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M o n th ly W R e v ie w F E D E R A L R E S E R V E B A N K O F AT L A N T A V o lu m e X X V II A tla n ta , G e o r g ia . D ecem ber 31, 1942 N um ber 12 Sixth D istrict Business Trends Most indexes of business activity in the Sixth District ranged upward during the period under review. There were substan tial gains in department store sales, but a substantial decline in furniture store sales. Cotton consumption and coal and electric power production continued at high levels. Bank de posits and money in circulation reached amounts never before attained. Responsible for these gains in large part was the amount of wartime spending, for few sectors of business ac tivity now remain unaffected by the effort to equip and main tain our armed forces. Rise in State Revenues: Increased District business ac tivity has been reflected in state revenue gains, but from sources other than gasoline taxes. Restrictions on the sale of gasoline have reduced gasoline tax collections. November gas oline tax collections were well under those of last year for each state of the District. Florida and Georgia, the earlier rationed states, reported especially large declines. Georgia collections, for example, were $1,641,659 for November of this year as compared with $2,309,853 for November 1941, a decrease of 29 per cent. Florida gasoline tax collections for November were $1,598,242 as compared with $2,267,394 for November 1941, a decrease of 30 per cent. Indexes of gasoline tax collections for Georgia and Florida, as well as for the other states of the District, are shown on page 88 of this issue of the Review. Losses in taxes on gasoline were largely offset by gains in other business-sensitive taxes. Greatly increased collections from taxes on incomes, sales, admissions, and beverages were generally reported in the District. With no change in income tax rates or in exemptions, Georgia by mid-November re ported that its income tax collections for the calendar year had reached an all-time high. Louisiana’s income tax collec tions for November were more than $800,000 greater than for November a year ago. Mississippi’s retail sales tax reached an all-time high for November, producing $1,366,376 as com pared with $888,770 for November of last year, an increase of 54 per cent. Louisiana’s new sales tax produced some $650,000 for November. Tennessee’s tobacco and beer tax revenues for November were almost 25 per cent greater than for November of last year. Gains in Retail Trade: Department store trade in the Sixth District continues to register substantial gains over last year. Indexes of department store sales and stocks are shown on page 88 of this Review. Sales of 22 reporting stores for the week ending December 19 were 6 per cent above the corres ponding week of last year; and for the four weeks ending December 19, were 11 per cent above the corresponding pe riod of last year. The volume of Christmas shopping last year was unusu ally large, but for the majority of reporting stores the 1942 Christmas season apparently broke all previous records, even though curtailment of store deliveries, delays in obtaining R e c o n n a is s a n c e P E B C E N T D EC R E A S E PER C EN T IN C R E A SE D e p a rtm e n tlliilliis Department |$ ||^ e Stocks F u r * e Sales Constructiojlll Cotton Consumption M (7 1 ) Collections m Bank I H ilia n k Loans M ember Demand De 40 30 20 10 (9 8 ) + 0 10 20 30 40 S ix th D is tric t s ta tis tic s lo r N o v e m b e r 1942 c o m p a r e d w ith N o v e m b e r 1941 merchandise, and difficulties in obtaining trained personnel disrupted usual sales procedures. Early in the Christmas rush the supplies of such items as tricycles, bicycles, wagons, and skates were largely exhausted, but buyers turned eagerly to other items. Retail sales of 113 reporting furniture stores in the District for the month of November showed a decrease of 11 per cent over October and a decrease of 6 per cent over November a year ago. Gains or losses, of course, were not uniform through out the District. Four Columbus stores reported an aggregate gain of 13 per cent for November over October, and 3 Savan nah stores and 5 New Orleans stores reported aggregate gains for the same period of 9 and 6 per cent, respectively. De creases were reported for November as compared with Octo ber for stores in most of the other leading cities of the Dis trict: Chattanooga reporting a decrease of 3 per cent; Bir mingham, 5 per cent; Nashville, 8 per cent; Atlanta, 10 per cent; and Tampa, 15 per cent. In spite of growing difficulties in merchandise replacement, the inventories of reporting stores of the District were 6 per cent greater at the end of November than for the same date a year ago. There was practically no change, however, in inven tories at the end of November as compared with the end of October this year. Reflecting in part the Board of Governors’ Regulation W and in part the greater abundance of money, the ratio of fur niture store collections to receivables continues to be high. November collections, for example, were 20 per cent of receiv ables outstanding at the end of October. During the month of May 1942, in contrast, the collection ratio was 16 per cent. Continued on next page 8 6 M o n t h l y R e v ie w of the Federal Reserve B a n k of Atlanta for December 1942 Shift? in Civilian Population: Wartime activities have sharply affected the movement of the civilian population within the District. Some light on this movement is given by preliminary population estimates released by the Bureau of the Census, comparing May 1, 1942, with April 1, 1940. The largest gains in civilian population in the District were re ported for the metropolitan counties centering in the cities of Mobile, Montgomery, and Jacksonville, with gains of 33, 30, and 23 per cent, respectively. Columbus showed a gain of 11 per cent, while the areas centering in Atlanta, Augusta, Bir mingham, Chattanooga, Jackson, Knoxville, Macon, Nashville, New Orleans, and Savannah recorded gains of between 5 and 10 per cent. The Atlanta, Birmingham, and New Orleans areas were credited with having populations of more than 500,000 each. Coin and Currency Dem ands: The sustained acceleration of business activity has resulted in greatly increased demands for coins and currency. In order to relieve somewhat the stringency in the coin situation, a special pre-Christmas drive W conducted among the school children to encourage them as to turn in coins, especially pennies and 5-cent pieces. Letters were sent to the school authorities in the District asking that the school children exchange their coins for war stamps and bonds so that the coins might be turned into business chan nels. Commercial banks were also asked to accept minor coins in exchange for silver or currency. In order to head off the growing use of paper 1-cent and 5-cent pieces by merchant associations, the Treasury issued a warning that the use of such paper scrip was illegal. The note circulation of the Federal Reserve Bank of At lanta continued to mount to higher levels. As of December 23, 1942, notes of this Bank in actual circulation amounted to $542.0 million, as compared with $279.7 million on the same date a year earlier, an increase of 94 per cent. This Bank, by December 18, had also placed in circulation $1 mil lion of Federal Reserve Bank notes. The last such issue by the Atlanta Federal Reserve Agent was on September 30, 1933. The 12 Federal Reserve Banks have been authorized to issue some $660 million of these notes in order to relieve the pres ent shortage of currency. The use of these notes, which have been in storage since 1933, will save some $300,000 in the cost of printing new currency. These bank notes are issued in denominations of $5, $10, $20, $50, and $100 and are al most identical with the present Federal Reserve notes. W ar Financing O perations: Treasury financing continues to be the dominant factor in Sixth District banking relation ships. During the month of November the Federal Reserve Bank of Atlanta made a special effort to encourage the banks in the Sixth District to qualify with the Treasury for the car rying of War Loan accounts. As of the third week in Decem ber, about 90 additional banks had been qualified as special depositaries, bringing the total number of such depositaries in the District to approximately 400. Additions to the quali fied list and increases in designations for banks already on the list brought the total War Loan deposit limits of the Dis trict banks to about $260 million, of which $122 million was outstanding. It is definitely in the interest of the commercial banks to become designated as special depositaries, because they are thus able to retain the proceeds from the sales of se curities, subscribed for their own account and for account of their customers, until such time as the Treasury draws upon the deposits. The December Victory Fund drive to sell some $9 billion in Government securities closed on December 23 with respect to three issues: the 2l/2 per cent Treasury bonds due December 15, 1968; the 1% per cent Treasury bonds due June 15, 1948; and the % per cent certificates of indebtedness due December 1 , 1943. Tax notes and Series F and G Savings bonds continue on sale. Results of the Victory Loan Campaign in the Sixth Federal Reserve District through December 23 are shown in a table on page 89. Ration Banking Preparations: In cooperation with the Office of Price Administration, the Board of Governors of the Federal Reserve System early in December made arrange ments to provide for the clearance of ration checks. Proce dures for bank handling of ration coupons have already been tested on a small scale. The system will be placed in opera tion early in 1943. Under present plans the individual consumer will not main tain a ration coupon account. On the contrary, only retailers, distributors, and other large purchasers of rationed commod ities will maintain such accounts with their commercial banks. M o n t h l y R e v ie w of the Federal Reserve B a n k of Atlanta for December 1942 It is expected that by thus curtailing the number of ration coupon banking accounts, the banks for the most part will be able to handle the volume of ration coupon “checks” with existing facilities. With the announcement that some 200 com modities will be rationed, beginning in February 1943, the ration banking problem promises to be of major scope. The facilities of the commercial banks are well adapted to dealing with such problems as guarding against counterfeit coupons, safeguarding coupons against theft and misuse, and checking transfers and facilitating clearance. Open M arket Activities: The Federal Open Market Com mittee continued its purchases during the month. On Novem ber 18 the System Open Market account held guaranteed and direct obligations of the United States Government aggregat ing $4,695 million. On December 16 the holdings had been increased to $5,537 million, a gain of 18 per cent. The share of the Federal Reserve Bank of Atlanta in the System Invest ment account amounted to $212 million on November 18 and $263 million on December 16. The greatest increases were reflected in the holdings of bonds and certificates of indebtedness, which gained $471 million and $234 million, respectively. Holdings of bills were increased $135 million while notes gained $3 million. Open market activities were reflected in increased reserves of all member banks of the System, which totaled $13,517 million on December 16 as compared with $12,662 million on November 18, an increase of $895 million, or 7 per cent. The reserves of the Sixth District members likewise increased from $432 million on November 18 to $483 million on De cember 16, an increase of $51 million, or 11 per cent. Excess reserves of all member banks rose from $2,490 mil lion on November 18 to $2,640 million on December 16, not withstanding a decline of $160 million in the last week of the period. It is to be expected that Sixth District members will likewise report an increase in excess reserves, which on No vember 30 stood at approximately $89 million. Crop Plans and Estim ates: Under the 1943 crop produc tion goals, cotton farmers in the District will be asked to plant less cotton and to increase production of special war crops. The Department of Agriculture has announced a goal of 22.5 million acres to be planted to cotton in 1943, which is 6 per cent below the 1942 reported acreage and 10 per cent below the 1942 goal. The acreage goal for peanuts, an impor tant war crop, is 32 per cent above the 1942 reported acreage. Other parts of the agricultural program, including benefit payments and deferment of some agricultural labor, have the purpose of securing full production of war crops. Under the 1943 program, farmers must plant at least 90 per cent of their allotted acreage and 90 per cent of their special war crop goals in order to be eligible for maximum payments. War crops, in addition to peanuts, include soy beans, flaxseed, hemp, grain sorghum, dry edible beans, and vegetables for processing. Benefit rates for 1943 are 1.1 cent per pound for cotton, 2 cents per 100 pounds for rice, and $1.10 per ton for peanuts, compared with the 1942 rates of 1.2 cents, 2.4 cents, and $1.25, respectively. Deferment of agricultural labor by local selective service boards is to be governed by a directive drawn up by the United States Department of Agriculture and approved by the War Manpower Commission. According to the order, pro duction of 16 “war units” of essential farm products is re quired for deferment. For example, no war unit credits are Continued on next page 8 7 SIXTH DISTRICT BUSINESS STATISTICS FARM INCOM E (In T h o u sa n d s oi D ollars) Y e a r to D a te 1942 1941 O ct. 1942 SIX S T A T E S ......... A la b a m a ............. F lo r id a .................. G e o r g i a ............... L o u is ia n a ........... M is s is s ip p i......... T e n n e s s e e ......... S e p t. 1942 O ct. 1941 226,350 34,527 14,933 38,639 28,938 74,518 34,795 175,090 27,806 5,604 34.761 25,326 55,789 25,804 191,543 38,007 6,470 36,120 19,313 58,038 33,595 959,929 124,229 154,844 173,976 126,299 204,248 176,333 711,660 105,758 102,591 131,666 86,892 149,409 135,344 RETAIL FURNITURE STORE OPERATIONS N um ber of S to re s P er C ent C hange N o v e m b e r 1942 fro m O c to b e r 1942. N o v e m b e r 1941 113 99 99 109 109 80 T o tal S a l e s ..................................................... C a s h S a l e s ..................................................... I n s ta lm e n t a n d O th e r C r e d it S a l e s . . A c c o u n ts R e c e iv a b le , e n d of m o n th . C o lle c tio n s d u r in g m o n t h ...................... I n v e n to r ie s , e n d of m o n t h .................... — 11 — 0 — 13 — 6 + 76 — — 4 7 — 11 — 35 + 7 — 0 + 6 WHOLESALE SALES AND INVENTORIES—NOVEMBER 1942 SALES P ercen t C h an g e from Oct. Nov. 1942 1941 No. of Firm s A u to m o tiv e S u p p l i e s ............. C lo t h in g ....................................... S h o e s .............................................. D r u g s a n d S u n d r i e s ............... D ry G o o d s ................................... E le c tric a l G o o d s ........................ F re s h F ru its a n d V e g e t a b l e s ............................ F u r n i t u r e ..................................... M e a ts a n d M e a t P r o d u c ts . . . G r o c e r i e s ..................................... B e e r ................................................ H a r d w a r e ..................................... L u m b e r a n d B u ild in g M a c h in e ry a n d E q u i p m e n t. . P a p e r P r o d u c t s ........................ M is c e l la n e o u s ............................ T o t a l....................................... 4 3 3 7 12 4 + — — — — + 6 3 3 39 4 17 — 12 — 5 + 6 — 17 14 18 16 8 16 4 + + + + 34 55 24 38 28 + + + + + 38 28 22 21 65 —7 — 11 3 5 3 5 10 131 INVENTORIES P ercen t C h an g e irom No. of Oct. Nov. Firm s 1942 1941 + - 28 23 9 — 9 -- 7 — 12 + — + 4+ + + 6 — 31 16 4 5 7 31 27 27 37 16 — 18 — 2 — 11 — 2 — 21 + 20 — 30 — 7 — 24 — 3 — 5 — 9 — 21 3 21 55 S o u r c e : U. S. D e p a r tm e n t of C o m m e rc e . INSTALMENT CASH LOANS N um ber R eporting P e r C en t C h an g e O ct. 1942 to Nov. 1942 V olum e F e d e r a l C r e d it U n io n s ...................... S ta te C r e d it U n io n s .......................... I n d u s tr ia l B a n k in g C o m p a n ie s . . . P e r s o n a l F in a n c e C o m p a n ie s . . . . C o m m e rc ia l B a n k s ............................... O u tstan d in g s — 11 + 8 — 7 — 1 — 18 47 35 39 65 37 — 7 — 4 — 3 — 6 — 10 CONDITION OF FEDERAL RESERVE BANK OF ATLANTA (In T h o u sa n d s of D ollars) D ec. 16, 1942 I n d u s tr ia l a d v a n c e s ........... U. S. S e c u r i tie s .................... T o tal b ills a n d s e c u r i t i e s ................................. F. R. n o te c i r c u la t io n ......... M em ber b a n k re s e rv e d e p o s i t s ............................... U. S. G o v 't d e p o s i t s ......... F o re ig n b a n k d e p o s it s . .. O th e r d e p o s i t s ...................... T o ta l d e p o s i t s .................. T o tal r e s e r v e s ...................... I n d u s tr ia l a d v a n c e co m - Nov. 18, 1942 D ec. 17, 1941 175 481 262,524 175 524 211,564 70 472 95,159 263,180 544,878 212,262 497,735 482,979 560 25,238 3,717 512,493 765,206 135 P e rC e n tC h an g e D ec. 16, 1942 from Nov. 18.Dec. 17 1942 1941 — 8 + 24 + 2 + 176 95,700 272,172 + + + 175 + 100 432,218 13,186 24,660 2,628 472,692 745,816 316,603 32,543 29,347 8,379 386,871 564,562 + 12 — 96 + 2 + 41 + 8 + 3 135 1,777 24 9 + — — — + + 53 98 14 56 32 36 M 8 8 o n t h l y of the Federal Reserve B a n k of Atlanta for December 1942 R e v ie w given for the production of upland cotton under one inch, while the war unit credit given for the production of upland cotton of one inch or over is less than that for the production of American Egyptian cotton. SIXTH DISTRICT BUSINESS INDEXES D e p artm e n t S to re Sales* (1935-39 A v e r a g e = 100) U n a d ju s te d A d ju s te d * * N ov. 1942 186 177 199 171 194 224 243 172 268 143 221 166 170 220 D I S T R IC T ... A tla n ta . . . B a to n R o u g e . . . B ir m in g h a m ... C h a t t a n o o g a . .. J a c k s o n .. . J a c k s o n v ille K n o x v ille . M a c o n .. . . M ia m i.. . . M o n tg o m e r y ... N a s h v ille . N ew O rle a n s . . . T a m p a ___ O ct. 1942 . N ov. 1941 N ov. 1942 O c t. 1942 N ov. 1941 173 160r 175 159 182 221 219 160 214 151 198 141 154 220 160 156 160 146 167 195 187 158 191 139 185 142 145 190 206 185 211 193 206 256 259 177 287 160 246 170 191 253 183 163r 207 179 193 245 248 166 240 121 210 148 159 214 177 163 170 165 178 223 129 163 204 157 205 146 163 219 D e p artm e n t S to re Stocks (1935-39 A v e r a g e = 100) A d ju s te d * * U n a d ju s te d N ov. 1942 N ov. 1941 N ov. 1942 O ct. 1942 N ov. 1941 158 196 146 167 192 154 D I S T R IC T ... A tla n ta . . . B ir m in g h a m ... M o n tg o m e r y ... N a s h v ill e . N ew O rle a n s . . O ct. 1942 166 197 157 143 193 165 151 173 143 141 170 146 182 226 173 194 223 174 186 231 177 162 221 186 174 200 168 164 197 165 C o tto n C onsum ption* C oal Production* (1935-39 A v e ra g e = N ov. 1942 O ct. 1942 N ov. 1941 N ov. 1942 O ct. 1942 N ov. 1941 190 197 189 165 T O T A L ........... A l a b a m a .. G e o rg ia .. T e n n essee 100) 180 187 178 159 172 173 171 172 167 171 160 163 156 152 152 i5 2 158 (1935-39 A v e ra g e 100) C o n stru ctio n C o n tra c ts G a so lin e Tax C o llections (1923-25 A v e r a g e == 100) (1939 M o n th ly A v e r a g e = 100) N ov. 1942 O ct. 1942 N ov. 1941 D I S T R I C T .... 278 R e s id e n tia l 185 O t h e r s ......... 340 A l a b a m a .. . 797 F lo r id a ----60 G e o r g ia ... 311 L o u i s i a n a .. 234 M is s is s ip p i 1,195 T e n n essee. 137 420 188 574 528 235 288 507 493 809 162 77 219 341 81 96 201 479 127 N ov. 1942 D IS T R IC T .. . . A la b a m a . . . F lo r id a ......... G e o r g ia . .. L o u is ia n a . . M is s is s ip p i. T e n n essee. 121 133 127 113 134 142 112 131 143 137 150 A n n o u n cem en t (1935-39 A v e r a g e = 100) N ov. O c t. N ov. 1941 1942 1942 C lo th in g ... R e n t.............. F u e l, e l e c tr ic ity , an d ic e . .. H o m e f u r n is h in g s . . M is c e lla n e o u s ........... 99 125 73 84 108 109 118 N ov. 1941 E lectric P o w e r P roduction* C o st of L iving A LL IT E M S . 105p 126 79 93 111 ** * 131 O c t. 1942 121 134 113 116 SIX S T A T E S .. 127 113 119 124 H y d ro g e n e ra te d . . F u e l- g e n e r a te d 105 105 103 121 121 113 (1935-39 A v e r a g e = 100) N ov. N ov. O c t. 1942 1942 1941 *** 216 160 * 206 84 246 260 115 113 108 * I n d e x e s o f d e p a r t m e n t s to r e s a le s , e l e c tr i c a n d of c o tto n c o n s u m p tio n a r e o n a d a ily ** A d ju s te d fo r s e a s o n a l v a r ia tio n ‘ “ F ig u r e s n o t y e t a v a ila b le p = p re lim in a ry r = re v is e d B a c k f ig u r e s fo r d e p a r t m e n t s to r e s a le s a n d a n d c o s t of liv in g in d e x e s in th e n e w s e r ie s w ill The Secretary of Agriculture has also advised farmers that the Department will not assist them with the production and marketing of the less essential winter vegetable crops. The Department will not undertake to furnish labor, nor will it pay for the transportation of employees into the production region, and it may establish priorities on transportation. The use of nitrogen fertilizer for less essential crops will be re duced to 50 per cent of the 1942 use. On December 14 cotton growers in the Southern and South western states approved Federal market control over the pro duction and marketing of cotton for the next crop year. The growers were asked whether they favored marketing quotas on the 1943 cotton crop. Approval by at least two thirds of those voting was required. Cotton loans would not have been available if marketing quotas had not been approved. The naval stores conservation program, it has been an nounced, will be continued in 1943. It will be administered by the Forest Service as part of the AAA program. On the basis of participation by naval stores farmers, who account for about 90 per cent of the total production, benefit pay ments are expected to total approximately $1.3 million for 1943. Labor Supply and Industrial Activity: The demands of the war economy upon industry are reflected in growing scar cities of labor in a larger number of areas in the District. Although labor shortages in the industrial areas of the Dis trict are not as acute as in other sections of the United States, shortages are appearing and others are imminent. In Septem ber, according to the Bureau of Employment Security of the Social Security Board, general labor shortages existed in only 4 of the District industrial areas surveyed. In contrast, accord ing to the survey report released on December 7, labor short ages now exist in 9 industrial areas in the District: Florence, Huntsville, Mobile, Talladega, Panama City, Brunswick, Ma con, Savannah, and Pascagoula. Labor shortages are antici pated in Jacksonville, Tampa, New Orleans, and Bristol. In the other 16 areas surveyed, a surplus of manpower is re ported to be available. To an increasing extent, labor demands of the war economy must be met by the employment of women. In November total United States employment was 400,000 above October, p o w e r a n d c o a l p r o d u c tio n , a v e r a g e b a s is . s to c k s , c o tto n c o n s u m p tio n , b e f u r n is h e d u p o n r e q u e s t . The Federal Reserve Bank of Atlanta on December 18, 1942, welcomed the Bank of Auburn, Auburn, Alabama, to membership in the Federal Reserve System. The Bank of Auburn was organized and opened for business on January 3, 1907, with a capital of $10,000. This capital has been increased from the earnings of the institution so that the bank now has capital and surplus amounting to $90,000. Its deposits amount to about $950,000, and its total assets to $1,065,000. In active charge of the bank is Emil F. Wright, its cashier. Other officers are S. L. Toomer, president, and W. H. Sartin, assistant cashier. In addition to President Toomer and Cashier Wright, the Board of Directors in cludes C. L. Hare, C. A. Jones, C. Felton Little, Emmett Sizemore, and Dr. C. S. Yarbrough. M o n t h l y R e v ie w of the Federal Reserve B a n k of Atlanta for December 1942 bringing total employment to 52.8 million persons. Women employed in nonagricultural establishments increased by 1.2 million. The number of men so employed decreased by 100,000. The trend toward increased employment of women is indi cated by the recently announced plans for an aircraft modi fication plant in Birmingham. A modification plant makes the necessary changes in new aircraft to adapt them to the specific conditions in the parts of the world to which they are assigned. The Birmingham plant, when completed, is ex pected to employ between 12,000 and 15,000 persons, of whom 60 per cent are expected to be women. It is predicted that the plant will begin modifying planes within the next 45 days, although permanent facilities will take 8 or 9 months to be completed. The increase in war activity in the District also is reflected in the data on Federal civilian employment recently released. From December 1939 to July of this year, total Federal em ployment in the entire United States, according to the Bureau of Labor Statistics, increased by an estimated 158 per cent. Employment in the Six States was estimated at approximately 224,000 in July, an increase from December 1939 of 186 per cent. District shipyards continue to play an important part in ship construction. The second Liberty ship to be built in Sa vannah was launched on December 7. Other launchings dur ing the month included 2 ships launched at Mobile and 5 at New Orleans. The anniversary of Pearl Harbor was marked by the launching in Tampa of 6 mine sweepers and a destroyer tender. The Tampa yard, having already completed 11 naval vessels, has been awarded a contract for 68 more. SA L ES O F U N IT ED STA TES W A R S A V IN G S B O N D S IN TH E S IX T H FED ER A L R ESERV E D IST R IC T S a le s R e p o r t e d i n P e r io d N o v e m b e r 2 4 -D e c e m b e r 23, 1942 A t I s s u e P ric e S e r ie s E T O T A L .................................... A la b a m a ................................. F lo r id a ...................................... G e o r g i a ................................... L o u is ia n a * ............................. M is s is s ip p i* ........................... T e n n e s s e e * ........................... S e r ie s F a n d G $15,482,554 2,687,095 2,322,255 4,222,149 3,650,108 1,278,624 1,322,323 135,133,188 6,844,931 6,540,994 8,255,156 6,110,419 2,518,650 4,863,038 T o ta l $50,615,742 9,532,026 8,863,249 12,477,305 9,760,527 3,797,274 6,185,361 * T h e se f ig u r e s a p p l y o n ly to th a t p a r t o f th e s ta t e ly in g w ith in th e S ix th F e d e r a l R e s e r v e D istric t. SA LES O F U N ITED STA TES G O V ER N M EN T O B L IG A T IO N S IN TH E SIX TH FED ER A L R ESER V E D IST R IC T D U R IN G TH E V IC T O R Y LO A N C A M P A IG N N OV EM BER 30-D ECEM BER 23. 1942 ( I n T h o u s a n d s o i D o lla rs) P u rc h a se rs C o m m e rc ia l B a n k s .................... T O T A L S .................... %% C e rtific a te s 1% % B onds 2 V2% B onds T ax N o te s $ 91,944 9108,336 $23,374 $23,081 31,743 33,931 $23,374 $23,081 $123,687 $142,267 G R A N D T D TA L........... ........... $321,3 26 S a v in g s B onds S e rie s F and G $8,917 $8,917 U n ite d S ta t e s T r e a s u r y B ills , T e n d e r s a n d A llo tm e n ts i n t h e S ix th F e d e r a l R e s e r v e D is tr ic t D e c e m b e r 2 - D e c e m b e r 23, 1942 T r e a s u r y B ills D a te d D e c e m b e r 2, 1942....................................................... D e c e m b e r 9, 1942....................................................... D e c e m b e r 16, 1942....................................................... D e c e m b e r 23, 1 9 4 2 . . . . .............................................. T e n d ers A llo tm e n ts $19,863,000 12.039.000 10.383.000 10.692.000 $6,860,000 4.512.000 5.737.000 5.959.000 8 9 SIX T H D IST R IC T BA NK IN G STA TISTIC S C O N D IT IO N O F 20 M EM BER BANKS IN SELEC TED C ITIE S ( I n T h o u s a n d s o i D o lla rs) D e c . 16. 1942 L o a n s a n d I n v e s tm e n ts — T o t a l.............................................. 1,118,416 L o a n s— T o ta l................................. 350,458 C o m m e rc ia l, in d u s tr i a l, a n d a g r i c u lt u r a l l o a n s . . . 213,177 O p e n m a rk e t p a p e r ................ 6,909 L o a n s to b r o k e r s a n d d e a le r s in s e c u r i t i e s ......... 3,629 O th e r lo a n s fo r p u r c h a s i n g a n d c a rry in g s e c u r itie s .. 7,208 R e a l e s ta te l o a n s .................... 27,059 L o a n s to b a n k s ........................ 1,857 O th e r l o a n s ................................. 90,619 I n v e s tm e n ts — T o t a l.................... 767,958 U. S. d ir e c t o b l i g a t i o n s . . . . 606,178 O b lig a tio n s g u a r a n t e e d b y U. S ..................................... 46,820 O th e r s e c u r i t i e s ...................... 114,960 R e s e r v e w ith F R B a n k ........... 292,848 C a s h in v a u l t ................................. 22.62G B a la n c e s w ith d o m e s tic 205,392 782,779 D e m a n d d e p o s it s — a d j u s t e d . 200,452 T im e d e p o s i t s ............................... 89,876 U . S. G o v 't d e p o s i t s .................. D e p o s its of d o m e s tic b a n k s . . 482,372 B o r r o w in g s ................................... N o v . 18. 1942 P e rC e n tC h a n g e D e c . 16.1942 iro m D e c . 17. N o v . 18. D e c . 17. 1942 1941 1941 1,088,314 350,466 821,911 427,093 + 3 0 + 36 — 18 208,801 6,806 223,411 6,986 + + 2 2 — — 3,252 6,786 + 12 — 47 1 1 36 5 4 5 — 43 — 27 — 7 — 34 + 95 + 175 — 27 + 5 + 49 + 24 7,291 27,458 1,368 95,490 737,848 579,895 12,651 37,073 1,990 138,196 394,818 220.768 46,354 111,599 256,603 21,730 64,495 109,555 196,047 18,304 1 + 3 + -t- 14 4 + 187,862 762,110 203,117 45,294 465,892 243,328 558,187 194,166 57,490 404,252 50 + + — + + + 9 3 1 98 4 — + + 5 1 — + + + + 16 40 3 56 19 D EB ITS T O IN D IV ID U A L BA NK A C C O U N T S ( I n T h o u s a n d s o i D o lla rs ) P er C ent C hange N o v . 1942 fro m N ov. 1942 O c t. 1942 N ov. 1941 ALABAM A A n n is to n * ___ B irm in g h a m . D o th a n ........... G a d s d e n * ___ M o b ile ............. M o n tg o m e r y . 13,423 149,310 6,777 10,547 102,964 38,180 17,566 173,647 7,772 10,531 150,457 5,409 — 24 — 14 — 13 68,064 34,592 — ii F L O R ID A J a c k s o n v ille ........... M ia m i......................... O r la n d o * .................. P e n s a c o l a ................ S t. P e t e r s b u r g * . . . T a m p a ........................ 128,353 65,121 15,305 18,295 13,570 55,958 130,803 68,940 14,383 17,729 13,329 56,674 104,680 58,936 G E O R G IA A lb a n y ___ A tla n ta ----A u g u s ta ... B ru n s w ic k . C o lu m b u s . E lb e r to n ... M a c o n ......... N e w n a n . .. S a v a n n a h .. V a l d o s t a . .. 9,360 322,632 31,431 8,882 32,539 1,953 35,383 4,140 62,696 5,732 9,275 33,740 9,157 36,793 2,454 38,264 4,612 65,821 6,195 8,599 311,715 33,139 3,535 26,594 1,501 27,878 3,244 38,746 7,070 LO U ISIA N A B a to n R o u g e * . L a k e C h a r le s * . N ew O r le a n s .. 37,177 [11,500] 341t960 41,057 14,414 368,335 268,137 102,888 43,020 368,531 12,949 37,985 O c t. 1942 N o v . 1941 — — + + + — + ” i 25 + '5 i + 10 2 6 6 3 2 1 + + + 1 — 12 — 7 — 3 — 12 — 20 — 8 — 10 — 5 — 7 + + — + + + + + + — 9 4 5 151 22 30 62 28 62 19 + 28 — 23 10 ee e + 41 + '4 7 9 — 20 7 M IS S IS S IP P I H a tt ie s b u r g . J a c k s o n ......... M e r id ia n ----V ic k s b u r g .. 10,844 66,449 14,815 16,458 13,864 71,760 16,447 19,132 9,931 37,531 17,501 10,795 — 22 — 7 — 10 — 14 + 9 + 77 — 15 + 54 T E N N ESSEE C h a t ta n o o g a . K n o x v ille ----N a s h v ille ___ 74,967 43,368 144,372 85,750 47,318 159,664 59,774 39,308 118,481 — 13 — 8 — 10 + + + 25 10 22 SIX T H D IST R IC T 26 C it ie s ............. 1,894,461 1,958,585 1,496,551 — 3 + 27 U N IT ED STA TES 274 C it ie s ........... 50,673,000 55,057,000 45,076,000 — 8 + 12 [E s tim a te d ] *N ot in c lu d e d in to ta ls 9 0 M o n t h l y R e v ie w of the Federal Reserve B a n k of Atlanta for December 1942 Southern Tim ber Resources The war is speeding up the pace of development of timber technology, and the new industrial uses of timber have great implications for the economic future of the Sixth Federal Reserve District. In the postwar world, undoubtedly, many new uses for timber products will materialize as a result of technological advances growing out of wartime searches for new materials. Trees will, of course, continue to furnish the traditional construction materials. In addition, there will probably be an enormous expansion in the use of trees as a source of fiber and industrial chemicals, since trees are a very prolific and hence renewable source of cellulose and lignin. A vast new field of timber products is developing in chemi cal laboratories. Likely to grow to important proportions is the utilization of trees in the manufacture of plastic flow materials. Outstanding among announced wartime innovations in wood technology is compregnated wood, originally developed in Germany and greatly improved by the Forest Products Lab oratory at Madison, Wisconsin. Wood is first treated with resin and then compressed into a material that is particularly durable, unscratchable, and of great strength. It is of value in war production technology because it makes possible, among other things, the molding of airplane propellers. Its peacetime uses will be legion. The more traditional uses of timber, particularly in the construction industry, have been much improved in recent years. Plywood and other special types of wooden construc tion materials have been developed with the aid of special glues. Furthermore, the science of engineering in wood has been reviving. For one thing, the development of laminated wood has made possible construction of large beam-like wooden trusses adapted to the support of roofs across con siderable distance without intermediate support of any kind. One great economic advantage of laminated wood is that it does not necessarily have to utilize prime-stand timber. Sixth District timber is doing many special jobs in the war effort. Tidewater red cypress, for example, being decay re sistant, is being used in decking on naval vessels and in other maritime construction. Because it is, more than any other wood, impervious to chemical solutions, it is being used as a container in smokeless powder plants. Hundreds of the Navy’s coastal mine sweepers are built of southern oak. Oars are made of southern white ash. Appalachian hard maple is widely used for work benches in airplane factories and am munition plants. Appalachian hickory pallets expedite the handling of sheet metal and armor plate. Southern dogwood supplies the textile loom shuttles and spindles needed in pro ducing uniforms, tents, and other textile requirements of the armed services. ►In recent years there has been a very rapid expansion of cellulose extraction from wood pulp, particularly in the Sixth Federal Reserve District. The value of pulp and paper mill output in the lower South for 1941 amounted to $130 million. These plants employed some 60,000 men on a year-round basis and produced more than one fourth of all the pulp ground in the United States during that year. The expansion of the wood pulp industry is indicated by the fact that, whereas in earlier years all cellulose used in the manufacture of artificial fibers such as rayon came from cotton, wood pulp now provides roughly 75 per cent of the cellulose used in the manufacture of rayon in the United States. In 1941, according to Forest Service estimates, 558,000 standard cords of pulp wood were produced in Alabama, 783.000 in Florida, 770,000 in Georgia, 779,000 in Louisiana, 735.000 in Mississippi, and 195,000 in Tennessee. This pulp wood sold at the mills for an average price of $6 per cord, or a total of $22.9 million. For the past few years the enormous construction programs made necessary by the war effort have boosted lumber output to capacity. Table 1 pictures the situation in the Six States in 1941. From the earliest days of white settlement in this region, forests have been valued as the source of turpentine, rosin, and the other naval stores. Naval stores production and re ceipts from the sale of naval stores products have declined seriously in recent years. Net cash returns to producers at stills for the total naval stores crop, according to Gamble’s International Naval Stores Yearbook, amounted to only $16,540.000 in the first war crop year—that ending March 31, 1940. This is only about one fourth of the net cash returns realized in the crop year ending March 31, 1921. As the war has continued and many of the traditional export markets for southern naval stores have remained lost to producers, the output of these products has continued to decline. In the past year the production of naval stores has been hampered also by a shortage of labor and by weather difficulties. Gum naval stores production in the year ending March 31, 1942, was substantially below that of the previous 12-month period. It is estimated that 285,000 casks of spirits turpentine and 990,000 barrels of rosin were produced (primarily in Georgia and Florida) in that year. In the current crop year ending March 31, 1943, indications are that production in spirits turpentine will total 300,000 casks and that 1 million barrels of rosin will be produced. The trade expects that out put in the year ending March 31, 1944, will be the smallest in any similar period since 1865. ► Forests cover more than half of the land area in the six states that lie wholly or partly within the Sixth Federal Re serve District. Tables 2 and 3 classify the forest resources of the District by states, with respect to both acreage and volume. Of the grand total of 203 billion board feet of sawtimber in the Six States, 55 per cent is in industrial ownership, 42 per cent is owned in connection with farms, and only 3 per cent is in public ownership, including national forests, na tional parks and monuments, state, county, and municipal for ests. In addition to the above sawtimber volume, the Six States had a volume in cordwood size, standing timber, of approxi mately 375 million cords in 1938. Of this, approximately 110 million cords was in pine suitable for pulping, another 125 million cords was in poplar, cottonwood, gums, and other species suitable for pulping, and 140 million cords of non pulping hardwoods was available for fuelwood or to grow into future sawtimber trees. While the total forested area of the Sixth Federal Reserve M o n t h l y R e v ie w of the Federal Reserve B a n k of Atlanta for December 1942 District is large, only 14 per cent of the commercial forest land in the Six States bears old growth saw timber. Some 19 per cent of the total commercial forest land in the area was classified by the Southern Forest Survey as poor to nonre stocking. Table 4 shows the condition of commercial forest land in the Six States in some detail. In Alabama, 53 per cent of the total forest area is in pine, and 19 per cent is in mixed pines and hardwoods. While pines predominate in Alabama forests, a very substantial amount of hardwood is also available. According to the recent Southern Forest Survey, 17 per cent of Alabama forest land is covered by upland hardwoods, and 11 per cent by a mixture of bot tomland hardwood and cypress. In Georgia, two thirds of the total forest area is in pines and an additional 13 per cent is in pine and hardwood mixed. Some 1 per cent of the total forest area of the state is in cy press, and the remaining forest area (20 per cent) is predom inately in hardwoods. In Florida, 25 per cent of the forest area totaling 21,693,0 0 0 acres, has been classified as “clear-cut” and “fire killed.” Only 15 per cent of the old growth trees remain in Florida, while the largest part of the forest area—60 per cent—bears second growth timber. Old growth timber covers only 13 per cent and 12 per cent of the total forest areas of Alabama and Georgia, respectively. In Louisiana 53 per cent of the forest area is covered by hardwood. A mixture of pine and hardwood covers 14 per cent of the forest area, with the remainder, or 33 per cent, in pine. Central and southwest Mississippi contain 6,026,400 acres of forest. Of this area, 13 per cent is in old growth timber and 8 6 per cent is in second growth timber, with only 1 per cent classified as “clear cut.” Southeastern Mississippi, which orig inally was the heart of the longleaf pine belt, has 72 per cent of its forest area of 4,790,000 acres in pine, 9 per cent in pinehardwoods, and 19 per cent in upland and bottomland hard woods. ► Prior to the war, manufacturing industries dependent upon forests for raw materials had reached substantial proportions in the Sixth Federal Reserve District. Table 5 summarizes for each of the Six States the wage earners, wages paid, and value of products manufactured in 1937 in those industries depend ent upon forest products for raw materials. When the pros pective uses of timber in industry are taken into account and added to the existing uses in the Six States, it is readily ap parent that the wealth, present and future, of southern forests can prove a major factor in this region’s economic develop ment. The salient fact is that forests constitute the greatest renewable resources because, of all forms of plant life, trees are the most efficient converters of solar energy known to science. TABLE 1 NUMBER O F MILLS REPORTING, LUMBER PRODUCED. VALUE PER M B M AT MTT T.fi AND ESTIMATED VALUE IN THE SIXTH FEDERAL RESERVE DISTRICT, 1941 L um ber V a lu e a t P ro d u c e d M ills p e r (M illio n B d . F t . )_______M B M N o . M ills S ta te ________R e p o r tin g E s tim a te d T o ta l V a lu e a t M ills ( T h o u s a n d D o lla rs) A la b a m a ........... F lo r id a ............... G e o r g i a ............. L o u i s i a n a ......... M is s is s ip p i___ T e n n e s s e e ___ 1,643 311 1,389 408 1,070 1,796 1,802 652 1,526 1,143 1,419 715 $23.10 38.73 22.34 33.54 25.68 26.78 $41,634 25,260 34,086 38,333 36,443 19,137 S ix S t a t e s ......... 6,617 7,257 $26.86 $194,893 S o u r c e : D iv is io n o f S ta te a n d P r iv a te F o r e s tr y , R e g io n 8, U .S . F o r e s t S e rv ic e . TABLE 2 FOREST AREA O F THE SIXTH FEDERAL RESERVE DISTRICT T o ta l F o r e s t A r e a Per C ent A cres T o ta l L a n d T o ta l L a n d A r e a S (Atere s ) ta c C o m m e rc ia l P er C ent T o ta l F o r e s t A cres 32,818,560 35,111,040 37,695,360 29,061,760 29,671,680 26,679,680 18,877,700 23,478,100 21,432,500 16,211,200 15,873,100 12,821,000 57.5 66.9 56.9 55.8 53.5 48.1 18,837,000 21,852,000 21,035,000 16,185,000 15,859,000 12,555,000 99.8 93.1 98.1 99.8 99.9 97.9 S ix S t a t e s .. . 191,038,080 108,693,600 56.8 106,323,000 97.8 A la b a m a ___ . F lo r id a ......... . G e o r g i a ___ . L o u i s i a n a . ... M is s is s ip p i. . T e n n e s s e e .. S o u r c e : N a tio n a l R e s o u r c e s P la n n in g B o a rd , The Southern Forests, p. 36. TABLE 3 ESTIMATED SAWTIMBER VOLUMES IN MILLIONS O F BOARD FEET, LUMBER TALLY, 1938, IN THE SIXTH FEDERAL RESERVE DISTRICT S ta te P in e* . .. .. . .. . H a rd w o o d C y p ress T o tal S ix S ta te s 25,304 13,987 32,270 15,474 16,124 3,100 12,902 5,562 12,400 25,606 19,023 13,550 285 3,873 1,129 1,343 785 330 38,491 23,422 45,799 42/423 35,932 16,950 . 106,259 L o u is ia n a .. M is s is s ip p i. T e n n essee . 89,043 7,715 203,017 * I n c lu d e s s m a ll a m o u n t of o th e r s o ftw o o d s . S o u r c e : D iv is io n of S ta te a n d P r iv a te F o r e s tr y , R e g io n 8, U .S. F o r e s t S e rv ic e . TABLE 4 CONDITION O F COMMERCIAL FOREST LAND IN THE SIXTH FEDERAL RESERVE DISTRICT, 1936 AND LATER (In T h o u sa n d s of A cres) S ta te A la b a m a .. F lo r id a . . . . G e o r g i a . .. L o u isia n a . M is s is s ip p i T e n n essee . O ld G r o w th S aw T im b e r A rea % S econd G r o w th S aw T im b e r A rea % C o rd w ood A rea % F a ir R e s to c k in g A re a % P o o r to N o n -R e s to c k in g A rea % 2,498 3,318 2,755 3,342 1,884 471 7,676 3,802 8,812 6,712 6,441 2,668 3,827 2,713 3,557 2,047 3,115 6,277 2,923 2,471 2,549 1,370 1,985 2,511 1,913 9,548 3,362 2,714 2,434 628 13 15 13 21 12 4 S ix S ta te s . 14,268 14 41 18 42 41 40 21 36,111 34 20 12 17 12 20 50 21,536 20 S o u r c e : N a tio n a l R e s o u r c e s P la n n in g B o a rd , 16 11 12 9 13 20 13,809 13 10 44 16 17 15 5 20,599 19 T o ta l A rea % 18,837 21,852 21,035 16,185 15,859 12,555 100 100 100 100 100 100 :106,323 100 The Southern Forests, p . 37. TABLE 5 EMPLOYMENT, W AGES, AND VALUE O F PRODUCTS IN FOREST INDUS TRIES IN THE SIXTH FEDERAL RESERVE DISTRICT — 1937 S ta te In th e p r e p a r a tio n of th is a r tic le m u c h h e lp fu l in fo rm a tio n w a s r e c e iv e d from M r. C . F . E v a n s , A s s is ta n t R e g io n a l F o r e s te r , U. S. F o r e s t S e r v ic e , A tla n ta , G e o r g ia ; C a p t a in I. F . E ld r e d g e , R e g io n a l S u r v e y D ire c to r, S o u th e r n F o r e s t E x p e r im e n t S ta tio n , N e w O r le a n s , L o u is ia n a ; M r. C a r l S tr a u s s , A tla n ta R e g io n a l O ffice, U . S. F o r e s t S e rv ic e ; M r. E. G . W ie s e h u e g e l , C h ie f, F o re s t R e s o u r c e s D iv is io n , F o r e s tr y R e la tio n s D e p a r tm e n t, T e n n e s s e e V a lle y A u th o r ity , N o rris , T e n n e s s e e ; a n d M r. B ru c e W e d g e , P la n n in g T e c h n ic ia n , A tla n ta F ie ld O ffice, N a tio n a l R e s o u r c e s P la n n in g B o a rd . 9 1 A l a b a m a . .. . . . F lo r id a . . . . . . . . G e o rg ia . . . . . . . L o u is ia n a .. . . . M is siss ip p i . . . . T en nessee. . . . S ix S ta te s . . . S o u r c e : 1937 W a g e E arn ers P er C ent o f T o ta l M a n u fa c N um bei tu rin g W a g e s P a id Per C ent o f T o tal M a n u fa c A m ount tu r i n g V a lu e of P r o d u c ts Per C ent o f T o ta l M a n u fa c A m ount tu r i n g 20,089 21,159 19,414 29,494 25,346 30,245 16.6 40.6 12.1 38.7 55.0 22.3 $9,613,794 11,882,445 9,330,080 21,068,859 15,185,988 25,841,209 10.0 32.5 8.4 34.9 57.5 227 $43,714,927 53,315,582 63,371,540 115,931,517 80,456,517 129,027,573 7.6 24.5 8.9 19.9 42.1 18.2 145,747 30.9 $92,922,375 27.7 $485,817,656 20.0 Census of Manufactures, Part I. M o n t h ly R eview of the Federal Reserve B a n k of Atlanta for December 1942 9 2 The N ational Business S ituation (Prepared by the Board of Governors of the Federal Reserve System) Aggregate industrial production in November was maintained close to the October level, reflecting a continued growth of output in war industries and a seasonal decline in production of civilian goods. Distribution of commodities to consumers rose further in November and the first half of December, re ducing somewhat the large volume of stocks on hand. Retail food prices continued to advance. Production: Maintenance of industrial production in Novem ber when the seasonal tendency is downward was reflected in a rise of the Board’s seasonally adjusted index from 189 to 191 per cent of the 1935-1939 average. This rise was largely accounted for by a further advance in output of durable man ufactures. Nondurable manufactures declined seasonally, while output of minerals showed less than the usual seasonal decrease. In all groups of products the proportion of output for war purposes was considerably larger than a year ago. The increase reported for durable manufactures from Octo ber to November was in finished munitions and industrial equipment for new plants which will be completed in large number over the next few months. Steel production, at 98 per cent of capacity in November and the first three weeks of De cember, was down slightly from the October peak, but the reduction appeared temporary as the scrap supply situation had been relieved and as further progress was being made on construction of additional iron and steel capacity. Supplies of iron ore on hand are regarded as sufficient for operations at capacity until movement of ore down the lakes is resumed in the spring. Shipments from Upper Lake ports this year totaled 92 million tons, and were 15 per cent above the record established in 1941. At cotton textile mills activity was maintained at a high level in November and at shoe factories production declined less than is usual at this season. Output of manufactured foodstuffs showed a seasonal decline. Commodity Prices: Grain prices advanced from the middle of November to the middle of December, while most other wholesale commodity prices showed little change. Retail food prices increased further by 1 per cent in the five weeks ending November 17 to a level 16 per cent higher than in November 1941. Prices of such fresh foods as are uncontrolled—fruits, vegetables, and fish—showed the larg est advances from October to November, but price increases in controlled items contributed about two-fifths of the total rise. Bank Credit: During the period of large-scale Treasury financing in December, total excess reserves of member banks were generally above $2.5 billion. Substantial purchases of Government securities for the Federal Reserve System offset the effect of drains on reserves by the continued heavy cur rency outflow and further increases in required reserves re sulting from a rapid growth in bank deposits. Reserve Bank holdings of Government securities showed an increase of $850 million in the four weeks and reached a total of $5.5 billion on December 16. At reporting member banks in 101 leading cities holdings of United States Government securities increased by $800 million in the four weeks ending December 9. Treasury bills accounted for practically the entire increase, with almost twothirds of the amount going to New York City banks. In the week ending December 16, bond holdings rose sharply as banks received their allotments of the new 1% per cent bonds subscribed on November 30-December 2; allotments of this issue to all banks totaled $2 billion, representing 85 per cent of subscriptions. Total loans showed little change over the four weeks end ing December 9. Commercial loans declined by $200 million, with about half the decline at New York City banks, while loans to brokers and dealers increased over the period, re flecting largely advances made to security dealers in New York in connection with the Victory Fund drive. Payments by bank depositors for new Government security issues resulted in a decline of adjusted demand deposits and a rise of U. S. Government deposits to $5.8 billion in midDecember, the largest total on record. United States G overnm ent Security Prices: P rices ot United States Government securities have been steady in the past three weeks following an adjustment in the latter part of November when the Treasury announced the drive to sell $9 billion of securities in December. Long-term taxable bonds are selling on a 2.36 per cent yield basis on the average and long partially tax-exempt bonds on a 2.09 per cent basis. DP RMN S OE S LS AD S OK EAT E T T R AE N T C S C S O L IN OT F IV G MME BN RS R E ADRL TDITM E BR AK EE VS N EAE E S F COS UIN RS R F NS AT R S G E E V U D ---------M B R BN E E AK M RS R E B L NE E E V AA CS ■ r j C C UT IRUA RAU Y C S ESR A AODP S S N E OIT wv A J 80 IMME E BR E OIT PS S 1936 1937 1938 1939 1940 B u r e a u o f L a b o r S ta t is tic s ' i n d e x e s , 1935-39 a v e r a g e = 100. F if te e n th of m o n th f ig u r e s . L a st m o n th in e a c h c a le n d a r q u a r t e r t h r o u g h S e p te m b e r 1940, m o n th ly th e r e a f te r . L a te s t f ig u r e s s h o w n a r e for N o v e m b e r 1942. __ . 14 1942 91 F e d e r a l R esesrve m o n th ly in d e x e s of v a l u e o f s a le s a n d s to c k s , a d j u s t e d fo r s e a s o n a l v a r ia tio n , 1923-25 a v e r a g e = 100. L a te s t f ig u r e s h o w n fo r s to c k s is O c to b e r 1942; fo r s a le s , N o v e m b e r 1942. W e d n e s d a y f i g u r e s . L a t e s t f i g u r e s s h o w n a r e fo r D e c e m b e r 9 , 1942.