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Monthly Review R E S E R V L O U I S E N O VEM BER 1, 1946 Survey of Current Conditions The Government’s decision to accelerate the removal of price controls from an expanding list of goods and services marks a major step toward the restoration of a competitive economy. The price responses which have followed have been very pronounced but it is too early to evaluate the long term effect on the general price level. The im mediate rapid increase in livestock quotations which was followed by a sharp reaction in many major livestock markets may well prove to be typical of the response of many items to the elimi nation of price controls. One important factor in the outlook for prices of manufactured goods is the steady increase in business inventories that has occurred during re cent months, despite the *maintenance of sales at record levels. A considerable part of the increase in value of inventories reflects higher prices but to an important extent the accumulations represent an increase in the volume of actual goods. H ow ever, the inventory situation remains spotty in many industries and a smooth flow of goods is yet to be achieved on an over-all basis. Labor and management share a great responsi bility for maintaining output as a primary means of preventing runaway prices. The need for con tinuous full-scale output is still urgent, and, with the hastening of the elimination of price and wage controls, this need for volume production is in creased. Production generally has been maintained at or near peak levels despite the serious limita tions on output experienced by many industries as a result of materials shortages. It is vital that obstructions to production be overcome as rapidly as possible so that the flow of finished goods to consumers be increased steadily. EMPLOYMENT Nonagricultural employment in the Eighth Dis trict was slightly higher in September than in the -previous month with additional gains forecast for the remainder of the year. In the St. Louis area manufacturing employment showed a small decline in September as a result of a sharp decrease in the meat packing industry which was sufficient to off set gains in other industries. September employment in district manufacturing industries as well as in the construction trades was somewhat below earlier estimates. Shortages of materials have been a primary factor tending to restrain employment expansion. In the Little Rock area, for example, scheduled increases in employment in the food, apparel, and basic and finished lumber industries have not been realized due to uncertain deliveries of materials and goods. Reports from other parts of the district, including the St. Louis area, indicate that such shortages have tended to forestall increases in employment. In general, the number of unemployed workers in the district in September was somewhat smaller than in August, due to an increase in employment and to the seasonal withdrawal from the labor force of vacation workers and students who are returning to school. A surplus of workers exists, however, in all the major industrial areas of the district, and consists largely of unskilled or semi-skilled workers, (C ontinued on Page 8) Industrial Growth in the South One of the most significant developments in the national economy is the extent to which the tradi tionally agricultural states of the South are be coming industrialized. The growth of industry in this region has been fostered deliberately in an attempt to raise the incomes and the standards of living of its people. As a result the South, which not so long ago was termed by some the nation’s number one economic problem, is now being re garded as a new area of opportunity. While the South recently has come into the public eye because of its rapid industrial growth during the war years, it had been conscious of its problem and had attempted to do something about it long before the advent of W orld W ar II. Various sections of the Southern economy, most notably North Carolina and east Tennessee, had attracted industry and had reaped considerable benefit from it in the interwar decades. In the defense and then the war period, however, great impetus was given the movement by the establish ment of a large number of war plants throughout the South. The region now is bent first on holding and then on magnifying the industrial gains of the war years. The Eighth Federal Reserve District is vitally interested on two counts in the movement to in dustrialize the South. In the first place the dis trict is itself partly a southern area. All of Arkan sas, western Tennessee, and northern Mississippi make up the typically southern portion of the dis PER CENT OF TO TA L IN C R E A S E SELEC TED United States South* IN INCOM E Arkansas Mississippi I Wor Manufacturing industries Military Payments C l £ V E*i ST A T ES Page 2 PA YM EN TS 1940-1944 INCOME SO U R C ES trict.* Somewhat more than 40 per cent of the dis trict’s area and but slightly less than 40 per cent of its population are contained in this mid-South re gion which surrounds two major district cities, Memphis and Little Rock. Over and above this reason, however, Eighth District interest in the program of industrialization stems from the fact that the South’s problem is essentially that of any predominantly agricultural region and solutions to that problem may well apply in areas outside the South proper. This dis trict basically is an agricultural section and as such is interested in any program which attempts to balance a traditionally low-income agriculture with higher-income industry. In the southern states that lie wholly or in part within the Eighth District substantial progress has been made in recent years toward increasing the importance of industrial production relative to agricultural output. An examination of the ex perience of Tennessee, Mississippi and Arkansas is important, not only because it offers a means of appraising the trend in the remainder of the South, but also because it affords an opportunity to evalu ate the operation of more or less contrasting state approaches to the problem of encouraging the de velopment of industry in the South. INCOME TRENDS IN THE SOUTH Any appraisal of current industrial development trends in these states and in the South as a whole must proceed from an understanding of the eco nomic background of the area. In general, the South is and has been a low-income area. In 1929, per capita income in that area amounted to $344 as compared with $926 in the highly industrial Middle East region and $680 for the country as a whole. Until the middle 1930’s, income in the South continued at about one-half that of the rest of the country. At that time the gap began to nar row slightly, but as late as 1940, the last prewar year, average income in the South was only some 56 per cent of the national average. In Arkansas and Mississippi income throughout the 1930’s was considerably less than in the remainder of the South and in the rest of the country, but in Ten nessee the comparison with the remainder of the southern states was somewhat more favorable. However, available evidence indicates that in the Tennessee Agriculture * Portions of the Eighth D istrict, with some econom ic characteristics o f both the N orth and South, such as W estern Kentucky and Southern M issouri, are not included. F or convenience the South as used in this article refers to the Southeast regional classification o f states by the Department o f Com m erce in its series on incom e payments by states and regions. This region includes Alabama, Arkansas, Florida, Georgia, K entucky, Louisiana, Mississippi, N orth Carolina, South Carolina, T en nessee and Virginia. portion of Tennessee that falls within the Eighth district, average income is somewhat below the fig ure for Tennessee as a whole and tends to correlate more closely with income in Arkansas and Missis sippi. During the war period these three states and the South as a whole benefitted considerably from the location of war production plants in the area and from an expansion of existing plants. A number of major war plants were located in Tennessee. In the Eighth District portion of the state were the ordnance plants at Milan and Millington, and air craft and chemical plants in Memphis. In addition, thousands of workers were required for the ex panded operations of the automobile and tire in dustries in Memphis as well as in other industries in western Tennessee where facilities were devoted primarily to war production. In the Eighth district portion of Mississippi the Gulf Ordnance Plant was an important war production enterprise. In Arkan sas the war economy was boosted considerably as a result of the location of ordnance plants in the state and the tremendous increase in bauxite min ing and processing. The general level of income in the South in creased sharply during the war period and ex perienced the greatest percentage gain of any part of the country except the northwest region.* From 1940 to 1944 per capita income in the South jumped from $322 to $737 or 129 per cent. This compares with a 97 per cent gain for the nation as a whole and an increase of about 77 per cent in the indus trialized New England and Middle Eastern states. The gains in Arkansas, Mississippi and Tennessee were even larger than that for the South as a whole. It should be noted, however, that these spectacular income rises in the South cannot be ascribed solely to industrial gains. In the region as a whole more than one-fourth of the total in crease from 1940 to 1944 resulted from military pay ments and 17 per cent from agricultural income. The increase in war manufacturing payrolls ac counted for only 12 per cent of the total gain. In Arkansas and Mississippi the increase in mili tary payments and agricultural income constituted an even larger part of the total income gain dur ing the war. In Arkansas, 54 per cent of the total gain in per capita income during that period re sulted from the increase in these two nonindus trial sources, while only 5 per cent of the gain was due to war manufacturing income. In Mis sissippi, 65 per cent of the increased income re sulted from gains in military payments and agri^Includes Colorado, Idaho, Kansas, M ontana, Nebraska, N orth Dakota, South Dakota, U tah, and W yom ing. P ER C EN T A G E D IS T R IB U T IO N OF EM PLO Y ED LA BO R F O R C E IN 1940 u. s. Ark. I Agriculture, I Forestry, Fishing ELEV EN st a t es SOURCE BUREAU Miss. Tenn. I Construction, I Manufacturing, Mining 0 ^ CENSUS cultural income with less than 7 per cent of the increase attributable to war manufacturing. Only in Tennessee was the gain in manufacturing income relatively more important than that of agricultural income or military payments. INDUSTRY AND INCOME While the wartime income gains of southern Eighth District regions stemmed largely from non industrial sources, this should not be taken to mean that the district areas do not need industry to maintain these gains. In general, the level of per capita income in a region tends to vary directly with the amount of industrialization of that region. The fact that district income received such a boost from high farm production and prices and from military payments highlights the adverse situation that obtained here in prewar years rather than obviates the need for industrialization. Essentially, the low income level of the South comes from the fact that its economy is seriously unbalanced, with too much dependence upon agri culture and the production of raw materials which are exported to other parts of the country for con version into finished products, and not enough em phasis upon the processing of those raw materials in the South. Because the South has occupied a position of supplier of raw materials to manufac turers elsewhere, the people of the region have suf fered a loss of income in two directions. In the first place, they have failed to realize for them selves the additional income resulting from chang Pag« 3 ing low-value raw materials into higher-value fin ished goods. However, over and above the in crement resulting from the manufacturing process, and actually of greater significance, is the loss re sulting from the lower level of over-all economic activity resulting from the lack of industrializa tion. The demand for goods and services of all types tends to be greater in areas where industry is well developed. Thus, the growth of industry in a region has a doubly favorable effect on income. In addition to serving as a limiting factor on income, the lack of southern industry capable of absorbing the surplus labor supply of the area has made it necessary for many workers to migrate to other parts of the country for employment— or remain in the South to intensify the pressure on the agricultural economy of the region. Thus one of the major effects of the further development of industry in the southern states should be the tend ency toward stabilizing its population through the employment of its people in industry. In addition, it should tend to reduce the number of people de pendent upon agriculture for a livelihood and thus serve to increase the productivity of agricultural labor remaining on southern farms. ‘Mechanization of agriculture is another factor which is increas ing the pressure to develop industry in this region. If farming becomes more and more mechanized, thousands of farm workers will be displaced and will be available for industrial employment. The war program also affected the labor sup ply of the South in addition to the gains resulting from increased income and employment. Thousands of workers in rural areas became familiar with in dustrial techniques, and, contrary to widely-held opinion at the time, proved to be easily adapted to manufacturing employment. One long-term re sult of this “ discovery” should be that manufac turers contemplating the location of plants in this area would have considerably less doubt than formerly as to the adaptability and potential ef ficiency of labor in these communities. In addition, the over-all supply of labor with at least semi skilled qualifications is substantially greater than before the war, another factor of importance in the current shift of industry to the South. In the postwar period to date, the primary con cern of the three southern states in this district is directed not only toward the consolidation of wartime gains but also toward the further de velopment of industrial resources. Due to the fact that the district portions of these states were rela tively less distorted by strictly war production plants than were many other parts of the country, the reconversion problem was comparatively Page 4 slight. Per capita income in 1945 continued to increase faster than in the rest of the South, and in the southern region the gain over 1944 was larger than for the country as a whole. However, the increase resulting from higher agricultural in come and from military payments continued to distort the over-all picture. A primary effect of the higher income level to which the people of the South became adjusted dur ing the war has been to increase the pressure for fur ther industrialization as a means of retaining these gains. It is evident that the current income level is based largely either on a noncontinuing source (military payments) or on a price level for agricul tural products that is not likely to be maintained in peacetime. Consequently, if the income status of the South generally and of the district portion of the South in particular is to be maintained at approxi mately the present level, or bettered, a considerable expansion of industry seems mandatory. THREE STATE PLANS FOR INCREASING INDUSTRY The growth of industry in the South generally, and in the three southern states in the district spe cifically, has resulted from the operation of a number of forces. In the 1930’s, confronted with the necessity of increasing the industrial portion of their economies in an effort to raise the average income level and hence the general standard of living of their people, two of the three southern states in this district, Tennessee and Mississippi, enacted legislation designed to aid in the achieve ment of that goal. Prior to that time such pro motional work as was done in these states was on a strictly local basis with little effort being made to coordinate community efforts on a statewide basis. Some progress was made on this uninte grated basis but it became evident that, if in dustrialization to the extent required was to be achieved, a large degree of statewide effort would be necessary. A coordinated program was slower coming in Arkansas and it was not until late in the war period that business groups and state officials, working with research groups in the state university formulated a plan for the development of Arkansas’ resources and industry. Obviously, it is impossible to measure the pre cise extent to which the recent and current in dustrial development of these three states can be attributed to the functioning of state planning and development commissions. A substantial part of the industrial growth of these states possibly would have occurred without assistance from these groups since the general trend toward decentralizing in- dustriai organizations would have resulted in the location of new enterprises in these states. In addi tion, the general increase in industrial activity since the mid-1930’s would have encouraged the organ ization of new businesses and the expansion of existing establishments. Nevertheless, it seems evident that in each state the work of the indus trial development commissions has facilitated the expansion of industry in the area and has acceler ated the rate of growth of the state's industrial economy. Since the operation of these state plans has been and is an important factor in the industrial development of this part of the South, and since considerable variation exists between their pro grams, some attention should be directed to the or ganization and functioning as well as the results achieved by the programs in these three states. The Tennessee Program— The industrial devel opment program in Tennessee is only part of a much wider-range plan for the over-all develop ment of the state. The general program is founded on three basic assumptions. The first is that Ten nessee’s development will be only as great as the total development of its regions, counties, cities and communities. The second premise, which closely parallels the first, is that in the long run, best results are achieved when work at the state level is directed primarily toward assisting develop mental groups at the community level and not used as a substitute for lower-level activity. Finally, Tennessee assumes that “ knowledge of the state’s resources, both potential and developed, is essential to progressive, sound planning for Tennessee’s fu ture economic growth and social progress.” 1 W ith these assumptions as the basis for the pro posed state development program, Tennessee en acted legislation in 1935, creating a State Planning Commission. At a time when the word “ planning” was anathema in many parts of the country, Ten nessee forthrightly accepted it as the keystone of its development program. The Commission was charged with “ making a general state plan for the physical development of the state, with promoting public interest in and understanding of the problems of state planning, with cooperating with the T V A and other agencies to bring about a coordination of their plans, with creating regional planning com missions, and with furnishing assistance to regional and municipal planning commissions.” 2 In addition to creating the State Planning Com mission, legislation enacted at that time also au thorized municipalities and cities to set up local 1 “ Industrial R esources o f Tennessee,” July, 1945. 2 “ L oca l Planning in Tennessee,” February, 1946. planning commissions. In 1939 and 1941, amend ments to the basic legislation extended the plan ning authority to counties and, under certain cir cumstances, to unincorporated communities. At the present time more than forty planning commissions have been established, most of which are at the community level. In western Tennessee, that portion of the state included in the Eighth Dis trict, seven commissions have been organized, in cluding municipal commissions in Jackson, Milan, Dyersburg, Union City and Memphis, whose organ ization was authorized by private act in 1921 and was the first in Tennessee. In addition, regional planning commissions are functioning in Benton and Shelby Counties. The work of the Industrial Development Division of the State Planning Commission is coordinated with the over-all program for the development of the state, and in that respect the Tennessee plan varies considerably from the usual program of in dustrial development commissions in other areas. While Tennessee recognizes the necessity of in creased industrial output as a means of raising the state’s economic status, efforts are being made to avoid haphazard industrial growth. The Industrial Development Division’s program is designed to encourage the growth of industries directly related to the natural resources of the state. As noted, it assumes that the best type of industrial development can occur only when there is a com plete knowledge of the advantages and resources that Tennessee has to offer, and when industries are selected on the basis of long-term growth pos sibilities which hold forth the greatest opportunities for the over-all development of Tennessee. The function of the Division is to assist local commun ities to develop their own areas and in carrying out that function, the Division often is able to aid in the physical development of a community by in dicating the relationship between adequate recrea tional facilities, zoning requirements, etc., and a community’s desirability as a potential site for the location of a new industry. In order to assist local communities in their industrial programs the Division encourages each locality to prepare an inventory of its industrial advantages. A detailed questionnaire is completed by the local group, describing the resources, popu lation, labor supply, transportation facilities, watfer supply, government, banking and commercial facil ities and many other aspects of the particular com munity which are of importance to the management of companies contemplating construction of new Page 5 plant facilities. On the basis of information in cluded in these inventories, the Division is able to direct inquiring manufacturers to one or a group of Tennessee communities whose resources and other advantages coincide with the requirements of the prospective manufacturer. Similarly, the in formation reported by the communities is used as the basis for guidance by the Division in directing the activities of a community toward the type of industry best suited to the resources of the par ticular locality. Estimates of results in 1946 to date indicate that the construction of new plants plus definite com mitments for construction and expansion this year will reach a level never before attained in a peace time year. In the state as a whole, 142 new plants, each involving the expenditure of at least $25,000, were constructed or definitely planned for in the first eight months of 1946, while 63 plant expansion projects, also $25,000 or more each, were an nounced. About $64 million is involved in these 205 projects and when completed they will add about 19,500 workers to Tennessee’s industrial payrolls. In addition to the above new and ex panded large facilities, a considerable number of small projects are under way. About 32 per cent of the 142 new plants are, or will be, in the district portion of Tennessee, with half of them in the Memphis area. The middle portion of the state received 31 per cent of the new companies, while 37 per cent are in east Tennessee. The growing tendency of industry to locate new plants in small towns is well illustrated in Ten nessee. Only 35 per cent of the new plants will be located in the four major cities, while 65 per cent (91 plants) are located in a total of 60 towns and cities with populations largely under 5,000. Several reasons exist for this tendency to locate in small towns. In many urban areas there is a dis tinct shortage of desirable plant sites. In addition, modern manufacturing techniques often require one-story buildings for maximum efficiency, which in turn makes it necessary to spread the building over a larger area— a factor which tends to elim inate many congested urban areas. There is evi dence, too, that in many instances industrial man agement, while under no illusions concerning the p o s s i b i l i t y of obtaining cheap and so-called “ friendly” labor or of avoiding union organization by locating in small towns, prefer such sites as a means of avoiding jurisdictional and sympathy strikes too often typical of large, industrialized urban centers. There are indications, too, that Page 6 management, with an eye to employee relations, recognizes the increased stability of a labor force consisting of workers who are able to maintain their homes in the community with which they are familiar and in which they are and have been a part— and yet are able to obtain the income result ing from industrial employment. The Arkansas Program— The Arkansas approach to increasing industrialization is somewhat similar to the Tennessee program, although in present form it is much younger. It was reported on in detail in a previous Review8 and hence is given here only in outline. The Arkansas plan depends basically upon the coordination of government, business and research from the community to the state level. It calls for full utilization of the state’s raw materials which involves careful research on resources and markets. Prior to the war, industrialization in Arkansas was not too well planned and such planning as there was had little integration. During the war years a group of Arkansas businessmen organized the Arkansas Economic Council, a private “ body of citizens dedicated to the task of converting the resources and energies of Arkansas, now com pletely devoted to winning the war, to peacetime pursuits” . The Council stressed the need for com munity organization, and by the time war ended 70 of the state’s 75 counties had organized county councils. Early in 1945 the state government reorganized and integrated the several state bureaus concerned with economic development, combining eight of them into the Arkansas Resources and Develop ment Commission. This Commission has co operated fully with the Council’s program, thus combining private and public effort to industrialize the state. The research end of the Arkansas program is handled by the state university Bureau of Research, which in July, 1945 received from the Legislature a separate appropriation of $200,000 for a two-year period. Presumably this appropriation will be con tinued in subsequent bienniums. In addition to the state appropriation the Bureau has received some $35,000 a year from other sources. The Arkansas plan is unique in that work at all levels is being done jointly by public and private bodies and that the Bureau of Research is working directly through laboratory study, field work, marketing studies and the like to point the way to further utilization of the state’s raw materials. 3 “ Arkansas Plans for the Future,” M onthly R eview , D ecem ber, 1945. Considerable progress is being made in Arkansas in the development of new industry. In the eighteen months ending in August, 1946 some 700 new in dustries, mostly small activities, to employ directly 20,000 workers have been established or definitely projected. The majority of these projects will utilize materials produced in Arkansas. The new concerns represent a well-diversified group of in dustries, although factories processing textiles and various cotton products, lumber and food products are most numerous. The Mississippi Program—The program for de veloping the industrial resources of Mississippi is aptly described by its title: Balance Agriculture W ith Industry. The B A W I, as it is usually re ferred to, contrasts sharply with the Tennessee and Arkansas plans. Faced with the compelling neces sity to increase the number of manufacturing plants in the state and handicapped by a lack of industrial experience which was felt to be a primary factor in discouraging the location of new plants in the state, Mississippi in 1938 adopted an outright plan of subsidies as a means of attracting manufacturers to that state. From 1940 through most of 1944 the plan was largely inoperative, but since August, 1944 the Agricultural and Industrial Board has con ducted an energetic campaign that is producing results. As indicated above, B A W I is essentially a sub sidy program. Under this plan, areas such as counties, subdivisions of counties, or incorporated municipalities may issue bonds for the purpose of buying land and constructing buildings thereon for prospective industrial concerns which are able to meet the Industrial Board’s standards. Any eligible community, after conducting surveys designed to assure the Board and any prospective manufac turers of the existence of an ample labor supply and sufficient natural resources and after convinc ing the Board of the community’s financial stability, may petition the Board for a certificate of conveni ence and necessity. This certificate authorizes the community to issue bonds in an amount not to exceed twenty per cent of the assessed valuation of all property in the community, provided a majority of the qualified voters participate in an election in which the bond issue is favored by at least twothirds of those who vote. The proceeds of the bond issue then may be used to purchase the land and construct a building, usually according to the man ufacturer’s specifications, for the industry selected by the community and approved by the Board. The contract provides, generally, for the amorti zation of the bonds over a 20 or 25 year period. At the end of that time the manufacturer may have an option to lease the building for an addi tional 20 or 40 years for a nominal rental. In other cases the contract stipulates that the manufac turer will guarantee a minimum annual payroll with a rental stipulation should the payroll not be met by the manufacturer. It should be noted that in no case can the original contract, which is subject to extremely careful scrutiny by the state Board, provide for the transfer of owner ship of the property to the manufacturer. Transfer of title can be accomplished at a later date just as any municipally-owned property can be sold, but the original agreement cannot include such a pro vision. In addition to a subsidy of this type, Mississippi tax laws also provide for exemption for new in dustries up to five'years from county and municipal ad valorem levies. An integral part of the Mississippi plan is adver tising. A substantially larger part of the Mississippi Board’s budget is used in advertising, and a smaller portion devoted to research and basic surveys of the state’s resources than in Arkansas or Tennessee. Current industrialization in Mississippi is devel oping at a rate somewhat less than in the other two states, particularly in the portion of the state in cluded in the Eighth District. Mississippi’s econ omy for years was geared to agriculture to a larger extent than that of either of the other two states, and in general was considerably less advanced in dustrially. A fundamental handicap under which the state is forced to work is the lack of a wide range of natural resources, particularly minerals, which automatically restricts the list of potential industrial developments. In addition, the state generally lacks a large supply of skilled or semi skilled labor, although the experience of industries located there is ample evidence that Mississippi labor, given training, can compete with and in some instances exceed the efficiency of labor performing comparable work in other parts of the country. The growth of industry in Mississippi is evidenced by the fact that the value of manufactured goods in 1945 is estimated at more than $437 million as com pared with $179 million in 1940. Incidentally, the value of agricultural production in 1945 amounted to $376 million. Since August, 1944, a total of 44 new plants have been constructed under B A W I in which more than 10,000 employees with an annual payroll in excess of $11 million are employed. These companies are Pag® 7 in addition to the 12 new plants brought into the state between 1938 and 1940 and whose aggregate payrolls during that period amounted to about $44 million. Obviously, this is not large-scale industry as it is known elsewhere in the country, but there is no doubt that viewed in the light of Mississippi’s nonindustrial background the record of B A W I is encouraging to its sponsors. The people of Mississippi are under no illusions con cerning the rapidity of their industrial growth. They are well aware of the magnitude of the job ahead of them and they are equally aware of the potential ities of the state. The history of the enterprises developed under B A W I influence is such as to in dicate the effectiveness of the Board’s screening program and the quality of the standards which a prospective company must meet in order to come under the subsidy program. The merit or demerit of the subsidy program is more or less beside the point, so far as many residents of the state are con cerned, so long as the decision to subsidize is arrived at by the democratic process required by BAW L CONCLUSION It is apparent that a continuation of current trends will result in a substantial increase in the CU RREN T CONDITIONS (C ontinued from Page 1) INDUSTRY Total industrial activity in the Eighth District in September was generally higher than in August, and in some lines substantial increases occurred during the month. In most instances where the available statistical data covering total monthly output indicated a decline in September, the de creases generally reflected the shorter work month during September as compared with August. Total industrial power consumed in the major district cities in September was 4 per cent less than in August. However, when adjusted to a daily average basis, power consumption in these cities was 8 per cent higher than in August and 11 per cent greater than in September, 1945, with increases reported in each of the cities. Manufacturing-—Manufacturing output continued to increase in September with gains indicated in a number of the major industries in the district. Production schedules in the chemical, automobile and accessories, stone, clay and glass, and metal working industries were on a higher level than in the preceding month and showed considerable gain over September, 1945. Shortages of materials and parts, although less critical than in earlier months, Page 8 industrialization of the southern region. The availability of plant sites in small t o w n s , and abundant natural resources, adequate labor supply and transportation facilities, together with favor able climatic conditions and the availability of fuel and low-cost electric power, are all factors that tend to fit into the general tendency of industry to decentralize its operations and to encourage the location of branch operations in the southern states. In the three southern states that are a part of the Eighth District, substantial assistance to the operation of natural economic forces is provided by the various industrial development commissions. Best results appear to be obtained where such programs are keyed to the development of indus tries capable of utilizing the raw materials of the state and where the industrial development pro gram is coordinated with a general state improve ment plan. This is particularly true where the avoidance of the undesirable features of indus trialization is recognized as an important part of the general program. WELDON A. STEIN continued to restrain output in some industries. In the St. Louis area, operations in the basic steel industry were estimated at 56 per cent of capacity in September as compared with 36 per cent in August and 52 per cent in September, 1945. Production in September was larger than in any month since March. Preliminary estimates indicate that lumber pro duction in the district d u r i n g September was slightly higher than in August and at about the same level as in September, 1945. The southern hardwood industry operated at about 91 per cent of capacity as compared with 84 per cent in Au gust and 82 per cent in September, 1945. Daily average production of southern pine in September showed little change from the previous month but was slightly larger than in September of last year. Inventories continue to average substantially below the level required for efficient distribution. At the end of September, 31 whiskey distilleries were in operation in Kentucky as compared with 34 at the end of August and 33 at the end of Sep tember of last year. Production of whiskey has continued to be limited by the amount of grain allocated to the industry. In October, 2.6 million bushels of grain originally were made available for the production of whiskey, approximately the same amount as was allocated in September. The actual allocation is sufficient to allow each company to operate for three days at peak mashing capacity. Late in October, that month’s grain allocation was increased by about one-sixth, reflecting the greatly improved domestic supply situation. Meat packing operations in September declined to the lowest levels in recent history as a result of the virtual drying-up of shipments of livestock to market. The number of animals slaughtered under Federal inspection at St. Louis was about 80 per cent less than in August and totaled approximately 72.000 as compared with 346,000 in August and 326.000 in September of 1945. Sharpest declines oc curred in the number of cattle and hogs slaughtered but precipitous d e cre a s e s also occurred in the slaughter of calves and sheep. Mining and Oil—Total production of coal in the Eighth District in September amounted to 15.9 million tons as compared with 16.8 million tons in August. However, the decrease was due entirely to the shorter work month and on a daily average basis production was more than 6 per cent higher in September than in August. Crude oil production in the district showed little change during the past month, amounting to 335,000 barrels per day in September as compared with 336.000 barrels per day in August and 320,000 bar rels per day in September, 1945. Construction—The value of building permits awarded in the five major district cities in Sep tember totaled $5.5 million or 15 per cent less than in August, and was the lowest since May of this year. The value of permits in Little Rock, Memphis, and St. Louis was substantially less than in August, while gains were reported in Evansville and Louisville. For the nation as a whole new con struction work in September was about 1 per cent less than in August in terms of dollar value, with privately financed residential construction show ing the same percentage decline as was reported for all construction during the month. TRADE Dollar sales volume of district reporting retail stores during September was about the same as in August byt was substantially greater than in September, 1945^ Rising prices and increasing sup plies, especially of consumers’ durable goods, are primary factors leading to the high level of retail sales. Despite some consumer resistance to the sharp price increases in some items, a high level o f consumer income, unsatisfied consumer demand for many products and Christmas buying should prevent any substantial decrease in the dollar volume of retail sales during the remainder of 1946. At reporting department stores the September sales volume, while 3 per cent less than in August, was 33 per cent greater than September, 1945. The contraseasonal decline for September, it should be noted, is from a very high level o f sales. Pre liminary reports indicate the gain of 31 per cent for the first nine months of this year probably will not be maintained in October. The value of reporting department store inven tories at the end of September showed little change from the previous month but was 43 per cent above that of a year ago. However, there is still considerable lack of balance as between inventories of the various divisions within the store. Per centagewise the greatest gain has been registered in the home furnishing divisions which had ex tremely low inventories during the war years. Stocks of many durable goods have increased sub stantially during the last year but are still in adequate in many lines to meet demand. Sub stantial gains in the past month were registered in the men’s and boys’ wear divisions, although shortages of some major items still persist. Inven tories of women’s wear divisions are in more plentiful supply, but even here there are still marked differences between various items. Base ment store inventories have also risen sharply. Sales at reporting women’s wear and men’s ap parel stores during September were little different relative to a month and year earlier than for the comparable divisions within reporting department INDUSTRY C O N S U M P T IO N O F E L E C T R I C I T Y N o. o f Sept., A u g ., Sept., Sept., 1946 (K .W .H . Cus1946 1946 1945 com pared with in thous.) tomers* K .W .H . K .W .H . K .W .H . A u g ., '46 Sept., ’ 45 Evansville .... 407,369 7,976 Little R ock.. 353,611 3,679 Louisville .... 79 34,154 37,166R Memphis ......... 314,840 5,144 Pine B luff .... 191,171 1,218 St. L ouis .... 96 62,299 62,894 4,664 3,239 27,895 5,316 3,215 57,702R Totals ...... 300 113,444 118,077R *§elected industrial customers. R — Revised 102,031R — — — — — — 8% 2 8 6 4 1 — 4 4 -5 8 % 4-11 4-22 — 9 — 64 + 8 4-11 L O A D S I N T E R C H A N G E D F O R 25 R A I L R O A D S A T ST. L O U I S First nine days Sept.,’ 46 A u g .,’ 46 Sept., *45 O ct., ’ 46 O ct., ’ 45 9 mos. ’ 46 9 mos. *45 118,870 133,703 114,748 38,186 34,123 1,096,365 1,364,836 S o u rce : Terminal Railroad A ssociation of St. Louis. C O A L P R O D U C T IO N (I n thousands of tons) Sept., ’ 46 Illinois ......................... Indiana ............. ............ Kentucky ..................... Other District States Totals ..................... 5,709 2,202 6,546 1,440 15,897 A u g ., ’ 46 Sept., ’ 45 Sept. *46 com p, with A u g., ’ 46 Sept., ’ 45 6,052 2,000 7,194 1,588 5,717 2,076 5,548 1,408 — 6% +10 — 9 — 9 16,834 14,749 — 6 - 0 -% 4- 6 +18 + 2 + 8 Page 9 RETAIL TRADE DEPARTM ENT STORES ____________ N et Sales_________ Stocks on Hand Stock Turnover 9 mos. *46 Sept. 30, ’ 46 Sept., 1946 to same comp, with Jan. 1, to compared with period Sept. 30, „ Sept. 30, A u g ., 1946 Sept., 1945 1945 1945 1946 1945 Ft. Smith, A rk .....+ 4 % + 1% 4 -1 7 % 4 -5 4 % 3.58 3.34 Little R ock, A rk.-}- 2 +22 +24 +52 4.21 3.99 Q u in cy, 111..............+ 2 +30 +28 +49 3.96 3.69 Evansville, In d .....— 12 +37 +28 + 3 2.98 2.48 Louisville, K y ....... — 4 +39 +31 +39 4.52 4.31 St. L ouis A real....— 2 +33 +32 +45 3.71 3.49 St. Louis, M o...— 2 +33 +32 +45 3.71 3.50 E . St. Louis, I11.+ 3 +49 +45 ...................................... Springfield, M o .....— 1 +48 +42 +39 4.11 3.15 M emphis, T enn.....— 4 +39 +32 +42 4.11 3.89 *A11 other cities....— 4 +21 +37 +41 3.90 3.49 8th F. R . D istrict— 3 +33 +31 +43 3.91 3.66 * E l D orado, Fayetteville, Pine B luff, A r k .; A lton, Harrisburg, Jack sonville, M t. V ernon, 111.; N ew A lbany, Vincennes, I n d .; Danville, H o p kinsville, M ayfield, Paducah, K y . ; Chillicothe, M o .; and Jackson, Tenn. 1 Includes St. L ouis, M o., East St. Louis and Belleville, 111. Trading d a ys: September, 1946— 2 4 ; August, 1946— 2 7 ; September, 1945— 24. Outstanding orders of reporting stores at the end of September, 1946, were 43 per cent greater than on the corresponding date a year ago. Percentage o f accounts and notes receivable outstanding September 1, 1946, collected during September, b y cities: Instalm ent E xcl. Instal. Instalment E xcl. Instal. A ccoun ts A ccoun ts A ccounts Accounts 6 0% Q uincy ......... . 35% 74% F ort Smith ............ % L ittle R ock .... 34 61 St. Louis ...... 37 66 55 Other cities .... 28 60 Louisville ...... 39 62 8th F. R. Dist. 38 63 Memphis ........ 44 IN D E X E S OF D E P A R T M E N T ST O R E SALES A N D STOCKS 8th Federal Reserve District Sept., A u g., July, Sept., 1946 1946 1946 1945 Sales (daily average), U nadjusted2.............. Sales (daily average), Seasonally adjusted2 Stocks, U nadjusted3 ........................................... Stocks, Seasonally adjusted3............................ 2 D aily A verage 1935-39 = 100. 3 End of M onth A verage 1935-39 = 316 313 266 240 284 330 255 234 234 300 240 231 234 232 190 172 100. S P E C IA L T Y STO R ES Stocks Stock on H and Turnover ____________N et Sales________ 9 mos. *46 Sept. 30, *46 Sept., 1946 to same com p, with Jan. 1, to com pared with period Sept. 30, Sept. 30, A u g ., 1946 Sept., 1945 1945 1945 1946 1945 M en's F u rn ish in gs+ 4 % +22% +37% + 22% 4.52 2.69 B oots and S h o e s....+ 1 +29 +24 +102 7.19 7.89 Percentage o f accounts and notes receivable outstanding September 1, 1946, collected during September. M en's Furnishings ......................... 6 4% B oots and Shoes......................... 65% Trading daysj^ September, 1946— 2 4 ; A ugust, 1946— 2 7; September, 1945— 24. R E T A IL F U R N IT U R E STO RES N et Sales Inventories Septem ber, 1946 Sept. 30, 1946 Ratio of com pared with compared with Collections Sept., Sept., A u g., Sept. A u g ., Sept., 1945 1946 30, 1945 31, 1946 1946 1945 4 8% 60% + 52% + 7% St. L ouis Area1 + 1 0 % + 72% 63 50 + 52 St. Louis........— j—12 *4— 77 + 7 30 29 + 62 Louisville A rea2— 1 + 39 + 9 27 31 + 76 Louisville ......+ 1 4 -5 3 +11 28 34 + 24 — 1 M em phis .......... + 1 1 + 42 32 38 +107 + 2 L ittle R o c k ........+ 1 7 + 43 * * * Springfield ........4 - 4 + 35 * * * * F ort Smith ......— 6 4 -5 0 38 44 + 68 4- 7 8th D ist. T o t a l» + 8 + 61 *N ot shown separately due to insufficient coverage, but included in Eighth D istrict totals. ^Includes St. L ouis, M issou ri; East St. Louis and A lton, Illinois. 2Includes Louisville, K en tu ck y ; and N ew Albany, Indiana. 3In addition to above cities, includes stores in Blytheville, Pine Bluff, A rkansas; H enderson, Hopkinsville, Owensboro, K en tu ck y; Greenville, G reenwood, M ississippi; Cape Girardeau, Hannibal, M issouri; and Evansville, Ind. P E R C E N T A G E D IS T R IB U T IO N O F F U R N IT U R E Sept., *46 A u g., *46 Cash Sales ........................................................2 4% Credit Sales ................................................ 76 Total Sales ........................................... 100 Page 10 26% 74 100 SALES Sept., 45 25% 75 100 stores. The slightly greater gain over September, 1945 shown for the latter reflects partly an easier inventory situation at department stores. The Sep tember dollar volume of sales at women’s apparel stores continued about the same as for the previous month, but was 16 per cent above the comparable month last year. This is the smallest gain in dol lar volume from the comparable period a year ago of any reporting retail trade line. At men’s apparel stores increases of 4 per cent and 22 per cent from the previous month and comparable month last year, respectively, were registered. Inventories (in terms of dollar value) at women’s wear stores, up 9 per cent from the end of August, 1946, were 44 per cent greater than at the end of September a year ago. Men’s apparel store inventories were virtually unchanged from the end of the previous month, but showed a gain in dollar volume of 22 per cent from the end of the comparable month last year. Dollar sales at reporting furniture stores in Sep tember were 8 per cent more than during August and showed the greatest increase of any reporting retail line over the comparable month last year with a gain of 61 per cent. The value of furniture store inventories at the .end of September was up 7 per cent for the month and was 68 per cent greater than a year ago. However, unit volume is lower than these figures might indicate because of rising prices and the shift to high-priced quality merchan dise, a movement begun during the war period. BANKING AND FINANCB A large increase in loans was the most significant banking change in the Eighth District during the last four weeks. Loans at weekly reporting banks rose $46 million as compared to $12 million during the same period last year. A gain of $44 million in business and agricultural loans accounted for the major part of the loan expansion, most of this in crease being registered in Memphis and St. Louis. Business and agricultural loans at district reporting banks on October 16 totaled $368 million, an in crease of 45 per cent over a year ago. The rela tively large increase in this category is partly sea sonal, reflecting loans made in connection with the marketing of cotton and other farm*products and the seasonal increase in inventories. Borrowing by industrial and public utility concerns to purchase equipment for replacement and expansion and by finance companies was also a contributing factor. The second largest increase in loans at district reporting banks during the last four weeks was a rise of $6 million in miscellaneous loans. A good share of these “ other” loans are consumer loans. Real estate loans continued to increase, being up $3 million for the month and $26 million above a year ago. Loans on securities decreased sharply, the decline amounting to $6 million during the last month and $16 million since September 1. The increase in consumer loans outstanding at Eighth District reporting banks reflects a trend which extends to all types of consumer credit lend ing agencies. Outstandings at all district report ing lending agencies have increased steadily since March, 1945 and at the end of September were nearly 60 per cent above a year ago. The gain at district lending agencies was substantially greater than that for the nation as a whole. While all reporting agencies shared in the ex pansion of consumer credit during the last year, the rate of gain was not uniform. Reporting bank holdings of consumer paper were more than double those of a year ago, holdings of credit unions were up 64 per cent, industrial banks and loan com panies 54 per cent, and small loan companies 39 per cent. During the first eight months of 1946 consumer ‘loans of commercial banks expanded rapidly, gaining nearly 70 per cent, while the gains at other types of lending agencies during the same period ranged from 17 to 43 per cent. Total deposits were up slightly, the expanding effect of the increase in loans more than offsetting such factors as W ar Loan account withdrawals and withdrawals to make income tax payments. Demand deposits of individuals and businesses at the reporting banks increased $33 million but United States Government deposits were off $27 million. Time deposits continued to increase al though at a slower rate, the gain for the last month being $2 million as compared to a gain of $6 million for the corresponding period last year. AGRICULTURE Farmers in 1946 are producing the greatest vol ume of crops in history. Harvesting of most crops in this district is now being completed or is well under way and prospects brightened slightly for farm crop output, with the major exception of cot ton, during September. Weather during that month was generally favorable for development of most late crops throughout the region and com pleted the work of the late summer showers which had been accompanied by relatively moderate tem peratures. Parts of Arkansas and Mississippi where lack o f rain adversely affected crops were the most WHOLESALING Net Sales Lines of Commodities Bata furnished by Bureau of Census, U. S. Dept, of Commerce.* Automotive Supplies ........................ Dry Goods ......................... Electrical Supplies ........... Groceries ............................ Hardware ......................... Plumbing Supplies ........... Tobacco and its products.. Miscellaneous .................... Total all lines**................ Stocks Sept., 1946 Sept. 30. 1946 com pared with com pared with A u g ., 46 Sept., ’ 45 Sept. 30, 1945 _ 7% 4 1 4 3 1 6 5 2 1 — — .4 - 4444444444- 2 7% 19 80 53 43 68 55 18 76 58 4-41 4*44 4*56 4-45 *Preliminary. **Includes certain lines not listed above. CONSTRUCTION B U IL D IN G P E R M IT S N ew Construction (C ost In thousands) N um ber 1946 1945 Evansville .... .... Little Rock.. .... Louisville ...... Memphis ...... .... St. Louis ...... 51 64 554 32 55 87 360 152 Sept. Totals ....1,119 686 A ug. Totals ,....1,405 1,065 $ 95 300 1,306 996 1,500 4,197 5,039 $ Repairs, etc. C ost 1945 1946 N um ber 1946 1945 C ost 1946 1945 476 179 543 770 1,240 112 150 77 156 299 122 198 44 168 195 3,208 3,223 794 889 727 769 $ 571 202 55 150 349 $ 67 71 28 120 275 561 748 1,327 1,446 BANKING C H A N G E S IN P R IN C IP A L A S S E T S A N D L I A B I L I T I E S F E D E R A L R E S E R V E B A N K O F ST. L O U IS Change from (In thousands o f dollars) O ct. 16, 1946 Industrial advances under Sec. 13b, Other advances and rediscounts......... ............ 15,597 O ct., 17, 1945 Sept. 18, 1946 ;— 11,298 4 - 50,229 — 4- 193 44,353 Total earning assets .......................... .... 1,110,412 4 - 38,931 4- 44,160 631,763 + 27,292 4 - 43,870 4 - 23,456 444- 49,524 12,548 65,071 4,040 -0 - 4- 4,040 Industrial commitments under Sec. 13b. P R IN C IP A L R E S O U R C E A N D L I A B I L I T Y IT E M S O F R E P O R T IN G M E M B E R B A N K S Change from O ct. 16, 1946 Sept. 18, 1946 O ct. 17, 1945 Total loans and investments.............. ...... $1,882,375 Commercial, industrial, and agricultural — 26,082 — 55,662 (I n thousands o f dollars) Loans to brokers and dealers in securities ............................................... Other loans to purchase and carry securities ............................................... Real estate loans .................................. . Loans to banks .................................... Other loans ................................................... Total loans ........................................... Treasury bills ......................................... Certificates of indebtedness....................... 4 - 44,234 4-115,303 7,758 — 2,559 — 55,557 — 4— 4* 4— — — — 3,691 3,121 256 5,631 46,480 21,369 31,494 5,973 10,992 4 - 11,472 4 - 25,635 — 711 4 - 46,639 4-194,183 — 18,518 — 127,437 — 140,177 4 - 39,040 — — 4— 4— 4— -0 2,734 72,562 3,477 12,167 1,883 27,243 46,919 10,050 44 — 2,757 — 249,845 4989 — 11,691 4 - 37,398 — 71,101 — 25,809 — 2,640 134,470 100,485 785,137 U. S. Bonds ........................................... ...... Obligations guaranteed b y U . S. 366 Government .......*.................................. ... , Other securities ....................................... ' Total investments ............................ Balances with dom estic banks............ 1,120,212 Demand deposits— adjusted**............ 371,367 Time deposits ............................................... 149,873 U. S. Government deposits ................. ..... 4,155 Borrow ings ............................................... 10,450 *Includes open market paper. **O ther than interbank and Governm ent deposits, less cash items on hand or in process o f collection. A bove figures are for selected m ember banks in St. L ouis, Louisville, Memphis, Little R ock and Evansville. Page 11 notable exceptions to this statement. In some sec tions frosts nipped exposed fields at various times but they caused little damage and when killing frosts did occur near the end of the month, most crops were safely matured. 35 per cent more than ten-year average output. The 1946 district oats crop at 87 million bushels is 28 million bushels more than last year’s harvest. Most of the increase over 1945 in this district is at tributable to an exceptionally large crop in Missouri. For the nation as a whole the October 1 estimate for total wheat output is 1,169 million bushels, which will be the largest crop on record, 46 million bushels more than was harvested last year. The winter wheat crop, all of which has been harvested now, also set a new high at 880 million bushels, 57 million bushels more than was produced in 1945 and 262 million bushels more than the average output in the ten-year (1935-44) period. In this district the 1946 winter wheat crop was less than the 1945 harvest, 44 million bushels as compared with 48 million bushels. The decline from last year’s output was general throughout the district with the exception of Missouri. During September prospects for the nation’s rice crop were improved by almost 300,000 bushels and on October 1 the 1946 crop estimate was only 250,000 bushels short of last year’s production. The 1946 rice harvest in Arkansas, the principal dis trict state producing this cereal, is now indicated at 15,360,000 bushels as compared with 14,612,000 bushels in 1945. Soybean output in 1946 in the principal producing states of this district, Illinois and Indiana, is expected to be off somewhat from last year’s harvest, but output in Missouri, Arkan sas, Tennessee and Kentucky this year will be somewhat higher than in 1945. The 1946 corn crop for the United States was indicated at 3,374 million bushels on October 1, or slightly higher than a month earlier. Last year’s production was 3,018 million bushels, and ten-year average output was 2,608 million bushels. In the Eighth District proper the 1946 corn crop is ex pected to be 438 million bushels, up almost 90 million bushels from 1945. Each district state shows considerably greater production in 1946 than in 1945, except Mississippi where output is off more than one-fifth and Arkansas where this year’s crop is but slightly larger than last year’s. The oats crop for the United States was esti mated on October 1 to be 1,527 million bushels, only 1 per cent less than last year’s production and A record tobacco crop, 2,248 million pounds, was indicated for the United States on October 1. This is 12 per cent more than was produced in the pre vious record-breaking year 1945. The district to bacco crop at almost 400 million pounds is about 40 million pounds larger than in 1945. About the only major district crop whose na tional prospects diminished appreciably in Septem ber was cotton. As of October 1, the 1946 crop was estimated at 8,724,000 bales for the lowest produc tion in the past 25 years. Prospects in September decreased by over 400,000 bales. The district crop, while shorter than in many previous years is now estimated at 2,770,000 bales, only 19,000 bales less than was forecast on September 1. AGRICULTURE DEBITS TO DEPOSIT ACCOUNTS (I n thousands o f dollars) Sept., 1946 A ug., 1946 Sept., 1945 14,906 $ 10,428 IC1 Dorado, A rk ......... $ 15,329 $ 24,387 32,909 F ort Smith, A rk ....... 31,118 5,273 Helena, A rk ................ 5,969 4,548 88,807 81,226 L ittle R ock, A rk ....... 103,751 16,331 Pine Bluff, A rk ..... 24,399 17,370 Texarkana, A rk .-T ex . 8,716 7,492 8,961 A lton, 111.................... 18,363 13,290 16,824 86,857 73,-146 E .St.L<.-N at.S.Y .,Ill. 63,680 16,832 Q uincy, 111................ 20,949 20,517 73,568 76,833 Evansville, In d ........... 79,546 Louisville, K y .............. 379,015 396,443 315,018 O w ensboro, K y ........... 20,242 17,785 21,731 Paducah, K y ................ 8,612 11,445 11,475 Greenville, M iss......... 14,210 11,188 7,964 5,289 8,061 8,490 Cape Girardeau, M o. Hannibal, M o .............. 6,614 6,214 5,180 Jefferson City, M o, , 28,378 45,798 34,939 St. L ouis, M o ..............1,214,001 1,137,184 946,257 Sedalia, M o .................. 8,614 8,355 6,014 Springfield, M o ......... 52,014 50,873 34,797 Jackson, T enn .............. 13,578 9,706 12,598 M emphis, T en n ........... 368,731 316,318 216,526 Totals .............. Page 12 2,510,136 2,388,347 1,923,499 Sept.,’46 comp, with A ug. ’ 46 Sept. 45 4 - 3% — 5 4-31 4-17 4-40 4- 3 — 8 — 27 4- 2 — 3 — 4 — 7 - 04-27 — 5 4- 6 4-31 4- 7 4- 3 4- 2 4- 8 4-17 4- 5 447% 428 413 428 449 420 427 — 13 424 4 4 420 414 4 33 478 452 (I n thousands o f dollars) Arkansas ............ $ 19,283 $ 11,069 Illinois ................. 117,373 96,360 Indiana ............... 76,874 60,054 Kentucky ............ 26,877 23,851 Mississippi .......... 14,300 11,865 79,015 63,628 M issouri .............. Tennessee .......... 21,717 17,829 Totals 428 428 4-30 ............ $355,439 R E C E IP T S AND Cattle and Calves..l36,798 H ogs ....................... 12,513 H orses and Mules 4,991 Sheep ....................... 65,459 Totals $284,656 IN C O M E Cumulative for 8 months 1946 1945 1944 $ 156,507 $ 790,650 450,436 249,323 126,112 436,949 201,156 $2,411,133 136,647 $ 132,678 738,610 770,905 421,686 439,444 280,830 233,545 125,979 107,560 429,122 429,319 185,831 184,893 $2,318,705 $2,298,344 S H IP M E N T S A T N A T I O N A L S T O C K Y A R D S Receipts Shipments Sept., 1946 461 443 449 440 470 CASH FA RM ______ A ugust______ 1946 1945 .................219,761 A u g., 1946 Sept., 1945 Sept., 1946 A u g., 1946 Sept., 1945 195,848 128,326 96,929 202,582 75,389 2,972 103,507 109,703 5,825 4,991 39,179 131,761 55,567 6,378 51,246 106,352 26,876 2,972 49,288 427,104 384,450 159,698 244,952 185,488 6,001
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