895 67,883 ^Indexes of retail sales, electric power and pig iron production, and of cotton consumption are on a daily average basis. “ In c lu d e s G o v e r n m e n t b e n e fit p a ym e n ts. 5 0 M o n th ly R e v ie w o f th e F e d e ra l R e se rv e _____________ _______________ _____.__:__ ^ w it h d e fin e d lo w e r p r e fe r e n c e b y t h is r e g u la t io n r a t in g s .” a s b e in g o r e q u ip m e n t t h a t is to b e d e liv e r e d a c c o u n t o f th e U n it e d o r th e M a r it im e and G e o d e tic any S e p te m b e r R e s e a rc h and D e v e lo p m e n t . A 1941 d e fe n s e t r a c t o r o r d e r f o r g o v e rn m e n ts o f c o u n t r ie s e n t it le d o rd e r to a id u n d e r th e L e n d - L e a s e A c t a s w e ll a s a n y o th e r c o n t r a c t o r o r o r d e r f o r m a t e r ia l d e r to w h ic h is a s s ig n e d a p r e fe r e n c e r a t in g o f A - 1 0 o r h ig h e r . d e fe n s e to o r o rd e re d f o r th e o r C o a st G u a rd , C o m m is s io n , th e P a n a m a C a n a l, th e C iv il S c ie n t if ic fo r ■— i — o r d e r is A S ta te s A r m y , N a v y S u r v e y , th e ^ w it h in th e m e a n in g o f t h is r e g u la t io n a ls o in c lu d e s a n y c o n ( C o n tin u e d fr o m p age 4 9 \ o rd e rs o f A tla n ta ^ of T h e P r io r it y S y s te m B a n k A e r o n a u t ic s C o a st A u t h o r it y , th e N a t io n a l A d v is o r y C o m m is s io n f o r A e r o n a u t ic s , o r th e O ffic e P r io r it ie s R e g u la t io n N o . 2 , is s u e d S e p te m b e r 1 0 , m a k e s th e o b s e rv a n c e o f a l l p r e fe r e n c e r a t in g s m a n d a t o r y . H it h e r t o p r e fe r e n c e r a t in g s w e re m a n d a t o r y o n ly w h e n t h e y w e re a s s ig n e d fo r A rm y and N avy c o n t r a c t s , a l l o t h e r p r e fe r e n c e r a t in g s b e in g o n a v o lu n t a r y b a s is . B . B . COMMODITIES SUBJECT TO "M" OR "E" ORDER A S O F S E P T E M B E R 2 5 , 1941 A lc o h o l (m e t h y l a n d e t h y l) M a n ila f ib e r S i lk A lu m in u m a n d a lu m in u m M o n e l m e ta l S t e e l, s e m i- fin is h e d , f in is h e d , a n d f a b r i a llo y s : p ig o r fa b r ic a t e d c a te d , in c lu d in g a llo y s N e o p re n e B o ra x S y n t h e t ic r e s in m o u ld in g p o w d e rs N ic k e l a llo y s te e l B o r ic a c id S y n t h e t ic r u b b e r N ic k e l: p ig o r f a b r ic a t e d C a lc iu m s ilic o n T o lu e n e P ig ir o n C h lo r in e T r ie r e s y l p h o s p h a te s P o ly v in y l C h ro m iu m c h lo r id e (a n d c o - p o ly m e rs c o n t a in in g a t le a s t 9 0 % id e ) C o p p e r : p ig o r f a b r ic a t e d v in y l c h lo r - T u n g s te n , p la s t ic iz e d o r u n p la s t ic iz e d fe r r o - t u n g s t e n , and tu n g s te n o re C o rk P o ta s s iu m p e r c h lo r a t e V a n a d iu m M a c h in e T o o ls P o t a s s iu m p e rm a n g a n a te Z in c M a g n e s iu m a n d a llo y s : p ig o r f a b r ic a t e d Rubber Z in c c h ro m a te METALS UNDER INVENTORY CONTROL A S O F S E P T E M B E R 2 5 , 1941 A n t im o n y Ir id iu m C a d m iu m Lead M o ly b d e n u m IN k m fe rro u s a llo y s , a l l t y p e s , e x c e p t a l lo y s in th e c o m p o s itio n o f w h ic h th e p e rc e n ta g e o f c o p p e r m e ta l b y w e ig h t C o b a lt M a n g a n e s e o r S p ie g e le is e n F e r r o u s a llo y s , a l l ty p e s M e rc u ry a l l o th e r m e ta ls T in S e c o n d a ry m a t e r ia ls , o r s c r a p , c o n t a in in g a n y o f th e m e ta ls h e r e in D ir e c t o r o f P r io r it ie s p r e p a re d e q u a ls o r e x c e e d s th e p e rc e n ta g e o f f o r s a le in o r d e r to r e c o v e r th e lis t e d or any m e ta ls a lr e a d y m e ta l c o n te n t t h e r e o f. s u b je c t to a n o r d e r o f th e m o n t h l y R e v ie w o f t h e f e d e r a l R e s e r v e B a n k o f A t l a n t a f o r S e p t e m b e r 1 9 4 1 INDUSTRIAL PRODUCTION 51 N a tio n a l S u m m ary o f B u sin e ss Prepared by the Board of Governors of the Federal Reserve System In d u s tria l a c tiv ity in c re a se d fu rth e r in A u g u st an d th e firs t h a lf o f S e p te m b e r, an d co m m o d ity p ric e s co n tin u e d to ad va n ce . D is trib u tio n o f co m m o d ities to co n su m ers e xp an d ed c o n sid e ra b ly . P r o d u c tio n Federal Beserve index of physical volume of production, adjusted for seasonal variation. 1935-1938 average = 100. By months, January 1935 to August 1941. WHOLESALE PRICES OF BASIC COMMODITIES Bureau of Labor Statistics' index based on 12 foodstuffs and 16 industrial materials. August 1939 =*=100. Thursday figures, January 3, 1935, to September 13, 1941. FREIGHT-CAR LOADINGS In A u g u st in d u s tria l o u tp u t in c re a se d so m ew h at m ore th a n se a so n a lly an d th e B o a rd ’ s a d ju ste d in d e x ad van ced fro m 160 to 161 p e r ce n t o f th e 1935-39 a ve ra g e . T h e re w e re sh a rp fu rth e r ad van ce s in a c tiv ity in th e m a c h in e ry , a ir c r a ft, s h ip b u ild in g , an d ra ilro a d eq u ip m e n t in d u s trie s . L u m b e r p ro d u ctio n a lso in c re a se d , w h ile fu rn itu re p ro d u ctio n , w h ic h h a d been u n u su a lly la rg e in J u ly , show ed le s s th a n th e cu sto m a ry se a so n a l ris e in A u g u st. O u tp u t o f ste e l an d n o n fe rro u s m e tals co n tin u e d a t n e a r-c a p a c ity ra te s . In th e au to m o b ile in d u stry o u tp u t o f fin ish e d c a rs d e clin e d s h a rp ly a s p la n ts w e re clo se d d u rin g th e ch an g eo ver to n ew m od el p ro d u ctio n an d o u tp u t in fa c to rie s p ro d u cin g b o d ies an d p a rts a lso w a s re d u ce d co n sid e ra b ly . In th e firs t h a lf o f Se p te m b e r au to m o b ile asse m b lie s in cre a se d a s p ro d u ctio n o f n ew m o d els w a s beg un b u t fro m n o w o n , o w in g to G o ve rn m e n t re s tric tio n on p asse n g e r c a r p ro d u ctio n , o u tp u t w ill be c o n sid e ra b ly b elo w th a t d u rin g th e p re vio u s m o d el y e a r. In m o st n o n d u rab le goods in d u strie s p ro d u ctio n in A u g u st co n tin u e d aro u n d th e h ig h le v e ls re a ch e d e a rlie r th is y e a r. A t co tto n mills a c tiv ity d e clin e d s lig h tly fro m th e re co rd le v e l re a ch e d in J u ly , w h ile a t w o o len m ills th e re w a s som e in c re a s e . R a y o n o u tp u t con tin u e d a t p e a k le v e ls . In th e s ilk in d u s try o p e ratio n s w e re c u rta ile d s h a rp ly , a s th e G o ve rn m e n t re q u isitio n e d a ll su p p lie s o f ra w s ilk , an d d e liv e rie s o f s ilk to m ills d e clin e d fro m 2 8 ,0 0 0 b a le s in J u ly to 2 ,0 0 0 in A u g u st. R u b b e r co n su m p tio n a lso d e cre ase d , o w in g to a G o ve rn m e n t c u rta ilm e n t p ro g ram . Sh o e p ro d u ctio n , w h ic h h ad been u n u su a lly la rg e , in cre a se d le s s th a n se a so n a lly in A u g u st, an d o u tp u t o f m a n u fa ctu re d fo o d p ro d u cts and c h e m ic a ls show ed se aso n al in c re a se s fro m th e h ig h le v e ls p re v a ilin g in Ju n e an d J u ly . A t m in e s c o a l p ro d u ctio n in A u g u st, a s in o th e r re ce n t m o n th s, w a s u n u su a lly la rg e fo r th e se aso n , an d o u tp u t o f c ru d e p e tro le u m ro se to a re co rd le v e l o f 4 ,0 0 0 ,0 0 0 b a rre ls d a ily in th e la tte r p a rt o f th e m o n th . Iro n o re sh ip m e n ts dow n th e L a k e s am ounted to 1 1,500 ,000 to n s, th e la rg e s t m o n th ly to ta l on re co rd . V a lu e o f co n stru ctio n c o n tra c t a w a rd s show ed a fu rth e r sh a rp in c re a se in A u g u st an d w a s ab o u t fo u r-fifth s la rg e r th a n a y e a r ag o, a cco rd in g to F . W . D odge C o rp o ratio n re p o rts. T h e ris e fro m J u ly w a s su b sta n tia l fo r a ll g e n e ra l typ e s o f c o n stru c tio n b u t w as m ost p ro no un ced fo r p u b lic ly -fin a n ce d p ro je c ts . A w a rd s fo r re s id e n tia l b u ild in g co n tin u e d to in c re a s e . D is tr ib u tio n S a le s o f g e n e ra l m e rch an d ise ro se s h a rp ly in A u g u st an d w e re a t an e x tre m e ly h ig h le v e l fo r th is tim e o f y e a r. T h e B o a rd ’ s se a so n a lly a d ju ste d in d e x o f d ep artm en t sto re sa le s ad van ced to 133 p e r ce n t o f th e 1923-25 averag e a s co m p ared w ith 115 in J u ly an d an ave rag e o f 103 in th e firs t h a lf o f th is y e a r. In th e e a rly p a rt o f Se p tem b er d ep artm en t sto re sa le s d e c lin e d fro m th e p e a k re ach e d in th e la tte r p a rt o f A u g u st. R a ilro a d fre ig h t-c a r lo a d in g s in A u g u st w e re m a in ta in e d in th e la rg e vo lu m e re ach e d in Ju n e an d J u ly . C o a l sh ip m e n ts in c re a se d , fo llo w in g som e re d u c tio n in J u ly , w h ile lo a d in g s o f g ra in , w h ic h h ad been la rg e sin c e la s t s p rin g , d e clin e d . C o m m o d ity P r ic e s Index of total loadings of revenue freight, adjusted for seasonal variation, 1923-1925 average = 100. Miscellane ous, coal, and all other expressed In terms of points in total index. By months, January 1934 to August 1941. MONEY RATES IN NEW YORK CITY 1 THEA5UNT BO B a n k C r e d it jA ........... Y V C o m m e rcia l lo a n s a t re p o rtin g m em b er b a n k s in 101 c itie s co n tin u e d to ris e su b s ta n tia lly d u rin g th e fo u r w e e k s e n d in g S e p te m b e r 1 0 . B a n k h o ld in g s o f U n ite d S ta te s G o vern m en t s e c u ritie s show ed lit t le n e t ch a n g e , w h ile h o ld in g s o f o th e r s e c u ritie s in cre ase d so m ew h at a t N e w Y o rk C ity b a n k s. A s a re s u lt o f th e e xp a n sio n in lo a n s and in ve stm e n ts b a n k d e p o sits co n tin u e d to in c re a s e . I TREASURY NOTES i . tm mMl | A g r ic u ltu r e T h e o u tlo o k fo r a g ric u ltu ra l p ro d u ctio n in 1941 show ed lit t le ch an g e d u rin g A u g u st. C ro p p ro sp e cts w e re re d u ce d s lig h tly b y d ro u g h t b u t ag g reg ate cro p p ro d u ctio n is e xp e cte d to be tw o p e r c e n t la rg e r th a n la s t y e a r an d th e la rg e s t fo r a n y y e a r e xce p t 1937. T o ta l m a rk e tin g s o f liv e sto c k an d liv e s to c k p ro d u cts w ill p ro b a b ly be th e la rg e st on re c o rd . P re lim in a ry e stim a te s o f th e D e p a rtm e n t o f A g ric u ltu re in d ic a te th a t cash fa rm in co m e , in c lu d in g G o vern m en t p a ym e n ts, w ill be ab o ut $ 1 0 ,7 0 0 ,0 0 0 ,0 0 0 , com p ared w ith $ 9 ,120 ,0 00,000 in 1940. K « WIT______________________________________________________ H > CINT ’W v u W h o le sa le p ric e s o f m ost g ro u p s o f co m m o d ities co n tin u e d to ad van ce fro m th e m id d le o f A u g u st to th e m id d le o f S e p te m b e r. P ric e s o f g ra in s , o th e r fo o d stu ffs, an d co tto n show ed la rg e in cre a se s and th e re w e re ad van ce s also in p ric e s o f a n u m b e r o f in d u s tria l co m m o d ities n o t co vered b y F e d e ra l p ric e c e ilin g s . F ra g m e n ta ry d ata a v a ila b le in d ic a te th a t re ta il p ric e s o f food s and o th e r co m m o d ities ro se fu rth e r d u rin g th is p e rio d . TREASMYBILL8 Mm) — 1935 1996 037 1938 1939 ^ 1940 U n ite d S ta te s G o v e r n m e n t S e c u r ity M a r k e t 1941 W»«kly averages of daily yields of 3- to 5-year tax-ex empt Treasury notes. Treasury bonds, and average dis count on now issues of Treasury Mils offered within the week. For weeks ending Jan. 5, 1935, to Sept. 13, 1941. P ric e s o f T re a s u ry bonds in cre a se d in th e la tte r p a rt o f A u g u st b u t su b se q u e n tly d e c lin e d so m ew h at in th e fir s t p a rt o f S e p te m b e r. O n Se p te m b e r 1 5 , th e p a rtia lly ta xexe m p t 2 % p e r c e n t 1960-65 bonds w e re y ie ld in g 2 .0 6 p e r c e n t co m p ared w ith th e re co rd lo w y ie ld o f 2 .0 2 p e r c e n t. Y ie ld s on T re a s u ry n o tes show ed lit t le ch an g e in th e p e rio d . M o n t h l y R e v ie w o f t h e f e d e r a l R e s e r v e B u n k o f A t l a n t a f o r S e p t e m b e r 1 9 4 1 52 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 ( Continued, fr o m p a g e 47) 9 8 .8 , a n d in p e r c e n t in f a ilu r e s ( l ia b il it i e s ) d e c lin e d th e f ir s t h a lf o f S e p te m b e r i t h a s a v e r a g e d 9 7 p e r c e n t . P ig ir o n A u g u st 1 9 4 0 . ► B u s in e s s S t a t e s , th e J u ly a v e r a g e w a s 9 7 .5 p e r c e n t a n d t h a t f o r A u g u s t in A u g u st to th e p r o d u c t io n in A la b a m a in c r e a s e d a b o u t 3 A u g u st an d w a s a b o u t th e s a m e a s in la s t y e a r . T w o b la s t f u r n a c e s w e re b lo w n in A u g u st d u r in g A u g u s t , s m a lle s t a m o u n t s in c e J a n u a r y , a n d t o t a le d 2 5 p e r c e n t le s s a n d a t th e b e g in n in g th a n a y e a r a g o . F o r th e e ig h t m o n th s o f 1 9 4 1 f a ilu r e s h a v e o p e ra tio n f o r th e p a s t t w e lv e y e a r s b u t ju s t r e c e n t ly r e b u ilt , b e e n 2 8 p e r c e n t fe w e r in w a s b lo w n in , s o t h a t b y th e e a r ly p a r t o f S e p te m b e r a t o t a l li a b ilit ie s th a n C o n s t r u c t io n in n u m b e r a n d 2 1 ; p e r c e n t le s s in t h a t p a r t o f la s t y e a r . c o n t r a c t s a w a rd e d in o f n in e te e n th e S ix t h D is t r ic t d u r in g A u g u s t a m o u n te d to $ 1 1 .8 m illio n , c o m p a re d w it h $ 3 3 .5 m illio n in J u ly a n d w it h $ 9 7 .5 m illio n in A u g u s t la s t y e a r , tim e in o f S e p te m b e r a n o th e r f u r n a c e , o u t o f fu rn a c e s w e re a c t iv e in A la b a m a f o r th e f ir s t m a n y y e a rs . C o a l p r o d u c t io n in A la b a m a a n d T e n n e s s e e in c r e a s e d a b o u t 5 p e r c e n t in A u g u s t , f o llo w in g a d e c lin e in J u l y , a n d w a s 2 4 th e la r g e s t t o t a l e v e r r e p o rte d f o r t h is D is t r ic t . A u g u s t r e s i p e r c e n t g r e a t e r th a n d e n t ia l c o n t r a c t s w e re a lm o s t d o u b le th o s e o f J u ly , a w a r d s a d ju s t e d in d e x ro s e a b o u t 2 p e r c e n t a n d , e x c e p t f o r J u n e , fo r w a s th e h ig h e s t s in c e e a r ly in n o n - r e s id e n t ia l c o n s t r u c t io n w e re n e a r ly f iv e tim e s as in A u g u s t la s t y e a r . T h e la r g e , c o n t r a c t s f o r p u b lic w o r k s a b o u t f o u r tim e s a s la r g e , a w h o le A u g u s t o u tp u t a ls o a n d th e t o t a l f o r p u b lic u t ilit ie s a n d w a s u p 2 2 p e r c e n t fro m w a s n e a r ly te n tim e s t h a t f o r J u ly . In E le c t r ic A u g u s t , th e f ir s t m o n th s u m p tio n b y m ills in c lin e d 4 J u ly , new c o tto n y e a r, co n A la b a m a , G e o r g ia , a n d T e n n e s s e e p e r c e n t fro m t e x t ile o f th e o p e r a t io n s J u ly . In in th e th e y e a r th a t e n d e d D is t r ic t had a t t a in e d de th e s it u a t io n in new la t e d g e n e ra te d d u c t io n J u l y , b u t h ig h e r th a n 41 p e r cen t ab o ve in d e x e s it h a d th a t f o r f o r A p r il, M a y , J u n e , a n d ► B e ca u se A u g u st s u lt in g y e a r. T h e se p e y r, d ie J u ly S ix S ta te s o f t h is D is ( la t e s t a v a ila b le f ig u r e s ) M a y a n d J u n e t h a t r e s u lt e d fr o m p o w e r in c r e a s e d d e fic ie n c y in 68 p e r c e n t in of fr o m u n f a v o r a b le w e a th e r and th e c u m u r a i n f a l l, h y d r o J u l y , w h ile o f p o w e r b y th e u s e o f f u e ls d e c lin e d e v e r b e e n p r io r to A p r i l, a n d la s t p e r c e n t in e ffe c t s o f th e c o n tin u e d w a s s lig h t ly th e A u g u st 1 9 4 0 . in a n d w a s 2 0 p e r c e n t g r e a t e r th a n in J u ly la s t y e a r . R e v e r s in g w it h h ig h le v e ls in e ig h t o f th e t w e lv e m o n th s . T h e A u g u s t in d e x b e lo w 4 th e U n it e d S t a t e s a s in c r e a s e d 5 p e r c e n t o v e r J u ly p o w e r p r o d u c tio n t r ic t in c r e a s e d 1 9 2 7 . In s e a s o n a lly s e r io u s p ro 2 9 p e r c e n t. d am age re b o ll w e e v il a c t iv it y , th e p r o s p e c ts f o r th e s e a c e n ta g e c o m p a r is o n s f o r th e D is t r ic t c o m p a re w it h a d e c lin e s o n ’ s c o tto n o f 1 . p e r c e n t fr o m 8 p e r c e n t b e tw e e n A u g u s t 1 a n d S e p te m b e r 1 , a c c o r d in g to J u ly a n d a n in c r e a s e o f 4 0 p e r c e n t o v e r A u g u s t 1 9 4 0 in th e U n it e d S t a t e s a s a w h o le . ► S t e e l m il l a c t iv it y in th e a re a , re a n d A u g u s t , w a s a t 9 6 .5 p e r c e n t in d u r in g th e la s t w e e k o f A u g u s t a n d th e f ir s t h a lf o f S e p t e m b e r. I n th e U n it e d PER CEN T th e S ix S ta te s o f th e D is t r ic t d e c lin e d th e la t e s t e s tim a te b y th e U n it e d S t a te s D e p a r tm e n t o f A g r i B irm in g h a m - G a d s d e n p o rte d b y T h e I r o n A g e a t 9 5 p e r c e n t o f c a p a c it y m o s t o f J u ly c r o p in c u lt u r e . O n S e p te m b e r 1 2 th e te n - m a rk e t a v e r a g e o f s p o t c o t to n p r ic e s w a s 1 7 .7 4 c e n ts a year c e n ts p e r p o u n d , c o m p a re d w it h e a r lie r . T h is w as th e h ig h e s t p r ic e D U R IN G TH E FIR ST TW O Y E A R S OF T H E W A R S e p te m b e r 1 9 3 9 - A u g u s t 1941 40 AS MEASURED BY AN INDEX CALCULATED FROM TH E SA L E S F I G U R E S O F 4 6 DEPAR TME NT S T O R E S . TH E CHART D EP IC TS THE MOV EMENTS O F TH E INDEX A S PER CE N TA G E C H A N G E S FROM TH E MOST RE CENT CO R R E S P O N D I N G PR E-W AR MONTH. 30 1939 1 9 4 0 9 .4 2 about t w e lv e y e a r s . R E T A IL T R A D E IN TH E SIXTH F E D E R A L R E S E R V E D IST R IC T 50 in 1941 PER CENT 50
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