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* FEDERAJ^RESERVE BANK j6F)riCHM 0ND June 1956 BUSINESS LOANS AT DISTRICT MEMBER BANKS BY SIZE OF BUSINESS BORROWER * LOANS OUTSTANDING OCTOBER 5,1955 * A s measured by total assets. h e second Fifth District report on the Busi ness Loan Survey begins on page 3. This sur vey of the characteristics of business loans and bor rowers was conducted on a nation-wide basis as of October 5, 1955. This second article presents the District findings as to differences among the various size-groups of borrowers and among the types of borrowers in each size group. T Also In This Issue - - - First Quarter Banking in the Fifth D istrict__________________ Page 6 W hat’s Happening Down On the Farm ? _______________________ Page 7 Business Conditions and P r o s p e c ts _____ Page 9 Fifth District Statistical D a ta ___________ Page 11 Federal Reserve Bank of Richmond F D if t h T is t r ic t r e n d s NEW PASSENGER CAR REGISTRATIONS DEPARTMENT STORE SA LES 225 175 150 150 125 100 t 75 125 n T A 125 \A j A 75 v / w 100 75 (Seasonally Adju ted) (1947-1949 *1 DO) .................. ] 1948 Complete District new passenger car registrations for March show that month up 17% from February and 4 % under a year ago, with the first quarter up 5 % . Three states and the District of Columbia registrations for April were 1% higher than March, 11% smaller than a year ago, with the first four months down 1% . 1949 1950 1951 1952 1953 1954 j 1955 1956 Department store sales, seasonally adjusted, in April dropped 4 % from March but were 4 % ahead of April 1955. In the first four months of the year sales showed an increase of 5 % . Department store inventories in April, adjusted, dropped 1% from March but were 9% higher than a year ago. BUSINESS FAILURES RETAIL FURNITURE STORES NET SALES 150 150 100 A A / f A V % *T V \b 125 j i 125 A / V1 A V /V 100 w T 75 75 (Seo sonally Adji sted) (19 47-1949*1 1948 1949 1950 1951 1952 1953 1954 1955 ™ i 1956 Perhaps there was a dearth of accounting periods falling due in April when businesses knew they were broke; whatever the reason, April failures dropped 50% from those in March on a seasonally adjusted basis. April failures were 16% under a year ago, but the first four months of the year were up 11%. Sales of retail furniture stores in the District during April de clined 4 % from March, on a seasonally adjusted basis, which left April’s level 5 % higher than a year ago and the first four months of the year up 9 % . Adjusted inventories of furniture stores were down 7% from March to April, and the April level was 2 % under a year ago. COTTON CONSUMPTION NEW BUSINESS INCORPORATIONS 140 140 jJ A 120 100 80 A 120 X . /7 W i 100 80 60 60 (Seasonally Adjusted) (1947-1949=100) 1948 1949 1950 1951 1952 1953 1954 1955 ; 1956 Seven hundred and forty-two new business concerns were in corporated in March in the Fifth District, which was 1% higher than in February and 3% higher than in March 1955; the month brought the first quarter to 7 % ahead of a year ago. This is an all-time high level for new business incorporations. Average daily, seasonally adjusted, consumption of cotton in Fifth District mills rose 6% from March to April, and April was 6% higher than in April 1955; this brought the four months’ total 7% higher than a year ago. Actual consumption of cotton in April was down 1 % % from March, which was less than a normal sea sonal drop of something better than 4 % . i 2 y June 1956 Loan Survey Results . . . Size of Business Borrowers at District Member Banks banks have been called the department stores of finance. Their borrowing customers do, indeed, come from all walks of economic life, and the proceeds of their loans reach into every area of economic activity. W ithin this over-all diversity of interests— consumers, farmers, home buyers, other financial in stitutions, security dealers, and an infinite variety of business firms— each major category contains a further complexity of purposes and needs. The business borrow er category, however, is without a doubt the most hetrogeneous of the lot. Not only are business interests so varied as to defy cataloguing, but new interests are constantly appearing. T o meet these constantly evolv ing needs, the banker himself has been forced through an evolutionary process in the provision of bank services. Modifications and new ideas are constantly appearing and, in fact, the banker of the mid-1950’s, though fundamentally little different from his cousin of the early 1900’s, is garbed in cloth of so different a cut as to bear little outward resemblance to his distant relative. 1956 issue of the Federal R eserve Bulletin published by the Board of Governors of the Federal Reserve System. o m m e r c ia l C TABLE 1 B U S IN E S S B O R R O W E R S A T M E M B E R B A N K S Fifth Federal Reserve District Estimated— October 5, 1955 Amount Outstanding Total Assets of Borrower (In thousands of dollars) Thousands of Dollars % of Total 103,624 41,917 97,898 249,536 305,282 302,056 87,087 8.7 3.5 8.3 21.0 25.7 25.5 7.3 347 196 834 3,071 10,132 30,441 32,877 0.4 0.3 1.1 3.9 13.0 39.1 42.2 1,187,400 100.0 77,898 100.0 100,000 and over _________ 25,000-100,000 ____________ 5,000-25,000 ____________ 1,000-5,000 ________________ 250-1,000 __________________ 50-250 ____________________ Less than 50 _____________ All Borrowers Number of Loans ______ Number % of Total This second report, as the title indicates, examines the characteristics of business loans as they vary among the different sized borrowers, size being measured by total assets. Table 1 reports the total dollar amount outstanding and the number of loans within each bor rower size group on the survey date. It is of particular interest that the very smallest firms (assets under $50,000) had received two-fifths of the total number of loans on the books of Fifth District member banks on the survey date. The table also brings to sharp focus Because of these changing patterns in commercial bank lending practices, a nationwide survey of business loans at member banks was undertaken as of October 5, 1955. This is the second report on the District find ings of this survey, the first having appeared in the April 1956 issue of this M onthly Review. A na tional summary of the findings appeared in the April TABLE 2 D IS T R IB U T IO N OF B U SIN E S S B O R R O W E R S BY S IZ E OF B A N K Fifth Federal Reserve District Estimated— October 5, 1955 Bank Size (Total Deposits in Millions of Dollars) Total Assets of Borrower (In thousands of dollars) Over 250 100-250 50-100 20-50 10-20 2-10 than 2 Amount Outstanding— Thousands of Dollars 100,000 and over .... 25,000-100,000 ______________ 5,000-25,000 _________ ____ 1,000-5,000 __________________ 250-1,000 ____________________ 50-250 ________________________ Less than 50 ________________ . - - -............................ .................... __________________ ____________ ______________ _ ______ _ ____________________ _________ _ ________________ _______________ All Borrowers ...................... _________________ ___________ 39,152 14,034 35,445 62,971 53,107 23,791 2,371 39,640 19,269 33,624 96,323 101,029 74,365 10,017 10,970 3,458 9,543 41,587 49,727 39,659 10,048 230,871 374,267 164,992 13,596 4,890 12,386 33,655 45,378 57,570 15,754 266 266 5,508 11,882 34,762 41,354 12,705 0 0 1,392 2,775 20,788 60,505 33,596 0 0 0 343 491 4,812 2,596 183,229 106,743 119,056 8,242 Number of Loans 100,000 and over ............ ........ 25,000-100,000 ______________ 5,000-25,000 . ___________ _ 1,000-5,000 _________________ 250-1,000 ___________________ 50-250 ................................ .......... Less than 50 ------------------------ _____ ________________________ ________________________________ ________________________________ ________________________________ ________________________________ ___ All Borrowers ------------------- 130 53 153 561 1,452 3,348 1,236 86 69 161 948 2,028 4,278 3,516 6,933 11,086 33 13 65 417 1,460 3,495 2,960 95 58 367 925 2,610 6,624 6,261 3 3 65 107 1,077 3,455 5,466 0 0 23 96 1,442 8,479 11,890 0 0 0 17 63 762 1,548 8,443 16,940 10,176 21,930 2,390 Average Size of Loan— Thousands of Dollars ______________________ 100,000 and over .............. _ 25,000-100,000 ______________ 5,000-25,000 ______ ____ ____ ____________ __ ____________ 1,000-5,000 ____________ 260-1,000 - ... . _____________ ________________________________ 5C-250 ________________________ ________________________________ Less than 50 __________ ____ All Borrowers _____ ____ ________________________________ 301.2 264.8 231.7 112.2 36.6 7.1 1.9 460.9 279.3 208.8 101.6 49.8 17.4 2.8 332.4 266.0 146.8 99.7 34.1 11.3 3.4 143.1 84.3 33.7 36.4 17.4 8.7 2.5 88.7 88.7 84.7 111.0 32.3 12.0 2.3 0 0 60.5 28.9 14.4 7.1 2.8 0 0 0 20.2 7.8 6.3 1.7 33.3 33.8 19.5 10.8 10.5 5.4 3.4 * 3 y { Federal Reserve Bank of Richmond that nearly three-fourths of the dollar amount of busi ness loans outstanding on October 5, 1955 was to firms with total assets ranging from $50,000 to $5,000,000. Almost three-fifths of the total dollar amount was to firms with total assets under $1,000,000. These firms — with assets under $1,000,000— accounted for 94% of the number of loans on the member banks’ books. Table 1 also brings into sharp focus the relative posi tion of the larger firms (those with assets in excess of $5,000,000). These firms accounted for one-fifth the dollar amount of business loans outstanding but for less than 2% of the actual number of loans. million. The smaller banks (deposits under $10 mil lion) had no loans to business firms with assets above $25 million; and the very smallest group of banks (de posits under $2 million) had no loans to firms with assets above $5 million. O f particular interest in Table 2 is the overwhelming numerical superiority of relatively small firms (assets under $5 m illion). Over 98% of all business loans of District member banks on the survey date was to these smaller firms. Four-fifths of the total dollar amount of these loans was to these firms. Although the large banks are the principal sources of bank credit to the very large firms, this is not to say that they do not also meet the credit needs of their smaller business cus tomers. The largest banks (deposits over $250 mil lion) had over 60% of the dollar amount of their busi ness loans outstanding on the survey date to firms with assets under $5 million. In all the remaining bank size groups, business firms with assets under $5 million accounted for three-fourths or more of the dollar amount of loans outstanding. Table 2 distributes the loans of each size of business borrower among the different sized member banks in the District. The very clear pattern is that the larger borrowers are found predominantly in the large banks and the smaller borrowers in the smaller banks. T w ofifths of loans to firms with assets of less than $50,000 were in banks with total deposits under $10 million. Three-fourths of loans to firms with assets of $100 mil lion or more were in banks with deposits above $100 TABLE 3 TY P E S OF B U SIN E S S B O R R O W E R S B Y S IZ E O F FIR M Fifth Federal Reserve District Estimated— October 5, 1955 Total Assets of Borrower-—Thousands of Dollars 100,000 and Oi'er Business of Borrower 25,000100,000 5,00025,000 1,0005,000 2501,000 50250 Less than 50 All Borrowers Amount Outstanding—-Thousands of Dollars Manufacturing and mining Food, liquor, and tobacco_________________________________ Textiles, apparel, and leather-------------------------------------------Metal and metal products ----- .. _ ------- ---------- . .. _ Petroleum, coal, chemicals, and rubber . . . __________ All other manufacturing and mining ------------- ----------------- 9,617 2,087 10,831 360 0 7,734 7,046 975 316 0 5,031 11,998 4,564 6,465 4,948 11,794 44,130 5,399 4,496 20,306 14,919 9,206 8,627 3,551 27,467 9,919 7,130 6,010 2,710 19,587 1,478 946 1,891 1,952 4,727 60,492 82,543 38,297 19,850 77,035 Trade Wholesale ... __________ . Retail ................................... — - ........- ............... ...... .. - -- 0 14,430 1,443 1,278 1,214 6,963 20,074 29,617 47,788 52,745 25,488 84,461 4,955 34,977 100,962 224,471 Other Commodity dealers _ . .................................................................... Sales finance companies ................... Transportation, communication, and other public utilities Construction -------------------- -------------- ---------------------------------Real estate . . ----- -----------—................................... - - — Service firms ------- --------- ------------------------------------------------------All other nonfinancial .................................................... . ........... 6,941 33,800 22,393 754 193 1,483 735 754 6,939 6,233 0 6,364 391 2,444 749 19,793 6,073 11,104 12,220 1,950 4,826 7,891 16,475 11,019 20,606 33,865 14,845 9,019 16,338 21,920 8,775 25,077 38,206 16,998 13,665 11,973 6,107 14,223 24,527 43,422 31,220 15,279 765 90 2,947 7,066 5,101 14,262 5,930 45,411 105,124 71,663 89,134 139,371 81,149 51,898 All Borrow ers--------------------------_ -------------------------------------- 103,624 41,917 97,898 249,536 305,282 302,056 87,087 1,187,400 Number of Loans Manufacturing and mining Food, liquor, and tobacco ______ — - .................................. Textiles, apparel, and leather -------------------------------------------Metal and metal products ................. ....................................... Petroleum, coal, chemicals, and rubber __________________ All other manufacturing and mining ------------------------------- 24 5 17 2 0 21 25 12 2 0 24 61 46 27 29 95 274 62 53 183 357 288 278 131 870 737 435 665 506 1,974 733 296 838 941 1,222 1,991 1,384 1,918 1,662 4,278 Trade Wholesale ______________________ .___________________________ Retail ------------------------------------ ----------------------------------------------- 0 81 9 29 30 101 260 569 1,323 2,722 2,471 12,198 1,355 13,011 5,448 28,711 Other Commodity dealers — . _ . ................. ........ ....... Sales finance companies .... .... .. Transportation, communication, and other public utilities Construction _____________ . ... .. ------------------------------Real estate .... ............... ..................... . . . . . . _____ .. Service firms ......................... .............. .......... All other nonfinancial ____________________ __________ _____ 9 109 81 7 2 3 7 6 33 14 0 21 13 11 9 108 69 23 157 82 68 41 68 132 224 492 276 342 160 185 364 797 1,340 735 582 174 202 801 2,126 2,463 4,031 1,658 112 22 1,127 2,121 849 6,547 3,703 511 727 2,588 5,298 5,324 11,687 6,371 347 196 834 3,071 10,132 30,441 32,877 77,898 All Borrowers _____ . ....................... < 4 }* /fm M //fanm?- June 1956 According to Table 3 all of the principal classes of borrowers at Fifth District member banks were repre sented by a preponderance of relatively small firms (total assets under $1 m illion). Over 97% of the number of loans to retail merchants were to these small er firms, and 77°/o of the dollar amount of their loans outstanding on the survey date were in this group. Almost identical relationships were found for whole sale merchants. Loans to sales finance companies were concentrated in loans to firms with assets in excess of $1 million; 44% of the number of the loans and 73% of the dollar amount of the loans were to these larger firms. rowers having total assets of less than $50,000 bor rowed a slightly larger proportion on long-term. In both the short- and the long-term loan categories, more than 94% of the number of loans were to firms having total assets of less than $1 million, and these firms ac counted for more than half of the dollar amount of both short- and long-term borrowing. TABLE 5 B U S IN E SS L O A N S B Y Total Assets of Borrower (In thousands of dollars) TABLE 4 B U SIN E SS L O A N S B Y FO RM OF B U SIN E SS O R G A N IZ A T IO N (In thousands of dollars) Amount Outstanding (Thousands of Dollars) Incorpo-Unincorporated rated Unincorporated 100,000 and o v e r _____ 25.000-100,000 5.000-25,000__ 1.000-5,000 250-1,000 _____________ 50-250 .................... ........ Less than 5 0 _________ 99,764 37,372 84,932 215,051 216,077 156,836 17,783 3,860 4,545 12,966 34,485 89,205 145,220 69,304 335 145 535 1,914 5,640 11,461 4,855 12 51 299 1,157 4,492 18,980 28,022 All Borrowers_____ 827,815 359,585 24,885 53,013 (over one year) Short-term (one year or less) Long-term (over one year) 83,978 33,295 82,892 198,764 239,798 218,273 59,510 19,646 8,622 15,006 50,772 65,484 83,783 27,577 231 168 648 2,324 7,918 24,028 23,554 116 28 186 747 2,214 6,413 9,323 916,510 270,890 58,871 19,027 Table 6 shows the average interest rates, by size of borrower, for both short- and long-term credit in the Fifth District. It also gives the rates for incorporated and unincorporated businesses under both classes of borrowing. Interest rates on loans for one year or less charged all sizes of borrowers were lower than rates on long-term loans with one exception: the average long-term rate on loans to incorporated firms having assets of $5-25 million was lower than either the in corporated or unincorporated short-term rate for firms of the same size. Both short-term and long-term rates were lower for incorporated than for unincorporated businesses in most cases. There were three exceptions in the two largest size group of borrowers where unin corporated rates were lower than the corporate rates. In the case of these borrowers, loans to unincorporated businesses accounted for a very small proportion of total borrowing. Table 4 indicates that while two-thirds of the dollar amount of District member bank business loans was to incorporated firms, these firms accounted for less than one-third of the total number of loans. Loans to the larger size borrowers were predominantly in the in corporated group. The larger the size of the firms, the greater the proportion of corporate to total borrowing. In the case of borrowers with total assets of $100 mil lion and over, 96% of the dollar amount of their loans was to incorporated firm s; in the smallest size group (those with assets of less than $50,000) incorporated firms accounted for only 20% of the total amount out standing. The greatest number of loans both in the incorporated and unincorporated groups were to the smaller size borrowers. M ore than 88% of all corpo rate loans and 97% of unincorporated loans were made to borrowers having assets of less than $1,000,000. These firms accounted for almost half of the dollar amount of loans to corporations and over four-fifths of the loans to unincorporated firms. TABLE 6 A V E R A G E IN T E R E S T R ATES B Y S IZ E OF B O R R O W E R Fifth Federal Reserve District Estimated— October 5, 1955 Total Assets of Borrower (In thousands of ______ dollars)______ Short-term Long-term (one year or less) (over one year) ------------------------------------- -----------------------------------Incorpo- Unincorpo- Incorpo- Unincorporated rated rated rated 100,000 and over ._____3.19 25,000-100,000 __ _____ _ 3.16 5,000-25,000 _____ _____ 3.85 3.97 1,000-5,000 ______ _____ 4.38 250-1,000 _________ _____ 4.68 50-250 ___________ _____ 5.47 Less than 50 ____ _____ All Borrowers ______ 4.10 On October 5, 1955, more than three-fourths of total business loans had maturities of one year or less, ac cording to Table 5. The size of the borrower had very little effect on the proportion of short-term credit held in member banks of the District, although those bor Long-term (one year or less) All Borrowers __ Number of Loans Incorporated Short-term 100,000 and over __ 25,000-100,000 .......... 5,000-25,000 .......... .... 1,000-5,000 ______ __ 250-1,000 _______ 50-250 ___________ .... Less than 50 ... .... Fifth Federal Reserve District Estimated— October 5, 1955 Total Assets of M A T U R IT Y Fifth Federal Reserve District Estimated— October 5, 1955 Amount Outstanding ( Thousands of Dollars) Number of Loans i 5 j* 2.93 2.98 3.88 4.12 4.49 5.16 5.74 4.92 3.24 4.46 3.76 4.29 4.75 4.87 6.23 4.50 3.25 3.50 5.44 4.69 4.87 5.59 6.88 5.53 Federal Reserve Bank of Richmond First Quarter Banking in the Fifth District assets of Fifth District member banks amounted to $7.9 billion 011 April 10, 1956, more than $250 million above the amount held at the com parable call date last year. W hile total assets of Dis trict member banks fell in the first quarter of 1956, the decline was no more than that experienced in the same period of 1955 and was only two-thirds of the decline in the first three and a half months of 1954. The ac companying charts show changes in principal accounts of District member banks from December 31 to the April call in each of the past three years. o ta l T 1954 when loans increased only nominally. The bulk of the drop in the current quarter was about equally divided among bills, certificates of indebtedness, and nonmarketable bonds. In the first quarter of 1955, most of the decline was in holdings of Treasury certifi cates of indebtedness and short-term bonds, which were offset to a large extent by increases in holdings of Treasury notes and longer-term bonds. DEMAND DEPOSITS (1st Quarter Changes) M i l l i o n s LOANS AND DISCOUNTS (1st Quarter Changes) M i ll io n s -200 -100 ' 1 0 +100 - 3 0 0 - 2 0 0 - 1 0 0 0 + 1 0 0 --------------------1 --------------1 -------------1 --------------- 1 --------------1 19 6 5 + 200 H H H IH ilH ■■■■■■■ 1955 1 1 9 5 6 1 9 5 4 1 9 5 5 1 ■ ■ 1 9 5 4 Demand deposits held by District member banks de clined 4.5% in the first quarter of 1956— the decline being about the same as that experienced in the first quarter of 1955, but only about two-thirds that of the comparable 1954 period. Half of the current over-all shrinkage occurred in deposits of individuals, partner ships, and corporations. Declines in interbank deposits and certified and officers’ checks accounted principally for the rest of the reduction. U. S. Government de posits rose moderately. r Total loans rose appreciably over the first quarter of 1956, but the increase was less than half that experi enced in the same quarter of 1955. Even so, at $3.1 billion, loans outstanding at member banks in the Dis trict on April 10, 1956, were at their highest peak. All categories of loans rose in the quarter, with the excep tion of loans for purchasing or carrying securities. Busi ness loans and real estate loans increased at about half the rate of the year-ago period and consumer loans at about two-thirds the rate. TIME DEPOSITS (1st Quarter Changes) U. S. GOVERNMENT SECURITIES M illio n s (1st Quarter Changes) - 1 0 0 0 + 1 0 0 r i 1 9 5 6 1 9 5 5 1 9 5 4 _ 1 + 2 0 0 ........................1 m r F The increase in time deposits during the first quarter of 1956 was slightly above that of the first quarter of 1955 and about equal the increase in the comparable 1954 period. The increase in all three periods was principally in deposits of individuals, partnerships, and corporations. States and political subdivisions in creased their deposits moderately in all three periods, while deposits of the U. S. Government declined slight ly in each period. During the first quarter of 1956, Government securi ties holdings of member banks were reduced by 3 % . This reduction was slightly more than that of the first quarter of 1955, but it was just a little over half the reduction which took place during the first quarter of Note: Charts and other data based on December 31 and April call reports. - 2 0 0 i 6 j- June 1956 What's Happening Down On the Farm? The N ew Look u p p o s e your local T V station announces a feature story, titled “ Down on the Farm,” as its top show for the evening. Y ou twist the dial, settle back in your favorite easy chair, and the show is on. 5 There are other indications of type-of-farming changes, but the roving T V camera comes into play and you find yourself on an extensive tour of the farming areas of the District— from the Eastern Shores of M ary land and Virginia across to Northern Virginia and Maryland; through the Shenandoah Valley down through Southwest and over to Southside Virginia; and then through the Coastal Plains, Piedmont, and Mountain areas of the Car olinas. “ This offering,” the commentator begins, “ is the story of the big changes taking place on Fifth District farms. It features the latest facts and figures brought together from official sources and will bring you on-thespot farm scenes filmed in the fields.” Specialization Increasing In the background as he S O M E C H A N G E S IN F I F T H D I S T R I C T A s your TV-guided tour speaks are two type-ofF A R M IN G continues, you sense the ■ farming maps of the Dis fact that many of the Dis trict— both based on the trict’s f a r m s— and farm T, Census of Agriculture, one homes— have taken on a for 1950 and the other for “ new look.” And the “ new 1955. Y o u immediately look” is striking! On view spot the tobacco, cotton, are new or late model auto buildings— Value of land peanut, o t h e r field-crop, mobiles, tractors, trucks, farm, do Average dairy, poultry, and otherirrigation equipment, and acre, doll, Average type farms. Comparing the other pieces of machinery farms, acres rigated land two maps, you notice that which serve to make the reporting gphones, f there’s been a definite shift farm a more efficient unit. reporting :tricity, f; in the type of farming car Electric power and tele H om e freezers, farms reporting ried on in some states. Motortrucks, farms reporting phone lines seem to form a Specialization is on the in Tractors, farms reporting vast farm network; televi crease. Automobiles, farms repor sion aerials dot the land W orking off the farm, c This is particularly no scape. A s the T V camera tors reporting ............. ticeable among dairy, poul takes you inside many farm Farms with a value of pr try, and field-crop farms. homes— some of them new sold— For example: W ith the aid — you notice the many home $25,000 or more of the legend on the 1955 freezers and other electrical $10,000 to $24,999 map, you see that there are $5,000 to $9,999 household appliances, to say fewer dairy farms in V ir nothing of piped running ginia and Maryland— down Source: Bureau of the water, all of which serve to 5% and 10% , respectively. lighten the work of the farm By contrast, dairy farm wife and make for abundant living. numbers in W est Virginia and the Carolinas are up, with increases ranging from about 10% to roughly 20% Seeing these evidences of a higher standard of living and increased farm facilities and equipment, you are over 1950. not surprised when the commentator says: “ A fourth Decreases in the number of poultry farms range from of all District farms have telephones and more than as low as 6% in W est Virginia to almost 20% in Mary nine out of ten farms have electricity. Almost half land. Meanwhile, poultry farm numbers have in the farm homes are equipped with running w ater; near creased in the Carolinas— up 6 % in the Palmetto State ly a fourth have a home freezer; and roughly 30% and about 25% in the Tar Heel State. have a television set, most of them having been pur chased since 1950.” N or are you too surprised to learn Accompanying these shifts in dairy and poultry farms that 60% of all District farmers own automobiles, near has been a decided change in the number of field-crop ly 40% have tractors, and a third own trucks. farms. There are 17% more of this type farm in “ The proportion of District farms with these farm and home facilities and equipment is still somewhat smaller than the national average,” you are told. “ The rate at which these facilities have been acquired since Maryland, and there are almost two-fifths more in WT Virginia. A t the same time, there are 4 % , 7 % , est and 13% fewer such farms in Virginia, North and South Carolina, in that order. * 7 y { Federal Reserve Bank of Richmond 1950 has been far greater in the District than in the nation, however. “ Nearly 40% more District farms have telephones than five years earlier. Biggest increases have occur red in the Carolinas. Still the proportion of farms with telephones is lower in these two states than any where else in the District. Twelve per cent more farm homes are wired for electricity than in 1950. Here again the Carolinas lead the rate of increase. There are three times as many home freezers as in 1950, 30% more trucks, half again as many tractors, about 10% more autos, and 15 times as many farmers reporting irrigation. “ In each of these fields except electricity, North Car olina farmers have set the pace, followed closely in most instances by those in South Carolina. Virginia farm ers ran second in the irrigation field, while the W est Virginians took the number two spot in the tractor race.” Fewer but Larger Farms A t this point— and with the aid of flannelgraphs— your T V commentator points out that census takers found about 67,000 fewer farms in this five-state area in 1955 than in 1950 and nearly 4 million acres less land in farms, but the average size of farms was 3 acres larger. “ This trend,” he says, “ was widespread throughout the District and the nation, except the na tional trend to fewer and larger farms was faster.” F or the District, you note that this is the smallest number of farms since 1890 and the fewest acres of land in farms since before the W ar Between the States. Most of the decline since 1950 has been in farms of 10 to 100 acres. Large farms and those under 10 acres have increased in number. There are some 60,000 fewer farms in the 10- to 100-acre group but nearly 10,000 more in the under 10 category and around 550 additional farms in the 500-acre and over class. “ A number of factors,” adds the commentator, “ have been responsible for these changes of the past five years. The combination of farms, resulting largely from the disappearance of units operated by tenants, has been important in the decline of farms of 10 to 100 acres in size. W ith the pull of jobs in cities and industry, many tenants have quit farming altogether; others have made the successful climb up the agricultural ladder to farm ownership. H ow many have left the farm or how many have become owners, the census doesn’t reveal. It seems significant, however, that the decrease in ten ancy has equaled 45% of the total net decline in farm ing units. This trend has varied considerably among District states but is particularly evident in the Caro linas where corresponding decreases in tenancy repre sent 57% of the total in North Carolina and 87% in South Carolina. “ There’s also been a growing combination of farms in order to utilize modern power and equipment more fully and effectively. A s farm mechanization has in creased, farmers have found themselves able to handle more land. A t the same time, there’s been a 5% in crease in the number of farms of 500 acres and over. Biggest District change to this size farm was the 10% increase in Maryland. “ Accompanying this growth in size of farm has been an upturn in the acreage of cropland harvested. This was especially true of farms harvesting 100 acres and more of cropland. “ The increasing importance of part-time and resi dential farming, particularly in Virginia and the Caro linas, has been largely responsible for the nearly 10,000, or 13% , upturn in farms of less than 10 acres. And more than half this increase,” he adds, “ is accounted for in farms smaller than 3 acres. Automobiles, better roads, and other facilities like electricity and telephones in rural areas have encouraged farmers and others to live in the country and drive to jobs in nearby towns or factories.” You notice further proof of this in the chart, Farm Operators Reporting Off-Farm W ork. Nearly half (4 7 % ) of all District farmers now work off their farm, either at nonfarm jobs or on someone else’s farm for pay, and almost a third work 100 days or more per year off the farm. This is in contrast to 1950 when not quite 40% did any kind of off-farm work and about 27% worked as much as 100 days off the farm. Y our commentator continues: “ It is significant per haps that while the number of farms was declining, the average value of District farms was going up. In fact, value of land and buildings per farm jumped 27% dur ing the five years, from $7,072 to $8,952. On a peracre basis, the increase was somewhat less— from $83.42 to $101.98, or 22% . “ The rate at which farm real estate values rose varied considerably throughout the District. Values climbed fastest in Maryland, and in some counties, particularly those adjoining large metropolitan areas, farm land values skyrocketed.” H igh-Incom e Farms Increasing “ M ore accurate, probably more dramatic,” says your program narrator, “ in showing the trend to larger farms are data on gross income.” A t that instant the T V camera focuses on a chart, titled Commercial Farms by Income. A footnote tells you that, in general, all farms with a sales value of products amounting to $1,200 or more are classified as commercial. A s you look at the chart, you notice that there are five classes of commercial farms, each determined by the amount of total sales. The number of District com mercial farms in 1955 was actually somewhat smaller than in 1950; however, the proportion classified as com mercial equaled 46% as against 42% five years earlier. There were decreases during this period in both the (Continued on page 11) 8 V June 1956 Business Conditions and Prospects weekly reporting banks have continued to move higher since early March. They were at an all-time high level around the middle of May, and the increase since the year-end has been more rapid than in 1955 and contraseasonal for the past six weeks. “ All other” loans, which had shown a leveling off tendency since early April, rose to a new high level in the week of May 16. Real estate loans have moved moderately higher in the last two weeks after showing practically a flat trend since last January. conditions in the Fifth Federal Reserve District during April continued to show mixed trends, with mining and awards for new construction moving up, after seasonal correction, and manufactur ing and trade activity moving down. Employment in manufacturing industries was up in Virginia and W est Virginia from March to April but down in the Carolinas. Nonmanufacturing employment rose in each of the four states. The labor supply situation in the Dis trict during May remained unchanged from March, and unemployment in the District again turned downward after showing an increase in April. Purchases of life insurance continued to show strength, with April 24% ahead of a year ago and the first four months up 21% . Business failures, which were at a seasonally adjusted high level in March, dropped 50% in April to a level 16% below a year ago. Conditions are still favorable for the organization of new businesses in the District and new incorporations in March were 1% higher than in February and 3% higher than a year ago, with the first quarter up 7 % . First quarter farm income was 2% below a year ago. Electric power output in March, adjusted, was at an all-time high level. Bank debits, seasonally adjusted, after backing down during Feb ruary and March, rose to a new high level in April. Loans and investments of all member banks in April declined moderately, but loan demand increased sharply and was more than offset by a reduction in security holdings. Live births in the District in the first three months of 1956 were 1.3% higher than a year earlier, and marriages were 7.5% higher. u s in e s s Trade The trade level in the District eased somewhat from March to April. Department store sales were down 4 % during the month and furniture store sales down 4 % , both after seasonal correction. New passenger automobile and truck registrations and household ap pliance store sales, without seasonal adjustment, showed less rise from March to April than has been customary. Department store sales in April, after correction for the shift in Easter, difference in trading days, and sea sonal factors, were down 4 % from March but 4% ahead of April 1955, and the first four months of the year were 5% higher. On a straight dollar change basis sales in April de clined 8% from a year ago. The decline was ac counted for mainly in the apparel departments, though many other major departmental classifications showed losses from a year ago. Domestic floor coverings moved contrary to the trend and rose 6 % from last year, and radios, phonographs, and televisions were up 9 % . Department store inventories, which had risen some what more rapidly than sales over the last half of 1955, declined in both March and April on a seasonally ad justed basis. Inventories are still on the high side in relation to sales, and a rising tendency in inventories relative to sales has been noted in a rather large num ber of departments, including cotton yard g o o d s ; house hold textiles; domestics, muslins, sheetings; blankets, comforters, spreads; small w ares; notions; silverware and jew elry; stationery; women’s and misses’ ready-towear ; corsets and brassieres; infants’ w ear; women’s and children’s shoes; juniors’ coats, suits, and dresses; blouses, skirts, and sportswear; men’s and boys’ shoes and slippers; housewares; toys and games. Banking Loans and investments of all member banks in the Fifth District amounted to $6,006 million on April 25, a decline of $3 million from a month earlier, but a gain of $198 million over a year ago. Loans and discounts during the month were up $31 million, while holdings of U. S. Government securities were down $29 million and holdings of other securities down $5 million. Loans and discounts were $354 million higher than a year ago, other security holdings were up $20 million, and hold ings of U. S. Government securities were down $176 million. Total deposits in April were unchanged from March, but $196 million higher than a year ago. Time deposits rose $7 million, but this gain was offset by a loss of $7 million in demand deposits. Time deposits were $54 million higher than a year ago and demand deposits were $142 million higher. Retail furniture stores showed an adjusted sales drop of 4 % from March to April, but sales were 5% ahead of April last year, and the first four months were up 9 % . Cash sales in the first four months were up 1% from a year ago, while credit sales were up 10%. A c counts receivables in April were 12% higher than a year ago; collections were up 3 % . In the first four months, accounts receivables averaged 13% ahead of a year ago, collections averaged 9% higher. Furniture store inventories, seasonally adjusted, were down 7% Reserves with the Federal Reserve Bank dropped $14 million during the month and borrowings from the Reserve Bank increased $10 million, while borrowings from others declined $4 million. Commercial, industrial, and agricultural loans of the i 9 y Federal Reserve Bank of Richmond from March to April and 2% under a year ago. up 10.6%, transportation equipment up 2 % . In the nondurable goods industry from March to April the food industries increased 2.3% ; tobacco drop ped 2.6% , but cigarettes remained unchanged; textile mill products down 2.9% , with yarn and thread mills and knitting mills standing the brunt of the fall; ap parel down 2.9% ; paper down 1.4% ; chemicals down Complete registrations of new passenger automobiles for all states of the District and the District of Colum bia for March were 17% higher than February and 4% under March 1955, with the first quarter up 5% . In three states of the District and the District of Columbia new passenger automobile registrations for April were 1% higher than March and 11% under April 1955, with the first four months of the year down 1% . Registra tions for 34 states in April were down 14% from a year ago, and in the first four months these 34 states showed a drop of 9% from last year. New commercial car registrations in four District states and the District of Columbia in April were up 18% from March and 4% from a year ago, with the first four months up 17% . Thirty-nine states report ing thus far show April commercial car registrations up 3% from last year, and four months up 12%. Sales of household appliance stores in the District in April were 5% higher than March, without seasonal correction, and 13% higher than a year ago, with the first four months up 6 % . 0.6%. On a seasonally adjusted basis cotton consumption in April in the District’s mills was 6 % higher than March, 6% higher than in April 1955, and the first four months of the year were up 7 % . The number of hours the cotton spindles of the Dis trict were run during April was 4% higher than March, on a seasonally adjusted basis, and 7% higher than in April 1955, with the first four months up 6 % . Manufacturing On a man-hour basis, manufacturing activity in the Fifth Federal Reserve District has been trending down ward since the Fall of 1955, with the major part of the drop accounted for by the textile industries. Manhours in Maryland showed a moderate decline from November to January, but leveled off through March. In W est Virginia they declined from September to January and have since been rising moderately. In Virginia a decline continued from November through M arch; April was at the same level as March. In the Carolinas the trend is still downward. W ith Maryland missing, man-hours in all manufac turing industries of the District were down 1.3% from March to April but 4.1% ahead of a year ago. W est Virginia was the only state to show an increase (1 .3 % ) from March to April. North Carolina man-hours were down 2.9% , South Carolina down 1.0%, and Virginia down 0.1% . In the durable goods industries, man-hours for the four states were down 0.2% from March to April, but up 5.2% from a year ago. Virginia showed no change from March to April, W est Virginia rose 2.1% , North Carolina was down 1.3% , and South Carolina down 2.3% . In the nondurable goods industries, man-hours were down 1.8% from March to April, but April was 3.5% higher than a year ago. From March to April W est Virginia showed an increase of 0.3% , while other states declined as follow s: Virginia 0.3% , North Carolina 3.4% , and South Carolina 1.0%. Operations by industry, though somewhat variable among the states, showed lumber up 6 % , furniture down 3.4% , stone and clay up 0.5% , primary metals down 1.3% , fabricated metals down 1.5% , machinery National rayon and acetate shipments during April of 84.7 million pounds were 15% lower than in March and 23% lower than April a year ago, with the first four months down 8 % . Filament yarn shipments in April dropped 12% from March and were down 25% from a year ago. Staple and tow shipments in April were down 22% from March and were 20% under a year ago. Cigarette production in the District during March, after seasonal correction, was down 8% from February and 1% under March 1955, but the first quarter was up 5% . Production in Virginia during April, accord ing to the Richmond Chamber of Commerce, was down 11.2% from March but 2.5% higher than a year ago, with the first four months up 4.1% . Construction Total construction contract awards in the Fifth Dis trict in April rose 6% on a seasonally adjusted basis from March. April awards, however, were 27% under April last year, and those for the first four months were down 23% . All types of construction showed a better than seasonal increase from March to April with apart ments and hotels, commercial and manufacturing awards showing substantial increases on a percentage basis. One- and two-family houses also rose more than sea sonally— up 8% from March on an adjusted basis to 1% ahead of a year ago, but the first four months’ awards were down 15%. Relative to a year ago apartments and hotels were up 102%, commercial awards down 15% , manufacturing awards down 33% , one- and twofamily houses up 1% , public works and utilities down 56% , and total residential up 4 % . In the first four months of 1956 factory construction awards were at the same level as a year ago. A ll others were down from 15% to 33% . GI home loans closed in the District during March were down 21% in value from February and down 21% from a year ago, with the first quarter down 9 % . Nonfarm mortgage recordings in the District of $20,000 or less in the first quarter of 1956 were 1.6% higher in value than a year ago. i 10 y June 1956 What’s Happening Down On the Farm? (Continued from page 8) number and proportion of farms with sales totaling $1,200 to $2,499, a slight increase in farms with value of sales amounting to from $2,500 to $4,999, and huge gains in the three largest classifications. In 1955 there were 49,119 farms, or one out of every twelve, with a value of farm products sold equal to from $5,000 to $9,999. The number of such farms was 36% greater than in 1950. Farms with farm-product sales ranging from $10,000 to $24,999 totaled 18,082 and represented 3% of all farms. They also increased 36% during the five-year period. Though only one out of every 100 District farms in 1955 had a value of sales equal to $25,000 or more, the number in this group was 40% above 1950. A Summing Up “ From these data and the quickie tour of on-the-farm F if t h D is t r ic t B D E B IT S TO D E M A N D D E P O S IT A C C O U N T S* (000 omitted) April April 4 Months 4 Months 1956 1955 1956 1955 Dist. of Columbia Washington ______ $1,474,911 $1,261,386 $ 5,992,617 $ 5,235,247 Maryland Baltimore _______ 1,737,313 1,508,119 6,779,232 6,032,671 26,514 24,398 103,897 Cumberland ------93,365 Frederick ______ 25,885 23,209 100,412 90,217 47,307 43,622 Hagerstown 186,399 166,410 33,168 Salisbury** _____ 34,666 138,636 127,801 Total 4 Cities 1,837,019 1,599,348 7,169,940 6,382,663 North Carolina Asheville ____ 69,641 64,810 284,782 264,746 Charlotte ______ .. 435,146 381,440 1,795,739 1,597,745 Durham _______ 79,875 78,601 338,583 314,531 152,702 140,871 Greensboro __ __ .... 632,030 571,827 50,578 Hight Point** 52,615 221,039 197,721 21,324 Kinston _________ 20,967 88,895 89,570 Raleigh _________ 237,794 212,026 957,183 872,029 54,285 209,714 207,714 Wilmington ____ 53,696 19,272 19,973 84,630 82,316 Wilson __________ 667,702 180,491 159,882 766,575 W inston-Salem 1,132,511 5,158,131 4,668,180 1,250,285 Total 9 Cities South Carolina 92,254 87,731 367,836 331,462 Charleston ______ 195,614 789,392 696,131 Columbia ----------197,537 575,927 505,094 137,645 127,881 Greenville _______ 63,640 280,246 262,277 Spartanburg ___ 65,211 1,794,964 474,866 2,013,401 Total 4 Cities 492,647 Virginia Charlottesville 35,972 35,637 148,171 142,469 36,732 38,549 171,977 155,677 Danville ________ 61,344 53,731 245,647 209,058 Lynchburg .......— 245,393 213,408 62,295 55,137 Newport News .. 1,213,984 296,554 276,556 1,114,925 Norfolk _________ 149,683 37,395 34,703 141,877 Portsmouth __ 2,731,916 2,542,994 612,917 672,805 Richmond ______ 125,543 593,867 497,037 _ 144,163 Roanoke _ _____ _ 5,500,638 5,017,445 1,349,077 1,230,956 Total 8 Cities West Virginia 222,117 171,625 42,415 51,046 Bluefield _______ 678,914 717,192 166,006 164,799 Charleston _____ 159,612 140,607 36,802 34,909 Clarksburg ------338,073 315,689r 80,694r 83,196 Huntington ____ 123,818 145,093 32,898 35,143 Parkersburg 1,582,087 1,430,653 355,715 372,193 Total 5 Cities $6,776,132 $6,054,782r $27,416,814 $24,529,152r District Totals * Interbank and U. S. Government accounts excluded. ** Not included in District Totals, r Revised. scenes,” remarks your narrator, “ it is clear that big changes are taking place down on the farm. The Dis trict’s entire rural economy is changing. Y et there is room for still further change if maximum income bene fits are to be achieved in the years ahead. “ Many, especially small farmers caught in the pinch of the cost-price squeeze, will be faced with three major decisions: Should and can they expand their farming operations? Should they join the growing ranks of part-time farmers? Should they choose nonfarm work entirely? Those who continue in farming— as well as beginning farmers— will find it helpful to consider the strong forces at work in our changing economy and organize, or reorganize, their plans accordingly. All will find it profitable to do more homework on their farm management decisions.” a n k in g S t a t is t ic s W EEKLY R E P O R T IN G M E M B E R B A N K S (000 omitted) Item Total Loans ______ Change in Amount from May 16, Apr. 11, May 11, 1956 1956 1955 __________ $1,808,030** + 22,000 +202,379 Bus. & Agric. _______________ 836,476 Real Estate Loans ___________ 333,516 All Other Loans _____________ 663,571 Total Security Holdings _______ 1,586,735 + + + U. S. Treasury Bills _________ 40,210 U. S. Treasury Certificates__ 15,456 U. S. Treasury Notes _______ 287,997 U. S. Treasury Bonds _______ 976,419 Other Bonds, Stocks & Secur. 266,653 Cash Items in Process of Col. .. 374,091 Due from Banks ________________ 168,490* Currency and Coin _____________ 75,961 Reserve with F. R. Banks _____ 529,290 Other Assets ___________________ 72,273 Total Assets _________________ $4,614,870 _ Total Demand Deposits _______ $3,453,561 Deposits Deposits Deposits Deposits Certified of Individuals _____ 2,563,322 of U. S. Government 143,367 of State & Local Gov. 218,200 of Banks ___________ 459,404 & Officers’ Checks __ 69,268* Total Time Deposits ___________ Deposits of Individuals ______ Other Time Deposits ........... ..... 759,654 679,481 80,173 Liabilities for Borrowed Money 16,800 50,054 All Other Liabilities ___________ Capital Accounts ____________ _ 334,801 Total Liabilities _____________ $4,614,870 - — — — — + — — — + - 19,243 2,785 47 78,082 + 110,170 + 18,420 + 77,149 L83,243 41,201 2,248 15,259 9,851 9,523 45,726 577 5,443 12,700 25 29,051 _ — 20,543 + 64,086 — 37,727 + 41,470 — 1,738 — 36,953 + 14,405 + + + + + 18,881 31,535 684 4,089 8,897 _ 1,785 23 1,808 _ — + 4,641 4,923 282 _ 8,700 2,555 + 2,278 + — 29,051 * Net figures, reciprocal balances being eliminated. ** Less losses for bad debts. *{ 11 V 21,328 35,221 — 76,649 — 49,915 — 130 + 56,832 4,120 + — 4,692 — 3,205 1,073 + + 73,264 — + — _ + + + 21,500 5,025 27,438 73,264 Federal Reserve Bank of Richmond F if t h S t a t is t ic a l d is t r ic t F U R N IT U R E SAL ES* (Based on Dollar Value) Percentage change with correspond ing period a year ago STATES April 1956 4 Mos. 1956 — 8 Maryland ...................... .................... 0 Dist. of Columbia ______________ + 5 + 1 Virginia _____ ____ _______ _______ — 9 0 + 41 West Virginia __________________ +21 North Carolina _________________ — 8 + 8 — 11 South Carolina . ____ _ _ _ . _ + 2 — 1 District ............ ............................... + IN DIVID UAL CITIES Baltimore, Md. _________________ — 8 Washington, D. C. _____________ + 5 Richmond, Va. _________________ — 8 Charleston, W . Va. ___ ___ ___ — 6 Greenville, S. C. ______________ — 9 * Data from furniture departments of department stores furniture stores. 4 + — + + as 0 1 5 4 1 well as W H O L E SA L E TRADE LINES Auto supplies ______________ Electrical, electronic and appliance goods ________ Hardware, plumbing and heating goods ____________ Machinery equipment sup plies ______________________ Drugs, chemicals, allied products __________________ Dry goods _______ _ _ _ ........ Grocery, confectionery, meats ____________________ Paper and its products Tobacco products _________ Miscellaneous _____________ District total . . . . . ___ - Sales in Apr. 1956 compared with Mar. Apr. 1955 1956 0 — 8 Stocks on Apr. 30, 1956 compared with Apr. 30, Mar. 31. 1955 1956 — 5 + 8 +13 + 9 + 6 + + — 2 + 2 — 3 4 +24 6 0 + 14 +11 NA — 5 NA + 6 NA 0 NA + 1 —28 — 3 + 9 + 6 — 8 —24 — 17 + 8 — 3 + 7 NA NA +29 + 11 0 NA NA + 9 + 2 + 1 N A Not Available. Source: Bureau of the Census, Department of Commerce. data B U IL D IN G P E R M IT :F IG U RES Apr. 1956 Maryland Baltimore ____ $ 3,932,965 Cumberland __ 410,125 Frederick ____ 108,365 Hagerstown __ 128,650 Salisbury ____ 441,232 Virginia Danville _____ 1,807,945 Hampton _ __ 1,068,009 Hopewell _____ 111,547 Lynchburg 478,875 Newport News 179,008 Norfolk ______ 1,588,607 Petersburg 244,900 Portsmouth __ 249,990 Richmond ____ 7,095,292 Roanoke _____ 2,667,050 Staunton ____ 257,420 Warwick _____ 545,140 West Virginia Charleston 826,965 Clarksburg 242,230 Huntington __ 738,398 North Carolina Asheville _____ 287,026 Charlotte ____ 2,418,660 Durham _____ 806,589 430,250 Gastonia _____ 1,190,546 Greensboro High Point .... 340,825 Raleigh ______ 1,562,490 Rocky Mount .. 248,118 Salisbury 122,495 _ 1,288,175 Wilson ______ W inston-Salem 704,270 South Carolina 164,593 Charleston 554,226 Columbia ~ . . Greenville ____ 1,007,495 238,570 Spartanburg .. Dist. of Columbia Washington __ 3,179,719 District Totals ..$37,666,760 Apr. 1955 4 Months 1956 4 Months 1955 $ 7,781,235 224,483 209,750 221,785 209,150 $ 19,801,115 542,150 410,665 531,445 1,022,761 $ 27,549,292 653,291 696,205 715,020 970,167 703,531 868,097 291,492 960,614 118,391 984,951 89,500 280,930 2,466,223 1,265,184 193,775 686,272 3,103,956 3,258,880 554,329 4,868,010 967,701 4,687,288 954,400 1,229,148 11,938,435 10,446,657 1,028,286 2,545,540 3,091,911 6,693,128 1,291,163 3,546,617 612,752 4,382,67.8 1,403,400 1,250,840 6,999,108 4,106,843 1,201,055 3,270,956 561,515 181,118 440,923 1,814,098 545,487 1,530,934 2,180,971 673,313 1,491,871 355,972 1,535,750 694,484 459,600 982,125 638,611 666,828 299,266 131,060 171,500 1,006,482 2,664,437 8,309,591 2,780,171 2,187,750 4,971,056 2,244,544 4,170,064 1,270,881 629,965 2,367,525 4,597,219 1,076,287 9,961,946 5,587,873 2,591,900 3,618,105 3,112,729 7,236,014 1,282,711 380,468 1,481,675 4,950,404 236,338 663,012 820,350 330,477 745,042 3,770,656 2,851,476 1,149,128 775,221 2,683,114 2,275,148 831,445 3,265,493 $30,996,267 16,932,449 $133,423,239 23,380,260 $144,005,881 F IF T H D IS T R IC T IN D E X E S D E P A R T M E N T STO R E O P E R A T IO N S (Figures show percentage changes) Other Wash. Cities Rich. Balt. — 8 Sales, Apr. ’56 vs Apr. ’55 _ Sales, 4 Mos. ending Apr. 30, ’56 vs 4 Mos. ending Apr. 30, ’55 ----------- ------- + 4 Stocks, Apr. 30, ’56 vs ’55 _ + 4 — 7 Outstanding Orders Apr. 30, ’ 56 vs ’55 ------- . + 11 0 Seasonally Adjusted: 1947-1949 = 100 Dist. Totals — 7 — 10 — 8 + + + Apr. 1956 7 6 5 4 + 14 + 17 + 11 +21 + 14 - + 13 + 8 Open account receivables Apr. 1, collected in Apr. ’56 — 30.3 46.5 41.7 34.6 39.3 Instalment receivables Apr. 1, collected in Apr. ’56 __ 11.3 13.7 12.9 15.5 13.2 Md. D.C. Va. W .V a. N.C. S.C. — 4 — 7 — 9 — 2 — 14 — 12 Sales, Apr. ’56 vs Apr. ’55 ___________________ New passenger car registra tion* _________________________ Bank debits __________________ Bituminous coal production*__ Construction contracts ---------Business failures— number ____ Cigarette production __________ Cotton spindle hours .................. Department store sales _______ Electric power production __ Manufacturing employment* „ Furniture store sales __ ___ . . Life insurance sales ___________ 192 106 203 153 127 131 _ 125 219 * Not seasonally adjusted, r Revised. Back figures available on request. i 12 y Mar. 1956 Apr. 1955 % Chg.Latest Mo. Prev. Yr. Mo. Ago. 178 179 105r 191 307 99 122 137 198 111 130 219 191r 167 96r 279 183 94 119 126r 179 108r 119 177 + 17 + 7 + 1 + 6 — 50 — 8 + 4 — 4 + 3 0 — 4 0 — 4 +15 + 10 —27 — 16 — 1 + 7 + 4 + 11 + 3 + 5 +24