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RESERVE BANK a
FED,
RICHMOND
JANUARY 1951
W ar’s Effect on Price Levels
PerCent
Source
D
( Mid -June Figure - tOO)
Bureou o f Labor S tatistics
i f f e r e n c e s in the rates of increase for im p o r-
A l s o I f l T h i s ISSUC - -
tant price groups since the beginning o f the
Korean conflict indicate upward pressure exerted
Fifth District Trend Charts---------------------Page
2
on retail prices. The article “ Cost of Living” on
Useful Tools In Farm Credit------------------- Page
5
page 3 attempts a brief analysis of these recent
Assets Ratios In 1950------------------------------ Page
7
price changes and points out some forces creating
Business Conditions and Outlook________Page
9
further inflationary pressures both nationally and
Additions to Par List___________________ Page 10
in the Fifth District.
Statistical Data_________________________ Page 11
FEDERAL RESERVE BANK OF RICHMOND
F
AUTOMOBILE
if t h
d is t r ic t
------------------------- +
+
------------- + + + -------------MANUFACTURING
BUSINESS FAILURES
seasonal correction
1949. Failures may
month or two but
be too long before
♦ ♦ ♦
WHOLESALE
CONSTRUCTION CONTRACTS AWARDED
Substantial increases in contract awards for apartments, hotels,
one and two family houses and commercial buildings were pri
marily responsible for raising total construction contracts awards
in November 28% above October on an adjusted basis to a level
9% ahead of a year ago.
EMPLOYMENT
Employment levels in the district in November were 1% below the
recent peak in October but were 8 % above November 1949. The
slight setback in November is mainly seasonal. The supply of skill
workers is tight in this area. Man power is being withdrawn to the
military services and the demand for labor by Spring will put real
tension to the labor market.
+ + +
POWER PRODUCTION
Adjusted electric power production in October was 1 % above
September and 25% above a year ago. The trend in eletcric power
production has been most persistent for many years except for small
decline following the end of the war and during the recession of
1949. The trend has been up more sharply since the war period than
at any time in its history.
+ -------------------------
Business failures in November rose 9% after
from October and were 45% under November
remain around the current level for the next
with the favorable business outlook should not
they start tending downward again.
r e n d s
ELECTRIC
REGISTRATION
New passenger car registrations in November, partly estimated,
were off 15% from October but continued 11% ahead of a year ago.
Initial effects of Regulation W were depressing to car sales but
business has since improved. Used car prices are somewhat firmer.
T
DRY GOODS
Sales of wholesale dry goods firms in the district dropped 7% from
October but continued 59% ahead of November 1949. Peak sales of
these firms occurred in August this year and the trend has been
downward since but sales volumes continued higher in November than
in any previous period excepting the previous three months.
2 y
JANUARY 1951
MONTHLY REVIEW
Cost of Living:
Further Rise Indicated This Year
the N R A period of the ’30’s, one of the more
emotional exhortations of the N R A administrator,
General Hugh Johnson, was: “ Keep prices down— for
God's sake, keep prices down.” N o such agitated im
precation has come from official sources in the current
inflationary era though there is no doubt that there exists
a comparable intensity of feeling with respect to price
movements. A s defense dollars are added in increasing
amounts to civilian dollars in competition for available
goods, inflationary forces will indubitably be intensified.
An unchecked inflation, however, would be extremely
detrimental to the rearmament program and cannot, of
course, be permitted.
Consumer Prices at New Highs in Fifth District
3.2% since the last pre-Korean index (June 1950).
4.2% since November 1949, and 31.7% since June 1946,
the last month in which the price ceilings of W orld W ar
II were operative.
In the whole period since the close of W orld W ar II,
increases in food prices have been the “ worst offender”
in boosting the cost of living. This was true during
1950 and food increases account for one-half of the total
rise in consumer prices in all large cities up to October.
As compared with an advance of 6.8% in food prices
throuhout the country from January 15 to November 15,
1950, Norfolk had a rise of 8.1% , Richmond 7.2% ,
Baltimore 6.1% , and Washington 6.4% .
u r in g
D
Indexes of consumers’ prices are computed for only
four cities in the Fifth District: Baltimore, Washington,
Norfolk, and Richmond. Unfortunately for purposes of
comparison, the data are computed only quarterly and on
different dates for the cities covered. On the basis of
the experience of these four cities, it appears that in
general the rate of rise in retail prices in the District
since the end of W orld W ar II has been about the same
as the average for all large cities in the nation. There
have been, of course, divergences in certain components
of the over-all indexes; in Richmond, for example, the
percentage rises in rents, fuel and electricity, and housefurnishings were substantially larger than for the United
Within the general price structure the movements of
consumer prices attract considerable attention as one of
States as a whole. In Washington, on the other hand,
the factors in the stand
rents rose at only half the
ard of living and as a
rate recorded for all large
factor in the “ vicious cir
cities. In Baltimore the
Co n su m er Pr ic e s in th e Un it e d S ta t e s
cle” of wage and price
rise in apparel prices was
RATE OF GROWTH IN POST-WAR YEARS
increases now so obvious
substantially less than the
ly operative. It was wide
national increase while
ly opined at the beginning
the price of fuel, electric
of 1950 that retail prices
ity, and ice rose consider
would decline during the
ably more than it did on
year. According to the
the average for all large
picture in many crystal
cities.
balls, the drop would be
A s in the case of most
slight, b u t at least the
large cities in the country,
change would be in the
the rise in retail prices
“ right” direction, a n d
since the Korean invasion
consumers could look for
has lifted the Consumers’
Source • Bureau of Labor Statistics
•
ward to a gradual in
Price Index for each of
crease in the value of
the four cities reported
their dollars. Like mai); other well-intended prognosti
on in this District to record levels for the post-war
cations, however, this one ran into a number of unex
period. A s early as August retail prices in Washington
pected developments, and the results have been at odds
and Norfolk had exceeded the previous peaks set in the
fall of 1948. The latest figure for Richmond shows a new
with the forecasts.
high on October 15, and although consumer prices in
Recent data released by the Bureau of Labor Statistics
Baltimore on September 15, the date of the latest release,
show that retail prices reached a record high as of
had not quite reached the 1948 level, it is likely that by
November 15, 1950. On that date, the Consumers’ Price
year end they, too, will have pushed past the former peak.
Index stood at 175.6% of the 1935-39 average— a rise of
One oi the immediate effects of the rise in consumer
prices during October was the automatic increase in
wages for a million or more workers under escalator
clauses, like those in the auto industry, that tie pay
rates to the cost of living. In industries where wage
raises are not formally tied to consumer prices, rising
retail prices (especially foodstuffs) have accentuated
upward pressures on the spiraling movement of wages,
costs, and prices.
Although food prices are below the peak reached in
July 1948, food is the highest major component of the
Consumers’ Price Index (the other components are ap
parel, rent, fuel-electricity-refrigeration, housefurnish•i 3
y
FEDERAL RESERVE BANK OF RICHMOND
ings, and miscellaneous). Price increases have raised
the food index for the United States to 209.5% of its
1935-39 base, in Baltimore to 219.3, in Norfolk to 210.7,
in Washington to 206:9, and in Richmond to 201.8. Con
trary to the average experience of all large cities, food
prices in Washington and Richmond have not risen as
much, in relation to the 1935-39 base, as have prices in
two other categories. In Washington the index for ap
parel is the highest component of the over-all Consum
ers’ Price Index, and in Richmond the highest index of
prices is housefurnishings.
Other major price variations in this District are
found in the category of rents. Due to the lifting of state
controls, Richmond and Norfolk experienced largerthan-average increases in rents last year. In the former
the rise during the first ten months of 1950 was 11.7%
as compared to an increase of 2% for all large cities. In
Norfolk the rise of 7.1% up to November 15 was over
three times the rate of increase in all cities.
cessitated by the rearmament program ; at the same time
the growth of the latter will augment still more the flow
of personal income.
Prospects: Continuation of Upward Trend
The accompanying chart clearly indicates the reasons
for anticipating a continued advance in the cost of living
and also points up the difficulties in implementing ef
fectively controls on retail prices. The trend of prices
of consumer goods is influenced by price movements for
raw materials, supplies, and parts used in the process of
manufacturing. T w o indexes may be tised to measure
such price changes : The spot market index of 16 of
industry’s most important raw materials and the index
of wholesale prices. Both of these have moved into new
high ground since the Korean conflict began— the form
er as early as August and the B LS wholesale price index
in late November. In comparison to the rise of 3.1% in
retail prices in the period June 15-November 15, 1950,
wholesale prices advanced 8.9% , and spot prices of raw
materials skyrocketed 40% , one of the sharpest rises on
record.
In forecasting a higher cost of living for 1951, the
Bureau of Agricultural Economics recently pointed out
that how high food prices would climb depended on
whether or not the Administration imposed price con
trols. The latter were ushered in on December 20 when
the Economic Stabilization Agency requested a volun
tary price freeze on all goods and services, setting De
cember 1 as the effective date of the freeze and in effect
asking for a rollback of any price increases made since
that date which do not conform to certain “ fair stand
ards” set forth by the agency. In issuing the latter, E SA
warned that they should meet with “ nationwide com
pliance to avoid the necessity of further mandatory price
controls/'
It should be pointed out that although the Central
Maximum Price Regulation issued April 28, 1942, and
subsequent regulations stopped the steep rate at which
prices were climbing during 1941 and 1942, consumer
prices nevertheless increased 11.5% from May 1942 to
August 1945.
In brief, restraining price rises in a military economy
comes under the heading of “ Neat trick— if it can be
done,” and so far the prospects are not too bright that
the trick will be turned. As recently pointed out by
Marriner S. Eccles in Fortune Magazine, the purchasing
power of the dollar can be successfully defended only
when the amount of money available to those who would
spend it, including the Government, does not exceed the
supply of goods and services available. Even now— be
fore the proceeds of huge military expenditures of the
Government have begun to flow into the markets— the
amount of money available for spending is excessive, and
bank credit has been expanding in recent months at an
unprecedented rate. Furthermore, the fact that the econ
omy is already operating at virtual capacity limits se
verely the possible increase in aggregate output— the
prime orthodox check to growing price inflation. Actual
ly, a reduction in the volume of civilian goods will be ne
Although there is no precise arithmetical relationship
between these price structures, the widening gap shown
on the chart indicates the pressure on retail prices to
advance, and it is this situation that will accentuate the
difficulties in establishing and administering price con
trols on consumer goods. Indicative of this is the fact
that after Pearl Harbor, retail prices lagged behind
sharply rising wholesale prices for some time, then began
to climb so fast that by the time price controls were im
posed, they had shot ahead of wholesale prices.
A major difficulty in “ putting a lid” on the cost of
living is found in the legal provision which sets certain
minimums for price ceilings placed on farm products. In
general, the minimum ceiling price for any farm product
is either (1 ) parity or (2 ) the June 1950 price, which
ever is higher. A t the opening of the new year many
farm commodities were selling below their parity price
or below the June 1950 price and further price rises
could occur for these commodities before any price ceil
ing could become operative. The major commodities
which w^ere either above parity or above the June 1950
price included cotton, tobacco, wool, beef cattle, veal
calves, eggs and lambs. Price ceilings for these products,
if set at the legal minimum, would be from 10 to 25 per
cent belowr present prices. On the other hand, a large
number of commodities were selling below the legal
minimum price ceiling. Included in this last group were
all grains (except rice), peanuts, potatoes, butter fat,
milk, hogs, chickens and fruit.
The spread between price increases at the retail and
wholesale levels has not been as great for food as it has,
say, for apparel and other soft goods. Even so, as of
November 15, 1950 wholesale food prices were up
10.6% from a year earlier while food costs in the Con
sumers’ Price Index were only 4.3%; higher. Unless
restricted by immediate and effective controls, the tend
ency for this lag to be made up at the retail end will
hit the consumer where it hurts most— his breadbasket.
-! 4 y
MONTHLY REVIEW
JANUARY 1951
Useful Tools in Sound Farm Credit Extension*
,
The Agricultural Commission of the A.B.A., in advocating more active farm programs points out that an
outside-the-bank farm program can: (1) increase local farm income which in turn will increase deposits; (2)
encourage frequent personal contact with potential farm customers; (3) improve loan appraisals and encour
age more effective consultations concerning farmers credit needs; (U) mobilize banks1 active support of exist
ing programs for raising farm income and improving rural living; and (5) provide credit facilities tailored to
farmers1 needs.
,
’
is the largest single industry in the
Fifth Federal Reserve District and, since farm
credit plays so significant a role in providing the fixed
and working capital requirements for farm operation, it
is clear that any re-sharpening of the old tools— or intro
duction of new tools— in farm credit extension is likely
to improve the results, both from the point of view of
credit grantor and grantee. A large part of agricultural
credit is supplied by local banks, but it is widely felt that
there is considerable room for improvement both in the
quantity and the quality of service rendered.
A n increasing number of
banks in the Fifth Federal
Reserve District are interest
ed in doing a better job of
serving their farm communi
ties. Three steps are essential
if the best possible job is to
be d on e: First, the directors
and officers of the bank must
be convinced of the worthi
ness of the undertaking and
be willing to modify existing
bank policies as needed to fa
cilitate the program. Second,
the job of developing the pro
gram must be entrusted to a
competent individual. Third,
it is important that the bank
make use of all available aids
for keeping up with develop
ments in agriculture and with
the details of the farm busi
ness of each of the bank’s
farm customers— such as the farm credit file illustrated
on this page.
Proper Banking Policy Important
A
g r ic u l t u r e
Primary responsibility for bank operation rests with
the Board of Directors, and it would seem that no
Board of Directors properly performs its duties unless
it directs the bank’s operations so as to furnish complete
banking facilities and services for the community, in
cluding the bank’s farm customers. A proper approach
to this problem, and fulfilment of the bank’s opportuni
ties and obligations to these customers, cannot be ex
pected of the bank’s officers and employees unless proper
directions and support are received from the directors.
♦This article by H. Ciremba Amick, of the Bank Relations Depart
ment, Federal Reserve Bank of Richmond, is designed to stimulate the
thinking* of banks with farm interests on the old but ever new problem
of farm credit.
< 5 h
{
A ny bank embarking on a new or expanded farm
program should establish the policy that it is going into
the field with the definite purpose of staying in it and
plan all of its operations accordingly. T o fulfill this
requirement, the bank must establish a loan policy which
will fix farm loan maturities so as to permit repayment
from the operations of the farm business. The practice
of offering credit to farm customers, for example, on 90day notes is unwise and unsound for both the bank and
the customer. It still takes two years to raise a twoyear-old heifer from a day-old calf, and a three-month
note is not much help in
financing the buying and raisof dairy calves if the note is
to be repaid out of the milk
checks.
Outside Farm Repre
sentatives
In recent years many of
the country banks throughout
the nation, as well as other
agencies extending agricul
tural credit, have found it de
sirable to provide adequate
and proper field servicing of
their agricultural loans. There
is nothing new in this prac
tice— banks making loans to
other businesses have been
following it for many years.
In the larger and many medium-size banks, it is believed
that such servicing should be
conducted by a separate department and by individuals
whose primary duties are to work with farm customers.
In some medium-size and small banks it might be
impractical to establish a separate farm-loan department
or to hire a professionally trained specialist in agricul
ture to develop the outside farm program. Quite often,
however, banks of this size have designated one of their
regular officers to develop their farm program and have
relieved him of some of his other assigned duties. Other
banks have waited until they needed to recruit a new
employee and then hired a young man with a good farm
background, expecting to use him both for the agricul
tural work and for other bank work. Many banks have
directors who are successful farmers, and often they can
be of real help to the regular staff of the bank in deal
ing with farm customers.
FEDERAL RESERVE BANK OF RICHMOND
Banks large enough to secure the services of a full
time farm representative may choose one who is a recent
graduate of a State college of agriculture or one who, in
addition to training in agriculture, has had practical
experience working with other farmers and farm groups.
The fields of Vocational Agriculture, Agricultural E x
tension, and the Soil Conservation Service provide kinds
of experience which often are sought by banks needing
an agriculture man.
Outside farm representatives should not only assist in
adapting bank loans to fit the needs of farm borrowers,
but should spend time with the borrowers 011 their farms,
assisting them in obtaining the kind of credit and other
banking services they need, and providing information or
management service which the borrowers find helpful.
The responsibilities of an outside farm representative
would include checking loans, meeting prospective cus
tomers, supervising agricultural relations, taking charge
of youth promotional work, advising with customers
and supervising programs for individuals and, in gen
eral, helping farmers individually and collectively to
attain greater success through the wider use of capital
in their farm businesses.
By making periodic farm visits in checking loans,
such a representative safeguards the loan extensions to
the mutual benefit of the bank and the customer. Farm
visits afford an opportunity to check the management
practices being pursued, whether farm machinery is
properly cared for and placed under shelter w^hen not in
use, whether minor repairs are provided before deterior
ation becomes a major problem, and whether soil and
water conservation practices are being employed. A
group of farmers in Pennsylvania were queried recently
as to how they felt about the need for a farm loan spe
cialist. They were asked if they felt it would be of any
value for a lending agency to have available a farm loan
specialist, trained in farm management, with whom they
could talk over the use of borrowed funds. Fifty-seven
per cent of the farmers who answered indicated that they
thought a man with proper qualifications would be of
considerable value to a credit agency. This was two and
one-half times the percentage of those who opposed the
idea. The majority also said that if credit agencies had
this type of employee, farmers would seek his advice.
Some of those questioned suggested that banks in par
ticular need to employ this type of specialist. Many of
the farmers questioned appeared to be not only willing,
but indicated that they would appreciate having some
supervision and advice if it were of good quality.
stalment credit. A valuable by-product of such a pro
gram will be favorable publicity which, in turn, lends
itself to enlarged banking service within the community.
There are many things that can be done, by whom
ever is assigned to develop the farm program of a bank,
as a means of keeping up with new developments in
agriculture. Am ong the best ways of doing this is to
cultivate a close acquaintance with the professional agri
cultural workers in the county where the bank is located,
and also with farmers whose practices are recognized in
the area as among the best. Much also can be learned
from some of the chief business enterprises serving farm
ers, such as dairies, feed stores, and machinery dealers.
Farm Credit Files Essential
In order to promote and maintain a program of
sound farm loans, with resultant benefits to both lender
and borrower, the banker needs detailed information
concerning the farming operations of his customer. Such
information is provided by the farm credit file. Although
many banks operate successfully without such files, it is
clearly in the interest of better banking to maintain ade
quate records. A suitable farm credit file will permit
compilation of a maximum amount of pertinent informa
tion in a relatively easy manner. W hile at first sight
most of the credit files now available from various
sources may appear unduly long and complicated, actual
ly, they consist basically of a balance sheet and an op
erating statement, with a few optional supporting sched
ules showing the detail of some of the principal assets
and providing for the insertion of pertinent comments
and observations.
Many banks recognize the need for adequate credit
information on their farm customers. Some have devel
oped their own forms for recording the information they
consider necessary. Others have adopted farm credit
files as developed by various institutions. W ithin the
Fifth Federal Reserve District, a number of banks have
adopted the one developed by the Federal Reserve Bank
of Richmond in cooperation with the Committees on
Agriculture of the State Bankers Associations of the
five States comprising the Fifth Federal Reserve D is
trict. Supplies of this file are presently available to any
bank in the Fifth District, free of charge, from the Fed
eral Reserve Bank of Richmond.
In most farming areas, applications for loans are sea
sonal, and an attempt to prepare complete credit files at
the time of loan applications would retard the process of
credit extension at the very peak periods of the year
when the making of loans should be expedited. A ccord
ingly, the farm credit manager or some other designated
person in the bank should begin accumulating pertinent
information on customers and prospective applicants for
loans well in advance of the seasonal peaks of such busi
ness. In other words, the formulation and maintenance
of individual farm credit files should be a continuous
process with facts and figures revised and added as they
become available.
Once a well-organized farm service department,
through its outside farm representative, proves satisfac
tory to even a few of its farm customers, its success is
assured. The word of its existence and operation will
quickly spread. Its acceptance will mark the beginning
of an enlarged banking service to farm customers
through various types of loans, including mortgages,
loans for production and conservation, and personal in
i 6 y
MONTHLY REVIEW
JANUARY 1951
Member Banks Shifted to Higher Yielding Assets in 1950
‘‘average” member bank in the Fifth Federal R e
serve District continued to shift from liquid assets
and Government securities to higher yielding loans and
non-Government securities during 1950. Its capital posi
tion relative to total assets or total deposits continued to
improve during the year and the capital/deposit ratio
stood at 8.9% . Rapidly increasing loans, however, out
paced the increase in total capital accounts and the ratio
of capital to total assets less U. S. Government securities
and cash assets continued to fall.
from 53.6% in 1946 to 37.1% in 1950. A t this level,
the proportion of Governments held by the average bank
is lower than in any year since 1942. Only one size
group of banks (those with average deposits of from
$50-100 million) failed to reduce the proportion of total
assets held in the form of Governments in 1950.
Booming business condi
tions, lower reserve require
ments, and anticipation of
tax increases served to bring
the member banks into more
fully invested positions and encouraged the shift from
Government securities to other earning assets. Member
bank reserve requirements during most of the first half
of 1949 were four percentage points higher on demand
deposits and 2 y2 percentage points higher on time de
posits than during the same period in 1950, and these
requirements were reduced by stages throughout most
of the third quarter of 1949. Consequently the average
reserves held in 1949 were considerably larger relative
to assets than in 1950. This was the principal factor
accounting for the decrease in the proportion of cash
assets. At 23.3% of total assets, this ratio was at the
lowest level for the eleven years during which it has
been computed. All size groups reported lower cash
assets/total assets ratios for the year, with larger banks
reporting larger decreases.
The average share of total
assets held as loans con
1949
1950
tinued to increase in 1950,
as it has in every year since
the end of the war. A t
32.6% the loans/assets ratio is higher than for any year
since 1941. It has not reached the 40% which was
typical of the immediate prewar period, nor is it likely
to reach this level under conditions confronting the
banking system in the near future. Loans comprised a
larger share of total assets for each size group of banks
in 1950.
T w o factors account for most of the shift in the rela
tive importance of loans of average banks— the change
from the mild recession of 1949 to the boom of 1950,
and the trend away from Governments into loans, which
has continued since 1945. Five years ago the average
ratio of loans to total assets was 14.1% ; in 1950 this
ratio had more than doubled.
The average ratio of real estate assets to total assets
increased slightly in 1950, to 1.0%. This ratio fell off
constantly during the war period as total assets were
expanded and building needs were largely ignored, but
increased in 1949 and again in 1950.
The average capital/deposits ratio continued to in
crease, as it has each year since 1946, and, at 8.9% , was
higher than at any time since 1943. A number of banks
T
h e
Since 1945 Fifth District member banks have been
constantly increasing the proportion of assets held in
non-Government securities. This average ratio has in
creased from 4.3% in 1945 to 5.9% in 1950. T o some
extent the heavy buying of municipals since mid-year,
These were the major trends revealed by analysis of
made presumably in anticipation of tax increases, served
1950 ratios computed on call dates of December 31,
to increase this ratio. This increase, however, repre
1949, June 30, 1950, and October 4, 1950. These ratios,
sents chiefly a continued adjustment of investment port
to be included in the 1950 Operating Ratios statement
folios to include a larger proportion of non-Government
for release later, are arithmetic averages of individual
securitiese, which yield a
banks’ ratios, and hence dif
higher return per dollar in
fer materially from percent
vested. Although this in
ages computed from dollar
A V E R A G E A S S E T S R A TIO S
crease in holdings of nonaverages. A s each individual
FIFTH DISTRICT MEMBER BANKS
Government securities was
bank is given equal weight
100%
general throughout the Dis
regardless of size, t h e s e
trict, banks with less than
ratios are more nearly typi
75%
$1 million in deposits and
cal of the ratio of an “ aver
banks with from $25-50 mil
age” bank, and more indica
lion i n deposits reported
tive of the action taken by
50%
slight decreases in average
typical banks in the District
holdings of other securities
than the aggregate dollar
25%
as a ratio to total assets.
figures.
Throughout most of 1950 Fifth District member banks
reduced their holdings of Governments absolutely as
well as relative to total assets, thus providing funds to
meet a rapidly expanding demand for loans, despite the
relatively smaller increase in deposits. The average ratio
of Governments to total assets has fallen consistently
FEDERAL RESERVE BANK OF RICHMOND
have been able to re-establish the traditional 1 to 10
ratio. The capital/assets ratio has similarly increased
over the past five years, and now averages 8.1% for
Fifth District member banks.
A s previously suggested, holdings of loans and nonGovernment securities have increased more rapidly than
have total capital accounts of Fifth District member
banks, and the ratio of capital to “ risk assets” (total
assets less U. S. Government securities and cash assets)
again showed a decline in 1950. The average capi
ta l/“ risk assets” ratio reported was 22.0% , as com
pared with 26.9% in 1942 (the first year in which this
ratio was com puted), and 37.9% in 1945.
A ll size groups with less than $50 million in deposits
reported increases in the ratios of capital/assets and
capital/deposits in 1950. Banks with $50-100 million
reported a decline in each of these ratios, while banks
with over $100 million in deposits reported no change
in either ratio. A ll size groups reported a decline in the
capital/“ risk assets” ratio with the largest declines in
banks with over $25 million in deposits, and in banks
with less than $1 million in deposits.
tion of average assets held during the entire year.
Once the ratios for the individual banks have been
computed, they are aggregated, and then divided by the
number of banks in each group, thus giving the average
of the individual ratios. For purposes of comparing
ratios of individual banks with those of groups of banks,
average ratios are much more satisfactory than if they
were computed from the dollar amounts obtained by
lumping together all individual bank reports. The reason
for this is that if dollar aggregates were used, one bank
with deposits of $100 million would influence ratios ten
times as much as would a bank with deposits of only
$10 million. Thus a banker who wishes to know the
ratios of an “ average” bank, as opposed to the ratios
of the banking system as a whole (which are so largely
influenced by the larger banks), will find the operating
ratios more useful.
Use of Operating Ratios
Operating ratios presented in the operating ratios
statement can be very useful to individual banks for
purposes of comparison as to the distribution of assets
within their bank relative to the distribution for an
“ average” bank, or for comparison of earnings from any
particular source or expenses on any particular item
with those of an “ average” bank.
The average ratio of time deposits to total deposits
showed a very slight increase from 34.1% to 34.2%
in 1950.
Techniques of Computation
The operating ratios statement is sometimes criticised
on grounds that it implies that the performance of the
“ average” bank is to be used as some sort of “ goal of
attainment” , or as a “ standard of achievement” . This,
of course, is not intended. It is assumed that bankers,
as do other businessmen, wish to have available for
purposes of comparison the operational records of an
“ average” bank, of similar size and in the same state. If
this record is made available annually, as it is in the
operating ratios, annual comparisons of changes in the
various items can also be made. It is assumed that indi-
The ratios presented in this article and in the operat
ing ratios statement (to be released later) are computed
from the averages of three call report dates in the case
of assets, and from reports of earnings and dividends for
the entire year in the case of earnings and expenses. As
the earnings for the year are derived from assets subject
to frequent change, it is felt that the rates of return are
more comparable if computed relative to average assets
for the year. The ratios are computed on the assump
tion that the average of assets at year-end, mid-year,
and fall call report dates gives a reasonable approxima
Continued on page 10
A V E R A G E A SSE T S R A T IO S , F IF T H D IS T R IC T M E M B E R B A N K S , 1950
(BY SIZE OF BANK)
(All Ratios are expressed in percentages and are in all casesi arithmetic averages of individual bank percentages)
Deposit Classification in Millions of Dollars—
—
Under 1 1-2
36
94
Number of Banks in Deposit Group—
______
Distribution of Assets
Percentage of Total Assets
24.1
23.0
Cash Assets__________________
35.5
U. S. Government Securities— __________ 37.1
-__
5.4
5.9
Other Securities____________________________
32.3
34.6
Loans ____________
.9
1.0
Real Estate Assets—
Other Ratios
In Percentage
Total Capital Accounts to Total Assets_____
Total Capital Accounts to Total Assets Less
U. S. Government Securities and Cash
Assets ________________________________
Total Capital Accounts to Total Deposits—
Time to Total Deposits_______________ __
2-5
169
5-10
72
10-25
64
25-50 50-100 Over 100 All Banks
18
13
11
477
23.3
35.8
6.5
33.3
1.0
23.3
36.4
6.7
32.4
1.0
22.3
41.7
4.5
30.3
1.0
23.6
35.0
5.2
34.4
1.4
24.3
46.2
4.2
24.1
.9
26.6
42.5
4.5
25.1
.9
23.3
37.1
5.9
32.6
1.0
10.1
8.9
8.1
7.9
7.2
7.3
6.1
5.8
8.1
28.8
11.3
36.5
23.0
9.8
38.0
21.0
8.8
36.2
20.8
8.8
34.9
21.8
7.8
30.2
19.6
7.9
26.9
21.9
6.5
17.5
21.5
6.2
15.2
22.0
8.9
34.2
* 8 y
!
MONTHLY REVIEW
JANUARY 1951
Business Conditions and Outlook
activity in the Fifth Federal Reserve Dis
trict continues basically strong. Despite the fact
that retailers’ and wholesalers’ inventories the country
over are high in relation to their sales volume, there
has been no apparent effect evidenced in the soft goods
industries of this District. It is obvious that textiles of
all types are not going to be in plentiful supply in the
months ahead and, as a consequence, fabricators are
quite willing to build up inventory at this time. It is
probably fortunate in this period of transition from
civilian production to military production that this in
ventory accumulation can be effected. It has, however,
had its consequences on the expansion of commercial
and industrial loans of the banks and it has kept a rather
constant upward pressure under the prices of most of
these goods.
Employment Levels
u s in e s s
B
The over-all employment situation in the District ap
pears for the time being to have leveled off due in part
to seasonal tendencies in tobacco and food industries and
in part to selective reductions in construction employ
ment which have been no more than offset by expansion
in the other employment outlets. Even so, the employ
ment situation is tight in the District and undoubtedly
some out-migrations are being experienced. The step-up
in manpower requirements for the armed services will
begin to put real pressure on the labor supply in the
spring and it is apparent that a great many more
women must be brought into the labor force. Personnel
requirements at military installations and in shipyards
and aircraft factories are being stepped up and more of
the same can be expected in due course.
Trade figures are again expanding after seasonal cor
rection with soft goods in the forefront of the rise and
with automobiles, appliances, and furniture holding at a
surprisingly good level. Despite the heavy inventory
position of retailers, as measured by the department and
furniture stores in this District, sales of wholesalers are
holding remarkably high, even though modest set-backs
occurred in the seasonally adjusted figures from October
to November in drugs, dry goods, electrical goods, and
hardware lines. Relative to a year ago, sales of whole
salers are up in all lines, with tobacco products up 2 % ,
groceries up 59r, drugs up 29% , and all others more
than 40% .
Construction Still High
Although somewhat under its peak level of the sum
mer, the construction industry is still being maintained
at a very high level. Building permits in 30 cities of the
District in November were 27% higher than the same
month a year ago, with IS cities showing gains and 15
losses. Announcements of new plant construction have
been substantial in recent months and every week brings
further news of such constructions. Prominent among
these are a combed fabrics mill in Greenville, South
Carolina, for $4 million; additions to a rayon finishing
plant at Old Fort, North Carolina, $1 m illion; new spun
rayon plant in Raeford, North Carolina, $7.5 million;
improvements to ore piers at Baltimore, Maryland, $1
m illion; enlarged plant, Danville, Virginia, $3.5 m illion;
machinery plant at Towson, Maryland, $1 million; meat
packers distribution plant, Norfolk, Virginia, $1 m illion;
new machinery mill at Gastonia, North Carolina, $1 mil
lion ; additional cotton mill facilities, Clinton, South
Carolina, $1.25 million; new building and machinery,
Greer, South Carolina, $3 m illion; expansion at Gaffney,
South Carolina, $1.2 million; expansion of telephone
facilities, $3.6 million. The above does not take into
account the expansion of DuPont’s plant in Camden,
South Carolina, and a new orlon installation at Kinston,
North Carolina, nor additional facilities for dynel pro
duction by Union Carbide at Charleston, W est Virginia,
and many others for which details are lacking.
Lumber Firmer
The lumber industry’s price structure has firmed up
following a considerable weakness in October and N o
vember and new orders have established a better relation
ship with production and shipments. There are indica
tions that some retailers have become somewhat anxious
over the future supply situation and have indicated a
willingness to add to yard stocks. November weather
conditions in this District were not favorable for log
ging, but for the time being supply and demand seem to
be fairly well in balance. The heat has been taken off
the hardwood market, but thus far the price structure
is still firmly held. Furniture manufacturers have re
duced their hardwood purchases to some extent. Pay
scales in the lumber industry are such that it may be
among the first to find its workers moving into other
industries.
Sales of department stores of this District rose more
than seasonally from October to November, but those
of furniture and household appliance stores show a con
trary trend. These latter sales, nevertheless, remain in
a high area, despite the fact that they are slightly below
last year’s level. Department store inventories are high
by past standards and this has found its reflection in preChristmas clearances. Announcements of clearance sales
in the early days following Christmas are quite general,
with prices marked to assure their success. The trade
outlook in this District is viewed quite optimistically by
retailers, despite the fact that smaller and smaller quan
tities of durable goods will be available for sale.
Apparel Manufacturing Growing
Growth in apparel manufacturing in this District con
tinues with a resolute persistence. In recent years it has
been more pronounced in Virginia and the Carolinas
than in its old established location in Maryland. It is
i 9 y
FEDERAL RESERVE BANK OF RICHMOND
Outlook Stronger
particularly pronounced in South Carolina where the
industry in a period of three years has practically
doubled.
Loans of all member banks in the Fifth District were
at a new high level on November 29. On this date,
these loans totaled $1,927 million, a gain of $31 million
during the month and a gain of $332 million over a year
ago. Total deposits of $5,785 million were down $15
million from a month earlier but $293 million higher
than a year ago. The gain came largely in demand de
posits, with time deposits showing a gain of only $9
million above last year. The weekly reporting banks
show commercial, industrial, and agricultural loans con tinuing their upward trend. They also show real estate
loans and other loans, largely consumer, to be leveling
off. The trend of sales of Series E Savings Bonds is
still downward, but redemptions have fallen more than
sales in recent months.
The change in the fortunes of the Korean war late in
November has had its repercussions on the economy of
the Fifth Federal Reserve District. Whereas formerly
it had not appeared that the impact of defense expendi
tures would be too substantial on the District, it is now
apparent that it is going to be much greater than under
the previous conditions. The District’s shipyards, mili
tary installations, and aircraft factories will, it appears,
require a substantially larger number of workers and
the soft goods industries, which had shown some tend
ency to level off, are now likely to be called on for as
nearly a full production output as they can deliver.
Prices of many of the District's products, which had
given some indication of reacting, or at least leveling off,
have again firmed and the production outlook the Dis
trict over seems to point to as near capacity levels as can
be obtained.
Member Banks Shifted to Higher Yielding Assets in 1950
Continued from page 8
been doing during the same period of time.
Each Fifth District member bank receives annually
an operating ratios statement, with the ratios for the
individual bank computed and enclosed for convenience.
It appears that many banks use these ratio statements for
purposes of policy determination, and they are discussed
at meetings of officers and directors. For banks which
desire them, an appropriate number of additional copies
of this statement, together with the enclosure giving the
individual bank’s ratios, can be obtained on request
when it is released.
vidual banks will not only appraise the results of their
own operations during the year, but will simultaneously
appraise the performance of the “ average” bank. Of
course no ratio can show the quality and flexibility of
assets held, nor the ease with which these assets can be
liquidated.
N o suggestion is intended that individual banks should
be satisfied with an average record, nor that they should
use it as a goal of any sort. W hat is intended is that
individual banks should have available for informa
tional purposes records indicating what other banks have
ADDITIONS TO PAR LIST
The Peoples Bank of Iva, Iva, S. C., opened for
business on January 2, 1951, and was added to the
Federal Reserve par list on its opening date. The
bank is in the territory served by the Charlotte
Branch of the Federal Reserve Bank of Richmond,
and its combined transit number-check routing sym-
The First State Bank and Trust Company, Besse
mer City, N. C., including its branch at Mount Holly,
N. C., has agreed to remit at par for all checks
received from the Federal Reserve Bank effective
January 2, 1951. Both banking points are in the
territory served by the Charlotte Branch of the Fed
eral Reserve Bank of Richmond. The combined trans
it number-check routing symbol of the Bessemer City
office is
T3
u
b o lis ^ p -.
The officers of the new institution are Dr. C. D.
Evans, President, J. W . Simpson, Sr., V ice Presi
dent, and J. P. Patterson, Vice President and Cashier.
and the symbol of the Mount Holly
•
Branch is
66-925
531
U 0 h
f
JANUARY 1951
MONTHLY REVIEW
PRINCIPAL
ASSETS
AND
L IA B IL IT IE S
U N ITED STA TE S
AND
F IF T H
OF
M EM BER
BANKS
D IS T R IC T
LAST WEDNESDAY OF MONTH FIGURES
5th Dist.
BILLIONS OF DOLLARS
U.S. GOVT. S E C U R IT IE S
LOANS
LOANS AND IN V E S T M E N T S
BILLIONS OF DOLLARS
✓
US
5th Dist.
BILLIONS OF DOLLARS
4.0
U.S.
80.0
United States
/>
Fifth District
Fifth District
111111,1t-LLU 20.0
DEMAND DEPOSITS, ADJ.
TIM E DEPOSITS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL D E P O S ITS
BILLIONS OF DOLLARS
5th Dist
8.0 ---------
u. s.
160.0
United States
Fifth District
Data
Latest
Partly Estimated
Figures
Plotted
Fif,h Dis1rict • Nov 2 9 • 1950
United States, Oct. 2 7 ,1 9 5 0
D E B IT S TO I N D IV ID U A L AC C O U N TS
(000 omitted)
November
1950
Dist. of Columbia
Washington
Maryland
Baltimore
Cumberland
Frederick
Hagerstown
North Carolina
Asheville
Charlotte
Durham
Greensboro
Kinston
Raleigh
Wilmington
Wilson
W inston-Salem
November
1949
11 Months
1950
11 Months
1949
$
$
739,503
$ 9,650,080
$ 8,143,552
1,166,593
26,220
19,118
30,979
977,624
20,830
17,467
24,564
11,807,127
256,201
199,265
313,165
10,486,122
227,058
188,765
284,980
57,523
340,553
107,216
99,666
19,464
178,580
40,096
28,658
179,532
46,638
262,414
104,190
85,339
16,770
127,970
28,660
21,007
150,927
569,164
3,290,695
1,191,825
963,820
235,910
1,598,691
394,422
312,983
1,648,910
502,209
2,609,813
1,140,463
797,577
212,556
1,386,450
344,113
258,436
1,450,004
67,837
110,427
106,383
69,863
57,276
99,926
83,811
51,478
697,037
1,168,340
1,020,056
597,753
635,355
1,074,931
857,609
494,814
25,949
52,698
46,586
39,810
196,511
24,004
534,077
107,793
23,081
42,398
36,756
27,044
182,821
20,091
471,603
87,794
267,137
369,823
447,647
343,074
2,215,378
238,695
5,592,287
1,111,472
240,282
311,886
390,081
332,742
1,908,150
215,547
5,341,382
979,180
955,058
South Carolina
Charleston
Columbia
Greenville
Spartanburg
Virginia
Charlottesville
Danville
Lynchburg
Newport News
Norfolk
Portsmouth
Richmond
Roanoke
West Virginia
Bluefield
Charleston
Clarksburg
Parkersburg
42,636
149,246
31,877
64,174
26,752
25,286
116,759
24,748
54,397
22,682
453,013
1,456,452
334,054
649,974
294,497
District Totals
$ 4,945,879
$ 4,051,854
$49,688,947
Total Demand Deposits______
Deposits of Individuals ____
Deposits of U. S. Govt_______
Deposits of State & Loc. Gov.
Deposits of Banks __________
Certified & Officers’ ChecksTotal Time Deposits________
Deposits of Individuals
Other Time Deposits_______
Liabilities for Borrowed Money
All Other Liabilities________
Capital Accounts_____________
Total Liabilities.— ______
435,952
1,398,463
305,828
600,478
271,037
$43,825,815
H untington
51 R E P O R T IN G M E M B E R B A N K S — 5th D IS T R IC T
(000 omitted)
Change in Amount from
Dec. 13,
Nov. 15.
Dec. 14,
ITEMS
1950
1950
1949
Total Loans_________________
+250,385
$1,129,051** + 25,627
Business & Agricultural____
542,465
+135,215
+ 21,501
Real Estate Loans________
8,224
244,233
+ 37,459
+
—
All Other Loans____________
354,574
+ 80,742
4,057
—
Total Security Holdings______
1,689,473
13,123
— 115,906
—
U. S. Treasury Bills _______
110,887
6,418
— 33,033
U. S. Treasury Certificates 33,888
—212,276
+ 11,690
U. S. Treasury Notes _____
338,633
7,627
+294,137
+
—
U. S. Treasury Bonds ______
1,031,915
28,860
— 186,575
Other Bonds, Stocks & Secur.
174,150
+ 21,841
2,838
+
—
Cash Items in Process of Col__
282,852
40,334
+ 28,781
Due from Banks______________
207,587*
+ 26,659
+ 22,888
Currency & Coin______________
79,072
+
5,853
8,961
+
—
Reserve with F. R. Bank_____
470,881
1,865
+ 23,717
Other Assets___________________
56,514
1,629
+
3,520
+
Total Assets______________
$3,915,430
3,783
+223,009
+
$3,038,081
2,293,479
62,825
154,007
478,433*
49,337
607,620
551,682
55,938
1,900
25,921
241,908
$3,915,430
+
+
—
+
—
—
+
—
+
+
8,194
37,198
15,765
11,476
18,806
5,909
1,390
11,191
9,801
3,100
91
170
3,783
♦Net figures, reciprocal balances being eliminated.
♦♦Less reserves for losses on bad loans.
iiiy
+207,053
+ 165,172
— 16,042
+
7,027
+ 39,486
+ 11,410
+
4,254
+
531
+
3,723
— 5,450
+
4,459
+ 12,693
+223,009
FEDERAL RESERVE BANK OF RICHMOND
S E L E C T E D F IF T H D IS T R IC T B U SIN E S S IN D E X E S
A V E R A G E D A IL Y 1935-39=100— S E A S O N A L L Y A D JU S TE D
Oct.
1950
Automobile Registration1..
Bank Debits_______________
Bituminous Coal Production_____
Construction Contracts Awarded..
Business Failures— N o.___________
Cigarette Production-------------------Cotton Spindle Hours_______
Department Store Sales2___
Electric Power Production..
Employment— Manufacturing Industries1..
Furniture Manufacturers: Shipments2------Life Insurance Sales_______________________
388
139
570
74
234
158
313
150
_
271
Sept.
1950
Nov.
1949
259
411
161
462
68
206
163
312
327
151
401
279
Nov.
1950
245
395
151
606
65
231
155
332
323
150
387
341
198
317
127
521
135
233
144
304
274
139
310
269
% Change— Latest Month
Prev. Mo.
+
—
—
+
+
+
—
+
—
+
—
Year Ago
6
6
14
23
9
14
3
0
1
1
4
3
23
22
9
9
45
0
10
3
25
8
44
1
+
+
+
+
—
+
+
+
+
+
+
1 Not seasonally adjusted.
2 Revised Series— back figures available on request.
B U IL D IN G P E R M IT F IG U R E S
November
1950
November
1949
11 Months
1950
11 Months
1949
4,750,580
24,625
50,820
143,450
280,539
$ 76,472,075
1,055,590
1,987,416
4,308,100
2,563,355
$ 47,439,030
511,015
825,652
1,993,898
1,832,472
84,057
259,217
48,166
1,415,045
147,028
194,457
1,377,152
2,717,398
5,637,263
5,891,572
1,736,501
14,764,393
5,028,525
3,854,141
31,006,694
16,089,934
2,239,011
4,807,958
1,103,674
11,337,951
1,772,410
1,658,961
16,159,711
13,084,849
590,998
62,800
171,000
494,267
100,023
280,540
12,725,810
1,622,048
6,898,994
9,607,860
1,134,131
5,151,628
North Carolina
Asheville
121,193
Charlotte
3,522,861
487,337
Durham
Greensboro
727,151
150,970
High Point
Raleigh
1,127,185
291,384
Rocky Mount
Salisbury
53,660
Winston-Salem
819,763
196,055
1,935,991
381,240
809,825
784,260
540,425
264,097
145,380
508,572
3,989,895
28,181,336
16,237,867
15,364,450
4,156,926
15,876,235
3,976,547
3,757,747
11,522,827
4,183,204
21,814,365
8,354,940
10,154,425
4,765,643
8,633,640
1,718,175
1,495,988
7,532,911
South Carolina
Charleston
Columbia
Greenville
Spartanburg
148,882
225,818
1,072,440
842,857
3,011,163
9,772,990
10,383,624
5,803,408
3,750,394
6,642,589
9,411,290
4,993,167
Maryland
Baltimore
$
Cumberland
Frederick
Hagerstown
Salisbury
6,078,195
27,840
207,050
441,427
977,525
Virginia
Danville
2,759,913
Lynchburg
229,175
Newport News
36,803
Norfolk
930,555
Petersburg
76,483
Portsmouth
132,650
5,828,536
Richmond
Roanoke
413,852
West Virginia
Charleston
Clarksburg
Huntington
276,085
342,960
475,050
56,015
$
Dist. of Columbia
Washington
4,396,728
4,856,701
65,734,072
73,429,869
District Totals $ 31,813,144
$ 25,079,907
$389,411,498
$287,540,811
W H O LE SA LE TRADE
Sales in
November■ 1950
compared with
Nov.
Oct.
LINES
1949
1950
Auto supplies ( 8 ) ________
+ 24
0
Electrical goods ( 6 ) ______
+ 62
— 6
Hardware (1 2 )___________
+ 23
— 1
*0
Industrial Supplies (6)
+ 53
— 12
Drugs and Sundries (14)..
+ 12
— 3
Dry Goods (1 0 )___________
+ 24
— 15
Groceries (6 2 )____________
+
4
+
4
Paper and Products (7) ...
+ 33
+
6
Tobacco & Products (10) _.
+
6
+
5
Miscellaneous (9 5 )_______
+ 22
— 7
District Totals (230)....
+ 18
— 4
Stocks on
November 30, 1950
compared with
Nov. 30, Oct. 31,
1949
1950
+
6
+
1
+ 11
+ 19
+ 18
+
6
— 2
— 7
+
9
+
2
+ 17
+
3
0
+ 17
+
+
+
16
17
16
+
+
+
~5
4
3
Number of reporting firms in parentheses.
Source: Department of Commerce.
-♦ + + R E T A IL F U R N IT U R E SALES
Percentage comparison of sales
in periods names with sales in
same periods in 1949
STATES
November 1950
11 Mos. 1950
—
Maryland ( 7 ) ______________
14
4
District of Columbia (7)....
6
12
+
Virginia (1 8 )_____________
5
10
+
West Virginia (9) ________
9
16
North Carolina ( 1 5 ) ______
+ 10
+ 14
South Carolina ( 5 ) _________
12
7
District (6 1 ) ____________
4- 9
— 3
IN D IVID U AL CITIES
_
Baltimore, Md. ( 7 ) _________
14
4
+
Washington, D. C. ( 7 ) ____
6
+
+ 12
Richmond, Va. ( 6 ) _________
—
10
4
+
Lynchburg, Va. ( 3 ) _______
+ 27
+ 16
Charlotte, N. C. ( 3 ) ______
14
8
+
Number of reporting firms in parentheses.
+ + *+ ♦-
C O T T O N C O N S U M P T IO N A N D ON H A N D — B A L E S
Nov.
Nov.
1949
1950
Fifth District States:
514,878
401,481
Cotton consumed____
Cotton Growing States:
Cotton consumed____
915,134
702,959
Cotton on hand Nov. 30, in
consuming establishments 1,654,418 1,314,058
in storage & compresses . 6,982,528 10,553,647
United States:
Cotton consumed__________ 1,008,872772,216
Cotton on hand Nov. 30 in
consuming establishments 1,832,015
1,457,072
in storage & compresses.. 6,995,538 10,568,091
Spindles active, Nov. 30, U.S.„20,751,000 20,315,000
Aug. 1 to Nov. 30
1950
1949
D E P A R T M E N T S T O R E O P E R A T IO N S
(Figures show percentage change)
1,843,423 1,507,389
3,278,970 2,605,735
3,620,351 2,869,475
Sales, Nov. ’50 vs. Nov. ’49___
Sales, 11 mos. *50 vs. 11 mos. ’49
Source: Department of Commerce.
Sales, Nov. ’50 vs. Nov. ’49_____
Sales, 11 mos. ’50 vs. 11 mos. ’49
Stocks, Nov. 30, ’50 vs. ’49_____
Orders outstanding,
Nov. 30, ’50 vs. ’49_______
Current receivables Nov. 1
collected in Nov. 1950_______
Instalment receivables Nov. 1
collected in Nov. 1950________
m y
Rich.
+ 8
+ 7
+25
Balt. Wash.
— 1
+ 3
+ 2
+ 2
+18
+15
Other
Cities
+ 3
+ 7
+13
Dist.
Total
+ 2
+ 4
+ 17
+ 62
+19
+ 37
+40
+ 36
31
52
50
43
45
18
18
16
14
Md.
+ 3
+ 2
D.C.
- 1
+ 2
Va. W .V a. N.C.
+ 6 + 3 + 1
+ 5
+11 + 4
18
S.C.
+ 8
+ 6