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Monthly Review F E D E R A L R E S E R V E B A N K L O U I S JAN U ARY 1, 1946 Transition From War to Peace By C H E ST E R C. D A V IS , President Federal Reserve Bank of St. Louis For the first time in many years, New Year's Day 1946 finds the world at peace. As we look back over the war years we cannot help but realize that victory was achieved largely because of the unity of purpose and action which all elements of our people brought to their wartime jobs. This same unity of purpose and action will be needed if we are to create an orderly and peaceful world in the future. Perhaps the most outstanding feature of our war time experience was the tremendous achievements of scientific research and development. The free ing of atomic energy, for example, points up the fact that our scientific advances justify the belief that almost any physical problem is capable of solu tion. W e are faced with the challenge whether our economic, social, and political institutions and rela tionships can keep pace so that we can enjoy the fruits promised by our scientific endeavor turned to peacetime pursuits. It can be done only if the nations of the world have reasonable hope of security and lasting peace. Great progress has already been made toward this goal. The establishment of the United Nations Organization and other international administra tive bodies is providing machinery for permanent and continuing cooperation on political, social, and economic problems. The recognition that all na tions have a common responsibility in the recon struction of wartorn lands and the development of backward nations is an important step forward. With the machinery which has been established or is in process, the nations of the world are in a better position than ever before to consult upon problems as they arise and to reach mutually satisfactory agreements through peaceful means. Substantial progress has been made in the short period since the end of the war in converting from war to peacetime activity in the United States. Re conversion of industrial plant to civilian production has occurred more rapidly than had been antici pated and although total industrial output has dropped by about 20 per cent from the level just prior to the Japanese surrender, it is still higher than ever before in peacetime. Barring serious interruptions in production be cause of widespread work stoppages, 1946 should be a year of extremely high industrial activity. All types of manufactured goods are in strong demand. There is a large deferred demand for the many types of durable consumers goods which have not been produced during the war. The demand for indus trial equipment is high, and business firms are re stocking inventories of various items which go into civilian goods production. Consumer demand is also strong for many types of nondurable goods the production of which has been curtailed during the war years. Returning veterans are adding to de mand for various types of civilian goods, particu larly clothing. Purchasing power is plentiful on the basis of high current incomes, mustering-out pay, and accumulated wartime savings. A large demand for American goods from foreign countries may be expected as soon as trade channels are re opened and arrangements are made for financing. D A N G E R O F IN F L A T IO N In view of this situation, one of the principal prob lems that the country must face in 1946 is the dan ger of inflation, which is more serious today than at any time since the war began. Now that the war is over, the demand by the public for goods has ac celerated despite some decline in total income. In creasing pressure is being exerted upon the price control authorities for price relief. There is immi nent danger that the public, fearing higher prices, will soon attempt to use the huge supply of pur chasing power that it has built up during the war years. Between 1940 and the present time bank deposits and currency held by individuals and business have more than doubled, and now stand at approximately $150 billion. In addition individuals and businesses hold some $100 billion of Government securities. This tremendous volume of liquid assets plus high current income will continue to constitute a highly inflationary force. Should the public enter the mar ket for goods and services with this unprecedented volume of funds our capacity for increased produc tion could not satisfy the demand except at sharply higher prices. Thus, one of our major tasks in 1946 will be to ward off the danger of inflation. There are three principal lines of attack. The first is to obtain the largest production pos sible, since over a period of time the primary safe guard against inflation is a large supply of goods flowing to the market. This will require coopera tive action on the part of Government, labor, and management. Some adjustments in prices and wages are necessary, and action must be taken promptly to assure that cost-price relationships do not impede production. Most important, however, is to increase productivity and to avoid restrictive practices on the part of any groups in the hope of gaining special advantage. High production in 1946 will relieve the most serious inflationary pres sures; the prospect of an abundance of goods be coming available will restrain anticipatory buying. Second, although prompt price relief will be nec essary on a number of manufactured items and on secondary items where frozen prices restrain pro duction, price ceilings should be maintained as a bulwark against inflation so long as demand is sub stantially in excess of current production. The need for continuation of general price control has been emphasized by recent experience of sharply rising prices which have occurred in some cases where price ceilings have been prematurely removed. The Page 2 continuation of properly administered price ceilings should be no deterrent to production and will give further assurance against the development of wide spread speculative buying. While moderate wage increases may be justified on the basis of increased productivity, general wage increases that would materially increase costs and thus require broad upward revision of price ceilings might jeopardize the whole program of inflation control. Finally, the public must continue the same type of restraint in buying which was evidenced during the war years. Public acceptance of price ceilings and rationing was an important factor in holding down the increased cost of living during the past five years. Patience and willingness of consumers to wait until production catches up somewhat on goods that are scarce will continue to be a major factor in determing whether price advances are kept within reasonable limits in the year ahead. Although inflation is the most imminent threat to economic stability, we must not neglect the longer run problem of maintaining reasonably full employment of our human and material resources. This problem will be made more difficult as a result of economic disruptions which would occur if we have a postwar inflation followed by collapse and deflation. P O S I T I O N O F A G R IC U L T U R E One of the areas of the economy that would be most seriously affected in the event of inflation and collapse is agriculture, which in the Eighth District is the most important single activity. Although ag ricultural income is high and prices of most agri cultural commodities have risen since the end of the war, farming is probably more vulnerable to adverse developments than any other major in dustry. During the course of the war, agriculture has in creased its production by over 30 per cent. Although there is a large demand for farm commodities at present, American agriculture may shortly again be faced with the troublesome problem of persistent surpluses. Even with a high level of domestic pur chasing power the demand for agricultural com modities will be reduced as purchases for the armed services and foreign relief are curtailed. Moreover, agricultural production is one of the first activities to recover in countries where it was disrupted by actual warfare. Consequently over a period of time, American agriculture cannot look to foreign outlets for surplus production to the same extent as in dustry. In the long run, agriculture will prosper only in an environment of high level employment, unre stricted and abundant production, and high pur chasing power. Farmers have always preferred to follow this course in their own operations and have supported restrictive programs only as a matter of self-protection. The adjustments which face agriculture can best be accomplished against a background of expand ing nonagricultural employment at high wages. This is important not only because it will mean higher domestic consumption of farm products, but also because it will encourage shifts from farm areas of surplus workers who would otherwise remain and intensify the problem of over-population and under-employment which has traditionally plagued farming. Although agricultural prosperity will depend largely upon the major economic forces over which individual farmers have little control, the producti vity of the individual farm unit and worker should be greatly increased to provide a higher standard of living for the farmer. During the war substan tial progress was made in increasing the produc tivity of farm workers. The over-all increase in agricultural production of about one-third was ac complished with a farm labor force that declined sharply in numbers and was handicapped by short ages of equipment and fertilizer. Agriculture has been going through a process of technological revolution which should be greatly accelerated now that peace is here. As a result of the technological developments it is even more im portant that the farm labor force should not return to its prewar l^vel, for this would mean lower per capita farm income. In fact, over a period of years continued technological development should foster a further reduction in the number of people en gaged in agriculture, and their shift to more pro ductive work in nonagricultural trades and services. Measures designed to encourage veterans and war workers to return to the farm should, therefore, be carefully appraised. Agriculture can absorb some new workers. Many in the wartime farm labor force worked excessively long hours and others in normal times would have retired or devoted more time to schooling. Every effort should be made to see that those returning to the farm are located on adequate-sized units and with sufficient capital and equipment to assure efficient production. RO LE OF BANKS The banking system has a great responsibility in helping to bridge the transition from war to peace. During the war the primary job of the commercial banks was to see that the Government financing program was successful. Although every effort was made to sell as many Government securities as pos sible to individuals and institutions other than com mercial banks, it was still necessary for the banks to buy a large volume of Government debt either directly upon subscription from the Treasury or in directly through purchases in the market of securi ties sold by others. This process resulted in a large expansion of bank deposits which are held by the general public. Now that Government needs for financing are greatly reduced it is desirable that further expan sion of deposits be discouraged so long as inflation ary pressures exist. The banks of the country should bear this in mind in formulating lending policies. In the period ahead credit may be requested for de structive as well as constructive purposes. Destruc tive uses of credit are those which will tend to add to the inflationary pressures. Credit extended to finance speculative purchases of real estate, securi ties, or inventories is of this character. In the pub lic interest and for their own protection banks should discourage applications for credit that are clearly predicated upon a further rise in prices. Credit standards should continue to adhere to nor mal values for appraising loan applications. On the other hand banks should encourage credit for constructive purposes that will promote ex pansion of production and thus lessen the danger of inflation. As has been pointed out earlier, the fundamental safeguard against inflation is to obtain high production as rapidly as possible. Whenever bank loans contribute to this the banks will be per forming a useful public service. The commercial banks of the country are in a fa vorable position to exert real leadership in the period ahead. The banks have emerged from the war in the strongest financial position of their history. Earnings are high, loans generally are well-mar gined, and the financial condition of borrowers is generally strong. Through conservative dividend policies the banks have added a large portion of their wartime profits to capital accounts. As a re sult, the ratio of bank capital to the actual risk assets they hold is now higher than ever before. There are many factors which indicate that bank deposits and earnings will remain high for several years to come. Since the wartime growth in de posits resulted largely from increased holdings of Government securities, deposits for the banking sys tem as a whole will not be materially reduced unless Page 3 debt is retired or shifted to nonbank holders. Even though there is no significant reduction in over-all deposits, shifts in deposits from one region to an other are likely to occur. If we can maintain a rea sonably high level of economic activity, such shifts as do occur will probably be gradual and of smaller magnitude than many bankers feared earlier. Since the end of the war there has been little evidence of any significant shifts in deposits, and it is un likely that substantial regional shifts in deposits will take place throughout most of 1946. Since banks generally over the war years have stressed liquidity in their investment policy, whatever de posit shifts do occur can be met without appreci able disturbance to the banking system. Under these circumstances the banks of the coun try are able to assume greater responsibilities for leadership. With the tremendous growth in bank holdings of Government securities during the war the character of bank assets has changed com pletely. Banks must contribute constructive ad vice to the public authorities charged with the dif ficult task of managing a $300 billion debt. Because of high earnings there is little need for banks to compete for speculative loans that will add to in flationary pressures. On the other hand the banks can afford to take somewhat more than normal risks where the proceeds of loans are for produc tive purposes. Present conditions also make it possible and de sirable for banks to review other management poli cies. Banks are primarily service institutions. In recent years large sections of the public have not been using banking facilities. In part this may have been due to banks' policies with respect to service charges and interest payments on savings. Some changes in these policies would appear war ranted in order to broaden the scope of bank serv ices. Many banks are giving more attention to the compensation of their employees. In the past bank salaries have tended to be low in relation to those paid by industry and many commercial establish ments. Some upward adjustment in salaries of bank employees will be necessary if the better bank personnel is not to shift to other fields. Also many banks are providing more adequate retirement and health benefits for their employees. In summary, 1946 promises to be a prosperous year for industry, agriculture, trade, and finance in the United States. The aftermath of war brings many difficult domestic and international problems the solutions for which will call for our best thought and effort. Vigorous action will continue to be nec essary to avoid the danger of inflation. Govern ment, labor, and management must cooperate in removing barriers to high and sustained production. All nations must resolve to build a firm foundation for international cooperation that will assure an orderly and peaceful world. Survey of Current Conditions During November and early December economic activity was maintained at a much higher level than was expected of the transition period. Employment, both industrial and nonindustrial, has increased in recent weeks. Labor disputes, however, have re tarded gains in both production and employment. Consumer incomes are running currently at about the level averaged in 1944. This high current income, backed up by huge wartime savings mostly held in liquid form (cash, bank deposits and Gov ernment securities), has led to heavy consumer buying. Retail sales are running at all-time record levels. Civilian goods are beginning to come into the market in greater supply, but demand is in creasing faster than supply, and prices continue to press ever harder against ceilings. EM PLOYM ENT Nonagricultural employment in the United States expanded during the past two months after reach Page 4 ing its post V-J Day low point in September. A c cording to the official statistics, unemployment is currently declining but there is some reason to doubt the validity of the current unemployment estimates in view of the great changes in the labor force at present. As defined, an unemployed per son is one who is not working but is actively seek ing work. At the present time there are substan tial numbers of persons who are not working and are not actively seeking work for a variety of rea sons, such as moving from one locality to another, taking vacations between military discharge or war plant work and civilian employment, and the like. In a very real sense these people are in the labor market and are unemployed even though not tech nically classified as such. Probably over-all unem ployment, including such persons, will be on the increase for some months in the future. It should also be noted that workers out on strike are con sidered as employed in the official statistics. In this district every major industrial area is cur rently listed as having a surplus of labor. Evans ville, which has been harder hit than other major district cities by abandonment of war work, is classi fied as having a substantial unemployment prob lem. Unemployment in Evansville in October was estimated at seven times as much as in July. Tw o out of every five employees working in manufac turing in July were released during the July-October period. Little Rock has also suffered a sharp de crease in manufacturing employment as its two major ordnance plants and other war industry in the vicinity have been shut down. Manufacturing employment in the other major district cities— St. Louis, Louisville and Memphis — is currently about one-fifth less than just before V-J Day. By and large, however, over-all employ ment in these cities has not decreased greatly as nonmanufacturing lines have absorbed a substan tial number of displaced manufacturing workers. IN D U S T R Y During November the volume of industrial out put in this district was substantially below a month earlier and off even more from the comparable pe riod in 1944. Part of the decline from October was attributable to the shorter working month in November, which included the Thanksgiving holi day. The daily average level of activity in Novem ber was not much off from October. Indicating a substantial decline in total output, consumption of industrial electric power in the major cities of the district in November was down about 13 per cent from October and was off 24 per cent from a year ago. On a working-day average basis November power consumption was off only half as much as the absolute decline indicated. As compared with November, 1944, decreased industrial activity was most marked at Evansville, Little Rock and Pine Bluff. Manufacturing— Among the more important dis trict manufacturing industries, divergent trends were evident in November with activity at whiskey distilleries, packing plants and certain miscellane ous industries increasing, as compared with Octo ber, while output of steel and lumber declined. The number of distilleries in operation in Ken tucky at the close of November was 12 more than a month earlier but five less than a year earlier. The increase during the month arose primarily from the fact that corn became slightly easier, allowing distilleries to operate at greater capacity. During December the corn allotment to distilleries was in creased to a point where they could operate for about ten days at 24 hours per day or capacity oper ation, and for approximately the full month at a regular 8-hour day rate. Since they ceased mak ing industrial alcohol, the distilleries’ primary prob lem has been the securing of adequate supplies of raw material. If greater supplies were available, the current level of demand would probably sup port a substantial increase in output. Meat packing is moving into its seasonal peak with heavy spring pig crop marketings for slaugh ter. At St. Louis, federally inspected slaughter of hogs in November totaled 300,000 head, more than double the October volume but about 20 per cent less than in November, 1944. Cattle, calf and sheep slaughter declined somewhat in the month but in the aggregate is currently running ahead of last year. Am ong the industries in which production de clined in November, steel output fell off primarily because of necessary furnace repairs and a shorter work month. The operating rate at ingot-producing furnaces in this district in November was only slightly less than in October, although well below a year ago. Demand for steel for all purposes con tinues almost as high as the wartime record. Activ ity at Eighth District lumber mills dropped some what in November with the decline reflecting pri marily the shorter work month and unseasonable weather. Oil and Mining— W ith labor troubles diminish ing in the oil industry, the daily rate of production at district oil wells in November was sharply higher than in October and only slightly below that of November, 1944. Coal mining activity also in creased in November with almost 16 million tons coming from Eighth District mines, about 2.2 mil lion more than in October and fractionally more than in November, 1944. Bauxite mining in Arkan sas is at a very low point at present as disposal of the great Arkansas aluminum plants is awaited. Other mining activity in the district is moving toward a seasonal low. Construction— The volume of construction work in the district continued to increase in November despite the fact that construction work usually de clines at this time of year. The dollar value of building permits granted in the major district cities in November was up about 7 per cent from Octo ber and was about three and one-half times as much as in November, 1944. Construction work of all types is showing substantial gains at the moment but nonresidential construction is increasing much faster than residential. The demand for new hous Page 5 ing is extremely heavy at present. Acute housing shortages exist in virtually every district city of any size. Difficulties in securing material and labor for residential construction, plus the heavily inflated cost of such building, have held down the rise in this category even though it is badly needed. R E T A IL T R A D E In November dollar volume of sales of the various retail lines reporting to this bank increased over October and was substantially larger than in No vember, 1944. In prewar years, November usually registered a seasonal decrease in retail trade. During the war years this movement has largely disap peared. On the basis of preliminary reports, the volume of holiday season trade this year was at an all-time record level. Christmas shopping, which appar ently began back in October, has continued to build up until by the actual holiday period it reached a point where stores found it difficult to handle the volume. Purchasing has been on a widespread basis with virtually all types of goods offered for sale finding ready buyers. During the last month, as is customary at this time of year, percentage gains in sales of luxury items such as furs, jewelry, luggage and the like have been substantially higher than sales of other items. Increases in regular year-round salable items, however, have been con siderable and, in the aggregate, account for an over whelming proportion of the total sales gain. This year volume of sales at district department stores is expected to reach about $310 million, ap proximately twice the sales volume registered in 1939 and about 13 per cent more than in 1944. A INDEXES OF DEPARTMENT STORE SALES AND STOCKS EIGHTH FEDERAL RESERVE DISTRICT. 1939 TO DATE A D JU S TE D FOR S E A S O N A L VARIATION faetnt Percent large part of the gain in dollar volume over 1944 is attributable to price increases, mostly those aris ing from the elimination of less expensive lines of merchandise and the general desire on the part of the public to purchase more expensive items. Even though there has been some improvement in the supply situation, the high volume of sales is preventing the building of inventories to the de sired level. Reporting department stores and fur niture stores show the only increases in stocks, with increases of 7 per cent and 5 per cent, respec tively, over November, 1944. Stocks at women’s apparel stores show little change from last year, while men's furnishings inventories are about onethird under November, 1944. • A G R IC U L T U R E On December 1, the U. S. Department of Agri culture announced the 1946 farm production goals which call for a total acreage of about 356 million acres. This is slightly lower than the goals set for 1945, but is some 5.5 million acres or two per cent more than was actually planted last year. The 1946 goals are under 1945 indicated acreage in the case of only a few crops, notably oil-bearing crops (pea nuts and soybeans), rice, white potatoes, truck crops and burley tobacco. Goals for most other types of tobacco are in excess of 1945 planted acreage. Live stock goals for 1946 are just about equal to 1945 in dicated production, but those for poultry and eggs are materially under 1945 output. The following table shows pertinent data in con nection with 1946 national agricultural goals for crops and livestock important in Eighth District agriculture. A G R IC U L T U R A L G O A LS F O R 1946 W IT H C O M P A R IS O N S (Crop figures in thousands of acres) 1946 1946 Goal as Percent of Product Goal 1945 Planted 1937-41 Av< Hay ........................................ Total Tobacco....................... Burley T obacco............... Sweet Potatoes...,.................. Truck Crops— Fresh........... Truck Crops— Processing.... Beef Cattle (on farms) 1..... Sheep & Lambs (on farms) 1 Spring Pigs (saved) 1........... Milk (production) 2.... ........... Eggs (production)*............. Chickens (raised) 1............... Turkeys (raised) 1................. ^Number (thousands) 97,000 60,000 46,000 1,405 68,875 9,500 3,250 20,000 1,906 477 2,780 750 1,827 2,004 39,200 44,800 52,000 120,500 3,910 680,000 39,700 103 101 100 93 100 90 82 109 105 90 95 104 99 96 97 100 101 98 85 83 90 aMillions of pounds 105 105 116 126 99 231 138 76 118 121 95 101 106 134 124 86 111 112 120 104 129 sMillions of dc The call for another year of high production in agriculture is evidence of a general feeling in farm circles that demand for farm products will continue Page 6 strong in 1946. High levels of industrial activity should insure high domestic demand. In addition exports should remain substantial in view of relief requirements plus some revival of normal foreign demand. Specifically the demand outlook for the more im portant district crops shapes up about as follows. The 92.5 per cent of parity price guarantee makes the immediate outlook for income from cotton favor able to the individual producer despite the fact that the long-run situation is far from bright. While the immediate outlook for burley tobacco is reason ably good, additional bumper crops could diminish demand for this type of tobacco. The 1945-46 sup ply of burley totals 1.3 billion pounds. Exception ally high demand for tobacco products in general, however, makes the over-all outlook for the total tobacco crop favorable. A continued strong demand for feed crops is ex pected and the 1946 outlook for corn, oats, hay and cover crops is good. The same situation is true of wheat and rice. Demand for oil-bearing crops is expected to decrease as foreign supply sources are reopened. General demand for potatoes and truck crops is also expected to be somewhat easier. Prospective demand for livestock and livestock products promises to maintain at good prices an output about equal to the 1945 level. Therefore, producers of livestock and livestock products can expect another good year ahead. The outlook for poultry producers, however, is not so favorable un less inventories can be reduced below present levels. The supply of poultry and poultry products in 1946 could well exceed the prospective demand. Signifi cant reduction in output of these products will be necessary if 1946 production is reduced in line with the goals established. B A N K I N G A N D F IN A N C E Deposit changes during the four weeks ending December 19 were similar to those which occurred during previous major Treasury financings. Through December 8, demand deposits of individuals, part nerships and corporations declined substantially as drive securities were purchased, while Government balances increased as the payments were transferred to W ar Loan accounts. After December 8, when the major volume of sales was completed, private demand deposits began to increase and Government deposits declined as the Treasury withdrew funds to meet expenditures. Time deposits decreased fractionally in the four-week period, reflecting mostly withdrawals of Christmas savings deposits. This same slight decrease in time deposits was also noticeable at this time last year and the year before, and these mark virtually the only interruptions in the growth of time deposits during the war period, aside from the leveling off in the rate of increase during War Loan drives. Late November and early December witnessed a somewhat more than normal seasonal gain in bank loans, reflecting primarily a substantial rise in loans to purchase and carry Government securities. Over the drive period for marketable securities, loans on United States Government securities at weekly re porting member banks in this district increased about $48 million, which was somewhat larger than the increase during the comparable period in the Seventh War Loan drive. Commercial, industrial and agricultural loans also rose appreciably in the period. Part of the gain represents the usual sea sonal movement due to financing of cotton and to bacco marketings and the normal increase in trade accompanying the Christmas period. The balance partly reflects inventory rebuilding and capital goods purchase as peacetime products are be ginning to flow into the market. Total investments of weekly reporting member banks increased somewhat during the last month, reflecting both direct bank purchases in the Victory Loan against their time and savings deposits, and open market purchases from nonbank investors who were adjusting portfolios during the Victory Loan drive. N EW M EM BER BANK On December 17, 1945, the First Trust and Savings Bank, Paris, Tennessee, became a member of the Federal Reserve System. This brings the total membership of the Federal Reserve Bank of St. Louis to 491 banks. Paris is the county seat of Henry County and is located in the northeastern part of Tennessee. The First Trust and Savings Bank was organized in 1922. It has a total capital account of $211,000 and deposits of approximately $3,700,000. Its officers are C. E. Hastings, President; W . E. Gatlin and W . I. Dale, Vice Presidents; R. O. Luckey, Cashier; Helen McFadden and Franklin Goldston, Assistant Cashiers. Page 7 Employment of Veterans The absorption of discharged military personnel into the civilian labor force is a problem which has not yet assumed major proportions. If basic difficulties apparent even under present conditions continue without alleviation, however, it may take on much more serious aspects. The civilian labor force grew appreciably in October and November, but there are indications that as many as l.S million discharged servicemen have remained out of the labor market. Since separations from military service in October and November totaled about 2.8 million, this apparently means that about one of every two men discharged from service in those months has not actively sought employment. T o the extent that this reflects a desire for some rest between discharge and civilian work, the problem of absorbing veterans into civilian activities merely has been postponed. T o the extent that it indicates inadequate provision for veterans’ needs, there is an immediate problem, and one that demands quick solution. Under the G.I. Bill of Rights veterans are made eligible for readjustment allowances of $20 per week for a maximum of 52 weeks, dependent upon length of service. T o receive these benefits the veteran must be looking for a job, but he is not disqualified from receiving them if he rejects “ non-suitable” em ployment. In general, the Unemployment Com pensation offices, which administer G.I. claims along with regular unemployment insurance claims, allow the veteran much more leeway in defining suitable employment than they do the non-veteran. The growing magnitude of the problem of se curing jobs for returning servicemen is seen in the rising number of G. I. claims filed. At offices cover ing the St. Louis and Louisville areas, the number of G. I. claims filed rose 88 per cent from September to October and an additional 55 per cent in N o vember. Regular unemployment insurance claims at these offices increased but 19 per cent in October and declined 6 per cent in the following month. In September, there was one G. I. claimant for every eleven regular unemployment benefit claimants; at present the ratio in these offices is one to six. Some of the conditions responsible for the rela tive slowness with which veterans are being em ployed can be removed through more clear expla nation to and better handling of veterans at separa tion centers, referral centers and Employment Serv ice offices. Others involve more complete educa tion of employers. Still others call for clarification of laws regarding veterans’ rights. Finally some require more fundamental economic changes re Pag© 8 lating to wage rate increases, abandonment of restrictive practices on the part of labor and man agement, and the opening up of new job opportu nities. N U M B E R A N D C H A R A C T E R IS T IC S O F V E T E R A N S When Germany surrendered, the number of per sons in the armed forces was about 12 million. Since that date, about 5 million have been released from service. The army estimates that about half of its peak of 8.3 million men were released by mid-De cember. About 1.2 million naval personnel were discharged by that date. In this district, some 900,000 men entered military service, and by the close of 1945 more than 400,000 had been released. The problem of absorbing veterans has been com plicated by the fact that releases have come much faster than was expected. During November alone, more than 1.5 million persons were separated from all branches of the service and this rate of discharge is expected to continue through January. When demobilization is completed, veterans will account for about one-fifth of the total labor force. They are, in general, a very employable group, heal thy, alert and active. About 80 per cent of them are under 30 years of age. In education they aver age second year high school with 13 per cent col lege men, 25 per cent high school graduates and another 27 per cent with some high school training. About one-fourth are former professional, mana gerial or clerical workers. Almost another fourth had no previous job experience. The remaining half are former wage earners, skilled, semi-skilled or unskilled, and farmers. E M PLO YM EN T PLANS Surveys conducted by the army indicate that about 8 per cent of the veterans will return to full time schooling. Under the G.I. Bill of Rights a vet eran is allowed, according to the length of his serv ice, up to four years of college or other school edu cation. The Government will pay up to $500 per year for tuition, fees and books. In addition, the veteran will receive a subsistence allowance of $65 per month if single and $90 per month if married. The number who actually return to school will de pend partly upon the level of employment, for if jobs are scarce more will take advantage of these benefits than if jobs are plentiful. Under the law, veterans who had permanent jobs before entering service are entitled to return to those jobs. Apparently the number who will re turn is relatively small. An Air Forces survey in- dicated that only one-third of those with job rights expected to exercise them. The same survey showed that less than half of those questioned had any re employment rights. Numerous other estimates of the number with re-employment rights are much lower than the survey indication. Most servicemen hope to obtain better jobs than they held before entering service. The Air Forces survey pointed strongly to this fact, with only a fifth of those who indicated desired civilian salaries willing to work for $150 or less per month. About 7 per cent of Army personnel have definite plans to operate their own businesses. Less than half of those with such plans had their own businesses prior to service. Another 10 per cent plan to operate their own farms. F A C T O R S R E T A R D IN G E M P L O Y M E N T OF VETERANS Misinformation obtained at separation centers, understaffing and lack of organization at informa tion and referral centers, lack of sufficient personnel in the Employment Service offices and almost com plete lack of guidance aid in most cities have re sulted in confusion among veterans. Characteristic of misinformation given veterans is a passage from an official handbook which states that the Employment Service has the function of placing in congenial employment in any desired locality every veteran needing its service. This is a very worthy objective but one hardly likely of attainment in every case. Also characteristic, but not officially inspired, is the veterans’ belief in highly-colored stories concerning large incomes of war workers. The understaffing of agencies dealing with vet erans, particularly the Employment Service, makes it extremely difficult to give any individual veteran much attention. This results in overlooking many job possibilities for veterans. Vocational guidance facilities are for the most part woefully inadequate to give many veterans counsel. Organizations which do such work, such as the Red Cross, are effective in the cases they can handle but the number of vet erans who could use such service far exceeds the agencies' capacity. These conditions can, of course, be remedied. What is needed is more intelligent over-all direc tion from the national to the community level and more adequate appropriations to build up the nec essary personnel to do the job. Some progress is being made in these fields but it is still too slow. The misinformation given veterans either offi cially or by hearsay has complicated the basic eco nomic question of providing adequately-paid jobs for them. Belief that very lucrative jobs can be obtained makes veterans reluctant to accept such reasonably well-paid jobs as are available. T o a great degree the jobs which are open pay far less than the veteran hoped to get and in many instances, particularly for ex-officers or high-ranking non commissioned officers, pay less than was received in service. Job openings on file at Employment Service offi ces in this district mostly consist of those in un skilled, semi-skilled or service categories. For ex- IN D U S T R Y A G R IC U L T U R E C O A L P R O D U C T IO N (In thousands Nov., 45, Comp, with of tons) Nov., 45Oct., ’ 45 Nov., *44 Oct., *45 Nov., '44 6,497 5,939 — 7% + 1% Illinois ................. 6,024 Indiana ................ 2,200 1,593 2,309 +38 — 5 Kentucky ______ 5,909 4,100 5,750 +44 + 3 Other Dist. States 1,618 1,341 1,743 +21 — 7 Totals ..... ........ 15,751 13,531 15,741 +16 -0C O N S U M P T IO N OF E L E C T R IC IT Y No. of Nov., Oct., N ov., Nov., 1945 (K .W .H . Custom1945 1945 1944 compared with inthou s.) era* K .W .H , K .W .H . K .W .H . Oct., *45 Nov., '44 Evansville ...... 40 ' 4,693 4,925 8,238 — 5# — 43% Little Rock___ 34 3,590 3,252 3,000 + 10 +20 Louisville ....... 82 14,971 14,998 17,497 -0 — 14 Memphis - ....... 31 5,492 5,539 6,717 — 1 — 18 Pine Bluff....... 19 2,008 1,573 8,197 + 28 — 76 St. Louis_____ 127 57,514 71,023 72,304 — 19 — 20 Totals .......... 333 88,268 101,310 115,953 — 13 — 24 * Selected industrial customers. L O A D S IN T E R C H A N G E D P O R 25 R A IL R O A D S A T ST. L O U IS First nine days Nov.,*45 O ct.,*45 N ov.,*44 Dec.,'45 D ec./44 11 m os/45 11 m os/44 117,257 120,172 157*366 34,669 45,262 1,602,265 Source: Terminal Railroad Association of St. Louis. *Revised. 1,749,555* CASH F A R M October (In thousands of dollars) - Cumulative for 10 months 1944 1945 68,274 Arkansas ....... ... 136,927 Illinois ____ Indiana ___ ... ....... 72,724 Kentucky ...... __ ... 21,272 Mississippi -... ... 69,134 M issouri........ _ ... 79,075 Tennessee .... ... 39,846 Totals . IN C O M E 487,252 1945 4944 1943 $ 77,716 116,466 63,667 22,187 93,100 82,026 42,225 $ 233,788 952,052 554,993 323,418 244,312 563,633 247,299 $ 245,927 965,443 564,469 276,316 247,908 579,258 250,172 $ 221,977 936,564 542,560 247,174 248,043 519,871 221,994 497,387 3,119,495 3,129,493 2,938,183 R E C E IPTS A N D S H IP M E N T S A T N A T IO N A L STO C K Y A R D S Receipts Nov., 1945 Oct., 1945 Shipments Nov., 1944 Cattle and Calves______.181,093 259,890 189,393 Hogs ________ ______ 213,788 107,706 264,880 Horses and Mules....... . 3,423 3,913 2,429 Sheep ......... .................... 74,880 110,596 62,787 Totals ..........................473,184 482,105 519,489 Nov., 1945 Oct., 1945 90,067 124,277 72,791 36,341 3,263 3,913 12,650 37,000 Nov., 1944 85,439 57,198 2,423 8,282 178,771 201,531 153,342 Page 9 R E T A IL T R A D E D E P A R T M E N T STORES Stocks on Hand Net Sales Stock Turnover Nov., ’45 11 mos. ’45 Nov. 30, ’45 Jan. 1, to compared with to same comp, with Nov. 30 Oct., '45 Nov., ’ 44 period ’44 Nov. 30/44 1945 1944 Ft. Smith, Ark... — 4% 4-12% 4 -n % — 3% 4.50 4.21 Little Rock, Ark... + 4 — 6 4- 7 4-14 5.24 4.60 Quincy, IU........ .. 4- 5 +14 4-14 5.43 4.83 + 9 Evansville, Ind... + 1 3 + 2 4- 1 Louisville, K y..... + 1 0 +12 + 9 5.56 *£88 4- 7 St. Louis Area 1.. + 1 2 + 14 + 13 4.53 4.27 +15 St. Louis, Mo. 4-12 + 15 + 13 4.53 4.27 E. St. Louis, 111. + 1 + 6 + 7 Zl~7 Springfield, M o.„ — 2 +19 4 + 15 4.95 * ” 02 Memphis, Tenn... -f-13 +12 4.97 4.60 +14 + 1 * All other cities 4- 2 4-20 4.55 4.27 +11 + 6 8th F. R. District 4-10 4-12 + 13 4.77 4.42 + 7 * El Dorado, Fayette^ e, Pine Bluff, A rk .: Alton, Harrisburg, ; Jacksonville, Mt. Vernon, 111.; New Albany, Vincennes, Ind.; Danville, Hopkinsville, Mayfield, Paducah, K y .; Chillicothe, M o .; and Jackson, Tenn. 1 Includes St. Louis, M o., East St. Louis and Belleville, 111. Trading days: Nov., 1945— 25; Oct., 1945— 27; Nov., 1944— 25. Outstanding orders of reporting stores at the end of November, 1945, were 32 per cent greater than on the corresponding date of a year ago. Percentage of accounts and notes receivable outstanding November 1, 1945, collected during November, by cities: Instalment Excl. Instal. Accounts Accounts Fort Smith.. Little Rock.. Louisville .... Memphis .... 37 43 60 67% 66 66 67 Instalment Excl. Instal. Accounts Accounts Quincy .......... ..43% St. Louis.......... ..52 Other cities..... .. 39 8th F. R. Dist. 49 76% 76 66 72 IN D E X E S O F D E P A R T M E N T S TO R E SALES AN D STOCKS 8th Federal Reserve District Nov., 1945 Sales (daily average), Unadjusted1.. 303 L.266 103 iDaily Average 1935-39r=100. SMonthly Average 1923-25— 100, Oct., 1945 Sept., 1945 255 248 121 108 234 213 118 112 Nov., 1944 268 235 108 96 S P E C IA L T Y STORES Net Sales Stocks on Hand Stock Turnover Nov., *45 11 mos. ’ 45 Nov. 30, ’45 Jan. 1, to compared with to same comp, with Nov. 30 Oct., ’45 Nov., ’44 period ’44 Nov. 30/44 1945 1944 Men’s Furnishings - 0 4-28% 4-19% — 39% " 4.09 2.81 Boots and Shoes 4 - 7 , 4-25 4-18 21 10.00 7.56 Percentage of accounts and notes receivable outstanding November 1, 1945, collected during November: Boots and Shoes................. 59% Men's Furnishings............... 67% Trading days: November, 1945— 25; October, 1945—27; November, 1944— 25. R E T A IL F U R N IT U R E STORES Net Sales Inventories Ratio of November, 1945 November, 1945 Collections compared with compared with Oct., *45 Nov., '44 Oct., '45 Nov., '44 N ov./45 N ov./44 St. Louis Areal... — 4% -}-l7% 45% 37% — 3% — 1% St. Louis....... — 6 4-16 — 1 — 3 36 44 Louisville Area2 4-11 4-37 + 13 35 28 + 2 Louisville ..... 4-11 +32 + 15 34 27 + * 2 * Memphis ......... 4 - 3 +18 29 29 6 Little R ock....... 4- 5 4-32 34 30 + 6 8th Dist. Totals.... -04-19 — 2 41 34 + 5 *Not shown separately due to insufficient coverage, but included in Eighth District totals. ^Includes St. Louis, M issouri; East St. Louis and Alton, Illinois. 2Includes Louisville, Kentucky; and New Albany, Indiana. 3In addition to above cities, includes stores in Blytheville, Fort Smith and Pine Bluff, Arkansas; Henderson, Hopkinsville, Ownesboro, K entucky; Greenwood, M ississippi; Cape Girardeau, Hannibal and Springfield, Missouri; and Evansville, Indiana. _ P E R C E N T A G E D IS T R IB U T IO N OF F U R N IT U R E SALES Nov., '45 Oct., ’ 45 Nov., '44 Cash Sales.................................................. 28% Credit Sales.............................................. 72 Total Sales............................................ 100 Page 10 25% 75 100 24% 76 100 ample, at St. Louis and Louisville about three-quar ters of the available openings are in these classifi cations and pay less than 75 cents per hour. A 40hour week at 75 cents per hour yields but $30 or about $130 per month. Most veterans who apply for jobs at Employment Service offices cannot qualify for more than the un skilled, semi-skilled or service jobs. Such skills as they may have acquired in service are for the most part not transferable to civilian activity. In other cases where service-acquired skills are usable in civilian industry, the market for such skills is over crowded. For example, many servicemen have had technical training in various lines connected with aircraft production, operation and mainten ance. While the aircraft industry expects to operate substantially above its prewar level, it cannot absorb all of these men plus those released from war work on airplanes. The basic cures for this situation are increased wages for lower-rated jobs and opening up of new economic opportunities for technically-trained men whose skills can be used in civilian work. Neither development can come over night. In addition to lack of opportunity for jobs, the present more selective attitude of employers nat urally has resulted in slower hiring. Applicants for jobs are screened more closely. The Employ ment Service is finding that an increasing number of referrals must be made before a placement is ac complished. This situation is, of course, inevitable in an easier labor market and employers cannot be blamed for trying to obtain the best workers pos sible. It does, however, tend to retard rapid absorp tion of veterans in civilian employment. Some employers can be indicted, however, on their attitude toward psychoneurotic dischargees and physically-handicapped veterans. A number of employers are reluctant to hire such men although better understanding and definite and positive at tempts to create job opportunities for them could lessen this reluctance appreciably. Insofar as psy choneurotics are concerned, employers generally do not understand that such a classification does not mean that a veteran is incapable of performing the job at hand, but rather that he was not adjusted to a particular military situation. Studies concerning handicapped workers have in dicated generally that most such persons are as effi cient as physically-fit employees and that absentee ism and turnover for them is less marked than for regular workers. Many handicapped workers are being used to advantage by enlightened employers. It should be noted, however, that in some cases there is an understandable reluctance to use handi capped workers. Under many state laws a major accident occurring to a handicapped worker could cause total disability and increase workmen's com pensation payments to him. Many such cases would raise the employer's insurance rate. The obvious solution here is clarification of workmen’s compen sation law where necessary and thorough employee safety practices. Employment of veterans has been slowed also by the fact that the law relating to re-employment rights is misunderstood and has many loopholes. Furthermore, Selective Service interpretations of the law have been protested by labor on the ground that it violates the basic union principle of seniority and by management on the basis that rehiring and replacement would postpone reconversion and hold down production. The law itself needs clarifica tion, and management, labor and Selective Service need to review their attitude. O N -T H E -J O B T R A I N I N G The G.I. Bill not only provides opportunities for education of veterans but also provides for pay ments to veterans who wish to secure additional training on the job. Eligibility for on-the-job train ing is identical with that for educational training. Payments are also identical, $65 per month if single and $90 per month if married. This payment for those selecting on-the-job training, however, is scaled down if it, plus the wage pay, would exceed the regular journeyman's rate. The Veterans Administration approves a job training program and an agreement is signed by the employer who must pay the veteran the stan dard training wage and give him actual training and supervision. The employer must send a monthly progress and earnings report to the Veterans Ad ministration which certifies the veteran’s eligibility for the subsistence check. In theory there are no limitations as to the type of job or industry to which this program applies. The training program offers very definite advan tages to veterans who can learn a trade and at the same time be paid substantially better wages than the regular trainee or apprentice. Actually, so far it has been used only on a small scale. In St. Louis, for example, about 250 veterans are being trained currently under this program, less than 1 per cent of the total number of discharged veterans in the area. Success of the program demands wholehearted sup port of management and labor since restrictive practices could make it impossible for a veteran to be admitted to trainee or apprentice status. W H O L E S A L IN G Stocks Nov. 30, 1945 comp, with Nov. 30, 1944 .....% Net Sales November, 1945 compared with Data furnished by Bureau of Census, U. S. Dept, of Commerce.* Oct., ’ 45 Nov., ,44 Automotive Supplies............................ — 6 % 4- 23% 4 - 20 Boots and Shoes................................ — 12 Drugs and Chemicals....... - ................ 4- 1 4 - 12 Dry Goods— ................ ........................ — 3 + 12 Electrical Supplies.............................. 4 . 15 4- 45 Groceries ................... ......................__ — 2 4 - 12 H ardware............................. 4- 20 — 1 —- 18 Plumbing Supplies— .... —_________ — 21 Tobacco and its Products....-....-.... .. — 7 4- 5 Miscellaneous ....... ..._ ........................ — 3 4- 10 Total all lines**..................................... , — 1 4- IS *Preliminary. **Includes certain lines not listed above. Lines of Commodities — 6 4-70 — 5 4-24 +59 + 8 + 9 C O N S T R U C T IO N B U IL D IN G P E R M IT S New Construction .(Cost in thousands) Number 1945 1944 23 Evansville .... 73 Little R ock.... Louisville ...... .. 55 ... 422 Memphis 200 St. Louis........ 17 29 53 264 91 Totals...... 773 Totals... 999 454 633 Nov. Oct. Cost 1944 1945 $ 58 360 330 1,918 2,818 5,484 5,214 $ Repairs, etc. Number 1945 1944 31 70 262 393 72 107 183 48 216 217 114 189 26 295 165 828 1,169 771 905 789 769 Cost 1945 1944 $ 46 65 64 159 449 $ 783 692 77 40 17 188 360 682 601 B A N K IN G CHANGES IN P R IN C IP A L ASSETS A N D L IA B I L I T IE S F E D E R A L R E S E R V E B A N K O F ST. L O U IS Change from Dec. 19, Nov. 21, Dec. 20, (In thousands of dollars) 1945 1945 1944 Industrial advances under Sec. 13b....... $ ............... ............................... Other advances and rediscounts.... ~...... 16,860 — 25,185 — 1,640 U. S. securities....___ ..___ — ........................ 1,064,560 + 8,507 +262,905 Total earning assets............................ 1,081,420 — 16,678 4-261,265 Total reserves..... ........................................ Total deposits..... .................................... F. R. notes in circulation.......................... 639,714 + 33,702 — 51,592 681,905 -4“ 17,835 + 74,410 1,062,871 -j- 20,998 +133,258 Industrial commitments under Sec. 13b..................... ............................... P R IN C IP A L R E S O U R C E A N D L I A B I L I T Y OF R E P O R T IN G M E M B E R B AN KS IT E M S Change from Dec. 19, Nov. 21, Dec. 20, (In thousands of dollars) 1945 1945 1944 Total loans and investments.......... .........$2,209,394 4-188,722 4-355,419 Commercial, industrial, and agricultural loans*.......................................................... 338,499 4- 42,037 4- 72,445 Loans to brokers and dealers in securities 12,583 4- 3,476 4 - 3,892 Other loans to purchase and carry securities .................................................. 82,732 4 “ 28,326 4- 35,925 Real estate loans........... ............................ 68,196 — 427 4- 2,803 Loans to banks............................................ 1,263 — 1,022 — 2,882 Other loans................. ...................- ............. 101,642 4 . 9,735 4 - 17,206 Total loans........................... .................... 604,915 4- 82,125 4-129,389 Treasury bills.............................................. 48,044 — 2,023 — 10,259 Certificates of indebtedness........................ 258,248 4 - 41,350 — 49,943 Treasury notes............ .....................—......... 360,315 + 46,608 4- 40,787 U. S. Bonds..................................~ ............. 795,683 4- 15,293 4-255,578 Obligations guaranteed by U. S. Govt... 362 - 0 - — 19,595 Other securities............................................ 141,827 4- 5,369 -f- 29,462 Total investments............. - .................... 1,604,479 4-106,597 4-226,030 Balances with domestic banks......... ........ 123,471 4- 10,308 4- 3,257 Demand deposits— adjusted**.................. 1,062,359 — 52,739 4- 67,646 Time deposits......... ..................................... - 335,470 — 1,681 4 . 65,956 U. S. Government deposits...................— 486,087 4-229,812 +173,815 Interbank deposits.............. — ..................... 682,420 4- 40,473 4- 81,869 Borrowings ..... ................................. ........... 15,250 — 24,235 — 3,250 * Includes open market paper. **Other than interbank and Government deposits, less cash items on hand or in process of collection. Above figures are for selected member banks in St. Louis, Louisville, Memphis, Little Rock and Evansville. Page 11 S E L F -E M P L O Y M E N T O P P O R T U N I T I E S Government assistance for veterans who wish to go into business for themselves or become farmers is limited. Under the G.I. Bill, provision is made for Government guarantee of loans to veterans who wish to establish businesses, engage in farming, or purchase a home. As originally provided the Gov ernment guarantee would be 50 per cent of the loan provided the total loan did not amount to more than $4,000. Thus the Government guarantee was limited to $2,000. In effect this limitation fixed the maximum amount of any loan made to a veteran at $4,000. In addition, the policies with regard to making such loans were so bound up with red tape that rela tively few were ever carried through. This has been a source of some bitterness to veterans. A recent amendment to the G.I. Bill doubles the maximum guarantee in loans on real estate, and the intention is to clarify loan procedure and policy so that this device will become more effective. quired to go to California or almost equally as far for certain items. The loan provisions of the G.I. Bill have proved most inadequate where farm purchase is involved. In one sense this may be an indirect benefit by fore stalling a general back-to-the-land movement. It has proved harmful where it led to purchase of un economic farm units. Some veterans undoubtedly should go into agriculture, but any attempt to solve the veterans’ employment problem* by a large-scale farm settlement program would do more harm than good. Agriculture’s basic problem in many areas is to reduce the surplus farm population by having it absorbed by nonfarm pursuits. S U M M A R Y A N D C O N C L U S IO N S A veteran has some preferential rights to obtain Government surplus property, especially items use ful in establishing a business or operating a farm. Here again practice has not borne out the intention of the law and veterans are experiencing consider able difficulty in securing surplus property. This condition reflects both maladministration and rela tively small supplies of usable goods. Cases are reported where veterans in St. Louis have been re- The veterans’ employment problem is growing in magnitude daily. While not yet too serious, it promises to become so if strong efforts are not made to alleviate it. Certain immediate steps can be taken. Among these are better organization of agencies dealing with veterans, more adequate al lowances to increase personnel for these agencies, and better education of both veterans and em ployers as to current employment conditions. In addition, a more realistic attitude with regard to veterans’ rights under the G.I. Bill and other legis lation is necessary. Abandonment of restrictive practices on the part of both labor and management should also be accomplished quickly. Finally, up ward adjustment in wage rates for less skilled occupations and the opening up of new opportunities for the use of skills acquired by servicemen would be helpful. P R IC E S D E B IT S T O D E P O S IT A C C O U N T S W H O L E S A L E P R IC E S IN T H E U N ITED STATES Bureau of Labor Nov.,’45 comp, with Statistics Nov., ’ 45 O ct.,’45 N ov.,’44 Oct.,’ 45 Nov.,’44 (1926 = 100) -------------- --------- — --------- ---------------- - ------- !___ All Commodities......... 106.8 105.9 104.4 4 - 0.8% -f- 2.3% Farm Products....... . 131.1 127.3 124.4 -f- 3-0 4- 5.4 Foods......................... 107.9 105.7 105.1 4 - 2.1 4- 2.7 Other......................... 100.2 100.1 98.8 4 - 0.1 4- 1.4 COST O F Bureau of Labor Nov. 15, Statistics 1945 (1935-39 = 100) ------------United States........... 129.2 St. Louis............. 126.7 Memphis ........... * *Not available. COST O F Bureau of Labor Nov. 15, Statistics 1945 (1935-39 = 100.) -------------U. S. (51 cities)...... 140.1 St. Louis............. 141.4 Little Rock......... 138.8 Louisville ........... 134.2 Memphis ............. 148.8 *Revised. Page 12 L IV IN G Oct. 15, Sept. 15, Nov. 15, '45 comp, with 1945 1942 Oct. 15, ’ 45 Sept. 15, ’42 ---------------- ----------------128.9 117.8 4-0.2% 4- 9.7% 126.9 116.6 — 0.2 4 . 8.7 * 119.3 .... .... FO O D Oct. 15, Sept. 15, Nov. 15, *45 comp, with 1945 1942 Oct. 15, '45 Sept. 15, ’4€ -----------------------------------139.3 126.6 4 -0.6% 4-10.7% 141.4 126.7 -04- 11.6 138.3* 129.2 4-0.4 4 - 7.4 133.5* 124.2 4-0.5 4- 8.1 148.6 129.7 4-0.1 4-14.7 (In thousands of dollars) Nov., 1945 Nov., 1944 Oct., 1945 N ov.,’45 comp, with Nov.,’44 Oct.,’45 1 1 Dorado, Ark..... . $ 11,415 5 Fort Smith, Ark. . 33,448 Helena, Ark................ 7,941 Little Rock, Ark....... . 92,587 Pine Bluff, Ark 30^315 Texarkana, Ark.-Tex. 9,110 Alton, 111.................... 15,134 35.$t.L.-Nat.S.Y.,Ill.„ 83,483 21,433 Quincy, 111.................. 71,860 E/vansville, Ind.......... Louisville, K y ............ 358,501 Owensboro, K y .......... 21,878 9,648 Paducah, K y .............. 14,492 Greenville, Miss.......... 6,337 Cape Girardeau, Mo. 5,395 Hannibal, M o............ Jefferson City, M o.... 23,882 St. Louis, M o............ 1,077,348 7,172 Sedalia, Mo................ 38,578 Springfield, M o.......... Jackson, Tenn............ 14,763 Memphis, Tenn.......... 376,817 $ 11,606 28,566 5,516 90,319 19,826 7,744 14,942 83,118 18,434 73,540 356,226 22,204 9,530 13,635 6,123 5,084 33,116 1,034,336 7,031 40,046 13,508 359,335 351,620 19,938 8,539 12,387 5,105 4,964 18,196 1,105,418 5,980 33,623 10,903 307,213 4 1 — 1 4 l * 4- 6 + 3 + 6 — 28 4- 4 4- 2 — 4 4- 9 4- 5 4-18% 4-29 4-35 4-20 4-43 — 25 4- 5 — 1 4-22 — 26 4- 2 4-10 4-13 4-17 4-24 + 9 4-31 — 3 4-20 4-15 4-35 4-23 Totals ..................... 2,331,537 2,253,785 2,249,362 4- 3 4- 4 $ 9,686 25,990 5,877 77,269 21,215 12,176 14,390 84,554 17,612 96,707 — 2% 4-17 4-44 4- 3 4-53 4- I 8 4 1 -04-16 _2