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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

Mar. 1939

R e t a il T r ade i n

Mar. 1938

26,014,916
14,243,656,930
437,584,196
3,578,753

Smoking & Chewing
Tobacco, Pounds .........
Cigarettes, Number ...........
Cigars, Number ...................
Snuff, Pound's .......................

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)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102