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M o n th ly
R e v ie w
FEDERAL RESERVE BANK OF ATLANTA
V o lu m e
A tla n t a ,
X X V III
G e o r g ia , O c to b e r 3 1 , 1 9 4 3
N u m b e r 10
A New A ttack on District Labor Turnover
H
ig h la b o r tu rn o v e r h a s b e e n th e b a n e o f w a r p ro d u c tio n
in th e S ix th D is tr ic t s in c e th e b e g in n in g o f th e w a r
e f f o r t a n d n o w , w ith th e la b o r r e s e r v e s h o w in g s ig n s o f a p
p r o a c h in g f in a l d e p le tio n , it c o n s titu te s p r o b a b ly th e p r im a r y
p r o b le m . R e c e n t w e e k s h a v e se e n th e d e v e lo p m e n t o f so m e
th in g a p p r o a c h in g a c ris is o f jo b q u ittin g in c e rta in k e y w a r
in d u s tr ie s — b o th th o s e th a t h a v e a r r iv e d a t th e ir s c h e d u le d
e x p a n s io n s a n d th o s e in w h ic h f u r t h e r e x p a n s io n s s t ill lie
a h e a d . P re v io u s p r o g r a m s d e s ig n e d to r e d u c e th e n e c e s s ity
f o r c o n tin u a l re p la c e m e n t h ir in g s in p a r tic u la r in d u s trie s
th a n b e f o re . A u th o riz e d s e p a ra tio n s c a n o n ly ta k e p la c e in
th e a b o v e s ix - s ta te a r e a u n d e r th e f o llo w in g c o n d itio n s : ( 1 )
i f th e w o r k e r is d is c h a rg e d , ( 2 ) i f th e w o r k e r is la id o ff f o r
se v e n d a y s o r in d e f in ite ly , ( 3 )
i f u n d u e p e r s o n a l o r f a m ily
h a r d s h i p i s s h o w n , ( 4 ) i f t h e w o r k e r ’s c o n t i n u a n c e o n h i s j o b
w o u ld m e a n a c c e p ta n c e o f w a g e s o r w o r k in g c o n d itio n s b e
lo w s ta te o r F e d e r a l s ta n d a rd s , o r ( 5 ) i f th e e m p lo y e r is in
v io la tio n o f a W a r L a b o r B o a rd o r d e r. I f o n e o r a ll o f th e s e
c o n d itio n s e x is t, th e e m p lo y e r is r e q u ir e d to p r o v id e t h e r e
le a s e d w o r k e r w ith a “ S ta te m e n t o f A v a ila b ility ” ( F o r m A ) ,
a n d lo c a litie s h a v e f a ile d to b r in g th e r e q u ire d re s u lts , a n d
o n O c to b e r 1 5 th e W a r M a n p o w e r C o m m is s io n f o r th e S o u th
e a s te r n R e g io n a n n o u n c e d a n e w a n d m o r e d r a s tic p l a n o f
s e ttin g f o r th th e d a te o f th e r e le a s e a n d e s ta b lis h in g t h a t it
w a s a u th o riz e d .
c o n tro l.
T h is p la n , lik e its v a r io u s p re d e c e s s o r p la n s d a tin g f ro m
th e r e g io n a r e p la c e d u n d e r a v o lu n ta r y o b lig a tio n n o t to
e m p lo y a n a p p lic a n t w o r k e r u n le s s h e p r e s e n ts th e “ S ta te
th e p e r io d o f S id n e y H illm a n a n d th e L a b o r D iv is io n o f
O P M , m a y b e te rm e d a d ire c t a tta c k u p o n la b o r tu rn o v e r b y
th e p ro c e s s o f v o lu n ta r y a g re e m e n t. I t is v ir tu a lly th e la s t
m e n t o f A v a ila b ility ” — th is o b lig a tio n to c o n tin u e f o r a 6 0 -
a tte m p t t h a t c a n b e m a d e w ith in th e v o lu n ta r y m e th o d ;
s h o u ld i t f a i l o f a c c e p ta n c e , th e w a r tim e e c o n o m y o f th e
re g io n w o u ld b e b r o u g h t f a c e to f a c e w ith th e a lte r n a tiv e o f
s o m e a tte m p te d c o m p u ls o r y c o n tr o l, o r o f a c o n tin u e d
f a ilu r e to a tta in th e la s t fin a l p e rc e n ta g e s o f p e a k p r o d u c tio n .
T h e n e w s y s te m
is a n e x te n s io n a n d m o d ific a tio n , o n th e
E m p lo y in g
c o n c e rn s
and
th e ir
m a n a g e m e n ts th r o u g h o u t
d a y p e r i o d a f t e r t h e w o r k e r ’s r e l e a s e f r o m h i s p r e v i o u s j o b .
T h is d o u b le d p e r io d o f p ro s p e c tiv e u n e m p lo y m e n t is d e
s ig n e d to d e te r th e w o r k e r f r o m q u ittin g o n o th e r th a n th e
d u ly a u th o riz e d g ro u n d s .
S h o u ld th e p r e v io u s e m p lo y e r h a v e f a i l e d o r r e f u s e d to
g ra n t th e n e c e ssa ry
fo rm , th e w o rk e r h a s th e
re c o u rse o f
g o i n g t o t h e n e a r e s t U n i t e d S t a t e s E m p l o y m e n t S e r v i c e o f fic e
a n d a s k in g f o r a r e f e r r a l c a r d . T h e U S E S w ill g r a n t th is
b a s is o f e x p e rie n c e , o f th e f o r m e r r e g io n a l s ta b iliz a tio n p la n
c a r d i f th e e m p lo y e r h a s w ro n g ly r e f u s e d it, a n d a ls o i f th e
p u t in to e ffe c t e a r ly th is y e a r b y th e W a r M a n p o w e r C o m
m is s io n in c o - o p e r a tio n w ith m a n a g e m e n t a n d la b o r le a d e r
w o r k e r h a s b e e n e m p lo y e d o n p a r t tim e o r a t le s s th a n h is
h i g h e s t s k i l l . T o m a k e s u r e t h a t e a c h w o r k e r ’s c a p a c i t y i s
s h ip . T h a t p la n
r e a liz e d to th e f u l l is th e p u r p o s e o f th is p r o v is io n , w h ic h
is in te n d e d to s tr ik e a t la b o r -h o a r d in g p ra c tic e s a n d c a se s
o f d e la y e d u p g ra d in g .
p r o v id e d th a t w o rk e rs b e c o m in g s e p a ra te d
f ro m w a r jo b s in c e r ta in c r itic a l w a r a r e a s s h o u ld o b ta in r e
le a s e s , a n d p r e s c r ib e d c e r ta in c o n d itio n s u p o n w h ic h th e s e r e
le a s e s c o u ld b e o b ta in e d . W ith o u t h a v in g th e p r o p e r re le a s e s
in th e ir p o s s e s s io n , w o r k e rs w h o le f t th e ir jo b s c o u ld n o t b e
e m p lo y e d b y c o - o p e r a tin g m a n a g e m e n ts f o r a 3 0 -d a y p e r io d .
F r o m th is b a s is th e p r e s e n t p l a n d e v e lo p e d .
T h e c o v e ra g e , in s te a d o f b e in g lim ite d to a fe w c r itic a l
a r e a s , is n o w in c lu s iv e . S ta b iliz a tio n n o w v ir tu a lly a p p lie s
to a l l w o r k e rs a n d a l l b u s in e s s a n d in d u s tr ia l m a n a g e m e n ts ,
o u ts id e o f a g r ic u ltu r e , in th e s ix s ta te s o f A la b a m a , F lo r id a ,
G e o rg ia , M is s is s ip p i, S o u th C a r o lin a , a n d T e n n e ss e e . ( S o u th
I n r e g a r d to th e w o r k e r e m p lo y e d in a n i n d u s tr y t h a t is
c la s s e d a s e s s e n tia l, o r e m p lo y e d in a n y o c c u p a tio n o r a c
tiv ity lo c a te d in th e c r itic a l a r e a s o f la b o r s h o rta g e , th e p r o
v is io n s b o th a s to m a n a g e m e n t a n d la b o r a r e m o r e d ra s tic .
S u c h w o rk e rs , to b e e lig ib le f o r re h irin g w ith in 6 0 d a y s
a n y w h e r e in th e S o u th e a s te r n R e g io n , m u s t h a v e th e s p e c ia l
“ R e s tr ic te d S ta te m e n t o f A v a ila b ility ” c a r d ( F o r m A -1 )
p r in te d in re d . T h is c a r d , lik e th e firs t, is is s u e d b y th e
e m p lo y e r a t th e tim e o f s e p a ra tio n , o r b y th e lo c a l U S E S
C a ro lin a , n o r th e r n M is s is s ip p i, a n d w e s
te r n T e n n e ss e e a r e n o t in th e S ix th F e d e r a l
re h irin g
R e se rv e D is tric t,
card
and
s o u th e rn
o f f ic e i f t h e e m p l o y e r h a s r e f u s e d ; b u t t h e
L o u is ia n a
o f a w o rk e r w ith
re q u ire s
th e
s p e c ia l
a
re d -p rin te d
p e r m is s io n
of
is n o t in c lu d e d in th e W a r M a n p o w e r
C o m m i s s i o n ’s S o u t h e a s t e r n R e g i o n , b u t
th e U S E S in e a c h in d iv id u a l c a se . T h is
tw o fo ld a u th o r iz a tio n is d e s ig n e d to k e e p
w ith th e s e e x c e p tio n s th e tw o r e g io n s c o in
c id e .) T h e o r ig in a l a r e a - s ta b iliz a tio n p r o
a s m a n y w o rk e rs a s p o s s ib le w ith in th e
c r itic a l a r e a s , w h ic h , a t th is tim e in th e
S o u th e a s te r n R e g io n , a r e d e s ig n a te d a s f o l
g r a m s a r e in te n s ifie d , a n d th o s e a r e a s a r e
e s p e c ia lly tr e a te d a s th e m o s t c r itic a l s p o ts
u n d e r th e n e w p la n .
A u th o riz e d jo b s e p a ra tio n s , u n d e r th e
re v is e d m e th o d , a r e o n a n a r r o w e r b a s is
lo w s : in A la b a m a , M o b ile ; in F lo r id a ,
P a n a m a C ity , P e n s a c o la , a n d T a m p a ; in
Nashville Branch
Federal Reserve Bank of Atlanta
G e o r g ia , B ru n s w ic k ,
and S avannah; and
C o lu m b u s , M a c o n ,
in S o u th C a ro lin a
74
M o n t h ly
R e v ie w
o f th e F ederal R eserve B a n k o f A tla n ta fo r O ctober 1943
( n o t i n t h e S i x t h D i s t r i c t ) , C h a r l e s t o n . T h e l i s t is a n n o u n c e d
m o n th ly , a n d c h a n g e s m a y b e m a d e f r o m tim e to tim e .
P r o v is io n is m a d e f o r a p p e a ls a g a in s t a ll th e s e p r o c e d u r e s ,
w h e th e r b y e m p lo y e r s o r w o r k e rs , a n d it is f u r t h e r p r o v id e d
c a n n o t in a l l c a s e s b e c o n s id e re d a d e tr im e n t to th e w a r e ffo rt.
T h a t p o r tio n o f th e tu r n o v e r th a t is b a s ic a lly u n n e c e s s a ry
p r e s e n ts th e m o s t f r u i t f u l fie ld f o r th e o p e r a tio n o f th e n ew
s ta b iliz a tio n p la n . W h a t p o r tio n th is is c a n n o t b e k n o w n
a g e n e r a l a c c e p ta n c e a n d c o - o p e r a tio n b y e m
w ith o u t f u r t h e r e x p e r ie n c e ; b u t th e r e is b e lie v e d to b e a
c o n s id e ra b le a m o u n t o f jo b q u ittin g th a t a ris e s fro m n o
e s p e c ia lly f u n d a m e n t a l c a u s e . S u c h is th e q u i t t i n g t h a t is
p l o y i n g m a n a g e m e n t s t h r o u g h o u t t h e R e g io n , a n d u p o n t h e
c o n s e n t o f th e w a r w o r k e r s w h o s e l e a d e r s h i p h e lp e d to w o r k
d u e to m e r e r e s tle s s n e s s , to th e v is io n o f g r e e n e r g r a s s in
a n o th e r p a s tu r e , o r to th e m ig r a to r y h a b i t f o r m e d b y y e a r s
o u t th e d e ta ils , th e p la n p la c e s th e U n ite d S ta te s E m p lo y
m e n t S e rv ic e in a n im p o r ta n t p o s itio n a n d p r o v id e s it w ith
th e m e a n s o f c o n tr o llin g th a t p o r tio n o f th e la b o r tu r n o v e r
th a t d o e s n o t f a ll w ith in th e c a te g o rie s o f a u th o riz a tio n .
c o n s tru c tio n e m p lo y m e n t e a r lie r in th e w a r. W h a t m a y b e
te r m e d th e t u r n o v e r h a b i t e x is ts a m o n g w h ite l a b o r a s w e ll
a s th e N e g ro la b o r th a t is b e in g in c r e a s in g ly u se d in m a n y
th a t a w o r k e r m a y h a v e th e a d v ic e a n d c o u n s e l o f th e o r
g a n iz a tio n to w h ic h h e m a y b e lo n g . R e ly in g f o r its w o r k
a b ility u p o n
A n a ly s is o f th is p la n , a n d o f its p r o s p e c ts o f w o r k a b ility ,
in v o lv e s so m e c o n s id e ra tio n o f la b o r tu r n o v e r its e lf . T h e
f a c ts m a y b e s u m m a r iz e d in th e s ta te m e n t t h a t th e t u r n o v e r
ra te s , th r o u g h o u t th e w a r -r e la te d in d u s tr ie s a n d o c c u p a tio n s
in th e D is tr ic t, a r e a n d h a v e b e e n e x c e s s iv e ly h ig h . T h e y
a r e h ig h e s t in t h e s h i p b u i l d i n g c e n te r s o f B r u n s w ic k , S a
v a n n a h , P a n a m a C ity , J a c k s o n v ille , a n d P a s c a g o u l a ; h ig h
a ls o in s u c h w a r -in d u s try c e n te rs a s M a c o n a n d A n n is to n .
F e w o f th e m a j o r s h ip y a r d s h a d le s s th a n 2 0 p e r c e n t o f
jo b s e p a r a tio n s a n d r e p la c e m e n ts in r e la tio n to t h e ir to ta l
a v e r a g e e m p lo y m e n t d u r i n g a r e c e n t tw o - m o n th p e r io d , a n d
i n o n e c a s e i t w a s a s h i g h a s 3 2 p e r c e n t . S u c h a n o u t f lo w
a n d c o r r e s p o n d i n g i n f lo w o f l a b o r s t r i k e s e r i o u s l y a t t h e
e ffic ie n c y o f p r o d u c tio n , th o u g h th e e f fe c t is s o m e w h a t le s s
th a n th e fig u re s m ig h t in d ic a te , in a s m u c h as th e b u lk o f
th e tu r n o v e r o c c u r s in th e le s s s k ille d la b o r s e c to r a n d
a m o n g th e m o r e re c e n t e m p lo y e e s .
o f c a su a l fa rm w o rk , o r b y th e p ro g re s s fro m
jo b to jo b in
b r a n c h e s o f w a r m a n u f a c tu r in g . T h e r e is a ls o th e c lo s e ly r e
la te d p r o b le m o f in d u s tr ia l f a tig u e . M a n y w o rk e rs in th e
D is tr ic t w e re n o t a c c u s to m e d to in d u s t r i a l o c c u p a tio n s to
b e g in w ith , a n d a c e r ta in ty p e o f f a tig u e c o n n e c te d w ith th e
d iffic u lty o f a d a p t a t i o n is p r o b a b l y a n a b u n d a n t c a u s e o f
tu r n o v e r . T h e s e ty p e s o f tu r n o v e r m a y r e s p o n d to c o n tr o ls .
A g a i n , t h e r e is a c e r t a i n a m o u n t o f p r e v e n t a b l e q u i t t i n g
a n d f irin g th a t m u s t b e a s c rib e d to p la n t m a n a g e m e n t. I t
m a y b e ta k e n f o r g r a n te d th a t th e r e w a s n o t in th e D is tr ic t—
o r th e n a tio n — to b e g in w ith , e n o u g h e x p e r ie n c e d m a n a g e
m e n t a n d s u b m a n a g e m e n t to c r e a te p e r m a n e n t w o r k in g c o n
d itio n s th r o u g h o u t th e n e w e x p a n s io n s ; a ls o , th a t p e r s o n n e l
r e la tio n s h a v e p r e s e n te d a p r o g r e s s iv e ly m o r e d iffic u lt p r o b
le m w ith a d e c lin e in th e p r im e la b o r s u p p ly . C u m u la tiv e
f ric tio n c a u se s tu r n o v e r. In s ta n c e s o f th e u n d e r u tiliz a tio n o f
la b o r a ls o h a v e b e e n n u m e ro u s , a n d th is is a p r a c tic e th a t
c r e a t e s l a b o r t u r n o v e r b y d e l a y i n g t h e w o r k e r ’s a c q u i s i t i o n
I n o th e r ty p e s o f w a r in d u s tr y , t u r n o v e r r a te s b e tw e e n 9
a n d 12 p e r c e n t a r e n o t u n c o m m o n , w h ile in th e im p o rta n t
o f new
lu m b e r
la b o r
in g ,” in s p ite o f th e a tte m p te d c o n tr o ls . A p la n t h a t re c e n tly
h a v e b e e n so h e a v y a s to o u t s t r i p th e n e w h i r in g s a n d to
c r e a te a s e rio u s d e c lin e . T ra d e , s e rv ic e , a n d m is c e lla n e o u s
b u s in e s s e s ta b lis h m e n ts th a t s e rv e th e w a r -p r o d u c tio n e ffo rt
in s e c o n d a ry c a p a c itie s a r e c o n s id e ra b ly d is r u p te d b y la b o r
t u r n o v e r , b u t i n s o f a r a s th is c o n d itio n re fle c ts th e p a s s a g e o f
w o r k e rs f r o m le s s e s s e n tia l to m o r e e s s e n tia l in d u s tr ie s , it
c a m e to lig h t, b y w h ic h c e r ta in e s ta b lis h m e n ts a r b i t r a r i l y
b e g a n to h i r e t h e u n s k i l l e d w o r k e r a s s e m is k ille d , a n d to
p a y w a g e s a c c o rd in g ly , p la y e d its p a r t in c re a tin g h ig h tu r n
in d u s try
of
th e
S ix th
D is tr ic t th e
lo s s e s
of
s k ills a n d
p o s tp o n in g th e p e r io d o f h is u p g r a d in g .
F u rth e rm o re , cases h a v e o c c u rre d
o f o u trig h t la b o r “ p ir a t
o v e r b y te m p tin g th e w o r k e r to le a v e c o m p e tin g p la n ts . T h e
n e w c o n tr o l s y s te m f o r th e f irs t tim e p la c e s th e U n ite d S ta te s
E m p l o y m e n t S e r v i c e o f fic e s i n a p o s i t i o n t o a s s a i l t h e s e
p r a c tic e s , o f w h ic h th e lo c a l o ffic ia ls a r e u s u a lly a w a re .
A c o n s id e ra b le p o r tio n o f th e tu r n o v e r r a te , h o w e v e r, d o e s
R e c o n n a is s a n c e
Sixth District Statistics for Septem ber 1943 com pared with Septem ber 1942
PEB CENT DECREASE -W PER CENT INCREASE
D epartm ent |
D epartm ent HHHUe Stocks
F u m itu lU liil
—
b e e n fo llo w e d b y th e c o m p le te o c c u p a n c y o f th e n e w h o u s
in g , a n d e x p a n s io n s in e m p lo y m e n t a g a in a n d a g a in h a v e
>c - ™ *
o u ts tr ip p e d th e c o m m u n ity e x p a n s io n s . T h u s , th e r e a r e r e
n e w e d h o u s in g s h o r ta g e s to d a y a t B ru n s w ic k , T a m p a , P a n a m a
C' i i i l l l » sumP'ion
G a so lin e Tajjt C o lle ctio n s
B an k j
M e m b f |||jank Loan s
M em b er B a * « | | | |
D em an d Dep<j
40
30
20
10
0
10
n o t a p p e a r a m e n a b le to c o n tr o ls t h a t a r e d ir e c te d a t th e
s u rfa c e p h e n o m e n a r a th e r th a n a t th e u n d e rly in g c a u se s.
S o m e re a s o n s f o r jo b q u ittin g e x is t th a t a r e so f u n d a m e n ta l
a s to b e d e a lt w ith o n ly b y m e th o d s o f c a u s e r e m o v a l. In
s p ite o f a ll th e p r o g re s s th a t h a s b e e n m a d e , c o n d itio n s o f
a lm o s t in to le r a b le c ro w d in g a n d c o n g e s tio n s till c h a r a c te r
iz e s e v e r a l c o m m u n i t i e s , p a r t i c u l a r l y s o m e s h i p b u i l d i n g c e n
te rs . L a rg e -s c a le c o n s tru c tio n o f n e w h o u s in g h a s p r o m p tly
C i ty , M a c o n , C o l u m b u s , D e c a t u r , a n d S h e f f i e l d , w i t h m o u n t
in g c o n g e s tio n a t J a c k s o n v ille , K n o x v ille , M ia m i, a n d o th e r
p o in ts ; su c h c o n g e s tio n c o n tin u e s e v e n th o u g h p a s t h o u s in g
c o n s tr u c tio n h a s b e e n c o n s id e r a b le a n d c o s tly , a n d s c h e d u le d
e m p lo y m e n t p e a k s h a v e n o t b e e n re a c h e d .
H o u s in g a lo n e , m o r e o v e r, is n o t th e e n tir e r e q u ir e m e n t f o r
a d e q u a te w o r k e r a c c o m m o d a tio n . A r a tio e x is ts b e tw e e n th e
20
30
40
s iz e o f a c o m m u n i t y ’s i n d u s t r i a l e m p l o y m e n t a n d i t s f a c i l i
tie s in r e s ta u r a n ts , tr a d e , p e r s o n a l s e rv ic e , h e a lth , e d u c a tio n ,
M
o n t h l y
R e v ie w
o f th e F ederal R eserve B a n k o f A tla n ta fo r O ctober 1943
r e c r e a tio n , a n d e n te rta in m e n t. A c o m m u n ity , in s h o r t, se rv e s
75
S ix th D is tr ic t S ta tis tic s
its in d u s t r i a l p l a n t s in th e c a p a c ity o f a “ l a b o r w a r e h o u s e ,”
a n d th e im p r o p e r ly
“ w a r e h o u s e d ” w o r k e r te n d s to lo s e h is
e ffic ie n c y a n d u l t i m a t e l y to f o r f e i t h i s j o b .
T h e e ffe c ts o f c o n g e s te d c o n d itio n s a r e f e l t w ith p a r t i c u l a r
a c u te n e s s b y th e n e w ly a r r iv e d w o r k e r, w h o c o m e s w ith h is
f a m ily in to a c ro w d e d a r e a in s e a rc h o f w a r e m p lo y m e n t.
N e w a r r iv a ls , f in d in g th e h o u s in g a n d o th e r f a c ilitie s a lr e a d y
fille d to o v e rflo w in g , e n d u r e th e c o n d itio n a s lo n g a s th e y
UNITED STATES TREASURY BILLS
Dated
Traders
October 7, 1943........................................
$ 5,050,000
8,145,000
October 21, 1943......................................
20,110,000
October 28, 1943......................................
18,475,000
c a n a n d th e n m o v e o n . I t is f o r th is re a s o n , p r im a rily , th a t
th e tu r n o v e r is th e h ig h e s t a m o n g th e m o r e r e c e n t e m p lo y e e s .
F in a n c ia l c o n s id e ra tio n s m a k e jo b re te n tio n e s p e c ia lly
d iffic u lt f o r th e le s s h ig h ly p a id w o r k e rs in th e le s s s k ille d
c a te g o rie s . T e m p o r a r y lo d g in g s , g o o d o r b a d a s th e c a se
m a y b e , a r e e x p e n s iv e , a n d so a r e r e s ta u r a n t m e a ls , t r a n s
p o r ta tio n , a n d o th e r n e c e s s itie s o f lif e a n d w o rk . A n a d d e d
d iffic u lty is th a t th e firs t p a y d a y , in m o s t w a r in d u s tr ie s , d o e s
n o t a r r i v e f o r a w e e k o r te n d a y s . I t is in th is e a r l y p e r io d
o f e m p lo y m e n t th a t m a n y w o r k e rs fin d th e y c a n n o t m a k e
e n d s m e e t a n d a r e le d to a b a n d o n th e i r n e w e m p lo y m e n t.
S o m e s p e c ia l p ro v is io n f o r th e r e c e p tio n o f th e n e w ly a r r iv e d
INSTALMENT CASH LOANS
F ederal Credit U nions.....................
State Credit U nions.........................
Industrial Banking C om panies___
Personal Finance C om panies........
Commercial Banks..........................
s h o u ld b e , a n d m u s t b e , if p e a k s a re to b e f u lly a tta in e d . S p e
c ia l d a ta , s h o w in g n e a r l y 2 7 p e r c e n t o f a l l w o r k e r s in a
s e le c te d lis t o f s e v e ra l h u n d r e d w a r p la n ts to b e f e m a le w o r k
e rs , te n d to r e f u te a r e c e n t p u b lic c o m m e n t to th e e ffe c t th a t
“ S c a r l e t t O ’H a r a ” w a s n o t r e s p o n d i n g t o t h e w a r e f f o r t . I n
th e te x tile in d u s tr y o f th e D is tr ic t, th e w o m e n w e re f o u n d to
c o n s titu te a b o u t 5 6 p e r c e n t o f th e to ta l e m p lo y m e n t, c o m
p a r e d to 4 9 p e r c e n t o f a s m a lle r to ta l in th e p r e w a r p e r io d .
In th e a ir c r a f t in d u s try , a b o u t 3 5 p e r c e n t o f th e to ta l e m
p lo y m e n t w a s fe m a le , a n d th is p e rc e n ta g e m u s t g o y e t h ig h e r,
a s d ie a ir c r a f t in d u s tr y is s till so m e d is ta n c e f r o m p e a k e m
p lo y m e n t. W o m e n c o n s titu te a b o u t 3 0 p e r c e n t o f th e la b o r
f o r c e in m u n itio n s a n d o th e r s p e c ia l p u r p o s e w a r p la n ts ,
w h ile e v e n th e s h ip y a rd s h a d a b o u t 1 0 p e r c e n t o f fe m a le
l a b o r . “ S c a r l e t t O ’H a r a , ” i t s h o u l d b e r e m e m b e r e d , w a s
a c tiv e in th e lu m b e r in d u s tr y in h e r la te r y e a r s ; it d o e s n o t
a p p e a r th a t h e r e x a m p le is fo rg o tte n . I f it s h o u ld b e fo u n d
th a t a c o n s id e ra b le p o r tio n o f fe m a le e n tra n ts in to th e in
d u s tr ia l la b o r s u p p ly a re u n a b le to e n d u re c o n tin u e d w a r
w o rk o f th e o n e r o u s ty p e s , th e n h e r e a g a in is a c a u s e o f
la b o r tu r n o v e r th a t c a n n o t b e c o n tr o lle d b y r e g u la tio n .
W h a t a p p e a r s m o s t p r o b a b le , a c c o r d in g ly , in th e w o rk in g
o u t o f th e n e w s ta b iliz a tio n p la n , is th a t th e c a s u a l ty p e s o f
jo b q u ittin g w ill r e s p o n d to th e r e s tr ic tio n s , w h ile th e
q u ittin g th a t a ris e s fro m th e m o re u n d e rly in g c a u s e s w ill
p r e s e n t a n ir r e d u c ib le m in im u m . T h e in d ic a te d d e g re e o f
e f fe c tiv e n e s s s h o u ld s e rv e to s ta m p t h e p l a n i t s e l f a s a s u c
c ess, f o r th e d e s ire d in d u s tr ia l e x p a n s io n s w o u ld th e r e b y b e
c o m p le te d , a n d th e te r m s o f th e r e m a in in g p r o b le m c la rifie d
f o r f u r th e r p r o g re s s a lo n g c a u s e -re m o v a l lin e s . F u ll c o
o p e r a tio n o f m a n a g e m e n t a n d la b o r w ith th e le tte r a n d s p ir it
o f th e n e w p l a n is a n e s s e n tia l, e s p e c ia lly s in c e w h a t is a t
s ta k e is th e w o r k a b ility o f a v o lu n ta r y s y s te m , a s w e ll a s th e
f u ll m e a s u re o f w a r p ro d u c tio n .
45
27
44
55
36
— 0
+ 2
+ 2
+ o
— 1
+ 8
+ 16
+ 13
— 2
+ 8
CONDITION OF FEDERAL RESERVE BANK OF ATLANTA
(In Thousands oi Dollars)
Per cent change
Oct. 20 Sept. 22 Oct. 21 Oct. 20. 1943. irom
1943
1943
1942 Sept. 22 Oct. 21
1942
1943
c o m p lis h e d i f th e p la n w e re m o r e g e n e r a lly fo llo w e d .
W h e th e r th e in c re a s in g p r o p o rtio n o f w o m e n in th e w a r
Per Cent Chang*
Number August 1943toSeptember 1943
Reporting
Volume
Outstandings
Lender
w o rk e rs h a s b e e n m a d e a t a fe w p o in ts . S u c h a s s is ta n c e h a s
h e lp e d to re d u c e th e tu rn o v e r r a te ; b u t m o re c o u ld b e a c
in d u s tr ie s h a s se rv e d to in c re a s e th e tu r n o v e r r a te is a n o p e n
q u e s tio n . S u ffic ie n t d a ta a r e n o t a v a ila b le to d e c id e th e p o in t.
T h e p e rc e n ta g e o f w o m e n in w a r in d u s tr ie s is ris in g , a s it
Allotments
$ 4,787,000
7,832,000
15.882.000
17.789.000
Bills discounted....................
0
0
215
Industrial advances.............
209
U. S. securities..................... 373,403 312,687
Total bills and secu rities. 373,618 312,896
F. R. note circulation.........
849,004 816,652
Member bank reserve
474,349 475,315
deposits............................
24,454
U. S. G ov't,deposits...........
28,870
38,888
Foreign bank dep o sits........
40,139
Other dep o sits......................
6,116
2,563
Total deposits...................
544,772
545,921
Total reserv es....................... 1,000,804 1,028,628
175
814
191,560
192,549
462,668
+ 3
+ 19
+ 19
+ 4
... 74
+ 95
+ 94
+ 84
411,484
24,338
25,443
2,514
463,779
728,000
—
+
+
—
+
—
+ 15
0
18
3
58
0
3
+ 19
+ 58
+ 2
+ 18
+ 37
CONDITION OF 20 MEMBER BANKS IN SELECTED CITIES
(In Thousands oi Dollars)
Per Cent Change
Oct. 20 Sept. 22 Oct. 21 Oct. 20. 1943. from
Item
1943
1942 Sept. 22 Oct 21
1943
1942
1943
Loans and Investm ents—
Total.................................... 1,611,520 1,489,004 1,053,220
Loans—Total......................... 400,597 320,402 340,875
Commercial, industrial
and agricultural lo an s.
180,459 198,868
193,481
Loans to brokers and
dealers in securities. . .
11,420
3,872
16,566
Other loans for pur
chasing an d carrying
securities.......................
22,752
7,392
74,435
Real estate lo an s.............
26,317
27,997
27,325
Loans to b an k s.................
425
69
149
Other loans.......................
79,385
97,007
88,641
+ 8
+ 25
+ 53
+ 18
+
7
— 3
+ 45
+ 328
+227
+ 4
+ 116
+ 12
+907
— 2
— 65
— 9
+ 70
+ 88
Investment—Total............... 1,210,923 1,168,602
U. S. direct o b lig atio n s.. 1,051,082 1,003,462
Obligations guaranteed
51,288
46,911
by U. S............................
112,930
113,852
Other securities...............
712,345
558,356
+ 4
44,760
109,229
— 9
— 1
264,767
25,843
250,436
21,236
— 1
— 7
+ 3
+ 4
+ 14
— 13
+
5
Reserve with F. R. B a n k ...
Cash in v au lt.........................
Balances with domestic
b an k s..............................
261,430
24,105
165,602
151,654
189,467
+
Demand deposits-adjusted.
Time deposits.......................
U. S. G ov't dep o sits...........
Deposits of dom estic b an k s.
Borrow ings.......................... .
918,455
239,107
355,514
464,368
920,502
237,477
230,578
455,986
5,000
725,213
200,311
92,340
419,418
— 0
+ 1
+ 54
+ 2
9
+
5
+ 27
+ 19
+285
+ 11
M o n t h ly
76
1
o f th e F ederal R e se rv e B a n k o f A tla n ta fo r O ctober 1943
R e v ie w
he District Economy in October
c t o b e r w a s a m o n th o f g r e a t a c tiv ity in D is tr ic t in d u s tr y
O
a n d a g r ic u ltu re . W ith in d u s tr ia l o u tp u t b e in g m a in ta in e d
a t re c e n t r e c o r d le v e ls a n d w ith th e o n s e t o f th e h a r v e s t
s e a s o n , t h e D i s t r i c t ’s m a n p o w e r s u p p l y w a s s t r e t c h e d f u r t h e r .
W h ile th e r e a r e so m e in d ic a tio n s th a t p r o c u re m e n t c h a n g e s
m a y in s o m e c a s e s e a s e la b o r n e e d s , S e le c tiv e S e rv ic e w ith
d r a w a l s f r o m t h e D i s t r i c t ’s l a b o r f o r c e c o n t i n u e t o b e v e r y
la r g e , a n d p r o d u c tio n in th e n a v a l s to re s a n d lu m b e r in d u s
tr ie s is b e in g v e r y d e f in ite ly h a m p e r e d b y s h o r ta g e s o f la b o r .
N a v a l S to r e s :
O n O c to b e r 1 5 , th e p ric e s o f a ll g ra d e s o f
r o s in a v e r a g e d 1 4 p e r c e n t a b o v e th e p r ic e s q u o te d a t th e
b e g in n in g o f th e c u rre n t se a so n o n A p ril 1. T h e a d v a n c e s
r a n g e d f r o m 8 p e r c e n t o n th e lo w e s t g r a d e to 1 5 p e r c e n t o n
th e th r e e to p g r a d e s . T h e s u p p ly a n d d e m a n d s itu a tio n is th e
s tro n g e s t in se v e ra l y e a rs . T h e re h a s b e e n n o m o v e m e n t o f
c u r r e n t r o s in p r o d u c tio n in to G o v e r n m e n t s to c k p ile s s in c e
e a r ly A u g u s t, a s th e m a r k e t p r ic e o f a l l g r a d e s h a s b e e n
a b o v e t h e s t o c k p i l e p r i c e s . I n d e e d , w i t h t h e e x c e p t i o n o f tw o
g r a d e s , p r ic e s a r e a ls o a b o v e p a r ity . O n O c to b e r 1 5 , th e
l o w e s t g r a d e o f r o s i n w a s q u o t e d a t $ 3 .0 9 a h u n d r e d - p o u n d
d r u m a n d t h e h i g h e s t g r a d e , a t $ 5 .3 0 .
p r o d u c tio n . A t th e p r e s e n t tim e , s h ip b u ild in g a n d w a r c o n
s tru c tio n
ta k e p r a c tic a lly a ll th e a v a ila b le c y p re s s , so th a t
li t t le is le f t f o r o r d i n a r y c iv ilia n d e m a n d .
I n th e J a c k s o n v ille a r e a , p r o d u c tio n o f T id e w a te r R e d
C y p re ss h a s d ro p p e d fu rth e r a s a re s u lt o f th e m a n p o w e r
s h o r ta g e , w h ic h is p r e s e n t in a l l d e p a r tm e n ts o f th e i n d u s t r y
b u t is p a r t i c u l a r l y a c u te in th e w o o d s . T h e d r o p in p r o d u c
tio n is r a is in g u n it c o s ts b e c a u s e o v e r h e a d in th e c y p re s s
m ills h a s to b e s p r e a d o v e r a s m a lle r n u m b e r o f u n its o f
o u tp u t. I n v e n to rie s a r e c o n tin u in g to d e c re a s e .
B a n k i n g : N o t e c i r c u l a t i o n o f t h i s B a n k ’s i s s u e c o n t i n u e s t o
e x p a n d . O n O c to b e r 2 0 , c ir c u la tio n in th e S ix th D is tr ic t
re a c h e d 8 4 9 m illio n d o lla r s , v ir tu a lly d o u b le th e c ir c u la tio n
a y e a r p re v io u s ly . T h e re h a s b e e n so m e e x p a n s io n in m e m
b e r b a n k re s e rv e a c c o u n ts o v e r th e p a s t y e a r. O n O c to b e r 2 0 ,
th e y to ta le d 4 7 5 m illio n d o lla r s , a s c o m p a r e d w ith 4 1 5 m il
lio n d o lla r s o n th e sa m e d a te in 1 9 4 2 .
T h e c o m m e r c ia l b a n k s in th e S ix th D is t r i c t c o n tin u e to e x
p e r ie n c e a n e x p a n s io n in d e p o s its a n d a n in c r e a s e in h o ld
in g s o f U n ite d S ta te s G o v e rn m e n t s e c u ritie s . O n O c to b e r 1 3 ,
th e w e e k ly r e p o r tin g m e m b e r b a n k s in th e S ix th D is tr ic t h e ld
P r o d u c tio n so f a r in 1 9 4 3 h a s b e e n f a r b e lo w e x p e c ta tio n s .
E s tim a te s n o w a r e th a t p r o d u c tio n th is se a so n w ill n o t ex c e e d
2 5 0 , 0 0 0 u n i t s a s c o m p a r e d w i t h 3 2 2 ,0 0 0 u n i t s i n t h e p a s t
s e a s o n . T h is r e p r e s e n ts a f a l l in g o ff in r o s in p r o d u c tio n o f
d e m a n d d e p o s its
(a d ju s te d )
o f 9 0 8 m illio n
d o lla rs , a n
in
c re a s e o f 2 6 p e r c e n t o v e r th e c o r re s p o n d in g d a y o f 1 9 4 2 .
T im e d e p o s its in c r e a s e d s lo w ly o v e r th e y e a r . T h e y w e re 1 9 8
o n ly
m illio n d o lla r s o n O c to b e r 1 4 , 1 9 4 2 , a n d 2 3 5 m illio n d o lla r s
a y e a r la te r , r e p r e s e n tin g a n in c r e a s e o f 1 9 p e r c e n t.
R e c e n t in c re a s e s b y th e G o v e rn m e n t in th e a llo tm e n ts o f
H o ld in g s o f U n ite d S ta te s T r e a s u r y b ills b y th e w e e k ly r e
p o r tin g m e m b e r b a n k s in th e S ix th D is tr ic t w e re 9 3 m illio n
about
2 0 0 ,0 0 0
d ru m s.
T h is
s e a s o n ’s
o u tp u t
w ill
be
so m e 4 5 p e r c e n t o f n o rm a l.
f a ts a n d o ils f o r c iv ilia n s o a p m a n u f a c tu re a n d in th e a m o u n t
o f p e r m itte d p r o d u c tio n o f ite m s s u c h a s p a in ts , la c q u e r s ,
v a r n is h e s , a n d lin o le u m , o f w h ic h n a v a l s to re s a r e c o m
p o n e n ts , h a v e
re s u lte d
in
an
in c re a se d
dem and
fo r
naval
s to re s b y th e m a n u f a c tu r e r s o f th o s e c o m m o d itie s . F u r t h e r
m o r e , it is k n o w n th a t th e r e is a c o n s id e r a b le e x p o r t m o v e
m e n t o f n a v a l s to re s u n d e r v a r io u s le n d -le a s e a g re e m e n ts , b u t
th e a m o u n ts so e x p o rte d a r e r e s tr ic te d in f o rm a tio n .
L um ber
P r o d u c tio n :
I n th e w e e k e n d in g O c to b e r 1 6 , th e
m i l l s r e p o r t i n g t o t h e S o u t h e r n P i n e A s s o c i a t i o n s h i p p e d 1 9 .1
m illio n fe e t, 2 7 p e r c e n t le s s th a n a v e r a g e w e e k ly p r o d u c tio n
in th e th r e e y e a r s e n d in g O c to b e r 3 1 , 1 9 4 2 . N e v e rth e le s s ,
s h ip m e n ts f o r th e w e e k w e re 7 p e r c e n t a b o v e c u r re n t p r o d u c
tio n . O r d e rs d u r in g th a t w eek w e re 1 9 p e r c e n t a b o v e p r o d u c
tio n a n d th e w e e k sa w in c re a s e s in o r d e rs o n h a n d f o r th o se
m i l l s o f 2 .1 m i l l i o n f e e t , o r 2 p e r c e n t . T h e s u p p l y s i t u a t i o n
d o lla r s o n O c to b e r 1 3 , a n in c r e a s e o f 3 7 p e r c e n t f o r th e
tw e lv e m o n th s . H o ld in g s o f T r e a s u r y c e r tific a te s o f i n
d e b te d n e s s b y th e s e s a m e b a n k s f o r th e s a m e p e r io d in c r e a s e d
f r o m 9 1 to 2 7 5 m illio n d o lla r s , o r b y 2 0 2 p e r c e n t. T r e a s u r y
n o te s h e ld ro s e f r o m 1 0 5 to 2 1 4 m illio n d o lla r s , a n in c re a s e
o f 1 0 4 p e r c e n t. U n ite d S ta te s G o v e r n m e n t b o n d s r o s e f ro m
2 3 2 to 4 1 7 m illio n d o lla r s , o r b y 8 0 p e r c e n t. H o ld in g s o f
g u a r a n te e d o b lig a tio n s re m a in e d u n c h a n g e d a t 4 7 m illio n
d o lla rs .
A g r ic u ltu r e : I n th e th ir d w eek o f O c to b e r, fre e z in g te m p e r a
tu r e s w ith k illin g f ro s ts w e re g e n e r a l in N o r th A la b a m a a n d
in lo w g r o u n d e ls e w h e r e in th e s ta te . S o m e v e g e ta b le s w e r e
k i l l e d a s a r e s u lt. C o tto n p ic k in g is n o w v i r tu a ll y fin is h e d
in A la b a m a . F a ll g a r d e n s a r e in f a i r to g o o d c o n d itio n o v e r
t h e s t a te . T h e c o r n c r o p i s b e i n g h a r v e s t e d a n d p r o m i s e s t o
b e a g o o d c ro p . S y ru p m a k in g h a s s ta rte d .
in th e S o u th e r n p in e in d u s tr y re m a in s c r itic a l, th e r e fo r e . A c
I n G e o rg ia , th e r e w a s s o m e f r o s t d a m a g e in r e c e n t d a y s in
c o r d in g to th e S o u th e r n L u m b e r m a n , th e i n d u s tr y h a s lo s t
m o r e th a n 2 5 p e r c e n t o f its m a n p o w e r sin c e th e b e g in n in g
th e n o r th a n d c e n tr a l p o r tio n s . G o o d c o tto n a n d c o rn c ro p s
a r e b e in g h a rv e s te d , b u t th e sw e e t p o ta to h a r v e s t h a s b e e n
o f th e w a r a n d th e m a n p o w e r s h o r ta g e is th e c r itic a l b o ttle
r e ta rd e d . I n th e th ir d w e e k o f O c to b e r, m o re r a in w a s n e e d e d
n e c k p r e v e n tin g e x p a n s io n o f p r o d u c tio n a t th e p r e s e n t tim e .
I n re c e n t m o n th s , c y p re s s p r o d u c tio n in S o u th e rn fo re s ts
h a s b e e n f a l l i n g o ff. D e m a n d f o r T id e w a te r R e d C y p r e s s , a
o v e r th e s ta te , th e s o il b e in g to o d r y f o r f a l l p lo w in g o r f o r
s o w in g g r a in . T h e h a r v e s tin g
has been begun.
o f pecans an d of su g ar cane
p ric e s
I n L o u is ia n a , a ls o , O c to b e r sa w so m e u n f a v o r a b ly c o ld
n ig h ts w ith f r o s t a n d lo c a l f r e e z in g ; d a m a g e w a s n e g lig ib le ,
r e m a in a t c e ilin g le v e ls . I n th e N e w O r le a n s a r e a , T id e w a te r
h o w e v e r, a n d r a in f a ll h a s b e e n a d e q u a te . I n m a n y a re a s o f
R ed
R e c e n t h ig h
th e s ta te , c o tto n p ic k in g is a b o u t c o m p le te d , w h ile th e sw e e t
t id e s flo o d e d m u c h o f th e b a y o u c o u n tr y a n d th is , c o u p le d
p o ta to h a r v e s t is p r o c e e d in g w e ll. T h e c o r n c r o p a n d th e c a n e
c r o p w e re h a r v e s te d in O c to b e r . R a p id p r o g r e s s w a s m a d e in
c r itic a l w a r p r o d u c t, c o n tin u e s s te a d y , h o w e v e r, a n d
w ith
C y p re s s sto c k s h a v e b e e n
th e
e v e r-p re se n t
m uch
m anpow er
re d u c e d .
s h o rta g e ,
has
h a m p ere d
M o n t h l y
R e v ie w
o f th e F ederal R eserve B a n k o f A tla n ta fo r O ctober 1943
77
COTTON CONSUMPTION
SIXTH DISTRICT
c u ttin g
a n d th re s h in g
la te
ric e . T ru c k
c ro p s, fa ll
g a rd e n s,
o a ts , c o v e r c r o p s , a n d p a s tu r e s a r e in g o o d c o n d itio n .
T h e re w e re so m e lo c a l fre e z e s a n d s c a tte re d f ro s ts in M is
s is s ip p i in O c to b e r, w ith so m e v e g e ta tio n k ille d a s a r e s u lt.
R a in f a ll h a s b e e n a d e q u a te in m o s t lo c a litie s a n d c o tto n p ic k
in g h a s p r o g re s s e d w e ll, e x c e p t in a r e a s o f a c u te la b o r s h o r t
a g e . T h e sw eet p o ta to h a rv e s t h a s m a d e g o o d p ro g re s s .
A n o th e r s ig n ific a n t re c e n t d e v e lo p m e n t in th e u tiliz a tio n o f
D is tr ic t m in e r a l re s o u rc e s is th e g ro w th o f v a n a d iu m p r o d u c
t i o n i n A l a b a m a ’s C o o s a V a l l e y . V a n a d i u m i s p r o d u c e d i n t h e
C o o sa V a lle y a s a b y - p ro d u c t o f g r a p h ite m in in g . T h e U n ite d
S ta te s B u r e a u o f M in e s b e lie v e s th a t v a n a d iu m c o n te n t is so
h ig h in th is g r a p h ite th a t th e b y -p ro d u c t a lo n e w ill p a y th e
c o s t o f m in in g .
I n T e n n e sse e , th e re h a s b e e n a s h o rta g e o f ra in . S o m e n ig h ts
A t N e w O r l e a n s , H i g g i n s A i r c r a f t ’s n e w p l a n t , c o s t i n g 2 7
h a v e b e e n e x tre m e ly c o ld a n d s e rio u s f r o s t d a m a g e h a s r e
s u lte d . C o tto n p ic k in g is p r o g r e s s in g w e ll. C o r n , w h e a t, o a ts ,
m illio n d o lla r s , w a s c o m p le te d 1 4 m o n th s a h e a d o f s c h e d u le
a n d w a s d e d ic a te d o n O c to b e r 2 4 . T h e p la n t w ill p r o d u c e
ry e , sw e e t p o ta to e s , a n d la te b e a n s a r e in g o o d c o n d itio n . I n
th e c e n tr a l a n d w e s te rn p o r tio n s o f th e s ta te , p o ta to e s a r e in
o n ly p o o r to f a i r c o n d itio n , b u t th e y a r e in g o o d c o n d itio n in
C u r tis s -W rig h t C -4 6 C o m m a n d o c a r g o p la n e s . I t w ill e m p lo y
b e t w e e n 2 1 ,0 0 0 a n d 2 5 ,0 0 0 p e r s o n s , a c c o r d i n g t o p u b l i s h e d
e s tim a te s .
th e e a s t.
P e tr o le u m
I n th e fis c a l y e a r e n d e d J u n e 3 0 , 1 9 4 3 , a c c o r d in g to d a ta
r e le a s e d b y th e d ir e c to r o f th e F lo r id a S ta te F a r m e r s ’ M a r
k e t s i n O c t o b e r , t h e 2 7 m a r k e t s s o l d 2 0 .1 m i l l i o n d o l l a r s ’
w o rth o f p ro d u c e , a n in c re a s e o f 51 p e r c e n t o v e r th e p re v io u s
y e a r.
P r o d u c tio n :
O n O c to b e r 2 2 , th e o il g e o lo g is t
o f th e S ta n d a r d O il C o m p a n y o f N e w J e rs e y a n n o u n c e d th a t
th e
H u m b le
O il
and
R e fin in g
C om pany,
a
s u b s id ia ry
of
S ta n d a r d , h a d b r o u g h t in a n o il w e ll in C o llie r C o u n ty , F l o r
id a . W h ile it is s t i l l to o e a r l y to e s tim a te a c c u r a te ly th e f u ll
g e o lo g ic a l s ig n ific a n c e o f th is d is c o v e ry , th e r e is a c h a n c e
T h e v a lu e o f F lo rid a c itru s f r u it h a rv e s te d is a t re c o rd
le v e ls . I n th e p a s t s e a s o n , c itr u s f r u i t h a r v e s te d in F lo r id a
w a s s o l d f o r 1 5 3 .1 m i l l i o n d o l l a r s , 1 2 6 p e r c e n t a b o v e t h e
a v e ra g e f o r th e p a s t 1 0 y e a rs . T h e n e t re tu rn to g ro w e rs e x
c e e d e d 7 6 .3 m i l l i o n d o l l a r s — a b o u t f o u r t i m e s a v e r a g e r e
c e ip ts in th e p re v io u s 1 0 y e a rs .
t h a t th e d is c o v e ry m a y m e a n
an
im p o rta n t n ew
so u rce
of
in c o m e f o r A la b a m a , F lo r id a a n d G e o rg ia . T h e n e w o il w e ll,
w h i c h w a s d r i l l e d t o a d e p t h o f 1 1 ,7 0 0 f e e t — m o r e t h a n t w o
m ile s — is th e f irs t p r o d u c in g o il w e ll o n th e A tla n tic C o a st.
T h e s tr u c tu r e in F lo r id a , in S o u th G e o rg ia , a n d in C o a s ta l
A la b a m a is a p p a r e n tly th e s a m e a s t h a t f a r t h e r w e s t in M is
I n d u s tr y :
E le c tric p o w e r g e n e r a tin g fa c ilitie s in th e D is
tr ic t w e re im p o r ta n tly e x p a n d e d in O c to b e r w h e n th e th ir d
u n i t o f t h e G e o r g i a P o w e r C o m p a n y ’s P l a n t A r k w r i g h t n e a r
M a c o n c a m e in to p r o d u c tio n . E n e rg iz in g o f th is p la n t a d d e d
a m illio n k ilo w a tt h o u r s d a ily to e le c tr ic p o w e r g e n e r a tin g
c a p a c ity in th e a r e a .
A n in te re s tin g n ew
in d u s tr ia l p o s s ib ility f o r th e D is tric t
s is s ip p i, L o u is ia n a , a n d
T ex as. T h e
la tte r th re e
s ta te s
a re
a lr e a d y , o f c o u rse , im p o r ta n t o il p ro d u c e rs .
S o m e 4 0 0 b a r r e ls o f c r u d e , m ix e d w ith s a lt w a te r , h a v e
b e e n b a ile d o u t o f th e n e w w e ll. T h e o il is j e t b la c k in c o lo r ,
o f a h ig h fu e l c o n te n t, a n d o f th e h e a v y ty p e c h a ra c te ris tic
o f W e s te rn G u lf C o a st p r o d u c tio n . N a tu r a l g a s is b e in g p r o
d u c e d w ith th e o il in f a i r v o lu m e . T h e n e w w e ll is in th e
m a y d e v e lo p in B irm in g h a m . U n d e r a b ill re c e n tly a p p r o v e d
b y th e C o m m itte e o n P u b lic L a n d s a n d S u rv e y s o f th e U n ite d
E v e rg la d e s n o rth w e s t o f M ia m i, w h e re m o r e t h a n
S ta te s S e n a te , th e U n ite d S ta te s B u r e a u o f M in e s is a u th o r
a c re s o f p u b lic
la n d s
have
been
le a s e d
fo r
o il
1 7 5 ,0 0 0
in
re c e n t
iz e d to b u ild a n d o p e r a te a 2 0 - m illio n - d o lla r p l a n t in B ir
m o n th s . U n d e r a l l o f th e s e le a s e s , th e s ta te o f F l o r i d a w ill
m i n g h a m t o p r o d u c e s y n t h e t i c g a s o l i n e f r o m A l a b a m a ’s s o f t
c o a l. R e s e a r c h c o n d u c te d b y th e B u r e a u o f M in e s in d ic a te s
re c e iv e a r o y a lty
th a t A la b a m a c o a l w ill p r o d u c e so m e 1 3 4 g a llo n s o f g a s o lin e
p e r to n .
000 r e w a r d o ffe re d b y th e 1 9 4 1 S ta te L e g is la tu r e f o r th e firs t
o f o n e -e ig h th o f th e p r o d u c tio n i f o il is
s t r u c k . S o f a r , h o w e v e r , n o c l a i m h a s b e e n f i l e d f o r t h e $ 5 0 ,c o m m e r c ia lly p r o d u c in g o il w e ll d r i ll e d in F lo r id a .
M o n t h ly
7 8
R e v ie w
o f th e F ederal R e se rv e B a n k o f A tla n ta fo r O ctober 1943
S ix th D is tr ic t S ta tis tic s
D e c e n tr a liz a tio n
P
RETAIL FURNITURE STORE OPERATIONS
Item
of
Stores
Total S ales.............................................
Cash S ales.............................................
Instalment and Other Credit S a le s ..
Accounts Receivable, end of month.
Collections during m onth.................
Inventories, end of m onth.................
108
95
95
106
106
79
Per Cent Change
Septem ber 1943 from
August 1943 Septem ber 1942
' +
o
—
1
+ 1
—
0
— 7
- - 12
to
u rsu a n t
a
p ro g ra m
of
P ro g ra m
fu rth e r
d e c e n tr a liz a tio n , th e
F e d e r a l R e se rv e B a n k o f A tla n ta is in th e p ro c e s s o f
tr a n s f e r r in g n e w f u n c tio n s to its b r a n c h e s a t B ir m in g h a m ,
+ 14
+ 32
J a c k s o n v ille , a n d N a s h v ille . T h is tr a n s f e r o f r e s p o n s ib ilitie s
w h e n c o m p l e t e d w i l l p l a c e t h e s e b r a n c h o f f ic e s o n a b a s i s
e s s e n tia lly id e n tic a l w ith th a t o f th e N e w O r le a n s b r a n c h ,
— 33
— 19
— 26
w h ic h f r o m its e s ta b lis h m e n t h a s h a d th e
p o w e r o ffic e .
s ta tu s o f a f u ll-
T h e n ew tr a n s f e r o f fu n c tio n s b e g a n w ith th e B irm in g h a m
b r a n c h o n S e p te m b e r 2 7 , 1 9 4 3 , w h e n th e a c c o u n ts o f m e m
b e r b a n k s in th a t p o rtio n
SALES OF UNITED STATES SAVINGS BONDS
S eptem ber 24-October 23, 1943, at Issue Price (In Thousands of Dollars)
o f th e s ta te o f A la b a m a lo c a te d
in th e B ir m in g h a m b r a n c h z o n e w e r e tr a n s f e r r e d to th e
B i r m i n g h a m o f fic e . W i t h t h e t r a n s f e r o f r e s e r v e a c c o u n t s ,
t h e B i r m i n g h a m o f fic e a s s u m e d r e s p o n s i b i l i t y f o r t h e a c c o u n t
Area
DISTRICT....................................
A labam a......................................
Florida..........................................
G eorgia........................................
Louisiana*..................................
Mississippi*................................
Tennessee*..................................
Series E
104,445
20,873
20,592
21,393
18,939
9,808
12,840
Total
132,100
26,146
26,463
27,897
23,194
11,656
16,744
Series F and G
27,655
5,273
5,871
6,504
4,255
1,848
3,904
*These figures apply only to t la t part of the state lying wit bin the Sixth
Federal Reserve District. Tenne ssee figures do not include Pos t Office sales.
a n a l y s i s w o r k . T h e b r a n c h o f fic e l i k e w i s e a s s u m e d r e s p o n s i
b ility f o r m a in ta in in g th e g e n e r a l le d g e r f o r its z o n e o p e r a
tio n s . P r e c is e ly s im ila r t r a n s f e r s w e re m a d e to th e J a c k s o n
v ille b r a n c h , e ffe c tiv e o n th e o p e n in g o f b u s in e s s o n O c
to b e r 2 5 , 1 9 4 3 . I n th e n e a r f u tu r e , s im ila r tr a n s f e r s w ill b e
m a d e to th e N a s h v ille b r a n c h .
A s th e
b ra n c h e s assu m e
new
a c c o u n tin g
r e s p o n s ib ilitie s ,
th e y a r e e n a b le d to p a r tic ip a te d ir e c tly in th e o p e r a tio n s o f
th e I n t e r d i s t r i c t S e ttle m e n t F u n d . E ffe c tiv e M o n d a y , O c to b e r
DEBITS TO INDIVIDUAL BANK ACCOUNTS
(In Thousands of Dollars)
Area
Septem ber
1943
August
1943
Septem ber
1942
ALABAMA
Anniston.................
Birm ingham ...........
D othan.....................
G ad sd en .................
M obile.....................
M ontgom ery...........
15,928
194,831
9,866
10,763
118,047
45,045
12,609
153,294
5,554
8,720
108,851
33,095
14,658
158,227
7,252
8,043
98,665
35,800
FLORIDA
lacksonville...........
Miami.......................
O rlando...................
P ensacola...............
St. P etersb u rg ........
Tam pa.......................
168,560
79,625
22,522
23,857
18,228
80,081
167,605
90,380
18,101
21,172
18,928
68,182
123,188
64,148
13,013
18,795
11,418
53,010
GEORGIA
A lbany .....................
A tlanta.....................
A ugusta...................
Brunsw ick...............
C olum bus...............
E lberton...................
M acon.......................
N ew nan...................
Savannah.................
V aldosta...................
10,728
494,057
37,317
14,992
39,459
1,937
50,448
4,927
85,080
7,886
7,484
405,203
29,557
15,174
31,854
1,457
42,811
3,985
76,132
14,683
7,967
370,553
30,235
7,991
33,303
1,767
34,973
3,511
63,222
6,158
LOUISIANA
Baton R ouge...........
Lake C h a rles.........
New O rlean s.........
41,160
20,619
436,314
37,179
18,332
352,260
27,152
12,230
334,111
MISSISSIPPI
H attiesburg .............
Jackson....................
M eridian.................
V icksburg...............
14,546
60,539
19,499
26,385
12,255
42,622
14,426
16,033
12,846
61,351
15,412
11,368
Per Cent Change
Sept. 1943 from
Aug. 1943 Sept. 1942
+
+
+
+
+
+
26
27
78
23
8
36
1
12
24
+
13
+
— 4
17
+
+
—
+
+
+
—
+
+
+
+
+
—
+
+
+
+
+
+
+
43
22
26
I
24
33
18
24
12
46
11
12
24
19
42
3b
6b
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
—
+
+
9
23
3B
34
20
26
37
24
73
27
60
bl
3b
33
23
88
18
10
44
40
3b
28
b2
69
31
13
1
27
132
4 , 1 9 4 3 , th e B irm in g h a m b r a n c h b e g a n s e ttlin g th r o u g h th is
f u n d f o r a m o u n ts d u e f r o m a n d d u e to o th e r F e d e r a l R e se rv e
B a n k s a n d b r a n c h e s e a c h d a y . E ffe c tiv e M o n d a y , N o v e m b e r
1, 1 9 4 3 , th e J a c k s o n v ille b r a n c h w ill b e g in a s i m i l a r s e ttle
m en t p ro c e d u re .
F is c a l a g e n c y r e s p o n s ib ilitie s o f th e th r e e b r a n c h e s a r e to
b e b r o a d e n e d . E ffe c tiv e N o v e m b e r 1, 1 9 4 3 , th e B ir m in g h a m ,
J a c k s o n v i l l e , a n d N a s h v i l l e o f f ic e s w i l l b e g i n s e r v i c i n g t h e
c o n s ig n m e n t a c c o u n ts o f a g e n ts q u a lif ie d to is s u e w a r s a v in g s
bonds and
92,989
81,112
185,457
76,560
63,961
164,844
78,411
44,293
137,608
+
+
21
27
13
SIXTH DISTRICT
32 C ities...................
2,512,806
2,133,303
1,900,679
+
UNITED STATES
334 C ities...............
75,759,000
60,614,000
55,701,000
+
+
+
19
83
3b
18
+
32
2b
4-
36
+
+
re c e iv in g
u n is s u e d
s to c k s
b e r 1, 1 9 4 3 , a s s u m e r e s p o n s ib ility f o r th e w a r lo a n d e p o s it
a c c o u n t s o f b a n k s i n t h e i r r e s p e c t i v e z o n e s . T h e s e o f fic e s h a v e
f o r so m e tim e b e e n is s u in g a n d re d e e m in g s e rie s E , F , a n d G
b o n d s , a n d s e rie s C s a v in g s n o te s . E v e r s in c e th e w ith h o ld
in g ta x p r o g r a m w a s s e t in o p e r a tio n , to o , a l l o f th e b r a n c h
o ffic e s o f t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a h a v e h a n d l e d
w ith h e ld ta x a c c o u n ts f o r th e i r r e s p e c tiv e s ta te s f o r b a n k s
th a t w e re q u a lif ie d a s d e p o s ita rie s u n d e r th e p r o v is io n s o f
T re a s u ry D e p a rtm e n t C irc u la r N o . 7 1 4 .
A s a p a r t o f th e d e c e n tr a liz a tio n p r o g ra m , r e p re s e n ta tiv e s
o f th e a u d itin g d e p a r tm e n t o f th e F e d e r a l R e se rv e B a n k o f
A t l a n t a h a v e b e e n s t a t i o n e d a t t h e b r a n c h o f fic e s a s t h e n e e d
h a s a ris e n . H a v in g th e s ta tu s o f a f u ll- p o w e r b r a n c h , th e
N e w O r l e a n s o f fic e a l r e a d y h a d s u c h a r e p r e s e n t a t i v e . I n
re c e n t w e e k s, a s s is ta n t a u d ito r s h a v e lik e w is e b e e n s ta tio n e d
a t B irm in g h a m a n d J a c k s o n v ille . I n d u e c o u rse , a n a s s is ta n t
a u d ito r w ill a ls o b e s ta tio n e d a t N a s h v ille .
The
c re d it
TENNESSEE
C h attanooga...........
Knoxville.................
N ashville.................
w ill, th e r e fo r e , b e g in
o f b o n d s o n c o n s i g n m e n t . T h e s e o f f ic e s w i l l a l s o o n N o v e m
d e c e n tra liz a tio n
c o n tro l
p ro g ra m
d e p a rtm e n t,
w h ic h
e x te n d s
is
to
th e
re s p o n s ib le
consum er
fo r
lo c a l
a d m in is tr a tio n o f R e g u la tio n W . R e p re s e n ta tiv e s o f th is d e
p a r tm e n t h a v e b e e n , o r s h o r tly w ill b e , s ta tio n e d a t th e
b r a n c h o f fic e s . T h e B i r m i n g h a m o f fic e f o r s o m e m o n t h s h a s
h a d su c h a re p re s e n ta tiv e a n d a rra n g e m e n ts h a v e a lre a d y
b e e n m a d e f o r s ta tio n in g su c h r e p re s e n ta tiv e s a t th e N a s h
v ille a n d N ew O rle a n s b ra n c h e s .
M o n t h ly
o f th e F ederal R eserve B a n k o f A tla n ta fo r O ctober 1943
R e v ie w
S ix th D is tric t B u s in e ss In d e x e s
M e m b e r B a n k A d m is s io n s
(1935-39 A v e r a g e = 100)
u r i n g t h e m o n t h o f O c t o b e r , tw o c h a n g e s w e r e m a d e i n
D
th e m e m b e r s h ip o f th e F e d e r a l R e s e rv e S y s te m in th e
S ix th D is tr ic t. O n e s ta te b a n k w a s a d m itte d a s a n e w m e m b e r
a n d a n o th e r s ta te b a n k , a lr e a d y a m e m b e r, c h a n g e d f r o m a
s ta te to a N a tio n a l c h a r te r .
O n O c to b e r 2 , th e F lo r id a B a n k a t O r la n d o , lo c a te d
a t O r la n d o , F l o r i d a , w a s a d m itte d to m e m b e r s h ip . I ts c a p ita l
s to c k is $ 1 0 0 ,0 0 0 ; it h a s a s u r p lu s o f $ 4 5 0 ,0 0 0 ; a n d its to ta l
r e s o u r c e s a r e a p p r o x i m a t e l y $ 1 2 ,0 0 0 ,0 0 0 .
J.
N . A d d is o n B a k e r is c h a ir m a n o f th e b o a r d o f d ir e c to r s ;
N e a l G r e e n in g is p r e s id e n t; C. J a c k C a m p is c a s h ie r ;
and
C.
E a rn e st
W illa rd ,
H e rm an
E.
C a rm ic h a e l,
W.
P itt
V a r n e s , a n d M rs . A n n e H a r r is M ille r a r e a s s is ta n t c a s h ie rs .
B e s id e s M e s s rs . B a k e r a n d G r e e n in g , th e b o a r d o f d ir e c to r s
in c lu d e s E d w a rd
E llis ,
W illia m
B a ll, C la re n c e
H a rd in
H . C u b b e d g e , W illia m
G oodm an,
S.
B ry a n
79
J e n n in g s ,
N.
DEPARTMENT STORE SALES*
Adjusted**
Sept.
1943
DISTRICT...........
A tlanta.............
Baton R ouge...
Birm ingham ...
C h a ttan o o g a ...
Jackson.............
Jacksonville...
Knoxville.........
M acon...............
Miami...............
M ontgom ery...
N ashville.........
New O rle a n s..
Tam pa...............
Aug.
1943
215
189
204
191
223
270
294
215
312
169
279
191
176
282
208
190
212
194
207
252
274
222
270
173
255
191
2C6
265
Sept.
1942
161
149
179
155
165
206
210
151
210
136
197
133
160
195
Sept.
1943
221
213
245
200
232
285
280
240
291
142
275
200
210
251
Unadjusted
Aug.
Sept.
1943
1942
183
171
182
166
177
207
175
160
184
185
217
233
246
215
194
164
220
226
114
112
218
213
162
139
162
163
221
185
and
G e o rg e S . M a rsh .
O n O c to b e r 1 5, th e A m e ric a n B a n k a n d T ru s t C o m p a n y ,
DEPARTMENT STORE STOCKS
o f M ia m i, F lo r id a , w a s g r a n te d a N a tio n a l b a n k c h a r te r b y
th e C o m p tr o lle r o f th e C u r r e n c y a n d b e c a m e th e A m e ric a n
N a tio n a l
B ank
of
M ia m i.
The
A m e ric a n
B ank
and
T ru st
C o m p a n y w a s o r g a n iz e d in 1 9 3 6 a n d w a s o p e n e d f o r b u s i
n e s s o n O c to b e r 2 8 o f th a t y e a r . I t w a s a d m itte d to m e m b e r
s h ip in th e F e d e r a l R e s e rv e S y ste m
A m e ric a n
N a tio n a l
B ank
of
on M ay 11, 1942. T he
M ia m i
$ 4 0 0 ,0 0 0 , s u r p l u s o f $ 2 9 5 ,0 0 0 , a n d
i n g $ 1 0 ,0 0 0 ,0 0 0 .
has
c a p ita l
sto c k
of
to ta l re s o u rc e s e x c e e d
DISTRICT...........
A tlanta.............
Birm ingham ...
M ontgom ery...
N ashville.........
New O rle a n s..
W i l e y R . R e y n o l d s i s c h a i r m a n a n d R u f u s H . D a n i e l is
v ic e c h a i r m a n o f t h e b o a r d o f d i r e c t o r s . H . B l a k e O l i v e r is
p re s id e n t a n d
a r m e d fo rc e s . E lm e r A . G e r a r d , J e s s G la n c e , A lf r e d D . M c
C le lla n , R a lp h W . S a p ir o , a n d C. R u s s e ll S o h n a r e a s s is ta n t
c a s h ie r s . I n a d d i t i o n to M e s s rs . R e y n o ld s , D a n ie l, a n d O liv e r ,
N a tio n a l
B ank
of
B a to n
R ouge,
B a to n
R ouge,
L o u is ia n a ,
Sept.
1943
199
255
159
225
304
144
Unadjusted
Sept.
Aug.
1943
1942
191
187
224
243
155
182
215
161
223
291
133
175
TOTAL.................
A labam a.........
G eorgia...........
T ennessee.......
DISTRICT.............
R esidential. . . .
O th ers...............
A labam a...........
F lorida.............
G eorgia...........
L ouisiana.........
Mississippi. .. .
T ennessee.......
CONSTRUCTION
CONTRACTS
Sept.
Sept.
Aug.
1943
1942
1943
374
l,196r
72
151r
142
89
l,702r
486
63
135
54
78
305
115
163
212
709
68
89
109
58
1,067
59
30
5,034
187
144
GASOLINE TAX
COLLECTIONS***
Sept.
Aug.
Sept.
1943
1942
1943
102
101
103
J r ., a n d B e rt C. T ee d .
O c to b e r 1 5 , 1 9 4 3 . A s id e f r o m th e F l o r i d a B a n k a t O r la n d o
a n d th e A m e ric a n N a tio n a l B a n k o f M ia m i, th e s e n e w m e m
b e r s a n d th e ir d a te s o f a d m is s io n w e re a s f o llo w s : F id e lity
Sept.
1942
177
210
179
144
206
167
COAL PRODUCTION*
Sept.
Sept.
Aug.
1943
1942
1943
165
167
163
174
168
179
th e b o a r d o f d ir e c to r s in c lu d e s H . H o o d B a s s e tt, T . J . B la c k w e ll, P h i l J . L a u re n c e , W illia m P . M o o ty , W ile y R . R e y n o ld s ,
T h e F e d e r a l R e se rv e B a n k o f A tla n ta a d m itte d se v en n ew
m e m b e r b a n k s d u r i n g th e 1 2 -m o n th p e r i o d e n d in g w ith
Adjusted**
Aug.
1943
199
249
154
217
291
142
COTTON CONSUMPTION*
Sept.
Sept.
Aug.
1942
1943
1943
191
158
168
164
188
173
195
157
167
178
138
148
J o h n W . R o b e rts is a s s is ta n t v ic e p r e s id e n t.
W i n t o n M . W r i g h t , c a s h i e r , is o n l e a v e o f a b s e n c e w i t h t h e
Sept.
1943
188
239
156
201
280
137
139
108
90
99
101
101
113
139
i07
86
93
102
87
142
iss
i24
73
81
105
111
137
O c to b e r 2 7 , 1 9 4 2 ; B a n k o f A u b u r n , A u b u r n , A la b a m a , D e
c e m b e r 1 8 , 1 9 4 2 ; A m e ric a n N a tio n a l B a n k o f J a c k s o n v ille ,
J a c k s o n v ille ,
F lo rid a , J a n u a ry
2,
1943;
L im e s t o n e
C o u n ty
B a n k , A th e n s , A la b a m a , M a rc h 1 5 , 1 9 4 3 ; a n d C itiz e n s B a n k
o f H a ttie s b u rg ,
H a ttie s b u rg , M is s is s ip p i,
A ugust 27,
1943.
A s o f th e c lo s e o f O c to b e r 1 9 4 3 , th e r e w e re 3 1 8 b a n k s in
th e S ix th D is tr ic t th a t w e re m e m b e rs o f th e F e d e ra l R e se rv e
S y s te m . O f th is
n u m b e r, 261
w ere
N a tio n a l
b a n k s , w h ic h
a r e r e q u ir e d b y la w to b e m e m b e r s o f th e F e d e r a l R e s e rv e
S y s te m . T h e r e m a in in g 5 7 b a n k s w e re s ta te b a n k s . A s a m o n g
th e s ta te s ly in g e n tir e ly w ith in th e b o u n d a r ie s o f th e S ix th
D is tric t, A la b a m a h a d 8 4 m e m b e r b a n k s ; F lo rid a , 6 0 ; G e o r
g ia , 6 5 . A s a m o n g th e S ix th D is tr ic t p o r t io n s o f th o s e s ta te s
th a t
lie
L o u is ia n a
p a rtly
had
T e n n efor
s s eFRASER
e, 65.
Digitized
in
27
one
D is tric t
m em ber
and
ban k s;
p a rtly
in
M is s is s ip p i,
a n o th e r,
17;
and
COST OF LIVING
Sept.
Aug.
1943
1943
128
ALL ITEMS.. n. a.
146
F ood...........
130
C lo th in g ...
114
R ent...........
Fuel, elec
tricity,
107
and ic e . ..
Home fur
123
nishings.
Miscel
118
laneous. .
Sept.
1942
120
130
127
113
104
121
112
CRUDE PETROLEUM PRODUCTION
IN COASTAL LOUISIANA AND
MISSISSIPPI*
Sept.
Sept.
Aug.
1942
1943
1943
176
U nadjusted. . 195
191r
180
Adjusted**. . 197
19 lr
ELECTRIC POWER PRODUCTION*
Aug.
July
Aug.
1943
1943
19?2
214
SIX STATES. 246
237r
Hydro
generated
217
218
214r
Fuel
284
generated
268r
209
ANNUAL RATE OF TURNOVER OF
DEMAND DEPOSITS
Sept.
Aug.
Sept.
1943
1943
1942
U n ad ju sted .. 18.6
20.6
15.3
A djusted**.. 19.2
17.4
21.2
82.0
Index**.......
74.1
67.2
*Daily average basis.
**Adjusted for seasonal variation.
***1939 monthly average = 100.
r ■= Revised,
n. a.= N o t available.
80
M o n t h ly
o f th e F ederal R eserve B a n k o f A tla n ta fo r O ctober 1943
R e v ie w
The National Business Situation
I
MEMBER BANKS IN LEADING CITIES
a c tiv ity sh o w e d little c h a n g e in S e p te m b e r a n d
n d u s tria l
in th e firs t h a l f o f O c to b e r. D is tr ib u tio n o f c o m m o d itie s
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
c o n tin u e d in la r g e v o lu m e a n d p r ic e s re m a in e d s te a d y .
I n d u s t r i a l P r o d u c t i o n : P h y s ic a l v o lu m e o f in d u s tr ia l p r o
d u c t i o n a s m e a s u r e d b y 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
d e x , a s r e c e n tly re v is e d , w a s 2 4 3 p e r c e n t o f th e 1 9 3 5 -3 9
a v erag e
in
S e p te m b e r,
c o m p a re d
w ith
2 4 2 in
A ugust and
2 3 9 in J u ly .
T h e r e w e re in c r e a s e s in o u tp u t in th e ir o n a n d s te e l a n d
tra n s p o rta tio n
e q u ip m e n t in d u s tr ie s w h ile
a c tiv ity
in
o th e r
d u r a b le g o o d s in d u s tr ie s sh o w e d little c h a n g e o r d e c lin e d
s lig h tly . O p e n h e a r th a n d B e s s e m e r s te e l p r o d u c tio n e x
c e e d e d its p r e v io u s p e a k le v e l, r e a c h e d in M a rc h o f th is y e a r,
a n d o u tp u t o f p ig ir o n lik e w is e e s ta b lis h e d a n e w re c o r d . I n
th e m a c h in e r y in d u s tr y a s a w h o le a c tiv ity w a s m a in ta in e d
at
th e
le v e l
of
recen t
m o n th s
a lth o u g h
th e r e
w as
so m e
f u r th e r c u r ta ilm e n t o f o u tp u t o f m a c h in e to o ls a n d m a c h in e
to o l a c c e s s o rie s .
T o ta l o u tp u t o f n o n d u r a b le m a n u f a c tu re s c o n tin u e d a t
th e A u g u s t le v e l. C o tto n c o n s u m p tio n , w h ic h h a d b e e n d e
c lin in g sin c e M a y , ro s e 6 p e r c e n t f r o m A u g u s t to S e p te m b e r,
Demand deposits (adjusted) exclude U. S. G overnm ent and interbank d e
posits and collection items. Governm ent securities include direct an d g u ar
anteed issues. W ednesday figures: latest show n are lor O ctober 16. 1943.
b u t w a s 9 p e r c e n t b e lo w th e h ig h le v e l o f a y e a r a g o . S h o e
p r o d u c tio n w a s m a in ta in e d a t th e le v e l o f re c e n t m o n th s a n d
w a s s lig h tly la r g e r th a n a y e a r a g o . T h e o u tp u t o f m a n u
f a c tu re d fo o d p r o d u c ts ro s e s e a s o n a lly .
P e tr o le u m r e f in in g c o n tin u e d to r is e in S e p te m b e r a n d
w a s a t a r a t e a b o u t d o u b l e t h e 1 9 3 5 - 3 9 a v e r a g e . T h e B o a r d ’s
in d e x o f th is in d u s tr y is s u b s ta n tia lly h ig h e r th a n th e o ld
i n d e x b e c a u s e g r e a t e r w e i g h t is g i v e n t o a v i a t i o n g a s o l i n e
a n d o th e r s p e c ia l w a r p r o d u c ts . O u tp u t in th e c h e m ic a l in
d u s tr y a s a w h o le d e c lin e d in A u g u s t, a s so m e f u r t h e r e x
p a n s io n in in d u s tr ia l c h e m ic a ls w a s m o r e th a n o ffse t in th e
t o ta l b y r e d u c tio n s e ls e w h e re , re fle c tin g r e a d ju s tm e n t o f th e
w a r p r o g r a m . N e w s p rin t c o n s u m p tio n ro s e le s s th a n is u s u a l
a t th is s e a s o n , in th e f a c e o f in c r e a s in g s u p p ly d iffic u ltie s ,
a n d a f u r t h e r 5 p e r c e n t c u t in p e r m itte d c o n s u m p tio n o f
n e w s p r i n t w a s o r d e r e d , b e g i n n i n g O c t o b e r 1.
C ru d e p e tr o le u m p r o d u c tio n c o n tin u e d to ris e in S e p te m
b e r , re fle c tin g f u r t h e r im p r o v e m e n t o f tr a n s p o r t a t i o n f a c ilitie s
f o r p e tro le u m
p ro d u c ts . O u tp u t o f c ru d e p e tro le u m
in
A u g u s t a n d S e p te m b e r e x c e e d e d th e e a r l i e r p e a k le v e ls
re a c h e d in D e c e m b e r 194 1 a n d J a n u a ry 1 9 4 2 . C o a l p r o
d u c tio n c o n tin u e d a t a h ig h
le v e l.
p ric e s
D e p a rtm e n t
s to re
s a le s
in c re a se d
le s s
th a n
s e a s o n a lly in S e p te m b e r, f o llo w in g a n u n u s u a lly la r g e v o l
u m e o f s a l e s i n J u l y a n d A u g u s t , a n d t h e B o a r d ’s s e a s o n a l l y
a d ju s te d in d e x d e c lin e d f r o m 1 4 2 to 1 3 1 . D u r in g th e f irs t
h a lf o f O c to b e r s a le s sh o w e d a g a in o v e r S e p te m b e r a l
th o u g h u s u a lly th e r e is so m e d e c lin e a t th is se a so n .
R a il r o a d f r e i g h t tra ff ic in S e p te m b e r a n d th e f irs t p a r t o f
O c to b e r w a s m a in ta in e d a t th e h ig h le v e l o f p r e v io u s m o n th s .
C o a l s h ip m e n ts e x c e e d e d th e re c o r d m o v e m e n t o f la s t J u ly
a n d lo a d in g s o f g r a i n a n d liv e s to c k w e re 1 0 p e r c e n t h ig h e r
th a n a y e a r a g o .
C o m m o d ity P r ic e s :
m id d le
P ric e s
o f S e p te m b e r to
th e
of
g ra in s
m id d le
advanced
o f O c to b e r.
fro m
th e
L iv e s t o c k
s lig h tly
lo w e r,
re fle c tin g
o th e r c o m m o d itie s c o n tin u e d to s h o w
A g r ic u ltu r e :
p a rtly
th e
e s ta b lis h
C ro p
p ro s p e c ts sh o w e d
little c h a n g e .
little
change
d u rin g
S e p t e m b e r , a c c o r d i n g t o o f f ic i a l r e p o r t s . T h e r e w a s a f u r t h e r
s m a ll
im p ro v e m e n t
in
p ro s p e c ts
fo r
th e
co rn
and
p o ta to
c ro p s , w h ile th e p re v io u s f o re c a s t f o r c o tto n p r o d u c tio n w as
lo w e re d s lig h tly . A g g r e g a te c r o p
p ro d u c tio n
is e x p e c te d to
b e 7 p e r c e n t b e lo w th e p e a k v o lu m e o f la s t
h ig h e r th a n in a n y o th e r p r e v io u s y e a r .
B ank
C r e d it:
D u rin g
th e
f iv e w e e k s e n d i n g
seaso n
but
O c to b e r
13,
G o v e rn m e n t s e c u rity h o ld in g s a t r e p o rtin g b a n k s in 101
l e a d i n g c i t i e s i n c r e a s e d b y a b o u t 2 .5 b i l l i o n d o l l a r s r e f l e c t
in g s u b s ta n tia l o p e n -m a rk e t p u r c h a s e s d u r in g th e D riv e , a n d
a ls o , s o m e p u r c h a s e s o f b ills o n s u b s c r ip tio n f r o m th e
T r e a s u r y . L o a n s s h o w e d a n e t i n c r e a s e o f 2 .2 b i l l i o n d o l l a r s
o v e r th e sa m e p e r io d . O v e r tw o - th ir d s o f th e to ta l a m o u n t
r e p r e s e n te d lo a n s to b r o k e r s , d e a le r s , a n d c u s to m e rs f o r
p u r c h a s i n g o r c a r r y in g s e c u r i t i e s ; in th e la s t w e e k o f th e
p e rio d
D is tr ib u tio n :
w ere
m e n t o f F e d e r a l m a x im u m p r ic e s f o r liv e h o g s a n d s h a r p ly
in c re a s e d m a r k e tin g s o f c a ttle . W h o le s a le p r ic e s o f m o st
th e r e
w ere
som e
d e c lin e s ,
h o w ev er,
as
re p a y m e n ts
w e re m a d e o n th e liq u id a tio n o f th e s e c u ritie s . C o m m e rc ia l
lo a n s , w h ic h h a v e b e e n in c r e a s in g s te a d ily s in c e J u n e , ro s e
f u r t h e r b y 5 4 0 m i l l i o n o v e r t h e f iv e w e e k s .
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 th e F e d e r a l R e se rv e
S y s te m s h o w e d l i t t l e c h a n g e f r o m th e e n d o f S e p te m b e r to
th e t h i r d s ta te m e n t d a te o f O c to b e r, b u t th e r e w e re so m e
s h if ts a m o n g th e k in d s o f s e c u ritie s h e ld . T re a s u r y b ills h e ld
u n d e r o p tio n d e c lin e d b y 2 0 0 m illio n d o lla r s b e tw e e n S e p
te m b e r 3 0 a n d O c to b e r 2 0 , w h ile h o ld in g s o f c e rtific a te s o f
in d e b te d n e s s a n d o f T r e a s u r y b ills o u ts id e o f th e o p tio n a c
c o u n ts in c r e a s e d b y a b o u t 2 0 0 m illio n s . T o ta l h o ld in g s o f
U n ite d S ta te s G o v e r n m e n t s e c u r itie s b y th e R e s e rv e S y ste m
o n O c to b e r 2 0 w e re 8 .9 b i l l i o n d o lla r s .
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