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Monthly F E D E R A Volume XXXIII L R E S E R eview R V E A N K O F Atlanta, Georgia, December 31, 1948 D is tr ic t B u s in e s s e n d o f 1948 finds most measures of Sixth District business activity averaging higher for the entire year than for 1947, but with indications of limited advances recent months. For the District as a whole, agricultural in come, trade, employment, construction, and banking activity were all higher for the year 1948 than for 1947. The latest data, however, point to lower year-end figures for some seg ments of the economy than last year’s. The reports of retail stores and the District’s banks illustrate the contrast. Sales at the District’s department stores, according to pre liminary estimates, totaled 571 million dollars, compared with 531 million dollars for 1947. In November and at least part of December, however, sales were below those for the corresponding period in 1947. At the District’s furniture stores, sales for the year 1948 probably exceeded those for 1947, but in October and November they were below those of the corresponding months of 1947. Reporting household appliance dealers, who had been enjoying uninterrupted sales increases since the end of the war, continued to report increased sales until October. In October and November, however, sales were below those of the preceding year. Through November, total bank debits at all District re porting banks exceeded last year’s 11-month total 14 per cent, and the experience of the weekly reporting banks in dicates that this December’s debits were also greater than those of December 1947. During November, however, debits were only 11 percent greater than during the corresponding month last year. Although total loans at all District report ing banks at the end of November 1948 exceeded those out standing on the corresponding date in 1947, the rapid loan expansion that occurred in September and October 1948 ap pears to have tapered off. Total deposits in member banks at the end of November, however, were 27 million dollars less than the total for November 1947. h e T Agricultural Outlook for 1949 The downturn in prices of an increasing number of agri cultural commodities has stimulated the interest of bankers and farmers in the agricultural outlook for 1949. Price pros pects for various farm commodities may influence the farmer in planning next year’s crops and may also influence the banker in making production loans to finance them. The outlook for the nation’s agriculture is for a sustained volume of production at moderately lower prices but at high er production costs. Net farm income, therefore, is expected to be about 8 percent below the 1948 level. B A T L A N T A Number 12 C o n d itio n s The prediction that there will be a strong demand for most farm products in 1949 is based on an expected continuation inof the present level of economic activity, which will be bol stered by substantial amounts of foreign aid and a growing rate of Government expenditures for defense purposes. The forecast of the Department of Agriculture is that farm in come in 1949 is not likely to be less than 90 percent of the 1948 income of 31 billion dollars. This forecast assumes, of course, that war will not occur during the year. Foreign demand for farm products is rather uncertain. Since few foreign countries have the dollar exchange to pur chase these commodities, exports will depend, for the most part, upon the European Cooperation Administration pro gram. The volume of agricultural exports to European coun tries in 1949, however, is not expected to be appreciably dif ferent from this year’s shipments. Even if European crop production should show marked improvement next year, some easing in shipments of food grains would probably be offset by increased shipments of cotton and tobacco, and of feed grains to rebuild livestock numbers. COTTON OUTLOOK FAVORABLE TO GROWERS. In all proba bility, 1949 will be the last year in which farmers can grow an unlimited amount of cotton and be assured of a support price of 90 percent of parity. Many District growers will doubtless take advantage of this opportunity and, if weather conditions are favorable, it is quite likely that cotton acreage will exceed this year’s. Farmers who face a reduction of 22 percent in their peanut acreage, following the recent impo sition of allotments, may plant the lands diverted from pea nuts in cotton. In so doing, they would maintain their acreage in cash crops and probably would increase their cotton acre age base allotment for future years. In some parts of the District where considerable off-farm labor is required to pick cotton, an increase in farm wage rates might cause some producers to reduce their cotton acre age. For the most part, however, cotton problems in 1949 will likely be within the Department of Agriculture rather than among the growers. Exports of about 2.5 million bales under the ECA program will not take all of the surplus cot ton after domestic consumption. Barring war or rapidly worsening international conditions, a considerable part of the 1949 cotton crop will be placed under Government loan. PEANUT GROWERS WILL CUT ACREAGE. A reduction of 22 percent in the acreage of peanuts picked and thrashed from this year’s plantings will result in a significant drop in in come from peanuts, and in farm income too, if the loss is not made up in an increase in the production of cotton and 130 M o n t h ly R e v ie w o f t h e other cash crops. Acreage limitations will have a tendency to boost per acre yields. Obviously, the less productive acres will be retired, and, in all probability, farmers will spend more labor and capital per acre on the smaller acreage. All of which will mean higher yields unless weather is unfavor able. TOBACCO PROSPECTS PAIR. Little or no increase in tobacco acreage allotments is planned for 1949. It is expected that domestic demand for tobacco will continue strong but foreign demand is uncertain. The 1948 exports of tobacco from the United States are estimated to be only two-thirds of the 1947 exports. The big questions in 1949, therefore, are whether the downward trend in exports will continue and whether western Europe, because of a continuing shortage of dollars, will attempt to divert demands to new production areas or to types grown in other parts of the world. LIVESTOCK PRICES ARE EXPECTED TO HOLD. Though there will be seasonal variations and some change in the relationship of pork to beef prices, the general level of livestock prices in 1949 is expected to be about as high as in the current year. The outlook is for an increased production of pork but re duced supplies of beef, veal, and lamb. Beef and cattle prices are expected, therefore, to average above their usual relation ship to pork and hog prices. THE OVER-ALL PICTURE. For District farmers the coming year looks good but not quite as good as 1948. Under present price-support legislation, the prices of the District’s major cash crops will probably not decline greatly but since produc tion costs are expected to be higher, net income will be squeezed below that of the last few years. It should, however, still be high, compared to prewar levels. J .L .L . Imports and Their Growing Significance The most recent information on imports and exports through the Sixth District ports indicates that the trends discussed in last month’s Review have continued. The 19-percent decline in exports during the first nine months of 1948 from the cor responding period in 1947 through the customs districts of Florida, Georgia, Mobile, and New Orleans was approximately the same as the rate of decrease in total American exports. The 9-percent increase in imports through District ports, how ever, was less than the national rate of increase. IMPORT INCREASE CONTINUES. More and more, observers are emphasizing the importance of imports in the District’s future foreign trade. To some extent, its future trade will depend upon whether the District’s ports will obtain an increasing share of total American foreign trade. To a greater extent, however, its future will depend upon the course of total American trade, and imports are essential to maintaining that total. Unless aid to foreign countries is to continue indefinitely, foreigners will be able to buy Amer ican goods only if they can obtain the necessary dollar resources by selling their goods in this country. Conse quently, greater imports are looked upon as the principal means of maintaining a large volume of exports as well as of providing Americans with goods and services. So far this year, the value of merchandise imported into this country has exceeded on an annual basis that of any preceding year, and it seems likely that this year’s imports will total a little over 7 billion dollars. This is somewhat surprising in view of the disturbed political conditions throughout the world and the difficulties of repairing wardamaged productive facilities. On the other hand, Amer 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 8 S ix t h D is tr ic t S ta tis tic s IN STA LM EN T C A SH L O A N S V o lu m e O u ts ta n d i n g s N o . of P ercen t C h an g e P e rc e n t C h a n g e L e n d e r s N o v e m b e r 1 9 4 8 fro m N o v e m b e r 1 9 4 8 fro m R e p o r t O c t. N ov. O c t. N ov. in g 1948 1947 1947 1948 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 .................... 42 24 + — Ll ,19 54 34 — 16 + 10 4- 3 + 5 + — 1 5 6 1 + — 1 1 i+ 4 2 i+ 4 5 + 3 — 0 - 24 ,+ 16 — + + 4- 0 1 0 2 + 10 + 6 — 1 4- 43 RETAIL JEW ELRY S T O R E O P E R A T IO N S I te m N um ber of S to r e s R e p o r tin g T o ta l s a l e s .......................................................... C a s h s a l e s ...................................................... 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 ................... 35 ,33 33 32 /P e rc e n t C h a n g e N o v e m b e r 1 9 4 8 fro m O c t. 1 9 4 8 N o v . 1 9 47 24 33, 25 32 - 13 — 9 —6 + 21 7 0 W H O L E S A L E SA L E S AND IN V E N T O R IE S* IN V E N T O R IE S SA L ES N o . of R irm s R e p o r t in g Ite m A u to m o tiv e s u p p lie s . E le c tric a l g r o u p W ir in g s u p p l i e s ___ A p p lia n c e s .................. G e n eral h a rd w a re . . . I n d u s tr ia l h a r d w a r e . . L u m b e r a n d b u il d in g m a t e r i a l s ....................... M a c h in e r y e q u i p , a n d s u p p lie s , e x c . e l e c . . P lu m b in g a n d h e a t in g s u p p l i e s ............... C o n f e c tio n e r y .................. D ru g s a n d s u n d r i e s . . D ry g o o d s .......................... G r o c e r ie s F u ll l i n e s ....................... S p e c ia lty l i n e s .......... T o b a c c o p r o d u c t s ___ M is c e l la n e o u s ............... P e rc e n t C h a n g e N o . of F ir m s N o v . 3 0 / 1 9 4 8 / fro m R e p o r t O c t. 31 N o v . 30 in g 1 9 47 19 48 P ercen t C h a n g e N o v . 1 9 4 8 fro m O c t. 1948 N ov. 1947 5 — 11 - 24 4 — 2 + 2 5 9 7 4 — 1,1 + 8 — 12 - 14 2 — 6 + 5 — 11 5 8 4 3 + + + + 17 5 4 5 4+ 4- + 9 13 35 15 3 — 15 — 13 3 - - + 3 44- 53 18 16 4 5 7 16 — 4 — 3 + o — 21 — 2 + 10 + 12 8 3 11 + 2 — 10 30 7 10 15 130 — 2 + 4 + 7 - 11 — 8 + 4 + 2 + 14 — 1 — 1 15 3 3 9 71 + 4 — 12 4- 3 4- 3 + 1 3 + 1 17 5 + 27 + 13 + 9 + 14 * B a s e d o n U . S. D e p a r tm e n t of C o m m e r c e f ig u r e s D EPA R TM EN T S T O R E S A L E S A N D IN V E N T O R IE S IN V E N T O R IE S S A LES P la c e A LABAM A B ir m in g h a m . M o b ile . M o n tg o m e r y .. F LO R ID A J a c k s o n v i l l e .. . M ia m i.................... O r l a 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 .................. R o m e . .................. S a v a n n a h .......... 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 ............... M e r id i a n ............. TE N N ESSEE B r is to l.................. C h a t t a n o o g a .. K n o x v ille .......... N a s h v ill e .......... O TH ER C IT IE S * . D IS T R IC T ............... N o . of S to r e s R e p o r t in g 4 5 S 4 4 3i 5 6 P e rc e n t C h a n g e N o v . 1 9 4 8 fro m O c t. 1948 N ov. 1947 ,+■ 3 - 2 — 10 — 2 - 6 — 17 + 8 —2 N o . of S to r e s R e p o r t in g P ercen t C h an g e N o v . 3 0 / 1 9 4 8 , fro m O c t. 31 ,1948 + 22 3 H-, 5 3 — is 4- ' 7 — 17 3 3 4- lil + 9 — 0 (4- 19 3 4- 5 4- 26 —8 —1 5 + 17 4- 11 + 25 4- 14 — 24 — 9 5 4 + — 4 4 1+ .4- 2 5 4- 29 4- 29 — 4- 7 + 2 5 —6 _ 7 — — 1 4 N o v . 30 19 47 4 3 4 — 3 3 4*. 0 4 5 — 3 rj- 9 + 5 H* 3 4 3 — + 9 5 + 7 4 4~ 5 4- 29 — 5 — 6 — 10 + 9 4- 2 — 7 —2 3 3 + 4- 1 9 — 12 + 17 5 22 72 + + + *4 4 4 4- 19 8 3 4 4 6 19 103 ± 3 — 19 — 4 —6 + 2 — 5 — 1 — 3 '4 ’4 4- i3 4- 17 * 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 l e s o r s to c k s a r e g r o u p e d to g e t h e r u n d e r " o t h e r c i t i e 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 ican incomes have never been higher and the need for goods that foreign countries can supply has never been greater. It has been estimated that an import level of 10 or 11 billion dollars a year would be no greater in relation to the volume of goods and services currently produced in this country than the volume of imports before the war. IMPORT GAINS VARY. During the first three-quarters of this year the value of merchandise imported through the Dis trict’s ports totaled 423 million dollars. The monthly average value for the nine months was 12 percent greater than the monthly average value for the entire year of 1947. Widely varying rates of increase, however, were recorded for the four customs districts in the area. Monthly averages of imports through the Mobile and New Orleans customs districts were up 41 and 14 percent, respectively, whereas the average monthly value through the Florida district was the same as in 1947, and that of the Georgia district declined approximately 5 percent. However, the rate of increase between 1938 and 1948 in the monthly average value of goods imported through each customs dis trict exceeded the national increase of 251 percent with one exception. IMPORTS SHOW STRIKING GAINS MONTHLY AVERAGE VALUE P E R C E N T CH ANG E f o r D e c e m b e r 131 1 9 4 8 S ix th D is tr ic t S ta tistic s C O N D IT IO N O F 2 8 M EM BER BA NK S IN L E A D IN G C IT IE S ( I n T h o u s a n d s of D o lla r s ) D ec. 22 1 948 Ite m L o a n s a n d in v e s t m e n t s — T o ta l................................................ 2 ,3 0 8 ,6 1 0 L o a n s —N e t ...................................... 8 7 2 ,6 8 0 L o a n s —G r o s s ................................. 8 8 0 ,6 2 4 C o m m e rc ia l, in d u s tr i a l, a n d a g r i c u lt u r a l l o a n s . . 5 5 2 ,7 6 1 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 . . . 6 ,8 2 5 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 rr y in g s e c u r i t i e s ................................. 5 4 ,9 8 9 R e a l e s ta te l o a n s .................... 6 5 ,5 2 1 L o a n s to b a n k s ......................... 5 ,1 7 0 O th e r l o a n s ................................. 1 9 5 ,3 5 8 I n v e s tm e n ts —t o t a l .................... 1 ,4 3 5 ,9 3 0 B ills, c e rtif ic a te s a n d 4 0 3 ,6 8 8 U . S. B o n d s ....................... 1 ,,248,,127 O th e r s e c u r i t i e s .................. 1 8 7 ,8 0 3 R e s e r v e w ith F . R. B a n k . . . . 4 9 0 ,1 2 6 C a s h in v a u l t ................................. 4 7 ,3 5 2 B a la n c e s w ith d o m e s tic 1 9 6 ,5 0 6 D e m a n d d e p o s it s a d j u s t e d . 1 ,7 7 1 ,9 3 7 T im e d e p o s i t s ............................ 5 2 2 ,3 4 1 U . S . G o v 't d e p o s i t s .................. 3 2 ,4 0 9 D e p o s its of d o m e s tic b a n k s . 5 2 7 ,2 8 6 B o r r o w in g s ...................................... 7 ,0 0 0 D e c . 17 1 9 48 D ec. 24 1947 P ercen t C h an g e D e c . 2 2 , 1 9 4 8 , fro m 2,3112,251 2 ,3 8 9 ,2 9 4 8 7 0 ,8 5 2 847,7(29 8 7 8 ,4 1 9 N o v . 17 1948 D ec. 24 1 947 1— ' 0 \+ 0 0 + —• i3 ■+ 3 —i 0 5 5 5 ,2 4 4 5 1 8 ,0 3 2 7 ,1 6 6 8 ,2 9 0 — 5 3 ,8 0 8 6 5 ,3 2 0 5 ,5 1 7 1 9 1 ,3 6 4 1 ,1 4 1 ,3 9 9 6 9 ,6 4 7 6 6 ,5 4 0 4 ,6 3 8 1 8 0 ,5 8 2 1 ,5 4 1 ,5 6 5 l+ ,+ 4 0 2 ,3 6 2 1 ,2 5 2 ,0 9 1 1 8 9 ,3 0 8 5 0 0 ,4 7 4 4 4 ,1 6 0 3 5 1 ,2 9 6 1 ,3 5 3 ,9 6 9 1 8 7 ,5 9 6 4 6 1 ,4 7 5 4 2 ,8 1 8 rl~ 1 8 9 ,7 6 6 1 ,7 6 7 ,0 8 4 5 3 0 ,6 0 6 3 9 ,3 1 5 5 2 3 ,3 1 9 6 ,5 0 0 1 7 8 ,5 6 2 1 ,7 8 3 ,2 4 4 5 4 4 ,2 3 1 1 7 ,1 0 0 5 4 2 ,2 4 5 1 2 ,3 0 0 — — + + —, 2 0 6 + 2 +! 26 __ ___ + + 7 — 18 5 0 0 1 2 7 + + 21 2 11 8 7 -+■ 15 8 '+ 0 6 + + 11 + 10 1 _, 4 \+ 9 0 3 — 43 4 0 2 __ 18 + 1 •,+ 8 PER C EN T CHANG E + 45 D EB ITS T O 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 of D o lla r s ) +40 +35 P la c e +3 0 +2 5 ALABAMA A n n is to n ............. B ir m in g h a m . . . D o th a n .................. G a d s d e n ............. N o . of B anks R e p o r t in g P e rc e n t C h a n g e N o v . 1 9 48 fro m N ov. 1 9 48 O c t. 1 9 48 Nov. 1947 2 3 ,8 6 6 3 2 2 ,7 4 0 1 4 ,7 7 1 2 0 ,2 5 9 13 7,6 6 1 7 9 ,2 2 5 2 2 ,6 2 5 3 5 2 ,6 8 0 1 5 ,5 3 5 2 0 ,8 5 2 1 3 8 ,2 6 5 8 6 ,5 1 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 + — — — 5 8 5 3 0 8 + 28 + 9 + 25 + 9 + 10 + 3 O c t. 19 4 8 N ov. 1 9 47 + 15 M o n tg o m e r y . . . 3 6 2 3 4 3 + 10 FLO R ID A J a c k s o n v ille . . . M ia m i.................... 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 . T a m p a .................... 3 7 13 3 3 3 3 2 6 1 ,3 0 7 2 4 3 ,3 7 5 3 4 8 ,3 9 2 4 8 ,1 1 7 3 5 ,4 0 7 5 3 ,0 9 1 1 0 8 ,6 6 9 2 6 2 ,5 8 0 r 2 1 7 ,0 8 3 3 0 8 ,4 3 1 4 4 ,7 5 1 3 5 ,2 6 5 4 9 ,1 9 7 9 9 ,9 7 6 r 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 0 + 12 + 13 + 8 -f 0 + 8 + 9 + 5 + 16 + 20 + 9 + 15 + 12 + 7 N e w n a n ............... R o m e * .................... S a v a n n a h ............. V a ld o s ta ............... 2 4 3 2 4 2 3 2 3 2 3 4 2 2 4 ,0 5 7 8 8 4 ,9 2 3 5 3 ,2 1 3 8 ,4 3 2 5 1 ,6 9 9 4 ,4 8 5 1 4 ,7 0 3 1.1,489 5 9 ,9 3 9 9 ,0 1 9 2 1 ,9 8 1 8 7 ,5 8 2 1 2 ,9 7 1 2 3 ,9 9 5 8 8 1 ,9 4 4 6 3 ,2 7 0 8 ,7 8 5 5 5 ,8 1 9 5 ,1 2 0 1 6 ,1 7 3 1 2 ,0 5 4 5 8 ,9 6 8 7 ,8 0 9 2 5 ,3 8 0 8 9 ,0 6 2 1 2 ,9 5 0 2 1 ,3 5 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 + + — — — + + — + 0 0 16 4 7 12 9 5 2 15 13 2 o + + + + — + + + + + + + + LO U ISIA N A B a to n R o u g e . . . L ake C h a rle s .. N ew O r le a n s .. 3 3 7 1 1 2 ,7 0 6 3 5 ,2 4 5 7 0 2 ,8 9 0 1 0 5 ,2 2 9 3 5 ,7 3 5 6 7 8 ,7 3 7 r 8 1 ,1 5 8 2 8 ,5 4 6 5 9 8 ,2 0 4 + — + 7 1 4 + 39 + 23 + 17 M IS S IS S IP P I H a ttie s b u rg .. . J a c k s o n .................. M e r id i a n ............. V ic k s b u r g .......... 2 4 3 2 1 6 ,6 3 3 1 3 0 ,4 3 9 2 7 ,2 2 6 3 1 ,4 5 2 1 7 ,3 4 2 1 3 5 ,9 5 9 3 1 ,6 2 2 3 2 ,6 4 0 1 4 ,7 9 8 1 0 8 ,8 7 0 2 5 ,3 4 0 2 9 ,0 7 0 4 — 4 - 14 — 4 + 12 + 20 + 7 + 8 TEN N ESSEE C h a t ta n o o g a . . K n o x v ille ............. N a s h v ill e ............. 4 4 6 1 3 4 ,9 6 7 1 1 2 ,2 0 8 2 9 7 ,2 2 6 1 4 3 ,3 8 4 1 1 5 ,3 4 2 3 1 1 ,3 5 3 1 2 8 ,2 7 7 10 0,8 8 1 2 6 4,9 0 1 — — 6 3 5 + + + 5 11 12 SIXTH D ISTR IC T 3 2 C it ie s ............... 110 4 ,1 4 5 ,8 0 0 4 ,1 6 0 ,3 8 7 r 3 ,6 4 0 ,4 9 1 — 0 + 14 1 0 2 ,8 8 7 ,0 0 0 1 0 7 ,1 4 1 ,0 0 0 9 2 ,9 1 0 ,0 0 0 — 4 + 11 +20 +5 0 -5 tt Y E A R L Y AV ERAGE FO R 1 9 3 8 A N D 1947, 9-M O N T H AVERAGE 1948 The reason for the lesser-than-national gain of imports through the District ports between 1947 and 1948 may lie partly in the nature of the commodities which the ports have customarily handled and the sources of their imports. If the traffic of the Port of New Orleans, which accounts for more than half of the total value of District imports, may be taken as typical, most of the imports into the District come from the south of it. In the first six months of this year, for example, only 3 percent of the total tonnage handled in the Port of New Orleans came from Europe; 8 percent from Asia; and less than one percent from Africa. The remaining tonnage of dry cargo came from South America, Central America, and the Caribbean. Roughly, 40 percent of the total dry-cargo tonnage through the Port of New Orleans came from Caribbean countries. Imports from Cuba, chiefly sugar, and from Trinidad and Tobago, chiefly bauxite, account for the major part of the imports from that area. Imports from South America ac counted for approximately 29 percent of total tonnage of dry cargo, the greater part coming from Surinam and Brazil, the former supplying bauxite and the latter, coffee as the prin cipal commodities. G E O R G IA A lb a n y .................. A tla n ta .................. 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 * . . . G riffin * .................. U N ITED STATES 3 3 3 C i t i e s ............. * N ot in c lu d e d in S ix th D is tric t to ta l r R e v is e d 13 21 1 2 3 8 6 7 9 17 0 3 34 132 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 t a f o r D e c e m b e r 1 9 4 8 The general trend of imports into the United States from 3 percent greater than during the corresponding week of southern North America including Mexico, the Caribbean, 1947, a year-to-year decline of 3 percent was reported for and Central America has shown only a moderate increase of the week ended December 18. In the last minute pre-Christmas about 5 percent for the first nine months of this year compared rush, consumers bought on a greater scale than they did dur with the corresponding period last year. Sugar imports—one ing the first three weeks of December, and the final reports of the District’s principal imports—have been down this year will probably show the seasonally adjusted index for Decem for the country as a whole. ber sales above that for December 1947. The seasonally During the same period, the comparatively low rate of adjusted index for December 1948 will probably exceed the increase in imports from southern North America contrasts index of 362 for November which was below October’s index sharply with the much higher increases in imports from Eu of 396. November and December are not the first months since rope and Canada. One of the reasons for the smaller increase from southern North America is, of course, that the volume the end of the war when the customers of the District’s de did not decline during the war years as did the volume of partment stores bought less goods than they did during the imports from Europe. The value of American imports from corresponding months of the previous year. Similar declines Europe, for example, in 1947 was only a little over 10 percent in daily average sales were reported for July, August, greater than the prewar average, whereas the value of im and September 1947. Stimulated, perhaps, by the payment of ports from southern North America was over four times terminal leave bonds, October 1947 sales rose sufficiently to equal those of October 1946. November and December 1947 as great. sales increases were great enough to raise the indexes to lev BENEFITS o f d iv e r s if ie d im p o r t s . Although the lesser-thannational rate of increase in District imports may be explained els not only exceeding those of the same months in 1946 but by these conditions, it has led some observers to conclude of any months on record. Consequently, high sales goals were set for November and December this year, if the record that a greater diversity in the goods handled through the of 1947 was to be repeated. c . t .t . District’s ports is required for a stable foreign trade. Tem porary declines in the demands for certain types of merchan Industry and Employment dise may be offset by increases in others and if the trade is CONSTRUCTION CONTRACTS awarded in October for the United diversified, a high level may be maintained. States as a whole were substantially larger than the amount The record of imports through the Mobile customs district reported for September, but the total value of construction for the first eight months of 1948, compared with the corre contracted for in the Sixth District declined 3 percent from sponding period in 1947, illustrates such a condition. In 1948 September to October, and was 8 percent smaller than in the total value of imports rose approximately 20 percent over October 1947. The October total is the smallest that has been 1947. There were substantial declines in the value of vegetable food products and beverages, inedible animal products, and reported for any month this year since March. For the Janumachinery and vehicles. These declines, however, were offset ary-October period, however, the total value of awards in the by large increases in such types of commodities as inedible District was about 892 million dollars, an amount larger than vegetable products, wood and paper, metals and manufactures, the total for any earlier entire calendar year except 1942 when and chemicals and related products. The more diversified the there was a large amount of construction for war purposes. source and the more diversified the types of commodities im The 10-month total is 32 percent larger than that for the cor ported, the more likely is the import trade of any area to responding part of last year. In October residential awards, accounting for 48 percent of remain stable. Some idea of the diversified nature of the imports already the total, were up 36 percent from September when they were being received into the District is obtained from the Depart 34 percent of the total. However, they were 19 percent smaller ment of Commerce list of imports recently coming into the than in October last year when they accounted for 54 percent the month’s total. For the 10-month period, residential Georgia customs district. It is evident that in most cases the of awards were 22 percent greater than in that part of 1947, and imports are complementary to local production and in many other awards were up 40 percent. Florida continues to lead cases provide raw materials for important industries. Georgia the other five states both in total awards and in contracts for textile imports in August, for example, were valued at over residential construction. In October 34 percent of the Dis 400 thousand dollars. Because they consisted of cotton waste trict’s total awards and 50 percent of the residential contracts from the United Kingdom, burlap from India, and cloth waste were awarded in Florida, and for the 10-month period these from Belgium, they offered little competition to the District’s ratios were 37 and 54 percent, respectively. textile industry. The value of such items imported in June as Construction costs have risen further this year, but at a less amber from India and peat moss from the Netherlands, and rapid rate than in 1947. The index of wholesale prices of the diamonds from South Africa imported in April do not building materials compiled by the United States Bureau of loom large in the total value of imports. They do, however, Labor Statistics was slightly lower in October than it was in provide a clue to the diversified type of products which, if September or in August, but was still 9.4 percent above the Americans will use in increasing quantities, will do much to index for October 1947. The index for the January-October raise the purchasing power of foreigners for American goods. period this year was, on the average, 10 percent above c. T . T . that for 1947—the 1947 average was 35 percent above that for 1946. Department Store Sales The decline in sales at Sixth District department stores that began in November has continued through most of Decem ber. Although for the week ended December 11, sales were STEEL-MILL ACTIVITY in the Birmingham-Gadsden area contin ued in November at 102 percent of rated capacity. On a national basis, steel-mill operations have been rising since 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 midsummer and reached 100 percent of rated capacity in the latter part of November. EMPLOYMENT increased at wholesale and retail establish ments in the District states in October and there was a slight increase in manufacturing employment, but employment in construction work declined. In Alabama manufacturing em ployment increased slightly in October to the highest level since March. Principal increases for the month were gains of 13 percent in employment at shipbuilding establishments and 4 percent in chemicals and allied products factories. There was a small gain in textile employment, an increase in woven fabrics slightly more than offsetting losses in yarn and thread and other textile products. Employment at sawmills and planing mills increased slightly, but that in coal mining declined. Employment at shipbuilding plants in Florida declined further. An increase of 15 percent in canning and preserving food products, however, was accompanied by an increase of 10 percent in employment at plants manufacturing wooden containers and a 17-percent gain in fabricated metal products, principally tin cans for fruits,* vegetables, and juices. Employ ment at logging camps and sawmills declined slightly. There was a slight decline in employment in Georgia manu facturing industries, and a further decrease in construction employment, but these losses were offset by gains in trade and in service establishments. Textile employment declined somewhat, but at fertilizer plants there was a gain of about 7 percent, and in fabricated metal products employment in creased more than 4 percent. Employment in household furni ture manufacturing increased 2 percent for the month, and in lumber and wood products there was a gain of one percent. A decrease of 1.3 percent in total manufacturing employ ment slightly more than offset an increase in retail and whole sale trade in Louisiana. Employment at boat and shipbuilding and repair establishments increased and employment in tex tiles gained somewhat, but the number of workers at foodprocessing plants declined 4 percent, and there were smaller decreases in some other lines. In Tennessee manufacturing employment declined only slightly in October. The number of construction workers declined, but employment at retail trade establishments increased. There were increases at plants that produce chemi cals, apparel, paper and rubber, transportation equipment, furniture, and fabricated metals. Employment declined, how ever, in textile and food-processing plants and in the lumber industry. COTTON TEXTILE MILLS in Alabama, Georgia, Mississippi, and Tennessee used an average of 9,457 bales of cotton for each business day in October which is about 9 percent less than they used in September and more than 11 percent less than in October 1947. This average was also smaller than that for any month in eight years except the vacation month of July this year and last. A decline in this industry is contrary to the usual seasonal trend, but cotton textile output has been seri ously affected this year by a sharp decline in exports, by smaller domestic demands, and by increased competition from other fibers and other materials. COAL OUTPUT in Alabama and Tennessee averaged somewhat lower in October and November and in the latter month was about 18 percent less than it was a year earlier. In the first 11 m o n th s o f 1948, it w as about 5 percen t less th a n in th a t p a r t o f 1947. d .e .m . f o r D e c e m b e r 133 1 9 4 8 S ix t h D is tr ic t I n d e x e s D EPARTM ENT S T O R E SA LES* A d ju s te d * * P la c e 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 ille ___ K n o x v ille ............. M ia m i....................... M o n tg o m e r y .. . N a s h v ill e ............... N e w O r le a n s . . T a m p a .................... U n a d ju s te d N ov. 1 9 48 O c t. 19 48 N ov. 1 9 47 N ov. 1 9 48 O c t. 1 9 48 N ov. 1947 362 397 428 375 335 358 356 356 289 364 339 438 360 470 396 4 71 44;2 386 365 394 459 397 332 447 376 453 337 508 383 420 423 399 388 348 444 3 41 317 362 373 449 364 522 434 493 484 450 382 430 427 420 364 444 417 508 425 554 424 508 477 421 383 453 492 429 359 393 428 480 374 498 459 52 1 478 478 442 418 533 402 399 442 459 521 430 616 D EPA R TM EN T ST O R E S T O C K S A d ju s te d * * P la c e D IS T R IC T .................. A tla n ta .................... B ir m in g h a m .. . . M o n tg o m e r y .. . N a s h v ill e ............... N ew O r le a n s ... U n a d ju s te d N ov. 1948 O c t. 19 48 N ov. 1 9 47 N ov. 1948 O c t. 1 9 48 N ov. 1947 402 489 294 344 543 329 362 474 296 422 528 313 337 391 242 321 480 255 422 566 347 401 631 371 406 556 333 478 606 353 354 452 285 374 558 288 G A S O L IN E TA X C O L L E C T IO N S *** U n a d ju s te d A d ju s te d * * P la c e SIX STA TES 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 is s ip p i.......... T e n n e s s e e .......... N ov. 1 9 48 O c t. 1 9 48 N ov. 1 9 47 N ov. 1 9 48 O c t. 1948 N ov. 1947 198 201 177 179 225 17 5 226 19 7 203 177 179 229 191 208 174 191 174 169 167 160 176 204 207 ,172 185 236 192 243 193r 201 161 177 235 194 207 179 1 97 169 175 1 76 176 189 E L E C T R IC P O W E R P R O D U C T IO N * C O T T O N C O N S U M P T IO N * P la c e T O T A L............... A l a b a m a .. . G e o r g i a ___ M is s is s ip p i. T en n essee. N ov. 1 9 48 O c t. 1948 N ov. 1 9 47 136 14 3 136 105 1,10 131 136 13 2 93 115 150: 153 158 106 136 M A N U FA C T U R IN G EM PLO YM EN T*** P la c e SIX S T A T E S .. A la b a m a . . . F lo r id a .......... G e o r g i a ___ L o u i s i a n a .. M is s is s ip p i. T en n essee. O c t. 19 48 S e p t. 1 9 48 O c t. 1 9 47 152 158 133 147 155 150 158 152 157 1,32 147 157 146 158 151 15 7 132 148 150 160 157 C O N S U M E R S ' P R IC E IN D EX Ite m N ov. 1948 O c t. 19 48 N ov. 1 9 47 ALL I T E M S .. . 1,77 171 17 5 F o o d .............. 215 21(1 21,3 C lo t h in g ___ 206 190 205 F u e l, e l e c ., an d ic e . . . 138 138 130 H o m e fur-i n is h in g s . . 195 195 18 2 M isc................. 150 14 8 145 P u r c h a s in g p o w e r of d o l l a r ----.5 7 .5 6 .5 8 *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 ***il939 m o n th ly a v e ra g e = / 1 0 0 ; o th e r in d e x e s , 1 9 35 -3 9 = 1 1 0 0 O c t. 1948 S IX S T A T E S .. H y d ro g e n e ra te d F u e lg e n e ra te d S e p t. 1 9 48 O c t. 1947 '306 341 296 ,217 226 18 0 491 491 448 C O N S T R U C T IO N C O N T R A C T S O c t. S e p t. O c t. P la c e 1948 19 48 1947 D I S T R I C T .... R e s id e n tia l. A l a b a m a .. . G e o r g ia .. . . L o u i s i a n a .. M is s i s s i p p i. T en n essee. 382 56,1 296 293 4.14 435 515 176 3144 379 387 376 415 398 519 375 280 272 418 691 286 409 601 432 324 177 345 A N N U AL RATE O F TU R N O V ER O F D EM AN D D E P O S IT S N ov. O c t. N ov. 19 48 19 48 1947 U n a d j u s t e d .. , 2 1 .5 2 iU 1 9 .7 A d ju s te d * * .. . 2 0 .3 2 0 .1 <18.6 8 ,2.2 8 1 .6 7 5 .3 CR U D E iPETROLEUM P R O D U C T IO N IN CO A STA L L O U ISIA N A AND M IS S IS S IP P I* N ov. O c t. N ov. 1 9 48 1948 19 4 7 U n a d j u s t e d ... 3 0 2 278 295 A d ju s te d * * .. . 298 296 273 r R e v is e d 134 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 f o r D e c e m b e r 1 9 4 8 prevailed from April to October. Sales recovered to year-ago levels during the first half of December, however, and it is estimated that total dollar sales for the Holiday shopping ndustrial activity was maintained in November a t about the high October rate. Department store sales were 5 per period will be near last year’s record volume. Sales of ap cent below last year’s level, but in the early part of December pliances and various other durable goods except new auto sales increased more than a year ago. Commodity prices mobiles have been below the exceptionally high levels showed further moderate decreases in November and the first prevailing at the end of last year. Railroad carloadings of most classes of merchandise half of December. showed more than the usual seasonal decline in November Industrial Production Output at factories and mines showed little change in No and early December and total shipments were about 9 per vember, and the Board’s seasonally adjusted index of indus cent below the same period a year ago. Loadings of coal trial production was 194 percent of the 1935-39 average as were about 15 percent below a year ago. Shipments of compared with 195 in October and 192 in November 1947. manufactured goods were down about 5 percent, owing to Activity in the automobile, machinery, and nonferrous a further diversion of freight to other forms of transporta metals industries showed small reductions in November, but tion and a reduction in the physical volume of goods shipped output of most other durable goods was maintained at the for export. This reduction was augmented in November by _ B level of the preceding month. The number of new automo a m aritim e d ispr u te. Bank Credit biles assembled declined about 4 percent in November, but Federal Reserve System holdings of Government securities rose again in the early part of December to a new postwar were further reduced in the first three weeks of December, peak rate. Output for the year has been about 5,275,000 reflecting sales of Treasury bills, certificates, and bonds. passenger cars and trucks, the largest annual total since These securities were purchased primarily by commercial 1929. Copper smelting was curtailed sharply in November banks, which had an abundant supply of funds as a result as a result of a labor dispute affecting mine output. Steel of a seasonal increase in the volume of checks in clearing production, on the other hand, showed a slight further gain, and a further gold inflow. Absorption of bank reserves by averaging 100.4 percent of capacity in November as com the pre-Christmas outflow of currency was somewhat smaller pared with 100 in October. than usual. Production of nondurable goods declined slightly in No Loans and investments at banks in leading cities showed vember, reflecting in large part further curtailments in out little change in November, but increased somewhat in the put of textile and leather products. Cotton consumption first half of December. Loans to businesses showed a much decreased 5 percent and was 18 percent smaller than in smaller growth than in the same period last year. Loans to November 1947. Newsprint consumption was reduced some brokers and dealers for purchasing Government securities what from the peak rate reached in October. Activity at rose sharply in November while bank holdings of Treasury paper and paperboard mills continued at record levels, and bills declined. Deposits declined slightly at all commercial output of most other nondurable goods was maintained at banks in November, but increased sharply at banks in lead about the October rate. ing cities during the first half of December. Minerals production increased somewhat in November, re T h e B oard o f G overnors flecting a slight further gain in crude petroleum output and an unusually large volume of iron ore production for this season. Coal output was maintained in November at the B a n k A n n o u n c e m e n ts October rate, but declined about 5 percent in the first half On November 19, The Citizens and Southern Bank of December. _ . Employment of East Point, East Point, Georgia, a nonmember bank succeeding The First National BanJc of East Employment in nonagricultural establishments showed a Point began remitting at par. The officers of the small decline in mid-November from the record level in bank are Mills B. Lane, Jr., president; C. P. Glover, October. The decline, which was unusual for this season, Jr., vice president; Charles E. Wells, vice president reflected mainly some further curtailment of employment in and cashier; and Walter A. Eaves, assistant cashier. industries manufacturing nondurable goods. Trade employ ment continued to increase seasonally, although the gain was This bank has a capital of $100,000 and a surplus the smallest for November since 1942. Employment in most of $25,000./te deposits were$ 1,482,000on the first day. other lines showed little change. Another addition to the par list is the PhenixN a tio n a l B u s in e s s C o n d itio n s I Construction Value of contracts awarded for most types of private and public construction declined more than seasonally in Novem ber, according to reports of the F. W. Dodge Corporation. The number of new housing units started, decreased further in November to 65,000 as compared with 72,000 in October and 80,000 a year ago. Distribution Value of department store trade in November showed less than the usual seasonal rise and the average daily rate of sales was 5 percent smaller than a year ago. The Board’s adjusted sales index was 287 percent of the 1935-39 average as compared with the advanced level of about 310 which Girard Bank, Phenix City, Alabama. This is a nonmember bank that began remitting at par on No vember 29. The officers are C. L. Mulliru, president; S. Robin Mullin, vice president; H. R. Mills , vice president and trust officer; W. E. Copeland, vice president; /. E. Moultrie, cashier; and C. G. Pickren, assistant cashier. This bank has a capital of $100,000, surplus and undivided profits of $131,000, and deposits amounting to $4,122,000. On November 30, the Third National Bank in N ashville, N a sh ville, Tennessee, opened a new branch at 717 Church Street, under authority re ceived from the Comptroller of the Currency. M o n t h l y R e v ie w o f t h e F e d e r a l R e s e r v e B a n k o f I n d e x f o r A t l a n ta th e Agriculture fo r D e c e m Y e a r . 1949, John L. Liles . 129 D epo sit T urnover , A G uide to S ix t h D istrict E conomic A ctivity , Charles T . Taylor . . . 86 117 F ederal F inance and D istrict B ank Cred it , Charles T. T a y l o r ................................ 74 31 . . . . 100 F arm P ric e S u ppo rts , Brown R. Rawlings . . . 19 M ember B ank O pera tions R eta il F ood P rices , and D istrict A gricultu re , T h e , John L. L i l e s ..................................................... 10 G overnment C otton P rograms , fo r in 1947, Charles T . Taylor 25 S ix t h D istrict D epo sits , Charles T . T a y l o r .................................................54 Brown R. R a w l i n g s ........................................... 88 F ood S itu a tio n in G row th and P rospects of B ank R eal E state L ending , Charles T. T a y l o r ................................ 62 P rospects and 1 9 4 8 . 8 F arm J ob M ade E asier , A, John L. Liles . . . . F arm L and P rices , Brown R. Rawlings 135 1 9 4 8 1947, Charles T. Taylor 42, 64, 7 6 ,1 1 3 A r t if ic ia l I nsem ination and t h e D istr ic t ’s D airy I ndustry , John L . L i l e s F arm P rices b e r Banking D evelo pm en ts A gricultu re , General Discussions on A gricultural O u tlo o k f o r T ables Annual Rate of Turnover of Demand Deposits . . . 1 1 ,1 7 , 31, 38, 53, 6 5 ,7 3 ,8 9 ,9 7 , 1 1 3 ,1 2 5 ,1 3 3 Brown R . R a w l i n g s ........................................... 125 G razing C rops , A n E f f ic ie n t U se o f L abor and L and , John L. Liles . . . . . . . M eat P rices and . 13 B e e f -Ca ttle P rospects , Changes in Membership in the Sixth District, 1942-47 ............................................... 23 Brown /?. R a w lings ................................................. 51 Condition of 28 Member Banks in Leading Cities . . . 3, 20, 3 2 ,4 1 , 54, 66, M in or E lem ents in t h e D ist r ic t ’s F e r tilizer P rogram , Brown R. R a w lin g s ........................... 69 79, 9 2 ,1 0 2 ,1 1 0 , 1 2 7 ,1 3 1 O vercoming H andicaps in Debits to Individual Bank Accounts 3, 20, 32, 41, 54, F arm F orestry , 66, 79, 9 2 ,1 0 2 , 1 1 0 ,1 2 7 ,1 3 1 Brown R . R a w l i n g s ........................................... 81 S ix t h D istrict L iv esto ck I n d u stry : A n A ppra isa l of E f fic ie n c y , John L . Liles . 57 S ome C onsiderations in P r o fita ble F arm F orestry , Brown R. R a w lin g s ........................... 33 Instalment Cash Loans . 1 1 ,1 7 , 31, 38, 53, 65, 73, 89, 97, 113, 1 2 5 ,1 3 3 . . 1 2 ,2 1 ,3 0 ,4 3 ,5 2 ,6 7 , 77, 9 1 ,1 0 1 ,1 1 4 , 1 2 6 ,1 3 0 Ch a rts T ables Acres in Cotton, Ju ly 1 ..........................................76 Farm Commodity Prices in the Sixth District S t a t e s ...................................... 101, 114 Parity and Support P r i c e s .................................64 C harts Cotton Acreage in Cultivation, Ju ly 1, 1948, and Percent Increase from Ju ly 1947 . . 76 Percent Change in First Quarter, Cash Farm Income 1948, Compared with 1947 . . 65 Percent Changes in Farm Land Prices from Ju ly 1947 to Ju ly 1948 ........................ 100 B ank A nnouncem ents B a nk L oans and and . . . . B ank R eserves , Charles T. Taylor . 98 Business Conditions, General N ational B usiness C onditions . . . 24, 44, 68, 80, 104, 116, 134 W h e r e D o W e G o F rom H e r e ? Earle L. Rauber . . 23, 29, 3 9 ,1 2 4 1 Industry E conomic I mplication s and of the C em ent D ecision . 105 E m ploym ent , General . . . . 29, 41, 52, 65, 78, 91, 101, 115, 127, 132 Discussions on 3 ,2 4 ,3 2 ,4 4 ,5 6 ,6 1 , 73, 90, 115, 128, 134 F inance , General Discussions on Sixth District Commercial Failures . . . . 75 War and Postwar Deposit Changes, A ll Sixth District B a n k s ........................... 98 I ndustry Banking and Finance B anking Gasoline Tax Collections P opulation C hanges , Lillian C r o f t ...................... 22 R evival of an O ld I ndustry , S ix t h D istrict W ool M anufacturing , T h e , Charles T. T a y l o r .................................................45 136 M o n t h ly R e v ie w S ix t h o f D is t r ic t E m p l o y m e n t a n d I n d u s t r y in t h e F e d e r a l T rad e, R e s e r v e B a n k o f A t l a n ta General Discussions on . f o r . 1947, Lillian C r o ft ...............................................................6 . D e c e m b e r 1 9 4 8 29, 39, 56, 77, 103, 123 T o u r is t I n d u s t r y i n t h e S ix t h D is t r ic t , T h e , Earle L . R a u ber ........................................................93 T ables Consumers’ Price Index . . . 11, 17, 31, 38, 53, 65, 73, 89, 97, 113, 125, 133 D epartment Store Sales . . . 11, 17, 31, 38, 53, 65, 73, 89, 97, 113, 125, 133 T ables Construction Contracts . . 11, 17, 31, 38, 53, 65, 73, 89, 97, 113, 125, 133 Cotton Consumption . . . 11, 17, 31, 38, 53, 65, 73, 89, 97, 113, 125, 133 Crude Petroleum Production . 11, 17, 31, 38, 53, 65, 73, 89, 97, 113, 125, 133 . 1 1 , 17, 31, 38, 53, 65, 73, 89, 97, 113, 125, 133 Estimated Population Ju ly 1, 1940-47 . . . 23 D epartm ent Store Sales and Inventories . . . . 12, 21, 30, 43, 52, 67, 77, 91, 101, 114, 126, 130 Electric Power Production . M anufacturing Em ploym ent . 11, 17, 31, 38, 53, 65, 73, 89, 97, 113, 125, 133 Departm ent Store Stocks . . Retail Credit Survey, 1947 .................................. Retail Furniture Store O p e r a t i o n s ...................... Trade C o n s u m e r B u y in g in 1947, Charles T. Taylor . . 4 S a le s , Charles T. Taylor . H o m e F u r n is h in g s S a le s , Charles T. Taylor . .1 1 1 D e p a r tm e n t S to r e . 132 I m p o r t s a n d T h e i r G r o w in g S ig n i f i c a n c e , Charles T . T a y l o r .................................................. 130 T h i r t y -f o u r Y e a r s o f S i x t h F o r e ig n T rad e and T rad e, C o n su m e r C r e d it, D is t r ic t Charles T. Taylor 11, 17, 31, 38, 53, 65, 73, 89, 97, 113, 125, 133 Retail Jewelry Store O p e r a tio n s ............................ 39 12, 21, 30, 43, 67, 77, 101, 126 3, 21, 30, 52, 67, 91, 114, 130 W holesale Sales and Inventories . 12, 21, 30, 43, 52, 67, 77, 91, 101, 114, 126, 130 Charts . . . . Charles T. Taylor . 18 90 R e c o n n a is s a n c e .................................................. 67 ,7 3 Value of Im ports and Exports, 1938-48 . . 124
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