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Corrected MONTHLY Copy REVIEW o f Financial and Business Conditions F ifth Reserve Dis tr ic t federal April 30, 1939 Federal Reserve Bank, Richmond, Va. February 1939 March 1939 March 1938 $1,174,478,000 53 1,131,000 $ 8,690,780 $ $ 11,505,000 12,500 7,531,432 $ $ 24,070,000 251,149 8.60 18,300,000 26,745,000 % Change Y ear Mo. Debits to individual accounts (24 cities)....................... Number of business failures, 5th dist............................... Liabilities in failures, 5th dist............................................. Sales, 30 department stores, 5th dist................................ . Sales, 207 wholesale firms, 5th dist................................... Registrations, new passenger autos................................ Value of bldg. permits, 31 cities.......................................... Value of contracts awarded, 5th dist............................... . Cotton consumption, 5th dist. (B a les).............................. Cotton price, cents per lb., end of month........................ Rayon yarn shipments, U. S. (P ou nds).......................... Soft coal mined, U. S. (T o n s)............................................ $1,034,770,000 65 469,000 $ 6,574,227 $ $ 10,427,000 12,895 7,216,992 $ $ 19,053,000 270,630 8.72 25,600,000 33,910,000 R A D E and industry in the Fifth Federal Reserve district showed substantial increases in March, but in some lines the gains were probably not quite up to seasonal levels. The outstanding development in March was the marked increase in construction work provided for in building permits issued and contracts actually awarded. Permits issued were 65 per cent above those o f February and 58 per cent above those o f March last year, while contracts awarded rose 104 per cent and 62 per cent, respectively, over contracts awarded in February 1939 and March 1938. This large volume o f work means steady employment for thousands o f skilled and unskilled workers for several months at least. Cotton consumption in the district continued in March at recent high levels, and materially above a year ago, a further indication of relatively full employment for another group o f workers. Rayon production also held up at substantially higher rates than a year ago, and tobacco manufacturing exceeded that o f March 1938 in nearly all lines. A ll o f these develop ments are favorable to employment and increases con sumer purchasing power, which in turn benefits all lines o f retail distribution. Retail trade in March as reflected by department store sales felt the influence o f spring shopping and was 44 per cent above trade in February, and the earlier date o f Easter carried sales 9 per cent above those in March 1938. Retail furniture sales in 37 stores were 4 per cent higher last month than in March last year. Wholesale trade in the district in 207 firms also rose in March by 19 per cent over February and 8 per cent over March 1938. New automobiles registered in the Fifth district in March exceeded February registrations by 38 per cent, and were 42 per cent higher than in March 1938. In contrast with the favorable trend in March, the employment situation has changed since A pril 1, chiefly as a result o f the strike o f bituminous coal miners. W est Virginia is the leading producer o f bituminous coal, and closing o f the mines in that state and in Virginia threw thousands o f miners out o f work and stopped their pay. Near the middle o f April the coal carrying railroads in the district began laying off workers as coal shipments ceased, and several thousand men were laid off until coal shipments are resumed. About 2,000 tobacco factory employees went on strike in Richmond and Durham on April 17 and are still out at the time o f writing, but this is a minor disturbance in comparison with the coal strike. In agriculture, the spring has not been favorable on the whole. Fall planted grains are in excellent condition, but wet weather has delayed spring plowing and planting, and late frosts appear to have damaged fruit crops quite materially. T NOTE - $1,233,482,000 59 560,000 $ 9,466,426 $ $ 12,441,000 17,800 $ 11,904,407 $ 38,946,000 310,642 8.48 26,500,000 35,290,000 + 19 — 10 + 19 + 44 + 19 + 38 + 65 +104 + 15 — 3 + 4 + 4 Please substitute this corrected copy for the April 30, 1939, Monthly Review sent you the first of May. The figures for “ Hogs & Pigs” in West Virginia given in the table tin nnao A. n f fho onrlior tccn/i *«/»*>■*•*•/>/»f 4+ — + + + + + + 5 11 50 9 8 42 58 62 24 — 1 + 45 + 32 2 MONTHLY REVIEW R eserve M arch Bank Bank and of O p e r a t io n s : th e m id d le R ic h m o n d of B e tw e e n A p r il, a c q u ir e d an th e th e a d d itio n a l G o v e r n m e n t se cu ritie s b y a r e a llo c a tio n o f in g s a m o n g th e 1 2 b a n k s . a ls o r o s e $ 1 7 ,2 8 6 ,0 0 0 so ld som e o f m id d le F ederal of R eserve $ 7 0 3 ,0 0 0 S y ste m in h o ld w hen a fe w th e ir G o v e r n m e n t la r g e m e m b e r ba n k s s e c u ritie s , a n d th is w a s se rv e s b y $ 1 6 ,7 2 7 ,0 0 0 . 000 omitted Apr. 15 Mar. 15 1939 1939 ITEMS Discounts held ......................................... Open market paper ............................... Industrial advances ............................... Government securities ........................... Total earning assets ......................... Circulation of Fed. Res. notes ............ Members’ reserve deposits .................... Cash reserves .......................................... Reserve ratio .......................................... $ 260 24 1,177 134,227 135,688 195,287 250,796 367,824 73.92 Apr. 15 1938 $ 170 $ 1,083 24 24 1,204 1,742 133,524_____ 139,979 134,922 142,828 195,961 193,424 233,510 214,737 351,097 340,117 73.05 71.51 S t a t e m e n t of 41 R e p o r t in g M e m b e r B a n k s : in g m e m b e r b a n k s in 1 2 F i f t h in G overn m en t R e p o rt d istrict citie s re d u ce d in se cu ritie s b e tw e e n M arch 15 a n d A p r i l 1 2 , th is y e a r , b u t lo a n s in cre a se d s lig h tly and b o th d e m a n d a n d tim e of th e 41 banks at d e p o s its th e CITIES M e m b e r b a n k r e s e r v e d e p o sits th e c h ie f fa c t o r in in c r e a s in g th e R e s e r v e b a n k ’ s ca sh re v e s tm e n ts showed a seasonal rise o f 19 per cent in March over the shorter month o f February and also totaled 5 per cent more than in March 1938. rose. R eserve R eserve bank ro s e m o n th b y a p p r o x im a te ly th e a m o u n t o f b a la n ces d u r in g th e re d u c tio n in se Maryland Baltimore ........... Cumberland . . . . Hagerstown . . . . Dist. of Col. Washington . .. Virginia Danville ............. Lynchburg ----Newport News . Norfolk ............. Portsmouth ----Richmond' ......... Roanoke ............. West Virginia Charleston ......... Huntington -----North Carolina Asheville ........... Charlotte ........... Durham ............. Greensboro ......... Raleigh ............. Wilmington . . . . Winston-Salem . South Carolina Charleston ......... Columbia ........... Greenville ......... Spartanburg . . . District Totals.. c u r ity in v e s tm e n ts . 000 omitted Apr. 12 Mar. 15 1939 1939 ITEMS Loans and discounts ............................... Investments in securities ..................... Reserve bal. with F. R. bank .............. Cash in vaults ...................................... Demand deposits ................................... Time deposits ........................................... Money borrowed ..................................... M utual S a v in g s Bank $237,298 428,735 162,850 .20,684 477,751 200,421 0 D e p o s it s : Apr. 13 1938 $232,202 446,821 145,974 16,889 468,908 198,789 0 A g gregate $240,723 373,455 139,406 19,818 435,156 198,179 0 d ep o sits in 1 0 m u tu a l s a v in g s b a n k s in B a lt im o r e ro se in M a r c h to a h ig h e r le v e l th a n a y e a r a g o a fte r d r o p p in g b e lo w 1 9 3 8 fig u r e s in J a n u a r y a n d F e b r u a r y o f th is y e a r . p o s its on pared w ith $ 2 1 9 ,4 0 4 ,3 4 0 M arch 31, 1939, on to ta lin g $ 2 1 9 ,9 3 1 ,6 6 8 F ebru ary D e com 2 8 th is y e a r and $ 2 1 9 ,7 4 2 ,1 2 4 o n M a r c h 3 1 la st y e a r . E m ploym ent : p lo y m e n t in A p r il T h e r e w e r e n o m a te ria l c h a n g e s in e m th e F ifth d istr ic t d u r in g M arch , but since on P age 1. W ork ers oth er th a n th o s e a ffe c te d b y str ik e s a r e a s w e ll o r b e tte r e m p lo y e d th a n in th e p ast se v e ra l m o n th s . C o n str u c tio n c o n tin u e s to e x p a n d in th e d istr ic t, a n d n e a r ly all in d u s trie s are fig u r e s , Labor o p e r a tin g c o m p ile d fo r S ta tis tic s a n d c o n s tr u c tio n , ro lls up sh ow in th e F i f t h to th e re ce n t m ost le v e ls . part by c o v e r in g all ty p e s th e tr e n d s d istr ic t f r o m of The th e of fo llo w in g B ureau w ork e m p lo y m e n t F e b r u a r y to and a g a in s t to pay M arch : Maryland ............................................................ ............... + 2 . 1 Dist. of Columbia ............................................................ + 4 . 5 Virginia .............................................................. ............... + 1 . 3 West Virginia .................................................... ............... + 0 . 4 North Carolina ................................................ ............... + 1 . 6 South Carolina .................................................. ............... 4 -0 .1 I n d iv id u a l d e p o s ito r s ’ A ccounts : a c c o u n ts in 24 + 2 .8 4* 2.3 4 -0 -9 + 0 .9 + 1 .2 + 0 .7 C h ecks F ifth d istr ic t $ 340,906 7,821 8,222 $ 294,465 6,751 6,305 $ 337,581 7,148 8,348 272,053 220,617 245,401 + 23 + 11 7,089 13,439 8,893 50,447 4,260 139,432 30,089 6,606 11,890 8,110 41,099 3,695 125,481 22,806 7,224 13,856 8,101 45,823 3,991 138,751 23,097 + + + + + + + 7 13 10 23 15 11 32 — 2 — 3 + 10 + 10 + 7 0 + 30 45,373 16,366 38,754 13,177 47,172 15,898 + 17 + 24 — 4 + 3 12,035 58,816 26,375 20,422 44,645 10,300 41,275 10,152 50,073 22,345 16,630 33,698 8,753 32,482 11,480 53,947 25,945 17,462 45,192 10,447 38,835 + + + + + + + 19 17 18 23 32 18 27 + 5 + 9 + 2 + 17 — 1 — 1 + 6 16,938 30,428 18,530 9,328 14,745 22,562 15,851 7,723 16,522 25,784 17,329 9,144 + + + + 15 35 17 21 + 3 + 18 + 7 + 2 $1,233,482 $1,034,770 $1,174,478 + 16 + 16 + 30 + 1 + 9 — 2 + 19 + 5 PERIODS March 1939 ................... February 1939 ............. March 1938 ................... 3 Months, 1939 ............. 3 Months, 1938 ............. Number of failures District U. S. 59 1,123 65 963 53 1,167 192 3,349 3,693 Total liabilities District U . S. $ 560,000 $17,915,000 469,000 12,788,000 1,131,000 40,325,000 1,647,000 2,534,000 49,825,000 82,768,000 e g is t r a t io n s o f N e w A u t o m o b i l e s : Sales in March o f new passenger automobiles rose sharply in the Fifth district, but the increase over February sales was prob ably not up to seasonal level. However, sales both last month and during the quarter were much ahead o f sales in the corresponding periods last year. The following registration figures for new cars were furnished by R. L. Polk & Co., o f Detroit: R STATES Maryland .......... Dist. of Col. . . , West Va............... No. Carolina . . So. Carolina . . . District .......... Registration of New Passenger Cars Mar. Mar. 3 Months 3 Months % 1939 1938 Change 1939 1938 4,646 2,761 2,996 1,584 3,445 2,368 17,800 2,868 1,807 2,764 1,359 2,360 1,342 12,500 + + + + + + + 62 53 8 17 46 76 42 9,429 6,181 8,645 4,337 9,857 6,017 44,466 6,028 3,985 7,228 3,498 6,589 3,631 30,959 % Change + + + + + + + 56 55 20 24 50 66 30 except Percentage change from Feb. 1939 to Mar. 1939 In number In amount on payroll of payroll STATES D e b it s of % of Change Year Month C o m m e r c i a l F a i l u r e s : Bankruptcy figures for the dis trict and the United States were reported by Dun & Bradstreet as follow s: 1 m a n y p e o p le h a v e b e e n t h r o w n o u t o f w o r k b y la b o r tr o u b le s , as d e sc rib e d 000 omitted Feb. Mar. 1939 1938 Mar. 1939 cash ed cities C o n s t r u c t io n : Construction work provided for in March increased materially over the preceding month and the corresponding month o f the preceding year. Building permits issued in 31 Fifth district cities in March total ing $11,904,407 were 65 per cent higher than permits totaling $7,216,992 in February 1939 and 58 per cent above $7,531,432 in March 1938. Contracts actually awarded for all types o f construction work in the district in March totaled $38,946,000, an in crease o f 104 per cent over February contracts totaling $19,053,000 and 62 per cent above March 1938 contracts totaling $24,070,000. Figures collected by the F . W . 3 MONTHLY REVIEW Dodge Corporation by states for March 1939 and 1938 on construction contracts awarded are as follo w s: STATES March 1939 March 1938 % Change Maryland .................................. $ 7,259,000 $ 5,211,000 + 39 Dist. of Col................................. 6,783,000 3,077,000 + 120 Virginia .................................... 8,158,000 4,883,000 + 67 — 42 West Virginia ..................... 2,083,000* 3,566,000* North Carolina ..................... + 103 9,039,000 4,459,000 South Carolina ..................... 5,917,000 3,396,000 + 74 Fifth District ................... ................................................................................... $39,239,000* $24,592,000* +............ 60 * Contains a few contracts outside Fifth district. C oal M in in g : Production o f bituminous coal in the United States in March totaled 35,290,000 net tons, com pared with 33,910,000 tons mined in February 1939 and only 26,745,000 tons in March 1938. However, on a work-day basis, production of 1,307,000 tons per day in March was less than 1,419,000 tons per day in February. Since April 1 very little coal has been mined, about 70 per cent o f the bituminous area having been tied up by the strike in the Appalachian region. Total production this calendar year to March 31 was 104,730,000 net tons, compared with 85,135,000 tQns dug in the first quarter of 1938. Shipments o f coal this year through Hampton Roads to April 8 totaled 5,951,903 tons, against 4,905,769 tons shipped to the same date in 1938 and 6,132,289 tons in 1929. In spite o f a slow market for textile products and a weak price situation in gray goods and finished goods, cotton mills continued operations in March on the level o f recent months, and consumption o f cotton in Fifth district mills was higher than in any other month since June 1937. Cotton yarn prices rose slightly during the last week in March and the first week in April, but gray and finished goods prices were shaded further. Mill margins rose from 10.11 cents in the first week in March to 10.21 cents in April, due to a decline in cotton prices exceeding the changes in prices o f mill products. Con sumption o f cotton by states in the Fifth district in March 1939, February 1939 and March 1938, in bales, is shown b e low : 14. Spot markets were unusually dull during the first half o f April and inquiries for raw cotton were few from both domestic and foreign sources. Cotton Consumed and On Hand (Bales) Mar. 1939 Fifth district states: Cotton consumed ..................... Cotton growing states: Cotton consumed ..................... Cotton on hand March 31 in Consuming establishments . Storage & compresses ......... United States: Cotton consumed ..................... Cotton on hand March 31 in Consuming establishments . Storage & com presses......... Exports of cotton .......................... Spindles active, U. S..................... 3 Months, 1939..................... 3 Months, 1938..................... No. Carolina So. Carolint 169,147 128,110 148,164 111,097 135,218 102,411 474,780 364,328 358,086 277,956 Virginia 13,385 11,369 13,520 36,275 34,025 District 310,642 270,630 251,149 869,141 676,309 Shipments o f rayon filiment yarn in March totaled 26,500,000 pounds, an increase over 25,600,000 pounds shipped in February, but the increase was less than mill output and rayon yarn inventories consequently rose from 39,500,000 pounds on February 28 to 41,400,000 pounds on March 31. Rayon Organon says that March shipments reflected an active market during the first two weeks o f the month and a slower activity during the last half. The disturbing foreign situation and unfavorable weather are charged with responsibility for retarding the normal spring rise. W eavers’ and converters’ stocks o f rayon goods are considered adequate, but retail inven tories are unusually low. R ayon : Spot cotton prices declined steadily from the middle o f March to the middle o f April, falling from 8.80 cents per pound on March 10 for middling 7 /8 inch cotton on 10 Southern markets to 8.32 cents on April Cotton: 310,642 251,149 2,217,760 1,971,599 547,497 428,995 3,897,660 3,416,246 1,204,784 1,483,095 13,435,973 10,854,335 649,237 512,626 1,415,972 1,768,311 13,489,173 10,941,503 330,370 425,588 22,472,330 22,291,046 4,603,338 4,017,164 .............................. .. ................................ 2,786,173 4,656,579 .............................. M a n u f a c t u r in g : T h e Bureau of Internal Revenue reports tobacco products manufactured in March 1939 and 1938 as follow s: T obacco Smoking & Chewing Tobacco, Pounds ......... Cigarettes, Number ........... Cigars, Number ................... Snuff, Pound's ....................... R e t a il T r ade i n Mar. 1939 Mar. 1938 26,014,916 14,243,656,930 437,584,196 3,578,753 27,311,384 13,728,119,233 431,690,833 3,455,955 % Change -5 + 4 +1 + 4 D e p a r t m e n t S tores : Net Sales Net Sales Stocks Ratio March March 1939 Jan. 1 to date March 31, 1939 collections comp, with comp, with comp, with to accounts March same period Mar. 31 Feb. 28 outstanding last year 1938 1939 1938 March 1 C otton T e x t il e s : MONTHS March 1939 ........................... February 1939 ..................... March 1938 ............................ Mar. Aug. 1 to Mar. 31 1938 This Year Last Year Richmond (3) ,. Baltimore (8) .. Washington (6) . Other Cities (II 1) District (30) ,. + 5.4 + 11.0 + 9.0 + 6.0 + 8.9 — + + + + Same stores by States, with 27 stores added': Virginia (13) . . West Va. ( 10) . . No. Carolina (8) So. Carolina (11) + 5.1 + 4.9 + 5.5 + 1 3 .4 — .6 + .1 + 4.3 + 7.1 R e t a il F u r n it u r e .4 1.3 3.9 2.4 2.3 + + + + + 6.5 8.8 9.7 7.0 8.7 33.3 33.7 28.1 29.9 30.6 Change in Sales, March and 3 Months 1939 Compared with Compared with March 1938 3 Months 1938 + 12 — 3 + 5 + 4 — 5 + 7 + 7 + 5 + 4 + 1 Maryland, 9 stores .......... Dist. of Col., 7 stores Virginia, 10 stores .......... North Carolina, 3 stores . South Carolina, 7 stores District, 37 stores* Individual Cities: Baltimore, 9 stores . . . Columbia, 3 stores ........ Richmond, 5 stores Washington, 7 stores .. * Includes one West Va.. store. holesale .7 2,8 2.2 5.0 .5 Sales: states W + + + + T rade, 207 + 4 + + 12 — 34 — 10 + 4 4 — 3 — 20 0 + 5 F ir m s : Net Sales Stocks Ratio March March 1939 March 31, 1939 collections comp, with compared with to accounts March Feb. Mar. 31 Feb. 28 outstanding 1938 1939 1938 1939 March 1 Auto Supplies (6) ...... Shoes (5) ....................... Drugs (10 ....................... Dry Goods (9) ............... Electrieal Goods ( 1 6 ) . . Groceries (70) ............. Hardware (19) ............. Industrial Supplies (11) Plumbing & Heating (6) Paper & Products (10) Tobacco & Products (8) Miscellaneous (37) . . . . Average, 207 firms. . . + 29 + 9 + 4 + 1 + 44 0 + 3 + 24 + 25 + 6 + 13 + 6 + 8 — 3 + 35 + 5 + 12 + 18 + 19 + 25 + 15 +43 9 — 18 + 7 — 2 — 20 + 17 + 2 0 0 — 5 -1 4 — 4 — 15 + 3 — 3 + 17 + 5 + 1 — 1 — 2 0 + 23 + 19 + 19 — *3 0 + + + 1 1 63 57 100 42 74 90 45 61 49 58 92 66 65 MONTHLY REVIEW 4 L IV E ST O C K ON FA R M S ON JA N U A R Y 1, F O R T H E P A S T T E N Y E A R S , W IT H T O T A L V A L U A T IO N FIG U R E S (A ll figures in thousands: i. e., 000 omitted) Maryland No. Value Virginia No. Value W est Virginia No. Value 110 295 310 324 351 372 386 374 374 352 359 $11,712 10,261 7,679 6,844 7,031 7,327 8,131 8,834 9,322 9,731 2,381 2,414 2,541 2,706 2,838 2,860 2,831 2.760 2.760 2,837 $131,734 91,670 73,257 59,424 58,986 64,234 88,242 88,779 97,312 102,529 $ 1,306 1,331 1,320 1,309 1,269 1,228 1,175 1.099 $ 13,491 8,317 5,903 4.436 5,028 5,110 6,518 6.436 6,869 6,489 490 495 485 480 470 438 416 395 399 395 $ 5,407 3,306 601 625 631 631 610 606 588 547 547 536 $ 5,949 3,687 2,776 2,082 2,257 2,401 3.019 2,931 3,062 2,911 597 508 551 579 585 543 597 663 663 683 $ 5,994 4,069 3,343 2,577 2,545 3,314 5,691 6,114 5,904 5,722 173 168 176 $ 1,924 1.428 1,320 1.019 884 1,106 1,807 1,859 1,823 1,834 Cattle & calves.. 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 292 292 295 300 304 307 307 307 313 322 $23,564 17,841 12,154 8,700 8.725 9,687 13,913 14,735 16,397 16,324 777 754 782 800 856 870 861 852 869 Sheep & lambs 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 113 107 104 99 95 94 $ 1,300 738 530 376 432 435 534 552 585 534 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 198 168 160 180 186 159 167 184 191 $ 2,099 1,596 2,212 1,671 2,021 1,947 2,569 2,596 2,823 2,659 106 103 101 99 98 96 96 97 13 13 12 12 12 12 12 12 12 190 188 188 197 213 209 217 There is printed above a table showing live stock on farms on each January 1 since 1930, arranged by states in the Fifth Reserve district. Few horses and mules are raised in the district, their importance lying in their expense to the farmers, but cattle, sheep and hogs are income producing and the figures on them throw light on the growth o f diversification in agriculture. The number o f sheep and lambs on farms has shown a slow but definite decline for all states in the district, but this tendency has been more than offset by the in creases in the number o f cattle and hogs. A ll the states show increases in the number o f cattle and hogs. The growth in the number o f cattle and hogs on farms in the Carolinas is particularly encou ragin g, fo r it indicates a $24,235 20,032 16,157 13,575 13,399 14,624 18,225 18,813 18,896 20,716 507 558 594 659 679 685 671 651 638 664 $ 9,703 8,014 7,834 7,442 9,108 11,028 13,076 14,546 14,274 14,063 210 $ 68,692 61,122 49,702 50,047 67,606 81,948 100,144 108,486 106,688 103,749 $29,631 18,000 15,561 13,350 12,540 12,856 19,530 17,491 20,447 21,597 96 94 93 90 92 93 93 96 94 95 882 874 1,036 1,676 1,839 1.725 1,845 608 601 594 595 602 612 617 626 626 630 510 500 546 596 627 612 618 576 588 606 $ 3,422 3,045 2,755 2,581 2,987 3,491 4,013 4,004 4,060 3.696 1,200 $20,492 16,836 13,394 13,783 20,943 25,071 30.525 34,398 31,790 30.525 $42,592 25,536 21,706 16,955 17,291 19,740 28,443 28,906 32,250 34,161 29 29 29 29 29 29 29 28 28 28 H ogs & pigs... 188 183 181 179 179 183 185 189 187 185 12 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 84 81 77 $33,840 32,148 24,831 25,365 33,596 41,242 51,150 54,110 55,136 54,073 282 282 279 285 290 295 298 301 305 310 $16,985 13,290 12,373 11,768 13.770 16,049 19,575 21,307 20.771 19,481 86 20 $ 46,894 37,607 32,064 31,443 36,884 43,176 50,918 54,113 53,086 50,117 $ 1,235 1,079 888 876 972 1,116 1,380 1.428 1.428 1,392 205 195 187 178 170 163 165 167 167 167 $10,556 8,690 7,420 7,622 8,686 8,112 $ 90 86 85 81 77 73 62 62 60 830 913 954 1,096 1,005 947 966 1,111 1,111 1,155 Fifth District No. Value 536 505 482 461 444 430 432 433 434 436 10,078 11,438 11,604 11,497 11,135 $ 9,215 7,387 5,916 5,780 6,806 8,115 9.695 10,062 9,950 9,200 South Carolina No. Value 2,573 1,932 1,350 1,449 1,760 2,050 2,250 2,465 2,265 2,189 $ 7,565 6,308 5,005 4,824 5,862 6,884 7,960 8,675 8,603 95 89 87 85 82 80 81 81 82 82 Mules & colts.. 116 89 83 77 72 69 67 68 69 69 70 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 Horses & Colts North Carolina No. Value 766 522 335 264 278 287 351 321 362 353 $ 9,628 9,313 7,346 5,590 5,822 7,241 10,255 11,523 10,994 10,833 31 28 25 23 22 21 20 20 20 14 14 14 14 13 13 10 69 64 50 43 40 40 45 36 37 32 480 494 576 600 552 509 519 550 540 583 $ 4,608 4,347 3,283 2,820 2,705 2,917 4,425 4,828 4,635 4,613 12 11 11 1.100 1,078 2,278 2,251 2,417 2,651 2,516 2,346 2,446 2,721 2,714 2,848 $ 24,253 20,753 16,492 12,888 12,830 15,614 23,854 26,163 25,081 24,847 tendency to rely less upon cotton and tobacco for money income and a disposition to devote more land to other crops, and also an increase in the use o f these crops on the farms. W hile the value per head o f cattle and hogs has not yet recovered to the level o f 1930, there has been a marked improvement since the low levels o f 1933 and 1934. On the other hand the value per head o f both horses and mules much exceeds the 1930 average. On the whole, it seems apparent that progress has been made in the grow ing o f livestock and in a more diversified agriculture, but it has not been striking and certainly not all that could be desired, when considered as an indication o f a more balanced economy. (Compiled April 21 , 1939)
@FedFRASER