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Monthly Review F E D E R A L R E S E R V E BANK O F A T L A N T A V o lu m e X X X V I A A A tla n ta , G e o rg ia , M a rc h R e c o r d g re a te r d e m a n d fo r th e o p e ra tio n s of Y e a r f o r lo a n s w a s th e D is tric t S i x t h c h ie f fa c to r in flu e n c in g m em ber banks 1950. m e e tin g th e in c re a s e d ers, a n d c o n s u m e rs , th e b a n k s ’ to ta l e a rn in g s ro s e in 162 m illio n N et p ro fits m illio n d o lla rs , a fte r y e a r, p ro fits and o f b u s in e s s m e n , f a r m of o th e r 1949 c h a rg e s p e rc e n t m o re th a n by 16 banks to th e c a p ita l bank bank. added to N o t o n ly d u rin g a v e ra g e in c re a s e d o p e ra tin g N e t p ro fits ra tio but ra tio of s lig h tly , s tu d y a v e ra g e d 1 0 .6 p e rc e n t p e rc e n t in 1949 T h ese an d 22 w e re td o f n e t p ro fits to th e .7 5 to 37 d u rin g bank o th e r ra tio s c o m p u te d fro m ta k e n in fro m o f c o n d itio n f o r D e c e m b e r 3 1 , 1 9 4 9 ; to b e r 4 ,1 9 5 0 , a n d fr o m on th e ir ra te s of books re tu rn to p a rt of th e th e banks c o m p le te d by of ac c a p ita l .7 0 w ith 5 .8 p e rc e n t in 1 9 4 9 . P art 1950. a v e ra g e in o f re tu rn lo a n s w ere th a n m ade B e tw e e n ra te s A tla n ta on N ew lo a n s . B u t, in h ig h e r D ecem ber c h a rg e d and b u s in e s s at ra te s 1949 new and b u s in e s s O rle a n s , fo r a d d itio n , d u rin g th e la tte r D ecem ber lo a n s at e x a m p le , 1950 le a d in g advanced a p p ro x im a te ly a q u a r te r o f o n e p e rc e n t. CURRENT EARNINGS AND NET PROFITS, 1935-50 District Member Banks m i l l i o n s o f m il li o n s o f d o l l a r s d o lla r s 1950. c o n ta in e d d a ta lo a n s h ig h e r su m e rs d u r in g m o s t o f th e y e a r. T h e se lo a n s c u s to m a rily e a rn h ig h e r ra te s net to ta l a s s e ts in c r e a s e d f r o m p e rc e n t in m o re y ie ld e d th a n in 1 9 4 9 . E a r n in g s o n lo a n s d u r in g 1 9 5 0 a v e ra g e d 6 .0 p e r c o u n ts d u r in g 1 9 5 0 , c o m p a re d w ith 1 0 .5 p e r c e n t in 1 9 4 9 . T h e a v e ra g e ra tio have lo a n s o f th e g ro w th c a n b e e x p la in e d b y th e g r e a te r le n d in g to c o n a c c o rd in g re c e n tly banks b u t th o s e B a n k s c e n t o f to ta l lo a n s , c o m p a r e d a c c o u n ts m em ber th e e m b e r m illio n . a m o u n te d c a p ita l d id 1950 M 1 9 5 0 to n e t p ro fits f o r th e p r e th e ir N um ber 3 D is tr ic t b u s in e s s h o w ev er, m em ber th is th o s e By y e a r. B e c a u s e th e th e to p p in g ta x e s d o lla rs , 9 c e d in g c re d it d e m a n d s d u rin g 31, 1951 th e ta b le th e on page b a n k s ’ re p o rts June 3 0, 1 9 5 0 ; an d O c th e r e p o r ts o f e a r n in g s a n d d iv id e n d s f o r th e e n tir e y e a r o f 1 9 5 0 . T h e r a tio s s h o w n a v e ra g e s o f in d iv id u a l b a n k a re a rith m e tic ra tio s . Changes in Earning Assets L ast y e a r ’s g re a te r c rea se o f 6 0 0 change in e a rn in g s m illio n th e ir re s u lte d d o lla rs in c h a ra c te r . M e e tin g c re d it m e a n t th a t th e b a n k s h a d lo a n s o u ts ta n d in g a t th e end p r e v io u s ly . T h is in c re a s e not o n ly fro m an to ta l a s s e ts b u t a ls o th e 389 of m illio n 19 50 re s u lte d dem ands th a n fro m a in fro m fo r a p riv a te d o lla r s m o re in th e y had g ro w th in a year re a l es ta te a n d c o n s u m e r lo a n s d u r in g th e firs t h a lf o f th e y e a r a n d fro m an u n p re c e d e n te d e x p a n s io n o f c o m m e rc ia l a n d in d u s tr ia l lo a n s d u rin g th e la tte r h a lf o f th e y e a r. To m a in ta in re se rv e s re q u ire d by e x p a n d in g d e p o s its , th e b a n k s re d u c e d th e ir h o ld in g s o f G o v e rn m e n t s e c u ritie s b y 8 5 m illio n d o lla rs . p e rc e n t in p e rc e n t, 1950 th e s e c u ritie s o f th e s e S in c e and s h ift lo a n s to w a rd re s u lte d y ie ld e d an a v e ra g e ra te G o v e rn m e n t s e c u ritie s r e tu r n e d in a d e v e lo p m e n ts m o re lo a n s n e t in c re a s e w as th a t and in lo a n s , le s s of 6 .0 o n ly 1 .7 G o v e rn m e n t e a rn in g s . T h e c o n s titu tin g r e s u lt T h e ra te any o f e a rn in g s o n o th e r y e a r s in c e 1942. N o t s in c e 1940 e a rn in g s have banks fro m d e riv e d lo a n s . L o sse s e x c lu s iv e o f tr a n s f e r s , a m o u n te d to to ta l lo s s e s lo a n s . on H o w e v e r, lo a n s an th e banks am ount e a rn in g s . as g re a t a and o n ly .2 4 .4 of lo a n s , o f o n e p e rc e n t o f tra n s fe rre d a v e ra g in g on to re se rv e s p erce n t of fo r to ta l th e y e a rs 1937 1950 th a n th ro u g h in 1941, s e c u ritie s y ie ld e d th e s a m e a v e ra g e r e tu r n in 1 9 5 0 a s in 1 9 4 9 . b u t 3 0 .1 p ro p o rtio n c h a rg e -o ffs In h o w e v e r, lo a n s e a rn e d a n a v e ra g e o f 6 .5 p e rc e n t. G o v e rn m e n t Expenses p e r c e n t o f to t a l a s s e ts , p r o v id e d 5 7 .5 p e r c e n t o f to t a l e a r n in g s . th e ir lo a n s w as h ig h e r in F o r m o st b an k s, ex p en ses in r e la tio n little to 1950. 3 0 .7 changed fro m 1949 to p e rc e n t o f to ta l e a rn in g s , c o m p a re d 1 9 4 9 . T h e ra tio p rin c ip a lly o f o th e r e x p e n s e s to b ecau se o n tim e d e p o s its . o f th e to ta l e a rn in g s S a la rie s d e c re a se d and w ith 3 0 w ages to o k p e r c e n t in to ta l e a rn in g s im p o rta n c e w e re of d e c lin e d , in te re s t 22 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 5 1 R e v ie w Capital Ratios A lth o u g h to ta l d o lla r s , th e crea se d a s s e ts ra tio g re w m illio n 1950 over o f to ta l c a p ita l a c c o u n ts to s u b s ta n tia lly . B y added 27 d u rin g a s s e ts c o n s is te d o f G o v e rn m e n t s e c u r itie s , w h ic h w e re r e a d ily th e end o f th e h a lf a b illio n to ta l a s s e ts in y e a r th e banks had d o lla r s to th e ir to ta l c a p ita l a c c o u n ts . C a p ita l s to c k w a s in c r e a s e d 7 m illio n d o lla r s a n d s u r p lu s 1 9 m il c o n v e rtib le in to c a s h a t p r a c tic a lly g u a ra n te e d p ric e s , c a p ita l to a s s e t o r d e p o s it r a tio s lo s t m u c h o f th e ir s ig n if ic a n c e . T h e g ro w th has in bank in c r e a s e d been le n d in g ris k s re fle c te d in s in c e th e end p r o p o rtio n a te ly . changes in w hat of th e The is w a r, h o w e v e r, in c re a s e d o fte n c a lle d ris k th e has “ ris k a s s e t” r a tio . I n 1 9 4 5 , w h e n th e b a n k s h a d th e ir h e a v ie s t h o ld lio n . T h e a v e r a g e r a t io o f to t a l c a p ita l a c c o u n ts to to ta l a s s e ts in g s o f G o v e rn m e n t s e c u ritie s , to ta l c a p ita l a c c o u n ts a v e ra g e d o f 7 .3 p e r c e n t in 1 9 5 0 w a s th e h ig h e s t s in c e 1 9 4 3 . 3 2 .3 a p e rc e n t o f ris k P a r t o f th e in c re a s e in to ta l c a p ita l a c c o u n ts r e s u lte d fro m c u ritie s c o n s e rv a tiv e 2 1 .5 . era g e d la rg e but p a rt D u rin g 3 .2 of d iv id e n d p e rc e n t th e p o lic y . S in c e of e a rn in g s to ta l d iv id e n d s d e c la re d c a p ita l w ent a c c o u n ts to w a rd in in c re a s in g av 1950, a c a p ita l. The S O U R C E S AND D IS P O S IT IO N O F EA R N IN G S : P e r c e n t of to ta l e a rn in g s : In t. o n U . S . G o v t, s e c ............... I n t. a n d d iv . o n o th e r s e c . . . . E a r n in g s o n l o a n s .......................... S e rv . c h g s . o n d e p . a c c o u n ts O th e r c u r r e n t e a r n i n g s ............. T o tal e a r n i n g s ............................... S a la r ie s a n d w a g e 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 rre n t e a rn in g s b e f o r e in c . t a x e s .................... N et lo s s e s (i n c lu d in g t r a n s f e r s ) ......................................... T a x e s o n n e t in c o m e .................... N et p r o f it s ...................................... RA TES O F E A R N IN G S O N S E C U R IT IE S AND LO A NS: 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 of o th e r s e c .: In t. a n d d iv . o n 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 a n d p ro fits o r lo s s e s o n s e c ......................... P e r c e n t of to ta l lo a n s: E a r n in g s o n l o a n s ......................... N et r e c o v e r ie s o r lo s s e s o n lo a n s 1 ........................................... 19 46 1947 1 9 48 1 3 .2 1 5 .8 1 2 .4 3 .3 1 6 .8 1 7 .7 1 4 .0 3 .3 1 6 .9 1 5 .9 1 1 .7 3 .2 1 7.1 1 3 .9 1 0 .4 3 .3 1.8 .6 .6 2 .0 .8 .7 2 .4 1 .0 .7 2 .6 1 .0 .6 3 9 .0 8 .2 3 3 .9 7.1 11 .8 1 0 0 .0 3 0 .2 3 4 .9 6 5 .1 3 7 .7 7 .4 3 8 .4 6 .3 1 0 .2 1 0 0 .0 2 8 .5 3 2 .2 6 0 .7 3 0 .1 6 .6 4 7 .3 6 .6 9 .4 1 0 0 .0 2 9 .0 3 2 .0 6 1 .0 2 5 .8 6 .5 5 2 .3 6 .8 8 .6 1 0 0 .0 2 9 .5 3 1 .9 6 1 .4 1 949 1 6 .8 1 4 .2 1 0 .5 3 .3 2 .8 7 1.11 .7 0 e x p a n s io n now a s s e ts 1949 in th e lo a n s le s s G o v e rn m e n t se ra tio had red u ce d s ta n d s a t p ra c tic a lly b a n k ’s lo a n s th e d e c lin e d it to sam e to 2 0 .8 in le v e l a s T he q u a lity of a o f its m a n a g e m e n t a r e and in v e stm e n ts g e n e ra lly and c o n s id e re d th e o f m o re 1 9 50 1 6 .7 1 4 .5 1 0 .6 3 .2 3 .0 5 1 .1 8 .75 m e a su re such p ro v id e s som e as a c a p ita l in d ic a tio n ra tio . of a N e v e rth e le s s , b a n k ’s a b i l i t y p o s s ib le d e c re a s e in its a s s e ts f r o m yond g ro w th its c o n tro l. A in su ch to a ra tio w ith s ta n d a c a u s e s w h ic h m a y b e b e c a p ita l a c c o u n ts is th e re fo re g ra tify in g . B e c a u se th e y v a ry one fro m a re s e rv ic e in s titu tio n s , th e a n o th e r in th e ir o p e ra tio n s in d iv id u a l b a n k s d e p e n d in g upon SOURCE AND DISPOSITION OF EARNINGS, 1949 and 1950 Sixth District Member Banks (P e rc e n t o f T o ta l E a rn in g s) 2 4 .1 6 .3 5 4 .7 7 .0 7 .9 1 0 0 .0 3 0 .0 3 1 .2 6 1 .2 2 1 .9 6 .0 5 7 .5 6 .9 7 .7 1 0 0 .0 3 0 .7 3 0 .8 6 1 .5 3 4 .9 3 9 ;3 3 9 .0 3 8 .6 3 8 .8 3 8 .5 + 7 .6 8 .9 3 3 .6 + 2 .3 8 .6 3 3 .0 — 2 .1 9 .6 2 7 .3 — 6 .6 7 .9 2 4 .1 — 5 .4 8 .6 2 4 .8 — 4 .4 9 .0 2 5 .1 1 .4 1 .5 1 .5 1 .6 1 .7 1 .7 3 .2 3 .6 3 .0 2 .9 2 .8 2 .7 + .2 + .1 5 .0 5 .6 + .1 D IST R IB U T IO N O F A SSETS: 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 .............................. • 4 7 .8 O th e r s e c ............................................. . 5 .2 L o a n s ..................................................... . 1 3 .8 C a s h a s s e t s ...................................... . 3 2 .4 R e a l- e s ta te a s s e t s ....................... .6 A ll o th e r a s s e t s .............................. . .2 T o tal a s s e t s ................................... . 1 0 0 .0 O TH ER R A TIO S: T o tal c a p . a c c ts . to: T o ta l a s s e t s ...................................... 5 .2 T o tal a s s e ts le s s G o v t. s e c . a n d c a s h a s s e t s ....................... . 3 2 .3 T o ta l d e p o s i t s ................................. . 5 .6 T im e d e p o s it s 2 to to ta l d e p o s i t s ................................................ . 1 8 .7 In t. o n tim e d e p o s it s 2 to tim e d e p o s i t s ................................................ . .9 N u m b e r of b a n k s ............................... . 3 24 5 0 .1 5 .6 1 5.1 2 8 .5 .6 .1 1 0 0 .0 1949 ■ 5 .7 5 .7 5 .8 —.1 — .5 — .2 3 9 .3 6 .9 2 5 .5 2 7 .5 .7 .1 1 0 0 .0 3 7 .1 7 .2 2 8 .2 2 6 .4 .9 .2 1 0 0 .0 4 4 .3 6 .5 2 1 .4 2 7 .0 .6 .2 1 0 0 .0 6.0 —.2 1950 EARNINGS ON LOANS 5 .2 5 .9 6 .2 6 .9 7 .3 2 8 .9 5 .5 2 4 .2 6 .3 2 1 .5 6 .7 2 1 .5 7 .5 2 0 .8 8 .0 2 0 .1 1 9 .8 2 2 .4 2 3 .9 2 3 .7 .9 3 29 .9 3 33 .9 344 1 .0 347 1 .0 350 I INT. AND DIV. ON OTHER SEC. [ INT. ON U.S. GOVT. SECURITIES E 3 OTHER CURRENT EARNINGS [ SERVICE CHARGES ON DEPOSIT ACCOUNTS 3 5 .9 7 .6 3 0 .1 2 5 .4 .8 .2 1 0 0 .0 ^ ’N e t lo s s e s o n l o a n s " is th e e x c e s s of ( a ) a c tu a l lo s s e s c h a r g e d a g a in s t n e t p r o f its p lu s lo s s e s c h a r g e d a g a in s t v a lu a tio n r e s e r v e s o v e r ( b ) a c tu a l r e c o v e r ie s c r e d i te d to n e t p ro fits p lu s r e c o v e r ie s c r e d i t e d to v a lu a tio n r e s e r v e s ; “ n e t r e c o v e r ie s o n lo a n s " is th e r e v e r s e . T ra n s fe rs to a n d fro m v a lu a tio n r e s e r v e s a r e e x c lu d e d . 2B a n k s w ith n o n e w e r e e x c lu d e d in c o m p u tin g th is a v e r a g e . (to ta l im p o r ta n c e in a p p r a is in g th e s o u n d n e s s o f th e b a n k th a n a n y A V E R A G E O PE R A T IN G R A TIO S O F ALL M EM BER BANKS IN TH E SIX TH FED ERA L RESERV E D IST R IC T 19 45 ra tio a s s e ts a s s e ts ). B y fu rth e r 1950. T he a b ility 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 rn i n g s b e fo r e in c . t a x e s ......................................... P ro fits b e f o r e in c . t a x e s ............. N e t p r o f it s .............................................. C a s h d iv id e n d s d e c l a r e d .......... P e r c e n t of to ta l a s s e ts : T o tal 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 et p r o f it s .............................................. cash in 1 9 4 1 . th e w a r y e a rs , w h e n th e g r e a te r p a r t o f th e b a n k s ’ SUM M ARY RA TIO S: and D IS P O S IT IO N 1949 E3 taxes on net in c o m e ESI SALARIES AND WAGES 1950 □ NET LOSSES (INCLUDING TRANSFERS) E 3 OTHER CURRENT EXPENSES I NET PROFITS M o n t h ly e c o n o m ic 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 5 1 R e v ie w c o n d itio n s d em an d s fo r g o v e rn in g c re d it in th e ir th e flo w of d e p o s its c o m m u n itie s . B e c a u s e and th e o f th e d i v e rs ifie d e c o n o m ic a c tiv itie s f o u n d in th e S ix th D is tr ic t, th e r e fo re , a ll m em ber banks d id not sh a re e q u a lly in e ith e r 2 3 DEPOSITS AT SIXTH DISTRICT MEMBER BANKS By States MILLIONS MONTHLY of dollars MILLIONS OF DOLLARS 1,100 th e b a n k lo a n e x p a n s io n o r th e g ro w th in d e p o s its . 1,000 Operations In Individual States T he d iffe rin g fro m in im p a c t of th e a v e ra g e r a tio th e in d iv id u a l s ta n d in g of th e ty p e s o f b a n k in g e c o n o m ic changes can be o b serv ed J F M A M J o f n e t p r o f its to to t a l c a p ita l a c c o u n ts s ta te s o f th e v a rio u s s ta te s D is tric t. can be s tru c tu re in c lu d in g P a rt of th e a s c rib e d to J A S O N O 1 1 MISJilSSIPF>1 re la tiv e d iffe re n t th e r e l a ti v e s iz e s o f th e b a n k s , b u t a g r e a t p a r t o f th e c h a n g e s fro m 1949 19 J O ^ - w as cau sed 200 -1949 b y e c o n o m ic c o n d itio n s . ALABAMA. C o m p a red p ro sp e ro u s y ear fo r w ith 1 9 4 9 , la s t y e a r w as a m u c h and tra d e th a n tie s w h e re a g ric u ltu re it w a s f o r its a g r ic u ltu r e . I n is th e e ith e r th e dem and m any p re d o m in a n t s o u rc e th e r e f o r e , in c o m e s w e re lo w e r th a n n itie s m o re . i ...i. __ j_ . --- tVA, J F M A M J J A S O N D 1 TENNESSEE A l a b a m a ’s m a n u f a c t u r i n g , c o n s t r u c t i o n , fo r in lo a n s c o m m u n i o f in c o m e , 1 9 4 9 . I n th e s e c o m m u w as lim ite d or b a n k e rs w e re m o re c o n s e rv a tiv e in th e ir le n d in g th a n e ls e w h e re . a c u rre d re s u lt, a t th e b a n k s w ith m ost of th e lo a n la r g e r b a n k s . B y th e e n d d e p o s its o f o v e r 1 5 c e n t g re a te r th a n a t th e end of b a n k s w ith d e p o s its o f le s s th a n th e m in ru ra l e x p a n sio n c o m m u n itie s , d o lla rs 1949. On lo a n s th e m illio n at A la b a m a oc th e w e re 2 8 p e r o th e r h a n d , at d o lla rs , m a n y o f end of 1950 w e re p ro fits 1950 c o n tra s t a t th e th a n in in lo a n s m a lle r 1949, th e s ta te w e re u p e x p a n sio n banks w h ic h w h ereas p ro fits show ed w e re a t a ll 8 .4 up in th e p erc e n t m em ber net le s s in banks in 9 .9 p e rc e n t. FLORIDA. sh a re d by S ix th D is tric t M e m b e r B a n k s PER C EN T C H A N G E IN D E P O S IT S , E A R N IN G A S S E T S , AND P R O F IT S 1 9 5 0 C O M PA R ED W IT H 1 9 4 9 D e p o s it S iz e of B an k (M illio n s of D o lla rs ) L ess T h an 3 .5 O ver A ll 3 .5 1 5 .0 1 5 .0 B anks T o ta l L o a n s (E n d o i Y e a r) A la b a m a ............................ F l o r i d a ................................. G e o r g i a .............................. L o u i s i a n a ......................... M is s i s s i p p i....................... T e n n e s s e e ....................... D is tr ic t................................. .................. ................... .................. .................. .................. .................. + 9 .0 + 1 0 .3 + 8 .3 + 5 .8 + 1 5 .9 + 3 .2 + 2 2 .7 + 5 .9 + 1 1 .6 + 5 .6 + 5 .8 + 1 8 .8 + 5 .4 + 3 .7 + 9 .7 + 2 .0 + 9 .3 + 8 .5 + 3 2 .4 + 1 3 .6 + 1 6 .2 + 7 .2 + 8 .0 + 1 5 .2 + 6 .6 + 11.1 + 1 0 .3 + 7 .0 + 6 .2 + 7 .9 + 8 .7 + 2 8 .3 + 2 7 .8 + 2 7 .2 + 2 3 .0 + 2 3 .4 + 3 2 .9 + 2 7 .6 + 6 .3 + 1 2 .9 + 9 .5 + 6 .7 + 7 .2 + 6 .4 + 8 .6 + 1 9 .7 + 2 8 .6 + 2 4 .0 + 2 2 .3 + 1 5 .9 + 27 .1 + 2 4 .0 G o v e rn m e n t S e c u r itie s (E n d A la b a m a ............................ F l o r i d a ................................. G e o r g i a ............................... L o u i s i a n a ......................... M is s is s ip p i....................... T e n n e s s e e ....................... D is tr ic t................................. of Y e a r) ................. ................. .................. .................. .................. .................. + 8 .5 + 6 .3 + 1 1 .3 — 3 .0 —- 1 0 .7 + .2 — 3 .6 + 1 2 .2 — 4 .1 — 8 .6 + 2 .6 — 9 .5 + 1 .7 — 1 6 .7 + 4 .2 — 1 6 .0 —670 — 9 .2 —7 .4 —6 .7 — 1 2 .7 + 6 .2 — 1 2 .4 —6 .0 — 4 .5 — 7 .9 — 4 .9 N et P ro fits (Y e a r) A la b a m a ............................ F l o r i d a ................................. G e o r g i a ............................... L o u i s i a n a ......................... M is s is s ip p i....................... T e n n e s s e e ....................... D is tr ic t................................. ................. ............... .................. .................. .................. .................. ............... —8 .4 + 4 8 .6 + 1 6 .7 — .5 + 2 4 .8 + 1 3 .4 + 8 .4 + 1 1 .2 + 3 6 .7 + 1 6 .7 — 1 .5 + 8 .7 + 1 9 .2 + 1 8 .1 + 1 4 .3 + 4 .6 —2 .1 + 7 .4 + 2 9 .0 + 1 2 .2 + 6 .7 + 9 .9 + 1 2 .4 + 2 .3 + 6 .0 + 1 8 .4 + 1 3 .5 + 9 .2 lo a n e x p a n s io n d u rin g 1 9 5 0 . T h is g ro w th w a s b a n k s o f a l l s iz e s . T h e b a n k s ’ d e p o s ito r s h a d 1 2 .9 p e r c e n t m o r e to th e ir c r e d it a t th e e n d o f th e y e a r th a n a t th e d a b a n k s w e re a b l e to e x p a n d th e ir lo a n s 2 8 .6 sam e p e rio d th e ir G o v e rn m e n t s e c u ritie s . w ith o u t re d u c in g p e r c e n t in th e T h e b a n k s ’ e a r n i n g s ta te m e n ts re fle c te d th e s e d e v e lo p m e n ts . T o ta l + 5 .5 A s a g r o u p , F lo r id a m e m b e r b a n k s le d th e D is tr ic t in d e p o s it a n d net 1 9 4 9 . In T o ta l D e p o s its (E n d of Y e a r) A la b a m a ............................ .................. F l o r i d a .............................. G e o r g i a ............................ .................. L o u i s i a n a ......................... .................. M is s is s ip p i....................... .................. T e n n e s s e e ....................... D is tr ic t.............................. .................. --- !---__ L J---J F M A M J J A S O N D J A S O N O e n d o f 1 9 4 9 . B e c a u s e o f th i s flo w o f f u n d s to th e m , t h e F l o r i a p p r o x im a te ly th e s a m e a s th e y w e re a y e a r p re v io u s ly . T h is J F M A M J o f 1 9 5 0 , lo a n s a t th e m illio n 3 .5 in n r - i i_________________________________________________________________________________________ i _____ ; As 1,000 / 1950 p ro fits in 1950 c o n tr a s t w ith w e re 1 2 .4 th e e x p e rie n c e p e rc e n t h ig h e r th a n in o f th e A la b a m a b a n k s , th e r a te s o f p r o f it in c r e a s e w e re g r e a te s t a t th e s m a lle r b a n k s . GEORGIA. A lth o u g h d e p o s its a t G e o rg ia m e m b e r b a n k s d u r in g th e firs t q u a r te r o f th e y e a r a v e ra g e d o n ly s lig h tly a b o v e th e le v e l o f th e c o r r e s p o n d in g q u a r t e r o f 1 9 4 9 , a p ic k u p in m a n u - LOANS OF SIXTH DISTRICT MEMBER BANKS By States MILLIONS OF DOLLARS 400 1 ALABAMA MONTHLY 195 0 ^ J F M A M J 1 FLOf tIDA J A S 0 MILLIONS OF DOLLARS 1 LOUISIANA 300 1950 ■ N D ! / . ‘__ , I . J F M A M J J A S O N D 1 MISS ISSIPP 1 1950^ _ _ 19 , 1 J F M A M J J A S 0 1950 I9p I , ■ N D J F M A M J J A S 0 N D 1 TEN 'JESSEt GEO*GIA 1950 14 r i J F M A M J J A S 0 19^9 1 J F M A M J J , N D A S 0 N 0 24 M fa c to rin g a c tiv ity th ro u g h o u t th e o n t h ly s ta te h e lp e d 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 5 1 R e v ie w ra ise to ta l in c o m e d u r in g th e la tte r p a r t o f th e y e a r. T h is g ro w th , c o u p le d w ith an 1949, a g r ic u ltu r a l in c o m e in s tim u la te d d e p o s it 1 9 5 0 . B y th e e n d w e re 9 .5 1950 g ro w th a lm o s t e q u a l to d u rin g th e o f th e y e a r G e o rg ia m e m b e r b a n k p e rc e n t g re a te r th a n a year th a t o f re m a in d e r e a rlie r. of d e p o s its T he ra te g ro w th a t th e la r g e r b a n k s w a s s o m e w h a t g r e a te r th a n of a t th e s m a lle r o n e s. L o a n s to in v e n to rie s o f c o tto n o f c o m m o d itie s and p e a n u ts w e re and to h e lp in im p o rta n t fa c to rs in r a is in g to ta l lo a n s a t G e o rg ia b a n k s d u r in g th e la s t h a lf o f T h ese lo a n s w ere la rg e ly c o n c e n tra te d at th e banks lo c a te d in th e l a r g e r c itie s . T o ta l lo a n s a t b a n k s w ith d e p o s its of over 15 m illio n d o lla rs , th e re fo re , h a d c e n t b y th e e n d o f th e y e a r f r o m cem ber 31, 1949. a d ju s tm e n ts fo r p ro f it in c re a s e H o w e v er, re se rv e s a t th e la r g e r p ro fits w e re u p 1 6 .7 2 7 .2 p er th e le v e l e s ta b lis h e d o n D e la rg e ly fo r c lim b e d bad b ecau se debt banks of lo s s e s a c c o u n tin g on over 1 9 49 and th e g ro w th d u rin g le s s m a r k e d . A s a th e la tte r g ro u p , th e p a rt banks of th e had 4 .5 p e r c e n t le s s in G o v e r n m e n t s e c u r itie s a t th e e n d o f 1 9 5 0 th a n at th e end g ro w th in of 1949 deal of 1949. D e s p ite w as g re a te r th a n o f th is re la tiv e ly th e s e lim ita tio n s , p ro fits a t th e M is s is s ip p i b a n k s in re s u lte d lo w in fro m any th e 1 950 ra te o th e r D is tr ic t s ta te . A c o m p a rin g 19 50 of o v e r th o s e p ro fits good w ith th e p ro fits o f 1 9 4 9 . A ll M is s is s ip p i m e m b e r b a n k s lo a n s , th e fa rm in c o m e w a s a p p a r e n t. TENNESSEE. w as T he la rg e ly d e p o s ito rs in d o lla rs h a d end of in to banks p e rc e n t b u t n et d e p o s its d u r in g th e w ith s lig h tly 1949. m illio n g ro w th c o n fin e d d e p o s its D e p o s ito rs d o lla rs 19 50 in la rg e r b a n k s . A t th e of le s s th a n T en n essee y e a r ’s e n d , 3 .5 m illio n lo w e r d e p o s its to th e ir c r e d it th a n in in c re a s e d banks th e ir w ith d e p o s its d e p o s its 7 .9 of a t th e over p erce n t in 15 th e s a m e p e rio d . F o r th e T e n n e s s e e m e m b e r b a n k s c o m b in e d , d e p o s its w e re u p 6 .4 p e rc e n t. w a s m o d e ra te . A t th e s m a lle r b a n k s lo a n s e x p a n d e d o n ly 3 .2 LOUISIANA. s ta te e a rn e d p ro fits in 1 9 5 0 b u t a t m a n y b a n k s th e e ffe c t o f lo w e re d b u ild th e m a r k e tin g 1950. D is tric t year w as m uch CAPITAL RATIOS PERCENT PERCENT p e rc e n t. U n til m id y e a r, lo a n e x p a n s io n a t L o u is ia n a m e m b e r b a n k s w a s a t a lo w e r r a te th a n a t b a n k s in o th e r s e c tio n s o f th e D is tr ic t. L o a n s e x p a n d e d r a p id ly d u r in g th e la tte r h a lf o f 1 9 5 0 , h o w e v e r, a n d o n D e c e m b e r 3 1 , w e re u p 2 2 .3 fro m a y e a r e a rlie r . A lth o u g h e s t a t th e la r g e s t b a n k s , th e th e lo a n ra te of e x p a n s io n g ro w th p e rc e n t w as g re a t w a s h ig h a t th e s m a lle r b a n k s . D e p o s it g ro w th a t th e L o u is ia n a b a n k s , h o w e v e r, w a s o n ly m o d e ra te . A s a th e ir consequence, m ost b an k s G o v e rn m e n t s e c u rity h o ld in g s . liq u id a te d T he banks som e ended of th e IMPORTANCE OF EARNINGS FROM LOANS AND SECURITIES PERCENT OF TOTAL EARNINGS 1940 PERCENT OF TOTAL EARNINGS -------------------------------------------- 70 7 0 ----------------------------------------- 60 i 50 40 30 ---0 1943 1944 1945 1946 p ro fits 6 .0 1947 1948 p e rc e n t g re a te r th a n th e s m a lle r b a n k s w e re s lig h tly MISSISSIPPI. G ro w th in le s s in 1949 in 1950 1950 1950 m a n u fa c tu rin g , th ro u g h o u t th e fa rm 1949, s ta te . in c o m e o f 1 9 4 9 s p o n d in g to ta l b u t th e s e m o n th s d e p o s its but th e and o f th e w ere fo r U n til th a n in 7 .2 year c o n s tru c tio n , d e p o s its w e re b e lo w p re v io u s p e rc e n t as a 1949. enced an th e re fle c te d w h o le th e y th e le v e l o f th e y e a r. B y th e g re a te r e q u a lly 1947 1948 1949 1950 th e tr e n d o c c u rrin g d u r in th a n end at a v e ra g e d d e s p ite th e ir th e ir h o ld in g s lim ite d d e p o s it o f G o v e rn m e n t s e c u ri tie s e v e n m o r e th a n th e la r g e b a n k s . N e t p r o f its f o r a l l m e m b e r b a n k s w e re 1 3 .5 p e rc e n t g re a te r in 1950 th a n in in th e 1949. The Y e a r A head R e c o g n itio n of th e in fla tio n a ry re a rm a m e n t p ro g ra m a s lim ite d an has e x p a n s io n p ro d u c tio n re a rm a m e n t chance of le d be c a lle d upon and to fa c ilita te s e rv ic e s th e s e g ra n tin g e a rn in g s c u rre n t fin a n c e it w ith c re d it a s p o s s ib le . I n B a la n c in g p o te n tia litie s in in c re a s e d th e e f f o r t to of bank of goods p ro g ra m . p o te n tia litie s to a g a in s t re q u ire d dem ands th e m and lim itin g 1951, th ro u g h in th e a g a in s t th e w e ig h in g th e c re d it e x p a n s io n w ill p o s e s e rio u s p r o b le m s f o r D is tr ic t b a n k e rs . Charles T. Taylor. co rre^ of th e lo a n s , d e c re a se d lo w 1950, end o n ly of 2 .5 p e rc e n t h ig h e r. L o a n s e x p a n d e d a t a lo w e r r a te th a n a t b a n k s in a n y o th e r e x p a n sio n in fla tio n a ry and in c o m e in g a in s w e re n o t s h a re d M ay, 1946 a t th e T e n n e s s e e b a n k s f o llo w e d b a n k s w ill u n d o u b te d ly 1 9 4 9 . P ro fits a t o th e r ty p e s o f in c o m e c o m p e n s a te d f o r lo w e r f a r m M is s is s ip p i in 1 944 -1 94 5 m a n y o th e r s ta te s w ith th e g r e a te s t g r o w th c r e d it th e y e a r w ith 1943 20 10 1942 L o a n e x p a n sio n in g ro w th , th e y i 1941 1942 in g th e la tte r p a r t o f th e y e a r . S in c e th e s m a lle r b a n k s e x p e r i EARNINGS FROM LOANS /EARNINGS FROM SECURITIES 1940 1941 T a b u la tio n s s h o w in g th e a v e r a g e o p e r a t in g ra tio s o f S ix t h D is tr ic t m e m b e r b a n k s , c la s s ifie d b y siz e o f b a n k a n d b y states , a r e a v a ila b le o n r e q u e s t to th e R e s e a r c h D e p a rtm e n t o f th is b a n k . 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 5 1 R e v ie w D is tr ic t B u s in e s s 2 5 C o n d itio n s Lending and Spending L e n d in g a n d s p e n d in g c o n tin u e d a t h ig h ra te s in F e b r u a r y a n d M a rc h th r o u g h o u t th e D is tric t a lth o u g h th e re w ere s ig n s of s la c k e n e d le n d in g in s o m e p a r ts . M e m b e r b a n k lo a n s o n F e b ru a ry w e re 28 o n ly 2 m illio n d o lla rs p r e v io u s ly . B e tw e e n th a t d a te a n d in th e le a d in g d o lla rs . th is tim e re c o rd T he c itie s B u t, of D is tric t c o m p a re d and th e w ith usual g re a te r M a rc h in c re a s e d lo a n s seaso n al th a n 21, o n ly m o n th at banks 1 .5 o u ts ta n d in g d e c lin e , a lo a n s m illio n la s t le n d in g year at s till at is le v e ls . s p e n d in g of th e p ro c e e d s of lo a n s ra th e r th a n th e le n d in g its e lf, o f c o u rs e , b e a rs th e p r im a r y re s p o n s ib ility in fla tio n a ry p re ssu re s. L oans o n ly h e lp m ake th e fo r s p e n d in g p o s s ib le . T o ta l s p e n d in g in F e b r u a r y a n d M a rc h a s m e a s u re d by bank and d e b its o th e r w ith d ra w a ls b a n k s in 3 2 th re e h ig h . fro m D e b its , d e p o s it re p re s e n tin g a c c o u n ts D is tr ic t c itie s , a m o u n te d to 4 . 7 F eb ru a ry , 2 1 a t th e c o n tin u e d re p o rtin g w eeks o f M a rc h banks w e re in le a d in g at re p o rtin g b illio n d o l l a r s in ru n n in g 2 9 c itie s fo r th e firs t p e rc e n t g re a te r th a n in th e c o rre s p o n d in g p e r io d la s t y e a r. B ut o n ly p a rt of th e f u n d s . M o re a c tiv e u s e s p e n d in g has o f e x is tin g been liq u id w ith b o rro w ed a s s e ts h a s fin a n c e d m u c h o f th e in c re a s e d b u y in g o f c o n s u m e rs a n d b u s in e s s m e n . T h is is e v id e n c e d b y th e in c r e a s e d r a t e o f tu r n o v e r o r v e lo c ity o f d e p o s it c irc u la tio n . INCREASED DEPOSIT USE. o f w e e k ly r e p o rtin g In F e b ru a ry , fo r m em ber banks in e x a m p le , le a d in g m i lli o n d o ll a r s m o r e to s p e n d in th e f o r m a d ju ste d th a n th e y had d e b its , th e y s p e n t 6 4 0 a n n u a l b a s is , th e fo r seasonal d e p o s ito rs c itie s h a d m illio n v a ria tio n th is by bank d o lla rs m o re . M e a su re d ra te o f d e p o s it tu rn o v e r F e b ru a ry 1 9 3 5 - 3 9 a v e ra g e . L a s t y e a r it w a s 8 2 169 in c re a s e d e v e ry T he ra te of d e p o s it w as 95 on a c c o m p a n y in g ta b le p e rc e n t has ta k e n th a t in se v eral w e re lo w e r th a n of th e c o m b in e d d e p o s its in p la c e in 1 5 .7 1 3 .3 1 2 .1 1 1 .3 8 .4 1 3.1 1 4 .3 1 2 .5 1 1 .8 9 .5 8 .0 1 2 .0 + 9 .0 + 1 5 .4 + 9 .8 + 1 .0 + 1 6 .6 + 7 .4 + 1 0.1 + 6 .7 + 3 :i + 1 9 .0 + 4 .5 + 9 .0 1 6 .2 2 1 .6 1 3 .6 1 1 .6 1 2 .5 9 .6 1 2 .8 1 2 .5 1 3 .0 1 0 .7 1 3 .6 1 8 .6 1 1 .6 9 .0 1 0 .0 8 .6 1 0 .3 9 .6 1 2 .0 9 .4 + 1 5 .6 + 8 .9 + 1 5 .5 + 3 .9 — .5 + 6 .6 + 6 .7 + 4 .4 + 14.1 — 4 .8 + 1 9 .5 + 16.1 + 1 6 .5 + 2 9 .3 + 2 5 .3 + 11.1 + 2 4 .4 + 3 0 .0 + 8 .1 + 1 4 .1 1 1 .9 7 .1 1 3 .6 1 1 .4 5 .8 1 2 .6 + 1 .0 + 1 .5 + 6 .5 + 4 .2 + 2 2 .9 + 7 .6 9 .8 1 7 .3 9 .4 1 3 .0 8 .4 15:5 8 .5 1 2 .5 — 3 .6 + 5 .9 + 7 .5 — 3 .2 + 1 7.1 + 1 1 .6 + 9 .9 + 3 .8 1 2 .0 1 0 .4 1 1 .6 1 3 .4 9 .8 8 .5 1 0 .9 1 1 .9 + 4 .4 + 8 .4 + 3:5 + 6 .8 + 2 2 .0 + 2 2 .5 + 6 .6 + 1 3 .1 *T he r a tio of b a n k d e b i ts (to d e m a n d a n d tim e d e p o s it s ) to a n a v e r a g e of d e p o s its a t th e b e g i n n in g a n d e n d of th e m o n th c o n v e r te d to a n a n n u a l c a sh f o r d o w n p a y m e n ts th is J a n u a r y , c o m p a re d w ith 11 p e r c e n t in J a n u a r y o f la s t y e a r, c u s to m e rs o f r e p o r tin g h o u s e h o ld g re a te r th a n cases w e re u p 2 2 w h ere b y th e r a te o f c itie s th r o u g h o u t th e D is tr ic t, F e b r u a r y , in c lu d in g b o th b u y in g . T o ta l is a v a ila b le . la s t y e a r th e re w a s n e v e rth e le s s a n in c r e a s e d u s e a s m e a s u r e d d e p o s it tu rn o v e r. F o r r e p o r tin g + 2 5 .0 + 2 0 .9 + 1 6 .7 + 8 .6 + 1 3 .7 + 1 3 .2 a p p lia n c e s to re s in th e D is tric t in c re a s e d th e ir to ta l in s ta lm e n t tu rn o v e r show s F eb ru a ry + 6 .9 + 5 .8 + 2 7 .4 + 6 .5 + 6 .4 + 4 .4 an p e rc e n t in F e b r u a r y a n d c ity o f th e D is tr ic t f o r w h ic h i n f o r m a ti o n a v e ra g e d e p o s its in N e w n a n ............. S a v a n n a h .......... V a ld o s ta ............. LO U ISIA N A B a to n R o u g e . . L ake C h a rle s . . N e w O r le a n s . . M IS S IS S IP P I H a ttie s b u r g .. . J a c k s o n ............... M e r id ia n ............. V ic k s b u r g .......... T EN N ESSEE C h a t t a n o o g a .. K n o x v ille .......... N a s h v ill e .......... T O T A L .................... 7 .2 1 0 .9 9 .4 8 .4 8 .8 1 0 .9 a d ju s te d a v e ra g e d 8 9 p e rc e n t f o r th e y e a r. A n 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 ............. 9 .0 1 3 .2 1 0 .9 9 .1 1 0 .0 1 2 .4 o f d e m a n d d e p o s its a y e a r e a rlie r. A s m e a s u re d re s u ltin g M o n tg o m e r y . . FLO R ID A J a c k s o n v i l l e .. . M ia m 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 .................. G E O R G IA checks p e r c e n t m o r e th a n in F e b r u a r y la s t y e a r . D e b its w e e k ly 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 ............. S ix th D is tric t R e p o r tin g B a n k s , B y C itie s F e b r u a r y 1951 C o m p a r e d w ith A n n u a l R a te of F e b r u a r y 1 9 5 0 (P e r c e n t) D e p o s it T u rn o v e r* D e p o s it A v erag e F eb ru ary T u rn o v e r D e p o s its 1950 1951 tim e and de s a le s th e y a t th e w e re Ja n u a ry s to re s 1950. w ere In 43 p e rc e n t F e b r u a r y , s a le s p e rc e n t o v e r la s t y e a r. H ig h e r d o w n p a y m e n ts a n d in s ta lm e n t c o n tra c ts s h o rte r re p a y m e n t p e rio d s fo r e v id e n tly d e p a rtm e n t s to re s f r o m goods. re p o rtin g in P re lim in a ry d id n o t p re v e n t c u s to m e rs of b u y in g in c r e a s e d q u a n titie s o f d u r a b le fig u re s show F e b ru a ry s a le s of m a jo r m a n d d e p o s its , w e re 6 .8 p e r c e n t g r e a te r th a n in F e b r u a r y la s t h o u s e h o ld y e a r. T h e a r y , f u r n itu r e a n d b e d d in g s a le s u p 7 9 p e r c e n t, a n d flo o r c o v use of th e s e tu rn o v e r in c re a s e d 13 d e p o s its as m e a su re d by th e ra te h e in c r e a s e d u s e o f d e p o s its is , o f c o u r s e , b u t a re fle c tio n o f th e h ig h b u y in g by co n su m e rs b e e n w illin g to e v e n th o u g h th e ir a b ility and b u s in e s s m e n . u se m o re o f th e ir to liq u id C o n su m ers a s s e ts to g et c re d it h a s been buy le v e l have goods lim ite d . E v i s a le s w a s m a d e on a L ess w h ic h c o m p le te d a ta consum er d u ra b le m a te d to h a v e b e e n 2 8 b u t, lim ite d by c re d it p u rc h a s e s o n ly 3 consum er 7 p u ttin g c re d it 21 la s t y e a r, d e c re a se d th e ir s to r e s ’ to ta l s a le s w e re a year ago. p e rc e n t th is y e a r th a n c o n tro ls , p e rc e n t. T h u s , th e p e r c e n t le s s th a n D e s p ite F e b ru a ry of th e la s t F e b r u p ric e out in a c c o u n t b a s is a v a ila b le to b e th e th a n la s t s a le s . In fo r a u to m o b ile s a le s , m a jo r p a r t o f th e to ta l th e A tla n ta p a s s e n g e r c a r s a le s in C o n su m ers, m e tro p o lita n F eb ru a ry p e rc e n t g re a te r th a n GREATER BUSINESS SPENDING. of in a re e s ti la s t F e b ru a ry . co u rse , have not b e e n th e o n ly o n e s w h o s e s p e n d in g h a s a c c e le ra te d th e c ir c u la tio n crea se d of m oney and bank d e p o s its . In re sp o n se to c o n s u m e r d e m a n d s , m e rc h a n ts h a v e s te p p e d b u y in g , in p u rc h a se o r c h a rg e are goods c o n su m e r d u ra b le g o o d s. C u s to m e rs o f S ix th D is tr ic t f u r n itu r e s to r e s b o u g h t 1 9 p e r cash o f c o u rs e c o n tin u e d a re a , h o w e v e r, n ew d u rin g in y e a r. d e n c e c a n b e fo u n d in th e c u r r e n t r e p o r ts o n r e ta il b u y in g o f cen t m o re fo r cash p e rc e n t g re a te r th a n e r in g s a le s u p 2 8 p e r c e n t. A m u c h g r e a te r p r o p o r tio n o f th e s e CONTINUED BUYING OF CONSUMER DURABLE GOODS. T of of p e rc e n t. a p p lia n c e s 2 9 som e cases m o re th a n th e ir s a le s h a v e th e up in th e ir expanded. A t th e e n d o f F e b r u a r y , D is tr ic t d e p a r tm e n t s to re s h a d s to c k s M 2 6 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 5 1 R e v ie w e s tim a te d a t 3 .8 tim e s th e ir F e b r u a r y s a le s . L a s t y e a r th e r a tio w a s 3 .2 . F u r n itu r e s to re s h a d s to c k s f o r 6 .7 S ix th D is tr ic t S ta tis tic s m o n th s ’ s a le s a t th e F e b r u a r y r a t e ; la s t y e a r 4 .4 . B u y in g b y r e ta il m e rc h a n ts re p re s e n ta tiv e T h e ir g ro u p c o m b in e d w a s re fle c te d o f w h o le s a le rs s a le s th is in th e s a le s o f a th r o u g h o u t th e F e b ru a ry w ere 2 7 D is tric t. th a n in th e c o r r e s p o n d in g m o n th la s t y e a r. D e m a n d s o f w h o le s a le r s ’ c u s to m e rs in c re a s e d have in v e n to rie s been th e y so are g re a t, h o w ev er, s m a lle r, th a t co m p a re d d e s p ite w ith s a le s th is y e a r , th a n th e y w e re la s t y e a r. M a n u f a c tu r in g firm s h a v e b e e n in s o m e w h a t th e s a m e p o s itio n . T h e s e d e v e lo p m e n ts illu s tr a te th a t p re s s u re s le a d in g to w a rd h ig h e r p ric e s com e n o t o n ly fro m m o n e y a n d c re d it b u t a lso fro m s u p p ly . They e m p h a s iz e fu lly c h a n g e s in w hen a s s e s s in g th e e x p a n d in g th e th e s u p p ly of th e g r e a te r u s e o f th e e x is tin g im p o rta n c e of t h e p u b l i c ’s p r o p e n s i t y e ffe c ts o f m o n e ta r y to e x a m in in g c a re sp en d o r to sav e, re s tra in ts upon in fla c .t .t . tio n a ry p re s s u re s . Farm ers’ Prospective Plantings F a r m e r s ’ p la n s f o r th e 1 9 5 1 c ro p s e a s o n w e re m o re u n c e rta in th a n u s u a l , a c c o r d i n g t o t h e D e p a r t m e n t o f A g r i c u l t u r e ’s a n nual re p o rt F o r th e fro m on 17 p ro s p e c tiv e c ro p s c u rre n tly a c re a g e s of re p o rte d upon, a th e p rin c ip a l c ro p s. s lig h t d e c re a se l a s t y e a r ’s a c r e a g e i s e x p e c t e d . C o t t o n a c r e a g e , h o w e v e r , is n o t c o v e re d b y th is r e p o r t a n d if c o tto n f a r m e r s r e s p o n d to t h e G o v e r n m e n t ’s a p p e a l f o r m o r e c o t t o n , t h e t o t a l a c r e a g e o f a ll c ro p s m a y b e a b o u t th e s a m e a s it w a s la s t y e a r. M uch h in g e s of fa rm e rs’ upon f o r th e th e s p rin g u n c e rta in ty s u p p ly of p la n tin g about 1951 la b o r. L a b o r is s e a s o n , b u t th e re c ro p a c re a g e s m o s tly a d e q u a te is w id e s p r e a d con c e rn a b o u t th e s u p p ly a t h a r v e s t tim e . M a c h in e r y is g e n e r a lly a v a ila b le , b u t f o r so m e c ro p s th e re is a t p r e s e n t n o depend a b le s u b s titu te f o r la r g e a m o u n ts o f h a n d la b o r . T h e r e p o r t a ls o in d ic a te s a c o n tin u a tio n o f th e s w in g to w a rd le s s in te n s iv e c r o p p in g s y s te m s a n d m o re g ra s s la n d fa rm in g . F e e d g r a in a c re a g e s w ill b e s h a r p ly s m a lle r th a n in 1 9 5 0 , b u l becau se of m ay o n ly be g ra in s g e o g ra p h ic a l about com es F arm e rs in 6 s p ite a p p a re n tly c o n tin u a tio n of a a re r e v e r t to in te n s iv e ro w A s h ifts p e rc e n t in a c re a g e , le s s . ra th e r re lu c ta n t T h is to ta l p lo w in p ric e up feed o u tlo o k . p a s tu re s and s h ift fro m ro w c ro p s to g ra ss n a tio n -w id e s c a le m a y m e a n th a t f u tu r e in c re a s e s in on a liv e s to c k p r o d u c tio n w ill d e p e n d u p o n in c re a s e d p r o d u c tio n o f p a s tu r e c ro p s a n d o th e r ro u g h a g e s . T h is tr e n d h a s a tw o fo ld m e a n in g f o r D is tric t fa rm e rs . I t p la c e s a h ig h p re m iu m u p o n th e ir n a t u r a l a d v a n ta g e s in th e p r o d u c tio n o f p a s tu r e c ro p s a n d it a ls o in d ic a te s th a t c o m p e titio n fro m fa rm e rs in o th e r s e c tio n s o f th e c o u n tr y in th is p a r tic u la r ty p e o f e n te r p r is e w ill in c re a s e . C o rn , w h ic h w ill b e p la n te d a c re s in o c c u p ie s m o re on c ro p la n d m o re a c re s in th e th a n la s t y e a r a re 3 p e rc e n t in any o th e r c ro p , C o rn b e lt a n d th e S o u th . F o r th e D is tr ic t s ta te s th e tio n s fro m on a c re a g e T en n essee, 4 A la b a m a , 1 5 p e r c e n t in M is s is s ip p i, a n d few er red u c p e r c e n t in 1 0 p e rc e n t in L o u is i a n a . T h e a c re a g e in G e o r g ia is e x p e c te d to b e a b o u t th e s a m e a s it w a s la s t y e a r. B e c a u s e c o tto n sa m e la n d and o n m o st fa rm s , c h a n g e s in c o rn c o m p e te f o r th e a c re a g e o f th o s e c ro p s a r e u s u a lly d ire c tly c o n n e c te d . T h a t m o s t f a r m e r s in to n p la n g ro w in g a re a s to g ro w m o re c o tto n th e c o t a c c o u n ts fo r m u c h o f th e p ro s p e c tiv e d e c lin e in c o rn a c re a g e . B ecause o f th e a g e o f p e a n u ts G o v e rn m e n t re s tric tio n g ro w n a lo n e 40 20 IQ 13 34 33 —11 — 15 —20 —1 —10 —8 is e x p e c te d p r o g r a m , th e to d e c lin e 3 a c re p e rc e n t 4 -5 + 12 + 11 +8 + 5 +1 O u ts ta n d i n g s P e rc e n t C h a p g e F e b . 1951 fro m Jan. Feb, 1950 19 51 —1 —2 +2 —2 —3 —1 + 26 + 23 + 1& +1 +6 + 27 RETAIL FU R N ITU R E STO R E O PE R A T IO N S N um ber P e rc e n t C h a n g e of F e b . 1 9 51 fro m Ite m S to r e s F e b . 1950 R e p o r tin g J a n . 1951 T o ta l s a l e s ......................................................... C a s h s a l e s ......................................................... I n s ta lm e n t a n d 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 iv a b l e , e n d of m o n th C o lle c tio n s d u r in g m o n t h ____ . . . . I n v e n to r ie s , e n d of m o n t h ..................... —3 +1 —1 +2 —2 — 13 +2 119 104 104 80 80 + 19 .— 7 +4 +5 + 45 W H O L E S A L E SA LES AND IN V E N T O R IE S* IN V E N T O R IE S SA L ES P erc e n t C h a n g e P ercen t C h a n g e N o . of N o . of T y p e of W h o le s a le r F e b . 2 8 ,1 9 5 1 fro m F e b . 1951 fro m F ir m s F ir m s F e b . 28 Jan. R e p o r t F eb. R e p o r t J a n . 31 1950 1951 in g 1950 1 9 51 in g A u to m o tiv e s u p p l i e s . + 29 E le c tric a l g r o u p W ir in g s u p p l i e s . . . —29 A p p lia n c e s .................. + 17 G e n e ra l h a r d w a r e ... — 15 I n d u s tr ia l s u p p l i e s . . . J e w e l r y ............................... 5 L u m b er a n d b u ild in g m a t e r i a l s ............. —23 P lu m b in g a n d h e a t in g s u p p l i e s ................ — 16 3 C o n f e c tio n e r y ............... — 16 4 D ru g s a n d s u n d r i e s .. 7 D ry g o o d s .......................... 18 G r o c e r ie s 33 —5 F u ll- l in e .......................... S p e c ia lty l i n e s .......... 10 — 13 14 — 11 T obacco p r o d u c ts ... M is c e l la n e o u s ................ 18 — 20 T o ta l....................................... ____ 155 — 10 * B a s e d o n U . S. D e p a r tm e n t of C o m m e r c e D EPA R TM EN T S T O R E SA L ES 12 11 —11 + 20 —6 —9 P la c e + 58 + 59 + 44 + 38 + 37 + 37 + 50 +6 +27 + 28 +25 +20 — 8 + 22 +27 —2 + 8 + 13 —2 + 1 + 26 + 12 + 20 + 2 + i3 5 + 0 + 21 3 —2 — 12 12 22 + 4 + i3 —9 +1 + 13 + 22 + 14 + 1 + 14 5 9 13 93 + 23 +2 +9 fig u re s , AND IN V E N T O R IE S* PERCENT CH AN G E S a le s S to c k s F e b . 1951 F e b . 2 8 , 1951, Y e a r to fro m fro m D a te Feb. Jan. 1951J a n . 31 F eb . 28 1950 1 951 1950 1951 1950 + 10 c ro p s. o f th e F e d e r a l c r e d i t u n i o n s ............. S ta te c r e d i t u n i o n s ..................... I n d u s tr ia l b a n k s .......................... I n d u s tr ia l lo a n c o m p a n ie s . . S m a ll lo a n c o m p a n ie s ............. C o m m e rc ia l b a n k s ..................... p ro d u c tio n re d u c tio n fa v o ra b le to L ender p e rc e n t g re a te r IN ST A L M E N T C A S H L O A N S V o lu m e N o . of P erc e n t C h a n g e L e n d ers F e b . 1951 fro m R e p o r t F eb. Jan. in g 1950 1 9 51 +8 +6 A LA B A M A ..................... —9 + 36 + 18 B ir m in g h a m ............. + 15 —7 + 38 M o b ile .......................... +9 —7 + 15 M o n tg o m e r y ........... — 13 + 5 + 19 F L O R ID A ....................... + 14 + 23 J a c k s o n v il le ............. +9 —5 + 16 + 9 M ia m i............................. + 18 +24 +26 O r l a n d o ....................... + 14 + 24 S t. P e t e r s b u r g ----+ 13 +3 + 23 + 3i T a m p a .......................... +7 —5 + 13 +23 G E O R G IA ....................... + 17 —2 +24 + 14 + 43 A tla n ta .......................... —4 + 15 +25 + 15 +45 + 27 A u g u s t a ....................... + 30 + 14 + 35 C o lu m b u s .................. +26 +7 +5 + 37 M a c o n .......................... —2 + 14 +24 + 30 —1 R o m e ............................ +4 S a v a n n a h .................. + 13 + 18 + 3 + 55 L O U IS IA N A .................. —4 +4 B a to n R o u g e .......... — 10 —3 —3 + 17 N e w O r l e a n s .......... —3 + 23 +5 M I S S I S S I P P I . .. .. .. —7 +7 + 23 + 15 —1 J a c k s o n ....................... +7 + 29 M e r id i a n ..................... +4 T E N N E S S E E .................. +7 + 16 + 29 + 15 B r is to l.......................... +4 + 13 + 23 B ris to l-K in g sp o rtJo h n so n C it y ... —5 C h a t t a n o o g a ........... + 16 + 30 + 38 K n o x v ille .................. N a s h v ill e .................... —2 + 36 + ii +9 O TH ER C I T I E S * * ... + 16 +9 + 17 +9 D IS T R IC T ....................... + 31 ' I n c l u d e s r e p o r t s fro m 12 6 s to r e s in t h e S ix th F e d e r a l R e s e r v e D is tric t. * W h e n f e w e r t h a n t h r e e 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 t o g e t h e r u n d e r " o t h e r c i t i e s ." T h e y a r e , h o w e v e r , in c lu d e d in s ta t e f ig u r e s .___________________________________________ —1 +1 —11 +1 + 10 —11 —12 +0 +22 + 10 + 21 +2 +8 +22 + 22 +6 +1 +6 +8 + 22 +21 + 12 —4 —4 —8 —12 —3 —5 +20 +6 +8 + 11 + 12 +22 +'20 + 11 + 10 +.20 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 5 1 R e v ie w in Georgia and 8 percent in Alabama. Much of the land re leased from peanuts will go into cotton. District farmers are also planting more soybeans than in 1950. A large propor tion of the increase is coming in Mississippi, though acreage is also increasing in Alabama and Tennessee. Tobacco acreage will be 14 percent larger in Georgia, 12 percent larger in Florida, and 6 percent larger in Tennessee. Georgia and Florida farmers will plant about 14 percent more acres of Flue-cured than last year, but their acreage of Shade-grown wrapper will be increased by only 2 percent. Tennessee farmers will increase their Burley acreage by 8 percent, but will reduce the acreage of the Fire-cured types and dark Air-cured by 5 and 10 percent, respectively. Crop Acreages in the Sixth District States Sixth District Indexes DEPARTM ENT STO R E SALES* A d ju s te d * 1 2 ,4 7 2 1 ,5 7 7 554 1 ,0 7 0 218 302 2 ,0 5 0 4 ,4 5 9 1 9 5 0 1 9 5 1 , E s t. 1 1 ,8 7 1 1 ,5 0 4 644 1 ,1 5 7 240 218 1 ,9 8 3 4 ,5 2 1 P ercen t C h a n g e —5 —5 + 20 +8 + 10 — 28 —3 +1 A drastic reduction in sweet potato acreage is indicated for all the District states. Among the factors contributing to this decrease are the expectation of labor shortages, the lifting of restrictions on cotton and the easing of those on tobacco, and the unfavorable prices for much of last season’s crop. No official figures on cotton acreage will be released until after July 1, but if the weather permits, more cotton will be planted in most of the cotton-growing areas. The expected reduction in acreages of competing crops provides one indi cation of the extent to which cotton will be increased. If farmers plant all the land released from other crops to cot ton, the increases in cotton acreage from 1950 to 1951 will range from 4 percent in Georgia to 16 percent in Louisiana. B .R .R . Construction Trends Recent restrictions on real estate credit and building appeared definitely to be influencing construction trends during Febru ary. Homebuilding slackened markedly, and a major drop oc curred in contracts awarded for commercial buildings. According to the Bureau of Labor Statistics, only 76,000 new, privately financed, nonfarm dwelling units were started throughout the United States during February 1951, com pared to 83,700 in January. Also of consequence, in addition to restraints on real estate credit under Regulation X, was the modification of restrictions on copper and aluminum. Some of the market pressure stimulated by fear of immediate ma terial shortages seemed to be relieved. In Atlanta, Miami, and Mobile— the three cities in the Sixth District for which a complete survey of home construction is made by the BLS— the downward trend was likewise pro nounced. In Atlanta only 720 new units were started in Febru ary, compared to 1,200 in January and 1,070 in February of last year. Activity in Atlanta, however, was decidedly above the rate two years ago, whereas in Miami and Mobile the rates were about the same. Government restrictions on nonresidential construction ap ply primarily to commercial buildings such as retail stores, office buildings, banks, hotels, and recreation and service es tablishments. NPA Order M-4, effective January 13, requires specific authorization for practically all private construction of buildings of this type. Authorization can be given only if U n a d ju s te d P la c e F eb. 1951 Jan . 1951 Feb. 1950 Feb. 1951 Jan. 19 51 Feb. 1950 D IS T R IC T ............. A tla n ta ............... B a to n R o u g e . . B ir m in g h a m .. C h a t t a n o o g a .. J a c k s o n ............... J a c k s o n v ille . . K n o x v ille .......... M a c o n .................. M ia m i.................. M o n tg o m e r y .. N a s h v ill e .......... N e w O r le a n s . T a m p a .................. 419 501 366 395 394 371 417 399 399 445 340p 401 356 521 449 572 431 45 4 414 417 383 434 401 34 3 339 37Q 381 361 346 375 334 409 366 49 L 3 52 421 311 32 8 32 3 308 342 319 3 07 505 279p 313 299 464 342 406 301 327 310 305 332 322 290 464 304 327 314 450 322 365 341 284 278 307 313 289 266 416 274 319 308 437 425 413 440 479 405 48 8 397 549 (A c re s in T h o u s a n d s ) C o r n ........................................................... P e a n u t s ................................................... R ic e ............................................................. S o y b e a n s ................................................ T o b a c c o ................................................... S w e e t P o ta t o e s ................................. O a t s ............................................................ All H a y ..................................................... 2 7 * C o m p u ta tio n o n d a ily a v e r a g e b a s is . T h e r e w e r e 2 4 b u s in e s s d a y s in F e b r u a r y 1 9 51 , 2 6 in J a n u a r y 1 9 51 , a n d 2 4 in F e b r u a r y 1 9 5 0 ._____________ D EPARTM ENT STO R E S T O C K S A d ju s te d * ’ U n a d ju s te d P la c e Feb. 1 951 Jan. 1951 F eb. 1950 F eb. 1951 Jan. 1951 F eb. 1950 D IS T R IC T ............. A tla n ta ............... B ir m in g h a m .. M o n tg o m e ry . . N a s h v ill e .......... N e w O r le a n s . 458 472r 664 370 499 732 441 350 461 261 402 529 338 463 648 373 476 685 413 424r 565 352 454 615 393 354 447 271 406 502 335 668 358 471 721 417 G A S O L IN E TAX C O L L E C T IO N S *** A d ju s te d * * P la c e SIX STATES A la b a m a ................ F l o r i d a .................... G e o r g i a .................. L o u i s i a n a ............. M is s is s ip p i. T e n n e s s e e .......... F eb. 1951 Jan. 1951 269 261 244 279 273 288 302 246 248 2 36 253 278 256 222 Feb. 1951 Jan. 1951 Feb. 1 9 50 T O T A L ................ A la b a m a ___ G e o r g ia .. . . M is s is s ip p i. T e n n e s s e e .. 195 204 198 11 7 152 180 179 188 115 143 I5 6 r 1 6 5r 1 5 6r 93r 1 3 5r Jan. 1 951 D ec. 1950 Jan. 1950 1 52 1 52 152 153 138 149 159 152 153 150 153 142 152 158 142r 144r 147r 142r 133r 1 3 2r 145r C O N S U M E R S P R IC E IN DEX I te m F eb. 1951 Jan. 1951 228 269 248 264 266 268 276 290 246 241 246 258 275 241 221 216 239 243 180 269 SIX S T A T E S .. H y d ro g e n e r a te d F u e l g e n e r a te d F eb. 1950 228 210 211 233 228 238 17 3 258 Jan. 19 5 1 D ec. 1950 472 462 393 344 343 357 640 619 439 Jan . 1950 F eb. 1 9 51 Jan. 19 51 Feb. 1950 619p 877p 494p A l a b a m a .. . 411 713 G e o r g ia .. . . 900 L o u i s i a n a .. 5 5 6 M is s is s ip p i. 3 6 4 T e n n e s s e e .. 390 603r 840r 489r 684 760 700 370 192 504 433 663 321 503 472 502 391 262 351 D I S T R I C T .... R e s id e n tia l. ANN U AL RATE O F TU R N O V ER O F D EM AND D E P O S IT S Feb. 1950 169 189 187 195 229 226 210 209 192 C lo t h in g ----F u e l, e l e c ., 140 a n d re f r ig . 140 142 H o m e f u r 185 206 n is h in g s . . 207 163 154 M is c .................. 164 P u r c h a s in g p o w e r of .5 9 d o ll a r ............... .5 3 .5 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 = 100 O th e r in d e x e s , 1 9 3 5 -3 9 = 100 ALL IT E M S .. . Jan. 1951 C O N S T R U C T IO N C O N T R A C T S M A N U FA C T U R IN G EM PLO YM EN T*** P la c e F eb. 1951 E L EC TR IC P O W E R P R O D U C T IO N * C O T T O N C O N S U M P T IO N * P la c e SIX S T A T E S .. A la b a m a . . . F lo r id a . . . . G e o r g i a ___ L o u i s i a n a .. M is s is s ip p i. T en n essee. U n a d ju s te d Feb. 1 9 50 U n a d ju s te d . . A d j u s t e d * * ... I n d e x * * ............. Feb. 1951 Jan. 1951 Feb. 1 9 50 2 3 .6 2 3 .4 9 4 .7 2 4 .3 2 3 .0 9 3 .1 8 1 .7 20*4 20.2 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 A ND M IS S IS S IP P I* U n a d j u s t e d .. A d j u s t e d * * .. . r R e v is e d p P re lim in a ry Feb. 1 951 Jan. 1951 F eb. 1 9 50 362 357 357 351 323r 318r 2 8 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 r c h 1 9 5 1 Sixth District Statistics C O N D IT IO N O F 2 7 M EM BER BA NK S IN L E A D IN G C IT IE S (I n T h o u s a n d s o i D o lla rs ) Ite m L o a n s a n d in v e stm e n tsi— T o t a l.......................... Loansi—N e t ................ L o a n s— G r o s s ----C o m m e r c ia l, in d u s tr i a l, a n d a g r i c u lt u r a l l o a n s . . 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 i n 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 l o a n s ___ I n v e s tm e n ts — t o t a l ..................... B ills, c e rtif ic a te s , a n d n o t e s ..................... U . S. b o n d s . . . . O th e r s e c u r i tie s R e s e rv e w ith F . R. B a n k . . . C a s h in 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 o f d o m e s tic b a n k s B o r r o w in g s ................ M a r. 21 1951 F e b . 21 1951 M a r. 2 2 1950 2 ,5 4 7 ,4 7 9 1 ,1 4 3 ,7 2 0 1 ,1 6 0 ,7 4 7 2 ,5 5 3 ,3 8 6 1 ,1 4 2 ,4 6 7 1 ,1 5 8 ,2 0 2 6 9 3 ,2 6 8 1 3 ,5 3 8 P e rc e n t C h a n g e M a r .2 1 ,1 9 5 1 ,iro m F e b . 21 1 9 51 M a r. 2 2 1950 2 ,4 8 3 ,8 3 2 8 9 8 ,8 7 5 9 1 2 ,1 5 7 —0 +0 +0 +3 + 27 + 27 6 9 4 ,8 0 7 5 3 7 ,0 1 7 —0 + 29 1 2 ,4 6 8 1 2 ,2 1 3 +9 + 11 3 4 ,7 6 8 9 3 ,1 1 4 4 ,9 0 1 3 2 1 ,1 5 8 1 .4 0 3 ,7 5 9 3 5 ,2 7 9 9 2 ,9 6 7 4 ,5 4 7 3 1 8 ,1 3 4 1 .4 1 0 ,9 1 9 3 3 ,3 6 2 7 7 ,0 1 3 5 ,3 0 9 2 4 7 ,2 4 3 1 .5 8 4 .9 5 7 —1 +o + 8 + 1 —1 +4 + 21 —8 + 30 — 11 5 4 7 ,6 4 6 6 4 1 ,4 6 2 2 1 4 ,6 5 1 4 8 0 ,5 6 0 4 6 ,3 7 2 5 6 7 ,2 5 1 6 2 9 ,3 0 2 2 1 4 ,3 6 6 4 8 3 ,4 7 7 4 4 ,1 3 3 6 2 1 ,0 9 8 7 5 3 ,1 3 5 2 1 0 ,7 2 4 4 0 9 ,8 5 0 4 1 ,4 4 5 —3 +2 + 0 —1 +5 — 12 — 15 1 9 3 ,1 0 3 1 ,8 8 8 ,2 7 0 5 0 4 ,3 7 3 9 8 ,9 6 8 5 4 5 ,6 3 8 1 5 ,5 0 0 1 7 3 .4 9 1 1 ,9 1 3 ,3 6 8 5 1 3 ,2 9 5 7 0 ,1 5 1 5 4 0 ,0 7 5 1 3 ,8 5 0 1 7 2 .9 9 9 1 .7 8 0 .8 3 2 5 3 7 ,7 4 0 6 5 ,5 3 0 5 3 2 ,6 8 9 + 11 —1 + 12 +6 —6 + 51 —2 + 41 + 1 + 12 F eb. 1950 ALABAM A 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 r y . . . 2 4 ,8 9 2 3 6 9 ,3 1 2 1 7 ,6 1 2 2 0 ,6 8 5 1 3 8 ,6 8 0 8 2 ,8 4 0 2 9 ,1 8 6 4 4 6 ,3 4 3 1 9 ,6 3 7 2 5 ,4 4 8 1 6 0 ,4 2 1 9 9 ,0 1 3 F L O R ID A J a c k s o n v i l l e .. . . M ia m i....................... G r e a te r M ia m i* . O r l a n d o .................. P e n s a c o l a ............. S t. P e t e r s b u r g . . T a m p a ..................... 3 3 6 ,5 3 1 3 2 8 ,8 5 9 4 9 7 ,5 6 7 7 3 ,3 3 4 3 7 ,9 0 7 7 8 ,1 3 9 1 6 3 ,9 8 6 G E O R G IA A lb a n y ..................... A tla n ta ..................... A u g u s t a ................ B r u n s w i c k ........... C o lu m b u s ............. E l b e r to n ................ G a i n e s v i l l e * .. . 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 l d o s t a ............... F e b . 1951 iro m +2 Jan . 19 51 F eb. 1950 Y e a r-to D a te 2 M o s .1951 iro m 1 9 5 0 1 8 ,7 2 2 2 8 9 ,1 8 8 1 1 ,8 9 1 1 7 ,9 3 4 1 1 4 ,5 4 7 6 9 ,8 9 0 — 15 — 17 — 10 — 19 — 14 — 16 + 33 + 28 + 48 + 15 + 21 + 19 + 32 + 29 + 42 + 25 + 28 + 21 3 8 2 ,1 5 9 3 6 1 ,0 2 4 5 4 8 ,0 0 9 8 0 ,9 4 5 4 1 ,5 0 0 9 2 ,0 3 2 1 8 4 ,5 1 8 2 8 0 ,1 4 5 2 6 5 ,9 0 6 3 9 5 ,0 6 7 6 4 ,3 0 3 3 1 ,7 7 4 6 3 ,7 8 8 1 3 9 ,8 0 7 — 12 —9 —9 —9 —9 — 15 — 11 + 20 + 24 + 26 + 14 + 19 + 22 + 17 + 23 + 27 + 30 + 16 + 20 + 27 + 19 3 0 ,5 5 5 9 8 4 ,2 2 9 6 8 ,3 6 5 1 0 ,5 4 1 6 3 ,7 5 7 3 ,9 5 9 1 8 ,9 1 9 1 2 ,0 4 1 7 0 ,0 8 0 1 1 ,0 4 7 2 5 ,1 8 9 9 7 ,7 7 7 1 1 ,6 3 9 3 5 ,1 3 1 1 ,1 4 8 ,7 8 3 8 0 ,2 1 7 1 2 ,2 8 0 7 6 ,7 8 4 4 ,3 9 4 2 2 ,4 5 3 1 3 ,7 7 3 7 7 ,8 5 6 1 4 ,9 4 2 3 0 ,0 6 4 1 1 5 ,6 0 9 1 4 ,1 3 5 2 2 ,1 7 7 7 7 8 ,3 8 4 5 0 ,6 4 6 7 ,8 9 5 5 0 ,6 6 6 3 ,3 3 9 1 2 ,7 3 1 9 ,7 6 4 5 2 ,9 0 5 8 ,1 5 8 1 8 ,6 7 9 7 9 ,1 5 3 1 0 ,6 6 7 — 13 — 14 — 15 — 14 — 17 — 10 — 16 — 13 — 10 — 26 — 16 — 15 — 18 + 38 + 26 + 35 + 34 + 26 + 19 + 49 + 23 + 32 + 35 + 35 + 24 +9 + 38 + 32 + 37 + 37 + 34 + 23 + 58 + 24 + 29 + 37 + 36 + 31 + 15 L O U IS IA N A A l e x a n d r i a * .. . . B a to n R o u g e . . . Lake C h a rle s . . . N ew O r le a n s ... 3 7 ,8 7 5 1 0 1 ,3 1 8 4 1 ,5 1 1 7 3 8 ,1 5 9 4 5 ,4 0 1 1 3 1 ,8 4 8 4 9 ,7 2 8 8 6 7 ,5 0 9 2 9 ,4 3 3 9 6 ,8 5 1 3 2 ,9 6 6 6 4 7 ,9 5 7 — 17 + 29 +5 + 26 + 14 + 32 + 11 + 31 + 17 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 i c k s b u r g ............. 1 8 ,7 0 7 1 5 6 ,2 7 9 2 7 ,6 0 2 2 1 ,9 9 3 2 1 ,4 5 0 2 0 6 ,9 4 9 3 5 ,2 4 9 2 5 ,7 9 3 1 6 ,5 8 2 1 3 2 ,6 6 5 2 3 ,4 7 2 2 2 ,0 2 1 i—22 + 13 + 18 + 18 —0 + 18 + 24 + 28 +3 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 i l l e .. . . . . . 1 6 4 ,3 1 2 1 2 8 ,3 9 7 3 2 5 ,5 2 6 2 1 2 ,0 2 6 1 6 2 ,1 9 1 3 9 6 ,4 0 5 1 2 8 ,6 7 7 9 6 ,6 0 0 2 9 4 ,1 8 3 —21 — 18 + 28 + 33 + 11 + 27 + 28 + 18 SIX T H D IST R IC T 3 2 C i t i e s ................ 4 ,7 4 8 ,5 2 7 5 ,6 1 1 ,5 0 5 3 ,9 2 3 ,8 5 9 — 15 + 21 + 25 U N IT E D STA TES 3 3 3 C i t i e s ............. 1 1 4 ,0 3 8 ,0 0 0 1 3 8 ,4 0 2 ,0 0 0 9 6 ,2 5 4 ,0 0 0 — 18 + 18 + 24 P la c e * N o t in c lu d e d in S ix th D is tric t to ta ls . — 17 — 15 — 13 —24 — 15 — 23 NUMBER +2 P e rc e n t C h a n g e Jan . 1951 NEW PERMANENT DWELLING UNITS STARTED NUMBER + 17 + 12 D EB ITS T O IN D IV ID U A L BANK A C C O U N T S (I n T h o u s a n d s o i D o lla r s ) Feb. 1 9 51 the defense program is aided or if hardship results from the denial of the authorization. A 60-percent drop in construction contracts for commercial building in the District occurred between January and February, according to F. W. Dodge reports. Contracts for manufacturing buildings also fell below those of January, even though no specific restrictions apply. The downward trend in home construction and commercial and manufacturing buildings was offset by an expansion in public works and public buildings. Therefore, only a minor change in the total value of construction contracts awarded was reported by the F. W. Dodge series. W .T .H . B a n k A n n o u n c e m e n ts The newly organized First National Bank of Gatlinburg, Gatlinburg, Tennessee, opened for business on March 1 as a member of the Federal Reserve System. This bank began its operations with a capital stock of $50,000 and surplus and undivided profits of $50,000 . The officers are R. L. Maples, President; W. L. Mills, Executive Vice President and Cashier; and Dick Whaley, Vice President. On March 16, a newly organized nonmember banJc, the Citizens Bank of Toccoa, Toccoa, Georgia, opened for business and began remitting at par. The bank has a capital stock of $100,000, and surplus and undivided profits of $25,000. Its officers are Ray Trogdon, Presi dent; Marvin Tabor, Vice President; and Wallace B. Bruce, Executive Vice President and Cashier. Another newly organized nonmember bank, the Bank of Barrow, Winder, Georgia, opened for busi ness on March 17 and will remit at par. The capital stock is $75,000 and paid-in surplus is $22,500. W. C. *Harris is President, John W. Robinson is Vice Presi dent, and George D. Walker is Executive Vice Presi dent and Cashier. On March 27, the newly organized North Dade National Bank of North Miami, North Miami, Florida, opened for business as a member of the Federal Re serve System. The bank began operations with capital stock of $200,000 and surplus and undivided profits of $75,000. Its officers are L. A. Usina, President; R. C. Brown , Agnes B. Barber, Frank H. Wilier, and Charles D. B a ile y V ic e Presidents; and Charles W. Lantz, Cashier.