The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Monthly Review
FE B R U A R Y 1, 1946
1945 in Review
For the Eighth District, 1945 was a year of
continued high business activity. Income for the
year as a whole was about as large as in 1944.
During the first part of the year, activity ran at
an all-time high level, but the sudden end of war
brought a sharp drop in industrial output. Even
in the latter part of 1945, however, income ran
more than twice as high as in prewar years. As
the year ended, the district economy was well into
the transition period between war and peace and
had excellent prospects for the future.
So far the transition period has been relatively
smooth with nothing like the severe dislocations
that were forecast. For the most part, district
plant needed little physical reconversion to permit
peacetime output, and most of what was needed
was completed by year end. Such transition period
problems as remain have to do largely with factors
other than retooling production lines.
Some of the problems, notably those in connec
tion with obtaining materials, scheduling produc
tion, increasing efficiency and re-establishing
distributive organizations, should be resolved
quickly by the ingenuity of management. Others
involve such questions as general wage increases
and cost-price relationships and require national
policy decisions before they can be solved.
Assuming that the problems of the transition
period will be settled with reasonable promptness
and that they will not operate to hold back produc
tion and reduce income for more than a short
period, the Eighth District's major problem in the
coming years is how to hold and consolidate its war
time income gains. Income in this district during the
war years rose substantially more percentagewise
than did that for the nation as a whole. Since
relatively more of the district income increase was
due to war activity, however, the district now is
faced with the problem of providing other income
to balance the probable loss of some of that
engendered by the war. Military payrolls alone
accounted for a substantial share of district income
increases, particularly in the southern portions of
the region where even relatively low pay for mili
tary service plus dependency benefits was better
than average income received from civilian activity.
Rising farm income also was responsible for a large
part of the district income increase over the war
years.
The long-run outlook for the district is favorable.
Surveys of future prospects have indicated that
employment will be substantially higher after full
reconversion than before the war, perhaps as much
as 25 per cent more. Areas formerly dominated
completely by agriculture are seeking to expand
projects to balance such activity with industry and
thus add to income. The movement to decentralize
plant, actually retarded by the war, is expected to
quicken and the district should be a net gainer in
this process.
EM PLOYM ENT
For the remainder of the transition period the
employment situation, while not as favorable as
in the long-run outlook, appears brighter than in
prewar years. In 1946 all industry is expected to
employ more workers than in the immediate prewar
period, although employment in Government work
and manufacturing will be lower than at the war
time peak. The largest gains over current employ
ment are anticipated in construction, trad6, and
service, with some rise from present lows in indus
trial lines.
Unemployment, however, is also
expected to rise, at least until midyear when the
number of new jobs available should exceed the
number of new entrants into the labor market.
The fact that present official estimates of unem
ployment are much lower than was anticipated
reflects mainly three factors: more rapid absorption
of displaced war workers by other industry than
was believed possible; heavy withdrawals from the
labor market, many of them probably temporary
for vacation or migration back to former residence;
and the slowness of the mass of veterans in enter
ing the civilian labor market.
Unemployment
might be even lower if present difficulties in match
ing workers and jobs did not exist. There are
shortages in some clerical and skilled occupations
but most job openings are for relatively unskilled
workers and here comparatively low wage rates
are the chief deterrent to placement.
During most of 1945 the labor market was in a
state of constant flux with much heavier than
normal movements into and out of it. This was
particularly true after V-J Day when large-scale
war plant shutdowns plus equally large military
discharges caused the employment picture to
change radically.
The low point in postwar employment was
reached in September, 1945, when war production
MANUFACTURING EMPLOYMENT IN METROPOLITAN AREAS
IN THE EIGHTH DISTRICT. 1940 TO 1945
M O N T H L Y IN D E X ,
1937 -1 0 0
layoffs were practically completed but reconversion
and the shift to nonmanufacturing lines had only
begun. Even at that time, in the five major cities
in this district total employment was 13 per cent
and manufacturing employment 30 per cent higher
than in 1940. At the lowest post-V-J Day level,
employment in Memphis and St. Louis was 14
per cent higher, in Louisville and Little Rock 11
per cent higher, and in Evansville 6 per cent higher
than in 1940. During the war years Evansville
had the largest proportionate increase in employ
ment. When full postwar employment is reached,
total employment in these cities is expected to be
one-third and manufacturing employment one-half
higher than in 1940.
IN D U S T R Y
Any meaningful review of district industrial
activity in 1945 necessarily involves a backward
glance at the entire war period and the immediate
prewar era. The year 1945 was one in which
sharply divergent trends were evident from its
beginning to its close. In one sense the first eight
months were merely a continuation of the war
period in which the economy was dominated by
military requirements. Even in this period, how
ever, certain lines of war output increased sharply
while others declined from peaks reached much
earlier in the war program. Some production of
civilian durable goods was coming from district
factories and there was a very high level of civilian
nondurable goods production.
The last four months of the year were char
acterized by even more sharply divergent trends.
By and large war production stopped. Civilian
production of nondurables continued at a high
level, but output of durables did not increase to
any marked degree due partly to reconversion diffi
culties but mostly to lack of materials and labor
problems, the latter involving both difficulties in
securing workers and strikes. Industrial output
in the district in the last four months was sharply
lower than in the first eight months, although by
the close of the year the production curve had
turned upward from its transition period low. For
1946 production should be higher than in the latter
part of 1945 but off appreciably from the peak
reached prior to V -E Day.
Manufacturing — Production of manufactured
goods in the Eighth District during 1945 was less
than in 1944. Value of output is estimated at
$6.7 billion in contrast to $7.7 billion in 1944 and
$7.1 billion in 1943. W ith these two exceptions,
however, value of production in 1945 was higher
than in any other previous year. In 1939, the last
INDUSTRIAL POWER CONSUMPTION. EIGHTH DISTRICT
INDEX. 1939 MONTHLY AVERAGE • 100
Percent
Percent
peacetime year, output was valued at $2.4 billion.
In terms of physical output, adjusted for price
changes, the volume of manufactured goods turned
out in this district in 1945* was about 15 per cent
less than in 1944, but well over twice that of 1939.
Manufacturing activity in the district during the
first half of the year was higher than in 1944 reach
ing a peak in. May, but the pronounced decline that
took place after the German surrender caused the
level for the year as a whole to be lower than in
1944. At peak the rate of physical volume of
production in district factories was more than three
times as large as in 1939. By the close of the year,
output was at a rate slightly less than double that
of 1939 and about 35 per cent less than in 1944.
W ar Facilities— Relatively little in the form of
new industrial facilities was added to Eighth
District war plant in 1945. Most of the war con
struction program in this district was completed
by mid-1943. There was, however, some new war
plant building in the early part of 1945, most of
it earmarked for production of rocket ammunition.
One problem that faces the district in the coming
year concerns disposal of war plant. During the
entire war program the district received new
facility awards of all types totaling about $2.2
billion in cost. About 90 per cent of this amount
was received by the close of 1944. Slightly more
than $1.6 billion in cost was for new industrial
facilities. The balance, about $550 million, was
for new military facilities.
Expenditures on the new industrial plant were
divided about equally on structure and equipment.
About 58 per cent of the total was for munitions
plant; another 25 per cent for other durables1 pro
duction, mostly metal working industry; and the
balance for nondurables factories, mostly the warsupporting lines of chemicals, petroleum and rubber
products. Government ownership of district war
plant is heavy, practically all munitions establish
ments, more than three-fourths of the metal work
ing plants and three-fifths of the chemical,
petroleum and rubber factories being so owned.
Apparently not much of the facilities born during
the war years will be useful for peacetime produc
tion. For the most part, district munitions plants
that are up for disposal are attracting no bidders.
Some are being kept in standby condition and some
have been converted to other Government use, the
most notable example being the huge St. Louis
Ordnance plant which is being turned into an
army records center. Much of the metal working
plant is in similar case, although the large aluminaaluminum plants in Arkansas were leased at year
end and presumably will be put to peacetime use
in the near future.
Munitions Production— Output of munitions in
the district in 1945 was much smaller than in 1944
since most war production stopped after V-J Day.
Actually output of war goods reached its peak in
this district late in 1943, and while production
spurted again in the first part of 1945, it never
approached the peak level. Some munitions pro
duction is still going on, particularly in rockets and
some aircraft, but it is only a fraction of the volume
produced at peak.
During the war years the district received some
$6.2 billion in prime war contracts (those of more
than $50,000 each, excluding food processing). In
addition, district manufacturers obtained a sub
stantial volume of subcontracts both from district
prime contractors and those outside the district.
While some district prime contractors placed sub
contracts with firms outside the district, the flow
of work into the region far surpassed the flow
outside so that the district was a net gainer in
subcontract work.
About 75 or 80 per cent of all war orders received
were completed and district war output for the
period June, 1940, to V-J Day is estimated at
slightly more than $7 billion. Probably an equal
amount of other production, a substantial volume
of which was food products, should also be classed
as war orders. This means that about 45 per cent
of district production went for direct or indirect
war purposes. This proportion, of course, was
much larger in the latter stages of the war program
than in the earlier years.
Page 3
Other Production— In addition to the decline in
munitions output, most of the important district
manufacturing industries in 1945 operated some
what below the level of 1944. Virtually all of the
decrease was concentrated in the last part of the
year. In steel, the production rate a t . the close
of 1945 was about 15 per cent below that of the
beginning of the year. The operating rate of ingotproducing furnaces in this district averaged 73
per cent of capacity in 1945 as against 79 per cent
in 1944 and 99 per cent in 1943. From January
through May, 1945, the operating rate averaged
almost 80 per cent, but from August through
December was about 67 per cent of capacity.
Total production of steel in 1945 in this district
was substantially in excess of that in 1939 and
1940. The capacity for steel production in this
district, both for ingots and castings, was increased
considerably during the war years. While current
demand for steel is very high and orders are backlogged far into 1946, the increased productive
capacity is not being used primarily because of two
factors: steel plants are still experiencing contination of the wartime difficulty of securing sufficient
workers, and most steel producers feel that present
cost-price relationships are too unsatisfactory to
utilize all capacity, much of which is high cost.
The important whiskey-producing industry, most
of which in this district is located in Kentucky,
operated in 1945 at a rate far below that of the
previous war years. In October, 1942, distilleries
ceased making whiskey and thereafter, with the
exception of three month-long holidays, produced
industrial alcohol or high wines which were further
processed into industrial alcohol. W ith the end of
the war, distilleries resumed whiskey production
but their operations during the latter part of 1945
were sharply curtailed because of difficulties in
securing grain for distillation. Current production
is substantially less than in the war years. It is,
however, approximating the 1941 rate and is higher
than in the prewar years of 1939 and 1940. For
the coming year, if adequate supplies of raw mate
rials can be obtained, whiskey distilleries are
expected to operate at close to capacity in view of
the very short supply of whiskey and the high level
of demand.
Production of shoes in Eighth District factories
in 1945 totaled about 84 million pairs, approxi
mately the same amount as was produced in 1944
and more than was produced in any other previous
year with the exception of 1941 when output totaled
slightly more than 85 million pairs. In 1939, the
district shoe industry produced less than 70 million
Page 4
pairs. The basic difficulties which confronted the
shoe industry during the war period, labor and
material shortages, have been appreciably eased
since the war ended. In view of the exceptionally
strong demand, 1946 output is expected to be higher
than in 1945 and perhaps larger than in 1941. The
district shoe industry is currently in process of
further decentralization with new shoe factories
under construction or projected in various smaller
towns and cities throughout the district.
Activity in meat packing plants in 1945 was
sharply lower in terms of animal units slaughtered
than in 1944. This reflects primarily the substan
tial decrease in the pig crop.
For example,
Federally inspected slaughter of pigs at St. Louis
in 1945 totaled 2.6 million head as compared with
4.8 million head in 1944. Meat packing activity
last year, however, was considerably greater than
in the prewar years and should at least hold its
own for the coming year.
Among other important district industries, 1945
output of machinery, both electrical and non-elec
trical, was in much greater volume than in the
prewar period, although the latter type especially
was off substantially from the war peak. Chemicals
production apparently remained about the same as
in 1944. Apparel output, while large, fell far below
the quantity necessary to meet demand. Lumber
production generally ran below 1944 with the
decline most marked after V-J Day. Output of
both southern hardwood and pine in 1945 is esti
mated as smaller than in any year since 1939.
Lumber remains in critically short supply in view
of the large demand for new construction.
Mining— Production of coal at Eighth District
mines in 1945 was somewhat below that of 1944,
but was greater than in any other year since war
began. Output in 1945 totaled 183 million tons in
contrast to 186 million tons in 1944 and 125 million
tons in 1939. Production was curtailed somewhat
by labor unrest, particularly in the last part of
1945.
Other mining activity in the district in 1945
was below both 1944 and 1943. W ith the easing
of the metal supply situation, output of both
lead and zinc decreased somewhat while production
of bauxite fell off very sharply from the wartime
peak level. Fluorspar and manganese production
also ran behind the previous year. Production of
all these metals, however, was substantially higher
than in the prewar period.
For most of 1945, production of petroleum at
Eighth District oil fields was Less than in 1944 with
the decline from the comparable period of a year
earlier somewhat sharper after V-J Day than before.
Crude petroleum output in this district has
decreased every year since 1940, reflecting mostly
controlled operations under the quota system.
Exploratory activity in 1945 was considerably
below 1944, much of the decline being attributable
to unfavorable weather for new drilling operations.
The number of new wells drilled in 1945 in all
district fields totaled 2,770, as compared with 3,200
in 1944. Most of the decline reflects decreased
activity in Kentucky and Illinois fields.
Construction— Building activity in the Eighth
District in 1945 was considerably higher than in
1944, although far below the wartime construction
peak. F. W . Dodge reports indicates $330 million in
new construction contracts of all types let in the
district in 1945. Contracts let in 1944 totaled $140
million and in 1942 were $742 million. It should be
stressed that the Dodge figures represent merely
contracts let and not work put in place. In 1945,
in particular, the difference between work contracted
for and that put in place was substantial. Many of
the projects started were expected to take some time
to complete. Also a large share of the new contracts
were placed at the close of the year with actual work
to be performed mostly in 1946.
During 1946 construction activity in the district
is expected to increase considerably. Construction
work here picked up after V-J Day, although the
gain was somewhat less than anticipated due to a
continuation of materials scarcity and lack of suffi
cient labor. Abandonment of controls in the fall
of 1945 resulted in most materials and labor going
into nonresidential construction.
Recent moves
attempt to insure that at least half of the avail
able materials will be utilized for new dwelling
accommodations.
Most of the new construction in 1945 was non
residential, only $29 million or 9 per cent of the
total contracts let going for new dwelling accommo
dations. Residential construction has been small in
this district for the past three years, being especially
low in 1944 with less than $11 million in new resi
dential contracts let.
This district, in common with the rest of the
country, is currently suffering from an extremely
severe housing shortage. Practically every goodsized city in the United States has a very low
vacancy rate at the present time, but the major
district cities seem to be in worse shape than most
other urban centers. During the last 25 years,
residential building in the major district cities was
generally smaller relative to population than the
national average. In St. Louis, for example, during
the 1920’s the average amount of dwelling units
built per 10,000 families was almost one-fifth less
than the average for all urban areas in its size class.
In the 1930’s and during the defense period, build
ing in St. Louis approximated the national average
rate, but in the last three years it has run well
below it.
TRADE
CONSTRUCTION CONTRACT AWARDS, EIGHTH DISTRICT
1927 THROUGH
1945
400
1927
SOURCE*
1933
F. W. Dodge Corporation
Despite decreased income and employment during
the latter part of the year, consumer expenditures
reached new high levels in 1945. Much of the
increase in dollar volume of retail sales was due to
price advances. While direct price increases in
1945 were smaller than in 1944, they alone were
responsible for about half of the total dollar increase
in sales. Actual consumer preference for more
expensive goods and the relatively small amount
of lower-priced products in the market resulted in
indirect price rises which also accounted for a
substantial share of the dollar sales gain.
Increases in consumer expenditures generally
follow closely increases in income and thus retail
sales curves tend to parallel income curves. During
the war years this has not been true and retail
sales, influenced by price controls, short supplies,
and rationing, have risen relatively less than
income. At the same time regional and area income
gains which were larger than average have usually
Page 5
DEPARTMENT STORE SALES IN SELECTED CITIES
TO TA L ANNUAL
S A L E S -1 9 4 5 ,1 9 4 4 AND 1939
Millions of Dollars
SA IN T LOUIS, MO.
_
_______
WX><X>QQQQ<XXX>QQ<
MEMPHIS. TE N N .
E S S S S c a
LO U IS VILLE, KY.
rS S S S S T
L IT T L E ROCK, ARK
6000001
While purchasing of all types of goods at depart
ment stores was heavy in 1945, sales of women’s
and men’s clothing and housefurnishings registered
larger increases than those of other items. Late
in the year the holiday shopping season brought
great increases in sales of luxury goods-—furs, sil
verware, jewelry, and the like. In the same period
some durables began to make their appearance
and their sales gains over the wartime lows of the
previous year were substantial. For the year as a
whole, however, such items accounted for not much
more than their usual share of sales.
SPRINGFIELD. MO.
EVA N S V ILLE. IND.
FO RT S M ITH. ARK
QU IN CY.
IL L
0
50
100
been reflected in better than average sales increases
even though the latter were not as large as might
have been expected under more normal conditions.
As the war period advanced in time, regional
differences in income tended to lessen. This condi
tion reflected the gradual diffusion throughout the
economy of wartime income gains, originally con
centrated in war production centers, areas with
large military or other Government payrolls, and
agricultural sections. As income flow became more
widely diffused, cumulative gains in retail sales of
different regions tended to cluster more closely
around the average.
The accompanying chart illustrates this situation
in the Eighth District. Comparison of 1944 sales
volume with 1939 gives a sharper picture of area
differences than comparison of 1945 with the pre
war year. At the same time, however, it is appar
ent that some differences still exist among the
cities shown and in general the larger the sales
increase (percentagewise) the larger was the war
time income increase. In this district Evansville
is the only important exception to this generaliza
tion.
At department stores in the Eighth District the
volume of trade in 1945 was about $310 million,
13 per cent more than in 1944 and slightly more
than double that of 1939. Increases over compar
able months of 1944 were especially large in the first
and last quarters of the year. There were, however,
Page 6
no pronounced buying waves during 1945 such as
characterized most other war years, despite an
increasing supply of goods and release of some
items from ration lists.
The return of men from military service strongly
increased demand for men’s clothing and furnish
ings in 1945. Since separations from service were
particularly heavy after V-J Day, sales of men’s
wear in the last quarter were proportionately larger
than in other quarters of 1945. The very large
increases in sales of men’s apparel would probably
have been even more striking had supply of goods
been more adequate. Sales gains over 1944 at
men’s apparel stores generally ran below those of
men’s departments at department stores.
In contrast to this situation, women’s apparel
stores showed relatively larger sales increases over
1944 than did comparable sections at department
stores. The gains at both types of store reflect
the same factors, however; price rises, scarcity of
lower-priced lines, and lack of sufficient supplies
of piece goods for home dressmaking. Taking price
increases into account, it is doubtful whether unit
volume of goods sold in 1945 was appreciably larger
than in 1944.
Sales of housefurnishings at department stores
boomed in 1945 with larger supplies of goods avail
able. At regular furniture stores sales gains were
somewhat smaller than at department stores.
Furniture stores during the war years added varied
lines of goods in an effort to maintain sales volume
in the face of shrinking furniture supplies. They
are now much more comparable to housefurnish
ings departments of department stores than in
prewar years.
The erratic movement of inventories under
present peacetime conditions is not much different
from that of the war period. Manufacturers have
yet to attain sufficient production to enable retailers
to build adequate inventories. Volume of out
standing orders is currently about one-fourth more
than a year ago, with most stores taking deliveries
when they can get them.
Generally speaking, the experience of retail lines
reporting to this bank reflects the strain of con
tinued heavy sales volume on inventories. Depart
ment store and furniture store stocks at the close
of 1945 were slightly larger in dollar volume than
a year earlier. Men’s apparel stores evidently have
had greater difficulty in maintaining stocks than
the men’s wear departments in department stores.
Year-end stocks at men’s apparel stores were 48
per cent less than in December, 1944, in contrast
to a drop of only 37 per cent at men’s wear sec
tions in department stores. Conversely, less diffi
culty has been encountered by women’s apparel
stores than women’s wear divisions of department
stores. The specialty store stocks at the end of
1945 were about equal in dollar volume to a year
earlier, while women’s apparel divisions in depart
ment stores were somewhat less.
The ratio of cash sales to credit sales changed
but little during 1945 with continued consumer
credit regulation and consumer preference for cash
buying. At department stores in 1945 about twothirds of charge account and one-third of instalment
account receivables were collected in the month
following purchase.
B A N K IN G A N D F IN A N C E
In the field of banking, developments throughout
1945 represent merely a continuation of the war
time situation. In contrast to many other activities,
the end of war last August brought no change in
Treasury financing policy. This factor was the
dominant influence on banking throughout the war
years. The Victory Loan came at the close of the
year, some three months after actual cessation of
hostilities.
in previous years, every effort was made to borrow
as much as possible from nonbank sources, but
despite this effort commercial banks added about
$10 billion to their Government security holdings.
As a result, deposits continued to rise in 1945.
Between December, 1941 and 1945, deposits of
the commercial banking system increased from $71
billion to $144 billion. Increases were strikingly
different among the various Federal Reserve dis
tricts and in different size groups of banks. A
major part of the increase in national income during
the war period was due to war manufacturing and
to increases in agricultural income, Federal civilian
payrolls and military payments.
Since Federal
expenditures for these items in relation to Treasury
receipts from taxation and borrowing varied con
siderably among the different districts, deposit
changes varied also. Very large deposit increases
occurred in the Dallas, Atlanta, San Francisco,
Kansas City and Minneapolis districts. Gains in
the Richmond, Chicago and St. Louis districts were
somewhat smaller but above average also. The
New York, Boston, Philadelphia and Cleveland dis
tricts had relatively small increases in deposits.
Both demand and time deposits have increased
more in rural banks than in urban institutions.
The greater increase in the country banks reflects
largely the great rise in agricultural income accom
panied by relatively smaller expenditures (plus tax
payments and Government security purchases) by
farmers than by urban residents.
In the Eighth District, total deposits of report
ing member banks rose $342 million or about 15
ESTIMATED DEPOSITS ANO CURRENCY- EIGHTH FEDERAL RESERVE DISTRICT
In view of the tremendous response to the V ic
tory Loan, it seems unlikely that new Treasury
requirements for 1946 will be particularly heavy
even though refunding operations will be. These,
however, unless they result in substantial shifts
of holdings from nonbank investors to banks will
have relatively little effect on the banking system
from the standpoint of deposit growth and invest
ment and loan policy. Consequently, 1945 may be
taken as the probable end of the second era of war
finance in the United States in this century.
During the past year, as in the other war years,
taxation did not yield enough revenue to meet
Federal expenditures and it was necessary for the
Treasury to continue to borrow large sums. As
Page 7
per cent in 1945. As compared with December,
1941, total deposits of these banks at the close of
1945 were up 82 per cent.
Continuing wartime experience, the smaller
banks— those in rural sections and small cities—
experienced greater deposit growth than did the
larger urban institutions. In towns of less than
15,000 population demand deposits increased 31 per
cent in contrast to the rise of only 15 per cent in
the major cities. Among the latter areas, banks
in St. Louis, Louisville, and Memphis registered
gains about equal to the five-city average, Little
Rock demand deposits rose 19 per cent, and those
in Evansville dropped 7 per cent. The latter city
has been affected much more adversely by recon
version problems than other metropolitan areas in
this district.
Time deposit growth in the smaller towns in
1945 was about 30 per cent as compared with a
24 per cent gain in the large cities. Here again
Evansville ran behind the urban area average with
an increase of only 17 per cent, while Memphis,
Louisville, and Little Rock banks showed better
than average gains.
LOANS AND INVESTMENTS AT
EIGHTH DISTRICT MEMBER BANKS
Billions of Dollars
4
Billions of. Dollars
4
1941
1944
1943
1942
1945
long-term interest rate and in the bond market.
The reporting member banks added $187 million
to their holdings of Government securities in 1945,
an increase of approximately 15 per cent. The
composition of the portfolios changed appreciably.
Treasury certificates decreased 16 per cent and
bonds increased nearly 43 per cent as banks shifted
from low yielding short-term issues to the higher
rate long-term issues. This shift to bonds appar
ently reflects general belief in the stability of the
Loans at reporting member banks rose $130 mil
lion or 28 per cent in the past year. An important
part of this increase was in loans on Government
securities which were unusually large at the year
end due to the Victory Loan drive. Commercial,
industrial, and agricultural loans increased $76 mil
lion during the year, some rise occurring in each
of the major cities. Much of the gain, however,
was concentrated in Memphis where loans rose $37
million and in St. Louis where they gained $27
million. Real estate loans rose very slightly in
1945 indicating that bank credit was not being
used in this district to finance a real estate boom
such as occurred after W orld War I. Consumer
A G R IC U L T U R E
P R IC E S
CASH F A R M IN C O M E
November
UlUU5aiiU5
dollars)
1944
1945
ansas ..............$ 53,999
lois ................. 119,471
ian& ................ 68,640
itucky ...._____ 17,369
sissippi ______ 57,827
souri ..... .......... 70,446
nessee ........... 33,370
$ 59,434
112,892
59,530
20,559
70,571
77,401
34,624
$ 287,787
1,071,523
623,633
340,787
302,139
634,079
280,669
$ 305,361
1,078,335
623,999
296,875
318,479
656,659
284,796
$ 257,519
1,049,710
603,299
267,598
279,088
594,434
251,650
Totals ........... 421,122
435,011
3,540,617
3,564,504
3,303,298
C E IPTS A N D
1945
Cumulative for 11 months
1944
1943
S H IP M E N T S A T N A T IO N A L STOCK YAR D S
Shipments
Receipts
Dec.,
1945
Nov.,
1945
Dec.,
1944
T>ec.,
1945
Nov.,
1945
Dec.,
1944
tie and Calves...111,116
.228,553
■ses and Mules... 3,123
ep ..................... . 67,645
181,093
213,788
3,423
74,880
134,972
259,862
1,704
49,976
57,577
80,199
3,363
15,206
90,067
72,791
3,263
12,650
57,318
79,780
1,698
4,617
otals .......... .......410,437
473,184
446,454
156,345
178,771
143,413
Page 8
W H O L E S A L E P R IC E S IN T H E U N IT E D STATE S
Bureau of Labor
Dec.,
Nov.,
Dec.,
Dec., ’ 45 comp, with
Statistics
1945
1945
1944
Nov., ’45
Dec., ’44
(1926=100)
107.1
106.8
104.7
All Commodities..
4- 0.3%
4- 2.3%
131.1
Farm Products ___ 131.5
125.5
4- 0.3
4- 4.8
108.6
107.9
Foods ........... ....
105.5
4 - 0.6
4- 2.9
Other ...............
100.5
100.2
+ 0.3
98.9
4- 1.6
COST
Bureau of Labor
Statistics
(1935-39 = 100)
St. Louis......
Memphis .....
*Not available.
Nov. 15,
1945
129.2
.... 126.7
*
OF
Oct. 15,
1945
128.9
126.9
*
L IV IN G
Sept. 15, Nov. 15, ’ 45 comp, with
1942
Oct. 15, '45 Sept. 15, ’ 42
117.8
116.6
119.3
+ 0.2%
— 0.2
4* 9.7%
4 - 8.7
---
COST O F FO O D
Bureau of Labor Nov. 15,
Statistics
1945
(1935-39 = 100)
140.1
U. S. (51 cities)..
St. Louis........ . .... 141.4
Little R ock---- , 138.8
... 134.2
.... 148.8
* Revised.
Oct. 15, Sept. 15, Nov. 15, '45 com p. with
1942
Oct. 15, ’ 45 Sept. 15, *42
1945
139.3
141.4
138.3*
133.5*
148.6
126.6
126.7
129.2
124.2
129.7
4 -0.6%
-0+ 0 .4
4-0.5
4 -0.1
4-10.7%
+ 11.6
+ 7.4
+ 8.1
+ 14.7
loans of 22 reporting banks in the district were
up about $4 million, or about 44 per cent, con
tinuing the increase which began after the *war
time low was reached in the early part of 1944.
The outlook for 1946 is for relatively little change
in the general pattern of banking in this district.
As noted earlier the volume of new Treasury
financing probably will be much smaller than in
the war years which means that, unless nonbank
investors shift some of their holdings to banks,
bank investments in Governments will show small
increase. There is also little indication that bank
loans will rise appreciably. Security loans should
decline if Treasury financing is on a smaller scale.
Business and agricultural loans may increase
somewhat, but many businesses and farmers have
large liquid asset holdings and may prefer to use
these funds rather than borrow. The outlook for
consumer credit is more favorable but depends
largely upon the volume of durable goods produced
this year, and upon whether purchasers of such
goods prefer to buy them out of anticipated income
or with savings.
Deposit changes for the nation as a whole should
be relatively small. Deposit growth during the war
period was based largely on bank purchases of
Government securities. The major factor retard
ing deposit growth was the outflow of money in
circulation, supplemented to some extent by a
decline in the gold stock. While these factors are
expected to operate less strongly in 1946 and
perhaps even to become neutral, prospects are slight
IN D U S T R Y
L O A D S IN T E R C H A N G E D F O R 25 R A IL R O A D S
A T ST. L O U IS
First nine days
Dec.,*45 N ov.,*45 Dec.,’44 Jan.,’ 46 Jan.,’ 45 12 mos.’45 12 m os/44
109,245
117,257
154,325
31,739
41,780
1,711,510
1,903,880*
Source: Terminal Railroad Association of St. Louis.
^Revised.
C O A L P R O D U C T IO N
(In thousands
Dec., ’45 comp. with
Dec.,
'45 Nov., *45 Dec., *44
of tons)
N ov., '45 Dec.,,*44
6,056
2,229
5,711
1,509
Totals .............. .. 15,505
6,024
2,200
5,909
1,618
15,751
6,127
2,430
5,247
1,633
15,437
Even with the national deposit level relatively
stable there are possibilities of shifts between
regions, but in 1946 these should be at a minimum.
As far as this district is concerned there seems to
be little likelihood of major deposit shifts either
within the district or from it to other regions.
A G R IC U L T U R E
Total farm production in the Eighth District in
1945 was at near record levels despite obstacles of
unfavorable weather and short supplies of labor,
fertilizer, new machinery and replacement parts.
Pasture and hay production were at record levels
this year. The district wheat and rice crops some
what exceeded those of 1944. Tobacco production
was only slightly under the bumper output of the
previous year. The district corn crop, while slightly
less than the 1942-44 crops, exceeded the prewar
average production. Cotton suffered more than any
crop in the district, with the 1945 harvest being ap
proximately one-third less than 1944 production in
physical volume and in many areas the quality of the
crop being low.
The spring season was unusually wet. Severe
floods covered much of the rich bottomlands of the
district’s major river systems. Long and heavy
rains retarded planting in the upland areas. Some
breaks in the wet weather during the late spring
and early summer, however, enabled district farmers
to plant crops, which they did with amazing rapidity.
D E B IT S T O D E P O S I T A C C O U N T S
C O N SU M P T IO N O F E L E C T R IC IT Y
No. of
Dec.,
Nov.,
Dec.,
Dec., 1945
(K .W .H .
Custom1945
1945
1944
compared with
inthous.)
ers*
K .W .H . K .W .H . K .W .H . Nov., ’ 45 Dec., *44
5,248
4,693
8,199 4-12%
— 36%
Evansville ..... 40
Little R ock..... 34
3,383
3,590
2,848 — 6
+19
Louisville ____ 82
15,634
14,971
16,726 + 4
— 7
Memphis ....... 31
5,489
5,492
6,973 - 0 — 21
Pine Bluff....... 19
1,393
2,008
7,831 — 31
— 82
St. Louis...... . 127
47,71157,514
71,592
— 17
— 33
T o ta ls ____
333
78,858
88,268
114,169
— 11
— 31
*Selected industrial customers.
Illinois ...................
Indiana ..................
Kentucky .............. ..
Other Dist. States...
for them to reverse sharply enough to lead to appre
ciable deposit growth.
-f
+
—
—
1%
1
3
7
— 2
___
___
4-
1%
8
9
8
(In thousands
of dollars)
Dec.,
1945
Nov.,
1945
Dec.,
1944
13,168 $
11,415 $ 12,150
El Dorado, Ark...... $
33,448
25,761
41,806
Fort Smith. Ark....
5,692
7,265
7,941
Helena, Ark....... ......
93,194
92,587
89,631
Little Rock, Ark....
30,315
21,777
24,126
Pine Bluff, Ark----14,514
Texarkana, Ark.-Tex.
9,662
9,110
18,792
15,134
16,409
Alton, 111...................
E.St.L.-Nat.S.Y.,Ill.
83,513
74,604
83,483
21,433
18,554
20,515
Quincy, 111...............
115,229
71,860
78,122
Evansville, Ind.......
435,042
358,501
Louisville, K y....... 443,941
23,313
23,778
21,878
Owensboro, K y.......
9,648
9,407
10,860
Paducah, K y ............
14,492
12,864
12,991
Greenville, Miss.......
6,337
6,210
7,004
Cape Girardeau, Mo.
5,547
5,395
5,859
Hannibal, Mo..........
23,882
18,543
25,968
Tefferson City. Mo.
St. Louis. M o....
1,285,971 1,077,348 1,133,853
6,325
7,172
7,573
Sedalia, M o......... .—
32,915
38,578
36,765
Springfield, M o......
14,763
11,095
13,993
Jackson, Tenn. ___
331,621
376,817
Memphis, Tenn....... 376,699
Totals ................... 2,632,656
2,331,537
2,429,965
D ec.,’45 comp, with
N ov.,’ 45 Dec.,*44
+15%
-4-25
— 9
H- 1
— 20
4- 6
+24
— 11
_ 4
+ 9
+24
+ 9
+13
— 10
+11
+ 9
+ 9
+19
+ 6
— 5
— 5
-0-
+ 8%
+62
+28
+ 4
+ 11
— 33
+15
— 11
+ 11
— 32
+ 2
+ 2
+15
+ 1
+13
+ 6
+ 40
+13
+20
+12
+26
+14
+13
+
s
0-
Page 9
R E T A IL T R A D E
D E P A R T M E N T STORES
Stocks
on Hand
Net Sales
Stock
Turnover
Dec., ’ 45
12 mos. ’ 45 Dec. 31, ’45 Jan. 1, to
compared with
to same
comp, with Dec. 31,
Nov. ’ 45 Dec., ’ 44 period ’44 Dec. 31/44 1945 1944
— 8%
5.38 5.04
‘t. Smith, Ark... -f-35%
+ 12%
+ 6%
— 5
6.22 5.51
+13
-ittle Rock Ark. + 3 5
+ 7
+14
6.44 5.79
fuincy, I I I __...... 4-30
+14
+16
.....
.....
— 1
ivansville, In d .- 4-23
+ 1
"6.59 5.78
fOuisville, Ky.__ 4-32
+13
+12
+ 4
+14
5.26 4.97
t. Louis Area1- 4-15
+ 10
+ 7
+10
+14
5.26 4.97
t Louis, M o.— 4-14
+ 7
.....
J. St. Louis, 111. 4-24
+ 5
*4” l
— 29
5.95 4 '.79
+19
+19
pringfield, M o... 4-38
— 6
5.92 5.47
+ 8
+12
femphis, Tenn___ j-30
5.06
-0+13
5.38
All other cities., + 3 1
+11
+13
+10
5.60 5.20
th F. R. District + 2 3
+ 2
* El Dorado, Fayetteville, Pine Bluff, A rk .; Alton, Harrisburg,
acksonville, Mt. Vernon, 111.; New Albany, Vincennes, In d .; Danville,
lopkinsville, Mayfield, Paducah, K y .; Chillicothe, M o .; and Jackson,
’enn.
l Includes St. Louis, Mo., East St. Louis and Belleville, 111.
Trading days: Dec., 1945— 25; Nov., 1945— 25; Dec., 1944— 25.
Outstanding orders of reporting stores at the end of December, 1945,
rere 25 per cent greater than on the corresponding date a year ago.
Percentage of accounts and notes receivable outstanding December 1,
945, collected during December, by cities:
Instalment Excl. Instal.
Accounts Accounts
‘o r t - S m i t h
,ittle R o c k ....
,ouisville ........
femphis .......
....%
35
34
67
(57%
64
59
63
Instalment Excl. Instal.
Accounts Accounts
Quincy ______
St. Louis.........
Other cities-....
8th F.R. Dist.
49%
45
52
46
78%
71
67
67
IN D E X E S O F D E P A R T M E N T STO R E SALES AN D STOCKS
8th Federal Reserve District
Dec., Nov.,
1945
1945
..365
. 227
.. 85
.. 92
Oct.,
1945
Dec.,
1944
255
248
121
108
333
207
83
90
303
266
116
103
Daily Average* 1935-39=100.
Monthly Average 1923-25=100.
S P E C IA L T Y STORES
Net Sales
Stocks
on Hand
Stock
Turnover
Dec., ’ 45
12 mos. ’ 45 Dec. 31, *45 Jan. 1, to
compared with
to same
comp, with Dec. 31
Nov., *45 Dec., ’44 period ’ 44 Dec. 31/44 1945 1944
ten’s Furnishings+10%
— 2%
+16%
— 48%
4.94 3.42
loots and Shoes..+15
+10
+17
— 28
11.37 8.53
Percentage of accounts and notes receivable outstanding December 1,
945, collected during December:
ten’s Furnishings........... —...65%
Boots and Shoes---------- -------55%
Trading days: December, 1945— 25; November, 1945— 25; December,
944— 25.
R E T A IL F U R N IT U R E STORES
Net Sales
Inventories
Ratio of
December, 1945
December 31, 1945
Collections
compared with
compared with
------------------------Nov., *45 Dec., *44 Nov.30/45 Dec.31/44 Dec./45 Dec., 44
34%
t. Louis Areai + 1 7 %
+23%
42%
— 13%
+ 2%
St. Louis____ + 1 6
+26
— 13
33
41
+ 2
— 6
33
+10
39
ouisville Area* + 1 7
+17
Louisville .... + 2 0
+15
— 10
37
33
+ 6
*
*
[emphis ....__ — 4
+20
31
32
ittle R o c k ___ + 5
+18
— 9
31
29
+ i3
*
»
*
ort Smith------ + 1 0
+48
— 9
39
34
th Dist. Total8 + 1 4
+22
+ 8
*Not shown separately due to insufficient coverage, but included
i Eighth District totals.
^Includes St. Louis, M issouri; East St. Louis and Alton, Illinois.
^Includes Louisville, Kentucky; and New Albany, Indiana.
3In addition to above cities, includes stores in Blytheville, Pine Bluff,
rkansas; Henderson, Hopkinsville, Owensboro, Kentucky; Greenwood,
tississippi; Hannibal and Springfield, Missouri.
P E R C E N T A G E D IS T R IB U T IO N OF F U R N IT U R E SALES
Dec., *45
Nov., *45
Dec., *44
ash Sales.................................................. 29%
redit Sales................................................ 71
Total Sales............................................ 100
Page 10
27%
73
100
28%
72
100
Most of the intended crops were put in, although
some bottom areas, particularly regions in eastern
and c'entral Arkansas, remained idle throughout the
year.
During most of the remainder of 1945,
weather was favorable, although drouth conditions
developed in the summer in several rather small
areas. This, however, caused no serious damage.
Harvesting was completed in a fairly orderly man
ner. Some of the early hay crops were damaged by
excessive moisture, however, and considerable diffi
culty was experienced in picking the cotton crop.
Also in some areas of Illinois, the soybean harvest
was slow.
During the war period total crop production in
the United States increased by about one-fourth and
total food output by about one-third. Agricultural
production gains in this district generally were not
as large as those for the country as a whole, pri
marily because of adverse weather. Embracing as
it does parts of the mightiest river system of the
nation, the Eighth District is particularly vulnerable
to floods and they have visited the district in every
war year with more or less severe repercussions on
crop output. Drouth has also played its part in
curtailing agricultural production here in the past
few years. When weather conditions are considered,
it is amazing that district production in the early
1940’s has been as large as it was.
The chart shows annual output of the five basic
crops, corn, cotton, rice, tobacco and wheat, in the
Eighth District during the past ten years. In the
aggregate, district production of these crops in the
period 1941-45 averaged 7 per cent above that for
the years 1935-40. The nationwide gain was 18 per
cent.
The district’s biggest cash crop, cotton, was not
particularly larger in volume in the 1941-45 period
than in the prewar years. In fact, 1937 production of
cotton was 25 per cent more than the wartime record
of 1942 and 71 per cent more than last year’s poor
crop. The important tobacco crops, particularly
those of 1944 and 1945, however, were considerably
larger than prewar output. Tobacco accounts for
a sizable share of district cash farm income. Tobacco
production is confined to small acreages on most
farms and at best uses a relatively small percentage
of the farm land, even in the major producing states
of Kentucky and Tennessee. It does, however,
require considerable labor. The unusually high
prices of the war years were primarily responsible
for the tremendous output.
Of the two cereal food crops, district wheat pro
duction in the war period averaged less than in pre
war years while the wartime district rice crops were
considerably larger than those of the 1930’s. Both
of these developments were merely continuations of
longer-term trends, partially arrested in the case of
wheat, and somewhat accentuated in the case of
rice. The gain in rice production, while striking,
has not been of major importance as a contribution
to district farm income, since production is not large
relative to other cash crops and is confined to a
relatively small area of the district.
Corn production in the district during the war
years increased considerably, but the gain was less
than that of the nation as a whole. The 1945 district
corn crop was 14 per cent larger than that of the
period 1935-40, in contrast to an increase of 29
per cent for the total United States crop.
There were substantial increases in some other
district crops in the past few years. Soybean acreage
expanded tremendously, for example, as did hay and
pasture production. Peanuts and hemp were pro
duced in sufficient volume to be noted. Truck crops,
fruits, berries and vegetables all showed large gains
in output with sweet potatoes in particular rising in
importance as a district crop.
Cash farm income soared to record heights during
the war period. This has been true in the district
as well as in the nation. Total cash farm income
in Eighth District states in the prewar years, 193539, averaged about $1.5 billion. During the last
three years of war it was only slightly under $4
billion. This tremendous increase in income partly
reflects the increased production, but to a far greater
extent reflects the tremendous rise in farm prices.
Farm product prices rose at a more rapid rate during
the war period than the cost of goods bought by
farmers. Thus net income of farmers was unusually
high. They have improved their financial position
throughout the period. At the present time, how
ever, the trend apparently is toward a continued rise
in costs and a leveling off of gross income, which is
likely to result in some reduction in net farm income
in the months and years immediately ahead.
The outlook for production in coming years in
this district and in the United States is for a slight
decline from the heavy output of the war years. In
general, for the country as a whole, good farm
weather has existed since 1937 and there has not
been a serious national crop disaster due to unfavor
able weather conditions. As was noted earlier, the
district experienced much less favorable weather
than did the nation and as a result, district crop
production did not increase as sharply as that for
the country as a whole. It seems unlikely that
weather will be so consistently favorable in the
W H O L E S A L IN G
______ Lines of Commodities_____________ Net Sales
December, 1945
Data furnished by Bureau of Census,
compared with
U. S. Dept, of Commerce.*
Nov., *45
Dec., *44
Drugs and Chemicals______________ — 6 %
Dry Goods___....-____ _______ ______ — 10
Electrical Supplies________ .___
— 31
Groceries ............ ................................. — 19
Hardware ......... .................................. +
1
Plumbing Supplies________ ________ 4- 15
Tobacco and its Products....-....—,....—■4 - 4
Miscellaneous ____ ....______________ 4 - 6
Total all lines**....___...._______ .........
6
•Preliminary.
**Includes certain lines not listed above.
Stocks
Dec. 31, 1945
comp, with
Dec. 31, 1944
4- 15%
4- 10
— 12
4444+
4-12
—
(-20
4- 1
4-33
33
23
18
14
15
-04-15
C O N S T R U C T IO N
B U IL D IN G P E R M IT S
New Construction
(Cost in
thousands)
Number
1945 1944
Evansville __....
Little Rock.... ....
Louisville .....
Memphis ___ ....
St. Louis..... __
Dec.
Nov.
1945
Repairs, etc.
Cost
1944
32
62
63
474
136
12
18
29
233
68
$ 661
476
1,466
3,889
1,189
Totals...._ 767
773
T otals,
360
454
7,681
5,484
$
Number
1945 1944
Cost
1945
1944
23
43
432
311
362
67
116
28
126
139
37
' 81
17
110
137
$ 183
87
39
192
202
1,171
828
476
771
382
789
703
783
$
17
26
7
103
183
336
682
B A N K IN G
CHANGES IN P R IN C IP A L A SSE TS A N D L IA B IL IT IE S
F E D E R A L R E S E R V E B A N K OF ST. L O U IS
Change from
Jan. 16,
Dec. 19,
Jan. 17,
(In thousands of dollars)
1946
1945
1945
Industrial advances under Sec. 13b............ $ ...............
4,123 — *12,737 — 26,777
Other advances and rediscounts........
U. S. securities...___________ _____ — ____ 1,082,817 4- 18,257 4-276,811
Total earning assets..... .................... ..... 1,086,940 4- 5,520 4-250,034
Total reserves...........................................
624,636
664,224
Total deposits........................... .............. .....
F. R. notes in circulation.................... ..... 1,053,056
___
—
—
15,078
17,681
9,815
— 45,945
4 - 73,752
4-126,016
— 55
Industrial commitments under Sec. 1 3 b ................................. .
P R IN C IP A L R E SO U R CE A N D L I A B I L IT Y ITE M S
OF R E P O R T IN G M E M B E R B AN KS
Change from
Jan. 16,
Dec. 19, Jan. 17,
(In thousands of dollars)
1946
1945
1945
Total loans and investments....................... $2,238,752
+29,358 -f-347,197
Commercial, industrial, and agricultural
loans* ......................... ................................
344,137 - f 5,638 + 76,300
Loans to brokers and dealers in securities
10,652 — 1,931
2,459
Other loans to purchase and carry securi
ties ................... ~ .......................................
82,738+
6 4 . 45,673
Real estate loans............................................
69,693 4- 1,497 -j- 4,558
Loans to banks..............................................
2,477 4 - 1,214 4459
Other loans ...... .............................................
95,736 — 5,906 4 - 10,997
Total loans ............................................
605,433 +
518 4-140,446
Treasury bills ................................................
68,391
4-20,347 4- 22,571
Certificates of indebtedness............... ........
293,219 -j-34,971 — 20,579
326,410 — 33,905 — 12,364
Treasury notes ..............................................
U. S. bonds... ................................................
806,422 -f-10,739 4-217,649
Obligations guaranteed by U. S. Govern
ment ............... ............................................
1,852 4- 1,490 — 24,136
Other securities ............................................
137,025 — 4,802 4- 23,610
Total investments „ ......... ...................... 1,633,319 4-28,840 4-206,751
Balances with domestic banks....................
119,413 — 4,058 —
823
Demand deposits— adjusted** .................... 1,079,199 4-16,840 -f- 58,808
Time deposits .......... .............................. ....... 341,970 -j- 6,500 -j- 65,293
U. S. Government deposits......................—
487,180 -{- 1,093 4-197,952
Interbank deposits ........................................
704,074 -j-21,654 4- 74,762
Borrowings ....................................................
2,485 — 12,765 — 29,915
* Includes open market paper.
** Other than interbank and Government deposits, less cash items on
hand or in process of collection.
Above figures are for selected member banks in St. Louis, Louisville,
Memphis, Little Rock and Evansville.
Page 11
years ahead as the past record indicates that good
and bad crop weather tends to move in cycles. Con
sequently, total crop production may well recede
slightly from the wartime peak.
Despite the probable decrease in total agricultural
output from record wartime levels, it appears likely
that farm production in the coming years will be in
much greater total volume than in the prewar period.
Population has increased, and if total national in
come can be maintained at a high level, domestic
demand for farm products should be much stronger
than in prewar years. There is also hope for a
larger export market than existed prior to W orld
War II.
Furthermore, much of the increase in total food
output during the war period reflects substantial
expansion in production of livestock and livestock
products. This has resulted partly because of in
creased crop production, but partly because of con
sumption of the large stocks of feed crops built up
prior to the outbreak of war. Output of livestock
and livestock products may need to be adjusted
downward to stay in line with feed crop production.
The critical feed situation which has faced the live
stock farmer for the past two years and continues to
be a factor in livestock production today is evidence
pointing toward this development.
•Even with these developments, however, agri
culture will probably be required to shift its pro
duction pattern somewhat, and demand for certain
crops may well be depressed even in the midst of
generally favorable agricultural conditions. One
crop which may find itself in this position is burley
tobacco, which is one of the major crops in this dis
trict. Burley prices in the present marketing season
have been reduced sharply from last year’s level.
The crop is still selling at relatively favorable prices
but its current experience is evidence of what can
happen when supply outruns demand even though
the latter is at a very high level. It should serve
as a warning of probable developments in other
crops where production during the war was ex
panded beyond a peacetime level of demand.
Finally, productivity of the soil has been strained
tremendously during the war period, and soil de
pletion apparently has advanced at an increasingly
rapid rate. A general shift toward fewer acres in
row crop production and more acres in hay and
pasture seems indicated. Along with this an in
creased use of soil treatment will be necessary if
part of the soil deficiency accumulated during the
war years is to be replaced.
PRODUCTION OF BASIC FARM CROPS AND CASH FARM INCOME * IN THE EIGHTH DISTRICT
ThouMndt ot Bole*
C O TTO N
Billion* of Dollar.
Millions of Bu*h«l*
W H EA T
Million* of Bu*h«l*
Page 12
CASH FARM INCOME *
RICE
Million* of Bu*h«l*
CORN
Million* of Pound*
TO BA CCO
@FedFRASER