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M M ITH LT
FEDERAL RESERVE BANK OF RICHMOND
R I C H M O N D 13, V IR G IN IA

JU N E 3D, 1 9 4 9

Business Conditions

B

USIN ESS A C T IV IT Y in the Fifth Federal Re­
INDEXES OF DEPARTMENT STORE SALES
serve District, for the most part, enjoyed a respite
FIFTH FEDERAL RESERVE DISTRICT
during May from the downward trend which had been
SEASONALLY ADJUSTED
(1942 * 100)
in evidence since the fall of 1948. Trade figures in par­
200
200
ticular made a favorable showing with department store,
JVlA
AtyV
150
10
3
1
furniture store, and most lines of wholesale trade show­
ing better than normal seasonal performance in May
„ *A_
100
too
APRONS, UNIFORMS,
over April. Bank debits, bituminous coal production,
HOUSE FURNISHINGS
AND HOUSEDRESSES
SO
---------1
--------- 1
_____1
_____hum.—
50
public works and utility and residential building contract
awards, building permits, cigarette production, and life
insurance sales all showed better than seasonal perform­
ance in May as compared with April. Cotton consump­
tion by mills of the Fifth District in May showed no
change from April after seasonal correction. New pas­
senger automobiles registered in the District in April
were 39 per cent higher than a year ago, while business
failures in May fell 54 per cent from April on a season­
ally adjusted basis.
The underlying situation, however, indicates that fur­
ther curtailment of economic activity in the District ume of hidden inventories, these could have been pushed
would be seen before a period of sustained improvement into consumption channels by this time since the meas­
is witnessed. The employment situation continued to urable sources of consumption at the retail level have
deteriorate in May with declines from the previous shown no perceptible weakness in this period. It would
month recorded in a large majority of the manufacturing seem in view of these considerations together with the
industries. Reduction in hours of labor has had about sharp cut-back in output that a measure of recovery in
the same effect on pay rolls as the decline in employment production would be in order this fall. The degree of
recovery, however, must take into account the fact that
levels.
further shifting is taking place from cotton to rayon
Cotton Textiles
tire cord.
Although cotton consumption in the mills of the Fifth
Rayon
District in May showed no change from the April level
Shipments of rayon filament yarn and staple fiber in
after adjustment for seasonal variation, the mills of Vir­
ginia and North Carolina showed increases in this period May for the United States were 9 per cent higher than
which were offset by declines in South Carolina. From in April, but 35 per cent below May 1948. Relative to a
the peak levels around May 1948 the declines in cotton year ago filament yarn shipments in May were down 25
consumption have occurred most in Virginia mills fol­ per cent while staple fiber shipments were down 65 per
lowed in order by those in North Carolina and South cent. In the first five months of 1949 Viscose filament
yarns were down 9 per cent and acetate filament yarns
Carolina.
Summer vacations have been announced by numerous down 22 per cent from like months last year, while Vis­
mills, and there appears to be a larger number of them cose staple was down 46 per cent and acetate staple down
shutting down for more than one week than was the case 62 per cent in the same period. This would seem to indi­
cate that the areas of Front Royal, V a .; Nitro and Par­
last year.
The goods and yarns market has been showing strong kersburg, W. V a .; Narrows and Waynesboro, Va. where
resistance to further price declines; and while purchases staple fiber is produced may have cut back more substan­
have been held to a minimum and mainly for nearby de­ tially than in other rayon producing areas.
livery, there has been some broadening of forward pur­
Rayon prices for both viscose and acetate during May
chases of selected constructions. Next month will mark were reduced in a range o f from 1 cent to 10 cents a
a year that the industry operations have been sliding, and pound depending on the denier of the yarn. These de­
it would seem that if there has been a considerable vol- clines were followed by a drop of 3 to 6 per cent in dis


J

FEDERAL RESERVE BANK OF RICHMOND

solving wood pulp price on June 1st. This is an impor­
tant element o f cost in rayon production. High tenacity
viscose yarns used for making tire cords were already
competitive with cotton for this purpose and the lowered
rayon prices seem likely to continue the trend toward
rayon usage. In the first five months of 1949 high te­
nacity viscose and cupra rayon yarn shipments were IS
per cent higher than in like months of 1948 whereas
other viscose and cupra yarn shipments were down 29
per cent bringing the total of these yarns down only 9
per cent.
Furniture
Although furniture shipments of southern manufac­
turers in April were about the same as in March after
seasonal correction, new orders likewise adjusted fell 29
per cent in this period thus indicating some further drop
in output and shipments. Trade opinion points toward
a dearth of new business until the July furniture shows
have been held. Based on the retail sales of furniture
thus far this year it would appear that some improve­
ment in operations would be a reasonable expectation
this fall.
Furniture store sales in the Fifth District rose 17 per
cent on a seasonally adjusted basis from April to May to
a level 4 per cent ahead of May 1948. Sales in the first
five months were 1 per cent behind last year. In the first
four months of 1949 the furniture departments of those

stores reporting departmentally throughout the United
States showed sales only 4 per cent under similar months
last year. This makes it look like either retail furniture
sales are in for a considerably bigger drop, or manufac­
turers sales are in for a rise, or some of both.
Lumber
Employment in this industry is still declining and
hours of labor are likewise falling. Together they indi­
cate a reduction in the output of between 20 and 25 per
cent from a year ago. Although southern pine prices
have been fairly steady for the past month, west coast
fir has weakened, and this will probably have a similar
effect on southern pine. The southern hardwood market
is soft with furniture factories buying very little stock,
and the flooring factories cutting back operations.
Construction
New construction contract awards seasonally adjusted
in May moved somewhat contrary to trends shown thus
far this year in the Fifth District. Commercial building
awards, which in the first five months were 57 per cent
ahead of a year ago, declined 56 per cent on a seasonally
adjusted basis from April to May. Contract awards for
factory buildings, which fell 46 per cent in the first five
months decreased 68 per cent from April to May after
seasonal adjustment.
Continued on page 9

B USINESS IN D E X E S — F IF T H F E D E R A L R E S E R V E D IS T R IC T
A V E R A G E D A IL Y , 1935-39= 100— S E A S O N A L L Y A D JU ST E D
May
1949
Automobile Registration 1 ............................

One and Two Family Houses .................
Building Permits Issued .............................. ________
................... .
Cigarette Production ....................................
Cotton Consumption .......................................
Cotton Spindle Hours ................................
Department Store Sales3...............................
Department Store Stocks ...........................
Electric Power Production ......................... ___ _______
Employment — Mfg. Industries 1 .............
Furniture Orders3 ......................................... ..................

.........

......... .
........... ........

Hardware ....................................................
Industrial Supplies2 ................................... ..................
Paper and Its Produpts2 .........................
Tobacco and Its Products 2 ..................... ....................
1 Not seasonally adjusted.
2 1938-41 = 100
8 Revised Series—back figures available on request.




May
1948

253

Bituminous Coal Production ....................... ......................
Building Contracts Awarded: ...................
Commercial Construction Contracts .....
Manufacturing Construction Contracts
Public Works and Utilities .....................
Residential Construction Contracts -------- ............. .

Electrical Goods 2 .......................................

Mar.
1949

179
312
179
363
1305
414
245
304
428
292
285r
128
232r
111
112
307
315r
258
125
172
217
297
234r
.....
249

163
332
93
263
346
286
219
230
278
263
222
101
256
128
128
290
305r
277
127
241 r
218r
402r
250
203
256

106
326
190
365
461
418
523
313r
312
320
277
31
232
148
152
322
325r
254
135
241
262
668
263
190
252

+
+
—
—
—
+
—
—
+
+
+

344
266
166
90
246
139
248
129
85

260
268
156
77
238
124
255
125
89

283
256
151
71
247
133
279
134
84

408
253
198
89
262
138
387
153
92

+ 32
— 1
4- 6
+ 17
4* 3
4- 12
— 3
4- 3
— 4

.....................

Furniture Sales — Retail ...........................
Gasoline Consumption ...................................
Life Insurance Sales.......................................
Wholesale Trade:
Automotive Supplies2 ................................

% Change— Latest Month

Apr.
1949

328
187
287
573
133
252
315
334
312
342
59
255
111
115
317
304
.....
177
200
253
274

£21

Prev. Mo.
+
4*
+
—
—
—
+
4—
+
+
—
4-

io
5
4
21
56
68
3
4
22
7
20
54
10
0
3
3
3
7
2
3
8
15
17
6
2

Year Ago
+
+
—
—
4—
—
4*
+
—
444—
—
—
—
+
—
—
—
—
+
+

39
1
2
21
24
68
52
1
7
3
23
90
10
25
24
2
6
1
7
27
24
62

4
13
0

— 16
4- 5
—•16
+
1
— 6
4“ 1
— 36
— 16
— 8

MONTHLY REVIEW

JUNE 1949

The Growth and Importance of Manufacturing
in the Fifth Federal Reserve District
The Census of Manufactures was taken last year cov­
ering the year 1947. In 1947 the value added by manu­
facture of all manufacturing industries in the Fifth Fed­
eral Reserve District amounted to $5,396 million. This
was a gain of 205.4 per cent over the previous manufac­
turing census covering the year 1939. In this same
period the value added by manufacture for all manufac­
turing industries in the United States amounted to $74,364 million or a gain of 203.7 per cent over 1939. Thus,
essentially the manufacturing industries of the Fifth
District paced the nation in its gain in this period, the
differences in percentage being inconsequential. The
value added by manufacture is computed by subtracting
the cost o f materials and supplies from the value of ship­
ments. Thus, the value added by manufacture measures
the value of manufacturing process and is the best repre­
sentation of the relative importance of manufacturing.
Seven industries in the Fifth District accounted for
two-thirds of the total value added by manufacture in
that area in 1947. Only three of these seven industries,
however, exceeded the gain shown for all manufacturing
industries in the District between 1939 and 1947. These
were textile mill products, lumber and timber products,
and transportation equipment.
O f the eighteen major groups of industrial products
into which manufacturing has been subdivided, eight of
these industries in the Fifth District showed gains from
1939 to 1947 less than the District average for all prod­
ucts while the remaining ten showed gains greater than
the District average. Industries of not very great im­
portance in the manufacturing economy of the District
showed some very substantial gains in value added in the
period under review. These include rubber products,
machinery other than electrical as well as electrical ma­
chinery, and instruments. Altogether these industries ac­
counted for only 3.2 per cent of the value added in the
District in 1947.
Only two states in the Fifth District, South Carolina
and West Virginia, showed a gain in the value added by
manufacture from 1939 to 1947 in excess of that shown
by the Fifth District as a whole. North Carolina showed
a gain only slightly below the District average while gains
in other states and the District of Columbia were below
the District average.
Relative Importance of Manufacturing in
Fifth District States
North Carolina, Maryland, Virginia, South Carolina,
West Virginia, and the District of Columbia in 1947
ranked in importance in the order named in their contri­
bution to manufacturing in the Fifth District. But in the
gain shown from 1939 to 1947, South Carolina by far
exceeded any other state in the District, West Virginia
placing second, North Carolina third, Virginia fourth,
Maryland fifth, and the District of Columbia sixth.




In the industries showing any considerable importance
to the state of South Carolina the gain from 1939 to 1947
exceeded that of any other state in the District or that
of the national average; a very substantial gain being
made in the state's most important industry, textile mill
products. The value added by manufacturing in South
Carolina rose 369.3 per cent from 1939 to 1947 to exceed
that of all other states in the nation except that of New
Mexico.
West Virginia’s gain in value added by manufacture
between 1939 and 1947 of 211.3 per cent in comparison
with 205.4 for the District as a whole was occasioned
mainly by the larger than average increase in its chemical
industries and by unusually large gains in relatively small
industries such as furniture, petroleum and coal manu­
facturing, and machinery, both electrical and other. In
the percentage growth from 1939 to 1947 West Virginia
ranked twenty-first among the 48 states and the District
of Columbia.
Even though North Carolina’s gain in manufacturing,
as measured by value added, gained essentially the same
as that in the Fifth District or in the nation, the failure
of the state’s important tobacco industry to gain commensurately with the average of all manufacturing in­
dustries acted as a retarding factor on North Carolina’s
gain. While North Carolina’s gain in the textile indus­
tries was greater than that in the nation, it was not so
large as in South Carolina, Virginia, or the Fifth District
as a whole. Though of relatively minor importance in
North Carolina’s economy, unusually large gains were
made in the apparel, paper, fabricated metals, machinery,
and transportation equipment industries. The percen­
tage increase in value added by manufacture in North
Carolina from 1939 to 1947 ranked twenty-fifth among
the states.
The Virginia manufacturing economy, dominated by
chemicals, textile mill products, and tobacco manufac­
turing, showed gains in chemicals and textile industries
from 1939 to 1947 better than the District’s average of
all industries while the tobacco industry gain was sub­
stantially less than that shown for all industries in the
District or in the nation. Virginia’s rank in relative
growth among the states was thirty-sixth.
Maryland’s manufacturing gain of 171.0 per cent
from 1939 to 1947 is considerably less than that in either
the District or the nation to rank forty-third among the
states. Maryland’s important industries are food, trans­
portation equipment, chemicals, apparel, and fabricated
metal products in the order named. Food manufacturing
in this state showed an increase better than that industry
showed in the Fifth District and in the nation. The
transportation equipment industry in Maryland showed
a gain considerably better than all manufacturing indus­
tries in the Fifth District, but poorer than this industry
recorded nationally. The state’s chemical and apparel

r3 1

FEDERAL RESERVE BANK OF RICHMOND

industries gained considerably less in the period under
review than these industries gained in either the Fifth
District or in the nation.
Manufacturing activity in the District of Columbia
consists mainly of printing and publishing and food pro­
cessing. Printing and publishing in this area gained more
between 1939 and 1947 than this industry showed in
either the Fifth District or the nation, but the gain ran
well behind that of the average of all industries in either
the District or the nation. The food processing indus­
try's gain was less than half of the gain showed in all in­
dustries in the District and a little more than half as
large a gain as that shown in all food manufacturing in­
dustries in the nation. The gain in the value added by
manufacture in all industries in the District of Columbia
from 1939 to 1947 was 130.2 per cent for a rank of
forty-eighth.
The value added by manufacture in dollar amounts,
the increase from 1939 to 1947, and the percentage of
the Fifth District totals are shown in Table 1 for each of
the states in this District in comparison with the national
total for all industries.
TABLE 1
R E L A T IV E IM P O R T A N C E OF M A N U F A C T U R IN G
IN FIF T H D IS TR IC T STATE S
V alue Added by M anufacture
(M illion dollars)
1939
M aryland ....................
Dist. o f Colum bia.....
V irgin ia .........................
W est V irgin ia ............
N orth C arolina ..........
South C arolina ..........

1947

420.6
43.4
376.3
213.3
544.2
169.3

1,140.0
99.2
1,052.1
663.9
1,646.1
794.6

F ifth D istrict .......... 1,767.1
U nited States ..........24,487.0
S ou rce:

5,395.9
74,364.0

%
Increase
171.0
128.6
179.6
211.3
202.5
369.3
205.4
203.7

% o f F ifth Dist.
1939
1947
23.8
2.5
21.3
12.1
30.7
9.6

21.1
1.7
19.3
12.6
80.7
14.6

100.0

100.0

Census o f M anu factu res: 1947, Bureau o f the Census, D epart­
m ent o f C om m erce, Series MC-D5 and Series MClOO-1

The Growth of Fifth District Manufacturing
Industries from 1939 to 1947
The Census o f Manufactures has thus far classified all
manufacturing concerns on a state basis into twenty
groups consisting of eighteen broad industrial classifica­
tions, a miscellaneous group composed of those indus­
tries not falling under any of the eighteen named groups
and an “ all other” group covering those concerns be­
longing under the eighteen named groups but which
cannot be so reported because of possible disclosure of
individual firm operations.
O f the eighteen named groups o f industries located in
the Fifth District, the increase in the value added by
manufacture from 1939 to 1947 was greater in eleven
industries and lower in seven than the national average
o f all industries.
The major group o f manufacturing industries in the
Fifth Federal Reserve District is textile mill products.
These industries accounted for 29.9 per cent of the total
value added by manufacture in 1947 in the Fifth District
which was considerably more important than the 24.7
per cent recorded in 1939. While textile mill products
industries in the Fifth District were gaining 269.9 per
cent in the mentioned period, their gain for the nation as
a whole was but 193.4 per cent. South Carolina is pri­
marily responsible for the greater part o f this increase




in the District with a gain of 404.7 per cent. The growth
in Virginia in these industries was greater than that in
North Carolina, the increase in Virginia being 287.9 per
cent and that in North Carolina 218.9 per cent. The in­
crease in Virginia was greater than the District or na­
tional gain for similar industries. The North Carolina
gain exceeded that for the nation, but fell behind the
Fifth District gain. In Maryland and West Virginia
where textile mill products are of relatively small impor­
tance to the industry or to the economies of these states,
the increase from 1939 to 1947 shown in value added fell
far short of the growth in the industry in either the Dis­
trict or the nation.
The second industry of importance in the Fifth Dis­
trict is the chemical industry which includes mainly rayon
yarn, fertilizer, and the synthetic chemical industries in
the Kanawha Valley of West Virginia. Chemical indus­
tries accounted for 11.4 per cent of the total value added
by manufacture in the Fifth District in 1947 and 11.6
per cent in 1939. The gain in these industries in the
Fifth District from 1939 to 1947 as measured by value
added by manufacture was not greatly different from the
gain shown in these industries in the nation as a whole,
amounting to 196.3 per cent in the District and 194.7 per
cent in the nation. West Virginia, South Carolina, and
Virginia, however, showed gains of respectively 275.1
per cent, 232.0 per cent, and 206.4 per cent in these in­
dustries. These percentages were in excess of the Dis­
trict average of 196.3 per cent.
The gain in food processing industries in the Fifth
District compared favorably with the gain of these in­
dustries in the nation. The gain in the value added by
manufacture from 1939 to 1947 in the Fifth District was
166.2 per cent; in the nation it was 158.9 per cent. These
industries in 1947 ranked third in importance in the
Fifth District amounting to 8.3 per cent of the total value
added by manufacture compared with 9.5 per cent in
1939. All states in the District except West Virginia
and the District of Columbia, showed gains in these in­
dustries larger than those in the nation.
The fourth ranking indusutry in the Fifth District is
tobacco products which in 1947 accounted for 7.4 per
cent of the total value added by manufacture compared
with 11.7 per cent in 1939. This industry’s selling prices
have not been advanced very greatly while its labor and
materials costs have risen notably during the period un­
der review. The industry made a gain from 1939 to 1947
in the District of 93.5 per cent and 83.7 per cent in the
nation. It is interesting to note that the chief gain in this
industry has occurred in North Carolina where the gain
in value added was 113.8 per cent, while in Virgina the
gain amounted to only 65.5 per cent, less than the na­
tional average of 83.7 per cent. Since the supply of leaf
tobacco is grown largely in North Carolina, it is apparent
that the manufacturing growth in this industry is being
made at the source of the raw material.
Lumber and timber products, the fifth industry in
importance in the Fifth District, which accounted for
4.5 per cent of the District’s value added by manufac­
ture in 1947 and 4.0 per cent in 1939, showed a gain of
241.1 per cent from 1939 to 1947 compared with a na­

r4 1

MONTHLY REVIEW

JUNE 1949

tional gain for these industries of 243.8 per cent in this
period. Both South Carolina and North Carolina show­
ed a considerably greater gain for these industries in the
period under review than either those in the Fifth Dis­
trict or the nation. The gain in Virginia was not greatly
different from the national or District average while
that in Maryland and West Virginia was substantially
below either District or national gain.
Transportation equipment in the Fifth District was
our sixth industry in size as measured by value added in
1947, accounting for 4.2 per cent of the District total in
1947 compared with 4.0 per cent in 1939. The gain in
this industry from 1939 to 1947 was 222.6 per cent in
the District which was below the 230.5 per cent in the
nation. The gain in this industry in Virginia is well below
either District or national average, amounting to IS 1.1
per cent in the period under review. While of small im­
portance in the state’s economy, the gain from 1939 to
1947 in this industry in North Carolina has been con­
siderably greater than in the nation, amounting to 372.7
per cent in North Carolina compared with 230.5 per cent
in the United States.
Stone, clay, and glass industries in 1947 were tied for
sixth place with transportation equipment in the relative
importance in the District's economy, accounting for 4.2
per cent of the District’s value added by manufacture in
that year compared with 4.5 per cent in 1939. Although
these industries in the Fifth District accounted for a
smaller proportion o f the manufacturing activity in 1947
than in 1939, their gain in this period in the District ex­
ceeded that in the nation. In West Virginia where the
industry is fairly important the gain in value added was
greater than that in the District as a whole and consider­
ably greater than that in the nation. Larger than average
increases were made in this industry in North and South
Carolina, but in these areas the industry is of minor im­
portance.
Paper and allied products industries, accounting for
3.6 per cent of the total value added by manufacture in
the Fifth District in 1947, increased their importance in
the District economy from the 3.1 per cent recorded in
1939. The gain in these industries from 1939 to 1947 was
252.8 per cent in the Fifth District and 223.8 per cent in
the United States. In Virginia, where the industry is of
most importance District-wise, the gain from 1939 to
1947 was somewhat less than the District average for
these industries, but above the growth of the same in­
dustries nationally. North Carolina and South Carolina
both showed gains around 319.0 per cent in this period.
The printing and publishing industries contributed
3.5 per cent of the Fifth District’s total value added by
manufacture in 1947 compared with 4.4 per cent in 1939.
While the gain in these industries in the Fifth District
of 145.5 per cent from 1939 to 1947 was slightly greater
than the gain of 141.9 per cent in the United States, their
gain was considerably below the average of all manufac­
turing industries in the District of 205.4 per cent in this
period. Slightly better than average increases were shown
in the District of Columbia and Maryland where these
industries are of greatest importance in this District.




Apparel industries in the Fifth District showed a re­
lative gain in importance from 3.1 per cent of the total
value added by manufacture in 1939 to 3.4 per cent in
1947. Their increase in the Fifth District of 240.2 per
cent was greater than the District’s average of all indus­
tries and greater than the 219.1 per cent increase shown
for apparel industries in the nation. The largest increases
came in North Carolina where the value added was six
times greater in 1947 than in 1939 and in Virginia where
it was more than four times greater. In Maryland, how­
ever, where half of the District’s industry is located, the
growth of 161.7 per cent was less than in both District
and nation.
Furniture accounted for 3.3 per cent of the total value
added by manufacture in all industries in the Fifth Dis­
trict in 1947 compared with 2.8 per cent in 1939. The in­
crease in these industries in the Fifth District of 256.3
per cent compared with a gain of 229.9 per cent in the
nation. This industry in the District is located primarily
in North Carolina and secondarily in Virginia and nomi­
nally in Maryland, West Virginia, and South Carolina.
The gains in both North Carolina and Virginia from
1939 to 1947 of 264.4 per cent and 257.0 per cent re­
spectively were greater than District or national averages
for this industry.
Fabricated metal products, accounting for 3.2 per
cent of the total value added by manufacture in the Fifth
District in both 1947 and 1939, showed an increase of
205.3 per cent from 1939 to 1947 compared with a gain
in the United States of 351.0 per cent. This industry, lo­
cated chiefly in Maryland and West Virginia, and to a
lesser extent in Virginia with some representation in all
other states of the District, rose most in North Carolina
and South Carolina in the period under review and least
in the District of Columbia and Maryland. North Caro­
lina and South Carolina showed gains from 1939 to 1947
greater than the national average for the industry with
West Virginia, North Carolina, and South Carolina
showing gains greater than the District average.
Primary metal products accounted for 2.5 per cent of
the total value added by manufacture in the Fifth Dis­
trict in 1947 compared with 3.0 per cent in 1939. The
gain in these industries from 1939 to 1947 o f 160.5 per
cent was less than the national growth in the same indus­
tries of 166.3 per cent and in both instances their gains
were smaller than the average for all industries in Dis­
trict or nation. Primary metal products in the Fifth Dis­
trict are located mainly in West Virginia and Maryland
and to a lesser extent in Virginia. The Maryland figures,
however, cannot be shown because they would reveal
the operations of one large concern. The gain in primary
metal products in West Virginia from 1939 to 1947 was
158.2 per cent. This was less than either District or na­
tional average for such industries in this period. The
growth in Virginia was 184.4 per cent which was greater
than District or national average of these industries.
The machinery industries, both electrical and other,
showed increasing importance in the Fifth District’s
economy between 1939 and 1947. In both cases these in­
dustries grew much more substantially than the average
of industries as a whole. Electrical machinery industries

r51

FEDERAL RESERVE BANK OF RICHMOND

accounted for 1.1 per cent of the total value added by
manufacture in the Fifth District in 1947 and 0.8 per
cent in 1939, while other machinery industries accounted
for 1.5 per cent in 1947 and 1.1 per cent in 1939. In
Maryland where machinery industries are most impor­
tant in the District the increase from 1939 to 1947 was
less than either District or national average of similar in­
dustries. In West Virginia where machinery industries
are of considerably less importance than in Maryland,
their growth in the same period was 417.2 per cent. The
nucleus of a machinery industry had been established in
North Carolina by 1939 and by 1947 it had raised the
value added by manufacture to $17 million compared
with $3.9 million in 1939 for a gain of 343.6 per cent.
Petroleum refining together with the manufacture of
coal products in the District showed value added by
manufacture of $38 million in 1947 compared with $14
million in 1939 which made these industries of slightly
less importance in the manufacturing set up in the
Fifth District in 1947 than in 1939. Increases from 1939
to 1947 in these industries were smaller in the District
than in the nation and in both cases the gain was smaller
than the average of all manufacturing industries in this
period.
Rubber products, though of relatively small signifi­
cance in the Fifth District, increased in importance from
1939 to 1947 and the gain, 483.0 per cent, compared with
a national gain of 154.7 per cent in the same industries.
The relative importance of manufacturing in the Fifth
District in 1947 as compared with 1939 has found the
textile, food, lumber, transportation equipment, paper,
apparel, furniture, machinery, and rubber industries in­
creasing in importance. The chemicals and fabricated
metal products industries have just about maintained a
similar position in the economy in 1947 as they held in
1939. Tobacco; stone, clay, and glass; printing and pub­
lishing ; primary metal products; and petroleum refining
and coal products manufacturing have failed to maintain
as important a position in 1947 as they held in 1939. On
the whole the Fifth District’s gain has been only slightly
greater than that of the United States as a whole. Details
are shown in Table 2.
TABLE 2
R E L A T IV E IM P O R T A N C E OF M A N U F A C T U R IN G IN D U STR IE S IN
TH E F IF T H D IS TR IC T A N D T H E IR G R O W TH FR OM 1939 TO 1947

% o f F ifth D istrict
value added by m fr.
IN D U S T R Y G R O U P

1939

Textile m ill products ..............
Chemicals & allied products ..
Food & kindred products .......
Tobacco m anufactures ............
Lum ber & products ..................
Stone, clay, and glass................
Transportation equipment .....
Paper & allied products ..........
P rin tin g & publishing ............
A p parel & related products ..
Furniture & fixtures ..............
Fabricated m etals ....................
P rim ary m etals ...........................
M achinery (excl. electrical)....
E lectrical m achinery ................
Petroleum & coal products ....
Rubber products ........................
Instrum ents .................................
Other .............................................

24.7
11.6
9.5
11.7
4.0
4.5
4.0
3.1
4.4
3.1
2.8
3.2
3.0
1.1
.8
.8
.3
.1
7.3

Total ..................... -.........................

100.0

Derived from Census o f M anu factu res:




1947

% increase
in value added
b y m anuf. 19S9 to
1947
5th Dist.

U.

s.

29.9
11.4
8.3
7.4
4.5
4.2
4.2
3.6
3.5
3.4
3.3
3.2
2.5
1.5
1.1
.7
.5
.1
6.7

269.6
196.3
166.2
93.5
241.1
179.7
222.6
252.8
145.5
240.2
256.3
205.3
160.5
303.4
321.8
168.6
483.0
327.3
185.1

193.4
194.7
158.9
83.7
243.8
169.5
230.5
223.8
141.9
219.1
229.9
351.0
166.3
283.8
313.4
189.4
154.7
224.3
227.5

100.0

205.4

203.7

1947, op. cit.

The Contribution of Fifth District Industries
to National Totals
Concerns located in the Fifth Federal Reserve District
are major sources of national output of manufactures in
two industries. These are tobacco products and textile
mill products.

Tobacco Products
Fifth District plants accounted for 62.43 per cent of
the United States output of manufactured tobacco pro­
ducts in 1947, which was an improvement over the 1939
contribution of 59.26 per cent. This gain in the Fifth
District position was probably caused by the relatively
greater growth of cigarettes among the industry’s pro­
ducts.

Textile Mill Products
These industries in the Fifth District accounting for
30.20 per cent of the national output in 1947 show marked
relative progress over the 23.97 per cent in 1939. This
gain in importance of the Fifth District in these industries
is probably due mainly to the relatively greater increase
in the number of man hours operated in old facilities and
to a lesser extent in the expansion of new plant.

Furniture and Fixtures
In 1947 the Fifth District accounted for 12.76 per cent
of the total national value added by manufacture in these
industries. This was a moderately higher percentage than
the 11.82 shown in 1939. The shift in importance was not
great in this period and represents mainly a greater avail­
ability of labor in the Fifth District in 1947 when this
resource everywhere was scarce.

Chemical and Allied Products
Chemical and allied products industries represented
the Fifth District’s fourth most important contribution to
a national industry total. In 1947 these industries in the
Fifth District accounted for 11.45 per cent of the same
industries in the United States. This was not greatly dif­
ferent from the 11.40 per cent in 1939. It appears that
the industrial chemicals of West Virginia were mainly
responsible for maintaining the District’s position in
these industries in 1947 at the 1939 proportion since states
where rayon has been important like Maryland and North
Carolina show smaller percentages of the chemical indus­
tries in 1947 than in 1939. The small gain in Virginia’s
percentage of the industry total may in part be due to
the rayon industry for greater gain had been experienced
in this industry in Virginia than elsewhere in the country
in the period under review.

Lumber and Products (excluding furniture)
These industries represented the fifth most important
contribution of the Fifth District to a national industry
total. In 1947 the industries in the District accounted
for 9.65 per cent of similar industries in the United States
compared with 9.75 per cent in 1939. Slight gains in per­
centage of the national total were made in North and
South Carolina from 1939 to 1947; Virginia just about
maintained the same position, while West Virginia and
Maryland more than accounted for the District’s small
loss in importance.

f61

MONTHLY REVIEW

JUNE 1949

Stone, Clay, and Glass
The Fifth District’s sixth largest contribution to a
national industrial group is found in stone, clay, and
glass products, of which the large glass plants in West
Virginia are most important. As previously noted, the
industrial growth o f stone, clay, and glass products in
both District and nation did not keep pace with that of
all manufacturing industries. The Fifth District im­
proved its position in this group of industries from 9.23
per cent of the national total in 1939 to 9.58 per cent in
1947.
Paper and Allied Products
Paper and allied products in the Fifth District ac­
counted for 6.76 per cent o f these industries’ value added
by manufacture in the United States in 1947, which was
moderately larger than the 6.20 per cent that the Dis­
trict had in 1939. North Carolina, South Carolina, and
Virginia showed increases in their percentages o f the
national total from 1939 to 1947 of respectively .38 per
(cent, .29 per cent, and .10 per cent which were offset in
part by lower percentages in West Virginia, Maryland,
and the District o f Columbia o f respectively .14 per cent,
.05 per cent, and .02 per cent.
The seven industrial groups here covered separately
are the only ones in which industries located in the Fifth
District accounted for as much as five per cent o f the
national total for the same industries. O f the remaining
eleven industrial groups, the portion located in the Fifth
District was a larger percentage of each industry’s Na­
tional total in 1947 than in 1939 except in four industries.
There was a fairly significant increase in the District’s
percentage of the rubber products industry, and an in­
crease worthy of note in the apparel industry.
TABLE 3
F IF T H D ISTR IC T PE R C E N T A G E OF E AC H U . S. IN D U S T R Y 'S
V A L U E A DDED B Y M A N U F A C T U R E
1939

1947

T obacco m anufactures ............................ ................
T extile m ill products ...............................
Stone, clay and glass ............................... ................
Furniture & fixtures ................................. ................
Chem icals and allied products .............. ................
Lum ber & products ................................... ................
P aper & allied products ..........................
Prim ary m etals ........................................... ................
T ransportation equipment ...................... ................
Food & kindred products ........................ ................
P rin tin g and publishing .......................... ................
A pparel & related products .................. ................
F abricated metals ..................................... ................
R ubber products ........................................... ................
P etroleum & coal products .................... ................
M achinery (excl. electrical) .................. ................
E lectrical m achinery ................................. ................
Instrum ents .................................................. ................
Other ................................................................ ................

59.26
23.97
9.23
11.82
11.40
9.73
6.20
2.42
3.96
4.84
4.40
3.95
4.00
.81
2.01
1.00
1.51
.33
12.27

62.43
30.20
9.58
12.76
11.45
9.65
6.76
2.36
3.87
4.98
4.47
4.21
3.48
1.84
1.86
1.06
1.54
.44
10.68

.............................................................. ................

7.22

7.25

IN D U S T R Y G R O U P

T otal

Derived from Census o f M anufactures :

1947, op. cit.

The relative importance of the Fifth District’s contribution to the value added by manufacture in each
major group of industries in the United States in 1939
and in 1947 is shown in Tables 3 and 4.




TABLE 4
V A L U E A D D E D B Y M A N U F A C T U R E IN T H E
F IF T H D ISTR IC T S TATE S
M illions o f Dollars— 1947
IN D U ST R Y G R O U P

Md.

T obacco m anufactures ___
T extile m ill products ........
Stone, clay and glass ........
F urniture & fixtures ........
Chemicals & allied p rod ....
L um ber & products ..........
P aper & allied products....
P rim ary metals ..................
T ransportation equipment..
Food & kindred products....
P rin tin g & publishing
A pparel & related products
F abricated metals ..............
Rubber products ..................
Petroleum & coal products
M achinery (excl. electrical)
E lectrical m achinery ......
Instrum ents ...........................

0.4
24.5
33.5
10.1
142.6
13.1
25.3
150.8
189.8
54.2
93.7
83.2
27.1
18.0
44.3
34.8
3.7
191.1

Total ....................................... 1,140.0

D. C.

1.4
1.2
5.0

26.8
58.6
1.9

V a.
143.0
166.8
20.5
53.9
219.4
63.4
71.9
12.8
70.8
88.4
29.9
49.0
26.7

W . Va,,
14.5
134.6
3.1
175.9
22.5
7.9
123.7
31.0
13.9

..........
0.6
0.7
3.0

28.6

46.1
0.3
18..6
15.0
24.5
0.3
31.9

99.2

1,052.1

663.9

1.0
6.1

N . C.

S. C.

258.0
846.3
19.5
102.4
58.6
84.1
47.4

558.7
11.6
6.5
16.6
59.4
36.9

5.2
78.4
25.4
43.4
11.9

34.9
9.0
1.5

17.3

48.1

59.6

1,646.1

794.6

P ercentage Increase from 1939 to 1947
IN D U ST R Y G R O U P

D. C.

V a.

T obacco m anufactures
, , 33.3
T extile m ill products . , .. 135.6
Stone, clay, and glass . .... 148.1 — 17.7
F urniture & fixtures ........ 152.5
Chemicals & allied prods. 148.4
100.0
Lum ber & products ............ 142.6
P aper & allied products.... 204.8
194.1
P rim ary metals ..................
T ransportation equipm ent 267.8
90.1
Food & kindred products 174.7
P rin tin g & publishing ...... 146.4
159.3
A pparel and related prod. 161.7
Fabricated metals .............. 171.9
111.1
R ubber products .................. 476.6
Petroleum & coal products 106.9
M achinery (excl. electrical) 292.0
E lectrical m achinery ........ 194.9
500.0
250.0
Instruments .......................... 311.1
123.8
114.3
128.6
Total ....................................... 171.0

Md.

65.5
287.9
153.1
257.0
206.4
242.7
237.6
184.4
151.1
174.5
137.3
318.8
203.4
100.0
154.2

150.9
179.6

W . V a.
130.2
193.2
416.7
275.1
152.8
113.5
158.2
152.0
110.6
236.5
•
287.5
417.2
965.2
*
209.7
211.3

N . C.
113.8
218.9
219.7
264.4
127.1
259.4
319.5
372.7
171.3
151.6
502.8
561.1

S. C.

..........
404.7
213.5
306.3
232.0
298.7
319.3

186.1
130.8
400.0

343.6
...
362.5
202.5

626.8
369.3

* W ithheld to avoid disclosing figures fo r individual com panies.

F ifth D istrict States' P ercentage o f Each
U . S. Industry in 1947
IN D U ST R Y GROU P
T obacco m anufactures ......
Textile m ill products ..........
Stone, clay, and glass-----F urniture & fixtures ..........
Chemicals & allied prod.
Lum ber & products ............
P aper & allied products....
P rim ary m etals ....................
Transportation equipment..
Food & kindred products
P rinting & publishing........
A pparel & related products
Fabricated metals ................
R ubber products ..................
Petroleum & coal products
M achinery (excl. electrical)
E lectrical m achinery ........
Instruments ..........................

Md.

D. C.

Va.

W . Va.

N. C.

S. c .

.06
.46
1.45
.73
2.66
.52
.88
.00
2.57
2.10
1.27
2.12
1.69
1.82
.89
.57
.89
.34
5.63

.00
.00
.06
.00
.02
.00
.17
.00
.00
.30
1.37
.00
.04
.00
.00
.00
.02
.07
.09

22.24
3.13
.89
3.91
4.09
2.52
2.50
.22
1.21
.98
.70
1.11
.54
.00
.05
.08
.00
.00
.84

.00
.27
5.83
.22
3.28
.90
.28
2.14
.00
.34
.33
.00
.94
.02
.92
.19
.63
.03
.94

40.13
15.87
.85
7.43
1.09
8.35
1.65
.00
.09
.87
.59
.98
.24
.00
.00
.22
.00
.00
1.42

.00
10.47
.50
.47
.31
2.36
1.28
.00
.00
.39
.21
.00
.03
.00
.00
.00
.00
.00
1.76

.13

1.42

.89

2.21

1.07

1.53
S ou rce:

f 71

Census o f M anu factu res:

1947, op. cit.

FEDERAL RESERVE BANK OF RICHMOND

AVER AGE D A IL Y TO TAL DEPOSITS* OF
MEMBER BANKS

PRINCIPAL ASSETS AND LIABILITIES

% of
$ thousands U.S.
Last Half of Apr.
Maryland
Reserve city banks
Country banks
District of Columbia
Reserve city banks
Country banks
Virginia
Reserve city banks
Country banks
West Virginia
North Carolina
Reserve city banks
Country banks
South Carolina
Fifth District
U. S. (millions)

% of
$ thousands U.S.
Last Half of May

1,012,032
.96
637,620
.60
374,412
.36
879,429
.83
856,898
.81
22,531
.02
1.21
1,282,990
305,676
,29
977,314
.92
606,745
.57
764,482
.72
349,579
.33
414,903
.39
422,603
.40
4,968,281
4.69
105,805 100.0

1,005,446
.95
632,510
.60
372,936
.35
885,007
.84
.82
862,118
22,889
.02
1,267,902
1.20
294,760
.28
973,142
.92
605,224
.57
742,443
.70
336,139
J2
.38
406,304
413,164
.39
4,919,186
4.67
105,334 100.0

♦Excluding interbank demand deposits.




r8 1

FIFTH DISTRICT MEMBER BANKS
Billions of Dollars

Billions of Dollars

MONTHLY REVIEW

JUNE 1949

Business Conditions
Continued from page 2

For the most part, the decline in sales thus far in 1949
has been the high ticket items of house furnishings such
as major appliances and floor coverings. The chart on
page one shows the seasonally adjusted sales of three
departments which have been doing fairly well along
with the nine departments which form the housefurnishings grouping. The contrasts in trends can readily
be seen on this chart. There are additional departments
other than the housefurnishings group which show sales
occasionally running under the same month a year ago,
but when these sales are seasonally adjusted, there are
few instances where distinct downward trends are in
evidence.

Public works and utilities contract awards were 31
per cent below a year ago in the first five months of the
year; in May the adjusted index was up 3 per cent from
April. Residential contract awards rose 4 per cent from
April to May on a seasonally adjusted basis, whereas in
the first five months of the year they were 23 per cent
under a year earlier. Educational buildings which had
been generally given an excellent prospect earlier this
year showed contract awards in the first five months 39
per cent under the same period last year. Total construc­
tion contract awards in May were down 21 per cent from
April after seasonal correction and 21 per cent under a
year ago. In the first five months of the year total awards
were down 16 per cent from similar months last year.

The index of department store stocks, which has re­
cently been revised to take account of the seasonal shifts
of a return to a buyer’s market fell 3 per cent from
April to May to a level 6 per cent below May 1948. In
view of the drop in prices it does not appear on an over­
all basis that the physical quantity of department store
stocks is below a year ago. Thus, department stores in
this area have not contributed substantially to the re­
duction in production at the manufacturing level as a
result of an inventory reduction.

Automobile Registrations
New passenger cars were still moving to users in the
Fifth District in substantial numbers in April this year
when new registrations were 39 per cent above that
month last year and 79 per cent higher than the 1935-39
average. In the first four months of 1939 new passen­
ger car registrations in the Fifth District were 18 per
cent higher than in like months of 1948 with West Vir­
ginia showing a gain of 31 per cent, North Carolina a
gain of 26 per cent, South Carolina a gain o f 23 per cent,
Virginia a gain of 15 per cent, Maryland a gain of 11
per cent, and the District of Columbia a loss of 4 per
cent.
Department Store Sales
Consumer purchases at the department stores in the
Fifth District have been in good volume thus far this
year even though somewhat below a year ago. The aver­
age daily unadjusted index through May averaged
2 per cent under a year ago in dollar sales which prob­
ably means that the physical quantity of goods sold has
been somewhat higher than a year ago because of de­
clines in prices. In May these sales rose 3 per cent from
April after seasonal correction to a level only 2 per cent
under a year ago.




Bank loans of all member banks in the Fifth District
fell 2.9 per cent from December 29, 1948 to May 25,
1949. Member banks in West Virginia, however, show
a gain in loans in this period of 3.3 per cent while Dis­
trict of Columbia member banks show a gain of 1.7 per
cent. North Carolina member banks show the largest
loan drop of 8.7 per cent in the period under review,
with South Carolina member banks showing a drop of
6.0 per cent, Maryland member banks a drop of 5.7 per
cent and Virginia member banks a drop of 0.5 per cent.
In the weekly reporting banks indications are that
the chief causes of the loan drop are the commercial,
industrial, and agricultural loans. There has been very
little drop in real estate loans of these banks since the
year end while “ Other” loans which are largely con­
sumer loans have risen.

191

FEDERAL RESERVE BANK OF RICHMOND
F E D E R A L R E S E R V E B A N K OF RICH M O N D
(A ll Figures in Thousands)
June 15
Change in
1949
5-18-49

ITEMS

Total Gold Reserves .............................$1,059,052
Other Reserves .....................................
18,122
Total Reserves ................................... 1,077,174
Bills Discounted ...................................
11,349
Industrial Advances ............................
30
Govt. Securities, Total ...................... 1,249,315
Bonds ....................................................
516,819
N otes ......................................................
23,053
Certificates .........................................
452,370
Bills ......................................................
257,073
Total Bills & Securities .................. 1,260,694
U ncollected Items .................................
254,130
Other Assets .........................................
25,690
Total Assets ....................................... 2,617,688

—
—
—
—
—
—
—

Federal Reserve Notes in C ir........... $1,539,373
Deposits, Total .....................................
806,130
M embers’ Reserves ..........................
780,661
U . S. Treas. Gen. A cct....................
513
F oreign ...............................................
22,545
Other Deposits .................................
2,411
227,133
D ef. A vailability Items ....................
Other Liabilities ...................................
632
Capital A ccounts .................................
44,420
Total Liabilities ............................... 2,617,688

DEBITS TO IN D IV ID U A L A CC OU N TS

+
—
—
+
—
—

24,746
735
25,481
11,748
8
15,772
25,029
0
21,107
11,850
27,258
26,915
5,640
31,734

+ 47,050
+
2,799
+ 49,849
— 4,951
—
29
— 98,223
+115,674
— 102,601
+ 166,811
— 278,107
— 103,203
— 33,886
+
1,880
— 85,360

—
—
+
—
—
+
+
+
+
—

5,172
38,597
32,513
70,174
1,387
451
10,869
40
1,126
31,734

—
+
+
—
+
+
—
—
+
—

69,040
3,373
48,655
51,844
6,047
515
25,718
277
6,302
85,360

51 R E PO R TIN G M EM BER B A N K S — 5th D ISTRIC T
(A ll Figures in Thousands)
June 15
1949

ITEM S

Change in A m t. From
5-18-49
6-16-48

Total Loans ........................................... $ 799,556**
Bus. & A gri. .....................................
357,285
Real Estate Loans ........................
192,868
A ll Other Loans ...............................
257,695
Total Security H oldings .................... 1,673,275
U. S. Treasury Bills ......................
80,485
U. S. Treasury Certificates ........
193,845
40,595
U. S. Treasury N otes ....................
U. S. Govt. Bonds .......................... 1,221,070
137,280
Other Bonds, Stocks & Sec...........
232,513
Cash Items in Process o f Col...........
Due from Banks ...................................
171,351*
Currency & Coin .................................
62,965
Reserve with F. R. Banks ................
519,201
Other Assets .........................................
48,667
Total Assets ....................................... 3,507,528

—
—
+
—
+
+
+
+
—
+
+
+
+
+
—
+

28,578
22,494
209
6,166
28,822
18,685
13,069
925
7,002
3,145
26,329
20,511
238
26,421
1,130
72,613'

—
—
+
+
—
—
—
—
—
+
—
+
—
+
—
—

19,438
24,127
3,897
9,084
61,459
7,343
20,102
31,647
14,230
11,863
5,625
8,033
542
31,759
7,217
54,489

Total Demand Deposits ...................... $2,643,126
Deposits o f Individuals.................... 2,040,350
Deposits o f U. S. Govt.....................
32,864
Deposits o f State & Local Govt.....
154,645
Deposits o f Banks ..........................
371,881*
Certified & Officer’ s Checks............
43,386
Total Tim e Deposits ..........................
613,669
568,602
Deposits o f Individuals ..................
Other Tim e Deposits ......................
45,067
Liabilities fo r Borrow ed Money ......
4,525
A ll Other Liabilities ........................
21,400
Capital A ccounts .................................
224,808
Total Liabilities ................................. 3,507,528

+
+
—
—
+
—
+
—
+
—
+
+
+

69,895
88,351
10,590
33,974
27,438
1,330
6,310
2,165
8,475
8,400
3,257
1,551
72,613

—
—
—
—
—
—
+
—
+
+
+
+
—

80,750
18,366
15,071
44,625
1,476
1,212
12,092
15,701
27,793
3,825
2,492
7,852
54,489

* N et Figures, reciprocal balances being eliminated.
** Less losses fo r bad depts.

M ay
1949

% Chg. from
M ay 1948

5 Mos. 1949

M aryland ...................... $22,983,000
— 23
$106,246,000
— 23
Dist. o f Columbia .... 8,615,000
+82
51,362,000
+43
V irgin ia ...................... 18,031,000
— 38
89,256,000
— 1
W est V irgin ia ............ 4,501,000
— 46
17,699,000
— 64
N orth Carolina .......... 15,863,000
— 3
58,135,000
— 12
South Carolina .......... 6,970,000_____ — 26________ 34,581,000_____ — 12
F ifth D istrict ........$77,063,000
— 21
$357,279,000
— 15
S ou rce:

Deposits




............$393,504,008

$ 3,666,193

$ 3,546,925

930,390
20,275
18,264
26,193

4,639,878
101,999
85,382
129,516

4,732,549
98,893
90,321
129,895

54,348
217,520
97,842
70,584
10,627
99,729
34,531
13,565
110,963

226,264
1,121,985
415,505
357,776
64,260
614,820
153,877
71,477
588,049

242,926
1,123,972
456,127
366,057
56,951
501,230
167,918
67,712
588,019

54,784
89,121
77,771
45,210

291,033
476,383
385,321
221,164

266,859
452,577
391,560
237,169

20,715
23,166
36,340
30.444
184,811
19,296
429,746
84,339

108,385
111,193
176,559
158,321
858,588
94,929
2,350,818
439,787

106,443
125,715
187,325
153,310
873,784
97,500
2,150,446
411,129

37,737
128,848
30,063
53,881
26,608

226,122
672,605
143,901
285,233
125,943

197,879
639,645
152,734
277,155
128,379

$3,767,991

D istrict Totals ........... $3,829,147

$19,363,266

$19,019,104

COTTON CON SU M PT IO N A N D ON H A N D — B A L E S
May
1949

M ay
1948

A ug. 1 to May 31
1949
1948

Fifth D istrict States:
301,252

401,349

3,428,036

3,969,289

6,029,198

6,989,913

6,742,240

7,926,583

Cotton Growing States:
521,525

693,963

1,089,010
. 5,054,045

1,645,944
2,169,927

580,078

785,516

Cotton on hand M ay 31 in
United S tates:
Cotton on hand May 31 in
consum ing establishments

S ource:

1,277,423 2,006,769
. 5,079,999 2,232,911
19,862,000 21,723,000

Departm ent o f Commerce.

COTTON CON SU M PTION -—FIFTH DISTRIC T

S ource:

157,237
152,070
218,880
861,552
1,127,041

S. Carolina
134,215
138,730
163,542
721,868
856,281

V irgin ia
9,800
9,521
18,927
62,109
94,164

District
301,252
300,321
401,349
1,645,529
2,077,486

Departm ent o f Commerce.

May 1949
A verage, 17 constructions ..............
Printcloths, average (6) ................
Sheetings, average (3) ....................
T w ill (1) ................................................
Drills, average (4) .............................
Sateen (1) ..............................................
Ducks, average (2) ...........................

D E PO SITS IN M U T U A L SA V IN G S B A N K S
8 Baltim ore Banks

Total

$ 690,280

PRICES OF U N FIN ISH ED COTTON T E X T IL E S

F. W . Dodge Corp.

M ay 31, 1949

5 Mos.
1949

District o f Columbia
W ashington ............ ..$ 760,575
Maryland
Baltim ore ...............
940,594
Cumberland
20,907
Frederick ................
16,506
H agerstown ............
24,961
N orth Carolina
A sheville ................
41,919
Charlotte ................
217,302
Durham ..................
87,806
Greensboro ..............
66,091
Kinston .................... .
11,730
113,624
W ilm ington .............
30,885
W ilson ......................
10,915
W inston-Salem
116,553
South Carolina
Charleston ...............
54,022
Columbia.....................
96,036
70,794
Greenville .................
Spartanburg ..........
39,948
V irginia
Charlottesville
20,947
Danville ...................
19,211
L ynchburg ...............
32,418
29,694
N ew port News
N orfolk ...................
163,778
P ortsm outh .............
18,381
458,660
Richm ond .................
Roanoke ...................
86,509
W est V irginia
Bluefield ...................
43,269
Charleston ...............
133,528
C larksburg .............
27,979
H untington .............
50,092
Parkersburg ...........
23,513

N. C arolina

% Chg. from
5 Mos. 1948

5 Mos.
1948

May
1948

May
1949

May 1949 .....................
A p ril 1949 ...................
May 1948 .......................
5 Months 1949 ...........
5 Months 1948 ...........

CON STR U C TIO N C O N TRA C TS A W A R D E D
STATE S

(000 om itted)

A m t. From
6-16-48

N o te :

A p ril 30, 1949

May 31, 1948

$393,725,241

$392,812,787

A pril 1949

May 1948

61.27
64.42
55.65
62.47
56.11
81.06
60.10

62.56
66.91
56.79
63.17
56.19
83.63
60.10

85.18
96.62
69.27
116.15
72.41
128.15
63.27

The above figures are those fo r the approxim ate quantities o f
cloth obtainable from a pound o f cotton w ith adjustments fo r
salable waste.
S ou rce: Departm ent o f A gricu ltu re.

f1 1
0

MONTHLY REVIEW

JUNE 1949

B U ILD IN G PE B M IT FIGU RES

SOFT C O A L PR O D U C T IO N IN TH O U SAN D S OF TON S

Total Valuation
M ay 1949
M ay 1948
M aryland
B altim ore ..........................................................
Cumberland ......................................................
Frederick ..........................................................
H agerstown ......................................................
Salisbury ..........................................................
V irginia
D anville ............................................................
Lynchburg ........................................................
N orfolk ..............................................................
P etersburg ........................................................
Portsm outh ........................................................
Richm ond ..........................................................
Roanoke ............................................................
W est V irginia
Charleston ........................................................
Clarksburg ........................................................
H untington ......................................................
N orth Carolina
Asheville ............................................................
Charlotte ....................................................
Durham .........................................................
Greensboro ..................................................
H igh P oint ................................................
Raleigh .........................................................
R ocky M ount ..............................................
Salisbury .......................................................
W inston-Salem ..........................................
South Carolina
Charleston ...................................................
Columbia .....................................................
Greenville ......................................................
S partanburg .............................................. .
D istrict o f Columbia
W ashington ..................................................
D istrict Totals ......................... .....................
5 Months ...................................... ......................

$

5,841,510
46,890
291,902
297,050
67,413

$

4,433,130
124,040
53,750
223,035
150,492

420,325
419,216
1,772,349
113,443
143.794
2,136,891
662,193

1,437,354
219,235
1,271,640
55,000
135,912
834,757
396,016

379,802
150,510
436,793

451,804
321,855
592,244

660,647
1,805,626
666,685
672,275
611.795
351,225
145,143
129,455
2,134,559

301,910
2,695,013
429,625
1,111,026
344,623
393,545
252,800
111,875
504,759

132,580
769,986
982,650
96,655

3,527,321

$ 27,727,637
$101,870,022

$ 22,458,324
$113,502,173

W est V irgin ia .....
M aryland ................
F ifth D istrict
United States
% in D istrict

147,272
389,895
1,391,800
156,597

5,388,275

May
1949

M ay
1948

%
Chg.

5 Mos.
1949

5 Mos.
1948

16,114
1,697
46
17,857
47,470
37.6

15,940
2,044
168
18,152
56,583
32.1

+ 1
— 17
— 73
— 2
— 16

66,641
6,949
327
73,917
220,117
33.6

63,025
7,679
712
71,416
233,159
30.6

REG ION S

S ou rce:

Y arn shipments ................
fiber shipments ..................
Y a rn stocks ........................
fiber stocks ........................

S o u rce :

+
—
—
+
—

6
10
54
4
6

Bureau o f Mines.

R A Y O N Y A R N SH IPM EN TS A N D STOCKS
M ay 1949
A p ril 1949
R ayon
Staple
R ayon
Staple

%
Chg.

47.800.000
6,200.000
44.200.000
19.100.000

51,300,000
7,700,000
50,200,000
20,600,000

M ay 1948
69.900.000
23.700.000
8.700.000
3.700.000

R ayon Organon

TOBACCO M A N U F A C T U R IN G
May
1949

% Change
from
M ay 1948

Sm oking & Chewing tobacco
17,051
(Thousands o f lbs.) ..........
C igarettes (Thousands) .... 3 ,892,727
428,357
Cigars (Thousands) ............
3,311
Snuff (Thousands o f lbs.)

5 Mos.
1949
77,520
142,757,822
2,162,414
17,078

+ 9
+ 8
— 4
— 1

% Change
from
5 Mos. '48
—
+
—
—

4
2
5
5

S ou rce: Treasury Departm ent.
R E T A IL F U R N IT U R E S A LE S
P ercentage com parison o f sales in
periods named with sales in same
periods in 1948
May 1949
5 Mos. 1949

States

+
+
—
+
—
+
+

3
6
1
17
8
2
3

—
+
—
—
—
—
—

4
12
5
12
14
11
3

+
+
+
—
—
—
—

Maryland (5 )* ..........................
Dist. o f Col. (6 ) * ........................
V irgin ia (1 9 )* ........................
W est V irgin ia (1 0 )* ..............
N orth Carolina (1 2 )* ..............
South Carolina (1 0 )* ..............
D istrict (6 2 )* ......................

3
6
8
15
6
11
8

—
+
+
—
—
—
—

4
12
1
4
4
25
1

M O NTH S

S ou rce:

$ 746,000
2,152,000
1,080,000
$5,048,000
2,192,000

$ 28,374,000
31,930,000
13,814,000
$204,474,000
85,175,000

D E P A R T M E N T S TO R E T R A D E
B altim ore

W ashington

Other Cities

D istrict

P ercentage change in M ay 1949 sales com pared with M ay 1&48:
+ 2
— 5
+ 1
— 3
— 2
P ercentage change in 5' m os. sales 1949 com pared with 5 m os. in 1948:
— 2
— 4
+ 3
— 3
— 1

W H O L E SA L E TR A D E . 176 FIRM S
N et Sales
May 1949
com pared with
May
A p ril
1948
1949
— 10
— 2
— 10
— 45
+ 4
— 12
— 4
— 14
+ 5
— 3
— 5

+
+
+
—
—
+
+
+
—
+
+

12
5
4
4
5
1
2
3
4
2
1

P ercentage chg. in stocks on M ay 31, 1949 com pared w ith May 31, *48:
—
5
—
2
—
1
—
8
—3

Stock
M ay 81, 1949
com pared with
M ay 31 A p ril 30
1949
1948
— 10
— 12
— 3

"+ 2
— 4
— 4

+ 4
+ 4
— 5

P ercentage chg. in receivables M ay 31, 1949 from those on M ay 31, *48:
+ 6
+ 2
+14
— 1
+ 7

— 8
— 11
— 18

+ 1
— 17
— 1

P ercentage chg. in outstanding orders M ay 31, 1949 from M ay 31, ’ 4 8:
— 31
— 39
— 35
— 63
— 37

— 4
0
— 7

Percentage o f cu rrent receivables as o f M ay 1, 1949 collected in M a y:
33
48
48
47
44
P erctge. o f instalm ent receivables as o f May 1, 1949 collected in M a y:
15
21
20
23
20
M aryland

Dist. o f Col.

V irgin ia

W . V a.

N . Caro.

S. F aro.

P ercentage change in M ay 1949 sales from M ay 1948 sales, by S tates:
— 5
+ 1
— 1
+ 1
— 8
— 1
Percentage change in 5 m onths 1949 from 5 m onths 1948 sales:
— 5
+ 3
— 2
+ 1
— 9

S o u rce: Departm ent o f Comm erce.
* N um ber o f reporting firms.




776
877
426
3,753
2,080

T otal L iabilities
D istrict
U . S.

Dun & Bradstreet

Richm ond

♦Number o f reporting firms.

A uto supplies (8 )* ...................
E lectrical goods (7 )* .............
H ardw are (1 1 )* ........................
Industrial supplies (3 )* .........
D rugs & sundries (1 1 )* .........
D ry goods (1 2 )* ........................
Groceries (55)* .......................
P aper & products (6 )* .........
T ob a cco & products (5)* ......
M iscellaneous (58)* ...............
D istrict Totals (176)* .......

30
54
16
179
82

May 1949 ........
A p ril 1949 ........
May 1948 ........
5' Months 1949
5 Months 1948

Individual Cities
Baltim ore, Md., (5 )* ............
W ashington, D. C., (6 )* ........
Richm ond, V a., (6 )* ..............
Lynchburg, V a., (3 )* ............
Charleston, W . V a., (3 )*
Charlotte, N . C., (3 )* ..............
Columbia, S. C., (3 )* ..............

L IN E S

COM M ER C IA L F A IL U R E S
N um ber o f Failures
District
U. S.

[in

0