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FEDERAL iRESERVE BANK/Vf )RICHMOND

February 1956

xpcmsion was the key word in the Fifth Dis­
trict economy in 1955.

Nearly all indicators

moved up— some sharply, some moderately— al­
though farmers did not share in the improvement.

In This Issue. .

.

.

Retail Trade—
Consumers W ent On A S p re e _______ Page
A t Year-End— Jobs W ere P len tifu l____ Page




2
3

Construction Awards—
1955 Saw A New H i g h ___________
Improvement In Bituminous Coal
New Records In
Durable Goods M anufacturing______
Nondurable Manufactures—
Record S etters_____________________
Cigarettes— Puffing W as U p In ’ 55
Looking Back On 1955’s Farm Scene
Business Conditions and Prospects
Fifth District Statistical Data ________

Page
Page

4
5

Page

6

Page 7
Page 8
Page 9
Page 10
Page 11

■

Federal Reserve Bank of Richmond

Retail Trade-Consumers Went On A Spree
increases as follow s: North Carolina 1 2 % ; W est V ir­
ginia 1 1 % ; Virginia 8 % ; and the District of Colum­
bia 8 % .

were in the market in a big way in 1955
— so much so that 195 5’s activity has been called
both a consumer binge and an unparalleled buying spree.
Either term is applicable and appropriate, for in prac­
tically all segments of the trade area new records were
established.
o n s u m e rs

C

In the forefront of the rises from 1954 to 1955 were
major household appliances and other items that go
into the home. Most children’s and juniors’ apparel
did better than general store sales. A s for women’s
wear, the main splurge was in blouses, skirts, and
sportswear; corsets, brassieres and neckwear.
Department stores of the District maintained their
inventories just about in line with sales and wound up
the year with stocks 8% above a year ago.

Impetuous consumers, combined with relaxation of
credit terms, terminated the recession in 1954 and con­
stituted the significant factor in raising business volumes
in both the nation and the District to new high levels
in 1955. W hat happens in 1956 can only be con­
jectured, but it is fairly certain that ’ 55’s rapid pace
can hardly be exceeded if, indeed, the cash, credit and
spending moods are avail­
able to maintain it.

Retail furniture stores of the Fifth District established
a new high in sales last year,
but all of the increase over
1954
Outstanding at the trade
RETAIL TRADE
expansion in credit sales.
level in 1955 were the sales
Total s a l e s of furniture
of passenger automobiles.
Percentage change II months 1955
from II months 1954
stores in the District were
In eleven months of 1955
up 15% in 1955 over 1954,
+ 3 3 .0 %
these had increased 34%
New Passenger Cor Registrations^
P
but credit sales were up
over 1954. The three main
Retail Furniture Store Sales
+ 1 5 .0 %
17% and cash sales were off
attractions to purchasers
3 % . Collections on accounts
who made possible this sub­
New Commercial Cor Registrations]
+ 1 3 .0 %
P
receivable at the year end
stantial increase were a pro­
Household Appliance Store Sales 1 + 1 2 .0 %
were 9 % higher than a year
fusion of color, price-slash­
P
(unadjusted)
earlier but appear to be
ing at the retail level, and
+ 9 .0 %
P
Department Store Sales
a considerable easing in in­
operating in routine fashion.
stalment credit terms.
W ith the rapid increase in
New passenger car regis­
credit sales, however, collec­
tions would not be expected to keep pace with the in­
trations in eleven months of 1955 rose 52% in W est
crease in receivables, which at year end were 14%
Virginia over those months of 1954; 42% in the Dis­
larger than a year earlier.
trict of Columbia; 41% in North Carolina; 38% in
Maryland; 23% in Virginia, and 21% in South Caro­
For the year 1955 sales of household appliance stores
lina.
in the Fifth District rose 12% over 1954. December
sales were 14% higher than in December a year earlier,
In 1954 new models were introduced mainly in
November and District registrations then showed a
with the best performance shown in North Carolina, up
moderate rise over October. December registrations
21% , and Maryland, up 14%. Contrary to the trend
went to the highest level attained in either 1950 or
in department and furniture stores, instalment sales
1955 for any one month. N o such performance has
through a good part of the year have gained less than
total sales.
occurred this year. Fifth District new passenger car
registrations, as a whole, in November were 13% under
Data available on independent retail store sales since
October and indications are that December did not
September show a progessive decline in the percentage
even approach the December 1954 figure.
increase over a year earlier, with September up 13.8% ;
October up 10.7% ; and November up 8.2% . Primarily
responsible for these lower rates of gain were apparel
stores; furniture and appliance stores; lumber, building
material, and hardware stores; and automotive estab­
lishments. T w o things can be said of these declining
percentage increases over a year a g o : first, that sales in
these three months were not increasing as rapidly on a
seasonally adjusted basis as they were last year; or that
if they were showing no trend on a seasonally adjusted
basis last year, the three months under review would be
showing a downtrend in seasonally adjusted sales.

Department store sales (seasonally adjusted) in the
Fifth District have been rising intermittently since the
middle of 1954. There was a leveling off in these sales
in the first half of 1955, but in July they went to an
all-time high level and were practically unchanged
throughout the rest of the year.
In the first eleven months of the year the 9 % gain
in department store sales (1955 over 1954) does not
tell the whole story. This represented an average with
District states showing gains ranging from Maryland’s
4 % to South Carolina’s 13% . Other states showed



2y

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A /af si/u Lj

February 1956

A t Year-End—Jobs Were Plentiful
Average employment by all governmental institutions
was 811,200, a gain of 2.5% over 1954 and 1.2% over
1953. This group had the second best employment
performance in 1955 over 1954, with all states and the
District of Columbia showing increases ranging from
1.0% in the District of Columbia to 4.5% in South Car­
olina.
Employment in trade of all types averaged 848,900
in 1955, an increase of 1.6% over 1954 and 0.9% over
1953. Increases ranged from 0.3% in the District of
Columbia to 3.0% in Maryland. W est Virginia show­
ed a decrease of 0.8% .
Contract construction employed an average of 241,600
Despite the rising level of employment during 1955,
workers in 1955, an increase
only 3 out of 16 major labor
of 1.2% over 1954 but a
market areas in the District
decrease
of 6.9% from 1953.
improved their classifica­
NONAGRICULTURAL EMPLOYMENT
W est Virginia, North Car­
tions during the year. These
PERCENTAGE CHANGE 1954 TO 1955
olina and South Carolina
included Richmond, V ir­
showed decreases in 1955
ginia, which moved from a
Durable *
+ 4.9%
from both 1954 and 1953,
3.0% -5.9% of the labor
+3.1%
Manufacturing
but increases ranging from
force unemployed to 1.5% 4% in the District of Co­
2 .9 % ; Charleston, W est
+ 2.5%
Government
lumbia to 6.1% in Mary­
Virginia, which moved from
Nondurable *
land were more than suf­
12% and over to 9 .0% ficient
to offset the 1954-55
11.9% ; and the Hunting­
Trade
+ 1.6%
■P
ton, W e s t Virginia-Ashdeclines noted. Relative to
Contract Construction
1953 average employment in
land, Kentucky area, which
1955 was up only in Mary­
moved from a 6 .0% -8.9% to
Services and Miscellaneous
land and D. C.
All other
a 3 .0% -5.9% classification.
Transportation, Communication,
states showed losses ranging
During the year there was
Public Utilities
from 0.7% in Virginia to
no general shortage of labor
Mining
30.4% in South Carolina.
anywhere in the District
Source: Stote Cooperative Agencies U. S. B. L.S.
* Components of Manufacturing.
Note-. Percentage based on average monthly employment.
This latter drop was occa­
despite the fact that certain
skills were hard to obtain
sioned by the completion of
in some areas.
the atomic energy project.
In the manufacturing industries durable goods em­
Various types of services and miscellaneous employ­
ployment averaged 463,500 in 1955, a gain of 4.9%
ment averaged 416,400 in 1955, an increase of 0.8%
over 1954 and a loss of 2.7% relative to 1953. N on­
over 1954 and 2.8% over 1953. The District of Colum­
bia and South Carolina showed small losses from 1954
durable goods industries employed an average of
to 1955 and W est Virginia and South Carolina showed
849,000 in 1955, up 2.3% over 1954 but down 1.3%
moderate losses from 1953 to 1955.
from 1953. Percentage rises in durable goods employ­
Employment in the mining industries of the District,
ment from 1954 to 1955 w ere: W est Virginia, 7.6% ;
dominated by the coal mines of W est Virginia, de­
North Carolina, 6 .8 % ; South Carolina, 3 .1 % ; M ary­
clined 1.5% in 1955 compared with 1954 and was off
land, 3 .7 % ; and Virginia, 2.2% . Employment in­
22.4% when compared with 1953. W est Virginia’s
creases in nondurable goods industries came mainly in
average employment in 1955 was 3 % smaller than in
the Carolinas with South Carolina showing an increase
1954 and 26% smaller than in 1953. North Carolina
over 1954 of 3.2% and North Carolina, 2.8% . Other
states of the District showed'rises of 1.6% in Virginia,
and Virginia showed increased employment in mining
industries from 1954 to 1955, but Maryland and South
0.9% in Maryland, and 0.6% in W est Virginia.
Carolina showed no change. Comparing 1955 with
The best performing group in 1955, compared with
1953, North Carolina is the only state to show an in­
either 1954 or 1953, was in finance, insurance, and real
crease; Maryland shows no change; others show
estate employment. In these fields 152,300 were em­
losses: South Carolina, 8.3% ; Virginia, 1 3 .7 % ; W est
ployed on the average during 1955, a gain of 3.2%
Virginia, 25.9% .
over 1954 and 7.3% over 1953.
o t a l nonagricultural employment in the Fifth Dis­
trict averaged 4,213,300 in 1955, a gain of 1.9%
over 1954 and a loss of 1.1% over 1953. On the aver­
age 1,328,300 were engaged in manufacturing activities
during the year. This was 3.1% over 1954 but 1.9%
less than 1953. Employees in all other nonagricultural
establishments averaged 2,885,000, a slight step-up
(1 .4 % ) over 1954 and a slight step-down (0 .8 % ) from
1953. A t year-end employment in manufacturing in­
dustries was back to its all-time peak in the Summer
of 1953 and other nonagricultural employment was
within 14,000 of its all-time high level in 1952.

T




i

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Federal Reserve Bank of Richmond

Construction Awards-1955 Saw A New High
Awards for manufacturing buildings in 1955 were
78% higher than in 1954 and 27% higher than in 1953,
but this performance was not universal among the
states of the District. In the District of Columbia this
type of award declined 50% in 1955 from 1954, and
7% from 1953. The 1955 value of awards in V ir­
ginia was down 4% from 1954 and 55% from 1953.
Hefty gains were shown by other states of the D istrict:
155% in Maryland, 101% in North Carolina, 60% in
W est Virginia, and 53% in South Carolina.

contract awards in 1955 reached up
to $2.25 billion, the highest dollar figure ever at­
tained in the Fifth District. Retrospectively, this figure
was 28% higher than in 1954, 44% above 1953 and
about 3% higher than in 1951 when the governmentbuilt atomic energy plant in South Carolina was in­
cluded.
o n s tr u c tio n

C

Non-residential construction was the bellwether in
the field last year. The increase was a sharp 40% over
1954 and 38% over 1953— a much better showing than
In the commercial construction area District awards
this type of construction achieved in the 37 eastern
in 1955 were 64% larger than in 1954 and 126% larger
states where gains over ’ 53 and ’ 54 were each 21% .
than in 1953. Again, these changes were selective;
Total awards for residential construction in the District
Virginia showed an increase
were 26% higher than in
of 201% over 1954, M ary­
1954 and 63% higher than
land 6 9% , North Carolina
in 1953. Awards for apart­
CONSTRUCTION CONTRACT AWARDS
35% and the District of
ments and hotels were down
PERCENTAGE CHANGE 1954 TO 1955
Columbia 20% . L o s s e s
24% from 1954 and 32%
were sustained in W est V ir­
from 1953. These, how­
Manufacturing
+78.0%
ginia ( 3 3 % ) , and in South
ever, were more than offset
Commercial
+64.0%
Carolina (1 2 % ).
by increases of 31% over
1954 in one- and two-family
Awards for educational
Other Non-Residential
| +33.0% P
houses, and an increase of
buildings in 1955 were 2%
86% over 1953. Other res­
higher than in 1954 but 9 %
I and 2 Family Houses
idential construction (small
under 1953. Comparisons
in dollars) showed much
with both years, however,
l a r g e r increases in both
were variable. The largest
Public Works and Utilities
r p
—
years. Residential awards
increases relative to both
in the Fifth District showred
Educational
+2.0%
years occurred in the Dis­
moderately larger increases
trict of Columbia up 45%
Apartments and Hotels
in both years than was ex­
from 1954 and 128% from
Source . F W. Dodge Corporation.
perienced in the United
1953; and Maryland up
States as a whole, but the
36% from 1954 and 15%
from 1953. S o u t h Caro­
differences were not nearly
lina’s 1955 awards were 18% higher than in 1954 but
so marked as in the case of non-residential awards.
7% smaller than in 1953. North Carolina’s were up
Contract awards for public wyorks and utilities in the
3% over 1954 but 3% under 1953; while W est V ir­
Fifth District were at an all-time high level in 1955,
although the rate of increase was less than nationally.
The gain in 1955 over 1954 was 12% compared with a
37 state increase of 21% ; and the gain over 1953 was
27% compared with a 37 state increase of 24% . One
reason for this slowdown in public works construction
has been the inability of municipalities and county gov­
ernments to keep pace with the growth in residential
expansion.

ginia’s 1955 awards were down 67% from 1954 and
46% under 1953.
In

non-residential

construction

District

of

Columbia 1955 awards were 173% higher than in 1954
and 167% above 1953.

These changes are probably

due to governmental work.

North Carolina and South

Carolina each showed large gains in this type of con­

The rapid growth in non-residential contract awards
is quite significant in this District for it represents, in
large part, an expansion of job opportunities. Inter­
estingly, expansion in this type of construction has
been nearly twice the rate for the nation as a whole.
A ll states of the District, including the District of
Columbia, showed large increases over 1954 in total
non-residential awards with the exception of W est V ir­
ginia.



other

struction.

North Carolina 1955 awards were up 34%

from 1954 and 54% from 1953.

South Carolina 1955

awards were up 32% from 1954 and 21% from 1953.
Increases of 18% in Maryland and 12% in Virginia
over 19 54 seem small by comparison with the District
as a whole.

Other non-residential contract awards

were 33% higher than in 1954 and 48% higher than in
1953.
a 4

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afj n & u Lj

February 1956

Improvement In Bituminous Coal
New electric utility installations have continued to
it u m in o u s
coal production in the United States
improve the burning efficiency of coal. In December
totaled 465 million tons in 1955, an increase of 73
1953 it took 1.03 pounds of coal to generate one kilo­
million tons or 19% over 1954, and 2% higher than
watt-hour of electricity, in December 1954 it took .97
in 1953. Production of coal in Fifth District states ap­
pounds, and in October 1955 it took .94 pounds.
proximated 167 million tons, an increase of 25% over
Most of the adverse elements in coal consumption
1954 and 9 % over 1953. Output in the Fifth District
have been reduced in importance, and it now seems
has shown an increasingly larger proportion of the
likely that the bituminous coal industry is in a posi­
national total in the past three years. In 1953 the Dis­
tion to expand more in line with the growth of the
trict accounted for 33.6% of national output; in 1954,
country than it has been for many years.
34.2% ; and in 1955, 35.9% .
The bituminous coal industry continues to gravitate
Notable improvement in bituminous coal output can
into stronger hands and the competitive position is
be attributed mainly to three things: a super-normal
being improved by further mechanization. Most of
expansion in production of electric power, capacity
the “ snow bird” mines have
operations in the steel in­
long since folded.
dustry at home, and boom­
Average employment in
ing steel business in foreign
DISTRIBUTION OF BITUMINOUS COAL OUTPUT
Fifth District coal mines
countries making it neces­
UNITED STATES
declined 2.5% in 1955 from
sary to utilize American
Change 1954 to 1955 in Millions of Tons
1954, but coal output per
coal.
Electric Utilities
4-23.0
man rose 28% as a result
The electric utilities ac­
l
of increased mechanization
counted for 32% of the in­
Steel and Coke
+ 22.0
p
and a larger number of
creased tonnage in 1955
hours of working time—
over 1954. The steel indus­
Exports
..
+19.0
P
reconciling decreasing em­
try’ s direct consumption and
ployment w i t h increased
its purchase of coke ac­
Other Industrial
production. T h e employ­
counted for 30% of the in­
Change in Stock
ment decline came in W est
crease and the export mar­
U * *
Virginia where the average
ket accounted f o r 26% .
Retail Dealers
-1.0 I B
number of employees in
Other industrial concerns
1955
also expanded their takings
Railroads
-2.0 |
In Virginia, average em­
of coal, while the cement
Source of Data. U. S. Bureau Of Mines.
ployment rose 4.3% . A ver­
mills, already operating at
age employment in W est
capacity, held about even
Virginia in 1955 was 27%
with the previous year.
under 1953, and in Virginia it was down 18% . In
American railroads continued to reduce their coal con­
W est Virginia, which accounts for approximately 85%
sumption in 1955 and are gradually reaching the point
of District coal mining employment, weekly hours
where they will not be a heavily depressing factor in
worked averaged 38.2 in 1955 in contrast to 33.4 in
the coal business. Retail dealer deliveries in 1955 were
1954 and 33.8 in 1953— an increase of 14.4% and
slightly under 1954 and this business still amounts to a
13.0% respectively.
rather substantial tonnage. Change in inventories was
not a substantial factor in the demand for coal in 1955,
The wholesale price of bituminous coal weakened in
although a small rise in stocks occurred.
the Spring of 1955 but strengthened considerably in
the last half of the year. Even so, latest information
Production of electric energy by fuels in the United
shows that it was near the lowest levels attained at any
States for the first 10 months of the year was up 19%
time other than 1954 back as far as the middle of 1948.
over the same period of 1954. In this same period
consumption of coal by electric utilities was up 21%
Exports in bituminous coal in 1955 ran around 51
compared with an increase of 12% for oil, and a drop
million tons, an increase of 18% over 1954. The great
of 0.2% for gas. In the Fifth District production of
bulk of this increase was due to a gain in overseas ship­
electric energy by fuels was up 14% over 1954, while
ments which amounted to 35 million tons in 1955 com­
coal consumption by public utilities was up 12% , oil
pared with 15 million tons in 1954, an increase of 133%.
consumption down 12% and gas consumption up 34% .
The Hampton Roads ports accounted for the lion’s share
of the overseas movement in 1955 but Baltimore also
It sounds like carrying coal to New Castle when gas
recorded an important gain from practically nothing in
consumption by public utilities in W est Virginia in
1955 rose 181% over 1954.
1954.



i

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wa

Federal Reserve Bank of Richmond

New Records In Durable Goods Manufacturing
1953. Figures reported only for Maryland and the
industries of the Fifth District had
Carolinas showed the three states above 1954, with
a good year in 1955, but operations were not re­
Maryland alone ahead o f 1953.
markable until the second half. By July some twoTransportation equipment manufacturing industries
thirds of the 1954 recession losses had been recovered;
were able to record an increase of 3.5% in man-hours
by August the 1953 peak was approached and in the
in 1955 over 1954, but the 1955 total fell 11.9% under
remaining months of the year activity moved into new
1953. The rise from 1954 was occasioned mainly by
high ground by a wide margin. Man-hours in all
higher activity in the automobile assembly plants in
manufacturing industries were at their highest point
Baltimore and N orfolk and by improvement in M ary­
in October. Since then a moderate back-away, partly
land shipyards. Shipbuilding employment in the Dis­
seasonal, took place.
trict as a whole continued to decline at private yards,
Durable goods manufacturing industries in 1955
but Navy yards are at about the same level as in 1954.
showed a moderately larger rise from 1954 than non­
Metal fabricating in the Fifth District was not par­
durable goods industries, but the differences were not
ticularly active during 1955
marked. Man-hours in the
durable goods manufactur­
although m a n-h o u r s in­
creased 3.4% over 1954 to
ing industries, accounting
DURABLE GOODS MANUFACTURING
a level only 2.8% under
for 36% of total manufac­
MAN HOURS
turing activity during 1955,
1953. Relative to 1954, in­
Percentage Change 1954 to 1955
rose 7.6% over 1954, but
creases were shown in V ir­
Primary Metals
I
+15.7%
J
failed to equal the 1953
ginia and W est Virginia,
Furnitures and Fixtures
I
+13.0%
W
peak by 2.2% . All of the
which m o r e t h a n offset
durable goods industries in­
losses
in Maryland and
Total Durable Goods
liiT T s r " ?
creased the number of manNorth Carolina. Relative
Stone, Glass and Clay
hours worked in 1955 over
to 1953, Virginia alone in­
1954 with the exception of
creased. By e a r l y Fall,
Lumber and Wood Products
electrical machinery which
however, these industries
Transportation Equipment 1 ' 9 +-3.5%
is reported for Maryland
had reached the peak estab­
Fabricated Metals
+3 .4 %
lished in 1953 and have
only.
since leveled off.
Largest increase for any
Machinery (Excluding E lectrical; (P +0.5%
A N U F A C T U R iN G

of the m a j o r industrial
Electrical Machinery I
W -3.9%
(M arylan d )
classifications from 1954 to
1955 was in primary metals
which jumped 15.7%. A l­
though these industries are located mainly in Maryland
and W est Virginia, their performance in the other states
was as good as for the District as a whole. The rise
that took place during 1955 was sufficient to carry the
level 5.7% above the previous peak year, 1953. Only
one other durable goods industry in the District in 1955
was higher than in 1953.
Furniture and fixture manufacturing in 1955 showed
man-hours 13% larger than in 1954 and 2.1% larger
than in 1953. This was the second largest increase of
any industry in the District, durable or nondurable.

Spectacular rises occurred in primary metals, furni­
ture, stone, clay and glass industries, with primary
metals and furniture industries establishing new high
levels. Fabricated metals industries recovered to their
previous high late in 1955 while machinery and wood
products industries at the year-end were still consider­
ably short of their 1953 peaks. Primary and fabricated
metals, machinery, and lumber industries had shown
flattening off tendencies in the last several months of
1955 but furniture and fixtures were still trending
sharply upward.

The stone, clay and glass industries in 1955 showed
man-hours 6.9% above 1954, but 1.7% under 1953.
Interestingly, despite the heavy demand for glass, W est
Virginia had an increase of only 2.6% in this group
with North Carolina and Maryland showing the largest
increases. All states except W est Virginia had total
man-hours in 1955 higher than in 1953.
Lumber and wood products industries showed 1955
man-hours 6.1% higher than 1954, but 6.2% lower than



Machinery industries, ex­
cluding electrical, reported
for four states of the Dis­
trict, showed man-hours
slightly (0 .5 % ) higher in 1955 than in 1954 and
10.5% under 1953. Gains in these industries came in
the Carolinas, where the demand for textile machinery
was considerably improved. The bulk of the expan­
sion in these industries came from May to September.
Since that time there has been a leveling off. Electrical
machinery industries, reported only for Maryland,
showed man-hours in 1955 down 3.9% from 1954 and
7.9% from 1953.

{

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February 1956

Nondurable Manufactures—Record Setters
activity in the nondurable goods manufacturing industries of the Fifth District reached an
all-time high in 1955, 6% above the 1954 average and
0.6% above 1953. The first half of 1955 was not a
particularly active period in these industries, but a
burst of strength in the second half carried them into
new high ground. Particularly outstanding were the
apparel and paper groups, which moved into new high
ground in an impressive fashion.
A

v er a g e

business were up 7.1% over 1954 and 11.2% over 1953,
which is considerably higher than is indicated for cig­
arette production. New products apparently are re­
quiring a larger number of man-hours.
Paper and products manufacturing industries operated
5.4% higher in 1955 than in 1954 and 2.6% higher
than in 1953. These industries reached their previous
peak as early as July 1955, and since then went on to
exceed it. From September on there has been a level­
ing off in operations.

The apparel industry, after reaching a new high in
the first half of 1955, hesitated in the Spring season,
The chemical industries of the District, weighted
but recovered substantially from April on. This was
heavily with rayon and acetate facilities, showed a
modest recovery in operations in 1955 over 1954 of
due both to expansion in activities in existing facilities
2.1% but this was far from
and to considerable growth
u n i f o r m throughout the
in new facilities. In 1955
man-hours in the apparel
states.
S o u t h Carolina
NONDURABLE GOODS MANUFACTURING
MAN HOURS
i n d u s t r i e s were 10.7%
showed an increase of 15%,
Percentoge Change 1954 to 1955
higher than in 1954 and
North Carolina, 4.5% , V ir­
Apparel
1
+ 1 0 .7 %
"J
5.7% higher than in 1953,
ginia barely held even,
Yarn and Thread*
lllllllllllllllllllllllliililIH!llllllllin?l^lllllllllllllllllllllllllllllll J
the previous peak year. The
while W est Virginia slipped
apparel industry in the
0.6% and Maryland was off
Textile Mill Products
1
+ 7 .2 %
"J
Fifth District has moved
4.5% . Relative to 1953,
Tobacco Manufacturers 1
+ 6.9%
J
into fourth ranking position
operations in Virginia were
Broad Woven Fabrics*
among all industries. Its
down
14.3%, 7.2% in
Total Nondurable Goods tm i
growth is continuing, de­
Maryland, and 7.1% in
Knitting Mills*
spite the problem it is fac­
W est Virginia. They were
1
+54%
J
Paper and Products
ing in adjustment to the $1
up 32% in South Carolina
Chemical and Related
minimum wage.
and 6.4% in North Caro­
lina.
Textile mill products in­
Food and Kindred Products
+ 0 .3 %
♦
Components
of
Textile
Mill
Products.
dustries by the end of 1955
Man-hours in the food
showed man-hours slightly
and kindred products indus­
above the previous peak in
tries of the District in 1955
1953, and for the year as a whole, recorded a gain of
were 0.3% higher than in 1954 and 1.5% under 1953.
7.2% over 1954 and within 0.3% of the year 1953.
Again, performance among these states varied consider­
ably.
Increases over 1954 were shown in Virginia,
Yarn and thread mills showed a more substantial re­
covery from 1954 than broad woven fabric or knit­
3.5% , North Carolina, 1.9% , and South Carolina,
ting mills. The gain in yarn and thread mills over
1.6% ; decreases were in W est Virginia, 3.7% , and
1954 was 9.5% , but at the 1955 level operations were
Maryland, 2.7% . The same states which showed in­
still 2.6% under 1953’s average. Broad woven fabric
creases in 1955 over 1954 all showed increases over
mills showed man-hours 6.2% over 1954 but 1.6%
1953 and those which showed losses from 1954 to 1955
under 1953. The gain in knitting mills over 1954,
also showed losses from 1953. They w ere: Virginia
5.6% , was smaller than other segments of the textile
up 2.2% , North Carolina up 2.0% , South Carolina up
industry, but the loss from 1953 to 1954 had been
0.9% , W est Virginia down 8.3% , Maryland down 5.5% .
smaller, and 1955 showed an increase of 4.4% over
On a trend basis, textile mill products were still
1953. Aside from the seamless hosiery mills, the
pointing upward as the year closed and the apparel in­
forthcoming $1 minimum wage will not be too trouble­
dustries continued to display great strength. Broad
some for the textile industry since most workers are
woven fabrics mill man-hours were trending down­
now paid close to or above $1 an hour. The industry
ward in the first third of 1955 but recovered steadily
in general closed the year 1955 with the best backlog
through the rest of the year to come close to 1953
it has had in several years which should provide peak
peak
levels at the year-end. Recovery from 1954
operating levels for the first quarter of 1956.
recession
lows continued through the first quarter of
Man-hours in the tobacco manufacturing industry in
1955, but little further progress was made thereafter in
1955 were 6.9% higher than in 1954 and 9.4% higher
yarn and thread mills operations.
than in 1953. Interestingly, man-hours in the cigarette



'f 7

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Federal Reserve Bank of Richmond

Cigarettes—Puffing Was Up In ’55
r o d u c t i o n of cigarettes in the United States turned
upward in 1955 after a decline over the previous
two years. Output was estimated at 414 billion ciga­
rettes, up 3% over 1954, but lower than any other year
since 1950. 1955’s output was, however, 4.9% under
the peak year 1952.

Apparently, consumption of every regular-size cigarette
brand declined from 1954 to 1955 and the aggregate fell
9 % . In the king-size field some irregularity was shown
— some brands showed increases, others decreases. In
the aggregate they slipped 2% in 1955. Filter-tips, on
the other hand, rose a striking 94% in this period, to
account for 18.6% of total domestic cigarette consump­
tion as against 9.9% in 1954. Regular-size cigarettes
accounted for 54.2% of total consumption, compared
with 61.6% in 1954, while king-size accounted for
27.2% in 1955 compared with 28.5% in 1954.

P

Production in the Fifth District accounted for 78%
of the national total compared with 77.3% in 1954,
77.2% in 1953, and 78.8% in 1952. North Carolina
turned out 54.4% of the national total compared with
53.2% in 1954, 54.2% in 1953, and 55.1% in 1952.
Virginia accounted for 23.6% of the national output
compared with 24.0% in 1954, 23.0% in 1953, and
23.7% in 1952.

Flue-cured and Burley constitute 98% of all tobacco
used in cigarette manufacture. The three-year average
price of flue-cured tobacco
rose 1.3% from 1954 to
1955 and 1.5% from 1953
SHARE OF CIGARETTE MARKET
to 1955, while Burley in
REG ULA R
KING S IZ E
F IL T E R - T IP
1955 was up 5.3% over
UNITED STATES
8 6 .9 %
1954 and 4.5% over 1953.
80 .1 %
These higher average prices
7 0 .8 %
indicate an increase in man­
ufacturers’ 1 9 5 5 tobacco
costs of 2.7% over 1954 and
5 4 .2 %
2.5% over 1953. The ap­
parent higher cost is tem­
pered somewhat, however,
since filter-tip cigarettes, in
2, 2%
2 6 .0 %
which lower-grade tobacco
18.5%
can be used, accounted for
12. 2 %
■ *9%
H
all the increase in domestic
J
cigarette consumption from
0 .9 %
n%
! ■
A M
Reg. King Filter
Reg. King Filter
Reg. King Filler
Reg. King Filter
Reg. King Filter
1954 to 1955 and now rep­
1954
1955
1951
1952
1953
resent nearly a fifth of the
Source: BusinessWeek. December 31 1955, ty special permission.
total.

Domestic consumption of
cigarettes in 1955 totaled
383 billion cigarettes, an in­
crease of 3.9% over 1954,
but 1.0% less than 1953 and
2.8% less than 1952. T axfree withdrawals of ciga­
rettes from bonded ware­
houses for export and for
shipment to armed forces
overseas, to U. S. posessions, and for ships’ stores
came to 31 billion cigarettes.
This was a decrease of 6.6%
from 1954, of 16.2% from
1953, of 22.5% from 1952,
and of 20.3% from 1951.
Important to the cigarette
industry is the fact that
domestic consumption in­
creased more than produc­
tion and that the total 1955 consumption figure was
within 2.8% of the all-time peak in 1952.
On a per capita basis, however, the situation appears
less favorable. Per capita consumption of cigarettes in
1955 was 3,285, 2.1% above 1954 but 6.4% under 1952.
Tobacco manufacturing in the Fifth District gave em­
ployment to an average of 45,100 workers during 1955,
an increase of 3% from 1954 and 6.4% from 1953.
Cigarette factories in the District employed 22,100 or
nearly half of the tobacco manufacturing total. Ciga­
rette employment actually reached the highest level of
any postwar year and averaged 3.3% higher than in
1954, 5.7% higher than in 1953 and 7.8% above 1952.
O f the District total, North Carolina accounted for
13,600 and Virginia 8,500.

L
L i*

Manufacturers did not
change the prices of cigarettes during either 1954 or
1955, but they garnered an effective price increase just
the same, since a larger part of the product-mix went
to filter-tip cigarettes which bear a higher price tag
than either king-size or regular cigarettes. Consumers
also paid more for cigarettes in 1955, due to the fact
that twelve of the forty-one states taxing cigarettes in­
creased the rate of tax last year. Beginning in 1956,
Missouri will levy a cigarette tax for the first time.
The 8-cent-a-pack Federal internal revenue tax on
cigarettes is scheduled to expire on April 1, 1956, but
this reduction seems quite likely to be postponed as it
has been twice before.
Adverse factors operating in the industry in 1953 and
1954 were in large part absent in 1955. The cancer
scare seems to have passed or at least the press is call­
ing less attention to it. Cigarette advertising has been
directed toward a more favorable sales approach, and
increasing per capita consumption is again probable.

During 1955 less was heard of the smoking versus
health controversy of recent years. Nevertheless, the
output of filter-tip cigarettes nearly doubled during the
year, at the expense of both regular-size and king-size.



I

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February 1956

Looking Back On 1955’s Farm Scene
the same time costs of materials used in farm produc­
tion, interest, taxes, and wage rates inched upward.
Farmers’ production cost rates are an average of two
divergent trends, however, and as in each year since
1951, farm-produced cost items— feed, livestock, and
seed— -declined while items of industrial origin con­
tinued to rise. Because 1955’s sharp increase in agri­
cultural production and resulting income relief over­
shadowed general cost-price pressures in previous
drought areas, the important role of the cost-price
squeeze in the District was not readily recognized ex­
cept in areas not damaged by drought in 1954.

e a t h e r and the cost-price squeeze vied for top
billing in the Fifth District’s 1955 farm story.
Both played important parts, although location deter­
mined which factor got the starring role. In localities
where plenty of rainfall contrasted with droughts of
earlier years or wrhere March freezes and August and
September hurricanes caused severe damage, weather
was the prime perform er; where weather was not signifi­
cant, the cost-price squeeze took the spotlight.

Weather’s results were varied . . .

W here weather played the lead, it often “ played
The squeeze between costs and prices, as well as
favorites'’— at times exerting strongly favorable, at
refinancing of drought-in­
others, unfavorable, influ­
curred debt, was a major
ences on local farm produc­
factor in the increase in Dis­
tion, income, and credit con­
B E T T E R W E A T H E R , HIGHER Y IELD S IN 1955
trict farm debt in 1955.
ditions.
Continued high— in some
Crop by crop and area by
TOBACCO
(Pounds)
instances increasing— costs
area, with some notable
and lower prices induced
exceptions, p r o d u c t i o n
throughout t h e previous
many farmers to enlarge
drought-stricken sections of
their operations in an at­
the District was generally
tempt to maintain incomes.
good in 1955. The com­
Some bought more land at
bined District acreage of
higher prices in order to
principal crops harvested
make more efficient use of
was slightly below 1954, but
available capital and labor.
adequate rainfall and a good
Others purchased labor-sav­
growing season aided in
1943-52'53 *54 '55
1943-52*53 ‘54 '55
1943-52'53 '54 *55
Source-. U.S. Deportment of Agriculture.
ing machinery and equip­
producing generally high—
ment
; still others increased
in some cases record— yields
the use of fertilizer and in­
per acre which more than
secticides in an endeavor to increase yields and reduce
offset acreage reductions. R esult: All tobacco produc­
unit costs.
tion was 12% above 1954, with flue-cured poundage up
14%. Cotton output increased 7 % . The corn crop
. . . but farmers’ financial condition remained good.
jumped nearly 30% and tonnage of all hay rose 17%.
Though the cost-price squeeze and the upturn in farm
W eather’s favorable role in crop output in 1955 was
debt continued in 1955, the majority of bankers con­
accomplished without too much fanfare, but its part in
tacted in a survey of farm credit developments indicated
causing sharp production setbacks of exceptional scope
that delinquencies were low and most of their farm
and severity bordered on the spectacular. The hard
customers were still in generally good financial condi­
freezes of late March greatly reduced production of
tion. Some farmers, of course, found it necessary to
fruit and pecans— in fact, almost completely wiped out
refinance and consolidate debts into longer-term obliga­
the apple and peach crops in the Carolinas and in south­
tions. Excellent crop yields, particularly in previous
ern sections of the Virginias. And the hurricane sisters
drought areas, improved the financial position of farm­
— Connie, Diane, and lone— with their accompanying
ers in those communities and enabled many to reduce
winds and torrential rains caused heavy crop losses,
debts carried over from earlier years.
Actually, District cash farm income for the first 11
particularly to cotton, corn, peanuts, and soybeans, in
months of 1955 was almost the same as the correspond­
eastern North Carolina and Virginia.
ing period in 1954. On the other hand, some District
. . . and the cost-price squeeze tightened . . .
farmers, principally those who suffered from hurricane
damage or the late Spring freezes and those who had
Farmers throughout this five-state area were squeezed
already felt the pinch of the cost-price squeeze, began
more and more by high costs and low prices in 1955.
1956 with larger debts or less cash, or both, than they
Producers of livestock, especially hogs and cattle, re­
had at the beginning of 1955.
ceived even lower prices than did crop farmers. At



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Federal Reserve Bank of Richmond

Business Conditions and Prospects
and losses in business activity in the Fifth
Federal Reserve District were about even between
November and December, which would leave the final
month of 1955 at about the same high level prevailing
in October and November. Preliminary data show the
trade level, on a seasonally adjusted basis, approximat­
ing December levels. Production of mines held about
even ; construction declined, while manufacturing activi­
ty seems to have firmed slightly during the month of
December. The employment situation, seasonal con­
siderations taken into account, has remained steady
over all.

rection. They were 14% higher than in December
1954, and for the year 1955 were 12% higher than
1954. These changes are somewhat smaller than shown
by major household appliances in department stores but
somewhat larger than shown by furniture stores.
New passenger automobile registrations for Novem ­
ber declined 13% from October but were 22% over a
year ago, and eleven-month totals were up 34% .
Figures available thus far for December show some
gains and some losses which imply that December either
showed little change from November or a rise consider­
ably less than that of last year. New commercial car
registrations for November were 4 % under October
and 7% ahead of a year ago. Eleven-month registra­
tions were up 14% . Scattered evidence points to a
somewhat better performance in commercial vehicles in
December than in the case of passenger cars.

a in s

G

Demands for bank credit were strong at the year end,
with no important relaxation discernible in the first
three weeks of January. The rate of gain of savings
in mutual savings banks and savings and loan associa­
tions improved moderately in the late months of 1955,
but there were progressively smaller gains in commer­
cial banks. Seasonally adjusted bank debits, after mov­
ing up in November to the high level established in
May, declined 1% in December. Cash income from
farm marketings, after exceeding a year ago in the
Summer and Fall months, was considerably below a
year ago in November.

Construction
Contract awards for all types of construction in the
Fifth District in December were down 13% from
November after seasonal correction. They reflected a
58% drop in commercial awards and one of 35% in
public works and utilities’ awards.
Although the “ soothsayers” generally agree that resi­
dential construction will be somewhat lower in 1956
than in 1955, residential awards in the Fifth District
in the latter part of 1955 were not in a declining trend
and actually moved fairly sharply upward in the last
two months of the year. The December seasonally ad­
justed level of one- and two-family awards has only
been exceeded in two months throughout history.
Relative to a year ago December construction con­
tract awards were up 6 % , with apartments and hotels
down 6 2% , commercial awards down 2 6% , manufactur­
ing awards up 2 2% , one- and two-family houses up
12%, public works and utilities up 53% , and total resi­
dential up 4 % .

Trade
Trade indicators in December showed mixed trends.
Department store sales (seasonally adjusted) were
down 2 % from N ovem ber; furniture store sales were
up 2% ; household appliance store sales were up 29%
without seasonal correction. Scattered evidence indi­
cates new passenger automobile registrations may be
no better than in November, or well below the expect­
able seasonal response to new models.
The decline in adjusted department store sales dur­
ing December appears quite similar to that occurring in
October, thus signifying no definite break-away from
the flat level of the last half of 1955. January sales may
have been fractionally higher than the peak 1955 month.
Sales were apparently under expectations, since depart­
ment store adjusted inventories rose 3% to a level 10%
ahead of a year ago and adjusted outstanding orders
were down 22% in December from November.

Mining
Mining in the Fifth District is dominated by bitumi­
nous coal. Here output rose in spectacular fashion
during 1955, with the year’s total 25% ahead of a year
earlier. In December, seasonally adjusted output was
even with November and 22% ahead of December 1954.
Despite this leveling tendency, further strength in the
export market could carry output somewhat higher.

Sales of retail furniture stores in the District re­
covered 2 % from November, but were still under the
October level and considerably under the Spring peak.
December sales, however, were 10% ahead of a year
ago, and 1955 was 14% ahead of 1954. Furniture
store sales have begun to show the same high-level flat
trend just noted in department stores. Cash sales
perked up in December and the seasonally adjusted in­
crease was 11% while credit sales rose 3 % .

Manufacturing
Textile industries of the District could theoretically
operate at a higher percentage of capacity than that ob­
served in the last few months, but for all practical pur­
poses operations are on a full-time basis. Most seg­
ments of the industry, particularly the cotton end, are
in a sold-up position through the first quarter of the

Sales of household appliance stores in December were
29% higher than in November without seasonal cor­



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/of Mlf

yf /$& H 6U JL

February 1956

year, with substantial coverage extended into the second
quarter. This implies a favorable operating outlook
for the first half.
In December, average daily seasonally adjusted cot­
ton consumption was 6 % higher than in November
and 11% higher than in December 1954. For the year
1955 it was 8% higher than 1954. Cotton spindle
hours in December rose 2% on an adjusted basis, and
were 9% ahead of December 1954. For the full year
they were 9 % above 1954. Cigarette production in
November rose 3% on an adjusted basis from October,
was 11% ahead of November 1954, and eleven-month
figures were 4 % above a year earlier.
Man-hours in the manufacturing industries of W est
Virginia and the Carolinas in December were 0.3%
under November, but 7.4% higher than December 1954.
Durable goods industries in the aforementioned states
were 0.8% higher in December than November, and
13.4% higher than a year earlier. Gains from Novem­
ber to December occurred in the Carolinas and were

fifth

Banking
Credit demands remained strong during December,
with loans and investments of Fifth District member
banks rising $89 million. This included an increase of
$41 million in loans, $44 million in holdings of Govern­
ment obligations, and $4 million in holdings of other
securities. Loans and investments were $257 million
higher than a year ago, with loans up $393 million,
holdings of Government obligations down $165 million,
and holdings of other securities up $29 million.
Total deposits in December were $159 million higher
than in November, and $214 million above a year ago.
Time deposits rose $7 million in December and were
$43 million ahead of a year ago. Demand deposits
were $152 million higher than in November and $171
million above a year ago.

D ist r ic t b a n k i n g

D E B IT S TO D E M A N D D E P O S IT
(000
omitted)
Dec.
Dec.
1955
1954
Dist. of Columbia
$1,364,527
Washington ______ $1,620,605
Maryland
Baltimore _________ 1,877,217
2,045,750
28,511
27,748
Cumberland______
Frederick _________
27,608
27,668
Hagerstown ______
46,306
42,517
Salisbury** ______
35,797
34,066
Total 4 C ities___ 1,979,642
2,143,683
North Carolina
A sheville__________
80,801
80,035
Charlotte _________
475,516
421,157
92,935
85,746
Durham ____________
Greensboro ________
172,237
153,443
High Point** ____
60,538
52,543
Kinston ___________
25,082
24,372
Raleigh ___________
236,465
208,859
Wilmington ______
54,901
50,964
Wilson ___________
26,202
27,274
Winston-Salem ___
223,749
206,069
Total 9 C ities___ 1,387,888
1,257,919
South Carolina
Charleston ________
98,949
80,406
Columbia__________
199,278
178,575
Greenville ________
156,010
147,219
Spartanburg _____
76,527
75,394
Total 4 Cities ___
530,764
481,594
Virginia
Charlottesville ____
41,112
38,048
Danville __________
54,823
47,443
Lynchburg ________
65,965
57,375
Newport News ___
64,798
58,881
Norfolk ___________
354,285
325,262
Portsmouth ______
39,945
38,326
Richmond _____ ___
737,104
750,425
Roanoke __________
163,478
143,583
Total 8 C ities___ 1,521,510
1,459,343
West Virginia
Bluefield _ ________
62,781
47,834
Charleston _______ _ 225,325
211,450
Clarksburg ________
46,731
43,447
Huntington ______
92,435
89,501
Parkersburg ___ __
42,932
35,587
Total 5 Cities ___
470,204
427,819
District Totals _____ $7,510,613
$7,134,885

S ta tistic s

W EEKLY

A C C O U N T S*

R E P O R T IN G M E M B E R B A N K S
(000 omitted)

12 Months
1955

12 Months
1954

$16,498,466

$14,155,513

19,343,679
312,352
292,023
531,187
412,621
20,479,241

17,706,008
290,277
273,286
442,882
397,357
18,712,453

830,488
5,084,482
1,074,696
1,838,990
612,794
362,543
2,676,277
637,446
385,736
2,225,323
15,115,981

764,374
4,320,665
1,151,682
1,495,313
527,539
338,538
2,322,519
571,999
389,352
1,924,480
13,278,922

1,043,871
2,201,235
1,588,760
825,217
5,659,083

893,459
2,004,621
1,381,451
785,111
5,064,642

448,062
575,375
692,520
693,148
3,573,678
435,566
8,284,281
1,658,192
16,360,822

391,115
518,003
604,170
581,553
3,307,472
393,995
7,657,777
1,439,889
14,893,974

569,346
2,098,093
442,633
895,344
409,373
4,414,789
$78,528,382

472,590
2,028,358
386,393
840,060
363,802
4,091,203
$70,196,707

Items

* Interbank and U. S. Government accounts excluded.
** Not included in District totals.




in evidence in most of their industries. W est Virginia
showed a fractional decrease as a result of a decline in
metal fabricating and machinery industries.

Jan. 11,
1956

Changes in Amount from
Dec. 14,
Jan. 12,
1955
1955

Total Loans ____________________ $1,776,806**
Bus. & A g r i c .________________
799,089
Real Estate L o a n s ___________
327,428
All Other L o a n s ____________
675,235

+
8,369
— 27,012
— 4,843
+ 24,796

+249,023
+100,219
+ 27,309
+127,341

Total Security Holdings ____.__ 1,693,290
U. S. Treasury Bills _________
79,918
U. S. Treasury Certificates ..
33,841
U. S. Treasury Notes ________
308,771
U. S. Treasury Bonds ______
992,606
Other Bonds, Stocks & Secur.
278,154
Cash Items in Process of Col. ..
338,790

+ 19,868
+ 47,169
— 17,078
+
2,228

—210,157
— 9,312
— 55,871
— 50,898

— 11,457
—
994
— 44,123

— 103,568
+
9,492
+ 10,703

Due from Banks _______________
177,496*
Currency and Coin ____________
82,099
Reserve with F. R. Banks _____
522,265
Other Assets ___________________
68,168
Total Assets __________________ $4,658,914

— 14,865
— 7,066
— 15,409
— 4,478
— 57,704

— 2,287
—
423
+
504
+
4,207
+ 51,570

Total Demand Deposits ________ 3,524,256
Deposits of Individuals ______ 2,701,768
Deposits of U. S. Government
54,193
Deposits of State & Local Gov.
212,474
Deposits of Banks ___________
498,738*
Certified & Officers’ Checks __
57,083

— 40,251
— 6,248
— 15,089
+
4,656
— 22,759
—
811

+
+
—
+
—
+

Total Time Deposits __________
Deposits of Individuals_____
Other Time D ep osits_______

741,227
671,720
69,507

+ 11,904
+ 13,512
— 1,608

— 13,882
+
5,159
— 19,041

Liabilities for Borrowed Money
25,275
All Other Liabilities___________
45,440
Capital A ccou n ts______ ________
322,716
Total Liabilities______________ $4,658,914

— 22,480
— 6,278
—
599
— 57,704

+
8,575
— 3,607
+ 24,517
+ 51,570

* Net figures, reciprocal balances being eliminated.
** Less losses for bad debts.

-I 11 1*

35,967
60,821
13,802
6,809
25,448
7,587

Federal Reserve Bank of Richmond

F if t h

St a t is t ic a l d a t a

d is t r ic t

B U IL D IN G P E R M IT :FIG U R ES

F U R N IT U R E SAL ES*
(Based on Dollar Value)
Percentage change with correspond­
ing period a year ago
Dec. 1955
12 Mos. 1955
+11
+ 3

STATES
Maryland
Dist. of Columbia
Virginia
West V ir g in ia _____________
North Carolina ____________
South C a rolin a____________

+3
+8

Maryland
Baltimore ____ $ 4,193,410
Cumberland __
10,300
Frederick ____
494,300
Hagerstown _
70,900
Salisbury ___
423,731

+10

+9
+23
+14

+ 15
+10

+3
+8

D istrict___________________

Dec.
1955

+11
+11

IN DIVID UAL CITIES
Baltimore, M d .__________
+11
Washington, D. C.............
+ 3
Richmond, V a . _____
+11
Charleston, W . Va. _
+ 6
Greenville, S. C. ____
+ 3
*Data from furniture departments of department stores
furniture stores.

+

3

+10
+ U
+22

+ 7
as well as

W H O L E SA L E TRADE
Sales in
Dec.
1955
Compared with
Dec.
Nov.
1954
1955
+13
—10

LIN ES
Auto supplies ______________
Electrical, electronic and
appliance go o d s__________ — 8
Hardware, plumbing and
heating g o o d s ___________ + 5
Machinery equipment sup­
plies _______________________+ 2 5
Drugs, chemicals, allied
products _________________ - + 4
Dry goods ___________________
NA
Grocery, confectionery,
m eats-------- —----------------------—10
Paper and its p roducts-----+ 1 7
Tobacco products ----------------- N A
Miscellaneous_______________ — 1
District Total ----------------- + 1

Stocks on
Dec. 31, 1955
compared with
Dec. 31,
Nov. 30,
1954
1955
NA
NA

+16

+19

+

—16

+

4

— 1

+10

+

9

+

— 2
NA

+ 3
NA

— 2
NA

—10
—17
NA
—21
—12

+ 12
NA
NA
+ 13
+ 4

— 8
NA
NA
— 6
— 5

9

5

N A Not Available.
Source: Bureau of the Census, Department of Commerce.

Dec.
1954

12 Months
1955

12 Months
1954

$ 5,888,475
38,475
247,935
73,105
125,035

$ 86,530,782
1,487,486
3,537,705
2,324,241
2,201,609

$ 74,939,543
708,561
1,541,041
3,237,659
1,762,421

Virginia
Danville ______
Hampton .......
Hopewell ___
Lynchburg
Newport News
Norfolk _______
Petersburg
Portsmouth __
Richmond _ Roanoke
. .
Staunton _____
Warwick , - ,

410,359
839,622
75,405
261,225
59,387
2,124,516
117,500
122,789
1,288,106
1,719,078
115,825
620,596

146,598
448,995
168,455
190,360
125,935
382,281
102,500
72,355
3,528,941
345,321
81,500
659,122

6,140,896
14,781,720
3,417,365
9,380,711
9,376,396
14,869,523
3,357,500
4,652,840
23,696,748
14,495,958
3,186,450
12,704,058

2,822,400
11,201,365
2,472,620
8,894,483
2,798,812
12,697,628
2,068,536
6,212,445
32,108,928
11,029,916
2,404,860
7,248,744

West Virginia
Charleston
Clarksburg
H u n tin g to n __

205,684
88,300
134,716

257,074
58,691
415,258

7,105,990
1,853,297
5,752,641

9,716,733
1,876,238
7,374,450

North Carolina
118,595
Asheville __
Charlotte ____
786,743
235,784
Durham __ ____
873,895
Greensboro ___
High P o i n t __
298,800
Raleigh .............. 1,871,377
Rocky Mount _
251,966
58,525
Salisbury _____
375,000
Wilson ------ ...
W inston-Salem
674,910

224,403
1,387,009
330,927
650,695
375,500
1,819,219
138,878
16,400
105,900
841,619

3,425,251
26,300,152
9,784,465
11,276,971
6,964,638
20,416,575
3,381,584
1,466,996
4,598,021
13,049,644

3,609,515
22,104,406
5,821,139
11,082,050
6,035,342
14,429,498
2,728,316
1,748,774
2,824,050
12,526,673

South Carolina
C h arleston___
Columbia ----Greenville
Spartanburg _

123,983
534,594
457,150
220,655

137,759
1,050,595
284,813
40,134

3,032,205
8,900,532
7,328,448
3,158,136

2,840,783
10,255,522
7,710,502
2,439,913

Dist. of Columbia
Washington

1,745,966

5,708,068

67,331,114

55,705,131

District Totals ..$22,003,692

$26,468,330

$421,268,648

$364,978,997

F IF T H D IS T R IC T IN D E X E S
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 changes)
Other
Wash. Cities
Rich. Balt.
Sales, Dec. ’55 vs Dec. ’54 _
Sales, 12 mos. ending Dec.
31, ’55 vs 12 mos. ending
Dec. 31, ’54 _____________

Dist.
Total

7

+

+

4

+

8

+10

+

8

Stocks, Dec. 31, ’55 vs ’54 —

+ 9
+12

+

5

+10

+11

+

9

Outstanding Orders,
Dec. 31, ’ 55 vs ’5 4 ------------

0

+15

+21

— 2

+13

+

2

Seasonally Adjusted: 1947-1949 = 100

+

9

+

+

9

Dec.
1955

7

Open account receivables Dec.
1, collected in Dec. ’ 55 —

31.0

49.9

42.3

40.5

41.9

Instalment receivables Dec. 1
collected in Dec. ’5 5 --------

11.6

14.2

12.6

17.1

13.6

D.C.

Va.

+

+

Sales, Dec. ’55 vs Dec.
5 4 __________________




9

6

W .V a.
+11

N.C.

S.C.

+

+ 18

6

New passenger car registra­
tion* — .............. ......... ................
Bank debits -----------------------------Bituminous coal production* __
Construction contracts ...........
Business failures— num ber------Cigarette production ..................
Cotton spindle h o u rs__________
Department store sales . -------Electric power production _ __
Manufacturing employment* ~
Furniture store sales _____ ____
Life insurance s a le s___________

174
100
219
199
124
131
___
115
222

* Not seasonally adjusted,
r Revised.
Back figures available on request.

i

12

V

Nov.
1955
145
176
lOOr
252r
306
104
122
134
194
113
113r
227

Dec.
1954
196r
164
82 r
206
227
99
114
12 9r
184
107r
105
181

% Chg.—
Latest Mo.
Prev.
Yr.
Mo.
Ago

— 13
— 1
0
— 13
— 35
+ 3
+ 2
— 2
+ 3
0
+ 2
— 2

+22
+ 6
+22
+ 6
— 12
+ 11
+ 9
+ 2
+ 13
+ 5
+ 10
+23