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RESERVE BANKJ

'RICHMOND

June 1
955

REVIVAL IN MANUFACTURING
Thousand
Wan Hours

Thousand
Man Hours

12,000

10,5001

Maryland

10,000

Thousand
Man Hours

Thousands
Man Hours

18,500

North Carolina

West Virginia

4,500

Thousand
Man Hours

9 ,5 0 0 r ~
Thousand




South Carolina

Federal Reserve Bank of Richmond

Arithmetic Of Business Recovery
business recovery or back to the B o o m ! Nearly everybody’s talking about it. Some view it com ­
placently, others with a growing concern that assumes
it’s too fervid to last. Those who are unemployed would
aver that business is terrible while those working full­
time or even over-time, and getting periodic wage raises,
think business is fine. The fact is that in the economy as
Q

Recession and revival are, however, very real terms
and measure the total or average performance of indi­
vidual industries or the economy as a whole. In this
sense, they picture a recession which took place in the
Fifth District as well as the nation from the Spring of
1953 until the Spring of 1954. In the overall, there has
been sharp revival from the lowest levels; the amount
of decline and the amount of recovery are the subjects
of the following discussion.

harp

T EX T ILE MILL PRODUCTS
Thousand
Man Hours

A clearer perspective can be obtained from the recession-revival process that has occurred since 1953 if the
phenomenon be segregated into major divisions of pro­
duction and distribution or service such as manu­
facturing, agriculture, mining, construction, and trade,
transportation and services including government.

FIFTH DISTRICT

Manufacturing
There are very few measures at the regional level of
either volume or physical volume of production or sale
of manufactured products. It is necessary, therefore,
to utilize such information as is available and these are
the man-hours in manufacturing industries. If the pro­
duction process always remained the same and if work­
ers always did their job with equal diligence, man-hours
and production would show identical changes from one
period to another.

a whole, at almost any time and in any number of in­
dividual industries or segments, the same degree of vari­
ability is to be observed.
Department store operations in the Fifth Federal Re­
serve District offer a good illustration of variable eco­
nomic performance. In the first quarter of 1955, sales
of all department stores reporting to the Federal R e­
serve Bank rose 8% over the first quarter of 1954 but
some stores showed increases in sales in this period of
more than 50% while some showed losses running as
high as 5% . T o those stores whose sales were under
a year ago, recovery is something that hasn’t yet hap­
pened ; to the others, operations are pleasant indeed.
Business recovery in the sense used here has no rela­
tion to the claiming of a by-product in the production
process or to reclaiming for further use materials only
partially spent in production processes. Recovery, in
the sense here used, implies something from which to
recover— before revival there must have been a reces­
sion. It would be difficult to say the construction in­
dustry had revived when, as a matter of fact, it hasn’t
had anything to revive from in many years— it has just
kept on not running, but sprinting, up hill on the econ­
omists’ charts. The bituminous coal industry, on the
other hand, has much to revive from and, despite the
substantial percentage recovery of recent months, is still
not a healthy, flourishing industry. W hen farmers look
at their cash income from marketings they are justified
in asking, “ What recovery ?” On the other hand, bank­
ers, looking at their earning assets, can very well ask,
"R ecovery from what?”



A

Change, however, is the essence of progress and manhour input into the production process is known from
historical experience to come forth with a greater prod-

A PPA R EL
Thousand
Man Hours

FIFTH DISTRICT

uct as improvements are made in either the machine out­
put or the more efficient scheduling of labor input.
This is known as a gain in the efficiency of labor and
by the amount that labor input becomes more efficient,
man-hours fail to measure the full impact of production
2

y

/ fo n M

changes. W ith this in mind and recognizing that
changes in man-hours from one period of time to the
next may overstate a cyclical recession and may under­
state a cyclical revival, we will proceed to tell you what
has happened to man-hours in manufacturing industries
in the Fifth Federal Reserve District.

PRIM ARY M ETALS
Thousand
Man Hours

June 1
955

fy $ O M 6 C U L

FIFTH DISTRICT

Man-hour figures are not adjusted for seasonal varia­
tion and for this reason rather than taking the highest
month of 1953 and the lowest month of 1954 we are
comparing March 1955 with March 1954 and with
March 1953. These three periods, in a general way, will
approximate the peak of activity in 1953, the low of the
recession in 1954 and currently so that the recession and
recovery can be measured without influence of seasonal
factors.

from 1953 to 1954 of 10.1%. From 1954 to 1955, 70%
of that loss was recovered; in March 1955 it was only
2.4% under the March 1953 level. In Maryland the
1953-54 decline amounted to 8.6% , the amount of re­
covery from 1954 to 1955 has been 14% of that loss.
March 1955 man-hours in Maryland, though 1.3%
higher than in 1954, remained 7.4% lower than in 1953.
The 1953-54 decline in Virginia was 8.6% . By March
1955, 42% of that decline had been recovered, with
man-hours in that month standing 3.9% higher than in
1954 but 5% under 1953.
In the durable goods industries of the Fifth District,
the 1953-54 recession produced a decline of 9.8% , with
W est Virginia shrinking most (1 5 % ) and North Caro­
lina least ( 6 % ) . Thirty-seven per cent of the decline
experienced from 1953-54 had been recovered by March
1955, but this level was still 6.1% under March 1953.
Nondurable goods manufacturing industries showed
a man-hour loss of 8% in the 1953-54 recession; be­
tween March 1954 and March 1955, 72% of that loss
had been recovered, though the total was still 2.3%
under March 1953.
The 1953-54 recession affected the manufacturing in­
dustries of the Fifth District in rather variable fashion.
The lumber and timber products industries showed a
14% decline in man-hours between March 1953 and
March 1954— largest decline of any of the major in­
dustries in the District. Transportation equipment in­
dustries, next in line, showed a decline of 13.9%,
furniture and fixtures 13.8%, tobacco 11.5%, textile
mill products 11.2%, primary metals 11.1%, machinery,
excluding electrical, 9.5% , stone, clay and glass 8.6% ,
fabricated metals 7.8% , apparel 5.6% , chemicals 5.0% ,
and paper 4.4% . Food and kindred products were up

0 .2 %.

Man-hours in all manufacturing industries of the
Fifth District (excluding the District of Columbia) de­
clined 8.8% from March 1953 to March 1954. By
March 1955, 56% of that decline had been recovered
and total man-hours were within 4% of the 1953 level.
There was, however, some variability among the states
of the District. South Carolina showed a decline of
only 5% between March 1953 and March 1954, and
by March 1955 that state’s man-hours in manufacturing
industries was at a new high level. The rise from
March 1954 to March 1955 was 136% of the amount
of the decline from March 1953 to March 1954, and
total man-hours in that state’s manufacturing industries
in March 1955 were 2% higher than in March 1953.

M ACHIN ERY EXCLUDING E L E C T R IC A L
Thousand
Man Hours

W est Virginia showed the largest decline in manhours of all manufacturing industries between March
1953 and March 1954 (1 1 .8 % ). This state has also
shown one of the smallest recoveries from March 1954
to March 1955. Only 20% of the loss has been re­
covered and that state’s industries were still 9.4% below
March 1953.

The paper, apparel and primary metals industries of
the District have shown a larger gain from March 1954
to March 1955 than was lost between March 1953 and
March 1954. Man-hours in the paper industries dur­
ing March 1955 had more than recovered recession

North Carolina also showed an above-average decline



FIFTH DISTRICT

"{3 1
*

Federal Reserve Bank of Richmond

losses, and stood 0.4% higher than in March 1953. The
recovery in primary metals was more than the recession
loss, and in March 1955 man-hours in these industries
were 0.5% higher than in March 1953. Apparel in­
dustries likewise recovered more, up to March 1955,
than their recession losses, with man-hours 0.2% higher
than in March 1953.

from the same months in 1954 and 28% from 1953.
W ith acreage reductions in major cash crops, the Dis­
trict would require either a very high yield or a con­
siderable rise in price to show an improvement in farm
income this year, compared with last.
M ining
Mining in the Fifth District is dominated by the
bituminous coal mines mainly in W est Virginia and
Virginia. Coal production in the first quarter of 1955
amounted to 36.5 million tons in Virginia and W est V ir­
ginia, an increase of 19.8% over the first quarter of
1954 and 4.3% over the first quarter of 1953, but a
decline of 27.6% from the first quarter of 1947. Em ­
ployment in these mines has averaged 16.6% smaller
than in the first quarter of 1954 and 32.9% smaller than
in the first quarter of 1953. These are startling changes,
particularly when related to coal production— in the first
quarter of 1955 production per man in W est Virginia
was 17% higher than in the first quarter of 1954 and
27% higher than in the first quarter of 1953.

TOTAL NON-MANUFACTURING
d
s
EMPLOYMENT - f i f t h district

C onstruction
The construction industry as a whole not only did
not contract between the first quarter of 1953 and the
same quarter of 1954 but actually rose 2 % . This, how­
ever, was due to residential construction contract
awards which rose 26% in the period and more than
offset declines of 10% in nonresidential construction
and 20% in public works and utilities. Cyclical re­
vival, therefore, has occurred in the nonresidential sec-

Machinery, excluding electrical, and fabricated metals
industries, instead of recovering between March 1954
and March 1955, have shown a further decline. And
food and kindred products industries, which had shown
a fractional rise between March 1953 and March 1954,
showed a small decline between March 1954 and March
1955. Machinery industries, excluding electrical, had
declined 9.5% between March 1953 and March 1954;
from March 1954 to March 1955 a further decline of
8.2% occurred, leaving the latter level 16.9% under
that of 1953.

M EM BER BANK LOANS
Million Dollors

FIFTH DISTRICT

The fabricated metals industries of the District
showed a man-hour loss in the recession of 1953-54 of
7.8% ; from March 1954 to March 1955, a further drop
of 1.5% has taken place, so the March 1955 level was
9.2% under March 1953.
A gricultu re
Agriculture in the Fifth District is one of the soft
spots where no recovery has been witnessed thus far
in 1955 and a further decline has taken place. Cash
receipts from farm marketings in the first two months
of 1955 are 11% smaller than in those months of 1954,
and 18% smaller than in the same month of 1953. In­
come from livestock and products has declined some­
what less than income from crops. Livestock and prod­
ucts income (first two months of 1955) were off 10.9%
from the same months of 1954 and 11.4% from the first
two months of 1953— in other words, very little further
decline in farmers’ income from livestock and livestock
products occurred between 1954 and 1955. Income
from crops (first two months of 1955) was down 12%



{

tors, and in public works and utilities. Sharp expansion,
not revival, is the best description for nonresidential con­
struction for in the first quarter of 1955 it was 61%
higher than in the first quarter of 1953, while public
works and utility awards were only 2% higher than
in the same period. The decline from the first quarter
of 1953 to 1954 in nonresidential construction contract
4

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June I955

awards was due wholly to factory awards and to all
other awards, except commercial and educational. Com­
mercial awards and educational awards showed no de­
cline from 1953 to 1954, in the first-quarter comparisons.
Residential construction contract awards in the first
quarter of 1955 were a gaudy 119% higher than in the
same quarter of 1953. Awards for apartments and
hotels in this same period were up 49% , one- and twofamily houses zoomed up 133% and other residential
up 53% .
Commercial contract awards from 1953 to 1954 (first
quarters) rose 3.8% and from 1953 to 1955 rose 63% .
Awards for factory buildings declined 46% from 1953
to 1954, but rose 50% from 1953 to 1955. Educational
buildings from the first quarter of 1953 to 1954 rose
9 % , and from the first quarter of 1953 to 1955 rose
36% . Other nonresidential construction, which de­
clined 15% in the 1953-54 period, rose 88% from 1953
to 1955. Public works and utilities awards were down
20% from the first quarter of 1953 to the same quarter
of 1954; by the first quarter of 1955, however, the entire
loss had been recovered and a 2% gain posted over the
first quarter of 1953.
Construction placed under contract has clearly been
an element of great strength in the District’s economy,
and one with potentially more stimulus. On a season­
ally adjusted basis, however, contract awards in most
types of construction made their high point in October
1954 and have been trending downward irregularly but
sharply since that time. Despite the down-trend, how­
ever, the latest monthly level is still well above average
awards of the past five years.
Trade
Available trade level data indicate the recession be­
tween the first quarter of 1953 and the first quarter of
1954 was fairly sharp when compared with the decline
in other segments of the economy. The only available
series to withstand the recession was household appli­
ance stores, sales of which from the first quarter of 1953
to the first quarter of 1954 were up 4.3% . The de­
partment stores in this same period showed a sales de­
cline of 7.6% . Retail furniture sales were off 10.9%,
new passenger car automobile registrations declined
8.8% , and new commercial car registrations 16.3%.
Household appliance stores, by the first quarter of
1955, had risen 19% above the first quarter of 1953.
New passenger automobile registrations had recovered
more than three times the previous loss, with new reg­




istrations in the first quarter of 1955 18% ahead. Dis­
trict department stores by the first quarter of 1955 had
more than regained the 1953-54 loss and stood 1.4%
higher than in the first quarter of 1953. Retail furni­
ture stores, with a 10.9% loss in the recession of 195354, had recovered 93% of the loss by the first quarter
of 1955 when sales stood within 0.8% of the first quarter
of 1953. New commercial car registrations, however,
in the first quarter of 1955 showed a further loss from
the first quarter of 1954 and stood 19.5% under the first
quarter of 1953.
Employment— Non-manufacturing
Employment in the District other than in agriculture
and manufacturing declined 82,100 in the recession of
March 1953-March 1954. By March 1955, 16% of this
loss had been recovered with employment levels up
13,200 from a year ago. Employment in mining indus­
tries during the 1953-54 recession declined 24,100, and
has declined an additional 11,700 between March 1954
and March 1955.
Despite the large gains witnessed in the construction
industry, employment in contract construction between
March 1953 and March 1954 declined 22,700 and from
March 1954 to March 1955 an additional 2,900 loss has
occurred.
Employment in the transportation, communication
and public utilities fields declined 15,400 from March
1953 to March 1954 and has declined an additional
4,500 from March 1954 to March 1955. Trade firms in
the District reduced their employment by 12,900 from
March 1953 to March 1954 but increased the number
by 7,100 from March 1954 to March 1955, a recovery
of 55% of the loss. Employment in service and miscel­
laneous industries showed no decline for the District as
a whole, though some states had moderate losses be­
tween March 1953 and March 1954. In the District
as a whole there was a gain of 6,800 from March 1953
to March 1954, and an additional 5,200 were added to
the payrolls in these industries to March 1955. Em ­
ployment by Federal, state and local governments drop­
ped 20,800 from March 1953 to March 1954, with the
District of Columbia accounting for most of the decline.
From March 1954 to March 1955 government payrolls
expanded 18,000 to recover 87% of the year earlier
decline. Increases were largely in state and local gov­
ernment offices. In all District states March 1955 was
higher than March 1953. Only in the District of
Columbia was this March lower than last or in 1953.

^5 V

Federal Reserve Bank of Richmond

Toll Roads—
Expensive and Effective
h e first four months of 1955 saw a pause in the pro­
cession of securities for the financing of new turn­
pikes. The lone issue appearing in the period was the
relatively small $34 million offering for the New Jersey
Turnpike expansion.
The absence of other turnpike bonds has been partic­
ularly surprising because a major feature of the muni­
cipal market at the close of 1954 was the tremendous
volume of toll road issues scheduled for the 1955 market.
Postponements of various kinds arose to delay financing,
so that a substantial volume of such securities now over­
hang the market. If all the issues in the prospective
stage were to roar into the market around the same time,
the result would be an avalanche. This is highly un­
likely, but it is certain that this type of financing will
bulk large in the activities of the next twelve months.
Turnpike issues aggregating more than one billion
dollars are in prospect by m id-1956, and a rush to the
market may occur as soon as several pending issues
clear legal and political road-blocks which have held
them up. The more “ iffy” issues should take tangible
shape if and when the controversial Federal program for
overcoming the nation’s highway deficiencies becomes
definite.
The cessation of toll road financing in early 1955
should not be interpreted as reflecting a declining inter­
est in this development. Presently plans are reported for
toll roads in Maryland, Virginia, and North Carolina,
and in eight states outside the Fifth District, ranging
from Connecticut to Texas and Washington. Legal
approval has just been given to the $74-million MiamiFort Pierce turnpike in Florida; and the $58.5-million
Dallas-Fort W orth, Texas, turnpike bonds will be of­
fered on June 14.

T

of 1950 a 14-mile turnpike was opened in New Hamp­
shire, built at a cost of $7,500,000.
Since the construction of these roads, more than a
thousand miles of toll roads have been put into opera­
tion in 11 states. Total cost of all toll roads in service
at the beginning of this year has been more than $1.8

W e s t V ir g in ia T u rn p ike C o m m issio n — The B e n d e r B rid g e , h ig hest
b rid g e e a st o f the M ississip p i R ive r, is n a m e d in ho n o r o f C o n g re s ­
sio n al M e d a l o f H o n o r w in n e r S e r g e a n t S ta n le y Be n d e r. The e n tra n ce
to the M e m o ria l Tunnel is sh o w n in th e b a ck g ro u n d .

billion. About 1,250 miles of toll roads are now under
construction at an estimated cost of $2 billion. A ver­
age cost per mile has increased from about $1.3 million
on the roads in service to $1.6 million on the roads
under construction.

Turnpikes are an old story in this country. In the
first era, roughly from the Revolution until the develop­
ment of steam railroads, toll turnpikes were constructed
and operated by private companies to meet the trans­
portation needs of the new country. W hen railroad
competition strengthened, most of the turnpikes were
absorbed into the public road system of each state.

In their book, Toll Roads, W ilfred Owen and Charles
L. Dearing said, “ The unique characteristic of a toll
facility is that the money spent for it goes to build and
maintain a specific project for which there is a need
and prospective willingness to pay the cost.” The
traffic and engineering studies, conducted prior to
issuing the revenue bonds, should determine the loca­
tion of a new toll road and whether its construction in
this location is justified by the traffic expected.

The “ second” turnpike era began with the opening of
the Pennsylvania Turnpike in 1940. During W orld
W ar II, the Merritt Parkway, which had been built as
a free road by Connecticut, became a toll road, and the
revenue was used to finance the W ilbur Cross Parkway.
Beginning in April, 1945, toll collections were permitted
on two parkways in Westchester County, New York, as
an additional source of revenue to finance maintenance
and improvements on other county roads.
The first postwar toll road was the 44-mile Maine
Turnpike. In 1946 $20 million in bonds were sold,
and the road was opened in late 1947. In the Summer

Criticism has been voiced of the whole concept of toll
roads, as well as of particular toll projects. The Am eri­
can Automobile Association, for example, has consist­
ently opposed toll roads as representing double taxa­
tion, since users must also pay gasoline and vehicle
taxes. A system of lower tolls for state residents, as
proposed in Maryland, would meet this criticism. The
A A A and similar organizations have also been critical
of the continued collection of tolls on some facilities as
a source of revenue long after the costs of construction
have been covered. Plans for individual projects have
brought forth criticism of their economic justification as

First and Second Turnpike Eras




i 6y

/fofiM fa/ /(OH6U^

well as stout opposition from owners of motels, restau­
rants, and filling stations who stood to lose customers
from a diversion of traffic.
Other criticisms are that toll roads duplicate facilities
already provided on parallel free roads and that the cost
is too high for the limited mileage. T o minimize dupli­
cation and permit integration with state and national
highway systems, turnpike authority boards usually
have officials of the state highway department as ex­
officio members. Revenue bonds for toll roads carry
higher interest rates than general obligation bonds of
the same state. Wherever possible, state credit has
been used to back revenue bonds to obtain lower interest
rates. A public referendum or change in the state con­
stitution is necessary to permit this in Fifth District
States.
Link with the Midwest
There has been much discussion about toll roads in
the Fifth District and several states have passed legis­
lation creating authorities or permitting issuance of toll
revenue bonds. T o date, however, the only one actually
financed and built is the W est Virginia Turnpike, com­
pleted in 1954 at a total cost of $133 million. Much of
the original 88-mile section is only two-lane, although
allowance was made in construction for paving two
additional lanes. Plans are now being considered for
extensions of this road, northward to connect with turn­
pikes in Pennsylvania and Ohio and southward to link
up with proposed turnpikes in western Virginia and
North Carolina. W hen finished this route is expected
to be an important link between the Great Lakes area
and the increasingly industrialized Southeast. The
Old Dominion Turnpike Authority was created in 1954
by the General Assembly to construct and operate V ir­
ginia section of this turnpike system. The Pennsylvania
legislature is considering proposals for an extension of
that state’s turnpike to the W est Virginia line to meet
the northern extension of the W est Virginia Turnpike.

June 1955

this restriction, and a route passing through both cities
is now being considered for this turnpike.
N o authorities have been created in Maryland to con­
struct highways and bridge and tunnel projects, though
the state may charge tolls on all or any designated part
of such projects. Under the 12-year plan proposed in
1952, $330 million of a total cost of $568 million may
be borrowed. Recently Maryland’s General Assembly
approved the proposal of the State Roads Commission
to build, at a cost of $29.5 million, a 48-mile expressway
from Baltimore to the Delaware line near Wilmington.
This would accomplish more quickly part of the 12-year
plan’s construction. The commission has considered
charging lower rates for Maryland users and making up
the difference from state gasoline and motor vehicle
taxes.
In North Carolina road bonds are included in the
general-obligation debt of that state, but they are backed
by specific gasoline and motor vehicle taxes distributed
between state and county roads. The State Turnpike
Authority is empowered to construct and operate turn­
pike projects subject to the approval, as to location, of
the State Highway and Public W orks Commission. The
authority may issue revenue bonds, and neither the state
nor the authority is obligated to pay the interest or prin­
cipal except from these revenues.

T O L L RO AD S P A R A L L E L IN G T H E IN T E R S T A T E
S Y ST E M
Miles

In Service:*
Merritt and Wilbur Cross Parkways,
Conn. ____________________ ___________
Kittery-Portland, Me. --------------------------Seabrook-Portsmouth, N. H. ----------------New Jersey Turnpike --------------------------New York Thru way ----- ------- -------------Tulsa-Oklahoma City, Okla. -----------------Pennsylvania Turnpike -------------------------Total in Service .....................................

In 1952 the Virginia Highway Commission gained the
authority to construct, maintain and operate turnpike
projects, and to issue revenue bonds payable solely from
tolls and other charges collected. The law provides that
when funds are available for the retirement of bonds
issued for a specific highway project, that turnpike be­
comes a part of the state system to be maintained by the
Highway Commission free of tolls.

$

38.0
21.6
7.5
285.0
490.0
38.0
211.5
$1,091.6

Financed or Under Construction:
Greenwick-Killingly Expressway, Conn.
Indiana East-West Turnpike --------------Kansas City-Topeka-Wichita- Oklahoma
line --------------------- -------------------------------Louisville-Elizabethtown, Ky. _ ----------Portland-Augusta, Me------ ----------------------Weston-West Stock bridge, Mass........ ~
New Jersey, link to Pa. Turnpike ------New York Thru way -------------------------------New York Thruway _ .. _ _ ............ - -----Ohio East-West Turnpike --------------------Tulsa-Missouri line, Okla. --------------------Total Financed or Under Construc­
tion — ---------------- - — ------------------

In 1954 the Virginia General Assembly passed acts
creating the Old Dominion Turnpike Authority and the
Richmond-Petersburg Turnpike Authority. The latter
authority was established specifically to construct a toll
road between a point north of Richmond and a point
south of Petersburg, to connect with routes 1, 301, and
460. Until 1954 the state could not construct or operate
toll turnpikes within towns and cities of 3,500 popula­
tion or over. Another act passed last year removed



67
47
15
118
396
88
327
1,058

Cost
(in millions)

130
157

$ 398.0
280.0

234
40
66
123
6
30
133
240
88

160.0
38.5
55.0
239.0
27.2
110.0
300.0
326.0
68.0

1,247

$2,001.7

A T en -Y ea r National H igh w a y Program , A R eport to
the President, January, 1955.

Source:

♦In addition to the above list of toll roads in service, E ngineer­
ing N ew s-R ecord, December 30, 1954, listed over 400 miles of
turnpikes costing about $750 million which are not on the in­
terstate system.

i 71
*

Federal Reserve Bank of Richmond

North Carolina created the Carolina-Virginia Turn­
pike Authority in 1953 to cooperate with Virginia’s
Coastal Turnpike Authority in building a toll road from
Virginia Beach to Nags Head. N o date has been set
for a bond offering.
Up to the present time no plans have been made for
a turnpike in South Carolina. Unless a large scale
highway program is contemplated, the state does not
need to resort to revenue bond financing. The limit on
general obligation debt for highway purposes was set
at $70 million in 1950, and the net highway debt out­
standing on June 30, 1954 totaled $46.6 million.
Federal Policy on Turnpikes
The Federal Government has long been opposed to
toll roads. The Federal-Aid Road Act of 1916 stated
“ that all roads constructed under the provisions of this
act shall be free from tolls of all kinds.” This was re­
stated in the Federal Highway A ct of 1921, with the
additional of the word “ reconstructed.” A n exception
to this policy occurred in 1927 when legislation was
passed permitting Federal aid for state-owned toll
bridges.
Federal aid outside the regular program was also
given to the Pennsylvania Turnpike Commission to as­
sist in building the original section of that road. The
Public W orks Administration granted $28,250,000 to the
commission, and the original bond issue was sold to the
Reconstruction Finance Corporation.
In the report on a National Highway Program pre­
sented in January, the President’s Advisory Committee
proposed a plan for giving credit to states building new
highways, free or toll, on the interstate system. Credit
would be allowed only on roads meeting the new stand­
ards, and only up to 40% of the cost of roads built
between 1947 and 1951, 70% of the cost of roads built
before December, 1955, and the full construction cost of
roads built at a later date. The credit should be used
only in constructing other highways.

The advisory committee felt that the Federal Govern­
ment “ should not enter into toll road construction nor
provide funds for deficit financing of otherwise non-self­
supporting projects.”
The Case for the Turnpike
The new turnpikes have typically been new roads
placed on right-of-ways determined by modern high­
way engineering standards. A s a result they have pro­
vided users with more than just limited-access roads
that reduce crossing worries for they usually incorporate
moderate grades and curves, median strips for greater
safety and night-driving comfort, and attractive road­
sides with severely limited commercial establishments.
The attraction to private passenger travel has thus gone
beyond economies of operation.
For the commercial user turnpikes offer savings in
fuel, tires, and time that are frequently important.
Truckers indicate that they check carefully the costs and
gains of using toll facilities over free roads and in some
instances the older highways win out. On the other
hand, the New Y ork Thruway Authority recently cited
figures to support the case for using the New Y orkBuffalo Thruway instead of parallel free roads. Tests
were conducted by the General Electric Corporation on
runs between its Schenectady plants and Williamsville,
near Buffalo. Use of the Thruway reduced the distance
by 38 miles and gas consumption by 14.2 gallons.
Drivers had to shift gears 298 times less on the Thru­
way, saved 142 brake applications, and eliminated 69
full stops. For a round trip, an average of four and
one-half hours were saved. Clearly this provides an
economic basis for the added cost of toll roads so far as
this user is concerned.
Trucks played an important role in the early success
of the Pennsylvania Turnpike and are generally counted
upon as heavy users of all new toll roads. The rapid
growth of the trucking industry highlights this type of
use; if trucks in use actually triple in number (to 30
million by 1975) as forecast recently by a spokesman
for the manufacturers, their role as users will obviously
become yet more important.

The committee estimated that economically feasible
toll routes in 28 states, coinciding with the interstate
system, total over 8,500 miles, out of 40,000 miles for
the whole system. (Interstate toll routes completed or
under construction are shown in the accompanying




table.) It is obvious that toll financing can meet only
a small portion of the nation’s highway needs.

-I 8 V

June 1955

Banking In the First Quarter
A

demand deposits of the District’s member
banks fell $254,000, 000 (4 .6 % ) between January
1st and April 11th, 1955*, this decline was $100,000,000
less than the amount lost in the comparable period in
1954. Last year the period was one of moderately de­
clining business activity in contrast to the strongly
flowing currents in the first quarter of this year. Since
demand deposit changes are the result of over-all bank­
ing activities, the first quarter’s demand deposit loss
provides a convenient focal point through which other
operations may be brought into perspective.
What are the causes of demand deposit declines at
the member banks? Several well defined and funda­
mental influences work toward this en d :
1. W hen bank customers call for currency and coin,
demand deposits decline. The customers make pay­
ment for the currency and coin they receive from the
banks by surrendering demand deposit balances.
2. W hen customers transfer demand balances over to
savings deposit accounts, demand deposits decline.
3. W hen customers make payments to the banks
themselves by checks drawn against their accounts, the
banks’ liability in the form of demand deposits is re­
duced. For example, when a loan is repaid or when
some security is purchased by a customer, the banks
experience a reduction in their deposit liabilities.
4. The banks themselves may reduce the amount of
funds carried on deposit with other banks. Since de­
posits due to banks are included in total demand de­
posits, such withdrawals reduce the total figure.
5. W hen the banks’ customers make payments to
the U. S. Treasury by checks drawn against their de­
mand deposit accounts, these accounts and the Treas­
ury’s account at the Federal Reserve Bank or at com­
mercial banks increase. There may be a temporary
offsetting change in this case— a transfer from a private
account to the Treasury’s T ax and Loan Account at the
group of banks considered. However, this would be
short-lived since the Treasury eventually transfers bal­
ances from the commercial banks to the Treasury’s ac­
count at the Federal Reserve Bank.
6. W hen customers of District member banks make
payments by checks to the customers of banks outside
the District or of nonmember banks in the District,
demand deposits decline at this group of banks.
lthough

The First Quarter Demand Deposit Decline

2.
3.

The calling down of interbank balances held by
outside banks or by nonmember banks in the area,

Payments by checks to customers of banks located
outside the area or of nonmember banks in the
area.
These drains on District demand deposits were larger
than the net deposit decline by the amount of those
transactions which tended to add to demand deposits,
notably the return of currency and coin to the banks, the
increase of bank loans outstanding and net Treasury ex­
penditures in the District.

During the first quarter this year, currency and coin
in circulation declined, that is, currency and coin were
redeposited in the commercial banks. Customers’ needs
for currency and coin, therefore worked to increase de­
mand deposits in this period.
Savings and time deposits at the District’s member
*April 11, 1955 is the date of the most recent Call Report. For con­
venience the period from January 1 to April 11 will be referred to as
the first quarter of the year.




banks increased by $47,000,000 (2 .7 % ) over the period
covered and may be said to account for this much of the
net reduction in demand deposits. True, deposits to
savings accounts are frequently in the form of currency
and coin, but the action which made the currency and
coin available for this use, caused a reduction in demand
deposits at that time.
Repayments on loans to District member banks dur­
ing the first quarter of the year were at records levels—
but new loans extended by the banks were greater, with
the result that total loans expanded by $72,000,000
( 2 . 7 % ) . Lending activities of the banks, therefore, add­
ed to rather than subtracted from demand deposits.
The fourth of the above listed causes for demand de­
posit declines is the change in interbank deposits.
Actually this factor accounted for approximately onethird of the total demand deposit decline over the first
quarter of the year. Nonmember banks in the Fifth
District and commercial banks in other districts reduced
the amount of balances carried at District member banks
by $82,000,000 between January 1 and April 11, 1955.
Payments to the U. S. Treasury were noted as a fifth
factor influencing the level of demand deposits. In the
period under review, however, direct Treasury ex­
penditures from the General Account at the Federal R e­
serve Bank of Richmond exceeded Treasury receipts
here and the effect of this was to increase, not decrease,
demand deposits in the District.
There remain payments made by the member banks’
customers— to the customers of banks located outside
the Fifth District or of nonmember banks in the District.
Interdistrict Settlement Fund data reveal a sizable net
flow of funds from the District for commercial and fi­
nancial transactions in this period. The preponderance
of the net deposit loss over the first quarter of the year,
therefore, is found to be due to the geographical patterns
of payments established by the member banks’customers.
Purchases of goods and services and a multitude of
other financial transactions between District residents
and those outside the area resulted in a net loss of de­
mand deposits.
In summary, the demand deposit decline at District
member banks in the first quarter of 1955 was caused by :
1. A transfer of funds to savings and time deposits,

* 9 y
{

Federal Reserve Bank of Richmond

Business Conditions and Prospects
conditions in the Fifth District in April
showed— as usual— strength, weakness and stabil­
ity at the same time. The trade level continued to dis­
play its strength but shifts were evident in its composi­
tion. Construction contract awards, after trending down­
ward since October, experienced a sharp rise in April
with the emphasis on sectors other than residential.
Although cash income from farm marketings was
10% under a year ago in the first quarter, seasonal im­
provement was noted in March as a result of expanded
livestock slaughter. Bituminous coal mining rose sharp­
ly during April, part of which was probably due to the
L & N strike. Loans of member banks rose unseasonally but the trend of bank debits leveled off. W hile the
number of GI home loans guaranteed and insured de­
clined moderately from February to March, they stood
64% ahead of a year ago and in the first quarter an
amazing 80% .
Confidence in the business outlook remained strong,
as evidenced by a 26% increase in new incorporations
during the first quarter of the year compared with last
year. Production of electric power was off 2 % , Feb­
ruary to March (adjusted), but up 7% from a year
earlier; the first quarter was up 9 % . In the first two
months of 1955, sales of electric energy to ultimate
consumers in the South Atlantic region were 10.4%
higher than in the first two months of 1954. Industrial
utilization showed the largest increase, 12.2%. Resi­
dential usage was up 10.5%, commercial up 9.9% , and
other utilization off 5.8% .
u s in e s s

Trade
Department store sales in April, after correction for
the shift in Easter and seasonal factors, rose 1% from
March to a level 6% ahead of a year ago. Strength
was shown in adjusted sales in South Carolina and W est
Virginia, but elsewhere they were somewhat behind
March.
Retail furniture store sales (preliminary and ad­
justed) spurted 6% in April to a level 23% ahead of
a year ago. April was just short of the all-time peak.
Furniture store inventories (adjusted) rose 4% during
April but were still 6% under a year ago.
Household appliance store sales (unadjusted) were
down 5% from March to April to the same level as a
year ago. For the first four months they were 10%
ahead of 1954.
Latest complete District data on new passenger car
registrations (M arch ) show an increase of 27% from
February, 33% from March 1954, and first-quarter
registrations up 29% . District figures are about the
same as national. April registrations of new passenger
automobiles for North Carolina and the District of
Columbia were up 2% over March and 47% over a
year ago; the District of Columbia figure increased 15%



during the month, while North Carolina declined 2 % .
New commercial car registrations (all Fifth District
States— M arch) were at February’s level and 8 % under
March 1954. The first quarter was off 5% from a
year ago. In the District of Columbia, W est Virginia,
and North Carolina registrations were 11% above
March and 12% over a year ago, with W est Virginia
and North Carolina showing increases in both periods
while the District of Columbia showed losses in both
periods. In Richmond, Virginia, April registrations of
new passenger automobiles were down 20% from March
but 26% ahead of a year ago, and the first four months’
registrations were up 31% .
C onstruction
Construction contract awards in the Fifth District,
after trending downward on an adjusted basis between
October and March, rose 27% in April to the third
highest monthly record in history. This was due mainly
to a 209% increase in public works and utilities awards,
a 91% increase in factory buildings and a 55% increase
in commercial awards. Residential awards were down
3 % , due mainly to a 41% decline in apartments and
hotels and a drop of 1% in one- and two-family houses.
In contrast to the 27% adjusted rise in total awards
from March to April, building permits in the principal
cities of the District showed a 41% drop in valuation
on an adjusted basis in this period— meaning that
awards were principally made outside corporate limits.
Although the number of GI loans guaranteed and
insured in Fifth District States slipped 6 % between
February and March, they were 64% ahead of a year
ago and the first quarter was up 80% . Value of loans
was also down 6% from February to March, but March
was 87% ahead of a year ago and the first quarter was
up 104%.
M anufacturing
Man-hours in all manufacturing industries of W est
Virginia and the Carolinas declined 4% from March
to April but April was 5.8% higher than April 1954.
Durable goods showed a 2.1% decline in man-hours
from March to April, with the Carolinas down and
W est Virginia up. In each State, man-hours in April
were higher than a year earlier, with not much deviation
from the average increase of 7.7% . Man-hours in the
nondurable goods industries in April were 4.8% under
March, but 5.1% over a year ago.
Textile mill products man-hours in April in the Car­
olinas were down 5.9% from March, with broad-woven
fabrics down 3.4% , yarn and thread mills down 6.2% ,
and knitting mills down 14.4%. Since cotton consump­
tion in District mills after seasonal correction was 1%
higher in April than in March, it is apparent that in
cotton the decline in man-hours was about seasonal.

* 10 1
{
-

June 1955

Other textile products appear to have declined some­
what more than seasonally.

banks rose $12 million during the month of April and
stood $508 million above a year ago. During the month,
loans increased $31 million while reductions in security
holdings were $19 million. Loans were $337 million
and security holdings were $171 million above a year
ago.

Agriculture
Cash income from farm marketings in April was 10%
higher than in February, as a result of a 14% increase
from livestock and products; this more than offset a de­
cline of 1% in crop income. Relative to a year ago,
March cash income was down 6 % , with crop income
down 5% and livestock and products income down 6 % .
In the first quarter of 1955, total cash income from farm
marketings was down 10% from a year ago, with crop
income down 10% and livestock and products income
off 9 % .
Farm prices during April declined from March in
three States and held even in two others. Relative to
a year ago, all States of the District except W est V ir­
ginia showed farm prices about even. W est Virginia’s
decline was 8 % .

Total deposits of member banks increased $56 mil­
lion during April, with demand deposits increasing $57
million and time deposits declining $1 million. Total
deposits were $510 million higher than last year, with
demand deposits up $343 million and time deposits $167
million. Member bank reserve balances increased $22
million during April, and member bank borrowings were
reduced $21 million during the same period. Member
bank borrowings, however, were $17 million higher at
the end of April than a year earlier.
Bank debits in District reporting banks during April
were 1% higher than March, after seasonal correction,
and 8% higher than April 1954. The first four months
showed an increase of 9 % .

Banking
Loans and investments of Fifth District member

F if t h D is t 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)
April
1955

S t a t is t ic s
50 R E P O R T IN G M E M B E R B A N K S
(000 omitted)

April
1954

4 Months
1955

4 Months
1954

$1,252,680

$ 5,235,247

$ 4,640,628

Baltimore _______.... 1,508,119
1,425,792
6,032,671
Cumberland ____
24,398
22,394
93,365
Frederick _______
23,209
24,690
90,217
Hagerstown ____
43,622
33,875
166,410
Total 4 Cities ,... 1,599,348
1,506,751
6,382,663
North Carolina
Asheville ________
64,810
57,844
264,746
Charlotte ________ ....
381,440
334,554
1,597,745
Durham _________
78,601
84,363
314,531
Greensboro . ....... ....
140,871
113,065
571,827
High Point** __
50,578
41,084
197,721
Kinston ______ .
21,324
19,032
89,570
Raleigh _________ ... 212,026
167,206
872,029
Wilmington ____
54,285
44,858
207,714
Wilson __________
19,272
16,279
82,316
Winston-Salem .......
159,882
141,064
667,702
Total 9 Cities . .... 1,132,511
978,265
4,668,180
South Carolina
Charleston ______
87,731
72,732
331,462
Columbia__ ____ ....
195,614
181,916
696,131
Greenville
. .127,881
106,927
505,094
Spartanburg ___
63,640
60,273
262,277
Total 4 Cities ......
474,866
421,848
1,794,964
Virginia
Charlottesville __
35,637
31,027
142,469
Danville ________
36,732
32,559
155,677
Lynchburg ______
53,731
49,918
209,058
Newport News ...
55,137
47,488
213,408
Norfolk _________ ... 276,556
249,957
1,114,925
Portsmouth _____
34,703
32,108
141,877
Richmond _______ ...
612,917
599,686
2,542,994
Roanoke ______ ....
125,543
115,924
497,037
Total 8 Cities ... 1,230,956
1,158,667
5,017,445
West Virginia
Bluefield ________
42,415
37,887
171,625
Charleston ______ ...
164,799
171,193
678,914
Clarksburg ______
34,909
30,939
140,607
Huntington _____
73,648
66,565
288,944
Parkersburg _____
32,898
30,549
123,818
Total 5 Cities .....
348,669
337,133
1,403,908
District Totals ____...$6,047,736 $5,655,344 $24,502,407

5,615,042
87,825
89,350
142,333
5,934,550

Total Loans _______________ ___ .$1,605,651**
Bus. & Agric_______________
726,306
Real Estate Loans ______ _ _
_
315,096
All Other Loans _____________
586,422

+
+
+
+

237,743
1,398,753
335,495
463,563
167,201
81,039
737,132
180,853
71,754
590,627
4.096.959

Total Security Holdings _______
U. S. Treasury Bills ________

_

Dist. of Columbia
Washington ___

M a ry la n d

1,261,386

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




287,740
677,379
429,194
250,273
1,644,586
121,799
139,344
192,240
185,593
1.020.959
125.978
2,350,469
455,486
4,591,868
158.978
695,364
129,316
275,985
119,584

ITEMS

May 11,
1955

1,769,978
61,538

Change in Amount from
April 13,
May 12,
1955
1954
27,313
10,487
5,800
10,942

+208,191
98,159

+
+
+

46,113
68,519

U. S. Treasury Certificates _
50,677
U. S. Treasury Notes _______
364,646
U. S. Treasury Bonds ............ 1,026,334
Other Bonds, Stocks & Secur.
266,783
Cash Items in Process of Col. ..
317,259
Due from Banks _______________
164,370*
Currency and Coin ____________
80,653
Reserve with F. R. Banks _____
532,495
Other Assets __________________
71,200
Total Assets __________
$4,541,606

70,566
— 35,735
—
17,575
—
3,395
— 4,936
—
8,925
—
13,935
—
1,710
—
666
+ 38,471
2,374
+
- 18,719

102,627
+ 139,856
+ 35,029
+ 29,123
+ 22,895
28,653
■ 2,171
+ 11,081
6,670
+
+261,694

Total Demand Deposits _______ $3,389,475
Deposits of Individuals ______ 2,544,441
Deposits of U. S. Government
111,832
Deposits of State & Local Gov.
217,516
Deposits of Banks __________
455,315*
Certified & Officers’ Checks __
60,371

36,698
36,081
5,728
+ 12,555
— 28,521
9,621
+

+ 169,462
+ 113,272
+ 45,031
+ 15,218
10,328
6,269
+

Total Time Deposits __________
Deposits of Individuals ______
Other Time Deposits _________

—

+
+
+

761,439
679,458
81,981

Liabilities for Borrowed Money
38,300
All Other Liabilities ___________
45,029
Capital Accounts .........................
307,363
Total Liabilities _____________ $4,541,606

*

-

3,214
1,111
2,103

+ 16,970
2,569
+
1,654
+
— 18,719

Net figures, reciprocal balances being eliminated.

** Less losses for bad debts.

4 11 1
*

—

+

39,339
62,042

49,696
43,916
5,780

30,900
4,554
+ 16,190
+261,694
+

_

Federal Reserve Bank of Richmond

F if t h

d is t r ic t

s t a t is t ic a l

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

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
April 1955
4 Mos. 1955
STATES
+ 17
+ 5
Maryland ------------13
+ 17
Dist. of Columbia
8
+ 15
Virginia
— 22
+ 30
West Virginia — 14
+ 17
North Carolina
+10
South Carolina _
+11
+ 17
+U
District ------------------------

April
1955

0
— 9

+12
+ 2

+ 2

NA

NA

—

— 5
— 17
NA
+ 6

10

— 16
NA

+ 8
—

1

—

2

ST O R E O P E R A T IO N S
v percentage changes)
Other
Wash. Cities
Rich. Balt.
+

2

+

7

+

+

4

+

4

+

7

Stocks, April 30, ’55 vs ’54 ..

+

5

+

2

+ 10
_ 1

+

2

+

+

6

—7

9

Open account receivables Apr.
1, collected in Apr. 1955 _

30.7

47.0

42.5

39.5

40.8

Instalment receivables April.
1, collected in Apr. 1955 ~

15.1

14.4

14.5

15.8

14.7

Md.
Sales, Apr. ’55 vs Apr.
’54 ___________________




D.C.

Va.

!
— 2

+

+

2

5

W .V a.
+

8

2,180,971
673,313
1,491,871

2,695,849
1,208,167
1,494,024

355,972
1,535,750
694,484
982,125
638,611
666,828
299,266
131,060
171,500
1,006,482

635,986
1,825,706
317,534
1,343,220
302,275
1,442,905
353,879
102,450
174,350
787,840

1,076,287
9,961,946
5,587,873
3,618,105
3,112,729
7,236,014
1,282,711
380,468
1,481,675
4,950,404

1,407,039
6,304,390
1,480,529
4,227,420
1,091,942
4,721,826
1,175,507
669,852
873,750
4,939,862

236,338
663,012
820,350
330,477

374,119
1,038,669
648,950
213,745

775,221
2,683,114
2,275,148
831,445

761,295
3,363,254
2,765,645
1,357,426

3,265,493

N.C.

S.C.

+

+

7

4,384,658

23,380,260

20,536,828

$31,641,772

$141,413,981

$115,907,865

Apr.
1955

4

6

981,050
387,246
552,855

Dist.
Total

— 3

+

762,347
3,360,521
529,077
2,046,707
1,243,566
5,703,784
680,100
3,608,680
7,613,906
4,501,467
435,170
2,704,051

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

+ 5
Sales, 4 Mos. ending Apr. 30,
’55, vs 4 Mos. ending Apr.
30, ’54 ___________________ + 10

+46

3,091,911
6,693,128
1,291,163
3,546,617
612,752
4,382,678
1,403,400
1,250,840
6,999,108
4,106,843
1,201,055
3,270,956

District Totals ____$30,536,667

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

4

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

175,033
536,365
121,111
528,541
888,049
2,883,523
243,600
495,176
1,348,797
1,924,370
109,530
1,095,735

Dist. of Columbia
Washington ....

+ 13
+11
+ 15
+ 7
as well as

+ 1

561,515
181,118
440,923

$ 19,326,875
169,900
406,692
869,579
870,838

South Carolina
Charleston ___
Columbia _____
Greenville ____
Spartanburg ..

+ 5

Stocks on
April 30, 1955
compared with
Apr. 30, Mar. 31,
1954
1955
NA
NA

Sales in
April
1955
compared with
Apr.
Mar.
LINES
1954
1955
Auto supplies ----------------------- + 5
+ 6
Electrical, electronic and
appliance goods --------------+13
— 1
Hardware, plumbing and
heating go od s------------------- + 6
— 5
Machinery equipment sup­
plies ______________ - ----------- + 2
0
Drugs, chemicals, allied
products ---------------------------- + 2 0
— 1
Dry goods ---------------------------- + 8
—19
Grocery, confectionery,
meats ------------------------------— 10
— 8
Paper and its products ------- + 7 5
+21
Tobacco products ----------------NA
NA
Miscellaneous ------------------------ + 2
— 9
District Total ----------------- + 7
— 5

703,531
868,097
291,492
960,614
118,391
984,951
89,500
280,930
2,466,223
1,265,184
193,775
686,272

4 Months
1954

7,781,235$ 4,572,715 $ 27,549,292
224,483
97,000
653,291
209,750
96,900
696,205
221,785
189,130
715,020
209,150
468,760
970,167

Virginia
Danville______
Hampton ____
Hopewell _____
Lynchburg ___
Newport News
Norfolk ___ _
_
Petersburg ___
Portsmouth ....
Richmond ____
Roanoke _____
Staunton_____
Warwick _____

W H O LE SA LE TRADE

+

4 Months
1955

West Virginia
Charleston ___
Clarksburg ___
Huntington

+ 17
Baltimore, Md. -----+ 17
Washington, D. C.
+ 14
Richmond, Va.
+46
Charleston, W . Va.
Greenville, S. C. —
+ 7
♦Data from furniture departments of department stores
furniture stores.

Outstanding Orders

April
1954

Maryland
Baltimore ____ $
Cumberland ....
Frederick ____
Hagerstown ....
Salisbury ____

IN D IV ID U AL CITIES

Sales, Apr. ’55 vs Apr. ’54 ..

D ata

9

New passenger car registra­
tion* ----------------- -------- ----- Bank debits ------------ - ---------Bituminous coal production* .....
Construction contracts
-----Business failures— number ..
€igarette production ------- Cotton spindle hours -----------Department store sales --------Electric power production
Manufacturing employment* . .
FTirniture store sales ---------Life insurance sales --------------

167
97
279
183
117
129
119
181

* Not seasonally adjusted.
Back figures available on request.
r Revised.

i 12 y

Mar.
1955
185
166
84
220
224
99
116
128
179
106
112
194

Apr.
1954
149
155
68
150
262
93r
108
122
165
104
97
160r

% Chg.—
Latest Mo.
Yr.
Prev.
Mo.
Ago.
+28
+ 1
+ 15
+27
— 18
+ 3
+ 1
+ 1
— 2
0
+ 6
— 7

+33
+ 8
+ 43
+ 86
— 30
+ 4
+ 8
+ 6
+ 7
+ 1
+23
+ 13

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