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R eview

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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