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ATLANTA, GEORGIA, NOVEMBER 30, 1953 Jn % tslssu e: Flo rid a 's T ru ck C ro p Prod uction C o m p e t i t i o n K e e n f o r C o n s u m e r ’s C h r i s t m a s D o l l a r L o n g -T erm S a v in g s C o n tin u e to G ro w M o re E n e rg y fo r B u sin e ss D istric t B u s in e s s H ig h lig h ts SixtfiDiftridStatistics: C o n d itio n of 21 M em b er Banks in Leading C itie s D ebits to Individual Dem and D eposit A cco u n ts D epartm ent S to re Sales and Inventories Instalm ent C a sh Loans R e ta il Furniture S to re O p eratio ns W ho lesa le Sales and Inventories SixthViStridIndexes: C o n struction C o n tra cts C o tto n Consum ption D epartm ent S to re Sales and Stocks E le c tric Pow er Production Furniture S to re Sales M anufacturing Em ploym ent M anufacturing Payrolls Petroleum Production Turnover o f Dem and D eposits D fe c fe r d % s e r m B a n ^ o j^ tfa n ta D I S T R I C T B U S I N E S S H I G H L I G H T S Total sp e n d in g by individuals and businesses continued the month-tomonth decline that started in September, according to seasonally ad justed debits to demand deposit accounts at commercial banks. • S a le s a t d e p a r tm e n t a n d fu rn iture sto r e s in October were below year-ago levels although the seasonally adjusted figures showed in creases over September. Early November sales were up from last year at department stores. • Credit s a le s w e r e r e la tiv e ly m o re im p o rta n t at department stores in September and October than during most previous months this year. • M em b er b an k lo a n s r ea c h e d an a ll-tim e h igh in October pri marily because of a large expansion in retail, manufacturing and min ing, and Commodity Credit Corporation loans. • Sh ort-term farm lo a n s o u tsta n d in g w e r e b e lo w year-ago levels in September, indicating a halt in the consistent rise in these loans since 1943. G o v ern m en t d e p o s its d e c lin e d sh a r p ly in October, preventing the full seasonal rise in total member bank deposits. • B orrow ings b y m em b er b a n k s in c r ea se d in November as required reserves rose and reserve funds were lost to other Districts. • M anufacturing e m p lo y m e n t d e c lin e d in September for the second consecutive month, after account is taken of seasonal influences. • E m ploym ent in the apparel, fabricated metals, paper, and transporta tion equipment industries apparently has rounded its peak; previous growth in these industries was chiefly responsible for the rise in total manufacturing employment earlier this year. • M ore b u sin e sse s fa ile d th is y e a r th an la s t, with the greatest in crease in bankruptcies in construction and retail and wholesale trade concerns. • Price su p p orts for important crops prevented average prices received by farmers from falling more than slightly; in addition, large market ings are helping hold cash receipts at last year’s levels. • Export m a rk et fo r rice is still str o n g , but foreign production is in creasing. Some uncertainty, therefore, colors the rice market. P rosp ects fo r lo w e r n e t farm in co m es have somewhat reduced farm land values. F lo rid a ’s T ruck Crop Production U n iq u e C h a r a c t e r C re a te s F in a n c in g Vegetable production in Florida is a fascinating but risky business. Many zealous followers of the industry gamble millions of dollars each year against weather risks and against competing production for favorable markets. High returns reward success but risks are great. The secret of successful vegetable production is to be at the right place at the right time with the right amount of the right vege table. In other words, unless growers time their plantings carefully with respect to weather conditions and to harvest ing periods in other states, hurricane and frost damage may be severe or harvestings may coincide with those of similar crops elsewhere. The result of a flooded market is, of course, a lower price. Technological changes are largely responsible for the phenomenal expansion in Florida vegetable production since 1940. Mechanization has provided more efficient production and harvesting techniques; research has given rise to improved varieties; and better fertilization practices and more effective insecticides and fungicides have in creased yields. Market outlets have multiplied as both rail and truck transportation have become equipped with more adequate refrigeration. Cash receipts of Florida truck crop farmers that were running at 30 million dollars in 1929 were totaling 139 million by 1952. In the latter year, when cash receipts from farm marketings in Florida totaled 495 million dollars, truck crop producers held the top position in the agriculture of the state. Citrus ran second with production P r o b le m s fo r B a n k s valued at 125 million dollars, whereas the more recently established and still growing beef cattle industry yielded cash receipts to farmers of 40 million dollars. Truck crops have exceeded citrus in value of production in six of the last eighteen seasons with returns usually staying somewhere around one fourth of total cash receipts to farmers. The high capital requirements for the comparatively short production periods create difficult financing prob lems for growers. Because it is an extremely intensive type of farming, truck crop production requires large amounts of working capital in relation to fixed capital, which means that demands for short-term credit are likely to be large. Risks are high, not only because of weather hazards, but also because so much depends on correct management de cisions and successful marketing. These factors alone would worry most lending officers, but, in addition, the highly seasonal character of production means that de mands for bank credit are likely to be highest at the time of year when deposits are lowest. Few other enterprises, therefore, illustrate so strikingly how financing practices are governed by the economic character of the industry. A S p e c i a l i z e d T y p e o f F a r m in g Farmers have found that specialization utilizes to the best advantage the favorable mild temperature, the abundant rainfall and the muck and sandy soils in certain areas of Florida, and that it offers greater returns than general farming. Citrus and vegetable production are the most im- P r i n c ip a l V e g e t a b l e P r o d u c i n g A r e a s 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. SOUTH DADE: tomatoes, potatoes, beans DANIA-HALLANDALE: tomatoes TRAIL: tomatoes IMMOKALEE-FELDA: tomatoes, cucumbers FORT MYERS: potatoes, cucumbers, eggplant, peppers POMPANO: beans, peppers, squash, eggplant, lima beans EVERGLADES: beans, sweet corn, cabbage, celery, escarole, potatoes, lettuce, green peas INDIANTOWN: cucumbers, tomatoes, sweet corn FORT PIERCE: tomatoes, cucumbers WAUCHULA: cucumbers, tomatoes MANATEE-RUSKIN-SARASOTA: tomatoes, cucumbers, celery, pole beans, cabbage, lettuce, cauliflower PLANT CITY: strawberries, peppers, squash, pole beans, field peas WEBSTER-CENTER HILL: cucumbers, tomatoes, peppers, beans WINTER GARDEN: cucumbers, cabbage, lettuce, sweet corn ZELLWOOD: celery, sweet corn, escarole, lettuce, beans SANFORD-OVIEDO: celery, cabbage, beans, lettuce, escarole, sweet corn, miscellaneous vegetables OXFORD-BELLEVIEW: tomatoes, watermelons McINTOSH-ISLAND GROVE-HAWTHORNE: squash, snap and lima beans, celery, cabbage, lettuce HASTINGS: potatoes, cabbage LACROSSE: beans, cucumbers, peppers, potatoes ESCAMBIA: potatoes, watermelons • 3 • portant examples of such specialization. For vegetables, the principal commercial producing areas are found in the cen tral and southern portions of the state, where some 365,000 acres of truck crops are produced, mostly for fresh consumption. Although there is a large number of vegetable growers, the bulk of Florida production comes from a compara tively small number of large farms. According to the 1950 Census of Agriculture, farms of more than 260 acres in size accounted for 62 percent of the total acreage devoted to vegetable crops. This group of farms amounted to only 12 percent of the 4,033 vegetable farms in the main pro ducing areas. Thirty-seven percent of these farms were less than 30 acres in size and account for only 4 percent of the total acreage. On large operations, the economic use of specialized mechanical equipment also encourages specialization. Ex tensive operations in the Everglades utilizing caterpillar tractors and other heavy equipment, for example, demand a minimum size unit of about 200 acres. In this area, where producers tend to concentrate production on beans, celery, sweet corn, and cabbage, cooperative markets with other growers are being established. By comparison, in the Plant City area, noted for its strawberry production, the average farm is about 10 acres in size. These growers mar ket their crops mostly through the State Farmers Market, where their relatively small lots are consolidated for ship ment. Some areas are so specialized that the economic pros perity of the community is largely dependent upon the success of vegetable producers. Bankers, for example, see their deposits rise when crops are marketed, and merchants and suppliers see the trend of their sales follow that of producers’ incomes. Because diversification would provide a more stable basis for the economy of such areas, at tempts to diversify farm enterprises are greeted enthusi astically. In order to hold labor, small growers are forced to plant several kinds of vegetables in rotation during a season. Growers of beans and celery, for example, have provided their labor with more regular work by spreading their plantings over the season. This practice has served a dual purpose in that the resulting distribution of harvests has helped to avert a flooding of the market,. Even the large growers have diversified their activities to some extent by adding livestock to their systems of farming for gleaning fields after harvest and for making better use of labor. H ig h C a p i t a l R e q u i r e m e n t s Compared with the capital requirements for most other crops, the proportion of working capital to fixed capital is very high for truck crops. It is estimated that on a 200acre truck farm in the Everglades, investments in machine ry, buildings, and equipment would amount to about $200 an acre. Agricultural workers say that in the opinion of some Everglade growers, annual operating expenses—in cluding the costs of fertilizer, insecticides and fungicides, labor, gas, oil, repairs to equipment, and other direct ex penses—on a 200-acre truck farm may exceed $100,000, or $500 an acre. In that case, operating capital would be two and a half times as much as fixed capital. During most seasons, the great need for operating capital on truck farms arises from harvesting expenses. Moreover, the average vegetable grower’s expenses are concentrated in two periods of three to four months each, whereas in other types of farming the costs may be more evenly distributed throughout the year. Working-capital needs of Florida farmers are increased by the heavy applications of fertilizer required for the sandy soils. From one-half ton to two tons of a complete mixture per acre may be necessary for vegetable produc tion, and applications of lime are also needed periodically to correct the acidity of the soil. Continual drainage or irri gation operations that are necessary to maintain the de sired moisture content of the soil cause severe leaching of fertilizers, particularly in these sandy areas. In contrast are the very fertile muck soils of the Everglades. This land, consisting of partially decomposed vegetation, was held under water for centuries which prevented natural bac terial action. Even though it is high in nitrogen from an abundance of humus content, this “black gold” requires large applications of fertilizers with higher analyses of phosphates and potash. Because the land is so nearly level and there is not enough slope to afford speedy natural run-off of surface water following heavy rains, proper drainage is a neces sity. Drainage systems, once established, also can serve for irrigation purposes. In certain areas such as those around Fort Pierce and Manatee, this expense may be considered a part of the operational cost. To grow tomatoes in these areas, for example, producers must clear, drain, and irri gate new land at a cost of about $125 to $175 per acre. After one to three years the mineral content of this soil for some reason becomes unbalanced, and soil-borne dis eases infest the land to such an extent that production can not be continued. The land is then developed for pasture. Owners lease such land to tomato growers solely for the purpose of having it cleared and developed for pasture use. Permanent drainage and irrigation systems that are be ing established in the Everglades involve an extensive proj ect of the United States Corps of Engineers. Expenditures of millions of dollars for such systems will add to the fu ture costs of vegetable producers in higher land values and taxes. The objective of the project is eventual control of the water table of the area through a network of canals and pumping stations by using Lake Okeechobee as a huge reservoir. At the same time, private drainage and irrigation systems on farms with access to these canals will make cultivation of additional land possible. S e a s o n a l P a tte r n Because of the highly seasonal nature of the vegetable crop enterprise, availability of labor and credit at times when they are needed creates problems for the growers. Ordi narily, about half of the year’s labor requirements are con centrated in the harvesting period. At that time growers find it difficult to get enough help and have to depend upon transient and Caribbean labor for most of their needs. The •4- high cost of such labor and its undependability tend to accentuate rather than solve this particular problem. Another serious seasonal handicap is the continual spraying and dusting required to control insects and dis eases. Damp, cool weather during the growing period of tomato and Irish potato crops, for example, increases the danger of blight. As insurance against damage from this disease, frequent applications of insecticides and fungi cides are made early in the season and continued on a reg ular schedule. Although some or all of these operations are performed by machinery, labor requirements connected with them are still substantial. As the season progresses from plantings in October to harvests in December and from later plantings in January to other harvests in March, expenditures are high at times and at other periods receipts are high. Although the peaks may vary from one area to another, this general pattern is reflected in loan and deposit fluctuations at banks. Usually, when demands for loans are high, deposits are low. Im p o r ta n c e o f M a n a g e m e n t Successful vegetable production requires expert manage ment. Decisions affecting the timeliness of the Florida truck crop operations may have much more significance than those for most other farm enterprises. For example, a large cabbage crop timed so that it reaches the market at the same time as a large crop from Texas may result in a sub stantial loss. Florida producers have learned that the best time to market their crops is during the off-season for large growers of the same crops in other areas. Having decided when and what to plant, a grower has no assurance that his crops will find a receptive market or that he will make a profit on them. Some growers in a par ticular area may make a profit, whereas others producing the same crops but at a different time may wind up with a loss. Since the perishability of vegetables precludes hold ing a crop for a better market price, a producer may find out too late that he has made the wrong decision. If plant ings are timed right, damage from frosts or from too little or too much rain may be avoided. Also, insect and disease damage may be lightened or even averted altogether if the farmer knows what he is doing. C h a n g in g M a r k e ts Most producers find the marketing period to be one of their most trying times. They know that no matter how ef ficient their production and harvesting methods were, they stand to lose substantial sums if they make the wrong move at marketing time. They are always seeking, therefore, for more practical, profitable ways to sell their produce. In earlier years, commission houses usually financed growers and in turn demanded that crops be consigned through their markets. Today most Florida producers enjoy more independence and can seek those markets in which returns are greatest. The change came about as modern trucks began delivering directly to small markets, which were formerly serviced only by large wholesale terminals. Jobbers became receiv ers and operators; wholesale receivers became jobbers; and the large city market lost its dominance as smaller marketing outlets mushroomed in an ever-widening circle. Shipments that rail or truck operators load in refrigerated conveyors may consist of various kinds of vegetables spe cifically needed by marketing centers. Such fundamental changes have made possible a greatly expanded production level, but the larger volume handled through local markets can become an exceedingly compli cated business at the peak of harvest. On small farms like those in the Plant City area, for example, diversification makes an orderly marketing procedure more difficult. Plant City is the location of one of the 22 State Farmers Markets established to meet and insure effective competi tion. Such markets offer facilities for auction sales and shipping-point inspection service. At the peak of the mar keting period it is not unusual for an auction to last twentyfour hours as various vegetables are delivered before com petitive buyers. Handling the mixed loads brought to market by indi vidual growers, of course, requires considerable valuable time. Consequently, many of the larger growers who usu ally have full loads of a particular crop follow a practice of “setting-off” their produce on the platform of one of the buyers so that they may return to the harvesting oper ation. The term “setting-off” means that the grower agrees to accept the buyers’ average price of the day offered in the auction bidding. In the opinion of most operators these state markets could be of greater service and a more uniform price could result if all growers gave their full support and participation. Because large growers are able to market more effici ently than small operators, they can cut costs to a mini mum. Large-scale production may even justify a private packing house. Some growers, on the other hand, are inclined to form cooperative markets that place the mem bers in a better position to fill car-lot orders and afford them a wider choice of markets. At one time, unless shipping-point market prices were above the costs of harvesting and selling, producers were forced to leave crops in the field rather than stand an ad ditional loss at harvesting. But growers now have an alter native in the rapidly expanding frozen foods industry. Even at times of bumper crops, processors may offer some profit to efficient producers. At other times when the crop is short, they may help set the pace in prices offered for the best quality produce. A v a i l a b i l i t y o f C r e d it In order to meet increasing short-term capital require ments and to spread risks, vegetable producers have sought financial aid from a number of sources. It is estimated that approximately half of the credit needs of Florida truck crop farmers are furnished by fertilizer companies, insec ticide companies, machinery dealers, Production Credit Associations, marketing agencies, private investing corpo rations, and the Farmers Home Administration. The other half are furnished by commercial banks. Large-scale pro ducers, however, probably get less than one-half of their credit requirements directly from banks. Indirectly, banks • 5 • help finance growers by discounting agricultural paper offered by dealers handling the necessary production items. The amount of the financing required is often deter mined by the attitude of growers. They optimistically be lieve that each season will be better than the last. For this reason, many producers are inclined to take advantage of as much financing as they can get. Instead of confining the operation to expenditures of $50,000, for example, as would be dictated by a desirable ratio of production expen ditures to value of assets, the amount may be extended to $100,000 or $150,000. Credit may be secured from only one source in the beginning; and as the season advances and the size of the operation is extended, this start may be used to justify additional credit for various production items. Even if the producer loses or merely breaks even, he manages somehow to refinance and sooner or later “hits” the market for a very tidy profit. After a profitable season, he is inclined to purchase additional machinery and equip ment so as to expand his operations. Studies of the truck crop industry indicate that most producers must be content to operate on a narrow margin of returns. Farmers who attempt to minimize risks through sound business principles and efficient production methods realize that their profits depend upon their ability to pro duce high yields of good quality vegetables. Growers and others within the industry are constantly seeking ways to achieve efficiency by cutting down costs of production and marketing and at the same time ways to satisfy consumers’ preferences for a better quality product. B a n k F in a n c in g Because demands for vegetable production loans are high and because risks are greater than on most other crops, bankers find it difficult to handle requests for such loans in accordance with their established policies. Instead of bas ing their judgment largely upon the farmer’s financial state ment, his past record, and production ability, as they do in the case of most other farm loans, they also have to weigh heavily the prospective borrower’s character and in tegrity. As a result, mbst banks are rather conservative in their lending policies and have placed a limit on the amount they will lend to one producer which may be less than the legal limit. Producers clear this hurdle by se curing loans from more than one bank. Loans are usually secured by chattel mortgages on farm machinery, equip ment, and livestock or with a real estate mortgage. Ordi narily, crop liens are not considered adequate protection. Loans made in August and September are for four to six months with single repayments scheduled at the end of the season, which is usually the last of May. Most loans are confined to specific farm needs and are drawn up to fit the production expense and income patterns on indi vidual farms. Interest rates may range from 5 to 10 per cent, according to the policy of the bank and the risks involved. Loans may also show considerable variation in size: from a few hundred dollars to the bank’s legal limit. Since banks have not been aggressive in this field and have been content to let other lenders such as machinery and fertilizer dealers share the risks, their experiences with vegetable production loans have usually been good to excellent. One banker who makes about 75 percent of all his agricultural loans to truck crop producers estimated that losses of about 10 percent of the interest collected may be expected. After a season of unfavorable prices, as was the case last spring, a high proportion of these loans must be extended. Bankers may adopt a more cautious attitude in the next season, but generally they expect such adverse periods from time to time and are prepared to meet them. The position of Florida banks may be illustrated in the story of one of the larger vegetable producers whose busi ness showed a net worth of about $459,000 at the end of the last season. This farmer, with about 1,500 acres in cul tivation, produced over 500,000 packages of produce last fall and spring. Although he is considered an efficient pro ducer, he realized a net loss of about $75,000 at the end of the season. Expenditures totaled nearly $730,000 against receipts of approximately $655,000. Labor total ing $576,000 was the largest expense item, and was about equally divided between harvesting and production costs. At the end of the season the producer’s total indebtedness was in excess of $157,000, including loans from five dif ferent banks; various seed, fertilizer, and insecticide com panies; and the Production Credit Association. One of the banks involved intends to carry over $20,000 of the $50,000 loaned to the producer last fall. This banker is confident that the grower will pay out next season. Thus, in one respect, commercial bankers in Florida who help fianance truck crop production face the same task as that faced by bankers everywhere. A general knowl edge of the industry acquired by experience helps bankers set up certain general rules as to terms, size of loan, and security. But, as in any other type of specialized lending, whether or not the application of these rules will make possible the extension of credit within the framework of sound banking ultimately depends on good judgment. Charles E. Clark Bank Announcements On November 15, The First State Bank, Fort Meade, Florida, began remitting at par for checks drawn on it when received from the Federal Reserve Bank . This bank has a capital of $50,000 and surplus and undivided profits of $122,888 . C. H. McNulty is President; D. B. Renfro, Vice President; James H . White, Cashier; and M abel Kuhns, Assistant Cashier . The Bank of Palm Beach and Trust Company, Palm Beach, Florida, will open for business on D e cember 1 as a nonmember, par-remitting bank. It is opening with a capital of $550,000 and surplus and undivided profits of $150,000. Officers are: Messmore Kendall, President; G. E. Patterson, Executive Vice President; Olin C. Peeler, Trust Officer and Cashier; and Carl I. Cassell, Assistant Cashier . Both these banks are in territory served by the Jacksonville Branch of the Federal Reserve Bank of Atlanta. • 6 • C o m p e titio n K e e n f o r C o n s u m e r ’s C h r i s t m Most merchants invariably look forward to December. They hope in that twelfth hour to see their year’s sales rise at least to levels previously recorded or better still to even higher levels. Sales managers, therefore, seek to take advantage of the public’s holiday buying mood, and the race for the consumer’s Christmas dollar is on. From all appearances, sales promotions this year are likely to be even stronger than in other postwar years. Some merchants hope to offset the slump of recent months with a record volume of sales in December. How much consumers buy may partly answer the question as to whether low sales in the preceding months reflected merely postponed buying or basic economic changes. All-time high incomes, buttressed by an extensive use of credit, enabled Sixth District consumers to maintain pur chases at a high level during most of the year. Department stores sold an unprecedented 515 million dollars in the first ten months of this year, or 3 percent more than a year earlier; the rate of increase in total retail sales at all types of stores probably has been twice as great. In recent months, however, total consumer spending has tended to level off, and sales of home furnishings and other durable goods have actually declined. Consumer Emphasis on Nondurables Consumer spending in the District, as depicted by season ally adjusted sales at department and furniture stores, has been quite erratic so far this year. During the first four PERCENTAGE CHAN GE IN RETAIL SALES, S ix th D istrict | i I I I 0 T H IR D QUARTER +5 -10 - 5 ________0 | I I I l~|..f "i +5 T O TA L FU R N IT U R E ST O R E S A L E S T O T A L D E P T. ST O R E S A L E S DEPT. ST O R E D U RABLES FU R N IT U R E AND BEDDING D O M E ST IC FLOOR CO VERINGS r o M A JO R HOUSEHOLD A P P L IA N C E S B R A D IO S , T E L E V IS IO N S E T S , AND M U SIC A L IN S T R U M E N T S B D EPT. S T O R E — N O N D U R A BLES W O M E N 'S AN D M I S S E S ’ R E A D Y T O -W E A R A C C E S S O R IE S W OM EN ’S AND M I S S E S ' R E A D Y T O -W E A R A P P A R E L M E N 'S AND B O Y S ' W EA R . i... j . i ...t i . . i i i + 5 months, department store sales fell off from the peaks attained in the closing months of 1952. Despite these month-to-month declines, however, sales continued above the volume of the same month of 1952. After rebounding vigorously in May to the highest point reached in 1953, sales resumed their downward month-tomonth trend. By August they had dipped below the August 1952 volume and stayed below year-earlier levels through October. Furniture store merchants have experienced a similar month-to-month movement, but their sales have been declining from year-earlier levels ever since April. It is evident that consumers have emphasized general merchandise in their buying rather than major durables. At department stores, sales of small wares and soft goods such as apparel and accessories have held up relatively better than sales of durable goods. An exception to the M ONTHLY SALES IN 1 953 AS PERCENT OF M ONTHLY SALES IN 1952 S ix th D istrict PERCENT PERCENT relative weakness in durable goods sales is the compara tively high level of automobile sales. For the first nine months new passenger car registrations in the District averaged 47 percent higher than a year ago, but the rate of gain has slowed down somewhat in recent months. Trade reports indicate that used car sales, on the other hand, have not been encouraging. High Income Favorable 1953 from 1952 F IR S T H A LF a s D o lla r Several factors will play an important role in determining how the sales picture will end this year. Most important, of course, is income. Estimates made by this Bank indicate that individuals in the District had about 6 percent more income to spend in the first half of 1953 than they had dur ing the same period last year. Chiefly responsible for this expansion was the steady growth in income from manufac turing, which more than offset falling farm income. Continued growth in purchasing power throughout the remainder of the year is doubtful, however, if the recent trend in District manufacturing payrolls portends future developments. This year’s almost uninterrupted advance in seasonally adjusted manufacturing employment and payrolls was reversed in August and the decline continued into September. Factory payrolls, however, have stayed well above amounts for comparable periods last year. Credit A vailable In the short run, consumers can bolster their purchasing power by relying upon credit granted either by retailers or by banks. Consumer instalment credit granted by com mercial banks undoubtedly contributed materially to the favorable sales picture in durable goods early this year, particularly in automobiles. Instalment credit outstanding at District banks in the first ten months of this year aver aged 26 percent higher than in the like period last year. From January through October, outstandings advanced 14 percent, more than half of which represented increases in loans for the purchase of automobiles. In recent months, however, the advance has been less pronounced because of the increasing difficulty in moving new and used cars. Retailers themselves, of course, finance some of the purchases made by their customers. At District department stores, on-the-cuff buying accounts for nearly 60 percent of total sales. During the first third of this year, the greatest year-to-year rates of gain occurred in instalment sales. Since May, instalment buying has fallen below last year’s level in most months, reflecting the trend of major durable goods sales. Some of the slack, however, has been taken up by the relatively higher level of charge-account sales. stable. Since it is unlikely that prices will change sharply before the end of the year, they should have little influ ence on total retail trade in the near future. Finish Still in Doubt Retail sales so far this year have been high enough so that the year’s total will undoubtedly be greater than in 1952. Nevertheless some types of retailers will probably find their 1953 sales down from last year. December, of course, is the biggest month for many merchants and some of them are counting on December sales to push the year’s total above that of 1952. To meet this anticipated demand many of them have built up their inventories, counting, perhaps, on Christmas shopping to move the goods off their shelves. Despite a weakening in income in recent months, pur chasing power is still higher than last year and credit is available. December sales higher than last year’s, therefore, are possible. But if the trend of recent months continues, December sales will fall short of those of the correspond ing month of the preceding year for the first time in several years. John S. Curtiss Prices Holding Steady In addition to income and credit, the course of prices affects consumer buying in the short run. This year, how ever, prices of products sold at retail stores have played a more or less neutral role. Although the total consumers price index has inched upward slowly, the clothing and household furnishings components have been relatively L o n g - T e r m L a r g e s t S a v in g s P o s t w a r When they close their books this year, individuals in Dis trict states may find that they added more to their long term savings in 1953 than in any year since 1944. They will achieve this record without difficulty if they lay aside as much during the second half of the year as they did the first half. By the end of June, individuals had increased their time deposits at commercial banks, life insurance equities, savings bond holdings, and postal savings deposits by over half a billion dollars. Since then incomes have remained high, and available data indicate a continued growth in savings. C o n tin u e In c r e a s e to G r o w E x p e c t e d however, grew much faster than they did during 1951 and savings bond holdings declined only slightly. Total selected long-term savings, therefore, increased 9.9 percent during 1952, almost double the 1951 rate. In the first six months of this year, individuals continued to add to their time deposits, life insurance equities, and savings and loan shares at about the 1952 rates, but again reduced their savings bonds slightly. SELECTED LO N G-TERM P ER SO N A L S A Y IN G S S ix th D istrict S ta te s B ILLIO N S OF DOLLARS B ILLIO N S OF DOLLARS High 195 2 Rates Pose Challenge Although individuals have steadily increased their long term savings since 1941, they have done so at widely varying rates as is shown in the accompanying chart. For example, selected long-term savings that increased at an average rate of 24 percent a year from 1941 through 1945 rose about 6 percent a year from 1946 through 1951. Personal savers in the District increased their holdings of long-term savings by 5.8 percent during 1951. Savings and loan shares, life insurance equities, and time deposits increased at a greater rate than during 1950 and more than offset the large net redemptions in savings bonds. The higher rates of increase in savings and loan shares and life insurance equities continued through 1952. Time deposits, •8• Most Types Show Increase During First Six Months The 11.7 billion dollars in long-term savings held by indi viduals on June 30 this year represents an important part of total savings. The amount of these holdings varies from year to year in response to both the changing level of income and the proportion of this income that is spent for goods and services. Life insurance equities increased 293 million dollars between the end of last December and June 30 this year, a greater increase than shown by any other type of long term saving. The second greatest gain was the 184-milliondollar increase in shares of savings and loan associations, followed by the 73-million-dollar growth in time deposits. These increases more than offset the decline of 23 million dollars in holdings of savings bonds. Postal savings deposits remained at 186 million dollars, the level attained at the end of 1952. At midyear, life insurance equities amounted to 5.4 billion dollars; savings bonds to 2.3 billion dollars; time deposits to 2.2 billion dollars; and savings and loan shares to 1.6 billion dollars. Influences Favorable for Second-Half Increase Selected Long-Term Personal Savings Six th D istrict S ta tes June 30,1953 (Millions oj Dollars) Percent Change Dec. 31 , 1952, from Dec. 31, 1951 June 30,1953, from Dec. 31, 1952 Savings and loan shares 1,642 + 24 + 13 L ife insurance equities 5,376 + 12 + 6 3 Tim e deposits in com m ercial banks 2,151 + 13 + Savings bonds 2,347 — 2 — 1 186 — 4 11,702 + 10 Postal savings deposits T otal M o r e E n e r g y f o r B u s in e s s It is still too early to tell whether District savers have continued this high rate of saving and added as much to long-term holdings during the second half of this year as they did during the first half. The two main determinants are, of course, how much they made and how much they spent. Barring unusual changes between now and the end of the year, it appears that total income payments to indi viduals in the District during 1953 will exceed last year’s. Although prices received by farmers continue below yearago levels, heavy fall marketings of farm products are expected to hold farm receipts at about the level of the second half of 1952. In addition, manufacturing payrolls since June have averaged considerably higher than during the same period a year ago although they declined in August and September from the preceding months. District consumers have been spending greater amounts this year than last, but the amount of these increases has been declining since early in the year. Department store sales for the first quarter this year were 8 percent above Amount the level of the same period last year; but for the first ten months they were only 3 percent higher. Bank debits dur ing the third quarter continued above year-ago levels, but the September and October increases over preceding months were less than were expected at this time of year. The anticipated high level of total income during the last half of 1953, together with the apparent slackening increase in spending, points to continued growth in long term savings. This expectation is partially confirmed by data on life insurance sales and time deposits for the period from June to October; both types of savings increased at about the same rate as during the first half of this year. W. M. Davis 0 + 5 A glance at the figures for 1953 shows that electric power production in the Sixth District will set a new record, just as it has in all but one year since 1940. These figures are the more significant because they reflect high levels of ac tivity in other sectors of the economy. Electric power has been the energy behind the expansions in industrial pro duction and income. More money to spend has led to additional demands for generated juice to warm homes and to keep them cool, to heat foods as well as freeze them, and to relieve humans from the countless, burdensome chores of yore. Thus, because the course of power produc tion is a good indicator of what is happening in business generally, this Bank publishes an index of electric power production each month on the back page of the Monthly Review . K i l o w a t t H o u r O u t p u t C lim b s Coincident with the growth in general business activity in the District between 1940 and 1952 was a surge in electric power production. During that period, power output leaped 266 percent, compared with gains of 17 percent in popu lation, 55 percent in manufacturing employment, and 311 percent in income payments to individuals. Electric energy generated thus rose at an annual average rate of 11 per cent and will be higher by the end of 1953, judging from the 17-percent increase in production during the first three quarters over the corresponding period last year. The chart at the top of page 10 shows the growth in output since 1940. It is obvious that this growth is largely attributable to expanded fuel, or steam, generated power. On the other hand, since 1945, there has been relatively little change in hydro-electric power production. In both production and installed capacity, the share accounted for by hydro sources has been declining over the years and is •9 • likely to diminish further. In part this is because the num ber of suitable hydro sites is limited. In part, too, it reflects simple expediency, since planning and constructing a steam ELECTRIC POWER PRODUCTION Sixth District States 1947-49 = 100 INDEX INDEX generating plant requires only about half as much time as establishing a hydro-electric plant. C o n s u m e r D e m a n d s R is e The rise in installed capacity and power production in re cent years has been largely in response to the ever increas ing demands from homemakers, factories, and commercial businesses. Although this listing is by no means all inclu sive, these three groups consume the bulk of the electric energy produced in the District, as is shown on the chart. Industrial users, although comparatively small in num ber, are the largest customers of the power companies. Figures for the nation show that almost half of the power produced is used to turn the wheels of industry; the pro portion is somew7hat higher in the Sixth District. The share of power consumed by industrial concerns, however, has slowly declined in recent years, in contrast to a rise in the proportion taken by residential users. In the District the chief industrial consumers of power, according to a survey made by the Federal Power Com mission several years ago, are non-ferrous metals (mainly PERCENTAGE DISTRIBUTION OF ENERGY SALES Sixth District States 1940 1945 1952 aluminum), chemicals, textiles, and paper. These four in dustries alone absorb about two thirds of the total output of energy flowing into factories. Other important users are food processors; stone, clay, and glass industries; and petroleum plants. Power demands of these users doubtless will increase, judging from the announcements of proposed expenditures from 1952 through the first half of 1953 of new plants and expansions costing at least a million dol lars. Planned investments in these industries alone ac counted for almost three fourths of the total of 685 million dollars. Residential consumption of electric power has grown steadily in the postwar years; by 1952 it represented 26 percent of the total, as shown on the chart above. Between 1940 and 1952 residential consumption of electric energy in the District states jumped a breathtaking 514 percent, compared with a much more modest gain in the nation— 272 percent. Of importance in explaining this striking dif ference in rates of growth is the greater percentage increase in residential construction in the District than in the na tion. Before the war, moreover, District power consumers had lagged behind those in the nation in the use of elec trical appliances and other labor saving devices in the home. The catching up on refrigerators, stoves, freezers, washers, and the like, was accompanied by a sharp expan sion in residential use of electricity. K i l o w a t t C a p a c i t y S t il l t o G r o w Despite the rapid growth in power production during the last decade or so, the industry apparently foresees a need for additional capacity. Installed generating capacity in the District states amounted to 3.1 million kilowatts in 1940. By 1952, the industry almost tripled its capacity— a growth twice as rapid as that for the nation. Neverthe less in the District states, installed generating capacity on December 31, 1952, was but 6 percent greater than the peak load in that month, compared with 8 percent for the nation. Because of the length of time required to raise funds and to actually construct facilities, the power utilities must plan well into the future. According to data published by the Federal Power Commission at the start of this year, the larger power systems operating either wholly or partly within the Sixth District—including TVA and Federal projects—plan to add three million kilowatts to their in stalled capacity in 1954 and two million in 1955, so that capacity by 1956 is expected to be approximately 75 per cent greater than at the end of 1952. And in dollar terms, major private electric utility systems contemplate investing over 700 million dollars during the period 1951-56, accord ing to a study made by the Southern Association of Science and Industry. Expenditures for the construction of new plants and equipment, in the short run, will provide a stimulus to employment and income. More important, however, such investment should assure the South of sufficient electrical energy in the future to carry it on further along the road to industrialization and comfort. B a s il • 10 A . • W a p e n s k y Sixth District Statistics Instalment Cash Loans Condition of 2 7 Member Banks in Leading Cities (In Thousands of Dollars) No. of Lenders ReportLender__________________________________ ing Federal credit u n io n s .......................... 36 State credit u n io n s............................... 16 Industrial b a n k s ..................................... 8 Industrial loan companies . . . . 11 Small loan companies..........................34 Commercial banks................................... 32 Volume Percent Change Oct. 1953 from Oct. Sept. 1952 1953 — + 13 +3 +3 + 24 — 17 0 —3 +1 +21 +1 +22 —3 Outstandings Percent Change Oct. 1953 from Oct. Sept. 1952 1953 + 29 +4 +33 +5 + 15 +7 +1 +0 +1 —0 +1 +21 Retail Furniture Store Operations Number Percent Change of Stores October 1953 from Item____________________________________ Reporting___________ Sept. 1953______________ Oct. 1952 Total sales.....................................................................144 +12 —6 Cash s a le s .....................................................................129 +7 —3 Instalment and other credit s a le s ..................... 129 +12 —6 Accounts receivable, end of month.................... 138 —0 +3 Collections during m o n th ..................................... 138 + 10 +4 I nventories, end of m onth.....................................103______________________ + 4 ____________________+ 4 W holesale Sales and Inventories * Sales Inventories Percent Change No 0f Percent Change Firm Oct. 1953 from Oct. 31,1953, from Type of ReportSept. Oct.ReportSept. 30 Oct. 31 Wholesaler_________________ ______ ing_______1953 1952__________ mg__________ 1953 1952 Automotive supplies . . . . 5 +14 +27 4 +9 0 Electrical— Wiring supplies . 3 + 28 +23 3 —3 +1 Appliances . . . 5 + 24 -4 2 4 +13 + 16 Hardware..................................... 11 +1 —7 6 —0 + 22 Industrial supplies . . . . 18 +6 —6 5 +3 +8 J e w e lry .......................................... 5 -2 -2 3 +2 +18 Lumber and bldg. mat’ ls . . 6 —5 —1 4 + 10 +15 Plumbing & heating supplies . 3 —2 +13 3 +6 + 14 Refrigeration equipment . . 6 +20 +47 6 — 11 —6 Confectionery........................... 6 +2 — 11 3 —4 + 18 Drugs and sundries . . . . 9 +1 +4 . .. .. Dry goods ...................................... 13 — 14 — 15 10 —6 + 22 Groceries— Full-line . . . . 43 —1 —3 24 +9 +2 “ Specialty lines . 8 +3 —0 4 +5 —1 Tobacco products..................... 10 —3 —9 7 —2 —1 M iscellaneous........................... 15 +4 +3 9 —2 +6 T o ta l............................................... 166 +0 — 5____________ 95____________ + 2 + 13 *Based on information submitted by wholesalers participating in the Monthly Wholesale Trade Report issued by the Bureau of the Census. Department Store Sales and Inventories* Percent Change Inventories Sales Oct. 31,1953, from Oct. 1953 from Ten Months Oct. 31 Sept. 30 1953Oct. Sept. 1952 1953 1952 1952 1953 Place +2 + 4 + 2 —5 ALABAMA .......................... + 11 —3 +4 +0 —9 Birmingham . . . . +1 +9 +5 M o b ile ........................... + 26 +3 +4 Montgomery . . . . + 33 +6 +8 +4 +3 FLO RIDA .......................... + 31 +4 +2 —2 —3 Jacksonville................... + 45 +6 +6 + 10 +7 M ia m i............................ + 28 + 5 + 5 + 30 O rlando.......................... +4 St. Ptrsbg-Tampa Area + 25 +1 + io +4 +i —2 St. Petersburg . . . + 27 +4 +4 Tampa......................... +24 +7 + 8 +0 —3 GEORGIA .......................... + 10 +9 + 10 —2 +2 +9 A t la n t a * * ..................... — 18 —9 A u g u sta.......................... + 17 + io +5 —3 +3 Colum bus...................... + 14 +6 +6 —0 +4 +1 Macon............................... +4 R o m e **.......................... +24 +1 —5 Savannah** . . . . + 17 +1 +2 +7 +5 +2 L O U IS IA N A ...................... + 15 + 12 +8 +8 +4 +7 Baton Rouge . . . . +6 +4 —1 +1 New Orleans . . . . + 13 +3 —1 —8 +1 M IS S IS S IP P I.................... + 13 +0 —3 —6 +1 Jackson .......................... + 14 +3 — 13 +7 M eridian**.................... +8 +7 +6 TEN N ESSEE .................... + 10 +1 + 16 +3 —4 —7 B r is t o l * * ...................... + 14 Bristol-Kingsport+0 —5 Johnson C ity** . . + 12 +7 —0 +5 Chattanooga . . . . —i +7 +9 +4 K n o x v ille ...................... + 10 +5 + 10 +4 —1 N a s h v ille ...................... + 14 +6 +6 —2 +3 D ISTRIC T ........................... + 16 ^Includes reports from 125 stores throughout the Sixth Federal Reserve District. * * ln order to permit publication of figures for this city, a special sample has been con structed which is not confined exclusively to department stores. Figures for non-department stores, however, are not used in computing the District percentage changes. Item Loans and investments— T o ta l..................................... . Loans— N e t .......................... .... . Loans— Gross.............................. Commercial, industrial, and agricultural loans . Loans to brokers and dealers in securities . Other loans for pur chasing or carrying se cu ritie s.......................... Real estate loans . . . Loans to b a n k s.................... Other loans ........................... Investments— Total . . . ,. Bills, certificates, and notes .......................... U. S. bonds ..................... Other securities. . . . Reserve with F. R. Banks . . Cash in v a u lt ......................... Balances with domestic banks .................................... . Demand deposits adjusted . Time d ep o sits...................... . U. S. Gov’t deposits . . . . Deposits of domestic banks . Nov. 18 1953 Oct. 21 1953 Nov. 19 1952 3,071,454 1,332.392 1,3537903 2,939,882 1,273,661 1,295,287 2,921,374 1,196,292 1,216,905 791,980 744,836 12,434 13,690 37,151 87,019 21,297 404,022 1,739,062 Percent Change Nov. 18,1953, from Nov. 19 Oct. 21 1952 1953 +4 +5 +5 +5 + 11 + 11 700,307 +6 + 13 12,886 —9 —4 37,519 89,963 6,314 402,965 1,666,221 39,923 95,913 4,477 363,399 1,725,082 —1 —3 +0 +4 —7 —9 * + 11 +1 792,781 681,912 264,369 502,867 46,392 762,877 636,212 267,132 505,769 45,978 757,856 700,095 267,131 534,435 48,688 +4 +7 —1 —1 +1 +5 —3 —1 —6 —5 223,756 2,141,627 575,102 127,920 678,248 68,875 225,319 2,139,505 577,163 64,704 648,225 36,400 201,863 2,080,469 559,548 109,888 656,504 65,500 —1 +0 —0 +98 +5 + 89 + 11 +3 +3 + 16 +3 +5 *100 percent or over. Debits to Individual Demand Deposit Accounts (In Thousands of Dollars) Place A LA B A M A . . Anniston . . Birmingham Dothan . . Gadsden . . . . . . . . . . . . Montgomery . . Tuscaloosa* . . FLO RIDA . . . . Jacksonville . . M iam i.................... Greater Miami* . Pensacola . . . St. Petersburg . Tampa . . . . West Palm Beach* GEORGIA . . . . Brunswick . . . Columbus . . . Gainesville* . . Savannah . . . . October 1953 September 1953 861,594 33,812 460,539 20,682 26,966 168,839 112,807 37,949 1,426,657 422,145 357,238 537,683 81,863 62,672 88,926 181,287 52,081 1,878,158 41,791 1,303,630 94,826 13,393 89,224 6,232 29,579 16,235 88,029 11,343 35,671 129,095 19,110 1,209,017 47,825 132,985 54,911 973,296 249,216 21,951 172,983 35,470 18,812 841,547 222,122 162,143 457,282 832,750 31,469 432,097 19,762 24,616 184,728 103,815 36,263 1,331,065 395,261 346,136 513,449 77,298 53,326 81,602 161,807 48,322 1,892,869 38,462 1,358,966 87,271 11,475 77,952 5,608 30,127 14,469 78,339 9,990 32,062 129,663 18,485 1,168,946 43,304 126,018 50,988 948,636 225,241 20,639 154,106 33,790 16,706 811,583 208,032 166,590 436,961 Percent Change Oct. 1953 from 10 Months October Sept. Oct. 1953 from 1952 1952 1953 1952 847,714 34,224 442,542 20,025 27,427 175,898 113,788 33,810 1,308,758 388,997 324,344 488,063 82,922 53,854 83,120 161,288 50,514 1,778,586 367834 1,229,034 105,183 11,501 84,739 6,168 27,495 15,586 84,921 13,418 33,249 114,148 16,310 1,204,879 49,308 131,688 57,499 966j384 257,324 21,489 180,904 38,234 16,697 766,022 192,649 140,635 432,738 LOUISIANA . . . Alexandria* . . Baton Rouge . . Lake Charles . . New Orleans . . M ISSISSIPPI . . . Hattiesburg . . Jackson . . . . Meridian . . . . Vicksburg . . . TEN N ESSEE . . . Chattanooga . . Knoxville . . . Nashvi l l e. . . . SIXTH D IS T R IC T . 5,789,602 32 Cities . . . 6,066,404 5,890,594 UNITED STATES . 345 Cities . . . 149,765,000 147,873,000 150,470,000 *Not included in Sixth District totals. +3 +2 —1 +7 +7 +4 +5 +3 + 10 —2 —4 —9 —1 +9 + 5 + 12 +7 +9 +7 +9 +3 + 10 + 5 + 10 +6 —1 + 18 + 16 +9 +7 + 12 + 12 +8 +3 —1 +6 +9 + 13 —4 +6 + 9 — 10 + 17 + 16 + 14 +5 + 11 +1 —2 +8 + 12 +4 +4 + 12 + 14 — 15 +7 + 11 — 0 + 13 +3 + 17 +3 +0 + 10 —3 +6 +1 —5 +8 +3 +1 —3 + 11 +6 +2 —4 + 12 +5 —7 + 13 + 13 + 4 + 10 + 7 + 15 — 3 + 15 +5 +6 +3 +3 +0 +1 +7 +6 +3 + 10 + 11 + 11 + 14 + 11 + 10 + 14 +9 + 13 +9 +8 + 16 + 10 —3 +7 +1 +8 +5 +6 +3 —9 + 17 + 11 +7 +7 —2 + 12 +3 +7 —1 +4 —3 — 1 + 13 + 13 + 20 + 23 +7 +3 +5 +8 +1 —0 +7 Sixth District Indexes Manufacturing Employment Sept. 1953 UNADJUSTED District T o t a l............ 114 Alabama............... 109 Florida................. 124 Georgia.................. 115 Louisiana.............. 110 Mississippi............ 114 Tennessee.............. 118 SEASONALLY ADJUSTED District T o t a l............ 113 Alabam a............... 107 Florida................. 130 Georgia.................. 113 Louisiana............... 108 M ississippi............ 112 Tennessee.............. 116 1 9 4 7 -4 9 = 100 Manufacturing Cotton Payrolls Consum ption** Aug. 1953 Sept. 1952 Sept. 1953 Aug. 1953 Sept. 1952 Oct. 1953 115 108 124r 116 111 113 118r lllr 107r 118r 113r 104r 113r 113r 156 143 165 154 155 162 165 156r 142r 164r 159 154 163 164 148 139 155 151 137 160 154 115 107 133r 115 109 112 117 llOr 104 125 111 102 112 112 154 139 176 151 152 157 162 158r 142r 178r 161 152 161r 166 146 135 165 148 135 156 151 Sept. 1953 Oct. 1952 97 95 103 108 100 111 99 104 106 li9 89 li4 104 123i 104r 94 101 104 _________Departm ent Store Sales and Sto cks**_________ _________ Adjusted___________ ________ Unadjusted_________ Oct. Sept. Oct. Oct. Sept. Oct. _________________________________ 1953 1953 1952__________ 1953 1953 1952 D ISTRIC T S A LES * . . . . 128p Atlanta1 ......................................130 Baton R ouge......................... ..113 Birm ingham .......................... 118 Chattanooga............................137 Ja ck so n .................................... ..112 Ja ck so n ville .............................117 K n o x v ille ..................................128 M a co n .......................................133 M ia m i........................................144 N a sh v ille ................................117 New O rlean s.......................... 123p S t. Ptrsbg-Tampa A re a. . 137 T a m p a ..................................... 126 D ISTRIC T STOCKS* . . . . 148p 119 123 108 110 121 102 99 119 128 133r 109 120 129 118 148 130r 131p 133r 133 108 116 130r 113 137 130 120r 121 119r 131 123r 125 133r 137 135r 129 118r 119 124r 125p 136 136 121r 128 140r___________ 161p 122 132 117 122 134 115 98 123 142 109r 113 120 117 112 152 133r 136 112 124r 130 130 134 120 137 121r 120r 127 134 124 152r ^To permit publication of figures for this city, a special sample has been constructed that is not confined exclusively to department stores. Figures for non-department stores, how ever, are not included in the District index. *Does not include data for all of La., Miss., and Tenn. Other totals for entire six states. **D aily average basis. Sources: Mfg. emp. and payrolls, state depts. of labor; cotton consumption, U. S. Bureau Census; construction contracts, F. W. Dodge Corp.; furn. sales, dept, store sales, turn over of dem. dep., FRB Atlanta; petrol, prod., U. S. Bureau of Mines; elec. power prod., Fed. Power Comm. Indexes calculated by this Bank. O Reserve B ank C itie s • B ranch B ank C itie s mm D istric t B o u n d a ries ■ — ^ B ranch T e rr ito ry B o u n d a ries B o a rd o f G o v e r n o rs o f t h e F e d e r a l R e s e r v e S y s te m Construction Contracts Furniture Store S a le s * / * * Oct. 1953 Sept. 1953 Oct. 1952 Oct. 1953 Sept. 1953 Oct. 1952 99 388 192 473 477 317 167 183 175 237 103 149 78 187 90 261 97p 99 104 96 lOOp 98 108 103 105r 114 113r 107 105 133 80 84 84 94p 109 105 99 107p 92 91 102r 86 125 114r 93 91 110 112 85 76 89 66 100 99 O ther District Indexes Adjusted Oct. _______________________ 1953 Sept. 1953 Unadjusted Oct. 1952 Construction contracts*............ Residential........................ Other ................................ Petrol, prod, in Coastal Louisiana and Mississippi** 129 Turnover of demand deposits* . 22.9 In de x........................ 118.6 145 23.6 122.3 139r Sept. 1953 Aug. 1953 Sept. 1952 139 121 173r 106 91 143r 103 99 184r 131 115 157 103 93 133 Mfg. emp. by type Apparel....................... 139 Chemicals.................... 123 Fabricated metals........... 165 Food.......................... 105 Lbr., wood prod., furn. & fix. 90 Paper and allied prod. . . . 143 Primary metals.............. 104 Textiles..................... 99 Trans, equip.................. 180 Elec. power prod.**.................. Hydro-gen........................... Fuel-gen...................... r Revised p Preliminary 21.1 109.5 101 100 153 Oct. 1953 Sept. 1953 Oct. 1952 187r 343 219 437 168 156r 136r 172 129 23.8 144 23.8 139r 21.9 Sept. 1953 141 124 165" 106 90 144 104 99 178 184 74 286 211r Aug. 1953 Sept. 1952 141 117r 170r 107 92 143r 103 99 176r 188 87 280 133 117 158 104 93 134 101 100 152 157 70 237r
@FedFRASER