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-
FEDORA/01r
J
(O fi/ M / )
November 1951
HOUSING STARTS
new
h o u s in g
SOURCE.
starts,
u n it e d
REMAIN HIGH
states
D EPARTM ENT OF LABOR
hough
below the unprecedented levels of
Also In This Issue
-----------
Fifth District Trend Charts______________Page
2
Trends In Farm Incom e_________________ Page
5
Fifth District N ewsbriefs________________ Page
7
shown by the chart above. The article on page 3
Population Growth______________________ Page
8
discusses current trends in residential construction.
Business Conditions_____________________Page 10
1950,
housing starts in the first three quar
ters of 1951 were ahead of any previous year, as
Statistical Data_________________________ Page 12
F e d e ra l R eserve Bank of Ricnmond
F
BANK
if t h
d is t r ic t
T
DEBITS
r e n d s
DEPARTMENT STORE INVENTORIES
Adjusted bank debits in the District rose 2 per cent in September
to a point 9 per cent above September last year. The current figure
is within a fraction of a per cent below the high point established
in March of this year, which is indicative of considerably greater
strength in the District economy than indicated by basic production
levels.
Department store stocks have moved downward consistently since
June on a seasonally adjusted basis, with September declining 4 per
cent from August to a level only 11 per cent ahead of a year ago.
Most of the decline has come in home furnishings and particularly
in radio, television, etc. Inventories are still somewhat high in re
lation to sales, but with inventories falling and sales rising, this
situation can be corrected in a relatively short time.
DEPARTMENT STORE OUTSTANDING ORDERS
ACTIVE COTTON SPINDLE HOURS
Cotton spindle hour operations, which measures the rate of activity
of the mills, dropped 3 per cent from August to September after sea
sonal correction and was 4 per cent under September a year ago.
The rate of operations is higher than in July and at the same level
as in April, but below all other months since July 1950 and within 6
per cent of high point of 1948.
Indicative of selected improvement in the department store inven
tory position, along with a favorable outlook for sales, unfilled or
ders of department stores rose 14 per cent from August to Septem
ber but were still well below a year ago when the inventory boom
was in evidence. Indications in the market places are that some fur
ther improvement in these orders has occurred in October.
DEPARTMENT STORE SALES
WHOLESALE
PAPER AND PRODUCTS SALES
300
300
250
1943
The moderate upward trend in department store sales, in evidence
each month since March, was broken in September when seasonally
adjusted figures dropped 6 per cent from August to within 1 per
cent of the level in September, 1950. Sales in hard lines have again
revived, while women’s apparel and accessories have turned easier.
Indications are that October will show considerable improvement
over September.
i 2y
1944
1945
1946
1947
1948
1949
1950
195!
The paper industry is one of considerable importance to the econ
omy of the Fifth District, and, in this connection, it is interesting
to note that sales of paper wholesalers in this District rose 2 per
cent from August to September on an adjusted basis to a level 17
per cent ahead of a year ago. These sales in September have been
exceeded only three times since our records are available.
Novem ber 1951
The Housing Situation ■ -
- «“
■:
:
forecasts early this year that a much sharper
mum down payments and maximum maturities of con
ventional loans went into effect on October 12, 1950.
decline in residential housing would take place,
The Veterans Administration and the Federal Housing
it is now almost a certainty that more than a million
Administration
also tightened their terms. In addition
nonfarm housing units will be started in the United
to credit controls, use of scarce materials was restricted
States in 1951, for the third consecutive year, the third
by National Production Authority, and metals products
time in history that starts have crossed the one million
became hard to procure.
mark. Starts for the first three quarters totaled 852,000
units, 23% below the same period in 1950, but well
. . . but the shortage of funds was more important.
above the level for any preceding year. This is espe
Each of these developments presumably served to
cially interesting because this exceptionally high level of
dampen building activity, but the effect of the action
activity has been maintained in the face of a stringent
taken by the Board of Gov
shortage of mortgage funds,
ernors of the Federal R e
new direct regulations on
serve System in March 1951
RESIDENTIAL CONSTRUCTION
real estate credit, and, at
m u st a ls o be a d d e d . In
times, materials shortages.
C U M U L A T IV E C O N TR A C TS AWARDED - F IF T H D IS TR IC T
March, prices of Govern
Residential construction
ment securities were permit
activity in the Fifth Federal
Millions of Dollars
800
ted to drop below par, and
Reserve District has, h ow
sales of Governments came
ever, d e c lin e d s o m e w h a t
more than the national av
to involve a penalty of as
erage. District figures for
much as 3 % . W hile G ov
600
ernments were at par, lend
s ta r ts are n o t a v a ila b le .
ing institutions could sell
Home construction contract
them without loss (or at
a w a r d s th r o u g h A u g u s t
prem ium), and invest the
were valued at $454.7 mil
400
p r o c e e d s in m o r tg a g e s
lion, down 9.4% from the
c o r r e s p o n d in g p e r io d in
yielding a higher rate. W ith
1950. For the thirty-seventhe penalty involved in the
✓
/ 1948
200
sale of Government securi
state area cast of the Rocky
—*
.• *1949
i<
Mountains, value of residen
ties, this source of funds for
tial construction contracts
mortgage lending virtually
awarded were down 5.3%
dried up. Additional tight
for the same period. A s the
ness was brought about by
J
F
M
A
M
J
J
A
S
O
N
D
accompanying chart shows,
the fact that most large
SOURCE: F. W. DODGE CORPORATION
the value of residential con
lenders were already heavily
struction contracts in the
committed and the current
District has been holding up quite well. Awards through
flow of funds available from amortization and prepay
August are considerably above any postwar year with
ment of mortgages and new savings was largely ab
sorbed in meeting these existing commitments.
the exception of 1950.
This tightness in mortgage funds forced many lenders
Holding down activity were direct controls and
to drop out of the market entirely. Others continued to
make conventional loans, at a higher rate of interest, but
materials shortages . . .
F H A funds, yielding 4 *4% as compared with the 5%
H ou sin g starts for the nation in 1950 w ere 1.4 m il
to 5^4% on conventional loans, became relatively tight.
lion, alm ost tw o-fifths m ore units than 1949’s total
V A loans, yielding 4 % , were no longer made by most
which set the previous all-time record. W ith the Korean
lenders on a current basis, although some lenders con
crisis and the giant mobilization effort projected, it
tinued to make such loans on a very limited basis in or
seemed essential to reduce some of the pressure on
der not to be completely “ out of the market” .
prices and on materials resulting from the heavy flow of
spendings originating in housing construction. Conse
Funds are becoming more available . . .
quently, Congress charged the Federal Reserve System,
By early fall 1951, many mortgage lenders found
along with the Housing and Home Finance Adminis
themselves in an easier position as the unusually large
trator, with the responsibility for direct controls over
volume of outstanding commitments ran out and the
real estate credit. Regulation X , which prescribed mini
flow of savings increased. W hen the last wave of con-
D
e s p it e
-{ 3 ^
F e d e ra l Reserve Bank of Richmond
sumer scare buying subsided in February, savings
started mounting rapidly, and this has been an impor
tant factor in increasing the supply of mortgage funds.
. . . but are still tight.
Nevertheless, in mid-October the supply of mortgage
funds could still be best described as “ tight” . Plenty of
funds seem to be available in most areas for conven
tional loans, although interest rates run as much as 1%
higher than a year ago. Generally, F H A funds are in
reasonable supply, and a few large lenders are coming
back into the market for V A loans on a highly selective
basis. Actually, the supply of money available for new
mortgage loans has already improved enough for inter
est rates on conventional loans to be under slight down
ward pressure in some areas. That this tendency is not
general is shown by recent increases in rates on prime
commercial loans of banks. If interest rates on conven
tional loans do ease off to any appreciable extent, F H A
and V A loans will become relatively more attractive.
Credit controls are easier . . .
In August (in the Defense Housing A ct of 1951),
Congress specified maximum real estate credit controls
considerably below the levels then in effect. Down pay
ments on homes financed under F H A or conventional
terms are now 10% on a $7,000 home, 15% on a
$10,000 home, and 20% on a $12,000 home, as com
pared with 17.1%, 23.0% , and 25.8% before Septem
ber 1, 1951. Down payments required on V A loans are
4 % for a $7,000 home, 6% for a $10,000 home, and 8%
for a $12,000 home, reduced from 7.1% , 13.0%, and
15.8%. The relaxation of terms on higher cost homes
was not nearly so important; the down payment on
homes costing more than $15,000 was reduced by $100.
. . . demand is still strong . . .
Under the new relaxed terms, demand for homes has
been stimulated to some extent, though this appears to
be very spotty, since some areas seem well supplied at
current prices and under current terms. The defense
effort is producing substantial shifts in population, which
always require new housing. Movements of defense
workers are breaking up family units, and frequently
creating a demand for new dwellings in defense areas.
Recent legislation increases the scope of Federal A gen
cies in mortgage lending activity, particularly in de
fense areas.
Incomes of individuals are high and continuing to
rise, placing more and more families in a position where
they want to increase the quality of their housing ac
commodations. If the availability of mortgage funds im
proves sufficiently to make the V A mortgage appear
relatively attractive, additional demand for building will
be created, as a sizeable potential market for homes fi
nanced under V A terms still exists in many areas.
. . . and materials appear to be the limiting factor in
future months.
Builders in this area seem to be able to get needed
items without too much trouble currently and only spot
shortages exist, but the new Controlled Materials Plan
sets absolute limits on the amount of materials which
can be put into residential dwellings, since they are ex
pected to be in shorter supply next year. Then builders
are likely to have considerable difficulty in procuring
materials, even though authorized to use them.
The outstanding feature of the Controlled Materials
Plan as it applies to residential construction is that it
permits contractors to “ self-authorize” use of specified
maximum amounts of carbon steel and copper. The re
striction on copper itself is not of too great importance
since many homes were built in the immediate postwar
period with virtually no copper. These dual restrictions
(on the use of both copper and steel) will be much more
effective than the restriction on either alone would have
been, by limiting substitution of steel for copper.
Most houses will be in the lower price ranges.
The Controlled Materials Plan makes it extremely
difficult to construct the larger, more expensive home.
There are, of course, ways of getting around the use
of critical metals— homes may be built with only one
bathroom installed, but with space left for another; bath
room and kitchen may be built closer together, or the
house may be faced so that a minimum of piping or wir
ing from the street is required; basements may be omit
ted, or wood substituted for steel. The need for substi
tution or other special arrangements increases with the
size of the house. W ith careful planning, a six- or sevenroom house and possibly a bath and a half might be
squeezed out under current restrictions.
The restrictions on materials will serve as a positive
deterrent to construction of more expensive housing, as
will the relatively larger down payment. Conversely,
the easier terms and the lack of restriction on materials
will stimulate construction of smaller homes.
The over-all outlook is uncertain . . .
The residential construction outlook can only be de
scribed as hazy. In many areas the pre-Regulation X
commitments which supported construction through
most of 1951 have run out. Demand for conventional
loans is uncertain. The supply of funds at rates per
mitted by F H A and particularly by V A , although im
proving, cannot be foreseen with certainty. The amount
of critical materials which can be made available to the
building industry for 1952 is questionable. Finally, any
change in the mobilization picture would change the
materials situation.
. . . but activity will probably be at high levels.
Raymond M. Foley, Housing and Hom e Finance A d
ministrator, was recently quoted as saying that housing
starts in 1952 might total 800,000 to 850,000 units.
W hile this is substantially below starts for the past three
years, it exceeds starts for each year from 1928 through
1946. Much of this activity will be concentrated in de
fense areas.
\ 4y
N ove m b e r 1951
Trends In Farm Income*
conditions and trends have far more to do
pies of shifts within agriculture include attacks of in
sects and disease, such as once abolished the Sea Island
with the level of farm income in a particular area
than whether its farmers are good or poor farmers. This cotton industry in South Carolina and the peach indus
try in Eastern Maryland.
conclusion can not be escaped by anyone who studies
Shifts in the relative importance of various farm en
the pattern of farm income over the past twenty-five
terprises are significant both to farmers and to those
years and attempts to interpret causal factors with the
groups engaged in processing and distributing the vari
objective of giving some practical admonition.
ous products. Bankers also may be affected by the
N o one would contend that farmers in the Fifth Fed
changes. A n investment in a cotton gin in an area that
eral Reserve District did so much poorer a job of farm
was cutting back sharply on cotton production or aban
ing in 1932 than in 1929 that this factor would account
doning it entirely might have been more hazardous than
for the sharp decline in farm income from nearly $700
an investment in a needed marketing facility for some
million in 1929 to under $300 million three years later.
product that had proved its
All will agree that farmers
metal and was enjoying a
are more efficient now than
sound expansion.
they were in the 1920’s and
CASH FARM INCOME, FIFTH DISTRICT, 1924-1950
early 1930’s. N o one would
Cotton Down, Tobacco
contend, however, that the
Up in Importance
Millions of Dollars
six-fold increase in farm in
In
the late 1920’s cotton
come from the depression
was
the
leading source of
low of the thirties is largely
farm income in the District.
a ttr ib u ta b le to increased
From 1924-29 the cotton
farm efficiency. The expla
crop (lint and seed) ac
nation is therefore not to
counted for 27 cents out of
be found within agriculture
each dollar of farm income.
but rather in those power
In each successive five-year
ful forces associated w^ith
period thereafter this share
the great depression of the
declined until it accounted
1930’s and with the W orld
for only 12 cents during the
W a r I I and p o s t - W o r l d
period 1945-49 and 8 cents
W ar II inflationary boom.
in 1950.
By way of historical illus
T o b a c c o has b een the
tration it is to be noted that
leading source of farm in
intensified competition from
the wheat lands of the M id
come in the District since
the depression. In 1950 it
dle W est caused the great
accounted for $677 million or 36% of the total cash farm
Shenandoah Valley to turn from grain farming, for
income. This share was nearly double the 19% ac
which its reputation was widely recognized as the
counted for by tobacco in 1924-29. It should be noted
“ Bread Basket of the Confederacy” , to horse raising.
that the 1950 share was abnormally large since the 1950
The coming of the automobile and the tractor sounded
cotton crop was short and income from cotton was de
the death knell to this business, and now in one part of
pressed despite the high price that prevailed. In 1944the valley many of the farms which once were wheat
49, a period that may be regarded as more nearly nor
farms, and then were horse farms, are now pasturing
mal than 1950 because of the short cotton crop, tobacco
cattle and raising commercial broilers.
accounted for 31% of the total cash farm income.
Developments that are largely external to agriculture,
E
c o n o m ic
such as wars and periods of inflation and deflation mani
festly have profound effects upon farming patterns and
income levels. So are farming patterns and farm income
affected by shifts within agriculture, such as the opening
up of wheat and rice lands further west. Other exam-
Other crops, taken as a group, have shown a slight
but consistent downward trend in relative importance.
During the period 1924-29 they accounted for 27% of
the total farm income, but by 1945-49 the corresponding
figure was 21% . Their positions and historical rises and
falls are observed in the accompanying table.
*
A booklet, entitled F a rm Incom e in the F ifth Federal R eserve D is
trict—-A Graphic Sum m ary, has been published by this bank. State and
District income data in chart and table form, showing changes in vari
ous farm products from 1935 through 1947 are provided. Copies may be
obtained from the Research Department, Federal Reserve Bank of Rich
mond.
<5 V
Livestock Increasing in Importance
This area has found livestock and livestock products
(hereafter referred to as livestock) to be a source of
F e d e ra l R eserve Bank of Richmond
relative strength in the farm income situation. Income
from livestock, as with everything else, declined from
1929 through 1932. However, livestock income fell only
47% , whereas income from crops dropped 63% . On the
other hand, since 1935-39 income from livestock has
nearly quadrupled, whereas income from crops has only
slightly more than tripled. This greater relative increase
in income from livestock is associated with a rise in the
actual production of livestock in this area. For the
country as a whole there also has been a greater rela
tive rise in the prices of livestock than in the prices of
crops.
national or international occurrences of major magni
tude. Unfortunately, however, they must adjust their
operations to the passing parade. H ow well or how
CASH R E C EIPTS FRO M L IV E S T O C K A N D
P R O D U C T S AS
P R O P O R T IO N O F CASH R EC EIP TS
F RO M FA R M M A R K E T IN G S
Fifth District by States, Specified Periods, 1924 to Date
Period
1924-29
1930-34
1935-39
1940-44
1945-49
1949
1950
Despite heavy and desirable livestock expansion in
this District, the share of total cash farm income in
creased only moderately from 28% in 1924-29 to 36%
in 1945-49. Fortunately, this increase has been quite
general throughout the District, though total income
from all livestock and livestock products in 1950 of $684
million barely exceeded the $677 million income from
the single crop-tobacco.
Maryland Virginia
49.1
55.1
54.3
61.5
65.1
68.6
67.9
39.2
45.8
47.1
50.4
51.5
54.6
50.2
West
North
Virginia Carolina
65.6
70.6
72.8
77.0
77.3
82.4
77.6
South
Carolina
Fifth
District
12.5
17.3
16.5
19.6
20.8
22.7
23.5
27.7
32.0
31.2
35.1
36.0
39.4
36.5
13.6
14.8
14.7
17.9
18.6
20.7
18.4
poorly various farmers have managed to adapt their op
erations both from year to year and over longer periods
can be judged in part by comparing their respective in
comes.
Neither the individual farmers, nor farmers as a
group, can control or exert too much influence on the
major economic tides which, in turn, are the results of
C O N T R IB U T IO N OF V A R IO U S FAR M P R O D U CTS TO CASH R ET U R N S FR O M FAR M M A R K E T IN G S
Fifth District, Specified Periods, 1924 to Date1
Percentage Distribution
Marketings
1924-29 1930-34 1935-39
1940-44
1945-49
1949
1950
1924-29
1930-34
Million Dollars
1935-39
1940-44
1945-49
1949
1950
Per Cent
Crops
Tobacco ______ 131
Cotton .............. 169
Corn _________ 11
Peanuts ______
16
Fruit _______ __ 34
Truck Crops .... 30
Forest Products 20
Wheat ________ 22
Potatoes -------- 26
Cottonseed ____ 16
Sweet Potatoes
7
Other Crops .... 21
99
71
5
9
20
20
11
10
15
7
5
13
166
75
9
15
23
25
13
14
13
10
6
15
276
119
14
32
36
43
20
16
17
17
10
30
544
182
41
50
62
60
32
35
27
23
15
56
511
178
46
60
46
48
27
32
22
17
14
58
677
127
51
50
50
50
42
30
17
17
14
63
18.9
24.3
1.5
2.3
4.8
4.3
2.8
3.2
3.7
2.4
1.0
3.1
23.7
17.0
1.1
2.1
4.8
4.7
2.5
2.5
3.5
1.8
1.2
3.1
29.8
13.4
1.7
2.7
4.2
4.5
2.4
2.4
2.3
1.7
1.0
2.7
28.6
12.3
1.4
3.3
3.7
4.4
2.0
1.6
1.7
1.8
1.0
3.1
30.9
10.4
2.3
2.8
3.5
3.4
1.8
2.0
1.6
1.3
0.8
3.2
29.3
10.2
2.6
3.4
2.6
2.8
1.5
1.8
1.3
1.0
0.8
3.3
36.1
6.8
2.7
2.7
2.7
2.7
2.2
1.6
0.9
0.9
0.8
3.4
Crops.. 502
283
384
628
1,126
1,059
1,188
72.3
68.0
68.8
64.9
64.0
60.6
63.5
62
21
31
22
43
53
15
19
11
25
59
21
32
22
28
98
71
49
49
54
178
125
105
91
99
198
131
111
99
109
201
134
116
100
90
8.9
3.1
4.5
3.2
6.1
12.7
3.5
4.7
2.7
6.0
10.6
3.8
5.8
3.9
5.0
10.1
7.4
5.1
5.1
5.6
10.1
7.1
6.0
5.2
5.7
11.3
7.5
6.4
5.7
6.2
10.7
7.2
6.2
5.3
4.8
14
10
12
17
34
39
44
1.9
2.4
2.1
1.8
1.9
2.3
2.3
Total Live
stock2 ____ 193
133
174
339
633
688
684
27.7
32.0
31.2
35.1
36.0
39.4
36.5
416
558
967
1,759
1,747
1,872
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Total
Livestock2
Dairy Products
Chickens _____
Cattle & Calves
Hogs __________
Eggs --------------Other Live
stock2 ______
Total Crops &
Livestock2
695
1 Totals and percentages made before figures were rounded.
2 Includes livestock products.
Note: Comparable data for each state of the Fifth Federal Reserve District are available upon request to the Research Department, Federal Reserve Bank of Richmond.
i 6 y
November 1951
*
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r s
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S
<3
Expansion Still Surges— Utica & M o
hawk Cotton Mills recently announced cessation of
manufacturing operations in Utica, N. Y . early next
year upon completion of their giant cotton mill and
bleachery under construction near Clemson, S. C. All
the firm’s manufacturing and administrative activities
will be transferred from Utica to the new plant and to
the present division at Seneca, S . C. Other additions to
the Carolinas’ textile industry include plans by Robbins
Mills for completing and equipping its Raeford, N. C.
plant at a cost of $4.5 million and the construction near
Greenwood, S. C. by Greenwood Mills of a $6.8 million,
1,500-loom cotton mill.
n d u s t r ia l
News of interest to this District’s textile and chemical
industries was disclosed at the recent stockholders’ meet
ing of Goodall-Sanford that four of the largest producers
of synthetic fibers plan production increases by the end
of 1953 that will outweigh the total annual wood clip of
this country. It was asserted that duPont, Union
Carbide & Chemical, Virginia-Carolina Chemical, and
Chemistrand will boost output of nylon, dacron, orlon,
acrilan, dynel, and vicara by more than 250 million
pounds annually.
Libbey-Owens-Ford Glass Co. recently announced
specifications for 18 different yarns to be marketed in
seven forms and 22 superfine glass fibre products to be
manufactured at its new Fibre Glass Division in Park
ersburg, W . Va. Another addition to W est Virginia
industry is a $2.5 million anhydrous ammonia plant to
be constructed in South Charleston by F ood Machinery
and Chemical Co. The W est Virginia Pulp & Paper
Co. has announced that it will spend $50 million on new
plant facilities during the next few years, including a
$3.5 million sulphate wood plant at Luke, Md.
Am ong projected capital expansions in the Old D o
minion are $2.8 million of improvements and additions
by Dan River Mills to its power plant at the Schoolfield Division, and an addition to the duPont nylon
plant near Martinsville that will increase floor space by
100,000 sq. ft. and add 300 workers. Norfolk & W est
ern Railroad is building a new classification yard at its
Lamberts Point piers near Norfolk which will cost about
$1.4 million. The new yard will provide 30 additional
tracks to expedite coal dumpings into ships.
Small Business Shares Defense W ork— The Glenn
L. Martin Co. of Baltimore has announced that over
3.000 subcontractors and suppliers, including over 850
Maryland firms, will share this year’s $88 million vol
ume of business. Illustrative of the extent to which
Martin subcontracts is the Canberra jet bomber in which
60% of the work will be subcontracted to smaller firms.
The Power Behind Industrial Growth
Over $30 million will be spent by Duke Power Co.
for the 270,000 kilowatt installation at its Buck steamgenerating plant near Spencer, N. C., which now has a
capacity of 200,000 kw. The additional power for ex
panding industry in the Piedmont area is scheduled to
go on line early in 1953. Other plans for boosting
power output in the Tarheel State include a $27.5 mil
lion, 90,000 kw. hydro-electric plant of Virginia Elec
tric & Power near Gaston, N. C. W ork on this project
will probably wait on the outcome of the litigation
brought by the U. S. Interior Department over another
projected plant of this company at Roanoke Rapids.
Maryland’s power supply has been augmented by the
75.000 kw. generating unit recently put in service by
Consolidated Gas, Electric, Light & Power Co. at its
Baltimore County steam plant. This station’s new ca
pacity of 255,000 kw. will be further increased by an
other 75,000 kw. unit planned for service before the end
of 1953. The company’s expansion program, which con
templates annual outlays of about $30 million, includes a
100.000 kw. addition to its Gould Street station in Balti
more scheduled for operation late next year. The com
pany will then have a total capacity of nearly 850,000
kw.— over three times its power output a decade ago.
Tax Concessions Condemned
The Southeastern States T ax Officials Association
recently spoke out strongly against inducements to new
industry in the form of tax concessions and land and
capital donations. A resolution signed by tax officials
of 11 states urged that Southeastern states and cities
attract new industry on the basis of their natural re
sources, availability of raw materials, labor, and trans
portation facilities, and other local and regional ad
vantages.
j 7 }>
F e d e ra l Reserve Bank of Richmond
Population Growth in the Fifth District
Increases Have Exceeded the National Rate
District of Columbia contributed more than threein the Fifth District increased at a faster
fourths of the state’s gain in population. Kanawha
rate than the national average, gained through inmigration, and trended towards further urbanization in County, W est Virginia, furnished more than two-fifths
the period from 1940 to 1950. These are the major dis
of the entire increase in the state’s population between
closures from final figures in the seventeenth decennial
1940 and 1950. Eight of North Carolina’s 100 coun
census.
ties— Cumberland, Durham, Forsyth, Gaston, Guilford,
Mecklenburg, Onslow and W ake— accounted for nearly
Interestingly, the pattern of growth has differed wide
ly and sharp changes have taken place in the distribu
one-half of the state’s population gain. More than threetion of population— varying increases have occurred in
fifths of South Carolina’s increase in population oc
la r g e u rb a n a re a s, w h ile
curred in four counties—
m o st ru ra l a rea s e x p e r i
C h a r le s to n , G r e e n v ille ,
enced losses or only nomi
Richland, and Spartanburg.
POPULATION IN THE FIFTH D ISTRICT- I9 6 0
nal gains. The District’s
P o p u la t io n changes v a
population now stands at
ried widely in each state,
Ml LLIONS OF PERSONS
14.4 million (compared with
but generally homogeneous
agricultural, mining and in
12.3 million in 1940) and
more than half still lives in
d u s tr ia l a rea s e x h ib it e d
similar patterns of growth.
rural areas while less than
3.6
Considering the 319 coun
two-fifths live in metropoli
tan areas.
ties or county-city combina
The ten-year increase of
tions in the District, 55 had
2.1 million persons for the
an increase of more than
2.4
D i s t r i c t w as 1 7 .2 % , and
20% in population, 49 in
contrasts with a 19 million
creased from 10% to 20% ,
(or 14.5% ) increase for the
114 gained up to 10%, while
1.2
country as a whole. The
48 lost up to 5% of their
population and 53 decreased
District’s “ share” of the na
tion’s population thus grew
by more than 5% . In gen
eral
population moved from
from 9.4% to 9.6% . Inter
O
N.C.
VA.
MD.
S.C.
W.VA.
D.G
predominantly rural coun
e s t in g ly th is in c r e a s e in
SOURCE- U.S. BUREAU OF THE CENSUS
population during the dec
ties to urban regions and
Includes only that port of West Virginia located within the District
ade was equivalent to the
from agricultural areas to
addition of a state the size
industrial areas. Counties
of W est Virginia or South
e x p e r ie n c in g rapid indus
Carolina. Put another way, the net addition was equal
trial expansion or increased Federal Government activi
to the combined population of the three largest cities
ties showed the greatest population gains. Primarily
in the District— Baltimore, Washington, and Richmond.
agricultural counties generally showed losses or only
nominal gains.
A ll Fifth District states now have a larger popula
tion than in 1940, though considerable variation in
W hile more than half the population of the country
growth occurred among them as well as within them.
was living in standard metropolitan areas at the time of
Maryland, Virginia, and the District of Columbia each
the 1950 census, less than two-fifths of the population
experienced a growth of more than 20% in population—
of the Fifth District was living in such areas. A stand
considerably higher than the District average. In the
ard metropolitan area is defined as an area containing
other states gains were somewhat less than average for
at least one city of 50,000 or more, the county contain
the District— 13.7% in North Carolina, 11.4% in
ing the city, and any other contiguous counties closely
economically integrated with the city. There are 15
South Carolina and 6.4% in W est Virginia.
Significant changes were recorded in some of the
such areas wholly within the Fifth District and two par
large urban areas while most rural areas had absolute
tially within the District, and in these population in
or relative declines. Nearly three-fourths of the increase
creased three times as rapidly as the remaining areas
in the population of Maryland was accounted for by
in the District and accounted for nearly two-thirds of
Baltimore, Prince Georges and Montgomery Counties
the entire District’s increase in population from 1940 to
1950.
and Baltimore city. In Virginia, the Hampton Roads
and Richmond areas and the counties adjacent to the
Population growth in Fifth District metropolitan
P
o p u l a t io n
*! 8
y
Novem ber 1951
areas was, as might have been ex
pected, at a faster rate in the suburbs
CHANGE IN POPULATION, 1940-1950
and surrounding sections than in the
FIFTH FEDERAL RESERVE DISTRICT, BY COUNTIES
central cities themselves. In the
Washington area, for example, the
increase amounted to 21.0% in the
central city and 117.1% in the sur
rounding areas. In the Baltimore
area, c o r r e s p o n d i n g figures were
10.5% and 72.9% . This character
istic of growth was exhibited in all
except four District metropolitan
areas, and in each of these areas the
city’s greater rate of growth was due
to its having annexed territory from
the surrounding county since the
1940 census.
W hile population shifts in the Dis
trict during the past ten years indi
cate a movement from rural to urban
areas, the District is still consider
ably more rural than the nation gen
erally. Rural population comprised
about 36% of the nation’s total in
1950, with a corresponding figure of
53.4% for the Fifth District. If the
D i s t r i c t o f C o lu m b ia , w h ic h is
wholly urban, is eliminated from the
p ic t u r e , th e p e r c e n t a g e o f ru ra l
■ ■
IN C R E A S E OF MORE T H A N 2 0 .0 %
population in the District rises to
IIS ilt
IN C R E A S E OF 10.1% TO 2 0 0 %
56.5%.
TOM S
IN C R EA SE OF 0 0 % TO 10 0%
Strict comparisons of rural and
l- m
DECREASE OF 0 .0 % TO. 5 .0 %
SOURCE: BUREAU OF THE CENSUS
I-------- 1------- DEC R EA SE OF MORE T H A N 5 .0 %
urban population growth from 1940
to 1950 cannot be made because the
Census Bureau altered its 1950 defi
nition of urban population. Using
out-migration had an important amount of in-migration.
the 1940 definition of urban population, however, it is
Undoubtedly there was considerable movement within
found, that in the Fifth District states, urban population
the states themselves.
increased by 26.6% between 1940 and 1950 while rural
population grew only 11.1% during the period.
Historically, the Fifth District has been an exporter
N atural Increase
The growth of population in the Fifth District as a
whole has been due almost entirely to net natural in
crease, i.e., excess of births over deaths. The Fifth Dis
trict states showed a net inmigration of only 68,000 per
sons. Net migration varied markedly among Fifth
District states. Net in-migration totaled 288,000 in
Maryland, 215,000 in Virginia, and 46,000 in the Dis
trict of Columbia. On the other hand, each of the re
maining District states recorded a net out-migration of
population during the 1940’s, the figures b ein g: W est
Virginia, 188,000; North Carolina, 166,000; and South
Carolina, 127,000.
It should be emphasized that the above figures relate
to net migration only, and on a state basis. Gross migra
tion was much larger; even those states showing a net
of population. During the 1930’s, however, the previous
trend of net out-migration was reversed. Between 1930
and 1940 the District recorded a net in-migration, large
ly due to the expansion of industrial opportunities in the
District and the expansion of Governmental activities in
the District of Columbia. W hile the trend of net inmigration continued in the 1940’s, many areas in the
District were unable to assimilate their natural increases
during the period. Rural counties which were unable to
attract new industries lost many of their youths to areas
of greater opportunity. Many agricultural counties ex
perienced losses or at best, showed nominal gains in
population— indeed, some of these seem to have acquired
as dense a population as their agriculture will com fort
ably support while improved farming techniques con
tinue to reduce the number of workers required.
19y
F e d e ra l Reserve Bank of Richmond
Business Conditions And Prospects
activity in the Fifth District was generally
lower in September than in August on a seasonally
adjusted basis, but there were a few spots where im
provement is indicated. September production in the
major industries receded from August levels and ap
parently no great improvement took place in the first
half of October. Employment levels, however, remained
fairly steady in the southern part of the District and are
rising in the northern portion. Production cutbacks have
been rather substantial, but there has been little result
ing unemployment. Reduced output has been accom
plished by reduction of working time. This, of course,
has lowered payrolls which has, in turn, been reflected
at the retail trade level.
u s in e s s
B
Sales of department and furniture stores, which had
been in a moderately upward trend for several months,
dropped from August to September on a seasonally ad
justed basis. Several lines of wholesale trade, however,
mainly in the hard goods lines, show rather sizeable
above seasonal rises from August to September. These
rises are no doubt occasioned by the regulated cuts in
production and are in anticipation of coming shortages.
On the expansive side, bank debits rose to within strik
ing distance of the year’s high and outstanding orders
of department stores picked up 14%. There remains
also the large military construction volume which will
undoubtedly be activated in the not too distant future.
Somewhat higher operations are noted in the full fash
ioned hosiery industry, but not much improvement has
occurred as yet in the seamless branch.
Although sales of furniture stores in September de
clined 5% from August on an adjusted basis, their in
ventories were likewise down 5% and at a level only
3% ahead of a year ago. As a consequence of this im
proved inventory picture, there has been some improve
ment in orders at the manufacturers’ level.
The rising level of employment in the shipyards of the
District will probably be tempered, since the Maritime
Administration has suspended operations on 14 of 35
fast freighters under construction. W ork already under
way, however, may maintain employment levels for
some time. Am ong the suspensions were two at the
Bethlehem-Sparrow’s Point Yard and one at the N ew
port News Shipbuilding and Dry Dock Company. These
suspensions were occasioned by a reduction in steel al
lotments.
The South Carolina Employment Service estimated
that 8,500 workers would be added to payrolls up to
mid-October, most of them at the Savannah River
Atom ic Project.
C otton T extiles
Cotton consumed by the mills of the Fifth District
declined 6% seasonally adjusted from August to Sep
tember, and September was the same percentage below
that month a year ago. Cotton spindle hour operations
in the industry declined 3% to a level 4 % below a year
ago. This is a smaller reduction than pessimistic trade
reports seemed to indicate. There has been a consid
erable amount of selective purchasing of cotton goods in
recent weeks and the general outlook seems better. The
degree of improvement in operations is problematical,
since little is known of the manufacturers’ inventory
position, but thus far the amount of setback in the in
dustry seems small in the aggregate. September cotton
consumption was 16% below the peak adjusted month
of March, and September spindle hour operations were
only 10% below the March peak.
Loans of the weekly reporting banks continued to rise
seasonally through the week of October 18, with all
classes of loans gaining except the “ all other” group.
Business loans have been rising since August 30 mainly
because of gains in loans to food and tobacco manufac
turers and to commodity dealers. The trend in real
estate loans has been downward and about flat in
“ other” loans which are largely to consumers. Demand
deposits of these banks are still rising, having gained
$83 million in the week of October 18 and $289 million
from a year ago. Time deposits of individuals and busi
nesses gained $1.3 million in the week but were $1.6
million under a year ago.
Tobacco marketings through October 19 are about 15
million pounds or 1.5 per cent higher than a year ago,
while the season’s average prices are 2.6 cents or 4.5%
under last year. The tobacco crop, however, is market
ing slowly because of the dry weather. Its estimated
size of 1,249 million pounds is nearly 10 per cent larger
than last year and, if present prices hold through the
season, it will give growers a moderately larger income
than last year.
The cotton crop estimated at 1,534,000 bales for the
District is 160% larger than last year, but early season
prices were running 16.5% under last year. Assuming
the season’s price at 36 cents or 2 cents above the
August-September average, the crop this year will yield
86% more income than last year and 47% more than
the 1949 crop.
The drought has not appreciably affected the milk
supply, but it has required an increase in grain feeding.
N o reliable measures of total retail sales of cotton
goods are available, but in the District there are some
indications that such sales are increasing. This applies
to such cotton items as aprons, house dresses, uniforms,
infants’ wear, draperies, upholstery, and domestics,
linens, sheetings, etc. In the last three lines, these sales
are higher than at any other time in history with the
exception of three or four months during the scare buy
ing periods of last summer and winter. In general, the
HO y
Novem ber 1951
retail investories of these cotton goods items are moving
in a downward direction.
Rayan deliveries in September dropped 16% from
August and 21% from a year ago, and indications late
in October were that no improvement had taken place.
The chief cause of the drop was filament yarns. Staple
shows very little reduction and tire yarns were running
near peak levels. Further cutbacks in production by
District mills were announced for October.
improvement is noted in such items as radios and tele
vision.
W om en’s apparel and accessories, which had pre
viously shown improving sales volume, have receded in
the past two months. Infants’ wear continues to increase
with the growth in baby population. M en’s clothing
sales have held on a steady keel at about the same level
for several years. Stocks, however, have shown some
increase over the past year and have not yet been worked
down. Basement store sales have resumed the rate of
growth that has been evident since 1940. Men’s and
boys’ wear in basement departments has been doing con
siderably better than upstairs.
Department Stores
Department store sales in this District have been
showing moderate but steady improvement since the
low point reached in March. September sales, however,
dropped 6% from August on an adjusted basis to a
level 1% below a year ago, but the October figure will
be higher. The drop in the adjusted index was caused
by a failure of sales to maintain a normal seasonal in
crease from August to September. It did not prevent
store stocks from declining 4 % on an adjusted basis
from August to September to a level only 11% ahead
of a year ago. This is the third consecutive month of
decline from the June peak which amounts to an over
all decline of around 8 % . It should be noted that the
sales of housefurnishings have been exceeded in only
three previous months. Sharing in this improvement in
housefurnishings have been furniture, floor coverings,
and major household appliances. Men’s shoes have sold
in very good volume in recent months and considerable
The situation for the District in general appears
mixed. The chief interruption to full-time operations of
business in the District has been in the textile and ap
parel industries. The demand for the products of these
industries at the retail level has been rising. The inven
tory situation at both wholesale and retail level has been
worked into a more tenable position. It seems probable,
therefore, that these industries will be able to operate
at a better level in the not too distant future, though as
of late October there had apparently been little improve
ment. New industrial construction not yet completed
and projected military construction will place heavy de
mands on the labor supply and this, together with mili
tary withdrawals of manpower, will maintain a tight
labor market.
D E B IT S TO IN D IV ID U A L A C C O U N TS
Sept.
1951
(000 omitted)
Sept.
1950
Dist. of Columbia
996,337
Washington
$ 1,043,040 $
Maryland
1,147,727
1,085,405
Baltimore
24,000
24,326
Cumberland
19,458
21,546
Frederick
31,721
30,819
Hagerstown
North Carolina
59,042
55,988
Asheville
344,938
367,955
Charlotte
164,611
176,177
Durham
96,097
95,717
Greensboro
51,594
57,964
Kinston
155,210
175,931
Raleigh
42,231
44,572
Wilmington
71,328
62,231
Wilson
175,525
171,413
W inston- Salem
South Carolina
74,536
66,548
Charleston
114,527
128,437
Columbia
104,133
Greenville
107,513
66,579
Spartanburg
74,803
Virginia
28,231
25,651
Charlottesville
49,244
37,100
Danville
43,745
43,895
Lynchburg
43,622
32,681
Newport News
200,334
231,567
Norfolk
23,958
23,633
Portsmouth
620,031
658,178
Richmond
113,104
120,652
Roanoke
West Virginia
46,785
47,109
Bluefield
143,018
145,338
Charleston
32,304
33,576
Clarksburg
58,244
66,059
Huntington
29,572
30,174
Parkersburg
District Totals
$ 5,348,594 $ 5,109,190
51 R E P O R T IN G M E M B E R B A N K S -—5TH D IS T R IC T
(000 Omitted)
9 Months
1951
$
9,504,632
9 Months
1950
$
ITEMS
7,660,077
11,040,874
228,331
188,878
289,966
9,397,057
204,150
161,376
250,411
533,571
3,020,990
1,015,759
898,489
202,153
1,496,432
384,648
213,731
1,488,392
455,218
2,572,388
913,878
759,121
171,699
1,242,866
314,378
207,494
1,275,407
670,492
1,132,409
987,490
600,309
556,846
939,372
807,269
455,689
243,455
271,581
409,737
378,083
1,951,598
222,906
5,039,352
1,025,433
214,662
241,627
353,780
269,245
1,817,603
192,276
4,445,967
894,200
421,063
1,356,365
305,609
593,831
275,896
$ 46,392,455
366,298
1,160,277
268,897
520,031
238,195
$ 39,327,754
Oct. 17,
1951
Change in Amount from
Sept. 12,
Oct. 18,
1951
1950
Total Loans ____________________ $1,175,360**
Business and Agricultural
571,600
Real Estate Loans __________
234,526
All Other Loans _____________
383,717
Total Security Holdings _______ 1,793,699
U. S. Treasury Bills _________
242,486
U. S. Treasury Certificates
129,501
U. S. Treasury Notes ________
310,481
U. S. Treasury Bonds ________ .
925,436
Other Bonds, Stocks & Secur.. .
185,795
Cash Items in Process of Col. —.
303,938
Due from Banks _______________
218,233*
Currency and Coin _____________
76,827
Reserve with F. R. Banks _____
577,075
Other Assets ____________________
53,439
Total Assets _________________ 4,198,517
+ 24,821
+ 20,557
+
1,756
+
2,511
+ 47,621
—
955
+ 42,588
— 6,155
+
1,760
+ 10,383
-1- 5,271
+ 19,295
—
13
+ 29,104
— 1,989
+124,110
+ 86,076
+ 60,213
— 2,559
+ 30,773
+ 63,658
+ 109,464
+ 105,203
— 29,378
— 137,080
+ 15,449
+ 15,130
+ 35,746
+
7,015
+114,979
+
1,014
+323,618
Total Demand Deposits ________ 3,281,063
Deposits of Individuals _______ 2,419,410
Deposits of U . S. Govt. _______
87,089
Deposits of State & Loc. Gov. ..
168,235
Deposits of Banks ____________. 545,595*
Certified & Officers’ Checks —
60,734
Total Time Deposits ____________
634,168
566,714
Deposits of Individuals _______
67,454
Other Time Deposits ________
Liabilities for Borrowed Money.
0
All Other Liabilities ____________
31,235
Capital Accounts _______________
252,051
Total Liabilities ______________ 4,198,517
+118,450
+ 23,353
+ 24,722
+ 22,697
+ 39,202
+
8,476
+
7,704
+
7,868
—
164
— 6,500
+
3,026
+
1,430
+124,110
+288,823
+179,309
+ 16,331
+ 23,563
+ 63,418
+
6,202
+ 19,793
— 1,600
+ 21,393
— 1,000
+
4,365
+ 11,637
+323,618
* Net figures, reciprocal balances being eliminated.
** Less losses for bad debts.
a n
F e d e ra l Reserve Bank of Richmond
S E L E C T E D F IF T H D IST R IC T B U SIN E S S IN D E X E S
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
Sept.
1951
----------------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— Manufacturing Industries1 -----------------Life Insurance Sales -------- ---------------------—
430
151
421
50
235
149
328
___
___
294
Aug.
1951
Jul.
1951
Sept.
1950
187
423
160
571
45
250
153
350
352
156
322
184
427
161
590
74
250
134
351
341
151
314
245
395
151
606
65
231
155
330
323
151
341
% Change-—Latest Monti
Prev. Mo.
Year Age
+
+
—
—
+
—
—
—
+
+
—
2
2
6
26
11
6
3
6
3
3
9
—
+
—
—
+
—
—
+
+
—
37
9
0
31
23
2
4
1
10
5
14
1 Not seasonally adjusted.
Back figures available on request.
W H O LE SA L E TRADE
Sales in
Sept. 1951
compared with
LINES
Sept.
Aug.
1950
1951
Auto supplies (9) ------------- _______ — 44
+ 2
+ 16
Electrical goods (4) --------- ----------- + 7
— 4
Hardware (9) -------------------- _______ — 18
+ 33
Industrial supplies (5) ----------------- + 3 1
Drugs & sundries (11) ----------------- + 7
+ 3
— 13
Dry goods (14) ---------------- _______ — 16
— 4
Groceries (58) -------------------- ----------- + 2
— 7
Paper & products (7) ------- ----------- + 4
— 12
Tobacco & products (8) — ----------- + 1 1
0
Miscellaneous (84) -------------_______ — 12
_______ — 7
— 2
District Totals (209)
B U IL D IN G P E R M IT F IG U R E S
Sept.
Sept.
9 Months
1950
1951
1951
Stocks on
Sept. 30, 1951
compared with
Sept. 30 Aug. 31
1950
1951
+ 20
+ 4
+
+
+
+
+
45
63
15
26
3
_T "l
+13
+ 2
— 12
+ 6
+
+
+
19
42
29
+ 3
— 2
— 2
Maryland
Baltimore
$ 2,710,080
270,175
Cumberland
35,625
Frederick
Hagerstown
234,927
Salisbury
132,058
Virginia
522,943
Danville
Lynchburg
38,486
Newport News
301,246
984,250
Norfolk
Petersburg
195,223
Portsmouth
541,051
2,202,887
Richmond
Roanoke
791,929
West Virginia
859,685
Charleston
Clarksburg
180,142
Huntington
218,545
North Carolina
1,893,954
Asheville
Charlotte
2,290,185
Durham
3,312,175
Greensboro
906,029
High Point
224,380
Raleigh
1,099,140
653,644
Rocky Mount
Salisbury
92,720
W inston-Salem
892,566
South Carolina
279,524
Charleston
Columbia
436,931
Greenville
620,350
Spartanburg
245,393
Dist. of Columbia
Washington
6,873,875
District Totals $30,040,118
Number of reporting firms in parentheses.
Source: Department of Commerce.
R E T A IL F U R N IT U R E SA L E S
Percentage comparison of sales
in periods named with sales in
same periods in 1950
STATES
9 Mos. 1951
Sept. 1951
— 5
Maryland (7) -------------------------------------- ----- — 14
—
1
Dist. of Col. (7) _____________________ ___ — 12
— 7
Virginia (18) ------------------------------------------ — 21
— 5
West Virginia (10) ---------------------------- ----- — 1
—
11
North Carolina (15) -------------------------- ----- — 23
— 13
South Carolina (6) --------------------------------- — 26
District (63) ___________________________ — 15
IN D IV ID U AL CITIES
— 5
Baltimore (7) _________________________ ___ — 14
—
1
Washington, D. C. (7) ---------------------- ----- — 12
— 14
Richmond, Va. (6) ----------------------------------- — 27
— 5
Charleston, W . Va. (3) ---------------------------- +
4
—
21
Charlotte, N. C. (3) _________________ ___ — 40
Number of reporting firms in parentheses.
Sales, Sept. ’51 vs. Sept. ’50 ...
Sales, 9 Mos. ’51 vs. 9 Mos. ’50
Balt.
— 4
+ 4
+10
Wash.,
— 5
+ 2
+ 15
Other Dist.
Cities Total
— 4
— 4
+ 3
+ 2
+ 14
+ 12
— 35
— 39
— 39
— 29
25
45
43
39
38
14
15
18
20
17
D.C.
— 5
+ 2
$ 66,038,420
1,844,564
1,716,880
3,662,379
1,371,203
$ 64,997,420
923,900
1,676,991
3,251,676
1,551,231
362,382
186,470
65,507
1,401,475
262,738
240,427
5,594,540
1,196,165
2,327,821
2,497,615
1,324,953
20,240,971
2,812,712
4,837,522
22,068,708
14,058,856
2,723,578
5,477,600
1,403,101
11,709,878
4,732,869
3,510,946
23,610,366
14,010,801
520,217
58,800
642,511
4,938,960
1,029,121
6,990,702
10,953,498
1,347,548
6,007,267
214,957
1,520,440
1,563,921
4,534,232
829,236
398,600
192,875
110,250
451,769
6,066,034
17,321,835
7,003,163
6,857,247
2,667,359
9,942,699
3,280,075
1,008,698
13,216,243
3,650,492
22,550,853
13,943,867
13,780,974
, 3,763,530
12,913,365
3,568,338
2,583,987
9,403,751
149,567
804,165
906,290
141,100
1,384,839
10,408,935
8,221,679
2,260,408
2,260,130
8,299,967
9,402,364
4,698,925
5,743,654
$35,604,553
51,107,672
$298,508,273
53,686,886
$322,396,099
ADDITIONS TO PAR LIST
Rich.
— 4
+ 6
+ 4
Md.
— 4
+ 4
$ 6,521,315
99,500
39,820
569,190
282,440
The Peoples Bank, Randleman, North Carolina, a
nonmember bank located in the territory served by the
Charlotte Branch, has agreed to remit at par, effective
October 15, for checks drawn on it when received from
the Federal Reserve Bank. The combined A.B.A. trans
it number-routing symbol of the bank is 66-424.
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 change)
Sales, Sept. ’51 vs. Sept. ’50 ....
Sales, 9 Mos. ’51 vs. 9 Mos. ’50 ..
Stocks, Sept. 30, ’51 vs. ’50 —- Orders outstanding,
Sept. 30, ’51 vs. ’50 _________
Current receivables Sept. 1
Collected in Sept. ’51 ________
Instalment receivables Sept. 1
collected in Sept. ’51 ________
9 Months
1950
Va. W .V a . N.C.
— 3 — 2 — 8
+ 5 + 4 — 2
531
The Mount Vernon Bank and Trust Company, Jeffer
son Manor, (F a irfa x County), Virginia, a newly char
tered nonmember bank located in the territory served
by the Richmond Head Office, has agreed to remit at
par, effective October 18, for checks drawn on it when
received from the Federal Reserve Bank. The combined
A.B.A. transit number-routing symbol o f the bank is
— 37
S.C.
— 2
+ 3
68 - 111 .
514
+ 12 V
@FedFRASER