Full text of Economic Quarterly (Federal Reserve Bank of Richmond) : February 1951

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FED

/RESERVE BANK A

RICHMOND

FEBRUARY 1951

Manufacturing
Employment
Department Store
Sales

Percentage Increase From 1949 to 1950
In Fifth D istrict Business Indexes

Retail Furniture
Net Sates
Bank Debits
Bituminous Coat
Production
Life Insurance
Sales
Cotton Consumption
Automobile
Registrations
Construction Contract
Awards
Furniture Manufacturers
Shipments

degree of recovery in various phases of
business in the Fifth District from 1949 to
1950 was varied. The above chart shows outstand­
ing rises in construction and durable goods sales in
1950. T w o of the District’s large industries, cotton
textiles and bituminous coal, made better than
average advances, and interestingly these gains
were made with only small increases in employ­
ment. A discussion of 1950 developments will be
found in Business Conditions— 1950 Review,
1951 Preview and in succeeding articles on selected
industries— pages 2 to 8, inclusive.

T

h e




Also In This Issue - Furniture Output Breaks R ecord__

___Page

3

Bituminous Coal Looks Up______ -______ Page

4

Record Year for Rayon Output__________ Page

5

Hosiery Output Rises____________________Page

6

Cigarette Output Maintained___

-__Page

7

Cotton Textiles Surge Forward__________ Page

8

Fifth District Agriculture—
1950 vs. 1951—

9

Statistical D

a

t a

___Page

_________________ Page 11

FEDERAL RESERVE BANK OF RICHMOND

Business Conditions—1950 Review, 1951 Preview
h u n d r e d f i f t y will go down in the annals
as the year when easy credit and war scare short­
ages turned a business revival into a boom. Historically
a slackening in business spending has been accompanied
by business recession, but in 1950 inventory accumula­
tion, sales of durables, home construction, voracious de­
mand and easy credit terms, sustained a business revival
while business spending receded in the first half year.
in e te e n

N

Am ong the outstanding developments of 1950 in the
Fifth District was an inordinate expansion in bank cred­
it, particularly in the form of consumer credit in the first
three quarters of the year and of commercial and indus­
trial credit in the last half year. Business loans in the
Fifth District showed little of their customary hesitation
in the spring and early summer of 1950, but continued
upward almost without interruption since the summer of
1949; while similar loans in the U. S. as a whole were
remaining relatively flat. This rise in business loans has
been in no small part due to accumulating inventories
in distributive channels and to the inflationary rise in
prices. Accompanying a rise of 20.3% in loans of mem­
ber banks during 1950 was a gain of 7.4% in total de­
posits with demand deposits up 9.4% and time deposits
practically unchanged. Reflecting both the rise in the
volume of business and the price inflation bank debits in
the Fifth District were 13% higher in 1950 than in 1949,
with December debits 21% ahead of a year earlier.
The construction industry played a major role in the
Fifth District’s 1950 boom. By 1949 construction vol­
ume in the District was at boom levels and the 1950
volume superimposed a boom upon a boom. Contract
awards for construction of all types in 1950 were 37%
higher than in 1949, with one- and two-family houses
and factory construction accounting for a substantial part
of the gain. October brought stringent credit restric­
tions on home purchases, and these may have marked the
beginning of curtailment in this sector. For the year
1950 one- and two-family house construction contract
awards were 91% higher than in 1949. Factory con­
struction was in large volume from about mid-year
through fall with the year’s total 164% ahead of 1949.
Indications point to a further revival in factory construc­
tion in 1951 while practically all other types will prob­
ably be reduced either through credit constriction or
through scarcity of materials.
Trade levels in the District were good during 1950;
for automotive and building supply firms they were ex­
cellent ; for the rank and file of soft goods they were up
a bit. Registrations of new passenger automobiles in
1950 were 28% ahead of 1949, and truck registrations
rose 18% . Retail sales of building suppliers rose 36% ,
wholesale appliance store sales gained 2 2% , furniture
store sales were up 8 % , and department store sales
gained 6 % . Sales in department stores were not uniform




in all departments; the chief gains came in the home
furnishings departments where furniture, appliances and
television were responsible. W om en’s apparel sales in
1950 were 7% under 1949, men’s apparel was about
even with 1949, while most other departments registered
nominal gains.
Of chief interest in the retail trades was the pattern
made during the year. Trade levels in the District re­
sponded to the business revival in the early months of
the year, hesitated somewhat in the spring, regained
strength toward midyear, and with the outbreak of the
Korean W ar zoomed upward. During July and August
consumers purchased commodities on an unprecedented
scale yet, in selective fashion— many recalled the various
shortages of the late war, thought they knew exactly
what to buy, and did so. Many soft goods were not
affected but nylon hosiery, corsets, and other materials
containing rubber, and to some extent, shoes, and the
home furnishings group were most prominent among
their purchases.
Significant in maintaining production, after the autumn
slowdown in retail buying, was the determination of
manufacturers to commit for purchase or accumulate
raw material inventories and for wholesalers and retail­
ers to accumulate finished inventories and build up
order backlogs in addition. This development permitted
manufacturers to continue expanding production levels
and has prevented a temporary increase in unemploy­
ment pending the transition from production of civilian
goods to war materials.
District employment leveled off toward the end of
1950 but this was probably only a lull in a rising trend.
One of 195 l ’s chief problems will be procurement of suf­
ficient manpower to produce goods at the rate at which
they can be sold. Military manpower procurement is
steadily rising and there will be many migrating to war
production centers. Industries here, however, are fortu­
nate in that women are well adapted to their types of
jobs and many more will be called into the labor force.
Military installations again require more civilian em­
ployees, shipyards and aircraft factories will be expand­
ing during the year, and defense plants are reopening.
All these will require a large number of workers. The
current manpower situation is adequate but will almost
certainly tighten.
The District economy in 1951 will be different from
that of 1950. Inflationary pressures will continue despite
controls, with many consumer commodities and materials
in short supply. Emphasis will be more and more on
manpower. New defense plants will be constructed and
stand-bys reactivated. Farm labor will be scare and crop
harvesting a real problem. Servicemen will be in greater
numbers in this area.

i 2y

FEBRUARY 1951

MONTHLY REVIEW

Furniture Output Breaks Record
to other lines. Lack of better paying alternatives in the
manufacturing in the Fifth Federal R e­
furniture manufacturing areas is also a factor. The same
serve District broke all records in 1950. Shipments
situation does not exist, however, in hardwood lumber
from factories reporting to the Southern Furniture
production.
Here the loggers are among the lowest paid
Manufacturers Association in the first eleven months
workers
in
the
country and considerable diversion of
were valued 46% ahead of the same months in 1949 and
employment could easily take place. Future supply of
16% ahead of similar months in the previous peak year
furniture thus depends chiefly on the supply of lumber
of 1948.
and diversion of unskilled labor from the furniture fac­
Record furniture output in 1950 was due chiefly to in­
tories.
ventory accumulation by the retail trades, since net sales
W ill the retail demand for furniture be adequate to
of retailers in the Fifth District rose only 7 % (1950
maintain the rising rate of production that has been in
over 1949) and a similar gain occurred throughout the
evidence for the past year ? The question is easier asked
nation. Inventories of Fifth District retailers increased
than answered.
34% and the trend is still upward.
The gain in retail sales of furniture in 1950 over
Factors on the positive side are the rising level of per­
1949 is due primarily to the unusually high sales level
sonal income and an apparent willingness of individuals
during July, August, and September. Subsequent fig­
either to purchase on credit or to dig into past savings
ures have been running below those a year earlier. This
for durable commodities, together with the still high
sales performance, however,
level of residential construc­
has in no way deterred re­
tion and the necessity of
Southern Fu r n it u r e Man u fac ture rs ' Sh ip m e n t s
tailers from booking orders
buying furniture to equip
PER CENT
PER CENT
for new supplies. There has
these new homes. On the
been a moderate setback in
negative side are the tight­
new business b o o k e d by
ened terms of credit (with
manufacturers since August,
further restriction probable
but these new bookings are
if demand outruns supply),
running well ahead of those
increased taxes— with future
of any previous year, and
increases a practical cer­
unfilled orders stand at the
tainty— and the breaking up
highest level on record.
of households by withdraw­
Manufacturers h a d ex­
als of men for the armed
pected good business before
services, or migrations to
the January opening of the Home Furnishings Market
defense production areas where renting rather than own­
ing is the rule.
and the Merchandise and American Furniture Marts in
C hicago; but orders received and those some dealers
Experience during W orld W ar II showed both manu­
tried to place were much heavier than expected. Many
facture and retail sales of furniture rising to higher levels
producers are sold up through the first quarter and some
than previously experienced and holding at those levels.
manufacturers have refused to accept new accounts.
Actually physical volume held at a flat level, for prices
Credit restrictions have apparently taken the edge off
over most of the period were little changed due to price
consumer buying, but have not deterred retailers from
ceilings— a situation now looming.
extending their commitments. This is understandable
Furniture prices have been rising very rapidly since
when so much comment has been made regarding the
June 1950, with a gain of more than 12% from June to
impending shortages of durable goods. There is strong
November and further rises in evidence in the Chicago
indication that some materials for furniture manufacture
markets. A considerable drop in physical volume of out­
may be in short supply later on, but the consensus is that
put could, therefore, be experienced and still give the in­
enough lumber, veneers, glues, finishing materials, and
dustry a better dollar volume in 1951 than in 1950.
joining hardware will be available for normal production
Past experience does not indicate that 195 l ’s physical
during the first half year.
volume will be much lower than 1950’s, though it might
Such materials as springs and hardware will probably
fall below the recent peak month.
be in short supply later in the year, but manufacturers
A s the situation now stands and evidenced by current
should be able to design their products so as to reduce
strength in furniture prices, demand for furniture in
these requirements to a minimum. Chief consideration in
1951 should be adequate to take the entire output of the
the outlook for new furniture supply would appear to be
manufacturers.
There are, however, many things under
labor supply, both in the factories and in the hardwood
consideration
which
could change conditions quickly. A
lumber producing mills.
general
freezing
of
wages
and prices, combined with an­
The majority of workers in furniture factories are be­
yond the age for military service, so that the skilled labor
other sharp increase in taxes would certainly curtail
supply is not likely to be diverted in important numbers
consumer buying.
u r n itu r e

F




i 3 Y

FEDERAL RESERVE BANK OF RICHMOND

Bituminous Coal Looks Up
of bituminous coal in United States mines
sufficient to take care of their expanded needs.
totaled 506.3 million tons in 1950, a gain of 68.4
Electric power utilities increased their bituminous coal
million tons or 15.6% over 1949. Mines in the Fifth
consumption in 1950 over 1949 by 8.9% and the month­
District accounted for 162.2 million tons or 32% of the
ly consumption in November, latest data of record,
1950 total as against 138.1 million tons or 31.5% of the
shows this consumption to be within striking distance of
1949 total. The District’s contribution to the national
the previous peak established in 1948. The continued
total in 1950 was the highest proportion on record.
growth in kilowatt hour output will mean a continuation
Within the District and out of the 1950 total of 162.2
of the sharply rising trend in bituminous coal consump­
million tons, W est Virginia contributed 89.1% , Virginia
tion by the utilities, despite the fact that the trends in
10.6%, and Maryland 0.3% . In 1949 these percentages
both gas and oil consumption are still upward.
w ere: W est Virginia 89.7% , Virginia 9.9% , and M ary­
Exports of bituminous coal, which had dropped to
land 0.4% .
very low levels early in 1950, have recovered substan­
Estimated consumption from the known domestic
tially since the first quarter of the year. W hile the ten
sources in 1950 totaled 451.7 million tons, a gain of
months’ total ran 20% below a year ago, exports on an
1.3% over that in 1949. It is apparent, therefore, that
annual basis at the current rate would put them about
the rise in coal production in
midway between 1949 and
1950 from the previous year
1948 totals.
Except for a strike early
was due in the main to the
BITUMINOUS COAL PRODUCTION
demand for stockpiling. It
in 1950, the labor situation
FIFTH FEDERAL RESERVE DISTRICT AS PER CENT OF UNITED STATES
is interesting to note that the
in the coal mines has been
changes in coal consumption
quiet. Many mines in the
b e t w e e n 1949 and 1950
District have o p e r a t e d
among the various consum­
throughout most of the year
ing outlets were far from
on a three- and four-day
week. Employment is m od­
uniform. Essentially, all of
erately below a year ago, but
the gain in consumption was
with a rising demand it
accounted for by rises in the
would seem probable that
consumption of electric pow­
both hours of work and
er utilities and coke ovens.
some increase in employ­
A small gain was recorded
ment would be witnessed
in steel mills, while all other
during the current year. The
industrial sources showed
lower consumption, with the railroads being most promi­
operators have voluntarily given the miners an increase
nent among those declining, due in part to reduced
of 20 cents in hourly wages, with the obvious hope that
this will continue the industry’s operation without the
freight traffic.
In the first quarter of 1950, in comparison with the
perennial bickerings and strikes, actual or potential.
same quarter of 1949, consumption of bituminous coal
The competitive situation with other sources of energy
is not such an important consideration at the present
declined 13.3% ; in the second quarter the decline was
reduced to 1% ; while in the third quarter practically all
time in the outlook for the bituminous coal industry, as
consuming outlets were running ahead of the previous
all sources will probably be called on for a greater vol­
ume of production. The shortage in metal supplies, par­
year, the total gain being 0.8% . This trend continued
through the fourth quarter of the year, but the small in­
ticularly steel, may also have an adverse effect on the
construction of new diesel locomotives and thereby fur­
crease in total consumption for the year was due to the
losses sustained in all sources in the first and, in some
ther delay diversion of railroads’ utilization of coal and
make it necessary to continue in operation many of the
sources, in the second quarter of the year. Even the
railroads, which have been moving as rapidly as possible
steam locomotives which have been retired from service.
toward diesel locomotion, showed an increase in coal
The National Association of Purchasing Agents has
consumption from the middle of the year as a result of
indicated that in many instances consumers are recon­
the heavy traffic load in this period.
verting their equipment from oil to coal, feeling that the
Consumption of bituminous coal by industrial con­
latter will be in more substantial supply than the former.
cerns other than coke ovens, steel and cement mills,
Prices of bituminous coal have not shared in the up­
showed a 2% decline for the year as a whole; but the
ward trend that has been characteristic of most other
trend in consumption of these establishments is rising
prices since June. In fact, the Bureau of Labor Statistics
quite rapidly and may be expected to continue during
November coal price index was only a fraction of one
1951. Expansion in industrial operations has made it
per cent higher than in June. However, the recent wage
necessary for firms to reconvert in many instances to coal
increase will probably cause a rise in prices.
consumption, since supplies of oil and gas would not be
o d u c tio n

P




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MONTHLY REVIEW

FEBRUARY 1951

1950 Record Year for Rayon Output
rayon industry broke all records during 1950
with shipments of 1,235.0 million pounds of rayon
filament yarn, staple fiber and tow. Average monthly
shipments for the year were equal to the average month­
ly capacity of 103.3 million pounds. This compares with
average monthly shipments of 81.3 million pounds and
an average monthly capacity of 99.7 millions pounds in
1949. The 1950 average was 13% above the previous
peak in 1948 and 201% above the 1939 average.

T

Rayon gray goods have likewise experienced price in­
creases during the past six months. In most cases, De­
cember prices were still below the 1948-49 high, the
exception being the price of gabardine which now is
slightly higher than in 1948.

h e

The rayon industry in 1951 will undoubtedly be af­
fected by the military situation. During the four war
years, 1942-45, 19% of total rayon fiber consumption
went for military uses. In 1945, the peak year of mili­
tary consumption, 24% of all rayon fibers went for this
purpose. Complete figures are not available for 1950,
but some indication can be seen from a tabulation by
Rayon Organon of invitations to bid on Government
contracts which amounted to twelve million yards of
rayon fabrics, or approximately 5% of the estimated
1950 production of broad woven goods. This figure does
not include bids for high tenacity tire yarn which will
be a large rayon contribu­
tion to the defense program.
W hile shipments of tire
yarn to civilians were at the
usual r a t e in December,
these allotments are expect­
ed to be reduced in coming
months. In September, the
National Production A d ­
ministration placed this yarn
on the list of those items
which manufacturers were
not to build up undue inven­
tories. On December 1, N.
P .A . ordered equitable dis­
tribution of high tenacity yarn defense contracts among
manufacturers. This yarn will be used not only for tires
but also cargo and flare chutes and airplane fuel cell
fabrics. Should the cutback of rubber consumption for
automobile tires cause a temporary over-supply of tire
cord, the slack would be felt in cottons rather than
rayon, since manufacturers prefer rayon cords to cotton
cords, when the proportion of synthetic rubber is being
increased.

Total shipments of rayon fibers in 1950 were 30%
ahead of 1949’s. Staple and tow showed a much larger
increase— 6 1 % — than filament yarn— 23% , with the
gain in consumption caused largely by increased use of
acetate staple and tow in newly developed mass markets
for rayon men’s clothing and floor covering fields.
Comparison of men’s clothing (first 9 months of 1950
vs. 1949) shows that rayon and nylon made up 50% of
the summer weight suits in
1950 and 44% in 1949. D ur­
ing the same period, 49% of
the separate dress and sport
trousers was made from ray­
on fabrics against 40% in
1949. The Clothing Manu­
facturers Association recent
survey of 488 stores indi­
cated that retailers plan to
have 45% of summer suit
stock in all rayon for 1951.
Vaulting wool prices and
improved rayon fabrics have
caused carpet makers to turn
to rayon and they are increasingly using blends of rayon
and wool for rugs— one leading firm has already an­
nounced an all-rayon carpet.
Shipments of viscose high tenacity filament yarn have
shown the smallest gain, being only 8% higher for 1950
than for 1949. This was due not to the lack of demand
but to a strike at the Lowland, Tennessee, plant of the
American Enka Corporation— other producers operated
at capacity.
In the textile slump of 1949, rayon producers’ stocks
reached a postwar high (during M ay) of 70.2 million
pounds. They were reduced sharply in 1950 and by D e­
cember 1st were down to 14.4 million pounds, a figure
35% lower than on December 1, 1949, and 79% below
the May 1949 high point. Stocks of filament yarn were
clown 42% from a year ago, but staple and tow stocks
fell only 3% . This small decline in staple and tow stocks
was clue to the fact that while rayon stocks generally
were still high in December 1949, those of staple and
tow had by this time been well worked down.
While prices of most rayon yarns and staple fibers
remained steady during the first six months of 1950, the
rises since mid-year have brought the levels to approxi­
mately those prevailing before the textile slump of 1949.



i 5

The rayon industry will be confronted during 1951
by the defense effort and shortages of production ma­
terials and labor. Faced with limited supplies of dis­
solving wood pulp and cotton linters, from which rayon
is made, some yarn manufacturers are already reducing
deliveries, but these are expected to be temporary. If
high tenacity yarn requirements are stepped up rapidly,
it is probable that conversions of textile yarn will be the
first result with new plant expansion coming later on.
H ow much of the rayon supply will be needed by the
Government in 1951 is not yet known, but a shortage of
civilian goods could result. If supplies permit, rayon can
be expected to make further gains in the men’s clothing,
carpet, and tire cord fields in 1951.
)>

FEDERAL RESERVE BANK OF RICHMOND

Hosiery Output Rises
hosiery industry manufactured more hosiery
during 1950 than in any other year of record. Pro­
duction was 11% above 1949 and averaged 13.3 million
dozen pairs per month. This increased production was
moved into distribution channels since manufacturers
stocks were little changed during the year and averaged
less than two months supply. Shipments during 19S0
averaged 13.4 million dozen pairs per month and showed
a gain of 9% over 1949.

T

h e

The increase in shipments from 1949 to 1950 was un­
evenly distributed among the various types of hosiery.
Largest gain (3 0 % ) was in women’s seamless nylons
and the largest decline (2 6 % ) was in women’s fullfashioned and seamless rayons. The three largest hosiery
groups— women’s full-fashioned nylon (accounting for
32% of the total 1950 ship­
ments), men’s half-hose and
slack socks (2 9 % ) and ank­
lets (2 0 % ) showed varying
degrees of change in ship­
ments. W om en’s full-fash­
ioned nylon shipments were
15% greater than in 1949;
men’s half-hose and slack
socks 9 % ; and anklets 6 % .
The gain in men’s socks and
anklets came largely in the
last five months of the year
with some increase during
the first quarter. On the
other hand, the gain in w o­
men’s full-fashioned hosiery
was mainly in the usually
slow summer period.
The general trend in shipments of hosiery for women
(per capita) has been downward during the past decade
as the chart indicates. This is due largely to the longer
wearing quality of nylons and to some extend to the
bare-legged habit in the warm months. Per capita ship­
ments of men’s hosiery shows some increase from 1940
to 1950 with two of the intervening years showing de­
cided increases. Service men undoubtedly wore out
more socks than the average civilian and at the same
time quartermaster stocks were undoubtedly increased
causing the high per capita shipment of men’s hose dur­
ing 1943. The high per capita shipments of men’s hose
during 1946 was due to the necessity for men to re­
furnish their wardrobes when released to civilian life
and to fill the pipelines in retail and wholesale establish­
ments. The increasing per capita shipment of children’s
socks is perhaps due to the large rise in incomes of those
families formerly in the low income groups where chil­
dren, who previously went barefooted, are wearing socks.
Producers’ per capita shipments have limitations as a
measure of per capita consumption, owing to variations



in inventories of retailers, wholesalers, and jobbers.
These inventories were probably a factor in the sharp
rise in per capita shipments for 1950. Latest figures
available show that on December 1st stocks of women’s
and children’s hosiery in department stores were valued
42% higher than a year earlier. On the other hand the
only measure of consumption, dollar sales of women’s
and children’s hosiery in department stores, was 8%
higher in 1950 than in 1949 while unit shipments of w o­
men’s full-fashioned nylons increased 15% and ship­
ments of women’ s seamless nylons 30% during the same
period. Per capita shipments in pairs for 1950, there­
fore, overstate per capita consumption to the extent that
shipments exceed retail sales, after accounting for price
changes.
One of the most interest­
ing developments of the year
was the survey made for
the National Association of
Hosiery Manufacturers by
Elmo Roper and released on
May 2nd. The survey found
that few women complained
about the price of hosiery
and that neither production
nor distribution were major
problems in the industry.
The report further revealed
that two-thirds of all adult
women go bare-legged at
some time and that 85% of
the women feel that stock­
ings are essential to good
appearance. The s u r v e y
seems to support those who feel that if per capita con­
sumption is to be increased hosiery must be promoted
out of the “ staple merchandise” category and sold on a
fashion basis. W om en who buy neutral shades to go
with everything average 14.0 pairs per year, while those
who buy special shades, average 17.8 pairs per year.
Prices of all kinds of hosiery remained fairly steady
during the first half of 1950 but rose during the second
half. The price of men’s anklets was increased substan­
tially in August and the usual summer reduction did
not materialize for women’s full-fashioned hosiery.
The hosiery industry faces two big problems in 1951 :
labor supply and material supply. During W orld W ar II
100% of nylon production went for military purposes.
The national economy is not fully mobilized at this time
and probably will not be during 1951. Nylon production
capacity has been increased 300% since the end of
W orld W ar II and further expansions are planned. If
military usage of nylon runs to large quantities it would
seem probable that the diversion would come largely
from users other than hosiery.

i 6 )►

MONTHLY REVIEW

FEBRUARY 1951

Cigarette Output Maintained
production in the United States approxi­
mated 393 billion in 1950, a gain of 2 % over 1949.
Fifth District production in 1950, however, was essen­
tially the same as that a year ago. The gain apparently
came in Kentucky, which has been increasing its propor­
tion of the total in the past seven or eight years. In the
first ten months of 1950, cigarette production in the
Fifth Federal Reserve District accounted for 79.9% of
the U. S. total. In similar months of 1949, the District’s
proportion was 81.5% .
ig a r e tte

C

1939. Absorption of these increased costs by the indus­
try has been possible only by the very large expansion
in volume of production which has held the rise in unit
costs to a level in keeping with the rise in cigarette
prices.
Brand competition continued in 1950 at its usual ex­
tremely keen pace. This competition among brands pre­
sages increased advertising budgets in 1951. If price
changes are made, they will probably be in an upward
direction, for costs in general are rising and it is ques­
tionable if the increase in production in 1951 will be
large enough to hold unit costs down to the 1950 level.

Within the Fifth District, a shift in production has
been taking place for some time. Recent figures are un­
available but in 1948 Virginia accounted for 33.6% of
Commercial cigarette exports, which had never been
the District total and North Carolina for 66.4% . In
of substantial importance to the industry prior to the
1942, Virginia had accounted for 43.6% , whereas North
expiration of W orld W ar II, rose rather substantially
Carolina’s proportion was 56.8%. A new plant in D ur­
in 1946 and continued at about that year’s level through
ham, North Carolina, plus extended output in established
1948. By 1949, foreign countries had reactivated their
plants in 1949 has probably
tobacco industries and were
accentuated the trend. Cig­
able to secure supplies of
F ifth District C ig ar e tte Production
arette production in V ir­
leaf tobacco. A s a conse­
ginia since 1943 has held
quence, U. S. commercial
reasonably steady, whereas
exports fell considerably in
in North Carolina a rising
1949
trend h a s continued. It
exports of cigarettes were at
would seem that the migra­
their high point in 1948
tion of cigarette manufac­
when 25.2 billion were ex­
turing to the areas where the
ported ; 1949 showed a drop
tobacco is grown, a trend
of 23% . In the first ten
which has been in evidence
months of 1950 cigarette ex­
40 years, apparently contin­
ports w e r e d o w n 2 7% ,
ues, and, if so, North Caro­
though figures do not in­
lina is the likely location for the new growth in cigarette
clude tax-free cigarettes shipped abroad to the armed
manufacturing.
forces. Commercial exports plus shipments to the armed
forces rose from a total of 7.9 billion in 1939 to a
Cigarettes accounted for 79% of the total United
peak of 53.5 billion in 1943. They dropped 34.7 billion
States tobacco used in tobacco products in 1948, com ­
in 1949, but still represent an important volume of busi­
pared with 58% in 1940 and 45% in 1930. Growth in
ness to the industry. The monthly figures of commer­
cigarettes’ sales is responsible for the 52% rise in total
cial exports during 1950 gave some indication that the
tobacco products output between 1940 and 1949 and
downward trend may have been stopped.
80% between 1930 and 1948. Output of tobacco prod­
ucts in forms other than cigarettes has shown a pro­
Domestic consumption of cigarettes is affected to some
gressive decline since 1930. Internal revenue figures
extent by changes in the income level of the people, but
since 1948 indicate a continuation of these trends, but
the rise in domestic consumption of 2.5% in 1950 over
at a slower rate.
1949 shows no close relation to the 7.4% increase in per­
sonal income. Personal income is still rising and indica­
Cigarette prices were raised 3% in August 1950, the
tions are that it will continue to rise during 1951. D o­
first change since August 1948. Cigarette prices are now
mestic consumption of cigarettes should, therefore, rise.
28% higher than in 1939 and 20% higher than in 1926
though part of the increase is due to higher taxes. This
Employments levels in the cigarette industry in V ir­
rise of 20% compares with an increase of 72% in prices
ginia have been in a moderate downward trend for sev­
of all wholesale commodities. In contrast with the in­
eral years. North Carolina employment in cigarette
crease in cigarette prices, leaf tobacco prices are several
factories declined in 1950 from the 1949 level though
times higher than they were immediately prior to W orld
production in the two states held steady in 1950 at the
W ar II. Flue-cured tobacco in 1950 at approximately
1949 level. If an increase in 1951 cigarette production
55 cents a pound is 3.7 times higher than in 1939 and
in the Fifth District can be effected without an increase
burley tobacco, around 49 cents in 1950 is 2.8 times
in employment and without substantial turnover of ex­
higher than in 1939. The hourly wage rate in cigarette
perienced workers, larger output per man-hour might be
factories in 1950 was $1,271, an increase of 127% over
sufficient to offset rises in other costs.



i 7y

and 1950

FEDERAL RESERVE BANK OF RICHMOND

Cotton Textiles Surge Forward
cotton textile industry in the Fifth District in
for want of raw material. Operations beyond the sum­
1950
operated at the highest level since 1943 and mer of 1951, as far as cotton supplies are concerned,
would be contingent on the size of the new crop and the
similar conditions which established the previous peak
size of exports permitted. The Department of A gricul­
for the industry during W orld W ar II are again in evi­
ture is calling on cotton farmers for a 16 million-bale
dence. Cotton consumption in District mills in 1950 was
crop this year, though doubts are expressed that such a
22 °/o higher than in 1949, 8 % higher than in 1948, but
crop can be produced. In the past, today’s record prices
8 % below the peak year 1942.
(o f 42-45 cents) would undoubtedly have brought out all
The cotton textile industry was among the leaders in
of the supply required, and they will be a potent force
recovering from the recession in m id-1949. Output rose
this year. Below normal temperatures this winter will
sharply in the last half of 1949 and held fairly steady at
hold down boll weevil emergence in the spring and,
the top of the rise during the first half of 1950. Prior to
given a normal growing season, next year’s cotton sup­
the Korean W ar, the industry had started selling its
ply may be adequately expanded.
third quarter output and indications at the time were

T

he

that a moderate rise would be witnessed in third quarter
production. W ith the outbreak of the Korean W ar,
heavy bookings caused a very sharp increase in output
during the last six months of 1950.
A s of late January, the
industry was mostly sold
Fifth District
through the first half of
PER CENT
1951; indeed much of the
production for the last half
of the year has been booked.
The trend of output is still
upward and this will prob­
ably continue until practical
capacity is reached.
In the current crop year
(ending July 31, 1951), it
seems probable that the cot­
ton textile industry in the
nation will consume between 10.5 and 11.0 million bales
of cotton. If manpower losses do not prove heavy and if
demand warrants, the industry can probably produce
goods and yarns involving more than 12 million bales in
the crop year ending July 31, 1952.
One very prominent difficulty to the attainment of
such a level of operations is that cotton supply may not
be large enough to permit it. A s Dr. Claudius T . Marchison, Economic Advisor of the American Cotton Manu­
facturers Institute, has pointed out, by using the figure
of 10.5 million bales as domestic consumption for the
current crop year, together with export allocations al­
ready scheduled for the first eight months, plus 250,000
bales earmarked for Canada, plus another 100,000 bales
that went out before export restrictions were effected,
the carry-over on July 31, 1951 would be reduced to
2,334,000 bales. Fie further noted that this amount must
carry the industry for the three months following July
31, since new crop cotton is not available to mills before
that time. A carry-over of 2,334,000 bales is not equal
to three months' supply of cotton at a production rate of
between 10.5 and 11.0 million bales, even if every pound
of it were of the proper grade and staple.
It is probable, therefore, that during the fall of 1951
there will be a considerable cutback in textile operations



Employment levels in yarn and thread mills and in
broad woven fabrics mills in the District have been
rising, though recent data do not show industry employ­
ment at the high point of 1948. There are moderate
numbers of unemployed tex­
tile workers in most mill
areas, but few of these are
Co tto n Co n su m ptio n
.
PER CENT
skilled workers. It seems
reasonable that employment
levels will continue to rise as
more mills add shifts to their
operations. I n s o doing,
however, skilled operations
will have to be manned by
employees who are not so
skilled and this will reduce
output per manhour in the
added shifts.
During W orld W ar II important numbers in this
District shifted their occupations from textiles into other
activities, such as shipbuilding, Government work, and
war plants. Opportunities for such shifts are not so
great in the Fifth District at the present time, since the
alternative sources of employment are not so numerous,
but it may be that later developments will create them.
Defense plant work in areas outside this District may
also drain some workers who normally could be re­
cruited by the textile industry. For the short run, how­
ever, these factors are not of great importance and cur­
rent indications are that the level of cotton textile em­
ployment will rise during the first half of 1951 and that
the industry’s output will approach the monthly peak
established in 1942.
Exports of cotton goods in 1950 were considerably
below those of 1949, but the trend in the 1950 monthly
figures indicates that the decline has stopped. W ith a
shortage in raw cotton the world over and a reduction in
our exports of raw cotton, it seems likely that a greater
demand for export of cotton goods will be forthcoming
this year. If the market is left freely available to all com ­
ers, a gain in exports would put further pressure on the
prices of these goods. If prices are fixed, the chances are
there will be little or no increase in export allocations.

i 8 y

MONTHLY REVIEW

FEBRUARY 1951

Fifth District Agriculture—1950 vs. 1951
.

Farm prices in early 1951 averaged nearly 25% higher and prospects are f o r higher farm incomes Agri­
cultural production— particularly of hogs, cotton, tobacco, and grain— should be higher in 1951. The farm price
rise helped push food prices to new highs. Weather, insects, and government policy in respect to price controls
are clearly the prime factors for 195Vs farm outlook.

In

some respects 1950 was a mixed year for agricul­
ture, but it was definitely the year in which “ the tide
turned” . After a two-year decline, farm prices steadied
in the first half and, after mid-year, advanced rapidly
with the December farm price average nearly 25% above
a year before.

July was the first month in which cash receipts were
higher than a year before, and this was primarily due to
the sharp rise in prices. In October cash receipts again
exceeded the same month of 1949 and November and
December probably did too. The national total for the
year is estimated at $27.8 billion, 1% under 1949.

By contrast, cash farm receipts in the Fifth District
Net farm income declined in 1950, but the decline
(first eleven months) were about 6 % higher than in
was smaller than forecast. The year’s total may have
reached $13.3 billion, 6 % under 1949, and the smallest
1949, while for the United States they were down 2 % .
net since 1945.
North Carolina and Virginia were higher than in 1949,
Farm output in 1950 continued at a high level, though
while Maryland, W est Virginia, and South Carolina
somewhat under the pre­
were lower.
vious year. W heat produc­
Farm Prices Rise
FARMERS’ N E T INCOME - U NITED S T A T E S
tion was down 10% , corn
A s 1950 began, the out­
was off 7 % , and the cotton
BILLIONS OF DOLLARS
look f o r farm prices was
crop was off nearly 40% .
somewhat less than opti­
Government agricultural
policies shifted in 1950— the
emphasis changed from con­
trol on certain crops to ex­
pansion of most farm prod­
ucts to meet the needs of a
war economy. CCC stocks
acquired for price support
sold more readily as prices
moved upward in the last
half of the year and had a
moderating effect on prices.
Farm debt, b o t h realestate and non-real-estate,
increased in 1950. Credit
expansion in the first half of
1939
1941
1943
1950 was restrained by less
Source-- USDA, Bureau of Agricultural
favorable p r i c e prospects
and acreage restrictions. In
the latter half of the year it was stimulated by a more
favorable outlook for prices and prospective shortages
of some goods.
Farm Income Lower, But Rising
A year ago the outlook for farm income was rather
discouraging. Prices had declined rather steadily for
two years, cash production expenses were near their
postwar peak, and the acreage of important cash crops
like wheat, cotton, peanuts, and potatoes was being
reduced.
Although farm prices ceased to decline and began to
move slowly upward in the first half of the year, the rise
was hardly equal to the usual seasonal movement. Cash
receipts from farm marketings lagged behind 1949 for
many months, and the total for the first half of 1950 was
9% under the first half of the previous year.



mistic. Farm prices had de­
clined for two years, and in
December 1949 were about
24% under t h e postwar
peak reached in January
1948.
Prices held barely steady
in the first quarter of 1950,
and the small rise in the sec­
ond three months of the year
was largely seasonal. In
June the index of prices
received by farmers (19101 4 = 1 0 0 ), was 247, only 14
points above the previous
December, and in each of the
1945
1947
1949
1951
first six months of the year
Economics
average prices had been un­
der the same month in 1949.
The outbreak of the Korean W ar started off a wave
of speculative buying which was accentuated by the
steadily worsening prospects for cotton and by seasonal
declines in livestock marketings. A s a result farm prices
rose sharply from June to July, and the price index
reached 263, a gain of 16 points from June.
Following the sharp July rise, average farm prices
rose more slowly through November and then jumped
again in December. The December 1950 index of prices
received was 286, a rise of 23 points from July and 53
points from the previous December. A large part of the
rise in the last quarter was due to higher prices for crops,
particularly cotton and tobacco. December cotton prices
averaged 40 cents, a rise of 52% in one year. Prices of
meat animals declined in September, and were well un­
der last summer’s high in October and November. Some

>1 9 J.

FEDERAL RESERVE BANK OF RICHMOND

recovery was made in livestock prices in late December
as hog marketings declined, and at the end of the year
meat animal prices averaged only 3% under July.
Wholesale food prices in July were about 14% higher
than in January, and retail prices were up about 7 % .
Some food prices had increased more— meat was nearly
32% higher. July retail food prices in this District had
also risen sharply— 7% in Richmond and 8 % in Balti­
more.
In late summer and fall a material decline in whole­
sale meat and broiler prices was reflected in a leveling
off of retail food prices. In the Fifth District retail food
prices were fairly steady from July through November.
Subsequent price advances have carried retail food prices
to a record high level.

of boll weevil. The North Carolina yield of 152 pounds
of lint per acre was 41% under the previous year.
Tobacco farmers, however, enjoyed one of the most
prosperous years in history. Flue-cured prices averaged
around 55 cents, nearly 8 cents above 1949, and the total
crop was about 13% larger. In this District farmers sold
1,137 million pounds of flue-cured, about 16% more than
in the previous year.
Total production of peanuts picked and threshed in the
District was up 7 % , and prices in November averaged
1 to 2 cents a pound above last year for farmers’ stock
peanuts.

Total food production in 1950 was slightly above 1949
and 40% above the 1935-39 average— food grains were
lower, but meat animals, poultry, and dairy products in­
Crop Production Lower, but Livestock Increases
creased. Meat production was up 4% and poultry 7 % .
Agricultural production in 1950 continued at a high
Food consumption per capita was also a little larger
level, but was down somewhat from 1949. A small in­
and 12% higher than in 1935-39.
crease in marketings of live­
Price Support Costs Down
stock and livestock products
— Price Ceilings Possible
UNITED STATES FARM PRICES
was more than offset by a
A s 1951 began farm price
(December 1949-December 1950)
decline in crops.
discussions centered m o r e
PER CENT OF 1910-1914 AVERAGE
PER CENT OF 1910-1914 AVERAGE
Wheat production totaled
on price ceilings than on
1,027 million bushels, 114
price support. F or most
million less than the year be­
farm products the need is
fore, and 3,131 million bush­
increased production to meet
els of corn were produced,
the needs of a war economy
248 million u n d e r 1949.
instead of reduced produc­
Most of the decline was due
tion to avoid surpluses.
to reduced acreage. Both
Given good weather more
corn and wheat had acreage
production s e e m s assured
allotments in effect in 1950,
since restrictions have been
and corn yields were lower
removed f r o m the 1951
than in 1949, but wheat
crops of corn, wheat, cotton,
yields were up. Corn yields
and potatoes. W inter wheat
in the District, however, av­
acreage is up over three mil­
eraged higher. In Virginia
lion a c r e s and the 1951
the 1950 yield was 49 bushels per acre, 18 bushels higher
spring pig crop will be about 6 % larger. Flue-cured
than in 1939-48 and, interestingly, two bushels above the
tobacco acreage allotments in 1951 will be up 9 % .
Iowa yield.
Price support outlays in 1951 should show significant
Cotton, one of the major cash crops in this area,
declines, and if prices rise further CCC stocks will be
brought very little cash to many cotton farmers. Cotton
reduced more. For example, CCC’s butter stocks, which
prices averaged $50 to $60 a bale higher than in 1949,
in August totaled 191 million pounds, were nearly sold
but in many counties the crop was nearly a failure and a
out in late 1950 as butter prices rose. Except for eggs
much smaller acreage was planted. The total U. S. crop
and potatoes, price support will generally be available
was 9.9 million bales as compared to 16.1 million in
this year for the same products as in 1950.
1949. T otal acreage harvested was 17.8 million— with
Price ceilings were placed on wholesale and retail
the exception of 1945 and 1946, the smallest since 1884
prices of farm products on January 26. The ceiling for
and one-third less than in 1949. The average yield was
any product is the highest price charged from December
265.4 pounds of lint, 7% under the previous year.
19 through January 25. For any product whose farm
In this district cotton production declined 75% in
price is under parity or June 1950 levels, the ceilings
Virginia, 61% in North Carolina, and 28% in South
may be raised sufficiently to reflect increases in the farm
Carolina. Acreage was down about a third, and yields
price up to these levels.
dropped sharply in Virginia and North Carolina because




U0)>

FEBRUARY 1951

MONTHLY REVIEW

PRINCIPAL

ASSETS

AND

L IA B IL IT IE S

U N ITED STA TE S

AND

F IF T H

OF

M EM BER

BANKS

D IS T R IC T

LAST WEDNESDAY OF MONTH FIGURES

LOANS

LOANS AND IN V E S T M E N T S

U.S. GOVT. S E C U R IT IE S

BILLIONS OF DOLLARS

5th Dist.

DEMAND DEPOSITS, ADJ.
BILLIONS OF DOLLARS

U.S.

5th Dist.

BILLIONS OF DOLLARS

TIM E DEPOSITS

TOTAL D EP O S IT S

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

U.S.

U.S.

20.0

Data

Partly Estimated

D E B IT S TO I N D IV ID U A L AC C O U N TS
(000 omitted)
December
1950
Dist. of Columbia
Washington

12 Months
1950

12 Months
1949

801,933

$10,701,734

$ 8,945,485

1,217,83 8
24,257
21,820
32,755

1,027,546
23,117
19,811
30,953

13,024,965
280,458
221,085
345,920

11,513,668
250,175
208,576
315,933

64,150
334,792
89,741
108,289
17,695
169,543
38,950
19,665
167,517

56,935
274,442
81,133
88,638
13,841
125,411
32,043
16,998
145,699

633,314
3,625,487
1,281,566
1,072,109
253,605
1,768,234
433,372
332,648
1,816,427

559,144
2,884,255
1,221,596
886,215
226,397
1,511,861
376,156
275,434
1,595,703

71,478
121,732
111,047
70,828

64,160
109,728
90,249
53,656

768,785
1,290,072
1,131,103
668,581

699,515
1,184,659
947,858
548,470

26,548
35,336
51,228
39,395
216,722
25,432
559,928
119,993

24,703
32,494
46,527
33,058
247,785
23,423
531,801
104,258

293,685
405,159
498,875
382,469
2,432,100
264,127
6,152,215
1,231,465

264,985
344,380
436,608
365,800
2,155,935
238,980
5,873,183
1,083,438

57,736
191,056
38,790
75,990
31,400

49,390
173,032
34,827
71,441
27,950

510,749
1,647,508
372,844
725,964
325,897

485,342
1,571,495
340,655
671,919
298,987

$ 5,203,575

$ 4,456,992

$54,892,522

$48,282,807

$ 1,051,654

Maryland
Baltimore
Cumberland
Frederick
Hagerstown
North Carolina
Asheville
Charlotte
Durham
Greensboro
Kinston
Raleigh
Wilmington
Wilson
W inston-Salem
South Carolina
Charleston
Columbia
Greenville
Spartanburg
Virginia
Charlottesville
Danville
Lynchburg
Newport News
Norfolk
Portsmouth
Richmond
Roanoke
West Virginia
Bluefield
Charleston
Clarksburg
Huntington
Parkersburg
District Totals




Deecmber
1949
$

51 R E P O R T IN G M E M B E R B A N K S — 5th D IS T R IC T
(000 omitted)
Change in Amount from
Jan. 17,
Dec. 13,
Jan. 18,
ITEMS
1951
1950
1950
Total Loans_________________
$1,138,240** +
9,189
4-267,179
Business & Agricultural
550,456
+
7,991
+ 150,189
Real Estate Loans________
245,973
+
1,740
+ 36,607
All Other Loans___________
355,765
+
1,191
+ 83,312
Total Security Holdings____
1,710,186
+ 20,713
— 136,481
U. S. Treasury Bills _______
118,254
+
7,367
— 34,162
U. S. Treasury Certificates .
0
— 33,888
—267,609
U. S. Treasury Notes _____
410,858
+ 72,225
+278,922
U. S. Treasury Bonds ______
1,002,986
— 28,929
—140,581
Other Bonds, Stocks & Secur.
178,088
+
3,938
+ 26,949
Cash Items in Process of C o l278,842
— 4,010
+ 64,481
Due from Banks______________
186,417*
— 21,170
+ 13,428
Currency & Coin_____________
68,940
— 10,132
+
4,966
Reserve with F. R. Bank
514,668
+ 43,787
+ 57,304
Other Assets__________________
54,126
— 2,388
+
3,886
Total Assets_________________ $3,951,419
+ 35,989
+274,763
Total Demand Deposits__ __
Deposits of Individuals
Deposits of U. S. Govt______
Deposits of State & Loc. Gov.
Deposits of Banks ..................
Certified & Officers’ Checks..
Total Time Deposits_________
Deposits of Individuals
Other Time Deposits________
Liabilities for Borrowed Money
All Other Liabilities__________
Capital Accounts_________
Total Liabilities___________

$3,046,224
2,312,788
59,577
160,829
451,385*
61,645
610,467
555,628
54,839
20,600
33,273
240,855
$3,951,419

+
+
—
+
—
+
+
+
—
+
+
—
+

8,143
19,309
3,248
6,822
27,048
12,308
2,847
3,946
1,099
18,700
7,352
1,053
35,989

♦Net figures, reciprocal balances being eliminated.
♦♦Less reserves for losses on bad loans.

+224,954
+222,567
— 25,569
— 4,100
+ 19,220
+ 12,836
+
1,731
— 5,816
+
7,547
+ 20,600
+ 15,065
+ 12,413
+274,763

FEDERAL RESERVE BANK OF RICHMOND

S E L E C T E D F IF T H D IS T R IC T B U SIN E S S IN D E X E S
A V E R A G E D A IL Y 1935-39=100— S E A S O N A L L Y A D JU STE D
Dec.
1950
Automobile Registration1---------------- ------------------ --------Bank Debits...--------------------------------------------------------------- ______
Bituminous Coal Production--------------------------------------- ______
Construction Contracts Awarded-------------------------------- ______
Business Failures— No.------------------------------------------------ ______
Cigarette Production--------------------------------------------------- _____
Cotton Spindle Hours-------------------------------------------------- ______
Department Store Sales2-------------------------------------------- ______
Electric Power Production----------------------------------------Employment— Manufacturing Industries1-----------------Furniture Manufacturers: Shipments2----------------------Life Insurance Sales---------------------------------------------------- ______

Nov.
1950
217
388
139
569r
74
234
158
313
343
150
460
271

391
155
533
62
226
164
338

276

Oct.
1950

Dec.
1949

259
411
162
462
68
206
163
312
327
151
401
279

185
324
113
474
78
219
145
323
286
139
240
278

% Change— Latest Month

Prev. Mo.

_
+
+
—
—
—

+
+
+
—
+
+

16
1
12
6
16
3
4
8
5
1
15
2

Year Ago
+
+
+
+
—

+
+
+
+
+
+
—

10
21
37
12
21
3
13
5
25
8
48
1

1 Not seasonally adjusted.
2 Revised Series— back figures available on request.

W H O LE SA LE TRADE
Sales in
December 1950
compared with
Dec.
Nov.
1950
LINES
1949
— 15
Auto supplies ( 7 ) -------------+ 15
Electrical goods ( 4 ) ______
+ 44
+ 3
—
12
Hardware (1 3 )----------------+ 41
— 3
Industrial supplies ( 6 ) ---+49
Drugs ( 9 ) _________________
0
+ 10
— 26
Dry goods (1 5 )----------------+ 23
Groceries (5 8 )------------------+ 17
Paper and products ( 5 ) —
+ 30
Tobacco and products (8)
+
1
+
Miscellaneous (8 2 )________
+ 26
District Totals (2 0 7)----+ 22

B U IL D IN G P E R M IT F IG U R E S
December
December
12 Months
1950
1949
1950

Stocks on
December 31, 1950
compared with
Dec. 31, Nov. 30,
1950
1949
+ 15
+
+

+ 8
+ 17
—
2
+ 3

27
13

+ 6
+ 17
+ 17
+

Maryland
Baltimore
$ 10,514,225
Cumberland
31,000
Frederick
76,800
Hagerstown
67,600
Salisbury
156,410
Virginia
Danville
109,492
Lynchburg
678,418
Newport News
95,005
Norfolk
723,840
Petersburg
55,175
Portsmouth
127,255
Richmond
702,082
Roanoke
2,255,866
West Virginia
Charleston
315,101
Clarksburg
8,225
Huntington
457,910
North Carolina
Asheville
315,669
Charlotte
3,830,241
Durham
437,493
Greensboro
2,100,855
High Point
251,505
Raleigh
650,892
Rocky Mount
92,034
Salisbury
49,450
W inston-Salem 2,273,063
South Carolina
Charleston
787,518
Columbia
379,284
Greenville
1,302,840
Spartanburg
101,805
Dist. of Columbia
Washington
2,744,850
District Totals $ 31,691,903

—

6

+

17

+ 13
+ 17

+
+

Number of reporting firms in parentheses.
Source: Department of Commerce.

+ +R E T A IL F U R N IT U R E SALES
Percentage comparison of sales
in periods named with sales in
same periods in 1949
December 1950
12 Mos. 1950
STATES
3
Maryland ( 7 ) -----------11
District of Columbia ( 7 ) .
+
7
Virginia (1 8 )________
13
West Virginia (10) —
10
North Carolina (12).
4
South Carolina (7)
District (6 1 )_______
+
INDIVID UAL CITIES
Baltimore, Md. (7) ------------Washington, D. C. ( 7 ) -------Richmond, Va. ( 6 ) ------------Lynchburg, Va. ( 3 ) ------------Charlotte, N. C. ( 3 ) ------------

—

+ 3
+ H
+ 2
+ 16
+ 4

4

+

6

— 13

+ 12
-

20

Number of reporting firms in parentheses.

Sales, Dec. ’50 vs. Dec. ’49____
Sales, 12 mos. ’50 vs. 12 mos. ’49




Balt. Wash.
+ 4
+ 2
+ 2
+ 2
+ 17
+ 5

Other
Cities
+ 6
+ 7
+21

Dist.
Total
+ 4
+ 4
+ 16

+53

+ 36

+ 33

+42

+ 38

29

44

42

42

40

18

17

17

14
Md.

17
D.C.

$ 86,986,300
1,086,590
2,064,216
4,375,700
2,719,765

$ 50,907,930
515,290
858,402
2,059,148
1,888,890

90,778
214,629
54,609
726,100
95,795
157,810
547,181
833,667

5,746,755
6,569,990
1,831,506
15,488,233
5,083,700
3,981,396
31,708,776
18,345,800

2,329,789
5,022,587
1,158,283
12,064,051
1,868,205
1,816,771
16,706,892
13,918,516

235,170
8,550
169,121

13,040,911
1,630,273
7,356,904

9,843,030
1,142,681
5,320,749

160,276
1,379,386
299,415
744,455
301,876
326,375
139,866
141,745
271,831

4,305,564
32,011,577
16,675,360
17,465,305
4,408,431
16,527,127
4,068,581
3,807,197
13,795,890

4,343,480
23,193,751
8,654,355
10,898,880
5,067,519
8,960,015
1,858,041
1,637,733
7,804,742

86,969
833,612
1,608,372
94,910

3,798,681
10,152,274
11,686,464
5,905,213

3,837,363
7,476,201
11,019,662
5,088,077

6,626,300
$ 19,776,391

68,478,922
$421,103,401

80,056,169
$307,317,202

The North Augusta Banking Company, North
Augusta, S. C., opened for business on January 15,
1951, and has agreed to remit at par for all its
checks received from the Federal Reserve Bank.
This bank is in the territory of the Charlotte Branch
of the Federal Reserve Bank of Richmond, and its
combined transit number-check routing symbol is

D E P A R T M E N T ST O R E O P E R A T IO N S
(Figures show percentage change)

----Sales, Dec. ’50 vs. Dec. ’49
Sales, 12 mos. ’50 vs. 12 mos. ’49
Stocks, Dec. 31, ’50 vs. ’49 —
Orders outstanding,
Dec. 31, ’50 vs. ’49_______
Current receivables Dec. 1
collected in Dec. ’50_______
Instalment receivables Dec. 1
collected in Dec. ’50_______

3,468,900
4,275
32,750
65,250
56,418

ADDITION TO PAR LIST

+ ♦-

Rich.
+ 5
+ 6
+ 30

$

12 Months
1949

Va.

The new institution was established with capital
stock of $100,000.00 and surplus and undivided
profits of $65,000.00. The officers are Herbert J.
Upchurch, President, and E. E. Miller, V ice Presi­
dent and Cashier.

s.c.
+ 3
+ 4 + 4

W .V a. N.C.
+ 13 + 5

+ 4 + 2 + 4
+ 2 + 2 + 5 +11

H 2y