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Frederick L. Deming

Monthly Review
R

Volume X X X II

DISTRICT
MANPOWER
AND THE
DEFENSE
PROGRAM




E

S

E

R

V

L O U I S

E

DECEM BER, 1950

Number 12

The present defense program differs from
the 1940 model. It involves reallocation o f
rather than reemployment of resources. This
problem is not simple and the manpower
phase may be particularly difficult.
District manpower supply and demand
depends on many factors. It has been af­
fected by many population changes since
1940. More people live here now than in
1940 but the increase would have been
larger if out-migration had been less heavy.
Only a fourth of the district’s counties increased population, 1940-50. In part this
reflected shift from rural to urban areas.
The metropolitan areas have grown much
faster than the rest of the district and faster
than the central cities. The young and the
old population groups increttsed the most
and these are the least important from a man­
power viewpoint.
Labor market changes also affect man­
power supply. Labor force and employment
are proportionately larger and the unused
labor potential is proportionately smaller.
Workers are less mobile.
District manpower supply is adequate in
terms of numbers. Unemployed9 new en­
trants and part-time workers can be used. If
necessary9 the labor force can be augmented
by utilizing some of the labor reserve and by
increasing the workweek. There are, how­
ever, shortages of some skills.
More people are working in the major
district cities than ever before. Employment
is booming in the St. Louis area? Louisville9
Memphis, Evansville and Little Rock. The
district could use more industry and its labor
supply is adequate for additional industrial
expansion.

The present defense program . . .
The U. S. economy is going through a physical
conditioning program designed to convert some
civilian fat into defense muscle. Just how much
muscle will be needed is still unknown. Assuming
no full-scale war, it will not be necessary to trim
off all of the present fat. If international tensions
grow the program will become progressively more
strenuous.
. . . differs from the 1940 m odel. It involves
reallocation o f rather than additions
to resources.
The present program calls for a different type of
conditioning than we went through a decade ago.
Then we had a substantial amount of idle resources.
W e used these to increase our total ouput— and in
effect, it was the increase in output that went for
defense-war purposes. Today the economy is oper­
ating at practical capacity and the conditioning pro­
gram thus calls for some reallocation of resources.
To go back to the original analogy— in 1940 the
over-all strength of an individual just up from an
economic sickbed had to be built up; in 1950 some
fat must be worked off an athlete out of training.
This problem is not simple . . .
The reallocation problem is not a simple one to
solve. In an economy with virtually no slack the
shifting of any kind of resources is difficult and the
inflationary impact of transfers from the civilian
segment of the economy is severe. Expenditure of
billions of dollars for defense creates problems
under any circumstances; under today’s conditions
many of these are intensified.
. . . and the manpower phase may be
particularly difficult.
In many respects, allocation of manpower is a
much more difficult problem than allocation of
other, nonhuman, resources. People obviously can­
not be treated in the same way that materials and
facilities can be treated. While the human resource
is to be allocated to the same three fields as other
resources— military service, defense production, and
civilian work— it has in general to be attracted to
these rather than directed. Men can be conscripted
for military service, but without national service
legislation the labor force cannot be enlarged nor
channelled into specific fields by directive.
Also the total pool of manpower potential cannot
be enlarged appreciably over a short-run period.
This pool is a result of two primary forces: the
size of the population and its age and sex distribu­
tion. Neither factor can be changed in a short time.
Page 174



And, of course, all of the potential manpower can­
not be made available, nor, if it could, would it all
be effective. Such factors as skills, geographic
location, family status, income needs and so on bear
on this.
District manpoiver supply depends on
many factors.
Where does the Eighth District stand today with
respect to manpower needs and manpower supply?
To answer this question it is necessary to look at
population level, trend and composition, to migra­
tion developments, and to a variety of other factors
affecting the labor force, both potential and
effective.
It has been affected by many population
changes since 1940.
The labor supply has been affected by the fact
that more people live in the district now than in
1940, and by the fact that migration from the dis­
trict has been heavy during the past decade. Popu­
lation gains have been concentrated in relatively
few counties. Metropolitan areas have grown more
than their central cities and urban areas have
gained at the expense of rural areas. The number
of younger and older persons has increased pro­
portionately more than total population.
More people live here now than in 1940 . . .
About 230,000 more people lived in the Eighth
District in 1950 than in 1940. About two out of
every five of these additional inhabitants entered
the labor force. The growth here has been consid­
erably smaller than in the nation as a whole, con­
tinuing the long-term trend. Population in the
district has increased relatively less than nationally
in every decade since 1900. In 1950, this district
had only 7 per cent of the nation’s population as
compared with 8 per cent in 1940 and 10.5 per cent
in 1900.
. . . but the increase would have been larger if
out-migration had been less heavy.
This population growth was relatively small in
view of this district’s high birth rate. The reason is
that many of the district’s people moved elsewhere,
seeking more favorable job opportunities. In the
1930-40 decade, when economic conditions discour­
aged migration, the district came close to equaling
the U. S. increase. In the period between 1940-50,
when migration was heavy, the district had a gain
of only 2 per cent while the nation’s population
increased 14 per cent.
This district has always been a region of surplus (
population, due to high birth rates and a lag in

POPULATION CHANGES IN T H E
EIGHTH
FEDERAL
R E SE R VE D I S T R I C T , 1 9 4 0 - 1 9 5 0
PERCENT

industrialization.
and few jobs.

INCREASE

OR

There have been many people

Only a fourth o f the district’ s counties increased
population, 1940-50.
The population increase during the past decade
was concentrated in relatively few of the Eighth




DECREASE, 1940 - 1950

District counties. Only 97 out of a total of 363
counties had more people in 1950 than in 1940.
These 97 counties contained 55 per cent of the total
district population in 1950.
The proportion of district counties with a popula­
tion increase between 1940 and 1950 varied from
only 15 per cent of the counties in Mississippi to
Page 175

SO per cent of those in Indiana. In practically all
counties the gain in population was due to the
growth of cities or towns within the county.
In part this reflected shift from rural
to urban areas.
A steady movement from rural to urban living
has been evident for many years. No precise data
are as yet available on the 1940-50 trends in rural
population. It is obvious that the shift toward
urban living continued, however. One indication
of its magnitude is shown by the population gain
in the five major district metropolitan areas
(550,000) during the past decade, while the district
population, outside of the metropolitan areas,
dropped 316,000 during that period.
In 1900 only 17 per cent of the district’s popula­
tion lived in its five metropolitan areas. In 1940,
the proportion had risen to 25 per cent and by 1950,
30 per cent of the people lived in these areas.
The metropolitan areas have grown much faster
than the rest o f the district . . .
The five major metropolitan areas present an
entirely different picture of population growth from
that of the entire district. Population has more than
tripled in the Little Rock and Memphis areas and
has doubled in the St. Louis, Louisville and Evans­
ville areas since 1900.1
The rate of growth was smallest in the five dis­
trict metropolitan areas in the 1910-20 and the
1930-40 decades. The 1900-10, 1920-30 and the
1940-50 decades saw the same average rate of
growth (22 per cent) in these five areas, although
there was some variation by individual area.
. . . and faster than the central cities.
In the five major cities proper the population
growth has been considerably less than in the
metropolitan areas. Memphis is the only exception,
for there the city has grown proportionately more
than the metropolitan area during the past 50 years.
However, the City of Memphis has annexed con­
siderable additional territory.
P O P U L A T IO N

G R O W T H , 1900-50, A N D
1900-50
St. Louis A rea...........................
+ 109%
St. Louis C ity......................
Louisville Area .........................
95
Louisville City ....................
79
Mem phis Area .........................
213
M em phis City ......................
285
Little Rock A rea...................... .
205
Little R ock C ity.................
165
Evansville Area ......................
121
Evansville City ....................
86
Total Eighth D istrict............
30

1940-50
1940-50
+

17%
4
27
15
34
35
24
15
21
13
2

1 The Little^Rock metropolitan area includes Pulaski County, A rkansas;
the M em phis area, Shelby County, Tennessee; the St. Louis area,
St. Louis C ity and St. Louis and St. Charles Counties, Missouri and
Madison and St. Clair Counties, Illin o is; the Louisville area, Jefferson
County, K entucky and Floyd and Clark Counties, In d ian a; the Evansville
area, Vanderburgh County, Indiana.

Page 176




The young and the old population groups
increased the most and . . .
The jump in population of almost 19 million in
the nation and 234,000 in this district in the past
decade is not as favorable from the manpower
standpoint as it might sound because of changes in
the age composition of the population. Exception­
ally large increases occurred among the very young
and the old, with only a moderate gain in the rest
of the population. Nationally, the proportion of
persons in the 15-54 age group declined from 60 to
56 per cent of the total.
• . . these are the least important from a
manpower viewpoint.
More than 70 per cent of our population growth
in the past decade has occurred among those under
15 and over 54 years of age. The only decline in
population occurred in the 15-19 age group and the
smallest gain occurred in the 20-29 age group— and
these ages are the most important for both the
armed forces and for war production.
Labor market changes also affect
manpower supply.
But these population changes are not the only
reason why the district’s labor market today differs
to a marked degree from the one of a decade ago.
The labor reserve today is not as large as in 1940.
Labor force and em ploym ent are proportionately
larger and . . .
During the past ten years, the number of persons
in the labor force has increased more than total
population. A much larger proportion of the labor
force is working now than in 1940. This September,
96 of every 100 persons in the labor force were
working as compared with 88 of every 100 in 1940.
The unemployed group is not nearly as substantial
a source of supply as in 1940 for only a third as
many persons were seeking jobs this September as
a decade ago.
. . . the unused labor potential is
proportionately smaller.
The district labor reserve is proportionately
smaller today than a decade ago. Some of the
“ extra” workers who entered the labor force during
the 1940’s are still working. These include house­
wives, students, aged and handicapped persons.
Almost 5 per cent more persons are now in the labor
force than would have been expected from the
normal increase in population. A goodly number
of these additional workers are women. The per­
centage of women in the labor force during the post- 1
war years has been considerably above prewar

EIGHTH

D IS T R IC T
D IS T R IB U T IO N

trends. These gains occurred in the under 20 and
over 34 years age groups. There was actually a
decline in the percentage of women aged 20 to 30
years in the labor force, due principally to the high
birth rates.

W orkers are less mobile.
District workers generally are less mobile than
in the early 1940’s. More jobs and better-paying




POPULATION
BY

IN 1950

COUNTIES

ones keep many workers from moving. In addi­
tion, transportation is expensive and housing is
scarce. W age differentials are not as marked as
ten years ago. In the early 1940’s, the wage differ­
ential between war and civilian jobs lured many
workers into the war plants. In addition, the senior­
ity systems and expanded pension programs of
today make workers more reluctant to change jobs.
Page 177

District manpower supply is adequate in
terms o f numbers.
In terms of numbers the total effective man­
power supply in the district should be adequate to
meet demand assuming no full-scale war. Given
the population and labor market changes that have
occurred since 1940, there still should be no great
problem in securing a sufficient number of additions
to the labor force and to the working population to
meet requirements. The problem thus is not one of
numbers of people. It is one of getting the right
people in the right places and in the needed lines.
The district’s net additional manpower needs for
the next year, under a program of partial mobiliza­
tion, are estimated roughly to be from 200,000 to
300,000, including the needs of the Armed Forces.
This demand can probably be met from the ranks
of the unemployed and from new entrants into the
labor force.
Unemployed, neiv entrants and part-time
workers can be used.
The supply readily available to meet labor needs
in the district includes about 130,000 unemployed
(assuming that minimum unemployment could be
as low as during the last war), about 70,000 persons
who are expected to enter the labor force during the
next year, and about 70,000 persons who have parttime but want full-time jobs.
If necessary, the labor force can be
augmented by . . .
In cases these sources of supply are not adequate,
additional sources of labor can be tapped. These
include persons not now in the labor force, and the
additional man-hours which can be secured by
lengthening the workweek.
. . . utilizing som e o f the labor reserve.
Much of the labor force growth in World W ar II
was due to the “ extra” or “ fringe” workers. While
many of these stayed in the labor force, some of
them returned to non-working status. And this
potential has been enlarged as time has advanced.
These potential workers form a very important part
of our manpower reserves today. T o utilize these
reserves probably would require extensive recruit­
ment campaigns, easing of hiring restrictions and
inauguration of job breakdown and training pro­
grams. Based on national averages, there are about
3 million persons over 14 years of age who are not
in the district labor force. Of that total an esti­
mated two-thirds are housewives.
Under a program of full-scale mobilization, more
extensive transfers could be made to the military
Page 178




and warwork from other industries. On the basis of
W orld W ar II experience it should be possible to
secure almost a third of a million workers in this
district from the service industries, from wholesale
and retail trade, from agriculture and from miscel­
laneous industries.
. . . and by increasing the w orkweek.
One way of achieving increased production with
the same amount of manpower is to lengthen the
workweek. At the peak of W orld W ar II the
average manufacturing employee worked 45.5 hours
per week as compared with only 40.9 hours this
September. In the St. Louis area, for example, an
increase in the average workweek of five hours in
manufacturing would be equivalent to more than
30.000 additional workers. Additional programs
such as job breakdown and on-the-job training
can also increase productivity without the addition
of any workers.
The Eighth Federal Reserve District thus appears
to have an adequate numerical supply of manpower
to staff defense plants and to provide the needed
men for the Armed Forces under present conditions.
General manpower shortages might develop, how­
ever, if full-scale mobilization, similar to that of
W orld W ar II, becomes necessary. But even then
this district would be in a better position, from a
manpower standpoint, than most other sections of
the country.
There are, however9 shortages o f som e skills.
Although this district apparently does not face a
general shortage of labor, some skills are in short
supply. In most cases, the occupational shortages
are not new developments, for some of these skills
have been relatively scarce during the past several
years. The present accelerated demand for all
types of labor has accentuated the under-supply of
stenographers, trained clerical workers, skilled
workers in the machine trades, and certain technical
occupations.
More people are working in the district cities
than ever before.
Current manpower conditions in the major dis­
trict labor market areas (St. Louis, Louisville,
Memphis, Evansville and Little Rock) are similar
in many respects. Total employment is at an alltime high and manufacturing employment is at a
peacetime high, with all areas sharing in a steady
employment growth since early this year. About
400.000 or 43 per cent more people were working in
these five cities in September, 1950 than in 1940.

THE

M AJOR

MORE PEOPLE -

IN D U S T R IA L

C E N TE R S

IN

1950

MORE WORKERS - FEWER UNEMPLOYED
THAN IN 1 9 4 0
PER CENT INCREASE
4 0 _________ 60

Between 1940 and 1950
population increased in
each major industrial
c e n te r.

others. Manufacturing has gained in importance,
now accounting for 35.4 per cent of all employment
as against 32.5 per cent in 1940. Relatively more
people have been hired in the durable goods indus­
tries than in the nondurable lines, but employment
in the soft goods industries still comprises more
than half of the total. The industries from which
the most manpower can be drawn in case of all-out
mobilization (trade, finance and service) have
dropped from 44 per cent to 39 per cent of the
total employment. However, actual employment in
these three industries has increased by 55,000 since
1940.
. . . Louisville . . .

and so did the
la b o r fo rc e

But employment
increased even
fa s ter.

The total labor force in the Louisville area has
increased about 55,000 since 1940. At the same
time unemployment is down about 19,000. Total
employment increased 45 per cent— from 164,000 in
1940 to an estimated 238,000 in September, 1950.
Almost half of the gains since 1940 have occurred
in manufacturing. In 1940, this industry accounted
for 28 per cent of total employment as compared
with 34 per cent in September, 1950. Employment
in the service, finance and trade industries has gone
up by 22,000 since the Census of 1940.
. . . Memphis . . .

re s u ltin g in laege
re d u ctio n s in
unem ploym ent.

SOURCE: Papulation changes based on Bureau of the Census reports. Changes in
labor fo rc e , employment and unemployment based on adjusted State
Employment Service estimates. Data refer to metropolitan areas as defined
in text.

The total labor force in the Memphis area was
about one-fifth higher in September, 1950 than in
1940. During the past decade employment has
increased about 50,000 and unemployment has
dropped considerably. The proportion of manufac­
turing workers has gone up since 1940, but there are
still relatively fewer persons engaged in manufac­
turing activities than in the other major district
cities.
. . . Evansville . . .

Their labor force expanded 26 per cent, while their
unemployment dropped 71 per cent.
Employment is booming in the St. Louis area . . .
In the St. Louis area, the total labor force
increased from 632,000 in 1940 to 780,000 in Septem­
ber, 1950— a gain of almost one-fourth. Total
employment jumped 40 per cent to a new high of
752,000 in September. Unemployment in Septem­
ber, 1950 was estimated at only 27,000 or 68,000 less
than ten years ago.
Employment patterns have shifted considerably
during the past ten years. All industries except
mining have more employees now than in 1940, but
some industries have increased relatively more than




About 40 per cent more persons were in the
Evansville labor force this year than in 1940.
During this same period, unemployment dropped
sharply so that there was only one person seeking
work in 1950 for every six unemployed persons in
1940. Almost 75,000 persons were estimated to be
working in September, 1950, a jump of more than
28,000 in ten years.
. . . and Little R ock.
Both the labor force and total employment has
increased proportionately more in Little Rock than
in any other district city. Almost 28,000 more
people were either working or seeking work in
1950 than in 1940. Almost 80 per cent fewer
Page 179

persons were seeking jobs in September, 1950 than
in 1940—a considerably larger drop than the national
average. Total employment gained about 37,000 in
the past decade to reach an estimated 90,000 in
September, 1950.
The district could use m ore industry and . . .
The manpower potentialities of the Eighth Dis­
trict are good, especially in relation to manufactur­
ing employment. This district does not have as
large a proportion of manufacturing jobs as its
population might warrant. In 1950, this district
had only 4.6 per cent of the manufacturing workers
in the United States, but it had 6.9 per cent of the
population.
As the following table shows, there has been
a discrepancy between manufacturing jobs and
population in the district for the past 50 years.

Page 180




E IG H T H
1900
1920
1930
1940
1950

D I S T R I C T A S P E R C E N T O F XL S. T O T A L
Population
Manufacturing Jobs
....................................... ..1 0 .5 %
4.8
....................................... .. 8.6
4 .2
....................................... ..7.8
4.5
....................................... ..7.7
4.6
....................................... ..6.9
4.6

. . . its labor supply is adequate fo r additional
industrial expansion.
The supply of labor in the district is believed to
be not only adequate for immediately foreseeable
needs, but is also large enough to handle a consid­
erable amount of industrial expansion. If more jobs
were available, many of the workers would not
migrate from the district. Our heavy out-migration
is an important indication that this district does
have surplus manpower. This adequate supply of
labor is one of the most important resources we
have to induce new industries to locate here.
Gertrude Krausnick Canning

Survey of Current Conditions
Economic trends in the district and the nation
continue to be influenced by expansionary forces.
District production rose in October as it did nation­
ally. But the rate of increase is slowing down.
W ith industry operating at practical capacity fur­
ther increases in output are difficult to obtain.
Most of the goods coming from factories and
mines still are for civilian consumption. The
amount going to the military is relatively small—
but the bite is getting larger. It will be bigger in
December than in October— and even larger in sub­
sequent months. Unless total output can be
increased proportionately, civilians thus are faced
with prospects of dividing up a declining share of
total output.
The pressure of demand for the military already
is showing up in specific lines. The allocation order
with respect to aluminum is one example. The
directive channeling steel into the construction of
freight cars is another. These restrictions and those
announced previously mean less materials available
for civilian goods.
But civilian income continues to rise— reflecting
increasing employment, longer hours and rising
wage rates for workers. Farm income prospects
are good. Business profits are large. The disparity
between civilian purchasing power arising from
current income and the amount of goods and serv­
ices available to civilians is widening. This dis­
parity is accentuated by increasing use of credit and
by dips into past savings. And thus inflationary
pressures mount up.

Consumer demand continues to be heavy— not as
pronounced as in the immediate post-Korea period,
but heavy by almost any other comparative stand­
ard. And prospects are better for increase in such
demand than for decrease.
Business expenditures also are large— and again
prospects are for increases rather than cutbacks.
Inventory build-up is still a problem, particularly
at the manufacturers level, and efforts to add to
existing stocks are likely to be a strong force tend­
ing to offset whatever slack might develop as a
result of a leveling off period in consumers’ buying.
Total business inventories at the beginning of
October were less than 1 per cent larger than at
the end of June, on a book value basis, despite a
7 per cent rise in wholesale prices. Manufacturers’
stocks were valued only slightly above the level of
a year earlier, although production is up some 20 to
25 per cent.
Business expenditures for inventories are only
part of the picture. Outlays for new plant and
equipment also are being enlarged, according to a
recent McGraw-Hill survey. This study indicates
that manufacturers will spend some $7.3 billion in
1950 instead of the $6.8 billion they expected to
spend as of last April. Total outlays are estimated
at $14.1 billion for the year instead of $13.2 billion
as executives previously planned to spend. These
expenditures are likely to be important next year
too. This survey indicates business now is planning
to invest 10 per cent more in plant and equipment
in 1951 than in 1950—20 per cent more in manu­
facturing industries.

PRICES
EM PLO YM EN T
W H O L E S A L E P R IC E S IN T H E U N IT E D S T A T E S
Bureau of Labor
O c t., 19S0
~
compared with
(1 92 6= 1 00 )
O ct., 50 Sept., 50 O c t.,*49
Sept.,*50
O ct., '4 9
A ll Commodities....
169.1
169.5
152.2
— 0 .2 %
+ 11. 1%
Farm P roducts..
177.8
180.4
159.6
— 1.5
+ 11.4
Foods......................
172.5
177.2
159.6
— 2.7
+ 8.1
161.5
159.2
145.0
+ 1.4
+ 1 1 .4
Other......................
CONSUM ER
Bureau of Labor
Statistics
( 1 9 3 5 -3 9 = 1 0 0 )
United States..........

O ct. 15,
1950
174.8

P R IC E

IN D E X

Sept. 15, O ct. 15,
1950
1949
173.8
168.5

O ct. 15, 1950
compared with
Sept. 15, *50 O ct. 15, ’ 49
+ 0.6 %
+ 3.7 %

R E T A IL F O O D
Bureau of Labor
Statistics
O ct. 15,
( 1 9 3 5 -3 9 = 1 0 0 )
_ 1950
U . S. (51 c it ie s ).... 209.0
St. Louis...............
2 2 0 .0
Little R ock_____
209.5
Louisville..............
198.0
M em phis...............
218.9




Sept. 15, O ct. 15,
1950
1949
208.5
2 0 0 .6
220.5
207.5
211.7
198.2
199.9
189.7
220.6
209.7

O ct. 15, 1950
compared with
Sept. 15, '50 O ct. 15, ’ 49
+ 0. 2 %
+ 4 .2 %
— 0.2
+ 6.0
— 1.0
+ 5.7
— 1.0
+ 4.4
— 0.8
+ 4.4

Nonagricultural employment in the St. Louis
area edged upward between September and October
WHOLESALING
Line of Commodities
Data furnished by
Bureau of Census,
U .S . Dept, of Commerce*
Autom otive Supplies............
D rugs and Chemicals...........
D ry Goods..... ...........................
Hardware..................................
Tobacco and its Products...
Miscellaneous..........................

N et Sales
October, 1950
compared with
S ept.,’ 50
O ct., *49
— 9%
+ 7%
+ 1
+ 16
— 9
+ 13
— 6
+ 5
+ 4
+ 34
—0—
+ 12
+ 1
+ 18
+ 20%
— 3%

**T o ta l A ll Lines..............
* Preliminary.
** Includes certain items not listed above.

Stocks
O ct. 31, 1950
compared with
O ct. 31, 1949
+
+
+
+
+
+
+
+

9%
4
18
33
9
11
2
15%

Page 181

to set a new all-time high. In October, the tenth
consecutive month to show an employment increase,
approximately 4 per cent more persons were work­
ing than a year ago. The tremendous employment
gains made by the St. Louis area in the past decade
are shown by the fact that there were almost 200,000
or one-third more workers this October than in
October, 1940.
Manufacturing was primarily responsible for the
September-October gain. Employment in whole­
sale and retail trade advanced slightly, but the rest
of the nonmanufacturing industries reported rela­
tively stable employment levels.
Total employment in the nation in October was
at the second highest level in history— having been
surpassed only last August when many summer
workers were in the labor force. Employment
moved upward between September and October due
to gains in farm employment, while nonagricultural
employment remained about the same.
The jump in farm employment between Septem­
ber and October was the largest for this time of
year in the last ten years. Unusually favorable
weather in October was partly responsible for the
high employment.
Nonagricultural employment in October was
about a million lower than the August peak, but
was considerably higher than in any previous
October. Although nonfarm employment remained
relatively stable between September and October,
changes occurred in its composition. A large num­
ber of youths left their jobs to return to school or
to enter the Armed Forces. Replacements for these
men were drawn from the unemployed and from
women entering the labor force. October was the
first month in which the speeded-up inductions of
INDUSTRY

( K .W .H .
in thous.)
Evansville......... .
Little R ock......
Louisville.......... .
M em phis........... .
Pine B luff.........
St. Louis......... .
T otals............ .
R Revised.
—

C O N S U M P T IO N O F E L E C T R IC IT Y
O ct.,
Sept.,
O ct.,
O ct., 1950
1950
1950
1949
compared with
K .W . H .
K .W . H .
K .W .H .
Sept.,’ 50
O ct.,’ 49
13,681
13,534
11,359
+ 1 .1 %
+ 2 0 .4 %
— 4.1
_ _ 6.7
4,583
4,780
4,913
75,378
73,993
73,049
+ 1.9
+ 3.2
29,119
25,321
26,090
+ 15.0
+ 1 1 .6
7,870
7,348
5,079
+ 7.1
+ 5 5 .0
104,823
95,568
83,957 r
+ 9.7
+ 2 4 .9
235,454
220,544
204,447 r
+ 6. 8 %
+ 1 5 .2 %

L O A D S IN T E R C H A N G E D

F O R 25 R A I L R O A D S A T ST . L O U I S
First Nine D ays
O ct., 50 Sept., *50 O ct., ’49 N o v ., ’ 50 N ov., ’49 10 mos. ’ 50 10 mos. ’49
126,548
118,541
105,284
36,138
31.323
1,128.865
1.044,361
Source: Terminal Railroad Association of St. Louis.
C R U D E O IL
( I n thousands O ct.,
of bbls.)
1950
Arkansas........... . 82.1
Illinois................. 178.1
Indiana................ 31.1
Kentucky.......... . 28.9
T otal.............. >320.2

Page 182




P R O D U C T IO N -D A IL Y
Sept.,
1950
81.7
177.3
31.1
27.9
318.0

O ct.,
1949
72.1
180.3
28.5
23.5
304.4

AVERAGE
O ct., 1950
compared with
Sept.,'50
O ct.,’ 49
-0 -%
+14%
- 0— 1
- 0+ 9
+ 4
+23
+ 1%
+ 5%

the armed services had a noticeable effect on the
labor market.
Unemployment dropped substantially between
September and October to reach a new low for the
year. The number of persons seeking jobs in
October was only slightly higher than the postwar
low of late 1947, and was about half as large as in
October, 1949.
In the seven district states, insured unemploy­
ment in mid-October was about 12 per cent less
than in mid-September and about 56 per cent less
than a year ago. In St. Louis, the number of com­
pensable claims for unemployment insurance in
October was about the same as in September, but
was about half the October, 1949 volume.
INDUSTRY

Industrial operations in the district continued at
a high level in October. Manufacturing activity
was up slightly during the month and production of
coal and crude oil also increased. Industrial power
consumption in the major cities was up 7 per cent
in the month. The value of new construction put
under contract declined, but this drop was largely
seasonal.
Manufacturing Operations Continue to Rise
Producers of heavy goods showed the largest
increases in October. Operating schedules elimbed
higher in the machinery, transportation equipment,
and primary metals industries. Gains also were
indicated in the chemicals group.
In St. Louis, the basic steel industry operated at
an average weekly rate of 85 per cent of capacity in
October. In November, operations moved higher,
averaging 88 per cent of capacity— the highest
level since 1944.
Lumber production in the southern pine region
averaged slightly larger in October than in the
previous month and was at the highest level since
mid-1948. There was a slight decline in activity in
the hardwoods industry.
Fifty of Kentucky’s 61 distilleries were in opera­
tion at the end of October. This is the same number
as were in production at the close of September and
represents the highest level of operations since early
in 1948.
Distillers currently are making every effort to
produce a maximum amount of whiskey for storage
in anticipation of increasing alcohol requirements
of the reactivated synthetic rubber industry. The
beverage spirits industry has been ordered to chan­
nel approximately 15 to 20 per cent of its total
August production of whiskey and alcohol to the
butadiene program for November. An increasing
amount of alcohol will be needed in December, and

by early 1951 it is expected that from 50 to 70 per
cent of the distilling industry’s capacity will be
used for the Government’s rubber program.
Production of Coal and Oil is Up
Coal production increased for the third consecu­
tive month, according to preliminary reports. Out­
put was up about 4 per cent for the entire district.
Except in Arkansas, production was larger than
during September in each of the district’s mining
areas. Total tonnage mined was 10 million tons as
against 9.6 millions in September.
Production of crude oil continued the upward
trend that began in July. Output in October aver­
aged 320,000 barrels per day— the largest since
January, 1947. In September production averaged
318,000 barrels per day and in October, 1949 it was
only 304,400 barrels. Increases over September
occurred in each of the producing areas except
Illinois.
W ell drilling activity apparently picked up in
October. Preliminary weekly reports for the four
weeks to October 28 show a total of 553 completions
in the district states as against 538 in the previous
four-week period. The number of oil producing
wells was slightly higher but a larger proportion of
completions were nonproducers. Trade reports indi­
cate that drilling activity is handicapped currently
by some shortages of specialized steel products.
Construction Contracts, Building Permits Off
in October
There was a slight decline in the value of con­
struction put under contract in the district during
October. A drop in residential awards and heavy
engineering construction accounted for the dip.
The value of work authorized by building permits
issued in the major cities also declined due primarily
to a decrease in residential building authorized.
Total construction contracts amounted to $77
million in October as compared with $87 million in
September. Residential awards dropped to $28
million for a decline of 35 per cent from September.
Non-residential work put under contract totaled $48
million or 10 per cent larger than in the previous
month.

The value of construction authorized by building
permits issued in the major cities was off 12 per
cent in October. There were increases in Louisville
and Evansville but these were more than offset by
declines in the other cities. Most of the drop was
due to a substantial decrease in permits for altera­
tions; new construction was off only 6 per cent.
New residential awards declined 20 per cent, how­
ever, and totaled less than in September in each
city except St. Louis.
The value of residential construction put under
contract in the St. Louis territory (F. W . Dodge
Corporation) in October was off 45 per cent from
September when awards were at an all-time peak.
The October volume was 15 per cent larger than
in October 1949, however. Most of the decline
from September was in multi-family units. Con­
tracts for single-family dwellings— speculative hous­
ing as well as owner-built units— also declined but
percentagewise the reduction in each case was
smaller this year than last.
In the nonresidential field, heavy engineering
awards were off 35 per cent from the September
volume. There was a drop in manufacturing con­
struction, too, but contracts for commercial and
other nonresidential construction climbed sharply
to a new peak for the year.
TRADE

October sales levels made few retailers happy.
Sales were high but not as high as hoped for. After
an unusually cool summer they had looked to the
fall season to bolster lagging apparel sales volume.
But 1950 saw the warmest October in several years
and winter apparel stayed on the racks. In the hard
goods lines tightening of instalment credit controls
on October 16 had limiting effects on sales. The
sellers’ market which had developed after Korea in
the automobile, appliance and furniture lines had
shown some signs of weakening prior to credit regu­
lations. The first Regulation W was not strict and
had little effect save to cause some further weaken­
ing in auto sales. The amended Regulation hit
harder.

PRODUCTION IN DEXES
C O A L P R O D U C T IO N
1 9 3 5 -3 9 = 1 0 0
O ct., ’ 50
156*

Unadjusted
Sept., ’ 50
154* "

O ct., ’49
53




A u g ., '49
147

IN D E X

O ct., ’ 50
145*

S H O E P R O D U C T IO N
1 9 3 5 -3 9 = 1 0 0
Unadjusted
A u g ., ’50
July, ’ 50
154
165
^Preliminary.

CONSTRUCTION

Adjusted
Sept., *50
147*

O ct., ’49
49

IN D E X

A u g ., ’ 50
170

Adjusted
July, ’ 50
160

(Cost in
thousands)
Little Rock...
,

A u g ., ’ 49
152

O ct. Totals... .
Sept. Totals...

B U IL D IN G P E R M IT S
M onth of October
N ew Construction_______ __________ Repairs, etc.
Number
Number
Cost
Cost
1949 1950
1950
1949
1950
1950
1949
1949
$
170 $ 610
71
81
$ 175
78
69
$
79
687 218
1,058
142
102
244
175
92
1,828
741
86
83
118
180
223
74
4,023
273
4,035
290
186
2,432
1,180
103
3,147
344
1,906 265
242
638
346
1,458
$10,226
$7,979 928
836 $1,346 $1,889
2,877
3,171
$10,892
$7,528
1,002
$2,182 $1,094
867
3,172 3,008

Page 183

TRADE
D E P A R T M E N T STORES
Stocks
Stock
_____________ N et Sales____________
on Hand
Turnover
O ct., 1950
lO m o s. 1950 Oct. 3 1 /5 0
Jan. 1, to
compared with
to same
comp, with
O ct. 31,
Sept.,*50 O c t.,*49 period 1949 Oct. 3 1 /4 9 1950 1949
8th F . R . District.. — 8 %
— 2%
+ 4 %
+20%
3.18
3.24
Ft. Smith, A rk____ _— 7
— 3
+ 3
+18
3.15
3.33
Little Rock, A rk .... — 16
— 4
+ 5
+27
3.05
3.36
~0~
+ 3
+ 8
2.96
2.83
Q uincy, 111...................— 5
Evansville, In d .___ _— 12
+ 6
+10
+13
3.09
2.93
+ 6
+ 9
+24
3.51
3.49
Louisville, K y ______— 3
St. Louis A r e a 1..... .. — 8
— 5
+ 3
+22
3.16
3.23
St. Louis, M o ..... ..— 7
— 5
+ 3
+22
3.18
3.24
— 3
+ 6
+10
2.92
2.76
Springfield, M o ...... ..— 13
M em phis, Tenn.........— 8
— 2
+ 4
+10
3.24
3.27
* A ll other cities...... — 5
— 5
+ 5
+22
2.66
2.64
*E1 Dorado, Fayetteville, Pine B luff, A r k .; Harrisburg, M t. Vernon,
111.; N ew A lbany, Vincennes, I n d .; Danville, Hopkinsville, Mayfield,
Paducah, K y . ; Chillicothe, M o . ; Greenville, M is s .; and Jackson, Tenn.
8 Includes St. Louis, M o . ; A lton , Belleville, and East St. Louis, 111.
Outstanding orders of reporting stores at the end of O ct., 1950, were
10 per cent greater than on the corresponding date a year ago.
Percentage of accounts and notes receivable outstanding O ct. 1, 1950,
collected during October, by citie s:
Instalm ent E xcl. Instal.
Accounts
Accounts
Fort Smith
Little R ock......
Louisville .......
M em phis...........

....%
16
19
17

49%
42
50
45

Instalment Excl. Instal.
Accounts
Accounts
Q uincy ............
St. Louis .......
Other Cities....
8 th F . R . Dist.

17%
19
13
18

58%
56
56
51

IN D E X E S O F D E P A R T M E N T ST O R E SA LE S A N D
8th Federal Reserve District
O ct.,
1950
Sales (daily average), unadjusted 2.....................
Sales (daily average), seasonally ad ju sted2..
Stocks, unadjusted® ..................................................
Stocks, seasonally ad ju sted8.................................

326
305
409
365

STOCKS

Sept.,
1950

A u g .,
1950

O ct.,
1949

363
360
361
325

318
370
322
295

331
309
333
298

2 Daily average 1 9 3 5 -3 9 = 1 0 0 .
3 End of M onth Average 1 9 3 5 -3 9 = 1 0 0 .
S P E C IA L T Y

STORES

Stocks
____________ N et Sales_______________ on Hand
O ct., 1950
10 mos. *50 O ct. 31,’ 50
compared with
to same comp, with
Sept. ,^ 0 O c t.,*49
period *49 O ct. 3 1 /4 9

Stock
Turnover
Jan. 1, to
O ct. 31
1950 1949

M en ’s Furnishings.. + 1 5 %
— 7%
— 2%
+21%
1.93 2.04
Boots and Shoes...... — 14
+ 2
+ 1
+ 6
3.63 3.55
Percentage of accounts and notes receivable outstanding O ct. 1, 1950,
collected during O ctober:
M en ’ s Furnishings ................
44%
Boots and Shoes....................... 4 4 %
Trading d a ys: October, 1950— 2 6 ; September, 1950— 2 5 ; October,
1949— 26.
R E T A IL F U R N IT U R E

S T O R E S**

N et Sales
Inventories
Ratio
O ct., 1950
O ct., 1950
of #
compared with
compared with
Collections
S e p t./5 0 O c t ./4 9
S e p t./5 0 O c t ./4 9 Q c t ./5 0 O c t /4 9
8th D ist. T o t a l1.. — 1 0 %
+ 7%
+ 4%
+29%
21%
23%
St. Louis A r e a 2.. — 7
+14
+ 4
+36
27
30
St. L ouis........... ....— 7
+13
+ 4
+36
27
30
Louisville A r e a 8. — 18
+ 3
+ 2
+28
15
18
Louisville..............— 17
+ 1
+ 1
+30
14
18
M em phis....................— 14
— 10
+ 3
— 4
13
15
Little R ock........... ....— 22
— 3
+10
+13
19
18
Springfield............ ....— 9
+22
+ 5
+28
17
18
Fort Sm ith............ ....+
3
+
5
*
*
*
* N o t shown separately due to insufficient coverage, but included in
Eighth District totals.
1 In addition to following cities, includes stores in Blytheville, and
Pine Bluff, A rkansas; Hopkinsville, Owensboro, K entucky; Greenwood,
M ississippi; H annibal, M isso u ri; and Evansville, Indiana.
2 Includes St. Louis, M issouri; and A lton , Illinois.
8 Includes Louisville, K e n tu c k y ; and N ew Albany, Indiana.
**42 stores reporting.
PERCENTAGE

D IS T R IB U T IO N

Cash Sales ..........................
Credit Sales .......................
Total Sales ...... ..............

Page 184




October, 1950
15%
85
1 0 0%

O F F U R N IT U R E
September, 1950
13%
87
100%

SALES

October, 1949
13%
87
1 00%

Department Stores— Sales volume in October was
8 per cent less than in September and 2 per cent
less than in October, 1949. The contra-seasonal
decline from the previous month placed adjusted
daily average sales in October at 305 per cent of the
1935-39 average. In September, 1950 adjusted sales
were 360 per cent and in October, 1949 they were
309 per cent of the five-year base. For the year
to date, sales were 4 per cent larger than in 1949.
Total sales for 1950 at the end of the first ten
months were slightly behind those of the compar­
able period in 1948, but a successful holiday shop­
ping season may result in a new record for total dis­
trict department store sales.
Since June, 1950 the consumer scramble to pur­
chase appliance, television and furniture lines has
provided the impetus to boost total store sales
volume over that in 1949. Sales in the homefurnishings divisions of St. Louis department stores peaked
in August, 1950— have declined since— but still are
in larger volume than in the first six months. Homefurnishings sales in October were oif 8 per cent from
September and were 4 per cent less than in October,
1949. W om en’s-misses apparel and accessories vol­
ume (the largest factor in total store sales) during
October was 14 per cent less than in the previous
month and was down 8 per cent from a year ago.
Men’s and boys’ wear sales also totaled less than in
either September or October, 1949. The only major
division to gain from the previous month was the
miscellaneous merchandise division (toys, sporting
goods, luggage, etc.) where sales were 7 per cent
above those in September but were 15 per cent
below a year ago.
Inventories held by department stores on October
31 were 14 per cent larger than on September 30
and 20 per cent above those on October 31, 1949.
The huge sales volume that built up immediately
after Korea brought on a rush to place orders to
keep inventory apace with sales. Orders were
placed in such volume that manufacturers extended
delivery dates in many lines. With some drop from
the immediate post-Korea buying wave orders were
a little out of line with current sales. Cancellations
plus reduction of new orders resulted in a volume
of orders outstanding on October 31 which was 20
per cent less than at the end of September. In com­
parison to year-ago figures, orders were 10 per cent
larger— a somewhat smaller increase than was true
of the preceding months.
Specialty Stores— In St. Louis, women’s specialty
store sales during October were about one-tenth
less than in both September and October, 1949.
Men’s wear store sales for the district were
down from the previous month but larger than

in 1949. Sales volume at both types of stores
suffered from warm weather and the volume of
hard goods purchases.
The retail value of inventories at St. Louis
women’s apparel stores on October 31 was 9 per
cent larger than on September 30 but was 4 per cent
less than on October 31, 1949. District men’s wear
stores inventories on October 31 were slightly
larger than a month earlier and about one-fifth
larger than a year ago.
Furniture Stores— District furniture store sales
volume, while one-tenth under that in the previous
month, was 7 per cent larger than in October, 1949.
The initial terms of instalment credit regulations
had little apparent effect on sales but the midOctober amendment reportedly slowed sales. Short­
ages limited sales volume to some extent— but
shortages were on specific items and not general.
The retail value of inventories on October 31 was
slightly above that on September 30 and 29 per cent
larger than on October 31, 1949.
AGRICULTURE

Good weather in October and early November
permitted late district crops to mature. The
November 1 production estimates for most crops,
however, were not much changed from those made
a month earlier—much of the harvest, of course,
was already over. Cotton prospects were off in all
district states but Arkansas (nationally, the cotton
output estimate was raised 3 per cent). Corn pro­
duction was judged 25 million bushels smaller in
Illinois and Indiana, but from a district standpoint
this was offset some by estimate increases in Ken­
tucky, Arkansas and Mississippi. Soybean pros­
pects were unchanged in Indiana, Illinois, and Ten­
nessee but were somewhat better elsewhere. Burley
tobacco production is now figured some 3 per cent
larger than at the time of the previous forecast.
Fall wheat plantings were in generally good con­
dition throughout the district, but the good harvest
weather had resulted in less-than-adequate surface
moisture— especially in Missouri. General rains in
early November, however, have helped this
situation.
Farm Outlook in 1951— Farmers in the United
States can expect to receive 10 per cent more for
their farm products in 1951, if the estimate of the
economists of the United States Department of
Agriculture proves to be correct. This was the view
expressed at the recent Agricultural Outlook Con­
ference held in Washington in the first week of
November. It was pointed out, however, that cur­
rent farm prices are considerably above the yearly
average for 1950. Thus, a 10 per cent increase for




1951 does not mean a 10 per cent increase from
November levels.
At the same time prices that farmers pay are
expected to increase by at least 5 per cent. This
would increase the parity and thus the support level
of agricultural products by that amount. If ceilings
are placed on farm prices, it also could have the
effect of raising the minimum ceilings that can be
set. According to the Defense Production Act of
1950, the minimum ceiling price that can be set is
parity or the May 24-June 24, 1950 price, whichever
is higher.
Given average weather in 1951, farm marketings
may be larger than in 1950 by about 5 per cent.
These large marketings, coupled with a higher
average ratio between prices received and paid, are
expected to result in a net farm income about 15
per cent larger than in 1950. This would mean a
cash farm income of $30.5 billion in 1951 compared
with $27.6 billion in 1950. Net income would be
$15.3 billion, compared with $13.3 billion in 1950.
The USDA will call for abundant production in
1951 in order to meet the increased demands of the
civilian population, as well as to provide reserves
for contingencies that might develop. Production
goals will be set. Price supports will be used to
encourage production of those crops and products
most needed. Presumably this would mean sup­
ports for milk, eggs, meat, in addition to cotton,
wheat and tobacco.
BANKING

At all district member banks, total loans rose $79
million in October. Here, as in the nation as a
whole, the increase was concentrated in commercial
loans. Also, as in the entire nation, the greatest
increases were reported by banks in southern cities
where cotton is moving to market at high prices.
Data from weekly reporting banks show that
AGRICULTURE

(In thousands
of dollars)
Arkansas.......
Indiana...........
Kentucky...... .
Mississippi....
Missouri........
Tennessee......
Totals.........

Sept.,
1950
$ 37,185
135,427
89,114
36,409
55,695
87,870
29,777
$471,477

C A SH F A R M IN C O M E
Sept., 1950
9 month total Jan. to Sept.
compared with
1950
A u gu st, September,
compared with
1950
1949
1950
1949
1948
+108%
— 45%
$ 202,431
— 27%
— 19%
—
2
— 5
1,181,960
— 4
— 12
+
5
— 5
649,038
— 14
— 6
+ 20
+ 2
336,856
— 3
— 8
+304
+ 9
167,852
— 37
— 33
+
1
— 7
662,206
— 3
— 9
+ 10
— 37
245,057
— 10
— 20
+ 18%
— 12%
$3,445,400
— 9%
— 14%

R E C E IP T S A N D

S H IP M E N T S A T N A T IO N A L ST O C K Y A R D S
Receipts
Shipments
O ct., 1950
O ct., 1950
O ct.,
compared with
O ct.,
compared with
1950 Sept.,r50 O c t.,*49
1950
Sept., 50 O c t.,’ 49
Cattle and calves.... 139,599
+ 6%
— 16%
56,314
+ 10%
— 27%
H o g s............................ 257,983
+23
— 2
51,147
— 9
— 10
17,921
— 26
+36
+13%
— 6%
Totals........... ......... 453,728
125,382
— 5%
— 15%

Page 18S

commercial loans continued to climb in the first
half of November (as shown in the chart). In the
four weeks ending November 15, these loans
increased $79 million— over two times the average
post-war increase for this period. Banks at all cen­
ters reported gains but the greatest increases were
at the St. Louis area and Memphis banks. A large
share of the increase in these centers was occasioned
by crop movements into the hands of processors.
Loans secured by real estate gained $2.5 million in
the four weeks compared to an average $4 million
per month gain during the previous year.
“ Other” (largely consumer) loans seem to have
leveled off but still are 22 per cent above the yearago level.




D IS T R IC T

W EEKLY REPORTING
1 9 4 8 -1 9 4 9 -1 9 5 0

MEMBER BANKS

MILLIONS

700

700

//
I

600

*
«
* '**

600

*

1948-*\"

I9 5 < P \J

/
/X

//
Vy

\

*

/

y /'

5 00

:

500

4 00

400

300

_ j

Page 186

8 th

LOANS

..

S E L E C T E D IT E M S O F A S S E T S A N D L IA B IL IT IE S
Eighth District W eek ly Reporting Member Banks
(M illions of dollars)
Dollar Change in
N ov. 15, 1950
4 W eeks
Year
Business and Agricultural Loans....$ 712.7
$ + 79.3
$4-157.1
Real Estate Loans.................................... 233.8
+
2.5
+ 47.4
31.3
—
0.2
+ 5 . 1
Loans on Securities.................................
Loans to B anks...........................................
2.8
—
0.7
+
0.3
Other Loans (largely consum er).... 264.5
—
3.6
+ 45.9
T O T A L L O A N S (G r o s s )..............$1245.1
$ + 77.3
$ + 255.8
Total Investments .................................... 1136.5
— 17.1
— 132.6
Total Demand D eposits.......................... 2590.3
+ 1 5 5 .0
+ 1 9 7 .5
Tim e Deposits ............................................. 491.2
- 0+
5.7
Adjusted Demand D eposits*................ 1451.5
— 10.9
+ 63.1
*O ther than interbank and government demand deposits, less cash items
on hand or in process of collection.

BUSINESS AND AGRICULTURAL

300
Quarter

*R e p o rfe d

Quarter

Quarter

Gross (B efore Deduction of Loss R eserve) A fte r

6 -2 3 *1 9 4 8

Quarter

DEBITS TO DEPOSIT ACCOUNTS
October, 1950
(I n thousands
October, September,, October
compared with
of dollars)
1950
1950
1949
Sept., 50 O c t.,’ 49
E l D orado, A r k ........... ... $
25,309 $
24,645 $
22,246
+ 14%
+ 3%
Fort Smith, A r k ..........
46,016
45,809
42,781
——
0
+ 8
Helena, A r k ...................
+83
13,755
7,518
11,216
+ 23
Little Rock, A rk ......... .
144,415
136,564
+ 10
+ 16
Pine B luff, A rk.............
48,217
29,869
38,564
+ 61
+ 25
Texarkana, A r k .* .......
12,992
11,790
11,343
+ 10
+ 15
A lton , 111.........................
26,035
23,173
+ 17
+ 4
E .S t .L .* N a t .S .Y .,I ll.
138,844
125,791
117,832
+ 10
+ 18
Quincy, 111...................
34,389
31,449
31,133
+ 10
+ 9
Evansville, In d .............
146,150
133,782
114,795
+ 27
+ 9
621,820
568,454
498,913
Louisville, K y ...............
+ 25
+ 9
Owensboro, K y ............
41,095
42,659
35,480 — 4
+ 16
Paducah, K y .................
16,054
15,756
14,078
+ 2
+ 14
Greenville, M iss...........
32,843
22,679
24,221
+ 45
+ 36
12,627
12,856
11,635 — 2
Cape Girardeau, M o...
+ 9
9,632
9,195
8,444
Hannibal, M o ............... .
+ 14
+ 5
54,991
61,659
52,293 — 11
Jefferson City, M o ......
+ 5
1,659,331
1,496,054
St. Louis, M o ................
1,756,112
+ 6
+ 17
11,710
+ 22
Sedalia, M o ....................
11,946
9,627 — 2
69,712
69,362
58,200
+ 1
+ 20
Springfield, M o .........
31,708
19,345
25,794
+ 64
+23
Jackson, Tenn...............
920,340
764,709
696,137
+ 20
+ 32
Memphis, Tenn............
+ 22%
T otals........................... .. $4,229,983 $3,839,054 $3,480,523
+ 10 %
* These figures are for Texarkana, Arkansas only. Total debits for
banks in Texarkana, Texas-Arkansas, including banks in the Eleventh
District, amounted to $32,361.

E IG H T H

D IS T R IC T

M E M B E R B A N K ASSE TS A N D L IA B IL IT IE S
B Y SE LE CTED GROUPS
( I n Millions of Dollars)

______________ AH Member
Change fr o m :
Sept., 1950
O ct., 1949

_________ Large City Banks 1
________
Change fro m :
Sept., 1950 O ct., 1949

O ct., 1950

O ct., 1950

$ + 158
+ 313
— 178
+ 23

$2,351
1,202
967
182

$+
+
—
—

63
71
1
7

802
389
413

+
+
+

51
17
34

+

1

A ssets

O ct., 1950

1. Loans and Investm ents.................................
a. Loans
.........— .........................................
b. U .S . Government O bligations..............
c. O ther Securities ~........................................

$4,001
1,787
1,845
369

O ct., 1950
$+
+
—
—

72
79
1
6

2 . Reserves and O ther Cash Balances..........
a. Reserves with the F .R . bank.................
b. O ther Cash B alances8...............................

1,277
597
680

+
+
+

83
23
60

+

1

+
+
+

50
17
33

+

O ct., 1950

Smaller Banks 2___________
Change fro m :
Sept., 1950 O ct., 1949

O ct., 1950

O ct., 1950

$ + 92
+ 235
— 157
+ 14

$1,650
585
878
187

$+
+
+

475
208
267

+
+
+

+
+
+

61
18
43

+

O ct., 1950

O ct., 1950

1

$+
+
—
+

66
78
21
9

32
6
26

—
—
—

11
1
10

9
8
_o_

3. Other Assets .........................................................

44

4

28

2

16

-0 -

+

2

4. Total Assets ..........................................................

$5,322

$+156

$ + 212

$3,181

$ + 115

$ + 155

$2,141

$+

41

$+

57

5. Gross Demand Deposits......................................
a. Deposits of Banks..........................................
b. Other Demand Deposits............................

$3,965
663
3,302

$ + 168
+ 108
+ 60

$ + 177
—
6
+ 183

$2,454
622
1,832

$ + 124
+ 99
+ 25

$ + 130
—
8
+ 138

$1,511
41
1,470

$+
+
+

44
9
35

$+
+
+

47
2
45
3

Liabilities and Capital

6. Tim e Deposits .......................................................

981

+

1

+

8

496

+

2

+

5

485

—

1

+

7. Borrowings and Other Labilities..................

43

—

12

+

9

38

—

11

+

10

5

—

1

_

1

8 . Total Capital Accounts......................................

333

—

1

+

18

193

— *
0—

+

10

140

—

1

+

8

9. Total Liabilities and Capital Accounts......

$5,322.

$ + 212

$3,181

$ + 155

$2,141

$+

41

$+

57

$+156

$ + 115

1 Includes 15 St. Louis, 6 Louisville, 3 M em phis, 3 Evansville, 4 Little Rock and 4 East St. Louis-N ational Stock Yards, Illinois, banks.
2 Includes ail other Eighth District member banks. Some of these banks are located in smaller urban centers, but the majority are rural area banks.
* Includes vault cash, balances with other banks in the United States, and cash items reported in process of collection.




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