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F E D E R A L RE SE RVE B A N K OF R I C H M O N D



M A R C H 1964

F ed e ral G overnm ent a c tiv ity is an im p o rtan t
elem en t in the econom y of the F ifth F ed eral R e ­
serve D istrict. In 1963, one of ev ery eig h t 110 11 a g r ic u ltu r a l em p lo yees in the D istrict w as a F ed ­
eral c iv ilian em p loyee or a m em ber of the A rm ed
S erv ices on a ctiv e d u ty . T he p ay ro lls of these
tw o gro u p s of F ed eral em p lo yees accounted for
$1 of e v e ry $9 of the D istric t’s p erso n al incom e.
In the U n ited S ta te s as a w hole, o n ly one of
e v ery fifteen em p lo yees w orked for the G overn­
m ent and F ed eral p a y ro lls am ounted to o n ly $1
of e v ery $21 of p erso n al incom e.
M easu red b y n um bers of em plo yees and p a y ­
roll d o llars, the civ ilian com ponent is the more
sig n ifica n t p art of to tal F ed eral em p lo ym ent. A t
the end of la st y e a r, the D istrict's 469,000 F ed eral
civ ilia n em p lo yees accounted for 8.1% of 110 11 a g ric u ltu ra l em p lo ym en t (defined here to include
m ilita ry p erso n n el). M ilita r y personnel num bered
285,000, ra is in g the F ed eral G overnm ent’s sh are
to 13% of the n o n a g ric u ltu ra l to tal. F ed eral c iv il­

ian p a y ro lls of ap p ro x im ate ly $3.1 b illio n and
m ilita ry p a y ro lls of ju s t over $1 b illion am oun ted
to 11.4% of p erso n al incom e.
W h en com pared w ith other m ajo r secto rs of
the D istrict econom y, the size of em p lo ym en t in
the F ed eral secto r is im p ressive. L a s t y e a r, the
F ed eral G overnm ent had the th ird la rg e s t n um ­
ber of em p lo yees in the D istrict. O nly the m an u ­
fa c tu rin g sector, w ith 26.4% of all n o n ag ric u l­
tu ra l em p lo yees, and the trad e secto r, w ith 16.6%
of the to tal, em p lo yed m ore people. T h e o ther
m ajo r secto rs of the econom y had sh ares of to tal
em p lo ym en t w hich w ere s u b s ta n tia lly sm aller.
A com plete b reakd o w n , b y m ajo r source, of
the D istric t’s p erso n al incom e in 1963 is not
a v a ila b le y e t. A t the end of 1962, h o w ever, F e d ­
eral p ayro lls wT
ere the second m ost im p o rtan t
source of incom e in the D istrict. M a n u fac tu rin g
p ayro lls, w h ich acco unted for 18.7% of p erso n al
incom e, w ere first in im po rtance ; p ay ro lls in the
trad e secto r, 10.7% of incom e, w ere th ird.

FEDERAL G OVERN M EN T EMPLOYEES AND PAYROLLS
FIFTH D IS T R IC T -D E C E M B E R

1963

Em ployees

Annual Payrolls ($ mil.)

Civilian
W ashington Metropolitan A re a * ................ ..............
M arylan d*

...........................................................................

Federal

C ivilian

263,100

62,094

325,194

746

72

818

52,700

36,412

89,112

937

187

1,124
505

M ilitary

37,900

88,366

126,266

192

313

27,300

41,086

68,386

157

159

316

..............................................................................

76,000

56,403

132,403

1,001

332

1,333

West V irginia

.....

___ ____________

Fifth District

______ ___

12,300

596

12,896

66

2

68

469,300

284,957

754,257

3,099

1,065

4,164

* Employm ent figures a re for the W ashington M etropolitan A rea and payroll figures are for the District of Colum bia.
and V irginia em ployment figures exclude em ployment within the W ashington M etropolitan A rea.
Sources:

Federal

.......... ......................... ...........................

North C aro lin a
South C aro lin a
V irg in ia *

M ilitary

M aryland

Civil Service Com m ission, U. S. Department of Commerce, U. S. Departm ent of Defense and U. S. Departm ent of Labor.

2



Federal Civilian Employment by State A s w ould
be expected. F ed eral civ ilian em plo ym ent is a
g re a te r p art of the to tal in W ash in g to n , D. C.
than in an y of the F ifth D istrict states. L ast
y ear, 29.3% of a ll em p lo yees in the W ash in g to n
M etro p o litan A rea w ere F ed eral em ployees. In
V irg in ia , the sta te w ith the la rg e st n um ber of
F ed eral c iv ilian em p lo yees, th e com p arab le fra c ­
tion w as o n ly 6.4% . F ractio n s in the o ther four
states w e re : M a ry lan d , 4 .5 % ; South C aro lin a,
4 .1 % ; N orth C aro lin a and W e s t V irg in ia , 2.7%

em p lo yer, w ith th e P o st Office ra n k in g second
and the D ep artm en t of A g ric u ltu re th ird . T he
presence of a n um ber of im p o rtan t m ilita ry in ­
sta lla tio n s in th ese th ree sta te s ex p lain s the larg e
n um bers of D ep artm en t of D efense c iv ilian s.
F ed eral em p lo ym en t in M a ry lan d differed from
the C a ro lin a s-V irg in ia p attern in th a t a la rg e r
num ber of people w o rked for th e D ep artm en t of
H ealth , E d ucatio n , and W e lfa re and a sm aller
num ber for the D ep artm en t of A g ric u ltu re . M ost
of the H ealth , E ducatio n , and W e lfa re group

FEDERAL GOVERN M EN T CIVILIAN EMPLOYMENT
FIFTH D IS T R IC T W ashington
Metropolitan
A rea

Agency

M arylan d *

DECEM BER 1962
North
Caro lina

South
C aro lina

V irg in ia *

W est
V irginia

Fifth
District

C ongress...... .................... ........

...........

7,629

0

0

0

0

0

7,629

Five Legislative Agencies...

...........

14,211

0

0

0

37

0

14,248

A griculture...................... .................
Com m erce.......................
Defense ..... ....................
Health, Education,
and W elfare ..............
Interior............................ .........
J u s t ic e .............................. ................
Labor.................................
Post Office.
................
State............................... .................
Treasu ry____
................

11,803
14,831
74,595

394
172
23,987

2,376
590
10,183

1,498
137
15,313

1,444
619
46,636

1,018
92
863

18,533
16,441
171,577

21,792
7,352
9,124
4,617
13,442
9,515
12,155

10,773
106
255
42
6,889
8
2,419

533
817
190
18
9,122
3
1,250

260
83
88
28
4,489
0
534

919
562
631
48
8,716
11
1,138

237
447
243
33
4,646
0
1,068

34,514
9,367
10,531
4,786
47,304
9,537
18,564

Eight Executive Agencies... ................

1,380

9

0

0

25

0

1,414

845

61

115

68

96

55

1,240

50,273

4,044

4,832

1,667

9,777

2,748

73,341

Executive Departments:

Ju d icia l......................................
Forty-one Independent A g encies......
Nine O ther Agencies...........
TOTAL EM PLOYMENT

..............

1,779

0

0

2

0

0

1,781

.......... ..

255,343

49,159

30,029

24,167

70,659

11,450

440,807

* M aryland and V irginia em ploym ent figures ex elude em ploym ent within the W ashington M etropolitan A rea.
Source:

Civil Service Commission.

each. T he tab le on p age 2 show s the n u m erical
d istrib u tio n of th ese c iv ilian em p loyees am ong
the sta te s of the D istrict a t the end of 1963.
Distribution Among Departments T he late st
d ata on the divisio n of the D istrict's F ed eral
c iv ilian em p lo ym en t am o n g the v ario u s d ep art­
m ents and ag en cies of go vern m en t are show n in
the ta b le on th is p age. T h ese figures show con­
sid era b le v a riatio n am o n g the different sta te s of
the D istrict.
In the n a tio n ’s cap ital, the on ly are a in w hich
all d ep artm en ts and agen cies are represen ted , the
D ep artm en t of D efense w as the la rg e s t sin g le
em p lo yer of F ed eral civ ilian s, and the D ep art­
m ent of H ealth , E d ucation , and W e lfa re w as
second. In the tw o C aro lin as and V irg in ia , the
D ep artm en t of D efense w as also the p rin cip al



w ere em ployed b y the P u b lic H ealth S erv ice in
T he In stitu te s of H ealth at B eth esd a. T he re la ­
tiv e ly m inor role of a g ric u ltu re in the s ta te ’s
econom y ex p lain s the sm all n um ber of D ep art­
m ent of A g ric u ltu re em p lo yees.
W e s t V ir g in ia ’s F ed eral em plo ym en t is ch ar­
acterized p rim a rily b y the sm all n um bers of p er­
sonnel in a ll the d ep artm en ts and ag en cies re p re­
sented. A t the end of 1962, o n ly the P o st Office,
the T re a s u ry , and the D ep artm en t of A g ric u ltu re
em ployed m ore than 1,000 W e s t V irg in ia n s.
Geographical Distribution W ithin the States T he
g e o g rap h ica l d istrib u tio n of F ed eral civ ilian em ­
p lo ym en t w ith in the sev eral F ifth D istrict states
differs m a rk e d ly from state to state. T h ere are no
s u b sta n tia l co n cen tratio n s in N orth C aro lin a.
F ed eral c iv ilia n em p lo yees are sp read am on g
3

u rb an cen ters and m ilita ry in stalla tio n s th ro u g h ­
out the ex p an se of the state. In co n trast, civ ilian
em p lo yees in M a ry lan d , South C aro lin a, and V ir ­
g in ia are co n cen trated in a few la rg e urban
cen ters, u s u a lly w ith im p o rtan t m ilita ry in s ta lla ­
tions n earb y.
In M a ry lan d , e x clu d in g th at p art of the state
in the M etro p o litan W ash in g to n A rea, B altim o re
is the chief locus of F ed eral em p lo ym ent. F ig u re s
for D ecem ber 1962 show 4.5% of th a t c it y ’s liona g r ic u ltu r a l w o rk ers em ployed b y the U. S. Gov­
ernm en t. S o uth C a ro lin a ’s areas of co n cen tratio n
are C h arlesto n , w h ere F ed eral civ ilian em p lo y­
m ent in 1962 w'as eq u al to 19.5% of the n o n agric u ltu ra l to tal, and C olum bia, w h ere the fractio n
w as 7.2% . T h e h eav iest con centratio n s in V ir g in ia
(e x c lu d in g the are a fa llin g in M etro p o litan W a s h ­
in g to n ) are in the R ichm ond are a and the N or­
folk area, in c lu d in g H am pton. N ew port N ew s,
and P o rtsm o uth . In D ecem ber 1962, F ed eral
c iv ilia n em p lo ym en t w as 4% of n o n ag ric u ltu ra l
em p lo ym en t in the form er area and 20.2% of the
to tal in the la tte r.
In W e s t V irg in ia , C h arleston has the la rg e st
num ber of F ed eral em p lo yees, but even there
F ed eral em p lo ym en t d u rin g recen t y e a rs has been
less th an 2% of the n o n ag ric u ltu ra l to tal.
M ilitary Personnel By State A t the end of 1963,
th ere w ere m ore m ilita ry personnel statio n ed in
N orth C aro lin a than in an y other p art of the F ifth
D istrict. T h e m ilita ry population w as a more
im p o rtan t p art of to tal em ploym en t, h ow ever,
in the D istrict of C olum bia. T h ere, personnel
from the five m ilita ry serv ices accounted for 6.9%
of to tal n o n a g ric u ltu ra l em p lo ym en t. A m o n g the
five states, the fractio n s of to tal n o n ag ric u ltu ra l
em p lo ym en t accounted for by m ilita ry personnel
ran ged from 6.3% in N orth C aro lin a to 0.1% in
W e s t V irg in ia . T he figure in South C aro lin a w as
6.2% ; in V irg in ia , 4.7% ; and in M a ry lan d , 3.1% .
In the D istrict of C olum bia and M a ry la n d , the
A rm y has the la rg e s t n um ber of perso nn el. N avy
and M arin e Corps personnel o utn um b er the other
serv ices in N orth C aro lin a and V irg in ia . T he A ir
F orce has the la rg e s t re p resen tatio n in South
C aro lin a and W e s t V irg in ia .
M ilitary Installations in the States V irg in ia ,
w ith the th ird la rg e s t m ilita ry p opulation in the
D istrict, has the la rg e s t num ber of m ilita ry in ­
sta lla tio n s— a to tal of 33. M ost are located in the
eastern h alf of the state. L o catio ns of the m ajo r
m ilita ry in sta lla tio n s th ro ugh o ut the D istrict are
show n b y the m ap on p ages 6 and 7.
4



South C aro lin a has 16 in sta lla tio n s, the second
la rg e s t n um ber in the D istrict. T h e m a jo rity are
located in the s t a te ’s cen tral and co astal areas.
T he D istrict of C olum bia, M a ry lan d , and N orth
C aro lin a h ave 13 m ilita ry in sta lla tio n s each.
M a ry la n d ’s are scatte red over the sta te , w h ile
N orth C a ro lin a ’s are ch iefly in the co astal p lain
area. In m arked co n trast to the other states, W e s t
V irg in ia has o n ly one activ e in sta lla tio n , an A ir
F orce S tatio n n ear C h arleston .
Income From the Federal Government T he F ed ­
eral c iv ilia n p ayro ll is, of course, m ost sig n ifican t
in the D istrict of C o lum b ia econom y, w h ere in
1963 it cam e to 27.7% of p erso nal incom e. T he
com p arab le fractio n s w ere 11.2% in V ir g in ia and
10.2%' in M a ry lan d . C iv ilian p ay, as a sh are of in ­
com e, w as lo w er in the other state s, am o u n tin g
to o n ly 4% in South C aro lin a, 2.3% in N orth C a r­
o lin a, and 1.9% in W e s t V irg in ia.
T h ro u gh o u t the F ifth D istrict, m ilita ry p a y ­
ro lls in 1963 w ere sm all re la tiv e to to tal incom e.
P a y received b y m ilita ry p erso nn el am ounted to
4% of p erso n al incom e in South C aro lin a. 3.7%
in N orth C aro lin a and in V irg in ia , 2% in M a ry ­
land, and o n ly 0.06% in W e s t V irg in ia . E ven in
the D istrict of C olum bia, m ilita ry p ay w as o n ly
2.7% of incom e.
Growth Over the L ast Ten Years In co n trast to
the rap id g ro w th of n o n a g ric u ltu ra l em ploym en t,
F ed eral civ ilian and m ilita ry em p lo ym en t in the
F ifth D istrict g re w but little over the la st ten
y e a rs. T o tal n o n ag ric u ltu ra l em p lo ym en t g re w at
an a v e ra g e an n u al ra te of 2.4% , w h ile com bined
F ed eral c iv ilia n and m ilita ry em ploym ent, d eclin ­
in g s lig h tly for p art of the period, in creased at an
a v e ra g e an n u al ra te of o n ly 0.1% . C iv ilian em ­
p lo ym en t in creased at a 1.7% ra te and m ilita r y
em p lo ym en t declined at a 2.1% ra te. T he lefthand ch art at the top of p ag e 5 traces the g ro w th
of nonagricultural employment and the two m ajor
components of Federal employment in the period.
C h an ges in the re la tiv e im p o rtan ce of F ed eral
em p lo ym en t over th is period v aried am o n g the
D istrict states. In M a ry la n d and V irg in ia , wrhere
n o n a g ric u ltu ra l em p lo ym en t g re w su b s ta n tia lly ,
F ed eral civ ilian em p lo ym en t expanded b ut little
and the num ber of m ilita ry personnel fell sh arp ly.
T h e D istrict of C olum bia p attern w as sim ila r, e x ­
cept th at m ilita ry personnel g re w s lig h tly . In the
C aro lin as, F ed eral civ ilian em p lo ym ent rose m ore
ra p id ly th an the im p ressiv e u p w ard pace of the
n o n a g ric u ltu ra l to tal. M ilita r y person nel, h ow ­
ever, in creased o n ly s lig h tly in N orth C aro lin a

and d ecreased in So uth C aro lin a. In W e s t V ir ­
g in ia, w h ere to tal n o n ag ric u ltu ra l em p lo ym en t
declin ed s te a d ily th ro u gh o u t the period, both
ty p e s of F ed eral em p lo ym en t rose a little.
A s show n in the rig h t-h an d ch art at the top of
th is p ag e, p erso n al incom e h as gro w n at a faster
rate th an F ed eral p a y ro lls in the F ifth D istrict
sin ce 1954. T h e a v e ra g e an n u al rate of g ro w th in
p erso n al incom e w as 5.8% w h ile the com bined
F ed eral p ay ro lls g re w at an av erag e an n u al rate
of o n ly 4.8% . H ence, the sh are of p erso n al incom e
acco un ted for b y F ed eral p ayro lls declined.
T h is com parison is m odified so m ew hat w hen
the tw o F ed eral p a y ro lls are view ed se p a ra te ly .
T h e F ed eral civ ilian p ayro ll alone g re w faster
th an incom e, ris in g at an av e rag e an n u al ra te of
6.2% . On the other hand, m ilita ry p a y ro lls rose at
an a v e ra g e ra te of o n ly 1.6% per y e a r, far below
the pace of p erso n al incom e expansion.
T h e F ifth D istric t’s F ed eral civ ilian p a y r o l l
in creased m ore ra p id ly than its F ed eral civ ilian
em p lo ym en t over the period. T h is happened be­
cau se of a series of p ay ra ise s for G overnm ent
w o rk ers. For the sam e reason, the m ilita ry p a y ­
ro ll in creased d esp ite a reduction in the num ber
of m ilita ry personnel.
G en erally, the relatio n sh ip b etw een the gro w th



of p erso n al incom e and the g ro w th of F ed eral
payrolls in each District state conformed to the pat­
tern for the en tire F ifth D istrict. T he exceptio ns
w ere W e s t V irg in ia , w h ere both F ed eral p a y ­
ro lls g re w m ore ra p id ly than person al incom e,
and the D istrict of C o lum bia, w h ere both g re w
less ra p id ly . In W e s t V irg in ia , as in the n atio n ’s
c ap ital, the a v e ra g e an n u al rate of gro w th in
p erso n al incom e w as w ell below the D istrict
av erag e. T h ere w ere also slig h t d ep artu res from
the g e n e ral p attern in M a ry la n d and South C aro ­
lin a, w h ere m ilita ry p a y ro lls decreased.
Concluding Comment T h e d ata exam in ed in th is
a rtic le show th at the U n ited S ta te s G overnm ent
is to d ay the D istric t’s m ost im p o rtan t sin g le em ­
p lo yer. Incom e from F ed eral em p lo ym en t is
c le a rly a sig n ifican t p art of to tal p erso nal incom e
in ev ery sta te in the D istrict. T h ese d ata, h o w ­
ever, tell o n ly a p art of the sto ry. F ed eral a g r ic u l­
tu ral p ro gram s, defense pro curem en t a c tiv itie s,
h o u sin g p ro gram s, w elfare p ro gram s, and m an y
other ac tiv itie s are sig n ifican t p arts of the F ifth
D istric t’s econom ic life. A com plete exam in atio n
of the im p act of F ed eral a c tiv ity on the D istrict
econom y w ould re q u ire a g r e a tly expanded tr e a t­
m ent of the sub ject.
5

FED ERA L EMPLOYM!NT IN THE D ISTRICT
T e n ape Ordnance M o d ificatio n C e n te ri
Training Center, Bainbridge #

Last year, the Federal

Aberdeen P roving Ground *

Governm ent provided jobs
Fo rt D etrick

for more than 46 9 ,0 0 0 men
and wom en in the Fifth

0

i

B a ltim o re
»,
F o rt H o la b ird A

:

Army Chemicol Center
ta ste n Chemical Depot
Ordnance Assembly Plant

F o rt George G. Meade
W ashington, D.C.
Radio Station
2nd Army H Q
Marine Corps Headquarters Bn
N ational Naval Medical C e n te r#
^ N a v a t Academy
Weapons Plant
Fort M e y e r^
Engineering Experiment Station
Area Public Works O ffice
Naval Hospital
Naval Stotion
Washington
™ ^
AnnapOfis Naval Station
A ir S tation, A nacostia
Arm y Publications Center-Cameron S tation,
Photographic Interpretations Cerfter
Photographic Center
Vint H ill Farms S ta tio n A
Security Station
Fort Belvo
M a n a ssa s A F S ta tio n - ^
Research L aboratory
^ P ro p e lla n t Plant.
Washington N ational A irport
Marine Corps S c h o o l,Q u a n tic o B
Bolling A ir Force Base
Marine C o rp s A ir S ta tio n #
Headquarters Command USAF HQ
H ospital
Andrews Air Force Base
Naval Weapons L ab orato ry
ARCD H ead q ua rte rs
• A ir Test Center
Patuxent River
Walter Reed Army Medical Center
Army Map Service
Cam p A P H ilIJ
Fort M cN air

0

District. Federal clerical
and office w orkers, like
those show n, left, are a
significant w hite-collar
element in m any of the
★ Guthrie Air Force
Station

District's larger cities.
This night scene, taken at the Atomic En« ommission's
%
plant in A iken, South C aro lin a, evidence District's
share in Federal G overnm ent research a lustrial efforts.
With M ilitary

Defense General S upply C e n t e r ^ J

personnel in
A

the District
totaling 285,000

R a dfo rd O rdnance W orks A

last year,

0

training exercises
like this one

SKiffes Creek Annex, NWS
# Weapons S'ation
jL.Cape Charles
Fort E ustis A
F o rt Lee A
Air Force Stotion
Langley AF + Plum Tree Island AF Range
TAC Headquarter* ^
L ittle Creek Amphibious B ase-E °r> M o n r o e ^ w y r t N ew t
N o r f o l k * ^ # A F o r t Story
P o r ts m o u th ® w
• A i r Station,Oceana
Naval Hospital •
• Fleet Anti-Air Warfare
N orfolk Naval Shipyard
Training Center
Ammunition Depot

N o rfo lk
Hampton Roads Army Terminal
Air Station
Armed Forces S ta ff College
Communications Station
Degaussing Station
Fleet Operational Control Center
Schools Command
Public Works Center
Naval Station
Supply Center

SUPP(Jtfeaffiam

8 1
9

at the large
M arine base

Radio S ta tio n ,#
Northwest

at Quantico,
Throughout the District,
Federal em ployees w ork for 75
different departm ents and

A Tarheel

V irg in ia, are
common occurrences.

Ordnance Plant

agencies of the Governm ent.
The most fam ilia r of these is,
C h a rlo tte O rdnance .
M is s ile P la n t A

of course, the Post Office
Department.

★ Pope A ir Force Base
A F o r t Bragg
A C a m p M ackall

•^.S e ym o u r Johnson
A ir Force Base

Camp Lejeune Marine Corps Base
>M arine Corps Air F acility
Hospital

tr

★ Donaldson Air Force Base

I M a rin e Corps Ail* Station
Cherry Pomt

C o lu m b ia ^ ^ F o r t Jackson

Sunny Point
Army Terminal

-^■Shaw Air Force Base
Ninth A F Headquarters
"At Poinsett A ir Force Range

The 1
N avf :adem y
<
at /Su»olis, M aryland,

The Arm y accounts for more than a third of the 89
m ilitary installations in the District. At Fort Bragg,
North C aro lin a, training exercises like the above keep the
82nd Airborne in a constant state of combat readiness.



★

A Arm y Installation
"At North A ir Force Aux Field

#

H erne 4,000 young men

T ra n spo rta tion Corps D e p o tA •
C harleston A ir Force Base'A '
^

•A m m u n itio n Depot
Weapons Annex, NAD

C harleston
Naval Hospital
Naval Shipyard
• N o v o l Hospital
Navoi sta tio n
■ Marine Corps A ir Station
B M a rire Corps Recruit Depot
P arris Island

N aval Installation

★

is bi1 of a number
^
of G’ nment educational
in s t ils in the District.
are 'lining to become
le a c ^ h e N avy.

LEGEND

M yrtle Beach A ir Force Base

A ir Force Installation

■ M arine Corps Installation

%

Federal civilian employment at least
4% of nonagricultural total

TREASURY BILLS
F o r som e y e a r s now , T re a s u ry b ills h ave been
the sin g le m ost im p o rtan t m oney m ark et in s tru ­
m ent. B efore W o rld W a r II, the am oun t of these
b ills o u tstan d in g ra re ly exceeded $2.5 billion . B y
1945 it had risen to over $17 b illio n , w ith com ­
m en su rate g ro w th in the p o p u larity of these in ­
stru m en ts as liq u id in v estm en ts. B y la te 1963
th eir o u tsta n d in g vo lum e reached $51.5 billio n.
W h at Is a T reasury Bill? A T re a s u ry b ill is an
o b lig atio n of the U n ited S ta te s G overnm ent to
p ay the b earer a fixed sum on a specified fu tu re
d ate w ith in a y e a r of issue. T h ese debt in s tru ­
m ents are sold b y the T re a s u ry at a discount
th ro u gh co m p etitiv e b id d in g, and the retu rn to
the in v esto r is the difference b etw een the face
v a lu e of the b ill an d the am ount paid for it.
T re a s u ry b ills are issu ed in a v a r ie ty of m a­
tu ritie s and den o m in atio n s, tailo red to m eet the
needs of a d iv erse gro up of in v esto rs se e k in g both
liq u id ity and m oney incom e in a sin g le in v e st­
m ent. C u rre n tly b ills are offered w ith m a tu ritie s
of 91 d ays, 182 d ays, and 1 y ear on a re g u la rly
sch eduled b asis. In additio n, the T re a s u ry has
made occasional offerings of T ax Anticipation bills
w ith m a tu ritie s ra n g in g up to 268 d ays. T he 91aud 182-day issu es are sold at re g u la r w e e k ly a u c ­
tions. U n til A u g u st 1963. the one y e a r b ills w ere
sold and m atu red at q u a r te r ly d ates in Ja n u a ry ,
A p ril, J u ly , and O ctober. In A u g u st, h o w ever, the
T re a s u ry sold $1 b illion of one y e a r b ills as a first
step in a p lan to rep lace the q u a rte rly auctio n s
w ith a m o n th ly p attern . T he T a x A n ticip atio n
b ills are sch ed uled to m atu re about a w eek after
the q u a rte rly ta x d ate for corpo ratio ns, and those
w hich are not tu rn ed in for tax es m a y be re ­
deem ed for cash at m a tu rity . T re a s u ry b ills are
issu ed in six d en o m inatio n s ra n g in g from $1,000
to $1,000,000. A ll m a y be exch anged at m a tu rity
for new issu es or redeem ed for cash.
H istory In th eir m odern form, U. S. T re a s u ry
b ills w ere first offered in 1929. T he first issue, for
$100 m illio n , w as sold in D ecem ber 1929 and had
a m a tu rity of 90 d ays. From then u n til 1934, 30.
60, and 90 d a y m a tu ritie s w ere offered. B etw een
F e b ru a ry 1934 and O ctober 1937, the T re a s u ry
exp erim en ted w ith lo n ger b ills (182 d ay s to 273
Digitized for8
FRASER


d a y s ) in order to reduce the freq u en cy w ith w hich
th ey had to be ro lled over. In 1937, la r g e ly a t the
in sisten ce of co m m ercial ban ks, the T re a s u ry re ­
v erted to e x clu siv e issu e of 91-clay b ills. T hen in
D ecem ber 1958, these w ere sup p lem ented w ith
6-m onth b ills in the re g u la r w e e k ly auctio n s.
T a x A n ticip atio n b ills w ere first offered in
O ctober 1951. T h e first issu e w as for $1.3 b illio n
and m atured in 144 days. Since that time offerings
have v aried b etw een $0.8 b illio n and $3.7 billio n
and m a tu ritie s h ave ran g ed from 54 to 268 d ays.
T hese in stru m en ts w ere d esign ed to ra ise m oney
w hen T re a s u ry cash re ceip ts are n o rm ally low b y
o ffering to co rpo ration s an in v estm en t o u tlet for
funds set asid e for fu tu re ta x p aym en ts. T h e y
are sold w h en the T re a s u ry needs m oney and
are accepted in p aym en t of ta x es or redeem ed for
cash at a tim e w hen ta x co llectio n s are high. T h is,
in effect, reduces the im p act on th e m oney m arket
of seaso n al flu ctuation s in ta x receip ts. Since the
m a tu rity d ate fa lls about a w eek after a q u a rte rly
ta x date, the investo r earn s ab out 7 e x tra d ays
of in terest if he chooses to turn in his b ills at
p ar in p aym en t of taxes.
T he T re a s u ry in itiate d the sale of a series of
sp ecial 289-day b ills in A pril 1959. T h is w as the
first step in a m ove to estab lish a p attern of oney e a r m a tu rities co m in g due on a q u a rte rly b asis.
T he in itia l o fferin g w as for $2.0 b illio n , and su b ­
sequ en t o fferin gs h ave ran g ed from $1.5 b illio n
to $2.5 b illio n . R ep lacem en t of the q u a r te r ly a u c ­
tion w ith a m o n th ly auction of $1 b illio n of oney e a r b ills b egan in A u g u st 1963.
Auctioning New Bills N ew offerings of 3- and
6-m onth b ills are m ade each w eek by the T re a s ­
ury. O rd in arily, su b scrip tio n s, or bids, are inv ited
on T h u rsd a y s, and the am o un ts of the o fferings
are set at th at tim e. T he auctio n is u s u a lly con­
ducted on the fo llo w in g M o n day, w ith d e liv e ry
and p aym en t on the fo llo w in g T h u rsd a y . In con­
tra s t to the first issu e of b ills, w h ich am ounted
to a scan t $100 m illion , recen t w e e k ly au ctio n s
have involved $1.3 billion of 3-m onth and $800
m illion of 6-m onth b ills, or a to tal of $2.1 billio n .
B ids, or ten d ers, in the w e e k ly au ctio n s m u st
be p resented at F ed eral R eserv e B an k s or
B ran ch es, w hich act as ag en ts for the T re a s u ry ,

by 1 :30 P .M ., N ew Y o rk tim e, on the d ay of the
auctio n . B id s m ay be 011 a co m p etitive or a non­
co m p etitiv e b asis. C o m p etitive bids are u su a lly
m ade b y la rg e in v esto rs w ho are in close con­
tact w ith the m arket and com prise the la rg e st
portion of su b scrip tio n s on a d o llar b asis. In th is
ty p e of ten d er the in v esto r states the q u a n tity of
b ills d esired and the p rice he is w illin g to pay.
A su b scrib er m ay en ter m ore than one bid in d i­
c a tin g the v ario u s q u a n tities he is w illin g to take
at d ifferent p rices. In d iv id u a ls and other sm all
in v esto rs u s u a lly en ter n oncom petitive bids,
w h ich are aw ard e d in fu ll up to som e lim it
estab lish ed b y the T re a s u ry . C u rre n tly th is lim it,
per su b scrib er, is $200,000 on 91-d ay b ills and
$100,000 on 182-day b ills. N oncom petitive aw ard s
are sold at the a v e rag e price of accepted com ­
p etitiv e bids.
S u b scrip tio n books at the v ario u s F ed eral R e ­
serve B an k s and B ran ch es close p ro m p tly at
1 :30 P .M ., and the bids are then opened, ta b u ­
lated , and su b m itted to the T re a s u ry for a llo c a ­
tion. T h e T re a s u ry first m akes all no ncom peti­
tiv e aw ard s. T h e rem ain d er is then allo cated to
those co m p etitiv e b id d ers su b m ittin g the h ig h est
offers, ra n g in g do w n w ard from the h ig h e st bid
u n til the am o un t offered is allo cated . T he “stop
out p ric e ” is the lo w est p rice, or h ig h est y ie ld , at
w h ich b ills are aw ard ed . U su a lly o n ly a portion
of the to tal bids m ade at th is rate is accepted.
T h e a v e ra g e issu in g p rice, w h ich is u s u a lly closer
to the lo w est accep ted p rice than to the h ig h est,
is then com puted 011 the b asis of the co m p etitiv e
bids accepted.
B y b id d in g n o n co m p etitively, sm all in vesto rs
avoid sev era l risk s in h eren t in co m p etitive b id ­
ding. In th e first place, th e y do not risk lo sin g
th eir chance to b u y th ro ugh b id d in g too low.
Nor do th ey run the risk of b id d in g too high and
p a y in g a p rice n ear the top. It is not su rp risin g ,
th erefo re, th a t m ost bids are non com petitive,
alth o u gh the d o llar am ount th ey rep resen t is
re la tiv e ly sm all.
In ad d itio n to the w e e k ly au ctio n s, special
au ctio n s are held for T a x A n ticip atio n b ills and
for o n e-year b ills. A s noted e arlier, au ctio n s for
the la tte r are now b ein g moved to a m o nthly
b asis. T he auctio n p ro cedure for both T a x A n ­
ticip a tio n and o n e-vear b ills is sim ila r to the
re g u la r w e e k ly auctio n s of 90- and 180-day b ills
excep t th a t b an ks are so m etim es p erm itted to
m ake p aym en t b y c re d itin g th eir T re a s u ry T ax
and L o an accounts.



Advantages of Auctions F or the m ost p art, the
auctio n tech n iq u e of m a rk e tin g new G overnm ent
sec u ritie s has th u s far been confined to the bill
area. T h e m a rk e tin g of o th er G overnm ents is
co n sid erab ly m ore co m p licated, in v o lv in g u s u a lly
an effort on the p art of the T re a s u ry to estim ate
ap p ro x im ately the m a tu ritie s and am o un ts th a t
can be offered w ith o u t sp o ilin g the m ark et. P rio r
to sales of certificates, notes, and bonds, the
T re a s u ry d iscu sses m ark et co nditio ns w ith re p re­
sen tativ es of the F ed eral R eserv e S ystem , Gov­
ernm en t se c u ritie s d ealers, and in v esto r gro up s
in order to assess the e x istin g dem and. A n a t­
tem pt is m ade to ap p ro x im ate how m uch the
m ark et can absorb in v ario u s m a tu rity areas
w ith o u t d isru p tin g price and y ie ld relatio n sh ip s
in the m ark et as a w hole. O n ly after such stu d y
does the T re a s u ry decide w h at m a tu rities and
how m uch of each it w ill offer and w h at in terest
ra te s it w ill set. D ecisions on in terest rates are
u s u a lly d elayed u n til ju s t before the fin an cin g
is announced in order to ap p raise the mood of
the m ark et m ore e x a c tly . O th erw ise, in terest rates
m ig h t be selected w h ich w ould prove u n a ttra c ­
tive to in v esto rs or provide them a w in d fa ll g ain
at th e T r e a s u r y ’s expense.
In g e n e ral, the auctio n m ethod of m a rk e tin g
new b ills is sim p ler and m uch less tim e con sum ­
in g th an the m ore involved tech n iq u e em p lo yed
in m a rk e tin g long'er m a tu ritie s. In au ctio n s the
m ark et estab lish es a price for the b ills and it is
not n e cessary for the T re a s u ry to seco nd-guess
m ark et co ndition s. A lso , auctio n s elim in ate the
problem s asso ciated w ith o ver-su b scrip tio n s or
un cler-sub scriptio ns. T h e T re a su ry m e rely sets
the am ount and m a tu rity of the issue and the
m a rk et does the rest.
S u ccessfu l use of the auctio n tech n ique, how ­
ever, p resupp o ses a m ark et of g re a t depth and
b read th . In periods of g e n e ral m ark et w eak n ess,
the m ark et for long-term sec u ritie s m ay be so
thin th a t an offer of sev eral m illio n s of new
sec u ritie s cannot be absorbed w ith o u t serio us
p rice red uctio ns, i.e. y ie ld increases. B y co n trast
the b ill m ark et is enorm ous and has been know n
to absorb sev eral hundred m illio n s of net new
sup p lies w ith o n ly m in im al y ie ld effects. T he
g re a t p o p u la rity of the T re a s u ry b ill as a sh o rt­
term liq u id in v estm en t am o n g b an ks, o ther finan­
cial in stitu tio n s, n on financial corp oration s, state
and local go vern m en ts, and other in v esto rs u n d er­
lies th is c h a ra c te ristic of the b ill m arket. It is
largely because of this characteristic that the auction
technique is especially suited to T reasury bills.
9

F rom the T re a s u ry ’s standp oint, b ill auctio n s
provide an em in en tly convenient m eans of ra isin g
new cash. A s noted above, the T re a s u ry can raise
la rg e am o un ts of new m oney w ith o u t u p settin g
the m ark et and w ith a m inim um of bother. A lso,
th e au ctio n s provide the debt m an ag ers w ith a
v e ry flexible tool. W h en the to tal m ark etab le
p ub lic debt is close to the sta tu to ry lim it, for
exam p le, the T re a s u ry can en ter the m arket
q u ic k ly and ra ise sm all am ounts b y ad d in g to the
su p p ly of b ills in the w e e k ly auction. C o n versely,
it can squeeze un d er the debt ceilin g b y allo w in g
b ills to run off, th a t is, b y fa ilin g to rep lace the
fu ll am o un t co m in g due.
A d v an ta g e s also accru e to inv esto rs. B ill au c­
tio n s are now p art of the re g u la r ro utin e of the
m oney m a rk et and as such have a m inim um im ­
p act on in v estm en t v alu es. T h ey provide sh o rt­
term in v esto rs w ith a p red ictab le su p p ly of h ig h ly
liq u id assets in a w id e ran ge of m a tu ritie s.
Economic Significance T re a s u ry b ills perform
an im p o rtan t role in th e im p lem en tatio n of m one­
ta ry p o licy sin ce it is p rim a rily th ro u gh the p u r­
ch ase and sale of b ills th a t the F ed eral R eserv e
S ystem influences the reserv e po sitio ns of com ­
m ercial b an ks. T h e F ed eral R e se rv e ’s p u rch ases
su p p ly reserves to the b an k in g system and th eir
sales h ave an opposite effect. W h ile the F ed eral
R eserv e can, and does, o p erate o u tsid e the b ill
area, as a p ra c tic a l m a tte r m ost of its p u rchases
and sales m u st be co n cen trated in sh ort m a tu ri­
ties, p rin c ip a lly T re a s u ry b ills. In an ab so lute
sense, F ed era l R eserv e tran sac tio n s are v e ry
la rg e and such o p erations in the re la tiv e ly thin
lo n g-term m ark et w ould re su lt in w id e sw in g s
in p rices and yie ld s.
A p art from th eir sign ifican ce in the im p lem en­
ta tio n of p o licy, T re a s u ry b ills com prise an im ­
p o rtan t elem en t in the gen eral p u b lic’s assets
stru ctu re. T h e p riv ate sec to r’s g re a t dem and for
th ese b ills is a ttrib u ta b le chiefly to th eir high
d egree of liq u id ity or “n earn ess to m o n ey.” F i­
n an cial and n onfinancial in stitu tio n s often find
th em selves w ith idle cash b alan ces w h ich m ay
h ave been b u ilt up for p aym en t of ta x es or other
o u tstan d in g debts, or as reserv es a g a in st a n y of
n um ero us co n tin gen cies. O ften it is exp ed ien t to
p ut such b alan ces into sh ort-term in v estm en ts
w h ich earn in terest and w h ich can be re a d ily con­
v erted to cash w ith little risk of loss.
T re a s u ry b ills n e a tly fill these req u irem en ts.
T he h ig h ly-o rg an ized m ark et for b ills in su res
th eir e a sy c o n v e rtib ility into cash and decreases
Digitized for10
FRASER


the risk of loss should the in v esto r need cash
before the m a tu rity of the b ills. T h e ir sh ort m a ­
tu ritie s m in im ize the risk from p rice flu ctu atio n s
asso ciated w ith c h an g in g m ark et conditions.
A v a ila b le in the m ark et are b ills ra n g in g in m a ­
tu r ity from a w eek or less to one y e a r, and th e re ­
fore ap p ro p riate to a v a r ie ty of sh o rt-term in v e st­
m ent needs. M oreover, y ie ld s on b ills are g e n e ra l­
ly co m p etitiv e w ith o th er sh o rt-term in v estm en ts.
S in ce T re a s u ry b ills m eet so fu lly the re q u ire ­
m ents of a sh o rt-term in v estm en t, th ey co n stitu te
an im p o rtan t p art of co m m ercial b an k s’ “second­
a r y re serv e s.” T h ro u gh p u rch ases of b ills b an ks
can q u ic k ly con vert excess reserv es into e arn in g
assets w ith little loss of liq u id ity . T h ro u gh sales,
th ey can p ro m p tly acq u ire ad d itio n al funds for
len d in g. B an k h o ld in gs of T re a s u ry b ills ty p ic a lly
v a ry se a so n a lly and over the course of th e b u si­
ness cycle. W h en busin ess is slack and loan de­
m and is sh rin k in g and the F ed eral R eserv e is
ad d in g to ban k reserv es, b an ks g e n e ra lly tu rn to
T re a s u ry b ills as a te m p o rary in v estm en t o utlet.
C o n versely, w hen b u sin ess is ex p an d in g and loan
dem and is in c reasin g , b an ks g e n e r a lly liq u id ate
b ills in o rder to expand loans.
T re a s u ry b ills are also im p o rtan t to co rp o ra­
tions as a tem p o rary in v estm en t and a source of
re ad y cash. In the postwT period ris in g in terest
ar
ra tes h ave induced co rpo rate tre a su re rs to econo­
m ize cash b alan ces and to seek liq u id ity , w h ere
p ossible, in in co m e-earn in g assets. In m a n ag in g
th eir cash po sition s, th e y have becom e in c re as­
in g ly so p h isticated in the use of tech n iq u es to
p ro ject fu tu re cash flows. F re q u e n tly th ey tim e
the m a tu ritie s of th eir sh o rt-term in v estm en ts to
coincide w ith fu tu re cash needs. On occasion,
h ow ever, unforeseen cash needs arise and it be­
com es n ecessary to ra ise m oney in a h u rry. For
these purposes, T re a s u ry b ills are id e a lly su ited .
A t the end of O ctober 1963 n on fin ancial co rp o ra­
tio ns in the T re a s u ry ’s S u rv e y of O w nership
held an estim ated $6.4 b illio n of T re a s u ry b ills,
or alm o st 13% of the to tal o u tstan d in g.
Sum m ary T re a s u ry b ills p ro vide a co nvenient
m eans th ro u gh w h ich the T re a s u ry ra ise s funds
w ith little d istu rb an ce to the m oney m arket.
T h e y are the chief veh icle th ro ugh w h ich the
F ed eral R eserv e S y ste m influences the a v a ila b il­
ity of b an k reserv es. F in a lly , for in v esto rs th e y
p rovide an ex ce llen t te m p o rary in v estm en t at an
a ttra c tiv e rate, w ith no cred it risk and little risk
of tra d in g loss. T h eir w id e ra n g e of m a tu ritie s
assu res them a p lace in m ost portfolios.

THE FIFTH p r ™ ' ~
The D istrict economy seems to be perform ing
distinctly better than usual for this time of year
despite a few uncertainties. For one, the latest
efforts to separate fact from fiction regarding to­
bacco’s effects on health have placed some restraint
on activity in this important industry. For another,
textile m anufacturers remain in doubt respecting the
important two-price cotton issue and the extent to
which textile products w ill be involved in forth­
coming tariff revisions. Both the tobacco and the
cotton questions w ill affect farm ers, whose 1963
cash receipts were down a little from 1962 and who
face a 10% cut in tobacco allotments this year. None
of these factors, however, or occasionally severe
weather in parts of the District, has substantially
affected key business indicators for the District.
Business A t Record Level In the D istrict, as in
the nation, F ebruary m arked the thirty-sixth succes­
sive month of expansion. A s a result of the sustained
uptrend, D istrict business, as reflected in the usual
data, is at an all-tim e high. The advance has been
comprehensive both geographically and industrially.
Most sections of the D istrict have continued to show
gains, as have most m ajor business sectors.
Recent perform ance of District business indi­
cators suggests that the current uptrend retains
considerable vigor despite its advanced age. Season­
ally adjusted bank debits in Jan u ary, while slightly
below the December 1963 peak, were 6% above a
year ago. Other banking series have followed normal
seasonal patterns, but at all-tim e high levels. Gross
loans of w eekly reporting member banks fell less
than seasonally in Ja n u ary and turned up again in
the first week of F ebruary, some weeks earlier than
usual. Business and consumer loans at these banks
were m oderately strong over the first six wreeks of
the year, w hile real estate loans continued to expand
in line with the rapid 1963 pace.
Seasonally adjusted non farm employment has in­
creased steadily since September. Gains have been
widespread in each month, with interm ittent declines
affecting construction, services, mining, trade, and
nondurable goods m anufacturing.
A Boost From Construction C o ntract co n stru c­
tion employment decreased more than seasonally in



Jan u ary but has otherwise displayed unusual resist­
ance to seasonal declines. B uilders have plenty of
work and are almost certain to rem ain as busy in the
months ahead as w eather and availability of men
and m aterials permit. Contract aw ards reached
record volume in 1963, surpassing the 1962 figure
by one-sixth and the 1961 total by one-third. A w ards
were strong in all categories, but residential aw ards
showed the most improvement.
The surge in residential building has been a
m ajor factor in the improved m arket conditions
noted recently in the lumber business. L arge indus­
trial buyers and railroads have also stepped up
orders, and some retail lumber dealers have begun
building inventories in anticipation of heavy volume
in the spring and summer.
The job of equipping new buildings is expected
to give added support to the already brisk demand
for both home and commercial furnishings. This
promises yet another good year for the D istrict’s
furniture industry, which for two consecutive years
now has been operating close to an expanding capac­
ity. Since furnishings include upholstery m aterials,
rugs, draperies, and a variety of other fabrics, the
textile industry also stands to benefit. Considering
the uses that modern builders and furnishers make
of a wide variety of other m aterials and equipment,
many of the D istrict's m anufacturing industries have
a stake in the optimistic outlook for construction
and housing nationally.
Cigarette Production Slow s R ecen t ch an ges in
the demand for cigarettes and other tobacco products
have been well publicized. Recognizing these changes,
cigarette companies in early F ebruary announced
production cutbacks for most plants, from the nor­
mal five-day week to four days and in some cases to
three. Seasonally adjusted cigarette factory manhours have fallen every month but one since last
summer. These declines, however, have been more
than offset by gains in other sectors which raised
total factory man-hours and man-hours in nondura­
bles every month in 1963’s final quarter. Sm all de­
clines in man-hours occurred in most of the D istrict's
m ajor classes of industry in Jan u ary.
11

C O M P A R A T IV E C H A N G E S IN BU SIN ESS IN D IC A T O R S
DECEMBER 1962 TO DECEMBER 1963
FIFTH DISTRICT AND UNITED STATES

Bank Debits

Demand Deposits

Consumer Credit
Outstanding
Automobile Credit
Outstanding

Man-Hours
in Nondurables
Employment
in Trade
Department
Store Sales

New Incorporations

Business Failures

5

10
Per Cent Increase
(Unless decrease specified)

Uncertainties In Textiles T he te x tile in d u stry
has been operating in an unusually fluid environ­
ment for some time, shifting and adjustin g in re­
sponse to a host of changes in its m arkets, m aterials,
methods, and machines. Recent evidence suggests
that the industry’s current price structure remains
firm despite a relatively slow pace of forw ard buy­
ing. M ill backlogs on big-volume items are of fair
size, and customer inquiries for forward delivery
are numerous, although relatively few are being
translated into actual orders. Buyer caution ap­
parently stems largely from a belief that pending
Federal legislation m ay lower the price structure by
12



reducing the effective price of cotton to domestic
users to bring it closer to world prices.
The same uncertainty tem porarily delayed the
flow of orders at times last year. Y et strong demand
and efforts to reduce costs pushed profit m argins for
most large producers to the highest level in several
years. P art of the improvement in profits resulted
from a continuing move aw ay from cotton to syn­
thetics and blends, a trend which cotton interests hope
to see checked by the new legislation.
Compounding the uncertainties associated with
cotton prices are equally significant questions about
the eventual effects of current and prospective tariff
negotiations. N either the cotton price nor the textile
tariff issue has the popular appeal of the tobacco
inquiry. Y et these issues bear directly on the pros­
perity of the D istrict’s largest m anufacturing indus­
try and could affect the w elfare of numerous locali­
ties which depend on textile mills.
District Versus Nation T h e 1963 s ta tis tic a l rec­
ord is not yet sufficiently complete to allow detailed
study of last y e a r’s progress in the D istrict rela­
tive to the nation. Interesting comparisons based
on a number of individual business indicators can
be made, however. The accompanying chart shows
percentage changes, nationally and for the D istrict,
in 17 indicators between December 1962 and Decem­
ber 1963. It should be noted that year-to-year com­
parisons of figures for a single month are subject to
large distortions from random occurrences and can­
not be relied upon to give an accurate m easure of
annual growth. A ccordingly, the chart should not be
interpreted as a com parative growth profile.
District figures compare especially favorably in
banking, in m anufacturing, in employment and un­
employment, and in trade. Expansion in District
banking was accompanied by a sizable increase in the
number of offices. A continuing influx of new in­
dustry, p articularly in coastal and Piedmont areas,
again contributed to the increase in factory activity.
A ll sectors of D istrict employment except m ining
advanced and unemployment declined. The fact that
15 of the 17 comparisons favor the District suggests
that the region as a whole shared generously in last
vear’s broad economic advance.

PHOTO CREDITS
C o ver—Federal Reserve Bank of Richmond
eral

Reserve

Bank

of

Richmond;

Nemours & C om p any, Savan n ah

E.

I.

6. & 7. Fed­
du

Pont

de

River O perations O f­

fice, Atomic Energy Com m ission; U. S. Post O ffice De­
partm ent; U. S. M arine Corps Photo; U. S. Arm y Photo;
O fficial U. S. N avy Photograph.

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