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ITHLY
Review
FEDERAL RESERVE
BANK OF A T L A N T A
A tla n ta , G e o rg ia , M a r c h
V o lu m e X X X I I
31, 1947
N um ber
3
Member Bank Operations in 1946
B
o rro w in g
by
c o n tin u e d
la n ta
F ed e ral
u r y b e g a n to
d u rin g
p riv a te
h ig h
b u s in e s s
p ro fits
R eserv e
of
w as
re s p o n s ib le
m em ber
D is tric t
d u rin g
banks
1946.
A s
r e tir e its o b lig a tio n s , w h ic h h a d
th e w a r y e a rs , th is ty p e
o f e a rn in g
in
fo r
th e
in
th e
A t
about
th e
T re a s
g ro w n s te a d ily
asset becam e
le s s
1 9 4 6 th a n th e y r e p o r te d in
55
p e rc e n t,
le s s t h a n
A
o n e m illio n
d e c lin e in
o n e fa c to r
th e
th a t
la r g e r th e b a n k
g reat
e rn m e n t-s e c u rity
th e
expanded
in c re a s e
b o rro w in g
h o w e v e r,
th a t
th e
r e p o r t a s lig h tly
p o rte d
in
in
by
e a rn in g s
b u s in e s s ,
m em ber
m o re
banks
p ro fita b le
fro m
lo a n s
becau se
a g ric u ltu re ,
and
as
w ere
a
g ro u p
y e a r in
1946
of
in d u s try ,
a b le
th a n
th e y
to
re
lo a n s
in c re a s e d ,
b o th
to ta l
d e p o s its
and
G o v e rn -
m e n t-s e c u rity h o ld in g s o f th e m e m b e r b a n k s d e c lin e d f o r th e
f ir s t tim e in
d u rin g
s e v e ra l y e a rs . A s a re s u lt o f b a n k in g
th e p a s t y e a r , a c c o r d in g to th e
th is b a n k , n e t p ro fits
about one
to ta l
a f te r ta x e s
p e rc e n t g re a te r th a n
in c re a s e
in
n e t p ro fits
o p e ra tio n s
a n n u a l s tu d y m a d e b y
fo r a ll m e m b e r b a n k s w e re
th e y
fo r
w e re
a ll th e
in
1 9 4 5 . T h a t th e
banks
w as
m o d e ra te
lo a n s
a t th e
in v e s te d
1945
to
T he
1946
c a p ita l
1 4 .0
in
change
at
of
th a n
th e y
1946
p la c e in
m e m b e r-b a n k
had
banks
in c re a s e d
been
e a rn in g s fro m
b a n k in g
o n e w h ic h b e g a n
a t th e
h o w e v e r, h a d ta k e n
and
th e
fro m
lo a n s
in
o p e ra tio n s
of
45
p la c e to w a rd th e e n d
lo a n s
1946
ra ise d
g re a te r
in c re a s e ,
o f th e e a rlie r y e a r,
th is s o u rc e w e re n o t f u lly
e a rn in g s fro m
d u rin g
p e rc e n t
1945. T he
re fle c te d in th e
e a rn in g s s ta te m e n ts f o r th a t y e a r. E a rn in g s f r o m
th e s e lo a n s
a f u r th e r 2 0 -p e rc e n t in c r e a s e in
th e
p ro p o rtio n
o n lo a n s to 3 8 .4 p e r c e n t f r o m
3 3 .9 in
of
to ta l
e a rn in g s
1 9 4 5 . P re v io u s ly , fro m
o f th e s e
la rs . S a la rie s
T h ese
c o n c lu s io n s
of
a re
based
o p e ra tin g
on
ra tio s
th is
fo r
th e
b a n k ’s
te n th
m em ber
annual
banks. D e
w ere
6 5 .1
o n ly
ra tio
6 0 .7
o f ta x e s o n
C h ie fly
d e s p ite
c lin e
th e
th e s e
and
c h a rg e -o ffs,
R a p id ly
w h ic h
d a ta
f o r th e
e n tire
y e a r w ere
a v a ila b le .
In
d iv id u a l b a n k ra tio s , o f c o u rs e , m a y d iffe r c o n s id e ra b ly fro m
th e
g e n e ra l
it
1946
in
m a in d e r
so u rce
of
of
w h ic h
lo n g -
A
fa c to r
and
a s s e ts
s iz e ,
th e le v e l o f e a r n in g s f o r a l l th e
in g
th a n
d ra w a ls
1946. O n
le s s
th e
th a n
d o lla rs
d e c lin e d
o th e r h a n d , e a c h
15
m illio n
d o lla rs
a p p ro x im a te ly
g ro u p
7
p e rc e n t in
o f b a n k s w ith
re p o rte d
g re a te r
d e p o s its
net
p ro fits
w ith
of
la rg e
a s s e ts ,
lo a n s ,
p e rc e n t in
b a n k s . T h e n e t p ro fits o f th e 6 4 b a n k s w ith d e p o s its o f m o re
1 5 m illio n
is
in
1946,
th e y d id
to
e x p la in e d
by
a re
in
1945. In
G o v e rn m e n t
fro m
its
s u s ta in
fo r
to
a ll
m any
h ig h
p ro fits
c o n s is tin g
of
s e ll
firs t
re
im p o rta n t
of
net
m eet
to
p ro fits
1946
in
w as
71
s o m e d e g re e a n d to
ac
1945.
th a t
h o ld
p erce n t
w ith
th e ir
of
6 6 .8
o f d is p o s
T r e a s u r y ’s
red u ce d
th e
s e c u ritie s
co m p a re d
th e
T h is
e lim i
b a n k s ’ s e c u rity
b anks,
a c c o u n ts ,
of
th e
s ta b le .
c a se s th e b a n k s , in s te a d
to
h a lf
d u rin g
d u rin g
th e
d u rin g
m e
a p p ro x im a te ly
th e
s e c u ritie s
w a r-lo a n
o th e r b a n k s to
re s e rv e s w ith th e
th e ir
to
1946.
g re a t e x te n t
s a le
in
h ig h e r-ra te
th e
p a rtic u la rly
th e
in
p ric e s
and
a
p ro fits ,
+ 2 .3
re la tiv e ly
to
de
fro m
p e rio d ic a lly
p u rc h ase
D u rin g
sh arp
such
to
to
d e c lin e d ,
fro m
of
a m o u n te d
1946
to
a
p ro fits
n o t in c lu d e d
of
banks
lo w e r.
o f n e t re c o v e rie s
1945
re m a in e d
w as
p a rt
to
in
th e re fo re
p ro fits
o f th e e x
1945. T he
s u b s ta n tia lly
fro m
c h ie fly
m a rk e t.
th e y
co m p ared
in
in c re a s e
d e riv e d
th e
p ric e s
d o l
s m a lle r p e r
to ta l in c o m e w a s a ls o
and
w as
T o ta l
m illio n
a
m e d iu m -te rm -b o n d
th e
year
o f b an k s, fo r
la rg e r p ro p o rtio n
+ 7 .6
fo r
is s u e s
p ro fits
h e lp in g
in g s
up
d a ta
a
c o n s is te d
and
on
s in c e
a
to ta l
th e la r g e r o n e s th a t h e ld
th e
fo r
I t w a s th e p r o f its o f th e s m a lle r b a n k s r a th e r th a n th o s e o f
bank
c o m p a ris o n
th e y
re s u lt, n e t c u rre n t e a rn in g s
1 9 4 6 th a n
fro m
e lim in a tio n
e a rn in g
to
fa c ilita te
a
in c o m e
p ro fita b le
th e
net
to ta l
a c c o rd in g
To
th a n
s in c e 1 9 3 7 . T o ta l e x
e a rn in g s
fa c to rs
th e
G o v e rn m e n t-b o n d
are
g ro u p ed
a v e ra g e .
th e y h a d
to ta l
o f n e t p ro fits
d e c lin e d
ris in g
m ade
c o u n te d
on
of
fa v o ra b le
to ta l e a rn in g s
1945
ra te
d o lla rs .
19
th e s ta te m e n ts o f c u r r e n t e a rn in g s . T h e r a tio
banks
36. T he
la rg e r
g reat a
1946
m illio n
th e s a le o f G o v e rn m e n t s e c u r itie s , w h ic h
Its
pages 34, 35, and
d u rin g
s ix
n e t in c o m e to
1946
banks
on
at as
id e n tic a l g ro u p
th a n
1945. A s
fa ilu re
d u rin g
la rg e r
ta b le s
h ig h e r
to ta l o f e a rn in g s in
n a te d .
g iv e n in
n o t in c re a s e
b e f o r e in c o m e ta x e s m a d e u p
ra tio s
a re
w e re
m o re
p e rc e n t in
p re s e n te d a re a rith m e tic a v e ra g e s o f th e ra tio s o f 3 2 9 m e m b e r
ta ils
th e
w e re
ones.
c e n ta g e o f to ta l e a r n in g s th a n
is s u e s
c o m p u ta tio n
G ov-
r e tire d
by
c o n s titu te d
d iu m -te rm
m o s t im p o r ta n t ty p e o f a s s e t.
ow ned
w a g e s th e re fo re
p o in t o f th e a m o u n t in v e s te d , h o w e v e r, U n ite d S ta te s G o v
e rn m e n t s e c u ritie s s till a r e th e
of
and
lo w - r a te
had
u s u a lly
w as
ru le , th e
o f d e c re a s e in
s e c u ritie s
in c r e a s e d
s h o rt-te rm
u n til 1 9 4 6 , th is ra tio
th e
banks
g e n e ra l
b a n k s, h o w e v e r,
b e e n d e c re a s in g y e a r b y y e a r.
1941
In
in
1 9 4 5 . A t th e b e g in
w e re
b e g in n in g
to g e th e r w ith
d u rin g
1 2 .4
a re
w ages fo r an
in c r e a s e d
e a rn in g s
panded
th a t to o k
w a s s im ila r to
n in g
a ll
1946.
T hat
s m a lle r
exp en ses
d id . S a la r ie s a n d
w ith
to
of
1 9 4 5 , th e y d id n o t in c re a s e a s m u c h a s to ta l e a rn in g s
e x a m p le ,
fo u rth
o f n e t p ro fits
d e p o s its
la rg e
a
g r e a te r w a s th e r a te
w h ic h
a t th e
A lth o u g h
penses
ra tio s
w ith
o f th e
p ro fits . A s
la r g e r b a n k s d id
d id
w e re in
w a s th e r e s u lt o f a d e c lin e in n e t p ro fits f o r 1 9 4 6 a t o n ly o n e o f th e b a n k s . T h e a v e ra g e o f th e
h o ld in g s
th e ir
h o ld in g s .
is s u e s ,
banks
b a n k s , to a g r e a t e x te n t e x p la in s th is g e n e r a l te n d e n c y . A ls o ,
a s th e y
1945.
W h ile
s h o rt-te rm
by
d o lla rs .
s e c u rity
th e
1 9 4 5 , a n d th e g r e a te s t in c re a s e ,
re p o rte d
lo w e re d
im p o r ta n t, th o u g h it w a s s till a m a jo r s o u rc e o f e a rn in g s . S o
w as
w as
w ith
b a la n c e s
a le s s e r d e g re e th e ir
F e d e r a l R e s e rv e B a n k . T h e r e f o r e th e m e m -
M
3 4
A V E R A G E
o n t h ly
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a rc h 1 9 4 7
R e v ie w
O P E R A T IN G
R A T IO S
O F
M E M B E R
B A N K S
IN
T I
AVERAGES OF INDIVIDUAL Bi
S ize G r o u p s —
Less
$
I T E M
S U M M A R Y
Than
$
1 , 0 0 0 ,0 0 0
1 , 0 0 0 ,0 0 0 to
$ 2 , 0 0 0 ,0 0 0
$
2 , 0 0 0 ,0 0 0
Banks Gro
to
$ 3 ,5 0 0 ,0 0 0
1945
1946
1945
1946
1945
1946
11.8
11.7
9.3
2.9
13.2
13.5
11.5
3.2
12.0
13.1
10.8
3.1
14.6
14.7
12.2
&3
13.6
14.6
11.9
3.5
17.6
17.9
15.2
3.5
2.2
.8
.7
2.2
.9
.8
1.9
.7
.6
2.1
.8
.7
2.0
.7
.6
2.2
.9
.8
31.6
6.6
46.9
7.4
28.2
5.5
53.2
6.4
30.4
6.7
43.8
6.9
33.0
5.7
45.4
6.7
35.1
9.1
37.8
7.2
7.5
100.0
31.9
5.7
23.3
60.9
39.1
+
.6
8.7
31.0
6.7
100.0
29.7
5.6
22.9
58.2
41.8
+ 1.1
6.3
36.6
12.2
100.0
32.1
7.6
25.8
65.5
34.5
+ 4.4
6.7
32.2
9.2
100.0
31.5
6.6
23.9
62.0
38.0
+ 1.9
6.8
33.1
10.8
100.0
31.1
9.1
25.0
65.2
34.8
+ 3.8
6.8
31.8
33.5
8.2
43.2
6.0
.1
9.0
100.0
27.8
8.5
22.7
59.0
41.0
+
.1
6.4
34.7
1.7
1.5
1.4
1.5
1.5
1.5
3.8
4.5
3.7
3.8
3.5
5.2
+
.2
,,,
+
6.0
.1
R A T IO S :
Percentage of total capital accounts :
Net current earnings before income taxes----
Cash dividends declared............................
Percentage of total assets :
Total earnings..........................................
Net current earnings before income taxes...
A N D D IS P O S IT IO N O F E A R N IN G S :
Percentage of total earnings :
Interest on U. S. Government securities.......
Interest and dividends on other securities----
S O U R C E S
Service charges on deposit accounts..........
. .
Total earnings.......................................
Interest on time deposits1..........................
Net current earnings before income taxes.
Net recoveries and profits..........................
Taxes on net incom e..................................
Net profits.............................................
RATES
O F
E A R N IN G S
O N
S E C U R IT IE S
:
Percentage of U. S. Government securities :
Interest on U. S. Government securities.......
Percentage of other securities :
Interest and dividends on other securities...
Percentage of total securities :
Net recoveries and profits on securities.......
Percentage ol total loans :
A N D
•
L O A N S
+
7.9
.5
8.0
Net recoveries on loan s.............................
O F A SSET S :
Percentage of total assets :
U. S. Government securities.........................
Other securities.........................................
Loans.......................................................
Cash assets..........................................
Real-estate assets......................................
A ll other assets.........................................
Total assets............................................
+
.2
+
.1
+
5.7
.1
—
6.5
.1
7.0
.+
1
D IS T R IB U T IO N
OTH ER
41.2
4.4
13.6
40.2
.5
.1
100.0
41.8
3.5
15.6
38.6
.5
.0
100.0
40.0
3.8
16.5
39.0
.6
.1
100.0
45.3
3.9
15.1
35.1
.5
.1
100.0
45.4
5.5
14.6
33.8
.6
.1
100.0
47.6
5.6
16.3
30.0
.4
.1
100.0
7.8
7.8
6.2
6.1
5.6
5.6
49.4
8.6
12.3
.8
44.5
43.3
8.6
11.0
.9
45.0
33.7
33.4
6.6
16.8
.8
42.6
35.1
6.6
16.0
.8
48.2
32.9
35.4
6.0
19.5
.9
48.2
31.9
6.0
20.6
.9
50.5
29.1
17
12
44
36
66
64
R A T IO S :
Total capital accounts to :
Total assets...............................................
Total assets less Government securities and
Time deposits1 to total deposits......................
Interest on time deposits to time deposits1......
U. S. Government securities to total deposits...
Cash dividends to net profits.........................
Number of banks2.......... .................................
1Banks with none were excluded in computing this average.
2One member bank not in operation for the entire year of 1945 w as excluded from the compilations for 1945, and three member bank
M
o n t h ly
X T H
R e v ie w
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a rc h 1 9 4 7
F E D E R A L
R E S E R V E
D IS T R IC T
IN
3 5
1945
A N D
194 6
nOS. EXPRESSED IN PERCENTAGES
k m o u n t of T o t a l D e p o s i t s
$ 3 ,5 0 0 ,0 0 0
to
$ 7 ,0 0 0 ,0 0 0
$ 7 ,0 0 0 ,0 0 0
to
M ore
$ 1 5 , 0 0 0 , 0 0 0 to
$ 1 5 ,0 0 0 ,0 0 0
A l l D istr ict
Than
M em ber
$ 7 5 ,0 0 0 ,0 0 0
$7 5 X 1 0 0 ,0 0 0
Banks
1945
1946
1945
1946
1945
1946
1945
1946
1945
1946
13.6
15.4
12.1
3.8
18.0
19.3
15.7
3.5
12.2
16.9
13.5
3.2
16.5
17.8
13.7
3.3
14.3
19.8
14.7
2.4
17.3
18.0
13.1
2.6
14.1
18.8
13.8
3.5
15.2
16.9
11.7
3.3
13.2
15.8
12.4
3.3
16.8
17.7
14.0
3.3
1.7
.6
.6
2.0
.8
.7
1.7
.6
.6
2.0
.7
.6
1.7
.6
.6
1.9
.8
.6
1.6
.6
.6
1.8
.7
.5
1.8
.6
.6
2.0
.8
.7
40.6
7.4
34.2
6.9
.6
10.3
100.0
29.9
9.7
25.3
64.9
35.1
+ 5.5
8.8
31.8
37.7
7.0
40.6
6.0
.1
8.6
100.0
28.0
9.2
22.2
59.4
40.6
+ 2.7
8.2
35.1
43.1
9.1
27.9
8.2
1.0
10.7
100.0
30.3
10.7
26.8
67.8
32.2
+ 12.1
9.1
35.2
41.4
8.1
32.8
7.3
1.1
9.3
100.0
29.0
9.7
24.6
63.3
36.7
+ 3.4
9.1
31.0
44.2
9.2
25.2
7.1
2.5
11.8
100.0
29.1
7.9
26.9
63.9
36.1
+ 14.5
12.8
37.8
41.9
7.5
30.7
6.8
2.4
10.7
100.0
27.8
7.5
25.2
60.5
39.5
+ 2.5
11.4
30.6
47.1
8.6
24.2
3.9
3.1
13.1
100.0
24.8
7.6
30.3
62.7
37.3
+ 13.4
13.1
37.6
42.6
7.5
30.4
3.7
3.4
12.4
100.0
25.9
8.1
27.5
61.5
38.5
+ 5.0
14.0
29.5
39.0
8.2
33.9
7.1
.8
11.0
100.0
30.2
8.9
26.0
65.1
34.9
+ 7.6
8.9
33.6
37.7
7.4
38.4
6.3
.8
9.4
100.0
28.5
8.4
23.8
60.7
39.3
+ 2.3
8.6
33.0
1.4
1.5
1.4
1.5
1.4
1.5
1.4
1.4
1.4
1.5
3.1
3.3
3.0
2.8
2.8
2.7
3.1
2.9
3.2
3.6
.1
+
.2
+
+
4.9
.1
+
.2
+
+
4.5
.2
+
5.8
.1
.1
+
5.2
+
.5
+
3.7
.1
.2
.1
+
.2
2.7
.1
3.3
...
5.0
.1
5.6
+
50.1
5.6
15.1
28.5
.6
.4
+
4.2
+
.2
+
+
+
.1
1 0 0 .0
53.0
6.0
12.0
28.1
.6
.3
100.0
54.0
7.1
13.4
24.7
.6
.2
100.0
52.2
6.3
12.4
28.1
.8
.2
100.0
52.9
6.3
14.8
25.0
.8
.2
100.0
52.7
5.1
14.8
26.1
.9
.4
100.0
50.3
5.8
17.2
25.5
.8
.4
100.0
47.8
5.2
13.8
32.4
.6
.2
100.0
100.0
4.8
4.8
4.7
4.8
4.5
4.6
4.3
4.5
5.2
5.2
31.3
5.0
19.9
.8
50.2
27.2
5.0
21.3
.9
52.9
25.1
31.9
5.0
22.4
.8
55.7
27.7
5.0
24.2
.8
56.8
27.6
25.5
4.8
17.2
.8
54.8
24.1
4.9
18.1
.8
55.6
29.1
23.9
4.6
13.6
.9
55.3
21.7
4.8
16.7
.9
52.9
39.2
32.3
5.6
18.7
.9
50.4
28.9
5.5
20.1
.9
52.8
29.0
75
82
60
71
42
43
20
21
47.8
4.8
13.6
33.2
.5
.1
100.0
50.3
4.9
15.4
29.0
.4
aration for the entire year of 1946 were excluded from those for 1946.
324
.1
329
3 6
M
o n t h ly
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a rc h 1 9 4 7
R e v ie w
A d e q u a te
b e r b a n k s ’ re s e rv e p o s itio n s w e re tig h te n e d m o re th a n c h a n g e s
in
reserv e
w o u ld
b a la n c e s
w ith
th e
re c e n t
banks
of
3
d e c la re d
good
cash
p e rc e n t o f
o f n e t p ro fits to
p ro fits
a m o u n te d
to
in
to
th e ir
c a p ita l
a c c o u n ts ,
The
m em ber
s to c k h o ld e rs
r a p id ly
h o w e v e r, th a t th e
ra tio
each
p e rio d .
th e
h a n d , w as p ra c tic a lly
A n o th e r
on
m em ber
banks
lo a n s ,
w a rtim e
m ay
lo a n s ,
w h ic h
v id e d
a
ra te
d id
of
tre n d ,
6 .5
of
a
to ta l
fo r
fro m
th e
e a rn in g s
fo r
each
b u ild
on
lo a n s
of
Y e a r E n d in g
D e c . 1946
of
th e
lo w
e a rn in g s
1942,
fo u r
of 5
advanced
Y e a r E n d in g
D e c . 1945
to
p ro
y e a rs
p e rc e n t.
5 .6
p e r
C hange
A m ount
P e rc e n t
D e p o s i t s
A
B
C
D
E
F
G
T o tal
12
36
64
82
71
43
21
329
9,661.9
54,993.7
175,008.8
403,864.7
705,915.2
1,362,221.0
2,934,341.5
5,646,006.8
9,237.2
54,348.9
175,523.8
411,628.2
723,486.5
1,435,926.0
3,372,549.1
6,182,699.7
A
B
C
D
E
F
G
T o ta l
12
36
64
82
71
43
21
329
4,336.5
26,536.2
83,355.4
199,514.4
367,057.1
687,051.3
1,318,954.3
2,686,805.2
4,110.6
24,782.6
83,806.4
206,754.5
402,362.9
779,829.0
1,811,463.7
3,313,109.7
A
B
C
D
E
F
G
T o ta l
12
36
64
82
71
43
21
329
1,696.4
10,079.8
36,565.3
80,500.3
133,221.9
259,010.9
684,414.3
1,205,488.9
1,067.7
7,987.6
26,660.4
59,302.2
93,407.6
195,659.7
621,231.5
1,005,316.7
A
B
C
D
E
F
G
T o tal
12
36
64
82
70
43
21
328
82.1
406.4
1,478.4
3,014.9
4,570.0
8,214.0
17,299.1
35,064.9
53.0
333.3
1,025.2
2,140.7
3,847.0
8,849.3
18,550.9
34,799.4
,+
+
—
—
—
—
—
—
G o v e r n m e n t
424.7
644.8
515.0
7,763.5
17,571.3
73,705.0
438,207.6
536,692.9
+
4.6
+
1.2
— 0.3
— 1.9
— 2.4
— 5.1
— 13.0
— 8.7
S e c u r i t i e s
+
+
—
—
—
—
—
—
225.9
1,753.6
451.0
7,240.1
35,305.8
92,777.7
492,509.4
626,304.5
>+
5.5
■+ 7.1
— 0.5
— 3.5
— 8.8
— 11.9
— 27.2
— » 18.9
628.7
2,092.2
9,904.9
21,198.1
39,814.3
63,351.2
63,182.8
200,172.2
,+
;+,
+
,+
+
+
4+
58.9
26.2
37.2
35.7
42.6
32.4
10.2
19.9
+
+
,+
+
■+
—
—
+
54.9
21.9
44.2
40.8
18.8
7.2
6.8
0.8
L o a n s
+
,+
+
+
+
+
+
+
P r o f its
• A v e r a g e
G ro u p
G ro u p
G ro u p
G ro u p
G ro u p
G ro u p
G ro u p
.+
+
+
,+
+
—
—
+
29.1
73.1
453.2
874.2
723.0
635.3
1,251.8
265.5
D e p o s i t s
U p to $ 1,000,000
A—
B— $ 1,000,000— 2,000,000
C—
2,000,000— 3,500,000
D—
3,500,000— 7,000,000
E—
7,000,000— 15,000,000
F —• 15,000,000— 75,000,000
G—
O ver
75,000,000
**The b a n k s in e a c h g r o u p a r e id e n tic a l fo r b o th y e a r s , th e c la s s ific a tio n
of e a c h b a n k b e i n g d e t e r m i n e d b y its a v e r a g e d e p o s it s fo r 1946.
a g a in s t
le s s p r o s p e r o u s
of
h ig h
s h a rin g
p ro fits a r e
c a p ita l
d e p re c ia tio n
th e s e
in
p e rio d s. O n e
e a rn in g s ,
in
one
p o s itio n s
p ro te c t
th e
v a lu e
is
by
th e
by
in
c re a tin g
p ro fits
w ill
new
a s s e ts
it
banks
d u rin g
a
p e rio d
o ffe rs
w h e re
fo r
ade
ra te s o f p ro fits e a rn e d
c e s s a tio n
th is s o u rc e m e a n s th a t in
depend
b a n k in g .
banks’ de
re c e n t y e a rs w e re c a u se d a lm o s t e n tire ly
w a r fin a n c in g . C o n s e q u e n tly , th e
in c o m e f r o m
of
te m p ta tio n
q u a te fa c ilitie s a lr e a d y e x ist. T h e h ig h
b y th e b a n k s d u r in g
th e
d a n g e r a c c o m p a n y in g
h o w ev er,
p ro fits
e le m e n t o f s o u n d
and
m o re
and
m o re
upon
of an
in c re a s e
th e fu tu re b a n k in g
c a re fu l
and
w is e
m a n a g e m e n t.
o th e r
o f 5 .5 .
SIX TH D IST R IC T M EM BER BANK C H A N G E S IN D E P O S IT S , E A R N IN G
A SS E T S, AND P R O F IT S F O R T H E YEAR 1946* *
(In T h o u s a n d s of D o lla rs )
N um ber
in G r o u p
bank
up
SUM M ARY TABLE
O p e r a ti n g R a tio s of A ll M e m b e r B a n k s in th e S ix th F e d e r a l R e s e r v e D is tric t
F o r S e le c te d Y e a rs fro m 1937-46
M e m b e r-b a n k
u n til
a
net
c e n t.
G ro u p *
They
d e c lin e d
th e
ra tio
ra te
year
to
on
1945
1946.
d e c lin e d
d is trib
to ta l
d e p o s its
th e
each
re p e a tin g
th e
1946,
th e
In
of
to
in
e a rn in g s
ra tio
tim e s
d u rin g th e w a r,
in
th e r a te
th e
1946
of
d e c lin e
1945, w hen
ra te
d u rin g
p e rc e n t
ra tio
p erce n t
m o re
m any
a c c o u n ts ,
re v e rse d
th r o u g h
1946
banks
c a p ita l
been
been
d e p o s its g ro w
T he
m uch
a lth o u g h
c a p ita l
29
unchanged
have
e a rn e d
lo w e r
o n ly
to
1 9 4 6 , w h e n c a s h d iv id e n d s
p e rc e n t o f to ta l
1945.
of
th e
d iv id e n d s a m o u n tin g
to ta l
p ro fits e a rn e d . S o
year
fo r
to ta l c a p ita l a c c o u n ts h a s
3 .3
ra tio
u te d
a lo n e
c a p ita liz a tio n . N o t s in c e 1 9 3 7 h a v e
th a t. T h is p o lic y w a s c o n tin u e d in
th e
B ank
p o s ito rs
y e a rs
h a v e b r o u g h t a g ro w th in
th a n
R e se rv e
in d ic a te .
The
th e
F e d e ra l
SUM M ARY R A T IO S
P e r c e n t of to ta l c a p . a c c o u n ts :
N et c u r r e n t e a r n i n g s ................
P ro fits b e f o r e in c . t a x e s .........
N et p r o f it s . . . .
C a s h d iv i d e n d s d e c l a r e d ___
P e r c e n t o f to ta l a s s e ts :
T o ta l e a r n i n g s .............................
N e t c u r r e n t e a r n i n g s * * ...........
N e t p r o f it s ......................................
S O U R C E & D IS P O S IT IO N O F
E A R N IN G S
P e r c e n t of to ta l e a r n i n g s :
I n t.o n U. S. G o v t, s e c .............
In t. & D iv. o n o th e r sec.* * *
E a r n in g s o n l o a n s ......................
S e rv . c h a r g e s o n d e p . a c c ts .
T r u s t d e p t , e a r n i n g s ................
O th e r c u r r e n t e a r n i n g s ...........
T o ta l e a r n i n g s ........................
S a la r ie s & w a g e s ......................
In t. o n tim e d e p o s i t s ................
O th e r c u r r e n t e x p e n s e s .........
T o tal e x p e n s e s ......................
N et c u r r e n t e a r n i n g s
b e f o r e in c . t a x e s . ..............
N e t r e c o v e r ie s & p r o f it s .........
T a x e s o n n e t i n c ........................
N et p r o f it s .................................
1937
1941
1943
1944
1945
1946
9.4
*
8.9
8.0
*
8.0
3.5
9.9
10.0
8.8
3.3
12.6
13.6
11.2
13.2
15.8
12.4
3.3
16.8
17.7
14.0
3.3
4.1
1.2
1.1
3.6
1.0
.9
2.2
.7
.6
2.0
.7
.6
1.8
2.0
.8
.7
#
27.5
55.4
****
*
17.1
100.0
28.6
15.3
25.8
69.7
26.7
C a s h a s s e t s .................................
R e a l- e s ta te a s s e t s ......................
A ll o th e r a s s e t s ...........................
T o ta l a s s e t s .............................
O TH ER R A T IO S
T o tal c a p . a c c ts . to :
T o ta l a s s e t s ................................. .
T o ta l a s s e ts le s s G o v t.
s e c . & c a s h a s s e t s ................
T o ta l d e p o s i t s .............................
T im e d e p o s it s to to ta l d e p o s it s
In t. o n tim e d e p . to tim e d e p . .
R atio to to ta l d e p o s its :
U. S. G o v t, s e c .............................
N o. of b a n k s ......................................
*
*
*
it
*
★
*
*
*
*
320
* N o t c o m p u te d
**N et c u r r e n t e a r n i n g s b e g i n n in g w ith
p r io r y e a r s
* * * In c lu d in g G o v e r n m e n t s e c u r i tie s in
* * * * In c lu d e d in " a l l o th e r e a r n i n g s "
.6
.6
*
*
*
39.0 37.7
8.2
7.4
20.5 35.9 43.3
62.7 42.8 36.4 33.9 38.4
6.3
5.4
8.1
7.8
7,1
.8
1.0
.9
1.0
.8
9.4
11.4 13.2 11.5 11.0
100.0 100.0 100.0 100.0 100.0
30.4 32.2 30.5 30.2 28.5
8.4
13.6
8.9
8.2
8.9
28.1 27.9 26.0 26.0 23.8
72.1 69.0 64.7 65.1 60.7
30.3 27.9
—3.2
—3.6
*
*
RATES O F E A R N IN G S O N
SE C U R IT IE S & LO A N S
P e r c e n t of U. S. G o v t, s e c :
*
In t. o n U. S. G o v t, s e c .............
P e r c e n t o f o th e r s e c .:
In t. & d iv i d e n d s o n
3.7
o th e r s e c .* * * ...........................
P e r c e n t of to ta l s e c .:
N e t r e c o v e r ie s & p ro fits
o n s e c .......................................... + .5
P e r c e n t of to ta l lo a n s :
6.5
E a r n in g s o n l o a n s ......................
N e t r e c o v e r ie s o n l o a n s . . . . . - .4
D IST R IB U T IO N O F A SS E T S
P e r c e n t of to ta l a s s e ts :
U. S. G o v t, s e c .............................
O th e r s e c .* * * ...............................
*
31.0 35.3
+ *8 +3.4
3.7
6.5
28.1 32.2
24.7
34.9 39.3
+7.6 + 2.3
8.9
8.6
33.6 33.0
*
*
*
1.4
3.2
1.7
1.7
3.2
1.5
3.6
+ .8 + .1 + .1 + .2 + .1
5.7
5.2
5.0
5.6
6.5
— .2 +, -0 +, .1 + .1
*
*
42.6 49.5
17.4 15.4
38.4 34.0
1.3
.9
.2
.3
100.0 100.0
*
22.0
35.5
39.5
2.7
.3
100.0
14.7
32.6
1.6
315
7.6
6.1
5.2
5.2
28.6
8.4
19.8
1.0
32.2
32.3
28.9
38.0
312
1943 n o t
1937-44
47.8 50.1
5.6
5.2
13.8 15.1
32.4 28.5
.6
.6
.2
.1
100.0 100.0
6.6
18.5
.9
5.6
18.7
.9
5.5
20.1
.9
46.3 50.4 52.8
309
324
329
c o m p a r a b le w ith th o s e foi
M
o n t h ly
R e v ie w
S ix th
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a rc h 1 9 4 7
D
is tr ic t
B
S t a t i s t i c s
D EBITS T O IN D IV ID U A L BANK A C C O U N T S
( In T h o u s a n d s of D o lla rs)
N o. of
B anks
R e p o rt
in g
P la c e
The
P e rc e n t C h a n g e
F e b . 1947, fro m
Feb.
1947
Jan .
1947
F eb.
1946
18,081
248,554
9,323
14,595
101,683
63,081
21,444
291,956
11,875
17,124
115,948
74,535
14,867
188,753
10,143
10,457
86,643
48,409
Jan.
1947
F eb.
1946
Jeff
ia n a ,
D a v is
w as
S y ste m
3
6
2
3
4
3
—
—
—
—
—
—
16
15
22
15
12
15
+
+
—
+
+
+
22
32
8
40
17
30
B.
223,591
209,808
306,369
42,223
30,071
46,214
96,516
3
8
13
2
3
3
3
243,591
230,243
336,379
50,722
30,091
53,584
109,423
186,756
205,242
297,485
41,125
28,468
40,976
85,755
— 8
— 9
__ 9
— 17
— 0
— 14
— 12
+ 20
+
2
+
3
'+ 3
+
6
+ 13
+ 13
to
T ru st
D o n a ld ,
e c u tiv e
2
4
3
2
4
2
3
2
3
2
3
4
2
12,662
630,741
43,365
7,580
49,863
3,172
10,320
8,808
49,351
6,024
17,774
72,256
10,027
16,928
712,936
56,880
8,891
58,528
3,519
11,469
10,258
56,377
9,664
19,340
85,200
10,752
11,356
517,532
39,171
6,657
38,656
2,615
8,308
7,229
38,153
7,183
14,807
65,998
L O U ISIA N A
B a to n R o u g e . .
L ake C h a rle s ..
N ew O r le a n s . .
3
3
7
66,942
23,524
503,645
72,554
26,468
564,174
49,850
19,976
431,504
M IS S IS S IP P I
H a t t i e s b u r g . ..
J a c k s o n .............
M e r id i a n ...........
V ic k s b u r g .........
2
4
3
2
15,575
105,686
24,743
20,498
16,450
114,747
26,029
21,383
13,500
75,881
19,578
21,973
TE N N ESSEE
C h a t t a n o o g a ..
K n o x v ille ...........
N a s h v ille ...........
4
4
6
108,525
102,013
221,207
144,845
129,115
261,224
84,581
98,225
185,698
7 ,4 1 0
25
12
24
15
15
10
10
14
12
38
8
15
7
rf- 12
r f 22
+ , 11
+1 14
+ , 29
,+ ' 21
+ , 24
+ ' 22
+ . 29
— 16
4 - 20
+
9
-f 35
— 8
— 11
— 11
-f 34
+ 18
+ 17
—
—
—
—
5
8
5
4
r f 15
-f 39
+ 26
— 7
— 25
— 21
— 15
- f 28
+
4
+ 19
—
—
—
—
—
—
—
—
—
—
—
—
—
s e c re ta ry
v ic e
is th e
p ro d u c tio n
s in c e
and
s ite
1901,
num ber
ta b lis h m e n ts .
g ro u n d s on
par
s to c k
and
of
$ 2 0 ,0 0 0 ,
109
U NITED STATES
334 C i t i e s .........
3,181,139
3,647,200
81,569,000
2,683,091
— 13
4- 19
93,417,000 73,963,000
— 13
H- 10
* N o t in c lu d e d in S ix th D is tric t to ta l
R
e c o n n a i s s a n c e
S ix th D is tric t S ta tis tic s fo r F e b r u a r y 1947 c o m p a r e d w ith F e b r u a r y 1948
PE R C E N T D E C R E A S E ^
P ER C EN T IN C R E A SE
D e p a rtm e n t p t o r e
i^ ^ ^ w
F « n
S a le s
u m
i t u
m
u u u m
L o u is
R e se rv e
F ra n k lin
and
A.
and
o th e r
p re s id e n t,
12.
cap
W a lte r
G a lla u g h e r
E d w a rd
th a t
tim e .
o f its
th e
M a rc h
T he
has
to w n
sh o p s,
m in o r
F.
ex
S im o n
o f p e tro le u m
been
a ls o
and
in
has
o th e r
in d u s trie s
is
in
c o n tin u o u s
se v e ra l
ric e
in d u s tria l
th e
es
g ro w in g
of
a g a te w a y to im p o r ta n t f is h in g
G u lf o f M e x ic o .
B ank,
1.
$ 2 5 ,0 0 0 ,
W in d e r,
T h is
is
s u rp lu s
a
and
d e p o s its o f m o re th a n
c a sh ie r;
fie ld
and
B.
G e o rg ia ,
u n d iv id e d
re m ittin g
bank
w ith
p ro fits
of
H ill
and
at
c a p ita l
$ 6 9 ,0 0 0 ,
$ 3 ,0 0 0 ,0 0 0 . T h e o ffic e rs a r e
c h a irm a n ;
C.
began
nonm em ber
C. 0 .
E . V . P o o l, v ic e p r e s id e n t
J.
B.
L a n g fo rd ,
a s s is ta n t
c a s h ie rs.
S ix th
D
i s t r i c t
S t a t i s t i c s
D EPARTM ENT S T O R E SALES AND S T O C K S
SA L ES
SIX TH D IST R IC T
32 C i t i e s ...........
F e d e ra l
fir s t d is c o v e ry
th e
o f m a c h in e
O ne
P e o p le s
on
to
L . W e s t is
c a sh ie r,
o f th e
and
M a d d o x , p re s id e n t a n d
and
J e n n in g s ,
th e
o f th e b o a rd .
in
a
F ran k
p re s id e n t,
p re s id e n t
L o u isia n a ,
T he
in
s ta te b a n k w ith c a p ita l s to c k
s u rp lu s
$ 5 ,0 0 0 .
J r .,
v ic e
o rg a n iz e d
C r e o l e E a s t e r l i l i e s . I t is a l s o
G E O R G IA
A lb a n y ...............
A tla n ta ...............
A u g u s t a .............
B r u n s w ic k .........
C o lu m b u s .........
E l b e r to n .............
G a in e s v ille * . . .
G riffin * ...............
M a c o n ...............
N e w n a n .............
R o m e * ..................
S a v a n n a h .........
V a ld o s ta ...........
e n t s
C om pany,
m e m b e rs h ip
$ 1 0 0 ,0 0 0 ,
a c c o u n ts to
m ills ,
and
to
is a n e w ly
J e n n in g s
FLO R ID A
J a c k s o n v il le ...
M ia m i..................
G r e a te r M iam i*
O r la n d o .............
P e n s a c o l a .........
S t. P e te r s b u r g .
T a m p a ...............
n n o u n c e m
o n F e b r u a r y 2 6 . I t o p e n e d f o r b u s in e s s o n M a r c h
T h is b a n k
ita l
A
B ank
a d m itte d
a m o u n tin g
ALABAMA
A n n is to n ...........
B ir m in g h a m . . .
D o th a n ................
G a d s d e n ...........
M o b ile ................
M o n tg o m e ry . .
a n k
3 7
N o . of
S to r e s
R e p o r t
in g
P la c e
ALABAMA
B irm in g h a m . .. .
M o b ile ..................
M o n tg o m e r y ...
F LO R ID A
J a c k s o n v ille . . . .
M ia m i..................
O r l a n d o .............
T a m p a ..................
G E O R G IA
A tla n ta ...............
A u g u s t a .............
C o lu m b u s .........
M a c o n ..................
LO U ISIA N A
B a to n R o u g e . . .
N e w O r le a n s . .
M IS S IS S IP P I
J a c k s o n ...............
TENN ESSEE
B r is to l..................
C h a tta n o o g a . ..
K n o x v ille ...........
N a s h v ill e ...........
O TH ER C I T I E S * ..
D IS T R IC T ...............
IN V E N T O R IE S
P e rc e n t C h an g e
F e b . 1947 fro m
Ja n .
1947
Feb.
1946
N o . of
S to r e s
R e p o r t
in g
P e rc e n t C h a n g e
F e b . 28, 1947, fro m
Ja n . 31
1947
5
5
3
+ 11
■+ 5
+
9
+
—
+
2
2
3
4
4
3
5
— 5
+
6
— 10
_
4
+
+
+
+
2
11
7
13
6
4
3
4
+
8
— 3
— 14
,+ 6
—
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-f
—
0
2
1
6
"a
4
5
■+
—
2
7
—
+
0
1
4
4
+
3
+
5
4
9
— 3
+
3
— 14
— 8
+
6
4- 1
3
3
•+ 21
4
3
4
4
6
18
94
— 16
— 3
— 11
— 4
+
6
+
1
F e b . 28
1946
4
+
6
‘3
rf
14
+ ‘ 80
-+ 13
— 3
+ 64
+ 76
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-f
3
i-f76
5
3
+
+
11
10
3
3
'5
22
73
+
+
+
64
52
78
+ ’ll
+ *61
+ 14
+ . 40
+ 93
+ 142
4+
3
’ *3
4- 2
+ 11
+
75
+ 132
+ 89
+
+
+
50
69
74
* W h e n f e w e r th a n 3 s to r e s r e p o r t in a g iv e n c ity , th e s a le s o r s to c k s a r e
g r o u p e d to g e th e r u n d e r " o t h e r c i tie s ."
l l i *
Gasoline T 4 | {| | l| is
INSTALLM ENT C A SH LO A N S
C o tto n C c f i i i t i o n
Bank flflfliUllllllll
m u m
L ender
Member
V e stm e n ts
m m U U U U F
1
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^—
: 40
"
30
20
10
0
+
10
20
30
40
F e d e ra l, c r e d it u n i o n s ...........
S ta te c r e d i t u n i o n s ...............
In d u s tr ia l b a n k in g
c o m p a n ie s ..............................
I n d u s tr ia l lo a n c o m p a n ie s .
Sm all, lo a n c o m p a n ie s .........
C o m m e rc ia l b a n k s ..................
N o.
R e p o r t
in g
V o lu m e
O u ts ta n d in g s
P e rc e n t C h an g e
F e b . 1947 fro m
P e rc e n t C h an g e
F e b . 1947 fro m
Jan u ary F e b ru a ry Ja n u a ry
1947
1946
1947
F eb ru ary
1946
43
23
\+ 3
r f 29
— 34
+ 77
+
+
0
3
+
+
11
19
54
34
—
—
—
—
+ 14
+ 27
+
2
+ 75
+
+
+
+
2
2
0
3
+ 59
+ 37
+ 23
4-115
9
2
3
7
64
50
3 8
M
o n t h ly
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a rc h 1 9 4 7
R e v ie w
Federal Reserve Assistance in Financing
Small Business
T
h e
B o a rd
has
of
G o v e rn o rs
re c o m m e n d e d
H o u se B a n k in g a n d
p ro v id e
b a n k in g
on Ja n u a ry
of
th e
th e
F e d era l
C h a irm e n
R eserv e
of
th e
S y ste m
S e n a te
and
C u r r e n c y C o m m itte e s a b il l w h ic h w o u ld
a s s is ta n c e
ta b lis h e d
to
in
fin a n c in g
c h a n n e ls .
s m a ll
b u s in e s s
I t w a s in tro d u c e d
2 7 , 1 9 4 7 , a n d is n o w
th ro u g h
in
th e
o r g a n iz a tio n th r o u g h w h ic h lo c a l f in a n c in g in s titu tio n s in
a re a s o f th e c o u n tr y w o u ld h a v e c o n v e n ie n t a c c e s s to
a n te e in g
es
S e n a te
b e f o r e th e S e n a te C o m m it
te e .
The
b ill
(S .
408)
w o u ld
R e se rv e
B a n k s to
o f th is s e c tio n
m ake
re p e a l
in
s e c tio n
1 9 3 4 , w h ic h
in d u s tria l
h av e p ro v e d
so
lo a n s .
13b
In
ra te
under
lim it,
C e rta in
c o n d itio n s ,
g ra p h
of
to
s e c tio n
s e c tio n
13
13b,
th e
in s titu tio n s to
b a s is th a n
th a t p e rm itte d
to
b u s in e s s
B o a rd
new
b ill
lo a n
to
on
a m u c h m o re
e ffe c tiv e
p r e s e n t la w . W h ile th e
w o u ld
to
to
a u th o rity
be
a u th o riz e d
re g u la tio n s
th e
to
to
g u a ra n
p re s c rib e d
fo llo w in g
d i
by
th e
A
N o
lo a n
th a n
(2 )
A
g u a ra n te e d
10
have
a
m a tu rity
of
m o re
F ed e ra l
R e se rv e
B ank
c o u ld
g u a ra n te e
p erce n t o f an y
up
to ,
but
lo a n .
s u rp lu s o f th e
m o d e rn iz a tio n
(4 )
In
a ll
to
to
g u a ra n te e s
$ 1 0 0 ,0 0 0
b in e d
(5 )
T he
to
in s u re
th e
a v a ila b ility
s m a lle r b u s in e s s e s , th e
w h ic h
are
not
exceed
c o u ld
s u rp lu s
o f th e
R e se rv e
c a rry
out
B anks
g u a ra n te e s
in d iv id u a lly
50
R e se rv e
w o u ld
g u a ra n te e s
of
a g g re g a te
in
p e rc e n t
ex cess
of
th e
139
m illio n
d o lla rs
a v a ila b le
o p e ra tio n s
a p p r o p r ia tio n s w o u ld
T he
w ith
u tiliz e
m ade
th e ir
under
ity
th e
p riv a te
w ith
know
ow n
th e
th e y
if
e x is tin g
lo n g e r b e u s e d
b a n k in g
s y ste m .
banks
d e a lin g
w h o se
c h a ra c te r,
be
any
a
a v a ila b le , w h e n
fa m ilia r. A
lo a n
w ith
g u a ra n te e
a p p ro v ed
is
by
d e s ire d
th e
fo r
it
in d u s -
G o v ern m en t
lo c a l
p e o p le
R e se rv e
by
th e
w o u ld
R e se rv e
of
b e s p e c ifie d
m e th o d
by
th e
to
b o r
w o u ld
w hen
p e rc e n ta g e s
of
p e rc e n ta g e
of
th e
be
s im ila r
g u a ra n te e
to
fees
th a t
ra n g e d
in te re s t ra te , a c c o rd in g
ow ned
to
th e
b u s in e s s
fu n d s . S o m e b u s in e s s e s n e e d
e q u ip m e n t
a d d itio n
and
to
som e
need
and
w h ic h
have
re c e iv a b le
fa c to rs
m any
been
fin a n c in g o n
O w n e rs
re s u lte d
and
s p e c ia l
p ric e s a n d
th ro u g h
a lo n g e r-te rm
of
c a u se th e y d o
in
sm a ll
a
m uch
la b o r-
g re a tly
la r g e r
o f in v e n to rie s . B e c a u s e
e n te rp ris e s
m et
w h o se
c u rre n t
ex
rece n t
v o lu m e
o f th e s e
fin a n c in g
of
va
needs
have
now
need
b o rro w in g s
b a s is .
e n te rp ris e s
l o a n
n o t w is h to
en
fu n d s fo r
o th e r re q u ire m e n ts . T h e n e e d
th e g r e a t in c re a s e in
c h a ra c te ris tic a lly
ra th e r th a n
p e rm it a
an
p re fe r
d ilu tio n
to
b a s is , b e
e q u i t y
o f th e ir o w n
in
te re s ts o r to r u n th e r is k o f lo s in g c o n tr o l o f th e ir b u s in e s s e s .
F o r th is p u rp o s e te rm
s e n tia l a n d
lo a n s , a m o rtiz e d o u t o f p ro fits , a r e e s
d e s ira b le . T h is ty p e
o f tim e to
B ank
w o u ld
w o u ld
p ro m p tly
B a n k , w ith o u t
la rg e
of
fin a n c in g
is
p a rtic u la rly
g ra d u a l rep ay m en t fro m
c o rp o ra tio n s
o f fu n d s th r o u g h
te rm
sec u re
lo a n s , th e
fo r lo n g -te rm
fu n d s is m e t th r o u g h
to
a v a ila b le
s m a ll
co n c ern s.
a
s e c u rity
T he
e a rn in g s .
s u b s ta n tia l
g re a te r p a r t
not
M any
re
of
th e s e
re la tiv e ly
w hom
capac
lo c a l b a n k ;
be
r e tir e lo a n s b y
It
is
fe w
lo a n
dem ands
exceed
am ount
o f th e ir n e e d
is s u e s , a
am ount
of
so u rc e
lo n g -te rm
re c o g n iz e d
do
not
exceed
$ 1 0 ,0 0 0
th a t
b u s in e s s
and
c re d it
c o n d itio n s
a t o th e r tim e s m a y n o t b e s u c h a s to
te n s iv e
of
v id e s .
use
a u th o rity
be
th e
H o w e v er,
o f th is
p ro m p tly
th e
g u a ra n te e
R ese rv e
k in d
a v a ila b le
s e rv e S y s te m , w h ic h
e r a l R e se rv e B a n k s a n d th e ir 2 4 b ra n c h e s p ro v id e a re g io n a l
C o n g ress a n d
and
$ 1 0 0 ,0 0 0 .
p re se n t a n d
f e r r in g th e m a tte r to a n y a g e n c y in W a s h in g to n . T h e 1 2 F e d
W ith in
c h a n g in g
fu n d s th a t th e in d iv id u a l e n te r p r is e n e e d s is r e la tiv e ly s m a ll.
c o m p e titio n
g u a ra n te e d
u n le s s re q u e s te d
sam e.
v o lu m e o f b u s in e s s w h ic h h a v e c o m e a b o u t in
A lth o u g h
of about
c a p a b ility , a n d
F ed eral
fu n d s
f o r th is p u rp o s e .
L oans
w ith
w o u ld
su ch
rio u s
b ill.
la w
B anks, a n d
lo c a l
and
n o t g u a ra n te e
but
no
under
R e se rv e
is
s u ita b le f o r s m a ll b u s in e s s e s , w h ic h n e e d a s u b s ta n tia l p e r io d
b ill d o e s n o t p la c e th e R e s e rv e B a n k s in
o rig in a te
th e y
o f th e
of
com
B anks.
T h e p e n d in g b ill w o u ld r e p e a l th e a p p r o p r ia tio n
tria l- lo a n
fo r
am ount of
13b
m a x im u m
w ith
d e te rm in e d
a c c o rd in g
p ro g ram ,
o b ta in th e ir fu n d s o n a
o rd e r
lo a n s
th e
change
o f s m a ll, in d e p e n d e n tly
a ris e s fro m
y e a rs
12 F e d e ra l R eserv e
B anks.
s e c tio n
in itia l
be
to
be
w o u ld
p e rc e n t o f th e
need
o rd in a rily
T h e a g g re g a te a m o u n t o f a ll g u a ra n te e s c o u ld n o t e x
c e e d th e c o m b in e d
V -lo a n
T he
is lo n g -te rm
a c c o u n ts
n o t m o re th a n , 9 0
(3 )
c o u ld
y e a rs.
under
th e
w o u ld
w o u ld
g ra d u a te d
s a v in g fa c ilitie s in
panded
(1 )
ra te s
ra te
th a t
s u b je c t
fe e s c h a rg e d
30
b a s ic
te rp ris e s
a ls o
q u a lific a tio n s :
be
V -lo a n
p e rc e n ta g e o f th e g u a ra n te e .
F e d e ra l
m ake
u n d e r th e
b e set fo r g u a ra n
bank.
g u a ra n te e d .
th e
lo n g e r h a v e
and
th e
10
R e se rv e
le g is la tio n
m ay
ra te ,
in
s u b je c t
o f G o v e rn o rs
p a ra
in te re s t
fro m
b u s in e s s , th e y
lo a n s
a
G u a ra n te e
th e
lo a n s
in te r e s t r a te w o u ld
c o n te m p la te d
new
th e
used
by
no
add
is
in te re s t
ro w e r a n d
a s s is t in th e
w o u ld
th e
A c t a u th o riz in g
F e d e ra l
b u s in e s s e n te r p r is e s
B a n k s w o u ld
re c t lo a n s
te e
im
it
w h ic h
g u a ra n te e lo a n s m a d e b y fin a n c in g
o f th e
F e d e r a l R e s e rv e B a n k s to
R eserv e
p ro v is io n s
s e rio u s ly to
o f w a r-p ro d u c tio n
p re s e n t m a x im u m
and
th is
o f b u s in e s s .
lie u
lo a n s . T h e
p e rc e n t
F ed
p a ir th e a b ility o f th e F e d e ra l R e se rv e B a n k s to
f in a n c in g
th e
case
a m a x im u m
a u th o riz e s F e d e ra l
re s tric tiv e a s
of
th e
p ro g ra m ,
5
e r a l R e s e r v e A c t, a d o p te d
agency.
A s in
te e d
a ll
a g u a r
is
in
a u th o rity
B anks
o rd e r
needed.
th is
have
th a t p a rtia l
w henever
a
w h ic h
s h o u ld
a
p ro
s ta n d -b y
m ay
F ed eral
p e rm a n e n t o rg a n iz a tio n
r e s p o n s ib le to
b ill
g u a ra n te e s
T he
at
re q u ire e x
c re a te d
C o n g re s s , is e s p e c ia lly
R e
by
q u a lifie d
M
o n t h ly
S ix th
to p r o v id e th is s e r v ic e b e c a u s e o f its c lo s e c o n ta c ts a n d d a ily
b u s in e s s r e la tio n s h ip s w ith b a n k in g in s titu tio n s . M o r e o v e r its
T h e sy ste m
P la c e
a g e n c y f o r th is p u rp o s e .
o f p ro v id in g
fin a n c ia l
a s s is ta n c e
th ro u g h
p a r
tia l g u a r a n te e s o f lo a n s n o lo n g e r in v o lv e s u n tr ie d p r in c ip le s
and
p ro c e d u r e s . F o r m a n y y e a rs th e F e d e r a l R e s e rv e S y ste m
has
had
e x p e rie n c e
in
m a k in g
and
g u a ra n te e in g
b u s in e s s
a u th o rity
tio n
w as
o f th e
re s tric te d ,
c o m m itm e n ts
la rs ,
F e d e ra l
and
and
th e ir
tra in in g in
th e y
a p p ro v e d
advances
p erso n n el
B anks
3 ,5 4 2
a m o u n tin g
g a in e d
a
566
of
th e w a r th e
fo r
m illio n
d o l
k n o w le d g e
and
fe e s c o lle c te d
lo s s e s .
F e d e ra l R e s e rv e S y s te m
a c q u ire d
v a l
u a b le e x p e rie n c e in th e a d m in is tr a tio n o f th e V -lo a n p ro g r a m
fo r
g u a ra n te e in g
th e y
p ro cessed
b illio n
d o lla rs .
ex p en ses
a
v e ry
b ill
and
T he
lo s s e s
s u b s ta n tia l
fo llo w s
d e r th a t
m ilia r
w a r-p ro d u c tio n
8 ,7 7 1
th e
g u a ra n te e
s u s ta in e d
p ro fit
th e
th e
o f th e
n e a rly
c o lle c te d
th e
far
o p e ra tio n
G o v e rn m e n t.
p rin c ip le
fin a n c in g
s e rv ic e s
a g g re g a tin g
fees
and
fo r
g u a ra n te e
p ro g ram , a n d
w ith
lo a n s . U n d e r th a t p r o g r a m
g u a ra n te e s ,
w h ic h
R eserv e
re s u lte d
Feb.
1947
Ja n .
1947
Feb.
1946
335
425
235
346
455
311
312r
413
246
333
530r
256
192
280
144
192
304
129
311
403
225
338
446
312
280
363
213
296
432r
222
179
266
138
188
298
129
D IST R IC T ................
A tla n ta ................
B irm in g h a m ----M o n tg o m e r y .. .
N a s h v ille ...........
N ew O rle a n s ..
a p p lie d
a re
B anks
in
un
a lre a d y
fa
th a t fie ld .
O v e r th e p e r io d s in c e 1 9 3 4 , a n d e s p e c ia lly d u r in g th e w a r,
th e
n u m e ro u s
s m a ll b u s in e s s e s th r o u g h o u t th e
D EPAR TM ENT S TO R E SALES*
c o u n try
U n a d ju s te d
A d ju s te d * *
P la c e
D IS T R IC T ................
A tla n ta ................
B a to n R o u g e . . .
B ir m in g h a m ___
C h a t t a n o o g a . ..
J a c k s o n ................
J a c k s o n v il le .. . .
K n o x v ille ...........
M a c o n ..................
M ia m i....................
M o n tg o m e r y ...
N a s h v ille ...........
N ew O r le a n s ..
T a m p a ..................
Feb.
1947
Ja n .
1947
F eb.
1946
F eb.
1947
Ja n .
1947
F eb.
1946
838
359
358
325
341
327
380
274
310
329
343
361
300
450
341
369
439
298
342
342
396
305
318
325
329
382r
312
475
331
361
359
318
331
312
382
321
331
297
334
390
284
398
297
338
322
279
287
281
335
247
248
388
295
318
264
400
273
288
290
232
274
253
325
256
216
338
250
306r
250
385
292
339
323
274
278
268
336
289
265
350
287
343
250
355
LUM BER P R O D U C T IO N *
A d ju s te d * *
in
p e n d in g
P la c e
SIX STA TES
A la b a m a .............
G e o r g i a ...............
L o u i s i a n a ...........
M is s is s ip p i.........
T e n n e s s e e .........
U n a d ju s te d
Jan.
1947
D ec.
1946
Ja n .
1946
Jan.
1947
D ec.
1946
Jan.
1946
115
101
103
142
73
110
116
147
174
122
171
93
136
210
86
99
53
94
63
83
104
100
95
107
128
67
99
126
116
139
102
130
81
118
130
75
93
55
85
58
75
79
have
C O T T O N C O N S U M P T IO N *
becom e
m o re
vocal
c o n c e rn in g
c o m m e rc ia l b a n k in g s y s te m
a r e in
a s tra te g ic p o s itio n
th e p e n d in g
to
th e ir
and
re la te d
fin a n c in g
n eed s.
T he
s u p p o rtin g
b ill.
S ix th
D
i s t r i c t
S t a t i s t i c s
L o a n s a n d in v e s tm e n ts —
T o ta l..........................................
L o a n s — t o t a l ...............................
C o m m e rc ia l, in d u s tr ia l,
a n d a g r i c u lt u r a l lo a n s .
L o a n s to b r o k e r s a n d
d e a le r s in s e c u r i t i e s . . .
O th e r lo a n s fo r p u r
c h a s i n g a n d c a rr y in g
s e c u r i t i e s .............................
R e a l e s t a t e l o a n s ................
L o a n s to b a n k s ....................
O th e r lo a n s
In v e s tm e n ts — t o t a l ..................
U. S. d ir e c t o b l i g a t i o n s ..
O b lig a tio n s g u a r a n t e e d
b y U. S .................................
O th e r s e c u r i t i e s ..................
R e s e r v e w ith F. R. B a n k . . .
C a s h i n v a u l t ....................,___
B a la n c e s w ith d o m e s tic
b a n k s . ......................................
D e m a n d d e p o s it s a d j u s t e d .
T im e d e p o s i t s ..........................
U . S . G o v 't d e p o s i t s .............
D e p o s its of d o m e s tic b a n k s .
B o r r o w in g s .................................
M a rc h 19
1947
T O T A L ......................
A la b a m a .............
G e o r g i a .............
T e n n e s s e e .........
P erc e n t C h an g e
F e b . 19 M a r c h 20 M a rc h 19,1947, Iro m
1946
1947
F e b . 19 M a rc h 20
1947
1946
C O A L P R O D U C T IO N
F eb.
1947
Jan.
1947
Feb.
1946
Feb.
1947
Ja n .
1947
Feb.
1946
177
190
175
136
186
198
184
144
161
172
160
124
175
182
178
180
159
160
is s
1.74
158
M A N U FA C T U R IN G
EM PLOYM ENT***
P la c e
C O N D IT IO N O F 20 M EM BER BANKS IN S E LE C TED C IT IE S
(I n T h o u s a n d s o l D o lla r s )
Ite m
P la c e
fin a n c ia l in s titu tio n s
m e e t th e s e n e e d s b y
U n a d ju s te d
Feb.
1946
exceeded
T he
w as
in s titu tio n s
1 0 .5
I n d e x e s
Ja n .
1947
th a t sec
a p p lic a tio n s
to
fu n d
under
th is ty p e o f fin a n c in g . I n te r e s t a n d
ex ceed ed ex p en ses an d
D u rin g
R eserv e
is tr ic t
Feb.
1947
lo a n s u n d e r s e c tio n 1 3 b o f th e F e d e r a l R e s e r v e A c t. A lth o u g h
th e
D
DEPARTM ENT STO R E S TO C K S
A d ju sted * * b
re s p o n s ib ilitie s f o r m a in ta in in g s o u n d c re d it c o n d itio n s m a k e
it th e a p p r o p r ia te
3 9
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a r c h 1 9 4 7
R e v ie w
S IX STATES
A la b a m a .............
G e o r g i a ...............
L o u i s i a n a ...........
M is s is s ip p i.........
T e n n e s s e e .........
G A S O L IN E TAX
C O L L E C T IO N S
Jan.
1947
D ec.
1946
Jan.
1946
F eb.
1947
Ja n .
1947
F eb.
1946
145
156
130
136
134
155
155
145r
154r
132r
138r
135
156r
153
133
136
117
128
130
142
142
159
162
186
151
134
148
162
165
174
175
162
148
160
170
136
139
154
128
129
121
138
1,944,349 1,912,336 2,289,830
503,032
581,409
584,727
,+
+
2
1
— 15
+ 16
C O N S U M E R S ' P R IC E IN D E X
EL EC TR IC P O W E R PR O D U C T IO N *
+
Ite m
Jan.
1947
D ec.
1946
Ja n .
1946
Jan.
1947
D ec.
1946
Ja n .
1946
159
194
173
n .a .
159
197
172
n .a .
134
147
144
114
309
292r
249
314
268
286
303
323
201
341,267
340,096
242,697
■+
0
6,626
5,824
10,179
+
14
128,372
76,393
74,630
45,472
44,363
21,612
4,143
1,339
4,147
110,590
98,833
112,585
1,359,622 1,330,927 1,786,798
1,180,762 1,171,322 1,634,579
1,464
177,396
366,919
31,390
1,465
158,140
353,739
30,973
1,461
150,758
370,794
29,395
167,796
161,119
148,587
1,392,556 1,357,954 1,306,959
459,176
459,128
431,044
47,624
51,038
413,863
465,882
564,907
481,006
3,500
—
+
+
+
■+
+
41
— 35
2
2
0
2
2
1
— 42
+ 110
+210
+ 14
— 24
— 28
— 0
+ 12
4
+
1
+
H- 0
i+ 18
— 1
+
7
4
3
0
7
3
+ 13
+
7
+
7
— 88
— 15
■+
/+
+
+
ALL I T E M S ..
F o o d ...........
C lo t h in g . . .
F u e l, e le c .
and ic e ..
H om e fu r
n is h in g s .
M is c .............
P u r c h a s in g
p o w e r of
d o lla r .. . .
121
119
111
172
139
169
139
145
131
.63
.63
.75
C R U D E PETR O LE U M P R O D U C T IO N
IN C O A STA L L O U ISIA N A AND
M IS S IS S IP P I*
U n a d ju s te d ..
A d ju s te d * * .. .
F eb.
1947
Ja n .
1947
F eb.
1946
236
232
238
234
2 i4
211
SIX STA TES.
H y d ro
g e n e ra te d .
F u e l
g e n e r a te d .
A NN U AL RATE O F TU R N O V ER O F
D EM AN D D E P O S IT S
U n a d ju s te d ..
A d ju s te d * * ...
In d ex * *
Feb.
1947
Jan.
1947
F eb.
1946
18.4
18.2
70.4
19.0
17.1
66.1
15.7
15.6
60.3
* D aily A v e r a g e B a s is
**A d ju s te d fo r s e a s o n a l v a r ia tio n
***1939 m o n th ly a v e r a g e = 1 0 0 ;
o th e r in d e x e s , 1935^39=100
r R e v is e d
n .a . N o t a v a ila b le
4 0
M
o n t h ly
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a rc h 1 9 4 7
R e v ie w
District Business Conditions
ro m
F
th e v a lu e o f g o o d s s o ld
a t S ix th
D is tric t d e p a rtm e n t
s to re s in th e fir s t h a lf o f M a rc h , it a p p e a r s th a t th e in d e x
a d ju s te d f o r s e a s o n a l v a ria tio n s w ill sh o w
f o r th e
m o n th
M a rc h
3
p o in ts
h ig h e r
1 s to c k s a n d s a le s h a d
th a n
d a ily a v e ra g e s a le s
th o s e
fo r
F e b ru a ry .
By
re s u m e d th e re la tio n s h ip , th re e
to o n e , th a t th e y h a d th e y e a r b e f o r e th e U n ite d S ta te s e n te r e d
th e w a r. T h e p o r t o f N e w
O rle a n s d u r in g th e
e v e r, s to c k s o n h a n d
th a n
w o u ld
and
th e
311
(1 9 3 5 -3 9 =
s to c k s
d e c lin e d
n o rm a lly
s e a s o n a lly
w e re
be
fro m
th e D e c e m b e r le v e l m o re
e x p e c te d
a d ju ste d
in d e x
a t th a t tim e
o f th e
w as
fro m
re d u c e d
y e a r,
348
to
1 0 0 ). A t th e e n d o f F e b ru a ry , h o w e v e r, w h e n
re p o rte d
to
be
g re a te r,
th e
s e a s o n a lly
a d ju ste d
in d e x w a s r a is e d to 3 3 5 .
T h e im p o rta n c e o f fo re ig n
firs t 1 0 m o n th s
h a n d le d
d a ta r e c e n tly re le a s e d b y th e U . S . D e p a r tm e n t o f C o m m e rc e
Y o rk .
P r e lim in a r y fig u re s p o in t to in c re a s e d in d u s tr ia l a c tiv ity in
th e D is tric t f o r th e
in c re a s e d
firs t q u a r te r
o ce an -b o rn e
of
th e
U n ite d
w e re 9 1 ,5 5 4 m o r e
th e
1 0 -m o n th
T he
to n n a g e
o f 1 9 4 7 . M a in ly
lu m b e r - p r o d u c t s h ip m e n ts , th e re
on
im m e d ia te
b ecau se
fr e ig h t- c a r lo a d in g s in th e firs t e ig h t w e e k s o f th is y e a r th a n
p o s tw a r
t h e D i s t r i c t ’s e c o n o m y
d u rin g
at N ew
th e
tr a d e to
o f la s t y e a r h a n d le d to ta l to n n a g e v a lu e d s e c o n d o n ly to th a t
tra d e
S ta te s ,
fo r
th e
p e rio d
th e
firs t
to n n a g e
a v e ra g e
fo r
h a n d le d
by
10
e m p h a s iz e d
m o n th s
d u rin g
1 9 3 5 -3 9
th e
is
th is
by
m o re
a n d M o b ile p la c e d th e m
fifth
th e
th e
n a tio n .
In
p r in c ip a lly b e c a u se o f a la b o r-fo rc e g ro w th m o re r a p id
n a g e h a n d le d , N ew
O rle a n s
ran k ed
second
th e
w ere
g ro w th
c re a se in
a re
in
th e
in
c o rre s p o n d in g
th e
num ber
J a n u a r y , th e
o b ta in a b le , h a s
w e re
p e rio d
o f a v a ila b le
la s t m o n th
been
jo b s , th e
A lth o u g h
ra te
th a n
fa m ily
th e n a tio n a l ra te . T h e re
and
h ire d , a t w o rk
on
D is
15
le a d in g
T h e v a lu e
o f in
f o r w h ic h in c lu s iv e fig u re s
lo w e r th a n
m o re w o rk e rs , b o th
la s t y e a r.
tw ic e
th e
tr ic t fa r m s th e firs t q u a r te r o f th is y e a r th a n th e r e w e re in th e
as
firs t th re e
ty p e o f tr a d e
cro p s
in
been
m o n th s
th e
lo w e re d
F lo rid a .
s in c e
by
T he
e a rly
of
la s t
D is tric t
d is e a s e
h ig h
in
w ar
T hough
good,
and
p ric e s
th e
y e a r.
w ere
bad
fo r
fo r
in
has
p a rtic u la rly
a g ric u ltu ra l
re s u lte d
f ie ld
p ro d u c tio n
w e a th e r,
o b ta in e d
have
p ro s p e c ts
tru c k -c ro p
an
in
p ro d u c ts
u n p re c e d e n te d
d e m a n d f o r fe rtiliz e r, a d e m a n d e v e n g re a te r th a n th e re c o rd
e x p e n d itu re
of
34
m illio n
p a r tm e n t s to re s d u r in g
f o r th e s e a s o n a lly
th a n
th e
1946
Jan u ary
in d e x
s a le s
at
p e rc e n t
of
th e
1946. If
in
a v e r a g e s a le s , le s s
of 341
D u rin g
b u t m o re
th e
re p o rtin g
th a n
th e y
c o n tin u e
a t th is
f o r s e a s o n a l v a r ia tio n w ill b e 3 4 1
c o m p a re d
w ith
th e
1947 and
32 8 fo r M a rc h
e v e r, th e
s e a s o n a lly
th e
th e
in d e x e s
of
M arch ,
th e
p e rio d
9
in
r e m a in d e r o f
s a le s
p e rc e n t o f th e
338
a d ju ste d
1 9 3 5 -3 9
fo r
in d e x
w ill
p ro b a b ly
F e b ru a ry
be
b e lo w
th e in d e x e s f o r e a c h o f th e la tte r s ix m o n th s o f 1 9 4 6 .
S a le s
s to re s
th e y
d u rin g
F e b ru a ry
re p o rtin g
to
w e re d u rin g
th is
at
bank
F e b ru a ry
th e
S ix th
w e re
11
1946, and
D is tric t
p e rc e n t
w e re a p p r o x im a te ly th e s a m e . A t h o u s e h o ld
s a le s w e re
13
p e rc e n t g re a te r th a n
M e rc h a n d ise
s to c k s
on
hand
in
th e y
S ix th
fu rn itu re
th a n
s to re s th e y
a p p lia n c e s to re s
w e re in
Jan u a ry .
D is tric t
m illio n
d o lla rs ,
of
s a le s
ra tio
o r
a p p ro x im a te ly
F e b ru a ry
of
s a le s ,
F e b ru a ry
c o m p u te d
to
a llo w
in c r e a s e d
each
fo r
m o n th
a
fig u re
1941.
d u rin g
cau sed
1946.
tim e s
equal
S to c k s
changes
th re e
In
at
to
th e s e
by
th e
th e
102
d o lla r
s to c k s -to -
s to re s
seaso n al
Jan u ary
to n
Y o rk .
a p p ro x im a te ly
to n n a g e
m a in ta in e d
by
so m e fo re ig n
th e
e x te n s io n
of
w ere
as
been
of
e x p o rts
by
th e
tim e s
T h is
w as
use
m o re
w e ll
U .
and
as
e c o n o m ic
S ta te s e x p e c ts to
S.
o f d o lla r b a l
c re d it,
m o re
in
g re a t
and
w ho
th e
and
th o s e
s e ll its
by
re lie f
th e s e s o u rc e s w ill n o t
th o s e
e x p o rts
c o n d itio n s
as
u n b a la n c e d
c o u n trie s d u r in g th e w a r
e x p o rt m a rk e t f o r S ix th
e m p h a s iz in g
as
2 .8
g re a t.
C o n s e q u e n tly ,
b u ilt-u p
th e
a d v o c a te
a
D is tric t p r o d
n e c e s s ity
of
of
in
im p ro v in g
c o u n trie s
to
and
w h ic h
p ro d u c ts .
C. T .
T.
Employment and Industry
I n d u s tr ia l a c tiv ity in
te r
of
1947
a c tiv ity
of
w hen
fa c to rs
1947,
gave
th e
th e S ix th
la s t
q u a rte r
o u tp u t. O n e in d ic a tio n
d iffic u lty
D is tric t d u r in g th e firs t q u a r
in d ic a tio n s
n ific a n t la b o r d is p u te s a n d
th e
a p p a re n t
s h o rta g e
se v e re
th a t
of
w o u ld
th e
w e re
and
q u a rte r
a lso
of
exceed
few er
o f m a te r ia ls to
a c tiv ity
firs t
s lig h tly
T h e re
s h o rta g e s
of heavy
d u rin g
it
1946.
u n til
how
of
fre ig h t
th e
c a rs,
w h ic h
th e
th e
s ig
ham per
m a jo r
year
s ig n
of any
im m e d ia te
w e a th e r
p e c te d
to
sp u r
b u ilt
T he
or
le tu p
c o n d itio n s
o p e ra tio n s
lu m b e r in d u s tr y . A ls o
in g
is
a
in
in
w as
e m p lo y e d
m ay
re m a in e d
d u rin g
is e v id e n t. M o re
in
th e
c o n s tru c tio n
b e g in
as
s p rin g
w e ll
p ro d u c tio n
in
D e c e m b e r,
fa
a re
ex
in
th e
a re
be
as
so o n .
D is tric t m a n u fa c tu r
a p p ro x im a te ly
p e rc e n t in c re a s e o v e r th e J a n u a r y
th e
c o n tin u e
in d u s tr ia l p la n ts w h ic h
n u m b e r o f w o rk e rs e m p lo y e d
p o rtin g
to
q u a r te r o f th e y e a r, little
a c tiv ity
b e g in n in g
few
re c o n v e rte d
d u rin g J a n u a r y
num ber
e x p e c te d
su m m e r.
A s th e D is tric t e n te rs th e se c o n d
in g
d e p a rtm e n t
s to re s a t th e e n d o f F e b r u a r y w e re e s tim a te d to b e w o rth
am ount
tw ic e
s ta b iliz in g
v o ra b le
g re a te r
a t je w e lry
o f th e
N ew
av
o f la s t y e a r. E v e n in th is c a se , h o w
a d ju s te d
th ird .
O rle a n s
F eb ru a ry
of
sam e
a v e ra g e
has
im p o rts
U n ite d
to
of 338
a p p ro x im a te ly
d u rin g
o f d a ily
th e
w eeks
w ere
d u rin g
ra te
th a n
tw o
s to re s
w e re
in d e x
firs t
fig u re
de
o f d a ily
in d e x
a
D is tric t
re s u lte d
th e m o n th , th e M a rc h
era g e ,
S ix th
F e b ru a ry
w e e k ly
s a le s
in
a d ju s te d in d e x
331.
h ig h e r
d o lla rs
th e
O rle a n s
M o b ile ,
in d e fin ite ly .
a re
v a lu e
U . S . p o rts w as
and
at N ew
at
th ro u g h
c re a s in g
Trade
T he
and
p e rm a n e n tly
u c ts
s u p p ly .
th e
s h ip p in g . T h e s tim u lu s to e x p o r ts f r o m
c o n tin u e
one
N ew
a h a lf tim e s th e to n n a g e o f im p o rts . O n a to n
a n c e s a c c u m u la te d
y e a rs,
F or
exceeded
a n d tw e lf th re s p e c tiv e ly a m o n g
o f im p o rts ,
b a s is , e x p o r ts
im p o rts
in
o f e x p o rts fro m
v a lu e
about one and
nage
p o rts
th a n
of
th e
1946.
p e rio d
D is tric t p o rts
u n e m p lo y m e n t h a s b e e n r is in g in th e D is tr ic t s in c e N o v e m b e r,
th e re
of
by
T h is
th e s a m e a s th e
re p re s e n te d
a
9-
1 9 4 6 fig u r e . T h e s ta te s r e
la r g e s t e m p lo y m e n t g a in s
in
a
y e a r ’s
tim e
w ere
A la b a m a w ith a n in c re a s e o f 1 4 p e r c e n t a n d F lo r id a w ith o n e
o f 11
p e rc e n t.
U n e m p lo y m e n t h a s a p p a r e n tly b e e n in c re a s in g m o d e ra te ly
s in c e
N o v e m b e r,
la rg e ly
b ecau se
th e
in c re a s e
in
th e
la b o r
M
o n t h ly
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a rc h 1 9 4 7
R e v ie w
fo rc e h a s o u ts trip p e d th e n u m b e r o f jo b
ber
of
la y o ffs
fa c to rs
th a n
D u rin g
ers
in
has
been
fro m
any
N ovem ber
s m a ll,
1946
a
d e r s ta te
in
m o re
lo w
p la n s
erag e
of
w eeks
T h is
2 0 8 ,5 0 0
in
Ja n u a ry ,
w as in
ond
h a lf
th e
e a rly
id le
of
1946
fa ll
w o rk ers
fa ll
an
k e e p in g
of
w hen
th e
u n til
to
in
p erce n t
1946.
of
th is
b e h in d
S in c e
p a tte rn
in
th e
o n ly
8 .9
e m p lo y e d * w o r k e r s
w e re
in
th e
n a tio n
av
th e
sec
in
of
g re a t
d u rin g
th e
a p p a re n tly
a s a w h o le . O f
p e rc e n t w as
w h ereas
s ta te s
D is tric t
o n ly
8 .2
d u rin g
has
num ber
w e re
of
M ay
fa re d
b e t
in s u re d
re p o rte d
in
un
th e
S ix
S ta te s f o r th e firs t th r e e w e e k s o f J a n u a r y .
P ro d u c tio n
le v e ls
d u rin g
m ills
in
th e
m o re
and
S ix th
G e o rg ia ,
c o tto n
th a n
p e tro le u m
and
p ro d u c tio n
has
been
24
p e rc e n t h ig h e r th a n
p ro d u c tio n
th e
S o u th e rn
9 7 6 ,2 7 3
w as
even
fro m
d u rin g
lo a d e d
c a rlo a d in g s
in
th o s e
1944,
th e
L iv e s to c k
lo ts a r e th e
of
fo r
e v e r,
th e
been
and
S o u th e rn
of
la s t
fre ig h t
T he
a
s lig h t,
ra ilro a d s
c a rs,
w a r y e a rs
p e rio d
ty p e s
w as
been
s h ip m e n ts
end
w ith
th a n
it
in c re a s e
in
cau sed
by
in
a re a s
1946.
fa c to rs
w ere
in
in
s h ip m e n ts
of
3 6 ,6 9 8
In
p e rs’ m o re
th e m
in g
east
v ie w
a llo w in g
M a rc h
c a rs,
th e
th e
of
been
e s tim a te s
S IX T H
D IS T R IC T
g e n e ra lly
1947, how
S o u th e rn
d is tric t
c o rre s p o n d in g
coal
8
th e re
co m p a re d
s u rp lu s
o f th e
fo r
e ffic ie n t
S h ip p e rs
AT
D EPA RTM EN T STO RES
le s s -th a n -c a rlo a d
have
and
w eeks
m is c e lla n e o u s
w as
w ith
an
a
in c re a s in g .
a v e ra g e
s h o rta g e
d a ily
of
o n ly
c a rs
re p o rte d
fe w e r th a n
s h o rta g e
of
c a rs,
in c re a s e
in
c a rlo a d in g
th e
use
of
th e
c a rs
by
one
of
ty in g
th e y
th e
is
up
th e
d id
p rim e
s h ip
fe w e r
of
d u r in g lo n g p e rio d s f o r lo a d in g a n d u n lo a d in g . A c c o rd
to
S A LES
d e c re a se d .
w eek
w ith
AND
an
3 ,3 9 5 c a r s d u r i n g th e c o r r e s p o n d in g w e e k o f 1 9 4 6 . S i m i l a r l y ,
th o s e
O U T S T A N D IN G O R D E R S , M E R C H A N D IS E R E C E IV E D ,
fre ig h t
le s s
of F e b ru a ry
c a rlo a d in g s
th e y
have
in
o f f r e ig h t w h ic h
to ta l
th a n
ite m s
of
th e
c u r r e n t fig u re
a lth o u g h
n a tio n a l s h o rta g e o f f r e ig h t c a rs h a s b e e n
s h o rta g e
in
co m p a re d
o f th e
d is tric t h a s
o n ly
becau se
th e
in
1946.
year
D u rin g
w as
D u rin g t h e w a r y e a r s c o n s u m e r s p a i d im m e d i a te l y f o r a
l a r g e r p r o p o r t i o n o f t h e i r p u r c h a s e s t h a n t h e y d id b e f o r e .
T h e y a ls o p a i d t h e i r c h a r g e a c c o u n t s m o r e p r o m p t ly . E v en
d u r in g m o s t o f 1946, t h o u g h c h a r g e - a c c o u n t b u y in g in
c r e a s e d , p e o p l e p a i d t h e i r a c c o u n t s ju s t a s p r o m p t ly .
S in c e t h e r e m o v a l in D e c e m b e r 1 9 4 6 o f G o v e r n m e n t c o n
tr o l o v e r c h a r g e a c c o u n t s t h e r e h a s b e e n o n ly a s lig h t
le n g t h e n i n g o f t h e a v e r a g e p e r i o d f o r w h ic h a c c o u n t s a r e
o u t s t a n d i n g . (T h e a v e r a g e n u m b e r o f d a y s w e r e e s t i m a t e d
f r o m c o l le c t io n r a t io s ; F e b r u a r y 1 9 4 7 is t h e l a t e s t m o n th
s h o w n .)
f o r e s t- p r o d u c t s h ip m e n ts s in c e th e
m e rc h a n d is e
le s s
th e
1945. M uch
and
w e e k ly
it w as
g e n e ra l, h o w
show ed
1947
th e
lo w e r s in c e F e b r u a r y . S in c e th e
have
th a n
A ls o
Ja n u a ry
In
o f 1 9 4 6 . T h is
o f th e
in c r e a s e o f 4 1 .8 p e r c e n t in
firs t e ig h t w e e k s o f
10
1946.
h ig h e r
ago.
1 ,0 6 7 ,8 1 7
c o n n e c tio n s
1943,
th e
consum ed
d u rin g
F eb ru ary
th e s a m e p e r io d
th a n
year
h ig h
th o s e f o r J a n u a r y .
firs t e ig h t w e e k s
d u rin g
re c e iv e d
fo r
a
at
F e b ru a ry
F e b ru a ry
p ro d u c tio n
it w as
le v e ls
fro m
d is tric t
is h ig h e r
re m a in e d
T en n essee
in
e le c tric -p o w e r
s ig n ific a n t d ro p
and
d id
1946,
D u rin g
has
th e y
in
e v e r,
D is tric t
th e firs t q u a r te r o f 1 9 4 7 . D u r in g
A la b a m a ,
p e rc e n t
coal
in
D EPARTM EN T S T O R E S
th re e
num ber
S ta te s
th e s e
p e rc e n t o f th e
in
th e
o c c u rre d
S e p te m b e r,
D IS T R IC T
N o v e m b e r.
d u rin g
u n e m p lo y m e n t 1 0 .2
in
OF DAYS
un
u n e m p lo y m e n t
S ix
S e p te m b e r, h o w e v e r, th e
te r, b e c a u s e
firs t
s in c e
th a t o f th e n a tio n
s ta te s
c a te g o ry
th e
w hen
S IX T H
N U M BER
A C C O U N T S O U T S T A N D IN G A T
v e te ra n s ’ u n
a g a in . F o r th e D is tr ic t th e
re c o n v e rsio n
D is tric t
3 4 ,0 0 0
d e c re a s in g
n a tio n a l
th e n a tio n a l to ta l o f in s u re d
re p o rte d
of
d u rin g
D ecem ber
ris e
th is
la g g e d te m p o r a r ily
id le
w o rk
la te s t fig u re s , a n
n a tio n a l tre n d
s te a d ily
m o n th s
fro m
w e re
in c re a s e
w ith
began
e s t d e v ia tio n
e a rly
w o rk e rs
1 7 4 ,5 0 0
th e
A V ERA G E
CHARGE
u n e m p lo y e d
and
e m p lo y m e n t p r o g r a m . A c c o r d in g to th e
seasonal
a c tiv ity .
of
re p o rte d , w e re
in s u re d -u n e m p lo y m e n t
fro m
b u s in e s s
p o s t-w a r
D is tr ic t s ta te s , it w a s
o p e n in g s. T h e n u m
a risin g
s lo w d o w n
4 1
g iv e n
A d v is o ry
at
th e
B o a rd
re c e n t
in
m e e tin g
of
B irm in g h a m ,
th e
if
S o u th
s u ffic ie n t
B e c a u s e o f d if f ic u ltie s in s e c u r i n g m e r c h a n d is e t h e o u t
s t a n d i n g o r d e r s r e p o r t e d a t t h e e n d o f e a c h m o n th r o s e
r a p i d ly d u r in g t h e w a r y e a r s a n d s to o d e x c e p tio n a lly h ig h
in r e l a ti o n t o s a le s . A f t e r S e p t e m b e r , o u t s t a n d i n g o r d e r s
d e c l i n e d r a p i d ly u n til, b y t h e e n d o f t h e y e a r , t h e y h a d
r e a c h e d t h e lo w e s t p o i n t in r e l a ti o n t o s a le s f o r s e v e r a l
y e a r s . ( M e r c h a n d i s e r e c e i v e d w a s c a l c u l a t e d f r o m s a le s
a n d s to c k s f ig u r e s r e p o r t e d ; F e b r u a r y 194 7 is t h e l a t e s t
m o n th s h o w n .)
M
4 2
fre ig h t
ra il
c a rs
a re
fre ig h t
show
a
a v a ila b le
s h ip m e n ts
1 0 -p e rc e n t
to
in
c a re
th e
in c re a s e
o n t h ly
fo r
th e
seco n d
over
v o lu m e
q u a rte r
th o s e
in
of
of
th e
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a r c h 1 9 4 7
R e v ie w
tra ffic ,
1947
sam e
of 1946.
w ill
q u a rte r
A t th e m id d le o f M a rc h
D is tric t
w e e k ly
ch a n g e d fro m
1
and
cu rre d
at
m em ber
c o m p a ra tiv e ly
a g ric u ltu ra l
end
of
th e
lo a n s
w e re
a lm o s t
un
m in o r c h a n g e s h a d
p e rio d
re p o rte d
to
th e s e
lo a n s
338
m illio n
d o lla r s , c o m p a re d w ith
o f th e
banks
oc
w e e k to w e e k in th e a m o u n ts o f c o m m e r c ia l, in
and
th e
m illio n
12
be
o u ts ta n d in g ,
a m o u n te d
to
339
a t th e b e g in n in g
y e a r.
T o ta l
o r, in
O ne
th e le v e l a t th e firs t o f th e y e a r. B e tw e e n J a n
M a rc h
fro m
d u s tria l,
but
te rm
D un
to ta l lo a n s a n d in v e s tm e n ts o f S ix th
re p o rtin g
m e a su re
and
show n
1942
th e
a
lo a n s
had
d e c re a se d
la rg e ly
b ecau se
to
581
o f th e
m illio n
d e c lin e s
d o lla rs
in
fro m
lo a n s to
b ro
of
a p p ro x im a te ly
12 m illio n
h e ld
on
and
12,
13,
1 9 4 7 . T h is
in
th e
1946,
banks
to ta l
lo a n s
A
fu rth e r
re tire m e n t
w as m a d e o n M a rc h
of
se
P a rtly
p a rtly
in
cash .
as
a
S ix th
on
o f ex cess
of
th e
T re a su ry -d e b t
in c re a s e in
re se rv e s
tn e m b e r
to
d e p o s its
re q u ire d
banks
w as
o f e x c e ss re s e rv e s to
m em ber
in
banks
in
F e b ru a ry
and
1 4 .1
F e b ru a ry
c o u n try
and
1947
banks
re se rv e
1946
g re a te r.
s e c u ritie s
C e rtifi
w as
to
8 .7 .
s u b je c t to
T he
reserv e,
fo r
a ll
d u rin g
1 3 .8 .
th e
th e
T h is
ra tio s
d e c lin e d — c o u n try
c ity
and
la s t
re q u ire d re se rv e s fo r a ll
w as
b an k s fro m
6 .5
of
to
ra tio
b o th
banks
had
reserv e
fro m
2 2 .7
e x p a n sio n in
d e p o s its s u b je c t to
banks
ra ise d
tw e e n
F eb ru a ry
re q u ire d
1946
and
ances
fo r
banks
in
th e s e
m a te ly w h a t th e y
re se rv e s
w e re in
1947.
F e b ru a ry
th e
re s e rv e a t th e c o u n try
a p p ro x im a te ly
F e b ru a ry
th is
8
T he
year
c o rre s p o n d in g
p e rce n t b e
re se rv e
w ere
b a l
a p p ro x i
m o n th
of
1946.
A t th e re s e rv e -c ity b a n k s r e q u ir e d re s e rv e s d e c re a s e d a p p r o x
im a te ly
2
p e rc e n t,
la rg e ly
becau se
o f b a n k s . T h e s e d e p o s its h a d
th e
c o u n try
a c c o u n ts .
banks
B ecause,
in
e v id e n tly
o rd e r to
h o w e v e r,
of
a
d e c lin e
been
m e e t c a lls
th e
re se rv e
in
d ra w n
on
c ity
th e ir
ra tio
w ere
in
F e b ru a ry
o f e x c e ss to
re q u ire d
T h e p o s tw a r p e rio d
of
m any
new
B ra d s tre e t,
in
th e
w e re
in
w ere
D is tric t
F lo rid a ,
th e re
In
s ta te s .
new
T he
4 ,3 0 3
r a te d . T h e s u c c e s s o f th e s e a n d
a
by
w a r-lo a n
1 9 4 7 th a n
re d u c tio n
in
th e
new
b y th e e s ta b lis h m e n t
a c c o rd in g
b u s in e s s
g re a te s t
to
D un
and
in c o rp o ra tio n s
num ber
b u s in e s s e s
w as
in
in
T h e re
c o u r t s u its o r in
to
c re d ito rs .
1944,
1947
s till
and
T he
27
th e re
w e re
c o n s id e ra b ly
year
w as
one
262
m illio n .
w as
in
1946
in
w e re
of
th e s e
v o lu n
num ber
1945
12
and
f a ilu re s
lo w e r th a n
m illio n
w as
p ro s p e c ts a re
re
th o s e
d o lla rs ,
T he
140
and
a v e ra g e
th e
a tn o u n t
m illio n .
g o o d f o r m o s t o f th e D is tric t. G o o d
p ro g re s s h a s b e e n m a d e in
fa rm
p a rts
and
in
th e
s o u th e rn
c o rn ,
and
s p rin g
w e a th e r a n d
c ro p
tw o
y e a rs.
by
O n
F lo rid a
th ird s
of
h a v in g
th e
fre e z e
th e
th e
firs t h a lf
and
d e la y e d
one
In
and
e a rly
of
M a rc h
th e
cro p s
on
y e a rs
and
p ro d u c tio n
m o re
1 9 4 5 -4 6 .
im p o rta n t
in c re a s e d
d ic a te s a c o n s u m p tio n
p e rio d
A lth o u g h
gen
in
w e re
b lig h t
re d u c e d
in fe s ta tio n s .
lo s s e s
w e re
of
a ls o
d e la y e d
have
o f f e rtiliz e r, th e h ig h
h a v e re s u lte d
fo o d s.
in
in
u n p re c e
D is tric t f a r m
1946
s ta te s
in fo rm a tio n
m illio n
e v a lu a
D is tric t fa rm e rs
a p p ro x im a te ly
o f 2 .2
by
fe rtiliz e rs
th e
th a n
th e y
a b o u t 2 .2 m i ll i o n to n s i n
fiv e
a c re a g e
c ro p s in
m o n th .
fa c to r in
p la n t
fe rtiliz e r
of
c o m m e rc ia l
a
q u a n titie s
th e
tru c k
m any
fo r
3 .4
w h ic h
d a ta
m illio n
fo r
th e s e
to n s fro m
to n s
s ta te s
J u ly
d id
1 9 4 0 -4 1
are
in
in
1 9 4 6 to
1 9 4 7 , o r a 5 p e rc e n t in c re a s e o v e r th a t f o r th e c o r
re s p o n d in g
need
in
to
seasons
p a r t o f th e
T hough
c o m m e rc ia l
c o m m e rc ia l
p ro d u ce d
a c re a g e . T ru c k
as
o f re c e n t y e a rs
fo r
F e rtiliz e r-ta g -s a le
F e b ru a ry
o f p o ta to e s ,
f r e q u e n t h e a v y r a in s d u rin g
a v a ila b ility
c o n s u m p tio n
a v a ila b le
and
u n fa v o ra b le
1946
c ro p s
by
s u b s ta n tia l
th e e a rly
in a n y p re v io u s y e a r. F r o m
fe rtiliz e r
and
M is s is s ip p i
la rg e
in
to m a to
re m a in in g
p ro s p e c ts.
re la tiv e ly
dem ands
used
th e
th e
a g r ic u ltu ra l p ric e s
ers
cau sed
in c re a s in g ly
a lw a y s u s e d
d e n te d
L o u is
1 3 0 -m illio n -d o lla r
w o rst s p rin g
F e b ru a ry
c o o l w e a th e r in
rece n t
of
in
A la b a m a ,
hand,
w ho
D i s t r i c t ’s
o f th e
p o ta to
in
L o u isia n a ,
ra in s a n d
o th e r
g ro w ers,
th e
T h e c o n tin u e d c o ld w e a th e r a n d
G e o rg ia ,
G e o rg ia ,
d is e a s e in f e s ta tio n h a v e a d v e r s e ly a ffe c te d tr u c k -
B o th
th e
of
o f f ie ld s a n d th e p la n tin g
g ra in s .
p ro d u c tio n .
about
w o rk , p a rtic u la rly
in th e s e a s o n a b e lo w -n o rm a l r a in f a ll p e r
m itte d th e p r e p a r a tio n
g re a te r th a n
m a rk e d
1946,
1 1 ,0 0 0
w h e re
w as
upon
reserv es.
has been
b u s in e s s e s .
th e re
S ix th
1946,
d e p o s its
b a n k s’ re se rv e
b a la n c e s w e re a b o u t 4 p e rc e n t s m a lle r in F e b ru a ry
th e y
o f th e w a r y e a rs
good.
C. T. T.
h a s g ro w n
3 .9 .
in
o r in d u s tr ia l e n te rp ris e s
lo s s
in
by
and
Agriculture
tio n
A n
of
a re
m o n th
M is s is s ip p i. E a r ly
b illio n
reserv es
a
by
re d e m p tio n
re d u ce d
y e a r. T h e ra tio
fa lle n
lia b ilitie s
e n tire ly
d o lla r s in
1 .5
th is
ia n a
d o lla rs
1,
m o n th s
on
G o v ern m en t
A p ril
in
31
is s u e d
1 9 4 6 , b u t o n ly to 4 8 . A lth o u g h d u r in g e a c h
w e re
G o v e rn m e n t s e c u ritie s .
m illio n
s h o rt-te rm
m a tu rin g
re s u lt
D is tric t
of
84
re p o rt
c o m m e rc ia l
v e ry
e ith e r in
end
on
d o lla rs
th e y
fo r
been
1943,
F e b ru a ry
c ro p , w e re
b ecau se o f an
ra tio
th a n
th e
th e
in c re a s e d
m illio n
1 5 . O f th e 2 .8 b i l l i o n
In d e b te d n e s s
red ee m ed
w as
in
387
w a s a c c o u n te d
b a n k s ’ h o ld in g s
of
c a te s
w ere
h o w ev er,
d e c lin e
am ount
to
G o v e rn m e n t
th e
d o l l a r s , t o a t o t a l o f 1 .2 b i l l i o n
in v e stm e n ts
M a rc h
d e c re a se
c ity
of
by
to
fig u re s
of
in
F ie ld -c ro p
lo a n s
T he
th e
re tire m e n t
12.
M a rc h
a
re c e n t
s e c u ritie s
is
on
c o m m e rc ia l
in
tw o
Ja n u a ry
to ta l
S.
success
m o n th
a s h o rt
o f th e p re w a r y e a rs . T h e to ta l a m o u n t o f lia b ilitie s in v o lv e d
in
D e s p ite
g re a te r
50
firs t
su m ers.
th e
o f th e D is
b a s is .
th e D is tric t. T h e re c o r d
lik e ly
to
lo n g e r-te rm
rep o rt h as
of 372
a c tio n s
th e
a
b u s in e s s
in
th e n in c r e a s e d in
of
on
D is tr ic t in v o lv e d
d e c re a se d
c u ritie s ,
U .
of
th is
to ta l
am ount
T o ta l
in
S ix th
ta ry
cases,
B ra d s tre e t e a c h
d u s tria l fa ilu re s
as
k e r s a n d o th e r s e c u r ity lo a n s a n d in lo a n s p r in c ip a lly to c o n
M a rc h
som e
p o r te d , th e s e
5 9 4 m illio n
th e b a n k s
tr ic t b e c a u s e th e y a r e im p o r ta n t b o rro w e rs e ith e r o n
T. R. A.
Finance
u a ry
e s is , o f c o u r s e , o f v it a l im p o r ta n c e to
in
th e
th e
to ta l
th e
s u p p ly
p re c e d in g
q u a n tity
y e a r.
dem anded
a v a ila b le
to
th e
w ill
p ro b a b ly
n a tio n , th e
be
g re a te s t
w ill b e f o r n itr o g e n o u s m a te r ia ls . N e t im p o r ts o f n it r o
a re
e s tim a te d
a t 1 3 3 ,0 0 0 to n s , o r a b o u t 5 ,0 0 0
to n s m o re
th a n th e a v e ra g e n e t im p o r ts d u r in g th e p e r io d 1 9 3 7 -3 9 . E v e n
th o u g h
th e
in c o rp o
u se
d u rin g
th e a lre a d y -e x is tin g b u s in e s s
th e
re c o rd
7 2 5 ,0 0 0
th e
to n s
of
n itro g e n
c u rre n t y e a r set a
d e m a n d s o f A m e ric a n
a v a ila b le
re c o rd , th e y
fa rm e rs.
fo r
d o m e s tic
w ill n o t m e e t
M
o n t h ly
O n
S ix th
farm s
in
th e
g e o g ra p h ic
re g io n s
re p re s e n ta tiv e
D is tr ic t s ta te s m o re w o rk e rs w e re e m p lo y e d
firs t th r e e
m o n th s
sa m e p e rio d
ers
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a rc h 1 9 4 7
R e v ie w
on
of
th is
year
la s t y e a r. T h e
fa rm s
w as
th a n
a v e ra g e
about 4
w ere
o f th e
d u r in g th e
e m p lo y e d
in
n u m b e r o f f a m ily
p e rc e n t g re a te r
th a n
th e
th e
w o rk
num ber
re c o rd
h ig h
c e n t o f th e
in
th e
fa rm e rs
m o st p a rt fa rm
L o u isia n a a n d
th e
c o tto n
n u m b e r o f h ire d
a re a , w h ic h
is
w o rk e rs w ere
re p re s e n ta tiv e
M is s is s ip p i. T h e n u m b e r o f h ir e d
of
w o rk e rs o n
15
th e
w as 262
th e
1946.
248
fo r
fro m
265
fo r
A lth o u g h
on
th e
th a t f o r th e
farm s
on
num ber
sam e
on
d a te
th e
c o rre s p o n d in g
M a rc h
1
la s t y e a r,
sh o w s
d a te s
little
in
change
e m p lo y m e n t w a s
u n d o u b t
e d ly h e ld d o w n to s o m e e x te n t b y a d v e rs e w e a th e r in th e la s t
w eek
of
F e b ru a ry .
O n
th e
firs t d a y
o f th is
m a in ly
15
of
o f fa rm
p ric e s
p e rc e n t o f th e
G e o rg ia , 2 5 9
L o u isia n a .
becau se
of
w o rk e rs’
w o rk d a y
M is s is s ip p i a n d
A lth o u g h
c o n tin u e d
in
a ll
D is tric t
s ta te s
except
m o n th s
o f th is
L o u isia n a .
fa rm
p ric e s
d u rin g
th e
f ir s t tw o
by
215
1946
p e rc e n t
r e c e iv e d
of
its
fig u re . F o r th e
D is tric t f a r m e r s h a v e f o l
p ric e s f o r th e n a tio n . O n
by
F or
F lo rid a
th e
re la tiv e ly
fa rm e rs
fo r
F e b ru a ry
th e
n a tio n
it
fo r
w as
T en n essee, an d
w as
o n ly
lo w
p ric e s
213,
h o w e v e r,
re c e iv e d
fo r
A lth o u g h D is tr ic t f a r m e r s c o n tin u e d to re c e iv e h ig h p r ic e s
in th e e a rly
m o n th s o f th is y e a r, th e ris e in
In d ic a tio n s a re th a t f a rm
o f th e h ire d
w as
th e
f o r A la b a m a , 2 5 7
w a rd tre n d
le n g th
p e r
1 9 1 0 -1 4 b a s e p e rio d . T h e in d e x
te n d s to
th e
p ro d u c tio n
p r ic e s r e c e iv e d
tre n d
in d e x
in
p e rc e n t ab o v e
p e rc e n t h ig h e r th a n th e y w e re o n J a n u a r y 1, 1 9 4 6 . T h e d o w n
o f th e la s t th re e y e a rs in
15. A t 234
c itru s fru its .
y e a r fa rm -w a g e
ra te s in th e a r e a s re p re s e n ta tiv e o f th e D is tr ic t w e re 1 0 to
use
a v e ra g e , 2 2
lo w e d th e
b o th J a n u a r y 1 a n d F e b r u a r y 1 w a s c o n s id e ra b ly h ig h e r th a n
num ber
F e b ru a ry
it w a s a y e a r a g o . T h e m id -F e b ru a ry in d e x o f p ric e s f o r c o m
m o d itie s
c e n t g re a te r. In c re a s e s in
d e lta
e n d in g
p a id b y f a rm e rs w a s 2 6 p e rc e n t h ig h e r in m id -F e b ru a ry th a n
1 9 1 0 -1 4
th e
m o n th
1 9 1 0 -1 4 p r ic e s th e a ll-c o m m o d ity in d e x o f p r ic e s
la s t y e a r, a n d th e n u m b e r o f h ir e d w o rk e rs w a s a b o u t 8 p e r
g re a te s t in
4 3
o ffs e t th e
th e
firs t h a lf o f
fo r
a ll
a d v a n ta g e
g a in e d
p r o d u c t io n c o s ts
h ig h e r fa rm
p ric e s .
c o s ts w ill n o t d e c lin e m u c h
1 9 4 7 . A lth o u g h
c o m m o d itie s
by
m ay
th e
d e c lin e
d u rin g
p ric e s th a t f a r m e r s p a y
s o m e w h a t,
th e
p ric e s
of
c o m m o d itie s c o m p r is in g f a r m - p r o d u c tio n c o s ts w ill p r o b a b l y
y e a r h a v e r e m a in e d a t a p p r o x im a te ly th e h ig h le v e ls a tta in e d
in c r e a s e s til l f u r th e r . S in c e i t s e e m s p r o b a b l e th a t c o s ts d u r
in
th e
in g
to
p ric e s p a id
at
any
la s t p a r t o f
tim e
is
s in c e
J u ly . P ric e s p a id
1 9 4 6 , th e
re la tio n s h ip
le s s f a v o r a b le
th e
ra p id
to
of
fa rm e rs
fa rm -p ric e
p ric e s
th a n
in c re a s e
b y t h e n a t i o n ’s f a r m e r s r o s e 3
re c e iv e d
it h a s
been
began
la s t
p e rc e n t to
S ix th
D
a
th e
c o m in g
m u s t g iv e
m o re
SA LES
I te m s
A u to m o tiv e s u p p lie s .
D r u g s a n d s u n d r i e s ..
D ry g o o d s ......................
E le c tric a l g o o d s .........
F arm , s u p p lie s
..
C o n f e c tio n e r y .............
G r o c e r i e s ........................
F u ll l i n e s ....................
S p e c ia lty l i n e s ----G e n e ra l h a r d w a r e ...
I n d u s tria l) s u p p l i e s . .
L u m b e r a n d b u il d in g
m a t e r i a l s ....................
M a c h in e r y , e q u i p .,
a n d , s u p p l i e s ...........
T obacco p ro d u c ts . . .
M is c e l la n e o u s .............
T o t a l.................................
7
9
9
3
3
6
30
10
9
5
4
3
4
20
122
—
—
—
—
—
—
14
15
22
16
12
5
F eb.
1946
—
2
+ ,2
— 13
16
+ 31
i+ 9
— 4
— 12
— 7
— 10
&
+
69
+297
— 7
— 15
— 6
— 7
+ 42
•+ 6
+ 25
+ 26
17
4 - 15
+ 31
.+ 140
re la tiv e ly
have
in
h ig h ,
fa rm e rs
re c e n t y e a rs
to
B. R . R .
S t a t i s t i c s
R ETAIL JEW ELRY S T O R E O P E R A T IO N S
5
4
4
+
+
+
6
2
14
13
4
4
—
—
+
4
4
6
+
+
+
71
5
61
r f 53
+ 61
+ , 77
I te m
C a s h s a l e s .................................................
C r e d it s a l e s ..............................................
A c c o u n ts r e c e iv a b l e , e n d o f m o n th
C o lle c tio n s d u r in g m o n t h ...............
+ ''7
+
2
>+ 61
rj- 53
N um ber
of
S to r e s
R e p o r tin g
J a n u a r y 1947
22
22
22
22
22
+ 20
+
8
+ ! 31
+
5
+ 11
P erc e n t C h a n g e
F e b r u a r y 1947 fro m
F e b r u a r y 1946
—
—
+
+
+
0
22
26
52
48
RETAIL F U R N IT U R E S T O R E O PE R A T IO N S
I te m
is
52
th e y
m a in ta in e d .
i s t r i c t
N o. oi P erc e n t C h a n g e
F irm s. F e b . 28, 1947, fro m
R e p o r t J a n . 31
F e b . 28
in g
1947
1946
* B a s e d o n U . S. D e p a r tm e n t o f C o m m e rc e fig u r e s
re m a in
th a n
IN V E N T O R IE S
P ercen t C h a n g e
F e b . 1947 Iro m
Jan.
1947
w ill
m e th o d s o f r e d u c in g p r o d u c t io n c o s ts i f n e t in c o m e s a r e to b e
W H O L E S A L E SA LES A ND IN V E N T O R IE S*
N o. of
F irm s
R e p o r t
in g
year
a tte n tio n
T o ta l s a l e s .................................................
C ash , s a l e s .................................................
I n s ta llm e n t & o th e r c r e d i t s a l e s . .
A c c o u n ts r e c e i v a b l e / e n d of m o n t h .
C o lle c tio n s d u r in g m o n t h ................
In v e n to r ie s , e n d o f m o n t h ................
N um ber
of
S to r e s
R e p o r tin g
102
94
94
101
101
91
P erc e n t C h a n g e
F e b r u a r y 1947 fro m
J a n u a r y 1947 F e b r u a r y 1946
+
3
— 13
+
6
— 2
— 1
+
5
+
—
+
+
+
+
11
17
18
30
27
74
4 4
M
o n t h ly
R e v ie w
o f th e F e d e r a l R e s e r v e B a n k o f A tla n ta f o r M a rc h 1 9 4 7
National Sum m ary o f Business Conditions
I n d u s tria l
o u tp u t
F e b ru a ry
and
p e a c e tim e
le v e ls
m e n t-s to re
s a le s
c lo s e to
and
th e
e m p lo y m e n t
e a rly
reac h ed
has
in
c o n tin u e d
p ric e s
w e re
of
at a
T he
advanced
in
th e
re c o rd
w as
d u rin g
v a lu e
of
d e p a rt-
w as
c lo s e
a d ju ste d
ra te
la s t s u m m e r. W h o le fu rth e r.
a d ju s te d
in d e x , w a s
m a in ta in e d
r a te o f 1 8 8 p e r c e n t o f th e
F e b ru a ry
th e
Ja n u a ry
ra te ,
a u to m o b ile
s o n a l g a in
te ria ls .
th e
a
1941
T he
g a in
in
T he
re a c h e d
m a in ly
and
to
p ro d u c tio n
num ber
new
tio n s
97
in c re a s e d
a u to m o b ile s
above
a c tiv ity
in
in
F eb ru ary ,
in d e x
of
w hen
s te e l
a
and
tru c k s
m a
a s s e m b le d
a b o u t th e
a t o p e n -h e a rth
c o n tin u e d to
p ro d u c tio n
9 -p erce n t
sam e
In
M a rc h
a d v a n c e , re a c h in g
in
show ed
in c re a s e
a
in
as
s lig h t
o u tp u t
o ffs e t a 2 - p e rc e n t d e c lin e in
fu rn ace s.
th e
O u tp u t o f m a n u fa c tu re d
s c h e d u le d
new
la s t w eek
fo o d
F e b r u a r y , a f te r a llo w a n c e
a
v e re
tw o
w eeks
la rg e ly
to
in d e x
v a lu e
p re lim in a ry
m ost
so m e w h a t in
w hen
a g re a te r-th a n -s e a s o n a l in
a d ju ste d
p e rc e n t o f th e
and
c o n d itio n s ,
th e
a v e ra g e . T h e
o th e r
s to c k s
1 9 3 5 -3 9
c la s se s
of
F e b r u a r y , o w in g in
and
th e n
o f M a rc h . L o a d in g s
a b o v e *t h e
advanced
of
re v e n u e
p a r t to
d u rin g
th e
fo re s t p ro d u c ts ,
Ja n u ary
ra te
in
a v e ra g e .
se
firs t
h o w ev er,
th ro u g h o u t
th is
Commodity Prices
W h o le s a le
ru a ry
c o m m o d ity
and
tis tic s ’ in d e x
at
p ro
of
m o n th .
d e c lin e d
c rea se s
som ew hat
c o n tin u e d
to
ris e
d u rin g
of
w h o le s a le
p ric e s
at
149
F eb
o f L a b o r S ta
(1 9 2 6 — 1 0 0 )
w as
a b o v e th e le v e l o f la s t J u n e . T h e r e w e re s h a r p
to
a
p ro d u c ts ,
th a n
p ric e s
th e firs t h a l f o f M a rc h . T h e B u r e a u
new
and
fa rm
h ig h
th e
le v e l
a v e ra g e
of
of
p ro d u c ts c o n tin u e d
184
in
p ric e s
to
th e
of
in d e x
fo r
in
fa rm
c o m m o d itie s
o th e r
ris e .
Bank Credit
D e p o s its
o f b u s in e s s e s
d e c lin e d
s h a rp ly
B anks
and
in c re a s e d
in
and
in d iv id u a ls
T re a su ry
F e b ru a ry
a t c o m m e rc ia l b a n k s
d e p o s its
as
a
at
re s u lt
F ed eral
of
R eserv e
in
th e
p ro c e s s in g
o f fru its
s h ift
of
fu n d s
to
T re a su ry
la rg e
a c c o u n ts
ta x
pay
a t th e
R e
and
banks
put
a
d ra in
on
m e m b e r-b a n k
re se rv e s,
w h ic h
little c h a n g e a t te x tile m ills , a n d
w as
in d u s trie s p r o d u c in g
o ffse t in
p a rt by
a
d e c lin e
in
re q u ire d
re se rv e s
and
in
c h e m ic a ls , r u b b e r p ro d u c ts , a n d
p a rt by an
m o s t o th e r n o n d u ra b le
la s t y e a r,
1 9 3 5 -3 9
p e rio d .
serv e
a lso in
of
fo r th e u s u a l s e a s o n a l c h a n g e s,
a re d u c tio n
v e g e ta b le s . A c tiv ity s h o w e d
th e
of 280
coal
c o n s id e ra b ly
m e n ts . T h is
o w in g
of
w e a th e r
and
le v e l
o p e ra
p o s tw a r h ig h
o f th e
p ro d u c ts
a
th e
a v e ra g e .
F eb ru ary ,
q u a rte r
p e rc e n t o f th e
g re a te r-th a n -s e a -
o th e r b u ild in g
w as
270
reac h ed
w e re
som ew hat
and
c re a se
o n e th ird
p e rc e n t o f c a p a c ity
in
to
p e a k , w h ic h
e le c tric fu rn a c e s m o re th a n
d u c tio n
a
Ja n u a ry
g o o d s w a s s lig h tly
o f lu m b e r
of
p o s tw a r
B o a r d ’s
in
o w in g
in d u s try
a t th e
b e a t a b o u t th e s a m e a v e ra g e le v e l a s it
fo u rth
f r e ig h t d e c lin e d
a v e ra g e .
O u tp u t o f d u r a b le m a n u fa c tu re d
to
S h ip m e n ts
b y t h e B o a r d ’s s e a s o n a l l y
in
1 9 3 5 -3 9
th e
o f d e p a rtm e n t- s to r e s to c k s s h o w e d
dex
Industrial Production
I n d u s tr ia l p ro d u c tio n , a s m e a s u re d
th e y e a r is li k e ly to
at
s e a s o n a lly
s in c e e a r ly
have
m a in ta in e d
M a rc h
Ja n u a ry .
th e le v e l p r e v a ilin g
s a le -c o m m o d ity
p a rt
m a n u fa c tu re d
in c re a s e in
R e s e rv e -b a n k h o ld in g s o f G o v e rn m e n t
goods.
s e c u ritie s . I n th e fir s t h a l f o f M a r c h , h o w e v e r, w h e n T r e a s u r y
M in e ra l p ro d u c tio n
w a s m a in ta in e d
a t th e J a n u a r y
ra te . A
d e p o s its
6 -p e rc e n t d e c lin e in
tio n
c rea se d
p ro d u c tio n
o f c ru d e
p e tro le u m
and
w ith
tu rin g
v a lu e
w as
a b o u t th e
of
fo u rth
c o n s tru c tio n
sam e
and
p riv a te
h ig h e r,
as
c o n tra c ts
th a t
m a in ly
p ro je c ts . T h e
r e s id e n tia l c o n s tru c tio n
th e
red u ce d
le v e ls
in
a w a rd e d
D ec e m b e r,
b ecau se
v a lu e
o rd e rs
w as
ra ise d
of
of
in
F eb ru a ry
a c c o rd in g
in
sev eral
aw a rd s
c o n tin u e d to
re a c h e d
a m o u n t o f th is g e n e ra l ty p e
eral
to
th e
show
la rg e
fo r
little
N o v e m b e r.
p riv a te
on
non
c h a n g e fro m
T he
o f a c tiv ity p e rm itte d
s u b s ta n tia lly
p u b lic
Ja n u a ry
m a x im u m
under F ed
c u ritie s
paym ent
re s u lte d
to
in
T re asu ry
B o a r d ’s
show ed
s a le s d u r in g
about
a d ju ste d
d raw n
dow n
in d e x
th e
of
F e b ru a ry
usual
s a le s
a n d th e firs t h a lf o f
d u rin g
advance,
th e
firs t
and
q u a rte r
th e
of
R e se rv e -b a n k
th e
s h a rp ly .
and
in
in
re se rv e
in
connec
d o lla rs
p o s itio n s
h o ld in g s
C o m p le tio n
In te rn a tio n a l
a d e c lin e
F e d e ra l R eserv e
C o m m e rc ia l
banks
w e re
seasonal
b illio n
of
m a
of
of
M o n e ta ry
th e
o ffs e ttin g
a c c o u n ts
changes
in
in
g o ld
o th e r
w ith o u t a ffe c tin g
eased
U n ite d
F und
th e to ta l m o n e ta ry
w e re
G o v e rn m e n t
se
S ta te s
F eb ru ary
s to c k
o f th e
T re a su ry
and
m e m b e r-b a n k
re
se rv e b a la n c e s .
in
H o ld in g s
10.
Distribution
D e p a rtm e n t-s to re
w ere
about 3
m e m b e r-b a n k
and
d e c lin e d
F e b ru a ry
M a rc h
banks
re tire m e n t o f
s e c u ritie s ,
c o n s id e ra b ly
F . W . D o d g e C o rp o ra tio n . A w a rd s in J a n u a r y h a d b e e n a b o u t
one
R e se rv e
cash
m e ta ls .
Construction
T he
a t th e
c o a l o u tp u t w a s o ffse t in th e to ta l b y in
and
le a d in g
of
in d u s tria l
c itie s .
lo a n s
R e a l-e s ta te
G o v e rn m e n t s e c u ritie s
th ro u g h
in c re a s e d
s a le s
to
w e re
m a in ta in
so m ew h at e a rly
in
in c re a s e d
lo a n s
ro se
fu rth e r
re d u c e d
re se rv e
M a rc h
at
m o d e ra te ly .
fu rth e r
p o s itio n
b ecau se
in
and
p u rc h a se s
o f T r e a s u r y b ills a n d c e rtific a te s w e re la r g e r th a n th e a m o u n t
o f re tire d
is s u e s h e ld
by
th e s e b a n k s .
T h e
B oard
o f
G o vern o rs
@FedFRASER