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R eview Monthly F E D E R A L R E S E R V E B A N K O F Atlanta, Georgia, December 31, 1947 Volume XXXII A T L A N T A Number 12 District Business Conditions o a l l appearances department store sales have this year exceeded their record high of 1946, which was 103 million dollars higher than the 1945 total. Bank debits, a more comprehensive measure of spending, have increased at an even greater rate than sales have. In view of this increased spending and of further declines in the value of the dollar this year, it is not surprising that total loans at the banks have increased at still a greater rate. T Trade During the month of November department stores in the Sixth District sold goods with an estimated value of 53 million dollars. If they have continued during the last half of December to make sales at the rate they made them during the first half, the year’s total will reach 527 million. This would amount to an increase of 4 percent over the 1946 total, which was 507 million dollars. Despite the small change in the total, there have been marked proportional differences in the various types of goods sold this year. The 22 large District department stores which report their sales and stocks by departments to this bank, and which make about 40 percent of total District depart ment-store sales, reported as a group last year that in only two of their departments had they sold less than they did in 1945, and these departments were very minor ones. Up to the first of November this year, the stores reported, 31 of their 68 departments had decreases. In general, consumers have spent more of their dollars this year for consumer durable goods, such as household furnish ings and household appliances, and less for such nondurable goods as women’s clothing. They have spent 10 percent more for home furnishings but one percent less for women’s and misses’ goods. They have spent 10 times as much for refrig erators and almost twice as much for other household appli ances. They have bought china and glassware 10 percent greater in value, and they have spent 50 percent more for radios. There were some exceptions, however, in the general trend of nondurables. The dollar sales of men’s clothing, for instance, advanced 15 percent. Although the stores report declines in sales of women’s ready-to-wear for the year up to November 1, more money was spent for piece goods, with sales of silks, rayons, and velvets up 8 percent, those of woolen dress goods 20 percent, and those of cotton wash goods 27 percent. Along with these sales increases, one of 25 percent in laces and trimmings and one of 14 percent in notions were reported. Whether this change represents more home sewing or merely higher prices is not revealed by the figures. The increase in the sale of trimmings may represent an attempt to achieve the “new look” with minimum ex penditures. The changes in consumer buying preferences have called for astute merchandising management. One method the man agements have taken is the adjustment of inventories. The inventory expansion this year has taken place prin cipally in those departments with sales that were high com pared with last year’s. At the end of October last year, for example, the stores reported that their stocks of women’s and misses’ goods made up 40 percent of the value of total inventories. This year they represented only 36 percent, though the total value of inventories was just about the same. On the other hand, inventories of home furnishings were valued last October at 26 percent of the total and this past Oc tober at 29 percent. Moreover, the stores reported, in those departments which have had sales declines the value of in ventories has decreased more rapidly than that of sales. At the end of October the value of the stores’ stocks of women’s coats and suits, for example, was 23 percent below the figure at the end of the same month last year, although sales for the 10-month period were down only 6 percent. Inventory increases were reported for only 27 departments, fewer than the number that had sales increases. The greatest rates of expansion were for inventories of domestics, amount ing to 157 percent; mechanical refrigerators, amounting to 127 percent; and men’s clothing, amounting to 121 percent. Since production of all these items fell short of the demand in 1946, however, stocks of them were unusually low that year. The change in the pattern of consumer buying not only affects the inventory pattern but for the most part has had an important influence on the growth of consumer credit at both department stores and stores of other types. Because durable goods are bought on credit more often than nondurable ones, in other words, sales increases in the former are more likely to bring about a credit expansion. Sales increases have been greater at all those Sixth District 142 M o n t h ly R e v ie w o f t h e reporting stores except jewelry stores whose operations are predominantly in the durable-goods lines than they have been at those which handle nondurable goods mainly. Up to the first of December this year sales at Sixth District furn iture stores were 10 percent higher than they were during the same period in 1946. The increase was 3 percent at the department stores. Jewelry-store sales, however, declined 3 percent. Although a comparison for the sales of the entire 11 months is not available for household-appliance stores, their November sales this year were 28 percent more than those of last year. From the end of November last year to the end of November this year accounts receivable were up 34 percent at furniture stores and 63 percent at household-appliance stores but only 25 percent at department stores. c. 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 S ix t h D is tr ic t S ta tis tic s IN STALM ENT C A SH LO A N S V o lu m e N o . of L en d ers R e p o r t in g L ender F e d e r a l c r e d it u n i o n s ........... S ta te c r e d it u n i o n s .................. I n d u s tr ia l b a n k i n g c o m p a n i e s ............................................ I n d u s tr ia l lo a n c o m p a n ie s . S m a ll lo a n c o m p a n ie s .......... C o m m e rc ia l b a n k s .................... O u ts ta n d in g s P e rc e n t C h a n g e N o v . 1 9 4 7 fro m P e rcen t C h a n g e N o v . 1 9 4 7 fro m N ov. 1946 O c t. 1947 N ov. 1946 + 11 45 O c t1947 + 71 4- + 57 + + +, + — 1 -H 1 26 + 39 11 19 64 84 __ 4 + + 5 2 + 4 + + 55 0 0 21 63 + + 5 2 + 54 + + + + 4 3 17 13 16 71 RETAIL JEW ELRY S T O R E O PE R A T IO N S P e rc e n t C h an g e N um ber N o v e m b e r 1 9 4 7 fro m of I te m S to r e s R e p o r tin g O c to b e r 1 9 47 N o v e m b e r 1 9 46 T. T. Finance Declines that occurred during the last two weeks of Novem ber in total loans at the reporting member banks in leading cities of the Sixth District interrupted a four-month period of weekly expansions. These banks, whose deposits make up about 55 percent of deposits in District member banks, re ported on December 3, however, that their total loans had increased over those of the previous Wednesday in an amount sufficient to offset the declines. For the week ended Decem ber 10 their loans advanced nine million dollars further, to 828 million, which exceeds the total for the corresponding date in 1946 by 116 million. Since July 16, when total loans were at the lowest point reported for them this year, the increase at these banks had been almost 17 percent. Normally loans increase at this time of the year to meet the needs for handling crops and to meet retailers’ and wholesalers9 needs for financing their seasonal inventories. Part of the recent expansion in loans may represent a re turn, therefore, to the prewar seasonal pattern of borrowing. In only one year between 1922 and 1942 was the rate of ex pansion as great as it has been this year; for the corre sponding period of 1936 the rate was 18.6 percent. During the years 1942-46, of course, the financing of war-bond pur chases greatly influenced the trend of total loans. About four fifths of the expansion this year is made up of increases in commercial and industrial loans. In other types of loans also, however, the rise has been substantial, with decreases having been reported only for security loans and loans to banks since the general expansion began. As characteristic as this general expansion in loans at the District’s member banks has been, the rates of expansion have varied markedly from bank to bank and with the type of area. In general the reserve-city banks as a group have increased their loans at a greater rate than the other banks have. At some of them, however, loans have been in creased much less than they have at some of the banks out side reserve cities. While some weekly reporting banks in the leading cities have had almost no loan increases others have increased their loans more than 30 percent. The rates of increase reported in the different cities and states by the weekly reporting banks for the middle of July to the first Wednesday in December differed greatly. The New Orleans banks, representing Louisiana, reported the greatest rate of increase, or 23 percent, while in Florida, the Jacksonville and Miami banks together reported an in crease of only 6 percent. In Tennessee, banks at Chatta nooga, Knoxville, and Nashville increased their loans 17.6 percent. The reporting banks in Georgia, at Atlanta and Sa F e d e r a l R e s e r v e 38 34 34 37 37 C r e d it s a l e s ..................................................... A c c o u n ts r e c e iv a b l e , 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 .................. +! 14 + 12 + 16 + 7 + e — — + +: + 3 23 13 36 19 W H O L E S A L E SA L ES A ND IN V E N T O R IE S* SA LES IN V E N T O R IE S P erc e n t C h an g e P ercen t C h a n g e N o of N o . of N o v . 3 0 ,1 9 4 7 , fro m F irm s N o v e m b e r 1 9 4 7 from F irm s R e p o r t O c t. 31 R e p o r t O c t. N ov. Nov. 30 in g in g 19 47 1946 1 9 47 1946 Ite m s A u to m o tiv e s u p p l i e s . . S h o e s ...................................... D ru g s a n d s u n d r i e s . . . D ry g o o d s .-------- ---------E le c tric w ir in a s u p — E le c tric a l a p p l i a n c e s . . F r u its & v e g e t a b l e s . . . F a rm s u p p l i e s .................. C o n f e c tio n e r y .................. 5 3 9 8 4 7 3 3 5 F u ll l i n e s ......................... S p e c ia lty l i n e s -------B e e r . ...................................... G e n e r a l h a r d w a r e ----I n d u s tr ia l h a r d w a r e . . J e w e lr y ............................. L u m b e r a n d b u il d in g . m a t e r i a l s ......................... T o b a c c o p r o d u c t s .......... M is c e lla n e o u s .................. 31 8 3 8 5 3 11 28 17 21 29 6 9 16 15 — + — — + + — + + 1 16 0 33 13 32 18 7 5 — 21 — 6 — 33 — 9 — 2 + 4 — + — + + — 9 12 29 16 19 3 — — — — + + + + 17 0 2 1 — — — — — — — — — 4 12 16 137 13 16 12 15 4 + 9 + 59 3 4 6 — ii + 8 — 6 — 0 + 68 + 57 ## 17 4 3 4 + 7 — 3 + 25 + 5 + 9 — 7 — 17 + 37 3 + 12 — 3 14 65 + + + *6 4 3 + 52 + 38 + 24 2 * B a s e d o n U. S. D e p a r tm e n t of C o m m e rc e f ig u r e s D EPARTM ENT S T O R E SA L ES AND S T O C K S SALES P la c e ALABAMA B ir m in g h a m .......... M o b ile ....................... M o n tg o m e r y ____ FLO R ID A J a c k s o n v i l l e ... M ia m i___ ______ O r la n d o .................. T a m p a __________ G E O R G IA A tla n ta ................ A u g u s t a .................. C o lu m b u s ............. M a c o n ....................... LO U ISIA N A B a to n R o u g e ___ N ew O r le a n s ... M IS S IS S IP P I J a c k s o n ................. TE N N ESSEE B r is to l..................... C h a tta n o o g a .. . K n o x v ille ______ N a s h v ille ............... O TH ER C I T I E S * .. D IST R IC T IN V E N T O R IE S P e rcen t C h an g e N o . of S to r e s N o v e m b e r 1 9 4 7 Iro m R e p o r t N ov. O c t. in g 1946 1947 + + 7 +1 1 +1 0 +6 3 4 4 6 18 94 4 4 4 + 1 6 t O c t. 3 1 , 1947 N ov. 30, 1946 + + 16 — + '3 + 4 1 + 9 — 14 + 6 —2 — — P e rc e n t C h a n g e N o v . 3 0 , 1 9 4 7 , fro m + 6 + S 16 + 7 + + 1 — 0 + 26 + 8 4- 6 + i ± 1 + + N o . of S to r e s R e p o r t in g + 3 3 5 2 2 73 5 + 32 + 0 + I + f '■ + 6 + 5 — *3 1 3 +2 0 — 4 —8 — 'S ± 2 ~ 1 + 39 + 39 + i + 8 + 2 * W h e n f e w e r th a n th r e e s to r e s r e p o r t in a g iv e n c ity , t h e s a le s o r s to c k s a r e g r o u p e d to g e th e r u n d e r " o t h e r c i tie s .” ___________ ______________________ M o n t h ly R e v ie w o f t h e F e d e r a l R e s e r v e B a n k o f A t l a n ta vannah, increased their loans 17.9 percent, and those in Ala bama, at Birmingham and Mobile, increased theirs 18.1 percent. In an area as large as the Sixth District, which covers more than 247,000 square miles, wide variations in the chief forms of economic activity are to be expected. As the war-economy needs lose their place as the first influence on demands for bank credit, variations in local conditions prob ably will be reflected increasingly in the operations of mem ber banks. Moreover, within any area, the types of customers to which credit is supplied vary greatly from bank to bank. Perhaps the best mirror of those different levels of eco nomic activity in the various parts of the District that have affected banking operations during 1947 is the way bank debits to individual accounts have behaved. These debits, which are reported to the Federal Reserve Bank from 35 Sixth District cities, represent total business and personal checking transactions at the banks. With but one month re maining in 1947 the general trend for the year can be fairly well determined. The debits for the first 11 months of this year exceeded those for the first 11 months of 1946 by 12 percent. This percentage increase was double that for the United States. Within the District, however, there were five cities in which the rates of increase for the first 11 months exceeded 20 per cent. These included Baton Rouge, which led with a 27 per cent increase, Jackson, Gadsden, Mobile, and Montgomery. At the other end of the scale, with decreases, were Anniston, Orlando, Newnan, and Vicksburg. Four of the reporting cities had rates of increase lower than the national rate. They were Brunswick, Hattiesburg, Meridian, and Knoxville, with rates of less than 5 percent. The 27 District cities with gains that equaled or exceeded the national rate included Birming ham, Valdosta, Lake Charles, Chattanooga, Griffin, and Co lumbus, where the increases ranged from 15 to 20 percent. Eight of them—Jacksonville, Nashville, Atlanta, Albany, Elberton, Macon, Gainesville, and Rome—reported increases ranging from 10 to 15 percent. In two, Savannah and Tampa, the rate was the same as the national rate. Others in this group reporting increases of from 6 to 10 percent were Dothan, Miami, Pensacola, St. Petersburg, Augusta, and New Orleans. c. t . t . Agriculture Two recent developments in international trade may signifi cantly affect the markets for several District crops. In the short run the greater effects will result from those steps taken by the Canadian Government to prevent further depletion of its gold and United States dollar reserves. In the long run, however, tariff-schedule changes made at the recent trade con ference of 23 nations held at Geneva may be more important. Of the measures adopted by the Canadian Government, the drastic import restrictions announced on November 17 will bear most directly on the District’s growers. This emergency action prohibits the importation of a large group of agri cultural products. Moreover, for another large group it im poses import quotas equivalent to twice the average annual value of imports in the calendar years 1937 through 1939. Agricultural imports in the former group amounted in 1946 to about 44 million Canadian dollars, and those in the latter to about 49 million. How long these restrictions, and any modification of them, will last will depend on Canada’s exchange positon. In this connection, much depends also on f o r D e c e m b e r 143 1 9 4 7 S ix t h D is tr ic t S ta tis tic s C O N D IT IO N O F 2 8 M EM BER BANKS IN SELE C TED C IT IE S (I n T h o u s a n d s of D o lla r s ) D ec. 24 1947 I te m L o a n s a n d in v e s tm e n ts — T o t a l................................................ 2 ,3 8 9 ,2 9 4 L o a n s — t o t a l .................................... 8 4 7 ,7 2 9 C o m m e r c 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 a . . 5 1 8 ,0 3 2 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 ----8 ,2 9 0 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 r r y in g s e c u r i t i e s ....................... .......... 6 9 ,6 4 7 6 6 ,5 4 0 L o a n s to b a n k s .......................... 4 ,6 3 8 O th e r l o a n s . .................... .......... 1 8 0 ,5 8 2 I n v e s tm e n ts — t o t a l .................... 1 ,5 4 1 ,5 6 5 U . S. d ir e c t o b l i g a t i o n s . . . 3 5 1 ,2 9 6 O b lig a tio n s g u a r a n t e e d b y U . S ............... ...................... 1 ,0 0 2 ,6 7 3 O th e r s e c u r i t i e s ....................... 1 8 7 ,5 9 6 R e s e r v e w ith F . R. B a n k ----4 6 1 ,4 7 5 C a s h in v a u l t ................................. 4 2 ,8 1 8 B a la n c e s w ith d o m e s tic 1 7 8 ,5 6 2 D e m a n d d e p o s it s a d j u s t e d . . 1 ,7 8 3 ,2 4 4 T im e d e p o s i t s ................................. 544,23,1 U . S. G o v 't d e p o s i t s .................. il7 ,1 0 0 D e p o s its of d o m e s tic b a n k s 5 4 2 ,2 4 5 B o r r o w in g s ...................................... 1 2 ,3 0 0 N ov. 26 1947 D ec. 24 1946 P erc e n t C h an g e D e c e m b e r 2 4 , 1 9 47 N ov. 26 1947 2 ,3 8 1 ,3 5 0 2 ,3 7 0 ,6 5 5 8 1 1 ,6 6 7 7 2 2 ,2 5 2 4 9 4 ,2 3 3 4 1 3 ,6 6 2 6 ,3 5 0 8 ,9 5 1 +■ + 4- 1 4 - 17 o 4 + D ec. 24 1946 5 4-. 25 + 27 — 7 4 ,1 9 2 9 8 ,5 6 8 6 5 ,1 1 5 4 9 ,7 1 3 4 ,7 6 5 3 ,7 3 4 1 4 7 ,6 2 4 1 6 6 ,8 1 2 1 ,5 6 9 ,6 8 3 1 ,6 4 8 ,4 0 3 3 4 0 ,8 3 2 4 3 2 ,7 3 4 — ■+ — + — 4- 6 2 3 8 2 3 — 29 4* 3 4 + 24 4-22 — 6 — 19 1 ,0 3 6 ,5 2 9 1 9 2 ,3 2 2 4 4 7 ,9 9 2 4 4 ,9 9 0 — — 4— 3 2 3 5 — 2 -T- 3 +. 2 4- 6 + 8 + (1 — 1 — 48 4“ 8 — 27 — 5 4- 4 4- 2 — 71 — 4 4-310 1 ,0 2 3 ,2 0 2 1 9 2 ,4 6 7 '4 5 3 ,1 6 5 4 0 ,4 6 4 1 6 4 ,8 1 1 1 8 7 ,5 7 9 1 ,7 6 8 ,2 7 0 1 ,7 1 8 ,4 6 0 5 3 5 ,9 6 8 5 4 7 ,8 5 4 3 2 ,6 1 8 5 7 ,9 9 7 5 0 4 ,0 1 4 5 6 7 ,5 2 6 1 6 ,8 0 0 3 ,0 0 0 7 D EB ITS TO IN D IV ID U A L BANK A C C O U N T S ( I n T h o u s a n d s o l D o lla rs ) P la c e ALABAMA A n n is to n ............... B irm in g h a m . N o . of B anks R e p o rt in g N ov. 1 9 47 O c t. 1947 N ov. 1946 P e rc e n t C h a n g e N o v . 19 4 7 from O c t. 1 9 47 Nov. 19 46 3 6 2 3 4 3 1 8 ,6 2 0 2 9 6 ,1 6 4 1 1 ,7 9 7 1 8 ,5 7 7 1 2 4 ,7 2 8 7 7 ,1 3 8 2 1 ,2 4 4 3 2 5 ,7 3 4 1 4 ,1 1 5 2 0 ,2 5 1 1 2 9 ,9 3 5 8 6 ,4 5 4 2 0 ,6 1 1 2 9 0 ,4 8 6 1 1 ,6 7 4 1 8 ,0 5 8 1 0 6 ,6 2 6 6 8 ,8 2 4 — 12 — 9 — 16 — 8 — 4 — 11 — 10 -f 2 41 + 3 4- 17 4- 12 3 7 12 3 3 3 3 2 4 8 ,3 9 2 2 0 9 ,8 2 9 2 9 0 ,6 4 5 4 4 ,2 7 7 3 0 ,8 6 4 4 7 ,2 0 2 1 0 1 ,8 9 0 2 5 1 ,4 5 2 2 2 1 ,6 0 9 3 0 5 ,0 7 7 4 3 ,6 6 0 3 3 ,1 9 7 4 7 ,7 5 0 1 0 3 ,2 7 4 2 3 1 ,2 5 4 1 9 5 ,6 8 6 2 7 1 ,0 3 3 4 4 ,5 5 9 3 0 ,6 8 8 4 6 ,2 7 4 1 0 5 ,4 7 4 — — — 4— — — 1 5 5 1 7 1 1 + 44— 4“ 4— S a v a n n a h _____ V a l d o s t a . .......... 2 4 3 2 4 2 3 2 3 2 3 4 2 1 8 ,2 9 6 7 3 2 ,9 5 8 5 2 ,8 0 7 8 ,3 0 4 5 3 ,5 6 5 4 ,1 5 0 1 3 ,8 2 4 1 0 ,7 4 2 5 5 ,0 8 7 7 ,7 1 7 2 1 ,9 3 2 8 5 ,3 2 9 9 ,6 9 5 1 8 ,1 8 1 8 1 4 ,3 9 8 5 9 ,9 1 9 9 ,0 3 4 5 8 ,3 1 7 4 ,6 4 3 1 5 ,8 4 8 1 1 ,7 8 7 6 0 ,0 4 0 9 ,6 0 4 2 9 ,3 6 0 8 7 ,8 1 5 1 0 ,9 3 8 1 7 ,4 6 7 7 1 2 ,1 9 1 4 9 ,2 5 1 8 ,0 9 3 5 6 ,4 0 9 3 ,9 7 1 1 1 ,3 1 0 1 0 ,2 8 5 5 7 ,5 2 2 8 ,3 3 6 2 1 ,6 9 8 7 6 ,1 0 7 1 0 ,2 4 2 4— — — — — — — — — — — — 1 10 12 8 8 11 13 9 8 20 25 3 11 4* 5 4- 3 4- 7 + 3 — 5 4- 5 4- 2 2 + 4 — 4 — 7 + 1 4- 12 — 5 L O U ISIA N A B a to n R o u g e . . . Lake C h a rle s . . . N ew O rle a n s . . . 3 3 7 8 1 ,1 5 8 2 8 ,5 4 6 5 9 8 ,2 0 4 8 3 ,0 3 4 3 1 ,0 7 7 6 7 9 ,4 7 6 6 6 ,9 8 1 2 5 ,8 6 9 5 8 2 ,7 1 2 — 2 8 — 12 4- 21 + 10 4- 3 M IS S IS S IP P I H a t t i e s b u r g ___ J a c k s o n .................. M e r i d i a n .............. V ic k s b u r g ............. 2 4 3 2 1 4 ,7 9 8 1 0 8 ,8 7 0 2 5 ,3 4 0 2 9 ,0 7 0 1 7 ,2 8 4 1 1 5 ,4 7 3 3 0 ,9 5 1 3 1 ,7 9 9 1 6 ,4 4 3 9 1 ,3 0 8 2 8 ,6 9 1 2 7 ,0 0 6 — 14 — 6 — 18 — 9 — 10 f 19 - 12 4- 8 TEN N ESSEE C h a t t a n o o g a .. . K n o x v ille ______ N a s h v ille _____ < 4 4 6 1 2 8 ,2 7 7 1 0 0 ,8 8 1 2 6 4 ,9 0 1 13 9,6 6 1 1 0 5 ,5 1 5 6 0 6 ,0 8 1 1 1 7 ,6 1 2 100,,227 2 4 6 ,7 9 3 — 8 _ 4 — 13 444- 9 1 7 109 3 ,6 3 7 ,4 3 1 3 ,9 7 1 ,9 1 5 3 ,4 7 3 ,4 4 5 — 8 4- 5 9 2 ,9 2 1 ,0 0 0 1 0 5 ,3 2 0 ,0 0 0 8 6 ,6 4 5 ,0 0 0 — 12 4- 7 G a d s d e n . . ........... M o n tg o m e r y .. . FLO R ID A J a c k s o n v il le ----G r e a te r M iam i* O r l a n d o .................. P e n s a c o l a -----S t. P e te r s b u r g . 7 7 7 1 1 2 e G E O R G IA A u g u s t a .............. B r u n s w i c k ------C o lu m b u s ............. E l b e r to n ............... G a in e s v i lle * . n. . G riffin * ................... N e w n a n ............. SIXTH D IST R IC T 3 2 C i t i e s ______ U NITED STA TES 3 3 4 C i t i e s . ........... * N included in Sixth District total ot 144 M o n t h ly R e v ie w o f t h e the nature of the European Recovery Program. If Europe obtains funds for expenditure outside the United States, Canada should improve its dollar position. Exports to Canada are more important to District agricul tural producers than they are to farmers generally. In the year ended June 1947 they made up about 7 percent of the dollar value of all agricultural exports. Canada received 13 percent of the cotton exported, 33 percent of the peanuts, 65 percent of the oranges, 56 percent of the grapefruit, and 49 percent of the canned fruit juices. These commodities, all important District crops, accounted for about half the value of United States exports to Canada. Although exports of these products were not entirely of District origin, District growers, who produce a large portion of the total crops, benefited from the additions to domestic demand furnished by the Canadian market. Under the newly imposed Canadian restrictions import quotas for fresh citrus fruit are set at about half the value of the 1946 imports. Quotas of the individual importers will be assigned quarterly on a basis of the value of their imports during the year ended June 1947. Imports prohibited as of November 18, 1947, include most fresh and canned vegetables, most fresh fruits other than citrus, and most dried fruits. Other prohibited imports are rice, sirups and molasses, and unshelled peanuts and pecans. Although the reductions of world-trade barriers made at the Geneva conference are so comprehensive that no precise idea of their effects can be determined, it appears that in the long run they will tend to expand markets for some District farm products. Since most countries now regulate foreign trade by import and export licensing, however, many of the concessions made at Geneva will have few immediate effects or none. The trade agreements relate to virtually all trade barriers, including tariffs, preferences, internal controls, quotas, customs regulations, subsidies, and state trading. Reductions in tariff rates and the retention of a duty-free status on certain items comprised most of the concessions made by the United States. Few of the important concessions involved farm products. Import duties on wool, however, were reduced from a basic rate of 34 cents a pound to 25.5 cents. The rate on 96-degree Cuban sugar was reduced from 0.75 cent to 0.5 cent a pound. On the other hand, several countries made appreciable concessions to the United States on agricultural products that are important in the District. Canada eliminated the halfcent-a-pound duty on fresh grapefruit and placed oranges on the free list. Prior to the agreement fresh oranges had been admitted free into Canada during the period January through July but were taxed at the rate of 35 cents a hundred pounds August through December. Canadian duties on canned orange juice were reduced from 25 percent of its value to 10 per cent. Canada also eliminated the cent-a-pound duty on green peanuts and halved the duties on unmanufactured tobacco. Concessions on agricultural products by the BelgiumLuxemburg-Netherlands Customs Union, known as Benolux, were made in the form of exemptions from monopoly duties, which in many cases had amounted to more than the customs duties. Before the agreement was reached the Netherlands had had monopoly duties on oranges, grapefruit, canned fruits, and fruit juices that ranged from 2.5 percent to 57 percent. In addition to eliminating these duties, Benolux made sea sonal reductions of between 25 and 35 percent in the regular customs duties on oranges and grapefruit. In 1939 this coun 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 try’s fresh orange exports to Benolux alone amounted to more than a half million boxes. Relatively few of the concessions made by the United Kingdom on agricultural products affect crops grown exten sively in the District. Raw cotton and citrus fruits, however, were assured of continued free entry. Reductions amounting to 50 percent were granted on some imports of lumber and of timber products. Though reductions as high as a third were authorized for the preferences on leaf tobacco, they do not take effect until the present abnormally high duties are lowered. The United Kingdom’s action with regard to tobacco em phasizes one aspect of the agreement that should not be over looked in an assessment of its effects on trade. In some re spects the barriers removed by the agreement were actually concrete evidence of the nations’ unwillingness to allow rela tively free foreign trade. The removal of some barriers and the lowering of others, therefore, does not necessarily mean that trade will increase. Whether the agreement will benefit District farmers by way of expanded foreign markets depends upon many factors other than the level of tariff rates or other restrictions on foreign trade. B. R. r . Electric Power Expansion As the postwar industrialization of the South gathered mo mentum last winter, Southern peacetime demand for electric power grew so rapidly that the power companies were thrown into a scramble for a means of increasing their capacity. Many of them had had to delay construction and curtail their expansion programs during the war because of priorities and material and labor shortages. At the same time many powercompany officials predicted that the demand would decline with the return to peace. They were, therefore, caught unawares when it climbed past even the wartime peak, causing a record high in power production for the District states last February. The companies could meet the demand only by using every piece of equipment to its full capacity, letting their excess emergency reserves drop to an unprece dented low, and swapping power with one another during the peak hours. Before the winter was over they had made plans for a multimillion-dollar expansion program. This year construction has been started on projects that will give the Six States more than a million kilowatts of addi tional installed capacity. This expansion program includes the setting up of entire plants with numerous generating units and the addition of generating units to older plants. The Alabama Power Com pany, for instance, is building a new two-unit steam plant at Gadsden. In Florida three steam plants with a total of five units are being set up, in Georgia a steam plant and a hydro plant with a total of three units, and in Tennessee four hydro plants with a total of six units. Additions to older hydro plants include nine units in Alabama and four in Tennessee, and additions to older steam plants comprise seven units in Florida, two in Georgia, three in Mississippi, and five in Louisiana. The estimated completion schedules in the accompanying table show that the program will mean a total additional capacity in District states of 1,573,400 kilowatts, or by 1951 a 29.5 percent increase over installed capacity as of Decem ber 31, 1946. At the end of October 1947 installed capacity in the Six States showed approximately a 2.25-percent increase over that of a year ago. Production was up almost 7 percent, however, M o n t h ly R e v ie w o f t h e F e d e r a l R e s e r v e B a n k o f A t l a n ta over that of last October. Following the usual early-summer slump it had risen for the third consecutive month, to reach an index of 296 of the 1935-39 average. This is its highest October figure on record. According to the Federal Power Commission the total kilowatt-hour output in the Southeast increased 8 percent between October 1946 and October 1947, but kilowatt peak-load demand increased 9.6 percent. Com pared to the national increases of 10.7 percent in output and 9.6 percent in peak-load demand, these figures indicate that the Southeast’s power situation is more critical than the na tion’s. Through the mid-winter of this year the situation will grow progressively more acute, it is expected, since the high est peak-load period of the year usually culminates then. Superimposed upon this, each company has a problem to meet in its daily-load-pattern, depending on the uses of the power. By the mid-winter of 1948-49 District power com panies, of course, will have sufficient capacity to meet all peak-load demands. But it is questionable whether the gap between the time of increased peak-load demands and the date that new equipment is completed can be bridged this winter without some curtailment or some rationing of current to customers. S c h e d u le d A d d itio n s to th e In s ta lle d C a p a c ity o n D e c e m b e r 31, 1946 P la ce rla c e In sta lle d C a p a c ity D ec. 31.1946 (1,000 ol K ilow atts) Six S ta te s A la b a m a F lo rid a G e o rg ia L o u isia n a M ississip p i T en n essee 5,338.9 799.2 565.2 707.0 542.0 71.2 2,654.3 1948 1949 2.3 15.2 8.1 38.6 17.3 20.3 73.7 9.2 25.7 39.4 54.9 28.6 27.7 105.3 12.1 4.4 13.4 31.6 b e r S ix t h D is tr ic t I n d e x e s D EPARTM ENT S T O R E SALES* A d ju s te d * * P la c e U n a d ju s te d N ov. 1947 N ov. 1946 N ov. 1947 O c t. 1 9 47 N ov. 1946 m D IS 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 i l l e .. .. . K n o x v ille ............... M a c o n ..................... O c t. 1 9 47 348 403 3156 333 343 311 431 297 309 39 1 <333 407 299 492 ‘ 47 3 '382 395 318 388 316 423 335 334 349 337 428 306 46 4 459 521 478 478 442 418 533 402 399 442 45 9 521 430 616 372 432 385 363 360 358 462 321 334 344 380 432 332 483 416 474 447 381 442 379 507 395 421 425 414 497 361 547 420 423 399 888 348 444 34.1 317 362 373 449 364 ‘ 22 5 M o n tg o m e r y .. . N a s h v ill e _____ _ 'N ew O r le a n s . ... DEPARTM ENT S TO R E S T O C K S A d ju s te d * * U n a d ju s te d P la c e N ov. 1947 O c t. 1947 N ov. 1946 N ov. 1 9 47 O c t. 1 9 47 N ov. 1 9 46 D IS T R IC T .................. A tla n ta .................... B ir m in g h a m .. . . M o n t g o m e r y .. . N a s h v ill e ............. iN ew O r l e a n s . . . 337 391 242 321 480 255 300 387 238 313 45 3 238 330 407 229 313 475 259 354 45,2 285 374 558 288 335 454 268 355 520 269 347 470 27 1 365 552 293 A d ju s te d * * 1950 U n a d ju s te d 28.8 46.6 63.4 29.5 N ov. 1947 O c t. 1947 N ov. 1946 N ov. 19 4 7 O c t. 1947 N ov. 1946 SIX STA TES A la b a m a ............... 17 4 191 17 4 169 167 160 176 173 191 167 171 162 165 182 163 174 156 157 158 158 175 179 197 169 175 176 176 189 170 189 152 170 166 168 182 16 8 179 152 163 166 174 188 1951 .. * .. • 33.2 13.2 145 1 9 4 7 P la c e 14.5 There are several encouraging factors in the District states which minimize the likelihood of rationing. The three with hydro facilities, Georgia, Alabama, and Tennessee, are in a better position than the others. They have followed a program of water conservation. They have burned more expensive coal, even during the dry low-water months, in order to save large reservoirs of water for this emergency. Also, the power facilities in all the states from Virginia through Louisiana have interconnections and can swap power among themselves for peak hours. Georgia and Alabama, for instance, have similar daily load patterns. Both have large industrial consumption. One of the peak hours of each comes daily, around closing time before industrial consumption has definitely slackened and when trolley consumption and domestic consumption for light and cooking are high. Since Georgia has Eastern time and Ala bama Central time, these peak loads, though created by simi lar factors, come an hour apart. This difference would allow a swap of power. All the District states except Florida have either backlogs of water for high hydro production or inter connections with these reservoirs of power. Florida has interconnections, but her KVA reactive receiver power is so low that it is too costly to transmit power into the state. The Florida power companies are staging a wide advertising program that urges consumers to use small port able gas and oil heaters for chilly days this winter instead of the popular electric heater. If power rationing comes to the District, it will probably come first to Florida unless this pro gram succeeds in averting it. L . c. D e c e m G A S O L IN E TAX C O L L E C T IO N S *** P e rc e n t ol I n c re a s e b y th e e n d o l : 1947 f o r 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 .. C O T T O N C O N S U M P T IO N * EL EC TR IC P O W O l P R O D U C T IO N * P la c e N ov. 1947 O c t. 1 9 47 N ov. 1946 TOTAL A la b a m a ___ G e o r g i a ___ M is s is s ip p i. T e n n e s s e e .. 156 160 158 108 136 148 156 147 10 8 137 181 190 183 13 6 132 O c t. 1947 SIX S T A T E S .. H y d ro g e n e ra te d F u e l g e n e r a te d S e a t. 19*7 O c t. 1946 296 296 276 180 195 263 447 427 293 C O N S T R U C T IO N C O N T R A C T S M A N U FA C TU R IN G EM PLO YM EN T*** P la c e P la c e O c t. 1947 S e p t. 1947 v jc t. 1946 SIX ST A T E S, . A la b a m a ___ F l o r i d a .......... G e o r g i a ___ , L o u i s i a n a .. . M is s i s s i p p i. T e n n essee.. 146 154 118 134 145 163 157 144 1 5 0r 115 r 133r 144 1 62r 156 141 148 117 138 130 149 151 O c t. 1947 S e p t. 1947 O c t. 1946 D IST R IC T R e s id e n tia l. O t h e r ............... A la b a m a ___ 434 681 314 409 601 432 324 177 345 321r 468r 250r 317 442 328 12& 386 300 367 348 377 762 374 353 106 208 380 G e o r g i a ----L o u isia n a . . . M is s is s ip p i. T en n essee. . C O N S U M E R S ' P R IC E IN D EX A N N U AL R A TE O F TU R N O V ER O F DEM AND D E P O S IT S I te m O c t. 1947 S e p t. 1 9 47 O c t. 1946 N ov. 1947 O c t. 1 9 47 N ov. 1946 ALL I T E M S .. . 169 214 188 n .a . 168 212 185 n .a . 152 185 164 n .a . 1 9 .7 1 8 .6 7 5 .3 1 9 .0 1 8 .8 7 6 .2 1 9 .0 1 7 .9 6 9 .3 129 128 115 182 145 181 144 164 134 .5 9 .6 0 .6 6 C lo th in g .. . . R e n t. ................ F u e l, e l e c ., a n d ic e . . . H o m e fu r n is h in g s . . M is c ................ P u r c h a s in g p o w e r of d o l l a r .......... * D aily a v e r a g e b a s is * * A d ju s te d fo r s e a s o n a l v a r ia tio n ***1939 m o n th ly a v e r a g e = 1 0 0 ; o th e r in d e x e s , 1 9 3 5 - 3 9 = 1 0 0 U n a d ju s te d j.. . A d ju s te d * * ___ I n d e x * * ..,.......... C R U D E PETR O LE U M P R O D U C T IO N IN C O A STA L LO U ISIA N A A N D M IS S IS S IP P I* N ov. 1947 U n a d j u s t e d .. . A d ju s te d * * ..... r R e v is e d n .a .N o t a v a ila b le O c t. 1947 N ov. 1946 271 267 266 266 238 235 M o n t h ly R e v ie w 146 N a tio n a l B u s in e s s o f t h e S u m m a ry production expanded vember. sales showed more than a sea IndustrialDepartment-store and thesomewhat further in No sonal increase in November first half of December. Wholesale commodity prices generally continued to advance. Bank Credit Loans to businesses, consumers, and real-estate owners ex panded further at banks in leading cities during November and the first half of December. Demand deposits of individ uals and businesses increased 800 million dollars^ at these banks, and currency in circulation rose by 400 million. In the four weeks ending December 17, member banks gained reserves as a result of a continued inflow of gold, Treasury transactions, and Federal Reserve purchases of Government securities. These sources of reserves more than offset the seasonal growth in currency. Reserve Bank holdings of Government securities declined in the four-week period, reflecting Treasury retirement of bills and certificates. The System also sold substantial amounts of bills and certificates in the market but purchased larger amounts of notes and bonds. Interest Rates and Bond Yields Prices of Treasury bonds, which declined sharply in October and November, were held firm after the middle of November by official support. Prices of corporate bonds declined further. Yields on Treasury certificates rose, and a new issue of 1%percent one-year certificates was offered in exchange for the issue maturing January 1. Industrial Production The Board’s seasonally adjusted index of industrial produc tion advanced two points in November to 192 percent of the 1935-39 average, a new postwar peak rate. Output of durable goods expanded somewhat further, re flecting largely increases in activity in most machinery, transportation equipment, and nonferrous-metal-fabricating industries. Output of steel in November was at a slightly lower rate than in October, but in the early part of Decem ber scheduled operations rose to new postwar peaks. Motor truck assemblies were curtailed in November and early De cember, as a result of model change-over activity at plants of a major producer, while output of passenger cars increased. Output of lumber and other construction materials was main tained in large volume. Manufacture of nondurable products continued to increase in November, reflecting mainly a further marked rise in ac tivity at cotton-textile mills and an expansion in the volume of livestock slaughtered as a result of reduced feed supplies and high prices for feeds. Liquor production, which increased sharply in October, was curtailed in November in accordance with the Federal program to conserve grain. Production of minerals rose somewhat further in Novem ber, reflecting further gains in output of bituminous coal as increased numbers of freight cars became available. Commodity Prices Wholesale commodity prices generally advanced further in November and the early part of December. Crude-petroleum 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 prices were increased sharply, and advances were announced in refined-petroleum products, newsprint, rayon, textile products, shoes, and some metal products. Government dis posal prices for Japanese silk were reduced by nearly one half. Prices of commodities traded in the organized markets rose further in November but showed little change in the first three weeks of December. The consumers* price index was unchanged from Septem ber to October. Food prices generally showed little change in November and December, while additional increases oc curred in retail prices of other goods and services. Distribution Department-store sales showed a sharp seasonal increase in November, and the Board’s adjusted index rose to a new high of 300 percent of the 1935-39 average, as compared with 275 in October and 291 in September. Value of sales continued at a high level in the first half of December and was 8 percent above the corresponding period in 1946. Value of department-store stocks has also increased in recent months and is above the corresponding period of a year ago. Shipments of most classes of railroad revenue freight were maintained in large volume in November and the first half of December, after allowance for usual seasonal declines at this time of the year. Coal shipments continued to increase and were at the peak rate reached at the beginning of the year. The Board of Governors B a n k A n n o u n c e m e n ts Of the three most recent additions to the par list, the first was the Stayton Bank and Trust Company, Stay ton, Tennessee, which began remitting at par on No vember 20. A nonmember in the Nashville-branch territory, the bank has capital of $6,000, surplus and undivided profits of $9,000, and deposits of $266,000. George B. Harris is president, W. A . Dillard vice president, and C. S. Smith cashier. The newly organized Citizens Bank of Gainesville, Gainesville, Florida, opened for business as a par• remitting bank on December 3. It has capital amount ing to $200,000, surplus to $30,000, and undivided paid-in profits to $20,000. Wilson O . Boozer is presi dent. J. B. Carmichael is vice president and cashier. Charles S. Brooking, Fred M. Cone, and O. H. Thomas are vice presidents, and Charles R. Thomas is assist ant cashier. At Oliver Springs, Tennessee, on December 9 the newly organized branch of the Union-Peoples Bank, Clinton, which is a nonmember in the Nashvillebranch territory, urns opened for business as a par bank. The present capital of the Union-Peoples Bank is $150,000, and its surplus $85,000. Its officers are H. F. Rutherford, president; J. H. Wallace, vice presi dent; Wallace Cantrell, cashier; and Ernest Taylor, George E. Anderson, and Frank Fox, assistant cash iers. Mr. Fox w ill be the manager of the new branch. M o n t h ly R e v ie w o f t h e F e d e r a l R e s e r v e B a n k o f A t l a n ta D e c e m b e r 1 9 4 7 147 Index for the Year 1947 (S ebusiness co n d itio n s, g e n e r a l, for further in rm n e fo atio o a o t e ry o e s b c listed in th in e n lm s ve th r u je t e d x.) A Agriculture Bank Credit for Farm Production, by Brown R. Rawlings, 129 Farm Forestry in the Sixth District, by Brown R. Rawl ings, 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 Banking 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 f o r 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, Business Conditions, General 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. c Coal Production, tables, 3, 31, 39, 55, 65, 79 Construction Contracts, tables, 88, 99, 111, 123, 138, 145 Consumers’ Price Index, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 Cotton Consumption, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 D Department Stores Sales, tables, 3, 7, 31, 32, 37, 39, 54, 55, 65, 66, 79, 80, 88, 92, 99, 103, 111, 115, 123, 127, 137, 138, 142, 145 Stocks, tables, 3, 7, 31, 32, 37, 39, 54, 55, 65, 66, 79, 80, 88, 92, 99, 103, 111, 115, 123, 127, 137, 138, 142, 145 See also Trade E Electric Power Production, 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 Farm Forestry in the Sixth District, by Brown R. Rawl ings, 57 Finance 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, 38 148 M o n t h ly R e v ie w 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 Florida Citrus Industry, The, by Brown R. Rawlings, 45 Furniture Store Operations, Retail, tables, 7, 32, 43, 54, 67, 80, 91, 115, 137 G Gasoline Gasoline Tax Collections, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 State Gasoline Tax Collections, An Indicator of Sixth Dis trict Economic Activity, by Charles T. Taylor, 87 I Industry 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 Instalment Cash Loans, tables, 32, 37, 54, 66, 80, 92, 103, 115, 127, 137, 142 Inventories See Department, Furniture, and Jewelry stores j Jewelry Store Operations, Retail, tables 7,43, 66, 80, 90, 103, 127, 142 L Loans See Banking, Finance, and Instalment Cash Loans Lumber Production, 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 One-Variety Cotton Improvement Program, The, by Brown R. Rawlings, 117 P Petroleum Production in Coastal Louisiana and Missis sippi, Crude, tables, 3, 31, 39, 55, 65, 79, 88, 99, 111, 123, 138, 145 Prices See Consumers’ Price Index Prometheus Unbound, by Earle L. Rauber, 1 R Ramie: 1947, by Earle L. Rauber, 81 Reconnaissance, charts, 15, 29, 37, 99 Research Industrial Research and Scientific Education, by Charles T. Taylor, 21 Retail Trade See Trade and Department, Jewelry, and Furniture Stores s Sixth District War Plants, by Charles T. Taylor, Part I, 93; Part II, 105 State Gasoline Tax Collections, an Indicator of Sixth District Economic Activity, by Charles T. Taylor, 87 T Term Lending by District Member Banks, by Thomas R. Atkinson, 62 Trade 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
