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MONTHLY

REVI EW

o f Financial and Business Conditions

F i fth
Federal

Reserve
Distr ic t

Federal Reserve Bank, Richmond 13, Va.
/^ V E R A L L industrial production levels in the Fifth
^
District appear to be maintained in the lower edge of
a slowly declining range that has been in evidence for
nearly a year. Agricultural production in the aggregate
will be larger this year than a year ago. Income pay­
ments appear to be still rising at a moderate rate, and dis­
tribution o f available goods for consumption is still ex­
panding at a rapid rate.
Deliveries o f ships to the Maritime Commission by
Fifth District yards improved somewhat in October over
September, but these are still considerably be­
low what they were a year ago or earlier in
the current year. Since a good part o f the
war time expansion in the District’s produc­
tion levels is attributable to this industry, any
changes that take place will have an important
bearing on the whole. Most o f the shipyards
o f the District are in need of workers, but this
demand arises mainly to replace those who
have quit. The Maritime Commission's pro­
jected schedule o f ship production for the remainder o f
1944 calls for a flat trend o f production slightly below
the first half o f 1944 but somewhat higher than in the
last two or three months. Naval combat vessels’ produc­
tion is projected through the remainder o f the year on a
flat level, while landing vessels’ production schedules taper
off. Thus the overall ship production picture indicates a
flat to slightly declining trend, and unless further cargo
ship contracts are awarded, production o f these by spring
should be notably reduced.
A ircraft production value for the country has been

November 30, 1944
trending downward since spring and production schedules
point to a continuation o f this trend, but the exigencies o f
war may make it necessary to reverse the scheduled trend.
Construction contracts awarded in this District in the
first nine months o f the year have amounted to $259 mil­
lion. A t this level construction is nearly 70 per cent less
than in the same period o f 1942, the high point o f the war
period, and only 18 per cent higher than in the first nine
months o f 1938, a year o f severely depressed business
activity. Residential building o f the District has suffered
more since the war peak than total construction,
with contracts awarded in the first nine months
o f this year 83 per cent under similar months
o f 1942, and nearly 43 per cent below the 1938
level.
It would be reasonable to anticipate that a
considerable amount o f building would take
place in the District as soon as materials and
labor become available and the extent to which
this industry recovers will temper by that
amount the decline in business occasioned by cessation o f
war production. Public works programs designed to
bridge over the reconversion gap are being designed on a
broad scale in the states and many counties and munici­
palities. The G. I. Bill authorizing loans to buy homes
will undoubtedly find reflection in some expansion of
residential construction, and then there is a substantial
amount o f accumulated savings broadly distributed among
the District’s people. These, too, are likely to exert an
expanding tendency on residential construction.
(Continued on page 6)

BUSINESS INDEXES— FIFTH FEDERAL RESERVE DISTRICT
Seasonally Adjusted
Avrage Daily 1935-39 = 100

Bank Debits ...............................
Bituminous Coal Production* .
Building Contracts Awarded .
Building Permits Issued ...........
Cigarette Production ............
Cotton Consumption* ..............
Department Store Sales .....
Department Store Stocks .
Retail Furniture Sales - ..
Life Insurance Sales ................
Wholesale Trade— Five Lines ..

* Not seasonally adjusted.



Oct.
1944
205
143
72
48
152
142
224
171
163
146
175

Sept.
1944

Aug.
1944

222

212

143

151

121

112

40
153
141
214
181
150
138
156

43
166
145
213
198
116
145
168

Oct.
1943
197
140
163
64
182
146
191
165
133
120

176

% Change
Oct. 1944 from
Sept/44
Oct/43
— 8
+ 4
0
+ 2
—41
—56
+20
—25
— 1
— 16
— 3
+ 1
+ 5
+ 17
— 6
+ 4
+23
+ 9
+22
+ 6
+12

—

1

MONTHLY REVIEW

2

VALUE OF LIVESTOCK AND LIVESTOCK PRODUCTS SOLD OR TRADED
AS PROPORTION OF VALUE OF ALL FARM PRODUCTS SOLD OR TRADED
FIFTH

FEDERAL RESERVE DISTRICT, BY COUNTIES:

1939

LEGEND
|
[= |

j Under 20.0 per cent
2 0 .0 -3 9 .9

per cent

4 0 .0 -5 9 .9

per cent

60.0" 79.9

per cent

80.0

SOURCE:

CENSUS

OF

AGRICULTURE. 1940.




FEDERAL

per cent and ever

RESERVE BANK OF RICHMOND, AUGUST, 1944.

3

MONTHLY REVIEW

Livestock in the Fifth District
There are three main reasons for the presence o f live­
stock in any agricultural system. First, livestock often
provide workstock for the farm. In regions where the
terrain is very rugged or where farms are small, livestock,
rather than machinery, will provide much of the farm
power. Second, livestock provide an important propor­
tion of the non-cash (home consumption) income of the
average farm family. A large proportion o f the poultry,
pigs, or cows usually found on farms are held only to
supply the family. Third, livestock may be an important
source o f cash farm income.
Another definite advantage of the presence o f certain
classes o f livestock which should be mentioned is their
contribution to the maintenance o f soil fertility. Some
livestock tend to return much of the fertilizing value of
their food to the soil in the form o f manure; furthermore,
the crop practices usually associated with livestock enter­
prises are predominately soil building and soil conserving.
There are four main reasons for the absence o f livestock
on the farms o f any region. First, the natural environ­
ment (soil, climate, insects, etc.) may be such as to dis­
courage animal enterprises. Some writers have referred
to climate as an adverse factor in the livestock industry
o f the South. W hile there may be some force in this
for the deep South, there is no support from those best
informed for this view, so far as the Fifth District is con­
cerned. In any event, many o f the disadvantages which
have retarded the livestock industry in the South have
been reduced or eliminated by the research work o f public
and private agencies. Second, there may be a higher
value ascribed to some crop enterprises which compete
directly with animal enterprises for time and capital. For
example, cotton and tobacco in some localities may be
thought to bring in much higher returns per unit o f land
a n d /or labor used than livestock.
The farmer, even
though mistaken, who thinks that cropping is more profit­
able than animal husbandry will turn to the former. Third,
there may not be sufficient market demand to make animal
enterprises worth while. Although they may be numer­
ous in the aggregate* the animals which are kept to satisfy
the needs o f the farm family do not constitute intensive
animal husbandry. In the absence o f adequate demand
for their products, livestock are kept in comparatively
small numbers even where all natural conditions are fav­
orable. Fourth, social and population factors may foster
the development and continuation of intensive, quickreturn enterprises rather than extensive, long-run enter­
prises such as sheep, dairying, or beef cattle. In much o f
this District, as in most o f the Southeast, this is quite true.
High rural densities of population and the presence of
large tracts o f farm land under single (and often ab­
sentee) ownership have led to the widespread presence o f




tenant-farming in this region. Since the usual tenure
arrangements are quite insecure, the tenant tries to con­
vert much o f his capital into liquid form each year, so as
to be free to move if necessary. This discourages the
development o f most livestock enterprises by placing a
premium on cotton, tobacco, and similar quick cash crops,
and on quick-maturing animals such as hogs or poultry.
It has reduced the presence o f the larger animals to little
more than necessary workstock and has prevented the
development o f permanent pasture. In fact, disregarding
cash animal enterprises entirely, the livestock typically
present on southern tenant farms seldom produce enough
to feed the farm family. It is unfortunate that statistics
are not available to allow more direct examination o f this
important aspect o f southern agriculture. Other things
being equal, where there is a very high density o f farm
persons per unit o f farm land, as in the South, labor costs
will tend to be low, and the farm enterprises usually under­
taken will be those requiring relatively large amounts o f
low-skilled labor. Until there is sufficiently heavy out­
migration to more than offset the rate o f natural increase,
this probably will prove to be the only way in which so
dense a farm population can be sustained.
It should not be thought that the same reasons for the
presence or absence o f livestock enterprises apply to all
areas in a region such as the Fifth District. In the first
place, climate and terrain vary widely within the District.
In the second place, the southern portion o f the District
is highly rural, while the northern portion contains some
o f the larger urban market areas o f the country. Thus,
the Carolinas are quite different agriculturally from M ary­
land, Virginia, and W est Virginia, although some parts o f
the former group have an agriculture not unlike parts o f
the latter.
T he

C lasses

of

L iv e s t o c k

F if t h

F ound

in

the

D is t r ic t

The last inventory count o f animal populations in the
United States was made in the Census o f Agriculture,
1940, and Table 1 is based on it. In order to reduce dis­
similar types o f livestock to comparability, each class o f
animal has been converted from a head count into animal
units.1 On this basis, it becomes possible to compare or
add them directly.
1 Animal units are used to convert dissimilar animals into units which
are common to all. In this connection, the units are based on the average
consumption by each class of animal in each state of all feeds including
pasture, and are based on one United States average dairy cow being
valued 1.00, with each class of animal in each state expressed in propor­
tion. The conversion thus takes into account both differences of food intake
between classes of animals and differences in feeding practices in different
areas. The conversion factors used in Table 1 were provided by R. D.
Jennings, Agricultural Economist, United States Department of Agri­
culture.

MONTHLY REVIEW

4
T a b le 1:

T h e D istrib u tio n o f the M a jo r C la s s e s o f L iv e s to c k , U n it e d States and
F ifth D istr ic t; A p r il 1, 1940.

ITEM AND
CLASS OF LIVESTOCK

United
States

Fifth
District

Thousands of Heads:
Horses and Mules ................................................
Dairy Cows ..........................................................
All Other Cattle ......... .........................................
Sheep and Lambs .................................................
Hogs and Pigs ......................................................
Chickens ..................................................................
Turkeys ..................................................................
Ducks ....................................................................-

13,932
24,074
36,600
40,129
34,037
337,949
4,362
2,460

1,041
1,283
1,173
902
1,965
24,223
257
143

Thousands of Animal Units1
Total ......................................................................
Horses and Mules ..............................................
Dairy Cows............................................................
All Other Cattle ..................................................
Sheep and Lambs . .............................................
Hogs and Pigs - .................................................
Poultry ...........................
.................................

92,439
15,325
24,074
23,850
5,016
16,678
7,495

4,498
1,296
1,130
786
113
674
499

Animal Units per Square^
Mile of Land in Farms 2
Total .....................................................................
Horses and Mules . .........................................
Dairy Cows................................... .......................
All Other Cattle ................................................
Sheep and Lambs ...............................................*
Hogs and Pigs ..................................................
Poultry ........................... ................. ......................
Per Cent of Total2
Total ............................
........................
—
Horses and Mules ................ .............................
Dairy Cows............................
.......................
All Other Cattle ..................... ........................
Sheep and Lambs ...... .........................................Hogs and Pigs ...................................................Poultry ........ .................. ......................................

105
185
114
56
160
3,158
52
42
539
126
185
70
7.0
67
84

55.8
9.2
14.5
14.4
3.0

48.3
13.9

10.1

4.6

7.2
5.5

1.1
10.2
12.6

100.0

100.0

16.6
26.0
25.8
5.4
18.0

28.8
25.1
17.5
2.5
15.0

8.2

11.1

1 See text footnote and related text.
- Computed from animal units.

Considered in terms o f their proportionate importance
to the several states, livestock seem to be distributed over
the District according to several fairly clear patterns.
Dairy cattle are most important in the more urbanized
sections o f the District, while all other cattle and sheep
are concentrated in the more mountainous sections. Hogs
and workstock are predominant in the cash crop areas,
particularly in the Carolinas. Poultry tends to decrease
in importance from North to South. The importance o f
farm population density as a determinant o f regional
agricultural patterns has been mentioned. In this con­
nection, especially with the fairly obvious division o f the
District into two agriculturally dissimilar parts at the
Virginia-Carolina boundary, the ratio o f farm persons per
square mile o f the land in farms becomes quite significant
as an index o f the intensiveness or extensiveness o f aver­
age farm enterprises. For the entire United States, this
man-land ratio is 18.4; for Maryland, Virginia, and West
Virginia, respectively, it is slightly more than twice as
great (about 38) ; while for each o f the Carolinas it is
about three times the national average.
If attention is paid to the concentration o f livestock per
square mile o f land in farms— in other words, to the live­
stock load o f farm land— Maryland is by far the most in­
tensive livestock state in the District. In Maryland over
twice as much livestock is raised as in South Carolina,



Maryland
& D. C.

12.1

8.4
1.2

82.1
19.2
28.3
10.7

Virginia

West
Virginia

253
387
429
355
486
6,996
99
44

108
219
308
437
172
3,378
32
15

1,309
304
309
307
44
189
156

703
119
175
219
55
65
70

51.0
11.8
12.0

11.9
1.7
7.4

50.5
8.5
12.6

North
Carolina
374
333
207
46
709
7,315
44
31

South
Carolina
201

159
115
7
439
3,376
31
11

1,317
487
333
129
5.7
234
128

629
261
127
61
0.9
119
60

44.7
16.5
11.3
4.4
7.9
4.4

35.8
14.9
7.3
3.5
a
6.7
3.4

6.2

15.8
3.9
4.7
5.0

100.0

100.0

100.0

100.0

100.0

23.4
34.3
13.0
1.3
12.4
15.6

23.2
23.6
23.5
3.4
14.4
11.9

16.9
24.9
31.2
7.8
9.2

37.0
25.3
9.8
0.4
17.8
9.7

41.5

10.0

0.2

20.2

9.7
0.1

18.9
9.6

Source: Census of Agriculture, 1940.
a Less than 0.05 A. U. per square mile.

and over half again as much as the average for the nation.
High densities are found in Maryland not only for the
total but also for all but two classes o f animals (sheep and
cattle other than dairy cow s). These wide differences
in the livestock density on the land derive primarily from
differences in the basic fertility o f the land and from d if­
ferences in agricultural practices, including import of
feed. Since it has been found to be possible to improve
the livestock carrying capacity o f the South to a consider­
able degree through soil building practices, the latter is
probably the more important cause operating within most
o f this District.
Cyclical fluctuations in numbers are found for most
classes o f livestock and these are caused by farmers’ e f­
forts to adjust animal numbers to changing price-cost
relationships. The nature o f the cycles therefore must
be known and correction made for their effects before it
is possible to determine whether or not gains and losses
in numbers represent long run trends. This need for
correction must be kept in mind in considering- the changes
in livestock population indicated in Table 2 . Apparently
the decreases in sheep grow out o f shift to more profitable
enterprises; on the other hand the decreases in workstock result from the increasing utilization o f mechanical
farm power. Increases in dairy cows are, at least in part,
the result o f long-run upward trends. The abrupt in­

MONTHLY REVIEW
creases in chickens, hogs, and other cattle during the
period o f 1939-44 in contrast with the decreases or small
increases apparent during 1933-39 suggest that these
classes o f livestock have probably been most influenced
by the current war situation. Certainly the contrast be­
tween these two sub-periods is so sharp as to imply that
the war rather than the continuation of long-term trends
(which were present before and which will reassert them­
selves after the w ar) is responsible for most o f the change.
TABLE 2: CHANGES IN THE LIVESTOCK POPULATIONS OF THE
FIFTH DISTRICT, BY MAJOR CLASSES, SELECTED PERIODS
Percentage Change1 over Period
CLASS OF LIVESTOCK
1933-39
1939-44
1933-44
Horses and Mules ........................... + 0.6
Dairy Cows ............................. ........... + 9 . 9
All Other Cattle ..................... ........... — 0.3!
Sheep ............................. .......... ........... — 18.3
Hogs .......................................... ........... + 7.4
Chickens .............................................. — 3.6

— 2.7
+ 6.8
+17.8
— 17.9
+38.8
4" 32.2

— 2.1
+17.4
+17.5
— 32.9
+49.1
+27.5

Source: United States Department of Agriculture.
1 Change in numbers on farms as of January 1.

F arm

I ncome

from

L iv e st o c k E

F if t h

n t e r p r is e s

in

the

D is t r ic t

Livestock enterprises contribute to farm income in two
distinct wrays. Cash income is gained by the sale o f live­
stock and livestock products in the farm market, while
non-cash income is derived from the consumption o f these
same kinds o f products by the farm family. For reasons
to be shown later, these two categories of income are not
strictly comparable. In the following discussion o f these
two sources o f income, no deductions have been made for
the costs of livestock production, so that all income men­
tioned herein represents the gross rather than the net
contribution to the income o f agriculture. A serious
short-coming o f reported statistics is the omission o f the
contribution o f workstock. This is a non-cash item, but
it is not “ consumption” in the sense used in reporting the
non-cash income from livestock.
Just as the several classes o f livestock are unevenly dis­
tributed over the Fifth District, the importance o f their
contributions to cash farm income varies from state to
state. (See Table 3.) W ith the exception o f Virginia,
dairy products are the most important single source of
livestock income in the states o f this District. Chickens,
which come first in Virginia, stand in a good second place
in all the other states but W est Virginia, where they come
third to cattle and calves. H ogs are most important ia
the Carolinas than elsewhere in the District.
TABLE 3: CASH FARM INCOME FROM LIVESTOCK ENTERPRISES,
FIFTH DISTRICT BY SOURCES AND STATES, AVERAGE 1935-42
South
West
North
Fifth
Source of Livestock
Va.
Caro.
Caro.
Va.
Cash Farm Income District Maryl’d
Total ...................... 201,881
(Thousands of dollars)
Per Cent of TotalJ:
Dairy Products 2 .
Chickens ............
Eggs .................
Broilers ...........
Chickens
........
Cattle and Calves2
Hogs .....................
Sheep, Lambs,Wool
Turkeys ...............
Other3 ...............

33.5
30.3
16.2
7.3
6.8
17.3
12.6
3.1
2.7
.4

45,018

45.1
31.2
13.2
10.8
7.2
11.4
7.2
1.0
3.1
.8

66,204

27.7
33.8
18.0
9.2
6.6
18.7
11.9
4.0
3.5
.4

32,863

30.5
24.7
16.9
3.5
4.3
26.6
7.2
8.8
2.0
.2

39,073

32.1
31.4
17.6
4.7
9.1
14.2
19.7
.6
1.7
.3

18,724

34.3
23.1
13.0
4.0
6.1
16.8
23.0
.1
2.2
.4

Source: United States Department of Agriculture.
1 Due to rounding, percentages may not add to 100.0.
2 “ Dairy Products” refer to milk, etc., sold from the dairy enterprise; the
value of dairy cattle sold is included with that of beef cattle under
“ Cattle and Calves.”
3 Includes ducks, geese, horses, mules, and honey, but not the unreported
income from workstock labor.




5

Although the figures in Table 3 are averages for the
period 1935-42, it happens that similar figures for the
single year 1940 are in close agreement. Because o f this,
a comparison between Tables 1 and 3 can be used as a
valid basis for the conclusion that the gross cash income
importance o f any class o f livestock may be at distinct
variance with its physical importance. For instance,
while poultry (chickens, turkeys, and ducks) comprise
only one-tenth o f the District’s total animal unit, chickens
and turkeys contribute about one-third o f the District’s
total cash income from livestock. These variations in the
relative importance o f particular classes o f animals by
different criteria result from several conditions: In the
first place, workstock make their greatest contribution to
non-cash income; in the second place, there are wide d if­
ferences in the degrees to which the several animals are
used in farm family maintenance; in the third place, there
may be differences in the relative gross prices received for
various livestock or their products; and, in the fourth
place, the cash income figures used in this connection are
gross figures and do not consider the cost o f livestock
production; therefore, the greater apparent income im­
portance o f a class o f animals relative to its physical
importance may disappear after net income has been
computed.
The changes over time o f the purchasing power o f cash
farm income from livestock are given in Table 4. These
incomes for selected years have been converted from ac­
tual dollars received to an index o f purchasing power.
This showrs the relative changes in real income for the
areas given, rather than the absolute amount o f income.
TABLE 4: INDEX OF DEFLATED i CASH FARM INCOME FROM
MARKETING LIVESTOCK AND LIVESTOCK PRODUCTS (1924=100)
UNITED STATE AND FIFTH DISTRICT, SELECTED YEARS.
AREA

INDEX
1924
100

1929
127

1934
86

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

100

125

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

100
100
100
100
100

126
139
114
120
108

United States ...........
Fifth District ..........
Maryland ............... .
Virginia .......................
West Virginia ..............
North Carolina ............
South Carolina ............

1939
118

19432
215

93

132

236

96
91
88
100
94

135
136
115
142
130

223
245
182
297
233

Source: United States Department of Agriculture.
1 Deflated by prices paid by farmers for all commodities (1910-14—100).
2 Preliminary.

From 1924 the District has tended to have a faster rate
of increase o f the real livestock income than has the
nation, and the less developed livestock states within the
District have shown faster rates o f increase than the
more mature ones. This is to be expected since there was
more “ room” for expansion o f livestock industries in those
states. Only North Carolina was able to make up early
depression losses and regain its 1924 level o f income by
1934, but by 1939 every District state but Virginia had
exceeded the 1929 high, although the national total was
still low. Between 1939 and 1943 every area shown re­
ceived a tremendous increase in purchasing power as the
result o f wartime enhancement o f cash farm income from
animal industries.
T

he

I m portance

L iv e s t o c k to t h e F a r m e r s
F i f t h D is t r ic t

of

of t h e

The importance of any enterprise to a given area is
best measured by the relative proportion to which it con­

MONTHLY REVIEW

6

tributes to that area’s income. On a state basis, the pro­
portion of cash farm income derived from livestock enter­
prises is given in Table 5. On a county basis, this same
general relationship is shown in the accompanying map.
THE IMPORTANCE OF LIVESTOCK AS A SOURCE OF
(GROSS) CASH FARM INCOME,
UNITED STATES AND FIFTH DISTRICT, 1936 AND 1943

TABLE 6 : THE IMPORTANCE OF LIVESTOCK AS A SOURCE OF
NON-CASH FARM INCOME, UNiTED STATES AND
FIFTH DISTRICT, 1936 AND 1943

AREA

TABLE 5:

Cash Farm Income
from Livestock1
(Millions of Dollars)
1936
19432
United S ta te s...................
Fifth District .

___

Per Cent of Total
Cash Farm Income3
1936
1943

4,715

11,349

56.4

58.9

171

438

30.3

36.4

50.5
45.9
72.9
14.3
15.6

60.8
51.7
79.3
20.0
20.9

Maryland ........................... ........... 36
Virginia ............................. .......... 55
West Virginia ............................ 30
North Carolina .......................... 32
South Carolina .......................... 17

91
142
64
100
41

Source: United States Department of Agriculture.
1 Gross, from farm marketing of livestock and livestock products. Due
to rounding, the states may not add to District total.
2 Preliminary.
3 Income from livestock, etc., as per cent of total gross cash income from
all farm marketing.

In this table, the years 1936 and 1943 were chosen be­
cause they are terminal years for the longest comparable
series o f data available at this time. Although the abso­
lute amount of cash income from livestock increased from
two to three times during the period, its proportionate im­
portance increased much less. For the three northern
states of the District, livestock contributed a proportion
o f total cash farm income which was about equal to or in
11
excess of the national average. In the Carolinas, 0 the
other hand, this proportion is so low as to indicate pre­
dominant emphasis on cash crops as the major source o f
farm income. However, the increases in the proportion
have been relatively greatest in these latter states. If
the map is compared with the cotton and tobacco maps
previously presented in this Review (June 30 and July
31, 1944), the evidence o f some tendency toward mutual
exclusiveness displayed in many localities by livestock, on
the one hand, and cotton-tobacco, on the other, becomes
more apparent, at least within the present structure o f the
District’s agriculture.
W hile there are many difficulties in estimating the non­
cash contribution of animal industries to farm income, the
proportion value of livestock and livestock products con­
sumed on the farm as a percentage of the total value of
all farm products consumed on the farms is probably the
best method available. Such a presentation ignores the
fact that most o f the contribution of workstock is non­
cash, and also involves certain technical difficulties which
will not be discussed here. Table 6 shows this propor­
tion for the Fifth District.
(Continued from page 1)

Department store sales have advanced at a relatively
steady rate during the past four years, in close associa­
tion with changes in consumer income, and changes in
sales during the war period have been about those which
would have been expected on the basis of past relation­
ship of sales and income. Prospects for department store
sales in the post-war period are clouded by uncertainties
and vary from store to store according to lines carried,
but in general it seems fair to expect sales to hold up
better in stores which in peace time sell a considerable
volume o f consumers’ durable goods than in stores more
dependent on sales o f wearing apparel and other non­
durable lines.



United States ..........
Fifth District3 . . . . .
Maryland .................
Virginia ................... ........
West Virginia ........
North Carolina . . . . . . . .
South Carolina . . . .

Value of Home
Consumption of
Livestock & Products 1
(Millions of Dollars)
1936
1943s
969
136
8.4
35
19
50
24

1,360
194
12
50
25
73
34

Per Cent of Value
of Total Home
Consumption 2
1936

1943

70.5
64.9
67.8
64.0
65.5
64.3
66.4

67.1
63.7
69.6
62.4
63.9
63.7
63.4

Source: United States Department of Agriculture.
1 Due to rounding, states may not add to District total.
2 Of all products raised and consumed on the same farm.
3 Preliminary.

The most striking relationship brought out by this table
is the relative uniformity o f the importance o f livestock
to total farm consumption over the several states. In
spite o f wide differences in patterns o f agriculture, wide
variations in physical numbers o f animals, and wide d if­
ferences in the importance o f animals as a source o f cash
income within the District and for the District relative
to the rest o f the United States, there seems to be a very
uniform pattern o f home consumption on farms. W ith
the one exception o f W est Virginia, livestock contributes
a much larger proportion o f non-cash than o f cash farm
income; but the W est Virginia pattern o f home consump­
tion appears similar to those o f the other states in the
District.
C o n c l u s io n s

In conclusion, it can be said that livestock and live­
stock products are o f varying importance to the several
states o f the District, but are most important at present in
the northern part. There are also distinct patterns of
distribution o f the different types o f animals over the
District. Since the early 30’s, this District has shown a
rather rapid increase in livestock enterprises; and the in­
come, both cash and non-cash, from this source has be­
come quite important to the agriculture o f the District.
There is no doubt that animal husbandry is an integral
part o f the agricultural economy o f these states, though
it is less important in the cotton-tobacco areas than in the
others. While there is considerable room for increases
in animal numbers throughout most o f the District, it is
hardly probable that they will materialize within the near
future unless changes take place in the general social
and economic structure o f the region. These changes,
which would need to be quite widespread and which
would affect deep-rooted phases o f our life, are beyond
the scope o f this paper.
The cotton textile industry o f the District is still strug­
gling with the manpower problem and production is still
in a downward trend. The lateness o f the cotton crop
and difficulties experienced in its harvest will also be
reflected in a fewer number o f farm hands available for
work in the mills. However, cotton textile output in
1944 will be near the 1941 level, and not much further
deterioration seems likely to result.
Commercial loans o f the weekly reporting member
banks rose $3 million in the four weeks to November 15,
and from their seasonal low in the summer they have
risen $27 million. This is the largest rise from summer
to fall that has occurred in this District, with one excep­

7

MONTHLY REVIEW
tion, since the war started. Loans for purchasing or
carrying securities made to others than brokers and dealers
declined further in the four weeks ended November 15.
These loans are now nearly back to the level where they
started prior to the Fifth W ar Loan.
Total investments o f the weekly reporting member
banks amounted to $1,452 million on November 15, which
is $67 million lower than the peak established at the end
of the Fifth W ar Loan and an amount nearly equal to the
increase in member bank reserves. O f this decline $35

million was accounted for in reduced bill holdings, which
are used for reserve purposes and to obtain currency.
Note holdings fell $26 million in this period and certifi­
cates fell $14 million, while bond holdings rose $10
million.
Both demand and time deposits were at all-time high
levels on November 15. Demand deposits were 19 per
cent higher than a year ago and time deposits were 24
per cent higher.

SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Board of Governors of the Federal Reserve System)

Output and employment at factories and mines showed
little change from September to October. Value of depart­
ment store trade increased further in October and the early
part of November, while commodity prices were stable.
Industrial Production
The Board's seasonally adjusted index of industrial pro­
duction was 230 per cent of the 1935-39 average in October
as compared with 231 in September. Output of durable
manufactures continued to decline slightly, while production
of nondurable goods and minerals was maintained at the
level of the preceding month.
A t steel mills production increased slightly in October but
for the month was 7 per cent below the peak of a year ago.
Production of copper and other nonferrous metals continued
to decline, with output of aluminum and magnesium curtailed
more than 50 per cent from the peak rates reached at the end
of last year. In the machinery and transportation equip­
ment industries activity declined slightly in October. Lum­
ber production showed little change in October from the Sep­
tember rate which was 10 per cent above the pre-war level.
Output of lumber and also pulpwood has been limited during
the past two years because of the difficulty of recruiting labor
in these industries.
Activity at cotton textile mills and at shoe factories de­
clined in October, while output of manufactured food pro­
ducts increased, after allowance for the customary seasonal
changes. The rise in food manufacturing was mainly at
canneries and was made possible by increased farm produc­
tion of fruits and vegetables. Newsprint consumption showed
a greater than seasonal increase in October. Output of
chemicals, rubber products, and other nondurable goods con­
tinued at about the level of the preceding month.
Output of coal and crude petroleum was maintained, while
production of iron ore continued to decline seasonally.
Distribution
Department store sales increased considerably in October
and were 13 per cent larger than last year, which is about the
same year-to-year increase that has prevailed in recent
months. In the first half of November sales rose further
and exceeded by 8 per cent the exceptionally high level of a
year ago.
Railroad freight traffic was maintained at a high level
during October and the early part of November.




Bank Credit
On the eve of the opening of the Sixth W ar Loan Drive
bank deposits and currency owned by individuals, partner­
ships, and corporations were larger than at any previous
time. Such holdings of deposits and currency have in­
creased in recent months as the Treasury expended funds
raised during the Fifth W ar Loan Drive.
Adjusted demand deposits of individuals, partnerships,
and corporations at reporting banks in 101 cities increased
by around 6 billion dollars between July 12 and November 15;
this brought the total outstanding to a level about a billion
dollars above that reached before the Fifth W ar Loan Drive.
Time deposits increased by about a billion dollars. A t coun­
try banks outside the leading cities it is estimated that de­
mand and time deposits are slightly more than three billion
dollars larger than they were prior to the Fifth Drive. Cur­
rency in circulation has increased by about 2.5 billion since
the middle of June.
As a result of the deposit expansion, the average level of
reserves required by all member banks rose sharply during the
inter-drive period and are about a billion dollars greater than
at the beginning of the Fifth Drive. Reserve funds to meet
the increasing requirements, as well as a currency outflow,
were supplied largely through substantial additions to the
Government security portfolio of the Reserve Banks; hold­
ings were increased by over 3 billion dollars between July 12
and November 15. Member bank borrowings at the Reserve
Banks also increased as they had done prior to the Fifth
Drive. Excess reserves, which increased during the war
loan drive, declined at a fairly rapid rate immediately fol­
lowing the close of the drive and then fluctuated generally
around a billion dollars. About three-fourths of these ex­
cess reserves are held by country banks.
A t reporting banks in 101 cities, bill and certificate hold­
ings declined by around 2 % billion dollars during the inter­
drive period reflecting sales, largely to the Reserve Banks, as
member banks adjusted their reserve positions. Bond hold­
ings were increased by around 800 million dollars.
Loans to brokers and dealers for purchasing or carrying
Government securities, which had declined in August to a
level comparable to that prevailing prior to the Fifth Drive,
fluctuated somewhat over the following period but began to
increase early in November. Other loans for purchasing or
carrying Government securities continued to decline. Loans
for handling other securities, reflecting substantial flotations
of new corporate issues, increased during the late fall. Com­
mercial loans also rose.

MONTHLY REVIEW

8

FEDERAL RESERVE BANK OF RICHMOND

DEBITS TO INDIVIDUAL ACCOUNTS

(All Figures in Thousands)
Change in Amt. from
Nov. 15
10-18-44
11-17-43
1944
ITEMS
— 165,222
— 6,730
Total Gold Reserves .................. $ 940,023
—
92
— 6,462
12,537
Other Reserves .............................
— 171,684
— 6,822
952,560
Total Reserves .........................
+ 3,150
+
550
4,000
Bills Discounted . . .
—
100
138
—
16
Industrial Advances .................
+ 622,284
+ 91,072
1,153,689
Gov’t. Securities, Total ..............
— 76,884
+ 3,630
57,705
Bonds .........................................
— 7,586
+ 4,809
51,576
+ 29,029
+ 21,472
181,250
Certificates ...............................
+ 61,161
+ 677,725
863,158
Bills ............................................
+ 322,734
+ 94,206
1,157,827
Total Bills & Securities ...........
+ 27,613
— 3,028
156,699
Uncollected Items .....................
+
322
— 5,719
12,539
+ 472,944
+ 84,678
Total Assets ............................. $2,279,625
Fed. Res. Notes in Cir.................
Members’ Reserves ..................
U. S. Treas. Gen. Acct.............
Other Deposits .........................
Deferred Availability Items
Other Liabilities ....................... .
Total Liabilities .................... -

$1,443,062
680,969
625,879
4,746
47,983
2,361
133,397
603
21,594
2,279,625

+ 50,043
+ 26,009
+ 42,538
— 15,861
+
233
—
901'
+ 8,406
+
18
+
202
+ 84,678

+ 367,343
+ 82,187
+ 106,029
— 14,175
— 7,093
— 2,574
+ 20,320
+
335
+
2,759
+ 472,944

41 REPORTING MEMBER BANKS—5th DISTRICT
(All Figures in Thousands)
ITEMS
Total Loans ...................................
Bus. & Agric. Loans................
Real Estate Loans ..................
Total Security Holdings..............
U. S. Treas. Bills ...................
U. S. Treas. Certificates ........
U. S. Treas. Notes ..................
U. S. Gov. Bonds ...................
Obligations Gov. Guaranteed. .
Other Bonds, Stocks & Sec. ..
Cash Items in Process of Col. ..
Currency & Coin .......................
Reserve with F. R. Bank ..........
Total Assets .................................
Total Demand Deposits ............
Deposits of Individuals ..........
Deposits of U. S. Gov...............
Deposits of State & Local Gov.
Deposits of Banks ..................
Certified & Officers’ Checks . .
Total Time Deposits ...................
Deposits of Individuals ..........
Other Time Deposits ..............
Liabilities for Borrowed Money
All Other Liabilities .................
Capital Accounts ....................

Nov. 15
1944
$ 294,119
138,468
49,135
106,516
1,451,395
84,507
317,124
237,396
742,621
15,929
53,818
117,377
154,369*
37,095
326,357
66,579
$2,447,291

Change in Amt. from
10-18-44
11-17-43
7,828
— 6,955
+
5,458
+ 3,543
+
—
629
+
230
2,999
— 10,728
+
— 22,915
+ 72,217
— 62,696
—
88
— 12,273
+ 36,545
— 10,430
+ 67,088
—
339
+ 59,923
29,293
0
+
215
— 1,350
+ 15,356
+ 17,376
— 3,943
— 1,145
—
427
—
732
+ 24,760
+ 48,755
537
+
866
+
+ 142,343
+ 9,235

$1,945,200
1,218,433
172,282
82,446
451,051
20,988
294,530
280,723
13,807
1,500
88,139
117,922
$2,447,291

— 4.120
+ 54,030
— 80,626
+ 4,122
+ 21,100
— 2,746
+ 5,777
+ 5,692
+
85
+ 1,500
+ 5,887
+
191
+ 9,235

+ 66,477
+ 172,727
L61,174
7,762
+
+ 45,216
1,946
+
+ 51,103
+ 53,609
— 2,506
— 1,500
+ 19,472
6,791
+
+ 142,343

* Net figues, reciprocal balances being eliminated.

DEPOSITS IN MUTUAL SAVINGS BANKS
9 Baltimore Banks
Total Deposits ...............

Oct. 31, 1944
$291,932,451

Sept. 30, 1944
$285,299,323

COTTON CONSUMPTION—FIFTH DISTRICT
In Bales
So. Carolina
Virginia
No. Carolina
MONTHS
18,602
1944..
163,951
October
214,597
208,975
166,467
18,291
September 1944..
168,506
20,011
1943..
218,846
October
10 Months 1944..
10 Months 1 9 4 3 -




2,179,183
2,333,910

1,672,479
1,781,404

188,775
207,983

Oct. 31, 1943
$254,780,900

Dist. of Columbia
Washington ___

October
1944

(000 omitted)
% chg. from
Oct. 1943

10 Mos.
1944

$ 472,846

+

o

$ 4,826,908

Maryland
Baltimore ..........
Cumberland . . . .
Frederick ..........
Hagerstown . . . .

728,085
13,827
14,068
16,810

— 0
+ 11
+ 23
+ 1

7,577,177
131,815
122,567
170,356

+ 8
+ 3
+ 16
+ 11

North Carolina
Asheville ............
Charlotte ..........
Durham ..............
Greensboro . . . .
Kinston ............
Raleigh ............
Wilmington ___
Wilson ................
Winston-Salem .

24,049
132,805
101,787
32,506
23,438
55,571
41,837
33,651
78,601

+ 7
+ 18
+ 6
+ 3
+ 11
+ 7
+ 7
+ 12
— 3

238,644
1,270,961
721,868
340,634
103,267
541,638
378,297
133,487
651,592

+ 15
+ 12
+ 14
+ 7
+ 7
+ 4
+ 2
+ 4
— 4

South Carolina
Charleston ........
Columbia ..........
Greenville ..........
Spartanburg . . .

37,974
50,465
43,723
25,144

Virginia
Charlottesville ..
Danville ............
Lynchburg ........
Newport News .
Norfolk ............
Portsmouth . . . .
Richmond ........
Roanoke ............
West Virginia
Bluefield ............
Charleston ........
Clarksburg ........
Huntington . . . .
Parkersburg . . .
District Totals . . .

—
+
+
—

14
o
8
4

+ 24
+ 6
+ 3
— 9
+ 3
— 39
+ 7
+ 12

152,878
167,278
210,048
258,150
1,200,051
157,426
3,287,128
412,896

22,751
78,582
16,064
34,288
17,449
$2,748,524

— 5
+ 5
+ 16
+ 27
+ 29
+ 3

+

389,079
494,414
376,690
218,215

17,187
33,339
20,897
22,249
118,714
15,359
381,263
43,195

% chg. from
10 Mos. 1943

234,389
817,372
152,935
309,151
162,491
$26,209,802

—
+
+
+

5

1
o
o
6

+ 28
+ 8
+ 8
+ 1
+ o
— 3
+ 10
+ 12
+
+
+
+
+
+

16
9
17
16
14
7

COMMERCIAL FAILURES
PERIODS
October
1944...
September 1944...
October
1943. ..
10 Months 1944...
10 Months 1943...

Number of Failures
District
U. S.
0
74
0
75
0
169
12
1,054
43
2,921

Total Liabilities
District
U. S.
0
$ 3,819,000
0
4,065,000
0
3,785,000
$752,000
$26,848,000
990,000
40,882,000

Source: Dun & Bradstreet

COTTON CONSUMPTION AND ON HAND— BALES
Oct.
1944
Fifth District States:
397,150
Cotton consumed ..........
Cotton Growing States:
Cotton consumed . . . . . . . .
701,609
Cotton on hand Oct. 31 in
Consum’g establishments 1,749,688
Storage & compresses .. 11,842,936
United States:
Cotton consumed ..............
795,379
Cotton on hand Oct. 31 in
1,976,720
Consum’g establishments
Storage & compresses .. 11,991,770
22,228,138

Oct.
1943

Aug. 1 to Oct. 31
1944
1943

407,363

1,212,367

1,249,649

740,656

2,147,145

2,237,769

2,429,955

2,562,335

1,937,652
12,069,661
846,993
2,206,448
12,273,785
22,599,574

RAYON YARN DATA
District
397,150
393,733
407,363
4,040,437
4,323,297

Rayon Yarn Shipments, Lbs. . . .
Staple Fiber Shipments, Lbs. .. .

Oct. 1944
46.900.000
14.400.000

Sept. 1944
44,800,000
13,000,000

Oct. 1943
43.900.000
13.900.000

Rayon Yarn Stocks, Lbs..............
Staple Fiber Stocks, Lbs.............

6.700.000
2.700.000

7,700,000
3,000,000

7.600.000
2.500.000

Source : Rayon Organon.

MONTHLY REVIEW

9

RETAIL FURNITURE SALES

BUILDING PERMIT FIGURES
Fifth Federal Reserve District
Total Valuation
Oct. 1944
Oct. 1943
Maryland
$ 473,185
Baltimore ...................................... ..
Cumberland ...................................................... 5,257
Frederick ...........................................
15,975
Hagerstown ...................................................... 4,930
Salisbury ..........................................
22,370
Virginia
Danville ............................................
$
11,090
Lynchburg .........................................
16,002
Norfolk ............................................
159,625
Petersburg .......................................................... 3,325
Portsmouth .......................................
97,565
Richmond .........................................
83,344
Roanoke ............................................
78,322
West Virginia
$
37,774
Charleston ........................................
Clarksburg ........................................................ 4,990
Huntington .......................................
65,775
North Carolina
Ashevilnle ........................................
$
14,685
Charlotte ..........................................
27,659
Durham ............................................
10,585
Greensboro .......................................
36,005
High Point .......................................
26,373
Raleigh ............................................
182,025
Rocky Mount ......................................................200
Salisbury ............................................................450
Winston-Salem ...............................
124,985
South Carolina
Charleston ........................................
$
30,069
Columbia ...........................................
12,587
Greenville .......................................................... 7,200
Spartanburg .....................................
68,460
District of Columbia
Washington .......................................
$ 1,461,415
District Totals
10 Months ..........

$ 2,010,936
260,756
1,635
14,365
5,450
$ *

$

25,912
22,762
9,070
18,372
20,351
6,593
1,500
7,090
16,167

INDIVIDUAL CITIES
Baltimore, Md. (5)* ....
Washington, D. C. (6)* ..
Ljmchburg, Va. ( 3 ) * ........
Richmond, Va. (7)* ....
Charleston, W. Va. (3)*..
Charlotte, N. C. (5)* ___
Columbia, S. C. (4)* ....

$

57,515
3,290
650
14,480

$

904,160

$ 4,121,639
$39,578,569

Fifth District ..

— 10

$29,406,000

$257,931,000

— 29

TOBACCO MANUFACTURING
Oct.
1944

% change
from
Oct. 1943

10 Mos.
1944

7o change
from
10 Mos.’43

25,123
19,770,793
411,894
3,670

+ 1
— 16
— 5
+ 7

200,446
200,879,658
3,554,139
34,627

— 7
— 5
— 11
— 4

REGIONS
West Virginia . . . .
Virginia .................
Maryland .............
5th District ........
United States . . .
% in District .

Oct.
1944
13,534
1,623
147
15,304
51,500
29.7




Other Cities

District

+ 11

+11

+ 7

+ 8

10 Mos.
%
1943 Change
132,970
+ 4
0
16,402
+ 5
1,572
150,944
+ 4
494,126
+ 6
30.5

1943:
+13
1943:
+ 8
1943:
+ 4
1943:
+ 3
1943:
+ 9

Percentage of current receivables as of Oct. 1, 1944, collected in Oct.:
61
59
56
62
59
Percentage of instalment receivables as of Oct. 1, 1944, collected in Oct.:
39
39
29
37
33
Dist. of Col.

Virginia

W. Va.

No. Caro

So. Caro.
States:
+ 11
in ’43:
+ 11

WHOLESALE TRADE, 246 FIRMS
Net Sales
Oct. 1944
compared with
Oct.
Sept.
1943
1944

LINES
Auto supplies (12) * . . . .
Drugs & sundries (11)*
Dry goods (7)* ..............
Electrical goods (11)* ..
Groceries (78)* ..............
Hardware (16)* ............
Industrial supplies (9)*
Paper & products (7)* .
Tobacco & products (9)*
Miscellaneous (86)* . . . .
District Average (246) *

+ 19
+ 4
0
+ 10
+ 1
+ 10
+ 23
+ 7
— 3
+ 7
+ 5

—
+
+
+
+
+
+
+
—
—
+

2
3
4
1
5
10
7
11
3
1
2

Stock
Oct. 31, 1944
compared with
Oct. 31 Sept. 30
1944
1943
+ 23
+ 24
+ 8
— 1
+ 4
+ 13
+ 9
— 9
— 14
— 7
+ 5

Ratio Oct.
collections
to accounts
outstand’g
Oct. 1

+ 12
+ 8
— 7
— 2
+ 3
0
0
+ 7
— 4
— 11
— 1

89
136
86
84
169
105
108
110
147
108
112

Source: Department of Commerce.
* Number of reporting firms.

AUCTION TOBACCO MARKETING

SOFT COAL PRODUCTION IN THOUSANDS OF TONS
10 Mos.
Oct.
<
/r
1944
1943 Change
138,746
13,356
+ 1
16,328
1,540
+ 5
1,652
0
147
156,726
15,043
+ 2
522,610
49,303
+ 4
30.0
30.5

Washington

Percentage change in Oct. 1944 sales, compared with sales in Oct.
+ 17
+10
+12
+15
Change in 10 mos.’ sales in 1944, compared with 10 mos.’ sales in
+ 15
+ 6
+ 4
+16
Change in stocks on October 31, 1944, from stocks on October 31,
+ 1
+ 4
+ 1
+19
Change in outstand’g orders Oct. 31, 1944, from orders on Oct. 31,
+ 4
+ 3
+ 2
+ 9
Change in total receivables on October 31, 1944, from October 31,

% chg. from
9 Mos.
1944
9 Mos. 1943
— 3
$ 72,215,000
— 17
20,293,000
— 33
90,302,000
20,346,000
+ 36
— 52
36,254,000
18,521,000
— 53

Source: F. W. Dodge Corp.

Smoking and chewing to­
bacco (Thousands of lbs.)
Cigarettes (Thousands) . . .
Cigars (Thousands) ..........
Snuff (Thousands of lbs). .

Baltimore

Percentage change in Oct. 1944 sales from Oct. 1943 sales, by
+ 10
+12
+19
+14
+19
Percentage change in 10 mos.’ sales in ’44, compared with 10 mos.
+ 6
+ 4
+15
+14
+14

CONSTRUCTION CONTRACTS AWARDED
September % chg. from
1944
Sept. 1943
— 25
$ 6,768,000
— 4
1,990,000
+
1
9,078,000
6,489,000
+ 901
3,839,000
— 59
1,242,000
— 51

1
4
9
5
6
7
1

DEPARTMENT STORE TRADE
Richmond

Maryland

STATES
Maryland ..............
Dist. of Columbia .
Virginia ................
West Virginia . . .
North Carolina .. .
South Carolina .. .

—
—
+
+
—
+
—

+ 4
0
+ 27
+ 9
— 2
+ 30
— 2

31,862
1,730
11,872

$

$ 3,082,227
$25,596,152

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

5,733
5,008
430,970
0
136,084
84,426
12,900

Percentage Changes in Oct. and 10 Mos. 1944
Compared with
Compared with
Oct. 1943
10 Months 1943
— 1
+ 4
0
— 4
+ 18
+ 4
+ 20
+ 8
+ 35
+ 11
— 2
+ 13
+ 13
+ 2

STATES
Maryland (5)* ..... .
Dist. of Columbia (6)* . . .
Virginia (25)* ..........
West Virginia (10)* ....
North Carolina (20)* ....
South Carolina (14)* ....
Fifth District (80)* ...

South Carolina
North Carolina

Producers’ Tobacco Sales, Lbs.
October 1944
October 1943
4,428,280
1,996,740
. , 215,078,571
141,777,002
44,781,947
38,473,956

Fifth District ... .
Season through .., .

264,288,798
653,810,369

182,247,698
552,143,992

Price per Hund.
1944
1943
$38.84
$40.91
41.64
42.17
41.36
40.65
$41.58
42.73

$41.81
40.09

MONTHLY REVIEW

10

BUSINESS INDEXES— FIFTH FEDERAL RESERVE DISTRICT
Avrage Daily 1935-39 = 100
Seasonally Adjusted
% Change
Sept. 1944 from
Aug/44
Sept/43

Sept.
1944
Bank Debits ........................................................... .......
Bituminous Coal Production* ............................
Building Contracts Awarded ...........................
Building Permits Issued .....................................
Cigarette Production ...........................................
Cotton Consumption* ...........................................
Department Store Sales .....................................
Department Store Stocks ...................................
Electric Power Production ...............................
Employment— Mfg. Industries* - .....................
Furniture Orders ...................................................
Furniture Shipments .............................................
Furniture Unfilled Orders ...........-.......................
Retail Furniture Sales .........................................
Life Insurance Sales ...........................................
Wholesale Trade— Five Lines „
...............
Wholesale Trade— Drugs ....—___
___ — .
Wholesale Trade— Dry Goods ........................... .......
Wholesale Trade— Groceries ......
Wholesale Trade— Hardware
...................
* Not seasonally adjusted.




Aug.
1944

July
1944

Sept.
1943

222

212

210

143

151

144

121

112

102

40
153
141
214
181
217
139
115

43
166
145
213
198

39
159
127
214
190
214
139
87
123
345
132
137
170
225
165
177

239
150
134
36
174
154
193
177

+
—
+
—
—

220

—

151
95
116
307
135
138
159
205
124
167
105

— 1
— 9
— 15
— 4
+30
— 5
— 7

110

334
151
138
156
225
96
168
81

220

141
126r
130r
347r
116r
145
168
228
118
180
93

100

5
5

— 7
— 5

8

— 10
+11
— 12
— 8
+11
+ 2
—
1
— 8
+21

7
8

3
0

— 9
1

— 5
+ 9
+12
0
2

1

+10

— 19
— 7
— 13

—23
+ 1
— 23

—

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