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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 of/ n M 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 •f 3 >• 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 y 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 s y 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. { 6 1- of/ n yfl af/ &i/ cu L 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 Y 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 | i s y 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 A 9 y 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 i 10 y /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