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RESERVE BANKJQFIRICHMOND

a n e w
July 1953
Thousands

N ew

houses

Star ted

1200

900“

600

300-

1936

1938

1940

1942

c t i v i t y in the industry which provides the
nation’s 160 million inhabitants with shelter
has profound influences throughout the economy.
Home builders have developed the capacity to sup­
ply well over a million new houses each year.
Some of the factors which determine the level of
activity in this sector of the economy are discussed
in the article beginning on page 3.
A




1944

1946

1948

1950

Also In This Issue

1952

- - -

District Agriculture Shows Important
Long-Run Gains______________________ Page

5

Factors Influencing
District Employment_________________ Page

7

Business Conditions and Prospects______ Page 10
Fijth District Statistical Data_________ Page 12

Federal Reserve Bank of Richmond

F if t h

D is t r ic t

DEPARTMENT STORE STOCKS

BANK

DEPARTMENT

NEW PASSENGER CAR REGISTRATIONS

1946

1947

1948

1949

1950

1951

1952

STORE SALES

1953

N ew passenger car registrations in this District during April were
1 % higher than in M arch and 2 9 % ahead of a year ago. May
figures in three states showed a gain of 7 % over Ap ril and 38%
over a year earlier. Commercial car registrations are running ahead
of a year ago but the gains are not nearly so pronounced.

Dollar sales of department stores in M ay were 2 .5 % higher than
a year ago but owing to fewer working days average daily sales
were up 7 % . Adjusted average daily sales in M ay were 1 2 % higher
than in April and approxim ately at the all-time peak established in
August 1952.

SAVINGS

HOSIERY PRODUCTION - UNITED STATES

Hosiery production in the nation during Ap ril was moderately
below that in March but it did not fall by seasonal proportions and
as a consequence the adjusted index rose 2 % . Ap ril output was
5 % ahead of a year ago. Circular knit production and sales have
continued strong up to mid-year while the full-fashioned business
has slumped more than seasonally.




DEBITS

The moderate decline in F ifth District bank debits during April
was recovered in May wr
hen the indexes rose 1 % and were back to
the March level. May debits were 8 % ahead of a year ago and in
the first five months of the year the gain was 7 % .

Department store stocks continued to move upward in May, gain­
ing 5 % on an adjusted basis from A p ril and 1 3 % over May 1952.
Increases in stocks have been prim arily on a voluntary basis as the
stock gains were registered mainly in those departments where sales
have been rising most prominently.

1945

T rends

BONDS

Sales of series E and H savings bonds in the District in M ay
were 3 % ahead of Ap ril and 4 2 % ahead of a year ago. In the first
five months sales of these bonds were up 2 6 % , while redemptions
in this same period were down 3 % . M ay redemptions, however,
were still $3 million larger than sales.

-{

2

y

July 1953

jf jc r is a *

Houses for Sale—How Many? And How Long?
A
J L
l

continue to supply new homes so long as they believe
there are buyers to take them. It is the home purchaser
who decides, in the final analysis, how many new homes
will be produced. Builders will cut production only
when it becomes unprofitable, as during a period of de­
clining prices, when costs are not falling as rapidly as
prices and when profit margins shrink or disappear.
Prices, of course, reflect the state of the market— fall­
ing prices mean not enough demand to keep sales at
desired levels. The strength of the demand becomes the
key to the outlook. The factors that influence the de­
cisions of individuals to buy or not to buy homes are the
factors which will determine the level of activity in the
months ahead.

or more new homes have been started in
the United States each year since 1948, 1950 set
the all-time record with 1,396,000 new starts, a figure
which has not yet been surpassed. Through May of this
year, work was begun on 463,000 new houses. If this
rate of building continues, 1953 will be another million
plus year, though some doubts have been recently ex­
pressed as to the continuation of this level of activity.
m illio n

Prevailing conditions in the housing market have pro­
found influences throughout the economy. The home
building industry employs approximately 900,000 onthe-site construction workers who derive a total annual
income of nearly $4 billion from their productivity.
Building materials used provide a stimulus to countless
subsidiary industries. Producers of home appliances
and furnishings have faced capacity operations supply­
ing the durable goods needed to equip new homes. The
financing of homes has supplied commercial banks with
approximately 10% of their total earning assets, insur­
ance companies with over 25 % , mutual savings banks
with nearly 3 6% , and savings and loan associations
with almost 90% .

The Demand for Houses
In estimating the future course of demand for houses
at least five principal factors must be appraised: (1 )
the rate at which new households are being formed,
(2 ) changes in housing standards, (3 ) the existing
stock of houses, (4 ) changes in the level of personal in­
come, and (5 ) the availability of mortgage money and
the terms under which it can be obtained. Each of
these factors exerts an important influence on demand
trends whether we apply them to the country as a whole
or to a particular state or locality. Different circum­
stances prevail however, when considering demand in
a particular city or state than when considering the na­
tion as a whole. For example, for the nation, net addi­
tions to households* may be estimated by considering
the number of marriages each year, the establishment
of separate households by couples formerly living in
shared quarters, the increase in the number of families
not headed by a married couple, and the establishment
of households by individuals. When estimating changes
in the number of households for some specific geograph­
ic subdivision of the nation, it is necessary also to con­
sider the migration of households to and from the area
in addition to each of the factors above.

What are the factors which maintain a high level of
operations in the housing field and what are their pros­
pects over the near future? A s in any free market, the
level of activity in housing rests on the interaction of
supply and demand and the adjustments that are made
to bring about mutally profitable relationships between
buyers and sellers. Although this old economic stand­
by, the law of supply and demand, is the first step to­
ward understanding changes in the level of housing
activity, the only meaningful answer is found in a break­
down of the factors which point up the nature of home
supply and home demand.
Since the close of W orld W ar II, erection of new
homes has been greatly stimulated by such conditions
as an overhang of unfulfilled demands from the war
years, by “ super-normal” demands brought about by the
extraordinary rate of family formation, by rising incomes
providing both “wherewithal” and confidence on the
part of purchasers, by rising prices leading to confidence
in the profitability of building, by an adequate flow of
building supplies and a sufficient supply of labor, and
by easy financing at both builder and purchaser levels.

In the case of changes in housing standards for the
nation as a whole, an average applies which may not
fit any specific locality. When a given area is con­
sidered, its standard is the one to be appraised because
changes to a higher standard of housing— even though
below the national average— may represent a strong
housing demand in that community. And so it is with
each of the other factors; local conditions must always
replace or be added to the generalized characteristics
underlying the particular aspect of demands being
studied.

Builders were able to meet an effective demand for
new homes in 1951 and 1952 which, except for 1950,
outstripped all previous years, although the Korean
W ar brought shortages of some building materials and
restrictions on mortgage lending. Because of the post­
war experience our building industry now has a capa­
city for well over a million new homes each year. A t
current prices, there is little doubt that builders will




♦A ‘ ‘household” comprises all persons who occupy a dwelling unit,
that is, a house, an apartment or other group o f rooms, or a room that
constitutes “ separate living quarters.”

i 3 y

Federal Reserve Bank of Richmond
Fewer Households vs. Higher Housing Standards

standard for low price homes. Federal Government
insurance or guarantee has been an important factor in
inducing private lenders to grant such terms.
The terms under which mortgage money is made
available has a significant influence on housing demand.
W ith the threat of inflation following the outbreak of
hostilities in Korea, tightening mortgage loan terms was
considered to be the most effective way of curbing de­
mand in this sector of the economy. A s inflationary
pressures have subsided a relaxing of terms has l)een
demanded, particularly by builders and realtors, in order
to stimulate activity in the housing field.
Loan terms obviously affect the borrowers’ willing­
ness to incur a mortgage debt. The willingness of
lenders to make funds available rests on interest rates,
and in particular on the relationship between mortgage
loan rates and the rates available from alternative types
of investments. Generally rising rates in all sectors of
the market have been apparent since the unpegging of
Government security prices in 1951. A s a result of this
movement, and in response to strong demands from
lenders, builders, and realtors, rates on F H A and Y A
loans were raised to Al 2c c effective May 2, 1953 for
/ /
F H A and May 6 for Y A . The F H A rate is 5% so far as
the borrower is concerned because of a
insurance
premium which is generally passed on to the borrower.
When these rates were raised, it was thought that
lenders would find them attractive and as a result would
pour additional funds into mortgage lending. It is per­
haps too soon to determine whether this result will ma­
terialize. The number of new houses started in May
of this year, however, was slightly below the number
started in April, the first time in the postwar years that
May production has fallen below that of April. A
sampling of opinion in this District indicates that lenders
are not finding the 4 ^ % rate as attractive as formerly
since yields on other investments have also risen. It
takes time, however, for such adjustments to permeate
the economy permitting an appraisal of their influences.

From the close of World W ar II to mid-1948, new
households were formed in this country at an unusually
high rate. The Bureau of the Census estimates that
1,582,000 new households were formed in the year end­
ing April 1948— an all-time record. Annual housing
starts also climbed rapidly in this period. Since 1948,
new' household formation has dropped almost as rapid­
ly as it climbed in the preceding period. New house­
hold formation for the year ended in April 1952 is put
at 900,000, over 40% below the 1948 figure. The Bu­
reau of the Census estimates that this decline will con­
tinue throughout this decade, the average annual in­
crease in households to 1955 being placed at approxi­
mately 700,000. The outlook beyond mid-1960 gives
rise to optimism, the large number of children bom in
the late 1940’s will then be reaching marriageable age
with a resulting sharp rise in family formation. For
the immediate future, however, the outlook for the na­
tion as a whole is that a sharp drop in demand will re­
sult from the decreasing household formation factor.
Rising housing standards may well provide a stimulus
to housing demand which will offset the dampening
effect of declining household formation. The desire for
a higher quality house or for a more suitable neighbor­
hood, or the need for more rooms and facilities because
of increasing families, exerts a very real influence on
the home building industry, all the more important be­
cause it represents higher expenditures per housing unit
than formerly with resulting repercussions throughout
the economy.
The ever-rising share of total income received by the
lower income groups, a tendency much in evidence in
this country over the past two decades, has played an
important role in developing higher housing standards
for larger groups of people. Larger families have been
an important factor recently in the desire of families to
improve their housing standards. The level of eco­
nomic activity exerts a very real influence on family
formations and birth rates. The prosperous postwar
years are no exception and the trend toward larger fam­
ilies among the younger couples is exerting its influence:
the five-room home is already being thought of in many
quarters as a curiosity of the immediate postwar years.

Houses and the Nation’s Economy
The demand for houses is but one of the major eco­
nomic uncertainties of the times. However, activity in
the industry which provides shelter for the nation’s 160
million people reaches so deeply into so many facets of
our economy that changes there might well bring about
like changes in the economy as a whole.
Improving housing s t a n d a r d s and ever-widening
home ownership could provide an impetus to the indus­
try over the next decade which would offset declining
demand stemming from the expected decrease in the
formation of new households. One important factor in
making these demands effective is the availability of
mortgage money on terms attractive to home pur­
chasers. O f even greater importance is the continua­
tion of a high level of employment and income in all
other sectors of the economy.

The Liberalization of Mortgage Lending
“ Only $300 down and monthly payments just like
rent” is a phenomenon of the post-World W ar II pe­
riod. Extended maturities and monthly principal and
interest payments were developed by a number of lend­
ers in the 1920’s. It was not, however, until the de­
pression of the 1930’s brought mass foreclosures that
the trend was broadened and became a firmly established
mortgage lending practice. The advent of the Y A
guarantee carried the development to its present liberal­
ity, where 5% down and 25 years to pay is the accepted




*!

4

July I953

District Agriculture Shows Important Long-Run Gains
X T ' i f t h District farmers have made important strides
J- during the past two decades in improving farm
organization and developing more efficient production.
Much of the improvement has occurred in livestock
production. Before the great depression, livestock
and livestock products accounted for 28% of the
income from the sale of farm products. By last year
livestock enterprises accounted for 38% of a sharply
increased total.

By states, Maryland has
shown the greatest in­
crease, with the share of
the total cash farm income
coming from livestock and
livestock products increas­
ing from a 1924-29 level of
49% to a 1952 level of
66% . Corresponding per­
centages f o r t h e other
states a re : Virginia from
39% to 53% ; W est V ir­
ginia from 66% to 80% ;
North Carolina from 14%
to 22% ; and South Caro­
lina from 12% to 21% .

but the other states showed decreases. Even so, V ir­
ginia produced an average of 69.9 pounds; W est V ir­
ginia, 31.5 pounds; and Maryland, 30.6 pounds per
capita.
Chickens Show M ost Rapid Gain

Chickens (including broilers) are second only to hogs
in the District and production has risen rapidly. In
1952 chicken production
averaged 47.1 pounds per
capita, considerably more
RANKING AGRICULTURAL COUNTIES
than double the 1940 aver­
age of 20.7 pounds. Mary­
H
land l e a d s w i t h 77.8
ui
pounds per capita in 1952.
Virginia follows with 55.0;
North Carolina with 43.3;
W est Virginia, 40.4; and
South C a r o l i n a , 29.7
pounds per capita. Each
state has made remarkable
gains since 1940, but all of
the increase has been in
broilers. Farm chickens—
as d is t in g u is h e d from
broilers — d e c lin e d sub­
stantially f r o m 1940 to
1952 in each state except
North Carolina where a
m o d e r a te in c r e a s e oc­
curred.

From some standpoints,
a better indicator of the
expansion in livestock is
actual production rather
than income. This arises
both because of the siz­
able share of production
that does not enter com­
mercial channels and be­
cause of v a r i a t i o n s in
prices. A s a further means
Source: U .S. Census of A g ricu ltu re : 1950.
of achieving comparability
in the data on livestock
production, they are ex­
pressed in this article on the basis of liveweight pounds
produced per capita.

Cattle P rodu ction
Increases 18%
In 1952 District farmers
produced cattle and calves
amounting to 45.4 pounds
per capita compared with
38.5
18% increase. Virginia is the leading cattle producer,
with 78.5 pounds per capita in 1952. Following are
W est Virginia with 64.3 pounds; Maryland with 37.9;
South Carolina with 31.9; and North Carolina with 29.3
pounds per capita. Increases over 1940 ranged from
a high of 27% in North Carolina to a low of only 2%
in W est Virginia.
7 tim es and over

H ogs Lead in L ivestock Production
H ogs are the leading livestock enterprise on Fifth
District farms in terms of pounds produced. They are
followed in importance by chickens, cattle and calves,
and sheep.

Sheep have never been very important in the Fifth
District as a whole, though they are important on many
farms. For the entire District, sheep and lambs pro­
duced averaged 2.8 pounds per capita in 1952, a reduc­
tion from the 3.9 pounds in 1940. W est Virginia is
the leading District producer having an average per
capita production of 9.9 pounds. Virginia follows with
5.4 pounds.

In 1952 Fifth District farms produced an average of
59.3 pounds (liveweight basis) of hogs for each of the
15.1 million men, women, and children in the District,
6% more than in 1940. North Carolina was the lead­
ing pork producer— averaging 82.6 pounds per capita.
South Carolina averaged 78.9 pounds. Both of these
states showed sizable increases between 1940 and 1952,




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pound

Federal Reserve Bank of Richmond
Virginia Leads in Total Per Capita Production
If the four classes of livestock (hogs, chickens, cattle
and calves, and sheep and lambs) are added together on
a pound for pound liveweight basis, the average for the
District is 154.6 pounds per capita. Virginia leads with
an impressive 208.8 pound average, other states show:
155.6 pounds for North Carolina; 147.2 for Maryland;
146.1 for W est Virginia; and 140.6 in South Carolina.
Rapid expansion in broiler production in Maryland
largely accounts for that state's sharp percentage in­
crease in per capita production of livestock, 1940-1952.
Following Maryland's increase of 4 9 % , was North Car­
olina with an increase of 4 2 % ; South Carolina with
2 8 % ; and W est Virginia and Virginia, both with 18% .
These compare with a 30% increase in per capita pro­
duction for the District as a whole— a notable accom­
plishment.

Ranking Agricultural Counties
Consideration now shifts to the relative national posi­
tion of Fifth District counties. A recent Census Bu­
reau bulletin reveals that over one-half of the counties
in the District rank among the leading agricultural coun­
ties of the nation in one or more characteristics. The
100 leading counties are listed for each of 87 general
farm characteristics, and Fifth District counties are in­
cluded in half of the items.
Southampton County, Virginia, ranks first in the na­
tion in quantity of peanuts harvested; Pitt County,
North Carolina, ranks first in acres of tobacco harvested
and second in the quantity harvested; Robeson County,
North Carolina, has more mules than any other county
in the nation; Spartanburg County, South Carolina,
more peach trees; and Barnwell County, South Caro­
lina, leads in watermelon acreage.

Accomack County Leads
Accomack County, Virginia, leads all District counties
in the number of characteristics in which it ranks among
the first 100— 13 times. Twr other Eastern Shore
o
counties are runners-up: Wicomico, Maryland, 12 times,
and Northampton County, Virginia, 11 times. Lead­
ing counties in the other District states were Duplin,
North Carolina (8 times) and Berkeley, W est Virginia,
and Orangeburg, South Carolina, each 7 times. For
the 43 characteristics in which District counties are in­
cluded among the top 100 in the nation, Fifth District
counties appear a total of 534 times.

Carolina and 6 in Virginia— rank among the top 100
counties in the nation in both acreage and production.
Cotton is especially important in sections of the Carolinas, but only 4 counties— 2 in each state— are ranked
in the 100 leading cotton-growing counties. Data for
other field crops show 8 Fifth District counties ranking
among the leading 100 in the acres of Irish potatoes
harvested and 5 of these 8 counties also included among
the top 100 in bushels of potatoes produced. Thirtyfive District counties rank among the nation's first 100
counties in acres of sweet potatoes, and all but one of
these qualify among the top in quantity harvested.

Fruits and Vegetables Also Important
In dollar sales of all fruits and nuts, 4 counties in the
District— Spartanburg, South Carolina; Frederick, Vir­
ginia; Jefferson, W est Virginia; and Washington,
Maryland— are among the country's 100 leading coun­
ties. In number of apple trees, 24 District counties are
in the top 100, and of these, 15 are in Virginia. Just
over a fifth of the 100 top peach counties are located in
Fifth District states.
Other areas of concentration include the following
from this area: 9 counties in the acres of strawberries
harvested for sale; 7 counties in cherry tree numbers
of all ages; and 2 counties each in the number of grape­
vines and in the dollar value of horticultural specialties
sold.
Acreage of vegetables harvested for sale indicates the
significance of truck-crop fanning in many parts of the
District. According to this measure, the District has 11
high-ranking counties scattered over Maryland, Vir­
ginia, and the Carolinas.
According to acreage harvested, ranking-county data
for specific crops reveal the following: more than a
fourth (27) of the country's 100 leading counties which
grow green beans are in the Fifth District; of the top
intensive areas of cultivation of sweet com, 9 counties
— all in Maryland— are in this District; areas of con­
centration of cabbage acreage list 15 of the District’s
counties (9 in North Carolina) among the leading 100;
9 counties on the Eastern Shore are among the first
100 counties in tomato acreages; and of the nation's
top counties producing watermelons, 12 are Fifth Dis­
trict counties, 9 being in South Carolina.

Rank High in Poultry and Turkeys
Among the 100 leading counties in value of poultry
and poultry products sold are 12 Fifth District counties.
In the number and value of chickens sold, 18 of the 100
leading counties are in the District. Worcester County,
Maryland, is second in the nation in both items. Seven
District counties are among the top 100 in the number
of turkeys raised. Frederick County, Maryland, is the
only one in the District included in the leading dairy
counties.

Counties High in Field Crops
O f the country's 100 leading counties in both acreage
and quantity of tobacco harvested, 56 are located in the
District. In acreage alone, 41 of these also rank among
the top 50 counties in the nation. In peanuts picked
and threshed, 16 counties from this area— 10 in North




i 6y

July 1953

y A f w M f y jf h r t S U * '

Factors Influencing District Employment
changes have taken place in the nation­
al economy since the advent of the Korean W ar.
From the first quarter of 1950 until the first quarter of
1953, the gross national product rose 3 7% . Indus­
trial production in March 1953 was up 30% from the
same month in 1950 and in this same period total nonagricultural employment in the United States rose 14% .
Much of the original impetus of the rise that began in
1950 was occasioned by the increase or anticipated in­
crease in defense expenditures. These expenditures
have had no extraordinary expansionary effect for a
good many months.
u b s t a n t ia l

S

In view of the prospective leveling off in defense ex­
penditures, or even a moderate decline a little later on,
it seems useful to look at what has happened to the
economy of the Fifth Federal Reserve District to see
what the consequences of developments thus far might
be.

Changes Since 1950
The District's economy has risen in about the same
proportion as the national economy in the period under
review. From March 1950 to March 1953, total
nonagricultural employment in the District increased a
half million, or 13.5% . This rise compares with a gain
of 15% for the nation as a whole. O f the half million
added, 277,000 or 55% of the total increase was ac­
counted for by manufacturing industries and Govern­
ment payrolls. Manufacturing industries accounted for
160,000 of the increase and Government payrolls, 117,000. Construction, which has been importantly affected
though not dominated by the defense effort, showed an
increase in employment of 62,000, or 3 3% . Finance,
insurance and real estate concerns increased their em­
ployment by 20% and concerns engaged in trade in­
creased theirs almost as much as the percentage increase
in total nonagricultural employment, namely 12.9% .
Transportation, communication and public utilities

Table I
N O N A G R IC U L T U R A L E M P L O Y M E N T
F IF T H D IS T R IC T
(in thousands)
March
1950
Total nonagricultural -------M inins — ..................
Contract Construction —
M anufacturing
Durable*
Nondurable* ---------------Transportation, commuication and public util­
ities _________________
T ra d e .....................
~~
Financial, insurance and
real estate
_
_
Service and miscellaneous
Government ---------------------

Change
Number

%

3,694.2
161.8
186.9
1,177.8
891.2
788.6

4,194.2
188.8
248.5
1,886.9
481.7
849.7

+ 5 0 0 .0
— 28.0
+ 61.6
+ 1 5 9 .6
+ 90.5
+ 66.1

+ 1 8 .5
— 17.8
+ 8 8 .0
+ 1 8 .6
+ 2 8 .1
+ 8.4

299.8
718.1

884.6
810.4

+ .84.8
+ 92.8

+ 1 1 .6
+ 1 2 .9

115.1
856.5
678.7

188.6
895.5
795.9

+ 28.5
+ 89.0
4 -U 7 .2

+ 2 0 .4
+ 1 0 .9
+ 1 7 .8

♦Complete breakdown not available.




March
1958

increased employment 11.6% while service and miscel­
laneous industries have increased theirs by 10.9% . Only
mining showed a reduction in employment from March
1950 to March 1953. This decline of 28,000, or 17.3% ,
was due primarily to the lower demand for bituminous
coal as a result of continued improvement in combus­
tion efficiency and greater competition from oil and gas.
Nonagricultural employment levels in the Fifth Dis­
trict in March 1950 and March 1953, together with the
change both in number and in percentage, are shown in
Table I.

Direct Effects of Defense Effort
Direct effects of the defense program on the economy
of the Fifth District are not readily discernible, but a few
pertinent figures should give some idea of their im­
portance.
The value of military prime contract awards in the
Fifth District aggregated $4,598 million in the period
from July 1, 1950 through March 1953. This amount
was 5.0% of the national total of such contracts of
$92,693 million. It was readily apparent that the Fifth
District did not share in this military business in the
same proportion as it did in the national economy, since
income payments of the Fifth District have been run­
ning for a number of years between 7.6% and 7.9% of
the national total.
In the construction amalgam reported regionally by
the Department of Commerce— residential buildings,
military and Naval, miscellaneous public service, con­
servation development, and other public construction—
the District fared much better than the nation as a
whole. From the fourth quarter 1950 to the fourth
quarter 1952 this type of construction in the Fifth Dis­
trict rose 199% compared with the increase nationally of
6 5% . A s a proportion of total construction activity in
the District, the mentioned types accounted for 4.1%
in the fourth quarter of 1950 and 10.6% in the fourth
quarter of 1952.
A s regards Government employment, the increase in
the District between March 1950 and March 1953
amounted to 117,000, or 17.3% , which compared with
an increase of 751,000 for the nation as a whole, or a
gain of 14% . Government employment cannot be seg­
regated in the District as a whole as between Federal
and other Government. But based on such segregation
for the states of Virginia and South Carolina, it was
evident that the great bulk of the increase in the Dis­
trict was occasioned by an increase in Federal Govern­
ment employment. Such employment in the Fifth Dis­
trict, which showed an increase of 117,000 between
March 1950 and March 1953, accounted for 23.4% of
the half million rise in total nonagricultural employ­
ment in this period.

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Federal Reserve Bank of Richmond
It should be noted that while employment in manu­
facturing industries in this District increased 159,600,
or 13.6% , between March 1950 and March 1953, dur­
able goods industries showed an increase in this period
of 23% compared with 8.6% for nondurable goods in­
dustries. The extraordinary gain in employment in
durable goods industries was primarily connected with
the defense program since over 60% of the rise was ac­
counted for by transportation equipment industries and
machinery industries. In both instances these indus­
tries increased their employment basically as a result of
defense orders.

nection with these certificates. The military services in
their economy program are cutting back on construc­
tion which can be delayed for some period, perhaps in­
definitely. A t this stage it appears that construction
already contracted in the nonresidential sector may off­
set the employment reduction in residential construction
through the Summer and perhaps into the Fall. But
beyond that point, something more than seasonal re­
duction in construction employment may occur.

Durable Goods Manufacturing
Employment in the manufacture of durable goods in
the Fifth District normally accounted for about onethird of the manufacturing employment, but between
March 1950 and March 1953, it accounted for 60% of
the rise in manufacturing employment and for 18% of
the rise in total nonagrieultural employment.

In spite of the fact that the defense program directly
has accounted for only 12% to 14% of the District's
business in 1951 and 1952, the employment level in such
areas as construction, durable manufacturing, and Gov­
ernment employment seems vulnerable as a result of the
leveling out process or moderate reduction in defense
and other Government expenditures. No great decline
in employment in the nondurable goods manufacturing
industries is anticipated in case of an adverse blow in
the business weather. Although employment in these
industries was at an all-time high level, seasonal factors
taken into account, the amount of decline from the high
j)oint in 1948 to the low point in 1949 was only 7%
and a part of this was seasonal in nature. Thus* con­
siderably more adversity than affected the District's
economy between 1948 and 1949 could be witnessed
without having very great impact on the employment
levels in those sectors of the economy.

Current Tendencies

Contract Construction
Value of construction contract awards in the Fifth
District in the first five months of 1953 is running 9( c
ahead of the same months last year reflecting chiefly
gains in awards for nonresidential construction. Resi­
dential contract awards during the first five months of
1953 were 17% smaller than in the same months a year
ago. Major gains in the nonresidential sector occurred
in awards for public utilities, commercial buildings, and
for “other” nonresidential buildings which include mili­
tary construction. The backlog of nonresidential con­
struction under way and new awards during the first
four months of the current year, may be sufficient to
maintain employment levels in this industry at seasonal
levels through the Summer.
It should l>e remembered that new construction money
not already committed is scarce and the price has risen.
Ordinarily when this happens, it has a tempering effect
on new projects still on the drawing boards. There is,
furthermore, some evidence that public utilities will not
expand as rapidly as heretofore due to higher money
costs and the problem of securing rate increases. In
fact the public utilities may not be willing to utilize the
certificates of necessity any further, since there is some
contention regarding reduction of electric rates in con­




4 8 y

Fifth District employment in the durable goods in­
dustries at the present time is at its postwar peak and
some 25,000 higher than a year ago. Employment in
the transportation equipment industries, including the
Navy yards, is essentially at its peak level where it has
been for the past twelve months. Employment in the
machinery industries of the District is currently only a
shade below its highest figure in the postwar period, a
level prevailing for nearly two years. Employment in
the Fifth District by Federal, State, and local govern­
ments, currently at 793,000, is moderately below its
highest point of the last two years. In the main, how­
ever, this level of employment has been prevailing since
the Fall of 1951. There is a slight downward tendency
shown in the direction of this employment, as reduc­
tions in Federal Government employment have more
than offset increases in local governments. Some fur­
ther small attrition seems likely in view of the economy
wave in the Federal Government.

Possibilities in Recession
Opinion on the business outlook at the present time
is divided as it usually is, but majority opinion seems
to anticipate some setback from current levels, whether
late in 1953 or deferred to 1954. The differences of
opinion are mainly over the degree of setback. Most
industrialists who are expressing opinions seem to think
any future decline will l)e very moderate.
In the event of no setback in business activity on a
national scale* those areas of the Fifth District economy
which are moderately vulnerable are construction and
shipbuilding. Shipbuilding currently is mainly a func­
tion of Federal Government policy regarding outlays
for the Merchant Marine and for the Navy. Currently
outlays for the Merchant Marine are insignificant and
there seems little prospect of change in the near future.
As regards Naval outlays, goals already seem to have
been established and the greatest amount of effort to­

y t fw

M

Iy

July 1953

jflv ie c c p

ward their fulfillment is probably behind us rather than
in front of us. There is a moderate downward tendency
in employment in shipyards, and as work is completed,
a further decline is likely. Unless new contracts are
forthcoming, employment in shipyards in this District
could decline by as many as 15,000 within the next year.
The bulk of any decline would come in private yards
unless, for example, Naval yards shift part of the Naval
work to private yards, in which instance a drop would
be divided.
There is no concern at this time regarding the em­
ployment at the aircraft factories in the District as this
employment is expected to continue full during the re­
mainder of this year and perhaps well into next year.
A substantial part of the new manufacturing plant
construction in this District in the past year or two has
been in industries other than those which are traditional
to this area. It is difficult to gauge the future of this
type of business. Many of these plants are built be­
cause District costs are low in relation to those of other
areas. About all that could be said of this type of con­
struction is that the climate of the District is still favor­
able but that a general setback in the nation’s business
would probably retard it about as much here as else­
where in the country. In view of current narrow profit
margins in the textile industry and the fact that capacity
is more than adequate for current needs, it is doubt­
ful that much new’ plant construction will be witnessed
in the near future. Military and Naval construction is
being cut back from projected levels, but even so, a
fairly substantial amount of this type of construction is
expected to be put in place during the remainder of this
year and next year. The level of residential construc­
tion has recently turned down and in the event of a busi­
ness recession, moderate or otherwise, it would be ex­
pected that a considerable reduction in employment in
the construction industry as a whole would be witnessed.
The economy move in the Federal Government has
had no drastic effect on Government employment in this
District, but the trend is moderately downward. Un­
less some Federal Government functions are eliminated,
the amount of reduction in this sector will probably be
moderate. The best appraisal at this time w
’ould seem
to indicate that the nation is saddled with a defense
economy for many years to come. Despite current cut­
backs in outlays for defense, there seems little doubt
that these outlays will continue at a very large volume.
In this setting, it seems unlikely that much of a cut
could be made in Government personnel. In fact,
states and municipalities could very well expand their
r
employment levels to offset any reduction in the Federal
Government in the short run of 9 to 12 months. Re­
duced state and local revenues would result from a busi­
ness recession and such reduction has usually caused
lower capital outlays of these governments.
The machinery industries have had a rather substan­




i 9 ^

tial rise in employment levels since the advent of the
Korean W ar and a business recession even as moderate
as the one in 1949 could cut back the employment levels
in these industries rather substantially. Machinery is
not an important part of the Fifth District economy, the
employment total accounting for only 0 .8 ^ in 1953 of
all nonagricultural employees. Such a reduction in em­
ployment might run to 5,000 or 10,000.
A general business recession in the nature of that in
1949 would probably have no more consequence on the
employment of nondurable manufacturing industries
than it had in that year and maybe even less. In that
moderate recession nondurable goods industries in this
District showed an employment reduction from peak
to trough of approximately 7c c. This decline was ac­
/
centuated in part by an inventory readjustment, and a
readjustment at this time might not l)e affected to the
same extent by inventory as it was in 1949. Further­
more, there has been considerable growth in the apparel
segment of the textile industries and this uptrend is still
in evidence.
Over-all it appears that while a few’ segments of the
District’s employment level are somewhat vulnerable to
a recession, others are vulnerable even without a reces­
sion, but in the main this latter type of industry does
not bulk large in the Fifth District. In a recession era
the District’s total nonagricultural employment level
could be expected to hold up as well as or better than
that nationally, even though employment in shipyards,
machinery industries and construction dropped more
substantially than over-all employment.
The precarious balance between peace and war in the
world today obviously can move in one direction or the
other rather quickly. The economic consequences would
be felt more quickly in case of a shift to war than to
peace. It should be borne in mind, that shifts toward
war or peace can cause quick economic changes through­
out the world and that such developments can take place
with little or no advance notice.

Federal Reserve Bank of Richmond

Business Conditions and Prospects
and distribution of goods in the Fifth
District remained high during the month of May.
Improved levels of business were general in the District
with retail trade acting as bellwether. New passenger
car and truck sales both expanded notably from the
previous month and from last year. Department store
sales were close to the all-time high record of last Au­
gust. Furniture store sales were improved from the
previous month, on an adjusted basis, but failed to equal
the high levels of a year ago, while household appliance
store sales showed a substantial gain from last year.
For the most part wholesalers* sales, adjusted, were
higher than in the previous month and a year ago.

P

r o d u c t io n

Agriculture, on which the Fifth District leans so
heavily for economic health and progress, has been hurt
by the nationwide deflationary trend in farm prices. It
is yet too early to determine either the influence, weather-wise, on farm output or how much hurt to farm in­
come and hence spending, has accrued— to say nothing
of the possibility of further declines in farm prices in
the third quarter. Significantly, trade volume and bank
debits in urban centers highly dependent upon rural
patronage do not yet reflect important grounds for pes­
simism. Fann prices in this District tend to be more
stable than on a national basis, and the 4-5 % decline
of January-May, if not carried considerably further, can
hardly justify heavy concern in the event that weather
conditions permit normal yields.
Bank loans of all member banks registered a further
small increase. Business loans of the weekly reporting
banks, however, reached their high late in April, and
since the middle of May these have turned sharply
downward. The drop thus far has not offset the unseasonal rise that occurred in March and April and has
not been of seasonal proportions relative to the year
end. Some further drop may occur in business loans
through July as retail dealers’ sales of automobiles, in
particular, expand. Further drops should also occur
in loans to commodity dealers before new agricultural
crops begin to move to market.

made a fairly marked recovery both from April 1953
and May 1952. Both cotton consumption and cotton
spindle hours, adjusted, were higher in May than in
April and higher than a year ago. In fact, spindle
hours were back within a fraction of the postwar peak
level. Hosiery production in April, the latest month
of record, improved moderately after correction for sea­
sonal variation. Life insurance sales maintained April
seasonal levels, while bank debits showed a slight im­
provement during the month.
Industrial employment declined slightly (1 % ) from
March to April, but stood 5% higher than a year ago.
Part of the decline during the month was seasonal in
nature. Employment in shipyards is trending down­
ward and cutbacks have been experienced in numerous
Federal Government installations in the District includ­
ing construction on the atomic energy project in South
Carolina. Employment in contract construction in four
states (April figure) showed for each state lower levels
than a year ago.

Textiles
Cotton consumption (adjusted) during May rose 3%
above April and was a net 10% above a year ago. Spin­
dle hours (adjusted) were up 5% from April and a
sharp 29% ahead of a year ago. Concurrently, the cot­
ton fabricators received substantial future purchases of
cotton goods, especially in print and broad cloth, ex­
tending in some cases into the first quarter of 1954.
The first quarter Census report on cotton broad woven
fabrics showed a rather marked rise in print cloths,
colored yarn fabrics, wide cotton fabrics and fine cot­
ton fabrics. Only cotton ducks and narrow sheetings
failed to continue the recovery under way since mid1952, and these were held back by declines in military
procurement of cotton duck and strong competition
from other fibers in the case of narrow sheetings.

Although new passenger automobile sales continued
to rise through May, there has been little expansion in
consumer loans of the weekly reporting banks over the
past month and a half. Although these loans were at
an all-time high level in this District, the impression is
that banks are screening their credit lines more care­
fully and favoring the prime risks.
Despite the tightness in mortgage money and com­
plaints regarding home financing, real estate loans at
the weekly reporting banks turned moderately upward
in May and continued to rise through the middle of
June.
Construction volumes, after seasonal correction, im­
proved in May over April. Bituminous coal output




* io y
!

Conditions in the rayon industry continue to be mix­
ed. Rayon yam shipments in May were 5% higher
than April and 20% higher than May 1952, but 2%
under May 1951. In the filament yarn sector, ship­
ments in May 1953 showed 0.2% increase over the alltime high period of May 1951, but this was due to an
increase of 58% in high tenacity (tire cord) which
raised total filament rayon 8 % above the May 1951
level. Regular and intermediate tenacity rayon yams
were down 36% in this period and acetate yams were
down 15% .
Staple and tow shipments in May were 9 % ahead of
April and 11% ahead of May 1952, but 8% under May
1951. Again performance by various types has varied
widely— between May 1951 and May 1953, shipments
of rayon staple and tow have risen 3% while acetate
staple and tow have dropped 26% .

July 1953

jf jc r ie a * '

Trade

April to May, on an adjusted basis, though the figures
were 4 % under the boom level of last year. Adjusted
inventories of these stores rose moderately from April
to May, and were 13% ahead of a year ago, which may
retard new purchases in the July markets.

A high trade level is obviously important if today’s
high rate of output is to be maintained. Here the Fifth
District made a distinct contribution during May, in all
segments of retail trade where current information is
available. Improvement was noted both relative to
April and a year ago.

Construction

Total construction contract awards, adjusted, re­
covered notably in May over April and were 19% ahead
of a year ago. Relative to a year ago, nonresidential
construction awards were up 2 1 % , residential up 10% ,
and public works and utilities up 3 8 % . In the first
five months of the year, however, total construction con­
tract awards were up 9 % with a drop of 17% in resi­
dential awards more than offset by rises of 28% in resi­
dential and 39% in public works and utilities.
Gains over a year ago in May were pronounced in
commercial building awards and in factory building
awards and the same was true for the five-month total.
In the residential sector from May to May, one- and
two-family houses showed a rise of 9 % in awards, and
other shelter was five times greater than a year ago,
while those for apartments and hotels dropped 15% . In
the first five months, however, awards for apartments
and hotels were down 4 6 % , one- and two-family houses
down 5% and other shelter down 30% .

New passenger car registrations in April were 1%
above March and 29% above a year ago. Three states
of the District for which May figures were available
showed a gain of 7 % over April and 38% over a year
ago. Information on used car sales is inadequate, but
for the city of Richmond May sales were approximately
three times those of new cars, a normal situation.
Average daily department store sales in this District
in May came within 1% of equaling the all-time high
record of August 1952. They were 12% higher than
in April, after seasonal correction, and 7% ahead of
May 1952. Department store stocks continued to move
upward, gaining 5 % , adjusted, from April and 13%
from a year ago. Confidence in the trade outlook, in
addition to the rise in department store stocks, was
evidenced by a gain of 1% in outstanding orders from
April to May and 21% from a year ago.
District furniture store sales improved notably from

F

if t h d is t r ic t b a n k in g s t a t i s t i c s
SO R E P O R T IN G M E M B E R B A N K S

D B B IT S T O D E M A N D D E P O S IT A C C O U N T S *
(000 omitted)
M ay
M ay
1952
1953

(000 Om itted)
5 Months
1953

District of Columbia
W ashington --------- .$1,091,523 $ 967,849 $ 5,220,166
Maryland
6,878,702
Baltimore
1,348,082
1,304,894
124,954
Cum berland______
23,570
23,211
114,831
Frederick ________
22,317
22,065
184,092
36,936
86,046
Hagerstown ---------North Carolina
299,204
Asheville
57,033
58,507
Charlotte
853,806
388,905
1,801,976
80,215
433,074
93,005
Durham
107,748
588,831
118,097
Greensboro
99,821
Kinston
______
18,952
18,608
967,094
167,678
Raleigh
............... . 168,817
223,732
W ilm ington
44,047
46,070
82,588
W ilso n ____________
15,227
16,142
131,268
716,073
W inston-Salem ___. 137,208
South Carolina
85,288
Charleston
79*048
401,116
791,785
Columbia
. 159,004
141,857
104,144
559,607
Greenville
109,380
Spartanburg -------323,948
63,240
67,315
Virginia
129,055
Charlottesville -----28,026
24,396
27,700
184,067
32,632
____
Danville
239,570
46,764
45,455
Lynchburg
47,041
241,816
Newport News —
46,420
248,200
1,268,661
N orfolk — ................
251,349
30,225
26,941
152,485
Portsmouth
573,096
2,980,181
Richmond
.. . . 560,829
114,748
596,822
119,417
Roanoke
_______
W est Virginia
45,632
217,829
Bluefield __________
41,951
827,264
167,779
Charleston _______ . 169,152
169,440
Clarksburg _______
30,923
32,375
354,558
Huntington
68,756
72,685
Parkersburg______
146,605
29*815
29,877
,890,902 $5,176,879 127,819,447
D istrict Totals
♦ Interbank and U . S . Government accounts excluded.




5 Months
1952

Change in Am ount from
June 17,
M ay 13,
June 18,
Item s
1953
1953
1952
Total Loans ____________________ !$1,371,103** — 27,427
+ 161,890
Bus* & A gric. —
619,834
— 26,977
+ 56,207
Real Estate Loans
261,052
+
1,780
+ 14,138
A ll Other L o a n s____
— 2,214
506,454
+ 92,005

$ 5,317,950
6,275,963
122,058
109,868
178,526

Total Security Holdings ----------- 1,675,889
U . S. Treasury B ills __
118,384
U . S . Treasury Certificates —
133,490
U . S . Treasury Notes
291,090
U . S . Treasury Bonds
904,076
Other Bonds, Stocks & Secur. 228,849
Cash Item s in Process o f CoL 293,689
Due From Banks
201,362*
76,621
Currency and Coin
586,553
Reserve with F . R . B a n k s_____
56,034
Other A s s e ts ___________________
Total A sse ts__________________ 4,261,201

121,364
159,669
219,581
230,607
1,202,689
132,267
2,793,690
565,381
249,510
807,633
179,505
358,820
147,442
*25,968,979

m

8,872
7,655
13,921
5,680
37,195
1,067
18,873
28,291
5,384
23,903
2,838
11,150

— 155,762
— 150,470
— 31,746
+ 15,461
+ 14,590
— 3,597
+ 12,886
+ 13,088
+
2,326
— 2,912
+
2,832
+ 33,848

+
+
—
+
—
+

17,468
21,812
3,291
3,417
15,704
11,234

—
+
—
+
—
+

20,262
33,891
42,181
4,668
21,860
5,720

Total Tim e D ep osits----------------675,773
Deposits o f Ind ividuals--------- 596,809
Other Tim e D ep osits________
78,964
Liabilities for Borrowed Money
29,250
AH Other L ia b ilitie s............ 40,655
Capital Accounts ----------------------271,555
Total L ia b ilitie s_____________ $4,261,201

888,177
708,496
518,802
837,880

—
+
+
+
—
+
—
+
—
+
—
—

Total Demand Deposits
3,243,968
Deposits o f Individuals _____ 2,462,513
Deposits o f U . S . Government
78,535
Deposits o f State & Local Gov. 194,725
Deposits o f Banks ----------------434,358*
Certified & Officers* Checks _
73,837

299,225
1,704,646
393,285
527,924
93,574
876,835
219,998
87,423
645,241

+
433
+
848
415
— 27,450
— 2,589
+
988
— 11,150

+
+
—
+
+
+
+

25,037
25,495
458
7,650
8,586
12,837
33,848

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

y

Federal Reserve Bank of Richmond

F ifth

S tatistical

d is tr ic t

SE L E C T E D IN D E X E S

B U IL D IN G P E R M IT F IG U R E S

A vg. Daily 1935-39=100— Seasonally Adjusted

May
1953

% Chg.—
A p r.
1953
218
486

May
1953
Automobile Registration* .
Bank Debits
Bituminous Coal Production
Construction C on tracts--------Business Failures— N o. --------Cigarette Production -----------Cotton Spindle H o u rs-------------Department Store Sales** ------Electric Power Production------M anufacturing Employment* Retail Furniture: N et Sales _
L ife Insurance S a k s ---------------* N ot seasonally adjusted*
** 1947-49=100.
Back figures

490
149
600
55

112
533
47
224
158
115
415
157
183

166
129
219
388

Latest M o.
Prev.
Y r.
A go.
M o.
+ 1 4-29

M ay
1952
166
455
136
503
45
246
129

-- 1

..3 3
--1 3
--1 7

u

5 Months
1953

5 Months
1952

$ 7,427,355
35,225
143,710
130,290
193,695

$ 28,924,460
291,400
1,037,522
1,219,313
549,951

$ 26,091,120
128,875
1,198,473
638,088
587,356

+20
+14

available on request.

Stocks on
M ay 31, 1953
compared with
M ay 81, A p r. 80,
1953
1952

Sales in
M ay 1958
compared with
A p r.
May
1958
1952
— 1
+ 8
— 4
— 9
+
+
+18
+ 4
— 9
+ 8
- 3
+ 7
— 1
— 1
— 7
+
— 2
+ 1
— 5
+12
— 4
+ «

0

-

8

3
2

—

i 1!

t\

5

—1
—

— 3

3

—6
0
+ 2
—1

+24
+18

+10

Number o f reporting firms in parentheses.
Source:
Department o f Commerce.

Virginia
Danville _____
Lynchburg ___
Newport News
N orfolk ............
Petersburg —
Portsmouth —
Richmond ____
Roanoke _____
Stau nton_____

181,207
1,169,914
152,061
1,083,858
265,000
673,413
1,128,065
2,159,337
607,085

399,626
318,329
736,042
4,817,664
154,195
214,090
1,877,969
793,468
88,645

1,947,236
2,350,830
893,548
8,395,418
971,900
1,635,578
6,426,433
5,940,093
1,083,520

2,859,260
1,030,580
5,654,490
10,601,838
776,994
5,106,997
7,791,859
4,359,270
612,480

639,812
102,122
375,414

917,518
42,492
404,210

3,274,530
1,274,015
2,055,988

2,976,184
360,197
1,772,175

North Carolina
Asheville _____
C harlotte--------Durham --------Greensboro ___
High Point —
Raleigh
Rocky Mount _
Salisbury ____
W inston-Salem

227,796
2,106,470
660,887
1,128,655
780,951
1,018,400
889,656
170,443
569,844

259,949
1,657,384
582,897
504,035
445,565
1,019,650
227,233
134,131
516,674

1,254,249
14,208,980
3,136,269
5,574,638
2,574,434
15,369,070
2,519,413
737,814
3,411,476

1,496,835
10,876,471
8,926,568
2,978,668
1,436,230
7,536,283
1,527,413
1,057,168
4,109,105

South Carolina
Charleston ___
Columbia ------Greenville ____
Spartanburg -

ill
z !

121
379
150
228
839

888

6

Maryland
Baltimore -------$ 4,257,600
Cumberland __
103,500
Frederick ____
108,225
Hagerstown __
196,050
Salisbury ------144,025

May
1952

W est Virginia
Charleston —
Clarksburg ___
Huntington __

— 10

W H O LESALE TRADE

L IN E S
Auto supplies (8 ) —
Electrical goods (6 )
Hardware (7 )
Industrial supplies (8 ) Drugs and sundries (11)
Dry goods (16) --------------Groceries (47)
Paper and products (7 )
Tobacco products (1 1 ) —
Miscellaneous (8 4 ) --------D istrict Totals (205) ------

d a ta

1,392,825
2,140,149
500,117
61,530

162,602
3,123,928
839,645
730,198

3,240,804
4,377,666
2,748,317
887,673

688,637
5,489,244
4,392,805
1,840,967

District of Columbia
W ashington __ 9,183,028

3,397,968

29,396,147

20,165,880

D istrict Totals ..$33,676,889

$31,296,882

$157,208,685

$189,018,510

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)
Metropolitan Areas
Rich. Balt. W ash.

R E T A IL F U R N IT U R E SA L E S

Other D ist.
Cities Totals

4.0

+

0.7

— 2.5

+

4.6

+

2.5

Sales, 5 M os. ending M ay 31, *53
vs 5 M os. ending M ay *52 + 2.0

+

0.9

— 0.4

+

4.8

+

2.8

+

7.5

+

+

8.3

+

8.3

+

Sales, M ay *53 vs M ay ’52

Stocks, M ay 31, '53 vs '52 _
Outstanding Orders
M ay 81, *53 vs ’52 ----------

+
+

9.1

8.6

1.0

+ 4 4 .5

+ 2 2 .2

+ 1 8 .1

+ 2 3 .5

Open account receivables M ay 1
collected in May *5 3 --------31.4

45.5

42.6

87.4

40.4

Instalment receivables M ay 1
collected in M ay *53 -------

13.2

12.9

17.0

13.4

Md.
Sales, May *53 vs M ay *52 + 0 .6




12.8
D .C .

V a.

W .V a .

N .C .

S.C .

- 2 .5

+ 5 .4

+ 1 .3

+ 4 .6

+ 1 4 .5

STATES
Maryland (6 ) —
D ist. o f Col. (7 )
Virginia (17)
W est Virginia (10) _
North Carolina (14)
South Carolina (6 )
D istrict (6 0 ) ------

Percentage comparison o f sales in
periods named with sales in same
periods in 1952
M ay 1953
5 M os. 1953

—11
— 19
—

3

—

8

—
10
+ «
—
11

IN D IV ID U A L C ITIES
—
11
Baltimore, M d. (6 ) --------W ashington, D . C . (7 ) __
— 19
—
10
Richmond, V a . (6 ) --------Charleston, W . V a . (3 )
— 16
Number o f reporting firm s in parentheses.

i 12 Y

±5

0
+ 7
— 4

+ 5
—
12
—3
+ 9

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