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MONTHLY Buowmaffia/teut IN THIS I SSUE -FEDERAL RESERVE BANK of CLEVELAND Bank Debits as Local Business Indicators.. 2 Regional Aspects of Service Industries . . . Notes............................................................10 'ttoventden,, t$ 5 7 CHANGES IN BANK DEBITS IN 29 FOURTH DISTRICT CENTERS Percentage increase from first half 1954 to first half 1957 FO U RTH D IS T R IC T and N IN E T E E N U. S. O T H E R CEN TER S Percent Increase SO 40 60 29 CENTERS— 4th DISTRICT LORAIN 337 CENTERS-U. S. WARREN FRANKLIN BUTLER SHARON STEUBENVILLE GREENSBURG TE N L A R G E S T C E N TE R S Percent Increase ELYRIA LEXINGTON PITTSBURGH MANSFIELD YOUNGSTOWN ZANESVILLE AKRON WHEELING CLEVELAND HAMILTON DAYTON SPRINGFIELD COLUMBUS OIL CITY CANTON COVINGTON-NEWPORT TOLEDO MIDDLETOWN ERIE LIM A CINCINNATI PORTSMOUTH 7 Percent Increase 20 40 Bank Debits as Local Business Indicators h e s t a t i s t i c a l s e r i e s showing monthly Fourth Federal Reserve District, despite the large portion of the District that is devoted volume of bank debits is one of many in dicators of business activity used by analyststo agriculture in southeastern Ohio and east ern Kentucky. As a result, business fluctua to measure the pace of business in particular localities as well as in the nation. In many tions in the District often show wider swings, both on the up side and the down side, than instances bank debits are the only kind of comprehensive business indicator available at those of the nation as a whole. the local level. As indicators of general busi Similarly, the volume of bank debits at in ness conditions, however, they should be in dividual centers, like the level of business terpreted with caution.(1) activity, varies widely about the District aver T Fourth District Debits The volume of bank debits at the twentynine Fourth District reporting centers in creased more than 35 percent between the first half of 1954 and the first half of 1957. This period extends from the low point of the latest business decline to the point that may come to be regarded as the high point of the recent business boom. During the same period, bank debits at the 337 reporting centers scat tered throughout the nation increased 30 per cent. The latter group of centers excluded places such as New York and Chicago where purely financial transactions have an impor tant influence on debits statistics; therefore, the comparison made indicates that the rela tive gain in business activity in the Fourth District has exceeded the gain for the nation as a whole over the period indicated. (See cover chart.) This is not an unusual situation. Heavy in dustrial concentrations in Ohio, the pan handle of West Virginia, and western Penn sylvania dominate business statistics in the (i) See “ Note on Nature and Uses of Bank Debits Data” at end of this article. 2 age. An accompanying chart reveals the wide disparity between the center with the largest gain in bank debits and the center with the smallest gain from January 1, 1954, to June Changes In bank debits since 1954 a re shewn below fo r the Fourth D is tric t and fo r centers w ith la rg e st and smallest ra te s o f Increase. 30, 1957. The distribution of the other twentyseven centers about the District average, shown in the accompanying table, gives some evidence of the “ rolling readjustment” which occurred during 1957 with respect to various industrial sectors and geographical areas. Some interesting insights into the useful ness of bank debits as a measure of business activity, as well as some of their shortcom ings, can be gained by examining the factors behind the changes in selected local areas. Pittsburgh A N N U A L RATE OF DEPOSIT TURNOVER 29 Fourth D is tric t Centers FOURTH DISTRICT and U.S. The business recovery and expansion in the Pittsburgh area between 1954 and early 1957 largely explains the expansion of debits and the rate of deposit turnover over the indicated period. Primary metals spearheaded the up swing. During the first half of 1957, steel production was about one-fourth greater than in the first half of 1954. Significant gains were also made in the machinery industries, in elec tric power consumption, coal production, and trade. The figures on bank debits at Pittsburgh banks have not been appreciably influenced by the large number of bank mergers which have occurred in recent years, although in many cases reporting banks have absorbed or consolidated with previously nonreporting No. Of times Number o f times 25 20 15 10 -5 5 0 +5 129 CENTERS-4,h DISTRICT I 3 3 7 CENTERS-U.S. TEN LARGEST CENTERS 25 20 15 -5 10 ♦5 PITTSBURGH The monthly volume of bank debits at Pittsburgh banks, for many months, has been running more than one-half a billion dollars larger than any other center of the District. The Pittsburgh volume is more than four times the volume at all of the 19 smaller cen ters combined. (See cover chart.) Therefore, debits reported by 28 banking offices in Pitts burgh carry a large weight in determining District averages. Between the first half of 1954 and the first half of 1957, the debits volume at Pittsburgh reporting banks rose more than 50 percent. Only Lorain, with a 51 percent rise, exceeded that gain. Furthermore, the annual rate of deposit turnover increased from 19.3 times in early 1954 to 25.9 times in early 1957. (See accompanying chart.) Chang* from /•'■ h a lf 1934 F irs t h a lf 1 9 5 7 \ YOUNGSTOWN CLEVELAND m CINCINNATI w COLUMBUS i i TOLEDO i i 3 DAYTON ERIE CANTON AKRON 4 NINETEEN OTHER CENTERS 25 20 15 -5 10 0 +5 LORAIN BUTLER 5 WHEELING WARREN i LEXINGTON ELYRIA FRANKLIN i i GREENSBURG STEUBENVILLE OIL CITY SHARON i i i ZANESVILLE MANSFIELD MIDDLETOWN SPRINGFIELD COVINGTON'NEWPORT HAMILTON PORTSMOUTH LIMA 3 BANK DEBITS AND DEPOSIT TURNOVER AT 29 FOURTH DISTRICT REPORTING CENTERS Gains in Debits Volume 1st Half 1954 to 1st Half 1957 Deposit Turnover—Annual Rates** Debits to Demand Deposits ♦ (millions of dollars) 1954 Reporting Centers 1957 1956 1955 1954 1955 1956 1957 1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half 1st Half 1st Half 2nd Half 1st Half 2nd Half 1st Half 2nd Half 1st Half More than 50% Gain Lorain......................... Pittsburgh................. 146 17,383 169 18,280 175 19,568 210 22,173 205 23,260 228 24,414 221 26,099 15.3 19.3 17.6 2 0 .0 16.9 2 0 .7 19.1 2 2 .8 18.3 2 3 .8 19.9 24 .5 19.1 25 .9 35% to 50% Gain Warren........................ Youngstown.............. Akron.......................... Franklin..................... Butler.......................... S h a ro n ....................... Steubenville.............. 354 1,095 2,145 39 259 192 156 375 1,148 2,247 41 253 196 174 416 1,233 2,387 48 280 223 190 471 1,385 2,625 52 305 252 206 475 1,448 2,711 55 328 253 225 495 1,524 2,959 48 345 261 228 507 1,562 3,035 55 357 264 212 15.7 16 .0 20 .5 10 .7 11.5 13.6 12 .8 17.2 17 .2 2 1 .3 11.1 11.5 13 .8 13.6 17.8 18.0 21 .1 12.3 12.5 15.1 14.3 18.8 19.3 2 2 .3 13.2 13 .4 16.8 15.1 18.5 19.6 2 2 .8 13.7 14.5 16.4 16.9 18.3 20 .3 23 .7 11.8 14.8 16.0 16.5 18.6 20 .4 17.2 13.4 14.9 15.8 15.5 District Average A ll Centers........... 60,544 35% Gain 62,966 65,906 73,702 75,859 79,387 81,544 1 9 .4 20.1 20.2 22.0 2 2 .5 23.1 2 3 .5 Greensburg................ Elyria.......................... Cleveland................... D ayton ....................... Columbus................... Lexington................... Canton........................ .Mansfield................... 147. 175 15,982 2,099 4,549 551 873 361 162 191 16,136 2,152 4,940 569 902 390 162 209 16,870 2,308 4,711 608 964 412 172 233 19,291 2,479 5,371 649 1,068 475 184 234 19,624 2,628 5,368 596 1,094 469 196 239 20,764 2,565 5,864 671 1,093 495 197 231 21,120 2,710 5,825 699 1,106 455 10.5 12.2 2 1 .6 18.5 20 .1 15.4 18.3 16.5 11.1 14.3 22 .1 18.5 2 1 .2 11.4 19.2 17.7 10 .7 15.0 2 2 .2 19.0 19.6 11.9 19.6 17 .4 11.7 16.2 2 4 .4 18.4 2 2 .2 17.0 2 0 .3 19 .4 12.2 15.4 2 4 .5 20 .5 2 1 .6 15.8 2 0 .3 18.5 12.0 15.1 25.1 19.6 22 .9 17.9 20 .2 19.1 13.2 14.9 25 .2 20 .6 22 .9 18.2 19.5 17.4 Toledo......................... Zanesville................... Wheeling.................... Cincinnati.................. Hamilton.................... Springfield.................. •Oil C ity....................... 2,936 201 428 734 7,715 343 357 132 3,029 202 452 753 8,118 363 367 142 3,324 213 454 802 8,188 361 376 140 3,529 229 518 854 8,814 465 416 142 3,588 241 495 864 9,253 412 422 148 3,648 243 545 906 9,302 426 449 155 3,603 246 522 887 9,327 414 427 156 19.6 14.3 16.3 12.7 21 .5 15.4 19.8 10.7 19.8 14.3 18.9 12.7 22 .2 15.7 2 0 .2 11.7 2 0 .7 14.3 19.2 13.4 21 .5 14.0 19.8 11.2 20 .9 14.9 20 .6 14.0 22 .8 16.7 21 .3 11.3 2 1 .4 15.3 19.5 14.3 24 .2 14.6 22.1 12.3 22.0 15.0 20.3 14.8 24.6 14.8 22 .3 12.3 21.9 15.3 19.6 14.7 24 .7 14.7 19.5 12.8 Less than 15% Gain Co vington-N ewport. Middletown............... L im a ......... .................. 320 305 385 343 312 385 348 338 415 371 367 388 355 356 386 374 352 409 368 348 408 18.3 18.8 22 .6 19.3 18.9 2 1 .8 19.0 20 .3 22 .5 19.9 20.1 2 0 .8 18.5 17.7 2 0 .3 19.6 17.7 21.1 18.7 19.1 20 .7 Decline Portsmouth............... 183 178 184 192 183 191 181 15.0 13.9 13 .7 14.6 14.4 14.8 14.3 25% to 35% Gain 15% to 25% Gain * Debits, which are charges made to demand deposits as owners of these accountswrite checks against them, measure the dollar volume of checks paid. Debits reported here are to demand deposits of individuals, partnerships, corporations, States, and political subdivisions only. ♦♦Number of times a year the average volume of demand deposits is used or turned overj banks. Banks which have entered the statisti cal series have been small and account for only a slight fraction of the increased debit volume reported. In Pittsburgh, generally, bank debits have been a useful and timely gauge of business activity. Lorain The debits and turnover statistics at Lorain also correspond to significant gains in busi ness activity. Like Pittsburgh, stepped-up steel production has been an important factor. Add to this the construction of several new manufacturing plants and a revitalized ship building industry, and the large relative gain in debits volume becomes a rather clear reflec tion of a booming community. Portsmouth Turning to the only Fourth District report ing center that registered a decline in debits volume and deposit turnover between the first half of 1954 and the first half of 1957, it is possible to discern a corresponding reflection in business activity in the area. However, care must be exercised to avoid falling into the misconception that Portsmouth is a generally declining area. Special temporary factors have been at work. In 1952 the Atomic Energy Commission an nounced plans to construct near Portsmouth a plant for the separation of fissionable urani um 235 by a gaseous diffusion process. At that time the monthly debits volume was about one-sixth below the recent level. Portsmouth became a boom town. In July 1954 the total number of construction employees working on the atomic energy plant reached a peak at 22,224 persons. Other types of business, trade, housing, etc., were also stimulated to new levels. Bank debits reached a monthly rate in excess of $30 million, and deposit turnover reached a record rate of 15.0 times per year. (See accompanying charts and table.) By the first half of 1957, the impact of the A. B. C. project on Portsmouth had worked itself out. The plant had been completed by the end of 1955; it currently employs 2,737 persons. Thus the failure of bank debits at Portsmouth to keep pace with other areas in the District is simply a reflection of an un usual stimulus that was not timed with the general rise in business activity. The 2 per cent decline in bank debits at Portsmouth since 1954, rather than indicating a declining area, reflects the remarkable stability main tained in business activity once the new plant was completed and its construction crew had moved on. Lima The warning that debits volume should not be taken as an adequate indicator of eco nomic activity without corroborating data from other sources becomes pertinent when the statistics for Lima are examined between the first half of 1954 and the first half of 1957. The debits volume for Lima increased less than 6 percent during that period, the small est gain posted by any Fourth District report ing center. Other indicators of business activity, however, show gains for Lima in line with improvements reported in other areas. Employment, for example, was up roughly 11 percent and retail sales were up about 30 percent. Building permits showed a slight decline, but a new assembly plant was com pleted late in 1956 for a leading motor com pany. The plant is now in limited production and it is expected to employ more than 4,000 persons by the end of this year. Here the debits data seem to be inconsistent with other business indicators. Examination of the figures in the accompanying table indi cates steady improvement until the second half of 1955 when both the debits volume and the deposit turnover declined substantially. Some recovery is evident since then, but not enough to place Lima among the front run ners in the three-year period being analyzed. What happened in Lima in 1955 when the rest of the economy was booming? Business did not drop off drastically as might be in terpreted if too much emplasis were placed on the debits volume. Actually, the downward shift in debits in late 1955 was due almost 5 entirely to special financial rather than gen eral business factors; the debits volume and the annual rate of turnover in Lima fell in the second half of 1955 because of a change in banking and check-paying procedures of two large firms, but the change had no effect upon the volume of business in the community. In spite of notable exceptions, the fore going discussion substantiates the usefulness of debits and turnover statistics as partial indicators of changes in business activity in local areas. Note on Nature and Uses of Bank Debits Data Considerable flows o f money are necessary in a complex society such as ours. Nearly all sales of goods and services are facilitated by a transfer of money. As business activity quickens, the volume of payments is expected to increase, and conversely, as economic activity contracts, the volume of payments does likewise. Thus increases and decreases in volume of payments should mirror basic economic changes. Since more than 90 percent of all monetary trans actions are made by check, the total dollar amount of checks drawn against deposit accounts— bank debits — tends to reflect changes in over-all business activity. The Nature o f Debit Statistics. Debits are the charges made by banks to the accounts o f their de positors. The debits series as currently published comprises charges against demand accounts o f indi viduals, businesses, States, and local units o f govern ment, but excludes U. S. Government and interbank transactions. Debits differ from many other measures of eco nomic activity since they include payments for un finished goods at each stage of production and dis tribution rather than the value o f final output. Checks that pass between parts manufacturers and the as sembly plants, between assembly plants and car dealers, and between car dealers and final purchasers include the full value of the product at each stage. On the other hand, when the Department of Com merce measures output as reported in the Gross N a tional Product, it includes only the value added to the product in each stage of the production process. The total volume o f debits is, therefore, many times larger than the total value of goods and services pro duced. The number o f times each dollar of final product is recorded as a debit depends on the number of stages in the production and distribution cycles in the various industries. Such cycles are subject to changes over extended periods of time. Bank debits and Gross National Product differ in still another way. Bank debits include, among other things, charges to deposits that are ‘ ‘financial ’ ’ transactions and purchases of existing property. These occur because payments are made by check for purchases of stocks and bonds, existing houses, used cars, and established businesses. Since such trans actions do not represent additions to output, they are not included in the Gross National Product. The heavy concentration of such “ financial” payments in New York explains why debits collected from that 6 center are separated, in the statistical summaries, from the debits o f the remaining 343 reporting centers throughout the country. Six other large financial cen ters are also reported separately. Nevertheless, all debits figures from all centers are affected to some extent by strictly financial types of transactions. As a measure o f general business trends, therefore, the data on debits must be interpreted with caution. The Usefulness o f Debit Statistics. In spite of the above-mentioned shortcomings, debit statistics are widely used and reproduced. Their extensive use is due to their superiority over many other types o f data in four respects: (1 ) Debits are available quickly. Debits for any month are usually available for analysis within a few days after the close of the month. (2) Fairly comparable debit figures are available over a relatively long time. The Federal Reserve System began collecting monthly data for 141 centers in 1919; over the years there have been additions until at the present time debits for 344 centers in the country are collected. (3) Debits figures are necessary to compute the rate of turnover of deposits. This provides a measure ment of how fast depositors are using their bank balances. Turnover is derived from the ratio o f total debits to the average deposits for any given month, adjusted to an annual rate. A change in velocity or turnover may result from a change in either debits, deposits, or both. As time passes, institutional factors change and limit the significance of turnover figures. Compari sons from month to month or for several consecutive periods may be significant, but turnover statistics cannot be used with a high degree of confidence for analyzing long-run trends. The velocity data are of importance, however, in the formulation o f monetary policy because an increase in the speed with which the existing money supply is being used by the owners of deposit balances has the same effect upon price pressures as an increase in the supply o f money. (4) Finally, debits are one o f the few types of data that are uniformly available for numerous local geographic areas. In the Fourth District, debits fig ures are presently collected for twenty-nine centers; as previously mentioned, debits data are gathered, altogether, for 344 centers throughout the nation. Regional Aspects of Service Industries Production of services has also increased Se r v ic e i n d u s t r ie s have a good claim substantially. What could be called the net to be considered the “ growth” sector of the American economy. As a broadly definedvalue of services performed has certainly in creased, even after deflation for price changes, group, they have accounted for virtually all so that these industries have increased their the growth in employment since 1953, while other sectors — manufacturing, mining, and output concurrently with employment. What is not clear is how much of the increased out agriculture—now employ fewer people than put has been due to higher productivity and in 1953. how much has been the result of the employ The term “ service industries” is used most ment of more people and more capital. commonly to describe those industries in he T which the production of commodities is not a primary function. The category excludes agriculture, manufacturing, mining, and con struction — the goods-producing industries. Thus, broadly defined, the services group in cludes trade, banking and finance, transporta tion and public utilities, government, and business and personal services. What are personal and business services in the narrower sense, that is, excluding trade, government, banking, etc.? The Standard In dustrial Classification (SIC) manual, com monly used by government and by industry, shows 15 major groups in the “ services” divi sion. Some of these are: hotels, motels, and rooming houses; repair services; amusement and recreation services; medical, legal, and educational services; and certain nonprofit organizations. Payroll data indicate that employment in personal and business services, so identified, has increased steadily in recent years—from an average of 5 million in 1949 to 6.5 million in September of this year. To these totals derived from payroll data should be added the self-employed— doctors, dentists, lawyers, teachers, and service proprietors who work in their own businesses—and also employees in domestic service. An analysis(1) of the growth of the service industries has suggested that several factors have been influential in causing the growth. Some of these are: the movement of popula tion to the cities; increasing real income; more equality of income distribution; more education, and especially the increased avail ability of higher education; and the trend toward increased specialization in business. The fact that states vary considerably in in come, degree of urbanization, and the degree to which their populations have received higher education, suggests that some of these growth factors may also be responsible for re gional differences in consumption of services. Information collected in the 1954 Census of Business documents the considerable varia tion which exists among states and among cities in respect to amounts spent on serv ices.(2) State-Wide Comparisons The ten top-ranking states with respect to personal income and population in 1954 were (1) George J. Stigler, Trends in Employment in the Service Industries, Princeton University Press (1 956). (2) The 1954 Census of Business, Selected Services covered 7 of the 15 SIC (Standard Industrial Classification) groups in the business and personal services category. Some of the major exclusions were the professional services— medi cal, legal, and educational, nonprofit service organizations, and private households (domestic service). 7 also the top ten in total receipts of personal service establishments in the same year. Such a close correspondence of total population, income, and expenditure for services is to be expected. These same states would rank high in most kinds of economic activity; they are large by any measure. Since personal services are bought by in dividuals, a comparison on the basis of percapita spending and income is more meaning ful than a comparison of state-wide aggre gates. (For this purpose, consumers of personal services are assumed to be the resi dents of the state where the services are purchased.) The 12 states which ranked highest in per-capita expenditures for per sonal services in 1954 are listed below: Nevada New York Illinois New Jersey California Massachusetts Rhode Island Connecticut Florida Missouri Ohio Michigan Nine of those states were also among the 12 states which ranked highest in per-capita personal income in 1954, and 11 of them were among the 12 most urbanized states (based on percent of urban population in 1950). In some cases a difference in rank reflects only a small difference in the data being com pared. Even allowing for that factor, how ever, the relative status of each state in percapita spending on personal services seems to be associated with the relative position of each state in per-capita personal income, as well as with the degree of urbanization. Nevada, in first place on the list above, is an exception with respect to urbanization, but it ranks second among the 48 states in percapita personal income. Another major category of services covered by the 1954 Census is business services. This group includes such services as advertising, credit and collection agencies, duplicating, mailing, and public stenography, as well as a miscellaneous category ranging from detec tive agencies to window-display services. In 1954, receipts of these services totaled $6.2 8 billion, of which more than half was ac counted for by advertising. Because of the specialization of New York City and Chicago in advertising, it seems ad visable to exclude spending on advertising from a state-wide comparison o f expenditure for business services. When the resulting total was divided by the number of business firms, i.e., those who would be expected to purchase business services, in each state, the 10 states which ranked highest in average expenditure per firm(3) for business services in 1954 were these: New York Illinois New Jersey California Ohio Massachusetts Maryland Michigan Connecticut Pennsylvania All of the states which ranked among the top 10 in average spending by business firms for business services were also among those states ranking high in per-capita expenditure on personal services, in per-capita income, and in degree of urbanization. Comparisons of Ohio Cities Per-capita expenditures on personal serv ices in Ohio in 1954 were 4 percent larger than the national average. The accompanying chart shows the relative positions of the 11 cities of the state which ranked highest in this characteristic. The 24 Ohio cities covered separately in the Census of Services contained only 46 per cent of the population of the state, but ac counted for 71 percent of total expenditure for personal services in Ohio. Those cities which ranked high in per-capita expenditure for personal services were mostly the larger ones; in general they were also areas of higher average wages, and presumably had higher average incomes as well. (3) This calculation ignores differences in the average size of business, which, however, may cancel out so far as their influence on purchases of business services is concerned. Also, the concept implies that firms located in the state account for all the expenditures for business services in the same state. The latter, of course, cannot be completely true; the extent to which the demand for business services crosses state lines is not known. Except for advertising services, it is believed to be of relatively minor significance. Per-capita expenditures on personal serv ices in Lakewood and Cleveland Heights, both of which are large residential suburbs of Cleveland, were among the lowest for Ohio cities, much lower than for Cleveland. (These were the only such suburban cities in Ohio covered by the Census.) So far as they go, these facts about service expenditures in the Cleveland suburbs tend to suggest that the economic relation of “ downtown” to suburb has not shifted so far in the direction of decentralization as has sometimes been sup posed. An accompanying chart shows the 10 cities of Ohio which ranked highest in average perfirm expenditure on business services. (As in the case of the state-wide comparisons, this calculation makes no allowance for the fact that all expenditures may not have been made by resident firms. Unlike the state-wide com parisons, however, it includes advertising services.) 20 Dollars Per Capito 40 60 80 DAYTON YOUNGSTOWN CLEVELAND TOLEDO COLUMBUS MANSFIELD CINCINNATI CANTON PORTSMOUTH STEUBENVILLE SANDUSKY OHIO AVERAGE U. S. AVERAGE Among Ohio cities, D ayton led in p e r-c a p ita spending on personal services. Thousands of Dollars Per Firm 0 2 4 6 8 MARION CLEVELAND DAYTON CINCINNATI TOLEDO COLUMBUS MANSFIELD AKRON YOUNGSTOWN CANTON OHIO AVERAG U. S. AVERAG! Data relate to counties in which the named city is located. Firms in M ario n . C levelan d, and Dayton spent con siderably more, on the a v e ra g e , fo r business serv ices than firms In o th e r Ohio cities. EXPENDITURES FOR PERSONAL SERVICES (19 5 4 Census d a ta ) 0 EXPENDITURES FOR BUSINESS SERVICES (19 5 4 d a ta ) Average expenditures per firm in Ohio in 1954 were more than double the U. S. average, and there was considerably more variation between cities in this category of expenditure than in per-capita spending on personal serv ices. Part of this is explained by the impor tance of advertising in the business services group (accounting for about half of the $270 million spent on business services in Ohio) and its concentration in the largest cities. The top position in this characteristic among Ohio cities is held by the small city of Marion. That appears to have been due to the presence there of a large business service firm which derived the largest part of its revenue from outside the city. Cleveland and Dayton, second and third, respectively, in average expenditure per firm for business services, also ranked high in per-capita spend ing for personal services. 9 NOTES Among the articles recently published in the monthly business reviews of other Federal Reserve banks, the following may be of special interest to our readers: “ The Changing American Economy,” Federal Re serve Bank of Kansas City, October 1957. “ Recent Trends in United States Foreign Trade,” Federal Reserve Bank of New York, October 1957. “ Climb in Time Deposits,” Federal Reserve Bank of Chicago, October 1957. Copies may be obtained by writing to the Federal Reserve bank named in each case. Additional copies of the MONTHLY BUSINESS REVIEW may be obtained from the Research De partment, Federal Reserve Bank of Cleveland, Cleveland 1, Ohio. Permission is granted to repro duce any material in this publication.
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