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- FEDBRAy RESERVE BANk / of! RICHMOND
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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

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/ fo

M
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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

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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

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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.

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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.




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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%.

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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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102