Full text of Economic Quarterly (Federal Reserve Bank of Richmond) : July 1957

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- FEDk

RESERVE BANK./

RICHMOND

July 1957

AREA CHANGES IN BANK LOANS TO FARMERS

JUNE 30, 1950 - 1956

Maryland
Virginia
West Virginia
North Carolina
South Carolina
Fifth District

+ 50 + 3 9
+ 58 + 4 3
+22- 1
+ 77 +71
+ 39 + 7 3
+ 59 + 5 0

Federal Reserve Bank of Richmond

F ifth

D istr ic t

T r en d s

NEW PASSENGER CAR REGISTRATIONS

LIFE INSURANCE SALES

Complete A p ril registrations were 7 % higher than March, 6 %
under a year ago, and the four m onths’ accumulation was down
9 % . Three states and D. C. for M ay showed a 4 % gain over A pril
but were 5 % under a year ago. Five months’ total was down 7 % .

The demand for life insurance continues to be intense— for a
variety o f reasons. District sales in M ay were 4 % higher than
April (after seasonal correction) and a snappy 2 3 % ahead o f a
year ago. The five m onths’ total was 2 4 % above the sam e portion
of 1956.

DEPARTMENT STORE SALES

COTTON SPINDLES CONSUMING OTHER THAN COTTON

1949

1950

1951

1952

1953

1954

1955

1956

1957

Moderate improvement o f 2 % in average, daily adjusted sales
took place in M ay. The month was 3 % ahead o f last year, and the
five m onths’ total rose 4 % . M ay ran slightly above the low end of
the range for the past eight months.

Spindle hours on the cotton system, spinning fibers other than
cotton, have been in an upward trend since February. M ay totals
rose an additional 2 % (seasonally corrected) and stood 3 % ahead
o f a year ago. The five m onths’ total, however, was 7 % under a
year ago.

RETAIL FURNITURE STORES NET SALES

CONSTRUCTION CONTRACT AWARDS

Retail furniture store sales in M ay (adjusted) recovered sharply
from the A pril level and were not far behind the all-tim e record.
M ay sales were 1 % under a year ago and the five m onths’ total was
down 9 % .

Contract awards for residential construction in the F ifth D istrict
in M ay dipped 3 % (after seasonal correction) to a level 4 % under
a year ago; the five m onths’ total was, however, just 2 % under last
year.

July 1957

Z fo n M /

A New Guide

—

Area Trends In Banks' Farm Lending
knowledge of developments in different parts of the Dis
trict— and the forces thus reflected— would produce
sounder decisions for future actions. Secondly, it was
believed that many banks in the District would welcome
an opportunity to compare performance with other
banks in their same general area. Additionally, it was
assumed that farmers and farm leaders, as well as other
businessmen who deal with farmers, would find such
data of some practical use.

A s this article reaches bankers’ desks, the task of
• t l filing the Statement of Condition or Call Report for
June 6, 1957 will be fresh in mind. Many bankers will
have noted volume and other changes occuring over the
past year, especially in loans as set forth in Schedule A.
And those changes considered significant will undoubt
edly be pointed out and discussed at subsequent Board
meetings.
For those items which the regulations prescribe pub
lication, most bankers will compare their own perform
ance with that of their competitors. And those par
ticularly interested in agricultural loans will note that in
the past there has been nothing better with which to
compare their own performance than state, regional, or
national totals.

Basis for Designing “ Areas”

Several years ago the United States Departments of
Agriculture and Commerce subdivided the nation into
“ economic areas.” About 40 of these are in the five
states of the Fifth Federal Reserve District, and some
consideration was given to use of this break-down. In
a number of cases, however, the differentiating char
acteristics between adjacent economic areas lay outside
the field of agriculture, and some consolidation there
fore seemed advantageous. Other factors favoring
some combining of economic areas include the small
number of banks in certain areas, office locations of some

First Appearance of Area Data

In the newly developed series of data on area trends
on bank-farm lending (now making its first appearance
in this article) there have been several underlying ob
jectives. One of the foremost of these was the feeling
at the Federal Reserve Bank of Richmond that more

BAN K LO ANS TO FARM ERS, BY STATE AND AR EA*
Fifth District, June 30, 1950-1956
State
and Area
Maryland
A rea I ----------------Area II ----- ------A rea III -------- —
Total ___________
Virgin ia
Area I — ----Area II — ---------Area III ------------Area I V -------------Area V ----------------Area V I --------------Total ___________
W est V irgin ia**
A rea I — ---------Area II --------------Total ___________
North Carolina
Area I ________ —
Area II _________
Area III ------------Area I V _________
Total ___________
South Carolina

Other Loans to Farmers
1952
1953
1954
Millions o f Dollars

1955

1956

1950

1951

7.0
1.0
4.9
12.9

7.8
1.2
5.0
14.1

8.6
1.6
5.5
15.8

8.5
3.1
4.4
16.0

9.6
3.6
5.0
18.2

4.6
7.8
12.1
10.6
2.6
5.1
42.9

5.0
8.3
11.9
11.6
2.6
5.5
45.0

4.9
9.2
11.8
12.6
3.1
5.7
47.4

5.4
10.7
10.8
14.2
3.6
6.2
51.1

3.6
5.7
5.8
7.2
3.6
1.7
27.8

3.5
3.5
7.3

3.3
3.7
7.4

3.2
3.4
6.9

3.5
3.3
7.1

3.7
3.8
7.8

2.3
13.4
22.9
5.1
43.8

3.3
17.3
25.5
5.5
51.7

3.3
16.7
27.7
6.2

3.7
17.2
28.5
6.9

54.0

56.4

3.5
18.3
32.6
7.4
61.9

6.0
8.9
4.9
19.8

6.6
9.9
5.4

6.1
9.4
5.3

21.9

132.0

139.2

1950

1951

5.8
0.5
4.2
10.5

6.2
0.7
4.4
11.3

6.6
0.9
4.8
12.3

7.0
0.8
5.0
12.9

3.7
5.6
10.4
6.7
2.1
3.7
32.3

4.6
6.9
11.7
8.1
2.2
4.3
38.0

4.3
7.3
12.7
9.3
2.2
4.7
40.7

3.0
3.1
6.4

3.5
3.4
7.2

1.6
12.1
19.5
4.2
37.4
5.4
7.4
3.4

Area I ............... —
A rea II --------------A rea III _________
Total -----------------

16.3

6.0
8.5
4.5
19.0

Fifth D is t r ic t * * * __

102.9

119.2

Farm Real Estate Loans
1952
1953
1954
Millions o f Dollars

1956

18.8

10.6
3.8
5.6
20.1

10.8
4.0
6.1
21.0

12.2
4.0
6.5
22.7

11.2
3.9
7.2
22.4

4.2
6.1
6.0
7.7
4.0
1.8
29.9

4.2
6.7
5.9
8.0
3.9
1.8
30.6

4.6
6.8
6.1
8.6
3.9
2.1
32.3

5.0
7.0
6.5
9.9
3.8
2.4
34.7

5.6
7.7
6.9
11.7
4.2
2.4
38.7

5.9
7.9
6.3
11.8
4.6
3.3
39.8

6.1
3.2
10.5

10.5
3.2
14.7

6.2
2.9
10.1

6.1
3.3
10.2

6.7
3.2
10.7

6.6
3.2
10.7

6.2
3.3
10.4

4.6
19.4
34.4
7.9
66.4

2.8
8.6
10.7
2.0
24.1

2.7
9.3
12.2
2.2
26.6

2.9
10.1
13.5
2.3
28.9

3.4
11.1
15.3
2.9

3.6
13.5
17.9
3.5
38.7

4.1
14.6
18.7
3.9

32.8

3.6
12.0
15.5
3.0
34.2

41.3

6.3
10.4
5.8
22.6

2.7
2.1
1.3
6.2

2.9
2.4
1.6
6.9

2.8
2.6
1.6
7.1

3.0
2.8
2.0
7.9

3.1
3.2
2.1
8.4

3.4
3.7
2.4

3.7
4.2
2.8

20.9

6.0
9.8
5.5
21.3

9.6

10.7

142.2

151.8

163.8

84.8

96.6

95.8

103.4

109.2

122.1

127.4

9.8
3.6
5.4

1955

Details m ay not add to totals because o f rounding.
** State total includes data for entire state. A rea totals exclude data for the 6 W e st Virginia counties not located in the F ifth District.
*** Includes data for the D istrict o f Columbia and the entire state o f W e st V irgin ia.
N o te : In instances where it was necessary to allocate the loans o f branch systems, it is recognized that some loans credited to one area m ay have
belonged to another. However, such differences as exist are not believed to be statistically significant.
Source: Federal Deposit Insurance Corporation and Board o f Governors o f the Federal Reserve System.

H 3 )»

Federal Reserve Bank of Richmond

branch bank systems, and the very practical fact that
40 areas are too many for convenient analysis.
An important reason for using economic areas as the
basis for farm loan analysis is that interested readers
can easily compare them with data from the Census of
Agriculture since most of these are on an economicarea basis. Actually, in six instances individual eco
nomic areas are used as farm loan areas. In six other
instances two economic areas have been combined; and
in the remaining six farm loan areas combinations were
made of from three to five economic areas.
There were only two departures from using economic
areas as the basis of these tabulations. One was the
omission of the six northern or “ panhandle” counties of
West Virginia which are in the Fourth Federal Reserve
District (Cleveland). The other was the placement of
the Maryland counties around Baltimore and Washing
ton which the census lists as metropolitan areas “ A ”
and “ B” . It was decided to treat Baltimore City,
Baltimore County, and Montgomery County as parts of
farm loan area I and to place Anne Arundel and Prince
Georges counties as parts of farm loan area II.
In view of the above considerations, the 18 areas
delineated on the map appearing on the cover are the
present basis for the new farm loan data herewith pre
sented. It is recognized that further experience and
use may reveal needed changes in these groupings.
Comments and suggestions will, therefore, be welcomed.

loan volume can undergo major changes in periods of
but a few years. For example, as the cover chart shows,
other loans to farmers increased less than 25% from
mid-1950 to mid-1956 in Northern Virginia, in the
entire state of West Virginia, and in the Piedmont area
of South Carolina. This contrasts with a loan volume
which more than doubled in Southern Maryland, Cen
tral and Southside Virginia, and the Mountain area of
North Carolina. The general pattern shown by changes
in the volume of farm-mortgage loans is more or less
the same as for other loans to farmers except that the
relative magnitude of increase in the two categories of
loans may be quite different in any given area.
In view of these differential rates of gain in loan
volume, it follows that the percentage share of the total
loans in a state accounted for by the various farm loan
areas also changes. During the period 1950-56, four
areas experienced declines in the share of both cate
gories of farm loans. These were Northern and West
ern Maryland, Northern Virginia, and the Piedmont
areas of both North and South Carolina. Three areas
experienced relative gains in both categories of farm
loans. These were Central and Southside Virginia, the
peanut producing area of North Carolina, and the to
bacco area of South Carolina.
B AN K LO AN S TO

FARM ERS

Distribution by Areas within Each State*
Fifth District, June 30, 1950 and June 30, 1956

Problems of Allocating Loans of Branch Systems

State
Other Loans
an(j
to Farmers
Area________________1950
1956

In this Federal Reserve District branch banking is
important; hence, one of the technical problems in de
veloping area data is the allocation of loans of branch
systems whose offices lie in more than one area. For
tunately, the 1956 Agricultural Loan Survey provided
accurate and up-to-date weights for allocating loans of
most of the District’s branch systems which crossed
area boundaries. Over the next few years weights
based on last year’s loan survey can be used. How
ever, successful continuance of these series of area farm
loans of banks will be in part dependent upon frequent
and realistic revision of the weights assigned.
All in all, there are less than 25 District banks whose
offices cross area lines as here delineated. Branch
banking does not exist in West Virginia, but elsewhere
branch systems frequently cross area lines and the need
for allocation arises. However, the estimated farm loans
of branch systems which cross area lines account for
less than 20% of other loans to farmers in 13 of the 18
areas. Similarly, in the case of farm real estate loans,
the estimated loans of branch banks crossing area lines
represent less than 20% of the total in 14 of the 18
areas of the District.

M aryland
Area I ___________
A rea II ___________
Area III __________

Farm Real
Estate Loans
1950
1956

Total Farm
Loans
1950
1956

56
4
40

55
10
35

53
19
28

50
18
32

54
13
32

52
15
33

Total ___________

100

Virgin ia
Area I ____________
Area II __________
Area III __________
Area I V __________
A rea V ___________
A rea V I ________

11
17
32
21
7
12

11
21
21
28
7
12

13
20
21
26
13
6

15
20
16
30
12
8

12
19
27
23
9
9

12
20
19
29
9
11

Total ___________

100

W est Virgin ia
A rea I ___ ._______
A rea II __________

49
51

50
50

65
35

59
41

58
42

Total __________

100

North Carolina
Area I ___________
Area II __________
Area III __________
A rea I V __________

4
32
52
11

7
29
52
12

12
36
44
8

10
35
45
10

7
34
49
10

8
32
49
11

Total __________ _

100

Area I ____________
A rea II ___________
A rea III __________

33
46
21

28
46
26

44
34
22

35
39
26

36
43
21

30
44
26

Total ___________

100

South Carolina

100

Differential Shifts in Loan Volum e
♦Details m ay not add to totals because o f rounding.

One of the outstanding facts revealed by the data in
the accompanying table and the cover chart is that farm

Source: Federal Deposit Insurance Corporation and Board o f Gov
ernors of the Federal Reserve System.

/fo n M t/ffa /ia tt-

July 1957

Financing Homes— In a Tight Money Era
justed annual basis, starts increased in each of these
months, the annual rate in May being at 990,000 units.
This compares with a low of 880,000 units established
in March.

m e r ic a n
homeowners owed over $100 billion on
loans secured by mortgages on their residential
properties at the end of March. This estimated total
represents an increase of $2 billion during the first
quarter and an increase of $10.3 billion over the amount
outstanding at the end of March 1956. The $2 billion
increase from January through March, however, was
well below the $2.6 billion increase in the first quarter
of 1956 and the $2.9 billion increase in the same period
in 1955.

PRIVATE HOUSING STARTS
(Thousands)

Some Recent Trends
The accompanying charts depict some interesting
aspects of residential real estate activity since 1954.
Private expenditures for new residential construction
(according to U. S. Department of Commerce data, un
adjusted) rose in each of the three full years shown.
Spending during the first five months of 1957 was still
at a very high level, and, although it had dropped below
most of the corresponding months of 1955 and 1956, it
was well above levels maintained in any earlier years.
Part of the growth in these expenditures was, of course,
due to inflating construction costs, and part was caused
by a gradual shifting by builders to larger and conse
quently more costly houses. The chart of private hous
ing starts (U. S. Department of Labor data) shows a
decline, relative to the same month in the preceding year,

During the past two years, when demands for credit
have pressed so insistently upon a more slowly growing
supply, residential mortgages have attracted a sizeable
share of the total. In 1955, the year in which the
present credit policy of restraint had its roots, the in
crease in mortgage debt on 1- to 4-family houses ac
counted for 25% of the increase in total (net) debt,
public and private, in the United States (U . S. Depart
ment of Commerce estimate). In 1956, home mortgage
debt accounted for 39% of the increase in the total.
Thus, a larger share of available credit was diverted to
residential mortgages in the tight year 1956 than in
1955, a year of phenomenal residential real estate activ
ity. This reflects the fact that a large part of the mort
gages closed in 1956 were based on commitments made
in 1955 and earlier.
Two billion dollars was added to total mortgage debt
in the first three months of this year when other long
term rates had risen to a point which made the maximum
4^2% V A rate completely unpalatable and the new FH A
5% rate only moderately attractive. Yet of the $2
billion increase 50% of it was in V A guaranteed loans,
reflecting again the presence of unused commitments.
Only 40% of the increase was in conventional loans,
where rates are free to fluctuate with market conditions.
And just 10% of the total was in F H A insured loans.

EXPENDITURES FOR NEW RESIDENTIAL
CONSTRUCTION
(Millions of Dollars)

in the number of units begun in each month since
September 1955, although a moderate improvement in
the number of houses started was indicated by this
year’s April and May figures. On a seasonally ad

This is not to say that lenders in actual practice
found the 4 ^ % V A rate acceptable. New commit
ments to make V A loans have dropped sharply and those
4 5

Federal Reserve Bank of Richmond

savings and loan associations, and mutual savings
banks) were also reduced in the early months of this
year. Consequently, it appears that all of the increase
in mortgage debt in the first quarter of this year came
from funds channeled through the financial intermedi
aries and have represented the employment of savings—
not the employment of newly created money.

made required substantial discounts to increase yields.
The purchase price of 4 Y % V A loans in the secondary
market fell to around 93 per cent of par (average for
the nation) in the early part of the year and have re-

APPLICATIONS FOR FHA COMMITMENTS AND
VA APPRAISALS

(Thousands of Units)

Savings and loan associations provided almost half
of the new funds which went into residential mortgages
in the first quarter of the year. Of the net increase in
their savings capital amounting to $1,010 million, $864
million went to increase their mortgage holdings. The
remainder, supplemented by net earnings during the
period and a reduction in their cash holdings, was used
principally to reduce their indebtedness to the Federal
Home Loan Banks and to acquire U. S. Government
securities. The total of new mortgage loans made dur
ing the first three months of the year by savings and
loan associations was considerably more than this net
increase of $864 million, since the total amount received
as repayments on outstanding mortgages was, in effect,
re-employed in this medium. According to data on
mortgage recordings of $20,000 or less (Federal Home
Loan Bank Board figures) an estimated $2 billion of
mortgage loans were made by savings and loan associa
tions in the current first quarter. This was more than
double the amount made by any other class of lender in
this period and accounted for 36% of the total mortgage
recordings figure.

mained in this vicinity. F H A loans, however, became
more acceptable to lenders after the increase in the
maximum rate to 5% in December. The Federal Na
tional Mortgage Association reports that these 5%
loans (5 Y % to the borrower because of the Y*% in
surance fee paid to F H A ) are currently selling at from
97 to 98 with some sales up to par.
The chart showing applications for F H A commit
ments and V A appraisals reflects these trends. Appli
cations leading to both of these types of Government
underwritten financing have dropped off sharply from
the high levels they reached early in 1955. But since
early 1957— shortly after the increase in the maximum
interest rate permitted on F H A insured loans—-FHA
applications have gradually increased while those to the
V A have remained virtually unchanged at the low level
reached at the close of 1956.

Life insurance companies and mutual savings banks
continued to add to their mortgage holdings in early

MORTGAGE RECORDINGS OF S 20,000 OR LESS
(Millions of Dollars)

Sources of Funds
Where does mortgage money come from ? Basically,
loanable funds can come from only two sources— name
ly, the savings of the people or the creation of new
money. During the first quarter of this year no new
money went directly into mortgages. The commercial
banks— creators of new deposit money— actually re
duced the amount of residential mortgage loans they
had outstanding. Furthermore, surveys made by the
Federal Reserve System in February and May of this
year indicate that bank loans to mortgage originators
(such as mortgage companies, insurance companies,

1957 and, although their total contribution was less than
that made by the savings and loan associations, they
provided the largest share of “ G. I.” funds made avail
able in the period.

July 1957

ffw ca u L

In the Labor Market—
Some Basic Changes Have Been Made
National Variations

wo economically significant developments have been
under way for some time in Fifth District labor
markets: (1 ) an increasing proportion of those em
ployed are in occupations other than manufacturing; and
(2) an increasing proportion of nonproduction workers
are employed in manufacturing industries.

Total nonagricultural employment in the Fifth Dis
trict has not shown changes greatly different from na
tional employment figures either between 1939 and 1956
or between 1947 and 1956. Since 1939 the District
has shown an increase of 67.8% compared with a gain
of 69.9% nationally. Since 1947, the District increase
has been 19.2% compared with a national figure of
18.5%. This over-all similarity hides some fairly
significant divergences in the various employment sec
tors.
At the manufacturing level, the 1939-56 change in
the District found a gain of 49.4% comparing rather
unfavorably with a national gain of 67.2%. This was
due in main to the fact that the employment level in the
Fifth District had shown a greater recovery from de
pression than the national level up to 1939, which was
in turn due to a faster revival in soft goods industries
(which are dominant in the Fifth District) than in the
hard goods industries. The District and national
changes since 1947, however, have shown only signifi
cant divergences. The District in this period rose 11.1%
compared with a 10.5% increase nationally.
Even greater variations are shown in employment
changes in the mining industries of the District as com
pared with the United States. The dominance of the
bituminous coal industry as an employer in the Fifth
District and the huge strides in efficiency of production
in this industry, together with some absolute loss in
market since 1947, are primarily responsible for District
and national variances. Employment in the mining in
dustries of the Fifth District dropped 19.9% between
1939 and 1956 and dropped 34.3% since 1947, which
compares with a national drop of 5.9% since 1939 and
15.7% since 1947.
Contract construction employment has also shown
considerable variance in the changes in the periods
under review. Fifth District employment in this area
rose 115.5% from 1939, which compares with a nation
al increase of 164.1%. Differences are also notable
since 1947, with the District increase from that date to
1956 being 39.3% as compared with 53.2% nationally.
Part of the explanation for the lower Fifth District
gains from the 1939 period is that in the base year the
District was high relative to the nation; construction
contract awards rose by greater percentages in the
nation in both periods.
Employment in the wholesale and retail trade also
shows considerable divergence from national changes.
Between 1939 and 1956 employment in trade was 91.5%
higher in the District and 68.5% higher in the nation.
Between 1947 and 1956 the District gain was 30.2%
and the national gain 21.2%. These differences are

Employment Changes— Fifth District

Statistically, here’s the picture: In the eighteen-year
span, 1939 to 1956, total nonagricultural employment in
the Fifth District rose 67.8%— with manufacturing em
ployment up 49.4% and nonmanufacturing employment
up 77.6%. In the postwar decade, 1947 to 1956, the
over-all rise was 19.2%— with manufacturing employ
ment up 11.1% and nonmanufacturing employment up
23.2%. In both periods all segments (except mining,
transportation, communication, and public utilities)
showed substantially larger gains than manufacturing
employment.
Mining employment in the District was off 19.9%
between 1939 and 1956 and slumped 34.3% between
1947 and 1956. In this industry, employment rose
sharply between 1939 and 1947 to accommodate the
needs of war and postwar export. Since 1947, demand
for the product of mines (in this District largely bitumi
nous coal) has undergone considerable reduction, while
rapid strides in mechanization of mines were taking
place. In this industry, the increase in production
efficiency has been phenomenal and probably exceeded
by few sectors in the manufacturing industries.
Transportation, communication, and public utility em
ployment has shown absolute growth in both periods
under review, although growth between 1939 and 1956
was equal only to that in manufacturing industries and
between 1947 and 1956 about half that in manufactur
ing. Here, too, a rather substantial increase in efficiency
can be assumed— railroad trains have become longer,
trucks larger, and inland waterways have increased
tonnage in relation to manpower requirements.
All other areas of nonmanufacturing employment
have shown substantially greater gains than manufactur
ing industries. Contract construction employment, for
example, rose 115% between 1939 and 1956 and 39.3%
between 1947 and 1956. Wholesale and retail trade
gained 91.5% from 1939 and 30.2% from 1947. Fi
nance, insurance, and real estate increased 123.2% over
1939 and 63.3% over 1947. Government employment
gained 90.6% over 1939 and 26.4% over 1947. Service
and miscellaneous employment rose 71.8% over 1939
and 24.7% over 1957. These are substantial gains in
areas where mechanization does not play the dominant
role it does in manufacturing or mining.

7 1-

Federal Reserve Bank of Richmond

probably explained by the relative improvement in per
sonal incomes of the Fifth District as compared with
those nationally and a consequent reflection of this on
the trade level.
Somewhat the same explanation as in trade may also
be given for the District’s substantially larger increase
in employment in the finance, insurance, and real estate
field in both periods under review than in the nation as
a whole. The gain in this source of employment be
tween 1939 and 1956 was 123.2% compared with a
national gain of 64.4%. Between 1947 and 1956 the
District gain was 63.3%, the national gain, 37.6%.
The greater-than-national gains in the Fifth District
in Government employment during the Second World
War have been gradually diminishing since that time.
Between 1939 and 1942 Government employment in the
District rose 69.5%, whereas in the nation, this type of
employment gained only 37.2%. But between 1939 and
1956 the District rise of 90.6% compares with a national
rise of 79.6%, and between 1947 and 1956 the District
gain of 26.4% is smaller than the national gain of
31.1%.
Changes in employment between District and nation
in the periods under review for transportation, com
munication, public utilities, service and miscellaneous
industries have not been substantially different.
Between 1947 and 1956 the most significant develop
ments in the employment field both in the District and
the nation, have been in the relatively smaller increases
in manufacturing employment, 11.1% in the District—
10.5% in the nation, as compared with other nonagricultural employment up 23.2% in the District and up
22.8% in the nation. Over this period substantial
capital outlays have been made in both District and na
tion, and these have probably more favorably affected

the output per man-hour in manufacturing industries
than in many areas of other nonagricultural employ
ment.
State Variations

The employment rise for the District as a whole has
been far from uniform among the states. Look at the
period 1947 to 1956: mining employment in the District
dropped 34.3%, but it rose more than 30% in both North
and South Carolina where it is of small significance—
the extreme drop, 39%, occurred in West Virginia.
Contract construction rose 39.3% in the District as a
whole but ranged from a dip of 1.1% in the District of
Columbia to a sharp gain of 61.9% in Virginia. Trans
portation, communication, and public utility employ
ment rose 5.5% in the overall but ranged from a de
cline of 8.8% in the District of Columbia to a gain of
18.2% in North Carolina.
Jobs in wholesale and retail trade rose 30.2% in the
District but slipped 4.3% in the District of Columbia
and ranged upward to Virginia’s 41.2% increase. Fi
nance, insurance and real estate rose 63.3% in the Dis
trict, ranging from a plus 22.2% in the District of Co
lumbia to a plus 128.8% in South Carolina. Govern
ment employment gained 26.4% for the District in the
period under review, but the District of Columbia
showed a gain of only 9% and Maryland jumped 48.4%,
reflecting a larger number of people living in that state
but working in Washington; the other states fell within
these extremes.
Total nonagricultural employment was up 19.2% in
the District, 1947 to 1956; but owing to the dominant
position of bituminous coal, West Virginia showed a
4.9% decline in the period. The District of Columbia
gained only 6.3%, and the remaining states ranged
between 23.2% and 29.1%. Employment in manufac
turing in this period gained 11.1% but losses of 3.6%
and 4.8% were recorded in the District of Columbia and
West Virginia, respectively, while Maryland was up
17.2%, South Carolina 13.8%, North Carolina 12.8%,
and Virginia 10.1%.

M A N U F A C T U R IN G E S T A B L IS H M E N T S
Proportion of Nonproduction W orkers to Total Employees, 1954
and Percentage Point Change 1947 to 1954
Per Cent o f
Nonproduction
W orkers to Total
Fifth
United
District
States
Chemicals and Related Products
Food and Kindred Products ....
Electrical M achinery ..................
Transportation Equipm ent ----Furniture and Fixtures ----------Instruments and Related
Products ________
____ —
Machinery (excluding electri
cal) ________ _______ - --------A L L IN D U S T R IE S ___________
Pulp, Paper, and Products ___
Lumber and Products
Except Furniture ----------------Stone, Clay, and Glass Products
Petroleum and Coal Products __
Fabricated Metal Products ----Rubber Products ________________
Textile Mill Products __________
Primary Metal Industries ------Leather and Leather Products
Tobacco M anufacturing ___ _..
Miscellaneous M anufactures ....
Apparel and Related Products
Printing and Publishing In
dustries ________________ _______

Percentage Point
Change
1947 to 1954
F ifth
United
District
States

31.8
33.2
32.9
19.4
12.8

32.3
30.7
24.3
22.2
15.3

+ 9.5
+ 7.7
+ 5.9
+ 5 .3
+ 5 .2

[-6.2
-6.9
-4.6
-6.3
-4.9

22.9

28.1

+ 5.1

+ 2 .4

24.0
15.4

23.8
23.2

+ 5 .0
+ 4 .1

+ 4 .0
+ 6.5

17.2

+ 3 .7

+ 3.1

8.0
12.3
19.6
17.9
19.9
6.2
14.4
10.2
9.4
9.7
7.9

9.7
16.2
24.0
19.6
20.2
8.8
16.1
9.8
8.4
20.3
10.0

+ 3.6
+ 3.4
+ 3.3
+ 3.1
+ 2 .1
+ 1.4
+ 1.3
+ 0.9
+ 0.8
+ 0.6

+ 2 .5
+ 4.1
+ 4 .2
+ 4 .2
+ 3.5
+ 1.9
+ 3.3
+ 0.9
+ 0.4
+ 6.4
-0.1

36.2

38.2

— 0.4

-0 .5

Nonproduction W orkers in Manufacturing
Industries

The second major development in the labor market
has been the increasing proportion of nonproduction
workers employed in manufacturing. This trend is
hardly novel— in a sense it was under way between 1900
and 1919 and may have begun even earlier. Interrup
tions occurred during the twenties and the depressed
thirties, but it gained considerable momentum in the late
thirties. After interruption during the Second World
War period, it has again gained momentum in the post
war years.
Although the ratio of nonproduction workers to the
total employed in manufacturing among the states of
(Continued on page 10)

July 1957

Business Conditions and Prospects
It is apparent that the curtailment in textile mill
products man-hours has been more pronounced in the
woolen or synthetic weaving industries than in cotton,
for during May cotton consumption (seasonally ad
justed) in Fifth District mills rose 3% from April and
cut the reduction from a year ago to 3%.

activity in the Fifth Federal Reserve Dis
trict during May was moderately on the plus side
as compared with April. A firmer trade level and a
somewhat better than seasonal rise in construction em
ployment were noted between April and May and more
than offset a further decline in manufacturing activity.
In general, the District economy meandered along in
the sidewise movement familiar for the past six or eight
months.
Nonagricultural employment rose slightly during May
as gains in the nonmanufacturing sector offset losses in
manufacturing. Farmers’ cash incomes continued to
run well ahead of a year ago, mainly in the crop sector.
Fifth District residents continued to show an extraordi
nary predilection for life insurance. Although District
sales were not up to national, May was 23% higher than
a year ago and the first five months were up 24%. Resi
dential construction remained fairly slow, but other
types more than offset these declines, and on-site em
ployment has been appreciably ahead of a year ago.
u s in e s s

Trade

Department store sales of the District picked up 2%
between April and May (after seasonal correction) and
left the May level moderately above the low end of the
range through which sales have been moving since last
August. May sales showed a 3 % increase over a year
ago which was slightly behind the 4% gain for the first
five months of the year. Radios, phonographs, televi
sion, sheet music, and records did well during May com
pared with a year ago, while women’s and misses’ coats
and suits did quite poorly. Department store inven
tories dropped a little during May (after seasonal cor
rection) but were 7% higher than a year ago, compared
with a 3% gain in sales.
Retail sales of furniture stores in the District, after
taking a sharp break in April, recovered substantially
in May to approach previous peak levels. If this per
formance is confirmed nationally, the current softness in
furniture manufacturing will not last long.
Three states and the District of Columbia show new
passenger automobile registrations for May 4% above
April, but 5% under last year. April showed a 7% rise
over March, was 6% under a year ago, and four months’
totals were down 9% . A canvass of selected dealers in
the District indicated an unsatisfactory level of new car
sales in May and less than one-third showed improve
ment over April.
Despite a good seasonal rise between April and May
in sales of household appliance stores, May sales were
2% under a year ago, and compared rather poorly with
the 7% gain for the first five months. A similar per
formance has occurred in the major household appliance
departments of department stores, but the sales trend
is upward.

Member bank credit extended declined during May,
but the small decrease in loan volume this year compared
with fairly sizable gains in the past two years. May
bank debits adjusted, however, were 4% above April,
and an impressive 9% over May 1956 even though in
flating prices were an important contributing factor.
Manufacturing

Man-hours in total District manufacturing industries
(incomplete returns) declined further from April to
May, to a level moderately under a year ago. The
April-May decline was a bit larger in durable goods
industries than in nondurables, with the former showing
a somewhat larger decline from a year ago as well. De
clines stood out in transportation equipment and in fur
niture industries. Lesser ones occurred in the lumber,
stone, clay, and glass industries, which were in part off
set by increases in primary and fabricated metals and in
machinery, both electrical and otherwise.
Nondurable goods industries generally showed fewer
man-hours between April and May, but food and tobacco
industries rose, while apparel and paper industries re
mained even. Declines were general in the several
segments of textile mill products with the exception of
seamless hosiery which was up during the month and
showed a good gain over a year ago. Broad woven
fabrics, yarn and thread mills, and knitting mills manhours were below a year ago, apparel industries were
nearly 8% ahead of a year ago, while paper industries
showed a moderate increase. The chemical industries
were a big loser between April and May with man-hours
down 6% , partly due to seasonal contraction in the
fertilizer industry. Chemical industry man-hours in May
were 4.4% under a year ago.

Bituminous Coal Production

Output of District mines inched up in May (1% from
April— on an average daily basis— and 2% ahead of a
year ago). The first five months also showed a gain of
2% , a relatively good performance in view of the level
of consumption as estimated by the National Coal As
sociation for the first half of 1957. This estimate shows
industrial consumption in this period 7 million tons
under the first half of 1956 and retail consumption down
9 million tons. This loss in consumption is lessened at
the production level as overseas demand has increased
8 million tons and stockpiles are estimated to be up 4
million tons, leaving a net decline of 4 million tons in

Federal Reserve Bank of Richmond
production. Market information seems to indicate
moderate softness in bituminous coal prices in selected
areas.

mutual savings bank deposits in Baltimore during May
was $579,000 compared with $872,000 a month earlier
and with only $9,000 last year. Together the net new
savings in these institutions amounted to $44.9 million
in May compared with $22.0 million in April and $19.8
million in May 1956. It is apparent that the increase
in interest rates on time deposits in commercial banks
is having a favorable effect on the growth in time de
posits, but it is equally apparent that it is partly at the
expense of savings and loan associations and partly at
the expense of savings bond holdings.

Financial
Total loans and investments of member banks in the
Fifth District slipped $11 million between April and
May, compared with a $38 million decline in this period
last year and $26 million in 1955. Loans and discounts
were off $4 million this year; last year in the April-May
period they rose $23 million, and the year before, $24
million. Security holdings were off $7 million this
year; last year the decline was $61 million, and the year
before, $50 million.
Total deposits of member banks declined $74 million
from April to May, strikingly similar to the $73 million
decline in this period last year and the $77 million in
1955. However, gross demand deposits were $99 mil
lion less this year compared with $78 million last and
$75 million in 1955. Time deposits rose $25 million
this year compared with slight declines of $5 million
last year and $2 million in 1955.
Total borrowings from the Federal Reserve Bank and
from others amounted to $102 million at the end of May,
an increase of $48 million over April and $29 million
over a year ago.
Considerable improvement occurred in the level of
institutional savings during May due chiefly to a sub
stantial rise in time deposits of member banks. Im
provement occurred at savings and loan associations in
May over April, but the May level was about the same
as a year ago. Net redemptions of E and H savings
bonds were about three times larger than a year ago
but slightly less than a month earlier. The gain in

Agriculture
Cash income from farm marketings in April rose sea
sonally over March and was 13% ahead of a year ago.
This gain was slightly better than the 12% increase for
the first four months of the year. Crop income during
the month was 28% higher than a year ago or at a
somewhat slower pace than the 33% gain shown in the
first four months. Income from livestock and products,
however, was 7% higher than in April last year which
is considerably better than the 4% shown during the
first four months.
Slight declines occurred in the level of farm prices
during May in Maryland, Virginia, and North Caro
lina. West Virginia and South Carolina showed no
change. Maryland’s aggregate level is running con
siderably under a year ago and that for North and South
Carolina is moderately below, but small gains are
shown for Virginia and West Virginia. The U. S.
Department of Agriculture has estimated cigarette con
sumption for the current year up between 3% and 4%
over last year but notes that there has been no increase
in the utilization of tobacco mainly because of greater
use of filter tips which require less tobacco.

In the Labor Market

Some Basic Changes Have Been Made
(Continued from page 8)

the Fifth District has varied somewhat, in the main it
has followed much the same trends as the District and
the nation. The percentage of nonproduction workers
employed by all operating establishments in 1899 in the
Fifth District amounted to 5.0% of all employees. It
rose continuously until 1919 when it was 9.2% ; then
declined to 8.5% in 1929, 8.1% in 1935, and 7.0% in
1937, followed by a rise to 10.8% in 1939, 11.3% in
1947, and 15.4% in 1954. Surveys made between the
1947 and 1954 censuses showed an increase in every
year except 1950.
The increase in the proportion of nonproduction
workers employed in the major manufacturing indus
tries has been general, both in District manufacturing
and national. Between 1947 and 1954 all Fifth Dis
trict industries, with the exception of printing and pub
lishing, showed some increase. Nationally, there was
an increase in every major industry except apparel and

printing and publishing.
Naturally, the proportion of nonproduction workers
varies widely from industry to industry, both in the Dis
trict and in the nation. The District in 1954 ranged
from 6.2% for textile mill products to 36.2% for print
ing and publishing; the nation from 8.4% for tobacco
manufacturing to 38.2% for printing and publishing.
In general, industries with the largest proportion of non
production workers showed sharper increases between
1947 and 1954, but there were exceptions. The Dis
trict’s furniture and fixtures industries had only 12.8%
of their workers in the nonproduction category, an in
crease of 5.2 percentage points over 1947, whereas in
struments and related products had 22.9% of their
workers in the nonproduction category, an increase of
5.1 percentage points. Machinery (other than electri
cal) had 24.0% of its workers in nonproduction status,
or a gain of 5.0 percentage points over 1947.
10 >

July 1957

/ fa / ia u L

Arrayed in the order of percentage point change (as
a percentage of all nonproduction workers, 1947-54),
the District’s chemical and related products industries
were at the top, with a plus 9.5 percentage points. Fol
lowing were food and kindred products with a 7.7 per
centage point gain; electrical machinery 5.9; transpor
tation equipment 5.3; furniture and fixtures 5.2; in
struments and related products 5.1; machinery (exclud
ing electrical) 5.0. Remaining industries ranged from
3.7 in the case of pulp and paper down to 0.6 for apparel
and related products, and printing and publishing de
creased 0.4 during the period.
For all District manufacturing, 15.4% of workers
were of the nonproduction type in 1954, or 4.1 percent
age points above 1947. This compares with 23.2% for
all United States manufacturing industries, an increase
of 6.5 points over 1947. However, 12 out of 20 major
Fifth District industry groups showed larger increases
in the percentage of nonproduction workers to total
workers than the same industries for the United States.

F ifth
D E B IT S T O

DEM AND
(000
M ay
1957

D ist r ic t B a n k in g

D E P O S IT A C C O U N T S *
omitted)
M ay
5 M onths
5 M onths
1956
1957
1956

Dist. of Columbia
W ashington ______ $1,608,239 $1,498,124 $ 7,804,399
Maryland
Baltimore _________ 2,018,165
1,785,137
9,340,880
Cumberland _______
31,241
28,620
144,998
Frederick _________
28,865
28,151
138,087
Hagerstown _______
44,732
46,118r
238,644
Salisbury** ________
40,437
37,820
187,671
Total 4 Cities _ _ 2,123,003
l,888,026r
9,862,609
North Carolina
Asheville ___________
78,021
74,728
380,346
Charlotte ___________
447,212
435,030
2,274,986
Durham ___________
99,853
83,867
452,660
Greensboro _______
190,294
170,401
900,310
58,669
55,991
291,008
H igh Point** ______
Kinston ____________
23,343
22,081
119,946
Raleigh ____________
275,690
215,205
1,307,534
W ilm ington _______
55,876
53,922
269,762
W ilson _____________
21,618
19,739
106,813
W inston-Salem . . _
197,838
184,942
976,513
Total 9 Cities _ 1,389,745
1,259,915
6,788,870
South Carolina
Charleston ________
105,667
92,819
506,815
Columbia _________
217,417
193,003
1,062,850
Greenville _________
142,703
143,564
727,381
Spartanburg ______
72,147
70,563
352,159
Total 4 Cities _
537,934
499,949
2,649,205
Virginia
Charlottesville ____
46,6693
40,360
212,646
Danville ____________
43,182
41,977
232,776
Lynchburg ________
62,928
62,000
309,100
N ew port New s .___
68,058
65,876
316,005
Norfolk ____________
347,918
326,495
1,647,445
Petersburg** ______
27,527
26,212
135,535
Portsmouth _______
42,517
39,263
195,800
Richmond __________
807,485
710,421
3,751,130
Roanoke ___________
173,971
163,529
795,143
Total 8 Cities .... 1,592,752
1,449,921
7,460,045
W est Virginia
Bluefield ___________
66,928
60,147
315,151
Charleston ________
204,561
193,322
978,174
Clarksburg ________
44,068
41,599
212,025
H untington _______
100,445
88,511
458,409
Parkersburg _______
41,580
37,678
193,791
Total 5 Cities ....
457,582
421,257
2,157,550
D istrict Totals ______$7,709,255 $7,017,192r $36,722,678

S ta tistic s

W E E K L Y R E P O R T IN G M E M B E R B A N K S
(000 omitted)
Change in Am ount from

$ 7,490,741
IT E M S
8,564,369
132,517
128,563
227,535r
176,456
9,052,984r
359,510
2,230,769
422,450
802,431
277,030
110,976
1,172,388
263,636
104,369
951,517
6,418,046
460,655
982,395
719,491
350,809
2,513,350
188,531
213,954
307,647
311,269
1,540,479
148,039
188,946
3,442,337
757,396
6,950,559
282,264
910,514
201,211
426,584
182,771
2,003,344
$34,429,024r

* Interbank and U . S. Government accounts excluded.
** N o t included in D istrict totals,
r Revised.

(District and national comparisons are shown in the
table on page 8, together with percentage point changes,
1947-1954.)
The April Monthly Labor Review, discussing the
problem from the national angle, stresses the fact that
the largest increases in the proportion of nonproduction
workers in the postwar period have been accompanied
by the largest increases in capital outlays and expanded
research and development activities. This has required
the services of a larger number of engineers, scientists,
and other technical workers as well as construction
labor. Attention is also called to the introduction or
expansion of overhead functions which has led to wide
spread increases in clerical, professional, and sales per
sonnel. Illustrative are emphases on human relations,
employee counseling, safety education, credit unions,
suggestion awards, retirement, supplemental employ
ment benefit programs, and grievance handling. Added
to these have been the requirements of Government or
regulatory agencies for more data and information of
various sorts.

Total Loans ______________________ $1,884,988**
Bus. & A g ric. _________________
Real Estate Loans ____________
A ll Other Loans _____________

891,866
335,975 +
688,979 +

June 13,
1956

— 11,103

72,694

— 17,605
384
6,265

+
+
+

60,617
1,698
16,474

Total Security Holdings ________

1,588,574

+ 15,720

— 50,133

U . S. Treasury Bills __________

75,640

+ 28,343

— 13,486

U . S. Treasury Certificates __

91,018 —

9,977

U . S. Treasury N otes ________
U . S. Treasury Bonds ________

202,114 —
953,435 +

9,047
3,994

— 93,472
— 14,415

72,900

—

Other Bonds, Stocks & Secur.

266,367 +

2,407

Cash Items in Process o f Col. ..

398,730 +

395

29,378

Due from Banks _________________

184,191* —

4,045

2,306

Currency and Coin _______________

82,571 +

Reserve with F . R . Banks ______
Other Assets _____________________

523,237
80,121 +

3,049

+ 19,286
645

+
+

2,225
5,848

Total Assets ------------------------------ $4,742,412

+ 25,080

65,367

Total Demand Deposits ________ $3,528,141
Deposits o f Individuals _______ 2,658,556
Deposits o f U . S. Government
78,555
Deposits o f State & Local Gov.
237,895 +
Deposits o f Banks ____________
491,743*
Certified and Officers’ Checks
61,392 —

+ 35,335
+ 54,361
— 33,175
9,752
+ 13,075
8,678

—
364
— 11,509
— 24,516
+
7,848
+ 27,921
—
108

+ 10,513
+ 10,690
177

+ 26,693
+ 50,619
— 23,926

— 15,650

17,000

6,387

Total Tim e Deposits ------------------Deposits o f Individulas ______
Other Tim e Deposits __________

781,525
730,507
51,018 —

Liabilities for Borrowed Money

27,500

A ll Other Liabilities ____________

53,217 —

Capital Accounts _________________

352,029 +

Total Liabilities ______________ $4,742,412

6,764
1,646
+ 25,080

N et figures, reciprocal balances being eliminated.

** Less losses for bad debts.

11 K

4,182

1,660

June 12,M ay 15,
1957
1957

+ 1 5 ,6 5 1
+

65,367

Federal Reserve Bank of Richmond

F if t h d is t r ic t S t a t is t ic a l d a t a
B U IL D IN G P E R M IT F IG U R E S
(37 Cities)
M ay M ay
5 Months
1957
1956
1957

F U R N IT U R E S A L E S *
(Based on Dollar Value)
Percentage change with corresponding period a year ago
5 M os. 1957
M ay 1957
— 1
— 5
— 6
— 6
— 5
— 7
— 2
+ 10
— 1
+ 1
— 3
+ 5

STATES
Maryland
Dist. o f Columbia
V irgin ia _ _______
W e st V irgin ia —
North Carolina _
South Carolina —
D istrict

I N D I V I D U A L C IT IE S
Baltimore, Md. -----------------W ashington, D. C................
Richmond, V a . -----------------Charleston, W . V a . _______
Charlotte, N . C . ---------------Greenville, S. C . --------------

— 1

— 4

—
—
—
—
—
+

—
—
—
+
+
—

1
6
8
7
1
8

5 M onths
1956
Maryland
Baltimore _______ $ 8,312,790 $ 2,922,771 $ 36,113,639
$ 22,723,886
Cumberland ____
60,650
312,905
361,116
855,055
Frederick _______
290,600
813,585
745,910
1,224,250
H agerstow n _____
207,352
129,296
3,737,099
660,741
S a lisb u r y ------------137,609
76,124
616,059
1,098,885
Virginia
D a n v ille __________
449,619
559,287
2,010,121
3,663,243
H am pton ___ ___
2,082,959
499,564
8,836,976
3,758,444
H o p e w e ll________
605,321
300,229
1,176,884
854,558
L y n c h b u r g ______
668,683
405,825
4,009,748
5,273,835
N ew port New s _
488,274
121,971
1,484,342
1,089,672
N o r f o l k __________
817,047
9,218,013
3,766,398
13,905,301
Petersburg ______
161,400
305,650
1,175,942
1,260,050
Portsmouth _____
286,446
222,591
1,355,469
1,451,739
R ic h m o n d _______
2,533,089
1,964,678
10,448,388
13,903,113
964,034
1,272,598
6,368,045
11,719,255
Roanoke ________
Staunton ________
212,500
245,630
840,110
1,273,916
W a r w i c k ------------845,662
572,582
3,298,853
3,118,122
W in c h e s te r * _____
72,513
NA
415,560
NA
W est Virginia
1,000,387
710,619
2,873,301
2,524,717
Charleston ______
Clarksburg ______
220,940
157,945
821,446
703,432
H untington ____
643,035
574,160
1,928,171
2,105,094
North Carolina
Asheville ________
466,253
256,309
1,680,934
2,920,746
C h a rlo tte ________
799,767
6,585,771
6,166,184
14,895,362
D u r h a m ______
894,167
939,100
4,736,898
3,719,271
Gastonia ________
715,700
708,200
2,951,525
2,895,950
Greensboro ______
835,140
2,382,955
6,866,070
7,354,011
H igh P o i n t ______
568,055
541,360
1,989,700
2,785,904
Raleigh __________
907,405
1,556,321
5,015,252
5,726,385
Rocky Mount ___
1,719,071
352,681
2,681,833
1,623,562
Salisbury ________
139,725
625,160
976,803
1,255,125
W ilson ___________
171,310
232,550
974,310
2,600,075
W inston-Salem _
2,305,826
2,188,249
9,272,511
6,785,468
South Carolina
Charleston ______
195,817
188,129
1,083,515
933,171
C o lu m b ia ________
536,571
1,372,064
6,023,122
5,142,720
Greenville _______
243,995
529,750
1,442,847
3,381,226
S p a r t a n b u r g ___
282,006
1,336,858
1,951,828
2,485,986
Dist. of Columbia
W ashington _ _
5,300,217
6,504,669
26,547,712
23,437,118
D istrict Totals ___ $37,069,422 $47,686,149 $172,329,061
$181,109,388

5
6
4
3
5
3

department stores as well
furniture stores.

W H O LESALE TRADE

L IN E S
A u to supplies --------- - - ■
Electrical, electronic and
appliance goods . ------ ------H ardware, plumbing, and
heating goods -------------------M achinery equipment sup
plies
. — .........-.......... - •
D rugs, chemicals, allied
products ............. ........ D ry goods ----- — _ ------Grocery, confectionery,
meats ...................... ....... .........
Paper and its products
Tobacco products
Miscellaneous .
D istrict total .........................

Stocks on
M ay 31, 1957
compared w ith
M ay 31,
A p r . 30,
1956
1957
+ 2
+ 3

Sales in
M ay 1957
compared w ith
A p r.
M ay
1957
1956
+

— 16

— 10

— 13

— 6

— 1

+25

— 9

+ 16

— 2

+ 3
— 14

+ 5
— 25

+ 1
NA

0
NA

0
— 32
+ 6
— 7
— 1

+ 6
+ 9
+ 18
+ 1
+ 13

— 7
+ 2
+ 5
— 12
0

—
—
—
—

5
1
1
6
7

* N ot included in District totals.
N A N ot available.

N A N o t available.
Source: Bureau o f the Census, D epartm ent of Commerce.

F IF T H D IS T R IC T IN D E X E S
Seasonally A djusted: 1 9 4 7 -1 9 4 9 = 1 0 0
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 changes)
Rich.

Balt.

W ash .

Other
Cities

Sales, May ’ 57 vs M ay ’56 _

— 3

Sales, 5 M os. ending M ay
31, ’57 vs 5 Mos. ending
M ay 31, ’ 56 ..... ........................

— 2

+ 10

Stocks, May 31, ’57 vs ’56 _

— 8

+11

+ 11

Outstanding Orders,
May 31, ’57 vs ’ 56 -----------

+ 13

— 9

Dist.
Totals
+

Open account receivables, May
1, collected in M ay ’57 -----

34.0

50.4

Instalm ent receivables, M ay
1, collected in M ay ’ 57 ......

10.6

14.1

12.1

16.1

Va.

W . Va.

N .C .

S.C.

— 1

Md.
Sales, M ay ’ 57 vs M ay
’ 56
—
—
- -

D.C.

+ 5 + 6

42.2

M ay
1957
N ew passenger car registra
tion* -------------------------- _ _ ----------- ----Bank d e b its______________________
208
Bituminous coal p ro d u c tio n *__ 109
Construction contracts*** ______ 179
Business failures— number ____
266
Cigarette production ___________ ___
Cotton spindle hours ___________ 121
Spindle hours— other than cot
ton** ___________________________
139
Departm ent store s a l e s ________
139
M anufacturing e m p lo y m e n t* __ ______
Furniture store s a l e s __________128
L ife insurance s a l e s ____________ 280

41.4

42.5

13.0

M ay
1956

163
200
108
180
153
107
118

171
190
107r
218
172
107
125

136
136
112
llO r
270

135
135
112r
129
228

*
N ot seasonally adjusted.
** 1 9 48 -19 49= 100.
*** Due to revision in construction series 1956 figures
r Revised.
Back figures available on request.

A p r.
1957

%
Chg.—
Latest M o.
Prev.
Yr.
M o.
Ago
+ 7
+ 4
+ 1
— 1
+74
+ 3
+ 3

— 6
+ 9
+ 2
— 18
+55
+ 2
— 3

+
+

+ 3
+ 3
0
— 1
+23

2
2
0
+16
+ 4

are revised,

Full text of Economic Quarterly (Federal Reserve Bank of Richmond) : July 1957

FRASER