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Aug. 1962

FEDERAL RE

ANK OF ST. LOUIS

eview

Page

Recent Monetary Developments
Seasonal Patterns of
Business Activity
International Comparisons

8

Map of Cities in the
Eighth District
V O L . 44 • No. 8 • A U G . ’62
F E D E R A L R E S E R V E BAN K
OF S T . LO U IS
P. O. Box 442 • St. Louis 66, Mo.



12

Recent Monetary Developments
Business Background
± H E NATION'S TOTAL OUTPUT of goods and
services was at a $552 billion annual rate in the sec­
ond quarter of 1962, an increase of $7 billion, or 5 per
cent per annum, over the first quarter. The rate of
increase from the first to second quarter was the
same as that from the fourth quarter of last year to
the first quarter of 1962. Since the most recent trough
in business activity, first quarter 1961, gross national
product has increased at an annual rate of about 8
per cent, about the same as during the 1958-59 expan­
sion but somewhat less than the comparable 1954-55
experience.
Despite the rise in total output during the second
quarter, recent data suggest that the current economic
expansion may be losing some of its strength. Busi­
ness activity has paused since May, after having re­
covered at a lively pace from recession levels during
most of 1961 and having expanded moderately dur­
ing the first five months of 1962. Throughout the
expansion there has been a substantial volume of un­
employment and unused factory capacity.

early indications are that production changed only
slightly from June to July. Relatively low production
of steel was a major factor in the recent leveling of
industrial activity. The volume of new construction,
however, continued to rise moderately from May to
July with major strength in residential building.
Moderation of the upward thrust to the economy
is disturbing in view of the extensive underutilization
of resources, both human and material. Unemploy­
ment continued to be a significant symptom of weak­
ness in July. The proportion of the civilian labor force
unemployed was estimated to be 5.3 per cent, little

Status of the National Labor Force

Industrial production rose at an annual rate of 15
per cent from the February 1961 trough to Decem­
ber. In the first five months of this year production
increased at an annual rate of 6 per cent. By con­
trast, from May to June output of the nation's fac­
tories, mines, and utilities was approximately un­
changed at 118 per cent of the 1957 average, and
Ratio Scale
1957-100

Industrial Production

Ratio Scale

Source: United States Bureau of Labor Statistics
Latest data plotted: June preliminary

Seasonally Adjusted

120

120

110

110

100

1 1 1 I 1 1 L 1 1 1 1

i i ! i I 1 i i ! i i ..i.i.l i i 1 i i 1 i i

1960
1961
1962
Source: Board of Governors of the Federal Reserve Systenr
Latest data plotted: June preliminary

Page 2




100

changed from the level which prevailed since Febru­
ary. The July rate compares with 4.0 per cent at the
similar stage (seventeenth month) following the 1954
recession low. At the corresponding point in the
1958-59 recovery there was a major steel strike, but
just before the strike the unemployment rate was 5.1
per cent. Also, there was little net change in the
labor force from the beginning of 1961 to July of this

year, an unusual development for this phase of the
cycle. Lack of employment opportunities may have
discouraged persons from seeking work.

Yield s on U.S. Governm ent Securities

Unused facilities for the production of basic mate­
rials have been large and increasing in recent months.
Earlier this year output of major materials exceeded
80 per cent of capacity, but in May output was 77
per cent and in June about 76 per cent. During
1955 production of these materials averaged 90 per
cent and during 1959 (excluding the period of the
steel strike) about 85 per cent of capacity.
There has been virtually no change in average
prices in recent months. The consumer price index
was at 105.3 per cent of the 1957-59 average in June,
and has moved within a narrow range about the 105
level since last February. The wholesale price index
was 100.1 in June, down slightly from 100.2 in May.
The decrease from May to June was the fourth suc­
cessive monthly decline in average wholesale prices.
Prices of key industrial commodities in "spot” markets
in the first two weeks of July were slightly lower
than June averages.
The pause in the economic expansion during the
past two months reflects a moderation in demands for
goods by both businesses and consumers. The growth
in manufacturers’ inventories has slowed noticeably
in recent months from the pace in the first quarter.
Presumably, this slowdown has been largely a reac­
tion from the earlier buildup of steel inventories.
Retail sales declined 2.6 per cent from April to June
but, according to preliminary data, probably in­
creased slightly in July. Sales of automobiles in July
were close to the June average after adjustment for
seasonal influences. Department store sales in July,
seasonally adjusted, were somewhat above the June
level.

Interest Rates
The pattern of rising interest rates on most market­
able securities suggests that credit conditions have
become noticeably more restrictive since the middle
of June. Yields on three-month Treasury bills began
to rise around mid-June and since early July have
averaged about 2.90 per cent, the highest level in
over two years. The recent rise in three-month bill
yields was the second pronounced increase since mid1960. During late 1961 such yields rose rapidly from a
2.25-2.40 per cent range to the 2.70 per cent level
prevailing until June.




Rising interest rates usually accompany an expan­
sion in economic activity and are frequently explained
by a strengthened business demand for credit. Dur­
ing the first five months of this year business loans
rose, but, according to reports from weekly reporting
banks, there was a moderation of this demand in
June and early July. The Treasury, however, bor­
rowed a substantial volume of short-term funds in
the past two months. These forces may have com­
bined to produce a firmer money market. Evidence
of such firmness may be found in the behavior of
interest rates on Federal funds (interbank loans of
temporarily excess funds). Federal funds rates fluc­
tuated around 2.50 per cent during most of May and
early June, but since mid-June have been within the
2.75-3.00 per cent range most of the time
Rates on intermediate- and long-term Government
securities, which in the earlier months of 1962 had
been drifting downward, also turned up about the
middle of June. Yields on 3- to 5-year Government
bonds rose from 3.46 per cent in the middle of June
to 3.66 per cent in the week ending August 3, while
in the same period rates on long-term Government
bonds rose from 3.87 to 4.03 per cent.
On July 9 the Board of Governors of the Federal
Reserve System amended Regulations T and U, re­
lating respectively to margin requirements for stock
market credit extended by brokers and banks, by re­
ducing margin requirements from 70 to 50 per cent,
effective July 10, 1962. In general terms, the Board's
margin regulations require credit buyers of stocks to
put up a minimum equity when the purchase is made.
Page 3

Under the new amendment, that
equity must be at least 50 per
cent rather than 70 per cent.

Margin Requirements
Per Cent of Market Value

Margin requirements were es­
tablished under the Securities
Exchange Act of 1934 for the
purpose of preventing excessive
use of credit for purchasing or
carrying securities. The Board’s
action at this time brings margin
requirements back to the lowest
Source: Board of Governors
level of the postwar period, the
level in effect during 1949-1950, 1953-1954, and 1958
(See chart).

Per Cent of Market Value

of the Federal Reserve System

Stock Market Credit

Billions of Dollars

Billions of Dollars

Member Bank Reserves
Member banks of the Federal Reserve System are
required to maintain reserves equal to a certain frac­
tion of their deposits. These reserves can be held
either on deposit with Reserve Banks or as cash in
vault. The volume of bank reserves influences the
quantity of bank credit, bank deposits, and the money
supply.1
Excess reserves are those reserves held by banks
above the amounts required to support existing de­
posits. Such reserves averaged around $600 million
during the first year of the current business expansion,
from February 1961 to February of this year. From
February to April excess reserves fluctuated around
$500 million. They declined to the $400 million level
for one week in the early part of June, and then
moved back to about the $500 million range.
Individual member banks can adjust to reserve
deficiencies in several ways, chiefly by selling money
market debt instruments, by borrowing from other
commercial banks, or by borrowing from Reserve
Banks. As interest rates have risen and the money
market firmed, banks have been making relatively
less of their short-term adjustments by selling short­
term securities and borrowing from other commer­
cial banks and relatively more by borrowing from
Reserve Banks. Consequently, borrowings from Re­
serve Banks rose in the middle of June and since
then have averaged about $100 million, compared to
1Since the reserves are only a fraction of deposits (about one-seventh
on the average), a change in reserves usually results in a multiple
change in deposits. For a discussion of how a change in reserves
affects bank credit and the quantity of bank deposits, see The Fed­
eral Reserve System, Purposes and Functions, Board of Governors
of the Federal Reserve System.

Page 4



Excess Reserves & Borrowings of Member Banks

Source:Board of Governors of the Federal Reserve System
Latest data plotted: July preliminary

an average of $75 million during the first fifteen
months of the present business expansion.
As a consequence of these developments in excess
reserves and member bank borrowings, “free” re­

serves, the difference between excess reserves and
borrowings, declined to $339 million for three weeks
in June from the $425 million average of February
through May. The June decline was temporary, how­
ever, as free reserves quickly rose again to their pre­
vious level, averaging around $450 million in July.
During the first year of recovery, free reserves fluc­
tuated around the $500 million level.
Total member bank reserves, seasonally adjusted,
have increased at an annual rate of about 4 per cent
since the end of 1961. Most of the rise occurred in
late April and May. The gain in reserves resulted
from net open-market purchases of Government se­
curities by the Federal Reserve System, amounting to
about $925 million during the period from the last
half of December 1961 to the first half of July. Money
market factors (e.g. changes in float, gold, and cur­
rency in circulation) taken together tended to reduce
bank reserves by slightly more than the seasonal
amount.
Monetary reserves, that is, total member bank
reserves less reserves held behind Treasury deposits,
are a measure of member bank capacity to support
privately owned deposits. Monetary reserves were
about unchanged since April. Since the end of 1961
monetary reserves have risen at an annual rate of
1.6 per cent compared with a rate of 3.7 per cent per
annum during the first ten months of recovery. A
buildup of Treasury cash balances at commercial
banks about offset the moderate increase of total

reserves in recent months. The only other times in
the last decade when monetary reserves increased at
such moderate rates or declined for sustained periods
were from the spring of 1952 to the end of 1953,
during 1957, and from mid-1959 to mid-1960.2
Monetary reserves less reserves behind time depos­
its indicate the capacity of the banking system to
support privately held demand deposits. Changes in
these reserves usually bear a closer relationship to the
money supply of the country than total reserves. Be­
cause of the rapid growth of time deposits in 1962,
such reserves declined sharply from late 1961 through
early July. The contraction for sustained periods dur­
ing the past decade of monetary reserves less re­
serves held behind time deposits has been roughly
coincident with the contraction of monetary reserves.

Money Supply
The supply of money (demand deposits adjusted
plus currency in the hands of the public) has de­
clined since April. From April to the month ending
mid-July money contracted at an annual rate of 2.0

Money Supply

Total Reserves of Member Banks
Less Reserves Behind Treasury Deposits*
Billions of Dollars

1960

Semi-Monthly Data

1961

Billions of Dollars

1962

*Reserves of member banks adjusted for changes in the percentages of
reserves required, sometimes referred to as "effective" reserves.
Basic data source: Board of Governors of the Federal Reserve System




per cent. For a short period in early spring of this
year the money supply grew sharply, but on balance
there has been little change in money thus far in
1962. Over the past decade the average annual rate
of expansion of money was 2.1 per cent. The rise in
spending in recent months, with little change in the
stock of money, has been accommodated by a more
Continued, on page 11
2 See "Member Bank Reserves and the Money Supply' in the March
issue of this Review.

Page 5

E,

iCONOMIC ACTIVITY does not proceed at a
constant pace during the course of a year. Individual
businesses and entire industries experience swings in
activity according to the time of year— according
or
to the time of the month, week, or day.

C h a rt 1

C h a rt 2

St. Louis S e a so n a l Patterns

M em phis S e a so n a l Patterns

PER C E N T O F

PER C E N T O F

C h a rt 3

PER C E N T O F

L o u isville S easo n al Patterns

C h a rt 4

Little Rock S e a so n a l Patterns

PEP C E N T O F

The accompanying charts show the seasonal pattern
of activity in six economic indicators for the major
metropolitan areas in the Eighth Federal Reserve Dis­
trict. Looking broadly at the indicators, it may be
seen that there are general declines in activity during
the early part of the year. Business tends to pick up
during the spring and early summer, to “lull” during
the late summer months, and to rise again toward the
end of the year.
The most pronounced seasonal movement occurs in
department store sales. Because of the Christmas
season, sales are much higher in December than dur­
ing any other month of the year. According to the
charts, in each of the areas department store sales in
December are substantially higher than during the
“average” month. In contrast, sales in January, im­
mediately after the Christmas season, are usually
much below the average month.
There is only a small seasonal movement in em­
ployment during the course of a year. Employment
tends to be low in January, February, and March, as
cold weather prevents construction work and other
outdoor activity. Although employment is depressed
during these months, the number of workers is down
only slightly from the average month. As weather
improves, employment moves up steadily. During the
early summer, as schools let out and as teenagers
enter the work force, employment tends to rise. The
number of workers declines slightly later in the
summer. The pickup in November and December in
the St. Louis, Memphis, and Louisville areas reflects
the hiring of retail and postal employees for the
Christmas season.
There are differences in seasonal patterns from one
area to another. For example, in contrast to the gen­
eral end-of-year pickup in employment the Little
Rock labor market registers a seasonal decline in
Page 6



Business Loans by Banks

November and December. In this labor market sev­
eral large manufacturing firms cut back their opera­
tions for inventory taking, product changes, and vaca­
tions. These decreases in employment are sufficiently

Business Loans by B an ks

Business Loans by B a n ks

large to offset increased employment in trade. The
business loan patterns show substantial differences
from area to area. The seasonal patterns for business
loans in St. Louis and Little Rock are moderate, while

Business Loans by Banks

the patterns in Louisville and Memphis are quite pro­
nounced. In the Louisville area there is an end-ofyear rise in business loans as banks extend credit for
Continued on page 9
Page 7

International Comparisons
F o r ABOUT A DECADE the United States
has had greater payments than receipts in its
dealings with other countries ( Chart 1). How to
Chart 1

Net Payments Position of the U.S.
(+}Surplus; (-)Deficit
Billions of Dollars

Billions of Dollars

in this country compared with that of foreign
nations.
The accompanying charts showing consumer
prices and the money supply since 1953 for several
leading industrial countries throw some light on
these questions. The year 1953 was selected as a
base year in order to avoid the distortions in the
price levels of various countries caused by the
Korean War.
Prices as measured by consumer price indexes
showed a great variety of performance from 1953
through 1961 as can be seen in Chart 2.1 The rise
in the United States was about 12 per cent, in Ger­
many 17 per cent, in Italy 23 per cent, in the
United Kingdom 29 per cent, and in France 44
per cent.

1962 based on first half year.

deal with this matter is one of the current con­
cerns of public policy. During 1960 the United
States had a net adverse balance of payments of
nearly $4 billion. In 1961 the
net payments deficit amounted
to $2.5 billion, and in the first
half of 1962 it was probably
running at an annual rate of
under $1.5 billion.

1 Price indexes are not exactly comparable from country to country.
Sampling and other statistical procedures differ. Because of the
difficulty of adjusting fully for quality and other changes, the rise
in the consumer price index in the United States since 1953 may
be overstated. See: "Price Movements in Perspective” in the July
1961 issue of this Review. Price indexes in other countries may
have similar problems and reflect different adjustment procedures.
C ha rt 2

Changes in Cost of Living
1953=100

End of Year Data

In the discussion that has
grown out of the nation’s balance-of-payments problem,
questions have been raised
concerning the rate at which
prices have increased in this
country compared with move­
ments in price levels abroad.
In this connection, there has
been some concern about the
degree of monetary expansion
Page 8




Source: International M onetary Fund, International Fin a n cial Statistics. June 1962

1953=100

Changes in the money sup­
ply for these same five lead­
ing nations are shown in Chart
3. From 1953 to the end of
1961 the money supply of the
United States increased about
12 per cent. The increase in
the United Kingdom was at a
similar rate. During the same
period the money supply rose
130 per cent in Italy, 132 per
cent in Germany, and 138 per
cent in France. The much
sharper rate of increase in
money than consumer prices
in Italy, Germany, and France
reflects in part a very rapid
growth in economic activity.

Chart 3

Changes in Money Supply*
End of Year Data

1953=100

"'Currency and dem and deposits.
Source: International Monetary Fund, International Financial Statistics. June 1962

Seasonal Patterns o f Business Activity-Continued
the marketing and processing of the burley tobacco
crop. Reflecting the financing of cotton marketing and
processing, business loans in Memphis rise in the fall
of the year and remain at an advanced level through
about February as dealers continue to carry large in­
ventories. The processing of cotton is also reflected
in the pronounced seasonal movement for electric
power consumption in Little Rock. Cotton oil mills,
which use a relatively large volume of electricity at
certain periods, reach the height of their operations
in the fall of the year, continue at advanced levels
through the winter, but cut their power use sharply
during the spring and summer months.
Because of these seasonal swings, month-to-month
changes in and of themselves are often not meaning­
ful. It is important to know whether changes are
more than or less than would have been expected on
the basis of average experience.
Earlier issues of this Review have presented charts
of these indicators for the large metropolitan areas
in the Eighth Federal Reserve District. The data in
these charts were adjusted for seasonal influences.
This means that each month of actual data was re­
vised according to the degree to which that month, on




1953=100

from page 7

the basis of history, exceeded or was less than the
average month. If, for example, business loans at
St. Louis banks in September are usually 102 per cent
of the average month (because banks expand loans to
businesses for inventory accumulation) the September
business loan figure is divided by 1.02. This division
serves to reduce the original loan figure by the
amount that was considered "seasonal.” Thus, the
seasonal influence has been “removed.” The follow­
ing table illustrates the process.
Business Loans Outstanding at St. Louis Banks
(in millions of dollars)
1961
Unadjusted
Data
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Totals

Seasonal Adjustment
Factor

Seasonally Adjusted
Data

376.4
383.7
394.5
390.1
389.2
387.2
401.2
402.5
396.0
384.7
377.1
373.9

96.9
98.2
102.6
101.2
100.1
98.5
99.9
101.4
102.0
100.4
100.1
98.7

388.4
390.7
384.5
385.5
388.8
393.1
401.6
397.0
388.2
383.2
376.7
378.8

4,656.5

1,200.0

4,656.5

Page 9

FEDERAL RESERVE SYSTEM ACTIONS
FOR SEVEN MONTHS DURING 1962
Discount Rates
In effect January 1, 1962 .............................................
In effect July 31, 1962 .................................................

3$
3*

_____________ Reserve Requirements_______________
____________ Percentage Required____________
________ Demand Deposits______Time Deposits
Central Reserve
City Banks

In effect January 1, 1962. .
In effect July 31, 1962. . . .

16%
16%

Reserve City
Banks

Country
Banks

16%
16%

12
12

All Member
Banks_____

5
5

Margin Requirements on Stocks
In effect January 1, 1962..........................................
July 10, 1962 ..............................................................
In effect July 31, 1962 ..............................................

7035
50%
50*

Open Market Operations
Net Purchases (+ ) or Net Sales (—
)
Changes in Daily Average Figures
(Millions of Dollars)
Unadjusted

January ....................................................
February ..................................................
March ......................................................
April..........................................................
May ..........................................................
June ..........................................................
July ..........................................................
Total ....................................................

Page 10




$—579
—135
+186
+573
+360
+ 65
+ 13
+483

Seasonally Adj.

$-— 13
+ 492
+ 247
+ 611
+ 396
— 237
— 283
+1,213

Recent Monetary Developments—
Continued from
intensive use of the money supply. Turnover of de­
mand deposits (outside the seven largest financial
centers) rose from an annual rate of about 27 times
a year last December to 28 times since May.
Time deposits expanded at an annual rate of 23
per cent during the -first four months of 1962 when
the stimulus of a wider spread between rates paid on
such deposits and yields on short-term securities
greatly accelerated time deposit expansion. From
April to the month ending July 15 the rate of in­
crease of time deposits was 15 per cent, only slightly
higher than the 1957-61 annual rate of 12 per cent.
As a result, the money supply plus time deposits rose
at a 4 per cent annual rate from April to mid-July,
a markedly slower rate of expansion than the 8 per
cent of the previous eight months. Over the past
decade this measure of the public's liquidity rose at an
average annual rate of 3.7 per cent.

Bank Credit
Total loans and investments of commercial banks,
seasonally adjusted, increased at an annual rate of
about 8.3 per cent from April to the month ending
mid-July, about the same as during the previous
nine months. The growth of commercial bank credit
in 1962 has been relatively rapid compared to similar
periods of the two previous business cycles, a fact
largely explained by the sharp rate of increase since
last December of commercial bank time deposits.
Investments of commercial banks have risen only
moderately both in recent months and since the be­
ginning of the year. The major part of the bank credit
expansion has been in loans, with most categories
sharing in the growth. Indications from weekly re­
porting banks are that there has been a moderating
of the growth of business loans since May.

Balance of Payments
Preliminary data indicate that the United States
balance-of-payments deficit in the second quarter,
seasonally adjusted, may have been at an annual rate
of less than $1 billion. Much of the improvement

S u b s c r ip t io n s t o t h e r e v ie w
are available to the public without charge,
including bulk mailings to banks, business
organizations, educational institutions, and




page 5

from the first quarter $1.9 billion rate was in the re­
corded category. With the prospect of special pre­
payments to the United States of foreign loans it is
now estimated that the 1962 final deficit may be
around $1.5 billion, compared with $2.5 billion in
1961 and $3.9 billion in 1960.
The continuing adverse balance of payments has
resulted from a number of sources, including an out­
flow of both short- and long-term capital. Relatively
low interest rates in this country compared with
rates in most other leading industrial countries may
have been one factor in the outflow. Another chief
factor may be the greater availability of funds here
than abroad because of both larger money and cap­
ital markets and the absence of restrictions on move­
ments of funds. An additional source of the pay­
ments deficits of recent years has been Government
spending abroad for defense and economic aid.
Except for 1959, the United States has been oper­
ating at a substantial surplus on goods and services
accounts.

Fiscal Developments
The Treasury in July announced a broad revision
of Bulletin F, which establishes guidelines for the
lengths of useful life allowable for tax purposes on
classes of depreciable assets. The new set of guide­
lines, known as Revenue Procedure 62-21, would per­
mit more rapid depreciation on an estimated 70 to 80
per cent of the machinery and equipment used by
businesses and farmers. The announced purpose of
the revision was to bring allowable tax write-offs for
machinery and equipment more into line with actual
business practice, and thereby stimulate needed in­
vestment, making American productive equipment
more competitive with that of other industrial na­
tions. The Treasury estimated that use of the new
guidelines will reduce tax revenues by $1.5 billion
during fiscal year 1963. This tax revenue reduction
will also make the Government’s fiscal position more
stimulative than originally planned in the budgets for
fiscal 1963.

others. For information write: Research
Department, Federal Reserve Bank of
St. Louis, P. O. Box 442, St. Louis 66,
Missouri.

Page 11

EIGHTH FEDERAL RESERVE DISTRICT CITIES
HEAD O FFICE A N D B R A N C H CITIES
A N D O THER CITIES O F O V ER 10,000 P O P U LA T IO N

QUINCY
H ann ib al V '

Jackson ville'

M oberly
M arshall

lexico

Q

Seymour]
Bedford
Ma

ST. LOUISj

Cen tralia

[LOUISVILLEl
[EVANSVILLE/

V v

Elizab ethtow n

O W EN SB O R O
lisonvil

Bowling Green

SPRIN G FIELD

G lasg o w

Legend
Q, S p rin g d a le
H ead O ffice

O Fayetteville

of the FRB, St. Louis

Branch O ffices

of the

frb,

St. Louis

Standard M etropolitan S ta tistica l A re a s

FORT SMITH
West Memphis

C onw ay

Forrest City Q

P laces of 4 0 -5 0 ,0 0 0

I m e m p h is

Places of 3 0 -4 0 ,0 0 0

District States

Places of 20-30,000
P laces of 10-20,000

LITTLE RO CK

Population is based

Benton
T u p e lo O

M alvern
PINE BLUFF

TENN.

on the 1960 census;
classification by size
group is rounded to
the nearest thousand,

MISS.

Cleveland

TEXA RK A N A
^

State Boundaries
(District Boundary

M ag n o lia

y

O
0 E I D o rad o
Part of Texarkana, Tex.-Ark. SMSA

GREENVILLE

SMSA of Memphis, Tennessee

Memphis ...............................
Whitehaven . . . ................
SMSA of Little HockNorth Little Rock, Arkansas. .

43,047
37,264
15,829
12,769
14,217
81,712
9,996
40,073
11,694
MISSOURI:
Bcllefontaine Neighbors . . .
13,650
Berkeley ..........................................18,676
Brentwood ............................. ........12,250
C la y to n .................................... ........15,245
Crest FRASER
Digitized for wood ............................. ........11,106
Ferguson ........................................ 22,149
http://fraser.stlouisfed.org/
Florissant ........................................38,166
Federal Reserve Bank of St. Louis

Little R o c k .............................
Jacksonville ...........................
North Little R o c k ................
SMSA of Evansville, Indiana . .

INDIANA:
Evansville .............................
KENTUCKY:
Henderson .............................
SMSA of Springfield, Missouri

INDIANA:
Jeffersonville .........................
New A lb a n y ...........................

19,522
37,812

KENTUCKY:
Louisville .............................. .
Pleasure Ridge P a r k ...........
Shively ....................................
Valley Station .........................

390,639
10,612
15,155
10,553

Springfield .............................
SMSA of Texarkana, Tex.-Ark.

95,865
91,657

Only the Arkansas portion of the T ex­
arkana SMSA is in the E ighth D istrict.

ARKANSAS:
Texarkan a...............................
SMSA of Fort Smith, Arkansas
Fort Smith ...........................

19,788
66,685
52,991