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- FEDBRAy RESERVE BANk / of! RICHMOND J (O fljo n a n o # August 1957 HIGH DEMAND FOR CREiDIT----REFLECTED I N -- (Per Cent) T^iemands for credit, strongly expressed in the ■ISnation’s securities markets, have pressed hard against available credit supplies and nudged in terest rates to new postwar records. The article on page 3 reviews major financial developments of the first half— with emphasis on the second quarter. Also In This Issu e --Affairs of Women _____________________Page 5 Industrial Developments— News Briefs From the Fifth District . Page 7 Business Conditions and Prospects_____ Page 9 Federal Reserve Bank of Richmond F ifth D istrict T r en d s DEPARTMENT STORE SALES BITUMINOUS COAL PRODUCTION 160 -V A . V w > / (Seasonally Adjusted) 120 120 90 90 60 60 80 v r 140 100 j AAt 150 120 AAv w - 150 30 30 (Average Daily) (1947-1949=100) (1947 -1949 * 100) l 1949 1950 1951 1952 1953 1954 1955 0 1................ 1956 0 1957 1949 Good sales of m ajor appliances and in radios, television, etc. did not offset general declines in other departments, and as a conse quence, average daily (seasonally adjusted) sales in June dipped 2 % from M ay. They were 1 % above June 1956 and the first halfyear showed a gain of 4 % . 1950 140 100 80 120 60 45 30 60 S' VV ' 15 0 0 (Se< sonally Adju sted) (19 47-1949=1 30) ................. 1949 1950 1951 1952 1953 1954 1955 1956 1957 1949 Cotton consumption in F ifth District mills, which had been rising through M ay, reversed the trend in June and was off 3 % . The June level was still 2 % higher than a year ago, but the accumulated half-year total was down 4 % . 1955 1950 240 -3200 1953 1954 1955 1956 120 80 80 J 0 1952 160 120 -3600 200 160 -4000 240 200 -4400 1951 0 1957 (Sea tonally Adju sted) (19*17-1949 *l<X>) : 1949 Nonagri cultural employment in the F ifth District o f (partly estimated) was up approximately 13,000 over 42,000 higher than a year ago. The M ay to June increase is about as large as in 1955, considerably larger than in was exceeded substantially only in 1951. 1957 BANK DEBITS 4800 1950 1956 The value o f G. I. home loans closed in M ay amounted to $23.3 million in Fifth District states, an 8 % decline from A pril and a sharp 3 4 % under May 1956. The five months’ total was down 2 1 % from a year ago. NON AGRICULTURAL EMPLOYMENT 1949 1957 60 80 A . s\ J 1956 75 100 J V 1955 1953 G. 1. HOME LOANS CLOSED* COTTON CONSUMPTION 140 120 1952 Average daily soft coal output in June rose 3 % from M ay to a level 1 2 % higher than in June 1956. First half-year output was, however, a modest 4 % above the same period a year ago. 4,507,000 May and this year 1956, and 1950 1951 1952 1953 1954 1955 1956 1957 Bank debits (seasonally adjusted) in June dropped 7 % to the lowest level thus fa r in 1957. Average daily figures were 7 % higher than a year ago, which was a moderately larger gain than the 6 % increase in the first six months of the year. 4 2 y / fo M fl August 1957 / / (£ ^ C £ C ^ l Finance A t Mid-Year— Demand Pressure Rules the Markets The Government Securities Markets ecord- s m a s h in g demands for funds continued to push capital market rates to new highs through the first half of the year. Corporate and municipal offerings of new securities set a tone of intense capital demand in the very first month of the year that has continued, sur prisingly, into July. Security rates declined during the first month and a half, primarily because of develop ments which removed some pressure from the nation’s commercial banks. Since mid-February, however, de velopments in both short- and long-term security mar kets have pushed most rates above the peaks reached last December. Demands for bank loans in the first half of the year did not show the strength observed in either 1956 or 1955. As in the two preceding years, the banks liquidated Government securities to meet loan demands and other drains of funds and, on balance, total loans and investments declined. The Treasury was not active in the market in April although its future needs were adding to the uncer tainties that existed. (M ajor Treasury debt transac tions in the first quarter were described in the May Monthly Review.) Early in April the market was in fluenced by the Treasury’s expected decision on refund ing approximately $1.8 billion of series F and G Savings Bonds maturing during the remainder of 1957. A l though the Treasury announced (April 9) that no action would be taken on these securities during April, the necessity for an eventual solution left investors with an important unknown. The April Government se curities market was also influenced by the $4.2 billion of Treasury Notes to be refunded in mid-May. As a result of these factors, plus relatively heavy demands for funds by corporations and state and local govern ments, yields on intermediate- and long-term Govern ment securities rose steadily throughout April. The average yield on new issues of Treasury Bills rose during the first three weeks of April and then declined to its earlier level. The Corporate and Municipal Markets Uncertainty, always an active partner in the market place, appears to have been exerting its influence to a much greater extent in the first half of 1957 than during the growing tightness in 1956. A feeling that our highriding economy, afflicted with multi-pronged price pres sures (increased money costs, increased labor costs, and increased prices of commodities and services) must eventually rein in, has cast a sombre hue over the fi nancial markets. Yet, in spite of the expectation that a change was due or overdue, no weakening in the demands on the capital markets for funds has mater ialized. On the contrary, demands have grown and reached unusually high levels. Early in May the Treasury announced an exchange offering of 3 ^ % Certificates of Indebtedness due April 15, 1958 and 3 ^ % Treasury Notes due February 15, 1962 for $4.2 billion of 1^5% Treasury Notes due May 15, 1957. In spite of an attempt to price the new se curities in line with similar ones in the market, $1.2 billion of the maturing notes (28% of the total out standing) were redeemed for cash. Largely because of this heavy cash redemption, the Treasury went to the market in late May to raise $1.5 billion from Tax Anticipation Bills to mature September 23, 1957. These were made attractive to banks through the right to make payment by credit to the Treasury’s Tax and Loan Accounts, and the banks bid in most of the issue. The average yield on these bills was 2.824%, the lowest aver age on new bills in 1957. The total of corporate bonds issued in the first half (including those privately placed) was 23% greater than in the same period of 1956 and 49% above the first half of 1955. The volume of municipal bond issues was 11% above last year and 23% greater than in 1955. The total dollar volume of both corporate and municipal bonds together is estimated to be approximately $8.3 billion, January-June of 1957, as compared with $7.1 billion in the first half of 1956 and $6.1 billion in the same period in 1955. Except for the regular weekly turnover of Treasury Bills, there were no further major debt transactions during June until the June 26 tenders for $3 billion of Tax Anticipation Bills, to mature March 24, 1958. In spite of the provision for banks to make payment through credit to the Treasury’s Tax and Loan A c counts, availability of funds for this issue was relatively tight and the average yield of the bids submitted was 3.485%. On July 18 the Treasury announced the terms of its heaviest refunding of the year— $24 billion of Treasury Notes and certificates as follows: $12.1 billion 234% notes due August 1, $3.8 billion 2% notes due August 15, $0.8 billion l j' 2% notes due October 1, and $7.3 billion 3 % % certificates due October 1. The August As a result of the persistent pressures generated by these record demands for funds, interest rates have pushed steadily to new post-World War II highs. The yield on corporate Aaa bonds (M oody’s) rose from 3.66% in early April to 3.97% at the close of June (first-quarter developments were summarized in the May 1957 Monthly Review). State and local govern ment Aaa securities rose from 2.84% in the first week of April to 3.23% at mid-year. i 3 }• Federal Reserve Bank of Richmond maturities may be exchanged for any of the three new issues: 3 ^ % four-month certificates, 4% one-year certificates, and 4% four-year notes which may be re deemed by the holder at the end of two years. The October maturities may be exchanged for the one-year certificates or the four-year notes. at a slower pace than the business loan component in 1957. On July 10, total loans outstanding were just 0.3% above the amount held at the beginning of the year. During the similar period last year the loan total had increased 5.7%. The pattern of loan behavior in the Fifth District closely paralleled that at all reporting banks in the nation up to June. During June, however, tax borrowing was not as pronounced in this District as elsewhere, with the result that business loans out standing at District reporting banks on July 10, 1957 were still 1% below the amount at the beginning of the year ; the total of all their loans was also still below the amount outstanding when the year began. The moderateness of the bank loan expansion which has occurred this year is explained, in part, by the much higher level of loans maintained in the first half of this year than in previous years, this being the result of the strong growth in loans in the last half of 1956 which was not wiped out by the seasonal repayment of loans in January of 1957. A higher level of repayments is associated with a higher level of loans outstanding, and consequently it takes a larger amount of new loans made to offset the repayments being received and thus main tain the amount outstanding. Heavier than usual re liance on the securities markets this year explains, in part, the failure of loans to advance appreciably above the high level being maintained. Another important factor is found in the policy of The Commercial Banks The demand pressure reflected in the securities mar kets during the first half has not been as noticeable in the commercial loan departments of the nation’s banks. Business loans at the weekly reporting member banks have grown at less than half the pace experienced last year. In spite of much heavier borrowing by businesses at the June corporation tax-paying date— net borrowing of around $1.3 billion this year as compared with just under $1.0 billion in 1956— total commercial and in dustrial loans of the banks at the end of the last full week in June were just 4% above the beginning of the year. In the similar period last year, these loans had advanced by 8.6%. In both years, business loans were reduced moderately just after the June upsurge, but this year the reduction was about one-third larger than in 1956. As of July 10, 1957 (latest data available at press-time) business loans at the weekly reporting banks stood only 2.9% above the turn of the year. On the comparable date last year, the total was 8.1% higher. Total loans of the weekly reporting banks increased U. Date of Issue Jan. 16 Jan. 31 Feb. 7 Feb. 14 Security T a x Anticipation Bills due 6 /2 4 /5 7 Treasury Bills Treasury Bills Treasury Bills (Continued on page 11) S. T R E A S U R Y T R A N S A C T I O N S I N (Am ounts in Millions of Dollars) Am ount For Cash In Exchange Exchanged For Feb. 15 3 % % Treasury N otes due 5 /1 5 /6 0 1,464 \ Feb. 15 T a x Anticipation Bills due 6 /2 4 /5 7 1,750 M ar. 15 M ay 15 M ay 15 M ay 27 July 3 Treasury Bills Treasury Bills Treasury Bills Treasury Bills 3Y2% Treasury Notes due 5 /1 5 /6 0 3 % % Certificates of Indebtedness due 2 /1 4 /5 8 Total new money raised Total refunded debt 2 % % Certificates of Indebtedness 2 % % Treasury Notes 1 % % Treasury N otes Feb. 15, ’57 M ar. 15, ’57 A p r. 1, ’57 6,937 2,418 522 Feb. 15, ’ 57 1,750 1% % May 15, ’57 2,998 282 578 9 942 2,437 2,351 f 647 ) 1,500 3,000 8,979 16,226 N o te: The weekly turnover o f Treasury Bills is omitted. 1,600 200 200 200 200 3V2% Certificates of Indebtedness due 4 /1 5 /5 8 3 % % Treasury Notes due 2 /1 5 /6 2 T a x Anticipation Bills due 9 /2 3 /5 7 T a x Anticipation Bills due 3 /2 4 /5 8 Jan. 16, ’57 Treasury Bills, Special Issue 1,600 / 21 28 7 14 15 Am ount Redeemed Exchanged For Cash 100 100 100 8,414 Feb. Feb. M ar. M ar. M ar. Due Date Treasury Bills, Special Issue 3 % % Certificates of Indebtedness due 2 /1 4 /5 8 Feb. 15 1957 i 4 j- Treasury Notes 1,156 August 1957 Affairs of Women 9% of all women at work are typists, stenographers, or secretaries. The related group of clerical-type workers follows close behind, with a total of 8% . These three categories, together with salespeople, textile mill opera tives, and teachers, account for one-half of total District employment of women. Women dominate a number of their traditional oc cupations : household workers, stenographers, nurses, and telephone operators in this District are almost all women. In addition, they constitute a high proportion of teachers, food servers, operatives in apparel manu facture, laundry and dry cleaning workers, bookkeepers, and cashiers. On a more equal numerical basis with men are the women employed as clerical workers and as operatives in textile mills, while beauticians and manicurists only slightly outnumber their male colleagues in the barber and beauty shop trade. At the other extreme, women are but a small minority in such occupations as auctioneer, sheriff, fire fighter, and mortician. Even some of these lower ratios hold surprises, however, such as the fact that women hold one-sixth of the managerial posts in retail trade. would one find women working as dentists and veterinarians, as teamsters and railroad con ductors, as surveyors and sawyers, and in a host of other unladylike jobs? In Russia? Surely, but many are also to be found in the five-state area of the Fifth Federal Reserve District. Here, as throughout the coun try, women are found in almost every recognized job classification.* It’s no longer a man’s world, and women are rarely barred from occupations by custom or prejudice. Lady purchasing agents prove to be smart shoppers, while female bankers confirm Everywoman’s view of her ability to handle money. New job opportunities and ex panding over-all demand for labor have clearly swelled the totals of women at work. h e r e W h a t W o m en Do Women continue in the traditional occupations as well as the new. Despite a decrease in recent years, private household workers make up the largest total number in any one kind of job. One of every eight women at work in this District is so engaged. Jobs using stenographic skills come next. Nearly State Differences The broad group of office workers— clerks, stenog raphers, bookkeepers, and the like— accounts for nearly half of women employed in the District of Columbia and for more than one-fourth in Maryland and Virginia. In the Carolinas, on the other hand, operatives— spin ners, weavers, cleaning and laundry workers, bus drivers, and the like— are of major importance, nearly one-third of the total in North Carolina and more than one-fourth in South Carolina, with office workers re duced to a secondary role. A similar range exists in the importance of private household workers: one in six in South Carolina and one in twelve in West Virginia. The latter state leads in the proportion of its women workers in professional and technical, sales, and managerial positions. Womanpower Women . . . who reached adulthood just before World War II are likely, on the average, to work over 20 years. Today’s schoolgirls may spend 25 years or more in work outside the home. Today, one fifth of the nation’s income in the form of wages and salaries is earned by the women in the labor force . . . In 1956, about 22 million working women were reported by the Census, and they comprised almost one third of the civilian labor force. Three out of every ten married women are now working. Education and Jobs Some of the differences in employment patterns among the states are related to differences in educational levels, for the kind of job that a woman can hold is in part dependent upon her education. The amount of education received is also important in determining whether a woman works at all; the higher the school level reached, the greater the probability of employment. Office job opportunities in Washington attract women there from all over the country, including a high pro portion of former college students. The typical Washington woman has the highest educational level of Even more striking is the fact that nearly two out of every five mothers whose children are of school age are in the labor force. . . . between 1940 and 1950, the labor force in creased by 8.6 million, and women were respon sible for 55 per cent of the net growth. Since 1950, the largest single source of workers for expanding the labor force has been women in their middle and later years . . . — National Manpower Council. Womanpower. New York, Columbia University Press, 1957. ♦Editor’s note: It is not our intent to im ply that the housewife is un employed or idle. This article is based, however, on data for women who worked for pay at the time o f the 1950 Census. -1 5 y Federal Reserve Bank of Richmond 40% of women at work in this District. About two in five women in the population in these age groups are in the work force. The ratio among other age groups is lower. Looking at West Virginia again, several points may be noted: forty-two per cent of its women live in rural nonfarm areas where there is a scarcity of the type of job in which women are usually employed. Too, much of the economy of West Virginia is dependent on heavy industry made up largely of occupations that ordinarily hire men. The population of West Virginia is only 6% nonwhite, whereas, the proportion is 37% in South Carolina. These factors apparently account for the lower proportion of women in jobs. any section of the Fifth District. As might be expected, the jobs that require and attract women with this train ing provide a higher-than-average typical income for women workers— more than one-half greater than in Maryland, the state having the next highest average school attendance. The other states fall into line in this income-education relationship. The higher incomes in states with the better educational records result both from higher pay for the the same kinds of jobs and from the employment of more women in the better-paying fields. W h ich W o m en W o rk ? In the District of Columbia 46% of all women 14 years and older are employed, while in West Virginia the percentage is but 19. Why the striking difference? W h y Do W o m en W o rk ? Women work for a variety of reasons besides the basic economic necessity that confronts many who have no husband. Economic reasons frequently induce mar ried women to take outside employment to provide an improved standard of living or to guarantee better edu cational opportunities for their children— or, in many cases, their husbands. In addition, jobs bring many women important psychological returns either through the avoidance of household tasks that may then be delegated to a hired substitute or through satisfactions from participating in work of the “ outside world.” Needless to say, the recent opening of new and more interesting jobs for women has increased the force of this latter interest. The Womanpower study of the National Manpower Council traces the typical work history of modern woman along these lines: The great majority of women work from the time of leaving school at least until they marry. Some stop then, but many continue until the first baby arrives. Even this major event stops some only temporarily since a large number of working mothers with small children are in the work force. A great many return to work when their children reach Even discounting Washington as a special case, there is still a large range of percentages among the states, and it seems to arise from a number of factors that may be summarized like this: 1. Women in cities are more likely to work than are those in rural areas. In the Fifth District nearly twothirds of the women at work live in cities, which house about one-half of all women 14 years and older. 2. Non white women are more likely to work than are white women. Accounting for one-fourth of the District’s total women at work, one in three nonwhite women work as compared with slightly more than one in four white women. 3. Women without husbands—-whether single, wid owed, divorced, or separated— are more likely to be at work than are their sisters living with husbands, even though the latter group make up about half the female labor force. For Washington, however, the role of married women— “ with spouse present,” as the Census categorizes them— is reduced to two in five. 4. Women aged 20 to 24 years and 35 to 44 years are more likely to be at work than are those in other similarly broad age groups. These brackets include (Continued on page 11) M AJOR O C C U P A T IO N G RO U PS O F E M P L O Y E D W O M E N 1950 Maryland Employed, total _ _______ ______________________________________ ______ ____ 260,708 District of Columbia Virgin ia W est Virgin ia 160,533 312,902 132,376 N orth Carolina South Carolina F ifth D istrict 418,101 235,614 1,520,234 100 8 4 10 3 12 6 28 16 7 3 100 12 3 23 7 22 13 10 4 9 15 6 Per Cent Distribution 100 100 100 100 12 4 12 3 13 4 30 8 18 11 12 46 5 6 11 14 3 26 8 18 13 11 4 16 5 23 13 14 4 1 Employed, total ____________________ . -------------------------- ------------------Professional, technical, and kindred workers _____ _____________ ____ M anagers, officials, and proprietors, except farm ______________ _ ____ _ Clerical and kindred workers ______ ___________ __________ _________ ___ Sales workers ______________ _____________ _____ Operatives and kindred workers ____ Private household workers ________ . _____ ____________ _____ ____ Service workers, except private household ___ ______________________ C raftsm en, laborers, except farm and mine* ______________________ ____ Farm laborers, foremen ____________________ ______ . _______________ * Includes occupation not reported. Source: U . S. Bureau o f the Census. 5 Y 3 9 14 4 2 100 11 3 14 7 31 13 August 1957 Jlfm M / $&H£W L Industrial Developments— News Briefs From the Fifth District R. J. R eynolds T obacco Company has announced plans to construct, at a cost of over $35 million, new cigarette and tobacco stemming plants and new leaf storage facilities in the Winston-Salem, North Carolina area. Official statements are lacking but the new plant space should provide 1,800 to 2,000 new jobs— a sharp increase above Reynolds’ current personnel of about 16,000. The company had previously announced an expenditure of some $15 million to expand processing, research, and aluminum foil-making facilities in the Winston-Salem area this year. The South Carolina General Assembly, in one of its early 1957 actions, passed legislation calling for ex penditure of $21 million for state docks in the ports of Charleston, Georgetown, and Port Royal. Of the total, $18 million is designated for general cargo docks and supporting warehouse facilities at Charleston. The state dock program was fostered by a special State Port Planning Committee and the Ports Authority to meet heavily increasing maritime traffic expected to flow through Charleston and other South Carolina ports in the next five years. By 1961 the level of foreign trade is expected to be double that in 1955. American Enka Corporation, Enka, North Caro lina, will nearly triple production of fine denier nylon textile yarns and increase its total capacity by 7 5 % through a $5 million expansion program. Construction is expected to start shortly and opera tion of the new facility is anticipated during the second half of 1958. Approximately 150 to 200 additional persons will be required to operate the expanded plant. American Enka is W estern North Carolina’s largest industrial employer, with 3,300 persons at its plant near Asheville. Gulf Oil Corporation has paid $2.4 million for 800 acres of land fronting on Charleston Harbor. It thereby exercised all of its land options (3,000 acres) considered since last year. A multi-million dollar oil refinery may be erected to process all types of prime fuels from crude oil shipped from South America, Texas, and the Middle East. Company officials have not yet made a formal statement. New facilities permitting nearly 50% productive capacity increase are nearing completion at the multimillion dollar plant of the Owens-Corning Fiberglas Corporation, Anderson, South Carolina. Eventual em ployment increase will exceed 100. Plans to establish a curtain and drapery manufactur ing plant in Durham, North Carolina, have been an nounced by the Croscill Curtain Company of New York. Operation is expected to begin September 1, with em ployment up to 250 by December 31. Construction of an addition representing an in vestment of more than $1 million in plant and equip ment will double the bag manufacturing area of the Cryovac plant at Simpsonville, South Carolina. Completion is scheduled for September 1. A . & M . Karagheusian, Inc. has purchased the Amerotron plant, Aberdeen, North Carolina, and will manufacture there Gulistan velvet carpets and also yarn for the modern tufting operation at Albany, Georgia. Initial employment should be about 400 and rise to 600 or more, with an estimated payroll of $2 million. Opening of the carpet plant will serve to alleviate the adverse economic impact of Amerotron’s closing several months ago. Whitehead Brothers Company, New York City, has selected an 1,800-acre site in Kershaw County, South Carolina, near Blaney, on which to locate a silica sand plant which will be one of the largest of its kind in the South. The plant will produce fine quality silica sands used in foundries and several other industries. The sand for processing will be mined on the site. Installation of the tenth paper machine at the Ecusta Paper Division of Olin Mathieson Chemical Corpora tion has started at Pisgah Forest, North Carolina. Start-up of the new machine will enable Ecusta to offer a more fully diversified line of quality papers and is expected to take place in the Spring of 1958. Investment in South Carolina’s woolen industry has reached $35 million since the end of W o rld W a r II. in South Carolina’s development into the focal point W ilm ington, North Carolina has been chosen as a site by Allied-Kennecott Titanium Corporation (the company formed earlier this year by Allied Chemical & Dye Corporation and Kennecott Cop per Corporation). This initial multi-million dollar plant will produce titanium metal and titanium forgings and billets. W h en in full operation the unit will employ approximately 500 workers. The Port of Charleston as a wool import center has been cited as perhaps the most important factor of the South’s new woolen industry. An expansion program in excess of $2 million has been announced by West Virginia Works, Connors Steel Division, Huntington, West Virginia. The im provement, providing for three additional rolling mill stands, will increase productivity by more than 50%. i n > Y Federal Reserve Bank of Richmond economic impact of Bates’ closing will be greatly less ened by the opening of two big new industries in Lynch burg— Babcock and W ilcox’s nuclear reactor plant (al ready employing 600) and General Electric’s rectifier plant (eventually to employ some 1,200). Plans for a major expansion in E. I. du Pont de Nemours & Company’s W ashington W o rk s, Park ersburg, W e s t Virginia, have been announced. The company produces Teflon fluorocarbon resins. In creased demand by manufacturers of corrosion-re sistant flexible tubing and high temperature wire insulation is credited for the increased production of Teflon 6 and Teflon 30. Production of these two resins will be doubled by the end of this year and the announced expansion will raise capacity by an additional one-third by mid-1958. Production of Teflon 1 and 5, used for compression-molding and ram or screw extrusion, will be increased 3 0 % by mid-1958. In addition, substantial funds have been allocated to the production of a new, experimental prefluorocarbon resin which is being considered for use in the manufacture of film, bottles, liners, and packaging for corrosive materials. Union Bag-Cam p Paper Company has ordered a multi-stage mechanical drive steam turbine for its paper mill at Franklin, Virginia from General E lec tric Company’s Small Steam Turbine Department. The 10 to 1 speed range governor will permit drive speeds ranging between 500 and 5,000 rpm and give more accurate control of the quality of paper being produced. Delivery of the unit is scheduled for mid-1958. Heald Division of the Mead Corporation in Lynch burg, Virginia, producer of paperboard, is constructing a neutral sulphite recovery plant at its Lower Basin location. Cost will approximate $2.7 million and com pletion is scheduled for October 1957. The plant’s equipment will be designed for the recovery of pulp waste, now discharged into the James River, and con version of the waste into chemicals suitable for use in the pulp mill operations. July 1958 is the target date for completion of a new $4 million fruit pier now under construction at the south side of Locust Point in Baltimore Harbor. The new pier will permit simultaneous loading of 63 railroad cars, placed on undercover tracks within the pier proper. The terminal will be equipped with the most modern unloading and conveyor equipment, especially designed to permit maximum speed and damage-free handling of bananas. The new facility will provide berthage for the largest and most modern vessels in the fruit carry ing service today. Allied Chemical & D ye Corporation has opened its new fiber application laboratory in Chesterfield, Virginia, adjacent to the National Aniline manmade fiber plant. The laboratory contains textile mill processing machines which will be used to develop new fabrics, designs, and applications. Arm our & Company has closed its slaughtering and meat packing plant at Union Stock Yards, Baltimore, Maryland, releasing 300 workers, some of whom were transferred to its distribution opera tion. Elimination of the local facility was report edly due to major revamping in the company’s operations to obtain greater economy and efficiency. The $3.5 million foil-carton manufacturing plant under construction by Reynolds Metals Company in Chesterfield County, south of Richmond, Virginia, is scheduled to begin operation late this Fall. The plant will produce foil-laminated cartons, paper cartons, foil overwraps, and labels. The initial step toward a $22 million expansion of the Gilmerton Power Plant was taken recently by the Vir ginia Electric and Power Company when it gained ap proval of the Norfolk County Board of Supervisors for the construction of a $1.8 million addition. Total ex pansion, over a three-year period, will make the plant the largest in Virginia and will almost double its output. Construction of the first portion is scheduled to begin this Summer, and the addition is expected to begin operating by Spring 1959. W estinghouse will add 87,000 sq. ft. of space to its Staunton, Virginia, plant— enlarging receiving and warehousing departments, thus consolidating at the Staunton plant all raw material and finished stock now stored in various locations in the area. Faster and more effective customer service is the goal. District furniture manufacturers have experienced a slackening in sales during the first half of 1957, with resultant lower order backlog positions and curtailed production. Drexel Furniture Company, Drexel, North Carolina, and Johnson-Carper, Roanoke, Virginia, have reported sales declines, while a slack May and early June wiped out the gains over last year experienced by the Brandt Cabinet Works of Hagerstown, Maryland. Brandt also reported a decline in order backlogs, as did Basic-Witz Furniture Industries, Inc., Waynesboro, Virginia. The decline in sales has led many manufac turers to curtail production and reduce their work week. U . S. Rubber Company will spend $1 million to expand production facilities for nylon tire fabric at its Scottsville, Virginia plant. Necessity for the expansion is attributed to growing use of nylon fabric by the tire industry. Depressed conditions in the textile industry triggered the decision to close the Lynchburg, Virginia division of Bates Manufacturing Company in late July. A p proximately 550 employees were affected; but the A8 V Z fo n M / $ S / M £ W August 1957 L Business Conditions and Prospects June was due largely to a seasonal increase in food and kindred products and in seamless hosiery in North Car olina. Other industries either showed mixed trends or declined in this period. Cotton consumption (seasonally adjusted) slipped 3% , but June was the first month this year to run higher than a year ago, up 2% . This brought up the six months’ accumulation to only 4% under the first half of 1956. Spindle hours on the cotton system spinning other than cotton showed no change between May and June (after seasonal correction) but were 7% higher than in June 1956. The first half-year, however, was 5% smaller than last year. Sentiment in the textile markets has improved con siderably; the backlog of the yarn spinners has in creased ; the industry is fairly well sold up on gray goods for the third quarter. Prices of cotton goods and yarns are still on the bottom, but the industry anticipates improvement; demand has improved for seamless hosiery, and these mills are expanding output, while the full-fashioned end of the business continues in the dumps. business situation in the Fifth District has im proved somewhat at the construction, manufactur ing, and mining levels, while showing moderate weak ness in trade. Farm income continues to run ahead of a year ago, but gains achieved in the first half of 1957 are not likely to offset declines indicated for the last half of the year. Bank loans rose somewhat more in June this year than a year ago, while investment holdings fell sub stantially. Bank debits (seasonally adjusted) in June were the lowest thus far in 1957 although still well ahead of June 1956. Net new savings in commercial banks, savings banks, savings and loan associations, and in savings bonds were 6% higher in June than a year ago— due mainly to substantial gains by commercial and savings banks. Nonagricultural employment (from incomplete re turns) apparently was unchanged from May to June and was slightly over a year ago. The steep climb in adjusted sales of life insurance in the District was halted in June— at a level nearly a fourth larger than a year ago. Comments from life insurance salesmen indicate that potential buyers are becoming concerned regarding inflationary prospects. T h e Trade Manufacturing Sales of department stores in June (seasonally ad justed) failed to hold at May levels and slipped 2% to a level only 1% above a year ago. Sales in the first half-year were 4% larger than a year ago, and pre liminary figures for July are indicating some rise from June. June was a disappointing month in store sales, and its reflection is showr in an adjusted rise of 5% n in inventories during the month to a level 8% ahead of a year ago. June sales at department stores would have been considerably worse except for rather substantial gains in major household appliances and such items as television, radios, and phonographs. The May surge in sales of retail furniture stores in the District failed to hold in June and adjusted sales declined 5% to a level 4% below a year ago. This brought the first six months’ sales 5% under a year ago. Credit sales took the brunt of the reduction in all periods. It should be noted that accounts receivable of these stores were at the same level in June as a year ago, but collections were running 6% under a year ago. New passenger automobile registrations for all states and the District of Columbia during May were 4% above April and 1% under May 1956. This brought the five months’ total down 7% from the same period a year earlier and produced a record poorer than the national figure which showed no change. Scattered re ports for June indicate a reduction in new car regis trations from May. Man-hours in all manufacturing industries of the Dis trict, excluding Maryland, rose slightly from May to June but remained some 2% under June 1956. All states showed some increase from May to June— the largest in Virginia, 1.2%, the least in North Carolina, 0.1%. The decline from a year ago was shown in all states except Virginia which rose 0.8%. South Caro lina showed the largest decline, 3.1%. Man-hours in durable goods industries rose 0.9% from May to June w rith all states showing gains ranging from 0.1% in West Virginia to 1.5% in Virginia. An over-all 2.5% decline was shown from a year ago, with Virginia up 2.5% and West Virginia down 6.3%. Nondurable goods man-hours rose 0.2% for the four states; North Carolina alone went down. Changes in this period ranged between a decline of 0.2% and a rise of 1.0%. Man-hours in nondurable goods industries were 1.8% smaller than a year ago with West Virginia showing an increase of 2.5% and South Carolina a de cline of 2.9% for the extreme changes. Between May and June man-hours in durable goods rose mainly in furniture, transportation equipment, and machinery (other than electrical). Slight gains occur red in primary metals, whereas moderate losses occurred in fabricated metals and electrical machinery. The rise in nondurable goods man-hours from May to i 9 y Federal Reserve Bank of Richmond Bituminous Coal Average daily output in the District during June (preparation for the miners’ holiday) was up 3% from May and 12% ahead of a year ago. The District’s first half output increased 4% over a year ago, a somewhat better showing than the national output which was about even in this period. Aside from the electric power utilities and the export market, the utilization of coal during May was under a year ago. Stock piles have been augmented moderately, and exports are run ning better than a third above last year. Freight rates on coal cargo have dropped precipitously which may indicate some slowing down in the export movement. Financial Total assets of all member banks in the Fifth District rose slightly— $7 million— between May and June, com pared with an increase of $125 million in 1956 and $100 million in 1955. Loans rose $50 million in June this year compared with an increase of $42 million in 1956 and $85 million in 1955. Investment holdings, how ever, dropped $70 million this year compared with an increase of $16 million last year and a decline of $42 million in 1955. Total deposits of all member banks in the District rose $11 million between May and June which com pares with an increase of $138 million in 1956 and $98 million in 1955. The gain was due to a $24 million increase in time deposits which more than offset a $13 million decline in demand deposits. The time deposit increase compares with a gain of $17 million last year and $5 million in 1955. The slight slip of $13 million in demand deposits compares with increases of $121 million last year and $93 million in 1955. Bank debits in the District (seasonally adjusted) during June dropped 7% from May to the lowest figure of 1957. The June figure was still 7% ahead of a year ago, and the first half-year was up 6%. Net new saving in commercial banks, savings banks, savings and loan associations and in savings bonds in the District amounted to $70.7 million in June, a sea sonal increase of 57% over May and a gain of 6.3% over June 1956. Time deposits in commercial banks dropped 3.1% from May to June but were 45.4% higher than a year ago. Deposits in Baltimore mutual savings banks in June were six times larger than in May and 35% ahead of a year ago. Redemptions of Series E and H savings bonds exceeded sales in June by $10 million (more than double net redemptions of $4.9 million a year ago and also larger than the $9.2 million in May). June is a seasonally high month in savings and loan associations. Savings this year were 85% higher than in May and 1.5% above a year ago. Employment Total nonagricultural employment in the Virginias and the Carolinas was unchanged between May and June. Small declines in West Virginia and South Car olina were offset by an increase in Virginia. North Carolina showed no change. The June level in these states was 0.8% higher than a year ago due entirely to a 3.7% increase inVirginia; other states showed losses, ranging from 0.1% to 1.1%. Stability in the nonagricultural employment figure between May and June was due to a rise of 0.3% in manufacturing employment, offset by a 0.1% decline in nonmanufacturing employment. All states except South Carolina showed rises in manufacturing employment, ranging from 0.3% to 0.9% ; South Carolina slipped 0.7%. Virginia was the only state to show an increase in nonmanufacturing employment; other states showed losses. In addition to the small gain in manufacturing employment between May and June, contract construc tion rose 1.6%, transportation, communication, and public utilities 0.3%, finance, insurance, and real estate 1.3%, service and miscellaneous 1.1%. Declines of 0.6% were shown in mining, 0.1% in trade, and 1.9% in government (largely seasonal due to the end of the school term). Nonmanufacturing employment in the Virginias and the Carolinas was 1.9% higher than a year ago due mainly to a 4.7% increase in Virginia, but all states showed some increase. Gains in the nonmanufacturing sectors from June last year to this year were shown in contract construction which was up 1.6% ; transporta tion, communication, and public utilities, up 0.7% ; trade, up 2.3% ; finance, insurance, and real estate, up 2.8% ; service and miscellaneous, up 2.0% ; and gov ernment, up 2.4%. Losses were recorded in mining, 0.7%, and manufacturing, 1.2%. Agriculture Revised figures on cash income from farm marketings show a May increase of 4% over a year ago, a con siderably smaller figure than previously indicated. Crop income in May was 10% above 1956, and income from livestock and products was 1% higher. In the first five months total cash income was 5% higher than a year ago— crop income was up 16%, but income from livestock and products was unchanged. The first halfyear in the Fifth District is a fairly small percentage of the total year’s income, and gains shown in the first five months are likely to be washed out quickly in the second half, with tobacco and cotton acreage down sub stantially from a year ago. July crop indications show a rather general decline in production of most Fifth District crops— tobacco is down 30% from last year, and grains are down from 12% to 20%. July 1 conditions wr ere much more favor able than the ensuing three weeks when drought grip ped the entire Atlantic Seaboard. -I 10 1 - August 1957 Affairs of Women (Continued from page 6) school age, so that the labor force includes about two of every five mothers of school-age children. Important for the Econom y These are impressive gains. They are particularly significant in view of the pressures for more workers that arise in a population now expanding principally in the nonworking ages below 18 and above 65 years. Regardless of motivation, women are an important part of the nation’s labor force. In 1940, in a time of widespread unemployment, they accounted for 25% of all jobholders. The pressures and opportunities of war brought this to 36% in 1945. Contrary to popular ex pectations, the prewar proportion was not regained; instead, in 1950 women numbered 29% of a greatly augmented work force, and at present the figure is 32%. Today, the 22 million women in the labor force exceed the 1945 peak by about 2 million, although their per cent of the total is slightly reduced. Equally important to the economy is the contribution in ability and intellect as evidenced by the increasing number of women in the professional and managerial fields. The much-touted shortages of engineering and scientific workers may find their answer in the training of more women for these jobs. On the consumption side, total salaries of working women provide a con siderable amount of consumer buying power which in turn helps to maintain the over-all economy at the very high level of recent years. Finance At Mid-Year— Demand Pressure Rules the Markets (Continued from page 4) credit restraint exercised by Federal Reserve. In the first two months of the year, Federal Reserve took up $2.1 billion of bank reserves by sales of Government securities. Over the next four months (through the week ending June 26), however, the Fed actually sup plied, on balance, a small amount of reserves, its securi ties transactions being tuned to the degree of credit tightness consistent with its policy of restraining in flationary developments. As a reflection of this restraint on the commercial banks, weekly average borrowing from the Reserve banks (see cover chart) reached $1.2 billion in the first half of April, ranged from $700 mil lion to $1 billion from then until early June, and throughout June and into July moved above $1 billion. On the average, approximately Sl 2% of required re / serves have been borrowed from the Reserve banks since the beginning of June. Funds can, of course, be provided for loans by liquidation of investments, and this was done to a considerable extent by the weekly reporting banks in the first half. Their Government security holdings were reduced $1.7 billion through June. However, as the banks’ liquidity is reduced by sales of investments, less funds can be made available for loans from this source. During the first half, total credit extended by all commercial banks (total loans and investments) eased off an estimated $500 million. Federal Reserve Bank of Richmond F ifth d is t r ic t S t a t is t ic a l D a t a F U R N IT U R E SA L E S* STATES Maryland Dist. of Columbia V irginia W est Virgin ia . N orth Carolina South Carolina _ (Based on Dollar Value) Percentage change with correspond ing period a year ago June 1957 6 M os. 1957 — 4 — — 7 — 10 — 8 — 18 — 2 — 3 1 — — 8 — 1 — 4 10 — 5 District ---------IN D I V I D U A L C IT IE S Baltimore, M d. -----------------W ashington, D. C ------ ------Richmond, V a . -----------------Charleston, W . V a ........— Charlotte, N . C -----------------Greenville, S. C........... ......... 1 — — 10 — 9 — 3 — 4 — 18 *Data from furniture departments of department stores as well as furniture stores. W H O LESALE TRADE L IN E S A u to supplies ------------------Electrical, electronic and appliance goods Hardware, plumbing, and heating goods -----------------Machinery equipment sup plies _______________________ Drugs, chemicals, allied products ---------------------------Dry goods --------------------------Grocery, confectionery, meats Paper and its products ------Tobacco products ----------------Miscellaneous ----------------D istrict total Stocks on June 30, 1957 compared with June 30, M ay 31, 1956 1957 NA NA Sales in June 1957 compared with May June 1957 1956 NA NA +12 + 9 —1 2 NA — 5 — 23 NA NA + 9 +11 NA + 7 + 1 — 15 +10 NA — 4 — + 4 1 6 - + 1 + 1 + 1 + 14 NA NA — 9 — 19 NA — 3 — 6 NA + 6 + 1 NA W ash. Other Cities Dist. Totals Rich. Balt. 2 + 3 — 1 — 3 — 1 — 2 + 9 + 4 + 2 + 3 - 4 + 12 + 8 + 2 + 7 + 6 + — 17 + 1 — 6 Sales, 6 Mos. ending June 30, ’ 57 vs 6 Mos. ending June 30, ’ 56 ----------------------- Outstanding Orders, 1 e 1, collected in June ’57 .. 31.1 52.0 40.5 37.9 40.8 Instalm ent receivables, June 1, collected in .Tune ’ 57 _ 10.7 13.1 12.7 16.2 12.9 Va. W .V a . N .C . S.C. — 7 - 1. Sales, June ’57 vs June ’ 56 _____________________ 3 D.C. - 1 - 3 + 1 6 Months 1956 $ 27,113,583 928,505 3,351,910 744,825 1,213,518 Virginia Danville ________ 1,800,889 1,045,348 3,811,010 4,708,591 Ham pton ............. 947,917 789,287 9,784,893 4,547,731 Hopewell _______ 742,563 515,100 1,919,447 1,369,658 Lynchburg ______ 951,246 602,100 4,960,994 5,875,935 N ew port New s „ 53,394 117,594 1,537,736 1,207,266 N orfolk __________ 924,553 780,399 4,690,951 14,685,700 Petersburg ______ 159,700 180,000 1,335,642 1,440,050 Portsmouth ____ 298,710 1,740,190 1,654,179 3,191,929 Richmond _______ 6,082,269 1,660,440 16,530,657 15,563,553 625,542 1,005,560 6,993,587 12,724,815 Roanoke ________ Staunton ________ 269,201 182,673 1,109,311 1,456,589 W arw ick ________ 893,947 1,009,238 4,192,800 4,127,360 W inchester* ___ 242,072 NA 657,632 NA W e st Virginia Charleston ______ 1,002,313 1,883,654 3,875,614 4,408,371 Clarksburg ______ 101,598 487,260 923,044 1,190,692 H untington ____ 347,700 450,681 2,275,871 2,555,775 North Carolina Asheville _______ 196,217 437,075 1,877,151 3,357,821 Charlotte _______ 1,166,228 2,515,177 7,332,412 17,410,539 Durham _________ 342,225 806,589 5,079,123 4,525,860 429,950 476,950 3,381,475 3,372,900 Gastonia ________ Greensboro ______ 767,294 1,490,014 7,633,364 8,844,025 H igh Point ______ 529,195 326,705 2,518,895 3,112,609 Raleigh __________ 2,920,398 726,783 7,935,650 6,453,168 Rocky Mount ___ 301,259 322,852 2,983,092 1,946,414 Salisbury _______ 253,875 89,825 1,230,678 1,344,950 W ilson ___________ 156,150 193,378 1,130,460 2,793,453 W inston-Salem .. 745,738 1,627,523 10,018,249 8,412,991 South Carolina Charleston ______ 174,373 1,152,053 1,257,888 2,085,224 Columbia _______ 681,248 908,860 6,704,370 6,051,580 Greenville _______ 195,700 355,735 1,638,547 3,736,961 Spartanburg ____ 440,668 534,202 2,392,496 3,020,188 Dist. of Columbia W ashington _____ 10,092,429 3,364,539 36,640,141 26,801,657 District Totals ____$37,261,592 $34,567,308 $209,590,653 $215,676,696 F IF T H D IS T R IC T I N D E X E S Seasonally A djusted: 1947-1949 = 100 D E P A R T M E N T S T O R E O P E R A T IO N S (Figures show percentage changes) — Maryland Baltimore _______ $ 1,914,360 $ 4,389,697 $ 38,027,999 Cumberland ____ 288,450 73,450 649,566 Frederick _______ 202,120 2,127,660 948,030 H agerstow n ____ 147,165 84,084 3,884,264 Salisbury _______ 115,008 114,633 731,067 * N ot included in D istrict totals. N A N ot available. N A N ot available. Source: Bureau of the Census, Departm ent of Commerce. Sales, June ’57 vs June ’56 B U IL D IN G P E R M IT F IG U R E S (37 Cities) June June 6 Months 1957 1956 1957 1 June 1957 N ew passenger car registra tion* ___________________________ 193 Bank debits ______________________ Bituminous coal production* _ 112 _ Business failures— number ____ 255 Cotton spindle hours ___________ 119 Spindle hours— other than cot ton** ___________________________ 139 D epartm ent store sales ________ 136 Electric power production ____ M anufacturing employment* „ Furniture store sales ___________ 121 L ife insurance sales ____________ 280 * N ot seasonally adjusted. ** 1 9 4 8 -4 9 = 1 0 0 . r Revised. Back figures available on request. % Chg.— Latest M o. Prev. Yr. M o. Ago May 1957 June 1956 170 208 109 266 121 168 180 lOOr 280 119 + — + — — 139 139 217 112 128 280 130 134 200 113r 126 228 0 — 2 0 0 — 5 0 4 7 3 4 2 — 1 + 7 + 12 — 9 0 + 7 + 10 0 — 4 +23 / fa n e August 1957 ci ? - F ifth D istr ic t B a n k in g S tatistic s D E B IT S T O DEM AND (000 June 1957 D E P O S IT A C C O U N T S * omitted) June 6 M onths 6 Months 1956 1957 1956 W E E K L Y R E P O R T IN G M E M B E R B A N K S (000 omitted) Change in A m ount from Dist. of Columbia W ashington _______ $1,548,897 Maryland Baltimore __________ 1,898,282 Cumberland _______ 31,034 Frederick __________ 27,503 Hagerstown _______ 44,830 Salisbury** ________ 39,239 Total 4 Cities _ _ 2,001,649 North Carolina A s h e v ille ___________ 74,737 C h a r l o t t e __________ 418,723 Durham ___________ 98,942 Greensboro ________ 174,690 H igh P oin t** ........... 54,635 Kinston ___ ___ ____ 24,554 R a l e i g h ____________ 235,978 W i lm i n g t o n _______ 55,936 W i l s o n _____________ 21,647 W inston-Salem ___ 184,820 Total 9 Cities _ 1,290,027 South Carolina Charleston ________ 106,462 197,276 C o lu m b ia ___________ G re e n v ille __________ 151,764 Spartanburg ______ 70,105 Total 4 Cities _ 525,607 Virginia C h arlottesville_____ 45,338 Danville ____________ 46,165 L y n c h b u r g ________ 62,049 N ew port N e w s ___ 64,254 N o r f o l k ____ ._______ 336,900 Petersburg** ______ 27,465 Portsmouth _______ 39,532 Richmond __________ 790,080 Roanoke ___________ 168,626 Total 8 Cities .... 1,552,944 W e st Virginia Bluefield ___________ 62,849 190,994 Charleston ________ Clarksburg ________ 42,927 H u n t i n g t o n _______ 93,108 P a r k e r s b u r g ______ 38,405 Total 5 Cities _ 428,283 D istrict Totals ______$7,347,407 $1,498,503 $ 9,353,296 IT E M S 1,863,437 29,497 27,659 42,601r 39,288 l,963,194r 11,239,162 176,032 165,590 283,474 226,910 11,864,258 10,427,806 162,014 156,222 270,136r 215,744 ll,0 1 6 ,1 7 8 r 75,720 432,009 92,557 160,478 57,102 22,376 233,937 56,409 21,943 200,606 1,296,035 455,083 2,693,709 551,602 1,075,000 345,643 144,500 1,543,512 325,698 128,460 1,161,333 8,078,897 435,230 2,662,778 515,007 962,909 334,132 133,352 1,406,325 320,045 126,312 1,152,123 7,714,081 Total Loans ___________ ___________ $1,897,479** Bus. & A g r ic______ _____________ Real Estate Loans ____________ All Other Loans _______________ Total Security Holdings ________ 889,034 337,681 702,913 July 18, 1956 + + 65,798 — 2,832 + 1,706 + 13,934 12,491 + + + 56,711 2,620 12,298 -f* 4,145 — 3,783 92,553 + 16,913 + 45,794 U . S. Treasury C ertifica tes __ 90,756 — 262 + 80,186 U . S. Treasury N o t e s ________ U . S. Treasury B o n d s ________ 188,648 957,331 U . S. Treasury B i l l s ___________ 1,592,719 June 12, 1957 — 13,466 3,896 Other Bonds, Stocks & Secur. 263,431 — Cash Items in Process o f Col. _ 375,198 — 23,532 + Due from -j- 15,010 92,613 197,370 146,094 69,875 505,952 42,756 42,281 62,942 66,107 315,846 27,525 37,545 701,534 162,746 1,431,757 59,791 181,882 43,384 89,218 37,697 411,972 $7,107,413r 613,277 1,260,126 879,145 422,264 3,174,812 257,984 278,941 371,149 380,259 1,984,345 163,000 235,332 4,541,210 963,769 9,012,989 378,000 1,169,168 254,952 551,517 232,196 2,585,833 $44,070,085 553,268 1,179,765 865,585 420,684 3,019,302 231,287 256,235 370,589 377,376 1,856,325 175,563 226,491 4,143,871 920,142 8,382,316 342,055 1,092,396 244,595 515,802 220,468 2,415,316 $41,536,437r Banks ------------------------ 2,936 — 104,479 — 21,959 — 3,325 26,396 183,645* — 546 Currency and C o i n _____________ * Interbank and U . S. Government accounts excluded. ** N ot included in D istrict totals, r Revised. July 17, 1957 $ 8,989,244 82,395 — 176 Reserve with F . R . Banks ______ Other Assets _______________ .__ 530,024 77,493 + — 6,787 2,628 — 21,622 + 6,463 Total Assets ___________________ 4,738,953 + + 3,353 — 3,459 Total Demand Deposits __________ 3,498,432 Deposits o f Individuals ______ 2,633,495 Deposits o f U . S. Government 102,672 Deposits o f State & Local Gov. 198,701 496,284* Deposits of B a n k s ___ __________ Certified & Officers’ Checks _ 67,280 — — + — + + 29,709 25,061 24,117 39,194 4,541 5,888 + 14,293 + 5,095 — 2,118 — 3,717 + 4,973 + 10,060 Total Time Deposits ____________ Deposits o f Individuals ______ Other Tim e D e p o s it s __________ 792,215 743,728 48,487 + 10,690 + 13,221 — 2,531 + 24,862 + 53,586 — 28,724 Liabilities for Borrowed M oney 40,025 + 12,525 + 25,475 All Other Liabilities ____________ 58,882 + 5,665 + 12,725 Capital Accounts ________________ 349,399 2,630 + 14,260 Total Liabilities ______________ $4,738,953 3,459 + 91,615 * N et figures, reciprocal balances being eliminated. ** Less losses for bad debts. 91,615