we feel that the Federal Deposit Insurance Corporation should have no objection to having this policy written into the act, and thereby removing the possibility of future change in the policy of the FDIC in respect to merger and consolidation of State-chartered banks.

It is our earnest hope and request that you will do everything you can toward the passage of amendments to sections 23 of S. 1451 and H. R. 7026 in order that our respective State bank authorities may retain proper control of any merger or consolidation that may be proposed rather than have it vested in Federal authorities.

Cordially yours,

EDWIN GILL,

State Treasurer and Chairman, State Banking Commission. The CHAIRMAN. Mr. Betts.

Mr. BETTS. I have no questions, Mr. Chairman, but I would like to state that Mr. Cook is a constituent of mine and I have been distressed to read in the papers that he is going to retire as the head of the Federal Deposit Insurance Corporation at the end of his term. Is that correct, Mr. Cook?

Mr. Cook. That is correct.

Mr. BETTS. I would just like to say, Mr. Chairman, that we are very proud of Mr. Cook in the Eighth District of Ohio. He has served with distinction as superintendent of banks under governors of both political parties in the State of Ohio, and under appointment of President Truman and President Eisenhower. We are all sorry to hear that he is leaving public service.

Mr. Cook. My term carries over from appointment by President Truman. It was a 6-year terin beginning September 6, 1951.

The CHAIRMAN. I was going to inform Mr. Cook of something he probably already knows, that he has a very able, conscientious Congressman representing his district.

Mr. Cook. I appreciate your statement, Mr. Chairman, and I thoroughly concur in any tribute you pay to Mr. Betts; he is a very great friend of mine.

The CHAIRMAN. Mr. Patman.

Mr. PATMAN. Mr. Cook, in testimony in 1943 by Mr. Crowley, and subsequently in 1950 by you and Mr. Harl, in connection with FDIC, you submitted or there were submitted certain tables and charts that I would like to have brought up to date and placed in the record at this point.

If I will give copies of the old ones to you, you wouldn't mind bringing them up to date, would you, for insertion in the record? Mr. Cook. We would be very glad to.

Mr. PATMAN. I ask consent for that to be done, Mr. Chairman. The CHAIRMAN. They may be inserted.

(The documents referred to are as follows:)

FEDERAL DEPOSIT INSURANCE CORPORATION,

Hon. WRIGHT PATMAN,

Banking and Currency Committee,

OFFICE OF THE CHAIRMAN, Washington, D. C., August 16, 1957.

House of Representatives, Washington, D. C.

DEAR REPRESENTATIVE PATMAN: The enclosed exhibits are in response to your request that a chart and certain tables in the hearings on H. R. 1699 in 1943 and on S. 2822 in 1950 be brought up to date.

Exhibit 1: Capital ratios of national banks, 1865-1956. This is the chart in the hearings on H. R. 1699, page 18, extended to 1956.

Exhibit 2: Total capital accounts per $100 of assets of national banks, 18651956. This is table 4 in the hearings on H. R. 1699, page 19, with the data for 1865-1942 shown in that table and extended to cover the years 1943–56.

Exhibit 3: Earnings, expenses, and distribution of profits of insured commercial banks, 1934–56. This is the table in the hearings on H. R. 1699, page 32, with the data for 1934-41 shown in the hearings and extended to cover the years 1942–56.

Exhibit 4: Insured commercial banks-net profit after taxes, 1934–56, and earnings on obligations of United States Government, 1945-56. This is a revision of table I in the hearings on S. 2822, page 92. It gives the data for net profits after taxes, 1934-49, and earnings on obligations of United States Government, 1945-49, as shown in the hearings, extended to cover the years 195056. It omits the estimated earnings on United States Government obligations for 1934-44. Prior to 1945 earnings on United States Government obligations were not reported separately from income on other securities. The estimates of earnings on loans guaranteed by agencies of the United States Government shown for the years 1934-49 in the last column in the table in the hearings are also omitted, and we have not attempted to prepare such estimates for subsequent years. The amounts of earnings on such loans are not reported to the Corporation and data are not available to us for preparing estimates.

Exhibit 5: Insured commercial banks' capital accounts, December 31, 1940-56. This is table VI in the hearings on S. 2822, page 94, with revised figures for 1942 and 1943, and extended to cover the years 1950-56.

Exhibit 6: Comparison of interest paid on time and demand deposits, service charges on deposit accounts, and Federal Deposit Insurance Corporation assessments, 1927-56, Federal Reserve members and all insured banks. This is the table in the hearings on S. 2822, page 95, extended to cover the years 1950–56. You also asked for the amount of interest paid by all commercial banks and by all member banks on demand deposits for the 10 years prior to 1933. It is not possible to provide information on interest paid by all commercial banks on demand deposits prior to 1933 because no tabulations are available of earnings and expenses of all commercial banks. The interest paid by member banks for 6 years prior to 1933 is given in exhibit 6. It is not possible to extend this series back of 1927 because prior to that year interest on demand deposits was not reported separately from that on time and savings deposits.

Sincerely yours,

H. E. COOK, Chairman.

EXHIBIT 2

Total capital accounts per $100 of assets of national banks, 1865-1956

1 Loans, securities other than U. S. Government obligations, and fixed and miscellaneous assets.

EXHIBIT 3

Earnings, expenses, and distribution of profits of insured commercial banks, 1934–56

tion, exchange, and service charges.

76

90

105

111

115

121 129

140

152

176

203

219

237

263 293

315

349

381

409

452

513

566

628

457 501

551

1, 518 1, 486 1, 567 1, 634 1, 584 1, 605 1, 631 1, 730 1, 791 1, 959 2, 215 2, 482 2, 863 3, 098 3, 404 3, 607 3, 931 4, 395 4, 932 5, 484 5, 774 6, 378

7, 232

1, 114 1,078 1, 114 1, 156 1, 148 1, 148 1, 170 1, 216 1, 222 1, 256 1, 357 1, 523 1, 763 1, 982 2, 164 2, 284 2, 445 2, 701 3, 029 3, 376 3, 638 3, 960 4, 457