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STHLY FEDERAL RESERVE V o lu m e X X X IV R eview BANK OF A tla n ta , G eorgia, D ecem b er 3 1 , 1 9 4 9 ATLANTA N um ber 12 District Business Conditions s t h e year 1949 drew to a clo se, en co u ra g in g trends w ere . noted in several indicators o f the S ix th D istrict econ om ic activity. M an ufacturin g em p lo y m en t had p ick ed up fro m its m idsum m er lo w , c h ie fly becau se o f a rev iv a l in te x tile m anu fa ctu rin g. S a les o f consum er d u rab le g o o d s w ere recoverin g fro m the slu m p o f ea rlier m onths and sa les o f n on d u rab les w ere h o ld in g up fa ir ly w e ll. C onstruction a ctiv ity con tin u ed at a h ig h lev el and contracts aw arded fo reca st m aintenance o f that lev el fo r m onths to com e. A t the D istrict banks, d e p o sits w ere grow in g, and accord in g to ea r ly reports, bank d eb its in 1 9 4 9 sh ou ld exceed th ose o f 1 9 4 8 b y a slig h t m argin. T h ere w as a m p le evid en ce, how ever, that in m an y segm ents o f the econ om y the year’s perform an ce w o u ld n ot eq u a l that o f 1 9 4 8 . M an ufacturing em p lo y m en t w as still b elo w th at o f the corresp on d in g m onths p f the p reced in g year and averaged less fo r the entire year. A g ricu ltu ra l in com e fo r th e D istrict as a w h o le w as low er than in 1 9 4 8 . B ecau se o f h ea v y a u to m o b ile p u rch asin g, consum er sp en d in g th rou gh ou t th e D is trict w as p ro b a b ly greater in 1 9 4 9 than d u rin g the p reced in g year. N everth eless m any retailers had low er d o lla r sa les. T h e le v e l o f retail b u y in g in the fin al quarter w as b ein g w atched c lo s e ly fo r an y clu e s it m ig h t offer as to the lik e li h o o d o f su stained a ctivity in the c h ie f m an u factu rin g in d u s tries o f th e area. A gricu ltu ra l in com e w ill lik e ly b e affected b y the acreage restriction s to be p la ced o n the p r in cip a l crops o f the region . But desp ite th e tem p erin g effects th ese co n sid era tion s g a v e to the o u tloo k fo r 1 9 5 0 , th e year 1 9 4 9 co u ld n o t b e ca lle d an yth in g but a g o o d year so fa r as the D istrict as a w h o le w as concerned. A S a l e s in t h e L a st Q u a r t e r continu ed in D ecem b er at th e le v el estab lish ed I d u rin g N ovem ber, departm ent stores th rou gh ou t th e D is trict so ld an estim ated 5 5 4 m illio n d o lla rs w orth o f m er ch a n d ise d urin g 1949. T h is w o u ld p la c e th e sa les figure for th e year less than 4 p ercen t b elo w to tal 1 9 4 8 sa les. W hen p rice d eclin es and sp e c ia l p ro m o tio n s are co n sid ered, the actu al vo lu m e o f m erch an d ise so ld in 1 9 4 9 m ay h a v e eq u aled or exceeded the 194 8 record. T he d o lla r v o l um e w as h igh er than in any year excep t in 1 9 4 8 and p re lim in a ry estim ates in d icate that sa les w ere over 4 percent greater than th ose o f 1947. F in a l rep orts are not in as to w hether departm ent stores and oth er retail stores so ld as m uch in D ecem b er 1 9 4 9 as th ey d id in the corresp on d in g m on th o f 1 9 4 8 . A t the w eek ly rep o rtin g departm ent stores th rou gh ou t th e D istrict, sa les fo r th e w eek ended D ecem b er 3 w ere dow n 7 p ercen t and 2 percent the fo llo w in g w eek, but fo r the w eek ended D ecem b er f b u s in e s s 17 th ey w ere up 5 p ercen t. A last-m inute rush b rou gh t sa les fo r the w eek en d ed D ecem b er 2 4 up 2 2 p ercen t and fo r th e fo u r w eeks ended D ecem b er 2 4 up 5 percent. In lin e s o f r eta ilin g other than departm ent stores, data are even m ore in co m p lete. N ovem b er reports fo r th e D istrict fu rn itu re stores show ed sa les up 12 p ercen t fro m la st year and fo r h o u seh o ld a p p lia n c e stores, on e percent. T h ese gain s, how ever, w ere p a rtly accou n ted fo r b y th e p o o r sh ow in gs m ade in N ovem b er 1 9 4 8 . N ovem b er jew elry store sa les w ere dow n 10 percen t fro m la st N ovem b er. OCTOBER AND NOVEMBER SALES. T o m an y m erchants, sa les m ade d u rin g th e fou rth quarter h a v e a lw a y s b een m ore im portant than th o se m ade du rin g a n y other quarter o f the year. In 1948, fo r exa m p le, D istrict departm ent stores m ade a third o f th eir sa le s in the la st quarter. T h e O ctober ex p eri en ce at departm ent stores th is y ear, th erefore, w as a d isap p o in tin g start fo r th e th ree m onths. S a les w ere d ow n m ore than 10 p ercent from la st year in m ost cities o f th e D istrict, w ith the ex cep tio n o f th ose in F lorid a. On the fa c e o f it, N ovem b er departm ent store sales th rou gh ou t th e D istrict com pared fa v o ra b ly w ith th o se o f a year ag o . F or th e D istrict as a w h o le there w as a d eclin e o f o n ly 2 percent, but in som e sectio n s d eclin es w ere substan tia l ; in B irm in gh am sa le s d rop p ed 12 percent and in M iam i and N a sh v ille , 5 p ercen t each . M erchants rem em bered, m ore over, that N ovem b er 1 9 4 8 w as on e o f th e w orst m onths d u rin g th e year as fa r as se a so n a lly adjusted sa les fo r the year w ere con cern ed and that m onth’s total sh o u ld have been e a sily exceed ed in 1 949. S om e observers su ggested that the figures fo r O ctober and N ovem b er m erely m eant that consum ers w ere retu rning to their prew ar b u y in g h ab its. B ack in 1941, consum ers in th is part o f the country had m ade o n ly 85 percent o f th eir de partm ent store p u rchases b y th e end o f N ovem b er. D u rin g the w ar and fo r a year th ereafter, th ey d id th eir C hristm as sh o p p in g ea rlier. B y th e b eg in n in g o f D ecem ber 1 9 4 6 , fo r ex a m p le, th ey had b ou gh t 8 7 p ercen t o f a ll th ey w ere to b u y du rin g th e year. In 1 9 4 7 and 1 9 4 8 , how ever, procrastination characteristic o f the prew ar p erio d seem ed to p r e v a il; con sum ers w aited a lm ost as lo n g to com p lete their b u y in g as they d id in 1941. T h e fin al figu res fo r D ecem b er w ill show w hether th e sa les o f O ctober and N ovem b er reflected m erely a ch an ge in b u y in g h ab its. Som e p erson s think the reports fo r th e country as a w h o le w ill show m ore than that. A cco rd in g to these an alysts, th e n a tio n a l figu res w ill determ ine w hether the re 1 1 8 M o n t h l y R e v ie w o f th e F ederal R eserve B a n k o f A tla n ta fo r D ecem ber 1949 vival in nondurable manufacturing (so important to this District) that started in the fall will continue. i m p o r t a n c e O F DECEMBER SALES. For certain departments, De cember sales are overwhelmingly important in the winding-up of a good annual sales record. Last year, for example, over one-third of all the handkerchiefs sold during the year were sold in December. As would be expected, about four-fifths of all the toys and games sales were made in that month, but in practically all departments, December sales usually are larger than those in any other month. The arduous task of Christmas shopping seems to leave little time for sewing, because December sales of piece goods last year were only 6 percent of the year’s sales. Furthermore, in December, women are apparently not very interested in buying hats and home owners show little inclination for buy ing linoleum. December is not particularly a good time for sales of women’s dresses, but either the women, their hus bands, or their sweethearts bought 25 percent of all negligees and lounging apparel sold during the year in that month. December is also the month when someone buys about 25 percent of all the men’s furnishings and hats—including Christmas neckties—that are sold during the year. December sales are equally as important to the costume jewelry; sta tionery; and radio, television, and phonograph departments. Over one-fifth of the year’s sales of cosmetics and drugs, neckwear and scarfs, linens, silverware and clocks, cameras, IM PORTANCE O F DECEMBER SALES IN SELECTED DEPARTMENTS, 1948 S ix th D is tr ic t D e p a r t m e n t S t o r e s DEPARTMENT I PERCENT OF Y E A R 'S SA LES A L L DEPARTM ENTS DECEM BER TOYS AND G A M E S H A N D K ER C H IEF S INSTALMENT CASH LOANS Volume INo. Ol Percent Change Lenders Lender Nov. 1949, from ReportNov. Oct. 1948 1949 Federal credit unions + 58 41 + 13 State credit unions. .. + 59 21 — 4 Industrial banking companies............. 9 — 4 + io Industrial loan companies.. 16 4- 6 + 18 Small loan companies — 2 40 4- 1 Commercial banks. . . — 4 4- 31 33 Outstandings Percent Change Nov. 1949, from Oct. Nov. 1949 1948 + 43 + 3 + 37 + 2 4+ 4+ 0 2 0 2 4- 3 9 3 + 37 44- RETAIL FURNITURE STORE OPERATIONS Number Percent Change of November 1949, from Item Stores Oct. 1949 Nov. 1948 Reporting Total sales................ — 11 4- 12 128 Cash sales................ — 4 - 21 109 Instalment and other credit sales. . — 10 + 18 109 Accounts receivable, end of month 122 4- 1 + 12 - 9 Collections during month — 5 122 - 8 Inventories, end of month 92 4- 3 WHOLESALE SALES AND INVENTORIES* SALES INVENTORIES No. of Percent Change No. of Percent Change Item Nov. 1949, from Firms Firms Nov. 30, 1949, from Report Oct. Nov. Report Oct. 31 Nov. 30 ing 1949 1948 ing 1949 1948 _ 5 Automotive supplies. — 21 3 Electrical group Wiring supplies. . . 5 — 16 5 — 4 4- 1 + 12 Appliances............ 7 — 17 6 + 2 — 26 + 2 8 — 2 4* 1 General hardware... 5 — 9 + 1 4 — 30 + 21 Lumber and build-.. _ 1 ing materials........ 3 4- £ Plumbing and heat — 10 ing supplies.......... 4 — 9i 3 — 21 4- 2 Confectionery.......... 3 4- 5► 4- 9 — 7 Drugs and sundries. . 4 + 2 — 7 20 4- 2 — 51 Dry goods................ — 26 15 Groceries.................. _ Full lines............... — 9 3 31 23 4- 4 + 1 — 6 Specialty lines...... 10 + 6 + 5 7 4- 37 Tobacco products. . . . 12 4- 5 + 5 8 4- 1 — 9 Miscellaneous.......... 20 1 — 11 1 — 13 16 Total......................... 137 — 8 88 — 2 — 13 4- 1 *Based on U. S. Department of Commerce figures. N EG L IG E ES AND LOUNGING APPAREL M EN'S FU RN ISH IN G S AND HATS R A D IO S, TE L EV ISIO N , AND PHONOGRAPHS ST A T IO N ER Y COSTUM E JEW ELRY CANDY W O M EN 'S NECKW EAR AND S C A R F S BO OKS AND M A G A Z IN E S SIL V E R W A R E AND CLOCKS CAM ERAS FIN E JEW ELRY AND W ATCHES M E N 'S CLO TH ING FU R N IT U R E AND B E D D IN G L IN O L E U M W O M EN 'S D R E S S E S P IE C E GOODS M IL L IN E R Y 0 S ix t h D is t r ic t S t a t is t ic s 10 20 30 40 DEPARTMENT STORE SALES AND INVENTORIES SALES INVENTORIES No. of Percent Change No. of Percent Change Place Nov. 1949, from Stores Stores Nov. 30, 1949, from Report Oct. Nov Report Oct. 31 Nov. 30 ing 1949 1948 ing 1949 1948 ALABAMA Birmingham.......... — 14 — 16 4 3 4- 12 + 1 2 Mobile.................. 5 4- 8 Montgomery.......... — 12 3 3 4- 17 '4 4- 4 4FLORIDA — 21 Jacksonville.......... 4 3 15 + c' 4- 14 + _ — 10 Miami.................... 3 4 3 — 10 + 26 — 15 — L Orlando................ 3 — 20 Tampa.................... 1 5 — '7 3 + 13 GEORGIA Atlanta.................. I 5 6 + 12 1 — 6 Augusta................ I 3 4 4- 12 + 9 4- 3 Columbus............. 3 4- '4 4- 12 _ 2 Macon.................... — 2 4 6 — *4 4- 15 Rome..................... 4 4 + I Savannah............... 4 6 — 1*3 4- '1 4- 4 + 2 LOUISIANA Baton Rouge.......... 4 4 — 0 — 7 4- 9 4- 3 New Orleans........ 4 6 + 14 + :I + 4 — 5 MISSISSIPPI Jackson.................. 4 4 + 1 + 1 + i:1 4- 3 _ Meridian............... 3 -f 9 TENNESSEE Bristol.................... 3 I + 1 — 6 3 4- 12 Chattanooga.......... 4 + 14 4- 5 3 + 6 4- 1 Knoxville............... 4 + 6 _ c Nashville............... 6 — 5 5 4- 11 — *8 4- 2 OTHER CITIES* 22 7 — 5 22 + 2 — 16 DISTRICT................ 113 — 2> 76 — 7 4- 4 4- 4 *When fewer than three stores report in a given city, the sales or stocks are grouped together under "other cities." M o n t h l y R e v ie w o f th e F ederal R eserve B a n k o f A tla n ta fo r D ecem ber 1949 lu ggage, and candy are so ld in D ecem ber. T he w om en even spend m ore m oney du rin g D ecem b er in the b eauty sh op s o f the departm ent stores than du rin g an y other m onth. S a les in D ecem ber are a lso o f great sig n ifica n ce in other lin e s o f b usiness. Last year the D istrict rep ortin g jew elry stores m ade 22 percent o f their sa les in the tw elfth m onth and the furniture stores did 11 percent o f their b u sin ess then. H ou seh old ap p lia n ce stores th roughout the D istrict m ade 8 percent o f their year’s sa les that m onth, n otw ith stan d ing the slum p w hich had taken p la ce in the fa ll. DURABLES ARE BEST SELLERS. T he ex p erien ce fo r the first tw o m onths o f the final quarter o f 1 9 4 9 at D istrict stores that reported sales by departm ents in d icates that the best records have been set b y the hom e fu rn ish in g s and other durable good s departm ents. D o lla r sa les o f w om en ’s and m isses’ coats and suits w ere dow n 38 p ercent in O ctober from last year and 14 percent in N ovem ber, but sa les o f m ajor h o u se h o ld a p p lia n ces w ere up 4 4 percent and 4 percent, resp ec tiv ely , fo r the sam e m onths. In both O ctober and N ovem ber th is year, sa les o f w om en’s dresses were 12 percent h igh er than they were in th ose m onths o f 1948. M en’s cloth in g sales w ere running 13 percent behind last year’s sales in O ctober and 7 percent in N ovem b er. Pieceg ood s sales w ere dow n ap p ro x im a tely 15 percent fo r the first tw o m onths o f the quarter. N ot a ll typ es o f hom e fu rn ish in g s w ere se llin g better, h o w ever. F loor-coverin gs sa les w ere 7 percent low er in both O cto ber and N ovem ber. On the other hand, the d o lla r v o lu m e o f pian o, radio, p h on ograph , and telev isio n sa les w as 68 percent h igher in O ctober and 2 7 p ercent in N ovem b er than a year ago. A n in terestin g d evelop m en t that seem s to be tak in g p la ce, not o n ly in the D istrict but also th roughout the entire co u n try, is the ten dency tow ard less b u y in g in the basem ent store. For the D istrict as a w h o le, basem ent-store sa les in O ctober fe ll 2 4 percent b elow th ose o f O ctober 1 9 4 8 and N ovem b er sa les w ere dow n 10 percent. F or the nation , O ctober b a se m ent-store sales w ere dow n 16 percent, alth o u g h in the first n in e m onths they w ere dow n o n ly 3 percent. Qmx. t . I n d u s t r y a n d E m p lo y m e n t I N N ovem ber, cotton tex tile m ills in the S ixth D istrict again increased their rate o f o p era tio n s; con stru ction contract aw ards recorded another large total a lth ou gh it w as slig h tly less than the near-record total for O ctober; and co a l m iners and steel workers returned to their w ork after w eeks o f id le n ess during contract n egotiation s. in A labam a, G eorgia, M ississip p i, and T en n es see used cotton in N ovem ber at a rate o f 11,0 3 2 b a les fo r each w ork in g day in the m onth, an in crease o f 11.5 percent over the Septem ber rate and 72 percent above the m idsum m er low recorded in July. T he N ovem b er rate o f con su m p tion is the h igh est in m ore than a year and a h a lf. M any m ills rep orted ly have sold their production w e ll into the secon d quarter o f the new year. COTTON MILLS THE VALUE O F CONSTRUCTION CONTRACTS aw arded in the D istrict d u rin g N ovem ber, accord in g to F. W . D o d g e C orporation statistics, w as about 125 m illio n d o lla rs, 7 p ercent less than the O ctober total, but 88 percent greater than the total for N ovem b er 1948. T he eleven-m onth total o f m ore than a b il lio n d o lla rs w as 8 .6 percent greater than the total fo r that part o f 1948. R esid en tial contracts d eclin ed in N ovem ber, after esta b lish in g a new h igh m on th ly record in O ctober, but w ere about 57 1 1 9 S ix t h D is t r ic t S t a t is t ic s CONDITION OF 28 MEMBER BANKS IN LEADING CITIES _________ (In Thousands of Dollars) _____ Percent Change Dec. 21 Nov. 16 Dec. 15 Dec. 21, 1949/ from Item 1949 1949 1948 Nov. 16 Dec. 15 1949 1948 Loans and investments— Total............................... 2,433,354 2,420,201 2,312,145 Loans—Net......................... 890,660 866,970 876,797 Loans—Gross..................... 901,795 878,020 884,403 Commercial, industrial, and agricultural loans. 545,748 526,447 556,749 Loans to brokers and dealers in securities... 9,575 8,556 6,441 Other loans foir pur chasing and carrying securities..................... 33,920 33,364 54,753 Real estate loans............ 71,176 72,912 65,386 Loans to banks............... 4,059 4,345 5,466 Other loans.................... 237,317 232,396 195,608 Investments—total............. 1,542,694 1,553,231 1,435,348 Bills, certificates and notes............................ 529,003 466,269 400,682 U. S. Bonds.................... 805,577 877,025 845,549 Other securities............. 208,114 209,937 189,117 Reserve with F. R. Bank... 402,680 508,665 388,011 Cash in vault..................... 45,667 39,734 45,007 Balances with domestic banks.............................. 188,314 223,403 182,800 Demand deposits adjusted. 1,770,992 1,725,267 1,814,087 Time deposits.................... 538,325 529,944 521,657 U. S. Gov't deposits.......... 42,786 49,745 27,488 Deposits of domestic banks 530,804 524,244 543,773 Borrowings......................... 500 ___1,000 4,000 444- 1 3 3 44+ 5 2 2 + 4 — 2 + 12 + 49 + 2 — 2 — 7 4- 2 — 1 — 38 4- 9 — 26 4- 21 + 7 + 13 — 8 — 1 + 4 + 15 4- 32 — 5 + io — 21 + 1 4- 3 4- 3 — 2 — 14 4- 1 — 50 — 16 — 2 4- 2 4- 56 — 2 — 88 DEBITS TO INDIVIDUAL BANK ACCOUNTS _________ (In Thousands of Dollars)_________ No. of Banks Report ing Oct. 1949 Montgomery... 3 6 2 3 5 3 21,215 310,036 14,483 18,249 116,648 78,970 23,030 320,264 16,216 20,340 113,607 85,277 FLORIDA Jacksonville... Miami............. Greater Miami* Orlando.......... Pensacola....... St. Petersburg. Tampa............ 4 7 13 3 3 3 6 272,904 240,454 335,860 53,416 35,807 56,993 129,204 266,288 258,711 226,540 243,375 309,987 348,392 47,820 48,117 34,774 35,407 54,087 . 53,091 114,861 121,046 25,683 830,559 54,618 8,132 53,655 4,201 14,164 11,970 57,854 9.519 22.643 81,384 12,281 25,738 856,436 61,584 8,559 57,087 4,433 14,804 11,963 58,468 9,003 23,849 84,508 11,317 24,057 884,923 53,213 8,432 51,699 4,485 14,703 11,489 59,939 9.019 21,981 87,582 12,971 __ __ __ __ __ __ __ 4- Savannah....... Valdosta........ 3 4 3 2 4 2 3 2 3 2 3 4 2 __ 4- 0 3 11 5 6 5 4 0 1 6 5 4 9 LOUISIANA Alexandria*... Baton Rouge.. Lake Charles.. New Orleans.. 3 3 3 8 31,452 102,925 35,001 700,556 32,264 103,609 35,656 685,510 29,259 112,706 35,245 712,139 __ __ __ 4- 3 1 2 2 Meridian........ Vicksburg. 2 3 3 2 16,446 136,776 25,386 27,155 18,114 138,163 28,950 33,073 16,633 130,439 27,226 31,452 __ __ __ — 9 1 12 18 __ + TENNESSEE Chattanooga... Knoxville........ Nashville........ 3 4 6 136,456 102,154 320,280 134,343 105,189 299,778 134,967 112,208 297,226 4- 4- + 2 3 7 4- 4,089,400 4,075,045 4,172,407 4- 0 — 2 99,491,000 101,804,000 102,887,000 — 2 — 3 ALABAMA Anniston........ Birmingham... Gadsden........ GEORGIA Augusta.......... Brunswick...... Columbus...... Elberton.......... Gainesville*... Griffin*........... Newnan.......... MISSISSIPPI Hattiesburg... SIXTH DISTRICT 32 Cities........ 114 UNITED STATES 333 Cities .. * N o t in c lu d e d in S ix th D istric t total. Nov. 1948 Percent Change Nov. 1949, from Nov. Oct. 1948 1949 Nov. 1949 Place 23,866 — 8 322,740 — 3 14,771 __ 11 20,259 __ 10 137,661 4- 3 79,225 7 + 5 + 6 4- 8 4- 12 + 3 + 5 4- 12 + __ 11 4 2 10 _ 15 — 0 __ __ __ _ + 2 1 4 4- 11 + 1 + 7 + 7 __ + 7 6 4- 3 4 + 4 __ + 4+ — 4__ — — 6 4 4 3 6 3 7 5 7 9 1 2 1 5 7 14 1 9 8 1 2 0 M o n t h l y R e v ie w o f th e F ederal R e se rv e B a n k o f A tla n ta fo r D ecem ber 1949 percent greater than in N ovem b er a year a go, and in the eleven-m onth p eriod w ere 10 percent greater than in the cor resp on d in g p eriod o f 194 8 . Other aw ards w ere up 5 p ercent in N ovem b er, w ere m ore than tw ice as large as in N ovem b er 1948, and the eleven-m on th total w as up 7 percent. In the January-N ovem ber p eriod , resid en tial con stru ction contracts accounted fo r 4 3 .4 p ercen t o f the total, about the sam e as in 1948. F lo rid a con tinued to lead th e oth er D istrict states in both total and resid en tia l aw ards— 32 p ercent o f total aw ards and 4 6 .7 p ercent o f resid en tia l contracts w ere le t in that state. M AN UFACTU RIN G EM PLOYM ENT in the D istrict at the m id d le o f O ctober w as off about 2 p ercen t from Septem ber, la r g e ly b e cause o f id len ess in the steel and related in d u stries, and m ore than 2 3 ,0 0 0 co a l m iners w ere id le in A lab am a and T en n es see. T he w ork stop p age in steel affected m ore than 2 0 ,0 0 0 workers in A lab am a. F lo rid a , G eorgia, and T en n essee m anu factu rin g em p loym en t w as up slig h tly in O ctober and it w as a lso up in m ost o f th e lea d in g in d u stries th rou gh ou t the entire D istrict. In prim ary m etals, how ever, there w as a large drop because o f the strike, and a fu rther red u ction took p la ce that m onth in sh ip b u ild in g and rep air estab lish m en ts. T he A lab am a em p lo y m en t situ ation in O ctober w as, o f course, serio u sly affected b y w ork sto p p a g es in coal m in in g and in steel. M in in g em p lo y m en t w as dow n m ore than 2 0 ,0 0 0 in O ctober from Septem ber, about h a lf o f th is num ber b ein g m iners in com m ercial m in es and the other h a lf in cap tive m ines. In the p rim ary m etals in d u stries, in clu d in g b la st fu r naces and fou n d ries, em p lo y m en t w as off n early 2 2 ,0 0 0 fo r the m onth. T here w as also a d ecrease o f about 10 p ercen t in fab ricated m etals in dustries and on e o f n ea rly 13 percent in transportation equipm en t, w h ich in clu d es sh ip b u ild in g and repair. T ex tile em p loym en t, how ever, exp an d ed further in October, and em p loym en t in rubber and a llie d prod u cts and in paper and p ap er products a lso in creased . B y m id-N ovem ber m ost o f the co a l m in ers and steel w orkers had returned to their job s, and w orkers in related in d u stries w ere b ein g re ca lled . R ailroad em p loym en t had also recovered su b sta n tia lly from the Sep tem ber and O ctober decreases. M an u factu rin g em p lo y m en t in F lo rid a w as up slig h tly in O ctober, la rg ely because o f g a in s in lum ber and w ood p ro d ucts and in fo o d and kindred products. In n ea rly a ll lin e s o f m anufacturing, how ever, O ctober em p lo y m en t w as low er than it w as a year earlier. In G eorgia, 1 ,5 0 0 w orkers in the prim ary m etals in d u stries w ere id le because o f the steel strike. T h is lo ss w as a little m ore than offset by gain s in tex tiles, lum ber and w ood p ro d ucts, fab ricated m etal products, a p p a rel, ch em icals, and paper. T he em p loym en t situ ation in L ou isian a m an u factu rin g in dustries rem ained r ela tiv e ly stab le in O ctober. T here w as a drop o f 18 percent in tran sp ortation eq uipm ent, w h ich in clu d es sh ip b u ild in g and repair, and there w ere sm a ll d e creases in som e other grou p s, but th ey w ere la r g e ly cou n ter balanced by in creases in tex tile s, in p ap er and a llie d p ro d ucts, and in stone, cla y , and g la ss in d u stries. N ea rly a ll m an u factu rin g grou p s in T en n essee reported in creased em p loym en t in O ctober, w ith the te x tile in d u stry re p ortin g the largest gain , but in n on m an u factu rin g in d u stries there w ere su b stan tial lo sses b ecau se o f the co a l and steel strikes. M in in g em p loym en t w as off 3 ,1 0 0 and tran sp ortation em p loym ent, reflecting the effects o f the strikes, w as o ff 600. B ecau se o f sea so n a l fa cto rs and p ro ject c o m p letio n s, con stru ction em p lo y m en t registered a la rg e d e c lin e o f 2 ,8 0 0 . ELECTRIC PO W ER PRO D UCTIO N fo r p u b lic u se in the D istrict w as off 2 .6 p ercent fo r the m onth o f O ctober, but w as 7 .4 percent greater than it w as a year ea rlier. T h e O ctober d ecrease in the d a ily rate w as caused b y a drop o f 7 .8 p ercent in h yd ro generated current and a g a in o f o n ly 3 .4 p ercent in pow er prod u ced b y p la n ts u sin g fu e ls. In co m p a riso n w ith O ctober 194 8 , h yd ro-generated current th is O ctober w as up 4 8 p er cent, but fu el-g en era ted p ow er w as off 16 percent. H yd ro generated current accou n ted fo r ab ou t 51 p ercen t o f the total in O ctober th is year a g a in st 3 7 p ercen t a year ago. D. E. M . D e p o s it s I n c r e a s e b a n k d ep o sits in the D istrict h a v e in creased sea so n a lly each m onth sin ce th e end o f Septem ber. B y the la st W ed n esd ay in N ovem b er th ey had exp an d ed 184 m il lio n d o lla r s ab ove the le v e l o f Sep tem b er. D u rin g O ctober and N ovem b er 1 948, th ey had in creased 149 m illio n d ollars. T he N ovem b er total fo r th is year, h ow ever, is 5 m illio n d o l lars less than that fo r N ovem b er 1 9 4 8 . T o ta l d ep o sits at the w eek ly rep ortin g banks in creased 8 0 m illio n d o lla rs betw een N ovem b er 3 0 and D ecem b er 2 1 . D ep o sit d eclin es fro m la st year are concentrated in the p red o m in a n tly a g ricu ltu ra l reg io n s w here a g ricu ltu ral m ar k etin gs are b rin g in g low er returns. F or ex a m p le, at the end o f N ovem b er M ississip p i m em ber bank d ep o sits w ere dow n 5 .4 percent from last year. On the other hand, at the banks in F lo rid a w here a g ricu ltu ra l in co m e is greater th is year, d ep osits w ere up 3 .9 percent. M em ber T h e sea so n a l ex p a n sio n in d ep o sits has in creased m em ber bank reserve req uirem ents, e sp e c ia lly at th e reserve city banks. T he ratio o f ex cess to requ ired reserves d uring the la st h a lf o f N ovem b er f e ll to 1.8 percen t, the low est ratio reported at an y tim e th is year or la st year. A t cou ntry banks the ratio stood at 12.1 percen t. c . T# T> SIXTH DISTRICT MEMBER BANK REQUIRED AND EXCESS RESERVES MILLIONS OF DOLLARS MONTHLY AVERAGES 1948 MILLIONS OF DOLLARS 1949 M o n t h l y R e v ie w o f th e F ederal R eserve B a n k o f A tla n ta fo r D ecem ber 1949 S ix t h D is t r ic t In d e x e s C o lt o n A c r e a g e A llo t m e n t s S in c e J u ly 1943, w hen th e W ar F o o d A d m in istration a n n ounced the term in ation o f m arketing quotas, cotton farm ers have had a su pp ort p rogram fo r their crop s, but they h ave not been restricted in the am ount o f cotton they cou ld se ll at the sup port price. In th is p eriod o f freed om from G overnm ent restraints, grow ers in som e section s o f the Cotton B elt increased their p la n tin g s, but th ose in other section s reduced their cotton acreages. A s a resu lt o f these acreage sh ifts, the law s regu latin g the a p p ortion m en t o f cotton acre age w ere am ended in the last sessio n o f C ongress. T he n a tio n a l, state, and in d ivid u a l farm a llo tm en ts fo r the 1950 crop w ere determ ined accord in g to these n ew law s. B y their large affirm ative vote on D ecem ber 15, cotton grow ers ap proved quotas fo r the 195 0 crop. W hen quotas are in effect, grow ers are sub ject to a p en a lty on cotton produced in excess o f the quota at a rate o f 50 p ercen t o f the parity p rice on June 15 o f the calen d ar year in w h ich the crop is p roduced, and th ey also lo se direct p rice su p p ort on any o f their crop . T h ese p en a lties w ill prevent m ost grow ers from o verp lan tin g their allotm en ts. C otton acreage n ext year, therefore, w ill depend upon the size o f a llo tm en t and the e x tent to w hich fu ll allotm en ts are plan ted . A ccord in g to the present law , grow ers in the Southeastern states m ust reduce their acreage about 10 percent, or to about the am ount they planted in 1948. Grow ers in the D elta m ust cut their acreage about 18 percent, or to 11 percent less than they plan ted in 1948. T exas grow ers m ust reduce their acre age 2 7 percent from 1949 and 15 p ercent from 194 8 . T he largest reduction s m ust be m ade in A rizon a, N ew M exico, and C aliforn ia, w here p rod u ction has increased ra p id ly in recent years. G rowers in these states can p la n t o n ly 63 p er cent as m uch cotton as they p lan ted in 1 949. O klahom a is the o n ly m ajor cotton-prod u cin g state to receive a 1 9 5 0 a llo t m ent that is larger than either the 1 948 or the 1949 acreage. Changes in Cotton A c r e a g e (Acres in Thousands) Place Acres in Cultivation A la b a m a . F lo r id a . . G e o r g ia . . L o u is ia n a . M is s is s ip p i . Tennessee . D istr ic t . . . . . . States . . . . 1948 1949 1950 1 ,6 2 7 27 1 ,3 1 3 940 2 ,5 6 0 753 1 ,7 8 0 46 1 ,4 7 0 1 ,0 7 0 2 ,8 4 0 820 1 ,5 7 1 42 1 ,4 1 1 873 2 ,2 9 6 704 Percent Change 1950 from 1948 1949 — + + — — — 3 56 7 7 10 7 — — — — — — 12 9 4 18 19 14 7 ,2 2 0 8 ,0 2 6 6 ,8 9 7 — 4 — 14 S o u th e a st . . D e lt a . . . . S o u th w e st . . W est . . . . . 4 ,8 5 9 . 7 ,1 5 8 . 1 0 ,0 4 8 ■ 1 ,3 0 0 5 ,3 5 8 7 ,7 4 0 1 1 ,6 0 0 1 ,6 6 3 4 ,8 0 1 6 ,2 5 7 8 ,8 8 0 1 ,0 4 5 — — — — 1 11 12 20 — — — — 10 18 23 37 U n ited . 2 3 ,3 7 2 2 6 ,3 8 0 2 1 ,0 0 0 — 10 — 20 States . A llotted Acreage 1 2 1 S o u t h e a s t : V ir g in ia , N o r t h C a r o lin a , S o u t h C a r o lin a , G e o r g ia , F lo r id a , A la b a m a ; D e lt a : M is s o u r i, T e n n e s s e e , M is s is s ip p i, A r k a n s a s , L o u is ia n a ; S o u t h w e s t : O k la h o m a , T e x a s ; W e s t : N e w M e x ic o , A r iz o n a , C a lif o r n ia . C otton p la n tin g s next year are a lm ost certain to be less than the acreage allotted . Som e farm ers w ill n ot care to use a ll o f their allotm en t and others w ill not be a b le to because o f u n fa v o ra b le w eather or illn e ss or fo r other reasons. S in ce farm ers can retain the right to an allo tm en t b y p la n tin g co t ton in any one o f the next three years, they w ill not have to p la n t every year in order to keep their a llotm en t. W hen the p resent quota system w as first used in 1938, DEPARTMENT STORE SALES* Unadjusted Adjusted* Nov. Nov. Oct. Nov. Oct. Nov. 1948 1949 1949 1949 1949 1948 434 367 395 376 374r 493 414 407 376 484 414r 484 427 420 483 414 421r 450 335 332 389 319 384r 382 336 339 320 400 323r 415 430 371 364 367r 434 427 547 373 511 356r 448 363 420 344 399 349 362r 332 407r 320 397 307 328r 429 444 '344 379r 403 467 417 338 308 351r 366 307 508 418 482 401 394 423r 425 364 355 433 348r 350 554 618 430 462r 516 606 Place DISTRICT........ Atlanta........ Baton Rouge. Birmingham.. Chattanooga. Jackson........ Jacksonville.. Knoxville__ Macon.......... Miami.......... Montgomery. Nashville.... New Orleans. Tampa.......... DEPARTMENT STORE STOCKS Unadjusted Adjusted** Oct. Nov. Nov. Nov. Nov. Oct. 1949 1949 1948 1949 1949 1948 395 379 422 352 347 377r 536 566 449 462 479r 530 288 347 292 258 262 307r 401 467 449 421 375 361r 571 631 498 519 539r 582 352 338 371 323 341r 328 Place DISTRICT............ Atlanta............. Birmingham.... Montgomery... Nashville........ New Orleans. .. Place SIX STATES. Alabama... Florida---Georgia... Louisiana.. Mississippi Tennessee. GASOLINE TAX COLLECTIONS* Adjusted* Unadjusted Nov. Oct. Nov. Nov. Nov. Oct. 1949 1949 1948 1949 1949 1948 214 217 198 220 204 213 212 201 220 218 207 218 192 177 194 186 176 172 223 226 179 231 185 223 238 225 242 250 248 236 167 209 175 183 213 192 231 212 226 248 211 243 COTTON CONSUMPTION* ELECTRIC POWER PRODUCTION* Oct. Nov. Nov. Oct. Sept. Oct. 1949 1948 1949 1949 1949 1948 134r SIX STATES.. 361 TOTAL.......... 153 137 370 336 143 Alabama... 164 149 Hydro Georgia 135 136 155 generated 322 349 217 85 105 Fuel94 Mississippi. 89r 115 generated 412 Tennessee. 101 398 492 Place MANUFACTURING EMPLOYMENT*** Oct. 1949 SIX STATES.. 138 Alabama... 128 123 Georgia.... 139 Louisiana.. 148 Mississippi. 135 Tennessee. 146 Place Sept. 1949 140 143 121r 137r 149 141 144 Oct. 1948 151r 156r 130r 147 155r 148 159r CONSUMERS PRICE INDEX Nov. Oct. Nov. Item 1948 1949 1949 ALL ITEMS.. 172 175 172 211 203 203 Clothing... 192 205 192 Fuel, elec., and refrig 138 136 138 Home fur nishings . 182 182 195 Misc.......... 155 155 153 Purchasing power of dollar.... .58 .58 .57 * Daily average basis ** Adjusted for seasonal variation ** 1939 monthly average = 100; other indexes, 1935-39 *= 100 CONSTRUCTION CONTRACTS Oct. Sept. Oct. Place 1949 1949 1948 DISTRICT.... 660 418 382 Residential. 873 746 561 557 260 296 Alabama... 620 486 293 Florida...... 672 478 414 Georgia... 528 485 435 Louisiana.. 628 423 515 Mississippi. 203 170 176 Tennessee. 934 461 344 ANNUAL RATE OF TURNOVER OF DEMAND DEPOSITS Nov. Oct. Nov. 1949 1949 1948 Unadjusted.. 21.2 20.4 21.6 Adjusted**... 20.0 19.4 20.4 Index**........ 81.3 78.6 82.8 CRUDE PETROLEUM PRODUCTION IN COASTAL LOUISIANA AND MISSISSIPPI* Nov. Oct. Nov. 1949 1949 1948 Unadjusted.. 313 313 313r Adjusted**.. 308 314 309r r R e v is e d 1 2 2 M o n t h l y R e v ie w o f th e F ederal R e se rv e B a n k o f A tla n ta fo r D ecem b er 1949 grow ers in the D istrict states p la n ted 9 4 p ercen t o f their allotted acreage. In 1941 , b efo re the sh ift to w ar crop s, they planted 8 4 p ercent o f the acreage a llo tted to them . On the basis o f p ast perform an ce, they w ill p ro b a b ly p la n t about 90 percent o f th eir a llo tted acreage in 1950. A s a resu lt the acreage p lan ted n ext year m ay be about on e-fifth less than it was th is year. A lth o u g h the im p o sitio n o f acreage allo tm en ts and m arket in g quotas w ill reduce the in com e fro m cotton, it m ay also hasten the sh ift from cotton to other crop s on the sm a ller farm s. In 1 9 4 0 about 8 5 percent o f the a llo tted acreage on a ll D istrict cotton farm s w as p lan ted , but o n ly o n e-h a lf to tw o-thirds o f the a llo tted acreage w as p lan ted on th o se farm s w ith an a llotm en t o f le ss than five acres. M any farm ers w ho have sm a ll acreages o f cotton a p p a ren tly do n ot p la n t cotton at a ll w hen their acreage is restricted by law . T h e presen t law con tain s n u m erou s p ro v isio n s d esign ed to prevent h ard sh ip s and u n u su a lly la rg e red u ction s in acreages fo r the grow ers w ith the sm a ller a creages. M uch o f the d is sa tisfa ctio n w ith the 1 9 5 0 a llo tm en ts com es fro m th e grow ers w ith r ela tiv e ly la rg e a creages. A lth o u g h the law m ay be changed ag a in b efo re p la n tin g tim e, it w ill a lw a y s b e diffi cu lt to con trol p rod u ction o f a n y crop that is grow n under such a w id e d iv ersity in ty p es o f fa rm in g and clim ate as is cotton. A creage restriction s tend to p erp etu ate inefficient fa rm in g system s b y fr eezin g the pattern o f cotton production. T h e difficu lties o f co n tro lled p ro d u ctio n can be lessen ed if la rg e num bers o f farm ers are a b le to d ev ise fa rm in g system s in w h ich the righ t to grow cotton is o f m in or im p ortance. B. R. R. National Business Conditions prod u ction in creased m od era tely in N ovem b er and the ea rly part o f D ecem b er. D ep artm en t store sa les show ed m ore than the usu al sharp, p re-h o lid a y rise. C om m od ity prices w ere g e n era lly stab le. P rices o f long-term T reasury bonds and com m on stocks rose to the h ig h est le v e ls in over a year. I n d u s t r ia l P r o d u c t io n a n d E m p lo y m e n t I n d u s t r ia l W ith settlem ent o f the steel lab or d isp u te and tem p orary fu llscale op eration s at coal m in es, the B oard ’s sea so n a lly adjusted in d ex o f in d u strial p rod u ction in creased in N ovem b er to 171 from 166 in O ctober. In d ication s are that the D ecem b er in d ex w ill be s lig h tly ab ove the S eptem ber figure o f 174. D u rab le good s output rose about 3 percent in N ovem b er as large in creases in p rod u ction o f steel in gots, lum ber, and co p per and cop p er products m ore than offset decreases in m ost m etal fab ricatin g a ctivities. R educed steel stocks resu lted in a sub stantial curtailm ent in output o f fab ricated iron and steel products and contributed to red u ction s in a ctiv ity in m ach in ery and tran sportation eq u ip m en t in d u stries. In the au tom o b ile industry, assem b ly o p eration s w ere su b sta n tia lly cur tailed b y m od el ch an geovers. In the m ach in ery grou p , output o f m ost typ es o f p rod u cers’ eq u ip m en t w as reduced, w h ile p rodu ction o f consum er a p p lia n ces w as m ain tain ed . In D ecem ber, steel in g o t output w as sch ed u led at 9 3 p er cent o f cap acity, the h ig h est rate sin ce la st M ay and su b stan tia lly ab ove th e N ovem b er lev el o f 52 p ercent. A u to m o b ile a ssem b lies increased con sid era b ly in the m id d le o f D ecem ber. O utput o f n on d u rab le go o d s d eclin ed slig h tly in N ovem ber. T here w ere sm a ll further ga in s in a ctiv ity at tex tile , p a p er board, and ch em ical p la n ts and a sharp recovery in coke p ro duction, w h ile output o f m anufactured fo o d prod u cts and p rin tin g and p u b lish in g a ctiv ity d eclin ed som ew hat. A ctivity in the can n in g in d u stry show ed m uch m ore than the usual season al d ecrease. O utput o f m ost other n o n d u ra b le good s w as unchanged. M in erals outpu t rose sh a rp ly in N ovem b er as b itu m in ou s coal m in es w ere returned to fu ll-sc a le o p eration s fo r three w eeks en d in g N ovem b er 3 0 , and as ou tp u t o f crude p etroleu m and iron and cop p er ore increased . In D ecem b er, m in erals production decreased as c o a l m in ers returned to a reduced w ork w eek and outpu t o f crude p etroleum w as cu rtailed about 3 percent. T otal em p loym en t in n o n a g ricu ltu ra l estab lish m en ts show ed a rise o f about 1 2 0 ,0 0 0 from m id-O ctober to m id-N ovem ber, after a llo w a n ce fo r sea so n a l ch an ges. T h e return to w ork o f 3 3 5 .0 0 0 b itu m in ou s co a l m in ers w as p a rtly offset b y e m p lo y m ent d eclin es in in d u stries p ro d u cin g n o n d u ra b le good s and in trade and F ed eral G overnm ent esta b lish m en ts. E m p lo y m ent in other lin e s w as m ain tain ed at O ctober le v e ls. C o n s tr u c tio n V a lu e o f co n stru ction contracts aw arded in N ovem b er, ac cord in g to the F. W . D o d g e C orp oration , d eclin ed sea so n a lly from the e x c e p tio n a lly h ig h autum n lev e l but w as s till about o n e-h a lf ag a in as la rg e as in N ovem b er 194 8 . T h e v o lu m e o f new h o u sin g starts, as estim ated b y the B ureau o f L abor S tatistics, con tin u ed u n u su a lly la rg e in N ovem b er, to ta lin g 9 3 .0 0 0 com pared w ith 1 0 0 ,0 0 0 in O ctober and 6 4 ,0 0 0 in N ovem b er 1 9 4 8 . C o m m o d i t y P r ic e s T h e average le v el o f w h o le sa le p rices con tin u ed to decline slig h tly fro m m id -N ovem b er to th e th ird w eek in D ecem ber, reflecting c h ie fly a d ecrease o f 4 p ercen t in m eat p rices and a 34-p ercen t drop in eg g p rices. On D ecem b er 21 it w as an nounced that the F ed eral egg -su p p o rt le v el w o u ld be reduced about on e-fifth in 1 9 5 0 . P rices o f m ost steel p rod u cts fo r d o m estic sh ip m en t w ere raised and th ere w ere a lso som e selec tive in creases in p rices o f other in d u stria l co m m o d ities. P rices o f steel scrap w eakened and tin and lea d w ere reduced further. B a n k C r e d it B u sin ess lo a n s, real estate lo a n s, and lo a n s to con sum ers con tinued to exp an d at banks in le a d in g citie s d u rin g N ovem ber and the first three w eeks o f D ecem b er. H o ld in g s o f U . S. G ov ernm ent secu rities in creased on b a la n ce over the p eriod . D e p o sits at banks in creased sh a rp ly fro m the m id d le o f N ovem ber to the m id d le o f D ecem b er and there w as the usu al preC hristm as in crease in cu rren cy in c irc u la tio n . T he cu rren cy dem and ab sorb ed reserve f u n d s a n d th e grow th in d ep o sits required banks to h o ld a d d itio n a l reserves. W h ile net exp en d itu res b y the T reasu ry su p p lie d fun d s dur in g the first h a lf o f the m onth, la rg e T reasu ry receipts from qu arterly in co m e tax p aym en ts tended to reduce bank reserves after the m id d le o f the m onth. S u b sta n tia l purchases of T reasu ry b ills and certificates b y the F ed eral R eserve w ere n ecessary to su p p ly banks w ith reserves required to m eet these drains. T h e B o ard o f G o v ern o r s M o n t h l y o f th e F ederal R eserve B a n k o f A tla n ta fo r D ecem ber 1949 R e v ie w 1 2 3 Index fo r the Year 1949 A g r ic u lt u r e B L a n k e n d in g I a n d R n t e r e s t , a t e s Charles T . T a y l o r ..................................... C o n s u m p t i o n P o f e a n u t s Brown R. R aw lings ............................................ M ay C A o t t o n A c r e a g e l l o t m e n t s o t t o n P a n d e a n u t P r o d u c t i o n O a i r y p p o r t u n i t i e s D f o r D C i s a p p o i n t i n g C o t t o n F i s t r i c t a r m e r s F a rm In co m e a n d F a rm M o rtg a g e F a rm W a g e John L. Liles E x p e n se s, e c r e a s e 115 29 . June 60 Brown R. Rawlings . . A pr. 39 Brown R . R a w l in g s ...................................... J u ly 72 M in B e m b e r D e p o s it s e p o s i t s A I in n c r e a s e a r m e r s ’ C F a r m in g F R a s h in e r t i l i z e r e c e i p t s L a n k o a n s 1948, Brown R . Rawlings . . R , e q u i r e m e n t s A C r e h a n g i n g . Jan. Brown R . R a w l in g s ...................................... Feb. F o r e s t r y : A I n n v e s t m e n t O p p o r t u n i t y T e x t ile P a n d e a n u t s in L e g u m e s, T r a n s i t i o n John L. Liles . 20 C o m m u n it ie s , o f I e c a n n d u s t r y T h e , in B a n k T in t h e S i x t h D R F u n d s ? Charles L o a n s , . . . . . A pr. . . Oct. S O p e r a t io n s 53 T e s e r v e s a n d M e m b e r B Cash R eceipts from C rops and L ive stock .........................................................M ar. L h i f t s in D e p o s i t O w n e r s h i p 61 Forest Product S a les per A cre of W oodland, 1944 ...................................... June 54 . 12, 37, 69, 77, 86, 100, 115 Charles T . Taylor 90 46 a b l e s . . 11, 21, 31, 39, 4 9 , 62, 71, 79, 89, 98, 114, 121 . 5, 19, 30, 4 0 , 4 7 , 58, 70, 80, 91, 100, 107, 118 Sixth D istrict M em ber Bank Changes in D ep osits, E arning A ssets, and P rofits fo r the Y ear 1948 . . C . Mar. 28 . M ay 46 h a r t s D em and D ep o sits o f In d ivid u als, P art n erships, and C orporations at A ll S ixth D istrict Banks— 1943-49 . D istrict B u siness A ctivity Show n by Bank D e b i t s ............................................ Jan. B a n k in g D e b it s , , D eb its to Ind ivid u al Bank A ccounts 12, 23, 32, 37, 48, 63, 72, 77, 88, 97, 1 1 2 ,1 1 9 29 Farm M ortgage D ebt in D istrict States by L ending A g e n c y ................................ June B a n k o a n s 25 , 89 72 . 38 C ondition o f 28 M em ber Banks in L eading C ities . . . 12, 23, 32, 37, 4 8 , 6 3 , 72, 77, 88, 97, 112, 119 93 J u ly A n n o u n c e m e n ts . A pr. 1948, in a n k Instalm ent Cash L oans B a n k 115 A nnual R ate o f T urnover o f D em and D ep osits . . . 11, 2 1 , 31, 39, 49, 62, 71, 79, 89, 98, 114, 121 33 h a r t s . . . . N o v. E x p a n d s, G asoline T ax C ollection s Cash R eceipts from F arm ing Taylor 73 Charles T. T a y l o r ............................................M ay a b l e s Cotton P r o d u c t i o n ............................................ Sept. C T . . A ug. Charles T. T a y l o r ............................................ Sept. , i s t r i c t B a n k 120 Charles T. T a y l o r ..................................... , Brown R. Rawlings 59 P e r s o n a l S a v in g s — In v e s tm e n t Charles T. T a y l o r ..................................... Brown R. R a w l in g s ...................................... N ov. 108 P 47 , Brown R . R a w l in g s ...................................... June G ra s s e s 10 4 , Charles T. T a y l o r ..................................... M e m b e r , 1948, D u r in g I n s t a lm e n t C r e d it F in a n c in g F 78 , L o n g -T e rm S o u rc e G ro w th . R a te s , . A ug. Charles T . T a y l o r ..................................... 88 . M ar. . Charles T. T a y l o r ..................................... D is t r ic t N ov. T ra d e , Charles T. T a y l o r ..................................... 65 John L . Liles . D e b t, D e v e lo p m e n t s D Brown R. Rawlings . . . . In co m e , 21 Charles T . T a y l o r ..................................... D e m a n d , John L. L ile s .........................................................Sept. F a rm B a n k in g 80 , A , r o p a n d D John L . L ile s ........................................................ J u ly Charles T . Taylor B a n k in g 121 , Brown R. R aw lings ............................................ A ug. D 48 , Brown R . R a w l in g s ......................................D ec. C . Feb. , . . . . J u ly 70 S ixth D istrict M em ber Bank L oans . . J u ly S ixth D istrict M em ber Bank R equired and E xcess R e s e r v e s ......................... D ec. 4 70 118 M 1 2 4 o n t h l y R e v ie w o f th e F ederal R eserve B a n k o f A tla n ta fo r D ecem ber 1949 E c o n o m ic C o n d it io n s , G e n e r a l At F t h e C a r m C ro s s ro a d s , I o m m u n i t y Earle L. Rauber . . C . Jan. Earle L . R a u b e r ............................................ S ept. T r a n s p o r t a t i o n T t h e e n n e s s e e 81 D is t r ic t r i c e s , E In co m e , 59 T rade m p l o y m e n t , a n d Charles T . Taylor T ra d e , . . A ug. 78 a n d Charles T. Taylor . . M ar. 31 D S e p a r t m e n t S t o r e a l e s , Charles T. Tazylor ......................... M ar., J u ly C 7 13 B a n k in g P h o l e s a l e Jan. T ex tile M an u factu ring A ctiv ity and M em ber B ank D ep o sits in the S ixth D istrict ...................................... June , Charles T. T a y l o r ............................................ F eb. W . . . . 2 4 , 51, 6 4 , 9 2 , 1 1 6 ,1 2 2 C o n d it io n s o n Sixth D istrict In d u strial T rends 1 , m p r o v e m e n t N a t i o n a l B u s in e s s h a r t s h a r t s D W here In d iv id u a ls in the S ix th D istrict States Got T h eir In com es . . . . ’s i s t r i c t F T o r e ig n r a d e , T 30, 70 , h e Charles T. T a y l o r .............................................N o v . 113 S ep t. 90 I C n s t a l m e n t r e d i t R a n d S e t a i l a l e s , Charles T . T a y l o r .............................................Oct. E m p lo y m e n t I P r ic e s , E d ito ria l, Washington P o s t ............................................ M ay R C o n t r o ls , e d e r a l R e s e r v e a n d Y M o u r o n e y , T h e A d d re s s b ................................N ov. y x p a n d s , S a le s , a n d C r e d it 38 1948, in S a l e s a n d a l e s in t h e L n v e n t o r i e s Q a s t S a l e s , O u t s t a n d i n g I n v e n t o r ie s , T F in a n c e I , 87 , u a r t e r Charles T. T a y l o r ............................................ D ec. 41 101 S e t a i l 8 Charles T. T a y l o r .............................................S ep t. 52 , Earle L . R a u b e r ............................................ M ay S p r o u l, A lla n , E i n a n c i n g Charles T. T a y l o r .............................................Jan. F e d e r a l R e s e r v e P o lic y F F r e d i t Charles T . T a y l o r .............................................A p r. (S ee In d u stry) C r e d it C n s t a l m e n t 99 r e n d s in C O r d e r s , a n d Charles T. Taylor o n s u m e r S 117 p e n d i n g . . .F e b . 23 , Charles T . T a y l o r .............................................M ay 46 (S ee B an k in g) T In d u stry I n d u s t r y E a n d I n d u O a k R id g e — D is c u s s io n s T C e n te r, T m p l o y m e n t C onsum ers P rice In d ex h e N a t i o n D epartm ent Store S a les o n ’s A . . . . . 11, 21, 31, 39, 4 9 , 62, 71, 7 9 , 8 9 , 9 8 ,1 1 4 ,1 2 1 . 11, 2 1 , 31, 39, 4 9 ,6 2 , 71, 79, 89, 98, 1 1 4 ,1 2 1 5, 19, 30, 4 0 , 4 7 , 58, 70, 8 0 , 9 1 , 100, 107, 118 . 11, 2 1 , 31, 39, 4 9 , 62, 71, 79, 89, 9 8 , 114, 121 R etail Furniture Store O perations . . . . 19, 4 0 , 58, 8 0 , 1 0 0 ,1 1 8 11, 21, 31, 39, 4 9 , 62, 71, 79, 89, 98, 114, 121 R etail Jew elry Store O perations . . . . 5, 30, 4 7 , 70, 91, 107 11, 21, 31, 39, 4 9 , 62, 71, 7 9 , 89, 9 8 ,1 1 4 ,1 2 1 W h o lesa le S a les and In ven tories . 5, 19, 30, 40, 4 7 , 58, 70, 8 0 , 9 1 , 100, 1 0 7 ,1 1 8 Crude P etroleu m P rod u ction . 11, 2 1 , 31, 39, 49, 62, 71, 79, 89, 98, 114, 121 E lectric P ow er P rodu ction . . 11, 2 1 , 31, 39, 49, 6 2 , 71, 7 9 , 8 9 , 9 8 , 114, 121 M an u factu rin g E m p loym en t . 11, 2 1 , 31, 39, 49, 62, 71, 7 9 ,8 9 , 9 8 , 114, 121 . D epartm ent Store Stocks 50 a b l e s Cotton C onsum ption . D epartm ent Store S a les and In ven tories . . t o m i c C. E . B r e h m . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M ay C onstruction Contracts . , . . 22, 2 9 , 4 0 , 4 9 , 62, 71, 79, 90, 100, 114, 119 s t r y a n d E m p l o y m e n t i n 1948, D . E. M o n c r ie f .................................................. Jan. 6 G e n e r a l a b l e s C h a r t s D epartm ent Store S a les, 1919 -4 9 . . . A u g. 78 D epartm ent S tore S a les and Stocks . . S ep t. 87 R e c o n n a i s s a n c e ......................... M ay, S ix th D is tr ic t T rad e in 1948 • • June • 45, 58 . Jan. 9
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