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Monthly W Review F E D E R A L V o lu m e R E S E R V E X X IX A t la n t a , G e o r g ia , M a y T h e T h e B A N K D is tr ic t im m e d ia te o u t lo o k in th e D is t r ic t t e x t ile in d u s tr y is A T L A N T A 31, 194 4 T e x tile o n e o f c o n tin u e d a n d in t e n s if ie d la b o r s h o r ta g e s , fu r th e r O F N um b e r 5 S itu a tio n fo r c e s , fr o m th e in a b ilit y o f w o m e n w o r k e r s in th e m il ls to se c u r e a d e q u a te c h ild -c a r e f a c ilit ie s , a n d in c o n s id e r a b le p a r t c o m p lic a te d b y a s h o r ta g e o f c a r d in g fa c ilit ie s . E v e n a fte r th e fr o m c o n c lu s io n o f h o s tilitie s , th e te x tile m ills o f th e D is tr ic t fo r c o n s id e r th a t th e ir in d u s tr y is n o t e s s e n tia l to th e w a r e ffo r t som e years w ill p r o b a b ly have d iffic u lty u n le s s a s u b s ta n tia l e x p a n s io n p r o g r a m m e e tin g dem ands is u n d erta k en . T h a t th e p s y c h o lo g ic a l d iffic u lty o f th e t e x t ile w o r k e r s w h o a n d h e n c e f e e l it th e ir d u ty to o b t a in jo b s in s h ip y a r d s o r a ir c r a ft p la n ts . A n o th e r fa c to r h a s b e e n th e d is in c lin a tio n o f s u c h a n e x p a n s io n p r o g r a m w o u ld b e ju s tifie d in th e lo n g ru n w o m e n , in is d o u b t f u l, h o w e v e r , f o r th e in d u s tr y h a s lo n g b e e n c h a r a c te r p r e v e n te d f u ll u t iliz a tio n o f a v a ila b le m a n u fa c tu r in g f a c ilit ie s iz e d b y e x c e s s c a p a c it y , a n d f o r e ig n in th e in d u s tr y . c o m p e titio n fo r e x p o r t m a r k e ts is lik e ly to b e e v e n m o r e in t e n s e a ft e r th e w a r th a n it w a s b e fo r e . p a r tic u la r , to w o r k o n th e th ir d s h ift . T h is h a s T h e s h o r ta g e o f w o r k e r s in th e m ills is g r e a tly a g g r a v a te d b y th e p r o b le m o f a b s e n te e is m . It is f e lt th a t m o s t o f t h is a b T h e t e x t ile in d u s tr y is th e la r g e s t s in g le e m p lo y e r o f la b o r s e n te e is m is a v o id a b le a n d m a n y e ffo r ts h a v e b e e n m a d e in in t h e S ix t h F e d e r a l R e s e r v e D is tr ic t . S in c e 1 9 4 0 , th e in d u s tr y th e D is tr ic t to c u r b th e p r o b le m has expand ed b e e n h a d s o f a r . C o m m u n ity p r o b le m s a r e p a r t ly r e s p o n s ib le . o u tp u t, e m p lo y m e n t, a n d w a g e h a s u n d erta k en little e x p a n s io n p a y m en ts b u t o f m a n u fa c tu r in g fa c ilit ie s . b u t little o r n o su c ce ss h a s L a c k o f h o u s in g , s h o r ta g e o f d a y -c a r e f a c ilit ie s f o r c h ild r e n B e c a u s e it w e n t in t o th e w a r p e r io d w ith e x c e s s c a p a c it y , th $ o f w o r k in g m o th e r s , tr a n s p o r ta tio n tr o u b le s , s h o p p in g in d u s tr y w a s f o r a tim e a b le to ta k e c a r e o f a r m y a n d n a v y c u lt ie s , a n d th e s h o r ta g e o f d o m e s tic s e r v a n t s a r e th e p r im a r y d if f i o r d e r s w ith e a s e , w h ile a t th e s a m e tim e e x p a n d in g its p r o c o m m u n ity d u c t io n s e n te e is m in th e in d u s tr y , a s w e ll a s to a s u b s ta n t ia l p r o p o r o f c iv ilia n te x tile s . T h e in d u s tr y h it its p e a k p r o d u c t io n in 1 9 4 2 , h o w e v e r , a n d h a s s in c e th a t tim e b e e n lo s in g g r o u n d . C o tto n c o n s u m p t io n tio n p r o b le m s le a d in g to a la r g e part of th e ab o f th e v o lu n ta r y s e p a r a t io n s . T h e t e x t ile in d u s tr y in th e S ix t h D is t r ic t is c o n c e n tr a te d in b y m il ls in A la b a m a , G e o r g ia , a n d T e n n e s s e e h it a p e a k o f tw o 1 9 1 p e r c e n t o f th e 1 9 3 5 -3 9 a v e r a g e in S e p te m b e r 1 9 4 2 , a n d O p e lik a a n d A le x a n d e r C ity in e a s t c e n tr a l A la b a m a a n d r u n s b y A p r il 1 9 4 4 , c o n s u m p tio n h a d d e c lin e d to 1 6 5 p e r c e n t o f d ia g o n a lly th a t a v e r a g e . T h is d e c lin e h a s b e e n d u e to a n u m b e r o f f a c b o u n d a r y a t th e S o u th C a r o lin a lin e . T h is p a r tic u la r t e x t ile to r s , th e im p o r t a n c e o f w h ic h h a s v a r ie d fr o m o n e p a r t o f th e b e lt c o n tin u e s t h r o u g h th e P ie d m o n t a r e a s o f th e C a r o lin a s . O th er a r e a to a n o t h e r a n d fr o m tim e to tim e . S h o rta g e of m a n u fa c tu r in g la r g e c a p a c ity in c e r ta in lin e s of t e x t ile p r o d u c t io n a n d f a ilu r e p r o p e r ly to m a in ta in p la n t h a v e b e e n fa c to r s le a d in g to a d e c lin e in te x tile o u tp u t s in c e 1 9 4 2 . areas. T h e n o r th m a jo r lo c a te d in m ore and te x tile east cen te rs T en n essee an d im p o r t a n t o f th e s e b e g in s n e a r across G e o r g ia o u ts id e of th is to th e m a in D is tr ic t b e lt are in c lu d e K n o x v ille , N a s h v ille , a n d C h a tta n o o g a , a s w e ll a s H u n t s v ille , A la b a m a . S o c ia l s e c u r ity fig u r e s in d ic a te th a t e m p lo y m e n t in b a s ic I n th e la s t y e a r o r s o , a s h o r ta g e o f la b o r in th e t e x t ile m ills t e x t ile s in A la b a m a , G e o r g ia , a n d T e n n e s s e e , th e th r e e D is h a s b e c o m e a p p a r e n t . I t h a s b e e n im p o s s ib le f o r th e in d u s tr y tr ic t to m a in t a in it s la b o r f o r c e a t th e n e c e s s a r y s iz e b e c a u s e w a g e s to ta le d have p lo y m e n t h a d r is e n to 2 1 6 ,8 0 5 , b u t b y D e c e m b e r 1 9 4 3 , th e u s u a lly w a r tim e been s u b s ta n tia lly in d u s tr ie s is By of June im p o r ta n c e , 1942, em The in t o f u r t h e r d e c lin e d d u r in g th e fir s t fiv e m o n th s o f 1 9 4 4 . T h e D e c e m b e r 1 9 4 3 fig u r e p r o b a b ly o v e r s ta t e s s lig h t l y th e d e g r e e o f s h ip y a r d s , w h ile th e te x tile to m ills h a v e m ove been r e s u lt , 1940. h ig h e r - p a y in g jo b s in m u n itio n s p la n ts , a ir c r a f t p la n ts , a n d a b le a new June la te s t m o n th f o r w h ic h fig u r e s a r e a v a ila b le , e m p lo y m e n t w a s been As by m a n u fa c tu r in g in d o w n to 2 0 1 ,8 7 6 , a n d in d ic a tio n s a r e th a t e m p lo y m e n t h a s have lo c a litie s . p a id te x tile p erso n s th e w orkers a d ja cen t th o se w here 1 6 2 ,1 8 0 t e x t ile la b o r f o r c e h a s s u ffe r e d b o th in q u a lit y a n d q u a n tity . s k ille d in b e lo w sta te s r e a d ily fo r c e d to r e ly d e c lin e , b e c a u s e it is a p r e lim in a r y fig u r e a n d m a y b e r a is e d s lig h tly u p o n u n s k ille d la b o r d r a w n fr o m th e fa r m s . b y la te r r e p o r ts fr o m e m p lo y e r s . I n th e la te s t m o n th s , h o w e v e r , a n o v e r - a ll la b o r s h o r ta g e G e o r g ia is b y f a r th e m o s t im p o r t a n t o f th e D is t r ic t s ta te s h a s b e e n d e v e lo p in g in th e S o u th , so th a t th e n u m b e r o f n e w in t e x t il e m a n u f a c t u r in g . I n J u n e 1 9 4 0 , e m p lo y m e n t in b a s ic e m p lo y e e s t e x t ile s in G e o r g ia w a s 8 1 ,8 1 7 ; in A la b a m a , it w a s 4 3 ,6 5 9 ; a v a ila b le to th e te x tile m ills — e v en c o m p le te ly u n s k ille d la b o r e r s — h a s f a ll e n b e h in d th e r a te o f s e p a r a t io n s . a n d in T e n n e s s e e , it w a s 3 6 ,7 0 4 . I n D e c e m b e r 1 9 4 2 , e m p lo y S e p a r a tio n s m e n t in G e o r g ia w a s 1 1 5 ,6 3 8 a n d in D e c e m b e r 1 9 4 3 , a c c o r d have r e s u lte d fr o m in d u c tio n s in to th e arm ed 3 4 M in g to p r e lim in a r y fig u r e s , it w a s o n t h l y R e v ie w o f th e F e d e ra l R e s e rv e B a n k o f A t la n t a f o r M a y 1944 1 0 8 ,5 4 8 . E m p lo y m e n t in b a s ic te x tile m a n u fa c tu r e in A la b a m a r o s e fr o m 4 3 ,6 5 9 p e r s o n s in J u n e 1 9 4 0 to 5 9 ,1 4 3 in J u n e 1 9 4 2 . I t w a s 5 5 ,7 4 6 in h o u r w o r k w e e k to th e m a n u fa c tu r e a n d p r o c e s s in g o f c o tto n y a r n s a n d b r o a d -w o v e n c o tto n fa b r ic s . - T h e d e c lin e in c o tto n c o n s u m p tio n in D is tr ic t m ills h a s n o t D e c e m b e r 1 9 4 3 . T e n n e s s e e e m p lo y m e n t in c r e a s e d fr o m 3 6 ,7 0 4 b e e n d u e to a n y s h o r ta g e o f r a w m a te r ia l, a lth o u g h s o m e o f in J u n e 1 9 4 0 to 4 4 ,7 8 4 in J u n e 1 9 4 1 , b u t it h a d d e c lin e d to th e lo n g - s t a p le v a r ie tie s o f c o tto n 3 7 ,5 8 2 b y D e c e m b e r 1 9 4 3 . U n ite d T h e in c r e a s e in w a g e d is b u r s e m e n ts in D is t r ic t t e x t ile m il ls s in c e 1940 has been s u b s ta n tia l. th e second q u a rter a r e in sh o r t s u p p ly . T h e D e p a r tm e n t o f A g r ic u ltu r e m e s tic s u p p ly o f A m e r ic a n c o tto n e s tim a te s th e do (c a r r y -o v e r p lu s p r o d u c of tio n ) in th e c u r r e n t y e a r e n d in g J u ly 3 1 , 1 9 4 4 , a t 2 1 .8 m illio n 1 9 4 0 , to t a l w a g e s d is b u r s e d s u b je c t to s o c ia l s e c u r ity t a x e s in r u n n in g b a le s . C a r r y -o v e r o n A u g u s t 1 , 1 9 4 4 , is e x p e c te d to b a s ic te x tile m a n u fa c tu r in g in In S ta te s A la b a m a , G e o r g ia , a n d T e n b e a b o u t 1 0 .6 m il lio n b a le s , a n a m o u n t a p p r o x im a te ly e q u a l n e s s e e a m o u n te d t o 3 0 .8 m illio n d o lla r s . I n th e fo u r th q u a r te r t o th e c a r r y -o v e r o n A u g u s t 1 , 1 9 4 3 . P r o d u c tio n in 1 9 4 3 w a s of 1 9 4 3 , th e to t a l d is b u r s e m e n ts w e r e 6 6 .7 and fin a l fig u r e s fo r th a t q u a r te r a m o u n t so m e w h a t. T h e w ill e x p la n a tio n m illio n p r o b a b ly of how d o lla r s , r a is e w age th is d is b u r s e m e n ts in c r e a s e d b y 1 1 6 .6 p e r c e n t b e tw e e n J u n e 1 9 4 0 a n d D e cem b er 2 4 .5 1943, w h ile p e r c e n t, lie s in to ta l th e e m p lo y m e n t p a y m en ts in c r e a s e d fo r by o n ly o v e r tim e , s o m e in c r e a s e in b a s ic w a g e r a te s, a n d u p g r a d in g o f w o r k e r s. T rem end ous m ilita r y r e q u ir e m e n ts fo r te x tile s m u st be m e t in th e c o m in g m o n th s a n d , in a d d itio n , i f c lo th in g r a tio n in g is to b e a v o id e d , v a s t q u a n titie s o f te x tile p ro d u cts fo r 1 1 .3 m illio n b a le s in d e c lin e in la r g e a s th e d e c lin e in W h ile p r o d u c tio n th e co u n try peak le v e l sta te s as in w ith 1 2 .6 c o n s u m p tio n m illio n has been as p r o d u c tio n . o f c o tto n te x tile s h a s d e c lin e d a ll o v e r s in c e 1942, p r o d u c tio n has d e c lin e d about tw ic e as th e n o n -c o tto n - g r o w in g th e fa r c o tto n -g r o w in g A la b a m a , G e o r g ia , a n d in s ta te s. T en n essee In th e fr o m la tt e r th e group, a r e , o f c o u r s e , in c lu d e d . S e v e r a l f a c t o r s p r o b a b ly e n t e r in t o t h is s it u a t io n . I n t h e fir s t p la c e , w h ile c iv ilia n c o n s u m p t io n m u st b e p r o d u c e d a s w e ll. R e c e n t ly , th e S o u th e r n G o v e r n m e n t h a s m o v e d to e n c o u r a g e in c r e a s e d r u n n in g b a le s , a s c o m p a r e d 1 9 4 2 , b u t th e te x tile th a n in m ill th e w ages are N o r th e r n in th e c en te rs, th e r e h a s b e e n g e n e r a lly lo w e r ap o u tp u t. T h e p a r e n tly le s s d iffe r e n tia l b e tw e e n S o u th e r n m il ls a n d S o u th O f f ic e o f P r i c e A d m i n i s t r a t i o n r a i s e d c e i l i n g p r i c e s o n s o m e e r n w a r in d u s tr ie s th a n b e tw e e n N o r th e r n m ills a n d N o r th e r n te x tile p r o d u c ts , e ffe c tiv e M a r c h 2 3 , 1 9 4 4 . T h e W a r P r o d u c w a r in d u s tr ie s . tio n B o a r d h a s r e v is e d L im ita tio n O r d e r L -9 9 to p r o v id e th a t c a te d in r u r a l a r e a s, u p u n til th e m o s t r e c e n t m o n th s it h a s F u rth e rm o re , a s th e S o u th e r n “ n o m a n u fa c tu r e r o f c o tto n y a r n s s h a ll o p e r a te in a n y q u a r been te r , s t a r t in g A p r il 1 , 1 9 4 4 , a t a r a te o f p r o d u c t io n w h ic h w ill S o u th e r n m ills are m ore w id e ly r e s u lt in th e p r o d u c t io n o f le s s c o tto n y a r n th a n th e g r e a te s t N o r th e r n m ills , and hence c o m p e titio n p o u n d a g e o f c o tto n y a r n p r o d u c e d b y h im q u a r te r o f 1 9 4 3 .” in a n y c a le n d a r O f c o u r s e , i f c o m p lia n c e w ith th is o r d e r p o s s ib le s k ille d th e W a r P r o d u c t io n B o a r d f o r a n e x e m p tio n . E ffe c tiv e M a y o p e r a tio n s W ar M anpow er C o m m is s io n has e x te n d e d th e 1935*1939 AVERAGE»IOO 1942 fr o m th e fa r m s d is p e r s e d fo r to th e th a n la b o r 1943 1944 lo m ills . are has m ills in th e N o r th la b o r a r e u s e d th a n in w here th e been la r g e r p r o p o r tio n s p r e d o m in a te . 48- B U FO R D BRANDIS 1940 1941 of th e S o u th , w h e r e g r a y -g o o d s REPO RTING M EM BER BANKS SIXTH DISTRICT AVERAGES OF WEDNESDAY FIGURES The outbreak of war in 1939 was the signal for a precipitate rise in cotton consumption in District mills. A sharp drop occurred during the early months of 1940. A fter the begin ning of the Defense Program in the summer of 1940, cotton consumption rose to record peaks in the next year, and then rose more slowly for another year. Since Septem ber 1942, cotton consumption has been declining, and it is now back at the level of early 1941. la b o r B IL L IO N S O F D O L L A R S S O TTO JIV O O N S U M P TIO N m ALABAMA, GEORGIA, AND TENNI ** * SEASONALLY ADJUSTED 1940 draw are le s s k e e n in th e S o u th . A fin a l fa c to r is th e c o n c e n tr a tio n o f fin e - g o o d s in v o lv e s o p e r a tio n a t a lo s s , th e m a n u fa c tu r e r m a y a p p ly to 1 4 , th e to m ills 1942 1943 1944 Beginning late in 1940, demand deposits adjusted at Sixth District member banks that report weekly began to rise rapidly; then leveled off abruptly in the spring of 1943. Since that time demand deposits adjusted have shown virtually no change. The increase in bank holdings of U. S. Government obligations was even more rapid, although it began a year later. There has been little net change in this item in the past year. Loans have fluctuated considerably since 1940 but their total is now about the same as four years ago. M o n t h l y o f th e F e d e ra l R e s e rv e B a n k o f A t la n ta f o r M a y 1944 R e v ie w W ill " U se d ” W a r P la n t M a c h in e r y E q u ip th e co u rse, A s s u m in g th a t s o m e o f th e c a p it a l g o o d s th a t a r e n o w in - s ta lle d in th e m a n y w a r p la n ts o f th e S o u th e a s t c a n b e tu r n e d , a s w a r c o n tr a c ts e x p ir e , to th e u s e s o f p e a c e , th e S ix th D is tr ic t fa c e s a n u n p r e c e d e n te d o p p o r tu n ity to e q u ip its e lf th e A tla n ta and N ew O r le a n s o ffic e s o f th e R e c o n s t r u c t io n F in a n c e C o r p o r a tio n , d iv is io n s h a v e b e e n e s t a b lis h e d u n d e r th e S u r p lu s W a r P r o p e r tie s A d m in is t r a t io n , t o q u ite P la n ts sep a ra te o f RFC, C o r p o r a tio n . T h e tw o a g e n c ie s , w ith w h o lly are, o f d if fe r e n t in itia ls w e re m a d e to p e r fo r m d o u b le d u ty a t ju s t th is p o in t m a y s e r v e to c r e a te c o n f u s io n . I f a b id d e r , f o r e x a m p le , w e r e to s e n d h is b id to th e S W P C in s te a d o f th e S W P D , th e s lig h t in r e c tify in g th e m a ilin g error m ig h t, c o n c e iv a b ly , j e o p a r d iz e th e b id . I n th e m e r c h a n d is in g p r o c e s s , th e p r o b le m w ill b e a t its s im p le s t i f th e c o m p a n y o p e r a tin g a w a r p la n t d e c id e s to b u y th e th e m a c h in e r y it h a s b e e n u s in g u n d e r le a s e . S u c h b id s in p r o d u c tiv e e q u ip m e n t o f th e D is th e n a tu r e o f th in g s w ill b e p r e fe r r e d , p r ic e b e in g th e o n ly h a n d le th e im m e n s e j o b o f d is p o s a l to p u b lic o f m a c h in e r y a n d th e s im ila r ity o f fu n c tio n s . Y e t b o th d e a l w ith w a r p la n ts , a n d th e fa c t th a t d e la y fo r its in d u s tr ia l fu tu r e o n a “ u s e d m a c h in e r y ” b a s is . W ith in th e p a s t m o n th , in O n e p r o b le m , c u r io u s ly , m a y a r is e fr o m th e in itia ls o f th e S u r p lu s W a r P r o p e r ty D iv is io n a n d th e S m a lle r W a r S o u th ? 3 5 fo r p o s s ib le s tu m b lin g b lo c k . P r ic e s w ill b e b a s e d u p o n in itia l c a p ita l g o o d s d is p o s a l r o u n d s o u t th e o r g a n iz a tio n o f a g e n c ie s c o s t s m in u s d e p r e c ia tio n , e n g in e e r in g a p p r a is a ls o f th e c o n th a t a r e d e s ig n e d to b r in g th e e c o n o m y b a c k f r o m a w a r tim e d itio n to a p e a c e tim e b a s is in a n o r d e r ly fa s h io n , in a n a ly s is , u p o n s u p p ly a n d d e m a n d . In th e la s t r e s p e c t, e a c h t r i c t ’s w a r p l a n t s , a s w a r r e c o m m e n d a tio n s of c o n tr a c ts e x p ir e . T h e th e B aru ch p la n . A sy ste m lin e w ith th e d iv is io n of th e T r e a s u r y D e p a r tm e n t h a s b e e n d e s ig n a te d to h a n d le th e s a le o f s u r p lu s c o n s u m e r g o o d s , e x c e p t f o o d p r o d u c ts ; f o o d p r o d area of w ill th e be g ood s, kept th e p r ic e in fo r m e d as c e ilin g s , to th e and, p r ic e in th e s itu a tio n la s t fo r s im ila r m a c h in e r y in e v e r y o th e r a r e a o f th e n a t io n . S h o u ld a w a r p la n t n o t w a n t to b u y th e m a c h in e r y it h a s u c ts a r e to b e ta k e n c a r e o f b y th e W a r F o o d A d m in is tr a tio n . been T h e M a r itim e C o m m is s io n w ill ta k e c a r e o f th e d is p o s a l o f its e q u ip m e n t o u t o f th e p la n t a n d w a r e h o u s in g it . W h e th e r to u s in g , th e fir s t p r o b le m b e c o m e s th a t o f m o v in g th e s h ip s , a n d o th e r p a r ts o f th e ta s k a r e a s s ig n e d to th e N a v y d e c e n tr a liz e o r to c e n tr a liz e th e w a r e h o u s in g o f th e s e b u lk y D e p a r tm e n t, N a tio n a l H o u s in g A g e n c y , a n d and F ed eral W orks w e ig h ty c o m m o d itie s is at p resen t under d is c u s s io n . a g e n c y . T h e a g e n c y h e r e d e s c r ib e d is k n o w n a s th e S u r p lu s W a r e h o u s e p o s s ib ilit ie s in c lu d e th e le a s in g o f s to r a g e s p a c e W a r P r o p e r ty D iv is io n o f th e R F C . fr o m To th e S o u th , e x p a n s io n and w ith its lo n g - s t a n d in g d iv e r s ific a tio n , th e need SW PD of s a le s in d u s tr ia l o f th e w a r tim e c a p it a l g o o d s w ill p r o b a b ly p r e s e n t t h e m o s t im p o r t a n t th e p r e s e n t w a r p la n t s , th e c o n s tr u c tio n o f in d iv id u a l w a r e h o u se s n e a r th e p la n ts , th e u s e o f la r g e c lo s e d fa c to r ie s (if a n y ) a s w a r e h o u s e s , o r th e c o n s tr u c tio n o f h u g e c e n tr a l d e p o ts. N o t im p r o b a b ly a ll fo u r m e th o d s w ill b e u se d . o p p o r t u n it y o f a l l . P r e c is e ly w h a t m a c h in e s , b o ile r s , m o to r s , A n a tte n d a n t p r o b le m is th a t o f c a t a lo g u in g th e in v e n t o r y . a n d o th e r v a r ie tie s o f p r o d u c t iv e e q u ip m e n t a r e t o b e p la c e d T h is p r o c e s s i s m a d e e s p e c ia lly d if fic u lt b e c a u s e th e S W P D o n s a le is n o t y e t k n o w n a n d c a n n o t b e k n o w n , e x c e p tin g in w ill n o t, o r d in a r ily , k n o w th e g r a d u a l c o u r se e a c h g iv e n c o n tr a c t e x p ir e s o r a p p r o a c h e s e x p ir a tio n . I n v e n o f w a r c o n tr a c t te r m in a t io n . A s a s ta r t, e x a c t ly w h a t it h a s to s e ll u n til h o w e v e r , t h e A t la n t a o ffic e o f t h e S W P D is in t h e p r o c e s s o f to r ie s w ill b e la r g e , a c a ta lo g u e w o u ld r e c e iv in g a lis t o f s o m e 1 0 ,0 0 0 ite m s o f c a p it a l e q u ip m e n t b e f o r e it c o u ld b e p r in t e d , a n d d e s c r ip t io n s w o u ld b e h ig h ly fr o m o w n in g a num ber of th e a g e n c ie s . T h ese ite m s are k n o w n to b e F e d e r a lly o w n e d a n d a t p r e se n t a r e u n d e r le a se to th e w a r p la n ts in th e fo u r sta te s o f A la b a m a , F lo r id a , G e o r g ia , and T en n essee. T h e N ew O r le a n s o ffic e w ill s im ila r lis t f o r L o u is ia n a , M is s is s ip p i, a n d th e o b ta in a o th e r sta te s w ith in its a r e a . T h e s e lis ts r e p r e s e n t b u t a sta r t in c o m p ilin g w h a t w ill u n q u e s t io n a b ly b e th e la r g e s t a n d m o s t v a r ie d in b e o u td a te d te c h n ic a l. T o d a te , th e d if fic u lt ie s o f th is p r o b le m a lm o s t are m ore a p p a r e n t th a n th e u ltim a te m e th o d o f s o lu tio n . T h e fin a n c in g o f th e p u r c h a s e s is , h o w e v e r , m o r e c le a r ly fo r e se e n . T h e c r e d it to SW PD m ake th e w ill p r e fe r th a t a p u r c h a s e r , n e e d in g p u rch ase, o b t a in th a t c r e d it fr o m th e b a n k s . I f s u ffic ie n t b a n k c r e d it is n o t a v a ila b le , i t is in p r o s v e n t o r y o f c a p it a l g o o d s a n d p r o d u c e r s ’ e q u ip m e n t, a l l o f it p e c t th a t th e R F C w ill e n te r th e tr a n s a c tio n , e ith e r b y g u a r a n “ u s e d ” a n d to s o m e e x te n t d e p r e c ia te d , e v e r o ffe r e d fo r s a le te e in g s o m e p o r tio n to th e p u b lic in th e h is t o r y o f th e n a t io n . w ith th e b a n k . I f b a n k c r e d it is e n t ir e ly A t p r e se n t, th e S W P D to p is o n ly in its b e g in n in g s ta g e . T h e o ffic ia ls h a v e b e e n s e le c te d a n d are la y in g th e ir s ib le th a t th e RFC o f th e b a n k c r e d it o r b y p a r tic ip a tin g m a y fin a n c e a la c k in g , it is p o s tr a n s a c tio n e n tir e ly , b u t in itia l th e o ffic ia l p o li c y f a v o r s th e u s e o f b a n k c r e d it to th e g r e a t p la n s f o r c o p in g w ith a m e r c h a n d is in g p r o b le m o f o b v io u s ly e st p o s s ib le e x te n t. S in c e m a n y m illio n s o f d o lla r s ’ w o r th o f g r e a t c o m p le x it ie s a n d o f m a g n ific e n t p r o p o r tio n s . U n d e r th e c a p it a l g o o d s a r e to b e o ffe r e d f o r s a le , th e S W P D o p e r a tio n d ir e c tio n o f M . E . E v e r e tt, R F C m a n a g e r o f t h e A tla n ta d is m a y p o s s ib ly b e c o m e a n e x tr e m e ly im p o r ta n t u s e r o f th e r e tr ic t, H . L . K e n n o n h a s b e e n p la c e d in c h a r g e o f s a le s a n d s o u r c e s o f th e b a n k in g s y ste m . P. E. L ed fo r d in S im ila r ly , in N e w charge of a c c o u n tin g O r le a n s , R F C fo r th e SW PD . M a n a g e r G . W . R o b e r tso n h a s p la c e d O m e r F . K u e b e l in c h a r g e o f s a le s a n d L e o n a r d E . B a r n e s in c h a r g e o f a c c o u n tin g . S o m e p r o b le m s a r e a lr e a d y fo r e s e e n a n d a r e in th e p la n n in g s ta g e . T h e r e is n o te n d e n c y to d e n y th a t th e p r o b le m s T o th e d e v e lo p m e n t o f in d u s tr y in th e S o u th e a st, th e p o s s i b ilitie s p r e se n ted b y th e S W P D a r e o b v io u s ly g rea t. T h e se g o o d s a r e n o t fo r s a le to s p e c u la to r s . P r e fe r r e d p u r c h a s e r s , u n d e r th e o ffic ia l p o li c y , w ill b e m a n u fa c tu r in g e n te r p r is e s o f lo c a l o w n e r sh ip . I n th e w o r d s o f o n e c o m m e n ta to r : “ I f th e in v o lv e d in d is p o s in g o f th e s u r p lu s c a p ita l g o o d s w ill b e e x S o u t h d o e s n ’t d e v e l o p i t s n e e d e d ‘h o m e ’ i n d u s t r i e s o n t h e b a tr e m e ly s is o f th is s e t u p , it w ill d e s e r v e to h a v e m is s e d th e b o a t .” d if fic u lt— m o r e d if fic u lt , p r o b a b ly , th a n th o se v o l v for e d FRASER in a n y o th e r a s p e c t o f p h y s ic a l d e m o b iliz a tio n . Digitized in ERNEST J . H O P K IN S 3 6 M o n t h l y D is tr ic t R e v ie w o f th e F e d e ra l R e s e rv e B a n k o f A t la n ta f o r M a y 1944 B u s in e s s a n d A g r ic u ltu r e A v a i l a b l e fig u r e s f o r th e fir s t h a l f o f M a y in d ic a t e a p r o b x TL a b l e in c r e a s e of m o d e r a te p r o p o r tio n s in d e p a r tm e n t R e c o n n a is s a n c e s to r e s a le s o v e r A p r il. A p r il s a le s e s ta b lis h e d a n o th e r r e c o r d le v e l fo r th a t m o n th , m a k e s a llo w a n c e fo r a lth o u g h th e th e u su al a d ju sted s e a s o n a l in f lu e n c e s v a r y in g d a te o f E a ste r , d e c lin e d s lig h t ly fr o m tu r e s to r e s a le s in c r e a s e d s o m e w h a t in th a n a y e a r a g o , a n d w h o le s a le fr o m in d e x , and th e M a r c h . F u r n i A p r il b u t w ere tr a d e d e c lin e d 12 le s s p er cen t M a r c h a n d w a s in a b o u t th e s a m e v o lu m e a s in A p r il la s t y e a r . G a s o lin e ta x c o lle c tio n s in A p r il in c r e a s e d su b s t a n t i a lly o v e r M a r c h , in fiv e r e p o r t in g s ta te s , a n d c o n t in u e d la r g e r th a n a y e a r a g o . B a n k d e b its to r e f le c t in g th e v o lu m e of tr a n s a c tio n s in d iv id u a l a c c o u n ts , s e ttle d by ch eck , de c lin e d 9 p e r c e n t in A p r il, a n d te x tile a c tiv ity a n d c o a l o u t p u t d e c lin e d . T e x t ile a c tiv ity in A p r il w a s w e ll b e lo w th e le v e l a t th a t tim e la s t y e a r , b u t c o a l o u t p u t w a s a lit t le h ig h e r th a n a y e a r a g o . T h e r a te o f e le c t r ic p o w e r p r o d u c tio n a n d th e v o lu m e o f m a n u fa c tu r in g e m p lo y m e n t in M a r c h , th e la te s t m o n th fo r w h ic h fig u r e s are a v a ila b le , d e c lin e d Sixth D istrict S ta tistic s for A pril 1944 c o m p a re d w ith A pril 1943 w h ic h fr o m F eb PER CENT DECREASE W* PER CENT INCREASE Department Store Sales Department ■ ■ ■ fts Furniture Sales IjMilillMIBIMllBIIIHlllllllWIIIHIiHn Contracts (IH IIIIinsm nption Gasoline Tax Collections Bank |)ebits Member ]|ank Loans Member Bank lnvestm*nte||||!||||||||l Demand D e p f||i|iie d + r u a r y b u t w e r e h ig h e r th a n in M a r c h 1 9 4 3 . 40 R e t a i l T r a d e : S ix th D is tr ic t d e p a r tm e n t sto r e s a le s 30 20 '10 0 10 20 30 40 w ere a b o u t o n e f o u r t h la r g e r in d o ll a r v o lu m e in th e fir s t h a l f o f M a y th is y e a r th a n th e y w e r e in th e c o r r e s p o n d in g p e r io d a s a le s a c c o u n te d fo r 6 1 y e a r a g o . T h is p e r c e n ta g e is b a s e d o n r e p o r ts fr o m n e a r ly 3 0 a s c o m p a r e d w ith 5 7 p e r c e n t a y e a r a g o ; o p e n b o o k c r e d it s to r e s th a t r e p o r t th e ir s a le s fig u r e s w e e k ly and com pares d o lla r s a le s in A p r il r ep o rted by 83 s a le s w e r e 3 6 p e r c e n t o f th e to t a l th is A p r il a g a in s t 3 9 p e r c e n t in A p r il la s t y e a r ; a n d in s ta lm e n t s a le s a c c o u n te d w ith a g a in o f 1 9 p e r c e n t f o r th e c o u n t r y a s a w h o le . A c tu a l p e r c e n t o f th e A p r il to ta l th is y e a r , sto r e s w ere fo r 3 p e r c e n t o f th e to ta l th is A p r il a n d 3 p e r c e n t in A p r il 1 9 4 3 . s lig h t ly b e lo w th e M a r c h le v e l. I n c r e a s e s o v e r M a r c h w e r e r e I n v e n to r ie s d e c lin e d 4 p e r c e n t in A p r il, a lt h o u g h in c r e a s e s p o r te d fr o m B ir m in g h a m , K n o x v ille , M a c o n , a n d M o b ile , b u t w e r e r e p o r te d in th e fir s t th r e e m o n th s o f th e y e a r . E n d -o f- d ecreases occu rred A p r il in v e n to r ie s w e r e 1943, r e p o r tin g a ll at o th er c itie s p o in ts . had C om pared in c r e a s e s w ith e x c e p tin g A p r il M o b ile , 1 7 p e r c e n t la r g e r in d o lla r v o lu m e th a n th e y w e r e a y e a r a g o . A t A tla n ta , th e in c r e a s e w a s 5 0 w h e r e th e r e w a s a d e c lin e o f 6 p e r c e n t. K n o x v ille le d a g a in per in M o n tg o m e r y , 2 1 p e r c e n t; a t B ir m in g h a m , 7 p e r c e n t; a n d at A p r il w ith a g a in of M a co n , a n d N a s h v ille 52 rep o rted per c e n t, and M o n tg o m er y , in c r e a s e s a b o v e th e D is tr ic t c e n t; a t N a s h v ille , 36 per c e n t; at N ew O r le a n s and M a c o n , 1 p e r c e n t. a v e r a g e o f 1 8 p e r c e n t. B e c a u s e o f th e d iffe r e n t n u m b e r o f T h e c o lle c t io n r a tio f o r r e g u la r a c c o u n ts f o r A p r il w a s 61 b u s in e s s d a y s in th e tw o m o n th s , th e in d e x o f d a ily a v e r a g e p e r c e n t a n d f o r in s t a lm e n t a c c o u n ts , 3 1 p e r c e n t. B o th r a te s s a le s w e r e s lig h t ly lo w e r th a n in M a r c h b u t s o m e w h a t h ig h e r th a n ro se 4 per cen t fr o m M arch to A p r il. T h e in d e x fo r A p r il, 2 2 8 p e r c e n t o f th e 1 9 3 5 -1 9 3 9 a v e r a g e , is 1 6 p e r c e n t fo r A p r il 1943. a b o v e th a t fo r A p r il la s t y e a r a n d is a b o u t d o u b le th e A p r il S a le s a t r e t a il fu r n itu r e s to r e s r e p o r t in g to th is B a n k h a v e in d e x in th e p r e w a r y e a r s o f 1 9 3 9 a n d 1 9 4 0 . T h is is th e s ix th in c r e a s e d e a c h m o n th s in c e J a n u a r y . A p r il s a le s w e r e u p 4 c o n s e c u t i v e y e a r i n w h i c h a n e w h i g h le V e l h a s b e e n r e a c h e d p e r c e n t fr o m M a r c h b u t w e r e 2 p e r c e n t le s s th a n in A p r il b y th e A p r il in d e x . W h e n a llo w a n c e is m a d e fo r th e u s u a l la s t y e a r . C a sh s a le s in c r e a s e d s e a s o n a l in f lu e n c e s a n d in s t a lm e n t a n d o th e r c r e d it s a le s , 3 p e r c e n t. C o m p a r e d w ith th e v a r y in g d a te o f E a ste r , th e ad 5 p er cen t o v er M arch , and ju ste d in d e x o f s a le s d e c lin e d 1 p e r c e n t fr o m M a r c h to A p r il A p r il but w as 23 a n d o th e r c r e d it s a le s w e r e s lig h t l y s m a lle r . p e r c e n t h ig h e r th a n it w a s in A p r il 1 9 4 3 . L a st y e a r , E a ste r w a s o n A p r il 2 5 a n d E a ste r b u y in g f e ll e n tir e ly in th a t m o n th , b u t th is y e a r , E a ste r w a s o n A p r il 9 , a n d s o m e p a r t o f th e E a ste r p u r c h a s in g is p r e su m e d to h a v e b e e n d o n e in M a r c h . A llo w a n c e fo r s u c h fa c to r s is m a d e in c o m p u tin g th e a d j u s t e d s a le s in d e x e s f o r b o th M arch J a n u a r y -A p r il p e r io d and A p r il each year have year. W h o le s a le T rade: D is tr ib u tio n 11 p e r c e n t b u t in s ta lm e n t of m e r c h a n d is e th ro u g h w h o le s a le c h a n n e ls in A p r il, r e fle c te d in p r e lim in a r y fig u r e s c o m p ile d b y th e C e n su s B u r e a u a n d b a s e d o n c o n fid e n tia l r e p o r ts fr o m 1 5 6 S ix t h D is t r ic t fir m s , w a s a b o u t th e s a m e a s in A p r il 1 9 4 3 . F o r th e J a n u a r y -A p r il p e r io d , th e in c r e a s e o v e r th a t p a r t o f la s t y e a r w a s 1 0 p e r c e n t. J a n u a r y s a le s w e r e u p T o ta l been 2 0 1943, 1 9 4 3 , c a sh s a le s w e r e u p s a le s in th e p er c en t g r ea ter th a n a n d th e ra n g e d fr o m p ercen ta g e an in th is th e s a m e fo u r m o n th s c o m p a r is o n s fo r in c r e a s e o f le s s th a n in d iv id u a l 20 p er cen t, F e b r u a r y record ed a g a in o f 17 p e r c e n t, a n d of th e M a r c h in c r e a s e w a s 9 p e r c e n t. I n A p r il, in c r e a s e s o v e r a c itie s y e a r a g o w e r e r e p o r t e d b y fir m s d e a lin g in a u t o m o t iv e s u p 1 p e r c e n t a t M o b ile to a g a in o f 4 5 p e r c e n t a t K n o x v ille . A tfort FRASER h o s e r e p o r t in g s to r e s th a t c la s s if y th e ir s a le s , c a sh Digitized p lie s , s h o e s a n d o th e r fo o tw e a r , c o n fe c tio n e r y , g r o c e r ie s , a n d h a r d w a r e . S a le s o f d r u g s , d r y g o o d s , e le c tr ic a l g o o d s , fr e sh fr u its a n d v e g e ta b le s , p a p e r a n d p a p e r p r o d u c ts , a n d to b a c c o M o n t h l y o f th e F e d e ra l R e s e rv e B a n k o f A tla n ta f o r M a y 1944 R e v ie w an d to b a cc o 3 7 S ix th D is tric t In d e x e s p r o d u c ts w e r e le s s th a n th e y w e r e a y e a r a g o . A p r il in v e n t o r ie s w e r e d o w n le s s th a n 1 p e r c e n t fr o m M a r c h but w ere 13 p e r c e n t la r g e r th a n in DEPARTMENT STORE SALES* A p r il 1 9 4 3 . A djusted** L i f e I n s u r a n c e S a l e s : A p r il s a le s o f l i f e in s u r a n c e in t h is D is tr ic t th a n com pare a little m ore d o th e to ta l s a le s in A la b a m a fa v o r a b ly th e U n ite d w ith A p r il 1943 S ta te s a s a w h o le . In a n d G e o r g ia , th e v o lu m e w a s ju s t e q u a l to th a t a y e a r a g o , b u t i n t h e o t h e r f o u r ^ s ta t e s , i n c r e a s e s r a n g e d f r o m 7 p e r c e n t in L o u is ia n a to 1 5 p e r c e n t in T e n n e s s e e . F o r th e c o u n tr y a s a w h o le , th e A p r il g a in w a s 5 p e r c e n t o v e r A p r il o f la s t y e a r . I n t h e fir s t f o u r m o n t h s o f 1 9 4 4 , t h e A la b a m a in c r e a s e o f 5 p e r c e n t o v e r th e s a m e p e r io d la s t y e a r w a s b e lo w th e n a t io n a l a v e r a g e o f 1 9 p e r c e n t, th e g a in s in G e o r g ia a n d T e n n e s s e e w e r e e q u a l to it, a n d th e r e w e r e in c r e a s e s o f DISTRICT............... A tlanta................ Baton R o u g e . . . B irm ingham ... . C h a ttan ooga... Jackson............... Jack son ville.. . . K noxville.......... M acon................ M iami................... M on tgom ery... N ash ville........ ;. N ew O r le a n s... Tampa................. 2 2 p e r c e n t in L o u is ia n a , 3 0 p e r c e n t in M is s is s ip p i, a n d 3 2 p e r c e n t in F in a n c e : 1 3 m illio n of th is B a n k ’s F ederal R eserv e d o lla r s in J a n u a r y . B etw ee n D ecem b er 3 1 a n d M a y 1 7 o f th is y e a r , th e in c r e a s e w a s 9 4 m il lio n d o l la r s , a g a in s t a r is e o f 1 1 5 m i l l i o n d o ll a r s in th e s a m e p e r io d a y e a r a g o . I n r e c e n t m o n th s , th e in c r e a s e in of th e la r g e r d e n o m in a tio n s has c ir c u la tio n been DISTRICT............... B irmingham. . . . M ontgom ery... N ash ville............ N ew O r le a n s... F rom D ecem b er 31 to A p r il 30, c ir c u la tio n 5 -, 1 0 -, a n d 2 0 - d o lla r n o t e s in c r e a s e d a b o u t 3 5 m i l l i o n la r s , w h ile c ir c u la t io n d e n o m in a tio n s D em and w e e k ly o f n o te s o f th e 5 0 -d o lla r a n d ro se a b o u t 5 5 m illio n d e p o s its r e p o r tin g (a d ju ste d ) banks at averaged of d o l la r g e r th e S ix th 1 ,0 2 0 D i s t r i c t ’s m illio n d o lla r s 1 7 to ta le d 2 7 3 m illio n o n ly s lig h tly been TOTAL..................... A labam a............ G eo rg ia .............. T en n e sse e ........ d o lla r s a n d w e r e u p 2 5 per d e c lin in g s in c e la s t O c to b e r b u t a r e lo w e r th a n th e y w e r e in M ay a m o u n tin g to 1 ,0 9 3 I n d u s t r y : T e x t ile a c tiv ity in m illio n d o lla r s , w ere 16 per th is D is t r ic t d e c lin e d in A p r il to t h e lo w e s t le v e l in m o r e th a n th r e e y e a r s . C o tto n m i l l s in A la b a m a , G e o r g ia , a n d T e n n e s s e e u s e d a n a v e r a g e o f 1 0 ,7 9 3 o f c o tto n fo r each a m o u n t rep re sen ts a o f th e 2 5 d ecrease b u s in e s s d a y s in of 5 per a v e r a g e a n d is th e s m a lle s t d a ily cen t A p r il. fr o m c o n s u m p tio n a n d s iz e s c o n tin u e s . M o st o f th e d e m a n d is s t ill fr o m G o v e r n m e n t a g e n c ie s . R e ta il y a r d s a r e s t ill e x p e r ie n c in g th e g r e a te s t d iffic u lty in p la c in g o r d e r s a n d a r e b e in g s u s t a in e d b y s u c h ends o f u n r e s tr ic t e d lu m b e r as th e y are a b le to g e t. O p e r a t in g c o n d it io n s a t th e m i l l s c o n t in u e d iffic u lt, th e la b o r s u p p ly is s te a d ily s h r in k in g , and w e a th e r c o n d itio n s h a v e r e c e n tly b e e n o f th e m o s t a d v e r se v a r ie ty . nu m bered 33, a c c o r d in g C o m m is s io n . to r ep o rts of In D ecem b er, 3 5 th e U n ite d v e s s e ls w ere A pr. 1943 A pr. 1944 M ar. 1944 A pr. 1943 167 231 137 193 255 133 184 237 134 180 268 136 144 154 128 160 185 110 174 246 142 209 280 142 188 241 138 190 278 144 149 164 133 172 206 117 COAL PRODUCTION* A pr. 1944 M ar. 1944 A pr. 1943 A pr. 1944 M ar. 1944 A pr. 1943 153 157 154 127 161 169 159 138 178 183 178 163 165 174 177 179 150 152 152 171 146 M ar. 1944 F eb . 1944 M ar. 1943 159 187 179 149 165 145 137 162 191 r 188 r 150 168 r 149 r 139 r 155 197 156 143 144 144 141 DISTRICT.............. R esid en tial........ O th ers................. A labam a............ Florida................. G eo rg ia .............. L ouisiana.......... M ississip p i........ T en n e sse e........ GASOLINE TAX COLLECTIONS*** A pr. 1944 M ar. 1944 A pr. 1943 A pr. 1944 110 79 125 81 150 119 133 65 21 101 r 93 r 106 r 88 123 160 72 82 101 203 186 212 133 270 223 400 94 181 104 90 95 106 98 102 99 98 125 95 91 85 93 91 91 101 86 85 98 92 110 COST O F LIVING M ar. 1944 A pr. 1943 ALL ITEM S.. F o o d .......... C lo th in g ... R ent............ Fuel, e le c tricity, and i c e . . Home fur n ishin gs. M iscel lan eou s. . ELECTRIC POW ER PRODUCTION* M ar. 1944 Feb. 1944 M ar. 1943 127 139 135 114 128 r 142 134 114 125 142 129 114 109 109 106 126 126 r 122 123 123 r 115 S ta te s b u ilt, A pr. 1944 M ar. 1944 A pr. 1943 193 190 194 193 191 188 b u t th e A p r il to t a l e x c e e d s th e r e p o r te d fig u r e s f o r o th e r r e c e n t m o n th s. M ar. 1944 CRUDE PETROLEUM PRODUCTION IN COASTAL LOUISIANA AND MISSISSIPPI* M e r c h a n t s h ip s b u ilt in S ix t h D is t r ic t s h ip y a r d s in A p r il M a r itim e U n a d ju ste d A pr. 1944 th e s in c e T h e h e a v y d e m a n d f o r S o u th e r n p in e lu m b e r o f a ll g r a d e s and 196 188 213 192 190 186 253 174 202 172 169 199 188 243 CONSTRUCTION CONTRACTS D ecem b er 1940. odds 219 237 221 181 211 216 278 248 218 238 199 246 200 271 L ouisiana.............................................. M ississip pi.............................................. T en n e sse e .............................................. la s t y e a r . T o ta l c e n t la r g e r . M arch 228 224 229 214 225 219 299 276 246 212 214 243 206 290 SIX STATES................................................ A labam a..................................... M a y 1 7 th is y e a r th a n la s t, a n d h o ld in g s o f U n it e d S ta te s s e b a le s 181 174 194 192 179 170 250 167 178 170 152 192 172 214 MANUFACTURING EMPLOYMENT*** h o ld in g s o f in v e s tm e n t s e c u r it ie s w e r e 1 1 p e r c e n t la r g e r o n T h is 225 247 250 185 219 225 284 267 222 184 219 221 214 242 in th e c o r r e s p o n d in g W e d n e s d a y la s t y e a r . L o a n s a t th e se b a n k s h a v e c u r itie s , 222 214 215 219 217 205 301 272 223 216 217 242 195 262 COTTON CONSUMPTION* 20 a m o u n t 2 1 p e r c e n t g r e a te r th a n a y e a r e a r lie r . T im e d e p o s its on M ay A pr. 1943 d o lla r s . A p r il, a n d o n M a y 1 7 , a m o u n te d to 1 ,0 7 3 m illio n d o lla r s , a n cen t fr o m M ar. 1944 of c o n s id e r a b ly la r g e r th a n th e in c r e a s e in c ir c u la t io n o f th e s m a lle r d e n o m i n a tio n s . Apr. 1944 A djusted** c ir c u la tio n 3 4 m illio n d o lla r s in M a r c h , 1 6 m illio n d o lla r s in F e b r u a r y , n o tes A pr. 1943 DEPARTMENT STORE STOCKS n o t e s in c r e a s e d 2 5 m i l lio n d o lla r s in A p r il a s c o m p a r e d w ith a n d o n ly M ar. 1944 F lo r id a . N et U n a d ju ste d A pr. 1944 U n ad ju sted .. A d ju sted **... SIX STATES.. Hydro generated F u el generated M ar. 1944 F eb . 1944 M ar. 1943 260 264 235 285 236 248 228 300 219 ANNUAL RATE O F TURNOVER OF DEMAND DEPOSITS U n a d ju sted .. A d ju sted **... Index**.......... A pr. 1944 M ar. 1944 A pr. 1943 16.9 17.2 66.4 17.2 17.6 68.1 20.2 20.5 77.5 ‘ Daily average basis “ Adjusted for seasonal variation t= in d exes, 1935-39 = 100 R evised 3 8 M o n t h l y o f th e F e d e ra l R e s e rv e B a n k o f A t la n t a f o r M a y 1944 R e v ie w S ix th D is tr ic t S ta tis tic s F r u it: W e a th e r c o n d itio n s in M a y w e r e fa v o r a b le o v e r m o s t o f th e D is tr ic t, b u t a t th e e n d o f A p r il, fa r m in g a c tiv ity w a s UNITED STATES TREASURY BILLS D a te d M ay 4, 1944.................................................................. M ay 18, 1944.................................................................. M ay 25, 1944................... ............................................ r ep o rted to b e fr o m e x c e s s iv e r a in fa ll in M a r c h a n d A p r il. $11,500,000 12.922.000 19.165.000 21.540.000 $10,642,000 10,010,000 16.679.000 19.208.000 e x p e c te d to b e la r g e r th a n a v e r a g e a n d c o n s id e r a b ly la r g e r T o ta l fr u it p r o d u c tio n in th e U n it e d S ta te s th is s e a s o n is th a n th e A B C D E F G Total 9 27 54 74 52 29 12 257 0 750 1,374 6,394 32,088 175,753 418,081 634,440 63 957 5,528 19,603 44,969 105,765 146,055 322,940 471 2,957 11,556 30,718 61,818 151,094 244,770 503,384 P e r C ent A ctual to R eq u ire d 159 150 138 125 124 .116 105 112 ALABAMA A n n isto n ..................... B irm in g h am ............... D o th a n ......................... G a d s d e n ..................... M o b ile ......................... M o n tg o m e ry ............. FLORIDA Jack so n v ille............... G re a te r M iam i*........ P e n s a c o la ................... St. P e te r s b u r g ........... T am p a......................... G EORGIA A lb a n y ......................... C o lu m b u s ................... V a ld o s ta ..................... M arch 1944 A pril 1943 th e S ix th p r o d u c tio n m illio n by b u s h e ls , a th e crop th e 10 D e p a r tm e n t in of m o r e th a n tw o D is tr ic t, and p r o d u c tio n e s tim a te s fo r th e se fiv e sta te s, b a s e d o n M a y 1 c o n d it io n s , in d ic a te a c r o p o f s lig h t ly m o r e th a n s ix m illio n b u s h e ls th is y e a r . T h is w o u ld lit tle m o r e th a n d o u b le th e s m a ll 1 9 4 3 c r o p in be a th e s e sta te s b u t o n ly a b o u t tw o th ir d s o f th e p r o d u c t io n tw o y e a r s a g o . 1943 The c r o p , is p r o b a b ly n o t m o r e th a n h a lf a n o r m a l c r o p . crop d o u b le in L o u is ia n a th a t o f F lo r id a a r e s lig h t ly and M is s is s ip p i, la s t year but and la s t y e a r . F lo r id a The a b o v e p r o d u c t io n p ro sp ects fo r is are s m a lle r a ls o e s tim a te s fo r crop s e x p e cted fo r to L o u is ia n a be and o f 1 9 4 2 . I n A la b a m a s iz a b le in c r e a s e s th a n w ere F lo r id a , as over produ ced tw o years ago. E s t im a te s P er C en t C h an g e A pril 1944 irom M ar. 1944 April 1943 of c itr u s fr u its in of M ay 1, are la r g e r b y 3 .5 m il lio n b o x e s , f o r o r a n g e s a n d f o r g r a p e fr u it, th a n e a r lie r p r e d ic tio n s a n d in d ic a te a n o th e r r e c o r d p r o d u c tio n . I n d ic a tio n s a r e th a t th e r e w ill b e a to ta l o f 4 5 m illio n b o x e s o f o r a n g e s a n d 2 8 .5 m illio n b o x e s o f g r a p e fr u it fr o m 16,330 167,027 6,186 9,265 102,415 34,361 18,466 192,664 7,260 10,104 1*13,118 37,408 14,340 184,775 5,904 10,061 118,363 36,704 — 12 — 13 — 15 — 8 — 9 — 8 + 14 — 10 + 5 — 8 — 13 — 6 159,991 123,712 170,718 28,340 22,401 25,334 78,709 174,300 148,905 199,449 31,005 25,026 26,900 82,166 164,797 98,840 127,364 26,585 20,450 22,048 81,319 — 8 — 17 — 14 — 9 — 10 — 6 — 5 — + + + + + — 3 25 34 7 10 15 3 8,540 428,895 33,305 13,404 32,696 1,875 37,920 4,318 . 76,410 5,924 9,568 471,140 37,583 13,262 33,174 1,855 39,542 4,799 81,410 5,571 7,932 417,128 33,810 12,518 36,296 1,58,1 38,926 5,089 78,702 5,023 — 11 — 9 — 11 + 1 — 1 + 1 — 4 — 10 — 6 + 6 + + — + — + — — — + 8 3 2 7 10 19 3 15 3 18 th e 1 9 4 3 b lo o m . T h e s e t o f th e n e w 39,580 24,263 433,753 42,001 19,795 371,479 — 3 — 6 — 11 — 8 + 15 + 4 M ISSISSIPPI H a ttie s b u rg ............... la c k s o n ....................... M erid ia n ..................... V ic k sb u rg ................... 12,091 52,148 14,838 17,027 12,900 57,571 15,643 20,523 13,350 44,245 16,594 20,963 — 6 — 9 — 5 — 17 — 9 + 18 — 11 — 19 c itr u s c r o p a p p e a r s to b e g o o d . T h e g e n e r a l c o n d itio n o f th e g r o v e s is e x c e lle n t a n d p r o s p e c ts a p p e a r fa v o r a b le fo r th e Truck 38,546 22,805 386,257 1 9 4 4 -4 5 crop . C r o p s : P r o g r e s s o f c o m m e r c ia l tr u c k c r o p s f o r s p r in g h a r v e st w a s r e ta rd ed in A p r il b y e x c e s s iv e r a in fa ll, lo w te m p e r a tu r e s, a n d fr o s ts o v e r m o s t o f th e D is tr ic t. P la n tin g w a s d e la y e d , g r o w th w a s r e ta r d e d , a n d y ie ld s o f s o m e c r o p s w e r e r e d u c e d . I n M o b ile a n d B a ld w in C o u n t ie s , A la b a m a , r a in f a ll in th e la tt e r h a lf o f A p r il w a s in e x c e s s o f 1 2 in c h e s , a n d fa r m w o r k w a s p r a c t ic a lly a t a s t a n d s t ill. A l l A la b a m a tr u c k c r o p s w e r e d a m a g e d . E a r ly p la n tin g s o f w a te r m e lo n s w e r e , in som e c a se s, c o m p le te ly w ip e d o u t. S o m e o f th e acreage h a s b e e n r e p la n te d , b u t g r o w th h a s b e e n r e ta r d e d . T h e sa m e is tr u e of e a r ly I r is h p o ta to e s, and, to som e e x te n t, of c u c u m b e r s , c a b b a g e , a n d s n a p b e a n s . I n th e N o r th A la b a m a a r e a , s tr a w b e r r ie s a r e in g o o d c o n d itio n a n d h a rv est b eg a n e a r ly in M a y . T h e c r o p in C e n tr a l A la b a m a h a s b e e n d a m a g e d b u t is s t ill in fa ir c o n d itio n . In F lo r id a , A p r il fr o s ts d id c o n s id e r a b le d a m a g e to s p r in g sn a p b e a n s in a ll s e c tio n s . S o m e lo s s o f acreage occu rred, b u t th e p r in c ip a l d a m a g e w ill s h o w u p in r e d u c e d y ie ld s . A good crop of lim a beans is b e in g h a rv ested in th e L ake O k e e c h o b e e s e c tio n , th e m a in s o u r c e o f s u p p l y a t t h is tim e . 77,016 94,926 154,848 83,556 100,000 168,027 85,187 54,726 166,501 — — — 8 5 8 — 10 + 73 — 7 2,287,860 2,522,042 2,256,032 — 9 + 1 UNITED STATES 334 C itie s ..................... 66,700,000 * Not in c lu d e d in total 76,089,000 73,661,000 — 9 SIXTH DISTRICT 32 C itie s ..................... P each fo r e ca st s ta te , a n d , th o u g h e s tim a te d to b e m o r e th a n tw ic e th e s h o r t LOUISIANA B aton R o u g e ............. Lake C h a r le s ............ N ew O rle a n s ............. TENNESSEE C h a tta n o o g a ............. K noxville................... N a sh v ille ..................... 1 3 .9 is T h e G e o r g ia c r o p , b y f a r t h e la r g e s t in th is D is tr ic t , h a s DEBITS TO INDIVIDUAL BANE ACCOUNTS (In T h o u san d s of D ollars) A pril 1944 1943. b e e n s e v e r e ly d a m a g e d , e s p e c ia lly in th e c e n tr a l p a r t o f th e * G roup A : 1943 a v e ra g e desposits u p to $500,000; G ro u p B : 5500,000 to $1,000,00 0; G ro u p C : $1,000 ,000 to $2,00 0,000; G ro i ip D : $2 ,000,000 to $5,000,0C 0; G ro u p E : $5,000, 000 to $15,000,000; G rou p F : $15 ,000,000 to $75,000,C 00; G ro u j 3 G : o v er $75,000,000. A rea of S ta te s F iv e o f th e s e “ e a r ly ” s ta te s a r e s itu a t e d w h o lly o r p a r t ly in B alan ces D ue irom W ar Loan A ctual O th er B anks D ep o sits R eserv es 1,117 6,338 19,782 55,553 74,947 150,382 113,199 421,318 crop a n d o n e -h a lf tim e s a s g r e a t a s th e v e r y s h o r t c r o p o f 1 9 4 3 . F o r re se rv e city b a n k s fig u res a re a v e ra g e s of s e v e n -d a y p e rio d e n d in g A pril 28, 1944; for co u n try b a n k s th e y a re a v e r a g e s of fifteen-day p e rio d e n d in g A pril 30, 1944. G roup* sh ort S o u th e r n A g r ic u ltu r e a t RESERVES AND RELATED ITEMS O F SELECTED SIXTH DISTRICT MEMBER BANKS (In T h o u san d s oi D ollars) D ep o sits oi B anks fo u r w e e k s la te b e c a u s e o f th e A llotm ents “ e a r ly ” No. oi Banks tw o to T e n d e rs C abbage are s h ip m e n ts d e c lin e d in M ay. G r o w in g lo w e r th a n th e y w ere e a r lie r ex p ected to be. S p r in g c u c u m b e r s w e r e d a m a g e d b y fr o s ts . I n s o m e s e c tio n s p r o d u c tio n w ill b e r e d u c e d 5 0 to 7 5 p e r c e n t fr o m — 12 c o n d itio n s h a v e n o t b e e n fa v o r a b le f o r s p r in g c e le r y a n d y ie ld p r o s p e c ts tio n s . A e a r lie r e x p e c ta h e a v y lo s s o f c e le r y a c r e a g e r e s u lte d fr o m c e s s iv e r a in s . T h e H a s tin g s p o t a to crop th e e x s u ffe r e d p r a c tic a lly M o n t h l y o f the F e d e ra l R e s e rve B a n k o f A t la n ta f o r M a y 1944 R e v ie w S ix th D is tr ic t S ta tis tic s n o d a m a g e fr o m th e A p r il f r o s t s , b u t th e h e a v y r a in s d id e x te n s iv e dam age. P r io r to th e r a in s , p ro sp ects w ere fo r 3 9 a r e c o r d c r o p in th is s e c tio n . B lig h t f o ll o w e d th e r a in s a n d r e d u c e d th e g r o w in g s e a s o n INSTALMENT CASH LOANS b y tw o to th r e e w e e k s. C u ttin g o f a s p a r a g u s in G e o r g ia w a s p r a c t ic a lly fin is h e d in A p r il, a n d th e y ie ld w a s a b o v e th a t o f la s t y e a r , b u t m o s t o th e r c r o p s su ffe r e d g r e a tly fr o m d it io n of p la n te d sn ap beans acreage of is per cen t o f beans has very n o r m a l. The p o o r sta n d s , w h ile m o s t g r o w e r s h a d n o t b e e n a b le to p la n t b y m id -M a y . A c o n s id e r a b le a m o u n t o f th e w as ab an d on ed b ecau se th e sta te , p r o d u c t io n is N um ber R eporting Federal Credit U n ion s......................... State Credit U n ion s............................. Industrial Banking C om pan ies........ Personal Finance C om pan ies.......... Commercial B anks............................... 45 26 44 51 34 cabbage acreage in S o u th G e o r g ia of n o t ex p ected to reach th a t o f e a r ly cucum b ers is fr o m tw o to M o s t o f th e G e o r g ia le ttu c e c r o p h a s b e e n s h ip p e d . E n g lis h p e a s h a v e tu r n e d o u t v e r y p o o r ly , a la r g e p e r c e n ta g e o f th e been d e str o y ed by th e flo o d in g r a in s and fr o s t s . T o m a to e s , e s p e c ia lly th o s e p la n te d in lo w p la c e s , h a v e been c o n s id e r a b ly — — + — + 3 6 o 0 1 RETAIL FURNITURE STORE OPERATIONS fo u r Item N um ber of S tores Total S a le s................................................. C ash S a le s ................................................. Instalment and Other Credit S a le s ... Accounts R eceivable, end of m o n th .. Collections during m onth .................... Inventories, end of m onth..................... 109 95 95 106 106 86 p la n te d . h a v in g O u tsta n d in g s 30 43 13 17 11 la s t w e e k s la te , a n d o n M a y I m o s t o f th e a c r e a g e w a s y e t to b e acreage — — — — — o f w e a th e r d a m a g e . In th a t p a r t o f s e a s o n , a lth o u g h th e r e w a s a s iz a b le in c r e a s e in th e p la n te d a c r e a g e . P la n tin g P e r C en t C h an g e M arch 1944 to A pril 1944 V olum e a d v e r se w e a th e r . T h e c o n about 50 lim a L ender d am aged . The tr e m e n d o u s in c r e a s e in P er C en t C h an g e April. 1944 from M arch 1944 + + 4— — — April 1943 — + — — — — 4 5 3 0 2 1 2 11 1 22 12 39 w a te r m e lo n a c r e a g e e x p e c t e d e a r ly in th e s e a s o n h a s n o t b e e n r e a liz e d b e c a u s e m a n y fa r m e r s w e r e n e v e r a b le to p la n t o n a c c o u n t o f w e t f ie ld s a n d o th e r s p lo w e d u p a c r e a g e b e c a u s e o f in s u f fic ie n t s ta n d s . T h e c o n d it io n is r e p o r t e d th a n 5 0 p e r c e n t o f n o r m a l. M o s t o f th e G e o r g ia c a n t a lo u p e s a r e y e t to b e p la n te d . In L o u is ia n a , s h ip m e n ts o f sn a p SALES O F UNITED STATES SAVINGS BONDS as n ot m ore beans b egan in th e la s t A pril 24, 1944 - M ay 23, 1944, a t Is su e P rice (In T h o u sa n d s of D ollars) A rea S e rie s E S eries F a n d G Total DISTRICT....................................... 33,988 6,802 7,678 7,441 6,188 2,308 3,571 6,573 876 1,897 1,505 1,119 329 847 40,561 7,678 9,575 8,946 7,307 2,637 4,418 w e e k o f A p r il. C a r lo t m o v e m e n t w a s e x p e c t e d to b e c o m e g e n e r a l a b o u t th e m id d le o f M a y . O n ly f a ir y ie ld s a r e in p r o s p e c t. T h e c a b b a g e m o v e m e n t is a b o u t o v e r , w ith y ie ld s d is a p p o in t in g l y lo w in s o m e a r e a s . C u c u m b e r s a r e in f a i r c o n d it io n b u t g r o w th is r e ta r d e d . L ig h t m o v e m e n t o f I r is h p o t a to e s w a s Louisiana*..................................... M ississsipp i*................................. T en n essee* ..................................... u n d e r w a y la te in A p r il a n d th e h e a v y m o v e m e n t w a s e x p e c t e d about M ay 1 5 . D ig g in g w as d e la y e d in so u th e r n areas and * T hese figures apply only to that part of th< state lyin g w thin the Sixth Federal R eserve District. Tenne s se e figures do not include Po st Office sales. m u c h b li g h t is r e p o r te d . P e p p e r p la n t s a r e in g o o d c o n d it io n in th e h e a v ie s t p r o d u c in g a r e a s b u t in o n ly f a ir c o n d it io n in o th e r lo c a litie s . CONDITION O F 20 MEMBER BANKS IN SELECTED CITIES O n io n s a r e la te b u t in f a ir to g o o d c o n d it io n . T o m a to e s a re (In T h o u sa n d s of D ollars) la te r th a n u s u a l a n d a r e in o n ly f a ir c o n d it io n . W a te r m e lo n s a r e in fa ir c o n d itio n b u t tw o to fo u r w e e k s la te . W e a th e r c o n d itio n s h a v e d r a s tic a lly r e d u c e d str a w b e r r y p r o s p e c ts. L a r g e n u m b e r s o f b e r r ie s a r e r o ttin g b e fo r e th e y r ip e n . H a r v e s t w a s e s t im a t e d to b e a b o u t tw o th ir d s c o m p le t e o n M a y 1 , a n d fin a l p r o d u c t io n is n o w in d ic a te d to b e c o n s id e r a b ly le s s th a n h a d been e x p e cted and s lig h tly le s s th a n th e lo w p r o d u c t io n in 1943. M is s is s ip p i s n a p b e a n s a r e la te b e c a u s e o f th e n e c e s s ity fo r m u ch r e p la n tin g and p o o r g e r m in a tio n P r o s p e c t iv e y ie ld s o f c a b b a g e a r e b e lo w cau sed by w et s o il. a v e r a g e . T h e A p r il fr o s ts a n d w e t s o il r e ta r d e d th e p r o g r e s s o f th e p o ta to c r o p . T o m a to e s w e r e a ls o d a m a g e d b y th e fr o s ts , a n d c o n s id e r a b le r e p la c e m e n t s o f p la n t s w e r e n e c e s s a r y . A m o d e r a te in c r e a s e in a c r e a g e is r e p o r te d . T h e w a te r m e lo n a c r e a g e is e x p e c t e d to b e in c r e a s e d c o n s id e r a b ly th is y e a r b u t p la n t in g c o n d it io n s h a v e b e e n u n fa v o r a b le . M a n y f ie ld s o f T e n n e s s e e c a b b a g e w e r e flo o d e d needed c u ltiv a tio n w as p r e v e n te d , and little in A p r il, p rogress w as m a d e . F ir s t s h ip m e n ts w e r e e x p e c t e d th e la s t w e e k in M a y . D. E. M ONCRIEF. Item M ay 17, A pr. 19, 1944 1944 P er C en t C h a n g e M ay 19. M ay 17, 1944, from 1943 A pril 19, M ay 19, 1944 1943 Loans and Investm ents— 1,522,055 1,531,175 1,407,815 301,898 302,888 Loans—T otal............................. 294,896 Commercial, industrial 175,453 181,936 and agricultural loans. . 172,750 Loans to brokers and 5,920 6,335 5,826 dealers in securities. .. Other loans for pur chasing and carrying 11,789 23,398 23,812 sec u r ities........................... 25,343 27,505 26,748 Real estate lo a n s ................ 458 2,403 724 Loans to b an k s.................... 77,639 65,450 60,897 Other lo a n s ........................... Investm ents—T otal................ 1,227,159 1,228,287 1,105,917 943,024 U. S. direct obligations. .. 1,092,329 1,093,007 O bligations guaranteed 25,420 50,631 b y U. S .............................. 25,358 109,860 112,262 Other sec u r ities................... 109,472 296,727 258,270 R eserve with F. R. Bank. .. . 297,433 24,052 25,444 25,143 Cash in v a u lt........................... Balances with dom estic b a n k s....................................... 160,432 209,043 157,828 Demand deposits— adjusted 1,073,049 1,032,354 885,997 Time d e p o sits........................... 273,078 218,174 264,697 U. S. Gov't d e p o sits.............. 136,277 230,474 184,020 D eposits of dom estic banks. 427,049 434,262 482,719 200 — — 1 3 + — 8 2 — 5 — 2 — 8 — 2 — 2 — 3 — 70 + 7 — 0 — 0 + + + — + + 98 6 58 16 11 16 — — + — — 50 — 2 + 15 + 5 0 0 0 1 T 2 + 4. + 3 — 26 — 2 — + + — — 23 21 25 41 12 4 0 M T h e I n d u str ia l p r o d u c tio n and o n t h l y R e v ie w N a tio n a l e m p lo y m e n t at o f th e F e d e ra l R e s e rv e B a n k o f A t la n ta f o r M a y 1944 B u s in e s s fa c to r ie s and m in e s d e c lin e d s o m e w h a t fu r t h e r in A p r il, r e f le c t in g p r in c ip a lly r e d u c tio n in o u t p u t o f m e ta l in d u s tr ie s . T h e n u m b e r w e e k o f M a y . P r ic e s o f fa r m p r o d u c ts a n d f o o d s w e r e s lig h t ly lo w e r , w h ile m a x im u m p r ic e s o f s o m e in d u s tr ia l c o m m o d i tie s w e r e r a is e d . o f in d u s tr ia l w a g e -e a r n e r s w a s a b o u t 6 p e r c e n t o r 8 0 0 ,0 0 0 T h e c o s t o f liv in g in d e x a d v a n c e d o n e -h a lf p e r c e n t fr o m le s s th a n in N o v e m b e r 1 9 4 3 . m id -M a r c h to In d u s tria l p ro d u c tio n : T h e B o a r d ’s s e a s o n a l l y a d j u s t e d i n fo o d s fu r n itu r e d e x o f o u tp u t in m a n u fa c tu r in g a n d m in in g in d u s tr ie s w a s a t A p r il 1. and m id -A p r il, r e fle c tin g and h ig h e r in c r e a se d r e ta il e x c ise p r ic e s ta x e s fo r e ffe c tiv e 2 4 0 p e r c e n t o f th e 1 9 3 5 -3 9 a v e r a g e in A p r il, a s c o m p a r e d B a n k c re d it: F r o m t h e e n d o f t h e F o u r t h W a r L o a n D r i v e w ith 2 4 2 in M a r c h a n d 2 4 5 in F e b r u a r y . in th e s e c o n d w e e k o f F e b r u a r y th r o u g h th e m id d le o f M a y , S m a ll d e c lin e s in o u tp u t o f m e ta ls a n d m e ta l p r o d u c ts c o n d e m a n d d e p o s its o f in d iv id u a ls a n d b u s in e s s e s a t w e e k ly r e tin u e d to a c c o u n t f o r m o s t o f th e d e c r e a s e in in d u s tr ia l p r o p o r tin g b a n k s in c r e a s e d b y a b o u t 3 b i l l i o n d o lla r s . T im e d e d u c tio n . E le c t r ic s t e e l p r o d u c t io n d e c r e a s e d fu r th e r in A p r il p o s its to a le v e l 5 p e r c e n t b e lo w th e s a m e m o n th la s t y e a r . P r o d u c w a r lo a n a c c o u n ts a t r e p o r tin g b a n k s d e c lin e d b y m o r e th a n tio n 6 .5 of m ost n o n fe rr o u s m e ta ls d e c lin e d , r e fle c tin g p a r tly p la n n e d c u r ta ilm e n ts a n d p a r t ly th e e ffe c ts o f la b o r s h o r ta g e s in m in e s a n d s m e lte r s . A fu r th e r c u r ta ilm e n t o f a lu m in u m a ls o b illio n in c r e a s e d a p p r e c ia b ly . D u r in g th e sam e p e r io d d o lla r s . H o ld in g s o f U . S . G o v e r n m e n t s e c u r itie s b y th e s e b a n k s d e c lin e d b y a b o u t 2 b i l l i o n d o lla r s a n d lo a n s c o n tr a c te d b y m o r e th a n 1 .5 b i l l i o n d o lla r s . A la r g e p a r t o f p r o d u c t io n w a s a n n o u n c e d in M a y . A c t iv it y a t p la n ts p r o d u c th e lo a n d e c lin e w a s th e liq u id a t io n o f c r e d its e x te n d e d d u r in g m u n itio n s in th e m a c h in e r y a n d tr a n s p o r ta tio n e q u ip m e n t in g th e w a r lo a n d r iv e . L o a n s to b r o k e r s a n d d e a le r s a r e n o w in d u s t r ie s d e c lin e d s o m e w h a t in A p r il. P r o d u c t io n u n d e r th e le s s th a n th e y w e r e b e fo r e th e F o u r th W a r L o a n D r iv e a n d fa r m m a c h in e r y p r o g r a m p o r te d c o n tin u e d to in c r e a se a n d w a s r e a t a r a te a b o v e th e h ig h e s t v o lu m e r e c o r d e d in any p e a c e t im e y e a r . M in e r a l J S itu a tio n lo a n s to o th e r s fo r p u r c h a s in g a n d c a r r y in g U . S . G o v e r n m e n t s e c u r itie s a r e d o w n to a b o u t p r e d r iv e le v e ls . D u r in g th e sa m e p e r io d c o m m e r c ia l lo a n s a ls o d e c lin e d r a p id ly . p r o d u c tio n w as m a in ta in e d in la r g e v o lu m e in S a le s o f U . S . G o v e r n m e n t s e c u r itie s b y c o m m e r c ia l b a n k s A p r il. P r o d u c t io n o f b o th b it u m in o u s a n d a n th r a c ite c o a l fo r w e re p a r a lle le d th e y e a r th r o u g h M a y 6 w a s a p p r o x im a t e ly 5 p e r c e n t m o r e se r v e S y s te m . S y s te m h o ld in g s a r e n o w a b o u t 2 .5 b il lio n d o l b y e q u iv a le n t p u r c h a s e s b y th e F e d e r a l R e th a n in th e s a m e p e r io d in 1 9 4 3 . la r s la r g e r th a n th e y w e r e a t th e e n d o f th e F o u r th W a r L o a n D is trib u tio n : D e p a r t m e n t s t o r e s a l e s d e c l i n e d i n A p r i l a n d , D r iv e . T h e s e p u r c h a s e s w e r e m a d e to s u p p l y m e m b e r b a n k s a fte r a llo w a n c e fo r u s u a l s e a s o n a l c h a n g e s , w e r e a b o u t 1 0 p e r w ith c e n t b e lo w t h e h ig h le v e l w h ic h p r e v a ile d in th e fir s t q u a r t e r c u r r e n c y a n d th e g r o w th in .r e q u ir e d r e s e r v e s w h ic h r e s u lte d o f t h is y e a r . I n t h e fir s t h a l f o f M a y s a le s w e r e m a in t a in e d fr o m a n d w e r e c o n s id e r a b ly la r g e r th a n in th e c o r r e s p o n d in g p e o th er a c co u n ts. S o m e o f th e s e n e e d s h a v e b e e n m e t b y a d e r io d o f 1 9 4 3 . o f M a y w e r e m a in ta in e d Janu ary to and to s h ift s o f d e p o s its fr o m m eet a c o n tin u e d T r e a s u r y w a r -lo a n in c r e a s e in a c c o u n ts to c lin e in e x c e s s r e s e r v e s . S h a r p d e c lin e s in e x c e s s r e s e r v e s a t C a r lo a d in g s o f r a ilr o a d f r e ig h t in A p r il a n d th e fir s t h a l f c o n tin u e d r ese rv e fu n d s n e e d e d d e c lin e in fr o m F ebruary. la r g e v o lu m e . G r a in th e O re e x c e p tio n a lly lo a d in g s s h ip m e n ts h ig h in c r e a s e d th e e n d o f M a r c h a n d A p r il w e r e a s s o c ia t e d w ith u n e x p e c t e d ly la r g e ta x r e c e ip t s a n d th e b u ild in g u p o f T r e a s u r y b a la n c e s le v e ls of at R eserv e s h a r p ly in s o m e w h a t le s s r a p id ly d u r in g th e fir s t q u a r te r o f 1 9 4 4 th a n B a n k s. C u r r e n c y in c ir c u la tio n , w h ic h in c r e a s e d A p r il a n d w e r e 6 0 p e r c e n t g r e a te r th a n a y e a r a g o . in th e s a m e p e r io d la s t y e a r , r e n e w e d it s r a p id o u t flo w la t e in C o m m o d ity p ric e s : W h o l e s a l e p r i c e s o f m o s t c o m m o d i t i e s A p r il sh ow ed M a y 1 7 th e c u r r e n c y o u t flo w lit tle c h a n g e fr o m th e m id d le o f A p r il to th e th ir d and d u r in g e a r ly M ay. In th e fo u r w as over 5 0 0 w eek s m illio n e n d in g d o lla r s . (This page was written by the staff of the Board of Governors of the Federal Reserve System) WHOLESALE PRICES INDUSTRIAL PRODUCTION 1939 F e d e ra l R ese rv e in d e x e s. G ro u p s a re e x p re s s e d in term s ol p o in ts in th e to tal in dex. M onthly fig u re s, la te st s h o w n a re for A pril. 1940 1941 1942 MEMBER BANKS IN LEADING CITIES 1943 1944 B u re au oi L abor S ta tis tic s' in d e x e s. W e e k ly fig u re s, la te s t s h o w n a re io r w e e k e n d in g M ay 13. D e m an d d e p o sits (a d ju s te d ) e x clu d e U. S. G o v e rn m e n t a n d in te rb a n k d e p o sits a n d co llectio n item s. G o v e rn m e n t s e c u ritie s in c lu d e d ire c t a n d g u a ra n te e d is s u e s . W e d n e s d a y fig u res, la te s t s h o w n a re io r M ay 17.
@FedFRASER