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May, 1954
Volume X X X V I
Number 5
The District Money Supply in 1953
T THE CLOSE OF 1953, the money supply within the Eighth Federal
Reserve District amounted to about $8 billion. Over the year the sup
ply fluctuated, but, on balance, it grew 2 per cent. The expansion, caused
by both an inflow of funds and a growth in bank credit, centered in time
deposits.
A
Demand deposits rose only slightly. Small gains at banks in some rural
areas, particularly in the cotton-growing sections, were partly offset by declines
in two others. In the large cities deposits changed little on balance, expanding
at Louisville and Memphis, declining at Little Rock and Evansville.
Use of the money supply, as estimated from the turnover of demand
deposits, was somewhat greater in 1953 than in any other postwar year.
In terms of ownership of demand deposits, the 1954 survey showed little
change over the survey year, either dollarwise or in distribution of the total.
F ederal
Bank
Louis
At the close of 1953, the money supply within the Eighth
Federal Reserve District amounted to about $8 billion.
IHE PORTION OF THE NATIONAL MONEY
SUPPLY held in the Eighth Federal Reserve Dis
trict totaled slightly over $8 billion at the close of
1953. It consisted of approximately $5 billion of
demand deposits, about $2 billion of time deposits
and, according to rough estimates, something over $1
billion in currency and coin. Nationally, by compari
son, the money supply amounted to slightly over
$200 billion.
T
The size of the district's money supply, its rate of
growth, its velocity of circulation, its sources and dis
tribution and the form in which it is held are all fac
tors which have some influence on, and in turn are
affected by, business activity, employment and prices
in the area. An analysis of the money supply within
the district is thus helpful in understanding and
evaluating economic changes in the region.1
Per capita the $8 billion district money supply came
to about $800. O f course, the actual distribution was
quite different. Over half of the demand deposits and
a large share of both time deposits and cash were held
by business firms or were in other nonpersonal ac
counts. A sizable portion of the currency outstanding
was probably in a few large holdings and a part has
been lost or destroyed. Further, that part of the
money supply in the hands of individuals at the end of
1953 was unequally divided. According to the 1954
Survey on Consumer Finances there is a wide varia
tion in the amount of liquid assets held by the nation’s
spending units.2 The Survey found that over a quar
ter of the spending units owned no liquid assets,
whereas about 10 per cent of the units held over
$5,000 each.
Over the year the supply fluctuated, . . .
The money supply in the district is elastic in the
sense that it tends to rise when activity in agriculture
and business increases and to contract as activity sub
sides. The fluctuations are primarily brought about
1 A word of caution as to the money supply of a relatively small region
within the United States is in order, however. Unfortunately for the analyst
(fortunately in all other respects) money in this country moves readily
from area to area and individuals and firms located in one section hold
funds in other sections. An additional hazard to the analyst is that there
are no regular reports on certain elements making up an area’ s money sup
ply and other sources of information in connection with these elements
are meager.
As used in this report, "money supply’ * includes adjusted demand de
posits, time deposits, currency, and coin.
Adjusted demand deposits are
total demand deposits except interbank and U. S. Government accounts
less cash items in the process of collection.
The data on currency and
coin used are largely estimated.
2 The "N inth Annual Survey of Consumer Finances" was conducted by
the Board of Governors of the Federal Reserve System in cooperation with the
Survey Research Center of the University of Michigan. Preliminary results
of the Survey were published in the March, 1954, Federal Reserve
B u l i f t i n . Liquid assets included in the Survey were checking and savings
accounts in banks, postal savings, shares in savings and loan associations
and credit unions, and United States Government securities; cash was not
included.
Page 50
by movements of funds between the Eighth District
and the others and by changes in -the amount of bank
credit. Since changes in the money supply are caused
by many highly variable factors, day-to-day fluctua
tions in the supply are largely irregular. But over a
longer period regular patterns which throw light on
the nature of the district's business can be observed.
Thus the quantity of money—both deposits and cur
rency—rises in the fall, reflecting the demand to
finance the processing and distribution of crops and
preparations of both merchants and consumers for
the Christmas season. Conversely, in the spring the
means of payment usually contract as the need for
funds to carry inventories declines. For example, in
the last half of 1953, the district’s money supply ex
panded, more than offsetting a decline earlier in the
year of about $250 million or 3 per cent. This seasonal
fluctuation in the supply of money is more pro
nounced in the district than in the nation as a whole,
largely because of the relatively larger influence of
agriculture on district activity.
In addition to the annual pattern there are monthly
and weekly swings in the amount of money outstand
ing. Also, for a week or more before each of the
principal holidays there is some increase in the money
supply and a slight shift within the supply from de
posits to cash. Of the holidays, Christmas has by far
the greatest impact on the money supply.
. . . but, on balance, it grew 2 per cent.
During 1953 monetary expansion continued,
although the increase was smaller than in any year
since 1949. The Eighth District money supply, in
cluding funds owned by nonresident individuals and
firms, worked up nearly $200 million or about 2 per
cent. This growth, somewhat less than the national
increase of 3 per cent, was primarily in the form of
time deposits, but working balances of businesses also
rose.
The expansion, caused by both an inflow of funds and
a growth in bank credit, . . .
The growth in the money supply within the Eighth
District during 1953 largely reflected an increase in
bank credit of about $190 million. Both member and
nonmember banks expanded credit, the expansion
centering in loans to consumers. Further, there was
a relatively small net inflow on private and Treasury
account combined. Net inflows from the South and
West on private account amounted to somewhat more
than the net outflows which for the most part went to
Chicago and N e w York. Net inflows on private ac
count, to the extent they represent payments (and
not just transfers of money from place to place),
could reflect: 1) net commodity exports; 2) net in
vestment in the district by outsiders; 3) net use of
district services such as transportation and recreation
by nonresidents; and 4) net return on capital invested
outside the district. On the other hand there were
some miscellaneous factors, primarily related to the
growth of the district's banking system, that absorbed
funds.
generally greater at the urban banks. In fact, from
the end of 1945 to the end of 1952, demand deposits
of individuals, partnerships, and corporations rose an
average of 7 per cent per year at metropolitan-area
banks, twice the average annual growth rate at ruralarea banks. The reversal during 1953 of the postwar
pattern can be accounted for by examining factors
governing the economy of the individual areas.
. . . centered in time deposits.
Small gains at banks in some rural areas,
particularly in the cotton-growing sections . . •
The greatest part of the growth in the district’s
money supply during 1953 was in the form of the
relatively inactive time deposits. The increase in these
accounts, which totaled roughly $110 million, was at
about the same rate as in the previous year. Both
member and nonmember banks in most sections of
the district shared in the gain. Growth in these
accounts, accompanied by substantial increases dur
ing the year in certain other liquid asset holdings of
individuals, such as shares of savings and loan asso
ciations and credit unions, reflected the continued
high rate of personal savings in the area. Active por
tions of the district's money supply rose only mod
erately during 1953. At the end of the year, busi
nesses and individuals owned a somewhat larger vol
ume of demand deposits but, according to rough esti
mates, less currency and coin than at the beginning.
Nationally, as in the district, the sharpest expansion
in the money supply was in time deposits, Demand
deposits increased only moderately. Unlike the dis
trict, however, in the rest of the country currency
outside banks continued to rise.
Demand deposits rose only slightly.
Between the end of 1952 and the end of 1953 de
mand deposits of individuals, partnerships, and cor
porations at all banks in the Eighth Federal Reserve
District increased only $30 million, or less than one
per cent. In the other postwar years these deposits
rose on an average of $200 million per year, despite
moderate declines in 1948 and 1949.
The growth in demand deposits was not uniform
throughout the district, deposit volumes having risen
in only seven of the fourteen areas.3 Of the remaining
seven geographic areas, three showed little change
and four had declines in deposit levels ( see map and
tables, pages 52 and 53),
The seven rural areas show a slight gain, while the
seven metropolitan areas show little net change in
deposits during 1953. This is the reverse of the trend
for the 1946-1952 period when the rate of growth was
3
For a geographic analysis of deposits the district is divided into four,
teen sections. These deposit areas are combinations of economic areas of
the Bureau of Census and are composed of the seven metropolitan areas
and seven other regions. The names of counties contained in each of these
areas can be obtained upon request.
The expansion of deposits at rural-area banks cen
tered in the cotton-growing regions of the district,
but moderate gains were also recorded in the north
ern and eastern sections.
A number of agricultural factors help to explain the
deposit growth in these nonmetropolitan banks. De
spite prolonged drouth and generally unfavorable
prices, farmers in these regions had, on balance, a
comparatively good year. Prices were lower for cot
ton, but district production rose to nearly 45a million
bales, an increase of 13 per cent over the previous
year. Price declines in both wheat and rice were
more than offset by increased production for these
commodities to all-time peaks. Although tobacco
production declined, average prices received were
higher. Hog and soybean prices rose considerably.
On the other hand, farmers whose incomes were de
pendent on beef cattle and pasture programs were
adversely affected by both drouth and price declines.
In southern Arkansas deposits increased as a result
of the activity stemming from the new oil discoveries.
Too, in some nonmetropolitan regions there was an
increase in industrial activity which required larger
working balances in commercial banks, and banks in
most regions received some increases in accounts of
nonprofit institutions.
. . . were partly offset by declines in two others.
There were two nonmetropolitan areas in the
central section of the district, however, that reported
slight contractions in demand deposits during 1953.
One of these areas was the Ozark region of northwest
Arkansas and southern Missouri. The other, described
as the coal, chemicals, and oil area, although agricul
ture is important, covers southern Illinois and west
ern Indiana and Kentucky.
The deposit declines for the two areas reflected in
part the unfavorable weather and the price declines
of farm products. The prolonged drouth—in some
areas for the third straight year—covered most of
these counties. The drouth adversely affected output
of soybeans and beef cattle, which are especially im
portant in these areas.
Page 51
DEPOSIT CHANGES IN 1953 BY AREAS
CORN
BELT
FARMIJMG
V
ST. LOUIS
EVANSVILLE
LOUISVILLE
C O A L , Gj H' EMI CALS
A NUf 0{ L
SPRINGFIEID
TOBACCO
A ND
LIVESTOCK
M tAM tO PE POSITS OF f NOIVI DUALS, PARTNERSHIPS, AND
CORPORATIONS IN THE CIGHTM
FEDERAL
MEMPHIS
(ALL
LITTLE ROCK
RESERVE
DISTRICT
BANKS)
Lftftf them 0 . $ %
DELTA
AND
cfcflnf*
COTTON
AND
LIVESTOCK
COTTON
RIC E I
1 .0 % D«cr«dt«
TABLE 1
D EM A ND
DEPOSITS OF IN DIVIDU A LS, PARTNERSHIPS A N D C O RPO RA TIO N S
A ll Banks in Eighth Federal Reserve District by Areas
(D ollar amounts in millions)
L ou isville............................................
M em phis............................................
Little R o c k . . , ................................
E v a n sv ille ..................................... ..
Springfield.........................................
Fort Sm ith.........................................
Total— Metropolitan A reas.......... . . .
Corn Belt F arm ing........................
C oal, Chemicals and O i l ...............
T ob a cco and L ivestock .................
Ozark R e g io n ..................................
Lum ber and O i l .............................
Delta Cotton and R ic e .................
Cotton and L ivestock ....................
T otal— Rural A rea s.................
____
D ec. 31,
1946
D ec, 31,
1947
D ec, 31,
1948
D ec. 31,
1949
Dec. 31,
1950
Dec. 31,
1951
D ec. 31,
1952
D ec. 31,
1953
$
4 1.8
36.7
$1,573.9
$1,034.8
301.8
234.2
80.1
68.3
46.2
37.3
$1,802.7
$ 1,142.0
320.4
261.8
84.1
81.0
4 6.5
37.6
$1,973.4
$ 1,1 38 .3
323.9
258.8
84.8
79.5
4 3.7
35.6
$1,9 64 .6
$1,180.9
311.6
264.8
88.0
80.9
45.0
37.5
$2,008.7
$1,324.6
351.9
2 95,6
95.7
84.1
50.0
39.5
$2,241.4
$1,397.0
382.3
298.2
102.9
87.6
53.4
42.5
$2,363.9
$1,461.2
398.4
308.4
110.9
104.7
53.6
43.1
$2,480.3
$1,460.8
409,8
312.2
106.2
100.6
53,7
43.2
$ 2,486,5
$
$
552.8
430.9
292,2
290.4
138.1
304.7
294.6
$2,303.7
$
578.2
4 52.2
309.8
273.9
143.3
321.7
300,0
$2,379.1
$
565.7
4 45.8
306.8
264.6
149.8
330.1
298.3
$2,361.1
$
558.8
430.5
289.0
249.9
144.2
G iu.y
271.3
$2,254.6
$
585.6
4 26.2
287.1
258.4
154,1
333.4
271.8
$2,316.6
$
627.8
474.4
322.5
287.4
156.6
334.0
294.1
$2,496.8
$
649.5
512.3
323.7
299.3
164.7
345.4
311.3
$2,606.2
$
662.3
502.8
326,1
290,2
166,1
361.6
320.5
$2,629.6
$4,106.4
$4,352.5
$4,325.7
$4,263.3
$4,558.0
$4,860.7
$5,086.5
$5,116.1
891.2
271.1
194.0
482.3
.
.
270.7
.
.
133.4
247.6
____$2,073.4
T otal— D istrict.................................. . . .
Page 52
D ec. 31,
1945
$3,647.3
Another factor accounting for some of the deposit
losses was the continued decline in coal mining
activity in the Herrin-Murphysboro-West Frankfort
region in Illinois, the Vincennes area in Indiana, and
the Madisonville region in Kentucky. Coal produc
tion in Illinois has dropped sharply in recent years,
1953 production being 40 per cent below the 1944
peak. Since alternative employment opportunities
have not offset the declines in mining, these areas
suffered from considerable unemployment.
Finally, deposits in banks in the Paducah, Ken
tucky, area declined during 1953 as the huge construc
tion projects came nearer completion. This develop
ment was in marked contrast with the sharp gains of
other recent years resulting from the rapid industrial
ization of the region.
In the large cities deposits changed little on balance, . , ,
During 1953 deposits of businesses and individuals
rose only $6 million (about one-fourth of one per
cent) at banks in the seven metropolitan areas of the
district. Banks in the St. Louis, Springfield, and Fort
Smith areas had virtually no net change. Banks in
Louisville and Memphis reported moderate gains,
while those in Little Rock and Evansville reported
losses.
At banks in the St. Louis area, moderate gains in
accounts of manufacturing and mining concerns and
financial houses were matched by net withdrawals by
public utilities and trade firms. The lack of deposit
growth in both the Springfield and Fort Smith areas
TABLE II
CHANGES IN DEMAND DEPOSITS OF INDIVIDUALS,
PARTNERSHIPS AND CORPORATIONS
All Banks in Eighth Federal Reserve District by Areas
(Dollar amounts in millions)
Change from
1945 to 1953
Amount Per Cent
$— 0.4
+ 11.4
+ 3.8
— 4.7
— 4.1
+ 0.1
+ o.i
-0 -%
+3
+ 1
—4
—4
-0 ~
-0 -
912.6 + 5 8 %
$+
-0™ %
Corn Belt F arm ing................. . . . $ +
. . .. +
Coal, Chemicals and Oil
T obacco and L ivestock ......... . . . +
Ozark R e g io n ..........................
Lumber and O i l ..................... . . . . +
. . ..
+
Delta Cotton and Rice
.
. +
Cotton and L ivestock ............
180.0
101.9
55.4
25,2
32.7
114.0
47.0
+37%
+ 25
+20
+ 10
+25
+46
+ 17
$ + 1 2 .8
— 9.5
+ 2.4
— 9.1
+ 1.4
+ 16.2
+ 9.2
+2%
■— 2
T otal— Rural A rea s................ . . . . $ +
5 56.2 + 2 7 %
$ + 2 3 .4
+ 1%
$ + 1 ,468.8 + 4 0 %
$ + 2 9 .6
+ 1%
+
- . - • +
Little R o c k ............................... . . . +
E vansville.................................. . . . . +
Springfield.................................. . . . . +
Fort S m it h .............................. . . . . +
5 69.6
138.7
118.2
31.6
36.1
11.9
6.5
Total—
Metropolitan A reas..........
. . .
. . .
$+
...
Total- -District
...................
■
+64%
+51
+ 61
+42
+56
+28
+ 18
Change from
1952 to 1953
Amount Per Cent
6.2
+ 1
—3
+ 1
+5
+3
was partly the result of the prolonged drouth in their
surrounding territories.
. . , expanding at Louisville and Memphis, . , .
Demand deposits of individuals and businesses in
the Louisville area banks rose 3 per cent during 1953.
The growth reflected the addition of several new
plants in the area and the expansion of others. These
factors generally tending to add to deposit volumes
were offset, in part, when late in 1953 there were cut
backs in durable goods production, particularly that
of defense industries and farm machinery manufac
turers.
Memphis area banks received a small (one per
cent) net gain in demand deposits of individuals and
firms over the year. A fairly sharp seasonal drop in
the spring was more than offset by a growth in the
fall. The net gain centered in deposits of merchants,
primarily dealers in cotton. Accounts of manufac
turers, and public utilities were likewise up. On the
other hand, large personal accounts fell in Memphis.
. . . declining at Little Rock and Evansville.
In contrast to gains at Louisville and Memphis,
deposits in banks of the Little Rock metropolitan area
declined 4 per cent during 1953. This loss of deposits
reflected a net flow of funds out of the area—probably
temporary—rather than either a moderation of busi
ness activity or a bank credit contraction. Employ
ment in the city was at an all-time peak in December,
1953. The dollar volume of checks drawn on local
banks, another business indicator, was 3 per cent
higher in 1953 than in 1952, and, at the same time,
banks in Little Rock increased their loans 20 per cent.
Deposits also contracted 4 per cent in the Evans
ville area during 1953. The deposit loss in Evansville
w7as apparently occasioned by curtailment in the pro
duction of aircraft parts and refrigerators, and by
reduction of automobile assembly. Manufacturing
accounts were clearly affected by these cutbacks, and
those of individuals and other businesses generally
reflected the decline in employment.
Use of the money supply, as estimated from the
turnover of demand deposits, was somewhat greater
in 1953 than in any other postwar year.
It is estimated that approximately 90 per cent of
total payments, by dollar amount, are made by trans
ferring demand deposits. Demand deposits, except
interbank and Government, at reporting banks in 22
cities of the district turned over 20.1 times in 1953. In
1952, these deposits were somewhat less active, turn
ing over 19.4 times. The increase in deposit activity
from 1952 to 1953 continued the postwar growth in
Page 53
the rate of deposit use, which was interrupted only
twice—in 1949 and 1952.
TABLE III
RATE OF TURNOVER OF DEMAND DEPOSITS
EXCEPT INTERBANK AND
GOVERNMENT
1945
1946
1947
1948
1949
1950
1951
1952
1953
22 Cities in Eighth District
—
—
—
—
—
—
—
—
—
14.8
15.9
16.9
18.2
17.3
188
19.6
19.4
20.1
This higher rate of deposit turnover, coupled with
the moderate increase in level of demand deposits
over the year, resulted in a larger volume of money
payments (or transfers) in the Eighth District during
1953 than in any previous year.
In terms of ownership of demand deposits, the
1954 Survey showed little change over the
survey year, . . .
Just as there was very little change in the volume
of demand deposits of individuals, partnerships, and
corporations, shifts in ownership between the prin
cipal groups of demand deposit holders were only
moderate from January, 1953 to January, 1954. Own
ership patterns—both districtwise and nationally—are
measured once each year by the Federal Reserve Sys
tem with the cooperation of member and nonmember
banks. Results of the 1954 survey, which introduced
a new sampling procedure (see box below ), have
recently become available.
.. . either dollarwise . . .
The dollar balances rose in all major classifications
of ownership except public utilities and personal
accounts, the gains ranging from less than 2 per cent
in trade accounts to 8 per cent for manufacturing and
mining concerns. Public utilities accounts declined 7
per cent and personal accounts 2 per cent.
Deposits of concerns in the trade category—retail
ers, wholesalers, and dealers in commodities—were a
little higher than a year earlier. Accounts of corporate
businesses in this group were up, but the increase was
largely offset by a decline in those of the unincorpo
rated firms. Financial concerns increased their bal
ances roughly 2 per cent over the year. The increase
in these deposit accounts was apparently related to
the continued growth of most financial institutions
and the consequent need for greater working bal
ances. Accounts of construction companies and the
miscellaneous nonfinancial businesses, including serv
ices and professions, were 3 per cent higher than in
January, 1953. Deposits of nonprofit organizations
also rose faster than deposits generally over the sur
vey year, with an increase of 5 per cent as compared
with less than one per cent for all demand deposits
of individuals and businesses. Nineteen hundred fiftythree was the fourth consecutive year in which these
REVISION OF THE DEPOSIT OW NERSHIP SURVEY
I
N EACH OF RECENT YEARS the Federal Reserve Sys
tem with the cooperation of member and nonmember
banks has made a Deposit Ownership Survey covering de
mand deposits of individuals, partnerships, and corporations.
For the 1954 Survey the method of collecting the data has
been revised. The new procedure has been adopted in order
to reduce the work load for respondents, to adapt the survey
to special analyses of individual banks’ deposits, and to im
prove the district estimates.
Formerly, reporting banks, of which there are approxi
mately 200 in the district, were asked to total their indivi
dual, partnership, and corporate demand deposits for each
type of ownership. To hold down the reporting burden,
banks excluded their small accounts (ranging in size from
under $1,000 to under $10,000, depending on the size of
tfce bank). By using these and certain supplemental reports,
the Reserve Bank then estimated the ownership of deposits
for the district.
Under the revised system, the reporting bank lists certain
accounts. (It is not asked to total these deposits by type of
owner, this work being transferred to the Reserve Bank,) In
contrast to the former procedure, small as well as large ac
counts are covered by the reports. All the larger accounts
are now reported, as in the past, but there are fewer of
them since the minimum size has been increased (ranging
from $3,000 to $25,000, depending on the size of the
Page 54
bank).
The smaller accounts, however, are now sam
pled in each bank’s report. The size of the sample in the
1954 Survey varied from about 25 per cent to 5 per cent,
depending on the size of the bank. The sample was selected
by assigning the reporting bank a section of its alphabetical
ledger. Totals of demand deposits of individuals, partner
ships, and corporations, by type of owner for the district, are
then estimated by projecting these returns.
The new method, since it samples the ownership pattern of
the smaller deposits which were formerly partly estimated,
improves to some extent the accuracy of the Survey. Thus,
a small part of the indicated changes in deposit ownership
from the 1953 Survey to the 1954 Survey may be due to the
change in procedure. However, this possibility of error was
lessened by revising the results of the 1953 Survey in light
of the data which now have become available.
In addition to providing the information needed for the
regular Deposit Ownership Survey, the new procedure
makes it possible for reporting banks to obtain, upon
request, further data for their own purposes with relatively
small increases in time and labor on their part. A few dis
trict banks included in their 1954 Survey report items of
local interest, such as activity in their deposit accounts or
the residence of the depositor. These data permitted special
analyses to be made of the deposit structure of the reporting
banks.
accounts rose faster than deposits in the district gen
erally. The number of nonprofit accounts, which inTABLE IV
ESTIMATED OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS,
PARTNERSHIPS AND CORPORATIONS
All Banks in Eighth Federal Reserve District
(Dollar amounts in millions)
January
1954
Total business.................................... $2,248
Corporate business......................
1,521
Noncorporate business..............
727
Manufacturing and m ining. . .
Public U tilities.............................
T ra d e ................................................
Construction and other
nonfinancial...............................
Financial .......................................
January
1953
Revised
Amount
Change
Per Cent
$2,181
1,497
684
$+67
+24
+43
+ 3%
+ 2
+ 6
710
196
722
655
210
711
+55
— 14
+11
+ 8
— 7
+ 2
291
329
283
322
+
+
+ 3
+ 2
8
7
N onprofit..............................................
219
209
+10
+ 5
Total personal...............................
Farm ers...................................... .
Others..............................................
2,4 1 5
566
1,849
2,4 6 7
593
1,874
— 52
— 27
— 25
— 2
— 5
— 1
All oth er............................................
52
T o ta l................................................ $4,934
43
$4,9 00
+
$+34
9
+21
+
1%
elude hospitals, religious organizations, charities,
labor unions, private schools and colleges, veterans'
and farmers* organizations, and clubs of all kinds, is
large. The consistent dollar increase in these accounts
probably reflects the growth in activity of nonprofit
organizations. This growth has been stimulated by
high levels of personal income and, for some organiza
tions, by comparatively high tax rates which have
encouraged donations. The 8 per cent expansion in
dollar holdings of manufacturing and mining com
panies, over-all, reflected increases in these accounts
in all size-groups of banks. The unincorporated com
panies apparently fared well and their balances
soared, percentagewise; but corporate accounts in
the larger banks moved up only one per cent. The
“all other” classification, accounting for barely one
per cent of individual, partnership, and corporation
demand deposits in the district, rose sharply per
centagewise. This category includes funds deposited
by the trust departments of banks in the commercial
banking departments, and deposits of nonbanking in
stitutions and individuals domiciled outside the United
States.
Personal accounts slipped a little, 2 per cent, and
showed the first decline since the survey year ended
January, 1949. Slightly more than half of the dollar
decrease in these accounts represented a reduction
in the balances of farmers. Percentagewise, however,
farmers' deposits were off 5 per cent as compared
with the one per cent for other individuals. As noted
earlier in the analysis of deposits by areas, the for
tunes of farmers varied from place to place. The de
cline in the accounts of other individuals, while rela
tively small, was a break in the upward trend, but
should be viewed in the light of the fact that these
deposits had moved up substantially in the previous
survey year. Public utility accounts, including de
posits of railroads and other transportation and com
munications as well as other public utilities, were
down 7 per cent from the preceding survey date. A
drop occurred in balances at all size-groups of banks
but was sharpest at the larger banks.
*.. or in distribution of the totalt
As a share of the total of individual, partnership,
and corporation demand deposits in the district, busi
ness deposits gained and personal accounts lost, the
swing being only slightly more than one percentage
point in each case. Manufacturing and mining ac
counts gained a percentage point in the distribution;
farmers’ and other personal accounts each lost just
less than a point. All other changes were less than
one-half of a percentage point up or down. Rela
tively, it appears that no one type of holder gained or
lost much ground in the last survey year.
N orm an
N orm a
N . B ow sh er,
L ynch.
Page 55
\
Survey of Manufacturers’ Capital Investment Programs^
in the St. Louis Metropolitan Area
1953 and 19
APITAL OUTLAYS of $166 million during 1954
are planned by manufacturing firms in the St.
Louis metropolitan area, according to a recent survey
conducted by this Bank. These projected expendi
tures for plant and equipment are 9 per cent less than
actual outlays in 1953, estimated at $182 million. How
ever, this decline approximates the 7 per cent reduc
tion in capital outlays from 1953 expected nationally
according to a survey conducted in February and
early March by the United States Department of
Commerce and the Securities and Exchange Commis
sion.
Since the present survey is the first of this type made
at the local level in the St. Louis area comparable
data for recent years are not available. However,
comparison can be made with figures from the last
C e n s u s o f M a n u f a c t u r e s which showed new plant
and equipment outlays of $119 million for the area
in 1947, The current survey indicates that outlays in
1953 and those planned for 1954 are substantially
larger than in 1947, reflecting both higher construc
tion and equipment costs and a greater volume of
construction and equipment put in place. Such cap
ital outlays1 by local manufacturers in 1953 were 45
per cent greater than in 1947, compared with a na
tional increase of 41 per cent over the same period.
In 1954, factors responsible for the high rate of cap
ital investment during recent years will evidently con
tinue with only slightly less force. Demand for some
products is still quite large, despite the recent decline.
Some investment programs require several years to
complete and once begun are usually continued with
out major alterations. In addition, a substantial por
tion of proposed investment consists of projects
planned under the defense mobilization program.
And replacement of existing machinery and equip
ment is apparently even greater this year than in 1953.
The accuracy of the forecast of 1954 investment de
pends, of course, in large part upon whether manu
facturers carry out their plans. There are substantial
C
1 E x c l u d e s o u t l a y s fo r u s e d p l a n t a n d e q u i p m e n t .
Page 56
reasons to believe that they will. A Department of
Commerce survey showed that investment plans
would not be appreciably affected by a moderate de
cline in business activity. In addition, a major part of
the outlays planned are by large firms which have
long-range programs and can finance them either
from their own funds or arrange for funds from out
side sources. Another study undertaken by the Fed
eral Reserve Bank of Philadelphia in March found
that only 15 per cent of the manufacturers in the
Philadelphia metropolitan area had curtailed their
capital spending plans of last fall and almost onefourth had increased their capital programs.
While total investment planned by St. Louis area
manufacturers in 1954 will be about 9 per cent less
than in 1953, some industries will outlay substantially
more. The largest increase is planned by transporta
tion equipment manufacturers, including aircraft, au
tomobile assembly and parts producers. Investment
in this industry is expected to increase from $15 mil
lion in 1953 to $43 million in 1954. Investment for
plant and equipment by printing and publishing firms
is expected to total $4.3 million, an increase of 60 per
cent from 1953 outlays. Capital programs of fabri
cated metal plants are scheduled to increase from
$5.7 million in 1953 to $7.7 million this year.
In contrast to the expansions, declining investment
programs are scheduled by both durable and non
durable goods manufacturers. The largest dollar de
crease is planned by primary metal producers, who
expect to spend only $19.8 million this year compared
with $39.4 million last year. Other substantial reduc
tions are planned by electrical machinery manufac
turers, lumber and furniture manufacturers, chemical
producers and petroleum refiners. Smaller cutbacks
are scheduled by food and beverages, nonelectrical
machinery, and leather and leather products manu
facturers. The expenditure relationships are summar
ized in the table opposite.
A relatively small investment for the shoe industry
is shown by the table, reflecting the lack of expan
sion in the metropolitan area and the fact that much
of the shoe machinery is rented by the manufacturer
rather than owned.
While firms were asked to indicate the investment
on both new plant and new machinery and equip
ment, many firms were unable to give separate fig
ures. Purchases of existing plant and used equipment
acquired from others totaled $9.6 million in 1953 and
were expected to decline to $7.5 million this year.
Increased capacity
About one-half of the firms responding said that
their capacity was increased in 1953 as a result of the
investment programs. Likewise, about the same num
ber indicated that the proposed investment in 1954
would add to their plant capacity. Other expendi
tures were for the reduction of operating costs, im
provement of the quality of the product, or the re
placement of existing equipment.
funds; they provided an estimated $2.5 million in 1953
and are scheduled to provide only $3.0 million this
year. “Other” sources of capital funds provided $17
million or 9 per cent of the total in 1953 and plans to
obtain about $30 million or 18 per cent of the total
from such sources were indicated for 1954.
Employment forecast
Firms were also asked to indicate their expected
employment for June and December 1954. In general,
employment is expected to be maintained close to
levels existing in November 1953. Some declines were
anticipated by food processors, primary metal pro
ducers and electrical equipment manufacturers. Gains
were expected by transportation equipment and paper
products manufacturers. Other industries expected
little change.
Confidence may be gained from the stability of the
employment forecasts made when business activity
had already been declining for several months.
Source o f Funds
Scope of Survey
Most of the funds for capital outlays in 1954 will
be obtained from company resources, corresponding
to 1953 practice. In 1954 about $131 million or 78
per cent of the total investment is scheduled to be ob
tained from internal sources, compared with $128
million or 71 per cent of the total investment in 1953.
The share of capital financing from banks, however,
will apparently be greatly reduced in 1954. Sched
uled financing this year calls for only $3 million from
such credit sources compared with $33 million in
1953. Security issues of stocks and bonds will play a
relatively insignificant role as a source of capital
The survey covered plant and equipment expendi
tures for manufacturing establishments located in
the St. Louis metropolitan area ( City of St. Louis, St.
Louis and St. Charles counties in Missouri, Madison
and St. Clair counties in Illinois). Respondents were
asked to report only capital expenditures actually in
curred during 1953 (and expected in 1954) charge
able to the fixed assets accounts for which deprecia
tion accounts are ordinarily maintained. Machinery
and equipment purchased for replacement purposes
as well as additions to capacity were to be included.
ESTIMATED CAPITAL EXPENDITURES
ST. LOUIS METROPOLITAN AREA, 1953 AND 1954
(Millions o f dollars)
Industry
Actual
Outlays,
1953
All manufacturing.......................
$181.6
Food and beverages................ . 16.1
Lumber and furniture............
3.5
Printing and publishing.........
2.7
Chemicals...................................
24.0
Petroleum and coal products. .
Leather and leather products
Primary metals..........................
Fabricated metals...................
Machinery
(excluding electrical).........
Electrical machinery..............
Transportation equipment. . . .
Other.............................................
41.6
1.0
39.4
5.7
69
12.1
14.8
Planned
Outlavs,
1954
$166.4
14.3
2.0
4.3
17.6
29.9
0.8
19.8
7.7
6,3
7.4
42.9
13.4
Per cent
Change
—
9
—
—
+
—
—
—
—
+
11
42
61
27
28
17
50
35
— 9
— 39
+ 190
— 4
Questionnaires were mailed to all manufacturing
firms employing 100 or more persons in the local area,
and to a sample of smaller firms. Firms were selected
systematically from an alphabetic list of manufactur
ers compiled by the Chamber of Commerce of Metro
politan St. Louis. This list indicated the employment
size of the firm. Survey forms were sent to every
fifth listed firm employing 25 to 99 employees and to
every fifteenth listed firm employing 1 to 24 employes.
The Chamber of Commerce of Metropolitan St.
Louis further aided by authorizing a statement, in the
letter transmitting the survey forms, which stated
approval and urged the cooperation of businessmen.
Replies were received from approximately 350 con
cerns, with total employment equal to 53 per cent of
total manufacturing employment in the area. The
sample was then “blown up” to give the estimates for
all industry in the area.
W i l l i a m H. K e s t e r
Page 57
OF CURRENT CONDITIONS
Business activity during April held close
to the March level.
B u s i n e s s a c t i v i t y d u r i n g a p r i l in the
Eighth Federal Reserve District and the nation
held close to the reduced level reached in March. In
dustrial output of major products for which current
information is available remained at about the same
level as in March. Unemployment insurance claimed
at mid-April declined about the usual amount from
March. Retail trade at department stores continued at
a slower pace than a year earlier after adjustment for
the later date of Easter this year than last. Business
loans eased somewhat after the usual mid-March in
crease to accommodate tax payments. However, con
struction activitv continued at a high level, basic com
modity prices strengthened, and the April rains
helped relieve the recent deficiency in moisture in
many parts of the district.
Industrial output remained steady . . .
Steel output in the nation held fairly steady during
April at about the reduced level reached in March.
Ingot was produced at a rate of about 68 per cent of
capacity, compared with a rate of 69 per cent in
March. Automobile assembly during April increased
slightly from the March rate. Other indicators, such
as electric power production and bituminous coal
mined, showed about seasonal changes during the
month.
However, crude oil production increased
somewhat and chemical production was reported to
have improved slightly.
Industrial production in the nation during March
was at a seasonally adjusted rate of 123 per cent of
the 1947-1949 average, about 10 per cent below the
peak reached in May and July last year. During the
first quarter, output declined about one half as fast
as during the fourth quarter of 1953. So far this year,
the decline has been confined entirely to durable
goods manufactures as the output of nondurable goods
and minerals held steady.
In the Eighth District early April indicators showed
that industrial production apparently remained about
the same as in March. However, activity was mixed.
District auto assembly continued at the rate to which
it was reduced late in March, but defense production
apparently declined further. Freight interchanges at
Pase 58
St. Louis for the first nine days of the month, were
slightly below those for the similar period in March
and 12 per cent below those of last year. Southern
pine weekly lumber production moved contraseasonally during early April declining slightly compared
with early March, and averaging 12 per cent below
a year ago. The operating rate for Southern hard
woods showed only a one per cent gain, although it
was 7 per cent better than in 1953.
On the other side of the ledger, the district steel
ingot rate rose to 61 per cent of capacity for the first
four weeks of the month from 46 per cent in March.
Final figures on industrial electric power consump
tion for March show that some improvement from
February lows occurred in a number of industries,
although the over-all use declined 5 per cent. The
paper and allied products and food industries showed
considerable strength, according to this indicator.
Lumber and wood products, fabricated metals and
textiles appeared on the weak side. Compared with
the like 1953 month, use of electric power declined in
9 of the 14 industries sampled.
Through March and early April, district crude oil
production remained about the same. A small increase
occurred in coal output as mine prices dropped to
encourage summer stockpiling. The outlook was
brightened somewhat by substantial TVA orders and
the fact that stocks in retail yards were relatively low.
. . . and unemployment insurance claims
declined seasonally.
The leveling of business activity during the first
half of April was also reflected in the seasonal decline
in insured unemployment in both the nation and dis
trict after several months of more than seasonal in
creases. While there were indications in April of a
seasonal decline in the rate of unemployment, the
number of jobless had reached substantial propor
tions in a number of areas in the Eighth Federal Re
serve District in March. The Henderson, Kentucky,
Mount Vernon and Litchfield, Illinois, areas were re
cently classified as having substantial labor surpluses
as a result of rising and prospective unemployment.
Four other areas—Vincennes, Indiana; Herrin-Murphysboro-West Frankfort, Illinois; Texarkana, TexasArkansas; and Madisonville, Kentucky—continued to
be classified as areas of substantial labor surplus.
Major areas in the district—St. Louis, Louisville, Mem
phis, Evansville, and Little Rock—were classified as
having moderate labor surpluses in March. All of
the district states except Illinois, Missouri, and Indiana
coiK'iued to have higher ratios of insured unemploy
ment to covered employment than did the nation.
In the St. Louis area unemployment on April 1
reached 50,000, or about 5.6 per cent of the work
force. Additional layoffs occurred during April in au
tomobile assembly, ordnance and primary metals. In
Louisville, the number of jobless rose to about 18,500
in March. In Evansville about 700 workers were re
called at one plant during April.
Department store sales remained below
year-earlier levels . , .
Department store sales in both the nation and the
district during the first three weeks of April failed to
equal year-earlier levels after adjustment for the later
date of Easter this year.
Consumer purchases at district department stores
during March advanced less than seasonally from
February and were below those a year ago. After ad
justment for the changing date of Easter and other
factors, the seasonally adjusted index of daily average
sales in March was 109 per cent of the 1947-1949
base. In comparison, it was 112 per cent in Feb
ruary and 118 per cent in March, 1953. District fur
niture store sales during March were somewhat larger
than in February but totaled substantially less than
in March, 1953.
Inventories held by reporting district retailers
showed some gain over those a month earlier but
were at about the same level as a year earlier. Out
standing orders at district department stores at the
end of March were substantially below those of a
month ago and a year ago.
. . . and business loans declined someivhat
more than usual.
Total loans of district weekly reporting member
banks contracted in the four weeks ended April 14,
as the result of net repayments by businesses and
banks. The business loan decline was somewhat more
than seasonal, reflecting substantial net repayments
by processors and distributors of agricultural products
and public utilities. On the other hand, “other,” large
ly consumer, loans rose somewhat, reversing the trend
that prevailed from the end of December through
mid-March. Demand deposits were off at all report
ing centers in the district, but savings deposits were
up at all centers except Evansville.
On April 14, the Federal Reserve Bank of Chicago
lowered the discount rate from 1% per cent to VA per
cent and similar action was taken by most other Fed
eral Reserve Banks later in the month. This reduc
tion, the second this year, brought the discount rate
nearer to its historical relationship with other money
market rates. The lower rate makes it slightly easier
for banks to adjust their reserve positions.
H owever, construction activity remained high.
The large volume of construction begun in the first
quarter, as indicated by construction contract awards,
kept builders busy in April. Construction contract
awards in the first three months were 13 per cent
higher than in the first quarter of last year, nationally,
and were about 19 per cent higher in the district.
The large volume of contract awards in the first
quarter was accompanied by a high rate of expendi
ture for construction actually put in place during
those months. After adjustment for seasonal factors
new construction activity in the nation during the
quarter was proceeding at an annual rate of $36.1 bil
lion, which was well above the $34 billion rate fore
cast for this year. In the district, total construction
activity also continued at a high rate although below
year-earlier levels, reflecting the recent completion
or near completion of several large projects.
Total demand has decreased reflecting inventory
reductions and lower Government outlays.
Gross national product is estimated by the Council
of Economic Advisors to have declined about one per
cent further in the first quarter of 1954, making a total
decrease of 3 per cent from the peak reached in the
second quarter of 1953. Most of the $12 billion de
crease in gross national product in that period reflected
the sharp change from inventory accumulation at a
seasonally adjusted annual rate of $6.3 billion in the
second quarter of 1953 to inventory reduction at an
annual rate of about $4.5 billion in the first quarter of
this year, a net drop of $10.8 billion. Demand from
governmental agencies has also declined, primarily as
a result of the decreases in Federal outlays for na
tional security purposes. Increases in state and local
government purchases of goods and services and of
nondefense purchases by the Federal Government
have offset, in part, the decline in national security
outlays. Total Government purchases of goods and
services declined $3.2 billion from the fourth quarter
of 1953 to the first quarter of 1954. Personal consump
tion expenditures have been maintained since the sec
ond quarter of 1953 as increasing outlays for personal
services offset declines for both durable and nondur
able goods. In the first quarter of thi ^
cOaijuniv/i
spending on durable goods declined, while spending
on nondurable goods was maintained and spending
for services increased.
Page 59
The
DISTRICT
RECORD
VA RIO U S
IN D IC A T O R S
OF
IND USTRIAL
ACTIVITY
Percentage Change
Mar. 1953
Feb. 1954
March 1954
Industrial Use of Electric Power (thousands of KW H per working day, selected
industrial firms in 6 district cities) ....................................................................................
Steel Ingot Rate, St. Louis area (operating rate, per cent o f capacity) ........................
Coal Production Index— 8th Dist. (Seasonally adjusted, 1 935-1939 —1 0 0 ).................
Crude Oil Production—8th Dist. (Daily average in thousands o f bbls.) .....................
Freight Interchanges at HRs— St. Louis (Thousands o f cars -2 5 railroads Terminal
R. R. Assn.) . .........................................
...............................................................
Livestock Slaughter— St. Louis area.
(Thousands of head— weekly average—
first 4 w eeks)..........................................................................................................................
Lumber Production— S. Pine (Average weekly production— thousands o f bd. ft.), . . .
Lumber Production—S. Hardwoods. (Operating rate, per cent o f ca p a city )............
— 5
+ 21
+ 10
—0 —
— 8
— 48
— 13
+ 3
103.5
+
6
— 15
111.1
+ 12
— 2
+ 1
+ 1
— 6
+ «
11,483
46
119 p
315.3
188.8
95
*
Percentage change figures for the steel ingot rate, Southern hardw ood rate, and the coal production index, show the
elative per cent change in production, not the drop in index points or in per cents o f capacity,
p Preliminary.
BANK
March
1954
(In
millions)
Six Largest Centers:
East St. LouisNational Stock Yards,
111.
----Evansville, I nd . . . . . . .
Little Rock, Ark.
Louisville, Ky................
Memphis, Tenn.
St. Louis, Mo.
Total -S ix Largest
Centers.....................
DEB IT S1
143.7
.163.8
J 76.2
761.0
715.0
1,302.5
+24%
$4,262.2
+ 20 ";
Other Reporting Centers;
41.1
Alton, 111......... ...................$
Cape Girardeau, Mo.
14.2
El Dorado, Ark..............
30.1
Fort Smith, Ark.
56.6
Greenville, Mi ss. . . . . . .
26.9
Hannibal, Mo.
9.6
Helena, Ark.
8.6
Jackson, T e n n ,.................
23.0
Jefferson City, Mo.
. .
65.8
Owensboro, K y ...............
37.6
Paducah, K y ,...................
38.6
Pine Bluff, A rk ...............
35.8
Quincy, 111......................
37.9
Sedalia, Mo. ...................
13.7
Springfield, M o ...............
73,2
Texarkana, Ark.
18.9
T otal— Other
C enters.......................... $ 531.6
Total— 22 Centers . . $4,793.8
CASH
Percent
Change from
Feb*
Mar.
1954
1953
is
tiS
+ 26%
— 15
—20
— 40
— 7
+ 19
+ 15
+16
— 16
10
+ 12
—
— 16
— 14
+ 6
++
22
11
+ 18%
+20 %
+ 4r
—8
I!
+
FARM
(In thousands
of dollars)
Feb.,
1954
Arkansas
. $ 28,834
Illin ois.........
122,907
Indiana
..
76,290
Kentucky . .
22,627
Mississippi. .
28,770
Missouri
.
59,913
Tennessee . .
25,821
7 States
$365,162
8th Dist. . . . $159,206
tT °
ASSETS A N D
+ 5
+ 18
Assets
— 17
— 5
+ 8
— 17
_ 2
- 1 4__
+
+
4%
5%
Loans (Net)*
Business and A gricultural..........
Security................... .......................
Real Estate ..................................
Banks................................................
Other (largely con sum er).........
U. S. Government Securities.........
Other Securities...............................
Cash Assets.........................................
Other Assets......................................
Total Assets..................................
Demand Deposits of Banks. . . . .
Other Demand D ep osits.................
Time D e p o s i t s ..................................
Borrowings and Other Liabilities
Total Capital Accounts
Total Liabilities and Capital
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
Credit Sales . . .
Total Sales.
Feb., ’54
16%
84
100 %
100 %
Mar., *53
14%
86
100%
BANKS
All Member Banks
Change from
Feb. 24,
Mar. 31,
1954
1954
$1,353
705
36
255
21
354
985
190
907
38
$3,473
$— 58
— 49
+
1
- 0— 23
+ 13
— 70
+
4
+ 17
+
2
$— 105
$2,143
$—
1,942
416
1,407
60
$5,968
— 67
—
1
— 60
-0 $— 134
.
$
$ — 17
— 84
+
3
—
9
+
2
$— 105
$
$— 62
— 67
+ 10
— 13
2
$ — 134
678
1,983
524
50
238
$3,473
6
695
3,666
1,128
59
420
$5,968
_
Percentage o f Accts.
and Notes Receiv
able,
Outstanding
Stock
March 1, 1954 colStocks
Turnover lected during March.
Net Sales
on Hand
Excl.
March, 1954
3 mos. '54 Mar. 31, ’54 Jan. 1 to
compared with
to same
com p, with March 31, Instal. Instalment
Feb., ’54 Mar., ’53 period ’53 Mar. 31, *53 1954 1953 Accounts Accounts
DEPARTMENT
8th F.R. District Total .
Fort Smith Area, Ark,*. .
Little Rock Area, A rk .. .
Quincy, 111..........................
Evansville Area, Ind.
Louisville Area, Ky., In d ,.
Paducah, K y ,...................
St. Louis Area, M o., 111..
Springfield Area, Mo. .
Memphis Area, T e n n .. . .
All Other C itie s-............
-1 8
-2 1
-1 0
r 14
^19
-2 6
-2 3
-1 6
-4 7
-1 4
-3 4
— 9
— 10
— 3
— 8
— 19
— 10
— 27
— 8
— 8
— 5
— 18
— 5
— 6
— 1
— 2
— 14
— 7
— 27
__
4
— 11
— 3
— 19
STORES
.85
.80
.77
.77
18%
4
.84
.71
,79
.81
— 5
"8 5
.85
21
51
— 3
— 13
-0 — s
.88
.68
.90
.51
,88
.70
.91
.58
19
53
20
10
36
46
— 3
+ 4
— 3
_
14
19
51%
46
51
62
IN DEXES OF SALES A N D S T O C K S - 8TII D IST R IC T
Jan.
Mar.
Feb.
1954
1954
1954
83
88
Sales (daily average), unadjusted^...........................................
112
108
Sales (daily average), seasonally adjusted3 .............................
108
99
108 R
Stocks, unadjusted4 ......................................................................
117
113 R
Stocks, seasonally adjusted4 .......................................................
120
R Revised
3 Daily average 1947— 4 9 —100
4 End o f Month average 1947— 4 9 ~ 1 0 0
Trading days; March, 1954— 27; February 1954— 24; March, 1953— 26.
*
In order to permit publication o f figures for this city (or area), a special
sample has been constructed which is not confined exclusively to department
stores. Figures for any such nondepartment stores, however, are not used
in computing the district percentage changes or in computing department
FRASER
store indexes.
Digitized for
D IS T R I C T M E M B E R
1 Loan breakdowns reported gross for weekly reporting banks, not available for all m ember banks.
RE TA IL F U R N I T U R E S T O R E S
* Not shown separately due to insufficient cover
age, but included in Eighth District totals.
1 In addition to follow ing cities, includes stores in
Blytheville, Fort Smith and Pine Bluff, Arkansas;
Hopkinsville, Owensboro, Kentucky; Greenwood, Mis
sissippi; and Evansville, Indiana,
2 Includes Louisville, Kentucky; and New Albany,
Indiana.
E IG H T H
Liabilities and Capital
,cU
Net Sales
Inventories___
Mar., 1954
Mar., 1954
com pared with
compared with
Feb. ’54 Mar., *53 Feb., ’ 54 Mar., ’53
+ 6%
— 5%
8th Dist. Total1 + 8% — 1 0 %
—6
— 14
-0 St. Louis
—1
— 1
Louisville Area:i*. i i 3
+ 8
—1
+ 1
+8
Louisville
•• + 1 4
★
*
— 31
— 9
Memphis . .
—6
— 3
— 14
Little Rock
+4
—7
— 22
+ 13
Springfield.
Feb. 1954 Jan. 1954 Feb. 1953
122.7
141.9
146.6 p
Total
143.6
163.3
157.7 p
Residential
141.1
103.9
All Other
141.5 P
sasonally adjusted
159.3
186.7
191.4 p
Total
204.1
194.1
Residential
197.1 p
183.2
138.5
188.7 p
All Other
* Based on three-month m oving average
(centered on m id-m onth) of value o f awards, as
reported by F. W . D odge Corporation,
p Preliminary.
W eekly Reporting Banks
Change from
Mar, 17,
1954
Apr. 14, 1954
6
i 'l
(1 9 4 7 -1 9 4 9 -1 0 0 )
Unadjusted
(In Millions of Dollars)
+22
—
l Debits to demand deposit accounts o f individuals,
partnerships and corporations and states and political
subdivisions.
Mar., ’ 54
15%
85
L IA B IL I T IE S O F
-0 -
IN D E X O F BANK DE B ITS— 22 CENTERS
SEASON ALLY ADJU STED (1 9 4 7 - 4 9 - 100)
Mar.
Feb.
Mar.
1954
1954
1953
152.3
147.5
145.0
Cash Sales..........
IN D EX O F C O N S T R U C T I O N C O N T R A C T S
A W A R D E D E I G H T H FE DE RA L RE SE R V E D I S T R I C T *
IN C O M E
Percentage Change
Jan, thru Feb.
Feb. ’54
1954
from
com pared with
Feb. ’53 1953
1952
+ 3% + 2 7 % + 1 7 %
+ 6
+ 2
— 8
I 8
+ 6
6
— 11
+ 4
+ 1
— 32
+ 4
— 37
- 3
- 02
— 10
12
— 14
— 2% — 3% — 3%
7% — 4 % + 1%
Mar.
1953
104
118
125
122
2
Fayetteville, Pine Bluff, Arkansas; Harrisburg, Mt. Vernon, Illinois;
Vincennes, Indiana; Danville. Hopkinsville, Mayfield, Owensboro, Ken
tucky; Chillicothe, Missouri; Greenville, Mississippi; and Jackson, Tennessee.
Outstanding orders of reporting stores at the end of March, 1954, were
22 per cent smaller than on the corresponding date a year ago.
@FedFRASER