View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

MO N T H L Y

REVIEW

of Financial and Business Conditions

_

t

/;Richmond®

if

F if t h

Reserve
Federal

3 ^ " n.'c'...... D i s t r i c t
-...•C harlotte

&c.

Federal Reserve Bank, Richmond 13, Va.______

__________________

HE major industries of the Fifth District are making
some progress in expanding the level of production,
but the progress is not rapid owing mainly to labor and
materials shortages. There has been a relatively small
proportion of production lost in this area as a result of
labor trouble prior to the coal strike, but as early as the
14th of April many firms indicated a partial or complete
shut-down would result if coal supplies were not forth­
coming in ten to fifteen days.
Average daily bituminous coal production in the Dis­
trict during March was at an all time high level— 4 per­
cent above February and 10 percent above March 1945.
April output, however, will show a very low level even
if production is resumed at once, for the shut-down is
almost complete.
The cotton textile industry is experiencing a slowly
rising output with the average daily cotton consumption
in the District in March one percent higher than in Feb­
ruary. The March level, however, was 3 percent smaller
than in March 1945, but current yardage is probably some­
what higher than a year ago. Employment in the industry
has risen moderately but the supply is not large enough
to expect a sharp run-up in goods production.
The dearth of hosiery yarns has retarded the output of
hosiery, and Industry representatives have asked the Gov­
ernment to allocate rayon yarn to hosiery mills in order
that a monthly output goal of 20 million pairs of rayon
hose could be attained.
Shipyard employment trend has continued downward.
Further reductions are in prospect at the Navy Yards,
but the level at Merchant Yards might be expected to level

T

>

_________ April 30, 1946

off somewhere not far from present levels. Employment
at the aircraft plants of the District also appears to be
close to a working peacetime level.
The outstanding factor in the business situation during
March was the increase in building permits of 41 percent
over February and 576 percent over March 1945. March
building permits in the Fifth District were exceeded only
in the month of February 1928 in the known record at
hand. There is a large amount of on-site work in progress
over the District and a moderate amount of occupancy
has been effected, though some dwellings in process and
contemplated, together with a very large amount of in­
dustrial and commercial structures projected is likely to
maintain a tension in the labor market for sometime to
come.
Employment levels in the District bottomed in Novem­
ber but have risen only slightly since. In several indus­
tries employment has fallen below a desired level and new
additions have been difficult to recruit. The textile and
lumber industries could increase employment substan­
tially if workers were available for these jobs. Em­
ployees are in demand at a number of small miscellaneous
manufacturing concerns over the District, while the stores
and service industries appear to be having the most diffi­
cult job of securing personnel.
Department store sales in the first three months of the
year have continued to rise at a phenomenal rate. The
Fifth District seasonally adjusted index of sales in March
was at the highest level in history. It was 4 percent above
February and 18 percent ahead of March 1945. There

BUSINESS INDEXES—FIFTH FEDERAL RESERVE DICTRICT
Average Daily 1935-39 = 100
Seasonally Adjusted

% Change

Mar.
1946
Bank Debits.................................
Bituminous Coal Production*...
Building Contracts Awarded....
Building Permits Issued............
Cigarette Production..................
Cotton Consumption5
1
'.................
Department Stqre Sales.............
Department Store Stocks..........
Furniture Sales— Retail............
Life Insurance Sales.................
Wholesale Trade— Four Lines.

* Not seasonally adjusted.



Feb.
1946

Jan.
1946

Mar.
1945

Mar. 1946 from
Mar. 45
Feb. 46

254
154
328
304
245
139
294
206r
255
244
225

250
148
260
215
236
137
283
201 r
218
221
239

228
142
171r
185
204
135
262
207
229r
201
243

216
140
82
45
152
144
250
185
175
152
182

+ 2
+ 4
+ 26
+41
+ 4
+ 1
+ 4
+ 2
+ 17
+10
— 6

+ IB
+ 10
+300
+576
+ 61
— 3
+ 18
+ 11
+ 46
+ 61
+ 24

MONTHLY REVIEW

2

does not appear to be any lack of purchasing power or
willingness to use it, despite the fact that few hard goods
have as yet passed through store shelves. In addition
new sales o f savings bonds in January continued to run
ahead of redemptions in each of the states of the District,
while new savings in the form of life insurance from
January through March have skyrocketed as phenomenal­
ly as department store sales.
Total loans of the weekly reporting member banks of
the District are in a rising trend. These loans on April
17th were 132 million or 46 percent ahead o f the cor­
responding week last year and 5 percent larger than at
the turn of the year. Commercial, industrial and agri­
cultural loans are up $53 million or 40 percent from a
year ago, while “ other” loans are up $22 million or 38

percent. These are sizable gains and are worthy of men­
tion particularly in view of the large amount of liquid
assets held by individuals and businesses.
Investment holdings of the weekly reporting banks of
the Fifth District were at their highest level of $1,857
million on March 6. By April 17th these holdings had
fallen $74 million, due principally to a reduction of $36
million in bonds, caused in part by Treasury cash redemp­
tions, and to a decline of $24 million in bills. Total in­
vestment holdings on April 17th were $182 million or 11
percent higher than in the corresponding week a year ago,
with Government bond holdings up $174 million, certifi­
cates up $104 million, and other securities up $17 million,
bills down $37 million, notes down $63 million, and guar­
anteed securities down $13 million.

BUSINESS INDEXES-—FIFTH FEDERAL RESERVE DISTRICT
Average Daily 1935-39 = 100
=
Seasonally Adjusted

Bank Debits.....................................................................
Bituminous Coal Production*.....................................
Building Contracts Awarded.......................................
Building Permits Issued................................................
Cigarette Production.....................................................
Cotton Consumption*......................................................
Department Store Sales................................................
Department Store Stocks.............................................
Electric Power Production.........................................
Employment— Mfg. Industries* ................................
Furniture Orders.............................................................
Furniture Shipments.......................................................
Furniture Unfilled Orders ...........................................
Furniture Sales— Retail.................................................
Life Insurance Sales......................................................
Wholesale Trade—Four Lines.................................... .
Wholesale Trade— Drugs..............................................
Wholesale Trade— Dry Goods....................................
Wholesale Trade— Groceries........................................
Wholesale Trade— Hardware.......................................
* Not seasonally adjusted.




Feb.
1946
250
148
260
215
236
137
283
201r
201
115
279
199
618
218
221
239
255
199
261
119

Jan.
1946
228
142
171r
185
204
135
262
207
208
117r
224
244
488
229r
201
243
246
227
268
104

Dec.
1945
248
132
144
209
148
110
237
192r
201r
116
193
214
650
199
149r
197
250
146
215
82

Feb.
1945
221
145r
76
25
149
149
238
19'lr
215r
137
211
180
541
145
147r
189
217
215
197
109

% Change
Feb. 1946 from
Feb. 45
Jan. 46
+ 10
+ 13
+ 2
+ 4
+242
+52
+16
+760
+ 58
+ 16
— 8
+ 1
+ 19
+ 8
— 3
+
5
— 3
— 7
__ 2
— 16
+ 32
+ 25
— 18
+ 11
+27
+ 14
— 5
+ 50
+ 50
+10
— 2
+ 26
+ 4
+ 18
— 12
— 7
— 3
+ 32
+ 14
+ 9

MONTHLY REVIEW

3

Sources of Gash Farm Income and Their
Changing Importance*
Many communities in the Fifth Federal Reserve Dis*
trict are predominantly agricultural in character. The
banks serving these communities are vitally interested in
the level of farmers’ incomes. Even where agriculture
is relatively less important than other lines of endeavor,
banks feel the indirect effect of changes in farm income.
O f course, what bankers are most interested in is the
income situation in their own banking communities. This,
bankers pretty well have to determine for themselves be­
cause of the lack of published income information on many
topics for their particular banking territories. However,
much often can be gained by viewing the local income
situation as it is known to the banker while keeping in
mind the data for his own and surrounding states. It is
the purpose of this article to supply such background
information.
Revised data have recently become available on the
cash farm income from the sale of the more important
farm products for each state and for the entire United
States for the calendar years 1924-44.1 These data are
here summarized and discussed to show the contribution
of the various farm products to the total cash farm in­
come of the Fifth Federal Reserve District and the states
of which the District is composed. It also includes a
discussion of changes that have occurred in the relative
importance of the various farm products. Except where
otherwise specified the term “ income” will be used to
mean “ cash receipts from farming.,,
R e l a t iv e I m p o r t a n c e

of

V

a r io u s

I n c o m e S ources

For the District as a whole, crops yield about twice as
much income as livestock and livestock products; how­
ever, there are wide differences between states. By 1944
the total income for the Fifth Federal Reserve District
was $1.4 billion, or more than 2^2 times as large as in
1940. The average for the five-year period 1940-44 was
$956 million. O f this amount, crops comprised 66 per­
cent and livestock and livestock products (hereafter gen­
erally referred to merely as “ livestock” ) 34 percent.
Tobacco is by far the most important single source of
income in the District. During the period 1940-44 this
crop contributed 45 percent of the income from crops and
29 percent of the total income from sale of all farm prod­
ucts. Cotton ranks second to tobacco as a source of
income, having produced 12 percent of the total during
the same period. Other crops as a whole were respon­
sible for an average of 24 percent of the income during
the years 1940-44. In order of their importance, of the
crops included in this broad “ other crop” category truck
crops and fruit each accounted for 4 percent, peanuts 3
percent, forest products, wheat, cottonseed and potatoes
each 2 percent, corn 1 percent, sweetpotatoes, greenhouse
and nursery products, hay, and “ other” crops each 1 per­
cent.
O f the livestock items, dairy products were the largest
*Future issues o f The M onthly Review w ill contain other articles on addi­
tional im portant aspects o f the farm incom e situation as it affects banking
in the F ifth Federal Reserve District.
xThis entire report, entitled “ Cash Receipts From F arm ing, by States and
Commodities, Calendar Years 1924-44,” can be obtained w ithout charge by
w riting the Division o f E conom ic Inform ation, Bureau o f A gricultural
E conom ics, U. S. Departm ent o f A griculture, W ashington 25, D. C.




contributor to cash farm income. This class of product
contributed an average of 30 percent of the total income
from livestock and livestock products, and 10 percent of
the total income from all sources during the five years,
1940-44. In order of their declining importance the con­
tribution of other livestock items to income in the Fifth
Federal Reserve District are as follows: chickens and
eggs each 6 percent, “ cattle and calves” and hogs each
5 percent, and “ other” livestock 2 per cent.
From the above comparisons it is seen that although
tobacco and cotton are the two leading sources of cash
farm income, no other single crop or class of crops ac­
counted for as much as 5 percent of the total income of
the District during the period 1940-44. In contrast, there
were five livestock items which each accounted for 5 per­
cent or more of the total income of the District, and so
far as individual sources are concerned they ranked third
through seventh. These seven sources accounted for a
total o f 73 percent of the income of the District.
Having reviewed the contribution .of the various prod­
ucts to the total cash farm income of the District we now
turn our attention to the relative importance of various
income sources in each of the states that comprise the
District.
In Maryland the total cash farm income during the
five years, 1940-44, averaged $119 million, o f which $70
million, or 59 percent, was from livestock and the re­
mainder from crops. Dairy products accounted for 24
percent of the income. This was followed in importance
by truck crops and chickens, each 15 percent, tobacco 9
percent, eggs 7 percent, cattle and calves 6 percent, and
wheat and hogs each 5 percent. These eight products ac­
counted for 86 percent of the total cash farm receipts in
Maryland during the period in question.
Cash farm income in Virginia is about equally divided
between crops and livestock. During the recent fiveyear period crops and livestock each accounted for 50
percent of the total cash farm income of $215 million.
Tobacco contributed 18 percent of the total in Virginia,
while dairy products contributed 13 percent. Other sources
contributing 5 percent or more of the total cash income in
Virginia w ere: chickens 10 percent, eggs, “ cattle and
calves,” and fruit each 8 percent, hogs 7 percent, and
peanuts 5 percent. These eight sources of cash farm in­
come accounted for 77 percent of the total.
West Virginia is predominantly a livestock state, so
far as its agriculture is concerned. This is evidenced by
the fact that 76 percent of the total income of $64 million
is from livestock, compared with 24 percent of crops.
Dairy products accounted for 21 percent, or nearly as
much as all crops combined. Cattle and calves were a
close second, with 19 percent. These were followed by
eggs, 14 percent; chickens, 10 percent; fruit, 9 percent;
and hogs, 6 percent. These six sources accounted for 78
percent of the income of West Virginia during the five
years, 1940-44.
North Carolina is overwhelmingly a crop state. During
the five years in question North Carolina received 83 per
cent of its total cash farm income of $401 million from
crops, leaving only 17 percent from livestock. As in

4

MONTHLY REVIEW

Virginia, but to a far greater extent, tobacco was the
most important source of cash farm income. This crop
accounted for 61 percent of all income from crops and
SO percent o f all income from crops and livestock. Cot­
ton contributed 14 percent of the total cash farm income,
and peanuts and dairy products each accounted for 5 per­
cent. These are the only products in North Carolina which
contributed as much as 5 percent of the total cash farm
income.
Crops were only slightly less important in South Caro­
lina than in North Carolina, inasmuch as they comprised
80 percent o f the total cash farm income of $157 million,
as compared with 20 percent for livestock. There, too,
tobacco and cotton are the most important sources of cash
farm income, but their relative importance is different.
Cotton accounted for 38 percent of the total, while to­
bacco accounted for 19 percent, almost as much as all
livestock and livestock products. Cottonseed and dairy
products, each with 6 percent, and hogs with 5 percent,
were the only other sources which contributed 5 percent
or more of the cash farm income. These five leading
sources accounted for 74 percent of the total.
C hanges

in

the

R e l a t iv e I m p o r t a n c e
I n c o m e S ources

of

V

a r io u s

A s stated earlier, bankers are concerned with changes
in the relative importance of various income sources. Such
information is of assistance to them in understanding
developments in their own banking communities. To
facilitate the treatment of changes in the relative import­
ance of the various income sources, the data for 1940-44
which have already been discussed will be compared with
those for the six-year period, 1924-29. To a considerable
extent the changes observed are different from those
which would have been observed had 1940-44 been com­
pared with a different period. Consequently, the data
are shown in tables for 1924-29, 1930-34, 1935-39, and
1940-44, in order to enable the user to make other com­
parisons if he so desires.
Livestock and livestock products have made consider­
able headway from 1924-29 to 1940-44. In fact, the per­
centage of the total cash farm income received from
livestock increased not only in the District as a whole
but also in each of the five states.

to 29 percent of the total. This increase in the relative
importance of tobacco was divided among all of the states
except West Virginia, where tobacco is not an important
crop. The increases in relative importance o f tobacco
were moderate in Maryland, 7 to 9 percent, and in Vir­
ginia, 14 to 18 percent, but very marked in the Carolinas.
In North Carolina, for example, tobacco increased from
34 percent of the income in 1924-29 to 50 percent in the
recent five-year period. In South Carolina the compara­
ble increase was from 9 to 19 percent.
Cotton lost ground in each of the three states in which
it is produced. In South Carolina the percentage of
income from cotton dropped from 59 to 38. In North
Carolina the drop was from 33 to 14, and in Virginia the
drop was from 2 to 1 percent. The net effect of the
sharply divergent trends in tobacco and cotton was that
the combined importance of the two crops increased
slightly in Virginia, decreased slightly in North Caro­
lina, and declined rather sharply in South Carolina.
Other crops taken as a group declined from 44 to 32
percent in both Maryland and Virginia, from 32 to 23
percent in West Virginia, and from 20 to 19 percent in
North Carolina. In South Carolina their importance in­
creased from 19 percent, for the period of the late ’20’s,
to 23 percent in the early ’40’s.
Truck crops increased in relative importance in all
states except Virginia, while fruit declined m all states
except South Carolina. The importance of peanuts has
increased in each producing state, while forest products
and potatoes have declined. Several crops, such as wheat,
corn, sweetpotatoes, and hay, declined in importance in
the northern part of the District but increased in import­
ance in the Carolinas.
O f the livestock items, dairy products, chickens and
hogs increased in relative importance in each of the states
of the District. “ Cattle and calves” either held its own
or made progress in each state, while eggs declined in
relative importance in Maryland, Virginia, and West Vir­
ginia, but increased in importance in the Carolinas.
S ome U

ses of

I n c o m e S t a t is t ic s

to

B ankers

Having waded through the above text, so heavily
weighted with statistics, most bankers will probably feel
like saying, “ Some of these data are quite interesting,
1935-39
1940-44
1930-34
1924-29
but in what way can I use them to the advantage of my
59.0
54.3
55.1
49.1
M aryland
bank?” As already noted, this report is pointed at the
49.7
45.8
47.1
39.2
V irgin ia
76.3
70.6
72.8
65.6
W est V irgin ia
dual job of first acquainting bankers with facts which
17.5
13.6
14.8
14.8
N orth Carolina
16.5
19.5
17.3
may be useful to them in their local situation and then
12.5
South Carolina
34.2
31.2
27.7
32.0
F ifth D istrict
pointing out how such data can be used to advantage.
So
far as the Fifth District is concerned, the most As an example, let us take the case of sweetpotatoes.
spectacular increase in any individual income source was As noted above, they declined in importance as sources
that of tobacco, which increased from 19 percent of the of cash farm income in Maryland and Virginia but have
total in the late 1920,s to 29 percent in the early 1940’s. increased in importance in the Carolinas. The facts with
This sharp relative increase, however, was more than off­ respect to one’s own state, seemingly simple though they
set by the drop in cotton from 24 percent in the earlier be, should be taken into account by bankers. Suppose
period to a recent average o f 12 percent. Other crops a farmer or business man wants to borrow money to
build a sweetpotato drying house and proposes to repay
taken as a group declined from 29 percent to 24 percent.
Increases occurred in truck crops, peanuts and sweet- the loan over a five-year period. In addition to the usual
potatoes, while decreases in relative importance occurred credit information concerning the applicant for the loan
in most other crops. O f the livestock items dairy prod­ and his business record, the bank in Maryland would
ucts increased from 9 to 10 percent, chickens from 3 to probably want to know something about the outlook for
6 percent, cattle and calves from 4 to 5 percent, and hogs sweetpotatoes in that area. What forces underlay the
from 3 to 5 percent, while eggs declined slightly.
decline in importance of sweetpotatoes in Maryland? Is
It has already been pointed out that tobacco's contribu­
it probable that the situation has stabilized, or will the
tion to the farm income o f the District increased from 19 decline continue? How does one’s own area compare




MONTHLY REVIEW

with the state on these points ? As a result of the decline
in the importance of sweetpotatoes is there an excess of
drying capacity, or is an excess likely to develop? Simi­
larly, the Carolina banker might be interested in the fac­
tors underlying the relative advance in sweetpotatoes in
that area. Will the gains be preserved, or even go further,
or has sweetpotatoe production already exceeded the level
that can be maintained during the coming years?
Cotton supplies another example. Suppose a cotton
farmer wants to borrow money to buy a tractor, to en­
large his farm, or to add tenant houses, or suppose a
request is made for a loan to aid with the construction or
purchase of a gin, a warehouse, or a cotton oil mill. In
each of these cases the banker would, along with other
things, endeavor to determine the prospects for the in­
dustry in his own area. In so doing, the background
supplied by such information as the changes in the con­
tribution of various crops to the income o f his state and
his section would be quite useful.
A comparable example is found in chickens and eggs,
in Maryland and Virginia. In both of these states chick­
ens have increased in relative importance and eggs have
declined. Certainly bankers should take these trends into
account along with the best possible information that can

5

be obtained about the future outlook for the enterprise in
considering any intermediate or long-term loans where
chickens or eggs are concerned.
Such trends as are evident in the data herein discussed,
levels of income from various products, and the degree
of income stability, all have implications far beyond the
policies governing certain kinds of loans. The data in­
cluded herein show that the income from the sale of dairy
products is far more stable than the income from cotton
and tobacco. This is of significance so far as the loan
policy of a bank is concerned. It is also significant to
a banker who, by analyzing the deposits of his bank, hopes
to develop an investment program that will make the best
all-round use of his earning assets.
In the above discussion it has not been intended to
imply that data on cash farm income alone will be ade­
quate to give definite answers to all of the questions that
may be raised. As a matter of fact, all that is claimed
is that data on cash farm income by states and areas
and for individual commodities can be used advantageous­
ly by bankers as a background against which to view and
gain a better understanding of their own situation in
many every-day problems.

Contribution of Various Farm Products to Cash Returns from Marketings
Fifth District by States, Specific Periods, 1924-1944
(Dollar figures are yearly averages)
Fifth District
___________ Marketings___________

Percentage Distribution

1930-34 1935-39

1940-44

1924-29

Crops
Thousand Dollars
Tobacco ....................................................... ............................ 131,154
98,518 166,189
Cotton ........................................................................................ 169,069
70,777
74,533
Truck Crops ............................................................................ 30,094
19,594
25,218
Fruit .......................................................................................... 33,644
19,596
23,315
Peanuts ................................ ...................................................... 15,865
8,637
14,837
Forest Products ..................................................................... 19,676
10,583
13,415
Wheat ........................................................................................ 22,248
10,263
13,585
Cottonseed ............................... ................................................. 16,410
7,455.
9,754
Potatoes .................................................................................... 25,957
14,640
12,954
Corn ............................................................................................ 10,531
4,599
9,240
Sweetpotatoes ........................................................................... 6,860
5,322
5,811
Greenhouse & Nursery........................................................... 7,499
4,833
5,631
Hay ............................................................................................ 6,008
3,285
2,536
Other Crops ............................................................................ 7,445
4,722
6,714

280,823
115,748
42,364
37,500
31,478
19,766
16,343
16,504
16,519
14,065
10,357
8,390
5,851
13,446

18.9
24.3
4.3
4.8
2.3
2.8
3.2
2.4
3.7
1.5
1.0
1.1
0.9
1.1

IT E M

1924-29

---------- - ------------ ----------- - ------------

Total Crops.......................................................................502,460
Livestock*
Dairy Products .......................................................................
Chickens....................................................................................
Eggs ..........................................................................................
Cattle and Calves.....................................................................
Hogs ..........................................................................................
Other Livestock*.....................................................................

61,786
2;1,347
42,684
31,010
22,184
13,555

1930-34 1935-39
Percent
23.7
29.8
17.0
13.4
4.7
4.5
4.8
4.2
2.1
2.7
2.5
2.4
2.5
2.4
1.8
1.7
3.5
2.3
1.1
1.6
1.2
1.1
1.2
1.0
.8
.5
i.i
1.2

1940-44

29.4
12.1
4.4
3.9
3.3
2.1
17
1.7
1.7
1.5
1.1
0.9
0.6
1.4

282,824

383,532

629,154

72.3

68.0

68.8

65.8

52,947
14,711
24,890
19,492
11,267
10,181

58,824
21,176
28,365
32,082
22,015
11,582

97,651
61,799
53,784
48,726
47,317
17,197

8.9
3.1
6.1
4.5
3.2
1.9

12.7
3.5
6.0
4.7
2.7
2.4

10.5
3.8
5.1
5.8
3.9
2.1

10.2
6.5
5.6
5.1
5.0
18

Total Livestock*.............................................................192,566

133,488

174,044

326,474

27.7

32.0

31.2

34.2

Total Crops & Livestock*.............................................................695,026

416,312

557,576

955,628

100.0

100.0

100.0

100.0

*Includes Livestock Products.




MONTHLY REVIEW

6

Contribution of Various Farm Products to Cash Returns from Marketings
Fifth District by States, Specific Periods, 1924-1944
(Dollar figures are yearly averages)
Maryland
Marketings___________
1924-29

1930-34

1935-39

1940-44

_____ Percentage Distribution
1924-29 1930-34

1935-39

1940-4

ITEM
Thousand Dollars
Crops
5,011
5,491
Tobacco ...................................................... ............................. 5,714
9,072
6,997
Truck Crops ................................ .............. ............................. 10,436
2,403
3,127
Fruit ............................................................ ............................. 4,753
581
736
Forest Products ....................................... ............................. 1,199
5,592
4,274
Wheat .......................................................... ............................. 9,991
2,806
1,4,19
1,433
Potatoes ...................................................... ............................
901
2,598
Corn ............................................................ ............................. 2,676
661
1,297
633
Sweetpotatoes ............................................. .............................
1,781
Greenhouse & Nursery............................. ............................. 2,871
1,986
756
479
Hay ... .......................................................... ............................. 1,473
580
321
665
Other Crops ................................. -............ .............................

10,483
17,808
4,046
1,004
5,941
1,377
2,328
1,336
2,786
833
866

6.6
12.1
5.5
1.4
11.6
3.3
3.1
1.5
3.4
1.7
0.7

Percent
9.0
7.9
12.5
13.0
4.3
4.5
1.0
1.1
7.7
8.0
2.5
2.0
1.6
3.7
1.1
.9
3.2
2.9
1.4
0.7
0.6
1.0

8.8
15.0
3.4
0.8
5.0
1.2
2.0
1.1
2.3
0.7
0.7

Total Crops......................................... ............................. 43,796

25,077

31,840

48,808

50.9

44.9

45.7

41.0

Livestock*
19,952
Dairy Products ......................................... ......................... .
4,591
Chickens ................,................................ .... .............................
Eggs ............................................................ ..................... ....... 8,773
Cattle and Calves....................................... ............................. 4,756
Hogs ............................................................ ............................. 1,940
Other Livestock*....................................... ............................. 2,290

15,976
3,682
5,165
2,999
1,143
1,840

17,497
5,585
5,254
4,739
2,733
1,987

28,833
17,354
8,840
6,610
5,667
2,964

23.2
5.3
10.2
5.5
2.2
2.7

28.6
6.6
9.2
5.4
2.0
3.3

25.1
8.0
7.6
6.8
3.9
2.9

24.2
14.6
7.4
5.5
4.8
2.5

Total Livestock*............................... ............................. 42,302

30,805

37,795

70,268

49.1

55.1

54.3

59.0

Total Crops & Livestock*............................... ............................. 86,098

55,882

69,635

119,076

100.0

100.0

100.0

100.0

1935-39

1940-4

*Includes Livestock Products.

Contribution of Various Farm Products to Cash Returns from Marketings
Fifth District by States, Specific Periods, 1924-1944
(Dollar figures are yearly averages)
Virginia
Marketings
1924-29
ITEM
Crops
Tobacco ..........................
Cotton ..............................
Truck Crops ..................
Fruit ................................
Peanuts .............................
Forest Products ...........
W h e a t..............................
Cottonseed ......................
Potatoes ..........................
Corn ................................
Sweetpotatoes .................
Greenhouse & Nursery..
Hay ..................................

22,785
4,507
8,774
13,996
6,160
6,529
8,114
481
13,082
3,147
3,435
2,188
2,257
... 2,174

1930-34

1935-39

Thousand Dollars
11,107
19,740
1,422
1,808
5,011
5,460
8,054
10,035
3,137
5,505
4,317
3,328
4,301
3,599
216
208
4,916
7,200
2,039
1,208
2,205
2,258
1,458
1,746
834
1,146
982
716

1940-44

1924-29 1930-34

37,855
2,323
8,601
16,544
11,019
6,809
5,209
505
5,842
3,721
2,981
2,690
1,920
2,515

14.2
2.8
5.4
8.7
3.8
4.1
5.0
0.3
8.2
2.0
2.1
1.4
1.4
1.4

Percent
12.0
16.4
2.0
1.2
5.4
4.5
8.6
8.3
3.4
4.6
3.6
3.6
3.9
3.6
.2
.2
7.8
4.0
1.3
1.7
2.4
1.8
1.6
1.4
1.2
.7
.8
.8

17.6
1.1
4.0
7.7
5.1
3.2
2.4
0.1
2.7
1.7
1.4
1.2
0.9
1.2

97,629

50,246

63,710

108,334

60.8

54.2

52.9

50.3

Livestock*
Dairy Products ...........
Chickens ........................
Eggs ..............................
Cattle and Calves.........
Hogs ...............................
Other Livestock*.........

16,103
7,465
14,652
10,868
8,395
.... 5,339

13,163
5,171
9,374
7,094
3,684
4,002

15,382
8,185
10,633
11,029
6,818
4,709

28,349
20,667
17,932
17,862
15,089
7,151

10.0
4.7
9.2
6.8
5.2
3.3

14.2
5.6
10.1
7.6
4.0
4.3

12.8
6.8
8.8
9.1
5.7
3.1

13.2
9.6
8.3
8.3
7.0
3.3

Total Livestock* ..

62,822

42,488

56,756

107,050

39.2

45.8

47.1

49.7

Total Crops & Livestock*..

160,451

92,734

120,466

215,384

100.0

100.0

100.0

100.0

♦Includes Livestock Products.




7

MONTHLY REVIEW

Contribution of Various Farm Products to Cash Returns from Marketings
Fifth District by States, Specific Periods, 1924-1944
(Dollar figures are yearly averages)
West Virginia
___________ Marketings___________

_____ Percentage Distribution

1924-29

1924-29 1930-34

1930-34

1935-39

1940-44

Thousand Dollars
575
444
1,319
1,691
3,755
4,181
1,331
1,726
584
910
765
725
412
505
457
545
473
265
169
HI

763
1,517
5,778
2,716
669
903
977
753
787
221

2.1
2.0
13.5
5.7
2.5
3.2
1.5
1.2
2.1
0.6

1935-39

1940-44

Percent
1.7
3.9
11.2
4.0
1.8
2,3
1.2
1.4
1.4
.5

1.1
4.2
10.3
4.2
2.2
1.7
1.2
1.3
.7
.3

1.2
2.4
9.1
4.3
1.1
1.4
1.5
1.2
1.2
0.3

Crops
Tobacco ....................................................................................
Truck Crops .............................
....................................
Fruit ..........................................................................................
Forest Products ....................................................................
Wheat
....
.
.
Potatoes ....................................................................................
Corn .........................................................................................
Greenhouse & Nursery...........................................................
Hay
.............
...................
Other Crops ............................................................................

1,092
1,071
7,229
3,034
1,358
1,709
807
650
1,126
299

Total Crops..........,...........................................................

18,375

9,840

11,103

15,084

34.4

29.4

27.2

23.7

Livestock*
Dairy Products .....................................................................
Chickens ...................................................................................
Eggs ..........................................................................................
Cattle and Calves....................................................................
Hogs ..........................................................................................
Other Livestock*.....................................................................

9,988
2,571
7,856
2,500
7,667
4,475

8,673
1,485
4,480
4,692
1,133
3,178

9,394
1,655
4,910
7,974
2,319
3,490

13,211
6,342
8,614
12,07,1
3,771
4,427

18.7
4.8
14.7
14.3
4.7
8.4

25.9
4.4
13.4
14.0
3.4
, 9.5

22.8
4.1
12.0
19.6
5.7
8.6

20.8
10.0
13.6
19.0
5.9
7.0

Total Livestock*............................................................. 35,057

23,641

29,652

48,436

65.6

70.6

72.8

76.3

Total Crops & Livestock*............................................................. 53,432

33,481

40,755

63,520

100.0

100.0

100.0

100.0

*Includes Livestock Products.

Contribution of Various Farm Products to Cash Returns from Marketings
Fifth District by States, Specific Periods, 1924-1944
(Dollar figures are yearly averages)
North Carolina
___________ Marketings___________
1924-29" 1930-34

1935-39

1940-44

ITEM
Crops
Thousand Dollars
72,592 121,447 201,096
Tobacco ...................................................... ............................. 89,297
54,413
29,851
32,288
Cotton .......................................................... ............................. 86,295
7,470
2,789
4,670
4,513
Truck Crops ..............................................
4,202
6,493
4,348
Fruit ............................................................ ........................ 6,359
9,440
9,059
18,955
5,248
Peanuts ... ..................................................... ............................
6,413
4,133
5,073
7,190
Forest Products .......................................
2,471
1,488
2,173
3,667
Wheat ..........................................................
7,304
3,209
3,531
............. 8,075
Cottonseed .... ..............................................
3,571
4,044
4,863
6,008
Potatoes ...................................................... ......................
1,344
3,053
5,162
. ...
2,634
Corn ....................................................... ....
1,494
1,646
1,937
3,616
Sweetpotatoes ............................................. .............................
1,241
766
899
1,591
Greenhouse & Nursery.............................
920
629
652
1,592
Hay .............................................................. .............................
2,496
2,999
5,928
...
2,998
Other Crops ..............................................

Percentage Distribution
1924-29 1930-34 1935-39
--------- ----------- ----Percent
34.0
45.4
53.5
32.8
20.2
13.2
1.7
1.7
2.0
2.4
2.6
1.9
3.6
3.3
4.0
2.4
2.6
2.2
0.9
0.9
1.0
3.1
2.0
1.6
1.9
2.2
1.8
1.0
0.8
1.3
0.6
1.0
0.8
0.5
0.5
0.4
0.4
0.4
0.3
1.1
1.6
1.3

1940-44

50.2
13.6
1.9
1.6
4.7
1.8
0.9
1.8
1.5
1.3
0.9
0.4
0.4
1.5

Total Crops......................................... ............................. 227,013

136,401

193,736

330,485

86.4

85.2

85.2

82.5

Livestock*
Dairy Products .......................... .............. ............................. 10,408
Chickens ................................................. .... ............................. 4,548
Eggs ............................................................ ............................. 8,046
Cattle and Calves....................................... ............................. 4,861
6,826
Hogs .................... ....................................... ............................
Other Livestock*....................................... ............................. 1,107

9,285
3,026
4,021
2,905
3,671
813

10,760
4,334
5,581
5,423
6,369
940

18,438
13,343
13,837
7,282
15,464
1,652

4.0
1.7
3.1
1.8
2.6
0.4

5.8
1.9
2.5
1.8
2.3
0.5

5.8
1.9
2.5
1.8
2.3
0.5

4.6
3.3
3.5
1.8
3.9
0.4

Total Livestock* ............................................................. 35,796

23,720

33,407

70,016

13.6

14.8

14.8

17.5

160,121

227,143

400,501

100.0

100.0

100.0

100.0

Total Crops & Livestock*............................... .............................262,809
*Includes Livestock Products,




8

MONTHLY REVIEW

Contribution of Various Farm Products to Cash Returns from Marketings
Fifth District by States, Specific Periods, 1924-1944
(Dollar figures are yearly averages)

South Carolina
___________ Marketings___________
ITEM

1924-29
---------

1930-34

1935-39

Thousand Dollars
Crops
9,233
19,067
Tobacco ....................................................... ............................. 12,266
36,681
43,260
Cotton ........................................................................................ 78,267
3,478
4,325
Truck Crops ............................................................................. 5,300
1,182
1,624
Fruit ....................... .................................................................. 1,307
252
273
Peanuts ......................................................................................
265
1,210
1,563
Forest Products ..................................................................... 2,501
609
318
W h ea t........................................................................................
314
6,015
4,030
Cottonseed ................................ ................................................ 7,854
1,836
1,685
Potatoes ............................... ..................................................... 3,497
734
1,045
Corn .......................................................................................... 1,267
785
1,008
Sweetpotatoes ...........................................................................
634
371
455
Greenhouse & Nursery...........................................................
549
281
306
Hay ............................................................................................
232
1,020
1,757
Other Crops ............................................................................
1,394

1940-44

Percentage Distribution
1924-29 1930-34

1935-39

1940-44

30,626
59,012
6,968
4,639
1,504
2,047
857
8,895
2,389
1,877
2,424
570
719
3,916

9.3
59.2
4.0
1.0
0.2
1.9
0.2
5.9
2.6
1.0
0.5
0.4
0.2
1.1

Percent
12.5
19.1
49.5
43.4
4.7
4.3
1.6
1.6
0.4
0.3
1.6
1.6
0.4
0.6
5.4
6.1
2.3
1.8
1.0
1.1
1.1
1.0
0.5
0.5
0.4
0.3
1.3
1.8

19.5
37.5
4.4
3.0
1.0
1.3
0.5
5.7
1.5
1.2
1.5
0.4
0.5
2.5

61,260

83,143

126,443

87.5

82.7

83.5

80.5

5,335
2,172
3,357
2,858
2,523
344

5,851
1,347
1,850
1,802
1,636
348

5,881
1,417
1,987
2,917
3,776
456

8,820
4,093
4,561
4,901
7,326
1,003

4.0
1.6
2.5
2.2
1.9
0.3

7.9
1.8
2.5
2.4
2.2
0.5

5.9
1.4
2.0
2.9
3.8
0.5

5.6
2.6
2.9
3.1
4.7
0.6

Total Livestock*............................................................. 16,589

12,834

16,434

30,704

12.5

17.3

16.5

19.5

74,094

99,577

157,147

100.0

100.0

100.0

100.0

Total Crops.......................................................................115,647
Livestock*
Dairy Products .......................... ........................................ .
Chickens ....................................................... .............................
Eggs ..........................................................................................
Cattle and Calves.....................................................................
Hogs ..........................................................................................
Other Livestock*.....................................................................

Total Crops & Livestock*............................................................. 132,236
*Includes Livestock Products.




9

MONTHLY REVIEW

F E D E R A L R E S E R V E B A N K OF RICHM OND

DE B ITS TO IN D IV ID U A L A C C O U N TS

(A ll Figures in Thousands)

(000 om itted)

ITEMS
Total Gold R eserves.....................
Other Reserves ..............................
Total Reserves .........................
Bills Discounted ........................... ........
Industrial Advances ...................
Gov. Securities, T o ta l.................
Bonds ..........................................
Notes ............................................
Certificates ................................
Bills ..............................................
Total Bills & Securities.............
U ncollected Items .......................
Other Assets ...............................
Total A s s e t s ................................
Fed. Res. Notes in C ir.............. ........
Deposits, T otal ...........................
M embers’ Reserves .................
U. S. Treas. Gen. A cct..........
Other Deposits .........................
D ef. A vailability Item s...............
Other Liabilities .........................
T otal Liabilities .......................

396,897
878,482
1,439,488
209,348
44,993
$2,634,262

Chg. in A m t. from
4-•11-45
3--13-46
— 13,723
121,618
—
3,996
6,847
+
6,876
125,614
9,654
+ 12,324
+
—
—
1
72
+ 193,652
+ 39,247
— 15,568
2,550
5,983
+ 28,091
+
24,157
+ 60,793
+ 120,336
59,971
+
+ 202,234
50,570
+
+ 47,847
+ 77,850
724
+ 32,444
+ 305,652
— 27,921

$1,665,706
779,405
718,530
26,308
31,456
3,111
158,297
559
30,295
$2,634,262

— 18,626
— 16,006
4,491
+
15,119
—
1,371
4,007
—
6,151
+
13
573
+
27,921

A p ril 17
1946
$ 919,111
21,322
940,433
16,654
38
1,423,796
56,635

+ 160,299
+ 90,466
+ :L03,285
9,514
+
16,217
6,116
—
+ 48,238
10
—
6,659
+
+ 305,652

—

—

41 R EPO RTIN G M EM BER B A N K S — 5th DISTRICT
(A ll Figures in Thousands)
ITEMS
Total Loans ..........................................
Bus. & A gri. L oa n s.......................
Real Estate L oa n s.........................
A ll Other L oa n s..............................
T otal Security H old in gs....................
U. S. Treasury Bills .....................
U. S. Treasury Certificates ..........
U. S. Treasury Notes .....................
U. S. Gov. Bonds ...........................
Obligations Gov. Guaranteed. . . ,
Other Bonds, Stocks & Sec..........
Cash Items in Process o f Col..........
Due from B an ks....................................
C urrency & C oin .................................
Reserve w ith F. R. B a n k .................
Other Assets ..........................................
Total Assets ..........................................
Total Demand D eposits.......................
Deposits o f Individuals...................
Deposits o f U. S. Gov.....................
Deposits o f State & Local G ov .. .
Deposits o f B an ks...........................
Certified & Officers’ C hecks.........
Total Tim e D eposits..............................
Deposits o f Individuals...................
Other Tim e D eposits.......................
Liabilities fo r B orrow ed M o n e y ....
Capital A ccounts ..................................
Total Liabilities ....................................

A p ril 17
1946
$ 416,764
185,396
53,037
178,331
1,783,953
41,715
433,452
190,252
1,042,196
149
76,189
131,812
150,580*
37,677
353,124
78,439
$2,952,349

Chg. in Amt.. from
4-11-45
3- 13-46
128,859
+ 12,327
+ :
7,289
+
+ 50,374
6,179
1,916
+
+
3,122
+
+ 72,306
— 69,506
178,010
+
— 16,754
— 47,210
—
6,777
+ 108,492
— 11,073
— 67,243
— 35,958
+ 178,686
— 12,463
0
1,056
+
+ 17,748
4,429
+
+ 32,968
4,789
4,748
+
—
327
3,432
— 2,573
+ 30,034
—
2,492
+ 25,403
+ 390,199
— 56,458

$2,331,614
1,344,574
445,085
97,666
401,936*
42,353
373,838
359,485
14,353
11,875
93,760
141,262
$2,952,349

63,701
13,911
60,906
15,808
+
19,629
+ 14,938
5,925
+
5,543
+
383
+
8,875
+
— 10,247
2,690
+
— 56,458
+
+

+
+
+
+
+
+
+
+
+
+
—

317,993
:L23,737
154,636
11,832
3,441
24,347
59,505
45,152
703
4,375
9,341
+ 17,667
+ 390,199

D istrict o f Columbia
W ashington .................
M aryland
B altim ore ...................
Cumberland .................
F rederick
...................
H agerstow n .................
North Carolina
A sheville .....................
Charlotte .....................
Durham .......................
Greensboro ...................
Kinston
.......................
Raleigh
.......................
W ilm ington
...............
W ilson .........................
W inston-Salem ...........
South Carolina
Charleston ...................
Columbia .....................
Greenville ...................
Spartanburg ...............
V irginia
Charlottesville ...........
Danville .......................
L yn chburg
.................
N ew port News ...........
N orfolk . . ^...................
Portsm outh .................
Richm ond
...................
R oanoke .......................
W est V irginia
Bluefield .......................
Charleston ...................
Clarksburg .................
H untington .................
P a r k e r s b u r g .................
D istrict Totals

+ 12

2,372,446
52,250
41,387
60,081

+ 4
+ 28
+ 15
+ 22

26
14
32
20
29
19
11
8
28

108,026
447,806
235,227
150,058
29,708
200,173
96,272
31,727
254,468

+
+
+
+
+
+
—
+
+

28
13
31
22
22
19
13
4
2,9

+
+
+
+

13
30
27
32

142,935
193,779
154,262
91,482

+
+
+
+

12
23
25
33

13
28
31
5
4
0
+ 2
+ 28

67,961
60,386
82,644
70,096
398,510
50,457
1,011,201
168,193

+ 17
+ 13
+ 27
0
+ 9
+ 1
0
+ 27

19,719

+ 18
+ 18
+ 43
+ 2
+ 5

81,827
290,923
65,482
119,240
56,2,12

+ 13
+ 18
+ 34
+ 6
+ 2

$3,158,608

+ 12

$8,982,648

+ 10

84,945

........

72,208

........
.........

30,406
24,357

.........
.........

17,753
356,547

........

23,039

+
+
+
—
+

COTTON CON SU M PTIO N A N D ON H A N D — B A L E S
March
M arch
1946
1945
Fifth District S tates:
Cotton consumed ...............
387,646
418,827
Cotton G row ing States:
Cotton consumed .................
707,483
756,970
Cotton on hand March 31 in
consum ing establishments 2,051,020 1,927,067
storage and com presses. . 8,492,815 11,618,161
United States:
Cotton consumed ...................
803,937
857,431
Cotton on hand M arch 31 in
consum ing establishments 2,388,733 2,237,853
storage and com p resses.. 8,628,879 11,720,524
Spindles active, U . S.............. 21,957,254 22,231,952

A ug. 1 to M arch 31
1946
1945
2,875,854

3,222,265

5,263,881

5,754,025

5,958,150

6,509,391

COTTON C O N SU M PTIO N — F IF T H D IST R IC T
M ONTH S
N.
March 1946................................
February 1946.........................
March 1945 ...........................
3 Months 1946.......................
3 Months 1945.......................

♦Net figures, reciprocal balances being eliminated.

$1,797,429

% Change
from
3 Mos. ’ 45

+
+
+
+
+
+
—
+
+

.........

........

3 Mos.
1946

+ 4
+ 33
+ 17
+ 17

............... ___

% Change
from
M arch 1945
+ 17

M arch
1946

In Bales
Carolina S. Carolina
211,878
158,585
192,215
145,684
225,838
173,060
616,330
466,844
661,108
502,753

V irg in ia
17,183
15,706
19,929
49,744
60,280

District
387,646
353,605
418,827
1,132,918
1,224,141

C O M M ER C IA L F A IL U R E S
M ONTH S

N um ber Failures Total Liabilities
D istrict
U. S.
D istrict

M arch 1946 .................
February 1946 ...........
March 1945 ...............
3 Months 1946.............
3 Months 1945...........
S ource: Dun & Bradstreet




1
2
2
7
7

86
92,
85
258
231

$

25,000
26,000
293,000
$ 78,000
$1,194,000

U. S.
$ 4,421,000
2,983,000
3,880,000
$11,776,000
11,320,000

D E PO SITS IN M U T U A L S A V IN G S B A N K S
8 B altim ore Banks
Total Deposits .............

M arch 31, 1946
$356,755,072

Feb. 28, 1946
$352,324,161

M arch 31, 1945
$307,608,959

10

MONTHLY REVIEW

B U ILD IN G P E R M IT FIGU RES

W H O L E SA L E TR AD E, 221 FIRMS

Total Valuation
March 1945
M arch 1946
Maryland
Baltim ore ........................................
F rederick

$

$ 7,459,845
50,270
28,675
179,245
229,572

........................................

Salisbury . . , ....................................
V irgin ia
Danville ............................................
Lynchburg ......................................

586,855
2,345
13,270
2,515
12,485

Richm ond ........................................
Roanoke ............................................

205,844
214,139
691,030
117,312
80,314
2,921,079
894,790

24,374
40,124
182,580
225
74,193
584,512
114,211

W est V irginia
Charleston ........................................
Clarksburg ......................................
H untington ....................................

775,440
755,300
774,265

45,901
2,900
16,648

230,581
1,311,707
542,840
575,893
463,0,55
538,070
344,275
298,585
790,758

19,302
95,245
81,855
40,883
33,866
61,720
15,150
4,567
104,211

213,650
315,417
179,185
301,710

102,505
66,42,0
20,820
37,125

Petersburg ........................................

N orth Carolina

Greensboro ........................................
High Point ......................................
R ocky Mount ..................................

South Carolina
Greenville ........................................
Spartanburg ....................................
D istrict o f Columbia
4,852,466
District Totals

C O N STRU CTIO N

$ 3,858,517
$ 9,105,276

contracts

February
1946

S TATE S

1,471,700

$26,335,312
$51,461,013

...........................

aw arded

% Change
from
Feb. 1945
+
+
+
+
+
+
+

M aryland ........................... $15,331,000
D istrict o f C o lu m b ia .... 3,837,000
V irginia ............................. 14,569,000
W est V irginia ................... 2,955,000
N orth Carolina ............... 9,852,000
South Carolina ............... 6,648,000
F ifth D istrict ...............$53,192,000

490
31
151
730
249
505
240

% Change
from
2 Mos. ’ 46 ? 2 Mos. ’ 45
+
+
+
+
+
+
+

$22,427,000
7,571,000
22,096,000
9,260,000
17,936,000
10,744,000
$90,034,000

177
34
54
504
207
338
137

Source: F. W . Dodge Corp.

RAYON YARN DATA
M arch 1946

Rayon Y arn Stocks, Lbs...............
Staple Fiber Stocks, Lbs...............

M arch 1945

58,500,000
16,800,000

50.200.000
13.300.000

53,000,000
13,700,000

9,300,000
2,000,000

Rayon Y arn Shipments, L b s ....
Staple Fiber Shipments, L b s .. . . . ,

Feb. 1946

9,900,000
4,000,000

5.700.000
3.500.000

Source : Rayon Organon.

Net Sales
Stock
March 1946
March 31, 1946
compared with compared with
March Feb. Mar. 31 Feb. 28
1945
1946
1945
1946

LIN ES
Auto Supplies (1 2 )* .............
Drugs & Sundries ( 1 2 ) * . . . .
Dry Goods ( 6 ) * .......................
E lectrical Goods ( 6 ) * ...........
Groceries (7 2)* .....................
H ardware (1 3)* .....................
Industrial Supplies ( 5 ) * . . . .
Paper & Products ( 5 ) * .........
T obacco & Products ( 9 ) * . . .
Miscellaneous (8 1)* .............
District A verage (2 2 1 )* ..

+ 84
+ 4
+ 15
+ 51
+ 20
+ 30
+ 30
+ 12
+ 17
+ 7
+17

+
+
+
—
+
+
+
+
+
+
+

+
+
+
+
+
+
+

7
2,
6
12
3
13
24
12
9
7
5

16
11
34
27
14
26
36

+ 36
0
+ 27

+
—
+
+
—
—
+

R atio Mar.
collections
to acct’ s
outstand’ g
M arch 1
115
125
99
97
160
115
108
103
140
105
119

5
1
4
1
1
2
12

+ *9
— 6
0

S o u rce : D epartm ent o f Commerce.
*Number o f reporting firms.

D E P A R T M E N T STORE T R A D E
Richm ond
P ercentage
+ 6
P ercentage
+ 14
P ercentage
+ 9
Percentage
+ 46
Percentage
+ 28
Percentage
53
Percentage
27

Baltim ore

W ashington

Other Cities

D istrict

change in March ’ 46 sales, com pared with sales in March ’ 45
0
— 2
+ 5
0
change in 3 mos. sales 1946, com pared w ith 3 mos. in 1945
+ 6
+ 7
+10
+ 8
change in stocks on Mar. 31, ’ 46, com pared with Mar. 31, ’ 45
+ 6
+ 8
+16
+ 8
change in outstanding orders Mar. 31, ’ 46 from Mar. 31, ’ 45
+21
+17
+45
+24
change in receivables Mar. 31, ’ 46 from those on Mar. 31, ’ 45
+17
+ 7
+16
+14
o f current receivables as o f March 1 collected in March
57
54
66
57
o f instalm ent receivables as o f M arch 1 collected in M arch
33
29
41
31

Maryland Dist. o f Col. V irgin ia W e s tV a . N o. Carolina So. Carolina
Percentage change in March 1946 sales from M arch 1945 sales, by States :
+ 3
— 2
0
+ 7
+ 6
— 2
P ercentage change in 3 months sales 1946 from 3 m onths sales 1945:
+ 9
+ 7
+ 9
+14
+13
+ 3

R E T A IL F U R N IT U R E S A L E S
P ercentage Changes in M arch and 3 Mos. 1946
Compared with
Compared with
March 1945
3 Months 1945
+ 19
+ 34
+ 53
+ 56
+ 51
+ 50
+ 53
+ 65
+ 42
+ 40
+ 41
+ 40
+ 39
+ 46

STATE S
Maryland (5 )* ............................
Dist. o f Columbia ( 7 ) * ...........
V irginia (2 3)* .........................
W est V irgin ia (1 0)* ...............
N orth Carolina (1 6)* ...........
South Carolina (1 4)* .............
F ifth D istrict (7 5)* ...........
Individual Cities
Baltimore, Md. (5 )* ...............
W ashington, D. C. ( 7 ) * ...........
Lynchburg, Va. ( 3 ) * ...............
Richm ond, V a. ( 7 ) * ...............
Charleston, W . Va. (3 )*
Charlotte, N. C. ( 4 ) * ...............
Columbia, S. C. ( 4 ) * ...............
♦Number o f reporting stores.

+
+
+
+
+
+
+

19
53
67
67
51
54
52

+
+
+
+
+
+
+

34
56
69
59
72
59
46

SOFT CO A L PR ODU C TION IN TH OU SAN D S OF TONS
TOBACCO M A N U F A C T U R IN G
% Chg.
from
M arch
1946 March 1945
Sm oking & chew ing tobacco
(Thousands o f lb s .) ...........
Cigarettes (Thousands) . .
Cigars (Thousands) ...........
Snuff (Thousands o f lb s .).




15,085
26,401,276
480,479
3,434

—
+
+
—

34
41
15
15

3 Mos.
1946
46,738
75,263,722
1,404,095
10,363

% Chg.
from
3 Mos. ’ 45
—
+
+
—

31
36
18
11

REGIONS
W est V irginia

......... . .

F ifth D istrict
United States
.,
% in D istrict. . . .

March
1946
14,604
1,735
242
16,581
56,800
29.2

March
1945
14,024
1,656
162
15,842
52,450
30.2

%
Chg.
+ 4
+ 5
+ 49
+
+

5
8

3 Mos.
1946
41,120
4,774
646
46,540
160,860
28.9

3 Mos.
1945
40,550
5,018
447
46,015
153,360
30.0

%
Chg.
+ 1
— 5
+ 45
+
+

1
5

MONTHLY REVIEW

11

SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Board of Governors of the Federal Reserve System)

Industrial production advanced considerably in March
and appears to have declined only moderately in the early
part of April notwithstanding a complete shutdown in the
bituminous coal industry and some reduction in output at
steel mills. The value of retail trade has continued to set
new records during this period and wholesale commodity
prices have risen further.

I n d u s t r ia l P r o d u c t io n
Production at factories and mines, according to the
Board’s seasonally adjusted index, rose from a level of
153 per cent of the 1935-39 average in February to 169 in
March. This is slightly above the level reached last No­
vember before production was reduced by strikes in the
automobile, electrical equipment, and steel industries. In
April the index will probably show a decline of 3 or 4
points as decreases in coal and steel are only partly offset
by continued increases in other industries.
The large increase shown by the total index in March
was due for the most part to a sharp recovery in steel
ingot production following settlement of the labor dispute.
There were production gains also in industries manu­
facturing automobiles, machinery, stone, clay and glass
products, furniture, textiles, paper and rubber products.
These gains in steel and other industries were offset only
in small part by declines in the nonferrous metal indus­
tries, some food industries, and crude petroleum.
Steel ingot production for the month of March averaged
84 per cent of capacity as compared with 20 per cent in
February and at the end of March was close to 90 per
cent. Subsequently, due to reduced coal supplies, steel
output declined and by the fourth week of April was down
to a rate of 74 per cent of capacity. In the automobile and
machinery industries production increased substantially
during the latter part of March and the early part of April,
reflecting improvement in steel supplies and settlement of
important wage disputes.
Output of stone, clay, and glass products continued to
advance in March and production in the first quarter of
this year exceeded the previous peak levels reached at the
beginning of 1943.
Output of nondurable goods rose further in March to a
level of 168 per cent of the 1935-39 average, the highest
level since last June. Production of nondurable goods for
civilian use is now in larger volume than at any previous
time. Activity at woolen mills has shown an exceptionally
large advance since the end of last year and, with marked
increases in cotton consumption and rayon shipments, the
Board’s index of textile production in March was at a level
of 162 per cent of the 1935-39 average. This equals the
previous peak rate at the beginning of 1943.
Mineral production declined in March as a further ad­
vance in coal production was more than offset by a decline
in crude petroleum output and by work stoppages at im­
portant metal mines. Activity at bituminous coal mines
was suspended beginning April 1 owing to a labor-management dispute over a new wage contract.




E m ploym ent
Employment in nonagricultural establishments rose by
about 600,000 in March after allowance for seasonal
changes. This rise reflected increased employment in
manufacturing— largely in the iron and steel group—and
continued gains in trade and construction. There were
further substantial releases from the armed forces. The
total number of persons unemployed remained at a level
of about 2,700,000 in March.
D is t r ib u t io n
Department store sales rose sharply in March and con­
tinued at a high level in the first half of April. Total sales
during the Easter season are estimated to have been about
one-fourth higher than last year.
Freight carloadings during March were close to the
record rate for that month reached last year. In the first
three weeks of April loadings declined, reflecting the stop­
page of bituminous coal production. Shipments of most
other classes of revenue freight continued to increase.
C o m m o d it y P r ic e s
Wholesale prices of agricultural and industrial com­
modities continued to advance from the middle of March
to the third week of April. The general level of whole­
sale prices is now higher than last September by something
over four per cent. In recent weeks ceiling prices for a
number of products have been raised considerably and
where ceilings have been removed prices have generally
risen. A bonus of 30 cents a bushel has been granted on
wheat delivered by May 25 under the certificate plan to
help meet the critical food situation abroad, and a like
payment has been offered for 50,000,000 bushels of corn.
Subsidy payments for some commodities have been in­
creased to prevent further price advances.
B a n k C r e d it
Member bank reserve positions tightened in the last
half of March as Treasury deposits at the Reserve Banks
were increased by large income tax collections. Banks
sold short-term Government securities largely to the Re­
serve Banks, and drew down their reserve balances to
meet this loss of funds. Reserve positions were eased on
April 1 in connection with the cash redemption of 2.0
billion dollars of Treasury certificates on that date, and
in the following weeks banks bought Government securi­
ties and reduced borrowings at Reserve Banks.
Commercial and industrial loans at member banks in
leading cities increased further. Loans to brokers and
dealers rose at the end of March in connection with Treas­
ury security retirement operations and declined sharply in
the week ending April 3. Deposits, other than those of
the Treasury, fluctuated considerably, reflecting large in­
come tax payments and the April 1 tax assessment date
in Illinois.
Yields on long-term Treasury bonds have remained
relatively steady following a sharp decline in January and
the first half of February.

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