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PRODUCTION OF ELECTRIC
ENERGY
( 1 9 2 0 = 100)
F IF TH
DISTRICT
UNITED S TA TES
/
7
en / m / x & u & w
FEDERAL RESERVE BANK OF R I C H M O N D
F e d e ra l R eserve Bank of Richmond
D e p o sit T u r n o v e r
(a
FIFTH
n n u a l
,
r a t e
)
DISTRICT
RICHMOND, VIRGINIA
With bank deposits at an all-time high seasonal level at the end of
March and in a rising trend, it is interesting to observe what has
happened to their rate of turnover. As the chart shows, the general
level of turnover is higher than it has been at any time since 1942.
The current rate of turnover for March at 14.5 times on an annual
basis is 6% below the peak of 1951, but 8% higher than in February.
The rate of growth in bank deposits has been somewhat less in
Richmond than in the District as a whole, but because of a drop in
March last year, the year to year change shows 8% compared with
8.6% for the District. Richmond’s deposit turnover rate in March of
17 times was up 10% from February, but 6.5% under March last
year. March turnover last year had risen fairly sharply to compen
sate for the drop in deposits.
BALTIMORE. MARYLAND
NORFOLK. VIRGINIA
30
30
20
20
10
■MJ
v
J
10
W
1944
The trend of bank deposits in Baltimore has been upward for the
past two years with deposits at the end of March up 2 % from Feb
ruary and 3.6% over March a year ago. The rate of turnover of
these deposits in Baltimore, however, has flattened off since early in
1951. Turnover in March at an annual rate of 17.3 times compares
with 16.2 in February and 18.3 in March 1951.
WASHINGTON. D. C.
1946
1947
1 94 8
1949
1 95 0
1951
1952
CHARLOTTE. NORTH CAROLiMA
Bank deposits in the District of Columbia increased 8% in March
over a year ago and the trend is still upward. The annual rate of
deposit turnover of 11.6 times in March was considerably below the
rate of 14.5 for the District. March turnover in Washington, D. C.
was 6% higher than in February and 8.5% under a year ago.
194 5
Except for cities in the tobacco marketing areas and in Columbia,
South Carolina, bank deposits in the Hampton Roads area have risen
more rapidly than any other area in the District. In Norfolk de
posits in March were 19% higher than a year ago; at Portsmouth
they were up 18% ; and in Newport News, 26% . Deposit turnover in
Norfolk in March at 14.9 times was 7% under a year ago.
i 2 y
The bank deposit rise in Charlotte, North Carolina has been con
siderably better than the District average. In March the gain over
a year ago amounted to 12% compared with 8.6% for the District.
The annual rate of deposit turnover in Charlotte of 21.5 times in
March, however, is 13% under a year ago. Turnover in Charlotte
has about doubled since the end of the war.
M ay 1952
The Power Behind the Growth of the Fifth District Economy
has become such an integral part of
everyday living and working that it is almost a trite
observation to point out how utterly dependent the
nation has become upon it. Its meteoric development
makes it difficult to realize that this indispensable in
gredient of the modern economy was known only as a
curiosity less than 75 years ago. Today, however, the
country could neither live in peace nor wage war with
out this invisible essential force.
In its rapid rise to a paramount position in the Am eri
can economy, the electric power industry has both fos
tered and been fostered by ever-growing groups of elec
trical equipment industries. One group, for example,
comprises heavy equipment for electrical generating,
transmission, and distribution; another includes appli
ances and equipment for industrial uses; a third group
consists of electrical equipment for various forms of
transportation and communication; and another large
and rapidly expanding group is that of electrical appli
ances for the home. In each case the availability of abun
dant cheap power has led to new uses in every direction,
which in turn have provided a continually increasing de
mand for electrical energy.
The still-growing dependence of industry, commerce,
the home, and more recently, agriculture on electrical
energy supports the contention that this may well be
called the “ electrical age.” These brief notes on the in
dustry that has brought this about are in answer to
interest expressed by bankers and businessmen of the
Fifth District. Emphasis is on developments within this
five-state area, and because of space limitations consid
eration of power generated by public authorities is re
stricted to the inclusion of production and capacity data
in the aggregates discussed.
l e c t r ic it y
E
High-Powered Progress
The very substantial growth of electric power facili
ties and production in the Fifth District during the last
few decades reflects clearly the whole story of the in
dustrial progress of this region. It is a summary also
of the postwar housing boom, the increased use of elec
trical household appliances, and the greater require
ments of commercial and other users of electric energy.
In short, electric power statistics are a good indicator
of the increased levels of business activity in the Dis
trict as well as an index of an industry growth that is
astounding even in times when record-high performances
are commonplace.
In line with the prevalent expectation at the end of
the war that the postwar period would be characterized
by a substantial downturn in business activity, it was
thought that the demand for electrical energy would
diminish. This appeared to be a reasonable expectation
also because so much of the demand from 1940 to 1945
had been for war purposes. T o the contrary, however,
the demand continued to build up, and power produc
tion went on to still new record outputs. There were,
of course, small areas here and there that had particu
larly difficult reconversion problems which resulted in
curtailment of local demand, but in the aggregate power
output continued almost month by month to reach rec
ord levels. In just the six years since the end of W orld
W ar II private and public utilities in the United States
have had to increase their production of electric energy
66% . Utilities in the Fifth District expanded their out
put at practically the same rate, showing a 64% gain,
and consequently were able in 1951 to account for about
the same proportion of the national total, 10.1%, as had
been reached during the war.
Postwar expansion of power generated by Fifth Dis
trict industries for their own purposes amounted to
21% , lagging behind the national increase of 34% . This
was a consequence of a protracted period during 1950-51
of unusually light precipitation over a large part of
the Fifth District that forced a substantial curtailment
of power production by hydro-electric stations of in
dustrial companies. The District user-owned total of
9,611,000,000 kilowatt-hours in 1951 was 15.5% of the
total generated by all industries in the country, slightly
under the 17.1% reached by the end of W orld W ar II.
Credit for the cover photos are acknowledged as fol
lows: top left, Virginia Electric and Power Co., top
right and center right, Appalachian Electric Power Co.,
center left, Duke Power Co.; bottom, left to right,
South Carolina Electric and Gas Co., The Susquehana Electric Co.; Monongahela Power Co.
It is to be expected that gains recorded by as rela
tively young an industry as electric power— measured
from the small bases of its formative years— would be
impressive. However, even if comparisons are limited
to fairly recent years, they disclose very rapid growth
trends. Going back only three decades, for example, it
is found that the production of electric energy by pri
vate and public utilities in the United States increased
from 39 billion kilowatt-hours in 1920 to 370 billion in
1951— over a ninefold increase. Even this phenomenal
rate of growth was overshadowed by the performance of
utilities in the Fifth District. Here private and public
power producers saw their output rise from 3 billion to
37 billion kilowatt-hours— over a twelvefold increase.
Adding the amount of power generated by non-utility
companies for their own use to the 37 billion kilowatthours produced by utilities gives a total output of 47
billion kilowatt-hours for the Fifth District in 1951—
10.8% of all the electric energy generated in the nation.
It should be pointed out that the proportion of the
national total of energy produced in the Fifth District,
10.8% in 1951, exceeds the figure that might be ex-
i 3 y
F e d e ra l R eserve Bank o f Richmond
GENERATION OF ELECTRIC POW ER IN FIFTH DISTRICT IN 1951
(Millions of Kilowatt Hours)
_______ By Utilities________
______ By Industry_______
__________ Total___________
Hydro
Hydro
Fuels
Total
Hydro
Fuels
Total
5
___
89
548
1,228
74
1,944
1,433
34
2,033
2,321
918
928
7,667
1,438
34
2,122
2,869
2,146
1,002
9,611
1,461
4
705
1,003
3,570
1,553
8,296
5,266
1 737
8,851
11,134
8,481
3,135
38,604
6,727
1 741
9,556
12,137
12,051
4,688
46,900
Fuels
Total
Maryland ---------------------------- 1,456
3,833
5,289
4
1,703
1,707
District of Columbia ________
Virginia ------------------------------- 616
6,818
7,434
W est Virginia ---------------------- 455
8,813
9,268
North Carolina -------------------- 2,342
7,563
9,905
South Carolina--------------------- -1,479
2,207
3,686
Fifth District ----------------------- 6,352
30,937
37,289
Hydro & Fuel Production
as % of T ota ls------------------- 17.0
83.0
100.0
Fifth D istrict__________________________________________
of United States __________
6.4
11.4
10.1
20.2
79.8
100.0
17.7
82.3
100.0
42.3
13.3
15.5
7.9
11.8
10.8
Source: Federal Power Commission, Electric Power Statistics, Washington 25, D. C.
pected on the basis of a number of other economic com
parisons. F or example, it is larger than the District’s
proportion of the nation’s population, production work
ers, manufacturing enterprises, value added by manu
facturing, or outlays f o r n ew i n d u s t r i a l p l an t and
equipment. A s pointed out elsewhere, not all the power
generated within the District is transmitted to the looms
and lathes of District industries or is servicing resi
dential, commercial and other users in this area. Sub
stantial amounts are “ exported” from the District over
such high-voltage lines as those shown in the cover
photographs.
Greater Capacity Requirements
The requisite factor for the sharp gains in production
of electrical energy has been a steady increase in gen
erating capacity. During the thirties there was a lag
in the earlier rate at which the installed capacity of
utility companies had approximately doubled every six
years. W ith the tremendous urgent demand for power
imposed by W orld W ar II there was a sharp upturn in
construction of utility plants which continued unabated
after the cessation of hostilities. The latest data avail
able show that in the five years ended with 1950, the
generating capacity of private and public utilities in the
United States expanded some 37% . Similar growth in
the Fifth District amounted to only 27% as a conse
quence of the failure of hydro installations to expand.
District utility steam plants, however, increased their
capacity by 4 2 % — almost matching the nation’s growth
of 45% in such generating equipment.
The self-generating capacity of industrial plants, on
the other hand, in the Fifth District expanded faster
than did this total for the nation in the period 1946-50.
However, the differential was not sufficient to offset
the slower District rate of expansion of capacity by utili
ties, and the net result was that total installed capacity,
of private and public utilities and of industrially owned
power plants, fell from 11.1% of the national total in
146 to 10.4% at the end of 1950. This relative decline
should not obscure the fact that the 8,619,000 kilowatt
capacity of Fifth District power plants in 1950 was al
most one-fourth greater than the 1946 figure.
Record Production Reflects Business Conditions
Sales of electric energy by Fifth District utilities to
residential users have been growing rapidly and steadily
in the postwar years. This reflects not only the high
level of residential construction, but also the rapid
growth of the home appliance industries during this pe
riod. Sales to residential users in 1951 were 2J4 times
the 1946 level. The rate of growth of the residential
use of electricity has been almost constant at about 17%
each year since 1946. W ith residential building in 1952
expected to fall only slightly short of the 1951 level, it
is reasonable to expect that this rate of growth will con
tinue through the coming year.
Fifth District public utilities sold 69% more electric
energy to industrial and commercial establishments in
1951 than in 1946, reflecting the high levels of business
activity of the postwar period. Sales of electrical energy
for commercial and industrial uses followed the pattern
of business behavior very closely in the postwar years.
Such sales dipped in the reconversion year 1946 and
again in the recession year 1949. A ll other years saw
sales at a high level matching business activity.
Sales by Fifth District utilities in 1951 to municipali
ties, railways, and rural users ( “ other sales” ), although
29% above 1946, have grown at a slower rate than sales
to residential, commercial, and industrial users. In 1946
other sales took over one-third of the total energy pro
duced, while in 1951 they accounted for 28% of the total.
80% of District’s Energy Produced by Fuels
The generation of electric power by fuels (i.e., with
steam or internal combustion engines) in the Fifth Dis
trict has been growing at a much more rapid rate than
generation by water power. In 1946 hydro generation
by utilities accounted for over one-third of their total
May 1952
USERS OF E L E C T R IC E N E R G Y IN T H E F IF T H D IS T R IC T
SALES BY CLASS A & B P U B L IC U T IL IT IE S
(Millions of kilowatt hours)
Year
1946
1947
1948
1949
1950
1951
Percentage increase
1946 to 1951
Commercial &
Residential
Industrial
2,319
11,227
13,110
2,690
3,243
14,527
3,789
13,816
16,142
4,459
5,232
18,969
+ 125.7
+ 69.0
Other
7,443
7,901
6,793
8,694
9,330
9,592
+ 2 8 .9
Total
20,989
23,701
24,563
26,299
29,931
33,793
+61.
Source:
1946 through 1950— Federal Power Commission, Statistics
o f E lectric Utilities in the United States. 1951— Class A and B utili
ties in the Fifth District.
whereas by 1951 hydro generation had declined to less
than one-fifth. Not only has hydro generation by utili
ties fallen relative to other methods of power production
but the actual number of kilowatt-hours produced in
this manner has also declined, 1951 production being
15% below 1946. Fifth District production of electric
energy by fuels, on the other hand, has been increasing
steadily; production by utility companies in 1951 being
102% above 1946. This trend is also reflected in gen
erating capacity. Plant and equipment of Fifth District
utilities for the generation of electricity by fuels in 1951
was 68% above 1946. Capacity for water generation,
however, was less than 2% above 1946.
Industry producers, as in the case of the public utili
ties, generate the major share of their power require
ments by fuels. In the Fifth District, such producers
generated 10% less electrical energy with water power
in 1951 than in 1946 while over the same period they
generated 32% more with fuels. Fuel production ac
counted for 80% of total energy production by Fifth
District industries in 1951. In the nation as a whole,
o w n e r - u s e r s g e n e r a t e d 9 3 % of their requirements
with fuels.
W est Virginia and North Carolina Lead the District
W est Virginia and North Carolina together produced
over half of all the electric energy generated in the Fifth
District in 1951, each producing about one-fourth of the
District total. Virginia followed in third place with onefifth of the total.
North Carolina alone accounted for 43% of the Dis
trict’s 1951 hydro production of electric energy. W est
Virginia led in the generation of electric energy by fuels
with 29% of the District total.
Owner-users in the Fifth District produced one-fifth
of all the power generated in the region in 1951. Those
in W est Virginia took 30% of total owner-user produc
tion and relied on fuel-generation for over four-fifths of
their self-supply. Industry producers in North Caro
lina, on the other hand, covered over half of their needs
with hydro-electricity and accounted for almost twothirds of hydro-production by owner-users in the re
gion. Industry producers in Maryland, Virginia, and
South Carolina rely almost entirely on fuel production,
meeting well over 90% of their needs in this manner.
North Carolina led the District with 27% of the total
energy produced by utility companies. Less than onefourth of their 1951 production came from water power,
presenting a sharp contrast with industry producers who
relied on hydro generation for 60% of their output.
Fifth District utility companies accounted for 10% of
all the electric energy produced in 1951 by utilities in
the United States. They produced 80% of all the elec
tricity generated in the Fifth District.
Continued Rapid Expansion Planned
The Defense Production Administration is sponsor
ing a program calling for a total national capacity of
107.000.000 kilowatts by the end of 1954. The program
is based on the recommendations of a power advisory
committee composed of representatives of the industry,
and calls for a national expansion in capacity of about
9.000.000 kilowatts in 1952, 11,000,000 in 1953, and
12.000.000 in 1954.
Data supplied by sixteen of the twenty-four Class A
and B public utilities in this District reveal that new
generating equipment in process of construction or to
be put under construction this year will provide the
region with an estimated 2,142,000 kilowatts of addi
tional capacity. Since the cost of constructing generat
ing capacity today is at the rate of approximately $200
per kilowatt, the 2 million kilowatts of new capacity
already contracted for by these utility companies will
give a sizeable stimulus to the region’s economy. Since it
takes from three to four years to complete a generating
plant, the investment stimulus provided by this indus
try’s present plans alone will thus reach well into 1955.
— R. P. L , E. M. D.
F e d e ra l R eserve Bank o f Richmond
Retail Credit Trends During 1951
shift in consumer buying from durable
to nondurable goods coupled with a decline in the
relative importance of instalment sales in 1951 charac
terized operations of the nine lines of trade reporting
in the Retail Credit Survey recently conducted by the
Federal Reserve Bank of Richmond. Retailers of auto
mobiles, furniture and household appliances reported de
clines in sales while retailers of primarily soft goods
reported gains in sales. However, among the different
lines of trade, changes in sales moved in a very narrow
range, the extremes being a 10% gain and a 7% decline.
A
m oderate
Over-all consumer demand remained high and sales
exceeded by 2% the record dollar volume of the pre
vious year. Cash sales in postwar years had shown a
declining proportion of total sales, but in 1951 dollar
volume of cash sales rose and held at the same percent
age of total sales as in 1950. The growth in charge ac
count business both absolutely and relatively offset the
moderate decline in instalment sales. Over-all accounts
receivable increased slightly but the gain was due to a
rise in charge account^ components of credit receivables
as instalment receivables receded from the previous
year’s level.
More than 800 stores with 1951 sales totaling approxi
mately $750 million reported in the Fifth District sur
vey, which covered credit-granting retail stores only. It
is interesting to note that changes in sales of reporting
stores from 1950 to 1951 do not vary greatly from na
tional trends shown by the Department of Commerce.
The Department’s figures show that national retail sales
in 1951 were 5% above the preceding year.
W hile the dollar volume of reporting stores advanced
in 1951, the physical volume of goods was below the
1951 level. The Department of Commerce reported that
although the rate of increase in prices of goods sold at
retail stores in the United States slowed after the begin
ning of 1951, the average was up about 9% over the
preceding year.
Sales Trends in Selected Lines
Sales in 1951 advanced over those in 1950 in six of
the nine types of stores, while automobile dealers, fur
niture stores and household appliance stores registered
declines. (See Table I.) For automobile dealers it was
the first decline since W orld W ar II. Some of the de
cline in consumer spending at the three types of stores
showing sales declines was a reaction to an earlier over
bought condition. Apparently consumer expenditures at
these three types of stores were also restrained to some
degree by the credit controls under Regulation W . These
three types of retailers more typically extend credit sub
ject to Regulation W than do other types of retailers.
Although consumer credit restrictions were eased after
the middle of 1951, the Department of Commerce re
ported that no marked effect in the stimulation of sales
of consumer durables resulted.
W om en’s apparel stores with a 10% gain in sales
over 1950 made the best showing of any of the retail
lines surveyed. Department stores also had a good year
with 1951 sales rising 6% above 1950. Other types of
stores included in the survey-—men’s clothing, jewelry,
automobile tire and accessory, and hardware— reported
sales gains ranging from 3% to 5% .
In general retailers rang up more cash sales in 1951
than in 1950, though automobile dealers were an excep
tion. Even furniture stores which experienced a 4%
decline in total sales recorded a 2% gain in cash sales.
As a percentage of total sales, cash sales were of
greater importance or remained stable in all lines except
women’s apparel stores, jewelry stores and automobile
dealers. Am ong these three lines, automobile dealers
Table I
RETAIL SALES BY TYPE OF STORE, FIFTH DISTRICT, 1950 and 1951
Per Cent of Total Sales
Percentage Change, 1950 to 1951
Type of
Credit-Granting
______
Store
W om en’s AppareL
Department______
Hardware________
Automobile Tire and Accessory....
Jewelry-----Furniture......
AutomobileHousehold Appliance___________
Number
of
Total
Stores Sales
..
30
189
51
89
35
31
.. 113
130
... 113
+ 10
+ 6
+ 5
+ 4
+ 3
+ 3
— 4
— 7
— 8
Cash
Sales
+ 9
4- 6
-1- 4
+ 10
+ 1
+ 3
+ 2
— 10
*
*Less than one-half of 1 per cent.
6y
Charge Instal
Account ment Cash Sales
Sales
Sales 1950 1951
+ 9
+ 7
4- 7
+ 11
+ 3
+ 4
— 18
+ 3
— 4
+24
+ 3
— 3
— 5
+ 17
+ 2
—
1
— 6
— 11
43
40
46
42
38
38
15
48
16
42
40
46
45
38
37
16
46
18
Charge
Account
Sales
1950 1951
52
47
48
17
59
14
20
12
18
52
48
49
17
59
15
17
13
19
Instalment
Sales
1950 1951
5
13
6
41
3
48
65
40
66
6
12
5
38
3
48
67
41
63
May /9 5 2
reported the largest decline in the importance of cash
sales, but the drop was not substantial— only 2 % .
Charge Account Sales and Receivables
That customers made extensive use of charge accounts
in 1951 is shown by the over-all increase of 6% in this
type of sales at credit-granting stores. More than onehalf of all sales made at women’s apparel and men's
clothing stores and almost one-half of all sales made at
department and hardware stores were charge account.
All types of retailers except furniture stores and house
hold appliance stores reported gains in charge account
sales. A t the same time the relative importance of charge
account sales increased or remained stable in all trade
lines except furniture.
Charge accounts receivable on December 31, 1951, in
the nine trades ranged from 5% below a year earlier to
12% above. The largest increase was shown by depart
ment stores which also showed one of the largest in
creases in charge account sales. Despite a gain of 7%
in charge sales, hardware stores showed the greatest
drop ( 5 % ) in charge accounts receivable.
Collections information was not included in the 1951
survey, but the ratios of charge accounts receivable to
charge account sales indicate that collections were slower
in 1951 in only three lines— department, furniture, and
household appliance stores. The average repayment pe
riod for charge accounts of furniture stores rose from
slightly more than 70 days in 1950 to more than 90 days
in 1951. The collection period for department stores
averaged more than three months in both 1950 and 1951.
W om en’s apparel, men’s clothing, and jewelry stores
also collected their open accounts slowly averaging about
90 days or longer in both years. Automobile dealers as
a group adhered more closely to a 60-day definition
of charge accounts than any other group in the survey.
Instalment Sales and Receivables
Instalment sales of all reporting stores in 1951 de
clined 3% from 1950. The largest declines occurred in
those lines of trade in which instalment sales are of
greatest relative importance, jewelry stores being an ex
ception with a sales rise of 2 % . W om en’s apparel stores
and men’s clothing stores showed sharp increases in in
stalment sales; however, such sales accounted for only
a small part of their total business.
As usual, instalment sales represented a greater per
centage of total sales at durable goods than at nondurable
goods stores. The types of credit-granting stores which
extended instalment credit most frequently included fur
niture, household appliance, jewelry, automobile, and au
tomobile tire and accessory. Reporting furniture stores
sold a greater proportion (two-thirds) of their goods on
an instalment basis in 1951 than did any other line.
Household appliance store instalment sales accounted
for almost two-thirds of total sales. Jewelry stores trans
acted almost one-half of their business on an instalment
basis. In the case of automobile dealers, instalment sales
comprised about two-fifths of total sales. A similar pro
portion of instalment business was reported by automo
bile tire and accessory stores.
Household appliance stores, which showed the largest
decline in instalment sales of any line covered, reported
an even greater decline in instalment receivables. Simi
larly at other retail outlets reporting declines in instal
ment sales— automobile dealers, automobile tire and ac
cessory stores, and hardware stores— there was a more
than proportionate decline in year-end receivables. Per
centage increases in instalment accounts receivable at
department stores, women’s apparel stores and men’s
clothing stores were accompanied by even larger per
centage increases in instalment sales.
Instalment Paper Sold
Sellers of hard goods financed a large proportion of
their instalment sales through banks, finance companies
and others in both 1950 and 1951. Selling of instalment
paper was practiced more widely by automobile firms
than any other group of retail establishments in the Dis
trict. Automobile dealers sold paper equivalent to 46%
of their instalment sales volume last year compared with
45% in 1950. These dealers themselves held receivables
at the end of 1951 representing only 3% of their total
instalment sales. (D ow n payments and trade-in allow
ances included in instalment sales accounted for 49%
of the instalment sales volume of automobile dealers in
both 1950 and 1951.)
Instalment paper sold by household appliance stores
in 1951 amounted to 48% of their instalment sales, an
increase of 4 percentage points from the preceding year.
Although two-thirds of furniture store sales were on
instalment, these stores carried the bulk of instalment
paper originated, with their receivables on December 31
equal to more than one-half of total instalment sales.
Automobile tire and accessory stores reported an in
crease of 13% in the sale of instalment paper to financ
ing institutions in 1951. The proportion of paper sold
by such stores represented more than one-fourth of their
instalment sales volume. The negligible amount of paper
sold by other retailers indicated they found it relatively
profitable to do their own instalment financing.
Inventories
Inventories at the end of last year were higher in dol
lar volume than for the same period in 1950 at four
types of stores. Despite the fact that production of new
cars drifted downward from the spring of 1951, the dol
lar volume of inventories held by District automobile
dealers at the year’s end was 12% higher than one year
earlier. Hardware, department and household appli
ance stores also showed increases in stocks. The great
est reduction in stocks— 2 2 % — occurred at women’s
apparel stores. The only other type of trade to show a
Continued on page 11
•( 7 ^
F e d e ra l R eserve Bank of Richmond
Business Conditions and Prospects
h e improvement noted in the business level during
February failed to carry through in March. In fact
March business activity receded to the January level.
Department store trade during the month strengthened
but furniture store trade weakened and sales of whole
salers showed mixed trends. Defense industries con
tinued to impart considerable strength to the economy
of the District, but this has been more than offset by
weakness in the soft goods industries and in demand for
bituminous coal.
Anticipated revival in the cotton textile industry is
still deferred. As of late April, operations in this in
dustry appear to be below those of March, with the
tendency of many plants to curtail further.
T
Loans of all member banks on March 26 rose .8% ,
when ordinarily there is a seasonal decline from the
month before. Time deposits continued upward mod
erately during the month, net cashing of Series E bonds
was $1 million higher than in February, but less than
half the amount of March 1951.
Latest data on farm income show a small gain over
a year earlier, while total employment is fairly steady
with gains in construction and defense connected indus
tries offsetting weakness in the principal industries of
the District.
Cotton Textiles
March operations in the District’s cotton mills were
slightly below those of February, with seasonally ad
justed consumption down 3% and spindle hours off
1%. April figures may show a further drop, but the
time is approaching when improvement is indicated. A l
though the figures are not available on the inventory
position of the converters and cutters, informed sources
of the trade believe these to be worked down to very
low levels. The “ rush” notation placed on many cur
rent orders at the mill level would seem to bear out this
contention, and the irregular rising trend of sales of cot
ton goods items in department stores attests the strength
of retail demand.
The export market for finished cotton goods and semi
manufactures has given a good account of itself, with
February figures above a year ago by 25% and 56%
respectively. This is in spite of the fact that cotton tex
tile output in many foreign countries has been declining
similarly to that in United States.
The quoted price structure for cotton goods and yarns
has held quite firmly, but it is the impression that nearby
orders can be effected below these levels. A t the current
price level, the industry as a whole would do well to
break even and such a situation cannot long exist. It has
already continued long enough to be a cause of consid
erable concern.
Bituminous Coal
Bituminous coal output in this District in March
dropped 15% below February (seasonally adjusted) to
a level 5% below a year ago. This was, in part, due to
the drop in output at'the captive mines in preparation
for a pending steel strike in the last week of March and
partly due to a continued decline in exports. Coal ex
ports have dropped sharply from earlier months with
the total through Fifth District ports amounting to 2.2
million tons between March 8 and April 5. This brings
the year’s total through April 5 to 10,300,000 tons,
which compares with six million tons a year ago. D o
mestic consumption for the United States in February
was 4% under a year ago.
Employment levels in the industry in this District
have held steady for months, but many mines are operat
ing around three days a week. Stocks of coal in con
sumers’ hands rose a million tons from January to Feb
ruary to 76 million tons, continuing the high stockpile
policy.
Defense Industries
Defense industries in the Fifth District are mainly
shipyards and aircraft factories and to a lesser extent,
the machinery industries and defense construction.
W hile total manufacturing operations in the District
as indicated by the employment level have been mod
erately receding since fall, the defense industries have
continued a sharp expansion. Employment at shipyards
and aircraft factories combined is 40% higher than a
year ago and 82% above June 1950, and the level is
still rising. Latest figures available show employment
in the private shipyards in the South Atlantic area,
which are for the most part in the Fifth District, of
18,800, a gain of 58% over a year ago and 138% over
June 1950. In the Navy yards in the same area, em
ployment in January was 24,400, a gain of 25% over a
year ago and 64% over June 1950.
On March 18, the House Armed Services Committee
approved a bill authorizing construction and reconver
sion of 554 Navy ships at a cost of $1,145 million.
Either private or naval shipyards in this area undoubt
edly will share in this construction.
Machinery industries of the District, owing to the de
fense program, are still expanding their employment
levels. The rate of expansion is not quite as rapid as
it had been earlier, but it is still rising at the rate of
10% per annum. February employment in machinery
industries of the District is 38% higher than in June
1950, with an upward trend still in evidence.
Defense has been primarily responsible for a very
substantial rise in construction employment in the Carolinas and Virginia. These states are largely responsible
for the rise in the District. Employment in contract
construction in February totaled 269,000, a gain of 23%
over a year ago and 50% over February 1950. In the
states of Virginia, North and South Carolina, employ-
y r fe w M
May !952
I y jf a / t e u * -
ment and contract construction in February of 181,600
was 41% ahead of a year ago and 78% ahead of Feb
ruary 1950.
Defense has also added substantially to Government
employment. In February, both state and local govern
ments in this District employed 785,300 workers. This
was 51,000 or 7% larger than a year ago and 116,200
or 16% higher than in June 1950.
Trade
March department store sales (seasonally adjusted)
recovered the loss shown between January and Febru
ary by rising 5% above February to a level 9% ahead
of a year ago. Store inventories (adjusted) were at the
same level as in February and 2% ahead of a year ago.
Sales of women’s coats and suits did well in March
and exceeded the figure a year ago despite the influence
of Easter in last year’s figures. Store commitments,
however, were smaller than in the previous month, with
March outstanding orders down 3% from February and
19% below a year ago.
The up-trend in furniture store sales during February
did not carry over into March. March sales (adjusted)
declined 13% from February but were still 18% ahead
of a year ago. Accounts receivable in furniture stores
in March were at the same level as in February and the
same as a year ago. Collections in March were some
what poorer than in February (down 6 % ) and 2%
below a year ago. Inventories (adjusted) advanced 1%
but were 14% smaller than last year.
Passenger automobile sales in February dropped 13%
from January and were 29% below a year ago. Com
mercial car sales in February were down 16% from
January and 20% under a year ago. Household appli
ance store sales in March declined 8% from February
and were 20% below a year ago.
trade. Loans on defense contracts have been steady most
of the year, and the same has been true of defense sup
porting activities, though in the week of April 16, loans
for defense supporting activities have turned upward.
Loans to textile and apparel concerns, which had a sub
stantial rise from late November to late February, have
since turned down moderately. Loans to metals and
metal products concerns have shown a sharp rise in the
past month. The over-all stability in business loans may
be due in part to the need for replenishing working capi
tal after heavy tax payments on March 15.
Real estate loans are still maintaining the up-trend in
evidence since last fall, and a gradual upward trend is
still in evidence in “ other” loans, which are mainly to
consumers.
Demand deposits (excluding interbank) of all mem
ber banks in the District on March 26 were nearly 1%
higher than the month earlier and nearly 8% above a
year ago. Time deposits rose slightly during March to
a level 6% above a year ago.
Interestingly, member bank holdings of other securi
ties rose 1.3% during March to a level 28% ahead
of a year ago. Although these holdings on March 26
amounted to only $411 million, the gains are impressive.
Although the bank debits index for this District in
March remained close to the February level, there were
some fairly notable changes within the District. A sharp
drop occurred in South Carolina and smaller declines in
D. C., W est Virginia and North Carolina. Maryland
showed a small rise, and Virginia a substantial rise to a
new high level. Deposit turn-over in March was some
what higher than in February but still below that of
January or a year ago.
A gricu ltu re
Business loans of the weekly reporting banks in this
District have been holding up well since normally at
this season of the year a reduction is expected. A rather
sharp up-turn in the past two months has been wit
nessed in trade loans, presumably anticipating Easter
The farming season is progressing satisfactorily. In
dicated crop acreages are moderately below last year,
and over-all production, given a normal growing sea
son, should, therefore, be somewhat below last year.
Livestock marketings may well run ahead of last year.
The price situation is less favorable than for some
months.
— B. P. C.
R E T A IL F U R N IT U R E SALES
W H O L E SA L E TRADE
B anking
Percentage comparison of sales in
periods named with sales in
same periods in 1951
3 Mos. 1952
Mar. 1952
STATES
Maryland (7) ------------------------- -----------------Dist. of Col. (7) ------------------ ____________
Virginia (18) ------------------------- ____________
West Virginia (10) ---------------- -----------------North Carolina (15) ------------- -----------------South Carolina (6) ---------------- ____________
District (63) ----------------------- ------------------
+
3
— 5
— 4
+ 31
+
6
— 14
+
1
+
6
— 7
+
1
+ 19
+
1
— 9
0
IN D IV ID U AL
Baltimore, Md. (7)
Washington, D. C.
Richmond, Va. (6)
Charleston, W . Va.
+
3
— 5
— 2
+ 44
+
6
— 7
+
6
+ 18
CITIES
................... .....................
(7) --------- ____________
---------- ------ ____________
(3) --------- ____________
LINES
Auto supplies (8) __________________
____________
Electrical goods (6)
Hardware (12) _______ ............... ......
Industrial supplies (6) ----------------Drugs & sundries (12) ------- ------+
Dry goods (16) ________ ____________
Groceries (50) _________ -----------------Paper & products (6)
Tobacco products (12) -----------------Miscellaneous (92) _____ ____________
District Total (220) ____________
— 32
— 4
— 16
+H
8
— 19
+ 3
— 24
+ 6
— 17
— 10
Number of reporting firms in parentheses.
Source: Department of Commerce.
Number of reporting firms in parentheses.
Sales in
March 1952
compared with
Mar.
Feb.
1951
1952
i 9V
+21
+ 2
+ 1
+ 1
+ 5
— 2
+ 2
— 1
+ 3
— 3
0
Stocks on
March 31, 1952
compared with
Mar. 31, Feb. 29,
1951
1952
+
+
+
+
0
7
2
3
2
5
0
9
14
27
28
0
— 17
+
5
+
+
—
+
+
+
—
4
4
+ "7
0
+
2
+
2
F e d e ra l R eserve Bank of Richmond
FIFTH DISTRICT NEWSBR/EFS
FINANCE
CURRENT DEVELOPMENTS IN —
II
$9 m i l l i o n addition to the Halethorpe, Md. plant
of Kaiser Aluminum & Chemical Corp. will be
started during May. Equipment for the new facilities
will require additional outlays of approximately the same
amount. The one-story, 310,000 sq. ft. building is part
of the “ heavy press” program of the A ir Force designed
to speed up aircraft production. The Halethorpe plant,
already the largest aluminum extrusion plant in the
country, will have its annual capacity increased to 56
million pounds when the additional facilities are ready
for operations by m id-1953.
A
The Ford M otor Co. recently announced the purchase
of a site in Charlotte for the erection of a service parts
depot and district sales office building. The new facili
ties, to cost over $1 million, will serve both North and
South Carolina.
Approximately $500,000 is being invested by
the Hoover Hosiery Co. in the building and
equipping of an addition to its plant in Con
cord, N. C. About 300 persons are now em
ployed, and this number will be doubled when
the added space is in use. Two more textile
plant additions in North Carolina are at the
Madison Throwing Co. in Madison and the Gem
Plant of the Liberty Hosiery Mills at Gibsonville. The former, to cost $250,000 including
machinery, will provide 20,000 additional square
feet for the plant operation of throwing nylon
yarns for hosiery and tricot and will increase
capacity about 63% . This addition and the one
at the Gem Plant, which will cost $25,000, are
scheduled for completion early this summer.
Piedmont Telephone Cooperative, Inc., is spend
ing over $300,000 for rural lines in the Laurens
area, and the St. Matthews Telephone Co. will
improve and extend service in Calhoun and
Orangeburg Counties with an R E A loan of
$182,000. The North Star Telephone Co. will
expand and improve its facilities in North Caro
lina at a cost of $750,000. Included is enlarge
ment of facilities in High Point, Thomasville,
Randleman, and surrounding rural areas.
High Point, N. C., reports the addition of a number
of new enterprises to its industrial structure. Sylvania
Electric Products has invested $1,250,000 in the pur
chase of a building and the installation of machinery for
the manufacture of television cabinets. About 250 per
sons will be employed in the plant. Other newcomers
are the F ox Paper Co., makers of special blankets, pads,
and wrappings for furniture and allied trades, the W ool
Novelty Co., Inc., which will dye and package looper
clips and make hand looms, and a branch plant of R ock
well Manufacturing Co. of Pittsburgh, producer of ma
chine tools, valves, meters, and computing mechanisms.
N P A Approvals
Other additions to the textile industry in North Caro
lina include a $25,000 improvement at the Catawba
Finishing Co. in N ew ton, a two-story brick addition to
the Cross Cotton Mills plant at Marion, and the con
struction of a plant at Wendell by General Sportswear
Co., Inc., of New York. This factory, the cost of which
has not been published, will make children’s dungarees
and will employ approximately 150 persons.
Reports on utilities disclose that the ClintonNewberry Natural Gas Authority plan a $3 mil
lion distribution system and transmission main
at Newberry, S. C. Also in South Carolina, the
Sm
<4 10 y
The total value of investment in plant expansions in
the Fifth District for which metal has been allocated by
the National Production Authority for the April-June
quarter amounts to over $237 million. In Maryland,
which received the largest share of the District total,
78% of the new plant investment is accounted for by
additional facilities at the Sparrows Point plant of Beth
lehem Steel. The m ajor portion of the W est Virginia
total, second largest in the District, is allocated to the
chemical industry.
N P A also approved the construction of two
large textile plants in South Carolina. The Dela
ware Falls Co. will build a weaving mill for
worsteds, woolens, and Dacron fiber in Kingstree at a cost of over $1 million. The Greenwood
Mills will erect a new mill at Greenwood at a
cost of almost $7 million. This new plant, the
Durst Mill, will employ about 1,250 persons and
will add around $3 million to the annual pay
roll of the community It will be a complete mill
with spinning, carding, and weaving depart-
May 1952
y flv id a * '
ments, permitting the manufacture of a variety
of types of cloth. Approval was secured by the
Draper Corp. for the construction of a plant in
Spartanburg to make textile machinery repair
parts. This plant will cost over $1.7 million.
Five retail outlets in the Washington, D. C. metro
politan area representing a total investment of over $5
million have obtained N P A approval. This includes four
suburban shopping centers and a new $2.7 million Sears,
Roebuck & Co. store.
Housing and Hospital Projects
During the past month many Housing Authorities
throughout the Fifth District reported the letting of con
tracts for various housing projects totaling $75 million.
The largest single project is located in W hite Oaks,
Md. where 1,100 single-family dwellings for personnel
of the Naval Ordnance Laboratory are being erected at
a cost of $16,500,000. The second largest building de
velopment will be a group of ten 12-story buildings
located .on sites near the Baltimore business district
They will be the first elevator-type apartments for lowincome families to be constructed in this area and will
involve outlays in excess of $13 million.
The Public Housing Authority postponed the sale of
$167 million of new Housing Authority bonds that had
been scheduled to be offered on April 15. O f this
amount, slightly over 10% was to have sold in this Dis
trict— these issues are: Hagerstown, Md., $2,943,000;
Roanoke, Va., $6,841,000; Charlotte, N . C., $6,007,000;
and N ew Bern, N . C., $1,111,000. The postponement
was decided upon because legislation now before Con
gress casts a “ technical shadow” on the availability of
funds to pay the Federal Government's annual contribu
tion for the housing units that would be covered by the
bonds. The P H A explained that Government contribu
tions are pledged as security on the obligations.
Contracts recently let for hospital construc
tion in the Fifth District include a $5.5 million,
15-story addition to the Johns Hopkins H os
pital in Baltimore. The Johns Hopkins Univer
sity received also N P A approval for critical
materials for the construction of a $1.8 million
research laboratory. This laboratory will en
gage in work on guided missiles for the Navy
Bureau of Ordnance.
Other hospital projects recently reported are the addi
tion of a pathology building to the W alter Reed H os
pital in Washington, D. C., at an outlay of around $5
million, a new hospital costing $1.3 million at Phillipi,
W . Va. and a $450,000 addition to the Charleston, W .
Va. Memorial Hospital.
Retail Credit Survey—1951 Fifth Federal Reserve District
Continued from page 7
substantial reduction in stocks was automobile tire and
accessory stores.
Inventory turnover rates varied considerably among
retail lines surveyed. (See Table III.) A t the extremes
were the automobile dealers whose rate of turnover in
1951 was 9.5 times a year, and the jewelry stores whose
rate of turnover was 1.6 times a year. W om en’s ap
parel stores showed the most substantial acceleration in
inventory turnover rate and rose from 3.9 times a year
in 1950 to 5.4 times in 1951. Automobile tire and acces
sory stores also showed more rapid stock turnover in
1951 at approximately six times a year compared with
5.1 times in 1950. The only retail lines to show a slower
rate of inventory turnover in 1951 than in 1950 were
household appliance stores, hardware stores, and auto
mobile dealers, and only in the case of the latter was the
drop substantial.
__ F. D. S.
Table II
Table II I
R E T A IL A C C O U N T S R E C E IV A B L E , F IF T H D IS T R IC T ,
1950 and 1951
(Accounts receivable figures are based on end-of-year data;
Sales on annual totals)
Type of CreditGranting Store
Women’s Apparel
Department
Men’s Clothing
J ewelry
Furniture
Automobile
Hardware
Household Appliance
Automobile Tire and
Accessory
Accts. Receivable
Percentage Change
1950 to 1951
Charge InstalTotal
ment
Acct.
Charge
Acct. Receivables as
% of
Charge
Acct. Sales
1950
R E T A IL SALES A N D
Instalment Re
ceivables as
% of
Instal
ment Sales
1951
1950
1951
+ 9
-1- 8
+ ^
+ 3
+ 1
— 3
— 6
— 14
+ 7
+ 12
+ 2
+ 4
— 4
+ 7
— 5
+ 4
+20
4- 2
+ 13
-|- 3
+ 1
— 14
— 12
— 16
24
28
28
41
20
12
21
13
24
29
27
41
25
12
19
14
47
59
46
67
56
3
23
36
46
58
44
68
58
3
22
35
— 16
— 2
— 17
16
14
51
44
Type of CreditGranting Store
Women’s Apparel
Number
of
Stores
D IS T R IC T ,
Percentage Change
Inventory
1950 to 1951
Turnover Ratio
Total End-of-Year
Sales
Inventories
1950
1951
33
+
9
— 22
3.9
5.4
180
+
6
+
3
4.2
4.3
Automobile Tire and
Accessory
97
+
5
— 11
5.1
6.0
Hardware
61
+
4
+
8
2.9
2.8
Men’s Clothing
36
+
3
— 4
2.9
3.2
Jewelry
31
+
3
+
1
1.6
1.6
— 3
2.8
2.8
11.4
9.5
3.5
3.2
Department
*{ ii y
IN V E N T O R IE S , F IF T H
1950 and 1951
Furniture
109
— 5
Automobile
143
— 7
+ 12
Household Appliance
112
— 7
+
1
F e d e ra l R eserve Bank of Richmond
SELECTED FIFTH DISTRICT BUSINESS INDEXES
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 STE D
Mar.
1952
Automobile Registration1-----------------------------------------------Bank Debits__________________________________________________________________
Bituminous Coal Production-------------------------------------------- ____________________
Construction Contracts Awarded________________________ ____________________
Business Failures— No----------------------------------------------------- ____________________
Cigarette Production____________________________________
Cotton Spindle Hours------------------------------------------------------ _______ ____________
Department Store Sales*_________________________ _______ ____________________
Electric Power Production______________________________
Employment— M fg. Industries1_________________________
______
Life Insurance Sales_____________________________________
445
137
489
44
146
114
__
338
Feb.
1952
Jan.
1952
Mar.
1951
136
446
161
484
36
229
147
109
372
152
335
156
453
163
381
39
257
147
114
358
153
323
217
432
144
502
70
220
166
105
337
153
290
c/o Change-—Latest Monti
Prev. Mo.
—
—
+
+
—
—
+
+
—
+
13
0
15
1
22
11
1
5
4
1
1
Year Ago
—
29
+ ~ .. 3
—
5
—
3
— 37
—
5
— 12
9
+
10
+
0
17
+
iNot seasonally adjusted.
*1947-1949=100. Back figures available on request.
B U IL D IN G P E R M IT F IG U R E S
March
1952
Maryland
Baltimore
$ 4,384,700
Cumberland
32,900
453,650
Frederick
Hagerstown
167,936
Salisbury
72,762
Virginia
252,834
Danville
Lynchburg
288,312
181,012
Newport News
1,248,270
Norfolk
Petersburg
171,305
Portsmouth
260,762
2,097,714
Richmond
Roanoke
789,277
West Virginia
926,734
Charleston
68,700
Clarksburg
395,836
Huntington
North Carolina
600,243
Asheville
Charlotte
1,594,895
2,071,779
Durham
551,030
Greensboro
199,985
High Point
1,618,420
Raleigh
263,135
Rocky Mount
50,027
Salisbury
W inston-Salem
1,095,866
South Carolina
99,339
Charleston
788,786
Columbia
413,150
Greenville
Spartanburg
147,110
Dist. of Columbia
3,344,418
Washington
$24,630,887
District Totals
March
1951
3 Months
1952
3 Months
1951
$ 5,813,055
104,150
148,300
262,395
89,142
$14,762,630
63,100
957,357
360,591
281,724
$ 22,293,325
246,560
486,525
362,170
367,604
222,177
586,166
94,154
787,310
84,706
2,465,205
1,523,667
1,052,209
782,020
584,526
4,739,590
4,101,030
508,924
4,612,772
4,676,961
2,856,785
464,025
1,245,124
545,353
6,516,781
528,063
3,110,600
4,808,887
5,826,799
424,053
90,230
534,795
1,407,207
215,120
870,687
1,245,291
258,295
1,625,635
158,386
1,320,663
514,145
773,042
225,080
2,342,794
535,473
203,820
591,615
998,338
6,802,694
2,911,024
1,956,404
706,055
5,633,547
879,532
192,077
2,706,202
2,478,678
7,771,671
1,537,774
2,431,069
935,474
3,773,225
1,024,787
446,735
3,440,477
102,034
495,000
592,900
112,790
366,766
1,905,981
1,708,327
427,424
431,412
3,256,785
2,331,609
293,110
4,942,200
$27,191,656
11,236,478
$80,211,873
20,150,279
$100,143,122
-0 -
D E B IT S TO I N D IV ID U A L AC O U N T S
(000 omitted)
3 Months
March
March
3 Months
1951
1952
1951
1952
Dist. of Columbia
$ 1,112,221 $ 1,129,079 $ 3,415,375 $ 3,184,196
Washington
Maryland
3,730,837
3,675,766
1,284,555
1,314,835
Baltimore
74,032
23,709
74,761
Cumberland
24,576
58,825
22,634
21,537
66,879
Frederick
95,920
34,541
104,710
Hagerstown
36,865
North Carolina
180,102
63,694
188,518
Asheville
61,279
1,044,528
1,057,058
Charlotte
355,687
365,725
294,631
103,394
91.987
308,956
Durham
306,886
323,355
109,328
108,086
Greensboro
49,630
58,117
16,621
19,063
Kinston
493,326
206,977
531,071
Raleigh
193,322
124,219
134,188
44,066
Wilmington
43,032
60,815
56,373
21,224
17,370
Wilson
499,978
502,453
184,930
Winston-Salem
176,262
South Carolina
229,374
221,569
76,364
72,367
Charleston
375,203
139,717
427,316
145,498
Columbia
313,363
344,996
103,757
118,613
Greenville
206,824
208,911
72,062
Spartanburg
66,341
Virginia
Charlottesville
Danville
Lynchburg
Newport News
Norfolk
Portsmouth
Richmond
Roanoke
West Virginia
Bluefield
Charleston
Clarksburg
Huntington
Parkersburg
District Totals
28,807
32,978
46,328
50,549
254,714
29,412
581,207
122,427
27,156
37,117
53,446
45,696
230,737
26,871
573,854
122,400
82,463
106,005
137,037
144,524
726,688
84,634
1,695,380
349,462
79,200
105,538
143,353
122,114
635,139
75,355
1,636,424
335,143
53,287
162,150
33,294
78,047
31,752
$ 5,456,500
49,944
160,601
35,403
73,298
32,793
$ 5,499,086
161,035
515,049
119,733
223,034
91,187
$16,165,759
146,585
462,387
105,840
203,608
89,635
$ 15,433,854
D E P A R T M E N T ST O R E O P E R A T IO N S
(Figures show percentage changes)
Rich.
Sales, Mar. ’52 vs. Mar. ’51 .. - - 4.1
Sales, 3 Mos. ’52 vs. 3 Mos.
- 6.0
’51 ____________________
Stocks, Mar. 31, ’52 vs. ’51 .. - -20.8
Outstanding orders,
Mar. 31, ’52 vs. ’51
-20.5
Current receivables Mar. 1
collected in Mar. 1952
27.6
Instalment receivables Mar. 1
14.3
collected in Mar. 1952 _____
Md.
Sales, Mar. ’ 52 vs. ’51 ..... — 7.5
Sales, 3 Mos. ’52 vs. ’51 .. — 6.3
Balt.
Wash.
Other District
Cities
Total
ADDITION TO PAR LIST
- - 7.3
--1 0 .5
— 7.3
— 7.9
- - 6.1
- - 8.1
-— 8.3
-— 2.8
— 5.5
— 5.6
— 6.6
— 7.0
newly chartered nonmember bank located in the
- -23.4
-—19.3
— 11.4
— 19.9
territory served by the Richmond Head Office, has
46.4
43.0
36.6
39.4
agreed to remit at par, effective April 7, for checks
13.9
18.0
18.9
16.1
drawn on it when received from the Federal R e
Va. W .V a. N.C.
— 4.8 — 1.4 — 8.0
— 4.9 — 2.4 — 7.4
S.C.
— 13.5
— 7.8
D.C.
— 10.5
— 8.3
i 12 y
The Bank of Annandale, Annandale, Virginia, a
serve Bank. The combined A .B .A . transit numberrouting symbol of the bank is 685"^9‘
@FedFRASER