Rev Frbrich Index 1952-1973

M o n t h l y R e v i e w I n d e xFor The Year 1952

F E D E R A L R E S E R V E B A N K O F R I C H M O N D

The first number denotes the issue and the second number the page of the issue. The issues are numbered from 1 to 12, starting with January.

AGRICULTUREAgricultural Outlook for 1952, The..Drought—The Bankers’ Problem___Farm Financial Outlook____________

..1:5

.-8:6_____________________ 12:5

Farm Production and Income Prospects___________ 8:5Tobacco Exports, Prospects for Flue-Cured________4:4Tobacco Study Published__________________________ 12:6Will Farmers Plant Larger Acreages in 1952?_______4:6

Charts:Corn: Acreage, Yield, and Production_____________ 4:6Crop Production___________________________________ 8:5Farm Income_________________________________ 1:5, 12:5Farm Output and Labor Input_____________________12:6Farm Prices_______________________________________8:11Meat Consumption_________________________________ 1:6

Statistical Tables: Crop Plantings...Tobacco, United States Exports of Flue-Cured-

A :7-4:5

BANKS AND BANKING

Bank Capital—Some Thoughts on Adequacy..Bank Debits and Clearings, Study of________Banking Operations in the First Half_______Call Report, September____________________

.7:6 3:11 -9:5 .11:6 —3:8 11:3 -6:3

Check Routing Symbol Program, The_________Demand Deposits in the Money Supply________Deposit Ownership, Trends in Fifth District__District Banking Trends Reversed in

First Quarter 1952_______________________________ 6:8Member Bank Operations in 1951__________________ 3:3Membership, Admission to_________________________9:4Membership, Congress Amends Requirements for__. 9:10 Par List, Additions to_____________ 3:12, 5:12, 7:11, 8:12

Charts:Asset Structure of Member Banks _Bank Credit_______________________Bank Debits_______________________

______________ 7:8____________ 11:1.1:2, 4:1, 6:2, 12:2

Bank Deposits_____________________ _______________11:2Capital Ratios of Member Banks_______________ 7:6, 7:7Condition Report of Member Banks__________ _____3:4Earnings of Member Banks________________________3:1Demand Deposits_________________________6:1, 6:4, 11:4Deposit Turnover, Cities and District __ ... ..5:2, 11:2L oans_______________________ ______6:8, 9:5, 11:6, 12:2Profits, Member Banks_____________________________ 9:6Securities, United States Government______________ 6:8

Statistical Tables:Assets and Liabilities, 50 Reporting

Member Banks____________ 1:10, 2:15, 3:11, 4:11, 6:11,7:10, 8:10, 9:11, 10:10, 11:10, 12:10

Assets and Liabilities, Member Banks-3:5, 6:9, 9:7, 11:7Bank Debits___________ 1:10, 2:15, 3:11, 4:11, 5:12, 6:11,

7:10, 8:10, 9:11, 10:10, 11:10, 12:10Demand Deposits______________________________ 6:3, 6:4Earnings and Expenses, Member Banks____________ 3:3Loans, Member Banks_________________________3:4, 6:8Profits, Member Banks_____________________________ 3:3

BUSINESS CONDITIONSBusiness Conditions and Prospects___1:9, 2:14, 3:9, 4:3,

5:8, 6:6, 7:9, 8:9, 9:10, 10:9, 11:9, 12:9 Fifth District Growth in Business Population

Outstrips Nation_________________________________ 9:3National Summary

of Business Conditions________ 1:12, 6:12, 7:12, 10:12,11:12, 12:12

Charts:Business Failures______________________________ 1:2, 8:2Business Firms, Number and Kind_________________ 9:1Business Population, Growth of___________________ 9:4

Statistical Tables:Selected Fifth District Business Indexes_____1:11, 2:16,

3:12, 4:12, 5:12, 6:11, 7:11, 8:12, 9:12, 10:11, 11:11, 12:11

CONSTRUCTIONConstruction: Total Contract Awards Up 39%_____2:7

Charts:Building Contract Awards, Total______2:7, 4:2, 9:2, 10:2Building Contract Awards, Residential____4:2, 7:2, 10:2Building Permits___________________________________ 6:2Commercial Construction Contracts________________ 7:2

Statistical Tables:Building Permit Figures_____1:11, 2:16, 3:12, 4:12, 5:12,

6:11, 7:11, 8:12, 9:12, 10:11, 11:11, 12:11

FINANCE, PUBLICMunicipal Bond Financing,

Recent Developments in_________________________8:7State and Municipal Borrowing

at Record Level in Fifth District_________________ 3:6

Charts:Comparative Bond Yields_________________________ 3:7

Statistical Tables:State and Municipal Bond Offerings_______________ 3:6

Digitized for FRASER Federal Reserve Bank of St.Louis

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONTHLY REVIEW INDEX FOR THE YEAR 1952

FINANCE, TREASURYT a x Anticipation Bills—A Buy for Bankers -12:7 Treasury Launches Deficit

Financing P rogram __________________________________ 0:5

Statistical Tables:Net Sales of Series E -H Savings Bonds T ax Anticipation Bills, Transactions in....

12:412:8

INCOMEIncom e Payments at N ew Peak, 1951 _________ 10:3

Charts:Incom e Paym ents_______________________________10:1, 10:5

Statistical Tables:Incom e Paym ents_________________________10:3, 10:4, 10:5Income, Personal_______________________________________ 9:9Income, Sources_______________________________________ 10:5

INSURANCE, LIFECharts:

Life Insurance Sales..

MANUFACTURING

1:2, 7:2, 9:2

7:3Cotton Takes a L o o k at Its Customers_________Cotton Textiles: Outlook Better

After ’51’s Setback___________________________________ 2:9Furniture: Boom , Slump, and R ecovery_________ __2:5H osiery : Demand Below Expectations_____________ 2:3Paper: District ’s Expansion Continues______________2:8Rayon : Production Up, Shipments D o w n ___________ 2:4T ob a cco : Cigarette Output at Record H ig h _________2:6W o o len and W orsted Textile D evelopm ents_________1:3

Charts:Cigarette _____________________ __________ 1:2, 2:6, 8:2, 11:2Cotton _______ 2:9, 3:2, 4:2, 6:2, 7:1, 8:2, 9:2, 10:2, 11:2Furniture ________________________________________________2:5H osiery_________________________________________1 :2, 2 :3, 4 :2Paper and Paperboard__________________________________ 2:8Rayon ________________________________________________ . 2:4W o o le n and W o rs t e d __________________________________ 1:1

Statistical Tables:Cotton_________________________________________ 7:3, 7:4, 7:5

W o o len and W ors te d _______________________________ 1 :3

MININGCoal: Fifth District Production up 12 .6% ___________ 2:2

Charts:Bituminous Coal_______________________ 1:2, 2:2, 6:2, 10:2

M ONEYCurrency and Coin in the M oney Supply . 10:6Currency and Coin, Kinds o f_____ ___________________ 10:8Demand Deposits in the M oney Supply____________ 11:3M on ey Supply, Comments on the Rising [o f ] _____ 8:3

Charts:Currency and Coin in Circulation___________ _10:6, 10:7

M oney Supply_______________________________8:1, 8:4, 11:1

NEWSBRIEFSFifth District Newsbriefs-

PRICESCharts:

Consumer Prices_________

..1:7, 2:12, 4:8, 5:10, 6:10

.8:1

R ETAIL TRADEDepartment Store Sales as a Forecasting Aid______11:8Department Store Sales Index Revision___________ 2:10Retail Credit Trends During 1951__________________ 5:6

Charts:Car Registrations______________________________ 7:2, 9:2Department Store—Instalment Sales_______________ 7:2Department Store— Outstanding Orders___4:2, 8:2, 11:2Department Store—Receivables____________________ 3 :2Department Store Sales_________ 2:10, 2:11, 3:2, 4:1, 6:2,

8:2, 9:2, 10:2, 11:2Blouses, Skirts, and Sportswear__________________ 3:2Children’s and Women’s Hosiery________________ 3:2Homefurnishings _______________________________ 12:2Juniors’ and Girls’ Wear__________________________3:2Men’s and Boys’ Wrear__________________________12:2Women’s and Misses’ Apparel and Accessories___12:2

Gasoline Consumption______________________________ 9:2Retail Furniture Store Sales._4:2, 6:2, 7:2, 8:2, 10:2, 12:2,

Statistical Tables:Department Store Operations_____1:11, 2:16, 3:12, 4:12,

5:12, 6:7, 7:11, 8:12, 9:12, 10:11, 11:11, 12:11Inventories _______________________________________5:11Retail Accounts Receivable________________________5:11Retail Furniture Sales___ 1:11, 2:16, 3:12, 4:12, 5:9, 6:7,

7:11, 8:12, 9:12, 10:11, 11:11, 12:11 Retail Sales___________________________________ 5:6, 511

SAVINGSPersonal Savings: Key to Stability________________ 9:8Savings, Fifth District_____________________________ 12:3

Charts:New Savings_____________________________________ 12:1Personal Saving, Rate of___________________________ 9:8

Statistical Tables:Savings by Individuals_____________________________9:9Savings, Selected Types of___________________ 12:3, 12:4

U TILITIESPower Behind the Growth

of the Fifth District Economy, The______________ 5:3Charts:

Electric Energy, Production________________________5:1Statistical Tables:

Electric Energy, U sers____________________________ 5:5Electric Power, Generation_________________________5:4

W H O LESALE TRADEStatistical Tables:

Wholesale Trade________1:11, 2:16, 3:12, 4:12, 5:9, 6:11,7:11, 8:12, 9:12, 10:11, 11:11, 12:11



M o n t h l y R e v i e w I ndexFor The Year 1953

F E D E R A L R E S E R V E BANK OF R I CHMOND

The first ymmber denotes the issue and the second number the page of the issue.

The issues are numbered from 1 to 12, starting with January.

AGRICULTURE

District Agriculture Shows ImportantLong-Run Gains ___ __________ ________ ___ _______ .7:5

Farmers Make 1953 Production Plans AgainstBackground of Lower Farm Prices....... ........ .......... 4:3

l*armers May Find It Discouraging But Helpful to Look A head_____ _________ _____12:3

Charts:

Cotton Prices __________________ _____ _____________ ...3:2

Dairy Incom e____ ______________ ________ _________.12:4

Farm Balance Sheet........ .... ....... ...... .............. .......... 12:1

Farm Prices ___ __ _____________ ___ _______ _ ...4:1, 12:3

Ranking Agricultural Counties _____ ___ ____________ 7:5

Statistical Tables:

Crop Plantings_____________ ___ __________ _________...4:5

Farm Cash Receipts __ ________________ ________...4:4

Farm Prices ...... .............. ....... ................ ............... .......... 4:3

b a n k s a n d b a n k i n g

Bank Earnings, 1952— Fifth District ...... - ..... .. ......-3:3

Bank Lending in the Fifth D is tr ic t...... ................ ...... 5:3

Business Loans, Wholesale and Retaillrade Boost District’s _________ _________ ____ __...5:9

CCC Loans, Certificates of Interest__ _________ __ ..11:8Call Report, April .... ..... ..... ................ ................ ...... ...6:8

Consumer Credit Takes the Spotlight.......................... 5:6

^lJ?'tsT Statistics, An Important Announcement—To Users of .............. .................... .............. ..................4:9

Remand Deposits— Downtrend in the First H a l f .......8:5

Deposit Ownership, Trends in Fifth D istr ic t.............6:6

District Banking— First Half 1953 __ _______ ___9:7

Government Securities— Important Assetfor District Bankers ......... ........ .......... ..... ............... 10:7

Loan Trends in the Fifth District, A Review o f .......1:7

Operating Ratios— “Average” Fifth District -1 ember Bank Reports Loan/Assets Ratio Down .................. ........ ..... 1:6

Par Lists, Additions t o __ ___ _ ____ __ 2:11, 11:8, 12:9

Real Estate Lending by Commercial Banks ... ..........5:7

eserves: Key Factor in Commercial B ank ing_____ 4:6

Charts:

Asset Structure of Member Banks _______ ___1:6

Bank D eb its ......... ............ . 1:2, 5:2, 7:2, 10:2, 11:2, 12:2

Bank Deposits .... __ _ ____ _________ _____4:6

Bank Reserves___________' ._____ _______ ___ ____ 4:6, 4:8

Larnings and Expenses, Member B anks---------3:1

Discounts by Member Banks___ ____________________ 4:8

Government Securities of Member B anks ........ ........ 10:8

Loans ..........1:7, 1:8, 5:1, 5:3, 5:4, 5:5, 5:6, 5:8, 5:9

Statistical Tables:

Assets and Liabilities, 50 ReportingMember Banks ..... . 1:10, 2:11, 3:10, 4:11, 5:11, 6:10,

7:11, 8:10, 9:10, 10:10, 11:10, 12:10

Assets and Liabilities, Member Banks .3:4, 6:8, 8:6, 9:8

Banks Debits .............. .1:10, 2:11, 3:10, 4:9, 4:11, 5:11,6:10, 7:11, 8:10, 9:10, 10:10, 11:10, 12:10

Demand Deposits ............ —.......— — 6:6, 6:7

Earnings and Expenses, Member Banks 3:3, 9:7

B U SIN ESS C O N D IT IO N S

Business Competition and Failures 11:6

Business Conditions and Prospects 1:9, 2:10, 3:9, 4:10, 5:10, 6:9, 7:10, 8:9, 9:9, 10:9, 11:9, 12:8

National Summary of Business Conditions 1:12

Words— From the Forecasters' Dictionary 11:3

Charts:

Business Failures, Number 1:2, 8:2, 9:2, 11:6

Business Failures, Current Liabilities 11:7

Business Incorporations, New 5:2

Indicators, Business % Change 1952/51 2:1

Statistical Tables:

Failures by Industrial Group, Fifth District 11:6

Failures by States, Fifth District .................... H ‘7

Selected Fifth District Business Indexes 1:11, 2:12, 3:11, 4:12, 5:12, 6:11, 7:12, 8:11,

9 :11, 10 :11, 11 :11, 12:11CO N ST RU C T IO N

Construction: Contract Awards Declined 2:4Houses for Sale— How Many? And How Long? 7:3

Charts:

Building

Building

Building

Building

BuildingPublic

Building

Housing

Contracts Awarded, by Types

Contract Awards, Total Contract Awards, Commercial

Contract Awards, Factory

Contract Awards,Works and Utilities Contract Awards, Residential

Starts, New

3:2,

3:2, 4:.

6 :2,

2:4

11:2:( 0:2

6:2

4:2

11:27:1

Statistical Tables:

Building Permit ̂ Figures ̂

C O N SU M ER C R E D IT

Consumer Credit Takes the Spotlight Tomorrow's Income—Today’s Standard

of Living - — - - --- -

Charts:Consumer Credit -----

1. 4:12, 11:11,

s:lJ.12:11

5:6

12:6

12:6, 12:7



EM PLOYM ENT

District Employment, Factors Influencing

Employment: Record Level Reached *..... - ----

Charts:

Employment, Manufacturing ------- --------

Employment, Nonagricultural - -- 2:3, 7:7,

FINANCE, PUBLIC

Municipal—Industrial Bonds ------- - - - ....

State and Municipal Financing in 1952,Record Amount of .................. ............. ..............

State Finances, Recent andProspective Changes i n -------- ------ --

Charts:

Bond Yields, Comparative --------- ~ -----

State Revenues and Expenditures -------- ----

State Tax Burden --------- ----- ----

Statistical Tables:

State and Municipal Bond Offerings----------

State Tax Revenue, Leading Sources of ........

F INANCE, TREASURY

Treasury Financing .. . ________ .. ------ ----

Treasury Financing Needs for Fiscal 1954 ... ..... .....

Charts:

Public Debt Transactions__________________ ______

Savings Bonds, Sales and Redemptions___________

Treasury Financing Requirements ..... .............

INCOM E

Income Payments in the Fifth District ..........

Charts:

Income Payments, Sources o f ...............— 10:4, 10:5Per Capita Income ___ _ __________

Personal Income ____ .... _______ ____

Statistical Tables:

Total Income Payments to Individuals

INSURANCE, L IFE

Charts:

Life Insurance Sales . ____ _ j

INTEREST RATES

Interest Rates—A Two-Sided Coin

(harts:

Interest: Paid—Received

1 M ANUFACTURING

Airciaft Industry in the Fifth District, The

Cigarettes: Industry Continued Growth

Cotton Textiles: Notable Recovery from Slump

.7:7

11:4

9:5

3:5

..8:3

.3:6

.8:1

o :d 8:4

..3:7

.8:7

.3:7

..7:2

8:7

10:3

10:610:111:4

10:3

2, 9:2

9:3

9:1

Hosiery: Demand Exceeded Production

Man-Made Fibers: Tire Yarns Fared Best

Charts:

Cigarettes

Cotton ....1:2, 2:6, 3:2, 4:2, 5:2, 6:2, 9:2. 10:2, 11:2 Employment. Manufacturing

H°siery 2:5, 4:2, 7:2, 9:2.Rayon and Acetate

Tire Cord and Fabric

Tobacco

..1:3

2:9

- 2:6

.2:5

2:8

12

M IN IN G

Bituminous Coal: Consumer Demand Down 7.7

Charts:

Bituminous Coal Production _________ 1 ;2t $:2t 8 *? 11-9

Consumer Demand for Bituminous Coal 2*7

P O P U L A T IO N

Economic Strength in Prospective Population Growth ... _____________ ^-3

Charts:

United States Population, 1900-1960 ................... <;.]

United States Population by Age Distribution..... ....6:3

PR IC E S

Charts:

Wholesale Prices___ ______________ ___________ 11-5

P R O D U C T IO N

Charts:

Industrial Production ...______________________ l l :l f 11:3

R E A L ESTATE C R E D IT

Real Estate Lending by Commercial Banks _______ 5:7

Some Long Term Developments in Mortgage Lending ________ _______________ __ 12:5

Charts:

Mortgage Debt Outstanding_____ ________________12:5Real Estate Loans ____ _____ ___________________ __ 5:8

R E T A IL T RA D E

Department Store Sales and Stocks,Revision of Indexes ________________ ____________9:6

Department Store Trade: New High for District — 2:2

Charts:

Car Registrations ____ ______ __________4:2, 6:2, 7:2, 12:2

Department Store— Outstanding Orders _______ ___3:2

Department Store Sales______ 1:2, 2:2, 3:2, 7:2, 8:2, 10:2

Major Household Appliances____________~---- 10:2

Radios, Televisions, etc._________________________10:2

Department Store Stocks _______________ .7:2, 8:2, 10:2

Retail Furniture Store Sales ............... 4:2, 8:2, 9:2, 11:2

Retail Store Sales ________________ ______ ________ H ;4

Statistical Tables:

Department Store Operations ____1:11, 2:12, 3:11, 4:12,5:12, 6:11, 7:12, 8:11, 9:11, 10:11, 11:11, 12:11

Retail Furniture Sales —.1:11, 2:12, 3:11, 4:12, 5:12, 6:11,7:12, 8:11, 9:11, 10:li, 11:11,*12:11

U T IL IT IE S

Charts:

Electric Power Production .

W H O L E S A L E T RA D E

Charts:

Wholesale Drug Sales

Wholesale Dry Goods

.5 :2, 9:2

12:212:2

Statistical Tables:

Wholesale Trade . .1 7:12,

:11, 2:12, 3:11. 4:12. 5:12, 6:11. , 8 : 11, 9 : 11, 10: 11, 11 : 11. 12:11



F E D E R A L R E S E R V E B A N K OF R I C H M O N D

The first num ber denotes the issue and the second num ber the page o f the issue. The issues are num bered from 1 to 12, starting w ith January.

AGRICULTURE

Agriculture— Area of Continuing Weakness in 1954 -8 :6District Dairy Progress R ev iew ed___________________3:6Farm Mortgage Debt at Record L ev e ls_____________ 7:5Farm Real Estate—

A Complicated Price Problem ------------------------------ 9:3W hat Farmers Face in 1955 ------------------------------------12:3

C h a rts:

Farm C o sts-------------- -------------------------------------- ------— 12:3Farm Income ------------------------------------------------------------12:1Farm Land Prices and Income ____________9:1, 9:3, 9:4Milk Used and Marketed by Farm ers------------------------3:6

BANKS AND BANKING

Bank Lending— Stability at a High Level --------------- 5:7Bank Lending— The Pace is Slower in ’5 4 ---------------3:5Call Report, April— Implications are

Favorable for ’5 4 ------------------------- --------------------------- 6:6Call Report, October ------------------------------------------------12:7Cash at W ork ----------------------------------------------------------10:7Demand Deposit Ownership in the Fifth D istrict-----7:7District Banking— First Half 1954 -----------------------------9:5District Banking— 1953 was a Busy Year -----------------3:3Par List, Additions t o ------- -------------------------------------- 6:12Side Effects of Treasury Operations—

Important to Banks -------------- ------------------------------- 11:7

C h a rts :

Asset Structure of Member B anks_________________Bank Borrowings from Federal, Member Banks —Bank Capital, Member Banks ---------------------------------Bank D e b its________________________________ 6:2, 8:3Bank Reserves, Member Banks _______________ 1:3,Cash and Bank Balances, Member Banks --------6:6,Deposits, Demand, Member Banks ___6:6, 7:7, 7:8,Deposits, Time, Member Banks ------------------------------Earnings, Member BanksLoans, Member Banks -----------------3:5, 5:7, 6:6, 8:4,Securities, United States Government,

Member B anks------------------------------------------------6:6,

10:7 _1:3 12:7 , 9:2 11:7 12:7 12:7 12:7 ..3:1 12:7

12:7

Statistical T a bles:

Assets and Liabilities, 50 ReportingMember B anks_______ 1:10, 2:11, 3:12, 4:12, 5:12, 6:12,

7:12, 8:10, 9:12, 10:12, 11:12, 12:12Assets and Liabilities, Member Banks ---------------3:4, 9:6Assets, Earnings, Member Banks ----------------------3:4, 9:6Bank D eb its____________1:10, 2:11, 3:12, 4:12, 5:12, 6:12,

7:12, 8:10, 9:12, 10:12, 11:12, 12:12Deposits, Demand, Member Banks --------------------7:7, 7:8Earnings and Expenses, Member Banks ----------- 3:3, 9:5

BUSINESS CONDITIONS

Business Conditions and Prospects __1:9, 2:10, 3:9, 4:9,5:9, 6:9, 7:9, 9:9, 10:9, 11:9, 12:9

Fifth District Economic Activity—A Midyear Roundup ______________________________8:1

Charts :

Business Failures ______________________________ 6:2, 12:2Business Incorporations, N e w ______________________ 11:2


Selected Indexes

CONSTRUCTION

Construction ____

.1:11, 2:12, 3:11, 4:11, 5:11, 6:11, 7:11, 8:9, 9:11, 10:11, 11:11, 12:11

2:6Private Construction Boom, The—-

Happy Anomaly __________________________________ 6:3

C h a rts :

Building Contract Awards, Com m ercial__5:2, 10:2, 12:2Building Contract Awards,

One and Tw o Family H ou ses_____________ _______ 5:2Building Contract Awards, Total ____________ 3:2, 8:5,

10:2, 11:2, 12:2Building Contracts Awarded, By T y p e ______________ 2:6Building Permits ___________________________________ 11:2Private Construction _______________________ 6:1, 6:3, 6:4


Building Permit Figures ____ 1:11, 2:12, 3:11, 4:11, 5:116:11, 7:11, 8:9, 9:11, 10:11, 11:11, 12:11

DEBT

Farm-Mortgage Debt at Record Levels - ____________7:5

EMPLOYMENT

Manufacturing Employment ________________________2:9

C h a rts :

Employment, M anufacturing_____ 1:2, 2:9, 7:2, 9:2, 11:1Employment, Nonagricultural _______________________ 2:1

FINANCE, PUBLIC

Constitutional Limitations on State Debt __________11:5State and Local Bond Financing in 1953 ____________ 4:5


State and Municipal Bond Offerings .4:6




FINANCE, TREASURYFederal Revenue Collections in the Fifth D istrict___4:3Finance in 1953— W ide But Orderly F luctuations___1:3Side Effects of Treasury Operations—

Important to Banks ______________________________ 11:7Treasury Financing—

Expanded Activity is in P rosp ect_________________ 6:7

C h a rts :

Federal Revenue Collections, Fifth District ____ 4:1, 4:3Treasury Bill Rate __________________________________ 1:1Treasury Operations, Influence on Bank Reserves ..11:7 Treasury Securities _________________________________ 6:8


Federal Revenue Collections, Fifth District ________ 4:4

FINANCIAL INSTITUTIONSThe Money L en ders_________________________________ 5:3

C h a rts :

Farm-Mortgage Debt Held by Major Lenders -7:5, 7:6Loans and Investments, Held by ____________________5:5Mortgage Loans, Held b y ___________________________ 5:3Principal Institutional Lenders ______________________ 5:1U. S. Government Securities, Held by ______________ 5:4

INCOMEIncome Payments __________________________________ 10:3

C h a rts :

M ajor Sources of Income Payments ______________ 10:1,10:4, 10:5, 10:6

Statistical T ables:

Total Income Payments to Individuals

INSURANCE, LIFE

C h a rts :

Life Insurance Sales _________________

-10:3

. 6:2

MANUFACTURINGApparel Manufacturing ______________________________2:4Cigarettes -------------------------------------------------------------------1:5Cotton Textiles ______________________________________2:5Durable Goods Industries, The ____________________11:3Food and Kindred P roducts_________________________ 2:3Manufacturing Employment ____ ____________________2:9Manufacturing Progress in the Fifth District ______ 1:7New and Fast-Growing Industry

in North Carolina, A _______________________________ 5:6Rayon and A ceta te__________________________________ 1:6Transportation Equipm ent__________________________ 2:8

Charts:A pp arel_________________________________________ _____ 2:4Cigarettes ---------------------------------------------- 1:2, 1:5, 6:2, 9:2C otton ____________1:2, 2:5, 3:2, 7:2, 9:2, 10:2, 11:2, 12:2Employment, M anufacturing_____ 1:2, 2:9, 7:2, 9:2, 11:1Food _________________________________________________ 2:3Hosiery __________________________ ___ ______________ 8:11Man-Hours, Per Cent Change ----------------------------------8:2Rayon and A ce ta te__________________________________ 1:6Transportation Equipment __________________________ 2:8

M IN IN G

Bituminous Coal _____________________________________2:7

C h a rts :

Bituminous Coal Production __________1:2, 7:2, 9:2, 12:2Bituminous Coal, Demand __________________________ 2:7

N E W S B R IE F S

Fifth District News B rie fs_______ 3:8, 4:7, 5:8, 9:8, 11:6

P O P U L A T IO NThe Fifth District Goes to Tow n—

An Urban-Suburban Trend _________________________7:3

C h a rts :

Fifth District Urban Centers _______________________ 7:1


Population, Percentage Increase in ________________ 7:4Urban Population, Distribution by Size of P la ce____ 7:3

R E T A IL T R A D E

Department Store Sales _______________________ 2:2, 12:5Markets Move to the C ustom er_____________________9:7

C h a rts :

Car Registrations____________ 3:2, 4:2, 5:2, 6:2, 8:11, 9:2Department Store— Instalment Receivables ___ _____ 7:2Department Store— Outstanding Orders ____________5:2Department Store Sales _________ 2:2, 3:2, 4:2, 7:2, 10:2

Cotton W ash G o o d s______________________________ 8:11Major Household Appliances ____________________8:11

Gasoline Consum ption______________________________ 11:2Household Appliance Sales _________________________ 4:2Retail Furniture Inventories ________________________ 5:2Retail Furniture S a les____ 3:2, 4:2, 8:11, 10:2, 11:2, 12:2


Department Store Operations ____ 1:11, 2:12, 3:11, 4:11,5:11, 6:11, 7:11, 8:9, 9:11, 10:11, 11:11, 12:11

Retail Furniture Sales ....1:11, 2:12, 3:11, 4:11, 5:11, 6:11, 7:11, 8:9, 9:11, 10:11, 11:11, 12:11

8:7

TRUST ACCOUNTS, TREASURYUncle Sam— Trustee ___________________________

C h a rts :

U. S. Government Securities, Holdings o f ______ 8:7, 8:8

UTILITIES

C h a rts :

Electric Power Production

WHOLESALE TRADE

C h a rts :

Dry Goods S a les__________Drug Sales ________________

.7:2, 10:2

.3:2, 5:2 ___ 8:11

Grocery Sables--------------------------------------------------------------1:2Hardware S a les_________________________________ 1:2, 4:2Industrial Supplies S a les___—.______....___ ....__________4:2Paper and Products __________________ ...____ _________ 6:2


Wholesale T ra d e ______ 1:11, 2:12, 3:11, 4:11, 5:11, 6:11,7:11, 8:9, 9:11, 10:11, 11:11, 12:11





The first num ber denotes the issue arid the second num ber the page o f the issue.

The issues are num bered fro m 1 to 12, starting w ith January.

%

AGRICULTURE

Bank Loans to Farmers Increase___________________12:8The Consumer’s Food Dollar _______________________ 1:5District Agriculture—

Last Year’s Results W ere V a ried ________________ 2:7Eggs for Year-Round Farm Income ------------------------5:5Growth and Prospects in the Broiler Industry______ 9:7More Farmers Could Find Profit in P ork ers________ 3:7Prospective Changes in Crop Acreages -------------------- 4:3Recent Developments in Farm Real E sta te________ 7:8Straws in the Farm W ind— Bigger Crops for ’55 -----8:7

C h a rts:

Broiler Production ----------- ...---------------------------------------9:7Corn Acreage and Production --------------------------- ------8:8Cotton Acreage and Production ------ ...----------------------8:7District Changes in Prospective Plantings ---------------4:1District Farm Output ------------------------------------------------2:7The District Farmer’s Poultry D olla r------------------------5:6District Pig Crops -----------------------------------------------------3:7E gg Production Per Capita— 1954 -----------------------------5:5Farm and Marketing Shares in Retail Food Costs — 1:5Member Bank Loans to Farmers ---------------------------12:8Value of Farm Real Estate Per A c r e ------------------------7:8


Prospective Plantings of Specified Crops in 1955 -----4:4

BANKS AND BANKING

Banking in the First Quarter Banking W as Busy and Profitable in ’54 ....

..6:9..2:8

Consumer Instalment Credit in Commercial Banks __ 10:3Fifth District Banking— The First Half Record ------ 9:3Fifth District Member Bank Responses to

Reductions in Reserve Requirements ------------------ 12:3In 1954 District Banking Achieved New Records — 3:3October Call Report _______________________________ 12:7Secondary Bank Reserves—

A Challenge to M anagem ent----------------------------------4:7


Assets and Liabilities, Member Banks ________ 3:4, 9:4Assets and Liabilities, W eekly Reporting

Member B ank s______ 1:12, 2:11, 3:12, 4:12, 5:12, 6:11,7:12, 8:12, 9:12, 10:10, 11:12, 12:12

Average Excess Reserves Held by Fifth District Member Banks Before and After the 1953 Reduction in Reserve Requirem ents________________ 12:4

Average Excess Reserves Held by Fifth District Member Banks Before and After the 1954 Reduction in Reserve Requirem ents________________ 12:4

Bank Debits __________1:12, 2:11, 3:12, 4:12, 5:12, 6:11,7:12, 8:12, 9:12, 10:10, 11:12, 12:12

Changes in Excess Reserves Held byMember Banks ___________________________________12:4

Earning Assets, Member B anks________________ 3:4, 9:4Earnings and Expenses, Member Banks _______ 3:3, 9:3Excess Reserves As a Percentage of

Deposits Subject to Reserves ____________________12:3Extent of Change in Correspondent Balances

Following the 1953 and 1954 Reduction inReserve Requirements __________________________ 12:5

Speed of Response of Fifth District Member Banks to the 1953 and 1954 Reduction in Reserve Requirem ents____________________________12:5

BU SIN E SS C O N D IT IO N S

Arithmetic of Business R e cov ery ____________________6:2Business Conditions and Prospects __1:9, 2:10, 3:9, 4:9,

5:9, 6:10, 7:9, 8:9, 9:9, 10:8, 11:9, 12:9 Midyear Roundup—

Vigorous Upturn in the D istrict___________________8:2Retail Trade and the Business Outlook ____________ 4:5

C h a rts :

Business Failures _________________________ 1:2, 3:2, 12:2Fifth District Economy Moves U p _____________ _____ 8:1


Selected Indexes —1:11, 2:12, 3:11, 4:11, 5:11, 6:12, 7:11,8:11, 9:11, 10:11, 11:11, 12:11

C h a rts :

Bank D e b its___________________________________ 7:2, 11:2Cash and Bank Balances -----------------------------------------12:7Demand Deposits -----------------------------------------------------12:7Deposit and Loan Trends, Member Banks __________2:8Earnings and Profits, Member Banks ______________ 3:1First Half-Year Changes in Loans, Member Banks -9:1Loans and Discounts _______________________________ 12:7Member Bank Loans _______________________________ 6:4Member Bank Reserve Requirements -------------------- 12:1The Role of Commercial Banks in

Automobile Instalment Credit ___________________10:3The Role of Commercial Banks in

Consumer Instalment Lending __________________ 10:1Time Deposits ------------------------------- -------- ----------------12:7U. S. Government Securities ------------ ---------------------- 12:7Value of GI H om e Loans -----------------------------------------9:2

CONSTRUCTION

Arithmetic of Business Recovery ___________________6:4Construction— A Reappraisal _______ _______ ________7:3Construction’s Banner Year W as ’54 _______________..2:4Nonresidential Construction Still Strong ___________7:5Residential Construction— How Abnormal? ________ 7:6

C h a rts :

Construction Contract Awards, Commercial ___3:2, 4:2Contsruction Contract Awards, Factory B uild ings__5:2Construction Contract Awards, One- and

Two-Fam ily Houses ___________1:2, 3:2, 4:2, 5:2, 12:2Construction Contract Awards, Residential ________ 9:2Construction Contract Awards, Total ..... .2:1, 7:2, 10:2Construction Contracts Awarded ____ ___ ___________ 7:4Construction Contracts Awarded,

Percentage C hange________________________________ 2:4




Construction Outlays in Perspective _________New Construction ____________________________

-7:1 _______ 7:3

Residential Construction Contracts Awardedand Housing Starts ____ __________________________ 7:7

Residential Construction Expenditures______________ 7:5Residential Mortgage Debt _________________________ 7:6


Building Permit Figures ____ 1:11, 2:12, 3:11, 4:11, 5:11,6:12, 7:11, 8:11, 9:11, 10:11, 11:11, 12:11

E M P L O Y M E N T

A New Challenge: More Jobs for aGrowing Labor Force _____________________________1:3

Arithmetic of Business R ecovery ----- --------------- ------- -6:5Nonmanufacturing Employment Dipped Slightly — 2:9

C h a rts :

Employment, Manufacturing ____ __ -1:2, 1:3, 2:1, 11:2Employment, Nonagricultural— 1954 ________________ 1:1Employment Selected Occupations ------ ------ ------------- 2:9Employment, Total Non-Manufacturing ----- ------------ 6:4

FIN A N C E , P U B LIC

1954 Brought Record State andMunicipal Bond Issues ---- ------------------------------------- 3:5

The Public Authority— AGrowingly Popular Device 5:3 Toll Roads— Expensive and E ffective------------------------6:6

C h a rts :

Comparative Bond Y ie ld s ------------------------------------------ 3:5


State and Municipal Bond Offerings— 1954 ---------------3:6Toll Roads Paralleling the Interstate System —.....— 6:7

F IN A N C E , T R E A S U R Y

Treasury Financing— ’55 Performance,’56 Prospects __________ _____________ ___ _________ 8:5

C h a rts :

Series E and H Savings B o n d s_______________-_____ 10:2Treasury Securities, Maturing or Callable —............__.8:5

IN C O M E

Coming: Minimum W age Adjustments ___________10:5Personal Income T ren d s___ __ _____________________ 11:3

C h a rts :

National Personal Income, Fifth District _________ 11:1Personal Income Sources, by S tate_____ 11:4, 11:5, 11:6

M A N U F A C T U R IN G

Arithmetic of Business R ecovery ____________________6:2Durable Goods— Output Fell During ’54 ___________2:6Nondurable Goods— A Modest Slide in ’54 _________ 2:5Rapid Amortization— A Controversial Issue _______ 9:5

C h a rts :

Apparel ___ _________________________________________ 6:2Certificates of Necessity Granted

(Amount by In d u stry )_____________________________9:6

Certificates of Necessity Granted(Amount by States) ______________________________ 9:6

Cigarette Production __________________________ 1:2, 11:2Cotton, Active Spindle Hours ________________ 7:2, 11:2Cotton Consum ption___1:2, 2:1, 3:2, 4:2, 9:2, 10:2, 12:2Durable Goods Manufacturing, Man Hours _______ 2:6Employment, M anufacturing_________ 1:2, 1:3, 2:1, 11:2Hosiery Production— United States__________________1:2Machinery Excluding Electrical ______ __ ___________ 6:3Nondurable Goods Manufacturing, Man Hours _____ 2:5Primary Metals ______________________________________ 6:3Revival in Manufacturing ___________________________6:1United States Rayon Deliveries ____________________11:2

.6:4

-2:3

M IN IN G

Arithmetic of Business R e co v e ry ______________Bituminous Coal—

Dark First Half But Brighter S econ d_______

C h a rts :

Bituminous Coal, Demand __________________________ 2:3Bituminous Coal, P roduction_____ 2:1, 4:2, 7:2, 9:2, 12:2

N E W S B R IE F S

Fifth District Industry Briefs _______________________ 5:7Fifth District News Briefs ____________________1:7, 11:7

R E A L E S T A T E C R E D IT

Interim Financing of Real Estate M ortgages______ 12:6

R E T A IL T R A D E

Arithmetic of Business Recovery ___________________6:5Retail Trade and the Business Outlook ____________ 4:5Retail Trade—

The ’54 Level W as Unexpectedly G o o d ___________2:2Trade— A Sensitive Econom ic Barom eter__________10:7

C h a rts :

Car Registrations, Commercial Car Registrations, Passenger -

--------------------------- 5:2------------------5:2, 12:2

Department Store S a les___________2:1, 3:2, 4:2, 5:2, 7-29:2, 10:2, 11:2, 12:2

Department Store Inventories _____________________ 10:2Retail Furniture Stores Net S a les_______ 2:1, 3:2, 4:2

5:2, 7:2, 9:2Retail Trade _________________________________________ 2:2

Statistical T a bles :

Department Store Operations ____ 1:11, 2:12, 3:11, 4:11,5:11, 6:12, 7:11, 8:11, 9:11, 10:11, 11:11, 12:11

Retail Furniture Sales ______ 1:11, 2:12, 3:11, 4:11, 5:11,6:12, 7:11, 8:11, 9:11, 10:11, 11:11, 12:11

W H O L E S A L E T R A D E

C h a rts :

Wholesale Price— Cotton Broad W oven G o o d s____ 10:2


Wholesale Trade ______ 1:11, 2:12, 3:11, 4:11, 5:11, 6:12,7:11, 8:11, 9:11, 10:11, 11:11, 12:11





i/'

The first num ber denotes the issue and the second num ber the page o f the issue. The issues are num bered from 1 to 12, starting w ith January.

a /

A G R IC U L T U R ECotton and the Fifth District _______________________ 5:3District Farm Income— An Outlook Analysis ----------9:5Farm Forestry: The Dollars and Cents A n g le --------12:5Farm Income in the Fifth District— Measuring

Techniques and Recent Results _________________ 12:7Farm Outlook for 1956— More of the Same ------------- 1:3Looking Back on 1955’s Farm S cen e------------------------- 2:9Shifts in Commodity Demand Create Changes in

Fifth District Agricu lture________________________ 11:6W hat Keeps Farm Land Values U p ? _______________ 8:3W hat W ill Farmers Plant in ’5 6 ?____________________4:8W hat’s Happening Down on the Farm? ------------------ 6:7

Charts :

Bank Loans to Farmers ------------------------------------------ 11:1Better Weather, Higher Yields in 1955 -------------------- 2:9Change in Per Acre Value of Farm Land,

1950-1955 __________________________________________ 8:1Cotton F acts_________________________________________ 5:3Farmers Pay Less for Farm-Produced Items,

More for Most O th ers_____________________________1:3Flue-Cured Tobacco Supplies Continue to Mount — 1:1Where the Farmer’s Dollar Comes From ---------------11:6W ho Owns the Forest Lands -----...---------------------------12:5

Statistical T ables:

Average Income and Production Expenses Per Farm ___________ 12:8

Composition of Realized Gross Farm Income -------- 12:7Net Income as a Percentage of Gross In co m e _____ 12:8Prospective Plantings of Specified Crops in 1956 -----4:9Some Changes in Fifth District Farm ing------------------ 6:7Total Farm Income and Production E xpenses-------- 12:8

B A N K S A N D B A N K IN GAgricultural Loan Survey

June 30, 1956The A g Loan Survey Reveals Banks Meet

the Challenge of Farm C redit----------------------- 11:3Bank Loans to Manufacturers of Textiles,

Apparel, and L eather----------------------------------------------5:8*"Business Loan Survey

October 5, 1955 Business Loan Maturities at Fifth District

Member Banks ------------------------------------------------8:6Business Loans at Fifth District

Member B anks------------------------------------------------- 4:3^Member Bank Business Loans—

A Decade of Change ------------------ .-.------------------ 7:7Size of Business Borrowers at District

Member Banks ------------------------------------------------6:3 ^District Banking in 1955 -------------------------------------------- 3:7First Quarter Banking in the Fifth D istrict________ 6:6For Bank Investors, Past and Present

Appeals of Municipals ____________________________10:8Member Bank Loans Move Higher and Raise

Some Important Questions ------------------------------------9:3Record-Breaking Earnings in the First Half,

Fifth District Member Banks --------------------------------9:6

C h a rts :

Average Interest Rates on Business L o a n s ---------------8:6Bank Debits ___________________ ________________ 3:2, 11:2Business Borrowers at Fifth District

Member Banks —_.—---------------------------------------4:1, 7:8Business Loans at District Member B anks_____ 6:1, 7:7

Demand Deposits ____________________________________6:6Loans and Discounts ________________________________ 6:6Loans as a Percentage of Assets ____________________9:3Ratios of Member Bank Loans to Total

Assets and Deposits ______________________________9:1Ratios of Municipal Securities to Total Assets ____ 10:8Time Deposits _______________________________________ 6:6U. S. Government Securities ________________________ 6:6Value of G. I. Home L o a n s_____________________1:2, 9:2


Assets and Liabilities, Member Banksby States __________ ___________________________ 3:8, 9:7

Assets and Liabilities, W eekly Reporting MemberB an k s_____________ 1:12, 2:11, 3:12, 4:11, 5:Sup., 6:11,

7:11, 8:12, 9:11, 10:11, 11:11, 12:12 Average Interest Rates by Loan Maturity

and Form of Business Organization ______________ 4:4Average Interest Rates by Type of

Business and Maturity ________ ___________________ 4:7Average Interest Rates by Size of B orrow er_______ 6:5Business Borrowers at Member Banks _____________ 6:3Bank Debits ......1:12, 2:11, 3:12, 4:11, 5:Sup., 6:11, 7:11,

8:12, 9:11, 10:11, 11:11, 12:12 Business Loans by Form of Business

Organization _________________________________ 4:5, 6:5Business Loans by Maturity _______________ 4:5, 6:5, 7:9Business Loans by Type of Business ___________4:5, 7:8Business Loans of Member Banks _________________ 4:3Distribution of Business Borrowers by

Size of Bank ____________________________________ ...6:3Earning Assets, Member Banks ___________ _____3:8, 9:6Earnings and Expenses, Member Banks _______ 3:7, 9:7Maturity of Business Loans by Form of

Business O rganization_________________________Maturity of Business Loans by Size of Bank ___Maturity of Business Loans by Type of Business Municipal Securities Held by Fifth District

Member Banks __________________________________ 10:9The Pattern of Business Lending

by Size of Bank ____ ___________ ______________ 4:4Purpose of Farm Loans ____________________________11:4Selected Characteristics of Farm Borrowers _______11:5Selected Characteristics of Farm L o a n s___ ________ 11:5Types of Business Borrowers by Size of Firm _____ 6:4

B U SIN E SS C O N D IT IO N S

Business Conditions and Prospects ..1:9, 2:10, 3:9, 4:10, 5:10, 6:9, 7:10, 8:9, 9:8, 10:10, 11:10, 12:9

C h a rts :

Business Failures _________________________ 6:2, 8:2, 12:2New Business Incorporations _______________________ 6:2Percentage Change in Fifth District Economy

for Selected Indicators ____________________________2:1


Selected In dexes_____ 1:11, 2:12, 3:11, 4:12, 5:Sup., 6:12,7:12, 8:11, 9:10, 10:12, 11:12, 12:11

C O N S T R U C T IO NConstruction Awards— 1955 Saw a New H ig h ______ 2:4Cross-Currents in 1956 Construction________________ 7:3District Building Activity Simmers Down _________ 7:5Record Volume of Nonresidential Building ________ 7:4Undoing and Rebuilding_____________________________1 ;5




C h a rts :Building Permits, Value _____________________________8:2Construction Contract Awards ______________________ 2:4Construction Contract Awards, Com m ercial___4:2, 11:2Construction Contract Awards,

Factory Buildings __________________________ 1:2, 11:2Construction Contract Awards, One- and

Two-Fam ily Houses ___________________ 3:2, 5:2, 10:2Construction Contract Awards, Residential ___8:2, 12:2Construction Contract Awards,

‘ 2T o ta l______________________ 3:2, 4:2, 5:2, 8:2, 10:2, 12Construction Contract Contrasts ____________________7Residential B u ild ing_________________________________ 7

Statistical T a bles:Building Permit F igu res__1:11, 2:12, 3:11, 4:12, 5:Sup.,

6:12, 7:12, 8:11, 9:10, 10:12, 11:12, 12:11 Fifth District Slum Clearance and

Urban Renewal P ro jects__________________________ 1:6C R E D IT

Credit in 1955 _________________________ _____________ 1:7Statistical T a bles:

Instalment Lending by Financial Institutions ..... ......1:8Residential M ortgage Lending by

Financial Institutions ___________________________ 1:10Short- and Intermediate-Term Consumer Credit -----1:7

E M P L O Y M E N TAt Year-End— lob s W ere Plentifu l_________________ 2:3

C h a rts :Employment, M anufacturing_______________________ 10:2

Statistical T a bles:Nonagricultural Employment _______________________ 2:3

F IN A N C E , C O R P O R A T EFinancing the Textile Industry ___________ _________5:7

Statistical T a bles:M ajor Sources and Uses of Funds, Textile

Mill Products Manufacturers _____________________5:7F IN A N C E , P U B LIC

State and Municipal Bond Financing _______________ 3:3C h a rts :

State and Municipal Bonds Issuedin the United States ----------------------------------------------3:3

Trends in Interest Rates ------------------------------------------ 3:1Statistical T a bles:

State and Municipal Bond Offerings— 1955 ------------- 3:4F IN A N C E , T R E A S U R Y

Series E Bond Anniversary ________________________ 5:12Treasury Financing— Fiscal ’56 Results

and ’57 Prospects --------------------------------------------------- 8:4C h a rts:

Series E and H Savings Bonds ------------------------------ 11:2Treasury Securities, Maturing or Callable __________8:4

IN C O M EUps and Downs in Fifth District Personal Income -11:7

C h a rts :Changes in Personal Income and

Selected Components --------------- .11:7Statistical T a bles:

Change in Personal Income Components 1954to 1955 and Per Cent of Total Change------------------ 11:8

Per Capita Personal Income Per Cent Aboveor Below National Average ----------------------------------11:9

Personal Income Composition, 1955 ------------------------11:8

M A N U F A C T U R IN GjA Fair Share for Small Business ------------------------------ 4:6Cigarettes— Puffing W as Up in ’55 ---------------------------2:8In Fifth District Manufacturing W elcome

Diversification Has Taken Place ------------------------- 10:3

New Records in Durable Goods Manufacturing ____ 2:6Nondurable Manufactures— Record Setters__________2:7The Fifth District Stake in Man-Made Fibers ______ 5:9The Fifth District Stake in Textiles ________________ 5:5

C h a rts :Cigarette P roduction__________________1:2, 4:2, 9:2, 12:2Cotton Consumption _____________ 3:2, 5:2, 6:2, 9:2, 12:2Durable Goods Manufacturing, Man Hours ________ 2:6New Commercial Car Registrations _______________ 10:2New Passenger Car Registrations____ 3:2, 6:2, 9:2, 11:2Nondurable Goods Manufacturing, Man H o u rs_____ 2:7Manufacturing Employment _______________________ 10:2Shares of Cigarette Market—

Regular, King Size, Filter-Tip ____________________2:8Statistical T ables:

Mill Consumption of Fibers ________________________ 5:9Per Cent Change in Value Added by

Manufacture, 1947 to 1954 _______________________ 10:3SBA— Defense Department Contract Awards,

by Industry________________________________________ 4:7SBA— Defense Department Contract Awards,

by State -------------------------------------------------------------------4:7Value Added by Manufacture ______________________ 10:1

M IN IN GImprovement in Bituminous Coal ___________________2:5

C h a rts :Bituminous Coal Production ________ 4:2, 9:2, 10:2, 12:2Distribution of Bituminous Coal O utput____________ 2:5

P O P U L A T IO NThe Fifth District’s Share in Our

Amazing Population Growth ____________________10:6C h a rts:

Population Changes, by States _____________________ 10:6Statistical T ables:

Percentage Distribution of Population, by States __10:7R E T A IL T R A D E

Progress in Retail Trade ___________________________ 3:5Retail Trade— Consumers W ent on a S p ree______:__2:2

C h a rts :Department Store Inventories __________ ____________1:2Department Store S a les_____ 1:2, 4:2, 5:2, 6:2, 8:2, 10:2Department Store Sales, Fifth District States ______ 7:2Retail Furniture Stores Net Sales ____ 1:2, 3:2, 4:2, 5:2,

6:2, 8:2, 11:2Retail Sales by Types of Stores _____________________ 3:5Retail Trade _________________________________________ 2:2

Statistical T a bles:Department Store Operations ____1:11, 2:12, 3:11, 4:12,

5 :Sup., 6:12, 7:12, 8:11, 9:10, 10:12, 11:12, 12:11Furniture Sales _____ 1:11, 2:12, 3:11, 4:12, 5:Sup., 6:12,

7:12, 8:11, 9:10, 10:12, 11:12, 12:11 Percentage, by States, of Personal Income

Spent in Retail Stores _____________________________3:5Percentage Change, by States, of Retail

Sales and Personal Income _______________ ______3:5Retail Sales by Type of Store --------------------------------- .3:6

U T IL IT IE SC h a rts :

Electric Power Production ________________________ 9:2W H O L E S A L E T R A D E

Census Data Reveal ContinuinglyVigorous Wholesale Trade ______________________ 12:3

C h a rts :Sales of Merchant Wholesalers— Fifth District ____12:1

Statistical T a bles:W holesale Trade ____ 1:11, 2:12, 3:11, 4:12, 5:Sup., 6:12,

7:12, 8:11, 9:10, 10:12, 11:12, 12:11Wholesale Trade Establishments— 1954 ___________12:3Wholesale Trade Inventories— 1954 _______________ 12:4Wholesale Trade Payroll— 1954 ____________________ 12:4Wholesale Trade Sales— 1954 ------------------------------ 12:3



M o n t h l y Revi ew I ndexFor The Year 1957


The first number denotes the issue and the second number the jmge of the issue. The issues are numbered f rom 1 to 12, starting with January.

AGRICULTURECommodity Highlights— What Farmers May

Expect in ’5 8 ____________________________ _________12:3Fifth District Agriculture— Crops Rank High,

But Livestock Lags ______________________________10:6For Fifth District Agriculture— Heavy Acreage

Cuts Are Indicated _________________ ______________4:7A New Guide— Area Trends in Banks’ Farm

Lending ___________________________________________ 7:31957 Prospects for Farmers— Nationally: an

Improved Position; Districtwise: ContinuingProblems _____ ____________ _________ _____________ 1:5

Smokey Outlook for Bright Leaf Tobacco Farmers _______________ _________ _________________ 11:3

Charts:Area Changes in Bank Loans to Farmers,

June 30, 1950-1956 ______________ ______________ . _ 7 : 1Areas of Production That Rank High in the Nation—

Tobacco, Peanuts, Turkeys, Chickens ........-10:6, 10:7Bright Tobacco Markets Gloomy as Cash

Receipts Slump __________________________________ 11:1Changes in Farm Cost Rates________________________ 1:5

Statistical Tables:Bank Loans to Farmers, by State and Area________ 7:3Bank Loans to Farmers— Distribution by Areas

Within Each State ________________________________7:4Prospective Plantings of Specified Crops in 1957 ____4:8

BANKS AND BANKINGBank Credit— For Machines on the Farm ______ __ . .6:8Characteristics of Farm Borrowers _________________ 3:5District Banking Review— New Records in a

Tight Money Period _____ ________________________3:7Farm Credit— Operating Expense and

Mortgage Loans __________________________________ 1:7Finance at Mid-Year— Demand Pressure Rules

the Markets ______________ ______________________ _.8:3Finance in 1956— High Pressure in the

Money Markets ________ __________________________ 1:3Financial Developments in Early ’5 7 ________________ 5:7Monetary Velocity— How Active a Partner? ________ 4:3A New Guide— Area Trends in Banks’ Farm

Lending ___________________________________________ 7:31957 Deposit Ownership Survey—-Improved

Statistical Techniques ____________________________6:3Tobacco Farmers as Bank Borrowers_______________ 5:5

Charts:All Member Bank Loans ___________________________ 6:2Area Changes in Bank Loans to Farmers,

June 30, 1950-1956 __________________ ___ ___________7:1Bank Debits ___________ __ ______ 3:2, 5:2, 8:2, 10:2, 12:2Demand Deposit Turnover__________________________ 3:2Excess Reserves and Borrowings— Fifth

District Member Banks___________________________ 1:4Federal Reserve Discount Rate (Richmond) _______ 1:4Income Velocity of Money Moves Higher __________4:1Loans and Government Securities— Fifth

District Member Banks ___________________________ 1:4Total Member Bank Reserves— Fifth District ______ 1:4U. S. Government Security Holdings— Federal

Reserve System ___________________________________ 1:4Statistical Tables:

Assets and Liabilities, Weekly Reporting MemberBanks by States _______ __________________________ 3:8

Assets and Liabilities, Weekly Reporting MemberBanks _________ 1:12, 2:11, 3:12, 4:12, 5:12, 6:12, 7:11,

8:Sup., 9:12, 10:12, 11:12, 12:12Bank Loans to Farmers, by State and Area________7:3

Bank Loans to Farmers— Distribution by AreasWithin Each State ________________________________ 7:4

Borrowed Reserves in 1957 _________________________ 5:8

Debits to Demand Deposit Accounts___1:12, 2:11, 3:12,4:12, 5:12, 6:12, 7:11, 8:Sup., 9:12, 10:12, 11:12, 12:12

Earning Assets, Fifth District Member Banks ______ 3:8Earnings and Expenses, Fifth District Member

Banks ______________________________________________3:7Ownership of Demand Deposits of Individuals,

Partnerships, and Corporations ____________________6:4Selected Characteristics of Farm Borrowers,

by Net W orth______________________________________3:5Selected Characteristics of Farm Borrowers,

by Type of Farm__ __ ___________ _________________ 3:6Selected Characteristics of Farm Loans for

Current Expense Purposes________________________ 1:8Selected Characteristics of Loans Secured by

Farm Real Estate ___________________ _____________ 1:7Selected Characteristics of Loans to Tobacco

Farmers ___________________________________________ 5:6Selected Characteristics of Tobacco Farmers

Who Borrow from Banks______________________ ___5:5Selected Loan and Borrower Characteristics of

Loans to Purchase Farm Machinery______________ 6:8BUSINESS CONDITIONS

Business Conditions and Prospects __1:9, 2:10, 3:9, 4:9,5:9, 6:9, 7:9, 8:9, 9:9, 10:9, 11:9, 12:9

New Businesses and Business Failures______________ 2:5Charts:

Business Failures .2:5, 4:2, 12:2Statistical Tables:

Fifth District Selected Indexes ___1:11, 2:12, 3:11, 4:11,5:11, 6:11, 7:12, 8:Sup., 9:11, 10:11, 11:11, 12:11

CONSTRUCTIONConstruction _________________________________________ 2:8Financing Homes— In a Tight Money E ra_________ 7:5

Charts:Applications for FH A Commitments and

V A Appraisals __________________________ _________ 7:6Building Permits ___________________________________ 12:2Construction Contract Awards, Residential ____6:2, 7:2Construction Contract Awards, Total _____ 1:2, 2:8, 6:2Expenditures for New Residential Construction ____ 7:5G. I. Home Loans Closed_______________________ 4:2, 8:2Mortgage Recordings of $20,000 or Less __________ .7 :6Private Housing Starts ______________________________7:5

Statistical Tables:Building Permit Figures ____1:11, 2:12, 3:11, 4:11, 5:11,

6:11, 7:12, 8:Sup., 9:11, 10:11, 11:11, 12:11CREDIT

Finance at Mid-Year—-Demand PressureRules the Markets_________________________________ 8:3

Finance in 1956— High Pressure in theMoney Markets ___________________ __ _____________ 1:3

Financing Homes— In a Tight Money E ra _____ ___..7:5Observations on Consumer Durables ______________ __5:3

Charts:Applications for FHA Commitments and

VA Appraisals ____________________________________ 7:6Consumer Credit Outpaces Durable Goods Sales ___5:1Excess Reserves and Borrowings— Fifth District

Member Banks - ___________________________________ 1:4Federal Reserve Discount Rate (Richmond) ________ 1:4G. I. Home Loans Closed_______________________ 4:2, 8:2A High Demand for Credit in 1956 Pushed

Interest Rates Up ________________________________ 1:1High Demand for Credit Reflected in Rates on

Government Securities and Borrowing fromFederal Reserve____________________________________8:1

Loans and Government Securities— FifthDistrict Member Banks___________________________ 1:4

Mortgage Recordings of $20,000 or L ess____________7:6Digitized for FRASER Federal Reserve Bank of St.Louis



EM PLO YM EN TAffairs of Women ___________________________________ 8:5Employment _________________________________________ 2:2In the Labor Market— Some Basic Changes

Have Been Made__________________________________ 7:7Charts :

Employment Contract Construction ________________ 9:2Government Employment____ ______________________ 11:2Manufacturing Employment _______________ 1:2, 2:3, 5:2Nonagricultural Employment -----------------------------2:2, 8:2

Statistical Tables:Major Occupation Groups of Employed

Women, 1950 ______________________________________8:6Manufacturing Establishments—

Nonproduction Workers ________________________ ___7:8FINANCE, CORPORATE

Finance at Mid-Year— Demand Pressure Rules the Markets _______________________________________8:3

FINANCE, PUBLICThe Federal Budget— Important Determinant

of Business Conditions___________________________ 11:7Finance at Mid-Year-—Demand Pressure Rules

the Markets _______________________________________8:3Finance in 1956— High Pressure in the

Money Markets ___________________________________ 1:3Financial Developments in Early ’5 7 ______ __ ._____—5:7Municipal Bonds— High Activity Accompanied

Rising Rates _______________________________________3:3Treasury Financing— Fiscal 1957 and

Fiscal 1958 to D ate_______________________________ -9:5Charts:

Loans and Government Securities— Fifth DistrictMember Banks_____________________________________1:4

Postwar Pattern of Interest Rates __________________ 3:1Treasury Securities, Maturing or Callable ___________9:5Underwriting of State and Municipal Bond Issues ....3:3 U. S. Government Security Holdings—

Federal Reserve System -----------------------------------------1:4Statistical Tables:

State and Municipal Bond Offerings— 1956 ________ 3:4U. S. Treasury Transactions in 1957 ________________ 8:4

INCOM E$1,940! Personal Income Hits New Peak in ’5 6 ____10:3

Charts:Changes in Per Capita Personal Income—

1955-1956 _________________________________________ 10:4Per Capita Personal Income, 1956— U. S.,

by States -----------------------------------------— -------------- 10:1Sources of Personal Income— Fifth District,

by States, and U. S. -------------------- -------------------------10:5Trends in Per Capita Personal Income— 1930-1956 ..10:3

IN FLA TIO NAbridged Statement of Federal Reserve Board

Chairman, William McChesney Martin, Jr.,Before the Senate Finance Committee,August 13, 1957 ___________________________________ 9:3

Statistical Tables:Manufacturing Establishments—

Nonproduction Workers ______

2:6

M ANUFACTURINGCigarettes __________________________________ _________2:7Fifth District Industry— In Step With the Times — 10:8The Hosiery Industry ------------------- ----------------------------2:9Industrial Developments— News Briefs from

the Fifth District__________________________________ 8:7Manufacturing Activity ------------------------ ---------------------2:3

Charts:Active Cotton Spindle Hours ---------------------------4:2, 11:2Cigarette Consumption—United States ------------------- 2:7Cigarette Production ______________________ 4:2, 9:2, 11:2Cotton Consumption __________________ 1:2, 3:2, 5:2, 6:2,

8:2, 9:2, 10:2, 12:2 Cotton Spindles Consuming Other Than

Cotton _______________________________________ 7:2, 10:2Man-Hours in Manufacturing ----------------------------------- 2:1Manufacturing Employment ----------------------- 1:2, 2:3, 5:2New Commercial Car Registrations ------------------------ 9:2New Passenger Car Registrations .—. -4:2, 5:2, 6:2, 7:2Population Outruns Hosiery— United States ----------- 2:9Rayon Deliveries— United States ------------------------------ 9:2Wholesale Price— Cotton Broad Woven

Goods ___________________________ __ _______ — 3:2, 9:2

MININGBituminous Coal _______________________________

Charts:Bituminous Coal Production ____2:6, 6:2, 8:2, 10:2, 12:2Exports— Bituminous Coal___________________________3:2

POPULATIONChanges in Trend of Household Formation—

Important Economic Force _______________________ 9:6Fifty Million More Opportunities ___________________4:5

Charts:Annual Increase in Household Formation—

Dynamic Force in Economy (1948-1950) __ __ ____ 9:6Annual Increase in Household Formation

Sloughs Off (1951-1957) ___________________________ 9:6Changes in Number of Households— an Important

Factor in Demand for Housing____________________9:7Increase in Number of Households and Total

U. S. Population __________________________________ 9:6Marriages Decline Despite Population Growth

as Number Reaching Marriageable AgeDeclines. Sharp Change in Prospect______________ 9:7

1960’s— Decade of Growth __________________________ 9:7Statistical Tables:

Percentage Distribution of Estimated Civilian Population by Broad Age Groups, UnitedStates and Fifth District ____________________

Percentage Increases in Civilian Population by Broad Age Groups, United States and Fifth District _______________________________________

.4:5

..4:6

SAVINGSAbridged Statement of Federal Reserve Board

Chairman, William McChesney Martin, Jr.,Before the Senate Finance Committee,August 13, 1957 ____________________________________9:3

Individual Savings— Its Nature and RecentBehavior__________________________________________ 12:4

Saving and Investment— Key Factors in Economic Stability or Instability_____________________________6:5

STATISTICAL TECHNIQUESFor Consumers of Statistics— Revised

Department Store Indexes ______________________ 12:71957 Deposit Ownership Survey— Improved

Statistical Techniques _____________________________ 6:3

TRADEChanges in the Strength of Consumer

Expenditures _____________________________________11:5For Consumers of Statistics— Revised

Department Store Indexes _______________________ 12:7Observations on Consumer Durables _______________ 5:3Retail Trade _________________________________________ 2:4

Charts:Consumer Credit Outpaces Durable Goods Sales ___5:1Consumer Goods Expenditures______ 1______________11:5Department Store Inventories_________________ 1:2, 12:8Department Store Sales ____________________1:2, 3:2, 5:2,

7:2, 8:2, 10:2, 11:2, 12:8 Department Store Sales— Area Variations,

1948-1954 _________________ ___________________ ____ 12:7Department Store Sales— Major Household

Appliances------------------------------------------------------------- 11:2Life Insurance Sales ____________________________4:2, 7:2Retail Furniture Store Inventories _________________ 1:2Retail Furniture Store Net Sales___7:2, 10:2, 11:2, 12:2Trade Trends Mixed ________________________________ 2:4

Statistical Tables:Department Store Operations_____ 1:11, 2:12, 3:11, 4:11,

5:11, 6:11, 7:12, 8:Sup., 9:11, 10:11, 11:11, 12:11 Furniture Sales ......1:11, 2:12, 3:11, 4:11, 5:11, 6:11, 7:12,

8:Sup., 9:11, 10:11, 11:11, 12:11Wholesale Trade____________1:11, 2:12, 3:11, 4:11, 5:11,

6:11, 7:12, 8:Sup., 9:11, 10:11, 11:11, 12:11

U TILITIESCharts:

Electric Power Production_________________ __________5:2Digitized for FRASER Federal Reserve Bank of St.Louis


MONTHLY BBVIEvr FEDERAL RESERVE BAM OF RICHMOND

m is o? comma - 1959

JY.nuary

February

Fifth District 1955Keys to the ?orccc.ster * c VocabularyContract FamineAbout kutual Savings Banix

She Economic leather Vune Finishing Cotton Fabrics Gold Is For Trade The Fifth District

Mcxch A New Look in Business Finance Housing Aids i.ecovery Cotton dethroned in District The Fifth District .

April

June

Kan-Made FibersKonthly Ievlev looks at.*.The Textile Highway Trad* “Over-the-counter"The I- irth District

Urban ilencvalFanners Plan Larger Crop Acreages Bank Smar^ency Planning The Fifth District

Papei'vork devolution by Electronics Monthly review looks at. * .Richjaond's Tobacco How

for Heart Trouble The Fifth District

August

September

Kur&l Development fchere i,oes Your I-*oncy Conte Front 200 Yours of Life Insurance Che Fifth District’

Prosperity and CreditThe ABC *s of InterestKarinas—Perking lots for pleasure boatsBank Reserves and Vault CashThe Fifth District

District Minerals m Space Age MetalsKonthly Review look& at...The VJLley of the GiantsOur Forested Acres •The Fifth District


December

Monthly iieview looks at.. .An Area. Viith Diversified Induotr Aromatic...A new tobacco Tor this area The Fifth District

Seventy Years of Furniture Interest is a rivo-iiided Coin Manufacturing Make-Up Varies Among States The Fifth District


MONTHLY REVIEW FEDERAL RESERVE BANK OF RICHMOND

TABLE OF CONTENTS - i960

January

February

March

April

May

June

August

September

Fifth District 1959Monthly Review looks at...The Savannah River Plant A thumbnail sketch...The Industrial Production Index More "Little" Pigs Go To Market

i960 - A Year of Delayed Reaction Federal Reserve Wire Transfer Service Do-It-Yourself Credit The Fifth District

Textile Research - "An Industry of Discovery"Monthly Review looks at...The Eastern Shore Housing Slows as Expansion Accelerates The Fifth District

Credit and Interest Rate Developments Cotton: From Seed to Gin The Magnetic Check The Fifth District

Broilers...production boom benefits consumer 920,000 Cigarettes Per Minute Bills, Bills, Bills The Fifth District

Condensation of AddressBy Edward A. Wayne, First Vice President, Federal Reserve

Bank of Richmond To the Sixtieth Annual Convention of the South Carolina

Bankers' Association Uncle Sam's Big Ear "So Far As My Coin Would Stretch"The Fifth District

Woolens and Worsteds...A New District Industry Monthly Review looks at...the Outer Banks Pension Funds: A New Financial Giant The Fifth District

Menhaden - our largest commercial catch Monthly Review.. .Buys Some Stock Mica - The mineral that's "Good As Gold"The Fifth District

Trailers on TrainsFederal Reserve Hikes Allowable Vault Cash and Cuts Reserve

Requirements Why Does Gold Move?The Fifth District


- 2 -

October Research Serves Farm and Home How Colleges Invest Their Money Factory Payrolls Pace District Income Gains The Fifth District

I'lovember The 21st Southern Textile Exposition New Rouoe Across Chesapeake Bay Population is People The Fifth District

December State Income Taxes.. .Their Impact on District Taxpayers Cotton ClassificationMember Banks Adjust to New Vault Cash Regulations The Fifth District


J anuary

February

March

April

May

June

Jul-

August

Sept 011113 er

October

November

December

Fifth District i960 Money To BurnIThe Fiber Glass Industry: A Bright Picture What’s Ahead In Farming

1961: Partly Cloudy Followed By Clearing Ravenel Research Center

Lender Of Last Resort: The Federal Reserve And Commercial Bank Liquidity The Fifth District

Credit Developments In i960 Carpet Making: New In The South Fifth District Banking In The Fifties The Fifth District

The Longer She Stands The Shorter She Grows Wartime Measure Becomes Peacetime Investment A Guide To The Balance Of Payments Of The United States The Fifth District

The United States In World BankingMonthly Review Looks At . . . The Shenandoah ValleyWall StreetTs Nineteen Billion Dollar BabyThe Fifth District

Reforming The Monetary SystemThe Task Of . . . Measuring Price ChangeFederal Funds In The Fifth DistrictA Plan For The Textile IndustryThe Fifth District

The Employment GapMonthly Review Looks At . . . Hampton Roads Federal Reserve Notes -- Fluid Funds The Fifth District

Savings Institutions And Monetary Policy Bricks And More Bricks District Agriculture At Midyear The Fifth District

Examination Of Commercial BanksHow Did District Member Banks Fare In The First Half Of 1961?Money And Credit In 1961 The Fifth District

Virginia -- An Economic Profile Are Banks Holding More Vault Cash?The Fifth District

How Goes Personal Income In The Fifth?Ten-Year Trends In District Manufacturing Employment North Carolina Trade Fair The Fifth District

The Common MarketMonthly Review Looks At . - . Dulles International AirportFifth District Agriculture: The Record -- I96I; The Outlook -- 1962The Fifth District

MONTHLY REVIEWFEDERAL RESERVE BANK OF RICHMOND

TABLE OF CONTENTS - 1961


January

February

March

April

May

June

July

August

September

October

November

December

Fifth District 1961Concentration of Fifth District Deposits A Perspective on Silver

1962: Moderate Prosperity But No Boom Keys for Forecasting.. .GROSS NATIONAL PRODUCT The Fifth District

Money and Credit in 1961 Keys for Forecasting...NATIONAL INCOME Consumer Instalment Credit in Recovery The Fifth District

Nature and Characteristics of.. .CENTRAL BANKS Sales and Consumer Finance Companies The Fifth District

Coal: An Industry Survey Mechanized Mining Export Markets for Coal The Fifth District

MARYLAND: An Economic Profile Nonfarm Mortgage Foreclosures The Fifth District

The Note Issue Function of...CENTRAL BANKS Keys for Forecasting...THE LABOR FORCE The Fifth District

Housing and Business Expansion Mid-20th Century Cliff Dwellers Housing Finance The Fifth District

Collection and Fiscal Agency Functions of.. .CENTRAL BANKS Shareownership Scores Striking Gains The Fifth District

Personal Income Up in 1961 Keys for Forecasting*..UNEMPLOYMENT Money and Credit Developments The Fifth District

NORTH CAROLINA: An Economic Profile North Carolina's Research Triangle The Fifth District

The Monetary Policy Function of.. .CENTRAL BANKS Farm Commodity Outlook Flue-Cured Tobacco Makes News The Fifth District


TABLE OF CONTENTS—1962


MONTHLY REVIEW

FEDERAL RESERVE BANK OF RICHMOND

TABLE OF CONTENTS-! 965

February

March

April

M ay

June

July

August

September

October

November

December

January Fifth District 1964 Consumer CreditDealer Loans and Repurchase Agreements

Smaller Gains in 1965Financing State and Local Governments

United States Foreign Investment U. S. Foreign Trade Negotiable Certificates of Deposit

Silver: Supply and Demand The Consumer's Dollar The Discount Window

United States Agricultural Exports National Construction Trends The Money Market

Characteristics of the Fifth District Labor Force Higher Education in the Fifth District Measuring the Balance of Payments Deficit

Recent Changes in Money in Circulation District Seafood Industry

Sales Taxes in the Fifth District Tourist Spending Abroad The Bankers Cam pus

Recent Bank Failures—W hy?Parks with Designs on Industry Tax Anticipation Bills

Factors Affecting Money in CirculationFederal, State, and Local Governments—Tax Receipts and Expenditures Fifth District Personal Income, 1964

Women at Work in the Fifth DistrictFifth District FurnitureThe Home Furnishings Industry

Developments in District Electric Energy U. S. Bituminous Coal Exports Junior Colleges


MONTHLY REVIEW

FEDERAL RESERVE BANK OF RICHMOND


January

February

March

April

May

June

July

August

September

October

November

December

The Fifth District, 1965Historic AnnapolisTreasury Tax and Loan Accounts

Sixth Year of Growth in '66 Historic W illiamsburg Employment in Banking

The Taxation of Capital Gains Historic SalemDistrict Agriculture and the New Farm Programs

The Giro, the Computer, and Checkless Banking Historic Harpers FerryDistrict Trends in Manufacturing Employment

One Price Cotton—The Textile Industry Historic CharlestonOne Price Cotton—lmpact on Agriculture

State and Local Government Debt—Part I Historic Georgetown Fifth District Highways

The Population Explosion Simmers Down Charlotte, N. C. SMSA Federal Agency Securities

Changes in Bank LiquidityBaltimore, Md. SMSAThe Supply of Mortgage Funds

Reserve Management at Fifth District Member BanksRichmond, Va. SMSAFederal Funds in the Fifth District

Foreign Lending by BanksCharleston, W* Va. SMSAFifth District Personal Income, 1965

State and Local Government Debt—Part IIColumbia, S. C. SMSAThe 1966 Farm Loan Survey

Interest Rates in the Current ExpansionWashington, D. C. SMSAWhat's Happening to Our Trade Surplus?


MONTHLY REVIEW

FEDERAL RESERVE BAN K OF R ICH M O N D


J a n u a ry The F ifth D is tr ic t—1966 in R eview O r ig in s o f Ind u s trie s—G lass In d u s tr ia l A id Bonds

R obert L. S a rg en t P risc illa A . G o w e n Jan e F. N e lson

F e b ru a ry M o re S ubdued G ro w th in 1967C yc lica l M o ve m e n ts in Business C a p ita l Inve s tm e n t The F ifth D is tr ic t—W a g e D e ve lo pm e n ts 1966

B e n ja m in U. R a tch fo rd J im m ie R. M o n h o llo n R obert L. S a rg en t

M arch Prices in an A c c e le ra tin g E xpans ionO r ig in s o f In d u s trie s—T extilesO p e ra tio n s a n d Policy S e m in a rThe F ifth D is tr ic t—B a n k in g D e ve lo pm e n ts in 1966

E lizabe th W . A n g le D o ro th y E. Ferre ll W ill ia m T. C u n n in g h a m H a rm on H. H aym es

A p r il 1966 Farm Loan S u rvey , P art 1 O r ig in s o f In d u s trie s—Tobacco The E u ro -D o lla r M a rk e t The F ifth D is tr ic t—G e n e ra l Business

Robert L. S a rg en t C a rla W . Russell A u b re y N. S ne lling s R obert L. S a rg en t

M a y M a jo r P os tw a r B ear M a rke tsC hanges in F ifth D is tric t SMSA A reasThe F ifth D is tr ic t—F arm ers ' P la n tin g In te n tio n s fo r 1967

Joseph C. R am age E lizabe th W . A n g le S ada L. C la rke

June Edge A c t C o rp o ra tio n s a n d In te rn a tio n a l B a n k in gO r ig in s o f In d u s trie s—C oalC hanges in F ifth D is tric t B a n k in g S truc tu reThe F ifth D is tr ic t—M e m b e r Bank E arn ings a n d Expenses

A u b re y N. S ne lling s Ellen S. Perry H a rm on H. H aym es H a rm on H. H aym es

J u ly A R etrospect on T ig h t M o n e y F ifth D is tr ic t F ish ing M o rtg a g e Rates U nde r Pressure The F ifth D is tr ic t—G e n e ra l Business

Jam es P arthem os P risc illa A . G o w e n Joseph C. R am age R obert L. S a rg e n t

A u g u s t 1966 Farm Loan S urvey, Part IIF ifth D is tr ic t S a ilin gP os tw a r U. S. Inve s tm e n t in C a n a d aThe F ifth D is tr ic t—B a n k in g D e ve lo pm e n ts -F irs t H a lf, 1967

R obert L. S a rg e n t S a n d ra D. B ake r Joseph C. R am age H a rm on H. H aym es

S ep tem ber S ilve r: The C in d e re lla M e ta l F ifth D is tr ic t C a m p in g B a lance o f P aym ents R eview The F ifth D is tr ic t—G e n e ra l Business

H a rm o n H. H aym es E lizab e th E. Cox A u b re y N. S ne lling s D o ro th y E. F erre ll- C a rla W . Russell

O c to b e r

l

S av ing s in the BankF ifth D is tric t F ly ingF ifth D is tric t Persona l Incom e, 1966The F ifth D is tr ic t—Persona l Incom e Pro jections

E lizab e th W . A n g le C a rla W . Russell P risc illa A . G ow e n Joseph C. R am age

N o v e m b e r U. S. C oal E xports to the E uropean C o m m u n ity F ifth D is tric t H u n tin gF u nc tio na l Cost A n a ly s is —A Tool o f B ank M a n a g e m e n t The F ifth D is tr ic t—B a n k in g D e ve lopm en ts

Jan H. W . B eu nd e rm an D o ro th y E. Ferre ll W . O . Pearce H a rm on H. H aym es

D ecem ber M u n ic io a l Bond P o rtfo lio s o f C o m m e rc ia l Banks F ifth D is tric t S k iing E q u ip m e n t LeasingThe F ifth D is tr ic t—A g r ic u ltu ra l O u tlo o k fo r 1968

Joseph C. R am age P a tric ia G. A b e rn a th y H a rm o n H. H aym es Sada L. C la rke



MONTHLY REVIEWFEDERAL RESERVE BAN K OF R ICH M O N D

T ab le o f C on ten ts—1968

January

February

March

April

May

June

July

August

September

October

November

December

The Fifth District Economy in Focus—A Review of 1967 Fifth District GolfFree Trade or Protection: An Old Controversy Renewed

Forecasts 1968—The Question Marks Grow Bigger Foreign Tourism in the United States Automation at Fifth District Banks The Fifth District—Saving in 1967

Population Is People Peanuts: A Brief BiographyA Century of International Trade Policy 1840-1940Charge Account Banking—Credit Services on the Move in the District

The New Unified BudgetFifth District Ports—West VirginiaDisintermediationThe Fifth District—State Government Finances

Economic Cooperation in Europe Since 1945 Fifth District Ports—North Carolina The Executive Gap Soybeans: The “Cinderella" Crop

The Changing Role of Gold Fifth District Ports—MarylandA Census Profile . . . The Fifth District Farmer The Fifth District—Economic Growth

The Federal National Mortgage Association Fifth District Ports—Virginia The Gold CoverThe Fifth District—Commercial Bank Loans

Educational TVFewer but Larger FarmsBonnie and Clyde in the 1960'sThe Fifth District—Economic Review

The World Bank Group Mortgage TermsState and Local Borrowing in 1966The Fifth District—Commercial Bank Investments

Federal Regulation of Bank Holding Companies—I Changing Consumer Spending Patterns Fifth District Personal Income—1967 The Fifth District—Personal Income

Federal Regulation of Bank Holding Companies—IIFifth District Ports—South CarolinaThe Food Stamp ProgramThe Fifth District—The Credit Card Boom

Fiscal Policy in the SixtiesThe Space Industry in the Fifth DistrictSwiss BanksThe Fifth District—Agriculture: Spotlight on 1968

12

William H. Wallace Joseph C. Ramage Jan H. W. Beunderman

Joseph C. Ramage Priscilla A. Gowen Elizabeth W. Angle William H. Wallace

Carla W. Russell Sada L. Clarke Jan H. W. Beunderman Eunice R. Dougherty

Jimmie R. Monhollon Mary A. Chappell Jane F. Nelson Joseph C. Ramage

Jan H. W. Beunderman Dorothy E. Ferrell Harmon H. Haymes Sada L. Clarke

Aubrey N. Snellings Eunice R. Dougherty Sada L. Clarke William H. Wallace

Jane F. Nelson Priscilla A. Gowen Joseph C. Ramage Carla W. Russell

Charlotte B. Carmichael Sada L. Clarke Carla W. Russell William H. Wallace

Jan H. W. Beunderman Mary A. Chappell Joseph C. Ramage Carla W. Russell

William F. Upshaw Eunice R. Dougherty Priscilla A. Gowen William H. Wallace

William F. Upshaw Charlotte B. Carmichael Charlotte B. Carmichael Eunice R. Dougherty

Wynnelle Wilson Priscilla A. Gowen Jane F. Nelson Sada L. Clarke



MONTHLY REVIEW

January

February

March

April

May

June

July

August

September

October

November

Member

FEDERAL RESERVE BANK OF RICHMOND Table of Contents — 1969

Bank Deposit Structure 1961-67 Stock Market Indexes District Time and Savings DepositsThe Fifth District—Credit Outstanding to Real Estate Mortgage Lenders

Forecasts 1969—As Usual, An Unusual Year Personal Saving Rate Rural RecreationThe Fifth District—Usury Ceilings, Mortgage Funds, and Residential Construction

Regional Interest Rate Differentials Consumer Credit Commercial Paper Since 1966 The Fifth District—Personal Income

The Federal Debt Interest on the Federal Debt Consumer Reactions to Income Changes The Fifth District—What's Ahead for Agriculture in 1969?

The Role of Monetary Policy Stock Exchange Membership United States Foreign Assistance The Fifth District—Banking

Long-term Employment and Recent Unemployment Trends in the United States Farm Debt Continues to Rise Federal Grants-in-AidThe Fifth District—Earnings and Expenses of Member Banks

The Changing District Banking Structure Monetary and Financial Variables The Export-lmport Bank The Fifth District—Business Review

1968 Balance of Payments in Perspective Residential Mortgage Market Research in a Triangle: Part I The Fifth District—Crop Prospects for 1969

The American Textile Industry State RevenuesResearch in a Triangle: Part II The Fifth District—Banking Developments

The Prime Rate Local RevenuesA Look at District Dairy Farming The Fifth District—Business Highlights

Money and Credit in the First Half of 1969State Government ExpendituresA Brief Survey of the Eurobond MarketThe Fifth District—Electric Power Production 1963-1967

Flexible Exchange RatesLocal Government ExpendituresForeign Purchases of Domestic SecuritiesThe Fifth District—Member Bank Borrowing

Joseph C. Ramage Mary Ann Chappell Elizabeth W. Angle Katherine M. Chambers

William E. Cullison M, Grace Haskins Sada L. Clarke William H. Wallace

Jimmie R. Monhollon Wynnelle Wilson Jane F. Nelson Katherine M. Chambers

Jane F. Nelson Joseph C. Ramage William E. Cullison Sada L. Clarke

Aubrey N. Snellings Mary Ann Chappell Katherine M. Chambers Wynnelle Wilson

William E. Cullison Sada L. Clarke Wynnelle Wilson Carla R. Gregory

Aubrey N. Snellings Elizabeth W. Angle Jane F. Nelson Susan S. Jester

Robert D. McTeer, Jr. Jane F. Nelson Carla R. Gregory Sada L. Clarke

William H. Wallace Dorothy E. Ferrell Carla R. Gregory Wynnelle Wilson

Joseph C. Ramage Dorothy E. Ferrell Sada L. ClarkeDorothy E. Ferrell and Susan S. Jester

Wynnelle Wilson and Jimmie R. Monhollon Katherine M. Chambers Jane F. Nelson Robert W. Chamberlin

Robert D. McTeer, Jr.Katherine M. Chambers Katherine M. Chambers Carla R. Gregory and William E. Cullison



Table of Contents—1 970

January Economic Review of 1969—The Fifth DistrictFederal Housing Agencies and the Residential Mortgage MarketState and Local Government Debt

W illiam H. W allace Jane F. Nelson Jane F. Nelson

February Forecasts 1970 Construction CostsFarm Financial and Credit Conditions

W illiam E. Cullison Jane F. Nelson Sada L. C larke

March Perspective on Monetary Policy The Agricultural Outlook for 1970 Bank Credit Proxy

J. Dewey Dane Sada L. Clarke Jimmie R. Monhollon

April Forecasting Accuracy in the Sixties Survey of Time and Savings Deposits

The Fifth District (Personal Income)

Clyde H. Farnsworth, Jr. Jimmie R. Monhollon and

Jane F. Nelson M. G race Haskins

May The Evolving Payments SystemThe Federal Reserve's Communications Center and the

Payments System The Washington-Baltimore Regional Check Clearing Center

Aubrey N. Snellings W illiam H. W allace

H. Lee Boatwright, III and C. P. Kahler

June Mobile and Modular Housing

Fifth District Investors and the Bill Market

The Flow-of-Funds Accounts

Clyde H. Farnsworth, Jr. and H. Suzanne Jones

W ynnelle Wilson and Marjorie Solomon

Sumiye Okubo

July Regulation Q: An Instrument of Monetary Policy The Public Information Function

Jimmie R. Monhollon C arla R. Gregory

August A Seasonally Adjusted World Federal Outlays in the Sixties Container Shipping

W illiam E. Cullison W ynnelle Wilson Robert W . Chamberlin

September Measuring Price Changes Corporate Financing in the Sixties A New Look at Counterfeiting

W illiam H. W allace Philip H. Davidson Carla R. Gregory

October Measuring Price ChangesParity, Support Prices, Direct Payments, and All That

W illiam H. W allace Thomas E. Snider

November Measuring Price ChangesForeign Automobile Sales in the United States Personal Income in the Fifth District Mobile Home Financing

W illiam H. W allace Sumiye Okubo W illiam E. Cullison Clyde H. Farnsworth, Jr.

December The Monetarist-Nonmonetarist DebateRegulations Affecting Banking Structure in the Fifth District

Thomas M. Humphrey J. Alfred Broaddus, Jr.

12Digitized for FRASER Federal Reserve Bank of St.Louis


MONTHLY REVIEW SUBJECT INDEX

FOR T H E Y E A R 1971 (V O L U M E 57) FE D E R A L R E SE R V E B A N K OF R IC H M O N D

AGRICULTU REFarm Capital ancl Credit Trends in Virginia Farm Financial and Credit Conditions Agricultural Outlook for 1971

BAN K CAPITALCapital Notes and Debentures: The Forgotten

LiabilitiesBAN K H O LD IN G CO M PANY ACT

Antitrust and the New Bank Holding Company A c t : Part I

Antitrust and the New Bank Holding Company A c t : Part II

Antitrust and the New Bank Holding Company A c t : Part III

BAN KINGBanking in the Consumer Protection A g e :

Part I

BANKING STRUCTUREThe Banking Structure: What it Means and Why

It MattersBURNS, AR TH U R F.

The Basis for Lasting Prosperity

BUSINESS FORECASTS AND R E V IE W SForecasts 1971Economic Review of 1970: The Fifth District

CAPACITYCapacity Utilization Indexes

CONSUM ER EXPEND ITU R ESConsumer Credit Trends The All-Important Consumer

CORPORATE FINANCELiquidity Patterns in Corporate Financing Two Techniques of Corporate Financing

DEBT M ANAG EM ENTThe Federal Debt: Composition and Ownership

ECONOM IC IN DICATORSCyclical Indicators of Economic Activity:

Part ICyclical Indicators of Economic Activity:

Part II

E M P LO YM E N TUnemployment Rate Behavior During Recessions Income and Employment in the Fifth District

FIN AN C IAL IN STITU TIO N SComparative Asset Structures of Selected Financial

Institutions

Thomas E. Snider JanuarySada L. Clarke MarchSada L. Clarke April

B. Gayle Burgess andJames R. McCabe December

William F. Upshaw February

William F. Upshaw March

William F. Upshaw April

William F. Upshaw December

Alfred Broaddus November

Arthur F. Burns January

William E. Cullison FebruaryAnn M. Spivey April

Robert W . Chamberlin May

Tane N. Haws AugustWilliam E. Cullison October

Philip H. Davidson May Philip H. Davidson and

Jane N. Haws July

James R. McCabe May

Clyde H. Farnsworth, Jr. August

Clyde H. Farnsworth. Jr. December

William E. Cullison JulyThomas E. Snider November

John W . Scott October



FLO ATCheck Collection and Federal Reserve Float

FOOD STAM P PLANThe Food Stamp Program

H E A LTHThe Distribution of Medical Personnel and

Facilities— A Rural-Urban ComparisonINCOM E

Income Distribution and Its Measurement Part I : Distribution Among the Factors of

ProductionIncome Distribution and Its Measurement

Part I I : Distribution Among Families Income and Employment in the Fifth District

M ON EY SUPPLYThe Supply of Money in the United States

Part I : The Institutional Development The Supply of Money in the United States

Part I I : The Monetary Framework

PO PULATIO NFifth District Population : Growth and Distribution.

1950-1970 Zero Population Growth

P R O D U C TIVITYProductivity and Its Measurement

TRAN SFER OF FUNDSTowards a Better Payments System

William B. Harrison, III June

Elaine Eastham andJimmie R. Monhollon November

Thomas E. Snider andMarcia M. Wyatt July

Thomas M. Humphrey August

Thomas M. Humphrey OctoberThomas E. Snider November

Richard H. Tiinberlake, Jr. January

Richard H. Timberlake, Jr. February

Thomas E. Snider SeptemberWilliam E. Cullison September

Thomas M. Humphrey June

Board of Governors of theFederal Reserve System July

16



MONTHLY REVIEW SUBJECT INDEX

V O L U M E 58, 1972

F E D E R A L R E S E R V E B A N K O F R IC H M O N D

AGRICULTU REA Fifth District Review of 1971 Farm Financial

and Credit Conditions W h at’s Ahead for Agriculture in ’72?

BANKINGBanking in the Consumer Protection A g e : Part II Banking in the Consumer Protection A g e : Part III Regional Check Processing Centers: Fifth Federal

Reserve District Floating the Prime RateLinear Program m ing: A New Approach to Bank

Portfolio Management Recent Developments in Fifth District Banking

BUSINESS AND FINANCEForecasts 1972: Success for the New

Econom ic Program ?Productivity, Labor Costs, and Prices

Business Cycles, Growth Cycles, and the Current Expansion

Corporate Financing and Liquidity: 1968-1972

FIFTH DISTRICTA Fifth District Review of 1971 Farm Financial

and Credit Conditions Regional Check Processing Centers: Fifth

Federal Reserve District Federal Aid to Fifth District States Manufacturing in W est Virginia Virginia M anufacturing: A Profile of Growth The Major Ports of the Fifth District Government Finance in the Nation’s Capital Coal Makes a Comeback in W est Virginia Recent Developments in Fifth District Banking

G O VER N M EN TFederal A gency IssuesSocial Security Financing: A New Package or

Just New Packaging?Government Em ploym ent in the United States:

1952-1970 Federal Aid to Fifth District States The Full-Em ploym ent Budget: A Guide for

Fiscal Policy Government Finance in the Nation’s Capital The Federal Budget: Retrospect and Prospect

Sada L. Clarke FebruarySada L. Clarke April

W illiam F. Upshaw JanuaryW illiam F. Upshaw February

AprilPhilip H. Davidson August

Alfred Broaddus November Thomas Y. Coleman and

Bradley H. Gunter December

W illiam E. Cullison February Thomas M. Hum phrey and

Marjorie S. Hale April

Glenn Picou andMarjorie S. Hale September

Philip H. Davidson November

Sada L. Clarke February

AprilThomas E. Snider MayThomas Y. Coleman MayB. Gayle Burgess JuneB. Gayle Burgess AugustCarla R. Gregory SeptemberThomas Y. Coleman October Thomas Y. Coleman and

Bradley H. Gunter December

B. Gayle Burgess January

James R. McCabe January

Glenn Picou AprilThomas E. Snider May

James R. McCabe MayCarla R. Gregory SeptemberGlenn Picou December

FEDERAL RESERVE BANK OF RICHMOND 15Digitized for FRASER Federal Reserve Bank of St.Louis


H O U SIN G The H ousing ReboundStructure of the Residential M ortgage Market

IN C O M E S P O L IC IE S The Econom ics of Incomes Policies

IN T E R N A T IO N A L T R A D E Dom estic International Sales Corporations

The W orld Trade MatrixChanging V iew s of Comparative Advantage

M A N U F A C T U R IN GManufacturing in W est VirginiaVirginia M anufacturing: A Profile of Growth

M O N E Y S U P P L YDeterminants of Change in the M oney S tock :

1960-1970

P R O F IT SProfit Size and Measurement Profits and W ages: 1965-1970

W illiam E. Cullison July Philip H. Davidson September

Thomas M. Humphrey October

Robert D. M cTeer, Jr. andSharon M. Haley June

Thomas M. Hum phrey JuneThomas M. Hum phrey July

Thomas Y. Coleman MayB. Gayle Burgess June

Jane Anderson andThomas M. Hum phrey March

Thomas M. Hum phrey MarchPhilip H. Davidson March

16 MONTHLY REVIEW, DECEMBER 1972Digitized for FRASER Federal Reserve Bank of St.Louis


MONTHLY REVIEW INDEX

JANUARY

FEBRUARY

MARCH

APRIL

M AY

JUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

Volume 59, 1973

FEDERAL RESERVE BANK OF R IC H M O N D

Financial Highlights of 1972

Personal Income in the Fifth District in 1971

Employment and Unemployment Since 1969

Econometric Models: The Monetarist and Non-Monetarist Views Compared

Forecasts 1973

Financial Forecasts: 1973

The Dismal Science RevisitedBank Affiliates and Their Regulation: Part I

iBank Affiliates and Their Regulation: Part II

Time and Savings Deposits in the Fifth District The District Economy in Perspective: 1972

Spotlight on Agriculture

Bank Affiliates and Their Regulation: Part III

International Agricultural Trade and the U.S. Balance of Payments

Sources of Bank Expansion in the Fifth District:Internal and External Growth

Labor Turnover: Another View of the Labor Market

Rural Housing in the Fifth District

Changing Views of the Phillips Curve

The Fifth District Labor Force

Using the Futures Market to Hedge

Recent Changes in Fifth District SM SA 's

The Household Worker

Some Factors Affecting Long-Term Yield Spreads in Recent Years

Edge Corporations: A Microcosm of International Banking Trends

The Cyclical Behavior of Consumer Credit

Behind the Unemployment Rate

Economic Aspects of Health Care and Medical Insurance Programs

Fifth District Bank Loans: 1965-1972

The Role of the Money Supply in the Conduct of Monetary Policy

Evolution of the Concept of the Demand for Money

Philip H. Davidson and B. Gayle Burgess

John W. Scott

William E. Cullison

Joseph M. Crews

William E. Cullison and Carla R. Gregory

Philip H. Davidson

Thomas M. Humphrey William F. Upshaw

William F. Upshaw

Susan P. Krug

B. Gayle Burgess Sada L. Clarke

William F. Upshaw

Thomas E. Snider

Clyde H. Farnsworth, Jr. Glenn Picou

Thomas E. Snider

Thomas M. Humphrey

B. Gayle Ennis

Thomas E. Snider

Patricia G. Rhodes Susan P. Krug

Timothy Q. Cook

Douglas H. Lemmonds

Glenn Picou

Sharon M. Haley

William E. Cullison

Susan A. Whitlock

Arthur F. Burns

Thomas M. Humphrey

MONTHLY REVIEW, DECEMBER 1973Digitized for FRASER Federal Reserve Bank of St.Louis


Rev Frbrich Index 1952-1973

Documents

Transcript of Rev Frbrich Index 1952-1973