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Review

M
onthly
F E D E R A L

R E S E R V E

B A N K

Atlanta, Georgia, July 31, 1946

Volume X X X I

C o n s u m e r C re d it

a n d

Number 7

P o s tw a r B u y in g

of recent years have accustomed people to measuring hold-appliances, jewelry, and men’s clothing stores — a larger
economic changes in terms of billions of dollars. At a proportion of total sales on a cash basis during 1945 was
time when such economic guideposts as the national income,made in the District’s reporting stores than was made in the
the national debt, and Government expenditures are marked nation generally. At all other types of reporting stores ex­
to the nearest billion, concern over consumers’ credit trans­ cept women’s specialty the proportion of cash to total sales
actions, each of which is reckoned more often than not in more nearly equaled the national average in that year than
hundreds of dollars or less, may seem unimportant and even it did in 1941.
irrelevant. Insignificant as such transactions may seem in­
An increase in cash purchases was not the only wartime
dividually, in the aggregate they also amount to billions of change in Sixth District buying habits. Charge accounts and
dollars. Therefore when a majority of consumers alter their instalment accounts were paid more promptly. A customer
use of credit, they exert an important influence on the nation’s who charged his goods on open account at one of die Dis­
economy. Consumers in the Sixth District made just such a trict’s department stores in 1941 took 65 days, on an average,
change during the war years.
to pay his bill. When he signed an instalment contract, he
The Sixth District was simply following the national pat­ completed payment, as a general rule, in nine and a half
tern. At the end of 1941 American consumers owed an esti­ months. By 1945 he was paying his charge accounts within 48
mated 9.9 billion dollars. Of that amount almost six billion days and allowing a period of only five months to elapse be­
dollars lay in instalment credit, with purchases of goods ac­ tween the time he bought goods on the instalment plan and
counting for the greater part of it. The largest single factor in the date he made his final payment. At Sixth District furni­
this instalment credit was the financing of automobile pur­ ture stores in 1941 he was paying his instalment accounts
chases. By February 1944 consumers had reduced their total about 15 months after making his purchases. On the average
debt by more than five billion dollars to its lowest point, 4.9 in 1945 he was making his final payments in six or seven
billion dollars. Instalment credit had declined 69 percent, and months.
the total amount owed for the purchase of goods at that time
With customers making a greater proportion of their pur­
had fallen to only 19 percent of what it was in 1941. Between chases for cash and paying their bills more promptly, re­
the dates of the low point, in 1944, and the end of the war, in tailers expanded their sales and, at the same time, reduced
August 1945, consumers began to borrow more, although only that part of their assets represented by charge and instalment
enough more to increase the total outstanding to 5.6 billion accounts receivable. On an average in 1941 reporting Sixth
dollars by the end of the war.
District department stores had on their books charge accounts
Before the war, buying on credit was more popular with outstanding in an amount approximately three times the
consumers in the District than it was with those in the United average monthly amount of charge-account sales. In other
States generally. The average Sixth District customer of de­ words, department stores having charge-account sales averag­
partment stores bought on credit 58 percent of his purchases ing one million dollars a month in 1941 had an average of
in 1941. During the same time the average United States cus­ three million dollars each month in outstanding charge ac­
tomer made 52 percent of his department store purchases on counts. Because of quicker collections, charge accounts in
credit. Sixth District consumers used instalment contracts 1945 averaged only about twice the monthly average of
more than national consumers did. They paid, however, for charge-account sales. For this group of department stores
94 percent of their purchases at the District’s reporting furni­ charge-account sales actually increased 25 percent from 1941
ture stores in 1941 on an instalment basis, whereas the figure through 1945. A store, therefore, having average chargefor the country as a whole was only 78 percent. There were
account sales of one million dollars in 1941 might have in­
similar differences in other lines of trade.
creased its charge-account sales to $1,250,000, in 1945,
The District’s department store sales rose in value from an
but because of the better collection experience the charge ao
estimated 213 million dollars for 1941 to an estimated total
of 404 million dollars for 1945. In the two periods the pro­ counts outstanding would have amounted to only $2,500,000
portions of cash sales and credit sales in Sixth District de­ instead of $3,750,000.
Expanding incomes made possible this combined reduction
partment stores were more than reversed, cash sales chang­
ing from 42 percent in 1941 to 62 percent in 1945. Other in consumer credit and phenomenal increase in cash pur­
changes are shown in table 1. This increase in cash buying chases. For the Sixth District as a whole income payments to
effected a greater conformity of Southern buying practices to individuals increased each year of the period, from an esti­
the national pattern. In some lines of retail business — house­ mated 5.3 billion dollars in 1941 to 9.9 billion dollars in

E

v e n ts




O F

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1944. Though 1945 estimates are not yet available, indications
are that there was a considerable increase then also.

PRICE INCREASES

ACCOUNT FOR PART OF THE INCREASES IN
SIXTH DISTRICT DEPARTMENT STORE SALES

19 39

1940

1941

1942

1943

1944 1945

1946

Since the department store sales index measures in dollar terms changes
in the daily average sales, its level is influenced by changing prices. In
this chart the index for each month has been expressed in terms of
1935-39 purchasing power by using the Department of Commerce Index
of retail prices for all commodities. The index was 145.6 percent of
the 1935-39 level in May of this year.

INCREASED SALE O F
CONSUM ERS DURABLE G O O D S

HAS BEEN REFLECTED IN CONSUMER LOANS
AT SIXTH DISTRICT BANKS

Because consumer durable goods are to a large extent purchased on
credit, increased sales of these items generally mean increases in con­
sumer loans. Most of the expansion in such loans at Sixth District mem­
ber banks has taken place since V-J Day.




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 u l y 1946

TABLE 1
SALES OF SIXTH DISTRICT REPORTING STORES
AS PERCENT OF TOTAL SALES
Instalm
ent
Cash
Charge Account
Type o Store
f
91 1 4
95
14
91
14
95
14
91
14
9 5 14
D
epartm
ent............
3
1
0
4
2
3
5
4
8
6
2
M Clothing......
en's
3
1
3
5
2
8
7
1
6
2
W en's Specialty..
om
1
3
3
4
9
5
0
9
4
Furniture............
7
9
6
2
1
9
0
H
ousehold Appliance
8
4
4
2
8
1
4
4
4
8
4
6
1
6
2
8
2
6
<3
2
SI
7
2
0
5
1
4
2
5
4
A
utom
obile Dealers.. 3
•0
1
ii
4
4
5
4
6
A Tire and
uto
Accessory..........
2
4
4
•7
1
5
2
4
4
5
9
Source: Retail Credit Surveys
The inauguration of consumer-credit control through Regu­
lation W by the Board of Governors of the Federal Reserve
System also did much to reduce the amount of consumer
credit outstanding. The purpose of this regulation, adopted in
the latter part of 1941, was to reduce inflationary pressures
by limiting the demand for goods in the face of wartime
shortages. At first the regulation required in most cases the
down payment of one third the purchase price of an article
bought on the instalment plan and full payment within a
period of 12 months. A provision that charge accounts should
be paid within a period of 60 days at most was added later.
This regulation is being continued, though certain relaxations
were made in October 1945 with regard to home-repair and
home-improvement credits and consumer loans not made for
the purchase of durable goods. A still further reason for the
decline in consumer borrowing during the war period may
have been the appeals to patriotism that called for limiting
expenditures and devoting increases in income to the pur­
chase of war bonds.
Consumers ordinarily borrow most during periods of ex­
panding income and least during periods of declining income.
The optimism engendered during a period of rising income
encourages them to take on additional commitments. During
a period of declining income, on the other hand, the average
consumer is pessimistic about the future and decides to keep
his debts as low as possible until better times. The unem­
ployed obviously are not in a position to assume further
financial obligations, and dealers and lenders are hesitant cer­
tainly in granting them credit. But the employed are also
limited in their actions, by the uncertainties of the future.
During such periods they try to pay off old loans rather than
incur new ones.
In accounting for the rise of consumer credit during periods
of expanding income, a change in the kind of consumer goods
purchased during such periods is of greater importance than
an alteration in attitude. The buying of automobiles, re­
frigerators, stoves, furniture, and other consumer durable
goods of relatively high unit values and long lives is cus­
tomarily bunched in years of high income. Because of their
high unit value, these goods are customarily bought on the
instalment plan.
The reason that this type of consumer credit declined dur­
ing war years is obvious. Most consumer durable goods were
unavailable. Even though many persons wanted to buy new
automobiles and household appliances, they had to do with­
out them and thus failed to use the credit that buying these
goods would have involved. Much of the increase in income

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o f the F e d e ra l R e s e rve B a n k o f A tla n ta f o r J u l y 1946

that was spent for goods, therefore, went into the purchase
of nondurable goods instead.
Since some of the forces that normally lead to increased
consumer borrowing are now free to operate, the coming
months will indicate whether or not most of these wartime
changes have become relatively permanent. Incomes have con­
tinued high since V-J Day. The Department of Commerce’s
index of income payments for May 1946 was only 2 percent
below that for the record month of February 1945.
There are some indications that consumers are now spend­
ing a greater part of their incomes than they spent during the
war. In the Sixth District during June of this year United
States Savings Bonds, one of the most common forms of war­
time savings, had sales amounting to 18.7 million dollars ma­
turity value. This sum, however, represents a decline of 74
percent from sales in July 1945 of 73.3 million dollars. Savings-bond redemptions, on the other hand, have increased,
amounting to a maturity value of 42.2 million dollars in June
of this year against 34.5 million dollars in July 1945.
Although savings are declining, sales of consumer durable
goods are increasing. According to the Department of Com­
merce, the sales of durable-goods stores in May 1946 amounted
to 1.6 billion dollars, compared with 900 million dollars in
May 1945. Sales in the automotive group of stores were more
than double those of May 1945, although they were still 35
percent below the prewar peak. Because of the pressure
generated by high incomes and accumulated wartime needs,
for a time at least these sales will continue to expand as fast
as production can supply the goods.
Can these additional purchases be financed out of wartime
savings? Evidence shows that persons in the Sixth District,
as well as in the United States as a whole, accumulated un­
precedented savings in the form of bank deposits, war bonds,
and other liquid assets during the war. Their use of these
assets to purchase durable consumer goods, however, may be
limited.
Personal demand deposits, other than those of farmers, in
all banks of the Sixth District amounted to 1,900 million dol­
lars in January 1946, compared with 901 million dollars in
July 1943. Time deposits of individuals, partnerships, and
corporations in Sixth District member banks rose from 413
million dollars to 935 million dollars from December 1941 to
December 1945. There is no estimate of the total amount of
war bonds now owned by individuals in the District. Accord­
ing to the Treasury Department, however, Series E, F, and G
bonds of a total maturity value of 3,640 million dollars were
sold in the Sixth District states from the time they were first
issued until May 1946. In Alabama the total amounted to 616
million dollars, in Florida 678 million, in Georgia 672 mil­
lion, in Louisiana 635 million, in Mississippi 372 million,
and in Tennessee 667 million. Many of these bonds, of course,
have been redeemed.
Redeeming the war bonds, now held, immediately to buy
consumer durable goods would be unfortunate for the in*
dividual holders and would certainly cripple attempts to re­
duce current inflationary pressures. Savings bonds are rightly
considered as comparatively long-term investments. Many
persons regard their holdings as a provision for meeting
major financial needs in the future and will not use them to­
ward paying current expenses. They also realize it is only as
savings bonds reach maturity that the full rate of interest will
be earned.
Ownership of savings bonds and bank deposits, further­



7 1

more, may not be so widely distributed as some people have
thought. Though incomes increased considerably in the six
states of the District during the war period, the region is still
a low-income section. The per capita income for 1944 in each
of the states was markedly below the national average. Per
capita income payments to the civilian population in Alar
bama w
rere 55 percent of the national per capita income, in
Florida 82 percent, in Georgia 60 percent, in Louisiana 66
percent, in Mississippi 42 percent, and in Tennessee 65 per­
cent. Because incomes were relatively low before the war, expansion during the war probably did not result in any sub­
stantial increase in savings for many consumers in the Sixth
District.
Among groups in the lower brackets the increase in income
tended to go for the purchase of nondurable items, such as
food and clothing that these groups had never before been
able to buy. It is a generally accepted principle of con­
sumption that only when a family reaches an income level
higher than that yet attained by the average family in the
District is there any considerable amount of savings. In 193536 it was not until the family’s income reached $2,500 that
10 percent of the income was saved, according to one survey.
Even without exhaustive study it could easily be concluded
that the increases in liquid assets in the Sixth District are
owned chiefly by the groups with relatively higher incomes
rather than by those with low incomes, who ordinarily pur­
chase goods on the instalment plan.
^The survey prepared for the Board of Governors of the
Federal Reserve System by the Bureau of Agricultural Eco­
nomics confirms this conclusion on a national basis. This
study estimated that, in 1945, 10 percent of the spending units
in the United States owned 60 percent of the total liquid
assets. In fact, it indicates that 24 percent of the spending
units in the United States had no liquid assets at all. Average
liquid assets owned by spending units, according to this sur­
vey, amounted to $1,748. Of this amount $640 was made up
of savings bonds, $552 of savings accounts, and $345 of check­
ing accounts. Because of the concentration of these liquid
assets in the hands of a limited number of spending units, at
least 50 percent had total liquid assets on the date of the
survey ranging from less than $500 down to zero.
There are, to be sure, many persons who managed to save
even though their incomes were comparatively low. Even
among the group with incomes less than $1 ,000, 49 percent
of the spending units in 1945 saved something, according to
the survey of liquid assets. At the other end of the scale, how­
ever, 94 percent of those units with incomes above $5,000 re­
ported some degree of savings. Because their larger incomes
gave them the opportunity to save more when they did save
and because more of them saved, persons in these spending
units accounted for 40 percent of the savings of 1945 and
36 percent of all liquid assets at the beginning of 1946. Even
though some persons in the lowest income group were able to
save, this group spent more during 1945 than it received.
Consumers often wish to keep their cash and checking ac­
counts as a provision against sudden emergencies and are re­
luctant to spend them for goods having a high unit value.
Consequently, they frequently purchase such items as auto­
mobiles and household appliances on the instalment plan
even though they have sufficient cash to pay for them. If con­
sumers maintain the attitude they expressed during the survey,
84 percent of them will not spend their liquid assets for auto-

7 2

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SIXTH DISTRICT DEPARTMENT STORE SALES
CON UE TO SH W H H INCREASES
TIN
O
IG
IO
O

ioo
P ERCEN T CHANGE
ABOVE PREVIOUS YEAR

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 u l y 1946
mobiles and 63 percent will not buy other consumer durable
goods with these assets.
All these factors point to the usage of instalment credit
for financing increased purchases of consumer durable goods
during the postwar period. A substantial rise in prices would
widen the use of such credit. In addition, even though con­
sumer buying may level off, charge-account credit will ex­
pand when many retailers return to the prewar practice of
employing such credit as a competitive device.

The Importance of Continued Control

Department store sales throughout the nation have been high in recent
months and in some cases have exceeded the Sixth District gains. The
data for July are preliminary, being based upon reports made for the
first two weeks by a limited number of stores.

INCREASES WERE MOST PRONOUNCED IN
S A LE S
OF WAR-SCARCE ITEMS
F IR S T FIV E MONTHS OF 19 4 6

COMPARED WITH FIR S T FIV E MONTHS

OF 1 9 4 5

RADIOS
HOUSEHOLD APPLIANCES
SPORTING GOODS a CAMERAS
MEN'S SHOES
SILVERWARE
HOUSEWARES
LUGGAGE
FURNITURE, BED S, ETC.
PHONOGRAPHS a RECORDS
MEN'S FURNISHINGS
MEN'S CLOTHING
WOMEN'S SHOES
JEW ELR Y
WOMEN'S CLOTHING
WOMEN'S HOSIERY
P IE C E GOODS
PERCENT INCREASE
Reconversion since V-J Day has made available limited supplies of some
goods that were not obtainable during the war. Sales of these goods
this year even in limited amounts, therefore, register very high per­
centage increases. Gains in the sales of other types of goods probably
reflect the return of servicemen to civilian life.




Whatever the final pattern of postwar consumer borrowing
may be, the combination of high incomes, relaxed restraints
on spending, and larger quantities of formerly scarce goods
has expanded consumer credit since V-J Day, although such
credit has not yet reached its prewar level. Total consumer
credit in the United States was estimated to be 7.5 billion dol­
lars in May 1946, an increase of 1.9 billion dollars after
August 1945.
Sixth District retailers reporting to this bank state that
the value of their instalment and charge accounts outstanding
has increased since the end of the war. Increased sales explain
part of the increase, but a slightly smaller proportion of total
sales at department stores is being made for cash, and bills
are being paid less promptly. The collection ratio, that is,
the percent of accounts outstanding at the beginning of the
month that were collected during the month, at department
stores was 50 in May 1946 compared with 52 in August 1945.
TABLE 2
CON ER CREDIT OUTSTAN G
SUM
DIN
SIXTH DISTRICT REPORTING FIRM
S
Percent Change
N. o
o f
June 1 4 From
96
Firm
s
Reporting June 1 4
95
Aug. 1 4
95
DEPARTM T STORES :
EN
Charge Accounts...................
+ 4
2
+ 4
4
4
4
Instalm Accounts...............
ent
4- 2
8
26
+2
6
JEW
ELRY STORES :
Charge Accounts....................
+ 4
8
b3
5
8
Instalm Accounts.................
ent
1
4
-1
8
+ 22
FURN
ITURES STORES:..............
-2
7
9
6
+2
8
HOUSEHOLD APPLIANCE STORES
-2
8
10
4- 3
9
COM ERCIAL BANKS...............
M
3
4
K110
4- 9
9
STATE CREDIT UNIONS.............
22
-2
8
4- 2
5
-102
IN
DUSTRIAL BAN G COS.
KIN
10
4- 6
8
IN
DUSTRIAL LO COM
AN
PANIES..
1
8
h2
8
4- 2
5
SM LO COM
ALL AN
PANIES.........
4
8
-5
7
4- 5
3
The effect of increased sales of automobiles is clearly
shown in the trend of consumer credit at the member banks
reporting their consumer-credit operations. As shown in the
chart on page 70, these Sixth District banks reported in June
an increase in their total consumer loans of 99 percent after
August 1945. Credit granted for the purchase of automobiles
explains 67 percent of the total increase.
Expanding retail sales of durable goods rather than more
liberal terms and slower collections appear to be the prin­
cipal reason for the recent growth in consumer credit. Easier
terms would not increase the production and supply of con­
sumer durable goods at this time, for that depends upon the
rapidity of reconversion. They would only increase the un­
desirable pressures on price by adding to the already ex­
cessive amount of purchasing power.
It appears that if the current inflationary trend is to be re­
tarded, the continued use of an instrument as important as
consumer-credit control is essential. Once the initial pressure
of postwar demand has begun to moderate and the inflationary
tide to recede, then there will be a situation in which an ex­
pansion of consumer credit free from current restrictions
may prove highly desirable in sustaining consumer demand.
Charles T. T aylor

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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 u l y 1946
S ix t h D i s t r i c t S t a t i s t i c s

B a n k A n n o u n ce m e n ts

D uring July three banks in the Sixth Federal Reserve Dis­
trict began remitting at par for checks drawn upon them.
All three are in Florida, that part of the District served by
the Jacksonville branch of this bank.
The first of them to begin remitting at par, on July 1 , was
the Springs State Bank at Sulphur Springs, a suburb of
Tampa. The June 1946 supplement to the Federal Reserve
Par List shows Sulphur Springs as a par point.
The officers of this newly organized nonmember bank are
W. D. Lowry, president; J. L. Young, Jr., vice president; and
Hamilton Hunt, cashier. Its capital structure consists of
$60,000 in paid-in capital stock, $100,000 in paid-in surplus,
and $5,000 in paid-in undivided profits. The bank will do a
general banking business. It will serve the northern section
of the city of Tampa and the rural communities in the Sul­
phur Springs area.
The Venice-Nokomis Bank at Venice began remitting at
par on July 2 . This bank is officered by Robert S. Baynard,
president, James T. Blalock, vice president, J. J. Williams,
Jr., vice president, A. L. Blalock, cashier, and Bina M. Moore,
assistant cashier. It has capital of $25,000, surplus and un­
divided profits of $17,000, and deposits of $1,076,000.
Venice was founded and developed as a farming center by
the Brotherhood of Locomotive Engineers during the Florida
land boom. The services of John M. Nolen, a prominent city
planner, were secured in laying out the 2 ,000-acre townsite
in wide boulevards, spacious parks, and residential and in­
dustrial zones. Though it became almost a ghost town after
the collapse of the land boom, in recent years the village has
increased in population to more than 500.
The last of the three banks added to the Par List in July
is the Allapattah State Bank at Miami, which began remitting
at par on July 15. This is another newly organized nonmem­
ber bank, chartered on March 18, 1946. Its officers are O. G.
Lindsey, president; E. N. Belcher, vice president; George W.
Langford, vice president; and L. E. Fenn, executive vice
president and cashier. The bank’s capital stock amounts to
$100,000, its paid-in surplus to $25,000, and its paid-in un­
divided profits to $12,500.

R e c o n n a is s a n c e

Sixth D
istrict Statistics lor Ju e 1 4 com
n 9 6 pared w June 1 4
ith
95
PERCENT DECREASE ^ PERCENT INCREASE

Departxnent
Department i i i l l i l l i i :
Gasoline Ta411i|||j|M
Cotton C o liiliption
Bank fljwto

Member
Member Banl||j||vestments
Demand DapjlHMdJusted
4
0

S
O

2
0




1
0

0

1
0

2
0

7 3

3
0

4
0

CON
DITION OF 2 M BER BA KS IN SELECTED CITIES
0 EM
N
(In Thousands oi D
ollars)
Percent Change
7 96 m
July 1 June 1 July 1 July1 ,.l1 4 ,fro
7
9
8
Item
14
96
14
96
14
9 5 June 1 July 1
9
8
14
96
14
95
Loans and investm
ents—
Total...................... 2 8 ,9 0 2 4 ,7 5 1 9 ,7 2 — 3 ■ 5
83
7
8
+
*
Loans—
total............... ,00 ,7 4 ,1 4 6 ,9 8 2 — 0 + 4
0 ,7
1
5 7
Com ercial, industrial, 5 3 1 5 4 1 3 ,3 9
m
andagricultural loans 2 3 7 2 4 6 1 1 5 + 4 + 4
5 ,1 2 4 ,5 4 8 ,0 8
0
Loans to brokers and
dealers in securities. 1 ,5 8 1 ,6 8 1 ,4 2 — 1
6 — 7
12
36
25
O
ther loans fo pur_
r
chasing and carrying
securities............. 1 4 6 1 6 1.1 6 ,7 5 — 2 + 1
,1 ,1 8 .1,71
61
7
Real estate loans......
3 ,1 5 3 ,7 2 2,19 + 8 + 3
38
05
4 18
7
Loans to banks.........
34
,4 6 3 7
,5 ,1
26 — 4
,3 9
+4
, 5
O
ther loans..............
8 ,,25 9 ,4 5 71,5 7 — 8 + 2
81
59
8
3
Investm
ents—
total........ 1 8 ,2 6 1 4 ,0 4 1 3 ,^ 3 — 3 — 3
,5 5 1 ,6 0 2 ,6 9 4
U S. direct obligations. 1 2 ,1 2 1 7 ,7 4 1 0 ,8 0 — 4 ___ 5
.
,4 3 4 ,4 7 2 ,5 0 5
O
bligations guaranteed
by U S................
.
16
,6 1
15
,6 2
5 7 .4 1
7
+1 8
8
*
O
ther securities........ 1 0 1 (1 0 4 1 7 1 — 0 + 1
6 ,4 3 6 ,6 8 3 ,9 6
6
Reserve w F. R Bank... 3 8 2 3 2 3 3 5 0 + 4
ith .
7 ,1 1 6 ,7 7 4 ,4 5
+ 9
Cash in vault................. 2 ,6 2 3 ,4 3 2 ,7 4 — 2 + 3
96
01
80
Balances w dom
ith
estic
1 0 0 1 9 14 1 7 0 + 8 — 5
5 ,1 7 3 ,/9
5 ,3 9
D and deposits adjusted. 1 7 ,5 7 1 7 ,6 0 1 2 ,4 7 — 0 + 12
em
,3 5 ,1 ,3 7 2 ,2 7 1
Tim deposits................. 4 0 9 4 5 1 3 0 5 4 1
e
5 ,5 9 4 ,9 5 8 ,5 1 "
+1
8
U S. Gov't deposits........ 2 5 0 2 0 5 3 4 7 — ,1
.
1 ,2 3 5 ,4 3 0 ,9 0
4 —2
9
D
eposits o dom banks. 4 8 )1 4 8 4 5 2 0 H 0 — 7
f
estic
7 ,5 4 7 ,2 5 1 ,9 0 Borrow
ings...................
30
,5 0 3 0
,0 0
+1
7

Place

DEBITS TO INDIVIDUAL BA K ACCOUNTS
N
(In Thousands o D
f ollars)
Percent Change
N o
o. l
96 m
M
ay
Banks June
June June 1 4 Iro
Report­ 1 4
96
14
96
14
95
M
ay June
ing
14
96 14
95

ALA A
BAM
Anniston........
3
1 ,4 4
93
1 ,9 7
76
2 ,3 2
03
Birm
ingham
....
6
24 4
2 ,9 2 2 2 4
3 ,9 9 2 3 2
3 ,3 8
D
othan,..........
2
86
,5 0
70
,8 .2
85
,2 5
Gadsden........
3
1 ,0 2
32
1 ,3 4
33
1 ,2 8
18
4
9 ,2 2
82
9 ,5 0 1 6 1
92
2 ,7 3
M
ontgom
ery...
3
5 ,1 2
44
3 ,6 6
90
5 ,4 8
19
FLORIDA
Jacksonville....
3
0 ,6 6 1 4 3
24 9
0 ,0 (2 2 8 2
9 ,1 2
M i...........
iam
7
8 ,2 8 1 3 3
5 ,4 1
13 0
7 ,1 5 1 7 0
Greater M i*. 11
iam
7 ,|1 7 2 0 9
1 ,3 9
27 3
4 ,7 0 2 4 7
Orlando.........
2
4 ,6 0
81
3 ,7 3
,3 2
4 ,6 5
68
Pensacola......
3
2 ,3 7
7 ,1
2 ,8 5
99
2 ,2 5
80
St. Petersburg. . 3
4 ,5 1
40
3 ,3 1
27
4 ,7 2
22
Tam
pa..........
3
9 ,5 ,1
75
8 ,2 5
25
9 ,3 7
39
GEORGIA
Albany.........
2
97
,8 1
1 ,2 0
19
1 ,9 1
09
Atlanta..........
4
4 ,7 9
52 4
9 ,5 0 5 5 2
9 ,3 1 5 6 6
Augusta.........
3
4 ,1 5
36
3 ,3 0
97
4 J1 1
35
Brunswick.....
2
1 ,1 2
36
89
,2 1
76
,8 5
Colum
bus......
4
4 ,5 0
30
4 .1 0
05
4 ,6 0
42
Elberton........
,1 7
,9
2
24
,9 6
26
,8 1
** .2
Gainesville*. . ..
3
1 ,1 1
15
1 ,6 5
21
*
★
Griffin*.........
84
,1 9
2
79
,7 3
M
acon..........
4 ,4 1
61
3
4 ,1 5
67
4 ,3 3
30
N nan.........
ew
6,,23
8
2
63
,8 9
63
,2
** 0
Rom
e*..........
1 ,4 8
69
3
1 ,6 8
69
Savannah......
7 ,0 3
46
8 ,8 3
25
4
8 ,2 8
29
Valdosta.......
91
,6 8
2
1 ,1 8
03
77
,7 4
LOUISIAN
A
B Rouge. ..
aton
6 ,9 9
05
5 ,4 6
40
3
4 ,2 7
63
2 ,6 7
06
2 ,7 6
01
Lake Charles. . .
3
1 ,0 7
98
53 0
2 ,7 3 5 7 4
0 ,9 6 4 9 4
N Orleans...
ew
7
8 ,5 5
M
ISSISSIPPI
H
attiesburg. . . .
1 ,4 3
39
1 ,4 8
48
2
1 ,6 7
21
Jackson.........
8 ,0 3
09
7 ,0 5
73
4
6 ,9 3
46
M
eridian.......
2 ,1 7
33
2 ,8 4
28
3
1 ,4 2
83
2 ,6 8
07
Vicksburg......
.2 ,7 9
86
2
1 ,3 1
74
TENNESSEE
10 6
1 ,9 0 1 6 5
0 ,2 3 1 4 6
Chattanooga...
4
0 ,8 7
9 ,8 1
12
9 ,9 5 1 4 7
32
Knoxville......
4
3 ,7 4
28 6
2 ,3 6 2 4 1
2 ,5 8 2 0 8
Nashville.......
6
5 ,3 6
SIXTH DISTRICT
,0 7 5
,0 2 4 ,9 3 9
3 Cities........ 1 8 3 1 ,6 6 3 3 ,8 8 2 1 ,0 2
2
0
U ITED STATES
N
8 ,6 3 0 8 ,8 8 0 9 ,0 4 0
6 6 ,0 0 5 9 ,0 0 8 2 ,0 0
3 4 Cities......
3
*N t included in Sixth D
o
istrict to
tal
**N t available
o

+
—
—
—
—
—

8 —4
3 — 4
5 — 9
2 +1
5
1 — 22
5 + 3
0

— 2
,
— 8
.
— 10
.
—4
— 9
— 4
— 4

+ 5
+1
3
,+ 1
8
,+ 3
8
- 3
>. 3
+ 2
+1
4

— 3
— 0
.
— 0
— 5
.+ 3
3
3
+1
4
— 1
.
9
+ 1
+ 12
< 5
+

+U
+ 8
.+ 10
—4
0
+ 11
+4
5
★*
* *
+ 7
+ 10
* ★
+ 1
+3
0

-, 11 + 1
8
- 0 .+ 8
+ 3 + 7
- 7 > 7
+
+3
+ 4 ■2
+ 1 +2
6
0
+ 0 +2
+ 4 .+ 6
2 —3
2
• 2 — 9
+
— 1

+ 4

+ 1

— 12

7 4

M

T h e

o n t h l y

R e v ie w

D is tric t

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 t a f o r J u l y 1946

B u s in e s s

ow quickly prices would rise, how high they would go,
and how long the rise would continue have been prin­
cipal topics of interest to both Sixth District businessmen and
their customers. In those fields where prices were controlled
by the OPA there has been a feeling of suspense pending the
action of Congress on the revival of Federal price regulation.
As yet reports of sales at Sixth District department stores
have given no indications that a buyers’ strike was begun.
Neither do they show any signs of a buying wave in anticipa­
tion of rising prices. Preliminary figures indicate that depart­
ment store sales in July have been well above the level of the
previous year. The gain of 25 percent during the first two
weeks of July over sales in the corresponding period of 1945
at weekly reporting department stores is lower than the in­
crease in sales made during the four weeks ended June 28.
The seasonally adjusted index of daily average sales in June
at 365 percent of the 1935-39 daily average, compared with
319 in May, was, however, the highest on record.

H

Trade
Though over-all conclusions regarding retail-price changes
resulting from the removal of OPA will have to wait for the
release of official price indexes, certain changes are already
apparent. The weekly index of the Bureau of Labor Statistics
showing wholesale prices of commodities on the primary mar­
kets, however, has risen considerably. In the first week after
the OPA closed, June 29 to July 6, it rose 4 percent. By July
13 the increase amounted to 7 percent and by July 20 the
increase was 10 percent.
Immediate price changes probably provide no proof to
support predictions of how high prices will go as controls are
lifted or of whether they will level off in the near future. Nor
do they necessarily indicate that prices had started on an in­
flationary spiral before the OPA revival bill was signed by
the president. Wholesale prices on the primary markets are
more immediately sensitive to change or expected changes
than other prices are. The influence of these changes upon
prices of goods sold at retail becomes apparent only after
rises in wholesale prices have filtered through the market.
Day-to-day price increases, however, do not have to be
spectacular to add up to a considerable rise in a limite4
period of time. After the end of World War 1 the cost-ofliving index of the National Industrial Conference Board rose
on an average of only 1.5 percent a month; yet in the period
between November 1918 and the date of the decline in June
1920 the total rise was about 29 percent. Though wholesale
prices rose 23 percent from November 1918 through May
1920, the average monthly rise was only a little greater than
one percent.
Some retail commodities are quicker than others to respond
to wholesale-price changes. They include the dairy products
and meats that were formerly subject to Government subsidies.
Prices of dairy products have gone up in many parts of the
District. In the Chattanooga area, for example, milk pro­
ducers announced an increase of 75 cents a 100 pounds, about
17 percent increase for each pound of butter fat. This rise
was reflected in an increase of between two and three cents a
quart for delivered milk. Prices for milk are reported to be
from two to five cents higher than before in other areas of the
District, and butter, according to various reports, is selling



S itu a tio n

for amounts ranging from 76 cents to $1 a pound. Advances
of more than 100 percent in meat prices have also been
reported.
Some of the price increases are merely those that are
passed on by the distributor because of his increased costs.
Others are those that are imposed before an increase in costs,
in anticipation that prices will rise. The latter increases are
the more explosive elements in a rising price spiral and are
the ones that contribute to an eventual drastic price decline.
The announced policy of many retail merchants throughout
the Sixth District to maintain their prices at old levels so far
as possible and to confine increases to their actual cost in­
creases possibly did much, where it was carried out, to pre­
vent the worst type of price increases. The merchants’ ability
to carry out this policy would have depended to a great ex­
tent, however, upon the size of their inventories.
The index of department store stocks in the Sixth District
indicates that, despite record sales, the inventories have been
growing each month since the first of the year. In January
the seasonally adjusted index stood at 184, in May at 239,
and in June at 256. Because of higher sales, however, the
sales-stock ratio for department stores was lower at the end
of each of the first four months of 1946 than it was on the
corresponding dates in 1945. At the end of January the stores
had stocks on hand amounting to only 1.8 times their sales
for the month. From February to April the ratio was 1.7
each month. At the end of May stocks had increased to a level
of 2.5 times the sales for that month. This was higher than
the ratio of 2.1 in May 1945. Since the ratio for June was
2.3, there may be a reversal of the previous months’ trend. If
deliveries of all outstanding orders were received, inventories
would again approach the 1935-39 sales-stock monthly
average of 2.7. Outstanding orders are reported to be approxi­
mately three times the monthly average sales.
On the wholesale level increases between three and four
dollars a ton in the price of pig iron were announced at
Birmingham early in the month. The operators stated that
these increases, however, had been authorized by the OPA.
One textile firm in the Birmingham area announced that it
would continue to operate under OPA ceilings until Congress
disposed of the question, but some of the other mills in­
creased their prices. Cotton textiles afford a striking illustra­
tion of the way in which commodity-price increases are re­
flected, first, in increases of manufacturers’ prices and, even­
tually, in increases of retail prices. According to the presi­
dent of one of the South’s largest textile firms, the increase in
the cotton price must be absorbed by an increase in the price
of cotton textiles. Cotton-cloth prices at the time of the
OPA’s termination, he stated, were based on a cotton price of
26.4 cents a pound. The price had risen to 33.34 on July 25.
One of the greatest opportunities for speculative price in­
creases lies in the present housing shortage. Various real
estate boards in the District cities, however, stated that they
would attempt to hold rent increases to a minimum. In at
least three states of the District, state control of rents was
instituted or requested. The governor of Alabama set up rent
controls under the Emergency War Powers Act of 1943, ancj
the Louisiana legislature passed a bill establishing them in
that state. A Miami group requested the passage of an ordi­

o n t h l y

R e v ie w

o f the F e d e ra l R e s e rve B a n k o f A tla n ta f o r J u l y 1946

nance by the city commission that would freeze rents for
90 days.

S ix t h D i s t r i c t S t a t is t ic s

DISTRICT.........
BatonRouge...
Birm
ingham
-Chattanooga...
Jackson.........
Jacksonville-Knoxville.......
M
acon..........
M i............
iam
M
ontgom
ery...
N
ashville........
N Orleans. .
ew
Tam
pa..........

DEPARTM T STORE SALES*
EN
Adjusted**
U
nadjusted
M
ay
June
June
M
ay
June
14
96
14
96
14
96
14
95
14
96
277
36
0
35
6
39
1
33
1
34
9
22
9
31
4
37
4
32
5
33
3
32
3
25
9
18
38
39
0
20
6
34
2
29
8
29
9
35
0
28
5
34
6
38
4
36
2
36
1
29
3
38
,1
26
9
30
0
28
8
35
3
40
4
39
8
38
.4
39
5
37
1
39
1
32
7
35
0
35
3
4
30
0
27 ‘ 24
8
36
3
33
0
3,1
0
23
8
28
6
33
9
35
4
28
6
32
3
23
9
27
8
3£
0
21
9
34
6
39
8
30
9
43
3
24
1
21
7
24
7
26
7
33
0
44
1
47
3
49
2
32
2
31
0

DISTRICT.........
Atlanta..........
Birm
ingham
-M
ontgom
ery...
N
ashville........
N Orleans...
ew

D
EPARTM T STORE STOCKS
EN
A
djusted* *
Unadjusted
M
ay
June
June
June
M
ay
June
14
96
14
96
14
95
14
96
14
96
14
95
20
0
25
5
29
3
22
3
23
0
22
5
34
9
36
5
37
4
31
6
38
;1
40
3
18
6
16
9
15
5
m
16
4
29
0
33
4
26
6
27
5
3
il3
24
3
20
7
36
8
44
1
38
6
33
4
33
7
30
2
17
2
.1 5
8
<5
16
•9
18
11
5
19
1

Finance
Meanwhile the deposits and currency in circulation in the
Sixth District remained at their previous high levels. On July
17 demand deposits at reporting member banks adjusted were
12 percent higher than they were a year ago, although there
was no net change from the figure on June 19 of this year.
Almost no change occurred between the middle of June and
the middle of July in the net outstanding circulation of this
bank’s Federal Reserve notes, which was 1,426 million dol­
lars at the latter time.
Loans and investments, upon which the expansion of cur­
rency and deposits is based, remained at a relatively high
level. Total loans and investments of reporting member banks
were 5 percent higher on July 17 than they were one year
previously but 3 percent lower than they were on June 19.
Reflecting the recent redemptions of Government securities, a
decline in reporting member banks’ Government securities of
4 percent during the four weeks ended July 17 brought them
to a level 5 percent below that on the corresponding date last
year. Loans were up 41 percent.
One of the principal factors accounting for the higher level
of loans at reporting member banks this year is the 114 mil­
lion dollars in security loans outstanding on July 17. A good
part of these loans were incurred by individuals for the pur­
chase of long-term United States bonds during the Victory
Loan Drive.
At the time of the drive the Treasury asked all banks to
reject applications for loans being made for speculative pur­
chases of Government securities. Although it was recognized
that loans might be properly made to those purchasers of
securities for investment who would want to anticipate income
by borrowing temporarily from banks, it was understood that
loans of this character would have maturities not exceeding
six months.
The inflationary potential in an indefinite continuation of
these loans was brought to the attention of member banks in
the Sixth District at the end of June. Member banks were re­
quested to make every effort to decrease this type of loan and
to avoid making new loans for the purpose of purchasing and
carrying Government securities. Borrowing from banks for
such purposes, it was added, creates additions to the country’s
money supply to the same extent as direct purchase of se­
curities by the banks. In view of the existence of large amounts
of liquid assets and the limited supply of goods in relation
to those assets, such increases in the money supply add
dangerous pressures to the price level.
C. T. T.

Employment
According to reports, employment in the District as a whole
has continued the moderate gains indicated in last month's
Review. July data for all major labor-market areas are not
currently available, but for those surveyed such data showed
moderate percentage gains in the total number employed. The
trends for individual industries followed no uniform pattern,
in some cases varying widely, among the different areas, with­
in the same industry. There was a continuation of unfilled job
openings at opposite ends of the pay-scale, such as for skilled
craftsmen in the building trades and textile-machine oper­
ators at one end and for common labor in the construction
and the pulpwrood industries at the other.



7 5

June
14
95
33
3
24
5
24
5
23
3
26
4
222
27
9
25
8
219
25
0
22
3
22
6
il9
3
21
8

TOTAL.............
Alabam
a........
Georgia.........
Tennessee.....

COTTON CO SUM N
N PTIO *
M
ay
June
June
14
96
14
96
14
95
11
6
13
6
41
5
10
6
18
6
13
7
11
6
11
6
18
4
10
3
13
3
.10
3

COAL PRODUCTION*
June
W
ay
June
14
96
>96
14
14
95
14
7
5
2
/6
13
15
8
6
2
17
7
.1 3
3
30

SIX STATES ,
Alabam
a........
Florida..........
Georgia.........
Louisiana......
M
ississippi.....
Tennessee.....

M UFACTURIN
AN
G
EM
PLOYM T***
EN
M
ay
Apr,
M
ay
14
96
14
95
14
96
16
2r
10
4
16
2
17
3
19
3r
19
6
14
1
16
1r
10
3
11
3
18
2
18
2r
15
3
13
3r
16
4
11
4
Hlr
18
2
18
0r
17
2
19
0

GASOLINE TAX
COLLECTIONS
June
M
ay
June
14
96
14 . 14
96
95
15
5
12
5
111
16
6
11
6
16
1
19
4
10
0
11
5
11
5
16
4
16
0
17
4
12
4
17
0
18
5
19
5
122
13
6
18
5
13
2

CO SUM
N ERS* PRICE IN
DEX
M
ay Apr. M
ay
96 14
14
96 14
95
ALL ITEMS.. 1 5
3
1 4 12
3
3
17
4
16
4
15
4
Clothing... 11
5
11
5
11
4
Rent........ 1 5
,1
14
1
15
1
Fuel, elec.,
and ice.. 111
111
110
H e fur­
om
nishings. 1 2
5
19
4
12
4
M
isc....... 1 2
3
12
3
10
3
Purchasing
pow o
er f
dollar-- .7
4
.7
5
.7
6
AN U RATE OF TURN
N AL
OVER OF
D A D DEPOSITS
EM N
June M
ay June
14
96 14
96 14
95
Unadjusted.. 1 .1 1 .9 1 .7
6
5
6
Adjusted**... 1 .6 1 .2 1 .2
6
6
7
Index**...... 6 .1 6 .8 6 .7
4
2
6

C
O

M

ELECTRIC POW PRODUCTION
ER
*
M
ay Apr. M
ay
14
96 14
96 14
95
SIX STATES. 2 6
4
21
5
29
7
H
ydro­
generated. . 2 5 3 1
0
9
27
7
Fuel­
generated. . 1 2
8
15 2 2
8
8
CRUDE PETROLEUMPRODUCTION
INCOASTAL LOUISIANA A D
N
M
ISSISSIPPI*
ay June
June M
14
96 14
96 14
95
Unadjusted.. 2 3 211
1
28
0
Adjusted**... 2 5
24
1
1
29
0
*Daily average basis
**Adjusted fo seasonal variation
r
***1 3 m
9 9 onthly average=100; other
indexes, 1 3 -3 = 1 0
95 9 = 0
r=Revised

IN
STALM T CASH LO S
EN
AN
N ber
um
Percent Change
o
f
M 1 4 to June 1 4
ay 9 6
96
Lender
Lenders
Reporting Volum
e
O
utstandings
Federal credit unions...............
3
4
+1
8
+ 6
.
_ 4
State credit unions..................
22
+ 9
Industrial-banking com
panies.....
— 2
10
+ 5
Industrial-loan com
panies.........
1
8
— 2
+ o
Sm
all-loan com
panies..............
—
1
4
8
+ 0
l
Com ercial banks . . .
m
3
4
4 5
-

7 6

M

o n t h l y

R e v ie w

o f th e F e d e ra l R e s e rve B a n k o f A t la n ta f o r J u l y 1946

At the same time, unemployment was increasing over much
of the District though declining slightly in some centers. This
seeming paradox means that the labor supply is still increas­
ing. Chief among the factors causing it are the continued re­
luctance of former servicemen to accept, before their veterans’
benefits are exhausted, many of the jobs available at commonlabor rates, the unwillingness or inability of displaced war
workers to return to prewar locations and jobs, and the ad­
dition of school and college students to the labor force for the
summer months. These factors, together with the legal limi­
tations on the period in which consecutive payments can be
made under the unemployment compensation laws, account
for the decline in such payments from state funds at a time
when the number of job applicants is increasing.
Seasonal influences, following the summer solstice, con­
tinued to predominate in farm work, with a lull occurring
T
after the usual rise during spring planting. Evidence that the
level of agricultural employment in Mississippi at the peak
of planting was some ten percent below the prewar level may
augur well for the success of efforts to achieve a better bal­
ance between agriculture and industry in this part of the
South. The food-processing, fertilizer, and cottonseed-products
industries also had seasonal declines in employment during
June.
Principally because of unrelieved shortages of materials
and supplies, employment in construction showed only
moderate gains. A scarcity of skilled workers, especially
brickmasons, carpenters, and plasterers, further hindered fullscale expansion in every area for which reports are available.
The bright prospects for the industry cannot be realized until
these shortages are met and official restrictions are removed.
A reluctance of job seekers to accept common-labor jobs at
current rates of pay, however, must be overcome for a
balanced growth. Lumber and other construction-materials
industries increased their employment in all sections except
in the Knoxville,Tennessee, area.
Employment in mining and related durable-goods indus­
tries, such as machinery and iron and steel, has recovered
from the low point reached during the spring strikes. The
Birmingham area benefited most from this recovery. Plants
in the Atlanta and Mobile areas also participated in the up­
turn, but those in the Knoxville and Nashville areas lagged
because of local labor and reconversion difficulties. On the
other hand, employment in the Government and in the trade
and service industries remained static or increased only
slightly. The necessity for cutbacks in some Federal agencies,
the uncertainty over OPA prospects, and seasonal influences
account for the spotty tendencies.
In the textile and garment industries employment was in­
creasing slowly after some early spring layoffs. The Knoxville
area not only was lagging behind other areas in this recovery
but had fallen below its own prewar levels, a situation
ascribed by local mill owners to labor difficulties. A shortage
of trained machine operators was reported both for Knoxville
and for Jackson, Mississippi. In connection with the current
unionization drive in these two industries in the South, both
CIO and A. F. of L. unions have announced plans for increased
wage demands to meet increased living costs, although recent
figures released by the United States Bureau of Labor Sta­
tistics indicate that the hourly average wage rate for cottonmill workers in the Southeast now approximates the rate for
the nation as a whole.



C. H . D.

S ix t h D i s t r i c t S t a t i s t i c s
RETAIL FURNITURE STORE OPERATIONS
N ber
um
Percent Change
o
f
June 1 4 from
96
Item
Stores
Reporting M 1 4
ay 9 6
June 1 4
95
9
7
— 4
+5
2
8
9
— 5
+7
8
Instalm and other credit sales.
ent
8
9
— 5
+4
7
Accounts receivable, end o m nth
f o
9
6
+2
7
+ 3
Collections during m
onth..........
9
6
— 2
+3
4
Inventories, end o m
f onth.........
7
6
+2
6
+ 8
RETAIL JEW
ELRY STORE OPERATIONS
N ber
um
Percent Change
ol
June 1 4 irom
96
Item
Stores
Reporting M 1 4
ay 9 6
June 1 4
95
Total sales............................
—1
4
2
6
4 1
- 8
2
4
— 11
rf 21
Credit sales...........................
2
4
—1
8
+1
8
Accounts receivable, end o m
f onth
2
6
— 2
+2
7
Collections during m
onth..........
2
6
+2
5
+ 3

Place

DEPARTM T STORE SALES A D STOCKS
EN
N
INVENTORIES
SALES
Percent Change N oi Percent Change
N oi June 1 4 irom
o.
o.
0;1 4 ,
96
Stores
Stores June 3 9 6 irom
Report, M
Report­ M 3 June 3 ,
ay 1,
0
ay June 1 4 ing
95
ing
14
96
14
96
14
95

ALABAM
A
Birm
ingham
__
— 10
4
5
+2
,1
4 1
- 4 4 3
- 5
M
obile..........
5
3
— 7 +2
M
ontgom
ery...
4
3
4- 1
6 + ’3
— 12
'3
-h 1
9
FLORIDA
Jacksonville....
+2
6
4
+ 22
3
+ 4
+ o
M i............
iam
3
4
6
- 1
3 +2
4- 8 + 20
Orlando.........
— 1.1
3
4 3
- 5
Tam
pa..........
5
—1
•5 42
- 8
*
3
i4 5 + “ 3
"
GEORGIA
Atlanta..........
5
6
- 10
4
4 2
- 9
4 9 +2
Augusta.......
3
+3
2
4
— 10
4 1
- 4 4 1
* 5
Colum
bus......
3
- .1
8 + 8
— 6 + 3.
*4
+ 4 + '3
6
3
4
LOUISIANA
— 7 4 2
Baton Rouge..
4
- 6
4
4 1
- 7 + 5
7 43
4
N Orleans..
ew
5
- 6
- 6
4 1
- 9 4 5
M
ISSISSIPPI
— 9 4 2
4
Jackson.........
4
- 8
3
4 6 + 1
TENNESSEE
3
— 8 4 3
- 3
Bristol..........
— 0 — 6
3
3
— 1
0
Chattanooga...
4
4 3
- 6
4 1
- 7 +6
— 3
Knoxville........
4
4 1
- 4
— 8 4 4
+'3
5
Nashville........
6
* 3
+‘21
22
1
4 4 1
4 22
*
,1
8
- 9
OTHER CITIES*
— 9 4- 2
10 + 2
7
3
6
9
4
8
DISTRICT
sales or stocks are
*W few thart 3 stores report in a given city, the i
hen er
th r
grouped together under "c> e citie:s."
W
HOLESALE SALES A D INVENTORIES*— E 1 4
N
JUN 9 6
SALES
INVENTORIES
N o Percent9Change N oi Percent9Change
o. i June 1 4 irom o.
6
6
Items
Firm June 1 4 irom
s
Firm
s
ay
ay
Report­ M
June Report­ M
June
ing
ing
14
96
14
95
14
96
14
95
7
A
utom
otive supplies. 10
— 10
+6
5
+2
6
+ J
Shoes and other
3 + 20
3 —1
footw
ear.............
‘5
11
—1
3 4 9
Drugs and sundries.
+ 4
"
+1
6
7 +2
5
0
10 — 1
+7
3
Dry goods.............
+ io
— 8 +1 9
4
1
Electrical goods.....
Fresh fruits and
7
6
+ 10 — 1
vegetables .........
Confectionery.........
6 — 4 +5
1
Groceries—
full-line
1
6
— 2
w
holesalers......... 3
3
—1
3 + 9
+3
4
Groceries—
specialty6 — 11
8 + I
line wholesalers...
9 —1
+1
3
6
3
— 10
3 —2
5 —3
Beer.....................
+ 9
5
General hardware...
+ 6
4
+ 6
9
+ 1
5
+ 4
Industrial supplies...
3 — 1
4
+ 9
Lum and building
ber
8
m
aterials.............
3
4- 2
8 + 3
Tobacco and its
4
— 12
products.............
9 — 6 +1
8
+5
4
__ 14
+2
4
1
8
— 4 +1
M
iscellaneous......... 1
6
4
6
9
12
4
— 10
+1
7
9
+
1 +2
*Based on U S. D
.
epartm o Com erce figures.
ent f
m