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M o n t h ly R e v ie w o f th e F ederal R eserve B a n k o f A tla n ta fo r D ecem ber 1946 1 3 1 In d ex f o r the Y ea r 1 9 4 6 A Ag r ic u l t u r e Sixth District Agriculture in 1945, Earle L. Rauber. 3 See also Business conditions, District summaries. B Ba n k in g Additions to the P ar List Allapattah State Bank, Miami, Fla. 73 American Bank & Trust Co., Baton Rouge, La. 36 Bank of Lexington, Ala. 52 Bank of Orlinda, Tenn. 18 Citizens Bank, Gainesville, Ga. 36 Citizens Bank of Oviedo, Fla. 64 Citizens State Bank, St. Cloud, Fla. 64 City Bank & Trust Co., Natchez, Miss. 52 Claiborne County Bank, Tazewell, Tenn. 52 Commercial Bank of Daytona Beach, Fla. 12 East Lauderdale Banking Co. of Rogersville, Ala. 36 East Point Commercial Bank, East Point, Ga. 99 Farmers & Merchants Bank, Brewton, Ala. 64 Spring Hill branch of Farmers & Merchants Bank, Mt. Pleasant, Tenn. 99 Farmers Bank, Anderson, Ala. 36 Mechanics-State Bank, McComb, Miss. 52 Merchants Bank, Hanceville, Ala. 64 Metairie Savings Bank & Trust Co., La. 112 Springs State Bank, Sulphur Springs, Fla. 73 State Bank of Haines City, Fla. 112 State Bank of West Tampa, Fla. 112 Tropical State Bank, Sebring, Fla. 99 Venice-Nokomis Bank, Venice, Fla. 73 West Georgia Bank & Trust Co., Carrollton, Ga. 99 Admissions to FRS membership American Bank & Trust Co., Bessemer, Ala. 112 Citizens Bank of Stuart, Fla. 99 Farmers & Merchants Bank, “Inc.,” Brewton, Ala. 99 First National Bank of West Point, Ga. 52 First Savings & Trust Co. of Tampa, Fla. 18 North Shore Bank, Miami Beach, Fla. 112 See also National-charter grants. Appointments and elections. 12, 36, 99, 112 Debits Debits to Individual Bank Accounts. Tables : 12, 18, 25, 36, 45, 61, 73, 89, 102,114, 121 Sixth District Bank Debits. 62 Deposits Annual Rate of Turnover of Demand Deposits. Tables: 6, 19, 27, 39, 55, 67, 75, 85, 103, 115, 123 Ownership of Bank Deposits in the Reconversion Period. Charles T. Taylor. 110 Postwar Trends in Ownership of Demand Deposits. 34 Member banks Condition of 20 Member Banks in Selected Cities. Tables : 12, 25, 36, 45, 61, 73, 89, 102, 114, 121 Member Bank Operations During 1945. Charles T. Taylor. 21 National-charter grants Broward National Bank of Fort Lauderdale, Fla. 64 First National Bank of Delray Beach, Fla. 64 Florida State Bank, Delray Beach, Fla. 64 Valley National Bank of Lanett, Ala. 52 See also Business conditions. Bu s in e s s Co n d it io n s District summaries. 1, 10, 19, 26, 37, 53, 65, 74, 86, 100, 113, 122 Economic Appraisal of the Postwar South. Earle L Rauber. 1 National summaries. 28, 40, 56, 68, 92, 116 Reconnaissance charts. 2, 18, 36, 52, 64, 73, 80, 111, 121 c Co n s u me r Bu y in g H a b it s , Wa r t im e Ch a n g e s I n . Thomas R. Atkinson. 98 Co n s u me r Cr e d it An d P o s t w a r Bu y in g . Charles T. Taylor. 69 C oal P roduction. Tables: 6, 19, 27, 39, 55, 67, 75, 8 5 ,1 0 3 , 115, 123 C onstruction, P ostw ar. Charts: 112 Consumers’ P rice Index. 50. Tables : 6, 19, 27, 39, 55, 67, 75, 85, 103, 115, 123 C o tto n Consumption. Tables-. 6, 19, 27, 39, 55, 67, 75, 85, 103, 115, 123 Cr e d it Consumer Credit and Postwar Buying. Charles T. Taylor. 69 See also Business conditions, Condition of 20 Member Banks, Furniture and Jewelry Store Operations, and Instalment Cash Loans. D D epartm ent S to re s Sales. Tables : 6, 9, 19, 26, 27, 38, 39, 54, 55, 64, 67, 75, 76, 85, 87, 99, 103, 115, 116, 123, 124 Stocks. Tables: 6, 9, 19, 26, 27, 38, 39, 54, 55, 64, 67, 75, 76, 85, 87, 99, 103, 115, 116, 123, 124 See also Business conditions, District and National summaries. D o Y o u R e m e m b e r Wh e n ? 7 7 E E c o n o mic A ppr a is a l o f t h e P o s t w a r S o u t h . Earle L. Rauber. 1 Ed u c a t io n a s a n I n v e s t me n t in Six t h D is t r ic t E c o n o mic P r o g r e s s . Charles T. Taylor. 93 E le c tr ic Pow er P roduction. Tables : 6, 19, 27, 39, 55, 67, 75, 85, 103, 115, 123 E m pl o y m e n t Manufacturing Employment. Tables : 6, 19, 39, 55, 67, 75, 85, 103, 127 See also Business conditions, District and National summaries. M 1 3 2 o n t h ly R e v ie w o f th e F ederal R eserve B a n k o f A tla n ta fo r D ecem ber 1946 F F u rn itu re S to re O perations, R e ta il. Tables: 9, 20, 26, 38, 54, 64, 76, 87, 99, 109 G G asoline Tax C o lle c tio n s. Tables : 6, 19, 27, 39, 55, 67, 75, 85, 103, 115, 123 H H u n t s v il l e , A l a b a ma , A St u d y in Co mmu n it y D e v e l o p m e n t . Thomas R. Atkinson. 117 I I n c r e a s in g t h e Va l u e o f t h e S o u t h ’s F o r e s t R e s o u r c e s T h r o u g h R e s e a r c h . Charles T. Taylor. 41 In d u s t r y Huntsville, Alabama, a Study in Community Development. Thomas R. Atkinson. 117 Increasing the Value of the South’s Forest Resources through Research. Charles T. Taylor. 41 Industrial Information Service. C. H. Donovan. 79 New Sixth District Index: Lumber, the South’s Second Largest Industry. Thomas R. Atkinson. 81 Sixth District Industry in 1945. John Tyree Fain. 7 Southern Research Institute, Created in Recognition of an Economic Opportunity, The. Charles T. Taylor. 57 Spread of Development Corporations, The. C. H. Donovan. 105 I n v e n t o r ie s Wholesale Sales and Inventories. Tables: 9, 26, 38, 54, 64, 76, 87, 99, 116, 124 See also Business conditions—District and National summaries—and Department stores. J Jew e lry S to re O perations, R e ta il. Tables: 6, 20, 27, 39, 55, 67, 76, 87, 116, 124 L Lo a n s Secretary Vinson on the British Loan. 46 South and the Loan to Britain, The. Charles T. Taylor. 13 Tables and charts Instalment Cash Loans. 9, 19, 26, 38, 54, 64, 75, 80, 99, 116, 124 Postwar Loans of Sixth District Weekly Reporting Member Banks. 35 See also Business conditions Lumber Increasing the Value of the South’s Forest Resources through Research. Charles T. Taylor. 41 New Sixth District Index: Lumber, the South’s Second Largest Industry. Thomas R. Atkinson. 81 Production. Tables: 85, 103, 115, 123 N N e w Or l e a n s Role of the New Orleans International Trade Mart. Charles T. Taylor. 29 N e w Six t h D is t r ic t I n d e x : L u m b e r , t h e So u t h ’s S e c o n d La r g e s t I n d u s t r y . Thomas R. Atkinson. 81 o Ow n e r s h ip o f Ba n k D e po s it s Charles T. Taylor. 110 in t h e R e c o n v e r s io n P e r io d . p P etro leu m P ro d u ctio n in C o a sta l Louisiana and Mississippi, Crude. Tables: 6, 19, 27, 39, 55, 67, 75, 85, 103, 115, 123 P o rts Role of the New Orleans International Trade Mart. Charles T. Taylor. 29 P o s t w a r T r e n d s in Ow n e r s h ip o f D e ma n d D e po s it s . 34 R Re s e a r c h Industrial Information Service. C. H. Donovan. 79 Increasing the Value of the South’s Forest Resources through Research. 41 Southern Research Institute, Created in Recognition of an Economic Opportunity, The. Charles T. Taylor. 57 R econnaissance C h a rts. 2, 18, 36, 52, 64, 73, 80, 111, 121 R e ta il T rade: See Trade. R o l e o f t h e N e w Or l e a n s I n t e r n a t io n a l T r a d e M a r t . Charles T. Taylor. 29 s S ales. Tables-. 9, 26, 38, 54, 64, 76, 87, 99, 116, 124 See also Department, Furniture, and Jewelry stores. S o u t h a n d t h e L o a n t o Br it a in , T h e . Charles T. Taylor. 13 So u t h e r n R e s e a r c h I n s t it u t e , Cr e a t e d in R e c o g n it io n o f a n E c o n o mic O ppo r t u n it y , T h e . Charles T. Taylor. 57 Spr e a d o f D e v e l o pm e n t Co r po r a t io n s , T h e . C. H. Donovan, 105 T Tr a d e Role of the International Trade Mart. Charles T. Tayor. 29 Secretary Vinson on the British Loan. 46 Sixth District Trade in 1945. D. E. Moncrief. 10 South and the Loan to Britain, The. Charles T. Taylor. 13 Wholesale Sales and Inventories. Tables: 9, 26, 38, 54, 64, 76, 87, 99, 116 See also Business conditions, and Department, Furniture, and Jewelry stores. v Vin s o n on t h e Br it is h L o a n , S e c r e t a r y . 46 w M M e mb e r Ba n k Ope r a t io n s D u r in g 1945. Charles T. Taylor. 21 W a r t im e Ch a n g e s in Co n s u me r Bu y in g H a b it s . Thomas R. Atkinson. 98 W h o le sa le Trade. See Trade. 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 I n d e x B a n k f o r o f A t l a n ta th e f o r D e c e m Y e a r b e r 147 1 9 4 7 1 9 4 7 (See business conditions, g e n e ra l, for further information on almost every other subject listed in the index.) A Ag r ic u l t u r e Bank Credit for Farm Production, by Brown R. Rawlings, 129 Farm Forestry in the Sixth District, by Brown R. Rawlings, 57 Florida Citrus Industry, by Brown R. Rawlings, 45 One-Variety Cotton Improvement Program, The, by Brown R. Rawlings, 117 Ramie: 1947, by Earle L. Rauber, 81 Sixth District Agriculture in 1946, by Brown R. Rawlings, 16 B Ba n k in g Additions to the Par List Bank of Fulton County, East Point, Ga., 77 Bank of Palmetto, Fla., 15 Citizens Bank, Colquitt, Ga., 15 Citizens Bank, Lafayette, Tenn., 92 Citizens Union Bank of Rogersville branch, Bulls Gap, Tenn., I l l City Bank of Tuskegee, Ala., 77 Commercial Bank, Andalusia, Ala., 15 Covington County Bank, Andalusia, Ala., 92 Industrial Banking Co., Valdosta, Ga., 104 Merchants & Farmers Bank, Greenback, Tenn., 128 Peoples Bank of Auburndale, Fla., 77 Peoples Bank, Blackshear, Ga., 29 Peoples Bank, Winder, Ga., 37 Riverside Bank of Jacksonville, Fla., 77 Troy Bank & Trust Co., Troy, Ala., I l l Union Bank, Jamestown, Tenn., 77 Admissions to FRS membership Alabama Exchange Bank of Tuskegee, Ala., 77 Bank of Leighton, Ala., 104 Blackshear Bank, Ga., 29 Citizens Bank of Gainesville, Fla., 146 Citizens Bank, Colquitt, Ga., 29 DeKalb State Bank, Doraville, Ga., 15 Jeff Davis Bank & Trust Co., Jennings, La., 37 Stayton Bank & Trust Co., Tenn., 146 Union Peoples Bank branch, Oliver Springs, Tenn., 146 See also National-charter grants Bank Credit for Farm Production, by Brown R. Rawlings, 129 Bank Financing of Sixth District Business, 26 Bank Financing of Sixth District Retail Trade, by Charles T. Taylor, 69 Debits Debits to Individual Bank Accounts, tables, 14, 29, 37, 53, 67, 77, 91, 101, 113, 125, 139, 143 Deposits Annual Rate of Turnover of Demand Deposits, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 Member Banks Condition of Member Banks in Selected Cities, tables, 14, 29, 39, 53, 67, 77, 90, 101, 113, 125, 139, 143 Member Bank Operations in 1946, 33 See also Admissions to FRS membership and Nationalcharter grants National-charter grants Citizens National Bank, Orlando, Fla., 29 Fort Lauderdale National Bank, Fla., 15 First National Bank of East Point, Ga., 77 First National Bank of Picayune, Miss., 128 Sixth District Finance During 1946, by Charles T. Taylor, Bu s in e s s Co n d it io n s , Ge n e r a l District summaries, 1-18, 30, 40, 52, 64, 78, 89, 100, 112, 124, 136, 141 National summaries, 44, 56, 68, 104, 116, 128, 140, 146 Reconnaissance, charts, 15, 29, 37, 99. G C oal P roduction, tables, 3, 31, 39, 55, 65, 79 C o n stru ctio n C o n tra c ts, tables, 88, 99, 111, 123, 138, 145 Consumers’ P rice Index, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 C o tto n Consumption, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 D D epartm ent S to re s Sales, tables, 3, 7, 31, 32, 37, 39, 54, 88, 92, 99, 103, 111, 115, 123, 127, Stocks, tables, 3, 7, 31, 32, 37, 39, 54, 88, 92, 99, 103, 111, 115, 123, 127, See also Trade 55, 65, 66, 79, 80, 137, 138, 142, 145 55, 65, 66, 79, 80, 137, 138, 142, 145 E E le c tr ic Pow er P roduction, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 Employment Manufacturing Employment, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 Sixth District Industry and Employment in 1946, by Thomas R. Atkinson, 8 F F a r m F o r e s t r y in t h e Six t h Dis t r ic t , by Brown R. Rawlings, 57 F in a n c e Bank Credit for Farm Production, by Brown R. Rawlings, 129 Bank Financing of Sixth District Business, 26 Bank Financing of Sixth District Retail Trade, by Charles T. Taylor, 69 Federal Reserve Assistance in Financing Small Business, 38 M o n t h l y R e v ie w 148 o f t h e Sixth District Finance During 1946, by Charles T. Taylor, 11 Term Lending by District Member Banks, by Thomas? R. Atkinson, 62 See also Banking F lo rid a C itru s In d u stry , T he, by Brown R. Rawlings, 45 F u rn itu re S to re O perations, R e ta il, tables, 7, 32, 43, 54, 67, 80, 91, 115, 137 G Ga s o l in e Gasoline Tax Collections, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 State Gasoline Tax Collections, An Indicator of Sixth District Economic Activity, by Charles T. Taylor, 87 I In d u s t r y Index of Cotton Consumption, An Indicator of District Industrial Activity, The, by Thomas R. Atkinson, 122 Industrial Research and Scientific Education, by Charles T. Taylor, 21 Ramie: 1947, by Earle L. Rauber, 81 Sixth District Industry and Employment in 1946, by Thomas R. Atkinson, 8 Sixth District War Plants, by Charles T. Taylor, Part I, 93; Part II, 105 In sta lm e n t Cash Loans, tables, 32, 37, 54, 66, 80, 92, 103, 115, 127, 137, 142 In v en to ries See Department, Furniture, and Jewelry stores j Jew elry S to re O perations, R e ta il, tables 7,43, 66, 80, 90, 103, 127, 142 L Lo a n s See Banking, Finance, and Instalment Cash Loans Lumber P ro d u ctio n , tables, 3, 31, 39, 55, 65, 79, 88, 99 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 ta f o r D e c e m b e r 1 9 4 7 o On e -Va r ie t y Co t t o n I m pr o v e m e n t Brown R. Rawlings, 117 P r o g r a m , T h e , by P P e tro le u m P ro d u ctio n in C o a sta l Louisiana and Mississippi, Crude, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 P rices See Consumers’ Price Index P ro m eth eu s Unbound, by Earle L. Rauber, 1 R Ramie: 1947, by Earle L. Rauber, 81 Reconnaissance, charts, 15, 29, 37, 99 R esearch Industrial Research and Scientific Education, by Charles T. Taylor, 21 R e t a il T r a d e See Trade and Department, Jewelry, and Furniture Stores s P l a n t s , by Charles T. Taylor, Part I, Six t h D is t r ic t Wa r 93; P art II, 105 St a t e Ga s o l in e T a x Co l l e c t io n s , a n I n d ic a t o r o f Six t h D is t r ic t E c o n o mic A c t iv it y , by Charles T. Taylor, 87 T T e r m L e n d in g b y D is t r ic t M e m b e r Ba n k s , by Thomas R. Atkinson, 62 Tr a d e Bank Financing of Sixth District Retail Trade, by Charles T. Taylor, 69 Retail Trade Statistics, Aids to Business Operations and Economic Analysis, by Charles T. Taylor, 19 Sixth District Trade in 1946, by Charles T. Taylor, 4 Wholesale Sales and Stocks, tables, 7, 32, 43, 54, 66, 80, 90, 103, 115, 127, 137, 142 See also Department, Furniture, and Jewelry stores M o n th ly R e v ie w o f the F e d e ra l R e se rv e B a n k o f A tla n t a f o r D e c e m b e r 1 9 4 8 135 In d ex f o r the Y ea r 1 9 4 8 B a n k in g D e v e lo p m e n t s in 1947, Charles T. Taylor A griculture A g r i c u l t u r e , G e n e ra l D is cu s s io n s o n . 4 2 , 6 4 , 7 6 ,1 1 3 A g r i c u l t u r a l O u t l o o k f o r 19 4 9 , John L. Liles . . . 31 F a r m L a n d P r i c e s , Brown R. Rawlings . . . 100 . . . 19 F a r m P r i c e s a n d R e t a i l F o o d P r ic e s , Brown R. R a w l i n g s .....................................................8 8 F o o d Sit u a t io n and D A is t r ic t g r ic u l t u r e , T h e , John L. L i l e s .......................... ...... ................................ 10 G M Gr Pr and B e e f -C a D an c e an d is t r ic t Ba n c o m in g H a n d ic a p s in m F o r es tr y Pr o s p ec t s f o r . 86 Six D th is t r ic t D e p o s it s , Charles T. T a y l o r ........................................................... 5 4 T a b l es A n n u a l R a te o f T u r n o v e r o f Dem and D e p o s its . . . 1 1 ,1 7 , 3 1 , 38 , 5 3, 6 5 ,7 3 ,8 9 ,9 7 , 1 1 3 ,1 2 5 ,1 3 3 C h a n g e s in M e m b e rs h ip in the S ix th 13 D is tric t, 1 9 4 2 -4 7 .................................................... 23 C o n d itio n o f 2 8 M e m b e r B a n k s in L e a d in g C itie s . . . 3, 2 0 , 3 2 ,4 1 , 5 4, 6 6, 79, 9 2 ,1 0 2 ,1 1 0 , 1 2 7 ,1 3 1 D e b its to In d iv id u a l B a n k A c c o u n ts 3, 2 0 , 3 2 , 4 1 , 5 4, , 6 6 , 7 9 , 9 2 ,1 0 2 , Brown R . R a w lin g s .....................................................81 Six . . M e m b e r B a n k O p e r a t i o n s i n 19 4 7 , Charles T . Taylor 25 ttl e F ar is t r ic t k E l e m e n t s i n t h e D i s t r i c t ’s F e r t i l i z e r P r o g r a m , Brown R . R awlings ................................. 69 in o r O v er ic e s D th an d P r o s p ec ts o f Ba n k R e a l E s t a t e L e n d in g , Charles T. T a y l o r ....................................... 6 2 P r o s p ec ts , Brown R. Rawlings ........................................................... 51 eat Six o w th a z in g . to 8 C r e d i t , Charles T. T a y l o r ....................................... 7 4 Co t t o n Pr ogr ams, Brown R . R a w l i n g s .....................................................125 C r o p s , A n E f f ic ie n t U se o f L a b o r a n d L a n d , John L. Liles . . . . . . . , A G u id e u r n o v er F in er al o v er n m en t Gr M T E c o n o m ic A c t i v i t y , Charles T. Taylor 117 F a r m J o b M a d e E a s ie r , A , John L. Liles . F a r m P r i c e S u p p o r t s , Brown R. Rawlings e p o s it F ed A r t i f i c i a l I n s e m in a t io n a n d t h e D i s t r i c t ’ s D a i r y I n d u s t r y , John L . L i l e s . D . 129 . D is t r ic t L iv e s t o c k I n d u s t r y : A n A p p r a i s a l o f E f f i c i e n c y , John L. Liles 1 1 0 ,1 2 7 ,1 3 1 th . G a s o lin e T a x 57 C o lle c tio n s . 1 1 ,1 7 , 3 1, 38, 53 , 65, 7 3 , 8 9 , 9 7 , 11 3, 1 2 5 ,1 3 3 S o m e C o n s id e r a t io n s in P r o f it a b l e F a r m F o r e s t r y , Brown R. Rawlings ................................. 33 In s ta lm e n t C a sh L o a n s . . 1 2 ,2 1 ,3 0 ,4 3 ,5 2 ,6 7 , 7 7 , 9 1 ,1 0 1 ,1 1 4 , 1 2 6 ,1 3 0 T Ch a b l es A c re s in C o tto n , J u l y 1 ar ts S ix th D is t r ic t C o m m e rc ia l F a ilu r e s .............................................. 76 F a r m C o m m o d ity P ric e s in the S ix th D is tric t S t a t e s .............................................. 101, 114 P a r it y a n d S u p p o r t P r i c e s ........................................6 4 Ch ar ts C o tto n A c re a g e in C u ltiv a tio n , J u l y 1, 1948, a n d P e rce n t Incre a se f r o m J u l y 1947 . 76 . 65 . B u s in e s s C o n a t io n a l n n o u n c em en ts . . . . k in g a n d F in an c e, 3 ,2 4 ,3 2 ,4 4 ,5 6 ,6 1 , 7 3 , 9 0 , 1 15, 1 28, 1 3 4 G e n e ra l D iscu ssio n s o n c o n o m ic y Impl d it io n s and ic a t io n s o f t h e Em pl o ym en t D iscu ssio ns o n B a n k L o a n s a n d B a n k R e s e rv e s , Charles T . Taylor . 9 8 Ban E In d ustr B anking a n d Finance A 75 . . . 24, 44, 68, 80, 1 In d u stry f r o m J u l y 1947 to J u l y 1948 ........................... 100 k . 104, 116, 134 P e rce n t C h a nge s in F a r m L a n d P ric e s Ban . W h e r e D o W e G o F r o m H e r e ? Earle L. Rauber . P e rce n t C h a n g e in F ir s t Q u a rte r , C a s h F a r m In c o m e 1948, C o m p a re d w ith 194 7 . Business C onditions, G e n e ra l N . . W a r a n d P o s tw a r D e p o s it C h a ng e s, A l l S ix th D is tr ic t B a n k s .................................98 . 23, 29, 3 9 ,1 2 4 . . . Cem en t D e c is io n . 105 , G e n e ra l . 2 9 , 4 1 , 52, 65 , 78 , 91, 101, 115, 127, 132 P o p u l a t i o n C h a n g e s , Lillian C r o f t .......................... 22 Rev iv a l of S ix th an O l d In d ustr y , D i s t r i c t W o o l M a n u f a c t u r in g , T h e , Charles T. T a y l o r ........................................................... 45 136 M Six T D th o u r is t o n th ly R e v ie w o f the F e d e ra l R e se rv e B a n k is t r ic t E m p l o y m e n t a n d I n d u s t r y in 19 4 7 , Lillian C ro ft .....................................................6 In d u s t r y in t h e Six D th is t r ic t , The, Earle L. Rauber ..................................................................93 T r a d e, o f A tla n t a fo r D e c e m b e r 1 9 4 8 G e n e ra l D iscu ssio n s o n . T . . . . . 11, 17, 31, 38, 53 , 6 5 , 7 3 , 8 9 , 9 7 , 113, 125, 133 11, 17, 31 , 38 , 5 3 , 65, D e p a rtm e n t S to re Sales 7 3 , 8 9 , 9 7 , 113, 125, 133 C o tto n C o n s u m p tio n . . . . . . 1 1 , 17, 3 1 , 3 8 , 53, 6 5 , 7 3 , 8 9 , 9 7 , 113, 12 5 , 133 11, 17, 31, 38 , 5 3 , 6 5 , 7 3 , 8 9 , 9 7 , 113, 125, 133 C ru d e P e tro le u m P ro d u c tio n . D e p a rtm e n t S to re Sales a n d In v e n to rie s . . 11, 17, 31 , 3 8 , 5 3, 65 , 7 3 , 8 9 , 97 , . . 12, 2 1 , 3 0 , 4 3 , 52 , 6 7 , 7 7 , 9 1 , 1 0 1 , 114, 1 2 6 , 130 113, 125, 133 E le c t r ic P o w e r P ro d u c tio n . .11, 17, 31 , 3 8 , 5 3 , 6 5, 7 3 , 8 9 , 97 , D e p a rtm e n t S to re Stocks . . E s tim a te d P o p u la tio n J u l y 1, 1 9 4 0 -4 7 . . . . 11, 17, 3 1 , 38 , 53, 6 5 , 7 3 , 8 9 , 9 7 , 113, 12 5 , 133 113 , 125, 133 M a n u f a c tu r in g E m p lo y m e n t 23 R e ta il C re d it S u rv e y , 1 9 4 7 11, 17, 31, 3 8 , 5 3, 6 5 , 73 , 8 9 , 97, 113, 125 , 133 ........................................ O p e r a t i o n s ........................... 12, 2 1 , 30 , 4 3 , 67 , 7 7 , 101, 126 C o n s u m e r B u y i n g in 19 4 7 , Charles T. Taylor . . D e p a r t m e n t S t o r e S a le s , Charles T. Taylor . . 132 H o m e F u r n i s h i n g s S a le s , Charles T. Taylor . .111 T and T h e ir Gr 4 R e ta il J e w e lr y S to re O p e r a t i o n s ................................. W h o le s a le Sales a n d In v e n to rie s o w in g h i r t y -f o u r Y ea r s o f Six t h D is t r ic t F o r e i g n T r a d e , Charles T. Taylor . . . T r a d e a n d C o n s u m e r C r e d i t , Charles T. Taylor 18 . 90 . 12, 2 1 , 3 0, 4 3 , 52, 67, 77, 91, 1 01 , 1 1 4 , 126 , 130 Ch . 3 , 2 1 , 3 0 , 5 2 , 67 , 9 1 , 11 4 , 130 Sig n if ic a n c e , Charles T . T a y l o r ........................................................... 130 ts 39 R e ta il F u r n it u r e S to re T ra d e Impor 2 9 , 3 9 , 5 6 , 77, a b l es a b l es C o n s tru c tio n C o n tra c ts . 103, 123 C o n s u m e rs ’ P ric e In d e x T . ar ts R e c o n n a i s s a n c e ............................................................6 7 ,7 3 V a lu e o f Im p o r ts a n d E x p o r ts , 1 9 3 8 -4 8 . . 124 M o n t h l y o f th e F e d e r a l R e s e rv e B a n k o f A tla n ta f o r D e c e m b e r 1 9 4 9 R e v ie w 1 2 3 Index for the Year 1949 Agriculture B a n k L e n d in g I n t e r e s t a n d R a t e s , Charles T. T a y lo r ................................ C o n s u m p t io n P e a n u t s , o f Brown R. Rawlings......................................May C o t t o n A c r e a g A e l l o t m e n t s , Brown R. R aw lin g s ................................Dec. C o t t o n P e a n u t a n d O p p o r t u n it ie s f o C o t t o n F a r m In c o m e F a r m M o r t g a g e F a r m W a g e 65 John L. Liles 88 Nov. 115 Mar. 29 John L. Liles . June 60 Brown R. Rawlings Apr. 39 Brown R. R aw lin gs ..................... July 72 1948, Brown R. Rawlings . Jan. 10 Feb. 20 Brown R. R a w lin g s ..................... June 53 John L. Liles . Apr. 33 a n d in F e r t i l i z e r D e b t , R a t e s , F a r m e r s ’ C a s h F a r m in g E x p e n s e s , R e q u ir e m e n t s A r e G r a s s e s A n a n d P e a n u t s in In v e s t m e n t L e g u m e s , T r a n s it io n , In d u s t r y in t h e S i x t h Nov. 108 D is t r i c t , Brown R. Rawlings . Oct. 93 Cotton P rod u ction ........................... Sept. 89 T h e , T a b l e s C h a r t s Cash Receipts from Crops and Live s t o c k ..................................... Mar. 29 Cash Receipts from Farming July 72 Farm Mortgage Debt in District States by Lending Agency . . . . June 61 Forest Product Sales per Acre of Woodland, 1944 ..................... June 54 . . Banking B a n k A n n o u n c e m e n t s B a n k D e b it s , . 12, 37, 69, 77, 86, 100, 115 Charles T. Tayloi . . . . e n t s D u r i n g . Aug. e c r e a s e M i n B a n k e m b e r 1948, 4 L o a n s , Charles T. T a y lo r ................................ D e p o s it s in T e x t i l e 47 C o m m u n itie s , Charles T. T a y lo r ................................ A 59 I n c r e a s e , Charles T. T aylor ................................ D i s t r i c t L o n g - T e r m S o u r c e o f P e r s o n a l In v e s t m e n t G r o w t h in B a n k In s t a lm e n t L o a n s , C r e d it Charles T. 'Taylor F in a n c in g O p e r a t io n s D e c . . Aug. M E x p a n d s , . Apr. 38 1948, in B a n k e m b e r 73 . Nov. 115 Charles T. T a y lo r ................................ a n d 120 S a v in g s — Charles T. T a y lo r ................................ B a n k . F u n d s ? Charles T. T a y lo r ................................ R e s e r v e s 78 25 L o a n s , Charles T. T a y lo r ..................................... Sept. 90 S h if t s in D e p o s it O w n e r s h ip , Charles T. T a y lo r ..................................... May 46 O p p o r t u n it y Brown R . R a w lin g s ..................... P e c a n Charles T. Taylor . 21 C h a n g in g Brown R. R a w lin g s ..................... F o r e s t r y : D e v e lo p m M e m b e r R e c e ip t s , T r a d e , Charles T. T a y lo r ................................ D e p o s it s C r o p , A , Brown R. Rawlings . . . In c o m e , B a n k in g D e m a n d John L. Liles ................................................ Sept, F a r m 80 F a r m e r s , John L. Liles ................................................July D is a p p o in t in g a n d D D is t r ic t r B a n k in g 121 P r o d u c t io n , Brown R. Rawlings..................................... Aug. D a ir y 48 F e b . July 70 T a b l e s Annual Rate of Turnover of Demand Deposits . . . 11, 21, 31, 39, 49, 62, 71, 79, 89, 98, 114, 121 Condition of 28 Member Banks in Leading Cities . . . 12, 23, 32, 37, 48, 63, 72, 77, 88, 97, 112, 119 Debits to Individual Bank Accounts 12, 23, 32, 37, 48, 63, 72, 77, 88, 97, 112,119 Gasoline Tax Collections . 11, 21, 31, 39, 49, 62, 71, 79, 89, 98, 114, 121 Instalment Cash Loans . . 5, 19, 30, 40, 47, 58, 70, Sixth District Member Bank Changes in Deposits, Earning Assets, and Profits for the Year 1948 . . . Mar. 28 C h a r t s Demand Deposits of Individuals, Partnerships, and Corporations at All Sixth District Banks— 1943-49 . . May 46 District Business Activity Shown by Bank D e b i t s ..................................... Jan. 4 Sixth District Member Bank Loans . . July 70 Sixth District Member Bank Required and Excess R e s e r v e s ..................... Dec. 118 80 M o n t h l y 1 2 4 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 D e c e m b e r 1 9 4 9 Economic Conditions, G eneral At t h e F a r m Earle L. Rauber . . C r o s s r o a d s , C o m m u n it y C h a r t s . Jan. I m p r o v e m e n t , Earle L. R a u b e r ......................................Sept. N a t i o n a l B u s in e s s T r a n s p o r t a t io n 1 o n h o l e s a l e P r ic e s , D i s t r i c t E m p l o y m e n t , In c o m e , 59 13 B a n k in g h 7 Trade Charles T. T a y lo r ......................................Feb. W Jan. Textile Manufacturing Activity and Member Bank Deposits in the ................................ June Sixth District T e n n e s s e e , e . . . . 24, 51, 64, 92, 116,122 C o n d it io n s t 81 Sixth District Industrial Trends a n d Charles T. Taylor . . Aug. 78 T r a d e , a n d Charles T. Taylor . . Mar. 31 D e p a r t m e n t S t o r e S a l e s , Charles T. T a ylo r ..................... Mar., July 30, 70 C h a r t s D i s t r i c t ’s Where Individuals in the Sixth District States Got Their Incomes . . . . F o r e ig n T r a d e , T h e , Charles T. T a y lo r ......................................Nov. 113 Sept. 90 I n s t a l m e n t C r e d it a n d R e t a il S a l e s , Charles T. T a y lo r ......................................Oct. Employm ent (See Industry) I n s t a l m e n t Editorial, Washington P o s t ......................................May a n d Y o M u r o n e y S p r o u l, A l l a n , A d d r e s s b y 52 a n d C r e d it 41 ...........................Nov. 101 S a l e s a n d i n t h e L a s t O u t s t a n d in g In v e n t o r ie s , T r e n d s Finance (See Banking) in 8 I n v e n t o r ie s , 117 O r d e r s , a n d Charles T. Taylor . . C o n s u m e r 87 Q u a r t e r , Charles T. T a ylo r ......................................Dec. S a l e s , 38 1948, in Charles T. T a y lo r ...................................... Sept. S a l e s , T h e , Earle L. R a u b e r ..................................... May S a le s , R e t a il C o n t r o l s , R e s e r v e E x p a n d s , Charles T. T a y lo r ...................................... Jan. Federal R eserve Policy F e d e r a l F in a n c in g Charles T. T a y lo r ......................................Apr. P r ic e s , C r e d it C r e d it 99 .F eb . 23 S p e n d in g , Charles T. T a y lo r ......................................May 46 T a b l e s Industry I n d u s t r y E m p l o y m e n t , a n d . . 22, 29, 40, 49, 62, 71, 79, 90, 100, 114, 119 s t r y a n d E m p l o y m e n t i n 1948, D. E. M oncrief ...........................................Jan. 6 G e n e r a l In d u O a k Consumers Price Index . R id g e — D is c u s s io n s T h e C e n t e r , N a t i o n ’s o n 11, 21, 31, 39, 49, 62, 71, 79, 89, 98,114,121 Wholesale Sales and Inventories . 5, 19, 30, 40, 47, 58, 70, 80, 91, 100, 107,118 50 T a b l e s Cotton Consumption . . . Crude Petroleum Production . 11, 21, 31, 39, 49, 62, 71, 79, 89, 98, 114, 121 Electric Power Production . . 11, 21, 31, 39, 49, 62, 71, 79, 89, 98, 114, 121 Manufacturing Employment . 11, 21, 31, 39, 49, 62, 71, 79,89, 98, 114, 121 Department Store Sales and Inventories . . 11, 21, 31, 39, 49, 62, 71, 79, 89, 98, 114, 121 A t o m ic . 11, 21, 31, 39, 49, 62, 71, 79, 89, 98,114,121 . 11, 21, 31, 39, 49,62, 71, 79, 89, 98, 114,121 5, 19, 30, 40, 47, 58, 70, 80, 91, 100, 107, 118 Department Store Stocks . 11, 21, 31, 39, 49, 62, 71, 79, 89, 98, 114, 121 Retail Furniture Store Operations . . . . 19, 40, 58, 80,100,118 Retail Jewelry Store Operations . . . . 5, 30, 47, 70, 91, 107 C. E. B rehm .............................................. May Construction Contracts . Department Store Sales . . C h a r t s Department Store Sales, 1919-49 . . Department Store Sales and Stocks R econ naissan ce......................May, . S ix t h • D is t r ic t T r a d e in 1948 • • . Aug. 78 . Sept. 87 June 45, 58 . Jan. 9 M o n t h l y R e v ie w o f th e F ederal R eserve B a n k o f A tla n ta fo r D ecem ber 1950 1 1 9 Index for the Year 1950 A gricu ltu re . . Jan. 10 Bank P rocedure in Farm Lending, Liles . . May 45 A g ric u ltu re : 1949 In Review, Liles . Ch e m ic a l s : T h e ir E c o n o mic Co n t r ib u t io n To D is tric t A g ric u ltu re , Liles. . . Sept. 85 Co t t o n a n d P e a n u t A c r e a g e A l l o t m e n t s , R a w lin g s ..................................................... April 37 Farm ers’ P la n tin g In ten tio n s, Rawlings . Mar. 29 Farm P rice Supports, L il e s ........................... Feb. 20 July 70 Dec. 114 Oct. 103 Aug. 73 Midwest C a ttle Com petition, Liles . . . . P r ic e Co n t r o l s o n F a r m P r o d u c t s , R a w l in g s ..................................................... Timber and Lumber Prices, Rawlings . . Trends in Farm Income, Rawlings . . . . . I n d iv id u a l Sa v in g s R e a c h N e w H ig h , T a y l o r .......................................................... Aug. Loan Expansion Continues, Taylor . . . . Oct. 102 Ownership o f Demand Deposits, Taylor . April 41 Member Bank Loans, T a y lo r........................... Feb. 22 Member Bank O perations in 1949, Taylor . Mar. 25 Member Bank P ro fits , T a y l o r ..................... Feb. 21 S ix th D is tric t Banking in 1949, Taylor . Agricultural Income Payments, 1948 . Aug. 74 Cash Receipts from Crops and Livestock . Sept. 87 Cash Receipts from Farm Products, 1948. Aug. 77 Farm Business Summary (Sample) May 48 Trends in Prices Received by District F a rm e rs ................................................ Sept. 90 . . Condition of 27 Member Banks in Leading Cities . . . . 12,19, 32, 39, 49, 57, 70, 84, 92,103,112,116 12,19, 32, 39, AQ 57 70 RA 09 102 w, 11 — 97 11 Estimated Per Capita Long-Term Savings of Individuals by Selected Media . Aug. s i Gasoline Tax Collections . . 11, 21, 31, 40, 50, 59, 69, 83, 89,101,110,115 Instalment Cash Loans . . . 7, 23, 30, 41, 52, 60, 71, 82, 91, 99, 111, 118 Urban Residential Real Estate Financing . Sept. B a n k in g a n d Finance Ba n k An n o u n c e m e n t s . . . 5,17, 32, 58, 66, 99,114 Bank P ro ced u re in Farm Lending, Liles . . May 45 Consumer Buying and Bank C redit, Taylor . July 67 D e po s it Ch a n g e s a n d Ba n k I n v e s t me n t s , T a y l o r .......................................................... May 51 D e po s it Gr o w t h a t Six t h Dis t r ic t Me mb e r Banks, Taylor A l a b a m a .......................................... Feb. F l o r i d a ................................................ April G e o rg ia ................................................ June L o u i s i a n a .......................................... Aug. 18 42 56 79 Mississippi ............................................ Nov. 109 T e n n e s s e e .......................................... . Dec. 117 4 . Jan. Ta b l e s Annual Rate of Turnover of Demand Deposits . . . . 11,21,31,40,50, 59, 69, 83, 89,101,110,115 Debits to Individual Bank Accounts Ch a r t s 81 88 Ch a r t s Annual Growth in Long-Term Savings of Individuals..................................... Aug. 81 Cumulative Changes in Loans and Investments .......................................... Oct. 102 Loans at Member Banks in Leading C itie s..................................................... July 67 Loans Secured by Urban Real Estate . . Sept. 88 Percentage of District Member Banks Having 25 Percent or More of their Total Loans in Farm Loans, 1949 ..................................................... May 50 Economic C on dition s, G e n e ral Indian Summer, Earle L. R auber..................... Jan. 1 Dis t r ic t ’s Gr o w in g I n v e s t me n t Ma r k e t . T h e . T a y l o r .................................................................................................................., Nov. 105 Ma r k e t in g S o u t h e r n P r o d u c t s , Robert D. C a lk in s..................................... April Expanded Bank C redit, T a y lo r ..................... Dec. 113 Na t io n a l Bu s in e s s Co n d it io n s . 24, 44, 72, 84, 92, 104 Gr o w t h a n d St r u c t u r e o f R e s id e n t ia l R e a l E s ta te Lending, T a y lo r .......................... . Sept. 88 Em ploym e nt Increase in D eposit A ctivity, Taylor . 58 (See Industry and Employment) . ,. June 33 M 1 2 0 o n t h l y R o f th e F ederal R eserve B a n k o f A tla n ta fo r D ecem ber 1950 e v ie w Federal R e serve S y ste m B u s i n e s s m a n ’s S t a k e i n t h e F e d e r a l R e s e r v e , T h e , Leslie R . Driver . C o n s u m e r B u y i n g a n d Cr e d i t , Taylor . . June 53 F l o r i d a ’s P r o g r e s s a n d t h e F e d e r a l R e s e r v e , Earle L. R a u b e r ..................... Oct. 93 W h y Cr e d i t C o n t r o l s ? . ................................ Oct. 100 . . Sept. 89 C o n s u m e r B u y i n g a n d B a n k Cr e d i t , Tcuylor . Ju ly 67 Co n t r a s t i n g T r e n d s i n D e p a r t m e n t S t o r e S a l e s , T a y l o r ........................................... M ay SI C r e d i t B u y i n g T r e n d s , T a y l o r ...................... M ar. 29 D e p a r t m e n t S t o r e S a l e s , Taylor . . A ug. 81 T a y l o r ........................................................... June 58 L e v e l i n g Of f i n S a l e s o f Co n s u m e r D u r a b l e G o o d s , Taylor . ...................................... Nov. 111 P r i c e C h a n g e s , T a y lo r ...................................... D ec. 113 P r i c e T r e n d s , T a y l o r ..................................... M ar. 30 38 . . I n v e n t o r y Gr o w t h a n d S a l e s T r e n d s , Finance (See Banking) In d u stry a n d E m p lo y m e n t F r o z e n C o n c e n t r a t e s i n t h e F l o r i d a Ci t r u s I n d u s t r y , R a w l i n g s ......................................F eb. 13 S a l e s i n t h e F i r s t Q u a r t e r , Taylor H a r v e s t f r o m t h e S e a , T h e , Taylor . 61 S a l e s o f Co n s u m e r D u r a b l e G o o d s H i g h , . . July M o n c r i e f ..................................... 22, 31, 38, 52, 60, 68, 82, 90,102,112,115 I n d u s t r y a n d E m p l o y m e n t i n 1949, Cotton Consumption . . 11, 21, 31, 40, 50, 59, 69, 83, 89,101,110,115 . . 11, 21, 31, 40, 50, 59, 69, 83, 89,101,110,115 Crude Petroleum Production in Coastal Louisiana and Mississippi . . . 11, 21, 31, 40, 50, 59, 69, 83, 89,101,110,115 Electric Power Production . 11, 21, 31, 40, 50, 59, 69, 83, 89,101,110,115 Manufacturing Employment . 11, 21, 31, 40, 50, 59, 69, 83, 89,101,110,115 . 11, 21, 31, 40, 50, 59, 69, 83, 89,101,110,115 Department Store Sales . 11, 21, 31,40, 50, 59, 69, 83, 89,101,110,115 . Department Store Sales and I n v e n to r ie s ...................... 7, 23, 30, 41, 52, 60, 71,82, 91, 99,111,118 Department Store Stocks . . 11, 21, 31,40, 50, 59, 69, 83, 89, 91,101,110,115 Retail Furniture Store Operations . 23, 30, 41, 52, 60, 71, 82, 91, 99, 111, 118 Retail Jewelry Store Operations . . . Jan. 7 Sales at District Reporting Stores . . Nov. I l l Sixth District Department Store Sales and Stocks (By Departments) . . . . June 59 Wholesale Sales and I n v e n to r ie s ...................... 7, 23, 30, 41, 52, 60, 71, 82, 91, 99,111,118 Trade Ch a r t s A Y e a r o f C h a n g e s i n Co n s u m e r S p e n d i n g , 23 Consumers Price Index . 6 . T a y l o r ...........................................................Jan. . A p ril Ta b l e s Ta b l e s Construction Contracts . T ay l o r ........................................................... Feb I n d u s t r y a n d E m p l o y m e n t , General Discussions on, M o n c r i e f ..................................................... Jan. . 8 What Has Happened to Prices . . . . Dec. 114 M o n t h ly 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 I n d e x f o o f A t la n t a r t h Agriculture Ba n k Le n d in g f o r Fa r m Ad j u s t m e n t s , R a w l i n g s .......................................................... April 29 e fo r D e ce m b e r 1951 Y e a r 1 9 5 1 1 5 1 Vo l u n t a r y Cr e d it Re s t r a in t Co mmit t e e . . . April 40 Wh a t Is . . Oct. t he Ch e c k Ro u t in g Sy mb o l ? . 94 Cost o f Farming, The, R a w lin g s...........................Sept. 81 Ta bl e s Annual Rate of Turnover of Demand D e p o s its ..................... 8, 19, 27, 38, 52, 60, 66, 80, 88, 99,108,113 Cu r r e n t Ex pa n s io n in Br o il e r In d u s t r y , Rawlings............................................................... July 69 Average Operating Ratios of All Member Banks in the Sixth D is tr ic t..................... Mar. 22 Current Livestock Lending Policies, Liles . . May 41 Changes in Deposits and Turnover . . . . F a ll Marketing o f Cash Crops, Rawlings . . Oct. 100 Farmers’ Prospective Plantings, Rawlings . . Mar. 26 Condition of 27 Member Banks in Leading C i t i e s ..................... 4, 20, 28, 36, 47, 58, 68, 79, 87, 95,105, 111 Farmers Regain th e Initiative, Rawlings . . Jan. Meat Production Prospects, Rawlings . . Aug. 78 Co mmu n it y Ca pi t a l A c c u mu l a t io n a nd Farm Financing, R a w l i n g s ...........................June 54 . 11 Peanut Mechanization, L i l e s ................................Feb. 13 Sixth D istrict M ilk Production, Rawlings . Nov. 107 W eather Damage Appraised, L i l e s ..................... Feb. 19 Mar. 25 Debits to Individual Bank Accounts . 4, 20, 28, 36, 47, 58, 68, 79, 87, 95,105, 111 Estimated Demand Deposits Owned by Individual Partnerships and Corporations . May 50 Estimated Per Capita Long-term Savings . . May 48 Gasoline Tax Collections Ta bl e s Crop Acreages in Sixth District States . . . Mar. 27 Live Weight of Beef Cattle Slaughter . . . Aug. 78 Ch a r t s Cash Receipts from Crops and Livestock . . July 64 Prices Received and Paid by U. S. Farmers . Sept. 81 Banking Ba n k An n o u n c e me n t s . 17, 28, 50, 56, 69, 88, 93,108, 111 A D e c a d e o f D is t r ic t St a t e Ta x Re v e n u e s , T a b e r .....................................................................Nov. 101 A Re c o r d Y e a r f o r Six t h D is t r ic t Me mbe r Banks, T a y lo r .....................................................Mar. 21 Bank Deposits and Credit, T a y l o r ..................... Oct. 99 Ba n k Ea r n in g s in t h e Fir s t Ha l f o f 1951, T a y l o r ............................................................... July 66 Ba n k Le n d in g f o r Fa r m Ad j u s t me n t s , R a w l i n g s .......................................................... April 29 Bank Loans to Business D ecline, Taylor . . D e po s it s , Lo a n s , a nd In v e s t me n t s a t Six t h D istrict Member Banks in 1950, Taylor . June 58 . Jan. 7 . . . . 8, 19, 27, 38, 52, 60, 66, 80, 88, 99,108,113 Instalment Cash L o a n s ..................... 10, 16, 26, 40, 49, 59, 64, 78, 86, 97,107, 111 Ch a r t s Source and Disposition of Earnings Sixth District Member Banks . . . . Mar. 22 Economic Conditions, G eneral Na t io n a l Bu s in e s s Co n d i t i o n s ........................... 20, 52, 71 The Year o f th e Onion, R a u b e r...........................Jan. 1 The First Year, T a y lo r .......................................... July 61 Employment (See Industry and Employment) Federal Reserve System In f l u e n c in g t h e Av a il a bil it y o f Cr e d it , T a y l o r ............................................................... Aug. 73 Ef f e c t o f In c r e a s e d Re s e r v e Re q u ir e me n t s , Taylor ................................................................Feb. 17 Finance (See Banking) Lending and Spending, T a y lo r ................................Mar. 25 Loan Expansion Tapers o ff, T a y lo r ..................... Feb. 17 Industry and Employment . . Dec. 110 Construction Trends, H i c k s ................................Mar. 27 Seasonal Loan Contraction Ending, Taylor . . Sept. 87 Current Labor Developments, Hicks . . . . Loans, Deposits, and Investments, Taylor St r u c t u r e o f D is t r ic t Mo r t g a g e Ho l d in g s , T a y l o r ............................................................... Oct. 89 Trends in Bank Credit, T a y l o r .......................... April 39 April 38 Empl o y me n t S h i f t s To w a r d D e f e n s e Production, T a y lo r .......................................... Feb. 17 Employment Trends, H ick s.....................................Aug. 78 1 1 6 M o n t h ly R e v ie w o f th e F e d e ra l R e s e rv e B a n k Industry and Employment, H i c k s ...........................50, 67 Industry and Employment in 1950, Moncrief . Jan. o f A t la n t a fo r D e ce m b e r 1951 Department S tore C ollection s, Wapensky . 9 Foreign Trade Expands in 1950, Taylor . . Sept. 85 . . April 37 Industrial A ctivity, H ic k s ..................................... June 60 Income, Credit, and Buying in 1950, Taylor . .Jan . 5 Manufacturing A ctivity, T a b e r ...........................Oct. 98 R elu ctant Consumer Buying, Wapensky . . Oct. 96 Paper and A llied Products Expansion, Taylor R etail Inventories, T a ylo r..................................... July 65 . Sept. 86 . Re v is e d Me a s u r e me n t s o f D e pa r t me n t St o r e Sa l e s a n d St o c k s ...........................................Dec. 112 Ta bl e s Construction C ontracts..................... 8,19, 27, 38, 52, 60, 66, 80, 88, 99,108,113 Cotton Consumption........................... 8,19, 27, 38, 52, 60, 66, 80, 88, 99,108,113 Crude Petroleum Production . . . 8,19, 27, 38, 52, 60, 66, 80, 88, 99,108,113 Electric Power Production . . . . 8,19, 27, 38, 52, 60, 66, 80, 88, 99,108,113 Manufacturing Employment . . . 8,19, 27, 38, 52, 60, 66, 80, 88, 99,108,113 Ch a r t s Cotton Consumption in the Sixth District States, Daily Average B a s is ..................... May 51 Employment in Selected Manufacturing Industries ......................................................39,67 Sixth District Manufacturing Employment . Sept. 86 Sixth District Production In d exes..................... 10, 60 Trade A Slackening in Consumer Buying, Taylor . Aug. 77 Se a s o n a l Sig n if ic a n c e o f D e c e mbe r Sales, W apen sky................................................Dec. 109 Ta bl e s Consumers Price I n d e x ...................... 8,19, 27, 38, 52, 60, 66, 80, 88, 99,108,113 Department Store S a le s ...................... 8,19, 27, 38, 52, 60, 66, 80, 88, 99,108,113 Department Store Sales and In ven tories................................ 10,16, 26, 40, 49, 59, 64, 78, 86, 97,107, 111 Department Store Stocks . . . . 8 ,1 9 ,2 7 ,3 8 ,5 2 , 60, 66, 80, 88, 99,108,113 Retail Furniture Store Operations . 10, 16, 26, 40, 49, 59, 64, 78, 86, 97,107, 111 Wholesale Sales and Inventories . 10,16, 26, 40, 49, 59, 64, 78, 86, 97,107, 111 Ch a r t s . . May 48 Co n s u me r S pe n d in g Co n t i n u e s a t Hig h Level, T a y lo r ..................................................... Feb. 18 Co n t r a s t in g Mo v e me n t s in Re t a il Sa l e s , W a p e n s k y .......................................................... Nov. 106 Sales o f Consumer Durable Goods, Wapensky Consumer Price C h a n g e s .................................Feb. 18 Effect of Retail Price Changes on Sales . . Feb. 18 Maturities of Department Store Accounts R e c e iv a b le ................................................ Sept. 85 Value of Foreign T ra d e..................................... April 38 1 0 0 M o n t h ly R e v ie w o f th e F e d e ra l R e s e rv e B a n k o f A t la n t a fo r D e ce m b e r 1 9 5 2 Index for the Year 1952 Page Page A D e c a d e o f Co n s u m e r Spe n d in g , (and charts), W a p e n s k y ...........................................................June 45 Fa t A N e w I n d e x : F u r n it u r e St o r e Sa l e s , (and charts), W a p e n s k y ...........................................Dec. 93 Financing Highway Improvements, Taber . A g ric u ltu re in 1951, C la rk ..................................... Jan. Foreign T rade Zone No. 2 , (and chart), W a p e n s k y ......................................................Nov. 85 Ba n k An n o u n c e m e n t s ..................... Annual Rate of Turnover of Demand Deposits . . . 7 10.16, 24, 36, 39, 52, 56, 67, 75, 83, 91, 99 Debits to Individual Bank Accounts ........................... Gasoline Tax Collections Instalment Cash Loans . 53 12.18, 27, 34, 38, 50, 60, 68, 72, 81, 89, 95 Condition of 27 Member Banks in Leading Cities . . . , . I n f l u e n c e o f Spe n d in g o n Six t h Dis t r ic t L o n g -Te r m P e r s o n a l Sa v in g s , T h e , (and charts), T aylor...........................................Nov. 90 I n v e n t o r y Sit u a t io n , T h e , (and charts) . Na t io n a l Bu s in e s s Co n d it 17 io n s ................................ Mar. Ou t l o o k for Ba n k Cr e d it , T h e , (and charts) Co n s u me r Spe n d in g , Sa v in g , a n d Bo r r o w in g , (and charts), T a y l o r ..................................... April 34 Co n s u me r s A ppl y t h e Br a k e s in 1951, (and charts), W a p e n s k y ................................ Jan. 9 D is tric t Banking D evelopm ents in 1951, (and charts), T a y l o r ..................... . .J a n . 5 D is t r ic t Bu s in e s s Co n d it io n s (and charts) . May 43 . . F a r m Co mmo d it y P r ic e s in t h e Six t h D is t r ic t S t a t e s , ( t a b l e ) ..................... Farm P rice S ta b ility in 1952, Rawlings . . Jan. 1 . July 60 . Feb. 13 Fa r m R e a l Es t a t e L e n d in g a t Six t h D is tric t Banks, (and charts), Rawlings . Aug. 61 F a r me r .M ay . . Farmers’ Planting Intentions, Rawlings . 37 . Mar. 25 28 . Aug. 65 P rod uctiv e Capacity o f A g ric u ltu re , Kantner . Oct. R e t a il T r a d e D e v e l o pm e n t s , (and charts) 98 17 Ne t P r o f it s D r o p a t D is t r ic t M e m b e r Banks, (and charts), T a y lo r ...........................Mar. 21 Co mmo d it y F in a n c in g a t D is t r ic t Ba n k s , (and charts), R a w l i n g s ................................ Dec. . June 49 12.18, 27, 34, 38, 50, 60, 68, 72, 81, 89, 95 R e c o n n a is s a n c e Ch Co n s u me r I n t e r e s t , T h e . Mo n e y Ma r k e t Ra t e s a n d t h e D is t r ic t Bu s in e s s B orrow er, (and charts), T a ylo r......................Feb. 8, 20, 26, 35,41, 51, 59, 66, 76, 79, 92, 97 11 E m pl o y m e n t —T a b l e s . 12,18,27, 34, 38, 50, 60, 68, 72, 81, 89, 95 Construction Contracts Cotton Consumption Crude Petroleum Production Electric Power Production Manufacturing Employment a nd Ch a n g in g Ch a r a c t e r o f D is t r ic t Ma n u f a c t u r in g E m p l o y m e n t ..................... Sept. 72 a nd . Mar. 25 10.16, 24, 36, 39, 52, 56, 67, 75, 83, 91, 99 Be t t e r Ba l a n c e in R e t a il I n v e n t o r ie s , (and chart), W apensky..................................... Feb. Eye o f t h e H urrican e, T he, Rauber . In d u s tria l A ctiv ity in 1951, T a b e r ......................Jan. In d u s t r y 4, 20,28, 34,46, 56, 72, 84, 92,99 . Fa r min g A r r a n g e me n t s a n d t h e C ountry B anker, C la rk...........................April 29 F o r e ig n T r a d e , (and c h a r t) ......................................Sept. 74 An E x po r t Ba l a n c e o f T r a d e in 1951, (and chart), W a p e n s k y ...........................................Mar. 26 An I n v e s t m e n t Oppo r t u n it y —Un it e d St a t e s Sa v in g s Bo n d s ..................................................... July h e r -a n d -So n a r t R e t a il Cr e d it S u r v e y 82 ...........................................Sept. 76 for 1 9 5 1 ...........................May 42 . . July 57 So u r c e s o f F a r m R e a l E s t a t e Cr e d it , (and charts), R aw lings......................................Sept. 69 So u r c e s of I n c o me P a y me n t s , (and chart) . . Oct. 77 T e x tile L u l l Continues, T a b e r ...........................April 36 T e x tile s and t h e D efense Program , Taber . T r a d e —T a b l e s Consumers Price Index . . . Department Store Sales and I n v e n to r ie s ........................... Department Store Sales and S t o c k s ................................ Retail Furniture Store O p e r a t i o n s ........................... . Feb. 19 12,18, 27, 34, 38, 50, 60, 68, 72, 81, 89, 95 8, 20, 26, 35, 41, 51, 59,.66, 76, 79, 92, 97 12,18,27, 34, 38, 50, 60,.68, 72, 81, 89, 95 8, 20, 26, 35, 41, 51, 59, 66, 76, 79, 92, 97 Wholesale Sales and Inventories 8, 20, 26, 35, 41, 51, 59, 66, 76, 79, 92, 97 In d ex fo r the Y ea r 1953 Issu e A Mil N e w H o m e s A g a in l io n 1953, in Page A t k i n s o n ........................................ Oct. 3 A T o o l f o r B a n k e r s : O p e r a t in g R a t io s , A t k in s o n ........................................ Mar. 2 B a n k A d j u s t m e n t s t o Se a s o n a l B u s in e s s R e q u i r e m e n t s , A tkin so n ....................... July 4 June 3 Jan. 9 July 3 Ba n k e r s ’ I n t er est B a n k in g Du r C r e d it D e v e l o p m e n t s 1952, A t k in s o n ........................ and in g Ba n k L o a n s to B a r g a in D a y Ret at Fa r in a il e r s t he m Cl Ten a n c y . im b , er Ra t es De c l er est . L a b o r Da y Pr o m is e s Sa v in g s C o n t m Mo r En e r , K a n t n e r ........................................ ..... Aug. 8 N a s t y K in k s Ne w Fu r in t h e St n it u r e 6 Sa l e s to C o m p e t i t io n K e e n f o r C o n s u m e r ’s C h r is t m a s D o l l a r , Curtiss . Six t D is t Nov. 7 . Ba n k s , O v e r m i l l e r .................................... Dec. 4 Co n s u m e r D e b t : H o w M u c h Is T o o M u c h ? A t k i n s o n ................................... Mar. 6 D e p o s it G r o w t h P a r a l l e l s I n c o m e E x p a n s io n , A tk in s o n ...................... Feb. 4 Feb. 9 B a n k L e n d in g , T h e , A t k i n s o n ........................................ F ir m e r s ’ A t t e n t i o n Sh i f t s f r o m P r o d u c t io n t o P r ic e s , Kantner Qu a r st 1953 t er o f in Fl u c t u a t io n s o f op Pr . Jan. 12 R e v ie w , T h e . April 5 Jan. 2 Nov. 3 May 2 Aug. 3 o d u c t io n , Clark M e m b e r B a n k D e p o s it s , A tk in s o n ........................................ Fr om t he Fa c t o r y H ig h w a y Sig n s for t e r s F in d a t D is t r ic t Im po r to t he Ch Fa r e c k s m, Wapensky ........................ F in a n c ia l A s s is t a n c e B a n k s , Wapensky . . St o c k s I n d e x , T h e or e . in Co t t on Te x t h ow er Sq u e e z in g . . . I t s P e o p l e , T h e , Raisty Feb. 2 Mar. 5 May 8 M ay 6 D is t r ic t A u t o m o b il e , W apensky ..........................................M ay 4 l e c t io n s , mer s, Kantner . Wapensky . . . . t he Or Kantner a nge, . . . r uct ur e of Ma r Tr 8 3 r ic t Co l 3 Sept. Fa r r ic t k et De m a n d ea sur y in t h e for Cr e d it Lu m b e r Ma r , Overmiller k et Sept. 6 , Wapensky Sept. 6 B a n k A n n o u n c e m e n t s ................................... .......Jan. Mar. June Aug. Sept. Oct. Nov. D is t r ic t B u s in e s s H ig h l Six t h D is t r ic t In d e x e s Six t h D is t r ic t St ig h t s Aug. 10 April 2 il e s , S p e c ia l L o a n P r o g r a m s f o r Sm a l l B u s in e s s a n d A g r ic u l t u r e , Rawlings St . F l o o d T id e , R a u b e r ......................................... F l o r id a ’s T r u c k C r o bl em, . D is t We a k n e s s Fa r Pr ton W apensky ............................................. Feb. Sl e and Co t . 8 9 Jan. . 7 , B u s in e s s , Wapensky gy for C h a n g in g St r u c t u r e o f D is t r i c t ’s E c o n o m y , T a y l o r ........................... D is c o u n t R a t ow 6 Nov. e R e c e n t R e v iv a l r ic t Gr in u e t o D a v i s ..................................................................Nov. 6 D is t H e a v y C a s h D r a in , D a v i s ............................................ ..... Aug. Feb. e d it a t Page J u n e H ig h , er C u r t i s s ........................................ ..... Dec. K a n t n e r ........................................ Co n s u m e r Cr Af t in e O v e r m i l l e r ......................................... Oct. L o n g -T e r Wapensky M e a t Co u n t Issu e In t a t is t ic s . . . . . Jan.-Dee. 14 5 6 6 4 5 6 2 . (last page each issue) (next to last page each issue) Index fo r the Year 1954 Is s u e A n o t h e r G o o d Y e a r f o r D is t r ic t M em b er B anks, Overmiller . . . . An o t her P a g e M ar. 3 Lo o k a t De v e l o pm e n t C o rp o ra tio n s , B r a n d t ............................. Sept. 3 A u tu m n , R a u b e r ...............................................Jan. B a la n c e S h e e t o f A g r i c u l t u r e , Kantner 3 May B a n k in g D e v e l o p m e n t s in 1953, O v e r m i l l e r ...............................................Jan. B e a n s a n d B o n d s . . . o r T h e P r ic e G o v e rn m e n t IO U ’s, A tkinson . B u s in e s s R e s e a r c h , Overmiller 5 Is s u e P a g e H e a v ie r B o r r o w in g b y D i s t r ic t St a t e s a n d C itie s, A t k i n s o n ............................. June 3 M a k in g C l o t h e s A n A p p r a is a l o f a Six t h D is t r ic t G r o w th I n d u s try , W apensky . . . Feb. 3 M o n e ta r y P o lic y in 1954, A tkinson Oct. 3 O w n e rsh ip o f D em and D e p o sits, Overmiller May 6 P ric e o f G o v e rn m e n t IO U ’s, T he, A tkinson May 3 1954: R e c o r d July 3 . . 6 of . . May 3 ...............................................Dec. 3 f . T h e Rim o f t h e S a u c e r? Kantner . for t he F ir st Ha l . . Oct. 5 5 W h a t’s H a p p en in g in T e x tile s ? Brandt . Mar. 5 C o n s u m e r s H a v e M o n e y in T h e ir P o c k e t s , C u r tis s ...........................................................June 6 W h o l e s a l e P r ic e s o f I n d u s t r ia l P ro d u c ts , K a n tn e r ......................................... Nov. 6 C o n s u m e r Sp e n d in g a n d Sa v in g in 1953, C u r tis s ...........................................................Jan. 10 C o n s tr u c tio n is S t i l l B oom ing, Brandt . D i s t r i c t B an k L o ans in 1954, Overmiller D is t D is t r ic t Aug. Sept. F o r e ig n T r a d e V o l u m e St il l L a rg e , C u r t i s s ......................................... Apr. St a t e G o v e r n m e n t s : A 2B i ll i o n - D o l l a r B usiness, Davis 6 s . Jan. 5 r ic t July 6 F a c t o r y P h e n o m e n a in F i f t y -T h r e e , Wapensky ...............................................Jan. 12 Fa r Ba n k A n n o u n c e m e n t P r ic e Su p p o r t s a n d t h e S o u th e a s te r n Econom y, Kantner . m 14 Feb. 6 Mar. 6 Apr. 4 May 4 June 4 July 6 Aug. 6 . Aug. 3 Sept. 5 F arm S cene in t h e S ix th D is tr ic t, Kantner Jan. 8 Oct. 7 Nov. 5 F e w e r Fa c t o r y Jo b s : Mo r e U n e m p lo y m e n t, B r a n d t ....................... Apr. 6 F in a n c in g 6 t h D is t r ic t C r u d e O il P ro d u c e rs , B r a n d t ................................... Nov. F ir st Qu a r t er in R e v ie w . . . . . Apr. D is t r ic t 3 Six t h D is t r ic t In d e x e s 3 Six t h D is t r ic t St B u s in e s s H ig h l . ig h t s . a t is t ic s . . . (each issue) 2 (last page, each issue) (next to last page, each issue) •6 • In d ex fo r the Y ea r 1955 Issue P a ge Issue P a ge As s e t s R e c e s s i o n a n d E c o n o m i c Gr o w t h , T a y l o r ...........................................................Jan. 5 6 R ising M a rk et in L o c a l S to ck s, Davis . 5 5 Si x t h D i s t r i c t B u s i n e s s R e v i v a l B roadens, T a y l o r ................................... July 3 3 D i s t r i c t B a n k s E x pa n d i n 1954, Davis and O v e r m ille r ............................. Jan. of Ba n k D e b it s Ri s e ...............................................June Banking F a c ilitie s Keep P ace w ith P rosperous South, O verm iller........................Nov. 9 . Apr. B r i g h t e r Pr o s pe c t s f o r F a r m I n c o m e , H a r r i s ...........................................................Sept. 6 So u t h e r n P i n e I n d u s t r y F a c e s Ch a l l e n g e , B r a n d i................................... Nov. Budding In d u stry B loom s, A, Harris . . June 3 T u fte d T e x tile s , B r a n d t ..............................Mar. 3 C onsum er C red it R e v iv a l, Curtiss . . . Feb. 6 U n em p lo y m en t T rends, Brandt . . . . 6 C o rp o rate D o lla r , The, Atkinson . . . Dec. 3 Ba n k A n n o F a r m e r s Co n t i n u e t o Cu t Ca s h -Cr o p A c r e a g e , H a r m .........................................May Fa r m e r s ’ F i n a n c i a l L i q u i d i t y W e a k e n s , K a n t n e r .....................................................May Fl T h a t B l o o m i n t h e S pr i n g , T h e , R a u b e r ...........................................................Jan. u n c e m e n t s ................................... Jan. 4 Ho m e T h i r d Qu a r t e r . 3 Oct. 5 A u t o B o o m Spu r s B a n k L e n d i n g , A t k i n s o n .....................................................May 3 in and L ast o f th e G iants, The, Kantner . . . Feb. 3 L ife In surance Companies, Atkinson and D a v i s ...........................................................Sept. 3 Man’s F ir st S y n th e tic F iber, Brandt . Aug. 3 Me m b e r B a n k Ea r n i n g s D o w n b u t P r o fits Up, O v e r m ille r ........................Mar. 5 . Mo r e B u s i n e s s Th r o u g h t h e D i s c o u n t Window, A tk in s o n ................................... 3 Feb. 5 M o r e Sc h o o l s , R o a d s , P u b l i c H o u s i n g , and B ridges, O v e r m ille r ........................July 5 V i e w o f t h e D i s t r i c t Ec o n o m y , A n, A tk in s o n ...............................................Apr. 3 Ow n e r s h i p o f D e m a n d D e po s i t s , O v erm iller.....................................................Apr. 6 M ore N ew In corp o ra tion s, Brandt . Ov e r a l l . . Pickup in T e x tile s , B r a n d t ........................Apr. R e a l-E s ta te Loans, Overmiller . . . . 6 Aug. Di s t r i c t B u s i n e s s H i g h l 6 . ig h t s Si x t h D i s t r i c t I n d e x e s . Oct. 4 Feb. 6 o w er s F u r t h e r E x pa n s i o n Feb. . . . 5 Mar. 6 Apr. 4 May 5 July 6 Aug. 5 Sept. 5 Oct. Nov. 4 6 Dec. 6 (each issue) 2 (last page, each issue) Si x t h D i s t r i c t St a t i s t i c s (next to last page, each issue) B an k A n n o u n c e m e n ts The First National Bank of Clinton, Clinton, Tennessee, which opened for business December 10, is welcomed as a member of the Federal Reserve System. J. E . Jones is President and James L. McDonald is Executive Vice President and Cashier. It has capital of $150,000 and surplus of $50,000. On December 12, the Bank of Brewton, Brewton, Alabama, began to remit at par for checks drawn on it when received from the Federal Reserve Bank. J. F. Smith is President of this bank. J. A . Hargett is Vice President, and David O. Allen is Cashier. Capital amounts to $50,000 and surplus and undivided profits to $136,243. 6 Monfhlu Review ATLANTA, GEORGIA, DECEMBER 31, 1956 The December 1956 issue of the M o n t h l y R e v i e w of the Federal Reserve Bank of Atlanta is devoted exclusively to an index of subjects covered in 1956. Beginning with the January 1957 number, each issue will be published at the beginning rather than the end of the month. The annual summary articles previously appearing in the January issue, therefore, will be contained in the February number to be published early in the month. Index for the Year 1956 AGRICULTURAL CREDIT MONTH PAGE BANK BANK ANNOUNCEMENTS Mar. 5 Reserves . . . Through the Window or from the Market, Harry Brandt ....................... Sept. 3 BANK RESERVES Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 8 5 4 4 5 4 4 4 4 4 6 LOANS Banks Extend More Term Loans to Business, W. M. Davis............................................... Bank Financing for Farmers, Arthur H. Kantner, John T. Harris . Oct. Loans and Liquidity at Member Banks, Charles S. Overmiller ................................... Questions and Answers on Business Loans, Charles S. Overmiller................................... Trade Loans Now and in 1946, Leon T. Kendall......................................... BANK OPERATIONS MONTH PAGE Average Operating Ratios of District Member Banks, Charles S. Overmiller . . . . Bank Financing for Farmers, Arthur H. Kantner and John T. Harris Oct., Nov. BUSINESS BORROWING Banks Extend More Term Loans to Business, W. M. Davis .............................................. Sept. 6 Business Borrowing Is Booming . . . . Apr. 3 Questions and Answers on Business Loans, ............................. May 3 Charles S. Overmiller Trade Loans Now and in 1946, Leon T. Kendall.........................................Aug. 5 COMMERCIAL AND INDUSTRIAL LOANS Sept. 6 Nov. 5 Jan. 9 May 3 Aug. 5 Questions and Answers on Business Loans, ............................. May Charles S. Overmiller 3 CONSUMER CREDIT Gain in Consumer Credit Slowing Down, Elizabeth Slaton.........................................Feb. 6 CONSUMER SPENDING Consumer and Business Spending Hold High, Philip Webster, Leon T. Kendall Oct. 3 MONTH C O R P O R A T IO N IN D U S T R IA L Will Cash Shortage Pinch Business? Thomas R. A tk in s o n ................................... Nov. 3 C R E D IT P O L IC Y M onetary Policy in the First Half of 1956, H arry B r a n d t ...............................................June Reserves . . . Through the Window or from Sept. the M arket, H arry B r a n d t ....................... D E P O S IT S A N D The Sixth District’s M oney Supply, W. M. D a v i s ............................................... E C O N O M IC H IG H L IG H T S All Issues 2 C O N D I T I O N S , S IX T H AND Jan. 3 Apr. 3 Oct. 3 D IS TR IC T Jan. 5 Jan. 9 July 5 Mar. 3 Bank Financing for Farmers, A rthur H. Kantner, John T. Harris . Oct., Nov. 5 5 FED ER AL RESERVE P O L IC Y Monetary Policy in the First Half of 1956, H arry B r a n d t ...............................................June Will Cash Shortage Pinch Business? Thomas R. A tk in s o n ................................... Nov. 3 3 P R O C E S S IN G Food Processors Serve District Agriculture, A rthur H. K a n tn e r.........................................Mar. 3 TR A D E Sixth District Foreign Trade Since World War 11, Leon T. K e n d a l l ....................... June HOME M ONEY 3 3 5 6 P R O D U C TS 3 P O L IC Y 3 3 3 SUPPLY The Sixth District’s M oney Supply, W. M. D a v i s ............................................... Feb. Will Cash Shortage Pinch Business? Thomas R. A tk in s o n ................................... Nov. M O R TG A G E 3 3 DEB T Real-Estate D ebt Grows at Commercial Banks, Charles S. Overmiller . . . . Feb. 5 Average Operating Ratios of District M em ber Banks, Charles S. Overmiller . . . . Mar. 5 S IX T H 6 FAR M LO A N S F O R E IG N FAR M Monetary Policy in the First H alf of 1956, H arry B r a n d t ............................................... June Reserves . . . Through the Window or from the Market, Harry B r a n d t ....................... Sept. Will Cash Shortage Pinch Business? Thomas R. A tk in s o n ................................... Nov. O P E R A T IN G IN C O M E Can Gains in Livestock Receipts Hold Farm Income Up? John T. H a r r is ....................... May Lower District Farm Income in 1956, A rthur H. K a n t n e r ................................... Sept. FOOD PAGE D IS T R IC T H EA LTH Dividends from Social Capital, John T. H a r r is ...............................................Aug. FAR M 6 S IX T H Food Processors Serve District Agriculture, A rthur H. K a n t n e r ................................... Mar. M O N ETA R Y C O N D IT IO N S , GENER AL D EVELO PM EN T, Food Processors Serve District Agriculture, A rthur H. K a n t n e r ................................... Mar. Non-M ilitary Uses of A tom ic Energy, Harry B r a n d t ...............................................July Preserving W ood A dds Value to Timber Resources, H arry B r a n d t............................. Apr. Turning Point in Coal and Textiles? H arry B r a n d t ............................................... Mar. M A R K E T IN G 3 Business Borrowing Is Booming . . . . Consumer and Business Spending Hold High, Philip Webster, Leon T. Kendall . . . Keeping Up or Catching Up? Charles T. T a y lo r ......................................... Loans and Liquidity at M ember Banks, Charles S. O verm iller................................... The First Half: Prosperity Pattern Continues, Leon T. K e n d a ll....................... Turning Point in Coal and Textiles? H arry B r a n d t ............................................... E D U C A T IO N 3 Feb. The Realm of the R ed Queen, Earle L. R a u b e r ......................................... E C O N O M IC 3 CURRENCY D IS T R IC T B U S IN E S S M ONTH PAGE F IN A N C IN G 6 LOANS Real-Estate Debt Grows at Commercial Banks, Charles S. Overmiller . . . . 5 IN C O M E Can Gains in Livestock Receipts Hold Farm Incom e Up? John T. H a r r is ....................... May Keeping Up or Catching Up? Charles T. T a y lo r .........................................Jan. The First Half: Prosperity Pattern Continues, Leon T. K e n d a ll....................... July D IS T R IC T IN D E X E S 6 5 All Issues 8 All Issues 7 . June 5 Banks E xtend M ore Term Loans to Business, W. M. Davis . . . ...............................Sept. 6 S IX T H D IS T R IC T S T A T IS T IC S (T a b l e s ) Condition of 27 M ember Banks in Leading Cities Debits to Individual Demand Deposit Accounts Departm ent Store Sales and Inventories Instalment Cash Loans Retail Furniture Store Operations Wholesale Sales and Inventories AND L O C A L F IN A N C IN G State and Local Governments Continue to Borrow for Construction, Charles S. Overmiller . . . . TER M LOANS U N IT E D 5 (T a b le s ) Construction Contracts Cotton Consumption Departm ent Store Sales and Stocks Electric Power Production Furniture Store Sales and Stocks M anufacturing Employment M anufacturing Payrolls Nonfarm Employment Petroleum Production Turnover of Demand Deposits S TA TE Feb. R A T IO S , M E M B E R B A N K S STA TES BONDS Fifteen Years This M o n t h ..............................May 5 Monthly Review (S U P P L E M E N T ) A T LA N T A , G E O R G IA , DECEMBER, 1957 Index for the Year 1957 AGRICULTURAL CREDIT MONTH PAGE Bankers Finance Intermediate-Term Farm Investments, John T. Harris and Arthur H. K a n t n e r ..................... The Cost of Money for Farming, John T. H a r r i s ............................. . . . Earnings Rise at Member Banks, W. M. D a v i s ............................................. 5 Aug. 5 AUTOMOBILE MARKET Bank Financing and the Automobile 4 Market, Leon T. Kendall . . . . ------ BANK ANNOUNCEMENTS Jan. Feb. Mar. Apr. May June July Aug. Sept. Dec. 5 10 6 6 6 5 5 6 4 4 Bank Financing and the Automobile . . . Apr. 4 July 3 May 5 Aug. 3 Aug. 5 Bank Lending Reflects an Active Economy, Harry Brandt .......................................... Bankers Finance Intermediate-Term Farm Investments, John T. Harris and Arthur H. K a n t n e r ................................. I inamcing Pleasure Boats, Leon T. K e n d a l l ..................................... I he Cost of Money for Farming, John T. H a r r i s .......................................... PAGE Apr. BUSINESS BORROWING Bank Lending Reflects an Active Economy, Harry Brandt ......................................... Corporate Cash Through Securities Sales, Thomas R. Atkinson ............................ July Jan. BUSINESS CONDITIONS. GENERAL BANK LOANS Market, Leon T. Kendall . . . . MONTH BANK OPERATIONS O, Promise Me, Earle L. Rauber . . . Feb. 3 Oct. 5 Apr. 4 CONSTRUCTION District Building Holding Up, Philip M. W e b s te r..................................... CONSUMER SPENDING Bank Financing and the Automobile Market, Leon T. K end all......................... Financing Pleasure Boats, Leon T. K e n d a l l ..................................... The Consumer Market, Leon T. K e n d a l l ..................................... Aug. 3 Sept. 5 CORPORATION FINANCING Corporate Cash Through Securities Sales, Thomas R. A tk i n s o n ......................... Jan. 3 Apr. 3 CRUDE OIL PRODUCTION District Oil and a Troubled Waterway, Philip M. W ebster..................................... MONTH PAGE Thomas R. A tkinson.......................... Bank Lending Reflects an Active Economy, Harry Brandt ..................................... July 3 District Business Highlights All Issues 2 The Sixth District Economy in 1956, Charles T. Taylor ............................. Feb. 5 July 6 MONEY The Turnover of Money, Harry Brandt ..................................... Sept 3 W. M. D a v is......................................... Apr. 6 PAPER PRODUCTION FARM INCOMI From Pine to Pulp to Paper, Less Income for Farmers, Arthur H. Kantner............................. Nov. 6 FARM LOANS Philip M. W ebster.............................. June 3 POPULATION TRENDS Bankers Finance Intermediate-Term Farm Investments, John T. Harris and Arthur H. Kantner............................. The Cost of Money for Farming, John T. H arris..................................... People on the Move, May 5 Leon T. K endall.................................. Corporate Cash Through Securities Sales, Thomas R. A tkinson.......................... May 3 Thomas R. A tkinson.......................... SIXTH DISTRICT INDtXES (TabUs) FOOD PROCESSING Meat Packing—an Industrial Challenge, Arthur H. K antner............................. Oct. 3 FOREIGN TRADE A Boom in Foreign Trade, Leon T. K endall................................. Dec. 5 INCOMI Less Income for Farmers, Arthur H. K antner............................. Nov. 6 INDUSTRIAL DEVELOPMENT, SIXTH DISTRICT Mar. 5 Philip M. W ebster.............................. June 3 Meat Packing—an Industrial Challenge, Oct. 3 LUMBERING Lumbering Activity Slow, Philip M. W ebster.............................. Aug. 6 All Issues 7 Condition of 27 Member Banks in Leading Cities Debits to Individual Demand Deposit Accounts Department Store Sales and Inventories Instalment Cash Loans Retail Furniture Store Operations Wholesale Sales and Inventories State and Local Government Finance, Lumbering Activity Slow, Aug. 6 Harry Brandt ...................................... Nov. 3- TEXTILES MARKETING FARM PRODUCTS Softness in Cotton Textiles, Meat Packing—an Industrial Challenge, Arthur H. Kantner.............................. All ISSIKS S STATE AND LOCAL FINANCING MANUFACTURING EMPLOYMENT Philip M. W ebster.............................. Dec. 3 Construction Contracts Cotton Consumption Department Store Sales and Stocks Electric Power Production Furniture Store Sales and Stocks Manufacturing Employment Nonfarm Employment Petroleum Production Turnover of Demand Deposits SIXTH DISTRICT STATISTICS (Tables) Changing Industry Adds to the Sixth District, Philip M. Webster.................. From Pine to Pulp to Paper, Arthur H. K antner............................. Jan. 3 The New Look in Government Securities, Monetary Policy and the Economy, ..................................... Mar. 3 SECURITIES MARKET Aug. 5 FKDIRAL RESERVE POLICY Oct. 3 MONETARY POLICY Philip M. W ebster.............................. Apr* ^ TRUST OPERATIONS Monetary Policy and the Economy, Harry Brandt Dec. 3 Earnings Rise at Member Banks, Seasonal Swings in Electric Power, Harry Brandt pa g i OPERATING RATIOS, MEMBER BANKS ELSCTRIC POWIR PRODUCTION Philip W ebster..................................... mo n th The New Look in Government Securities, KCONOMIC CONDITIONS, SIXTH DISTRICT ..................................... May 3 Managing Other People's Money, W. M. D a v is......................................... June * Index for the Year 1958 MONTH PAGE AGRICULTURE Clouds Over the Cotton Economy N. Carson B r a n a n ................................. Sept. 3 Farmers More Prosperous in 1958 Arthur H. K a n t n e r ................................. Nov. 4 Farmers Use More Cash Arthur H. K a n t n e r ................................. April 2 BANK ANNOUNCEMENTS Jan. 4 Feb. 6 Mar. 6 April 6 May 3 June 6 July 6 Aug. 6 Oct. 6 Nov. 6 Dec. 14 BANK LOANS District Bank Lending Still High W. M. D a v i s ............................................ April 1 Flow of Bank Loans to District Business Alfred P. Jo h n son ......................................Aug. 3 Loan Changes and the Business Upturn Harry B r a n d t ............................................ Sept. 4 Small Business, Tight Credit, and District Bankers, Harry Brandt and W. M. D a v i s ............................................ May 1 Term Loans Gain in Importance W. M. D a v i s ............................................ July 3 Member Bank Earnings Improve W. M. D a v i s ............................................ Mar. 1 Trust Department Earnings Up in 1957 W. M. D a v i s ............................................ June 5 5 3 COTTON 3 1 3 1 3 EMPLOYMENT Employment Picks Up Philip M. W e b s t e r .................................. Dec. Nonfarm Employment (chart) . . . . June Oct. 7 6 6 FARM COSTS Farmers Use More Cash Arthur H. K a n t n e r .................................. April 2 Farmers More Prosperous in 1958 Arthur H. K a n t n e r .................................. Nov. 4 FOREIGN TRADE 5 INTEREST RATES Lower Interest Rates and Easier Credit Harry B r a n d t ............................................. June Spending for Better Roads Philip M. W e b s t e r .................................. Sept. 1 LIVESTOCK 6 ECONOMIC CONDITIONS, GENERAL “By the Light of the Silvery Moon . . . ” Earle L. R a u b e r ....................................... Feb. 1 National Summary of Business Conditions . Mar. 5 Dec. 11 Four Decades of Progress at the Nashville Branch, Basil A. Wapensky . . . . Dec. Marshaling Funds for Development Needs Philip M. W e b s t e r .................................. June The Other Side of the Question, Where District Manufacturers Get Funds for Expansion, Charles T. Taylor . . . . Nov. Whither Industrial Expansion This Year? Philip M. W e b s t e r .................................. Jan. INTERSTATE HIGHWAY PROGRAM DEPOSITS Upsurge in Time Deposits W. M. D a v i s ............................................ Dec. ECONOMIC DEVELOPMENT, SIXTH DISTRICT Farm Exports to Shrink Arthur H. K a n t n e r .................................. J a n . CONSTRUCTION Clouds Over the Cotton Economy N. Carson B r a n a n ................................. Sept. Economic Characteristics of the Sixth Federal Reserve District Philip M. W e b s t e r .................................. July 4 The Fruits of Diversity Charles T. T aylor........................................Feb. 4 Loan Changes and the Business Upturn Harry B r a n d t ............................................. Sept. 4 Recession: Southern Style Charles T. T aylor........................................July 1 FARM INCOME BANK OPERATIONS The Building Picture Philip M. W e b s t e r ................................. Nov. Charting the Course of Construction Contract Awards, Philip M. Webster . . Mar. MONTH PAGE ECONOMIC CONDITIONS, SIXTH DISTRICT Feed Manufacturing, A Growth Industry in the Sixth District, Arthur H. Kantner . . Aug. MANUFACTURING Feed Manufacturing, A Growth Industry in the Sixth District, Arthur H. Kantner . . Aug. Transition in the Fats and Oils Industry N. Carson B r a n a n .................................. Dec. • 12 • Q MONTH PAGE MONETARY POLICY Lower Interest Rates and Easier Credit Harry B r a n d t ....................................... Small Business, Tight Credit, and District Bankers, Harry Brandt and W. M. D a v i s ....................................... Tables June 1 May 1 Mar. 1 Oct. 1 OPERATING RATIOS Member Bank Earnings Improve W. M. D a v i s ....................... PUBLIC FINANCE Spending for Public Improvements Alfred P. Johnson . . . . MONTH PAGE SIXTH DISTRICT INDEXES Bank Debits Construction Contracts Cotton Consumption Department Store Sales Department Store Stocks Electric Power Production Farm Cash Receipts Furniture Store Sales Manufacturing Employment Manufacturing Payrolls Member Bank Deposits Member Bank Loans Nonfarm Employment Petroleum Production Turnover of Demand Deposits Jan. Feb.-Nov. 7 Dec. 15 Articles PULPWOOD Pulpwood Outlook Optimistic N. Carson Branan . . June 4 SIXTH DISTRICT BUSINESS HIGHLIGHTS 4 6 Jan. 7 Debits to Individual Demand Deposit Feb.-Nov. 6 Accounts c* Department Store Sales and Inventories SIXTH DISTRICT STATISTICS (Tables) REVENUE BOND FINANCING Spending for Public Improvements Alfred P. Johnson . . . . A Barometer of Sixth District Spending, New Indexes of Bank Debits Robert M. Y o u n g ................................. Oct. Department Store Sales and Stocks Indexes Leon T. K en d a ll.......................................Jan. Oct. 1 Jan. 2 Feb.-Nov. 8 Dec. 16 UNEMPLOYMENT Variations in Unemployment Philip M. Webster . . . . April 5 Index for the Year 1959 MONTH PAGE AUTOMOBILE SALES A Look at A uto Sales Philip M. Webster . Apr. 1 BANK ANNOUNCEMENTS Jan. 6 Feb. 3 Mar. 3 Apr. 6 May 10 June 6 July 4 Sept. 6 Oct. 4 Dec. 4 BANK DEPOSITS Ten Billion D o lla rs....................................... Mar. 2 BANK LOANS Bank Lending to Farmers and Small Businesses, W. M. D a v i s ...................... District Bank Lending in the Months Ahead Alfred P. Jo h n so n....................................... Loans for Property Improvement W. M. D a v i s ............................................. Uptrend in District Bank Lending Harry B r a n d t ............................................. June 3 Sept. 5 Sept. 3 May 6 MONTH PAGE ECONOMIC CONDITIONS, GENERAL The Discount Rate and Recovery Harry B r a n d t ............................................. July Doing What Comes Naturally Earle L. R a u b e r ........................................Feb. 1 1 ECONOMIC CONDITIONS, SIXTH DISTRICT Charting the Course of Florida s Economy Alfred P. John so n....................................... Dec. Economic Recovery and the Sixth District . 6 Feb. 4 Economic Trends in Louisiana N. Carson B ra n a n ........................................Nov. 8 Impact of Changing Economic and Credit Conditions on District Banks Alfred P. Jo h n so n ........................................Apr. 4 The Rural Development Program Arthur H. K a n t n e r .................................. Mar. 4 Spotlight on Alabama Basil A. W a p e n s k y .................................. May 1 ECONOMIC DEVELOPMENT, SIXTH DISTRICT Renewing Sixth District Cities Philip M. W ebster........................................Oct. 1 EMPLOYMENT Employment Setting New Records Philip M. W ebster........................................July BANK OPERATIONS Higher Profits Despite Increased Costs W. M. D a v i s .............................................Apr. 3 Impact of Changing Economic and Credit Conditions on District Banks Alfred P. Jo hnson .......................................Apr. 4 3 FARM INCOME Farm Income Sustained in 1959 N. Carson B ra n a n ........................................Nov. 1 FINANCE CONSTRUCTION Ample Mortgage Money for the Boom in Housing, Alfred P. Johnson...................... June Construction Trends: Letup After a Pickup? Philip M. W ebster....................................... Sept. 1 3 FINANCIAL RESOURCES . July 5 COTTON Cottonfs Comeback Arthur H. K a n t n e r ..................................Oct. District Department Stores Flex Their Muscles Winfield H u t t o n ....................................... Nov. Holiday Sales at District Department Stores Robert M. Y o u n g ....................................... Jan. A Source of Funds for the South’s Economy Alfred P. Jo h n so n ........................................Aug. 1 FOOD PROCESSING 5 DEPARTMENT STORE SALES 1 1 CONSUMER CREDIT Consumers Enter Competition for Credit Ample Mortgage Money for the Boom in Housing, Alfred P. Jo h n so n .......................June Bank Lending to Farmers and Small Businesses, W. M. D av is............................ June 3 5 Commercially Freezing Fruits and Vegetables in the Sixth District, N. Carson Branan . Aug. 4 Food Processing; A Major Ingredient in the District's Economy, Philip M. Webster . 4 June INTEREST RATES The Function of Interest Rates Harry B r a n d t ............................................. Dec. •8 • 1 m o n et a r y p o l ic y MONTH PAGE MONTH SIXTH DISTRICT BUSINESS HIGHLIGHTS Jan.-Apr. 8 May 12 June-Oct. 8 Nov.-Dee. 12 The Discount Rate and Recovery Harry B r a n d t ............................................. July 1 The Function of Interest Rates Harry B r a n d t ............................................. Dec. 1 OPERATING RATIOS SIXTH DISTRICT INDEXES (Tables) Higher Profits Despite Increased Costs W. M. D a v i s ............................................. Apr. . Nov. 6 PRICES Food Prices M ove Down Arthur H. K a n t n e r ..................................Dec. 5 The Postwar Price Rise Philip M. W ebster........................................Mar. 1 PUBLIC FINANCE Paying for Public Schools Alfred P. Jo h n so n ....................................... Nov. 4 Sixth District States and Local Governments Continue to Buy N ow — Pay Later Alfred P. Jo h n so n ....................................... Jan. Jan.-Apr. May June-Oct. Nov.-Dee. 3 PERSONAL INCOME Government: A n Increasingly Important Source of Income , Philip M. Webster . PAGE Bank Debits Construction Contracts Cotton Consumption Department Store Sales Department Store Stocks Electric Power Production Farm Cash Receipts Furniture Store Sales Manufacturing Employment Manufacturing Payrolls Member Bank Deposits Member Bank Loans Nonfarm Employment Petroleum Production Turnover of Demand Deposits 7 11 7 11 1 SIXTH DISTRICT STATISTICS (Tablet) RETAIL TRADE District D epartm ent Stores Flex Their Muscles Winfield H u t t o n ........................................Nov. 3 Holiday Sales at D istrict Department Stores Robert M. Y o u n g ........................................Jan. Jan.-Apr. 6 May 10 June-Oct. 6 Nov.-Dee. 10 Department Store Sales and Inventories 5 RURAL DEVELOPMENT TEXTILES The Rural D evelopm ent Program Arthur H. K a n t n e r ..................................Mar. Debits to Individual Demand Deposit Accounts R evival in the Textile Industry 4 Philip M. W ebster. . . . Jan. . Oct. SECURITY SALES URBAN RENEWAL DEVELOPMENT The M arket Decides; Security Sales by District Small Businesses Alfred P. Jo h n so n ........................................May Renewing Sixth District Cities 8 Philip M. Webster . . . 1 Index for the Year I960 AGRICULTURE MONTH MONTH PAGE PAGE Walking the Dog Farm Adjustments in an Expanding Economy and Their Effects on Income Earle L. R a u b e r ......................................... Jan. N. Carson B r a n a n ................................... Mar. 1 4 ECONOM IC C O N D ITIO N S, SIXTH DISTRICT STATES Business Improves in Louisiana AUTOM OBILE SALES N. Carson B r a n a n ......................................... July Autos Shift Gears Winfield H u t t o n .........................................June 4 6 Business in Tennessee at High Levels Philip M. W e b s t e r ................................... June 5 Diversity Sustains Alabama’s Economy BANK ANNOUNCEMENTS Jan., Feb. 6 Mar. 3 Apr.-June 6 July 10 Aug.-Dee. 6 Albert A. H i r s c h ......................................... Nov. Florida’s Economy Alfred P. J o h n s o n ......................................... Aug. 4 Georgia’s Economy: Undecided at a High Level Robert M. Y o u n g ......................................... Oct. BANKING DEVELOPMENTS 4 4 Mississippi Climbs Up a Notch W. M. Davis Instalment Credit: New Style Robert M. Y o u n g .........................................July 5 ................................................M ar. The Pace of Georgia s Economy R obert M. Y o u n g ......................................... Jan. BANK OPERATIONS 8 4 Springtime in Alabama Winfield H u t t o n ......................................... Apr. Magnetic Ink Character Recognition Basil A. W apensky.........................................May 4 Tennessee Business: A Second Look Philip M. W e b s te r......................................... Dec. Operating Ratios Robert M. Y o u n g .........................................Apr. 4 3 3 ECONOMIC DEVELOPMENT, SIXTH DISTRICT CHECKS Magnetic Ink Character Recognition Basil A. W a p e n s k y ................................... May 4 CONSTRUCTION Banking’s Role in Southern Economic Expansion, Albert A. H irs c h ....................... July 1 Consumption, Saving, and Southern Economic Growth, Charles T. T a y lo r ........................Sept. 1 Farm Adjustments in an Expanding Economy and Their Effects on Income Anatomy of a Mortgage Market Alfred P. J oh n son .........................................Oct. 1 A More Stable Mortgage Market? Alfred P. Johnson......................................... Mar. 1 CONSUMER CREDIT Instalment Credit: New Style Robert M. Y o u n g .........................................July 5 N. Carson B ranan . . . . . . . . M ar. 4 Income in the South: The Last Ten Years and the Next Ten, Charles T. Taylor . . . Feb. 1 Southern Manufacturing’s Contribution to Income, Philip M. W e b s te r........................June 1 What Lies Ahead for the Southern Pulp and Paper Industry? N. Carson B r a n a n ......................................... Nov. 1 Who Finances Southern Consumers? Alfred P. Joh n son .........................................July 8 FINANCE Anatomy of a Mortgage Market CONSUMER SPENDING A N D SAVING Consumption, Saving, and Southern Economic Growth, Charles T. T a y lo r....................... Sept. 1 Alfred P. J o h n s o n ......................................... Oct. 1 Banking’s Role in Southern Economic Expansion, Albert A. H irs c h ....................... July 1 A More Stable Mortgage Market? ECONOM IC C O N D ITIO N S , GENERAL Monetary Policy in a Changed Economic Environment, Charles T. Taylor . . . http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Alfred P. J o h n s o n ......................................... M ar. 1 Who Finances Southern Consumers? Aug. 1 Alfred P. J o h n s o n ......................................... July . 4 . 8 FIN ANCIAL INSTITUTIO N S MONTH PAGE Feb. 4 Philip M. Webster . . . Mar. 7 Sept. 4 SEASONAL ADJUSTM ENT INTEREST RATES Seasonal Adjustment Why Has Money Become Easier? Harry B r a n d t ....................... PAGE Changes in Savings in 1959 Small Business Investment Companies Albert A. H i r s c h ............................. MONTH SAVINGS Dec. 1 Philip M. Webster SIXTH DISTRICT BUSINESS HIGHLIGHTS M ANUFACTURING Southern Manufacturing’s Contribution to Income, Philip M. W ebster....................... June Jan., Feb. 8 Mar. 12 Apr.-June 8 July 12 Aug.-Dee. 8 1 What Lies Ahead for the Southern Pulp and Paper Industry? N. Carson B ranan.........................................Nov. 1 SIXTH DISTRICT INDEXES (Tables) M ONETARY POLICY Monetary Policy in a Changed Economic Environment, Charles T. Taylor . . Aug. 1 Walking the Dog Earle L. R a u b e r .........................................Jan. 1 What Are Open Market Operations? Harry B r a n d t ...............................................May 1 Why Has Money Become Easier? Harry B r a n d t ...............................................Dec. 1 M ORTGAGE MARKET Anatomy of a Mortgage Market Alfred P. J o h n so n .........................................Oct. 1 Jan., Feb. 7 Mar. 11 Apr.-June 7 July 11 Aug.-Dee. 7 Bank Debits Construction Contracts Cotton Consumption Department Store Sales Department Store Stocks Electric Power Production Farm Cash Receipts Furniture Store Sales Manufacturing Employment Manufacturing Payrolls Member Bank Deposits Member Bank Loans Nonfarm Employment Petroleum Production Turnover of Demand Deposits A More Stable Mortgage Market? Alfred P. Johnson.........................................Mar. 1 SIXTH DISTRICT STATISTICS (Tables) OPERATING RATIOS Debits to Individual Demand Deposit Accounts Jan., Feb. 6 Mar. 10 Apr.-June 6 July 10 Sept.-Dee. 6 Department Store Sales and Inventories Jan. 6 Mar. 10 Apr.-May 6 July 10 Nov. 6 Operating Ratios Robert M. Y o u n g .........................................Apr. 3 PERSONAL INCOME Farm Adjustments in an Expanding Economy and Their Effects on Income N. Carson B ranan.........................................Mar. 4 Income in the South: The Last Ten Years and the Next Ten, Charles T. Taylor . . . Feb. 1 Southern Manufacturing’s Contribution to Income, Philip M. W eb ster....................... June 1 SMALL BUSINESS Small Business Investment Companies Albert A. H ir s c h ............................. Feb. 4 Apr, 1 PULP AN D PAPER INDUSTRY STATE A N D LOCAL FINANCE What Lies Ahead for the Southern Pulp and Paper Industry? N. Carson B ranan.........................................Nov. Accentuate the Positive . . . 1 Alfred P. Johnson . . •5 • Index for the Year 1961 MONTH PAGE A G R IC U L T U R E More Beef from District Farms? Arthur H. Kantner . . . . Jan. . New Horizons for Dairy Manufacturing? Arthur H. Kantner......................................... Rural Banks A djust to Farm Changes N. Carson Branan ......................................... Aug. Dec. 1 1 6 MONTH District Consumer Credit Down Slightly Philip M. W eb ster......................................... PAGE July 8 Is the Consumer Misbehaving? Philip M. W ebster............................. Mar. 4 Personal Income Resum es Growth Philip M. W ebster............................. Nov. 1 Consumer Finance Companies: Specialists in Cash Lending, Alfred P. Johnson . July 6 District Consumer Credit Down Slightly Philip M. W eb ster......................................... July 8 Directors of Federal Reserve Bank of Atlanta and B r a n c h e s ............................................... Sept. 5 C O N S U M E R C R E D IT B A N K A N N O U N C E M E N TS Jan.-Mar. 6 Apr. 5 May 6 June 8 Julv 10 Aug., Sept. 6 uct. 10 Nov. 6 Dec. 10 D IR E C T O R S B A N K IN G Banking’s Paper Curtain W. M. D av is............................. D IS T R IC T B U S IN E S S C O N D I T I O N S Jan.-May 8 June, July 12 Aug., Sept. 8 Oct. 12 Nov. 8o Dec. 5 Mar. 1 Banks Follow the Consumer Alfred P. Jo h n son ......................................... July 4 Banks Help Finance Cities’ Growth Needs Albert A. H ir s c h ......................................... Oct. 8 District Banks and Mortgage Financing Albert A. H ir s c h ......................................... June 9 Behavior of Consumer Food Prices Arthur H. K antner........................ Member Banks Close Books on Good Year W. M. D a v is..................................................... Apr. 5 The First Year Charles T. T a y lo r ....................... Rural Banks A djust to Farm Changes N. Carson B ran an ......................................... Dec. 6 Southern Banking A dapts to Changes in Population and Income Alfred P. Johnson and Albert A. Hirsch . Dec. July 9 Febf 1 Bank Lending Reflects Changes in Louisiana’s Economy, N. Carson Branan........................ Jan. 4 Beginnings of Recovery in Alabama Albert A. H ir s c h ............................. Sept. 3 8 Florida’s Not-So-Sunny Econom y Alfred P. Joh n son ......................................... Apr. 3 Tennessee Business: Looking Better Philip M. W ebster......................................... Nov. t Will Warm Weather Thaw Georgia’s Economy? Robert M. Y o u n g ......................................... May 4 1 C ITIE S Banks Help Finance Cities’ Growth Needs Albert A. H ir s c h ......................................... Oct. Financial Growing Pains of Southern Cities Alfred P. J o h n so n ......................................... Oct. 4 Southern Cities and How They Grew Robert M. Y o u n g ......................................... Oct. 1 , . E C O N O M I C C O N D I T I O N S , S IX T H D IS T R IC T S TA TE S Winds of Recession in Mississippi W. M. D a v i s ............................. C O N S T R U C T IO N With Mortgage M oney, Will Construction Rise?, Philip M. W ebster............................. E C O N O M IC C O N D IT IO N S , G E N E R A L June 7 CONSUM ER 5 Aug. 4 Changes in Population Change Retailing Philip M. W eb ster......................................... July 1 E C O N O M IC DEVELOPM EN T Banks Follow the Consumer Alfred P. J o h n so n ............................. July 4 More Beef from District Farms? Arthur H. K antner......................................... Jan. 1 Behavior of Consumer Food Prices Arthur H. K antner......................................... July 9 New Horizons for Dairy Manufacturing? Arthur H. Kantner......................................... Aug. 1 Consumer Finance Companies: Specialists in Cash Lending, Alfred P. Johnson . . . July 6 Population Changes and Southern Income Growth, Robert M. Y o u n g ....................... Apr. 1 . 8 • MONTH 6 Southern Cities and How They Grew Robert M. Y o u n g .........................................Oct. 1 The First Year Charles T. T a y lo r .........................................Feb. 1 F E D E R A L RESERVE S Y S T E M Managing the System Open M arket Account Harry B r a n d t ...............................................May 1 F IN A N C E Banks Help Finance Cities’ Growth Needs Albert A. H ir s c h .........................................Oct. 8 Borrowing by District Businesses Declines Alfred P. Joh n son .........................................Feb. 4 Consumer Finance Companies: Specialists in Cash Lending, Alfred P. Johnson . . . July 6 District Banks and Mortgage Financing Albert A. H ir s c h .........................................June 9 Financial Growing Pains of Southern Cities Alfred P. J o h n so n .........................................Oct. 5 July 6 The Southern Housing M arket of the Sixties: Change and Challenge Alfred P. Joh nson .........................................June 1 H O U S IN G M A N U F A C T U R IN G N ew Horizons for Dairy Manufacturing? Arthur H. Kantner.........................................Aug. 1 1 Banks Follow the Consumer Alfred P. J o h n son .........................................July 4 Changes in Population Change Retailing Philip M. W ebster.........................................July 1 Financial Growing Pains of Southern Cities Alfred P. Joh n son .........................................Oct. 4 Population Changes and Southern Income Growth, Robert M. Y o u n g ....................... Apr. 1 Southern Banking Adapts to Changes in Population and Income Alfred P. Johnson and Albert A. Hirsch . The Southern Housing M arket of the Sixties: Change and Challenge Alfred P. Joh nson .........................................June 1 D IS T R IC T IN D E X E S (T a b le s ) Jan.-May 7 June, July 11 Aug., Sept. 7 Oct. 11 Nov. 7 Dec. 11 Bank Debits Construction Contracts Cotton Consumption Department Store Sales Department Store Stocks Electric Power Production Farm Cash Receipts Furniture Store Sales Manufacturing Employment Manufacturing Payrolls Member Bank Deposits Member Bank Loans Nonfarm Employment Nonmanufacturing Employment Petroleum Production Turnover of Demand Deposits D IS T R IC T S T A T IS T IC S (T a b le s ) Debits to Individual Demand Deposit Accounts 1 District Banks and Mortgage Financing Albert A. H ir s c h .........................................June 9 Have Mortgage Money, Will Lend Alfred P. Johnson.........................................June 5 O P E R A T IN G R A T IO S Department Store Sales and Inventories 5 Personal Income Resum es Growth Philip M. W ebster.........................................Nov. 1 Population Changes and Southern Income Growth, Robert M. Y o u n g ....................... Apr. 1 Jan.-Apr. July Aug., Sept. Oct. Nov. Dec. Jan., Aug., Sept. Dec. Personal Income in Sixth District States S TA TE A N D P E R S O N A L IN C O M E http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1 1 M O R TG A G E M AR KET M em ber Banks Close Books on Good Year W. M. D a v i s ...............................................Apr. Dec. Southern Cities and H ow They Grew Robert M. Y o u n g .........................................Oct. S IX T H M O N E T A R Y P O L IC Y Managing the System Open M arket Account Harry B r a n d t ...............................................May 1 P O P U L A T IO N S IX T H F IN A N C IA L IN S T I T U T I O N S Textile A ctivity Joins the Upswing Philip M. W ebster.........................................Sept. PAGE The First Year Charles T. T a y lo r .........................................Feb. 4 Have Mortgage M oney, Will Lend Alfred P. Joh nson .........................................June Consumer Finance Companies: Specialists in Cash Lending, Alfred P. Johnson . . . MONTH PAGE Rural Banks A djust to Farm Changes N. Carson B ran an .........................................Dec. 6 10 6 10 6 10 6 10 Nov. 6 Dec. 10 L O C A L F IN A N C E Banks Help Finance Cities’ Growth Needs Albert A. H ir s c h .........................................Oct. 8 Financial Growing Pains of Southern Cities Alfred P. Joh n son ........................................ 4 Oct. T E X T IL E IN D U S T R Y Textile Activity Joins the Upswing Philip M. W ebster.........................................Sept. • 9 • 1 Index for the Year 1962 MONTH PAGE A G R IC U L T U R E MONTH E C O N O M I C C O N D I T I O N S , S IX T H PAGE D IS T R IC T S T A T E S Migratory Farm Labor in the South’s Econom y Jan. N. Carson B r a n a n ............................. 3 A N ew Twist in Florida Lawrence F. M a n s f ie ld ............................. Mar. 4 Workers Leave Southern Farms A rthur H. K a n tn e r............................. 1 Diverse Trends M ark Georgia’s Econom y R obert M. Y o u n g ......................................... Apr. 3 Hesitant Recovery in Alabama Albert A. H i r s c h ......................................... May 5 Mississippi’s Econom y Continues to Expand W. M. Davis . ......................................... Oct. 3 Scrootch Owl in Louisiana Jack L. C o o p e r ......................................... Nov. 4 . Mar. 1 Southern Income Growth and a Changed Economic Environment Charles T. T a y l o r ......................................... Feb. 1 The Changing Southerner Robert M. Y o u n g ......................................... Sept. 3 The South and Its Future Earle L. R a u b e r ......................................... June 1 Adjusting Reserves Through the Federal Funds Market, Albert A. Hirsch Oct. 1 Recession to Recovery, 1960-62 Charles T. T a y lo r ............................. May 1 The Workings of the Federal Open M arket Committee, H arry B ra n d t............................. July 1 District Banks Finance Foreign Trade Lawrence F. Mansfield . . . . . . Nov. 1 Financing Bank Loan Expansion Alfred P. J o h n s o n ............................. Feb. 4 . Dec. 1 Feb. 1 June 1 Jan. B A N K A N N O U N C E M E N TS Feb. Apr.-May June July-Dee. 6 6 5 6 B A N K IN G Adjusting Reserves Through the Federal . Funds Market, Albert A. Hirsch District Banks Finance Foreign Trade Lawrence F. M a n s f ie ld ....................... . . Financing Bank Loan Expansion Alfred P. J o h n s o n ............................. Oct. Nov. 1 1 Feb. 4 How Have District Banks Been Doing? . . Sept. 3 Recession in Bank Earnings W. M. D a v i s ......................................... . Apr. 1 Time Deposit Expansion: Under a Microscope, Alfred P. Johnson . . Dec. 1 E C O N O M IC D EVELOPM EN T Occupational Change: Reflection oj Economic Change, Philip M. W ebster . FE D E R A L RESERVE S Y S T E M CONSUM ER A Change in the Reluctant Borrower? Jack L. C o o p e r................................... July 4 D E P A R T M E N T S TO R E T R A D E Revisions in Measures oj Department Store T r a d e ............................................... • Aug. 4 F IN A N C E D IR E C T O R S Directors oj Federal Reserve Bank oj Atlanta and B ra n ch e s....................... Apr. 5 D IS T R IC T B U S IN E S S C O N D I T I O N S Jan.-Dec. 8 Tim e Deposit Expansion: Under a Microscope, Alfred P. Johnson . . E C O N O M IC C O N D IT IO N S , G E N E R A L IN C O M E Greater Competitive Thrust Philip M. W e b ste r................................... • Aug. 1 On the State oj the Econom y Malcolm B r y a n ................................... . Sept. 1 Southern Incom e Growth and a Changed Econom ic Environment Charles T. T a y l o r ......................................... May 1 The South and Its Future Earle L. R a u b e r ......................................... Recession to Recovery, 1960-62 Charles T. T a y l o r ................................... • 4 * MONTH PAGE Partial Recovery in Manufacturing Employm ent, Philip M. Webster . . . . Jan. 5 Oct. 1 On the State oj the Econom y Malcolm B r y a n .........................................Sept. 1 Recession to Recovery, 1960-62 Charles T. T a y lo r .........................................May 1 The Workings oj the Federal Open M arket Committee, Harry B r a n d t ....................... July 1 M O N E T A R Y P O L IC Y Adjusting Reserves Through the Federal Funds M arket, Albert A. Hirsch . O P E R A T IN G . R A T IO S Recession in Bank Earnings W. M. D a v i s ...............................................Apr. 1 P O P U L A T IO N Occupational Change: Reflection of Economic Change, Philip M. Webster . . Mar. 1 The Changing Southerner Robert M. Y o u n g .........................................Sept. 3 The South and Its Future Earle L. R a u b e r .........................................June 1 Workers Leave Southern Farms Arthur H. K antner.........................................Jan. 1 MONTH PAGE SIXTH DISTRICT STATISTICS (Tables) MANUFACTURING Average Weekly Hours in M a n u fa c tu r in g ............................. Jan.-Dee. Bank Debits Construction Contracts Cotton Consumption Department Store Sales Department Store Stocks Electric Power Production Farm Cash Receipts Farm Employment Instalment Credit at Banks Insured Unemployment Manufacturing Employment Manufacturing Payrolls Member Bank Deposits Member Bank Loans Nonfarm Employment Nonmanufacturing Employment Personal Income Petroleum Production Debits to Individual Demand Deposit Accounts 7 Jan.-Apr. 6 June-Dee. 6 Department Store Sales and Inventories Jan. March June-Aug. Oct.-Nov. 6 6 6 6 Personal Income in Sixth District States Jan.-Apr. 6 Index for the Year 1963 MONTH PAGE MONTH PAGE CO N SU M ER CREDIT AGRICULTURE Instalment Credit Expansion Slows A Prosperous Year for Many Farmers Arthur H. K a n t n e r ....................... . Nov. 6 . Apr. 5 . May 1 Growth in Farm Assets Jack L. C ooper...............................................Sept. 5 CORPORATE FINANCE Arthur H. Kantner............................. The Common Market and Agriculture District Trends in Corporate Financing Hiram J. H o n e a ...............................................Oct. Arthur H. Kantner............................. 4 CREDIT QUALITY BALANCE OF PAYMENTS Some Measures of the Quality of Credit . Balance of Payments: The Problem— Can Export Credits Help Solve It? . Dec. 2 DISTRICT BUSINESS C O N D IT IO N S Lawrence F. M a n s f ie ld ............................. Jan. Jan.-Oct. 8 Nov. 12 Dec. 8 1 Gold, the Balance of Payments, and Monetary Policy ECO N O M IC C O N D IT IO N S, GENERAL Lawrence F. M a n s fie ld ..............................June 1 Balance of Payments: The Problem— Can Export Credits Help Solve It? Lawrence F. M a n s f ie ld ............................. Jan. B A N K A N N O U NCEM ENTS Jan.-Oct. 6 Nov. 10 Dec. 6 B A N K IN G 1 Gold, the Balance of Payments, and Monetary Policy Lawrence F. M a n s fie ld ............................. June 1 New Dimensions in the Mortgage Market Hiram J. H o n e a ......................................... Aug. Bank Earnings Edge Up in Spite of Rising Costs, W. M. D a v i s ................................... Apr. Controlling Reserves— The Heart of Federal Reserve Policy, Harry Brandt . . . . Sept. 1 Growth in District Banking Facilities . 8 . . Nov. 1 Arthur H. Kantner......................................... May Meeting Seasonal Loan Demands— A Problem of Managing Bank Funds 1 That Time of the Year— Seasonal Demands for Money and Bank Credit Charles T. T a y l o r .........................................July 1 1962: A Billion-Dollar Year for District Banks, Alfred P. J o h n s o n ....................... Feb. 4 1 ECO NO M IC CO N DIT IO N S, SIXTH DISTRICT STATES Florida Joins the Club Lawrence F. M a n s fie ld ............................. Mar. Charles T. T a y lo r.........................................Nov. 1 The Common Market and Agriculture Good Growth Marks Georgia’s Economy in ’62, Hiram J. H o n e a ............................. May Growing Employment Accompanies Rising Economic Activity— A Review of* Alabama’s Economy, Alfred P. Johnson . Apr. Mississippi’s Economy Still on the Move W. M. D a v i s ...............................................Aug. 4 4 3 4 Tennessee’s Business: Close Match to Nation Harry B r a n d t ............................................... Jan. BUSINESS CYCLES Postwar Business Cycles in the Sixth District Lawrence F. Mansfield and Jack L. Cooper ECO NO M IC DEVELOPMENT, SIXTH DISTRICT STATES Oct. 1 That Time of the Year— Seasonal Demands for Money and Bank Credit Charles T. T a y lo r .........................................July 1 The Common Market and Agriculture Arthur H. Kantner.........................................May A Prosperous Year for Many Farmers Arthur H. Kantner......................................... Nov. C O M M O N MARKET 4 1 District Governmental Borrowing in a Favorable Climate, Hiram J. Honea . Growth in Farm Assets . 6 June 4 Arthur H. K a n t n e r ................................... Apr. 5 Income Growth: The South’s Response to Economic Recovery, Charles T. Taylor . • 4 • Feb. 1 MONTH PAGE New Dimensions in the Mortgage Market Hiram J. H o n e a .........................................Aug. 1 Postwar Business Cycles in the Sixth District, Lawrence F. Mansfield and MONTH PAGE Monetary Stimulus: Hesitant or Aggressive?— A Review of Federal Reserve Policy in 1962 Harry B r a n d t ...............................................Mar. Jack L. C oop er...............................................Oct. 1 Textiles— A Declining Industry? N. D. O’B a n n o n .........................................Nov. The Districts Economic Characteristics . . July 7 5 1 That Time of the Year— Seasonal Demands for Money and Bank Credit Charles T. T a y lo r .........................................July 1 M ORTGAGE CREDIT FEDERAL RESERVE SYSTEM New Dimensions in the Mortgage Market Controlling Reserves— The Heart of Federal Reserve Policy Hiram J. H o n e a .........................................Aug. Harry B r a n d t ...............................................Sept. Fifty Years A g o ...............................................Dec. Monetary Stimulus: Hesitant or Aggressive?— A Review of Federal Reserve Policy in 1962 1 1 Harry B r a n d t ...............................................Mar. Some Measures of the Quality of Credit . That Time of the Year— Seasonal Demands for Money and Bank Credit . Dec. Charles T. T a y lo r .........................................July 2 1 FINANCE District Governmental Borrowing in a Favorable Climate, Hiram J. Honea . District Trends in Corporate Financing . June 4 Hiram J. H o n ea ...............................................Oct. 4 New Dimensions in the Mortgage Market Hiram J. H o n e a .........................................Aug. 1 FOREIGN TRADE Balance of Payments: The Problem— Can Export Credits Help Solve It? Lawrence F. M a n s f i e l d ............................. Jan. 1 Gold, the Balance of Payments, and Monetary Poljcy Lawrence F. M a n s fie ld ............................. June 1 The Common Market and Agriculture Arthur H. Kantner.........................................May 1 IN CO M E Income Growth: The South’s Response to Economic Recovery Charles T. T a y lo r .........................................Feb. 1 Average Weekly Hours in Manufacturing................................... Jan.-Oct. 7 Bank Debits Nov. 11 Construction Contracts Dec. 7 Cotton Consumption Department Store Sales Department Store Stocks Farm Cash Receipts Farm Employment Industrial Use of Electric Power Instalment Credit at Banks Insured Unemployment Manufacturing Employment Manufacturing Payrolls Member Bank Deposits Member Bank Loans Nonfarm Employment Nonmanufacturing Employment Personal Income Petroleum Production Debits to Individual Demand Deposit A c c o u n ts ...............................................Jan.-Aug. Oct. Nov. Dec. 6 6 10 6 Department Store Sales and Inventories . . Jan. Apr.-May 6 6 June 4 1 TEXTILE INDUSTRY Gold, the Balance of Payments, and Monetary Policy SIXTH DISTRICT STATISTICS (Tables) District Governmental Borrowing in a Favorable Climate, Hiram J. Honea . Controlling Reserves— The Heart of Federal Reserve Policy Lawrence F. M a n s fie ld ............................. June 1 STATE A N D LOCAL FINANCE MO NETARY POLICY Harry B r a n d t ...............................................Sept. OPERATING RATIOS Bank Earnings Edge Up in Spite of Rising Costs, W. M. D a v i s ................................... Apr. 1 1 Textiles— A Declining Industry? 1 N. D. O’B a n n o n .........................................Nov. • 5 • 7 Index for the Year 1964 M O N TH Farm Income Near Record High A rthur H. K a n t n e r ...................................Oct. 1 4 Some Measures oj the Quality oj Credit in Agriculture Arthur H. K a n t n e r ...................................Apr. D IS T R IC T B U S IN E S S C O N D I T I O N S 1 Jan.-Dec. 8 International Trade and District Ports Lawrence F. M a n s fie ld ............................. Sept. 1 D IS T R IC T P O R TS A U T O M O B IL E SALES District Autos: The Guessing Game Jack L. C o o p e r .........................................Aug. 1 Jan.-Apr. May June-Dee. 6 4 6 B A N K IN G A Bank Examiner Looks at the Quality oj Credit R. M. S te p h e n s o n .........................................July 1 District Member Banks Still in Cost Squeeze W. M. D a v i s ...............................................Apr. 5 Federal Reserve Bank Membership— Fijty Years in R e v i e w ............................. Oct. 1 From Panic to Prosperity— The South’s Econom y and the Federal Reserve Robert M. Y o u n g .........................................Nov. Growth oj District Financial Institutions: 1957-62 Samuel L. S k o g s t a d ...................................May Negotiable CD’s: Still N ot Too Popular at Large District Banks H arry B r a n d t ...............................................Aug. District Autos: The Guessing Game Jack L. C o o p e r .........................................Aug. 1 A Bank Examiner L ooks at the Quality of Credit R. M. S te p h e n s o n ......................................... July 1 1 Some Measures of the Quality of Credit in Agriculture Arthur H. K a n t n e r ................................... Apr. 1 The International Monetary System: A s It Is Lawrence F. M a n s f i e ld ............................. Jan. 1 The International Monetary System: A s It Might Be Lawrence F. M a n s f i e ld ............................. Feb. 1 E C O N O M I C C O N D I T I O N S , S IX T H D IS T R IC T S T A T E S 5 4 1 C R E D IT Q U A L I T Y A Bank Examiner Looks at the Quality oj Credit R. M. S te p h en so n .........................................July E C O N O M IC C O N D IT IO N S , G E N E R A L A New Look at P r i c e s ................................... Dec. C O N S U M E R C R E D IT PA G E Some Measures oj the Quality oj Credit in Agriculture Arthur H. K a n t n e r ................................... Apr. A G R IC U L T U R E BAN K A N N O U N C EM EN TS M O N TH PA G E A Cure for the Blues: Louisiana Jack L. C o o p e r ......................................... Jan. 4 A Diversity of Growth in Florida N. D. O ’B a n n o n ......................................... June 4 Alabama’s Econom y Exhibits Strength A rthur H. K a n t n e r ................................... July 3 Tennessee’s Growing Pains: Less Severe? Samuel L. S k o g s ta d ................................... Mar. 4 E C O N O M IC 1 D E V E L O P M E N T , S IX T H D IS T R IC T S T A T E S A New Look at Southern Economic G r o w th ......................................... Mar. . 4 . 1 MONTH PAGE Farm Income Near Record High A rthur H. K a n t n e r ...................................Oct. 4 From Panic to Prosperity— The South’s Economy and the Federal Reserve Robert M. Y o u n g .........................................Nov. 1 Government Employment— A Growth Industry John Robert Cooper . . . . . . . MONTH IN T E R N A T I O N A L M O N E T A R Y June Growth of District Financial Institutions: 1957-62 Samuel L. S k o g s t a d ...................................May PAGE S Y S TE M The International Monetary System: A s It Is Lawrence F. M a n s f i e ld ............................. Jan. 1 The International Monetary System: A s It Might Be Lawrence F. M a n s f ie ld ............................. Feb. 1 1 M O N E TA R Y P O L IC Y Between the Devil and the Deep Blue Sea: Monetary Policy from 1960 to 1964 Lawrence F. M a n s f i e l d ............................. May 5 1 EM PLOYM EN T N E G O T IA B L E Government Employm ent— A Growth Industry John Robert C o o p e r ...................................June Negotiable CD’s: Still N ot Too Popular at Large District Banks Harry B r a n d t .............................................. Aug. 1 F E D E R A L RESERVE S Y S TE M O P E R A T IN G Between the Devil and the Deep Blue Sea: Monetary Policy from 1960 to 1964 Lawrence F. M a n s f i e l d ............................. May R A T IO S 5 1 PRICES Oct. 1 From Panic to Prosperity— The South’s Econom y and the Federal Reserve Robert M. Y o u n g ....................... Nov. 1 A New L ook at P r i c e s ...................................Dec. S IX T H 1 D IS T R IC T S T A T IS T IC S (T a b le s ) Average Weekly Hours in M anufacturing.........................................Jan.-Dee. 7 Bank Debits Construction Contracts F IN A N C IA L IN S T I T U T I O N S Growth of District Financial Institutions: 1957-62 Samuel L. S k o g s t a d ...................................May Cotton Consumption Department Store Sales Farm Cash Receipts 5 Farm Employment Industrial Use of Electric Power TR A D E International Trade and District Ports Lawrence F. Mansfield . . . . . . 4 District M ember Banks Still in Cost Squeeze W. M. D a v i s .............................................. Apr. Federal Reserve Bank Membership— Fifty Years in Review . . . . F O R E IG N T IM E C E R T IF IC A T E S O F D E P O S IT Sept. The International Monetary System: A s It Is Lawrence F. M a n s f i e ld ............................. Jan. The International Monetary System: A s It Might Be Lawrence F. M a n s f i e ld ............................. Feb. 1 1 Instalment Credit at Banks Insured Unemployment Manufacturing Employment Manufacturing Payrolls Member Bank Deposits Member Bank Loans Nonfarm Employment 1 Nonmanufacturing Employment Personal Income Petroleum Production IN C O M E Farm Income Near Record High A rthur H. K a n t n e r ...................................Oct. 4 Debits to Demand Deposit A c c o u n ts .............................................. Feb.-M ar. May-Dee. • 5 • 6 6 I n d e x f o r MONTH t h e Y e a r 1 9 6 5 M ONTH PAGE PA G E ECONOMIC CONDITIONS, GENERAL AGRICULTURE Farm Pay Checks Grow Larger Through a Glass Darkly R obert E. S w eeney ..................................... Nov. 5 Indebted Cotton Farmers— Our Poor Relations: Fact or Fantasy? Arthur H. K a n tn e r..................................... May 1 Lawrence F. M a n s f ie ld ............................Feb. 1 ECONOMIC CONDITIONS, SIXTH DISTRICT STATES Alabama’s Economy Emits a Healthy Glow A rthur H. K a n t n e r .....................................Oct. BALANCE OF PAYMENTS Better Is Not Good Enough Lawrence F. M a n s fie ld ............................Mar. 1 N. D. O ’B a n n o n ..........................................Aug. 4 Employment Diversification in Mississippi Interest Rates at Home and Abroad Lawrence F. M a n s f ie ld ............................Aug. BANK ANNOUNCEMENTS 4 Changing Seasonal Patterns in Florida Jan. Feb. - April June - Oct. Nov. - Dec. 1 5 6 6 4 Robert E. S w e e n e y ..................................... Feb. 4 Louisiana Expands Role in Economic Perjormance Robert R. Wyand I I ................................ April 4 New Challenges jor Georgia’s Economy Hiram J. H o n e a ..........................................Jan. 3 Tennessee’s Business: Still Running Ahead H arry B r a n d t .............................................. June BANKING As Good as Last Year— District Banking Developments in 1964 Harry B r a n d t .............................................. Jan. ECONOMIC DEVELOPMENT, SIXTH DISTRICT STATES 1 Bank Lending in the Southeast: Still Booming PIF— It’s Wonderful, or Is It? Hiram J. H o n e a ..................................... Oct. Harry B r a n d t .............................................. July 1 An Improved Measure oj Local Business W. M. D a v i s .............................................. Mar. 4 Projits Jump at District Banks Robert R. Wyand I I .................................May 8 Using a Sharper Pencil? A Study oj How Sixth District Banks Manage Their Reserve Balances H arry Brandt and Robert R. Wyand II . . Nov. 1 3, 2, 1— Blast Off! N A SA ’s Impact on the District States N. D. O ’B a n n o n ..........................................April 1 When Southerners Save .......................................................................... Sept. 4 ECONOMIC FORECASTING Through a Glass Darkly 1 Using a Sharper Pencil? A Study oj Reserve Management at District Banks Paul A. Crowe and Robert R. Wyand II . Dec. 4 1 Lawrence F. M a n s fie ld ............................Feb. 1 EMPLOYMENT Employment Diversification in Mississippi Robert E. S w e e n e y ..................................... Feb. CONSUMER SPENDING Changing Habits oj the District Consumer Lawrence F. M a n s f ie ld ............................July 4 CORPORATE FINANCE 4 Employment Growth, 1961-64— The Why’s and Wherefore’s N. D. O’B a n n o n ..........................................June 1 FARM CREDIT Regional Corporate Financing: Losing Its Importance? Hiram J. H o n e a ..........................................July 3 Indebted Cotton Farmers— Our Poor Relations: Fact or Fantasy? Arthur H. K a n t n e r ................................ May 1 DEBITS FINANCE An Improved Measure of Local Business W. M. D a v i s .............................................. Mar. 4 PIF— It’s Wonderful, or Is It? Hiram J. H o n e a ..........................................Oct. DISTRICT BUSINESS CONDITIONS Jan. - April 8 May 12 June - Dec. 8 1 Regional Corporate Financing: Losing Its Importance? Hiram J. H o n e a ..........................................July • 5• 3 MONTH Debits to D e m a n d D e p osit Accounts PAGE INCOME Insured C om m e rcial Banks in the S ixth District (In Thousands of Dollars) Changing Habits of the District Consumer Lawrence F. M a n s f ie ld ............................July 4 Farm Pay Checks Grow Larger Robert E. S w eeney ..................................... Nov. Interest Rates at Home and Abroad Lawrence F. M a n s f ie ld ............................Aug. 1 MEMBER BANK RESERVES Using a Sharper Pencil? A Study of How Sixth District Banks Manage Their Reserve Balances Harry B randt and Robert R. Wyand II . Nov. 1 Using a Sharper Pencil? A Study of Reserve Management at District Banks Paul A. Crowe and Robert R. Wyand II Dec. 1 MONEY MARKET Money Market Conditions— What Are They? Robert R. Wyand I I .................................Sept. 1 MORTGAGE FUNDS PIF — It’s Wonderful, or Is It? Hiram J. H o n e a .......................................... Oct. 1 OPERATING RATIOS Profits Jump at District Banks Robert R. Wyand I I .................................May 8 SAVINGS When Southerners Save .......................................................................... Sept. SIXTH DISTRICT STATISTICS (TABLES) 4 Jan. - April 7 May 11 June - Dec. 7 Average Weekly Hours in Manufacturing Bank Debits Construction Contracts Cotton Consumption Department Store Sales Farm Cash Receipts Farm Employment Industrial Use of Electrical Power Instalment Credit at Banks Insured Unemployment M anufacturing Employment M anufacturing Payrolls Member Bank Deposits Member Bank Loans Nonfarm Employment Nonmanufacturing Employment Personal Income Petroleum Production Debits to Demand Deposit Accounts Jan. - April 6 May 10 June - Dec. 6 • 6 • Oct. 1965 Sept. 1965 STANDARD METROPOLITAN STATISTICAL AREASt Birmingham . . . 1,257,351 60,489 Gadsden . . . . 163,941 Huntsville . . . 440,980 Mobile . . . . 268,373 Montgomery . . . 80,722 Tuscaloosa . . . 1,293,340 56,215 158,867 385,414 264,063 77,825 1,201,831 58,634 167,235 389,300 241,992 80,327 —3 +8 +3 + 14 +2 +4 +5 +3 —2 + 13 + 11 +0 + 10 +5 +5 +8 + 10 +4 5 INTEREST RATES Percent Change Year-to-Date 10 months Oct. 1965 from Oct. Sept. Oct. from 1965 1964 1964 1964 Ft. Lauderdale— Hollywood . . . Jacksonville . . . M iam i................. Orlando . . . . Pensacola . . . . Tampa-St. Petersburg W. Palm Beach . . 461,394 1,421,614 1,730,343 393,736 181,881 1,014,216 326,544 422,710 1,317,855 l,593,090r 377,297r 182,473 972,024 301,529r 426,814 1,173,610 1,586,637 393,116 176,374 961,781 310,642 +9 +8 +9 +4 —0 +4 +8 +8 +21 +9 +0 +3 +5 +5 +9 +16 +8 +1 + 10 +7 +8 Albany ................. Atlanta . . . . Augusta . . . . Columbus . . . . Macon................. Savannah . . . . 85,327 3,851,563 192,867 179,884 202,928 225,659 91,113 3,918,309r 179,577 193,921 196,333 222,115 82,217 3,564,356 184,529 175,383 186,446 220,196 Baton Rouge . . . Lafayette . . . . Lake Charles . . . New Orleans . . . 432,052 100,174 108,086r 1,987,879 394,364 89,373 103,765 1,872,738 +4 +8 +5 +3 +9 +2 +18 +11 +3 +7 +9 +4 452,754 108,053 112,494 2,093,690 —6 —2 +7 —7 +3 +2 +5 +8 +4 +5 +15 +21 +8 + 12 + 19 +19 +9 + 11 + 11 Jackson . . . . 516,814 +10 +8 427,285 362,217 1,049,637 —2 +5 —2 +16 +13 + 14 55,276 58,829 39,324 55,210 53,399 41,207 —7 +7 +16 +7 +2 +10 +7 +6 +4 36,343 44,569 193,634 74,998 30,089 40,142 181,366 73,393 25,436 42,166 146,877 70,152 +21 + 11 +7 +2 +43 +6 +32 +7 +24 +2 +18 +6 57,206 67,474 29,629 98,654 47,568 16,582 258,270 85,250 103,776 562,908 48,542 55,459 74,397 27,147 91,737 45,431 17,493 238,685 82,338r 103,589r 556,619 49,199 52,585 67,256 24,906 91,044 44,809 15,811 254,455 78,204 88,6% 517,294 46,953 +3 —9 +9 +8 +5 —5 +8 +4 +0 +1 —1 +9 +0 + 19 +8 +6 +5 +1 +9 +17 +9 +3 +6 +9 + 19 + 10 +6 +5 +5 +5 +16 + 11 +8 64,664 39,753 88,089 10,966 67,408 29,505 21,417 22,909 65,705 57,757 55,863 39,100 83,858 11,933 62,752 26,566 18,829 25,013 62,913 42,919 —6 —7 + 37 +1 —3 —7 —0 +0 — 19 +9 —5 +1 +26 +9 +8 +6 —1 +5 +10 +15 +2 +12 +8 +8 + 11 +6 —0 +6 +12 10,453 117,163 6,561 30,194 34,142 8,152 19,500 11,809 105,460 6,274 26,297 31,062 8,698 20,138 9,454 108,450 6,521 28,525 28,851 7,340 17,354 — 11 +11 +5 + 15 + 10 —6 —3 +11 +8 +1 +6 + 18 + 11 + 12 +12 +9 + 12 +8 +6 +9 +8 84,890 48,997 37,460 58,118 29,944 81,219 49,442 36,776 56,293 30,142 75,184 44,027 32,021 58,751 31,099 +5 —1 +2 +3 —1 +13 + 11 + 17 —1 —4 +10 +9 +8 +5 +0 45,592 35,415 27,630 44,574 34,306 23,030 45,631 32,560 26,471 +2 +3 +20 —0 +9 +4 +5 + 13 +11 61,457 63,659 122,219 60,722 61,956 126,120 59,610 57,639 112,575 +1 +3 —3 +3 + 10 +9 +9 +8 + 13 24,302,438r 22,905,926 +2 +9 +10 +1 +6 —2 +6 +5 +0 +1 +10 +8 +14 +5 + 11 +7 +9 +12 + 12 +9 +8 558,500 Chattanooga . . . Knoxville . . . . Nashville . . . . 494,125 408,741 1,201,281 OTHER CENTERS Anniston . . . . Dothan . . . . Selm a................. 58,971 54,640 45,434 Bartow . . . . Bradenton . . . Brevard County . . Daytona Beach . . Ft. Myers— N. Ft. Myers . . Gainesville . . . Monroe County . . Lakeland . . . . O c a la ................. St. Augustine . . St. Petersburg . . Sarasota . . . . Tallahassee . . . Tampa................. Winter Haven . . Athens ................. Brunswick . . . Dalton................. Elberton . . . . Gainesville . . . G riffin ................. LaGrange . . . . Newnan . . . . R o m e................. Valdosta . . . . 60,930 37,087 84,940 15,012 68,303 28,589 19,894 22,141 65,931 47,061 Abbeville . . . . Alexandria . . . Bunkie................. Hammond . . . . New Iberia . . . Plaquemine . . . Thibodaux . . . Biloxi-Gulfport . Hattiesburg . . . . Meridian . . . . Natchez . . . . Pascagoula— Moss Point . . Vicksburg . . . . Yazoo City . . . B risto l................. Johnson City . . . Kingsport . . . . SIXTH DISTRICT, Total 24,896,016 Alabama! . . Florida! . . . . Georgia! . . . . Louisiana*t • . Mississippi*-?- . Tennessee*-? . . . • . . 3,287,346 7,372,072 6,235,035 3,519,955 1,190,477 3,291,131 507,352 505,876 390,883 l,228,337r 3,265,567 6,963,361r 6,340,121r 3,318,834r 1,134,794 3,279,761 r 3,252,001 6,696,494 5,762,639 3,097,354 1,130,002 2,967,436 "■Includes only banks in the Sixth District portion of the state. tPartially estimated. JEstimated. r-Revised. —4, + 11 +10 + 11 In d e x fo r th e Y e a r 1966 Florida’s Employment Profile AGRICULTURE Crop Acreages May Decline by R obert E. Sweeney, M ay, p. 44. by P aul A. Crow e, June, District Farm Employment Continues Decline by R obert E. It’s ‘Batter Up’ in Georgia by H iram J. H onea, M ar., Mississippi Pauses to Enjoy Its Gains by C arole E. Livestock Production Cycles and Food Prices by R obert E. Mississippi’s Economy: ‘Five in a Row’ p. 35. Sweeney, July, p. 52. Sweeney, M ar., p. 17. D ec., p. 95. Sweeney, Jan., p. 5. The Roller Coaster Effect in Louisiana by BALANCE OF PAYMENTS Hitting the Target in 1965-66 by W. M. Davis, Jan., p. 1. Sept., p. 72. p. 19. Scott, by R obert E. C arole E. Scott, ECONOMIC DEVELOPMENT, SIXTH DISTRICT STATES The Impact of Defense Spending on the District Economy BANK ANNOUNCEMENTS Jan., p. 6; Feb., p. 14; M ar., p. 22; A pril, p. 30; May, p. 38; June, p. 46; July, p. 58; Aug., p. 66; Sept., p. 74; Oct., p. 82; N ov., p. 90; Dec., p. 98. Banking on a Boom by P aul A. Crowe, Feb., p. 11. Banking Responds to the Growing Needs of Tennessee Business by C. R ichard Long, A pril, p. 28. District Banks Expand Their Role as Capital Market Intermediaries by H iram J. H onea, June, p. 41. Hitting the Target in 1965-66 by W. M. Davis, Jan., p. 1. Instalment Credit Motors Upward by Joe W. M eLeary, M ar., p. 21. Interest Rates and the Demand for Credit by H arry B randt and R obert R. W yand, II, April, p. 25. 1965 Operating Ratios by P aul A. Crowe, M ay, p. 36. A Shift in Banking Philosophy? An Examination of Bank Investment Practices by H arry B randt and R obert R. W yand, II, A ug., p. 61. p. 77. by P aul A. Crow e, Oct., Time and Savings Deposits in Perspective, July, p. 56. Leary, Sept., p. 69. Joe W. M c- EMPLOYMENT District Farm Employment Continues Decline E. Sweeney, July, p. 52. by R obert A Full Measure of the District States’ Employment R ichard Long, Dec., p. 93. by C. FEDERAL RESERVE SYSTEM Interest Rates and the Demand for Credit by and R obert R. W yand, II, A pril, p. 25. H arry Brandt FOOD PRICES Livestock Production Cycles and Food Prices by Sweeney, M ar., p. 17. Leary, Sept., p. 69. R obert E. by R obert E. Sweeney and Joe W. M eLeary, N ov., p. 85. by Joe W. M eLeary, M ar., p. 21. Instalment Credit Motors Upward CONSUMER MARKETS Southern Consumer Markets— Growing, but Changing by Joe W. M eLeary, Oct., p. 79. DEFENSE SPENDING The Impact of Defense Spending on the District Economy by C. R ichard Long, July, p. 49. DISTRICT BUSINESS CONDITIONS Jan., p. 8; Feb., p. 16; M ar., p. 24; April, p. 32; May, p. 40; June, p. 48; July, p. 60; A ug., p. 68; Sept., p. 76; Oct., p. 84; N ov., p. 92; Dec., p. 100. ECONOMIC CONDITIONS, SIXTH DISTRICT STATES Banking Responds to the Growing Needs of Tennessee Business by C. R ichard Long, April, p. 28. Diversification Aids Alabama’s Growth by Joe W. Mc- Joe W . Me- INTEREST RATES Interest Rates and the Demand for Credit by CONSUMER CREDIT Consumer Credit Quality—A Search for an Answer As the Nation Goes, So Goes the South? by As the Nation Goes, So Goes the South? by District Banks Expand Their Role as Capital Market Intermediaries by H iram J. H onea, June, p. 41. DECEMBER 1966 C. R ichard INCOME CAPITAL MARKET INTERMEDIARIES Leary, July, p. 54. Long, Feb., p. 9. ECONOMIC FORECASTING BANKING A Study of Checking Activity by C. R ichard Long, July, p. 49. ’65 District Economy: Where the Growth Is by and R obert R. W yand, II, April, p. 25. H arry B randt What Happened to State and Local Government Borrowing? by C. W illiam Schleicher, Jr., N ov., p. 88. OPERATING RATIOS 1965 Operating Ratios by Paul A. Crowe, M ay, p. 36. SIXTH DISTRICT STATISTICS Jan., p. 7; Feb., p. 15; M ar., p. 23; A pril, p. 31; M ay, p. 39; June, p. 47; July, p. 59; Aug., p. 67; Sept., p. 75; Oct., p. 83; N ov., p. 91; Dec., p. 99. STATE AND LOCAL GOVERNMENT BORROWING What Happened to State and Local Government Borrowing? by C. W illiam Schleicher, Jr., N ov., p. 88. State and Local Borrowing in a Changing Market by H iram J. H onea, Jan., p. 3. TEXTILES Textiles in Transformation by C. R ichard Long, M ay, p. 33. VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM Hitting the Target in 1965-66 by W. M. Davis, Jan., p. 1. • 97* INDEX F o r t h e Y e a r 1 9 6 7 Month Pages Jan u ary February M arch April M ay Ju n e Ju ly August Septem ber October November December 1-16 17-28 29-44 45-56 57-72 73-88 89-104 105-116 117-128 129-140 141-160 161-172 A G R IC U L T U R A L C R E D IT Farm Loans at Southern Banks by R obert E. Sweeney, 106. The Southern Agricultural Bank by R obert E. Sweeney, 30. The Southern Farm Borrower by R obert E. Sweeney, 63. A G R IC U L T U R E Agriculture Shows Divergent Trends by R obert E. Sweeney, 10. BALANCE OF PAYM ENTS The U.S. Balance of Paym ents: Policies and Results by John E. Leimone, 46. BANK A N N O U N C E M E N T S 13, 22, 35, 53, 69, 78, 94, 113, 125, 135, 146, 167. BANK LOANS Bank Credit Expansion Slows by P aul A. Crowe, 5. Large Banks—Important Suppliers of LongTerm Business Credit by W. M . Davis, 40. B A N K IN G See Agricultural Credit Bank Loans Check Collection Consumer C redit D iscount Window Interest R ates M obile Home Financing T ru st D epartm ents BOARD OF D IR E C T O R S Bank’s Board Changes, 24. C A P IT A L FLOW S See M ortgage Financing M O N THLY R E V IE W CENTRAL BANK SW APS Central Bank Swaps— A Bulwark of International Monetary Cooperation by John E. Leimone, 162. CHECK Another Milestone in Magnetic Ink Encoding, 111. Consumer Borrowing Slackens by Joe W. McLeary, 23. The Mobile Story of Consumer Instalment Lending by Robert E. Sweeney and Joe W. M eLeary, 51. FIN A N C IN G Regional Corporate Financing: Regaining Its Importance? by C. W illiam Schleicher, Jr., 39. D ISC O U N T When Banks Borrow by Paul A. Crowe, 96. B U S IN E SS C O N D IT IO N S 16, 28, 44, 56, 72, 88,104, 116,128,140,160,172. E C O N O M IC See Financial Institutions M ortgage Financing See Economic Conditions IN T E R E S T C O N D IT IO N S RATES Interest Rates Dip as Business Lending Slows by W. M. Davis, 100. IN T E R N A T IO N A L FIN A N C E See Balance of Paym ents C entral Bank Swaps M O B ILE W IN D O W D IS TR IC T Honea, 12. IN C O M E C R E D IT CORPORATE IN S T IT U T IO N S Financial Institutions Pressured by H iram J. H O U SIN G C O L L E C T IO N CONSUM ER FIN A N C IA L HOME FIN A N C IN G The Changing Emphasis on Mobile Home Financing by Joe W. M eLeary, 58. MONETARY PO LIC Y See Balance of Paym ents Economic Conditions, 18. Georgia’s Climb Runs Into Air Pockets by Carole E. Scott, 36. Louisiana: An Independent Economic Path1? by John E. Leimone, 123. A Perspective on Florida’s Income by P aul A. Crowe, 136. Tennessee Comes Out Ahead by Carole E. Scott, 67. Things Have Changed, 18. Toward Full Employment W ith a Southern Twist by Charles T. Taylor, 2. What Kind of Economy Can the South Expect? by Charles T. Taylor, 118. Also see Em ployment M ortgage Financing Diversification of District Employment by C. R ichard Long, 79. Gains in Industry Continue by C. Richard Long, 8. Job Growth: Population Centers vs. Hinterland by C. R ichard Long, 147. RESERVE SYSTEM See Central Bank Swaps D iscount Window D E C E Mfor B E FRASER R 1967 Digitized FIN A N C IN G Southern Mortgage Bankers Eye Housing Prospects by H iram J. Honea, 90. Southern Mortgage Banking Matures— Part I, Essential Role in a Growing Region by H iram J. Honea, 130. Southern Mortgage Banking Matures— Part II, Growth and Structural Change by H iram J. Honea, 151. Also see Financial Institutions P R IC E S W hat’s Happening to Prices? by Lawrence F. Mansfield, 142. SIX TH EM PLOYM ENT FEDERAL M ORTGAGE D IS T R IC T ST A T IST IC S 14, 26, 42, 54, 70, 86, 102, 114, 126, 138, 158, 170. SOYBEANS Soybeans: America’s Cinderella Crop by Robert E. Sweeney, 74. TRUST DEPARTM ENTS A Little Known Side of Banking by W. M. Davis, 95. 169 Index for the Year 1 9 6 8 M onth Pages Jan u ary 1-16 February 17-28 M arch 29-44 April 45-56 M ay 57-68 Ju n e 69-88 Ju ly 89-100 101-116 August Septem ber 117-128 October 129-144 November 145-156 December A G R IC U L T U R A L 157-168 C R E D IT Bookkeeping for Farmers: A N ew Bank Service by R obert E. Sweeney, 90. A G R IC U L T U R E District Egg Producers Crack U. S. M arket by R obert E. Sweeney, 146. K ing Cotton’s D w indling Em pire by R obert E. Sweeney, 22. 1968 Crop Acreages Up? by R obert E. Sweeney, 61. See also Agricultural C redit BANK ANNOUNCEM ENTS 21, 35, 50, 63, 74, 97, 113, 125, 149, 163. BANK D E B IT S Spending— Slowing Down?, 159. M O N T H L Y R E V IE W B A N K H O L D IN G C O M P A N IE S FEDERAL B ank Holding Companies: Their Growth and Performance by Jo e W. M eLeary, 131. FUNDS M ARKET T he Federal Funds M arket in the Southeast by H arry B randt and P aul A. Crowe, 7. B A N K IN G F IN A N C IA L See Bank H olding Companies IN S T IT U T IO N S Our Challenged Financial Institutions C redit Cards by Dorothy F. Arp, 110. Financial Institutions GOLD BOARD OF D IR E C T O R S Federal Reserve B ank of A tlanta and Branches, Effective January 1, 1968, 40. IN C O M E Seasonal Income Patterns in the South BUDGET The N ew B udget by Lawrence F. M ansfield, 30. Consumer Conundrum by Joe W. M ONETARY Credit Cards— Can Sm all Banks Compete? by Joe W. M eLeary, 18. B U S IN E S S M onetary Policy by John E. Leimone, 102. See also Gold Policy CARDS D IS T R IC T F IN A N C E The Euro-Dollar M a rk et: A n E lem ent in M eLeary, 70. C R E D IT by Joe W. M eLeary, 150. IN T E R N A T IO N A L CO N SU M ER T he P O L IC Y Gold Policy Communique, 51. P O L IC Y Threats to the Dollar, 46. See also Gold Policy C O N D IT IO N S State and Local Government 16, 28, 44, 56, 68, 88, 100, 116, 128, 144, 156, Finances, 82. 168. E C O N O M IC C O N D IT IO N S A fter the Pause— T he S ixth District in 1967, 2. Florida S till on the Growth Path by C. S. Pyun, 139. Growing M etropolitan Areas Profile Alabama’s P R IC E S W hat’s H appened to Prices'? by Lawrence F. M ansfield, 119. S IX T H D IS T R IC T S T A T IS T IC S 14, 26, 42, 54, 66, 86, 98, 114, 126, 142, 154, 166. Econom y by Jo e W. M eLeary, 36. Louisiana: Some Puzzling Economic Trends by John E. Leimone, 161 Mississippi: Industrialization Brings Interdependence by W illiam N. Cox, III, 64. Shifting Sands in Georgia’s Econom y by D orothy F. Arp, 52. Tennessee Paints an Abstract by C. William Schleicher, Jr., 124. See also Bank D ebits Income EM PLOY M ENT See Unemploym ent D E C Efor M B FRASER E R 1968 Digitized S T A T E A N D L O C A L G O V E R N M E N T F IN A N C E S Southern M unicipals Feel the Pinch by H iram J. Honea, 82. State and Local Government Finances in the Sixties by Lawrence F. M ansfield, 75. T E X T IL E S The Recent T extile Recession and Recovery by R ichard Long, 58. U N EM PLOYM ENT County Job Growth and U nem ploym ent Patterns by R ichard Long, 94. 165 INDEX FOR THE YEAR 1969 MONTH JAN U ARY PAGES 1-16 PAGES 85-96 JU LY 97-108 FEBRUARY 17-32 AUGUST MARCH 33-44 SEPT EM BER 109-120 A P R IL 45-56 OCTOBER 121-132 MAY 57-68 NO VEM BER 133-144 JUNE 69-84 DECEM BER 145-160 A G R IC U L T U R A L C R E D IT Southern Banks’ Changing Role in Farm Credit b y R o b e r t E . S w e e n e y , 76. A G R IC U L T U R E Farm Prices Have Trended Downward; Will Consumers Benefit? b y MONTH G e n e D . S u l l i v a n , 152 A Good Year for Agriculture b y R o b e r t E . S w e e n e y , 8. BANK AN N O U N CEM EN TS 11, 13, 23, 41, 53, 64, 81, 93, 101, 117, 129, 138, 155. B A N K C R E D IT A Federal Reserve Innovation: One-Week Settlement Period for Country Banks b y W i l l i a m N . C o x III, 147 Southern Banks’ Changing Role in Farm Credit b y R o b e r t E . S w e e n e y , 76 What Makes For Bank Profitability? 91 B A N K IN G STRU CTU RE Absentee Ownership— Its Impact on Bank Holding Company Performance b y J o e W . M c L e a r y , 99 . Banking Structure and Deposit Concentration in the Southeast b y J o e W . M c L e a r y , 86. Bank Credit Grows Uninterrupted b y D o r o t h y F . A r p , 12 B A N K D E P O S IT S B O A R D OF D IR E C T O R S Federal Reserve Bank of Atlanta and Branches, Effective January 1, 1969, 28 Bank Deposit Growth and Income Change in the Southeast, 50 C O N S T R U C T IO N B A N K H O L D IN G C O M P A N IE S Absentee Ownership— Its Impact on Bank Holding Company Performance b y J o e W . M c L e a r y . 99 . B A N K IN G Banking Structure and Deposit Concentration in the Southeast b y J o e W . M c L e a r y , 86. Digitized 156 for FRASER Construction Stars b y H ir a m J. H o n e a , 10 C O N S U M E R A C T IV IT Y Consumer Surprises by Joe W . M cL ea ry , 4 Is the Consumer Behaving? b y E m e r s o n A t k in s o n , 122. M O N TH LY REVIEW D IS T R IC T B U S IN E S S C O N D IT IO N S 16, 3 2 , 4 4 , 56 , 68 , 84, 9 6 , 108, 120, 132, 144, 160. IN D U S T R Y Prosperity Slows Industrial Growth by C. E C O N O M IC S. P y u n , 6. C O N D IT IO N S , General Our Greatest Economic Problem b y M o n r o e K i m b r e l , 46 . The Unemployment-Inflation Trade-Off: What 1969 Forecasts Imply by Joe W . M cL ea ry and C. S. P y u n , 19. Unemployment: Who It Hits b y J o e W . M c L e a r y , 114. E C O N O M IC C O N D IT IO N S , Sixth District States Alabama’s Economy Grows but Loses Speed b y J o e W . M c L e a r y , 24 IN F L A T IO N Our Greatest Economic Problem The Unemploy ment-Inflation Trade-Off: What 1969 Forecasts Imply by J oe W . M cL e a ry and C. A Federal Reserve Innovation: One-Week Settlement Period for Country Banks by W illia m N. Cox, III, 147. The M oney Supply Controversy N. Cox, III, 70. b y W illia m Mississippi Nonfarm Jobs in the Sixties: A Sneak Preview b y M o n r o e K im b r e l, N. C o x , III , 139. b y W illia m Prosperity Slows Industrial Growth by C. S. P y u n , 6 S. P y u n , 19. M O N E T A R Y P O L IC Y 1968: Another Prosperous Year for Georgia b y D o r o t h y F . A r p , 39. 46. b y M o n r o e K im b r e l, Questions People Ask M e 134. M ONEY SU PPLY The M oney Supply Controversy b y W illia m N. C o x , III, 70. Tennessee’s Pace Begins to Slacken b y J o h n M . G o d f r e y , 127 PAPER IN D U S T R Y What Kind of Year? The Southeast in 1968 The Southeast’s Booming Paper Industry E C O N O M IC P R IC E S b y H a r r y B r a n d t , 2. FO RECASTS The Unemploy ment-Inflation Trade-Off: What 1969 Forecasts Imply by Joe W. M c L e a r y a n d C. S. P y u n , 19. EXPORTS by C. S. P y u n , 110. Farm Prices Have Trended Downward: Will Consumers Benefit? b y G e n e D . S u l l i v a n , 152. S IX T H D IS T R IC T S T A T IS T IC S Comparative Advantage and Structural Change in Regional Exports 14, 30, 42, 54, 66, 82, 94, 106, 118, 130, 142, 168. A Regional View of Export Patterns SPACE PROGRAM S b y J o h n E . L e im o n e , 102. b y J o h n E . L e im o n e , 34. F IN A N C IA L IN S T IT U T IO N S Growing 65. Financial Resources in the Southeast IN C O M E Bank Deposit Growth and Income Changes in the Southeast b y D o r o t h y F . A r p , 50. Digitized forBER FRASER DECEM 1969 Slowdown in Space Programs: Its Impact on the Southeast by C. S. P y u n , 58. UN EM PLOYM ENT The Unemploy ment-Inflation Trade-Off: 1969 Forecasts Imply by J oe W . M c L e a r y and C . What S. P y u n , 19. Unemployment: Who It Hits by Joe W . M cL ea ry, 114. 157 INDEX FOR THE YEAR 1 9 7 0 MONTH PAGES JANUARY 2-20 110-124 MARCH 38-48 SEPTEMBER 126-140 APRIL 50-60 OCTOBER 142-152 MAY 62-72 NOVEMBER 154-172 JUNE 74-88 DECEMBER 174-196 Gene D. Sullivan, 12. n e D. Su l l iv a n by Loan Sales J o h n M. G o d f r ey , 104. Profitability J o h n M. G o d f r ey , 148. by 126. , BANKING STRUCTURE M ilk Flows Where Population Goes by 90-108 AUGUST Growing Corner of the Nation’s Egg Basket Ge JULY 22-36 AGRICULTURE by PAGES FEBRUARY Agriculture Shows M ixed Behavior by MONTH Gene D. Sullivan, 62. BANK ANNOUNCEMENTS 11, 31, 45, 57, 66, 79, 103, 121, 131, 147, 166, 191. A Decade of Holding Company Regulation in Florida by Ch a r l es D. Sa l l ey , 90. BOARD OF DIRECTORS BANK HOLDING COMPANIES A Decade of Holding Company Regulation in Florida by C harles D. Salley, 90. Federal Reserve Bank of Atlanta and Branches, Effective January 1 , 1970, 32. CHEMICAL INDUSTRY BANKING Chemicals Bring Changes to the Southeast Banking in a Developing Economy: American Patterns by by Latin Jo h n E. Leimone, 154. R ober t E. W il l a r d , 161. CONSTRUCTION Banking Responds to Monetary Restraint Construction Continues Strong by Jo h n M. Godfrey, 7. by Term Lending: A Lagging Respondent to Monetary Restraint CREDIT FLOWS by J o h n M. Go d fr ey , 80. B o y d F. K in g , 15. Impairment in Credit Flows: Fiction N. Fact or III, 22. BANKING NOTES, Sixth District Bank Liquidity b y J o h n M. G o d f r e y , 118. by Business Loans Joseph E. Rossman, 168. M ilk Flows Where Population Goes by Certificates of Deposit b y J o h n M. G o d f r e y , 136. Deposit Inflows b y J o h n M. G o d f r e y , 84. Reduced D iscount Activity by J o h n M. Go d f r e y , 188. 192 W il l ia m Co x , DAIRY INDUSTRY by Ge n e D. Su l l iv a n , 62. DEBITS TO DEMAND DEPOSIT ACCOUNTS 19, 35, 47, 59, 71, 87, 107, 123, 139, 151, 171, 195. DISTRICT BUSINESS CONDITIONS 20, 36, 48, 60, 72, 88, 108, 124, 140, 152, 172, 196. MONTHLY REVIEW ECONOMIC CONDITIONS, General INTERNATIONAL FINANCE Getting Inflation Under Control Banking in a Developing Economy: American Patterns by C harles T. Taylor, 142. The Southeast: A t the Turn of the Decade by Jo h n E. Leimone, 154. by H arry Brandt, 2. International Lending Agencies: for Economic Development ECONOMIC CONDITIONS, Sixth D istrict S ta tes by Jo h n E. Leimone, 38. Alabama’s Economy Moves in Step with the Nation’s LATIN AMERICA by Boyd F. King, 100. Area Diversity in Louisiana’s Growth by A rnold D ill, 27. Lumber on the Rebound by R obert E. W illard, 132. Emerson A tkinson, 55. H arry Brandt, 2. MONETARY POLICY Banking Responds to Monetary Restraint by Jo h n M. Godfrey, 7. FARM INCOME Impairment in Credit Flows: Fiction Agriculture Shows M ixed Behavior by Incomes Policies: o h n E. Le im o n e , 38. Measuring Monetary Policy by W illiam N. Cox, III, 182. OPEN MARKET OPERATIONS GRANTS-IN-AID Federal Aid: Economy A Quick Critique by R obert H. Floyd, 174. International Lending Agencies: Instruments for Economic Development J Fact or by W illiam N. Cox, III, 22. Gene D. Sullivan, 12. FINANCIAL INSTITUTIONS by Latin LUMBER INDUSTRY The Southeast: A t the Turn of the Decade by Banking in a Developing Economy: American Patterns by Jo h n E. Leimone, 154. Georgia’s Economy Jogs Along by Instruments Jo h n E. Leimone, 42. Florida’s Torrid Growth Cools a Bit by Latin A Boost to the Southeastern Minutes 1962-65. Available for Reference, 31. PRODUCTION INDEX by R obert H. Floyd, 110. by R obert H. Floyd, 50. A New Measure of Industrial Activity: Manufacturing Production Index INCOMES POLICIES PUBLIC FINANCE Incomes Policies: A Quick Critique Revenue Sharing: Revenue Sharing: by R o ber t H. Fl o y d What It Might Mean , by C. S. Pyun, 74. 174. W hat It Might Mean by R obert H. Floyd, 50. INDUSTRIAL ACTIVITY A New Measure of Industrial Activity: Manufacturing Production Index SIXTH DISTRICT STATISTICS District 18, 34, 46, 58, 70, 86, 122, 138, 150, 170, 194. by C. S. Pyun, 74. STABILIZATION POLICIES Industrial Pace Slows Incomes Policies: by R obert E. W illard, 4. W hat’s Happening in Textiles? by R obert E. W illard, 67. A Quick Critique by Robert H. Floyd, 174. Measuring Monetary Policy by W illiam N. Cox, III, 182. INFLATION TEXTILE INDUSTRY Getting Inflation Under Control What’s Happening in Textiles? by C harles T. Taylor, 142. DECEMBER 1970 District by R obert E. W illard, 67. 193 I N D E X M ONTH M ONTH PAG ES J a n u a ry F O f ? 2 -2 0 PAGES J u ly 1 2 2 -1 4 0 F e b ru a ry 2 2 -4 0 A ugust 1 4 2 -1 6 0 M a rc h 4 2 -6 0 S e p te m b e r 1 6 2 -1 8 0 A p r il 6 2 -7 6 O c to b e r 1 8 2 -1 9 6 M ay 7 8 -9 6 N ovem ber 1 9 8 -2 1 6 June 9 8 -1 2 0 D ecem ber 2 1 8 -2 3 6 A G R IC U L T U R E Agriculture: A Year of Bountiful Production By Emerson Atkinson, 62 By Gene D. Sullivan, 107 1970 Bank Holding Company Amendments: What Is "Closely Related to Banking"? A N N O U N C E M E N T S By Charles D. Salley, 98 17, 29, 55, 70, 86,115,128,175,191, 204, 229 H O L D IN G S T R U C T U R E A Decade of Sixth District Bank Merger Activity The Move to Greener Pastures B A N K 1 9 7 1 Lending Rates to Businesses By John M. Godfrey, 136 Loans and Investments By Joseph E. Rossman, Jr., 156 Mobile Hom e Loans By John M. Godfrey, 230 Net Income By John M. Godfrey, 116 "Other Securities" By Joseph E. Rossman, Jr., 34 Real Estate Loans By Joseph E. Rossman, Jr., 212 Term Lending By John M. Godfrey, 56 B A N K IN G By Gene D. Sullivan, 15 B A N K Y E A R Southern Banks Take Cue from Economic Growth C O M P A N IE S 1970 Bank Holding Company Amendments: What Is "Closely Related to Banking"? By Charles D. Salley, 98 By Joseph E. Rossman, Jr., 151 B A N K M E R G E R S A Decade of Sixth District Bank Merger Activity By Emerson Atkinson, 62 B A N K IN G Banking: A Rerun in Reverse B E E F By John M. Godfrey, 7 C A T T LE IN D U S T R Y The Move to Greener Pastures Liability Management Banking: Its Growth Impact and By Arnold Dill, 22 Liability Management Banking: Its Practice in the Sixth District By Gene D. Sullivan, 107 B O A R D O F D IR E C T O R S Federal Reserve Bank of Atlanta and Branches, Effective January 1, 1971, 36 By Arnold Dill, 218 C O N S T R U C T IO N Southern Banks Take Cue from Economic Growth Construction: Stunted Growth By Joseph E. Rossman, Jr., 151 The Spread of International Banking: A Regional View By John E. Leimone, 142 B A N K IN G N O T E S , Bank Lending By John M. Godfrey, 176 Federal Funds By Joseph E. Rossman, Jr., 92 Flow o f Funds By John M. Godfrey, 192 232 IN D U S T R Y By Boyd F. King, 12 C O N S U M E R A C T IV IT Y Consumer Credit Cranks Up By Emerson Atkinson, 186 S ix th D is t r ic t The Consumer: A Reluctant Spender By Emerson Atkinson, 10 C R E D IT P O L IC Y Liability Management Banking: Its Growth Impact and By Arnold Dill, 22 MONTHLY R EV IEW Selective Credit Controls: The Experience and Recent Interest By Arnold Dill, 78 How Do They Stack Up? By Robert H. Floyd, 205 H O U S IN G D E B IT S TO D E M A N D D E P O S IT By Boyd F. King, 171 A C C O U N T S 19, 39, 59, 75, 95, 119, 139, 159, 179, 195, 215, 235 D E F E N S E A C T IV IT Y Defense-Related Cutbacks: Their Impact on the Southeast By Frederick R. Strobel, 162 D IS T R IC T A Decade of Progress for Southeastern Housing B U S IN E S S C O N D IT IO N S 20, 40, 60, 76, 96, 120, 140, 160, 180, 196, 216, 236 Mobile Home Manufacturing: Infant Industry Crows Up By W illiam D. Toal, 129 IN D U S T R IA L A C T IV IT Y Defense-Related Cutbacks: Their Impact on the Southeast By Frederick R. Strobel, 162 Industrial Growth: What Happened! By W illiam D. Toal, 4 IN T E R N A T IO N A L E C O N O M E T R IC M O D E LS Econometric Models: What They Are and What They Say for 1971 By Frederick R. Strobel and W illiam D. Toal, 42 E C O N O M IC C O N D IT IO N S , Sixth District States Alabama: Out of the Doldrums? By Brian Dittenhafer, 225 Florida: Sunny Skies Ahead? By Arnold Dill, 71 Mississippi in 1970: Paddling Against the Current F IN A N C E The Spread of International Banking: A Regional View By John E. Leimone, 142 L IA B IL IT Y M A N A G E M E N T B A N K IN G Liability Management Banking: Its Growth and Impact By Arnold Dill, 22 Liability Management Banking: Its Practice in the Sixth District By Arnold Dill, 218 By W illiam N. Cox, III, 52 M O B IL E Pelican State Buffeted by Adverse Economic Head winds Mobile Home Manufacturing: Infant Industry Grows Up By Joseph E. Rossman, Jr., 188 Tennessee's Economic Horizon Brightens By John M. Godfrey, 87 The Georgia Economy: Building Momentum for a Quicker Pace? By Emerson Atkinson, 112 The Southeast in 1970: Off— But Ahead of U. S By Harry Brandt, 2 E C O N O M IC IN D U S T R Y By W illiam D. Toal, 129 P O P U L A T IO N People and Places: A Decade of Southern Change By W illiam D. Toal, 198 S E L E C T IV E C R E D IT C O N T R O LS Selective Credit Controls: The Experience and Recent Interest By Arnold Dill, 78 D E V E LO P M E N T S People and Places: A Decade of Southern Change By W illiam D. Toal, 198 F E D E R A L H O M E E X P E N D IT U R E S Changing Priorities in Federal Expenditures By Robert H. Floyd, 122 G O V E R N M E N T E X P E N D IT U R E S Changing Priorities in Federal Expenditures By Robert H. Floyd, 122 Southeastern State and Local Expenditures: FEDERAL RESERVE BANK O F ATLANTA S IX T H D IS T R IC T S T A T IS T IC S 18, 38, 58, 74, 94, 118, 138, 158, 178, 194, 214, 234 S T A TE A N D L O C A L E X P E N D IT U R E S Southeastern State and Local Expenditures: How Do They Stack Up? By Robert H. Floyd, 205 T R E A S U R Y D E B T The Treasury Debt: Someone Else's Assets By W illiam N. Cox, III, 182 233 INDEX MONTH January February March April May June PAGES 2-16 18-36 38-52 54-72 74-92 94-108 FDR MONTH July August September October November December PAGES 110-128 130-148 150-164 166-184 186-204 206-220 ANNOUNCEMENTS YEA R 1972 Consumer Loans By Joseph E. Rossman, Jr., 89 Consumer Time Deposits By John M. Godfrey, 29 International A ctivity By John Leimone, 215 Loans and Investments By Joseph E. Rossman, Jr., 161 Negotiable CD's By Joseph E. Rossman, Jr., 123 SBA Guarantees By John M. Godfrey, 201 32, 124 Securities By John M. Godfrey, 69 AG R IC ULTU RE Term Credit By John M. Godfrey, 145 Agriculture: Another Good Year By Gene D. Sullivan, 10 BANKING STRUCTURE The Impact of Insurance Companies on Farm Lending By Gene D. Sullivan, 210 Concentration in Banking Markets: Regulatory Numerology or Useful Merger Guidelines? Southeastern Agriculture: A New Dress and a New Girl, Too One-Bank Holding Companies in the Southeast By Gene D. Sullivan, 150 By Charles D. Salley, 82 Where the Chickens Come Home to Roost By Gene D. Sullivan, 23 BANK A N N O U N C E M E N TS 3, 32, 41, 81,103,124, 143,159, 175,199, 209 BANK H O LD IN G COM PANIES By Charles D. Salley, 186 BOARD OF D IR ECT O R S 30 BROILER IN D U S T R Y Where the Chickens Come Home to Roost By Gene D. Sullivan, 23 One-Bank Holding Companies in the Southeast CHECKS By Charles D. Salley, 82 The Georgia Tech Findings: Checks and the Payments Mechanism BANKING By Charles D. Salley, 18 (see also Banking Notes, Bank Holding Companies, Banking Markets, Banking Structure) Banking: Rapid Deposit Growth By Joseph E. Rossman, Jr., 12 COAL Coal: Roaring Again By Brian Dittenhafer, 42 District Banking: Ten Years of Growth and Change CONSTRUCTION A CTIVITY By John M. Godfrey, 54 Construction: Vigorous Expansion Southeastern Banks and SBA Increase Lending To Minority Enterprises By Boyd F. King, 8 By John M. Godfrey, 166 What's in Store for Bank Credit Cards in the Southeast? By Emerson Atkinson, 99 BANKING MARKETS Concentration in Banking Markets: Regulatory Numerology or Useful Merger Guidelines? By Charles D. Salley, 186 BANKING NOTES Bank Borrowings By Joseph E. Rossman, Jr., 181 Bank Profits By John M. Godfrey, 105 Business Lending By Joseph E. Rossman, Jr., 49 216 CONSUM ER SPEN D IN G The Consumer: Spending More By Emerson Atkinson, 6 CRED IT CARDS What's in Store for Bank Credit Cards in the Southeast? By Emerson Atkinson, 99 DEBITS TO D E M A N D D E P O S IT ACCOUNTS 15, 35, 51, 71, 91, 107, 127, 147, 163, 183, 203, 219 D I S C O U N T RAT E The Discount Rate: Problems and Remedies By W illiam N. Cox, III, 94 DECEMBER 1972, MONTHLY REVIEW D ISTR IC T BUSINESS C O N DITIO NS INSURANCE C O M PANIES 16, 36, 52, 72, 92, 108, 128, 148, 164, 184, 204, 220 The Impact of Insurance Companies on Farm Lending By Gene D. Sullivan, 210 ECONOM ETRIC MODELS The 1971 Forecasts Revisited and a Look at 1972 By Frederick R. Strobel and W illiam D. Toal, 38 M ANU FA CTUR IN G GROWTH Manufacturing Growth "Down South" By W illiam D. Toal, 130 E C O N O M I C C D N D I T I D N S , 1971 M IN O R ITY BANK LENDING Agriculture: Another Good Year Southeastern Banks and SBA Increase Lending to Minority Enterprises By Gene D. Sullivan, 10 Banking: Rapid Deposit Growth By John M. Godfrey, 166 By Joseph E. Rossman, Jr., 12 M ONETARY POLICY INSTRUMENTS Construction: Vigorous Expansion By Boyd F. King, 8 The Consumer: Spending More By Emerson Atkinson, 6 The Discount Rate: Problems and Remedies By W illiam N. Cox, III, 94 Industry: A Pale Recovery PAYMENTS M ECHANISM By W illiam D. Toal, 4 The Georgia Tech Findings: Checks and the Payments Mechanism The Southeast in 1971— Out of the Woods By Harry Brandt, 2 By Charles D. Salley, 18 E C D N D M I C C D N D I T I D N S IN SIXTH D IS T R IC T STATES Petroleum: A Gusher for the Southeast Mississippi in 1972 By W illiam N. Cox, III, 155 Smooth Sailing for Georgia's Economy By Emerson Atkinson, 119 Supercalif ragilisticexpialidocious Growth Returns to Florida By W illiam D. Toal, 176 PETROLEUM By Brian D. Dittenhafer, 137 RECENT PUBLICATIONS 33, 125, 193 S A V I N G S A N D L O AN ASSOCIATIONS Savings and Loan Associations in a Changing Economy By Boyd F. King, 74 Tennessee's Economy Builds Up Momentum For Further Gains SIXTH D IS T R IC T STATISTICS By John M. Godfrey, 194 14, 34, 50, 70, 90, 106, 126, 146, 162, 182, 202, 218 EC D N D M IC FORECASTS The 1971 Forecasts Revisited and a Look at 1972 SO UTHEASTERN ECONOM IC AND FINANCIAL TRENDS By Frederick R. Strobel and W illiam D. Toal, 38 District Banking: Ten Years of Growth and Change FEDERAL E C DN DM IC PDLICIES Manufacturing Growth "Down South" By John M. Godfrey, 54 Federal Economic Policies in Perspective By W illiam D. Toal, 130 By Robert H. Floyd, 62 Savings and Loan Associations in a Changing Economy GEORGIA TECH STUDY The Georgia Tech Findings: Checks and the Payments Mechanism By Charles D. Salley, 18 By Boyd F. King, 74 Southeastern Agriculture: A New Dress and a New Girl, Too By Gene D. Sullivan, 150 IN D USTRIAL A CTIVITY SMALL BUSINESS ADM INISTRATION Industry: A Pale Recovery SBA Guarantees By W illiam D. Toal, 4 By John M. Godfrey, 201 IN D USTRY STUDIES Southeastern Banks and SBA Increase Lending to Minority Enterprises Coal: Roaring Again By John M. Godfrey, 166 By Brian D. Dittenhafer, 42 Petroleum: A Gusher for the Southeast By Brian D. Dittenhafer, 137 Sizing Up Textiles TEXTILES Sizing Up Textiles By Brian D. Dittenhafer, 206 By Brian D. Dittenhafer, 206 VALUE-ADDED TAX Where the Chickens Come Home to Roost The Very Controversial Tax on Value Added By Gene D. Sullivan, 23 By Robert H. Floyd, 110 FEDERAL RESERVE BANK OF ATLANTA 217 I N D E X F D R 1 9 7 3 Consumer Lending Expands Rapidly MONTH PAGES MONTH January February March April May June 1-16 17-32 33-48 49-64 65-84 85-100 July August September October November Decem ber PAGES 101-116 117-132 133-148 149-168 169-184 185-204 Brian D . D ittenhafer, 164 Foreign Branches Add to Growth John E. Leim on e, 112 Impact of Strong Loan Demands John M . G o d fre y , 96 7972 Profit Rates Improve John M . G o d fre y , 80 Use of Municipals Increases John M . G o d fre y , 26 BOARD OF DIRECTORS 28 AGRICULTURE Agriculture: The Best Year Ever G e n e D . Sullivan, 10 Peanuts: A Crop That Belies Its Name in the Southeast G e n e D . Sullivan, 150 ANNOUNCEMENTS 3, 39, 156 APPAREL The Southeast's Cutting Up and Needles Trades W illia m D . To a l, 170 CAPACITY Prices and Unused Capacity Frederick R. Strobel, 186 COMPARATIVE ADVANTAGE Comparative Advantage and the Changing Composition of U. S. Output, Exports, and Imports John E. Leim on e, 134 CONSTRUCTION ACTIVITY Construction: More of the Same Boyd F. King, 8 CONSUMER SPENDING The Consumer: Becoming Confident BALANCE OF PAYMENTS Comparative Advantage and the Changing Composition of U. S. Output, Exports and Imports John E. Leim on e, 134 BANK ANNOUNCEMENTS Brian D . D ittenhafer, 6 DEBITS TO DEMAND DEPOSIT ACCOUNTS 15, 31, 47, 63, 83, 99, 115, 131, 147, 167, 183, 203 DISTRICT BUSINESS CONDITIONS 3, 25, 72, 79, 95, 111, 129, 143, 162, 191, 196-97 16, 32, 48, 64, 84, 100, 116, 132, 148, 168, 184, 204 BANKING (see also Banking Notes) Agriculture: The Best Year Ever Another Look at the Southeast's Fed Funds Market A rn o ld A . D ill, 126 Banking: Strong and Balanced Growth John M . G o d fre y , 12 Controlling Money With Bank Reserves W illia m N . C ox, III, 55 Maturity of Negotiable CD's at District Banks A rn o ld A . D ill, 34 Meeting Reserve Requirements W illia m N . C o x , III, 157 Member Bank Borrowing: Process and Experience A rn o ld A . D ill, 50 The Paradox of Bank Reserves W illia m N . C o x , III, 144 ECONOMIC CONDITIONS 1972 G e n e D . Sullivan, 10 Banking: Strong and Balanced Growth John M . G o d fre y , 12 Construction: More of the Same Boyd F. King, 8 The Consumer: Becoming Confident Brian D . D ittenhafer, 6 Industry: A Rising Labor Demand W illia m D . To a l, 4 The Southeast in 1972: Matches Fast U. S. Pace H arry Brandt, 2 ECONOMIC CONDITIONS IN SIXTH DISTRICT STATES Alabama: A Close-Up BANKING NOTES Bank Credit Card Use Expands John M . G o d fre y , 60 Business Loans Accelerate Joseph E. Rossman, Jr., 44 Business Loans Moderate Charles D . Salley, 198 Digitized 200 for FRASER Brian D . D ittenhafer, 118 An Industrial Production Index for Georgia Frederick R. Strobel, 73 * Florida: Where Do We Grow From Here? W illia m D . T o a l, 192 Louisiana Shares in Economic Recovery Joseph E. Rossman, Jr., 40 DECEMBER 1973, MONTHLY REVIEW ENERGY PRICES Energy and the Economy: A View From the Southeast Prices and Unused Capacity Brian D . Dittenhafer, 92 Frederick R. Strobel, 186 FEDERAL FUNDS MARKET RECENT PUBLICATIONS Another Look at the Southeast's Fed Funds Market 163 A rn o ld A . D ill, 126 RESERVE REQUIREMENTS FOOD STAMPS Food Stamps: A Boost to the Southeastern Economy Meeting Reserve Requirements W illia m N . C ox, III, 157 G e n e D . Sullivan, 86 RESERVES AND MONETARY AGGREGATES INDUSTRIAL ACTIVITY An Industrial Production Index for Georgia Frederick R. Strobel, 73 Industry: A Rising Labor Demand W illia m D . To a l, 4 Controlling Money with Bank Reserves W illia m N . C ox, III, 55 Meeting Reserve Requirements W illia m N . C ox, 111,157 The Money Stock W illia m N . C ox, III, 178 INDUSTRY STUDIES An Industrial Production Index for Georgia The Paradox of Bank Reserves W illia m N . C ox, III, 144 Frederick R. Strobel, 73 Services in the Soaring South W illia m D . To a l, 66 The Southeast's Cutting Up and Needles Trades REVENUE SHARING The District: A Note on Revenue Sharing A rn o ld A . D ill, 109 W illia m D . To a l, 170 Steel Production and Import Trends in the Southeast Frederick R. Strobel, 18 SERVICE INDUSTRY Services in the Soaring South W illia m D . To a l, 66 MEMBER BANK BORROWING Member Bank Borrowing: Process and Experience A rn o ld A . D ill, 50 MONEY STOCK The Money Stock W illia m N . C ox, III, 178 SIXTH DISTRICT STATISTICS 14, 30, 46, 62, 82, 98, 114, 130, 146, 166, 182, 202 SOUTHEASTERN ECONOMIC AND FINANCIAL TRENDS Energy and the Economy: A View from the Southeast Brian D . Dittenhafer, 92 NEGOTIABLE CD'S Maturity of Negotiable CD's at District Banks A rn o ld A . D ill, 34 Food Stamps: A Boost to the Southeastern Economy G e n e D . Sullivan, 86 An Industrial Production Index for Georgia Frederick R. Strobel, 73 A Profile of Southeastern Poverty PEANUTS Peanuts: A Crop That Belies Its Name in the Southeast G e n e D . Sullivan, 150 W illia m D . To a l, 102 Services in the Soaring South W illia m D . To a l, 66 POVERTY A Profile of Southeastern Poverty W illia m D . To a l, 102 FEDERAL RESERVE BANK OF ATLANTA STEEL Steel Production and Import Trends in the Southeast Frederick R. Strobel, 18 201 IN D E X MONTH F O R 1974 PAGES January 1-16 MONTH PAGES July 93-112 February 17-28 August 113-128 March 29-40 September 129-148 April 41-56 October 149-164 May 57-72 November 165-180 June 73-92 December 181-200 AGRICULTURE BANKING NOTES A g ric u ltu re : A N e w H ig h -W a te r M ark A n o th e r Record Year fo r CD's Gene D. Sullivan, 10 B oom ing A g ric u ltu ra l Loans o f C o m m e rcia l Banks W. F. Mackara, 22 Banking at M idyear Gene D. Sullivan, 182 Rice: Suddenly C lam ourous Food C rop o f the W o rld Charles D. Salley, 124 B o rro w in g : Back to Norm al? Gene D. Sullivan, 80 T obacco: The N a tio n 's O ldest C o m m e rcia l Crop Gene D. Sullivan, 30 W. F. Mackara, 108 CD M atu ritie s Fall to Record Low Charles D. Salley, 88 Cutback in M o b ile H om e Loans John M. Godfrey, 176 ANNOUNCEMENTS Effects o f R egulation D Changes W illiam N. Cox, III, 194 3, 21, 99, 105, 189 Loans to M anufacturers W illiam N. Cox, III, 160 BANK ANNOUNCEMENTS 1973: A G o o d P ro fit Year W. F. Mackara, 68 3, 43, 87, 106, 123, 139 Real Estate Lending A ctive Charles D. Salley, 52 BANKING (see also BANKING NOTES) Bank A cq u isitio n s a nd Future C o m p e titio n Charles D. Salley, 58 S hift in C onsum er Deposits Charles D. Salley, 36 Short-Run Reserve B o rro w in g W. F. Mackara, 144 Banking: C re d it Restraint W ith o u t a Crunch Charles D. Salley, 12 B oom ing A g ric u ltu ra l Loans o f C o m m e rcia l Banks Gene D. Sullivan, 182 196 for FRASER Digitized BOARD OF DIRECTORS 24 MONTHLY REVIEW, DECEMBER 1974 C O N S T R U C T IO N IN D U S T R IA L A C T IV IT IE S C o n s tru c tio n : Less o f the Same In d ustry: A b u n d a n t Shortages Boyd F. King, 8 C O N SU M E R SP EN D IN G Consum er S pending: Surge F o llo w e d by M o d e ra tio n Brian D. Dittenhafer, 6 DEBITS T O D EM A N D D EP O SIT A C C O U N T S 15, 27, 39, 55, 71, 91, 111, 127, 147, 163, 179, 199 W illiam D. Toal, 4 A Prim er on P ro d u ctivity Brian D. Dittenhafer, 150 Strange Happenings in the Labor M arket W illiam D. Toal, 140 IN D U S T R Y STU D IES S lo w d o w n in G eorgia M a n u fa ctu rin g : A Shift-Share Analysis Frederick R. Strobel, 166 D IS T R IC T BUSINESS C O N D IT IO N S 16, 28, 40, 56, 72, 92, 112, 128, 148, 164, 180, 200 E C O N O M IC C O N D IT IO N S 1973 IN T E R N A T IO N A L T R A D E A N D FIN A N C E Edge A ct C o rpo ra tio n s: An A d d e d D im ension to Southeastern In te rn a tio n a l Banking John E. Leimone, 130 A g ric u ltu re : A N e w H ig h -W a te r M ark Gene D. Sullivan, 10 Banking: C re d it Restraint W ith o u t a Crunch Charles D. Salley, 12 C o n s tru c tio n : Less o f the Same LA B O R M ARKET Strange Happenings in the Labor M arket W illiam D. Toal, 140 Boyd F. King, 8 Consum er S pending: Surge F o llo w e d By M od e ra tio n Brian D. Dittenhafer, 6 In d ustry: A b u n d a n t Shortages M O N EY S T O C K M easuring the M o n e y Stock W illiam N. Cox, III, 94 W illiam D. Toal, 4 The Southeast in 1973: Rapid G ro w th But B ehind U. S. Pace Harry Brandt, 2 E C O N O M IC C O N D IT IO N S IN SIXTH D IS T R IC T STATES The Econom ic S lo w d o w n H its Tennessee John M. Godfrey, 155 PRIME RATE The ABC's o f the Prim e Rate W. F. Mackara, 100 P R O D U C T IO N IN D EX /4 Revised M a n u fa ctu rin g P ro d u ction Index fo r the Southeast Frederick R. Strobel, 190 The M ississippi Econom y: Problem s and Prospects W illiam N. Cox, III, 18 N a tio n a l and W o rld Events Soften the "H e a rt o f D ix ie " W. F. Mackara, 172 S lo w d o w n in G eorgia M an u fa ctu rin g : A Shift-Share Analysis Frederick R. Strobel, 166 P R O D U C T IV IT Y A Prim er on P ro d u ctivity Brian D. Dittenhafer, 150 RICE Rice: Suddenly C lam ourous Food Crop o f the W o rld ED G E A C T C O R P O R A T IO N S Edge A c t C o rpo ra tio n s: An A d d e d D im e n sio n to Southeastern In te rn a tio n a l Banking John E. Leimone, 130 Gene D. Sullivan, 80 SIXTH D IS T R IC T ST A TIST IC S 14, 26, 38, 54, 70, 90, 110, 126, 146, 162, 178, 198 G R O SS N A T IO N A L P R O D U C T SO U TH ER N C IT IE S CNP and Econom ic W elfare The G row th o f Southern Cities in the Sixties Frederick R. Strobel, 74 Brian D. Dittenhafer, 42 IN C O M E D IS T R IB U T IO N TO BA CCO The D is trib u tio n o f Southeastern Incom e Tobacco: The N ation's O ldest C o m m ercial Crop W illiam D. Toal, 114 Gene D. Sullivan, 30 197 IN D EX FOR 1975 1-12 January July 105-116 February 13-28 August 117-132 March 29-48 September 133-156 April 49-68 October 157-176 May 69-84 November 177-200 June 85-104 December 201-220 AGRICULTURE Benefits o f 1974's Bad W e a t h e r A c c r u e d to D i s t r i c t Farmers Gene D. Sullivan, February, 18 A D e c a d e o f G r o w t h in S o uth easte rn A g r i c u l t u r a l Loans Gene D. Sullivan, November, 182 C ra in S upp lie s a n d F o o d Prices Gene D. Sullivan, November, 178 A N e w R e c o r d W h e a t C r o p : W i l l It R edu ce Farm In c o m e ? Gene D. Sullivan, August, 124 1975 C r o p P r o d u c t i o n : O u t s t a n d i n g in Both th e N a t i o n a n d D istrict Gene D. Sullivan, December, 210 P la n tin g Chan ges to R edu ce Farm P r o d u c t i o n Expen diture s Gene D. Sullivan, May, 76 B a n k in g S tru c t u re in th e Sixth D i s t r i c t States B. Frank King, September, 134 B a n k in g S tr u c t u re in Te nnessee B. Frank King, October, 169 Business Loans M a d e b y Sixth D i s t r i c t Banks: Is th e Q u a l it a t i v e I n f o r m a t i o n C ons is te nt? William N. Cox, III, and W. F. Mackara, March, 36 Case S tu d y in F lo rid a : P e r f o r m a n c e o f H o l d i n g C o m p a n y Banks Stuart G. Hoffman, December, 202 The I m p a c t o f D i s c o u n t A c t i v i t y o n Fe de ra l Funds Borrow ings John M. Godfrey, December, 206 U n i f o r m Price a n d B a n k in g M a r k e t D e l i n e a t i o n Charles D. Salley, June, 86 W h a t D o Banks P rod uce? ANNOUNCEMENTS 3, 127,196, 205, 209 W. F. Mackara, May, 70 BANKING MARKETS B a n k in g M a rk e ts a n d Fu tu re Entry BANK ANNOUNCEMENTS Charles D. Salley, March, 30 3, 127, 196, 205 U n i f o r m Price a n d B a n k i n g M a r k e t D e l i n e a t i o n BANKING (see also BANKING NOTES) BANKING NOTES A c c o u n t i n g f o r Loan C h arge-off s Business Loans in Recession John M. Godfrey, August, 118 B a n k in g M a rk e ts a n d Fu tu re Entry Charles D. Salley, March, 30 B a n k in g S tru c t u re in A la b a m a B. Frank King, September, 137 B a n k in g S tr u c t u r e in Flo rida B. Frank King, September, 142 B a n k in g S tr u c t u r e in G eo rg ia Joseph E. Rossman, Jr., September, 148 B a n k in g S tr u c t u r e in Louis iana David D. Whitehead, III, October, 158 B a n k in g S tr u c t u re in M issis sip p i Stuart G. Hoffman, October, 164 Digitized for216 FRASER Charles D. Salley, June, 86 William N. Cox, III, July, 112 C o n s u m e r Loan D e l i n q u e n c i e s Rise Brian D. Dittenhafer, March, 44 L i q u i d i t y Pressures I n t e n s i fy John M. Godfrey, February, 24 1 974 : L o w e r B ank Earnings John M. Godfrey, June, 100 A N o t e o n M a n u f a c t u r i n g Loans Joseph E. Rossman, Jr., May, 80 Real Estate L e n d i n g Increases John M. Godfrey, December, 214 R e b u i l d i n g B ank L i q u i d i t y John M. Godfrey, August, 128 DECEMBER 1975, MONTHLY REVIEW BANKING STRUCTURE ECO NO M IC C O N D ITIO N S IN THE U.S. Banking Structure in Alabama B. Frank King, September, 137 The Economy's Performance in Early 1975 Harry Brandt, A pril, 50 Banking Structure in Florida B. Frank King, September, 142 Banking Structure in Georgia Joseph E. Rossman, Jr., September, 148 Banking Structure in Louisiana David D. Whitehead, III, October, 158 Banking Structure in Mississippi Stuart G. Hoffman, October, 164 Banking Structure in the Sixth District States B. Frank King, September, 134 FARM LOANS A Decade of Growth in Southeastern Agricultural Loans Gene D. Sullivan, November, 182 FOO D PRICES Grain Supplies and Food Prices Gene D. Sullivan, November, 178 Banking Structure in Tennessee B. Frank King, October, 169 GRAIN BANK LENDING Grain Supplies and Food Prices Gene D. Sullivan, November, 178 Accounting for Loan Charge-offs John M. Godfrey, August, 118 H O LDING COMPANIES Business Loans Made by Sixth District Banks: Is the Qualitative Inform ation Consistent? W illiam N. Cox, III, and W. F. Mackara, March, 36 Case Study in Florida: Performance of Holding Company Banks Stuart G. Hoffman, December, 202 BOARD OF DIRECTORS PERSONAL INCOM E 20-21 BORROWINGS The Impact of Discount Activity on Federal Funds Borrowings John M. Godfrey, December, 206 CROP PRODUCTION 1975 Crop Production: Outstanding in Both the Nation and District Gene D. Sullivan, December, 210 The Sixth District Share of Personal Income in Mississippi, Louisiana, and Tennessee W illiam N. Cox, III, August, 126 RECESSION The Current Recession in Perspective (speech) Arthur F. Burns, Chairman, Board of Governors, Federal Reserve System, June, 94 SIXTH DISTRICT BANKING NOTES see BANKING NOTES DEBITS TO DEM AND DEPOSIT ACCOUNTS 11, 27, 47, 67, 83, 103, 115, 131, 155, 175, 199, 219 SIXTH DISTRICT STATISTICS 10, 26, 46, 66, 82, 102, 114, 130, 154, 174, 198, 218 DISCO UNT ACTIVITY The Impact of Discount A ctivity on Federal Funds Borrowing John M. Godfrey, December, 206 UNEMPLOYMENT DISTRICT BUSINESS C O N D ITIO N S Wages and Unemployment: A State Analysis of the Phillips Curve W illiam D. Toal, July, 106 12, 28, 48, 68, 84, 104, 116, 132, 156, 176, 200 E C O N O M IC A ND FINANCIAL C O N D ITIO N S IN THE SOUTHEAST 1974: A Year of Recession W illiam D. Toal and staff economists, January, 2 Unemployment in 1975 and 1976: What Do Rules of Thumb Predict? W illiam D. Toal, April, 56 WAGES Wages and Unemployment: A State Analysis of the Phillips Curve W illiam D. Toal, July, 106 ECO NO M IC C O N D ITIO N S IN SIXTH DISTRICT STATES WHEAT Louisiana and the Energy Shortage Joseph E. Rossman, Jr., February, 14 A New Record Wheat Crop: W ill It Reduce Farm Income? Gene D. Sullivan, August, 124 FEDERAL RESERVE BANK OF ATLANTA 217 w ithout aggravating inflation (see Chart 16). W hile the economy has lost some of its momentum, the financial climate remains conducive to a prolonged expansion. In retrospect, the economy's slowdown seems more like a pause than a full stop. True, it remains vulnerable to sudden shifts in expectations and influences abroad. How r January-February March .......... April Mav june July s ever, good progress has been made in holding down inflation and should buoy consumer spending. Capital spending and housing should then add strength. Excessive inventories are not currently a threat, and financial conditions support continued economic expansion.* 1 Index for 1976 .............pages 1-16 ..................... 17-32 ....................... 33-52 ............. . . . . 53-68 ....................... 69-84 ..................... 85-100 AGRICULTURE Recent Changes in the Cattle In ve n to ry Gene D. Sullivan, April, 47 Reshuffling 1976's Planted Acreages to Increase C ro p P ro du ction Expenditures Gene D. Sullivan, July, 91 APARTMENT B U ILD IN G A p a rtm e n t B u ild ing in the Recovery B. Frank King, June, 77 August ................... September ............. October ................. November ............. December ............. . . pages 101-116 ...............117-132 ...............133-148 ...............149-164 ...............165-184 .J BANKING (see also BANKING NOTES) D istrict Business Loan In flow s Joseph E. Rossman, Jr., March, 26 The G ro w th o f D is trict M e m b e r Bank E m p lo y m e n t, Offices a nd Salaries John M. Godfrey and Richard B. Lupton, October, 135 M u ltib a n k H o ld in g C ompanies and Local M a rk e t C on cen tratio n David D. Whitehead and B. Frank King, April, 34 A Profile o f Alabama Banking A c tiv ity W illiam N. Cox, III, April, 44 BANK A N NO UN C EM EN TS 13,46, 62, 95,109 Reserves M an ag em en t Strategy and the C arry-F orw ard Provision Stuart G. Hoffman, August, 102 Southeastern Banking in Recession a nd Recovery BANK LENDING D istrict Business Loan In flow s Joseph E. Rossman, Jr., March, 26 Loan Losses Surge in 1975 John M. Godfrey, November, 157 RVE BANK OF ATLANTA Stuart G. Hoffman and Richard A. Hendrix, October, 141 Tw o Decades o f Regional Participation in U. S. Banking A c tiv ity W illiam N. Cox, III, March, 18 173 BANKING NOTES Banks Reduce M u n ic ip a l H old in gs John M. Godfrey, September, 128 Changes in Tim e Deposits John M. Godfrey, June, 80 H O L D IN G COM PANIES M u ltib a n k H o ld in g C om panies a n d Local M a rk e t C o n c e n tra tio n David D. Whitehead and B. Frank King, April, 34 Earnings Plunge in 1975 John M. Godfrey, July, 97 Treasury Securities Expand Rapidly Richard Hendrix, May, 64 BANKING STRUCTURE M u ltib a n k H o ld in g Com panies a nd Local M a rk e t C o n ce n tra tio n David D. Whitehead and B. Frank King, April, 34 BOARD OF DIRECTORS LABOR PR O D U C T IV IT Y P ro d u c tiv ity a nd Change in the Southeast's M a n u fa c tu rin g Sector William D. Toal, September, 118 M A N U F A C T U R IN G P ro d u c tiv ity a n d Change in the Southeast's M a n u fa c tu rin g Sector William D. Toal, September, 118 24-25 CATTLE Recent Changes in the Cattle In v e n to ry Gene D. Sullivan, April, 47 C O N S TR U C TIO N A p a r tm e n t B u ild in g in the Recovery B. Frank King, June, 77 DEBITS T O D E M A N D DEPOSIT A C CO UN TS 15, 31, 51, 67, 83, 99,115,131,147,163,183 M O N ETA RY POLICY M o n e ta ry G r o w th O b jective s Stuart G. Hoffman, December, 175 PO LLU TIO N Sixth Federal Reserve D is tric t: C ap ital S pending fo r P o llu tio n A b a te m e n t William D. Toal, August, 110 PORTS Southeastern Ports Brian D. Dittenhafer, November, 151 DISTRICT BUSINESS C O N D IT IO N S 16, 32, 52, 68, 84,100,116,132,148,164 ,184 E C O N O M IC C O N D IT IO N S IN THE U. S. The U. S. E conom y in Recovery Harry Brandt, June, 70 RESERVES M A N A G E M E N T Reserves M a n a g e m e n t Strategy a n d the C arry-F o rw ard Provision Stuart G. Hoffman, August, 102 M o d e ra te Eco no m ic Expansion Harry Brandt, December, 167 E C O N O M IC A N D FINANCIAL C O N D IT IO N S IN THE SOUTHEAST Recession a nd Recovery in the Southeast: A N e w Perspective james T. Fergus, May, 54 RETAIL SALES A Retail Sales In d ic a to r fo r the Southeast Brian D. Dittenhafer, July, 85 SIXTH DISTRICT BANKING NOTES See BANKING NOTES The Southeast's Eco no m ic Review a n d O u t l o o k : A S lo w Road to Recovery William D. Toal and staff economists, January-February, 2 SIXTH DISTRICT STATISTICS 14, 30, 50, 66, 82, 98,114,130,146,162,182 DECEMBER 1976, MONTHLY REVIEW
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