The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Monthly {p Review
F E D E R A L
V o lu m e
B A N K
O F
A T L A N T A
A tla n ta , G e o r g ia , J a n u a r y 3 1 , 1 9 4 4
X X IX
R e c e n t
he- e m p l o y m e n t
T
R E S E R V E
E m p lo y m e n t
T r e n d s
in
N um be r
th e
S ix th
1
D is tr ic t
s itu a t io n in th e S ix t h D is t r ic t o f la te s u g
T h e S e p te m b e r to t a l w a s 1 ,1 0 0 ,8 1 2 , o r v e r y s lig h t l y le s s . T h e
g e sts in c r e a s in g ly th a t th e e n d o f th e e x p a n s io n p e r io d is
S e p t e m b e r d e c lin e w a s th e fir s t in t o t a l m a n u f a c t u r in g e m
in s ig h t. L a b o r s h o r ta g e s e x is t, b u t o n th e w h o le le s s is h e a r d
p lo y m e n t s in c e th e w a r e ffo r t b e g a n , a n d w h ile flu c t u a tio n s
o f a c u te la b o r s c a r c ity th a n w a s h e a r d a y e a r a g o . M o st w a r
are
in d u s tr ie s m a y b e c o n s id e r e d m a n n e d ; e x c e p t f o r la b o r tu r n
s ig n if y th a t th e w o r s t p e r io d o f s tr a in h a s p a s s e d .
to
be
M ore
o v e r t h e y w o u ld b e f u l l y m a n n e d , a n d t h e la b o r t u r n o v e r is
e x p e cted
th a n
h a lf
and
of
in te r n a l
th e
s h ifts
D i s t r i c t ’s
occu r,
th e
m a n u fa c tu r in g
fig u r e s
e m p lo y
d e c r e a s in g . T h e e x p a n s io n s th a t s t ill lie a h e a d a r e im p o r t a n t;
m e n t is c o n c e n tr a te d in
t h e s e a r e p r i m a r i l y i n t h e D i s t r i c t ’s a i r c r a f t i n d u s t r y , w h i c h
th e a r e a s o f w a r p r o d u c t io n . T h e p ic tu r e
s t ill h a s a c o n s id e r a b le d is ta n c e to g o to r e a c h p e a k e m p lo y
fle c te d
m e n t. S e c o n d a r ily , s o m e s h ip y a r d s s t ill h a v e la b o r sh o r ta g e s,
v a r io u s ty p e s , w h ic h
b u t s h ip b u ild in g
5 1 7 ,3 7 8 w o r k e r s a n d o n N o v e m b e r 1 e m p lo y e d 5 1 7 ,8 9 4 . B u t
a s a w h o le is w ith in
r e a c h in g
d is ta n c e
of
in
th ese
3 7 lo c a l a r e a s . T h e s e a r e p r im a r ily
areas
in
on
383
o f s ta b ility
m a n u fa c tu r in g
is r e
concerns
J u ly 1 , 1 9 4 3 , e m p lo y e d
of
a to ta l o f
p e a k e m p lo y m e n t . D ig e s t io n in t o th e e c o n o m y o f th e D is t r ic t
n o t a ll in d u s tr y g r o u p s h a d to ta ls a s s ta b le a s th e s e . I n 1 6 3
o f a s e r ie s o f e m e r g e n c y e x p a n s io n s c a llin g fo r a n in c r e a se
t e x tile p la n ts , th e e m p lo y m e n t d r o p p e d fr o m
o f n e a r ly
to
50
p e r c e n t in
to ta l n o n a g r ic u ltu r a l e m p lo y m e n t
1 1 4 ,0 3 5
in
N o v e m b e r . E x p a n s io n s in
1 4 0 ,1 9 0 in J u ly
a ir c r a ft, s h ip b u ild
h a s b e e n a p r o c e s s r e q u ir in g tim e . T h e h e c tic p e r io d o f th is
in g , a n d th e n e w e r w a r p la n ts , w ith s t a n d s t ills in o th e r ty p e s
e x p a n s io n
of
ap p ears
to
have
p a ssed
u n le s s
a
new
m ilita r y
e m e r g e n c y , r e q u ir in g in c r e a s e d p r o d u c t io n , s h o u ld
E m p lo y m e n t
in
general
has
been
r e la tiv e ly
a r is e .
s ta b le
p r o d u c t io n ,
w h o le ,
fo r
in
kept
th e
N ovem ber,
c e n t o f th e ir
to ta l
th ese
s c h e d u le d
e m p lo y m e n t
37
areas
had
e m p lo y m e n t fo r
c o n sta n t.
v ir tu a lly
M ay
1,
As
90
a
per
19 4 4 . T en
s e v e r a l m o n th s p a st. T o ta l e m p lo y m e n t in th e n o n a g r ic u ltu r a l
a r e a s h a d 9 5 p e r c e n t o f th e M a y r e q u ir e m e n t, o r b e tt e r ; 1 4
in d u s tr ie s c o v e r e d b y u n e m p lo y m e n t c o m p e n s a tio n a m o u n te d ,
h a d b e tw e e n
in A la b a m a , F lo r id a , G e o r g ia , M is s is s ip p i, a n d T e n n e s s e e in
le s s . B u t f o r h ig h la b o r tu r n o v e r , p e a k e m p lo y m e n t w o u ld b e
90 and 94
p e r c e n t; th e o th e r s h a d so m e w h a t
J u ly 1 9 4 0 , to 1 ,2 7 9 ,6 0 1 . B y J u ly 1 9 4 1 , s u c h e m p lo y m e n t h a d
r e a d ily a tt a in e d in a l l b u t tw o o r th r e e o f th e a r e a s , a n d th e
m o u n te d to 1 ,6 4 4 ,0 9 1 , a n in c r e a s e o f 2 8 .5 p e r c e n t. B y J u ly
tu r n o v e r , in
1 9 4 2 , it h a d fu r th e r m o u n te d to 1 ,8 7 0 ,8 5 8 , w h ic h w a s a n in
c r e a se o f 4 6 .2
p e r c e n t a b o v e 1 9 4 0 . P r e lim in a r y fig u r e s fo r
g e n e r a l, is s h o w in g a te n d e n c y to
O ne reason
e m p lo y m e n t
fo r
th e
s itu a tio n
o v e r -a ll e a s in g
has
been
in
th e
d e c lin e .
th e m a n u fa c tu r in g
p r o g r e s s iv e
d e c lin e
in
la s t J u ly s h o w v ir t u a l ly th e s a m e t o t a l a s th e c o m p le t e fig u r e s
c o n s tr u c tio n in th e D is t r ic t . T h e c o n s tr u c tio n in d u s tr y , w h ic h
fo r th e p r e v io u s J u ly a n d in d ic a te o n ly
e m p lo y e d le s s th a n 1 0 0 ,0 0 0 w o r k e r s in fiv e D is t r ic t s ta te s in
th e
1 9 4 2 -4 3
fis c a l y e a r
a s w o u ld
su c h e x p a n s io n
b e r ep re sen te d
in
fo r
th e in
1940,
soared
in
J u ly
1942
to
a n a ll-tim e
peak
o f 2 5 1 ,7 5 7 .
c o m p le te n e s s o f th e p r e lim in a r y r e p o r ts. T h is p e r c e n ta g e o f
T hen
in c o m p le te n e s s is o r d in a r ily s m a ll. T h e a v a ila b le d a ta fu r th e r
th e n m o r e r a p id ly , s o th a t la s t J u ly it w a s m a k in g u s e o f o n ly
c o n s tr u c tio n
e m p lo y m e n t d e c lin e d — a t fir s t g r a d u a lly ,
in d ic a te th a t, s in c e J u ly 1 9 4 3 , to t a l e m p lo y m e n t h a s s lig h t l y
1 4 2 ,1 3 8 w o r k e r s. T h e w o r k e r s w e r e g e n e r a lly a b s o r b e d
d e c lin e d .
w a r p r o d u c t io n . T h e d e m a n d fo r c o n s tr u c tio n la b o r h a s s in c e
T h e m o s t r a p id e x p a n s io n
s in c e th e d e f e n s e e ffo r t b e g a n
h a s b e e n , o f c o u r s e , in m a n u fa c tu r in g . I n J u ly 1 9 4 0 , in A la
b a m a ,^ F l o r i d a , G e o r g i a , M i s s i s s i p p i , a n d T e n n e s s e e , 6 0 2 , 8 4 9
w o r k e r s w e r e e m p lo y e d
d u str y . J u ly
3 1 .5
per
1941
saw
in
e v e r y ty p e o f m a n u fa c tu r in g
th is n u m b e r r a is e d to
c e n t in c r e a s e . J u ly
1942
e m p lo y m e n t fu r th e r e x p a n d e d to
saw
to ta l
in
7 9 2 ,7 5 8 , o r a
m a n u fa c tu r in g
9 2 5 ,2 4 2 , o r
5 3 .5
p er cen t
r e v iv e d w ith in
th e D is tr ic t, a n d
th e
U n ite d
S ta te s
in t o
E m p lo y
m e n t S e r v ic e h a s a n a c tiv e n e e d o f c o n s tr u c tio n w o r k e r s to d a y .
A m o n g o th e r m a jo r in d u s tr y g r o u p s , e m p lo y m e n t in tr a d e
a n d tr a n s p o r ta tio n h a s in c r e a s e d b u t s lig h t ly in r e c e n t m o n th s
and
in
th e
v a r io u s
s e r v ic e
in d u s tr ie s
le v e l. T h e se th r e e g r o u p s h a v e
ly in g e x p a n s io n
of pay
r o ll
has
h e ld
r e m a r k a b ly
r e fle c te d th e g e n e r a l u n d e r
and
in c o m e
w ith o u t, h o w e v e r ,
a b o v e J u ly 1 9 4 0 . A n d in J u ly 1 9 4 3 , a c c o r d in g to p r e lim in a r y
m a in t a in in g w h a t w a s f o r m e r ly c o n s id e r e d th e t y p ic a l r a tio
f ig u r e s , th e m a n u f a c t u r in g e m p lo y m e n t; a m o u n te d
o f s e c o n d a r y e m p lo y m e n t to e m p lo y m e n t in
6 1 2 , w h ic h w a s 6 6 .5
S in c e
has
p e r c e n t a b o v e J u ly
la s t J u ly , th is
r e m a in e d
a lm o s t
to ta l
of
s ta b le . T h e
to
1 ,0 0 3 ,-
1940.
m a n u fa c tu r in g
A u g u st to ta l
e m p lo y m e n t
a r e s t ill e x p a n d in g to d a y , s h ip b u ild in g h a s m o r e n e a r ly c o m
fo r
p le te d
th e
pre
lim in a r y s a m p le w a s 1 ,0 0 3 ,6 1 8 , o r v ir t u a lly th e s a m e a s J u ly .
m a n u fa c tu r in g .
O f th e tw o w a r in d u s t r ie s , a ir c r a f t a n d s h ip b u ild in g , th a t
its
e x p a n s io n .
On
N ovem ber
1 , s h ip y a r d s
and
b o a t
y a r d s o f th e G u lf a n d A tla n tic a r e a s in th e D is tr ic t w e r e e m
M
2
o n t h l y
o f the F e d e ra l R e s e rv e B a n k o f A t la n ta f o r J a n u a r y 1944
R e v ie w
p lo y in g n e a r ly 2 0 0 ,0 0 0 w o r k e r s. T h is n u m b e r r e p r e s e n te d a n
C o r p o r a tio n
in c r e a s e o f s o m e 1 0 ,0 0 0 w o r k e r s s in c e J u ly
in c r e a se d
fo r M a y
1 . T h e e s tim a te
1 , 1 9 4 4 , c a lls fo r 1 5 ,0 0 0 a d d itio n a l w o r k e r s a b o v e
th e
its a ir c r a ft m o d ific a tio n a n d
p ercen ta g e
n ecessary
e x p a n s io n s
in
m o st o f th e
s h ip
a d d itio n a l w o r k e r s
D is tr ic t ,
a to o
c r u itin g ,
how ever,
B o th
S e p te m b e r to
fr o m
s h ip y a r d s
fr o m
p la n t
20
per
th e m a j o r r e a s o n w h y , in s p it e o f th e f a c t th a t s o m e 3 0 ,0 0 0
M o b ile , la b o r tu r n o v e r w a s r e d u c e d in
a n o th er y a r d
a s se m b ly
e m p lo y e e s
c e n t o f to ta l e m p lo y m e n t in S e p te m b e r to 3 8 p e r c e n t in N o
y a r d c e n te r s is p r im a r ily a p r o b le m in tu r n o v e r r e d u c tio n . In
p e r c e n t in
o f w om en
v e m b e r . T h e a d a p t a b ilit y o f w o m e n to th e a ir c r a f t in d u s tr y is
th e N o v e m b e r to ta l.
A c h ie v in g
in
its
9 .7
have
1 0 .0
to
p e r c e n t in
7 .9
lo s t
one yard
p e r c e n t in
c o n s id e r a b le
fr o m
1 1 .5
O c to b e r , a n d
th e
sam e
num bers
in
p e r io d .
s till
needed
la b o r
m u st
in
sh o r ta g e
be
th is
in d u s tr y
is n o t
v ig o r o u s ,
and
in
th e
a n t ic ip a te d .
R e
im p o r t a tio n s
of
la b o r m u st o c c u r .
N egro
I n th e b a s ic m e ta ls in d u s tr ie s , e m p lo y m e n t w a s s lig h t l y o n
w o r k e r s. In M a y 1 9 4 3 , o n e y a r d e m p lo y e d 6 ,7 5 0 N e g r o w o r k
th e u p g r a d e la s t a u tu m n b u t h a s s in c e r e c e d e d s o m e w h a t. In
e rs, b u t in
th e p r o d u c t io n o f m u n it io n s a n d o r d n a n c e in th e D is t r ic t , e m
N o v e m b e r , th e n u m b e r w a s o n ly
of
are
a c u te
3 ,8 7 8 . F o r th e
s a m e p e r io d , th e o th e r y a r d lo s t 1 ,7 0 0 N e g r o w o r k e r s . I t is
p lo y m e n t h a s b e e n
p o s s i b l e t h a t t h e s e r e d u c t i o n s a r e r e l a t e d t o t h e r e d u c t i o n in
s lig h tly
la b o r tu r n o v e r .
p u r p o s e w a r p la n ts , s o m e e s ta b lis h m e n ts a r e s t ill e x p a n d in g ,
In N e w O r le a n s , th e s e c o n d la r g e s t s h ip b u ild in g c e n te r o f
th e
D is tr ic t , w h e r e
are
v ir tu a lly
at
th e v a r io u s
peak
s h ip y a r d s , la r g e
e m p lo y m e n t,
th e
and
s h ip y a r d
is
v ir tu a lly
several
a t a s ta n d s till o r h a s d e c lin e d
m o n th s
p a st.
In
th e
group
of
s p e c ia l-
b u t th e m a jo r ity a r e a t o r n e a r p e a k e m p lo y m e n t.
s m a ll,
la b o r
fo r
T h e t e x t ile in d u s tr y c o m p la in s o f s k ill s h o r ta g e s a n d lo s s
o f m a le
w o r k e r s b u t is
p e r fo r m in g
a d e q u a te ly
n o n e t h e le s s .
la r g e ly r e s id e n t a n d th e tu r n o v e r r a te s a r e m o r e m o d e r a te . In
D a ta
g e n e r a l, tu r n o v e r r a te s in th e s h ip b u ild in g in d u s tr y a r e s o m e
th a t th e d e c lin e in e m p lo y m e n t fr o m
w h a t r e d u c e d t h r o u g h o u t th e D is t r ic t b u t r e m a in s u ffic ie n t ly
g e n e r a l . T h i s i n d u s t r y ’s m a j o r w a r j o b
h ig h to c o n s titu te a p r o d u c t io n
to th e n e w m ilita r y f o r c e s h a s la r g e ly c h a n g e d o v e r to a r e
p r o b le m .
A t fo u r s h ip b u ild in g p o in ts , im p o r t a tio n s o f la b o r a r e n e c e s
s a r y in a d d itio n to tu r n o v e r r e d u c tio n . O n e is T a m p a , F lo r id a ,
O th e r s
G e o r g ia ,
each
P a s c a g o u la ,
are
of
J a c k s o n v ille ,
F lo r id a ,
w h ic h
needs
about
M is s is s ip p i,
w here
th e
and
2 ,0 0 0
B r u n s w ic k ,
163
p la c e m e n t
e s ta b lis h m e n ts
b a s is ,
but
p le n ty o f w o r k lie s
w h e r e tw o s h ip y a r d s a t la s t r e p o r ts n e e d e d a b o u t 4 ,0 0 0 m o r e
w ork ers.
fo r
in
te x tile
th e
te x tile
in d u s tr y
sh ow ed
J u ly to N o v e m b e r w a s
o f s u p p ly in g te x tile s
r e p la c e m e n ts
are
heavy
and
ahead.
A n e n c o u r a g in g o c c u r r e n c e in th e la tte r p a r t o f 1 9 4 3 w a s a
s lig h t r is e in th e e m p lo y m e n t o f a b o u t 1 4 0 lo g g in g , m illin g ,
m ore
w ork ers.
p a p e r , a n d p u lp p la n t s f o r w h ic h d a ta a r e a v a ila b le . F o r th is
has
o b ta in e d
s a m p le , th e
s h ip y a r d
e m p lo y m e n t b e tw e e n
J u ly
and
N ovem ber
1943
a d d itio n a l c o n tr a c ts r e q u ir in g 3 ,0 0 0 m o r e w o r k e r s , is a p o in t
in c r e a s e d b y a b o u t 3 ,0 0 0 , t h is r is e b e i n g t h e fir s t a f t e r a tw o -
o f a c u te la b o r n e e d . T h e tu r n o v e r r a te o f th is s h ip y a r d w a s
y e a r p e r io d
o f d e c lin e . T h is in c r e a s e w a s p a r tly d u e to th e
red u c ed fr o m
tr a n sfe r
fa r m
1 7 .1 p e r c e n t in S e p t e m b e r to 1 1 .9 p e r c e n t in
of
w orkers
to
lu m b e r in g
a fte r
th e
h a rv est
O c to b e r . O f la te a n a d d itio n a l 7 4 5 h o u s in g u n its h a v e b e e n
season
a u t h o r iz e d a n d th e n e w h o u s in g f a c ilit ie s s h o u ld fu r t h e r a id
c e n ts-a n -h o u r w a g e r a te u n d e r c e r ta in
th e e x p a n s io n .
lu m b e r in d u s tr y , h o w e v e r , c o n t in u e s to p e r f o r m in a d e q u a t e ly ,
B ut m ore
w ork ers are needed.
T h e e m p lo y m e n t o f w o m e n in s h ip b u ild in g c o n s titu te s an
in c r e a s in g ly
im p o r ta n t s o lu tio n
f o r la b o r
s u p p ly
ended
and
p a r tly
to
th e a u th o r iz a tio n
to
new ed
In th e p a s t, m o s t s h ip y a r d s h a v e e m p lo y e d w o m e n to th e e x
The
c o n fe r e n c e s w ith
r e d u c tio n
in
tu r n o v e r ,
w h ic h
is
q u ite
th r o u g h o u t th e D is tr ic t, is a c c o u n te d
are
T h e r e s tr a in in g e ffe c ts o f th e la b o r s ta b iliz a t io n
D is tr ic t
s h ip y a r d s
th a t
8 ,0 0 0
w om en.
In
th e
J.
A.
in
N ovem ber
had
con
e m p lo y e d , to g e th e r , a b o u t
Jones
S h ip y a r d
at
B r u n s w ic k ,
G e o r g ia , w o m e n in N o v e m b e r c o n s titu te d 1 4 p e r c e n t o f th e
to ta l
la b o r
fit te r s ,
s u p p ly .
u n io n
T h is
m e lte r s ,
yard
w as
o p e r a to r s,
u s in g
w e ld e r s ,
w om en
as
b u rn ers,
s h ip
w e ld e r
e q u iv a le n t s k ills
w ere
b e in g
The
yard
at P an am a
even
h ig h e r
W a in w r ig h t
concern,
had
an
p a id
th e
sam e
C ity ,
p ercen ta g e
w ages
a ls o
of
a
J.
as
A.
w om en
m en.
Jones
in
N o
gen eral
fo r b y s e v e r a l fa c to r s.
p la n
o f th e
W a r M a n p o w e r C o m m is s io n c a n n o t b e c o n s id e r e d to h a v e in
flu e n c e d th e r e d u c t io n s p r e v io u s ly
n o ted
in
th is a r tic le , fo r
t h is p la n — w h ic h w a s d e s c r ib e d in th e R e v ie w o f O c to b e r 3 1 ,
1 9 4 3 — w a s o n ly a n n o u n c e d o n O c to b e r 1 5 . Its d e g r e e o f in
flu e n c e is s t i l l d e b a t a b le .
m a r k e r s, b u s a n d tr u c k d r iv e r s , m a t e r ia l c le r k s , s u p e r v is o r s ,
a n d a s le a r n e r s o n a ll o f th e s e jo b s . W o m e n u p o n a tt a in in g
50-
g o v e r n m e n t o ff ic ia ls .
la b o r
te n t o f a b o u t 1 0 p e r c e n t o f th e ir to t a l e m p lo y m e n t. B u t th e r e
th r e e
a
c o n d it io n s . T h e b a s ic
a n d its m a n y p r o b le m s h a v e r e c e n t ly b e e n th e s u b je c t o f r e
p r o b le m s .
s id e r a b ly h ig h e r p e r c e n ta g e s a n d
pay
The
e x p la n a tio n
lie s
e m p lo y m e n t a r e s o
h a s c r e a te d
in
th e
g e n e r a lly
fa c t
a d iffe r e n t p s y c h o lo g y
p la n t w o r k e r . F ir s t, th e w o r k e r
q u its
h is
jo b , h e
can
fin d
th a t
b e in g
th e
e x p a n s io n s
a tta in e d . T h is
on
no
th e
p a r t o f th e w a r-
lo n g e r
a n o th er
jo b
of
s itu a tio n
fe e ls th a t, i f h e
o ffh a n d . T h e
la b o r
v e m b e r — 2 0 .3 p e r c e n t o f its la b o r s u p p ly . T h e S o u th e a s te r n
m a r k e t is s t ill a d e m a n d m a r k e t, b u t th e in te n s ity o f th e d e
S h ip b u ild in g C o r p o r a tio n a t S a v a n n a h h a d w o m e n e m p lo y e e s
m a n d h a s d e c lin e d . S e c o n d , th e v ir t u a l ly c o m p le t e m a n n in g
e q u a l to
o f m a n y p la n ts h a s r e d u c e d th e te n d e n c y to w a r d la b o r p ir a t
o n ly
0 .7
p e r c e n t o f its
la b o r fo r c e
in
N ovem ber
1 9 4 2 , b u t a y e a r la te r it w a s e m p lo y in g w o m e n to th e e x te n t
o f 1 8 p e r c e n t o f its la b o r fo r c e .
in g
I n t h e D i s t r i c t ’s a i r c r a f t i n d u s t r y , w o m e n
are co u n ted
on
n e a r ly
A ir c r a ft A s s e m b ly
5 ,0 0 0
w om en
at
P la n t,
la te s t
near
rep o rts.
A tla n ta ,
e m p lo y e d
S ig n ific a n tly ,
th is
e m p lo y e r s
c o n tr o ls .
T h u s,
c o n tin u e d
th e r e
are
to
no
sh o w
lo n g e r
d e s p ite
as
th e
a t
m any
in
d u c e m e n ts a s f o r m e r ly f o r w o r k e r s to le a v e th e ir jo b s .
to s o lv e m u c h o f th e e x p a n s io n p r o b le m th a t lie s a h e a d . T h e
M a r ie tta
th a t s o m e
te m p te d
B u t fu r th e r , it is to
a c tiv e p r o d u c t io n in
b est rem ed y
fo r
b e r e c o g n iz e d
a n y g iv e n
th e
tu rn o v er
th a t th e a tta in m e n t o f
p la n t is in
i t s e lf a lm o s t th e
p r o b le m . T h is
fa c t h a s b een
p l a n t ’s l a b o r t u r n o v e r r a t e i n O c t o b e r w a s o n l y 3 . 3 p e r c e n t ,
d e m o n s tr a te d a g a in a n d a g a in in th e c o u r s e o f th e w a r e ffo r t.
a r a te th a t s e r v e s to r e f u te d o u b ts a s to th e s t a b ilit y o f w o m
A
Digitized
e n forw FRASER
o r k e r s . In B ir m in g h a m ,
th e
B e c h te l-M c C o n e -P a r s o n s
h ig h
in t a k e o f n e w
o u tg o , w a s
p r o b a b ly
w ork ers, an d
u n a v o id a b le
in
a n a lm o s t e q u a lly h ig h
th e
e x p a n s io n
p e r io d .
M
o n t h l y
o f the F e d e ra l R e s e rv e B a n k o f A tla n ta f o r J a n u a r y 1944
R e v ie w
S ix th
B u s in e s s
y e a r s a n d tw o m o n th s o f a c tiv e p a r tic ip a tio n
WO
T
D is tr ic t
w a r o n th e p a r t o f th e U n ite d
m e n d o u s c h a n g e s in
in
a n d
th e
o f th e S ix th
R e c o n n a is s a n c e
F ederal R e
s e r v e D is tr ic t. I n c o m e p a y m e n ts to b o th a g r ic u ltu r a l a n d in
Sixth D istrict S tatistics for D e ce m b e r 1943 c o m p a re d w ith D ecem b er 1942
d u s tr ia l w o r k e r s in th e a r e a h a v e r is e n r a p id ly . O u tp u t o f in
d u s tr ia l
and
a g r ic u ltu r a l
A g r ic u ltu r e
S ta te s h a v e w r o u g h t tr e
th e e c o n o m y
p ro d u cts
has
le v e ls . D e s p it e la r g e w ith d r a w a ls fr o m
reached
new
3
PER CENT DECREASE
h ig h
PER CENT INCREASE
DepartmentIlilH n iii
Department |il|H # k s
th e la b o r m a r k e t b y
th e a r m e d fo r c e s , m a n u fa c tu r in g e m p lo y m e n t in th e s ix sta te s
o f th e D is tr ic t h a s r is e n s h a r p ly w h ile fa r m e m p lo y m e n t h a s
Furni i e Saies
s u ffe r e d n o a p p r e c ia b le d e c lin e s . R e fle c t in g th e tr e m e n d o u s ly
a * ™ *
in c r e a s e d v o lu m e o f b u s in e s s a c tiv ity in th e a r e a , c h e c k c le a r
CotHIHnsumption
G f iliH * Collections
in g s a n d m o n e y in c ir c u la tio n h a v e r is e n to p e a k s n e v e r b e
fo r e
a p p r o a c h e d in
R is in g
been
In com es:
a d v a n c in g
th e h is to r y
o f th e r e g io n .
F o u r o f th e s ix sta te s o f th e D is tr ic t h a v e
m ore
r a p id ly
in c o m e -w is e
d u r in g
th e
Bank l l i i i l l i
w ar
Member Ej|j§k Loans
Member Ban||Eiiilii|lUl!||ii«!|||g||||gU|gBl!i|i|||
Demand DepH —
p e r io d th a n h a s th e c o u n tr y a s a w h o le . P e r c a p ita in c o m e in
M is s is s ip p i d o u b le d b e tw e e n 1 9 3 9 a n d 1 9 4 2 , a lm o s t d o u b le d
in A la b a m a , a n d in c r e a s e d b y 7 2 a n d 6 7 p e r c e n t in G e o r g ia
a n d T e n n e s s e e , r e s p e c tiv e ly . F lo r id a a n d L o u is ia n a r e g iste r e d
40
im p r e s s iv e g a in s o f a p p r o x im a te ly 5 0 p e r c e n t.
F u rth er
s u b s ta n t ia l
in c r e a s e s
w ere
scored
in
1943
30
20
10
0
10
20
30
40
and
th e r e s e e m s lit t le r e a s o n to d o u b t th a t 1 9 4 4 in c o m e s w i l l b e
a t le a s t a s h ig h a s th o s e o f th e y e a r ju s t p a s s e d . I n W o r ld
p r o d u c t io n in A la b a m a la s t y e a r w e r e v a lu e d a t 1 1 8 m illio n
e x p e n d it u r e
d o lla r s ; th e c o r n c r o p b r o u g h t 7 6 m illio n d o lla r s ; a n d p e a
w a s t h a t w h i c h b e g a n o n J u l y 01 , 1 9 1 8 , a n d r a n t h r o u g h J u n e
n u ts, th e th ir d m o s t v a lu a b le c r o p , b r o u g h t 3 5 m il lio n d o lla r s .
W ar
I, th e
f is c a l y e a r
of
g rea test G o v ern m en t
3 0 , 1 9 1 9 , d e s p it e th e fa c t th a t a lm o s t tw o th ir d s o f th e y e a r
F lo r id a h a d f a v o r a b le w e a th e r f o r p la n t g r o w th a n d h a r
w a s p o s tw a r . T o ta l F e d e r a l e x p e n d itu r e s in th e f u l l w a r y e a r
v e s t in g in 1 9 4 3 . Y ie ld s w e r e a t le a s t a v e r a g e a n d p r ic e s w e r e
f r o m J u ly 1 , 1 9 1 7 , th r o u g h J u n e 3 0 , 1 9 1 8 , a m o u n te d to 1 3 .7
r e m u n e r a tiv e . T h e s ta te h a r v e s t e d 9 4 m il lio n p o u n d s o f p e a
b illio n
d o lla r s ; to ta l e x p e n d itu r e s
r o se to
1 9 .0 b il lio n
d o l
la r s in th e s u c c e e d in g f is c a l y e a r a n d th e F e d e r a l d e b t d id
n u ts,
15
m illio n
pounds
of
to b a c c o ,
37
m illio n
boxes
of
o r a n g e s , a n d 2 7 m il lio n b o x e s o f g r a p e fr u it.
n o t r e a c h its p e a k u n til A u g u s t 1 9 1 9 , n in e m o n th s a fte r th e
G e o r g i a ’s c r o p s i n 1 9 4 3 w e r e v a l u e d a t 3 6 9 m i l l i o n d o l l a r s ,
A r m is tic e . A n y e n te r p r is e s o v a s t a s th e p r o d u c t io n p r o g r a m
u p 3 8 p e r c e n t o v e r 1 9 4 2 a n d s e c o n d o n ly to th e 1 9 1 9 fig u r e
f o r a m a j o r w a r c a n n o t b e b r o u g h t im m e d ia t e ly to a h a lt . I f
o f 5 7 8 m illio n d o lla r s . O f th e to ta l 1 9 4 3 c r o p v a lu e , c o tto n
th is w a s tr u e in
1 9 1 8 , it w ill c e r ta in ly b e tr u e in
th e y ea r
lin t a n d
seed
a c co u n te d
fo r
29
per
c e n t,
com
fo r
20
per
th a t m a r k s th e e n d o f th e c u r r e n t w a r in E u r o p e , in v ie w o f
c e n t, a n d p e a n u ts fo r 1 8 p e r c e n t. W h ile th e p e a c h c r o p w a s
th e m u c h g r e a te r s c a le o f m o b iliz a tio n th a t h a s ta k e n p la c e .
n e a r ly a f a ilu r e s o fa r a s p r o d u c t io n w a s c o n c e r n e d , th e a ll-
T h e 1 9 4 4 o u tlo o k fo r S ix th
D is tr ic t fa r m e r s is e x c e lle n t .
tim e h ig h p r ic e s o f p e a c h e s r e s u lt e d in a to t a l v a lu e o n ly 1 8
O v e r -a ll d e m a n d f o r .a g r ic u lt u r a l p r o d u c ts a t c u r r e n t p r ic e s
p e r c e n t b e lo w
w i l l a lm o s t c e r t a in ly r e m a in in e x c e s s o f s u p p ly in 1 9 4 4 . I n
1 7 p e r c e n t in 1 9 4 3 a s c o m p a r e d w ith th e p r e c e d in g y e a r b u t
1943
th e c r o p s o ld
about 25
per
c e n t o f A m e r ic a n
fo o d
p r o d u c tio n
w as
a llo c a t e d to m ilit a r y , le n d - le a s e , a n d o th e r s p e c ia l u s e s a n d it
is
a n tic ip a te d
by
th e
U n ite d
S ta te s
D e p a r tm e n t
of
A g r i
c u ltu r e th a t th e s e c a te g o r ie s o f d e m a n d in 1 9 4 4 p lu s c iv ilia n
dem and
w ill
f a r m e r s in
be
g rea ter
th a n
in
1943.
1 943 averaged abou t 2 0
P r ic e s
r e c e iv e d
by
p e r c e n t h ig h e r th a n in
1 9 4 2 a n d s o m e fu r th e r p r ic e in c r e a s e s a r e to b e e x p e c t e d in
1 9 4 4 . I n s u m m in g th e s e fa c to r s , it a p p e a r s lik e ly
th a t c a sh
fa r m in c o m e in 1 9 4 4 in th e U n it e d S ta te s w ill b e la r g e r th a n
th e 2 0 b il lio n d o lla r s r e a liz e d in
B u m p er C ro p s:
1943.
o f p e c a n s in
fo r 3 0 p e r c e n t m o r e th a n in
G e o r g ia f e ll
1942.
L o u is ia n a fa r m e r s h a d a n e x c e lle n t y e a r . T o ta l h a r v e ste d
acreage
1942
o f th e
a lth o u g h
p r in c ip a l c r o p s w a s s lig h tly
s o m e y ie ld s w e r e le s s th a n in
la r g e r
th a n
in
th e p r e c e d in g
y e a r a s th e r e s u lt o f u n fa v o r a b le w e a th e r . F r u it p r o d u c tio n
w a s p o o r b u t c o tto n a n d s u g a r c a n e y ie ld s w e r e m u c h b e tter
th a n in
1 9 4 2 . In fa c t, th e 1 9 4 3 a v e r a g e c o tto n y ie ld
of 352
p o u n d s a n a c r e w a s th e h ig h e s t e v e r r e c o r d e d in L o u is ia n a .
T h e 1 9 4 3 L o u is ia n a c r o p s w e r e v a lu e d a t 2 4 4 m illio n d o lla r s
as com pared
T h e fa r m e r s o f th e S ix th D is tr ic t m a d e a n
1 9 4 2 . P r o d u c tio n
w ith
188
m illio n
d o lla r s
in
1 9 4 2 . C o tto n
lin t
a n d s e e d a c c o u n te d f o r 3 7 p e r c e n t o f th e to t a l. R ic e w a s th e
e n v ia b le r e c o r d in 1 9 4 3 . In A la b a m a , m o r e c r o p a c r e s w e r e
s e c o n d m o s t im p o r t a n t c r o p w ith a v a lu e r o u g h ly h a l f th a t
h a r v e ste d th a n in
o f c o tto n . O th er le a d in g
1 9 4 2 d e s p ite th e s p e c ia l h a n d ic a p s o f m a
c h in e r y s h o r ta g e s a n d lo c a l la b o r s h o r ta g e s. T h e to ta l v a lu e
of
th e
p r in c ip a l
crop s
h a rv ested
in
th e
sta te
d u r in g
1943
crop s w ere corn , su gar
D r o u g h t in
1943
sw e e t p o ta to e s, a n d
p e a n u ts. N e v e r th e le s s , h ig h e r
1943
in c r e a s e o f a b o u t 1 0
a tt a in e d
d e s p ite
a
bad
s p r in g
p la n tin g
s e a s o n a n d d r o u g h t in N o r th A la b a m a . C o tto n lin t a n d s e e d
b e lo w
r e s u lt e d
in
1942
an
le v e ls w ith
p r o d u c t io n f o r a ll p r in
c ip a l
w as
crop s
M is s is s ip p i c u t 1 9 4 3
r e a c h e d 3 0 7 m illio n d o lla r s , u p 4 3 p e r c e n t o v e r 1 9 4 2 . T h e
record
cane, and
sw e e t p o ta to e s.
th e
e x c e p tio n
of
o a ts,
p r ic e s in
p e r c e n t in
to ta l
4
M
o n t h l y
o f the F e d e ra l R e s e rv e B a n k o f A t la n ta f o r J a n u a r y 1944
R e v ie w
N O T E S IS S U E D B Y A T L A N T A B A N K
CO ST
OF
L IV IN G
SIXTH D ISTRICT
IN A C T U A L C IR C U L A T IO N
1940
1939
v a lu e o f
crop s
to
a
fig u r e
of
367
m illio n
d o lla r s .
O f th is
S o u th e r n
P in e
1941
1942
A s s o c ia tio n
had
1943
ord ers
53
1944
per
cen t
above
a m o u n t, c o tto n lin t a n d s e e d a c c o u n te d fo r 2 3 5 m illio n d o l
p r o d u c tio n
la r s, o r 6 4 p e r c e n t.
O r d e r s o n h a n d f o r S o u th e r n p in e d u r in g t h e w e e k in c r e a s e d
A
sev e r e d r o u g h t w a s e x p e r ie n c e d
in
w est T en n essee and
th e r e w e r e sc a tte r e d d r o u g h t a r e a s th r o u g h m id d le T e n n e ss e e
in 1 9 4 3 . A s a r e s u lt o f h ig h e r p r ic e s , h o w e v e r , th e v a lu e o f
th e 2 5 le a d in g c r o p s in th e s ta te w a s 1 5 p e r c e n t g r e a te r in
1 9 4 3 th a n in 1 9 4 2 . T o a to ta l 1 9 4 3 v a lu a tio n o f 2 8 3 m illio n
d o lla r s , c o r n c o n tr ib u te d 9 2 m il lio n
s e e d in
lio n
1 9 4 3 b r o u g h t 5 9 m illio n
d o lla r s ;
L um ber
and
to b a c c o , 3 4
D iff ic u ltie s :
d o lla r s ; ta m e h a y , 5 4 m il
m illio n
lu m b e r
d o lla r s .
o u tlo o k
s h ip m e n ts .
N a v a l S to r e s : O n
o f r o s in
b a r r e ls
th a t
s te a d ily
m id d le
le v e l.
Jan u ary
a m o u n te d
w ere
draw n
of
In
to
b e in g
dow n
1943
1 2 , th e
2 6 6 ,0 0 0
rep ro cessed .
in
w ere
th e
about
m id -J a n u a r y
G o v e r n m e n t ’s s t o c k p i l e
d r u m s in
no
la s t
h a lf
tw ic e
d r a fts
a d d itio n
S to ck s
as
w ere
of
of
1943
la r g e
as
b e in g
o f tu r p e n tin e a n d
to
3 6 ,5 0 0
r o s in
and
th e
w ere
in
th e
current
m ade
on
th e
dem and w as very
lig h t . T h e n a v a l s to r e s in d u s tr y is fa c e d w ith a la b o r s h o r ta g e
w h ic h is a p p a r e n t ly b e c o m in g s o m e w h a t m o r e in t e n s if ie d a n d
and
p r o d u c e r s m a y h a v e d if fic u lt y in in c r e a s in g p r o d u c t io n a b o v e
in d u s tr y .
in
p er cen t above
th e
e x is t th r o u g h o u t th e
1944
54
b y 6 p e r c e n t.
G o v e r n m e n t ’s s t o c k p i l e
in
and
S ix t h D is t r ic t is fr a u g h t w ith d if fic u lt ie s . S h o r t a g e s o f la b o r
o f e q u ip m e n t
The
d o lla r s . C o tto n lin t a n d
fo r th e w e ek
For
som e
tim e n o w , d e m a n d f o r S o u th e r n p in e , f o r h a r d w o o d s , a n d fo r
l a s t y e a r ’s l e v e l s i n
cyp ress h as been
p a r tm e n t o f A g r ic u ltu r e .
W PB
e s t im a te s
r u n n in g
lu m b e r
fe e t, a c o n s u m p tio n
T h e in d u s tr y
la s t y e a r
and
had
o f a v a ila b le
c o n s u m p tio n
about 4
b illio n
in
lik e ly
s u p p lie s . T h e
1944
at
33
fe e t le s s th a n
c o n s id e r a b le tr o u b le
it a p p e a r s
w ill b e d if fic u lt to
ahead
in
th a t th e
m e e tin g
1944
b illio n
in
1943.
dem ands
r e q u ir e m e n ts
m e e t.
A t th e p r e s e n t tim e , lu m b e r s to c k s a r e lo w e r th a n in m a n y
current p rod u c
tio n a n d c u r r e n t c o n s u m p tio n . In th e w e e k e n d e d J a n u a r y 1,
p r o d u c t io n o f S o u th e r n h a r d w o o d s w a s o n ly 2 p e r c e n t la r g e r
th a n in th e c o r r e s p o n d in g w e e k a y e a r e a r lie r w h ile
orders
w e r e 1 3 p e r c e n t la r g e r . U n f i lle d o r d e r s f o r S o u th e r n h a r d
r e p r e se n te d
27
th e r eq u e st o f th e D e
C o tto n
T e x tile s :
A fte r r is in g to a n a ll- tim e p e a k in
per
cen t o f g ro ss
sto c k s
on
Janu ary
1, 1944.
1942,
c o n s u m p tio n o f c o tto n b y m il ls in th e S ix t h D is tr ic t d e c lin e d
in
1943.
In
th e
la te r
m o n th s
of
th e
year,
s u m p t io n tu r n e d u p w a r d a g a in . D e c lin e s in
y e a r s s o th a t th e r e is lit t le c u s h io n b e tw e e n
w oods
a c c o r d a n c e w ith
c o tto n b y th e m ills r e s u lte d
fr o m
how ever,
con
c o n s u m p tio n
of
a s h o r ta g e o f lo n g -s ta p le
c o t t o n a n d a s h o r t a g e o f m a n p o w e r . A n a d d i t io n a l f a c t o r in
t h e d e c lin e h a s b e e n s o m e G o v e r n m e n t c o n tr a c t te r m in a t io n s .
The
lo n g -r u n
o u tlo o k
is
fa v o r a b le , h o w e v e r . A
tr e m e n d o u s
b a c k lo g o f u n f ille d c iv ilia n d e m a n d s f o r c o tto n g o o d s e x is t s
a n d a fte r th e e n d o f th e E u r o p e a n w a r a d d itio n a l m a n p o w e r
w ill p r o b a b ly b e a v a ila b le to th e m ills s o th a t th e y w ill b e
a b le ,
a s s u m in g
th e
a v a ila b ility
of
lo n g - s t a p le
fib r e ,
to
re
s u m e th e p r o d u c tio n o f c iv ilia n c o tto n g o o d s . A fu r th e r c o n
T h e s itu a tio n
in
S o u th e r n
c y p r e ss is
even
tig h te r . I n
th e
s id e r a tio n
is
th e
la r g e
d e fic ie n c y
of
co tto n
goods
in
th e
w e e k e n d e d J a n u a r y 1, 1 9 4 4 , p r o d u c tio n o f S o u th e r n c y p r e s s
w a r -r a v a g e d a r e a s o f th e w o r ld a n d it m a y b e a s s u m e d th a t
w a s 5 8 p e r c e n t o f th e p r o d u c t io n in th e c o r r e s p o n d in g w e e k
a p o r tio n o f t h is d e fic it w ill b e m a d e u p b y A m e r ic a n m ills ,
a y e a r e a r lie r , w h ile s h ip m e n ts w e r e 7 3 p e r c e n t a n d o r d e r s
fin a n c e d
7 7 p e r c e n t , r e s p e c t i v e l y , o f t h e p r e c e d i n g y e a r ’s l e v e l s . O n
J a n u a r y 1 o f th is y e a r , g r o s s s to c k s o f S o u th e r n c y p r e s s r e p
r e se n te d
102
Janu ary
1,
d a y s ’ p r o d u c tio n
1943,
w h ic h
w ere
as
com pared
e q u iv a le n t to
w ith
235
sto c k s
on
d ays’ p ro
d u c tio n .
In
the
th ro u g h
B a n k in g :
D a ta
le n d -le a s e
are n ow
ended
Ja n u a ry
15,
m ills
re p o r t in g
to
th e
r e lie f a r r a n g e m e n ts.
a v a ila b le
on
th e
S ix th D is tr ic t m e m b e r b a n k s a t th e e n d
th e D e c e m b e r
31
r ep o rts
of
c o n d itio n .
of
c o n d itio n
o f th e
1 9 4 3 , b ased
H o ld in g s
on
o f U n ite d
S ta te s G o v e r n m e n t s e c u r it ie s b y m e m b e r b a n k s in th e S ix th
D is tr ic t in c r e a s e d 5 7
w eek
and
p e r cen t fr o m
D ecem b er
31,
1 9 4 2 , to
D e c e m b e r 3 1 , 1 9 4 3 . O n th e la tte r d a te th e s e b a n k s h e ld se-
M
o n t h l y
c u r itie s
o f th e F e d e ra l R e s e rv e B a n k o f A tla n ta f o r J a n u a r y 1944
R e v ie w
to ta lin g
o n ly
s lig h tly
le s s
th a n
2
T o ta l lo a n s a n d d is c o u n ts in c r e a s e d b y 4
b illio n
S ix th D is tric t In d e x e s
d o lla r s .
p e r c e n t o v e r th e
DEPARTMENT STORE SALES*
y e a r a n d a m o u n te d to 6 6 4 m illio n d o lla r s a t th e e n d o f 1 9 4 3 .
R e a l e sta te o w n e d
sta n tia l
d e c lin e
a s s e t ite m
o th e r th a n B a n k p r e m is e s s h o w e d
d u r in g
1943.
a m o u n te d to
7 .2
On
D ecem b er
m illio n
31,
d o lla r s ;
t h is
a y e a r la te r it
w a s 2 .7 m illio n d o lla r s , a d e c r e a s e o f 6 3 p e r c e n t. T o ta l a s se ts
o f th e S ix t h D is tr ic t m e m b e r b a n k s in c r e a s e d b y 2 2 p e r c e n t
d u r in g
1 9 4 3 , fr o m
3 ,4 3 1
1 9 4 2 , to 4 ,1 9 9 m illio n
m illio n
d o lla r s
on
A djusted**
a su b
1942,
D ecem b er
31,
d o lla r s o n D e c e m b e r 3 1 , 1 9 4 3 .
T o ta l d e p o s its o f S ix t h D is tr ic t m e m b e r b a n k s r o s e 2 4 p e r
c e n t in 1 9 4 3 , fr o m 3 ,2 0 6 m illio n d o lla r s to 3 ,9 6 1 m illio n d o l
la r s . O f th e v a r io u s c a te g o r ie s o f d e p o s its , t h o s e o f t h e U n it e d
DISTRICT.............
A tla n ta ...............
B aton R o u g e . . .
B irm in g h a m ...
C h a tta n o o g a ...
J a c k s o n ...............
J a c k s o n v ille ...
K noxville...........
M iam i................
M o n tg o m e ry ...
N a sh v ille ...........
N ew O rle a n s ..
S ta te s G o v e r n m e n t r e g iste r e d th e m o s t r a p id in c r e a s e . T h e y
to ta le d 2 6 2 m illio n d o lla r s a t th e e n d o f 1 9 4 2 a n d 3 9 0 m il
of
ju m p e d
in d iv id u a ls ,
30
per
c e n t,
p a r tn e r s h ip s ,
w h ile
tim e
and
d e p o s its
in d iv id u a ls ,
p a r tn e r s h ip s , a n d c o r p o r a t io n s w e r e 2 1 p e r c e n t h ig h e r a t th e
e n d o f 1 9 4 3 th a n a t th e c lo s e o f 1 9 4 2 . D e m a n d d e p o s its in
crea sed fr o m
over
1 ,5 7 2 m illio n d o lla r s t o 2 ,0 3 7 m illio n
th e y e a r ;
tim e
d e p o s its ,
fr o m
434
m illio n
d o lla r s
d o lla r s
to
N ov.
1943
D ec.
1942
D ec.
1943
N ov.
1943
D ec.
1942
208
196
318
197
207
191
254
208
211
161
180
201
183
241
220
258
236
218
225
212
299
239
232
196
202
243
204
254
177
173
192
169
172
159
219
144
194
145
149j
162
146:
203
336
316
358
321
335
310
427
354
371
298
321
373
300
408
257
274
250
252
251
249
325
257
267
219
234
266
237
300
287
279
314
279
277 .
259
368
245
34.1
267
269
277
241
343
A djusted**
c o r p o r a tio n s
of
U n a d ju ste d
D ec.
1943
DEPARTMENT STORE STOCKS
lio n d o lla r s a t th e e n d o f 1 9 4 3 , a r is e o f 4 9 p e r c e n t. D e m a n d
d e p o s its
5
DISTRICT.............
A tla n ta ...............
B irm in g h a m ...
M o n tg o m e ry ...
N a sh v ille..........
N ew O rle a n s ..
U n a d ju ste d
D ec.
1943
N ov.
1943
D ec.
1942
D ec.
1943
Nov.
1943
D ec.
1942
18Q
293
136
200
270
140
162
220
131
192
247
109
157
209
153
140
213
146
161
238
119
170
230
123
186
255
154
224
287
140
140
170
134
118
181
128
5 2 4 m illio n d o lla r s .
T o ta l c a p ita l
d e c lin e d
fr a c tio n a lly
b u t s u r p lu s
MANUFACTURING EMPLOYMENT***
in c r e a se d
b y 9 .6 m il lio n d o lla r s , u n d iv id e d p r o fits b y 2 .0 m il lio n d o l
la r s , a n d
reserves b y
2 .1
m illio n
d o lla r s . T h e c o n s o lid a te d
c a p it a l a c c o u n ts , th e r e fo r e , s h o w e d a s u b s ta n t ia l in c r e a s e d u r
in g 1 9 4 3 . T o ta l c a p ita l a c c o u n ts a t th e e n d o f 1 9 4 2 a m o u n te d
to
213
m illio n
m illio n
d o lla r s ;
a t th e e n d
d o lla r s . T h is is a n
of
1943
in c r e a s e o f 6
th ey
w ere
226
p e r c e n t.
SIX STATES.............................................
A la b a m a ..................................................
G e o rg ia ..................................................
L o u isia n a ................................................
M ississip p i............................................
T e n n e s s e e ..............................................
Nov.
1943
O ct.
1943
Nov.
1942
164
195
185
149
174
155
141
162r
193r
182r
147r
172r
150
140r
151
193
125
141
152
136
140
O n J a n u a r y 2 6 , F e d e r a l R e se r v e n o te s in c ir c u la tio n is s u e d
COTTON CONSUMPTION*
b y th e A tla n ta B a n k to ta le d 9 4 7 m illio n d o lla r s . T w o y e a r s
e a r lie r c ir c u la tio n
an
in c r e a s e
over
w as 278
th e
m illio n
p a st tw o
d o lla r s . T h is r e p r e se n ts
years
of 241
p e r c e n t.
The
c ir c u la tio n o n e y e a r a g o s to o d a t 5 4 5 m illio n d o lla r s , 7 4 p e r
c e n t a b o v e th a t o f th e e n d
o f Janu ary 1942.
TOTAL..................
A la b am a ..........
G e o rg ia ............
T e n n e s s e e ........
COAL PRODUCTION*
D ec.
1943
Nov.
1943
D ec.
1942
D ec.
1943
Nov.
1943
D ec.
1942
159
164
158
142
168
173
168
140
176
182
175
159
171
177
143
152
163
171
152
i27
146
T h e tr e m e n d o u s in c r e a s e in b u s in e s s a c tiv ity in th e S ix th
F ederal
R eserv e
fle c te d
in
C hecks
draw n
p a r tn e r s h ip s ,
Federal
D is tr ic t o v e r
g r e a tly
in c r e a s e d
a g a in s t
and
R eserv e
th e
th e
dem an d
c o r p o r a tio n s
D is tr ic t
w ar
a c tiv ity
in
p e r io d
in
d e p o s its
in
26
h as been
c h e c k in g
of
in d iv id u a ls ,
c itie s
of
th e
S ix th
1941
to ta le d
1 ,8 7 0
D ecem b er
m il lio n d o lla r s . I n D e c e m b e r 1 9 4 2 , d e b it s to t a le d 2 ,1 3 6 m il
lio n d o lla r s , a n in c r e a se o f 1 4 p e r c e n t. D u r in g th e y e a r 1 9 4 3 ,
a c tiv ity
c o n tin u e d
to
r is e ,
and
in
D ecem b er
1943,
d e b its
to t a le d 2 ,6 7 2 m illio n d o lla r s in 3 2 c itie s o f th e D is tr ic t, a n
in c r e a s e
o f 15
per
c e n t o v e r th e v o lu m e
record ed
in
th ese
3 2 c itie s a y e a r e a r lie r .
B etw een
D ecem b er
1942
and
D ecem b er
1943,
d e p o s it a c c o u n ts . T h e
D is tr ic t, 7 7
secon d
p e r cen t, w a s r ec o r d e d
la r g e s t in c r e a s e
in
in
th e
B r u n s w ic k , G e o r g ia .
C h a tta n o o g a e x p e r ie n c e d n o c h a n g e fr o m
D e c e m b e r 1 9 4 2 to
D e c e m b e r 1 9 4 3 , w h ile J a c k s o n a n d H a ttie s b u r g , M is s is s ip p i,
and
C o lu m b u s , G e o r g ia , r e c o r d e d
d e c lin e s
of
11, 8, and
3
p e r c e n t, r e s p e c tiv e ly .
The
r a te
o f tu rn o v er
of
dem and
d e p o s its
DISTRICT............
R e s id e n tia l___
A la b a m a ............
F lo rid a ..............
G e o rg ia -...........
L o u isia n a ..........
M ississip p i. . . .
T e n n e s s e e ........
D ec.
1943
d e c lin e d
fr o m
N o v e m b e r t o D e c e m b e r in th e D is tr ic t, a n d w a s s u b s ta n t ia lly
ALL IT E M S ..
F o o d ..........
C lo th in g ..
R e n t..........
F u el, e le c
tricity,
a n d i c e ..
H ome fur
n ish in g s
M iscel
la n e o u s .
in flu e n c e s , tu r n o v e r
o f dem an d
d e p o s its
in
D ecem b er
1943
w a s a t t h e r a te o f 1 6 .4 t im e s p e r y e a r a s c o m p a r e d w it h 1 7 .1
in N o v e m b e r a n d w ith
1 9 .4 in
D ecem b er 1942.
Nov.
1943
D ec.
1942
D ec.
1943
Nov.
1943
Dec1942
164
127
181
44
294
223
93
94
68
llO r
98r
116
79
126
145
36
8
141
579
447
643
1039
577
623
220
1067
235
96
98
113
105
82
89
102
71
126
104
78
88
101
105
124
U n a d ju s te d ..
A d ju sted * * ..
146
80
84 .
141
100
145
ELECTRIC POW ER PRODUCTION*
Nov.
1943
O ct.
1943
261
252r
225
217
198r
217
319
322r
235
Nov.
1943
D ec.
1942
128
144
134
114
122
135
127
113
SIX STATES.
H ydro
g e n e ra te d .
F u e l
g e n e ra te d .
108
105
ANNUAL RATE O F TURNOVER OF
DEMAND DEPOSITS
123
121
120
114
CRUDE PETROLEUM PRODUCTION
IN COASTAL LOUISIANA AND
MISSISSIPPI*
b e lo w th e r a te o f D e c e m b e r 1 9 4 2 . A fte r a llo w in g fo r s e a s o n a l
GASOLINE TAX
COLLECTIONS***
D ec.
1943
COST O F LIVING
K n o x v ille
b a n k s e x p e r ie n c e d a n in c r e a s e o f 8 4 p e r c e n t in d e b it s to d e
m and
CONSTRUCTION
CONTRACTS
re
a c c o u n ts.
D ec.
1943
Nov.
1943
D ec.
1942
192
199
192
189
168
174
U n a d ju s te d ..
A d ju s te d * * ..
Nov.
1942
D ec.
1943
Nov.
1943
D ec.
1942
18.9
16.4
63.6
18.1
17.1
66.2
22.3
19.4
75.0
‘ D aily a v e ra g e b a sis
• ‘ A d ju sted for se a so n a l v ariatio n
in d e x e s, 1935-39 = 100
r = R evised
6
M
o n t h l y
o f th e F e d e ra l R e s e rv e B a n k o f A t la n ta f o r J a n u a r y 1944
R e v ie w
S ix th D is tr ic t S ta tis tic s
F o o d
RESERVES AND RELATED ITEMS O F
SELECTED SIXTH DISTRICT MEMBER BANES
(In T h o u sa n d s of D o llars)
O
No.
of
B anks
D e p o sits
of
B anks
5
18
38
65
62
31
41
260
0
36
693
2,989
8,232
33,336
608,928
654,214
A
B
C
D
E
F
G
Total
B alan ces
D u e from
O th e r B anks
496
3,804
12,741
32,892
61,124
49,428
263,686
424,171
in
1 9 4 4
N J a n u a r y 1 , a r e c o r d n u m b e r o f liv e s to c k w a s o n fa r m s
in th e U n ite d S ta te s. T h e D e p a r tm e n t o f A g r ic u ltu r e e s t i
F o r re s e rv e c ity b a n k s fig u res a re a v e ra g e s of s e v e n -d a y p e rio d e n d in g
D e ce m b e r 31, 1943; for c o u n try b a n k s th e y a re a v e ra g e s of six te e n -d a y
p e rio d e n d in g D e ce m b e r 31, 1943.
G roup*
P r o s p e c ts
W ar
Loan
D en o sits
A ctual
R ese rv e s
P e r C en t
A ctu al to
R e q u ire d
5
467
1,839
7,909
19,763
29,559
257,452
316,994
243
1,979
5,420
18,210
35,438
40,979
394,755
497,024
231
195
130
145
127
119
113
115
*G ro u p A : 1942 a v e ra g e d e p o sits u p to $250,000; G ro u p B : $250,000 to
$500,000; G ro u p C : $500,000 to $1,000,000; G ro u p D : $1,000,000 to
$2,000,000; G ro u p E : $2,000,000 to $5,000,000; G ro u p F : $5,000,000 to
$10,000,000; G ro u p G : o v e r $10,000,000.
m a te s th a t w ith
e ffic ie n t d is t r ib u t io n
sto c k p r o d u c tio n in
o f fe e d
s u p p lie s , liv e
1 9 4 4 c a n b e m a in ta in e d a t 1 9 4 3
b e a b o u t e q u a l th is y e a r to th e a v e r a g e o f th e p r e w a r y e a r s
1 9 3 7 -4 1 .
F o o d c r o p a c r e a g e w i l l b e in c r e a s e d t h is y e a r . T h e p r o g r a m
o f th e W a r F o o d A d m in is tr a tio n c a lls f o r a n in c r e a s e o f 1 6
m illio n a c r e s in f o o d c r o p s o v e r 1 9 4 3 to a to ta l o f 3 8 0 m il
lio n a c r e s. U n le s s s e v e r e a n d u n fa v o r a b le w e a th e r c o n d itio n s
p r e v e n t, th e D e p a r tm e n t o f A g r ic u lt u r e e s t im a te s th a t 1 9 4 4
f o o d c r o p s w ill b e 4 to 6 p e r c e n t la r g e r th a n in th e y e a r ju s t
e n d e d . B e c a u s e o f in c r e a s in g m ilit a r y , le n d - le a s e , a n d r e l ie f
d e m a n d s , f o o d a v a ila b le f o r c iv ilia n s w i l l b e n o la r g e r th is
y e a r th a n la s t a n d m a y b e , in d e e d , s o m e w h a t s m a lle r .
T h e w id e s p r e a d p e s s im is t ic fo r e c a s ts f o r f o o d
e a r ly in
UNITED STATES TREASURY BILLS
D a ted
T e n d e rs
A llotm ents
$29,132,000
21.043.000
23.095.000
25.660.000
$14,889,000
17.295.000
16.194.000
22.192.000
fo o d
1943
p r o d u c tio n in th e U n ite d
ALABAMA
A n n is to n .....................
B irm in g h am ...............
D o th a n .......................
G a d s d e n ...................
M o b ile.........................
M o n tg o m e ry .............
N ov.
1943
D ec.
1942
S ta te s in
p r o d u c tio n
In d e e d , to ta l
1943
s u r p a s s e d th e
1942 by about 5
p e r c e n t. T h e 1 9 4 3 r e c o r d is e v e n m o r e im p r e s s iv e c o m p a r e d
w ith th e p r e w a r y e a r s o f 1 9 3 5 - 3 9 . T h e p r o d u c t io n o f f o o d in
S ta te s in
1943
exceeded
th e
prew ar average by
3 2 p e r c e n t.
DEBITS TO INDIVIDUAL BANK ACCOUNTS
(In T h o u sa n d s of D o llars)
D ec.
1943
w e r e , fo r tu n a te ly , n o t r e a liz e d .
p r e v io u s a ll- tim e r e c o r d le v e ls a tta in e d in
th e U n ite d
A re a
le v e ls .
T h e m in im u m e s t im a te is th a t f e e d f o r e a c h a n im a l u n it w ill
T h is tr e m e n d o u s in c r e a s e m e a n t th a t, d e s p ite s p e c ia l m il i
Per C ent C hange
D ec. 1943 from
N ov. 1943 D ec. 1942
ta r y , le n d - le a s e , a n d r e l i e f r e q u ir e m e n ts , s o m e w h a t m o r e f o o d
w a s a v a ila b le f o r c iv ilia n s in 1 9 4 3 th a n in th e p r e w a r y e a r s .
The
n u tr itio n a l
adequ acy
of
c iv ilia n
fo o d
c o n s u m p tio n
in
1 9 4 3 w a s e v e n b e tte r th a n th e b a r e fig u r e s in d ic a te b e c a u s e
18,883
203,750
8,825
11,239
124,302
43,232
14,789
166,536
8,694
10,500
113,978
42,701
15,117
182,816
7,830
10,667
116,421
41,221
+ 28
+ 22
+ 2
-1- 7
+ 9
+
1
+ 25
+ 11
+ 13
+ 5
+ 7
+ 5
h ig h e r in c o m e s
166,686
101,413
21,767
22,003
20,648
74,425
155,401
87,354
22,593
19,534
17,516
71,024
+ 10
4- 22
36
+ 20
+ 21
+ 7
+
4+
+
+
+
18
42
31
35
43
12
n e w r e c o r d . E a r ly e s tim a te s in d ic a te th a t th e p r e v io u s r e c o r d
O rla n d o .....................
P e n s a c o la ...................
St. P e te r s b u r g ........
T a m p a .........................
182,980
123,613
29,519
26,447
25,000*
79,829
G EO RG IA
A lb a n y .......................
A tla n ta .......................
A u g u s ta .....................
B ru n sw ick .................
C o lu m b u s .................
E lb e rto n .....................
M ac o n .........................
N e w n a n .....................
S a v a n n a h ...................
V a ld o sta .....................
13,062
509,613
39,176*
18,806
38,387
1,987
46,702
5,260
89,116
8,562
11,092
442,369
30,278
16,719
32,753
1,867
40,500
4,486
84,724
7,275
12,089
484,422
35,857
10,595
39,569
1,789
42,179
4,596
73,321
6,087
+ 18
+ 15
+ 29
+ 12
+ 17
+ 6
+ 15
+ 17
+ 5
+ 18
+
+
+
+
—
+
+
+
+
+
8
5
9
77
3
11
11
14
22
41
LOUISIANA
B aton R o u g e .............
L ake C h a r le s ............
N ew O rle a n s ............
42,400
23,927
456,415
38,347
21,447
402,776
41,830
17,448
382,366
M ISSISSIPPI
H a ttie s b u rg ...............
J ac k so n .......................
M e rid ia n .....................
V ic k sb u rg .................
12,250
59,579
15,323
20,921
11,329
48,738
15,344
20,865
TENNESSEE
C h a tta n o o g a .............
K n oxville...................
N ash v ille ...................
96,039
103,842
192,784
86,845
80,862
176,897
FLORIDA
Ja c k so n v ille ...............
SIXTH DISTRICT
32 C itie s .....................
n e a r ly
a n d th e
le v e lin g
e ffe c ts o f
r a tio n in g
m eant
in t a k e o f t h e lo w e r in c o m e g r o u p s w a s m o r e
a d e q u a te
n u tr itio n a lly
in
1943
th a n
in
th e
prew ar
years.
T h e c itr u s c r o p in th e 1 9 4 3 - 4 4 s e a s o n is e x p e c t e d to s e t a
+
+
+
o f 1 9 4 2 -4 3 w ill b e e x c e e d e d b y a b o u t 3 p e r ce n t.
T h e m ilk
b illio n
p r o d u c tio n
goal
fo r
1944
has been
set at
121
p o u n d s . T h is g o a l r e p r e s e n ts a n in c r e a s e o f a b o u t 2
p e r c e n t in th e n u m b e r o f d a ir y c o w s o v e r 1 9 4 3 a n d a ls o a n
in c r e a se o f 5 0 p o u n d s o f m ilk fo r e a c h c o w . A t th e p r e se n t
tim e , th e p r ic e a n d f e e d s it u a t io n is s u c h , h o w e v e r , th a t a p o s
s ib le d e c lin e in b o th c a ttle n u m b e r s a n d p r o d u c tio n fo r e a c h
cow
m ay
o c c u r in
1944.
The
la b o r
s itu a tio n
in
th e
d a ir y
in d u s tr y is m o r e f a v o r a b le a t th e p r e s e n t tim e th a n a y e a r
a g o , b ecau se
la r g e
num bers
of
s k ille d
d a ir y
w orkers have
n o w b e e n d e fe r r e d fr o m th e d r a ft a n d fo r m e r w o r k e r s in th e
11
12
13
+ 37
+ 19
13,359
67,166
13,970
19,090
+ 8
+ 22
— 0
+ 0
— 8
— 11
+ 10
-1- 10
96,305
56,551
150,915
+ 11
+ 28
+ 9
—
in d u s tr y h a v e b e g u n t o r e tu r n f r o m o th e r e m p lo y m e n ts . C o n
tin u a tio n o f p r e s e n t c o n d it io n s w o u ld in d ic a te fa ilu r e to m e e t
th e 1 9 4 4 g o a l b y a s m u c h a s 5 b illio n p o u n d s , a c c o r d in g to
e s tim a te s o f th e
D e p a r tm e n t o f A g r ic u ltu r e . T h e S o u th , a s
w e ll a s th e W e st a n d th e A tla n tic sta te s, fa c e s a m o r e u n
fa v o r a b le
0
+ 84
+ 28
m ilk
p r o d u c tio n
p r o sp e c t th a n
do
th e
N o r th e a st
a n d M id w e s t.
I n d ic a tio n s a r e th a t th e 1 9 4 3 r e c o r d p r o d u c tio n o f p o u ltr y
p r o d u c t s in th e D is t r ic t w i l l b e e x c e e d e d i n 1 9 4 4 . A n in c r e a s e
2,671,770
2,339,653
2,316,998
+
14
+
UNITED STATES
334 C itie s ................... 76,499,000
65,025,000
68,822,000
+
18
+ 11
‘ E stim ated
th a t th e f o o d
15
is lik e ly in e g g p r o d u c t io n , w h ile c h ic k e n s a n d tu r k e y s w ill
b e a v a ila b le in a b o u t th e s a m e q u a n titie s a s in
S u p p lie s
o f m e a ts
a v a ila b le
fo r
c iv ilia n
1943.
c o n s u m p tio n
in
1 9 4 4 w ill p r o b a b ly b e s m a lle r th a n in 1 9 4 3 a lth o u g h a to ta l
M
o n t h l y
o f th e F e d e ra l R e s e rv e B a n k o f A tla n ta f o r J a n u a r y 1944
R e v ie w
m e a t p r o d u c t io n o f a b o u t 2 4 b il lio n
7
S ix th D is tr ic t S ta tis tic s
p o u n d s , a p p r o x im a te ly
th e s a m e a s th e r e c o r d o u tp u t o f 1 9 4 3 , is in p r o s p e c t. H o w
e v e r , n o n c iv ilia n d e m a n d s f o r m e a t a r e e s tim a te d a t 2 5 p e r
RETAIL FURNITURE STORE OPERATIONS
c e n t h ig h e r fo r 1 9 4 4 .
P e r C en t C h a n g e
D ecem b er 1943 from
T h e W a r F o o d A d m in is tr a tio n is p la n n in g f o r a 1 3 m il lio n
acre
in c r e a s e
in
w heat
in
1944.
W ith
average
y ie ld s ,
a c r e a g e w o u ld p r o d u c e 8 4 0 m illio n b u s h e ls o f w h e a t, a b o u t
th e sa m e y ie ld
a s th e 1 9 4 3 c r o p . L a r g e q u a n tit ie s o f w h e a t
a r e n e e d e d f o r a n im a l fe e d a n d a lc o h o l p r o d u c t io n . T h e u s e
o f s u b s ta n t ia l q u a n tit ie s o f w h e a t a s a liv e s t o c k fe e d is m a d e
n e c e s s a r y b y th e a ll- tim e h ig h le v e l o f th e liv e s to c k p o p u la
tio n , w h ile g r a in a lc o h o l m a n u fa c tu r e d fr o m
u sed
in
p r o d u c in g
s y n th e tic
rubb er an d
Item
oi
S tores
Total S a le s ..................................................
C ash S a le s ..................................................
Instalment and Other Credit S a le s ..
A ccounts R eceivable, end of month.
C ollections during m onth............
Inventories, end of m onth...................
69
58
58
68
68
41
th is
pow der.
in
1944
w ill
p r o b a b ly
be
a b le in a b o u t th e s a m e q u a n tit ie s a s la s t y e a r . O r a n g e s , g r a p e
per
cen t o f
th e
to ta l
U n ite d
c a tio n s a r e th a t s u p p lie s
S ta te s
a cco u n t fo r a b ou t 4 0
fr u it
o f canned
p r o d u c t io n .
fr u its
fo r
I n d i
c iv ilia n
L en d er
N um ber
R eporting
Federal Credit U n ion s.......................
State Credit U n ion s...........................
Industrial Banking C om pan ies. . . .
Personal Finance C om pan ies........
Commercial B anks.............................
47
29
40
53
34
10
p e r c e n t la r g e r th a n in 1 9 4 3 w h ile c itr u s fr u it s w ill b e a v a il
f r u it , a n d th e le s s e r c itr u s f r u it s n o w
+ 2
— 11
5
15
6
27
13
44
INSTALMENT CASH LOANS
th e f il lin g o f a ll c iv ilia n d e m a n d s, p lu s m o d e r a te e x p o r ts .
fr u it p r o d u c t io n
—
+
—
—
—
—
+ 10
+ 24
+ 9
w h e a t is b e in g
s m o k e le s s
N e v e r th e le s s , a p r o d u c tio n o f 8 4 0 m illio n b u s h e ls w ill e n a b le
D e c id u o u s
N ovem ber 1943 D ecem b er 1942
P e r C en t C h an g e
Nov. 1943 t o D ec. 1943
V olum e
O u ts ta n d in g
+ 41
+ 53
+ 14
+ 29
+ 4
+
+
+
+
—
3
0
2
4
2
con
s u m e r s w ill b e o n ly a b o u t 6 0 p e r c e n t a s la r g e a s la s t y e a r b u t
f r u it j u ic e s w ill b e s o m e w h a t m o r e p le n t if u l. N o
im p o r t a n t
SALES O F UNITED STATES SAVINGS BONDS
c h a n g e in c iv ilia n s ’ s u p p l y o f d r ie d f r u it s is lo o k e d f o r .
W h ile p r o d u c t io n
o f fr e sh m a r k e t tr u c k c r o p s o n
a com
m e r c ia l b a s is w a s s lig h t l y la r g e r la s t s e a s o n th a n th e a v e r a g e
of
th e
p e r io d
1 9 3 2 -4 1 ,
to ta l
o u tp u t
w as
about
9
per
cen t
u n d e r th e p r e v io u s s e a s o n . C o m m e r c ia l p r o d u c t io n f o r p r o c
e s s in g , s o f a r a s e ig h t o f th e m o r e im p o r t a n t tr u c k c r o p s is
c o n c e r n e d , w a s a ls o a b o u t 9 p e r c e n t u n d e r th e 1 9 4 2
le v e ls
a lth o u g h 5 9 p e r c e n t a b o v e a v e r a g e . T h e r e d u c tio n in tr u c k
c r o p p r o d u c t io n in 1 9 4 3 a s c o m p a r e d w ith 1 9 4 2 w a s la r g e ly
th e r e s u lt o f u n fa v o r a b le w e a th e r . I f a v e r a g e w e a th e r p r e v a ils
in
1 9 4 4 , y ie ld s m a y
In
1943
b u s h e ls ,
a
r is e
record
w as
a b o v e th o se
p r o d u c t io n
a tt a in e d .
A cre
of
of
set
A rea
S e rie s E
DISTRICT.......................................
A labam a.........................................
Florida.............................................
G eorgia...........................................
Louisiana*.....................................
M ississippi*...................................
T en n essee* .....................................
46,401
9,376
10,295
10,524
8,122
3,243
4,841
S e rie s F a n d G
'
Total
9,841
1,844
1,839
2,103
1,461
713
1,881
56,242
11,220
12,134
12,627
9,583
3,956
6,722
*These figures apply only to that part of the state lyin g wi thin the Sixth
Federal R eserve District. Tenn e sse e figures dc not include Po st Office sales.
1943.
p o ta to e s,
y ie ld s
D ecem b er 24, 1943-January 23, 1944, a t Is su e P rice (In T h o u sa n d s oi D ollars)
a
469
new
m illio n
record
a v e r a g e d 1 4 0 b u s h e ls . U n le s s th e e x tr a o r d in a r y g o o d
and
CONDITION O F 20 MEMBER BANKS IN SELECTED CITIES
p o ta to
(In T h o u sa n d s oi D ollars)
w e a th e r o f la s t s e a s o n is r e p e a te d , th e y ie ld th is y e a r w ill b e
lo w e r .
A lth o u g h
som e
e x p a n s io n
of
p o ta to
acreage
is
ex
Jan. 19
1944
p e c te d in 1 9 4 4 , to t a l p r o d u c t io n m a y th u s b e u n d e r th e 1 9 4 3
D ec. 22
1943
Jan. 20
1943
fig u r e . A s th e 1 9 4 4 c r o p w i l l n o t a ff e c t s u p p l ie s u n t il th e la s t
h a lf o f th e y e a r, a n d th e 1 9 4 3
p o r tio n s ,
to ta l
p o ta to e s
crop w as o f su ch h u g e p ro
a v a ila b le
fo r
c o n s u m p tio n
in
w h o le y e a r 1 9 4 4 w ill p r o b a b ly b e in e x c e s s o f 1 9 4 3
D o m e s tic
fa ts
and
o ils
to ta lin g
10
b illio n
th e
le v e ls .
pounds
w ere
p r o d u c e d in th e 1 9 4 1 - 4 2 m a r k e tin g y e a r . P r o d u c t io n o f th e s e
ite m s r o s e to
1 1 .3
b illio n
s h ip p in g
11
b illio n
p o u n d s in
s itu a tio n
pounds
la s t y e a r a n d
m ay
th e cu rren t y ea r. B ec a u se
h a s im p r o v e d ,
1944
r is e
th e
m a y w e ll s e e
to
ocean
la r g e r
im p o r t s o f fa t s a n d o ils a n d o il- b e a r in g m a t e r ia ls .
The
Food
D is tr ib u tio n
A d m in is tr a tio n
e s t im a te s
th a t
14
p e r c e n t o f A m e r ic a n f o o d p r o d u c tio n w ill g o to th e A m e r i
can
arm ed
fo r c e s
1944.
L e n d -le a s e
fo o d
p r o d u c t io n ,
in
th e
year
s h ip m e n ts
le a v in g
O c to b e r
w ill
about
ta k e
75
1,
11
per
1 9 4 3 -O c to b er
per
cen t
cen t
fo r
of
1,
to ta l
A m e r ic a n
c iv ilia n s . T h u s , in 1 9 4 4 A m e r ic a n c iv ilia n s w ill g e t a b o u t th e
sa m e p ercen ta g e o f fo o d
o v e r -a ll
ite m s
fig u r e
w ill
vary
and
p r o d u c t io n
A m e r ic a n
c o n s id e r a b ly
a s in
c iv ilia n
fr o m
th e
1 9 4 3 . T h is is a n
s u p p lie s
average.
of
s p e c ific
T h u s,
fo r
e x a m p le , c iv ilia n s w ill g e t 8 8 p e r c e n t o f th e fr e s h e g g s b u t
o n l yfor4FRASER
7 p e r c e n t o f th e c a n n e d fis h .
Digitized
P e r C en t C h an g e
Jan. 19. 1944, irom
D ec. 22
1943
Jan. 20
1943
Loans and Investm ents—
1,503,774 1,527,373 1,180,509
Loans—T otal...........................
352,655
367,509
334,197
Commercial, industrial
and agricultural lo a n s.
216,687
203,788
219,410
Loans to brokers and
dealers in secu rities. . .
6,368
8,877
2,990
Other loans for pur
chasing and carrying
secu rities...........................
30,620
6,957
27,779
Real estate lo a n s..............
27,740
28,641
26,445
Loans to b an k s...................
1,128
335
1,003
Other lo a n s ...........................
70,112
86,841
81,799
Investm ents—T otal.............. 1,151,119 1,159,864
846,312
U. S. direct o b lig a tio n s ..
990,465
997,753
687,528
O bligations guaranteed
48,766
b y U. S ...............................
47,299
48,783
Other sec u r ities.................
111,888
111,485
113,318
R eserve w ith F. R. B a n k ...
290,590
282,918
299,138
C ash in v a u lt...........................
24,934
27,860
22,088
B alances w ith dom estic
157,849
ban ks.....................................
135,626
208,202
Demand deposits-adjusted. 1,014,768
984,076
793,137
249,384
Time d e p o sits.........................
247,465
205,075
U. S. Gov't d e p o sits............
160,967
189,355
128,962
458,893
D eposits of dom estic banks
461,398
505,432
6,000
5,500
—
—
2
4
+ 27
+ 6
—
1
+
6
— 28
+ 113
+ 10
— 3
+ 12
— 14
— 1
— 1
+ 340
+ 5
+ 237
— 19
+ 36
+ 44
—
0
1
+ 3
— 11
+ 3
+ 0
— 3
+ 13
+ 16
+ 3
+
1
— 15
— 1
+ 9
—
+
+
+
—
—
24
28
22
25
9
8
M
o n t h l y
T h e
I
o f th e F e d e ra l R e s e rv e B a n k o f A tla n ta f o r J a n u a r y 1944
R e v ie w
N a tio n a l
B u s in e s s
n d u s t r i a l a c tiv it y d e c lin e d s lig h t l y in D e c e m b e r fr o m
th e
r e c o r d le v e ls r e a c h e d in p r e c e d in g m o n th s . P r ic e s o f c o m
m o d itie s a t r e t a il s h o w e d lit t le c h a n g e a n d
m a in ta in e d
in
la r g e
c lin e d
to
1 9 3 5 -3 9
245
in
The
B o a r d ’s
a v e r a g e in
D ecem b er,
s e a s o n a lly
had
been
O c to b e r a n d
r e fle c tin g
a d ju sted
at 2 4 7
N ovem ber,
la r g e ly
d ecreases
p r o d u c tio n
s a m e r a te a s in
e v e r , to ta le d
la r g e r
th a n
th e
at
a
p e r c e n t in
D e c e m b e r to
m illio n
year
to n s , w h ic h
b e fo r e .
w a s 2 .8
A c tiv ity
in
th e
m illio n
h ig h
le v e l.
The
nu m ber
of
a ir c r a ft
in
w ere
11
to n s
new
D e
v e s s e ls
The
in
average
w e ig h t
c o n tin u e
D ecem b er
to
of
p la n e s
in c r e a s e .
w ere
th e
o f th e F . W . D o d g e
C o r p o r a tio n , w a s
a ccep ted
D e c e m b e r d e p a r tm e n t sto r e s a le s w e r e s lig h t
c e n t la r g e r th a n
F o r th e y e a r 1 9 4 3
th a n
in
th e c o r r e s p o n d in g
m o n th s
to ta l v a lu e o f s a le s rea c h e d
p e r c e n t la r g e r th a n
1 9 3 9 . S a le s
d u r in g
1942
and
th e fir s t tw o
55
a
per
w eek s
of
D e c e m b e r a n d t h e fir s t p a r t o f
fr e ig h t c a r lo a d in g s w e r e
of
g r a in
and
a b o u t th e
liv e s to c k
sam e
averaged
a s in
1 9 4 2 . S h ip
about 20
per
cen t
s c h e d u le d
a b o v e 1 9 4 2 , w h i le lo a d i n g s o f o r e , f o r e s t p r o d u c t s , a n d le s s -
be
produ ced,
t h a n -c a r lo a d -lo t f r e ig h t a v e r a g e d 8
to
on
year
r a te
D e liv e r ie s
la r g e s t
th e
r e c e n t m o n th s.
R a i lw a y f r e ig h t tr a ffic in
1944.
w ill
fo r
1942.
J a n u a r y w a s u n u s u a lly h e a v y fo r th is s e a s o n . F o r 1 9 4 3 to t a l
fo r
m o n th ly
o u tp u t
J a n u a r y w e re a b o u t th e sa m e a s la s t y e a r.
at
h ow ever,
per
c e n t la r g e r
w as
average
r ep o rts
peak— ab ou t 12
m en ts
th e
and
b e lo w
ly la r g e r th a n a y e a r a g o a n d c o m b in e d w ith N o v e m b e r s a le s
th e
in
cen t
D is tr ib u tio n :
d u r in g th e m o n th w a s s lig h t l y la r g e r th a n in N o v e m b e r a n d
a p p r o x im a te ly
to
g r e a te r th a n in
tr a n s p o r ta tio n
m a c h in e r y in d u s tr ie s w a s m a in ta in e d
per
T h e v a lu e o f c o n s tr u c tio n c o n tr a c ts a w a r d e d in D e c e m b e r ,
la s t y e a r .
6
D ecem b er
4
de
D e c e m b e r 1 9 4 2 . O u tp u t fo r th e y e a r , h o w
8 8 .9
e q u ip m e n t a n d
cem ber
dropp ed
in
per
o u tp u t o f s te e l a n d c h e m ic a ls .
S tee l
s e a s o n a lly
a p p r o x im a te ly
a c c o r d in g
o f in d u s tr ia l p r o d u c t io n , w h ic h
c en t o f th e
w as
v o lu m e .
I n d u s tr ia l p r o d u c tio n :
in d e x
d is tr ib u tio n
d e c lin e
w as
S itu a tio n
o f m erch ant
record,
b r in g in g
C o m m o d ity p r ic e s :
W h o le s a le
p e r c e n t lo w e r .
p r ic e s
of
a g r ic u ltu r a l
and
in d u s tr ia l c o m m o d itie s s h o w e d lit t le c h a n g e fr o m th e m id d le
th e to ta l f o r th e y e a r to 1 9 ,2 3 8 ,6 2 6 d e a d w e ig h t to n s , a s c o m
o f D e c e m b e r to th e m id d le o f J a n u a r y a n d th e g e n e r a l in d e x
p a r e d w it h 8 ,0 8 9 ,7 3 2 t o n s in 1 9 4 2 . L u m b e r p r o d u c t io n in th e
o f th e B u rea u
la s t tw o m o n th s o f 1 9 4 3 w a s a b o v e th e le v e l o f a y e a r a g o
o f th e 1 9 2 6 a v e r a g e .
in c o n t r a s t to th e fir s t 1 0 m o n t h s o f 1 9 4 3 w h e n o u t p u t a v e r
aged
1 0 p e r c e n t b e lo w
A c tiv ity
in
D ecem b er,
arm s
th e
th e s a m e
p e r io d
c h e m ic a l in d u s tr y
r e fle c tin g
a m m u n it io n
a
in
la r g e
in
w ith
5
per
o u tp u t
p la n s
of
c e n t in
of
th e
s m a ll
arm ed
fo r c e s . C o tto n c o n s u m p tio n
d e c l i n e d f u r t h e r i n D e c e m b e r to
a
D ecem b er
le v e l
13
per
c e n t b e lo w
1942.
R e ta il
fo o d
p r ic e s
d e c lin e d
N e w s p r in t c o n
in c r e a s e d
B a n k c r e d it:
fir s t
tw o
D u r in g th e
w eek s
of
P u rch ases
B anks
z in e s , w e r e m a d e e ffe c tiv e J a n u a r y 1 , 1 9 4 4 , o w in g to in a d e
nonm em ber
q u a te s u p p lie s o f p u lp w o o d . O u tp u t in th e p e tr o le u m r e f in in g
in
and
m e n t s e c u r itie s in c r e a se d
C r u d e p e tr o le u m
cem b er
and
B itu m in o u s
o u tp u t
by
o u tp u t
coal
1 .6
p r o d u c t io n
of
coal
p r o d u c tio n
per
c en t.
Iron
sh ow ed
w as
fo r
ore
fu r th e r .
little
r e sto r e d
th e
year
change
to
a
in
D e
h ig h
le v e l.
exceeded
1942
p r o d u c tio n
c o n tin u e d
to
excess
reserves
at
a ll
and
th e
m em b er
b a n k s w e r e m a i n t a i n e d a t a n a v e r a g e l e v e l c l o s e t o 1 .1 b i l l i o n
R eserv e
in c r e a s e d
la tt e r p a r t o f D e c e m b e r
Janu ary
as w e ll a s o n th e u s e o f p r in t in g p a p e r in b o o k s a n d m a g a
in d u s tr ie s
m id -N o v e m b e r
a n d t h e t o t a l i n d e x a d v a n c e d .2 t o 1 2 4 . 4 p e r c e :i
d o lla r s .
p r o d u cts
fr o m
o f th e 1 9 3 5 -3 9 a v e r a g e .
s u m p t io n d e c lin e d s e a s o n a lly . F u r th e r r e s tr ic tio n s o n its u s e ,
rubb er
s lig h tly
p er cen t
to m id -D e c e m b e r , w h ile o th e r g r o u p s o f c o s t - o f - l iv in g ite m s
1942.
d e c lin e d
r e d u c tio n
accord an ce
in
o f L a b o r S t a tis tic s r e m a in e d a t 1 0 3
o f G o v e r n m e n t s e c u r itie s
o ffse t th e
e ffe c t
d e p o s its a t th e
c u r r e n c y in
on
reserves
b y th e
of
R eserv e B an k s and
c ir c u la tio n . T h e S y s te m
by 900
p o r tfo lio
m illio n
F ederal
in c r e a s e s
in
th e in c r e a s e
o f G overn
d o ll a r s in th e fiv e
w e e k s e n d in g J a n u a r y 1 9 . A fte r a llo w a n c e fo r e x p e c te d s e a
son al
m o v em en ts,
cu rren cy
in
c ir c u la tio n
in c r e a se d
le s s
in
D e c e m b e r th a n in N o v e m b e r b u t th e r e w a s l it t le p o s t - C h r is t
m a s r e tu r n flo w .
(This page was written by the staff of the Board of Governors pf the Federal Reserve System)
INDUSTRIAL PRODUCTION
DEPARTMENT STO R E SA LES AND STOCKS
COST OF LIVING
140
1 30
120
I10
100
90
80
Federal R eserve in d ex es. Groups are ex p ressed
in terms of points in the total index. Monthly
figures, latest show n are for Decem ber.
Federal R eserve in d exes. Monthly figures, latest
show n are for D ecem ber.
Bureau of Labor Statistics' in d exes. Last month
in each calendar quarter through Septem ber
1940, monthly thereafter. Mid-month figures, lat
est sh ow n are for D ecem ber.
@FedFRASER