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MO N T H L Y REVIEW of Financial and Business Conditions F if t h Reserve Federal D is t r ic t September 30, 1946 Federal Reserve Bank, Richmond 13, Va. Business Conditions B USIN ESS activity in the Fifth Federal Reserve Dis trict continues at about the same high rate that has characterized recent months. Some lines of activity were seasonally much increased. Tobacco marketing became so heavy that sales were suspended until the tobacco already sold could be handled by the redriers. Even after the markets reopened, sales were held down by shortening the marketing week. Through September 20 nearly y2 billion pounds or over 2/5 of the District’s flue-cured crop had been sold at an average price of $50.92 per 100 lbs. The index of cotton consumption in the District increased 10 percent between July and August after allowance for seasonal adjustment. Bank debits increased 15 percent during the same period. Wholesale trade showed improvement in hardware, industrial sup plies, automotive supples, and groceries, with other lines showing a drop from July to August. Compared with a year ago, however, the level of activity was much in creased. Average daily bituminous coal production how ever in the District in August was 2 percent below the July level and 12 percent higher than in August 1945. Because of the inability o f coal operators to agree on terms for taking back the mines, the government will continue their operation. The level of employment in manufacturing industries in the Fifth District during July was 3 percent below that of a year ago, decreases in Maryland, Virginia, and West Virginia more than offsetting gains in the rest of the District. There was no appreciable change in manu facturing employment between June and July of this year. The seasonally adjusted index of building permits in the Fifth District for August was 5 percent below that for July, but 90 percent higher than in August 1945. C otton and Cotton T e x t il e s According to September official estimates, the outlook for cotton production in the Fifth District states im proved during August. District production is estimated at 1,208,000 bales. This is 37,000 bales above the Au gust estimate and 100,000 bales larger than production in 1945. The estimated harvested acreage is about the same BUSINESS INDEXES—FIFTH FEDERAL RESERVE DISTRICT Average Daily 1935-39=100 Seasonally Adjusted. Bank Debits................................. Bituminous Coal Production*.... Building Permits Issued............ Cigarette Production ................ Cotton Consumption*................ Department Store Sales............ Department Store Stocks......... Furniture Sales— Retail .......... Life Insurance Sales.................. Aug. 1946 298 150 175 229 154 308 264 212 272 July 1946 259 153r 184 216 140 307 263r 250 297 June 1946 258 154 183 229 149 303 243 269 252 Aug. 1945 231 134 92 208 137 237 199 126 161 Wholesale Trade: Automotive Supplies** ........ Drugs ........................................ Dry Goods ................................ Electrical Goods** ................ Groceries .................................. Hardware ................................ Industrial Supplies** ............. Paper and Its Products**..... Tobacco and Its Products**.. 251 260 193 43 249 122 253 126 107 239 280 213 55 246 112 237 137 116 286 269 197 43 235 104 226 136 113 175 218 158 44 195 81 133 120 92 * Not seasonally adjusted. ** 1938-41=100 % Change Aug. 1946 from July 46 Aug. 45 4- 29 4- 15 2 + 12 — 5 + 90 + 6 + 10 + 10 4- 12 0 + 30 0 4- 33 — 15 + 68 — 8 + 69 4- 5 7 — 9 — 22 1 + 4- 9 4- 7 — 8 8 4- 43 4- 19 4- 22 — 2 4- 28 4- 51 4- 90 4- 5 4- 16 2 MONTHLY REVIEW this season as last, inasmuch as moderate increases in Vir ginia and North Carolina are slightly more than offset by a drop in South Carolina cotton acreage. Indicated yields for Fifth District states are from 8 percent to 12 percent higher than a year ago and also above August estimated levels. Despite the increase in estimated production as compared with August, decreases in other states account for an estimated decrease of 119,000 bales for the U. S. Even so, it is estimated that U. S. production will be 9,171,000 bales or 156,000 bales larger than in 1945. Cotton prices continue to push into new high ground for the current period. In August the U. S. average farm price of cotton was 33.55 cents per lb. Should the season average farm price be at this same level and pro duction at the September estimated level, the value of cotton this year would be about $1.5 billion of which about $200 million would represent the value of the Fifth Dis trict’s production. This would be the highest value of production of cotton in the Fifth District for more than 20 years. Ginnings in South Carolina totaled nearly 39,000 run ning bales prior to September as compared with 20,000 to the same date a year earlier. For the country as a whole ginnings to September totaled 532,000 bales. This cotton averaged considerably higher in grade and a little longer in staple than for the corresponding period last season. During August mills in North and South Carolina and Virginia consumed 406,000 bales of cotton or 13 percent more than in the corresponding month a year earlier. Uncertainty and delays over price ceilings continue to disrupt activity in textile markets. Many mills are re portedly rather hesitant sellers. On one hand they are discouraged from selling by the hope of enjoying the benefit of any upward adjustment in ceiling prices. Op posing this force is a realization of the real need of some of the firms to whom they sell for their production if shut-downs for lack of material are to be avoided. T obacco Present indications are that tobacco production in the Fifth Federal Reserve District will total 1,270 million lbs. or 137 million more than in 1945. Flue-cured is cur rently estimated at 1,170 million lbs. or 13 percent over 1945. Production of Virginia flue-cured is estimated at 152 million lbs. or 10 percent above 1945, and the 1946 crop of sun-cured is estimated at 3.3 million lbs. or 50 percent larger than in 1945. Production of burley tobacco in the District is estimated at 40.5 million lbs. or 27 per cent more than 1945. The heavy flow of tobacco continues to tax redrying facilities. About 42 percent of the season’s flue-cured production has been sold up to September 21 at an aver age price of $50.92 per hundred pounds. Prices have been declining slowly, but nevertheless the average has been considerably higher than for the comparable period last season. Average daily seasonally adjusted cigarette production in the Fifth District during August was 6 percent above that for July and 10 percent above the level of August 1945. F e r t il iz e r Farmers in the Fifth District continue to use increas ing quantities of fertilizer, but increases are still more rapid in states outside the District. In August, for ex ample, fertilizer tag sales in Virginia and the Carolinas totaled 105,000 tons which compares with 77,000 tons in August 1945 and 52,000 tons in August 1944. For the period January-August 1946 tag sales were 2 percent larger this year than last in South Carolina, 6 percent larger in North Carolina, and 10 percent larger in Vir ginia. In 13 other states for which data are available, sales increased 19 percent between the two periods. L umber Lumber production in the Fifth District declined in both May and June after having risen in each of the earlier months this year. Nevertheless, June production totaled 505 million board feet or 16 percent of the United States total. Stocks of lumber at mills and in concen tration yards increased in all of the Fifth District states as well as in the United States between March 31 and June 30. On this latter date stocks in the Fifth District totaled 399 million board feet or 12 percent of the United States total of 3,363 million board feet. Compared with three months earlier, these stock figures represent in creases of 17 percent and 14 percent respectively. Even so, these data indicate that lumber stocks in the Fifth District were equivalent to only 4/5 of a month’s pro duction. For the country as a whole stocks on June 30 were 6 percent larger than production in June. A pples This year’s commercial apple crop in the Fifth District was estimated at 21,584,000 bushels as of September 1, 6 percent greater than that indicated on August 1 and 218 percent higher than the 1945 production. Even though prices are somewhat lower this year than last, income from the apple crop will be materially greater than in 1945 because of the very large increase in production. The east coast shipping strike caused large quantities of apples intended for export trade to be diverted into cold storage. Labor conditions in Western Maryland and the Vir ginia Valley section are much improved over last year, and little or no fruit is expected to be lost because of lack of pickers. 3 MONTHLY REVIEW Net Farm Income of Farm Operators1 Farm operators in the Fifth District had a net farm income in 1945 of $1,211 million, or an average of $1,621 per farm.2 This total amount was 3 percent larger than the net income in 1944 and more than 2 1/3 times as large as the net income in the so-called “ boom year” 1929, Table L Using 1939 as a base, net income in the Fifth District increased about 3 /4 by 1942 and had more than doubled by 1943. The rate of increase in the Fifth District con tinued large through 1944, and in 1945 the net income was 174 percent above the 1939 level. Net income in the Fifth District has not risen by as large a percentage above the 1939 level as has the net income for the entire United States. Nevertheless, during the last two years the Fifth District has accounted for over 9 percent of the U.S. total. This is more than during the four preceding years but less than the 9.7 percent recorded in 1939. Perhaps it borders on stating the “ too obvious” to note in passing that the sharp rise in net income reflects the much more rapid increase in gross farm income than in production expenses. In the Fifth District gross farm income (cash returns from marketing, the value of farm products used by those living on the farm, and the annual rental value of farm residences) increased 128 percent between 1939 and 1945 whereas production expenses in creased 80 percent, Tables II and III. The relative in creases in both gross income and production expenses from 1939 to 1945 were slightly more in the United States than in the Fifth District. The over-all effect of these rates of change was a rise of 174 percent of the net in come in the Fifth District, whereas for the entire United States was 190 percent. The estimates o f realized net income presented here represent amounts derived from the farm business over and above expenses available to the farm operator and his family for current living and for savings. They indicate net returns to farm operator in the several states for labor, including the unpaid labor of their families, and for their capital and management. They do not repre sent total net income from agriculture which includes not only net income of farm operators but also wages to the farm laborers and rent and interest to persons not living on the farms. These data on gross income, production expenses and net income have significance to banks and other business interests. O f course being state totals or state averages per farm they are less useful to the individual banker than would data for their own community or better still for individual farms in their community. However they do suggest changes in the level of well being among farmers generally, and they tend to prescribe general limits on the patterns of spending among farmers. By way of illus 1 This is the second o f a series o f articles on im portant aspects o f farm in com e as it affects banking in the F ifth Federal Reserve D istrict. The earlier article “ Sources o f Gash Farm Incom e and Their C hanging Im portance” appeared in the issue fo r A p ril 1946. Other articles w ill appear in subse quent issues. 2 Data used as the basis fo r this article are from P a rt V I, Section 1 o f In com e P arity fo r A griculture, entitled “ N et Incom e and Production Expenses o f Farm Operators b y States, Calendar years 1929, 1 9 3 9 - 4 4 “ Cash R e ceipts From Farm ing, By States and Commodities, Calendar years 1924-44 and the February, A p ril, and July 1946 issues o f “ The Farm Incom e Situa tion.” Copies o f these reports can be obtained w ithout charge by w riting the Division o f E conom ic Inform ation, Bureau o f A gricu ltu ral Econom ics, U . S. Departm ent o f A griculture, W ashington 25, D. C. tration the net farm income in the Fifth District as a per centage of gross farm income increased from 51 percent in 1939 to 65 percent in 1945, Table IV. Certainly this increase in net incomes both actually and relative to gross income is to swell farmers bank accounts. The increase also means that taken as a group the farmers in the Fifth District had more money to spend in 1945 on products and services that they could have done without than they had in 1939. Reports have been wide spread that this (1946) has been an expensive crop to produce, and from the current trend of prices it appears that the 1947 crop also will be costly. O f course net incomes as defined for the basis of these computations differ somewhat from the way many farmers view their net income but by any reasonable defi nition most farmers will again make fairly good net in comes this year. The experience of South Carolina in 1944-45 illustrates how suddenly net incomes can change. Largely because of the drop in cotton production, average gross income per farm in (South Carolina dropped from $2,342 in 1944 to $2,104 in 1945, a decline of 10 percent, Table V. Pro duction expenses increased from $845 per farm to $936 or 10 percent. The composite effect of these changes was to lower net income per farm from $1,498 in 1944 to $1,168 in 1945. This represents a drop o f 22 percent which is sufficient to at least mildly shock any economy. It has long been noted that the course of farm prices and the prices of those products purchased by farmers tend to follow a rather definite pattern. In a period of increasing prosperity farm prices and income tend to run ahead of prices paid and total expenses. However farm prices have been characterized as falling first, fastest and furtherest once the down-turn sets in. Thus any drop in farm income whether occasioned by a drop in production or by lower prices may result in a somewhat lower gross farm income and a drastically lower net farm income. Looking to the years ahead this relationship would sug gest to farmers, bankers, and other businessmen the de sirability of using the current high level of incomes to reduce insofar as it is feasible to do so their outstanding debts, of refraining from incurring unnecessary indebted ness and of building up cash reserves against that time when incomes may be small or losses result from the par ticular year’s farming operations. TABLE I N ET F A R M IN CO M E OF F A R M O P E R A T O R S 1929 1939 1940 1941 1942 1943 1944 1945 Md. 40 29 33 43 57 80 81 96 1929 1939 1940 1941 1942 1943 1944 1945 137 100 112 149 196 273 277 328 V a. 132 85 89 116 164 219 244 291 (M illion dollars) W . V a. N. C. 56 196 44 198 41 175 249 48 61 378 76 419 82 547 87 565 S. C. 98 85 82 74 119 144 217 172 5th Dist. 522 441 420 530 779 938 1,171 1,211 U. S. 6,253 4,567 4,695 6,464 9,371 12,339 12,997 13,243 IN D E X N U M B ER S (1939=:100) 154 100 104 136 191 256 286 340 125 100 91 108 138 173 185 198 99 100 89 126 191 212 277 286 116 100 97 87 141 170 256 203 118 100 95 120 177 213 265 274 137 100 103 142 205 270 285 290 4 MONTHLY REVIEW T A B L E II T A B L E IV P R O D U C TIO N E X P E N SE S OF F A R M O PE R A T O R S N ET INCOME A S A P E R C E N T A G E OF GROSS IN CO M E (M illion dollars) Md. Va. 1929 1939 1940 1941 1942 1943 1944 1945 81 64 66 78 95 114 115 .124 125 110 113 126 149 169 178 185 1929 1939 1940 1941 % 1942 1943 1944 1945 126 100 104 121 148 177 179 194 W . V a. 42 34 36 41 49 56 58 58 N . C. S. C. 5th Dist. U. S. 153 135 134 153 187 218 226 243 85 73 76 82 105 116 122 138 486 416 425 480 585 673 699 748 7,655 6,061 6,344 7,433 9,171 10,669 11,089 11,593 117 100 102 115 140 161 168 180 126 100 105 123 151 176 183 191 1929 1939 1940 1941 1942 1943 1944 1945 Md. Va. 33 31 33 36 38 41 41 49 51 44 44 48 52 57 58 69 W . V a. N. C. 57 56 53 53 55 58 58 62 S. C. 56 59 57 62 67 66 71 73 54 54 52 47 53 55 64 51 5th Dist. U. S. 52 51 50 52 57 58 63 65 45 43 43 47 51 54 54 55 IN D E X N U M B ER S (1939= 100) 114 100 103 114 136 154 162 169 123 100 105 121 143 164 169 169 113 100 99 113 138 161 167 180 116 100 104 112 144 158 167 188 T A B L E III GROSS FA R M IN COM E OF FA RM O PE R A T O R S (M illion dollars) Md. V a. 1929 1939 1940 1941 1942 1943 1944 1945 121 93 99 121 152 194 196 220 257 195 202 242 313 388 422 476 1929 1939 1910 1941 1942 1943 1944 1945 130 100 106 129 163 207 210 236 W . V a. 98 78 77 89 110 132 140 145 TABLE V N ET INCOME, PR O D U C T IO N E X P E N S E , A N D GROSS INCOME PE R FARM N ET IN CO M E Md. V a. 1929 1939 1940 1941 1942 1943 1944 1945 927 685 776 1,035 1,378 1,917 1,936 2,320 772 476 509 677 965 1,283 1,408 1,679 N. C. S. C. 5th Dist. U. S. 349 333 309 402 565 637 773 808 183 158 158 156 224 260 339 310 1,008 857 845 1,010 1,364 1,611 1,870 1,959 13,908 10,628 11,039 13,897 18,542 23,008 24,086 24,836 1929 1939 1940 1941 1942 1943 1944 1945 1,874 1,506 1,579 1,843 2,296 2,734 2,755 3,008 734 610 644 731 880 988 1,025 1,070 124 100 97 113 141 169 178 185 117 100 99 118 159 188 218 228 131 100 104 131 174 216 227 234 1929 1939 1940 1941 1942 1943 1944 1945 2,801 2,190 2,356 2,878 3,673 4,651 4,691 5,328 1,506 1,085 1,153 1,409 1,846 2,271 2,432 2,749 105 100 93 121 170 191 232 243 116 100 100 99 142 165 215 196 N. C. S. C. 5th Dist. U. S. 701 696 630 908 1,405 1,492 1,923 1,965 625 610 599 528 877 999 1,498 1,168 711 591 574 730 1,092 1,277 1,579 1,621 994 735 770 1,070 1,591 2,081 2,207 2,254 512 339 364 419 502 578 600 593 536 526 553 591 771 802 845 936 662 558 581 661 820 916 943 1,002 1,217 976 1,041 1,231 1,557 1,799 1,883 1,973 1,161 1,136 1,152 1,120 1,648 1,801 2,342 2,104 1,373 1,149 1,155 1,391 1,912 2,192 2,522 2,624 2,211 1,711 1,811 2,301 3,147 3,880 4,090 4,226 547 477 481 559 697 779 793 847 GROSS INCOME Commercial, industrial, and agricultural loans of week ly reporting member banks of the Fifth District continued their increase during August and the first two weeks of September, reaching a total of $205 million on September 11. Loans to other than brokers and dealers for pur chasing or carrying securities accelerated their downward trend in September, reflecting adverse market conditions with pressure for liquidation of these loans. Holdings of U. S. Government securities by reporting banks fell off slightly during the last two weeks of August and then dropped $16 million during the week ended Sep tember 4, reflecting the effects of the redemption of a portion of the maturing issue of certificates of indebted ness and probably some liquidation of holdings to meet War Loan account wihdrawals. The acquisition of bills, 671 438 407 482 625 783 845 896 P R O D U C TIO N E X P E N S E IN D E X N U M B ER S (1939=100) 132 100 103 124 160 199 216 244 W . Va. 1,183 777 776 901 1,126 1,361 1,445 1,489 1,248 1,173 1,112 1,466 2,102 2,271 2,716 2,812 notes, and bonds in the following week restored the total to the end-of-August level. Member bank reserves in the Fifth District fluctuated slightly during the latter part of August, decreased with the early September War Loan account withdrawals, and reached $737 million on September 11, equalling the pre vious high for 1946. The net increase of $11 million for the four-week period was the result of a balancing off of factors of greater size: Reserve bank credit extended locally decreased by $12 million, mainly as the result of decreased member bank borrowings at this Bank. Treas ury transactions resulted in an inflow of funds to the Dis trict except for the first week of September when War Loan Account withdrawals caused an outflow of $62 mil lion, resulting in a net outflow for the four weeks of $22 MONTHLY REVIEW million. Increased demand for currency caused a de crease in reserves of $45 million and represented the appearance of the seasonal increase in currency require ments. Against these losses of reserves was an inflow of $89 million from commercial and financial transac tions, which include interbank transfers between this and other districts, and were influenced by transfers for use in the tobacco markets and by withdrawals of funds from New York by banks requiring reserves and those having the proceeds of the redemption of the September 1 cer tificates on deposit there. Miscellaneous factors con tributed some $2 million to reserves. F if t h D ist r ic t M e m b e r B a n k D epo sit s The attention of bankers of this District has been par ticularly directed toward the greatly increased volume of deposits now being held by the banks within the states constituting the District. Wartime forces caused Fifth District deposits to increase at a more rapid rate than did those of banks of the country as a whole, and concern has frequently been expressed that the return to peacetime conditions will cause a redistribution of deposits accord ing to the prewar proportions and that sections that have gained at a more rapid rate than has the country will be subject to drains of funds as deposits are shifted. Because of this interest and the importance of the inter regional flow of deposits to the economy of each region, 5 the Monthly Review will carry figures each month re lating the deposits of member banks of this District to the deposits of the country. While these series will be an improvement over the only other available current series— the weekly reporting member banks— they will still be subject to several weaknesses, the most important of which will be the factor of changing membership in the System both within this District and in the United States. Likewise, the extent to which non-member banks gain or lose deposits at rates differing from those of mem ber banks will cause a lack of representativeness in the figures for member banks. In spite of these deficiencies, however, these series will be the most comprehensive data available on a monthly basis and will provide a reason ably sensitive indicator of variations in deposit volume of the states of this District. The chart below illustrates the changes in total deposits (excluding interbank demand deposits) of the District as compared with the United States. The differing rates of growth of the two are further demonstrated by the change in proportion of total deposits held from the first to the late date shown on the chart. On June 30, 1939, member banks of the Fifth District held 3.89 per cent of the United States total; by the last half of July 1946 this had increased to 4.72 per cent. The reasons for this change in importance of the banks of the District are varied; briefly they include: TOTAL DEPOSITS* OF MEMBER BANKS U.S. BILLIONS OF DOLLARS FIFTH DISTRICT AND UNITED STATES 5TH DiST. MILLIONS OF DOLLARS EXCLUDING INTERBANK DEMAND DEPOSITS. SOURCE- JUNE 1939— DECEMBER I942> MEMBER BANK CALL REPORTS*MAY 1943 AND SUBSEQUENT: BOARD OF GOVERNORS' PRESS RELEASES. MONTHLY REVIEW 6 1. The improved position of agriculture, both ab solutely and relatively; prices gained relative to those o f non-agricultural goods and output was at high levels. 2. Large net U. S. Government expenditures. Dis bursements were at a higher level for the District than were receipts from taxes and the sale of securi ties. 3. Expansion of industrial activity with the at tendant increase in requirements for bank balances. Obviously all o f these factors were not making their weight felt equally in all parts of the District. Varia tions in the rate of growth occurred as between the states of the District although wTith but one exception they all increased at a rate in excess of that of the nation. The charts below show the variations in the proportion of the national total held by the member banks of each state on semi-annual call report dates through December 31, 1945, and on the basis o f semi-monthly average figures commencing with the first half of July. The table pre sents the average daily deposit figures as they will be given in subsequent issues of the Monthly Review. A V E R A G E D A IL Y T O T A L D E PO SITS* OF M EM BER B A N K S Last h a lf o f July $ m illions % o f U. S. Last h a lf o f A ugust $ m illions Maryland Reserve city banks Country banks 1,085 714 371 .99 .65 .34 1,073 698 376 D istrict o f Columbia Reserve city banks C ountry banks 955 934 22 .88 .86 .02 959 937 22 1,323 318 1,005 1.21 .29 .92 1,351 339 1,013 W est V irginia 563 .52 565 N orth Carolina Reserve city banks Country banks 813 363 451 .75 .33 .41 826 364 462 V irginia Reserve city banks Country banks South Carolina F ifth D istrict 408 .37 400 5,149 4.72 5,175 ♦Excluding interbank demand deposits. Details m ay not add to totals due to rounding. TOTAL DEPOSITS* OF MEMBER BANKS, FIFTH DISTRICT STATES AS PERCENTAGE OF MEMBER BANKS OF US. MARYLAND DISTRICT OF COLUMBIA VIRGINIA 7 MONTHLY REVIEW DE B ITS TO IN D IV ID U A L ACC O U N TS F E D E R A L R E S E R V E B A N K OF RICHM OND (000 om itted) (A ll Figures in Thousands) Sept. 11 ITEMS 1946 T otal Gold R eserves..................... .............$ 970,079 Other Reserves .............................. 990,082 T otal Reserves ......................... ............. Bills Discounted ........................... ............. 19,945 0 Industrial Advances ................... ............. Gov. Securities, T o ta l................. ............. 1,461,389 ............................................ Bonds ............. 45,992 Notes ............................................ 454,559 Certificates ................................ ............. 924,570 Bills .............................................. ............. Total Bills & S ecurities............. ............. 1,481,334 194,131 U ncollected Items ....................... ............. 27,815 Other Assets .................................. ............. Total Assets .............................. ............. 2,693,362 Fed. Res. N otes in C ir................. Deposits, Total ............................. M embers’ Reserves ................. U. S. Treas. Gen. A cct............ D ef. A vailability Item s............... Other Liabilities ......................... Capital A ccounts ......................... Total Liabilities ....................... Chg. in .A mt. from 9-12-45 8-14-46 + 27,172 + 91,513 6,533 + 1,055 + + 28,227 + 98,046 7,703 + 7,305 + — 75 0 — 35,125 — 14,974 — 15,429 — 71 — 77,925 — 56 — 19,411 + 30,905 + 4,564 + 27,324 — 22,279 — 27,497 — 5,651 + 29,686 + 2,662 + 14,588 + 2,959 + :114,823 + 32,813 + 67,414 _L 6,848 — 22,929 + 11,173 + 47,728 ---- 21,690 — 28,688 ---- 13,913 — 3,187 — 2,227 ---- 5,277 — 7,364 + 34,169 + 34 13 + 6,379 + 405 + + 2,959 + :114,823 .............$1,717,829 ............. 771,624 ............. 736,955 ............. 524 ............. 30,839 ............. 3,306 ............ 170,907 ............. 613 ............. 32,389 ............. 2,693,362 41 REPO RTIN G M EM BER B A N K S— 5th DISTRICT (A ll Figures in Thousands) ITEMS Total Loans ...................................... ...........$ Bus. & A gri. L o a n s................... ........... Real Estate L oa n s....................... .......... A ll Other L oa n s ......................... ........... Total Security H oldin gs............... ........... U. S. Treasury Bills ................... ........... U. S. Treasury Certificates . . . . ........... U. S. Treasury Notes ................. ........... U . S. Gov. Bonds ....................... ........... O bligations Gov. Guaranteed. . ........... Other Bonds, Stocks & S e c... . ........... Cash Items in Process o f C o l.. . . ........ Due from B an ks............................. ........... C urrency & C oin ............................. ........... Reserve with F. R. B an k ............. . . . . . . Other Assets .................................... ........... Total A s s e t s ...................................... .......... Chg. in Am t. from 9-12-45 8-14-46 + 102,689 + 2,353 + 71,924 + 12,539 + 1,657 + 15,327 + 15,438 — 11,843 — 10,327 — 111,123 — 35,190 + 16,785 + 7,816 — 41,408 + 3,624 — 155,466 + 10,466 + 49,031 — 44 — 50 + 256 + 22,730 + 5,014 + 31,640 — 14,485 + 401 + 1,709 + 2,842 + 6,063 + 11,779 + 2,903 + 6,653 + 8,116 + 29,995 Sept. 11 1946 420,822 204,936 65,(>94 150,292 1,640,668 49,154 336,655 135,604 1,034,148 86 85,021 148,274 136,827* 41,621 358,160 79,616 2,825,988 T otal Demand D eposits................. ...........$2,173,931 Deposits o f Individuals ............. ........... 1,467,887 184,514 Deposits o f U. S. Gov................ ........... 88,715 Deposits o f State & L ocal Gov. ........... 406,558* D ep osits o f Banks ..................... ........... 26,257 Certified & Officers’ C hecks. .. ........... 396,263 Total Time D eposits....................... ........... 376,384 Deposits o f Individuals............. ........... 19,879 Other Tim e D eposits................. ........... 12,500 Liabilities fo r Borrow ed M oney. ........ 97,954 A ll Other L ia bilities..................... ........... 145,340 Capital A ccounts ............................ ........... Total Liabilities .............................. + + — — + — + + + — + + + 6,985 33,324 39,808 4,091 24,275 6,715 4,997 1,636 3,361 7,000 2,018 1,116 8,116 — + — + — + + + + + + + + 48,858 153,990 174,380 11,382 40,116 266 50,274 43,679 6,595 7,500 1,503 19,576 29,995 *Net figures, reciprocal balances being eliminated. D istrict o f Columbia W ashington ............... ..$ M aryland Baltim ore ................... . . Cumberland .............. Frederick ................... H agerstow n . . . . . . . . North Carolina Asheville ................... Charlotte .................... . Durham ..................... . . Greensboro ................. Kinston ..................... .............. W ilm ington W inston-Salem ........ South Carolina Charleston ................. Columbia ................... Greenville ................... Spartanburg ............. V irginia Charlottesville ........ L ynchburg ................. N ew port News Portsm outh ............... Richm ond ................... , . Roanoke ..................... W est V irginia Bluefield . . ................. Charleston ................. Clarksburg ............. H untington ............... Parkersburg ............. % Change from A ug. 1945 8 mos. 1946 595,816 + 19 $ 4,880,404 + 10 841,000 20,108 24,703 + + + + 17 42 17 48 6,495,627 150,275 116,220 172,095 + 2 + 29 + 19 + 26 41,226 203,253 147,138 59,798 24,772 79,840 39,590 27,488 106,279 + + + + + + + + + 50 47 23 62 51 61 6 35 36 298,843 1,333,012 733,764 419,082 93,242 580,602 258,059 103,233 719,583 + + + + + + — + + 34 21 29 29 35 27 11 15 35 51,910 76,394 56,601 37,837 + + + + 31 53 46 42 387,217 555,401 432,824 256,455 + + + + 16 30 34 35 21,005 26,471 30,649 25,998 143,127 17,348 437,058 69,874 + + + + + + + + 2 29 53 27 33 8 22 61 175,643 166,334 232,004 184,155 1,073,231 135,140 2,841,263 489,595 + + + — + 32,890 109,534 24,267 42,951 22,572 + + + + + 40 33 33 16 23 221,517 806,262 177,673 326,892 163,342 + 13 + 14 + 28 + 7 + 5 + 26 $24,978,989 + 12 District Totals ............. , $3,452,731 COTTON CON SU M PTIO N AND ON Fifth District States: Cotton consumed ................................ Cotton Growing States: Cotton consumed ................................ Cotton on hand A ug. 31 in consum ing establishments ........... ........ storage and com presses................. United S tates: Cotton c o n s u m e d .................................. Cotton on hand A ug. 31 in consum ing establishm ents ........... storage and com presses................. ........ Spindles active, U. S............................... 8 19 31 3 11 0 + 6 + 37 HAND— BALES August 1945 A ugust 1946 COTTON % Change from 8 mos. ’ 45 A ugust 1946 406,365 361,176 752,080 650,546 1,679,986 3,728,589 1,537,241 7,643,834 855,511 738,449 2,082,696 3,834,342 22,018,548 1,832,600 7,739,166 22,155,592 CO N SU M PT IO N — FIFTH D ISTRIC T In Bales M ONTH S N o. Carolina So. Carolina V irgin ia August 1946.............. ........ 18,757 221,760 165,848 July 1946................... 188,207 141,815 16,903 192,007 153,129 16,040 August 1945.............. 1,255,024 1,675,098 138,387 8 Months 1946.......... , . 1,670,404 148,234 1,272,643 8 Months 1945........... D istrict 406,365 346,925 361,176 3,068,509 3,091,281 C OM M ERCIAL F A IL U R E S Num ber Failures District U. S. MONTHS August 1 9 4 6 ... ............. July 1946 A ugust 1 9 4 5 ... 8 Months 1946. ............. 8 Months 1945. ............. ....... ....... S ou rce: Dun & Bradstreet 3 1 1 15 15 92 74 56 666 582 Total Liabilities District U. S. $ 135,000 8,000 125,000 254,000 1,509,000 $ 3,799,000 3,434,000 1,166,000 29,456,000 22,531,000 D E POSITS IN M U T U A L S A V IN G S B A N K S 8 Baltim ore Banks T otal Deposits A ugust 31, 1946 ...........$372,943,742 July 31,1946 $370,895,368 A ugust 31, 1945 $328,820,966 MONTHLY REVIEW 8 R E T A IL F U R N IT U R E SALE S B U ILD IN G P E R M IT FIGU RES M aryland Baltim ore ........................................ ............... Cum berland .................................... ............... Frederick ........................................................... H agerstown .................................... ............... Salisbury .......................................... ............... $ 3,395,710 21,058 50,900 217,085 106,798 V irginia D anville ............................................ ............... L ynchburg ...................................... N orfolk ............................................................. P etersburg ..................................... ................. Portsm outh ...................................... Richm ond ......................................................... Roanoke .......................................................... $ 371,105 90,295 1,022,610 713,749 230,483 North Carolina Asheville .......................................... Charlotte .......................................... Durham .......................................... ................. Greensboro ....................................................... H igh P oint ...................................... ............... Raleigh .............................................. R ocky Mount .................................. Salisbury .......................................... W inston-Salem ............................. 156,662 13,350 571,835 131,475 201,780 185,185 86,953 43,850 89,540 D istrict o f Columbia W ashington .................................... 1,586,189 D istrict Totals ............................. .............. 8 Months .......................................... ............. $ 6,788,130 $ 37,727,948 $ 12,865,073 $122,128,734 CON STRU CTIO N C ON TRACTS AW ARDED- + 17 + — 25 + 214 + 285 + 540 7 mos. ’ 46 $180,660,000 42,277,000 124,559,000 46,516,000 111,962,000 78,102,000 % Change from 7 mos. ’ 45 + 225 + 79 + 74 + 281 + 225 + 662 + $593,076,000 + 182 % Change from July 1945 July STATE S 1946 M aryland ..................... , $19,641,000 . . 5,115,000 D istrict o f C olum bia. . 9,473,000 V irgin ia ....................... W est V i r g i n i a ............. . . 8,209,000 28,323,000 North C a r o lin a ........... South C a r o lin a ........... . . 14,533,000 2 F ifth District ......... $85,294,000 S ource: F. W . Dodge Corp. 83 RAYON YA R N DATA A ugust 1946 July 1946 A ugust 1945 Rayon Yarn Shipments, Lbs........ Staple Fiber Shipments, Lbs----- 53,400,000 16,000,000 51,900,000 15,600,000 49,0-00,000 13,800,000 R ayon Y arn Stocks, Lbs................. Staple Fiber Stocks, Lbs............... 8,500,000 2,000,000 8,700,000 2,200,000 6,200,000 3,800,000 S ou rce: Rayon Organon. A U C TIO N TOB A CC O M A R K E TIN G P rice per Hundred 1946 1945 $44.58 $54.17 54.04 44.16 $44.31 $54.09 Producers’ Tobacco Sales, Lbs. A ugust 1946 A ugust 1945 STATE S 91,273,002 South Carolina . .. 84,375,512 161,867,402 N orth Carolina . . . 154,174,146 238,549,658 253,140,404 Total ............. Sm oking & Chewing tobacco (Thousands o f l b s .) ........... 19,419 Cigarettes (Thousands) ....2 8 ,9 5 2 ,8 0 4 Cigars (Thousands) ............. 500,572 Snuff (Thousands o f l b s .) . . 3,314 % Chg. from A ug. 1945 — + + — 23 2 19 12 Individual Cities Baltimore, Md. ( 5 ) * ................. W ashington, D. C. ( 6 ) * ........... Lynchburg, V a. ( 3 ) * ........... R ichm ond, V a. ( 7 ) * ................. Charleston, W . V a. (3 )* Charlotte, N. C. ( 4 ) * ............... Columbia, S. C. ( 4 ) * ................. ♦Number o f reporting stores + 54 + 55 + 95 + 57 + 96 + 94 + 108 + + + + + + + 48 58 79 65 70 72 70 W H O L E S A L E T R A D E 216 FIR M S N et Sales A ug. 1946 com pared with Aug. July 1945 1946 LIN ES A uto Supplies ( 9 ) * ............... Drugs & Sundries (9 )* . .. . Dry Goods ( 5 ) * ..................... Electrical Goods ( 3 ) * ......... Groceries (78) * ................... H ardware ( 1 4 ) * ................... Industrial Supplies ( 5 ) * . . . Paper & Products ( 6 ) * . . . . T obacco & Products (10) ♦ Miscellaneous (7 7)* ........... District A vera ge (216)* + 43 + 17 + 52 + 109 + 23 + 73 + 52 + 9 + 19 + 30 + 31 + 18 — 5 0 — 19 + 4 — 7 + 14 — 7 — 5 + 6 + 1 Stock R atio A ug. A u g. 31, 1946 collections com pared w ith to acct’s A ug. 31 July 31 outstand’ g 1945 A ug. 1 1946 + 35 — 5 + 100 — 2 + *36 + 42 + 46 + *9 + 6 + 16 + *50 + 25 + 40 + ’2 + 5 + 5 96 133 84 91 169 115 115 101.. 147 130 128 S o u rce : Departm ent o f Comm erce ♦Number o f reporting firms. D E P A R T M E N T STORE T R A D E Richm ond Percentage + 34 Percentage + 29 Percentage + 42 Percentage + 41 Percentage + 68 P ercentage 47 Percentage 34 B altim ore W ashington Other Cities D istrict change in A ug. 1946 sales, com pared with sales in A ug. 1945: +36 +26 +34 +33 change in 8 mos. sales 1946, com pared with 8 mos. in 1945: +23 +21 +26 +23 chg. in stocks on A ug. 31, ’ 46, com pared with A ug. 31, ’ 45: +19 +37 +32 +31 chg. in outstanding orders A ug. 31, ’ 46 from A ug. 31, ’ 45: +46 +36 +57 +41 chg. in receivables A ug. 31, ’ 46, from those on A ug. 31, ’ 45: +54 +47 +45 +52 o f current receivables as o f A ugust 1 collected in A u g u st: 54 55 59 54 o f instalm ent receivables as o f A ugust 1 collected in A u g u s t: 29 28 39 29 Maryland Dist. o f Col. V irgin ia W . V irginia No. Carolina So. Carolina Percentage change in A ug. 1946 sales from A ug. 1945 sales by S tates: + 37 +26 +33 +47 +40 +23 Percentage change in 8 months sales 1946 from 8 m onths sales 1945: + 24 +21 +25 +30 +30 +16 SOFT C O A L PR O D U C TIO N IN TH OU SAN D S OF TON S TOBACCO M A N U F A C T U R IN G A ug. 1946 STATES Maryland (5 )* ......................... Dist. o f Columbia ( 6 ) * ............. V irginia (20)♦ ......................... W est V irgin ia ( 9 ) * ................... N orth Carolina (15) ♦............... South Carolina (14) ♦............... F ifth D istrict (69) ♦............... 185,306 469,019 143,195 97,215 117,850 82,208 6,400 55,959 101,091 250,280 194,150 360,596 South Carolina Charleston ........................................................ Columbia ........................................................... Greenville ........................................ Spartanburg ................................... 1,538,855 11,800 29,475 38,130 27,874 38,639 68,268 476,505 31,500 47,918 444,070 43,289 133,550 W est V irginia Charleston ...................................................... Clarksburg ...................................... Huntington ...................................... Percentage Changes in A ugust and 8 Mos. 1946 Compared with Compared with A ugust 1945 8 Months 1945 + 54 + 48 + 55 + 58 + 70 + 60 + 102 + 64 + 79 + 55 + 79 + 55 + 67 + 56 A ugust 1945 A ugu st 1946 8 mos. 1946 137,927 211,440,172 3,777,858 26,182 </c Chg. from 8 mos. ’ 45 — + + — 25 26 19 12 REGIONS W est V irginia ................. V irgin ia ............................. M aryland ............................ F ifth D istrict ............... United States ............... % in D istrict................. A ug. 1946 14,694 1,813 215 16,722 54,830 30.5 A ug. 1945 12,835 1,386 139 14,360 47,658 30.1 % Chg. +14 +31 +55 +16 +15 8 mos. 8 mos. 1946 1945 90,656 105,166 10,998 12,377 1,390 1,144 103,044 118,687 340,199 392,300 30.3 30.3 % Chg. — 14 — 11 +22 — 13 — 13
@FedFRASER