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FEDi

' RESERVE BANKj

'RICHMOND

O M £U t
December 1954

INCOMEOF FARM
OPERATORS

Billions of Dollars

Realized G ross*
30

20

10

0

1930

1935

1940

1945

1950

★ Including Government payments, beginning 1933.

Also In This Issue

-

-

-

7~^ armers have experienced three consecutive

Fifth District Trend C h arts____________ Page

2

years of declining incomes, a trend which may

Department Store Sales ________________ Page

5

October Call Report ____________________Page

7

Business Conditions and P rosp ects_____ Page

9

Fifth District Statistical D a ta ___________ Page

11

continue in 1955.

The article on page 3 discusses

the agricultural outlook for 1955 and indicates
opportunities for farmers and bankers to continue
to cooperate in sound farming development.




Federal Reserve Bank of Richmond

F ifth

D istr ic t

T r en d s

TOTAL CONSTRUCTION CONTRACT AWARDS

CONSTRUCTION CONTRACT AWARDS

Sparked by sharp rises in commercial, factory and public works
and utility awards, total contract awards increased 59% from Sep­
tember to October on a seasonally adjusted basis. October awards
were 55% ahead of October last year and the ten months’ accumula­
tion was 13% higher.

Commercial construction contract awards in October were up 77%
on an adjusted basis from September and were 34% ahead of Octo­
ber 1953. The October award level did not approach the inordinate
level of June but it was the second best month of 1954. Ten months’
awards were 33% ahead of last year.

BITUMINOUS COAL PRODUCTION
ACTIVE

150

COTTON SPINDLE HOURS

120
90
60
30
(Average Daily)
(1947-1949* 100)

1946

1947

1948

1949

1950
Evidences of real recovery have been witnessed in the cotton
textile industry this Fall. The October record showed spindle-hour
operations, seasonally adjusted, up 7 % from September and 1 %
ahead of a year ago. The month’s level was within 2 .5% of the
post-war peak.

Better than seasonal improvement occurred in the output of
bituminous coal in October. The average daily figure rose 9% above
that of September to within 4 % of a year ago. Increasing demand
for steel operations, belated replenishment of retail dealers’ inven­
tories and probably some expansion in other coal stocks have sparked
the improvement.

BUSINESS FAILURES

RETAIL FURNITURE STORES NET SALES
150

( Seasonally Adjusted)

150

(1947-1949-100)

125

100

75
( Seasonally Adjusted)
(1947-1949= 100)

1946




1947

1948

1949

1950

1951

1952

1953

1954

After receding sharply in August and September sales of furniture
stores in this District rose 19% after seasonal correction from Sep­
tember to October to a level 1 % ahead of October 1953. October was
within 2 % of the year’s peak level established in May. Sales for
ten months, however, were 7 % smaller than a year ago.

Business failures in the Fifth District during October dropped
2 8 % on a seasonally adjusted basis from September to a level 19%
below October 1953. For the first ten months the total is 60% above
a year ago. The downward trend since April indicates that staying
in business is less difficult than it was earlier in the year.

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December 1954

What Farmers Face in 1955
brief, the agricultural outlook for next year reads
wheat, the nation’s total crop output for 1954 will be
like th is: Domestic demand is expected to continue
down about 5% from 1953’s high level. Some further
high; exports should be up, perhaps 10% or m ore;
acreage cutbacks are in prospect. Even if it is assumed
supplies will continue large; and farmers’ prices are
that most of the acreage diverted in 1954 and 1955 will
expected to average close to present levels. Here, in a
be effectively utilized and that growing conditions will
nutshell, is the shape of things to come as currently
be average, total crop output next year is likely to be
seen by the Agricultural Marketing Service of the
slightly below 1954 levels. Supplies of most major
U SDA.
crops (production plus carry-over) will continue large,
but most of the carry-over stocks will continue to be
T o farmers generally this means that next year will
probably be much the same
held by the CCC under price
as this year— e x c e p t, of
support programs. A ggre­
course, where acreage re­
gate production and market­
INCREASES IN FARM COSTS
strictions cause further re­
ings of livestock and live­
1935-1939 to 1954
ductions in plantings and
stock products are expected
growing conditions improve
to hold at the same record
Farm Wage Rates
or worsen considerably.
high level in 1955 as was
Building Material Prices *
Farmers therefore w ill
established this year.
again face a set of factors
Although there will be
Livestock Prices
which will require much
shifts among commodities,
Farm Real Estate Values
managerial skill if farm in­
the U S D A Outlook special­
Motor Vehicle Prices
comes are to be improved.
ists feel that the average
Feed Prices
Total gross farm income
level of farm product prices
Farm Real Estate Taxes
again is expected to recede
wT be the same in 1955 as
ill
slightly. P r o d u c t io n ex­
Farm Machinery Prices
in the Fall of 1954. If this
penses, in the aggregate,
Farm Supply Prices
be the case, cash income
may continue their slight
Seed Prices
from livestock and livestock
d o w n d r i f t , though not
products will be about the
Motor Supply Prices
enough to prevent realized
same next year as this, while
Fertilizer Prices
net farm income from some
income from crops, total
further shrinkage.
0 Percent
100
200
300
♦ Fencing materials included.
cash returns from market­
Even so, the forecasters
ings, and total realized gross
point out that, given average
farm income will be slightly
weather, it can be expected
lower in 1955 than in this or other recent years.
that efficient operators of efficient farms will chalk up
Total farm production expenses have declined slight­
fairly nice net farm incomes in 1955. Those who are
ly in each of the past two years. A small additional
not in this class should begin to think realistically about
decline is probable for 1955, although production ex­
their situations and possible courses of actions as they
penses are not expected to slip as much as gross farm
affect income potentials.
income. This means less realized net farm income
Outlook for Business in General
which, even in 1954, is smaller in actual dollars than in
A ny analysis of the agricultural outlook must neces­
any year since 1950 and, in terms of purchasing power,
sarily make some basic assumptions as to the state of
is the smallest since 1940.
the national economy. Underlying the discussions at
Meaning of the Outlook
the recent Outlook Conference in Washington was the
feeling that there need be little fear of a general reces­
W hat does this mean for Fifth District farmers, bank­
sion, and, unless war should break out, there is little
ers, and other businessmen who are directly or indirect­
reason to expect a revival of general price inflation.
ly dependent upon agriculture in 1955 ? Lower incomes,
Employment, production, and purchasing power in 1955
to be sure, encourage farmers to watch expenditures
are expected to remain near present levels. Consumer
more carefully, but in today’s commercial agriculture
incomes and consumer spending are expected to be fair­
it is impossible for farmers to stop spending and remain
ly stable— and may increase slightly.
Consumers will
in business.
probably continue to spend one-fourth of their income
The accompanying chart shows that some elements
for food as they have done in both 1953 and 1954.
of farm costs have risen much more than others. These
Production, Prices, and Incomes
data explain why many farmers have acquired laborDue mainly to reduced production of cotton and
saving machinery in order to reduce the need for hired

/

n




0

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Federal Reserve Bank of Richmond

labor. The “ good buy” and useful aid which fertilizer
offers is also illustrated.
Many farmers now planning to adjust their farming
operations to bring about lower long-term costs will
need to continue reasonably high levels of investment
for the next few years. In other cases, the mere
maintenance of the present efficient farm plant which

many have already developed will require a continued
high level of annual expenditures.
Finally, it should be remembered that the range in
final results of wise or unwise managerial decisions is
likely to be abnormally wide in the years ahead. Thus,
either indiscriminate spending or harsh economizing
may weigh heavily as adverse affectors of net earnings.

Prospects for Key District Commodities
W hat’s ahead for the major commodities or com ­
modity groups of particular concern to Fifth District
farmers ? A quick look at each is offered in the follow­
ing paragraphs.

look for cotton is one of large supplies, estimated dis­
appearance is about 1.3 million bales larger than last
year and should reduce carry-over stocks somewhat.
Contributing to the anticipated larger disappearance
in 1955 is an expected increase of about 600,000 bales
in domestic mill consumption. Adding to the larger
domestic use are prospects for around a 700,000 bale
increase in cotton exports, largely as the result of small
stocks abroad and the relatively high level of cotton con­
sumption in foreign countries.
Despite the outlook for a reduced cotton carry-over
at the end of the year, a national marketing quota of 10
million bales has been proclaimed for the 1955 crop of
upland cotton. Acreage allotments, set at 18.1 million
acres for the nation and 1.3 million for the District, are
9 and 11 % respectively below the acreage in cultivation
July 1, 1954. It remains to be seen whether Congress
increases 1955 cotton allotments as it did in 1954.
A flexible price support scale ranging from 82.5 to
90% of parity will apply to the 1955 crop of upland cot­
ton. However, supply provisions of the Agricultural
Act of 1954 indicate that the 1955 price support level
will be 90% of parity.

Tobacco
W ith tobacco accounting for 30% of the District’s
total cash farm income, tobacco farmers will find sig­
nificance in the fact that domestic use— especially of
cigarette-type tobaccos— is expected to continue firm in
1955. Expectations are that the major outlet— cigarette
output— will continue in 1955 to run within the range
of recent years despite the fact that cigarette consump­
tion, which persistently increased for so many years,
has probably declined slightly in 1954.
Exports for 1954-55 will probably be moderately
above 1953-54. Pointing to this belief is the improved
gold and dollar position of a number of important for­
eign buyers during the past two years, the continued
uptrend in cigarette consumption in several importing
countries, and the low foreign stocks of United States
tobacco relative to consumption requirements. Tobacco
exports should also benefit from recent legislation which
permits foreign currencies to be accepted for sales of
agricultural commodities in excess of usual marketings.
The growing competition resulting from the sharp in­
crease in foreign tobacco production is an offsetting
factor, however, and should not be overlooked.
Supplies of most type tobaccos are large, and those of
flue-cured and Burley are larger than last year. The
1955 crops of flue-cured, Burley, and Virginia suncured will be grown under acreage allotments and mar­
keting quotas. Producers of Maryland and fire-cured
tobaccos will vote later this year either to approve quotas
for the next three years, or for one year, or to reject
them.
Prices of 1955-crop tobacco will be supported on the
same basis as in the past— flue-cured and Burley at
90% of parity and Virginia sun-cured at 66 2 /3 % of
the Burley support level. Should quotas be approved
for the Maryland and fire-cured types, supports are to
be at 90% of parity for Maryland and 75% of the
Burley level for fire-cured.

P ou ltry and E ggs
W ith poultry and eggs now the second largest source
of farm income in this five-state area, contributing a
17-cent share to each farm dollar, the general price
weakness in 1954 has been an important District de­
velopment.
What is the outlook in this important sector? R ec­
ord or near-record supplies of poultry meat and eggs are
assured for some months to come. Poultry and egg
prices through mid-Summer 1955 are likely to continue
well below average compared with feed prices. This
will probably result in fewer chicks raised for laying
flock replacement in 1955 and possible reductions in the
number of eggs produced the last half of the year.
Consumer demand for poultry products next year will
stay about the same as in 1954. Storage demand for
eggs should be weaker next Spring, however.
Indications are that egg prices may be higher than
year-ago levels by mid-Spring, though they will prob­
ably not be high enough to restore egg-feed price ratios
to near-average levels. Despite the large crop and low
prices in 1954, early-season testing of turkey hens for
inclusion in next year’s breeding flocks is up from last

Cotton
For a crop that is no longer “ king” but which still
contributed 11% to total District cash receipts from
farming, it is meaningful that, though next year’s out­



(Continued on page 8)

* 4
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December 1954

Department Store Sales
h e national economy has undergone a moderate
recession in 1954 and a major influence in holding
the dip to moderate proportions has been the fact that
consumers continued to spend so heavily on goods and
services. Actually, from January through September
national consumer outlays for goods and services were
at an annual rate of $232.8 billion, an unforecasted gain
of $2.6 billion over 1953. During the same period,
combined durable and nondurable goods sold at an an­
nual rate of $148.6 billion, less than a 1% decline from
the 1953 period ; and nondurable goods purchases were
running at an annual rate of $120 billion, or 1% over a
year ago.

T

Department store sales in the same period, while
maintaining historically a high level, were down 3.3%
over the previous year— both for the nation and for the
Fifth Federal Reserve District.
In the long run, however, consumer outlays on non­
durable goods and department store sales in the Fifth
District have shown about the same performance. Be­
tween 1945 and 1953 consumer outlays in the United
States on nondurable goods rose at an annual compound
rate of 6.3% . Sales of Fifth District department stores
in the same period rose at an annual compound rate of

6.6%.

Department store sales in this District reached their
highest point in the second quarter of 1953 when the
index (average daily seasonally adjusted) stood 24%
above the 1947-49 base period. The third quarter of
1953 was 4.8% below the peak second quarter, while
the fourth quarter was up a little from the third quarter
and 4.0% under the second quarter peak. The lowest
quarterly level came in the first quarter of 1954 when
the decline from the peak quarter amounted to 5.7% .
The 1954 second quarter level rose to 19533’s fourth
quarter, and the third quarter 1954 level fell from the
second quarter but did not quite reach the low level of
the 1954 first quarter. Preliminary figures indicate an
October adjusted index up sharply from September, a
bit above the August level, and a moderate increase over
October 1953.
State and C ity E xperience
In W est Virginia the slump in the bituminous coal
industry and the lessened demand for durable goods has
been primarily responsible for a decline of 9 % in de­
partment store sales in the first nine months of 1954
over the same months of 1953. North Carolina and
Virginia showed declines of 5% in this period, a reflec­
tion of lower employment levels characteristic of most
lines in these states as well as of poorer returns from
agriculture, particularly in North Carolina.
South Carolina department store sales in the first
nine months of this year were down 3% from a year



i s y

ago but this state’s sales are fairly heavily weighted with
stores in Columbia and Charleston where sales have
done moderately well thus far this year. Charleston
showed an increase of 1% (first nine months compared
with the same months last year) and Columbia an in­
crease of 2 % .
Sales in Maryland experienced a decline of 1% and
the city of Baltimore showed the same decline as the
state. In the Cumberland-Hagerstown, Maryland area,
where industrial operations have been more adversely
affected, sales were off 9 % in the period under review,
with Hagerstown showing a decline of 5% and Cumber­
land a more substantial drop. Department store sales
in the Washington metropolitan area gained 1% but
stores in downtown Washington declined 2 % .
In cities where figures can be cited without disclosing
individual store operations, four showed increases in
the first nine months compared with the same months
of 1953. These w ere: Winston-Salem, North Caro­
lina, up 3% ; Columbia, South Carolina, up 2% ; and
Charleston, South Carolina, and Washington metropoli­
tan area, both up 1% .
Eight cities showed losses between 1% and 5% in
the period under review. These include Hagerstown,
Maryland, down 5 % ; Lynchburg, Virginia; Roanoke,
Virginia; Greenville, North Carolina; Raleigh, North
Carolina; and Asheville, North Carolina, each down
4% ; Richmond, and downtown Washington, each down
2% ; and Baltimore, down 1% .
Seven cities showed department store sales down
more than 5% in the period. They include: the Cum­
berland-Hagerstown area; Parkersburg, W est Virginia;
Newport News, Virginia; and Spartanburg, South Car­
olina, each down 9 % . Charleston, W est Virginia, was
down 8% and other cities not reported separately were
off 8 % . Huntington, W est Virginia, declined 7% and
the Norfolk-Portsmouth, Virginia, area 6 % . The rec­
ord shows that most of the smaller cities have not fared
as well as the large cities.
The seasonally adjusted department store sales figures
averaged quarterly show some interesting comparisons
at the state level. The peak quarter for the District
was the second quarter of 1953. Maryland, District of
Columbia, Virginia and W est Virginia peaked in the
same quarter. In North Carolina the peak was in the
first quarter of 1953 and in South Carolina it was in
the third quarter of 1953. Changes in department store
sales between the peak quarter of 1953 and the low
quarter of 1954 show fairly wide variations. The Dis­
trict as a whole was down 7.4% , W est Virginia down
12.6%, North Carolina down 9.9% , South Carolina
down 15.6%, Maryland down 7.1% , Virginia down
10.5%, and the District of Columbia down 4.7% . De­
partment store sales in the third quarter 1954 had re­

Federal Reserve Bank of Richmond

which was fairly consistent in each of the three quarters.
W om en’s coats and suits, a very important department
in most stores, showed a nine months’ decline of 9 % ,
with the first quarter off 16%, the second quarter 2%
and the third quarter 10% . A rt needlework, of little
significance in dollar terms, showed a nine months’ de­
cline of 7% with the second quarter bearing the drop.
Books and magazines declined 5 % ; 7% in the first
quarter, 4 % in the second quarter, and 3% in the third
quarter. Furniture and bedding sales slipped 4 % in
the nine months, with the first quarter down 6 % , the
second 8 % , and the third up 3 % . The third quarter
of 1954 was the best quarter in both years.
Other departments showed small gains and losses for
the nine months but their sales generally remained
stable in the two periods.

covered 1.7% from the low quarter of the recession, but
those in Maryland were at their lowest in the third
quarter and sales in W est Virginia had dropped back
to the low level of the first quarter. South Carolina
showed a 15.2% recovery from the low quarter to the
third quarter; the District of Columbia 4.1% ; Virginia
3 .3 % ; and North Carolina 1.0%.
W hat Has Been Selling
Stores reporting departmentally are heavily weighted
with reports from Baltimore, Richmond, and W ashing­
ton, and these stores have enjoyed better total sales than
the District. For example, in the first nine months of
1954 this group showed a sales increase of 1.6% com­
pared with a decline of 3.3% for all reporting stores.
Progress departmentally has been quite irregular. In
the first nine months of 1954 furs and piece goods sold
very well, and furs led all other departments with a gain
of 17% over a year ago. Fur sales in the first quarter,
however, were 11% smaller than in the same quarter
last year. In the second quarter, following a reduction
in Federal excise taxes, there was an increase of 42% ,
and the third quarter showed a good gain of 12%.

Fairly strong upward trends, running back to 1952
and in some cases earlier, are shown in men’s furnish­
ings ; boys’ clothing and furinshings; men’s and boys’
shoes and slippers; housewares; cotton wash g o o d s ;
notions; toilet articles; drugs and sundries; stationery;
blouses, skirts and sportswear; juniors’ and girls’ wear;
infants’ w ear; women’s and children’s shoes; neckwear,
scarfs and handkerchiefs; millinery (though the current
season has been p oor) ; and corsets and brassieres.
Departments showing downward trends, at least since
1952, include women’s and misses’ coats and suits;
children’s and women’s hosiery; furniture; major house­
hold appliances; radio, television, musical instruments;
laces, trimmings, embroideries, ribbons; art nedlework;
sporting goods and cameras.

Piece goods have done very well this year. W oolen
yard goods sales in nine months were up 13% from last
year, with the bulk of the increase concentrated in the
second quarter. Cotton yard goods did equally well,
with an increase of 12.4% in the nine months, with the
first quarter up 20% , the second quarter 6 % , and the
third quarter 12% . Silks, velvets, and synthetics showed
a moderate 6% gain for the nine months, with first and
second quarters up 7% and the third quarter up 3 % .
Toys and games had a nine months’ increase of 11%,
with the bulk of it in the first quarter, apparently rep­
resenting unsold clearances from Christmas; the second
and third quarters still showed better increases than
total store sales.
M ajor household appliances have also done quite well
this year, with an increase of 8% in nine months and
the best record established in the first quarter of the
year when price clearances were an important stimulaing factor. The second and third quarters both con­
tinued above last year, although the gains have been
decreasing.
Other departments showing sales increases between
5 and 10% a year include silverware and jew elry; cor­
sets and brassieres; blouses, skirts and sportswear; boys’
w ear; men’s and boys’ shoes and slippers; radio, phono­
graph, television, music and musical instruments; and
candy.

Inventories and Credit
Department store inventories in the Fifth District
reached a peak in August 1953. Between then and
February 1954 inventory liquidation amounted to 13% ;
since February inventories have trended upward (sea­
sonally adjusted), with a gain of nearly 7% between
February and September. Outstanding orders, which
were sharply down from m id-1953 to early 1954, have
shown some improvement. It appears that the inven­
tory accumulation this year has been required for cur­
rent sales purposes.
Although the trend of instalment sales in District
stores has been downward, these have been more than
offset by the rise in other credit sales. Cash sales have
been maintained at a relatively stable level. Instalment
receivables, which rose substantially between the Sum­
mer of 1952 and the middle of 1953, have since leveled
off. Open book credit has continued to trend upward
but at a much slower rate than that in vogue between
1950 and 1952. N o dangerous situation appears in de­
partment store credit since collection ratios have been
maintaining a steady pace for the past two years.

On the other side, sales declines for nine months of
1954 compared with 1953 were found in laces, trim­
mings, embroideries and ribbons, with a slide of 13%




- 6
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October Call Report
77' i f t h D i s t r i c t member banks, participating in the
JL apparent improvement in general business condi­
tions during the third quarter of this year, set new rec­
ords in nearly all of their asset and liability accounts. On
October 7 * assets of these banks totaled $7,534 million,
and current indications are that the rate of increase over
the past quarter will continue to year’s end and thus set
another banking record. The following charts show the
amounts held in the principal accounts of the District’s
member banks on the selected dates.
Time deposits, which continued their upward trek
throughout the recent mild slump in business activity,
advanced strongly in the third quarter 1954 and provid­
ed a good portion of the reserve strength needed to ac­
quire the additions to earning assets shown below.

the year, continued high through the third quarter. The
only category of bank loans experiencing a marked slowup in growth this year as compared with immediate past
years was the consumer group. Consumer demands for
all forms of credit, although at the highest level on
record, failed to show the growth this year that might
have been expected on the basis of past experience. A c ­
tually the banks of the District, and the nation as a
whole, made only slight additions to the record total
of consumer credit outstanding.

LOANS AND DISCOUNTS
M illion

September 30,1953
June 30, 1954
October 7, 1954

IO O
O

S

September 30,1953
June 30, 1954
October 7, 1954

1500

2000

— i

F

M illion

4500

September 30,1953
June 30, 1954

September 30,1953

5500

-----1

X

June 30, 1954

5000

J.

October 7, 1954

2500

--- 1--

3000

---- 1

X
X

F

Cash and bank balances at the District’s member
banks fluctuated moderately in keeping with deposit
changes during the year under review. Increases in
reserve balances maintained with the Federal Reserve
Bank accounted primarily for the over-all increase
shown in the chart from June to October 1954. A l-

r

District member banks found the demand for com­
mercial and industrial loans in the late Summer and
early Fall much stronger this year than in the same
period in 1953. The banks were able to meet all the
demands of qualified borrowers and in so doing raised
total business loans outstanding by nearly 10% over the
three-month period. Demand for real estate loans, which
had remained fairly strong throughout the first half of

CASH AND BANK B A LA N C ES
M illio n

June 30, 1954
October 7, 1954

i 7y

1000

S

September 30,1953

♦All October 7, 1954 figures exclude those for one member bank which
joined the System since the June 1954 call date.




2000

S

October 7, 1954

0

F

X

U. S. GOVERNMENT SEC U R IT IES

DEMAND D EPO SITS
S

2500

Holdings of Government securities showed a net rise
of $145 million in the year ended October 7, 1954.
Short-term Governments (bills, certificates, and notes),
which had dropped almost 30% from September 1953
to June 1954, increased slightly after mid-year. Market­
able bonds increased at a fairly steady pace throughout
the year.

Demand deposits, in a moderate declining trend from
September 1953 to mid-1954, increased sharply during
the third quarter of this year. Deposits of individuals,
partnerships, and corporations accounted primarily for
the current increase although other categories of demand
deposits also rose, especially those of other commercial
banks and the United States Treasury.

M illio n

2000

---“ I

TIME DEPOSITS
M illio n

1500

S

3
C

F

]f

1500

2000

Federal Reserve Bank of Richmond

though a reduction in reserve requirements became ef­
fective in this period, increased deposits called for larger
balances. Deposits with other banks rose, on balance,
over the year with the increase centered primarily in
the period since m id-1954.
District member banks raised their total capital ac­
counts by $38 million from September 30, 1953 to Octo­
ber 7, 1954, with almost half of the increase occuring
since m id-1954. Additions to undivided profits account­
ed for two-thirds of the total capital increase.

CAPITAL ACCOUNTS
Million S

500

~I—

1000
--- 1
—

1500

--- 1

September 30,1953
June 30, 1954
October 7, 1954

F '

What Farmers Face in 1955
(Continued from page 4)

year. This may reflect farmers’ intentions to finish the
testing job early or could be indicative of an increased
turkey output in 1955. In the latter event, 1955-crop
turkey prices are not likely to recover from current low
levels.
Broiler output in 1955 seems likely to continue high
and may exceed this year’s record production. W ith an
expansion in production, broiler prices next year are
not likely to exceed those of 1954.
Dairy Products
F or dairying, which accounts for 11% of the Dis­
trict’s farm income, 1955 seems to offer “ more of the
same.”
The expected level of milk production will be one
about equal to that of 1954. Farmers will begin the
year with about as many cows as a year earlier; rate of
output per cow will probably be near that of 1954; and
it seems probable that many farmers will emphasize the
dairy enterprise in an effort to maintain their total cash
receipts.
Domestic demand should continue strong and may,
in fact, increase. This would imply that the surplus
of dairy products may be smaller than in either of the
two previous years.
W ith some surplus still present, it is likely that milk
and butterfat prices will be governed by support levels
most of the time. This means that prices received by
farmers will probably average about the same as in the




last nine months of 1954. Unit costs of producing milk
and butterfat are also expected to change little in the
coming year.
Meat Animals
On the whole, income from the major meat animals—
beef cattle provide 5% of District farm income and hogs
6 % — is expected to be well maintained in 1955.
Production of hogs will probably increase, though the
rate of expansion will be slower than in 1954. Cattle
production, however, seems to be on a downswing, and
over-all totals should, therefore, change little.
Demand for meat is expected to continue strong,
which means prices of meat animals should average
about the same as this year. The major difference will
be in the price of hogs which will remain more in line
with— and possibly below— prices in recent months than
with the high level of last Spring. Generally, hog prices
in 1955 will have an average relationship to the price of
corn and will thus permit average profits to be made.
“ Not much change” is the price outlook for beef
cattle. Prices of higher grade fed cattle show signs
of being maintained roughly at or near current levels.
Fairly satisfactory profits in feeding should be realized,
therefore. However, with feeder cattle costing more
and the price of feed probably averaging higher, profits
will be lower than in 1954 though much better than
in 1953.

/ fo flM

December 1
954

fy $ & H £ W L

Business Conditions and Prospects
u s i n e s s people in the Fifth Federal Reserve Dis­
trict are in an optimistic frame of mind and are
anticipating improved business levels. Their optimism
does not appear to be exuberant and they apparently
look for improvement on a more modest scale. There
are few, indeed, willing to bet on price rises and profits
via the inventory accumulation route— and there are
many who sense solid improvement in the economy.

October’s rising trend of business activity in the Fifth
District was in large part responsible for the improve­
ment in business sentiment. Data for that month point
to a broad recovery in business activity. Bits of evi­
dence here and there suggest strongly that improved
sentiment and business volume continued in November.
Construction A ctiv ity
The construction industry, based on District contract
awards in October, went on a spree. In that month the
value of construction contract awards was nearly three
times higher than the 1947-49 average. October figures
were 59% higher than September’s, after seasonal ad­
justment, and 55% higher than in October 1953. In
the apartment and hotel sector awards were 16% below
September and 52% below October last year. Awards
for one- and two-family houses moderated somewhat as
the adjusted figure for October fell 6% below Septem­
ber, but the ten months’ totals were up 4 2% .
Unusually sharp rises occurred in commercial, factory,
and public works and utility awards during the month
which placed them well ahead of a year ago and brought
the ten months’ accumulation (in all save manufacturing
construction) ahead of last year’s high level. Com­
mercial construction, already at a high level, showed an
increase of 34% over October last year and the ten
months’ accumulation was up 33% . Factory construc­
tion awards vaulted 332% over October last year, and
raised the ten months’ total to within 12% of last year’s
figure. Public works and utilities awards were up
128% over last year, but the ten months’ total was bare­
ly 1% ahead. These increases in construction contract
awards are somewhat startling and despite their pleas­
ant, stimulating effects, raise serious doubts as to their
substainability over the long run.
Trade Trends

Department store sales (with new stores and expan­
sions excluded) showed super-seasonal increase of 6%
from September to October, with the latter month 3%
ahead of October last year. Retail furniture store sales
made an even more spectacular recovery and gained
19% between September and October, to bring the
October figure 1% ahead of a year ago. Household
appliance store sales showed a seasonal rise of 4 % from
September to October although the October level was
5% under last year. Latest available information on
gasoline consumption in the District shows that the up­
trend ceased during 1954; the latest month was about
even with a year ago and the year’s accumulation 1%
ahead of a year ago.
Interestingly, the improvement in adjusted depart­
ment store sales from September to October came main­
ly in instalment and open credit sales, both of which
showed a larger increase than total sales. Outstanding
orders of department stores rose 1% more than seasonal
during the month of October and were 4 % higher than
a year ago. Department store inventories rose 4%
more than seasonal during October and were 2% higher
than a year ago.
The super-seasonal rise in sales of retail furniture
stores was mainly in credit sales, where the increase
over September was 2 3% , although cash sales also in­
creased 12%. Relative to a year ago credit sales were
up 4 % and cash sales down 2 2% . Furniture store in­
ventories rose 3% more than seasonal during October
but were 7% smaller than October last year.
M anufacturing A ctiv ity
Manufacturing in the Fifth District showed a modest
recovery from August to September, based on manhours, with three States showing increases in this period
and two showing declines. The August-September re­
covery was due to general increases in nondurable goods
industries; only Maryland suffered a setback in this
period. Durable goods industries showed another small
loss from August to September in the aggregate, al­
though Virginia showed a small increase.
From September to October, man-hours in all manu­
facturing industries in Virginia and North Carolina
showed a further increase, with both durable and non­
durable goods responding to the upturn. Although
man-hours worked in durable goods industries of V ir­
ginia and North Carolina in October were still 3.2%
under a year ago, their nondurable goods industries
stood slightly (.3 % ) higher than a year ago.

The trade level in October showed considerably more
than seasonal improvement except at the automotive
level, where information is sparse. For September,
however, all States in the District and the District of
Columbia showed new passenger car registrations down
8% from August and 14% from a year ago, but there
were sharp variations between individual States. Rela­



tive to a year ago, the District of Columbia showed Sep­
tember new-car registrations up 13% and Maryland up
4% ; other States were down from 17 to 53% .

i 9}

Federal Reserve Bank of Richmond

Banking Developments

The only industries where an improved level of opera­
tions was not witnessed from September to October in
Virginia and the Carolinas was in food and kindred
products, paper industries, and the apparel industries in
Virginia. The food industries’ decline was less than
1 % ; normally, a somewhat sharper seasonal downturn
occurs at this time of the year. The paper industries
usually begin their seasonal decline in November.

Total loans and investments of all member banks in
the Fifth District rose $146 million from September 29
to October 27 and rose $443 million during the twelve
months ended October 27. Loans and discounts ex­
panded $18 million during the month and $198 million
during the year, while holdings of U. S. Government
securities increased $123 million during the month and
$193 million during the year. Other security holdings
were up $7 million during October and $53 million
during the year.

In the District’s furniture industry (concentrated in
Virginia and North Carolina) man-hours worked in
October were 5.9% above September and 4.5% higher
than in October 1953, although October 1953 was down
considerably from the peak level.

Total deposits rose $198 million during October and
$473 million during the year. Demand deposits ac­
counted for $187 million of the October rise and time
deposits $11 million. Over the twelve months demand
deposits accounted for $281 million of the increase and
time deposits $192 million.

Textile mill products industries showed an increase in
man-hours from September to October of 3.1% in V ir­
ginia and North Carolina. The two States showed manhours 1.5% higher in October than a year ago but again
October of last year was considerably down from the
peak.
Knitting mills operations have recovered substantially.
The September-October gain in Virginia and North
Carolina was 2.3% ; October was 4.7% ahead of last
year and within striking distance of the peak established
in March 1953. Both full-fashioned hosiery and seam­
less man-hours (N orth Carolina) were ahead of a year
ago, with full-fashioned up 4.2% and seamless up
11.3%. Operations in the apparel industries in the two
States were up 1.4% during October (due to a 5.3%
gain in North Carolina) but off 3.8% from October
1953. This level reflects considerable improvement over
operations earlier in the year. The paper industries in
the two States showed a reduction of 2.4% in man-hours
from September to October and a reduction of 3.5%
from October 1953, with both States showing decreases
in each period. Some improvement was noted in the
chemical industries in October, both States combined
showing an increase of 1 .7 % ; they were, however,
9.9% under October last year, due largely to a 13%
reduction in Virginia. This may be attributed to the
rayon and acetate industries which have improved opera­
tions sharply since early 1954.




Member bank borrowings decreased $700,000 during
October and were off $33 million in the twelve-month
period.
Bank debits in October remained at the same season­
ally adjusted level as in September but were 2% higher
than in October 1953. In the first ten months of the
year, debits were at the same level as a year ago. The
annual rate of demand deposit turnover of all reporting
banks in the District was 20.0 in October, compared
with 20.2 in September and 20.9 in October 1953.
Turnover in Washington, D. C., and many of the lead­
ing textile centers was higher than a year ago.
Agriculture
Prices received by farmers in Fifth District States
declined from September to October from 0.7% in
North Carolina to 3.0% in W est Virginia. South Car­
olina farm prices were up 5.6% from a year ago but
other States showed losses ranging from 3% in North
Carolina to 8.9% in W est Virginia. Nationally, farm
prices eased off 1.6% during October and stood 2.8%
under a year ago.

i io y

//
f

o

n

l

$

£

/

F if t h

D

e

D is t r ic t

c

e

S t a t is t ic a l

F IF T H D IS T R IC T IN D E X E S

New passenger car registra­
tion* _________________________
Bank debits ___________________
Bituminous coal production* _
Construction contracts _______
Business failures— n u m b e r ___
Cigarette production__________ _

149
88
298
149

Oct.
1953

125
149
79
188
207
101
110
115
107
90
171

e

r

1
954

D ata

Oct.
1954

% Chg.—

Sept.
1954

b

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

Seasonally Adjusted: 1947-1949 = 100

Oct.
1954

m

Latest Mo.
Prev.
Yr.
Mo.
Ago

156
146
92
192
185
93
114
119r
111
106
163

— 7
0
+ 11
+ 59
—28
— 2
+ 6
+ 8
+ 1
+ 19
+ 1

— 14
+ 2
— 4
+55
— 19
— 2
+ 3
+ 4
— 5
+ 1
+ 6

Maryland
Baltimore ____ $16,867,688
Cumberland __
37,825
Frederick _____
176,200
Hagerstown __
290,715
Salisbury ____
137,600

Oct.
1953

10 Months
1954

$ 3,257,095
79,750
171,185
153,243
45,709

10 Months
1953

$ 66,507,993 $ 71,010,575
608,676
566,990
1,159,106
2,161,452
2,598,484
2,152,545
1,391,251
968,856

Manufacturing employment*__
Furniture store sales _________
107
Life insurance sa le s ___________
172
* Not seasonally adjusted.
Back figures available on request.

Sales in
October 1954
compared with
Oct.
Sept.
1953
1954
+44
+10
— 7
+ 15
— 7
+ 9
— 4
—
8
—
2
— 3
— 3
— 13
— 4
— 5
0
— 4
— 15
— 12

LINES
Auto supplies ______
Electrical goods ____
Hardware__________
Industrial supplies .
Drugs and sundries
Dry g o o d s _________
Groceries
Paper and its products
Tobacco products______
Miscellaneous __________
District T o ta l________

2

NA

+ 4
+ 7

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

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
Sales, Oct. ’54 vs Oct. ’5 3 __ + 3
Sales, 10 Mos. ending Oct. 31,
’54 vs 10 Mos. ending Oct.
— 1
31, ’53 ____________________
Stocks, Oct. 31, ’54 vs ’53 _
Outstanding orders,
Oct. 31, ’54 vs ’53 ________

+1

+

1

— 5

2

— 5

0

— 4

+ 2

+

9

+

11.6

Md.

—1

49.2

44.3

3
42.7

+

4
43.0

15.0

15.0

18.0

D.C.

Va.

W .V a.

N.C.

S.C.

+ 1

0

+4

+ 7

— 6

501,949
76,208
3,057,467

8,882,661
1,790,227
6,564,912

11,135,467
2,056,869
8,024,427

North Carolina
Asheville _____
C h a rlo tte ____
Durham ______
Greensboro ___
High Point __
Raleigh ______
Rocky Mount _
S a lis b u r y ____
W ils o n ________
Winston-Salem

314,238
2,146,680
398,158
800,860
1,468,427
460,788
173,404
95,955
120,000
1,584,680

249,408
1,300,628
1,048,856
748,696
354,676
1,119,762
608,550
228,255
68,600
906,396

3,195,459
19,370,438
5,148,191
9,417,630
5,196,342
12,013,816
2,494,698
1,643,084
2,433,950
11,042,334

3,063,765
28,475,588
6,097,224
8,889,735
4,424,175
19,539,664
4,175,185
1,937,184
1,692,531
7,737,399

177,293
1,022,515
853,074
168,500

195,076
1,213,588
321,350
78,405

2,609,558
8,487,584
6,937,374
2,318,629

4,808,178
7,970,163
4,859,492
877,700

4,184,593

3,687,255

47,050,037

64,512,274

$24,892,872

STATES
Maryland
Dist. of Columbia
Virginia
West V ir g in ia ___
North Carolina
South Carolina
District _____

— 2

+

32.0




+ 1

—
1
+ 3

Instalment receivables Oct.
1, collected in Oct. ’54 ___

.

+ 1

674,335
84,335
329,030

Dist.
Totals

— 1

Open account receivables Oct.
1, collected in Oct. ’54 ___

Sales, Oct. ’54 vs Oct.

0

3,264,955
3,340,662
3,900,406
1,993,044
15,348,504
1,643,350
6,332,638
16,328,126
14,325,207
1,801,402

Dist. of Columbia
Washington __

0

— 1

—

11

— 1
NA
— 15
— 9

+ 7

— 1

—

— 5
— 15

2,532,824
2,087,352
8,427,997
2,602,900
11,832,937
1,846,636
5,768,263
26,367,182
10,070,363
2,059,040

South Carolina
Charleston ___
Columbia .........
Greenville ____
Spartanburg _

Stocks on
October 31, 1954
compared with
Oct. 31, Sept. 30,
1953
1954
NA
— 11
— 3
+ 8
NA
+ 8

240,914
131,784
345,839
83,875
1,975,883
156,800
125,167
1,134,935
1,023,343
202,225

West Virginia
_
Charleston __
Clarksburg___
Huntington _

W H O L E S A L E TRADE

103,618
114,653
256,555
255,452
493,395
155,950
271,830
1,361,584
1,089,623
592,890

District Totals ..$37,262,443

117
124

Virginia
Danville ______
Hopewell ____
Lynchburg ___
Newport News
Norfolk ______
Petersburg ___
Portsmouth __
Richmond ____
Roanoke _____
Staunton _____

14.8

$302,457,928 $335,415,732

F U R N IT U R E S A L E S*
(Based on Dollar Value)
Percentage change with correspond­
ing period a year ago
October 1954 10 Mos. 1954

—
11
— 5
— 7

-20

+ 1
—

8

— 7

—

2

— 4
— 5
— 17
— 7
—

2

—6

IN D IV ID U A L CITIES
Baltimore, Md. _____________________
— 11
— 2
— 4
— 5
Washington, D. C. ~ — 4
— 5
Richmond, V a . ................ ........
-1 4
-2 5
Charleston, W . Va. ___________ __
_
* Data from furniture departments of department stores as
as furniture stores.

i 11 V

Federal Reserve Bank of Richmond

F ifth

D ist r ic t B a n k in g

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)
Oct.
Oct.
10 Months 10 Months
1954
1953
1954
1953
Dist. of Columbia
W ash in gto n ______ $1,176,997
$1,111,041 $11,597,149 $10,796,980
Maryland
B altim ore_________ 1,373,534
1,446,562
14,186,089
14,176,601
Cumberland _______
23,756
23,581
237,511
251,280
Frederick _________
22,030
23,886
223,156
233,618
H a g e r s to w n _____
37,079
40,812
360,631
379,991
1,534,841
15,007,387
15,041,490
Total 4 C ities___ 1,456,399
North Carolina
Asheville__________
62,596
64,763
618,610
616,431
Charlotte__________
362,264
382,749
3,509,369
3,659,288
D urham ___________
116,983
147,150
965,675
1,089,439
Greensboro________
133,359
122,050
1,201,807
1,189,358
High P o in t* * ____
46,375
45,651
427,764
NA
K in sto n ___________
55,537
52,685
283,301
288,523
Raleigh _ _ _ _ ______
214,577
226,642
1,912,057
1,911,097
W ilm in g to n ______
49,688
50,915
472,374
475,292
Wilson ____________
91,123
77,671
314,317
301,799
184,312
173,796
1,544,814
1,529,920
Winston-Salem ___
Total 9 C ities___ 1,270,439
1,298,421
10,822,324
11,061,147
South Carolina
C harleston________
73,982
79,556
736,978
785,100
C o lu m b ia _________
179,864
181,254
1,663,898
1,610,233
Greenville _________
130,366
111,669
1,111,246
1,119,854
Spartanburg _____
75,985
80,409
642,447
670,623
Total 4 Cities ___
460,197
452,888
4,154,569
4,185,810
Virginia
Charlottesville ____
33,291
30,946
316,361
281,643
Danville___________
76,844
61,311
408,310
400,532
L ynchburg________
49,611
52,945
491,583
489,620
Newport N e w s ___
46,477
47,010
469,809
480,585
Norfolk ___________
236,976
258,614
2,519,616
2,562,083
Portsmouth________
32,806
31,442
320,999
306,854
Richm ond_____ __ _ 694,597683,739
6,164,609
6,211,225
Roanoke___________
122,003127,427
1,166,345
1,218,970
Total 8 C ities___ 1,292,605
1,293,434
11,857,632
11,951,512
West Virginia
38,105
46,951
383,817
440,919
Bluefield__________
Ch arleston ________
163,185
191,121
1,656,600
1,721,990
Clarksburg ________
30,730
35,231
309,708
336,603
73,326
73,836
685,084
706,434
Huntington ______
Parkersburg _____
30,278
34,483
298,967
309,399
Total 5 Cities ___
335,624
381,622
3,334,176
3,515,345
District T o t a ls _____ $5,992,261$6,072,247 $56,773,237
$56,552,284
*
Interbank and U. S. Government accounts excluded.
**
Not included in District totals.
N A Not Available.




i

S ta tistic s

W EEKLY

R E P O R T IN G M E M B E R B A N K S
(000 omitted)

Items

Nov. 17,
1954

Change in amount from
Oct. 13,
Nov. 18,
1954
1953

Total L o a n s ____________________ $1,486,479**
674,424
Bus. & A g r i c .________________
Real Estate Loans ___________
293,898
All Other L o a n s _____________
536,544

— 3,469
+ 17,399
+
3,884
— 24,571

+
+
+
+

Total Security H o ld in g s_______ 1,924,010
110,409
U. S. Treasury B ills _________
U. S. Treasury Certificates _
91,113
U. S. Treasury N o t e s ______
350,228
U. S. Treasury Bonds ______ 1,096,448
Other Bonds, Stocks & Secur. 275,812

— 2,213
—
229
— 10,828
— 3,595
— 1,395
+ 13,834

+115,913
+
1,652
— 177,989
— 12,353
+262,207
+ 42,396

Cash Items in Process of Col. _
342,927
Due from Banks ________________
197,148*
Currency and Coin ____________
79,771
Reserve with F. R. B a n k s_____
561,317
Other A s s e t s ___________________
63,334
Total A s s e ts __________________ 4,654,986

— 14,433
+
3,052
— 6,893
+ 32,087
+
299
+
8,430

+ 13,986
+ 15,875
+
333
+
7,032
+
3,303
+243,448

Total Demand D eposits________ 3,547,067
Deposits of Individuals ______ 2,501,946
Deposits of U . S. Government
190,445
Deposits of State & Local Gov.
202,953
577,967*
Deposits of B a n k s ___________
Certified & Officers’ Checks _
73,756

—
—
+
+
+
+

982
49,945
14,100
17,259
4,246
13,358

+191,318
+ 54,115
+ 33,637
+ 38,078
+ 65,309
179
+

Total Time D eposits___________

—
—
—

8,444
7,389
1,055

+
+

14,300
1,040

+

2,516

+

8,430

Deposits of Individuals______
Other Time Deposits _________

736,110
651,655
84,455

Liabilities for Borrowed Money
14,300
All Other Liabilities____________
56,953
Capital Accounts ______________ _
300,556
Total Liabilities _______________$4,654,986

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

12

y

+
+
+

87,006
35,256
28,391
25,471

59,777
52,980
6,797

— 36,200
+
7,778
+ 20,775
+243,448

Monthly Review Index
For
FEDERAL

The

RESERVE

Year
BANK

1954
OF

RICHMOND

T he first n u m b er d en otes the issu e and the secon d n u m b er the p a g e o f the issu e.
T h e issu es are n u m b ered fr o m 1 to 12, sta r tin g w ith J a n u a ry.

AGRICULTURE
Agriculture— Area of Continuing W eakness in 1954 -8 :6
District Dairy Progress R e v ie w e d ___________________3:6
Farm M ortgage D ebt at R ecord L e v e ls _____________ 7:5
Farm Real Estate—
A Complicated Price Problem ------------------------------ 9:3
W h at Farmers Face in 1955 ------------------------------------12:3
C h a r ts :

Farm C o s t s -------------- -------------------------------------- ------— 12:3
Farm Incom e ------------------------------------------------------------12:1
Farm Land Prices and Incom e ____________9:1, 9:3, 9:4
M ilk Used and Marketed by F a rm ers------------------------3:6

BANKS AND BANKING
Bank Lending— Stability at a H igh Level --------------- 5:7
Bank Lending— The Pace is Slower in ’5 4 ---------------3:5
Call Report, April— Implications are
Favorable for ’5 4 ------------------------- --------------------------- 6:6
Call Report, O ctober ------------------------------------------------12:7
Cash at W ork ----------------------------------------------------------10:7
Demand D eposit Ownership in the Fifth D is tr ic t-----7:7
District Banking— First Half 1954 -----------------------------9:5
District Banking— 1953 was a Busy Year -----------------3:3
Par List, Additions t o ------- -------------------------------------- 6:12
Side Effects of Treasury Operations—
Important to Banks -------------- ------------------------------- 11:7
C h a rts:

Asset Structure of M ember B a n k s_________________ 10:7
Bank B orrow ings from Federal, Member Banks — _1:3
Bank Capital, M ember Banks --------------------------------- 12:7
Bank D e b it s ________________________________ 6:2, 8:3 , 9:2
Bank Reserves, M ember Banks _______________ 1:3, 11:7
Cash and Bank Balances, M ember Banks -------- 6:6, 12:7
Deposits, Demand, M ember Banks ___6:6, 7:7, 7:8, 12:7
Deposits, Tim e, M ember Banks ------------------------------ 12:7
..3:1
Earnings, M ember Banks
Loans, M ember Banks -----------------3:5, 5:7, 6:6, 8:4, 12:7
Securities, United States Government,
M ember B a n k s------------------------------------------------6:6, 12:7
S ta tistica l T a b le s :

Assets and Liabilities, 50 Reporting
M ember B a n k s_______ 1:10, 2:11, 3:12, 4:12, 5:12, 6:12,
7:12, 8:10, 9:12, 10:12, 11:12, 12:12
Assets and Liabilities, M ember Banks ---------------3:4, 9:6
Assets, Earnings, M ember Banks ----------------------3:4, 9:6
Bank D e b it s ____________ 1:10, 2:11, 3:12, 4:12, 5:12, 6:12,
7:12, 8:10, 9:12, 10:12, 11:12, 12:12
Deposits, Demand, M ember Banks -------------------- 7:7, 7:8
Earnings and Expenses, M ember Banks ----------- 3:3, 9:5




BUSINESS CONDITIONS
Business Conditions and Prospects __1:9, 2:10, 3:9, 4:9,
5:9, 6:9, 7:9, 9:9, 10:9, 11:9, 12:9
Fifth District E con om ic A ctivity—
A Midyear Roundup ______________________________ 8:1
C h a rts :

Business Failures ______________________________ 6:2, 12:2
Business Incorporations, N e w ______________________ 11:2
S ta tistica l T a b le s :

Selected Indexes

.1:11, 2:12, 3:11, 4:11, 5:11, 6:11, 7:11,
8:9, 9:11, 10:11, 11:11, 12:11

CONSTRUCTION
Construction ____
2:6
Private Construction Boom , The—Happy Anom aly __________________________________ 6:3
C h a rts:

Building Contract Awards, C om m ercia l__5:2, 10:2, 12:2
Building Contract Awards,
One and T w o Family H o u s e s _____________ ___ ____ 5:2
Building Contract Awards, Total ____________ 3:2, 8:5,

10 :2, 11 :2, 12:2

Building Contracts Awarded, By T y p e ______________ 2:6
Building Permits ___________________________________ 11:2
Private Construction _______________________ 6:1, 6:3, 6:4
S ta tistica l T a b le s :

Building Permit Figures ____ 1:11, 2:12, 3:11, 4:11, 5:11
6:11, 7:11, 8:9, 9:11, 10:11, 11:11, 12:11

DEBT
Farm -M ortgage D ebt at R ecord Levels - ____________7:5

EM PLOYM ENT
Manufacturing Em ploym ent ________________________2:9
C h a rts:

Em ployment, M an ufacturin g_____ 1:2, 2:9, 7:2, 9:2, 11:1
Em ployment, Nonagricultural _______________________ 2:1

FINANCE, PUBLIC
Constitutional Limitations on State D ebt __________11:5
State and Local Bond Financing in 1953 ____________ 4:5
S ta tistica l T a b le s :

State and Municipal Bond Offerings

.4:6

MONTHLY REVIEW INDEX FOR THE YEAR 1954
FINANCE, TREASURY

M IN IN G

Federal Revenue Collections in the Fifth D is t r ic t___4:3
Finance in 1953— W ide But Orderly F lu ctu a tion s___1:3
Side Effects of Treasury Operations—
Important to Banks ______________________________ 11:7
Treasury Financing—
Expanded Activity is in P r o s p e c t_________________ 6:7

Bituminous Coal _____________________________________2:7
C h a r ts :

Bituminous Coal Production __________1:2, 7:2, 9:2, 12:2
Bituminous Coal, Demand __________________________ 2:7
N E W S B R IE F S

C h a rts:

Fifth District News B r ie fs _______ 3:8, 4:7, 5:8, 9:8, 11:6
Federal Revenue Collections, Fifth District ____ 4:1, 4:3
Treasury Bill Rate __________________________________ 1:1
Treasury Operations, Influence on Bank Reserves ..11:7
Treasury Securities _________________________________ 6:8

The Fifth District Goes to T ow n —
A n Urban-Suburban Trend _________________________7:3
C h a rts:

S ta tistica l T a b le s :

Federal Revenue Collections, Fifth District ________ 4:4

Fifth District Urban Centers _______________________ 7:1
S ta tistica l T a b le s :

FINANCIAL INSTITUTIONS
The M oney L e n d e rs _________________________________ 5:3
C h a rts:

Population, Percentage Increase in ________________ 7:4
Urban Population, Distribution by Size of P la c e ____ 7:3
R E T A IL T R A D E

Farm -M ortgage D ebt H eld by M ajor Lenders -7:5, 7:6
Loans and Investments, H eld by ____________________5:5
M ortgage Loans, Held b y ___________________________ 5:3
Principal Institutional Lenders ______________________ 5:1
U. S. Government Securities, H eld by ______________ 5:4

INCOME
Incom e Payments __________________________________ 10:3
C h a rts:

M ajor Sources of Incom e Payments ______________ 10:1,
10:4, 10:5, 10:6
S ta tistica l T a b le s :

Total Incom e Payments to Individuals

P O P U L A T IO N

-10:3

Department Store Sales _______________________ 2:2, 12:5
Markets M ove to the C u stom er_____________________ 9:7
C h a r ts :

Car R eg istration s____________ 3:2, 4:2, 5:2, 6:2, 8:11, 9:2
Department Store— Instalment Receivables ___ _____ 7:2
Department Store— Outstanding Orders ____________ 5:2
Department Store Sales _________ 2:2, 3:2, 4:2, 7:2, 10:2
Cotton W ash G o o d s ______________________________ 8:11
M ajor H ousehold Appliances ____________________8:11
Gasoline C on su m p tion ______________________________ 11:2
Household Appliance Sales _________________________ 4:2
Retail Furniture Inventories ________________________ 5:2
Retail Furniture S a le s ____ 3:2, 4:2, 8:11, 10:2, 11:2, 12:2
S ta tistica l T a b le s :

INSURANCE, LIFE
C h a r ts:

L ife Insurance Sales _________________

.

6:2

MANUFACTURING
Apparel Manufacturing ______________________________ 2:4
Cigarettes -------------------------------------------------------------------1:5
Cotton Textiles ______________________________________2:5
Durable Goods Industries, The ____________________11:3
F ood and Kindred P r o d u c ts _________________________ 2:3
Manufacturing Em ploym ent ____ ____________________2:9
Manufacturing Progress in the Fifth District ______ 1:7
N ew and Fast-G row ing Industry
in North Carolina, A _______________________________ 5:6
Rayon and A c e ta te __________________________________ 1 :6
Transportation E q u ip m en t__________________________ 2:8

Department Store Operations ____ 1:11, 2:12, 3:11, 4:11,
5:11, 6:11, 7:11, 8:9, 9:11, 10:11, 11:11, 12:11
Retail Furniture Sales ....1:11, 2:12, 3:11, 4:11, 5:11, 6:11,
7:11, 8:9, 9:11, 10:11, 11:11, 12:11

TRUST ACCOUNTS, TREASURY
Uncle Sam— Trustee ___________________________

8:7

C h a r ts :

U. S. Government Securities, H oldings o f ______ 8:7, 8:8

UTILITIES
C h a rts:

Electric Pow er Production

.7:2, 10:2

W H O LESA LE TRADE
C h a rts:

Charts:
A p p a r e l_________________________________________ _____ 2:4
Cigarettes ---------------------------------------------- 1:2, 1:5, 6:2, 9:2
C o t to n ____________ 1:2, 2:5, 3:2, 7:2, 9:2, 10:2, 11:2, 12:2
Em ployment, M an ufacturin g_____ 1:2, 2:9, 7:2, 9:2, 11:1
F ood _________________________________________________ 2:3
H osiery __________________________ ___ ______________ 8:11
M an-H ours, Per Cent Change ----------------------------------8:2
Rayon and A c e ta te __________________________________ 1:6
Transportation Equipment __________________________ 2:8




D ry G oods S a le s __________
.3:2, 5:2
D rug Sales ________________
___
G rocery Sables--------------------------------------------------------------1:2
Hardware S a le s _________________________________ 1:2, 4:2
Industrial Supplies S a le s ___ —.______ ....___ ....__________4:2
Paper and Products __________________ ...____ _________ 6:2

8:11

S ta tistica l T a b le s :

W holesale T r a d e ______ 1:11, 2:12, 3:11, 4:11, 5:11, 6:11,
7:11, 8:9, 9:11, 10:11, 11:11, 12:11

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