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FEDERAH&RESERVE BANK /)F RICHMOND

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August 1955

FIFTH DISTRICT ECONOMY MOVES UP
Construction Contract Awards - Total
+ 2 9 .8 %

Building Permits - Number

± 29.6%

New Passenger Car Registrations

+ 27 .9 %

Bituminous Coal Production
New Business Incorporations

+ 19.8%

Life

+ 19.6%

Insurance Sales

Member Bank Loans
Furniture Store Sales
Bank Debits
Electric Power Production
Department Store Sales
Cotton Spindle Hours Operated
Cotton Consumption
Household Appliance Store Sales
Member Bank Deposits - Total
Man-Hours — All Manufacturing Industries
Member Bank Investments
Cigarette Production
New Commercial Car Registrations
Employment - Manufacturing
Employment - Nonmanufacturing
Cash Farm Income
Business Failures - Number
Unemployment Insured

T )a r s

in

the

above

chart

show

percentage

■ D changes in the accumulated figures for four,
five, or six months this year as compared with a
similar period last year.

The length of the period

depends on the availability of statistics— most are
for five
 months


In This Issue. .

.

.

Midyear Roundup— Vigorous Upturn
in the D is t r ic t ______________________
Treasury Financing— ’55 Performance,
’56 Prospects ________________________
Straws in the Farm W ind—
Bigger Crops for ’5 5 ________________
Business Conditions and Prospects ____
F ifth District Statistical D a t a ________

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Page 7
Page 9
Page 11

Federal Reserve Bank of Richmond

Midyear Roundup-Vigorous Upturn in the District
halfway mark of 1955 found Fifth District busi­
ness in a bouyant state. Nearly all measures of
business conditions tell the pleasant story of marked
recovery in the first half of 1955 as compared with that
portion of 1954. Business failure figures, which have
been declining, are neat reflectors of improvement.
W hile there has been no sharp expansion in non-agricultural employment in the District, hours of labor have
risen and man-hours have gained. Agriculture, with
its tenuous price structure, was the only major segment
of the Fifth District economy to come up on the minus
side and raise doubts about its economic health.
Interestingly, cigarette production in the first five
months of 1955 was 3.4% higher than in the same
months of 1954. A nd cotton consumption by the Dis­
trict’s vast network of textile mills was up 7% over a
year ago, with spindle hours stepped up a neat eight
percentage points and approximating the old record set
in war-time 1942.
Contrary to national experience, the durable goods
industries of this District have not done as well this
year in relation to last as have the nondurable goods in­
dustries. Despite noteworthy improvement in bitumi­
nous coal output, unemployment in the mining areas
remains a serious problem. The ship-building industry
has shown no reviving tendency, although operations
have stabilized. Employment by the Federal Govern­
ment, a mildly restrictive influence on the District econ­
omy over the past two years, has also stabilized. Em ­
ployment by state and local governments in the District
continues to expand.

T

tion on the site and of employment for the rest of the
year, seasonal factors taken into account.

h e

One of the most important considerations in the new
construction outlays is the future job opportunities
offered by the rapid expansion in manufacturing facili­
ties and in commercial structures. In the first five
months of 1955 the valuation of contract awards for
manufacturing buildings was 103% larger than in those
months of 1954, while the value of commercial structures
showed an increase of 57% in the same period.
O f the $1,008 million value of construction contract
awards in this period, 62% was awarded in Maryland
and Virginia. Maryland awards were 56% higher than
a year ago, and Virginia awards were 48% higher. The
District of Columbia, accounting for 7% of the total,
had an increase of 112%. North Carolina, accounting
for 16% of the total, increased 75% . South Carolina,
accounting for 10% of the total, was up 38% , and W est
Virginia, with 6 % of the total, advanced 31% .
Outstanding among the projected new manufacturing
facilities or expansions are the $100 million expansion
of the Bethlehem Steel Plant at Sparrows Point, M ary­
land; a $20 million General Electric Plant at Hender­
sonville, North Carolina; and a $20 million General
Electric Transformer Plant in the H ickory-NewtonConover, North Carolina, area. Additional facilities
include a $15 million cement plant at Carroll City, M ary­
land; an $8 million woolen mill at Barnwell, South
Carolina; a $6.4 million General Electric Plant at Irmo,
South Carolina; a $5.5 million expansion at Glenn L.
Martin in Baltimore, Maryland; and a $5.8 million
plant of Riegel Carolina Corporation at Acme, North
Carolina.

Construction
The construction industry in the District, as in the
nation, has shown the most spectacular performance
thus far in 1955. Here are to be found the largest in­
creases in business measures over a year ago. Heading
the procession was the 63% increase in public works
and utility contract awards (first five months of 1955
compared with those months of 1954). Other nonresidential building awards came second, with a gain of
59% . Total construction contract awards were up
55% , and residential awards were fourth, with 50%.
Building permits were up 30% .
If construction made a substantial contribution in
the first half of 1954 in tempering the recession, it made
an even more spectacular one in 1955’s sharp recovery.
The industry employed directly 216,000 workers (first
five months average) or 5.3% of total non-agricultural
employment. It has also been the chief support of over
100,000 workers in the lumber industry of the District
and has contributed importantly to employment in trade
and transportation industries.
The high level of construction contract awards thus
far in 1955 practically insures a high level of construc­



Banking
Impact of the business recovery in the District is
reflected in District banking. Deposits of member
banks at the end of June were 5.2% higher than a year
ago; demand deposits were up 4.4% , and time deposits
7.7% . Loans and investments of the member banks
at midyear were 8.5% higher than a year earlier, with
loans up 17.5% and investments up 1.1%. Commercial,
industrial, and agricultural loans of the weekly report­
ing banks were 18.9% higher than a year earlier. Real
estate loans had gained 19.0% and “ all other” loans
(largely consumer credit) showed an increase of 15.3%
in this period. The normal seasonal pattern of com ­
mercial, industrial, and agricultural loans is downward
from early Spring until midsummer; at midyear, how­
ever, these loans were at an all-time high level and no
seasonal decline had been experienced. Similarly, real
estate loans and “ other” loans were also at record levels
on June 30.

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August 1
955

/fonM fy/feviztct-

Savings
Net new savings in District commercial banks, mutual
savings banks, savings and loan associations and in
United States savings bonds amounted to $188 million
in the first five months of 1955, slightly less than the
$194 million in the same period of 1954. The rate of
savings in commercial banks and mutual savings banks
was, however, considerably lower in the first five months
of 1955 than in 1954; in the savings and loan associa­
tions it was just about the same as last year, while net
redemptions of E and H Savings Bonds amounted to
only $3 million in the first five months of 1955 as against
$23 million last year.
New savings in the form of life insurance are not
available for the Fifth District, but sales of life insurance
in the first five months of the year were 20% higher
than in the same period of 1954.
Trade
The trade level in the Fifth District this year has
been a major force in the business revival. Percentage
increases over a year ago have not been so spectacular
as those in passenger cars or in construction or bitumi­
nous coal production. But the rises shown in the first
five months of 1955 are substantial. Whereas 3 or 4%
increases are usually considered large in the department
store field, District store sales were up 8.5% over last
year. Furniture store sales increased 12.8%, household
appliance stores 6.6% , new passenger automobile regis­
trations were up 29.6% , and new commercial car regis­
trations gained 2.1% . Sales of retail lumber yards
leaped 39.6% .
Sales of durable goods and men’s clothing have been
outstandingly strong this year. All home furnishings
sales in department stores increased 6% through May,
with furniture and bedding up 8 % , upholstered furniture
10%, major household appliances 33% , and luggage
16% . M en’s and boys’ wear showed a plus 6 % , silver­
ware and clocks 21% .
North Carolina’s performance was tops in depart­
ment store sales increases— a 16% gain (five months
of 1955 compared with 1954). South Carolina stores
increased 13%, Virginia and W est Virginia each 9 % ,
the District of Columbia 6 % , and Maryland 5% .
In passenger automobile sales North Carolina led
District states with an increase of 40% (again, five
month comparisons). The District of Columbia and
Maryland were close with increases of 38% and 37% ,
respectively. W est Virginia recorded an increase of
33% and South Carolina 26% , while Virginia’s increase
of 14% was considerably below both the other states
and the national average.
The 12.8% net sales increase in furniture stores of
the District reflected 14.7% more in credit sales, 2%
less in cash sales. Despite this substantial increase in
credit sales, average receivables in the first five months
of 1955 were only 2.7% higher than in the same period



{ sy

a year ago. The sales increase was accomplished with
an average reduction in monthly inventories of 5.3%
over the period.
Department stores reporting the breakdown of sales
into cash and credit showed an increase in sales of 5.5%
in the periods under review. Cash sales were up 0.7% ,
installment sales 15.7%, and open-book credit sales
6.7% . Total collections improved on the average 5.6%
over a year ago, with installment collections up 10.8%
and other collections up 4.5% . Receivables, however,
increased 5.1% , with installment receivables up 7.7%
and other receivables up 3.2% . Average outstanding
orders for the first five months were 4 % higher than
in 1954, a slightly smaller increase than that shown in
total sales.
M anufacturing
Man-hours in all manufacturing industries of the
Fifth District rose 5.1% over the first five months of
1954. This is the best available indicator of manu­
facturing activity, though it understates the rise due to
increased efficiency. Durable goods industries were up
4.0% in this period while the nondurable goods im­
proved 5.7% .
For all manufacturing industries, man-hours in
North Carolina increased 7.9% , the largest rise in the
District. South Carolina had a 7.1% increase, Virginia
2.9% , Maryland 2.2% , and W est Virginia 2.0% .
In the durable goods industries, South Carolina
marked up the largest increase with 8 .3 % ; North Car­
olina was next with 7.6% ; W est Virginia third, with
an increase of 4.2% ; Maryland fourth, with an increase
of 1.9% ; and Virginia fifth, with an increase of 1.5%.
In the nondurable goods industries, North Carolina
moved up 8.0% , South Carolina 7.1% , Virginia 3.7% ,
Maryland 2.8% . W est Virginia showed a modest de­
cline of 1.3%.
Industrially, the yarn and thread mills of the Caro­
linas led percentage-wise with an increase of 12.2% for
the first five months of 1955 over those months of 1954.
Primary metals increased 12.1%, furniture and fixtures
10.4%, cigarettes 10.2%, full-fashioned hosiery 8.8% ,
seamless hosiery 7.3% , lumber and wood products
7.8% , apparel 7.7% , broad-woven fabrics 5.7% , paper
4.8% , and chemicals 2.5% . Man-hours in the fabricated
metal industries declined 1.3% in the first five months
compared with a year ago. Machinery, excluding
electrical, was down 6.1% and electrical machinery was
off 8.1% .
Man-hours in the food and kindred products indus­
tries in the review period were down 0.3% , but cream­
ery butter production was down 10.1%, ice cream pro­
duction up 7.1% , and livestock slaughter up 9.9% .
A griculture
The growing season has been generally excellent this
year for high output of farm commodities. Except for
acreage cutbacks in cotton and tobacco, District agri­

Federal Reserve Bank of Richmond

cultural production might approach a new record. Cash
farm income in the first five months of the year was
down 3.5% from a year ago, income from livestock and
products was off 4.3% , and income from crops 1.4%.
This slide-off is chiefly the result of reduced market­
ings since prices in all District states except W est V ir­
ginia have been close to the level of a year ago. Farm
prices in W est Virginia, however, have slipped 8.3%
from a year ago.
Variations as between states in farm income were due
chiefly to differences in returns from crops, since de­
clines in livestock and products adhered closely to the
District average. In crops, however, Maryland declined
12.9%, North Carolina 11.9%, South Carolina 6.9% ,
and W est Virginia 3.1% , while Virginia showed an in­
crease of 23.5% .

Employment in the mining industries of the District
averaged 10.2% lower in the first five months of 1955
than in those months of 1954, despite the substantial
rise in bituminous coal production. The important de­
cline came in W est Virginia mines, where total employ­
ment declined an average of 10,000 workers (1 2 % ) in
the first five months of 1955 compared with the same
months of 1954.
Employment in the contract construction industries
averaged 216,000 in the Fifth District during the first
five months of 1955, off 4.7% from a year ago. The
smaller number of employees, however, put a much
larger volume of work in place, thus demonstrating sub­
stantial improvement in operating efficiency.
In transportation, communication, and public utilities,
employment averaged 315,000 in the first five months,
a slide-off of 2.2% from 1954. Here also workers have
been more productive— both railroads and trucks are
carrying more freight, telephone calls are more numer­
ous, and public utilities of all types show a larger out­
put than last year.
Retailers and wholesalers employed an average of
829,000 workers in the first five months, up slightly
(0 .4 % ) over a year ago. Maryland, Virginia and the
Carolinas showed small increases in employment, in part
offset by losses in W est Virginia and the District of
Columbia.
Declining employment in shipyards of the South
Atlantic region is reflected in the average figure of
29,200, off 9.7% from 1954. Private shipyards em­
ployed, on the average, 13,000 in this period, a 15.9%
decline from last year, and navy yards employed an av­
erage of 16,200, a decline of 4.0% .

E m ploym ent
Employment in non-agricultural industries (first five
months) averaged 4,126,700, a slight gain (0 .5 % ) over
last year’s total. Employment in manufacturing indus­
tries averaged 1,293,700, up 1 .1 % ; all other non-agri­
cultural employment averaged 2,833,000, a gain of
0.3% .
Although industrial employment was a bit higher
than in 1954, it was 4.0% lower than the parallel period
of 1953. Jobs in durable goods industries were 0.8%
higher than in 1954 but stood 6.3% under the 1953
figure. The nondurable goods industries totaled 1.6%
more than in 1954 and 2.6% less than in 1953.
By states, manufacturing employment ran as follow s:
2.3% higher (first five months) in North Carolina,
2.2% higher in South Carolina, 0.5% higher in V ir­
ginia, 0.3% higher in W est Virginia, 4.2% lower in
the District of Columbia, 0.7% lower in Maryland. All
states and the District of Columbia had lower average
employment levels than in 1953, ranging from 1.3%
in South Carolina to 8.1% in the District of Columbia.
W est Virginia had a decline of 6.8% , Virginia 5.7% ,
Maryland 5.8% , and North Carolina 2.2% .

Average insured unemployment through July 2, 1955,
was 132,000, a healthy 30.1% decline from the first half
of 1954. Declines in average unemployment were 40%
in W est Virginia, 34% in South Carolina, 28% in
North Carolina, 29% in Virginia, 25% in Maryland,
and 7% in the District of Columbia.

Governmental employment (Federal, State, and
local) averaged 808,700 from January through May,
which was 20% of the total non-agricultural, non-manu­
facturing employment. Government job totals aver­
aged 2.2% higher in the period, with all states of the
District and the District of Columbia showing increases
ranging from 0.4% in the District of Columbia to 4.8%
in W est Virginia. South Carolina showed an increase
of 4.4% , North Carolina 3.8% , Maryland 2.5% , and
Virginia 1.7%. Employment increases in this sector
were largely responsible for the modest increase shown
in non-agricultural, non-manufacturing employment.
Small increases were shown in trade and service em­
ployment, and these offset losses in mining, construc­
tion, transportation, communication, and public utilities.



B itum inous Coal
Output of bituminous coal in the first six months of
1955 was 25% higher than a year earlier. This com­
pares with a national increase of 19%. Virginia had
the largest increase among District states, up 30% in
the period under review. W est Virginia’s increase was
24% and Maryland’s 5% .
Appalachian Coals, Incorporated, has estimated do­
mestic use and exports for the first half of 1955 at 219
million tons, a gain of 20 million tons or 10% above
first-half 1954. Domestic consumption of 199 million
tons is indicated, up 12 million tons or 6 % , with ex­
ports up 7.6 million tons or 59% .
(Continued on page 10)

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August 1
955

Treasury Financing—55 Performance, ’56 Prospects
h e Treasury’s deficit at the close of fiscal 1955
amounted to $4.2 billion, an increase of $1.1 billion
over fiscal 1954. On a cash basis the year’s operations
produced a deficit of $2.1 billion compared to the nearly
balanced position of the previous year. (T h e difference
in the “ cash” and conventional budgets results primarily
from the fact that trust fund operations are included in
cash budget figures. Since trust fund receipts are now
considerably in excess of payments, the cash deficit is
usually $2-$3 billion smaller than the budget deficit, or
the cash surplus is larger by that amount.)

progress in lengthening maturity distribution of the
debt. O f major importance in this debt stretch-out was
the issuance in February 1955 of $1.9 billion 3 per cent
bonds due in 1995. In the over-all $12.5 billion of
maturing issues were replaced by securities due in five
years or more. Cash redemption on the fiscal 1955
refundings amounted to $2 billion or 4.5 per cent of the
total maturities. This compares with 2.5 per cent on
the $46.6 billion refunded during fiscal 1954.

During fiscal 1955 the Treasury undertook four re­
funding operations (not including the weekly roll-over
of 91-day bills) involving $43.7 billion in maturing debt.
In three of these operations the Treasury made some

to a small surplus in 1956.

T

In addition to these refundings, the Treasury raised
$13.6 billion in new money during fiscal 1955. Net cash
The $4.2 billion budget deficit for fiscal 1955 resulted
realized from all debt operations, however, amounted to
in a reduction of something less than $1 billion in the
less than $2 billion, as receipts from the new securi­
Treasury’s General Fund
ties were offset by the re­
balance and a rise of over
demption of tax anticipation
$3 billion in the public debt.
certificates totaling almost
TREASURY SECURITIES*
MATURING OR C A LLA B LE
In view of the size of the
$7 billion, the redemption of
debt, $274.4 billion on June
over $3 billion Savings
30, just under the $275 bil­
notes, and attrition of $2
lion ceiling, and the antici­
billion on refunding.
pated needs of the Treasury
Treasu ry Needs
in the “ dry” period (Julyin Fiscal 1956
Decem ber), Congress ex­
Budget projections for
tended the temporary debt
limit of $281 billion, in
the current fiscal year which
effect since August 1954, to
began on July 1 present the
June 30, 1956.
most favorable outlook in
five years. Estimates made
During fiscal 1955 nation­
in January placed the deficit
al s e c u r it y expenditures
at $2.4 billion, with spend­
were reduced $5.4 billion
ing at $62.4 billion and re­
below their fiscal 1954 level,
ceipts at $60 billion. On a
but this cut was partially
cash basis, this would mean
e refunding of the August
offset by an increase of $2.1
i for July 20*22, ond excluding Treasury Bill i
a slight surplus. These esti­
billion in n o n-d e f e n s e
mates may, however, be
spending, primarily outlays
revised substantially because of recent sharp revenue
by the Commodity Credit Corporation for farm price
increases, the outlook for considerably increased out­
supports and the net retirement of special certificates
of interest. Total spending, therefore, declined only
lays for farm price supports, and Congressional action
$3.3 billion during the year. Revenue, on the other
on other spending programs which would be reflected
hand, declined by $4.4 billion. Most of this decline re­
in the current year’s budget figures.
In the year just
ended, budget receipts exceeded January estimates by
sulted from lower corporate income tax collections
$1.3 billion while expenditures were $1 billion greater.
attributable both to smaller corporate profits in 1954 and
to the first significant effects of the January 1954 ex­
The Treasury’s financing task during fiscal 1956 will
piration of the excess profits tax which were felt in
be somewhat easier than in the year just past. Mar­
March and June 1955 wT
hen calendar year corporations
ketable issues which mature or are callable during the
made their first payments on 1954 income. Smaller
year, excluding tax anticipation certificates, total $31.6
revenue losses resulted from the January 1954 cut in
billion as compared to $43.7 billion in fiscal 1955. Cash
individual income tax rates, the reduction in certain
financing for the current fiscal year is also expected to
excise levies in April 1954, and the 1954 revisions of
be considerably smaller than in fiscal 1955 due to the
the Internal Revenue Code.
anticipated shift from a $2.1 billion cash deficit in 1955




As has been true since the inception of the Mills Plan
in 1950 with its increasing concentration of corporate
tax payments in the first half of the calendar year, the

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Federal Reserve Bank of Richmond

burden of the Treasury’s financing for the current year
will fall in the July-December 1955 period. Effects of
the Mills Plan should be partially offset this year by the
further step-up of corporate tax collections. Beginning in
September all corporations with tax liabilities in excess
of $100,000 will pay 5 percent of their estimated yearly
tax bill in excess of $100,000 in each of the last two
quarters of the calendar year. Advance payments in the
September and December quarters will increase 5 per
cent a quarter through 1959, after which payments will
have been evened out and corporations will again be
paying in four quarterly installments. In contrast to the
Mills Plan, this current speed-up of collections will not
increase the Treasury’s income during a fiscal year but
will simply even out receipts by shifting revenue previ­
ously collected in January-June period forward into the
first half, July-December.
During the first six months of fiscal 1956, marketable
securities totaling $20.7 billion must be refunded, apart
from the weekly roll-over of bills. This compares with
$24.9 billion in the same period last year. The refinanc­
ing operations this year, however, should be consider­
ably easier, and the chance of cash redemption much
smaller, due to the distribution of ownership of the ma­
turing issues. O f the $20.7 billion falling due through
December 1955, only $9.2 billion are in the hands of the
public— the remaining $12.5 billion are held by the Fed­
eral Reserve System. Last year $16.5 billion of the total
$24.9 billion maturities were publicly held.
Cash borrowings of the Treasury in the July-Decem­
ber 1955 period are estimated at $8-10 billion. Proceeds
should take care of the deficit resulting from unequal
distribution of tax receipts, attrition on refundings, re­
demption of approximately $1.9 billion Savings notes,
and any net redemption of Savings bonds.

September 1, and full payment by October 3. Savingstype investors were allotted 65 per cent and other sub­
scribers 30 per cent on all subscriptions over $25,000.
Subscriptions of less than $25,000 were allotted in full.
Total allotments amounted to $822 million. Supplement­
ing the cash from these two offerings, the Treasury
raised $400 million during July through additions of
$100 million to each of the four weekly bill offerings.
In July the Treasury also undertook the first of two
refunding operations scheduled for this half by offering
2 per cent tax anticipation certificates due June 22, 1956,
or additional amounts of the 2 per cent notes due August
15, 1956, in exchange for the $8.5 billion 1 ^ per cent
certificates maturing August 15. Subscriptions for the
notes totaled $6.8 billion and for the T A C ’s, $1.5 bil­
lion. Cash redemption amounted to less than $150 mil­
lion or about 5.4% of the portion of the issue held out­
side the Federal Reserve System. The 2% notes of A u ­
gust 1956, at $12.6 billion, now constitute the largest
single Treasury issue outstanding.
R est o f the Y ear
The cash raised in July, plus any additional funds
realized from further increases in bill offerings, is ex­
pected to take care of the Treasury’s new money needs
through late September or early October. In the final
quarter of the year another $5-$7 billion cash will be
needed and, in addition, the Treasury must refund the
$12.2 billion 1^4 Per cent certificates and the 1^4 per
cent notes maturing on December 15. Treasury financ­
ing and refinancing of this magnitude, together with the
continuing strong credit demand arising from the high
level of building activity, the heavy capital spending of
corporations and state and local governments, and the
likelihood that business loans, which rose contra-seasonally in the first half of the year, will continue to rise rap­
idly all point to accelerating pressure on the reserve posi­
tions of banks later this year. The precise effects of this
pressure will, of course, depend on the supply of funds
available to the nation’s lending institutions. Between
June 30 and July 8 the Federal Reserve System supplied
$389 million funds to the market through the purchase
of bills in keeping with the current policy of moderate
restraint.

July F inancing
The first Treasury financing of fiscal 1956 was the
highly successful cash offering announced July 5, of
approximately $2 billion 1% per cent tax anticipation
certificates due March 22, 1956, and an additional $750
million 3 per cent bonds of 1995. Subscriptions for the
T A C ’s amounted to $10.6 billion and total allotments
to $2.2 billion. Subscriptions of $100,000 and less were
allotted in full and a 19 per cent allotment was made
on subscriptions in excess of this figure. Subscriptions
of $1.7 billion, including about $750 million from savings-type investors, were received for the 3 per cent
bonds. This offering of the 3’s was made especially
attractive to savings-type investors such as pension and
endowment funds, savings banks, and insurance com­
panies, through the provisions for deferred payment and
different allotment percentages for different classes of
investors. Savings-type investors will be allowed to pay
for their bonds in three installments: not less than 25
per cent by July 20, (the issue date), 60 per cent by



In the period January-June 1956 fixed maturities of
marketable issues (excluding 91-day bills and tax antici­
pation obligations) amount to $9.5 billion. In addition
a $1.4 billion issue of 2 y2 per cent bonds 1956-58 may
be called for redemption in March. Total needs for
this period will, of course, be increased by the redemp­
tion of the two tax anticipation certificates issued in
July and by sale of any additional securities maturing
before June 30, 1956. On present prospects a healthy
cash surplus in the January-June period should be avail­
able to meet a portion of these maturities.

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August 1955

/{onM //fa/oscct-

Straws In the Farm Wind—
Bigger Crops for ’55
h i l e it is still too early to be specific about ulti­
mate 1955 results, yield indications, based largely
on Governmental crop reports in July, are generally
encouraging for Fifth District agriculture. In the case
of fruit, where late freezes took heavy toll, and to a
lesser extent with small grains, smaller crops have al­
ready become a certainty. Am ong the major crops,
prospectively increased output is ahead for tobacco,
corn, hay, and peanuts. Cotton, which this year con­
stitutes a special case, is expected to show the smallest
crop in 80 years.

certain other crops. It also contains index numbers
of aggregate crop production and crop yields.

estimates of the acreage, yield and production of a num­

Five per cent fewer acres are this year devoted to
flue-cured tobacco, but indicated yields are so much

Nation Expects Second Largest Crop

F or the country as a whole, total crop production in
1955 promises to be second highest in history, surpassed
only by 1948. On an index-number basis, indicated
production of all crops is at a level of 104 (1 9 4 7 -4 9 =
100). This is well above the level in 1954 and is sec­
ond only to a record 106 in 1948. The tentative yield
index for 1955 is 114, far above the previous high mark
of 108 in 1948 which was closely approached in 1954.
Governmental Influences
Naturally, these over-all indications of probable yield
Government acreage allotments are tremendously im­
and production, while useful for summary purposes,
portant on those crops sub­
may inadequately measure
ject to rigid direct controls.
final crop results. In some
Allotments are usually an­
COTTON ACREAGE AND PRODUCTION
cases (notably cotton, soy­
F IF T H D IST R IC T
nounced well in advance of
beans, and sorghum ), yield
planting time. However, in
and production estimates
some c a s e s l a s t minute
are not made in July. Con­
changes are made. This
sequently, average yields are
year’s further cutback in
used in such cases in com­
Burley allotments and the
puting the above-mentioned
increase in p e a n u t allot­
i
ndex n
ments are cases in point.
more, pasture production (a
Each March the Crop
large factor in the total feed
Reporting B o a r d of the
situation) is not included in
United States Department
the index numbers. Another
of Agriculture s u r v e y s
limitation is found in the
farmers’ intentions to plant
fact that adverse weather,
for 11 crops important in
insects, and diseases may
this area. This intentions
and frequently do enter the
report is an important indi­
picture and significantly influence final results
cator of prospective farm production during the year
that is just getting started. Farmers may, of course,
District Production May Exceed 1954
alter their intentions after March 1, or have their plans
Fifth District farmers, in the aggregate, should pro­
altered by the weather.
duce more this year than last, though variations from
Despite the clues to prospective crop production sup­
this general picture may occur. And, if this forecast
plied by the acreage allotments for controlled crops and
becomes fact, it will be the result of higher yields, since
the report on farmers’ planting intentions, the first real
aggregate acreage of 13 principal crops is some 2 °J
o
and official indicator of aggregate crop production in
smaller than last year.
any given year is contained in the well-known July crop
Weather conditions have been generally favorable
report. Actually, there are two reports. The first is
despite the severe March freeze which cost the District
the cotton report as of July 1, issued on July 8 except
most of its fruit crop. A s of mid-July, moisture con­
ditions were perhaps more favorable for the District as
when this date falls on a week end. This release is
a whole than for several years. Since a number of
limited to the official estimating of the acreage of cotton
crops are heavily influenced by weather and moisture
in cultivation on July 1.
conditions after mid-July, improvement or deterioration
The general crop report as of July 1 is normally re­
remains to be seen.
leased on July 10; but since the 10th fell on Sunday
District Tobacco: Acreage Down, Production Up
this year, the report was issued on July 11. It includes
ber of principal crops and the acreage or production of



*{ 7

y

Federal Reserve Bank of Richmond

comparatively small when compared with corn, is 36%
above 1954.
Corn acreage, though down slightly this year, is esti­
mated to yield a total crop 32% above last year’s rela­
tively low level. If this increase materializes, total Dis­
trict production of corn and each of the other four prin­
cipal types of feed grains will be above the average for
the ten years, 1944-53.
Cotton Acreage Lowest in More Than 80 Years
Hay production in the District is officially estimated
The cut in cotton acreage of 14% from 1954 to 1955
at 6% above last year’s level, though still slightly below
the recent ten-year average. W est Virginia’ production
was chiefly due to further reduction in acreage allot­
ments. Result: District acreage totals only 1,218,000
will be slightly smaller than last year’s unusually favor­
acres, the smallest in more
able level, while each of the
than 80 years. Actually,
other District states expect
a greater production than in
this acreage is smaller than
CORN ACREAGE AND PRODUCTION
F IF T H D IS T R IC T
that of South Carolina as
1954. Despite the improved
prospects this year in both
recently as 1949, or that of
North Carolina in 1932.
North and South Carolina,
current indications are that
Weather at planting time
the 1955 crop will be small­
and the cool days and nights
er than the average for the
in May and June were not
1944-53 period.
favorable f o r t h e cotton
better that a crop 8% greater than 1954’s is indicated.
An even more favorable situation exists with respect
to Virginia fire-cured tobacco. In the case of Burley,
a production drop of 22% in the District exceeds the
20% cut in acreage, while both Maryland and Virginia
sun-cured tobaccos show small increases in acreage and
gains in yield compared with 1954.

crop. Stands are reported to
be spotty in some areas, and
plant growth retarded by
below normal temperatures.
H o w e v e r , favorable re­
sponse to t h e w a r m e r
weather in late June and
early July is reported. D e­
spite abnormally cool weath­
er, insect infestation thus far has been comparatively
light. Cotton yields are always heavily influenced by
weather and insect conditions during the latter part of
the season.
Higher Feed Grain Production
Following the drought in parts of the District in 1954,
which cut corn yields severely, and the further cutback
in wheat acreage allotments, farmers increased this
year’s acreage of oats and barley. Yields, however, have
been below 1954’s favorable level, and production of
oats, barley, and rye is expected to decline moderately.
N o estimate of grain sorghum production in 1955 is yet
available, but acreage devoted to this crop, though still




Peanuts and Other Crops
Following the 7 ^ % in­
crease in acreage allotments
on May 4, peanut growers
made a determined effort to
increase their acreage to the
extent allowed. Results : a
7% increase for the District.
Smaller wheat acreages, except in South Carolina,
and lower yields have combined to cut wheat produc­
tion in each District state. On an over-all basis, wheat
production will be 10% below last year’s level and 17%
below the ten-year average.
N o production estimates are yet available for soy­
beans, but total District acreage devoted to the crop is
about the same as last year. In Maryland and South
Carolina, increases have been shown, while Virginia
and North Carolina indicate curtailment.
District farmers have increased the acreage of both
white and sweet potatoes. Expanded acreage plus
higher yields imply a 12% increase in District produc­
tion of the former and a 19% increase in output of sweet
potatoes.

August 1
955

/fon M fy

Business Conditions and Prospects
is t r ic t

business took on new vigor in both

May and June.

Available statistics for June hardly

7 “' ' if t h

■L

D

June, and the total was 9.5% above June 1954.

Each

of these states showed very similar increases in these

tell the whole story, for they do not reflect rather sub­

periods.

stantial forward commitments made by most of the

in June rose 1.5%, to a level 13.6% ahead of a year ago.

In their durable goods industries man-hours

In the nondurable goods industries a rise of 1.2%

basic industries in recent weeks.

occurred during the month, which meant a level 7.9%

Still of substantial support to the upward movement

higher than last year.

is the construction industry, where District contract
awards in June were 11% higher than in May (season­

Industries showing better-than-average increases in

ally adjusted basis), 35% higher in June than a year

man-hours from May to June were lumber and wood

ago, and up 51% in the half-year.

In the trade sector,

products, up 1.8% ; furniture and fixtures, up 1.8% ;

department stores (seasonally corrected) eased some­

machinery, excluding electrical, up 3.4% ; knitting mills,

what from May levels but were still ahead of last year’s

up 4.4% (occasioned largely by a rise in seamless
hosiery) ; apparel, up 2.5% , and paper, up 1.6%. Sea­

good June performance.

Furniture sales also eased in

June, on an adjusted basis, but were well ahead of last

sonal factors were largely responsible for a drop of

year.

0.6% in tobacco manufacturing, and for a reduction of

Automobile registrations, according to available

evidence, have continued to show strength.

Confidence

1.4%

in the chemical industries.

Fabricated metals

in the outlook continues to be displayed by business

man-hours in W est Virginia declined 0.3% , but held

people.

even in North Carolina.

It was evidenced by a 13% May increase in the

number of new business ventures as compared with

Relative to a year ago, June

man-hours showed substantial increases in all durable

April, 42% over a year ago, and 24% for the five

goods lines, and good increases in most nondurable

months.

goods lines, although food products showed a fractional
decline.

Bituminous coal output in June failed to maintain the
extraordinarily high May figure, but still remained at
a level 12% higher than a year ago. Employment in
the bituminous coal mines of W est Virginia moved up
1.1% in June over May, and was also 1% higher than
a year ago.

Trade
Department store sales (average daily seasonally ad­
justed) were down 4 % in June, but 3% ahead of a year
ago.

In the first half-year, these sales were up 8 % .

Store inventories moved up 5% , after seasonal correc­

Activity in the manufacturing industries of the Dis­
trict continued to expand during June in the three
states for which figures are available.

tion, to a level 4 % ahead of a year ago.

Important in

the June picture were substantial increases in sales of
womens’ and misses’ coats and suits, moderate increases

C onstruction

in furniture and bedding and major household appli­
ances, and a substantial increase in radios, phonographs,
and television sets.

Contract awards for all types of construction in the
Fifth District rose 11% , after seasonal correction, from
May to June. There were adjusted increases of 137%
in commercial awards, 66% in factory awards, and 3%
in public works and utility awards. These more than
offset a decline of 28% in residential awards. In the
first half of 1955, total construction contract awards
were up 51% , with residential up 49% , non-residential
up 55% , and public works and utilities up 47% .

Retail furniture store sales in June (seasonally cor­
rected) slipped 1% from May, but remained 9% ahead
of a year ago.

For the first half, these store sales were

12% above a year earlier.

Interestingly, their cash

sales were down 6 % and their credit sales were up
15%.

Their accounts receivable (seasonally corrected)

rose 1% in June, and stood 8% above a year ago.

G.I. home loans in May were at the same level as in
April, but they were 117% ahead of May 1954, and
the five-month comparative increase was 109%.

Col­

lections remained good in June but did not keep pace
with the sales level.

Inventory policy of furniture stores

is still conservative, with June unchanged from May
M anufacturing A ctiv ity

and 1% under a year ago.

Man-hours in all manufacturing industries of W est
Virginia and the Carolinas rose 1.2% from May to

trict for May were 1% higher than April, 32% higher




New passenger automobile registrations in the Dis­

i

9

y

Federal Reserve Bank of Richmond

than May 1954, and 30%
months.

larger for the first five

were up $99 million during the month, with a rise of

June registrations in North Carolina were

$93 million in demand deposits and $6 million in time

2 % above May, 19% higher than a year ago, and up

deposits.

35% for the first half-year. In Richmond, Virginia, new

Bank increased $20 million, offset in part by a reduc­

passenger-car sales in June were substantially higher

tion of $11 million borrowed from others.

than in May and 177% higher than a year ago.

But

in Washington, D. C., June sales declined 15% from
May.

Member bank indebtedness at the Reserve

Business loans of the weekly reporting banks have
halted their upward movement in recent weeks, but no
normal seasonal decline has been witnessed this year.
Real estate loans and consumer loans were at all-time

B anking
Loans and investments of member banks of the Fifth

high levels early in July.
Bank debits (seasonally adjusted) in June failed to

District rose $42 million between May 25 and June 29.
Loans increased $85 million and more than offset de­

maintain the pace set in May, and slipped 3 % .

They

clines of $38 million in Government security holdings

wT
ere, however, 16% higher than a year ago and up

and $4 million in other security holdings. Total deposits

11% for the first half-year.

Midyear Roundup—Vigorous Upturn In The District
(Continued from page 4)

Employment in the bituminous coal mines of V ir­

31.1% , Virginia 23.2% , and South Carolina 18.2%.

ginia averaged 11,500 for the first five months, a de­
cline of 7% from a year ago.

In W est Virginia, em­

Business failures numbered 964 in the first five
months of 1955, a decline of 21.4% from a year ago.

ployment averaged 66,900, off 11.9%. The combined
total averaged 78,400, 11% less than a year ago. The

Electric power production in the District was 9 %

wholesale price of coal in the first five months of 1955,

higher (four months 1955 vs. 1954).

according to the Bureau of Labor Statistics, averaged

occurred in North Carolina

3.2% lower than in the same period of 1954.

18.2%, W est Virginia 6.5% , and South Carolina 4.3% .

M iscellaneous

Decreases were shown in Maryland (1 .2 % ) and the
District of Columbia (1 2 .7 % ).

New business incorporations in the District (first five

Largest increase

(2 4 % );

Virginia rose

Gasoline consumption (four months of 1955) in the

months) totaled 3,470, an increase of 23.7% over 1954.

District was 5.9% higher than in 1954.

Maryland was

V ery substantial increases occurred in all states except

up 7.3% , North Carolina 6.3% , Virginia 6.2% , South

W est Virginia, where a 7.8% decline took place. North

Carolina 3.9% , W est Virginia 3.2% , and the District

Carolina incorporations

of Columbia 1.1%.




were

up 31.7% ,

Maryland

10 }»

August 1
955

F if t h

STATES
Maryland
Dist. of Columbia
Virginia __________
West Virginia ___
North Carolina _
South Carolina ___

D is t r ic t

S t a t is t ic a l

F U R N IT U R E SA L E S*
(Based on Dollar Value)
Percentage change with correspond­
ing period a year ago
June 1955
6 Mos. 1955
—
2
+ 5
+10
+ 13

+ 6

+ 8
+ 18
+ 4
+ 4
+ 7

District

+23
+10

+11
+11
+ 5
+ 13
+ 8
+ 17
+ 9
as well as

W H O L E SA L E TRADE
Sales in
June 1955
Compared with
June
May
1954
1955
LINES
Auto supplies _______________ + 16
+ 8
Electrical, electronic and
appliance goods --------------- + 12
+ 1
Hardware, plumbing and
+28
+ 12
heating goods _________ —
Machinery equipment sup­
plies _______________________ + 17
+ 5
Drugs, chemicals, allied
products __________________ + 17
+ 2
— 16
Dry goods
------------------------- + 16
Grocery, confectionery,
meats
.............................
+ 5
+ 7
— 6
Paper and its products____
+ 7
NA
NA
Tobacco products ________
—11
Miscellaneous _______________ + 12
— 5
District Total . . _ ............ + 10

Stocks on
June 30, 1955
compared with
June 30,
May 31,
1954
1955
— 6
— 1
— 1

— 10

NA

NA

— 3

0

+40
+ 11

+ 3
+41

+ 5
+28
NA
+ 4
+ 4

0
— 2
NA
+ 2
0

+

2

+

2

+

4

+

+

9

+

9

+

5

+

9

+

+

8

+

6

+

2

— 1

+

3

+

1

+

8

+24

— 4

+ 12

11.3

14.9

D.C.

Va.

+

+

Sales, June ’55 vs June
’54 _____________________ +




2

2

51.4

2

45.2
14.1
W .V a.
+

3

$ 54,610,222
903,291
1,543,175
1,444,260
1,246,276

$ 30,189,680
394,575
579,182
1,368,539
1,079,946

468,263
1,370,821
398,929
2,106,720
411,475
1,284,093
179,000
244,900
3,282,184
1,422,771
296,950
1,193,220

321,756
1,136,072
181,406
308,952
128,559
792,981
269,500
345,955
1,756,547
1,119,635
187,635
830,124

3,810,284
8,525,903
2,009,636
6,202,518
1,261,501
7,349,452
1,746,400
1,794,715
12,727,949
6,510,124
1,666,305
6,484,785

1,318,349
5,228,331
853,735
2,760,549
1,549,606
7,068,129
1,122,900
4,108,489
14,145,307
6,326,259
752,275
4,101,386

W est Virginia
Charleston
Clarksburg
Huntington __

513,266
205,000
1,652,842

991,257
95,365
1,091,064

3,403,415
1,063,464
3,674,068

4,403,372
1,411,875
3,023,339

North Carolina
Asheville
Charlotte
Durham _____
Greensboro
High Point
Raleigh _____
Rocky Mount
Salisbury ___
Wilson ______
Winston-Salem

333,003
1,604,583
806,268
1,205,523
424,845
2,031,469
236,541
293,215
180,500
722,186

333,140
1,918,143
591,796
972,311
712,865
1,200,985
285,111
149,115
185,850
961,116

1,657,080
15,175,558
6,958,257
5,832,947
4,211,864
11,375,348
1,889,186
799,378
1,851,275
7,311,203

2,010,604
10,043,716
2,986,446
5,840,987
2,730,129
6,869,577
1,724,100
934,412
1,209,400
6,861,958

393,152
631,177
817,266
265,990

211,610
737,510
1,160,940
103,128

1,675,777
4,420,117
4,194,012
1,136,690

1,104,253
5,517,596
4,205,760
1,529,570

6,321,132

44,098,400

32,727,964

$32,749,145

$240,564,835

$178,082,295

June
1955

7

30.2

$ 6,461,845
170,650
107,415
441,935
165,740

Virginia
Danville
Hampton
Hopewell
Lynchburg
Newport News
N o r fo lk _____...
Petersburg
Portsmouth ._
Richmond
Roanoke ____
Staunton
Warwick

4

Instalment receivable June
1, collected in June 1955 _

6 Months
1954

Dist.
Total

3

Open account receivables June
1, collected in June 1955 ..

6 Months
1955

F IF T H D IS T R IC T IN D E X E S
Seasonally Adjusted: 1947-1949 = 100

+

Md.

Maryland
Baltimore
$11,014,340
Cumberland .
101,600
Frederick
375,000
Hagerstown .
113,375
Salisbury
213,677

June
1954

District Totals ..$52,444,924

D E P A R T M E N T ST O R E O P E R A T IO N S
(Figures show percentage changes)
Other
Rich. Balt. Wash. Cities

Stocks, June 30, ’55 vs ’54 _
Outstanding Orders
June 30, ’55 vs ’54 ___ ___

June
1955

Dist. of Columbia
Washington .... 15,650,780

N A Not Available.
Source: Bureau of the Census, Department of Commerce.

Sales, June ’55 vs June ’54
Sales, 6 Mos. ending June
30, ’55 vs 6 Mos. ending
June 30, ’54 _____________

B U IL D IN G P E R M IT F IG U R E S

South Carolina
Charleston
Columbia
Greenville
Spartanburg ._

IN D IV ID U AL CITIES
— 2
Baltimore, Md. . _ ___________ _____
+10
Washington, D. C . __ -------------------Richmond, V a .............. - ............
+12
.........
+36
Charleston, W . Va.
+18
Greenville, S. C. ____ -------------------*Data from furniture departments of department stores
furniture stores.

D ata

39.0

42.7

16.1

14.2

N.C.

s.c.

+

+

9

7

New passenger car registra­
tion* ___________ _________ _
170
Bank debits.........
.......
85
Bituminous coal production* ....
Construction contracts .........
229
Business failures— number
188
Cigarette production _______
Cotton spindle hours _______
121
125
Department store sales _____
Manufacturing employment*
Furniture store sales _______
116
204
Life insurance sales** ______
* Not seasonally adjusted.
** Series revised,
r Revised.
Back figures available on request.

-I 11 1-

May
1955
195
176
lOOr
206
151
111
124
130
107
117
193

June
1954
172
146
76
170
250
106
108
121r
104
106
168

% Chg.—
Latest Mo.
Prev.
Yr.
Mo.
Ago

+ 1
— 3
— 15
+ 11
+25
+26
— 2
— 4
0
— 1
+ 6

+ 32
+ 16
+ 12
+ 35
—25
"1" 9
+ 12
+ 3
+ 4
+ 9
+21

Federal Reserve Bank of Richmond

F ifth

D ist r ic t b a n k i n g

W E E K L Y R E P O R T IN G M E M B E R B A N K S

D E B IT S TO D E M A N D D E P O SIT A C C O U N T S*
(000
omitted)
June
1955
Dist. of Columbia
Washington ______ $1,429,062
Maryland
Baltimore _________ 1,707,905
Cumberland ______
30,090
Frederick _________
26,319
Hagerstown ______
44,376
Total 4 Cities ___ 1,808,690
North Carolina
Asheville __________
66,956
Charlotte _________
420,786
Durham ___________
87,144
Greensboro ________
152,461
High Point** ____
52,701
Kinston ___________
22,458
Raleigh ___________
230,010
54,910
W ilm in g to n ______ _
Wilson ____________
17,413
Winston-Salem ___
184,941
Total 9 Cities___ 1,237,079
South Carolina
Charleston ___ ____
83,675
Columbia _______ 185,941
136,029
Greenville _________
Spartanburg _____
64,319
Total 4 Cities ___
469,964
Virginia
Charlottesville ____
39,684
40,626
Danville ___________
Lynchburg ________
61,211
Newport N e w s ___
59,265
N o r fo lk ___________
313,499
Portsmouth ______
38,509
Richmond _________
715,005
138,854
Roanoke __________
Total 8 Cities ___ 1,406,653
W est Virginia
Bluefield __________
50,230
Charleston ________
168,053
Clarksburg ____ ......
38,681
Huntington ______
72,739
Parkersburg ______
33,814
Total 5 Cities ___
363,517
District Totals _____ $6,417,965

(000 omitted)

June
1954

6 Months
1955

6 Months
1954

$1,208,851

$ 7,996,299

$ 6,924,942

1,508,499
26,781
23,357
37,023
1,595,660

9,380,646
150,807
140,557
256,228
9,928,238

8,609,534
137,788
134,761
212,597
9,094,680

Total Loans ____________________ $1,650,587**
Bus. & Agric.......................... ......
730,770—
Real Estate Loans __________
330,048
All Other Loans _____________
611,901+

+ 15,385
1,229
+ 8,313
8,219

+250,839
+119,130
+
52,326
+ 83,539

66,523
350,349
94,596
121,425
42,039
18,980
196,422
48,775
18,098
160,885
1,076,053

394,519
2,426,250
483,111
868,757
298,755
133,515
1,287,248
313,522
118,763
1,019,969
7,045,654

362,655
2,087,248
520,057
700,897
251,089
118,789
1,103,776
273,705
105,934
887,603
6,160,664

Total Security Holdings ______ 1,698,899
U. S. Treasury Bills _________
43,597
U. S. Treasury Certificates ..
18,050—

— 45,369
— 30,584
4,408

— 85,486
— 65,092
— 128,962

75,280
157,491
103,550
59,955
396,276

497,580
1,063,816
765,359
390,518
2,717,273

437,002
993,062
638,287
368,926
2,437,277

U. S. Treasury Notes ______
350,782
U. S. Treasury Bonds _______ 1,021,505+
Other Bonds, Stocks & Secur.
264,965—
Cash Items in Process of Col. ..
348,211
Due from Banks _______________
189,606*+
Currency and Coin __________
82,406+
Reserve with F. R. Banks _____ 546,223
68,690+
Other Assets ___________________
Total Assets _________________ $4,584,622—

— 14,137
7,398
3,638
— 23,669
8,903
6,420
+ 34,447
1,474
2,409

+ 57,268
+ 36,737
+ 14,563
+ 33,325
—
332
+
2,807
—
344
+
7,084
+207,893

32,508
32,897
53,384
49,587
272,563
35,877
567,122
121,386
1,165,324

219,462
232,513
323,000
329,812
1,717,263
216,972
3,895,603
767,095
7,701,720

186,234
202,940
292,114
279,306
1,532,988
191,740
3,472,354
691,420
6,849,096

Total Demand Deposits _______ $3,438,461
Deposits of Individuals _____ 2,586,330
Deposits of U. S. Government
104,680
Deposits of State & Local Gov.
218,572+
Deposits of Banks ___________
468,719*+
Certified & Officers’ Checks ..
60,160—

— 24,756
— 46,113
+ 13,707
3,856
9,847
6,053 v —

+133,728
+133,975
— 5,617
+ 16,866
— 11,277
219

Total Time Deposits ___________
Deposits of Individuals .......
Other Time Deposits _________

5,596
648
4,948

+ 23,491
+ 32,330
— 8,839

39,555
159,813
31,307
71,406
30,492
332,573
$5,774,737

265,224
1,012,124
214,195
435,515
189,870
2,116,928
$37,506,112

232,580
1,023,587
186,949
414,632
179,609
2,037,357
$33,504,016

+ 24,950
2,121
872
2,409

+ 37,950
— 4,590
+ 17,314
+207,893

Items

Change in Amount from
July 13,June 15,
July 14,
1955
1955
1954

754,796—
681,495—
73,301—

Liabilities for Borrowed Money
40,950
All Other Liabilities ___________
40,661+
Capital Accounts _______________
309,754+
Total Liabilities _____________ ...$4,584,622—

* Net figures, reciprocal balances being eliminated.
** Less losses for bad debts.

* Interbank and U. S. Government accounts excluded.
** Not included in District totals.




S ta tistic s

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102